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 2023
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
CCL Industries Inc						TSX:	CCL.B	OTC:	CCDBF	http://www.cclind.com/		Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date						5-Jun-17
Split						5
Revenue*	$1,268.5	$1,308.6	$1,889.4	$2,585.6	$3,039.1	$3,974.7	$4,755.7											-100.00%	<-Total Growth	4	Revenue	canot find.
Increase	6.39%	3.16%	44.39%	36.85%	17.54%	30.79%	19.65%											#NUM!	<-IRR #YR->	4	Revenue	2019
*Revenue w/o N A Custom Manufacturing Division sold in 2005.																		#NUM!	<-IRR #YR->	5	Revenue
	$0	$0	$0	$0	$0	$0	$4,756
		-$1,309	$0	$0	$0	$0	$4,756
														$6,935.8	<-12 mths	4.30%
Revenue*	$1,268.5	$1,308.6	$1,889.4	$2,585.6	$3,039.1	$3,974.7	$4,755.7	$5,161.5	$5,321.3	$5,242.3	$5,732.8	$6,382.2	$6,649.6	$7,195	$7,495	$7,843		251.94%	<-Total Growth	10	Revenue
Increase	6.39%	3.16%	44.39%	36.85%	17.54%	30.79%	19.65%	8.53%	3.10%	-1.48%	9.36%	11.33%	4.19%	8.20%	4.17%	4.64%		13.41%	<-IRR #YR->	10	Revenue	251.94%
5 year Running Average	$1,198.6	$1,231.5	$1,371.6	$1,648.9	$2,018.2	$2,559.5	$3,248.9	$3,903.3	$4,450.5	$4,891.1	$5,242.7	$5,568.0	$5,865.6	$6,240.4	$6,690.9	$7,113.0		5.20%	<-IRR #YR->	5	Revenue	28.83%
Revenue per Share	$7.53	$7.74	$10.99	$14.91	$17.32	$22.59	$26.89	$29.04	$29.79	$29.35	$31.81	$36.06	$37.42	$40.47	$42.15	$44.11		15.64%	<-IRR #YR->	10	5 yr Running Average	327.66%
Increase	5.11%	2.76%	42.00%	35.65%	16.19%	30.44%	19.05%	7.98%	2.60%	-1.48%	8.37%	13.35%	3.78%	8.14%	4.17%	4.64%		8.49%	<-IRR #YR->	5	5 yr Running Average	50.27%
5 year Running Average	$7.24	$7.40	$8.14	$9.67	$11.70	$14.71	$18.54	$22.15	$25.13	$27.53	$29.38	$31.21	$32.89	$35.02	$37.58	$40.04		13.04%	<-IRR #YR->	10	Revenue per Share	240.54%
P/S (Price/Sales) Med	0.85	0.96	1.19	1.37	2.00	1.98	2.21	1.99	1.97	1.63	2.06	1.71	1.67	1.76	0.00	0.00		5.20%	<-IRR #YR->	5	Revenue per Share	28.86%
P/S (Price/Sales) Close	0.82	1.11	1.44	1.69	2.59	2.34	2.16	1.72	1.86	1.97	2.13	1.60	1.59	2.06	1.98	1.89		14.99%	<-IRR #YR->	10	5 yr Running Average	304.25%
*Revenue in M CDN $					P/S Med	20 yr	1.50	15 yr	1.71	10 yr	1.97	5 yr	1.71		4.49%	Diff M/C		8.23%	<-IRR #YR->	5	5 yr Running Average	48.47%
			-$1,889	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,650
								-$5,162	$0	$0	$0	$0	$6,650
			-$1,372	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,866
								-$3,903	$0	$0	$0	$0	$5,866
			-$10.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$37.42
								-$29.04	$0.00	$0.00	$0.00	$0.00	$37.42
			-$8.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.89
								-$22.15	$0.00	$0.00	$0.00	$0.00	$32.89
														$730.48	<-12 mths	9.95%
														$4.13	<-12 mths	9.84%
Adjusted Earnings Class B	$84.9	$97.5	$151.0	$224.1	$298.8	$399.2	$471.7	$482.5	$496.9	$550.5	$606.0	$635.0	$664.4
Pre-split 2017	$2.57	$2.91	$4.43	$6.53	$8.61
AEPS* Basic	$0.51	$0.58	$0.89	$1.31	$1.72	$2.28	$2.69	$2.73	$2.79	$3.08	$3.37	$3.57	$3.76	$4.47	$4.56	$4.96		324.38%	<-Total Growth	10	AEPS
Increase	17.89%	13.23%	52.23%	47.40%	31.85%	32.40%	17.98%	1.49%	2.20%	10.39%	9.42%	5.93%	5.32%	18.88%	2.01%	8.77%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.44	$0.45	$0.53	$0.74	$1.00	$1.36	$1.78	$2.15	$2.44	$2.71	$2.93	$3.11	$3.31	$3.65	$3.95	$4.26		15.55%	<-IRR #YR->	10	AEPS	324.38%
AEPS Yield	8.34%	6.77%	5.59%	5.19%	3.84%	4.32%	4.63%	5.45%	5.04%	5.33%	4.97%	6.17%	6.34%	5.35%	5.46%	5.94%		6.61%	<-IRR #YR->	5	AEPS	37.73%
Payout Ratio	27.24%	26.80%	19.41%	16.85%	17.42%	17.54%	17.10%	19.05%	24.37%	23.38%	24.93%	26.89%	28.19%	25.95%	25.44%	23.39%		20.11%	<-IRR #YR->	10	5 yr Running Average	524.81%
5 year Running Average	29.86%	31.35%	30.82%	23.93%	21.54%	19.61%	17.66%	17.59%	19.10%	20.29%	21.76%	23.72%	25.55%	25.87%	26.28%	25.97%		9.08%	<-IRR #YR->	5	5 yr Running Average	54.46%
Price/AEPS Median	12.40	12.82	14.74	15.67	20.10	19.65	22.13	21.19	20.99	15.57	19.48	17.25	16.62	15.93	0.00	0.00		19.57	<-Median->	10	Price/AEPS Median
Price/AEPS High	14.11	14.77	19.63	19.42	26.53	24.07	25.23	24.73	24.45	19.79	21.82	19.34	18.91	18.45	0.00	0.00		22.95	<-Median->	10	Price/AEPS High
Price/AEPS Low	10.70	10.88	9.84	11.93	13.66	15.23	19.03	17.65	17.53	11.36	17.15	15.16	14.33	13.42	0.00	0.00		15.20	<-Median->	10	Price/AEPS Low
Price/AEPS Close	11.98	14.77	17.88	19.28	26.06	23.14	21.59	18.34	19.83	18.76	20.13	16.20	15.78	18.68	18.31	16.83		19.55	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	14.13	16.73	27.22	28.41	34.36	30.64	25.47	18.61	20.26	20.71	22.02	17.16	16.62	22.20	18.68	18.31		21.37	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	21.21%	5 Yrs	24.93%	P/CF	5 Yrs	in order	17.25	19.79	15.16	18.76		8.27%	Diff M/C					DPR 75% to 95% best
* Adjusted Basic Earnings per Share
			-$0.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.76
								-$2.73	$0.00	$0.00	$0.00	$0.00	$3.76
			-$0.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.31
								-$2.15	$0.00	$0.00	$0.00	$0.00	$3.31
														$263.14	<-12 mths	8820.00%
Pre-split 2017	$2.54	$2.91	$3.04	$6.31	$8.50	$9.90
EPS Basic Class B Shares	$0.51	$0.58	$0.61	$1.26	$1.70	$1.98	$2.70	$2.64	$2.68	$2.96	$3.33	$3.50	$2.99					391.78%	<-Total Growth	10	EPS Basic	Est. Plus
Pre-split 2017	$2.50	$2.86	$2.99	$6.19	$8.38	$9.77
EPS Diluted	$0.50	$0.57	$0.60	$1.24	$1.68	$1.95	$2.66	$2.61	$2.66	$2.94	$3.31	$3.48	$2.95	$4.60	$4.36	$4.96		393.31%	<-Total Growth	10	EPS Diluted	Webbroker
Increase	17.37%	14.40%	4.55%	107.02%	35.38%	16.59%	36.13%	-1.88%	1.92%	10.53%	12.59%	5.14%	-15.23%	55.93%	-5.22%	13.76%		10	0	10	Years of Data, EPS P or N
Earnings Yield	8.1%	6.7%	3.8%	4.9%	3.7%	3.7%	4.6%	5.2%	4.8%	5.1%	4.9%	6.0%	5.0%	5.5%	5.2%	5.9%		17.30%	<-IRR #YR->	10	Earnings per Share	393.31%
5 year Running Average	$0.47	$0.41	$0.47	$0.67	$0.92	$1.21	$1.63	$2.03	$2.31	$2.56	$2.84	$3.00	$3.07	$3.46	$3.74	$4.07		2.48%	<-IRR #YR->	5	Earnings per Share	13.03%
10 year Running Average	$0.46	$0.51	$0.54	$0.62	$0.69	$0.84	$1.02	$1.25	$1.49	$1.74	$2.02	$2.31	$2.55	$2.88	$3.15	$3.45		20.62%	<-IRR #YR->	10	5 yr Running Average	551.66%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	4.90%	5Yrs	4.97%					8.64%	<-IRR #YR->	5	5 yr Running Average	51.31%
			-$0.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.95
								-$2.61	$0.00	$0.00	$0.00	$0.00	$2.95
			-$0.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.07
								-$2.03	$0.00	$0.00	$0.00	$0.00	$3.07
Dividend*														$1.16	$1.29				Estimates		Dividend*
Increase														9.43%	10.86%				Estimates		Increase
Payout Ratio EPS														25.22%	29.50%				Estimates		Payout Ratio EPS
Special Dividends Class B	$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 2017	$0.70	$0.78	$0.86	$1.10	$1.50	$2.00
Dividend*	$0.14	$0.16	$0.17	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$1.06	$1.16	$1.16	$1.16		516.28%	<-Total Growth	10	Dividends
Increase	9.37%	11.43%	10.26%	27.91%	36.36%	33.33%	15.00%	13.04%	30.77%	5.88%	16.67%	14.29%	10.42%	9.43%	0.00%	0.00%		27	0	35	Years of data, Count P, N	77.14%
Average Increases 5 Year Running	10.30%	10.26%	8.97%	13.13%	19.07%	23.86%	24.57%	25.13%	25.70%	19.61%	16.27%	16.13%	15.60%	11.34%	10.16%	6.83%		19.34%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.12	$0.13	$0.14	$0.16	$0.20	$0.25	$0.31	$0.38	$0.47	$0.56	$0.64	$0.74	$0.85	$0.95	$1.04	$1.10		494.97%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.20%	2.09%	1.32%	1.07%	0.87%	0.89%	0.77%	0.90%	1.16%	1.50%	1.28%	1.56%	1.70%	1.63%				1.12%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.93%	1.81%	0.99%	0.87%	0.66%	0.73%	0.68%	0.77%	1.00%	1.18%	1.14%	1.39%	1.49%	1.41%				0.93%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.55%	2.46%	1.97%	1.41%	1.28%	1.15%	0.90%	1.08%	1.39%	2.06%	1.45%	1.77%	1.97%	1.93%				1.40%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	2.27%	1.81%	1.09%	0.87%	0.67%	0.76%	0.79%	1.04%	1.23%	1.25%	1.24%	1.66%	1.79%	1.39%	1.39%	1.39%		1.13%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	28.00%	27.27%	28.76%	17.77%	17.90%	20.47%	17.29%	19.92%	25.56%	24.49%	25.38%	27.59%	35.93%	25.22%	26.61%	23.39%		22.48%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	25.25%	32.03%	30.42%	24.48%	21.55%	20.67%	19.10%	18.74%	20.42%	21.68%	22.71%	24.80%	27.77%	27.43%	27.70%	27.03%		21.62%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	13.76%	13.23%	8.86%	9.46%	11.08%	12.48%	11.44%	11.96%	15.58%	14.56%	18.05%	17.12%	18.77%	16.65%	15.97%	15.76%		13.52%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	11.34%	12.04%	11.82%	10.92%	10.77%	10.99%	10.93%	11.44%	12.66%	13.31%	14.42%	15.55%	16.89%	17.04%	17.19%	16.75%		12.05%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	9.75%	9.91%	9.81%	7.91%	8.62%	9.50%	8.53%	9.25%	11.37%	11.58%	12.64%	13.62%	14.08%	16.65%	15.97%	15.76%		10.43%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	10.80%	10.92%	10.70%	9.54%	8.96%	9.04%	8.81%	8.84%	9.56%	10.14%	10.78%	11.80%	12.75%	13.78%	14.61%	15.21%		9.55%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	1.12%	1.13%	5 Yr Med	5 Yr Cl	1.50%	1.25%	5 Yr Med	Payout	25.56%	17.12%	12.64%					15.31%	<-IRR #YR->	5	Dividends	103.85%
* Dividends per share	10 Yr Med	and Cur.	24.29%	22.52%	5 Yr Med	and Cur.	-7.44%	11.52%	Last Div Inc --->		$0.265	$0.290	9.43%					19.94%	<-IRR #YR->	10	Dividends	516.28%
Dividends Growth 15																		16.16%	<-IRR #YR->	15	Dividends	846.43%
Dividends Growth 20																		14.39%	<-IRR #YR->	20	Dividends	1372.22%
Dividends Growth 25																		12.48%	<-IRR #YR->	25	Dividends	1792.86%
Dividends Growth 30																		10.30%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		9.25%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$0.52	$0.00	$0.00	$0.00	$0.00	$1.06								Dividends Growth 5
Dividends Growth 10			-$0.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.06								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	$1.06								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	$1.06								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	$1.06								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	$1.06								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	$1.06								Dividends Growth 35
Historical Dividends	Historical	High Div	3.46%	Low Div	0.76%	10 Yr High	2.05%	10 Yr Low	0.66%	Med Div	1.97%	Close Div	1.84%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-59.84%		82.81%	Exp.	-32.22%		110.51%	Exp.	-29.47%	Exp.	-24.51%								High/Ave/Median
Future Dividend Yield					Div Yield	2.83%	earning in	5	Years	at IRR of	15.31%	Div Inc.	103.85%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.77%	earning in	10	Years	at IRR of	15.31%	Div Inc.	315.53%								Future Dividend Yield
Future Dividend Yield					Div Yield	11.77%	earning in	15	Years	at IRR of	15.31%	Div Inc.	747.05%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.36	earning in	5	Years	at IRR of	15.31%	Div Inc.	103.85%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.82	earning in	10	Years	at IRR of	15.31%	Div Inc.	315.53%								Future Dividend Paid
Future Dividend Paid					Div Paid	$9.83	earning in	15	Years	at IRR of	15.31%	Div Inc.	747.05%								Future Dividend Paid
Dividend Covering Cost					Total Div	$7.87	over	5	Years	at IRR of	15.31%	Div Cov.	#DIV/0!								Dividend Covering Cost
Dividend Covering Cost					Total Div	$21.55	over	10	Years	at IRR of	15.31%	Div Cov.	#DIV/0!								Dividend Covering Cost
Dividend Covering Cost					Total Div	$49.42	over	15	Years	at IRR of	15.31%	Div Cov.	#DIV/0!								Dividend Covering Cost
Yield if held 5 years	2.27%	2.38%	2.90%	4.58%	5.33%	6.28%	6.16%	3.98%	3.32%	2.08%	1.87%	1.61%	1.83%	1.98%	2.42%	1.77%		3.65%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.41%	4.44%	4.77%	5.84%	6.03%	6.48%	7.02%	8.78%	14.17%	12.78%	13.18%	12.86%	8.12%	5.67%	3.35%	2.59%		8.45%	<-Median->	10	Paid Median Price
Yield if held 15 years	5.26%	4.68%	5.05%	7.64%	14.71%	18.31%	13.11%	14.42%	18.06%	14.48%	13.61%	14.65%	17.90%	24.17%	20.59%	18.20%		14.56%	<-Median->	10	Paid Median Price
Yield if held 20 years	6.95%	8.26%	9.05%	11.28%	12.56%	15.02%	13.79%	15.27%	23.61%	35.29%	38.44%	27.35%	29.39%	30.81%	23.33%	18.80%		19.44%	<-Median->	10	Paid Median Price
Yield if held 25 years		6.93%	9.49%	9.36%	17.77%	19.87%	24.36%	27.37%	34.87%	30.15%	31.54%	28.79%	31.13%	40.28%	56.86%	53.09%		28.08%	<-Median->	10	Paid Median Price
Yield if held 30 years							20.44%	28.68%	28.92%	42.65%	41.73%	50.85%	55.79%	59.49%	48.58%	43.56%		41.73%	<-Median->	7	Paid Median Price
Yield if held 35 years												42.67%	58.47%	49.34%	68.72%	57.63%		50.57%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	9.66%	10.01%	12.09%	17.00%	17.54%	19.58%	20.79%	14.55%	11.53%	8.03%	7.19%	6.25%	7.36%	8.09%	10.80%	8.38%		13.04%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	44.85%	30.43%	32.38%	34.79%	30.77%	29.89%	33.69%	44.18%	66.18%	66.89%	70.10%	70.63%	47.17%	34.69%	23.00%	19.46%		45.68%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	48.14%	41.44%	43.99%	57.50%	92.75%	101.97%	74.64%	85.06%	97.48%	86.69%	82.07%	90.45%	116.13%	164.95%	158.85%	156.39%		88.57%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	77.60%	88.03%	93.58%	99.59%	91.54%	95.01%	87.98%	99.79%	139.44%	229.02%	249.34%	180.63%	203.16%	223.37%	190.87%	171.22%		119.62%	<-Median->	10	Paid Median Price
Cost covered if held 25 years		85.69%	113.18%	94.47%	146.09%	139.59%	170.23%	193.58%	220.62%	207.96%	215.92%	199.52%	224.90%	304.03%	482.94%	501.05%		196.55%	<-Median->	10	Paid Median Price
Cost covered if held 30 years							154.67%	217.98%	194.85%	310.78%	299.55%	367.27%	417.79%	463.69%	424.87%	422.46%		299.55%	<-Median->	7	Paid Median Price
Cost covered if held 35 years												320.00%	452.95%	396.47%	617.65%	572.78%		386.48%	<-Median->	2	Paid Median Price
Special Dividends Class A	$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 2017
Dividend*	$0.13	$0.15	$0.16	$0.21	$0.29	$0.39	$0.45	$0.51	$0.67	$0.71	$0.83	$0.95	$1.05	$1.15				546.55%	<-Total Growth	10	Dividends
Increase	7.41%	12.12%	11.08%	29.56%	38.02%	34.44%	15.78%	12.83%	31.37%	5.97%	16.90%	14.46%	10.53%	9.52%				23	1	27	Years of data, Count P, N	85.19%
Average Increases 5 Year Running	11.36%	11.16%	9.68%	14.03%	19.64%	25.04%	25.77%	26.13%	26.49%	20.08%	16.57%	16.31%	15.85%	11.48%				19.86%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.11	$0.12	$0.13	$0.15	$0.19	$0.24	$0.30	$0.37	$0.46	$0.55	$0.63	$0.73	$0.84	$0.94				527.61%	<-Total Growth	10	Dividends 5 Yr Running
																				Yr	Item	Tot. Growth
Revenue Growth								$5,161.5	$5,321.3	$5,242.3	$5,732.8	$6,382.2	$6,649.6	$6,935.8	<-12 mths	4.30%		28.83%	<-Total Growth	5	Revenue Growth	28.83%
AEPS Growth								$2.73	$2.79	$3.08	$3.37	$3.57	$3.76	$4.13	<-12 mths	9.84%		37.73%	<-Total Growth	5	AEPS Growth	37.73%
Net Income Growth								$466.8	$477.1	$529.7	$591.1	$622.7	$530.2	$679.5	<-12 mths	28.16%		13.58%	<-Total Growth	5	Net Income Growth	13.58%
Cash Flow Growth								$772.7	$779.5	$882.9	$838.7	$992.8	$1,003.3	$1,064.0	<-12 mths	6.05%		29.84%	<-Total Growth	5	Cash Flow Growth	29.84%
Dividend Growth								$0.52	$0.68	$0.72	$0.84	$0.96	$1.06	$1.16	<-12 mths	9.43%		103.85%	<-Total Growth	5	Dividend Growth	103.85%
Stock Price Growth								$50.06	$55.32	$57.79	$67.83	$57.84	$59.34	$83.49	<-12 mths	40.70%		18.54%	<-Total Growth	5	Stock Price Growth	18.54%
Revenue Growth			$1,889.4	$2,585.6	$3,039.1	$3,974.7	$4,755.7	$5,161.5	$5,321.3	$5,242.3	$5,732.8	$6,382.2	$6,649.6	$7,195.0	<-this year	8.20%		251.94%	<-Total Growth	10	Revenue Growth	251.94%
AEPS Growth			$0.89	$1.31	$1.72	$2.28	$2.69	$2.73	$2.79	$3.08	$3.37	$3.57	$3.76	$4.47	<-this year	18.88%		324.38%	<-Total Growth	10	AEPS Growth	324.38%
Net Income Growth			$103.6	$216.6	$295.1	$346.8	$474.1	$466.8	$477.1	$529.7	$591.1	$622.7	$530.2	$847.3	<-this year	59.81%		411.84%	<-Total Growth	10	Net Income Growth	411.84%
Cash Flow Growth			$333.7	$403.5	$475.3	$564.0	$711.2	$772.7	$779.5	$882.9	$838.7	$992.8	$1,003.3	$1,238.4	<-this year	23.43%		200.63%	<-Total Growth	10	Cash Flow Growth	200.63%
Dividend Growth			$0.17	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$1.06	$1.16	<-this year	9.43%		516.28%	<-Total Growth	10	Dividend Growth	516.28%
Stock Price Growth			$15.84	$25.17	$44.87	$52.76	$58.08	$50.06	$55.32	$57.79	$67.83	$57.84	$59.34	$87.80	<-this year	47.96%		274.53%	<-Total Growth	10	Stock Price Growth	274.53%
Dividends on Shares Class B									$13.60	$14.40	$16.80	$19.20	$21.20	$23.20	$23.20	$23.20		$85.20	No of Years	5	Total Divs	12/31/18
Paid								$1,001.20	$1,106.40	$1,155.80	$1,356.60	$1,156.80	$1,186.80	$1,669.80	$1,669.80	$1,669.80		$1,186.80	No of Years	5	Worth	$50.06
Total																		$1,272.00
Dividends on Shares Class B				$14.08	$19.20	$25.60	$29.44	$33.28	$43.52	$46.08	$53.76	$61.44	$67.84	$74.24	$74.24	$74.24		$394.24	No of Years	10	Total Divs	12/31/13
Paid			$1,014.02	$1,611.14	$2,871.94	$3,376.64	$3,717.12	$3,203.84	$3,540.48	$3,698.56	$4,341.12	$3,701.76	$3,797.76	$5,343.36	$5,343.36	$5,343.36		$3,797.76	No of Years	10	Worth	$15.84
Total																		$4,192.00
Graham No. Class B AEPS	$7.49	$8.29	$10.86	$14.35	$18.92	$22.75	$27.18	$30.39	$31.91	$35.69	$39.70	$44.00	$46.92	$50.30	$50.81	$52.99		331.81%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.85	0.90	1.20	1.43	1.83	1.97	2.19	1.90	1.84	1.34	1.65	1.40	1.33	1.42	0.00	0.00		1.74	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.97	1.04	1.60	1.77	2.41	2.41	2.50	2.22	2.14	1.71	1.85	1.57	1.52	1.64	0.00	0.00		1.99	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.73	0.76	0.80	1.09	1.24	1.53	1.88	1.59	1.53	0.98	1.46	1.23	1.15	1.19	0.00	0.00		1.35	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.82	1.04	1.46	1.75	2.37	2.32	2.14	1.65	1.73	1.62	1.71	1.31	1.26	1.66	1.64	1.58		1.72	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-17.74%	3.73%	45.83%	75.38%	137.14%	131.91%	113.71%	64.70%	73.34%	61.94%	70.84%	31.47%	26.48%	65.98%	64.33%	57.57%		72.09%	<-Median->	10	Graham Price
Graham No. Class B EPS	$7.39	$8.22	$8.93	$13.97	$18.67	$21.06	$27.02	$29.72	$31.16	$34.87	$39.35	$43.44	$41.56	$51.03	$49.68	$52.99		365.56%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.86	0.91	1.46	1.46	1.85	2.13	2.20	1.95	1.88	1.38	1.67	1.42	1.50	1.40				1.76	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.98	1.05	1.95	1.81	2.45	2.61	2.51	2.27	2.19	1.75	1.87	1.59	1.71	1.62				2.03	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.74	0.77	0.98	1.11	1.26	1.65	1.89	1.62	1.57	1.00	1.47	1.25	1.30	1.18				1.38	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.83	1.05	1.78	1.80	2.40	2.51	2.15	1.68	1.78	1.66	1.72	1.33	1.43	1.64	1.68	1.58		1.75	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-16.60%	4.63%	77.51%	80.14%	140.37%	150.50%	114.91%	68.45%	77.53%	65.75%	72.38%	33.16%	42.80%	63.62%	68.06%	57.57%		74.95%	<-Median->	10	Graham Price
Pre-split 2017	$30.80	$42.99	$79.22	$125.87	$224.37	$263.80
Price Close Class B	$6.16	$8.60	$15.84	$25.17	$44.87	$52.76	$58.08	$50.06	$55.32	$57.79	$67.83	$57.84	$59.34	$83.49	$83.49	$83.49		274.53%	<-Total Growth	10	Stock Price
Increase	3.98%	39.58%	84.28%	58.89%	78.26%	17.57%	10.08%	-13.81%	10.51%	4.46%	17.37%	-14.73%	2.59%	40.70%	0.00%	0.00%		38.61	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.32	15.03	26.49	20.33	26.77	27.00	21.83	19.18	20.80	19.66	20.49	16.62	20.12	18.15	19.15	16.83		3.46%	<-IRR #YR->	5	Stock Price	18.54%
Trailing P/E	14.46	17.20	27.70	42.10	36.25	31.48	29.72	18.82	21.20	21.73	23.07	17.47	17.05	28.30	18.15	19.15		14.12%	<-IRR #YR->	10	Stock Price	274.53%
CAPE (10 Yr P/E)	13.30	16.94	29.60	40.42	64.94	62.82	57.09	40.07	37.14	33.20	33.55	25.01	23.29	28.95	26.48	24.18		5.03%	<-IRR #YR->	5	Price & Dividend	27.05%
Median 10, 5 Yrs		D.  per yr	1.93%	1.58%	% Tot Ret	12.03%	31.29%	T P/E	22.40	21.20	P/E:	20.41	20.12					16.05%	<-IRR #YR->	10	Price & Dividend	313.41%
Price 15		D.  per yr	2.22%		% Tot Ret	11.02%						CAPE Diff	-52.99%					17.93%	<-IRR #YR->	15	Stock Price	1086.80%
Price  20		D.  per yr	1.81%		% Tot Ret	10.87%												14.86%	<-IRR #YR->	20	Stock Price	1497.74%
Price  25		D.  per yr	1.42%		% Tot Ret	10.65%												11.92%	<-IRR #YR->	25	Stock Price	1571.55%
Price  30		D.  per yr	1.56%		% Tot Ret	11.64%												11.82%	<-IRR #YR->	30	Stock Price	2758.38%
Price  35		D.  per yr	1.34%		% Tot Ret	11.90%												9.94%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	1.65%		% Tot Ret	13.22%												10.81%	<-IRR #YR->	36	Stock Price
Price & Dividend 15																		20.15%	<-IRR #YR->	15	Price & Dividend	1224.32%
Price & Dividend 20																		16.67%	<-IRR #YR->	20	Price & Dividend	1695.05%
Price & Dividend 25																		13.35%	<-IRR #YR->	25	Price & Dividend	1787.27%
Price & Dividend 30																		13.38%	<-IRR #YR->	30	Price & Dividend	3143.45%
Price & Dividend 35																		11.29%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		12.45%	<-IRR #YR->	36	Price & Dividend
Price  5								-$50.06	$0.00	$0.00	$0.00	$0.00	$59.34								Price  5
Price 10			-$15.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$59.34								Price 10
Price & Dividend 5								-$50.06	$0.68	$0.72	$0.84	$0.96	$60.40								Price & Dividend 5
Price & Dividend 10			-$15.84	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$60.40								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	$59.34								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	$59.34								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	$59.34								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	$59.34								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	$59.34								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	$59.34								Price  40
Price & Dividend 15	$0.14	$0.16	$0.17	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$60.40								Price & Dividend 15
Price & Dividend 20	$0.14	$0.16	$0.17	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$60.40								Price & Dividend 20
Price & Dividend 25	$0.14	$0.16	$0.17	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$60.40								Price & Dividend 25
Price & Dividend 30	$0.14	$0.16	$0.17	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$60.40								Price & Dividend 30
Price & Dividend 35	$0.14	$0.16	$0.17	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$60.40								Price & Dividend 35
Price & Dividend 40	$0.14	$0.16	$0.17	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$60.40								Price & Dividend 40
Price H/L Median	$6.37	$7.46	$13.06	$20.47	$34.60	$44.81	$59.53	$57.85	$58.57	$47.97	$65.66	$61.59	$62.50	$71.22				378.63%	<-Total Growth	10	Stock Price
Increase	13.15%	17.10%	74.95%	56.75%	69.06%	29.48%	32.86%	-2.83%	1.25%	-18.11%	36.88%	-6.20%	1.49%	13.95%				16.95%	<-IRR #YR->	10	Stock Price	378.63%
P/E	12.75	13.05	21.84	16.53	20.65	22.93	22.38	22.16	22.02	16.31	19.84	17.70	21.19	15.48				1.56%	<-IRR #YR->	5	Stock Price	8.05%
Trailing P/E	14.96	14.93	22.83	34.23	27.95	26.73	30.47	21.75	22.44	18.03	22.33	18.61	17.96	24.14				19.05%	<-IRR #YR->	10	Price & Dividend	425.81%
P/E on Run. 5 yr Ave	13.50	18.22	27.74	30.70	37.74	37.10	36.63	28.53	25.33	18.70	23.15	20.53	20.37	20.61				2.98%	<-IRR #YR->	5	Price & Dividend	15.41%
P/E on Run. 10 yr Ave	13.76	14.70	24.40	32.87	50.08	53.35	58.51	46.31	39.32	27.55	32.47	26.63	24.53	24.69				15.48	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.10%	1.42%	% Tot Ret	11.00%	47.64%	T P/E	22.39	18.61	P/E:	20.92	19.84						Count	36	Years of data
			-$13.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$62.50
								-$57.85	$0.00	$0.00	$0.00	$0.00	$62.50
			-$13.06	$0.22	$0.30	$0.40	$0.46	$0.52	$0.68	$0.72	$0.84	$0.96	$63.56
								-$57.85	$0.68	$0.72	$0.84	$0.96	$63.56
High Months	Jul	Dec	Dec	Dec	Dec	Dec	Jun	Mar	Jul	Dec	Aug	Sep	May	Sep
Pre-split 2017	$36.25	$42.99	$86.97	$126.81	$228.44	$274.45
Price High	$7.25	$8.60	$17.39	$25.36	$45.69	$54.89	$67.88	$67.50	$68.22	$60.94	$73.52	$69.04	$71.11	$82.45				308.82%	<-Total Growth	10	Stock Price
Increase	15.34%	18.59%	102.30%	45.81%	80.14%	20.14%	23.67%	-0.56%	1.07%	-10.67%	20.64%	-6.09%	3.00%	15.95%				15.12%	<-IRR #YR->	10	Stock Price	308.82%
P/E	14.50	15.03	29.09	20.49	27.26	28.09	25.52	25.86	25.65	20.73	22.21	19.84	24.11	17.92				1.05%	<-IRR #YR->	5	Stock Price	5.35%
Trailing P/E	17.02	17.20	30.41	42.41	36.90	32.75	34.74	25.38	26.14	22.91	25.01	20.86	20.43	27.95				20.73	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	25.76	22.91	P/E:	24.81	22.21					25.86	P/E Ratio		Historical High
			-$17.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$71.11
								-$67.50	$0.00	$0.00	$0.00	$0.00	$71.11
Low Months	Sep	Jan	Jan	Jan	Jan	Feb	Jan	Dec	Jan	Mar	Jan	May	Oct	Jan
Pre-split 2017	$27.49	$31.65	$43.61	$77.88	$117.60	$173.60
Price Low	$5.50	$6.33	$8.72	$15.58	$23.52	$34.72	$51.18	$48.19	$48.92	$34.99	$57.79	$54.13	$53.89	$59.99				517.86%	<-Total Growth	10	Stock Price
Increase	10.40%	15.13%	37.79%	78.58%	51.00%	47.62%	47.41%	-5.84%	1.51%	-28.48%	65.16%	-6.33%	-0.44%	11.32%				19.97%	<-IRR #YR->	10	Stock Price	517.86%
P/E	11.00	11.07	14.59	12.58	14.03	17.77	19.24	18.46	18.39	11.90	17.46	15.55	18.27	13.04				2.26%	<-IRR #YR->	5	Stock Price	11.83%
Trailing P/E	12.91	12.66	15.25	26.05	19.00	20.72	26.19	18.12	18.74	13.15	19.66	16.35	15.49	20.34				12.08	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	18.87	16.35	P/E:	17.61	17.46					9.80	P/E Ratio		Historical Low
			-$8.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$53.89
								-$48.19	$0.00	$0.00	$0.00	$0.00	$53.89
														$558	<-12 mths	2.93%
Free Cash Flow WSJ	$90.00	$106.00	$218.00	$250.00	$303.05	$329.37	$425.50	$419.90	$433.90	$600	$515	$546	$542	$724	$772	$781		148.62%	<-Total Growth	10	Free Cash Flow	3 sites agree
Change	8.43%	17.78%	105.66%	14.68%	21.22%	8.69%	29.18%	-1.32%	3.33%	38.28%	-14.17%	6.02%	-0.73%	33.51%	6.65%	1.22%		5.24%	<-IRR #YR->	5	Free Cash Flow MS	29.08%
FCF/CF from Op Ratio	0.53	0.53	0.65	0.62	0.64	0.58	0.60	0.54	0.56	0.68	0.61	0.55	0.54	0.58	0.60	0.60		9.54%	<-IRR #YR->	10	Free Cash Flow MS	148.62%
Dividends paid	$23.34	$32.09	$29.41	$37.94	$52.30	$70.17	$81.20	$92.20	$121.10	$128.7	$151.0	$170.3	$188.2	$206.25	$228.65	$0.00		539.96%	<-Total Growth	10	Dividends paid
Percentage paid	25.94%	30.27%	13.49%	15.18%	17.26%	21.31%	19.08%	21.96%	27.91%	21.45%	29.32%	31.19%	34.72%	28.50%	29.63%	0.00%		21.70%	<-Median->	10	Percentage paid
5 Year Coverage				19.21%	18.10%	18.39%	17.76%	19.32%	21.81%	22.34%	23.98%	26.38%	28.80%	28.85%	30.48%	23.58%		20.57%	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio	3.86	3.30	7.41	6.59	5.79	4.69	5.24	4.55	3.58	4.66	3.41	3.21	2.88	3.51	3.38	0.00		4.61	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				5.21	5.52	5.44	5.63	5.18	4.58	4.48	4.17	3.79	3.47	3.47	3.28	4.24		4.88	<-Median->	10	5 Year of Coverage
								-$420	$0	$0	$0	$0	$542
			-$218	$0	$0	$0	$0	$0	$0	$0	$0	$0	$542
														$568	<-12 mths	1.47%
Free Cash Flow Annual Report	$92.2	$107.2	$219.7	$264.1	$320.7	$338.6	$438.3	$442.5	$443.8	$616.3	$531.2	$573.4	$559.6					154.71%	<-Total Growth	10	Free Cash Flow	Annual
Change	5.98%	16.27%	104.94%	20.21%	21.43%	5.58%	29.44%	0.96%	0.29%	38.87%	-13.81%	7.94%	-2.41%					4.81%	<-IRR #YR->	5	Free Cash Flow MS	Report
FCF/CF from Op Ratio	0.54	0.54	0.66	0.65	0.67	0.60	0.62	0.57	0.57	0.70	0.63	0.58	0.56					9.80%	<-IRR #YR->	10	Free Cash Flow MS
Dividends paid	$23.34	$32.09	$29.41	$37.94	$52.30	$70.17	$81.20	$92.20	$121.10	$128.7	$151.0	$170.3	$188.2					539.96%	<-Total Growth	10	Dividends paid
Percentage paid	25.32%	29.93%	13.39%	14.37%	16.31%	20.72%	18.53%	20.84%	27.29%	20.88%	28.43%	29.70%	33.63%					20.86%	<-Median->	10	Percentage paid
5 Year Coverage				18.63%	17.44%	17.75%	17.14%	18.50%	21.02%	21.64%	23.23%	25.44%	27.87%					19.83%	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio	3.95	3.34	7.47	6.96	6.13	4.83	5.40	4.80	3.66	4.79	3.52	3.37	2.97					4.79	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				5.37	5.73	5.63	5.83	5.40	4.76	4.62	4.31	3.93	3.59					5.06	<-Median->	10	5 Year of Coverage
								-$443	$0	$0	$0	$0	$560
			-$220	$0	$0	$0	$0	$0	$0	$0	$0	$0	$560
Market Cap	$1,038	$1,454	$2,724	$4,367	$7,875	$9,283	$10,271	$8,897	$9,880	$10,321	$12,224	$10,238	$10,545	$14,845	$14,845	$14,845		287.06%	<-Total Growth	10	Market Cap
Pre-split 2017	33.658	34.097	34.718	35.016	35.210	35.493
Diluted # of Shares in Million	168.290	170.483	173.590	175.081	176.049	177.463	178.2	178.8	179.1	179.8	180.9	179.2	179.9	180.2	180.2	180.2		3.63%	<-Total Growth	10	Diluted
Change	0.73%	1.30%	1.82%	0.86%	0.55%	0.80%	0.42%	0.34%	0.17%	0.39%	0.61%	-0.94%	0.39%	0.17%	0.00%	0.00%		0.40%	<-Median->	10	Change
Difference Diluted/Basic	-1.6%	-1.8%	-1.6%	-1.9%	-1.4%	-1.3%	-1.3%	-0.6%	-0.6%	-0.6%	-0.7%	-0.7%	-1.3%	-0.8%	-100.0%	-100.0%		-0.97%	<-Median->	10	Difference Diluted/Basic
Pre-split 2017	33.111	33.484	34.150	34.365	34.716	35.032
Basic # of Shares in Millions	165.553	167.418	170.749	171.824	173.580	175.162	175.8	177.7	178.0	178.7	179.7	178.0	177.6	178.8				4.01%	<-Total Growth	10	Basic
Change	0.85%	1.13%	1.99%	0.63%	1.02%	0.91%	0.36%	1.08%	0.17%	0.39%	0.56%	-0.95%	-0.22%	0.68%				0.48%	<-Median->	10	Change
Difference Basic/Outstanding	1.8%	1.0%	0.7%	1.0%	1.1%	0.4%	0.6%	0.0%	0.3%	-0.1%	0.3%	-0.6%	0.1%	-0.6%				0.31%	<-Median->	10	Difference Basic/Outstanding
														$1,064.0	<-12 mths	6.05%
Pre-split 2017 Class B	31.32	31.45	32.02	32.33	32.73	32.82															Class B.
Pre-split 2017 Class A	2.38	2.37	2.37	2.37	2.37	2.37															Class A
# of Share in Millions	33.69	33.82	34.39	34.69	35.10	35.19
Class B.	156.575	157.255	160.105	161.625	163.645	164.110	165.0	165.9	166.8	166.8	168.4	165.2	166.0	166.0	166.0	166.0		3.68%	<-Total Growth	10	Class B.	Est Alpha S
Class A	11.875	11.845	11.840	11.840	11.840	11.835	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8		-0.34%	<-Total Growth	10	Class A
Pre-split 2017
# of Share in Millions	168.45	169.10	171.95	173.47	175.49	175.95	176.8	177.7	178.6	178.6	180.2	177.0	177.7	177.8	177.8	177.8		0.33%	<-IRR #YR->	10	Shares	3.35%
Change	1.21%	0.39%	1.68%	0.88%	1.16%	0.26%	0.51%	0.51%	0.49%	0.00%	0.91%	-1.79%	0.40%	0.06%	0.00%	0.00%		0.00%	<-IRR #YR->	5	Shares	-0.02%
Cash Flow from Operations $M	$171.4	$199.3	$333.7	$403.5	$475.3	$564.0	$711.2	$772.7	$779.5	$882.9	$838.7	$992.8	$1,003.3	$1,238.4	$1,291.7	$1,308.6		200.63%	<-Total Growth	10	Cash Flow
Increase	1.77%	16.31%	67.44%	20.91%	17.78%	18.68%	26.09%	8.65%	0.88%	13.26%	-5.01%	18.37%	1.06%	23.43%	4.31%	1.31%		Conv A-B	SO, S. Issued		Buy Backs
5 year Running Average	$173.7	$181.1	$204.6	$255.3	$316.6	$395.2	$497.6	$585.3	$660.5	$742.1	$797.0	$853.3	$899.4	$991.2	$1,073.0	$1,167.0		339.56%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.02	$1.18	$1.94	$2.33	$2.71	$3.21	$4.02	$4.35	$4.36	$4.94	$4.65	$5.61	$5.65	$6.97	$7.27	$7.36		190.89%	<-Total Growth	10	Cash Flow per Share
Increase	0.55%	15.86%	64.67%	19.85%	16.42%	18.37%	25.46%	8.10%	0.39%	13.26%	-5.86%	20.53%	0.66%	23.36%	4.31%	1.31%		11.64%	<-IRR #YR->	10	Cash Flow	200.63%
5 year Running Average	$1.05	$1.09	$1.21	$1.50	$1.83	$2.27	$2.84	$3.32	$3.73	$4.18	$4.47	$4.78	$5.04	$5.56	$6.03	$6.57		5.36%	<-IRR #YR->	5	Cash Flow	29.84%
P/CF on Med Price	6.27	6.33	6.73	8.80	12.78	13.98	14.80	13.31	13.42	9.70	14.11	10.98	11.07	10.23	0.00	0.00		11.27%	<-IRR #YR->	10	Cash Flow per Share	190.89%
P/CF on Closing Price	6.05	7.29	8.16	10.82	16.57	16.46	14.44	11.51	12.67	11.69	14.58	10.31	10.51	11.99	11.49	11.34		5.37%	<-IRR #YR->	5	Cash Flow per Share	29.87%
															-8.08%	Diff M/C		15.33%	<-IRR #YR->	10	CFPS 5 yr Running	316.24%
														$1,432.5	<-12 mths	7.11%
Excl.Working Capital CF	$70.4	$67.0	-$32.3	$78.7	$135.6	$176.8	$242.8	$226.6	$288.7	$227.9	$358.6	$254.6	$334.1	$0.0	$0.0	$0.0		8.71%	<-IRR #YR->	5	CFPS 5 yr Running	51.82%
CF fr Op $M WC	$241.8	$266.3	$301.5	$482.3	$610.8	$740.9	$954.0	$999.3	$1,068.2	$1,110.8	$1,197.3	$1,247.4	$1,337.4	$1,238.4	$1,291.7	$1,308.6		343.60%	<-Total Growth	10	Cash Flow less WC
Increase	43.55%	10.14%	13.20%	59.97%	26.65%	21.29%	28.77%	4.75%	6.89%	3.99%	7.79%	4.18%	7.22%	-7.40%	4.31%	1.31%		16.06%	<-IRR #YR->	10	Cash Flow less WC	343.60%
5 year Running Average	$182.9	$200.3	$225.9	$292.1	$380.5	$480.4	$617.9	$757.5	$874.6	$974.6	$1,065.9	$1,124.6	$1,192.2	$1,226.3	$1,262.4	$1,284.7		6.00%	<-IRR #YR->	5	Cash Flow less WC	33.83%
CFPS Excl. WC	$1.44	$1.57	$1.75	$2.78	$3.48	$4.21	$5.39	$5.62	$5.98	$6.22	$6.64	$7.05	$7.53	$6.97	$7.27	$7.36		18.10%	<-IRR #YR->	10	CF less WC 5 Yr Run	427.69%
Increase	41.83%	9.71%	11.33%	58.57%	25.19%	20.98%	28.12%	4.22%	6.38%	3.99%	6.82%	6.08%	6.79%	-7.46%	4.31%	1.31%		9.50%	<-IRR #YR->	5	CF less WC 5 Yr Run	57.40%
5 year Running Average	$1.10	$1.20	$1.34	$1.71	$2.20	$2.76	$3.52	$4.30	$4.94	$5.49	$5.97	$6.30	$6.68	$6.88	$7.09	$7.23		15.68%	<-IRR #YR->	10	CFPS - Less WC	329.24%
P/CF on Med Price	4.44	4.74	7.45	7.36	9.94	10.64	11.03	10.29	9.79	7.71	9.88	8.74	8.30	10.23	0.00	0.00		6.01%	<-IRR #YR->	5	CFPS - Less WC	33.86%
P/CF on Closing Price	4.29	5.46	9.04	9.05	12.89	12.53	10.77	8.90	9.25	9.29	10.21	8.21	7.88	11.99	11.49	11.34		17.44%	<-IRR #YR->	10	CFPS 5 yr Running	399.27%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	13.04	5 yr	11.07	P/CF Med	10 yr	9.84	5 yr	8.74		21.85%	Diff M/C		9.23%	<-IRR #YR->	5	CFPS 5 yr Running	55.51%
			-171.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	177.7								Shares
								-177.7	0.0	0.0	0.0	0.0	177.7								Shares
			-$333.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,003.3								Cash Flow
								-$772.7	$0.0	$0.0	$0.0	$0.0	$1,003.3								Cash Flow
			-$1.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.65								Cash Flow per Share
								-$4.35	$0.00	$0.00	$0.00	$0.00	$5.65								Cash Flow per Share
			-$1.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.04								CFPS 5 yr Running
								-$3.32	$0.00	$0.00	$0.00	$0.00	$5.04								CFPS 5 yr Running
			-$301.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,337.4								Cash Flow less WC
								-$999.3	$0.0	$0.0	$0.0	$0.0	$1,337.4								Cash Flow less WC
			-$225.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,192.2								CF less WC 5 Yr Run
								-$757.5	$0.0	$0.0	$0.0	$0.0	$1,192.2								CF less WC 5 Yr Run
			-$1.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.53								CFPS - Less WC
								-$5.62	$0.00	$0.00	$0.00	$0.00	$7.53								CFPS - Less WC
			-$1.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.68								CFPS 5 yr Running
								-$4.30	$0.00	$0.00	$0.00	$0.0	$6.7								CFPS 5 yr Running
Change in inventories				$2.934	-$38.268	$61.380	$8.1	-$62.1	$44.5	-$38.5	-$125.9	-$69.6	$77.4
Change in trade and other receivables				$5.758	-$83.103	$22.834	-$36.1	-$58.5	$90.8	-$43.2	-$129.5	$23.6	$39.2
Change in prepaid expenses				-$0.847	-$0.225	-$4.346	-$7.5	-$1.1	-$1.8	$2.2	-$9.0	-$0.6	-$0.4
Change in trade and other payables				$15.446	$129.445	-$100.148	$3.6	$149.4	-$197.1	$48.7	$164.0	$41.9	-$120.7
Change in income taxes receivable and payable				-$1.534	-$6.608	-$2.471	$8.4	-$8.6	-$1.7	$9.7	-$2.5	-$4.0	-$0.8
Change in employee benefits				$29.526	-$3.378	$16.633	$10.7	-$13.6	$44.9	$20.2	-$20.4	-$12.7	$5.6
Change in other assets and liabilities				-$19.363	$2.827	-$9.895	-$8.1	$1.4	-$63.9	-$29.0	$9.6	$30.4	-$26.6
Chge in assets	-$19.029	-$7.231	$112.160																		Chge in assets
Interest	-$21.930	-$24.235	-$25.405	-$24.163	-$23.909	-$35.991	-$67.3	-$76.8	-$72.3	-$59.4	-$48.1	-$56.7	-$61.4								Interest
Income	-$29.481	-$35.538	-$54.503	-$86.505	-$112.332	-$124.829	-$154.6	-$156.7	-$132.1	-$138.6	-$196.8	-$206.9	-$246.4								Income
Sum	-$70.440	-$67.004	$32.252	-$78.748	-$135.551	-$176.833	-$242.8	-$226.6	-$288.7	-$227.9	-$358.6	-$254.6	-$334.1								Sum
Google --> TD Bank			$32.25	-$78.75	-$135.55	-$176.83	-$243	-$227	-$289	-$228	-$359	-$255	-$334
Difference			$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0
TD Bank			$32	-$79	-$136	-$177
Difference			$0	$0	$0	$0
OPM	13.51%	15.23%	17.66%	15.61%	15.64%	14.19%	14.95%	14.97%	14.65%	16.84%	14.63%	15.56%	15.09%	17.21%				-14.58%	<-Total Growth	10	OPM
Increase	-4.34%	12.74%	15.96%	-11.64%	0.20%	-9.26%	5.39%	0.11%	-2.15%	14.97%	-13.13%	6.33%	-3.01%	14.07%					Should increase		or be stable.
Diff from Ave	-10.1%	1.4%	17.5%	3.8%	4.1%	-5.6%	-0.5%	-0.4%	-2.5%	12.1%	-2.7%	3.5%	0.4%	14.5%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	15.03%	5 Yrs	15.09%					should be	zero, it is a		check on calculations
														$1,344	<-12 mths	0.92%
Adjusted EBITDA					$608.4	$792.0	$959.2	$995.3	$1,067.2	$1,123.2	$1,173.1	$1,231.4	$1,332.1	$1,506	$1,569	$1,626		#DIV/0!	<-Total Growth	8
Change						30.18%	21.11%	3.76%	7.22%	5.25%	4.44%	4.97%	8.18%	13.05%	4.18%	3.63%
Margin					20.02%	19.93%	20.17%	19.28%	20.06%	21.43%	20.46%	19.29%	20.03%	20.93%	20.93%	20.73%
Long Term Debt	$334.22	$244.33	$664.98	$600.01	$838.42	$1,597.08	$2,100.8	$2,419.8	$2,234.8	$1,889.4	$1,691.4	$2,175.6	$2,067.8	$2,106.6							Debt	Type
Change	-3.34%	-26.89%	172.16%	-9.77%	39.73%	90.49%	31.54%	15.18%	-7.65%	-15.46%	-10.48%	28.63%	-4.95%	1.88%				5.11%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.32	0.17	0.24	0.14	0.11	0.17	0.20	0.27	0.23	0.18	0.14	0.21	0.20	0.14				0.19	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	6.30	5.13	4.41	4.36	3.92	5.16	4.73	5.22	6.13	5.81	5.38	5.77	6.30	6.53				5.30	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)	1.95	1.23	1.99	1.49	1.76	2.83	2.95	3.13	2.87	2.14	2.02	2.19	2.06	1.70				2.17	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$34.9	$29.6	$207.6	$226.6	$285.3	$549.6	$1,082.7	$1,138.9	$1,028.7	$1,007.6	$991.1	$1,018.3	$1,032.0	$984.4				397.18%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$355.8	$353.4	$494.2	$563.7	$876.4	$1,131.8	$1,580.7	$1,830.3	$1,794.4	$1,918.5	$1,975.1	$2,193.5	$2,293.6	$2,215.7				364.07%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$390.6	$383.0	$701.8	$790.3	$1,161.7	$1,681.4	$2,663.4	$2,969.2	$2,823.1	$2,926.1	$2,966.2	$3,211.8	$3,325.6	$3,200.1				373.87%	<-Total Growth	10	Total
Change	0.53%	-1.96%	83.25%	12.61%	47.00%	44.73%	58.40%	11.48%	-4.92%	3.65%	1.37%	8.28%	3.54%	-3.77%				9.88%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.38	0.26	0.26	0.18	0.15	0.18	0.26	0.33	0.29	0.28	0.24	0.31	0.32	0.22				0.27	<-Median->	10	Intangible/Market Cap Ratio
Assets/Current Liabilities Ratio	6.30	5.13	4.41	4.36	3.92	5.16	4.73	5.22	6.13	5.81	5.38	5.77	6.30	6.53				5.30	<-Median->	10	Assets/Current Liab Ratio
Debt to Cash Flow (Years)	2.28	1.92	2.10	1.96	2.44	2.98	3.74	3.84	3.62	3.31	3.54	3.24	3.31	2.58				3.31	<-Median->	10	Debt to Cash Flow (Years)
Current Assets	$426.56	$476.91	$770.19	$821.88	$1,229.86	$1,660.87	$1,851.6	$2,125.2	$2,105.0	$2,224.7	$2,447.6	$2,819.7	$2,685.3	$2,707.4				248.65%	<-Total Growth	10	Current Assets
Current Liabilities	$256.24	$322.16	$544.55	$600.20	$912.85	$907.02	$1,299.7	$1,346.9	$1,148.0	$1,262.0	$1,418.0	$1,501.4	$1,416.9	$1,321.5				160.20%	<-Total Growth	10	Current Liabilities
Liquidity	1.66	1.48	1.41	1.37	1.35	1.83	1.42	1.58	1.83	1.76	1.73	1.88	1.90	2.05				1.74	<-Median->	10	Ratio
Liq. with CF aft div	2.24	2.02	1.97	1.98	1.81	2.38	1.91	2.08	2.41	2.36	2.21	2.43	2.47	2.83				2.41	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.59	1.53	0.91	1.39	1.16	1.26	0.90	1.37	1.81	1.76	1.60	1.65	2.47	2.83				1.76	<-Median->	5	Ratio
Curr Long Term Debt		$0.000	$47.070	$59.058	$167.103	$4.213	$230.6	$71.8	$38.8	$51.8	$15.3	$6.6	$6.6	$19.8
Liquidity Less CLTD		1.48	1.55	1.52	1.65	1.84	1.73	1.67	1.90	1.84	1.74	1.89	1.90	2.08				1.89	<-Median->	5	Ratio
Liq. with CF aft div		2.02	2.16	2.19	2.22	2.39	2.32	2.20	2.49	2.46	2.23	2.44	2.48	2.87				2.46	<-Median->	5	Ratio
Assets	$1,613.5	$1,654.1	$2,401.6	$2,618.4	$3,582.3	$4,678.8	$6,144.0	$7,027.6	$7,038.0	$7,336.7	$7,627.8	$8,664.4	$8,924.2	$8,635.2				271.59%	<-Total Growth	10	Assets
Liabilities	$796.6	$766.9	$1,383.5	$1,402.2	$1,960.4	$2,903.6	$3,986.1	$4,354.5	$4,140.3	$4,054.5	$3,880.8	$4,399.2	$4,301.0	$4,162.2				210.88%	<-Total Growth	10	Liabilities
Debt Ratio	2.03	2.16	1.74	1.87	1.83	1.61	1.54	1.61	1.70	1.81	1.97	1.97	2.07	2.07				1.82	<-Median->	10	Ratio
Estimates BVPS														$29.57	$32.69				Estimates		Estimates BVPS
Estimate Book Value														$5,257.5	$5,812.3				Estimates		Estimate Book Value
P/B Ratio (Close)														2.82	2.55				Estimates		P/B Ratio (Close)
Difference from 10 year median															-16.56%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$816.9	$887.2	$1,018.1	$1,216.2	$1,621.9	$1,775.2	$2,157.9	$2,673.1	$2,897.7	$3,282.2	$3,747.0	$4,265.2	$4,623.2	$4,473.0	$4,473.0	$4,473.0		354.09%	<-Total Growth	10	Book Value
BV per share	$4.85	$5.25	$5.92	$7.01	$9.24	$10.09	$12.20	$15.04	$16.22	$18.38	$20.79	$24.10	$26.02	$25.16	$25.16	$25.16		339.38%	<-Total Growth	10	Book Value per Share
Change	2.30%	8.19%	12.86%	18.41%	31.82%	9.17%	20.95%	23.25%	7.88%	13.27%	13.13%	15.90%	7.97%	-3.30%	0.00%	0.00%		-1.93%	P/B Ratio		Current/10 Year Median
5 Yr Running Average	$4.62	$4.80	$5.06	$5.55	$6.45	$7.50	$8.89	$10.72	$12.56	$14.39	$16.53	$18.91	$21.10	$22.89	$24.24	$25.12		$11.64	<-Median->	10	5 Yr Running Average
P/B Ratio (Median)	1.31	1.42	2.21	2.92	3.74	4.44	4.88	3.85	3.61	2.61	3.16	2.56	2.40	2.83	0.00	0.00		1.35	P/B Ratio		Historical Median
P/B Ratio (Close)	1.27	1.64	2.68	3.59	4.86	5.23	4.76	3.33	3.41	3.14	3.26	2.40	2.28	3.32	3.32	3.32		15.95%	<-IRR #YR->	10	Book Value	339.38%
Change	1.65%	29.01%	63.28%	34.18%	35.23%	7.70%	-8.98%	-30.07%	2.44%	-7.77%	3.75%	-26.43%	-4.98%	45.50%	0.00%	0.00%		11.58%	<-IRR #YR->	5	Book Value	72.99%
Leverage (A/BK)	1.98	1.86	2.36	2.15	2.21	2.64	2.85	2.63	2.43	2.24	2.04	2.03	1.93	1.93	0.00	0.00		2.22	<-Median->	10	A/BV
Debt/Equity Ratio	0.98	0.86	1.36	1.15	1.21	1.64	1.85	1.63	1.43	1.24	1.04	1.03	0.93	0.93	0.00	0.00		1.22	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	3.38	5 yr Med	2.61		-1.93%	Diff M/C		2.34	Historical		Leverage (A/BK)
			-$5.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.02
								-$15.04	$0.00	$0.00	$0.00	$0.00	$26.02
														$753.20	<-12 mths	59.24%
Comprehensive Income	$58.92	$88.14	$150.14	$210.59	$404.60	$224.73	$431.70	$565.50	$297.70	$473.30	$537.0	$844.5	$473.0
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.44	$0.00	$0.00	$0.00	$0.00	$0.0	$0.0	$0.0
Comprehensive Income	$58.92	$88.14	$150.14	$210.59	$404.60	$225.18	$431.70	$565.50	$297.70	$473.30	$537.0	$844.5	$473.0					215.04%	<-Total Growth	10	Comprehensive Income
Increase	24.30%	49.60%	70.34%	40.26%	92.12%	-44.35%	91.72%	30.99%	-47.36%	58.99%	13.46%	57.26%	-43.99%					13.46%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$52.46	$54.44	$71.28	$111.04	$182.48	$215.73	$284.44	$367.51	$384.94	$398.68	$461.0	$543.6	$525.1					25.36%	<-IRR #YR->	10	Comprehensive Income	215.04%
ROE	7.2%	9.9%	14.7%	17.3%	24.9%	12.7%	20.0%	21.2%	10.3%	14.4%	14.3%	19.8%	10.2%					14.36%	<-IRR #YR->	5	Comprehensive Income	-16.36%
5Yr Median	7.2%	7.2%	7.2%	9.9%	14.7%	14.7%	17.3%	20.0%	20.0%	14.4%	14.4%	14.4%	14.3%					25.87%	<-IRR #YR->	10	5 Yr Running Average	636.71%
% Difference from NI	-30.0%	-9.6%	44.9%	-2.8%	37.1%	-35.1%	-8.9%	21.1%	-37.6%	-10.6%	-9.2%	35.6%	-10.8%					13.83%	<-IRR #YR->	5	5 Yr Running Average	42.88%
Median Values									Diff	5, 10 yr	-5.9%	-9.2%						14.3%	<-Median->	5	Return on Equity
			-$88.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$844.50
								-$431.7	$0.0	$0.0	$0.0	$0.0	$844.50
			-$54.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	543.6
								-$284.4	$0.0	$0.0	$0.0	$0.0	543.6
Current Liability Coverage Ratio	0.94	0.83	0.55	0.80	0.67	0.82	0.73	0.74	0.93	0.88	0.84	0.83	0.94	0.94							CFO / Current Liabilities
5 year Median	0.63	0.63	0.57	0.80	0.80	0.80	0.73	0.74	0.74	0.82	0.84	0.84	0.88	0.88				0.88	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	14.99%	16.10%	12.55%	18.42%	17.05%	15.83%	15.53%	14.22%	15.18%	15.14%	15.70%	14.40%	14.99%	14.34%							CFO / Total Assets
5 year Median	10.38%	10.38%	12.55%	14.99%	16.10%	16.10%	15.83%	15.83%	15.53%	15.18%	15.18%	15.14%	15.14%	14.99%				15.1%	<-Median->	5	Return on Assets
Return on Assets ROA	5.2%	5.9%	4.3%	8.3%	8.2%	7.4%	7.7%	6.6%	6.8%	7.2%	7.7%	7.2%	5.9%	9.8%				Net	Income/Assets		Return on Assets
5Yr Median	4.4%	4.4%	4.4%	5.2%	5.9%	7.4%	7.7%	7.7%	7.4%	7.2%	7.2%	7.2%	7.2%	7.2%				7.2%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	10.3%	11.0%	10.2%	17.8%	18.2%	19.5%	22.0%	17.5%	16.5%	16.1%	15.8%	14.6%	11.5%	18.9%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.0%	9.0%	10.2%	10.3%	11.0%	17.8%	18.2%	18.2%	18.2%	17.5%	16.5%	16.1%	15.8%	15.8%				15.8%	<-Median->	5	Return on Equity
														$679.5	<-12 mths	28.16%
EPS by o/s Shares	$0.50	$0.58	$0.60	$1.25	$1.68	$1.97	$2.68	$2.63	$2.67	$2.97	$3.28	$3.52	$2.98					395.26%	<-Total Growth	10	By o/s Shares
Net Income	$84.13	$97.49	$103.59	$216.57	$295.08	$346.31	$474.10	$466.80	$477.1	$529.7	$591.1	$622.7	$530.2					411.84%	<-Total Growth	10	Net Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.44	$0.00	$0.00	$0.0	$0.0	$0.0	$0.0	$0.0
Net Income	$84.13	$97.49	$103.59	$216.57	$295.08	$346.75	$474.10	$466.80	$477.1	$529.7	$591.1	$622.7	$530.2	$847	$812	$890		411.84%	<-Total Growth	10	Net Income	Est Alpha S
Increase	18.26%	15.89%	6.26%	109.06%	36.25%	17.51%	36.73%	-1.54%	2.21%	11.02%	11.59%	5.35%	-14.85%	59.81%	-4.14%	9.60%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$78.7	$68.6	$79.7	$114.6	$159.4	$211.9	$287.2	$359.9	$412.0	$458.9	$507.8	$537.5	$550.2	$624.2	$680.7	$740.5		17.74%	<-IRR #YR->	10	Net Income	411.84%
Operating Cash Flow	$171.38	$199.32	$333.74	$403.53	$475.26	$564.04	$711.20	$772.70	$779.5	$882.9	$838.7	$992.8	$1,003.3					2.58%	<-IRR #YR->	5	Net Income	13.58%
Investment Cash Flow	-$104.43	-$103.65	-$642.31	-$255.22	-$511.32	-$796.81	-$1,464.30	-$696.10	-$376.1	-$428.0	-$541.3	-$706.6	$768.0					21.31%	<-IRR #YR->	10	5 Yr Running Average	590.26%
Total Accruals	$17.18	$1.81	$412.16	$68.26	$331.14	$579.53	$1,227.20	$390.20	$73.7	$74.8	$293.7	$336.5	-$1,241.1					8.86%	<-IRR #YR->	5	5 Yr Running Average	52.88%
Total Assets	$1,613.5	$1,654.1	$2,401.6	$2,618.4	$3,582.3	$4,678.8	$6,144.0	$7,027.6	$7,038.0	$7,336.7	$7,627.8	$8,664.4	$8,924.2						Balance Sheet		Assets
Accruals Ratio	1.06%	0.11%	17.16%	2.61%	9.24%	12.39%	19.97%	5.55%	1.05%	1.02%	3.85%	3.88%	-13.91%					1.05%	<-Median->	5	Ratio
EPS/CF Ratio	0.35	0.36	0.34	0.45	0.48	0.46	0.49	0.46	0.44	0.47	0.50	0.49	0.39					0.47	<-Median->	10	EPS/CF Ratio
			-$103.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$530.2
								-$466.8	$0.0	$0.0	$0.0	$0.0	$530.2
			-$79.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$550.2
								-$359.9	$0.0	$0.0	$0.0	$0.0	$550.2
Chge in Close	3.98%	39.58%	84.28%	58.89%	78.26%	17.57%	10.08%	-13.81%	10.51%	4.46%	17.37%	-14.73%	2.59%	40.70%	0.00%	0.00%			Count	29	Years of data
up/down				down		down	down	down	down			down		up					Count	15	51.72%
Meet Prediction?								Yes										% right	Count	4	26.67%
Financial Cash Flow	-$99.13	-$46.25	$314.55	-$138.21	$190.79	$439.58	$733.00	$67.3	-$256.2	-$461.3	-$370.0	-$72.6	-$295.2						C F Statement		Financial Cash Flow
Total Accruals	$116.32	$48.07	$97.61	$206.46	$140.36	$139.95	$494.20	$322.9	$329.9	$536.1	$663.7	$409.1	-$945.9								Accruals
Accruals Ratio	7.21%	2.91%	4.06%	7.89%	3.92%	2.99%	8.04%	4.59%	4.69%	7.31%	8.70%	4.72%	-10.60%					4.72%	<-Median->	5	Ratio
Cash	$140.70	$188.97	$209.10	$221.87	$405.69	$585.08	$557.50	$589.10	$703.6	$703.7	$602.1	$839.5	$774.2	$665.9							Cash
Change	-18.76%	34.31%	10.65%	6.11%	82.85%	44.22%	-4.71%	5.67%	19.44%	0.01%	-14.44%	39.43%	-7.78%	-13.99%
Cash per Share	$0.84	$1.12	$1.22	$1.28	$2.31	$3.33	$3.15	$3.31	$3.94	$3.94	$3.34	$4.74	$4.36	$3.75				$3.94	<-Median->	5	Cash per Share
Percentage of Stock Price	13.56%	13.00%	7.68%	5.08%	5.15%	6.30%	5.43%	6.62%	7.12%	6.82%	4.93%	8.20%	7.34%	4.49%				7.12%	<-Median->	5	% of Stock Price
http://business.financialpost.com/2013/03/25/the-canadian-stock-that-flew-under-the-radar-to-the-top-return-on-the-tsx/
postive view of CCL
Notes:
October 12, 2024, Last estimates were for 2023, 2024, 2025 of $6716M, $7022M, $7276M Revenue, $3.74, $3.93, $4.18 AEPS, $3.77, $4.17, $4.18 EPS,
$1.06, $1.19 2023/4 Dividends, $527M, $654M 2023/4 FCF, $7.56, $7.70 2023/4 CFPS, $26.60, $29.50 2023/4 BVPS, $674M, $746M, 746M Net Income.
October 15, 2023.  Last estimates were for 2022, 2023 and 2024 of $6382M, $6676M and $6811M for Revenue, $3.64, $3.88 and $4.09 for AEPS, $3.59, $3.89 and $4.09 for EPS,
$0.96, $1.07 and $1.16 for Dividends, $579M, $671M and $790M for FCF, $6.05, $6.37 and $6.10 for CFPS, $22.60, $25.10 and $27.60 for BVPS, $642M, $692M and $745M for Net Income.
October 18, 2022.  Last estimates were for 2021, 2022 and 2023 of $5575M, $5793M and $6141M for Revenue, $3.35, $3.55 and $3.70 for EPS,
$0.84, $0.93 and $0.96 for Dividends, $558M, $621M and $660M for FCF, $5.84, $6.06 for 2021/2 for CFPS, $615M and $638M for 2021/2 for Net Income.
October 16, 2021.  Last estimates were for 2020, 2021 and 2022 of $5157M, $5388M and $5625M for Revenue, $2.56, $2.78 and $3.05 for EPS,
$0.72, $0.81 and $0.92 for Dividends,$478M, $490m and $527M for FCF, $4.75, $5.15 and $6.19 and $450M, $502M for 2020 and 2021 for Net Income.
October 25, 2020.  Last estimates were for 2019, 2020 and 2021 of $544M, $6537M and $6537M for Revenue, $2.77, $3.14, $3.42 for EPS,
$6.06 and $5.10 for CFPS for 2019 and 2020 and $509M, $580M and $611M for Net Income.
October 27, 2019.  Last estimates were for 2018, 2019 and 2020 of $5134M, $5480M and $5659M for Revenue, $2.87, $3.25 and $3.52 for EPS,
$5.19, $5.46 and $5.05 for CFPS and $520M, $581M and $623M for Net Income.
October 30, 2018.  Last estimates were for 2017, 2018 and 2019 of $4326M, $5143M and $5295M for Revenue, $2.51. $3.01 and $3.31 for EPS,
$3.07, $3.70 and $4.14 for CFPS and $438M, $535M and $571M for Net Income.
November 5, 2017.  Last estimates were for 2016, 2017 and 2018 of $$4013M, $4430M and $4553M for Revenue, $10.10, $12.00 and $13.00 for EPS,
$18.60, $20.20 and $19.20 for CFPS, $345M, $425M and $418M for Net Income.
November 6, 2016.  Last estimates were for 2015, 2016 and 2017 of $2976M, $3222M and $3343M for Revenue, $7.43, $9.02 and $10.10 for EPS,
$14.90, $15.60 and $16.40 for CFPS, and $284M, $315M and $353M for Net Income.
November 15, 2015.  Last estimates were for 2014, 2015 and 2016 and $2591M, $2707M and $2816M of Revenue, $6.51, $7.37 and $8.07 for EPS,
$12.20, $11.60 and $12.40 for CFPS, $228M, $258M and $282M for Net Income.
November 8, 2014.  Last estimates were for 2013, 2014 and 2015 of M1859M, $2302M and $2354M for Revenue, $3.37, $5.42 and $6.36 for EPS, $8.79, $9.76 and $10.10 for CFPS.
November 22, 2013.  Last estimates were for 2012 and 2013 of $1321.3M and $1369.3M for Revenue and $2.85 and $3.06 for EPS.
On July 1, 2013, CCL completed the acquisition of businesses from Avery Dennison. The acquisition of Avery Dennison's businesses will transform CCL industries.
Nov 20, 2012.  Last estimates I got were for 2011 and 2012 at $1247M and $1304M for Revenue, $2.54 and $2.79 for EPS and $5.53 and $5.81 for EPS.
Sep 5, 2010. When last I updated this spreadsheet, I got 2009 and 2010 estimates of $2.30 and $2.59 ofr earnings and $2.97 and 3.53 for CF
One problem is that EPS for December 2008 Q was a loss of $.80. Another is massive insider selling and no buying.  If they do not believe in stock, why should I?
2005.  In May 2005, the Company sold its North American Custom Manufacturing Division, for $272.8 million in cash.  This caused a decrease in Sales in 2005.
Sales and other items were restated to account for this discontinued business.
1999.  It went public on the Toronto Stock Exchange in 1999? Says on Wikipedia, but I have data back to 1987.
In 1979, the name was changed to CCL Industries.
1951.  CCL was founded in 1951 as Connecticut Chemicals (Canada) Limited.
Sector
Materials
The basic materials sector is a category of stocks that accounts for companies involved with the discovery, development and processing of raw materials.
Basic Materials,  Industry: Containers & Packaging
What should this stock accomplish?
You would buy this company for diversification.  I would expect moderate dividend yield and moderate dividend growth.
Would I buy this company and Why.
I would consider this company when the dividend yield gets above 1%.  At the moment, it is not really a dividend company as the dividend is too low.
Why am I following this stock.
In 2009 I read a favorable report on this stock of which I had also heard before.   This is also a dividend paying stock and in 2009 it was on Dividend Achievers list.
Dividends
Dividends are paid in cycle 3, which is March, June, September and December.  Dividends are declared for shareholders of record in one month and paid in that month.
For example, dividends for December 2013 were declared in November for payment to shareholders of record of December 3 and payable on December 20, 2013.
How they make their money.
CCL Industries Inc manufactures and sells packaging and packaging-related products. The company operates through various segments which include
the CCL segment, the Avery segment, and the Checkpoint segment Its geographical segments include Canada; USA and Puerto Rico; Mexico, Brazil, Chile,
and Argentina; Europe; and Asia, Australia, Africa, and New Zealand.
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.
(i) Class A
Class A shares carry full voting rights and are convertible at any time into Class B shares. Dividends are currently set at $0.05 per share per annum less than Class B shares.
(ii) Class B
Class B shares rank equally in all material respects with Class A shares, except as follows:
(1) Holders of Class B shares are entitled to receive material and attend, but not to vote at, regular shareholder meetings.
(2) Holders of Class B shares are entitled to voting privileges when consideration for the Class A shares, under a takeover bid
when voting control has been acquired, exceeds 115% of the market price of the Class B shares.
(3) Holders of Class B shares are entitled to receive, or have set aside for payment, dividends declared by the Board of Directors
from time to time
The shares of 1281228 are owned as to one half each by Donald G. Lang and Stuart W. Lang.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Nov 5	2017	Oct 30	2018	Oct 27	2019	Oct 25	2020	Oct 16	2021	Oct 18	2022	Oct 15	2023			Oct 12	2024
Martin, Geoffrey	0.94%	1.509	0.85%	6.009	3.38%	1.646	0.92%	1.646	0.92%	1.651	0.92%	1.660	0.94%	1.673	0.94%			1.685	0.95%	B		0.72%
CEO - Shares - Amount	$87.35		$87.668		$300.832		$91.049		$95.114		$111.990		$96.006		$99.292				$140.713	B
Options - percentage	0.46%	1.838	1.04%	1.746	0.98%	0.843	0.47%	0.920	0.52%	0.524	0.29%	0.542	0.31%	0.478	0.27%			0.423	0.24%			-11.55%
Options - amount	$42.87		$106.722		$87.417		$46.640		$53.191		$35.573		$31.341		$28.352				$35.283
Washchuk, Sean	0.02%	0.037	0.02%	0.037	0.02%	0.052	0.03%	0.052	0.03%	0.052	0.03%	0.053	0.03%	0.052	0.03%			0.050	0.03%	B		-3.21%
CFO - Shares - Amount	$1.96		$2.155		$1.857		$2.880		$3.008		$3.531		$3.066		$3.059				$4.166	B
Options - percentage	0.17%	0.212	0.12%	0.340	0.19%	0.384	0.22%	1.009	0.57%	0.236	0.13%	0.231	0.13%	0.187	0.10%			0.167	0.09%			-10.46%
Options - amount	$15.56		$12.290		$17.038		$21.257		$58.338		$16.011		$13.346		$11.068				$13.943
Birkner, Gunther		0.166	0.09%	0.247	0.14%	0.070	0.04%	0.070	0.04%	0.090	0.05%	0.087	0.05%	0.117	0.07%			0.080	0.05%	B		-31.29%
Officer - Shares - Amount			$9.635		$12.372		$3.887		$4.060		$6.107		$5.006		$6.931				$6.700	B
Options - percentage		0.328	0.19%	0.312	0.18%	0.443	0.25%	0.486	0.27%	0.336	0.19%	0.293	0.17%	0.277	0.16%			0.169	0.10%			-38.92%
Options - amount			$19.064		$15.618		$24.524		$28.081		$22.792		$16.959		$16.436				$14.125
Cooper, Mark												0.011	0.01%	0.015	0.01%			0.045	0.03%	B		190.65%
Officer - Shares - Amount													$0.644		$0.910				$3.721	B
Options - percentage												0.160	0.09%	0.163	0.09%			0.114	0.06%			-30.25%
Options - amount													$9.246		$9.675				$9.494
Horn, Alan Douglas	0.02%					0.010	0.08%	0.010	0.08%	0.010	0.08%	0.010	0.08%							A	ceased insider Jan 2023
Director - Shares - Amount	$0.11						$0.553		$0.578		$0.678		$0.578							A
Shares - percentage	0.17%					0.240	0.13%	0.240	0.13%	0.240	0.13%	0.100	0.06%							B
Shares - amount	$15.43						$13.277		$13.870		$16.279		$5.784							B
Options - percentage	0.06%					0.001	0.00%	0.002	0.00%	0.002	0.00%	0.003	0.00%
Options - amount	$5.13						$0.035		$0.088		$0.143		$0.160
Galifi, Vincent Joseph				0.001	0.00%	0.001	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%	B		0.00%
Director - Shares - Amount					$0.060		$0.066		$0.173		$0.203		$0.174		$0.178				$0.250	B
Options - percentage				0.005	0.00%	0.006	0.00%	0.007	0.00%	0.007	0.00%	0.008	0.00%	0.009	0.00%			0.010	0.01%			8.79%
Options - amount					$0.237		$0.318		$0.389		$0.500		$0.469		$0.522				$0.799
Lang, Erin Melissa												0.876	0.49%	0.876	0.49%			0.676	0.38%	B		-22.83%
Director - Shares - Amount													$50.666		$51.980				$56.436	B
Options - percentage												0.009	0.01%	0.010	0.01%			0.011	0.01%			7.86%
Options - amount													$0.544		$0.600				$0.911
Lang, Donald G.	0.00%	0.001	0.01%	0.005	0.04%	0.005	0.04%	0.005	0.04%	0.005	0.04%	0.005	0.04%	0.005	0.04%			0.005	0.04%	A		0.00%
Chairman - Shares - Amt	$0.01		$0.044		$0.225		$0.249		$0.260		$0.305		$0.260		$0.267				$0.376	A
Shares - percentage	0.33%	0.659	0.37%	0.978	0.55%	0.978	0.55%	1.855	1.04%	1.928	1.07%	1.379	0.78%	4.495	2.53%			1.728	0.97%	B		-61.55%
Shares - amount	$30.54		$38.262		$48.982		$54.129		$107.226		$130.806		$79.777		$266.760				$144.307	B
Options - percentage	0.45%	0.659	0.37%	0.534	0.30%	0.346	0.19%	0.121	0.07%	0.000	0.00%	0.036	0.02%	0.037	0.02%			0.000	0.00%			-100.00%
Options - amount	$41.35		$38.257		$26.717		$19.152		$7.004		$0.000		$2.085		$2.209				$0.000
1281228 Ontario Inc.		56.047	473.57%					56.047	474.97%	56.047	474.09%	56.047	474.97%	56.047	474.97%			56.047	31.52%	A	Shares of 1281228 are	0.00%
Shares - Amt			$3,255.21						$3,238.956		$3,801.668		$3,241.758		$3,325.829				$4,679.364	A	owned as to one half each
Class B		26.426	14.94%					23.798	13.32%	23.798	13.20%	23.798	13.44%	20.681	11.64%			13.656	7.68%	B	by Donald G. Lang and	-33.97%
Shares - Amt			$1,534.793						$1,375.264		$1,614.192		$1,376.454		$1,227.236				$1,140.133	B	Stuart W. Lang.
Increase in O/S Shares	1.15%	0.500	0.28%	0.900	0.51%	0.900	0.51%	0.900	0.50%	0.600	0.34%	1.000	0.55%	0.200	0.11%			0.900	0.51%
due to SO	$50.851		$26.380		$52.272		$45.054		$49.788		$34.674		$67.830		$11.568				$53.406
Book Value	$22.286		$6.817		$18.000		$27.200		$29.200		$31.300		$62.100		$11.900				$52.400
Insider Buying	-$0.362		-$0.102		-$0.058		$0.000		-$0.089		-$2.212		-$0.149		$0.000				$0.000
Insider Selling	$40.431		$55.184		$34.957		$30.804		$28.256		$66.279		$10.685		$19.181				$136.844
Net Insider Selling	$40.069		$55.083		$34.899		$30.804		$28.166		$64.067		$10.537		$19.181				$136.844
% of Market Cap	0.43%		0.54%		0.39%		0.31%		0.27%		0.52%		0.10%		0.18%				0.92%
Directors		11		10		10		10		11		11		10				11
Women	22%	3	27%	3	30%	3	30%	3	30%	4	36%	4	36%	4	40%			4	36%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	1	9%	1	9%	1	10%			1	9%
Institutions/Holdings	33.72%	180	33.72%					20	28.16%	20	33.35%	20	30.63%	20	26.48%			20	17.80%
Total Shares Held	31.45%	11.069	31.45%					50.297	28.16%	59.855	33.21%	54.192	30.62%	47.040	26.47%			31.823	17.90%
Increase/Decrease	-0.75%	-0.084	-0.75%					-10.840	-17.73%	-3.585	-5.65%	-3.585	-6.20%	2.206	4.92%			-0.643	-1.98%
Starting No. of Shares		11.152	Reuters					61.137	Top 20 MS	63.439	Top 20 MS	57.777	Top 20 MS	44.835	Top 20 MS			32.465	Top 20 MS
Institutions/Holdings				277	45.57%
Percentage					$4,502.010
Total Shares Held				56.000	31.51%
Percentage					$2,803.360
Increase/Decrease 3 Mths				0.160	0.29%
Starting No. of Shares				55.840	Moringstar
Pre-split dates uses pre-split values.
Above change and using split AE8
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