This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2025	<-Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/25	<-Estimates
BCE Inc						TSX:	BCE	NYSE	BCE	http://www.bce.ca/		Fiscal Yr:	Dec-31
Year	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	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
split Date																					split Date
split																					split
comments																					comments
comments																					comments
BCE & Nortel																					BCE & Nortel
non Tortel estimate																					non Tortel estimate
														$24,341	<-12 mths	-0.28%			Estimates		last 12 months from Qtr.
Nortel
Revenue*	$19,975	$20,400	$21,042	$21,514	$21,719	$22,719	$23,468	$23,964	$22,883	$23,449	$24,174	$24,673	$24,409	$24,334	$25,000	$25,272		16.00%	<-Total Growth	10	Revenue
Increase	2.45%	2.13%	3.15%	2.24%	0.95%	4.60%	3.30%	2.11%	-4.51%	2.47%	3.09%	2.06%	-1.07%	-0.31%	2.74%	1.09%		1.50%	<-IRR #YR->	10	Revenue	16.00%
5 year Running Average	$18,595	$19,135	$19,797	$20,486	$20,930	$21,479	$22,092	$22,677	$22,951	$23,297	$23,588	$23,829	$23,918	$24,208	$24,518	$24,738		0.37%	<-IRR #YR->	5	Revenue	1.86%
Revenue per Share	$25.76	$26.29	$25.04	$24.85	$24.94	$25.22	$26.13	$26.51	$25.30	$25.80	$26.51	$27.05	$26.76	$26.67	$27.40	#DIV/0!		1.91%	<-IRR #YR->	10	5 yr Running Average	20.82%
Increase	2.46%	2.06%	-4.76%	-0.74%	0.36%	1.09%	3.62%	1.47%	-4.56%	1.95%	2.76%	2.03%	-1.07%	-0.31%	2.74%	#DIV/0!		1.07%	<-IRR #YR->	5	5 yr Running Average	5.47%
5 year Running Average	$23.89	$24.74	$25.25	$25.42	$25.38	$25.27	$25.24	$25.53	$25.62	$25.79	$26.05	$26.23	$26.28	$26.56	$26.88	#DIV/0!		0.66%	<-IRR #YR->	10	Revenue per Share	6.85%
P/S (Price/Sales) Med	1.64	1.71	1.99	2.23	2.34	2.38	2.13	2.23	2.29	2.35	2.45	2.13	1.65	1.27	0.00	#DIV/0!		0.18%	<-IRR #YR->	5	Revenue per Share	0.92%
P/S (Price/Sales) Close	1.65	1.75	2.13	2.15	2.33	2.39	2.06	2.27	2.15	2.57	2.24	1.93	1.25	1.21	1.18	#DIV/0!		0.40%	<-IRR #YR->	10	5 yr Running Average	4.08%
* Operating Revenue in M CDN $					P/S Med	20 yr	1.85	15 yr	2.13	10 yr	2.26	5 yr	2.29		-46.55%	Diff M/C		0.58%	<-IRR #YR->	5	5 yr Running Average	2.94%
			-$21,042	$0	$0	$0	$0	$0	$0	$0	$0	$0	$24,409
								-$23,964	$0	$0	$0	$0	$24,409
			-$19,797	$0	$0	$0	$0	$0	$0	$0	$0	$0	$23,918
								-$22,677	$0	$0	$0	$0	$23,918
			-$25.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.76
								-$26.51	$0.00	$0.00	$0.00	$0.00	$26.76
			-$25.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.28
								-$25.53	$0.00	$0.00	$0.00	$0.00	$26.28
Payout Ratio														145.09%	131.21%	143.89%					Payout Ratio
														$2.96	<-12 mths	-2.63%			Estimates		Last 12 months from Qtr
Adjusted Earnings	$2,294	$2,317	$2,524	$2,845	$3,009	$3,033	$3,151	$3,153	$2,699	$2,895	$3,057	$2,926	$2,773					9.87%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	21.89%	19.95%	23.07%	21.85%	22.23%	20.01%	19.26%	18.47%	15.89%	15.54%	16.82%	17.67%	20.69%					18.87%	<-Median->	10	Return on Equity ROE
5Yr Median	14.68%	19.95%	21.89%	21.89%	21.89%	21.85%	21.85%	20.01%	19.26%	18.47%	16.82%	16.82%	16.82%					19.64%	<-Median->	10	5 Yr Median
Adjusted EPS Calc Basic	$2.96	$2.99	$3.18	$3.36	$3.46	$3.39	$3.51	$3.50	$2.98	$3.19	$3.35	$3.21	$3.04					-4.42%	<-Total Growth	10	Adjusted EPS Calc Basic
Adjusted EPS	$2.96	$2.99	$3.18	$3.36	$3.46	$3.39	$3.51	$3.50	$3.02	$3.19	$3.35	$3.21	$3.04	$2.75	$2.72	$2.83		-4.40%	<-Total Growth	10	AEPS
Increase	-5.43%	1.01%	6.35%	5.66%	2.98%	-2.02%	3.54%	-0.28%	-13.71%	5.63%	5.02%	-4.18%	-5.30%	-9.54%	-1.09%	4.04%		10	0	10	Years of Data, EPS P or N
Adj EPS Yield	6.94%	6.50%	5.97%	6.29%	5.96%	5.61%	6.51%	5.82%	5.55%	4.80%	5.63%	6.15%	9.12%	8.52%	8.43%	8.77%		-0.45%	<-IRR #YR->	10	AEPS
5 year Running Average	$2.73	$2.87	$3.01	$3.12	$3.19	$3.28	$3.38	$3.44	$3.38	$3.32	$3.31	$3.25	$3.16	$3.11	$3.01	$2.91		-2.78%	<-IRR #YR->	5	AEPS
Payout Ratio	74.16%	77.42%	76.57%	76.41%	77.96%	83.63%	84.97%	89.50%	108.94%	108.39%	108.51%	119.08%	130.26%	145.09%	146.69%	140.99%		0.49%	<-IRR #YR->	10	5 yr Running Average
5 year Running Average	59.45%	68.44%	71.12%	73.98%	76.51%	78.40%	79.91%	82.50%	89.00%	95.09%	100.06%	106.88%	115.04%	122.27%	129.93%	136.42%		-1.69%	<-IRR #YR->	5	5 yr Running Average
P/E Ratio Median	14.28	15.05	15.66	16.51	16.85	17.69	15.85	16.92	19.20	19.00	19.42	17.96	14.54	12.36	0.00	0.00		17.31	<-Median->	10	P/E Ratio Median
P/E Ratio High	15.22	16.20	17.05	17.55	18.26	18.50	17.20	18.59	21.59	20.99	22.02	20.39	18.43	13.22	0.00	0.00		18.54	<-Median->	10	P/E Ratio High
P/E Ratio Low	13.33	13.91	14.27	15.47	15.45	16.88	14.50	15.26	16.81	17.00	16.82	15.54	10.65	11.50	0.00	0.00		15.51	<-Median->	10	P/E Ratio Low
P/E Ratio Close	14.40	15.38	16.75	15.91	16.77	17.81	15.36	17.19	18.02	20.82	17.76	16.25	10.96	11.73	11.86	11.40		16.98	<-Median->	10	P/E Ratio Close
Trailing P/E Close	13.62	15.54	17.82	16.81	17.27	17.45	15.91	17.14	15.55	21.99	18.65	15.57	10.38	10.61	11.73	11.86		16.98	<-Median->	10	Trailing P/E Close
Median Values	Historical	in order	15.75	17.82	14.38	16.08	P/CF	5 Yrs	in order	19.00	20.99	16.81	17.76		-38.24%	Diff M/C
* Adjusted Net Earnings
			-$3.18	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.04
								-$3.50	$0.00	$0.00	$0.00	$0.00	$3.04
			-$3.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.16
								-$3.44	$0.00	$0.00	$0.00	$0.00	$3.16
US GAAP
before split
Nortel
With Nortel
														-$0.48	<-12 mths	-364.44%
Difference Basic and Diluted	0.00%	0.39%	0.34%	0.00%	0.00%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%					0.00%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$3.39	$2.55	$2.98	$2.98	$3.33	$3.12	$3.10	$3.37	$2.76	$2.99	$2.98	$2.28	$0.18					-93.96%	<-Total Growth	10	EPS Basic
Pre 1997
With Nortel
EPS Diluted*	$3.39	$2.54	$2.97	$2.98	$3.33	$3.11	$3.10	$3.37	$2.76	$2.99	$2.98	$2.28	$0.18	$2.47	$2.50	$2.76		-93.94%	<-Total Growth	10	EPS Diluted
Increase	17.71%	-25.07%	16.93%	0.34%	11.74%	-6.61%	-0.32%	8.71%	-18.10%	8.33%	-0.33%	-23.49%	-92.11%	1271.67%	1.05%	10.54%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	8.0%	5.5%	5.6%	5.6%	5.7%	5.2%	5.7%	5.6%	5.1%	4.5%	5.0%	4.4%	0.5%	7.7%	7.7%	8.5%		-24.45%	<-IRR #YR->	10	Earnings per Share	-93.94%
5 year Running Average	$2.45	$2.75	$2.93	$2.95	$3.04	$2.99	$3.10	$3.18	$3.13	$3.07	$3.04	$2.88	$2.24	$2.18	$2.08	$2.04		-44.34%	<-IRR #YR->	5	Earnings per Share	-94.66%
10 year Running Average	$2.49	$2.56	$2.69	$2.79	$2.89	$2.72	$2.93	$3.05	$3.04	$3.05	$3.01	$2.99	$2.71	$2.66	$2.57	$2.54		-2.64%	<-IRR #YR->	10	5 yr Running Average	-23.51%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	5.11%	5Yrs	4.50%					-6.77%	<-IRR #YR->	5	5 yr Running Average	-29.58%
			-$2.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.18
								-$3.37	$0.00	$0.00	$0.00	$0.00	$0.18
			-$2.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.24
								-$3.18	$0.00	$0.00	$0.00	$0.00	$2.24
Act Div '08
Nortel
No Nortel
from state.
Div I received
Increase
Split of 1997	$0.00	$0.00	$0.00
Nortel Spin off
Dividend*														$3.99	$3.57	$4.07			Estimates		Dividend*
Increase														0.76%	-10.55%	14.09%			Estimates		Increase
Payout Ratio EPS														161.60%	143.05%	147.64%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre 1997
With Nortel
Dividend*	$2.20	$2.32	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$3.96	$3.99	$3.99	$3.99		62.63%	<-Total Growth	10	Dividends
Increase	7.33%	5.47%	5.18%	5.44%	5.06%	5.10%	5.20%	5.03%	5.03%	5.09%	5.13%	5.16%	3.60%	0.76%	0.00%	0.00%		32	1	41	Years of data, Count P, N	78.05%
Average Increases 5 Year Running	20.29%	31.39%	9.13%	8.29%	5.70%	5.25%	5.20%	5.17%	5.08%	5.09%	5.10%	5.09%	4.80%	3.95%	2.93%	1.90%		-47.44%	<-Total Growth	10	Dividends 5 Yr Running
Dividends 5 Yr Running	$1.66	$1.97	$2.14	$2.31	$2.44	$2.57	$2.70	$2.84	$2.99	$3.14	$3.30	$3.47	$3.63	$3.77	$3.88	$3.95		69.41%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.19%	5.14%	4.89%	4.63%	4.63%	4.73%	5.36%	5.29%	5.67%	5.71%	5.59%	6.63%	8.96%	11.74%				5.47%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.87%	4.78%	4.49%	4.35%	4.27%	4.52%	4.94%	4.81%	5.05%	5.16%	4.93%	5.84%	7.07%	10.98%				4.93%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.56%	5.57%	5.37%	4.94%	5.05%	4.95%	5.86%	5.87%	6.48%	6.37%	6.45%	7.66%	12.23%	12.62%				6.12%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	5.15%	5.03%	4.57%	4.80%	4.65%	4.70%	5.53%	5.21%	6.04%	5.21%	6.11%	7.33%	11.88%	12.37%	12.37%	12.37%		5.37%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	64.75%	91.14%	81.99%	86.16%	81.01%	91.16%	96.21%	92.95%	119.20%	115.64%	121.98%	167.65%	2200.00%	161.60%	159.92%	144.67%		105.92%	<-Median->	10	DPR EPS	FCF 1
DPR EPS 5 Yr Running	67.67%	71.66%	73.29%	78.30%	80.28%	86.07%	87.27%	89.46%	95.33%	102.40%	108.54%	120.57%	162.33%	173.09%	186.44%	193.99%		92.39%	<-Median->	10	DPR EPS 5 Yr Running	FCF 2
Payout Ratio CFPS	30.65%	27.74%	32.79%	35.42%	35.36%	34.71%	36.28%	37.27%	38.37%	39.25%	39.63%	43.89%	51.70%	50.21%	49.87%	#DIV/0!		37.82%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	24.89%	28.80%	30.21%	31.70%	32.29%	33.10%	34.94%	35.83%	36.44%	37.22%	38.20%	39.70%	42.32%	44.60%	46.75%	#DIV/0!		36.13%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	29.58%	28.38%	34.82%	36.84%	36.95%	29.99%	30.99%	30.27%	32.21%	32.64%	33.46%	33.47%	34.58%	50.21%	49.87%	#DIV/0!		33.05%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	25.21%	28.79%	30.49%	32.01%	33.14%	33.06%	33.51%	32.53%	31.82%	31.25%	31.95%	32.44%	33.30%	36.09%	39.04%	#DIV/0!		32.49%	<-Median->	4	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.47%	5.37%	5 Yr Med	5 Yr Cl	5.71%	6.11%	5 Yr Med	Payout	121.98%	39.63%	33.46%					4.80%	<-IRR #YR->	5	Dividends	26.42%
* Dividends per share	10 Yr Med	and Cur.	125.94%	130.38%	5 Yr Med	and Cur.	116.76%	102.42%	Last Div Inc --->		$0.9675	$0.9975	3.10%					4.98%	<-IRR #YR->	10	Dividends	62.63%
Dividends Growth 15																		6.32%	<-IRR #YR->	15	Dividends	150.63%
Dividends Growth 20																		6.15%	<-IRR #YR->	20	Dividends	230.00%
Dividends Growth 25																		6.41%	<-IRR #YR->	25	Dividends	372.84%
Dividends Growth 30																		7.83%	<-IRR #YR->	30	Dividends	859.80%
Dividends Growth 35																		6.90%	<-IRR #YR->	35	Dividends	933.04%
Dividends Growth 40																		6.36%	<-IRR #YR->	40	Dividends
Dividends Growth 45																		6.33%	<-IRR #YR->	41	Dividends
Dividends Growth 5								-$3.13	$0.00	$0.00	$0.00	$0.00	$3.96								Dividends Growth 5
Dividends Growth 10			-$2.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.96								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	$3.96								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	$3.96								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	$3.96								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	$3.96								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	$3.96								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	$3.96								Dividends Growth 40
Dividends Growth 45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.96								Dividends Growth 45
Historical Dividends	Historical	High Div	6.75%	Low Div	1.30%	10 Yr High	11.78%	10 Yr Low	4.28%	Med Div	4.31%	Close Div	3.92%								Historical Dividends
High/Ave/Median Values	Curr diff	Cheap	83.23%		851.40%	Cheap	4.99%		188.98%	Cheap	186.97%	Cheap	215.86%								High/Ave/Median
Future Dividend Yield					Div Yd	15.64%	earning in	5	Years	at IRR of	4.80%	Div Inc.	26.42%								Future Dividend Yield
Future Dividend Yield					Div Yd	19.77%	earning in	10	Years	at IRR of	4.80%	Div Inc.	59.81%								Future Dividend Yield
Future Dividend Yield					Div Yd	24.99%	earning in	15	Years	at IRR of	4.80%	Div Inc.	102.03%								Future Dividend Yield
Future Dividend Paid					Div Paid	$5.04	earning in	5	Years	at IRR of	4.80%	Div Inc.	26.42%								Future Dividend Paid
Future Dividend Paid					Div Paid	$6.38	earning in	10	Years	at IRR of	4.80%	Div Inc.	59.81%								Future Dividend Paid
Future Dividend Paid					Div Paid	$8.06	earning in	15	Years	at IRR of	4.80%	Div Inc.	102.03%								Future Dividend Paid
Dividend Covering Cost					Total Div	$21.96	over	5	Years	at IRR of	4.80%	Div Cov.	68.07%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$44.68	over	10	Years	at IRR of	4.80%	Div Cov.	138.49%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$73.39	over	15	Years	at IRR of	4.80%	Div Cov.	227.50%								Dividend Covering Cost
I am earning GC					Div Gr	738.59%	10/15/82	# yrs ->	43	1982	$9.09	Cap Gain	-100.00%								I am earning GC
I am earning Div					org yield	5.23%	12/31/25	Trading	Div G Yrly	5.04%	Div start	$0.48	-5.23%	43.88%							I am earning Div
I am earning GC					Div Gr	193.38%	5/26/99	# yrs ->	26	1999	$21.65	Cap Gain	-100.00%								I am earning GC
I am earning Div					org yield	6.28%	12/31/25	RRSP	Div G Yrly	4.13%	Div start	$1.36	-6.28%	18.43%							I am earning Div
Yield if held 5 years	6.21%	7.53%	9.30%	8.08%	7.01%	6.71%	6.63%	6.29%	5.93%	5.93%	6.06%	6.87%	6.69%	6.88%	6.58%	6.13%		6.66%	<-Median->	10	Paid Median Price
Yield if held 10 years	7.33%	7.84%	8.74%	8.67%	12.04%	8.02%	9.71%	11.97%	10.35%	8.98%	8.60%	8.49%	7.95%	7.19%	6.84%	6.65%		8.83%	<-Median->	10	Paid Median Price
Yield if held 15 years	6.26%	4.87%	2.86%	6.50%	6.97%	9.47%	10.11%	11.24%	11.10%	15.44%	10.28%	12.44%	15.13%	12.55%	10.37%	9.44%		10.69%	<-Median->	10	Paid Median Price
Yield if held 20 years	13.45%	11.96%	11.42%	13.12%	10.55%	8.08%	6.27%	3.68%	8.33%	8.93%	12.14%	12.95%	14.21%	13.47%	17.81%	11.29%		9.74%	<-Median->	10	Paid Median Price
Yield if held 25 years		17.83%	14.64%	16.93%	17.92%	17.37%	15.41%	14.69%	16.81%	13.52%	10.36%	8.04%	4.66%	10.10%	10.31%	13.32%		15.05%	<-Median->	10	Paid Median Price
Yield if held 30 years							22.97%	18.84%	21.69%	22.96%	22.27%	19.74%	18.58%	20.38%	15.60%	11.37%
Yield if held 35 years												29.43%	23.81%	26.31%	26.50%	24.44%
Cost covered if held 5 years	23.43%	32.11%	40.96%	36.36%	31.73%	30.40%	30.03%	28.55%	26.92%	26.92%	27.51%	31.17%	30.67%	32.54%	32.01%	30.36%		30.22%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	49.36%	53.86%	61.48%	62.04%	88.20%	59.77%	76.10%	95.27%	83.36%	72.52%	69.44%	68.55%	65.03%	60.93%	60.18%	60.45%		70.98%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	55.98%	45.28%	27.20%	62.03%	67.16%	92.26%	99.66%	112.50%	112.46%	158.28%	106.43%	132.52%	164.67%	142.71%	122.92%	116.17%		109.45%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	133.03%	122.02%	120.29%	141.98%	117.58%	92.60%	73.70%	43.92%	99.84%	107.71%	147.35%	158.40%	177.69%	176.13%	244.88%	162.30%		112.65%	<-Median->	10	Paid Median Price
Cost covered if held 25 years		197.14%	166.30%	196.70%	213.43%	211.75%	191.84%	186.97%	218.28%	178.95%	139.62%	110.15%	65.28%	147.60%	157.82%	213.30%		189.41%	<-Median->	10	Paid Median Price
Cost covered if held 30 years							301.23%	251.79%	295.19%	317.69%	312.81%	281.39%	272.18%	314.65%	254.80%	195.92%
Cost covered if held 35 years												434.73%	361.02%	419.58%	446.53%	433.81%
																				Yr	Item	Tot. Growth
Revenue Growth								$23,964	$22,883	$23,449	$24,174	$24,673	$24,409	$24,341	<-12 mths	-0.28%		1.86%	<-Total Growth	5	Revenue Growth	1.86%
AEPS Growth								$3.50	$3.02	$3.19	$3.35	$3.21	$3.04	$2.96	<-12 mths	-2.63%		-13.14%	<-Total Growth	5	AEPS Growth	-13.14%
Net Income Growth								$3,253	$2,699	$2,892	$2,926	$2,327	$375	$4,844	<-12 mths	1191.73%		-88.47%	<-Total Growth	5	Net Income Growth	-88.47%
Cash Flow Growth								$7,598	$7,754	$8,008	$8,365	$7,946	$6,988					-8.03%	<-Total Growth	5	Cash Flow Growth	-8.03%
Dividend Growth								$3.13	$3.29	$3.46	$3.64	$3.82	$3.96	$3.99	<-12 mths	0.76%		26.42%	<-Total Growth	5	Dividend Growth	26.42%
Stock Price Growth								$60.16	$54.43	$66.40	$59.49	$52.17	$33.32	$32.26	<-12 mths	-3.18%		-44.61%	<-Total Growth	5	Stock Price Growth	-44.61%
Revenue Growth			$21,042	$21,514	$21,719	$22,719	$23,468	$23,964	$22,883	$23,449	$24,174	$24,673	$24,409	$24,334	<-this year	-0.31%		16.00%	<-Total Growth	10	Revenue Growth	16.00%
AEPS Growth			$3.18	$3.36	$3.46	$3.39	$3.51	$3.50	$3.02	$3.19	$3.35	$3.21	$3.04	$2.75	<-this year	-9.54%		-4.40%	<-Total Growth	10	AEPS Growth	-4.40%
Net Income Growth			$2,718	$2,730	$3,067	$2,970	$2,973	$3,253	$2,699	$2,892	$2,926	$2,327	$375	$2,368	<-this year	531.47%		-86.20%	<-Total Growth	10	Net Income Growth	-86.20%
Cash Flow Growth			$6,241	$6,274	$6,643	$7,358	$7,384	$7,598	$7,754	$8,008	$8,365	$7,946	$6,988	$7,250	<-this year	3.75%		11.97%	<-Total Growth	10	Cash Flow Growth	11.97%
Dividend Growth			$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$3.96	$3.99	<-this year	0.76%		62.63%	<-Total Growth	10	Dividend Growth	62.63%
Stock Price Growth			$53.28	$53.46	$58.03	$60.38	$53.93	$60.16	$54.43	$66.40	$59.49	$52.17	$33.32	$54.79	<-this year	64.44%		-37.46%	<-Total Growth	10	Stock Price Growth	-37.46%
Dividends on Shares	$76.83	$81.03	$85.23	$89.86	$94.41	$99.23	$104.39	$109.64	$115.15	$121.01	$127.23	$133.79	$138.60	$139.65	$139.65	$139.65		$1,732.94	No of Years	20	Total Divs	12/31/04
Paid	$1,492.05	$1,610.00	$1,864.80	$1,871.10	$2,031.05	$2,113.30	$1,887.55	$2,105.60	$1,905.05	$2,324.00	$2,082.15	$1,825.95	$1,166.20	$1,129.10	$1,129.10	$1,129.10		$1,166.20	No of Years	20	Worth	$28.92
																		$2,899.14
Dividends on Shares				$48.78	$51.25	$53.87	$56.67	$59.52	$62.51	$65.69	$69.07	$72.63	$75.24	$75.81	$75.81	$75.81		$615.22	No of Years	10	Total Divs	12/31/14
Paid			$1,012.32	$1,015.74	$1,102.57	$1,147.22	$1,024.67	$1,143.04	$1,034.17	$1,261.60	$1,130.31	$991.23	$633.08	$612.94	$612.94	$612.94		$633.08	No of Years	10	Worth	$53.28
																		$1,248.30
Graham Price AEPS	$30.00	$31.74	$30.52	$33.72	$34.79	$35.82	$37.93	$38.56	$35.72	$38.36	$38.76	$36.21	$31.70	$30.15	$29.99	#DIV/0!		3.86%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.41	1.42	1.63	1.65	1.68	1.67	1.47	1.54	1.62	1.58	1.68	1.59	1.39	1.13				1.61	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.50	1.53	1.78	1.75	1.82	1.75	1.59	1.69	1.82	1.75	1.90	1.81	1.77	1.21				1.76	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.32	1.31	1.49	1.54	1.54	1.60	1.34	1.38	1.42	1.41	1.45	1.38	1.02	1.05				1.42	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.42	1.45	1.75	1.59	1.67	1.69	1.42	1.56	1.52	1.73	1.53	1.44	1.05	1.07	1.08	#DIV/0!		1.55	<-Median->	10	Price/GP Ratio
Prem/Disc Close	42.09%	44.95%	74.56%	58.54%	66.81%	68.57%	42.20%	56.00%	52.36%	73.12%	53.49%	44.07%	5.11%	6.99%	7.58%	#DIV/0!		54.75%	<-Median->	10	Graham Price
Graham Price EPS	$32.11	$29.25	$29.50	$31.76	$34.13	$34.31	$35.64	$37.84	$34.15	$37.13	$36.55	$30.52	$7.71	$28.57	$28.72	#DIV/0!		-73.85%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.32	1.54	1.69	1.75	1.71	1.75	1.56	1.57	1.70	1.63	1.78	1.89	5.73	1.19				1.73	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.40	1.66	1.84	1.86	1.85	1.83	1.69	1.72	1.91	1.80	2.02	2.14	7.26	1.27				1.85	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.23	1.42	1.54	1.64	1.57	1.67	1.43	1.41	1.49	1.46	1.54	1.63	4.20	1.11				1.55	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.33	1.57	1.81	1.68	1.70	1.76	1.51	1.59	1.59	1.79	1.63	1.71	4.32	1.13	1.12	#DIV/0!		1.69	<-Median->	10	Price/GP Ratio
Prem/Disc Close	32.77%	57.26%	80.62%	68.35%	70.03%	75.99%	51.31%	58.98%	59.38%	78.81%	62.74%	70.95%	331.94%	12.92%	12.33%	#DIV/0!		69.19%	<-Median->	10	Graham Price
Comments
Comments
Pre-Split 1997
Pre-Nortel Split re Div
Closing Price	$42.63	$46.00	$53.28	$53.46	$58.03	$60.38	$53.93	$60.16	$54.43	$66.40	$59.49	$52.17	$33.32	$32.26	$32.26	$32.26		-37.46%	<-Total Growth	10	Stock Price
Increase	0.38%	7.91%	15.83%	0.34%	8.55%	4.05%	-10.68%	11.55%	-9.52%	21.99%	-10.41%	-12.30%	-36.13%	-3.18%	0.00%	0.00%		16.49	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.58	18.11	17.94	17.94	17.43	19.41	17.40	17.85	19.72	22.21	19.96	22.88	185.11	13.07	12.93	11.70		-11.15%	<-IRR #YR->	5	Stock Price	-44.61%
Trailing P/E	14.80	13.57	20.98	18.00	19.47	18.13	17.34	19.41	16.15	24.06	19.90	17.51	14.61	179.22	13.07	12.93		-4.59%	<-IRR #YR->	10	Stock Price	-37.46%
CAPE (10 Yr P/E)	12.99	13.32	13.58	14.04	14.69	16.40	16.22	16.57	17.25	17.97	19.74	17.47	12.30	12.14	12.54	12.71		-3.51%	<-IRR #YR->	5	Price & Dividend	-9.21%
Median 10, 5 Yrs		D.  per yr	7.28%	7.63%	% Tot Ret	269.89%	0.00%	T P/E	$18.07	$17.51	P/E:	$19.57	$22.21					2.70%	<-IRR #YR->	10	Price & Dividend	27.88%
Price 15		D.  per yr	8.61%		% Tot Ret	90.25%						CAPE Diff	-20.75%					0.93%	<-IRR #YR->	15	Stock Price	14.90%
Price  20		D.  per yr	6.95%		% Tot Ret	90.73%												0.71%	<-IRR #YR->	20	Stock Price	15.21%
Price  25		D.  per yr	3.52%		% Tot Ret	-263.89%												-4.86%	<-IRR #YR->	25	Stock Price	-71.21%
Price  30		D.  per yr	5.70%		% Tot Ret	76.70%												1.73%	<-IRR #YR->	30	Stock Price	67.34%
Price  35		D.  per yr	4.72%		% Tot Ret	76.49%												1.45%	<-IRR #YR->	35	Stock Price	65.51%
Price  40		D.  per yr	4.52%		% Tot Ret	69.63%												1.97%	<-IRR #YR->	40	Stock Price
Price  45		D.  per yr	5.38%		% Tot Ret	62.48%												3.23%	<-IRR #YR->	42	Stock Price
Price & Dividend 15																		9.54%	<-IRR #YR->	15	Price & Dividend	168.97%
Price & Dividend 20																		7.66%	<-IRR #YR->	20	Price & Dividend	190.57%
Price & Dividend 25																		-1.34%	<-IRR #YR->	25	Price & Dividend	-22.52%
Price & Dividend 30																		7.43%	<-IRR #YR->	30	Price & Dividend	360.83%
Price & Dividend 35																		6.17%	<-IRR #YR->	35	Price & Dividend	365.61%
Price & Dividend 40																		6.49%	<-IRR #YR->	40	Price & Dividend
Price & Dividend 45																		8.61%	<-IRR #YR->	42	Price & Dividend
Price  5								-$60.16	$0.00	$0.00	$0.00	$0.00	$33.32								Price  5
Price 10			-$53.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$33.32								Price 10
Price & Dividend 5								-$60.16	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 5
Price & Dividend 10			-$53.28	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$33.32								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	$33.32								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	$33.32								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	$33.32								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	$33.32								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	$33.32								Price  40
Price  45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$33.32								Price  45
Price & Dividend 15	$2.20	$2.32	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 15
Price & Dividend 20	$2.20	$2.32	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 20
Price & Dividend 25	$2.20	$2.32	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 25
Price & Dividend 30	$2.20	$2.32	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 30
Price & Dividend 35	$2.20	$2.32	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 35
Price & Dividend 40	$2.20	$2.32	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 40
Price & Dividend 45	$2.20	$2.32	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$37.28								Price & Dividend 45
Price H/L Median	$42.27	$45.01	$49.79	$55.48	$58.32	$59.97	$55.63	$59.24	$57.98	$60.60	$65.06	$57.67	$44.20	$33.99				-11.24%	<-Total Growth	10	Stock Price
Increase	9.82%	6.49%	10.62%	11.43%	5.11%	2.84%	-7.24%	6.48%	-2.12%	4.51%	7.37%	-11.37%	-23.36%	-23.10%				-1.18%	<-IRR #YR->	10	Stock Price
P/E	$12.47	$17.72	$16.76	$18.62	$17.51	$19.28	$17.95	$17.58	$21.01	$20.27	$21.83	$25.29	$245.53	$13.76				-5.69%	<-IRR #YR->	5	Stock Price
Trailing P/E	$14.68	$13.28	$19.60	$18.68	$19.57	$18.01	$17.89	$19.11	$17.20	$21.95	$21.76	$19.35	$19.38	$188.81				5.49%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	17.27	16.34	17.02	18.79	19.17	20.08	17.96	18.64	18.50	19.76	21.40	20.05	19.75	15.59				1.17%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	16.95	17.59	18.50	19.92	20.16	22.07	19.01	19.41	19.05	19.84	21.59	19.31	16.32	12.79				17.72	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	6.68%	6.86%	% Tot Ret	121.58%	588.20%	T P/E	19.23	19.38	P/E:	19.77	21.83						Count	36	Years of data
			-$49.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.20
								-$59.24	$0.00	$0.00	$0.00	$0.00	$44.20
			-$49.79	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$3.82	$48.16
								-$59.24	$3.29	$3.46	$3.64	$3.82	$48.16
High Months	Aug	May	Nov	Feb	Aug	Apr	Jan	Oct	Feb	Sep	Apr	May	Jan	Feb
Pre-Split 1997
Pre-Nortel Split re Div
Price High	$45.06	$48.43	$54.21	$58.97	$63.17	$62.70	$60.38	$65.06	$65.19	$66.95	$73.76	$65.45	$56.02	$36.35				3.34%	<-Total Growth	10	Stock Price
Increase	6.10%	7.48%	11.93%	8.78%	7.12%	-0.74%	-3.70%	7.75%	0.20%	2.70%	10.17%	-11.27%	-14.41%	-35.11%				0.33%	<-IRR #YR->	10	Stock Price
P/E	$13.29	$19.07	$18.25	$19.79	$18.97	$20.16	$19.48	$19.31	$23.62	$22.39	$24.75	$28.71	$311.22	$14.72				-2.95%	<-IRR #YR->	5	Stock Price
Trailing P/E	$15.65	$14.29	$21.34	$19.86	$21.20	$18.83	$19.41	$20.99	$19.34	$24.26	$24.67	$21.96	$24.57	201.94				19.07	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	21.09	24.26	P/E:	21.28	24.75					28.52	P/E Ratio		Historical High
			-$54.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.02
								-$65.06	$0.00	$0.00	$0.00	$0.00	$56.02
Low Months	Apr	Aug	Feb	Sep	Jan	Mar	Oct	Jan	Mar	Jan	Oct	Oct	Dec	Mar
Pre-Split 1997
Pre-Nortel Split re Div
Price Low	$39.47	$41.59	$45.37	$51.99	$53.46	$57.24	$50.88	$53.41	$50.77	$54.24	$56.36	$49.88	$32.37	$31.62				-28.65%	<-Total Growth	10	Stock Price
Increase	14.41%	5.37%	9.09%	14.59%	2.83%	7.07%	-11.11%	4.97%	-4.94%	6.83%	3.91%	-11.50%	-35.10%	-2.32%				4.63%	<-IRR #YR->	10	Stock Price
P/E	$11.64	$16.37	$15.28	$17.45	$16.05	$18.41	$16.41	$15.85	$18.39	$18.14	$18.91	$21.88	$179.83	$12.81				0.29%	<-IRR #YR->	5	Stock Price
Trailing P/E	$13.70	$12.27	$17.86	$17.51	$17.94	$17.19	$16.36	$17.23	$15.07	$19.65	$18.85	$16.74	$14.20	$175.67				16.05	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.21	$17.19	P/E:	16.39	18.14					9.32	P/E Ratio		Historical Low
																		16.37	P/E Ratio		Historical Median
			-$34.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$54.24						Count	37	Years of data
								-$53.46	$0.00	$0.00	$0.00	$0.00	$54.24
Free Cash Flow MS old				$2,113	$2,871	$3,324	$3,357	$3,970	$3,348	$1,089	$3,229	$3,182
Change
Free Cash Flow MS	$2,050	$2,910	$1,958	$1,870	$2,590	$2,840	$2,980	$3,910	$2,940	$880	$2,860	$3,340	$3,090	$3,325	$3,577	$3,403		57.81%	<-Total Growth	10	Free Cash Flow MS
Change					38.50%	9.65%	4.93%	31.21%	-24.81%	-70.07%	225.00%	16.78%	-7.49%	7.61%	7.58%	-4.86%		-4.60%	<-IRR #YR->	5	Free Cash Flow MS	-20.97%
FCF/CF from Op Ratio				0.30	0.39	0.39	0.40	0.51	0.38	0.11	0.34	0.42	0.44	0.46	0.49	#DIV/0!		4.67%	<-IRR #YR->	10	Free Cash Flow MS	57.81%
Dividends paid	$1,683	$1,795	$1,893	$2,167	$2,294	$2,511	$2,679	$2,819	$2,975	$2,975	$3,312	$3,486	$3,613	$3,640	$3,256	$0		90.86%	<-Total Growth	10	Dividends paid
Percentage paid				115.88%	88.57%	88.42%	89.90%	72.10%	101.19%	338.07%	115.80%	104.37%	116.93%	109.47%	91.02%	0.00%		$1.03	<-Median->	10	Percentage paid
5 Year Coverage								87.88%	87.01%	103.02%	108.77%	111.75%	124.80%	126.17%	106.89%	83.63%					5 Year Coverage
Dividend Coverage Ratio				0.86	1.13	1.13	1.11	1.39	0.99	0.30	0.86	0.96	0.86	0.91	1.10	#DIV/0!		0.97	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								1.14	1.15	0.97	0.92	0.89	0.80	0.79	0.94	1.20					5 Year of Coverage
								-$3,910	$0	$0	$0	$0	$3,090
			-$1,958	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,090
Free Cash Flow Mkt Scr							$3,567	$3,818	$3,348	$2,995	$3,067	$3,144	$2,888	$3,325	$3,577	$3,403		-13.74%	<-Total Growth	6	Free Cash Flow Mkt Scr
Change								7.04%	-12.31%	-10.54%	2.40%	2.51%	-8.14%					-2.87%	<-Median->	6	Change
Free Cash Flow BCE	$1,670	$2,571	$2,744	$2,999	$3,226	$3,418	$3,567	$3,736	$3,348	$2,980	$3,067	$3,144	$2,888	$3,325	$3,577	$3,403		5.25%	<-Total Growth	10	Free Cash Flow BCE
Change	10.52%	53.95%	6.73%	9.29%	7.57%	5.95%	4.36%	4.74%	-10.39%	-10.99%	2.92%	2.51%	-8.14%	15.13%	7.58%	-4.86%		-5.02%	<-IRR #YR->	5	Free Cash Flow BCE	-22.70%
FCF/CF from Op Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.48	0.50	0.43	0.37	0.37	0.40	0.41	0.46	0.49	#DIV/0!		0.51%	<-IRR #YR->	10	Free Cash Flow BCE	5.25%
Dividends paid	$1,683	$1,795	$1,893	$2,167	$2,294	$2,511	$2,679	$2,819	$2,975	$2,975	$3,312	$3,486	$3,613	$3,640	$3,256	$0		90.86%	<-Total Growth	10	Dividends paid
Percentage paid	100.78%	69.82%	68.99%	72.26%	71.11%	73.46%	75.11%	75.46%	88.86%	99.83%	107.99%	110.88%	125.10%	109.47%	91.02%	0.00%		$0.82	<-Median->	10	Percentage paid
5 Year Coverage	100.69%	86.89%	81.11%	78.80%	74.43%	71.27%	72.36%	73.59%	76.77%	81.88%	88.39%	95.65%	106.05%	110.53%	108.16%	85.66%					5 Year Coverage
Dividend Coverage Ratio	0.99	1.43	1.45	1.38	1.41	1.36	1.33	1.33	1.13	1.00	0.93	0.90	0.80	0.91	1.10	#DIV/0!		1.23	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage	0.99	1.15	1.23	1.27	1.34	1.40	1.38	1.36	1.30	1.22	1.13	1.05	0.94	0.90	0.92	1.17					5 Year of Coverage
								-$3,736	$0	$0	$0	$0	$2,888
			-$2,744	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,888
Free Cash Flow WSJ					$2,872	$3,324	$3,413	$3,984	$3,552	$3,171	$3,232	$3,365	$3,091	$3,325	$3,577	$3,403		7.63%	<-Total Growth	8	Free Cash Flow WSJ
Change						15.74%	2.68%	16.73%	-10.84%	-10.73%	1.92%	4.12%	-8.14%	7.57%	7.58%	-4.86%		-4.95%	<-IRR #YR->	5	Free Cash Flow MS	-22.41%
FCF/CF from Op Ratio					0.43	0.45	0.46	0.52	0.46	0.40	0.39	0.42	0.44	0.46	0.49	#DIV/0!		0.92%	<-IRR #YR->	8	Free Cash Flow MS	#DIV/0!
Dividends paid					$2,294	$2,511	$2,679	$2,819	$2,975	$2,975	$3,312	$3,486	$3,613	$3,640	$3,256	$0		57.50%	<-Total Growth	8	Dividends paid
Percentage paid					79.87%	75.54%	78.49%	70.76%	83.76%	93.82%	102.48%	103.60%	116.89%	109.47%	91.02%	0.00%		$0.84	<-Median->	9	Percentage paid
5 Year Coverage					79.87%	77.55%	77.89%	75.80%	77.45%	80.02%	85.06%	89.96%	99.70%	105.20%	104.32%	83.50%					5 Year Coverage
Dividend Coverage Ratio					1.25	1.32	1.27	1.41	1.19	1.07	0.98	0.97	0.86	0.91	1.10	#DIV/0!		1.19	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage					1.25	1.29	1.28	1.32	1.29	1.25	1.18	1.11	1.00	0.95	0.96	1.20					5 Year of Coverage
								-$3,984	$0	$0	$0	$0	$3,091
					-$2,872	$0	$0	$0	$0	$0	$0	$0	$3,091
Market Cap	$33,055	$35,691	$44,773	$46,276	$50,527	$54,402	$48,440	$54,379	$49,227	$60,359	$54,254	$47,593	$30,397	$29,430	$29,430	$0		-32.11%	<-Total Growth	10	Market Cap
Diluted # of Shares in Millions	774.6	776.4	794.6	848.3	870.3	894.9	898.9	901.4	904.3	906.7	911.5	912.3	912.3	912.3				14.81%	<-Total Growth	10	Diluted
Change	0.36%	0.23%	2.34%	6.76%	2.59%	2.83%	0.45%	0.28%	0.32%	0.27%	0.53%	0.09%	0.00%	0.00%				0.38%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	0.0%	-0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Average # of Shares in Millions	774.3	775.8	793.7	847.1	869.1	894.3	898.6	900.8	904.3	906.3	911.5	912.3	912.3	912.3	912.3	912.3		14.94%	<-Total Growth	10	Basic
Change	0.38%	0.19%	2.31%	6.73%	2.60%	2.90%	0.48%	0.24%	0.39%	0.22%	0.57%	0.09%	0.00%	0.00%	0.00%	0.00%		0.43%	<-Median->	10	Change
Difference Basic/Outstanding	0.1%	0.0%	5.9%	2.2%	0.2%	0.7%	0.0%	0.3%	0.0%	0.3%	0.1%	0.0%	0.0%	0.0%	0.0%	-100.0%		0.12%	<-Median->	10	Difference
# of Share in Millions	775.4	775.9	840.3	865.6	870.7	901.0	898.2	903.9	904.4	909.0	912.0	912.3	912.3	912.3	912.3			0.82%	<-IRR #YR->	10	Shares	8.56%
Increase	-0.01%	0.07%	8.30%	3.01%	0.59%	3.48%	-0.31%	0.64%	0.06%	0.51%	0.33%	0.03%	0.00%	0.00%	0.00%			0.18%	<-IRR #YR->	5	Shares	0.93%
CF fr Op $Millions	$5,552	$6,476	$6,241	$6,274	$6,643	$7,358	$7,384	$7,598	$7,754	$8,008	$8,365	$7,946	$6,988	$7,250	$7,299			11.97%	<-Total Growth	10	Cash Flow
Increase	14.03%	16.64%	-3.63%	0.53%	5.88%	10.76%	0.35%	2.90%	2.05%	3.28%	4.46%	-5.01%	-12.06%	3.75%	0.68%			SO, S Iss	decrease
5 year Running Average	$5,188	$5,301	$5,572	$5,882	$6,237	$6,598	$6,780	$7,051	$7,347	$7,620	$7,822	$7,934	$7,812	$7,711	$7,570			40.19%	<-Total Growth	10	CF 5 Yr Running
CFPS	$7.16	$8.35	$7.43	$7.25	$7.63	$8.17	$8.22	$8.41	$8.57	$8.81	$9.17	$8.71	$7.66	$7.95	$8.00			3.14%	<-Total Growth	10	Cash Flow per Share
Increase	14.04%	16.57%	-11.02%	-2.41%	5.26%	7.04%	0.67%	2.25%	2.00%	2.75%	4.12%	-5.04%	-12.06%	3.75%	0.68%			1.14%	<-IRR #YR->	10	Cash Flow	11.97%
5 year Running Average	$6.66	$6.85	$7.10	$7.29	$7.56	$7.76	$7.74	$7.93	$8.20	$8.44	$8.64	$8.73	$8.59	$8.46	$8.30			-1.66%	<-IRR #YR->	5	Cash Flow	-8.03%
P/CF on Med Price	5.90	5.39	6.70	7.65	7.64	7.34	6.77	7.05	6.76	6.88	7.09	6.62	5.77	4.28	0.00			0.31%	<-IRR #YR->	10	Cash Flow per Share	3.14%
P/CF on Closing Price	5.95	5.51	7.17	7.38	7.61	7.39	6.56	7.16	6.35	7.54	6.49	5.99	4.35	4.06	4.03			-1.84%	<-IRR #YR->	5	Cash Flow per Share	-8.87%
															-41.70%	Diff M/C		1.92%	<-IRR #YR->	10	CFPS 5 yr Running	20.94%
Excl.Working Capital CF	$202	-$147	-$365	-$241	-$286	$1,160	$1,259	$1,755	$1,485	$1,621	$1,542	$2,472	$3,458	$0	$0			1.59%	<-IRR #YR->	5	CFPS 5 yr Running	8.20%
CF fr Op $M WC	$5,754	$6,329	$5,876	$6,033	$6,357	$8,518	$8,643	$9,353	$9,239	$9,629	$9,907	$10,418	$10,446	$7,250	$7,299			77.77%	<-Total Growth	10	Cash Flow less WC
Increase	12.93%	9.99%	-7.16%	2.67%	5.37%	33.99%	1.47%	8.21%	-1.22%	4.22%	2.89%	5.16%	0.27%	-30.60%	0.68%			5.92%	<-IRR #YR->	10	Cash Flow less WC	77.77%
5 year Running Average	$5,121	$5,304	$5,517	$5,817	$6,070	$6,623	$7,085	$7,781	$8,422	$9,076	$9,354	$9,709	$9,928	$9,530	$9,064			2.24%	<-IRR #YR->	5	Cash Flow less WC	11.69%
CFPS Excl. WC	$7.42	$8.16	$6.99	$6.97	$7.30	$9.45	$9.62	$10.35	$10.22	$10.59	$10.86	$11.42	$11.45	$7.95	$8.00			6.05%	<-IRR #YR->	10	CF less WC 5 Yr Run	79.95%
Increase	12.94%	9.92%	-14.28%	-0.33%	4.75%	29.49%	1.78%	7.53%	-1.27%	3.69%	2.55%	5.12%	0.27%	-30.60%	0.68%			4.99%	<-IRR #YR->	5	CF less WC 5 Yr Run	27.59%
5 year Running Average	$6.57	$6.85	$7.03	$7.22	$7.37	$7.77	$8.07	$8.74	$9.39	$10.05	$10.33	$10.69	$10.91	$10.45	$9.94			5.06%	<-IRR #YR->	10	CFPS - Less WC	63.75%
P/CF on Med Price	5.70	5.52	7.12	7.96	7.99	6.34	5.78	5.72	5.68	5.72	5.99	5.05	3.86	4.28	0.00			2.05%	<-IRR #YR->	5	CFPS - Less WC	10.66%
P/CF on Closing Price	5.74	5.64	7.62	7.67	7.95	6.39	5.60	5.81	5.33	6.27	5.48	4.57	2.91	4.06	4.03			4.49%	<-IRR #YR->	10	CFPS 5 yr Running	55.11%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	6.96	5 yr	6.76	P/CF Med	10 yr	5.75	5 yr	5.68		-29.44%	Diff M/C		4.53%	<-IRR #YR->	5	CFPS 5 yr Running	24.82%
Income Taxes, Interest Paid, net change in Operation Assets and Liabilities fixed to 2004
			-840.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	912.3								Shares
								-903.9	0.0	0.0	0.0	0.0	912.3								Shares
			-$6,241	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,988								Cash Flow
								-$7,598	$0	$0	$0	$0	$6,988								Cash Flow
			-$7.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.66								Cash Flow per Share
								-$8.41	$0.00	$0.00	$0.00	$0.00	$7.66								Cash Flow per Share
			-$7.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.59								CFPS 5 yr Running
								-$7.93	$0.00	$0.00	$0.00	$0.00	$8.59								CFPS 5 yr Running
			-$5,876	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,446								Cash Flow less WC
								-$9,353	$0	$0	$0	$0	$10,446								Cash Flow less WC
			-$5,517.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$9,927.8								CF less WC 5 Yr Run
								-$7,780.8	$0.0	$0.0	$0.0	$0.0	$9,927.8								CF less WC 5 Yr Run
			-$6.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.45								CFPS - Less WC
								-$10.35	$0.00	$0.00	$0.00	$0.00	$11.45								CFPS - Less WC
			-$7.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.91								CFPS 5 yr Running
								-$8.74	$0.00	$0.00	$0.00	$0.00	$10.91								CFPS 5 yr Running
Severance costs												-$178	-$330
Acquisition and other costs												-$8	-$52
Income taxes
Interest paid			-$907	-$911	-$882	-$965	-$650	-$1,087	-$1,112	-$1,080	-$1,197	-$1,486	-$1,759
Income taxes paid (net of refunds)			-$743	-$672	-$565	-$675	-$990	-$725	-$846	-$913	-$749	-$700	-$783
Net change in operating assets and liabilities			$365	$241	$286	$480	$381	$57	$473	$372	$404	-$100	-$534
Sum			-$1,285	-$1,342	-$1,161	-$1,160	-$1,259	-$1,755	-$1,485	-$1,621	-$1,542	-$2,472	-$3,458
Google -->Morningstar 2017			-$356	-$418	-$51	$480	-$1,259	-$1,755	-$1,485	-$1,621	-$1,542	-$2,472	-$2,851
Difference			-$929	-$924	-$1,110	-$1,640	$0	$0	$0	$0	$0	$0	-$607
TD			$1,285	$1,342	-$1,161	-$1,264		-$1,755	-$1,485	-$1,343	-$1,601
Difference			-$2,570	-$2,684	$0	$104		$0	$0	-$278	$59
								2024	2024	2024	2024
Morningstar says		$147	$365	$241	$286	$480
OPM	27.79%	31.75%	29.66%	29.16%	30.59%	32.39%	31.46%	31.71%	33.89%	34.15%	34.60%	32.21%	28.63%	29.79%				-3.48%	<-Total Growth	10	OPM
Increase	11.30%	14.21%	-6.57%	-1.68%	4.88%	5.89%	-2.85%	0.77%	6.87%	0.78%	1.33%	-6.93%	-11.11%	4.07%					Should increase		or be stable.
Diff from Ave	-13.0%	-0.7%	-7.2%	-8.7%	-4.3%	1.4%	-1.5%	-0.8%	6.0%	6.9%	8.3%	0.8%	-10.4%	-6.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	31.96%	5 Yrs	33.89%					should be	zero, it is a		check on calculations
														$10,559	<-12 mths	-0.28%
Adjusted EBITDA		$8,089	$8,303	$8,551	$8,788	$9,178	$9,535	$10,106	$9,607	$9,893	$10,199	$10,417	$10,589	$10,580	$10,895	$11,011		27.53%	<-Total Growth	10	Adjusted EBITDA
Change			2.65%	2.99%	2.77%	4.44%	3.89%	5.99%	-4.94%	2.98%	3.09%	2.14%	1.65%	-0.08%	2.98%	1.06%		2.98%	<-Median->	10	Change
Margin		39.65%	39.46%	39.75%	40.46%	40.40%	40.63%	42.17%	41.98%	42.19%	42.19%	42.22%	43.38%	43.48%	43.58%	43.57%		42.08%	<-Median->	10	Margin
														$5,502	<-12 mths	-0.83%
EBIT									$4,615	$5,284	$5,476	$5,499	$5,548	$5,372	$5,559	$5,748		#DIV/0!	<-Total Growth	4	EBIT
Change										14.50%	3.63%	0.42%	0.89%	-3.17%	3.48%	3.40%		2.26%	<-Median->	4	Change
Margin									20.17%	22.53%	22.65%	22.29%	22.73%	22.08%	22.24%	22.74%		22.53%	<-Median->	5	Margin
Long Term Debt				$15,390	$16,572	$18,215	$19,760	$22,415	$23,906	$27,048	$27,783	$31,135	$32,835	$32,835							Debt	Type
Change					7.68%	9.91%	8.48%	13.44%	6.65%	13.14%	2.72%	12.06%	5.46%	0.00%				8.48%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio				0.33	0.33	0.33	0.41	0.41	0.49	0.45	0.51	0.65	1.08	1.12				0.43	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio				4.80	4.96	5.03	5.48	6.15	7.33	7.33	6.04	5.94	4.95	4.95				5.71	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)				2.45	2.49	2.48	2.68	2.95	3.08	3.38	3.32	3.92	4.70	4.53				3.02	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. + CF + D
Intangibles	$8,087	$9,552	$10,224	$11,176	$11,989	$13,305	$13,205	$13,352	$13,102	$15,570	$16,183	$16,609	$16,786	$16,786				64.18%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$7,185	$8,381	$8,385	$8,377	$8,958	$10,428	$10,658	$10,607	$10,604	$10,572	$10,906	$10,942	$10,261	$10,261				22.37%	<-Total Growth	10	Goodwill	Leverage
Total	$15,272	$17,933	$18,609	$19,553	$20,947	$23,733	$23,863	$23,959	$23,706	$26,142	$27,089	$27,551	$27,047	$27,047				45.34%	<-Total Growth	10	Total	D/E Ratio
Change	0.49%	17.42%	3.77%	5.07%	7.13%	13.30%	0.55%	0.40%	-1.06%	10.28%	3.62%	1.71%	-1.83%	0.00%				2.66%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.46	0.50	0.42	0.42	0.41	0.44	0.49	0.44	0.48	0.43	0.50	0.58	0.89	0.92				0.46	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,911	$5,070	$4,548	$4,808	$4,855	$4,639	$5,793	$5,520	$5,688	$6,198	$6,487	$7,898	$8,923	$8,923				Liquidity ratio of 1.5 and up, best
Current Liabilities	$6,745	$7,890	$9,089	$9,992	$10,108	$10,787	$10,429	$9,777	$8,271	$9,113	$11,469	$12,107	$14,846	$14,846				0.57	<-Median->	10	Ratio
Liquidity Ratio	0.58	0.64	0.50	0.48	0.48	0.43	0.56	0.56	0.69	0.68	0.57	0.65	0.60	0.60				0.65	<-Median->	5	Ratio
Liq. with CF aft div	1.15	1.24	0.96	0.89	0.91	0.88	1.01	1.05	1.27	1.21	1.01	1.02	0.83	0.84				1.02	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.72	0.68	0.69	0.63	0.62	0.57	0.71	0.74	0.89	0.69	0.68	0.70	0.64	0.84				0.69	<-Median->	5	Ratio
Curr. Portion on Lg T.	$2,136	$2,571	$3,743	$4,895	$4,887	$5,178	$4,645	$3,881	$2,417	$2,625	$4,137	$5,042	$7,669	$7,669				$4,137	<-Median->	5	Ratio
Liquidity Ratio	0.85	0.95	0.85	0.94	0.93	0.83	1.00	0.94	0.97	0.96	0.88	1.12	1.24	1.24				0.97	<-Median->	5	Ratio
Liq. with CF aft div	1.68	1.83	1.64	1.74	1.75	1.68	1.82	1.74	1.79	1.71	1.57	1.75	1.71	1.75				1.71	<-Median->	5	Ratio
Assets	$40,968	$45,384	$46,297	$47,993	$50,108	$54,263	$57,100	$60,146	$60,665	$66,764	$69,329	$71,940	$73,485	$73,485				Debt Ratio of 1.5 and up, best
Liabilities	$26,243	$29,134	$31,058	$30,664	$32,254	$34,780	$36,411	$38,738	$39,336	$43,823	$46,814	$51,383	$56,125	$56,125				1.55	<-Median->	10	Ratio
Debt Ratio	1.56	1.56	1.49	1.57	1.55	1.56	1.57	1.55	1.54	1.52	1.48	1.40	1.31	1.31				1.48	<-Median->	5	Ratio
Estimates BVPS														$15.97	$15.77	$13.73			Estimates		Estimates BVPS
Estimate Book Value														$14,569.2	$14,386.7	$0.0			Estimates		Estimate Book Value
P/B Ratio (Close)														2.02	2.05	2.35			Estimates		P/B Ratio (Close)
Difference from 10 year median															-21.42%	Diff M/C			Estimates		Difference from 10 yr med.
Check	$10,480	$16,250	$10,942	$13,019	$13,536	$15,156	$20,363	$21,074	$20,989	$22,635	$22,178	$20,229	$17,071
Total Book Value	$14,725	$16,250	$15,239	$17,329	$17,854	$19,483	$20,689	$21,408	$21,329	$22,941	$22,515	$20,557	$17,360	$17,360	$17,360	$17,360		13.92%	<-Total Growth	10	Total Book Value
Non-Controlling Int	$850	$1,239	$293	$306	$314	$323	$326	$334	$340	$306	$337	$328	$289	$289	$289	$289		-1.37%	<-Total Growth	10	Non-Controlling Int
Net Book Value		$15,011	$14,946	$17,023	$17,540	$19,160	$20,363	$21,074	$20,989	$22,635	$22,178	$20,229	$17,071	$17,071	$17,071	$17,071		14.22%	<-Total Growth	10	Net Book Value
BV per share		$19.35	$17.79	$19.67	$20.14	$21.27	$22.67	$23.31	$23.21	$24.90	$24.32	$22.17	$18.71	$18.71	$18.71	#DIV/0!		5.21%	<-Total Growth	10	BV per share
P/B Ratio (Median)		2.33	2.80	2.82	2.89	2.82	2.45	2.54	2.50	2.43	2.68	2.60	2.36	1.82	0.00	#DIV/0!		2.57	<-Median->	10	P/B Ratio (Median)
P/B Ratio (Median)									P/BV	10 yr Med	2.57	5 yr Med	2.50
Preferred Shares	$3,395	$3,395	$4,004	$4,004	$4,004	$4,004	$4,004	$4,004	$4,003	$4,003	$4,003	$3,667	$3,667	$3,667				-8.42%	<-Total Growth	10	Preferred Shares
Book Value	$10,480	$11,616	$10,942	$13,019	$13,536	$15,156	$16,359	$17,070	$16,986	$18,632	$18,175	$16,562	$13,404	$13,404	$13,404	$13,404		22.50%	<-Total Growth	10	Book Value
BV per share	$13.52	$14.97	$13.02	$15.04	$15.55	$16.82	$18.21	$18.88	$18.78	$20.50	$19.93	$18.15	$14.69	$14.69	$14.69	#DIV/0!		12.84%	<-Total Growth	10	Book Value per Share
Change	-1.71%	10.77%	-13.03%	15.51%	3.36%	8.20%	8.27%	3.69%	-0.55%	9.13%	-2.77%	-8.90%	-19.07%	0.00%	0.00%	#DIV/0!		-20.88%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.13	3.01	3.82	3.69	3.75	3.57	3.05	3.14	3.09	2.96	3.26	3.18	3.01	2.31	0.00	#DIV/0!		2.78	P/B Ratio		Historical Median
P/B Ratio (Close)	3.15	3.07	4.09	3.55	3.73	3.59	2.96	3.19	2.90	3.24	2.99	2.87	2.27	2.20	2.20	#DIV/0!		1.22%	<-IRR #YR->	10	Book Value per Share	12.84%
Change	2.12%	-2.58%	33.17%	-13.13%	5.02%	-3.84%	-17.51%	7.58%	-9.03%	11.78%	-7.85%	-3.73%	-21.08%	-3.18%	0.00%	#DIV/0!		-4.90%	<-IRR #YR->	5	Book Value per Share	-22.20%
Leverage (A/BK)	2.78	2.79	3.04	2.77	2.81	2.79	2.76	2.81	2.84	2.91	3.08	3.50	4.23	4.23				1.83	<-Median->	10	A/BV
Debt/Equity Ratio	1.78	1.79	2.04	1.77	1.81	1.79	1.76	1.81	1.84	1.91	2.08	2.50	3.23	3.23				3.12	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	3.16	5 yr Med	3.09		-30.44%	Diff M/C			Historical
			-$13.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.69
								-$18.88	$0.00	$0.00	$0.00	$0.00	$14.69
Comprehensive Income	$1,815	$3,446	$2,125	$3,183	$2,821	$2,659	$3,150	$3,486	$3,153	$4,763	$3,108	$1,979	$863					-59.39%	<-Total Growth	10	Comprehensive Income
NCI	$201	$443	$126	$54	$54	$54	$49	$58	$64	$54	$65	$61	$34						<-Total Growth	10	NCI
Preferred	$139	$131	$137	$152	$137	$128	$144	$151	$136	$131	$152	$187	$181						<-Total Growth	10	Preferred
Shareholders	$1,475	$2,872	$1,862	$2,977	$2,630	$2,477	$2,957	$3,277	$2,953	$4,578	$2,891	$1,731	$648					-65.20%	<-Total Growth	10	Shareholders
Increase	2.29%	94.71%	-35.17%	59.88%	-11.66%	-5.82%	19.38%	10.82%	-9.89%	55.03%	-36.85%	-40.12%	-62.56%					-36.85%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$1,555	$1,947	$1,961	$2,126	$2,363	$2,564	$2,581	$2,864	$2,859	$3,248	$3,331	$3,086	$2,560					-10.02%	<-IRR #YR->	10	Comprehensive Income	-65.20%
ROE	10.0%	17.7%	12.2%	17.2%	14.7%	12.7%	14.3%	15.3%	13.8%	20.0%	12.8%	8.4%	3.7%					-27.69%	<-IRR #YR->	5	Comprehensive Income	-80.23%
5Yr Median	9.9%	10.0%	11.8%	12.2%	14.7%	14.7%	14.3%	14.7%	14.3%	14.3%	14.3%	13.8%	12.8%					2.70%	<-IRR #YR->	10	5 Yr Running Average	30.54%
% Difference from Net Income	-60.0%	3.9%	-43.4%	-11.5%	-30.6%	-30.8%	-16.0%	-14.0%	-5.9%	37.3%	-14.1%	-32.8%	207.0%					-2.21%	<-IRR #YR->	5	5 Yr Running Average	-10.60%
Median Values										Diff	5, 10 yr	-14.1%	-5.9%					12.8%	<-Median->	5	Return on Equity
			-$1,862	$0	$0	$0	$0	$0	$0	$0	$0	$0	$648
								-$3,277	$0	$0	$0	$0	$648
			-$1,961	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,560
								-$2,864	$0	$0	$0	$0	$2,560
Current Liability Coverage Ratio	0.85	0.80	0.65	0.60	0.63	0.79	0.83	0.96	1.12	1.06	0.86	0.86	0.70	0.49							CFO / Current Liabilities
5 year Median	0.85	0.80	0.77	0.75	0.65	0.65	0.65	0.79	0.83	0.96	0.96	0.96	0.86	0.86				84.5%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	14.05%	13.95%	12.69%	12.57%	12.69%	15.70%	15.14%	15.55%	15.23%	14.42%	14.29%	14.48%	14.22%	9.87%							CFO / Total Assets
5 year Median	12.92%	12.92%	12.92%	12.92%	12.69%	12.69%	12.69%	15.14%	15.23%	15.23%	15.14%	14.48%	14.42%	14.29%				14.5%	<-Median->	10	Return on Assets
Return on Assets	6.40%	4.35%	5.10%	5.26%	5.74%	5.13%	4.88%	5.05%	4.12%	4.06%	3.92%	2.89%	0.22%	3.22%				Net	Income/Assets		Return on Assets
5Yr Median	5.51%	5.51%	5.51%	5.26%	5.26%	5.13%	5.13%	5.13%	5.05%	4.88%	4.12%	4.06%	3.92%	3.22%				4.5%	<-Median->	10	Asset Efficiency Ratio
ROE	25.04%	17.00%	21.60%	19.40%	21.23%	18.38%	17.02%	17.81%	14.71%	14.54%	14.94%	12.53%	1.22%	17.67%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	15.00%	17.00%	20.83%	20.83%	21.23%	19.40%	19.40%	18.38%	17.81%	17.02%	14.94%	14.71%	14.54%	14.54%				16.0%	<-Median->	10	Return on Equity
														$4,844	<-12 mths	2871.78%			Estimates		last 12 months from Qtr.
Net Income	$3,053	$2,388	$2,718	$2,730	$3,067	$2,970	$2,973	$3,253	$2,699	$2,892	$2,926	$2,327	$375					-86.20%	<-Total Growth	10	Net Income
NCI	$290	$282	$218	$52	$56	$56	$44	$62	$65	$52	$58	$64	$31								NCI
Preferred	$139	$131	$137	$152	$137	$128	$144	$151	$136	$131	$152	$187	$181					32.12%	<-Total Growth	10	Preferred
Shareholders	$2,624	$1,975	$2,363	$2,526	$2,874	$2,786	$2,785	$3,040	$2,498	$2,709	$2,716	$2,076	$163	$2,368	$1,262	$2,664		-93.10%	<-Total Growth	10	Shareholders
Increase	18.14%	-24.73%	19.65%	6.90%	13.78%	-3.06%	-0.04%	9.16%	-17.83%	8.45%	0.26%	-23.56%	-92.15%	1352.76%	-46.71%	111.09%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,917	$2,123	$2,270	$2,342	$2,472	$2,505	$2,667	$2,802	$2,797	$2,764	$2,750	$2,608	$2,032	$2,006	$1,717	$1,707		-23.46%	<-IRR #YR->	10	Net Income	-93.10%
Operating Cash Flow	$5,552	$6,476	$6,241	$6,274	$6,643	$7,358	$7,384	$7,598	$7,754	$8,008	$8,365	$7,946	$6,988					-44.30%	<-IRR #YR->	5	Net Income	-94.64%
Investment Cash Flow	-$4,093	-$6,401	-$3,570	-$4,114	-$4,584	-$5,737	-$4,386	-$4,036	-$3,540	-$7,003	-$5,517	-$5,517	-$4,438					-1.10%	<-IRR #YR->	10	5 Yr Running Ave.	-10.45%
Total Accruals	$1,165	$1,900	-$308	$366	$815	$1,165	-$213	-$522	-$1,716	$1,704	-$132	-$353	-$2,387					-6.22%	<-IRR #YR->	5	5 Yr Running Ave.	-27.47%
Total Assets	$40,968	$45,384	$46,297	$47,993	$50,108	$54,263	$57,100	$60,146	$60,665	$66,764	$69,329	$71,940	$73,485						Balance Sheet		Assets
Accruals Ratio	2.84%	4.19%	-0.67%	0.76%	1.63%	2.15%	-0.37%	-0.87%	-2.83%	2.55%	-0.19%	-0.49%	-3.25%					-0.49%	<-Median->	5	Ratio
EPS/CF Ratio	0.46	0.31	0.42	0.43	0.46	0.33	0.32	0.33	0.27	0.28	0.27	0.20	0.02					0.30	<-Median->	10	EPS/CF Ratio
			-$2,363	$0	$0	$0	$0	$0	$0	$0	$0	$0	$163
								-$3,040	$0	$0	$0	$0	$163
			-$2,270	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,032
								-$2,802	$0	$0	$0	$0	$2,032
Change in Close	0.38%	7.91%	15.83%	0.34%	8.55%	4.05%	-10.68%	11.55%	-9.52%	21.99%	-10.41%	-12.30%	-36.13%	-3.18%	0.00%	0.00%			Count	33	Years of data
up/down																			Count	7	21.21%
Meet Prediction?																		% right	Count	1	14.29%
Financial Cash Flow	-$1,507	$131	-$2,440	-$2,113	-$1,819	-$2,149	-$3,198	-$4,302	-$4,302	-$1,022	-$2,988	-$1,542	-$1,750						C F Statement		Financial CF
Total Accruals	$2,672	$1,769	$2,132	$2,479	$2,634	$3,314	$2,985	$3,780	$2,586	$2,726	$2,856	$1,189	-$637								Accruals
Accruals Ratio	6.52%	3.90%	4.61%	5.17%	5.26%	6.11%	5.23%	6.28%	4.26%	4.08%	4.12%	1.65%	-0.87%					4.08%	<-Median->	5	Ratio
Cash	$117	$115	$142	$100	$250	$442	$425	$141	$141	$207	$99	$225	$1,572	$1,572							Cash
Cash Per Share	$0.15	$0.15	$0.17	$0.12	$0.29	$0.49	$0.47	$0.16	$0.16	$0.23	$0.11	$0.25	$1.72	$1.72				$0.23	<-Median->	5	Cash per Share
Percentage of Stock Price	0.35%	0.32%	0.32%	0.22%	0.49%	0.81%	0.88%	0.26%	0.29%	0.34%	0.18%	0.47%	5.17%	5.34%				0.34%	<-Median->	5	% of Stock Price
Moved the following from further up and above the current section on stock prices.  I do not think I need this anymore, but I do not like distroying data.
Price Close re TD	$42.63	$46.00	$53.28	$53.46	$58.03	$60.38	$53.93	$60.16	$54.43	$66.40	$59.49	$52.17						-100.00%	<-Total Growth	9	Stock Price
Increase	0.38%	7.91%	15.83%	0.34%	8.55%	4.05%	-10.68%	11.55%	-9.52%	21.99%	-10.41%	-12.30%						19.71	<-Median->	9	CAPE (10 Yr P/E)
P/E	12.58	18.11	17.94	17.94	17.43	19.41	17.40	17.85	19.72	22.21	19.96	22.88						#NUM!	<-IRR #YR->	4	Stock Price
Trailing P/E	14.80	13.57	20.98	18.00	19.47	18.13	17.34	19.41	16.15	24.06	19.90	17.51						#NUM!	<-IRR #YR->	9	Stock Price
CAPE	17.09	17.98	19.80	19.20	20.06	22.22	18.43	19.71	17.89	21.74	19.74	17.47						#NUM!	<-IRR #YR->	4	Price & Dividend
Median 10, 5 Yrs	D.  per yr	#REF!	#REF!	% Tot Ret	#REF!	#REF!	T P/E	$18.77	$19.41	P/E:	$18.68	$19.96	$21.09	-100.00%	Diff M/C			#NUM!	<-IRR #YR->	9	Price & Dividend
Price 15																		#NUM!	<-IRR #YR->	14	Stock Price
Price  20																		#NUM!	<-IRR #YR->	19	Stock Price
Price  25																		#NUM!	<-IRR #YR->	24	Stock Price
Price  30																		#NUM!	<-IRR #YR->	29	Stock Price
Price  35																		#NUM!	<-IRR #YR->	34	Stock Price
Price  40																		6.85%	<-IRR #YR->	40	Stock Price
Price & Dividend 15																		#NUM!	<-IRR #YR->	14	Price & Dividend
Price & Dividend 20																		#NUM!	<-IRR #YR->	19	Price & Dividend
Price & Dividend 25																		#NUM!	<-IRR #YR->	24	Price & Dividend
Price & Dividend 30																		#NUM!	<-IRR #YR->	29	Price & Dividend
Price & Dividend 35																		#NUM!	<-IRR #YR->	34	Price & Dividend
Price & Dividend 40																		14.69%	<-IRR #YR->	40	Price & Dividend
Price  5							-$53.93	$0.00	$0.00	$0.00	$0.00	$52.17									Price  5
Price 10		-$46.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$52.17									Price 10
Price & Dividend 5							-$53.93	$3.13	$3.29	$3.46	$3.64	$55.99									Price & Dividend 5
Price & Dividend 10		-$46.00	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$55.99									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	$52.17									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	$52.17									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	$52.17									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	$52.17									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	$52.17									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	$52.17									Price  40
Price & Dividend 15	$3.18	$3.05	$4.42	$3.42	$3.78	$3.55	$2.79	$3.26	$2.81	$3.36	$2.91	$55.01									Price & Dividend 15
Price & Dividend 20	$3.18	$3.05	$4.42	$3.42	$3.78	$3.55	$2.79	$3.26	$2.81	$3.36	$2.91	$55.01									Price & Dividend 20
Price & Dividend 25	$3.18	$3.05	$4.42	$3.42	$3.78	$3.55	$2.79	$3.26	$2.81	$3.36	$2.91	$55.01									Price & Dividend 25
Price & Dividend 30	$3.18	$3.05	$4.42	$3.42	$3.78	$3.55	$2.79	$3.26	$2.81	$3.36	$2.91	$55.01									Price & Dividend 30
Price & Dividend 35	$3.18	$3.05	$4.42	$3.42	$3.78	$3.55	$2.79	$3.26	$2.81	$3.36	$2.91	$55.01									Price & Dividend 35
Price & Dividend 40	$3.18	$3.05	$4.42	$3.42	$3.78	$3.55	$2.79	$3.26	$2.81	$3.36	$2.91	$55.01									Price & Dividend 40
Price H/L Median	$42.27	$45.01	$49.79	$55.48	$58.32	$59.97	$55.63	$59.24	$57.98	$60.60	$65.06	$57.67	$44.20					-11.24%	<-Total Growth	10	Stock Price
Increase	9.82%	6.49%	10.62%	11.43%	5.11%	2.84%	-7.24%	6.48%	-2.12%	4.51%	7.37%	-11.37%	-23.36%					#NUM!	<-IRR #YR->	9	Stock Price
P/E	12.47	17.72	16.76	18.62	17.51	19.28	17.95	17.58	21.01	20.27	21.83	25.29	245.53					#NUM!	<-IRR #YR->	4	Stock Price
Trailing P/E	14.68	13.28	19.60	18.68	19.57	18.01	17.89	19.11	17.20	21.95	21.76	19.35	19.38					#NUM!	<-IRR #YR->	9	Price & Dividend
P/E on Running 5 yr Average	17.27	16.34	17.02	18.79	19.17	20.08	17.96	18.64	18.50	19.76	21.40	20.05	19.75					#NUM!	<-IRR #YR->	4	Price & Dividend
P/E on Running 10 yr Average	16.95	17.59	18.50	19.92	20.16	22.07	19.01	19.41	19.05	19.84	21.59	19.31	16.32					15.62	P/E Ratio		Historical Median
Median 10, 5 Yrs	D.  per yr	#REF!	#REF!	% Tot Ret	#REF!	#REF!	T P/E	19.23	19.35	P/E:	18.95	21.01							Count	44	Years of data
		-$45.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$57.67
							-$55.63	$0.00	$0.00	$0.00	$0.00	$57.67
		-$45.01	$2.44	$2.57	$2.70	$2.84	$2.98	$3.13	$3.29	$3.46	$3.64	$61.49
							-$55.63	$3.13	$3.29	$3.46	$3.64	$61.49
Price high with Nortel
Split 1997
High Months	Aug	May	Nov	Feb	Aug	Mar	Oct	Jan	Mar	Jan	Oct	Oct	Dec
Price High	$45.06	$48.43	$54.21	$58.97	$63.17	$62.70	$60.38	$65.06	$65.19	$66.95	$73.76	$65.45	$56.02					3.34%	<-Total Growth	10	Stock Price
Increase	6.10%	7.48%	11.93%	8.78%	7.12%	-0.74%	-3.70%	7.75%	0.20%	2.70%	10.17%	-11.27%	-14.41%					#NUM!	<-IRR #YR->	9	Stock Price
P/E	13.29	19.07	18.25	19.79	18.97	20.16	19.48	19.31	23.62	22.39	24.75	28.71	311.22					#NUM!	<-IRR #YR->	4	Stock Price
Trailing P/E	15.65	14.29	21.34	19.86	21.20	18.83	19.41	20.99	19.34	24.26	24.67	21.96	24.57					19.07	P/E Ratio		Historical Median
Median 10, 5 Yrs								Price Inc	2.70%	P/E:	19.97	23.62						23.13	P/E Ratio		Historical High
		-$48.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$65.45
							-$60.38	$0.00	$0.00	$0.00	$0.00	$65.45
No Nortel
Price Low
Low Months	Apr	Aug	Feb	Sep	Jan	Mar	Oct	Jan	Mar	Jan	Oct	Oct	Dec
Price Low	$39.47	$41.59	$45.37	$51.99	$53.46	$57.24	$50.88	$53.41	$50.77	$54.24	$56.36	$49.88	$32.37					-28.65%	<-Total Growth	10	Stock Price
Increase	14.41%	5.37%	9.09%	14.59%	2.83%	7.07%	-11.11%	4.97%	-4.94%	6.83%	3.91%	-11.50%	-35.10%					#NUM!	<-IRR #YR->	9	Stock Price
P/E	11.64	16.37	15.28	17.45	16.05	18.41	16.41	15.85	18.39	18.14	18.91	21.88	179.83					#NUM!	<-IRR #YR->	4	Stock Price
Trailing P/E	13.70	12.27	17.86	17.51	17.94	17.19	16.36	17.23	15.07	19.65	18.85	16.74	14.20					16.05	P/E Ratio		Historical Median
Median 10, 5 Yrs								Price Inc	3.91%	P/E:	17.79	18.39						5.95	P/E Ratio		Historical Low
		-$41.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.88
							-$50.88	$0.00	$0.00	$0.00	$0.00	$49.88
Notes:
March 23, 2025.  Last estimates were for 2024, 2025, 2026 of $24953M, $25433M, $26018M Revenue, $3.06, $3.21, $3.32 AEPS, $2.69, $3.21, $3.28 EPS,
$3.99, $4.13, $4.27 Dividends, $2928M, $3624M, $4263M FCF, $7.88, $8.60 2024/5 CFPS, $19.20, $22.00, $20.50 BVPS, $4,242, $2902M, $1988M Net Income.
March 24, 2024.  Last estimates were for 2023, 2024 and 2025 of $24792M, $25400M and $26215M for Revenue, $3.20, $3.45 and $3.82 for AEPS, $3.25, $3.61 and $3.91 for EPS,
$3.85, $4.03 and $4.18 for Dividends, $3271M, $3734M and $4568M for FCF, $9.20 and $9.24 2023/4 for CFPS, $21.60, $22.00 and $20.50 for BVPS, $2951M, $3173M and $3532M for Net Income.
March 26, 2023.  Last estimates were for 2022, 2023 and 2024 of $24211M, $24822M and $25481M for Revenue, $3.37, $3.58, $3.68 for AEPS, $3.27, $3.49 and $3.79 for EPS,
$3.68 $3.86 and $4.06 for Dividends, $3143M, $3903M and $4700M for FCR, $9.11, $9.24 and $9.72 for CFPS, $22.20, $22.90 and $23.70 for BVPS, and $2951M, $3144M and $3450M for Net Income.
March 26, 2022.  Last estimates were for 2021, 2022 and 2023 of $23651M, $24349M and $24948M for Revenue, $3.10, $3.68 and $3.86 for EPS,
$3.50, $3.68 and $3.86 for Dividends, $3164M, $3715M and $4409M for FCF, $8.70, $8.95 and $9.19 for CFPS and $2789M, $2955M and $3078M for Net Income.
March 26, 2021.  Last estimates were for 2020, 2021 and 2022 of $24372M, $24810M and $25346M for Revenue, $3.47, $3.65 and $3.72 for EPS,
$3.33, $3.48 an $3.65 for Dividends, $4097M $4281M and $5409M for FCF, $9.04 and $9.15 for CFPS for 2020 and 2021 and $3094M, $3228M and $3366M for Net Income.
March 21, 2020.  Last estimates were for 2019, 2020 and 2021 of $23956M, $24430M and $24969M for Revenue,
$3.34, $3.60 and $3.94 for EPS, $8.69, $8.96 and $9.17 for CFPS, $2988M and $3075M for 2019 and 2020 for Net Income.
March 26, 2019.  Last estimates were for 2018, 2019 and 2020 of $23371M, $23819M, and $24552M, $3.46, $3.66 and $3.72 for EPS,
$8.39, $8.48 and $8.95 for CFPS and $3081M, $3237M and $3330M for Net Income.
Maybe check Total Return against my Total Return to see if I have this spreadsheet updated correctly.
March 24, 2018. Last estimates were for 2017, 2018 and 2019 of $22695M, $23063M and $23187M for Revenue,
$3.46, $3.63 and $3.86 for EPS, $8.30, $8.67 and $8.64 for CFPS, $3097M, $3334M and $3456M for Net Income.
March 24, 2017.  Last estimates were for 2016, 2017 amd 2018 of $21951M, $22265M and $22594M for Revenue,
$3.40, $3.50 and $3.82 for EPS, $7.91, $7.99 and $8.24 for CFPS and $2906M, $3022M and $3477M for Net Income.
March 27, 2015.  Last estimates were for 2015, 2016 and 2017 of $21483M, $21887M and $22336M for Revenue,
$3.22, $3.51 and $3.64 for EPS, $7.49, $7.89 and $7.95 for CFPS and $2697M and $3006M and $3114M for Net Income.
March 23, 2014.  Last estimates were for 2013 and 2014 for $20201M and $20337M for Revenue, $3.10 and $3.22 EPS.
Febr 18, 2013.  Last estimates were for 2012 and 2013 of $20193M and $20756M for Revenue and $3.16, $3.25 and $3.43 (2014) for EPS and $7.79 and $8.13 for CFPS.
Mar 25, 2012.  Last estimates were for 2011 and 2012 and wer $2.96 and $3.07 for EPS and $7.59 and $7.66 for CF.
Apr 10, 2011.  I last got estimates for 2010 and 2011 of $2.68 and $2.71 for earnings and $7.13 and $7.39 for cash flow. The problem is that company keeps restating their financials.
Feb 2010 Unadited Report. When I looked at this in July 2009, I got for 2009 and 2010 earnings of $2.40 & $2.42, and cash flow of $6.37 and $7.03. Earnings for 2009 were $2.11 or $2.50 if other
charges are included. Cash Flow came in as $6.20.
Jul 17, 2009.  when I looked at this in Feb 2009, I got earnings estimates for 2009 and 2010 of $2.35 and $2.36. New estimates up a bit.  I got OCF of $6.37 and $7.03 for these years. Keeping current Estimates.
Finally got the annual report and I have updated my spreadsheet.
2009 Feb.  Analysts still have a buy rating on this stock.
2008 AP.  They have put out statements for the end of 2008, but they are not typical statements.  It is hard to get the figures I need.  For example, they have no proper cash flow statement.
2008.  Stock is not being bought.
2007 AP. Stock is being bought out. Not done yet.
2005 AP.  NEED TO SELL?
I have had BCE for a long time.  Since the early 1980's.  Considering all, I think that I have had an IRR of almost 15% since 1987.
I will hold on to this stock for now.  I am hoping it will sort itself out again.
AP  2004. Not doing great. However BCE Earnings estimates for 2005 and 2006 are 2.15 and 2.32.  I have sold 1/2 of my stock and hold $15,000 still.  Keep eye on.
May 2003. When looking for stock to buy, this stocks P/E at 12.7 is too high historically.  Stock has other problems too.
Sector:
Telecom Service, Utility
What should this stock accomplish?
Would I buy this company and Why.
It is a dividend growth company and therefore should be considered for buying if one is looking for a Telecom.   I currently not too keen on Telecom Services companies because their might be a big fall at at some point in
Canada.  Our rates are very high for cable, interenet and phone. Certainly cable and internet should not be separate service even now.
Why am I following this stock.
I bought this stock in 1982 and have held it ever since.  Since I bought it both Nortel and Bell Aliant were spin off.
The problem with BCE's spinning off part of the company was that I ended up with an odd number of shares.  It is annoying.
Why I bought this stock.
This is one of first stocks I bought, which was in 1982.  At that time, it was called an orphan and widow stock.
It is not easy to figure out what I have earned on this stock because it has spun off shares for Nortel and Bell Aliant.
The annoying thing with their spin offs is you always end up with an odd number of shares.
In 2016 I sold Manitoba Telecom.  To keep the same in Telecom category, I bought some more BCE with the proceeds.
Dividends
Dividends are paid quarterly in cycle 1.  Payments are therefore made in January, April, July and October. Dfividends are declared in one month for shareholders of the following month and paid in the next month.
For example, the dividend declared onNovember 06, 2013 for shareholders of record of December 16, 2013 was payable on January 15, 2014
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
BCE provides wireless, broadband, television, and landline phone services in Canada. It is one of the Big Three national wireless carriers.
BCE has a media segment that holds television, radio, and digital media assets.
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.
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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	2017	Mar 24	2018	Mar 26	2019	Mar 21	2020	Mar 26	2021	Mar 26	2022	Mar 26	2023	Mar 24	2024			Mar 23	2025
Bibic, Mirko				0.001	0.00%	0.004	0.00%	0.022	0.00%	0.019	0.00%	0.042	0.00%	0.086	0.01%			0.124	0.01%		Was officer before CEO '20	44.19%
CEO - Shares - Amount					$0.080		$0.210		$1.173		$1.126		$2.197		$0.000				$0.000
Options - percentage				0.761	0.08%	1.166	0.13%	1.249	0.14%	1.186	0.13%	1.291	0.14%	1.374	0.15%			1.298	0.14%			-5.51%
Options - amount					$45.781		$63.472		$67.966		$70.549		$67.338		$0.000				$0.000
Millen, Curtis														0.009	0.00%			0.014	0.00%			47.37%
CFO - Shares - Amount															$0.000				$0.000
Options - percentage														0.129	0.01%			0.189	0.02%			46.36%
Options - amount															$0.000				$0.000
LeBlanc, Glen	0.00%	0.010	0.00%	0.004	0.00%	0.005	0.00%	0.004	0.00%	0.003	0.00%	0.008	0.00%	0.004	0.00%							-100.00%
CFO - Shares - Amount	$0.127		$0.546		$0.254		$0.277		$0.235		$0.182		$0.411		$0.000
Options - percentage	0.05%	0.537	0.06%	0.625	0.07%	0.624	0.07%	0.657	0.07%	0.590	0.06%	0.638	0.07%	0.638	0.07%							-100.00%
Options - amount	$25.040		$28.983		$37.591		$33.980		$35.736		$35.125		$33.284		$0.000
Lithwick, Devorah														0.014	0.00%			0.019	0.00%			31.97%
Officer - Shares - Amount															$0.000				$0.000
Options - percentage														0.147	0.02%			0.133	0.01%			-9.95%
Options - amount															$0.000				$0.000
Kirby, Blaik												0.039	0.00%	0.060	0.01%			0.071	0.01%			17.85%
Officer - Shares - Amount													$2.033		$0.000				$0.000
Options - percentage												0.534	0.06%	0.557	0.06%			0.452	0.05%			-18.83%
Options - amount													$27.839		$0.000				$0.000
Howe, Stephen Guy												0.090	0.01%	0.103	0.01%			0.115	0.01%		Subsidiary Executive	11.54%
Officer - Shares - Amount													$4.686		$0.000				$0.000
Options - percentage												0.520	0.06%	0.563	0.06%			0.506	0.06%			-10.08%
Options - amount													$27.139		$0.000				$0.000
Denison, David Francis								0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%						Ceased Insider May 2024	-100.00%
Director - Shares - Amount									$0.068		$0.078		$0.072		$0.000
Options - percentage								0.039	0.00%	0.047	0.01%	0.058	0.01%	0.063	0.01%							-100.00%
Options - amount									$2.141		$2.797		$3.027		$0.000
Lee, Katherine														0.006	0.00%			0.006	0.00%			0.00%
Director - Shares - Amount															$0.000				$0.000
Options - percentage														0.030	0.00%			0.036	0.00%			19.28%
Options - amount															$0.000				$0.000
Dexter, Robert P.												0.008	0.00%	0.008	0.00%			0.019	0.00%			146.16%
Director - Shares - Amount													$0.393		$0.000				$0.000
Options - percentage												0.066	0.01%	0.072	0.01%			0.084	0.01%			17.52%
Options - amount													$3.433		$0.000				$0.000
Nixon, Gordon Melbourne	0.00%	0.020	0.00%	0.020	0.00%	0.020	0.00%	0.020	0.00%	0.020	0.00%	0.020	0.00%	0.020	0.00%			0.020	0.00%			0.00%
Chairman - Shares - Amt	$1.208		$1.079		$1.203		$1.089		$1.089		$1.190		$1.043		$0.000				$0.000
Options - percentage	0.00%	0.018	0.00%	0.028	0.00%	0.036	0.00%	0.044	0.00%	0.057	0.01%	0.075	0.01%	0.083	0.01%			0.103	0.01%			24.31%
Options - amount	$0.642		$0.992		$1.669		$1.970		$2.418		$3.376		$3.906		$0.000				$0.000
Increase in O/S Shares	0.26%	2.556	0.28%	0.267	0.03%	4.476	0.50%	0.507	0.06%	4.604	0.51%	2.964	0.33%	0.307	0.03%			0.009	0.00%
due to SO	$129.807		$154.323		$14.396		$269.293		$27.587		$250.588		$176.328		$16.016				$0.000
Book Value	$104.000		$122.000		$1.300		$252.000		$27.000		$272.000		$178.000		$19.000				$1.000
Insider Buying	-$0.306		-$0.178		-$0.266		-$0.101		-$0.059		-$0.144		-$1.089		-$2.105				-$2.597
Insider Selling	$30.262		$3.055		$8.879		$83.495		$2.938		$37.665		$5.845		$0.344				$0.993
Net Insider Selling	$29.957		$2.877		$8.612		$83.395		$2.879		$37.521		$4.756		-$1.761				-$1.604
% of Market Cap	0.06%		0.01%		0.02%		0.17%		0.00%		0.07%		0.01%		-0.01%				-0.01%
Directors		14		14		14		16		13		13		15				12
Women	21%	4	29%	4	29%	4	29%	4	25%	5	38%	5	38%	5	33%			5	42%
Minorities	7%	1	7%	1	7%	1	7%	1	6%	2	15%	2	15%	2	13%			2	17%
Institutions/Holdings	43.19%	520	45.80%	538	44.75%	20	36.05%	20	44.85%	20	40.06%	20	35.39%	20	34.51%			20	33.42%
Total Shares Held	42.79%	411.703	45.84%	402.108	44.77%	324.442	35.87%	405.605	44.62%	364.181	39.93%	322.756	35.38%	314.839	34.51%			304.929	33.42%
Increase/Decrease	-1.17%	6.464	1.60%	12.179	3.12%	17.486	5.70%	3.827	0.95%	-4.692	-1.27%	-15.943	-4.71%	0.758	0.24%			30.738	11.21%
Starting No. of Shares	NASDAQ	405.239	NASDAQ	389.928	NASDAQ	306.956	Top 20 MS	401.778	Top 20 MS	368.873	Top 20 MS	338.699	Top 20 MS	314.082	Top 20 MS			274.191	Top 20 MS
Institutions/Holdings		721	0.00%	1,119	337.82%
Value					$166,299.2
Total Shares Held	47.61%	443.000	49.32%	619.000	68.92%
Value			$23,891.0		$37,239.0
Increase/Decrease	-1.61%	14.000	3.26%	22.000	3.69%
Starting No. of Shares	Morningstar	429.000	Morningstar	597.000	Morningstar
My Stock