This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024								ACD_2024_01_23.pdf
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/											https://leede.ca/wp-content/uploads/ACD_2024_01_23.pdf
Accord Financial Corp					TSX	ACD	OTC	ACCFF	https://www.accordfinancial.com/en/			Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules					IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date
Split
																		Q1 2023	Q1 2024
Interest	$2.0	$1.9	$1.9	$2.5	$2.3	$2.3	$3.8	$9.4	$17.09	$14.6	$15.9	$24.1	$35.3	$37.3	<-12 mths			$7.9	$10.0		Interest
Change	18.31%	-6.65%	0.12%	31.88%	-10.51%	1.04%	68.66%	144.52%	81.67%	-14.59%	8.84%	51.62%	46.55%	5.78%	<-12 mths				25.81%		Change
Ratio re Revenue	0.07	0.07	0.07	0.08	0.07	0.08	0.12	0.25	0.30	0.30	0.25	0.36	0.44	0.47	<-12 mths			0.43	0.48		Ratio re Revenue
General And Administrative	$13.6	$13.6	$13.8	$16.2	$17.5	$17.4	$16.9	$23.5	$26.15	$26.7	$31.5	$29.6	$34.5	$35.5	<-12 mths			$8.5	$9.5		General And Administrative
Change	-7.63%	0.41%	1.69%	16.68%	8.24%	-0.33%	-2.77%	38.83%	11.17%	1.94%	18.00%	-5.90%	16.71%	2.90%	<-12 mths				11.76%		Change
Ratio re Revenue	0.48	0.53	0.53	0.53	0.55	0.61	0.54	0.62	0.47	0.55	0.50	0.44	0.43	0.44	<-12 mths			0.46	0.46		Ratio re Revenue
Total	15.61	15.53	15.76	18.68	19.74	19.71	20.79	32.93	43.24	41.25	47.34	53.69	69.84	72.89	<-12 mths			16.43	19.47		Total
Change	-4.90%	-0.51%	1.50%	18.52%	5.70%	-0.17%	5.50%	58.39%	31.31%	-4.59%	14.76%	13.40%	30.10%	4.36%	<-12 mths				18.52%		Change
Total of Ratios	0.55	0.60	0.60	0.62	0.63	0.69	0.66	0.87	0.77	0.85	0.75	0.80	0.88	0.91	<-12 mths			0.89	0.94		Total of Ratios
														$83.95	<-12 mths	5.33%		$18.4	$20.7		Revenue*
Revenue*	$28.4	$25.9	$26.1	$30.2	$31.6	$28.5	$31.4	$37.8	$56.2	$48.5	$63.5	$67.5	$79.7	$80.0				205.69%	<-Total Growth	10	Revenue
Increase	-9.55%	-8.86%	0.71%	15.96%	4.44%	-9.67%	10.12%	20.48%	48.44%	-13.66%	30.89%	6.32%	18.10%	0.35%				11.82%	<-IRR #YR->	10	Revenue	205.69%
5 year Running Average	$28.1	$27.6	$27.2	$28.4	$28	$28	$30	$32	$37	$40	$47	$55	$63	$68				16.06%	<-IRR #YR->	5	Revenue	110.62%
Revenue per Share	$3.26	$3.15	$3.17	$3.64	$3.80	$3.43	$3.78	$4.49	$6.54	$5.67	$7.42	$7.89	$9.31	$9.35				8.79%	<-IRR #YR->	10	5 yr Running Average	132.18%
Increase	-5.95%	-3.35%	0.71%	14.76%	4.44%	-9.67%	10.09%	18.78%	45.67%	-13.36%	30.89%	6.32%	18.10%	0.35%				14.59%	<-IRR #YR->	5	5 yr Running Average	97.61%
5 year Running Average	$3.05	$3.08	$3.12	$3.34	$3.40	$3.44	$3.56	$3.83	$4.41	$4.78	$5.58	$6.40	$7.36	$7.93				11.37%	<-IRR #YR->	10	Revenue per Share	193.64%
P/S (Price/Sales) Med	2.26	2.17	2.54	2.56	2.77	2.69	2.37	2.08	1.43	1.17	1.06	1.07	0.63	0.49				15.71%	<-IRR #YR->	5	Revenue per Share	107.41%
P/S (Price/Sales) Close	2.11	2.22	2.48	2.57	2.53	2.62	2.43	2.02	1.54	1.18	1.13	0.98	0.50	0.44				8.97%	<-IRR #YR->	10	5 yr Running Average	136.06%
*Revenue in M CDN $					P/S Med	20 yr	2.30	15 yr	2.17	10 yr	1.76	5 yr	1.07		-75.01%	Diff M/C		13.98%	<-IRR #YR->	5	5 yr Running Average	92.35%
																		11.82%	<-IRR #YR->	10	Revenue from 2000
			-$26.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$79.7
								-$37.8	$0.0	$0.0	$0.0	$0.0	$79.7
			-$27.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$63.1
								-$31.9	$0.0	$0.0	$0.0	$0.0	$63.1
			-$3.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.31
								-$4.49	$0.00	$0.00	$0.00	$0.00	$9.31
			-$3.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.36
								-$3.83	$0.00	$0.00	$0.00	$0.00	$7.36
			-$26.1	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$79.7
														$5.2	<-12 mths	-10.76%
														$0.55	<-12 mths	-19.12%
Adjusted Profit CDN$	$7.6	$6.4	$6.8	$8.1	$9.3	$7.7	$7.0	$10.8	$4.9	$2.0	$13.1	$2.1	$5.8
Basic	$0.85	$0.77	$0.83	$0.98	$1.12	$0.92	$0.84	$1.30	$0.58	$0.24	$1.53	$0.24	$0.68					-18.07%	<-Total Growth	10	AEPS
AEPS* Dilued	$0.85	$0.77	$0.83	$0.98	$1.12	$0.92	$0.84	$1.30	$0.58	$0.24	$1.53	$0.24	$0.68	$0.61				-18.07%	<-Total Growth	10	AEPS
Increase	-3.41%	-9.41%	7.79%	18.07%	14.29%	-17.86%	-8.70%	54.76%	-55.38%	-58.62%	537.50%	-84.31%	183.33%	-10.29%				10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.65	$0.67	$0.73	$0.86	$0.91	$0.92	$0.94	$1.03	$0.95	$0.78	$0.90	$0.78	$0.65	$0.66				-1.97%	<-IRR #YR->	10	AEPS	-18.07%
AEPS Yield	12.37%	11.00%	10.56%	10.48%	11.67%	10.23%	9.13%	14.30%	5.76%	3.58%	18.21%	3.12%	14.75%	14.88%				-12.16%	<-IRR #YR->	5	AEPS	-47.69%
Payout Ratio	35.29%	40.26%	38.55%	33.67%	31.25%	39.13%	42.86%	27.69%	62.07%	100.00%	13.07%	125.00%	33.09%	0.00%				-1.12%	<-IRR #YR->	10	5 yr Running Average	-10.66%
5 year Running Average	44.90%	46.29%	44.94%	35.92%	35.81%	36.57%	37.09%	34.92%	40.60%	54.35%	49.14%	65.57%	66.65%	54.23%				-8.72%	<-IRR #YR->	5	5 yr Running Average	-36.63%
Price/AEPS Median	8.68	8.86	9.69	9.49	9.40	10.03	10.65	7.18	16.16	27.73	5.11	35.31	8.61	7.50				9.76	<-Median->	10	Price/AEPS Median
Price/AEPS High	9.71	9.29	11.14	10.97	10.76	10.60	11.31	8.03	17.84	40.00	5.92	39.38	11.32	8.61				11.14	<-Median->	10	Price/AEPS High
Price/AEPS Low	7.65	8.44	8.24	8.01	8.04	9.47	10.00	6.32	14.48	15.46	4.31	31.25	5.90	6.39				8.75	<-Median->	10	Price/AEPS Low
Price/AEPS Close	8.08	9.09	9.47	9.54	8.57	9.77	10.95	6.99	17.36	27.92	5.49	32.08	6.78	6.72				9.66	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	7.81	8.24	10.21	11.27	9.80	8.03	10.00	10.82	7.75	11.55	35.00	5.03	19.21	6.03				10.41	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	36.40%	5 Yrs	62.07%	P/CF	5 Yrs	in order	16.16	17.84	14.48	17.36		-58.42%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$0.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.68
								-$1.30	$0.00	$0.00	$0.00	$0.00	$0.68
			-$0.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.65
								-$1.03	$0.00	$0.00	$0.00	$0.00	$0.65
														-$1.95	<-12 mths	-14.04%
EPS Basic	$0.85	$0.76	$0.80	$0.83	$1.05	$0.79	$0.72	$1.24	$0.76	$0.05	$1.39	$0.17	-$1.71					-313.75%	<-Total Growth	10	EPS Basic
EPS Diluted*	$0.85	$0.76	$0.80	$0.83	$1.05	$0.79	$0.72	$1.24	$0.76	$0.05	$1.39	$0.17	-$1.71	$0.61				-313.75%	<-Total Growth	10	EPS Diluted
Increase	-3.41%	-10.59%	5.26%	3.75%	26.51%	-24.76%	-8.86%	72.22%	-38.71%	-93.42%	2680.00%	-87.77%	-1105.88%	135.67%				9	1	10	Years of Data, EPS P or N
Earnings Yield	12.37%	10.86%	10.18%	8.88%	10.94%	8.79%	7.83%	13.64%	7.55%	0.75%	16.55%	2.21%	-37.09%	14.88%				#NUM!	<-IRR #YR->	10	Earnings per Share	-313.75%
5 year Running Average	$0.65	$0.67	$0.72	$0.82	$0.86	$0.85	$0.84	$0.93	$0.91	$0.71	$0.83	$0.72	$0.13	$0.10				#NUM!	<-IRR #YR->	5	Earnings per Share	-237.90%
10 year Running Average	$0.65	$0.67	$0.69	$0.70	$0.74	$0.75	$0.75	$0.83	$0.87	$0.79	$0.84	$0.78	$0.53	$0.51				-15.65%	<-IRR #YR->	10	5 yr Running Average	-81.77%
* Diluted ESP per share									E/P	10 Yrs	8.31%	5Yrs	2.21%					-32.27%	<-IRR #YR->	5	5 yr Running Average	-85.75%
			-$0.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$1.71
								-$1.24	$0.00	$0.00	$0.00	$0.00	-$1.71
			-$0.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.13
								-$0.93	$0.00	$0.00	$0.00	$0.00	$0.13
Dividend*														$0.00	$0.00				Estimates		Dividend*
Increase														-100.00%	#DIV/0!				Estimates		Increase
Payout Ratio EPS														0.00%	#DIV/0!				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
Dividend*	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$0.00	$0.00	$0.00		-29.69%	<-Total Growth	10	Dividends
Increase	7.14%	3.33%	3.23%	3.13%	6.06%	2.86%	0.00%	0.00%	0.00%	-33.33%	-16.67%	50.00%	-25.00%	-100.00%	#DIV/0!	#DIV/0!		23	3	36	Years of data, Count P, N
Average Increases 5 Year Running	8.45%	7.12%	5.95%	4.90%	4.58%	3.72%	3.05%	2.41%	1.78%	-6.10%	-10.00%	0.00%	-5.00%	-25.00%	#DIV/0!	#DIV/0!		2.10%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.26	$0.28	$0.29	$0.31	$0.32	$0.33	$0.34	$0.35	$0.36	$0.34	$0.30	$0.29	$0.27	$0.19	$0.15	$0.11		-9.86%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.07%	4.54%	3.98%	3.55%	3.33%	3.90%	4.02%	3.86%	3.84%	3.61%	2.56%	3.54%	3.84%	0.00%				3.72%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.64%	4.34%	3.46%	3.07%	2.90%	3.69%	3.79%	3.45%	3.48%	2.50%	2.21%	3.17%	2.92%	0.00%				3.12%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.62%	4.77%	4.68%	4.20%	3.89%	4.13%	4.29%	4.38%	4.29%	6.47%	3.03%	4.00%	5.61%	0.00%				4.24%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.37%	4.43%	4.07%	3.53%	3.65%	4.00%	3.91%	3.96%	3.57%	3.58%	2.38%	3.90%	4.88%	0.00%	0.00%	0.00%		3.77%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	35.29%	40.79%	40.00%	39.76%	33.33%	45.57%	50.00%	29.03%	47.37%	480.00%	14.39%	176.47%	-13.16%	0.00%	#DIV/0!	#DIV/0!		42.66%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	40.00%	41.49%	40.61%	37.38%	37.53%	39.48%	41.05%	38.01%	39.25%	47.19%	36.54%	40.44%	200.76%	189.22%	#DIV/0!	#DIV/0!		39.37%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	13.69%	17.88%	31.33%	-41.93%	11.19%	11.51%	-3.97%	-3.22%	-6.50%	8.79%	-1.69%	8.15%	-3.77%	0.00%				-2.45%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	22.15%	25.46%	29.43%	39.54%	22.09%	20.30%	-67.06%	-11.91%	-9.17%	-8.43%	-4.35%	-6.58%	-7.82%	69.57%				-7.20%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	23.88%	6.72%	26.44%	19.52%	22.96%	7.96%	33.69%	22.65%	32.91%	185.63%	10.71%	17.51%	17.91%	0.00%				21.09%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	15.64%	17.69%	17.46%	15.72%	15.64%	12.31%	17.17%	16.93%	18.26%	19.99%	26.44%	22.84%	21.87%	15.91%				17.72%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.72%	3.77%	5 Yr Med	5 Yr Cl	3.61%	3.58%	5 Yr Med	Payout	47.37%	-1.69%	17.91%					-8.97%	<-IRR #YR->	5	Dividends	-37.50%
* Dividends per share	10 Yr Med	and Cur.	-100.00%	-100.00%	5 Yr Med	and Cur.	-100.00%	-100.00%	Last Div Inc --->		$0.0500	$0.0750	50.00%					-3.46%	<-IRR #YR->	10	Dividends	-29.69%
Dividends Growth 15																		-0.43%	<-IRR #YR->	15	Dividends	-6.25%
Dividends Growth 20																		0.59%	<-IRR #YR->	20	Dividends	40.63%
Dividends Growth 25																		0.47%	<-IRR #YR->	25	Dividends	125.00%
Dividends Growth 30																		5.93%	<-IRR #YR->	30	Dividends	462.50%
Dividends Growth 35																		7.16%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		9.03%	<-IRR #YR->	36	Dividends
Dividends Growth 5								-$0.36	$0.00	$0.00	$0.00	$0.00	$0.23								Dividends Growth 5
Dividends Growth 10			-$0.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.23								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	$0.23								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	$0.23								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	$0.23								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	$0.23								Dividends Growth30
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	$0.23								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	$0.23								Dividends Growth 40
Historical Dividends	Historical	High Div	5.25%	Low Div	1.62%	10 Yr High	6.38%	10 Yr Low	2.24%	Med Div	2.71%	Close Div	2.76%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-100.00%	Exp	-100.00%	Exp.	-100.00%		-100.00%	Exp.	-100.00%	Exp.	-100.00%								High/Ave/Median
Future Dividend Yield					Div Yield	0.00%	earning in	5	Years	at IRR of	-8.97%	Div Inc.	#DIV/0!								Future Dividend Yield
Future Dividend Yield					Div Yield	0.00%	earning in	10	Years	at IRR of	-8.97%	Div Inc.	#DIV/0!								Future Dividend Yield
Future Dividend Yield					Div Yield	0.00%	earning in	15	Years	at IRR of	-8.97%	Div Inc.	#DIV/0!								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.00	earning in	5	Years	at IRR of	-8.97%	Div Inc.	#DIV/0!								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.00	earning in	10	Years	at IRR of	-8.97%	Div Inc.	#DIV/0!								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.00	earning in	15	Years	at IRR of	-8.97%	Div Inc.	#DIV/0!								Future Dividend Paid
Dividend Covering Cost					Total Div	$0.00	over	5	Years	at IRR of	-8.97%	Div Cov.	0.00%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$0.00	over	10	Years	at IRR of	-8.97%	Div Cov.	0.00%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$0.00	over	15	Years	at IRR of	-8.97%	Div Cov.	0.00%								Dividend Covering Cost
Yield if held 5 years	3.93%	3.61%	4.87%	5.52%	5.23%	4.88%	5.27%	4.47%	3.87%	2.28%	2.17%	3.35%	2.41%	0.00%	0.00%	0.00%		4.17%	<-Median->	10	Paid Median Price
Yield if held 10 years	5.35%	5.82%	5.12%	3.72%	4.52%	4.72%	4.19%	5.48%	6.03%	3.58%	2.71%	4.40%	2.80%	0.00%	0.00%	0.00%		4.29%	<-Median->	10	Paid Median Price
Yield if held 15 years	8.82%	8.27%	6.56%	6.60%	6.03%	6.42%	6.76%	5.76%	4.06%	3.10%	2.62%	3.49%	3.42%	0.00%	0.00%	0.00%		4.91%	<-Median->	10	Paid Median Price
Yield if held 20 years		14.76%	12.31%	14.67%	14.00%	10.59%	9.60%	7.38%	7.20%	4.14%	3.57%	5.63%	3.60%	0.00%	0.00%	0.00%		7.29%	<-Median->	10	Paid Median Price
Yield if held 25 years							17.14%	13.85%	16.00%	9.60%	5.88%	8.00%	4.62%	0.00%	0.00%	0.00%		9.60%	<-Median->	7	Paid Median Price
Yield if held 30 years												14.29%	8.65%	0.00%	0.00%	0.00%		11.47%	<-Median->	2	Paid Median Price
Yield if held 35 years																0.00%
Cost covered if held 5 years	17.05%	16.19%	22.37%	25.77%	24.05%	22.64%	25.20%	21.88%	19.25%	15.96%	16.47%	16.31%	14.20%	10.29%	10.89%	6.71%		20.56%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	65.30%	71.92%	63.84%	29.75%	36.26%	38.95%	36.23%	49.16%	55.73%	49.14%	43.25%	46.59%	38.35%	29.62%	22.85%	22.16%		41.10%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	124.85%	119.20%	96.21%	98.00%	88.10%	95.09%	104.23%	92.00%	49.92%	57.94%	58.89%	53.23%	69.33%	71.88%	59.97%	50.37%		78.72%	<-Median->	10	Paid Median Price
Cost covered if held 20 years		227.86%	194.81%	238.00%	225.40%	173.97%	165.07%	132.31%	133.80%	117.07%	122.21%	131.64%	113.20%	60.79%	67.29%	65.77%		133.05%	<-Median->	10	Paid Median Price
Cost covered if held 25 years							309.76%	262.50%	317.56%	292.60%	218.68%	204.00%	159.49%	153.10%	129.57%	131.58%		262.50%	<-Median->	7	Paid Median Price
Cost covered if held 30 years												379.29%	313.46%	360.44%	321.60%	234.12%		346.37%	<-Median->	2	Paid Median Price
Cost covered if held 35 years																391.90%
																				Yr	Item	Tot. Growth
Revenue Growth							$31.4	$37.8	$56.2	$48.5	$63.5	$67.5	$79.7	$84	<-12 mths	5.33%		110.62%	<-Total Growth	6	Revenue Growth	110.62%
AEPS Growth							$0.84	$1.30	$0.58	$0.24	$1.53	$0.24	$0.68	$0.55	<-12 mths	-19.12%		-47.69%	<-Total Growth	6	AEPS Growth	-47.69%
Net Income Growth							$6.2	$10.4	$6.4	$0.4	$11.9	$1.4	-$14.6	-$17	<-12 mths	-15.54%		-241.22%	<-Total Growth	6	Net Income Growth	-241.22%
Cash Flow Growth							-$75.3	-$94.3	-$47.6	$23.4	-$101.5	$31.5	-$51.1	$110	<-12 mths	314.37%		45.82%	<-Total Growth	6	Cash Flow Growth	45.82%
Cash Flow Gth w/o WC							$8.9	$13.4	$9.4	$1.1	$16.0	$14.7	$10.8	$9	<-12 mths	-12.53%		-19.77%	<-Total Growth	6	Cash Flow Gth w/o WC	-19.77%
Dividend Growth							$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$0.00	<-12 mths	-100.00%		-37.50%	<-Total Growth	6	Dividend Growth	-37.50%
Stock Price Growth							$9.20	$9.09	$10.07	$6.70	$8.40	$7.70	$4.61	$4.10	<-12 mths	-11.06%		-49.28%	<-Total Growth	6	Stock Price Growth	-49.28%
Revenue Growth			$26.1	$30.2	$31.6	$28.5	$31.4	$37.8	$56.2	$48.5	$63.5	$67.5	$79.7	$80	<-this year	0.35%		205.69%	<-Total Growth	10	Revenue Growth	205.69%
AEPS Growth			$0.83	$0.98	$1.12	$0.92	$0.84	$1.30	$0.58	$0.24	$1.53	$0.24	$0.68	$0.61	<-this year	-10.29%		-18.07%	<-Total Growth	10	AEPS Growth	-18.07%
Net Income Growth			$6.5	$6.9	$8.8	$6.6	$6.2	$10.4	$6.4	$0.4	$11.9	$1.4	-$14.6	$5	<-this year	135.74%		-323.69%	<-Total Growth	10	Net Income Growth	-323.69%
Cash Flow Growth			$8.4	-$6.5	$26.0	$26.0	-$75.3	-$94.3	-$47.6	$23.4	-$101.5	$31.5	-$51.1	$110	<-this year	314.37%		-708.66%	<-Total Growth	10	Cash Flow Growth	-708.66%
Cash Flow Gth w/o WC			$9.9	$14.0	$12.7	$37.6	$8.9	$13.4	$9.4	$1.1	$16.0	$14.7	$10.8	$9	<-this year	-12.53%		8.05%	<-Total Growth	10	Cash Flow Gth w/o WC	8.05%
Dividend Growth			$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$0.00	<-this year	-100.00%		-29.69%	<-Total Growth	10	Dividend Growth	-29.69%
Stock Price Growth			$7.86	$9.35	$9.60	$8.99	$9.20	$9.09	$10.07	$6.70	$8.40	$7.70	$4.61	$4.10	<-this year	-11.06%		-41.35%	<-Total Growth	10	Stock Price Growth	-41.35%
Dividends on Shares				$42.24	$44.80	$46.08	$46.08	$46.08	$46.08	$30.72	$25.60	$38.40	$28.80	$0.00	$0.00	$0.00		$394.88	No of Years	10	Total Divs	12/31/13
Paid			$1,006.08	$1,196.80	$1,228.80	$1,150.72	$1,177.60	$1,163.52	$1,288.96	$857.60	$1,075.20	$985.60	$590.08	$524.80	$524.80	$1,100.80		$590.08	No of Years	10	Worth	$7.86
Total																		$984.96
Graham Number AEPS	$10.25	$10.00	$11.02	$12.76	$14.89	$13.73	$13.19	$16.29	$11.86	$7.53	$20.05	$7.98	$12.25	$11.26	$0.00	$0.00		11.17%	<-Total Growth	10	Graham Number AEPS
Increase	3.84%	-2.44%	10.21%	15.81%	16.68%	-7.76%	-3.98%	23.52%	-27.21%	-36.50%	166.32%	-60.20%	53.44%	-8.08%	-100.00%	#DIV/0!		5.92%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.72	0.68	0.73	0.73	0.71	0.67	0.68	0.57	0.79	0.88	0.39	1.06	0.48	0.41	#DIV/0!	#DIV/0!		0.69	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.81	0.72	0.84	0.84	0.81	0.71	0.72	0.64	0.87	1.28	0.45	1.18	0.63	0.47	#DIV/0!	#DIV/0!		0.76	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.63	0.65	0.62	0.62	0.60	0.63	0.64	0.50	0.71	0.49	0.33	0.94	0.33	0.35	#DIV/0!	#DIV/0!		0.61	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.67	0.70	0.71	0.73	0.64	0.65	0.70	0.56	0.85	0.89	0.42	0.96	0.38	0.36	#DIV/0!	#DIV/0!		0.68	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-32.95%	-29.97%	-28.65%	-26.72%	-35.52%	-34.53%	-30.23%	-44.19%	-15.06%	-11.01%	-58.11%	-3.53%	-62.36%	-63.58%	#DIV/0!	#DIV/0!		-32.38%	<-Median->	10	Graham Price
Graham Number EPS	$10.25	$9.93	$10.82	$11.74	$14.41	$12.73	$12.21	$15.91	$13.57	$3.44	$19.11	$6.72	$6.12	$11.26	$0.00	$0.00		-43.38%	<-Total Growth	10	Graham Number EPS
Increase	3.84%	-3.07%	8.91%	8.56%	22.76%	-11.72%	-4.06%	30.30%	-14.69%	-74.68%	456.15%	-64.85%	-8.84%	83.83%				-6.45%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.72	0.69	0.74	0.79	0.73	0.73	0.73	0.59	0.69	1.94	0.41	1.26	0.96	0.41				0.73	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.81	0.72	0.86	0.92	0.84	0.77	0.78	0.66	0.76	2.79	0.47	1.41	1.26	0.47				0.81	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.63	0.65	0.63	0.67	0.62	0.68	0.69	0.52	0.62	1.08	0.35	1.12	0.65	0.35				0.66	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.67	0.70	0.73	0.80	0.67	0.71	0.75	0.57	0.74	1.95	0.44	1.15	0.75	0.36	#DIV/0!	#DIV/0!		0.75	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-32.95%	-29.51%	-27.33%	-20.37%	-33.40%	-29.35%	-24.64%	-42.86%	-25.80%	94.96%	-56.05%	14.63%	-24.72%	-63.58%	#DIV/0!	#DIV/0!		-25.26%	<-Median->	10	Graham Price
Month, Year	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26
Price Close	$6.87	$7.00	$7.86	$9.35	$9.60	$8.99	$9.20	$9.09	$10.07	$6.70	$8.40	$7.70	$4.61	$4.10	$4.10	$8.60		-41.35%	<-Total Growth	10	Stock Price
Increase	-8.40%	1.89%	12.29%	18.96%	2.67%	-6.35%	2.34%	-1.20%	10.78%	-33.47%	25.37%	-8.33%	-40.13%	-11.06%	0.00%	109.76%		10.07	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	8.08	9.21	9.83	11.27	9.14	11.38	12.78	7.33	13.25	134.00	6.04	45.29	-2.70	6.72	#DIV/0!	#DIV/0!		-12.70%	<-IRR #YR->	5	Stock Price	-49.28%
Trailing P/E Ratio	7.81	8.24	10.34	11.69	11.57	8.56	11.65	12.63	8.12	8.82	168.00	5.54	27.12	-2.40	6.72	#DIV/0!		-5.20%	<-IRR #YR->	10	Stock Price	-41.35%
CAPE (10 Yr P/E)	10.71	10.57	10.40	10.38	10.12	10.19	10.27	9.78	11.60	8.54	10.01	9.87	8.71	8.09	#DIV/0!	#DIV/0!		-8.90%	<-IRR #YR->	5	Price & Dividend	-34.71%
Median 10, 5 Yrs		D.  per yr	4.93%	3.80%	% Tot Ret	0.00%	0.00%	T P/E	11.61	8.82	P/E:	11.32	13.25					-0.26%	<-IRR #YR->	10	Price & Dividend	-2.10%
Price  15		D.  per yr	5.77%		% Tot Ret	136.12%						CAPE Diff	-33.23%					-1.53%	<-IRR #YR->	15	Stock Price	-20.65%
Price  20		D.  per yr	6.35%		% Tot Ret	149.49%												-2.10%	<-IRR #YR->	20	Stock Price	-34.61%
Price  25		D.  per yr	6.95%		% Tot Ret	96.15%												0.28%	<-IRR #YR->	25	Stock Price	7.21%
Price  30		D.  per yr	6.74%		% Tot Ret	79.87%												1.70%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	7.96%		% Tot Ret	72.09%												3.08%	<-IRR #YR->	31	Stock Price
Price & Dividend 15																		4.24%	<-IRR #YR->	15	Price & Dividend	57.75%
Price & Dividend 20																		4.25%	<-IRR #YR->	20	Price & Dividend	65.74%
Price & Dividend 25																		7.23%	<-IRR #YR->	25	Price & Dividend	188.02%
Price & Dividend 30																		8.44%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		11.04%	<-IRR #YR->	31	Price & Dividend
Price  5								-$9.09	$0.00	$0.00	$0.00	$0.00	$4.61								Price  5
Price 10			-$7.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.61								Price 10
Price & Dividend 5								-$9.09	$0.36	$0.24	$0.20	$0.30	$4.84								Price & Dividend 5
Price & Dividend 10			-$7.86	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$4.84								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	$4.61								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	$4.61								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	$4.61								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	$4.61								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	$4.61								Price  35
Price & Dividend 15	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$4.84								Price & Dividend 15
Price & Dividend 20	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$4.84								Price & Dividend 20
Price & Dividend 25	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$4.84								Price & Dividend 25
Price & Dividend 30	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$4.84								Price & Dividend 30
Price & Dividend 35	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$4.84								Price & Dividend 35
5 year Total Return to Date	1.26%	1.02%	10.71%	16.94%	8.95%	9.89%	10.03%	7.18%	5.21%	-2.92%	2.14%	-0.09%	-8.90%					per year	count	27	5 year Total Return
Start year	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
10 year Total Return to Date	9.83%	10.74%	7.06%	3.54%	6.54%	5.02%	5.01%	9.11%	11.53%	3.47%	6.36%	5.38%	-0.26%					per year	count	22	10 year Total Return
Start year	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013									Cut and Paste
Total Return 2023								-$9.09	$0.36	$0.24	$0.20	$0.30	$4.84					-8.90%	<-IRR #YR->	5	Total Return	2023
Total Return 2022							-$9.20	$0.36	$0.36	$0.24	$0.20	$8.00						-0.09%	<-IRR #YR->	5	Total Return	2022
Total Return 2021						-$8.99	$0.36	$0.36	$0.36	$0.24	$8.60							2.14%	<-IRR #YR->	5	Total Return	2021
Total Return 2020					-$9.60	$0.36	$0.36	$0.36	$0.36	$6.94								-2.92%	<-IRR #YR->	5	Total Return	2020
Total Return 2019				-$9.35	$0.35	$0.36	$0.36	$0.36	$10.43									5.21%	<-IRR #YR->	5	Total Return	2019
Total Return 2018			-$7.86	$0.33	$0.35	$0.36	$0.36	$9.45										7.18%	<-IRR #YR->	5	Total Return	2018
Total Return 2017		-$7.00	$0.32	$0.33	$0.35	$0.36	$9.56											10.03%	<-IRR #YR->	5	Total Return	2017
Total Return 2016	-$6.87	$0.31	$0.32	$0.33	$0.35	$9.35												9.89%	<-IRR #YR->	5	Total Return	2016
Total Return 2015	$0.30	$0.31	$0.32	$0.33	$9.95													8.95%	<-IRR #YR->	5	Total Return	2015
Total Return 2014	$0.30	$0.31	$0.32	$9.68														16.94%	<-IRR #YR->	5	Total Return	2014
Total Return 2013	$0.30	$0.31	$8.18															10.71%	<-IRR #YR->	5	Total Return	2013
Total Return 2012	$0.30	$7.31																1.02%	<-IRR #YR->	5	Total Return	2012
Total Return 2011	$7.17																	1.26%	<-IRR #YR->	5	Total Return	2011
Total Return 2010																		4.54%	<-IRR #YR->	5	Total Return	2010
Total Return 2009																		-6.58%	<-IRR #YR->	5	Total Return	2009
Total Return 2008																		4.26%	<-IRR #YR->	5	Total Return	2008
Total Return 2007																		18.55%	<-IRR #YR->	5	Total Return	2007
Total Return 2006																		16.51%	<-IRR #YR->	5	Total Return	2006
Total Return 2005																		11.65%	<-IRR #YR->	5	Total Return	2005
Total Return 2004																		15.42%	<-IRR #YR->	5	Total Return	2004
Total Return 2003																		13.07%	<-IRR #YR->	5	Total Return	2003
Total Return 2002																		6.84%	<-IRR #YR->	5	Total Return	2002
Total Return 2001																		12.38%	<-IRR #YR->	5	Total Return	2001
Total Return 2000																		17.21%	<-IRR #YR->	5	Total Return	2000
Total Return 1999																		21.80%	<-IRR #YR->	5	Total Return	1999
Total Return 1998																		11.32%	<-IRR #YR->	5	Total Return	1998
Total Return 1997																		20.58%	<-IRR #YR->	5	Total Return	1997
Total Return 2023			-$7.86	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$4.84					-0.26%	<-IRR #YR->	10	Total Return	2023
Total Return 2022		-$7.00	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$8.00						5.38%	<-IRR #YR->	9	Total Return	2022
Total Return 2021	-$6.87	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$8.60							6.36%	<-IRR #YR->	9	Total Return	2021
Total Return 2020	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$6.94								3.47%	<-IRR #YR->	9	Total Return	2020
Total Return 2019	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$10.43									11.53%	<-IRR #YR->	9	Total Return	2019
Total Return 2018	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$9.45										9.11%	<-IRR #YR->	9	Total Return	2018
Total Return 2017	$0.30	$0.31	$0.32	$0.33	$0.35	$0.36	$9.56											5.01%	<-IRR #YR->	9	Total Return	2017
Total Return 2016	$0.30	$0.31	$0.32	$0.33	$0.35	$9.35												5.02%	<-IRR #YR->	9	Total Return	2016
Total Return 2015	$0.30	$0.31	$0.32	$0.33	$9.95													6.54%	<-IRR #YR->	9	Total Return	2015
Total Return 2014	$0.30	$0.31	$0.32	$9.68														3.54%	<-IRR #YR->	9	Total Return	2014
Total Return 2013	$0.30	$0.31	$8.18															7.06%	<-IRR #YR->	9	Total Return	2013
Total Return 2012	$0.30	$7.31																10.74%	<-IRR #YR->	9	Total Return	2012
Total Return 2011	$7.17																	9.83%	<-IRR #YR->	9	Total Return	2011
Total Return 2010																		8.61%	<-IRR #YR->	9	Total Return	2010
Total Return 2009																		5.69%	<-IRR #YR->	9	Total Return	2009
Total Return 2008																		9.30%	<-IRR #YR->	9	Total Return	2008
Total Return 2007																		11.79%	<-IRR #YR->	9	Total Return	2007
Total Return 2006																		14.22%	<-IRR #YR->	9	Total Return	2006
Total Return 2005																		14.62%	<-IRR #YR->	9	Total Return	2005
Total Return 2004																		18.75%	<-IRR #YR->	9	Total Return	2004
Total Return 2003																		12.14%	<-IRR #YR->	9	Total Return	2003
Total Return 2002																		13.93%	<-IRR #YR->	9	Total Return	2002
Price H/L Median	$7.38	$6.83	$8.05	$9.30	$10.53	$9.23	$8.95	$9.33	$9.38	$6.66	$7.83	$8.48	$5.86	$4.58				-27.22%	<-Total Growth	10	Stock Price
Increase	10.16%	-7.46%	17.88%	15.60%	13.17%	-12.30%	-3.03%	4.25%	0.48%	-29.01%	17.58%	8.31%	-30.91%	-21.86%				-3.13%	<-IRR #YR->	10	Stock Price	-27.22%
P/E Ratio	8.68	8.98	10.06	11.20	10.02	11.68	12.43	7.52	12.34	133.10	5.63	49.85	-3.42	7.50				-8.90%	<-IRR #YR->	5	Stock Price	-37.25%
Trailing P/E Ratio	8.38	8.03	10.59	11.63	12.68	8.79	11.33	12.96	7.56	8.76	156.50	6.10	34.44	-2.68				1.29%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	11.35	10.19	11.11	11.29	12.27	10.91	10.68	10.08	10.28	9.35	9.41	11.74	44.36	44.85				-5.50%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	11.43	10.16	11.64	13.32	14.20	12.34	11.87	11.31	10.80	8.48	9.33	10.87	11.07	9.02				10.42	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.41%	3.40%	% Tot Ret	343.27%	0.00%	T P/E	11.48	8.76	P/E:	11.44	12.34						Count	32	Years of data
			-$8.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.86
								-$9.33	$0.00	$0.00	$0.00	$0.00	$5.86
			-$8.05	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$6.08
								-$9.33	$0.36	$0.24	$0.20	$0.30	$6.08
High Months				Jan	May	Jan	Dec	Nov	Apr	Jan	Jun	Jun	Jan	Feb
Price High	$8.25	$7.15	$9.25	$10.75	$12.05	$9.75	$9.50	$10.44	$10.35	$9.60	$9.05	$9.45	$7.70	$5.25				-16.76%	<-Total Growth	10	Stock Price
Increase	1.35%	-13.33%	29.37%	16.22%	12.09%	-19.09%	-2.56%	9.89%	-0.86%	-7.25%	-5.73%	4.42%	-18.52%	-31.82%				-1.82%	<-IRR #YR->	10	Stock Price	-16.76%
P/E Ratio	9.71	9.41	11.56	12.95	11.48	12.34	13.19	8.42	13.62	192.00	6.51	55.59	-4.50	8.61				-5.91%	<-IRR #YR->	5	Stock Price	-26.25%
Trailing P/E Ratio	9.38	8.41	12.17	13.44	14.52	9.29	12.03	14.50	8.35	12.63	181.00	6.80	45.29	-3.07				11.75	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	13.03	12.63	P/E:	12.65	13.62					17.62	P/E Ratio		Historical High
			-$9.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.70
								-$10.44	$0.00	$0.00	$0.00	$0.00	$7.70
Low Months				Jan	Oct	Oct	Aug	Feb	Sep	Apr	Mar	Nov	Dec	Jun
Price Low	$6.50	$6.50	$6.84	$7.85	$9.00	$8.71	$8.40	$8.22	$8.40	$3.71	$6.60	$7.50	$4.01	$3.90				-41.37%	<-Total Growth	10	Stock Price
Increase	23.81%	0.00%	5.23%	14.77%	14.65%	-3.22%	-3.56%	-2.14%	2.19%	-55.83%	77.90%	13.64%	-46.53%	-2.74%				-5.20%	<-IRR #YR->	10	Stock Price	-41.37%
P/E Ratio	7.65	8.55	8.55	9.46	8.57	11.03	11.67	6.63	11.05	74.20	4.75	44.12	-2.35	6.39				-13.37%	<-IRR #YR->	5	Stock Price	-51.22%
Trailing P/E Ratio	7.39	7.65	9.00	9.81	10.84	8.30	10.63	11.42	6.77	4.88	132.00	5.40	23.59	-2.28				8.56	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	10.22	6.77	P/E:	10.24	11.05					6.56	P/E Ratio		Historical Low
			-$6.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.01
								-$8.22	$0.00	$0.00	$0.00	$0.00	$4.01
														$56	<-12 mths	676.56%
Free Cash Flow	$19	-$14	$8	-$7	$25.90	$3.66	$75.67	$94.84	$47.74	$23.33	-$101.73	$31.33	$7.21	$55.99	<-12 mths			-9.88%	<-Total Growth	10	Free Cash Flow	MS, WSJ
Change	1050.00%	-173.68%	157.14%	-187.50%	469.94%	-85.88%	1969.20%	25.34%	-49.67%	-51.13%	-536.05%	130.80%	-76.99%	676.56%	<-12 mths			-40.27%	<-IRR #YR->	5	Free Cash Flow MS	-92.40%
FCF/CF from Op Ratio	0.99	-0.98	0.95	1.07	1.00	0.14	-1.01	-1.01	-1.00	1.00	1.00	0.99	-0.14	0.51	<-12 mths			-1.03%	<-IRR #YR->	10	Free Cash Flow MS	-9.88%
Dividends paid	$2.62	$2.55	$2.63	$2.74	$2.91	$2.99	$2.99	$3.00	$3.05	$2.06	$2.06	$2.06	$1.93	$0.00	<-12 mths			-26.79%	<-Total Growth	10	Dividends paid	All past vals
Percentage paid			32.89%	-39.16%	11.23%	81.78%	3.95%	3.17%	6.39%	8.81%	-2.02%	6.56%	26.71%	0.00%	<-12 mths			$0.06	<-Median->	10	Percentage paid	changed.
5 Year Coverage									6.03%	5.75%	9.41%	12.79%	141.49%	50.17%	<-12 mths						5 Year Coverage
Dividend Coverage Ratio					8.91	1.22	25.30	31.60	15.64	11.35	-49.49	15.24	3.74	0.00	<-12 mths			11.35	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									16.58	17.40	10.63	7.82	0.71	1.99	<-12 mths						5 Year of Coverage
								-$94.84	0.00	0.00	0.00	0.00	7.21
			-$8.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.21
Market Cap	$59.9	$57.6	$64.6	$77.7	$79.8	$74.7	$76.4	$76.6	$86.5	$57.3	$71.9	$65.9	$39.5	$35.1	$35.1	$73.6		-38.94%	<-Total Growth	10	Market Cap
Change	-11.90%	-3.92%	12.29%	20.20%	2.67%	-6.35%	2.36%	0.22%	12.89%	-33.70%	25.37%	-8.33%	-40.13%	-11.06%	0.00%	109.76%
10 year Market Cap Growth	2.14%	1.82%	-0.51%	-1.06%	1.31%	0.20%	0.11%	3.40%	5.76%	-1.69%	1.84%	1.36%	-4.81%					count	21	10 year Market Cap Growth
Assume 3.27% Dividend	5.41%	5.09%	2.76%	2.21%	4.58%	3.47%	3.38%	6.67%	9.03%	1.58%	5.11%	4.63%	-1.54%					Per year	count	21	Assumed Dividend	3.27%
Market Cap to 2023			-$64.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$39.5					-4.81%	<-IRR #YR->	10	Market Cap to 2019	-1.54%
Market Cap to 2022		-$57.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$65.9						1.36%	<-IRR #YR->	10	Market Cap to 2019	4.63%
Market Cap to 2021	-$59.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$71.9							1.84%	<-IRR #YR->	10	Market Cap to 2019	5.11%
Market Cap to 2020	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$57.3								-1.69%	<-IRR #YR->	10	Market Cap to 2019	1.58%
Market Cap to 2019	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$86.5									5.76%	<-IRR #YR->	10	Market Cap to 2019	9.03%
Market Cap to 2018	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$76.6										3.40%	<-IRR #YR->	10	Market Cap to 2018	6.67%
Market Cap to 2017	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$76.4											0.11%	<-IRR #YR->	10	Market Cap to 2017	3.38%
Market Cap to 2016	$0.0	$0.0	$0.0	$0.0	$0.0	$74.7												0.20%	<-IRR #YR->	10	Market Cap to 2016	3.47%
Market Cap to 2015	$0.0	$0.0	$0.0	$0.0	$79.8													1.31%	<-IRR #YR->	10	Market Cap to 2015	4.58%
Market Cap to 2014	$0.0	$0.0	$0.0	$77.7														-1.06%	<-IRR #YR->	10	Market Cap to 2014	2.21%
Market Cap to 2013	$0.0	$0.0	$64.6															-0.51%	<-IRR #YR->	10	Market Cap to 2013	2.76%
Market Cap to 2012	$0.0	$57.6																1.82%	<-IRR #YR->	10	Market Cap to 2012	5.09%
Market Cap to 2011	$59.9																	2.14%	<-IRR #YR->	10	Market Cap to 2011	5.41%
Market Cap to 2010																		2.61%	<-IRR #YR->	10	Market Cap to 2010	5.88%
Market Cap to 2009																		-0.39%	<-IRR #YR->	10	Market Cap to 2009	2.88%
Market Cap to 2008																		3.17%	<-IRR #YR->	10	Market Cap to 2008	6.44%
Market Cap to 2007																		6.42%	<-IRR #YR->	10	Market Cap to 2007	9.69%
Market Cap to 2006																		8.21%	<-IRR #YR->	10	Market Cap to 2006	11.48%
Market Cap to 2005																		9.15%	<-IRR #YR->	10	Market Cap to 2005	12.42%
Market Cap to 2004																		13.89%	<-IRR #YR->	10	Market Cap to 2004	17.16%
Market Cap to 2003																		9.11%	<-IRR #YR->	10	Market Cap to 2003	12.38%
Market Cap to 2002																		10.39%	<-IRR #YR->	10	Market Cap to 2002	13.66%
Calc Diluted #
Average plus stock options
Diluted # of Shares in Million	8.89	8.40	8.22	8.30	8.31	8.31	8.310	8.331	8.467	8.563	8.559	8.560	8.559	8.559				4.10%	<-Total Growth	10	Diluted
Change	-5.26%	-5.52%	-2.17%	0.96%	0.09%	-0.01%	0.02%	0.26%	1.64%	1.13%	-0.05%	0.01%	-0.01%	0.00%				0.06%	<-Median->	10	Change
Difference Diluted/Basic	0.00%	0.00%	0.00%	0.00%	-0.01%	0.00%	0.00%	-0.03%	-0.04%	0.00%	0.00%	-0.01%	0.00%	0.00%				0.00%	<-Median->	10	Difference Diluted/Basic
Calc Average #
Average
Basic # of Shares in Millions	8.89	8.40	8.22	8.30	8.31	8.31	8.310	8.329	8.464	8.563	8.559	8.559	8.559	8.559				4.10%	<-Total Growth	10	Average
Change	-5.26%	-5.52%	-2.17%	0.96%	0.08%	0.00%	0.02%	0.23%	1.62%	1.17%	-0.05%	0.00%	0.00%	0.00%				0.05%	<-Median->	10	Change
Difference Basic/Outstanding	-1.97%	-2.17%	0.00%	0.08%	0.00%	0.00%	0.00%	1.20%	1.48%	-0.05%	0.00%	0.00%	0.00%	0.00%				0.00%	<-Median->	10	Difference Basic/Outstanding
														$109.58	<-12 mths	314.37%
# of Share in Millions	8.719	8.221	8.221	8.308	8.308	8.308	8.310	8.429	8.589	8.559	8.559	8.559	8.559	8.559	8.559	8.559		0.40%	<-IRR #YR->	10	Shares	4.10%
Increase	-3.82%	-5.71%	0.00%	1.05%	0.00%	0.00%	0.02%	1.43%	1.90%	-0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		0.31%	<-IRR #YR->	5	Shares	1.55%
CF fr Op $Millon	$19.1	$14.3	$8.4	-$6.5	$26.0	$26.0	-$75.3	-$94.3	-$47.6	$23.4	-$101.5	$31.5	-$51.1	$109.6	<-12 mths			-708.66%	<-Total Growth	10	Cash Flow
Increase	895.50%	-25.41%	-41.07%	-178%	497.58%	0.00%	-389.53%	-25.35%	49.59%	149.14%	-534.15%	131.05%	-262.24%	314.37%	<-12 mths			Buy Backs	Share Issues		SO
5 year Running Average	$10.8	$9.6	$8.5	$6.6	$12.2	$13.6	-$4.3	-$24.8	-$33.0	-$33.6	-$59.1	-$37.7	-$29.1	$2.4	<-12 mths			-443.32%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.19	$1.73	$1.02	-$0.79	$3.13	$3.13	-$9.06	-$11.19	-$5.54	$2.73	-$11.85	$3.68	-$5.97	$12.80	<-12 mths			-684.66%	<-Total Growth	10	Cash Flow per Share
Increase	927.12%	-20.90%	-41.07%	-177%	497.58%	0.00%	-389.46%	-23.58%	50.53%	149.31%	-534.15%	131.05%	-262.24%	314.37%	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow	-708.66%
5 year Running Average	$1.17	$1.09	$1.00	$0.78	$1.46	$1.65	-$0.51	-$2.96	-$3.91	-$3.99	-$6.98	-$4.43	-$3.39	$0.28	<-12 mths			-11.54%	<-IRR #YR->	5	Cash Flow	144.44%
P/CF on Med Price	3.37	3.94	7.88	-11.82	3.36	2.95	-0.99	-0.83	-1.69	2.44	-0.66	2.30	-0.98	0.36	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow per Share	-684.66%
P/CF on Closing Price	3.13	4.04	7.69	-11.88	3.07	2.87	-1.02	-0.81	-1.82	2.45	-0.71	2.09	-0.77	0.32	<-12 mths			-11.81%	<-IRR #YR->	5	Cash Flow per Share	46.64%
															142.88%	Diff M/C		#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	-439.35%
														$9.40	<-12 mths	-12.53%			Q1 2024
Excl.Working Capital CF	-$8.15	$23.67	$1.55	$20.58	-$13.33	$11.60	$84.14	$107.74	$56.95	-$22.26	$117.45	-$16.84	$61.87	$0.00	$0.00			2.78%	<-IRR #YR->	5	CFPS 5 yr Running	-14.70%
CF fr Op $M WC	$10.96	$37.92	$9.95	$14.04	$12.66	$37.59	$8.88	$13.40	$9.39	$1.11	$15.98	$14.66	$10.75	$9.40	<-12 mths			8.05%	<-Total Growth	10	Cash Flow less WC
Increase	17.67%	246.15%	-73.76%	41.13%	-9.82%	196.86%	-76.38%	50.91%	-29.89%	-88.22%	1344.14%	-8.25%	-26.68%	-12.53%	<-12 mths			0.78%	<-IRR #YR->	10	Cash Flow less WC	8.05%
5 year Running Average	$15.4	$13.5	$14.2	$16.4	$17.1	$22.4	$16.6	$17.3	$16.4	$14.1	$9.8	$10.9	$10.4	$10.4	<-12 mths			-4.31%	<-IRR #YR->	5	Cash Flow less WC	-19.77%
CFPS Excl. WC	$1.26	$4.61	$1.21	$1.69	$1.52	$4.52	$1.07	$1.59	$1.09	$0.13	$1.87	$1.71	$1.26	$1.10	<-12 mths			-3.10%	<-IRR #YR->	10	CF less WC 5 Yr Run	-27.00%
Increase	22.35%	267.10%	-73.76%	39.67%	-9.82%	196.86%	-76.39%	48.78%	-31.20%	-88.18%	1344.14%	-8.25%	-26.68%	-12.53%	<-12 mths			-9.73%	<-IRR #YR->	5	CF less WC 5 Yr Run	-40.06%
5 year Running Average	$1.66	$1.57	$1.68	$1.96	$2.06	$2.71	$2.00	$2.08	$1.96	$1.68	$1.15	$1.28	$1.21	$1.21	<-12 mths			0.37%	<-IRR #YR->	10	CFPS - Less WC	3.79%
P/CF on Median Price	5.87	1.48	6.65	5.50	6.91	2.04	8.38	5.87	8.57	51.47	4.19	4.95	4.66	4.16	<-12 mths			-4.60%	<-IRR #YR->	5	CFPS - Less WC	-20.99%
P/CF on Closing Price	5.47	1.52	6.50	5.53	6.30	1.99	8.61	5.72	9.21	51.82	4.50	4.49	3.67	3.73	<-12 mths			-3.24%	<-IRR #YR->	10	CFPS 5 yr Running	-28.03%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	-0.75	5 yr	-0.66	P/CF Med	10 yr	5.69	5 yr	4.95		-34.36%	Diff M/C		-10.24%	<-IRR #YR->	5	CFPS 5 yr Running	-41.72%
			-8.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.6								Shares
								-8.4	0.0	0.0	0.0	0.0	8.6								Shares
			-$8.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$51.1								Cash Flow
								$94.3	$0.0	$0.0	$0.0	$0.0	-$51.1								Cash Flow
			-$1.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$5.97								Cash Flow per Share
								$11.19	$0.00	$0.00	$0.00	$0.00	-$5.97								Cash Flow per Share
			-$1.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$3.39								CFPS 5 yr Running
								$2.96	$0.00	$0.00	$0.00	$0.00	-$3.39								CFPS 5 yr Running
			-$9.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$10.8								Cash Flow less WC
								-$13.4	$0.0	$0.0	$0.0	$0.0	$10.8								Cash Flow less WC
			-$14.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$10.4								CF less WC 5 Yr Run
								-$17.3	$0.0	$0.0	$0.0	$0.0	$10.4								CF less WC 5 Yr Run
			-$1.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.26								CFPS - Less WC
								-$1.59	$0.00	$0.00	$0.00	$0.00	$1.26								CFPS - Less WC
			-$1.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.21								CFPS 5 yr Running
								-$2.08	$0.00	$0.00	$0.00	$0.00	$1.21								CFPS 5 yr Running
Finance receivables and loans, gross	$14.31	-$20.33	$1.031	-$17.347	$11.328	-$5.255	-$82.599	-$105.848	-$51.672	$7.632	-$118.831	$36.481	-$51.566
Due to clients	-$1.64	$0.36	$1.158	$1.388	$2.545	-$5.338	$0.568	-$1.524	-$0.711	$0.491	$0.373	-$1.706	-$1.685
Other assets	$0.00	$0.03	-$0.257	-$1.570	$1.415	-$0.422	$0.087	-$0.490	-$1.347	$0.550	$0.022	-$3.164	-$6.658
Accounts payable and other liabilities	$0.14	-$0.23	-$0.596	$0.559	-$0.530	$0.523	-$0.266	$0.273	-$3.168	$4.018	$1.355	-$12.073	$1.350
Disposal of assets held for sale, net									$0.087	$7.238	$0.623	$1.342	$0.352
Income tax paid, net	-$4.66	-$3.51	-$2.887	-$3.610	-$1.426	-$1.104	-$1.930	-$0.152	-$0.143	$2.335	-$0.987	-$4.035	-$3.659
Change from translation
Deferred Charges
Chge in non -cash net operating assets\
Sum	$8.152	-$23.672	-$1.551	-$20.580	$13.332	-$11.596	-$84.140	-$107.741	-$56.954	$22.264	-$117.445	$16.845	-$61.866
Google --> TD		-$23.67	-$1.55	-$20.58	$13.33	-$11.60	-$84	-$108	-$57	$22	-$117	$17	-$62
Differnce		$0.00	$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0
TD			-$2	-$21	$13	-$12
Differnce			$0	$0	$0	$0
OPM Ratio	67.26%	55.05%	32.21%	-21.62%	82.32%	91.14%	-239.62%	-249.30%	-84.66%	48.19%	-159.84%	46.68%	-64.13%	136.99%				-299.11%	<-Total Growth	10	OPM
Increase	979.46%	-18.16%	-41.49%	-167%	480.69%	10.71%	-362.92%	-4.04%	66.04%	156.91%	-431.71%	129.21%	-237.37%	313.61%					Should increase		or be stable.
Diff from Median	-256.9%	-228.4%	-175.1%	-49.6%	-292.0%	-312.5%	458.8%	481.4%	97.5%	-212.4%	272.8%	-208.9%	49.6%	-419.5%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	-42.88%	5 Yrs	-64.13%					should be	zero, it is a		check on calculations
Coveraging Assets	$91.98	$118.38	$113.22	$143.45	$146.70	$138.12	$230.43	$352.00	$375.41	$359.57	$497.05	$462.71	$475.82	$434.30				320.27%	<-Total Growth	10	Coveraging Assets	See cur Asset
Change	-13.92%	28.70%	-4.36%	26.70%	2.27%	-5.85%	66.84%	52.76%	6.65%	-4.22%	38.23%	-6.91%	2.83%	-8.73%				0.70	<-Median->	10	Change	Type
Debt/Assets Coverage Ratio	0.45	0.58	0.51	0.56	0.46	0.53	0.67	0.70	0.73	0.69	0.75	0.74	0.81	0.91				248.19	<-Median->	10	Debt/Assets Coverage Ratio	Lg Term R
Long Term Debt	$41.83	$69.06	$58.18	$80.80	$67.30	$73.85	$154.00	$246.64	$272.95	$249.75	$372.81	$341.70	$386.45	$396.07				564.26%	<-Total Growth	10	Debt	Lg Term A
Change	-23.58%	65.09%	-15.76%	38.89%	-16.72%	9.75%	108.52%	60.15%	10.67%	-8.50%	49.27%	-8.35%	13.10%	2.49%				11.88%	<-Median->	10	Change	Intang/GW
Debt/Market Cap Ratio	0.70	1.20	0.90	1.04	0.84	0.99	2.01	3.22	3.16	4.36	5.19	5.18	9.79	11.29				3.19	<-Median->	10	% of Market C.	Liquidity
Assets/Current Liabilities Ratio	5.19	6.81	6.63	7.23	9.08	10.04	9.20	8.69	15.93	12.90	17.26	15.16	16.45	14.85				11.47	<-Median->	10	Assets/Current Liabilities	Liq. + CF
Debt to Cash Flow (Years)	2.19	4.85	6.93	-12.36	2.59	2.84	-2.05	-2.61	-5.74	10.69	-3.67	10.85	-7.56	3.61				-2.33	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
Long Term Debt/Curr Asset Ratio	0.45	0.58	0.51	0.56	0.46	0.50	0.67	0.70	0.73	0.69	0.75	0.74	0.81	0.91				0.70	<-Median->	10	Debt/Market Cap Ratio	Leverage
																						D/E Ratio
Intangibles				$2.07	$1.50	$0.99	$4.23	$4.12	$3.64	$3.28	$3.28	$3.20	$3.00	$3.03				44.61%	<-Total Growth	9	Intangibles
Goodwill	$0.98	$0.96	$1.02	$3.00	$3.21	$3.17	$13.08	$14.03	$13.45	$13.22	$13.22	$12.07	$0.00	$0.00				#DIV/0!	<-Total Growth	10	Goodwill
Total	$0.98	$0.96	$1.02	$5.07	$4.71	$4.16	$17.31	$18.15	$17.09	$16.50	$16.50	$15.28	$3.00	$3.03				192.90%	<-Total Growth	10	Total
Change	2.25%	-2.17%	6.91%	395.67%	-7.11%	-11.66%	316.02%	4.84%	-5.80%	-3.50%	0.00%	-7.40%	-80.39%	1.00%				-4.65%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.02	0.02	0.02	0.07	0.06	0.06	0.23	0.24	0.20	0.29	0.23	0.23	0.08	0.09				0.21	<-Median->	10	% of Market C.
Current Assets	$92.0	$118.4	$113.2	$143.4	$146.7	$147.2	$230.4	$352.0	$375.4	$359.6	$497.05	$462.71	$475.82	$434.30				320.27%	<-Total Growth	10	Current Assets
Current Liabilities	$19.0	$18.3	$18.2	$21.4	$17.0	$15.4	$27.3	$28.9	$25.5	$29.8	$30.1	$32.4	$31.2	$32.1				71.36%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	4.85	6.47	6.22	6.71	8.62	9.54	8.45	12.18	14.73	12.05	16.49	14.26	15.25	13.53				12.11	<-Median->	10	Ratio
Liq. with CF aft div	5.72	7.11	6.53	5.95	9.98	11.03	7.61	11.02	13.13	12.76	15.60	15.15	14.36	16.95				14.36	<-Median->	5	Ratio
Liq. CF re  Inv+Div	5.68	7.09	6.52	5.04	1.47	10.92	7.29	10.85	13.05	12.74	15.56	15.07	14.26	16.95				14.26	<-Median->	5	Ratio
Assets	$98.3	$124.6	$120.8	$154.6	$154.6	$154.9	$251.0	$251.0	$406.2	$384.9	$520.1	$491.8	$513.5	$476.5				325.04%	<-Total Growth	10	Assets
Liabilities	$50.5	$77.2	$67.4	$93.3	$81.5	$79.2	$170.9	$170.9	$309.8	$291.2	$416.1	$385.1	$424.8	$392.9				530.50%	<-Total Growth	10	Liabilities
Debt Ratio	1.95	1.61	1.79	1.66	1.90	1.96	1.47	1.47	1.31	1.32	1.25	1.28	1.21	1.21				1.40	<-Median->	10	Ratio
Estimates BVPS														$10.09	$13.00				Estimates		Estimates BVPS
Estimate Book Value														$86.4	$111.3				Estimates		Estimate Book Value
P/B Ratio (Close)														0.41	0.32				Estimates		P/B Ratio (Close)
Difference from 10 year median															-55.91%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	47.86	47.42	53.43	61.33	73.07	75.68	80.13	80.13	96.37	93.76	103.96	106.61	88.66	83.67
NCI	0.00	0.00	0.00	0.00	0.00	0.00	3.68	3.68	3.85	3.91	3.99	5.64	4.76	4.65
Book Value	$47.9	$47.4	$53.4	$61.3	$73.1	$75.7	$76.4	$76.4	$92.5	$89.9	$100.0	$101.0	$83.9	$79.0	$79.0	$79.0		57.03%	<-Total Growth	10	Book Value
Book Value per share	$5.49	$5.77	$6.50	$7.38	$8.79	$9.11	$9.20	$9.07	$10.77	$10.50	$11.68	$11.80	$9.80	$9.23	$9.23	$9.23		50.84%	<-Total Growth	10	Book Value per Share
Increase	11.63%	5.08%	12.69%	13.60%	19.13%	3.58%	0.99%	-1.41%	18.76%	-2.54%	11.26%	1.00%	-16.90%	-5.82%	0.00%	0.00%		-66.36%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.34	1.18	1.24	1.26	1.20	1.01	0.97	1.03	0.87	0.63	0.67	0.72	0.60	0.50				1.32	P/B Ratio		Historical Median
P/B Ratio (Close)	1.25	1.21	1.21	1.27	1.09	0.99	1.00	1.00	0.93	0.64	0.72	0.65	0.47	0.44	0.44	0.93		4.20%	<-IRR #YR->	10	Book Value per Share	50.84%
Change	-17.94%	-3.03%	-0.35%	4.72%	-13.81%	-9.59%	1.33%	0.22%	-6.72%	-31.73%	12.68%	-9.25%	-27.95%	-5.57%	0.00%	109.76%		1.57%	<-IRR #YR->	5	Book Value per Share	8.08%
Leverage (A/BK)	2.05	2.63	2.26	2.52	2.12	2.05	3.28	3.28	4.39	4.28	5.20	4.87	6.12	6.03				4.87	<-Median->	5	A/BV
Debt/Equity Ratio	1.05	1.63	1.26	1.52	1.12	1.05	2.24	2.24	3.35	3.24	4.16	3.81	5.06	4.97				3.81	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	0.92	5 yr Med	0.67		-51.81%	Diff M/C		2.20	Historical		Leverage (A/BK)
			-$6.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.80
								-$9.07	$0.00	$0.00	$0.00	$0.00	$9.80
														-$16.40	<-12 mths	-7.83%
Comprehensive Income	$8.40	$5.54	$8.67	$9.78	$14.62	$5.47	$3.66	$13.83	$4.09	-$0.22	$11.94	$2.96	-$15.21					-275.52%	<-Total Growth	10	Comprehensive Income
Increase	30.83%	-34.12%	56.54%	12.90%	49.48%	-62.58%	-33.20%	278.50%	-70.45%	-105.49%	5424.55%	-75.26%	-614.70%					-75.26%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$5.19	$5.97	$5.38	$7.76	$9.40	$8.82	$8.44	$9.47	$8.33	$5.37	$6.66	$6.52	$0.71					#NUM!	<-IRR #YR->	10	Comprehensive Income	-275.52%
ROE	17.6%	11.7%	16.2%	16.0%	20.0%	7.2%	4.8%	18.1%	4.4%	-0.2%	11.9%	2.9%	-18.1%					#NUM!	<-IRR #YR->	5	Comprehensive Income	-209.95%
5Yr Median	14.4%	14.4%	14.4%	16.0%	16.2%	16.0%	16.0%	16.0%	7.2%	4.8%	4.8%	4.4%	2.9%					-18.33%	<-IRR #YR->	10	5 Yr Running Average	-86.80%
% Difference from NI	10.79%	-13.19%	32.55%	42.22%	66.97%	-16.67%	-41.15%	33.59%	-36.55%	-153.83%	0.47%	107.11%	-4.00%					-40.43%	<-IRR #YR->	5	5 Yr Running Average	-92.50%
Median Values										Diff	5, 10 yr	-1.8%	-4.0%					2.9%	<-Median->	5	Return on Equity
			-$8.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$15.2
								-$13.8	$0.0	$0.0	$0.0	$0.0	-$15.2
			-$5.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.7
								-$9.5	$0.0	$0.0	$0.0	$0.0	$0.7
Current Liability Coverage Ratio	0.58	2.07	0.55	0.66	0.74	2.44	0.33	0.46	0.37	0.04	0.53	0.45	0.34	0.29							CFO / Current Liabilities
5 year Median	0.52	0.52	0.55	0.58	0.66	0.74	0.66	0.66	0.46	0.37	0.37	0.45	0.37	0.34				0.37	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	11.14%	30.44%	8.24%	9.08%	8.19%	24.27%	3.54%	5.34%	2.31%	0.29%	3.07%	2.98%	2.09%	1.97%							CFO / Total Assets
5 year Median	8.2%	8.2%	8.2%	9.1%	9.08%	9.08%	8.24%	8.19%	5.34%	3.54%	3.07%	2.98%	2.31%	2.09%				2.3%	<-Median->	5	Return on Assets
Return on Assets ROA	7.7%	5.1%	5.4%	4.4%	5.7%	4.2%	2.5%	4.1%	1.6%	0.1%	2.3%	0.3%	-2.8%	1.1%				Net	Income/Assets		Return on Assets
5Yr Median	5.9%	5.1%	5.4%	5.4%	5.4%	5.1%	4.4%	4.2%	4.1%	2.5%	2.3%	1.6%	0.3%	0.3%				0.3%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	15.8%	13.4%	12.2%	11.2%	12.0%	8.7%	8.1%	13.5%	7.0%	0.5%	11.9%	1.4%	-17.4%	6.6%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	15.8%	13.4%	13.4%	13.4%	12.2%	12.0%	11.2%	11.2%	8.7%	8.1%	8.1%	7.0%	1.4%	1.4%				1.4%	<-Median->	5	Return on Equity
														-$16.90	<-12 mths	-15.54%
Total Net Income	$7.58	$6.38	$6.54	$6.88	$8.76	$6.57	$6.60	$11.23	$5.34	$0.61	$13.22	$1.64	-$15.39					-335.44%	<-Total Growth	10	Total Net Income
NCI	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.39	$0.87	-$1.10	$0.19	$1.34	$0.22	-$0.77								NCI
Net Income	$7.58	$6.38	$6.54	$6.88	$8.76	$6.57	$6.21	$10.36	$6.44	$0.42	$11.89	$1.43	-$14.63	$5.23				-323.69%	<-Total Growth	10	Net Income
Increase	-8.12%	-15.93%	2.53%	5.22%	27.32%	-25.03%	-5.41%	66.73%	-37.78%	-93.53%	2753.14%	-88.00%	-1124.97%	135.74%				EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$6.05	$6.07	$6.37	$7.13	$7.23	$7.02	$6.99	$7.75	$7.67	$6.00	$7.06	$6.11	$1.11	$0.87				#NUM!	<-IRR #YR->	10	Net Income	-323.69%
Operating Cash Flow	$19.11	$14.25	$8.40	-$6.54	$25.99	$25.99	-$75.26	-$94.34	-$47.56	$23.37	-$101.46	$31.51	-$51.12					#NUM!	<-IRR #YR->	5	Net Income	-241.22%
Investment Cash Flow	-$0.15	-$0.05	-$0.05	-$4.36	-$98.21	-$0.16	-$1.33	-$0.50	-$0.18	-$0.04	-$0.08	-$0.18	-$0.24					-16.03%	<-IRR #YR->	10	5 Yr Running Average	-82.57%
Total Accruals	-$11.38	-$7.83	-$1.81	$17.78	$80.97	-$19.27	$82.80	$105.20	$54.18	-$22.91	$113.43	-$29.91	$36.73					-32.21%	<-IRR #YR->	5	5 Yr Running Average	-85.69%
Total Assets	$98.31	$124.59	$120.81	$154.62	$154.56	$154.87	$251.02	$251.02	$406.21	$384.91	$520.11	$491.76	$513.48						Balance Sheet		Assets
Accruals Ratio	-11.57%	-6.28%	-1.50%	11.50%	52.39%	-12.44%	32.99%	41.91%	13.34%	-5.95%	21.81%	-6.08%	7.15%					7.15%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.68	0.16	0.66	0.49	0.69	0.17	0.67	0.78	0.69	0.39	0.74	0.10	-1.36					0.58	<-Median->	10	EPS/CF Ratio
			-$6.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$14.6
								-$10.4	$0.0	$0.0	$0.0	$0.0	-$14.6
			-$6.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1.1
								-$7.8	$0.0	$0.0	$0.0	$0.0	$1.1
Change in Close	-8.40%	1.89%	12.29%	18.96%	2.67%	-6.35%	2.34%	-1.20%	10.78%	-33.47%	25.37%	-8.33%	-40.13%	-11.06%	0.00%	109.76%			Count	32	Years of data
up/down	down	up	up		down	down	up	down	up	down	up	down	up	down					Count	23	71.88%
Meet Prediction?	yes	yes	yes			Yes	Yes	Yes	Yes		Yes	Yes						% right	Count	11	47.83%
Financial Cash Flow	-$20.6	$21.5	-$14.9	$14.1	-$22.4	$1.0	$75.6	$99.6	$37.9	-$21.9	$120.4	-$37.3	$43.2						C F Statement		Financial Cash Flow
Total Accruals	$9.2	-$29.3	$13.1	$3.6	$103.4	-$20.2	$7.2	$5.6	$16.2	-$1.0	-$6.9	$7.4	-$6.5								Accruals
Accruals Ratio	9.41%	-23.50%	10.82%	2.35%	66.88%	-13.07%	2.86%	2.22%	4.00%	-0.26%	-1.33%	1.50%	-1.26%					-0.26%	<-Median->	5	Ratio
Cash	$2.9	$9.9	$3.4	$7.1	$12.4	$9.1	$3.7	$16.3	$6.8	$10.4	$10.2	$22.9	$33.0	$16.0							Cash
Cash per Share	$0.33	$1.20	$0.42	$0.86	$1.50	$1.09	$0.44	$1.94	$0.79	$1.22	$1.20	$2.67	$3.86	$1.87				$1.22	<-Median->	5	Cash per Share
Percentage of Stock Price	4.76%	17.20%	5.33%	9.14%	15.60%	12.15%	4.81%	21.33%	7.83%	18.17%	14.25%	34.72%	83.62%	45.60%				18.17%	<-Median->	5	% of Stock Price
Notes
August 31, 2024.  Last estimates were for 2023, 2024 of $76M, $89.8M Revenue, $0.56, $1.18 EPS, $0.30, $0.30 Dividends, $12.10, $13.00 BVPS, $4.79M, $10.1M Net Income.
September 1, 2023.  There were no estimates last year.
September 5, 2022.  There were no estimates last year.
August 29, 2021.  There was only one estimate and that was for EPS for 2020 of $0.72.
September 6, 2020.  There were no estimates last year.
September 8, 2019.  There were no estimates last year.
September 15, 2018.  There were not estimates last year, I used 12 month values to the end of the second quarrter.
September 16, 2017.  There were no estimates given last year.
Since 1978, Accord has provided financing services to a variety of small and medium-sized enterprises (SMEs) across Canada and the U.S
Accord Financial Corp. is a holding company, listed on the Toronto Stock Exchange (TSX:ACD). It has three operating companies: Accord Financial Ltd. operates our receivables management, credit
guarantee and collections business; Accord Financial Inc. operates our financing business in Canada; Accord Financial, Inc. operates our financing business in the U.S.
1992.  Company goes public on the TSX.
1987.  Dividends were started by the company according to their annual report.
1978.  Accord Financial commences operations in Toronto and Montreal
Among others, ACD seems to be a Beutel family investment  - from Peter Heinemann <hpheinemann@rogers.com>
Robert Jonathan Beutel is 10% holder
Sector:
Financial Service, Finance
What should this stock accomplish?
Would I buy this company and Why.
If I was looking for a small cap financial stock, I would consider this stock.  The dividend is good and it does raise the dividend regularly.
It has had some problems recently, but a lot of companies are with this long drawn out recover.  As with all small cap stocks there is low trading volume.
Why am I following this stock.
Fred Poulin from Stocktwits recommended this stock saying it was a small cap that pay dividends.  Also the stock has a solid background and would be a good filler stock.
Dividends
Dividends are paid in cycle 3 of March, June, September and December.   Dividends are declared in one month and paid in the following month.
For example, the dividend payable for shareholders of record of August 15, 2016 is payable on September 1, 2016.
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.
Accord Financial Corp is a provider of asset-based financial services to businesses. The company's asset-based financial services include asset-based lending, including
factoring, lease financing, working capital financing, credit protection and receivables management, and supply chain financing for importers. The company's revenue
comprises interest, including discount fees, and factoring commissions from the company's asset-based financial services, including factoring and leasing, and is measured
at the fair value of the consideration received. The company's geographical segments include Canada and the United States.
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	Sep 16	2017	Sep 15	2018	Sep 08	2019	Sep 06	2020	Aug 29	2021	Sep 5	2022	Sep 5	2023			Aug 31	2024
Helderman, Matthew														0.000	0.00%			0.000	0.00%		Last filing 2019	#DIV/0!
CEO - Co founder Shares - Amt															$0.000				$0.000		has some debentures
Options - percentage														0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount															$0.000				$0.000
Hitzig, Simon Jonathan						0.195	2.27%	0.198	2.31%	0.198	2.31%	0.200	2.34%	0.222	2.59%			0.222	2.59%		Last Filing Jun 2024	0.00%
CEO & President- Shares - Amt							$1.964		$1.327		$1.663		$1.541		$1.024				$0.911
Options - percentage						0.002	0.02%	0.000	0.00%	0.000	0.00%	0.012	0.14%	0.021	0.25%			0.036	0.42%			71.43%
Options - amount							$0.019		$0.000		$0.000		$0.092		$0.097				$0.148
Eddy, Irene												0.000	0.00%	0.004	0.05%			0.004	0.05%		Last Filing Sept 2023	0.00%
CFO - Shares - Amount													$0.000		$0.018				$0.016
Options - percentage												0.012	0.14%	0.024	0.28%			0.042	0.49%			75.00%
Options - amount													$0.092		$0.111				$0.172
Jang, James Chadwick												0.043	0.50%	0.044	0.51%			0.044	0.51%		Subsidiary Executives	0.62%
Officer - Shares - Amount													$0.329		$0.201				$0.180		Last filing Sept 2023
Options - percentage												0.015	0.18%	0.027	0.32%			0.050	0.58%			83.33%
Options - amount													$0.116		$0.124				$0.203
Rosenfeld, Jason												0.004	0.05%	0.004	0.05%			0.004	0.05%		Subsidiary Executives	0.00%
Officer - Shares - Amount													$0.030		$0.018				$0.016		Last filing Sept 2023
Options - percentage												0.006	0.07%	0.012	0.14%			0.027	0.32%			125.00%
Options - amount													$0.046		$0.055				$0.111
Prager, Gary														0.009	0.10%			0.009	0.10%		Last Filed 2018	0.00%
Director - Shares - Amt															$0.041				$0.036
Options - percentage														0.040	0.47%			0.040	0.47%			0.00%
Options - amount															$0.184				$0.164
Hitzig, Kenneth	24.07%	2.000	24.07%	2.000	23.73%	2.000	23.29%	2.000	23.37%	2.000	23.37%	2.000	23.37%	2.000	23.37%			2.000	23.37%		Last filing Dec 2018	0.00%
Director - Shares - Amt	$17.980		$18.400		$18.180		$20.140		$13.400		$16.800		$15.400		$9.220				$8.200		Now Director 2021, was Chair
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Beutel, David Michael	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Last filing Jul 2016	#DIV/0!
Chairman - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000		Now Chairman 2021
Options - percentage	0.48%	0.040	0.48%	0.040	0.47%	0.040	0.47%	0.040	0.47%	0.040	0.47%	0.040	0.47%	0.040	0.47%			0.040	0.47%			0.00%
Options - amount	$0.360		$0.368		$0.364		$0.403		$0.268		$0.336		$0.308		$0.184				$0.164
Beutel, Robert Jonathan																		2.142	25.03%		Last filing Oct 2021
10% holder																			$8.782
Increase in O/S Shares	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Yes 0
Due to SO	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Book Value	$0.000		$0.000		$0.000		$0.020		$0.000		$0.000		$0.088		$0.190				$0.069
Insider Buying	-$0.189		-$0.318		-$0.190		-$0.042		-$0.219		-$0.001		-$0.001		-$0.025				$0.000
Insider Selling	$0.000		$0.044		$0.000		$0.000		$0.196		$0.000		$0.000		$0.000				$0.000
Net Insider Selling	-$0.189		-$0.274		-$0.190		-$0.042		-$0.024		-$0.001		-$0.001		-$0.025				$0.000
Net Selling % of Market Cap	-0.25%		-0.36%		-0.25%		-0.05%		-0.04%		0.00%		0.00%		-0.06%				0.00%
Directors		7		7		7		6		6		8		8				8
Women	0%	0	0%	0	0%	0	0%	1	17%	1	17%	1	13%	1	13%			1	13%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings										4	35.04%	3	0.47%	3	0.47%			3	0.47%		none available in 2024
Total Shares Held										2.999	35.04%	0.040	0.47%	0.000	0.00%			0.000	0.00%
Increase/Decrease 3 Mths										-0.139	-4.43%	-1.487	-97.37%	-1.487	-100.00%			-1.487	-100.00%
Starting No. of Shares										3.139	Top 20 MS	1.527	Top 20 MS	1.487	Top 20 MS			1.487	Top 20 MS
Institutions/Holdings	0.00%	3	0.00%	3	57.14%		no data on														Hitzig Bros., Hargreaves & Co. Inc	2.000
Value			$45.020		$43.780		Morningstar														Oakwest Corporation Limited	1.926
Total Shares Held	0.00%	4.973	59.85%	5.000	60.17%																3502236 Canada Inc	1.048
Value			$44.712		$44.950																as if March 2017
Increase/Decrease 3 Mths	#DIV/0!	0.000	0.00%	0.000	0.00%
Starting No. of Shares		4.973	Morningstar	5.000	Morningstar																3502236 Canada Inc Diectors
																					Howarnd Tom
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