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	<-Estimates				https://www.annualreports.com/Company/Pembina-Pipeline
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	<-Estimates
Pembina Pipeline Corp						TSX:	PPL	NYSE	PBA	www.pembina.com		Fiscal Yr:	Dec 31
Year	12/31/11	12/30/12	12/30/13	12/30/14	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
														$11,822	<-12 mths	1.82%			Estimates		last 12 months from Qtr.
Revenue*	$1,676.71	$3,427.4	$5,025	$6,069	$4,635	$4,265	$5,408	$7,351	$7,230	$6,202	$8,627	$11,611	$11,611	$9,778	$10,051	$10,392		131.06%	<-Total Growth	10	Revenue
Increase	33.59%	104.41%	46.61%	20.78%	-23.63%	-7.98%	26.80%	35.93%	-1.65%	-14.22%	39.10%	34.59%	0.00%	-15.79%	2.79%	3.39%		8.74%	<-IRR #YR->	10	Revenue	131.06%
5 year Running Average	$984.7	$1,569.2	$2,439	$3,491	$4,167	$4,684	$5,080	$5,546	$5,778	$6,091	$6,964	$8,204	$9,056	$9,566	$10,336	$10,689		9.57%	<-IRR #YR->	5	Revenue	57.95%
Revenue per Share	$9.99	$11.69	$15.95	$17.96	$12.43	$10.74	$10.75	$14.47	$13.19	$11.28	$15.69	$21.11	$21.15	$17.81	$18.31	$18.93		14.02%	<-IRR #YR->	10	5 yr Running Average	271.28%
Increase	32.77%	17.05%	36.42%	12.63%	-30.81%	-13.55%	0.08%	34.59%	-8.83%	-14.53%	39.10%	34.59%	0.18%	-15.79%	2.79%	3.39%		10.31%	<-IRR #YR->	5	5 yr Running Average	63.30%
5 year Running Average	$6.29	$7.86	$10.05	$12.62	$13.60	$13.75	$13.57	$13.27	$12.32	$12.09	$13.08	$15.15	$16.48	$17.41	$18.81	$19.46		2.86%	<-IRR #YR->	10	Revenue per Share	32.64%
P/S (Price/Sales) Med	2.61	2.40	2.07	2.50	2.88	3.25	3.98	2.97	3.45	3.09	2.34	2.17	2.08	2.63	0.01	0.00		7.89%	<-IRR #YR->	5	Revenue per Share	46.16%
P/S (Price/Sales) Close	2.97	2.43	2.35	2.36	2.43	3.91	4.23	2.80	3.65	2.67	2.38	2.18	2.16	2.66	2.59	2.77		5.07%	<-IRR #YR->	10	5 yr Running Average	63.98%
*Revenue in M CDN $					P/S Med	20 yr	2.93	15 yr	2.61	10 yr	2.93	5 yr	2.34		-9.13%	Diff M/C		4.43%	<-IRR #YR->	5	5 yr Running Average	24.21%
			-$5,025	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,611
								-$7,351	$0	$0	$0	$0	$11,611
			-$2,439	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,056
								-$5,546	$0	$0	$0	$0	$9,056
			-$15.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$21.15
								-$14.47	$0.00	$0.00	$0.00	$0.00	$21.15
			-$10.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$16.48
								-$13.27	$0.00	$0.00	$0.00	$0.00	$16.48
Adjusted EPS TD Bank												$2.27	$3.13	$2.65	$3.04
Change													37.89%	-15.34%	14.72%
Per Share														$4.87	<-12 mths	1.20%			Estimates		Last 12 months from Qtr
Payout Ratio Adj EPS														54.11%	54.08%
Adjusted FFO Total	$297.5	$494	$720	$777	$878	$986	$1,396	$2,154	$2,234	$2,289	$2,661	$2,640	$2,646						Estimates		Payout Ratio EPS
AFFO per share	$1.78	$1.91	$2.34	$2.38	$2.53	$2.54	$3.27	$4.27	$4.36	$4.16	$4.80	$4.82	$4.81	$5.04	$5.22			105.56%	<-Total Growth	10	AFFO
Increase	14.97%	7.30%	22.51%	1.71%	6.30%	0.40%	28.74%	30.58%	2.11%	-4.59%	15.38%	0.42%	-0.21%	4.78%	3.57%			10	0	10	Years of Data, AFFP, P or N	100.00%
AFFO Yield	6.0%	6.7%	6.3%	5.6%	8.4%	6.1%	7.2%	10.5%	9.1%	13.8%	12.8%	10.5%	10.5%	10.6%	11.0%			7.47%	<-IRR #YR->	10	AFFO	105.56%
5 year Running Average			$1.83	$1.99	$2.19	$2.34	$2.61	$3.00	$3.39	$3.72	$4.17	$4.48	$4.59	$4.73	$4.94			2.41%	<-IRR #YR->	5	AFFO	12.65%
Payout Ratio	89.39%	84.31%	70.09%	72.06%	70.85%	74.41%	61.77%	52.22%	53.90%	60.34%	52.50%	52.90%	55.20%	52.98%	51.15%			9.63%	<-IRR #YR->	10	5 yr Running Average	150.73%
5 year Running Average			87.66%	81.82%	76.32%	73.91%	69.35%	64.36%	60.59%	59.14%	55.75%	54.26%	54.84%	54.61%	52.92%			8.89%	<-IRR #YR->	5	5 yr Running Average	53.10%
Price/AFFO Median	14.65	14.71	14.10	18.85	14.16	13.74	13.10	10.07	10.43	8.39	7.65	9.50	9.13	9.30	0.02			10.25	<-Median->	10	P/AFFO Med
Price/AFFO High	17.38	16.07	15.99	22.21	17.08	16.78	14.11	11.13	11.57	12.79	8.94	11.01	10.10	9.67	0.00			12.18	<-Median->	10	P/AFFO High
Price/AFFO Low	11.92	13.36	12.21	15.49	11.25	10.71	12.09	9.01	9.29	3.98	6.37	7.99	8.16	8.94	0.00			9.15	<-Median->	10	P/AFFO Low
Price/AFFO Close	16.66	14.90	15.99	17.79	11.92	16.52	13.91	9.49	11.04	7.24	7.78	9.54	9.48	9.40	9.08			10.29	<-Median->	10	P/AFFO Close
Trailing P/AFFO	19.16	15.99	19.59	18.09	12.67	16.58	17.91	12.39	11.27	6.90	8.98	9.58	9.46	9.85	9.40			11.83	<-Median->	10	Trailing P/AFFO Close
Median Values		DPR	10 Yrs	57.77%	5 Yrs	53.90%	P/CF	5 Yrs	in order	9.13	11.01	7.99	9.48		2.98%	Diff M/C		-8.30%	Diff M/C	10	DPR 75% to 95% best
* Adjusted Cash Flow From Operating Activities
			-$2.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.81
								-$4.27	$0.00	$0.00	$0.00	$0.00	$4.81
			-$1.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.59
								-$3.00	$0.00	$0.00	$0.00	$0.00	$4.59
Accting chge '05
Distributable Cash to FFO	$298	$360	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,650	$2,252	$2,929	$2,635					304.76%	<-Total Growth	10	FFO
Distributable Cash per Share	$1.71	$1.39	$2.12	$2.45	$2.31	$2.78	$3.55	$4.47	$4.94	$4.10	$4.82	$5.30	$4.79	$4.79	<-12 mths			125.94%	<-Total Growth	10	FFO
Increase	8.92%	-18.71%	52.52%	15.57%	-5.71%	20.35%	27.70%	25.92%	10.51%	-17.00%	17.56%	9.96%	-9.62%	0.00%	<-12 mths			10	0	10	Years of Data, AFFP, P or N	100.00%
FFO Yield	5.8%	4.9%	5.7%	5.8%	7.7%	6.6%	7.8%	11.0%	10.3%	13.6%	12.9%	11.5%	10.5%	10.1%	<-12 mths			8.49%	<-IRR #YR->	10	FFO	125.94%
5 year Running Average	$1.54	$1.54	$1.65	$1.85	$2.00	$2.21	$2.64	$3.11	$3.61	$3.97	$4.38	$4.73	$4.79	$4.76	<-12 mths			1.39%	<-IRR #YR->	5	FFO	7.16%
Payout Ratio	93.05%	115.86%	77.36%	70.00%	77.60%	67.99%	56.90%	49.89%	47.57%	61.22%	52.28%	48.11%	55.43%	55.74%	<-12 mths			11.22%	<-IRR #YR->	10	5 yr Running Average	189.61%
5 year Running Average	99.08%	102.52%	97.03%	88.18%	83.66%	78.26%	68.57%	62.00%	56.97%	55.44%	53.15%	51.46%	52.55%	54.22%	<-12 mths			9.01%	<-IRR #YR->	5	5 yr Running Average	53.92%
Price/FFO Median	15.25	20.22	15.56	18.31	15.51	12.56	12.06	9.62	9.21	8.51	7.62	8.64	9.17	9.79	<-12 mths			9.41	<-Median->	10	P/FFO Med
Price/FFO High	18.09	22.08	17.65	21.58	18.70	15.33	13.00	10.63	10.21	12.98	8.90	10.01	10.14	10.18	<-12 mths			11.81	<-Median->	10	P/FFO High
Price/FFO Low	12.41	18.35	13.48	15.05	12.32	9.78	11.13	8.61	8.20	4.04	6.34	7.26	8.19	9.40	<-12 mths			8.41	<-Median->	10	P/FFO Low
Price/FFO Close	17.35	20.47	17.65	17.28	13.05	15.09	12.81	9.06	9.74	7.34	7.75	8.67	9.52	9.89	<-12 mths			9.63	<-Median->	10	P/FFO Close
Trailing P/FFO Close	18.89	16.64	26.92	19.97	12.31	18.16	16.36	11.41	10.77	6.09	9.11	9.54	8.61	9.89	<-12 mths			11.09	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	56.16%	5 Yrs	52.28%	P/CF	5 Yrs	in order	8.64	10.14	7.26	8.67		14.50%	Diff M/C		5.07%	Diff M/C	10	DPR 75% to 95% best
* Cash Flow From Operating Activities
			-$2.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.79
								-$4.47	$0.00	$0.00	$0.00	$0.00	$4.79
			-$1.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.79
								-$3.11	$0.00	$0.00	$0.00	$0.00	$4.79
														$3.12	<-12 mths	4.19%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.93%	0.00%	0.98%	0.53%	0.00%	0.38%	0.00%	0.50%	0.39%	0.33%					0.38%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$0.99	$0.87	$1.12	$1.07	$1.02	$1.02	$1.89	$2.28	$2.66	-$0.86	$2.00	$5.14	$3.00					167.86%	<-Total Growth	10	EPS Basic
EPS Diluted*	$0.99	$0.87	$1.12	$1.06	$1.02	$1.01	$1.88	$2.28	$2.65	-$0.86	$1.99	$5.12	$2.99	$3.15	$3.40	$3.62		166.96%	<-Total Growth	10	EPS Diluted
Increase	-13.16%	-12.12%	28.74%	-5.36%	-3.77%	-0.98%	86.14%	21.28%	16.23%	-132.45%	331.40%	157.29%	-41.60%	5.32%	7.97%	6.35%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	3.3%	3.1%	3.0%	2.5%	3.4%	2.4%	4.1%	5.6%	5.5%	-2.9%	5.3%	11.1%	6.6%	6.6%	7.2%	6.9%		10.32%	<-IRR #YR->	10	Earnings per Share	166.96%
5 year Running Average	$1.09	$1.05	$1.04	$1.04	$1.01	$1.02	$1.22	$1.45	$1.77	$1.39	$1.59	$2.24	$2.38	$2.48	$3.33	$3.66		5.57%	<-IRR #YR->	5	Earnings per Share	31.14%
10 year Running Average	$0.85	$0.88	$0.94	$0.99	$1.03	$1.05	$1.14	$1.24	$1.40	$1.20	$1.30	$1.73	$1.91	$2.12	$2.36	$2.62		8.64%	<-IRR #YR->	10	5 yr Running Average	129.09%
* Diluted ESP per share									E/P	10 Yrs	4.73%	5Yrs	5.51%					10.40%	<-IRR #YR->	5	5 yr Running Average	64.00%
			-$1.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.99
								-$2.28	$0.00	$0.00	$0.00	$0.00	$2.99
			-$1.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.38
								-$1.45	$0.00	$0.00	$0.00	$0.00	$2.38
Dividend*														$2.73	$2.82	$2.87			Estimates		Dividend*
Increase														2.71%	3.52%	1.66%			Estimates		Increase
Payout Ratio EPS														86.60%	83.03%	79.37%			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
last 3 mths of 1997
Dividend*	$1.59	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.67	$2.67	$2.67		61.89%	<-Total Growth	10	Dividends
Increase	0.00%	1.21%	1.84%	4.57%	4.52%	5.44%	6.88%	10.40%	5.38%	6.81%	0.40%	1.19%	4.12%	0.56%	0.00%	0.00%		21	1	26	Years of data, Count P, N	80.77%
Average Increases 5 Year Running	8.32%	3.18%	1.86%	1.52%	2.43%	3.52%	4.65%	6.36%	6.52%	6.98%	5.97%	4.83%	3.58%	2.62%	1.25%	1.17%		4.74%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.53	$1.58	$1.60	$1.63	$1.67	$1.73	$1.81	$1.93	$2.06	$2.20	$2.33	$2.43	$2.52	$2.58	$2.61	$2.64		56.84%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	6.10%	5.73%	4.97%	3.82%	5.00%	5.41%	4.72%	5.19%	5.17%	7.19%	6.86%	5.57%	6.05%	5.69%				5.30%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	5.14%	5.25%	4.38%	3.24%	4.15%	4.43%	4.38%	4.69%	4.66%	4.72%	5.88%	4.80%	5.46%	5.48%				4.67%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	7.50%	6.31%	5.74%	4.65%	6.30%	6.95%	5.11%	5.79%	5.80%	15.16%	8.25%	6.62%	6.77%	5.93%				6.46%	<-Median->	10	Yield on Low Price	AFFO
Yield on Close Price	5.36%	5.66%	4.38%	4.05%	5.95%	4.50%	4.44%	5.50%	4.88%	8.34%	6.75%	5.55%	5.82%	5.64%	5.64%	5.08%		5.53%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	160.73%	185.10%	146.43%	161.79%	175.74%	187.13%	107.45%	97.81%	88.68%	-291.86%	126.63%	49.80%	88.80%	84.79%	78.53%	73.84%		102.63%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	140.41%	149.84%	154.61%	157.29%	165.00%	170.23%	148.73%	133.07%	116.32%	158.05%	146.47%	108.77%	105.85%	104.16%	78.47%	72.31%		147.60%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	93.06%	131.24%	79.39%	72.44%	83.47%	69.67%	67.16%	50.21%	50.86%	61.30%	52.30%	47.88%	55.32%	50.00%	48.99%	49.44%		58.31%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	99.16%	104.89%	100.96%	91.56%	87.72%	82.20%	73.63%	65.73%	60.74%	58.27%	55.43%	52.19%	53.19%	52.94%	50.77%	50.22%		63.24%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	69.23%	80.31%	62.50%	58.54%	67.06%	62.27%	59.28%	43.17%	45.41%	45.67%	39.34%	39.70%	40.93%	50.00%	48.99%	49.44%		45.54%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	92.65%	89.42%	81.13%	71.59%	66.63%	65.18%	61.74%	56.06%	52.85%	49.37%	45.34%	42.42%	41.97%	42.80%	43.40%	45.41%		54.45%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.30%	5.53%	5 Yr Med	5 Yr Cl	6.05%	5.82%	5 Yr Med	Payout	88.68%	52.30%	40.93%					3.55%	<-IRR #YR->	5	Dividends	19.06%
* Dividends per share	10 Yr Med	and Cur.	6.33%	1.97%	5 Yr Med	and Cur.	-6.80%	-3.17%	Last Div Inc --->		$0.6525	$0.6675	2.3%					4.94%	<-IRR #YR->	10	Dividends	61.89%
Dividends Growth 15																		3.89%	<-IRR #YR->	15	Dividends	77.26%
Dividends Growth 20																		4.66%	<-IRR #YR->	20	Dividends	148.75%
Dividends Growth 25																		4.20%	<-IRR #YR->	25	Dividends
Dividends Growth 30																		6.17%	<-IRR #YR->	26	Dividends
Dividends Growth 5								-$2.23	$0.00	$0.00	$0.00	$0.00	$2.66								Dividends Growth 5
Dividends Growth 10			-$1.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.66								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	$2.66								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	$2.66								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	$2.66								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.66
Historical Dividends	Historical	High Div	15.17%	Low Div	4.33%	10 Yr High	14.47%	10 Yr Low	3.33%	Med Div	7.10%	Close Div	7.37%					5.49%	Median Div		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-62.85%		30.15%	Exp.	-61.06%		69.23%	Exp.	-20.63%	Exp.	-23.50%					2.65%	after Income T		High/Ave/Median
Future Dividend Yield					Div Yd	6.71%	earning in	5	Years	at IRR of	3.55%	Div Inc.	19.06%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.99%	earning in	10	Years	at IRR of	3.55%	Div Inc.	41.75%								Future Dividend Yield
Future Dividend Yield					Div Yd	9.51%	earning in	15	Years	at IRR of	3.55%	Div Inc.	68.76%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.18	earning in	5	Years	at IRR of	3.55%	Div Inc.	19.06%								Future Dividend Paid
Future Dividend Paid					Div Paid	$3.78	earning in	10	Years	at IRR of	3.55%	Div Inc.	41.75%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.51	earning in	15	Years	at IRR of	3.55%	Div Inc.	68.76%								Future Dividend Paid
Dividend Covering Cost					Total Div	$14.33	over	5	Years	at IRR of	3.55%	Div Cov.	30.25%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$28.22	over	10	Years	at IRR of	3.55%	Div Cov.	59.55%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$44.75	over	15	Years	at IRR of	3.55%	Div Cov.	94.45%								Dividend Covering Cost
I am earning GC					Div Gr	154.29%	12/21/01	# yrs ->	22	2001	$11.02	Cap Gain	329.95%								I am earning GC	Item
I am earning Div					org yield	9.53%	12/31/24	Trading	Div G Yrly	4.13%	Div start	$1.05	-9.53%	24.23%							I am earning Div	Revenue Growth
																						AFFO Growth
I am earning GC					Div Gr	154.29%	12/21/01	# yrs ->	22	2001	$11.20	Cap Gain	323.04%								I am earning GC	Net Income Growth
I am earning Div					org yield	9.38%	12/31/24	RRSP	Div G Yrly	4.13%	Div start	$1.05	-9.38%	23.84%							I am earning Div	Cash Flow Growth
																						Dividend Growth
Yield if held 5 years	9.67%	10.27%	10.44%	11.65%	9.17%	7.25%	7.19%	6.76%	5.24%	7.01%	7.22%	5.95%	6.17%	5.87%	7.65%	7.27%		7.10%	<-Median->	10	Paid Median Price	Stock Price Growth
Yield if held 10 years	15.65%	14.28%	13.69%	14.04%	11.97%	11.49%	12.89%	14.19%	15.97%	12.84%	9.66%	9.07%	8.05%	5.95%	7.45%	7.65%		12.41%	<-Median->	10	Paid Median Price
Yield if held 15 years		20.65%	19.82%	22.22%	24.90%	18.58%	17.92%	18.61%	19.24%	16.76%	15.32%	16.27%	16.89%	18.14%	13.66%	10.24%		18.25%	<-Median->	10	Paid Median Price	Revenue Growth
Yield if held 20 years							25.90%	26.95%	30.44%	34.86%	24.78%	22.62%	22.16%	21.86%	17.83%	16.23%		25.90%	<-Median->	7	Paid Median Price	AFFO Growth
Yield if held 25 years												32.69%	32.08%	34.59%	37.08%	26.25%		32.39%	<-Median->	2	Paid Median Price	Net Income Growth
																						Cash Flow Growth
Cost covered if held 5 years	46.52%	50.28%	51.06%	55.37%	42.72%	33.17%	32.23%	29.24%	22.92%	30.70%	33.31%	28.39%	29.26%	28.37%	37.45%	35.98%		31.47%	<-Median->	10	Paid Median Price	Dividend Growth
Cost covered if held 10 years	127.66%	120.12%	117.83%	120.91%	103.50%	99.09%	108.07%	112.45%	125.25%	99.00%	77.77%	75.51%	67.38%	51.68%	67.17%	71.17%		101.29%	<-Median->	10	Paid Median Price	Stock Price Growth
Cost covered if held 15 years		237.23%	231.95%	258.53%	288.77%	212.70%	200.45%	198.36%	205.09%	176.95%	169.79%	185.64%	192.53%	212.95%	165.84%	128.45%		199.41%	<-Median->	10	Paid Median Price
Cost covered if held 20 years							353.35%	348.53%	391.73%	441.54%	327.05%	308.30%	303.41%	310.74%	264.20%	250.12%		348.53%	<-Median->	7	Paid Median Price
Cost covered if held 25 years												509.25%	500.62%	558.89%	623.00%	456.99%		504.93%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$7,351.0	$7,230.0	$6,202.0	$8,627.0	$11,611.0	$11,611.0	$11,822	<-12 mths	1.82%		57.95%	<-Total Growth	5	Revenue Growth	57.95%
AFFO Growth								$4.27	$4.36	$4.16	$4.80	$4.82	$4.81	$4.87	<-12 mths	1.20%		12.65%	<-Total Growth	5	AFFO Growth	12.65%
Net Income Growth								$1,157.0	$1,361.0	-$476.0	$1,098.0	$2,842.0	$1,648.0	$1,725	<-12 mths	4.67%		42.44%	<-Total Growth	5	Net Income Growth	42.44%
Cash Flow Growth								$2,256.0	$2,532.0	$2,252.0	$2,650.0	$2,929.0	$2,635.0					16.80%	<-Total Growth	5	Cash Flow Growth	16.80%
Dividend Growth								$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.67	<-12 mths	0.56%		19.06%	<-Total Growth	5	Dividend Growth	19.06%
Stock Price Growth								$40.51	$48.13	$30.10	$37.36	$45.96	$45.62	$47.38	<-12 mths	3.86%		12.61%	<-Total Growth	5	Stock Price Growth	12.61%
Revenue Growth			$5,025.0	$6,069.0	$4,635.0	$4,265.0	$5,408.0	$7,351.0	$7,230.0	$6,202.0	$8,627.0	$11,611.0	$11,611.0	$9,778	<-this year	-15.79%		131.06%	<-Total Growth	10	Revenue Growth	131.06%
AFFO Growth			$2.34	$2.38	$2.53	$2.54	$3.27	$4.27	$4.36	$4.16	$4.80	$4.82	$4.81	$5.04	<-this year	4.78%		105.56%	<-Total Growth	10	AFFO Growth	105.56%
Net Income Growth			$344.0	$348.0	$355.0	$394.0	$811.0	$1,157.0	$1,361.0	-$476.0	$1,098.0	$2,842.0	$1,648.0	$1,787	<-this year	8.43%		379.07%	<-Total Growth	10	Net Income Growth	379.07%
Cash Flow Growth			$651.0	$800.0	$801.0	$1,077.0	$1,513.0	$2,256.0	$2,532.0	$2,252.0	$2,650.0	$2,929.0	$2,635.0	$2,932	<-this year	11.26%		304.76%	<-Total Growth	10	Cash Flow Growth	304.76%
Dividend Growth			$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.73	<-this year	2.71%		61.89%	<-Total Growth	10	Dividend Growth	61.89%
Stock Price Growth			$37.42	$42.34	$30.15	$41.96	$45.48	$40.51	$48.13	$30.10	$37.36	$45.96	$45.62	$47.38	<-this year	3.86%		21.91%	<-Total Growth	10	Stock Price Growth	21.91%
Dividends on Shares				$46.31	$48.40	$51.03	$54.54	$60.21	$63.45	$67.77	$68.04	$68.85	$71.69	$72.09	$72.09	$72.09		$600.28	No of Years	10	Total Divs	12/30/13
Paid			$1,010.34	$1,143.18	$814.05	$1,132.92	$1,227.96	$1,093.77	$1,299.51	$812.70	$1,008.72	$1,240.92	$1,231.74	$1,279.26	$1,279.26	$1,418.04		$1,231.74	No of Years	10	Worth	$37.42
Total																		$1,832.02
Gra Pr (FFO (->AFFO)	$15.14	$25.02	$28.24	$29.40	$31.07	$31.26	$40.77	$47.48	$49.62	$45.21	$48.11	$51.63	$51.67	$52.89	$53.83			82.95%	<-Total Growth	10	Gra Pr (FFO (->AFFO)
Change	-3.51%	65.18%	12.90%	4.11%	5.65%	0.61%	30.44%	16.45%	4.51%	-8.89%	6.42%	7.33%	0.08%	2.36%	1.77%			5.08%	<-Median->	10	Change
Price/GP Ratio Med	1.72	1.12	1.17	1.53	1.15	1.12	1.05	0.91	0.92	0.77	0.76	0.89	0.85	0.89				0.90	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	2.04	1.23	1.32	1.80	1.39	1.36	1.13	1.00	1.02	1.18	0.89	1.03	0.94	0.92				1.02	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	1.40	1.02	1.01	1.25	0.92	0.87	0.97	0.81	0.82	0.37	0.64	0.75	0.76	0.85				0.81	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	1.96	1.14	1.32	1.44	0.97	1.34	1.12	0.85	0.97	0.67	0.78	0.89	0.88	0.90	0.88			0.89	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	95.84%	13.76%	32.49%	43.99%	-2.95%	34.24%	11.55%	-14.68%	-3.00%	-33.42%	-22.34%	-10.99%	-11.71%	-10.43%	-11.98%			-10.71%	<-Median->	10	Prem/Disc Close
Graham Pr BV	$11.29	$16.88	$19.54	$19.62	$19.73	$19.71	$30.92	$34.69	$38.68	$31.27	$30.98	$53.22	$40.74	$41.81	$43.44			108.50%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	2.31	1.66	1.69	2.29	1.82	1.77	1.39	1.24	1.18	1.12	1.19	0.86	1.08	1.12				1.18	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.74	1.82	1.92	2.69	2.19	2.16	1.49	1.37	1.30	1.70	1.38	1.00	1.19	1.17				1.38	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.88	1.51	1.46	1.88	1.44	1.38	1.28	1.11	1.05	0.53	0.99	0.72	0.96	1.08				1.06	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.63	1.69	1.92	2.16	1.53	2.13	1.47	1.17	1.24	0.96	1.21	0.86	1.12	1.13	1.09			1.19	<-Median->	10	Price/GP Ratio
Prem/Disc Close	162.60%	68.56%	91.50%	115.76%	52.85%	112.88%	47.11%	16.76%	24.42%	-3.73%	20.61%	-13.64%	11.98%	13.32%	9.06%			18.69%	<-Median->	10	Graham Price
Price Close	$29.66	$28.46	$37.42	$42.34	$30.15	$41.96	$45.48	$40.51	$48.13	$30.10	$37.36	$45.96	$45.62	$47.38	$47.38	$52.52		21.91%	<-Total Growth	10	Stock Price
Increase	37.31%	-4.05%	31.48%	13.15%	-28.79%	39.17%	8.39%	-10.93%	18.81%	-37.46%	24.12%	23.02%	-0.74%	3.86%	0.00%	10.85%		26.43	<-Median->	10	CAPE (10 Yr P/E)
P/E	29.96	32.71	33.41	39.94	29.56	41.54	24.19	17.77	18.16	-35.00	18.77	8.98	15.26	15.05	13.94	14.52		2.40%	<-IRR #YR->	5	Stock Price	12.61%
Trailing P/E	26.02	28.75	43.01	37.80	28.44	41.14	45.03	21.55	21.11	11.36	-43.44	23.10	8.91	15.85	15.05	15.45		2.00%	<-IRR #YR->	10	Stock Price	21.91%
CAPE (10 Yr P/E)	19.88	21.24	22.42	24.28	24.79	26.77	27.30	26.94	26.08	31.13	29.33	23.13	21.30	19.44	18.21	16.80		8.32%	<-IRR #YR->	5	Price & Dividend	49.19%
Median 10, 5 Yrs		D.  per yr	5.33%	5.92%	% Tot Ret	72.69%	71.11%	T P/E	$22.32	$11.36	P/E:	$18.47	$15.26					7.33%	<-IRR #YR->	10	Price & Dividend	85.71%
Price  15		D.  per yr	8.19%		% Tot Ret	51.92%						CAPE Diff	-43.07%					7.58%	<-IRR #YR->	15	Stock Price	199.34%
Price  20		D.  per yr	7.65%		% Tot Ret	54.32%												6.44%	<-IRR #YR->	20	Stock Price	248.24%
Price  25		D.  per yr	9.30%		% Tot Ret	56.79%												7.08%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	11.93%		% Tot Ret	59.41%												8.15%	<-IRR #YR->	26	Stock Price
Price & Dividend 15																		15.77%	<-IRR #YR->	15	Price & Dividend	407.71%
Price & Dividend 20																		14.09%	<-IRR #YR->	20	Price & Dividend	533.86%
Price & Dividend 25																		16.38%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		20.08%	<-IRR #YR->	26	Price & Dividend
Price  5								-$40.51	$0.00	$0.00	$0.00	$0.00	$45.62								Price  5
Price 10			-$37.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.62								Price 10
Price & Dividend 5								-$40.51	$2.35	$2.51	$2.52	$2.55	$48.28								Price & Dividend 5
Price & Dividend 10			-$37.42	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$48.28								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	$45.62								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	$45.62								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	$45.62								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.62								Price  30
Price & Dividend 15	$1.59	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$48.28								Price & Dividend 15
Price & Dividend 20	$1.59	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$48.28								Price & Dividend 20
Price & Dividend 25	$1.59	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$48.28								Price & Dividend 25
Price & Dividend 30	$1.59	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$48.28								Price & Dividend 30
Price H/L Median	$26.08	$28.10	$33.00	$44.87	$35.83	$34.91	$42.83	$43.01	$45.49	$34.89	$36.73	$45.79	$43.91	$46.89	10.85%			33.08%	<-Total Growth	10	Stock Price
Increase	33.41%	7.77%	17.42%	35.99%	-20.16%	-2.55%	22.69%	0.41%	5.77%	-23.29%	5.26%	24.67%	-4.10%	6.79%	5.64%			2.90%	<-IRR #YR->	10	Stock Price	33.08%
P/E	26.34	32.30	29.46	42.33	35.12	34.56	22.78	18.86	17.16	-40.57	18.45	8.94	14.69	14.89	16.48%			0.42%	<-IRR #YR->	5	Stock Price	2.10%
Trailing P/E	22.87	28.38	37.93	40.06	33.80	34.23	42.41	22.88	19.95	13.17	-42.70	23.01	8.58	15.68				8.71%	<-IRR #YR->	10	Price & Dividend	105.43%
P/E on Running 5 yr Average	23.92	26.71	31.79	43.31	35.40	34.36	35.16	29.66	25.73	25.06	23.13	20.48	18.47	18.92				6.21%	<-IRR #YR->	5	Price & Dividend	36.55%
P/E on Running 10 yr Average	30.60	31.93	35.03	45.41	34.95	33.15	37.74	34.57	32.44	29.03	28.21	26.51	22.94	22.09				20.76	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.81%	5.79%	% Tot Ret	66.72%	93.27%	T P/E	22.94	13.17	P/E:	18.66	14.69						Count	26	Years of data
			-$33.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$43.91
								-$43.01	$0.00	$0.00	$0.00	$0.00	$43.91
			-$33.00	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$46.57
								-$43.01	$2.35	$2.51	$2.52	$2.55	$46.57
	Dec	May	Dec	Sep	Apr	Dec	Nov	Aug	Apr	Feb	Nov	Jun	Jan	Apr
Price High	$30.93	$30.69	$37.42	$52.87	$43.20	$42.62	$46.14	$47.52	$50.46	$53.22	$42.89	$53.07	$48.59	$48.74				29.85%	<-Total Growth	10	Stock Price
Increase	38.14%	-0.78%	21.93%	41.29%	-18.29%	-1.34%	8.26%	2.99%	6.19%	5.47%	-19.41%	23.74%	-8.44%	0.31%				2.65%	<-IRR #YR->	10	Stock Price	29.85%
P/E	31.24	35.28	33.41	49.88	42.35	42.20	24.54	20.84	19.04	-61.88	21.55	10.37	16.25	15.48				0.45%	<-IRR #YR->	5	Stock Price	2.25%
Trailing P/E	27.13	31.00	43.01	47.21	40.75	41.78	45.68	25.28	22.13	20.08	-49.87	26.67	9.49	16.30				23.35	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	25.97	20.08	P/E:	21.20	16.25					34.16	P/E Ratio		Historical High
			-$37.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$48.59
								-$47.52	$0.00	$0.00	$0.00	$0.00	$48.59
	Mar	Jun	Feb	Jan	Dec	Jan	Aug	Apr	Jan	Mar	Jan	Jan	Oct	Feb
Price Low	$21.22	$25.51	$28.57	$36.87	$28.45	$27.20	$39.52	$38.49	$40.51	$16.56	$30.56	$38.50	$39.23	$45.04				37.31%	<-Total Growth	10	Stock Price
Increase	27.07%	20.22%	12.00%	29.05%	-22.84%	-4.39%	45.29%	-2.61%	5.25%	-59.12%	84.54%	25.98%	1.90%	14.81%				3.22%	<-IRR #YR->	10	Stock Price	37.31%
P/E	21.43	29.32	25.51	34.78	27.89	26.93	21.02	16.88	15.29	-19.26	15.36	7.52	13.12	14.30				0.38%	<-IRR #YR->	5	Stock Price	1.92%
Trailing P/E	18.61	25.77	32.84	32.92	26.84	26.67	39.13	20.47	17.77	6.25	-35.53	19.35	7.66	15.06				18.39	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	19.91	7.66	P/E:	16.12	13.12					11.95	P/E Ratio		Historical Low
			-$28.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.23
								-$38.49	$0.00	$0.00	$0.00	$0.00	$39.23
Free Cash Flow WSJ					-$1,078	-$740	-$389	$995	$845	$1,177	$1,967	$2,303	$2,014					286.83%	<-Total Growth	8	Free Cash Flow WSJ
Change						31.35%	47.43%	355.78%	-15.08%	39.29%	67.12%	17.08%	-12.55%					$0.35	<-Median->	8	Change
Free Cash Flow MS	-$192	-$224	-$195	-$612	-$1,010	-$668	-$326	$1,030	$887	$1,223	$1,992	$2,324	$2,029	$2,102	$2,458	$2,636		1140.51%	<-Total Growth	10	Free Cash Flow MS	MS agrees
Change	-366.67%	-16.67%	12.95%	-213.85%	-65.03%	33.86%	51.20%	415.95%	-13.88%	37.88%	62.88%	16.67%	-12.69%	3.60%	16.94%	7.24%		14.52%	<-IRR #YR->	5	Free Cash Flow MS	96.99%
FCF/CF from Op Ratio	-0.67	-0.62	-0.30	-0.77	-1.26	-0.62	-0.22	0.46	0.35	0.54	0.75	0.79	0.77	0.72	0.82	0.89		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	1140.51%
Dividends paid	$261	$181	$221	$269	$294	$351	$781	$1,247	$1,323	$1,530	$1,386	$1,525	$1,525	$1,466	$1,466	$1,466		590.05%	<-Total Growth	10	Dividends paid
Percentage paid					-29.11%	-52.54%	-239.57%	121.07%	149.15%	125.10%	69.58%	65.62%	75.16%	69.74%	59.64%	55.61%		$0.70	<-Median->	9	Percentage paid
5 Year Coverage									-4593.10%	243.80%	130.40%	94.03%	86.21%	76.85%	67.56%	64.49%					5 Year Coverage
Dividend Coverage Ratio					-3.44	-1.90	-0.42	0.83	0.67	0.80	1.44	1.52	1.33	1.43	1.68	1.80		0.80	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									-0.02	0.41	0.77	1.06	1.16	1.30	1.48	1.55					5 Year of Coverage
								-$1,030	$0	$0	$0	$0	$2,029
			$195	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,029
Market Cap $M	$4,980	$8,345	$11,793	$14,308	$11,246	$16,658	$22,876	$20,579	$26,375	$16,555	$20,548	$25,278	$25,045	$26,012	$26,012	$28,833		112.38%	<-Total Growth	10	Market Cap	112.38%
Diluted # of Shares in Million	168.175	259.483	308.081	327.656	348	389	432	509	514	550	550	554	550	550				78.52%	<-Total Growth	10	Basic
Change	0.42%	54.29%	18.73%	6.35%	6.21%	11.78%	11.05%	17.82%	0.98%	7.00%	0.00%	0.73%	-0.72%	0.00%				6.28%	<-Median->	10	Change
Difference Diluted/Basic	-0.4%	0.0%	-0.3%	-0.4%	-0.3%	-0.3%	-1.4%	-0.8%	-0.4%	0.0%	0.2%	-0.2%	0.0%	0.0%
Basic # of Shares in Millions	167.433	259.480	307.211	326.266	347	388	426	505	512	550	551	553	550	550				79.03%	<-Total Growth	10	Basic
Change	2.58%	54.98%	18.39%	6.20%	6.35%	11.82%	9.79%	18.54%	1.39%	7.42%	0.18%	0.36%	-0.54%	0.00%				6.28%	<-Median->	10	Change
Difference	0.3%	13.0%	2.6%	3.6%	7.5%	2.3%	18.1%	0.6%	7.0%	0.0%	-0.2%	-0.5%	-0.2%	-0.2%				1.46%	<-Median->	10	Difference
Units at '97
Inc '000
acct OCF chge '05
# of Share in Millions	167.908	293.226	315.144	337.924	373	397	503	508	548	550	550	550	549	549	549	549		5.71%	<-IRR #YR->	10	Shares	74.21%
Change	0.62%	74.63%	7.47%	7.23%	10.38%	6.43%	26.70%	0.99%	7.87%	0.36%	0.00%	0.00%	-0.18%	0.00%	0.00%	0.00%		1.56%	<-IRR #YR->	5	Shares	8.07%
CF fr Op $M (OCF)	$287.09	$359.81	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,252	$2,650	$2,929	$2,635	$2,932	$2,992	$2,965		304.76%	<-Total Growth	10	Cash Flow
Increase	12.53%	25.33%	80.93%	22.89%	0.13%	34.46%	40.48%	49.11%	12.23%	-11.06%	17.67%	10.53%	-10.04%	11.26%	2.06%	-0.92%		S Iss	SO DRIP		Deb. Conv.
5 year Running Average	$235.25	$269.31	$356	$471	$580	$738	$968	$1,289	$1,636	$1,926	$2,241	$2,524	$2,600	$2,680	$2,828	$2,890		631.20%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.71	$1.23	$2.07	$2.37	$2.15	$2.71	$3.01	$4.44	$4.62	$4.09	$4.82	$5.33	$4.80	$5.34	$5.45	$5.40		132.35%	<-Total Growth	10	Cash Flow per Share
Increase	11.84%	-28.23%	68.35%	14.60%	-9.29%	26.33%	10.88%	47.64%	4.04%	-11.38%	17.67%	10.53%	-9.87%	11.26%	2.06%	-0.92%		15.01%	<-IRR #YR->	10	Cash Flow	304.76%
5 year Running Average	$1.54	$1.50	$1.59	$1.78	$1.90	$2.10	$2.46	$2.94	$3.39	$3.78	$4.20	$4.66	$4.73	$4.88	$5.15	$5.26		3.15%	<-IRR #YR->	5	Cash Flow	16.80%
P/CF on Med Price	15.25	22.90	15.97	18.95	16.68	12.87	14.24	9.68	9.84	8.52	7.62	8.60	9.15	8.78	0.02	0.00		8.80%	<-IRR #YR->	10	Cash Flow per Share	132.35%
P/CF on Closing Price	17.35	23.19	18.11	17.88	14.04	15.47	15.12	9.12	10.42	7.35	7.75	8.63	9.50	8.87	8.69	9.73		1.57%	<-IRR #YR->	5	Cash Flow per Share	8.08%
															-9.13%	Diff M/C		11.53%	<-IRR #YR->	10	CFPS 5 yr Running	197.68%
Excl.Working Capital CF	$98.9	$228.2	$176.0	$190.0	$196.0	$128.0	$201.0	$368.0	$304.0	$771.0	$873.0	$604.0	$926.0	$0.0	$0.0	$0.0		10.02%	<-IRR #YR->	5	CFPS 5 yr Running	61.20%
CF fr Op $M WC	$386.0	$588.0	$827	$990	$997	$1,205	$1,714	$2,624	$2,836	$3,023	$3,523	$3,533	$3,561	$2,932	$2,992	$2,965		330.59%	<-Total Growth	10	Cash Flow less WC
Increase	51.86%	52.35%	40.65%	19.71%	0.71%	20.86%	42.24%	53.09%	8.08%	6.59%	16.54%	0.28%	0.79%	-17.67%	2.06%	-0.92%		15.72%	<-IRR #YR->	10	Cash Flow less WC	330.59%
5 year Running Average	$253.83	$332.98	$456.68	$609.02	$757.59	$921.4	$1,146.6	$1,506.0	$1,875.2	$2,280.4	$2,744.0	$3,107.8	$3,295.2	$3,314.33	$3,308.14	$3,196.46		6.30%	<-IRR #YR->	5	Cash Flow less WC	35.71%
CFPS Excl. WC	$2.30	$2.01	$2.62	$2.93	$2.67	$3.04	$3.41	$5.17	$5.18	$5.50	$6.41	$6.42	$6.49	$5.34	$5.45	$5.40		21.85%	<-IRR #YR->	10	CF less WC 5 Yr Run	621.55%
Increase	50.92%	-12.76%	30.87%	11.64%	-8.76%	13.56%	12.27%	51.59%	0.19%	6.21%	16.54%	0.28%	0.98%	-17.67%	2.06%	-0.92%		16.95%	<-IRR #YR->	5	CF less WC 5 Yr Run	118.80%
5 year Running Average	$1.65	$1.76	$1.98	$2.28	$2.51	$2.65	$2.93	$3.44	$3.89	$4.46	$5.13	$5.73	$6.00	$6.03	$6.02	$5.82		9.47%	<-IRR #YR->	10	CFPS - Less WC	147.17%
P/CF on Med Price	11.34	14.01	12.57	15.32	13.40	11.50	12.57	8.33	8.79	6.35	5.73	7.13	6.77	8.78	0.02	0.00		4.66%	<-IRR #YR->	5	CFPS - Less WC	25.57%
P/CF on Closing Price	12.90	14.19	14.26	14.45	11.28	13.82	13.35	7.84	9.30	5.48	5.83	7.15	7.03	8.87	8.69	9.73		11.73%	<-IRR #YR->	10	CFPS 5 yr Running	203.19%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	9.76	5 yr	8.60	P/CF Med	10 yr	8.56	5 yr	6.77		3.68%	Diff M/C		11.74%	<-IRR #YR->	5	CFPS 5 yr Running	74.23%
According to Google, I am not adding back in CF enough re WC.
I cannot figure out past WC as CF from operations keeps changing			-$315	$0	$0	$0	$0	$0	$0	$0	$0	$0	$549								Shares
Fixed 2014 only. Updated 2015 re Google Fin.								-$508	$0	$0	$0	$0	$549								Shares
Updated WC for 2010-2015 in			-$651	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,635								Cash Flow
2017.								-$2,256	$0	$0	$0	$0	$2,635								Cash Flow
			-$2.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.80								Cash Flow per Share
								-$4.44	$0.00	$0.00	$0.00	$0.00	$4.80								Cash Flow per Share
			-$1.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.73								CFPS 5 yr Running
								-$2.94	$0.00	$0.00	$0.00	$0.00	$4.73								CFPS 5 yr Running
			-$827	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,561								Cash Flow less WC
								-$2,624	$0	$0	$0	$0	$3,561								Cash Flow less WC
			-$456.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,295.2								CF less WC 5 Yr Run
								-$1,506.0	$0.0	$0.0	$0.0	$0.0	$3,295.2								CF less WC 5 Yr Run
			-$2.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.49								CFPS - Less WC
								-$5.17	$0.00	$0.00	$0.00	$0.00	$6.49								CFPS - Less WC
			-$1.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.00								CFPS 5 yr Running
								-$3.44	$0.00	$0.00	$0.00	$0.00	$6.00								CFPS 5 yr Running
Change in non-cash operating working capital	-$18.75	-$109.88	-$96.00	-$33.00	-$11.00	-$36.00	-$18.00	-$83.00	$106.00	-$93	-$100	$177	-$210
Net interest paid	-$80.53	-$118.29	-$80.00	-$76.00	-$79.00	-$91.00	-$153.00	-$259.00	-$269.00	-$383	-$418	-$447	-$447
Interest Received	$0.41
Taxes paid			$0.00	-$81.00	-$137.00	-$3.00	-$30.00	-$26.00	-$141.00	-$295	-$355	-$334	-$236
Payments received & deferred					$31.00	$2.00
Net Change in Contract Liab													-$33.00
																					td bank 2016 was -128
Sum	-$98.86	-$228.17	-$176.00	-$190.00	-$196.00	-$128.00	-$201.00	-$368.00	-$304.00	-$771	-$873	-$604	-$926
Google/ Webbroker			-$176.00	-$190.00	-$196.00	-$128.00	-$152	-$357	-$334	-$771	-$873	-$604	-$926								2017 Morningstar says -18
Difference				$0.00	$0.00	$0.00	-$49	-$11	$30	$0	$0	$0	$0								and in 2016 -36
TD				-$190.00	-$196.00	-$128.00	-$201	-$368	-$304
Difference				$0	$0	$0	$0	$0	$0
							2021	2021	2021
OPM	17.12%	10.50%	12.96%	13.18%	17.28%	25.25%	27.98%	30.69%	35.02%	36.31%	30.72%	25.23%	22.69%	29.98%				75.17%	<-Total Growth	10	OPM
Increase	-15.77%	-38.69%	23.41%	1.75%	31.10%	46.12%	10.79%	9.70%	14.11%	3.68%	-15.40%	-17.88%	-10.04%	32.12%					Should increase		or be stable.
Diff from Median	-35.7%	-60.6%	-51.3%	-50.5%	-35.1%	-5.1%	5.1%	15.3%	31.6%	36.4%	15.4%	-5.2%	-14.7%	12.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	26.61%	5 Yrs	30.72%					should be	zero, it is a		check on calculations
														$3,853	<-12 mths	0.77%
Adjusted EBITDA		$590	$831	$920	$955	$1,189	$1,705	$2,835	$3,061	$3,281	$3,433	$3,746	$3,824	$4,130	$4,350	$4,494		360.17%	<-Total Growth	10	Adjusted EBITDA
Change			40.85%	10.71%	3.80%	24.50%	43.40%	66.28%	7.97%	7.19%	4.63%	9.12%	2.08%	8.00%	5.33%	3.31%		8.54%	<-Median->	10	Change
Margin		17.21%	16.54%	15.16%	20.60%	27.88%	31.53%	38.57%	42.34%	52.90%	39.79%	32.26%	32.93%	42.24%	43.28%	43.24%		32.60%	<-Median->	10	Margin
Long Term Debt		$1,933	$1,409	$2,466	$3,175	$4,002	$7,300	$7,057	$10,078	$10,276	$10,239	$10,000	$9,849	$9,849							Debt	Type
Change			-27.11%	75.02%	28.75%	26.05%	82.41%	-3.33%	42.81%	1.96%	-0.36%	-2.33%	-1.51%	0.00%				14.01%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio		0.23	0.12	0.17	0.28	0.24	0.32	0.34	0.38	0.62	0.50	0.40	0.39	0.38				0.36	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio		22.19	11.81	15.97	20.24	19.13	22.39	17.90	22.75	17.64	13.16	15.38	10.13	10.13				17.77	<-Median->	10	Assets/Current Liab.Ratio	Liquidity
Debt to Cash Flow (Years)		5.37	2.16	3.08	3.96	3.72	4.82	3.13	3.98	4.56	3.86	3.41	3.74	3.36				3.80	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$692	$692	$751	$725	$737	$843	$531	$1,745	$1,646	$1,646	$1,545	$1,574	$1,514	$1,514				101.60%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$243.90	$1,930.68	$1,966	$2,090	$2,097	$2,097	$3,871	$3,878	$4,684	$4,694	$4,693	$4,557	$4,551	$4,551				131.49%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$935.90	$2,622.68	$2,717	$2,815	$2,834	$4,714	$4,714	$5,623	$6,330	$6,340	$6,238	$6,131	$6,065	$6,065				123.22%	<-Total Growth	10	Total
Change		180.23%	3.60%	3.61%	0.67%	66.34%	0.00%	19.28%	12.57%	0.16%	-1.61%	-1.72%	-1.08%	0.00%				0.42%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.19	0.31	0.23	0.20	0.25	0.28	0.21	0.27	0.24	0.38	0.30	0.24	0.24	0.23				0.25	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$175.69	$474.65	$648	$688	$676	$676	$1,022	$1,013	$987	$989	$1,245	$1,362	$2,633	$2,633				306.33%	<-Total Growth	10	Current Assets
Current Liabilities	$517.80	$372.91	$774	$705	$639	$785	$1,142	$1,490	$1,457	$1,781	$2,390	$2,046	$3,221	$3,221				316.15%	<-Total Growth	10	Current Liabilities
Liquidity	0.34	1.27	0.84	0.98	1.06	0.86	0.89	0.68	0.68	0.56	0.52	0.67	0.82	0.82				0.75	<-Median->	10	Ratio
Liq. with CF aft div	0.38	0.97	1.01	1.29	1.27	1.28	1.33	1.43	1.53	1.04	1.05	1.41	1.18	1.27				1.18	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.20	0.39	0.48	0.36	0.32	0.33	0.34	0.76	0.42	0.57	0.73	1.31	0.95	1.27				0.73	<-Median->	5	Ratio
Curr Long Term Db	$323.930	$0.00	$0	$0	$0	$6	$163	$480	$34	$600	$1,000	$600	$600	$600
Liquidity Less CLTD	0.91	1.27	0.84	0.98	1.06	0.87	1.04	1.00	0.69	0.84	0.90	0.94	1.00	1.00				0.90	<-Median->	5	Ratio
Liq. with CF aft div	1.01	0.97	1.01	1.29	1.27	1.29	1.55	2.12	1.57	1.58	1.81	2.00	1.45	1.56				1.58	<-Median->	5	Ratio
Assets	$3,339	$8,276	$9,142	$11,262	$12,936	$15,017	$25,566	$26,664	$33,153	$31,416	$31,456	$31,475	$32,618	$32,618				256.79%	<-Total Growth	10	Assets
Liabilities	$2,378	$4,001	$3,971	$4,926	$5,512	$6,721	$11,717	$12,260	$16,383	$16,401	$17,093	$15,686	$16,805	$16,805				323.19%	<-Total Growth	10	Liabilities
Debt Ratio	1.40	2.07	2.30	2.29	2.35	2.23	2.18	2.17	2.02	1.92	1.84	2.01	1.94	1.94				2.10	<-Median->	10	Ratio
Estimates BVPS														$25.80	$25.30	$25.30			Estimates		Estimates BVPS
Estimate Book Value														$14,164.2	$13,889.7	$13,889.7			Estimates		Estimate Book Value
P/B Ratio (Close)														1.84	1.87	2.08			Estimates		P/B Ratio (Close)
Difference from 10 year median															9.28%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$961.6	$4,275.4	$5,171	$6,336	$7,424	$8,296	$13,849	$14,404	$16,770	$15,015	$14,363	$15,789	$15,813	$15,813				205.80%	<-Total Growth	10	Book Value
NCI	$0.0	$5.2	$5	$0	$0	$0	$60	$60	$60	$60	$60	$60	$60	$60							NCI
Preferred Shares			$391	$880	$1,100	$1,509	$2,424	$2,424	$2,956	$2,946	$2,517	$2,208	$2,208	$2,208				46.32%	<-Total Growth	10	Preferred Shares
Net Book Value	$961.6	$4,270.3	$4,775	$5,456	$6,324	$6,787	$11,365	$11,920	$13,754	$12,009	$11,786	$13,521	$13,545	$13,545	$13,545	$13,545		183.67%	<-Total Growth	10	Book Value
Book Value per share	$5.73	$14.56	$15.15	$16.15	$16.95	$17.10	$22.59	$23.46	$25.10	$21.83	$21.43	$24.58	$24.67	$24.67	$24.67	$24.67		62.84%	<-Total Growth	10	Book Value per Share
Change	-19.02%	154.29%	4.04%	6.56%	5.01%	0.83%	32.16%	3.85%	6.96%	-13.00%	-1.86%	14.72%	0.36%	0.00%	0.00%	0.00%		4.43%	<-Median->	10	Change
Plus Payout	$7.32	$16.17	$16.79	$17.86	$18.75	$18.99	$24.61	$25.69	$27.45	$24.34	$23.95	$27.13	$27.33	$27.34	$27.34	$27.34		62.75%	<-Total Growth	10	Book Value plus
Change	-15.53%	121.00%	3.82%	6.37%	4.96%	1.27%	29.65%	4.39%	6.83%	-11.31%	-1.62%	13.30%	0.71%	0.05%	0.00%	0.00%		13.81%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.56	1.74	1.97	2.51	1.91	1.84	1.74	1.67	1.66	1.43	1.53	1.69	1.61	1.71	0.00	0.00		1.69	P/B Ratio		Historical Median
P/B Ratio (Close)	5.18	1.95	2.47	2.62	1.78	2.45	2.01	1.73	1.92	1.38	1.74	1.87	1.85	1.92	1.92	2.13		5.00%	<-IRR #YR->	10	Book Value per Share	62.75%
Change	69.56%	-62.27%	26.38%	6.18%	-32.19%	38.02%	-17.99%	-14.23%	11.08%	-28.11%	26.47%	7.23%	-1.10%	3.86%	0.00%	10.85%		1.01%	<-IRR #YR->	5	Book Value per Share	6.35%
Leverage (A/BK)	3.47	1.94	1.77	1.78	1.74	1.81	1.85	1.85	1.98	2.09	2.19	1.99	2.06	2.06				1.91	<-Median->	10	A/BV
Debt/Equity Ratio	2.47	0.94	0.77	0.78	0.74	0.81	0.85	0.85	0.98	1.09	1.19	0.99	1.06	1.06				0.91	<-Median->	10	Debt/Eq Ratio
Median									P/BV	10 yr Med	1.68	5 yr Med	1.61		14.27%	Diff M/C		1.98	Historical		Leverage (A/BK)
			-$15.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.67
								-$23.46	$0.00	$0.00	$0.00	$0.00	$24.67
Comprehensive Income												$3,284	$1,656
Preferred Dividend												-$442	-$8
Comprehensive Income	$155.05	$214.03	$369	$371	$429	$452	$895	$1,157	$1,273	-$412	$1,268	$2,842	$1,648					346.61%	<-Total Growth	10	Comprehensive Income
Increase	-15.70%	38.04%	72.41%	0.54%	15.63%	5.36%	98.01%	29.27%	10.03%	-132.36%	407.77%	124.13%	-42.01%					10.03%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$159	$173	$218	$259	$308	$367	$503	$661	$841	$673	$836	$1,226	$1,324					16.14%	<-IRR #YR->	10	Comprehensive Income	346.61%
ROE	16.1%	5.0%	7.1%	5.9%	5.8%	5.4%	6.5%	8.0%	7.6%	-2.7%	8.8%	18.0%	10.4%					7.33%	<-IRR #YR->	5	Comprehensive Income	42.44%
5Yr Median	16.0%	15.6%	14.9%	7.1%	5.9%	5.8%	5.9%	5.9%	6.5%	6.5%	7.6%	8.0%	8.8%					19.76%	<-IRR #YR->	10	5 Yr Running Average	507.05%
% Difference from NI	-6.4%	-5.0%	-1.0%	-8.2%	2.9%	-6.1%	-9.4%	-17.2%	-23.3%	-30.8%	-5.2%	-14.4%	-14.3%					14.91%	<-IRR #YR->	5	5 Yr Running Average	100.33%
										Diff	5, 10 yr	-11.9%	-14.4%					8.8%	<-Median->	5	Return on Equity
			-$369	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,648
								-$1,157	$0	$0	$0	$0	$1,648
			-$218.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,323.8
								-$660.8	$0.0	$0.0	$0.0	$0.0	$1,323.8
Current Liability Coverage Ratio	0.75	1.58	1.07	1.40	1.56	1.54	1.50	1.76	1.95	1.70	1.47	1.73	1.11	0.91							CFO / Current Liabilities
5 year Median	1.26	1.26	1.07	1.40	1.40	1.54	1.50	1.54	1.56	1.70	1.70	1.73	1.70	1.47				154.8%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	11.56%	7.10%	9.05%	8.79%	7.71%	8.02%	6.70%	9.84%	8.55%	9.62%	11.20%	11.22%	10.92%	8.99%							CFO / Total Assets
5 year Median	9.77%	9.06%	9.05%	9.05%	8.79%	8.02%	8.02%	8.02%	8.02%	8.55%	9.62%	9.84%	10.92%	10.92%				9.2%	<-Median->	10	Return on Assets
Return on Assets ROA	4.96%	2.72%	3.76%	3.09%	2.74%	2.62%	3.17%	4.34%	4.11%	-1.52%	3.49%	9.03%	5.05%	5.48%				Net	Income/Assets		Return on Assets
5Yr Median	6.65%	6.28%	4.96%	3.76%	3.09%	2.74%	3.09%	3.09%	3.17%	3.17%	3.49%	4.11%	4.11%	5.05%				3.3%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	17.23%	5.27%	7.20%	6.38%	5.61%	5.81%	7.14%	9.71%	9.90%	-3.96%	9.32%	21.02%	12.17%	13.19%	14.40%			Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	15.82%	15.82%	14.35%	7.20%	6.38%	5.81%	6.38%	6.38%	7.14%	7.14%	9.32%	9.71%	9.90%	12.17%	13.19%			8.2%	<-Median->	10	Return on Equity
														$1,725	<-12 mths	4.67%			Estimates		Last 12 months from Qtr
Net Income	$165.67	$224.95	$351	$383	$406	$466	$891	$1,278	$1,492	-$316	$1,242	$2,971	$1,776					405.98%	<-Total Growth	10	Net Income
Preferred Dividend	$0	$0	$7	$35	$51	$72	$86	$125	$131	$160	$144	$129	$128								Preferred Dividend
Debentures	$0	$0	$0	$0	$0	$0	$6	$4	$0	$0	$0	$0	$0								Debentures
Shareholders	$165.67	$224.95	$344	$348	$355	$394	$811	$1,157	$1,361	-$476	$1,098	$2,842	$1,648	$1,787	$1,950	$2,075		379.07%	<-Total Growth	10	Shareholders
Increase	-11.27%	35.79%	52.92%	1.16%	2.01%	10.99%	105.84%	42.66%	17.63%	-134.97%	-330.67%	158.83%	-42.01%	8.43%	9.12%	6.41%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$163.7	$180.2	$216.7	$253.9	$287.5	$333.2	$450.4	$613.0	$815.6	$649	$790	$1,196	$1,295	$1,380	$1,865	$2,060		16.96%	<-IRR #YR->	10	Net Income	379.07%
Operating Cash Flow	$287.09	$359.81	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,252	$2,650	$2,929	$2,635					7.33%	<-IRR #YR->	5	Net Income	42.44%
Investment Cash Flow	-$478.88	-$547.13	-$860	-$1,837	-$1,898	-$2,286	-$3,332	-$1,311	-$3,910	-$1,483	-$1,039	-$154	-$789					19.57%	<-IRR #YR->	10	5 Yr Running Average	497.47%
Total Accruals	$357.46	$412.27	$553	$1,385	$1,452	$1,603	$2,630	$212	$2,739	-$1,245	-$513	$67	-$198					16.13%	<-IRR #YR->	5	5 Yr Running Average	111.19%
Total Assets	$3,339.2	$8,276.5	$9,142	$11,262	$12,936	$15,017	$25,566	$26,664	$33,153	$31,416	$31,456	$31,475	$32,618						Balance Sheet		Assets
Accruals Ratio	10.71%	4.98%	6.05%	12.30%	11.22%	10.67%	10.29%	0.80%	8.26%	-3.96%	-1.63%	0.21%	-0.61%					-0.61%	<-Median->	5	Ratio
EPS/CF Ratio	0.43	0.43	0.43	0.36	0.38	0.33	0.55	0.44	0.51	-0.16	0.31	0.80	0.46					0.41	<-Median->	10	EPS/CF Ratio
			-$344	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,648
								-$1,157	$0	$0	$0	$0	$1,648
			-$217	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,295
								-$613	$0	$0	$0	$0	$1,295
Change in Close	37.31%	-4.05%	31.48%	13.15%	-28.79%	39.17%	8.39%	-10.93%	18.81%	-37.46%	24.12%	23.02%	-0.74%	3.86%	0.00%	10.85%			Count	27	Years of data
up/down		down		down	down	down	down	down		up									Count	16	59.26%
Meet Prediction?					yes			yes										% right	Count	4	25.00%
Financial Cash Flow	$65.72	$214.33	$214	$1,039	$1,072	$1,216	$2,105	-$1,126	$1,351	-$809	-$1,665	-$2,720	-$1,800						C F Statement		Financial Cash Flow
Total Accruals	$291.7	$197.9	$339	$346	$380	$387	$525	$1,338	$1,388	-$436	$1,152	$2,787	$1,602								Accruals
Accruals Ratio	8.74%	2.39%	3.70%	3.07%	2.94%	2.58%	2.05%	5.02%	4.19%	-1.39%	3.66%	8.85%	4.91%					4.19%	<-Median->	5	Ratio
Cash	-$0.68	$27.34	$51	$53	$28	$35	$321	$157	$129	$81	$43	$94	$137	$137							Cash
Cash per Share	$0.00	$0.09	$0.16	$0.16	$0.08	$0.09	$0.64	$0.31	$0.24	$0.15	$0.08	$0.17	$0.25	$0.25				$0.17	<-Median->	5	Cash per Share
Percentage of Stock Price	-0.01%	0.33%	0.43%	0.37%	0.25%	0.21%	1.40%	0.76%	0.49%	0.49%	0.21%	0.37%	0.55%	0.53%				0.49%	<-Median->	5	% of Stock Price
Taxes
Other Income
Ret of Cap.
Total
Total
check
Notes:
April 14, 2024.  Last estimates were for 2023, 2024 and 2025 of $10108M, $8861M,$9536M for Revenue, $4.73, $4.80 2023/4 for AFFO, $2.89, $3.01 and 3.00 for EPS,
$2.65, $2.74 and $2.78 for Dividends, $2068M, $2314M, $2291M for FCF, $4.65, $5.06 and $5.04 for CFPS, $28.20, $27.60 and $26.80 for BVPS, $1574M, $1645M and $1650M for Net Income.
April 16, 2023.  Last estimates were for 2022, 2023 and 2024 of $8490M, $8295M and $7288M for Revenue, $4.45,and $4.76 2022/3 for AFFO, $2.83, $2.94 and $3.14 for EPS,
$2.58, $2.67 and $2.78 for Dividends, $2223M, $2317M and $2138M for FCF, $4.67, $4.81 and $5.39 for CFPS, $23.40, $23.20 and $25.40 for BVPS, and $1477M, $1515M and $1535M for Net Income.
April 16, 2022.  Last estimates were for 2021 and 2022 of $6787M, $6967M for Revenue, $4.40 and $4.45 for AFFO, $2.29, $2.46 and $2.35 2021-23 for EPS,
$2.51, $2.58 and $2.64 for Dividends 2021-23, $2039M, $2095M and $2446M for FCF 2022-23, $4.47 and $4.32 for CFPS, and $1239M, $1279M and $1295M for Net Income for 2021-23.
April 17, 2021.  Last estimates were for 2020, 2021 and 2022 of $7473M, $7515M and $8185M for Reenue, $4.47 and $4.97 for AFFO for 2020 and 2021, $2.24, $2.45 and 42.57 for EPS,
$2.50, $2.59 and 2.76 for Dividends, $1609M, $1859M and $2245M for FCF, $3.82, $4.12 and $5.10 for CFPS and $1278M, $1401M and $1564M for Net Income.
December 2020.  There is an EPS loss in 2020 because of write offs of properties and investments.
April 11, 2020.  Last estiamtes were for 2019, 2020 and 2021 of $8211M, $8426M, $9091M for Revenue, $4.42 and $4.72 for AFFO for 2019 and 2020,
$2.23, $2.51 and $2.65 for EPS, $4.46, $4.73 and $4.89 for CFPS and $1383M, $1530M and $1727M for Net Income.
April 14, 2019.  Last estimates were for 2018, 2019 and 2020 of 7772M, $8025 and $8284M for Revenue, $3.86 and $4.04 for FFO for 2018 and 2019,
$2.19, $2.43 and $2.88 for EPS, $3.75, $4.11 and $3.57 for CFPS and $1132M, $1238M and $1417M for Net Income.
April 10, 2018.  Last estimates were for 2017, 2018 and 2019 of $6466M, $7409M and $7717M for Revenue, $2.80 and 3.26 for FFO for 2017 and 2018, $1.68, $2.07 and $2.31 for EPS,
$3.02, $3.59 and 3.87 for CPFS and $717M, $890M and $1026M for Net Income.
April 8, 2017.  Last estimates were for 2016, 2017 and 2018 of $5687M, $6760M and $7356M for Revenue, $2.43 and $2.92 for AFFO for 2016 and 2017, $1.28, $1.60 and $1.89 for EPS,
2.54, $2.97 and 3.21 for CFPS, $528, $687 amd $8.55 for Net Income.
April 17, 2016.  Last estimates were for 2015, 2016 and 2017 of $4975M, $6203M, and $6991M for Revenue, $2.04 and $2.35 AFFO for 2015 and 2016,
$1.15, $1.44 and $1.66 for EPS, $2.16, 2.62 and $3.05 for CFPS, $411M, $521M and $528M for Net Income.
May 3, 2015.  Last estimates were for 2014, 2015 and 2016 of $5101M, $5209M and $4866M for Revenue, $2.22, $2.43 for AFFO,
$1.27, $1.34 and $1.37 for EPS, $2.25, $2.39 and $2.47 for CFPS and $389M, $439M and $479M for Net Income.
April 20, 2014.  Last estimates were for 2013, 2014 and 2015 of $4199M, $4309M and $4549M for Revenue, $2.15, $2.10 and $2.24 for AFFO,
$1.03, $1.13 and $1.32 for EPS, $2.09, $2.15 and $2.19 for CFPS and $260M, $315M and $372M for net income.
May 10th, 2013.  Last Estimates were for 2012 and 2013 at $1784M and $1827M for Revenue, $1.72 for FFO, $0.79, $0.89 and $0.97 (2014) for EPS and $1.86 and $1.89 for CFPS.
Feb 27, 2013 The company says they are paying dividends of $0.135, but I am getting dividends of $0.1377.  I also did some updating on the spreadsheet.
Feb 25, 2012.  Purchases of Provident Energy Ltd by Pembina for 130M shares.
Feb 18, 2012.  Last estimates were for 2011 and 2012 for $1208M and $1272M for revenues, $1.71 and $1.72 FFO, $.96 and $1.03 for EPS and $1.65 and $1.75 for CF.
May 11, 2011.  Last time I review this stock, I got estimates for 2010, 2011 and 2012 for earnings of $1.08, $0.82 and $0.88.  I also got CF estimates of  $1.56 and $1.61 for 2010 and 2011.
Last time I review this stock, I got estimates for 2010, 2011 and 2012 for FFO of $1.50, $1.54 and $1.61.  By 2014/2015 they will have to earn more to cover pay dividends.
Pembina expected their tax pool to off set taxes until 2014/2015.   After that they will have to pay taxes.
Old symbol was PIF.UN (Pembina Pipeline Income Fund) and new one is PPL (Pembina Pipeline Corp), on conversion to a corporation in October 2010.
There will be no capital gain or loss on conversion to Corporation, probably 1 July 2010.  Distributions then will be taxed as dividends.   Div from $.1326 mthly to $.13, or $1.59 to $1.56.
Apr 17, 2010.  When I last looked at this stock, I got estimates for 2009 and 2010 for earnings of $1.09 and 1.13 and cash flow of $1.65 and $1.62 and FFO of $1.79 and $1.72.
Stock did not meet these estimates.  The closes was in earnings, but was way off for FFO and Cash Flow.  Half increase in units for Reinvestment plan and rest for purchase.
It seems to me that they raised enough money with bank loans, debt instruments and selling units to pay for debt, distributions and investments in additional assets. Most of the cash flow is used in distributions.
They will do no more distribution increases for about 3 years.  They say that they remain on track to maintain our current level of cash distributions of $1.56 per unit per year through to 2013.
Markets did not really punish this stock for not meeting estimates.  Ones with Sell or reduce recommendations feel stock is overpriced.
Mar 29, 2009.  All estimates have been lowered from the last time I looked at this stock.
Mar 6, 2009 AP 2008.  This company expects to switch to a Corporation in the later part of 2010.  It expects to maintain its distribution of $1.56 for the next 5 years.
AP 2007. Still problem of Units increasing and Bookvalue. But Bookvalue went up slightly this year.  However, last 5 years, make 19% IRR and since buying in 2001 make 16% IRR.
TD currently rates it as a hold and does not expect stock price to increase much over next year (to $17).
AR 2006.  Still has problem that #  of units increasing and bookvalue going down. 2006 is second year it has gone up 7 years of downs. Yield is good. Drop in Nov re Gov Tax changes.
TD rates as hold as do others.
AP 2005.  Stock is doing what it is supposed to be doing.  However, share holder value is going down, see Book Value.
AP 2003.  Because of yield, I get a very good return.  This is what this stock is to do.  Revenue increasing, Earnings increasing, but so are # of units. At the moment it is a keeper.
May 2003.  This is an income trust fund.  It is to provide me with income and with a utility stocks.  I think it can do this. This is an income trust fund.  This stock is also a pipeline
and I should watch it re chge to a hydrogen economy, although I think it will adjust to this.  Purchase price is a little to high to purchase more at the moment.
Issued Oct '97 at $10 (previous company was Pembina Pipeline Corporation - PPC)
Company was started in 1954.  Their IPO was done in October 1997 and was publicly traded from 1998 as PIF.UN.
Sector:
Infrastructure, Utility
What should this stock accomplish?
Would I buy this company and Why.
This is a dividend growth utility Stocks.
Why I bought this stock.
In December 2001 I thought it would be a good time to purchase this stock as the market was relatively low. Pipeline stocks are conservative and the return on this one was good at 9.7%.
When I purchased this stock it was an Income Trust company.
Dividends
2023 dividends are changing to Quarterly in March, June, September and December.
Dividends are paid monthly near the middle of the month.  Dividends declared for shareholders of record for one month are paid in following month.
For example, the dividend declared on January 7, 2014 for shareholders of record of Janary 25, 2014 was paid on February 14, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money
Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product
portfolio. Its assets include pipelines and gas gathering as well as assets across fractionation, storage, and propane exports.
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	April 08	2017	April 10	2018	April 14	2019	April 11	2020	April 17	2021	April 16	2022	April 16	2023			April 14	2024
Burrows, J. Scott	0.00%	0.008	0.00%	0.009	0.00%	0.011	0.00%	0.012	0.00%	0.015	0.00%	0.020	0.00%	0.031	0.01%			0.039	0.01%		Was  CFO 2021	23.38%
CEO - Shares - Amount	$0.324		$0.359		$0.367		$0.514		$0.371		$0.567		$0.920		$1.433				$1.836
Options - percentage	0.02%	0.156	0.03%	0.206	0.04%	0.193	0.04%	0.263	0.05%	0.701	0.13%	0.809	0.15%	1.179	0.21%			1.254	0.23%			6.35%
Options - amount	$3.194		$7.093		$8.337		$9.290		$7.916		$26.186		$37.188		$53.784				$59.409
Dilger, Michael H.	0.06%	0.240	0.05%	0.250	0.05%	0.250	0.05%	0.200	0.04%	0.200	0.04%										Ceased insider Nov 2021
CEO - Shares - Amount	$9.976		$10.915		$10.128		$12.033		$6.020		$7.472
Options - percentage	0.10%	0.851	0.17%	1.132	0.22%	1.283	0.23%	1.665	0.30%	2.343	0.43%
Options - amount	$16.280		$38.690		$45.872		$61.733		$50.113		$87.535
Goldade, Cameron										0.021	0.00%	0.022	0.00%	0.023	0.00%			0.026	0.00%		Interium CFO 2022	11.19%
CFO - Shares - Amount											$0.773		$1.000		$1.054				$1.217
Options - percentage										0.133	0.02%	0.157	0.03%	0.194	0.04%			0.219	0.04%			13.19%
Options - amount											$4.952		$7.229		$8.844				$10.397
Sprott, Jaret										0.012	0.00%	0.020	0.00%	0.026	0.00%			0.033	0.01%			26.36%
Officer - Shares - Amount											$0.444		$0.916		$1.178				$1.547
Options - percentage										0.493	0.09%	0.520	0.09%	0.569	0.10%			0.563	0.10%			-0.91%
Options - amount											$18.427		$23.891		$25.938				$26.693
Luduca, Janet C.														0.003	0.00%			0.006	0.00%			92.56%
Officer - Shares - Amount															$0.133				$0.266
Options - percentage														0.219	0.04%			0.222	0.04%			1.70%
Options - amount															$9.980				$10.541
Howe, Maureen												0.025	0.00%	0.026	0.00%			0.027	0.00%			3.85%
Director - Shares - Amount													$1.149		$1.186				$1.279
Options - percentage												0.013	0.00%	0.014	0.00%			0.015	0.00%			6.34%
Options - amount													$0.591		$0.623				$0.688
Ainsworth, Anne-Marie						0.020	0.00%	0.020	0.00%	0.023	0.00%	0.024	0.00%	0.025	0.00%			0.026	0.00%			3.59%
Director - Shares - Amount							$0.954		$0.597		$0.850		$1.095		$1.137				$1.223
Options - percentage						0.014	0.00%	0.000	0.00%	0.022	0.00%	0.028	0.01%	0.032	0.01%			0.038	0.01%			17.66%
Options - amount							$0.681		$0.000		$0.821		$1.305		$1.480				$1.808
Kerr, Gordon J.														0.010	0.00%			0.010	0.00%			0.00%
Director - Shares - Amount															$0.474				$0.493
Options - percentage														0.043	0.01%			0.049	0.01%			12.69%
Options - amount															$1.969				$2.305
Conv. Deb/Preferred
Michaleski, Robert B.	0.12%	0.466	0.09%	0.465	0.09%	0.455	0.08%	0.447	0.08%												Director in 2015
Director - Shares - Amount	$19.512		$21.174		$18.848		$21.909		$13.446												used to be CFO
Options - percentage	0.00%	0.005	0.00%	0.010	0.00%	0.014	0.00%	0.015	0.00%												Ceased insider May 2020
Options - amount	$0.309		$0.226		$0.402		$0.660		$0.465
Sykes, Henry William												0.013	0.00%	0.015	0.00%			0.017	0.00%			12.96%
Chairman - Shares - Amt													$0.612		$0.698				$0.819
Options - percentage												0.016	0.00%	0.021	0.00%			0.027	0.00%			29.15%
Options - amount													$0.729		$0.962				$1.290
Findlay, Randall J.	0.03%	0.136	0.03%	0.134	0.03%	0.141	0.03%	0.141	0.03%	0.141	0.03%	0.138	0.03%	0.138	0.03%						No longer chair 2023
Chairman - Shares - Amt	$5.719		$6.199		$5.430		$6.778		$4.239		$5.261		$6.357		$6.283
Options - percentage	0.02%	0.008	0.00%	0.015	0.00%	0.022	0.00%	0.025	0.00%	0.032	0.01%	0.047	0.01%	0.000	0.00%
Options - amount	$3.335		$0.346		$0.612		$1.050		$0.757		$1.210		$2.167		$0.000
Increase in 2013
Increase in O/S Shares	0.09%	1.000	0.25%	1.405	0.28%	1.729	0.34%	3.979	0.73%	2.000	0.36%	1.258	0.23%	7.000	1.27%			1.412	0.26%		Average	0.57%
due to SO	$9.980		$41.960		$63.899		$70.042		$191.509		$60.200		$47.000		$321.720				$64.415		See under
Book Value	$8.441		$31.000		$62.000		$75.000		$167.000		$105.000		$47.000		$319.000				$6.000		Share-based Payments
Part of debenture conversion and other line	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000		and options exercised
Insider Buying	-$0.224		-$0.420		-$1.477		-$3.020		$2.237		-$1.122		-$0.595		-$0.784				-$1.036		See cost in common share
Insider Selling	$0.042		$0.000		$0.030		$28.769		$18.548		$0.681		$8.808		$5.866				$2.829		capital
Net Insider Selling	-$0.182		-$0.420		-$1.448		$25.749		$20.785		-$0.440		$8.213		$5.083				$1.792
% of Market Cap	0.00%		0.00%		-0.01%		0.10%		0.13%		0.00%		0.03%		0.02%				0.01%
Increase in O/S Shares
due to SO 2012
Book Value
Debenture conv & other
Directors		10		13		11		11		11		11		13				11
Women	20%	2	20%	3	23%	3	27%	3	27%	4	36%	4	36%	5	38%			5	45%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	8%			1	9%
Institutions/Holdings	46.62%	285	48.95%	338	48.15%	369	51.79%
Total Shares Held	44.27%	195.749	49.31%	242.386	47.71%	263.979	48.17%
Increase/Decrease	18.41%	12.348	6.73%	27.142	12.61%	14.003	5.60%
Starting No. of Shares	Nasdaq PBA	183.401	Nasdaq PBA	215.244	Nasdaq PBA	249.976	Nasdaq PBA
Institutions/Holdings	18.06%	9	26.58%	3	30.90%	15	38.46%	20	43.06%	20	40.59%	20	43.84%	20	45.46%			20	67.91%
Total Shares Held	0.45%	2.658	0.67%	3.090	0.61%	3.846	0.70%	220.266	40.19%	222.244	40.41%	241.279	43.87%	250.211	45.58%			373.152	67.97%
Increase/Decrease	8.04%	-0.188	-6.61%	-0.063	-1.98%	0.216	5.95%	0.216	2.08%	-5.567	-53.77%	13.535	130.72%	-2.107	-20.35%			122.137	1179.62%
Starting No. of Shares	Reuters	2.847	Reuters	3.152	Reuters	3.630	Reuters	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20			10.354	MS Top 20
Copyright © 2008 Website of SPBrunner. All rights reserved.
My stock