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.
See my website on stocks or see my blog at the following sites.								www.spbrunner.com/stocks.html				www.spbrunner.blogspot.com/
Superior Plus Corp						www.superiorplus.com			SPB		Fiscal Yr:	Dec 31		Q1 2010
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
3 mths
for 3 mths
Revenue*		$393.6	$423.8	$669.6	$787.5	$640.9	$1,234.3	$1,552.8	$2,059.2	$2,264.3	$2,350.5	$2,487.3	$2,246.7	$964.6			430.16%	<-Total Growth	10	Revenue
Increase		125.20%	7.68%	58.00%	17.62%	-18.62%	92.59%	25.80%	32.61%	9.96%	3.81%	5.82%	-9.67%	-57.07%			18.15%	<-IRR #YR->	10	Revenue
Rev per Share		$8.60	$9.25	$14.62	$17.17	$13.41	$17.79	$20.46	$24.08	$26.48	$26.86	$28.17	$22.49	$36.78			7.67%	<-IRR #YR->	5	Revenue
P/S (Price/Sales)		1.74	1.43	1.09	0.99	1.47	1.44	1.47	0.98	0.40	0.44	0.39	0.65	0.36			9.29%	<-IRR #YR->	10	Rev per Share
*Revenue in M CDN $									P/S	10 Yrs	0.93	5Yrs	0.57				1.91%	<-IRR #YR->	5	Rev per Share
			-$423.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,246.7
								-$1,552.8	$0.0	$0.0	$0.0	$0.0	$2,246.7
			-$9.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$22.5
								-$20.5	$0.0	$0.0	$0.0	$0.0	$22.5
														Yr 2010
for 3 mths
EPS*		$0.65	$0.25	$0.59	$0.67	$1.29	-$0.33	$1.51	$1.30	-$0.94	$1.36	$0.77	$0.75	$1.00	$1.15	D	11.94%	<-Total Growth	9	Earnings
Increase		6.56%	-61.54%	136.00%	13.56%	92.54%	-125.58%	-557.58%	-13.91%	-172%	-245%	-43.38%	-2.60%	33.33%	15.00%		11.61%	<-IRR #YR->	10	Earnings
* ESP per share (Cdn GAAP)																	-13.06%	<-IRR #YR->	5	Earnings	to 2009
			-$0.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.75
								-$1.51	$0.00	$0.00	$0.00	$0.00	$0.75
for 3 mths
Div* (Tax Yr)		$1.25	$1.52	$1.38	$1.67	$1.99	$2.28	$2.46	$2.41	$1.82	$1.57	$1.62	$1.62	$1.62	$1.62		6.58%	<-Total Growth	10	Dividends
Increase		13.64%	21.60%	-9.21%	21.01%	19.04%	14.69%	7.72%	-1.87%	-24.48%	-13.74%	3.18%	0.00%	0.00%	0.00%		3.45%	<-Average	11	Dividends
Ave H/L		$13.70	$14.55	$13.05	$15.46	$18.33	$22.25	$26.34	$26.44	$17.09	$13.77	$11.48	$11.80							Dividends
Yield H/L		9.12%	10.45%	10.57%	10.81%	10.85%	10.25%	9.32%	9.11%	10.65%	11.41%	14.12%	13.73%				11.80%	<-Average	5	Dividends
Yield on Cl		8.36%	11.52%	8.65%	9.86%	10.10%	8.89%	8.18%	10.26%	16.99%	13.42%	14.81%	11.06%	12.31%	12.31%		11.22%	<-Average	10	Dividends
Payout Ratio		192.3%	608.0%	233.9%	249.3%	154.1%	-690.9%	162.6%	185.4%	-193.6%	115.4%	210.4%	216.0%	162.0%	140.9%		64.26%	<-Average	10	Dividends
Payout Ratio CF		69.3%	-4.5%	112.3%	83.9%	94.0%	1614.6%	111.2%	143.0%	102.6%	102.3%	68.9%	84.6%	85.3%	83.1%		251.73%	<-Average	10	Dividends
Average 5 Yrs								Yield	11.80%	13.31%	Payout	106.72%	100.27%				0.64%	<-IRR #YR->	10	Dividends
* Dividends per share																	-7.99%	<-IRR #YR->	5	Dividends
			-$1.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.62
								-$2.46	$0.00	$0.00	$0.00	$0.00	$1.62
H/LYield held 5 yrs					12.42%	15.72%	16.64%	16.88%	18.47%	11.78%	8.57%	7.28%	6.15%	6.13%	9.48%		Ave H/L	Yield on your		Dividends
H/LYield held 10 yrs										13.53%	12.41%	11.82%	11.13%	12.41%	10.48%		Ave H/L	original money		Dividends
Graham Price		$12.67	$7.38	$10.74	$12.14	$19.96	$15.98	$17.32	$16.84	$14.27	$14.69	$10.61	$9.94	$11.36	$12.18		Cl Pr higher/lower by?			Graham Price
Prem /Disc. High		17.6%	118.0%	48.6%	44.1%	-0.3%	62.7%	74.6%	95.3%	69.4%	8.9%	31.9%	47.4%				48.26%	<-Average	10	Graham Price
Prem /Disc. Low		-1.4%	76.1%	-5.5%	10.4%	-16.1%	15.7%	29.6%	18.8%	-29.9%	-21.5%	-15.7%	-9.9%				-2.40%	<-Average	10	Graham Price
Prem /Disc. Cl		18.0%	78.8%	48.6%	39.5%	-1.4%	60.5%	73.4%	39.6%	-25.0%	-20.3%	3.1%	47.4%	15.8%	8.0%		26.54%	<-Average	10	Graham Price
Price Cl		$14.95	$13.20	$15.95	$16.94	$19.68	$25.66	$30.02	$23.50	$10.71	$11.70	$10.94	$14.65	$13.16	$13.16		10.98%	<-Total Growth	10	Stock Price
Increase		12.83%	-11.71%	20.83%	6.21%	16.17%	30.39%	16.99%	-21.72%	-54.43%	9.24%	-6.50%	33.91%	-10.17%	0.00%		1.05%	<-IRR #YR->	10	Stock Price
P/E		23.00	52.80	27.03	25.28	15.26		19.88	18.08		8.60	14.21	19.53	13.16	11.44		-13.37%	<-IRR #YR->	5	Stock Price
Trailing P/E		24.51	20.31	63.80	28.71	29.37	19.89		15.56	8.24	-12.45	8.04	19.03	17.55	13.16		14.73%	<-IRR #YR->	10	Price & Div
Average 5 Yrs									Price Inc	-7.90%	P/E: Y-T	15.1	7.7				-5.46%	<-IRR #YR->	5	Price & Div
			-$13.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.65
								-$30.02	$0.00	$0.00	$0.00	$0.00	$14.65
			-$13.20	$1.38	$1.67	$1.99	$2.28	$2.46	$2.41	$1.82	$1.57	$1.62	$16.27
								-$30.02	$2.41	$1.82	$1.57	$1.62	$16.27
Hi Mths		Jul	Jun	Dec	Mar/Dec	Oct	Dec	Mar/Dec	Jul	Jan	Jul	Jan	Dec
Price Hi		$14.90	$16.10	$15.95	$17.50	$19.90	$26.00	$30.23	$32.88	$24.18	$16.00	$14.00	$14.65				-9.01%	<-Total Growth	10	Stock Price
Increase		7.19%	8.05%	-0.93%	9.72%	13.71%	30.65%	16.27%	8.77%	-26.46%	-33.83%	-12.50%	4.64%				-0.94%	<-IRR #YR->	10	Stock Price
P/E		22.92	64.40	27.03	26.12	15.43		20.02	25.29		11.76	18.18	19.53				-13.49%	<-IRR #YR->	5	Stock Price
Trailing P/E		24.43	24.77	63.80	29.66	29.70	20.16		21.77	18.60	-17.02	10.29	19.03
Average 5 Yrs									Price Inc	-11.88%	P/E: Y-T	18.7	10.5
			-$16.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.65
								-$30.23	$0.00	$0.00	$0.00	$0.00	$14.65
Low Mths		Sep	Dec	Mar	Apr	Feb	Mar	May	Nov	Nov	Nov	Oct	Mar
Price Low		$12.50	$13.00	$10.15	$13.41	$16.75	$18.50	$22.45	$20.00	$10.00	$11.53	$8.95	$8.95				-31.15%	<-Total Growth	10	Stock Price
Increase		9.65%	4.00%	-21.92%	32.12%	24.91%	10.45%	21.35%	-10.91%	-50.00%	15.30%	-22.38%	0.00%				-3.66%	<-IRR #YR->	10	Stock Price
P/E		19.23	52.00	17.20	20.01	12.98		14.87	15.38		8.48	11.62	11.93				-16.80%	<-IRR #YR->	5	Stock Price
Trailing P/E		20.49	20.00	40.60	22.73	25.00	14.34		13.25	7.69	-12.27	6.58	11.62
Average 5 Yrs									Price Inc	-13.60%	P/E: Y-T	11.9	5.4
			-$13.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.95
								-$22.45	$0.00	$0.00	$0.00	$0.00	$8.95
Market Cap		$684	$604	$731	$777	$941	$1,781	$2,279	$2,009	$916	$1,024	$966	$1,464
							pur	conv
# of Sh in M		45.75	45.79	45.81	45.87	47.80	69.40	75.90	85.50	85.50	87.50	88.30	99.90	104.90	104.90		Shareholders’ Equity			Shares
Increase		11.13%	0.10%	0.03%	0.14%	4.20%	45.19%	9.37%	12.65%	0.00%	2.34%	0.91%	13.14%	5.01%	0.00%		10.97%	<-Average	10	Shares
CF fr Op $M		82.5	-1,547.0	56.3	91.3	101.1	9.8	167.6	144.1	151.7	134.3	207.6	191.3	199.3	204.6					Cash Flow
OPS		$1.80	-$33.78	$1.23	$1.99	$2.12	$0.14	$2.21	$1.69	$1.77	$1.53	$2.35	$1.91	$1.90	$1.95	D	-105.67%	<-Total Growth	10	Cash Flow
Increase		43.14%	-1974%	-103.64%	62.01%	6.22%	-93.32%	1464%	-23.68%	5.27%	-13.49%	53.18%	-18.55%	-0.78%	2.63%		5.05%	<-IRR #YR->	9	Cash Flow
Running 5 yr Av				-$10.25	-$7.19	-$5.33	-$5.66	$1.54	$1.63	$1.58	$1.47	$1.91	$1.85	$1.90	$1.93		-2.81%	<-IRR #YR->	5	Cash Flow
P/O on Cl		8.29	-0.39	12.98	8.51	9.30	181.71	13.59	13.94	6.04	7.62	4.65	7.65	6.93	6.75
*Operational Cash Flow per share									P/CF	10 Yrs	26.60	5 Yrs	7.98
				-$1.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.91
								-$2.21	$0.00	$0.00	$0.00	$0.00	$1.91
OPM		20.96%	-365%	8.41%	11.60%	15.77%	0.79%	10.79%	7.00%	6.70%	5.71%	8.35%	8.51%							OPM
Diff from Ave		151%	-4464%	0.54%	38.68%	88.59%	-90.51%	29.04%	-16.34%	-19.90%	-31.69%	-0.21%	1.80%				0.00%	<-Average	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	8.36%	5 Yrs	7.25%
														Q1 2010
Curr Assets		$795.9	$803.9	$252.0	$104.5	$170.0	$154.5	$258.6	$549.4	$422.5	$433.1	$507.3	$565.0	$522.7			Liq ratio of 1.5 and up, best			Assets
Curr Liab.		$293.7	$360.0	$253.4	$144.6	$467.1	$133.4	$177.7	$307.3	$272.3	$297.2	$395.3	$408.1	$422.3			1.22	<-Average	10	Liability
Liquidity		2.71	2.23	0.99	0.72	0.36	1.16	1.46	1.79	1.55	1.46	1.28	1.38	1.24			1.49	<-Average	5	Liquidity
Assets		$795.9	$803.9	$847.7	$654.9	$1,392.7	$1,443.7	$1,549.0	$2,373.6	$1,536.9	$1,542.8	$2,026.9	$2,274.0	$2,367.4			A/L ratio of 1.5 and up, best			Assets
Liab.		$293.7	$360.0	$450.0	$206.2	$736.9	$832.8	$879.1	$1,544.8	$941.3	$926.1	$1,452.7	$1,689.5	$1,765.5			1.80	<-Average	10	Liability
Asset/Liability R.		2.71	2.23	1.88	3.18	1.89	1.73	1.76	1.54	1.63	1.67	1.40	1.35	1.34			1.52	<-Average	5	A/L R
Book Value		$502.24	$443.86	$397.70	$448.66	$655.80	$610.90	$669.90	$828.80	$595.60	$616.70	$574.20	$584.50	$601.90	$601.90		Book Value is Asset less Liabilities, i.e. Shareholder's equity
BV per share		$10.98	$9.69	$8.68	$9.78	$13.72	$8.80	$8.83	$9.69	$6.97	$7.05	$6.50	$5.85	$5.74	$5.74		Want to buy when ratio is low.
Change		-3.42%	-11.71%	-10.43%	12.66%	40.28%	-35.84%	0.27%	9.83%	-28.14%	1.18%	-7.74%	-10.03%	-1.93%	0.00%		1.1851	Current/Historical; Lower, better; best .8 or lower
P/BV (CL)		1.36	1.36	1.84	1.73	1.43	2.92	3.40	2.42	1.54	1.66	1.68	2.50	2.29	2.29		-4.92%	<-IRR #YR->	10	Book Value
Change		16.82%	0.01%	34.91%	-5.73%	-17.18%	103.22%	16.68%	-28.72%	-36.58%	7.97%	1.34%	48.83%	-8.40%	0.00%		-7.89%	<-IRR #YR->	5	Book Value
Leverage (A/BK)		1.585	1.811	2.131	1.460	2.124	2.363	2.312	2.864	2.580	2.502	3.530	3.891	3.933	0.000		2.58	<-Average	10	A/BV
Averages									P/BV	10 Yrs	2.11	5 Yrs	1.96				3.07	<-Average	4	A/BV
			-$9.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.85
								-$8.83	$0.00	$0.00	$0.00	$0.00	$5.85
ROE		5.7%	2.5%	6.7%	8.3%	10.5%	-3.2%	16.6%	12.6%	-13.6%	19.4%	11.8%	11.7%	6.1%
5Yr Running Ave				4.9%	5.4%	7.1%	4.9%	8.1%	9.4%	5.5%	7.1%	9.8%	8.7%	7.1%
Net Income		$28.69	$11.22	$26.84	$37.39	$68.80	-$19.60	$111.20	$104.40	-$80.80	$119.80	$67.70	$68.30	$9.20				Income Statement
Oper C. F.		$82.47	-$1,547.0	$56.31	$91.35	$101.10	$9.80	$167.60	$144.10	$151.70	$134.30	$207.60	$191.30	$95.00				Cash Flow Statement CF from continuing operations
Invest. C. F		-$190.19	-$5.66	$0.00	$0.00	-$583.00	-$139.70	-$142.10	-$142.10	-$142.10	-$20.80	-$143.50	-$423.90	$153.50				Cash Flow Statement
Total Accruals		$136.41	$1,563.9	-$29.47	-$53.96	$550.70	$110.30	$85.70	$102.40	-$90.40	$6.30	$3.60	$300.90	-$239.30
Total Assets		$795.92	$803.90	$847.65	$654.89	$1,392.7	$1,443.7	$1,549.0	$2,373.6	$1,536.9	$1,542.8	$2,026.9	$2,274.0	$591.9				Balance Sheet
Accruals Ratio		17.14%	194.54%	-3.48%	-8.24%	39.54%	7.64%	5.53%	4.31%	-5.88%	0.41%	0.18%	13.23%	-40.43%				Oper C. F. Covers Investing C.F. and dividends?
Fin. C. F		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$406.60	-$448.90	-$133.00	-$62.10	$240.80	$46.10
Total Accruals		$136.41	$1,563.9	-$29.47	-$53.96	$550.70	$110.30	$85.70	-$304.20	$358.50	$139.30	$65.70	$60.10	-$285.40
Accruals Ratio		0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.13%	-29.21%	-8.62%	-3.06%	10.59%	7.79%
Taxes
Distri Inc
for 3 mths
Distri Inc		$1.34	$1.38	$1.58	$1.71	$1.93	$2.45	$2.51	$2.35	$1.88		#REF!	<-Total Growth	8
Payout R Dis		93.3%	110.1%	87.3%	97.7%	103.0%	93.1%	97.8%	102.6%	96.8%
Div in Tax yr
Dividends		$0.08	$0.00	$0.00	$0.46	$0.81	$0.68	$0.72
Cap Gain		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Other Income		$0.90	$1.01	$1.01	$1.09	$1.17	$1.50	$1.67
Ret of Cap.		$0.27	$0.51	$0.37	$0.12	$0.02	$0.10	$0.07
Total		$1.25	$1.52	$1.38	$1.67	$1.99	$2.28	$2.47
Div in Tax yr
Dividends		6.04%	0.00%	0.00%	27.69%	40.60%	29.86%	29.34%						19.07%		#	21.25%	<-Average	6
Cap Gain		0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%						0.00%		#	0.00%	<-Average	6
Other Income		72.38%	66.41%	73.20%	64.99%	58.64%	65.88%	67.89%						67.06%		#	66.17%	<-Average	6
Ret of Cap.		21.58%	33.59%	26.80%	7.32%	0.76%	4.26%	2.77%						13.87%		#	12.58%	<-Average	6
Total		100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
For Tax Cr
May 12, 2010.  The increase in shares is to finance purchase of Griffith.
May 9, 2010.  Last time I looked at got estimates for earnings for 2009 - 2011 of $1.40, $1.21, $1.42 and cash flow for 2009 and 2010 of $1.70 and $2.00.
From Jan 1, 2009, all distributions are considered dividends. Changed to a corporation called Superior Plus (TSX-SPB) from Unit trust (TSX-SPF.UN) in 2009. Company was started on Oct 8, 1996
How they make their money
Superior Plus Corp. is a group of diversified businesses that operate within three primary divisions.
Superior’s Energy Services division provides distribution, wholesale procurement and related services in relation to propane, heating oil and other refined fuels throughout Canada and the North Eastern
United States. Superior’s Specialty Chemicals division is a leading supplier of sodium chlorate and related technology to the pulp and paper sector and a regional Midwest supplier of chloralkali and potassium
based products. Superior’s Construction Products Distribution division is a leading distributor of walls, ceilings and insulation products to the Canadian and United States construction industry.
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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