WN (TSX): George Weston PitchWaterloo Stock Pitch Competition
October 2015
BY: MIKE VANDERLINDEN, KELVIN LI AND DANNY KIM
QUEEN’S CAPITAL
2009 2010 2011 2012 2013 2014 LTM 0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
6.6%
0.8%
5.7%
EBITDA Margin %
Net Income Margin %
Return on Equity %
• George Weston Limited engages in food processing and distribution, both directly and through its subsidiaries – Weston Foods and Loblaws (which includes Shoppers Drug Mart)
• Weston Foods, which is wholly owned by George Weston, produces and sells fresh and frozen baked goods under the Wonder, Country Harvest and ACE brand names, among others
• WN holds a 46% interest in Loblaw, which retails grocery, pharmaceutical and health/beauty merchandise, alongside financial services under the PC Financial brand
• WN holds an ~5.3% interest in Choice Properties, the REIT that owns Loblaw’s real estate
• WN, through Loblaws, acquired Shoppers Drug Mart in 2013 for ~$13 billion
• 98% of FY 2014 revenues were attributable to Canada, with only 2% attributable to the US
Company Overview
Macro/Micro Investment Thesis
QUEEN’S CAPITAL 2Source: Capital IQ/ Annual Report
Overview Catalysts & Risks Valuation Appendix
Market DataMkt. Cap (mm) 13,918.6 EV (mm) 33,102.
6Last Price (9/22/2015) $108.21
Shares Out. (mm)
127.9
52 Wk High $114.24 Div. Yield % 1.6%
52 Wk Low $86.07 Float % 39.2%% of 52 Wk High 95% Beta 5Y 0.262014 Revenue 46,968.0 2014
EBITDA 3,087.0
2014 Debt 13,623 2014 Net Income 432.0
2012
2013
2014
50
60
70
80
90
100
110
1203 Year Historical Share
Price:
WN:TSX
$108.21
Margin & Capital Efficiency 5 Year Trends
Operational OverviewHistoric Price & Market Data
Shoppers Acquisition
Macro Outlook
QUEEN’S CAPITAL 3Source: Capital IQ/ Annual Report/ Bloomberg Data
Consumer Staples Historical Outperformance Low Oil Prices Benefit George Weston’s Share Price
2012
2013
2014
50%70%90%
110%130%150%170%190%210%230% SPTSX Con-
sumer Staples Index
SPTSX Index
40 50 60 70 80 90 100 1100
20406080
100120140
f(x) = − 0.403732446081718 x + 137.943366397677R² = 0.635744583726877
Brent ICE Crude Price (Indexed)
WN-
T Sh
are
Price
(In
dexe
d)
• The SPTSX Capped Consumer Staples Index has broadly outperformed the SPTSX over the past year, returning ~110% over the past 3 years, in comparison to the S&P/TSX total three year return of ~15.7%
• As a food processor and distributor, WN’s stock price is highly negatively correlated with Brent Futures prices, as shown by our regression analysis below, as well as other input prices, such as the prices of flour and sugar
• 63% of the variance in WN’s stock price may be explained by crude prices, while an r value of ~0.79 indicates a strong correlation. Decreasing oil prices may cause investors to flock to safe consumer staple investments
• Industry margins are also expected to grow, with the price of wheat projected to fall at an annualized pace of 0.1% until 2020. This will lower input costs and make hedging predictions easier for WN
• The price of sugar is expected to level out after several years of rapid growth
Summary
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
WN Should Outperform in a Continued Low Interest Rate Environment
2012 2013 2014 20150%
20%40%60%80%
100%120%140%160%180%200%
• Canadian interest rates should remain bottomed out over the medium term (i.e. 1 year or more), given a recent economic slowdown and the effects of low crude prices on the inflation outlook
• Given an aggressive acquisition strategy, moderate leverage and anticipated increases to consumer spending, WN should continue to benefit from prolonged low interest rates/yields
WN Share Price
10 Yr Cdn. Gov Bond
Macro/Micro
Micro Outlook
QUEEN’S CAPITAL 4Source: Capital IQ/ IBISWorld Research/ Texture+Stability Solutions
Transition Towards Healthy Eating Amongst Consumers
Growing Demand for Premium Goods in Grocery Industry
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
• Gluten free products are in demand. This trend is partially the result of increasing awareness of celiac disease
• Sales in the gluten-free business exceeded $10 million in 2013 just in Canada, George Weston now plans to focus on growing that segment in the U.S. 34% annual growth up to 2014
• WN holds a gluten free product line called All But Gluten to capitalize on this growing trend
• Industry revenues in the bakery business are expected to grow at a CAGR of 2.1% from 2015-2020, providing Weston foods with moderate upside
• Per capita disposable income is anticipated to rise 1.4% per year on average to 2020
• Consumers trade up to premium varieties of produce, meat and other grocery products
• Despite intensifying competition from alternative retailers, grocery stores are anticipated to benefit from rising income levels, which will allow some consumers to purchase organic, all-natural and value-added products at industry establishments
• Loblaw and Sobeys will even seek to introduce organic food stores to attract a growing consumer segment that chooses to purchase all organic foods. Additionally, the leading grocery store chains are expected to expand their organic private-label offerings, which will help maintain profitability
16.10%
27.60%
56.30%
George Weston
Canada Bread CompanyOther
Bread Production Industry Focused on Acquisitions
• The Canadian Bread industry is largely owned by 2 competitors Canada Bread company and George Weston
• The other 56.30% of market share is owned by smaller bread production companies
• Acquisitions are in focus within the industry as the major players seek to capture more market share
2011 2012 20130
5000
10000
15000
20000
25000
Gluten-Free Market Growth: Global
CAGR 40%
CAGR 27%
Macro/Micro
Investment Thesis I: Weston Foods Stub Undervaluation
QUEEN’S CAPITAL 5Source: Capital IQ/ Annual Report/ Scotiabank Research/ RBC Research
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
• Extensive, growth-related investments into PP&E, people and innovation are expected to yield paybacks for WF - with EBITDA down 13% y/y, Q2 marked the trough of investment spending
• Production lines at the Indianapolis cake facility will become operational and additional improvements to WF’s cracker and cookie facilities are expected
• Capacity expansions in US doughnut and Brampton ACE facilities in the long-term
• $300 mm in planned CAPEX for 2015 is a significant increase from historic’ CAPEX at $128 mm in 2014 and $111 mm in 2013, highlighting management’s desire to position for long-term profitability
• As startup costs diminish over time and price increases are finalized, current
levels of EBIT contraction and margin erosion will moderate entering 2016, per management’s guidance
Aggressive CAPEX Strategy to Yield Benefits
Solid Product Portfolio and Distribution Scale
Loblaws’ Activities Overshadows Stub
• With 29 different brands under the Weston Foods umbrella, reputable names such as Wonder Bread, Weight Watchers, D’Italiano, and Country Harvest can be leveraged
• 14% market share in the baked goods market in Canada positions Weston Foods as a national leader in the industry
• Weston Foods’ distribution scale incorporates highly visible outlets including Costco and Shoppers Drug Mart, allowing for reliable distribution of fresh goods, economies of scale and growth in sales volume.
• WF is focusing on greater sales in distribution centers other than Loblaws
WF Trades at A Discount to Historical EV/EBITDA Multiples
• Sales growth of $111 mil in 2014 represents a 6.1% increase for WF while Loblaws saw a 3.7% increase
• Loblaws’ acquisition of Shoppers Drug Mart directs investor focus onto actual Loblaws stock while WF’s assets are undervalued
2010 2011 2012 2013 2014 2015E0
50100150200250300350
24 4093 111 128
300
Wes
ton
Food
s CA
PEX
($m
m)
2012 2013 20140%
20%40%60%80%
100%120%140%
WN ChangeLblws Change
CAGR: 65.7%
George Weston vs. Loblaws Price Change:
Oct/12
Dec/1
2
Feb/1
3
Apr/13
Jun/1
3
Aug/13
Oct/13
Dec/1
3
Feb/1
4
Apr/14
Jun/1
4Ju
l/14
Sep/1
4
Nov/14
Jan/1
5
Mar/15
May/1
5Ju
l/15
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
Avg. 8.08x
Avg. 6.94x
Macro/Micro
WF EV/EBITDA:
• Rising FCF and EBITDA margins at Loblaw indicate that the company has stabilized and successfully integrated SC following its acquisition
• FCF from operational synergies and higher margins should allow WN to delever, grow the business and return capital to shareholders
• After its $1.7 billion debt repayment commitment in Q4/15, WN should have sufficient FCF to aggressively buy back Loblaw shares and complete bolt on bakery acquisitions, should appropriate opportunities surface
• WN Management has stated its intent purchase $1 billion in L shares annually, resulting in a ~150 bps increase in ownership until majority ownership is regained in late 2018E, pushing L’s stock price higher
• Weston Foods also intends to pursue small acquisitions in the US and Canada to gain innovative products and entry into new markets, made possible by aggressive FCF growth at a CAGR of ~17.8%
Investment Thesis II: Stability of Loblaw Cash Flows & Heightened Capital Deployment
QUEEN’S CAPITAL 6Source: Capital IQ, RBC Capital Markets, Thomson ONE, Barclays
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
Summary Deleveraging of Loblaws Will Free Up Capital and Reduce Risk
Weston Foods Innovative Acquisitions In New Spaces
2014 2015 2016E 2017E0
500
1000
1500
2000
2500
7.00%7.20%7.40%7.60%7.80%8.00%8.20%8.40%8.60%8.80%
L-T FCF
• Specialty cake manufacturer with LTM net sales of ~$14.3mm, based in Mississauga, ON
• Deal completed on March 6, 2015• Specialty decorated cake
manufacturer with LTM net sales of ~$15.40mm, based in Nashville, TN
• Deal completed on January 20, 2015
• Produces specialty Rye breads with undisclosed LTM sales, based in Chicago, IL
• Deal completed on May 5, 2014 Macro/Micro
2012 2013 2014 40%
60%
80%
100%
120%
140% Total Debt/Equity LT Debt/Eq-uity
Loblaws’ Historical Debt:
Rising FCF Generation and EBITDA Margins Increase Growth
• Loblaws’ deleveraging targets post Shoppers acquisition are on track, freeing up capital to redeploy for share buybacks that are planned to increase George Weston’s stake to a majority ownership (currently 46% diluted from Shoppers acquisition)
• Loblaws’ gross Debt/EBITDA decreased to 2.70x in Q2/2015, down from 4.46x in Q2/2014
• Another alternative is to redeploy approximately $1B under short-term investments to fund WF and meet its growth objectives
Risks
QUEEN’S CAPITAL 7Source : Annual Report/ RBC Coverage/IBISworld Industry Report
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
FOREX Risk• Although currency translation has
positively impacted WF’s revenues previously, portions of the company’s financial assets are denominated in US dollars, thereby exposing WF to foreign exchange losses
Execution on CAPEX and M&A
• SG&A expenses associated with increased CAPEX and potentially aggressive startup plans may weigh on gross margins
• Potential acquisitions at high multiples or an acquisition that the company has trouble integrating due to a divergence from its core competencies in baking
• Management assures partial offset of investment-related expenses through price, volume and productivity increases
Sensitive to Input Prices
Changes in Consumer Tendencies and Competitive Landscape • High price sensitivity, low
switching costs and a continuing upward trend towards healthy alternatives in the bakery business places may limit WF’s ability to leverage their brands and charge premiums
• Competition continues to accelerate due to low-cost emerging market producers driving import penetration and shrinking the pricing power of existing, domestic players
2008 2009 2010 2011 2012 2013 2014
-30%-20%-10%
0%10%20%30%40%
United StatesItalyMexicoUnited KingdomChina
Sep Nov Jan Mar May Jul Sep$0.70$0.75$0.80$0.85$0.90$0.95$1.00
• WF’s operational expenses are directly linked to the fluctuations in the prices of commodities including wheat, sugars and vegetable oils
• World prices of wheat expected to be predictable and stagnate, allowing WF to adjust prices accordingly
4
4.5
5
5.5
6
6.5
7
Wheat His-tor-ical Pricing
Macro/Micro
% Change of Baked Goods Imports into Canada:
Catalysts
QUEEN’S CAPITAL 8Source : Annual Report/ RBC Coverage/IBISworld Industry Report
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
Dividend Increases Consistently for the Past 3 Years
• If sales volumes for WF remain consistent as per management’s guidance, future earnings in 2016 will realize the benefits of today’s investments and redirect investor interest towards an attractive stub valuation
Further Strategic/Accretive AcquisitionsHealthier Earnings Reports Associated with Diminishing Startup Costs
2010 2011 2012 2013 2014 0
50
100
150
200
250
300
2010 2011 2012 2013 2014 1,400 1,500 1,600 1,700 1,800 1,900 2,000
WF Historical Revenues
WF Profit Before Tax vs. CAPEX
Macro/Micro
• Management has reiterated its desire to make acquisitions that allow entry into new markets or add capability through innovation
• Another major strategic acquisition in the consumer staples space would also likely push Loblaw’s stock price higher (as it did when Loblaw acquired Shoppers Drug Mart in 2013).
• With Net Debt/EBITDA multiples falling as WN deleverages and given strong FCF growth, the potential for another major acquisition remains, should appropriate opportunities surface.
2012 2013 20140
20
40
60
80
100
120 $0.425
$0.420
$0.415
$0.38
• Over the past 3 years, George Weston has increased its dividend consistently
• Utilizing todays share price this would imply a growth in dividend yield from 1.4% to 1.6%
• This signals Increasing free cash flow generation and management’s commitment to providing shareholder value
• This also demonstrates the company’s ability to efficiently manage their use of capital
Share Price & Dividend Increases:
9Investment
ThesisOverview Catalysts & Risks Valuation Appendix
QUEEN’S CAPITAL
Valuation
P/AFFO NAVPU $-
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
P/E LTM
EV/Rev LTM
EV/Rev NTM
EV/EBITDA LTM
EV/EBITDANTM
EV/EBIT P/BV DCF (GGM)
DCF (Multiples)
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
EV/RevLTM
EV/RevNTM
EV/EBITDALTM
EV/EBITDANTM
EV/EBIT DCF(GGM)
DCF(Multiples)
$-
$5
$10
$15
$20
$25
$30
$35
Sum of the Parts Football FieldChoice
PropertiesLoblaws Companies Ltd. Weston Foods Stub
$12.00 Target Price$11.41 Current Price
$67.00 Target Price$69.15 Current Price
$22.39 Target Price$5.68 Current Price
Company Shares Owned Share PriceMkt. Cap
(mm)Loblaws 188 64.0 12033.01Choice 21.7 12.08 262.19Weston Foods 127.9 22.39 2864.30George Weston (Mkt.Cap) 15159.50George Weston Current Share Price 108.21George Weston Target Share Price 119Implied Upside 9.9%
Scotia Capital
Barclays
BMO Capital Markets
RBC Capital Mkts
Credit Suisse
CIBC World Markets
$110 $115 $120 $125 $130 $135
Analyst Average:$124
Macro/MicroSource : Annual Report/ Capital IQ
10
Weston Foods Stub Comparables P/E EV/Revenue EV/EBITDA EV/EBIT P/BV Debt/ Mkt. Cap (mm) EV (mm) LTM NTM LTM NTM LTM NTM LTM LTM EquityJ&J Snack Foods Corp. (NasdaqGS:JJSF) 21810.0 2056.0 30.6x 28.82x 2.1x 2.05x 14.0x 13.07x 18.7x 4.8x 0.1% Lancaster Colony Corporation (NasdaqGS:LANC) 2721.2 2539.0 26.9x 24.35x 2.3x 2.17x 14.5x 13.38x 16.5x 7.0x -Grupo Bimbo, S.A.B. de C.V. (BMV:BIMBO A) 11861.6 1570.7 48.5x 28.60x 1.3x 1.21x 11.5x 10.88x 15.9x NM 118.9% Flowers Foods, Inc. (NYSE:FLO) 5200.0 5846.7 28.0x 23.73x 1.5x 1.49x 13.1x 12.06x 18.5x 19.3x 69.4% Weston Foods Stub 727.1 3359 1.7x 1.7x 10.8x 9.7x 13.9xHigh 21,810.0 5,846.7 48.5x 28.82x 2.3x 2.17x 14.5x 13.38x 18.7x 19.3x 118.9% Low 2,721.2 1,570.7 26.9x 23.73x 1.3x 1.21x 11.5x 10.88x 15.9x 4.8x 0.1% Mean 10,398.2 3,074.2 33.5x 26.37x 1.8x 1.73x 13.3x 12.35x 17.4x 10.4x 62.8% Median 8,530.8 2,297.5 29.3x 26.47x 1.8x 1.77x 13.6x 12.57x 17.5x 7.0x 69.4%
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
QUEEN’S CAPITAL
Valuation
Loblaws Comparables P/E EV/Revenue EV/EBITDA EV/EBIT P/BV Debt/ Mkt. Cap (mm) EV (mm) LTM NTM LTM NTM LTM NTM LTM LTM Equity
Whole Foods Market, Inc. (NasdaqGS:WFM) 11,340.6 10,712.6 19.0x 18.06x 0.7x 0.65x 7.6x 7.25x 10.8x 3.5x 1.6% Metro Inc. (TSX:MRU) 6,581.3 7,566.1 18.5x 16.33x 0.8x 0.80x 11.2x 11.36x 13.8x 21.7x 37.1% Loblaw Companies Limited (TSX:L) 21,405.9 29,786.9 40.4x 18.11x 0.9x 0.86x 11.4x 10.31x 21.2x 198.6x 97.4% High 11340.6 10712.6 19.0x 18.06x 0.8x 0.80x 11.2x 11.4x 13.80x 21.70x 37%Low 6581.3 7566.1 18.5x 16.33x 0.7x 0.65x 7.6x 7.3x 10.80x 3.50x 2%Mean 8960.95 9139.35 18.8x 17.20x 0.8x 0.73x 9.4x 9.3x 12.30x 12.60x 19%Median 8960.95 9139.35 18.8x 17.20x 0.8x 0.73x 9.4x 9.3x 12.30x 12.60x 19%
Choice Properties Comparables Mkt. EV Premium EV/EBITDA Distributi
onAFFO Debt
to P/FFO P/AFFO
Cap (mm)
(mm) (Disc) to NAV
LTM 2015E 2016E Yield (%) Payout (%)
GBV LTM 2015E 2016E LTM 2015E 2016E
Riocan Real Estate Investment Trust (TSX:REI.UN) 6,790.8 12,149.11.10%
20.8x 19.60x
18.70x
5.3% 90.0% 43.0% 17.9x 17.50x 16.60x
20.40x
19.60x
18.70x
First Capital Realty Inc. (TSX:FCR) 4,227.9 7,928.1-2.60%
19.5x 20.00x
19.20x
4.9% 90.0% 45.0% 17.9x 17.8x 17.0x 19.7x 19.3x 18.3x
CT Real Estate Investment Trust (REIT) (TSX:CRT.UN) 2,469.7 5,640.2 8.08% 19.3x 17.5x 16.9x 5.1% 82.0% 48.0% 13.0x 12.3x 11.8x 17.3x 15.6x 15.0xCrombie Real Estate Investment Trust (TSX:CRR.UN) 1,680.5 3,781.4
-14.10%16.1x 15.16
x14.10
x 7.1% 94.0% 51.0% 11.6x 11.3x 10.9x 14.1x 13.6x 13.1x
Smart Real Estate Investment Trust (TSX:SRU.UN) 4,519.7 9,016.9-1.06%
20.1x 17.92x
16.60x
5.4% 81.7% 46.0% 15.3x 14.3x 13.7x 16.1x 15.1x 14.5x
Choice Properties Real Estate Investment Trust (TSX:CHP.UN)
3,492.1 9,050.2 -6.10% 16.8x 14.90
x14.70
x 6.0% 82.0% 46.0% 12.4x 11.70x 11.30
x15.20
x14.30
x13.60
xHigh 6,790.8 12,149.1 8% 20.8x 20.0x 19.2x 7.1% 94.0% 51.0% 17.9x 17.8x 17.0 20.4x 19.6x 18.7xLow 1,680.5 3,781.4 -14% 16.1x 15.2x 14.1x 4.9% 81.7% 43.0% 13.0x 11.3x 10.9 14.1x 13.6x 13.1x
Mean 3,937.7 7,703.1 -2% 19.1x 18.3x 17.3x 5.6% 87.5% 46.6% 15.1x 14.6x 14.0 17.5x 16.6x 15.9xMedian 4,227.9 7,928.1 -1% 19.8x 19.6x 18.7x 5.3% 90.0% 46.0% 15.3x 14.3x 13.7 17.3x 15.6x 15.0x
Macro/MicroSource : Annual Report/ Capital IQ
Valuation
11
Weston Foods DCF Historic Forecasted Period Historic
Avg. 2011 2012 2013 2014 2015 2016 2017 2018 2019Weston Foods Revenue 1,772.0 1,765.0 1,812.0 1,923.0 1,965.3 2,004.6 2,040.7 2,073.3 2,102.4 1,818.0
Yr to Yr Growth % -0.4% 3% 6% 2.2% 2.0% 1.8% 1.6% 1.4% 3%
Weston Foods COGS N/A(1,235.
5)(1,268.
4)(1,346.
1)(1,375.
7)(1,403.
2)(1,428.
5)(1,451.
3)(1,471.
7) (1,283.3)Weston Foods Gross Profit N/A 529.5 543.6 576.9 589.6 601.4 612.2 622.0 630.7 550.0
Gross Profit Margin % N/A 30% 30% 30% 30% 30% 30% 30% 30% 30%Weston Foods SG&A N/A (195.5) (221.6) (265.9) (243.3) (248.1) (252.6) (256.6) (260.2) (227.7)Weston Foods EBITDA N/A 334.0 322.0 311.0 346.3 353.3 359.6 365.4 370.5 322.3 Weston Foods Depreciation (60.0) (59.0) (63.0) (70.0) (68.8) (70.2) (71.4) (72.6) (73.6) (63.0)Weston Foods EBIT N/A 275.0 259.0 241.0 277.5 283.1 288.2 292.8 296.9 258.3 Less: Weston Foods Taxes N/A (68.8) (64.8) (60.3) (69.4) (70.8) (72.0) (73.2) (74.2) (64.6)Less: Weston Foods Capital Expenditures (39.0) (93.0) (111.0) (128.0) (100.2) (102.2) (104.1) (105.7) (107.2) (92.8)Less: Increase in Weston Foods NWC (36.7) (3.0) (11.5) (61.7) (29.5) (30.1) (30.6) (31.1) (31.5) (28.2)
Add: Weston Foods Depreciation (60.0) 59.0 63.0 70.0 68.8 70.2 71.4 72.6 73.6 33.0 TV (GGM)
TV (Multiples)
Free Cash Flow to the Enterprise N/A 169.3 134.8 61.0 147.2 150.2 152.9 155.3 157.5 121.7 3506.7 4575.5PV of Cash Flows 61.0 139.2 134.3 129.3 124.2 119.1 2651.6 3459.7NPV Implied Enterprise Value (GGM) 3,358.7 NPV Implied Enterprise Value (Multiples) 4,166.8
2011 2012 2013 2014 2015 2016 2017 2018 2019Historic Avg.
COGS % of Sales N/A 70% 70% 70% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0%SG&A % of Sales N/A 11% 12% 14% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4%Depreciation % of Sales 3% 3% 3% 4% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%Tax Rate N/A 25% 25% 25% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%CAPEX % of Sales 2% 5% 6% 7% 5.1% 5.1% 5.1% 5.1% 5.1% 5.1%Increase in NWC % of Sales 2% 0% 1% 3% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Stub AssumptionsWF's Historic Gross Profit Margin % 30%WF's Portion of NWC 3%WF Tax Rate 25%
EV-> Equity ValueHoldco Discount 10%Net debt 488Preferred Shares 817Equity Value (GGM) 2,053.7 Equity Value (Multiples) 2,861.8 Shares Outstanding 127.9Share Price (GGM) 16.1Share Price (Multiples) 22.4
WACC CalculationCost of Debt 7%Weight of Debt 64%Cost of Equity 7%Weight of Equity 31%Cost of Preferred 1.3%Weight of Preferred 4%Tax Rate 25%Rf 2.30%Rm 8%Beta 0.83Preferred Dividend 1.45WACC 5.7%
Unlever and Lever of BetaIndustry Beta 0.48Industry Debt/Equity 63%Unlevered Industry Beta 0.33Levered WF Beta 0.83Terminal ValueTerminal Growth Rate 1%Terminal Value (GGM) 3506.7Exit Multiple 12.35x
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
QUEEN’S CAPITALMacro/Micro
Source : Annual Report/ Capital IQ
12
Appendix
TOPIC PAGE #
Loblaws DCF 13
How to Trade the Stub 14
Capitalization Structure 15
Product Portfolio 15
Stub Current Price 15
Weston Foods DCF Sensitivities 16
Loblaws DCF Sensitivities 17
Choice Properties NAV and Sensitivities 18
Financial Ratios 19
WN Path to Majority Ownership 19
US to CAD Yield Regression 20
Issuer Ratings 20
Detailed Debt Information 21-22
Appendices
TOPIC PAGE #
Holders 23
Financial Statements 24
Appendix
13
Loblaw Companies Ltd. DCF Historic Forecasted Period Historic
Avg. 2011 2012 2013 2014 2015 2016 2017 2018 2019Revenue 31,250.0 31,604.0 32,371.0 42,611.0 47,724.3 52,496.8 56,696.5 60,098.3 63,704.2 34,459.0
Yr to Yr Growth 1.1% 2% 32% 12.0% 10.0% 8.0% 6.0% 6.0% 12%
COGS (23,894.
0)(24,185.
0)(24,701.
0)(31,265.
0)(36,111.
2)(39,722.
3)(42,900.
1)(45,474.
1)(48,202.
6) (26,011.3)Gross Profit 7,356.0 7,419.0 7,670.0 11,346.0 11,613.1 12,774.4 13,796.4 14,624.2 15,501.6 8,447.8 Gross Profit Margin % 24% 23% 24% 27% 24% 24% 24% 24% 24% 24%
SG&A (5,982.0) (6,252.0) (6,341.0) (9,801.0) (9,735.8)(10,709.
3)(11,566.
1)(12,260.
0)(12,995.
7) (7,094.0)EBIT 1,374.0 1,167.0 1,329.0 1,545.0 1,877.4 2,065.1 2,230.3 2,364.1 2,506.0 1,458.5 Less: Taxes (288.0) (210.0) (226.0) (25.0) (375.5) (413.0) (446.1) (472.8) (501.2) (187.3)Less: Capex (987.0) (1,017.0) (865.0) (996.0) (966.3) (976.3) (986.3) (996.3) (1,006.3) (966.3)Less: Increase in NWC (119.0) (42.0) (353.0) (1,991.0) (763.6) (839.9) (907.1) (961.6) (1,019.3) (626.3)
Add: D&A 688.0 762.0 809.0 1,035.0 1,145.4 1,259.9 1,360.7 1,442.4 1,528.9 823.5 TV
(GGM)TV
(Multiples)
Free Cash Flow to the Enterprise 668.0 660.0 694.0 (432.0) 917.4 1,095.8 1,251.6 1,375.8 1,508.2 501.5 49591.1 31472.0PV of Cash Flows (432.0) 880.7 1,009.9 1,107.3 1,168.5 1,229.6 40432.7 25659.8NPV Implied Enterprise Value (GGM) 45,396.7 NPV Implied Enterprise Value (Multiples) 30,623.8
2011 2012 2013 2014 2015 2016 2017 2018 2019Historic Avg.
COGS % of Sales 76% 77% 76% 73% 75.7% 75.7% 75.7% 75.7% 75.7% 75.7%SG&A % of Sales 19% 20% 20% 23% 20.4% 20.4% 20.4% 20.4% 20.4% 20.4%Depreciation % of Sales 2% 2% 2% 2% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4%Tax Rate 21% 18% 17% 2% 20.0% 20.0% 20.0% 20.0% 20.0% 14.4%CAPEX Avg (987.0) (1,017.0) (865.0) (996.0) (966.3) (976.3) (986.3) (996.3) (1,006.3) (966.3)Increase in NWC % of Sales 0% 0% 1% 5% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
EV-> Equity ValueDebt 12251Cash 1337Minority Interest 9Preferred Shares 221Equity Value (GGM) 34,712.7 Equity Value (Multiples) 19,939.8 Shares Outstanding 412.5Share Price (GGM) 84.2Share Price (Multiples) 48.3
WACC CalculationCost of Debt 6%Weight of Debt 48%Cost of Equity 3.5%Weight of Equity 51%Cost of Preferred 5.3%Weight of Preferred 1%Tax Rate 20%Rf 2.30%Rm 8%Beta 0.21WACC 4.17%
Unlever and Lever of BetaIndustry Beta 0.15Industry Debt/Equity 37%Unlevered Industry Beta 0.12Levered WF Beta 0.21
Terminal ValueTerminal Growth Rate 1.0%Terminal Value (GGM) 49591Exit Multiple 7.8x
Investment ThesisOverview Catalysts &
Risks Valuation Appendix
QUEEN’S CAPITALMacro/Micro
Source : Annual Report/ Capital IQ
14Investment
ThesisOverview Catalysts & Risks Valuation Appendix
QUEEN’S CAPITAL
AppendixTrading the Weston Foods Stub
Long WN Short CHP Short L Isolate WF
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100% Weston Foods Choice PropertiesLoblaws
Buy $1,000,000 of WN
Short $200,000 of CHP
Short $930,000 of Loblaws
Isolate $50,000of Weston Foods
Macro/MicroSource : Annual Report/ Capital IQ
15Investment
ThesisOverview Catalysts & Risks Valuation Appendix
QUEEN’S CAPITAL
AppendixCurrent Stub Price Calculation
Weston Foods Stub Current Value Calculation
Company Shares Owned Share Price
Market Capitalization (mm)
Loblaws 188.0 $69.15 $13,000.20 Choice Properties 21.7 $11.41 $247.60 Loblaws + Choice Properties $13,247.80 George Weston Mkt. Cap 127.9 $109.24 $13,974.90 Less: Loblaws + Choice Properties $13,247.80 Weston Foods Stub Value $727.10 George Weston Shares Outstanding $127.90 Current Weston Stub Value $5.68
Macro/Micro
Capital Structure Summary
Debt; 47.9%
Common Equity; 23.1%
Preferred Equity, 3.7%
Minority Interest; 25.4%
Millions % of TotalTotal Revolving Credit 865.0 6.3% Total Term Loans 610.0 4.5% Total Senior Bonds and Notes 11,118.0 81.6% Total Capital Leases 601.0 4.4% General/Other Borrowings 730.0 5.4%
Product Portfolio
Source : Annual Report/ Capital IQ
Appendix
16
Weston Foods Sensitivities
QUEEN’S CAPITAL
Enterprise Value (GGM)Terminal Growth Rate
WACC %
3358.7 0.50% 0.75% 1.00% 1.25% 1.50% 1.75%
3.0% 6356.8 6978.8 7756.2 8755.810088.
511954.
44.0% 4586.2 4882.1 5227.4 5635.3 6124.9 6723.35.0% 3600.2 3769.6 3960.1 4176.1 4422.9 4707.75.7% 3134.5 3257.1 3392.7 3543.5 3712.3 3902.46.0% 2971.0 3079.0 3197.8 3329.1 3475.0 3638.17.0% 2534.0 2607.9 2688.0 2775.1 2870.1 2974.1
Share Price (GGM)Terminal Growth Rate
WACC %
0.50% 0.75% 1.00% 1.25% 1.50% 1.75%3.0% 39.5 44.4 50.4 58.2 68.7 83.24.0% 25.6 28.0 30.7 33.8 37.7 42.45.0% 17.9 19.3 20.8 22.4 24.4 26.65.7% 14.3 15.3 16.3 17.5 18.8 20.36.0% 13.0 13.9 14.8 15.8 17.0 18.27.0% 9.6 10.2 10.8 11.5 12.2 13.0
Enterprise Value (Multiples)Exit Multiple
WACC %
4166.8 11.0x 12.0x 12.4x 13.0x 14.0x 15.0x3.0% 4274.7 4594.3 4706.1 4913.9 5233.5 5553.04.0% 4089.2 4393.7 4500.3 4698.2 5002.7 5307.25.0% 3913.8 4204.1 4305.7 4494.4 4784.7 5075.05.7% 3796.8 4077.6 4175.9 4358.4 4639.2 4920.06.0% 3748.0 4024.8 4121.7 4301.7 4578.5 4855.47.0% 3591.0 3855.2 3947.6 4119.3 4383.5 4647.6
Share Price (Multiples)Exit Multiple
WACC %
11.0x 12.0x 12.4x 13.0x 14.0x 15.0x3.0% 23.2 25.7 26.6 28.2 30.7 33.24.0% 21.8 24.1 25.0 26.5 28.9 31.35.0% 20.4 22.7 23.5 24.9 27.2 29.55.7% 19.5 21.7 22.4 23.9 26.1 28.36.0% 19.1 21.3 22.0 23.4 25.6 27.87.0% 17.9 19.9 20.7 22.0 24.1 26.1
Investment ThesisOverview Catalysts &
Risks Valuation AppendixMacro/MicroSource : Annual Report/ Capital IQ
Appendix
17
Loblaw Companies Ltd. DCF Sensitivities
Source: Capital IQ/ Annual Report QUEEN’S CAPITAL
Enterprise Value (GGM)Terminal Growth Rate
WACC %
##### 0.50% 0.75% 1.00% 1.25% 1.50% 1.75%
3.0%58759.
664715.
072159.
481730.
794492.
4112358.
8
3.5%48884.
152866.
857646.
063487.
270788.
7 80176.4
4.0%41825.
444658.
747964.
351870.
956558.
9 62288.6
4.2%39862.
542413.
645367.
048826.
252933.
2 57888.7
4.5%36527.
238635.
041043.
943823.
547066.
2 50898.6
5.0%32403.
034024.
935849.
637917.
540280.
9 43007.9
Share Price (GGM)Terminal Growth Rate
WACC %
0.50% 0.75% 1.00% 1.25% 1.50% 1.75%3.0% 116.5 131.0 149.0 172.2 203.2 246.53.5% 92.6 102.3 113.8 128.0 145.7 168.54.0% 75.5 82.4 90.4 99.8 111.2 125.14.2% 70.7 76.9 84.1 92.5 102.4 114.44.5% 62.6 67.8 73.6 80.3 88.2 97.55.0% 52.7 56.6 61.0 66.0 71.7 78.4
Enterprise Value (Multiples)Exit Multiple
WACC %
##### 6.0x 7.0x 7.8x 8.0x 9.0x 10.0x
3.0%26043.
429523.
932308.
433004.
536485.
0 39965.5
3.5%25458.
528855.
831573.
632253.
035650.
3 39047.5
4.0%24889.
828206.
230859.
331522.
534838.
9 38155.3
4.2%24700.
027989.
430621.
031278.
834568.
2 37857.6
4.5%24336.
827574.
630164.
830812.
434050.
2 37287.9
5.0%23799.
026960.
429489.
530121.
833283.
3 36444.7
Share Price (Multiples)Exit Multiple
WACC %
6.0x 7.0x 7.8x 8.0x 9.0x 10.0x3.0% 37.2 45.7 52.4 54.1 62.5 71.03.5% 35.8 44.1 50.6 52.3 60.5 68.84.0% 34.4 42.5 48.9 50.5 58.6 66.64.2% 34.0 42.0 48.3 49.9 57.9 65.94.5% 33.1 40.9 47.2 48.8 56.6 64.55.0% 31.8 39.5 45.6 47.1 54.8 62.4
Investment ThesisOverview Catalysts &
Risks Valuation AppendixMacro/Micro
Appendix
18
Choice Properties Valuation Details
Source: Capital IQ/ Annual Report QUEEN’S CAPITAL
NAVPU Sensitivity Analysis 2015E NOI ($mm) $421.38 $471.38 $521.38 $571.38 $621.38
Cap Rate (%)
6.1% $8.25 $10.47 $12.69 $14.92 $17.14 6.2% $7.94 $10.13 $12.32 $14.50 $16.69 6.3% $7.65 $9.80 $11.95 $14.10 $16.26 6.4% $7.36 $9.48 $11.60 $13.72 $15.84 6.5% $7.09 $9.17 $11.26 $13.34 $15.43
P/AFFO Multiple Sensitivity Analysis 2015E P/AFFO 14.0x 14.5x 15.0x 15.5x 16.0x
AFFO 2015E
71.0% $9.94 $10.30 $10.65 $11.01 $11.36 76.0% $10.64 $11.02 $11.40 $11.78 $12.16 81.0% $11.34 $11.75 $12.15 $12.56 $12.96 86.0% $12.04 $12.47 $12.90 $13.33 $13.76 91.0% $12.74 $13.20 $13.65 $14.11 $14.56
Valuation II - Net Asset Value (NAVPU)
$mm 2015E NOI 521.38Target Capitalization Rate 6.25% Gross Property Value 8342.08 Assets 8464.90Less: Investment Properties 8248.80 Other Tangible Assets 216.10 Total Assets 8558.18Less: Total Liabilities 4114.08 Net Asset Value 4444.10 Fully Diluted Units Oustanding 371.8
NAVPU $ 11.95
Investment ThesisOverview Catalysts &
Risks Valuation AppendixMacro/Micro
Appendix
19
Financial Ratios
Source: Capital IQ/ Annual Report QUEEN’S CAPITAL
Investment ThesisOverview Catalysts &
Risks Valuation AppendixMacro/Micro
George Weston On the Path Towards Majority Ownership
2013 2014 2015E 2016E 2017E 2018E0%
10%
20%
30%
40%
50%
60%
70%63.00%
45.60% 45.60% 47.20% 48.70% 50.20%
WN Loblaw Ownership
2010 2011 2012 2013 2014 20150.0x0.2x0.4x0.6x0.8x1.0x1.2x1.4x1.6x1.8x
1.3x
1.6x1.5x
1.6x 1.6x1.5x
Current Ratio
2010 2011 2012 2013 2014 20150.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
4.8x5.4x
4.9x4.5x
3.0x
3.7x
EBITDA / Interest Exp.
2010 2011 2012 2013 2014 2015 45.0%
46.0%
47.0%
48.0%
49.0%
50.0%
51.0%
52.0%
53.0% 52.2%
50.8% 49.9%
52.3%
49.1%
47.9%
Total Debt/Capital
2010 2011 2012 2013 2014 2015 23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
24.9% 24.6% 24.6% 24.7%
25.5%
26.6%
Gross Margin %
Appendix
20
US Yield to CAD Yield Regressions
Source: CapitalQ/ Thomson One/ Government of Canada QUEEN’S CAPITAL
Investment ThesisOverview Catalysts &
Risks Valuation AppendixMacro/Micro
3.6 3.8 4 4.2 4.4 4.6 4.8 5 5.2 5.40123456
f(x) = 0.228911028051736 x + 3.25293335285457R² = 0.0820549395563944
US Treasury 10 Year Bond Yield (%)
Can
ada
10 Y
ear B
ond
Yiel
d
2004-2008 Cdn. Vs. US Yield Re-gression:
1 1.5 2 2.5 3 3.5 4 4.50
0.51
1.52
2.53
3.54
4.5f(x) = 0.963818632699277 x − 0.00372432091393549R² = 0.892197845308365
US Treasury 10 Year Bond Yield (%)
Cana
da 1
0 Ye
ar B
ond
Yiel
d
2008-2015 Cdn. Vs. US Yield Regression:
Agency (Scope) Rating Date
S&P Short-term Issuer Credit Rating (Foreign) (2) NR 13-May-2003
A-2 06-Mar-2003
S&P Short-term Issuer Credit Rating (Domestic) (2) NR 13-May-
2003 A-2 06-Mar-
2003S&P Senior Unsecured (Domestic) (1) BBB 03-May-
2007S&P Long-term Issuer Rating (Foreign) (4) BBB 03-May-
2007 BBB
+31-Oct-2006
A- 09-Oct-2001
A 12-Jan-2001
S&P Long-term Issuer Rating (Domestic) (4) BBB 03-May-2007
BBB+
31-Oct-2006
A- 09-Oct-2001
A 12-Jan-2001
Dominion Bond Rating Service (DBRS) - Long-term Issuer (Foreign) (1) BBB 14-Sep-
2012Dominion Bond Rating Service (DBRS) - Long-term Issuer (Domestic) (1) BBB 29-Aug-
2013
Issuer Ratings
Appendix
21
Detailed Debt Information 1
Source: Thomson One QUEEN’S CAPITAL
Investment ThesisOverview Catalysts &
Risks Valuation AppendixMacro/Micro
Description Maturity Date
Amount Outstanding (USD)
Issued Amount (USD) Cpn Class Countr
y Debt Type Mod Dur
OA Dur OAS Yield Yld
TypeYld
Event Yld Date PriceWN IO Str 15/11/08 08-Nov-2015 Stripped
Coupon Canada Intrst Only 0.105 0.109 69.0 1.143 MAT MAT 09-Nov-2015
100.000
WN IO Str 16/05/08 08-May-2016 Stripped
Coupon Canada Intrst Only 0.602 0.604 86.0 1.311 MAT MAT 09-May-2016 99.000
WN 4 16/10/25 MTN 25-Oct-2016 262,467,192 262,467,192 Fixed Coupon Canada Unsecrd Nt 1.034 1.035 103.0 1.534 MAT MAT 25-Oct-
2016102.00
0 WN IO Str 16/11/08 08-Nov-2016 Stripped
Coupon Canada Intrst Only 1.098 1.102 79.0 1.295 MAT MAT 08-Nov-2016 99.000
WN IO Str 17/05/08 08-May-2017 Stripped
Coupon Canada Intrst Only 1.591 1.590 125.0 1.785 MAT MAT 08-May-2017 97.000
WN IO Str 17/11/08 08-Nov-2017 Stripped
Coupon Canada Intrst Only 2.087 2.090 123.0 1.784 MAT MAT 08-Nov-2017 96.000
WN IO Str 18/05/08 08-May-2018 Stripped
Coupon Canada Intrst Only 2.590 2.588 62.0 1.184 MAT MAT 08-May-2018 97.000
WN IO Str 18/11/08 08-Nov-2018 Stripped
Coupon Canada Intrst Only 3.087 3.089 59.0 1.184 MAT MAT 08-Nov-2018 96.000
WN IO Str 19/05/08 08-May-2019 Stripped
Coupon Canada Intrst Only 3.581 3.578 72.0 1.374 MAT MAT 08-May-2019 95.000
WN IO Str 19/11/08 08-Nov-2019 Stripped
Coupon Canada Intrst Only 4.077 4.079 66.0 1.384 MAT MAT 08-Nov-2019 94.000
WN IO Str 20/05/08 08-May-2020 Stripped
Coupon Canada Intrst Only 4.570 4.569 76.0 1.564 MAT MAT 08-May-2020 93.000
WN IO Str 20/11/08 08-Nov-2020 Stripped
Coupon Canada Intrst Only 5.062 5.068 82.0 1.714 MAT MAT 09-Nov-2020 92.000
WN IO Str 21/05/08 08-May-2021 Stripped
Coupon Canada Intrst Only 5.549 5.554 107.0 2.038 MAT MAT 10-May-2021 89.000
WN IO Str 21/11/08 08-Nov-2021 Stripped
Coupon Canada Intrst Only 6.054 6.056 67.0 1.718 MAT MAT 08-Nov-2021 90.000
WN IO Str 22/05/08 08-May-2022 Stripped
Coupon Canada Intrst Only 6.527 6.529 127.0 2.398 MAT MAT 09-May-2022 85.000
WN IO Str 22/11/08 08-Nov-2022 Stripped
Coupon Canada Intrst Only 7.020 7.022 125.0 2.448 MAT MAT 08-Nov-2022 84.000
WN IO Str 23/05/08 08-May-2023 Stripped
Coupon Canada Intrst Only 7.485 7.483 196.0 3.231 MAT MAT 08-May-2023 78.000
WN IO Str 23/11/08 08-Nov-2023 Stripped
Coupon Canada Intrst Only 7.995 7.997 142.0 2.761 MAT MAT 08-Nov-2023 80.000
WN IO Str 24/05/08 08-May-2024 Stripped
Coupon Canada Intrst Only 8.498 8.498 114.0 2.541 MAT MAT 08-May-2024 80.000
Appendix
22
Detailed Debt Information 2
Source: Thomson One QUEEN’S CAPITAL
Investment ThesisOverview Catalysts &
Risks Valuation AppendixMacro/Micro
Description Maturity Date
Amount Outstanding (USD)
Issued Amount (USD) Cpn Class Countr
y Debt Type Mod Dur
OA Dur OAS Yield Yld
TypeYld
Event Yld Date PriceWN 4 24/06/17
'24 17-Jun-2024 149,981,252 149,981,252 Fixed Coupon Canada Bond 7.235 7.156 217.0 3.521 MAT MAT 17-Jun-2024
104.000
WN IO Str 24/11/08 08-Nov-2024 Stripped
Coupon Canada Intrst Only 8.964 8.968 169.0 3.161 MAT MAT 08-Nov-2024 75.000
WN IO Str 25/05/08
08-May-2025
Stripped Coupon Canada Intrst Only 9.479 9.479 115.0 2.671 MAT MAT 08-May-
2025 78.000 WN IO Str 25/11/08 08-Nov-2025 Stripped
Coupon Canada Intrst Only 9.976 9.985 102.0 2.601 MAT MAT 10-Nov-2025 77.000
WN IO Str 26/05/08
08-May-2026
Stripped Coupon Canada Intrst Only 10.460 10.460 115.0 2.781 MAT MAT 08-May-
2026 75.000 WN IO Str 26/11/08 08-Nov-2026 Stripped
Coupon Canada Intrst Only 10.953 10.959 110.0 2.781 MAT MAT 09-Nov-2026 74.000
WN IO Str 27/05/08
08-May-2027
Stripped Coupon Canada Intrst Only 11.441 11.445 116.0 2.884 MAT MAT 10-May-
2027 72.000 WN IO Str 27/11/08 08-Nov-2027 Stripped
Coupon Canada Intrst Only 11.938 11.941 103.0 2.804 MAT MAT 08-Nov-2027 71.000
WN IO Str 28/05/08
08-May-2028
Stripped Coupon Canada Intrst Only 12.403 12.405 145.0 3.264 MAT MAT 08-May-
2028 66.000 WN IO Str 28/11/08 08-Nov-2028 Stripped
Coupon Canada Intrst Only 12.900 12.906 133.0 3.184 MAT MAT 08-Nov-2028 66.000
WN IO Str 29/05/08
08-May-2029
Stripped Coupon Canada Intrst Only 13.384 13.386 141.0 3.304 MAT MAT 08-May-
2029 64.000 WN IO Str 29/11/08 08-Nov-2029 Stripped
Coupon Canada Intrst Only 13.880 13.886 130.0 3.244 MAT MAT 08-Nov-2029 64.000
WN IO Str 30/05/08
08-May-2030
Stripped Coupon Canada Intrst Only 14.362 14.363 141.0 3.394 MAT MAT 08-May-
2030 61.000 WN IO Str 30/11/08 08-Nov-2030 Stripped
Coupon Canada Intrst Only 14.857 14.863 132.0 3.344 MAT MAT 08-Nov-2030 61.000
WN PO Str 30/11/08 08-Nov-2030 Stripped
Coupon Canada Prin Only 14.880 14.885 101.0 3.034 MAT MAT 08-Nov-2030 63.000
WN 7 32/02/05 MTN 05-Feb-2032 112,485,939 112,485,939 Fixed Coupon Canada Unsecrd Nt 10.293 10.126 303.0 4.884 MAT MAT 05-Feb-
2032125.00
0 WN 7 33/03/01
MTN 01-Mar-2033 74,990,626 74,990,626 Fixed Coupon Canada Unsecrd Nt 10.870 10.666 300.0 4.924 MAT MAT 01-Mar-2033
120.000
WN 5 Perp '15 Perpetual 131,233,596 131,233,596 Fixed Coupon Canada Preferred Stock -- -- -- -- --
WN 5 Perp '15 Perpetual 149,981,252 149,981,252 Fixed Coupon Canada Preferred Stock -- -- -- -- --
WN 5 Perp '15 Perpetual 149,981,252 149,981,252 Fixed Coupon Canada Preferred Stock -- -- -- -- --
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