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/ Q2 2017
Badger Daylighting Ltd TSX: BAD OTC: BADFF www.badgerinc.com Fiscal Yr: Dec 31
Year 12/31/05 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 C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$449.2 <-12 mths 11.14%
Revenue* $83.3 $98.4 $117.7 $148.3 $135.0 $139.6 $194.2 $239.2 $324.6 $422.2 $404.6 $404.2 $485.0 $525.0 $563.0 310.90% <-Total Growth 10 Revenue
Increase 5.89% 18.05% 19.64% 26.05% -9.02% 3.44% 39.09% 23.20% 35.68% 30.08% -4.17% -0.10% 19.99% 8.25% 7.24% 15.18% <-IRR #YR-> 10 Revenue 310.90%
5 year Running Average $66.8 $74.8 $88.4 $105.3 $116.5 $127.8 $147.0 $171.3 $206.5 $264.0 $317.0 $359.0 $408.1 $448.2 $476.4 15.79% <-IRR #YR-> 5 Revenue 108.16%
Revenue per Share $2.59 $3.05 $3.65 $4.58 $4.16 $4.30 $5.99 $6.47 $8.76 $11.40 $10.91 $10.89 $13.07 $14.15 $15.17 16.98% <-IRR #YR-> 10 5 yr Running Average 379.69%
Increase 2.70% 17.83% 19.60% 25.71% -9.17% 3.39% 39.09% 8.08% 35.49% 30.08% -4.34% -0.10% 19.99% 8.25% 7.24% 19.56% <-IRR #YR-> 5 5 yr Running Average 144.27%
5 year Running Average $2.16 $2.38 $2.78 $3.28 $3.60 $3.95 $4.54 $5.10 $5.94 $7.38 $8.71 $9.69 $11.01 $12.08 $12.84 13.59% <-IRR #YR-> 10 Revenue Per share 257.46%
P/S (Price/Sales) Med 2.22 1.76 1.61 1.37 1.08 1.24 1.09 1.38 2.25 2.98 2.20 2.42 12.73% <-IRR #YR-> 5 Revenue Per share 82.02%
P/S (Price/Sales) Close 2.26 1.64 1.98 1.20 1.14 1.48 1.22 1.59 3.24 2.32 2.24 2.95 2.13 1.97 2.26 15.05% <-IRR #YR-> 10 5 yr Running Average 306.39%
*Revenue in M CDN $  P/S Med 10 yr  1.50 5 yr  2.25 42.32% Diff M/C 16.39% <-IRR #YR-> 5 5 yr Running Average 113.57%
-$98.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $404.2
-$194.2 $0.0 $0.0 $0.0 $0.0 $404.2
-$74.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $359.0
-$147.0 $0.0 $0.0 $0.0 $0.0 $359.0
-$3.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.89
-$5.99 $0.00 $0.00 $0.00 $0.00 $10.89
$1.02 <-12 mths 30.77%
EPS Basic $0.46 $0.51 $0.52 $0.59 $0.61 $0.57 $0.80 $0.80 $1.09 $1.43 $1.04 $0.78 52.94% <-Total Growth 10 EPS Basic
EPS Diluted* $0.46 $0.51 $0.52 $0.58 $0.61 $0.57 $0.79 $0.80 $1.09 $1.43 $1.04 $0.78 $1.19 $1.56 $1.89 52.94% <-Total Growth 10 EPS Diluted
Increase 6.15% 10.87% 1.31% 12.90% 4.00% -6.04% 39.18% 1.26% 35.68% 31.19% -27.27% -25.00% 52.56% 31.09% 21.15% 4.34% <-IRR #YR-> 10 Earnings per Share 52.94%
Earnings Yield 7.9% 10.2% 7.1% 10.6% 12.8% 9.0% 10.9% 7.8% 3.8% 5.4% 4.3% 2.4% 4.3% 5.6% 5.5% -0.34% <-IRR #YR-> 5 Earnings per Share -1.68%
5 year Running Average $0.17 $0.31 $0.41 $0.50 $0.54 $0.56 $0.61 $0.67 $0.77 $0.94 $1.03 $1.03 $1.11 $1.20 $1.29 12.70% <-IRR #YR-> 10 5 yr Running Average 230.41%
10 year Running Average $0.10 $0.14 $0.18 $0.21 $0.31 $0.37 $0.46 $0.54 $0.64 $0.74 $0.79 $0.82 $0.89 $0.99 $1.11 10.87% <-IRR #YR-> 5 5 yr Running Average 67.54%
* Diluted ESP per share  E/P 10 Yrs 7.48% 5Yrs 4.26%
-$0.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.78
-$0.79 $0.00 $0.00 $0.00 $0.00 $0.78
-$0.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.03
-$0.61 $0.00 $0.00 $0.00 $0.00 $1.03
Special Dividend $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 Dividend
Pre-Split '14 $0.98 $1.22 $1.26 $1.26 $1.26 $1.26 $1.04 $1.03
Dividend* $0.327 $0.406 $0.420 $0.420 $0.420 $0.420 $0.347 $0.342 $0.360 $0.360 $0.360 $0.381 $0.416 $0.456 $0.456 -6.16% <-Total Growth 10 Increase
Increase 80.00% 24.16% 3.45% 0.00% 0.00% 0.00% -17.46% -1.44% 5.37% 0.00% 0.00% 5.83% 9.19% 9.62% 0.00% Count 13 Years of data
Dividends 5 Yr Running $0.35 $0.40 $0.42 $0.41 $0.39 $0.38 $0.37 $0.35 $0.36 $0.38 $0.39 $0.41 2.74% <-Total Growth 8 Dividends 5 Yr Running
Yield H/L Price 5.70% 7.58% 7.14% 6.67% 9.36% 7.85% 5.32% 3.81% 1.83% 1.06% 1.50% 1.45% 1.43% 4.57% <-Median-> 10 Yield H/L Price
Yield on High  Price 4.98% 6.77% 5.81% 5.29% 7.59% 6.60% 4.76% 3.24% 1.23% 0.83% 1.20% 1.18% 1.15% 4.00% <-Median-> 10 Yield on High  Price
Yield on Low Price 6.66% 8.61% 9.24% 9.00% 12.21% 9.70% 6.03% 4.63% 3.55% 1.45% 2.00% 1.87% 1.89% 5.33% <-Median-> 10 Yield on Low Price
Yield on Close Price 5.61% 8.10% 5.81% 7.66% 8.84% 6.60% 4.76% 3.32% 1.27% 1.36% 1.47% 1.19% 1.49% 1.63% 1.33% 4.04% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 71.09% 79.61% 81.29% 72.00% 69.23% 73.68% 43.70% 42.53% 33.03% 25.17% 34.62% 48.85% 34.96% 29.23% 24.13% 46.27% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 70.09% 74.46% 74.86% 66.02% 58.04% 48.88% 39.01% 34.29% 35.05% 33.94% 32.88% 32.03% 58.04% <-Median-> 9 DPR EPS 5 Yr Running
Payout Ratio CFPS 40.49% 47.84% 55.50% 38.59% 40.32% 52.19% 33.60% 27.35% 22.83% 15.83% 14.18% 17.88% 18.65% 19.32% #DIV/0! 30.47% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 43.45% 43.87% 45.95% 42.91% 37.35% 33.10% 26.36% 20.39% 18.45% 17.46% 17.10% #DIV/0! 37.35% <-Median-> 9 DPR CF 5 Yr Running
Payout Ratio CFPS WC 42.94% 47.04% 42.62% 34.88% 43.92% 40.47% 25.69% 24.84% 19.09% 13.27% 17.69% 13.88% 18.65% 19.32% #DIV/0! 25.27% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 39.20% 41.78% 41.33% 36.62% 32.89% 28.59% 21.87% 18.89% 16.76% 16.17% 16.33% #DIV/0! 32.89% <-Median-> 9 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 1.50% 1.36% 5 Yr Med Payout 34.62% 17.88% 17.69% -0.63% <-IRR #YR-> 10 Dividends -6.16%
* Dividends per share  5 Yr Med and Cur. 8.89% 20.08% Last Div Inc ---> $0.033 $0.038 15.2% 1.91% <-IRR #YR-> 5 Dividends 9.90%
-$0.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.38
-$0.35 $0.00 $0.00 $0.00 $0.00 $0.38
Historical Dividends Historical High Div 11.21% Low Div 0.97% Ave Div 6.09% Med Div 5.32% Close Div 4.76% Med Div 1.66% 6 Historical Dividends
High/Ave/Median Values Curr diff Exp. -85.42%     68.50% Exp. -73.16% Exp. -69.28% Exp. -65.65% Since 2011 -1.54% High/Ave/Median 
Future Dividend Yield Div Yd 2.09% earning in 5 Years at IRR of 5.00% Div Inc. 27.63% Future Dividend Yield
Future Dividend Yield Div Yd 2.66% earning in 10 Years at IRR of 5.00% Div Inc. 62.89% Future Dividend Yield
Future Dividend Yield Div Yd 3.40% earning in 15 Years at IRR of 5.00% Div Inc. 107.89% Future Dividend Yield
Yield if held 5 yrs 22.09% 50.33% 58.60% 33.78% 9.66% 7.33% 6.47% 5.81% 5.71% 8.02% 6.73% 5.84% 4.64% 2.31% 1.34% 7.03% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 12.60% 7.30% 11.25% 28.38% 42.98% 47.67% 28.95% 8.28% 6.28% 7.11% 7.07% 7.24% 10.16% 11.93% <-Median-> 10 Paid Median Price
Yield if held 15 yrs 10.25% 6.26% 9.64% 24.32% 47.23% 58.05% 36.68% 10.49% 10.25% <-Median-> 5 Paid Median Price
Yield if held 20 yrs 12.48% 7.93% 12.21% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 34.37% 113.39% 186.23% 141.13% 45.85% 36.38% 37.82% 33.11% 29.97% 40.75% 33.06% 27.65% 20.95% 10.02% 6.08% 37.10% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 40.04% 30.52% 58.25% 175.32% 364.63% 458.09% 293.00% 87.91% 67.23% 71.47% 65.00% 61.29% 86.86% 79.69% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 98.49% 63.36% 107.22% 294.80% 588.10% 720.00% 451.69% 135.51% 107.22% <-Median-> 5 Paid Median Price
Cost covered if held 20 years 154.80% 97.67% 162.64% #NUM! <-Median-> 0 Paid Median Price
Graham No. $4.04 $4.40 $4.59 $5.15 $5.54 $5.58 $7.01 $8.26 $10.64 $13.96 $12.99 $11.49 $14.35 $16.43 $18.08 160.89% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.42 1.22 1.28 1.22 0.81 0.96 0.93 1.08 1.85 2.44 1.85 2.29 2.02 1.25 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.62 1.36 1.58 1.54 1.00 1.14 1.04 1.27 2.75 3.10 2.30 2.81 2.51 1.56 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.21 1.07 0.99 0.91 0.62 0.78 0.82 0.89 0.95 1.77 1.39 1.77 1.53 0.93 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.44 1.14 1.58 1.06 0.86 1.14 1.04 1.24 2.67 1.89 1.88 2.79 1.94 1.70 1.89 1.41 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 44.22% 13.76% 57.55% 6.45% -14.19% 14.18% 3.90% 24.48% 167.01% 89.50% 87.94% 179.38% 94.45% 69.84% 89.42% 41.02% <-Median-> 10 Graham Price
Pre-Split '14 $17.50 $15.03 $21.68 $16.45 $14.26 $19.10 $21.86 $30.86
Price Close $5.83 $5.01 $7.23 $5.48 $4.75 $6.37 $7.29 $10.29 $28.42 $26.45 $24.42 $32.10 $27.90 $27.90 $34.25 540.72% <-Total Growth 10 Stock Price
Increase 0.69% -14.11% 44.24% -24.12% -13.31% 33.94% 14.45% 41.17% 176.28% -6.93% -7.67% 31.45% -13.08% 0.00% 22.76% 20.41% <-IRR #YR-> 10 Stock Price 540.72%
P/E 12.68 9.82 13.99 9.40 7.84 11.17 9.18 12.80 26.07 18.50 23.48 41.15 23.45 17.88 18.12 34.52% <-IRR #YR-> 5 Stock Price 340.53%
Trailing P/E 13.46 10.89 14.17 10.61 8.15 10.49 12.78 12.97 35.38 24.27 17.08 30.87 35.77 23.45 21.96 24.56% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D.  per yr 4.15% 2.98% % Tot Ret 16.88% 7.94% Price Inc 31.45% P/E:  13.40 23.48 37.50% <-IRR #YR-> 5 Price & Dividend
-$5.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $32.10
-$7.29 $0.00 $0.00 $0.00 $0.00 $32.10
-$5.01 $0.42 $0.42 $0.42 $0.42 $0.35 $0.34 $0.36 $0.36 $0.36 $32.48
-$7.29 $0.34 $0.36 $0.36 $0.36 $32.48
Price H/L Median $5.73 $5.36 $5.89 $6.30 $4.49 $5.35 $6.52 $8.96 $19.70 $34.01 $23.99 $26.33 $29.01 22.76% 391.29% <-Total Growth 10 Stock Price
Increase 31.90% -6.54% 9.83% 7.05% -28.78% 19.21% 21.91% 37.40% 119.91% 72.61% -29.47% 9.76% 10.18% 1.63% 17.26% <-IRR #YR-> 10 Stock Price 391.29%
P/E 12.46 10.51 11.39 10.80 7.40 9.38 8.22 11.15 18.07 23.78 23.06 33.75 24.37 24.39% 32.20% <-IRR #YR-> 5 Stock Price 303.76%
Trailing P/E 13.23 11.65 11.54 12.19 7.69 8.82 11.44 11.29 24.52 31.20 16.77 25.31 37.19 21.43% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 33.08 17.21 14.33 12.58 8.38 9.60 10.62 13.34 25.50 36.28 23.26 25.59 26.23 35.62% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 59.31 38.00 32.45 29.86 14.33 14.64 14.09 16.56 30.94 46.18 30.20 32.05 32.64 10.98 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.18% 3.42% % Tot Ret 19.49% 9.60% Price Inc 37.40% P/E:  11.27 23.06 Count 20 Years of data
-$5.36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.33
-$6.52 $0.00 $0.00 $0.00 $0.00 $26.33
-$5.36 $0.42 $0.42 $0.42 $0.42 $0.35 $0.34 $0.36 $0.36 $0.36 $26.71
-$6.52 $0.34 $0.36 $0.36 $0.36 $26.71
High Months Aug Apr Dec Jun Dec Dec Dec Dec Apr May Nov Apr
Pre-Split '14 $19.68 $18.00 $21.68 $23.80 $16.60 $19.10 $21.86 $31.60
Price High $6.56 $6.00 $7.23 $7.93 $5.53 $6.37 $7.29 $10.53 $29.25 $43.25 $29.93 $32.30 $36.02 438.33% <-Total Growth 10 Stock Price
Increase 13.23% -8.54% 20.44% 9.78% -30.25% 15.06% 14.45% 44.56% 177.69% 47.86% -30.80% 7.92% 11.52% 18.33% <-IRR #YR-> 10 Stock Price 438.33%
P/E 14.26 11.76 13.99 13.60 9.12 11.17 9.18 13.11 26.83 30.24 28.78 41.41 30.27 34.69% <-IRR #YR-> 5 Stock Price 343.28%
Trailing P/E 15.14 13.04 14.17 15.35 9.49 10.49 12.78 13.28 36.41 39.68 20.93 31.06 46.18 13.79 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 44.56% P/E:  13.79 28.78 29.66 P/E Ratio Historical High
-$6.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $32.30
-$7.29 $0.00 $0.00 $0.00 $0.00 $32.30
Low Months Mar Nov Jan Oct Mar Jul Sep Jan Jan Oct Oct Aug May
Price Low $4.91 $4.72 $4.54 $4.67 $3.44 $4.33 $5.75 $7.38 $10.15 $24.76 $18.04 $20.35 $21.99 331.45% <-Total Growth 10 Stock Price
Increase 69.20% -3.87% -3.67% 2.71% -26.29% 25.87% 32.87% 28.33% 37.47% 143.94% -27.14% 12.80% 8.06% 15.74% <-IRR #YR-> 10 Stock Price 331.45%
P/E 10.67 9.25 8.79 8.00 5.67 7.60 7.25 9.19 9.31 17.31 17.35 26.09 18.48 28.74% <-IRR #YR-> 5 Stock Price 253.71%
Trailing P/E 11.32 10.25 8.91 9.03 5.90 7.14 10.09 9.31 12.63 22.72 12.62 19.57 28.19 8.99 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 28.33% P/E:  8.99 17.31 6.08 P/E Ratio Historical Low
-$4.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.35
Long Term Debt $124.36 $103.85 $100.70 $97.33 Debt
Change -16.49% -3.04% -3.35% -9.76% <-Median-> 2 Change
Debt/Market Cap Ratio 0.13 0.11 0.08 0.09 0.11 <-Median-> 3 % of Market C.
Goodwill & Intangibles $6.55 $16.79 $15.51 $9.11 $9.11 $9.38 Intangibles Goodwill
Change 156.27% -7.60% -41.29% 0.00% 3.02% -3.80% <-Median-> 4 Change
Intangible/Market Cap Ratio 0.02 0.02 0.02 0.01 0.01 0.01 0.02 <-Median-> 5 % of Market C.
Market Cap $188 $162 $233 $178 $154 $207 $236 $380 $1,053 $980 $906 $1,191 $1,035 $1,035 $1,271 636.50% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 32.026 32.254 32.281 32.497 32.412 32.494 32.510 34.926 37.007 37.034 37.074 37.101 37.101 15.03% <-Total Growth 10 Diluted
Change 1.50% 0.71% 0.09% 0.67% -0.26% 0.25% 0.05% 7.43% 5.96% 0.07% 0.11% 0.07% 0.00% 0.10% <-Median-> 10 Change
Basic # of Shares in Millions 32.000 32.254 32.281 32.343 32.412 32.425 32.441 34.860 37.007 37.034 37.074 37.101 37.101 15.03% <-Total Growth 10 Average
Change 1.59% 0.79% 0.09% 0.19% 0.21% 0.04% 0.05% 7.46% 6.16% 0.07% 0.11% 0.07% 0.00% 0.10% <-Median-> 10 Change
Difference 0.7% 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% 6.1% 0.1% 0.0% 0.1% 0.0% 0.0% 0.04% <-Median-> 10 Difference
$73.8 <-12 mths -6.62%
# of Share in Millions 32.216 32.276 32.285 32.372 32.426 32.441 32.441 36.980 37.034 37.034 37.101 37.101 37.101 37.101 37.101 1.40% <-IRR #YR-> 10 Shares 14.95%
Change 3.10% 0.18% 0.03% 0.27% 0.16% 0.05% 0.00% 13.99% 0.15% 0.00% 0.18% 0.00% 0.00% 0.00% 0.00% 2.72% <-IRR #YR-> 5 Shares 14.36%
Cash Flow from Operations $M $26.0 $27.4 $24.4 $35.2 $33.8 $26.1 $33.5 $46.2 $58.4 $84.2 $94.2 $79.1 $82.7 $87.6 188.66% <-Total Growth 10 Cash Flow
Increase 55.05% 5.29% -10.81% 44.20% -4.13% -22.71% 28.21% 38.04% 26.41% 44.18% 11.90% -16.08% 4.63% 5.83% SO, S. Iss
5 year Running Average $14.8 $17.7 $21.5 $26.0 $29.4 $29.4 $30.6 $35.0 $39.6 $49.7 $63.3 $72.4 $79.7 $85.6 308.95% <-Total Growth 10 CF 5 Yr Running
CFPS $0.81 $0.85 $0.76 $1.09 $1.04 $0.80 $1.03 $1.25 $1.58 $2.27 $2.54 $2.13 $2.23 $2.36 151.12% <-Total Growth 10 Cash Flow per Share
Increase 50.38% 5.10% -10.83% 43.81% -4.29% -22.75% 28.21% 21.10% 26.23% 44.18% 11.70% -16.08% 4.63% 5.83% 11.18% <-IRR #YR-> 10 Cash Flow 188.66%
5 year Running Average $0.48 $0.56 $0.67 $0.81 $0.91 $0.91 $0.94 $1.04 $1.14 $1.39 $1.73 $1.95 $2.15 $2.31 18.76% <-IRR #YR-> 5 Cash Flow 136.26%
P/CF on Med Price 7.10 6.31 7.78 5.79 4.31 6.65 6.32 7.17 12.49 14.96 9.44 12.35 13.01 0.10 9.65% <-IRR #YR-> 10 Cash Flow per Share 151.12%
P/CF on Closing Price 7.22 5.90 9.55 5.04 4.56 7.91 7.06 8.23 18.02 11.63 9.62 15.06 12.51 11.82 15.62% <-IRR #YR-> 5 Cash Flow per Share 106.59%
67.41% Diff M/C 13.31% <-IRR #YR-> 10 CFPS 5 yr Running 248.90%
Excl.Working Capital CF -$1.5 $0.5 $7.4 $3.7 -$2.8 $7.6 $10.3 $4.7 $11.4 $16.3 -$18.7 $22.8 $0.0 $0.0 15.65% <-IRR #YR-> 5 CFPS 5 yr Running 106.88%
CF fr Op $M WC $24.5 $27.9 $31.8 $39.0 $31.0 $33.7 $43.8 $50.9 $69.8 $100.5 $75.5 $101.9 $82.7 $87.6 265.66% <-Total Growth 10 Cash Flow less WC
Increase 18.61% 13.54% 14.23% 22.51% -20.44% 8.58% 30.03% 16.16% 37.29% 43.91% -24.84% 34.88% -18.77% 5.83% 13.84% <-IRR #YR-> 10 Cash Flow less WC 265.66%
5 year Running Average $14.7 $18.5 $23.4 $28.8 $30.8 $32.7 $35.9 $39.7 $45.8 $59.7 $68.1 $79.7 $86.1 $89.6 18.40% <-IRR #YR-> 5 Cash Flow less WC 132.63%
CFPS Excl. WC $0.76 $0.86 $0.99 $1.20 $0.96 $1.04 $1.35 $1.38 $1.89 $2.71 $2.04 $2.75 $2.23 $2.36 15.72% <-IRR #YR-> 10 CF less WC 5 Yr Run 330.46%
Increase 15.04% 13.33% 14.19% 22.18% -20.58% 8.53% 30.03% 1.90% 37.09% 43.91% -24.98% 34.88% -18.77% 5.83% 17.33% <-IRR #YR-> 5 CF less WC 5 Yr Run 122.31%
5 year Running Average $0.47 $0.59 $0.73 $0.90 $0.95 $1.01 $1.11 $1.18 $1.32 $1.67 $1.87 $2.15 $2.32 $2.42 12.27% <-IRR #YR-> 10 CFPS - Less WC 218.10%
P/CF on Med Price 7.53 6.21 5.97 5.23 4.69 5.15 4.83 6.51 10.45 12.53 11.78 9.59 13.01 0.10 15.26% <-IRR #YR-> 5 CFPS - Less WC 103.41%
P/CF on Closing Price 7.66 5.81 7.33 4.55 4.97 6.13 5.40 7.48 15.07 9.75 12.00 11.69 12.51 11.82 13.88% <-IRR #YR-> 10 CFPS 5 yr Running 266.79%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 7.47 5 yr  12.35 P/CF Med 10 yr 6.24 5 yr  10.45 100.41% Diff M/C 14.21% <-IRR #YR-> 5 CFPS 5 yr Running 94.35%
-$0.85 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.13 Cash Flow per Share
-$1.03 $0.00 $0.00 $0.00 $0.00 $2.13 Cash Flow per Share
-$0.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.95 CFPS 5 yr Running
-$0.94 $0.00 $0.00 $0.00 $0.00 $1.95 CFPS 5 yr Running
-$27.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $101.9 Cash Flow less WC
-$43.8 $0.0 $0.0 $0.0 $0.0 $101.9 Cash Flow less WC
-$18.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $79.7 CF less WC 5 Yr Run
-$35.9 $0.0 $0.0 $0.0 $0.0 $79.7 CF less WC 5 Yr Run
-$0.86 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.75 CFPS - Less WC
-$1.35 $0.00 $0.00 $0.00 $0.00 $2.75 CFPS - Less WC
-$0.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.15 CFPS 5 yr Running
-$1.11 $0.00 $0.00 $0.00 $0.00 $2.15 CFPS 5 yr Running
OPM 31.22% 27.85% 20.76% 23.75% 25.02% 18.70% 17.24% 19.31% 17.99% 19.94% 23.29% 19.56% -29.75% <-Total Growth 10 OPM
Increase 46.43% -10.81% -25.45% 14.40% 5.37% -25.28% -7.82% 12.04% -6.83% 10.84% 16.77% -15.99% Should increase  or be stable.
Diff from Median 58.1% 41.0% 5.1% 20.2% 26.7% -5.3% -12.7% -2.2% -8.9% 1.0% 17.9% -1.0% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 19.75% 5 Yrs 19.56% should be  zero, it is a   check on calculations
Current Assets $22.43 $26.27 $32.52 $41.46 $40.29 $53.34 $62.27 $69.46 $105.50 $142.77 $123.91 $164.94 $163.99 Liquidity ratio of 1.5 and up, best
Current Liabilities $14.20 $16.86 $12.83 $19.67 $13.73 $15.23 $22.52 $25.53 $43.65 $49.86 $40.26 $43.81 $53.49 2.81 <-Median-> 10 Ratio
Liquidity 1.58 1.56 2.53 2.11 2.93 3.50 2.76 2.72 2.42 2.86 3.08 3.76 3.07 2.86 <-Median-> 5 Ratio
Liq. with CF aft div 2.67 2.41 3.38 3.21 4.40 4.32 3.75 4.04 3.45 4.28 5.09 5.25 4.32 4.28 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.44 1.16 1.05 1.17 2.78 2.07 1.41 1.30 1.11 1.44 2.56 3.49 4.32 1.44 <-Median-> 5 Ratio
Curr Long Term Db
Liquidity Less CLTD
Liq. with CF aft div
Assets $74.55 $90.19 $110.80 $145.53 $137.86 $154.43 $183.87 $225.58 $333.90 $444.30 $446.69 $458.35 $469.30 Debt Ratio of 1.5 and up, best
Liabilities $23.63 $35.64 $52.37 $80.08 $64.97 $75.78 $94.49 $85.87 $162.83 $220.05 $179.00 $179.28 $184.05 2.08 <-Median-> 10 Ratio
Debt Ratio 3.16 2.53 2.12 1.82 2.12 2.04 1.95 2.63 2.05 2.02 2.50 2.56 2.55 2.50 <-Median-> 5 Ratio
Book Value $50.92 $54.55 $58.43 $65.45 $72.89 $78.65 $89.38 $139.71 $171.07 $224.25 $267.69 $279.07 $285.25 $285.25 $285.25 411.54% <-Total Growth 10 Book Value
BV per share $1.58 $1.69 $1.81 $2.02 $2.25 $2.42 $2.76 $3.78 $4.62 $6.06 $7.22 $7.52 $7.69 $7.69 $7.69 345.02% <-Total Growth 10 Book Value per Share
Change 7.38% 6.93% 7.08% 11.71% 11.19% 7.85% 13.64% 37.12% 22.27% 31.09% 19.16% 4.25% 2.21% 0.00% 0.00% 13.97% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 3.63 3.17 3.25 3.12 2.00 2.21 2.37 2.37 4.26 5.62 3.32 3.50 3.77 2.89 P/B Ratio Historical Median
P/B Ratio (Close) 3.69 2.96 3.99 2.71 2.11 2.63 2.64 2.72 6.15 4.37 3.38 4.27 3.63 3.63 4.45 16.10% <-IRR #YR-> 10 Book Value per Share 345.02%
Change -6.23% -19.68% 34.71% -32.08% -22.04% 24.19% 0.71% 2.95% 125.96% -29.00% -22.52% 26.09% -14.97% 0.00% 22.76% 22.25% <-IRR #YR-> 5 Book Value 173.01%
Leverage (A/BK) 1.46 1.65 1.90 2.22 1.89 1.96 2.06 1.61 1.95 1.98 1.67 1.64 1.65 1.92 <-Median-> 10 A/BV
Debt/Equity Ratio 0.46 0.65 0.90 1.22 0.89 0.96 1.06 0.61 0.95 0.98 0.67 0.64 0.65 0.92 <-Median-> 10 Debt/Eq Ratio
Shareholders' Equity (Assets less liabilities) P/BV 10 yr Med 3.18 5 yr Med 3.50 13.97% Diff M/C 1.89 Historical 21 A/BV
-$1.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.52
-$2.76 $0.00 $0.00 $0.00 $0.00 $7.52
$37.10 <-12 mths 44.76%
Comprehensive Income $16.72 $18.98 $19.65 $18.56 $26.91 $26.81 $45.89 $66.51 $55.01 $25.63 53.27% <-Total Growth 9 Comprehensive Income
Increase 13.51% 3.54% -5.55% 44.98% -0.36% 71.15% 44.93% -17.30% -53.40% -0.36% <-Median-> 5 Comprehensive Income
5 Yr Running Average $20.17 $22.18 $27.57 $36.94 $44.23 $43.97 4.86% <-IRR #YR-> 9 Comprehensive Income #DIV/0!
ROE 28.6% 29.0% 27.0% 23.6% 30.1% 19.2% 26.8% 29.7% 20.5% 9.2% -0.97% <-IRR #YR-> 5 Comprehensive Income -4.76%
5Yr Median 28.6% 27.0% 26.8% 26.8% 26.8% 20.5% 16.87% <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
% Difference from NI 0.0% 0.0% 0.0% 0.0% 4.3% -4.4% 13.7% 25.3% 42.9% -11.3% 16.87% <-IRR #YR-> 5 5 Yr Running Average 118.04%
Median Values Diff 5, 10 yr 0.0% 13.7% 20.5% <-Median-> 5 Return on Equity
-$16.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $25.6
-$26.9 $0.0 $0.0 $0.0 $0.0 $25.6
-$20.2 $0.0 $0.0 $0.0 $0.0 $44.0
-$20.2 $0.0 $0.0 $0.0 $0.0 $44.0
Current Liability Coverage Ratio 1.73 1.65 2.48 1.98 2.26 2.21 1.94 1.99 1.60 2.02 1.88 2.32   CFO / Current Liabilities
5 year Median 0.92 1.35 1.65 1.73 1.98 2.21 2.21 1.99 1.99 1.99 1.94 1.99 1.99 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 32.91% 30.88% 28.72% 26.79% 22.49% 21.80% 23.81% 22.54% 20.91% 22.62% 16.91% 22.22% CFO / Total Assets
5 year Median 20.15% 30.53% 30.53% 30.53% 28.72% 26.79% 23.81% 22.54% 22.49% 22.54% 22.54% 22.22% 22.2% <-Median-> 5 Return on Assets 
Return on Assets ROA 19.8% 18.3% 15.1% 13.0% 14.3% 12.0% 14.0% 12.4% 12.1% 12.0% 8.6% 6.3% Net  Income/Assets Return on Assets
5Yr Median 6.7% 18.3% 18.3% 18.3% 15.1% 14.3% 14.0% 13.0% 12.4% 12.1% 12.1% 12.0% 12.3% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 29.0% 30.2% 28.6% 29.0% 27.0% 23.6% 28.9% 20.1% 23.6% 23.7% 14.4% 10.4% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 10.3% 29.0% 29.0% 29.0% 29.0% 28.6% 28.6% 27.0% 23.6% 23.6% 23.6% 20.1% 23.6% <-Median-> 10 Return on Equity
$37.71 <-12 mths 30.44%
Net Income $14.78 $16.50 $16.72 $18.98 $19.65 $18.56 $25.80 $28.05 $40.36 $53.10 $38.49 $28.91 $44.3 $58.8 $60.0 75.26% <-Total Growth 10 Net Income
Increase 7.80% 11.61% 1.37% 13.51% 3.54% -5.55% 39.01% 8.71% 43.90% 31.56% -27.52% -24.88% 53.22% 32.73% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $5.5 $9.9 $13.1 $16.1 $17.3 $18.1 $19.9 $22.2 $26.5 $33.2 $37.2 $37.8 $41.0 $44.7 5.77% <-IRR #YR-> 10 Net Income 75.26%
Operating Cash Flow $26.02 $27.39 $24.43 $35.23 $33.78 $26.10 $33.47 $46.20 $58.40 $84.20 $94.22 $79.08 2.30% <-IRR #YR-> 5 Net Income 12.05%
Investment Cash Flow -$12.16 -$18.11 -$28.35 -$34.04 -$8.01 -$16.59 -$37.37 -$53.88 -$91.77 -$98.54 -$39.68 -$22.05 14.34% <-IRR #YR-> 10 5 Yr Running Ave. 281.78%
Total Accruals $0.92 $7.21 $20.64 $17.79 -$6.12 $9.04 $29.71 $35.73 $73.73 $67.44 -$16.05 -$28.12 13.63% <-IRR #YR-> 5 5 Yr Running Ave. 89.44%
Total Assets $74.55 $90.19 $110.80 $145.53 $137.86 $154.43 $183.87 $225.58 $333.90 $444.30 $446.69 $458.35 Balance Sheet Assets
Accruals Ratio 1.24% 7.99% 18.63% 12.23% -4.44% 5.86% 16.16% 15.84% 22.08% 15.18% -3.59% -6.13% 15.18% <-Median-> 5 Ratio
EPS/CF Ratio 0.60 0.59 0.52 0.48 0.63 0.55 0.59 0.58 0.58 0.53 0.51 0.28 0.54 <-Median-> 10 EPS/CF Ratio
-$16.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $28.9
-$25.8 $0.0 $0.0 $0.0 $0.0 $28.9
-$9.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $37.8
-$19.9 $0.0 $0.0 $0.0 $0.0 $37.8
Chge in Close 0.69% -14.11% 44.24% -24.12% -13.31% 33.94% 14.45% 41.17% 176.28% -6.93% -7.67% 31.45% -13.08% 0.00% 22.76% Count 22 Years of data
up/down/neutral down down down down down down down down down Count 14 63.64%
Any Predictions? yes yes yes % right Count 6 42.86%
Financial Cash Flow -$13.20 -$9.16 $4.07 -$0.01 -$20.91 -$5.15 -$5.36 $7.52 $8.62 $24.87 -$48.97 -$19.21 C F Statement  Financial Cash Flow
Total Accruals $14.12 $16.37 $16.57 $17.80 $14.79 $14.19 $35.07 $28.21 $65.11 $42.57 $32.92 -$8.91 Accruals
Accruals Ratio 18.94% 18.15% 14.95% 12.23% 10.73% 9.19% 19.07% 12.51% 19.50% 9.58% 7.37% -1.94% 9.58% <-Median-> 5 Ratio
Cash $1.19 $1.32 $1.48 $2.66 $7.52 $11.89 $2.62 $2.46 $8.62 $19.15 $30.40 $30.40 $44.28 Cash
Cash per Share $0.04 $0.04 $0.05 $0.08 $0.23 $0.37 $0.08 $0.07 $0.23 $0.52 $0.82 $0.82 $1.19 $0.52 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.63% 0.82% 0.63% 1.50% 4.88% 5.76% 1.11% 0.65% 0.82% 1.96% 3.36% 2.55% 4.28% 1.96% <-Median-> 5 % of Stock Price
Notes:
August 27, 2017.  Last estimates were for 2016, 2017 and 2018 of $394M, $437M and $463M for Revenue, $0.87 and $1.32 and $1.55 for EPS, $2.03 and 2.37 for CFPS for 2016 and 2017
 and $32.7M, $47.6M and $53.8M for Net Income.
August 28, 2016.  Last estimates were for 2015 and 2016 of $396M and $437M for Revenue, $0.65 and $1.36 for EPS, $2.81 for CFPS for 2015 and $24.07 and $50.37 for Net Income.
September 6, 2015.  Last estimates were for 2014, 2015 and 2016 of $427M, $498M and $588M for Revenue, $1.27, $1.52 and $1.86 for EPS, $2.28 and $2.81 for CFPS for 2014 and 2015, $47M, 56.2M and $68.8M for Net Income.
August 30, 2014.  Last estimates were for 2013, 2014 and 2015 of $301M, $354M and $386M for Revenue, $2.96, $3.47 and $3.62 for EPS, $5.32 and $7.73 for CPFS for 2013 and 2014.
August 19, 2013.  Last estimates were for 2012 and 2013 with $228.9M and $241.0M for Revenue, $2.58, $2.67 and $2.46 for EPS.
Used to be Badger Income Fund (TSX-BAD.UN).  December 31, 2010 the company was effectively changed to Badger Daylighting Ltd.
The 2006 annual report showed different distributions than Yahoo did.  Could be Yahoo did not account for 2004 split as most disagreement was with 2004.  However, some disagreement with 2005.  I used info from 2006 annual report.
In 2004 in changing from an corporation to a trust company, the company issued shares on a 1:2 basis, effectively doing a reverse split of the shares.
Trading Symbol “BAD.UN” to BAD annouced in January 2011.
Sector:
Construction, Industrial
What should this stock accomplish?
Would I buy this company and Why.
Yes because it is becoming a dividend growth stock. 
Why am I following this stock. 
I started to follow this stock after reading a couple of articles in February 2012 in the G&M that talked about the company.  The first article looked at what the pros who manage small-cap funds are buying.  
Badger was one of 10 stocks mentioned and it looked like an interesting stock.  It is a dividend paying small cap.  The second article looked at why stocks might appeal to a conservative investor looking for income.
Dividends
Dividends are paid monthly.  Dividends are declared for shareholders of record of one month and paid in the following month.
For example, the August 2014 monthly dividend was declared on August 14, 2014 for shareholders of record of August 29, 2014 and is payable on September 15, 2014.
How they make their money.
Badger is North America's largest provider of non-destructive excavating services. Badger traditionally works for contractors and facility owners in the utility and petroleum industries.
Badger's business model involves the provision of excavating services through two distinct entities: the Operating Partners (franchisees in the United States and agents in Canada), and Badger Corporate.
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.
Some Small Cap dividend payers to review from
http://www.theglobeandmail.com/globe-investor/investment-ideas/number-cruncher/a-small-cap-strategy-that-pays-dividends/article2348317/
This stock also came out on a list of entitle an alluring mix of stability and profits at G&M
http://www.theglobeandmail.com/globe-investor/investment-ideas/number-cruncher/an-alluring-mix-of-stability-and-profits/article2333323/" 
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Apr 2012 Aug 19 2013 Aug 31 2014 Sep 06 2015 Aug 28 2016 Aug 27 2017
Vanderberg, Paul J. 0.013 0.04% 0.058 0.16%
CEO - Shares - Amount $0.417 $1.618
Options - percentage 0.000 0.00% 0.077 0.21%
Options - amount $0.000 $2.138
Wilson, Tor David 1.395 3.77% 0.701 1.89% 0.701 1.89%
CEO - Shares - Amount $39.639 $18.541 $17.118
Options - percentage 0.131 0.35% 0.460 1.24% 0.093 0.25%
Options - amount $3.714 $12.167 $2.273
Schiefelbein, Jerry 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
CFO - Shares - Amount $0.000 $0.000 $0.000 $0.000
Options - percentage 0.005 0.01% 0.018 0.05% 0.035 0.09% 0.046 0.12%
Options - amount $0.143 $0.443 $1.125 $1.289
Kelly, John 0.00% 0.000 0.00% 0.000 0.00%
COO - Shares - Amount $0.000 $0.000 $0.000
Options - percentage 0.036 0.10% 0.058 0.16% 0.074 0.20%
Options - amount $0.872 $1.869 $2.051
Kelly, Greg 0.202 0.55%
CFO - Shares - Amount $5.751
Options - percentage 0.068 0.18%
Options - amount $1.924
Dillon, Derek Terrence 0.048 0.13% 0.143 0.39%
Officer - Shares - Amount $1.358 $3.790
Options - percentage 0.048 0.13% 0.167 0.45%
Options - amount $1.351 $4.425
Calnan, David 0.415 1.12% 0.415 1.12% 0.415 1.12% 0.415 1.12% 0.222 19.23%
Director - Shares - Amount $11.787 $10.970 $10.128 $13.313 $6.205
Options - percentage 0.011 0.03% 0.016 0.04% 0.024 0.06% 0.030 0.08% 0.035 0.09%
Options - amount $0.325 $0.411 $0.581 $0.973 $0.969
Roane, Glen Dawson 0.040 0.11% 0.050 0.13% 0.071 0.19%
Chairman - Shares - Amt $0.977 $1.605 $1.973
Options - percentage 0.028 0.07% 0.037 0.10% 0.043 0.11%
Options - amount $0.677 $1.180 $1.189
Watson, George??? 0.391 1.05%
Chairman - Shares - Amt $10.329
Options - percentage 0.030 0.08%
Options - amount $0.802
Increase in O/S Shares 0.117 0.32% 0.054 0.15% 0.000 0.00% 0.067 0.18% 0.000 0.00% Yes 0 for 2016
due to SO  $1.204 $1.535 $0.000 $1.631 $0.000
Book Value $0.205 $0.304 $0.000 $1.780 $0.000
Insider Buying -$0.755 -$0.936 -$2.100
Insider Selling $0.108 $0.246 $0.000
Net Insider Selling $1.102 -$0.647 -$0.691 -$2.100
% of Market Cap 0.11% -0.07% -0.08% -0.23%
Directors 6 6 7 7 7
Women 0 0% 0 0% 1 14% 1 14% 1 14%
Minorities 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 14 54.00% 31 56.06% 62 42.83% 71 60.42% 68 72.57% 77 74.81%
Total Shares Held 17.392 47.03% 20.748 56.02% 15.863 42.83% 22.384 60.44% 26.922 72.57% 27.756 74.81%
Increase/Decrease 0.719 3.97% 1.813 9.58% 0.360 2.32% -0.744 -3.22% 2.030 8.16% 0.483 1.77%
Starting No. of Shares 18.111 18.935 15.503 23.128 24.892 27.273
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