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
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Chemtrade Logistics Income Fund TSX: CHE.UN OTC: CGIFF https://www.chemtradelogistics.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
Cost of Sales $697.4 $1,068.1 $1,281.5 $984.8 $1,278.1 $1,509.0 $1,435.5 $1,345.9 $1,372.3 $1,459.5 $1,426.1 $1,374.4 <-12 mths 33.52% <-Total Growth 10 Cost of Sales
Change 53.15% 19.98% -23.15% 29.79% 18.06% -4.87% -6.24% 1.96% 6.35% -2.29% -3.62% <-12 mths 4.16% <-Median-> 10 Change
Ratio 0.83 0.89 0.94 0.92 0.87 0.95 0.94 0.98 1.00 0.80 0.77 0.78 <-12 mths -13.00% <-Total Growth 10 Ratio
Selling & Admin $80.1 $116.0 $115.3 $78.5 $118.8 $192.9 $132.8 $108.4 $100.2 $134.3 $128.2 $157.1 <-12 mths 10.46% <-Total Growth 10 Selling & Admin
Change 44.95% -0.65% -31.88% 51.30% 62.29% -31.15% -18.38% -7.53% 34.03% -4.56% 22.54% <-12 mths -2.60% <-Median-> 10 Change
Ratio 0.10 0.10 0.08 0.07 0.08 0.12 0.09 0.08 0.07 0.07 0.07 0.09 <-12 mths -28.02% <-Total Growth 10 Ratio
Total $777.5 $1,184.2 $1,396.8 $1,063.3 $1,396.9 $1,701.8 $1,568.3 $1,454.3 $1,472.5 $1,593.8 $1,554.3 $1,531.5 <-12 mths 31.26% <-Total Growth 10 Total
Change 52.30% 17.95% -23.88% 31.38% 21.83% -7.84% -7.27% 1.26% 8.23% -2.48% -1.47% <-12 mths 4.74% <-Median-> 10 Change
Ratio 0.93 0.98 1.02 1.00 0.95 1.07 1.02 1.05 1.08 0.88 0.84 0.86 <-12 mths -14.47% <-Total Growth 10 Ratio
$1,771.9 <-12 mths -4.06%
Revenue* $880.6 $919.4 $836.1 $1,203.4 $1,364.9 $1,067.3 $1,469.1 $1,595.7 $1,532.9 $1,379.6 $1,368.5 $1,813.4 $1,846.8 $1,753 $1,788 $1,862 120.88% <-Total Growth 10 Revenue
Increase 57.79% 4.40% -9.06% 43.93% 13.42% -21.81% 37.66% 8.62% -3.94% -10.00% -0.81% 32.51% 1.84% -5.08% 2.00% 4.14% 8.25% <-IRR #YR-> 10 Revenue 120.88%
5 year Running Average $742.1 $816.6 $748.1 $879.5 $1,040.9 $1,078.2 $1,188.2 $1,340.1 $1,406.0 $1,408.9 $1,469.2 $1,538.0 $1,588.2 $1,632.3 $1,713.9 $1,812.6 2.96% <-IRR #YR-> 5 Revenue 15.73%
Revenue per Share $21.14 $22.07 $20.06 $17.58 $19.76 $15.43 $15.87 $17.23 $16.55 $14.81 $13.13 $15.70 $15.78 $14.98 $15.28 $15.91 7.82% <-IRR #YR-> 10 5 yr Running Average 112.31%
Increase 16.16% 4.40% -9.08% -12.40% 12.44% -21.92% 2.83% 8.62% -3.95% -10.54% -11.33% 19.53% 0.53% -5.08% 2.00% 4.14% 3.46% <-IRR #YR-> 5 5 yr Running Average 18.52%
5 year Running Average $22.12 $23.28 $19.85 $19.81 $20.12 $18.98 $17.74 $17.17 $16.97 $15.98 $15.52 $15.48 $15.19 $14.88 $14.97 $15.53 -2.37% <-IRR #YR-> 10 Revenue Per share -21.36%
P/S (Price/Sales) Med 0.63 0.72 0.89 1.17 0.97 1.09 1.17 0.85 0.60 0.50 0.54 0.53 0.55 0.58 0.02 0.00 -1.75% <-IRR #YR-> 5 Revenue Per share -8.45%
P/S (Price/Sales) Close 0.70 0.74 0.97 1.18 0.90 1.23 1.22 0.61 0.67 0.39 0.56 0.57 0.54 0.67 0.66 0.79 -2.64% <-IRR #YR-> 10 5 yr Running Average -23.47%
*Revenue in M CDN $  P/S Med 20 yr  0.66 15 yr  0.69 10 yr  0.73 5 yr  0.54 -7.72% Diff M/C -2.42% <-IRR #YR-> 5 5 yr Running Average -11.53%
-$836.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,846.8
-$1,595.7 $0.0 $0.0 $0.0 $0.0 $1,846.8
-$748.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,588.2
-$1,340.1 $0.0 $0.0 $0.0 $0.0 $1,588.2
-$20.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.78
-$17.23 $0.00 $0.00 $0.00 $0.00 $15.78
-$19.85 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.19
-$17.17 $0.00 $0.00 $0.00 $0.00 $15.19
$323.1 <-12 mths 37.44%
$2.03 <-12 mths 36.41%
AFFO* $116.2 $109.9 $170.6 $188.1 $144.5 $164.8 $119.3 $187.5 $133.4 $159.4 $247.76 $235.08 24.96% <-Total Growth 10 AFFO
AFFO Basic $2.79 $2.64 $2.83 $2.73 $2.09 $1.56 $1.29 $2.03 $1.44 $1.57 $2.28 $2.02
AFFO* Diluted $2.66 $2.79 $2.64 $2.83 $2.73 $2.09 $2.13 $1.29 $1.78 $1.44 $1.57 $1.68 $1.49 $2.03 <-12 mths -45.48% <-Total Growth 10 AFFO
Increase 46.15% 4.89% -5.38% 7.20% -3.53% -23.44% 1.91% -39.44% 37.98% -19.10% 9.03% 7.06% -11.45% 36.41% <-12 mths -5.57% <-IRR #YR-> 10 AFFO -43.62%
AFFO Yield 17.91% 17.10% 13.50% 13.67% 15.29% 11.03% 10.98% 12.31% 16.14% 24.70% 21.22% 18.74% 17.47% 20.24% <-12 mths 2.90% <-IRR #YR-> 5 AFFO 15.38%
5 year Running Average $2.26 $2.49 $2.43 $2.55 $2.73 $2.62 $2.48 $2.21 $2.00 $1.75 $1.64 $1.55 $1.59 $1.64 <-12 mths -14.37% <-IRR #YR-> 10 5 yr Running Average -34.44%
Payout Ratio 45.11% 43.01% 45.45% 42.40% 43.96% 57.42% 56.34% 93.02% 67.42% 52.08% 38.22% 35.70% 40.31% 32.26% <-12 mths -6.39% <-IRR #YR-> 5 5 yr Running Average -28.10%
5 year Running Average 53.10% 48.12% 49.42% 47.10% 43.96% 45.87% 48.31% 54.20% 59.88% 63.57% 60.29% 56.05% 47.12% 39.04% <-12 mths 51.25% <-Median-> 10 Payout 5 yr Running Average
Price/AFFO Median 5.02 5.66 6.75 7.24 7.01 8.06 8.70 11.36 5.59 5.18 4.54 4.96 5.79 4.28 <-12 mths 6.40 <-Median-> 10 P/AFFO Med
Price/AFFO High 5.93 6.12 7.51 7.83 8.07 9.09 9.37 14.91 6.63 7.91 5.39 5.83 6.79 4.71 <-12 mths 7.87 <-Median-> 10 P/AFFO High
Price/AFFO Low 4.12 5.19 6.00 6.66 5.95 7.03 8.03 7.81 4.55 2.44 3.70 4.09 4.80 3.84 <-12 mths 5.37 <-Median-> 10 P/AFFO Low
Price/AFFO Close 5.58 5.85 7.41 7.31 6.54 9.06 9.11 8.12 6.20 4.05 4.71 5.34 5.72 4.94 <-12 mths 6.37 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 8.16 6.14 7.01 7.84 6.31 6.94 9.28 4.92 8.55 3.28 5.14 5.71 5.07 6.74 <-12 mths 6.01 <-Median-> 10 Trailing P/AFFO Close
Median Values DPR 10 Yrs 48.02% 5 Yrs   40.31% P/CF 5 Yrs   in order 5.18 6.63 4.09 5.34 -4.58% Diff M/C -22.82% Diff M/C 10 DPR 75% to 95% best
* Adjusted Funds from Operations (AFFO)
-$2.64 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.49
-$1.29 $0.00 $0.00 $0.00 $0.00 $1.49
-$2.43 $0.00 $0.00 $0.00 $0.00 $0.00 -$2.00 $0.00 $0.00 $0.00 $1.59
-$2.21 $0.00 $0.00 $0.00 $0.00 $1.59
$207.4 <-12 mths -26.70%
$1.78 <-12 mths -27.05%
Distributable Income (Cash) $86.37 $75.49 $57.5 $135.7 $126.6 $120.8 $41.6 $82.1 $59.0 $84.1 $215.1 $283.0 274.91% <-Total Growth 10 Distributable Cash Flow
Distributable Income (Cash) $2.01 $2.07 $1.81 $2.10 $1.97 $1.44 $1.37 $0.45 $0.89 $0.64 $0.83 $1.98 $2.44 $1.78 <-12 mths 34.81% <-Total Growth 10 Distributable Cash
Increase 50.00% 2.99% -12.56% 16.02% -6.19% -26.90% -4.86% -67.15% 97.78% -28.09% 29.69% 138.55% 23.23% -27.05% <-12 mths 3.03% <-IRR #YR-> 10 Distributable Cash 34.81%
DC Yield 13.54% 12.68% 9.26% 10.14% 11.03% 7.60% 7.06% 4.29% 8.07% 10.98% 11.22% 22.07% 28.64% 17.75% <-12 mths 40.23% <-IRR #YR-> 5 Distributable Cash 442.22%
5 year Running Average $1.74 $1.88 $1.74 $1.87 $1.99 $1.88 $1.74 $1.47 $1.22 $0.96 $0.84 $0.96 $1.36 $1.53 <-12 mths -2.45% <-IRR #YR-> 10 5 yr Running Average -21.98%
Payout Ratio 59.70% 57.97% 66.30% 57.14% 60.91% 83.33% 87.59% 266.67% 134.83% 117.19% 72.29% 30.30% 24.59% 36.80% <-12 mths -1.55% <-IRR #YR-> 5 5 yr Running Average -7.50%
5 year Running Average 68.81% 63.97% 69.04% 64.31% 60.24% 63.90% 69.04% 81.86% 98.04% 115.87% 118.42% 90.81% 55.31% 41.79% <-12 mths 75.45% <-Median-> 10 Payout 5 yr Running Average
Price/DC Median 6.65 7.62 9.85 9.76 9.71 11.70 13.53 32.57 11.18 11.65 8.60 4.21 3.53 4.88 <-12 mths 10.47 <-Median-> 10 Price/DC Median
Price/DC High 7.85 8.25 10.95 10.55 11.18 13.19 14.56 42.76 13.26 17.80 10.19 4.95 4.14 5.37 <-12 mths 12.19 <-Median-> 10 Price/DC High
Price/DC Low 5.45 7.00 8.75 8.98 8.24 10.21 12.49 22.38 9.10 5.50 7.00 3.47 2.93 4.38 <-12 mths 8.61 <-Median-> 10 Price/DC Low
Price/DC Close 7.39 7.88 10.80 9.86 9.07 13.15 14.16 23.29 12.39 9.11 8.92 4.53 3.49 5.63 <-12 mths 9.48 <-Median-> 10 Price/DC Close
Trailing P/DC Close 11.08 8.12 9.44 11.44 8.50 9.61 13.47 7.65 24.51 6.55 11.56 10.81 4.30 4.11 <-12 mths 10.21 <-Median-> 10 Trailing P/DC Close
Median Values DPR 10 Yrs 77.81% 5 Yrs   72.29% P/CF 5 Yrs   in order 8.60 10.19 5.50 8.92 -34.45% Diff M/C -46.19% Diff M/C 10 DPR 75% to 95% best
* DI after maintenance and capital expeditures
* DC after maintenance and capital expeditures -$1.81 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.44
-$0.45 $0.00 $0.00 $0.00 $0.00 $2.44
-$1.74 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.36 2023
-$1.47 $0.00 $0.00 $0.00 $0.00 $1.36 $1.27
$1.10 <-12 mths -27.63%
Difference Basic and Diluted 10.84% 0.00% 0.00% 0.00% 0.00% 0.00% 8.38% 0.00% 0.00% 0.00% 0.00% 1.98% 29.30%
EPS Basic $1.66 $0.94 $0.13 $0.35 -$0.69 -$0.18 $1.67 -$1.42 -$1.08 -$1.81 -$2.31 $1.01 $2.15 1553.85% <-Total Growth 10 EPS Basic
EPS Diluted* $1.48 $0.94 $0.13 $0.35 -$0.69 -$0.18 $1.53 -$1.42 -$1.08 -$1.81 -$2.31 $0.99 $1.52 $0.98 $0.87 1069.23% <-Total Growth 10 EPS Diluted
Increase 29.82% -36.49% -86.17% 169.23% -297.14% 73.91% 950.00% -192.81% 23.94% -67.59% -27.62% 142.86% 53.54% -35.79% -11.27% 4 6 10 Years of Data, EPS P or N
Earnings Yield 10.0% 5.8% 0.7% 1.7% -3.9% -1.0% 7.9% -13.5% -9.8% -31.0% -31.2% 11.0% 17.8% 9.7% 8.6% 27.88% <-IRR #YR-> 10 Earnings per Share 1069.23%
5 year Running Average $1.19 $1.26 $1.04 $0.81 $0.44 $0.11 $0.23 -$0.08 -$0.37 -$0.59 -$1.02 -$1.13 -$0.54 -$0.13 $0.41 #NUM! <-IRR #YR-> 5 Earnings per Share 207.04%
10 year Running Average $0.90 $0.90 $0.83 $0.80 $0.68 $0.65 $0.74 $0.48 $0.22 -$0.08 -$0.45 -$0.45 -$0.31 -$0.25 -$0.09 #NUM! <-IRR #YR-> 10 5 yr Running Average -151.63%
* Diluted ESP per share  E/P 10 Yrs -2.41% 5Yrs -9.79% 45.68% <-IRR #YR-> 5 5 yr Running Average -556.10%
-$0.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.52
$1.42 $0.00 $0.00 $0.00 $0.00 $1.52
-$1.04 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$0.54
$0.08 $0.00 $0.00 $0.00 $0.00 -$0.54
Dividend* $0.66 $0.66 $0.60 Estimates Dividend*
Increase 9.45% 0.76% -9.09% Estimates Increase
Payout Ratio EPS 67.28% 76.21% #DIV/0! 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 Dividends
Dividend* $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 $0.66 $0.66 -50.00% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -37.50% -20.00% 0.00% 0.00% 9.17% 0.76% 0.00% 4 3 22 Years of data, Count P, N
Average Increases 5 Year Running -3.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -7.50% -11.50% -11.50% -11.50% -9.67% -2.01% 1.99% 0.00% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.11 $0.99 $0.87 $0.75 $0.64 $0.62 $0.64 -37.50% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 8.98% 7.60% 6.73% 5.85% 6.27% 7.12% 6.48% 8.19% 12.06% 10.06% 8.41% 7.19% 6.96% 7.55% 7.16% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 7.60% 7.03% 6.05% 5.42% 5.45% 6.32% 6.02% 6.24% 10.17% 6.58% 7.09% 6.12% 5.94% 6.85% 6.18% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 10.96% 8.29% 7.58% 6.37% 7.39% 8.16% 7.01% 11.92% 14.81% 21.31% 10.33% 8.72% 8.39% 8.40% 8.56% <-Median-> 10 Yield on Low Price AFFO
Yield on Close Price 8.08% 7.35% 6.14% 5.80% 6.72% 6.34% 6.19% 11.45% 10.88% 12.86% 8.11% 6.69% 7.04% 6.53% 6.58% 5.26% 6.88% <-Median-> 10 Yield on Close Price DCF
Payout Ratio EPS 81.08% 127.66% 923.08% 342.86% 0.00% 0.00% 78.43% 0.00% 0.00% 0.00% 0.00% 60.61% 39.47% 67.11% 76.21% #DIV/0! 0.00% <-Median-> 10 DPR EPS CFPS
DPR EPS 5 Yr Running 100.50% 95.39% 115.16% 148.51% 271.49% 1090.91% 526.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 152.55% #DIV/0! 0.00% <-Median-> 10 DPR EPS 5 Yr Running FCF 
Payout Ratio CFPS 64.84% 46.16% 46.37% 78.78% 51.17% 54.25% 73.44% 45.45% 79.67% 26.68% 28.55% 18.78% 17.49% 33.59% 36.07% #DIV/0! 48.31% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 53.33% 48.28% 57.96% 56.96% 55.01% 53.25% 58.24% 57.95% 58.04% 51.37% 46.29% 35.50% 28.75% 23.76% 24.91% #DIV/0! 54.13% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 48.97% 35.28% 38.46% 37.18% 34.98% 41.15% 43.99% 56.63% 37.59% 26.34% 22.32% 16.09% 13.97% 33.59% 36.07% #DIV/0! 36.08% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 52.98% 45.76% 45.78% 42.56% 38.39% 37.28% 38.90% 41.61% 41.71% 40.21% 36.47% 29.84% 22.39% 20.67% 21.50% #DIV/0! 38.65% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 7.16% 6.88% 5 Yr Med 5 Yr Cl 8.41% 8.11% 5 Yr Med Payout 0.00% 26.68% 22.32% -12.94% <-IRR #YR-> 5 Dividends -50.00%
* Dividends per share  10 Yr Med and Cur. -8.07% -4.36% 5 Yr Med and Cur. -21.75% -18.84% Last Div Inc ---> $0.050 $0.055 10.0% -6.70% <-IRR #YR-> 10 Dividends -50.00%
Dividends Growth 15 -4.52% <-IRR #YR-> 15 Dividends -50.00%
Dividends Growth 20 -3.87% <-IRR #YR-> 20 Dividends -54.55%
Dividends Growth 25 0.87% <-IRR #YR-> 22 Dividends
Dividends Growth 5 -$1.20 $0.00 $0.00 $0.00 $0.00 $0.60 Dividends Growth 5
Dividends Growth 10 -$1.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.60 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.60 Dividends Growth 15
Dividends Growth 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.60 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.60 Dividends Growth 25
Historical Dividends Historical High Div 19.99% Low Div 5.43% 10 Yr High 20.66% 10 Yr Low 5.42% Med Div 8.19% Close Div 7.93% 7.19% 6 Historical Dividends
High/Ave/Median Values Curr diff Exp. -67.08%     21.18% Exp. -68.15% 21.41% Exp. -19.65% Exp. -16.98% -8.48% High/Ave/Median 
Future Dividend Yield Div Yield 3.29% earning in 5 Years at IRR of -12.94% Div Inc. -50.00% Future Dividend Yield
Future Dividend Yield Div Yield 1.65% earning in 10 Years at IRR of -12.94% Div Inc. -75.00% Future Dividend Yield
Future Dividend Yield Div Yield 0.82% earning in 15 Years at IRR of -12.94% Div Inc. -87.50% Future Dividend Yield
Future Dividend Paid Div Paid $0.33 earning in 5 Years at IRR of -12.94% Div Inc. -50.00% Future Dividend Paid
Future Dividend Paid Div Paid $0.17 earning in 10 Years at IRR of -12.94% Div Inc. -75.00% Future Dividend Paid
Future Dividend Paid Div Paid $0.08 earning in 15 Years at IRR of -12.94% Div Inc. -87.50% Future Dividend Paid
Dividend Covering Cost Total Div $2.55 over 5 Years at IRR of -12.94% Div Cov. 25.42% Dividend Covering Cost
Dividend Covering Cost Total Div $3.49 over 10 Years at IRR of -12.94% Div Cov. 34.83% Dividend Covering Cost
Dividend Covering Cost Total Div $3.97 over 15 Years at IRR of -12.94% Div Cov. 39.54% Dividend Covering Cost
Yield if held 5 years 11.98% 13.28% 10.26% 15.29% 9.57% 8.98% 7.60% 6.73% 5.85% 3.92% 3.56% 3.24% 4.09% 6.58% 8.85% 9.25% 6.29% <-Median-> 10 Paid Median Price
Yield if held 10 years 10.86% 8.68% 7.35% 6.40% 7.83% 11.98% 13.28% 10.26% 15.29% 5.98% 4.49% 3.80% 3.37% 3.20% 3.45% 3.92% 7.11% <-Median-> 10 Paid Median Price
Yield if held 15 years 10.86% 8.68% 7.35% 6.40% 4.89% 5.99% 6.64% 5.13% 8.34% 5.27% 4.94% 6.52% <-Median-> 8 Paid Median Price
Yield if held 20 years 5.43% 4.34% 3.68% 3.49% 4.31% 6.59% 4.34% <-Median-> 3 Paid Median Price
Yield if held 25 years 5.97% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 59.88% 66.41% 51.28% 76.43% 47.87% 44.89% 38.02% 33.66% 29.27% 29.01% 29.38% 23.48% 25.59% 32.21% 41.78% 44.50% 31.52% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 138.44% 101.36% 82.38% 68.49% 79.80% 119.76% 132.82% 102.56% 152.87% 92.14% 81.93% 65.59% 54.70% 44.90% 45.30% 48.22% 87.04% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 192.74% 144.78% 119.13% 100.47% 116.00% 169.16% 180.96% 134.62% 193.69% 116.99% 105.69% 139.70% <-Median-> 8 Paid Median Price
Cost covered if held 20 years 237.54% 176.25% 142.10% 117.55% 136.32% 200.85% 176.25% <-Median-> 3 Paid Median Price
Cost covered if held 25 years 182.13% #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $1,595.7 $1,532.9 $1,379.6 $1,368.5 $1,813.4 $1,846.8 $1,772 <-12 mths -4.06% 15.73% <-Total Growth 5 Revenue Growth  15.73%
AFFO Growth $1.29 $1.78 $1.44 $1.57 $1.68 $1.49 $2.03 <-12 mths 36.41% 15.38% <-Total Growth 5 AFFO Growth 15.38%
Dis. Cash Growth $0.45 $0.89 $0.64 $0.83 $1.98 $2.44 $1.78 <-12 mths -27.05% 442.22% <-Total Growth 5 Dis. Cash Growth 442.22%
Net Income Growth -$131.5 -$99.7 -$167.5 -$235.2 $109.1 $249.3 $139 <-12 mths -44.24% 289.57% <-Total Growth 5 Net Income Growth 289.57%
Cash Flow Growth $244.5 $139.5 $262.0 $219.0 $369.2 $401.5 $332 <-12 mths -17.22% 64.22% <-Total Growth 5 Cash Flow Growth 64.22%
Dividend Growth $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 <-12 mths 9.17% -50.00% <-Total Growth 5 Dividend Growth -50.00%
Stock Price Growth $10.48 $11.03 $5.83 $7.40 $8.97 $8.52 $10.03 <-12 mths 17.72% -18.70% <-Total Growth 5 Stock Price Growth -18.70%
Revenue Growth  $836.1 $1,203.4 $1,364.9 $1,067.3 $1,469.1 $1,595.7 $1,532.9 $1,379.6 $1,368.5 $1,813.4 $1,846.8 $1,753 <-this year -5.08% 120.88% <-Total Growth 10 Revenue Growth  120.88%
AFFO Growth $2.64 $2.83 $2.73 $2.09 $2.13 $1.29 $1.78 $1.44 $1.57 $1.68 $1.49 $2.03 <-this year 36.41% -43.62% <-Total Growth 10 AFFO Growth -43.62%
Dis. Cash Growth $1.81 $2.10 $1.97 $1.44 $1.37 $0.45 $0.89 $0.64 $0.83 $1.98 $2.44 $1.78 <-this year -27.05% 34.81% <-Total Growth 10 Dis. Cash Growth 34.81%
Net Income Growth $5.5 $21.0 -$47.6 -$12.7 $147.4 -$131.5 -$99.7 -$167.5 -$235.2 $109.1 $249.3 $128 <-this year -48.58% 4464.61% <-Total Growth 10 Net Income Growth 4464.61%
Cash Flow Growth $107.8 $104.3 $162.0 $153.0 $151.3 $244.5 $139.5 $262.0 $219.0 $369.2 $401.5 $228 <-this year -43.15% 272.26% <-Total Growth 10 Cash Flow Growth 272.26%
Dividend Growth $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 <-this year 9.45% -50.00% <-Total Growth 10 Dividend Growth -50.00%
Stock Price Growth $19.55 $20.70 $17.86 $18.94 $19.40 $10.48 $11.03 $5.83 $7.40 $8.97 $8.52 $10.03 <-this year 17.72% -56.42% <-Total Growth 10 Stock Price Growth -56.42%
Dividends on Shares $62.40 $62.40 $62.40 $62.40 $62.40 $62.40 $39.00 $31.20 $31.20 $31.20 $34.06 $34.32 $34.32 $507.00 No of Years 10 Total Dividends 12/31/13
Paid  $1,016.60 $1,076.40 $928.72 $984.88 $1,008.80 $544.96 $573.56 $303.16 $384.80 $466.44 $443.04 $521.56 $521.56 $652.08 $443.04 No of Years 10 Worth $19.55
Total $950.04 Total Return
Graham No. DC $19.27 $18.96 $17.36 $23.94 $23.77 $18.98 $19.55 $10.54 $12.82 $9.68 $8.25 $14.78 $18.21 $15.96 4.90% <-Total Growth 10 Graham Price DC
Price/GP Ratio Med 0.69 0.83 1.03 0.86 0.80 0.89 0.95 1.39 0.78 0.77 0.86 0.56 0.47 0.54 0.83 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.82 0.90 1.14 0.93 0.93 1.00 1.02 1.82 0.92 1.18 1.03 0.66 0.55 0.60 0.96 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.57 0.76 0.91 0.79 0.68 0.77 0.87 0.96 0.63 0.36 0.70 0.47 0.39 0.49 0.69 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.77 0.86 1.13 0.86 0.75 1.00 0.99 0.99 0.86 0.60 0.90 0.61 0.47 0.63 0.86 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -22.95% -13.90% 12.61% -13.52% -24.88% -0.21% -0.79% -0.61% -13.94% -39.75% -10.30% -39.29% -53.22% -37.15% -13.73% <-Median-> 10 Graham Price
Graham No. EPS $16.54 $12.77 $4.65 $9.77 $10.02 $9.36 $20.66 $19.44 $16.80 $14.96 $9.01 $10.45 $14.37 $11.82 $11.13 208.95% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 0.81 1.24 3.83 2.10 1.91 1.80 0.90 0.75 0.59 0.50 0.79 0.80 0.60 0.73 0.80 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.95 1.34 4.26 2.27 2.20 2.03 0.97 0.99 0.70 0.76 0.94 0.94 0.70 0.81 0.95 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.66 1.13 3.40 1.93 1.62 1.57 0.83 0.52 0.48 0.24 0.64 0.66 0.50 0.66 0.65 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.90 1.28 4.20 2.12 1.78 2.02 0.94 0.54 0.66 0.39 0.82 0.86 0.59 0.85 0.90 0.84 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -10.21% 27.76% 320.19% 111.83% 78.22% 102.42% -6.12% -46.10% -34.36% -61.03% -17.87% -14.15% -40.73% -15.13% -9.90% -16.01% <-Median-> 10 Graham Price
Month, Year Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 22.00 <Count Years> Month, Year
Price Close $14.85 $16.32 $19.55 $20.70 $17.86 $18.94 $19.40 $10.48 $11.03 $5.83 $7.40 $8.97 $8.52 $10.03 $10.03 $12.54 -56.42% <-Total Growth 10 Stock Price
Increase -1.92% 9.90% 19.79% 5.88% -13.72% 6.05% 2.43% -45.98% 5.25% -47.14% 26.93% 21.22% -5.02% 17.72% 0.00% 25.02% 18.71 <-Median-> 10 CAPE (10 Yr P/E)
P/E 10.03 17.36 150.38 59.14 -25.88 -105.22 12.68 -7.38 -10.21 -3.22 -3.20 9.06 5.61 10.28 11.58 #DIV/0! -4.06% <-IRR #YR-> 5 Stock Price -18.70%
Trailing P/E 13.03 11.03 20.80 159.23 51.03 -27.45 -107.78 6.85 -7.77 -5.40 -4.09 -3.88 8.61 6.60 10.28 14.48 -7.97% <-IRR #YR-> 10 Stock Price -56.42%
CAPE (10 Yr P/E) 13.95 14.60 15.97 16.74 20.68 23.27 21.86 34.22 74.67 -206.61 -32.49 -31.22 -41.65 -47.88 -120.51 #DIV/0! 3.79% <-IRR #YR-> 5 Price & Dividend 17.08%
Median 10, 5 Yrs D.  per yr 7.04% 7.84% % Tot Ret 0.00% 207.15% T P/E -3.21 -3.20 P/E:  0.04 0.05 -0.93% <-IRR #YR-> 10 Price & Dividend -6.55%
Price  15 D.  per yr 13.14% % Tot Ret 100.95% CAPE Diff -45.07% -0.12% <-IRR #YR-> 15 Stock Price -1.84%
Price  20 D.  per yr 9.00% % Tot Ret 169.31% -3.68% <-IRR #YR-> 20 Stock Price -52.80%
Price  25 D.  per yr 14.08% % Tot Ret 111.48% -1.45% <-IRR #YR-> 22 Stock Price
Price & Dividend 15 13.01% <-IRR #YR-> 15 Price & Dividend 179.61%
Price & Dividend 20 5.32% <-IRR #YR-> 20 Price & Dividend 0.7572299
Price & Dividend 25 12.63% <-IRR #YR-> 22 Price & Dividend
Price  5 -$10.48 $0.00 $0.00 $0.00 $0.00 $8.52 Price  5
Price 10 -$19.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.52 Price 10
Price & Dividend 5 -$10.48 $1.20 $0.75 $0.60 $0.60 $9.12 Price & Dividend 5
Price & Dividend 10 -$19.55 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $9.12 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 $8.52 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 $8.52 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 $8.52 Price  25
Price & Dividend 15 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $9.12 Price & Dividend 15
Price & Dividend 20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $9.12 Price & Dividend 20
Price & Dividend 25 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $9.12 Price & Dividend 25
Price H/L Median $13.37 $15.78 $17.83 $20.50 $19.13 $16.85 $18.53 $14.66 $9.95 $7.46 $7.14 $8.34 $8.63 $8.68 25.02% -51.61% <-Total Growth 10 Stock Price
Increase 6.62% 18.07% 12.96% 15.01% -6.68% -11.92% 9.97% -20.91% -32.11% -25.08% -4.29% 16.89% 3.42% 0.64% 6.58% -7.00% <-IRR #YR-> 10 Stock Price -51.61%
P/E 9.03 16.79 137.12 58.57 -27.72 -93.61 12.11 -10.32 -9.21 -4.12 -3.09 8.42 5.67 8.89 31.61% -10.06% <-IRR #YR-> 5 Stock Price -41.15%
Trailing P/E 11.72 10.66 18.96 157.69 54.66 -24.42 -102.94 9.58 -7.01 -6.90 -3.94 -3.61 8.71 5.71 0.42% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 11.19 12.54 17.11 25.37 43.28 153.18 81.27 -178.72 -27.04 -12.59 -7.01 -7.41 -16.03 -68.45 -3.84% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 17.49 21.37 25.69 28.09 25.84 24.94 30.53 45.23 -99.40 -15.72 -18.57 -27.82 -35.08 10.94 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 7.42% 6.22% % Tot Ret 1757.87% -162.03% T P/E -3.78 -3.94 P/E:  -3.60 -3.09 Count 22 Years of data
-$17.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.63
-$14.66 $0.00 $0.00 $0.00 $0.00 $8.63
-$17.83 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $9.23
-$14.66 $1.20 $0.75 $0.60 $0.60 $9.23
High Months Jul Feb Dec Aug Apr Dec Sep Jan Feb Jan May Dec Jan Jul
Price High $15.78 $17.08 $19.82 $22.15 $22.03 $19.00 $19.95 $19.24 $11.80 $11.39 $8.46 $9.80 $10.10 $9.56 -49.04% <-Total Growth 10 Stock Price
Increase 4.23% 8.24% 16.04% 11.76% -0.54% -13.75% 5.00% -3.56% -38.67% -3.47% -25.72% 15.84% 3.06% -5.35% -6.52% <-IRR #YR-> 10 Stock Price -49.04%
P/E 10.66 18.17 152.46 63.29 -31.93 -105.56 13.04 -13.55 -10.93 -6.29 -3.66 9.90 6.64 9.80 -12.09% <-IRR #YR-> 5 Stock Price -47.51%
Trailing P/E 13.84 11.54 21.09 170.38 62.94 -27.54 -110.83 12.58 -8.31 -10.55 -4.67 -4.24 10.20 6.29 12.98 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E -4.46 -4.67 P/E:  -4.98 -3.66 31.25 P/E Ratio Historical High
-$19.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.10
-$19.24 $0.00 $0.00 $0.00 $0.00 $10.10
Low Months Oct Jun Nov Oct Dec Jan Aug Dec May Mar Jan Oct May Mar
Price Low $10.95 $14.48 $15.83 $18.85 $16.23 $14.70 $17.11 $10.07 $8.10 $3.52 $5.81 $6.88 $7.15 $7.80 -54.83% <-Total Growth 10 Stock Price
Increase 10.27% 32.24% 9.32% 19.08% -13.90% -9.43% 16.39% -41.15% -19.56% -56.54% 65.06% 18.42% 3.92% 9.09% -7.64% <-IRR #YR-> 10 Stock Price -54.83%
P/E 7.40 15.40 121.77 53.86 -23.52 -81.67 11.18 -7.09 -7.50 -1.94 -2.52 6.95 4.70 7.99 -6.62% <-IRR #YR-> 5 Stock Price -29.00%
Trailing P/E 9.61 9.78 16.84 145.00 46.37 -21.30 -95.06 6.58 -5.70 -3.26 -3.21 -2.98 7.22 5.13 8.71 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E -3.09 -3.21 P/E:  -2.23 -1.94 -3.43 P/E Ratio Historical Low
-$15.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.15
$334 <-12 mths 39.17%
Free Cash Flow  WSJ $97.92 $96.215 $76.354 $152.098 $43.178 $184.866 $132.898 $253.751 $235.068 $118 $163 140.06% <-Total Growth 8 Free Cash Flow WSJ
Change -20.64% 99.20% -71.61% 328.15% -28.11% 90.94% -7.36% -49.84% 38.08% -7.36% <-Median-> 7
Free Cash Flow  MS $43.56 $65.13 $57.76 $51.52 $97.92 $96.22 $76.35 $152.10 $43.18 $185 $133 $254 $240 $118 $163 315.51% <-Total Growth 10 Free Cash Flow
Change 5.24% 49.52% -11.32% -10.80% 90.06% -1.74% -20.65% 99.21% -71.61% 328.44% -28.11% 90.98% -5.51% -50.88% 38.08% 9.55% <-IRR #YR-> 5 Free Cash Flow MS 57.79%
FCF/CF from Op Ratio -701.39 160.95 -12882.23 -125.24 181.48 -1695.13 -292.18 247.00 -100.54 213.46 -526.72 488.04 3271.13 -273.25 -2645.50 15.31% <-IRR #YR-> 10 Free Cash Flow MS 315.51%
Dividends paid $43.40 $50.00 $50.09 $71.39 $82.91 $82.91 $104.09 $111.12 $111.12 $66.67 $51.94 $54.75 $58.03 $76.67 $77.25 15.87% <-Total Growth 10 Dividends paid
Percentage paid 84.67% 86.17% 136.33% 73.05% 257.33% 36.04% 39.06% 21.56% 24.18% 65.03% 47.45% 73.05% <-Median-> 9 Percentage paid
5 Year Coverage 105.66% 86.08% 75.46% 51.56% 40.05% 33.13% 35.10% 5 Year Coverage
Dividend Coverage Ratio 1.18 1.16 0.73 1.37 0.39 2.77 2.56 4.64 4.14 1.54 2.11 1.37 <-Median-> 9 Dividend Coverage Ratio
5 Year of Coverage 0.95 1.16 1.33 1.94 2.50 3.02 2.85 5 Year of Coverage
Market Cap $619 $680 $815 $1,417 $1,234 $1,310 $1,796 $970 $1,021 $543 $771 $1,036 $997 $1,174 $1,174 $1,468 22.40% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 42.27 41.66 41.67 60.36 68.87 69.10 88.16 92.60 92.60 92.69 101.73 147.41 157.95 159.14 279.05% <-Total Growth 10 Diluted
Change 20.74% -1.43% 0.01% 44.86% 14.10% 0.32% 27.58% 5.04% 0.00% 0.10% 9.76% 44.90% 7.15% 0.75% 8.45% <-Median-> 10 Change
Difference Diluted/Basic -13.83% 0.00% 0.00% 0.00% 0.00% 0.00% 19.46% 0.00% 0.00% 0.00% 0.00% -26.43% -26.42% -27.22% Difference Diluted/Basic
Debentures excluded from Diluted 38.96 41.15 Debentures excluded from Diluted
Basic # of Shares in Millions 36.42 41.66 41.67 60.36 68.87 69.10 105.31 92.60 92.60 92.69 101.73 108.45 116.21 115.82 178.89% <-Total Growth 10 Basic
Change 18.76% 14.39% 0.01% 44.86% 14.10% 0.32% 52.42% -12.08% 0.00% 0.10% 9.76% 6.60% 7.16% -0.33% 6.88% <-Median-> 10 Change
Difference Basic/Outstanding 14.39% 0.00% 0.01% 13.44% 0.28% 0.11% -12.08% 0.00% 0.00% 0.52% 2.45% 6.54% 0.72% 1.06% 0.40% <-Median-> 10 Difference Basic/Outstanding
$332.34 <-12 mths -17.22%
# of Share in Millions 41.664 41.665 41.674 68.471 69.069 69.173 92.596 92.596 92.601 93.169 104.223 115.537 117.048 117.048 117.048 117.048 10.88% <-IRR #YR-> 10 Shares 180.87%
Change 35.85% 0.00% 0.02% 64.30% 0.87% 0.15% 33.86% 0.00% 0.01% 0.61% 11.86% 10.86% 1.31% 0.00% 0.00% 0.00% 4.80% <-IRR #YR-> 5 Shares 26.41%
Cash Flow from Operations $M $77.1 $108.3 $107.8 $104.3 $162.0 $153.0 $151.3 $244.5 $139.5 $262.0 $219.0 $369.2 $401.5 $228.2 $214.2 272.26% <-Total Growth 10 Cash Flow
Increase 27.41% 40.47% -0.43% -3.29% 55.30% -5.53% -1.12% 61.58% -42.95% 87.81% -16.38% 68.55% 8.74% -43.15% -6.15% Deb. Conv Buy Backs S. Issues
5 year Running Average $74.9 $87.0 $79.0 $91.6 $111.9 $127.1 $135.7 $163.0 $170.0 $190.0 $203.2 $246.8 $278.2 $296.0 $286.4 252.27% <-Total Growth 10 CF 5 Yr Running
CFPS $1.85 $2.60 $2.59 $1.52 $2.35 $2.21 $1.63 $2.64 $1.51 $2.81 $2.10 $3.20 $3.43 $1.95 $1.83 32.54% <-Total Growth 10 Cash Flow per Share
Increase -6.21% 40.47% -0.45% -41.14% 53.96% -5.68% -26.13% 61.58% -42.95% 86.67% -25.25% 52.04% 7.34% -43.15% -6.15% 14.05% <-IRR #YR-> 10 Cash Flow 272.26%
5 year Running Average $2.25 $2.49 $2.07 $2.11 $2.18 $2.25 $2.06 $2.07 $2.07 $2.16 $2.14 $2.45 $2.61 $2.70 $2.50 10.43% <-IRR #YR-> 5 Cash Flow 64.22%
P/CF on Med Price 7.22 6.07 6.89 13.46 8.16 7.62 11.34 5.55 6.61 2.65 3.39 2.61 2.51 4.45 0.14 2.86% <-IRR #YR-> 10 Cash Flow per Share 32.54%
P/CF on Closing Price 8.02 6.28 7.55 13.59 7.62 8.56 11.87 3.97 7.32 2.07 3.52 2.81 2.48 5.14 5.48 5.37% <-IRR #YR-> 5 Cash Flow per Share 29.91%
-15.38% Diff M/C 2.34% <-IRR #YR-> 10 CFPS 5 yr Running 26.01%
$451.81 <-12 mths -10.11%
Excl.Working Capital CF $25.0 $33.4 $22.2 $116.7 $75.0 $48.7 $101.3 -$48.2 $156.1 $3.3 $61.1 $61.7 $101.2 $0.0 $0.0 4.73% <-IRR #YR-> 5 CFPS 5 yr Running 25.98%
CF fr Op $M WC $102.1 $141.7 $130.0 $221.0 $237.0 $201.7 $252.6 $196.2 $295.6 $265.3 $280.1 $430.9 $502.6 $228.2 $214.2 286.55% <-Total Growth 10 Cash Flow less WC
Increase 75.36% 38.80% -8.23% 69.93% 7.24% -14.87% 25.23% -22.32% 50.65% -10.26% 5.61% 53.80% 16.66% -54.59% -6.15% 14.48% <-IRR #YR-> 10 Cash Flow less WC 286.55%
5 year Running Average $76.45 $93.94 $100.13 $130.60 $166.35 $186.27 $208.46 $221.69 $236.62 $242.28 $257.97 $293.62 $354.90 $341.43 $331.22 20.70% <-IRR #YR-> 5 Cash Flow less WC 156.16%
CFPS Excl. WC $2.45 $3.40 $3.12 $3.23 $3.43 $2.92 $2.73 $2.12 $3.19 $2.85 $2.69 $3.73 $4.29 $1.95 $1.83 13.49% <-IRR #YR-> 10 CF less WC 5 Yr Run 254.44%
Increase 29.08% 38.80% -8.25% 3.43% 6.31% -15.00% -6.45% -22.32% 50.64% -10.81% -5.59% 38.74% 15.15% -54.59% -6.15% 9.87% <-IRR #YR-> 5 CF less WC 5 Yr Run 60.09%
5 year Running Average $2.27 $2.62 $2.62 $2.82 $3.13 $3.22 $3.08 $2.88 $2.88 $2.76 $2.71 $2.92 $3.35 $3.10 $2.90 3.25% <-IRR #YR-> 10 CFPS - Less WC 37.63%
P/CF on Med Price 5.45 4.64 5.71 6.35 5.58 5.78 6.79 6.92 3.12 2.62 2.65 2.24 2.01 4.45 0.14 15.17% <-IRR #YR-> 5 CFPS - Less WC 102.64%
P/CF on Closing Price 6.06 4.80 6.27 6.41 5.21 6.50 7.11 4.95 3.46 2.05 2.75 2.41 1.98 5.14 5.48 2.48% <-IRR #YR-> 10 CFPS 5 yr Running 27.80%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 6.08 5 yr  2.65 P/CF Med 10 yr 4.35 5 yr  2.62 18.34% Diff M/C 3.04% <-IRR #YR-> 5 CFPS 5 yr Running 16.16%
-$2.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.43 Cash Flow per Share
-$2.64 $0.00 $0.00 $0.00 $0.00 $3.43 Cash Flow per Share
-$2.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.61 CFPS 5 yr Running
-$2.07 $0.00 $0.00 $0.00 $0.00 $2.61 CFPS 5 yr Running
-$130.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $502.6 Cash Flow less WC
-$196.2 $0.0 $0.0 $0.0 $0.0 $502.6 Cash Flow less WC
-$100.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $354.9 CF less WC 5 Yr Run
-$221.7 $0.0 $0.0 $0.0 $0.0 $354.9 CF less WC 5 Yr Run
-$3.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.29 CFPS - Less WC
-$2.12 $0.00 $0.00 $0.00 $0.00 $4.29 CFPS - Less WC
-$2.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.35 CFPS 5 yr Running
-$2.88 $0.00 $0.00 $0.00 $0.00 $3.35 CFPS 5 yr Running
OPM 8.76% 11.78% 12.90% 8.67% 11.87% 14.34% 10.30% 15.32% 9.10% 18.99% 16.01% 20.36% 21.74% 13.02% 68.53% <-Total Growth 10 OPM
Increase -19.26% 34.54% 9.49% -32.81% 36.93% 20.81% -28.17% 48.76% -40.60% 108.67% -15.70% 27.20% 6.78% -40.11% Should increase  or be stable.
Diff from Median -41.0% -20.6% -13.0% -41.6% -20.0% -3.3% -30.5% 3.3% -38.6% 28.0% 7.9% 37.3% 46.6% -12.2% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 14.83% 5 Yrs 18.99% should be  zero, it is a   check on calculations
$452 <-12 mths -10.11%
Adjusted EBITDA $129.9 $221.2 $21.1 $61.5 $220.9 $200.5 $283.2 $196.2 $295.6 $265.3 $280.4 $430.9 $502.6 $429.6 $423.1 $437.9 2281.49% <-Total Growth 10 Adjusted EBITDA Earnings before Interest, Taxes
Change -8.20% 70.35% -90.46% 191.25% 259.43% -9.25% 41.23% -30.71% 50.65% -10.26% 5.70% 53.67% 16.66% -14.53% -1.51% 3.50% 28.94% <-Median-> 10 Change Depreciation and Amortization
Per Unit $3.07 $5.31 $0.51 $1.02 $3.21 $2.90 $3.21 $2.12 $3.19 $2.86 $2.76 $2.92 $3.18 $2.70 #DIV/0! #DIV/0! 528.27% <-Total Growth 10 Per Unit
EBITDA Margin 23.27% 25.12% 2.30% 7.35% 18.36% 14.69% 26.53% 13.36% 18.52% 17.31% 20.32% 31.49% 27.72% 23.26% 24.14% 24.49% 0.18 <-Median-> 10 EBITDA Margin
Long Term Debt $773.0 $859.0 $811.6 $1,282.8 $1,184.2 $1,278.6 $1,222.8 $899.8 $903.2 $684.1 $767.3 Debt Type
Change 11.13% -5.51% 58.06% -7.69% 7.97% -4.36% -26.41% 0.38% -24.27% 12.16% -4.36% <-Median-> 9 Change Lg Term R
Debt/Market Cap Ratio 0.55 0.70 0.62 0.71 1.22 1.25 2.25 1.17 0.87 0.69 0.65 0.79 <-Median-> 10 % of Market C. Intang/GW
Assets/Current Liabilities Ratio 8.69 9.48 8.17 11.64 6.38 7.50 8.47 4.68 5.52 5.15 2.66 7.84 <-Median-> 10 Assets/Current Liab Ratio Liquidity
Debt to Cash Flow (Years) 7.41 5.30 5.30 8.48 4.84 9.17 4.67 4.11 2.45 1.70 3.36 5.07 <-Median-> 10 Debt to Cash Flow (Years) Liq. + CF
Debt Ratio
Intangibles $235.3 $202.4 $172.6 $353.7 $290.4 $283.3 $479.3 $418.8 $312.7 $247.3 $148.7 $109.3 $70.7 -144.27% <-Total Growth 10 Intangibles Leverage
Goodwill $190.2 $188.7 $193.7 $794.0 $847.1 $786.3 $789.3 $748.8 $558.5 $500.8 $455.9 $477.2 $468.0 141.64% <-Total Growth 10 Goodwill D/E Ratio
Total $425.5 $391.1 $366.3 $1,147.7 $1,137.6 $1,069.6 $1,268.6 $1,167.6 $871.2 $748.1 $604.6 $586.5 $538.6 $536.5 47.06% <-Total Growth 10 Total
Amount of Change -$226.5 $34.4 $24.8 -$781.4 $10.1 $68.0 -$199.0 $101.0 $296.4 $123.1 $143.5 $18.1 $47.8 $2.1 $57.9 <-Median-> 10 Amount of Change
Change 113.81% -8.09% -6.35% 213.35% -0.88% -5.98% 18.61% -7.96% -25.39% -14.13% -19.18% -3.00% -8.16% -0.39% -6.97% <-Median-> 10 Change
Intangible/Market Cap Ratio 0.69 0.58 0.45 0.81 0.92 0.82 0.71 1.20 0.85 1.38 0.78 0.57 0.54 0.46 0.81 <-Median-> 10 % of Market C.
Current Assets $224.39 $152.30 $146.27 $242.77 $267.79 $275.38 $352.16 $367.83 $500.37 $423.02 $230.97 $360.87 $326.02 $326.63 122.90% <-Total Growth 10 Current Assets
Current Liabilities $180.99 $165.43 $149.70 $257.02 $254.61 $264.68 $256.29 $450.75 $370.42 $295.06 $437.86 $390.64 $409.82 $819.10 173.76% <-Total Growth 10 Current Liabilities
Liquidity Ratio 1.24 0.92 0.98 0.94 1.05 1.04 1.37 0.82 1.35 1.43 0.53 0.92 0.80 0.40 0.99 <-Median-> 10 Ratio
Liq. with CF aft div 1.39 1.27 1.36 1.03 1.36 1.30 1.53 1.11 1.43 2.08 0.88 1.69 1.60 0.58 1.60 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.43 1.02 1.01 0.24 1.00 1.09 0.70 0.93 1.14 1.66 0.88 1.32 1.24 0.58 1.24 <-Median-> 5 Ratio
Curr Long Term Db $2.731 $2.937 $3.159 $3.159 $3.159 $3.93 $0.00 $0.00 $0.00 $143.89 $0.00 $0.00 $455.40
Liquidity Less CLTD 0.94 1.00 0.96 1.07 1.05 1.40 0.82 1.35 1.43 0.79 0.92 0.80 0.90 0.92 <-Median-> 5 Ratio
Liq. with CF aft div 1.29 1.39 1.04 1.38 1.32 1.55 1.11 1.43 2.08 1.32 1.69 1.60 1.31 1.60 <-Median-> 5 Ratio
Assets $1,075.60 $973.59 $950.69 $2,234.06 $2,413.2 $2,162.1 $2,983.3 $2,877.1 $2,779.1 $2,500.3 $2,049.0 $2,157.1 $2,109.2 $2,180.0 121.86% <-Total Growth 10 Assets
Liabilities $733.35 $652.16 $642.27 $1,403.82 $1,532.5 $1,393.0 $1,834.7 $1,860.4 $2,019.5 $1,894.5 $1,669.1 $1,590.9 $1,402.1 $1,435.6 118.30% <-Total Growth 10 Liabilities
Debt Ratio 1.47 1.49 1.48 1.59 1.57 1.55 1.63 1.55 1.38 1.32 1.23 1.36 1.50 1.52 1.53 <-Median-> 10 Ratio
Total Book Value $342.25 $321.43 $308.42 $830.23 $880.77 $769.06 $1,148.65 $1,016.71 $759.58 $605.82 $379.85 $566.21 $707.14 $744.37 $744.37 $744.37 129.28% <-Total Growth 10 Book Value
Conv. Deb. $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 now shown as a liability
Book Value $342.25 $321.43 $308.42 $830.23 $880.77 $769.06 $1,148.65 $1,016.71 $759.58 $605.82 $379.85 $566.21 $707.14 $744.37 $744.37 $744.37 129.28% <-Total Growth 10 Book Value
Book Value per Share $8.21 $7.71 $7.40 $12.13 $12.75 $11.12 $12.40 $10.98 $8.20 $6.50 $3.64 $4.90 $6.04 $6.36 $6.36 $6.36 -18.37% <-Total Growth 10 Book Value per Share
Change 31.49% -6.08% -4.07% 63.84% 5.17% -12.81% 11.58% -11.49% -25.30% -20.73% -43.95% 34.46% 23.28% 5.26% 0.00% 0.00% 5.36% P/B Ratio Current/10 Year Median
P/B (High) 1.92 2.21 2.68 1.83 1.73 1.71 1.61 1.75 1.44 1.75 2.32 2.00 1.67 1.50 1.74 <-Median-> 10 P/BV (High)
P/B (Low) 1.33 1.88 2.14 1.55 1.27 1.32 1.38 0.92 0.99 0.54 1.59 1.40 1.18 1.23 1.30 <-Median-> 10 P/BV (Low)
P/B Ratio (Median) 1.63 2.05 2.41 1.69 1.50 1.52 1.49 1.33 1.21 1.15 1.96 1.70 1.43 1.36 1.52 P/B Ratio Historical Median
P/B Ratio (Close) 1.81 2.12 2.64 1.71 1.40 1.70 1.56 0.95 1.34 0.90 2.03 1.83 1.41 1.58 1.58 1.97 -2.01% <-IRR #YR-> 10 Book Value per Share -18.37%
Change -25.40% 17.02% 24.87% -35.37% -17.96% 21.63% -8.20% -38.97% 40.89% -33.32% 126.46% -9.85% -22.95% -4.40% -11.26% <-IRR #YR-> 5 Book Value per Share -44.98%
Leverage (A/BK) 3.14 3.03 3.08 2.69 2.74 2.81 2.60 2.83 3.66 4.13 5.39 3.81 2.98 2.93 3.81 <-Median-> 5 A/BV
Debt/Equity Ratio  2.14 2.03 2.08 1.69 1.74 1.81 1.60 1.83 2.66 3.13 4.39 2.81 1.98 1.93 1.91 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.50 5 yr Med 1.43 5.36% Diff M/C 2.74 Historical A/BV
-$7.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.04
-$10.98 $0.00 $0.00 $0.00 $0.00 $6.04
$145.33 <-12 mths -26.73%
Comprehensive Income $65.05 $29.17 $36.73 $81.05 $120.62 -$30.61 $72.78 -$20.82 -$146.14 -$91.68 -$241.05 $158.02 $198.35 $145.33 <-12 mths 440.07% <-Total Growth 10 Comprehensive Income
Increase 132.27% -55.16% 25.90% 120.68% 48.83% -125.38% 337.76% -128.61% -601.80% 37.27% -162.94% 165.55% 25.52% -26.73% <-12 mths 25.52% <-Median-> 5 Comprehensive Income
5 Yr Running Average $31.55 $36.95 $44.89 $48.00 $66.52 $47.39 $56.11 $44.60 -$0.84 -$43.30 -$85.38 -$68.34 -$24.50 $33.79 <-12 mths 18.37% <-IRR #YR-> 10 Comprehensive Income 144.73%
ROE 19.0% 9.1% 11.9% 9.8% 13.7% -4.0% 6.3% -2.0% -19.2% -15.1% -63.5% 27.9% 28.0% 19.5% <-12 mths #NUM! <-IRR #YR-> 5 Comprehensive Income 1052.49%
5Yr Median 13.9% 13.9% 13.9% 11.9% 11.9% 9.8% 9.8% 6.3% -2.0% -4.0% -15.1% -15.1% -15.1% 19.5% <-12 mths #NUM! <-IRR #YR-> 10 5 Yr Running Average -154.58%
% Difference from NI 7.9% -25.3% 572.4% 285.4% -353.5% 141.8% -50.6% -84.2% 46.6% -45.3% 2.5% 44.8% -20.4% 13.4% <-12 mths #NUM! <-IRR #YR-> 5 5 Yr Running Average -154.93%
Median Values Diff 5, 10 yr -9.0% 2.5% -15.1% <-Median-> 5 Return on Equity
-$36.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $198.3
$20.8 $0.0 $0.0 $0.0 $0.0 $198.3
-$44.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$24.5
-$44.6 $0.0 $0.0 $0.0 $0.0 -$24.5
Current Liability Coverage Ratio 0.56 0.86 0.87 0.86 0.93 0.76 0.99 0.44 0.80 0.90 0.64 1.10 1.23 0.28   CFO / Current Liabilities
5 year Median 0.48 0.56 0.75 0.86 0.86 0.86 0.87 0.86 0.80 0.80 0.80 0.80 0.90 0.90 0.90 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 9.49% 14.55% 13.68% 9.89% 9.82% 9.33% 8.47% 6.82% 10.64% 10.61% 13.67% 19.97% 23.83% 10.47% CFO / Total Assets
5 year Median 11.98% 13.85% 13.68% 11.98% 9.89% 9.89% 9.82% 9.33% 9.33% 9.33% 10.61% 10.64% 13.67% 13.67% 13.7% <-Median-> 5 Return on Assets 
Return on Assets ROA 5.60% 4.01% 0.57% 0.94% -1.97% -0.59% 4.94% -4.57% -3.59% -6.70% -11.48% 5.06% 11.82% 5.88% Net  Income/Assets Return on Assets
5Yr Median 6.16% 6.16% 5.60% 4.01% 0.94% 0.57% 0.57% -0.59% -1.97% -3.59% -4.57% -4.57% -3.59% 5.06% -1.3% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 17.61% 12.14% 1.77% 2.53% -5.40% -1.65% 12.83% -12.94% -13.12% -27.65% -61.92% 19.27% 35.26% 17.22% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 17.61% 17.61% 17.32% 12.14% 2.53% 1.77% 1.77% -1.65% -5.40% -12.94% -13.12% -13.12% -13.12% 17.22% -3.5% <-Median-> 10 Return on Equity
$139.02 <-12 mths -44.24%
Net Income $60.28 $39.03 $5.46 $21.03 -$47.59 -$12.7 $147.4 -$131.5 -$99.7 -$167.5 -$235.2 $109.1 $249.3 $128.20 $116.60 $129.50 4464.61% <-Total Growth 10 Net Income
Increase 72.51% -35.26% -86.00% 285.02% -326.30% 73.40% 1264.16% -189.25% 24.23% -68.06% -40.44% 146.39% 128.49% -48.58% -9.05% 11.06% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $40.6 $44.3 $37.3 $32.1 $15.6 $1.1 $22.7 -$4.7 -$28.8 -$52.8 -$97.3 -$104.9 -$28.8 $16.8 $73.6 $146.5 46.53% <-IRR #YR-> 10 Net Income 4464.61%
Operating Cash Flow $77.10 $108.31 $107.84 $104.30 $161.97 $153.01 $151.30 $244.46 $139.48 $261.95 $219.04 $369.19 $401.46 #NUM! <-IRR #YR-> 5 Net Income 289.57%
Investment Cash Flow -$400.80 -$41.72 -$52.35 -$826.57 -$92.80 -$51.37 -$305.53 -$89.38 -$93.97 -$74.79 $96.53 -$108.88 -$118.46 #NUM! <-IRR #YR-> 10 5 Yr Running Average -177.11%
Total Accruals $383.98 -$27.56 -$50.04 $743.30 -$116.77 -$114.30 $301.60 -$286.60 -$145.16 -$354.64 -$550.78 -$151.20 -$33.69 43.83% <-IRR #YR-> 5 5 Yr Running Average -515.62%
Total Assets $1,075.60 $973.59 $950.69 $2,234.06 $2,413.25 $2,162.07 $2,983.33 $2,877.09 $2,779.07 $2,500.33 $2,048.97 $2,157.07 $2,109.23 Balance Sheet Assets
Accruals Ratio 35.70% -2.83% -5.26% 33.27% -4.84% -5.29% 10.11% -9.96% -5.22% -14.18% -26.88% -7.01% -1.60% -7.01% <-Median-> 5 Ratio
EPS/CF Ratio 0.60 0.28 0.04 0.11 -0.20 -0.06 0.56 -0.67 -0.34 -0.64 -0.86 0.27 0.35 -0.13 <-Median-> 10 EPS/CF Ratio
-$5.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $249.3
$131.5 $0.0 $0.0 $0.0 $0.0 $249.3
-$37.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$28.8
$4.7 $0.0 $0.0 $0.0 $0.0 -$28.8
Chge in Close -1.92% 9.90% 19.79% 5.88% -13.72% 6.05% 2.43% -45.98% 5.25% -47.14% 26.93% 21.22% -5.02% 17.72% 0.00% 25.02% Count 24 Years of data
up/down/neutral Down Down Up Up Down Up Up Up Up Up Count 18 75.00%
Any Predictions? Yes Yes Yes Yes Yes Yes % right Count 10 55.56%
Financial Cash Flow $358.78 -$123.85 -$52.28 $723.54 -$73.06 -$94.82 $150.29 -$152.53 -$45.00 -$187.86 -$314.12 -$203.00 -$333.53 C F Statement  Financial Cash Flow
Total Accruals $25.20 $96.29 $2.25 $19.76 -$43.70 -$19.48 $151.30 -$134.07 -$100.16 -$166.78 -$236.66 $51.81 $299.84 Accruals
Accruals Ratio 2.34% 9.89% 0.24% 0.88% -1.81% -0.90% 5.07% -4.66% -3.60% -6.67% -11.55% 2.40% 14.22% -3.60% <-Median-> 5 Ratio
Cash $63.96 $6.08 $9.62 $11.17 $7.99 $14.74 $10.37 $13.41 $13.47 $12.51 $13.91 $72.57 $21.52 $35.27 Cash
Cash per Share $1.54 $0.15 $0.23 $0.16 $0.12 $0.21 $0.11 $0.14 $0.15 $0.13 $0.13 $0.63 $0.18 $0.30 $0.15 <-Median-> 5 Cash per Share
Percentage of Stock Price 10.34% 0.89% 1.18% 0.79% 0.65% 1.13% 0.58% 1.38% 1.32% 2.30% 1.80% 7.00% 2.16% 3.00% 2.16% <-Median-> 5 % of Stock Price
Notes:
August 12, 2024. Last estimates were for 2023, 2024 of $1912M, $1838M Revenue, $1.22, $0.55 EPS, $0.60, $0.60 Dividends, $170M, $175M FCF, 
$2.34, $1.84 CFPS, $458M. $402M EBITDA, $168M, $76.3M Net Income.
August 12, 2023.  Last estimates were for 2022 and 2023 of $1688M, $1642M and $1610M for 2022/24 for Revenue, $0.65 and $0.19 for EPS, 
$0.60, $0.60 and $0.60 for Dividends 2022/24, $126M, $81M for FCF, $1.99 and $1.62 for CFPS and $79.3M and $21.2M for Net Income.
August 13, 2022.  Last estimates were for 2021, 2022 of $1352M, $1488M and $1.423M 2021/23 for Revenue, -0.55 and $0.01 for EPS, 
$0.60 and $0.60 for Dividends, $56.5M and $97M for FCF, $1.18 and $1.48 for CFPS and -$61.5M and $0.55M for Net Income.
August 14, 2021.  Last estimates were for 2020,  2021 of 1447M, $1534M and $1547M for 2020-22 for Revenue, -$1.15 and -$0.11 for EPS, 
$59M and $99M for FCF, $1.43 and 1.95 for CFPS and -$154M and -$13M for Net Income
August 15, 2020.  Last estimates were for 2019 and 2020 of $1572M and $1619M for Revenue, -$0.78 and $0.13 for EPS, $1.20 and $1.20 for Div, $1.97 and $2.17 for CFPS and -$63.9M and $6.95M for Net Income.
August 24, 2019.  Last estimates were for 2018 and 2019 of $1667M and $1709M for Revenue, $0.89 and $0.97 for EPS, $2.5 and $2.80 for CFPS and $87.5M for Net Income for 2018.
August 29, 2017.  Last estimates were for 2016, 2017 and 2018 of $1318M, $1358M and $1367M for Revenue, $2.06 and $2.18 for FFO for 2016 and 2017, 
$0.38, $0.50 and $0.58 for EPS, $2.59, $3.00 and $2.54 for CFPS, $28M, $41M and $41M for Net Income.
August 28, 2016.  Last estimates were for 2015, 2016 and 2017 of $1336M, $1357M and $1363M for Revenue, $2.20, $2.37 and $1.37 for FFO, $0.50, $0.78 and 0.79 for EPS, 
$2.27, $2.49 and $2.60 for CFPS and $45.1M, $55.7M and $55.6M for Net Income.
September 7, 2015.  Last estimates were for 2014, 2015 and 2016 of $1184M, $1224M and $1221M for Revenue, $0.64, $1.16 and $1.11 for EPS, 
$3.33, $3.53 and $2.98 for CFPS and $29.40M, $71.6M and $69.6M for Net Income.
September 5, 2014.  Last estimates were for 2013, 2014 and 2015 of $880M $896M and $853M for Revenue, $0.93, $1.20 and $0.95 for EPS, $3.21 and $2.94 for 2014 and 2015 CFPS
August 24, 2013.  Last estimates I got on this stock were for 2012 and 2013 of $1011.3M (1012 only), $1.81, $1.28, and $1.34 (2014) for EPS and $2.53 and $2.55 for CFPS.
On October 31, 2006, the Department of Finance announced changes to the tax rules for income trusts that are now law. Income trusts are now taxed the same as Canadian corporations. The changes will 
apply to new income trusts that start up after October 31, 2006. The changes will also apply in the 2011 tax year to many income trusts formed before that date. The goal: to remove the 
tax advantages that trusts had over corporations in the past.
Sector:
Materials
What should this stock accomplish?
Would I buy this company and Why.
No.  It will not be an dividend growth stock anytime soon again.
Why am I following this stock. 
I decided to investigate this stock after reading an article in the G&M in February 2012 about investing in small cap stocks that pay dividends.  
This was one of the stocks mentioned that I had never heard of before.
Dividends
Dividends are paid monthly.  Dividends are declared in one month and paid in the following month.
For example, the January 2014 dividend was declared for Shareholders of record of January 31, 2014 and was paid on February 28, 2014.
Tax on Dividends
Combination of other Income Dividend other than Eligible  and Foreign non-business Income
The Fund is a mutual fund trust and a specified investment flow-through trust (“SIFT”) for income tax purposes
The Fund is not subject to tax on income received from non-Canadian subsidiaries, provided that the income is distributed to Unitholders during
the year.  It pays tax on from income Canadian sources
How they make their money.
Chemtrade Logistics Income Fund provides industrial chemicals and services to customers in North America and around the world. The company is organized into two 
operating segments: Sulphur Products & Performance Chemicals (SPPC) and Electrochemicals. Its geographical segments are Canada, the United States which derives 
maximum revenue, and South America.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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 They are issuing stock Change
Date 2016 Aug 29 2017 Aug 20 2018 Aug 24 2019 Aug 15 2020 Aug 14 2021 Aug 13 2022 Aug 12 2023 Aug 12 2024 rights to employees
Rook, Scott William 0.014 0.01% 0.039 0.04% 0.061 0.05% 0.085 0.07% 0.112 0.10% Was other officer, now CEO 32.11%
CEO - Shares - Amount $0.079 $0.285 $0.544 $0.721 $1.122
Options - percentage 0.186 0.20% 0.391 0.38% 0.928 0.80% 0.808 0.69% 1.164 0.99% 44.03%
Options - amount $1.085 $2.897 $8.321 $6.885 $11.675
Davis, Mark 0.29% 0.183 0.20% 0.208 0.22% 0.285 0.31% 0.254 0.27% Ceased Insider Feb 2021
CEO - Shares - Amount $3.741 $3.553 $2.175 $3.145 $1.479
Options - percentage 0.31% 0.242 0.26% 0.539 0.58% 0.486 0.53% 0.744 0.80%
Options - amount $4.071 $4.702 $5.645 $5.365 $4.338
Bhardwaj, Rohit 0.08% 0.065 0.07% 0.072 0.08% 0.080 0.09% 0.100 0.11% 0.100 0.10% 0.113 0.10% 0.118 0.10% 0.135 0.12% 14.27%
CFO - Shares - Amount $1.004 $1.261 $0.757 $0.882 $0.583 $0.740 $1.014 $1.007 $1.354
Options - percentage 0.05% 0.039 0.04% 0.039 0.04% 0.026 0.03% 0.070 0.08% 0.215 0.21% 0.426 0.37% 0.247 0.21% 0.335 0.29% 35.70%
Options - amount $0.703 $0.749 $0.409 $0.288 $0.410 $1.591 $3.822 $2.104 $3.361
Powers, Emily Louise 0.014 0.01% 0.019 0.02% 0.027 0.02% Ceased insider Dec 2023 -100.00%
Officer - Shares - Amount $0.105 $0.173 $0.230
Options - percentage 0.111 0.11% 0.212 0.18% 0.109 0.09% -100.00%
Options - amount $0.822 $1.904 $0.926
Montgomery, Timothy Neil 0.005 0.00% 0.011 0.01% 0.023 0.02% 111.61%
Officer - Shares - Amount $0.044 $0.094 $0.233
Options - percentage 0.152 0.13% 0.177 0.15% 0.235 0.20% 32.64%
Options - amount $1.363 $1.507 $2.353
Di Clemente, Lucio 0.000 0.00% 0.000 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.00%
Director - Shares - Amount $0.000 $0.000 $0.039 $0.020 $0.026 $0.031 $0.030 $0.035
Options - percentage 0.026 0.03% 0.030 0.03% 0.037 0.04% 0.064 0.07% 0.094 0.09% 0.113 0.10% 0.135 0.12% 0.158 0.14% 16.94%
Options - amount $0.496 $0.312 $0.404 $0.374 $0.695 $1.011 $1.154 $1.589
Muzuka, Douglas 0.025 0.02% 0.025 0.02% 0.025 0.02% 0.025 0.02% Subsidiary Executive 0.00%
Chairman - Shares - Amt $0.188 $0.228 $0.216 $0.255
Options - percentage 0.070 0.07% 0.086 0.07% 0.110 0.09% 0.135 0.12% 22.27%
Options - amount $0.514 $0.771 $0.941 $1.354
Waisberg, Lorie 0.06% 0.052 0.06% 0.006 0.01% 0.015 0.02% 0.015 0.02% 0.015 0.01% Ceased Insider May 2022
Chairman - Shares - Amt $0.845 $1.002 $0.058 $0.165 $0.087 $0.111
Options - percentage 0.00% 0.000 0.00% 0.055 0.06% 0.071 0.08% 0.115 0.12% 0.159 0.15%
Options - amount $0.000 $0.000 $0.580 $0.788 $0.672 $1.178
Increase in O/S Shares 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.213 0.23% 1.111 1.07% 1.459 1.26% 1.894 1.62% Yes 0
due to SO $0.000 $0.000 $0.000 $0.000 $0.000 $1.240 $8.223 $13.083 $16.139
Book Value $0.000 $4.484 $8.889 $1.370 $11.555 $6.828 $13.047 $20.971 $12.030 Expense LTIP
% of Market Cap 0.34% 0.49% 0.14% 1.13% 1.26% 1.11% 2.02% 0.00% % of Market Cap
Insider Buying -$1.522 -$0.495 -$0.844 -$0.872 -$1.547 -$0.070 -$0.173 -$0.205 -$0.522 Selling & Admin Services
Insider Selling $0.760 $0.028 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Net Insider Selling -$0.762 -$0.466 -$0.844 -$0.872 -$1.547 -$0.070 -$0.173 -$0.205 -$0.522
% of Market Cap -0.06% -0.03% -0.09% -0.09% -0.28% -0.01% -0.02% -0.02% -0.04%
Directors 6 6 8 7 7 7 8 8
Women 29% 2 33% 2 33% 3 38% 3 43% 3 43% 3 43% 3 38% 3 38%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 1 13% 0 0%
Institutions/Holdings 45.26% 48 34.87% 53 41.84% 48 43.52% 20 23.89% 20 14.34% 20 16.55% 20 11.53%
Total Shares Held 45.19% 32.284 34.87% 38.744 41.84% 40.300 43.52% 24.748 26.56% 15.002 12.98% 19.174 16.38% 13.516 11.55%
Increase/Decrease 3 Mths -1.84% -0.275 -0.85% -0.551 -1.40% 0.325 0.81% -2.532 -9.28% -0.017 -0.11% -0.029 -0.15% -0.072 -0.53%
Starting No. of Shares 32.559 39.295 39.975 27.280 MS top 20 15.019 MS top 20 19.203 MS top 20 13.588 MS top 20
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