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. 9/30/09
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Newfoundland Capital Corp www.ncc.ca NCC.A 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 12/30/13
Accounting Rules C GAAP C GAAP IFRS
Bef Divesiture
restated $77.7
Revenue* $58.3 $35.6 $41.3 $51.8 $61.5 $65.4 $83.3 $103.6 $99.0 $97.3 $105.3 $117.4 $126.8 $134.1 229.77% <-Total Return 10 Revenue
Increase 13.65% -38.95% 15.97% 25.53% 18.67% 6.28% 27.39% 24.43% -4.47% -1.73% 8.26% 11.49% 8.01% 5.76% 12.67% <-IRR #YR-> 10 Revenue
Rev per Share $1.60 $1.00 $1.17 $1.49 $1.72 $1.86 $2.46 $3.08 $2.97 $2.77 $3.19 $3.73 $4.02 $4.26 7.11% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 2.08 3.22 2.42 1.90 2.23 2.24 2.24 1.88 2.25 2.05 2.19 1.85 1.98 1.88 14.07% <-IRR #YR-> 10 Rev Per share
*Revenue in M CDN $  P/S 10 yr  2.21 5 yr  2.05 8.69% <-IRR #YR-> 5 Rev Per share
-$35.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $117.4
-$83.3 $0.0 $0.0 $0.0 $0.0 $117.4
-$1.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.73
-$2.46 $0.00 $0.00 $0.00 $0.00 $3.73
EPS* $0.09 $0.07 -$0.11 $0.25 $0.17 $0.28 $0.17 $0.35 $0.59 -$0.13 $0.45 $0.32 $0.60 $0.66 $0.69 380.00% <-Total Return 10 Earnings
Increase 35.00% -25.93% -260.00% -334.38% -32.00% 64.71% -39.29% 103.92% 70.19% -122.60% -438% -29% 88% 10% 5% 16.98% <-IRR #YR-> 10 Earnings
Earnings Yield 2.7% 2.1% -3.8% 8.8% 4.4% 6.7% 3.1% 6.0% 8.8% -2.4% 6.4% 4.6% 7.5% 8.3% 8.6% 13.49% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 5.31% 5Yrs 5.98%
-$0.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.32
-$0.17 $0.00 $0.00 $0.00 $0.00 $0.32
Dividend type
Pre-split '09 Inconsistent
Sp Div $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Pre-split '09 $0.10 $0.00 $0.00 $0.00 $0.10 $0.10 $0.30 $0.30 $0.30 $0.30 $0.00
Div* $0.03 $0.00 $0.00 $0.00 $0.03 $0.03 $0.10 $0.10 $0.10 $0.10 $0.10 $0.12 $0.15 $0.18 $0.18 #DIV/0! #DIV/0! <-Total Return 10 Dividends
Increase -100.00% 0.00% 200.00% 0.00% 0.00% 0.00% 0.00% 20.00% 25.00% 20.00% 0.00% 0.00% 0.00% <-Median-> 8 Dividends
Yield H/L Pr. 1.13% 0.00% 0.00% 0.00% 0.98% 0.85% 2.04% 1.81% 1.56% 1.54% 1.41% 1.66% 1.99% 1.47% 1.47% <-Median-> 10 Dividends
Yield on High  Pr. 0.93% 0.00% 0.00% 0.00% 0.83% 0.80% 1.75% 1.58% 1.40% 1.36% 1.17% 1.50% 1.71% 1.26% 1.26% <-Median-> 10 Dividends
Yield on Low Pr. 1.43% 0.00% 0.00% 0.00% 1.19% 0.91% 2.45% 2.13% 1.76% 1.76% 1.77% 1.85% 2.40% 1.76% 1.76% <-Median-> 10 Dividends
Yield on Cl Pr. 1.00% 0.00% 0.00% 0.00% 0.87% 0.80% 1.82% 1.72% 1.50% 1.76% 1.43% 1.74% 1.88% 2.25% 2.25% 1.46% 1.46% <-Median-> 10 Dividends
Payout Ratio 37.0% 0.0% 0.0% 0.0% 19.6% 11.9% 58.8% 28.8% 16.9% -75.0% 22.2% 37.5% 25.0% 27.3% 26.1% 18.28% 18.28% <-Median-> 10 DPR EPS
Payout Ratio CF 41.4% 0.0% 0.0% 0.0% 14.5% 9.0% 88.0% 22.0% 80.1% 23.8% 18.0% 16.4% 16.7% 15.7% #DIV/0! 17.21% 17.21% <-Median-> 10 DPR CF
Payout Ratio CF NC 17.2% 0.0% 0.0% 0.0% 11.5% 11.0% 33.8% 18.3% 31.3% 27.3% 17.4% 21.7% 16.7% 15.7% #DIV/0! 17.85% 17.85% <-Median-> 10 DPR CF NC
Median Values Div Yd 2.61% 5 3.02% 10 Yield  1.56% 1.74% Payout 22.22% 17.98% #NUM! #NUM! <-IRR #YR-> 10 Dividends
* Dividends per share  3.0% Years 3.0% Years Curr diff 44.11% Last Div Inc ---> $0.06 $0.09 50.0% 3.71% 8.45% <-IRR #YR-> 5 Dividends
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.15
-$0.10 $0.00 $0.00 $0.00 $0.00 $0.15
H/LYield held 5 yrs 1.00% 1.13% 3.52% 3.38% 3.40% 2.94% 2.55% 2.45% 2.72% 2.81% 2.77% 2.75% <-Median-> 8 Dividends
H/LYield held 10 yrs 7.84% 10.34% 4.74% 3.00% 3.38% 4.22% 5.07% 6.12% 5.29% 4.48% <-Median-> 6 Dividends
H/LYield held 15 yrs 9.41% 15.52% 8.54% 5.40% 9.41% <-Median-> 1 Dividends
Graham No. $1.97 $1.72 $1.66 $3.46 $2.92 $3.93 $3.06 $4.59 $6.47 $5.11 $4.76 $4.83 $6.86 $7.20 $7.36 181.18% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L 49.86% 65.52% 77.69% -15.06% 16.28% -0.35% 60.34% 20.04% -1.02% 27.23% 49.45% 50.18% 9.66% 23.63% <-Median-> 10 Graham Price
Prem /Disc. High 81.52% 94.16% 100.22% -4.71% 36.80% 6.01% 87.31% 37.78% 10.19% 43.47% 80.22% 65.72% 28.09% 40.63% <-Median-> 10 Graham Price
Prem /Disc. Low 18.20% 36.88% 55.17% -25.40% -4.24% -6.71% 33.37% 2.30% -12.22% 10.98% 18.68% 34.65% -8.78% 6.64% <-Median-> 10 Graham Price
Prem /Disc. Cl 68.85% 87.36% 70.18% -18.18% 31.10% 6.01% 79.79% 26.24% 3.23% 10.98% 47.03% 42.93% 16.14% 11.16% 8.71% 28.67% <-Median-> 10 Graham Price
Pre-split 09 $10.00 $9.65 $8.50 $8.50 $11.50 $12.50
Price Cl $3.33 $3.22 $2.83 $2.83 $3.83 $4.17 $5.50 $5.80 $6.68 $5.67 $7.00 $6.90 $7.97 $8.00 $8.00 114.51% 181.29% <-Total Return 10 Stock Price
Increase 25.00% -3.50% -11.92% 0.00% 35.29% 8.70% 32.00% 5.45% 15.17% -15.12% 23.46% -1.43% 15.51% 0.38% 0.00% 7.93% 10.90% <-IRR #YR-> 10 Stock Price
P/E 37.04 48.25 -26.56 11.33 22.55 14.88 32.35 16.73 11.32 -42.53 15.56 21.56 13.28 12.12 11.59 4.64% 6.56% <-IRR #YR-> 5 Stock Price
Trailing P/E 50.00 35.74 42.50 -26.56 15.33 24.51 19.64 34.12 19.27 9.61 -52.50 15.33 24.91 13.33 12.12 9.26% 12.54% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 1.64% 1.71% % Tot Ret 13.08% 20.70% Price Inc 15.17% P/E:  15.22 13.28 6.36% 8.28% <-IRR #YR-> 5 Price & Div
-$2.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.97
-$5.80 $0.00 $0.00 $0.00 $0.00 $7.97
-$2.83 $0.00 $0.03 $0.03 $0.10 $0.10 $0.10 $0.10 $0.10 $0.12 $8.12
-$5.80 $0.10 $0.10 $0.10 $0.12 $8.12
Price H/L Median $2.96 $2.84 $2.96 $2.94 $3.40 $3.92 $4.91 $5.52 $6.41 $6.50 $7.12 $7.25 $7.53 155.13% 154.37% <-Total Return 10 Stock Price
Increase -11.25% -3.94% 4.11% -0.56% 15.58% 15.20% 25.23% 12.44% 16.14% 1.48% 9.46% 1.90% 3.79% 9.82% 9.79% <-IRR #YR-> 10 Stock Price
P/E 32.87 42.63 -27.73 11.77 20.00 13.99 28.85 15.91 10.86 -48.75 15.81 22.66 12.54 8.13% 6.41% <-IRR #YR-> 5 Stock Price
Trailing P/E 44.38 31.57 44.38 -27.58 13.60 23.04 17.52 32.44 18.48 11.02 -53.36 16.11 23.52 11.32% 11.44% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 1.65% 1.81% % Tot Ret 14.46% 21.98% Price Inc 3.79% P/E:  14.90 12.54 10.24% 8.22% <-IRR #YR-> 5 Price & Div
-$2.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.53
-$5.52 $0.00 $0.00 $0.00 $0.00 $7.53
-$2.96 $0.00 $0.03 $0.03 $0.10 $0.10 $0.10 $0.10 $0.10 $0.12 $7.68
-$5.52 $0.10 $0.10 $0.10 $0.12 $7.68
Hi Mths Jun/Sep Feb May Aug Nov Jan/Dec Nov Aug Jun Mar Jul Aug Jun
Pre-split 09 $10.75 $10.00 $10.00 $9.90 $12.00 $12.50
Price Hi $3.58 $3.33 $3.33 $3.30 $4.00 $4.17 $5.73 $6.33 $7.13 $7.33 $8.58 $8.00 $8.79 142.42% 119.75% <-Total Return 10 Stock Price
Increase -27.12% -6.98% 0.00% -1.00% 21.21% 4.17% 37.52% 10.47% 12.64% 2.81% 17.05% -6.76% 9.87% 10.22% 11.50% <-IRR #YR-> 10 Stock Price
P/E 39.81 50.00 13.20 23.53 14.88 33.71 18.26 12.08 -54.98 19.07 25.00 14.65 6.90% 6.79% <-IRR #YR-> 5 Stock Price
Trailing P/E 53.75 37.04 50.00 16.00 24.51 20.46 37.24 20.57 12.42 -64.35 17.78 27.47
Median 10, 5 Yrs Price Inc 9.87% P/E:  16.57 14.65
-$3.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.79
-$6.33 $0.00 $0.00 $0.00 $0.00 $8.79
Low Mths Feb Sep Nov Apr/Oct Apr Mar/Oct Jan Apr Sep Dec Mar Jan Jan
Pre-split 09 $7.00 $7.05 $7.75 $7.75 $8.40 $11.00
Price Low $2.33 $2.35 $2.58 $2.58 $2.80 $3.67 $4.08 $4.70 $5.68 $5.67 $5.65 $6.50 $6.26 151.61% 142.32% <-Total Return 10 Stock Price
Increase 33.33% 0.71% 9.93% 0.00% 8.39% 30.95% 11.27% 15.20% 20.85% -0.18% -0.35% 15.04% -3.69% 10.71% 9.25% <-IRR #YR-> 10 Stock Price
P/E 25.93 35.25 10.33 16.47 13.10 24.00 13.56 9.63 -42.53 12.56 20.31 10.43 9.76% 5.90% <-IRR #YR-> 5 Stock Price
Trailing P/E 35.00 26.11 38.75 11.20 21.57 14.57 27.65 16.38 9.61 -42.38 14.44 19.56
Median 10, 5 Yrs Price Inc -0.18% P/E:  12.83 10.43
-$2.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.26
-$4.70 $0.00 $0.00 $0.00 $0.00 $6.26
Market Cap $121 $115 $100 $99 $137 $147 $186 $195 $222 $199 $231 $217 $251 $252
# of Sh in M 36.435 35.655 35.319 34.833 35.703 35.175 33.894 33.597 33.273 35.175 32.970 31.510 31.510 31.510 Capital Stock
Increase -2.06% -2.14% -0.94% -1.38% 2.50% -1.48% -3.64% -0.88% -0.96% 5.72% -6.27% -4.43% 0.00% 0.00% -1.17% <-Median-> 10
CF fr Op $M $2.94 $9.74 $10.83 $15.08 $8.23 $13.08 $3.85 $15.25 $4.15 $14.75 $18.34 $23.01 $28.36 $36.24 136.20% <-Total Return 10 Cash Flow
OPS $0.08 $0.27 $0.31 $0.43 $0.23 $0.37 $0.11 $0.45 $0.12 $0.42 $0.56 $0.73 $0.90 $1.15 167.27% <-Total Return 10 Cash Flow
Increase -33.04% 238.89% 12.20% 41.27% -46.75% 61.28% -69.44% 299.55% -72.50% 235.86% 32.66% 31.25% 23.27% 27.78% 31.96% <-Median-> 10 Cash Flow
Less Non-Cash CF $4.1 $0.5 -$3.4 -$3.5 $2.1 -$2.4 $6.2 $3.1 $6.5 -$1.9 $0.7 -$5.6 $0.0 $0.0 10.33% <-IRR #YR-> 10 Cash Flow
OPS non-cash $0.19 $0.29 $0.21 $0.33 $0.29 $0.30 $0.30 $0.55 $0.32 $0.37 $0.58 $0.55 $0.90 $1.15 45.07% <-IRR #YR-> 5 Cash Flow
P/O on Cl 17.2 11.2 13.4 8.5 13.3 13.8 18.6 10.6 20.9 15.5 12.2 12.5 8.9 7.0 6.74% <-IRR #YR-> 10 CF - non cash
*Operational Cash Flow per share P/CF 10 yr 13.33 5 yr  12.48 13.32% <-IRR #YR-> 5 CF - non cash
-$0.11 $0.00 $0.00 $0.00 $0.00 $0.73
-$0.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.55
-$0.30 $0.00 $0.00 $0.00 $0.00 $0.55
OPM 5.0% 27.4% 26.2% 29.1% 13.4% 20.0% 4.6% 14.7% 4.2% 15.2% 17.4% 19.6% should be zero, it is a check on calculations
Increase -69.1% 67.9% 61.0% 78.6% -17.8% 22.8% -71.6% -9.6% -74.2% -6.9% 6.9% 20.3% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 16.29% 5 Yrs 15.16%
Curr Assets $22.85 $28.58 $27.79 $16.96 $18.99 $20.57 $34.91 $38.43 $41.80 $33.38 $32.52 $33.38 $31.16 Liq ratio of 1.5 and up, best Assets
Curr Liab. $22.74 $30.83 $28.17 $17.98 $20.47 $22.81 $33.25 $29.20 $28.17 $28.17 $84.45 $34.77 $34.72 0.97 <-Median-> 10 Liabilities
Liquity 1.00 0.93 0.99 0.94 0.93 0.90 1.05 1.32 1.48 1.18 0.39 0.96 0.90 1.18 <-Median-> 5 Ratio
Liq. with CF aft div 1.08 1.24 1.37 1.78 1.27 1.42 1.06 1.72 1.51 1.58 0.56 1.51 1.58 1.51 <-Median-> 5 After div
Liq. CF re  Inv+Div  1.11 0.54 1.07 1.55 1.05 1.92 0.54 1.43 1.32 0.89 0.57 1.30 1.32 1.30 <-Median-> 5 After div+Inv
Assets $100.5 $140.4 $136.5 $147.9 $160.1 $155.7 $213.51 $216.29 $231.30 $238.63 $232.85 $232.35 $230.20 A/L ratio of 1.5 and up, best Assets
Liab. $30.37 $70.33 $71.28 $73.65 $80.27 $69.48 $130.58 $125.37 $126.34 $147.96 $129.06 $130.36 $120.29 1.82 <-Median-> 10 Liabilities
Liquity 3.31 2.00 1.92 2.01 1.99 2.24 1.64 1.73 1.83 1.61 1.80 1.78 1.91 1.78 <-Median-> 5 Ratio
Book Value $70.12 $70.06 $65.27 $74.27 $79.81 $86.25 $82.93 $90.92 $104.95 $90.68 $103.79 $101.99 $109.91 $109.91 $109.91 45.57% <-Total Return 10 Book Value
BV per share $1.92 $1.96 $1.85 $2.13 $2.24 $2.45 $2.45 $2.71 $3.15 $2.58 $3.15 $3.24 $3.49 $3.49 $3.49 64.72% <-Total Return 10 Book Value
Change 2.32% 2.10% -5.96% 15.38% 4.85% 9.69% -0.22% 10.61% 16.55% -18.27% 22.12% 2.82% 7.77% 0.00% 0.00% 1.1859 Current/Historical Book Value
P/BV (CL) 1.73 1.64 1.53 1.33 1.71 1.70 2.25 2.14 2.12 2.20 2.22 2.13 2.28 2.29 2.29 12.73% <-IRR #YR-> 10 Book Value
Change 22.16% -5.49% -6.33% -13.33% 29.04% -0.91% 32.29% -4.66% -1.19% 3.86% 1.10% -4.13% 7.18% 0.38% 0.00% 24.12% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.43 2.00 2.09 1.99 2.01 1.81 2.57 2.38 2.20 2.63 2.24 2.28 2.09 0.00 0.00 2.22 <-Median-> 10 A/BV
Debt/Equity Ratio 0.43 1.00 1.09 0.99 1.01 0.81 1.57 1.38 1.20 1.63 1.24 1.28 1.09 0.00 0.00 1.22 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 Yrs 1.93 5 Yrs 2.16
-$1.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.58 $0.00 $3.24
-$2.45 $0.00 $0.00 $2.58 $0.00 $3.24
ROE 0.0% 17.6% 10.7% 10.75% <-Median-> 3 Compreh. Inc
Comprehensive Inc $0.00 $18.23 $10.96 Compreh. Inc
ROE 4.7% 3.3% -5.8% 11.9% 7.6% 11.8% 7.3% 13.2% 19.4% -4.5% 14.8% 10.5% 16.3% <-12 Mths Net Income/Shareholders' equity
5Yr Running Ave 14.7% 9.1% 4.0% 4.6% 4.7% 6.3% 7.0% 10.4% 12.3% 9.7% 10.5% 11.0% 11.8% <-12 Mths
Net Income $3.32 $2.33 -$3.78 $8.87 $6.09 $10.16 $6.03 $11.97 $20.31 -$4.07 $15.37 $10.70 $17.87 <-12 Mths 359.27% <-Total Growth 10 Net Income
Oper C. F. $2.94 $9.74 $10.83 $15.08 $8.23 $13.08 $3.85 $15.25 $4.15 $14.75 $18.34 $23.01 C F Statement  Oper C. F.
Invest. C. F $0.63 -$40.61 -$8.01 -$2.73 -$4.27 $5.86 -$31.97 -$5.93 -$4.20 -$21.69 $0.31 -$5.77 -$6.65 C F Statement  Invest. C. F
Total Accruals -$0.25 $33.20 -$6.59 -$3.49 $2.12 -$8.78 $34.15 $2.65 $20.36 $2.87 -$3.28 -$6.54 Accruals
Total Assets $100.49 $140.39 $136.54 $147.91 $160.08 $155.72 $213.51 $216.29 $231.30 $238.63 $232.85 $232.35 Balance Sheet Assets
Accruals Ratio -0.25% 23.65% -4.83% -2.36% 1.33% -5.64% 16.00% 1.22% 8.80% 1.20% -1.41% -2.81% Ratio
Invest. C. F -$1.27 -$2.24 -$3.96 -$18.94 $28.12 -$9.32 $0.05 $6.94 -$18.65 -$17.24 C F Statement  Fin. C. F
Total Accruals -$5.33 -$1.25 $6.09 $10.16 $6.03 $11.97 $20.31 -$4.07 $15.37 $10.70 Accruals
Accruals Ratio -3.90% -0.84% 3.80% 6.53% 2.83% 5.53% 8.78% -1.71% 6.60% 4.61% Ratio
Jan 28, 2012.  Last Estimates were for 2009 and 2010 at $.20 and .21 for earnings and $.46 and $.44 for C F.
They are playing a bit with dividends and count year of declaration as year of dividends. In actual fact, no dividends were really paid in 2009, they were just declared in 2009.  Other years of dividends 
all based on year declared.
How they make their money.
Newfoundland Capital Corporation Limited also owns and operates Newcap Radio.  Newcap Radio is one of Canada's leading radio broadcasters with 79 licenses across Canada. The Company reaches millions of 
listeners each week through a variety of formats and is a recognized industry leader in radio programming, sales and networking.  The Company has 58 FM and 21 AM licenses spanning the country 
employing over 800 radio professionals in Canada.  Newfoundland Capital Corporation Limited also owns and operates the Glynmill Inn, Corner Brook, Newfoundland and Labrador. 
NCC.A shares Subordinate voting shares.  NCC.B is the common shares.
Steele, Harry Raymon 19.12 54.36% owns 3 times more A shares than B shares.
Steele family controls 96.4% of votes
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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