This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/24
Manulife Financial Corp					TSX:	MFC	NYSE	MFC	https://www.manulife.com/			Fiscal Yr:	Dec 31
Year	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	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
Split Date
Split																					split
Assets under Management $B	$499.7	$531.9	$598.9	$691.1	$935.2	$977.1	$1,040.0	$1,083.5	$1,188.9	$1,297.4	$1,425.8	$1,314.6	$1,388.8	$1,388.8	<-12 mths			131.88%	<-Total Growth	10	Assets under Management	$B
Increase	5.15%	6.46%	12.59%	15.39%	35.31%	4.48%	6.44%	4.18%	9.73%	9.13%	9.90%	-7.80%	5.64%	0.00%	<-12 mths			8.77%	<-IRR #YR->	10	Assets under Management	131.88%
5 year Running Average	$443	$470	$509	$559	$651	$747	$848	$945	$1,045	$1,117	$1,207	$1,262	$1,323	$1,363	<-12 mths			5.09%	<-IRR #YR->	5	Assets under Management	28.18%
Increase	4.02%	6.12%	8.27%	9.88%	16.45%	14.66%	13.61%	11.42%	10.53%	6.93%	8.03%	4.55%	4.84%	3.02%	<-12 mths			10.02%	<-IRR #YR->	10	5 yr Running Average	159.91%
AUM per Share $B	27.74	29.10	32.41	37.08	47.42	49.47	52.47	54.97	61.00	66.88	73.38	70.49	76.90	76.90	<-12 mths			6.95%	<-IRR #YR->	5	5 yr Running Average	39.96%
Increase	3.81%	4.89%	11.38%	14.40%	27.90%	4.32%	6.07%	4.76%	10.97%	9.63%	9.73%	-3.94%	9.10%	0.00%	<-12 mths			9.02%	<-IRR #YR->	10	AUM pe Share $B	-41.52%
5 year Running Average	$26	$27	$28	$31	$35	$39	$44	$48	$53	$57	$62	$65	$70	$73	<-12 mths			6.94%	<-IRR #YR->	5	AUM pe Share $B	-57.64%
P/AUM Med	0.53	0.42	0.54	0.57	0.46	0.39	0.45	0.42	0.38	0.30	0.34	0.35	0.35	0.40	<-12 mths			9.48%	<-IRR #YR->	10	5 yr Running Average	-20.04%
P/AUM Close	0.39	0.46	0.65	0.60	0.44	0.48	0.50	0.35	0.43	0.34	0.34	0.34	0.38	0.43	<-12 mths			7.63%	<-IRR #YR->	5	5 yr Running Average	90.92%
Gen. Fund, Segregated, MF etc					P/S Med	20 yr	0.50	15 yr	0.42	10 yr	0.38	5 yr	0.35		11.10%	Diff M/C
			-$599	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,389
								-$1,084	$0	$0	$0	$0	$1,389
			-$509	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,323
								-$945	$0	$0	$0	$0	$1,323
			-$32	$0	$0	$0	$0	$0	$0	$0	$0	$0	$77
								-$55	$0	$0	$0	$0	$77
			-$28	$0	$0	$0	$0	$0	$0	$0	$0	$0	$70
								-$48	$0	$0	$0	$0	$70
														$42,459	<-12 mths	-12.88%
Net Premiums	$17,504	$10,734	$17,510	$17,883	$15,929	$27,632	$28,210	$24,012	$35,578	$32,917	$39,065	$37,853						-100.00%	<-Total Growth	9	Net Premiums
Increase	-4.62%	-38.68%	63.13%	2.13%	-10.93%	73.47%	2.09%	-14.88%	48.17%	-7.48%	18.68%	-3.10%									Increase
Comments			$18,672
Revenue*	$50,983	$29,157	$36,289	$54,522	$34,430	$53,337	$58,323	$38,972	$79,570	$78,908	$61,821	$17,147	$48,739	$42,480	$53,061	$58,612		34.31%	<-Total Growth	10	Revenue
Increase	35.47%	-42.81%	24.46%	50.24%	-36.85%	54.91%	9.35%	-33.18%	104.17%	-0.83%	-21.65%	-72.26%	184.24%	-12.84%	24.91%	10.46%		2.99%	<-IRR #YR->	10	Revenue	34.31%
5 year Running Average	$39,452	$38,177	$38,834	$41,717	$41,076	$41,547	$47,380	$47,917	$52,926	$61,822	$63,519	$55,284	$57,237	$49,819	$44,650	$44,008		4.57%	<-IRR #YR->	5	Revenue	25.06%
Revenue per Share	$28.31	$15.95	$19.64	$29.25	$17.46	$27.01	$29.43	$19.77	$40.83	$40.67	$31.82	$9.19	$26.99	$23.52	$29.38	$32.45		3.96%	<-IRR #YR->	10	5 yr Running Average	47.39%
Increase	33.74%	-43.66%	23.11%	48.95%	-40.31%	54.68%	8.96%	-32.81%	106.48%	-0.37%	-21.78%	-71.10%	193.53%	-12.84%	24.91%	10.46%		3.62%	<-IRR #YR->	5	5 yr Running Average	19.45%
5 year Running Average	$23.29	$21.75	$21.58	$22.86	$22.12	$21.86	$24.56	$24.58	$26.90	$31.54	$32.50	$28.46	$29.90	$26.44	$24.18	$24.31		3.23%	<-IRR #YR->	10	Revenue per Share	37.43%
P/S (Price/Sales) Med	0.52	0.76	0.88	0.72	1.26	0.72	0.80	1.16	0.56	0.50	0.79	2.67	0.98	1.31	0.00	0.00		6.42%	<-IRR #YR->	5	Revenue per Share	36.49%
P/S (Price/Sales) Close	0.38	0.85	1.07	0.76	1.19	0.89	0.89	0.98	0.65	0.56	0.78	2.63	1.08	1.39	1.12	1.01		3.32%	<-IRR #YR->	10	5 yr Running Average	38.59%
*Total Revenue in M CDN $					P/S Med	20 yr	0.84	15 yr	0.78	10 yr	0.80	5 yr	0.79		74.78%	Diff M/C		3.99%	<-IRR #YR->	5	5 yr Running Average	21.63%
			-$36,289	$0	$0	$0	$0	$0	$0	$0	$0	$0	$48,739
								-$38,972	$0	$0	$0	$0	$48,739
			-$38,834	$0	$0	$0	$0	$0	$0	$0	$0	$0	$57,237
								-$47,917	$0	$0	$0	$0	$57,237
			-$19.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.99
								-$19.77	$0.00	$0.00	$0.00	$0.00	$26.99
			-$21.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.90
								-$24.58	$0.00	$0.00	$0.00	$0.00	$29.90
														$3.59	<-12 mths	3.46%
Core Earnings (CER) CDN$	$2,169	$2,187	$2,617	$2,888	$3,428	$4,201	$4,565	$5,610	$6,004	$5,516	$6,536	$6,182	$6,684					155.41%	<-Total Growth	10	AEPS
Return on Equity ROE	9.68%	9.53%	10.13%	9.41%	8.91%	10.98%	12.19%	13.31%	13.25%	11.32%	12.56%	12.54%	16.57%					12.37%	<-Median->	10	Return on Equity ROE
5Yr Median	9.68%	9.53%	9.68%	9.68%	9.53%	9.53%	10.13%	10.98%	12.19%	12.19%	12.56%	12.56%	12.56%					11.59%	<-Median->	10	5Yr Median
Basic Calc	$1.21	$1.21	$1.43	$1.56	$1.75	$2.13	$2.31	$2.86	$3.07	$2.84	$3.37	$3.24	$3.64					155.69%	<-Total Growth	10	AEPS
AEPS* Dilued	$1.14	$1.12	$1.34	$1.48	$1.73	$1.96	$2.22	$2.74	$2.97	$2.75	$3.25	$3.10	$3.47	$3.70	$4.03	$4.47		158.96%	<-Total Growth	10	AEPS
Increase	-32.14%	-1.75%	19.64%	10.45%	17.16%	13.04%	13.27%	23.42%	8.39%	-7.41%	18.18%	-4.62%	11.94%	6.63%	8.92%	10.92%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$1.35	$1.02	$1.22	$1.35	$1.36	$1.53	$1.75	$2.03	$2.32	$2.53	$2.79	$2.96	$3.11	$3.25	$3.51	$3.75		9.98%	<-IRR #YR->	10	AEPS	158.96%
AEPS Yield	10.51%	8.29%	6.40%	6.67%	8.36%	8.20%	8.47%	14.15%	11.27%	12.14%	13.06%	12.84%	11.85%	11.28%	12.28%	13.62%		4.84%	<-IRR #YR->	5	AEPS	26.64%
Payout Ratio	45.61%	46.43%	38.81%	38.51%	39.22%	37.76%	36.94%	33.21%	33.67%	40.73%	36.00%	42.58%	42.07%	43.24%	39.70%	35.79%		9.80%	<-IRR #YR->	10	5 yr Running Average	154.75%
5 year Running Average	103.17%	106.12%	51.38%	40.06%	41.72%	40.14%	38.25%	37.13%	36.16%	36.46%	36.11%	37.24%	39.01%	40.93%	40.72%	40.68%		8.93%	<-IRR #YR->	5	5 yr Running Average	53.35%
Price/AEPS Median	12.90	10.79	12.95	14.33	12.66	9.91	10.62	8.34	7.71	7.40	7.78	7.93	7.65	8.33	0.00	0.00		8.14	<-Median->	10	Price/AEPS Median
Price/AEPS High	16.81	12.46	15.69	15.49	13.84	12.76	11.02	9.93	8.88	10.08	8.45	9.00	8.44	9.00	0.00	0.00		10.01	<-Median->	10	Price/AEPS High
Price/AEPS Low	8.99	9.13	10.20	13.16	11.47	7.06	10.22	6.75	6.54	4.72	7.11	6.86	6.86	7.66	0.00	0.00		6.96	<-Median->	10	Price/AEPS Low
Price/AEPS Close	9.52	12.06	15.62	14.99	11.96	12.20	11.81	7.07	8.88	8.24	7.66	7.79	8.44	8.87	8.14	7.34		8.66	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	6.46	11.85	18.69	16.55	14.01	13.79	13.38	8.73	9.62	7.63	9.05	7.43	9.45	9.46	8.87	8.14		9.53	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	38.13%	5 Yrs	40.73%	P/CF	5 Yrs	in order	7.71	8.88	6.86	8.24		15.01%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$1.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.47
								-$2.74	$0.00	$0.00	$0.00	$0.00	$3.47
			-$1.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.11
								-$2.03	$0.00	$0.00	$0.00	$0.00	$3.11
														$2.73	<-12 mths	4.60%
Difference Basic and Diluted	0.00%	2.22%	0.61%	1.10%	0.94%	0.70%	0.00%	0.43%	0.00%	0.34%	0.28%	0.00%	0.38%					0.00	<-Median->	10	Difference Basic and Diluted
EPS Basic	$0.02	$0.90	$1.63	$1.82	$1.06	$1.42	$0.98	$2.34	$2.77	$2.94	$3.55	$3.68	$2.62					60.74%	<-Total Growth	10	EPS Basic
Net Income
Ave # 1999
Net Inc/# shares
Pre-split '06
EPS Diluted*	$0.02	$0.88	$1.62	$1.80	$1.05	$1.41	$0.98	$2.33	$2.77	$2.93	$3.54	$3.68	$2.61	$3.53	$3.94	$3.44		61.11%	<-Total Growth	10	EPS Diluted
Increase	107.41%	4300%	84.09%	11.11%	-41.67%	34.29%	-30.50%	137.76%	18.88%	5.78%	20.82%	3.95%	-29.08%	35.10%	11.71%	-12.67%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	0.2%	6.5%	7.7%	8.1%	5.1%	5.9%	3.7%	12.0%	10.5%	12.9%	14.2%	15.2%	8.9%	10.7%	12.0%	10.5%		4.88%	<-IRR #YR->	10	Earnings per Share	61.11%
5 year Running Average	$0.73	$0.35	$0.61	$0.81	$1.07	$1.35	$1.37	$1.51	$1.71	$2.08	$2.51	$3.05	$3.11	$3.26	$3.46	$3.44		2.30%	<-IRR #YR->	5	Earnings per Share	12.02%
10 year Running Average	$1.31	$1.26	$1.25	$1.25	$1.15	$1.04	$0.86	$1.06	$1.26	$1.58	$1.93	$2.21	$2.31	$2.48	$2.77	$2.97		17.60%	<-IRR #YR->	10	5 yr Running Average	405.86%
* Diluted ESP per share									E/P	10 Yrs	9.71%	5Yrs	12.94%					15.46%	<-IRR #YR->	5	5 yr Running Average	105.15%
			-$1.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.61
								-$2.33	$0.00	$0.00	$0.00	$0.00	$2.61
			-$0.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.11
								-$1.51	$0.00	$0.00	$0.00	$0.00	$3.11
Dividend*														$1.58	$1.70	$1.64			Estimates		Dividend*
Increase														7.95%	7.68%	-3.65%			Estimates		Increase
Payout Ratio EPS														44.70%	43.08%	47.53%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-split '06
Dividend*	$0.52	$0.52	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$1.60	$1.60		180.77%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	9.62%	19.30%	8.82%	10.81%	10.98%	9.89%	12.00%	4.46%	12.82%	10.61%	9.59%	0.00%	0.00%		19	2	24	Years of data, Count P, N	79.17%
Average Increases 5 Year Running	-4.06%	-8.34%	-11.07%	-4.74%	5.78%	7.55%	9.71%	11.90%	11.96%	10.50%	9.63%	10.03%	9.96%	9.90%	7.50%	6.60%		9.83%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.74	$0.67	$0.57	$0.53	$0.56	$0.61	$0.67	$0.74	$0.83	$0.92	$1.00	$1.10	$1.21	$1.33	$1.43	$1.52		112.24%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.54%	4.30%	3.00%	2.69%	3.10%	3.81%	3.48%	3.98%	4.37%	5.51%	4.63%	5.37%	5.50%	5.19%				4.17%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	2.71%	3.72%	2.47%	2.49%	2.83%	2.96%	3.35%	3.34%	3.79%	4.04%	4.26%	4.73%	4.99%	4.80%				3.57%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.07%	5.09%	3.80%	2.93%	3.42%	5.35%	3.61%	4.92%	5.15%	8.64%	5.06%	6.21%	6.14%	5.65%				5.11%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.79%	3.85%	2.48%	2.57%	3.28%	3.09%	3.13%	4.70%	3.79%	4.94%	4.70%	5.47%	4.99%	4.88%	4.88%	4.88%		4.25%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	2600.00%	59.09%	32.10%	31.67%	64.76%	52.48%	83.67%	39.06%	36.10%	38.23%	33.05%	35.87%	55.94%	45.38%	40.62%	46.51%		38.64%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	100.82%	188.70%	93.16%	65.43%	52.33%	44.82%	48.54%	49.14%	48.59%	44.05%	40.00%	36.20%	39.09%	40.96%	41.34%	44.08%		46.68%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	10.03%	8.58%	9.90%	9.83%	12.98%	8.58%	9.14%	9.36%	9.49%	10.84%	9.82%	13.88%	12.91%	34.71%	#DIV/0!	#DIV/0!		9.83%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	13.02%	11.32%	9.59%	9.20%	10.21%	9.78%	9.83%	9.70%	9.63%	9.52%	9.75%	10.61%	11.32%	13.99%	#DIV/0!	#DIV/0!		9.77%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	8.67%	7.86%	8.42%	9.57%	9.73%	7.73%	10.32%	9.65%	-13.48%	-13.72%	18.44%	29.56%	157.32%	-27.73%	#DIV/0!	#DIV/0!		9.69%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	13.02%	10.88%	9.07%	8.62%	8.86%	8.58%	9.09%	9.33%	15.66%	40.41%	61.71%	118.53%	-157.77%	-303.59%	#DIV/0!	#DIV/0!		9.21%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.17%	4.25%	5 Yr Med	5 Yr Cl	5.37%	4.94%	5 Yr Med	Payout	36.10%	10.84%	18.44%					9.92%	<-IRR #YR->	5	Dividends	60.44%
* Dividends per share	10 Yr Med	and Cur.	16.84%	14.86%	5 Yr Med	and Cur.	-9.21%	-1.38%	Last Div Inc --->		$0.365	$0.400	9.59%					10.88%	<-IRR #YR->	10	Dividends	180.77%
Dividends Growth 15																		2.56%	<-IRR #YR->	15	Dividends	46.00%
Dividends Growth 20																		6.62%	<-IRR #YR->	20	Dividends	260.49%
Dividends Growth 25																		8.64%	<-IRR #YR->	24	Dividends
Dividends Growth 5								-$0.91	$0.00	$0.00	$0.00	$0.00	$1.46								Dividends Growth 5
Dividends Growth 10			-$0.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.46								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	$1.46								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	$1.46								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	$1.46								Dividends Growth 25
Historical Dividends	Historical	High Div	7.12%	Low Div	1.23%	10 Yr High	8.39%	10 Yr Low	2.52%	Med Div	3.20%	Close Div	3.09%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-31.51%		296.47%	Exp.	-41.88%		93.51%	Cheap	52.39%	Cheap	57.57%								High/Ave/Median
Future Dividend Yield					Div Yd	7.82%	earning in	5	Years	at IRR of	9.92%	Div Inc.	60.44%								Future Dividend Yield
Future Dividend Yield					Div Yd	12.55%	earning in	10	Years	at IRR of	9.92%	Div Inc.	157.41%								Future Dividend Yield
Future Dividend Yield					Div Yd	20.14%	earning in	15	Years	at IRR of	9.92%	Div Inc.	312.99%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.57	earning in	5	Years	at IRR of	9.92%	Div Inc.	60.44%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.12	earning in	10	Years	at IRR of	9.92%	Div Inc.	157.41%								Future Dividend Paid
Future Dividend Paid					Div Paid	$6.61	earning in	15	Years	at IRR of	9.92%	Div Inc.	312.99%								Future Dividend Paid
Dividend Covering Cost					Total Div	$9.75	over	5	Years	at IRR of	9.92%	Div Cov.	29.72%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$22.83	over	10	Years	at IRR of	9.92%	Div Cov.	69.58%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$43.81	over	15	Years	at IRR of	9.92%	Div Cov.	133.54%								Dividend Covering Cost
I am earning GC					Div Gr	166.67%	5/1/05	# yrs ->	18	2005	$28.63	Cap Gain	14.60%								I am earning GC
I am earning Div					org yield	2.10%	12/31/14	Trading	Div G Yrly	10.67%	Div start	$0.60	-2.10%	5.59%							I am earning Div	Item
																						Revenue Growth
I am earning GC					Div Gr	128.57%	8/3/06	# yrs ->	17	2006	$36.13	Cap Gain	-9.19%								I am earning GC	AEPS Growth
I am earning Div					org yield	1.94%	12/31/14	Pension	Div G Yrly	10.32%	Div start	$0.70	-1.94%	4.43%							I am earning Div	Net Income Growth
																						Cash Flow Growth
I am earning GC					Div Gr	128.57%	7/10/06	# yrs ->	17	2006	$35.99	Cap Gain	-8.84%								I am earning GC	Dividend Growth
I am earning Div					org yield	1.94%	12/31/14	RRSP	Div G Yrly	10.24%	Div start	$0.70	-1.94%	4.45%							I am earning Div	Stock Price Growth
Yield if held 5 yrs	1.41%	1.27%	1.77%	3.21%	4.19%	5.03%	6.78%	5.24%	4.72%	5.10%	6.02%	5.60%	6.39%	6.99%	7.87%	6.33%		5.17%	<-Median->	10	Paid Median Price	Revenue Growth
Yield if held 10 yrs	2.45%	2.79%	2.68%	2.26%	2.21%	2.00%	2.00%	3.09%	5.64%	6.90%	7.96%	10.92%	8.41%	7.55%	7.29%	8.24%		4.36%	<-Median->	10	Paid Median Price	AEPS Growth
Yield if held 15 yrs				6.44%	4.27%	3.49%	4.40%	4.69%	3.96%	3.64%	3.17%	3.21%	4.96%	9.02%	9.86%	10.88%		4.12%	<-Median->	10	Paid Median Price	Net Income Growth
Yield if held 20 yrs									11.30%	7.04%	5.52%	7.09%	7.53%	6.34%	5.20%	4.33%		7.09%	<-Median->	5	Paid Median Price	Cash Flow Growth
																						Dividend Growth
Cost covered if held 5 years	10.01%	8.13%	9.71%	14.93%	17.31%	20.61%	27.54%	21.44%	19.57%	20.92%	25.84%	23.41%	26.55%	29.13%	35.15%	29.97%		21.18%	<-Median->	10	Paid Median Price	Stock Price Growth
Cost covered if held 10 years	29.26%	34.38%	33.58%	26.22%	21.81%	18.21%	16.24%	22.34%	38.32%	45.58%	54.74%	73.20%	56.43%	51.03%	53.50%	64.86%		32.27%	<-Median->	10	Paid Median Price
Cost covered if held 15 years				93.45%	54.93%	43.56%	52.26%	52.76%	42.67%	36.72%	31.79%	29.68%	42.94%	75.91%	89.62%	106.29%		43.25%	<-Median->	10	Paid Median Price
Cost covered if held 20 years									140.34%	83.77%	67.26%	81.91%	84.05%	69.11%	59.94%	52.30%		83.77%	<-Median->	5	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$38,972	$79,570	$78,908	$61,821	$17,147	$48,739	$42,459	<-12 mths	-12.88%		25.06%	<-Total Growth	5	Revenue Growth	25.06%
AEPS Growth								$2.74	$2.97	$2.75	$3.25	$3.10	$3.47	$3.59	<-12 mths	3.46%		26.64%	<-Total Growth	5	AEPS Growth	26.64%
Net Income Growth								$4,632	$5,430	$5,700	$6,890	$7,034	$4,800					3.63%	<-Total Growth	5	Net Income Growth	3.63%
Cash Flow Growth								$19,168	$20,542	$20,048	$23,155	$17,735	$20,423					6.55%	<-Total Growth	5	Cash Flow Growth	6.55%
Dividend Growth								$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	<-12 mths	9.59%		60.44%	<-Total Growth	5	Dividend Growth	60.44%
Stock Price Growth								$19.37	$26.36	$22.65	$24.88	$24.15	$29.28	$32.81	<-12 mths	12.06%		51.16%	<-Total Growth	5	Stock Price Growth	51.16%
Revenue Growth			$36,289	$54,522	$34,430	$53,337	$58,323	$38,972	$79,570	$78,908	$61,821	$17,147	$48,739	$42,480	<-this year	-12.84%		34.31%	<-Total Growth	10	Revenue Growth	34.31%
AEPS Growth			$1.34	$1.48	$1.73	$1.96	$2.22	$2.74	$2.97	$2.75	$3.25	$3.10	$3.47	$3.70	<-this year	6.63%		158.96%	<-Total Growth	10	AEPS Growth	158.96%
Net Income Growth			$2,999	$3,375	$2,075	$2,796	$1,945	$4,632	$5,430	$5,700	$6,890	$7,034	$4,800	$6,421	<-this year	33.77%		60.05%	<-Total Growth	10	Net Income Growth	60.05%
Cash Flow Growth			$9,708	$10,806	$10,334	$17,036	$17,791	$19,168	$20,542	$20,048	$23,155	$17,735	$20,423	$8,326	<-this year	-59.23%		110.37%	<-Total Growth	10	Cash Flow Growth	110.37%
Dividend Growth			$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.58	<-this year	7.95%		180.77%	<-Total Growth	10	Dividend Growth	180.77%
Stock Price Growth			$20.93	$22.18	$20.74	$23.91	$26.22	$19.37	$26.36	$22.65	$24.88	$24.15	$29.28	$32.81	<-this year	12.06%		39.89%	<-Total Growth	10	Stock Price Growth	39.89%
Dividends on Shares	$25.48	$25.48	$25.48	$27.93	$33.32	$36.26	$40.18	$44.59	$49.00	$54.88	$57.33	$64.68	$71.54	$78.40	$78.40	$78.40		$619.85	No of Years	15	Total Dividends	31-Dec-08
Paid	$531.65	$661.99	$1,025.57	$1,086.82	$1,016.26	$1,171.59	$1,284.78	$949.13	$1,291.64	$1,109.85	$1,219.12	$1,183.35	$1,434.72	$1,607.69	$1,607.69	$1,607.69		$1,434.72	No of Years	15	Worth	$20.80
Total																		$2,054.57			Total
Dividends on Shares				$27.36	$32.64	$35.52	$39.36	$43.68	$48.00	$53.76	$56.16	$63.36	$70.08	$76.80	$76.80	$76.80		$469.92	No of Years	10	Total Dividends	31-Dec-13
Paid			$1,004.64	$1,064.64	$995.52	$1,147.68	$1,258.56	$929.76	$1,265.28	$1,087.20	$1,194.24	$1,159.20	$1,405.44	$1,574.88	$1,574.88	$1,574.88		$1,405.44	No of Years	10	Worth	$20.93
Total																		$1,875.36			Total
Dividends on Shares									$52.00	$58.24	$60.84	$68.64	$75.92	$83.20	$83.20	$83.20		$315.64	No of Years	5	Total Dividends	31-Dec-18
Paid								$1,007.24	$1,370.72	$1,177.80	$1,293.76	$1,255.80	$1,522.56	$1,706.12	$1,706.12	$1,706.12		$1,522.56	No of Years	5	Worth	$19.37
Total																		$1,838.20			Total
Graham Price AEPS	$17.86	$17.79	$20.53	$23.41	$27.59	$29.23	$30.72	$36.31	$39.42	$39.42	$44.25	$42.93	$41.77	$43.13	$45.01	$47.40		103.45%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.82	0.68	0.85	0.91	0.80	0.66	0.77	0.63	0.58	0.52	0.57	0.57	0.64	0.71				0.63	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.07	0.78	1.02	0.98	0.87	0.86	0.80	0.75	0.67	0.70	0.62	0.65	0.70	0.77				0.73	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.57	0.57	0.67	0.83	0.72	0.47	0.74	0.51	0.49	0.33	0.52	0.50	0.57	0.66				0.52	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.61	0.76	1.02	0.95	0.75	0.82	0.85	0.53	0.67	0.57	0.56	0.56	0.70	0.76	0.73	0.69		0.68	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-39.26%	-24.05%	1.96%	-5.27%	-24.82%	-18.19%	-14.64%	-46.65%	-33.13%	-42.54%	-43.77%	-43.75%	-29.89%	-23.92%	-27.10%	-30.78%		-31.51%	<-Median->	10	Graham Price
Graham Price EPS	$2.37	$15.77	$22.57	$25.82	$21.47	$24.79	$20.41	$33.48	$38.07	$40.69	$46.18	$46.78	$36.22	$42.10	$44.50	$41.58		60.48%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	6.22	0.77	0.77	0.82	1.02	0.78	1.16	0.68	0.60	0.50	0.55	0.53	0.73	0.73				0.71	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	8.10	0.89	0.93	0.89	1.12	1.01	1.20	0.81	0.69	0.68	0.59	0.60	0.81	0.79				0.81	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	4.33	0.65	0.61	0.75	0.93	0.56	1.11	0.55	0.51	0.32	0.50	0.45	0.66	0.67				0.56	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	4.59	0.86	0.93	0.86	0.97	0.96	1.28	0.58	0.69	0.56	0.54	0.52	0.81	0.70	0.74	0.79		0.75	<-Median->	10	Price/GP Ratio
Prem/Disc Close	358.60%	-14.32%	-7.27%	-14.10%	-3.39%	-3.55%	28.48%	-42.14%	-30.75%	-44.33%	-46.13%	-48.37%	-19.16%	-30.45%	-26.27%	-21.10%		-24.96%	<-Median->	10	Graham Price
Pre-split '06
Price Close	$10.85	$13.51	$20.93	$22.18	$20.74	$23.91	$26.22	$19.37	$26.36	$22.65	$24.88	$24.15	$29.28	$32.81	$32.81	$32.81		39.89%	<-Total Growth	10	Stock Price
Increase	-36.73%	24.52%	54.92%	5.97%	-6.49%	15.28%	9.66%	-26.13%	36.09%	-14.07%	9.85%	-2.93%	21.24%	12.06%	0.00%	0.00%		17.12	<-Median->	10	CAPE (10 Yr P/E)
P/E	542.50	15.35	12.92	12.32	19.75	16.96	26.76	8.31	9.52	7.73	7.03	6.56	11.22	9.31	8.33	9.54		8.61%	<-IRR #YR->	5	Stock Price	51.16%
Trailing P/E	-40.19	675.50	23.78	13.69	11.52	22.77	18.60	19.77	11.31	8.18	8.49	6.82	7.96	12.57	9.31	8.33		3.41%	<-IRR #YR->	10	Stock Price	39.89%
CAPE (10 Yr P/E)	18.89	19.45	19.51	19.08	19.55	20.13	22.67	18.25	15.98	13.09	11.43	10.47	10.38	10.08	9.47	9.12		13.88%	<-IRR #YR->	5	Price & Dividend	87.20%
Median 10, 5 Yrs		D.  per yr	3.86%	5.26%	% Tot Ret	53.04%	37.93%	T P/E	11.42	8.18	P/E:	10.37	7.73					7.27%	<-IRR #YR->	10	Price & Dividend	89.15%
Price 15		D.  per yr	3.27%		% Tot Ret	58.65%						CAPE Diff	-45.64%					2.31%	<-IRR #YR->	15	Stock Price	40.77%
Price  20		D.  per yr	3.19%		% Tot Ret	65.30%												1.69%	<-IRR #YR->	20	Stock Price	39.93%
Price  25		D.  per yr	4.18%		% Tot Ret	45.91%												4.93%	<-IRR #YR->	24	Stock Price
Price & Dividend 15																		5.58%	<-IRR #YR->	15	Price & Dividend	106.39%
Price & Dividend 20																		4.88%	<-IRR #YR->	20	Price & Dividend	92.50%
Price & Dividend 25																		9.11%	<-IRR #YR->	24	Price & Dividend
Price  5								-$19.37	$0.00	$0.00	$0.00	$0.00	$29.28								Price  5
Price 10			-$20.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.28								Price 10
Price & Dividend 5								-$19.37	$1.00	$1.12	$1.17	$1.32	$30.74								Price & Dividend 5
Price & Dividend 10			-$20.93	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$30.74								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	$29.28								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	$29.28								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	$29.28								Price  25
Price & Dividend 15	$0.52	$0.52	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$30.74								Price & Dividend 15
Price & Dividend 20	$0.52	$0.52	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$30.74								Price & Dividend 20
Price & Dividend 25	$0.52	$0.52	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$30.74								Price & Dividend 25
Price Median H/L	$14.71	$12.09	$17.35	$21.21	$21.95	$19.43	$23.58	$22.86	$22.90	$20.34	$25.29	$24.58	$26.54	$30.82				52.94%	<-Total Growth	10	Stock Price
Increase	-9.42%	-17.78%	43.51%	22.22%	3.49%	-11.48%	21.39%	-3.05%	0.17%	-11.18%	24.34%	-2.83%	7.98%	16.15%				4.34%	<-IRR #YR->	10	Stock Price	52.94%
P/E	735.25	13.74	10.71	11.78	20.90	13.78	24.06	9.81	8.27	6.94	7.14	6.68	10.17	8.74				3.03%	<-IRR #YR->	5	Stock Price	16.08%
Trailing P/E	-54.46	604.50	19.72	13.09	12.19	18.50	16.72	23.33	9.83	7.34	8.63	6.94	7.21	11.81				8.79%	<-IRR #YR->	10	Price & Dividend	112.36%
P/E on Running 5 yr Average	20.03	34.15	28.26	26.18	20.43	14.37	17.19	15.10	13.41	9.76	10.08	8.06	8.54	9.46				7.98%	<-IRR #YR->	5	Price & Dividend	46.61%
P/E on Running 10 yr Average	11.21	9.63	13.85	16.94	19.03	18.62	27.32	21.48	18.19	12.88	13.10	11.11	11.49	12.41				13.74	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.45%	4.95%	% Tot Ret	51%	62.06%	T P/E	11.01	7.34	P/E:	9.99	7.14						Count	25	Years of data
			-$17.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.54
								-$22.86	$0.00	$0.00	$0.00	$0.00	$26.54
			-$17.35	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$28.00
								-$22.86	$1.00	$1.12	$1.17	$1.32	$28.00
High Months	Feb	Mar	Dec	Dec	Jun	Dec	Nov	Jan	Nov	Jan	Apr	Feb	Dec	Feb
Pre-split '06
Price High	$19.16	$13.96	$21.03	$22.93	$24.00	$25.01	$24.47	$27.22	$26.38	$27.71	$27.47	$27.89	$29.28	$33.30				39.23%	<-Total Growth	10	Stock Price
Increase	-7.84%	-27.14%	50.64%	9.03%	4.67%	4.21%	-2.16%	11.24%	-3.09%	5.04%	-0.87%	1.53%	4.98%	13.73%				3.36%	<-IRR #YR->	10	Stock Price	39.23%
P/E	958.00	15.86	12.98	12.74	22.86	17.74	24.97	11.68	9.52	9.46	7.76	7.58	11.22	9.44				1.47%	<-IRR #YR->	5	Stock Price	7.57%
Trailing P/E	-70.96	698.00	23.90	14.15	13.33	23.82	17.35	27.78	11.32	10.00	9.38	7.88	7.96	12.76				15.72	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.33	9.38	P/E:	11.45	9.46					22.65	P/E Ratio		Historical High
			-$21.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.28
								-$27.22	$0.00	$0.00	$0.00	$0.00	$29.28
Low Months	Dec	Jul	Jan	Oct	Jan	Feb	Apr	Dec	Jan	Mar	Jan	Oct	Oct	Jan
Pre-split '06
Price Low	$10.25	$10.22	$13.67	$19.48	$19.89	$13.84	$22.69	$18.50	$19.42	$12.97	$23.11	$21.26	$23.79	$28.34				74.03%	<-Total Growth	10	Stock Price
Increase	-12.24%	-0.29%	33.76%	42.50%	2.10%	-30.42%	63.95%	-18.47%	4.97%	-33.21%	78.18%	-8.01%	11.90%	19.13%				5.70%	<-IRR #YR->	10	Stock Price	74.03%
P/E	512.50	11.61	8.44	10.82	18.94	9.82	23.15	7.94	7.01	4.43	6.53	5.78	9.11	8.04				5.16%	<-IRR #YR->	5	Stock Price	28.59%
Trailing P/E	-37.96	511.00	15.53	12.02	11.05	13.18	16.09	18.88	8.33	4.68	7.89	6.01	6.46	10.86				10.82	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	9.69	6.46	P/E:	8.53	6.53					6.90	P/E Ratio		Historical Low
			-$13.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.79
								-$18.50	$0.00	$0.00	$0.00	$0.00	$23.79
Free Cash Flow WSJ	$11,000	$11,000	$10,000	$10,806	$10,334	$17,036	$17,791	$19,188	$20,542	$20,048	$23,155	$17,735	$20,000					100.00%	<-Total Growth	10	Free Cash Flow	WSJ
Change	-8.33%	0.00%	-9.09%	8.06%	-4.37%	64.85%	4.43%	7.85%	7.06%	-2.40%	15.50%	-23.41%	12.77%					7.45%	<-Median->	10	Free Cash Flow MS	4.23%
Free Cash Flow MS	$11,000	$11,000	$10,000	$10,806	$10,334	$17,036	$17,791	$19,188	$20,542	$20,050	$23,160	$17,735	$20,000	$7,853	$7,796			100.00%	<-Total Growth	10	Free Cash Flow	MS,
Change	-8.33%	0.00%	-9.09%	8.06%	-4.37%	64.85%	4.43%	7.85%	7.06%	-2.40%	15.51%	-23.42%	12.77%	-60.74%	-0.73%			0.83%	<-IRR #YR->	5	Free Cash Flow MS	4.23%
FCF/CF from Op Ratio	1.18	0.99	1.03	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.98	0.94	#DIV/0!			7.18%	<-IRR #YR->	10	Free Cash Flow MS	100.00%
Dividends paid	$717	$733	$761	$910	$1,427	$1,593	$1,780	$1,788	$1,398	$1,398	$1,398	$1,398	$1,398	$1,398	$1,398			83.71%	<-Total Growth	10	Dividends paid
Percentage paid			7.61%	8.42%	13.81%	9.35%	10.01%	9.32%	6.81%	6.97%	6.04%	7.88%	6.99%	17.80%	17.93%			8.15%	<-Median->	10	Percentage paid
5 Year Coverage							9.81%	9.98%	9.41%	8.41%	7.71%	7.33%	6.89%	7.87%	9.13%			8.41%	<-Median->	7	5 Year Coverage
Dividend Coverage Ratio			13.14	11.87	7.24	10.69	9.99	10.73	14.69	14.34	16.57	12.69	14.31	5.62	5.58			12.28	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage									10.63	11.89	12.98	13.64	14.52	12.70	10.95			12.98	<-Median->	5	5 Year of Coverage
								-$19,188	$0	$0	$0	$0	$20,000
			-$10,000	$0	$0	$0	$0	$0	$0	$0	$0	$0	$20,000
Market Cap	$19,541	$24,696	$38,679	$41,344	$40,899	$47,222	$51,968	$38,178	$51,376	$43,941	$48,342	$45,040	$52,880	$59,255	$59,255	$59,255		36.72%	<-Total Growth	10	Market Cap
presplit '06
Diluted # of Shares in Million	1,789	1,888	1,862	1,881	1,977	1,977	1,986	1,988	1,962	1,943	1,946	1,913	1,838	1,838	<-12 mths			-1.29%	<-Total Growth	10	Diluted
Change	1.36%	5.53%	-1.38%	1.02%	5.10%	0.00%	0.46%	0.10%	-1.31%	-0.97%	0.15%	-1.70%	-3.92%	0.00%				0.05%	<-Median->	10	Change
Difference Diluted/Basic	-0.2%	-4.0%	-1.4%	-1.3%	-0.8%	-0.2%	-0.4%	-1.3%	-0.2%	-0.1%	-0.2%	-0.2%	-0.2%	-0.2%				-0.21%	<-Median->	10	Difference Diluted/Basic
presplit '06
Average # of Shares in Million	1,786	1,812	1,836	1,857	1,962	1,973	1,978	1,963	1,958	1,941	1,942	1,910	1,834	1,834	<-12 mths			-0.11%	<-Total Growth	10	Average
Change	1.19%	1.46%	1.32%	1.14%	5.65%	0.56%	0.25%	-0.76%	-0.25%	-0.87%	0.05%	-1.65%	-3.98%	0.00%				-0.10%	<-Median->	10	Change
Difference Basic/Outstanding	0.8%	0.9%	0.7%	0.4%	0.5%	0.1%	0.2%	0.4%	-0.5%	-0.1%	0.1%	-2.4%	-1.5%	-1.5%				0.08%	<-Median->	10	Difference Basic/Outstanding
Comments
presplit '06
# of Share in Millions	1,801	1,828	1,848	1,864	1,972	1,975	1,982	1,971	1,949	1,940	1,943	1,865	1,806	1,806	1,806	1,806		-0.23%	<-IRR #YR->	10	Shares	-2.27%
Change	1.29%	1.50%	1.09%	0.87%	5.79%	0.15%	0.35%	-0.55%	-1.12%	-0.46%	0.15%	-4.01%	-3.16%	0.00%	0.00%	0.00%		-1.73%	<-IRR #YR->	5	Shares	-8.37%
CF fr Op $M	$9,333	$11,080	$9,708	$10,806	$10,334	$17,036	$17,791	$19,168	$20,542	$20,048	$23,155	$17,735	$20,423	$8,326				110.37%	<-Total Growth	10	Cash Flow
Increase	-19.28%	18.72%	-12.38%	11.31%	-4.37%	64.85%	4.43%	7.74%	7.17%	-2.40%	15.50%	-23.41%	15.16%	-59.23%				SO DRIP	S. Iss; Buy Backs
5 year Running Average	$9,662	$10,384	$10,741	$10,498	$10,252	$11,793	$13,135	$15,027	$16,974	$18,917	$20,141	$20,130	$20,381	$17,937				89.75%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.18	$6.06	$5.25	$5.80	$5.24	$8.63	$8.98	$9.73	$10.54	$10.33	$11.92	$9.51	$11.31	$4.61				115.27%	<-Total Growth	10	Cash Flow per Share
Increase	-20.31%	16.97%	-13.33%	10.35%	-9.61%	64.60%	4.06%	8.34%	8.38%	-1.95%	15.32%	-20.20%	18.92%	-59.23%				7.72%	<-IRR #YR->	10	Cash Flow	110.37%
5 year Running Average	$5.68	$5.90	$5.97	$5.76	$5.51	$6.20	$6.78	$7.67	$8.62	$9.64	$10.30	$10.41	$10.72	$9.54				1.28%	<-IRR #YR->	5	Cash Flow	6.55%
P/CF on Med Price	2.84	1.99	3.30	3.66	4.19	2.25	2.63	2.35	2.17	1.97	2.12	2.58	2.35	6.69				7.97%	<-IRR #YR->	10	Cash Flow per Share	115.27%
P/CF on Closing Price	2.09	2.23	3.98	3.83	3.96	2.77	2.92	1.99	2.50	2.19	2.09	2.54	2.59	7.12				3.06%	<-IRR #YR->	5	Cash Flow per Share	16.28%
															203.04%	Diff M/C		6.03%	<-IRR #YR->	10	CFPS 5 yr Running	79.67%
Excl.Working Capital CF	$1,464	$1,011	$1,700	$298	$3,441	$1,862	-$2,047	-$577	-$35,005	-$35,889	-$10,827	-$9,406	-$18,747	-$18,747	<-12 mths			6.92%	<-IRR #YR->	5	CFPS 5 yr Running	39.73%
CF fr Op $M WC	$10,797	$12,091	$11,408	$11,104	$13,775	$18,898	$15,744	$18,591	-$14,463	-$15,841	$12,328	$8,329	$1,676	-$10,421				-85.31%	<-Total Growth	10	Cash Flow less WC
Increase	1.13%	11.98%	-5.65%	-2.66%	24.05%	37.19%	-16.69%	18.08%	-177.80%	-9.53%	177.82%	-32.44%	-79.88%	-721.80%				-17.45%	<-IRR #YR->	10	Cash Flow less WC	-85.31%
5 year Running Average	$9,684	$10,803	$11,372	$11,215	$11,835	$13,455	$14,186	$15,622	$10,509	$4,586	$3,272	$1,789	-$1,594	-$786				-38.20%	<-IRR #YR->	5	Cash Flow less WC	-90.98%
CFPS Excl. WC	$6.00	$6.61	$6.17	$5.96	$6.99	$9.57	$7.94	$9.43	-$7.42	-$8.17	$6.34	$4.47	$0.93	-$5.77				#NUM!	<-IRR #YR->	10	CF less WC 5 Yr Run	-114.02%
Increase	-0.16%	10.33%	-6.67%	-3.50%	17.26%	36.98%	-16.98%	18.74%	-178.67%	-10.04%	177.70%	-29.61%	-79.22%	-721.80%				#NUM!	<-IRR #YR->	5	CF less WC 5 Yr Run	-110.20%
5 year Running Average	$5.68	$6.14	$6.31	$6.15	$6.34	$7.06	$7.33	$7.98	$5.30	$2.27	$1.63	$0.93	-$0.77	-$0.44				-17.26%	<-IRR #YR->	10	CFPS - Less WC	-84.97%
P/CF on Med Price	2.45	1.83	2.81	3.56	3.14	2.03	2.97	2.42	-3.09	-2.49	3.99	5.50	28.59	-5.34				-37.11%	<-IRR #YR->	5	CFPS - Less WC	-90.16%
P/CF on Closing Price	1.81	2.04	3.39	3.72	2.97	2.50	3.30	2.05	-3.55	-2.77	3.92	5.41	31.55	-5.69				#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	-112.19%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	2.35	5 yr	2.17	P/CF Med	10 yr	3.06	5 yr	3.99		-286.12%	Diff M/C		#NUM!	<-IRR #YR->	5	CFPS 5 yr Running	-109.65%
Chges in Operating Receiveables and payables and changes in reinsurance assets
			-1,848.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1,806.0								Shares
								-1,971.0	0.0	0.0	0.0	0.0	1,806.0								Shares
			-$9,708	$0	$0	$0	$0	$0	$0	$0	$0	$0	$20,423								Cash Flow
								-$19,168	$0	$0	$0	$0	$20,423								Cash Flow
			-$5.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.31								Cash Flow per Share
								-$9.73	$0.00	$0.00	$0.00	$0.00	$11.31								Cash Flow per Share
			-$5.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.72								CFPS 5 yr Running
								-$7.67	$0.00	$0.00	$0.00	$0.00	$10.72								CFPS 5 yr Running
			-$11,408	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,676								Cash Flow less WC
								-$18,591	$0	$0	$0	$0	$1,676								Cash Flow less WC
			-$11,372	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$1,594								CF less WC 5 Yr Run
								-$15,622	$0	$0	$0	$0	-$1,594								CF less WC 5 Yr Run
			-$6.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.93								CFPS - Less WC
								-$9.43	$0.00	$0.00	$0.00	$0.00	$0.93								CFPS - Less WC
			-$6.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.77								CFPS 5 yr Running
								-$7.98	$0.00	$0.00	$0.00	$0.00	-$0.77								CFPS 5 yr Running
Decrease in reinsurance assets	-$1,852	-$836	$1,526	$506	$1,391	-$842	$2,269	$893	-$557	-$2,374	$754	$159	$2,204
Cash decrease due to Closed Block reinsurance transaction (note 3)					-$2,023	$0	$0
Cash Decrease due to US Variable Annuity												-$1,377
Changes in policy related and operating receivables and payables	$388	-$175	-$3,226	-$804	-$2,809	-$1,020	-$222	-$316	$1,665	$1,103	-$690	-$2,204									TD in 2021 changed their
																					mind (again) on WC
Sum	-$1,464	-$1,011	-$1,700	-$298	-$3,441	-$1,862	$2,047	$577	$1,108	-$1,271	$64	-$3,422									This is the values they give now
Google -->TD				-$298	-$3,441	-$1,862	$2,047	$577	$1,108	-$1,271	$64	-$3,422
Difference				$0	$0	$0	$0	$0	$0	$0	$0	$0
Inc in Insurance Liab	$27,934	$12,442	-$10,130	$24,185	$7,452	$18,014	$20,023	$2,907	$33,727	$36,982	$10,719	-$33,413	$10,697
Inc in Invest Contract Liab	$64	$87	$162	$65	$203	$0	$173	$35	$170	$178	$44	$41	$435
Decrease in reinsurance assets	-$1,852	-$836	$1,526	$506	$1,391	-$842	$2,269	$893	-$557	-$2,374	$754	$159	$974
Gain on Variable Annuity												-$1,070
Net Realized and Unreal losses& impair on assets												$47,270
Cash Decrese variable Annuity												-$1,377
Cash decrease					-$2,023
Changes in policy related and operating receivables and payables	$388	-$175	-$3,236	-$804	-$2,809	-$1,020	-$222	-$316	$1,665	$1,103	-$690	-$2,204	$6,641
Sum	$26,534	$11,518	-$11,678	$23,952	$4,214	$16,152	$22,243	$3,519	$35,005	$35,889	$10,827	$9,406	$18,747
TD			-$11,883	$23,952	$4,214	$16,152	$22,243	$3,519	$35,005	$35,889	$10,827	$9,706	$18,747								Older values given by TD
Difference	restated '14		$205	$0	$0	$0	$0	$0	$0	$0	$0	-$300	$0
TD in 2023								$3,519		$35,889	$10,827	$9,706	$18,747
OPM	18.31%	38.00%	26.75%	19.82%	30.01%	31.94%	30.50%	49.18%	25.82%	25.41%	37.45%	103.43%	41.90%	19.60%				111.42%	<-Total Growth	10	OPM
Increase	-40.42%	107.59%	-29.60%	-25.91%	51.44%	6.42%	-4.50%	61.24%	-47.51%	-1.59%	47.42%	176.14%	-59.49%	-53.23%				should be zero, it is a check on calculations
Diff from Median	-41.4%	21.7%	-14.3%	-36.5%	-3.9%	2.3%	-2.3%	57.5%	-17.3%	-18.6%	20.0%	231.3%	34.2%	-37.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	31.22%	5 Yrs	37.45%					Should increase or be stable.
Adjusted (Core) EBITDA												$1,773	$1,771	$6,856	$7,268	????					Adjusted (Core) EBITDA	Only in 2023 report
Change													-0.11%	287.13%	6.01%						Change	Makt Sc
Margin												10.34%	3.63%	16.14%	13.70%						Margin	No past values
Covering Assets	$226,520	$229,928	$232,709	$269,310	$309,267	$321,869	$334,222	$353,664	$378,527	$410,977	$427,098	$414,001	$417,210	$417,210	<-12 mths			54.92%	<-Total Growth	10	Covering Assets
Change		1.50%	1.21%	15.73%	14.84%	4.07%	3.84%	5.82%	7.03%	8.57%	3.92%	-3.07%	0.78%	0.00%				4.95%	<-Median->	10	Change
Debt/Covering Assets	1.06	1.10	1.05	1.07	1.13	0.99	0.97	0.99	0.99	1.00	0.97	1.07	0.97	0.97				0.99	<-Median->	10	Debt/Covering Assets
Deposits/Total Debt Ratio	0.55	0.55	0.51	0.53	0.53	0.47	0.47	0.50	0.50	0.50	0.48	0.56	0.49	0.49				0.50	<-Median->	10	Deposits/Total Debt Ratio	Type
Long Term Debt	$241,165	$251,975	$244,724	$288,948	$349,456	$318,699	$325,862	$351,603	$375,753	$409,731	$416,112	$444,000	$404,259	$404,259	<-12 mths			39.91%	<-Total Growth	10	Long Term Debt	Lg Term R A
Change		4.48%	-2.88%	18.07%	20.94%	-8.80%	2.25%	7.90%	6.87%	9.04%	1.56%	6.70%	-8.95%	0.00%				6.79%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	12.34	10.20	6.33	6.99	8.54	6.75	6.27	9.21	7.31	9.32	8.61	9.86	7.64	6.82				8.09	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	70.44	217.77	201.66	37.16	43.53	42.51	45.01	44.12	44.42	41.48	43.75	42.04	42.55	42.55				43.04	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.01	0.00	0.00	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02				0.02	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	25.84	22.74	25.21	26.74	33.82	18.71	18.32	18.34	18.29	20.44	17.97	25.04	19.79	48.56				19.25	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$2,038	$2,013	$2,188	$2,280	$3,699	$4,223	$4,127	$4,233	$4,232	$4,215	$4,264	$4,505	$4,264	$4,264				87.02%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$3,404	$3,100	$3,110	$3,181	$5,685	$5,884	$5,713	$5,864	$5,743	$5,714	$5,651	$6,014	$5,651	$5,651				77.65%	<-Total Growth	10	Goodwill
Total	$5,442	$5,113	$5,298	$5,461	$9,384	$10,107	$9,840	$10,097	$9,975	$9,929	$9,915	$10,519	$9,915	$9,915	<-12 mths			81.56%	<-Total Growth	10	Total
Change		-6.05%	3.62%	3.08%	71.84%	7.70%	-2.64%	2.61%	-1.21%	-0.46%	-0.14%	6.09%	-5.74%	0.00%							Change
Intangible/Market Cap Ratio	0.28	0.21	0.14	0.13	0.23	0.21	0.19	0.26	0.19	0.23	0.21	0.23	0.19	0.17				0.21	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$15,058	$16,295	$16,177	$23,819	$21,038	$18,256	$19,295	$20,011	$24,101	$30,134	$26,529	$23,414	$23,016	$23,016	<-12 mths			Liq ratio of 1.5 and up, best			Assets
Current Liability	$6,560	$2,232	$2,547	$15,593	$16,187	$16,955	$16,207	$17,004	$18,216	$21,221	$20,974	$20,195	$20,576	$20,576	<-12 mths			1.23	<-Median->	10	Liabilities
Liquidity	2.30	7.30	6.35	1.53	1.30	1.08	1.19	1.18	1.32	1.42	1.26	1.16	1.12	1.12				1.26	<-Median->	5	Ratio
Liq. with CF aft div	3.58	11.84	9.79	2.15	1.86	2.00	2.19	2.20	2.34	2.26	2.26	1.92	1.98	1.38
Liq. CF re  Inv+Div	1.49	2.00	1.90	1.71	1.00	0.85	1.09	1.04	1.33	1.36	1.04	1.00	1.19	1.38
From Google Finance and G&M site
Assets	$462,102	$486,056	$513,628	$579,480	$704,643	$720,681	$729,533	$750,271	$809,130	$880,349	$917,643	$848,941	$875,574	$875,574	<-12 mths			Debt Ratio of 1.5 and up, best			Assets
Liability	$437,223	$459,960	$484,595	$545,480	$662,705	$677,858	$687,370	$703,120	$759,024	$827,343	$858,774	$792,562	$826,847	$826,847	<-12 mths			1.06	<-Median->	10	Liabilities
Debt Ratio	1.06	1.06	1.06	1.06	1.06	1.06	1.06	1.07	1.07	1.06	1.07	1.07	1.06	1.06				1.07	<-Median->	5	Ratio
Liab. For Preferred etc	$4,412	$3,501	$4,385	$4,526														Included in above Liabilities
Estimates BVPS														$24.80	$26.90				Estimates		Estimates BVPS
Estimate Book Value														$44,788.8	$48,581.4				Estimates		Estimate Book Value
P/B Ratio (Close)														1.32	1.22				Estimates		P/B Ratio (Close)
Difference from 10 year median															27.70%	Diff M/C			Estimates		Difference from 10 yr med.
Total Equity	$24,879	$26,096	$29,033	$34,000	$41,938	$42,823	$42,163	$47,151	$50,106	$53,006	$58,869	$56,379	$48,727	$48,727				67.83%	<-Total Growth	10	Book Value
NCI	$415	$501	$376	$464	$592	$743	$929	$1,093	$1,211	$1,455	$1,694	$1,664	$1,461	$1,461				288.56%	<-Total Growth	10	Non Cont. Int.
Equity	$24,464	$25,595	$28,657	$33,536	$41,346	$42,080	$41,234	$46,058	$48,895	$51,551	$57,175	$54,715	$47,266	$47,266				64.94%	<-Total Growth	10	Equity
Preferred Shares	$1,813	$2,497	$2,693	$2,693	$2,693	$3,577	$3,577	$3,822	$3,822	$3,622	$6,381	$6,660	$6,660	$6,660				147.31%	<-Total Growth	10	Preferred Shares
Participating. Policyholders	$249	$146	$134	$156	$187	$248	$221	$94	-$243	-$784	-$1,233	-$1,233	$257	$257				91.79%	<-Total Growth	10	Participating. Policyholders
Book Value	$22,402	$22,952	$25,830	$30,687	$38,466	$38,255	$37,436	$42,142	$45,316	$48,713	$52,027	$49,288	$40,349	$40,349	$40,349	$40,349		56.21%	<-Total Growth	10	Book Value
Book Value per Share	$12.44	$12.56	$13.98	$16.46	$19.51	$19.37	$18.89	$21.38	$23.25	$25.11	$26.78	$26.43	$22.34	$22.34	$22.34	$22.34		59.84%	<-Total Growth	10	Book Value per Share
Change	-12.56%	0.94%	11.32%	17.78%	18.48%	-0.70%	-2.49%	13.20%	8.75%	7.99%	6.64%	-1.30%	-15.46%	0.00%	0.00%	0.00%		20.09%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.18	0.96	1.24	1.29	1.13	1.00	1.25	1.07	0.98	0.81	0.94	0.93	1.19	1.38	0.00	0.00		1.22	P/B Ratio		Historical Median
P/B Ratio (Close)	0.87	1.08	1.50	1.35	1.06	1.23	1.39	0.91	1.13	0.90	0.93	0.91	1.31	1.47	1.47	1.47		4.80%	<-IRR #YR->	10	Book Value per Share	59.84%
Change	-27.65%	23.35%	39.17%	-10.03%	-21.08%	16.10%	12.46%	-34.74%	25.14%	-20.44%	3.01%	-1.65%	43.42%	12.06%	0.00%	0.00%		0.88%	<-IRR #YR->	5	Book Value per Share	4.49%
Leverage (A/BK)	18.57	18.63	17.69	17.04	16.80	16.83	17.30	15.91	16.15	16.61	15.59	15.06	17.97	17.97				16.71	<-Median->	10	A/BV
Debt/Equity Ratio	17.57	17.63	16.69	16.04	15.80	15.83	16.30	14.91	15.15	15.61	14.59	14.06	16.97	16.97				15.71	<-Median->	10	Debt/Eq Ratio
Median									P/BV	10 yr Med	1.04	5 yr Med	0.94		41.75%	Diff M/C
			-$13.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.34
								-$21.38	$0.00	$0.00	$0.00	$0.00	$22.34
Comprehensive Income	$522	$1,219	$4,395	$5,717	$7,115	$1,486	$1,009	$7,010	$5,740	$5,460	$5,765	$1,972	$5,005					14%	<-Total Growth	10	Comprehensive Income
NCI	$22	$51	$47	$74	$67	$141	$192	$212	$237	$254	$252	-$4	$18								NCI
Particpating	$89	-$103	-$12	$22	$31	$61	-$27	-$127	-$334	-$541	-$449	-$113	$334								Particpating
Shareholders	$411	$1,271	$4,360	$5,621	$7,017	$1,284	$844	$6,925	$5,837	$5,747	$5,962	$2,089	$4,653					7%	<-Total Growth	10	Comprehensive Income
Increase	128.36%	209.25%	243.04%	28.92%	24.84%	-81.70%	-34.27%	720.50%	-15.71%	-1.54%	3.74%	-64.96%	122.74%					-1.54%	<-Median->	5	Comprehensive Income
5 Yr Running Average	-$189	-$66	$805	$2,043	$3,736	$3,911	$3,825	$4,338	$4,381	$4,127	$5,063	$5,312	$4,858					0.65%	<-IRR #YR->	10	Comprehensive Income	7%
ROE	1.8%	5.5%	16.9%	18.3%	18.2%	3.4%	2.3%	16.4%	12.9%	11.8%	11.5%	4.2%	11.5%					-7.64%	<-IRR #YR->	5	Comprehensive Income	-32.81%
5Yr Median	0.0%	0.0%	1.8%	5.5%	16.9%	16.9%	16.9%	16.4%	12.9%	11.8%	11.8%	11.8%	11.5%					19.69%	<-IRR #YR->	10	5 Yr Running Average	26.99%
% Difference from NI	834.1%	-21.7%	45.4%	66.5%	238.2%	-54.1%	-56.6%	49.5%	7.5%	0.8%	-13.5%	-70.3%	-3.1%					2.29%	<-IRR #YR->	5	5 Yr Running Average	11.97%
Median Values										Diff	5, 10 yr	-1.1%	-3.1%					11.5%	<-Median->	5	Return on Equity
			-$4,360	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,653
								-$6,925	$0	$0	$0	$0	$4,653
			-$805.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,857.6
								-$4,338.2	$0.0	$0.0	$0.0	$0.0	$4,857.6
Current Liability Coverage Ratio	1.42	4.96	3.81	0.69	0.64	1.00	1.10	1.13	1.13	0.94	1.10	0.88	0.99	0.40							CFO / Current Liabilities
5 year Median	0.75	1.42	1.46	1.46	1.42	1.00	1.00	1.00	1.10	1.10	1.10	1.10	0.99	0.94				99.9%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	0.02	0.02	0.02	0.02	0.01	0.02	0.02	0.03	0.03	0.02	0.03	0.02	0.02	0.01							CFO / Total Assets
5 year Median	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.02	0.02				2.3%	<-Median->	10	Return on Assets
Return on Assets ROA	0.01%	0.33%	0.58%	0.58%	0.29%	0.39%	0.27%	0.62%	0.67%	0.65%	0.75%	0.83%	0.55%	0.73%				Net	Income/Assets		Return on Assets
5Yr Median	0.13%	0.13%	0.33%	0.33%	0.33%	0.39%	0.39%	0.39%	0.39%	0.62%	0.65%	0.67%	0.67%	0.73%				0.6%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	0.20%	7.08%	11.61%	11.00%	5.39%	7.31%	5.20%	10.99%	11.98%	11.70%	13.24%	14.27%	11.90%	15.91%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	1.82%	1.82%	4.88%	7.08%	7.08%	7.31%	7.31%	7.31%	7.31%	10.99%	11.70%	11.98%	11.98%	13.24%				11.3%	<-Median->	10	Return on Equity
													$7,034	<-12 mths	0.00%
Net Income	$245	$1,692	$3,166	$3,593	$2,290	$3,133	$2,262	$4,887	$5,502	$5,576	$6,912	$7,182	$5,607					77.10%	<-Total Growth	10	Net Income
NCI	$27	$59	$48	$71	$69	$143	$194	$214	$233	$250	$255	-$1	$144								NCI
Participating	$89	-$103	-$12	$21	$30	$61	-$36	-$127	-$333	-$545	-$448	-$111	$360					3100.00%	<-Total Growth	10	Participating
Preferred	$85	$112	$131	$126	$116	$133	$159	$168	$172	$171	$215	$260	$303					131.30%	<-Total Growth	10	Preferred
Shareholders	$44	$1,624	$2,999	$3,375	$2,075	$2,796	$1,945	$4,632	$5,430	$5,700	$6,890	$7,034	$4,800	$6,421	$6,956	$6,114		60.05%	<-Total Growth	10	Shareholders
Increase	-109.36%	3590.91%	84.67%	12.54%	-38.52%	34.75%	-30.44%	138.15%	17.23%	4.97%	20.88%	2.09%	-31.76%	33.77%	8.33%	-12.10%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,134	$605	$1,107	$1,514	$2,023	$2,574	$2,638	$2,965	$3,376	$4,101	$4,919	$5,937	$5,971	$6,169	$6,420	$6,265		4.82%	<-IRR #YR->	10	Net Income	60.05%
Operating Cash Flow	$9,333	$11,080	$9,708	$10,806	$10,334	$17,036	$17,791	$19,168	$20,542	$20,048	$23,155	$17,735	$20,423					0.72%	<-IRR #YR->	5	Net Income	3.63%
Investment Cash Flow	-$9,222	-$10,994	-$10,547	-$4,066	-$13,865	-$22,739	-$16,287	-$19,002	-$13,830	-$14,148	-$24,442	-$18,610	-$13,720					18.36%	<-IRR #YR->	10	5 Yr Running Average	439.37%
Total Accruals	-$67	$1,538	$3,838	-$3,365	$5,606	$8,499	$441	$4,466	-$1,282	-$200	$8,177	$7,909	-$1,903					15.03%	<-IRR #YR->	5	5 Yr Running Average	101.40%
Total Assets	$462,102	$486,056	$513,628	$579,480	$704,643	$720,681	$729,533	$750,271	$809,130	$880,349	$917,643	$848,941	$875,574						Balance Sheet		Assets
Accruals Ratio	-0.01%	0.32%	0.75%	-0.58%	0.80%	1.18%	0.06%	0.60%	-0.16%	-0.02%	0.89%	0.93%	-0.22%					-0.02%	<-Median->	5	Ratio
EPS/CF Ratio	0.00	0.13	0.26	0.30	0.15	0.15	0.12	0.25	-0.37	-0.36	0.56	0.82	2.81					0.20	<-Median->	10	EPS/CF Ratio
			-$2,999	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,800
								-$4,632	$0	$0	$0	$0	$4,800
			-$1,107	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,971
								-$2,965	$0	$0	$0	$0	$5,971
Change in Close	-36.73%	24.52%	54.92%	5.97%	-6.49%	15.28%	9.66%	-26.13%	36.09%	-14.07%	9.85%	-2.93%	21.24%	12.06%	0.00%	0.00%			Count	26	Years of data
up/down																			Count	0	0.00%
Meet Prediction?																		% right	Count	0	#DIV/0!
Financial Cash Flow	$655	$706	$493	$21	-$2,006	$3,286	$14	-$724	-$2,080	$663	-$2,047	-$3,005	-$5,042						C F Statement		Financial CF
Total Accruals	-$722	$832	$3,345	-$3,386	$7,612	$5,213	$427	$5,190	$798	-$863	$10,224	$10,914	$3,139								Accruals
Accruals Ratio	-0.16%	0.17%	0.65%	-0.58%	1.08%	0.72%	0.06%	0.69%	0.10%	-0.10%	1.11%	1.29%	0.36%					0.36%	<-Median->	5	Ratio
Cash	$12,280	$12,851	$12,886	$20,437	$17,002	$14,238	$15,098	$15,382	$19,548	$25,583	$21,930	$18,635	$19,884	$19,884	<-12 mths						Cash
Cash per Share	$6.82	$7.03	$6.97	$10.96	$8.62	$7.21	$7.62	$7.80	$10.03	$13.19	$11.29	$9.99	$11.01	$11.01				$11.01	<-Median->	5	Cash per Share
Percentage of Stock Price	62.84%	52.04%	33.32%	49.43%	41.57%	30.15%	29.05%	40.29%	38.05%	58.22%	45.36%	41.37%	37.60%	33.56%				41.37%	<-Median->	5	% of Stock Price
Article on this stock dated in February 15, 2017.
http://www.dividendearner.com/dividend-stock-tse-mfc/
Notes:
February 17, 2024.  Last estiamtes were for 2023, 2024 and 2025 of $56067M, $57799M and $78872M for Revenue, $3.28, $3.60 and $4.16 for AEPS,
$3.30, $3.39 and $3.13 for EPS, $1.48, $1.51 and $1.38 for Dividends, $4.21 and $4.61 2023/4 for CFPS, $25.40, $26.40 and $32.40 for BVPS, $6059M, $6323M and $6008M for Net Income.
February 18, 2023.  Last estimates were for 2022, 2023 and 2024 of $76125M, $58804M and $66063M for Revneue, $3.94, $3.69 and $2.54 for EPS,
$1.33, $1.42 and $1.49 for Dividends, $29.20, $31.00 and $33.00 for BVPS, and $4787M, $6818M and $4157M for Net Income.
February 13, 2022.  Last estimates were for 2021, 2022 and 2023 of $63709M, $67241M and $63958M for Revenue, $3.04, $3.34 and $3.13 for EPS,
$1.13, $1.18 and $1.27 for Dividends, $5851M, $6481M and $6145M for Net Income.
February 13, 2021.  Last estmates were for 2020, 2021 and 2022 of $53240M, $59821M and $55674M for Revenue, $3.13, $3.40 and $3.82 for EPS,
$1.10, $1.20 and $1.26 for Dividends, $3.07 for CFPS for 2020 and $6108M, $6580M and $7163M for Net Income.
February 14, 2020.  Last estimats  were for 2019, 2020 and 2021 of $49199M, $47303M and 48057M for Revenue, $2.62, $3.09 and $3.38 for EPS,
$1.00, $1.11 and $0.81 for Divdends, $3.07 for CFPS for 2019 and $5451M, $6092M and $6878M for Net Income.
February 10, 2019.  Last estimates were for 208, 2019 and 2020 of $56801M, $54127M and $68633M for Revenue, $2.62, $2.81 and $2.98 for EPS,
$3.02, $3.07 for CFPS for 2018 and 2019, $5076M, $5551M and $5893M for Net Income.
February 10, 2018.  Last estimates were for 2017, 2018 and 2019 of $60090M, $63242M and $67827M for Revenue, $2.10, $2.37 and $2.48 for EPS,
$5.96, $7.33 for CFPS for 2017 and 2018 and $4151M, $4692M and $5183M for Net Incone.
February 18, 2017.  Last estimates were for 2016, 2017 and 2018 of $48097M, $53541M and $57568M for Revenue, $1.84, $2.11 and $2.37 for EPS,
$1.47 and $1.84 for CFPS for 2016 and 2017, $3556, $4142 and $4690 for Net Income.
April 4, 2015.  Last estimates were for 2015, 2016 and 2017 of $46915M, $49796M, and $54656M for Revenue, $1.80, $2.05 and $2.30 for EPS, $1.47 and $1.48 for CFPS for 2015 and 2016
and $3591M, $4116M and $4636M for Net Income.
April 12, 2015.  Last estimates were for 2014, 2015 and 2016 of $38453M, $40822M and $38979M for Revenue, $1.66, $1.89 and $2.12 for EPS and $3045M, $3540 and $3882M for Net Income
April 19, 2014.  Last estimates were for 2013, 2014 and 2015 of $39176M, $41180M and $39730M for Revenue, $1.29, $1.44 and $1.74 for EPS.
Apri 21, 2013.  Last Estimates were for  2012 and 2013 of $39684 and $41197 for Revenue, $0.88 and f$1.24 (and $1.41) for EPS.
April 3, 2013.  Last estimates were for 2012 and 2013 of $39684M and $41197M for earnings $1.28 and $1.48 (and $1.68) for EPS. Bought some more stock for RRSP.
Mar 25, 2012.  Last estimates were for 2011 and 2012 at $44151M and $47647M for revenue, $1.58 and $1.72 for EPS.
May 15, 2011.  Last I looked I got estimates for 2010 and 2011 of $-1.26 and $1.74 for earnings.  Company did better in earnings than expected, but 2011 estimates were still lowered.
I have redone the Asset/Liability section and cash flow sections.  I was trying to be consistent in what figures I used.  I notice that G&M was not consistent in some of their accounting, so I reviewed
all past financial statements to be consistent.  For the first quarter of 2011, only partial financials were issued.
Apr 11, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $1.01 and $2.16.
Nov 22, 2009, when I reviewed this stock in Aug I got earnings for 2009 and 2010 of $1.25 and $2.50.  Both these earnings estimates have been down graded.  More stock has been issued lately
and this is probably the cause.
Aug 7, 2009.  When I last reviewed this stock in April 2009, I got earnings of $1.90 and $2.80 for 2009 and 2010.
Aug 6, 2009.  This company has announced a 50% cut in dividends.  This will affect the last two dividends for this year. Stock price in April was $19.22.  It has gone down 14% today, but this puts it at
$22.60, and still higher than April 2009.  Many feel that the company has done the responsible thing to conserve cash.
April 2009 AP 2008. When I last looked at this stock in May 2008, I got estimates for earnings of $3.08.  The Earnings came in at $.32.  If earnings were better, the growth would be ok, not great.
AP 2007.  I hav e done well, but not excellent on this stock at 11% IRR overall. I see no negatives.
AR 2006.  TD still has a buy rating on this stock.  It has done well for me.  Revenue and EPS up nicely.  I see no problems.  It is a keeper.
AR 2005. Bought in 2005, made 32% IRR.  Not bad!  TD still has a buy rating on it.
AR 2004.  I have bought this stock.  2005.  Looks like it might be good.  Anayst like it.
Demutualized Sep 23, 1999 (Changed close of 1999 and 2002 because of MFC's site's closing prices.)
Sector:
Insurance, Financial Services
What should this stock accomplish?
This company has a very high level of earnings volatility because Manulife invests a huge base of assets on a very long-term basis.
While this long-term orientation is very beneficial for optimizing returns, their investments are marked to market on a quarterly basis which can create serious swings in the businesses’ net income.
This company should return good dividend and capital growth in the longer term.
Would I buy this company and Why.
I still have hope this will turn out to be a good dividend growth stock.
Why I am folloing this stock.
This company was demutualized in 1999 and it turned into a dividend growth stock.
I bought this company for the first time in 2005.  Analysts liked it and it was a dividend growth stock.
Why I bought this stock.
In May 2005, I was look for good companies to buy at a reasonable price.  This stock met my criteria.
I bought some more stock in October 2005.   I had some more money to spend and wanted to buy stock of dividend paying company I owned, for which I did not own too much.
In April 2009, I was looking for something else to buy and Manulife was at a good price.
In April 2013, I need to buy higher dividend stocks for my RRIF account.  There was some money after RRSP sells, so I bought more MFC.
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are paid near the end of the month. Diviends are declared in one month and paid in the next month.
For example, the dividend declared on February 6, 2013 was for shareholders of record of February 20, 2013 and was payable on March 19, 2013.
How they make their money
Manulife Financial provides life insurance, annuities, and asset management products to individuals and group customers in Canada, the United States, and Asia. The U.S. business,
which primarily operates under the John Hancock brand, contributes about 30% of earnings. The Asia segment contributes around 30% of earnings. The Canadian business segment
contributes approximately 20% of earnings.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $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	2016	Feb 18	2017	Feb 10	2018	Feb 15	2019	Feb 15	2020	Feb 13	2021	Feb 13	2022	Feb 18	2023			Feb 17	2024
Gori. Roy (Rocco)				0.061	0.00%	0.185	0.01%	0.214	0.01%	0.310	0.02%	0.326	0.02%	0.400	0.02%			0.487	0.03%			21.96%
CEO - Shares - Amount					$1.18		$4.875		$4.847		$7.720		$7.874		$11.703				$15.993
Options - percentage				1.512	0.08%	1.782	0.09%	2.432	0.13%	3.428	0.18%	3.696	0.20%	3.878	0.21%			3.643	0.20%			-6.07%
Options - amount					$29.28		$46.966		$55.079		$85.295		$89.254		$113.557				$119.524
Simpson, Colin Lloyd														0.000	0.00%			0.000	0.00%			#DIV/0!
CFO - Shares - Amount															$0.000				$0.000
Options - percentage														0.049	0.00%			0.049	0.00%			0.00%
Options - amount															$1.434				$1.606
Witherington, Philip James				0.000	0.00%	0.000	0.00%	0.000	0.00%	0.008	0.00%	0.015	0.00%	0.041	0.00%			0.027	0.00%		Was CFO, now President &	-35.11%
CFO - Shares - Amount					$0.00		$0.000		$0.000		$0.206		$0.353		$1.205				$0.876		CEO, Manulife Asia.
Options - percentage				0.149	0.01%	0.273	0.01%	0.441	0.02%	0.764	0.04%	0.847	0.05%	1.082	0.06%			0.497	0.03%			-54.06%
Options - amount					$2.88		$7.190		$9.989		$18.996		$20.464		$31.682				$16.311
Finch, Steve												0.009	0.00%	0.018	0.00%			0.028	0.00%			54.87%
Officer - Shares - Amount													$0.222		$0.523				$0.907
Options - percentage												0.729	0.04%	0.707	0.04%			0.609	0.03%			-13.84%
Options - amount													$17.593		$20.698				$19.985
Doughty, Michael						0.000	0.00%	0.003	0.00%	0.004	0.00%	0.006	0.00%								Ceased insider Sep 2022	#DIV/0!
Officer - Shares - Amount							$0.000		$0.061		$0.104		$0.134
Options - percentage						0.597	0.03%	0.639	0.03%	0.867	0.04%	0.808	0.04%									#DIV/0!
Options - amount							$15.728		$14.475		$21.565		$19.514
Caron, Joseph Peter	0.00%	0.009	0.00%	0.009	0.00%	0.009	0.00%	0.009	0.00%	0.009	0.00%	0.009	0.00%	0.009	0.00%						Last report Jan 2023	-100.00%
Director - Shares - Amount	$0.178		$0.23		$0.17		$0.233		$0.200		$0.220		$0.213		$0.259						Ceased insider May 2023
Options - percentage	0.00%	0.036	0.00%	0.041	0.00%	0.047	0.00%	0.057	0.00%	0.066	0.00%	0.074	0.00%	0.084	0.00%							-100.00%
Options - amount	$0.949		$0.94		$0.79		$1.243		$1.287		$1.633		$1.794		$2.469
Arnaboldi, Nicole														0.007	0.00%			0.007	0.00%			0.00%
Director - Shares - Amount															$0.190				$0.213
Options - percentage														0.031	0.00%			0.047	0.00%			50.79%
Options - amount															$0.912				$1.541
Dabarno, Susan Fay														0.045	0.00%			0.045	0.00%			0.00%
Director - Shares - Amount															$1.325				$1.485
Options - percentage														0.034	0.00%			0.043	0.00%			25.65%
Options - amount															$0.994				$1.400
Lindsay, Donald Richard												0.020	0.00%	0.020	0.00%			0.120	0.01%		Chair 2023	500.00%
Chairman - Shares - Amt													$0.483		$0.586				$3.937
Options - percentage												0.096	0.01%	0.109	0.01%			0.137	0.01%			25.77%
Options - amount													$2.320		$3.182				$4.484
Cassaday, John M.						0.022	0.00%	0.022	0.00%	0.022	0.00%	0.022	0.00%	0.022	0.00%						Last report Jan 2023	-100.00%
Chairman - Shares - Amt							$0.575		$0.495		$0.543		$0.527		$0.639
Options - percentage						0.175	0.01%	0.194	0.01%	0.221	0.01%	0.242	0.01%	0.267	0.01%							-100.00%
Options - amount							$4.616		$4.383		$5.487		$5.833		$7.807
Increase in O/S Shares	0.10%	3.000	0.15%	7.000	0.35%	3.000	0.15%	5.000	0.26%	1.000	0.05%	3.000	0.15%	1.000	0.05%			0.004	0.00%		Yes, 0 in 2012
due to SO	$41.480		$71.730		$183.54		$58.110		$131.800		$22.650		$74.640		$24.150				$0.117
Book Value	$37.000		$66.000		$124.000		$58.000		$104.000		$36.000		$51.000		$23.000				$0.094
Insider Buying	-$1.906		-$0.253		-$0.253		-$1.532		$0.000		-$0.142		$0.000		-$1.273				-$2.961
Insider Selling	$11.138		$18.892		$18.892		$3.217		$11.578		$3.717		$15.836		$13.882				$4.776
Net Insider Selling	$9.232		$18.639		$18.639		$1.685		$11.578		$3.575		$15.836		$12.609				$1.815
% of Market Cap	0.02%		0.04%		0.04%		0.00%		0.03%		0.01%		0.04%		0.02%				0.00%
Directors		15		16		14		15		14		13		13				12
Women	27%	5	33%	6	38%	5	36%	6	40%	6	43%	6	46%	7	54%			7	58%
Minorities	7%	1	7%	1	6%	1	7%	1	7%	1	7%	2	15%	2	15%			3	25%
Institutions/Holdings	57.08%	617	55.81%	617	55.81%	762	57.34%	20	40.96%			20	42.75%	20	42.18%			20	36.49%
Total Shares Held	56.79%	1,102.504	55.94%	0.000	0.00%	1,122.751	57.61%	801.757	41.33%			830.506	42.74%	786.566	43.55%			659.100	36.50%
Increase/Decrease	-3.52%	16.698	1.54%	16.698	-100.00%	12.205	1.10%	24.331	3.13%			15.152	1.86%	1.617	0.21%			6.537	1.00%
Starting No. of Shares		1,085.806		-16.698		1,110.546		777.426	Top 20 MS			815.354	Top 20 MS	784.949	Top 20 MS			652.564	Top 20 MS
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