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.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/ Q3 2017
Chesswood Group Ltd TSX: CHW OTC: CHWWF www.chesswoodgroup.com Fiscal Yr: Dec 31 9/30/17
Year 8/31/05 12/31/06 12/31/07 12/30/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 Value Description #Y Item Total G
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
Split *
$0.00 $95.36 <- 12 mths 4.13%
Finance Revenue per share $3.10 $4.45 $4.12 $4.50 $3.23 $3.16 $3.65 $4.35 $5.22 $4.71 $5.55 $6.22 $6.82 $6.82 78.85% <-Total Growth 10 Revenue
Finance Revenue $21.83 $31.3 $29.0 $30.4 $30.4 $31.0 $35.9 $42.7 $54.4 $76.6 $91.6 $103.0 $113.0 $113.0 319.47% <-Total Growth 10 Revenue
Automotive Operations  $49.98 $35.57 $57.0 $54.9 $47.6 $49.4 $46.1 $50.6 $52.0 $53.7 Dropped
Revenue* $50.0 $57.4 $88.3 $83.9 $78.0 $79.7 $77.2 $86.6 $94.7 $108.1 $76.6 $91.6 $94.8 $105.0 $116.0 59.53% <-Total Growth 10 Revenue
Increase -8.04% 14.86% 53.88% -5.02% -7.04% 2.21% -3.21% 12.22% 9.40% 14.10% -29.16% 19.60% 3.51% 10.76% 10.48% 4.78% <-IRR #YR-> 10 Revenue 59.53%
5 year Running Average $60.8 $53.8 $59.9 $66.8 $71.5 $77.5 $81.4 $81.1 $83.2 $89.3 $88.6 $91.5 $93.16 $95.21 $96.79 3.49% <-IRR #YR-> 5 Revenue 18.69%
Revenue per Share $8.15 $12.55 $11.92 $11.53 $8.48 $7.87 $8.80 $9.66 $10.37 $4.71 $5.55 $5.72 $6.34 $7.00 5.46% <-IRR #YR-> 10 5 yr Running Average 70.23%
Increase 53.90% -5.02% -3.22% -26.47% -7.27% 11.86% 9.76% 7.43% -54.61% 17.79% 3.16% 10.76% 10.48% 2.36% <-IRR #YR-> 5 5 yr Running Average 12.40%
5 year Running Average $10.53 $10.47 $9.72 $9.27 $9.03 $8.28 $7.82 $7.20 $6.54 $5.86 -3.78% <-IRR #YR-> 10 Revenue per Share -31.98%
P/S (Price/Sales) Med 1.02 0.49 0.16 0.25 0.60 0.91 0.88 1.43 1.44 2.31 1.88 2.25 -6.75% <-IRR #YR-> 5 Revenue per Share -29.49%
P/S (Price/Sales) Close 0.90 0.30 0.13 0.36 0.73 0.80 1.02 1.94 1.18 2.11 2.15 2.00 1.81 1.93 -4.84% <-IRR #YR-> 6 5 yr Running Average #DIV/0!
*Revenue in M CDN $ (Finance Revenue and Automotive Operatons Revenue P/S Med 10 yr  0.89 5 yr  1.44 124.44% Diff M/C -5.68% <-IRR #YR-> 5 5 yr Running Average -25.34%
-$57.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $91.6
-$77.2 $0.0 $0.0 $0.0 $0.0 $91.6
-$53.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $91.5
-$81.4 $0.0 $0.0 $0.0 $0.0 $91.5
-$8.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.55
-$7.87 $0.00 $0.00 $0.00 $0.00 $5.55
-$10.53 $0.00 $0.00 $0.00 $0.00 $0.00 $7.82
-$10.47 $0.00 $0.00 $0.00 $0.00 $7.82
$0.91 <-12 mths -31.58%
EPS Basic $0.62 -$0.53 -$1.51 $0.39 $0.69 $0.59 $0.80 $0.96 $0.98 $1.19 $1.36 119.35% <-Total Growth 10 EPS Basic
EPS Diluted $0.62 -$0.53 -$1.51 $0.36 $0.67 $0.56 $0.77 $0.89 $0.93 $1.16 $1.33 $0.78 $1.07 $1.21 114.52% <-Total Growth 10 EPS Diluted
Increase -185% 184.91% -123.84% 86.11% -16.42% 37.50% 15.58% 4.49% 24.73% 14.66% -41.35% 37.18% 13.08% 21.81% <-IRR #YR-> 10 Earnings per Share 114.52%
Earnings Yield 8.5% -14.1% -100.7% 8.6% 10.8% 8.9% 8.6% 4.7% 7.6% 11.7% 11.1% 6.8% 9.3% 9.0% 18.89% <-IRR #YR-> 5 Earnings per Share 137.50%
5 year Running Average -$0.08 -$0.09 $0.17 $0.65 $0.76 $0.86 $1.02 $1.02 $1.05 $1.11 #NUM! <-IRR #YR-> 6 5 yr Running Average 1402.56%
10 year Running Average $0.39 $0.46 $0.59 $0.85 $0.94 #NUM! <-IRR #YR-> 5 5 yr Running Average 1228.89%
* Diluted ESP per share  E/P 10 Yrs 8.55% 5Yrs 8.56%
-$0.62 $0.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.33
-$0.56 $0.00 $0.00 $0.00 $0.00 $1.33
$0.08 $0.00 $0.00 $0.00 $0.00 $0.00 $1.02
$0.09 $0.00 $0.00 $0.00 $0.00 $1.02
Special Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.50 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Dividend* $0.84 $1.11 $0.56 $0.33 $0.45 $0.60 $0.64 $0.72 $0.78 $0.78 $0.79 $0.84 $0.84 $0.84 -6.55% <-Total Growth 10 Dividends
Increase 32.50% -50.04% -41.55% 38.46% 32.22% 6.72% 12.60% 9.09% 0.00% 0.64% 7.01% 0.00% 0.00% Count 11 Years of data
Average Increases 5 Year Running -4.1% 2.3% -2.8% 9.7% 19.8% 12.1% 5.8% 5.9% 3.3% 1.5% 5.81% <-Median-> 7 Average Incr 5 Year Running
Dividends 5 Yr Running $0.66 $0.61 $0.51 $0.54 $0.64 $0.70 $0.74 $0.78 $0.81 $0.82 21.59% <-Total Growth 6 Dividends 5 Yr Running
Yield H/L Price 10.07% 18.26% 28.81% 11.23% 8.77% 8.33% 8.22% 5.16% 5.23% 7.18% 7.52% 6.52% 8.27% <-Median-> 10 Yield H/L Price
Yield on High  Price 8.67% 13.19% 19.37% 7.58% 7.21% 7.22% 6.86% 3.81% 4.15% 5.95% 6.30% 5.81% 7.04% <-Median-> 10 Yield on High  Price
Yield on Low Price 12.00% 29.68% 56.16% 21.67% 11.19% 9.83% 10.24% 7.99% 7.06% 9.05% 9.33% 7.43% 10.04% <-Median-> 10 Yield on Low Price
Yield on Close Price 11.51% 29.68% 37.07% 7.72% 7.26% 9.44% 7.06% 3.81% 6.39% 7.84% 6.57% 7.32% 7.32% 6.22% 7.49% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 135.48% -210% -36.82% 90.28% 67.16% 106.25% 82.47% 80.34% 83.87% 67.24% 96.62% 107.69% 78.50% 69.42% 81.40% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running -842% -675% 301% 83.69% 83.12% 81.32% 72.74% 76.62% 76.38% 73.60% 81.32% <-Median-> 7 DPR EPS 5 Yr Running
Payout Ratio CFPS 48.20% 44.62% 19.18% 8.01% 87.22% 419.97% 95.05% 101.50% 38.26% -22.27% -45.32% -15.42% #VALUE! #DIV/0! 41.44% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 28.04% 30.06% 30.92% 44.68% 78.03% 6951.15% -126.26% -43.13% #VALUE! #DIV/0! 30.92% <-Median-> 7 DPR CF 5 Yr Running
Payout Ratio CFPS WC 42.10% 43.05% 20.13% 10.26% 28.16% -67.72% 260.86% 53.54% 27.98% 19.72% 26.12% #DIV/0! #DIV/0! #DIV/0! 27.05% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 27.13% 32.92% 37.17% 49.78% 62.42% 47.08% 27.90% #DIV/0! #DIV/0! #DIV/0! 37.17% <-Median-> 7 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 7.18% 6.57% 5 Yr Med Payout 82.47% 38.26% 27.98% -0.67% <-IRR #YR-> 10 Dividends -6.55%
* Dividends per share  5 Yr Med and Cur. 1.96% 11.48% Last Div Inc ---> $0.065 $0.070 7.7% 5.70% <-IRR #YR-> 5 Dividends 31.93%
-$0.84 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.79
-$0.60 $0.00 $0.00 $0.00 $0.00 $0.79
Historical Dividends Historical High Div 50.87% Low Div 3.88% Ave Div 27.38% Med Div 8.33% Close Div 7.72% 7.87% Since 2009 Historical Dividends
High/Ave/Median Values Curr diff Exp. -85.60% Cheap 88.75% Exp. -73.25% Exp. -12.08% Exp. -5.13% -6.94% Exp. High/Ave/Median 
Future Dividend Yield Div Yd 9.35% earning in 5 Years at IRR of 5.00% Div Inc. 27.63% Future Dividend Yield
Future Dividend Yield Div Yd 11.93% earning in 10 Years at IRR of 5.00% Div Inc. 62.89% Future Dividend Yield
Future Dividend Yield Div Yd 15.22% earning in 15 Years at IRR of 5.00% Div Inc. 107.89% Future Dividend Yield
Yield if held 5 yrs 7.13% 10.42% 37.05% 26.94% 15.20% 10.99% 10.87% 6.06% 5.63% 13.10% <-Median-> 6 Paid Median Price
Yield if held 10 yrs 9.41% 13.78% 43.52% 29.02% 9.41% <-Median-> 1 Paid Median Price
Yield if held 15 yrs #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Yield if held 20 yrs #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 36.42% 42.02% 140.93% 109.67% 68.32% 58.71% 56.96% 32.67% 30.74% 63.52% <-Median-> 6 Paid Median Price
Cost covered if held 10 years 86.69% 114.21% 375.39% 268.05% 86.69% <-Median-> 1 Paid Median Price
Cost covered if held 15 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 20 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Graham No. $11.62 $7.42 $7.70 $7.10 $8.43 $7.98 $9.49 $10.96 $11.90 $15.17 $16.19 $12.11 $14.18 $15.08 39.39% <-Total Growth 10 Graham Price
Price/GP Ratio Med 0.72 0.82 0.25 0.41 0.61 0.90 0.81 1.26 1.25 0.72 0.64 1.06 0.76 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.83 1.14 0.37 0.60 0.74 1.03 0.97 1.71 1.58 0.86 0.77 1.19 0.92 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.60 0.51 0.13 0.21 0.48 0.76 0.65 0.82 0.93 0.57 0.52 0.93 0.54 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.63 0.51 0.19 0.59 0.74 0.79 0.95 1.71 1.03 0.66 0.74 0.95 0.81 0.89 0.74 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -37.16% -49.46% -80.53% -40.73% -26.45% -21.08% -5.19% 71.15% 2.54% -34.40% -26.20% -5.29% -19.14% -10.50% -26.33% <-Median-> 10 Graham Price
Price Close $7.30 $3.75 $1.50 $4.21 $6.20 $6.30 $9.00 $18.75 $12.20 $9.95 $11.95 $11.47 $11.47 $13.50 63.70% <-Total Growth 10 Stock Price
Increase -48.63% -60.00% 180.67% 47.27% 1.61% 42.86% 108.33% -34.93% -18.44% 20.10% -4.02% 0.00% 17.70% 5.05% <-IRR #YR-> 10 Stock Price 63.70%
P/E 11.77 -7.08 -0.99 11.69 9.25 11.25 11.69 21.07 13.12 8.58 8.98 14.71 10.72 11.16 13.66% <-IRR #YR-> 5 Stock Price 89.68%
Trailing P/E 6.05 -2.83 -2.79 17.22 9.40 16.07 24.35 13.71 10.70 10.30 8.62 14.71 12.62 13.01% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D.  per yr 7.96% 10.02% % Tot Ret 61.17% 42.31% Price Inc 20.10% P/E:  10.25 11.69 23.68% <-IRR #YR-> 5 Price & Dividend
-$7.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.95
-$6.30 $0.00 $0.00 $0.00 $0.00 $11.95
-$7.30 $1.11 $0.56 $0.33 $0.45 $0.60 $0.64 $0.72 $0.78 $0.78 $13.24
-$6.30 $0.64 $0.72 $0.78 $0.78 $13.24
Price H/L Median $8.35 $6.10 $1.93 $2.90 $5.13 $7.15 $7.73 $13.85 $14.92 $10.86 $10.44 $12.88 17.70% 25.04% <-Total Growth 10 Stock Price
Increase -26.96% -68.33% 50.00% 77.20% 39.28% 8.12% 79.29% 7.69% -27.19% -3.91% 23.38% 7.32% 2.26% <-IRR #YR-> 10 Stock Price 25.04%
P/E 13.46 -11.50 -1.28 8.04 7.66 12.76 10.03 15.56 16.04 9.36 7.85 16.51 25.02% 7.87% <-IRR #YR-> 5 Stock Price 46.05%
Trailing P/E 9.83 -3.64 -1.92 14.25 10.66 13.79 17.99 16.76 11.68 9.00 9.68 10.43% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave -65.77 -79.39 45.44 21.31 19.52 12.60 10.27 12.65 17.64% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 27.70 22.54 21.68 9.36 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 8.17% 9.77% % Tot Ret 78.33% 55.39% Price Inc 7.69% P/E:  8.70 10.03 Count 11 Years of data
-$8.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.44
-$7.15 $0.00 $0.00 $0.00 $0.00 $10.44
-$8.35 $1.11 $0.56 $0.33 $0.45 $0.60 $0.64 $1.22 $0.78 $0.78 $11.72
-$7.15 $0.64 $0.72 $0.78 $0.78 $11.72
High Months May Mar Feb Dec Nov Apr Dec Dec Jan Apr Sep Apr
Price High $9.69 $8.44 $2.87 $4.29 $6.24 $8.24 $9.25 $18.75 $18.78 $13.10 $12.46 $14.45 28.59% <-Total Growth 10 Stock Price
Increase -12.90% -66.00% 49.48% 45.45% 32.05% 12.26% 102.70% 0.16% -30.24% -4.89% 15.97% 2.55% <-IRR #YR-> 10 Stock Price 28.59%
P/E 15.63 -15.92 -1.90 11.92 9.31 14.71 12.01 21.07 20.19 11.29 9.37 18.53 8.62% <-IRR #YR-> 5 Stock Price 51.21%
Trailing P/E 13.61 -5.42 -2.84 17.33 12.30 16.52 24.35 21.10 14.09 10.74 10.86 11.92 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 0.16% P/E:  11.60 12.01 18.37 P/E Ratio Historical High
-$9.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.46
-$8.24 $0.00 $0.00 $0.00 $0.00 $12.46
Low Months Nov Dec Nov Jan Jan Dec Jan Feb Dec Dec Jan May
Price Low $7.00 $3.75 $0.99 $1.50 $4.02 $6.05 $6.20 $8.95 $11.05 $8.62 $8.41 $11.30 20.14% <-Total Growth 10 Stock Price
Increase -46.43% -73.60% 51.52% 168.00% 50.50% 2.48% 44.35% 23.46% -21.99% -2.44% 34.36% 1.85% <-IRR #YR-> 10 Stock Price 20.14%
P/E 11.29 -7.08 -0.66 4.17 6.00 10.80 8.05 10.06 11.88 7.43 6.32 14.49 6.81% <-IRR #YR-> 5 Stock Price 39.01%
Trailing P/E 6.05 -1.87 -0.99 11.17 9.03 11.07 11.62 12.42 9.27 7.25 8.50 7.43 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 2.48% P/E:  6.88 8.05 1.27 P/E Ratio Historical Low
-$7.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.41
-$6.05 $0.00 $0.00 $0.00 $0.00 $8.41
Long Term Debt $105.85 $255.17 $293.08 $367.98 Debt
Change 141.07% 14.86% 25.55% 77.97% <-Median-> 2 Change
Debt/Market Cap Ratio 0.83 1.58 1.49 1.94 1.49 <-Median-> 3 Debt/Market Cap Ratio
Goodwill & Intangibles $20.64 $21.56 $20.67 $21.68 $28.07 $64.59 $62.68 $59.95 Intangibles Goodwill
Change 4.46% -4.14% 4.91% 29.47% 130.10% -2.95% -4.36% 4.68% <-Median-> 6 Change
Intangible/Market Cap Ratio 0.72 0.37 0.33 0.24 0.15 0.51 0.39 0.30 0.37 <-Median-> 7 Intangible/Market Cap Ratio
Market Cap $51.40 $26.40 $10.56 $28.47 $58.28 $61.81 $88.59 $183.96 $127.12 $161.83 $197.34 $190.06 $190.06 $223.70 283.94% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 10.083 10.217 10.652 10.913 15.522 16.345 17.052 62.10% <-Total Growth 5 Diluted
Change 1.32% 4.26% 2.44% 42.24% 5.30% 4.32% 4.26% <-Median-> 5 Change
Basic # of Shares in Millions 8.519 8.391 10.040 9.623 9.826 9.910 10.262 15.102 16.764 16.543 96.78% <-Total Growth 8 Basic
Change -1.51% 19.66% -4.15% 2.10% 0.86% 3.55% 47.17% 11.00% -1.31% 2.83% <-Median-> 8 Change
Difference -17.4% -19.4% -6.4% 1.9% 0.2% -1.0% 1.5% 7.7% -1.5% 0.2% -1.00% <-Median-> 9 Difference
-$90.26 <-12 mths -92.78%
# of Share in Millions 7.041 7.040 7.040 6.762 9.400 9.811 9.843 9.811 10.420 16.264 16.514 16.570 16.570 16.570 8.90% <-IRR #YR-> 10 Shares 134.54%
Change -0.01% 0.00% -3.95% 39.01% 4.37% 0.33% -0.33% 6.21% 56.08% 1.54% 0.34% 0.00% 0.00% 10.98% <-IRR #YR-> 5 Shares 68.32%
Cash Flow from Operations $M $12.3 $17.6 $20.4 $27.4 $4.9 $1.4 $6.6 $6.9 $21.2 -$57.0 -$46.8 -90.3 <-12 mths -481.58% <-Total Growth 10 Cash Flow
Increase 43.11% 16.24% 34.44% -82.33% -71.34% 373.09% 5.09% 207.37% -368.16% 17.80% -92.78% <-12 mths *Split Buy Back, SO
5 year Running Average $16.5 $14.3 $12.1 $9.4 $8.2 -$4.2 -$13.8 -$33.2 <-12 mths -183.67% <-Total Growth 6 CF 5 Yr Running
CFPS $1.74 $2.49 $2.90 $4.06 $0.52 $0.14 $0.67 $0.70 $2.04 -$3.50 -$2.84 -$5.45 <-12 mths -262.69% <-Total Growth 10 Cash Flow per Share
Increase 43.13% 16.24% 39.97% -87.29% -72.54% 371.56% 5.44% 189.40% -271.80% 19.05% -92.13% <-12 mths #NUM! <-IRR #YR-> 10 Cash Flow -481.58%
5 year Running Average $2.34 $2.02 $1.66 $1.22 $0.81 $0.01 -$0.59 -$1.81 <-12 mths #NUM! <-IRR #YR-> 5 Cash Flow -3468.35%
P/CF on Med Price 4.79 2.44 0.67 0.71 9.94 50.43 11.56 19.66 7.32 -3.10 -3.68 -2.36 <-12 mths #NUM! <-IRR #YR-> 10 Cash Flow per Share -262.69%
P/CF on Closing Price 4.19 1.50 0.52 1.04 12.02 44.47 13.47 26.62 5.98 -2.84 -4.21 -2.11 <-12 mths #NUM! <-IRR #YR-> 5 Cash Flow per Share -2101.14%
-143.15% Diff M/C #NUM! <-IRR #YR-> 6 CFPS 5 yr Running #DIV/0!
Excl.Working Capital CF $1.8 $0.6 -$1.0 -$6.0 $10.2 -$10.0 -$4.2 $6.2 7.81 $121.30 $128.06 #NUM! <-IRR #YR-> 5 CFPS 5 yr Running -128.95%
CF fr Op $M WC $14.1 $18.2 $19.4 $21.4 $15.0 -$8.6 $2.4 $13.1 $29.1 $64.3 $81.2 478.21% <-Total Growth 10 Cash Flow less WC
Increase 29.54% 6.82% 10.12% -29.85% -157.39% 127.80% 446.79% 121.75% 121.46% 26.27% 19.18% <-IRR #YR-> 10 Cash Flow less WC 478.21%
5 year Running Average $17.6 $13.1 $9.9 $8.7 $10.2 $20.1 $38.0 #NUM! <-IRR #YR-> 5 Cash Flow less WC 1042.45%
CFPS Excl. WC $2.00 $2.59 $2.76 $3.17 $1.60 -$0.88 $0.24 $1.34 $2.79 $3.96 $4.92 13.67% <-IRR #YR-> 6 CF less WC 5 Yr Run #DIV/0!
Increase 29.56% 6.82% 14.65% -49.53% -154.99% 127.71% 448.57% 108.79% 41.88% 24.36% 23.77% <-IRR #YR-> 5 CF less WC 5 Yr Run 190.48%
5 year Running Average $2.42 $1.85 $1.38 $1.09 $1.02 $1.49 $2.65 9.44% <-IRR #YR-> 10 CFPS - Less WC 146.53%
P/CF on Med Price 4.18 2.36 0.70 0.91 3.21 -8.13 31.74 10.37 5.35 2.75 2.12 #NUM! <-IRR #YR-> 5 CFPS - Less WC 659.91%
P/CF on Closing Price 3.66 1.45 0.54 1.33 3.88 -7.17 36.97 14.04 4.38 2.52 2.43 1.51% <-IRR #YR-> 6 CFPS 5 yr Running #DIV/0!
*Operational Cash Flow CF/-WC P/CF Med 10 yr 4.88 5 yr  7.32 P/CF Med 10 yr 2.55 5 yr  5.35 -100.00% Diff M/C 7.48% <-IRR #YR-> 5 CFPS 5 yr Running 43.43%
-7.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16.5 Shares
-9.8 0.0 0.0 0.0 0.0 16.5 Shares
-$12.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$46.8 Cash Flow
-$1.4 $0.0 $0.0 $0.0 $0.0 -$46.8 Cash Flow
-$1.74 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$2.84 Cash Flow per Share
-$0.14 $0.00 $0.00 $0.00 $0.00 -$2.84 Cash Flow per Share
-$2.3 $0.0 $0.0 $0.0 $0.0 $0.0 -$0.6 CFPS 5 yr Running
-$2.0 $0.0 $0.0 $0.0 $0.0 -$0.6 CFPS 5 yr Running
-$14.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $81.2 Cash Flow less WC
$8.6 $0.0 $0.0 $0.0 $0.0 $81.2 Cash Flow less WC
-$17.6 $0.0 $0.0 $0.0 $0.0 $0.0 $38.0 CF less WC 5 Yr Run
-$13.1 $0.0 $0.0 $0.0 $0.0 $38.0 CF less WC 5 Yr Run
-$2.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.92 CFPS - Less WC
-$2.59 -$2.76 -$3.17 -$1.60 $0.88 $0.00 $0.00 $0.00 $0.00 $4.92 CFPS - Less WC
-$2.42 $0.00 $0.00 $0.00 $0.00 $0.00 $2.65 CFPS 5 yr Running
-$1.8 $0.0 $0.0 $0.0 $0.0 $2.6 CFPS 5 yr Running
Changes in NOA -$20.544 $0.147 0.134 -$0.917
Prepaid Expenses -$0.08 $0.65
Accounts Payable & other liab -$0.56 $1.55
-$0.74 $0.11
Non-cash items in Net Income -$0.698 -1.033 $2.411
Finance Receivables -34.874 -$25.051 -$239.19 -$294.25
Finance Receivables -$25.54 -$28.60
Finance Receivables $164.55 $199.16
Borrowings  $7.048 25.638 $15.113
Non Cash Transactions $0.306 0.34 $0.575
Int convertible deb -$1.30 -$1.30
Income tax refund received -$18.43 -$5.37
Income taxes paid
         
Sum $6.803 -$9.795 -$7.869 -$121.30 -$128.06
Google Finance old $4.18 -$6.19 -$7.81 -$121.33 -$128.06
Difference $2.62 -$3.61 -$0.06 $0.03 $0.00
Google Finance 2016 -$3.46 -$15.02 -$53.18 -$121.33
OPM 24.47% 20.60% 23.17% 27.45% 18.84% -11.17% 2.77% 13.83% 26.88% 84.02% 88.71% 330.53% <-Total Growth 10 OPM (CF less WC)
Increase -15.81% 12.46% 18.46% -31.36% -159.29% -124.77% 399.79% 94.35% 212.62% 5.58% Should increase  or be stable.
Diff from Median 11.8% -5.9% 5.9% 25.4% -13.9% -151.0% -87.4% -36.8% 22.8% 283.9% 305.3% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 21.89% 5 Yrs 26.88% should be  zero, it is a   check on calculations
Current Assets $16.91 $15.09 $21.80 $17.15 $27.03 $16.87 $7.35 $33.49 $25.95 $133.33 $23.41 $17.20 Liquidity ratio of 1.5 and up, best
Current Liabilities $14.21 $15.15 $16.38 $16.70 $17.77 $14.29 $25.45 $14.66 $16.74 $85.37 $15.24 $13.43 1.43 <-Median-> 10 Ratio
Liquidity 1.19 1.00 1.33 1.03 1.52 1.18 0.29 2.28 1.55 1.56 1.54 1.28 1.55 <-Median-> 5 Ratio
Liq. with CF aft div 1.64 1.64 2.34 2.54 1.56 0.87 0.30 2.28 2.33 1.36 0.64 0.63 1.36 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.28 0.64 1.23 1.33 0.89 0.87 0.30 2.19 0.71 1.10 0.64 0.63 0.71 <-Median-> 5 Ratio
Assets $180.78 $138.74 $144.52 $118.79 $140.79 $148.87 $161.40 $216.52 $255.44 $565.51 $527.94 $593.07 Debt Ratio of 1.5 and up, best
Liabilities $101.73 $82.86 $92.95 $76.67 $96.48 $89.99 $100.84 $148.36 $175.60 $408.96 $370.04 $442.18 1.50 <-Median-> 10 Ratio
Debt Ratio 1.78 1.67 1.55 1.55 1.46 1.65 1.60 1.46 1.45 1.38 1.43 1.34 1.45 <-Median-> 5 Ratio
Total Equity $79.06 $55.88 $51.57 $42.12 $44.31 $58.88 $60.56 $68.16 $79.84 $156.56 $157.89 $150.89 $150.89 $150.89 99.73% <-Total Growth 10 Total Equity
NCI $10.94 $8.03 $0.00 $0.00 $0.00 $9.27 $9.36 $9.36 $9.36 $13.19 $13.19 $12.40 $12.40 $12.40 20.59% <-Total Growth 10 NCI
Book Value $68.11 $47.85 $51.57 $42.12 $44.31 $49.61 $51.20 $58.80 $70.49 $143.36 $144.70 $138.48 $138.48 $138.48 112.44% <-Total Growth 10 Book Value
Book Value per Share $9.67 $6.80 $7.33 $6.23 $4.71 $5.06 $5.20 $5.99 $6.76 $8.81 $8.76 $8.36 $8.36 $8.36 -9.42% <-Total Growth 10 Book Value per Share
Change -29.74% 7.77% -14.97% -24.32% 7.28% 2.86% 15.22% 12.87% 30.31% -0.59% -4.62% 0.00% 0.00% 15.24% P/B Ratio Current/Historical Median
P/B Ratio (Median) 0.86 0.90 0.26 0.46 1.09 1.41 1.49 2.31 2.20 1.23 1.19 1.54 1.19 P/B Ratio Historical Median
P/B Ratio (Close) 0.75 0.55 0.20 0.68 1.32 1.25 1.73 3.13 1.80 1.13 1.36 1.37 1.37 1.62 2.86% <-IRR #YR-> 9 Book Value per Share
Change -26.89% -62.88% 230.07% 94.60% -5.28% 38.89% 80.81% -42.35% -37.41% 20.82% 0.63% 0.00% 17.70% 11.62% <-IRR #YR-> 5 Book Value per Share
Leverage (A/BK) 2.29 2.48 2.80 2.82 3.18 2.53 2.67 3.18 3.20 3.61 3.34 3.93 0.00 0.00 3.00 <-Median-> 10 A/BV
Debt/Equity Ratio 1.29 1.48 1.80 1.82 2.18 1.53 1.67 2.18 2.20 2.61 2.34 2.93 0.00 0.00 2.00 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.21 5 yr Med 1.49 13.29% Diff M/C 2.82 Historical Leverage (A/BK)
-$6.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.76
-$5.06 $0.00 $0.00 $0.00 $0.00 $8.76
$10.3 <-12 mths -47.22%
Comprehensive Income 7.557 $7.92 $14.16 $17.41 $36.16 $21.24
NCI 0.99 1.034 1.829 2.163 3.224 1.762
Shareholder -$12.08 -$0.59 -$6.17 $5.28 $6.57 $6.88 $12.33 $15.24 $32.93 $19.47 261.28% <-Total Growth 9 Comprehensive Income
Increase 95.15% -952.90% 185.62% 24.30% 4.80% 79.21% 23.60% 116.03% -40.87% 23.6% <-Median-> 5 Comprehensive Income
5 Yr Running Average -$1.40 $2.40 $4.98 $9.26 $14.79 $17.37 #NUM! <-IRR #YR-> 9 Comprehensive Income 261.28%
ROE 11.9% 11.2% 11.4% 18.1% 19.1% 21.0% 12.3% 24.28% <-IRR #YR-> 5 Comprehensive Income 196.54%
5Yr Median 11.5% 11.4% 11.6% 11.9% 18.1% 18.1% #NUM! <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
% Difference from NI -24.3% -2.2% -25.5% 12.0% 33.2% 67.2% -19.8% 174.47% <-IRR #YR-> 5 5 Yr Running Average 1344.31%
Median Values Diff 5, 10 yr -2.2% 12.0% 18.1% <-Median-> 5 Return on Equity
$12.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $19.5
-$6.6 $0.0 $0.0 $0.0 $0.0 $19.5
$1.4 $0.0 $0.0 $0.0 $0.0 $17.4
-$0.1 $0.0 $0.0 $0.0 $0.0 $17.4
Current Liability Coverage Ratio 0.99 1.20 1.19 1.28 0.85 -0.60 0.09 0.89 1.74 0.75 5.33 0.00   CFO / Current Liabilities
5 year Median 1.19 1.19 0.85 0.85 0.85 0.75 0.89 0.89 0.89 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 7.77% 13.12% 13.45% 18.02% 10.67% -5.79% 1.48% 6.05% 11.37% 11.38% 15.39% 0.00% CFO / Total Assets
5 year Median 13.12% 13.12% 10.67% 6.05% 6.05% 6.05% 11.37% 11.37% 11.4% <-Median-> 5 Return on Assets 
Return on Assets ROA 29.4% -3.3% -8.9% -25.7% 5.0% 3.8% 4.8% 4.4% 4.0% 3.2% 4.2% 2.5% Net  Income/Assets Return on Assets
5Yr Median -3.3% -3.3% 3.8% 4.4% 4.4% 4.0% 4.2% 4.0% 4.2% <-Median-> 5 Asset Efficiency Ratio
Return on Equity ROE 77.9% -9.4% -24.9% -72.6% 15.7% 11.4% 15.3% 16.2% 14.3% 12.6% 15.4% 10.8% Net Inc/ Shareholders' equity Return on Equity
5Yr Median -9.4% -17.2% -9.4% -9.4% 11.4% 15.3% 15.3% 14.3% 15.3% 14.3% 15.3% <-Median-> 5 Return on Equity
$15.4 <-12 mths -31.01%
Net Income 6.509 $8.99 $10.91 $11.54 $19.80 $24.28
NCI 0.852 1.174 1.408 1.434 1.766 2.013
Shareholder $53.08 -$4.52 -$12.83 -$30.57 $6.98 $5.66 $7.82 $9.50 $10.11 $18.04 $22.27 $15.0 $22.0 $23.0 -58.05% <-Total Growth 10 Net Income
Increase -109% 183.98% 138.27% -123% -18.92% 38.15% 21.52% 6.40% 78.51% 23.43% -32.63% 46.67% 4.55% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $2.4 -$7.1 -$4.6 -$0.1 $8.0 $10.2 $13.5 $15.0 $17.5 $20.1 -8.32% <-IRR #YR-> 10 Net Income -58.05%
Operating Cash Flow $12.27 $17.56 $20.41 $27.44 $4.85 $1.39 $6.58 $6.91 $21.24 -$56.96 -$46.82 31.52% <-IRR #YR-> 5 Net Income 293.58%
Investment Cash Flow -$70.15 -$23.48 -$14.71 -$15.11 -$13.24 $0.00 -$0.26 -$0.60 -$38.66 -$23.54 $24.12 33.17% <-IRR #YR-> 6 5 Yr Running Ave. #DIV/0!
Total Accruals $110.96 $1.40 -$18.53 -$42.90 $15.36 $4.27 $1.50 $3.18 $27.52 $98.54 $44.97 #NUM! <-IRR #YR-> 5 5 Yr Running Ave. 291.93%
Total Assets $180.78 $138.74 $144.52 $118.79 $140.79 $148.87 $161.40 $216.52 $255.44 $565.51 $527.94 Balance Sheet Assets
Accruals Ratio 61.38% 1.01% -12.82% -36.12% 10.91% 2.87% 0.93% 1.47% 10.77% 17.43% 8.52% 8.52% <-Median-> 5 Ratio
EPS/CF Ratio 0.31 -0.20 -0.55 0.11 0.42 -0.64 3.16 0.67 0.33 0.29 0.27 0.28 <-Median-> 10 EPS/CF Ratio
-$53.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $22.3
-$5.7 $0.0 $0.0 $0.0 $0.0 $22.3
-$2.4 $0.0 $0.0 $0.0 $0.0 $0.0 $13.5
$7.1 $0.0 $0.0 $0.0 $0.0 $13.5
Chge in Close -48.63% -60.00% 180.67% 47.27% 1.61% 42.86% 108.33% -34.93% -18.44% 20.10% -4.02% 0.00% 17.70% Count 11 Years of data
Up/Down down up up down down down down Count 7 63.64%
Any Predictions? Yes Yes Yes Yes % right Count 4 57.14%
Financial Cash Flow -$64.33 $3.56 -$2.50 -$10.42 $3.20 $0.00 -$8.02 $10.65 $4.57 $84.74 $18.53 C F Statement  Financial Cash Flow
Total Accruals $175.29 -$2.16 -$16.03 -$32.49 $12.16 $4.27 $9.52 -$7.47 $22.95 $13.80 $26.43 Accruals
Accruals Ratio 96.96% -1.56% -11.09% -27.35% 8.64% 2.87% 5.90% -3.45% 8.98% 2.44% 5.01% 5.01% <-Median-> 5 Ratio
Cash $5.61 $2.35 $5.68 $7.58 $12.86 $7.34 $5.59 $22.66 $10.22 $15.92 $11.44 $9.37 Cash
Cash per Share $0.80 $0.33 $0.81 $1.12 $1.37 $0.75 $0.57 $2.31 $0.98 $0.98 $0.69 $0.57 $0.98 <-Median-> 5 Cash per Share
Percentage of Stock Price 10.91% 8.90% 53.79% 26.63% 22.07% 11.88% 6.31% 12.32% 8.04% 9.84% 5.80% 4.93% 8.04% <-Median-> 5 % of Stock Price
Notes:
December 3, 2017.  Last estimates were for 2016, 2017 and 2018 of $92.1M, $103M and $113M for Revenue, $1.18, $1.36 and $1.51 for EPS, $23.4M, $25M and $28.1M for Net Income.
December 3, 2016.  Last estiamtes were for 2015, 2016 and 2017 of $86.6M, $102M and $114M for Revenue, $1.06, $1.22 and $1.44 for EPS and $20.8M, $22.4M and $25.3M for Net Income.
December 6, 2015.  Last estimates were for 2014 and 2015 of $84.3M and $97.3M for Revenue, $1.08 and $1.33 for EPS and $13.8M and $17.6M for Net Income.
November 9, 2014.  Last estimates were for 2013, 2014 and 2015 of $95M, $106.8M and 119M for Revenue, $1.01, $1.18 and $1.40 for EPS.
November 23, 2013.  Last estimates were for 2012 and 2013 of $87M and $95M for Revenue and $.67 and $.82 for EPS
There are special voting shares that are comsidered to be a liability to the company.
The Fund was created on February 16, 2006 but began operations on May 10, 2006.  First fiscal year end is December 2006.
Company consolidated on a 100 to 1 basis, then split on 1 to 100 basis in January 2011.
Company was an Income Trust under Chesswood Income Fund (TSX-CHW.UN), but was changed to a corporation in 2011.
According to G&M site, there was a company prior to this company becoming an income trust to 2006.  It would not be easy to figure out how old shares translated into new ones, so I will not do this.
Tax changes were announced in October 2006 effective in 2011.
There are some special voting shares???
Sector:
Financial Services, Financial 
This company used to be consider a consumer discretionary stock until 2015.
What should this stock accomplish?
Would I buy this company and Why.
I would not buy this stock at this time.  It has improved since the last time I reviewed this stock.  I would like to see better growth in cash flows. 
Dividends
Dividends are paid monthly.  Dividends are declared for shareholders of record for one month and paid in the following month.
For example, the dividend declared on January 22, 2014 for shareholders of record of January 31, 2014 was paid on February 18, 2014
The company's website gives date declared for shareholders of record, not paid date.
Why am I following this stock. 
A reader wrote me in 2012 that he was researching and found a company that he hoped I could give him a brief outlook on.  He said that the company is Chesswood Group and they are basically a 
financial leasing company. From 2009 to 2012 they increased their dividends from 2.5 cents to 5.5 cents per month.   This is a 120% increase. 
How they make their money.
Chesswood Group Limited is a financial services company operating primarily in the specialty finance industry. Chesswood’s approach is to acquire financial services businesses.
It owns Pawnee Leasing Corporation, located in Fort Collins, Colorado, is Chesswood’s largest operating company.  Pawnee’s assets comprise approximately 75% of Chesswood’s consolidated assets.
Chesswood recently added Case Funding Inc., a U.S. legal finance company, to its specialty finance portfolio.
* Split info.  On January 1, 2011, prior to the conversion to a corporation, the Fund consolidated its Fund Units on a 1 for 100 basis. The Fund paid out any unitholder with less than one unit after the consolidation (and who had
filed the necessary paperwork with the transfer agent) based on the average trading price five days prior to the consolidation which was $6.05. The unit consolidation eliminated 2,808 Fund Units and approximately
291 registered unitholders for a total cost of $27. In conjunction with the unit consolidation mentioned above, the Fund split its Fund Units on a ‘100 for 1 basis’ on January 1, 2011. The unit split returned the
units outstanding back to original levels for unitholders who owned more than 100 units.
They effectively got rid of any shareholder with less than 10,000 shares.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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.
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Nov 23 2013 Nov 09 2014 Dec 6 2015 Dec 3 2016 Dec 3 2017
Shafran, Barry Wade 0.092 0.94% 0.102 0.98% 0.119 0.73% 0.120 0.73% 0.150 0.90%
CEO - Shares - Amount $1.722 $1.243 $1.189 $1.192 $1.718
Options - percentage 0.655 6.68% 0.515 4.94% 0.665 4.09% 0.765 4.63% 0.825 4.98%
Options - amount $12.281 $6.283 $6.617 $7.612 $9.463
Stevenson, Lisa Ann 0.035 0.36% 0.055 0.52% 0.078 0.48% 0.112 0.68% 0.116 0.70%
CFO - Shares - Amount $0.661 $0.667 $0.778 $1.110 $1.326
Options - percentage 0.177 1.80% 0.187 1.79% 0.227 1.40% 0.200 1.21% 0.224 1.35%
Options - amount $3.317 $2.280 $2.258 $1.990 $2.569
Sonshine, Edward 1.356 13.82% 1.345 12.90% 1.799 11.06% 12.845 77.78% 1.851 11.17% Advisor to the Board
Special 10% $25.418 $16.404 $17.902 $127.810 $21.233
Options - percentage 0.008 0.08% 0.006 0.06% 0.006 0.04% 0.006 0.04% 0.006 0.04%
Options - amount $0.150 $0.073 $0.060 $0.060 $0.069
Wittlin, Daniel 1.806 11.11% 1.860 11.26% 1.860 11.22% last filing Dec 2016
Officer - Shares - Amount $17.974 $18.503 $21.329
Options - percentage 0.100 0.61% 0.004 0.02% 0.004 0.02%
Options - amount $0.995 $0.040 $0.046
Copeland, Clare Robert 0.011 0.11% 0.026 0.16% 0.032 0.19% 0.038 0.23%
Director - Shares - Amount $0.135 $0.260 $0.319 $0.437
Options - percentage 0.006 0.06% 0.006 0.04% 0.006 0.04% 0.006 0.04%
Options - amount $0.073 $0.060 $0.060 $0.069
Steiner, Frederick 0.000 0.00% 1.130 6.95% 1.163 7.04% 1.112 6.71% no info 2014
Chairman - Shares - Amt $0.000 $11.243 $11.571 $12.754
Options - percentage 0.000 0.00% 0.008 0.05% 0.008 0.05% 0.008 0.05%
Options - amount $0.000 $0.080 $0.080 $0.092
Increase in O/S Shares 0.112 1.14% 0.127 1.29% 0.450 4.32% 0.107 0.66% 0.274 1.66%
due to SO $2.100 $2.381 $5.490 $1.065 $2.726
Book Value $1.620 $0.954 $3.870 $1.128 $2.986
Insider Buying -$0.196 $0.000 $0.000
Insider Selling $0.000 $0.900 $0.089
Net Insider Selling $5.557 -$0.196 $0.900 $0.089
% of Market Cap 4.37% -0.12% 0.46% 0.05%
Directors 7 6 6 6
Women 1 14% 1 17% 1 17% 0 0%
Minorities 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 4 4.95% 8 10.71% 16 13.96% 13 13.30% 13 13.30%
Total Shares Held 0.488 4.98% 1.083 10.40% 2.271 13.96% 2.178 13.19% 0.000 0.00%
Increase/Decrease -0.110 -18.38% 0.039 3.75% -0.058 -2.49% -0.020 -0.91% -0.020 -100.00%
Starting No. of Shares 0.598 1.044 2.329 2.198 0.020
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