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. Estimates Estimates Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Q3 2023
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Richards Packaging Income Fund  TSX RPI.UN OTC RPKIF https://www.richardspackaging.com/ Fiscal Yr: Dec 31
Year 12/31/11 12/30/12 12/31/13 12/31/14 12/31/15 12/30/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 Value Description #Y Item Total G
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
Cost of Sales $161.4 $168.6 $175.5 $182.8 $211.1 $241.3 $247.1 $262.7 $276.7 $376.5 $363.0 $364.8 $347.8 $334.8 <-12 mths -3.75% 98.17% <-Total Growth 10 Cost of Sales
Change 4.47% 4.11% 4.15% 15.48% 14.30% 2.40% 6.31% 5.32% 36.08% -3.56% 0.48% -4.65% -3.75% <-12 mths 4.73% <-Median-> 10 Change
Ratio 0.89 0.88 0.88 0.86 0.85 0.84 0.83 0.83 0.83 0.77 0.80 0.82 0.82 0.81 <-12 mths -0.45% 0.83 <-Median-> 10 Ratio
Admin $9.0 $9.2 $9.1 $9.6 $11.4 $11.7 $12.4 $12.5 $13.5 $19.5 $21.5 $21.7 $22.4 $23.9 <-12 mths 7.04% 145.38% <-Total Growth 10 Selling & Admin
Change 1.65% -0.49% 5.78% 18.22% 2.70% 5.55% 1.29% 7.54% 44.98% 10.02% 1.24% 2.89% 7.04% <-12 mths 5.67% <-Median-> 10 Change
Ratio 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.06 <-12 mths 10.71% 0.04 <-Median-> 10 Ratio
Total $170.4 $177.8 $184.6 $192.4 $222.5 $253.0 $259.4 $275.2 $290.1 $396.0 $384.5 $386.5 $370.2 $358.7 <-12 mths -3.10% 100.50% <-Total Growth 10 Total
Change 4.32% 3.87% 4.23% 15.62% 13.71% 2.55% 6.07% 5.42% 36.49% -2.90% 0.53% -4.23% -3.10% <-12 mths 4.83% <-Median-> 10 Change
Ratio 0.93 0.93 0.93 0.91 0.89 0.88 0.87 0.87 0.87 0.81 0.85 0.86 0.87 0.87 <-12 mths 0.22% 0.87 <-Median-> 10 Ratio
$412 <-12 mths -3.31%
Revenue* $182.3 $191.3 $198.5 $212.3 $249.4 $287.0 $296.6 $318.1 $334.1 $489.2 $451.4 $446.9 $425.9 $401.3 $407.9 114.54% <-Total Growth 10 Revenue
Increase 1.82% 4.98% 3.76% 6.93% 17.50% 15.05% 3.35% 7.24% 5.06% 46.41% -7.73% -1.01% -4.69% -5.78% 1.64% 7.93% <-IRR #YR-> 10 Revenue 114.54%
5 year Running Average $179.1 $185.8 $188.0 $192.7 $206.8 $227.7 $249 $273 $297 $345 $378 $408 $430 $443 $427 6.01% <-IRR #YR-> 5 Revenue 33.91%
Revenue per Share $15.44 $16.25 $16.93 $18.11 $21.30 $24.54 $25.36 $27.20 $28.58 $41.84 $39.54 $39.14 $37.30 $35.15 $35.72 8.61% <-IRR #YR-> 10 5 yr Running Average 128.41%
Increase 1.82% 5.22% 4.18% 6.99% 17.61% 15.20% 3.35% 7.24% 5.06% 46.41% -5.50% -1.01% -4.69% -5.78% 1.64% 9.51% <-IRR #YR-> 5 5 yr Running Average 57.53%
5 year Running Average $15.26 $15.71 $15.95 $16.38 $17.61 $19.43 $21.25 $23.30 $25.40 $29.50 $32.50 $35.26 $37.28 $38.59 $37.37 8.22% <-IRR #YR-> 10 Revenue per Share 120.35%
P/S (Price/Sales) Med 0.53 0.53 0.57 0.66 0.76 0.87 1.08 1.32 1.43 1.35 1.69 1.30 1.01 0.90 0.01 6.52% <-IRR #YR-> 5 Revenue per Share 37.14%
P/S (Price/Sales) Close 0.49 0.53 0.62 0.73 0.90 1.01 1.23 1.29 1.60 1.84 1.56 1.11 0.93 0.85 0.83 8.86% <-IRR #YR-> 10 5 yr Running Average 133.80%
*Revenue in M CDN $  P/S Med 20 yr  0.71 15 yr  0.87 10 yr  1.19 5 yr  1.35 -28.69% Diff M/C 9.85% <-IRR #YR-> 5 5 yr Running Average 59.97%
-$198.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $425.9
-$318.1 $0.0 $0.0 $0.0 $0.0 $425.9
-$188.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $429.5
-$272.7 $0.0 $0.0 $0.0 $0.0 $429.5
-$16.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37.30
-$27.20 $0.00 $0.00 $0.00 $0.00 $37.30
$3.32 <-12 mths 6.41%
Adjusted Net Income CDN$ $8.1 $6.1 $5.0 $8.0 $10.5 $7.9 $16.6 $24.1 $21.7 $50.1 $36.4 $37.6 $35.6 618.66% <-Total Growth 10 Adjusted Profit CDN$
Return on Equity ROE 9.99% 7.86% 6.36% 9.72% 10.49% 8.47% 18.11% 22.08% 17.15% 31.23% 27.84% 23.26% 19.77% 18.94% <-Median-> 10 Return on Equity ROE
5Yr Median 10.86% 9.99% 9.99% 9.72% 9.72% 8.47% 9.72% 10.49% 17.15% 18.11% 22.08% 23.26% 23.26% 13.82% <-Median-> 10 5Yr Median
Basic $0.75 $0.56 $0.46 $0.75 $0.97 $0.73 $1.53 $2.21 $1.97 $4.47 $3.32 $3.43 $3.25 606.93% <-Total Growth 10 AEPS
AEPS* Dilued $0.64 $0.56 $0.46 $0.75 $0.97 $0.73 $1.53 $2.21 $1.97 $4.47 $3.19 $3.29 $3.12 $3.24 $3.30 578.26% <-Total Growth 10 AEPS
Increase -26.44% -12.50% -17.86% 63.04% 29.33% -24.74% 109.59% 44.44% -10.86% 126.90% -28.64% 3.13% -5.17% 3.85% 1.85% 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $0.76 $0.66 $0.78 $0.66 $0.68 $0.69 $0.89 $1.24 $1.48 $2.18 $2.67 $3.03 $3.21 $3.46 $3.23 21.10% <-IRR #YR-> 10 AEPS 578.26%
AEPS Yield 8.53% 6.56% 4.37% 5.64% 5.06% 2.94% 4.91% 6.31% 4.32% 5.82% 5.17% 7.58% 9.00% 10.87% 11.07% 7.14% <-IRR #YR-> 5 AEPS 41.18%
Payout Ratio 122.81% 140.36% 170.87% 116.53% 90.93% 150.96% 85.20% 59.73% 67.01% 29.53% 41.38% 61.09% 54.49% 51.85% 40.00% 15.19% <-IRR #YR-> 10 5 yr Running Average 311.28%
5 year Running Average 67.64% 74.94% 109.11% 128.18% 128.30% 133.93% 122.90% 100.67% 90.76% 78.48% 56.57% 51.75% 50.70% 47.67% 49.76% 20.98% <-IRR #YR-> 5 5 yr Running Average 159.13%
Price/AEPS Median 12.81 15.36 20.84 15.93 16.71 29.41 17.92 16.24 20.70 12.61 20.95 15.45 12.05 9.79 0.10 16.47 <-Median-> 10 Price/AEPS Median
Price/AEPS High 15.00 16.96 22.87 18.00 19.77 36.22 20.37 18.38 24.14 18.99 24.61 17.85 14.26 10.99 0.00 19.38 <-Median-> 10 Price/AEPS High
Price/AEPS Low 10.63 13.75 18.80 13.87 13.64 22.60 15.46 14.10 17.26 6.22 17.29 13.04 9.84 8.60 0.00 13.98 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 11.72 15.25 22.87 17.72 19.77 33.96 20.37 15.84 23.14 17.19 19.36 13.19 11.11 9.20 9.03 18.54 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 8.62 13.34 18.79 28.89 25.57 25.56 42.70 22.88 20.63 39.01 13.82 13.61 10.53 9.55 9.20 24.22 <-Median-> 10 Trailing P/AEPS Close
Median Values DPR 10 Yrs 64.05% 5 Yrs   54.49% P/CF 5 Yrs   in order 15.45 18.99 13.04 17.19 -40.43% Diff M/C DPR 75% to 95% best
$40.0 <-12 mths 7.54%
$3.98 <-12 mths 6.70%
Distributable Cash Flow $15.1 $14.9 $12.8 $14.4 $17.8 $23.6 $23.7 $29.4 $32.0 $68.3 $46.6 $42.6 $37.2 <-12 mths 191.57% <-Total Growth 10 Distributable Cash Flow
Basic $1.41 $1.38 $1.19 $1.35 $1.65 $2.18 $2.18 $2.70 $2.90 $6.08 $4.26 $3.89 $3.40 <-12 mths 184.16% <-Total Growth 10 AEPS
AEPS* Dilued $1.28 $1.26 $1.09 $1.23 $1.52 $2.02 $2.03 $2.52 $2.73 $5.84 $4.01 $3.73 $3.73 $3.98 <-12 mths 242.20% <-Total Growth 10 AEPS
Increase -3.03% -1.56% -13.49% 12.84% 23.58% 32.89% 0.50% 24.14% 8.33% 113.92% -31.34% -6.98% 0.00% 6.70% <-12 mths 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $1.27 $1.24 $1.24 $1.28 $1.42 $1.58 $1.86 $2.16 $3.03 $3.43 $3.77 $4.01 $4.26 <-12 mths 13.09% <-IRR #YR-> 10 AEPS 242.20%
AEPS Yield 17.07% 14.75% 10.36% 9.26% 7.92% 8.15% 6.51% 7.20% 5.99% 7.60% 6.49% 8.59% 10.76% 13.35% <-12 mths 8.16% <-IRR #YR-> 5 AEPS 48.02%
Payout Ratio 61.41% 62.38% 72.11% 71.06% 58.03% 54.55% 64.21% 52.38% 48.35% 22.60% 32.92% 53.89% 45.58% 42.21% <-12 mths 12.47% <-IRR #YR-> 10 5 yr Running Average 223.75%
5 year Running Average 59.44% 55.77% 65.30% 65.00% 63.63% 63.99% 60.05% 55.51% 48.42% 44.09% 42.03% 40.67% 39.44% <-12 mths 16.55% <-IRR #YR-> 5 5 yr Running Average 115.02%
Price/AEPS Median 6.41 6.83 8.79 9.72 10.66 10.63 13.50 14.24 14.94 9.65 16.67 13.62 10.08 7.97 <-12 mths 12.08 <-Median-> 10 Price/AEPS Median
Price/AEPS High 7.50 7.54 9.65 10.98 12.62 13.09 15.35 16.12 17.42 14.54 19.58 15.74 11.93 8.94 <-12 mths 14.95 <-Median-> 10 Price/AEPS High
Price/AEPS Low 5.31 6.11 7.94 8.46 8.70 8.17 11.65 12.36 12.45 4.76 13.75 11.50 8.23 7.00 <-12 mths 10.10 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 5.86 6.78 9.65 10.80 12.62 12.27 15.35 13.89 16.70 13.16 15.40 11.64 9.29 7.49 <-12 mths 12.89 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 5.68 6.67 8.35 12.19 15.59 16.31 15.43 17.24 18.09 28.15 10.58 10.82 9.29 7.99 <-12 mths 15.51 <-Median-> 10 Trailing P/AEPS Close
Median Values DPR 10 Yrs 53.13% 5 Yrs   45.58% P/CF 5 Yrs   in order 13.62 15.74 11.50 13.16 -45.02% Diff M/C DPR 75% to 95% best
* Distributable Cash Flow
$3.32 <-12 mths 6.41%
Difference Basic and Diluted 14.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 294.74% 20.15% 12.11% 0.00% <-Median-> 10 Difference Basic and Diluted
EPS Basic $0.75 $0.56 $0.46 $0.75 $0.97 $0.73 $1.53 $2.21 $1.97 $4.47 $0.19 $4.12 $3.55 671.74% <-Total Growth 10 EPS Basic
EPS Diluted* $0.64 $0.56 $0.46 $0.75 $0.97 $0.73 $1.53 $2.21 $1.97 $4.47 -$0.37 $3.29 $3.12 $3.24 $3.30 578.26% <-Total Growth 10 EPS Diluted
Increase -26.44% -12.50% -17.86% 63.04% 29.33% -24.74% 109.59% 44.44% -10.86% 126.90% -108.28% 989.19% -5.17% 3.85% 1.85% 9 1 10 Years of Data, EPS P or N 90.00%
Earnings Yield 8.53% 6.56% 4.37% 5.64% 5.06% 2.94% 4.91% 6.31% 4.32% 5.82% -0.60% 7.58% 9.00% 10.87% 11.07% 21.10% <-IRR #YR-> 10 Earnings per Share 578.26%
5 year Running Average $0.76 $0.66 $0.78 $0.66 $0.68 $0.69 $0.89 $1.24 $1.48 $2.18 $1.96 $2.31 $2.50 $2.75 $2.52 7.14% <-IRR #YR-> 5 Earnings per Share 41.18%
10 year Running Average $0.69 $0.71 $0.74 $0.73 $0.77 $1.01 $1.07 $1.43 $1.33 $1.60 $1.87 $2.12 $2.35 12.33% <-IRR #YR-> 10 5 yr Running Average 220.00%
* Diluted ESP per share  E/P 10 Yrs 5.35% 5Yrs 5.82% 15.05% <-IRR #YR-> 5 5 yr Running Average 101.62%
-$0.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.12
-$2.21 $0.00 $0.00 $0.00 $0.00 $3.12
-$0.78 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.50
-$1.24 $0.00 $0.00 $0.00 $0.00 $2.50
Special Dividends $1.32 Special Dividends
Dividend* 0.00% Dividend*
Special Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.69 $0.38 $0.36 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Dividend* $0.79 $0.79 $0.79 $0.87 $0.88 $1.10 $1.30 $1.32 $1.32 $1.32 $1.32 $1.32 $1.32 $1.32 $1.32 $1.32 67.94% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 0.00% 11.20% 0.92% 24.94% 18.28% 1.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7 1 19 Years of data Count P, N
Average Increases 5 Year Running 19.38% 19.38% 19.38% 36.45% 2.42% 7.41% 11.07% 11.32% 9.08% 8.90% 3.91% 0.25% 0.00% 0.00% 0.00% 0.00% 8.15% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $0.82 $0.75 $0.69 $0.80 $0.82 $0.89 $0.99 $1.10 $1.19 $1.27 $1.32 $1.46 $1.53 $1.61 $1.61 $1.61 123.35% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 9.59% 9.14% 8.20% 7.31% 5.44% 5.13% 4.76% 3.68% 3.24% 2.34% 1.98% 2.60% 3.51% 4.16% 3.59% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 8.19% 8.27% 7.47% 6.47% 4.60% 4.17% 4.18% 3.25% 2.78% 1.55% 1.68% 2.25% 2.97% 3.71% 3.11% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 11.56% 10.21% 9.09% 8.40% 6.67% 6.68% 5.51% 4.24% 3.88% 4.75% 2.39% 3.08% 4.30% 4.74% 4.52% <-Median-> 10 Yield on Low Price AEPS
Yield on Close Price 10.48% 9.20% 7.47% 6.58% 4.60% 4.45% 4.18% 3.77% 2.90% 1.72% 2.14% 3.04% 3.81% 4.43% 4.43% 3.30% 3.79% <-Median-> 10 Yield on Close Price CFPS
Payout Ratio EPS 122.81% 140.36% 170.87% 116.53% 90.93% 150.96% 85.20% 59.73% 67.01% 29.53% 0.00% 61.09% 54.49% 51.85% 40.00% #DIV/0! 64.05% <-Median-> 10 DPR EPS FCF 
DPR EPS 5 Yr Running 107.77% 114.59% 88.05% 122.50% 121.72% 127.67% 111.43% 88.55% 79.99% 58.35% 67.11% 63.01% 61.46% 58.40% 63.83% #DIV/0! 84.27% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 58.22% 69.89% 45.16% 69.87% 69.92% 37.22% 48.90% 62.10% 38.62% 20.76% 26.50% 53.18% 23.33% 34.37% 43.76% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 69.49% 60.94% 52.74% 63.34% 61.15% 53.13% 50.08% 53.40% 47.68% 36.32% 33.68% 35.28% 29.70% 29.42% 48.88% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 63.25% 49.39% 56.50% 57.61% 50.19% 45.45% 52.37% 48.54% 37.40% 19.08% 24.50% 39.19% 39.38% 40.47% 42.42% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 63.76% 55.24% 49.74% 56.35% 54.86% 51.03% 51.65% 50.25% 45.88% 35.21% 31.29% 30.78% 30.34% 31.00% 48.07% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 3.59% 3.79% 5 Yr Med 5 Yr Cl 2.60% 2.90% 5 Yr Med Payout 54.49% 26.50% 37.40% 0.00% <-IRR #YR-> 5 Dividends 0.00%
* Dividends per share  10 Yr Med and Cur. 23.18% 16.82% 5 Yr Med and Cur. 70.46% 52.94% Last Div Inc ---> $0.11 $0.11 0.0% 5.32% <-IRR #YR-> 10 Dividends 67.94%
Dividends Growth 15 1.09% <-IRR #YR-> 15 Dividends 17.65%
Dividends Growth 20 3.71% <-IRR #YR-> 19 Dividends #DIV/0!
Dividends Growth 25 #NUM! <-IRR #YR-> 25 Dividends #DIV/0!
Dividends Growth 5 -$1.32 $0.00 $0.00 $0.00 $0.00 $1.32 Dividends Growth 5
Dividends Growth 10 -$0.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.32 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.32 Dividends Growth 15
Dividends Growth 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.32 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.32 Dividends Growth 25
Historical Dividends Historical High Div 15.98% Low Div 1.74% 10 Yr High 8.23% 10 Yr Low 1.57% Med Div 6.21% Close Div 5.33% Med Div '11 4.76% Historical Dividends
High/Ave/Median Values Curr diff Exp. -72.29% Cheap 154.49% Exp. -46.20% 182.04% Exp. -28.69% Exp. -16.90% -6.97% High/Ave/Median 
Adjusted Historical Dividends Historical High Div 11.02% Low Div 1.61% 10 Yr High 8.23% 10 Yr Low 1.59% Med Div 4.76% Close Div 4.18% From 2011 Adjusted Historical Dividends
High/Ave/Median Values Curr diff Exp. -59.82% Cheap 175.03% Exp. -46.20% 178.49% Exp. -6.97% Exp. 5.89% High/Ave/Median Values
Future Dividend Yield Div Yield 4.43% earning in 5 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Future Dividend Yield Div Yield 4.43% earning in 10 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Future Dividend Yield Div Yield 4.43% earning in 15 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Future Dividend Paid Div Paid $1.32 earning in 5 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Paid
Future Dividend Paid Div Paid $1.32 earning in 10 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Paid
Future Dividend Paid Div Paid $1.32 earning in 15 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Paid
Dividend Covering Cost Div Paid $6.60 over 5 Years at IRR of 0.00% Div Cov. 22.14% Dividend Covering Cost
Dividend Covering Cost Div Paid $11.88 over 10 Years at IRR of 0.00% Div Cov. 39.85% Dividend Covering Cost
Dividend Covering Cost Div Paid $17.16 over 15 Years at IRR of 0.00% Div Cov. 57.56% Dividend Covering Cost
Yield if held 5 years 9.89% 8.69% 10.52% 17.91% 11.28% 13.44% 15.16% 13.77% 11.05% 8.15% 6.15% 4.82% 3.68% 3.24% 2.34% 1.98% 11.16% <-Median-> 10 Paid Median Price
Yield if held 10 years 8.57% 8.38% 13.86% 14.40% 17.66% 27.05% 16.88% 16.10% 15.35% 13.77% 11.05% 8.15% 6.15% 14.88% <-Median-> 10 Paid Median Price
Yield if held 15 years 12.94% 12.55% 16.60% 14.59% 17.66% 27.05% 16.88% 16.10% 14.59% <-Median-> 5 Paid Median Price
Yield if held 20 years 12.94% 12.55% 16.60% #NUM! <-Median-> 0 Paid Median Price
Yield if held 25 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 51.65% 41.66% 45.94% 82.34% 52.61% 54.02% 57.53% 57.19% 49.60% 39.28% 30.66% 26.60% 21.38% 19.69% 14.25% 12.02% 51.11% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 86.24% 81.33% 107.37% 96.33% 119.27% 203.80% 134.01% 134.31% 142.30% 137.21% 116.80% 88.83% 68.06% 126.64% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 144.35% 141.84% 190.18% 176.88% 221.88% 368.35% 236.69% 232.24% 176.88% <-Median-> 5 Paid Median Price
Cost covered if held 20 years 223.07% 218.17% 291.19% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 25 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $318.06 $334.15 $489.24 $451.44 $446.90 $425.93 $411.8 <-12 mths -3.31% 33.91% <-Total Growth 5 Revenue Growth  33.91%
AEPS Growth $2.21 $1.97 $4.47 $3.19 $3.29 $3.12 $3.32 <-12 mths 6.41% 41.18% <-Total Growth 5 AEPS Growth 41.18%
Net Income Growth $24.12 $21.73 $50.14 $2.07 $45.17 $38.89 $37.4 <-12 mths -3.85% 61.25% <-Total Growth 5 Net Income Growth 61.25%
Cash Flow Growth $24.86 $39.97 $74.34 $56.87 $43.15 $83.19 $55.8 <-12 mths -32.92% 234.68% <-Total Growth 5 Cash Flow Growth 234.68%
Dividend Growth $1.32 $1.32 $1.32 $1.32 $1.32 $1.32 $1.32 <-12 mths 0.00% 0.00% <-Total Growth 5 Dividend Growth 0.00%
Stock Price Growth $35.00 $45.59 $76.85 $61.76 $43.40 $34.65 $29.81 <-12 mths -13.97% -1.01% <-Total Growth 5 Stock Price Growth -1.01%
Revenue Growth  $198.53 $212.29 $249.43 $286.96 $296.58 $318.06 $334.15 $489.24 $451.44 $446.90 $425.93 $401.3 <-this year -5.78% 114.54% <-Total Growth 10 Revenue Growth  114.54%
AEPS Growth $0.46 $0.75 $0.97 $0.73 $1.53 $2.21 $1.97 $4.47 $3.19 $3.29 $3.12 $3.24 <-this year 3.85% 578.26% <-Total Growth 10 AEPS Growth 578.26%
Net Income Growth $4.96 $8.02 $10.51 $7.90 $16.64 $24.12 $21.73 $50.14 $2.07 $45.17 $38.89 $37.0 <-this year -4.88% 684.61% <-Total Growth 10 Net Income Growth 684.61%
Cash Flow Growth $20.41 $14.66 $14.77 $34.62 $31.17 $24.86 $39.97 $74.34 $56.87 $43.15 $83.19 $55.8 <-this year -32.92% 307.58% <-Total Growth 10 Cash Flow Growth 307.58%
Dividend Growth $0.79 $0.87 $0.88 $1.10 $1.30 $1.32 $1.32 $1.32 $1.32 $1.32 $1.32 $1.32 <-this year 0.00% 67.94% <-Total Growth 10 Dividend Growth 67.94%
Stock Price Growth $10.52 $13.29 $19.18 $24.79 $31.17 $35.00 $45.59 $76.85 $61.76 $43.40 $34.65 $46.50 <-this year 34.20% 229.37% <-Total Growth 10 Stock Price Growth 229.37%
Dividends on Shares $83.90 $84.67 $105.79 $125.14 $126.72 $126.72 $126.72 $126.72 $192.96 $163.20 $161.28 $126.72 $126.72 $1,262.54 No of Years 10 Total Dividends 12/31/13
Paid  $1,009.92 $1,275.84 $1,841.28 $2,379.84 $2,992.32 $3,360.00 $4,376.64 $7,377.60 $5,928.96 $4,166.40 $3,326.40 $2,861.76 $2,861.76 $3,840.00 $3,326.40 No of Years 10 Worth $10.52
Total $4,588.94
Graham Number AEPS $9.94 $9.09 $8.29 $10.90 $13.66 $11.45 $16.45 $21.55 $21.92 $37.16 $28.68 $32.36 $33.28 $35.20 $35.53 $0.00 301.26% <-Total Growth 10 Graham Number AEPS
Increase -14.04% -8.64% -8.71% 31.45% 25.32% -16.19% 43.62% 31.05% 1.69% 69.56% -22.83% 12.83% 2.85% 5.78% 0.92% -100.00% 19.08% <-Median-> 10 Graham Price
Price/GP Ratio Med 0.82 0.95 1.16 1.10 1.19 1.87 1.67 1.66 1.86 1.52 2.33 1.57 1.13 0.90 1.62 <-Median-> 10 Price/GP Ratio Med
Price/GP Ratio High 0.97 1.05 1.27 1.24 1.40 2.31 1.90 1.88 2.17 2.28 2.74 1.81 1.34 1.01 1.89 <-Median-> 10 Price/GP Ratio High
Price/GP Ratio Low 0.68 0.85 1.04 0.95 0.97 1.44 1.44 1.45 1.55 0.75 1.92 1.33 0.92 0.79 1.38 <-Median-> 10 Price/GP Ratio Low
Price/GP Ratio Close 0.75 0.94 1.27 1.22 1.40 2.16 1.90 1.62 2.08 2.07 2.15 1.34 1.04 0.85 0.84 #DIV/0! 1.76 <-Median-> 10 Price/GP Ratio Close
Prem/Disc Close -24.58% -6.01% 26.84% 21.90% 40.38% 116.48% 89.52% 62.38% 108.00% 106.79% 115.36% 34.12% 4.12% -15.32% -16.09% #DIV/0! 75.95% <-Median-> 10 Graham Price
Graham Number $9.94 $9.09 $8.29 $10.90 $13.66 $11.45 $16.45 $21.55 $21.92 $37.16 $7.00 $32.36 $33.28 $35.20 $35.53 $0.00 301.26% <-Total Growth 10 Graham Number
Increase -14.04% -8.64% -8.71% 31.45% 25.32% -16.19% 43.62% 31.05% 1.69% 69.56% -81.17% 362.33% 2.85% 5.78% 0.92% -100.00% 28.19% <-Median-> 10 Graham Price
Price/GP Ratio Med 0.82 0.95 1.16 1.10 1.19 1.87 1.67 1.66 1.86 1.52 9.55 1.57 1.13 0.90 1.62 <-Median-> 10 Price/GP Ratio Med
Price/GP Ratio High 0.97 1.05 1.27 1.24 1.40 2.31 1.90 1.88 2.17 2.28 11.22 1.81 1.34 1.01 1.89 <-Median-> 10 Price/GP Ratio High
Price/GP Ratio Low 0.68 0.85 1.04 0.95 0.97 1.44 1.44 1.45 1.55 0.75 7.88 1.33 0.92 0.79 1.38 <-Median-> 10 Price/GP Ratio Low
Price/GP Ratio Close 0.75 0.94 1.27 1.22 1.40 2.16 1.90 1.62 2.08 2.07 8.82 1.34 1.04 0.85 0.84 #DIV/0! 1.76 <-Median-> 10 Price/GP Ratio Close
Prem/Disc Close -24.58% -6.01% 26.84% 21.90% 40.38% 116.48% 89.52% 62.38% 108.00% 106.79% 782.42% 34.12% 4.12% -15.32% -16.09% #DIV/0! 75.95% <-Median-> 10 Graham Price
Based on EPS 3 Yrs EPS $12.18 $10.09 $9.10 $9.67 $11.83 $12.11 $13.80 $17.70 $21.54 $29.85 $22.84 $28.00 $26.73 $35.08 $35.09 $28.88 193.90% <-Total Growth 10 Based on EPS 3 Yrs EPS
Increase 17.65% -17.20% -9.80% 6.30% 22.30% 2.42% 13.91% 28.28% 21.73% 38.54% -23.48% 22.59% -4.52% 31.20% 0.05% -17.72% 17.82% <-Median-> 10 Graham Price
Price/GP Ratio Med 0.67 0.85 1.05 1.24 1.37 1.77 1.99 2.03 1.89 1.89 2.93 1.81 1.41 0.90 1.85 <-Median-> 10 Price/GP Ratio Med
Price/GP Ratio High 0.79 0.94 1.16 1.40 1.62 2.18 2.26 2.29 2.21 2.84 3.44 2.10 1.66 1.01 2.20 <-Median-> 10 Price/GP Ratio High
Price/GP Ratio Low 0.56 0.76 0.95 1.08 1.12 1.36 1.71 1.76 1.58 0.93 2.41 1.53 1.15 0.79 1.45 <-Median-> 10 Price/GP Ratio Low
Price/GP Ratio Close 0.62 0.85 1.16 1.37 1.62 2.05 2.26 1.98 2.12 2.57 2.70 1.55 1.30 0.85 0.85 1.39 2.01 <-Median-> 10 Price/GP Ratio Close
Prem/Disc Close -38.42% -15.32% 15.65% 37.44% 62.19% 104.67% 125.92% 97.76% 111.61% 157.47% 170.41% 55.01% 29.61% -15.01% -15.06% 38.53% 101.22% <-Median-> 10 Graham Price
Month, Year Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 27.00 <Count Years> Month, Year
Price Close $7.50 $8.54 $10.52 $13.29 $19.18 $24.79 $31.17 $35.00 $45.59 $76.85 $61.76 $43.40 $34.65 $29.81 $29.81 $40.00 229.37% <-Total Growth 10 Stock Price
Increase -14.29% 13.87% 23.19% 26.33% 44.32% 29.25% 25.74% 12.29% 30.26% 68.57% -19.64% -29.73% -20.16% -13.97% 0.00% 34.18% 18.38 <-Median-> 10 CAPE (10 Yr P/E)
P/E Ratio 11.72 15.25 22.87 17.72 19.77 33.96 20.37 15.84 23.14 17.19 -166.92 13.19 11.11 9.20 9.03 #DIV/0! -0.20% <-IRR #YR-> 5 Stock Price -1.00%
Trailing P/E Ratio 8.62 13.34 18.79 28.89 25.57 25.56 42.70 22.88 20.63 39.01 13.82 -117.30 10.53 9.55 9.20 12.12 12.66% <-IRR #YR-> 10 Stock Price 229.37%
CAPE (10 Yr P/E) 12.52 12.47 13.35 15.79 17.70 16.44 19.11 19.06 24.60 22.58 20.66 19.01 17.57 #DIV/0! 4.17% <-IRR #YR-> 5 Price & Dividend 20.91%
Median 10, 5 Yrs D.  per yr 7.33% 4.37% % Tot Ret 36.68% 104.82% T P/E 24.22 13.82 P/E:  17.46 13.19 19.99% <-IRR #YR-> 10 Price & Dividend 354.39%
Price 15 D.  per yr 8.03% % Tot Ret 39.06% CAPE Diff 3.41% 12.53% <-IRR #YR-> 15 Stock Price 487.29%
Price  20 D.  per yr 6.21% % Tot Ret 49.73% 6.28% <-IRR #YR-> 19 Stock Price #DIV/0!
Price  25 D.  per yr #NUM! % Tot Ret #NUM! #NUM! <-IRR #YR-> 25 Stock Price #DIV/0!
Price & Dividend 15 20.56% <-IRR #YR-> 15 Price & Dividend 768.40%
Price & Dividend 20 12.48% <-IRR #YR-> 19 Price & Dividend #DIV/0!
Price & Dividend 25 #NUM! <-IRR #YR-> 25 Price & Dividend #DIV/0!
Price  5 -$35.00 $0.00 $0.00 $0.00 $0.00 $34.65 Price  5
Price 10 -$10.52 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $34.65 Price 10
Price & Dividend 5 -$35.00 $1.32 $1.32 $1.32 $2.01 $36.35 Price & Dividend 5
Price & Dividend 10 -$10.52 $0.87 $0.88 $1.10 $1.30 $1.32 $1.32 $1.32 $1.32 $2.01 $36.35 Price & Dividend 10
Price  15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $34.65 Price 15
Price  20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $34.65 Price  20
Price  25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $34.65 Price  25
Price & Dividend 15 $0.79 $0.79 $0.79 $0.87 $0.88 $1.10 $1.30 $1.32 $1.32 $1.32 $1.32 $2.01 $36.35 Price & Dividend 15
Price & Dividend 20 $0.79 $0.79 $0.79 $0.87 $0.88 $1.10 $1.30 $1.32 $1.32 $1.32 $1.32 $2.01 $36.35 Price & Dividend 20
Price & Dividend 25 $0.79 $0.79 $0.79 $0.87 $0.88 $1.10 $1.30 $1.32 $1.32 $1.32 $1.32 $2.01 $36.35 Price & Dividend 25
Price H/L Median $8.20 $8.60 $9.59 $11.95 $16.21 $21.47 $27.41 $35.88 $40.78 $56.35 $66.83 $50.82 $37.60 $31.74 34.18% 292.28% <-Total Growth 10 Stock Price
Increase 4.86% 4.88% 11.45% 24.67% 35.61% 32.49% 27.67% 30.90% 13.64% 38.20% 18.60% -23.96% -26.01% -15.60% 4.43% 0.94% <-IRR #YR-> 5 Stock Price 4.79%
P/E Ratio 12.81 15.36 20.84 15.93 16.71 29.41 17.92 16.24 20.70 12.61 -180.62 15.45 12.05 9.79 38.61% 14.65% <-IRR #YR-> 10 Stock Price 292.28%
Trailing P/E Ratio 9.43 13.44 17.12 25.98 21.61 22.13 37.55 23.45 18.45 28.60 14.95 -137.34 11.43 10.17 5.10% <-IRR #YR-> 5 Price & Dividend 26.17%
P/E on Running 5 yr Average 10.76 13.07 12.29 18.22 23.97 30.94 30.87 28.98 27.51 25.82 34.06 21.96 15.06 11.54 22.21% <-IRR #YR-> 10 Price & Dividend 429.49%
P/E on Running 10 yr Average 13.97 16.88 21.96 29.49 35.46 35.56 38.14 39.43 50.32 31.74 20.14 15.00 15.40 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.16% 7.56% % Tot Ret 81.56% 34.04% T P/E 21.87 14.95 P/E:  16.08 12.61 Count 19 Years of data
-$35.88 $0.00 $0.00 $0.00 $0.00 $37.60
-$9.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37.60
-$35.88 $1.32 $1.32 $1.32 $2.01 $39.30
-$9.59 $0.87 $0.88 $1.10 $1.30 $1.32 $1.32 $1.32 $1.32 $2.01 $39.30
High Months Mar Sep Dec Nov Dec Nov Dec Nov Dec Oct Mar Jan Jan Jan
Price High $9.60 $9.50 $10.52 $13.50 $19.18 $26.44 $31.17 $40.61 $47.55 $84.90 $78.52 $58.72 $44.50 $35.60 323.00% <-Total Growth 10 Stock Price
Increase 9.71% -1.04% 10.74% 28.33% 42.07% 37.85% 17.89% 30.29% 17.09% 78.55% -7.51% -25.22% -24.22% -20.00% 1.85% <-IRR #YR-> 5 Stock Price 9.58%
P/E Ratio 15.00 16.96 22.87 18.00 19.77 36.22 20.37 18.38 24.14 18.99 -212.22 17.85 14.26 10.99 15.51% <-IRR #YR-> 10 Stock Price 323.00%
Trailing P/E Ratio 11.03 14.84 18.79 29.35 25.57 27.26 42.70 26.54 21.52 43.10 17.57 -158.70 13.53 11.41 17.92 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 26.06 17.57 P/E:  18.68 17.85 24.01 P/E Ratio Historical High
-$40.61 $0.00 $0.00 $0.00 $0.00 $44.50
-$10.52 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $44.50
Low Months Oct Jan Jan Jan Jan Jan Jan Dec Jan Mar Nov May Aug Jul
Price Low $6.80 $7.70 $8.65 $10.40 $13.23 $16.50 $23.65 $31.15 $34.00 $27.80 $55.14 $42.91 $30.70 $27.87 254.91% <-Total Growth 10 Stock Price
Increase -1.31% 13.24% 12.34% 20.23% 27.21% 24.72% 43.33% 31.71% 9.15% -18.24% 98.35% -22.18% -28.45% -9.22% -0.29% <-IRR #YR-> 5 Stock Price -1.44%
P/E Ratio 10.63 13.75 18.80 13.87 13.64 22.60 15.46 14.10 17.26 6.22 -149.03 13.04 9.84 8.60 13.50% <-IRR #YR-> 10 Stock Price 254.91%
Trailing P/E Ratio 7.82 12.03 15.45 22.61 17.64 17.01 32.40 20.36 15.38 14.11 12.34 -115.97 9.33 8.93 12.90 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 16.20 12.34 P/E:  13.75 9.84 -34.02 P/E Ratio Historical Low
-$8.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.70
$25 <-12 mths 12.67% Company
$34 <-12 mths -22.59% MS
Free Cash Flow Company $5.8 $5.6 $3.5 $4.2 $7.4 $11.1 $8.8 $13.9 $16.4 $52.9 $31.2 $27.5 $22.1 528.26% <-Total Growth 10 Free Cash Flow Company
Change -7.73% -4.25% -36.98% 20.62% 74.76% 49.73% -21.22% 58.32% 18.64% 221.61% -40.92% -11.85% -19.68% 19.63% <-Median-> 10 Change
Per Diluted Unit $0.49 $0.47 $0.30 $0.36 $0.63 $0.95 $0.75 $1.19 $1.41 $4.52 $2.74 $2.41 $1.94 545.27% <-Total Growth 10 Per Diluted Unit
Free Cash Flow MS old $14.42 $17.85 $23.65 $23.74 $29.43 $38 $72 $55 $42
Change 23.74% 32.52% 0.39% 23.94% 29.14% 89.47% -23.61% -23.64%
Free Cash Flow MS $18 $12 $19 $14.61 $16.57 $24.24 $25.27 $27.41 $37.29 $74.52 $55.48 $51.44 $43.52 $32.1 129.05% <-Total Growth 10 Free Cash Flow Mrk Sceen
Change 157.14% -33.33% 58.33% -23.11% 13.42% 46.29% 4.25% 8.47% 36.05% 99.84% -25.55% -7.28% -15.40% -26.24% 9.69% <-IRR #YR-> 5 Free Cash Flow MS 58.77%
FCF/CF from Op Ratio 1.13 0.91 0.93 1.00 1.12 0.70 0.81 1.10 0.93 1.00 0.98 1.19 0.52 0.58 8.64% <-IRR #YR-> 10 Free Cash Flow MS 129.05%
Dividends paid $9.28 $9.26 $9.22 $10.18 $10.42 $12.54 $14.99 $15.56 $15.53 $15.53 $15.38 $22.95 $22.95 $15.07 148.99% <-Total Growth 10 Dividends paid
Percentage paid 62.91% 51.72% 59.30% 56.78% 41.65% 20.84% 27.72% 44.62% 52.74% 46.95% $0.52 <-Median-> 9 Percentage paid
5 Year Coverage 52.79% 39.29% 35.00% 34.52% 35.21% 35.75% 5 Year Coverage
Dividend Coverage Ratio 1.59 1.93 1.69 1.76 2.40 4.80 3.61 2.24 1.90 2.13 1.93 <-Median-> 9 Dividend Coverage Ratio
5 Year of Coverage 1.89 2.55 2.86 2.90 2.84 2.80 5 Year of Coverage
Market Cap in $M $88.5 $100.6 $123.4 $155.8 $224.6 $289.9 $364.5 $409.3 $533.1 $898.6 $705.2 $495.5 $395.6 $340.4 $340.4 $456.7 2.21 <-Total Growth 10 Market Cap 220.69%
Exchangeable shares 0.800 0.463 0.463 0.463 0.463 0.463 Exchangeable shares
Diluted # of Shares in Million 11.803 11.775 11.727 11.720 11.709 11.693 11.693 11.693 11.693 11.693 11.418 11.418 11.418 11.418 11.418 -2.64% <-Total Growth 10 Diluted # of Shares in Million
Change 0.00% -0.23% -0.41% -0.06% -0.10% -0.14% 0.00% 0.00% 0.00% 0.00% -2.35% 0.00% 0.00% 0.00% 0.00% -0.27% <-IRR #YR-> 10 Change
Difference Diluted/Basic -9.0% -8.8% -9.0% -8.7% -7.7% -7.2% -7.0% -6.8% -5.7% -4.0% -4.1% -4.1% -4.1% -4.1% -4.1% -0.47% <-IRR #YR-> 5 Difference Diluted/Basic
Change in Diluted Shares per Year
Basic # of Shares in Millions 10.743 10.736 10.676 10.701 10.808 10.847 10.875 10.893 11.022 11.230 10.955 10.955 10.955 10.955 10.955 2.61% <-Total Growth 10 Basic
Change 6.85% -0.07% -0.55% 0.23% 1.00% 0.36% 0.26% 0.17% 1.18% 1.89% -2.45% 0.00% 0.00% 0.00% 0.00% 0.25% <-Median-> 10 Change
Difference Basic/Outstanding 9.86% 9.68% 9.84% 9.53% 8.34% 7.80% 7.52% 7.34% 6.09% 4.12% 4.23% 4.23% 4.23% 4.23% 4.23% 6.72% <-Median-> 10 Difference Basic/Outstanding
$55.80 <-12 mths -32.92%
Exchange Shares (Liability) 1.059 1.06 1.024 1.024 0.846 0.846 0.800 0.800 0.463 0.463 0.463 0.463 0.463 0.463 0.463 0.463 Exchange Shares (Liability)
Basic Units 10.743 10.716 10.703 10.696 10.863 10.847 10.893 10.893 11.230 11.230 10.955 10.955 10.955 10.955 10.955 10.955 Basic Units
# of Units in Millions 11.803 11.775 11.727 11.720 11.709 11.693 11.693 11.693 11.693 11.693 11.418 11.418 11.418 11.418 11.418 11.418 -0.27% <-IRR #YR-> 10 # of Units in Millions -2.64%
Change 0.00% -0.23% -0.41% -0.06% -0.10% -0.14% 0.00% 0.00% 0.00% 0.00% -2.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% <-Median-> 10 Change
Cash Flow from Operations $M $15.9 $13.2 $20.4 $14.7 $14.8 $34.6 $31.2 $24.9 $40.0 $74.3 $56.9 $43.2 $83.2 $55.8 <-12 mths 307.58% <-Total Growth 10 Cash Flow
Increase 53.90% -16.90% 54.13% -28.17% 0.75% 134.40% -9.96% -20.26% 60.79% 86.02% -23.50% -24.12% 92.78% -32.92% <-12 mths Share Issue Buy Backs Exchangeable shares exchged
5 year Running Average $13.9 $14.6 $15.4 $14.9 $15.8 $19.5 $23.1 $24.0 $29.1 $41.0 $45.4 $47.8 $59.5 $62.7 <-12 mths 287.51% <-Total Growth 10 CF 5 Yr Running
CFPS $1.35 $1.12 $1.74 $1.25 $1.26 $2.96 $2.67 $2.13 $3.42 $6.36 $4.98 $3.78 $7.29 $4.89 <-12 mths 318.62% <-Total Growth 10 Cash Flow per Share
Increase 53.90% -16.71% 54.76% -28.13% 0.85% 134.72% -9.96% -20.26% 60.79% 86.02% -21.66% -24.12% 92.78% -32.92% <-12 mths 15.09% <-IRR #YR-> 10 Cash Flow 307.58%
5 year Running Average $1.18 $1.24 $1.30 $1.27 $1.35 $1.67 $1.98 $2.05 $2.49 $3.51 $3.91 $4.13 $5.16 $5.46 <-12 mths 27.33% <-IRR #YR-> 5 Cash Flow 234.68%
P/CF on Med Price 6.07 7.65 5.51 9.55 12.85 7.25 10.28 16.88 11.93 8.86 13.42 13.45 5.16 6.49 <-12 mths 15.39% <-IRR #YR-> 10 Cash Flow per Share 318.62%
P/CF on Closing Price 5.55 7.59 6.04 10.63 15.21 8.37 11.69 16.47 13.34 12.09 12.40 11.48 4.76 6.10 <-12 mths 27.94% <-IRR #YR-> 5 Cash Flow per Share 242.74%
-45.08% Diff M/C 14.77% <-IRR #YR-> 10 CFPS 5 yr Running 296.56%
$47.40 <-12 mths -3.84%
Excl.Working Capital CF -$1.3 $5.5 -$4.1 $3.1 $5.8 -$6.3 -$2.1 $6.9 $1.3 $6.5 $4.6 $15.4 -$33.9 $0.0 <-12 mths 20.26% <-IRR #YR-> 5 CFPS 5 yr Running 151.56%
Cash Flow from Operations $M WC $14.7 $18.7 $16.3 $17.8 $20.6 $28.4 $29.1 $31.8 $41.3 $80.9 $61.5 $58.6 $49.3 $47.4 <-12 mths 202.11% <-Total Growth 10 Cash Flow less WC
Increase -10.45% 27.76% -12.94% 8.99% 15.71% 37.79% 2.66% 9.26% 29.78% 95.98% -23.95% -4.80% -15.83% -3.84% <-12 mths 11.69% <-IRR #YR-> 10 Cash Flow less WC 202.11%
5 year Running Average $15.1 $16.1 $16.3 $16.8 $17.6 $20.4 $22.4 $25.5 $30.2 $42.3 $48.9 $54.8 $58.3 $59.5 <-12 mths 9.16% <-IRR #YR-> 5 Cash Flow less WC 54.99%
CFPS Excl. WC $1.24 $1.59 $1.39 $1.52 $1.76 $2.42 $2.49 $2.72 $3.53 $6.92 $5.39 $5.13 $4.32 $4.15 <-12 mths 13.61% <-IRR #YR-> 10 CF less WC 5 Yr Run 258.09%
Increase -10.45% 28.06% -12.58% 9.06% 15.82% 37.98% 2.66% 9.26% 29.78% 95.98% -22.11% -4.80% -15.83% -3.84% <-12 mths 17.96% <-IRR #YR-> 5 CF less WC 5 Yr Run 128.43%
5 year Running Average $1.29 $1.36 $1.38 $1.43 $1.50 $1.74 $1.92 $2.18 $2.58 $3.62 $4.21 $4.74 $5.06 $5.18 <-12 mths 11.99% <-IRR #YR-> 10 CFPS - Less WC 210.29%
P/CF on Median Price 6.60 5.40 6.89 7.88 9.22 8.86 11.01 13.19 11.55 8.15 12.40 9.91 8.71 7.65 <-12 mths 9.68% <-IRR #YR-> 5 CFPS - Less WC 58.72%
P/CF on Closing Price 6.04 5.37 7.56 8.76 10.92 10.22 12.52 12.87 12.92 11.11 11.46 8.46 8.03 7.18 <-12 mths 13.86% <-IRR #YR-> 10 CFPS 5 yr Running 266.20%
*Operational Cash Flow. CF/-WC P/CF Med 10 yr 11.11 5 yr  11.93 P/CF Med 10 yr 9.57 5 yr  9.91 -24.92% Diff M/C 18.31% <-IRR #YR-> 5 CFPS 5 yr Running 131.76%
-$1.74 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.29 Cash Flow per Share
-$2.13 $0.00 $0.00 $0.00 $0.00 $7.29 Cash Flow per Share
-$1.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.16 CFPS 5 yr Running
-$2.05 $0.00 $0.00 $0.00 $0.00 $5.16 CFPS 5 yr Running
-$16.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $49.3 Cash Flow less WC
-$31.8 $0.0 $0.0 $0.0 $0.0 $49.3 Cash Flow less WC
-$16.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $58.3 CF less WC 5 Yr Run
-$25.5 $0.0 $0.0 $0.0 $0.0 $58.3 CF less WC 5 Yr Run
-$1.39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.32 CFPS - Less WC
-$2.72 $0.00 $0.00 $0.00 $0.00 $4.32 CFPS - Less WC
OPM Ratio 8.74% 6.92% 10.28% 6.91% 5.92% 12.06% 10.51% 7.81% 11.96% 15.20% 12.60% 9.66% 19.53% 13.91% 89.98% <-Total Growth 10 OPM
Increase 51.16% -20.84% 48.54% -32.83% -14.25% 103.74% -12.88% -25.65% 53.05% 27.05% -17.10% -23.35% 102.27% -28.80% Should increase  or be stable.
Diff from Median -22.2% -38.4% -8.5% -38.5% -47.3% 7.4% -6.5% -30.4% 6.5% 35.2% 12.1% -14.1% 73.8% 23.8% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 11.24% 5 Yrs 12.60% should be  zero, it is a   check on calculations
$56 <-12 mths -3.75%
Adjusted EBITDA $19.51 $20.96 $21.61 $23.80 $29.88 $37.76 $40.56 $45.96 $48.06 $98.26 $71.24 $64.44 $57.95 $54.70 $56.10 168.16% <-Total Growth 10 Adjusted EBITDA EBITDA to Adjusted
Change -8.90% 7.44% 3.11% 10.12% 25.57% 26.37% 7.41% 13.31% 4.57% 104.45% -27.50% -9.55% -10.07% -5.61% 2.56% 8.76% <-Median-> 10 Change
Margin 10.70% 10.95% 10.89% 11.21% 11.98% 13.16% 13.68% 14.45% 14.38% 20.08% 15.78% 14.42% 13.61% 13.63% 13.75% 0.14 <-Median-> 10 EBITDA Margin
Long Term Debt $44.50 $41.50 $35.50 $32.43 $46.88 $41.85 $33.44 $27.44 $11.96 $23.56 $22.69 $64.82 $18.02 $4.00 -49.23% <-Total Growth 10 Debt Type
Change -7.29% -6.74% -14.46% -8.65% 44.58% -10.73% -20.10% -17.94% -56.41% 96.95% -3.70% 185.69% -72.20% -77.78% -9.69% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 0.50 0.41 0.29 0.21 0.21 0.14 0.09 0.07 0.02 0.03 0.03 0.13 0.05 0.01 0.08 <-Median-> 10 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 5.31 5.00 4.53 3.98 4.18 3.21 3.09 2.96 3.79 2.98 2.21 3.98 3.73 3.83 3.47 <-Median-> 10 Assets/Current Liab Ratio Liquidity
Current Liabilities/Asset Ratio 0.19 0.20 0.22 0.25 0.24 0.31 0.32 0.34 0.26 0.34 0.45 0.25 0.27 0.26 0.29 <-Median-> 10 Current Liab/Asset Ratio Liq. + CF
Debt to Cash Flow (Years) 2.79 3.13 1.74 2.21 3.17 1.21 1.07 1.10 0.30 0.32 0.40 1.50 0.22 0.07 1.09 <-Median-> 10 Debt to Cash Flow (Years) Debt Ratio
Leverage
Intangibles $24.99 $18.29 $12.49 $10.69 $20.38 $17.46 $14.92 $13.78 $11.64 $31.68 $29.49 $27.75 $26.52 $28.73 112.31% <-Total Growth 10 Intangibles D/E Ratio
Goodwill $71.09 $70.37 $72.51 $75.51 $87.61 $86.33 $83.58 $87.00 $84.96 $110.65 $110.49 $110.49 $112.19 $114.14 54.73% <-Total Growth 10 Goodwill
Total $96.08 $88.65 $85.00 $86.20 $107.99 $103.79 $98.49 $100.77 $96.60 $142.33 $139.97 $138.24 $138.71 $142.87 63.19% <-Total Growth 10 Total
Change -5.34% -7.73% -4.12% 1.42% 25.27% -3.89% -5.10% 2.31% -4.14% 47.34% -1.66% -1.24% 0.34% 3.00% -0.45% <-Median-> 10 Change
Intangible/Market Cap Ratio 1.09 0.88 0.69 0.55 0.48 0.36 0.27 0.25 0.18 0.16 0.20 0.28 0.35 0.42 0.27 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $62.585 $63.371 $62.878 $69.492 $92.781 $97.047 $88.466 $106.679 $103.866 $156.715 $172.187 $170.526 $142.588 $136.656 Liquidity ratio of 1.5 and up, best Quick Ratio
Current Liabilities $30.667 $31.262 $33.535 $40.096 $49.041 $64.080 $62.001 $71.930 $65.357 $118.313 $161.821 $87.847 $85.332 $83.604 1.55 <-Median-> 10 Ratio
Liquidity Ratio 2.04 2.03 1.87 1.73 1.89 1.51 1.43 1.48 1.59 1.32 1.06 1.94 1.67 1.63 1.59 <-Median-> 5 Ratio
Liq. with CF aft div 1.57 1.56 1.47 1.38 1.56 1.26 1.55 1.51 1.78 1.73 1.29 1.93 2.16 1.87 1.78 <-Median-> 5 Ratio If Div = 0
Liq. CF re  Inv+Div  3.00 3.18 3.07 2.69 17.28 3.25 13.59 3.57 3.54 56.31 12.78 52.98 4.87 1.87 12.78 <-Median-> 5 Ratio
Assets $162.845 $156.259 $152.029 $159.512 $205.225 $205.481 $191.784 $212.973 $248.014 $352.885 $356.898 $349.891 $318.203 $320.173 Debt Ratio of 1.5 and up, best Current Ratio
Liabilities $81.786 $79.115 $74.087 $76.959 $105.073 $112.125 $99.902 $103.725 $121.284 $192.314 $226.065 $188.391 $138.055 $126.081 1.94 <-Median-> 10 Ratio
Debt Ratio 1.99 1.98 2.05 2.07 1.95 1.83 1.92 2.05 2.04 1.83 1.58 1.86 2.30 2.54 1.86 <-Median-> 5 Ratio
Total Book Value $81.059 $77.144 $77.942 $82.553 $100.152 $93.356 $91.882 $109.248 $126.730 $160.571 $130.833 $161.500 $180.148 $194.092 131.13% <-Total Growth 10 Total Book Value
NCI 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 NCI
NetBook Value $81.059 $77.144 $77.942 $82.553 $100.152 $93.356 $91.882 $109.248 $126.730 $160.571 $130.833 $161.500 $180.148 $194.092 $194.1 $194.1 131.13% <-Total Growth 10 NetBook Value Statement
Book Value per share $6.87 $6.55 $6.65 $7.04 $8.55 $7.98 $7.86 $9.34 $10.84 $13.73 $11.46 $14.14 $15.78 $17.00 $17.00 $17.00 137.39% <-Total Growth 10 Book Value per Share $127.711
Increase 0.44% -4.61% 1.45% 5.98% 21.44% -6.66% -1.58% 18.90% 16.00% 26.70% -16.56% 23.44% 11.55% 7.74% 0.00% 0.00% 11.74% P/B Ratio Current/Historical Median wrong
P/B Ratio (Median) 1.19 1.31 1.44 1.70 1.89 2.69 3.49 3.84 3.76 4.10 5.83 3.59 2.38 1.87 1.57 P/B Ratio Historical Median
P/B Ratio (Close) 1.09 1.30 1.58 1.89 2.24 3.10 3.97 3.75 4.21 5.60 5.39 3.07 2.20 1.75 1.75 2.35 9.03% <-IRR #YR-> 10 Book Value per Share 137.39%
Change -14.66% 19.37% 21.43% 19.20% 18.84% 38.47% 27.75% -5.56% 12.29% 33.04% -3.69% -43.07% -28.43% -20.15% 0.00% 34.18% 11.05% <-IRR #YR-> 5 Book Value per Share 68.87%
Leverage (A/BK) 2.01 2.03 1.95 1.93 2.05 2.20 2.09 1.95 1.96 2.20 2.73 2.17 1.77 1.65 2.17 <-Median-> 5 A/BV
Debt/Equity Ratio 1.01 1.03 0.95 0.93 1.05 1.20 1.09 0.95 0.96 1.20 1.73 1.17 0.77 0.65 1.17 <-Median-> 5 Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities) P/BV 10 yr Med 3.54 5 yr Med 3.76 -50.47% Diff M/C 2.03 Historical Leverage (A/BK)
-$6.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.78
-$9.34 $0.00 $0.00 $0.00 $0.00 $15.78
$37.34 <-12 mths 0.18%
Total Comprehensive Income $9.424 $4.768 $9.271 $13.965 $24.561 $5.230 $11.279 $31.741 $17.493 $48.665 $1.797 $52.687 $37.272 Total Comprehensive Income
NCI $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 NCI
Shareholders $9.424 $4.768 $9.271 $13.965 $24.561 $5.230 $11.279 $31.741 $17.493 $48.665 $1.797 $52.687 $37.272 302.03% <-Total Growth 10 Shareholders
Increase 54.19% -49.41% 94.44% 50.63% 75.88% -78.71% 115.66% 181.42% -44.89% 178.20% -96.31% 2831.94% -29.26% -29.26% <-Median-> 5 Comprehensive Income
5 Yr Running Average $7.705 $7.138 $6.965 $8.708 $12.398 $11.559 $12.861 $17.355 $18.061 $22.882 $22.195 $30.477 $31.583 14.93% <-IRR #YR-> 10 Comprehensive Income 302.03%
ROE 11.6% 6.2% 11.9% 16.9% 24.5% 5.6% 12.3% 29.1% 13.8% 30.3% 1.4% 32.6% 20.7% 3.26% <-IRR #YR-> 5 Comprehensive Income 17.43%
5Yr Median 9.7% 7.6% 7.6% 11.6% 11.9% 11.9% 12.3% 16.9% 13.8% 13.8% 13.8% 29.1% 20.7% 16.32% <-IRR #YR-> 10 5 Yr Running Average 353.44%
% Difference from Net Income 16.37% -21.33% 87.03% 74.08% 133.80% -33.83% -32.22% 31.60% -19.51% -2.95% -13.10% 16.64% -4.17% 12.72% <-IRR #YR-> 5 5 Yr Running Average 81.98%
Median Values Diff 5, 10 yr -3.6% -4.2% 20.7% <-Median-> 5 Return on Equity
-$9.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $37.3
-$31.7 $0.0 $0.0 $0.0 $0.0 $37.3
-$7.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $31.6
-$17.4 $0.0 $0.0 $0.0 $0.0 $31.6
Current Liability Coverage Ratio 0.48 0.60 0.49 0.44 0.42 0.44 0.47 0.44 0.63 0.68 0.38 0.67 0.58 0.57   CFO / Current Liabilities
5 year Median 0.61 0.61 0.60 0.49 0.48 0.44 0.44 0.44 0.44 0.47 0.47 0.63 0.63 0.58 0.46 <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 9.01% 11.99% 10.73% 11.15% 10.03% 13.80% 15.18% 14.93% 16.64% 22.92% 17.24% 16.74% 15.49% 14.80% CFO / Total Assets
5 year Median 9.0% 9.1% 10.0% 10.7% 10.7% 11.1% 11.15% 13.80% 14.93% 15.18% 16.64% 16.74% 16.74% 16.74% 15.3% <-Median-> 10 Return on Assets 
Return on Assets ROA 4.97% 3.88% 3.26% 5.03% 5.12% 3.85% 8.68% 11.33% 8.76% 14.21% 0.58% 12.91% 12.22% 11.55% Net  Income/Assets Return on Assets
5Yr Median 5.36% 4.97% 4.97% 4.97% 4.97% 3.88% 5.03% 5.12% 8.68% 8.76% 8.76% 11.33% 12.22% 12.22% 8.7% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 9.99% 7.86% 6.36% 9.72% 10.49% 8.47% 18.11% 22.08% 17.15% 31.23% 1.58% 27.97% 21.59% 19.06% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 10.86% 9.99% 9.99% 9.72% 9.72% 8.47% 9.72% 10.49% 17.15% 18.11% 18.11% 22.08% 21.59% 21.59% 17.6% <-Median-> 10 Return on Equity
$37 <-12 mths -3.85%
Net Income $8.098 $6.061 $4.957 $8.022 $10.505 $7.904 $16.640 $24.120 $21.734 $50.143 $2.068 $45.172 $38.893 Net Income
NCI $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 NCI
Shareholders $8.098 $6.061 $4.957 $8.022 $10.505 $7.904 $16.640 $24.120 $21.734 $50.143 $2.068 $45.172 $38.893 $37.0 $37.7 684.61% <-Total Growth 10 Shareholders
Increase -7.62% -25.15% -18.21% 61.83% 30.95% -24.76% 110.53% 44.95% -9.89% 130.71% -95.88% 2084.33% -13.90% -4.88% 1.85% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $8.100 $7.057 $8.344 $7.181 $7.529 $7.490 $9.606 $13.438 $16.181 $24.108 $22.941 $28.647 $31.602 $34.7 $32.2 22.88% <-IRR #YR-> 10 Net Income 684.61%
Operating Cash Flow $15.935 $13.242 $20.410 $14.660 $14.770 $34.621 $31.172 $24.856 $39.966 $74.343 $56.870 $43.152 $83.188 10.03% <-IRR #YR-> 5 Net Income 61.25%
Investment Cash Flow -$1.034 -$1.291 -$1.124 -$1.018 -$15.471 -$1.539 -$12.037 -$2.069 -$1.761 -$54.579 -$11.489 -$51.051 -$2.713 14.24% <-IRR #YR-> 10 5 Yr Running Average 278.72%
Total Accruals -$6.803 -$5.890 -$14.329 -$5.620 $11.206 -$25.178 -$2.495 $1.333 -$16.471 $30.379 -$43.313 $53.071 -$41.582 18.65% <-IRR #YR-> 5 5 Yr Running Average 135.17%
Total Assets $162.845 $156.259 $152.029 $159.512 $205.225 $205.481 $191.784 $212.973 $248.014 $352.885 $356.898 $349.891 $318.203 Balance Sheet Assets
Accruals Ratio -4.18% -3.77% -9.43% -3.52% 5.46% -12.25% -1.30% 0.63% -6.64% 8.61% -12.14% 15.17% -13.07% -6.64% <-Median-> 5 Ratio
EPS/CF Ratio (WC) 0.52 0.35 0.33 0.49 0.55 0.30 0.61 0.81 0.56 0.65 -0.07 0.64 0.72 0.59 <-Median-> 10 EPS/CF Ratio
-$5.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $38.9
-$24.1 $0.0 $0.0 $0.0 $0.0 $38.9
-$8.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $31.6
-$13.4 $0.0 $0.0 $0.0 $0.0 $31.6
Change in Close -14.29% 13.87% 23.19% 26.33% 44.32% 29.25% 25.74% 12.29% 30.26% 68.57% -19.64% -29.73% -20.16% -13.97% 0.00% 34.18% Count 20 Years of data
up/down up down up up down up down Count 12 60.00%
Meet Prediction? yes yes Yes Yes Yes % right Count 10 83.33%
Financial Cash Flow -$11.945 -$15.012 -$17.728 -$15.333 $1.601 -$20.395 -$25.709 -$23.866 -$36.362 -$21.464 -$44.947 $4.754 -$78.178 C F Statement  Financial Cash Flow
Total Accruals $5.1 $9.1 $3.4 $9.7 $9.6 -$4.8 $23.2 $25.2 $19.9 $51.8 $1.6 $48.3 $36.6 Accruals
Accruals Ratio 3.16% 5.84% 2.24% 6.09% 4.68% -2.33% 12.10% 11.83% 8.02% 14.69% 0.46% 13.81% 11.50% 11.50% <-Median-> 5 Ratio
Cash $3.874 $0.893 $2.649 $1.127 $0.794 $13.257 $6.816 $6.168 $8.023 $7.720 $8.420 $5.445 $8.116 $1.127 Cash
Cash per Share $0.33 $0.08 $0.23 $0.10 $0.07 $1.13 $0.58 $0.53 $0.69 $0.66 $0.74 $0.48 $0.71 $0.10 $0.69 <-Median-> 5 Cash per Share
Percentage of Stock Price 4.38% 0.89% 2.15% 0.72% 0.35% 4.57% 1.87% 1.51% 1.51% 0.86% 1.19% 1.10% 2.05% 0.33% 1.19% <-Median-> 5 % of Stock Price
Notes:
December 1, 2024.  Last estimates were 2023, 2024 of $417M, $428M Revenue, $2.96, $3.38 AEPS, $2.96, $3.38 EPS, $66.5M, $32.1M FCF, $57.4M, $60.1M EBITDA.
December 3, 2023.  Last estimates were for 2022 and 2023 of $448M and $454M for Revenue, $3.29 and $3.73 for AEPS, $3.31 and $3.73 for EPS, $32.9M and $54.1M for FCF.
December 4, 2022.  Last estimates were for 2021 and 2022 of $444M and $452M for Revenue, $3.70 and $4.09 for EPS, $41.5M and $43.9M for FCF.
December 11, 2021.  Last estimates were for  2020, 2021 and 2022 of $467M, $446M and $475M for Revenue, $4.78, $3.91 and $4.58 for EPS,  and $57M, $42M and $45M for FCF.
December 19, 2020.  Estimates for 2020 etc from different sources.
December 19, 2020.  Last estimates were for 2019 and 2020 of $339M, $352M for Revenue, $2.58 and $3.04 for EPS.
December 21, 2019.  There were no estimates for this company last year.
This company went public in 2004.
The company says that their dividends or distributions is taxed as return of capital for Canadians.
They have two boards, a Board of Trustees for the Income Fund and a Board of Directors for Richards Packaging 
Sector:
Consumer Discretionary
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock. 
A member of one of my investment clubs suggested this stock.
Dividends
Dividends are paid quarterly in Cycle xx of xxxxxx.  Dividends are declared in one month for shareholders of record of the following month and paid in the next month.
For example, the dividends declared on xxx15 was for shareholders of record of xxand paid on xxx
It would seem that all the distributions are non-rportable or Return of Capital
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 
How they make their money.
Richards Packaging Income Fund is involved in packaging distribution businesses. The company principally distributes plastic and glass containers and associated closures. 
It is used in packaging for cosmetics, healthcare, food, beverage, and other products. Geographically, it derives a majority of its revenue from Canada.
Richards Packaging Income Fund (the “Fund”) is a limited purpose, open-ended trust created on February 26, 2004 to invest in distribution businesses throughout North America.  In Notice of Annual Meeting 
The Fund commenced operations on April 7, 2004 when the Fund completed an initial public offering of 8.6 million trust units of the Fund (“Units”) at a price of $10 per Unit of Unitholders and 
and indirectly purchased 96% of the securities of Richards Packaging Inc. The remaining 4% represented the exchangeable shareholder ownership by management. Management Information 
Circular
On annual Statements
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Change
Date 2017 Sep 14 2018 Dec 21 2019 Dec 19 2020 Dec 11 2021 Dec 4 2022 Dec 3 2023 Dec 1 2024
Prupas, David 0.593 5.07% 0.594 5.08% 0.594 5.20% 0.594 5.20% 0.594 5.20% Subsidiary Executive -100.00%
COO - Shares - Amount $27.029 $45.624 $36.678 $25.774 $20.578 President and COO
Special Voting - percentage 0.224 1.92% 0.235 2.01% 0.235 2.06% 0.235 2.06% 0.235 2.06% S Last report Oct 2021 -100.00%
Special Voting - amount $10.225 $18.035 $14.494 $10.185 $8.132 S
Options - percentage 0.224 1.92% 0.235 2.01% 0.235 2.06% 0.235 2.06% 0.235 2.06% -100.00%
Options - amount $10.225 $18.035 $14.494 $10.185 $8.132
Di Gennaro, Enzio 0.092 0.78% 0.092 0.78% 0.092 0.78% 0.080 0.69% 0.083 0.72% 0.089 0.78% 0.073 0.64% 0.056 0.49% -22.40%
CFO - Shares - Amount $2.858 $3.210 $4.181 $6.163 $5.099 $3.848 $2.514 $1.678
Special Voting - percentage 0.012 0.10% 0.012 0.10% 0.012 0.10% 0.012 0.10% 0.031 0.27% S 169.57%
Special Voting - amount $0.884 $0.710 $0.499 $0.398 $0.924 S
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.012 0.10% 0.012 0.10% 0.012 0.10% 0.012 0.10% 0.031 0.27% 169.57%
Options - amount $0.000 $0.000 $0.000 $0.884 $0.710 $0.499 $0.398 $0.924
McKernan, Tomothy 0.768 6.56% 0.068 0.58% 0.000 0.00% Sold all shares
Officer - Shares - Amount $23.926 $2.366 $0.000
Options - percentage 0.001 0.01% 0.001 0.01% 0.000 0.00%
Options - amount $0.021 $0.024 $0.000
To Date
Edwards, Terry 0.016 0.13% 0.010 0.09% 0.011 0.10% 0.008 0.07% 0.010 0.09% 0.010 0.09% 0.000 0.00% Last report Jun 2023 -100.00%
Officer - Shares - Amount $0.489 $0.350 $0.511 $0.630 $0.630 $0.449 $0.014
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Glynn, John James 0.011 0.09% 0.014 0.12% 27.63%
Officer - Shares - Amount $0.370 $0.406
Special Voting - percentage 0.000 0.00% 0.010 0.08% S #DIV/0!
Special Voting - amount $0.000 $0.289 S
Options - percentage 0.000 0.00% 0.010 0.08% #DIV/0!
Options - amount $0.000 $0.289
Younes, Rami 0.020 0.17% 0.020 0.17% 0.020 0.17% 0.020 0.17% 0.020 0.18% 0.020 0.18% 0.020 0.18% 0.020 0.18% 0.00%
Director - Shares - Amount $0.623 $0.700 $0.912 $1.537 $1.235 $0.868 $0.693 $0.596
Options - percentage 0.000 0.00% 0.000 0.00% 0.001 0.00% 0.001 0.01% 0.002 0.02% 0.004 0.03% 0.006 0.05% 0.008 0.07% 44.14%
Options - amount $0.000 $0.000 $0.024 $0.109 $0.137 $0.155 $0.196 $0.243
Glynn, Gerard Walter 2.169 18.55% 1.552 13.28% 2.169 18.55% 2.194 18.77% 2.194 19.22% 2.194 19.22% 2.194 19.22% 2.214 19.39% Was CEO, 2022 is Director 0.89%
Director - Shares - Amount $67.604 $54.335 $98.883 $168.629 $135.517 $95.231 $76.031 $65.992
Special Voting - percentage 0.081 0.70% 0.081 0.70% 0.081 0.70% 0.063 0.54% 0.063 0.55% 0.063 0.55% 0.063 0.55% 0.034 0.30% S -46.19%
Special Voting - amount $2.538 $2.850 $3.712 $4.858 $3.904 $2.743 $2.190 $1.014 S
Options - percentage 0.081 0.70% 0.698 5.97% 0.081 0.70% 0.063 0.54% 0.063 0.55% 0.063 0.55% 0.063 0.55% 0.034 0.30% -46.19%
Options - amount $2.538 $24.425 $3.712 $4.858 $3.904 $2.743 $2.190 $1.014
Allen, Susan Lynn 0.000 0.00% 0.000 0.00% 0.001 0.01% 0.003 0.02% 0.004 0.04% 0.004 0.04% 0.004 0.04% 0.004 0.04% Cannot find 2017, 2018 0.00%
Director - Shares - Amount $0.000 $0.000 $0.062 $0.208 $0.262 $0.184 $0.147 $0.127
Options - percentage 0.000 0.00% 0.000 0.00% 0.001 0.01% 0.002 0.01% 0.002 0.02% 0.004 0.03% 0.006 0.05% 0.009 0.08% 44.75%
Options - amount $0.000 $0.000 $0.027 $0.121 $0.151 $0.169 $0.212 $0.264
Wright, Donald 0.015 0.13% 0.005 0.04% 0.005 0.04% 0.005 0.04% 0.005 0.04% 0.005 0.04% 0.005 0.04% 0.000 0.20% There is no Chairman, But -96.00%
Chairman - Shares - Amount $0.468 $0.175 $0.228 $0.384 $0.309 $0.217 $0.173 $0.006 Morninstar says Wright is.
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.020 0.18% Founder Chairman 2019 #DIV/0!
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.596
Increase in O/S Shares 0.047 0.40% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% Exchangeable shares
Due to Stock Options $1.458 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 none for 2022
Book Value $0.001 $0.001 $0.000 $0.000 $0.000 $0.000 $0.000
Insider Buying -$0.232 -$0.080 -$2.912 -$0.410 -$0.350 -$0.127 -$0.162
Insider Selling $27.959 $16.118 $2.823 $0.000 $0.010 $0.960 $0.154
Net Insider Selling $27.726 $16.039 -$0.088 $0.000 $0.000 $0.000 $0.000
Net Selling % of Market Cap 6.77% 3.01% -0.01% 0.00% 0.00% 0.00% 0.00%
Directors 4 4 4 4 4 4 5 In Notice of Annual Meeting 
Women 1 25% 1 25% 1 25% 1 25% 1 25% 1 25% 2 40% of Unitholders and 
Minorities 0 0% 0 0% 0 0% 0 0% 0 0% 1 25% 1 20% Management Information 
Circular
Institutions/Holdings 11 16.78% 19 19.41% 20 17.84% 20 14.86% 20 21.89% 20 17.45% 20 22.27%
Total Shares Held 1.828 15.63% 2.270 19.41% 2.004 17.14% 1.662 14.55% 2.500 21.89% 1.912 16.74% 2.440 21.37%
Increase/Decrease 3 Mths 0.273 17.52% 0.166 7.89% 0.117 6.20% -0.004 -0.22% 0.126 5.29% 0.035 1.84% 0.533 27.98%
Starting No. of Shares 1.555 2.104 Top 20 1.887 Top 20 1.666 Top 20 2.374 Top 20 1.877 Top 20 1.907 Top 20