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.
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Shaw Communications Inc     www.shaw.ca SJR.B   Fiscal Yr: Aug 31 SJR-N                    
Year 8/31/98 8/31/99 8/31/00 8/31/01 8/31/02 8/31/03 8/31/04 8/31/05 8/31/06 8/31/07 8/31/08 8/31/09 8/31/10 8/31/11       #Y      
Revenue* $646 $728 $971 $1,572 $1,914 $1,998 $2,080 $2,210 $2,459 $2,774 $3,105 $3,390       365.49% <-Total Growth 10 Revenue    
Increase -6.16% 12.74% 33.33% 61.89% 21.78% 4.40% 4.07% 6.25% 11.29% 12.82% 11.91% 9.19%       16.62% <-IRR #YR-> 10 Revenue    
Rev per Share $1.96 $2.03 $2.36 $3.39 $4.13 $4.31 $4.49 $5.02 $5.72 $6.43 $7.25 $7.88       10.27% <-IRR #YR-> 5 Revenue    
P/S (Price/Sales) 3.00 5.84 7.01 4.74 1.92 2.08 2.26 2.50 2.92 3.81 3.16 2.38       14.54% <-IRR #YR-> 10 Rev per share  
*Revenue in M CDN $              P/S 10 Yrs 3.28 5Yrs 2.96       11.89% <-IRR #YR-> 5 Rev per share  
                                           
    -$728 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,390                  
              -$2,080 $0 $0 $0 $0 $3,390                  
    -$2.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.88                  
              -$4.49 $0.00 $0.00 $0.00 $0.00 $7.88                  
EPS* $0.00 $0.06 $0.27 -$0.43 -$0.71 -$0.19 $0.11 $0.34 $1.05 $0.89 $1.55 $1.24 $1.39 $1.52   2056.52% <-Total Growth 10 Earnings    
Increase -104.17% -2400% 360.87% -260.38% 67.06% -73.24% -157.89% 204.55% 211.94% -14.83% 74.16% -20.00% 12.10% 9.35%   35.95% <-IRR #YR-> 10 Earnings    
* ESP per share (Cdn GAAP)                           62.33% <-IRR #YR-> 5 Earnings    
    -$0.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.24                  
              -$0.11 $0.00 $0.00 $0.00 $0.00 $1.24                  
                                           
pre-split '00 $0.07 $0.08                                      
pre-split '07 $0.04 $0.04 $0.05 $0.05 $0.05 $0.05 $0.16 $0.31 $0.48                        
Div* $0.02 $0.02 $0.02 $0.03 $0.03 $0.03 $0.08 $0.16 $0.24 $0.47 $0.71 $0.82 $0.84 $0.84   3999.98% <-Total Growth 10 Dividends    
Increase 0.00% 14.29% 12.50% 11.11% 0.00% 0.00% 220.00% 93.75% 53.23% 95.79% 52.32% 15.77% 2.44% 0.00%   51.70% <-Average 10 Dividends    
Aver H/L $5.91 $9.70 $15.44 $16.09 $11.81 $7.60 $10.09 $11.69 $14.31 $21.31 $21.90 $20.52             Dividends    
Yield H/L 0.30% 0.21% 0.15% 0.16% 0.21% 0.33% 0.79% 1.33% 1.66% 2.18% 3.23% 4.00%       1.29% <-Average 10 Dividends    
Yield on Cl 0.30% 0.17% 0.14% 0.16% 0.32% 0.28% 0.79% 1.24% 1.42% 1.90% 3.09% 4.36% 4.04% 4.04%   1.26% <-Average 10 Dividends    
Payout Ratio -700.0% 34.8% 8.5% -5.9% -3.5% -13.2% 72.7% 46.3% 22.7% 52.2% 45.7% 66.1% 60.4% 55.3%   29.68% <-Average 10 Dividends    
Payout Ratio CF 5.1% 3.3% 4.0% 4.6% 3.5% 2.2% 5.1% 11.8% 23.2% 26.2% 24.8% 25.5%       12.17% <-Average 10 Dividends    
Average 5 Yrs     Yield  2.48% 2.40% Payout 46.61% 22.28%       44.97% <-IRR #YR-> 10 Dividends    
* Dividends per share                              59.27% <-IRR #YR-> 5 Dividends    
    -$0.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.82                  
              -$0.08 $0.00 $0.00 $0.00 $0.00 $0.82                  
                                           
H/LYield held 5 yrs 0.65% 1.01% 1.18% 1.01% 0.42% 0.82% 1.00% 1.48% 3.94% 9.32% 8.13% 7.19% 5.87% Ave H/L Yield on your    Dividends    
H/LYield held 10 yrs 2.59% 6.94% 11.26% 18.69% 11.99% 8.45% 5.44% 5.22% Ave H/L original money   Dividends    
                                           
Graham Price   $2.53 $5.96       $3.65 $5.23 $9.95 $9.62 $13.55 $12.73 $13.48 $14.09   <--cannot calc if EPS is negative.    
    367.98% 177.90%       177.67% 139.89% 68.05% 154.84% 69.02% 47.63% 54.28% 47.54%   150.37% <-Average 7      
                                           
pre-split '07 $11.73 $23.68 $33.10 $32.15 $15.84 $17.89 $20.27                            
Price Cl $5.87 $11.84 $16.55 $16.08 $7.92 $8.95 $10.14 $12.55 $16.72 $24.52 $22.90 $18.79 $20.79 $20.79   13.53% <-Total Growth 10 Price      
Increase 122.52% 101.88% 39.77% -2.87% -50.73% 12.94% 13.30% 23.83% 33.23% 46.65% -6.61% -17.95% 10.64% 0.00%   4.73% <-IRR #YR-> 9 Price      
P/E   205.93 62.45       92.14 37.46 16.00 27.55 14.77 15.15 14.96 13.68   13.14% <-IRR #YR-> 5 Price      
Trailing P/E 97.76 -4736.40 287.83 60.66       114.09 49.91 23.46 25.73 12.12 16.77 14.96   6.21% <-IRR #YR-> 10 Price & Div  
Average 5 Yrs               Price Inc 15.83% P/E Ave 22.19 45.06       16.48% <-IRR #YR-> 5 Price & Div  
                                           
    -$11.84 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.79                  
              -$10.14 $0.00 $0.00 $0.00 $0.00 $18.79                  
    -$11.84 $0.02 $0.03 $0.03 $0.03 $0.08 $0.16 $0.24 $0.47 $0.71 $19.61                  
              -$10.14 $0.16 $0.24 $0.47 $0.71 $19.61                  
                                           
Hi Mths Dec May Mar Jul Jan Jun Jun Jun Aug Oct-Dec Oct 07 Sep 08                  
pre-split '00 $36.00                                        
pre-split '07 $18.00 $28.12 $41.75 $36.50 $33.95 $18.30 $24.05                            
Price Hi $9.00 $14.06 $20.88 $18.25 $16.98 $9.15 $12.03 $13.35 $16.88 $26.50 $26.38 $23.59       67.78% <-Total Growth 10 Price      
Increase 190.32% 56.22% 48.47% -12.57% -6.99% -46.10% 31.42% 11.02% 26.40% 57.04% -0.45% -10.58%       5.31% <-IRR #YR-> 10 Price      
P/E   244.52 78.77       109.32 39.85 16.15 29.78 17.02 19.02       14.43% <-IRR #YR-> 5 Price      
Trailing P/E 150.00 -5624.00 363.04 68.87       121.36 50.37 25.36 29.64 15.22                  
Average 5 Yrs               Price Inc 16.69% P/E Ave 24.36 48.39                  
                                           
  -$9.00 -$14.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $23.59                  
              -$12.03 $0.00 $0.00 $0.00 $0.00 $23.59                  
                                           
Low Mths Aug Oct Sep Mar Aug Oct Sep Sep Oct Jan-Mar Mar 08 Mar 09                  
pre-split '00 $11.25                                        
pre-split '07 $5.63 $10.70 $20.00 $27.86 $13.30 $12.09 $16.30                            
Price Low $2.81 $5.35 $10.00 $13.93 $6.65 $6.05 $8.15 $10.02 $11.75 $16.11 $17.42 $17.44       226.01% <-Total Growth 10 Price      
Increase 50.00% 90.20% 86.93% 39.30% -52.26% -9.10% 34.82% 22.94% 17.27% 37.11% 8.13% 0.11%       12.54% <-IRR #YR-> 10 Price      
P/E   93.03 37.74       74.09 29.91 11.24 18.10 11.24 14.06       16.43% <-IRR #YR-> 5 Price      
Trailing P/E 46.88 -2139.80 173.91 52.57       91.09 35.07 15.42 19.57 11.25                  
Average 5 Yrs               Price Inc 17.11% P/E Ave 16.91 34.48                  
                                           
    -$5.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17.44                  
              -$8.15 $0.00 $0.00 $0.00 $0.00 $17.44                  
                                       
Market Cap $M $1,937 $4,253 $6,806 $7,451 $3,672 $4,148 $4,692 $5,521 $7,187 $10,576 $9,811 $8,084       $25 0.31%    
                 
# of Sh in M 330.20 359.22 411.25 463.54 463.69 463.71 462.94 439.96 429.85 431.33 428.43 430.24 430.24 430.24 Share capital
Increase 17.90% 8.79% 14.49% 12.72% 0.03% 0.00% -0.17% -4.96% -2.30% 0.34% -0.67% 0.42% 0.00% 0.00%   1.99% <-Average 10
CF fr Op $M 113.4 220.6 233.6 253.2 335.4 538.4 731.0 579.6 440.7 766.5 1,222.9 1,382.9 1,153.0 1,342.3 Cash Flow
OPS $0.34 $0.61 $0.57 $0.55 $0.72 $1.16 $1.58 $1.32 $1.03 $1.78 $2.85 $3.21 $2.68 $3.12 488.50% <-Total Growth 10 Cash Flow
Increase -24.95% 78.78% -7.50% -3.84% 32.43% 60.52% 35.98% -16.57% -22.17% 73.32% 60.62% 12.61% -16.62% 16.42%   22.54% <-Average 10 Cash Flow
P/O on Cl 17.08 19.28 29.14 29.43 10.95 7.70 6.42 9.53 16.31 13.80 8.02 5.85 7.76 6.66 18.00% <-IRR #YR-> 10 Cash Flow
*Operational Cash Flow per share P/CF 10 Yrs 13.71 5 Yrs 10.70 15.28% <-IRR #YR-> 5 Cash Flow
-$1.58 $0.00 $0.00 $0.00 $0.00 $3.21    
                                           
OPM 17.56% 30.29% 24.06% 16.11% 17.52% 26.94% 35.15% 26.23% 17.92% 27.63% 39.39% 40.79%            
Increase -35.39% 11.46% -11.47% -40.73% -35.52% -0.85% 29.34% -3.48% -34.05% 1.67% 44.95% 50.12%       0.00% <-Average 10
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 27.17% 5 Yrs 30.39%
                                           
Curr Assets $116.38 $96.95 $152.65 $389.42 $347.36 $260.32 $179.48 $180.72 $213.01 $590.24 $404.47 $757.67       Liq ratio of 1.5 and up, best        
Curr Liab. $315.64 $306.14 $596.76 $640.94 $615.94 $796.88 $859.11 $564.10 $593.35 $861.90 $828.65 $1,377.02       0.44 <-Average 10      
Liquidity 0.37 0.32 0.26 0.61 0.56 0.33 0.21 0.32 0.36 0.68 0.49 0.55       0.48 <-Average 5 Liquidity    
                                           
Assets $3,256.4 $3,734.4 $6,402.0 $8,788.0 $8,501.7 $7,601.1 $7,556.9 $7,430.2 $7,522.5 $8,163.7 $8,357.8 $8,938.1       A/L ratio of 1.5 and up, best      
Liab. $1,840.9 $1,956.8 $3,955.8 $5,492.0 $5,722.6 $5,106.1 $5,064.9 $5,832.6 $5,712.8 $6,169.7 $6,102.6 $6,440.1       1.44 <-Average 10      
Asset/Liability R. 1.77 1.91 1.62 1.60 1.49 1.49 1.49 1.27 1.32 1.32 1.37 1.39       1.33 <-Average 5 A/L R    
                                           
Book Value $1,415.5 $1,777.6 $2,446.2 $3,295.9 $2,779.1 $2,495.1 $2,492.0 $1,597.5 $1,809.7 $1,994.0 $2,255.2 $2,498.0 $2,498.0 $2,498.0   Book Value is Asset less Liabilities, i.e. Shareholder's equity          
BV per share $4.29 $4.95 $5.95 $7.11 $5.99 $5.38 $5.38 $3.63 $4.21 $4.62 $5.26 $5.81 $5.81 $5.81   Want to buy when ratio is low.      
Change 107.22% 15.43% 20.20% 19.53% -15.71% -10.22% 0.04% -32.54% 15.94% 9.81% 13.86% 10.30% 0.00% 0.00%   1.4392 Current/Historical; Lower, better; best .8 or lower        
P/BV (CL) 1.37 2.39 2.78 2.26 1.32 1.66 1.88 3.46 3.97 5.30 4.35 3.24 3.58 3.58 1.61% <-IRR #YR-> 10 Book Value    
Change 7.38% 74.89% 16.28% -18.74% -41.55% 25.80% 13.25% 83.57% 14.91% 33.55% -17.98% -25.61% 10.64% 0.00% 1.52% <-IRR #YR-> 5 Book Value    
Leverage (A/BK) 2.300 2.101 2.617 2.666 3.059 3.046 3.032 4.651 4.157 4.094 3.706 3.578 0.000 0.000   3.46 <-Average 10 A/BV    
Averages               P/BV 10 Yrs 3.02 5 Yrs 4.06     4.04 <-Average 5 A/BV    
                               
  -$4.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.81                  
            -$5.38 $0.00 $0.00 $0.00 $0.00 $5.81                  
                                         
ROE 1.0% 2.6% 5.5% -4.5% -10.3% -1.9% 3.6% 9.6% 25.3% 19.5% 29.8% 21.4%                  
5Yr Running Ave     4.0% 0.7% -2.1% -2.4% -1.9% -1.9% 3.3% 10.0% 17.4% 21.7%             ROE    
                                    ROE    
Net Income $13.53 $45.79 $133.60 -$147.42 -$286.32 -$47.83 $90.91 $153.22 $458.25 $388.48 $671.56 $535.24         Income Statement      
Oper C. F. $113.41 $220.57 $233.59 $253.19 $335.41 $538.44 $730.95 $579.57 $440.73 $766.51 $1,222.9 $1,382.9         Cash Flow Statement CF from continuing operations
Invest. C. F -$227.68 -$472.63 -$951.23 -$1,206 -$825.56 -$95.04 -$407.22 -$380.08 -$489.10 -$719.78 -$734.14 -$966.72         Cash Flow Statement    
Total Accruals $127.80 $297.85 $851.24 $804.96 $203.82 -$491.23 -$232.83 -$46.26 $506.62 $341.75 $182.80 $119.03                  
Total Assets $3,256.4 $3,734.4 $6,402.0 $8,788.0 $8,501.7 $7,601.1 $7,556.9 $7,430.2 $7,522.5 $8,163.7 $8,357.8 $8,938.1         Balance Sheet        
Accruals Ratio 3.92% 7.98% 13.30% 9.16% 2.40% -6.46% -3.08% -0.62% 6.73% 4.19% 2.19% 1.33%         Oper C. F. Covers Investing C.F. and dividends?
                                           
Fin. C. F               -$346.68 -$359.47 -$114.90 -$673.38 $36.97                  
Total Accruals               $300.41 $866.08 $456.65 $856.18 $82.06                  
Accruals Ratio               -4.67% -4.78% -1.41% -8.06% 0.41%                  
                                           
Jan 12, 2010.  Earnings were right on at $1.24 for 2009.  For 2010 I got earnings of $41.38.                            
Sep 19, 2009 AR 2008.  They seemed to revised very strong upward cash flow from operations for 2006 and 2007.  I did not change my figures.                  
A couple of sites show the 2008 EPS as 1.06.  I do not know why, but there seems to be included in the $1.55 a one time item. I cannot find this in the statements.                
AR2004 I guess there is more to this stock than meets the eye.  Cash Flow ok, but hasn't made much of a profit, but P/E is very high.                     
You would have to look at this stock from a different angle than revenues and earnings.  Also Debt is very high.  Do I really want a stock I do not understand? AP2004              
                                           
How they make their money                                      
Shaw Communications Inc. is a diversified communications company whose core business is providing broadband cable television, Internet, digital phone and satellite direct-to-home services.          
Industry: Communications & Media (Cable)                                     
J.R. Shaw owns 79%                                        
                                           
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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