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.														Q2 2026
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			Jun
ATCO Ltd					TSX:	ACO.X	OTC:	ACLLF	https://www.atco.com/en-ca.html			Fiscal Yr:	Dec 31
Year	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	12/31/27	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date	Jun 13
Split	2
														$4,503	<-12 mths	2.22%
Cost of Sales	$3,179	$3,406	$3,340	$2,772	$3,539	$3,724	$3,362	$2,923	$3,324	$3,761	$3,340	$3,677	$4,405	$4,503	<-12 mths			31.89%	<-Total Growth	10	Cost of Sales
Change		7.14%	-1.94%	-17.01%	27.67%	5.23%	-9.72%	-13.06%	13.72%	13.15%	-11.19%	10.09%	19.80%	2.22%	<-12 mths			7.66%	<-Median->	10	Change
Ratio	0.73	0.75	0.81	0.69	0.78	0.76	0.71	0.74	0.78	0.76	0.70	0.74	0.86	0.85				0.75	<-Median->	10	Ratio
														$5,319	<-12 mths	3.42%
Revenue*	$4,359	$4,554	$4,131	$4,045	$4,541	$4,888	$4,706	$3,944	$4,289	$4,978	$4,741	$4,942	$5,143	$5,860	$6,350			24.50%	<-Total Growth	10	Revenue
Increase	-0.07%	4.47%	-9.29%	-2.08%	12.26%	7.64%	-3.72%	-16.19%	8.75%	16.06%	-4.76%	4.24%	4.07%	13.94%	8.36%			2.22%	<-IRR #YR->	10	Revenue	24.50%
5 year Running Average	$3,853	$4,142	$4,279	$4,290	$4,326	$4,432	$4,462	$4,425	$4,474	$4,561	$4,532	$4,579	$4,819	$5,133	$5,407			5.45%	<-IRR #YR->	5	Revenue	30.40%
Revenue per Share	$37.86	$39.55	$35.91	$35.28	$39.60	$42.63	$41.04	$34.43	$37.50	$43.70	$42.27	$44.03	$45.76	$52.08	$56.43			1.19%	<-IRR #YR->	10	5 yr Running Average	12.60%
Increase	-0.16%	4.46%	-9.20%	-1.76%	12.26%	7.64%	-3.73%	-16.10%	8.90%	16.54%	-3.27%	4.17%	3.92%	13.81%	8.36%			1.72%	<-IRR #YR->	5	5 yr Running Average	8.90%
5 year Running Average	$33.36	$35.93	$37.16	$37.31	$37.64	$38.60	$38.89	$38.60	$39.04	$39.86	$39.79	$40.39	$42.65	$45.57	$48.11			2.45%	<-IRR #YR->	10	Revenue per Share	27.41%
P/S (Price/Sales) Med	1.19	1.25	1.16	1.18	1.22	0.94	1.09	1.20	1.09	1.01	0.93	0.98	1.12	1.32	0.00			5.85%	<-IRR #YR->	5	Revenue per Share	32.89%
P/S (Price/Sales) Close	1.23	1.21	0.99	1.27	1.14	0.91	1.21	1.06	1.14	0.97	0.91	1.08	1.23	1.46	1.35			1.39%	<-IRR #YR->	10	5 yr Running Average	14.77%
*Revenue in M CDN $					P/S Med	20 yr	1.05	15 yr	1.09	10 yr	1.09	5 yr	1.01		33.71%	Diff M/C		2.02%	<-IRR #YR->	5	5 yr Running Average	10.50%
			-$4,131	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,143
								-$3,944	$0	$0	$0	$0	$5,143
			-$4,279	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,819
								-$4,425	$0	$0	$0	$0	$4,819
			-$35.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.76
								-$34.43	$0.00	$0.00	$0.00	$0.00	$45.76
			-$37.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.65
								-$38.60	$0.00	$0.00	$0.00	$0.00	$42.65
														$536	<-12 mths	3.47%
														$5.22	<-12 mths	13.25%
Adjusted Profit CDN$	$390	$374	$293	$360	$335	$355	$365	$352	$382	$423	$432	$481	$518
Pre-split 2013
Basic Adjusted Earnings	$3.40	$3.26	$2.55	$3.15	$2.93	$3.10	$3.19	$3.08	$3.35	$3.71	$3.82	$4.29	$4.61					80.67%	<-Total Growth	10	AEPS
Pre-split 2013
AEPS* Dilued is Calc	$3.38	$3.24	$2.54	$3.13	$2.92	$3.09	$3.18	$3.07	$3.34	$3.70	$3.81	$4.28	$4.60	$4.88	$4.13	$5.41		80.93%	<-Total Growth	10	AEPS
Increase	5.49%	-4.07%	-21.55%	23.35%	-6.93%	6.00%	2.85%	-3.53%	8.77%	10.91%	2.93%	12.43%	7.33%	6.14%	-15.37%	30.99%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	7.24%	6.80%	7.12%	7.02%	6.48%	8.01%	6.39%	8.41%	7.82%	8.73%	9.85%	9.00%	8.16%	6.43%	5.44%	6.68%		6.11%	<-IRR #YR->	10	AEPS	80.93%
5 year Running Average	$2.87	$3.04	$3.04	$3.10	$3.04	$2.99	$2.97	$3.08	$3.12	$3.28	$3.42	$3.64	$3.95	$4.25	$4.34	$4.66		8.42%	<-IRR #YR->	5	AEPS	49.84%
Payout Ratio	22.21%	26.55%	38.96%	36.37%	44.90%	48.71%	50.90%	56.73%	53.73%	49.89%	49.93%	45.73%	43.89%	42.59%	50.32%	38.42%		2.64%	<-IRR #YR->	10	5 yr Running Average	29.76%
5 year Running Average	20.89%	22.02%	25.64%	28.91%	33.80%	39.10%	43.97%	47.52%	50.99%	51.99%	52.24%	51.20%	48.63%	46.41%	46.49%	44.19%		5.09%	<-IRR #YR->	5	5 yr Running Average	28.17%
Price/AEPS Median	13.29	15.30	16.34	13.33	16.58	12.96	14.04	13.49	12.28	11.96	10.34	10.05	11.13	14.10	0.02	0.00		12.62	<-Median->	10	Price/AEPS Median
Price/AEPS High	14.74	17.03	19.57	15.76	17.87	14.55	16.02	17.84	13.72	13.07	11.90	11.78	12.31	16.68	0.00	0.00		14.13	<-Median->	10	Price/AEPS High
Price/AEPS Low	11.85	13.57	13.12	10.91	15.28	11.37	12.05	9.14	10.85	10.85	8.78	8.32	9.95	11.51	0.00	0.00		10.85	<-Median->	10	Price/AEPS Low
Price/AEPS Close	13.82	14.71	14.05	14.25	15.42	12.48	15.65	11.89	12.79	11.45	10.15	11.11	12.26	15.56	18.39	14.97		12.37	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	14.58	14.12	11.02	17.57	14.36	13.23	16.09	11.47	13.92	12.70	10.45	12.49	13.16	16.52	15.56	19.61		13.20	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	12.62	14.13	10.85	12.55	P/AEPS	5 Yrs	in order	11.13	12.31	9.95	11.45		39.78%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$2.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.60
								-$3.07	$0.00	$0.00	$0.00	$0.00	$4.60
			-$3.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.95
								-$3.08	$0.00	$0.00	$0.00	$0.00	$3.95
														$1.60	<-12 mths	20.30%
Free Cash Flow Cowen AFFO												$574	$589	$667	$702	$754					Free Cash Flow Cowen AFFO
Free Cash Flow Cowen AFFO/Shr												$5.11	$5.24	$5.93	$6.23	$6.68					Free Cash Flow Cowen AFFO/Shr
Change													2.54%	13.17%	5.06%	7.22%					Change
														$372	<-12 mths	63.88%
Difference Basic and Diluted	0.55%	0.55%	0.75%	0.34%	0.56%	0.35%	0.45%	0.45%	0.46%	0.31%	0.00%	0.00%	0.75%					0.40%	<-Median->	0	Difference Basic and Diluted
pre split '13
EPS Basic	$3.64	$3.66	$1.34	$2.97	$1.78	$2.87	$4.49	$2.21	$2.16	$3.25	$3.82	$3.83	$1.34					0.00%	<-Total Growth	10	EPS Basic
pre split '05
pre split '13
EPS Diluted*	$3.62	$3.64	$1.33	$2.96	$1.77	$2.86	$4.47	$2.20	$2.15	$3.24	$3.82	$3.83	$1.33	$4.48	$5.19	$5.47		0.00%	<-Total Growth	10	EPS Diluted
Increase	11.73%	0.55%	-63.46%	122.56%	-40.20%	61.58%	56.29%	-50.78%	-2.27%	50.70%	17.90%	0.26%	-65.27%	236.84%	15.85%	5.39%		10	0	10	Years of Data, EPS P or N
Earnings Yield	7.8%	7.6%	3.7%	6.6%	3.9%	7.4%	9.0%	6.0%	5.0%	7.6%	9.9%	8.0%	2.4%	5.9%	6.8%	6.8%		0.00%	<-IRR #YR->	10	Earnings per Share	0.00%
5 year Running Average	$2.93	$3.17	$2.93	$2.96	$2.66	$2.51	$2.68	$2.85	$2.69	$2.98	$3.18	$3.05	$2.87	$3.34	$3.73	$4.06		-9.58%	<-IRR #YR->	5	Earnings per Share	-39.55%
10 year Running Average	$2.34	$2.57	$2.58	$2.70	$2.67	$2.72	$2.92	$2.89	$2.82	$2.82	$2.84	$2.86	$2.86	$3.02	$3.36	$3.62		-0.19%	<-IRR #YR->	10	5 yr Running Average	-1.91%
* Diluted ESP per share									E/P	10 Yrs	7.02%	5Yrs	7.65%					0.15%	<-IRR #YR->	5	5 yr Running Average	0.77%
			-$1.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.33
								-$2.20	$0.00	$0.00	$0.00	$0.00	$1.33
			-$2.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.87
								-$2.85	$0.00	$0.00	$0.00	$0.00	$2.87
Special Dividends Voting Shares	$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	From
Dividend*	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.7932	$1.8468	$1.9024	$1.9592	$2.0180	$2.0784	$2.0784			103.43%	<-Total Growth	10	Dividends	Yahoo
Increase	14.33%	14.67%	15.35%	14.92%	15.09%	14.94%	7.43%	7.41%	3.06%	2.99%	3.01%	2.99%	3.00%	2.99%	0.00%			24	3	27	Years of data, Count P, N	Finance
Dividend*														$0.08	$2.14	$2.21			Estimates		Dividend*
Increase														-96.04%	2575.00%	3.27%			Estimates		Increase
Payout Ratio EPS														1.79%	41.23%	40.40%			Estimates		Payout Ratio EPS
Special Dividends Non-voting	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
pre split '05
pre split '13
Dividend*	$0.7500	$0.8600	$0.9900	$1.1400	$1.3100	$1.5064	$1.6192	$1.7408	$1.7932	$1.8468	$1.9024	$1.9592	$2.0180	$2.0784	$2.0784	$2.0784		103.84%	<-Total Growth	10	Dividends
Increase	14.50%	14.67%	15.12%	15.15%	14.91%	14.99%	7.49%	7.51%	3.01%	2.99%	3.01%	2.99%	3.00%	2.99%	0.00%	0.00%		33	0	37	Years of data, Count P, N
Average Increases 5 Year Running	9.87%	11.53%	13.35%	14.87%	14.87%	14.97%	13.53%	12.01%	9.58%	7.20%	4.80%	3.90%	3.00%	3.00%	2.40%	1.80%		10.80%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.60	$0.67	$0.77	$0.88	$1.01	$1.16	$1.31	$1.46	$1.59	$1.70	$1.78	$1.85	$1.90	$1.96	$2.01	$2.04		148.88%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.67%	1.74%	2.38%	2.73%	2.71%	3.76%	3.63%	4.20%	4.37%	4.17%	4.83%	4.55%	3.94%	3.02%				4.06%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.51%	1.56%	1.99%	2.31%	2.51%	3.35%	3.18%	3.18%	3.92%	3.82%	4.20%	3.88%	3.56%	2.55%				3.46%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	1.87%	1.96%	2.97%	3.33%	2.94%	4.29%	4.22%	6.20%	4.95%	4.60%	5.68%	5.50%	4.41%	3.70%				4.50%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.61%	1.80%	2.77%	2.55%	2.91%	3.90%	3.25%	4.77%	4.20%	4.36%	4.92%	4.12%	3.58%	2.74%	2.74%	2.57%		4.01%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	20.72%	23.63%	74.44%	38.51%	74.01%	52.67%	36.22%	79.13%	83.40%	57.00%	49.80%	51.15%	151.73%	46.39%	40.05%	38.00%		54.84%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	20.54%	21.26%	26.11%	29.72%	37.91%	46.23%	49.03%	51.31%	59.25%	57.01%	56.06%	60.65%	66.25%	58.71%	53.81%	50.31%		53.68%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	4.45%	5.89%	6.78%	7.30%	11.29%	17.29%	12.04%	10.82%	11.00%	8.78%	10.86%	10.01%	9.13%	9.40%	8.71%	8.18%		10.84%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	5.08%	5.08%	5.26%	5.83%	6.89%	8.91%	10.26%	11.18%	12.05%	11.25%	10.55%	10.21%	9.86%	9.58%	9.54%	9.03%		10.24%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	4.33%	5.27%	6.82%	6.84%	8.29%	9.13%	9.70%	11.16%	11.40%	9.91%	10.69%	10.33%	9.94%	9.40%	8.71%	8.18%		9.93%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	4.75%	4.70%	4.90%	5.44%	6.26%	7.28%	8.19%	9.00%	9.92%	10.23%	10.54%	10.66%	10.41%	10.02%	9.74%	9.23%		9.46%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.06%	4.01%	5 Yr Med	5 Yr Cl	4.37%	4.20%	5 Yr Med	Payout	57.00%	10.01%	10.33%					3.00%	<-IRR #YR->	5	Dividends	15.92%
* Dividends per share	10 Yr Med	and Cur.	-32.53%	-31.74%	5 Yr Med	and Cur.	-37.43%	-34.83%	Last Div Inc --->		$0.5045	$0.5196	2.99%					7.38%	<-IRR #YR->	10	Dividends	103.84%
Dividends Growth 15																		9.32%	<-IRR #YR->	15	Dividends	280.75%
Dividends Growth 20																		8.71%	<-IRR #YR->	20	Dividends	431.05%
Dividends Growth 25																		9.08%	<-IRR #YR->	25	Dividends	777.39%
Dividends Growth 30																		10.92%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		10.57%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		10.51%	<-IRR #YR->	37	Dividends
Dividends Growth 5								-$1.74	$0.00	$0.00	$0.00	$0.00	$2.02								Dividends Growth 5
Dividends Growth 10			-$0.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.02								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.02								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.02								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.02								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.02								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	$2.02								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	$2.02								Dividends Growth 40
Historical Dividends	Historical	High Div	5.01%	Low Div	1.50%	10 Yr High	6.15%	10 Yr Low	2.33%	Med Div	2.22%	Close Div	2.18%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-45.37%	Cheap	82.46%	Exp.	-55.50%		17.46%	Cheap	23.28%	Cheap	25.68%								High/Ave/Median
Future Dividend Yield					Div Yield	3.17%	earning in	5	Years	at IRR of	3.00%	Div Inc.	15.92%								Future Dividend Yield
Future Dividend Yield					Div Yield	3.68%	earning in	10	Years	at IRR of	3.00%	Div Inc.	34.38%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.26%	earning in	15	Years	at IRR of	3.00%	Div Inc.	55.78%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.41	earning in	5	Years	at IRR of	3.00%	Div Inc.	15.92%								Future Dividend Paid	Div Pd
Future Dividend Paid					Div Paid	$2.79	earning in	10	Years	at IRR of	3.00%	Div Inc.	34.38%								Future Dividend Paid	$2.41
Future Dividend Paid					Div Paid	$3.24	earning in	15	Years	at IRR of	3.00%	Div Inc.	55.78%								Future Dividend Paid	$2.79
																						$3.24
Dividend Covering Cost					Total Div	$11.03	over	5	Years	at IRR of	3.00%	Div Cov.	14.53%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$21.42	over	10	Years	at IRR of	3.00%	Div Cov.	28.20%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$33.45	over	15	Years	at IRR of	3.00%	Div Cov.	44.05%								Dividend Covering Cost
Yield if held 5 years	3.38%	4.33%	3.76%	3.76%	3.76%	3.36%	3.27%	4.19%	4.29%	3.82%	4.75%	4.39%	4.87%	5.07%	4.69%	5.28%		4.01%	<-Median->	10	Paid Median Price	Yr
Yield if held 10 years	6.60%	6.56%	5.58%	5.37%	4.83%	6.80%	8.15%	6.61%	5.92%	5.30%	4.24%	3.95%	4.86%	4.97%	4.30%	5.19%		5.34%	<-Median->	10	Paid Median Price	5
Yield if held 15 years	8.71%	8.94%	10.59%	9.45%	10.53%	13.26%	12.35%	9.81%	8.45%	6.81%	8.58%	9.87%	7.66%	6.86%	5.97%	4.63%		9.63%	<-Median->	10	Paid Median Price	5
Yield if held 20 years	21.43%	21.93%	24.37%	21.91%	18.47%	17.49%	16.82%	18.62%	14.87%	14.85%	16.75%	14.94%	11.38%	9.79%	7.67%	9.38%		16.79%	<-Median->	10	Paid Median Price	5
Yield if held 25 years	33.56%	36.44%	36.62%	36.12%	45.31%	43.04%	41.29%	42.85%	34.46%	26.03%	22.09%	20.36%	21.58%	17.23%	16.71%	18.30%		35.29%	<-Median->	10	Paid Median Price	5
Yield if held 30 years						67.40%	68.61%	64.38%	56.81%	63.88%	54.35%	49.96%	49.67%	39.95%	29.30%	24.13%		60.34%	<-Median->	8	Paid Median Price	5
Yield if held 35 years											85.12%	83.02%	74.64%	65.85%	71.89%	59.38%		83.02%	<-Median->	3	Paid Median Price	5
Yield if held 40 years																92.99%
																						10
Cost covered if held 5 years	13.56%	16.95%	14.52%	14.51%	14.50%	12.93%	13.25%	17.62%	19.07%	17.59%	22.22%	20.70%	22.99%	23.92%	22.66%	25.92%		17.60%	<-Median->	10	Paid Median Price	10
Cost covered if held 10 years	44.50%	42.44%	34.81%	32.54%	28.68%	39.76%	50.01%	42.31%	40.81%	38.93%	32.77%	31.89%	40.53%	42.52%	38.34%	47.70%		39.34%	<-Median->	10	Paid Median Price	10
Cost covered if held 15 years	73.79%	72.88%	83.16%	71.75%	77.79%	95.62%	92.52%	76.06%	70.09%	60.07%	79.93%	96.55%	78.45%	73.17%	67.75%	55.52%		78.12%	<-Median->	10	Paid Median Price	10
Cost covered if held 20 years	198.79%	197.61%	212.92%	185.66%	152.60%	141.21%	141.10%	161.41%	137.82%	146.18%	174.00%	163.01%	129.73%	116.29%	97.10%	126.01%		149.39%	<-Median->	10	Paid Median Price	10
Cost covered if held 25 years	324.27%	341.42%	332.41%	318.97%	391.44%	364.68%	365.02%	393.02%	338.83%	272.51%	244.57%	237.12%	263.22%	219.10%	226.88%	263.90%		328.90%	<-Median->	10	Paid Median Price	10
Cost covered if held 30 years						584.07%	619.62%	603.01%	571.47%	685.65%	619.04%	600.68%	627.35%	527.27%	414.00%	363.15%		611.02%	<-Median->	8	Paid Median Price
Cost covered if held 35 years											982.38%	1011.25%	955.10%	882.12%	1032.78%	912.53%		982.38%	<-Median->	3	Paid Median Price
Cost covered if held 40 years																1441.55%
																				Yr	Item	Tot. Growth
Revenue Growth								$3,944	$4,289	$4,978	$4,741	$4,942	$5,143	$5,319	<-12 mths	3.42%		30.40%	<-Total Growth	5	Revenue Growth	30.40%
AEPS Growth								$3.07	$3.34	$3.70	$3.81	$4.28	$4.60	$5.22	<-12 mths	13.55%		49.84%	<-Total Growth	5	AEPS Growth	49.84%
Net Income Growth								$252	$246	$370	$340	$430	$150	$182	<-12 mths	21.33%		-40.48%	<-Total Growth	5	Net Income Growth	-40.48%
Cash Flow Growth								$1,843	$1,864	$2,396	$1,965	$2,197	$2,484	$22	<-12 mths	-99.11%		34.78%	<-Total Growth	5	Cash Flow Growth	34.78%
Dividend Growth								$1.74	$1.79	$1.85	$1.90	$1.96	$2.02	$2.08	<-12 mths	2.99%		15.92%	<-Total Growth	5	Dividend Growth	15.92%
Stock Price Growth								$36.49	$42.70	$42.38	$38.67	$47.58	$56.38	$75.94	<-12 mths	34.69%		54.51%	<-Total Growth	5	Stock Price Growth	54.51%
Revenue Growth			$4,131	$4,045	$4,541	$4,888	$4,706	$3,944	$4,289	$4,978	$4,741	$4,942	$5,143	$5,860	<-this year	13.94%		24.50%	<-Total Growth	10	Revenue Growth	24.50%
AEPS Growth			$2.54	$3.13	$2.92	$3.09	$3.18	$3.07	$3.34	$3.70	$3.81	$4.28	$4.60	$4.88	<-this year	6.14%		80.93%	<-Total Growth	10	AEPS Growth	80.93%
Net Income Growth			$154	$340	$203	$328	$513	$252	$246	$370	$340	$430	$150	$451	<-this year	200.67%		-2.60%	<-Total Growth	10	Net Income Growth	-2.60%
Cash Flow Growth			$1,680	$1,790	$1,331	$999	$1,542	$1,843	$1,864	$2,396	$1,965	$2,197	$2,484	$22	<-this year	-99.11%		47.86%	<-Total Growth	10	Cash Flow Growth	47.86%
Dividend Growth			$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$2.02	$0.08	<-this year	-96.04%		103.84%	<-Total Growth	10	Dividend Growth	103.84%
Stock Price Growth			$35.70	$44.66	$45.00	$38.61	$49.77	$36.49	$42.70	$42.38	$38.67	$47.58	$56.38	$81.00	<-this year	43.67%		57.93%	<-Total Growth	10	Stock Price Growth	57.93%
Dividends on Shares				$33.06	$37.99	$43.69	$46.96	$50.48	$52.00	$53.56	$55.17	$56.82	$58.52	$60.27	$60.27	$60.27		$488.24	No of Years	10	Total Divs	12/31/15
Paid			$1,035.30	$1,295.14	$1,305.00	$1,119.69	$1,443.33	$1,058.21	$1,238.30	$1,229.02	$1,121.43	$1,379.82	$1,635.02	$2,202.26	$2,202.26	$2,349.00		$1,635.02	No of Years	10	Worth	$35.70
Total																		$2,123.26
Graham No. AEPS	$43.44	$44.49	$40.84	$46.70	$45.35	$47.74	$49.97	$49.42	$51.95	$56.57	$58.14	$63.07	$64.51	$68.12	$62.66	$71.72		57.95%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.03	1.11	1.02	0.89	1.07	0.84	0.89	0.84	0.79	0.78	0.68	0.68	0.79	1.01				0.82	<-Median->	10	Graham Price
Price/GP Ratio High	1.15	1.24	1.22	1.06	1.15	0.94	1.02	1.11	0.88	0.86	0.78	0.80	0.88	1.20				0.91	<-Median->	10	Graham Price
Price/GP Ratio Low	0.92	0.99	0.82	0.73	0.98	0.74	0.77	0.57	0.70	0.71	0.58	0.57	0.71	0.82				0.71	<-Median->	10	Graham Price
Price/GP Ratio Close	1.07	1.07	0.87	0.96	0.99	0.81	1.00	0.74	0.82	0.75	0.67	0.75	0.87	1.11	1.21	1.13		0.82	<-Median->	10	Graham Price
Prem/Disc Close	7.40%	7.13%	-12.59%	-4.38%	-0.78%	-19.12%	-0.39%	-26.16%	-17.81%	-25.08%	-33.49%	-24.56%	-12.61%	11.49%	21.19%	12.94%		-18.46%	<-Median->	10	Graham Price
Graham No. EPS	$44.98	$47.16	$29.55	$45.39	$35.33	$45.91	$59.23	$41.85	$41.70	$52.92	$58.22	$59.64	$34.70	$65.26	$70.25	$72.12		17.43%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.00	1.05	1.41	0.92	1.37	0.87	0.75	0.99	0.98	0.84	0.68	0.72	1.48	1.05				0.90	<-Median->	10	Graham Price
Price/GP Ratio High	1.11	1.17	1.68	1.09	1.48	0.98	0.86	1.31	1.10	0.91	0.78	0.85	1.63	1.25				1.03	<-Median->	10	Graham Price
Price/GP Ratio Low	0.89	0.93	1.13	0.75	1.26	0.77	0.65	0.67	0.87	0.76	0.57	0.60	1.32	0.86				0.76	<-Median->	10	Graham Price
Price/GP Ratio Close	1.04	1.01	1.21	0.98	1.27	0.84	0.84	0.87	1.02	0.80	0.66	0.80	1.62	1.16	1.08	1.12		0.86	<-Median->	10	Graham Price
Prem/Disc Close	3.73%	1.06%	20.82%	-1.60%	27.38%	-15.89%	-15.97%	-12.80%	2.41%	-19.92%	-33.58%	-20.22%	62.49%	16.36%	8.11%	12.32%		-14.35%	<-Median->	10	Graham Price
pre split '05
pre split '13
Price Close	$46.66	$47.66	$35.70	$44.66	$45.00	$38.61	$49.77	$36.49	$42.70	$42.38	$38.67	$47.58	$56.38	$75.94	$75.94	$81.00		57.93%	<-Total Growth	10	Stock Price
Increase	15.61%	2.14%	-25.09%	25.10%	0.76%	-14.20%	28.90%	-26.68%	17.02%	-0.75%	-8.75%	23.04%	18.50%	34.69%	0.00%	6.66%		15.82	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.89	13.09	26.84	15.09	25.42	13.50	11.13	16.59	19.86	13.08	10.12	12.42	42.39	16.95	14.63	14.81		9.09%	<-IRR #YR->	5	Stock Price	54.51%
Trailing P/E	14.40	13.17	9.81	33.58	15.20	21.81	17.40	8.16	19.41	19.71	11.94	12.46	14.72	57.10	16.95	15.61		4.68%	<-IRR #YR->	10	Stock Price	57.93%
CAPE (10 Yr P/E)	19.97	18.56	13.85	16.53	16.88	14.20	17.03	12.62	15.12	15.01	13.60	16.62	19.69	25.19	22.62	22.39		13.51%	<-IRR #YR->	5	Price & Dividend	80.60%
Median 10, 5 Yrs		D.  per yr	3.78%	4.41%	% Tot Ret	44.69%	32.69%		Price Inc	17.02%	P/E:	14.29	13.08					8.45%	<-IRR #YR->	10	Price & Dividend	105.09%
Price 15		D.  per yr	3.19%		% Tot Ret	42.06%						CAPE Diff	7.12%					4.40%	<-IRR #YR->	15	Stock Price	90.63%
Price  20		D.  per yr	3.03%		% Tot Ret	36.16%												5.34%	<-IRR #YR->	20	Stock Price	183.32%
Price  25		D.  per yr	3.13%		% Tot Ret	32.42%												6.53%	<-IRR #YR->	25	Stock Price	386.03%
Price  30		D.  per yr	3.82%		% Tot Ret	30.67%												8.64%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	3.46%		% Tot Ret	28.35%												8.74%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	3.86%		% Tot Ret	28.74%												9.58%	<-IRR #YR->	37	Stock Price
Price & Dividend 15																		7.59%	<-IRR #YR->	15	Price & Dividend	160.49%
Price & Dividend 20																		8.37%	<-IRR #YR->	20	Price & Dividend	298.95%
Price & Dividend 25																		9.66%	<-IRR #YR->	25	Price & Dividend	5.9819828
Price & Dividend 30																		12.47%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		12.20%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		13.44%	<-IRR #YR->	37	Price & Dividend
Price  5								-$36.49	$0.00	$0.00	$0.00	$0.00	$56.38								Price  5
Price 10			-$35.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.38								Price 10
Price & Dividend 5								-$36.49	$1.79	$1.85	$1.90	$1.96	$58.40								Price & Dividend 5
Price & Dividend 10			-$35.70	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$58.40								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	$56.38								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	$56.38								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	$56.38								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	$56.38								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	$56.38								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	$56.38								Price  40
Price & Dividend 15	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$58.40								Price & Dividend 15
Price & Dividend 20	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$58.40								Price & Dividend 20
Price & Dividend 25	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$58.40								Price & Dividend 25
Price & Dividend 30	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$58.40								Price & Dividend 30
Price & Dividend 35	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$58.40								Price & Dividend 35
Price & Dividend 40	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$58.40								Price & Dividend 40
Price Med. H/L Med	$44.89	$49.57	$41.54	$41.80	$48.36	$40.07	$44.65	$41.41	$41.00	$44.29	$39.40	$43.07	$51.19	$68.80	6.66%			23.23%	<-Total Growth	10	Stock Price
Increase	28.90%	10.41%	-16.20%	0.64%	15.69%	-17.14%	11.43%	-7.27%	-0.99%	8.03%	-11.03%	9.30%	18.86%	34.40%	2.74%			2.11%	<-IRR #YR->	10	Stock Price	23.23%
P/E	12.40	13.62	31.23	14.12	27.32	14.01	9.99	18.82	19.07	13.67	10.31	11.24	38.48	15.36	9.40%			4.33%	<-IRR #YR->	5	Stock Price	23.62%
Trailing P/E	13.85	13.69	11.41	31.43	16.34	22.64	15.61	9.26	18.63	20.60	12.16	11.27	13.36	51.73				5.74%	<-IRR #YR->	10	Price & Dividend	46.61%
P/E on Run. 5 yr Ave	15.34	15.66	14.18	14.13	18.15	15.95	16.67	14.52	15.24	14.84	12.41	14.13	17.81	20.60				8.56%	<-IRR #YR->	5	Price & Dividend	63.77%
P/E on Run. 10 yr Ave	19.21	19.30	16.11	15.47	18.14	14.74	15.28	14.32	14.52	15.68	13.85	15.04	17.88	22.82				10.67	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.62%	4.23%	% Tot Ret	63.19%	49.38%	T P/E	15.97	13.36	P/E:	14.07	13.67						Count	38	Years of data
			-$41.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.19
								-$41.41	$0.00	$0.00	$0.00	$0.00	$51.19
			-$41.54	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$53.20
								-$41.41	$1.79	$1.85	$1.90	$1.96	$53.20
High Months	Nov	Apr	Feb	Aug	Mar	Jan	Dec	Feb	Jun	Aug	May	Dec	Nov	Jul
pre split '05
pre split '13
Price High	$49.77	$55.17	$49.72	$49.40	$52.15	$44.99	$50.96	$54.75	$45.78	$48.39	$45.33	$50.48	$56.62	$81.41				13.88%	<-Total Growth	10	Stock Price
Increase	23.32%	10.85%	-9.88%	-0.64%	5.57%	-13.73%	13.27%	7.44%	-16.38%	5.70%	-6.32%	11.36%	12.16%	43.78%				1.31%	<-IRR #YR->	10	Stock Price	13.88%
P/E	13.75	15.16	37.38	16.69	29.46	15.73	11.40	24.89	21.29	14.94	11.87	13.18	42.57	18.17				0.67%	<-IRR #YR->	5	Stock Price	3.42%
Trailing P/E	15.36	15.24	13.66	37.14	17.62	25.42	17.82	12.25	20.81	22.51	13.99	13.21	14.78	61.21				12.34	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.72	14.78	P/E:	16.21	14.94					15.92	P/E Ratio		Historical High
			-$49.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.62
								-$54.75	$0.00	$0.00	$0.00	$0.00	$56.62
Low Months	Jan	Dec	Dec	Jan	Jan	Oct	Jan	Mar	Jan	Oct	Oct	Apr	Jan	Jan
pre split '05
pre split '13
Price Low	$40.01	$43.96	$33.35	$34.20	$44.57	$35.15	$38.34	$28.06	$36.21	$40.18	$33.47	$35.65	$45.75	$56.18				37.18%	<-Total Growth	10	Stock Price
Increase	36.60%	9.87%	-24.14%	2.55%	30.32%	-21.14%	9.08%	-26.81%	29.04%	10.96%	-16.70%	6.51%	28.33%	22.80%				3.21%	<-IRR #YR->	10	Stock Price	37.18%
P/E	11.05	12.08	25.08	11.55	25.18	12.29	8.58	12.75	16.84	12.40	8.76	9.31	34.40	12.54				10.27%	<-IRR #YR->	5	Stock Price	63.04%
Trailing P/E	12.35	12.14	9.16	25.71	15.06	19.86	13.41	6.28	16.46	18.69	10.33	9.33	11.95	42.24				9.17	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.23	11.95	P/E:	12.35	12.40					7.37	P/E Ratio		Historical Low
			-$33.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.75
								-$28.06	$0.00	$0.00	$0.00	$0.00	$45.75
Free Cash Flow Mkt Sc								$903	$664	$961	$542	$506	-$51	-$114	$685				<-Total Growth	5	Free Cash Flow Mkt Sc
Change									-26.47%	44.73%	-43.60%	-6.64%	-110.14%	-122.61%	699.82%			-$0.26	<-Median->	5	Change
Free Cash Flow WSJ			-$327	$58	-$314	-$607	-$84	$490	$263	$535	$57	-$27	$227	$667	$702	$754		169.42%	<-Total Growth	10	Free Cash Flow WSJ
Change				117.74%	-641.38%	-93.31%	86.16%	683.33%	-46.33%	103.42%	-89.35%	-147.37%	940.74%	193.83%	5.25%	7.41%		-14.26%	<-IRR #YR->	5	Free Cash Flow MS	-53.67%
FCF/CF from Op Ratio			-0.19	0.03	-0.24	-0.61	-0.05	0.27	0.14	0.22	0.03	-0.01	0.09	0.27	0.26	0.26		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	169.42%
Dividends paid			$114	$1,631	$150	$173	$186	$200	$205	$211	$215	$220	$227	$234	$234	$234		99.12%	<-Total Growth	10	Dividends paid
Percentage paid			-34.86%	2812.07%	-47.77%	-28.50%	-221.43%	40.82%	77.95%	39.44%	377.19%	-814.81%	100.00%	35.06%	33.32%	31.02%		$0.40	<-Median->	10	Percentage paid
5 Year Coverage							-176.92%	-512.04%	-362.70%	163.32%	80.65%	79.74%	102.18%	75.87%	69.48%	49.45%					5 Year Coverage
Dividend Coverage Ratio			-2.87	0.04	-2.09	-3.51	-0.45	2.45	1.28	2.54	0.27	-0.12	1.00	2.85	3.00	3.22		0.15	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							-0.57	-0.20	-0.28	0.61	1.24	1.25	0.98	1.32	1.44	2.02					5 Year of Coverage
								-$490	$0	$0	$0	$0	$227
			$327	$0	$0	$0	$0	$0	$0	$0	$0	$0	$227
Free Cash Flow MS old			-$91	$357	$2	-$235	$340	$815	$518	$813
Change				492.31%	-99.44%	-11850.00%	244.68%	139.71%	-36.44%	56.95%				$360	<-12 mths	620.00%
Free Cash Flow MS	-$529	-$616	-$550	$10	-$450	-$630	$50	$360	$110	$240	$110	-$30	$50	$667	$702	$754		109.09%	<-Total Growth	10	Free Cash Flow	Disagree
Change	41.55%	-16.45%	10.71%	101.82%	-4600.00%	-40%	107.94%	620.00%	-69.44%	118.18%	-54.17%	-127.27%	266.67%	1234.00%	5.25%	7.41%		-32.62%	<-IRR #YR->	5	Free Cash Flow MS	-86.11%
FCF/CF from Op Ratio	-0.27	-0.37	-0.33	0.01	-0.34	-0.63	0.03	0.20	0.06	0.10	0.06	-0.01	0.02	0.27	0.26	0.26		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	109.09%
Dividends paid	$86	$99	$114	$1,631	$150	$173	$186	$200	$205	$211	$215	$220	$227	$234	$234	$234		99.12%	<-Total Growth	10	Dividends paid
Percentage paid			-20.73%	16310.00%	-33.33%	-27.46%	372.00%	55.56%	186.36%	87.92%	195.45%	-733.33%	454.00%	35.06%	33.32%	31.02%		$1.37	<-Median->	10	Percentage paid
5 Year Coverage							-143.57%	-354.55%	-163.21%	750.00%	116.90%	133.04%	224.58%	106.74%	75.37%	53.60%					5 Year Coverage
Dividend Coverage Ratio			-4.82	0.01	-3.00	-3.64	0.27	1.80	0.54	1.14	0.51	-0.14	0.22	2.85	3.00	3.22		0.24	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							-0.70	-0.28	-0.61	0.13	0.86	0.75	0.45	0.94	1.33	1.87					5 Year of Coverage
								-$360	$0	$0	$0	$0	$50
			$550	$0	$0	$0	$0	$0	$0	$0	$0	$0	$50
Market Cap in $M	$5,372	$5,488	$4,106	$5,120	$5,160	$4,427	$5,707	$4,180	$4,884	$4,828	$4,337	$5,340	$6,337	$8,545	$8,545	$9,115		54.32%	<-Total Growth	10	Market Cap
pre split '13
Diluted # of Shares in Million	115.50	115.46	115.30	114.85	114.82	114.79	114.75	114.71	114.45	114.27	113.38	112.28	112.66	112.66	112.66	112.66		-2.29%	<-Total Growth	10	Diluted
Change	-0.08%	-0.04%	-0.14%	-0.39%	-0.02%	-0.03%	-0.04%	-0.03%	-0.23%	-0.16%	-0.78%	-0.97%	0.34%	0.00%	0.00%	0.00%		-0.10%	<-Median->	10	Change
Difference Diluted/Basic	-0.6%	-0.5%	-0.4%	-0.4%	-0.4%	-0.3%	-0.3%	-0.3%	-0.2%	-0.3%	-0.1%	-0.1%	-0.3%	-0.3%	-0.3%	-0.3%		-0.30%	<-Median->	10	Difference Diluted/Basic
pre split '13
Basic # of Shares in Millions	114.80	114.85	114.83	114.41	114.35	114.39	114.37	114.40	114.17	113.96	113.22	112.17	112.30	112.30	112.30	112.30		-2.20%	<-Total Growth	10	Average
Change	-0.19%	0.04%	-0.01%	-0.37%	-0.05%	0.04%	-0.02%	0.02%	-0.20%	-0.19%	-0.65%	-0.92%	0.11%	0.00%	0.00%	0.00%		-0.12%	<-Median->	10	Change
Difference Basic/Outstanding	0.3%	0.3%	0.2%	0.2%	0.3%	0.2%	0.3%	0.1%	0.2%	0.0%	-0.9%	0.1%	0.1%	0.2%	0.2%	0.2%		0.16%	<-Median->	10	Difference Basic/Outstanding
														$2,622	<-12 mths	5.56%
pre split '05
Class I
Class II
pre split '13
Class I Non-Voting	101.473	101.506	101.451	101.221	101.328	101.429	101.464	101.348	101.188	101.369	99.734	99.811	100.855	100.985	100.985	100.985		-0.59%	<-Total Growth	10	Class I Non-Voting	89.73%
Class II Voting	13.651	13.635	13.573	13.432	13.331	13.231	13.203	13.196	13.196	12.543	12.425	12.425	11.542	11.542	11.542	11.542		-14.96%	<-Total Growth	10	Class II Voting	10.27%
# of Share in Millions	115.124	115.141	115.024	114.653	114.660	114.660	114.667	114.544	114.384	113.913	112.159	112.236	112.397	112.527	112.527	112.527		-0.23%	<-IRR #YR->	10	Shares	-2.28%
Increase	0.09%	0.02%	-0.10%	-0.32%	0.01%	0.00%	0.01%	-0.11%	-0.14%	-0.41%	-1.54%	0.07%	0.14%	0.12%	0.00%	0.00%		-0.38%	<-IRR #YR->	5	Shares	-1.87%
CF fr Op $M	$1,939	$1,681	$1,680	$1,790	$1,331	$999	$1,542	$1,843	$1,864	$2,396	$1,965	$2,197	$2,484	$2,489	$2,684	$2,860		47.86%	<-Total Growth	10	Cash Flow
Increase	22.41%	-13.31%	-0.06%	6.55%	-25.64%	-24.94%	54.35%	19.52%	1.14%	28.54%	-17.99%	11.81%	13.06%	0.20%	7.83%	6.56%		SO,	Buy Backs		Conv Class II to Class I
5 year Running Average	$1,366	$1,526	$1,673	$1,735	$1,684	$1,496	$1,468	$1,501	$1,516	$1,729	$1,922	$2,053	$2,181	$2,306	$2,364	$2,543		30.35%	<-Total Growth	10	CF 5 Yr Running
CFPS	$16.84	$14.60	$14.61	$15.61	$11.61	$8.71	$13.45	$16.09	$16.30	$21.03	$17.52	$19.57	$22.10	$22.12	$23.85	$25.42		51.31%	<-Total Growth	10	Cash Flow per Share
Increase	22.30%	-13.32%	0.04%	6.89%	-25.65%	-24.94%	54.35%	19.65%	1.28%	29.07%	-16.71%	11.73%	12.90%	0.09%	7.83%	6.56%		3.99%	<-IRR #YR->	10	Cash Flow	47.86%
5 year Running Average	$11.83	$13.24	$14.53	$15.09	$14.65	$13.03	$12.80	$13.09	$13.23	$15.12	$16.88	$18.10	$19.30	$20.47	$21.03	$22.61		6.15%	<-IRR #YR->	5	Cash Flow	34.78%
P/CF on Med Price	2.67	3.39	2.84	2.68	4.17	4.60	3.32	2.57	2.52	2.11	2.25	2.20	2.32	3.11	0.00	0.00		4.23%	<-IRR #YR->	10	Cash Flow per Share	51.31%
P/CF on Closing Price	2.77	3.26	2.44	2.86	3.88	4.43	3.70	2.27	2.62	2.01	2.21	2.43	2.55	3.43	3.18	3.19		6.55%	<-IRR #YR->	5	Cash Flow per Share	37.35%
															34.93%	Diff M/C		2.88%	<-IRR #YR->	10	CFPS 5 yr Running	32.84%
														$2,373	<-12 mths	3.99%
Excl.Working Capital CF	$54.0	$198.0	-$10.0	$122.0	$480.0	$893.0	$372.0	-$56.0	-$65.0	-$274.0	$31.0	-$69.0	-$202.0	$0	$0	$0		8.07%	<-IRR #YR->	5	CFPS 5 yr Running	47.43%
CF fr Op $M WC	$1,993	$1,879	$1,670	$1,912	$1,811	$1,892	$1,914	$1,787	$1,799	$2,122	$1,996	$2,128	$2,282	$2,489	$2,684	$2,860		36.65%	<-Total Growth	10	Cash Flow less WC
Increase	8.14%	-5.72%	-11.12%	14.49%	-5.28%	4.47%	1.16%	-6.64%	0.67%	17.95%	-5.94%	6.61%	7.24%	9.07%	7.83%	6.56%		3.17%	<-IRR #YR->	10	Cash Flow less WC	36.65%
5 year Running Average	$1,462	$1,651	$1,799	$1,859	$1,853	$1,833	$1,840	$1,863	$1,841	$1,903	$1,924	$1,966	$2,065	$2,203	$2,316	$2,489		5.01%	<-IRR #YR->	5	Cash Flow less WC	27.70%
CFPS Excl. WC	$17.31	$16.32	$14.52	$16.68	$15.79	$16.50	$16.69	$15.60	$15.73	$18.63	$17.80	$18.96	$20.30	$22.12	$23.85	$25.42		1.39%	<-IRR #YR->	10	CF less WC 5 Yr Run	14.82%
Increase	8.04%	-5.73%	-11.03%	14.86%	-5.29%	4.47%	1.16%	-6.54%	0.81%	18.44%	-4.47%	6.54%	7.08%	8.94%	7.83%	6.56%		2.08%	<-IRR #YR->	5	CF less WC 5 Yr Run	10.85%
5 year Running Average	$12.67	$14.32	$15.62	$16.17	$16.12	$15.96	$16.04	$16.25	$16.06	$16.63	$16.89	$17.34	$18.28	$19.56	$20.61	$22.13		3.41%	<-IRR #YR->	10	CFPS - Less WC	39.84%
P/CF on Med Price	2.59	3.04	2.86	2.51	3.06	2.43	2.67	2.65	2.61	2.38	2.21	2.27	2.52	3.11	0.00	0.00		5.41%	<-IRR #YR->	5	CFPS - Less WC	30.14%
P/CF on Closing Price	2.70	2.92	2.46	2.68	2.85	2.34	2.98	2.34	2.71	2.28	2.17	2.51	2.78	3.43	3.18	3.19		1.59%	<-IRR #YR->	10	CFPS 5 yr Running	17.04%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	2.54	5 yr	2.25	P/CF Med	10 yr	2.51	5 yr	2.38		36.58%	Diff M/C		2.38%	<-IRR #YR->	5	CFPS 5 yr Running	12.49%
			-115.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	112.4								Shares
								-114.5	0.0	0.0	0.0	0.0	112.4								Shares
			-$1,680	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,484								Cash Flow
								-$1,843	$0	$0	$0	$0	$2,484								Cash Flow
			-$14.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.10								Cash Flow per Share
								-$16.09	$0.00	$0.00	$0.00	$0.00	$22.10								Cash Flow per Share
			-$14.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.30								CFPS 5 yr Running
								-$13.09	$0.00	$0.00	$0.00	$0.00	$19.30								CFPS 5 yr Running
			-$1,670	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,282								Cash Flow less WC
								-$1,787	$0	$0	$0	$0	$2,282								Cash Flow less WC
			-$1,799	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,065								CF less WC 5 Yr Run
								-$1,863	$0	$0	$0	$0	$2,065								CF less WC 5 Yr Run
			-$14.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.30								CFPS - Less WC
								-$15.60	$0.00	$0.00	$0.00	$0.00	$20.30								CFPS - Less WC
			-$15.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.28								CFPS 5 yr Running
								-$16.25	$0.00	$0.00	$0.00	$0.00	$18.28								CFPS 5 yr Running
Accounts Receivable			$47	$5	-$114	-$55	$64	$28	-$110	-$120	$44	-$100	$190
Inventories			-$26	$25	-$11	$6	-$5	-$2	$12	-$9	-$34	-$32	-$20
Prepaid Expenses & other C. assets			$13	$2	-$10	-$149	-$37	-$4	-$4	$6	-$8	-$23	-$26
Accounts Payable and accrued liabilites			$16	-$9	$133	$140	-$202	$12	$115	$281	-$138	$47	-$101
provisions and other current liabilites.			$41	-$68	$36	-$37	-$25	$5	-$9	-$11	-$57	$0
Chges in NC WC	$70	-$105
Div, Distri rec					$2	$5	$13		$46	$73	$82	$82	$82
Dividend rece from Associate Co								$17	$15	$15	$16	$16	$17
Interest Rec										$39	$64	$79	$60
Income Taxes paid	-$124	-$93	-$81
Chge in Receivable under service conession arrangment				-$77	-$516	-$803	-$180	$0
Sum	-$54	-$198	$10	-$122	-$480	-$893	-$372	$56	$65	$274	-$31	$69	$202
Google  --> TD 2017	-$54	-$198	$10	-$185	-$562	-$948	-$466	$56	$65	$274	-$31	$69	$202
Difference	$0	$0	$0	$63	$82	$55	$94	$0	$0	$0	$0	$0	$0
TD	-$54	-$198	$10	-$122	-$480	-$893	-$372
Difference	$0	$0	$0	$0	$0	$0	$0
				2021	2021	2021	2021
OPM	9.59%	9.22%	3.73%	8.41%	4.47%	6.71%	10.90%	6.39%	5.74%	7.43%	7.17%	8.70%	2.92%	7.70%				-21.76%	<-Total Growth	10	OPM
Increase	11.54%	-3.82%	-59.58%	125.47%	-46.82%	50.11%	62.45%	-41.39%	-10.23%	29.59%	-3.51%	21.33%	-66.48%	163.88%					Should increase		or be stable.
Diff from Ave	38.2%	32.9%	-46.3%	21.1%	-35.6%	-3.3%	57.1%	-7.9%	-17.4%	7.1%	3.3%	25.4%	-58.0%	10.9%				0.00	<-Median->	10	OPM
*Operational Profit Margin (Net income/Revenue) Ratio									OPM	10 Yrs	6.94%	5 Yrs	7.17%					should be	zero, it is a		check on calculations
EBITfrom Mkt Scr								$1,070	$1,040	$1,312
Change									-2.80%	26.15%
Margin								27.13%	24.25%	26.36%
													$2,233	<-12 mths	2.76%
EBITDA from Mkt Scr							$2,036	$1,739	$1,757	$2,029	$2,306	$2,173	$2,020	$250	$2,704	$2,884					EBITDA from Mkt Scr	Adj EBITA
Change								-14.59%	1.04%	15.48%	13.65%	-5.77%	-7.04%	-87.62%	981.60%	6.66%		-2.37%	<-Median->	6	Change
Margin							43.26%	44.09%	40.97%	40.76%	48.64%	43.97%	39.28%	4.27%	42.58%	#DIV/0!		43.26%	<-Median->	7	Margin
																						Type
Property, Plant and Equipment	$13,365	$15,117	$16,230	$16,941	$17,343	$17,865	$17,857	$18,327	$18,791	$19,504	$20,857	$21,788	$22,420	$22,955				38.14%	<-Total Growth	10	Property, Plant and Equipment	Lg Term A
Change	9.55%	13.11%	7.36%	4.38%	2.37%	3.01%	-0.04%	2.63%	2.53%	3.79%	6.94%	4.46%	2.90%	2.39%				3%	<-Median->	10	Change	Lg Term R
Long Term Debt/Asset Ratio	0.47	0.48	0.49	0.48	0.57	0.58	0.52	0.51	0.51	0.51	0.50	0.53	0.56	0.56				0.52	<-Median->	10	Long Term Debt/Asset Ratio	Intang/GW
Long Term Debt	$6,230	$7,256	$7,943	$8,149	$9,953	$10,290	$9,263	$9,423	$9,502	$9,978	$10,517	$11,474	$12,652	$12,751				59.28%	<-Total Growth	10	Debt	Liquidity
Change	10.23%	16.46%	9.47%	2.59%	22.14%	3.39%	-9.98%	1.73%	0.84%	5.01%	5.40%	9.10%	10.27%	0.78%				4%	<-Median->	10	Change	Liq. + CF
Debt/Market Cap Ratio	1.16	1.32	1.93	1.59	1.93	2.32	1.62	2.25	1.95	2.07	2.42	2.15	2.00	1.49				2.03	<-Median->	10	% of Market C.	Debt Ratio
Assets/Current Liabilities Ratio	13.42	15.40	19.77	19.94	21.06	13.35	23.85	20.67	14.50	15.82	15.69	17.19	19.02	25.47				18.10	<-Median->	10	Assets/Current Liabilities	Leverage
Debt to Cash Flow (Years)	3.21	4.32	4.73	4.55	7.48	10.30	6.01	5.11	5.10	4.16	5.35	5.22	5.09	5.12				5.17	<-Median->	10	Debt to Cash Flow (Years)	D/E Ratio
Intangibles	$387	$416	$502	$546	$587	$672	$662	$685	$752	$870	$1,028	$1,076	$1,094	$1,156				117.93%	<-Total Growth	10	Intangibles
Goodwill	$71	$71	$71	$71	$71	$82	$82	$82	$73	$89	$242	$244	$124	$124				74.65%	<-Total Growth	10	Goodwill
Total	$458	$487	$573	$617	$658	$754	$744	$767	$825	$959	$1,270	$1,320	$1,218	$1,280				112.57%	<-Total Growth	10	Total
Change	10.10%	6.33%	17.66%	7.68%	6.65%	14.59%	-1.33%	3.09%	7.56%	16.24%	32.43%	3.94%	-7.73%	5.09%				7.10%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.09	0.09	0.14	0.12	0.13	0.17	0.13	0.18	0.17	0.20	0.29	0.25	0.19	0.15				0.18	<-Median->	10	% of Market C.
Current Assets	$1,652	$1,549	$1,611	$1,384	$2,275	$2,097	$2,037	$2,039	$2,221	$2,361	$1,836	$2,145	$2,626	$2,240				63.00%	<-Total Growth	10	Current Assets
Current Liabilities	$1,193	$1,149	$964	$989	$1,034	$1,748	$910	$1,074	$1,586	$1,526	$1,616	$1,555	$1,455	$1,098				50.93%	<-Total Growth	10	Current Liabilities
Liquidity	1.38	1.35	1.67	1.40	2.20	1.20	2.24	1.90	1.40	1.55	1.14	1.38	1.80	2.04				1.47	<-Median->	10	Ratio
Liq. with CF aft div	2.94	2.72	3.30	3.08	3.34	1.67	3.73	3.43	2.45	2.98	2.22	2.65	3.36	4.09				2.65	<-Median->	5	Liq. with CF aft div
Liq. CF re  Inv+Div	0.97	0.97	1.04	1.17	1.48	0.86	2.83	1.72	1.31	1.50	0.85	1.23	1.46	4.09				1.31	<-Median->	5	Liq. CF re  Inv+Div
Curr Long Term Db	$138	$138	$138	$138	$138	$138	$173	$196	$350	$109	$531	$77	$377	$34							Curr Long Term Db
Liquidity Less CLTD	1.57	1.53	1.95	1.63	2.54	1.30	2.76	2.32	1.80	1.67	1.69	1.45	2.44	2.11				1.69	<-Median->	5	Liquidity Less CLTD
Liq. with CF aft div	3.32	3.10	3.85	3.58	3.86	1.82	4.60	4.19	3.14	3.21	3.31	2.79	4.53	4.22				3.21	<-Median->	5	Liq. with CF aft div
Assets	$16,010	$17,689	$19,055	$19,724	$21,775	$23,344	$21,703	$22,200	$23,004	$24,139	$25,358	$26,724	$27,668	$27,961				45.20%	<-Total Growth	10	Assets
Liabilities	$9,997	$11,409	$12,162	$12,525	$14,548	$15,902	$13,845	$14,351	$15,055	$15,795	$16,860	$18,014	$19,319	$19,284				58.85%	<-Total Growth	10	Liabilities
Debt Ratio	1.60	1.55	1.57	1.57	1.50	1.47	1.57	1.55	1.53	1.53	1.50	1.48	1.43	1.45				1.52	<-Median->	10	Ratio
Estimates BVPS														$45.47	$48.03				Estimates		Estimates BVPS
Estimate Book Value														$5,116.6	$5,404.7				Estimates		Estimate Book Value
P/B Ratio (Close)														1.67	1.58				Estimates		P/B Ratio (Close)
Difference from 10 year median															39.52%	Diff M/C			Estimates		Difference from 10 yr med.
Total Equity	$6,013	$6,280	$6,893	$7,199	$7,227	$7,442	$7,858	$7,849	$7,949	$8,344	$8,498	$8,710	$8,349	$8,677	$8,677	$8,677		21.12%	<-Total Growth	10	Total Equity
Non-Control. Int	$3,153	$3,153	$3,537	$3,653	$3,634	$3,687	$3,858	$3,797	$3,838	$3,968	$4,075	$4,078	$3,827	$3,922	$3,922	$3,922		8.20%	<-Total Growth	10	Non-Control. Int
Preferred Stock	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0					Preferred Stock
Book Value	$2,860	$3,127	$3,356	$3,546	$3,593	$3,755	$4,000	$4,052	$4,111	$4,376	$4,423	$4,632	$4,522	$4,755	$4,755	$4,755		34.74%	<-Total Growth	10	Book Value
BV per share	$24.84	$27.16	$29.18	$30.93	$31.34	$32.75	$34.88	$35.38	$35.94	$38.42	$39.44	$41.27	$40.23	$42.26	$42.26	$42.26		37.89%	<-Total Growth	10	Book Value per Share
Change	20.72%	9.32%	7.43%	6.00%	1.32%	4.51%	6.52%	1.41%	1.60%	6.89%	2.65%	4.65%	-2.52%	5.03%	0.00%	0.00%		30.41%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.81	1.83	1.42	1.35	1.54	1.22	1.28	1.17	1.14	1.15	1.00	1.04	1.27	1.63	0.00	0.00		1.38	P/B Ratio		Historical Median
P/B Ratio (Close)	1.88	1.75	1.22	1.44	1.44	1.18	1.43	1.03	1.19	1.10	0.98	1.15	1.40	1.80	1.80	1.92		3.27%	<-IRR #YR->	10	Book Value per Share	37.89%
Change	-4.23%	-6.56%	-30.28%	18.01%	-0.55%	-17.90%	21.02%	-27.70%	15.18%	-7.14%	-11.11%	17.57%	21.55%	28.24%				2.61%	<-IRR #YR->	5	Book Value per Share	13.73%
Leverage (A/BV)	2.66	2.82	2.76	2.74	3.01	3.14	2.76	2.83	2.89	2.89	2.98	3.07	3.31	3.22				2.94	<-Median->	10	A/BV
Debt/Equity Ratio	1.66	1.82	1.76	1.74	2.01	2.14	1.76	1.83	1.89	1.89	1.98	2.07	2.31	2.22				1.94	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity									P/BV	10 yr Med	1.20	5 yr Med	1.14		50.14%	Diff M/C		2.82	Historical		A/BV
			-$29.18	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.23
								-$35.38	$0.00	$0.00	$0.00	$0.00	$40.23
														$279	<-12 mths	111.36%
Total Comprehensive Income	$934	$683	$522	$618	$396	$718	$893	$509	$635	$683	$668	$723	$226					-56.70%	<-Total Growth	10	Total Comprehensive Income
NCI	$412	$318	$263	$313	$229	$350	$462	$252	$311	$318	$328	$295	$94					-64.26%	<-Total Growth	10	NCI
Shareholders Comp. Income	$522	$365	$259	$305	$167	$368	$431	$257	$324	$365	$340	$428	$132					-49.03%	<-Total Growth	10	Shareholders Comp. Income
Increase	87.77%	-30.08%	-29.04%	17.76%	-45.25%	120.36%	17.12%	-40.37%	26.07%	12.65%	-6.85%	25.88%	-69.16%					12.65%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$321	$341	$339	$346	$324	$293	$306	$306	$309	$349	$343	$343	$318					-6.52%	<-IRR #YR->	10	Comprehensive Income	-49.03%
ROE	18.3%	11.7%	7.7%	8.6%	4.6%	9.8%	10.8%	6.3%	7.9%	8.3%	7.7%	9.2%	2.9%					-12.48%	<-IRR #YR->	5	Comprehensive Income	-48.64%
5Yr Median	12.4%	12.2%	11.7%	11.7%	8.6%	8.6%	8.6%	8.6%	7.9%	8.3%	7.9%	7.9%	7.9%					-0.63%	<-IRR #YR->	10	5 Yr Running Average	-6.14%
% Difference from NI	24.9%	-13.1%	68.2%	-10.3%	-17.7%	12.2%	-16.0%	2.0%	31.7%	-1.4%	0.0%	-0.5%	-12.0%					0.79%	<-IRR #YR->	5	5 Yr Running Average	3.99%
Median Values										Diff	5, 10 yr	-0.9%	-0.5%					7.9%	<-Median->	5	Return on Equity
			-$259.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$132.0
								-$257.0	$0.0	$0.0	$0.0	$0.0	$132.0
			-$338.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$317.8
								-$305.6	$0.0	$0.0	$0.0	$0.0	$317.8
Current Liability Coverage Ratio	1.67	1.64	1.73	1.93	1.75	1.08	2.10	1.66	1.13	1.39	1.24	1.37	1.57	2.27							CFO / Current Liabilities
5 year Median	1.61	1.61	1.64	1.67	1.73	1.73	1.75	1.75	1.66	1.39	1.39	1.37	1.37	1.39				1.48	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	12.45%	10.62%	8.76%	9.69%	8.32%	8.10%	8.82%	8.05%	7.82%	8.79%	7.87%	7.96%	8.25%	8.90%							CFO / Total Assets
5 year Median	12.45%	12.45%	12.45%	10.62%	9.69%	8.76%	8.76%	8.32%	8.10%	8.10%	8.05%	7.96%	7.96%	8.25%				8.2%	<-Median->	10	Return on Assets
Return on Assets ROA	2.61%	2.37%	0.81%	1.72%	0.93%	1.41%	2.36%	1.14%	1.07%	1.53%	1.34%	1.61%	0.54%	1.61%				Net	Income/Assets		Return on Assets
5Yr Median	2.63%	2.62%	2.61%	2.37%	1.72%	1.41%	1.41%	1.41%	1.14%	1.41%	1.34%	1.34%	1.34%	1.53%				1.4%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	14.62%	13.43%	4.59%	9.59%	5.65%	8.74%	12.83%	6.22%	5.98%	8.46%	7.69%	9.28%	3.32%	9.48%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	14.62%	14.62%	14.62%	13.43%	9.59%	8.74%	8.74%	8.74%	6.22%	8.46%	7.69%	7.69%	7.69%	8.46%				8.1%	<-Median->	10	Return on Equity
														$182	<-12 mths	21.33%
Total Net Income	$736	$791	$356	$675	$462	$671	$1,007	$497	$469	$707	$668	$711	$261	$873	$927	$990		-26.69%	<-Total Growth	10	Total Net Income
NCI	$318	$371	$202	$335	$259	$343	$494	$245	$223	$337	$328	$281	$111	$422	$354	$379		-45.05%	<-Total Growth	10	NCI
Shareholders Net Income	$418	$420	$154	$340	$203	$328	$513	$252	$246	$370	$340	$430	$150	$451	$573	$611		-2.60%	<-Total Growth	10	Shareholders Net Income
Increase	11.47%	0.48%	-63.33%	120.78%	-40.29%	61.58%	56.40%	-50.88%	-2.38%	50.41%	-8.11%	26.47%	-65.12%	200.67%	27.05%	6.63%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$339	$367	$339	$341	$307	$289	$308	$327	$308	$342	$344	$328	$307	$348	$389	$443		-0.26%	<-IRR #YR->	10	Net Income	-2.60%
Operating Cash Flow	$1,939	$1,681	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853					-9.86%	<-IRR #YR->	5	Net Income	-40.48%
Investment Cash Flow	-$2,422	-$2,078	-$2,078	-$1,611	-$1,300	-$1,644	-$289	-$1,061	-$1,383	-$1,496	-$2,585	-$1,798	-$1,899					-0.97%	<-IRR #YR->	10	5 Yr Running Ave.	-9.33%
Total Accruals	$901	$817	$4,085	$3,804	$3,356	$3,825	$2,655	$3,166	$3,482	$3,719	$4,778	$4,081	$3,902					-1.25%	<-IRR #YR->	5	5 Yr Running Ave.	-6.11%
Total Assets	$16,010	$17,689	$19,055	$19,724	$21,775	$23,344	$21,703	$22,200	$23,004	$24,139	$25,358	$26,724	$27,668						Balance Sheet		Assets
Accruals Ratio	5.63%	4.62%	21.44%	19.29%	15.41%	16.39%	12.23%	14.26%	15.14%	15.41%	18.84%	15.27%	14.10%					15.27%	<-Median->	5	Ratio
EPS/CF Ratio	0.21	0.22	0.09	0.18	0.11	0.17	0.27	0.14	0.14	0.17	0.21	0.20	0.07					0.17	<-Median->	10	EPS/CF Ratio
			-$154.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$150.0
								-$252.0	$0.0	$0.0	$0.0	$0.0	$150.0
			-$338.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$307.2
								-$327.2	$0.0	$0.0	$0.0	$0.0	$307.2
Change in Close	15.61%	2.14%	-25.09%	25.10%	0.76%	-14.20%	28.90%	-26.68%	17.02%	-0.75%	-8.75%	23.04%	18.50%	34.69%	0.00%	6.66%			Count	31	Years of data
up/down	down	down		down	down	down	down	down	down	down	down	down	down	down					Count	15	48.39%
Meet Prediction?						Yes		Yes		Yes	Yes							% right	Count	5	33.33%
Financial Cash Flow	$757	$236	$343	-$367	-$128	$837	-$782	-$823	-$486	-$953	-$123	-$588	$291						C F Statement		Financial CF
Total Accruals	$144	$581	$3,742	$4,171	$3,484	$2,988	$3,437	$3,989	$3,968	$4,672	$4,901	$4,669	$3,611								Accruals
Accruals Ratio	0.90%	3.28%	19.64%	21.15%	16.00%	12.80%	15.84%	17.97%	17.25%	19.35%	19.33%	17.47%	13.05%					17.47%	<-Median->	5	Ratio
Cash	$741	$590	$799	$601	$404	$691	$1,140	$1,100	$1,088	$1,033	$288	$94	$977	$610							Cash
Cash Per Share	$6.44	$5.12	$6.95	$5.24	$3.52	$6.03	$9.94	$9.60	$9.51	$9.07	$2.57	$0.84	$8.69	$5.42				$8.69	<-Median->	5	Cash per Share
Percentage of Stock Price	13.8%	10.8%	19.5%	11.7%	7.8%	15.6%	20.0%	26.3%	22.3%	21.4%	6.6%	1.8%	15.4%	7.1%				15.42%	<-Median->	5	% of Stock Price
Notes:
August 16, 2026.  Last estimates were for 2025, 2026, 2027 of $5421M, $5651M, $5872M Revenue, $4.48, $4.50, $4.72 AEPS, $4.24, $4.48, $4.71 EPS,
$2.02, $2.08, $2.15 Dividends, -$51M, -114M, $685M FCF, $19.91, $18.80, $20.07 CFPS, $2424M, $2544M, $2725M EBITDA,$43.09, $45.47, $48.03 BVPS, $477M, $503M, $531M Net Income.
Augusst 24, 2025.  Last estimates were for 2024, 2025, 2026 of $5131M, $5281M, $5601M Revenue, $4.12, $4.13, $4.09 AEPS, $4.12, $4.13,. $4.09 EPS, $1.96, $2.01, $2.05 Dividends, -
$472M, -$355M FCF, $18.50, $18.39, $19.25 CFPS, $2340M, $2431M, $2654M EBITDA, $40.94, $42.69 and $44.55, $467M, $468M, $464M Net Income.
August 18, 2024.  Last estimates were for 2023, 2024, 2025 of $5062M, $5207M, $5469M Revenue, $3.59, $3.62, $3.68 AEPS, $3.57, $3.60, $3.69 EPS, $1.90, $1.95, $2.01 Dividends,
$746M, $862M, $864M FCF, $16.50, $17.60, $17.80 CFPS, $39.80, $41.70, $43.70 BVPS, $403M, $413M, $422M Net Income.
August 18, 2023.  Last estimates were for 2022, 2023 and 2024 of $4719M, $4858M and $4858M for Revenue, $3.63, $3.43 and $3.60 for Basic AEPS,
$3.54, $3.44 and $3.60 for EPS, $1.85, $1.89 and $1.91 for Dividends, $416M, $631M and $509M for FCF, $19.20, $16.10 and $17.00 for CFPS, $588M, $580M and $414M for Net Income.
August 19, 2022.  Last estimates were for 2021, 2022 and 2023 of $4264M, $4495M and $4738M for Revenue, $2.97, $3.17 and $3.21 for EPS,
$1.79, $1.84 and $1.87 for Dividends, $32M, $173M and $653M for FCF, $16.30, $16.30 and $17.50 for CFPS, $318M, $438M and $474M for Net Income.
August 21, 2021.  Last estimates were for 2020, 2021 and 2022 of $4039M, $4231M and $4107M for Revenue,  $2.82, $3.01 and $3.15 for EPS,
$1.74, $1.84 and $1.93 for Div, $383M, $359M and $469M for FCF, $14.80 and 15.30 for CFPS for 2020-21, and $316M, $406M and $472M for Net Income.
August 26, 2020.  Last estimates were for $5198M, $5133 and $5222 for Revenue, $3.18, $3.09 and $3.27 for EPS.
$14.10 and $13.80 for CFPS for 2019 and 2020 and $399M, $355M and $376M for Net Income.
August 30, 2019.  Last estmates were for 2018, 2019 and 2020 of $4348M, $4814M and $4900M for Revenue, $3.12, $3.13 and $3.33 for EPS,
$11.70, $13.15 and $12.30 for CFPS and $300M $360M and $384M for Net Income.
September 3, 2018.  Last estimates were for 2017, 2018 and 2019 of $4407M, $4574M and $4641M for Revenue, $3.04, $3.17 and $3.27 for EPS,
$15.50, $15.70 and $14.70 for CFPS and $347M, $364M and $376M for Net Income.
September 6, 2017.  Last estimates were for 2016, 2017 and 2018 of $4571M, $4515M and $4647M for Revenue, $2.88, $3.04 and $3.13 for EPS,
$14.40, $14.50 and $14.90 for CFPS and $332M $347M and $358M for Net Income.
September 10, 2016. Last estimates were for 2015, 2016 and 2017 of $4414M, $4956M and $5481M for Revenue, $2.36, $3.21 and $3.55 for EPS,
$10.20, $11.40 and $12.30 for CFPS and $342M, $389M and $410M for Net Income.
September 13, 2015.  Last estimates were for 2014, 2015 and 2016 of $4768M, $5091M and $5467M for Revenue, $3.46, $3.79 and $3.87 for EPS,
$12.00, $13.75 and $14.00 for CFPS and $660M, $412M and $433M for Net Income.
August 29, 2014.  Last estimates were for 2013 and 2014 of $4626M and $5145M for Revenue, $3.39, $3.68 and for 2015 $3.79 for EPS, $10.50 and 11.60 for CFPS.
August 17, 2013.  Last estimates were for 2012 and 2013 of $3.854 M for Revenue (2012 only), $3.11 and $3.28 for EPS.
October 6, 2012.  Last estimates were for 2011 and 2012 of $3,726M, $3,854M for Revenue, $5.36, $6.22 and $6.55 (2013) for EPS and $16.35 and $14.38 for CFPS.
Jul 16, 2011.  Last I looked, I got estimates for 2010 and 2011 of $4.75 and $4.81 for earnings and $16. and $14.52 for CF.
Aug 30 2010.  When I last looked I got estimates for 2010 and 2011 of $4.45 and $4.68 and CF of $13.44 and $14.30.
May 17, 2010.  when I last reviewed this stock I got estimates for 2009 and 2010 of $4.00 and $4.05 and CF of $14.30 and $14.70.
Oct 14, 2009. When I looked at this stock in May 2009, I got 2009 and 2010 earnings of $3.90 and $4.00 and also cash flow of $14.30 and $14.70.
May 13, 2009 AR 2008.  when I last looked at this stock in Feb 2009, I got earnings estimates of $4.12 and $3.83 for 2008 and 2009.  I also got CF estimates of $12.72 and $12.81 for 2008 and 2009.
Earnings came in at $4.70 ($4.66 diluted).  2009 was increase somewhat to $3.90.  Cash Flow for 2008 was $15.83 and 2009 estimate incr. to $14.3
I think it is a good company and it should be one of my core companies after purchase if I purchase it at some time.
20045. For Net Income I used net of tax figure 2004 not $159.4
In 2014 dividend per share has increased for 21 consecutive years, so started in 1993.
Sector:
Power, Utility
Classified :Management and Diversified
What should this stock accomplish?
Would I buy this company and Why.
This is a dividend growth utility stock and as such I would consider it if I was looking for such a stock.  Some people do not like the share structure.
This stock is closely linked to Canadian Utilities (TSX-CU), so you would not buy both.
Why am I following this stock.
I started to look at this stock in 2009 because it was a dividend paying stock that was on everyone’s list.  At that time this stock was on the Dividend Achievers list, the Dividend Aristocrats list and also was on Mike Higgs’ list.
ATCO (TSX-ACO-X) owns 52.3% (2021) Canadian Utilities (TSX-CU), so you would not buy both these stocks.
Dividends
Dividends are paid in Cycle 3, which is March, June, September and December.  Dividends are declared for shareholders in one month for payment in the same month.
For exaple, the dividend paid for shareholders of record of March 8, 2013 was paid on March 31, 2013.
ATCO has increased its for 21 consecutive years in 2015.
Class I Non-Voting Symbol ACO.X and Class II Voting Symbol ACO.Y
ACO.Y no long trades on the stock exchange.
ATCO Ltd. have consolidated entirely under the ACO.X
How they make their money.
Atco Ltd is a Canada-based diversified company. It has 3 sections of Structures & Logistics, Neltume Ports, and Retail Energy segment. It generates maximum revenue from the ATCO Energy Systems segment and earns maximum revenue from Canada.
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.
Alberta-based ATCO Ltd.,  delivers service excellence and innovative business solutions worldwide with leading companies engaged
in Utilities (pipelines, natural gas and electricity transmission and distribution), Energy (power generation, natural gas gathering, processing, storage and liquids extraction),
Structures & Logistics (manufacturing, logistics and noise abatement) and Technologies (business systems solutions).
July 2011. It looks like Ronald Southern (age 80) is turning over the company to his daughter Nancy Southern(Age 54).																						Class I
																						Class II
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	2018	Aug 30	2019	Aug 26	2020	Aug 21	2021	Aug 19	2022	Aug 18	2023	Aug 18	2024	Aug 24	2025			Aug 16	2026
Southern, Nancy C.	26.13%	26.589	26.21%	26.628	26.27%	26.877	26.56%	27.118	26.75%	27.222	27.29%	27.324	27.38%	27.555	27.32%			27.727	27.46%	I		0.62%
CEO & Chairman - Class I	$1,023.176		$1,323.352		$971.641		$1,147.663		$1,149.266		$1,052.673		$1,300.097		$1,553.559				$2,105.551	I
Class  II	86.93%	11.533	87.35%	11.535	87.41%	11.538	87.43%	11.538	91.98%	11.538	92.86%	11.597	93.34%	11.597	100.47%			11.542	100.00%	II		-0.47%
Amount	$444.105		$574.018		$420.909		$492.669		$488.977		$446.171		$551.791		$653.846				$876.524	II
Options - percentage	0.51%	0.585	0.51%	0.715	0.62%	1.615	1.41%	1.165	1.02%	1.440	1.28%	1.740	1.55%	1.984	1.77%			2.265	2.01%			14.16%
Options - amount	$22.587		$29.115		$26.090		$68.961		$49.373		$55.685		$82.789		$111.858				$172.004		Potential
Patrick, Katherine Jane								0.001	0.01%	0.001	0.00%	0.001	0.00%	0.002	0.00%			0.002	0.00%	I		10.83%
CFO - Shares - Amount									$0.052		$0.052		$0.071		$0.095				$0.142	I
Options - percentage								0.019	0.02%	0.079	0.07%	0.154	0.14%	0.192	0.17%			0.254	0.23%			32.30%
Options - amount									$0.784		$3.036		$7.304		$10.831				$19.300
Beattie, Adam M..										0.003	0.00%	0.004	0.00%	0.005	0.00%			0.005	0.00%	I		5.25%
Officer - Shares - Amount											$0.114		$0.175		$0.261				$0.370	I
Options - percentage										0.208	0.19%	0.418	0.42%	0.276	0.25%			0.368	0.33%			33.25%
Options - amount											$8.043		$19.888		$15.553				$27.914
Constantinescu, M. George				0.005	0.00%	0.001	0.00%	0.005	0.04%	0.005	0.01%	0.006	0.01%	0.007	0.01%					I		-100.00%
Officer - Shares - Amount					$0.167		$0.053		$0.204		$0.209		$0.292		$0.392					I
Class  II								0.001	0.01%	0.002	0.02%	0.002	0.02%	0.002	0.02%					II		-100.00%
Amount									$0.059		$0.080		$0.099		$0.117					II
Options & rights, Percentage				0.004	0.00%	0.008	0.01%	0.008	0.01%	0.008	0.01%	0.015	0.01%	0.022	0.02%							-100.00%
Options - amount					$0.146		$0.342		$0.339		$0.309		$0.714		$1.215
Kiefer, Siegfried W.	0.07%	0.018	0.02%	0.018	0.02%	0.046	0.04%														Last filed Jun 2021
Officer - Shares - Amount	$2.864		$0.918		$0.673		$1.952														Ceased insider Feb 2022
Options & rights, Percentage	0.08%	0.017	0.01%	0.017	0.01%	0.230	0.20%
Options - amount	$3.475		$0.846		$0.620		$9.821
Myles, Bob														0.011	0.01%			0.012	0.01%	I		12.92%
Officer - Shares - Amount															$0.597				$0.908	I
Options - percentage														0.092	0.08%			0.127	0.11%			38.65%
Options - amount															$5.179				$9.673
Ellard, Denis M.	0.01%	0.008	0.01%	0.009	0.01%	0.011	0.01%	0.013	0.10%
Director - Share - Amount	$0.251		$0.400		$0.343		$0.476		$0.558
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000
Routs, Robert John				0.015	0.01%	0.018	0.02%	0.021	0.16%	0.024	0.02%	0.027	0.03%	0.029	0.03%			0.031	0.03%	I		7.37%
Director - Share - Amount					$0.538		$0.755		$0.875		$0.916		$1.268		$1.643				$2.376	I
Options - percentage				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
Kenney, Jason Thomas												0.001	0.00%	0.003	0.00%			0.005	0.00%	I		59.04%
Director - Share - Amount													$0.042		$0.160				$0.343	I
Options - percentage												0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount													$0.000		$0.000				$0.000
Booth, Robert T.	0.02%	0.020	0.02%	0.021	0.02%	0.023	0.02%	0.025	0.20%	0.026	0.02%	0.028	0.03%							I	Last report Mar 2024
Director - Share - Amount	$0.715		$0.994		$0.775		$0.979		$1.041		$1.015		$1.346							I	Ceased insider May 2025
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%
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Southern, Ronald D.																				I	Values for 2013 cannot
Founder Class I																				I	be right
Class  II																				II
Amount																				II
Options & rights, Percentage
Various strike prices
Heathcott, Linda A.	25.82%	26.264	25.88%	26.302	25.95%	26.550	26.24%	26.550	26.19%	26.838	26.91%	26.932	26.98%	27.160	26.93%			27.280	27.01%	I	Several people have 11M	0.44%
Vice Chair Class I	$1,011.036		$1,307.140		$959.769		$1,133.691		$1,125.195		$1,037.832		$1,281.442		$1,531.299				$2,071.623	I	Class II, cannot be right
Class  II	86.55%	11.493	87.05%	11.494	87.10%	11.497	87.13%	11.497	91.66%	11.497	92.54%	11.557	93.01%	11.557	100.12%			11.542	100.00%	II	last Filing Jun 2025	-0.12%
Amount	$442.155		$572.005		$419.433		$490.942		$487.263		$444.607		$549.866		$651.565				$876.524	II	10% Holder
Options & rights, Percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.210	0.19%	0.210	0.19%	0.236	0.21%			0.000	0.00%		Vice-Chair in 2022	-100.00%
Various strike prices	$0.000		$0.000		$0.000		$0.000		$0.000		$8.121		$9.992		$13.293				$0.000
Chairman - see above
Increase in O/S Shares	0.04%	0.117	0.10%	0.108	0.09%	0.027	0.02%	0.060	0.05%	0.015	0.01%	0.005	0.00%	0.210	0.19%			0.543	0.48%
due to SO	$1.868		$4.525		$5.373		$0.996		$2.551		$0.644		$0.189		$9.992				$30.596
Book Value	$2.000		$3.000		$3.000		$1.000		$2.000		$0.575		$1.000		$8.000				$23.000
Insider Buying	-$0.470		$0.000		$0.000		$0.000		-$8.604		-$4.148		-$6.019		-$11.214				-$4.733
Insider Selling	$5.787		$4.208		$0.915		$0.280		$0.102		$0.000		$0.193		$6.660				$10.436
Net Insider Selling	$5.317		$4.208		$0.915		$0.280		-$8.503		-$4.148		-$5.826		-$4.555				$5.703
% of Market Cap	0.12%		0.07%		0.02%		0.01%		-0.18%		-0.10%		-0.11%		-0.07%				0.07%
Directors		10		9		9		9		9		8		8				9
Women	30%	3	30%	3	33%	3	33%	3	33%	3	33%	3	38%	5	63%			5	56%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	34.02%	177	34.02%			20	26.59%	20	26.59%	20	17.92%	20	18.56%	20	18.93%			20	18.93%
Total Shares Held	30.12%	34.534	30.12%			30.406	26.58%	30.406	26.58%	20.315	18.11%	20.822	18.55%	21.307	18.96%			0.000	0.00%
Increase/Decrease 3 Mths	0.76%	0.261	0.76%			-0.722	-2.32%	-0.722	-2.32%	0.086	0.43%	-0.250	-1.19%	1.393	7.00%			1.393	-100.00%
Starting No. of Shares		34.272				31.128	Top 20 MS	31.128	Top 20 MS	20.228	Top 20 MS	21.073	Top 20 MS	19.913	Top 20 MS			-1.393	Top 20 MS
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