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/
ONEX Corp OCX www.onex.com 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
Revenue* $12,502 $21,858 $23,803 $22,855 $17,108 $16,244 $16,559 $18,620 $23,433 $26,881 $24,831 $24,366 11.47% <-Total Growth 10 Revenue
Increase 35.01% 74.84% 8.90% -3.98% -25.15% -5.05% 1.94% 12.45% 25.85% 14.71% -7.63% -1.87% 1.09% <-IRR #YR-> 10 Revenue
Rev per Share $76.27 $133.87 $147.84 $143.29 $115.37 $116.62 $119.68 $144.11 $186.20 $219.66 $205.91 $205.52 8.03% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 0.34 0.16 0.15 0.11 0.13 0.17 0.16 0.20 0.19 0.08 0.11 0.15 4.38% <-IRR #YR-> 10 Rev per shares
*Revenue in M CDN $  P/S 10 yr  0.15 5 yr  0.15 11.42% <-IRR #YR-> 5 Rev per shares
-$21,858 $0 $0 $0 $0 $0 $0 $0 $0 $0 $24,366
-$16,559 $0 $0 $0 $0 $24,366
-$134 $0 $0 $0 $0 $0 $0 $0 $0 $0 $206
-$120 $0 $0 $0 $0 $206
Pre-split
EPS* $1.71 $1.07 $4.95 -$0.89 -$2.16 $0.25 $6.95 $7.55 $1.78 -$2.30 $0.92 -$0.43 $3.28 $1.06 -140.19% -33.74% <-Total Growth 10 Earnings
Increase 74.94% -37.43% 362.62% -117.98% 142.70% -111.57% 2680.00% 8.63% -76.42% -229% -140% -147% -863% -68% #NUM! -4.03% <-IRR #YR-> 10 Earnings
Earnings Yield 6.5% 4.9% 22.0% -5.6% -14.7% 1.3% 36.7% 26.6% 5.1% -12.6% 3.9% -1.4% 9.9% 3.0% #NUM! -15.36% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 2.58% 5Yrs 3.90%
-$4.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.28
-$7.55 $0.00 $0.00 $0.00 $0.00 $3.28
Pre-split
Div* $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 0.00% 0.00% <-Total Growth 10 Dividends
Increase 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% 0.00% 0.00% <-Median-> 10 Dividends
Yield H/L Pr. 0.88% 0.45% 0.51% 0.56% 0.77% 0.62% 0.55% 0.46% 0.32% 0.45% 0.54% 0.40% 0.32% 0.52% 0.50% <-Median-> 10 Dividends
Yield on High  Pr. 0.79% 0.38% 0.43% 0.47% 0.69% 0.55% 0.51% 0.38% 0.27% 0.32% 0.39% 0.36% 0.29% 0.41% 0.38% <-Median-> 10 Dividends
Yield on Low Pr. 1.00% 0.54% 0.61% 0.70% 0.87% 0.71% 0.60% 0.60% 0.40% 0.75% 0.84% 0.45% 0.37% 0.65% 0.65% <-Median-> 10 Dividends
Yield on Cl Pr. 0.42% 0.50% 0.49% 0.69% 0.75% 0.56% 0.58% 0.39% 0.31% 0.60% 0.47% 0.36% 0.33% 0.31% 0.31% 0.52% 0.51% <-Median-> 10 Dividends
Payout Ratio 6.4% 10.3% 2.2% -12.4% -5.1% 44.0% 1.6% 1.5% 6.2% -4.8% 12.0% -25.6% 3.4% 10.4% #DIV/0! 1.52% 1.52% <-Median-> 10 DPR EPS
Payout Ratio CF 48.7% -30.4% 0.7% 1.0% -39.8% 11.3% 1.9% 1.6% 1.0% 1.0% 1.0% 1.4% 1.4% 1.02% 1.21% <-Median-> 10 DPR CF
Payout Ratio CF NC 3.9% 2.3% 1.8% 2.3% 4.9% 2.4% 2.3% 1.0% 1.2% 0.8% 1.0% 0.9% 0.8% 1.53% 1.13% <-Median-> 10 DPR CF NC
Median Div Yd 0.36% 5 0.42% 10 Yield  0.40% 0.36% Payout 3.35% 1.04% 0.00% 0.00% <-IRR #YR-> 10 Dividends
* Dividends per share  3.0% Years 3.0% Years Curr diff -22.78% Last Div Inc ---> $0.028 $0.028 0.0% 0.00% 0.00% <-IRR #YR-> 5 Dividends
-$0.11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.11
-$0.11 $0.00 $0.00 $0.00 $0.00 $0.11
H/LYield held 5 yrs 2.94% 3.07% 2.67% 1.49% 1.39% 0.88% 0.45% 0.51% 0.56% 0.77% 0.62% 0.55% 0.46% 0.32% 0.45% 0.69% <-Median-> 10 Dividends
H/LYield held 10 yrs 5.59% 3.49% 2.94% 3.07% 2.67% 1.49% 1.39% 0.88% 0.45% 0.51% 0.56% 0.77% 2.67% <-Median-> 9 Dividends
H/LYield held 15 yrs 5.59% 3.49% 2.94% 3.07% 2.67% 1.49% 1.39% 3.28% <-Median-> 4 Dividends
H/LYield held 20 yrs 5.59% 3.49% #NUM! <-Median-> 0 Dividends
Graham No. $17.33 $14.53 $39.18 $6.07 $3.33 $3.03 $36.08 $48.85 $23.28 $16.21 $16.88 $16.08 $36.00 $20.47 $0.00 10.70% -8.11% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L -27.86% 69.51% -44.68% 222.61% 328.94% 486.59% -44.81% -51.22% 47.51% 51.78% 21.54% 69.55% -5.82% 49.64% 49.64% <-Median-> 10 Graham Price
Prem /Disc. High -19.20% 99.65% -35.43% 285.65% 378.44% 560.90% -40.19% -40.12% 77.19% 113.48% 65.51% 88.12% 4.72% 82.65% 82.65% <-Median-> 10 Graham Price
Prem /Disc. Low -36.52% 39.37% -53.93% 159.57% 279.45% 412.27% -49.42% -62.31% 17.83% -9.92% -22.43% 50.99% -16.36% 3.95% 3.95% <-Median-> 10 Graham Price
Prem /Disc. Cl 50.80% 50.77% -42.70% 552.31% -47.57% -41.97% 50.30% 12.23% 39.85% 87.99% -7.83% 72.53% #DIV/0! 26.04% 26.04% <-Median-> 8 Graham Price
Price Cl $26.13 $21.90 $22.45 $16.00 $14.69 $19.75 $18.92 $28.35 $34.99 $18.19 $23.60 $30.23 $33.18 $35.31 $35.31 38.04% 47.80% <-Total Growth 10 Stock Price
Increase 140.17% -16.19% 2.51% -28.73% -8.19% 34.45% -4.20% 49.84% 23.42% -48.01% 29.74% 28.09% 9.76% 6.42% 0.00% 3.28% 3.98% <-IRR #YR-> 10 Stock Price
P/E 15.28 20.47 4.54 -17.98 -6.80 79.00 2.72 3.75 19.66 -7.91 25.65 -70.30 10.12 33.31 #DIV/0! 9.83% 3.20% <-IRR #YR-> 5 Stock Price
Trailing P/E 26.73 12.81 20.98 3.23 -16.51 -9.14 75.68 4.08 4.63 10.22 -10.26 32.86 -77.16 10.77 33.31 3.71% 4.40% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 0.41% 0.36% % Tot Ret 9.42% 10.24% Price Inc 23.42% P/E:  3.24 10.12 10.31% 3.56% <-IRR #YR-> 5 Price & Div
-$22.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $33.18
-$28.35 $0.00 $0.00 $0.00 $0.00 $33.18
-$22.45 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $33.29
-$28.35 $0.11 $0.11 $0.11 $0.11 $33.29
Price H/L Median $12.50 $24.62 $21.68 $19.58 $14.30 $17.76 $19.92 $23.83 $34.34 $24.60 $20.51 $27.27 $33.91 10.73% 56.42% <-Total Growth 10 Stock Price
Increase 58.23% 96.98% -11.97% -9.69% -26.95% 24.20% 12.13% 19.66% 44.10% -28.36% -16.63% 32.94% 24.35% 1.02% 4.58% <-IRR #YR-> 10 Stock Price
P/E 7.31 23.01 4.38 -21.99 -6.62 71.04 2.87 3.16 19.29 -10.70 22.29 -63.41 10.34 6.48% 7.31% <-IRR #YR-> 5 Stock Price
Trailing P/E 12.79 14.40 20.26 3.95 -16.07 -8.22 79.66 3.43 4.55 13.82 -8.92 29.64 -78.85 1.45% 4.99% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 0.42% 0.40% % Tot Ret 8.39% 5.23% Price Inc 24.35% P/E:  3.01 10.34 6.97% 7.71% <-IRR #YR-> 5 Price & Div
-$21.68 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $33.91
-$23.83 $0.00 $0.00 $0.00 $0.00 $33.91
-$21.68 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $0.11 $34.02
-$23.83 $0.11 $0.11 $0.11 $0.11 $34.02
Dec Feb Dec May May Sep Oct May
Price Hi $14.00 $29.00 $25.30 $23.40 $15.95 $20.01 $21.58 $29.25 $41.25 $34.60 $27.93 $30.25 $37.70 4.31% 49.01% <-Total Growth 10 Stock Price
Increase 55.56% 107.14% -12.76% -7.51% -31.84% 25.45% 7.85% 35.54% 41.03% -16.12% -19.28% 8.31% 24.63% 0.42% 4.07% <-IRR #YR-> 10 Stock Price
P/E 8.19 27.10 5.11 -26.29 -7.38 80.04 3.11 3.87 23.17 -15.04 30.36 -70.35 11.49 6.99% 5.21% <-IRR #YR-> 5 Stock Price
Trailing P/E 14.32 16.96 23.64 4.73 -17.92 -9.26 86.32 4.21 5.46 19.44 -12.14 32.88 -87.67
Median 10, 5 Yrs Price Inc 8.31% P/E:  3.49 11.49
-$25.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37.70
-$29.25 $0.00 $0.00 $0.00 $0.00 $37.70
Feb-Mar May/Dec Feb Feb Dec Mar Feb Jan
Price Low $11.00 $20.25 $18.05 $15.75 $12.65 $15.51 $18.25 $18.41 $27.43 $14.60 $13.09 $24.28 $30.11 -35.34% 34.52% <-Total Growth 10 Stock Price
Increase 61.76% 84.05% -10.84% -12.74% -19.68% 22.61% 17.67% 0.88% 49.00% -46.77% -10.34% 85.49% 24.01% 1.83% 5.25% <-IRR #YR-> 10 Stock Price
P/E 6.43 18.92 3.65 -17.70 -5.86 62.04 2.63 2.44 15.41 -6.35 14.23 -56.47 9.18 5.88% 10.34% <-IRR #YR-> 5 Stock Price
Trailing P/E 11.25 11.84 16.87 3.18 -14.21 -7.18 73.00 2.65 3.63 8.20 -5.69 26.39 -70.02
Median 10, 5 Yrs Price Inc 24.01% P/E:  2.53 9.18
-$18.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.11
-$18.41 $0.00 $0.00 $0.00 $0.00 $30.11
Market Cap $4,283 $3,576 $3,614 $2,552 $2,178 $2,751 $2,618 $3,663 $4,403 $2,226 $2,846 $3,584 $3,934 Share Capital
originally reported
# of Sh in M 164 163 161 159.5 148.3 139.3 138.4 129.2 125.9 122.4 120.6 118.6 118.6 118.6 118.6 -27.39% <-Total Growth 10 Shares
Increase -3.67% -0.38% -1.40% -0.93% -7.03% -6.07% -0.67% -6.61% -2.60% -2.76% -1.46% -1.69% 0.00% -2.14% <-Median-> 10 Shares
CF fr Op $M $37 -$59 $2,499 $1,759 -$41 $136 $811 $896 $1,328 $1,339 $1,340 $917 $940 <-12mths -1654.24% <-Total Growth 10 Cash Flow
OPS $0.23 -$0.36 $15.52 $11.03 -$0.28 $0.98 $5.86 $6.93 $10.55 $10.94 $11.11 $7.73 $7.93 <-12mths -50.17% <-Total Growth 10 Cash Flow
Increase -85.33% -260.07% -4396% -28.95% -102.51% -453.14% 500.36% 18.31% 52.16% 3.69% 1.55% -30.39% 2.51% <-12mths -13.70% <-Median-> 10 Cash Flow
Less Non-Cash CF $422.0 $826.0 -$1,537.0 -$1,000.0 $377.0 $493.0 -$150.0 $482.0 -$197.0 $293.0 -$48.0 $487.0 $746.6 <-12mths #NUM! <-IRR #YR-> 10 Cash Flow
OPS non-cash $2.80 $4.70 $5.98 $4.76 $2.27 $4.52 $4.78 $10.67 $8.99 $13.34 $10.71 $11.84 $14.23 <-12mths 5.70% <-IRR #YR-> 5 Cash Flow
P/O on Cl 9.33 4.66 3.76 3.36 6.48 4.37 3.96 2.66 3.89 1.36 2.20 2.55 2.33 <-12mths 9.69% <-IRR #YR-> 10 CF - non cash
*Operational Cash Flow per share P/CF 10 yr 3.56 5 yr  2.55 19.91% <-IRR #YR-> 5 CF - non cash
-$4.70 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.84
-$4.78 $0.00 $0.00 $0.00 $0.00 $11.84
OPM 0.30% -0.27% 10.50% 7.70% -0.24% 0.84% 4.90% 4.81% 5.67% 4.98% 5.40% 3.76% should be zero, it is a check on calculations
Diff from Ave -94.0% -105.5% 112.5% 55.8% -104.9% -83.1% -0.8% -2.6% 14.7% 0.8% 9.3% -23.8% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 4.94% 5 Yrs 4.98%
Curr Assets $4,240 $10,054 $10,026 $9,312 $6,914 $7,027 $7,760 $10,837 $10,738 $12,943 $11,373 $11,935 $11,924 Liq ratio of 1.5 and up, best Assets
Curr Liab. $3,316 $5,843 $4,776 $5,019 $3,791 $3,325 $4,164 $6,486 $6,762 $8,068 $6,680 $7,033 $5,815 1.76 <-Median-> 10 Liabilities
Liquidity 1.28 1.72 2.10 1.86 1.82 2.11 1.86 1.67 1.59 1.60 1.70 1.70 2.05 <----- 1.67 <-Median-> 5 Ratio
Assets $12,413 $19,719 $20,870 $19,890 $14,621 $11,809 $14,845 $22,578 $26,199 $29,732 $25,481 $27,078 $27,132 A/L ratio of 1.5 and up, best Assets
Liab. $8,325 $12,615 $10,905 $12,153 $9,334 $8,194 $10,050 $16,169 $18,347 $21,555 $17,452 $18,114 $21,540 1.47 <-Median-> 10 Liabilities
Liquidity 1.49 1.56 1.91 1.64 1.57 1.44 1.48 1.40 1.43 1.38 1.46 1.49 1.26 <----- 1.43 <-Median-> 5 Ratio
Non Cont. Int. $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,624 $6,370 $7,483 $3,510
Book Value $1,279 $1,431 $2,219 $1,044 $293 $227 $1,152 $1,815 $1,703 $1,553 $1,659 $1,481 $2,082 3.49% <-Total Growth 10 Book Value
BV per share $7.80 $8.76 $13.78 $6.55 $1.98 $1.63 $8.33 $14.05 $13.53 $12.69 $13.76 $12.49 $17.56 $17.56 $17.56 42.53% <-Total Growth 10 Book Value
Change 25.41% 12.32% 57.26% -52.51% -69.81% -17.52% 410.92% 68.71% -3.67% -6.22% 8.40% -9.20% 40.58% 0.5238 Current/Historical Book Value
P/BV (CL) 3.35 2.50 1.63 2.44 7.43 12.12 2.27 2.02 2.59 1.43 1.72 2.42 1.89 3.61% <-IRR #YR-> 10 Book Value
Change 91.50% -25.38% -34.81% 50.08% 204.14% 63.00% -81.25% -11.19% 28.12% -44.57% 19.68% 41.06% -21.92% 8.45% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 9.71 13.78 9.41 19.05 49.90 52.02 12.89 12.44 15.38 19.14 15.36 18.28 13.03 16.83 <-Median-> 10 A/BV
Debt/Equity Ratio 6.51 8.82 4.91 11.64 31.86 36.10 8.72 8.91 10.77 13.88 10.52 12.23 10.35 11.21 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 Yrs 3.61 5 Yrs 2.03
ROE 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% <-Median-> 5 Compreh. Inc
Comprehensive Inc $0 $0 $0 $0 $0 $0 $0 Comprehensive Earnings Compreh. Inc
ROE 23.0% 13.1% -0.6% -7.3% -191.8% 15.4% 83.8% 55.2% 13.4% -18.2% 6.8% -3.4% 4.6% Net Income/Shareholders' equity
5Yr Running Ave 13.2% 13.5% 9.2% 7.3% -2.7% -8.2% 7.1% 30.1% 32.1% 30.2% 25.7% 12.3% 1.2%
Net Income $294.0 $188.0 -$14.0 -$76.0 -$562.0 $35.0 $965.0 $1,002.0 $228.0 -$283.0 $112.0 -$51.0 $96.0 <-12mths -127.13% <-Total Growth 10 Net Income
Oper C. F. $37.0 -$59.0 $2,499.0 $1,759.0 -$41.0 $136.0 $811.0 $896.0 $1,328 $1,339 $1,340 $917 C F Statement  Oper C. F.
Invest. C. F -$2,146.0 -$2,653.0 -$3,265.0 -$748.0 -$299.0 -$609.0 -$1,507.0 -$376.0 -$2,817 -$1,402 $223 -$2,565 C F Statement  Invest. C. F
Total Accruals $2,403.0 $2,900.0 $752.0 -$1,087.0 -$222.0 $508.0 $1,661.0 $482.0 $1,717 -$220 -$1,451 $1,597 Accruals
Total Assets $12,413 $19,719 $20,870 $19,890 $14,621 $11,809 $14,845 $22,578 $26,199 $29,732 $25,481 $27,078 Balance Sheet Assets
Accruals Ratio 19.4% 14.7% 3.6% -5.5% -1.5% 4.3% 11.2% 2.1% 6.6% -0.7% -5.7% 5.9% Ratio
Chge in Cl 140.2% -16.2% 2.5% -28.7% -8.2% 34.4% -4.2% 49.8% 23.4% -48.0% 29.7% 28.1%
Expect? down down down up up up down
Happened? down down up down up
Fin. C. F $3,916.0 $1,064.0 -$149.0 -$849.0 $608.0 $563.0 -$690.0 $1,347 $9 -$857 $1,106 C F Statement  Fin. C. F
Total Accruals -$1,016 -$312 -$938 $627 -$100 $1,098 $1,172 $370 -$229 -$594 $491 Accruals
Accruals Ratio -5.2% -1.5% -4.7% 4.3% -0.8% 7.4% 5.2% 1.4% -0.8% -2.3% 1.8% Ratio
Jan 29, 2012.  Last estimates I got were for EPS of $$.60, $1.25, $2.69 for 2009 to 2011 and $11.96 and $12.50 for CF for 2009 and 2010.
Jan 22, 2010. Still no sign of any dividend increase.  Stock was hit by recession. Expected earnings for 2010 vary widely.
AP 2007.  I am selling as I do not understand this stock.  I thought I used to.  Time to sell.  It also has not raised dividends for many years.
AP2006.  It has done well the last few years. Got hit in 2000/2001, but has recovered. 10yrs valuation is good, 5 years not, but I have made money. No longer covered by TD, but Fin Post Card rating is a buy.
It looks like it can be a good company.  Although revenue is not growing like earnings and stock prices. 2002
AP 2005.  Does not look like it is doing well.  I am willing to wait a bit longer to see if this stock can be a good hold.
AR 2004.  Figures of 2003 were restated in 2004 because of sale of companies.  I left in original figures.
AR. 2004 Finally made a profit in 2004.  I still this is stock is a keeper at the moment.
2003. Affected by bear market.  I still think this is a keeper. 2003
How they make their money.
Onex is one of North America's oldest investment firm committed to acquiring and building high-quality businesses in partnership with talented management teams. 
Onex manages investment platforms focused on private equity, real estate and credit securities.
Gerald Schwartz is a major owner
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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