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 Q3 2011
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Mullen Group Ltd www.mullen-group.com TSX: MTL Fiscal Yr: Dec 31
Year 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 12/30/12 #Y
Accting Rules C GAAP IFRS
Split 3 Yr 2011 Yr 2012
Revenue* $261.1 $322.3 $349.6 $302.5 $421.5 $470.9 $491.7 $103.3 $1,119.5 $1,314.2 $978.0 $1,039.8 $1,344.2 $1,479.8 222.59% <-Total Growth 10 Revenue
Increase 23.45% 8.45% -13.46% 39.33% 11.72% 4.42% -78.99% 983.87% 17.39% -25.58% 6.31% 29.28% 10.09% 12.43% <-IRR #YR-> 10 Revenue
Rev per Share $6.36 $7.67 $8.06 $6.82 $9.43 $10.42 $10.41 $1.27 $13.86 $16.30 $12.13 $13.21 $16.63 $18.31 16.16% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 1.02 1.22 1.03 1.51 1.40 1.59 3.14 14.75 1.27 0.78 1.35 1.28 1.17 1.07 5.59% <-IRR #YR-> 10 Rev Per share
*Revenue in M CDN $  P/S 10 yr  1.37 5 yr  1.28 4.89% <-IRR #YR-> 5 Rev Per share
-$322.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,039.8
-$491.7 $0.0 $0.0 $0.0 $0.0 $1,039.8
-$7.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.21
-$10.41 $0.00 $0.00 $0.00 $0.00 $13.21
Unadjusted EPS -$1.45 Yr 2011 Yr 2012
EPS* $0.39 $0.73 $0.69 $0.40 $0.73 $1.03 $1.51 $1.86 $1.92 $1.40 $1.10 $0.98 $1.41 $1.67 34.25% <-Total Growth 10 Earnings
Increase 87.18% -5.48% -42.03% 82.50% 41.10% 46.60% 23.18% 3.23% -27.08% -21.43% -10.91% 43.88% 18.44% 2.99% <-IRR #YR-> 10 Earnings
Earnings Yield 6.0% 7.8% 8.3% 3.9% 5.5% 6.2% 4.6% 10.0% 10.9% 11.0% 6.7% 5.8% 7.2% 8.6% -8.28% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 6.46% 5Yrs 9.95%
-$0.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.98
-$1.51 $0.00 $0.00 $0.00 $0.00 $0.98
Special (PCT) $30.00
Div* $0.13 $0.13 $0.13 $0.13 $0.17 $0.68 $1.79 $1.80 $1.80 $0.35 $0.50 $0.88 $1.00 275.00% <-Total Growth 9 Dividends
Increase 0.00% 0.00% 0.00% 24.99% 305.02% 164.44% 0.84% 0.00% -80.56% 42.86% 75.00% 14.29% 0.42% <-Median-> 10 Dividends
Yield H/L Pr. 1.78% 1.37% 1.37% 1.18% 1.14% 2.74% 6.61% 9.36% 10.77% 2.80% 3.24% 2.77% <-Median-> 10 Dividends
Yield on High  Pr. 1.43% 1.10% 1.21% 1.01% 1.00% 2.06% 4.91% 7.96% 7.62% 2.08% 2.94% 2.07% <-Median-> 10 Dividends
Yield on Low Pr. 2.35% 1.60% 1.58% 1.42% 1.32% 4.09% 10.14% 11.34% 18.37% 4.27% 3.60% 3.84% <-Median-> 10 Dividends
Yield on Cl Pr. 1.43% 1.60% 1.29% 1.01% 1.00% 2.06% 9.55% 10.23% 14.11% 2.14% 2.96% 4.48% 5.12% 2.10% <-Median-> 10 Dividends
Payout Ratio 18.3% -243.3% 33.3% 18.3% 16.2% 44.7% 96.0% 93.8% 128.6% 31.8% 51.0% 62.1% 59.9% 39.02% <-Median-> 10 DPR EPS
Payout Ratio CF 14.8% 12.7% 18.4% 11.4% 10.8% 31.7% 74.5% 75.0% 58.9% 23.3% 26.2% 32.5% 32.6% 24.77% <-Median-> 10 DPR CF
Payout Ratio CF NC 14.8% 12.7% 18.4% 11.4% 10.8% 31.7% 74.5% 75.0% 58.9% 23.3% 26.2% 32.5% 32.6% 24.77% <-Median-> 10 DPR CF NC
Median 5 Yrs Div Yd 5.72% 5 7.30% 10 Yield  6.61% 9.55% Payout 93.75% 58.94% 15.82% <-IRR #YR-> 9 Dividends
* Dividends per share  5.0% Years 5.0% Years Last Div Inc ---> $0.08 $0.25 233.3% -5.83% <-IRR #YR-> 5 Dividends
-$0.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.50
-$0.68 $0.00 $0.00 $0.00 $0.00 $0.50
H/LYield held 5 yrs 2.15% 2.72% 9.00% 18.39% 18.54% 15.94% 2.40% 2.03% 3.24% 5.20% 5.86% <-Median-> 8 Dividends
H/LYield held 10 yrs 29.03% 5.71% 6.67% 9.02% 10.30% 6.67% <-Median-> 3 Dividends
Graham No. $5.34 $7.87 $7.95 $6.29 $9.08 $11.77 $15.35 $27.04 $21.02 $20.80 $18.87 $18.14 $16.23 $17.67 130.50% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L 14.69% -4.69% 22.09% 54.48% 24.44% 24.07% 60.26% -0.18% -8.45% -19.66% -33.66% -14.82% 10.96% <-Median-> 10 Graham Price
Prem /Disc. High 41.94% 18.57% 51.97% 75.00% 45.09% 41.24% 112.98% 34.56% 7.59% 13.56% -10.77% -6.28% 37.90% <-Median-> 10 Graham Price
Prem /Disc. Low -12.55% -27.95% -7.79% 33.95% 3.78% 6.91% 7.53% -34.92% -24.49% -52.88% -56.55% -23.37% -15.58% <-Median-> 10 Graham Price
Prem /Disc. Cl 21.72% 18.57% 4.79% 64.34% 45.09% 41.24% 112.92% -30.89% -16.25% -38.65% -13.37% -6.77% 20.24% 10.48% -0.99% <-Median-> 10 Graham Price
Price Cl $5.42 $6.50 $9.33 $8.33 $10.33 $13.17 $16.62 $32.69 $18.69 $17.60 $12.76 $16.35 $16.91 $19.52 $19.52 81.24% <-Total Growth 10 Stock Price
Increase 19.93% 43.54% -10.72% 24.01% 27.49% 26.20% 96.69% -42.83% -5.83% -27.50% 28.13% 3.43% 15.43% 0.00% 6.13% <-IRR #YR-> 10 Stock Price
P/E 16.67 12.78 -152.02 25.83 18.04 16.14 21.65 10.05 9.17 9.11 14.86 17.26 13.84 11.69 -12.35% <-IRR #YR-> 5 Stock Price
Trailing P/E 23.92 11.41 -188.52 32.93 22.77 31.74 12.38 9.46 6.65 11.68 15.37 19.92 13.84 11.51% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 5.38% 4.73% Div %  Ret. Price Inc -5.83% P/E:  15.50 10.05 -7.63% <-IRR #YR-> 5 Price & Div
-$9.33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.91
-$32.69 $0.00 $0.00 $0.00 $0.00 $16.91
-$9.33 $0.13 $0.13 $0.13 $0.17 $0.68 $1.79 $1.80 $1.80 $0.35 $17.41
-$32.69 $1.79 $1.80 $1.80 $0.35 $17.41
Price H/L Median $6.20 $6.13 $7.50 $9.71 $9.71 $11.30 $14.60 $24.61 $27.00 $19.24 $16.71 $12.52 $15.45 106.00% <-Total Growth 10 Stock Price
Increase -1.21% 22.45% 29.40% 0.05% 16.32% 29.26% 68.53% 9.71% -28.73% -13.15% -25.07% 23.40% 7.49% <-IRR #YR-> 10 Stock Price
P/E 15.71 10.27 -177.12 24.28 15.47 14.17 16.29 14.51 10.02 11.94 11.38 15.77 -8.89% <-IRR #YR-> 5 Stock Price
Trailing P/E 19.23 13.29 -177.21 28.24 20.00 23.89 17.88 10.34 8.70 8.94 14.05 13.69% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 6.20% 5.97% Div %  Ret. Price Inc -13.15% P/E:  14.34 11.94 -2.92% <-IRR #YR-> 5 Price & Div
-$7.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.45
-$24.61 $0.00 $0.00 $0.00 $0.00 $15.45
-$7.50 $0.13 $0.13 $0.13 $0.17 $0.68 $1.79 $1.80 $1.80 $0.35 $15.95
-$24.61 $1.79 $1.80 $1.80 $0.35 $15.95
Hi Mths May Aug Dec May May Dec Dec Dec Jun Jun Jun Dec Jan Stock Price
Price Hi $7.82 $7.58 $9.33 $12.08 $11.00 $13.17 $16.62 $32.70 $36.39 $22.61 $23.62 $16.84 $17.00 82.21% <-Total Growth 10 Stock Price
Increase -3.07% 23.09% 29.47% -8.94% 19.73% 26.20% 96.75% 11.28% -37.87% 4.47% -28.70% 0.95% 6.18% <-IRR #YR-> 10 Stock Price
P/E 19.44 12.78 -220.46 27.50 18.04 16.14 21.66 19.56 11.78 16.87 15.31 17.35 -12.26% <-IRR #YR-> 5 Stock Price
Trailing P/E 23.92 16.55 -200.75 32.93 22.77 31.75 24.10 12.16 12.30 12.03 15.45 Stock Price
Median 10, 5 Yrs Price Inc 0.95% P/E:  17.11 16.87 Stock Price
-$9.33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17.00
-$32.70 $0.00 $0.00 $0.00 $0.00 $17.00
Low Mths Aug Feb May Sep Jan Apr Jan Jan Nov Nov Dec Feb Aug Stock Price
Price Low $4.58 $4.67 $5.67 $7.33 $8.42 $9.42 $12.58 $16.51 $17.60 $15.87 $9.80 $8.20 $13.90 145.15% <-Total Growth 10 Stock Price
Increase 1.97% 21.41% 29.28% 14.87% 11.88% 33.55% 31.24% 6.60% -9.83% -38.25% -16.33% 69.51% 9.38% <-IRR #YR-> 10 Stock Price
P/E 11.97 7.77 -133.77 21.05 12.90 12.21 10.93 9.46 8.27 7.00 7.45 14.18 -3.38% <-IRR #YR-> 5 Stock Price
Trailing P/E 14.54 10.04 -153.67 23.55 17.23 16.03 11.66 8.53 5.10 5.86 12.64 Stock Price
Median 10, 5 Yrs Price Inc -9.83% P/E:  10.20 8.27 Stock Price
-$5.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.90
Market Cap $267 $392 $361 $458 $589 $751 $1,545 $1,523 $1,421 $1,029 $1,318 $1,331 $1,578 $1,578
# of Sh in M 41.042 42.052 43.371 44.348 44.721 45.186 47.256 81.490 80.744 80.605 80.605 78.718 80.829 80.829 Shareholders’ Capital Shares
Increase 2.46% 3.14% 2.25% 0.84% 1.04% 4.58% 72.44% -0.92% -0.17% 0.00% -2.34% 2.68% 0.00% 0.94% <-Median-> 10 Shares
CF fr Op $M $20.3 $33.4 $41.1 $21.4 $53.8 $70.0 $70.7 $192.2 $212.4 $203.8 $212.2 $94.5 $217.4 $248.1 182.88% <-Total Growth 10 Cash Flow
OPS $0.49 $0.79 $0.95 $0.48 $1.20 $1.55 $1.50 $2.36 $2.63 $2.53 $2.63 $1.20 $2.69 $3.07 51.12% <-Total Growth 10 Cash Flow
Non-Cash CF $8.3 $4.4 $4.3 $10.8 -$1.7 $0.0 $30.1 $3.2 -$18.6 $42.4 -$91.2 $55.6 $0.0 $0.0 4.22% <-IRR #YR-> 10 Cash Flow
OPS $0.70 $0.90 $1.05 $0.73 $1.17 $1.55 $2.13 $2.40 $2.40 $3.05 $1.50 $1.91 $2.69 $3.07 -4.30% <-IRR #YR-> 5 Cash Flow
P/OCF on Close 9.34 10.39 7.95 14.23 11.30 10.73 15.33 7.80 7.33 4.18 10.89 8.87 7.26 6.36 7.82% <-IRR #YR-> 10 Cash Flow
Median P/CF 10 Yrs 9.80 5 Yrs 7.80 -2.21% <-IRR #YR-> 5 Cash Flow
*Operational Cash Flow per share
-$0.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.20
-$1.50 $0.00 $0.00 $0.00 $0.00 $1.20
-$0.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.91
-$2.13 $0.00 $0.00 $0.00 $0.00 $1.91
OPM 7.76% 10.37% 11.75% 7.06% 12.76% 14.87% 14.37% 186.06% 18.97% 15.50% 21.70% 9.09% should be zero, it is a check on calculations
Diff from Ave -46.9% -29.1% -19.6% -51.7% -12.7% 1.7% -1.7% 1172.7% 29.8% 6.1% 48.4% -37.8% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 14.62% 5 Yrs 18.97%
Q3 2011
Curr Assets $293.45 $293.83 $282.91 $392.48 $389.78 $338.97 Liq ratio of 1.5 and up, best Assets
Curr Liab. $141.45 $116.41 $127.11 $117.24 $147.08 $165.83 2.52 <-Median-> 5 Liabilities
Liquidity 2.07 2.52 2.23 3.35 2.65 2.04 2.52 <-Median-> 5 Ratio
CF/Debt Ratio 1.36 1.82 1.60 1.81 0.64 1.31
Assets $176.80 $228.99 $231.55 $295 $382 $401 $509 $2,021 $1,770 $1,882 $1,927 $1,941 $1,495 A/L ratio of 1.5 and up, best Assets
Liabilities $43 $70 $55 $100 $157 $131 $181 $597 $638 $775 $760 $759 $819 2.79 <-Median-> 10 Liabilities
A/L Ratio 4.07 3.25 4.21 2.95 2.43 3.07 2.81 3.39 2.77 2.43 2.54 2.56 1.83 2.56 <-Median-> 5 Ratio
Total Equity $1,167 $1,182 $676
Eq Conv. Debentures $7.20 $7.20 $4.83
Book Value $133 $159 $177 $195 $224 $270 $328 $1,424 $1,132 $1,107 $1,160 $1,175 $671 640.86% <-Total Growth 10 Book Value
BV per share $3.25 $3.77 $4.07 $4.39 $5.02 $5.97 $6.94 $17.48 $14.02 $13.73 $14.39 $14.92 $8.31 $8.31 295.78% <-Total Growth 10 Book Value
Change 16.00% 7.96% 7.86% 14.27% 19.11% 16.13% 151.87% -19.77% -2.06% 4.80% 3.68% -44.32% 1.4233 Current/Historical Book Value
P/BV (CL) 2.00 2.47 2.05 2.35 2.63 2.78 4.71 1.07 1.26 0.93 1.14 1.13 2.35 14.75% <-IRR #YR-> 10 Book Value
Change 23.74% -17.30% 14.97% 11.58% 5.95% 69.38% -77.30% 17.37% -25.98% 22.27% -0.24% 107.33% 16.55% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.33 1.44 1.31 1.51 1.70 1.48 1.55 1.42 1.56 1.70 1.66 1.65 2.23 1.56 <-Median-> 10 A/BV
Debt/Equity Ratio 0.33 0.44 0.31 0.51 0.70 0.48 0.55 0.42 0.56 0.70 0.65 0.65 1.22 0.56 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.65 5 yr Med 1.13
-$3.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.92
-$6.94 $0.00 $0.00 $0.00 $0.00 $14.92
ROE 9.0% -10.5% 10.2% 7.8% 6.7% 7.83% <-Median-> 5 Compreh. Inc
Comprehensive Inc $128.1 -$118.7 $113.0 $90.8 $79.1 Compreh. Inc
ROE 11.8% 19.4% 17.4% 9.1% 14.5% 17.2% 21.3% 9.0% -10.5% 10.2% 7.8% 26.9% 62.6% Net Income/Shareholders' equity
5Yr Median 14.5% 17.2% 17.2% 14.5% 14.5% 10.2% 9.0% 9.0% 10.2%
Net Income $15.77 $30.77 $30.68 $17.7 $32.4 $46.5 $70.0 $128.1 -$118.7 $113.0 $90.8 $79.1 $105.0 157.06% <-Total Growth 10 Net Income
32.75%
Oper C. F. $192.2 $212.4 $203.8 $212.2 $94.5 C F Statement  Oper C. F.
Invest. C. F -$265.4 -$92.5 -$201.6 -$19.0 -$104.4 C F Statement  Invest. C. F
Total Accruals $201.3 -$238.6 $110.8 -$102.4 $89.0 Accruals
Total Assets $2,021.0 $1,770.5 $1,882.1 $1,926.9 $1,941.0 Balance Sheet Assets
Accruals Ratio 9.96% -13.48% 5.89% -5.31% 4.58% Ratio
up/down/neutral
Chge in Close -42.83% -5.83% -27.50% 28.13% 3.43%
Any Predictions?
Fin. C. F $122.6 -$90.1 -$81.0 $11.4 -$81.7 C F Statement  Fin. C. F
Total Accruals $78.7 -$148.5 $191.9 -$113.8 $170.7 Accruals
Accruals Ratio 3.90% -8.38% 10.19% -5.91% 8.79% Ratio
November 19, 2011.  Last estimates were for 2010 and 2011 at $.93 and $.14 for EPS and $1.65 and 2.08 for CF
Mullen Group recognized $545.5M good will impairment against retained earnings.  Resulted in decrease in Book Value of shares.
May 30, 2010.  Price is just below book value.  2009 was a bad year for this company.  It is expected to start to recover in 2010 and 2011.
Mullen Group (TSX-MTL) was formerly Mullen Group Income Fund (TSX-MTL.UN). Conversion was 1 May 2009.
In 2007, there was a good will and intangible asset impairment charge.  Without this charge the company would have made about $1.92 in earnings.  In same calculations, I am using this figure.
Started to follow this stock because it was recommendated as a good small cap stock to invest in in 2010.
How they make their money.
Mullen Group Ltd. is a corporation that owns a network of independently operated businesses. Mullen is recognized as the largest provider of specialized transportation and related services to the oil and natural gas industry in 
western Canada and is one of the leading suppliers of trucking and logistics services in Canada - two sectors of the economy in which Mullen has strong business relationships and industry leadership. 
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.
Mullen, Murray Kenneth 3.09% 2.495 $48,707,827
Lockwood, Stephen h 0.52% 0.420 $8,199,259
Powell, Patrick Garth 2.34% 1.895 $36,997,291
Bay, Greg 0.06% 0.047 $917,323
6.01%
30.964
1.218 4.09%
29.746