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.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Richelieu Hardware Ltd       RCH http://www.richelieu.com/   Fiscal Y Nov 30                                        
Year 11/30/99 11/30/00 11/30/01 11/30/02 11/30/03 11/30/04 11/30/05 11/30/06 11/30/07 11/30/08 11/30/09 11/30/10 11/30/11 11/29/12     #Y                        
Accting Rules GAAP                              
Revenue* $165.1 $196.8 $226.8 $259.1 $266.4 $320.2 $350.2 $385.6 $436.2 $441.4 $424.4 $447.0       127.17% <-Total Growth 10 Revenue                      
Increase 13.54% 19.17% 15.25% 14.27% 2.80% 20.21% 9.36% 10.12% 13.10% 1.21% -3.86% 5.32%       8.55% <-IRR #YR-> 10 Revenue                      
Rev per Share $7.21 $8.84 $10.09 $11.44 $11.57 $13.88 $15.11 $16.73 $18.88 $20.09 $19.48 $21.13       5.00% <-IRR #YR-> 5 Revenue                      
P/S (Price/Sales) 0.76 0.78 0.99 1.16 1.52 1.45 1.47 1.42 1.22 0.87 1.15 1.45       9.11% <-IRR #YR-> 10 Rev per Share                      
*Sales in M CDN $              P/S 10 Yrs 1.27 5 Yrs 1.22       6.93% <-IRR #YR-> 5 Rev per Share                      
                                                             
    -$196.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $447.0                                    
              -$350.2 $0.0 $0.0 $0.0 $0.0 $447.0                                    
    -$8.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $21.1                                    
              -$15.1 $0.0 $0.0 $0.0 $0.0 $21.1                                    
                                                             
EPS* $0.39 $0.53 $0.68 $0.84 $0.98 $1.12 $1.19 $1.37 $1.46 $1.56 $1.38 $1.81 $1.98 $2.07 I 244.76% <-Total Growth 10 Earnings                      
Increase 23.81% 34.62% 29.52% 23.53% 16.67% 14.29% 6.25% 15.13% 6.57% 6.85% -11.54% 31.16% 9.39% 4.55%   13.18% <-IRR #YR-> 10 Earnings                      
* ESP per share (Cdn GAAP)                             8.75% <-IRR #YR-> 5 Earnings                      
    -$0.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.81                                    
              -$1.19 $0.00 $0.00 $0.00 $0.00 $1.81                                    
                                                             
Div*       $0.11 $0.18 $0.16 $0.20 $0.24 $0.28 $0.32 $0.32 $0.36 $0.44 $0.44   125.00% <-Total Growth 6 Dividends                      
Increase         63.64% -11.11% 25.00% 20.00% 16.67% 14.29% 0.00% 12.50% 22.22% 0.00%   15.48% <-Median-> 8 Dividends                      
Yield Low       1.18% 1.41% 0.95% 1.01% 1.15% 1.27% 2.32% 2.30% 1.65%       1.27% <-Median-> 9 Dividends                      
Yield H/L       0.83% 1.16% 0.83% 0.87% 1.04% 1.19% 1.68% 1.76% 1.35%       1.16% <-Median-> 9 Dividends                      
Yield on Cl       0.83% 1.02% 0.79% 0.90% 1.01% 1.22% 1.83% 1.42% 1.18% 1.43% 1.43%   1.02% <-Median-> 9 Dividends                      
Payout Ratio       13.1% 18.4% 14.3% 16.8% 17.5% 19.2% 20.5% 23.2% 19.9% 22.2% 21.3%   18.37% <-Median-> 9 Dividends                      
Payout Ratio CF       13.6% 21.6% 13.5% 21.5% 18.7% 27.5% 16.4% 11.7% 21.5% 20.7% 20.1%   18.73% <-Median-> 9 Dividends                      
Median 5 Yrs   Div Yd 2.57% in 5 yrs 4.63% in 10 yrs Yield  1.35% 1.22% Payout 19.89% 18.73%       15.97% <-IRR #YR-> 8 Dividends                      
* Dividends per share    12.5% 5 12.5% 10                   12.47% <-IRR #YR-> 5 Dividends                      
                                                             
        -$0.11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.36                                    
              -$0.20 $0.00 $0.00 $0.00 $0.00 $0.36                                    
                                                             
I am earning             Trading $16.91 2009 2.60% Pension $24.49 2007 1.80%                                
Yield if held 5 yrs 4.97% 3.56% 3.33% 2.84% 2.11% 2.07% 1.67% 1.57% 1.92% 1.87% Ave H/L Yield on your    Dividends                      
Yield if held 10 yrs 8.83% 7.11% 5.99% 5.21% 3.31% Ave H/L original money   Dividends                      
                                                             
Graham No. $4.73 $5.96 $7.41 $8.99 $10.55 $12.33 $13.69 $15.80 $17.24 $19.10 $18.52 $22.11 $23.12 $23.64   Cl Pr higher/lower by?                          
Prem/Disc High 16.20% 15.85% 38.30% 91.83% 72.50% 74.39% 89.71% 59.16% 45.45% 27.19% 21.51% 42.12%       52.30% <-Median-> 10 Prem/Disc High                      
Prem/Disc Ave -4.93% 0.95% 13.84% 47.90% 46.76% 55.73% 66.96% 45.42% 36.66% -0.33% -1.71% 20.39%       41.04% <-Median-> 10 Prem/Disc Ave                      
Prem/Disc Low -26.05% -13.95% -10.61% 3.98% 21.03% 37.08% 44.21% 31.68% 27.87% -27.84% -24.93% -1.35%       12.50% <-Median-> 10 Prem/Disc Low                      
Prem/Disc Close 16.20% 15.43% 34.93% 47.35% 66.81% 63.76% 62.40% 50.61% 33.61% -8.47% 21.51% 38.23% 33.42% 30.49%   42.79% <-Median-> 10 Prem/Disc Close                    
                                                             
Price Cl $5.50 $6.88 $10.00 $13.25 $17.60 $20.19 $22.24 $23.79 $23.04 $17.48 $22.50 $30.56 $30.85 $30.85   344.51% <-Total Growth 10 Stock Price                      
Increase 57.14% 25.00% 45.45% 32.50% 32.83% 14.72% 10.15% 6.97% -3.15% -24.13% 28.72% 35.82% 0.95% 0.00%   16.09% <-IRR #YR-> 10 Stock Price                      
P/E 14.10 13.10 14.71 15.77 17.96 18.03 18.69 17.36 15.78 11.21 16.30 16.88 15.58 14.90   6.56% <-IRR #YR-> 5 Stock Price                      
Trailing P/E 17.46 17.63 19.05 19.49 20.95 20.60 19.86 19.99 16.82 11.97 14.42 22.14 17.04 15.58   17.50% <-IRR #YR-> 10 Price & Div                      
Median 5 Yrs     1.19% 1.41% Div %  5, 10 yrs   Price Inc 6.97% P/E: Y-T 16.30 16.82       7.76% <-IRR #YR-> 5 Price & Div                      
                                                             
    -$6.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.56                                    
              -$22.24 $0.00 $0.00 $0.00 $0.00 $30.56                                    
    -$6.88 $0.00 $0.11 $0.18 $0.16 $0.20 $0.24 $0.28 $0.32 $0.32 $30.92                                    
              -$22.24 $0.24 $0.28 $0.32 $0.32 $30.92                                    
                                                             
Price Ave H/L $4.50 $6.01 $8.44 $13.30 $15.49 $19.20 $22.87 $22.97 $23.57 $19.04 $18.20 $26.62       342.66% <-Total Growth 10 Stock Price                      
Increase 24.14% 33.61% 40.33% 57.63% 16.43% 23.99% 19.09% 0.46% 2.59% -19.22% -4.39% 46.24%       16.04% <-IRR #YR-> 10 Stock Price                      
P/E 11.54 11.45 12.41 15.83 15.80 17.14 19.21 16.77 16.14 12.20 13.19 14.70       3.08% <-IRR #YR-> 5 Stock Price                      
Trailing P/E 14.29 15.42 16.07 19.56 18.43 19.59 20.42 19.30 17.20 13.04 11.67 19.29       17.65% <-IRR #YR-> 10 Price & Div                      
Median 5 Yrs     1.24% 1.61% Div %  5, 10 yrs   Price Inc 0.46% P/E: Y-T 14.70 17.20       4.33% <-IRR #YR-> 5 Price & Div                      
                                                             
    -$6.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.62                                    
              -$22.87 $0.00 $0.00 $0.00 $0.00 $26.62                                    
    -$6.01 $0.00 $0.11 $0.18 $0.16 $0.20 $0.24 $0.28 $0.32 $0.32 $26.98                                    
              -$22.87 $0.24 $0.28 $0.32 $0.32 $26.98                                    
                                                             
Hi Mths Nov Oct Jul Jun Nov Oct Apr Nov Oct Jan Jan Dec                                    
Price Hi $5.50 $6.90 $10.25 $17.25 $18.20 $21.50 $25.98 $25.14 $25.08 $24.29 $22.50 $31.42       355.36% <-Total Growth 10 Stock Price                      
Increase 25.71% 25.45% 48.55% 68.29% 5.51% 18.13% 20.84% -3.23% -0.24% -3.15% -7.37% 39.64%       16.37% <-IRR #YR-> 10 Stock Price                      
P/E 14.10 13.14 15.07 20.54 18.57 19.20 21.83 18.35 17.18 15.57 16.30 17.36       3.88% <-IRR #YR-> 5 Stock Price                      
Trailing P/E 17.46 17.69 19.52 25.37 21.67 21.94 23.20 21.13 18.31 16.64 14.42 22.77                                    
Median 5 Yrs             Price Inc 5.13% P/E: Y-T 16.95 18.65                                    
                                                             
    -$6.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.42                                    
              -$25.98 $0.00 $0.00 $0.00 $0.00 $31.42                                    
                                                             
Low Mths Dec May Jan Dec Dec Dec Dec Sep Nov Oct Mar Mar                                    
Price Low $3.50 $5.13 $6.63 $9.35 $12.77 $16.90 $19.75 $20.80 $22.05 $13.78 $13.90 $21.81       325.56% <-Total Growth 10 Stock Price                      
Increase 21.74% 46.43% 29.27% 41.13% 36.58% 32.34% 16.86% 5.32% 6.01% -37.51% 0.87% 56.91%       15.58% <-IRR #YR-> 10 Stock Price                      
P/E 8.97 9.76 9.74 11.13 13.03 15.09 16.60 15.18 15.10 8.83 10.07 12.05       2.00% <-IRR #YR-> 5 Stock Price                      
Trailing P/E 11.11 13.14 12.62 13.75 15.20 17.24 17.63 17.48 16.09 9.44 8.91 15.80                                    
Median 5 Yrs             Price Inc 6.32% P/E: Y-T 12.25 13.55                                    
                                                             
    -$5.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.81                                    
                                                             
Market Cap $126 $153 $225 $300 $405 $466 $515 $548 $532 $384 $490 $646 $653 $653                                
                                                           
# of Sh in M 22.910 22.259 22.483 22.656 23.027 23.072 23.170 23.053 23.101 21.976 21.780 21.153 21.153 21.153     Capital Stock   Shares                      
Increase -1.08% -2.84% 1.01% 0.77% 1.64% 0.19% 0.43% -0.51% 0.21% -4.87% -0.89% -2.88% 0.00% 0.00%   0.20% <-Median-> 10 Shares                      
CF fr Op $M 8.6 9.8 9.4 18.3 19.2 27.3 21.6 29.5 23.5 42.9 59.5 35.4 $45.1 $46.3   261.52% <-Total Growth 10 Cash Flow                      
OPS $0.37 $0.44 $0.42 $0.81 $0.83 $1.18 $0.93 $1.28 $1.02 $1.95 $2.73 $1.67 $2.13 $2.19 I 280.42% <-Total Growth 10 Cash Flow                      
Increase -0.65% 17.25% -4.96% 93.19% 3.45% 41.92% -21.45% 37.68% -20.55% 91.83% 39.95% -38.82% 27.42% 2.82% 14.29% <-IRR #YR-> 10 Cash Flow                      
Non-Cash CF $3.28 $5.57 $8.31 $3.83 $6.69 $2.50 $10.36 $6.87 $15.64 $1.69 -$22.20 $9.70     12.43% <-IRR #YR-> 5 Cash Flow                      
OPS non-cash $0.52 $0.69 $0.79 $0.98 $1.13 $1.29 $1.38 $1.58 $1.69 $2.03 $1.71 $2.13 $2.13 $2.19 11.94% <-IRR #YR-> 10 Cash Flow                      
Increase 22.07% 33.15% 14.15% 23.96% 15.30% 14.91% 6.55% 14.62% 7.34% 19.71% -15.58% 24.35%     9.11% <-IRR #YR-> 5 Cash Flow                      
P/O on Cl 10.62 9.97 12.70 13.58 15.64 15.62 16.14 15.07 13.59 8.61 13.13 14.35 14.48 14.09                              
*Operational Cash Flow per share P/CF 10 Yrs  13.84 5 Yrs   12.95                          
-$0.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.67                          
-$0.93 $0.00 $0.00 $0.00 $0.00 $1.67                          
-$0.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.13                          
-$1.38 $0.00 $0.00 $0.00 $0.00 $2.13                          
                                                             
OPM 5.2% 5.0% 4.1% 7.1% 7.2% 8.5% 6.2% 7.7% 5.4% 9.7% 14.0% 7.9%   should be zero, it is a check on calculations                            
Diff from Ave -30.1% -33.2% -44.3% -5.1% -3.0% 14.8% -17.2% 3.0% -27.5% 30.7% 88.6% 6.4%       0.00% <-Median-> 10                        
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 7.44% 5 Yrs 7.91%                                    
                                                             
Curr Assets $54.64 $71.85 $79.86 $87.13 $99.62 $121.08 $142.05 $151.73 $165.56 $170.60 $191.62 $222.75       Liq ratio of 1.5 and up, best   Asset                      
Curr Liab. $23.71 $39.05 $39.87 $32.51 $34.96 $39.35 $36.12 $47.82 $44.56 $39.73 $41.14 $60.03       3.44 <-Median-> 10 Liability                      
Liquidity 2.30 1.84 2.00 2.68 2.85 3.08 3.93 3.17 3.72 4.29 4.66 3.71       3.72 <-Median-> 5 Ratio                      
                                                             
Assets $87.66 $111.36 $125.56 $138.48 $157.22 $183.26 $202.97 $245.00 $258.78 $273.60 $286.49 $320.82 $320.82     A/L ratio of 1.5 and up, best Asset                      
Liab. $29.17 $44.52 $44.84 $41.55 $40.97 $44.10 $40.67 $58.42 $49.68 $45.25 $45.99 $66.95       4.49 <-Median-> 10 Liability                      
Asset/Liability Ratio 3.01 2.50 2.80 3.33 3.84 4.16 4.99 4.19 5.21 6.05 6.23 4.79       5.21 <-Median-> 5 Ratio                      
                                                             
Book Value $58.49 $66.84 $80.72 $96.93 $116.26 $139.16 $162.30 $186.58 $209.10 $228.35 $240.50 $253.87 $253.87 $253.87   279.80% <-Total Growth 10 Book Value                      
BV per share $2.55 $3.00 $3.59 $4.28 $5.05 $6.03 $7.00 $8.09 $9.05 $10.39 $11.04 $12.00 $12.00 $12.00   299.66% <-Total Growth 10 Book Value                      
Change 16.81% 17.62% 19.55% 19.18% 18.00% 19.47% 16.13% 15.55% 11.83% 14.79% 6.27% 8.69% 0.00% 0.00%   0.8980 Current/Historical   Book Value                      
P/BV (CL) 2.15 2.29 2.79 3.10 3.49 3.35 3.18 2.94 2.55 1.68 2.04 2.55 2.57 2.57 14.86% <-IRR #YR-> 10 Book Value                      
Change 34.53% 6.27% 21.66% 11.18% 12.57% -3.98% -5.14% -7.43% -13.40% -33.91% 21.12% 24.97% 0.95% 0.00% 11.37% <-IRR #YR-> 5 Book Value                      
Leverage (A/BK) 1.50 1.67 1.56 1.43 1.35 1.32 1.25 1.31 1.24 1.20 1.19 1.26 1.26 0.00   1.29 <-Median-> 10 A/BV                      
Debt/Equity R 0.50 0.67 0.56 0.43 0.35 0.32 0.25 0.31 0.24 0.20 0.19 0.26 0.00 0.00   0.29 <-Median-> 10 Debt/Eq Ratio                      
Median               P/BV 10 Yrs 2.86 5 Yrs 2.55                                  
                                             
-$3.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00                                    
            -$7.00 $0.00 $0.00 $0.00 $0.00 $12.00                                    
                                                           
ROE               17.1% 13.3% 19.8% 9.4% 15.0%       15.0% <-Median--> 5 Compreh. Inc                      
Comprehensive Inc               $31.93 $27.76 $45.31 $22.58 $37.99             Compreh. Inc                      
                                                           
ROE 16.2% 18.5% 18.2% 20.0% 19.5% 18.8% 17.1% 17.1% 16.2% 15.6% 16.9% 20.6%       Net Income/Shareholders' equity     ROE                      
5Yr Running Ave 14.0% 15.8% 16.8% 18.0% 18.7% 19.0% 18.6% 18.2% 17.5% 16.8% 16.6% 17.3%             ROE                      
                                                           
Net Income $9.47 $12.38 $14.67 $19.35 $22.66 $26.15 $27.69 $31.93 $33.95 $35.61 $30.40 $39.23       216.88% <-Total Growth 10 Net Income                      
Oper C. F. $8.59 $9.78 $9.39 $18.28 $19.22 $27.33 $21.56 $29.53 $23.51 $42.91 $59.51 $35.36         Cash Flow Statement                      
Invest. C. F -$1.68 -$14.97 -$7.47 -$4.84 -$9.22 -$8.68 -$2.71 -$31.06 -$9.69 -$8.37 -$3.62 -$21.11         Cash Flow Statement                      
Total Accruals $2.56 $17.57 $12.75 $5.91 $12.66 $7.50 $8.84 $33.46 $20.13 $1.07 -$25.49 $24.98                                    
Total Assets $87.66 $111.36 $125.56 $138.48 $157.22 $183.26 $202.97 $245.00 $258.78 $273.60 $286.49 $320.82         Balance Sheet                          
Accruals Ratio 2.92% 15.78% 10.15% 4.27% 8.05% 4.09% 4.36% 13.66% 7.78% 0.39% -8.90% 7.79%         Accruals Ratio                          
up/down/neutral                                                            
Chge in Close 57.14% 25.00% 45.45% 32.50% 32.83% 14.72% 10.15% 6.97% -3.15% -24.13% 28.72% 35.82%                                    
Any Predictions?                                                            
Fin C. F. -$6.91 $5.19 -$1.92 -$13.45 -$10.00 -$8.90 -$8.41 -$8.41 -$12.89 -$34.62 -$11.24 -$25.62                                    
Total Accruals $9.47 $12.38 $14.67 $19.35 $22.66 $16.40 $17.26 $41.87 $33.02 $35.69 -$14.25 $50.60                                    
Accruals Ratio 10.81% 11.12% 11.68% 13.98% 14.41% 8.95% 8.50% 17.09% 12.76% 13.05% -4.98% 15.77%         Accruals Ratio                          
                                                             
                                                             
                                                             
When I last reviewed this stock I got estimates for 2010 and 2011 of $1.55 and 1.69 for Earnings and $1.82 and $1.97 for CF                                        
March 2010.  When I looked at this stock in Oct 2009, I got estimates for 2009 and 2010 of $1.38 and $1.54 for earnings and $1.75 and $1.82 for Cash Flow.                                  
Oct 31, 2009.  Quarterly reports are not on their site, but are in press releases on Globeinvestor.                                              
AP 2008.  I think that this is still a good stock, even though I currently has earned a negative return.                                            
AR 2007.  This stock is rated a Buy by Fin Post and Globe and Mail.  It is not doing badly.                                              
Only from 2001 is Cash Flow excluding non-cash working capital.  The Operations cash flow under Accruals is the one from the statements and this includes non-cash working capital.                            
This Company went public in 1993.                                                        
                                                             
How they make their money                                                        
This company is a distributor, importer and manufacturer of specialty hardware and complementary products. Its products are kitchen and bathroom cabinets,                                                             
furniture, and window and door.  It is also involved with residential and commercial woodworking industry. It has a large customer base of hardware retailers.                                  
This stock is widely held, but QV Investors hold about 10% of outstanding shares.  They are Institutional Investors looking after Mutual Funds, Pension Funds and Foundation Funds.                            
                                                             
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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Richard Lord, CEO             1.41   6.66%