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/
Toronto Dominion Bank www.td.com Fiscal Yr: Oct 31 TSX: TD NYSE: TD
Year 10/31/00 10/31/01 10/31/02 10/31/03 10/31/04 10/31/05 10/31/06 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 11/1/13
Accting Rules C GAAP C GAAP IFRS
Revenue* $20,075 $20,918 $16,680 $15,626 $16,015 $18,665 $22,390 $25,209 $25,721 $25,421 $25,409 $27,222 $23,051 $24,374 30.14% <-Total Growth 10 Revenue
Increase 34.14% 4.20% -20.26% -6.32% 2.49% 16.55% 19.96% 12.59% 2.03% -1.17% -0.05% 7.14% -15.32% 5.74% 2.67% <-IRR #YR-> 10 Revenue
Rev per Share 32.24 33.29 25.84 23.81 24.42 26.22 31.21 35.12 31.75 29.60 28.88 30.17 25.54 27.01 3.99% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 1.30 1.08 1.14 1.84 2.01 2.10 2.09 1.99 1.79 2.08 2.54 2.49 2.87 2.72 -0.98% <-IRR #YR-> 10 Rev per Share
*Revenue in M CDN $ (using Interest Income and Other Income) P/S 10 yr  2.04 5 yr  2.08 -0.68% <-IRR #YR-> 5 Rev per Share
-$20,918 $0 $0 $0 $0 $0 $0 $0 $0 $0 $27,222
-$22,390 $0 $0 $0 $0 $27,222
-$33.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.17
-$31.21 $0.00 $0.00 $0.00 $0.00 $30.17
Pre-split 2009
EPS* $1.53 $2.05 -$0.25 $1.51 $3.39 $3.20 $6.34 $5.48 $4.87 $3.47 $5.10 $6.41 $7.06 $7.80 212.68% <-Total Growth 10 Earnings
Increase -68.78% 33.99% -112.20% -704.00% 124.50% -5.60% 98.13% -13.56% -11.13% -28.75% 46.97% 25.69% 10.14% 10.48% 12.08% <-IRR #YR-> 10 Earnings
Earnings Yield 3.6% 5.7% -0.9% 3.4% 6.9% 5.8% 9.7% 7.9% 8.6% 5.6% 6.9% 8.5% 9.6% 10.6% 0.22% <-IRR #YR-> 5 Earnings
* ESP per share  Cdn GAAP) E/P 10 Yrs 6.93% 5Yrs 7.86%
-$2.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.41
-$6.34 $0.00 $0.00 $0.00 $0.00 $6.41
Div* $0.92 $1.09 $1.12 $1.16 $1.36 $1.58 $1.78 $2.11 $2.36 $2.44 $2.44 $2.61 $2.72 $2.72 139.45% <-Total Growth 10 Dividends
Increase 27.78% 18.48% 2.75% 3.57% 17.24% 16.18% 12.66% 18.54% 11.85% 3.39% 0.00% 6.97% 4.21% 0.00% 9.41% <-Median-> 10 Dividends
Yield H/L Pr. 2.47% 2.72% 3.19% 3.21% 3.02% 2.99% 2.89% 3.00% 3.71% 4.77% 3.52% 3.33% 3.20% <-Median-> 10 Dividends
Yield on High  Pr. 1.98% 2.47% 2.49% 2.64% 2.76% 2.69% 2.65% 2.77% 3.15% 3.51% 3.17% 3.02% 2.76% <-Median-> 10 Dividends
Yield on Low Pr. 3.29% 3.03% 4.44% 4.09% 3.32% 3.36% 3.18% 3.28% 4.53% 7.44% 3.95% 3.70% 3.83% <-Median-> 10 Dividends
Yield on Cl Pr. 2.19% 3.03% 3.82% 2.64% 2.78% 2.87% 2.73% 3.03% 4.15% 3.96% 3.32% 3.47% 3.71% 3.71% 3.17% <-Median-> 10 Dividends
Payout Ratio 60.1% 53.2% -448.0% 76.8% 40.1% 49.4% 28.1% 38.5% 48.5% 70.3% 47.8% 40.7% 38.5% 34.9% 44.28% <-Median-> 10 DPR EPS
Payout Ratio CF 17.9% 18.1% 17.7% 24.6% 35.3% 42.0% 32.0% 31.6% 35.1% 29.3% 30.4% 30.9% 31.2% 28.5% 31.27% <-Median-> 10 DPR CF
Payout Ratio CF NC 17.9% 18.1% 17.7% 24.6% 35.3% 42.0% 32.0% 31.6% 35.1% 29.3% 30.4% 30.9% 31.2% 28.5% 31.27% <-Median-> 10 DPR CF NC
Average 5 Yrs Div Yd 5.70% in 5 yrs 8.77% in 10 yrs Yield  3.67% 3.58% Payout 49.17% 31.47% 9.12% <-IRR #YR-> 10 Dividends
* Dividends per share  9.00% 5 9.00% 10 Last Div Inc ---> $0.66 $0.68 3.0% 7.96% <-IRR #YR-> 5 Dividends
-$1.09 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.61
-$1.78 $0.00 $0.00 $0.00 $0.00 $2.61
# yrs are-> 2 # yrs are-> 11
I am earning RRSP $47.70 2009 5.70% Pension $35.85 2000 7.59%
H/L Yield iheld 5 yrs 8.38% 6.05% 4.20% 4.42% 4.24% 4.44% 6.01% 6.54% 5.41% 4.62% 4.24% 3.87% 4.28% 4.53% <-Median-> 10 Dividends
H/ L Yield held 10 yrs 13.69% 11.41% 8.54% 7.93% 6.55% 6.52% 7.75% 7.53% 8.24% <-Median-> 6 Dividends
H/L Yield held 15 yrs 20.08% 14.70% 9.85% 20.08% <-Median-> 1 Dividends
Graham No. $24.77 $29.57 $24.66 $24.48 $40.32 $40.06 $61.80 $60.03 $63.49 $56.67 $71.24 $83.34 $87.46 $91.93 181.86% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L 50.37% 35.43% 42.29% 47.48% 11.86% 31.92% -0.39% 17.02% 0.13% -9.75% -2.64% -5.87% 6.00% <-Median-> 10 Graham Price
Prem/Disc. High 87.71% 49.32% 82.21% 79.16% 22.16% 46.60% 8.71% 27.04% 18.13% 22.62% 8.04% 3.67% 22.39% <-Median-> 10 Graham Price
Prem/Disc. Low 13.03% 21.55% 2.37% 15.81% 1.57% 17.25% -9.48% 7.01% -17.87% -42.12% -13.32% -15.42% -3.96% <-Median-> 10 Graham Price
Prem/Disc.Cl 69.34% 21.55% 19.00% 79.16% 21.49% 37.29% 5.34% 16.16% -10.34% 8.84% 3.10% -9.73% -16.1% -20.2% 12.50% <-Median-> 10 Graham Price
Price Cl $41.95 $35.94 $29.35 $43.86 $48.98 $55.00 $65.10 $69.73 $56.92 $61.68 $73.45 $75.23 $73.40 $73.40 109.32% <-Total Growth 10 Stock Price
Increase 24.30% -14.33% -18.34% 49.44% 11.67% 12.29% 18.36% 7.11% -18.37% 8.36% 19.08% 2.42% -2.43% 0.00% 7.67% <-IRR #YR-> 10 Stock Price
P/E 27.42 17.53 -117.40 29.05 14.45 17.19 10.27 12.72 11.69 17.78 14.40 11.74 10.40 9.41 2.93% <-IRR #YR-> 5 Stock Price
Trailing P/E 8.56 23.49 14.32 -175.44 32.44 16.22 20.34 11.00 10.39 12.67 21.17 14.75 11.45 10.40 11.28% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 3.61% 3.46% % Tot Ret 32.02% 54.09% Price Inc 7.11% P/E:  13.56 12.72 6.39% <-IRR #YR-> 5 Price & Div
-$35.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $75.23
-$65.10 $0.00 $0.00 $0.00 $0.00 $75.23
-$35.94 $1.12 $1.16 $1.36 $1.58 $1.78 $2.11 $2.36 $2.44 $2.44 $77.84
-$65.10 $2.11 $2.36 $2.44 $2.44 $77.84
Price Median H/L $37.25 $40.05 $35.10 $36.11 $45.10 $52.85 $61.56 $70.25 $63.57 $51.15 $69.36 $78.45 95.89% <-Total Growth 10 Stock Price
Increase 21.14% 7.50% -12.36% 2.88% 24.91% 17.18% 16.48% 14.12% -9.51% -19.55% 35.61% 13.10% 6.96% <-IRR #YR-> 10 Stock Price
P/E 24.35 19.53 -140.38 23.91 13.30 16.52 9.71 12.82 13.05 14.74 13.60 12.24 4.97% <-IRR #YR-> 5 Stock Price
Trailing P/E 7.60 26.17 17.12 -144.42 29.87 15.59 19.24 11.08 11.60 10.50 19.99 15.38 10.30% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 3.34% 3.52% % Tot Ret 32.45% 41.47% Price Inc 13.10% P/E:  13.18 13.05 8.49% <-IRR #YR-> 5 Price & Div
-$40.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $78.45
-$61.56 $0.00 $0.00 $0.00 $0.00 $78.45
-$40.05 $1.12 $1.16 $1.36 $1.58 $1.78 $2.11 $2.36 $2.44 $2.44 $81.06
-$61.56 $2.11 $2.36 $2.44 $2.44 $81.06
Hi Months Oct Sep/Oct Oct Sep Nov 07 Oct 09 Apr 10 Mar 11
Price Hi $46.50 $44.15 $44.94 $43.86 $49.25 $58.73 $67.18 $76.26 $75.00 $69.49 $76.97 $86.40 95.70% <-Total Growth 10 Stock Price
Increase 8.14% -5.05% 1.79% -2.40% 12.29% 19.25% 14.39% 13.52% -1.65% -7.35% 10.76% 12.25% 6.94% <-IRR #YR-> 11 Stock Price
P/E 30.39 21.54 -179.76 29.05 14.53 18.35 10.60 13.92 15.40 20.03 15.09 13.48 5.16% <-IRR #YR-> 5 Stock Price
Trailing P/E 9.49 28.86 21.92 -175.44 32.62 17.32 20.99 12.03 13.69 14.27 22.18 16.94
Median 10, 5 Yrs Price Inc 10.76% P/E:  14.81 15.09
-$44.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $86.40
-$67.18 $0.00 $0.00 $0.00 $0.00 $86.40
Low Months Nov Nov Nov Aug Oct 08 Feb 09 Jan 10 Sep 11
Price Low $28.00 $35.94 $25.25 $28.35 $40.95 $46.97 $55.94 $64.24 $52.14 $32.80 $61.75 $70.49 96.13% <-Total Growth 10 Stock Price
Increase 51.35% 28.36% -29.74% 12.28% 44.44% 14.70% 19.10% 14.84% -18.84% -37.09% 88.26% 14.15% 6.97% <-IRR #YR-> 10 Stock Price
P/E 18.30 17.53 -101.00 18.77 12.08 14.68 8.82 11.72 10.71 9.45 12.11 11.00 4.73% <-IRR #YR-> 5 Stock Price
Trailing P/E 5.71 23.49 12.32 -113.40 27.12 13.86 17.48 10.13 9.51 6.74 17.80 13.82
Median 10, 5 Yrs Price Inc 14.15% P/E:  11.36 11.00
-$35.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $70.49
-$55.94 $0.00 $0.00 $0.00 $0.00 $70.49
Market Cap $26,119 $22,587 $18,942 $28,784 $32,126 $39,149 $46,703 $50,052 $46,111 $52,971 $64,614 $67,888 $66,236 $66,236
Pre-split 2009 purchase
# of Shares 622.616 628.451 645.399 656.261 655.900 711.800 717.400 717.800 810.100 858.800 879.700 902.400 902.400 902.400 Share capital
Increase 0.37% 0.94% 2.70% 1.68% -0.05% 8.52% 0.79% 0.06% 12.86% 6.01% 2.43% 2.58% 0.00% 0.00% 2.51% <-Median-> 10
OCF -$5,912 -$4,832 $13,932 $5,153 -$8,930 $5,262 -$6,386 $4,054 $19,982 $24,643 $3,249 -$759 $7,869 $8,609 -84.29% <-Total Growth 10 Cash Flow
OPS -$9.50 -$7.69 $21.59 $7.85 -$13.61 $7.39 -$8.90 $5.65 $24.67 $28.69 $3.69 -$0.84 $8.72 $9.54 -89.06% <-Total Growth 10 Cash Flow
Non-Cash CF $9,115 $8,615 -$9,851 -$2,054 $11,459 -$2,584 $10,372 $740 -$14,531 -$17,494 $3,807.0 $8,369.0 #NUM! <-IRR #YR-> 8 Cash Flow
OPS non-cash $5.14 $6.02 $6.32 $4.72 $3.86 $3.76 $5.56 $6.68 $6.73 $8.32 $8.02 $8.43 $8.72 $9.54 -37.62% <-IRR #YR-> 5 Cash Flow
Increase 17.01% 5.04% -25.32% -18.35% -2.42% 47.68% 20.20% 0.75% 23.71% -3.65% 5.14% 8.42 7.69 3.43% <-IRR #YR-> 10 CF - non cash
P/O on Cl 8.15 5.97 4.64 9.29 12.70 14.62 11.72 10.44 8.46 7.41 9.16 8.92 8.70% <-IRR #YR-> 5 CF - non cash
*Operational Cash Flow per share  P/CF 10 yr 9.22 5 yr  8.92
-$21.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$0.84
$8.90 $0.00 $0.00 $0.00 $0.00 -$0.84
-$6.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.43
-$5.56 $0.00 $0.00 $0.00 $0.00 $8.43
For banks, use Net Income, not CF
OPM 4.83% 6.21% -0.96% 6.33% 13.94% 11.94% 20.46% 15.78% 14.67% 11.62% 17.51% 20.97% should be zero, it is a check on calculations
Diff from Ave. -66.3% -56.6% -106.7% -55.8% -2.6% -16.5% 43.0% 10.3% 2.6% -18.8% 22.4% 46.6% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (Net Income/Revenue) Ratio for banks OPM 10 Yrs 14.30% 5 Yrs 15.78%
Banks usually have a ratio of 1.04 or 1.05
Tot Assets $264,818 $287,838 $278,040 $273,532 $311,027 $365,010 $392,914 $422,124 $563,214 $557,219 $619,545 $686,360 $686,360 $686,360 A/L ratio of 1.5 and up, best Assets
Tot Liab. $252,468 $274,434 $264,999 $260,421 $297,049 $349,144 $373,282 $400,720 $531,540 $518,499 $577,243 $639,508 $639,508 $639,508 1.05 <-Median-> 10 Liabilities
Asset/Liability 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.06 1.07 1.07 1.07 1.07 1.07 1.07 <-Median-> 5 Ratio
Sharerholders Equity $12,350 $13,404 $13,041 $13,111 $13,978 $15,866 $19,632 $21,404 $31,674 $38,720 $42,302 $46,852 $46,852 $46,852
Preferred Shares $1,251 $1,492 $1,485 $1,535 $0 $0 $425 $425 $1,875 $3,395 $3,394 $3,394 $3,394 $3,394
Book Value $11,099 $11,912 $11,556 $11,576 $13,978 $15,866 $19,207 $20,979 $29,799 $35,325 $38,908 $43,458 $43,458 $43,458 264.83% <-Total Growth 10 Book Value
BV per share $17.83 $18.95 $17.91 $17.64 $21.31 $22.29 $26.77 $29.23 $36.78 $41.13 $44.23 $48.16 $48.16 $48.16 154.07% <-Total Growth 10 Book Value
Change 3.35% 6.33% -5.54% -1.48% 20.82% 4.59% 20.11% 9.16% 25.86% 11.82% 7.53% 8.88% 0.00% 0.00% 0.7700 Current/Historical Book Value
5 yr run. Ave Inc 4.84% 1.38% 0.66% 4.69% 4.94% 7.70% 10.64% 16.11% 14.31% 14.90% 12.65% 10.82% 5.65% 9.77% <-IRR #YR-> 10 Book Value
P/BV (CL) 2.35 1.90 1.64 2.49 2.30 2.47 2.43 2.39 1.55 1.50 1.66 1.56 1.52 1.52 12.46% <-IRR #YR-> 5 Book Value
Change 20.27% -19.43% -13.55% 51.69% -7.57% 7.36% -1.46% -1.88% -35.14% -3.09% 10.75% -5.93% -2.43% 0.00%
Leverage (A/BK) 23.86 24.16 24.06 23.63 22.25 23.01 20.46 20.12 18.90 15.77 15.92 15.79 15.79 15.79 20.29 <-Median-> 10 A/BV
Debt/Equity Ratio 22.75 23.04 22.93 22.50 21.25 22.01 19.43 19.10 17.84 14.68 14.84 14.72 14.72 14.72 19.27 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.98 5 yr Med 1.56
-$18.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $48.16
-$26.77 $0.00 $0.00 $0.00 $0.00 $48.16
ROE 22.8% 13.4% 12.9% 13.8% 11.9% 12.5% 12.94% <-Median-> 5 Compreh. Inc
Comprehensive Inc $4,381 $2,818 $3,855 $4,892 $4,634 $5,420 Compreh. Inc
Return on Equity 8.7% 10.9% -1.4% 8.5% 16.0% 14.0% 23.9% 19.0% 12.7% 8.4% 11.4% 13.1% Net Income/Shareholders' equity ROE
5Yr Median 14.0% 14.0% 10.9% 8.7% 8.7% 10.9% 14.0% 16.0% 16.0% 14.0% 12.7% 12.7% ROE
Net Income $969 $1,300 -$160 $989 $2,232 $2,229 $4,581 $3,977 $3,774 $2,953 $4,450 $5,709 339.15% <-Total Growth 10 Net Income
Oper C. F. -$5,912 -$4,832 $13,932 $5,153 -$8,930 $5,262 -$6,386 $4,054 $19,982 $24,643 $3,249 -$759 C F Statement  Oper C. F.
Invest. C. F $7,687 -$9,917 $1,540 $2,302 -$17,903 -$20,349 -$12,459 -$13,866 -$70,913 -$36,611 -$42,785 -$48,479 C F Statement  Invest. C. F
Total Accurals -$806 $16,049 -$15,632 -$6,466 $29,065 $17,316 $23,426 $13,789 $54,705 $14,921 $43,986 $54,947 Accruals
Total Assets $264,818 $287,838 $278,040 $273,532 $311,027 $365,010 $392,914 $422,124 $563,214 $557,219 $619,545 $686,360 Balance Sheet Assets
Accruals Ratio -0.3% 5.6% -5.6% -2.4% 9.3% 4.7% 6.0% 3.3% 9.7% 2.7% 7.1% 8.0% Ratio
Chge in Cl 24.3% -14.3% -18.3% 49.4% 11.7% 12.3% 18.4% 7.1% -18.4% 8.4% 19.1% 2.4%
Fin. C. F -$1,719 $15,188 -$15,547 -$7,746 $26,785 $15,384 $19,231 $9,754 $51,398 $12,213 $39,779 $49,798 C F Statement  Fin. C. F
Total Accurals $913 $861 -$85 $1,280 $2,280 $1,932 $4,195 $4,035 $3,307 $2,708 $4,207 $5,149 Accruals
Accruals Ratio 0.3% 0.3% 0.0% 0.5% 0.7% 0.5% 1.1% 1.0% 0.6% 0.5% 0.7% 0.8% Ratio
Net Cash Flow $56 $439 $75 $291 $48 $297 $386 $58 $467 $245 $243 $560
Per share $0.09 $0.70 $0.12 $0.44 $0.07 $0.42 $0.54 $0.08 $0.58 $0.29 $0.28 $0.62
5 yr Running  $0.22 $0.06 $0.03 $0.10 $0.06 $0.07 $0.28 $0.35 $0.32 $0.34
Dec 16, 2011.  Last Estimates were $6.48 and $7.25 for EPS and $7.70 and $10 for CF
Feb 24, 2011.  Check unaudited figures I got previous against audited statements received.  There were no changes.  However, I got the net income figures from wrong column and I have fixed that.
I got changes in working capital or current assets and liabilities from Globe site.
Dec 06, 2011.  when I last looked I got estimates for 2010 and 2011 of $5.45 and $6.40 for earnings and $7.40 and $8.00 for cash flows.
Dec 17, 2009.  I have updated speadsheet with unaudited 2009 report.  The huge amount of insider selling during the last 12 months is a big negative for this stock.
In March 2009, I picked up earnings for 2009 and 2010 of $5.20 and $5.58 and CF of $5.96 and $6.36.
2008.  I have had stock since Feb 2000 and have made IRR of 6.62%.  Not great, but we are in a bear market currently.  Dividends have increased nicely.
2005.  I have had stock since Feb 2000 and have made IRR of 13.29%.  What you expect from a bank stock.  Div counts a lot.  Revenue and stock still recovering from 2001 bear market.
2004. earnings are starting to grow, but not yet strongly.
Earnings are not growing well lately.2003
Dividends are paid in cycle 1, but at the very end of the month, so they are 31st of Jan, April, Jul and Oct.
How they make their money
They are a bank with full range of financial products and services for individuals and corporations in Canada, USA and internationally.
Financial products and services include Canadian Personal and Commercial Banking; Wealth Management; U.S. Personal and Commercial Banking; and Wholesale banking products.
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.
Copyright © 2008 Website of SPBrunner. All rights reserved.
My stock
21/02/00 -7389.00
20/04/00 -6979.00
03/06/09 11282.01
01/05/09 -57237.99
31/10/11 102900.00
10.16% XIRR
13.43%
3.27% 24.3%