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
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			Q1 2025	<- Estimates						https://www.annualreports.com/Company/calian-group
Calian Group Ltd						TSX:	CGY	OTC:	CLNFF	https://www.calian.com/		Fiscal Yr:	Sep 30
Year	9/30/12	9/30/13	9/30/14	9/30/15	9/30/16	9/30/17	9/30/18	9/30/19	9/30/20	9/30/21	9/30/22	9/30/23	9/30/24	9/30/25	9/30/26	9/30/27		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
Revenue*														$750	<-12 mths	0.48%
Revenue per Share														$64	<-12 mths	0.48%
Revenue*	$235.9	$232.5	$211.3	$242.3	$274.6	$275.4	$304.7	$343.0	$432.3	$518.4	$582.2	$658.6	$746.6	$821.3	$870.2	$903.0		253.41%	<-Total Growth	10	Revenue
Increase	4.09%	-1.47%	-9.12%	14.67%	13.35%	0.30%	10.61%	12.60%	26.02%	19.91%	12.30%	13.13%	13.37%	10.00%	5.95%	3.77%		13.46%	<-IRR #YR->	10	Revenue	253.41%
5 year Running Average	$219.7	$227.6	$224.4	$229.7	$239.3	$247.2	$261.6	$288.0	$326.0	$374.8	$436.1	$506.9	$587.6	$665.4	$735.8	$799.9		16.83%	<-IRR #YR->	5	Revenue	117.64%
Revenue per Share	$30.84	$31.43	$28.73	$32.83	$36.69	$35.98	$39.24	$43.26	$44.29	$45.93	$50.16	$55.75	$63.26	$69.59	$73.73	$76.51		10.10%	<-IRR #YR->	10	5 yr Running Average	161.86%
Increase	4.36%	1.92%	-8.60%	14.29%	11.75%	-1.95%	9.06%	10.26%	2.38%	3.70%	9.19%	11.16%	13.47%	10.00%	5.95%	3.77%		15.33%	<-IRR #YR->	5	5 yr Running Average	104.04%
5 year Running Average	$28.31	$29.83	$29.71	$30.68	$32.10	$33.13	$34.69	$37.60	$39.89	$41.74	$44.58	$47.88	$51.88	$56.94	$62.50	$67.77		8.21%	<-IRR #YR->	10	Revenue per Share	120.21%
P/S (Price/Sales) Med	0.63	0.64	0.67	0.54	0.54	0.73	0.82	0.71	1.53	1.35	1.25	1.09	0.85	0.69	0.01	0.00		7.90%	<-IRR #YR->	5	Revenue per Share	46.22%
P/S (Price/Sales) Close	0.64	0.65	0.65	0.50	0.63	0.79	0.76	0.81	1.52	1.33	1.12	0.92	0.73	0.70	0.66	0.93		5.73%	<-IRR #YR->	10	5 yr Running Average	74.64%
*Revenue in M CDN $					P/S Med	20 yr	0.64	15 yr	0.71	10 yr	0.83	5 yr	1.25		-15.98%	Diff M/C		6.65%	<-IRR #YR->	5	5 yr Running Average	37.98%
			-$211.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$746.6
								-$343.0	$0.0	$0.0	$0.0	$0.0	$746.6
			-$224.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$587.6
								-$288.0	$0.0	$0.0	$0.0	$0.0	$587.6
			-$28.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$63.26
								-$43.26	$0.00	$0.00	$0.00	$0.00	$63.26
			-$29.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.88
								-$37.60	$0.00	$0.00	$0.00	$0.00	$51.88
														$4.22	<-12 mths	-2.54%
Adjusted Net profit	$14.1	$13.1	$10.7	$10.8	$14.2	$15.4	$17.53	$19.06	$23.54	$37.23	$44.0	$40.5	$51.7					382.89%	<-Total Growth	10	Adjusted Net profit	Excludes acquisitions costs
Return on Equity ROE	20.74%	19.61%	15.38%	15.72%	18.13%	17.21%	17.58%	16.56%	11.75%	12.73%	14.42%	12.32%	15.81%					15.76%	<-Median->	10	Return on Equity ROE
5Yr Median	20.95%	20.95%	20.74%	19.61%	18.13%	17.21%	17.21%	17.21%	17.21%	16.56%	14.42%	12.73%	12.73%					17.21%	<-Median->	10	5Yr Median
Adjusted EPS Basic	$1.84	$1.73	$1.45	$1.48	$1.92	$2.03	$2.27	$2.43	$2.60	$3.51	$3.88	$3.45	$4.36					200.69%	<-Total Growth	10	AEPS
Adjusted EPS Diluted*	$1.84	$1.73	$1.45	$1.48	$1.92	$2.01	$2.25	$2.41	$2.59	$3.50	$3.87	$3.45	$4.33	$5.01	$5.63			198.62%	<-Total Growth	10	AEPS
Increase	7.60%	-5.98%	-16.18%	2.07%	29.73%	4.69%	11.94%	7.11%	7.47%	35.14%	10.57%	-10.85%	25.51%	15.70%	12.38%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$1.74	$1.83	$1.70	$1.64	$1.68	$1.72	$1.82	$2.01	$2.24	$2.55	$2.92	$3.16	$3.55	$4.03	$4.46			11.56%	<-IRR #YR->	10	Earnings per Share	Estimates
AEPS Yield	9.27%	8.45%	7.77%	9.08%	8.27%	7.03%	7.50%	6.86%	3.85%	5.74%	6.92%	6.76%	9.43%	10.28%	11.56%			12.43%	<-IRR #YR->	5	Earnings per Share	From TD
Payout Ratio	57.61%	64.74%	77.24%	75.68%	58.33%	55.72%	49.78%	46.47%	43.24%	32.00%	28.94%	32.46%	25.87%	22.36%	19.89%			7.66%	<-IRR #YR->	10	5 yr Running Average	109.20%
5 year Running Average	57.89%	62.34%	71.72%	66.40%	66.72%	66.34%	63.35%	57.20%	50.71%	45.44%	40.09%	36.62%	32.50%	28.33%	25.90%			11.99%	<-IRR #YR->	5	5 yr Running Average	76.17%
Price/AEPS Median	10.51	11.57	13.29	11.89	10.26	13.02	14.25	12.75	26.20	17.67	16.15	17.57	12.41	9.62	0.08			13.64	<-Median->	10	P/E Ratio Median
Price/AEPS High	11.70	12.69	14.14	12.76	12.76	14.38	15.44	14.80	26.45	19.99	18.50	19.42	14.13	10.16	0.00			15.12	<-Median->	10	P/E Ratio High
Price/AEPS Low	9.32	10.45	12.45	11.01	7.76	11.66	13.07	10.69	25.95	15.35	13.80	15.72	10.69	9.09	0.00			12.36	<-Median->	10	P/E Ratio Low
Price/AEPS Close	10.79	11.84	12.86	11.01	12.10	14.23	13.33	14.57	25.95	17.43	14.45	14.79	10.61	9.72	8.65			14.34	<-Median->	10	P/E Ratio Close
Trailing P/AEPS Close	11.61	11.13	10.78	11.24	15.70	14.90	14.93	15.61	27.88	23.55	15.98	13.19	13.31	11.25	9.72			15.27	<-Median->	10	Trailing P/AEPS Close
Medians		DPR	10 Yrs	44.86%	5 Yrs	32.00%	P/AEPS	5 Yrs	in order	17.57	19.42	15.35	14.79								DPR 75% to 95% best
			-$1.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.33
								-$2.41	$0.00	$0.00	$0.00	$0.00	$4.33
			-$1.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.55
								-$2.01	$0.00	$0.00	$0.00	$0.00	$3.55
														$0.68	<-12 mths	-26.88%
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.99%	0.48%	0.39%	0.89%	0.93%	0.00%	0.00%	2.11%
EPS Basic	$1.84	$1.73	$1.44	$1.33	$1.83	$2.03	$2.08	$2.55	$2.25	$1.08	$1.19	$1.61	$0.95					-34.03%	<-Total Growth	10	EPS Basic
EPS Diluted*	$1.84	$1.73	$1.44	$1.33	$1.83	$2.01	$2.07	$2.54	$2.23	$1.07	$1.19	$1.61	$0.93	$2.50	$3.64	$5.22		-35.42%	<-Total Growth	10	EPS Diluted
Increase	7.60%	-5.98%	-16.76%	-7.64%	37.59%	9.84%	2.99%	22.71%	-12.20%	-52.02%	11.21%	35.29%	-42.24%	168.82%	45.60%	43.41%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	9.3%	8.4%	7.7%	8.2%	7.9%	7.0%	6.9%	7.2%	3.3%	1.8%	2.1%	3.2%	2.0%	5.1%	7.5%	7.4%		-4.28%	<-IRR #YR->	10	Earnings per Share	-35.42%
5 year Running Average	$1.74	$1.83	$1.69	$1.61	$1.63	$1.67	$1.74	$1.96	$2.14	$1.98	$1.82	$1.73	$1.41	$1.46	$1.97	$2.78		-18.20%	<-IRR #YR->	5	Earnings per Share	-63.39%
10 year Running Average	$1.34	$1.45	$1.48	$1.51	$1.61	$1.70	$1.78	$1.83	$1.87	$1.81	$1.74	$1.73	$1.68	$1.80	$1.98	$2.30		-1.85%	<-IRR #YR->	10	5 yr Running Average	-17.00%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	5.11%	5Yrs	2.13%					-6.39%	<-IRR #YR->	5	5 yr Running Average	-28.12%
			-$1.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.93
								-$2.54	$0.00	$0.00	$0.00	$0.00	$0.93
			-$1.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.41
								-$1.96	$0.00	$0.00	$0.00	$0.00	$1.41
Dividend*														$1.12	$1.12				Estimates		Dividend*
Increase														0.00%	0.00%				Estimates		Increase
Payout Ratio EPS														44.80%	30.77%				Estimates		Payout Ratio EPS
Special Dividend	$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 Dividend
Dividend*	$1.06	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12		0.00%	<-Total Growth	10	Dividends
Increase	9.28%	5.66%	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%		10	0	21	Years of data, Count P, N	47.62%
Average Increases 5 Year Running	20.52%	15.94%	12.23%	7.54%	2.99%	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		0.00%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.00	$1.12	$1.21	$1.08	$1.11	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12		-7.59%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.48%	5.60%	5.81%	6.37%	5.69%	4.28%	3.49%	3.65%	1.65%	1.81%	1.79%	1.85%	2.08%	2.32%				2.79%	<-Median->	10	Dividends	Item
Yield on High  Price	4.93%	5.10%	5.46%	5.93%	4.57%	3.88%	3.22%	3.14%	1.64%	1.60%	1.56%	1.67%	1.83%	2.20%				2.48%	<-Median->	10	Dividends	EPS
Yield on Low Price	6.18%	6.19%	6.20%	6.87%	7.52%	4.78%	3.81%	4.35%	1.67%	2.08%	2.10%	2.06%	2.42%	2.46%				3.12%	<-Median->	10	Dividends	AEPS
Yield on Close Price	5.34%	5.47%	6.01%	6.87%	4.82%	3.92%	3.73%	3.19%	1.67%	1.84%	2.00%	2.19%	2.44%	2.30%	2.30%	1.58%		2.81%	<-Median->	10	Dividends	CFPS
Payout Ratio EPS	57.61%	64.74%	77.78%	84.21%	61.20%	55.72%	54.11%	44.09%	50.22%	104.67%	94.12%	69.57%	120.43%	44.80%	30.77%	21.46%		65.38%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	57.60%	61.05%	71.55%	66.96%	67.81%	67.15%	64.52%	57.26%	52.43%	56.45%	61.54%	64.81%	79.66%	76.71%	56.74%	40.29%		64.67%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	53.26%	66.10%	72.01%	-289.45%	54.40%	34.06%	76.40%	78.02%	-397.07%	27.16%	30.13%	23.30%	15.16%	25.42%				28.65%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	56.72%	68.05%	94.82%	94.14%	80.15%	68.21%	70.17%	71.23%	70.30%	55.83%	53.54%	40.58%	28.35%	22.91%				69.19%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	40.20%	43.12%	50.21%	47.47%	37.77%	36.06%	33.58%	33.70%	28.64%	23.29%	19.01%	19.68%	15.01%	25.42%				31.11%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	48.46%	48.82%	53.84%	46.01%	43.32%	42.24%	40.01%	37.11%	33.65%	30.30%	26.33%	23.70%	20.17%	19.82%				35.38%	<-Median->	10	DPR CF WC 5 Yr Running
Median 5 Yrs	10 Yr Med	10 Yr Cl	2.79%	2.81%	5 Yr Med	5 Yr Cl	1.81%	2.00%	5 Yr Med	Payout	94.12%	23.30%	19.68%					0.00%	<-IRR #YR->	5	Dividends	0.00%
* Dividends per share	10 Yr Med	and Cur.	-17.57%	-18.31%	5 Yr Med	and Cur.	26.93%	14.80%	Last Div Inc --->		$0.25	$0.28	12.0%					0.00%	<-IRR #YR->	10	Dividends	0.00%
Dividends Growth 15																		3.80%	<-IRR #YR->	15	Dividends	41.77%
Dividends Growth 20																		8.48%	<-IRR #YR->	20	Dividends	409.09%
Dividends Growth 25																		9.39%	<-IRR #YR->	21	Dividends
Dividends Growth 5								-$1.12	$0.00	$0.00	$0.00	$0.00	$1.12								Dividends Growth 5
Dividends Growth 10			-$1.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.12								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	$1.12								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	$1.12								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	$1.12								Dividends Growth 25
Historical Dividends	Historical	High Div	7.33%	Low Div	1.58%	10 Yr High	7.46%	10 Yr Low	1.57%	Med Div	3.57%	Close Div	3.42%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-68.64%		45.50%	Exp.	-69.18%		46.42%	Exp.	-35.61%	Exp.	-32.85%								High/Ave/Median
Future Dividend Yield					Div Yd	2.30%	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	2.30%	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	2.30%	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.12	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.12	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.12	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Dividend Covering Cost					Total Div	$5.60	over	5	Years	at IRR of	0.00%	Div Cov.	11.49%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$10.08	over	10	Years	at IRR of	0.00%	Div Cov.	20.69%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$14.56	over	15	Years	at IRR of	0.00%	Div Cov.	29.89%								Dividend Covering Cost
I am earning GC					Div Gr	12.00%	10/05/11	# yrs ->	14	2011	$18.10	Cap Gain	169.17%								I am earning GC
I am earning Div					org yield	5.52%	9/30/25	TFSA	Div G Yrly	0.79%	Div start	$1.00	-5.52%	6.19%							I am earning Div
I am earning GC					Div Gr	0.00%	09/12/16	# yrs ->	9	2016	$24.93	Cap Gain	95.43%								I am earning GC
I am earning Div					org yield	4.49%	9/30/25	Trading	Div G Yrly	0.00%	Div start	$1.12	-4.49%	4.49%							I am earning Div
Yield if held 5 years	8.53%	8.88%	8.58%	6.28%	5.93%	5.79%	5.60%	5.81%	6.37%	5.69%	4.28%	3.49%	3.65%	1.65%	1.81%	1.79%		5.74%	<-Median->	10	Paid Median Price
Yield if held 10 years	34.75%	16.93%	9.41%	9.18%	9.59%	9.02%	8.88%	8.58%	6.28%	5.93%	5.79%	5.60%	5.81%	6.37%	5.69%	4.28%		7.43%	<-Median->	10	Paid Median Price
Yield if held 15 years	31.64%	40.36%	32.94%	16.91%	28.35%	36.72%	16.93%	9.41%	9.18%	9.59%	9.02%	8.88%	8.58%	6.28%	5.93%	5.79%		9.50%	<-Median->	10	Paid Median Price
Yield if held 20 years			22.44%	23.83%	26.05%	33.43%	40.36%	32.94%	16.91%	28.35%	36.72%	16.93%	9.41%	9.18%	9.59%	9.02%		27.20%	<-Median->	10	Paid Median Price
Yield if held 25 years								22.44%	23.83%	26.05%	33.43%	40.36%	32.94%	16.91%	28.35%	36.72%		29.49%	<-Median->	6	Paid Median Price
Yield if held 30 years													22.44%	23.83%	26.05%	33.43%		22.44%	<-Median->	1	Paid Median Price
Cost covered if held 5 years	40.26%	44.25%	46.40%	30.24%	29.31%	28.96%	27.98%	29.05%	31.84%	28.43%	21.40%	17.46%	18.23%	8.25%	9.06%	8.96%		28.70%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	211.80%	112.02%	69.83%	74.67%	84.80%	85.35%	88.66%	89.28%	61.65%	58.94%	57.93%	55.96%	58.11%	63.67%	56.87%	42.80%		68.16%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	192.84%	273.15%	255.88%	148.23%	276.96%	395.41%	196.67%	116.89%	120.57%	132.76%	130.43%	133.07%	132.16%	93.07%	88.57%	86.89%		132.92%	<-Median->	10	Paid Median Price
Cost covered if held 20 years			174.35%	208.94%	254.42%	360.00%	474.95%	420.59%	232.75%	418.73%	579.02%	281.33%	163.95%	166.48%	180.73%	175.52%		320.67%	<-Median->	10	Paid Median Price
Cost covered if held 25 years								286.57%	328.09%	384.65%	527.16%	676.76%	585.29%	317.28%	560.51%	762.62%		455.91%	<-Median->	6	Paid Median Price
Cost covered if held 30 years													398.80%	447.23%	514.88%	694.33%		398.80%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$343.0	$432.3	$518.4	$582.2	$658.6	$746.6	$750.2	<-12 mths	0.48%		117.64%	<-Total Growth	5	Revenue Growth	117.64%
Revenue Growth per Share								$43.3	$44.3	$45.9	$50.2	$55.8	$63.3					46.22%	<-Total Growth	5	Revenue Growth per Share	46.22%
AEPS Growth								$2.41	$2.59	$3.50	$3.87	$3.45	$4.33	$4.22	<-12 mths	-2.54%		79.67%	<-Total Growth	5	AEPS Growth	79.67%
Net Income Growth								$20.0	$20.4	$11.2	$13.6	$18.9	$11.2	$7.3	<-12 mths	-34.33%		-44.08%	<-Total Growth	5	Net Income Growth	-44.08%
Cash Flow Growth								$11.4	-$2.8	$46.5	$43.1	$56.8	$87.2	$0.0	<-12 mths	-100.00%		666.24%	<-Total Growth	5	Cash Flow Growth	666.24%
Dividend Growth								$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	<-12 mths	0.00%		0.00%	<-Total Growth	5	Dividend Growth	0.00%
Stock Price Growth								$35.12	$67.20	$61.00	$55.93	$51.03	$45.92	$48.72	<-12 mths	6.10%		30.75%	<-Total Growth	5	Stock Price Growth	30.75%
Revenue Growth			$211.3	$242.3	$274.6	$275.4	$304.7	$343.0	$432.3	$518.4	$582.2	$658.6	$746.6	$821.3	<-this year	10.00%		253.41%	<-Total Growth	10	Revenue Growth	253.41%
Revenue Growth per Share			$28.7	$32.8	$36.7	$36.0	$39.2	$43.3	$44.3	$45.9	$50.2	$55.8	$63.3					120.21%	<-Total Growth	10	Revenue Growth per Share	120.21%
AEPS Growth			$1.45	$1.48	$1.92	$2.01	$2.25	$2.41	$2.59	$3.50	$3.87	$3.45	$4.33	$5.01	<-this year	15.70%		198.62%	<-Total Growth	10	AEPS Growth	198.62%
Net Income Growth			$10.6	$9.8	$13.6	$15.4	$16.1	$20.0	$20.4	$11.2	$13.6	$18.9	$11.2	$26.5	<-this year	137.39%		5.66%	<-Total Growth	10	Net Income Growth	5.66%
Cash Flow Growth			$11.4	-$2.9	$15.4	$25.2	$11.4	$11.4	-$2.8	$46.5	$43.1	$56.8	$87.2	$52.0	<-this year	-40.38%		662.55%	<-Total Growth	10	Cash Flow Growth	662.55%
Dividend Growth			$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	<-this year	0.00%		0.00%	<-Total Growth	10	Dividend Growth	0.00%
Stock Price Growth			$18.65	$16.30	$23.23	$28.60	$30.00	$35.12	$67.20	$61.00	$55.93	$51.03	$45.92	$70.86	<-this year	54.31%		146.22%	<-Total Growth	10	Stock Price Growth	146.22%
Dividends on Shares	$275.60	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20	$291.20		$5,174.00	Total Divs	30	Total Dividends	12/31/94
Paid	$5,447.00	$5,257.20	$4,589.00	$4,201.60	$6,375.20	$8,333.00	$7,644.00	$10,010.00	$17,201.60	$16,000.40	$17,365.40	$14,895.40	$12,571.00	$12,667.20	$12,667.20	$12,667.20		$12,571.00	Worth	30	Worth	$3.85
Total																		$17,745.00
Dividends on Shares				$63.84	$63.84	$63.84	$63.84	$63.84	$63.84	$63.84	$63.84	$63.84	$63.84	$63.84	$63.84	$63.84		$638.40	No of Years	10	Total Dividends	12/31/14
Paid			$1,006.05	$921.12	$1,397.64	$1,826.85	$1,675.80	$2,194.50	$3,771.12	$3,507.78	$3,807.03	$3,265.53	$2,755.95	$2,777.04	$2,777.04	$2,777.04		$2,755.95	No of Years	10	Worth	$17.65
Total																		$3,394.35
Graham No.AEPS	$19.18	$18.75	$17.57	$17.61	$21.26	$22.99	$25.50	$28.05	$34.59	$45.17	$47.85	$46.45	$51.94	$55.86	$59.22	$0.00		195.66%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.01	1.07	1.10	1.00	0.93	1.14	1.26	1.10	1.96	1.37	1.31	1.30	1.03	0.86				1.20	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.12	1.17	1.17	1.07	1.15	1.26	1.36	1.27	1.98	1.55	1.50	1.44	1.18	0.91				1.32	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.89	0.96	1.03	0.93	0.70	1.02	1.15	0.92	1.94	1.19	1.12	1.17	0.89	0.81				1.07	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.03	1.09	1.06	0.93	1.09	1.24	1.18	1.25	1.94	1.35	1.17	1.10	0.88	0.87				1.17	<-Median->	10	Price/GP Ratio
Prem/Disc Close	3.48%	9.23%	6.17%	-7.44%	9.25%	24.39%	17.66%	25.19%	94.27%	35.06%	16.89%	9.85%	-11.58%	-12.79%	-17.73%	#DIV/0!		17.28%	<-Median->	10	Graham Price
Graham No. EPS	$19.18	$18.75	$17.51	$16.69	$20.76	$22.99	$24.46	$28.80	$32.10	$24.97	$26.53	$31.73	$24.07	$39.46	$47.62	$57.02		37.50%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.01	1.07	1.10	1.05	0.95	1.14	1.31	1.07	2.11	2.48	2.36	1.91	2.23	1.22				1.61	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.12	1.17	1.17	1.13	1.18	1.26	1.42	1.24	2.13	2.80	2.70	2.11	2.54	1.29				1.77	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.89	0.96	1.03	0.98	0.72	1.02	1.20	0.89	2.09	2.15	2.01	1.71	1.92	1.15				1.46	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.03	1.09	1.07	0.98	1.12	1.24	1.23	1.22	2.09	2.44	2.11	1.61	1.91	1.23	1.02	1.24		1.43	<-Median->	10	Price/GP Ratio
Prem/Disc Close	3.48%	9.23%	6.54%	-2.36%	11.90%	24.39%	22.67%	21.95%	109.36%	144.26%	110.80%	60.81%	90.78%	23.46%	2.31%	24.26%		42.60%	<-Median->	10	Graham Price
Month, Year - December	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27		31.00	<Count Years>		Month, Year
Price Close	$20.95	$20.22	$17.65	$16.16	$24.52	$32.05	$29.40	$38.50	$66.16	$61.54	$66.79	$57.29	$48.35	$48.72	$48.72	$48.72		173.94%	<-Total Growth	10	Stock Price
Increase	20.54%	-3.48%	-12.71%	-8.44%	51.73%	30.71%	-8.27%	30.95%	71.84%	-6.98%	8.53%	-14.22%	-15.60%	0.77%	0.00%	0.00%		24.93	<-Median->	10	CAPE (10 Yr P/E)
P/E	11.39	11.69	12.26	12.15	13.40	15.95	14.20	15.16	29.67	57.51	56.13	35.58	51.99	19.49	13.38	9.33		4.66%	<-IRR #YR->	5	Stock Price	25.58%
Trailing P/E	12.25	10.99	10.20	11.22	18.44	17.51	14.63	18.60	26.05	27.60	62.42	48.14	30.03	52.39	19.49	13.38		10.60%	<-IRR #YR->	10	Stock Price	173.94%
CAPE (10 Yr P/E)	15.65	13.91	11.96	10.73	15.22	18.83	16.50	21.10	35.32	34.02	38.30	33.08	28.76	27.10	24.62	21.18		7.33%	<-IRR #YR->	5	Price & Dividend	72.08%
Median 5 Yrs		D.  per yr	4.34%	2.67%	% Tot Ret	29.02%	36.39%	T P/E	22.32	30.03	P/E:	22.81	51.99					14.94%	<-IRR #YR->	10	Price & Dividend	243.74%
Price 15		D.  per yr	4.28%		% Tot Ret	37.72%						CAPE Diff	-21.83%					7.07%	<-IRR #YR->	15	Stock Price	178.67%
Price  20		D.  per yr	3.96%		% Tot Ret	39.61%												6.03%	<-IRR #YR->	20	Stock Price	222.76%
Price  25		D.  per yr	4.82%		% Tot Ret	33.65%												9.51%	<-IRR #YR->	25	Stock Price	868.94%
Price  30		D.  per yr	3.40%		% Tot Ret	27.88%												8.80%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	2.53%		% Tot Ret	28.01%												6.49%	<-IRR #YR->	31	Stock Price
Price & Dividend 15																		11.35%	<-IRR #YR->	15	Price & Dividend	249.68%
Price & Dividend 20																		9.99%	<-IRR #YR->	20	Price & Dividend	354.47%
Price & Dividend 25																		14.33%	<-IRR #YR->	25	Price & Dividend	1267.74%
Price & Dividend 30																		12.20%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		9.02%	<-IRR #YR->	31	Price & Dividend
Price  5								-$38.50	$0.00	$0.00	$0.00	$0.00	$48.35								Price  5
Price 10			-$17.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$48.35								Price 10
Price & Dividend 5								-$38.50	$1.12	$1.12	$1.12	$1.12	$49.47								Price & Dividend 5
Price & Dividend 10			-$17.65	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$49.47								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	$48.35								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	$48.35								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	$48.35								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	$48.35								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	$48.35								Price  35
Price & Dividend 15	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$49.47								Price & Dividend 15
Price & Dividend 20	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$49.47								Price & Dividend 20
Price & Dividend 25	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$49.47								Price & Dividend 25
Price & Dividend 30	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$49.47								Price & Dividend 30
Price & Dividend 35	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$49.47								Price & Dividend 35
Price H/L Median December	$19.63	$20.02	$20.01	$17.41	$20.43	$29.69	$29.72	$34.42	$52.48	$60.50	$62.50	$56.51	$52.04	$17.65				160.04%	<-Total Growth	10	Stock Price
Increase	4.25%	1.99%	-0.02%	-12.99%	17.32%	45.36%	0.08%	15.83%	52.45%	15.28%	3.31%	-9.59%	-7.91%	-66.08%				10.03%	<-IRR #YR->	10	Stock Price	160.04%
P/E	10.67	11.57	13.90	13.09	11.16	14.77	14.36	13.55	23.53	56.54	52.52	35.10	55.95	7.06				8.62%	<-IRR #YR->	5	Stock Price	51.18%
Trailing P/E	11.48	10.88	11.57	12.09	15.36	16.22	14.78	16.63	20.66	27.13	58.41	47.48	32.32	18.98				13.91%	<-IRR #YR->	10	Price & Dividend	221.61%
P/E on Run. 5 yr Ave	11.30	10.95	11.81	10.81	12.50	17.80	17.12	17.60	24.57	30.49	34.34	32.70	37.01	12.09				11.41%	<-IRR #YR->	5	Price & Dividend	70.70%
P/E on Run. 10 yr Ave	14.66	13.77	13.56	11.56	12.68	17.44	16.68	18.86	28.02	33.44	35.84	32.62	30.95	9.82				12.48	P/E Ratio		Historical Median
Median 5 Yrs		D.  per yr	3.88%	2.79%	% Tot Ret	27.91%	24.45%	T P/E	18.64	32.32	P/E:	19.15	52.52						Count	32	Years of data
			-$20.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$52.04
								-$34.42	$0.00	$0.00	$0.00	$0.00	$52.04
			-$20.01	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$53.16
								-$34.42	$1.12	$1.12	$1.12	$1.12	$53.16
High Months - December	May	Jan 13	Jan 14	Feb 15	Oct 16	Nov 17	Jun 18	Nov 19	Oct 20	Jan 21	May 22	Jan 23	Feb 24	Jan 25
Price High	$21.52	$21.95	$22.50	$19.93	$25.50	$34.68	$33.67	$39.68	$69.95	$66.99	$71.58	$66.74	$61.19	$48.72				171.96%	<-Total Growth	10	Stock Price
Increase	4.98%	2.00%	2.51%	-11.42%	27.95%	36.00%	-2.91%	17.85%	76.29%	-4.23%	6.85%	-6.76%	-8.32%	-20.38%				10.52%	<-IRR #YR->	10	Stock Price	171.96%
P/E	11.70	12.69	15.63	14.98	13.93	17.25	16.27	15.62	31.37	62.61	60.15	41.45	65.80	15.36				9.05%	<-IRR #YR->	5	Stock Price	54.21%
Trailing P/E	12.58	11.93	13.01	13.84	19.17	18.95	16.75	19.17	27.54	30.04	66.90	56.08	38.01	8.32				14.98	P/E Ratio		Historical Median
Median 5 Yrs		Yr End	Dec 31					T P/E	23.36	38.01	P/E:	24.31	60.15					31.37	P/E Ratio		Historical High
			-$22.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.19
								-$39.68	$0.00	$0.00	$0.00	$0.00	$61.19
Low Months - December	Jan	Jul 13	Dec 14	Nov 14	Jan 16	Mar 17	Oct 18	Jan 18	Mar 20	Jun 21	Jan 22	Oct 23	Sep 24	Jan 25
Price Low	$17.73	$18.08	$17.52	$14.89	$15.35	$24.70	$25.76	$29.16	$35.00	$54.00	$53.42	$46.27	$42.88	$48.06				144.75%	<-Total Growth	10	Stock Price
Increase	3.38%	1.97%	-3.10%	-15.01%	3.09%	60.91%	4.29%	13.20%	20.03%	54.29%	-1.07%	-13.38%	-7.33%	12.08%				9.36%	<-IRR #YR->	10	Stock Price	144.75%
P/E	9.64	10.45	12.17	11.20	8.39	12.29	12.44	11.48	15.70	50.47	44.89	28.74	46.11	19.22				8.02%	<-IRR #YR->	5	Stock Price	47.05%
Trailing P/E	10.37	9.83	10.13	10.34	11.54	13.50	12.82	14.09	13.78	24.22	49.93	38.88	26.63	51.68				11.41	P/E Ratio		Historical Median
Median 5 Yrs		Yr End	Dec 31					T P/E	13.93	26.63	P/E:	14.07	44.89					6.47	P/E Ratio		Historical Low
			-$17.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.88
								-$29.16	$0.00	$0.00	$0.00	$0.00	$42.88
Month, Year - September	Sep-12	Sep-13	Sep-14	Sep-15	Sep-16	Sep-17	Sep-18	Sep-19	Sep-20	Sep-21	Sep-22	Sep-23	Sep-24	Sep-25	Sep-26	Sep-27		30.00	<Count Years>		Month, Year
Price Close	$19.85	$20.48	$18.65	$16.30	$23.23	$28.60	$30.00	$35.12	$67.20	$61.00	$55.93	$51.03	$45.92	$48.72	$48.72	$70.86		146.22%	<-Total Growth	10	Stock Price
Increase	9.85%	3.17%	-8.94%	-12.60%	42.52%	23.12%	4.90%	17.07%	91.34%	-9.23%	-8.31%	-8.76%	-10.01%	6.10%	0.00%	45.44%		23.28	<-Median->	10	CAPE (10 Yr P/E)
P/E	10.79	11.84	12.95	12.26	12.69	14.23	14.49	13.83	30.13	57.01	47.00	31.70	49.38	19.49	13.38	13.57		5.51%	<-IRR #YR->	5	Stock Price	30.75%
Trailing P/E	11.61	11.13	10.78	11.32	17.47	15.63	14.93	16.97	26.46	27.35	52.27	42.88	28.52	52.39	19.49	19.47		9.43%	<-IRR #YR->	10	Stock Price	146.22%
CAPE (10 Yr P/E)	14.82	14.09	12.64	10.82	14.42	16.80	16.84	19.24	35.88	33.72	32.07	29.46	27.32	27.10	24.62	30.81		8.39%	<-IRR #YR->	5	Price & Dividend	81.72%
Median 5 Yrs		D.  per yr	4.26%	2.88%	% Tot Ret	31.10%	34.34%	T P/E	21.96	28.52	P/E:	22.31	47.00					13.68%	<-IRR #YR->	10	Price & Dividend	212.28%
Price 15		D.  per yr	4.66%		% Tot Ret	41.55%						CAPE Diff	-16.29%					6.56%	<-IRR #YR->	15	Stock Price	159.44%
Price  20		D.  per yr	4.68%		% Tot Ret	37.73%												7.72%	<-IRR #YR->	20	Stock Price	342.82%
Price  25		D.  per yr	4.64%		% Tot Ret	31.82%												9.94%	<-IRR #YR->	25	Stock Price	967.91%
Price  30		D.  per yr	3.00%		% Tot Ret	26.65%												8.26%	<-IRR #YR->	30	Stock Price
Price & Dividend 15																		11.23%	<-IRR #YR->	15	Price & Dividend	229.04%
Price & Dividend 20																		12.40%	<-IRR #YR->	20	Price & Dividend	533.08%
Price & Dividend 25																		14.57%	<-IRR #YR->	25	Price & Dividend	3034.29%
Price & Dividend 30																		11.26%	<-IRR #YR->	30	Price & Dividend
Price  5			-$18.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.92								Price  5
Price 10								-$35.12	$0.00	$0.00	$0.00	$0.00	$45.92								Price 10
Price & Dividend 5			-$18.65	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$47.04								Price & Dividend 5
Price & Dividend 10								-$35.12	$1.12	$1.12	$1.12	$1.12	$47.04								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	$45.92								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	$45.92								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	$45.92								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	$45.92
Price & Dividend 15	$1.06	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$47.04								Price & Dividend 15
Price & Dividend 20	$1.06	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$47.04								Price & Dividend 20
Price & Dividend 25	$1.06	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$47.04								Price & Dividend 25
Price & Dividend 30	$1.06	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$47.04
Price H/L Median - Sep	$19.34	$20.02	$19.28	$17.59	$19.70	$26.17	$32.07	$30.72	$67.85	$61.84	$62.50	$60.62	$53.73	$48.22	45.44%			178.75%	<-Total Growth	10	Stock Price
Increase	2.30%	3.52%	-3.70%	-8.74%	11.97%	32.88%	22.53%	-4.19%	120.87%	-8.86%	1.07%	-3.01%	-11.37%	-10.26%	2.30%			10.80%	<-IRR #YR->	10	Stock Price	178.75%
P/E	10.51	11.57	13.39	13.23	10.76	13.02	15.49	12.09	30.43	57.79	52.52	37.65	57.77	19.29	47.74%			11.83%	<-IRR #YR->	5	Stock Price	74.90%
Trailing P/E	11.31	10.88	11.14	12.22	14.81	14.30	15.95	14.84	26.71	27.73	58.41	50.94	33.37	51.84				14.73%	<-IRR #YR->	10	Price & Dividend	242.67%
P/E on Run. 5 yr Ave	11.14	10.95	11.38	10.93	12.05	15.69	18.47	15.71	31.76	31.17	34.34	35.08	38.21	33.02				14.80%	<-IRR #YR->	5	Price & Dividend	96.78%
P/E on Run. 10 yr Ave	14.44	13.77	13.06	11.68	12.23	15.38	17.99	16.83	36.23	34.18	35.84	35.00	31.96	26.82				11.57	P/E Ratio		Historical Median
Median 5 Yrs		D.  per yr	3.94%	2.97%	% Tot Ret	26.72%	20.06%	T P/E	21.33	33.37	P/E:	22.96	52.52						Count	30	Years of data
			-$19.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$53.73
								-$30.72	$0.00	$0.00	$0.00	$0.00	$53.73
			-$19.28	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$1.12	$54.85
								-$30.72	$1.12	$1.12	$1.12	$1.12	$54.85
High Months - Sep	May 12	Jan 13	Jan 14	Oct 14	Aug 16	Aug 17	Nov 17	Sep 19	Sep 19	Oct 20	May 22	Dec 22	Feb 24	Oct 24
Price High	$21.52	$21.95	$20.50	$18.88	$24.50	$28.90	$34.73	$35.68	$68.50	$69.95	$71.58	$67.00	$61.19	$50.91				198.49%	<-Total Growth	10	Stock Price
Increase	4.98%	2.00%	-6.61%	-7.90%	29.77%	17.96%	20.17%	2.74%	91.98%	2.12%	2.33%	-6.40%	-8.67%	-16.80%				11.56%	<-IRR #YR->	10	Stock Price	198.49%
P/E	11.70	12.69	14.24	14.20	13.39	14.38	16.78	14.05	30.72	65.37	60.15	41.61	65.80	20.36				11.39%	<-IRR #YR->	5	Stock Price	71.50%
Trailing P/E	12.58	11.93	11.85	13.11	18.42	15.79	17.28	17.24	26.97	31.37	66.90	56.30	38.01	54.74				14.20	P/E Ratio		Historical Median
Median 5 Yrs								T P/E	22.69	38.01	P/E:	23.75	60.15					30.72	P/E Ratio		Historical High
			-$20.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.19
								-$35.68	$0.00	$0.00	$0.00	$0.00	$61.19
Low Months - Sep	Dec 11	Jul 13	Jun 14	Sep 15	Nov 15	Nov 16	May 18	Oct18	Oct 20	Dec 20	Jan 22	Oct 22	Oct 23	Dec 24
Price Low	$17.15	$18.08	$18.05	$16.30	$14.89	$23.44	$29.40	$25.76	$67.20	$53.73	$53.42	$54.24	$46.27	$45.52				156.34%	<-Total Growth	10	Stock Price
Increase	-0.87%	5.42%	-0.17%	-9.70%	-8.65%	57.42%	25.43%	-12.38%	160.87%	-20.04%	-0.58%	1.54%	-14.69%	-1.62%				9.87%	<-IRR #YR->	10	Stock Price	156.34%
P/E	9.32	10.45	12.53	12.26	8.14	11.66	14.20	10.14	30.13	50.21	44.89	33.69	49.75	18.21				12.43%	<-IRR #YR->	5	Stock Price	79.62%
Trailing P/E	10.03	9.83	10.43	11.32	11.20	12.81	14.63	12.44	26.46	24.09	49.93	45.58	28.74	48.95				10.45	P/E Ratio		Historical Median
Median 5 Yrs								T P/E	19.36	28.74	P/E:	22.17	44.89					5.83	P/E Ratio		Historical Low
			-$18.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$46.27
								-$25.76	$0.00	$0.00	$0.00	$0.00	$46.27
Free Cash Flow M arket Screener									-$8.55	$38.69	$35.82	$48.34	$75.42	$67.28	$71.84	$86.20					Free Cash Flow M arket Screener
Change										552.30%	-7.42%	34.95%	56.02%	-10.79%	6.78%	19.99%					Change
Free Cash Flow Old				-$6	$14	$23	$6.02	$8.75	-$8.55	$38.69	$35.8	$48.3									Free Cash Flow Old
Change					333.33%	64.29%	-73.83%	45.35%	-197.71%	552.51%	-7.42%	34.95%									Change
Free Cash Flow MS	$14	$12	$10	$11	$16	$16	$12.50	$17.20	$27.88	$34.67	$47.2	$44.9	$58.2	$67.3	$71.8	$86.2		482.40%	<-Total Growth	10	Free Cash Flow
Change	133.33%	-14.29%	-16.67%	7.10%	48.83%	1.00%	-22.36%	37.60%	62.09%	24.35%	36.14%	-4.98%	29.86%	15.52%	6.78%	19.99%		27.63%	<-IRR #YR->	5	Free Cash Flow MS	238.60%
FCF/CF from Op Ratio	0.92	0.96	0.87	-3.75	1.03	0.64	1.10	1.51	-10.13	0.74	1.09	0.79	0.67	1.29	#DIV/0!	#DIV/0!		19.27%	<-IRR #YR->	10	Free Cash Flow MS	482.40%
Dividends paid	$8.14	$8.47	$8.26	$8.26	$8.32	$8.52	$8.67	$8.80	$9.94	$11.83	$12.77	$13.16	$13.35	$13.22	$13.22	$13.22		61.58%	<-Total Growth	10	Dividends paid
Percentage paid					52.20%	52.92%	69.34%	51.18%	35.65%	34.11%	27.04%	29.35%	22.92%	19.65%	18.40%	15.33%		$0.36	<-Median->	9	Percentage paid
5 Year Coverage									49.37%	44.07%	37.29%	32.88%	28.68%	25.50%	22.71%	20.15%					5 Year Coverage
Dividend Coverage Ratio					1.92	1.89	1.44	1.95	2.81	2.93	3.70	3.41	4.36	5.09	5.43	6.52		2.81	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									2.03	2.27	2.68	3.04	3.49	3.92	4.40	4.96					5 Year of Coverage
								-$17	$0	$0	$0	$0	$58
			-$10	$0	$0	$0	$0	$0	$0	$0	$0	$0	$58
													$44	<-12 mths	-8.82%
Free Cash Flow WSJ			$10.00	-$5.56	$13.66	$22.80	$6.02	$10.52	-$7.33	$39.12	$35.99	$48.42	$60.3	$67.3	$71.8	$86.2		502.80%	<-Total Growth	10	Free Cash Flow
Change			#DIV/0!	-155.56%	345.81%	66.93%	-73.58%	74.58%	-169.68%	633.96%	-8.00%	34.53%	24.49%	11.61%	6.78%	19.99%		41.80%	<-IRR #YR->	5	Free Cash Flow WSJ	473.28%
FCF/CF from Op Ratio			0.87	1.95	0.89	0.91	0.53	0.92	2.66	0.84	0.83	0.85	0.69	-164.34	#DIV/0!	#DIV/0!		19.68%	<-IRR #YR->	10	Free Cash Flow WSJ	341.39%
Dividends paid			$8.26	$8.26	$8.32	$8.52	$8.67	$8.80	$9.94	$11.83	$12.77	$13.16	$13.35	$13.22	$13.22	$13.22		61.58%	<-Total Growth	10	Dividends paid
Percentage paid			82.63%	-148.70%	60.92%	37.37%	143.91%	83.72%	-135.64%	30.23%	35.47%	27.19%	22.15%	19.65%	18.40%	15.33%		$0.33	<-Median->	10	Percentage paid
5 Year Coverage						81.58%	89.58%	89.75%	96.90%	67.14%	61.66%	44.58%	34.59%	25.62%	23.15%	19.81%					5 Year Coverage
Dividend Coverage Ratio			1.21	-0.67	1.64	2.68	0.69	1.19	-0.74	3.31	2.82	3.68	4.52	5.09	5.43	6.52		2.16	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage						1.23	1.12	1.11	1.03	1.49	1.62	2.24	2.89	3.90	4.32	5.05					5 Year of Coverage
								-$11	$0	$0	$0	$0	$60
			-$10	$0	$0	$0	$0	$0	$0	$0	$0	$0	$60
Market Cap	$151.9	$151.5	$137.2	$120.3	$173.8	$219.0	$232.9	$278.5	$655.9	$688.4	$649.2	$602.8	$542.0	$575.0	$575.0	$836.3		295.16%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	7.662	7.563	7.368	7.367	7.419	7.663	7.767	7.863	9.104	10.640	11.383	11.741	11.931	11.931				61.94%	<-Total Growth	10	Diluted
Change	-0.69%	-1.29%	-2.58%	-0.01%	0.71%	3.29%	1.35%	1.24%	15.78%	16.87%	6.98%	3.14%	1.62%	0.00%				2.38%	<-Median->	10	Change
Difference Diluted/Basic	-0.1%	0.0%	0.0%	0.0%	-0.1%	-1.0%	-0.6%	-0.3%	-0.7%	-0.4%	-0.3%	-0.2%	-0.8%	-0.8%				-0.37%	<-Median->	10	Difference Diluted/Basic
Average # of Shares in Million	7.655	7.559	7.368	7.367	7.411	7.587	7.723	7.843	9.045	10.600	11.344	11.715	11.838	11.838				60.67%	<-Total Growth	10	Average
Increase	-0.55%	-1.25%	-2.54%	-0.01%	0.61%	2.37%	1.79%	1.56%	15.32%	17.19%	7.02%	3.27%	1.05%	0.00%				2.08%	<-Median->	10	Change
Difference Basic/Outstanding	-0.1%	-2.2%	-0.2%	0.2%	1.0%	0.9%	0.5%	1.1%	7.9%	6.5%	2.3%	0.8%	-0.3%	-0.3%				0.94%	<-Median->	10	Difference Basic/Outstanding
# of Share in Millions	7.651	7.396	7.354	7.378	7.484	7.656	7.765	7.929	9.760	11.286	11.607	11.813	11.802	11.802	11.802	11.802		4.84%	<-IRR #YR->	10	Shares	60.49%
Increase	-0.25%	-3.32%	-0.57%	0.33%	1.43%	2.30%	1.42%	2.12%	23.09%	15.63%	2.85%	1.77%	-0.09%	0.00%	0.00%	0.00%		8.28%	<-IRR #YR->	5	Shares	48.85%
Cash Flow from Operations $M	$15.23	$12.53	$11.44	-$2.86	$15.41	$25.17	$11.38	$11.38	-$2.75	$46.54	$43.14	$56.78	$87.22	$52.00				662.55%	<-Total Growth	10	Cash Flow
Increase	127.57%	-17.69%	-8.74%	-124.96%	639.68%	63.36%	-54.78%	0.00%	-124.19%	1790.59%	-7.31%	31.60%	53.63%	-40.38%				SO, ESPP	Buy Backs
5 year Running Average	$13.8	$12.5	$9.6	$8.6	$10.4	$12.3	$12.1	$12.1	$12.1	$18.3	$21.9	$31.0	$46.2	$57.1				380.73%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.99	$1.69	$1.56	-$0.39	$2.06	$3.29	$1.47	$1.44	-$0.28	$4.12	$3.72	$4.81	$7.39	$4.41				375.14%	<-Total Growth	10	Cash Flow per Share
Increase	128.15%	-14.86%	-8.21%	-124.88%	632.09%	59.69%	-55.41%	-2.07%	-119.65%	1562.03%	-9.88%	29.32%	53.76%	-40.38%				22.53%	<-IRR #YR->	10	Cash Flow	662.55%
5 year Running Average	$1.76	$1.64	$1.28	$1.15	$1.38	$1.64	$1.60	$1.57	$1.59	$2.01	$2.09	$2.76	$3.95	$4.89				50.27%	<-IRR #YR->	5	Cash Flow	666.24%
P/CF on Med Price	9.71	11.81	12.39	-45.46	9.57	7.96	21.87	21.40	-240.54	15.00	16.82	12.61	7.27	10.94				16.86%	<-IRR #YR->	10	Cash Flow per Share	375.14%
P/CF on Closing Price	9.97	12.09	11.99	-42.12	11.28	8.70	20.46	24.46	-238.24	14.79	15.05	10.62	6.21	11.06				42.95%	<-IRR #YR->	5	Cash Flow per Share	414.79%
															-0.28%	Diff M/C		11.95%	<-IRR #YR->	10	CFPS 5 yr Running	209.10%
Excl.Working Capital CF	$4.945	$6.680	$4.966	$20.264	$6.783	-$1.394	$14.512	$14.968	$40.925	$7.721	$25.236	$10.464	$0.823	$0.000				20.24%	<-IRR #YR->	5	CFPS 5 yr Running	151.29%
CF fr Op $M WC	$20.17	$19.21	$16.40	$17.41	$22.19	$23.78	$25.90	$26.35	$38.17	$54.26	$68.38	$67.24	$88.04	$52.00				436.72%	<-Total Growth	10	Cash Flow less WC
Increase	39.20%	-4.75%	-14.62%	6.13%	27.47%	7.15%	8.91%	1.76%	44.86%	42.15%	26.01%	-1.66%	30.94%	-40.94%				18.30%	<-IRR #YR->	10	Cash Flow less WC	436.72%
5 year Running Average	$16.0	$17.4	$17.0	$17.5	$19.1	$19.8	$21.1	$23.1	$27.3	$33.7	$42.6	$50.9	$63.2	$66.0				27.29%	<-IRR #YR->	5	Cash Flow less WC	234.12%
CFPS Excl. WC	$2.64	$2.60	$2.23	$2.36	$2.97	$3.11	$3.33	$3.32	$3.91	$4.81	$5.89	$5.69	$7.46	$4.41				14.04%	<-IRR #YR->	10	CF less WC 5 Yr Run	272.16%
Increase	39.56%	-1.48%	-14.13%	5.78%	25.67%	4.74%	7.38%	-0.35%	17.69%	22.94%	22.52%	-3.37%	31.06%	-40.94%				22.28%	<-IRR #YR->	5	CF less WC 5 Yr Run	173.38%
5 year Running Average	$2.06	$2.29	$2.25	$2.34	$2.56	$2.65	$2.80	$3.02	$3.33	$3.70	$4.25	$4.73	$5.55	$5.65				12.83%	<-IRR #YR->	10	CFPS - Less WC	234.43%
P/CF on Med Price	7.33	7.71	8.64	7.46	6.64	8.43	9.61	9.24	17.35	12.86	10.61	10.65	7.20	10.94				17.55%	<-IRR #YR->	5	CFPS - Less WC	124.47%
P/CF on Closing Price	7.53	7.88	8.36	6.91	7.83	9.21	9.00	10.57	17.18	12.69	9.49	8.97	6.16	11.06				9.45%	<-IRR #YR->	10	CFPS 5 yr Running	146.65%
*Operational Cash Flow per share			CF/CF-WC	P/CF Med	10 yr	11.09	5 yr	12.61	P/CF Med	10 yr	9.43	5 yr	10.65		17.27%	Diff M/C		12.97%	<-IRR #YR->	5	CFPS 5 yr Running	83.99%
Using CF excl Non-Cash in calculations
			-7.354	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	11.802								Shares
								-7.929	0.000	0.000	0.000	0.000	11.802								Shares
			-$11.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$87.2								Cash Flow
								-$11.4	$0.0	$0.0	$0.0	$0.0	$87.2								Cash Flow
			-$1.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.39								Cash Flow per Share
								-$1.44	$0.28	$0.00	$0.00	$0.00	$7.39								Cash Flow per Share
			-$1.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.95								CFPS 5 yr Running
								-$1.57	$0.00	$0.00	$0.00	$0.00	$3.95								CFPS 5 yr Running
			-$16.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$88.0								Cash Flow less WC
								-$26.4	$0.0	$0.0	$0.0	$0.0	$88.0								Cash Flow less WC
			-$17.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$63.2								CF less WC 5 Yr Run
								-$23.1	$0.0	$0.0	$0.0	$0.0	$63.2								CF less WC 5 Yr Run
			-$2.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.46								CFPS - Less WC
								-$3.32	$0.00	$0.00	$0.00	$0.00	$7.46								CFPS - Less WC
			-$2.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.55								CFPS 5 yr Running
								-$3.02	$0.00	$0.00	$0.00	$0.00	$5.55								CFPS 5 yr Running
Chge in non-cash WC
Accounts receivable	-$6.162	$4.218	$3.252	-$10.445	-$10.848	$8.066	-$12.867	$6.334	-$11.676	-$24.114	-$28.822	$1.393	$17.625
Work in process	-$2.612	-$0.318	-$2.826	-$4.840	$0.162	-$2.011	$1.273	-$20.973	-$44.911	$30.934	$15.444	$23.285	-$2.509
Prepaid expenses	$2.035	-$0.638	$0.570	$0.251	$0.405	-$0.557	-$0.818	-$1.395	-$1.271	-$2.752	-$20.137	-$0.829	$0.337
Inventory								$1.216	-$0.328	-$0.446	-$4.340	-$3.340	$2.795
Accounts payable and accrued liabilities	$0.899	$3.777	-$3.496	-$3.072	$3.710	$3.643	$4.029	$8.167	$17.251	-$6.381	$15.142	-$17.947	-$1.064
Unearned contract revenue	$5.367	-$9.334	$1.083	$1.838	$4.291	-$2.440	$0.755	-$1.806	$4.501	$6.781	$11.333	$0.928	-$0.006
Income tax expense
Interest received	$0.310	$0.380	$0.287	$0.087	$0.037	$0.204	$0.285	-$0.127	-$0.678	-$0.810	-$0.747	-$0.895	-$6.635
Income tax paid	-$4.782	-$4.765	-$3.836	-$4.083	-$4.540	-$5.511	-$7.169	-$6.384	-$3.813	-$10.933	-$13.109	-$13.059	-$11.366
Sum of Change in WC	-$4.945	-$6.680	-$4.966	-$20.264	-$6.783	$1.394	-$14.512	-$14.968	-$40.925	-$7.721	-$25.236	-$10.464	-$0.823
From Google Finance --> TD Bank		-$6.68	-$4.97	-$20.26	-$6.78	$1.39	-$15	-$15	-$41	-$8	-$25	-$10	-$1
Difference		$0.00	$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0
TD Bank			-$5	-$20	-$7	$1
Difference			$0	$0	$0	$0
OPM	8.55%	8.26%	7.76%	7.19%	8.08%	8.63%	8.50%	7.68%	8.83%	10.47%	11.75%	10.21%	11.79%	6.33%				51.87%	<-Total Growth	10	OPM
Increase	33.73%	-3.33%	-6.05%	-7.45%	12.46%	6.82%	-1.54%	-9.63%	14.95%	18.55%	12.21%	-13.07%	15.50%	-46.31%					Should increase		or be stable.
Diff from Median	-2.1%	-5.3%	-11.1%	-17.7%	-7.4%	-1.1%	-2.7%	-12.0%	1.1%	19.9%	34.5%	16.9%	35.1%	-27.5%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	8.73%	5 Yrs	10.47%					should be	zero, it is a		check on calculations
														$84	<-12 mths	-1.44%
Adjusted EBITDA	$20.00	$19.08	$16.22	$17.22	$22.01	$23.47	$25.04	$27.15	$36.81	$51.93	$65.99	$65.93	$85.54	$98	$108	$117		427.47%	<-Total Growth	10	Adjusted EBITDA	EBITDA to Adj
Change		-4.59%	-15.02%	6.20%	27.82%	6.62%	6.69%	8.40%	35.60%	41.07%	27.07%	-0.08%	29.73%	14.74%	9.84%	8.63%		17.74%	<-Median->	10	Change
Margin	8.48%	8.21%	7.68%	7.11%	8.02%	8.52%	8.22%	7.91%	8.51%	10.02%	11.33%	10.01%	11.46%	11.95%	12.39%	12.97%		8.52%	<-Median->	10	Margin
Long Term Debt								$5.52	$11.91	$13.22	$7.50	$37.75	$89.75	$89.75				578.69%	<-Total Growth	5	Debt	Type
Change								0.00%	115.85%	11.00%	-43.28%	403.33%	137.75%	0.00%				63.43%	<-Median->	6	Change	Lg Term R
Debt/Market Cap Ratio								0.02	0.02	0.02	0.01	0.06	0.17	0.16				0.02	<-Median->	6	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	3.01	3.29	3.40	3.07	3.06	3.20	3.07	2.79	4.74	3.78	2.59	3.00	3.30	3.30				3.07	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.33	0.30	0.29	0.33	0.33	0.31	0.33	0.36	0.21	0.26	0.39	0.33	0.30	0.30				0.33	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.48	0.00	0.28	0.17	0.66	1.03	1.73				0.09	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles						$5.59	$6.70	$16.70	$36.19	$54.52	$57.09	$75.16	$128.25	$0.00				668.03%	<-Total Growth	7	Intangibles	D/E Ratio
Goodwill	$10.78	$10.78	$12.04	$12.04	$12.04	$15.38	$18.24	$33.70	$55.29	$100.10	$145.96	$159.13	$210.39	$210.39				1647.88%	<-Total Growth	10	Goodwill
Total	$10.78	$10.78	$12.04	$12.04	$12.04	$20.97	$24.94	$50.40	$91.48	$154.62	$203.05	$234.29	$338.65	$210.39				2713.37%	<-Total Growth	10	Total
Change		0.00%	11.65%	0.00%	0.00%	74.20%	18.93%	102.11%	81.51%	69.02%	31.32%	15.39%	44.54%	-37.87%				37.93%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.07	0.07	0.09	0.10	0.07	0.10	0.11	0.18	0.14	0.22	0.31	0.39	0.62	0.37				0.16	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$84.09	$78.88	$78.93	$80.42	$96.64	$104.79	$114.06	$128.98	$128.98	$262.17	$296.51	$264.54	$276.81	$276.81				250.70%	<-Total Growth	10	Current Assets
Current Liabilities	$34.48	$29.65	$29.63	$33.31	$38.43	$41.78	$49.26	$69.83	$69.83	$121.18	$211.66	$195.14	$214.56	$214.56				624.19%	<-Total Growth	10	Current Liabilities
Liquidity	2.44	2.66	2.66	2.41	2.51	2.51	2.32	1.85	1.85	2.16	1.40	1.36	1.29	1.29				2.01	<-Median->	10	Ratio
Liq. with CF aft div	2.65	2.80	2.77	0.00	2.70	2.91	2.37	1.88	0.00	2.44	1.54	1.58	1.64	1.47				1.58	<-Median->	5	Ratio
Liq. CF re  Inv+Div	2.31	2.70	2.25	0.00	2.51	2.44	1.92	1.38	0.00	1.67	1.15	1.12	1.12	1.47				1.12	<-Median->	5	Ratio
Assets	$103.69	$97.57	$100.85	$102.33	$117.66	$133.55	$151.46	$195.03	$331.05	$457.97	$547.16	$585.72	$707.92	$707.92				601.95%	<-Total Growth	10	Assets
Liabilities	$35.69	$30.78	$31.30	$33.61	$39.34	$44.07	$51.75	$79.95	$130.65	$165.61	$241.98	$257.35	$381.17	$381.17				1117.82%	<-Total Growth	10	Liabilities
Debt Ratio	2.91	3.17	3.22	3.04	2.99	3.03	2.93	2.44	2.53	2.77	2.26	2.28	1.86	1.86				2.65	<-Median->	10	Ratio
Book Value	$68.00	$66.80	$69.55	$68.72	$78.32	$89.49	$99.71	$115.07	$200.41	$292.36	$305.19	$328.37	$326.76	$326.76	$326.76	$326.76		369.81%	<-Total Growth	10	Book Value
Book Value per Share	$8.89	$9.03	$9.46	$9.31	$10.47	$11.69	$12.84	$14.51	$20.53	$25.91	$26.29	$27.80	$27.69	$27.69	$27.69	$27.69		192.73%	<-Total Growth	10	Book Value per Share
Change	8.34%	1.61%	4.72%	-1.53%	12.38%	11.69%	9.86%	13.01%	41.49%	26.16%	1.50%	5.73%	-0.41%	0.00%	0.00%	0.00%		-14.36%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.18	2.22	2.04	1.89	1.88	2.24	2.50	2.12	3.30	2.39	2.38	2.18	1.94	1.74	0.02	0.00		2.05	P/B Ratio		Historical Median
P/B Ratio (Close)	2.23	2.27	1.97	1.75	2.22	2.45	2.34	2.42	3.27	2.35	2.13	1.84	1.66	1.76	1.76	2.56		11.34%	<-IRR #YR->	10	Book Value per Share	192.73%
Change	1.39%	1.53%	-13.04%	-11.24%	26.82%	10.23%	-4.52%	3.59%	35.24%	-28.05%	-9.66%	-13.70%	-9.65%	6.10%	0.00%	45.44%		13.79%	<-IRR #YR->	5	Book Value per Share	90.77%
Leverage (A/BK)	1.52	1.46	1.45	1.49	1.50	1.49	1.52	1.69	1.65	1.57	1.79	1.78	2.17	2.17				1.61	<-Median->	10	A/BV
Debt/Equity Ratio	0.52	0.46	0.45	0.49	0.50	0.49	0.52	0.69	0.65	0.57	0.79	0.78	1.17	1.17				0.61	<-Median->	10	Debt/Eq Ratio
Median									P/BV	10 yr Med	2.21	5 yr Med	2.38		-20.37%	Diff M/C		1.65	Historical		Leverage (A/BK)
			-$9.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.69
								-$14.51	$0.00	$0.00	$0.00	$0.00	$27.69
Comprehensive Income	$15.00	$12.10	$10.76	$6.79	$15.77	$16.20	$15.96	$19.31	$19.31	$13.53	$9.02	$23.77	$13.78					28.09%	<-Total Growth	10	Comprehensive Income
Increase	20.53%	-19.30%	-11.10%	-36.88%	132.11%	2.74%	-1.44%	20.95%	0.00%	-29.93%	-33.34%	163.55%	-42.01%					-29.93%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$23.47	$24.17	$12.08	$11.42	$12.08	$12.32	$13.10	$14.81	$17.31	$16.86	$15.43	$16.99	$15.88					2.51%	<-IRR #YR->	10	Comprehensive Income	28.09%
ROE	22.1%	18.1%	15.5%	9.9%	20.1%	18.1%	16.0%	16.8%	9.6%	4.6%	3.0%	7.2%	4.2%					-6.52%	<-IRR #YR->	5	Comprehensive Income	-28.61%
5Yr Median	19.8%	19.8%	18.1%	18.1%	18.1%	18.1%	16.0%	16.8%	16.8%	16.0%	9.6%	7.2%	4.6%					2.78%	<-IRR #YR->	10	5 Yr Running Average	31.51%
% Difference from NI	6.3%	-7.3%	1.7%	-30.5%	16.0%	5.2%	-0.7%	-3.4%	-5.2%	21.3%	-33.7%	25.9%	23.3%					1.41%	<-IRR #YR->	5	5 Yr Running Average	7.27%
Median Values									Diff	5, 10 yr	0.5%	-3.4%						4.6%	<-Median->	5	Return on Equity
			-$10.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$13.8
								-$19.3	$0.0	$0.0	$0.0	$0.0	$13.8
			-$12.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$15.9
								-$14.8	$0.0	$0.0	$0.0	$0.0	$15.9
Current Liability Coverage Ratio	0.59	0.65	0.55	0.52	0.58	0.57	0.53	0.38	0.55	0.45	0.32	0.34	0.41	0.24							CFO / Current Liabilities
5 year Median	0.45	0.52	0.55	0.55	0.58	0.57	0.55	0.53	0.55	0.53	0.45	0.38	0.41	0.34				0.41	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	19.45%	19.69%	16.27%	17.01%	18.86%	17.80%	17.10%	13.51%	11.53%	11.85%	12.50%	11.48%	12.44%	7.35%							CFO / Total Assets
5 year Median	16.00%	17.84%	16.27%	17.01%	18.86%	17.80%	17.10%	17.10%	17.10%	13.51%	12.50%	11.85%	11.85%	11.85%				11.8%	<-Median->	5	Return on Assets
Return on Assets ROA	13.61%	13.38%	10.49%	9.54%	11.55%	11.52%	10.61%	10.25%	6.15%	2.44%	2.49%	3.22%	1.58%	3.75%				Net	Income/Assets		Return on Assets
5Yr Median	14.55%	14.55%	13.61%	13.38%	11.55%	11.52%	10.61%	10.61%	10.61%	10.25%	6.15%	3.22%	2.49%	2.49%				2.5%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	20.75%	19.54%	15.21%	14.21%	17.36%	17.20%	16.12%	17.37%	10.16%	3.82%	4.46%	5.75%	3.42%	8.12%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	20.95%	20.95%	20.75%	19.54%	17.36%	17.20%	16.12%	17.20%	17.20%	16.12%	10.16%	5.75%	4.46%	4.46%				4.5%	<-Median->	5	Return on Equity
														$7.34	<-12 mths	-34.33%
Net Income	$14.11	$13.06	$10.58	$9.77	$13.59	$15.39	$16.08	$19.99	$20.36	$11.16	$13.60	$18.89	$11.18	$26.5	$36.0			5.66%	<-Total Growth	10	Net Income
Increase	7.03%	-7.46%	-18.95%	-7.69%	39.17%	13.22%	4.46%	24.35%	1.84%	-45.21%	21.95%	38.82%	-40.80%	137.39%	35.80%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$18.8	$19.3	$12.9	$12.1	$12.2	$12.5	$13.1	$15.0	$17.1	$16.6	$16.2	$16.8	$15.0	$16.3	$21.2			0.55%	<-IRR #YR->	10	Net Income	5.66%
Operating Cash Flow	$15.23	$12.53	$11.44	-$2.86	$15.41	$25.17	$11.38	$11.38	-$2.75	$46.54	$43.14	$56.78	$87.22					-10.97%	<-IRR #YR->	5	Net Income	-44.08%
Investment Cash Flow	-$5.02	-$1.13	-$6.87	-$3.90	-$2.95	-$7.97	-$11.63	-$25.64	-$35.19	-$56.61	-$72.89	-$79.62	-$99.67					1.54%	<-IRR #YR->	10	5 yr Running Average	16.50%
Total Accruals	$3.90	$1.65	$6.01	$16.52	$1.13	-$1.81	$16.33	$34.24	$58.30	$21.22	$43.35	$41.73	$23.62					0.10%	<-IRR #YR->	5	5 yr Running Average	0.49%
Total Assets	$103.69	$97.57	$100.85	$102.33	$117.66	$133.55	$151.46	$195.03	$331.05	$457.97	$547.16	$585.72	$707.92						Balance Sheet		Assets
Accruals Ratio	3.76%	1.69%	5.96%	16.15%	0.96%	-1.36%	10.78%	17.56%	17.61%	4.63%	7.92%	7.13%	3.34%					7.13%	<-Median->	5	Ratio
EPS/CF Ratio	0.70	0.67	0.65	0.56	0.62	0.65	0.62	0.76	0.57	0.22	0.20	0.28	0.12					0.57	<-Median->	10	EPS/CF Ratio
			-$11	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11
								-$20	$0	$0	$0	$0	$11
			-$13	$0	$0	$0	$0	$0	$0	$0	$0	$0	$15
								-$15	$0	$0	$0	$0	$15
Change in Close	9.85%	3.17%	-8.94%	-12.60%	42.52%	23.12%	4.90%	17.07%	91.34%	-9.23%	-8.31%	-8.76%	-10.01%	6.10%	0.00%	45.44%			Count	30	Years of data
up/down				down	down			down	down	down		down	down						Count	15	50.00%
Meet Prediction?				yes						Yes		Yes						% right	Count	10	66.67%
Financial Cash Flow	-$8.90	-$13.62	-$9.15	-$7.82	-$9.33	-$5.33	-$6.55	$7.40	$45.04	$64.44	-$6.22	$13.94	$30.50						C F Statement		Financial Cash Flow
Total Accruals	$12.80	$15.27	$15.16	$24.34	$10.46	$3.51	$22.87	$26.85	$13.26	-$43.22	$49.57	$27.80	-$6.87								Accruals
Accruals Ratio	12.34%	15.65%	15.04%	23.79%	8.89%	2.63%	15.10%	13.77%	4.01%	-9.44%	9.06%	4.75%	-0.97%								Ratio
Cash	$32.00	$29.78	$25.20	$10.63	$16.76	$28.64	$21.84	$17.14	$24.24	$78.61	$42.65	$33.73	$51.79	$51.79							Cash
Cash per Share	$4.18	$4.03	$3.43	$1.44	$2.24	$3.74	$2.81	$2.16	$2.48	$6.97	$3.67	$2.86	$4.39	$4.39				$3.67	<-Median->	5	Cash per Share
Percentage of Stock Price	21.07%	19.66%	18.37%	8.83%	9.64%	13.08%	9.38%	6.15%	3.70%	11.42%	6.57%	5.60%	9.56%	9.01%				6.57%	<-Median->	5	% of Stock Price
Notes:
January 2, 2025.  Last estimates were for 2024, 2025 of $755M, $806M Revenue, $4.60, $5.24 AEPS, $2.37, $3.29 EPS,
$1.12, $1.12 Dividends, $56M, $59M FCF, $44M, $52M CFPS, $86M, $95M EBITDA, $60M, $36M Net Income.
January 6, 2024.  Last estimates were for 2023, and 2024  of $651M, $694M and $736M for Revenue 2023/5, $4.14, and $4.56 for AEPS,
$2.76 and $3.49 for EPS, $1.12 and $1.12 for Dividends, $48.8 and $55 for FCF, $45.9M, $48M and 62.1M for CF 2023/5, and $32.6, 37.3 and 56.8 for 2023/5 for Net Income.
January 4, 2023.  Last estimates 2022 and 2023 of $567M and $595M for Revenue, $3.64 and $3.82 for AEPS, $1.83 and $2.79 for EPS,
$1.12 and $1.12 for Dividends, $41.1M and $34.5M for FCF and $27.5M and 32.5M for Net Income.
January 7, 2022.  Last estimates were for 2021, and 2022 of $471M and $796M for Revenue, $2.07 and 2.73 for EPS, $1.12 and $1.12 for Dividends, $32.6 and $26.8 for FCF, and $18.7M and $24.8M.
January 5, 2020.  Last estimates were for 2019, 2020 and 2021 of $343M $372M and $391M for Revenue, $2.35, $2.62 and $3.23 for EPS and $18.2M and $20.4M for Net Income for 2019 and 2020.
January 6, 2019.  Last stimates were for 2018, 2019 and 2020 of $300M, $311M and $328M for revenue, $2.08, $2.15 and $2.71 for EPS and $15.9M and $16.5M for Net Income for 2018 and 2019
January 6, 2018.  Last estimates were for 2017 and 2018 of $284M and $293M for Revenue, $1.91 and $2.04 for EPS, $14.4M and $15.4M for Net Income.
January 7, 2017.  Last estimates were for 2016 and 2017 of 254M and $259M for Revenue, $1.37 and $1.45 for EPS
Old names Calian Technologies Ltd  (TSX-CTY, OTC-CLNFF).  Name change was April 1, 2016.
December 27, 2016.  Last estimates were for 2015 and 2016 of $250M, $254M for Revenue, $1.54 and $1.54 for EPS.
January 1, 2015.  Last estimates were for 2014, 2015 and 2016 of $241.8M, $262.7M and $276M for Revenue, $1.79 and $2.11 for EPS.
Dec 29, 2013.  Last estimates were for 2013 of $241.4 Revenue and $1.83 for EPS.
Nov 16, 2012.  Last Estimates were for 2012 of $227M for Revenue, $1.77 for EPS.
Jan 2012.  Last estimates were for 2011 Co. said $1.50 to $1.70 EPS, analysts $1.72.
Apr 2011. Scan on the Toronto Stock Exchange of companies that had low debt and strong dividend payouts to shareholders. Specifically, these businesses have debt-to-equity ratios of less than 10 per cent,
dividend yields of 2 per cent or more and a dividend payout ratio (i.e. the percentage of earnings paid back to shareholders) of at least 30 per cent.  This is a company that showed up.
Dividend given on Webbroker and Yahoo differs from annual statement.  Annual statement seems to be one dividend behind. They do not seem to count the Nov div paid in Dec
Company says that they paid a dividend of $.18 in 1998.  They had planned to pay one also in 1999, but then decided not to.
Number of Shares are going down slightly, but they are doing repurchases that seem to cover issuing stock for Stock Option Plan and Employee Stock Purchase Plan.
1993.  The company went public in 1993
1982.The company was formed in September 1982 as an Ottawa-based consulting firm.
Sector:
Tech
What should this stock accomplish?
You should expect moderate to good dividends with moderate dividend increases over the longer term.
Would I buy this company and Why.
I still think that this is a good company and it will do well in the long term.
Why am I following this stock.
In 2011 this looked like an interesting stock with a very nice dividend so I did a spreadsheet on it and decided to buy.
Why I bought this stock.
In 2011 I found Calian to be an interesting company with a very nice dividend.  This stock came up on a Globe Investor site.  The Globe Investor Number Cruncher is an investment column about screening for stocks and funds.
They did one on companies with little to no debt.  I also noted that the Financial Blogger has this stock on his Top Ten Canadian Dividend Stocks list.
Dividends
Dividends are in Cycle 3, payable in March, June, September and December. Dividends are declared in one month for shareholders of record of that month and payble in the following month.
For example, the dividend declared in November 13, 2013 for shareholders of record of November 27, 2013 is payable in December 11, 2013.
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.
To be our customers' program delivery partner, by providing value added systems and services in order to assist them in achieving their business objectives.
To be the most desirable Canadian company to work for, buy from and invest in.
How they make their money.
Calian Group Ltd provides services and solutions to both industry and government customers in the areas of health, learning, defense, security, aerospace, engineering,
AgTech, satellite communications (satcom), and IT. Geographically, the company generates the majority of its revenue from its operations in Canada and also has
presence in United States, Europe and other regions.
See comments at site below dated March 12th when reviewing this stock.
http://smartamateur.wordpress.com/2012/03/12/portfolio-assessment-first-quarter-2012-part-2/
http://www.thefinancialblogger.com/top-ten-canadian-dividend-stocks/
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Jan 6	2018	Jan 6	2019	Jan 5	2020	Jan 8	2021	Jan 7	2022	Jan 5	2023	Jan 6	2024			Jan 2	2025
Ford, Kevin Lee	0.05%	0.013	0.17%	0.015	0.19%	0.020	0.21%	0.025	0.22%	0.021	0.18%	0.022	0.19%	0.030	0.25%			0.048	0.41%		Used to be an officer 2014	59.74%
Officer - Shares - Amount	$0.113		$0.388		$0.523		$1.367		$1.495		$1.197		$1.122		$1.377				$2.335
Options - percentage	0.91%	0.051	0.65%	0.071	0.90%	0.040	0.41%	0.060	0.53%	0.076	0.65%	0.149	1.26%	0.151	1.28%			0.184	1.56%			21.88%
Options - amount	$2.002		$1.518		$2.499		$2.687		$3.642		$4.229		$7.622		$6.920				$8.948
Houston, Patrick Belanger						0.000	0.00%	0.002	0.02%	0.003	0.03%	0.005	0.04%	0.007	0.06%			0.015	0.13%			106.33%
CFO - Shares - Amount							$0.015		$0.105		$0.186		$0.259		$0.334				$0.731
Options - percentage						0.011	0.12%	0.025	0.22%	0.028	0.24%	0.063	0.53%	0.063	0.53%			0.071	0.60%			13.09%
Options - amount							$0.768		$1.510		$1.571		$3.202		$2.895				$3.473
Ivay, Suand Jane												0.003	0.03%	0.004	0.03%			0.005	0.04%			42.35%
Officer - Shares - Amount													$0.167		$0.169				$0.255
Options - percentage												0.022	0.19%	0.023	0.19%			0.025	0.21%			12.20%
Options - amount													$1.143		$1.037				$1.235
Thera, Patrick Joseph	0.03%	0.004	0.05%	0.005	0.06%	0.006	0.06%	0.007	0.06%	0.008	0.07%	0.009	0.08%	0.010	0.08%						Ceased insider on Nov 2023
Officer - Shares - Amount	$0.065		$0.126		$0.181		$0.413		$0.430		$0.445		$0.459		$0.439
Options - percentage	0.54%	0.044	0.56%	0.056	0.70%	0.026	0.26%	0.019	0.16%	0.022	0.19%	0.004	0.04%	0.008	0.07%
Options - amount	$1.173		$1.310		$1.963		$1.738		$1.129		$1.214		$0.214		$0.386
Muldner, Michael														0.000	0.00%			0.002	0.02%			377.49%
Officer - Shares - Amount															$0.021				$0.107
Options - percentage														0.010	0.09%			0.014	0.12%			36.48%
Options - amount															$0.482				$0.698
Basler, Raymond Gregory	0.86%	0.044	0.57%	0.045	0.56%	0.039	0.40%	0.031	0.27%	0.026	0.22%	0.026	0.22%	0.028	0.24%			0.029	0.24%		used to be CEO 2014	1.33%
Director - Shares - Amount	$1.888		$1.332		$1.563		$2.622		$1.867		$1.441		$1.326		$1.294				$1.392
Options - percentage	0.48%	0.042	0.54%	0.039	0.49%	0.018	0.18%	0.023	0.20%	0.021	0.18%	0.019	0.16%	0.019	0.16%			0.016	0.13%			-17.13%
Options - amount	$1.045		$1.262		$1.375		$1.192		$1.409		$1.152		$0.945		$0.877				$0.771
Poirier, Jo-Anne Cecile												0.005	0.04%	0.005	0.05%			0.004	0.03%			-30.91%
Director - Shares - Amount													$0.255		$0.249				$0.182
Options - percentage												0.017	0.14%	0.019	0.16%			0.015	0.13%			-17.53%
Options - amount													$0.849		$0.859				$0.752
Webber, George Brian						0.003	0.03%	0.004	0.03%	0.004	0.03%	0.004	0.04%	0.005	0.04%			0.006	0.05%		New chairman	23.98%
Chairman - Shares - Amt							$0.229		$0.231		$0.226		$0.227		$0.233				$0.306
Options - percentage						0.013	0.14%	0.015	0.13%	0.016	0.14%	0.018	0.16%	0.023	0.19%			0.026	0.22%			12.54%
Options - amount							$0.906		$0.894		$0.903		$0.938		$1.048				$1.251
Loeb, Kenneth Jeffrey	0.06%	0.006	0.08%	0.006	0.08%	0.006	0.06%	0.006	0.06%	0.006	0.05%										Not on board of directors
Chairman - Shares - Amt	$0.121		$0.187		$0.219		$0.419		$0.380		$0.349										Last Update Dec 2021
Options - percentage	0.40%	0.037	0.47%	0.038	0.47%	0.033	0.34%	0.024	0.21%	0.061	0.52%
Options - amount	$0.877		$1.097		$1.320		$2.206		$1.474		$3.386
Increase in O/S Shares	1.12%	0.141	1.84%	0.088	1.13%	0.140	1.76%	0.153	1.57%	0.090	0.80%	0.046	0.39%	0.060	0.51%			0.053	0.45%
due to SO 2013	$1.940		$4.030		$2.626		$4.910		$10.297		$5.494		$2.558		$3.078				$2.446
Book Value	$1.759		$2.944		$1.856		$3.034		$5.323		$3.064		$2.047		$2.471				$2.684
Insider Buying	-$0.072		$0.052		$0.000		-$0.001		-$0.002		$0.526		-$0.061		-$0.454				-$0.217
Insider Selling	$2.231		$2.660		$0.784		$4.884		$5.816		$3.081		$1.061		$0.952				$0.605
Net Insider Selling	$2.158		$2.712		$0.784		$4.883		$5.813		$3.607		$1.000		$0.498				$0.388
% of Market Cap	0.99%		1.16%		0.28%		0.74%		0.84%		0.56%		0.17%		0.09%				0.07%
Directors		7		7		7		7		7		7		8				8
Women	14%	2	29%	2	29%	2	29%	2	29%	2	29%	2	29%	3	38%			4	50%
Minorities	0%	1	14%	1	14%	1	14%	1	14%	1	14%	1	14%	1	13%			1	13%
Institutions/Holdings	47.04%	22	37.20%	23	37.20%	20	37.68%	20	37.97%	20	28.74%	20	27.30%	20	32.74%			20	31.60%
Total Shares Held	46.09%	2.860	36.83%	3.001	37.85%	2.982	37.60%	3.706	46.74%	3.243	27.94%	3.169	26.83%	3.868	32.77%			3.730	31.60%
Increase/Decrease	0.14%	-0.016	-0.57%	0.001	0.04%	0.189	6.78%	-0.264	-6.65%	-0.298	-8.41%	-0.075	-2.31%	0.030	0.78%			0.033	0.91%
Starting No. of Shares		2.876		3.000		2.792	Top 10 MS	3.970	Top 20 MS	3.541	Top 10 MS	3.244	Top 10 MS	3.838	Top 10 MS			3.696	Top 10 MS
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My stock
																		09/12/16	-$7,479.99		$24.93	300
																		10/05/11	-$3,769.99		$18.85	200
																		04/01/12	-$1,765.99		$17.66	100
																		04/01/12	-$3,514.00		$17.57	200
																		31/12/24	$38,680.00		$18.10	500
																		7.91%	XIRR		$20.66	800
																		12.11%	Total Return		-$48.35	800
																		4.20%	34.7%
																			$48,556.00		Total Value
																			$0.00		Less Sale of Stock
																			-$38,680.00		Less Stock Value	79.66%
																		30.84%	$9,876.00		Dividends Paid	59.75%
																			$16,529.97		Cost of Stock
																			$0.00		Sale of Stock
																		69.16%	$22,150.03		Capital Gains/Loss	134.00%
																		100.00%	$32,026.03		Total Return	193.75%
																		Start Date	10-May-11		Shares	800
																		End date	31-Dec-24		Dividends pd per Share	$12.35
																		Years	13.64		Div less cost	-$8.32
																					Cost	$20.66
																					% paid by div	59.75%