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.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ 1/31/24
Royal Bank of Canada TSX: RY NYSE:  RY https://www.rbc.com/ Fiscal Yr: Oct 31 Q1 2024
Year 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 10/31/19 10/31/20 10/31/21 10/31/22 10/31/23 10/31/24 10/31/25 10/31/26 Value Description #Y Item Total G
Accting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
Split Date
Split
$54,941 <-12 mths -2.12%
Revenue* $27,430 $29,772 $30,867 $34,108 $35,321 $38,405 $40,669 $42,576 $46,002 $47,181 $49,693 $48,985 $56,129 $56,987 $59,362 $66,355 81.84% <-Total Growth 10 Revenue
Increase -3.2% 8.5% 3.7% 10.5% 3.6% 8.7% 5.9% 4.7% 8.0% 2.6% 5.3% -1.4% 14.6% 1.5% 4.2% 11.8% 6.16% <-IRR #YR-> 10 Revenue 81.84%
5 year Running Average $25,782 $27,244 $29,101 $30,101 $31,500 $33,695 $35,874 $38,216 $40,595 $42,967 $45,224 $46,887 $49,598 $51,795 $54,231 $57,564 5.68% <-IRR #YR-> 5 Revenue 31.83%
Revenue per Share $19.07 $20.60 $21.42 $23.65 $24.46 $25.88 $28.00 $29.59 $32.15 $33.14 $34.87 $35.35 $40.02 $40.64 $42.33 $47.32 5.48% <-IRR #YR-> 10 5 yr Running Average 70.43%
Increase -4.1% 8.0% 4.0% 10.4% 3.4% 5.8% 8.2% 5.7% 8.7% 3.1% 5.2% 1.4% 13.2% 1.5% 4.2% 11.8% 5.35% <-IRR #YR-> 5 5 yr Running Average 29.78%
5 year Running Average $18.63 $19.23 $20.30 $20.92 $21.84 $23.20 $24.68 $26.31 $28.02 $29.75 $31.55 $33.02 $35.11 $36.80 $38.64 $41.13 6.45% <-IRR #YR-> 10 Revenue per Share 86.86%
P/S (Price/Sales) Med 2.79 2.48 2.93 3.20 3.15 2.89 3.29 3.41 3.08 2.74 3.24 3.78 3.10 3.01 0.00 0.00 6.23% <-IRR #YR-> 5 Revenue per Share 35.28%
P/S (Price/Sales) Close 2.55 2.76 3.27 3.38 3.06 3.24 3.60 3.22 3.30 2.90 3.69 3.57 2.77 3.31 3.18 2.85 5.63% <-IRR #YR-> 10 5 yr Running Average 72.94%
*Total Revenue on Cdn GAAP P/S Med 20 yr  2.94 15 yr  3.08 10 yr  3.17 5 yr  3.10 4.44% Diff M/C 5.94% <-IRR #YR-> 5 5 yr Running Average 33.41%
-$30,867 $0 $0 $0 $0 $0 $0 $0 $0 $0 $56,129
-$42,576 $0 $0 $0 $0 $56,129
-$29,101 $0 $0 $0 $0 $0 $0 $0 $0 $0 $49,598
-$38,216 $0 $0 $0 $0 $49,598
-$21.42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $40.02
-$29.59 $0.00 $0.00 $0.00 $0.00 $40.02
-$20.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.11
-$26.31 $0.00 $0.00 $0.00 $0.00 $35.11
$15,464 <-12 mths -2.37%
$11.09 <-12 mths -2.38%
Adjusted Earnings CDN$ $6,689 $7,205 $8,044 $8,960 $9,780 $10,145 $11,149 $12,356 $12,798 $11,368 $15,968 $15,738 $15,840 96.92% <-Total Growth 10 Adjusted Earnings 1,392.53
Return on Equity ROE 18.16% 18.31% 18.43% 17.14% 15.78% 16.54% 16.80% 16.45% 14.08% 17.36% 15.52% 14.27% 16.49% <-Median-> 10 Return on Equity ROE
5Yr Median #NUM! 18.16% 18.24% 18.31% 18.24% 18.16% 17.14% 16.80% 16.54% 16.45% 16.54% 16.45% 15.52% 16.67% <-Median-> 10 5Yr Median
Basic $4.71 $5.03 $5.56 $6.21 $6.78 $6.83 $7.60 $8.56 $8.92 $7.98 $11.21 $11.21 $11.39 104.86% <-Total Growth 10 AEPS
AEPS* Dilued $4.63 $4.96 $5.53 $6.19 $6.76 $6.80 $7.57 $8.53 $8.39 $7.97 $11.19 $11.19 $11.36 $11.40 $12.05 $11.88 105.42% <-Total Growth 10 AEPS
Increase 18.41% 7.13% 11.49% 11.93% 9.21% 0.59% 11.32% 12.68% -1.64% -5.01% 40.40% 0.00% 1.52% 0.35% 5.70% -1.41% 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $4.17 $4.60 $5.04 $5.61 $6.05 $6.57 $7.17 $7.61 $7.85 $8.73 $9.45 $10.02 $10.62 $11.44 $11.58 7.46% <-IRR #YR-> 10 AEPS 105.42%
AEPS Yield 9.52% 8.71% 7.90% 7.74% 9.04% 8.11% 7.50% 8.94% 7.90% 8.29% 8.69% 8.88% 10.26% 8.47% 8.95% 8.82% 5.90% <-IRR #YR-> 5 AEPS 33.18%
Payout Ratio 44.92% 45.97% 44.48% 44.59% 44.97% 47.06% 44.91% 43.38% 47.68% 53.45% 38.61% 42.54% 46.39% 48.16% 45.81% 46.46% 8.10% <-IRR #YR-> 10 5 yr Running Average 117.92%
5 year Running Average 50.34% 47.41% 46.22% 44.99% 45.41% 45.20% 44.98% 45.60% 47.30% 45.60% 45.13% 45.73% 45.83% 44.30% 45.87% 6.92% <-IRR #YR-> 5 5 yr Running Average 39.75%
Price/AEPS Median 11.47 10.30 11.35 12.21 11.39 10.99 12.16 11.84 11.81 11.39 10.10 11.94 10.92 10.74 0.00 0.00 11.60 <-Median-> 10 Price/AEPS Median
Price/AEPS High 13.13 11.85 12.70 13.43 12.33 12.43 13.49 12.67 12.87 13.72 11.86 13.33 12.28 11.73 0.00 0.00 12.77 <-Median-> 10 Price/AEPS High
Price/AEPS Low 9.82 8.75 10.00 11.00 10.46 9.56 10.84 11.02 10.75 9.07 8.34 10.55 9.55 9.76 0.00 0.00 10.51 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 10.50 11.48 12.66 12.93 11.06 12.32 13.32 11.18 12.66 12.07 11.51 11.26 9.75 11.81 11.17 11.33 11.79 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 12.43 12.30 14.12 14.47 12.08 12.40 14.83 12.60 12.45 11.46 16.16 11.26 9.90 11.85 11.81 11.17 12.43 <-Median-> 10 Trailing P/AEPS Close
Median Values DPR 10 Yrs 44.94% 5 Yrs   46.39% P/CF 5 Yrs   in order 11.39 12.87 9.55 11.51 3.65% Diff M/C DPR 75% to 95% best
* Adjusted Earnings per Share
-$5.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.36
-$8.53 $0.00 $0.00 $0.00 $0.00 $11.36
-$4.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.02
-$7.17 $0.00 $0.00 $0.00 $0.00 $10.02
$10.98 <-12 mths 4.57%
pre-split 00 (83 to  85 Shareowner)
pre-split 06
EPS Basic $3.21 $4.98 $5.60 $6.03 $6.75 $6.80 $7.59 $8.39 $8.78 $7.84 $11.08 $11.08 $10.51 87.68% <-Total Growth 10 EPS Basic
pre-split 00
pre-split 06
EPS Diluted* $3.19 $4.93 $5.54 $6.00 $6.73 $6.78 $7.56 $8.36 $8.75 $7.82 $11.06 $11.06 $10.50 $10.91 $11.47 $11.88 89.53% <-Total Growth 10 EPS Diluted
Increase -7.8% 54.5% 12.4% 8.3% 12.2% 0.7% 11.5% 10.6% 4.7% -10.6% 41.4% 0.0% -5.1% 3.9% 5.1% 3.6% 10 0 10 Years of Data, EPS P or N 100.00%
Earnings Yield 6.6% 8.7% 7.9% 7.5% 9.0% 8.1% 7.5% 8.8% 8.2% 8.1% 8.6% 8.8% 9.5% 8.1% 8.5% 8.8% 6.60% <-IRR #YR-> 10 Earnings per Share 89.53%
5 year Running Average $3.36 $3.51 $3.94 $4.62 $5.28 $6.00 $6.52 $7.09 $7.64 $7.85 $8.71 $9.41 $9.84 $10.27 $11.00 $11.16 4.66% <-IRR #YR-> 5 Earnings per Share 25.60%
10 year Running Average $2.92 $3.22 $3.55 $3.94 $4.36 $4.68 $5.01 $5.51 $6.13 $6.57 $7.35 $7.97 $8.46 $8.95 $9.43 $9.94 9.59% <-IRR #YR-> 10 5 yr Running Average 149.82%
* Diluted ESP per share  E/P 10 Yrs 8.41% 5Yrs 8.59% 6.78% <-IRR #YR-> 5 5 yr Running Average 38.84%
-$5.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.50
-$8.36 $0.00 $0.00 $0.00 $0.00 $10.50
-$3.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.84
-$7.09 $0.00 $0.00 $0.00 $0.00 $9.84
Dividend* $5.63 $5.93 $6.18 Dividend*
Increase 6.83% 5.33% 4.22% Increase
Payout Ratio EPS 51.60% 51.70% 52.02% 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-spit '90
Pre-spit '00
Pre-split 06
Dividend* $2.08 $2.28 $2.46 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $5.27 $5.49 $5.52 $5.52 114.23% <-Total Growth 10 Dividends
Increase 4.00% 9.62% 7.89% 12.20% 10.14% 5.26% 6.25% 8.82% 8.11% 6.50% 1.41% 10.19% 10.71% 4.17% 0.55% 0.00% 31 0 40 Years of data, Count P, N 77.50%
Average Increases 5 Year Running 9.35% 5.98% 4.30% 6.74% 8.77% 9.02% 8.35% 8.54% 7.72% 6.99% 6.22% 7.01% 7.38% 6.60% 5.41% 5.12% 7.55% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.96 $2.07 $2.16 $2.32 $2.52 $2.75 $2.97 $3.22 $3.47 $3.71 $3.94 $4.21 $4.52 $4.82 $5.07 $5.31 108.96% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 3.92% 4.46% 3.92% 3.65% 3.95% 4.28% 3.69% 3.66% 4.04% 4.69% 3.82% 3.56% 4.25% 4.48% 3.89% <-Median-> 10 Dividends Item
Yield on High  Price 3.42% 3.88% 3.50% 3.32% 3.65% 3.79% 3.33% 3.42% 3.71% 3.90% 3.26% 3.19% 3.78% 4.11% 3.54% <-Median-> 10 Dividends EPS
Yield on Low Price 4.58% 5.25% 4.45% 4.06% 4.30% 4.92% 4.14% 3.94% 4.43% 5.90% 4.63% 4.03% 4.86% 4.93% 4.37% <-Median-> 10 Dividends AEPS
Yield on Close Price 4.28% 4.00% 3.51% 3.45% 4.07% 3.82% 3.37% 3.88% 3.77% 4.43% 3.35% 3.78% 4.76% 4.08% 4.10% 4.10% 3.80% <-Median-> 10 Dividends CFPS
Payout Ratio EPS 65.20% 46.25% 44.40% 46.00% 45.17% 47.20% 44.97% 44.26% 45.71% 54.48% 39.06% 43.04% 50.19% 50.32% 48.13% 46.46% 45.44% <-Median-> 10 DPR EPS FCF 
DPR EPS 5 Yr Running 58.37% 59.10% 54.95% 50.09% 47.82% 45.83% 45.57% 45.44% 45.42% 47.26% 45.19% 44.72% 45.96% 46.93% 46.11% 47.58% 45.70% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 28.94% -158.89% 48.95% 26.23% 18.18% 17.69% 13.09% 30.47% 40.12% 4.37% 10.09% 30.06% 28.34% 29.52% #VALUE! #DIV/0! 22.21% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 22.21% 37.78% 45.22% 39.62% 33.19% 28.08% 19.47% 19.29% 20.92% 11.34% 10.45% 11.80% 12.24% 12.46% #VALUE! #DIV/0! 19.38% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 54.95% 35.02% 38.15% 40.29% 38.58% 42.47% 39.48% 39.16% 40.72% 45.15% 32.29% 35.04% 43.81% 29.52% #VALUE! #DIV/0! 39.88% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 49.42% 47.50% 44.34% 41.40% 40.10% 39.01% 39.81% 39.93% 40.05% 41.38% 38.82% 37.79% 38.81% 35.96% #VALUE! #DIV/0! 39.87% <-Median-> 10 DPR CF WC 5 Yr Running
Median values 10 Yr Med 10 Yr Cl 3.89% 3.80% 5 Yr Med 5 Yr Cl 4.04% 3.78% 5 Yr Med Payout 45.71% 28.34% 40.72% 6.54% <-IRR #YR-> 5 Dividends 42.43%
* Dividends per share  10 Yr Med and Cur. 5.53% 7.97% 5 Yr Med and Cur. 1.57% 8.58% Last Div Inc ---> $1.35 $1.38 2.22% 7.12% <-IRR #YR-> 10 Dividends 114.23%
Dividends Growth 15 6.96% <-IRR #YR-> 15 Dividends 163.50%
Dividends Growth 20 8.83% <-IRR #YR-> 20 Dividends 512.79%
Dividends Growth 25 10.33% <-IRR #YR-> 25 Dividends 1097.73%
Dividends Growth 30 10.30% <-IRR #YR-> 30 Dividends 1717.24%
Dividends Growth 35 8.93% <-IRR #YR-> 35 Dividends 1926.92%
Dividends Growth 40 8.03% <-IRR #YR-> 40 Dividends 2008.00%
Dividends Growth 5 -$4.00 $0.00 $0.00 $0.00 $0.00 $5.49 Dividends Growth 5
Dividends Growth 10 -$2.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.49 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 $5.49 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 $5.49 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 $5.49 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 $5.49 Dividends Growth 30
Dividends Growth 35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.49 Dividends Growth 35
Dividends Growth 40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.49 Dividends Growth 40
Historical Dividends Historical High Div 7.86% Low Div 2.38% 10 Yr High 5.80% 10 Yr Low 3.21% Med Div 3.95% Close Div 3.82% Historical Dividends
High/Ave/Median Values Curr diff Exp. -47.84%     72.27% Exp. -29.31% 27.73% Cheap 3.80% Cheap 7.37% High/Ave/Median 
Historical Dividends 1988 Historical High Div 6.08% Low Div 2.30% 10 Yr High 5.80% 10 Yr Low 3.21% Med Div 3.87% Close Div 3.72% Historical Dividends
Future Dividend Yield Div Yd 5.63% earning in 5 Years at IRR of 6.54% Div Inc. 37.25% Future Dividend Yield
Future Dividend Yield Div Yd 7.72% earning in 10 Years at IRR of 6.54% Div Inc. 88.38% Future Dividend Yield
Future Dividend Yield Div Yd 10.60% earning in 15 Years at IRR of 6.54% Div Inc. 158.55% Future Dividend Yield
Future Dividend Paid Div Paid $7.58 earning in 5 Years at IRR of 6.54% Div Inc. 37.25% Future Dividend Paid
Future Dividend Paid Div Paid $10.40 earning in 10 Years at IRR of 6.54% Div Inc. 88.38% Future Dividend Paid
Future Dividend Paid Div Paid $14.27 earning in 15 Years at IRR of 6.54% Div Inc. 158.55% Future Dividend Paid
Dividend Covering Cost Total Div $33.90 over 5 Years at IRR of 10.30% Div Cov. 25.18% Dividend Covering Cost
Dividend Covering Cost Total Div $80.24 over 10 Years at IRR of 10.30% Div Cov. 59.60% Dividend Covering Cost
Dividend Covering Cost Total Div $155.88 over 15 Years at IRR of 10.30% Div Cov. 115.78% Dividend Covering Cost
I am earning GC Div Gr 1680.65% 10/27/95 # yrs -> 29 1995 $7.26 Cap Gain 1754.41% I am earning GC
I am earning Div org yield 4.27% 10/31/24 Trading Div G Yrly 10.43% Div start $0.31 -4.27% 76.03% I am earning Div
Yield if held 5 years 4.50% 4.12% 5.19% 6.59% 5.46% 6.02% 6.65% 5.90% 5.29% 5.53% 5.78% 5.17% 5.22% 5.54% 6.08% 4.89% 5.66% <-Median-> 10 Paid Median Price
Yield if held 10 years 8.77% 8.77% 8.66% 8.87% 8.37% 6.93% 6.15% 7.80% 9.54% 7.65% 8.13% 9.32% 8.40% 7.26% 7.17% 7.38% 8.25% <-Median-> 10 Paid Median Price
Yield if held 15 years 22.44% 15.14% 13.15% 15.38% 15.97% 13.49% 13.08% 13.02% 12.85% 11.73% 9.35% 8.61% 11.11% 13.10% 9.91% 10.39% 12.94% <-Median-> 10 Paid Median Price
Yield if held 20 years 34.67% 36.12% 38.68% 38.73% 42.47% 34.52% 22.58% 19.77% 22.29% 22.37% 18.22% 18.32% 18.55% 17.64% 15.19% 11.95% 22.33% <-Median-> 10 Paid Median Price
Yield if held 25 years 53.03% 56.56% 62.86% 53.51% 53.52% 53.33% 53.86% 58.18% 56.13% 59.52% 46.61% 31.61% 28.16% 30.59% 28.99% 23.28% 53.52% <-Median-> 10 Paid Median Price
Yield if held 30 years 81.58% 84.34% 94.54% 77.56% 75.00% 72.00% 75.41% 82.86% 77.04% 77.12% 59.55% 79.57% <-Median-> 8 Paid Median Price
Yield if held 35 years 110.13% 118.08% 134.65% 106.45% 97.18% 92.00% 118.08% <-Median-> 3 Paid Median Price
Cost covered if held 5 years 21.21% 18.74% 22.81% 27.63% 22.66% 25.86% 29.09% 25.65% 22.94% 24.10% 26.33% 22.85% 22.38% 24.32% 27.93% 23.51% 24.87% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 63.11% 63.44% 63.66% 63.73% 59.73% 50.95% 45.61% 56.75% 69.01% 55.99% 62.91% 70.27% 61.67% 54.83% 57.02% 61.86% 60.70% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 188.97% 128.94% 114.55% 132.21% 137.58% 121.05% 120.63% 120.34% 119.45% 110.81% 93.54% 83.67% 104.41% 126.51% 101.54% 112.90% 119.89% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 316.92% 332.75% 364.39% 359.87% 396.65% 337.21% 227.63% 200.59% 228.84% 235.06% 204.05% 201.60% 199.93% 196.88% 180.61% 151.03% 228.23% <-Median-> 10 Paid Median Price
Cost covered if held 25 years 519.63% 555.91% 628.81% 525.35% 525.44% 545.92% 568.16% 617.53% 603.19% 655.96% 549.53% 367.36% 321.42% 363.14% 368.25% 316.06% 547.73% <-Median-> 10 Paid Median Price
Cost covered if held 30 years 869.92% 924.53% 1040.18% 861.56% 852.20% 873.92% 901.47% 973.03% 941.38% 1010.27% 836.09% 887.69% <-Median-> 8 Paid Median Price
Cost covered if held 35 years 1371.64% 1446.45% 1617.89% 1328.84% 1298.68% 1316.58% 1446.45% <-Median-> 3 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $42,576 $46,002 $47,181 $49,693 $48,985 $56,129 $54,941 <-12 mths -2.12% 31.83% <-Total Growth 5 Revenue Growth  31.83%
AEPS Growth $8.53 $8.39 $7.97 $11.19 $11.19 $11.36 $11.09 <-12 mths -2.38% 33.18% <-Total Growth 5 AEPS Growth 33.18%
Net Income Growth $12,400 $12,860 $11,432 $16,038 $15,794 $14,859 $15,841 <-12 mths 6.61% 19.83% <-Total Growth 5 Net Income Growth 19.83%
Cash Flow Growth $17,474 $14,265 $138,819 $61,044 $21,942 $26,079 49.24% <-Total Growth 5 Cash Flow Growth 49.24%
Dividend Growth $3.70 $4.00 $4.26 $4.32 $4.76 $5.27 $5.49 <-12 mths 4.17% 42.43% <-Total Growth 5 Dividend Growth 42.43%
Stock Price Growth $95.39 $106.24 $96.16 $128.82 $126.05 $110.76 $134.63 <-12 mths 21.55% 16.11% <-Total Growth 5 Stock Price Growth 16.11%
Revenue Growth  $30,867 $34,108 $35,321 $38,405 $40,669 $42,576 $46,002 $47,181 $49,693 $48,985 $56,129 $56,987 <-this year 1.53% 81.84% <-Total Growth 10 Revenue Growth  81.84%
AEPS Growth $5.53 $6.19 $6.76 $6.80 $7.57 $8.53 $8.39 $7.97 $11.19 $11.19 $11.36 $11.40 <-this year 0.35% 105.42% <-Total Growth 10 AEPS Growth 105.42%
Net Income Growth $8,331 $8,910 $9,925 $10,405 $11,428 $12,400 $12,860 $11,432 $16,038 $15,794 $14,859 $15,156 <-this year 2.00% 78.36% <-Total Growth 10 Net Income Growth 78.36%
Cash Flow Growth $7,242 $15,174 $24,149 $26,856 $37,725 $17,474 $14,265 $138,819 $61,044 $21,942 $26,079 260.11% <-Total Growth 10 Cash Flow Growth 260.11%
Dividend Growth $2.46 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $5.27 $5.63 <-this year 6.83% 114.23% <-Total Growth 10 Dividend Growth 114.23%
Stock Price Growth $70.02 $80.01 $74.77 $83.80 $100.87 $95.39 $106.24 $96.16 $128.82 $126.05 $110.76 $134.63 <-this year 21.55% 58.18% <-Total Growth 10 Stock Price Growth 58.18%
Dividends on Shares $295.36 $323.76 $349.32 $391.92 $431.68 $454.40 $482.80 $525.40 $568.00 $604.92 $613.44 $675.92 $748.34 $779.58 $783.84 $783.84 $8,787.67 No of Years 30 Total Dividends 12/31/93
Paid  $7,381.16 $8,502.96 $10,140.22 $11,394.08 $10,529.30 $12,903.54 $14,576.30 $13,268.48 $14,590.50 $14,851.78 $19,063.50 $18,076.60 $19,028.00 $19,117.46 $19,117.46 $19,117.46 $19,028.00 No of Years 30 Worth $7.08
Total $27,815.67
Dividends on Shares $41.40 $45.60 $48.00 $51.00 $55.50 $60.00 $63.90 $64.80 $71.40 $79.05 $82.35 $82.80 $82.80 $580.65 No of Years 10 Total Dividends 12/31/13
Paid  $1,071.15 $1,203.60 $1,112.25 $1,363.05 $1,539.75 $1,401.60 $1,541.25 $1,568.85 $2,013.75 $1,909.50 $2,010.00 $2,019.45 $2,019.45 $2,019.45 $2,010.00 No of Years 10 Worth $71.41
Total $2,590.65
Graham No. AEPS $51.69 $55.34 $61.59 $68.52 $77.52 $81.42 $88.91 $99.04 $101.33 $100.83 $127.47 $135.74 $142.22 $143.10 $147.12 $146.08 130.90% <-Total Growth 10 Graham Price AEPS
Price/GP Ratio Med 1.03 0.92 1.02 1.10 0.99 0.92 1.04 1.02 0.98 0.90 0.89 0.98 0.87 0.86 0.98 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.18 1.06 1.14 1.21 1.07 1.04 1.15 1.09 1.07 1.08 1.04 1.10 0.98 0.93 1.08 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.88 0.78 0.90 0.99 0.91 0.80 0.92 0.95 0.89 0.72 0.73 0.87 0.76 0.78 0.88 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.94 1.03 1.14 1.17 0.96 1.03 1.13 0.96 1.05 0.95 1.01 0.93 0.78 0.94 0.92 0.92 0.99 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -5.94% 2.88% 13.68% 16.77% -3.54% 2.93% 13.45% -3.69% 4.85% -4.63% 1.06% -7.14% -22.12% -5.92% -8.49% -7.84% -1.24% <-Median-> 10 Graham Price
Graham No. EPS $42.91 $55.18 $61.65 $67.46 $77.35 $81.30 $88.85 $98.05 $103.48 $99.87 $126.73 $134.95 $136.73 $139.99 $143.53 $146.08 121.79% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 1.24 0.93 1.02 1.12 1.00 0.92 1.04 1.03 0.96 0.91 0.89 0.99 0.91 0.87 0.97 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.42 1.07 1.14 1.23 1.08 1.04 1.15 1.10 1.04 1.09 1.05 1.11 1.02 0.95 1.09 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.06 0.79 0.90 1.01 0.91 0.80 0.92 0.96 0.87 0.72 0.74 0.88 0.79 0.79 0.87 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.13 1.03 1.14 1.19 0.97 1.03 1.14 0.97 1.03 0.96 1.02 0.93 0.81 0.96 0.94 0.92 0.99 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 13.31% 3.20% 13.58% 18.61% -3.33% 3.08% 13.53% -2.71% 2.67% -3.72% 1.65% -6.59% -19.00% -3.83% -6.20% -7.84% -0.53% <-Median-> 10 Graham Price
Month, Year December Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jan-26 Jan-27 40.00 <Count Years> Month, Year December
Price Close $51.98 $59.88 $71.41 $80.24 $74.15 $90.87 $102.65 $93.44 $102.75 $104.59 $134.25 $127.30 $134.00 $134.63 $134.63 $134.63 87.65% <-Total Growth 10 Stock Price
Increase -0.65% 15.20% 19.26% 12.37% -7.59% 22.55% 12.96% -8.97% 9.96% 1.79% 28.36% -5.18% 5.26% 0.47% 0.00% 0.00% 13.01 <-Median-> 10 CAPE (10 Yr P/E)
P/E 16.29 12.15 12.89 13.37 11.02 13.40 13.58 11.18 11.74 13.37 12.14 11.51 12.76 12.34 11.74 11.33 7.48% <-IRR #YR-> 5 Stock Price 43.41%
Trailing P/E 15.02 18.77 14.48 14.48 12.36 13.50 15.14 12.36 12.29 11.95 17.17 11.51 12.12 12.82 12.34 11.74 6.50% <-IRR #YR-> 10 Stock Price 87.65%
CAPE (10 Yr P/E) 14.97 14.57 14.36 14.18 13.51 13.34 13.48 13.30 12.72 12.67 12.43 12.32 12.34 12.27 12.30 12.10 11.65% <-IRR #YR-> 5 Price & Dividend 71.56%
Median 10, 5 Yrs D.  per yr 4.00% 4.17% % Tot Ret 38.12% 35.82% Price Inc 5.26% P/E:  12.45 12.14 10.50% <-IRR #YR-> 10 Price & Dividend 145.30%
Price  15 D.  per yr 4.79% % Tot Ret 34.40% 9.14% <-IRR #YR-> 15 Stock Price 271.19%
Price  20 D.  per yr 4.18% % Tot Ret 35.15% 7.72% <-IRR #YR-> 20 Stock Price 342.39%
Price  25 D.  per yr 4.00% % Tot Ret 32.86% 8.18% <-IRR #YR-> 25 Stock Price 614.29%
Price  30 D.  per yr 4.95% % Tot Ret 32.45% 10.30% <-IRR #YR-> 30 Stock Price 1792.66%
Price  35 D.  per yr 4.83% % Tot Ret 32.49% 10.03% <-IRR #YR-> 35 Stock Price
Price  40 D.  per yr 4.19% % Tot Ret 31.81% 8.98% <-IRR #YR-> 40 Stock Price
Price & Dividend 15 13.93% <-IRR #YR-> 15 Price & Dividend 413.93%
Price & Dividend 20 11.90% <-IRR #YR-> 20 Price & Dividend 532.73%
Price & Dividend 25 12.19% <-IRR #YR-> 25 Price & Dividend 937.23%
Price & Dividend 30 15.24% <-IRR #YR-> 30 Price & Dividend 2670.83%
Price & Dividend 35 14.86% <-IRR #YR-> 35 Price & Dividend
Price & Dividend 40 13.17% <-IRR #YR-> 40 Price & Dividend
Price  5 -$93.44 $0.00 $0.00 $0.00 $0.00 $134.00 Price  5
Price 10 -$71.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $134.00 Price 10
Price & Dividend 5 -$93.44 $4.00 $4.26 $4.32 $4.76 $139.27 Price & Dividend 5
Price & Dividend 10 -$71.41 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $139.27 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 $134.00 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 $134.00 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 $134.00 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 $134.00 Price  30
Price  35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $134.00 Price  35
Price  40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $134.00 Price  40
Price & Dividend 15 $2.08 $2.28 $2.46 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $139.27 Price & Dividend 15
Price & Dividend 20 $2.08 $2.28 $2.46 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $139.27 Price & Dividend 20
Price & Dividend 25 $2.08 $2.28 $2.46 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $139.27 Price & Dividend 25
Price & Dividend 30 $2.08 $2.28 $2.46 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $139.27 Price & Dividend 30
Price & Dividend 35 $2.08 $2.28 $2.46 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $139.27 Price & Dividend 35
Price & Dividend 40 $2.08 $2.28 $2.46 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $139.27 Price & Dividend 40
Month, Year October Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26 37.00 <Count Years> Month, Year December
Pre-spit '00
pre-split 06
Price Close $48.62 $56.94 $70.02 $80.01 $74.77 $83.80 $100.87 $95.39 $106.24 $96.16 $128.82 $126.05 $110.76 $134.63 $134.63 $134.63 58.18% <-Total Growth 10 Stock Price
Increase -10.61% 17.11% 22.97% 14.27% -6.55% 12.08% 20.37% -5.43% 11.37% -9.49% 33.96% -2.15% -12.13% 21.55% 0.00% 0.00% 4.69% <-IRR #YR-> 10 Stock Price 58.18%
P/E 15.24 11.55 12.64 13.34 11.11 12.36 13.34 11.41 12.14 12.30 11.65 11.40 10.55 12.34 11.74 11.33 3.03% <-IRR #YR-> 5 Stock Price 16.11%
Trailing P/E 14.05 17.85 14.20 14.44 12.46 12.45 14.88 12.62 12.71 10.99 16.47 11.40 10.01 12.82 12.34 11.74 9.08% <-IRR #YR-> 10 Price & Dividend 116.98%
Median 10, 5 Yrs D.  per yr 4.39% 4.44% % Tot Ret 48.33% 59.40% Price Inc -2.15% P/E:  11.89 11.65 7.47% <-IRR #YR-> 5 Price & Dividend 43.69%
-$70.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $110.76
-$95.39 $0.00 $0.00 $0.00 $0.00 $110.76
-$70.02 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $116.03
-$95.39 $4.00 $4.26 $4.32 $4.76 $116.03
Price Median H/L $53.13 $51.09 $62.77 $75.59 $77.02 $74.75 $92.08 $101.04 $99.09 $90.81 $113.00 $133.62 $124.01 $122.47 97.58% <-Total Growth 10 Stock Price
Increase -4.60% -3.83% 22.85% 20.43% 1.90% -2.95% 23.18% 9.73% -1.93% -8.36% 24.44% 18.25% -7.19% -1.24% 7.05% <-IRR #YR-> 10 Stock Price 97.58%
P/E 16.65 10.36 11.33 12.60 11.44 11.03 12.18 12.09 11.32 11.61 10.22 12.08 11.81 11.23 4.18% <-IRR #YR-> 5 Stock Price 22.74%
Trailing P/E 15.35 16.02 12.73 13.64 12.84 11.11 13.58 13.36 11.85 10.38 14.45 12.08 11.21 11.66 11.50% <-IRR #YR-> 10 Price & Dividend 163.17%
P/E on Run. 5 yr Ave 15.82 14.57 15.94 16.35 14.59 12.47 14.12 14.26 12.98 11.56 12.97 14.20 12.61 11.93 8.28% <-IRR #YR-> 5 Price & Dividend 48.78%
P/E on Run. 10 yr Ave 18.17 15.87 17.66 19.18 17.67 15.98 18.36 18.33 16.16 13.83 15.37 16.77 14.65 13.68 11.81 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.45% 4.10% % Tot Ret 38.73% 49.50% Price Inc -1.93% P/E:  11.71 11.61 Count 40 Years of data
-$62.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $124.01
-$101.04 $0.00 $0.00 $0.00 $0.00 $124.01
-$62.77 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $129.28
-$101.04 $4.00 $4.26 $4.32 $4.76 $129.28
High Month Mar 11 Mar 12 Oct 13 Sep 14 Nov 14 Oct 16 Oct 17 Jan 18 Sep 19 Nov 19 Oct 21 Jan 22 Feb 23 Dec 23
Pre-Split 92
Pre-spit '00
pre-split 06
Price High $60.79 $58.78 $70.22 $83.11 $83.33 $84.50 $102.10 $108.05 $107.96 $109.36 $132.70 $149.15 $139.55 $133.67 98.73% <-Total Growth 10 Stock Price
Increase -2.61% -3.31% 19.46% 18.36% 0.26% 1.40% 20.83% 5.83% -0.08% 1.30% 21.34% 12.40% -6.44% -4.21% 7.11% <-IRR #YR-> 10 Stock Price 98.73%
P/E 19.06 11.92 12.68 13.85 12.38 12.46 13.51 12.92 12.34 13.98 12.00 13.49 13.29 12.25 5.25% <-IRR #YR-> 5 Stock Price 29.15%
Trailing P/E 17.57 18.43 14.24 15.00 13.89 12.56 15.06 14.29 12.91 12.50 16.97 13.49 12.62 12.73 13.49 P/E Ratio Historical Median
Median 10, 5 Yrs 13.49 P/E Ratio Historical   Median Price Inc 1.30% P/E:  13.11 13.29 15.98 P/E Ratio Historical High
-$70.22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $139.55
-$108.05 $0.00 $0.00 $0.00 $0.00 $139.55
-$70.22 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $144.82
-$108.05 $4.00 $4.26 $4.32 $4.76 $144.82
Low Month Sep 11 Nov 11 Nov 12 Feb 14 Aug 15 Feb 16 Nov 16 Oct 18 Dec 18 Mar 20 Nov 20 Oct 22 Oct 23 Nov 23
Pre-Split 92
Pre-spit '00
pre-split 06
Price Low $45.46 $43.40 $55.31 $68.06 $70.71 $65.00 $82.06 $94.02 $90.21 $72.25 $93.29 $118.09 $108.47 $111.27 96.11% <-Total Growth 10 Stock Price
Increase -7.13% -4.53% 27.44% 23.05% 3.89% -8.08% 26.25% 14.57% -4.05% -19.91% 29.12% 26.58% -8.15% 2.58% 6.97% <-IRR #YR-> 10 Stock Price 96.11%
P/E 14.25 8.80 9.98 11.34 10.51 9.59 10.85 11.25 10.31 9.24 8.43 10.68 10.33 10.20 2.90% <-IRR #YR-> 5 Stock Price 15.37%
Trailing P/E 13.14 13.61 11.22 12.29 11.79 9.66 12.10 12.44 10.79 8.26 11.93 10.68 9.81 10.60 10.29 P/E Ratio Historical Median
Median 10, 5 Yrs 10.29 P/E Ratio Historical   Median Price Inc -4.05% P/E:  10.42 10.31 7.48 P/E Ratio Historical Low
-$55.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $108.47
-$94.02 $0.00 $0.00 $0.00 $0.00 $108.47
-$55.31 $2.76 $3.04 $3.20 $3.40 $3.70 $4.00 $4.26 $4.32 $4.76 $113.74
-$94.02 $4.00 $4.26 $4.32 $4.76 $113.74
Free Cash Flow MS $3,000 -$3,000 $6,000 $14,000 $23,000 $25,599 $36,361 $15,494 $12,004 $136,190 $58,860 $19,440 $23,000 283.33% <-Total Growth 10 Free Cash Flow
Change -200.00% 300.00% 133.33% 64.29% 11.30% 42.04% -57.39% -22.52% 1034.54% -56.78% -66.97% 18.31% 8.22% <-IRR #YR-> 5 Free Cash Flow MS 48.44%
FCF/CF from Op Ratio 0.29 1.45 0.83 0.92 0.95 0.95 0.96 0.89 0.84 0.98 0.96 0.89 0.88 14.38% <-IRR #YR-> 10 Free Cash Flow MS 283.33%
Dividends paid $2,992 $3,295 $3,545 $3,981 $4,564 $4,997 $5,309 $5,640 $6,025 $6,033 $6,420 $6,960 $5,549 56.53% <-Total Growth 10 Dividends paid
Percentage paid 19.52% 14.60% 36.40% 50.19% 4.43% 10.91% 35.80% 24.13% $0.22 <-Median-> 8 Percentage paid
5 Year Coverage 23.60% 12.41% 11.37% 12.84% 12.42% 5 Year Covrage
Dividend Coverage Ratio 5.04 5.12 6.85 2.75 1.99 22.57 9.17 2.79 4.14 5.04 <-Median-> 9 Dividend Coverage Ratio
5 Year of Coverage 4.24 8.06 8.80 7.79 8.05 5 Year of Coverage
-$15,494 $0 $0 $0 $0 $23,000
-$6,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $23,000
Free Cash Flow WSJ $1,071 $8,277 -$2,919 $15,087 $23,252 $14,963 $17,104 $79,587 $5,222 387.58% <-Total Growth 8 Free Cash Flow
Change 672.83% -135.27% 616.86% 54.12% -35.65% 14.31% 365.31% -93.44% -19.12% <-IRR #YR-> 5 Free Cash Flow WSJ -65.39%
FCF/CF from Op Ratio 0.04 0.31 -0.08 0.86 1.63 0.11 0.28 3.63 0.20 21.90% <-IRR #YR-> 8 Free Cash Flow WSJ #DIV/0!
Dividends paid $4,564 $4,997 $5,309 $5,640 $6,025 $6,033 $6,420 $6,960 $5,549 21.58% <-Total Growth 8 Dividends paid
Percentage paid 426.14% 60.37% -181.88% 37.38% 25.91% 40.32% 37.54% 8.75% 106.26% $0.38 <-Median-> 9 Percentage paid
5 Year Coverage 59.27% 47.74% 43.60% 20.72% 22.11% 5 Year Coverage
Dividend Coverage Ratio 0.23 1.66 -0.55 2.68 3.86 2.48 2.66 11.43 0.94 2.48 <-Median-> 9 Dividend Coverage Ratio
5 Year of Coverage 1.69 2.09 2.29 4.83 4.52 5 Year of Coverage
-$15,087 $0 $0 $0 $0 $5,222
-$1,071 $0 $0 $0 $0 $0 $0 $0 $5,222
Market Cap $M $69,934 $82,296 $100,903 $115,393 $107,964 $124,379 $146,517 $137,269 $151,995 $136,918 $183,593 $174,654 $155,327 $188,801 $188,801 $188,801 53.94% <-Total Growth 10 Market Cap
Diluted # of Share in Million 1,437.90 1,468.29 1,466.53 1,452.00 1,449.51 1,494.14 1,474.42 1,450.49 1,440.68 1,428.77 1,426.74 1,406.03 1,392.53 1,392.53 -5.05% <-Total Growth 10 Diluted
Change 0.29% 2.11% -0.12% -0.99% -0.17% 3.08% -1.32% -1.62% -0.68% -0.83% -0.14% -1.45% -0.96% 0.00% -0.89% <-Median-> 10 Change
Difference Diluted/Basic -0.5% -1.8% -1.6% -0.7% -0.5% -0.6% -0.5% -0.5% -0.4% -0.3% -0.2% -0.2% -0.1% -0.1% -0.43% <-Median-> 10 Difference Diluted/Basic
Basic # of Shares in Millions 1,430.72 1,442.17 1,443.74 1,442.55 1,442.94 1,485.88 1,466.99 1,443.89 1,434.78 1,423.92 1,424.34 1,403.65 1,391.02 1,391.02 -3.65% <-Total Growth 10 Average
Change 0.70% 0.80% 0.11% -0.08% 0.03% 2.98% -1.27% -1.57% -0.63% -0.76% 0.03% -1.45% -0.90% 0.00% -0.69% <-Median-> 10 Change
Difference 0.5% 0.2% -0.2% 0.0% 0.1% -0.1% -1.0% -0.3% -0.3% 0.0% 0.1% -1.3% 0.8% 0.8% -0.07% <-Median-> 10 Difference
Pre-spit '00
Pre-split 06
# of Share in M 1438.38 1445.30 1441.06 1442.23 1443.95 1484.23 1452.53 1439.03 1430.68 1423.86 1425.19 1385.59 1402.37 1402.37 1402.37 1402.37 -0.27% <-IRR #YR-> 10 Shares -2.68%
Change 0.94% 0.48% -0.29% 0.08% 0.12% 2.79% -2.14% -0.93% -0.58% -0.48% 0.09% -2.78% 1.21% 0.00% 0.00% 0.00% -0.51% <-IRR #YR-> 5 Shares -2.55%
CF fr Op $M $10,338 -$2,074 $7,242 $15,174 $24,149 $26,856 $37,725 $17,474 $14,265 $138,819 $61,044 $21,942 $26,079 $26,079 <-12 mths 260.11% <-Total Growth 10 Cash Flow
Increase -8.46% -120.06% 449.18% 109.53% 59.15% 11.21% 40.47% -53.68% -18.36% 873.14% -56.03% -64.06% 18.85% 0.00% <-12 mths DRIP SO, Buy Backs S. Issue
5 year Running Average $11,988 $7,679 $6,841 $8,395 $10,966 $14,269 $22,229 $24,276 $14,265 $138,819 $61,044 $21,942 $26,079 $26,079 <-12 mths 281.24% <-Total Growth 10 CF 5 Yr Running
CFPS $7.19 -$1.43 $5.03 $10.52 $16.72 $18.09 $25.97 $12.14 $9.97 $97.49 $42.83 $15.84 $18.60 $18.60 <-12 mths 270.04% <-Total Growth 10 Cash Flow per Share
Increase -9.32% -119.97% 450.21% 109.36% 58.96% 8.19% 43.54% -53.25% -17.89% 877.80% -56.07% -63.03% 17.43% 0.00% <-12 mths 13.67% <-IRR #YR-> 10 Cash Flow 260.11%
5 year Running Average $8.82 $5.48 $4.79 $5.84 $7.60 $9.79 $15.27 $16.69 $16.58 $32.73 $37.68 $35.66 $36.95 $38.67 <-12 mths 8.34% <-IRR #YR-> 5 Cash Flow 49.24%
P/CF on Med Price 7.39 -35.60 12.49 7.18 4.61 4.13 3.55 8.32 9.94 0.93 2.64 8.44 6.67 6.59 <-12 mths 13.98% <-IRR #YR-> 10 Cash Flow per Share 270.04%
P/CF on Closing Price 6.76 -39.68 13.93 7.60 4.47 4.63 3.88 7.86 10.66 0.99 3.01 7.96 5.96 7.24 <-12 mths 8.90% <-IRR #YR-> 5 Cash Flow per Share 53.15%
28.43% Diff M/C 22.68% <-IRR #YR-> 10 CFPS 5 yr Running 672.09%
Excl.Working Capital CF -$4,893 $11,483 $2,051 -$5,294 -$12,771 -$15,674 -$25,216 -$3,878 -$211 -$125,385 -$41,974 -$3,122 -$9,209 $0 <-12 mths 17.22% <-IRR #YR-> 5 CFPS 5 yr Running 121.35%
CF fr Op $M WC $5,445 $9,409 $9,293 $9,880 $11,378 $11,182 $12,509 $13,596 $14,054 $13,434 $19,070 $18,820 $16,870 $26,079 <-12 mths 81.53% <-Total Growth 10 Cash Flow less WC
Increase -12.67% 72.80% -1.23% 6.32% 15.16% -1.72% 11.87% 8.69% 3.37% -4.41% 41.95% -1.31% -10.36% 54.59% <-12 mths 6.14% <-IRR #YR-> 10 Cash Flow less WC 81.53%
5 year Running Average $5,457 $6,183 $7,007 $8,052 $9,081 $10,228 $10,848 $11,709 $12,544 $12,955 $14,533 $15,795 $16,450 $18,855 <-12 mths 4.41% <-IRR #YR-> 5 Cash Flow less WC 24.08%
CFPS Excl. WC $3.79 $6.51 $6.45 $6.85 $7.88 $7.53 $8.61 $9.45 $9.82 $9.43 $13.38 $13.58 $12.03 $18.60 <-12 mths 8.91% <-IRR #YR-> 10 CF less WC 5 Yr Run 134.76%
Increase -13.49% 71.97% -0.94% 6.23% 15.02% -4.39% 14.31% 9.71% 3.97% -3.95% 41.82% 1.51% -11.43% 54.59% <-12 mths 7.04% <-IRR #YR-> 5 CF less WC 5 Yr Run 40.49%
5 year Running Average $3.97 $4.36 $4.88 $5.59 $6.29 $7.04 $7.46 $8.06 $8.66 $8.97 $10.14 $11.13 $11.65 $13.40 <-12 mths 6.43% <-IRR #YR-> 10 CFPS - Less WC 86.54%
P/CF on Med Price 14.03 7.85 9.73 11.03 9.77 9.92 10.69 10.69 10.09 9.62 8.44 9.84 10.31 6.59 <-12 mths 4.95% <-IRR #YR-> 5 CFPS - Less WC 27.32%
P/CF on Closing Price 12.84 8.75 10.86 11.68 9.49 11.12 11.71 10.10 10.82 10.19 9.63 9.28 9.21 7.24 <-12 mths 9.09% <-IRR #YR-> 10 CFPS 5 yr Running 138.71%
*Operational Cash Flow per share CF/CF-WC P/CF Med 10 yr 5.64 5 yr  6.67 P/CF Med 10 yr 10.00 5 yr  9.84 -27.64% Diff M/C 7.63% <-IRR #YR-> 5 CFPS 5 yr Running 44.46%
For Working capital I used total of 
-1441.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1402.37 Shares
-1439.03 0.00 0.00 0.00 0.00 1402.37 Shares
-$7,242 $0 $0 $0 $0 $0 $0 $0 $0 $0 $26,079 Cash Flow
-$17,474 $0 $0 $0 $0 $26,079 Cash Flow
OPM 17.31% 25.00% 26.99% 26.12% 28.10% 27.09% 28.10% 29.12% 27.96% 24.23% 32.27% 32.24% 26.47% 26.60% -1.92% <-Total Growth 10 OPM
Increase -4.30% 44.41% 7.97% -3.21% 7.57% -3.58% 3.72% 3.65% -4.01% -13.33% 33.20% -0.10% -17.89% 0.46% Should increase  or be stable.
Diff from Ave. -37.1% -9.2% -1.9% -5.1% 2.1% -1.6% 2.1% 5.8% 1.6% -12.0% 17.3% 17.1% -3.8% -3.4% 0.02 <-Median-> 10 OPM
*Operational Profit Margin (Net Income/Revenue) Ratio for banks OPM 10 Yrs 27.52% 5 Yrs 28.10% should be  zero, it is a   check on calculations
Covering Assets $1,044,258 $1,162,334 $1,271,139 $1,409,644 $1,506,352 $1,639,079 $1,738,529 $1,738,529 66.48% <-Total Growth 6 Covering Assets Type
Change 11.31% 9.36% 10.90% 6.86% 8.81% 6.07% 0.00% 9.09% <-Median-> 6 Change Lg Term R A
Debt/ Assets Ratios 0.76 0.72 0.70 0.72 0.73 0.74 0.71 0.71 72.13% <-Median-> 7 Debt/Covering Assets Lg Term R
Deposits - Debt $697,227 $757,589 $790,851 $838,414 $887,718 $1,013,807 $1,103,497 $1,208,814 $1,231,687 $1,231,687 76.66% <-Total Growth 8 Debt- Deposits Intang/GW
Change 8.66% 4.39% 6.01% 5.88% 14.20% 8.85% 9.54% 1.89% 0.00% 7.34% <-Median-> 8 Change Liquidity
Debt/Market Cap Ratio 6.46 6.09 5.40 6.11 5.84 7.40 6.01 6.92 7.93 6.52 6.11 <-Median-> 9 Debt/Market Cap Ratio Liq. + CF
Assets/Current Liabilities Ratio 59.74 60.67 63.32 75.87 71.17 62.37 70.41 54.73 51.04 51.04 62.37 <-Median-> 9 Assets/Current Liab Ratio Debt Ratio
Current Liabilities/Asset Ratio 0.02 0.02 0.02 0.01 0.01 0.02 0.01 0.02 0.02 0.02 0.02 <-Median-> 9 Current Liab/Asset Ratio Leverage
Debt to Cash Flow (Years) 28.87 28.21 20.96 47.98 62.23 7.30 18.08 55.09 47.23 47.23 D/E Ratio
Intangibles $2,777 $2,775 $2,814 $4,648 $4,507 $4,687 $4,674 $4,752 $4,471 $6,083 $5,970 $5,970 114.98% <-Total Growth 10 Intangibles
Goodwill $7,485 $8,361 $8,647 $9,289 $11,156 $10,977 $11,137 $11,236 $11,302 $10,854 $12,277 $12,594 $12,594 50.63% <-Total Growth 10 Goodwill
Total $7,485 $11,138 $11,422 $12,103 $15,804 $15,484 $15,824 $15,910 $16,054 $15,325 $18,360 $18,564 $18,564 66.67% <-Total Growth 10 Total
Change 48.80% 2.55% 5.96% 30.58% -2.02% 2.20% 0.54% 0.91% -4.54% 19.80% 1.11% 0.00% 1.65% <-Median-> 10 Change
Intangible/Market Cap Ratio 0.09 0.11 0.10 0.11 0.13 0.11 0.12 0.10 0.12 0.08 0.11 0.12 0.10 0.11 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $18,888 $22,872 $24,931 $25,820 $35,142 $42,780 $61,069 $66,680 $64,655 $157,901 $193,484 $180,408 $133,075 $133,075 Liquidity ratio of 1.5 and up, best
Current Liabilities (Other) $15,045 $16,332 $12,411 $13,829 $17,982 $19,455 $19,154 $17,593 $20,077 $26,049 $24,234 $35,029 $39,285 $39,285 3.30 <-Median-> 10 Ratio
Liquidity Ratio 1.26 1.40 2.01 1.87 1.95 2.20 3.19 3.79 3.22 6.06 7.98 5.15 3.39 3.39 5.15 <-Median-> 5 Ratio
Liq. with CF aft div 1.74 1.17 2.31 2.68 3.05 3.34 4.90 4.48 3.65 11.16 10.25 5.59 3.86 3.86 5.59 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.55 1.17 2.31 1.68 1.27 1.59 2.71 3.08 2.35 4.43 3.04 2.13 2.25 3.86 2.35 <-Median-> 5 Ratio
Banks usually have a ratio of 1.04 or 1.05
Assets $751,702 $825,100 $860,819 $940,550 $1,074,208 $1,180,258 $1,212,853 $1,334,734 $1,428,935 $1,624,548 $1,706,323 $1,917,219 $2,004,992 $2,004,992 Debt Ratio of 1.5 and up, best
Liabilities $708,054 $779,072 $810,484 $886,047 $1,010,264 $1,108,646 $1,138,425 $1,254,779 $1,345,310 $1,537,781 $1,607,561 $1,809,044 $1,887,232 $1,887,232 1.06 <-Median-> 10 Ratio
Debt Ratio 1.06 1.06 1.06 1.06 1.06 1.06 1.07 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 <-Median-> 5 Ratio
Estimates BVPS $82.60 $87.70 $92.80 Estimates Estimates BVPS
Estimate Book Value $115,836 $122,988 $130,140 Estimates Estimate Book Value
P/B Ratio (Close) 1.63 1.54 1.45 Estimates P/B Ratio (Close)
Difference from 10 year median -10.63% Diff M/C Estimates Difference from 10 yr med.
Total Book Value $43,648 $46,028 $50,335 $54,503 $63,944 $71,612 $74,428 $79,955 $83,625 $86,767 $98,762 $108,175 $117,760 $117,760 133.95% <-Total Growth 10 Book Value
NCI $1,941 $1,761 $1,795 $1,813 $1,798 $595 $599 $94 $102 $103 $95 $95 $95 $102 NCI
Book Value & Pref $41,707 $44,267 $48,540 $52,690 $62,146 $71,017 $73,829 $79,861 $83,523 $86,664 $98,667 $108,080 $117,665 $117,658 142.41% <-Total Growth 10 Book Value
Preferred Shares $4,813 $4,600 $4,600 $4,075 $5,100 $6,713 $6,413 $6,309 $5,706 $5,945 $6,684 $6,684 $6,684 $5,706 45.30% <-Total Growth 10 Preferred Shares
Book Value $36,894 $39,667 $43,940 $48,615 $57,046 $64,304 $67,416 $73,552 $77,817 $80,719 $91,983 $101,396 $110,981 $111,952 $111,952 $111,952 152.57% <-Total Growth 10 Book Value
Book Value per Share $25.65 $27.45 $30.49 $33.71 $39.51 $43.32 $46.41 $51.11 $54.39 $56.69 $64.54 $73.18 $79.14 $79.83 $79.83 $79.83 159.54% <-Total Growth 10 Book Value per Share
Change 7.06% 7.00% 11.10% 10.55% 17.20% 9.66% 7.13% 10.13% 6.42% 4.23% 13.85% 13.38% 8.14% 0.87% 0.00% 0.00% -7.53% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 2.07 1.86 2.06 2.24 1.95 1.73 1.98 1.98 1.82 1.60 1.75 1.83 1.57 1.53 2.00 P/BV Ratio Historical Median
P/B Ratio (Close) 1.90 2.07 2.30 2.37 1.89 1.93 2.17 1.87 1.95 1.70 2.00 1.72 1.40 1.69 1.69 1.69 10.01% <-IRR #YR-> 10 Book Value per Share 159.54%
Change -16.51% 9.45% 10.69% 3.36% -20.27% 2.20% 12.36% -14.13% 4.66% -13.16% 17.67% -13.70% -18.75% 20.50% 0.00% 0.00% 9.14% <-IRR #YR-> 5 Book Value per Share 54.83%
Leverage (A/BK) 17.22 17.93 17.10 17.26 16.80 16.48 16.30 16.69 17.09 18.72 17.28 17.72 17.03 17.03 17.06 <-Median-> 10 A/BV
Bank says leverage is  4.3% 4.4% 4.4% 4.4% 4.3% 4.8% 4.9% 4.4% 4.3% 4.4% <-Median-> 9 Bank Leverage
Debt/Equity Ratio 16.22 16.93 16.10 16.26 15.80 15.48 15.30 15.69 16.09 17.72 16.28 16.72 16.03 16.03 16.06 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.82 5 yr Med 1.75 -7.53% Diff M/C
Comprehensive Income $5,326 $7,880 $8,806 $9,919 $13,179 $9,361 $11,362 $13,963 $11,429 $10,302 $17,506 $21,625 $15,119 Comprehensive Income
NCI $104 $98 $98 $94 $114 $55 $39 $32 $10 $7 $5 $21 $9 NCI
Shareholders $5,222 $7,782 $8,708 $9,825 $13,065 $9,306 $11,323 $13,931 $11,419 $10,295 $17,501 $21,604 $15,110 73.52% <-Total Growth 10 Comprehensive Income
Increase 10.15% 49.02% 11.90% 12.83% 32.98% -28.77% 21.67% 23.03% -18.03% -9.84% 70.00% 23.44% -30.06% -9.8% <-Median-> 5 Comprehensive Income
5 Yr Running Average $4,819 $5,509 $6,170 $7,256 $8,920 $9,737 $10,445 $11,490 $11,809 $11,255 $12,894 $14,950 $15,186 5.67% <-IRR #YR-> 10 Comprehensive Income 73.52%
ROE 14.2% 19.6% 19.8% 20.2% 22.9% 14.5% 16.8% 18.9% 14.7% 12.8% 19.0% 21.3% 13.6% 1.64% <-IRR #YR-> 5 Comprehensive Income 8.46%
5Yr Median 14.2% 14.2% 14.2% 19.6% 19.8% 19.8% 19.8% 18.9% 16.8% 14.7% 16.8% 18.9% 14.7% 9.43% <-IRR #YR-> 10 5 Yr Running Average 146.13%
Difference from NI 24.3% 16.7% 15.5% 19.5% 43.4% -1.2% 8.5% 22.0% -4.7% -3.3% 17.1% 45.8% 7.8% 5.74% <-IRR #YR-> 5 5 Yr Running Average 32.17%
Median Values Diff 5, 10 yr 12.8% 7.8% 14.7% <-Median-> 5 Return on Equity
Current Liability Coverage Ratio 0.36 0.58 0.75 0.71 0.63 0.57 0.65 0.77 0.70 0.52 0.79 0.54 0.43 0.66   CFO / Current Liabilities
5 year Median 0.58 0.63 0.63 0.65 0.65 0.65 0.65 0.70 0.70 0.54 0.54 0.54 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 0.72% 1.14% 1.08% 1.05% 1.06% 0.95% 1.03% 1.02% 0.98% 0.83% 1.12% 0.98% 0.84% 1.30% CFO / Total Assets
5 year Median 0.72% 0.72% 0.86% 1.05% 1.06% 1.06% 1.05% 1.03% 1.02% 0.98% 1.02% 0.98% 0.98% 0.98% 1.0% <-Median-> 5 Return on Assets 
Return on Assets ROA 0.63% 0.90% 0.97% 0.95% 0.92% 0.88% 0.94% 0.93% 0.90% 0.70% 0.94% 0.82% 0.74% 0.76% Net  Income/Assets Return on Assets
5Yr Median 0.63% 0.63% 0.71% 0.90% 0.92% 0.92% 0.94% 0.93% 0.92% 0.90% 0.93% 0.90% 0.82% 0.76% 0.8% <-Median-> 5 Asset Efficiency Ratio
Return on Equity ROE 11.38% 16.81% 17.16% 16.91% 15.97% 14.65% 15.48% 15.53% 15.40% 13.19% 16.25% 14.61% 12.63% 12.88% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 13.15% 13.15% 13.15% 16.81% 16.81% 16.81% 15.97% 15.53% 15.48% 15.40% 15.48% 15.40% 14.61% 13.19% 14.6% <-Median-> 5 Return on Equity
$15,841 <-12 mths 6.61%
Net Income $4,852 $7,539 $8,429 $9,004 $10,026 $10,458 $11,469 $12,431 $12,871 $11,437 $16,050 $15,807 $14,866 Net Income
NCI $104 $97 $98 $94 $101 $53 $41 $31 $11 $5 $12 $13 $7 NCI
Shareholders $4,748 $7,442 $8,331 $8,910 $9,925 $10,405 $11,428 $12,400 $12,860 $11,432 $16,038 $15,794 $14,859 $15,156 $15,780 $15,435 78.36% <-Total Growth 10 Shareholders
Increase -7.34% 56.74% 11.95% 6.95% 11.39% 4.84% 9.83% 8.51% 3.71% -11.10% 40.29% -1.52% -5.92% 2.00% 4.12% -2.19% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $4,603 $5,145 $5,901 $6,911 $7,871 $9,003 $9,800 $10,614 $11,404 $11,705 $12,832 $13,705 $14,197 $14,656 $15,525 $15,405 5.96% <-IRR #YR-> 10 Net Income 78.36%
Operating Cash Flow $10,338 -$2,074 $7,242 $15,174 $24,149 $26,856 $37,725 $17,474 $14,265 $138,819 $61,044 $21,942 $26,079 3.68% <-IRR #YR-> 5 Net Income 19.83%
Investment Cash Flow -$32,936 $3,765 $364 -$8,214 -$25,143 -$21,426 -$15,458 -$8,018 -$11,126 -$39,557 -$57,348 -$57,054 -$28,265 9.18% <-IRR #YR-> 10 5 Yr Running Ave. 140.60%
Total Accruals $27,346 $5,751 $725 $1,950 $10,919 $4,975 -$10,839 $2,944 $9,721 -$87,830 $12,342 $50,906 $17,045 5.99% <-IRR #YR-> 5 5 Yr Running Ave. 33.76%
Total Assets $751,702 $825,100 $860,819 $940,550 $1,074,208 $1,180,258 $1,212,853 $1,334,734 $1,428,935 $1,624,548 $1,706,323 $1,917,219 $2,004,992 Balance Sheet Assets
Accruals Ratio 3.64% 0.70% 0.08% 0.21% 1.02% 0.42% -0.89% 0.22% 0.68% -5.41% 0.72% 2.66% 0.85% 0.72% <-Median-> 5 Ratio
EPS/CF Ratio 0.84 0.76 0.86 0.88 0.85 0.90 0.88 0.88 0.89 0.83 0.83 0.81 0.87 0.87 <-Median-> 10 EPS/CF Ratio
Chge in Closing Price -10.6% 17.1% 23.0% 14.3% -6.5% 12.1% 20.4% -5.4% 11.4% -9.5% 34.0% -2.2% -12.1% 21.6% 0.0% 0.0% Count 38 Years of data
up/down down up Count 8 21.05%
Meet Prediction? % right Count 1 12.50%
Financial Cash Flow $29,174 -$4,200 -$4,449 -$5,284 -$4,430 -$3,134 -$8,651 -$7,720 -$7,457 -$7,746 -$5,928 -$2,185 -$9,833 C F Statement  Financial CF
Total Accruals -$1,828 $9,951 $5,174 $7,234 $15,349 $8,109 -$2,188 $10,664 $17,178 -$80,084 $18,270 $53,091 $26,878 Accruals
Accruals Ratio -0.24% 1.21% 0.60% 0.77% 1.43% 0.69% -0.18% 0.80% 1.20% -4.93% 1.07% 2.77% 1.34% 0.93% <-Median-> 10 Ratio
Cash Flow $6,576 -$2,509 $3,157 $1,676 -$5,424 $2,296 $13,616 $1,736 -$4,318 $91,516 -$2,232 -$37,297 -$12,019 Net Cash Flow
Exchange effect -$138 $66 $419 $1,062 -$2,810 -$4,152 $1,611
Net Cash Flow $13,478 $1,802 -$3,899 $92,578 -$5,042 -$41,449 -$10,408
Per share $4.57 -$1.74 $2.19 $1.16 -$3.76 $1.55 $9.28 $1.25 -$2.73 $65.02 -$3.54 -$29.91 -$7.42 Per share
5 yr Running Average $1.69 $1.27 $0.82 $1.40 $0.49 $0.12 $2.08 $1.90 $1.12 $14.87 $13.86 $6.02 $4.28 5 yr Running 
Cash $15,963 $12,617 $15,870 $17,421 $12,452 $14,929 $28,407 $30,209 $26,310 $118,888 $113,846 $72,397 $61,989 $61,989 Cash
Cash per Share $11.10 $8.73 $11.01 $12.08 $8.62 $10.06 $19.56 $20.99 $18.39 $83.50 $79.88 $52.25 $44.20 $44.20 Cash per Share
Percentage of Stock Price 22.83% 15.33% 15.73% 15.10% 11.53% 12.00% 19.39% 22.01% 17.31% 86.83% 62.01% 41.45% 39.91% 32.83% 41.45% <-Median-> 5 % of Stock Price
Notes:
December 26, 2023.  Last estimates were for 2023, 2024 and 2025 of $53656M, $58282M and $60100M for Revenue, $11.82, $12.73 and $12.92 for AEPS, 
$11.50, $12.20 and $12.00 for EPS, $5.39, $5.68 and $5.93 for Dividends, $79.90 and $85.80 2023/4 for BVPS, and $15720M, $16844M and $16871M for Net Income.
January 1, 2023.  Last estimates were for 2022, 2023 and 2024 of $49579M, $53022M for Revenue 2022/23., $11.10, $11.70 and $11.60 for EPS, 
$4.93, $5.30 and $5.39 for Dividends, and $15411M, $21330M and $21256M for Net Income.
January 2, 2022.  Last estimates were for 2021 and 2022 of $45560M, $47635M for Revenue, $8.61 and $9.43 for EPS, 
$4.32, $4.33 and $4.32 for Dividends, $10.80 and $11.70 for CFPS, and $11626M, $13293M for Net Income.
January 1, 2021.  Last estimates were for 2020, 2021 and 2022 of $45546M, $47107M and $48087M for Revenue, $9.15, $9.61 and $10.40 for EPS, 
$4.30, $4.50 and $4.78 for Dividiends, $9.40 for CFPS for 2020 and $13663M, $13652 and $14879 Calc for Net Income.
January 2, 2020.  Last estimates were for 2019, 2020 and 2021 of $43763M, $45750M and $47000M for Revenue, $8.96, $9.46 and $9.97 for EPS, 
$8.89 and $9.40 for CFPS for 2019 and 2020 and $12834 and $13663M for Net Income for 2019 and 2020.
January 5, 2018.  Last estimates were for 2018, 2019 and 2020 of $40917M, $40957M and $44517M for Revenue, $7.95, $8.53 and $9.22 for EPS, 
$9.28, $8.89 and $9.40 for CFPS and $11611M and $12343M for 2018 and 2019 for Net Income.
January 1, 2018.  Last estimates were for 2017, 2018 amd 2019 of $38150M, $40471M and $40381M for Revenue, $6.99, $7.43 and $8.32 for EPS, 
$8.20, $8.78 and $8.19 for CFPS and $10415M and $11098M for Net Income for 2017 and 2018.
January 07, 2017.  Last estimates were for 2016, 2017 and 2018 of $36383M, $38731M and $39482M for Revenue, $6.84, $7.28 and $7.74 for EPS, 
$8.08, $8.59 and $8.77 for CFPS and $9947M and $10554M for 2016 and 2017 for Net Income.
January 10, 2015.  Last estiamtes were for 2014, 2015 and 2016 of $31766M, $33530M and $33842M for Revenue, $3.85. $6.39 and $6.89 for EPS, 
$6.82, $7.43 and $6.98 for CFPS and $8470M, $9168M and $9854M for Net Income.
January  4, 2014.  Last estimates were for 2013 and 2014 of $31202M and $32761M for Revenue and $5.34 and $5.69 for EPS and $6.40 for CFPS for 2013.
January 6, 2013. Last estimates were for 2012 and 2013 at $28440M and $29468M Revenue, $4.61 and $5.01 EPS and $5.98 and $6.40 CF.
Dec 16, 2011.  Last estimates were for 2011 and 2012 at $4.44 and $4.67 for EPS and $4.46 and $5.94 for CF.
Dec 14, 2010.  At last review, I picked up estimates for 2010 and 2011 for earnings of $432 and $5.10 and cash flow of $6.70 and $9.20
Dec 17, 2009.  When I last reviewed this stock in Dec 2008, I picked up a earnings for 2009 of $4.35. Feb 2010 matched unaudited results with audited and found no change.
I have had this stock for a long time.  It has done what I expected for a solid financial stock.
Possiblity for more purchase, but a little high in price.
AR 2006.  Still doing well.
2005.  Still doing well.
2004.  Still doing well.
2003.  Note both this stock and RY's stock has increased in price re P/E and is at a 10 year high. 
Royal bank shows stock prices back to 1975 in a PDF on their site.
Royal Bank has been paying dividends since 1870.
Canadian Shareowner Special Issue 1993 says that the bank had a finance year ending September 30 each year in years of 1983 to 1992, years covered in booklet.
This bank has been paying dividends since 1870.
Employee savings and share ownership plans RESSO
We offer many employees an opportunity to own our common shares through savings and share ownership plans. Under these plans, the employees can generally contribute between 1% and 10% of their annual 
salary or benefit base for commissioned based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. For the RBC Dominion Securities
Savings Plan, our maximum annual contribution is $4,500 per employee. For the RBC U.K. Share Incentive Plan, our maximum annual contribution is £1,500 per employee. In 2012, we contributed $75 million (2011 – $72 million), 
under the terms of these plans, towards the purchase of our common shares. As at October 31, 2012, an aggregate of 37 million common shares were held under these plans (October 31,
2011 – 36 million common shares; November 1, 2010 – 35 million common shares).
29/05/2008. RBC was taken to task earlier this year for not increasing its dividend in the midst of the liquidity crisis caused by ABCP/sub-prime mortgages (I am a shareholder of RBC). However, remember RBC didn’t make 
$5.4 billion in profits last year without knowing a thing or two about growing a business and managing risk. A temporary halt to dividend increases to an industry in flux is a good thing if it gives financial 
flexibility to ride the crisis out or to buy out a competitor on the cheap. Those who criticized RBC for not increasing their dividends also over-looked the fact that RBC made $4.5 billion worth of acquisitions 
in fiscal 2007; it was using its free cash to expand. Cash is king in a crisis. It allows you significant breathing space and buying opportunities so why limit yourself financially by increasing the dividend? There’s 
also some interesting speculation about RBC- it didn’t increase its dividend and has quietly raised over $1 billion in new financings (mostly through preference share issues)- what is it stock-piling cash for? 
Sector:
Bank, Financial Services
What should this stock accomplish?
Banks can be good money makers.  They tend to have good yields and moderate dividend growth.  Dividends grow very well over time.
Would I buy this company and Why.
I still value this stock and consider it a core stock of my portfolio.
Why am I following this stock. 
At the time I bought this stock it was on Mike Higgs' list of Canadian Dividend Growth Stocks and on the dividend lists I followed as were all the banks.
Why I bought this stock.
In 1995 I bought this stock and this is the second bank stock that I have bought. 
Dividends
Dividends are paid quarterly in Cycle 2 of November, February, May and August.  Dividends are declared  for shareholders of record of one month and paid in the next month.
For example, the dividend declared on January 26, 2015 for shareholders of record was paid to shareholders on February 24, 2015.
Misson Statement or closes thing I can find.
We give our people the tools and support to grow and enrich their careers.
Our first priority is doing our jobs as bankers well, and serving our clients with integrity, every day. 
At RBC, we also take our responsibilities in the community, marketplace, workplace and to the planet seriously.
We are committed to delivering excellent long-term returns to our shareholders.
How they make their money
Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, 
wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.
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 Jan 7 2017 Jan 3 2018 Jan 1 2019 Jan 2 2020 Jan 2 2021 Jan 2 2022 Jan 1 2023 Dec 26 2023
McKay, David Ian 0.002% 0.010 0.001% 0.030 0.002% 0.032 0.002% 0.035 0.002% 0.037 0.003% 0.040 0.003% 0.042 0.003% 0.045 0.003% 5.73%
CEO - Shares - Amount $2.103 $1.033 $2.869 $3.441 $3.343 $4.796 $5.050 $4.696 $6.035
Options - percentage 0.066% 1.197 0.082% 1.213 0.084% 1.201 0.084% 1.236 0.087% 1.314 0.092% 1.374 0.099% 1.461 0.104% 1.570 0.112% 7.50%
Options - amount $82.065 $120.787 $115.721 $127.634 $118.825 $169.271 $173.135 $161.772 $211.392
Nixon, Gordon Melbourne
CEO - Shares - Amount
Options - percentage
Options - amount
Ahn, Nadine Genevieve 0.003 0.000% 0.003 0.000% 0.004 0.000% 16.45%
CFO - Shares - Amount $0.406 $0.365 $0.516
Options - percentage 0.040 0.003% 0.070 0.005% 0.108 0.008% 54.79%
Options - amount $5.029 $7.707 $14.501
Bolger, Rod 0.003 0.000% 0.004 0.000% 0.004 0.000% 0.006 0.000% Ceased insider Oct 2021 #DIV/0!
CFO - Shares - Amount $0.286 $0.395 $0.432 $0.749
Options - percentage 0.150 0.010% 0.195 0.014% 0.193 0.014% 0.288 0.020% #DIV/0!
Options - amount $14.282 $20.724 $18.518 $37.151
Fukakusa, Janice Rose 0.001% 0.043 0.003% ceased insider Jan 2017
CFO - Shares - Amount $1.603 $4.287
Options - percentage 0.054% 0.580 0.040%
Options - amount $67.170 $58.523
Hepworth, Graeme Ashley 0.001 0.000% 0.001 0.000% 17.91%
Officer - Shares - Amount $0.119 $0.170
Options - percentage 0.199 0.014% 0.229 0.016% 15.19%
Options - amount $22.021 $30.832
McLaughlin, Neil 0.008 0.001% 0.009 0.001% 10.33%
Officer - Shares - Amount $0.883 $1.185
Options - percentage 0.354 0.025% 0.413 0.029% 16.69%
Options - amount $39.202 $55.601
Guzman, Douglas Antony 0.000% 0.003 0.000% 0.004 0.000% 0.004 0.000% 0.004 0.000% 0.005 0.000% 0.005 0.000% 0.005 0.000% 0.006 0.000% last report Dec 2018 5.57%
Officer - Shares - Amount $0.000 $0.342 $0.357 $0.428 $0.414 $0.596 $0.625 $0.583 $0.748
Options - percentage 0.000% 0.232 0.016% 0.271 0.019% 0.426 0.030% 0.477 0.034% 0.537 0.038% 0.584 0.042% 0.659 0.047% 0.752 0.054% 14.17%
Options - amount $0.000 $23.415 $25.884 $45.220 $45.892 $69.163 $73.562 $72.971 $101.261
Anderson, Robert James 0.000% 0.006 0.000% ceased insider Jan 2017
Officer - Shares - Amount $0.504 $0.646
Options - percentage 0.014% 0.209 0.014%
Options - amount $17.586 $21.089
Chisholm, Andrew Allen 0.000 0.000% 0.002 0.000% 0.003 0.000% 0.004 0.000% 0.004 0.000% 0.004 0.000% 0.004 0.000% 3.78%
Director - Shares - Amount $0.042 $0.169 $0.262 $0.491 $0.481 $0.422 $0.533
Options - percentage 0.000 0.000% 0.000 0.000% 0.001 0.000% 0.002 0.000% 0.008 0.001% 0.013 0.001% 0.017 0.001% 35.42%
Options - amount $0.000 $0.000 $0.105 $0.280 $1.062 $1.396 $2.299
Bibic, Mirko 0.002 0.000% 0.002 0.000% 0.00%
Director - Shares - Amount $0.248 $0.301
Options - percentage 0.000 0.000% 0.001 0.000% #DIV/0!
Options - amount $0.000 $0.082
Cote, Jacynthe 0.002 0.000% 0.002 0.000% 0.00%
Chairman - Shares - Amt $0.222 $0.269
Options - percentage 0.024 0.002% 0.027 0.002% 12.60%
Options - amount $2.632 $3.602
Taylor, Kathleen 0.002% 0.013 0.001% 0.013 0.001% 0.013 0.001% 0.013 0.001% 0.013 0.001% 0.013 0.001% 0.013 0.001% Ceased inisder Apr 2023 -100.00%
Chairman - Shares - Amt $2.651 $1.275 $1.206 $1.343 $1.215 $1.628 $1.593 $1.400
Options - percentage 0.004% 0.063 0.004% 0.068 0.005% 0.072 0.005% 0.076 0.005% 0.081 0.006% 0.086 0.006% 0.092 0.007% -100.00%
Options - amount $4.974 $6.387 $6.464 $7.627 $7.314 $10.381 $10.861 $10.158
Increase in O/S Shares 0.08% 4.981 0.34% 3.477 0.239% 1.466 0.102% 1.900 0.133% 1.043 0.073% 1.326 0.093% 1.270 0.092% 0.740 0.053%
due to SO 2013 - YE $88.976 $417.408 $350.725 $139.842 $201.856 $100.295 $170.815 $160.084 $81.962
Book Value $62.000 $307.000 $227.000 $92.000 $136.000 $80.000 $100.000 $99.000 $68.000
Insider Buying -$0.528 -$6.953 -$0.147 -$0.315 -$0.090 -$0.054 $0.000 -$0.019 $0.000
Insider Selling $35.135 $36.024 $15.689 $23.243 $24.381 $11.625 -$8.640 $7.967 $9.508
Net Insider Selling $34.607 $29.071 $15.542 $22.928 $24.291 $11.572 -$8.640 $7.948 $9.508
% of Market Cap 0.03% 0.02% 0.01% 0.02% 0.02% 0.01% 0.00% 0.01% 0.01%
Directors 15 13 12 13 15 13 14 13
Women 29% 5 33% 5 38% 5 42% 5 38% 7 47% 6 46% 6 43% 5 38%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 1 8% 1 7% 2 15%
Institutions/Holdings 50.95% 438 43.25% 482 40.79% 548 40.93% 20 36.87% 20 38.90% 20 38.35% 20 39.23%
Total Shares Held 49.544% 687.124 47.305% 592.677 40.803% 589.167 41.181% 528.693 36.95% 553.514 38.69% 530.396 37.821% 551.819 39.349%
Increase/Decrease 3.78% 14.104 2.10% 0.105 0.02% 15.321 2.67% -0.235 -0.04% -1.375 -0.25% 21.235 4.17% 22.962 4.34%
Starting No. of Shares NASDAQ 673.020 NASDAQ 592.572 NASDAQ 573.846 NASDAQ 528.929 Top 20 MS 554.889 Top 20 MS 509.162 Top 20 MS 528.858 Top 20 MS
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