| 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. |
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| See
my website on stocks or see my blog at the following sites. |
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|
www.spbrunner.com/stocks.html |
|
www.spbrunner.blogspot.com/ |
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| Pembina
Pipelines Income Fund |
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|
PIF.UN |
www.pembina.com |
|
Fiscal Yr: |
Dec 31 |
|
Q1 2010 |
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|
| 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 |
|
|
|
#Y |
|
|
|
| Revenue* |
$108.679 |
$101.335 |
$136.190 |
$191.647 |
$224.467 |
$243.074 |
$278.291 |
$290.522 |
$335.818 |
$504.788 |
$674.88 |
$811.80 |
$294.57 |
|
|
701.10% |
<-Total Growth |
10 |
Revenue |
|
|
| Increase |
0.40% |
-6.76% |
34.40% |
40.72% |
17.13% |
8.29% |
14.49% |
4.40% |
15.59% |
50.32% |
33.70% |
20.29% |
-63.71% |
|
|
23.13% |
<-IRR #YR-> |
10 |
Revenue |
|
|
| Rev per Share |
$1.74 |
$1.62 |
$1.84 |
$2.18 |
$2.40 |
$2.46 |
$2.70 |
$2.55 |
$2.66 |
$3.81 |
$5.01 |
$5.12 |
$7.26 |
|
|
23.88% |
<-IRR #YR-> |
5 |
Revenue |
|
|
| P/S (Price/Sales) |
4.74 |
4.38 |
4.69 |
5.18 |
4.54 |
5.32 |
5.05 |
6.25 |
5.33 |
4.61 |
3.04 |
3.42 |
2.53 |
|
|
12.18% |
<-IRR #YR-> |
10 |
Rev per Share |
|
|
| Averages |
|
|
|
|
|
|
|
P/S |
10 Yrs |
4.74 |
5 Yrs |
4.53 |
|
|
|
13.62% |
<-IRR #YR-> |
5 |
Rev per Share |
|
|
| *Revenue in M CDN $ |
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| |
|
-$101.34 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$811.80 |
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| |
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|
-$278.29 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$811.80 |
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| |
|
-$1.62 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.12 |
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| |
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|
-$2.70 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.12 |
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|
Yr 2010 |
Yr 2011 |
|
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|
|
| Accting chge '05 |
|
|
$0.80 |
$0.49 |
$0.57 |
$0.52 |
|
|
|
|
$208.49 |
$228.32 |
|
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|
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| Distri Cash |
|
|
|
|
|
|
$110.50 |
$123.40 |
$148.20 |
$188.90 |
$207.20 |
$234.70 |
|
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|
|
|
|
|
|
| Distri Inc (FFO) |
$0.95 |
$0.95 |
$0.96 |
$1.05 |
$1.05 |
$1.05 |
$1.07 |
$1.08 |
$1.17 |
$1.43 |
$1.54 |
$1.48 |
$1.50 |
$1.54 |
D |
55.77% |
<-Total Growth |
10 |
Funds fr Operations |
|
|
| Increase |
69.64% |
0.00% |
1.05% |
9.38% |
0.00% |
0.00% |
2.24% |
0.92% |
8.37% |
21.38% |
7.93% |
-3.80% |
1.36% |
2.67% |
|
|
|
|
Funds fr Operations |
|
|
| Payout R Dis |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
101.7% |
98.9% |
98.1% |
92.7% |
96.9% |
97.4% |
107.5% |
106.1% |
103.3% |
|
99.32% |
<-Average |
10 |
Funds fr Operations |
|
|
| P/FFO |
8.68 |
7.47 |
8.96 |
10.77 |
10.38 |
12.48 |
12.72 |
14.72 |
12.08 |
12.31 |
9.91 |
11.84 |
12.24 |
11.92 |
|
4.53% |
<-IRR #YR-> |
10 |
Funds fr Operations |
|
|
| Trailing P/FFO |
14.73 |
7.47 |
9.05 |
11.78 |
10.38 |
12.48 |
13.00 |
14.86 |
13.09 |
14.94 |
10.69 |
11.39 |
12.41 |
12.24 |
|
6.63% |
<-IRR #YR-> |
5 |
Funds fr Operations |
|
|
| Distributable cash flow per unit (DCPU) |
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|
-$0.95 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.48 |
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|
|
-$1.07 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.48 |
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|
Yr 2010 |
Yr 2011 |
|
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|
|
| EPS* |
$0.31 |
$0.31 |
$0.78 |
$0.45 |
$0.55 |
$0.50 |
$0.60 |
$0.65 |
$0.73 |
$1.06 |
$1.19 |
$1.07 |
$1.08 |
$0.89 |
D |
245.16% |
<-Total Growth |
10 |
Earnings |
|
|
| Increase |
175.15% |
0.00% |
151.61% |
-42.31% |
22.22% |
-9.09% |
20.00% |
8.33% |
12.31% |
45.21% |
12.26% |
-10.08% |
0.93% |
-17.59% |
|
13.19% |
<-IRR #YR-> |
10 |
Earnings |
|
|
| * ESP per share
(Cdn GAAP) |
|
|
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|
|
|
|
|
|
|
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|
|
12.27% |
<-IRR #YR-> |
5 |
Earnings |
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| |
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| |
|
-$0.31 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.07 |
|
|
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| |
|
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|
|
|
-$0.60 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.07 |
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| |
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|
Yr 2010 |
Yr 2011 |
|
|
|
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|
|
| last 3 mths of 1997 |
|
|
my actual experience in div payments from 2001 |
|
|
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|
|
| Div* |
$0.95 |
$0.95 |
$0.96 |
$1.05 |
$1.05 |
$1.07 |
$1.06 |
$1.06 |
$1.09 |
$1.38 |
$1.50 |
$1.59 |
$1.59 |
$1.59 |
|
65.75% |
<-Total Growth |
9 |
Dividends |
|
|
| Increase |
69.64% |
0.00% |
1.05% |
9.38% |
0.00% |
1.65% |
-0.48% |
0.08% |
2.37% |
26.90% |
8.46% |
6.24% |
0.00% |
0.00% |
|
5.56% |
<-Average |
10 |
Dividends |
|
|
| Aver H/L |
$8.28 |
$7.72 |
$7.20 |
$10.17 |
$11.28 |
$11.98 |
$12.22 |
$14.18 |
$14.18 |
$14.18 |
$14.18 |
$14.18 |
$14.18 |
$14.18 |
|
|
|
|
Stock Prices |
|
|
| Yield on Aver H/L |
11.48% |
12.31% |
13.33% |
10.32% |
9.31% |
8.91% |
8.70% |
7.50% |
7.67% |
9.74% |
10.56% |
11.22% |
11.22% |
11.22% |
|
9.73% |
<-Average |
10 |
Dividends |
|
|
| Yield on Cl |
11.52% |
13.38% |
11.16% |
9.28% |
9.63% |
8.15% |
7.78% |
6.67% |
7.67% |
7.87% |
9.83% |
9.08% |
8.67% |
8.67% |
|
8.71% |
<-Average |
10 |
Dividends |
|
|
| Payout Ratio |
306.5% |
306.5% |
123.1% |
233.3% |
190.9% |
213.5% |
177.0% |
163.6% |
149.1% |
130.3% |
125.9% |
148.7% |
147.3% |
178.8% |
|
165.53% |
<-Average |
10 |
Dividends |
|
|
| Payout Ratio CF |
93.3% |
100.1% |
133.3% |
102.1% |
99.5% |
117.2% |
91.0% |
107.8% |
95.5% |
96.6% |
91.7% |
112.4% |
102.0% |
98.8% |
|
104.70% |
<-Average |
10 |
Dividends |
|
|
| Average 5 Yrs |
|
|
|
|
|
|
Yield |
9.34% |
8.22% |
Payout |
143.50% |
98.52% |
|
|
|
5.29% |
<-IRR #YR-> |
10 |
Dividends |
|
|
| * Dividends per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.42% |
<-IRR #YR-> |
5 |
Dividends |
|
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| |
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| |
|
-$0.950 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$1.591 |
|
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| |
|
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|
-$1.062 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$1.591 |
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|
Yr 2010 |
Yr 2011 |
|
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| I am earning |
|
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|
|
Trading |
$10.19 |
2001 |
15.61% |
RRSP |
$9.90 |
2001 |
16.07% |
|
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|
|
Dividends |
|
|
| Yield if held 5 yrs |
|
|
|
` |
13.46% |
12.90% |
13.76% |
14.77% |
10.70% |
12.25% |
12.50% |
13.03% |
11.22% |
11.22% |
|
Ave H/L |
Yield on your |
|
Dividends |
|
|
| Yield if held 10 yrs |
|
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|
17.71% |
18.10% |
20.61% |
22.10% |
15.65% |
|
Ave H/L |
original money |
|
Dividends |
|
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| |
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|
Yr 2010 |
Yr 2011 |
|
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|
|
| Gra Pr (FFO + BV+D) |
$14.26 |
$13.77 |
$13.67 |
$14.11 |
$13.78 |
$13.49 |
$13.39 |
$13.60 |
$14.39 |
$16.25 |
$16.70 |
$17.03 |
$17.27 |
|
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|
| Graham Pr BV |
$7.73 |
$7.43 |
$11.62 |
$8.64 |
$9.30 |
$8.64 |
$9.27 |
$9.77 |
$10.53 |
$12.79 |
$13.25 |
$13.09 |
$13.27 |
$12.05 |
|
Cl Pr higher/lower by? |
|
|
|
|
| Prem/Disc High |
16.5% |
23.7% |
-26.0% |
32.4% |
25.8% |
53.7% |
49.2% |
74.0% |
75.7% |
40.7% |
41.0% |
35.1% |
|
|
|
40.17% |
<-Average |
10 |
Graham Price |
|
|
| Prem/Disc Low |
-2.3% |
-15.9% |
-50.1% |
3.0% |
16.7% |
23.6% |
14.4% |
32.5% |
36.6% |
4.5% |
-3.8% |
-10.3% |
|
|
|
6.71% |
<-Average |
10 |
Graham Price |
|
|
| Prem/Disc Cl |
6.8% |
-4.5% |
-26.0% |
30.9% |
17.2% |
51.7% |
47.3% |
63.2% |
34.6% |
37.2% |
15.0% |
33.8% |
38.3% |
52.4% |
|
30.49% |
<-Average |
10 |
Graham Price |
|
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| |
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|
| Price Cl |
$8.25 |
$7.10 |
$8.60 |
$11.31 |
$10.90 |
$13.10 |
$13.65 |
$15.95 |
$14.18 |
$17.54 |
$15.24 |
$17.52 |
$18.36 |
$18.36 |
|
146.76% |
<-Total Growth |
10 |
Stock Prices |
|
|
| Increase |
38.66% |
-13.94% |
21.13% |
31.51% |
-3.63% |
20.18% |
4.20% |
16.85% |
-11.10% |
23.70% |
-13.11% |
14.96% |
4.79% |
0.00% |
|
9.45% |
<-IRR #YR-> |
10 |
Stock Prices |
|
|
| P/E |
26.61 |
22.90 |
11.03 |
25.13 |
19.82 |
26.20 |
22.75 |
24.54 |
19.42 |
16.55 |
12.81 |
16.37 |
17.00 |
20.63 |
|
5.12% |
<-IRR #YR-> |
5 |
Stock Prices |
|
|
| Trailing P/E |
73.23 |
22.90 |
27.74 |
14.50 |
24.22 |
23.82 |
27.30 |
26.58 |
21.82 |
24.03 |
14.38 |
14.72 |
17.16 |
17.00 |
|
20.86% |
<-IRR #YR-> |
10 |
Price & Div |
|
|
| Average 5 Yr |
|
|
|
|
|
|
|
Price Inc |
6.26% |
P/E: Y-T |
17.94 |
20.31 |
|
|
|
13.74% |
<-IRR #YR-> |
5 |
Price & Div |
|
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| |
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| |
|
-$7.10 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$17.52 |
|
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| |
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|
|
-$13.65 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$17.52 |
|
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|
|
|
|
|
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| |
|
-$7.10 |
$0.96 |
$1.05 |
$1.05 |
$1.07 |
$1.06 |
$1.06 |
$1.09 |
$1.38 |
$1.50 |
$19.11 |
|
|
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| |
|
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|
|
|
|
-$13.65 |
$1.06 |
$1.09 |
$1.38 |
$1.50 |
$19.11 |
|
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| |
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|
Dec |
Mar |
Oct-Dec |
Jun |
Dec |
|
|
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|
|
|
|
|
|
| Price Hi |
$9.00 |
$9.19 |
$8.60 |
$11.44 |
$11.70 |
$13.28 |
$13.83 |
$17.00 |
$18.51 |
$17.99 |
$18.68 |
$17.69 |
|
|
|
92.49% |
<-Total Growth |
10 |
Stock Prices |
|
|
| Increase |
-10.00% |
2.11% |
-6.42% |
33.02% |
2.27% |
13.50% |
4.14% |
22.92% |
8.88% |
-2.81% |
3.84% |
-5.30% |
|
|
|
6.77% |
<-IRR #YR-> |
10 |
Stock Prices |
|
|
| P/E |
29.03 |
29.65 |
11.03 |
25.42 |
21.27 |
26.56 |
23.05 |
26.15 |
25.36 |
16.97 |
15.70 |
16.53 |
|
|
|
5.05% |
<-IRR #YR-> |
5 |
Stock Prices |
|
|
| Trailing P/E |
79.88 |
29.65 |
27.74 |
14.67 |
26.00 |
24.15 |
27.66 |
28.33 |
28.48 |
24.64 |
17.62 |
14.87 |
|
|
|
|
|
|
|
|
|
| Average 5 Yr |
|
|
|
|
|
|
|
Price Inc |
5.51% |
P/E: Y-T |
20.14 |
22.79 |
|
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| |
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|
|
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| |
|
-$9.19 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$17.69 |
|
|
|
|
|
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| |
|
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|
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|
|
-$13.83 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$17.69 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Mar |
Nov |
Jan-Mar |
Oct |
Mar |
|
|
|
|
|
|
|
|
|
| Price Low |
$7.55 |
$6.25 |
$5.80 |
$8.90 |
$10.85 |
$10.68 |
$10.60 |
$12.95 |
$14.39 |
$13.36 |
$12.75 |
$11.74 |
|
|
|
87.84% |
<-Total Growth |
10 |
Stock Prices |
|
|
| Increase |
34.82% |
-17.22% |
-7.20% |
53.45% |
21.91% |
-1.57% |
-0.75% |
22.17% |
11.12% |
-7.16% |
-4.57% |
-7.92% |
|
|
|
6.51% |
<-IRR #YR-> |
10 |
Stock Prices |
|
|
| P/E |
24.35 |
20.16 |
7.44 |
19.78 |
19.73 |
21.36 |
17.67 |
19.92 |
19.71 |
12.60 |
10.71 |
10.97 |
|
|
|
2.06% |
<-IRR #YR-> |
5 |
Stock Prices |
|
|
| Trailing P/E |
67.01 |
20.16 |
18.71 |
11.41 |
24.11 |
19.42 |
21.20 |
21.58 |
22.14 |
18.30 |
12.03 |
9.87 |
|
|
|
|
|
|
|
|
|
| Average 5 Yr |
|
|
|
|
|
|
|
Price Inc |
2.73% |
P/E: Y-T |
14.79 |
16.78 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$6.25 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$11.74 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$10.60 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$11.74 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market Cap $M |
$515 |
$444 |
$638 |
$994 |
$1,020 |
$1,294 |
$1,405 |
$1,817 |
$1,790 |
$2,325 |
$2,053 |
$2,779 |
$2,978 |
$2,978 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Yr 2010 |
Yr 2011 |
|
|
|
|
|
|
|
| Units at '97 |
0.07 |
#REF! |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inc '000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| acct OCF chge '05 |
|
|
$52.059 |
$92.892 |
$106.978 |
103.897 |
120.165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| # of Units |
62.425 |
62.469 |
74.218 |
87.856 |
93.583 |
98.766 |
102.933 |
113.897 |
126.218 |
132.542 |
134.703 |
158.600 |
162.213 |
162.213 |
|
Trust Units |
|
|
Shares |
|
|
| Increase in Units |
0.00% |
0.07% |
18.81% |
18.38% |
6.52% |
5.54% |
4.22% |
10.65% |
10.82% |
5.01% |
1.63% |
17.74% |
2.28% |
0.00% |
|
9.93% |
<-Average |
10 |
Shares |
|
|
| OCF |
$63.581 |
$59.293 |
$53.459 |
$90.325 |
$98.771 |
89.963 |
120.165 |
112.360 |
143.860 |
189.540 |
219.905 |
224.615 |
253.052 |
261.162 |
|
278.82% |
<-Total Growth |
10 |
Cash Flow |
|
|
| OPS |
$1.02 |
$0.95 |
$0.72 |
$1.03 |
$1.06 |
$0.91 |
$1.17 |
$0.99 |
$1.14 |
$1.43 |
$1.63 |
$1.42 |
$1.56 |
$1.61 |
D |
49.21% |
<-Total Growth |
10 |
Cash Flow |
|
|
| Increase |
264.49% |
-6.81% |
-24.11% |
42.73% |
2.66% |
-13.70% |
28.16% |
-15.50% |
15.54% |
25.47% |
14.16% |
-13.25% |
10.15% |
3.21% |
|
6.22% |
<-Average |
10 |
Cash Flow |
|
|
| P/O on Cl |
8.10 |
7.48 |
11.94 |
11.00 |
10.33 |
14.38 |
11.69 |
16.17 |
12.44 |
12.27 |
9.34 |
12.37 |
11.77 |
11.40 |
|
4.08% |
<-IRR #YR-> |
10 |
Cash Flow |
|
|
| Non -Cash |
|
|
|
|
|
|
|
|
|
|
-$11.42 |
$3.71 |
|
|
|
3.94% |
<-IRR #YR-> |
5 |
Cash Flow |
|
|
| *Operational Cash Flow per
share |
|
|
|
|
|
P/CF |
10 Yrs |
12.19 |
5 Yrs |
12.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$0.949 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$1.416 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$1.167 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$1.416 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPM |
58.50% |
58.51% |
39.25% |
47.13% |
44.00% |
37.01% |
43.18% |
38.68% |
42.84% |
37.55% |
32.58% |
27.67% |
|
|
|
should be zero, it is a check
on calculations |
|
|
|
|
|
| Increase |
50.1% |
50.1% |
0.7% |
20.9% |
12.9% |
-5.1% |
10.7% |
-0.8% |
9.9% |
-3.7% |
-16.4% |
-29.0% |
|
|
|
0.00% |
<-Average |
10 |
OPM |
|
|
| *Operational
Profit Margin (CF/Revenue) Ratio |
|
|
|
|
OPM |
10 Yrs |
38.99% |
5 Yrs |
35.86% |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2010 |
|
|
|
|
|
|
|
|
| Curr Assets |
$14.795 |
$11.575 |
$42.413 |
$37.933 |
$34.551 |
$36.894 |
$26.432 |
$31.012 |
$46.808 |
$72.913 |
$78.778 |
$150.664 |
$192.059 |
|
|
Liq ratio of 1.5 and up, best |
|
Assets |
|
|
| Curr Liab. |
$8.545 |
$11.023 |
$118.060 |
$35.494 |
$35.886 |
$165.659 |
$28.292 |
$51.734 |
$71.173 |
$81.812 |
$165.328 |
$272.676 |
$266.738 |
|
|
0.67 |
<-Average |
10 |
Liabilities |
|
|
| Diff |
$3.125 |
$0.276 |
-$37.824 |
$1.220 |
-$0.668 |
-$64.383 |
-$0.930 |
-$10.361 |
-$12.183 |
-$4.450 |
-$43.275 |
-$61.006 |
-$37.340 |
|
|
0.64 |
<-Average |
5 |
Ratio |
|
|
| Curr Long Term
Db |
|
|
|
|
|
|
|
|
|
$81.904 |
$157.423 |
$157.559 |
|
|
|
|
|
|
|
|
| Liquidity |
1.73 |
1.05 |
0.36 |
1.07 |
0.96 |
0.22 |
0.93 |
0.60 |
0.66 |
0.89 |
0.48 |
0.55 |
0.72 |
|
|
|
|
|
|
|
|
| Liq. Less LTD |
|
|
|
|
|
|
|
|
|
|
0.94 |
1.31 |
1.76 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2010 |
|
|
|
|
|
|
|
|
| Assets |
$542.82 |
$666.75 |
$1,114.80 |
$1,297.55 |
$1,255.56 |
$1,574.50 |
$1,548.90 |
$1,559.12 |
$1,676.2 |
$1,966.8 |
$2,118.2 |
$2,581.1 |
$2,620.2 |
|
|
A/L ratio of 1.5 and up, best |
|
Assets |
|
|
| Liab. |
$8.54 |
$172.11 |
$543.68 |
$649.90 |
$601.58 |
$919.44 |
$893.85 |
$815.51 |
$823.7 |
$1,058.1 |
$1,235.0 |
$1,451.8 |
$1,444.0 |
|
|
1.89 |
<-Average |
10 |
Liabilities |
|
|
| Liquidity |
63.52 |
3.87 |
2.05 |
2.00 |
2.09 |
1.71 |
1.73 |
1.91 |
2.03 |
1.86 |
1.72 |
1.78 |
1.81 |
|
|
1.86 |
<-Average |
5 |
Ratio |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2010 |
|
|
|
|
|
|
|
|
| Book Value |
$534.27 |
$494.64 |
$571.12 |
$647.65 |
$653.98 |
$655.06 |
$655.05 |
$743.61 |
$852.48 |
$908.74 |
$883.23 |
$1,129.4 |
$1,176.2 |
$1,176.2 |
|
128.32% |
<-Total Growth |
10 |
Book Value |
|
|
| BV per share |
$8.56 |
$7.92 |
$7.70 |
$7.37 |
$6.99 |
$6.63 |
$6.36 |
$6.53 |
$6.75 |
$6.86 |
$6.56 |
$7.12 |
$7.25 |
$7.25 |
|
-10.07% |
<-Total Growth |
10 |
Book Value |
|
|
| Plus Payout |
$9.51 |
$8.87 |
$8.66 |
$8.42 |
$8.04 |
$7.70 |
$7.43 |
$7.59 |
$7.84 |
$8.24 |
$8.05 |
$8.71 |
$8.84 |
|
|
-1.76% |
<-Total Growth |
10 |
Book Value plus |
|
|
| Change |
-2.57% |
-6.74% |
-2.40% |
-2.70% |
-4.55% |
-4.21% |
-3.55% |
2.23% |
3.30% |
5.04% |
-2.22% |
8.16% |
1.49% |
-100.00% |
|
1.2170 |
Current/Historical |
|
Book Value |
|
|
| P/BV (CL) |
0.96 |
0.90 |
1.12 |
1.53 |
1.56 |
1.98 |
2.14 |
2.44 |
2.10 |
2.56 |
2.32 |
2.46 |
2.53 |
2.53 |
|
-1.06% |
<-IRR #YR-> |
10 |
Book Value |
|
|
| Change |
49.04% |
-6.98% |
24.64% |
37.28% |
1.66% |
26.63% |
8.60% |
13.90% |
-14.06% |
21.85% |
-9.15% |
5.86% |
2.92% |
0.00% |
|
2.27% |
<-IRR #YR-> |
5 |
Book Value |
|
|
| Leverage (A/BK) |
1.02 |
1.35 |
1.95 |
2.00 |
1.92 |
2.40 |
2.36 |
2.10 |
1.97 |
2.16 |
2.40 |
2.29 |
2.23 |
0.00 |
|
2.16 |
<-Average |
10 |
A/BV |
|
|
| Averages |
|
|
|
|
|
|
|
P/BV |
10 Yrs |
2.02 |
5 Yrs |
2.38 |
|
|
|
2.18 |
<-Average |
5 |
A/BV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$7.92 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$7.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$6.36 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$7.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2010 |
|
|
|
|
|
|
|
|
| ROE |
3.6% |
3.9% |
9.2% |
6.2% |
9.1% |
7.3% |
9.2% |
9.5% |
10.4% |
15.7% |
18.3% |
14.4% |
17.4% |
|
|
Net Income/Shareholders' equity |
|
ROE |
|
|
| 5Yr Running Ave |
|
|
|
4.8% |
6.6% |
7.3% |
8.2% |
8.3% |
9.2% |
10.7% |
13.0% |
13.8% |
15.2% |
|
|
|
|
|
ROE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2010 |
|
|
|
|
|
|
|
|
| Net Income |
$19.32 |
$19.32 |
$52.49 |
$40.27 |
$59.54 |
$47.96 |
$60.42 |
$70.41 |
$88.89 |
$142.31 |
$161.80 |
$162.08 |
$51.07 |
|
|
|
Income Statement |
|
|
|
| Oper C. F. |
$63.58 |
$59.29 |
$53.46 |
$90.33 |
$98.77 |
$89.96 |
$120.17 |
$112.36 |
$143.86 |
$189.54 |
$219.91 |
$224.62 |
$67.33 |
|
|
|
Cash Flow
Statement |
|
|
| Invest. C. F |
-$12.06 |
-$8.97 |
-$401.24 |
-$233.79 |
-$20.81 |
-$325.15 |
-$68.76 |
-$71.86 |
-$159.12 |
-$286.76 |
-$183.16 |
-$447.79 |
-$21.25 |
|
|
|
Cash Flow Statement |
|
|
| Total Accruals |
-$32.20 |
-$31.00 |
$400.27 |
$183.74 |
-$18.43 |
$283.14 |
$9.02 |
$29.91 |
$104.14 |
$239.53 |
$125.06 |
$385.25 |
$4.99 |
|
|
|
|
|
|
|
|
| Total Assets |
$542.8 |
$666.8 |
$1,114.8 |
$1,297.6 |
$1,255.6 |
$1,574.5 |
$1,548.9 |
$1,559.1 |
$1,676.2 |
$1,966.8 |
$2,118.2 |
$2,581.1 |
$655.0 |
|
|
|
Balance Sheet |
|
|
|
|
| Accruals Ratio |
-5.93% |
-4.65% |
35.90% |
14.16% |
-1.47% |
17.98% |
0.58% |
1.92% |
6.21% |
12.18% |
5.90% |
14.93% |
0.76% |
|
|
|
|
|
Accruals Ratio |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chge in Cl. |
38.66% |
-13.94% |
21.13% |
31.51% |
-3.63% |
20.18% |
4.20% |
16.85% |
-11.10% |
23.70% |
-13.11% |
14.96% |
4.79% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fin. C. F |
-$63.67 |
-$53.07 |
$349.09 |
$146.46 |
-$86.48 |
$234.20 |
-$57.65 |
-$44.84 |
$24.43 |
$112.10 |
-$39.84 |
$293.76 |
-$9.49 |
|
|
|
|
|
|
|
|
| Total Accruals |
$31.5 |
$22.1 |
$51.2 |
$37.3 |
$68.0 |
$48.9 |
$66.7 |
$74.7 |
$79.7 |
$127.4 |
$164.9 |
$91.5 |
$14.5 |
|
|
|
|
|
|
|
|
| Accruals Ratio |
5.80% |
3.31% |
4.59% |
2.87% |
5.42% |
3.11% |
4.30% |
4.79% |
4.76% |
6.48% |
7.78% |
3.54% |
2.21% |
|
|
|
|
|
Accruals Ratio |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income |
65.15% |
82.42% |
80.23% |
85.79% |
85.06% |
90.94% |
97.71% |
84.62% |
76.77% |
86.15% |
81.08% |
|
|
|
|
86.21% |
<-Average |
6 |
|
|
|
| Ret of Cap. |
34.85% |
17.58% |
19.77% |
14.21% |
14.94% |
7.43% |
1.14% |
15.38% |
23.23% |
13.85% |
18.92% |
|
|
|
|
13.33% |
<-Average |
6 |
|
|
|
| Total |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
98.37% |
98.85% |
100.00% |
100.00% |
100.00% |
100.00% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
$1.18 |
$1.21 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
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$0.19 |
$0.28 |
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| Total |
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$1.37 |
$1.49 |
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| check |
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$1.37 |
$1.49 |
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| There will be
no capital gain or loss on conversion to Corporation, probably 1 July
2010. Distributions then will be taxed
as dividends. |
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| Apr 17,
2010. When I last looked at this
stock, I got estimates for 2009 and 2010 for earnings of $1.09 and 1.13 and
cash flow of $1.65 and $1.62 and FFO of $1.79 and $1.72. |
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| Stock did not
meet these estimates. The closes was
in earnings, but was way off for FFO and Cash Flow. Half increase in units for Reinvestment
plan and rest for purchase. |
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| It seems to me
that they raised enough money with bank loans, debt instruments and selling
units to pay for debt, distributions and investments in additional assets.
Most of the cash flow is used in distributions. |
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| They will do
no more distribution increases for about 3 years. They say that they remain on track to
maintain our current level of cash distributions of $1.56 per unit per year
through to 2013. |
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| Markets
did not really punish this stock for not meeting estimates. Ones with Sell or reduce recommendations
feel stock is overpriced. |
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| Mar 29,
2009. All estimates have been lowered
from the last time I looked at this stock. |
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| Mar 6, 2009 AP
2008. This company expects to switch
to a Corporation in the later part of 2010.
It expects to maintain its distribution of $1.56 for the next 5 years. |
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| AP 2007. Still
problem of Units increasing and Bookvalue. But Bookvalue went up slightly
this year. However, last 5 years, make
19% IRR and since buying in 2001 make 16% IRR. TD currently rates it as a
hold and does not expect stock price to increase much over next year (to
$17). |
| AR 2006. Still has problem that # of units increasing and bookvalue going
down. 2006 is second year it has gone up 7 years of downs. Yield is good.
Drop in Nov re Gov Tax changes. |
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| TD rates as
hold as do others. |
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| AP 2005. Stock is doing what it is supposed to be
doing. However, share holder value is
going down, see Book Value. |
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| AP
2003. Because of yield, I get a very
good return. This is what this stock
is to do. Revenue increasing, Earnings
increasing, but so are # of units. At the moment it is a keeper. |
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| May 2003. This is an income trust fund. It is to provide me with income and with a
utility stocks. I think it can do
this. |
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| This stock is
also a pipeline and I should watch it re chge to a hydrogen economy, although
I think it will adjust to this. |
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| Purchase
price is a little to high to purchase more at the moment. |
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| Issued Oct '97
at $10 (previous company was Pembina Pipeline Corporation - PPC) |
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| How they make
their money |
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| This is the
biggest Pipeline Income Fund in Canada.
It is a utility. It is engaged in the transportation of light
conventional and synthetic crude oil, condensate and natural gas liquids in
Western Canada. |
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| For all
Ratios, lower is better when looking for a good stock price. The exception is for yield and here you
want a higher yield to indicate a good stock price. |
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| Copyright ©
2008 Website of SPBrunner. All rights reserved. |
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