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. Estimates Estimates Estimates
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Manitoba Telecom Services Inc. TSX: MBT OTC: MOBAF http://www.mtsallstream.com/ Fiscal Yr: Dec 31 http://www.mtsallstream.com 
Year 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 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 Value Description #Y Item
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
restate '06 not done
Revenue* $1,524.9 $2,017.2 $1,926.4 $1,905.8 $1,921.5 $1,809.9 $1,708.9 $1,765.6 $1,704.0 $1,633.7 $1,612.0 $995.2 $1,006 $1,009 $1,010 -50.66% <-Total Growth 10 Revenue
Increase 72.36% 32.28% -4.50% -1.07% 0.82% -5.81% -5.58% 3.32% -3.49% -4.13% -1.33% -38.26% 1.09% 0.30% 0.10% -6.82% <-IRR #YR-> 10 Revenue
5 year Running Average $1,032 $708 $1,094 $1,475 $1,859 $1,916 $1,855 $1,822 $1,782 $1,724 $1,685 $1,542 $1,390 $1,251 $1,126 -10.25% <-IRR #YR-> 5 Revenue
Revenue per Share $24.79 $29.85 $28.83 $29.49 $29.73 $27.99 $26.31 $26.78 $25.43 $21.27 $20.63 $12.56 $12.69 $12.73 $12.74 1.95% <-IRR #YR-> 10 5 yr Running Average
Increase 72.36% 20.44% -3.43% 2.28% 0.81% -5.85% -6.00% 1.79% -5.01% -16.39% -2.97% -39.15% 1.09% 0.30% 0.10% -3.62% <-IRR #YR-> 5 5 yr Running Average
5 year Running Average $17.24 $10.93 $16.69 $22.59 $28.54 $29.18 $28.47 $28.06 $27.25 $25.55 $24.08 $21.33 $18.52 $15.98 $14.27 -8.30% <-IRR #YR-> 10 Revenue per Share
P/S (Price/Sales) Med 1.91 1.47 1.49 1.61 1.27 1.22 1.14 1.17 1.27 1.52 1.44 2.14 -13.75% <-IRR #YR-> 5 Revenue per Share
P/S (Price/Sales) Close 2.00 1.33 1.61 1.56 1.21 1.20 1.08 1.11 1.28 1.40 1.31 2.37 2.45 2.44 2.44 0.49% <-IRR #YR-> 10 5 yr Running Average
*Revenue in M CDN $ Operating Revenues P/S Med 10 yr  1.35 5 yr  1.44 81.01% Diff M/C -5.61% <-IRR #YR-> 5 5 yr Running Average
-$2,017 $0 $0 $0 $0 $0 $0 $0 $0 $0 $995
-$1,709 $0 $0 $0 $0 $995
-$708 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,542
-$1,855 $0 $0 $0 $0 $1,542
Real EPS -$0.31
EPS Basic $4.31 $3.16 $4.40 $2.61 $2.23 $1.57 $1.58 $2.55 $2.63 -$1.24 $1.70 $0.77 -75.63% <-Total Growth 10 EPS Basic
EPS Diluted* $4.27 $3.14 $4.39 $2.60 $2.23 $1.57 $1.54 $2.55 $2.63 -$1.24 $1.70 $0.77 $1.21 $1.52 $1.63 -75.48% <-Total Growth 10 EPS Diluted
Increase 216.30% -26.46% 39.81% -40.77% -14.23% -29.60% -1.91% 65.58% 3.14% -147.15% -237.10% -54.71% 57.14% 25.62% 7.24% -13.11% <-IRR #YR-> 10 Earnings per Share -109.87% <- Real
Earnings Yield 8.6% 7.9% 9.5% 5.7% 6.2% 4.7% 5.4% 8.6% 8.1% -4.2% 6.3% 2.6% 3.9% 4.9% 5.2% -12.94% <-IRR #YR-> 5 Earnings per Share -120.13% <- Real
5 year Running Average $2.16 $1.48 $2.36 $2.88 $3.33 $2.79 $2.47 $2.10 $2.10 $1.41 $1.44 $1.28 $1.01 $0.79 $1.37 -6.39% <-IRR #YR-> 10 5 yr Running Average
10 year Running Average $1.59 $0.74 $1.18 $1.44 $1.66 $1.82 $1.97 $2.23 $2.49 $2.37 $2.11 $1.87 $1.56 $1.45 $1.39 -12.26% <-IRR #YR-> 5 5 yr Running Average
* Diluted ESP per share  E/P 10 Yrs 5.93% 5Yrs 6.28%
-$3.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.77
-$1.54 $0.00 $0.00 $0.00 $0.00 $0.77
-$1.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.28
-$2.47 $0.00 $0.00 $0.00 $0.00 $1.28
Special Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Dividend* $1.80 $2.60 $2.60 $2.60 $2.60 $2.60 $2.38 $1.70 $1.70 $1.70 $1.70 $1.30 $1.30 $1.30 $1.30 -50.00% <-Total Growth 10 Dividends
Increase 91.49% 44.44% 0.00% 0.00% 0.00% 0.00% -8.65% -28.42% 0.00% 0.00% 0.00% -23.53% 0.00% 0.00% 0.00% 0.00% <-Median-> 10 Dividends
Yield H/L Price 3.81% 5.91% 6.04% 5.47% 6.90% 7.63% 7.90% 5.41% 5.27% 5.27% 5.74% 4.83% 4.34% 5.60% <-Median-> 10 Dividends
Yield on High  Price 3.35% 5.23% 5.31% 5.22% 5.98% 6.99% 6.75% 4.94% 4.85% 4.71% 5.19% 4.26% 4.19% 5.20% <-Median-> 10 Dividends
Yield on Low Price 4.41% 6.79% 7.01% 5.74% 8.14% 8.41% 9.53% 5.99% 5.78% 5.97% 6.41% 5.57% 4.50% 6.20% <-Median-> 10 Dividends
Yield on Close Price 3.63% 6.57% 5.60% 5.66% 7.23% 7.76% 8.33% 5.73% 5.24% 5.73% 6.28% 4.37% 4.19% 4.19% 4.19% 5.73% <-Median-> 10 Dividends
Payout Ratio EPS 42.15% 82.80% 59.23% 100.00% 116.59% 165.61% 154.22% 66.67% 64.64% -137.10% 100.00% 168.83% 107.44% 85.53% 79.75% 100.00% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 83.33% 175.44% 110.17% 90.28% 78.17% 93.32% 96.31% 81.03% 80.80% 120.57% 118.38% 101.40% 128.21% 164.14% 95.17% 88.17% <-Median-> 8 DPR EPS 5 Yr Running
Payout Ratio CFPS 30.55% 40.84% 41.01% 28.54% 31.95% 63.74% 33.87% 28.99% 25.92% 42.58% 33.46% 88.37% 25.69% 27.72% 27.96% 33.67% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 36.36% 106.04% 69.90% 46.92% 36.27% 38.20% 34.24% 24.85% 26.86% 30.90% 29.82% 28.30% 29.33% 32.03% 31.02% 32.57% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 29.69% 40.05% 39.34% 30.02% 35.00% 44.08% 38.59% 26.83% 25.00% 44.72% 31.71% 65.30% 25.69% 27.72% 27.96% 36.80% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 36.77% 103.54% 67.83% 46.72% 36.88% 37.05% 34.17% 24.65% 26.06% 29.32% 29.87% 26.76% 28.24% 31.10% 29.88% 32.02% <-Median-> 8 DPR CF WC 5 Yr Running
Median Values Yield  5.27% 5.73% Payout 66.67% 33.46% 31.71% -6.70% <-IRR #YR-> 10 Dividends
* Dividends per share  Curr diff -20.65% Last Div Inc ---> $0.43 $0.33 -23.5% -11.35% <-IRR #YR-> 5 Dividends
-$2.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.30
-$2.38 $0.00 $0.00 $0.00 $0.00 $1.30
Historical Dividends Historical High Div 8.41% Low Div 1.98% Ave Div 5.20% Med Div 5.27% Close Div 5.24% Historical Dividends
High/Ave/Median  Curr diff Exp. -50.23%     111.39% Exp. -19.43% Exp. -20.58% Exp. -20.08% High/Ave/Median 
Future Div Yield Div Yd 5.62% earning in 10.00 Years at IRR of 3.00% Div Inc. 34.39% Future Div Yield
Future Div Yield Div Yd 6.52% earning in 15.00 Years at IRR of 3.00% Div Inc. 55.80% Future Div Yield
I am earning GC Div Gr -50.00% 13/02/06 # yrs -> 10 2006 $39.00 Cap Gain -20.36% I am earning GC
I am earning Div org yield 6.67% 12/31/14 Pension Div G Yrly -7.50% Div start $2.60 -6.67% 3.33% I am earning Div
Cost covered if held 5 years 25.98% 22.54% 21.66% 32.44% 31.48% 27.50% 29.02% 27.61% 23.07% 26.72% 26.94% 26.96% 24.51% 22.65% 21.38% 27.23% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 84.50% 82.76% 92.48% 64.15% 51.01% 66.21% 57.48% 46.91% 47.43% 45.51% 38.42% 45.03% 64.15% <-Median-> 9 Paid Median Price
Cost covered if held 15 years 149.54% 134.30% 139.41% 90.54% 70.05% 88.68% 75.29% 136.85% <-Median-> 4 Paid Median Price
Cost covered if held 20 years 192.80% 169.59% #NUM! <-Median-> 0 Paid Median Price
Yield if held 5 yrs 9.21% 8.47% 6.43% 8.00% 6.71% 5.50% 5.40% 3.95% 3.57% 4.51% 4.99% 4.33% 4.14% 4.03% 4.03% 5.19% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 15.41% 13.30% 13.30% 7.74% 4.20% 5.23% 4.39% 3.60% 2.95% 3.02% 2.73% 3.45% 5.23% <-Median-> 9 Paid Median Price
Yield if held 15 yrs 10.07% 8.70% 8.70% 4.23% 3.21% 4.00% 3.35% 8.70% <-Median-> 4 Paid Median Price
Yield if held 20 yrs 7.70% 6.65% #NUM! <-Median-> 0 Paid Median Price
Graham No. $46.50 $38.66 $47.18 $35.65 $32.75 $26.82 $26.20 $26.21 $26.73 $29.01 $22.70 $15.14 $18.97 $21.27 $22.02 -60.85% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.02 1.14 0.91 1.33 1.15 1.27 1.15 1.20 1.21 1.11 1.31 1.78 1.58 1.20 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.15 1.29 1.04 1.40 1.33 1.39 1.34 1.31 1.31 1.24 1.44 2.02 1.64 1.33 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.88 0.99 0.79 1.27 0.98 1.15 0.95 1.08 1.10 0.98 1.17 1.54 1.52 1.09 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.07 1.02 0.98 1.29 1.10 1.25 1.09 1.13 1.21 1.02 1.19 1.97 1.64 1.46 1.41 1.16 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 6.67% 2.37% -1.66% 28.95% 9.85% 24.90% 8.80% 13.19% 21.42% 2.34% 19.35% 96.68% 63.69% 46.05% 41.04% 16.27% <-Median-> 10 Graham Price
Price Close $49.60 $39.58 $46.40 $45.97 $35.98 $33.50 $28.50 $29.67 $32.46 $29.69 $27.09 $29.77 $31.06 $31.06 $31.06 -24.79% <-Total Growth 10 Stock Price
Increase 15.35% -20.20% 17.23% -0.93% -21.73% -6.89% -14.93% 4.11% 9.40% -8.53% -8.76% 9.89% 4.33% 0.00% 0.00% -2.81% <-IRR #YR-> 10 Stock Price
P/E 11.62 12.61 10.57 17.68 16.13 21.34 18.51 11.64 12.34 -23.94 15.94 38.66 25.67 20.43 19.06 0.88% <-IRR #YR-> 5 Stock Price
Trailing P/E 36.74 9.27 14.78 10.47 13.84 15.02 18.15 19.27 12.73 11.29 -21.85 17.51 40.34 25.67 20.43 3.24% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D.  per yr 6.05% 5.63% % Tot Ret 187% 86.53% Price Inc 4.11% P/E:  16.03 12.34 6.50% <-IRR #YR-> 5 Price & Dividend
-$39.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $29.77
-$28.50 $0.00 $0.00 $0.00 $0.00 $29.77
-$39.58 $2.60 $2.60 $2.60 $2.60 $2.38 $1.70 $1.70 $1.70 $1.70 $31.07
-$28.50 $1.70 $1.70 $1.70 $1.70 $31.07
Price Median H/L $47.28 $44.02 $43.02 $47.57 $37.70 $34.06 $30.05 $31.41 $32.23 $32.28 $29.63 $26.93 $29.97 -38.82% <-Total Growth 10 Stock Price
Increase 22.00% -6.90% -2.27% 10.59% -20.75% -9.66% -11.77% 4.53% 2.61% 0.14% -8.21% -9.10% 11.29% -4.79% <-IRR #YR-> 10 Stock Price
P/E 11.07 14.02 9.80 18.30 16.91 21.69 19.51 12.32 12.25 -26.03 17.43 34.97 24.77 -2.17% <-IRR #YR-> 5 Stock Price
Trailing P/E 35.02 10.31 13.70 10.84 14.50 15.27 19.14 20.40 12.64 12.27 -23.89 15.84 38.92 1.08% <-IRR #YR-> 10 Price & Dividend
P/E on Running 5 yr Aveage 21.89 29.70 18.23 16.52 11.33 12.23 12.19 14.97 15.32 22.89 20.63 21.01 29.56 3.47% <-IRR #YR-> 5 Price & Dividend
P/E on Running 10 yr Aveage 29.75 59.40 36.45 33.03 22.67 18.71 15.22 14.09 12.93 13.63 14.03 14.37 19.26 16.91 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 5.87% 5.64% % Tot Ret 545.17% 162% Price Inc 0.14% P/E:  17.17 12.32
-$44.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.93
-$30.05 $0.00 $0.00 $0.00 $0.00 $26.93
-$44.02 $2.60 $2.60 $2.60 $2.60 $2.38 $1.70 $1.70 $1.70 $1.70 $28.23
-$30.05 $1.70 $1.70 $1.70 $1.70 $28.23
High Months Mar Feb/Sep Oct May/Sept Nov Jan Jan May May May Jul Dec Jan
Price High $53.70 $49.74 $48.94 $49.84 $43.45 $37.22 $35.17 $34.43 $35.04 $36.09 $32.74 $30.54 $31.06 -38.60% <-Total Growth 10 Stock Price
Increase 24.88% -7.37% -1.61% 1.84% -12.82% -14.34% -5.51% -2.10% 1.77% 3.00% -9.28% -6.72% 1.70% -4.76% <-IRR #YR-> 10 Stock Price
P/E 12.58 15.84 11.15 19.17 19.48 23.71 22.84 13.50 13.32 -29.10 19.26 39.66 25.67 -2.78% <-IRR #YR-> 5 Stock Price
Trailing P/E 39.78 11.65 15.59 11.35 16.71 16.69 22.40 22.36 13.74 13.72 -26.40 17.96 40.34 19.17 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc -2.10% P/E:  19.21 13.50 24.94 P/E Ratio Historical High
-$49.74 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.54
-$35.17 $0.00 $0.00 $0.00 $0.00 $30.54
Low Months Oct Dec Feb Mar/Aug Dec Oct Aug Nov Jan Nov Dec Feb Jan
Price Low $40.85 $38.29 $37.09 $45.30 $31.95 $30.90 $24.93 $28.39 $29.42 $28.46 $26.51 $23.32 $28.88 -39.10% <-Total Growth 10 Stock Price
Increase 18.41% -6.27% -3.13% 22.14% -29.47% -3.29% -19.32% 13.88% 3.63% -3.26% -6.85% -12.03% 23.84% -4.84% <-IRR #YR-> 10 Stock Price
P/E 9.57 12.19 8.45 17.42 14.33 19.68 16.19 11.13 11.19 -22.95 15.59 30.29 23.87 -1.33% <-IRR #YR-> 5 Stock Price
Trailing P/E 30.26 8.97 11.81 10.32 12.29 13.86 15.88 18.44 11.54 10.82 -21.38 13.72 37.51 14.33 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc -3.26% P/E:  14.96 11.19 11.13 P/E Ratio Historical Low
-$38.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $23.32
Intangible Assets $307.20 $368.70 $371.80 $377.40 $418.50 Intangibles Goodwill
% of Market Cap 15.70% 16.95% 16.30% 17.83% 17.74% 16.95% <-Median-> 5 % of Market C.
Market Cap $3,051 $2,674 $3,100 $2,971 $2,326 $2,166 $1,851 $1,956 $2,175 $2,281 $2,116 $2,360 $2,462 $2,462 $2,462 -11.77% <-Total Growth 10 Market Cap
Diluted # of Sh in Million 68.2 77.6 78.9 Diluted Average
Average # of Sh in M 70.80 67.70 68.00 65.00 64.60 64.70 64.70 65.50 66.60 68.2 77.6 78.9 Basic Average
Increase 12.38% -4.38% 0.44% -4.41% -0.62% 0.15% 0.00% 1.24% 1.68% 2.40% 13.78% 1.68% Increase
Difference -13.1% -0.2% -1.7% -0.6% 0.1% 0.0% 0.4% 0.7% 0.6% 12.6% 0.7% 0.5% Difference
# of Share in M 61.520 67.570 66.818 64.632 64.638 64.668 64.960 65.937 66.995 76.821 78.123 79.262 79.262 79.262 79.262 1.61% <-IRR #YR-> 10 Shares
Increase 0.00% 9.83% -1.11% -3.27% 0.01% 0.05% 0.45% 1.50% 1.60% 14.67% 1.69% 1.46% 0.00% 0.00% 0.00% 4.06% <-IRR #YR-> 5 Shares
CF fr Op $Millon $362.5 $430.2 $423.6 $588.7 $526.0 $263.8 $455.5 $386.6 $439.4 $306.7 $396.9 $116.6 $401.1 $371.7 $368.6 -72.90% <-Total Growth 10 Cash Flow
Increase 11.81% 18.68% -1.53% 38.98% -10.65% -49.85% 72.67% -15.13% 13.66% -30.20% 29.41% -70.62% 243.97% -7.31% -0.85% DRIP Buy Backs, SO S. Issue
5 year Running Average $295.4 $158.5 $243.3 $361.0 $466.2 $446.5 $451.5 $444.1 $414.3 $370.4 $397.0 $329.2 $332.1 $318.6 $331.0 1.61% <-Total Growth 10 CF 5 Yr Running
CFPS $5.89 $6.37 $6.34 $9.11 $8.14 $4.08 $7.01 $5.86 $6.56 $3.99 $5.08 $1.47 $5.06 $4.69 $4.65 -76.89% <-Total Growth 10 Cash Flow per Share
Increase 11.81% 8.05% -0.43% 43.68% -10.66% -49.87% 71.89% -16.38% 11.86% -39.13% 27.25% -71.04% 243.97% -7.31% -0.85% -12.24% <-IRR #YR-> 10 Cash Flow
5 year Running Average $4.95 $2.45 $3.72 $5.54 $7.17 $6.81 $6.94 $6.84 $6.33 $5.50 $5.70 $4.59 $4.43 $4.06 $4.19 -23.85% <-IRR #YR-> 5 Cash Flow
P/CF on Med Price 7.80 6.78 6.51 5.49 5.08 5.78 4.88 4.96 4.74 8.49 5.53 13.53 5.92 -13.63% <-IRR #YR-> 10 Cash Flow per Share
P/CF on Closing Price 8.18 6.10 7.02 5.31 4.84 5.68 4.63 4.68 4.77 7.81 5.05 14.95 6.14 -26.83% <-IRR #YR-> 5 Cash Flow per Share
11.41% Diff M/C -1.26% <-IRR #YR-> 10 CFPS 5 yr Running
Excl.Working Capital CF $10.5 $8.5 $18.0 -$29.0 -$45.9 $117.6 -$55.7 $31.2 $16.2 -$14.7 $21.9 $41.2 $0.0 $0.0 $0.0 -7.91% <-IRR #YR-> 5 CFPS 5 yr Running
CF fr Op $M WC $373.0 $438.7 $441.6 $559.7 $480.1 $381.4 $399.8 $417.8 $455.6 $292.0 $418.8 $157.8 $401.1 $371.7 $368.6 -64.03% <-Total Growth 10 Cash Flow less WC
Increase 23.43% 17.61% 0.66% 26.74% -14.22% -20.56% 4.82% 4.50% 9.05% -35.91% 43.42% -62.32% 154.16% -7.31% -0.85% -9.72% <-IRR #YR-> 10 Cash Flow less WC
5 year Running Average $293.3 $162.3 $250.7 $362.6 $458.6 $460.3 $452.5 $447.8 $426.9 $389.3 $396.8 $348.4 $345.1 $328.3 $343.6 -16.97% <-IRR #YR-> 5 Cash Flow less WC
CFPS Excl. WC $6.06 $6.49 $6.61 $8.66 $7.43 $5.90 $6.15 $6.34 $6.80 $3.80 $5.36 $1.99 $5.06 $4.69 $4.65 0.80% <-IRR #YR-> 10 CF less WC 5 Yr Run
Increase 23.43% 7.08% 1.79% 31.03% -14.23% -20.59% 4.35% 2.95% 7.33% -44.11% 41.03% -62.86% 154.16% -7.31% -0.85% -5.10% <-IRR #YR-> 5 CF less WC 5 Yr Run
5 year Running Average $4.90 $2.51 $3.83 $5.56 $7.05 $7.02 $6.95 $6.90 $6.52 $5.80 $5.69 $4.86 $4.60 $4.18 $4.35 -11.15% <-IRR #YR-> 10 CFPS - Less WC
P/CF on Med Price 7.80 6.78 6.51 5.49 5.08 5.78 4.88 4.96 4.74 8.49 5.53 13.53 5.92 0.00 0.00 -20.21% <-IRR #YR-> 5 CFPS - Less WC
P/CF on Closing Price 8.18 6.10 7.02 5.31 4.84 5.68 4.63 4.68 4.77 7.81 5.05 14.95 6.14 6.62 6.68 -0.58% <-IRR #YR-> 10 CFPS 5 yr Running
*Operational Cash Flow CF/-WC P/CF Med 10 yr 5.51 5 yr  5.53 P/CF Med 10 yr 5.51 5 yr  5.53 11.41% Diff M/C -6.91% <-IRR #YR-> 5 CFPS 5 yr Running
-$6.37 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.47 Cash Flow per Share
-$7.01 $0.00 $0.00 $0.00 $0.00 $1.47 Cash Flow per Share
-$2.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.59 CFPS 5 yr Running
-$6.94 $0.00 $0.00 $0.00 $0.00 $4.59 CFPS 5 yr Running
-$438.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $157.8 Cash Flow less WC
-$399.8 $0.0 $0.0 $0.0 $0.0 $157.8 Cash Flow less WC
-$162.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $348.4 CF less WC 5 Yr Run
-$452.5 $0.0 $0.0 $0.0 $0.0 $348.4 CF less WC 5 Yr Run
OPM 23.77% 21.33% 21.99% 30.89% 27.37% 14.58% 26.65% 21.90% 25.79% 18.77% 24.62% 11.72% -45.06% <-Total Growth 10 OPM
Increase -35.13% -10.29% 3.11% 40.48% -11.38% -46.76% 82.87% -17.85% 17.77% -27.20% 31.15% -52.41% Should increase  or be stable.
Diff from Ave 2.0% -8.5% -5.6% 32.5% 17.5% -37.5% 14.4% -6.0% 10.6% -19.4% 5.6% -49.7% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 23.31% 5 Yrs 21.90% should be  zero, it is a   check on calculations
Current Assets $405.20 $376.70 $485.20 $328.70 $232.7 $432.0 $332.0 $228.2 $215.9 $279.4 $241.1 $734.9 Liq ratio of 1.5 and up, best Assets
Current Liabilities $524.80 $590.10 $536.80 $546.00 $721.8 $426.7 $657.0 $506.2 $463.3 $667.0 $385.8 $845.2 0.55 <-Median-> 10 Liabilities
Liquidity Ratio 0.77 0.64 0.90 0.60 0.32 1.01 0.51 0.45 0.47 0.42 0.62 0.87 0.47 <-Median-> 5 Ratio
Liq. with CF aft div 1.25 1.07 1.37 1.37 0.82 1.24 0.96 0.99 1.17 0.68 1.31 0.89 0.99 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.25 0.67 0.97 0.86 0.55 0.73 0.62 0.61 0.67 0.47 0.73 0.69 0.67 <-Median-> 5 Ratio
Less Port. Lg T. Debt $100.0 $0.0 $275.0 $0.0 $250.0
Liquidity Ratio 0.56 0.47 0.71 0.62 1.23 0.62 <-Median-> 5 Ratio
Liq. with CF aft div 1.24 1.17 1.16 1.31 1.26 1.24 <-Median-> 5 Ratio
Assets $2,964.1 $2,984.2 $2,923.5 $2,726.0 $2,653.0 $2,896.4 $2,875.3 $2,681.5 $2,732.3 $2,682.4 $2,688.0 $2,674.4 Debt Ratio of 1.5 and up, best Assets
Liabilities $1,579.5 $1,554.4 $1,417.6 $1,322.0 $1,271.0 $1,579.5 $1,588.8 $1,891.8 $1,923.2 $1,589.7 $1,635.7 $1,626.2 1.75 <-Median-> 10 Liabilities
Debt Ratio 1.88 1.92 2.06 2.06 2.09 1.83 1.81 1.42 1.42 1.69 1.64 1.64 1.64 <-Median-> 5 Ratio
Book Value IFRS $1,317 $948 $848 $790 $809 $1,093 $1,052 $1,052 30.07% <-Total Growth 6 Book Value
Change -28.04% -10.52% -6.88% 2.44% 35.07% -3.70% 0.00%
Book Value $1,385 $1,430 $1,506 $1,404 $1,382 $1,317 $1,287 $790 $809 $1,093 $1,052 $1,048.2 $1,048 $1,048 $1,048 -26.69% <-Total Growth 10 Book Value
BV per share $22.51 $21.16 $22.54 $21.72 $21.38 $20.36 $19.80 $11.98 $12.08 $14.22 $13.47 $13.22 $13.22 $13.22 $13.22 -37.50% <-Total Growth 10 Book Value
Change 55.80% -5.98% 6.51% -3.61% -1.58% -4.75% -2.75% -39.53% 0.84% 17.78% -5.30% -1.82% 0.00% 0.00% 0.00% 11.15% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 2.10 2.08 1.91 2.19 1.76 1.67 1.52 2.62 2.67 2.27 2.20 2.04 2.10 P/B Ratio Historical Median
P/B Ratio (Close) 2.20 1.87 2.06 2.12 1.68 1.65 1.44 2.48 2.69 2.09 2.01 2.25 2.35 2.35 2.35 -4.59% <-IRR #YR-> 10 Book Value
Change -25.96% -15.12% 10.07% 2.79% -20.48% -2.24% -12.52% 72.15% 8.49% -22.34% -3.65% 11.93% 4.33% 0.00% 0.00% -7.76% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 2.14 2.09 1.94 1.94 1.92 2.20 2.23 3.40 3.38 2.45 2.55 2.55 2.34 <-Median-> 10 A/BV
Debt/Equity Ratio 1.14 1.09 0.94 0.94 0.92 1.20 1.23 2.40 2.38 1.45 1.55 1.55 1.34 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 2.11 5 yr Med 2.27 11.15% Diff M/C
-$21.16 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.22
-$19.80 $0.00 $0.00 $0.00 $0.00 $13.22
Comprehensive Income $299.40 $167.70 $144.00 $101.70 $99.70 $24.00 $98.50 $118.0 $54.3 $77.6 -74.08% <-Total Growth 9 <-Total Growth Comprehensive Inc.
ROE 19.9% 11.9% 10.4% 7.7% 7.7% 3.0% 12.2% 10.8% 5.2% 7.4% 7.40% <-Median-> 5 Comprehensive Inc.
5Yr Median 10.4% 7.7% 7.7% 7.7% 7.7% 7.4% -13.93% <-IRR #YR-> 9 Comprehensive Inc.
% Difference from NI 0.0% 0.0% 0.0% 0.0% 0.0% -85.6% -43.8% -239.8% -58.8% -418.0% -4.89% <-IRR #YR-> 5 Comprehensive Inc.
Median Values Diff 5, 10 yr -21.9% -85.6%
-$299.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $77.6
-$99.7 $0.0 $0.0 $0.0 $0.0 $77.6
Return on Assets 10.3% 7.2% 10.2% 6.2% 5.4% 3.5% 3.5% 6.2% 6.4% -3.1% 4.9% -0.9% Net  Income/Assets ROA
5Yr Median 6.8% 7.2% 10.0% 7.2% 7.2% 6.2% 5.4% 5.4% 5.4% 3.5% 4.9% 4.9% 4.9% <-Median-> 5 ROA
ROE 22.0% 14.9% 19.9% 11.9% 10.4% 7.7% 7.7% 21.2% 21.7% -7.7% 12.5% -2.3% Net Inc/ Shareholders' equity ROE
5Yr Median 12.9% 14.9% 18.3% 14.9% 14.9% 11.9% 10.4% 10.4% 10.4% 7.7% 12.5% 12.5% 12.5% <-Median-> 5 ROE
Net Income $305.10 $213.70 $299.40 $167.70 $144.00 $101.70 $99.70 $167.10 $175.40 -$84.4 $131.7 -$24.4 $103 $107 -111.42% <-Total Growth 10 Net Income
Increase 255.59% -29.96% 40.10% -43.99% -14.13% -29.38% -1.97% 67.60% 4.97% -148.12% -256.04% -118.53% -522.13% 3.88% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $145.53 $103.76 $163.64 $197.18 $225.98 $185.30 $162.50 $136.04 $137.58 $91.9 $97.9 $73.1 $60.3 $46.6 #NUM! <-IRR #YR-> 10 Net Income
Operating Cash Flow $362.50 $430.20 $423.60 $588.70 $526.00 $263.80 $455.50 $386.60 $439.40 $306.7 $396.9 $116.6 #NUM! <-IRR #YR-> 5 Net Income
Investment Cash Flow $125.80 -$351.20 -$222.60 -$323.00 -$343.50 -$297.90 -$368.90 -$315.00 -$342.50 -$306.1 -$305.1 -$239.1 -8.00% <-IRR #YR-> 10 5 Yr Running Ave.
Total Accruals -$183.20 $134.70 $98.40 -$98.00 -$38.50 $135.80 $13.10 $95.50 $78.50 -$85.0 $39.9 $98.1 -14.77% <-IRR #YR-> 5 5 Yr Running Ave.
Total Assets $2,964.1 $2,984.2 $2,923.5 $2,726.0 $2,653.0 $2,896.4 $2,875.3 $2,681.5 $2,732.3 $2,682.4 $2,688.0 $2,674.4 Balance Sheet Assets
Accruals Ratio -6.18% 4.51% 3.37% -3.60% -1.45% 4.69% 0.46% 3.56% 2.87% -3.17% 1.48% 3.67% 2.87% <-Median-> 5 Ratio
EPS/CF Ratio 0.70 0.48 0.66 0.30 0.30 0.27 0.25 0.40 0.39 -0.33 0.32 0.39 0.31 <-Median-> 10 EPS/CF Ratio
-$214 $0 $0 $0 $0 $0 $0 $0 $0 $0 -$24
-$100 $0 $0 $0 $0 -$24
-$104 $0 $0 $0 $0 $0 $0 $0 $0 $0 $73
-$163 $0 $0 $0 $0 $73
Change in Close 15.35% -20.20% 17.23% -0.93% -21.73% -6.89% -14.93% 4.11% 9.40% -8.53% -8.76% 9.89% 4.33% 0.00% 0.00% count 13 Change in Close
up/down up Down count 2
Meet Prediction? % right count 0 0.00%
Financial Cash Flow -$452.30 -$120.50 -$378.60 -$382.50 -$169.50 $137.80 -$257.70 -$104.80 -$126.30 $99.80 -$146.20 $75.40 C F Statement  Financial CF
Total Accruals $269.10 $255.20 $477.00 $284.50 $131.00 -$2.00 $270.80 $200.30 $204.80 -$184.80 $186.10 $22.70 Accruals
Accruals Ratio 9.08% 8.55% 16.32% 10.44% 4.94% -0.07% 9.42% 7.47% 7.50% -6.89% 6.92% 0.85% 6.92% <-Median-> 5 Ratio
Cash $16.80 -$12.60 $87.8 $33.4 -$15.0 Cash
Cash per Share $0.25 -$0.19 $1.14 $0.43 -$0.19 $0.25 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.86% -0.58% 3.85% 1.58% -0.64% 0.86% <-Median-> 5 % of Stock Price
February 7, 2016.  Last estimates were for 2015, 2016 and 2017 of $1603M, $1606M and $1611M for Revenue, $1.60, $1.66 and $1.77 for EPS, $4.28, $5.06 and $5.41 for CFPS and $132M, $135M and $146M for Net Income.
February 8, 2015.  Last estimates were for 2014, 2015 and 2016 of $1638.8M, $1939.5M and $1658M for Revenue, $1.75, $1.80 and $1.90 for EPS, $5.28 and $5.97 for 2014 and 2015 for CFPS 
and $125 and $137 for Net Income.
February 9, 2014.  Last estimates were fo 2013 and 2014 of $1676M and $1675M for Revenue, $2.13 and $2.22 for EPS.
Feb 26, 2013.  Last estimates were for 2012 and 2013 of $1747.1M and $1744.4M for revenue, $2.54 and $2.62 (and $2.79 for 2014) for EPS and $6.69 for CFPS (2012).
May 13, 2012.  Last estimates I got were for 2011 and 2012 of $1757M and $1748M for revenue, $2.43 and $2.53 for earnings and $6.69 and $6.69 for Cash Flow.
June 9, 2011.  The last time I looked I got 2010 and 2011 estimates of $2.01 and $2.10 for earnings and $6.34 and $6.69 for cash flow. Expected earnings were way off.
Under new accting rules Book Value decreases.  If I had used IFRS accounting rules for 2010, BV would $848 and 5 and 10 year growth would be -9.21% and  -.53% per year, respectively.
Jan 24, 2011.  TD Newcrest moved this stock from a buy to an action buy expecting a return of 32.7% return over the next 12 mths and a stock price of $36 FROM CURRENT $33.  CHECK THIS LATER.
Jan 5, 2010.  When I looked last I got 2010 and 2011 earnings of $2.30 and $2.26 and cash flow of $6.43 and $6.65.
Apr 13, 2010.  When I last looked at this stock I picked up estimates for 2009 and 2010 for earnings of $2.91 and $2.95 and cash flow of $6.85 and $7.15. Both were much lower.
I looked at Cash Flow (excluding non-cash working capital) re relationship to current liquidity and payment of dividends and investments.  CF does not cover div and Investments. An Analyst remarked 
that the company is borrowing to pay dividends.  This is not true as cash flow can cover dividends.  However, without borrowing they could not pay for investments.  This is not necessarily bad.
June 26, 2009.  In reviewing estimates, I find that I must reduce 2010 from $3.03 to $2.95.  I am holding 2009 at $2.91.  Once recession is over with, rethink this investment.
Apr 2009 AR 2008.  Last review was September 2008 and I got estimates for earnings to be $2.60.  It came as $2.23, and way off the mark.  However, lots of anaylsts are using the EPS on continuing 
operations, and this came in at $2.98.
AP 2007.  They did not do that well last year.  Dividends do not increase yearly.  I wonder if I should keep this? Became a trading company Jan 7 1997
AP 2006. My stock has done well since I bought it.  Dividend is increasing nicely.  Stock increase moderate.  Stock is doing what I bought it for, that is good dividend and modest price increases.
TD is no longer optimistic on this stock.  Cannot go to an income trust, so less valuable.  Expected price is 46, where it is now and 6% return for year. 
Dividends
Dividends are paid in Cycle 1, that is in January, April, July and October.  Dividends are paid around the middle of the month.  Dividends declared for shareholders of record of one month are paid in following month.
For example, the dividend declared on February 6, 2014 was for shareholders of record of March 14, 2014  and payable on April 15, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers 
For employees 
For community 
For investors 
Why am I following this stock. 
I am following this stock as I still own it.  In 2010 I was beginning  to worry about this stock.  I no longer thought that it was a good stock.  In the 2009 report, the company
said that they cannot guarantee current level of dividends.  I got rid of this stock in my Trading and Pension Accounts in 2010.  I had a slight loss in my 
Trading account and a slight gain in my Pension Account for an overall gain of 0.83% (including dividends).
Why I bought this stock.
In 2006, I was look for something to buy and I wanted a good dividend paying Canadian Stock.  TD recommended this stock as a current Buy. I checked the stock out and it looked good. 
I ended up with some of this stock in my trading, RRSP and Pension Accounts.  They have not raised their dividends for years.  
How they make their money
This company is a full-service communications company.  It serves residential and business customers in Manitoba.
Their Allstream division serves national business consumers.
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.
www.mts.ca/ 
http://www.mts.ca/mts/about+mts+allstream 
They seemed to have changed the site name for annual reports.
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date May 13 2012 Mar 07 2013 Feb 09 2014 Feb 08 2015 Feb 06 2015
Forbes, Jay 0.005 0.01% 0.007 0.01%
CEO - Shares - Amount $0.149 $0.220
Options - percentage 0.059 0.07% 0.118 0.15%
Options - amount $1.746 $3.679
Blouin, Pierre J. 0.138 0.18% 0.141 0.18%
CEO - Shares - Amount $4.101 $3.811
Options - percentage 1.532 1.99% 1.710 2.19%
Options - amount $45.483 $46.317
Cadieux, Paul C. 0.002 0.00% 0.006 0.01% Used to be Subsidary
CFO - Shares - Amount $0.058 $0.197 Executivew
Options - percentage 0.006 0.01% 0.030 0.04%
Options - amount $0.191 $0.923
Demkey, Wayne S. 0.012 0.02% 0.013 0.02% 0.025 0.03% Ceased to be an 
CFO - Shares - Amount $0.350 $0.361 $0.748 insider in 2015
Options - percentage 0.299 0.39% 0.340 0.44% 0.344 0.43%
Options - amount $8.884 $9.219 $10.253
Beauregard, Paul 0.002 0.00% 0.003 0.00% 0.019 0.02% 0.006 0.01%
Officer - Shares - Amount $0.066 $0.085 $0.567 $0.174
Options - percentage 0.030 0.04% 0.055 0.07% 0.047 0.06% 0.070 0.09%
Options - amount $0.886 $1.494 $1.394 $2.182
Everett, N. Ashleigh 0.001 0.00% 0.001 0.00%
Director - Shares - Amount $0.039 $0.040
Options - percentage 0.018 0.02% 0.020 0.03%
Options - amount $0.539 $0.627
Côté-O'Hara, Jocelyne M. 0.001 0.00% 0.001 0.00%
Director - Shares - Amount $0.030 $0.027
Options - percentage 0.016 0.02% 0.016 0.02%
Options - amount $0.464 $0.432
Leith, David Gordon 0.005 0.01% 0.005 0.01% 0.005 0.01%
Chairman - Shares - Amt $0.135 $0.149 $0.155
Options - percentage 0.022 0.03% 0.025 0.03% 0.027 0.03%
Options - amount $0.609 $0.740 $0.848
Increase in O/S Shares 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0 for 2012, 2013,
due to SO  $0 $0.000 $0.000 $0.000 and 2014, 2015
Book Value $0 $0.000 $0.000 $0.000
Insider Buying $0.000 $0.000 $0.000 Yes, 0
Insider Selling $0.000 $0.000 $0.000 Yes, 0
Net Insider Selling $0.000 $0.000 $0.000
% of Market Cap 0.00% 0.00% 0.00%
Directors 10 11 10
Women 3 30% 4 36% 4 40%
Minorities 0 0% 0 0% 0 0%
Institutions/Holdings 68 2328.00% 71 21.17% 61 21.47% 69 28.67% 80 35.35%
Total Shares Held 15.415 23.01% 14.238 18.53% 16.496 21.12% 22.396 28.26% 28.022 35.35%
Increase/Decrease 1.552 11.20% -1.949 -12.04% 1.927 13.23% -0.298 -1.31% 0.530 1.93%
Starting No. of Shares 13.863 16.187 14.569 22.693 27.492
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