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.
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Marsulex Inc         www.marsulex.com   MLX   Fiscal Yr: Dec 31 MRLXF   3/31/10              
Year 12/31/97 12/31/98 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       #Y    
Revenue*       $387.0 $237.0 $138.3 $135.0 $137.0 166.48 $249.6 $287.5 $322.6 $300.5       -22.35% <-Total Growth 9 Revenue  
Increase         -38.76% -41.65% -2.39% 1.51% 21.50% 49.92% 15.19% 12.20% -6.84%       -2.77% <-IRR #YR-> 9 Revenue  
Rev per Share       $12.07 $7.39 $4.31 $4.19 $4.24 $5.05 $7.52 $8.68 $9.68 $9.15       17.01% <-IRR #YR-> 5 Revenue  
P/S (Price/Sales)       0.17 0.48 0.93 1.23 1.65 1.57 1.16 1.67 0.83 1.28       -3.03% <-IRR #YR-> 9 Rev Per share
Averages               P/S 10 Yrs 1.10 5Yrs 1.30       16.59% <-IRR #YR-> 5 Rev Per share
*Revenue in M CDN $                                         
        -$387.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $300.5                
                -$137.0 $0.0 $0.0 $0.0 $0.0 $300.5                
        -$12.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $9.1                
                -$4.2 $0.0 $0.0 $0.0 $0.0 $9.1                
Yr 2010
EPS*       -$1.27 $1.43 -$0.24 $0.21 $0.16 $0.05 $0.21 $0.59 $0.61 $1.01 $0.79 $0.87   380.95% <-Total Growth 6 Earnings  
Increase         -213% -117% -188% -23.81% -68.75% 320.00% 180.95% 3.39% 65.57% -21.78% 10.13%   -4.25% <-IRR #YR-> 8 Earnings  
* ESP per share (Cdn GAAP)                               44.56% <-IRR #YR-> 5 Earnings  
          -$1.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.01                
                -$0.16 $0.00 $0.00 $0.00 $0.00 $1.01                
                                           
Div*                     $0.60 $0.64 $0.69 $0.74 $0.74   15.00% <-Total Growth 3 Dividends  
Increase                       6.67% 7.81% 7.25% 0.00%   7.24% <-Average 2 Dividends  
Aver H/L     $3.75 $2.83 $3.10 $4.05 $4.31 $6.05 $7.35 $8.33 $11.63 $10.34 $9.87             Dividends  
Yield H/L                     5.16% 6.19% 6.99%       6.12% <-Average 3 Dividends  
Yield on Cl                     4.14% 8.00% 5.90% 6.15% 6.15%   6.01% <-Average 3 Dividends  
Payout Ratio                     101.7% 104.9% 68.3% 93.7% 85.1%   91.64% <-Average 3 Payout  
Payout Ratio CF                     42.4% 35.0% 37.2% 42.3% 39.6%   38.21% <-Average 3 Payout  
Average 5 Yrs           Yield  6.12% 6.01% Payout 91.64% 38.21%   #NUM! <-IRR #YR-> 10 Dividends  
* Dividends per share                                7.24% <-IRR #YR-> 2 Dividends  
      $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.69                
                      -$0.60 $0.00 $0.69                
                                           
H/LYield held 5 yrs 14.81% 14.85% 11.40% 10.07% Ave H/L Yield on your    Dividends  
H/LYield held 10 yrs 18.40% 26.15% Ave H/L original money   Dividends  
                                           
Graham No.         $10.07 $3.68 $3.77 $3.37 $1.91 $4.01 $6.62 $6.85 $8.96 $7.82 $8.21   Cl Pr higher/lower by?   Graham Pr  
Prem /Disc. High         -58.77% 31.66% 38.00% 119.40% 344.94% 128.18% 125.87% 106.87% 30.45%       96.29% <-Average 8 Prem/Disc  
Prem /Disc. Low         -79.64% -11.78% -9.24% 39.35% 224.55% 87.03% 25.40% -5.11% -10.28%       28.92% <-Average 8 Prem/Disc  
Prem /Disc. Cl         -64.73% 8.58% 36.68% 107.54% 313.53% 118.20% 118.92% 16.79% 30.45% 53.78% 46.54%   76.22% <-Average 8 Prem/Disc  
                                           
Price Cl   $4.05 $3.20 $2.00 $3.55 $4.00 $5.15 $7.00 $7.90 $8.75 $14.49 $8.00 $11.69 $12.03 $12.03   265.31% <-Total Growth 10 Stock Price
Increase     -20.99% -37.50% 77.50% 12.68% 28.75% 35.92% 12.86% 10.76% 65.60% -44.79% 46.13% 2.91% 0.00%   13.83% <-IRR #YR-> 10 Stock Price
P/E             24.52 43.75 158.00 41.67 24.56 13.11 11.57 15.23 13.83   10.80% <-IRR #YR-> 5 Stock Price
Trailing P/E               33.33 49.38 175.00 69.00 13.56 19.16 11.91 15.23   15.84% <-IRR #YR-> 10 Price & Div
Average 5 Yrs               Price Inc 18.11% P/E: Y-T 49.78 65.2   14.71% <-IRR #YR-> 5 Price & Div
                                           
      -$3.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.69                
                -$7.00 $0.00 $0.00 $0.00 $0.00 $11.69                
      -$3.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.60 $0.64 $12.38                
                -$7.00 $0.00 $0.00 $0.60 $0.64 $12.38                
                                           
Hi Mths     Jan Jun Jul Apr Dec Nov Aug Apr May May Dec             Stock Price
Price Hi     $4.60 $3.75 $4.15 $4.85 $5.20 $7.40 $8.50 $9.15 $14.95 $14.17 $11.69       154.13% <-Total Growth 10 Stock Price
Increase       -18.48% 10.67% 16.87% 7.22% 42.31% 14.86% 7.65% 63.39% -5.22% -17.50%       9.78% <-IRR #YR-> 10 Stock Price
P/E             24.76 46.25 170.00 43.57 25.34 23.23 11.57       9.58% <-IRR #YR-> 5 Stock Price
Trailing P/E               35.24 53.13 183.00 71.19 24.02 19.16                
Average 5 Yrs               Price Inc 12.64% P/E: Y-T 54.74 70.1            
                                           
      -$4.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.69                
                -$7.40 $0.00 $0.00 $0.00 $0.00 $11.69                
                                           
Low Mths     Nov Dec Feb Oct Feb Jan Feb Jan Jan Nov Jan             Stock Price
Price Low     $2.90 $1.91 $2.05 $3.25 $3.42 $4.70 $6.20 $7.50 $8.30 $6.50 $8.04       177.24% <-Total Growth 10 Stock Price
Increase       -34.14% 7.33% 58.54% 5.23% 37.43% 31.91% 20.97% 10.67% -21.69% 23.69%       10.74% <-IRR #YR-> 10 Stock Price
P/E             16.29 29.38 124.00 35.71 14.07 10.66 7.96       11.33% <-IRR #YR-> 5 Stock Price
Trailing P/E               22.38 38.75 150.00 39.52 11.02 13.18                
Average 5 Yrs               Price Inc 13.11% P/E: Y-T 38.48 50.5            
                                           
      -$2.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.04                
                                   
Market Cap       $64 $114 $128 $166 $226 $261 $290 $480 $267 $384            
                            Q1 2010          
# of Sh in M 32.068 32.068 32.068 32.215 32.278 32.984 33.180 33.105 33.313 32.853 32.921 32.921 Shares
Increase                   0.59% -0.22% 0.63% -1.38% 0.21% 0.00%   -0.10% <-Average 4 Shares
CF fr Op $M -$21.4 $64.0 $7.9 $22.6 $21.8 $23.0 $43.7 $46.8 $60.9 $61.0 $57.6 $61.6 Covers Investing C.F. and dividends? Cash Flow
OPS -$0.67 $2.00 $0.25 $0.70 $0.68 $0.70 $1.32 $1.41 $1.83 $1.86 $1.75 $1.87 #DIV/0! <-Total Growth 10 Cash Flow
Increase         -399% -87.61% 183.69% -3.73% 3.25% 88.92% 7.36% 29.20% 1.53% -5.68% 6.86% -19.60% <-Average 9 Cash Flow
5 yr running ave           $0.73 $0.96 $1.19 $1.42 $1.63 $1.74 -0.91% <-IRR #YR-> 8 Cash Flow
P/OCF on Close 6.64 10.24 4.38 6.30 6.87 6.43 22.40% <-IRR #YR-> 5 Cash Flow
Averages P/CF 10 Yrs 6.89 5 Yrs 6.89    
*Operational Cash Flow per share
-$2.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.86  
-$0.68 $0.00 $0.00 $0.00 $0.00 $1.86    
                                     
OPM -5.53% 27.00% 5.73% 16.74% 15.91% 13.82% 17.51% 16.29% 18.87% 20.29%   should be zero, it is a check on calculations    
Diff from Ave       -137.7% 84.2% -60.9% 14.2% 8.5% -5.8% 19.4% 11.1% 28.7% 38.3%       0.00% <-Average 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 14.66% 5 Yrs 17.35%    
                                           
Curr Assets                   $90.24 $60.32 $82.21 $83.37 $80.20     Liq ratio of 1.5 and up, best   Assets  
Curr Liab.                   $64.23 $66.31 $83.02 $91.81 $92.95     1.05 <-Average 4 Liabilities  
Liquidity                   1.40 0.91 0.99 0.91 0.86     1.05 <-Average 4 Ratio  
Liq. with CF aft div                   2.09 1.32 1.47 1.33 1.21              
                                           
Assets       $317.00 $343.00 $239.00 $270.00 $273.00 $374.00 $441.00 $380.15 $394.93 $369.37 $357.71     A/L ratio of 1.5 and up, best   Assets  
Liabilities       $276.10 $242.00 $146.90 $173.20 $171.00 $267.00 $328.08 $270.89 $281.05 $253.28 $244.37     1.44 <-Average 10 Liabilities  
A/L Ratio       1.15 1.42 1.63 1.56 1.60 1.40 1.34 1.40 1.41 1.46 1.46     1.40 <-Average 5  Ratio  
                                           
Book Value       $40.90 $101.00 $92.10 $96.80 $102.00 $107.00 $112.92 $109.26 $113.88 $116.09 $113.34 $113.34   178.43% <-Total Growth 8 Book Value
BV per share       $1.28 $3.15 $2.87 $3.00 $3.16 $3.24 $3.40 $3.30 $3.42 $3.53 $3.44 $3.44   168.03% <-Total Growth 8 Book Value
Change             4.62% 5.17% 2.66% 4.91% -3.03% 3.58% 3.37% -2.57% 0.00%   1.2994 Current/Historical   Book Value
Real Change             4.63% 5.17% 2.66% 4.91%                      
P/BV (CL)           1.39 1.71 2.22 2.44 2.57 4.39 2.34 3.31 3.49 3.49   11.99% <-IRR #YR-> 9 Book Value
Change             23.06% 29.25% 9.93% 5.58% 70.77% -46.70% 41.36% 5.62% 0.00% 2.26% <-IRR #YR-> 5 Book Value
Leverage (A/BK)       7.75 3.40 2.60 2.79 2.68 3.50 3.91 3.48 3.47 3.18 3.16 0.00   3.67 <-Average 10 A/BV  
Book Value is Asset less Liabilities               P/BV 10 Yrs 2.55 5 Yrs 3.01     3.51 <-Average 5 A/BV  
                                     
  -$1.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.53                
              -$3.16 $0.00 $0.00 $0.00 $0.00 $3.53                
                                         
ROE       -97.3% 44.9% -8.3% 7.1% 4.8% 1.3% 6.3% 18.0% 18.1% 28.8% 13.6%     Net Income/Shareholders' equity        
5Yr Running Ave               2.2% 10.2% 2.5% 7.6% 9.9% 14.7% 17.0%              
                                         
Net Income       -$39.80 $45.30 -$7.67 $6.86 $4.90 $1.42 $7.08 $19.67 $20.65 $33.48 $3.86       Income Statement    
Oper C. F.                   $61.92 $40.54 $80.55 $58.32 $14.16       Cash Flow Statement   
Invest. C. F                   -$64.75 -$19.09 -$12.21 -$21.18 -$3.49       Cash Flow Statement  
Total Accruals                   $9.91 -$1.78 -$47.68 -$3.67 -$6.82              
Total Assets                   $441.00 $380.15 $394.93 $369.37 $89.43       Balance Sheet      
Accruals Ratio                   2.25% -0.47% -12.07% -0.99% -7.63% <----            
up/down/neutral                                          
Chge in Close     -20.99% -37.50% 77.50% 12.68% 28.75% 35.92% 12.86% 10.76% 65.60% -44.79% 46.13% 2.91%              
Any Predictions?                                        
                                           
Fin. C. F                   $30.85 -$51.18 -$41.80 -$28.76 -$10.57              
Total Accruals                   -$20.94 $49.40 -$5.88 $25.10 $3.75              
Accruals Ratio                   -4.75% 12.99% -1.49% 6.79% 4.20%              
                                         
Apr 11, 2010.  I got figures from 2009 financials and before 2008, wherever I could.                              
                                           
How they make their money.                                      
Marsulex Inc. is a provider of industrial services, primarily environmental compliance solutions for air quality control and industrial hazardous waste streams, and a producer and marketer of sulfur-based                                           
industrial and water treatment chemicals.   The Company's activities are divided into four reportable segments. The three operating segments are Industrial Services, Western Markets and Marsulex Environmental                                           
Technologies. The fourth non-operating segment is Corporate Support, which provides centralized services, such as finance, information systems, human resources and risk management to the operating segments.                                          
                                         
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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