This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. 9/30/11
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Just Energy Group http://justenergygroup.com TSX: JE Fiscal Yr: Mar 31
Year 3/30/99 3/30/00 3/31/01 3/31/02 3/31/03 3/30/04 3/31/05 3/31/06 3/31/07 3/30/08 3/31/09 3/31/10 3/31/11 3/30/12 3/30/13 #Y
Accounting Rules C GAAP C GAAP
Revenue* $183.9 $538.7 $733.1 $920.9 $1,212.3 $1,532.3 $1,738.7 $1,899.2 $2,299.2 $2,953.2 $2,901.0 $3,058.0 1505.87% <-Total Growth 9 Revenue
Increase 192.91% 36.10% 25.62% 31.64% 26.40% 13.47% 9.23% 21.06% 28.44% -1.77% 5.41% 36.13% <-IRR #YR-> 9 Revenue
Rev per Share $2.16 $5.41 $7.14 $8.71 $11.38 $14.35 $15.97 $17.05 $17.12 $21.56 $21.18 $22.33 19.49% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 2.78 1.44 2.42 1.86 1.59 0.90 0.82 0.62 0.84 0.72 0.55 0.53 29.15% <-IRR #YR-> 9 Rev Per share
Averages P/S 10 yr  1.17 5 yr  0.82 13.64% <-IRR #YR-> 5 Rev Per share
*Revenue in M CDN $ 
-$183.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $2,953.2
-$1,212.3 $0.0 $0.0 $0.0 $0.0 $2,953.2
-$2.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $21.6
-$11.4 $0.0 $0.0 $0.0 $0.0 $21.6
Distributable Cash $0.35 $0.75 $0.82 $0.79 $0.95 $1.21 $1.41 $1.52 $1.52 $1.40 $1.72 300.00% <-Total Growth 9 Earnings
Increase 114.29% 9.33% -3.66% 20.25% 27.37% 16.53% 7.80% 0.00% -7.89% 23.01% 16.65% <-IRR #YR-> 9 Earnings
Payout Ratio 85.7% 72.0% 87.8% 106.3% 94.7% 83.5% 84.4% 81.6% 81.6% 88.6% 72.0% 8.06% <-IRR #YR-> 5 Earnings
* Distributable Cash after expenses
-$0.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.40
-$0.95 $0.00 $0.00 $0.00 $0.00 $1.40
Pre-split $0.22
EPS* $0.06 $0.22 $0.19 $0.35 $0.48 $0.88 $1.41 -$10.03 $1.79 $3.73 $0.74 $0.30 6681.82% <-Total Growth 9 Earnings
Increase 300.00% -13.64% 84.21% 37.14% 83.33% 60.23% -811.35% -117.85% 108.38% -80.16% -59.46% 59.77% <-IRR #YR-> 9 Earnings
Earnings Yield 0.9% 2.8% 1.1% 2.2% 2.6% 6.8% 10.8% -94.6% 12.5% 24.1% 6.3% 2.6% 50.69% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 2.74% 5Yrs 10.80%
-$0.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.73
-$0.48 $0.00 $0.00 $0.00 $0.00 $3.73
Sp Div $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.41 $0.16 $0.21 $0.00 $0.00 $0.00
Div* $0.30 $0.54 $0.72 $0.84 $0.90 $1.01 $1.19 $1.24 $1.24 $1.24 $1.24 $1.24 313.32% <-Total Growth 9 Dividends
Increase 80.00% 33.33% 16.67% 7.14% 12.22% 17.82% 4.20% 0.00% 0.00% 0.00% 0.00% 12.22% <-Median-> 9 Dividends
Yield H/L Pr. 6.93% 7.60% 9.47% 5.02% 4.99% 6.45% 8.00% 11.52% 10.01% 9.01% 7.80% <-Median-> 10 Dividends
Yield on High  Pr. 4.90% 6.55% 9.85% 4.50% 4.33% 5.22% 6.90% 8.20% 8.60% 7.86% 6.72% <-Median-> 10 Dividends
Yield on Low Pr. 11.85% 9.05% 9.11% 5.67% 5.89% 8.44% 9.52% 19.37% 11.98% 10.55% 9.31% <-Median-> 10 Dividends
Yield on Cl Pr. 5.00% 6.93% 4.17% 5.17% 4.97% 7.86% 9.11% 11.70% 8.67% 8.01% 10.56% 10.56% 7.40% <-Median-> 10 Dividends
Payout Ratio 545.5% 245.5% 378.9% 240.0% 187.5% 114.8% 113.5% -14.0% 81.0% 33.2% 167.6% 413.3% 151.14% <-Median-> 10 DPR EPS
Payout Ratio CF 112.7% 111.6% 98.7% 132.2% 137.8% 109.7% 128.1% 90.3% 123.0% 110.7% 88.6% 78.0% 112.15% <-Median-> 10 DPR CF
Payout Ratio CF NC 110.0% 84.3% 99.3% 110.0% 98.0% 85.2% 117.8% 93.6% 100.5% 88.7% 98.63% <-Median-> 10 DPR CF NC
Median Values Div Yd 12.24% 5 14.19% 10 Yield  9.01% 8.67% Payout 81.01% 110.74% 17.08% <-IRR #YR-> 9 Dividends
* Dividends per share  3.0% Years 3.0% Years Curr diff 17.21% Last Div Inc ---> $0.10 $0.10 0.0% 6.62% <-IRR #YR-> 5 Dividends
-$0.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.24
-$0.90 $0.00 $0.00 $0.00 $0.00 $1.24
H/LYield held 5 yrs 23.33% 16.74% 16.30% 7.40% 6.88% 7.92% 8.34% 16.30% <-Median-> 5 Dividends
H/LYield held 10 yrs 28.65% 17.45% #NUM! <-Median-> 0 Dividends
Graham No. $1.66 $3.50 $2.98 $3.64 $3.86 $5.10 $7.61 $7.61 $8.58 $12.39 $5.52 $3.51 644.06% <-Total Growth 9 Graham Price
Prem /Disc.Med H/L 160.04% 103.31% 155.47% 359.82% 367.32% 207.10% 95.34% 41.37% 44.35% 11.10% 129.39% <-Median-> 10 Graham Price
Prem /Disc. High 267.97% 135.98% 145.48% 412.99% 438.50% 279.58% 126.53% 98.69% 68.07% 27.33% 140.73% <-Median-> 10 Graham Price
Prem /Disc. Low 52.11% 70.64% 165.46% 306.64% 296.14% 134.61% 64.15% -15.95% 20.63% -5.13% 67.40% <-Median-> 10 Graham Price
Prem /Disc. Cl 260.58% 122.85% 480.03% 346.21% 369.64% 152.07% 71.51% 39.20% 66.67% 24.99% 112.82% 234.24% 137.46% <-Median-> 10 Graham Price
Price Cl $2.53 $6.00 $7.79 $17.27 $16.25 $18.12 $12.85 $13.06 $10.60 $14.30 $15.48 $11.74 $11.74 511.37% <-Total Growth 10 Stock Price
Increase 137.05% 29.79% 121.69% -5.91% 11.51% -29.08% 1.63% -18.84% 34.91% 8.25% -24.16% 0.00% 19.85% <-IRR #YR-> 10 Stock Price
P/E 109.13 35.41 90.89 46.43 37.75 14.60 9.26 -1.06 7.99 4.15 15.86 39.13 -3.10% <-IRR #YR-> 5 Stock Price
Trailing P/E 141.64 78.50 85.53 51.77 26.77 14.84 7.52 -1.43 8.65 3.15 15.86 36.31% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 16.46% 7.83% % Tot Ret 45.33% 165.59% Price Inc 1.63% P/E:  25.01 7.99 4.73% <-IRR #YR-> 5 Price & Div
-$2.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.48
-$18.12 $0.00 $0.00 $0.00 $0.00 $15.48
-$2.53 $0.30 $0.54 $0.72 $0.84 $0.90 $1.01 $1.60 $1.40 $1.45 $16.72
-$18.12 $1.01 $1.60 $1.40 $1.45 $16.72
Price H/L Median $4.33 $7.11 $7.61 $16.75 $18.03 $15.66 $14.88 $10.77 $12.39 $13.76 217.89% <-Total Growth 9 Stock Price
Increase 64.19% 7.03% 120.15% 7.67% -13.17% -4.98% -27.63% 15.05% 11.10% 13.71% <-IRR #YR-> 8 Stock Price
P/E 78.70 32.30 40.03 47.84 37.56 17.79 10.55 -1.07 6.92 3.69 -5.26% <-IRR #YR-> 5 Stock Price
Trailing P/E 129.22 34.58 88.13 51.52 32.61 16.90 7.63 -1.23 7.69 14.36% <-IRR #YR-> 8 Price & Div
Median 10, 5 Yrs D.  per yr 0.65% 3.19% % Tot Ret 4.50% -154.21% Price Inc -4.98% P/E:  25.05 6.92 -2.07% <-IRR #YR-> 5 Price & Div
-$4.33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.76
-$18.03 $0.00 $0.00 $0.00 $0.00 $13.76
-$4.33 $0.00 $0.00 $0.00 -$0.90 $0.00 $0.00 $0.00 $0.00 $16.24
-$18.03 $0.00 $0.00 $0.00 $0.00 $16.24
Hi Mths Mar 02 Oct 02 Mar 04 Dec 04 Sep 05 Aug 06 Nov 07 Jun 08 Dec 09 Feb 11 Stock Price
Price Hi $6.13 $8.25 $7.31 $18.68 $20.78 $19.35 $17.25 $15.13 $14.42 $15.77 157.47% <-Total Growth 9 Stock Price
Increase #DIV/0! 34.68% -11.40% 155.60% 11.21% -6.87% -10.85% -12.29% -4.69% 9.36% 11.08% <-IRR #YR-> 9 Stock Price
P/E 111.36 37.50 38.47 53.38 43.29 21.99 12.23 -1.51 8.06 4.23 -5.37% <-IRR #YR-> 5 Stock Price
Trailing P/E #DIV/0! 149.98 33.22 98.33 59.36 40.31 19.60 10.73 -1.44 8.81 Stock Price
Median 10, 5 Yrs Price Inc -6.87% P/E:  29.74 8.06 Stock Price
-$6.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.77
-$20.78 $0.00 $0.00 $0.00 $0.00 $15.77
Low Mths Apr 01 Apr 02 Arp 03 May 04 Apr 05 Mar 07 Mar 08 Nov 08 Jun 09 May 10 Stock Price
Price Low $2.53 $5.97 $7.90 $14.81 $15.28 $11.96 $12.50 $6.40 $10.35 $11.75 364.06% <-Total Growth 9 Stock Price
Increase 135.58% 32.51% 87.36% 3.21% -21.75% 4.52% -48.80% 61.72% 13.53% 18.59% <-IRR #YR-> 9 Stock Price
P/E 46.04 27.11 41.60 42.31 31.84 13.59 8.87 -0.64 5.78 3.15 -5.12% <-IRR #YR-> 5 Stock Price
Trailing P/E 108.45 35.93 77.94 43.67 24.92 14.20 4.54 -1.03 6.56 Stock Price
Median 10, 5 Yrs Price Inc 4.52% P/E:  20.35 5.78 Stock Price
-$2.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.75
Market Cap $512 $775 $1,774 $1,717 $1,931 $1,372 $1,422 $1,181 $1,920 $2,120 $1,608 $1,608 Market Cap
Pre-split 21.311
# of Sh in M 85.243 99.518 102.724 105.684 106.561 106.789 108.858 111.402 134.277 136.964 136.964 136.964 60.67% <-Total Growth 9 Shares
Increase 16.75% 3.22% 2.88% 0.83% 0.21% 1.94% 2.34% 20.53% 2.00% 0.00% 0.00% 2.34% <-Median-> 9 Shares
CF fr Op $M $22.7 $48.1 $74.9 $67.1 $69.6 $98.4 $136.0 $172.8 $158.3 $153.4 $191.7 $217.8 575.80% <-Total Growth 9 Cash Flow
OPS $0.27 $0.48 $0.73 $0.64 $0.65 $0.92 $1.25 $1.55 $1.18 $1.12 $1.40 $1.59 320.61% <-Total Growth 9 Cash Flow
Less Non-Cash CF $0.5 $15.6 -$0.4 $13.6 $28.3 $28.3 $11.9 -$6.2 $35.5 $38.2 $0.0 $0.0 17.31% <-IRR #YR-> 9 Cash Flow
OPS non-cash $0.27 $0.64 $0.73 $0.76 $0.92 $1.19 $1.36 $1.50 $1.44 $1.40 $1.40 $1.59 11.39% <-IRR #YR-> 5 Cash Flow
Change 134.83% 13.30% 5.30% 20.22% 29.16% 14.53% 10.07% -3.48% -3.09% 0.09% 13.57% 19.92% <-IRR #YR-> 9 CF - non cash
P/OCF on Close 22.01 12.17 23.81 21.27 19.73 10.83 9.61 7.09 9.91 11.07 8.39 7.38 8.78% <-IRR #YR-> 5 CF - non cash
Cash Flow/Debt 0.35 0.51 0.85 0.41 0.34 0.45 0.27 0.14 0.09 0.09 0.11 0.35 <-Median-> 10 CF/Debt
Debt/Cash Flow 2.87 1.98 1.18 2.43 2.92 2.21 3.75 7.11 11.73 11.57 9.39 2.90 <-Median-> 10 CF/Debt
Median P/CF 10 Yrs 11.62 5 Yrs 9.91
*Operational Cash Flow per share
-$0.27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.12
-$0.65 $0.00 $0.00 $0.00 $0.00 $1.12
OPM 12.34% 8.94% 10.22% 7.29% 5.74% 6.42% 7.82% 9.10% 6.88% 5.19% should be zero, it is a check on calculations
Diff from Ave 63.3% 18.3% 35.3% -3.5% -24.0% -15.1% 3.5% 20.4% -8.9% -31.3% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 7.56% 5 Yrs 6.88%
Curr Assets $29.0 $102.6 $105.3 $176.4 $213.1 $247.3 $489.8 $388.5 $158.1 $603.8 $670.6 Liq ratio of 1.5 and up, best Assets
Curr Liab. $19.3 $54.6 $58.7 $141.3 $181.9 $197.6 $263.9 $747.4 $1,037.1 $907.0 $886.3 1.25 <-Median-> 10 Liabilities
Liquidity 1.50 1.88 1.79 1.25 1.17 1.25 1.86 0.52 0.15 0.67 0.76 0.67 <-Median-> 5 Ratio
Liq. with CF aft div 1.35 1.78 1.81 1.10 1.03 1.20 1.71 0.54 0.12 0.65 0.78
Assets $255.9 $340.9 $301.6 $341.0 $350.2 $357.2 $709.1 $535.8 $1,353.1 $1,588.6 $1,584.2 A/L ratio of 1.5 and up, best Assets
Liabilities $65.1 $95.3 $88.6 $163.0 $203.3 $217.1 $510.2 $1,228.0 $1,856.3 $1,774.2 $1,800.5 1.68 <-Median-> 10 Liabilities
A/L Ratio 3.93 3.58 3.41 2.09 1.72 1.65 1.39 0.44 0.73 0.90 0.88 0.90 <-Median-> 5 Ratio
Book Value $190.9 $245.7 $213.0 $178.0 $146.9 $140.2 $199.0 -$692.3 -$503.2 -$185.5 -$216.4 -197.20% <-Total Growth 9 Book Value
BV per share $2.24 $2.47 $2.07 $1.68 $1.38 $1.31 $1.83 -$6.21 -$3.75 -$1.35 -$1.58 -160.49% <-Total Growth 9 Book Value
Change 10.25% -15.99% -18.79% -18.16% -4.78% 39.26% -440% -39.70% -63.86% 16.64% -2.2190 Current/Historical Book Value
P/BV (CL) 2.68 3.16 8.33 9.65 13.15 9.79 7.15 -1.71 -3.82 -11.43 -7.43 #NUM! <-IRR #YR-> 8 Book Value
Change 17.72% 163.90% 15.86% 36.24% -25.52% -27.02% -124% 123.72% 199.50% -34.98% #NUM! <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.34 1.39 1.42 1.92 2.38 2.55 3.56 -0.77 -2.69 -8.56 -7.32 1.40 <-Median-> 10 A/BV
Debt/Equity Ratio 0.34 0.39 0.42 0.92 1.38 1.55 2.56 -1.77 -3.69 -9.56 -8.32 0.40 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 5.15 5 yr Med -1.71
-$2.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$1.35
-$1.38 $0.00 $0.00 $0.00 $0.00 -$1.35
ROE 0.0% 0.0% 0.0% 0.0% -17.7% -224.9% -164.5% <-12 mths 0.00% <-Median-> 5 Compreh. Inc
Comprehensive Inc $0.0 $0.0 $0.0 $0.0 $88.9 $417.2 $355.9 <-12 mths Compreh. Inc
ROE 2.1% 7.3% 8.2% 20.9% 35.1% 67.0% 76.8% 160.0% -46.0% -277.8% -196.7% <-12 mths Net Income/Shareholders' equity
5Yr Median 8.2% 20.9% 35.1% 67.0% 67.0% 67.0% -46.0% <-12 mths
Net Income $4.10 $17.86 $17.39 $37.21 $51.56 $93.91 $152.76 -$1,107.5 $231.5 $515.3 $425.6 <-12 mths 2785.00% <-Total Growth 8 Net Income
Oper C. F. $22.69 $48.15 $74.93 $67.14 $69.58 $98.35 $136.01 $172.8 $158.3 $153.4 C F Statement  Oper C. F.
Invest. C. F -$89.72 -$69.17 -$14.67 -$15.97 -$10.07 -$3.73 -$41.24 -$8.2 -$37.5 -$318.8 C F Statement  Invest. C. F
Total Accruals $71.13 $38.88 -$42.88 -$13.96 -$7.95 -$0.72 $58.00 -$1,272.1 $110.7 $680.8 Accruals
Total Assets $255.94 $340.95 $301.58 $341.00 $350.23 $357.23 $709.12 $535.8 $1,353.1 $1,588.6 Balance Sheet Assets
Accruals Ratio 27.79% 11.40% -14.22% -4.09% -2.27% -0.20% 8.18% -237% 8.18% 42.86% Ratio
up/down/neutral
Chge in Close 137.05% 29.79% 121.69% -5.91% 11.51% -29.08% 1.63% -18.84% 34.91% 8.25%
Any Predictions?
Fin. C. F $86.21 $36.55 -$54.75 -$74.77 -$63.45 -$89.59 -$84.95 -$135.5 -$115.9 $203.9 C F Statement  Fin. C. F
Total Accruals -$15.09 $2.33 $11.87 $60.81 $55.50 $88.87 $142.94 -$1,136.6 $226.6 $477.0 Accruals
Accruals Ratio -5.89% 0.68% 3.94% 17.83% 15.85% 24.88% 20.16% -212% 16.75% 30.02% Ratio
Jan 22, 2012.  Last I got Estimates for 2010 and 2011 they were $1.64 and $1.72 for DC, $.79 and $.081 for earnings, $1.65 and $1.64 for cash flow.
Company has converted to a corporation from Just Energy Income Trust to Just Energy Group (TSX-JE)
2009.  Net income loss includes the impact of unrealized gains (losses) which represents the mark to market of future commodity supply acquired to cover future customer demand. The supply has been sold 
to customers at fixed prices greatly diminishing the realization of year-end mark to market gains and losses. The hit the company took was because of changes in fair value of derivative instruments.
The company feels that an adjusted net income (of $169.926 and $1.52 a share) is a more appropriate measure of the performance of the Fund since the underlying supply is held to its maturity, and therefore,
mark to market gains and losses do not impact the long-term financial performance of the Fund.  
They had units splits on 31 Jul 2002 and 20 Jan 2004.  Both were 2 to 1 splits.  Both showed in 2003 statements.
2001. Energy Savings Income Fund has symbol of SIF.UN. Company started the business in 1997.
Note: Number of shares includes preferred shares and exchangeable shares.
How they make their money.
Just Energy’s business involves the sale of natural gas and/or electricity to residential and commercial customers under long-term fixed-price and price-protected contracts. Just Energy derives its margin 
or gross profit from the difference between the fixed price at which it is able to sell the commodities to its customers and the fixed price at which it purchases the associated volumes from its suppliers.  The company
also offers “green” products through its Just Green program. Through its subsidiary Terra Grain Fuels, the Fund produces and sells wheat-based ethanol.
As far as I can see, people from this company go door to door to sell their products.  There has been lots of complaints about their tactics and prices.  
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Copyright © 2008 Website of SPBrunner. All rights reserved.
$4,000,000 340,715.50
Institutions 31.396
0.760 2.48%
30.636