This report is for educational purposes only, and not to provide investment advice.  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.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Leon's Furniture Ltd   LNF   www.leons.ca   Fiscal Yr: Dec 31                                  
Year 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/30/12       #Y                  
Accting Rules C GAAP IFRS                            
Revenue* $370.8 $402.2 $425.7 $449.7 $456.4 $540.6 $547.7 $591.3 $637.5 $740.4 $703.2 $699.8       73.97% <-Total Growth 10 Revenue                
Increase 10.07% 8.47% 5.83% 5.64% 1.48% 18.46% 1.32% 7.95% 7.81% 16.15% -5.02% -0.48%       5.69% <-IRR #YR-> 10 Revenue                
Rev per Share $4.57 $4.97 $5.42 $5.77 $6.12 $7.39 $7.75 $8.35 $9.01 $10.47 $9.98 $9.99       5.02% <-IRR #YR-> 5 Revenue                
P/S (Price/Sales) 1.26 1.00 1.06 1.33 1.14 1.20 1.17 1.53 1.43 0.86 1.05 1.48       7.22% <-IRR #YR-> 10 Rev per share                
*Sales in M CDN $            P/S 10 yr  1.18 5 yr  1.43       5.21% <-IRR #YR-> 5 Rev per share                
                                                     
    -$402.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $699.8                            
              -$547.7 $0.0 $0.0 $0.0 $0.0 $699.8                            
    -$5.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $10.0                            
              -$7.7 $0.0 $0.0 $0.0 $0.0 $10.0                            
                       
EPS* $0.43 $0.44 $0.45 $0.48 $0.49 $0.60 $0.65 $0.73 $0.80 $0.87 $0.78 $0.87 $0.91 $1.00   96.61% <-Total Growth 10 Earnings                
Increase 36.22% 2.31% 1.13% 7.82% 0.52% 24.23% 8.30% 11.49% 9.97% 8.75% -10.34% 11.54% 4.60% 9.89%   6.99% <-IRR #YR-> 10 Earnings                
* ESP per share (Cdn GAAP)                             5.92% <-IRR #YR-> 5 Earnings                
    -$0.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.87                              
              -$0.65 $0.00 $0.00 $0.00 $0.00 $0.87                              
                                                       
pre split '07 $0.47 $0.75 $0.00 $0.50 $0.00 $0.00 $0.00 $0.00                                      
Extra Div $0.12 $0.19 $0.00 $0.13 $0.00 $0.00 $0.00 $0.13 $0.00 $0.10 $0.20 $0.00 $0.00 $0.00                          
pre split '07 $0.34 $0.40 $0.40 $0.48 $0.50 $0.74 $0.80 $1.00                                      
Div (Reg.) $0.09 $0.10 $0.10 $0.12 $0.13 $0.19 $0.20 $0.25 $0.27 $0.28 $0.28 $0.32 $0.36 $0.36   220.00% <-Total Growth 10 Leon's has a habit of giving extra dividends, so this complicates things.      
Increase Reg Div 25.93% 17.65% 0.00% 20.00% 4.17% 48.00% 8.11% 25.00% 8.80% 2.94% 0.00% 14.29% 12.50% 0.00%   8.45% <-Median-> 10 Regular Div                 
Total Div* $0.20 $0.29 $0.10 $0.25 $0.13 $0.19 $0.20 $0.38 $0.27 $0.38 $0.48 $0.32 $0.36 $0.36   25.85% <-Median-> 10 Total Div                
Increase Total Div -10.90% 41.98% -65.22% 145.00% -48.98% 48.00% 8.11% 90.00% -28.42% 39.71% 26.32% -33.33% 12.50% 0.00%   17.21% <-Median-> 10 Tot Div                 
Yield H/L 1.67% 1.87% 1.82% 1.68% 1.77% 2.26% 2.07% 2.29% 1.94% 2.65% 3.01% 2.53%       2.17% <-Median-> 10 Regular Div                 
Yield on Low 2.06% 2.22% 2.11% 2.17% 1.96% 2.61% 2.31% 2.83% 2.21% 3.50% 3.50% 3.07%       2.46% <-Median-> 10 Regular Div                 
Yield on Cl 1.48% 2.01% 1.74% 1.56% 1.79% 2.09% 2.21% 1.95% 2.11% 3.11% 2.67% 2.16% 2.64% 2.64%   2.10% <-Median-> 10 Regular Div                 
Payout Ratio * 46.8% 65.0% 22.3% 50.8% 25.8% 30.7% 30.7% 52.2% 34.0% 43.7% 61.5% 36.8% 39.6% 36.0%   35.39% <-Median-> 10 Total Div                
Payout R. CF * 48.8% 58.8% 23.5% 52.8% 12.4% 27.0% 27.1% 31.7% 28.1% 38.6% 43.6% 28.2%       12.33% <-IRR #YR-> 10 Regular Div                 
Average 5 Yrs   Div Yd 4.00% in 5 yrs 6.05% in 10 yrs Yield  2.53% 2.16% Payout 43.68% 31.66%       9.86% <-IRR #YR-> 5 Regular Div                 
* Total Dividends per Share 8.6% 5 8.6% 10   Inc in 2010 Div ----> $0.07 $0.09 28.57%                            
                                               
    -$0.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.32                              
              -$0.20 $0.00 $0.00 $0.00 $0.00 $0.32                              
                                                       
I am earning             Trading $10.81 2006 3.33% RRSP $11.07 2006 3.25%                          
Yield if held 5 yrs   3.44% 3.21% 2.76% 2.61% 3.63% 3.75% 4.55% 3.81% 3.96% 3.43% 3.11% 3.30% 2.57% Ave H/L Yield on your    Regular Div                 
Yield if held 10 yrs   6.88% 8.02% 6.26% 5.84% 5.50% 5.62% 6.55% 5.04% Ave H/L original money   Regular Div                 
                                                       
Graham No. $4.63 $4.99 $5.29 $5.69 $5.90 $6.81 $7.35 $8.15 $9.05 $9.89 $9.66 $10.71 $10.95 $11.48   Cl Pr higher/lower by?                    
Prem/Disc on High 31.0% 23.8% 18.2% 53.7% 31.5% 35.9% 44.5% 59.4% 73.4% 32.5% 10.0% 39.2%       37.54% <-Median-> 10 Graham Price                
Prem/Disc on H/L 10.1% 7.0% 4.0% 25.5% 19.8% 20.1% 31.2% 33.9% 54.7% 6.7% -3.6% 18.3%       19.96% <-Median-> 10 Graham Price                
Prem/Disc on Low -10.8% -9.8% -10.2% -2.7% 8.1% 4.3% 18.0% 8.4% 36.0% -19.1% -17.2% -2.6%       0.87% <-Median-> 10 Graham Price                
Prem/Disc on Cl 24.3% 0.0% 8.7% 35.1% 18.7% 29.8% 23.1% 57.0% 42.5% -9.0% 8.6% 38.2% 24.5% 18.8%   26.44% <-Median-> 10 Graham Price                
                                                       
pre split '07 $23.00 $19.95 $23.00 $30.75 $28.00 $35.34 $36.20 $51.20                                      
Price Cl $5.75 $4.99 $5.75 $7.69 $7.00 $8.84 $9.05 $12.80 $12.90 $9.00 $10.50 $14.80 $13.63 $13.63   196.74% <-Total Growth 10 Stock Price                
Increase 32.56% -13.26% 15.29% 33.70% -8.94% 26.21% 2.43% 41.44% 0.78% -30.23% 16.67% 40.95% -7.91% 0.00%   11.49% <-IRR #YR-> 10 Stock Price                
P/E 13.29 11.27 12.85 15.93 14.43 14.66 13.87 17.59 16.13 10.34 13.46 17.01 14.98 13.63   10.34% <-IRR #YR-> 5 Stock Price                
Trailing P/E 18.11 11.53 12.99 17.18 14.51 18.22 15.02 19.62 17.73 11.25 12.07 18.97 15.67 14.98   14.57% <-IRR #YR-> 10 Price & Div                
Median 5 Yrs     3.36% 3.08% Div %  5, 10 yrs   Price Inc 16.67% P/E: Y-T 16.13 17.73       13.69% <-IRR #YR-> 5 Price & Div                
                                                       
    -$4.99 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.80                              
              -$9.05 $0.00 $0.00 $0.00 $0.00 $14.80                              
    -$4.99 $0.10 $0.25 $0.13 $0.19 $0.20 $0.38 $0.27 $0.38 $0.48 $15.12                              
              -$9.05 $0.38 $0.27 $0.38 $0.48 $15.12                              
                                                       
Price Average H/L $5.09 $5.34 $5.50 $7.15 $7.06 $8.18 $9.65 $10.92 $14.01 $10.55 $9.32 $12.67       137.28% <-Total Growth 10 Stock Price                
Increase 6.26% 4.79% 3.04% 29.91% -1.15% 15.75% 18.04% 13.15% 28.27% -24.67% -11.71% 35.96%       9.03% <-IRR #YR-> 10 Stock Price                
P/E 11.78 12.06 12.29 14.81 14.56 13.57 14.79 15.01 17.51 12.13 11.94 14.56       5.59% <-IRR #YR-> 5 Stock Price                
Trailing P/E 16.04 12.34 12.43 15.97 14.64 16.86 16.02 16.73 19.25 13.19 10.71 16.24       12.21% <-IRR #YR-> 10 Price & Div                
Median 5 Yrs     3.41% 3.19% Div %  5, 10 yrs   Price Inc 13.15% P/E: Y-T 14.56 16.24       9.00% <-IRR #YR-> 5 Price & Div                
                                                       
    -$5.34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.67                              
              -$9.65 $0.00 $0.00 $0.00 $0.00 $12.67                              
    -$5.34 $0.10 $0.25 $0.13 $0.19 $0.20 $0.38 $0.27 $0.38 $0.48 $12.99                              
              -$9.65 $0.38 $0.27 $0.38 $0.48 $12.99                              
                                                       
Hi Mths Dec Jan May/Aug Jun Jan Nov Mar/Aug Nov May Feb Aug Dec                              
pre split '07 $24.25 $24.70 $25.00 $35.00 $31.00 $37.00 $42.50 $52.00                                      
Price Hi $6.06 $6.18 $6.25 $8.75 $7.75 $9.25 $10.63 $13.00 $15.70 $13.10 $10.63 $14.90       141.30% <-Total Growth 10 Stock Price                
Increase 9.73% 1.86% 1.21% 40.00% -11.43% 19.35% 14.86% 22.35% 20.75% -16.55% -18.85% 40.17%       9.21% <-IRR #YR-> 10 Stock Price                
P/E 14.02 13.95 13.97 18.13 15.98 15.35 16.28 17.87 19.62 15.06 13.63 17.13       7.00% <-IRR #YR-> 5 Stock Price                
Trailing P/E 19.09 14.28 14.12 19.55 16.06 19.07 17.63 19.92 21.58 16.38 12.22 19.10                              
Median 5 Yrs             Price Inc 20.75% P/E: Y-T 17.13 19.10                              
                                                       
    -$6.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.90                              
              -$10.63 $0.00 $0.00 $0.00 $0.00 $14.90                              
                                                       
Low Mths Jan-May Feb/Apr/Aug Oct-Nov Jan Apr Jan Jan/Dec Jan Jan Dec Feb Jan                              
Price Low $4.13 $4.50 $4.75 $5.54 $6.38 $7.10 $8.68 $8.84 $12.31 $8.00 $8.00 $10.43       131.78% <-Total Growth 10 Stock Price                
Increase 1.54% 9.09% 5.56% 16.63% 15.07% 11.37% 22.18% 1.87% 39.32% -35.02% 0.00% 30.38%       8.77% <-IRR #YR-> 10 Stock Price                
P/E 9.54 10.17 10.61 11.48 13.14 11.78 13.30 12.15 15.39 9.20 10.26 11.99       3.75% <-IRR #YR-> 5 Stock Price                
Trailing P/E 12.99 10.40 10.73 12.38 13.21 14.64 14.40 13.54 16.92 10.00 9.20 13.37                              
Median 5 Yrs             Price Inc 1.87% P/E: Y-T 11.99 13.37                              
                                                       
    -$4.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.43                              
                                                       
Market Cap $466.17 $403.56 $451.51 $599.32 $522.27 $646.06 $639.91 $906.22 $912.20 $636.71 $740.04 $1,037 $955 $955                          
                                                       
# of Sh in M 81.07 80.91 78.52 77.96 74.61 73.13 70.71 70.80 70.71 70.75 70.48 70.08 70.08 70.08     Common Shares   Shares                
Increase 0.73% -0.20% -2.95% -0.72% -4.30% -1.99% -3.31% 0.13% -0.12% 0.04% -0.37% -0.57% 0.00% 0.00%   -0.65% <-Median-> 10 Shares                
CF fr Op $M 33.63 39.56 33.38 36.14 75.14 50.18 52.26 84.98 68.53 69.73 77.52 79.43 78.48 84.09   100.78% <-Total Growth 10 Cash Flow                
OPS $0.41 $0.49 $0.43 $0.46 $1.01 $0.69 $0.74 $1.20 $0.97 $0.99 $1.10 $1.13 $1.12 $1.20   131.84% <-Total Growth 10 Cash Flow                
Increase -0.08% 17.86% -13.05% 9.05% 117.25% -31.86% 7.70% 62.40% -19.26% 1.70% 11.59% 3.06% -1.19% 7.14% 8.77% <-IRR #YR-> 10 Cash Flow                
Non-Cash CF $1.9 $1.4 $10.1 $18.0 -$30.7 $7.1 $6.4 -$16.7 $7.1 $12.5 -$4.0 -$1.4 8.93% <-IRR #YR-> 5 Cash Flow                
OPS non-cash $0.44 $0.51 $0.55 $0.69 $0.60 $0.78 $0.83 $0.96 $1.07 $1.16 $1.04 $1.11 $1.12 $1.20 8.19% <-IRR #YR-> 10 CF - non cash                
P/O on Cl 13.11 9.84 10.39 11.08 11.74 11.28 10.91 13.26 12.06 7.75 10.07 13.29 12.17 11.36   6.08% <-IRR #YR-> 5 CF - non cash                
*Operational Cash Flow per share P/CF 10 yr 11.18 5 yr  12.06                    
-$0.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.13                    
-$0.74 $0.00 $0.00 $0.00 $0.00 $1.13                    
-$0.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.11                    
-$0.83 $0.00 $0.00 $0.00 $0.00 $1.11                    
                                                       
OPM 9.1% 9.8% 7.8% 8.0% 16.5% 9.3% 9.5% 14.4% 10.8% 9.4% 11.0% 11.4%                              
Diff from Ave -10.6% -3.1% -22.7% -20.8% 62.3% -8.5% -6.0% 41.6% 6.0% -7.2% 8.6% 11.9%       0.00% <-Median-> 10 should be zero, it is a check on calculations                
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 10.15% 5 Yrs 11.02%                              
                                                   
Curr Assets $168.56 $167.15 $171.91 $179.85 $180.28 $191.81 $189.69 $221.28 $251.60 $264.78 $287.32 $327.06       Liq ratio of 1.5 and up, best   Assets                
Curr Liab. $90.23 $78.23 $77.41 $87.61 $98.87 $100.98 $99.58 $126.99 $126.84 $129.59 $122.56 $124.98       2.01 <-Median-> 10 Liabilities                
Liquidity 1.87 2.14 2.22 2.05 1.82 1.90 1.90 1.74 1.98 2.04 2.34 2.62       2.04 <-Median-> 5 Ratio                
                                                       
Assets $268.58 $280.66 $295.68 $320.44 $334.58 $370.93 $381.70 $439.00 $475.23 $513.41 $529.16 $566.67       A/L ratio of 1.5 and up, best   Assets                
Liab. $90.27 $78.31 $77.55 $87.80 $96.97 $121.06 $121.26 $151.42 $153.22 $160.05 $154.02 $156.39       3.32 <-Median-> 10 Liabilities                
Liquidity 2.98 3.58 3.81 3.65 3.45 3.06 3.15 2.90 3.10 3.21 3.44 3.62       3.21 <-Median-> 5 Ratio                
                                                       
Book Value $178.3 $202.3 $218.1 $232.6 $237.6 $249.9 $260.4 $287.6 $322.0 $353.4 $375.1 $410.3 $410.29 $410.29   102.77% <-Total Growth 10 Book Value                
BV per share $2.20 $2.50 $2.78 $2.98 $3.18 $3.42 $3.68 $4.06 $4.55 $4.99 $5.32 $5.85 $5.85 $5.85   134.13% <-Total Growth 10 Book Value                
Change 8.00% 13.70% 11.08% 7.42% 6.72% 7.30% 7.79% 10.28% 12.11% 9.69% 6.56% 10.00% 0.00% 0.00%   0.9340 Current/Historical   Book Value                
P/BV (CL) 2.61 1.99 2.07 2.58 2.20 2.59 2.46 3.15 2.83 1.80 1.97 2.53 2.33 2.33 8.88% <-IRR #YR-> 10 Book Value                
Change 22.75% -23.71% 3.79% 24.46% -14.68% 17.63% -4.97% 28.25% -10.10% -36.39% 9.48% 28.14% -7.91% 0.00% 9.71% <-IRR #YR-> 5 Book Value                
Leverage (A/BK) 1.51 1.39 1.36 1.38 1.41 1.48 1.47 1.53 1.48 1.45 1.41 1.38       1.43 <-Median-> 10 A/BV                
Debt/Eq Ratio 0.51 0.39 0.36 0.38 0.41 0.48 0.47 0.53 0.48 0.45 0.41 0.38       0.43 <-Median-> 10 Debt/Eq Ratio                
              P/BV 10 yr Ave 2.49 5 yr Ave 2.53                              
                                                   
-$2.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.85                              
            -$3.68 $0.00 $0.00 $0.00 $0.00 $5.85                              
                                                     
ROE                 17.7% 16.9% 15.8% 15.6%       16.35% <-Median-> 4 Compreh. Inc                
Comprehensive Inc                 $57.02 $59.76 $59.21 $64.02             Compreh. Inc                
                                                     
ROE 20.3% 18.1% 16.7% 16.6% 16.4% 18.5% 18.8% 18.6% 18.2% 17.9% 15.2% 15.4%                              
5Yr Median 14.2% 16.1% 16.7% 16.7% 16.7% 16.7% 16.7% 18.5% 18.5% 18.5% 18.2% 17.9%         Net Income/Shareholders' equity                    
                                                     
Net Income $36.17 $36.70 $36.32 $38.52 $38.85 $46.10 $48.96 $53.60 $58.49 $63.39 $56.86 $63.28       72.44% <-Total Growth 10 Net Income                
Oper C. F. $33.63 $39.56 $33.38 $36.14 $75.14 $50.18 $52.26 $84.98 $68.53 $69.73 $77.52 $79.43         Cash Flow Statement                  
Invest. C. F -$5.94 -$6.87 -$18.50 -$2.13 -$57.95 $0.00 -$13.24 -$49.73 -$43.63 -$24.40 -$20.22 -$29.15         Cash Flow Statement                  
Total Accruals $8.48 $4.01 $21.44 $4.50 $21.66 -$4.08 $9.94 $18.36 $33.59 $18.06 -$0.44 $13.01                              
Total Assets $268.58 $280.66 $295.68 $320.44 $334.58 $370.93 $381.70 $439.00 $475.23 $513.41 $529.16 $566.67         Balance Sheet                    
Accruals Ratio 3.16% 1.43% 7.25% 1.41% 6.47% -1.10% 2.60% 4.18% 7.07% 3.52% -0.08% 2.30%                              
                                                       
chge in Cl 32.56% -13.26% 15.29% 33.70% -8.94% 26.21% 2.43% 41.44% 0.78% -30.23% 16.67% 40.95%                              
                                                       
Fin. C. F             -$38.95 -$26.15 $25.70 -$31.54 -$38.48 -$36.99                              
Total Accruals             $48.89 $44.50 $7.89 $49.61 $38.05 $50.00                              
Accruals Ratio             12.81% 10.14% 1.66% 9.66% 7.19% 8.82%                              
                                                       
Apr 24, 2011.  When I last looked I obtained estimates for 2010 and 2011 of $.90 and $.96 for earnings                                      
Oct 2010.  Last I looked I got estimates for 2010 and 2011 of $.84 and .89.                                          
Apr 10, 2010.  When I last looked at this stock, I got 2009 and 2010 estimates of $.80 and $.84 for earnings and $1.12 for 2009 cash Flow.                                
April 19, 2009 AP2008.  In Sep 2008, I got earnings estimate of $.90. The undiluted EPS came in at $.90.  I use the diluted, which is $.87.                                
I still think that this is a good stock and I do not regret buying it.  The 5 year return of over 8% is great when you consider a bear market is on.                              
AP 2007.  I have only an 6% IRR.  Wait before committing more money to this stock. Insiders are currently buying.                                    
AP. 2006.  Sales and EPS increase ok.  Dividends are increasing nicely. I have done ok over purchase span of this stock. Mike says cheap re dividend yield. FP Card says hold as stock is above their price.                    
Apr  2006.  Seems Like a good company.  Stock is a little high, but not greatly so.  Seems to declare extra dividends every once in a while.                                
                                                       
How they make their money                                                  
This company sells home furnishings, appliances and electronics through a chain of retail facilities and franchises located in Canada.                                
Leon family owns 68% of this company.                                                  
Cannot find financial statements on site, but they are published in news item.  Do google search i.e. Leon's Furniture Limited - 2009 FOURTH QUARTER                            
                                                       
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.                              
                                                       
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