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.														Q1 2024				https://www.annualreports.com/Company/ci-financial-corp
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
CI Financial Corp						TSX	CIX	OTC	CIXXF	https://www.cifinancial.com/		Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Dates
Split
														$3,143	<-12 mths	-97.49%
Assets Under Management	$69,558	$75,723	$91,090	$102,886	$111,124	$117,889	$143,028	$124,360	$132,130	$135,052	$152,130	$117,753	$125,000.0					37.23%	<-Total Growth	10	Assets Under Mge	From Td
Increase	-4.49%	8.86%	20.29%	12.95%	8.01%	6.09%	21.32%	-13.05%	6.25%	2.21%	12.65%	-22.60%	6.15%					3.22%	<-IRR #YR->	10	Assets Under Mge	37.23%
5 year Running Average	$66,059	$67,378	$74,679	$82,416	$90,076	$99,742	$113,203	$119,857	$125,706	$130,492	$137,340	$132,285	$132,413					0.10%	<-IRR #YR->	5	Assets Under Mge	0.51%
Price /AUM Ratio	0.09	0.09	0.11	0.09	0.08	0.06	0.06	0.03	0.04	0.02	0.03	0.02	0.02					5.89%	<-IRR #YR->	10	5 year Running Average	-83.43%
Assets Under Management in Millions									P/AUM	10 yr	0.04	5 yr	0.02					2.01%	<-IRR #YR->	5	5 year Running Average	-46.00%
			-$91,090	$0	$0	$0	$0	$0	$0	$0	$0	$0	$125,000
								-$124,360	$0	$0	$0	$0	$125,000
			-$74,679	$0	$0	$0	$0	$0	$0	$0	$0	$0	$132,413
								-$119,857	$0	$0	$0	$0	$132,413
Total Assets under Admin														$528,056	<-12 mths	18.69%
Assets Under Advisement (Wealth Mge)														$394,911	<-12 mths	23.45%						Found in
Assets Under Advisement (Wealth Mge)		$24,586	$28,766	$31,874	$34,552	$38,235	$42,699	$41,813	$49,759	$96,487	$231,972	$258,000	$319,900.0									News Rel
Total Assets Under Admin	$91,102	$98,922	$118,050	$132,581	$145,676	$156,124	$185,727	$166,173	$181,889	$231,539	$384,102	$375,753	$444,900.0					276.87%	<-Total Growth	10	Assets Under Admin
Increase	-4.43%	8.58%	19.34%	12.31%	9.88%	7.17%	18.96%	-10.53%	9.46%	27.30%	65.89%	-2.17%	18.40%					14.19%	<-IRR #YR->	10	Assets Under Admin	276.87%
5 year Running Average	$91,592	$90,261	$97,819	$107,195	$117,266	$130,271	$147,632	$157,256	$167,118	$184,290	$229,886	$267,891	$323,637					21.77%	<-IRR #YR->	5	Assets Under Admin	167.73%
Price /AUM Ratio	0.07	0.07	0.09	0.07	0.06	0.05	0.04	0.03	0.03	0.01	0.01	0.01	0.01					12.71%	<-IRR #YR->	10	5 year Running Average	-93.97%
Total Assets under Administration in Millions									P/AUM	10 yr	0.03	5 yr	0.01					15.53%	<-IRR #YR->	5	5 year Running Average	-79.73%
			-$118,050	$0	$0	$0	$0	$0	$0	$0	$0	$0	$444,900
								-$166,173	$0	$0	$0	$0	$444,900
			-$97,819	$0	$0	$0	$0	$0	$0	$0	$0	$0	$323,637
								-$157,256	$0	$0	$0	$0	$323,637
														$2,782	<-12 mths	7.14%
Expenses		$954	$1,034	$1,158	$1,240	$1,258.3	$1,370.8	$1,393.1	$1,392.4	$1,410.0	$2,140.9	$1,858.1	$2,596.3	$2,782				151.05%	<-Total Growth	10	Expenses
Change			8.41%	11.98%	7.09%	1.47%	8.94%	1.63%	-0.05%	1.27%	51.83%	-13.21%	39.73%	7.14%				4.36%	<-Median->	10	Change
As a Ratio		0.65	0.64	0.62	0.62	0.65	0.65	0.62	0.66	0.69	0.79	0.80	0.95	1.01				0.65	<-Median->	10	As a Ratio
														$2,754	<-12 mths	0.29%
Revenue*	$1,496.3	$1,457.7	$1,616.7	$1,875.9	$1,997.6	$1,948.3	$2,111.3	$2,236.4	$2,119.2	$2,050.5	$2,727.0	$2,334.3	$2,746.0	$2,967	$3,185	$3,142		69.86%	<-Total Growth	10	Revenue
Increase	8.55%	-2.58%	10.90%	16.04%	6.49%	-2.47%	8.37%	5.92%	-5.24%	-3.25%	33.00%	-14.40%	17.64%	8.05%	7.35%	-1.35%		5.44%	<-IRR #YR->	10	Revenue	69.86%
5 year Running Average	$1,451.8	$1,412.6	$1,433.5	$1,565.0	$1,688.9	$1,779.3	$1,910.0	$2,033.9	$2,082.6	$2,093.1	$2,248.9	$2,293.5	$2,395.4	$2,565.0	$2,791.9	$2,874.9		4.19%	<-IRR #YR->	5	Revenue	22.79%
Revenue per Share	$5.28	$5.15	$5.68	$6.66	$7.24	$7.34	$7.77	$9.18	$9.56	$9.75	$13.81	$12.65	$17.85	$19.29	$20.71	$20.43		5.27%	<-IRR #YR->	10	5 yr Running Average	67.10%
Increase	10.03%	-2.35%	10.32%	17.14%	8.68%	1.47%	5.74%	18.16%	4.13%	2.01%	41.71%	-8.41%	41.11%	8.05%	7.35%	-1.35%		3.33%	<-IRR #YR->	5	5 yr Running Average	17.77%
5 year Running Average	$5.06	$4.91	$5.02	$5.51	$6.00	$6.42	$6.94	$7.64	$8.22	$8.72	$10.01	$10.99	$12.72	$14.67	$16.86	$18.18		12.12%	<-IRR #YR->	10	Revenue per Share	214.05%
P/S (Price/Sales) Med	4.06	4.42	5.30	5.09	4.52	3.71	3.59	2.56	2.04	1.88	1.65	1.56	0.83	0.65	0.02	0.00		14.24%	<-IRR #YR->	5	Revenue per Share	94.55%
P/S (Price/Sales) Close	4.00	4.84	6.22	4.85	4.23	3.93	3.83	1.88	2.27	1.62	1.91	1.07	0.83	0.74	0.69	0.93		9.75%	<-IRR #YR->	10	5 yr Running Average	153.61%
*Revenue in M CDN $					P/S Med	20 yr	4.00	15 yr	3.71	10 yr	2.30	5 yr	1.65		-67.90%	Diff M/C		10.75%	<-IRR #YR->	5	5 yr Running Average	66.62%
			-$1,616.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,746
								-$2,236.4	$0.0	$0.0	$0.0	$0.0	$2,746
			-$1,433.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,395.4
								-$2,033.9	$0.0	$0.0	$0.0	$0.0	$2,395.4
			-$5.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.85
								-$9.18	$0.00	$0.00	$0.00	$0.00	$17.85
			-$5.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.72
								-$7.64	$0.00	$0.00	$0.00	$0.00	$12.72
														$3.23	<-12 mths	3.86%
Adjusted Profit CDN$	$376.9	$352.2	$426.4	$520.0	$563.7	$532.1	$579.2	$617.5	$565.0	$528.7	$634.8	$587.7	$533.8					25.19%	<-Total Growth	10	Adjusted Profit CDN$
Basic	$1.31	$1.24	$1.50	$1.83	$2.02	$1.96	$2.19	$2.38	$2.41	$2.47	$3.15	$3.11	$3.13					108.21%	<-Total Growth	10	Basic
AEPS* Dilued	$1.31	$1.24	$1.50	$1.83	$2.02	$1.96	$2.19	$2.38	$2.41	$2.45	$3.14	$3.10	$3.11	$3.58	$3.92	$3.95		107.33%	<-Total Growth	10	AEPS
Increase	14.91%	-5.34%	20.97%	22.00%	10.38%	-2.97%	11.73%	8.68%	1.26%	1.66%	28.16%	-1.27%	0.32%	15.11%	9.50%	0.77%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	6.21%	4.97%	4.24%	5.67%	6.60%	6.79%	7.36%	13.77%	11.10%	15.53%	11.88%	22.95%	20.93%	25.12%	27.51%	20.79%		7.56%	<-IRR #YR->	10	AEPS	107.33%
5 year Running Average	$1.43	$1.25	$1.23	$1.40	$1.58	$1.71	$1.90	$2.08	$2.19	$2.28	$2.51	$2.70	$2.84	$3.08	$3.37	$3.53		5.50%	<-IRR #YR->	5	AEPS	30.67%
Payout Ratio	47.78%	75.74%	93.72%	50.59%	37.14%	37.99%	30.13%	-1.06%	6.86%	29.39%	22.93%	23.23%	23.15%	22.35%	20.41%	20.25%		8.77%	<-IRR #YR->	10	5 yr Running Average	131.81%
5 year Running Average	53.02%	61.16%	79.46%	69.06%	60.99%	59.03%	49.91%	30.96%	22.21%	20.66%	17.65%	16.27%	21.11%	24.21%	22.41%	21.88%		6.48%	<-IRR #YR->	5	5 yr Running Average	36.90%
Price/AEPS Median	16.36	18.36	20.07	18.52	16.21	13.91	12.72	9.87	8.10	7.48	7.25	6.37	4.77	4.39	0.01	0.00		8.98	<-Median->	10	Price/AEPS Median
Price/AEPS High	18.20	20.10	23.57	20.10	17.91	15.79	13.59	12.64	9.08	10.39	9.68	8.76	5.65	4.86	0.00	0.00		11.52	<-Median->	10	Price/AEPS High
Price/AEPS Low	14.52	16.61	16.57	16.94	14.50	12.03	11.84	7.11	7.11	4.56	4.81	3.98	3.88	3.91	0.00	0.00		7.11	<-Median->	10	Price/AEPS Low
Price/AEPS Close	16.11	20.10	23.57	17.64	15.15	14.73	13.59	7.26	9.01	6.44	8.42	4.36	4.78	3.98	3.64	4.81		8.71	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	18.51	19.03	28.51	21.53	16.72	14.29	15.19	7.89	9.12	6.55	10.79	4.30	4.79	4.58	3.98	4.85		9.96	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	26.31%	5 Yrs	23.15%	P/CF	5 Yrs	in order	7.25	9.08	4.56	6.44		-45.07%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$1.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.11
								-$2.38	$0.00	$0.00	$0.00	$0.00	$3.11
			-$1.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.84
								-$2.08	$0.00	$0.00	$0.00	$0.00	$2.84
														-$1.13	<-12 mths	-3866.67%
pre-split '98
pre-split Jan 00
pre-split 00
EPS Basic	$1.31	$1.24	$1.50	$1.85	$1.99	$1.86	$1.89	$2.38	$2.30	$2.22	$2.03	$1.59	$0.03					-98.00%	<-Total Growth	10	EPS Basic
pre-split '98
pre-split Jan 00
pre-split 00
EPS Diluted*	$1.31	$1.24	$1.50	$1.85	$1.98	$1.85	$1.89	$2.38	$2.29	$2.21	$2.02	$1.58	$0.03	$1.26	$3.01	$1.90		-98.00%	<-Total Growth	10	EPS Diluted
Increase	15.93%	-5.34%	20.97%	23.33%	7.03%	-6.57%	2.16%	25.93%	-3.78%	-3.49%	-8.60%	-21.78%	-98.10%	4083.33%	139.60%	-36.88%		10	0	10	Years of Data, EPS P or N
Average Increases 5 Year Running	13.58%	-8.41%	1.39%	13.35%	12.38%	7.88%	9.38%	10.38%	4.95%	2.85%	2.44%	-2.35%	-27.15%	790.27%	818.89%	813.23%		6.42%	<-Median->	10	Average Incr 5 Year Running
Earnings Yield	6.2%	5.0%	4.2%	5.7%	6.5%	6.4%	6.3%	13.8%	10.5%	14.0%	7.6%	11.7%	0.2%	8.8%	21.1%	10.0%		-32.38%	<-IRR #YR->	10	Earnings per Share	-98.00%
5 year Running Average	$1.45	$1.26	$1.24	$1.41	$1.58	$1.68	$1.81	$1.99	$2.08	$2.12	$2.16	$2.10	$1.63	$1.42	$1.58	$1.55		-58.30%	<-IRR #YR->	5	Earnings per Share	-98.74%
10 year Running Average	$1.01	$1.17	$1.29	$1.39	$1.49	$1.57	$1.54	$1.61	$1.74	$1.85	$1.92	$1.96	$1.81	$1.75	$1.85	$1.86		2.76%	<-IRR #YR->	10	5 yr Running Average	31.34%
* Diluted ESP per share									E/P	10 Yrs	7.06%	5Yrs	10.55%					-3.96%	<-IRR #YR->	5	5 yr Running Average	-18.29%
			-$1.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.03
								-$2.38	$0.00	$0.00	$0.00	$0.00	$0.03
			-$1.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.63
								-$1.99	$0.00	$0.00	$0.00	$0.00	$1.63
Dividend*														$0.80	$0.85	$0.88					Dividend*
Increase														11.46%	6.23%	3.23%					Increase
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
pre-split '98
pre-split Jan 00
pre-split 00
Dividend*	$0.88	$0.95	$1.05	$1.18	$1.30	$1.36	$1.40	$1.12	$0.72	$0.72	$0.72	$0.72	$0.72	$0.80	$0.80	$0.80		-31.10%	<-Total Growth	10	Dividends
Increase	17.33%	7.95%	10.00%	12.92%	9.75%	4.63%	3.14%	-19.86%	-35.71%	0.00%	0.00%	0.00%	0.00%	11.11%	0.00%	0.00%		16	4	28	Years of data, Count P, N
Average Increases 5 Year Running	38.01%	-3.52%	-0.53%	-5.00%	11.59%	9.05%	8.09%	2.12%	-7.61%	-9.56%	-10.49%	-11.11%	-7.14%	2.22%	2.22%	2.22%		-6.07%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.74	$1.49	$1.29	$0.96	$1.07	$1.17	$1.25	$1.27	$1.18	$1.06	$0.94	$0.80	$0.72	$0.74	$0.75	$0.77		-43.97%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.11%	4.17%	3.47%	3.48%	3.96%	4.97%	5.02%	4.77%	3.69%	3.93%	3.16%	3.65%	4.86%	5.09%				3.94%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.69%	3.81%	2.96%	3.21%	3.58%	4.38%	4.69%	3.72%	3.29%	2.83%	2.37%	2.65%	4.10%	4.60%				3.43%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.63%	4.61%	4.20%	3.81%	4.42%	5.75%	5.39%	6.62%	4.20%	6.45%	4.77%	5.83%	5.97%	5.71%				5.57%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.17%	3.81%	2.96%	3.65%	4.23%	4.69%	4.69%	6.48%	3.32%	4.56%	2.72%	5.33%	4.85%	5.61%	5.61%	4.21%		4.63%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	67.18%	76.61%	69.67%	63.78%	65.40%	73.24%	73.94%	47.06%	31.44%	32.58%	35.64%	45.57%	2400.00%	63.75%	26.60%	42.15%		55.42%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	119.69%	118.63%	103.80%	68.35%	67.89%	69.18%	69.16%	63.79%	56.67%	50.02%	43.35%	38.17%	44.28%	51.87%	47.64%	49.42%		60.23%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	48.83%	49.64%	47.82%	47.31%	55.21%	54.91%	62.04%	44.88%	28.62%	27.95%	21.34%	27.74%	24.64%	19.51%	28.17%	85.11%		36.75%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	86.17%	77.50%	65.54%	46.20%	49.81%	51.07%	53.41%	52.65%	48.75%	43.16%	35.40%	29.51%	25.75%	23.64%	23.75%	28.66%		47.47%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	74.74%	49.03%	50.11%	49.07%	51.98%	58.01%	62.70%	41.64%	27.48%	28.94%	21.86%	23.53%	19.69%	19.51%	28.17%	85.11%		35.29%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	96.26%	86.67%	74.17%	51.36%	52.99%	51.76%	54.33%	52.24%	47.61%	42.97%	35.11%	28.27%	23.81%	22.17%	22.18%	26.31%		49.48%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.94%	4.63%	5 Yr Med	5 Yr Cl	3.69%	4.56%	5 Yr Med	Payout	35.64%	27.74%	23.53%					-8.46%	<-IRR #YR->	5	Dividends	-35.71%
* Dividends per share	10 Yr Med	and Cur.	42.36%	21.30%	5 Yr Med	and Cur.	52.12%	23.04%	Last Div Inc --->		$0.1800	$0.2000	11.11%					-3.66%	<-IRR #YR->	10	Dividends	-31.10%
Dividends Growth 15																		-6.80%	<-IRR #YR->	15	Dividends	-65.22%
Dividends Growth 20																		4.65%	<-IRR #YR->	20	Dividends	148.28%
Dividends Growth 25																		15.41%	<-IRR #YR->	25	Dividends
Dividends Growth 30																		16.50%	<-IRR #YR->	28	Dividends
Dividends Growth 5								-$1.12	$0.00	$0.00	$0.00	$0.00	$0.72								Dividends Growth 5
Dividends Growth 10			-$1.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.72								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	$0.72								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	$0.72								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	$0.72								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.72								Dividends Growth 30
Historical Dividends	Historical	High Div	9.95%	Low Div	0.38%	10 Yr High	6.61%	10 Yr Low	2.40%	Med Div	3.67%	Close Div	3.33%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-43.58%		1377%	Cheap	620.77%		1885.13%	Cheap	52.97%	Cheap	68.42%								High/Ave/Median
Future Dividend Yield					Div Yield	3.61%	earning in	5.00	Years	at IRR of	-8.46%	Div Inc.	-35.71%								Future Dividend Yield
Future Dividend Yield					Div Yield	2.32%	earning in	10.00	Years	at IRR of	-8.46%	Div Inc.	-58.67%								Future Dividend Yield
Future Dividend Yield					Div Yield	1.49%	earning in	15.00	Years	at IRR of	-8.46%	Div Inc.	-73.43%								Future Dividend Paid
					Div Paid	$0.51	earning in	5	Years	at IRR of	-8.46%	Div Inc.	-35.71%								Future Dividend Paid
					Div Paid	$0.33	earning in	10	Years	at IRR of	-8.46%	Div Inc.	-58.67%								Future Dividend Paid
					Div Paid	$0.21	earning in	15	Years	at IRR of	-8.46%	Div Inc.	-73.43%								Future Dividend Paid
					Total Div	$3.38	over	5	Years	at IRR of	-8.46%	Div Cov.	23.71%								Dividend Covering Cost
					Total Div	$5.04	over	10	Years	at IRR of	-8.46%	Div Cov.	35.34%								Dividend Covering Cost
					Total Div	$6.10	over	15	Years	at IRR of	-8.46%	Div Cov.	42.82%								Dividend Covering Cost
Yield if held 5 years	3.52%	3.49%	5.26%	7.09%	6.43%	6.32%	6.14%	3.72%	2.12%	2.20%	2.64%	2.58%	3.06%	4.10%	4.37%	3.52%		3.39%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.38%	8.24%	10.56%	8.50%	7.73%	5.42%	5.13%	5.64%	4.32%	3.57%	3.36%	3.16%	2.39%	2.36%	2.44%	2.93%		4.73%	<-Median->	10	Paid Median Price
Yield if held 15 years	58.96%	48.41%	29.40%	31.62%	15.60%	9.83%	12.13%	11.31%	5.19%	4.30%	2.88%	2.64%	3.63%	4.80%	3.97%	3.73%		7.51%	<-Median->	10	Paid Median Price
Yield if held 20 years				88.39%	81.45%	90.79%	71.21%	31.51%	19.30%	8.67%	5.22%	6.25%	7.27%	5.77%	4.78%	3.20%		25.40%	<-Median->	10	Paid Median Price
Yield if held 25 years									53.93%	45.28%	48.24%	36.69%	20.26%	21.44%	9.64%	5.80%		45.28%	<-Median->	5	Paid Median Price
Yield if held 30 years														59.93%	50.31%	53.60%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	34.73%	27.34%	32.36%	28.86%	26.55%	27.18%	27.55%	21.08%	17.37%	16.23%	17.16%	14.36%	15.32%	18.86%	20.53%	16.88%		19.23%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	77.94%	100.98%	125.18%	94.90%	82.64%	58.04%	50.37%	64.33%	64.22%	52.92%	49.01%	45.12%	33.04%	28.23%	27.71%	31.25%		55.48%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	727.81%	600.89%	360.65%	374.45%	183.64%	120.18%	155.40%	189.29%	137.33%	114.36%	76.77%	65.05%	82.46%	86.32%	71.58%	66.93%		128.76%	<-Median->	10	Paid Median Price
Cost covered if held 20 years				1053.75%	965.57%	1118.09%	920.51%	539.25%	532.23%	247.65%	154.10%	190.11%	225.66%	163.86%	136.82%	92.14%		535.74%	<-Median->	10	Paid Median Price
Cost covered if held 25 years									1494.76%	1299.69%	1431.49%	1124.33%	640.55%	630.85%	292.95%	181.94%		1299.69%	<-Median->	5	Paid Median Price
Cost covered if held 30 years														1770.41%	1536.16%	1688.78%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Grth
Revenue Growth								$2,236.4	$2,119.2	$2,050.5	$2,727.0	$2,334.3	$2,746.0	$2,754	<-12 mths	0.29%		22.79%	<-Total Growth	5	Revenue Growth	22.79%
AEPS Growth								$2.38	$2.41	$2.45	$3.14	$3.10	$3.11	$3.23	<-12 mths	3.86%		30.67%	<-Total Growth	5	AEPS Growth	30.67%
Net Income Growth								$617.5	$538.4	$476.0	$409.3	$299.8	$5.0	$98	<-12 mths	1846.17%		-99.19%	<-Total Growth	5	Net Income Growth	-99.19%
Cash Flow Growth								$608.2	$558.0	$542.0	$666.0	$478.9	$449.4	$426	<-12 mths	-5.27%		-26.11%	<-Total Growth	5	Cash Flow Growth	-26.11%
Dividend Growth								$1.12	$0.72	$0.72	$0.72	$0.72	$0.72	$0.80	<-12 mths	11.11%		-35.71%	<-Total Growth	5	Dividend Growth	-35.71%
Stock Price Growth								$17.28	$21.71	$15.78	$26.44	$13.51	$14.86	$14.25	<-12 mths	-4.10%		-14.00%	<-Total Growth	5	Stock Price Growth	-14.00%
Revenue Growth			$1,616.7	$1,875.9	$1,997.6	$1,948.3	$2,111.3	$2,236.4	$2,119.2	$2,050.5	$2,727.0	$2,334.3	$2,746.0	$2,967	<-this year	8.05%		69.86%	<-Total Growth	10	Revenue Growth	69.86%
AEPS Growth			$1.50	$1.83	$2.02	$1.96	$2.19	$2.38	$2.41	$2.45	$3.14	$3.10	$3.11	$3.58	<-this year	15.11%		107.33%	<-Total Growth	10	AEPS Growth	107.33%
Net Income Growth			$426.4	$525.0	$553.5	$503.0	$499.9	$617.5	$538.4	$476.0	$409.3	$299.8	$5.0	$193	<-this year	3752.13%		-98.82%	<-Total Growth	10	Net Income Growth	-98.82%
Cash Flow Growth			$621.4	$702.6	$647.4	$654.7	$612.4	$608.2	$558.0	$542.0	$666.0	$478.9	$449.4	$631	<-this year	40.33%		-27.68%	<-Total Growth	10	Cash Flow Growth	-27.68%
Dividend Growth			$1.05	$1.18	$1.30	$1.36	$1.40	$1.12	$0.72	$0.72	$0.72	$0.72	$0.72	$0.80	<-this year	11.46%		-31.10%	<-Total Growth	10	Dividend Growth	-31.10%
Stock Price Growth			$35.35	$32.29	$30.60	$28.87	$29.77	$17.28	$21.71	$15.78	$26.44	$13.51	$14.86	$14.25	<-this year	-4.10%		-57.96%	<-Total Growth	10	Stock Price Growth	-57.96%
Dividends on Shares				$34.22	$37.56	$39.30	$40.53	$32.48	$20.88	$20.88	$20.88	$20.88	$20.88	$23.20	$23.20	$23.20		$288.48	No of Years	10	Total Divs	12/31/13
Paid			$1,025.15	$936.41	$887.40	$837.23	$863.33	$501.12	$629.59	$457.62	$766.76	$391.79	$430.94	$413.25	$413.25	$551.00		$430.94	No of Years	10	Worth	$35.35
Total																		$719.42
Graham No. AEPS	$12.98	$12.86	$14.69	$16.68	$17.66	$17.03	$19.31	$17.73	$19.11	$20.36	$23.84	$24.67	$21.62	$29.00	$30.35	$30.46		47.16%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.65	1.77	2.05	2.03	1.85	1.60	1.44	1.33	1.02	0.90	0.95	0.80	0.69	0.54				1.17	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.84	1.94	2.41	2.21	2.05	1.82	1.54	1.70	1.15	1.25	1.28	1.10	0.81	0.60				1.41	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.47	1.60	1.69	1.86	1.66	1.38	1.34	0.95	0.90	0.55	0.63	0.50	0.56	0.48				0.93	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.63	1.94	2.41	1.94	1.73	1.69	1.54	0.97	1.14	0.77	1.11	0.55	0.69	0.49	0.47	0.62		1.12	<-Median->	10	Price/GP Ratio
Prem/Disc Close	62.59%	93.92%	140.58%	93.63%	73.27%	69.49%	54.19%	-2.52%	13.60%	-22.51%	10.89%	-45.23%	-31.28%	-50.86%	-53.04%	-37.63%		12.24%	<-Median->	10	Graham Price
Graham No. EPS	$12.98	$12.86	$14.69	$16.77	$17.48	$16.55	$17.94	$17.73	$18.63	$19.34	$19.12	$17.61	$2.12	$17.17	$26.58	$21.12		-85.55%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.65	1.77	2.05	2.02	1.87	1.65	1.55	1.33	1.05	0.95	1.19	1.12	6.98	0.91				1.44	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.84	1.94	2.41	2.19	2.07	1.87	1.66	1.70	1.17	1.32	1.59	1.54	8.28	1.01				1.68	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.47	1.60	1.69	1.85	1.68	1.42	1.45	0.95	0.92	0.58	0.79	0.70	5.68	0.82				1.19	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.63	1.94	2.41	1.93	1.75	1.74	1.66	0.97	1.17	0.82	1.38	0.77	7.00	0.83	0.54	0.90		1.52	<-Median->	10	Price/GP Ratio
Prem/Disc Close	62.59%	93.92%	140.58%	92.58%	75.01%	74.46%	65.98%	-2.52%	16.53%	-18.41%	38.26%	-23.29%	599.73%	-17.01%	-46.38%	-10.02%		52.12%	<-Median->	10	Graham Price
Price Close	$21.10	$24.93	$35.35	$32.29	$30.60	$28.87	$29.77	$17.28	$21.71	$15.78	$26.44	$13.51	$14.86	$14.25	$14.25	$19.00		-57.96%	<-Total Growth	10	Stock Price
Increase	-6.22%	18.15%	41.80%	-8.66%	-5.23%	-5.65%	3.12%	-41.95%	25.64%	-27.31%	67.55%	-48.90%	9.99%	-4.10%	0.00%	33.33%		15.79	<-Median->	10	CAPE (10 Yr P/E)
P/E	16.11	20.10	23.57	17.45	15.45	15.61	15.75	7.26	9.48	7.14	13.09	8.55	495.33	11.35	4.74	10.01		-2.97%	<-IRR #YR->	5	Stock Price	-14.00%
Trailing P/E	18.67	19.03	28.51	21.53	16.54	14.58	16.09	9.14	9.12	6.89	11.96	6.69	9.41	475.00	11.35	6.32		-8.30%	<-IRR #YR->	10	Stock Price	-57.96%
CAPE (10 Yr P/E)	19.55	18.01	18.16	17.96	17.61	16.61	17.06	16.40	15.18	13.93	13.69	12.87	12.78	12.19	10.63	10.07		1.45%	<-IRR #YR->	5	Price & Dividend	6.83%
Median 10, 5 Yrs		D.  per yr	4.03%	4.42%	% Tot Ret	-94.43%	305.63%	T P/E	10.68	9.12	P/E:	14.27	9.48					-4.27%	<-IRR #YR->	10	Price & Dividend	-29.82%
Price 15		D.  per yr	8.10%		% Tot Ret	98.02%						CAPE Diff	-28.08%					0.16%	<-IRR #YR->	15	Stock Price	2.48%
Price  20		D.  per yr	9.05%		% Tot Ret	89.01%												1.12%	<-IRR #YR->	20	Stock Price	24.87%
Price  25		D.  per yr	10.42%		% Tot Ret	65.20%												5.56%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	10.66%		% Tot Ret	56.07%												8.36%	<-IRR #YR->	29	Stock Price
Price & Dividend 15																		8.27%	<-IRR #YR->	15	Price & Dividend	115.40%
Price & Dividend 20																		10.16%	<-IRR #YR->	20	Price & Dividend	212.61%
Price & Dividend 25																		15.99%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		19.02%	<-IRR #YR->	29	Price & Dividend
Price  5			-$35.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.86								Price  5
Price 10								-$17.28	$0.00	$0.00	$0.00	$0.00	$14.86								Price 10
Price & Dividend 5			-$35.35	$1.18	$1.30	$1.36	$1.40	$1.12	$0.72	$0.72	$0.72	$0.72	$15.58								Price & Dividend 5
Price & Dividend 10								-$17.28	$0.72	$0.72	$0.72	$0.72	$15.58								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	$14.86								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	$14.86								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	$14.86								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	$14.86								Price  30
Price & Dividend 15	$0.88	$0.95	$1.05	$1.18	$1.30	$1.36	$1.40	$1.12	$0.72	$0.72	$0.72	$0.72	$15.58								Price & Dividend 15
Price & Dividend 20	$0.88	$0.95	$1.05	$1.18	$1.30	$1.36	$1.40	$1.12	$0.72	$0.72	$0.72	$0.72	$15.58								Price & Dividend 20
Price & Dividend 25	$0.88	$0.95	$1.05	$1.18	$1.30	$1.36	$1.40	$1.12	$0.72	$0.72	$0.72	$0.72	$15.58								Price & Dividend 25
Price & Dividend 30	$0.88	$0.95	$1.05	$1.18	$1.30	$1.36	$1.40	$1.12	$0.72	$0.72	$0.72	$0.72	$15.58								Price & Dividend 30
Price H/L Median	$21.43	$22.77	$30.11	$33.90	$32.74	$27.26	$27.86	$23.50	$19.51	$18.32	$22.76	$19.75	$14.82	$15.71	5.61%			-50.77%	<-Total Growth	10	Stock Price
Increase	6.35%	6.23%	32.24%	12.59%	-3.42%	-16.73%	2.18%	-15.65%	-16.96%	-6.13%	24.24%	-13.21%	-24.96%	6.01%	33.33%			-6.84%	<-IRR #YR->	10	Stock Price	-50.77%
P/E	16.36	18.36	20.07	18.32	16.53	14.74	14.74	9.87	8.52	8.29	11.26	12.50	494.00	12.52	38.95%			-8.80%	<-IRR #YR->	5	Stock Price	-36.92%
Trailing P/E	18.96	17.38	24.28	22.60	17.69	13.77	15.06	12.43	8.20	8.00	10.30	9.78	9.38	523.67				-2.40%	<-IRR #YR->	10	Price & Dividend	-17.73%
P/E on Run. 5 yr Ave	14.78	18.13	24.32	24.11	20.77	16.19	15.36	11.81	9.39	8.62	10.54	9.42	9.11	11.07				-5.12%	<-IRR #YR->	5	Price & Dividend	-21.60%
P/E on Run. 10 yr Ave	21.26	19.51	23.41	24.40	21.97	17.40	18.15	14.56	11.20	9.90	11.85	10.10	8.20	8.98				17.09	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.44%	3.69%	% Tot Ret	-184.87%	-72.12%	T P/E	11.36	9.38	P/E:	13.62	11.26						Count	29	Years of data
			-$30.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.82
								-$23.50	$0.00	$0.00	$0.00	$0.00	$14.82
			-$30.11	$1.18	$1.30	$1.36	$1.40	$1.12	$0.72	$0.72	$0.72	$0.72	$15.54
								-$23.50	$0.72	$0.72	$0.72	$0.72	$15.54
High Months	May	Dec	Dec	May	May	Jan	Dec	Jan	Jul	Feb	Nov	Jan	Aug	Mar
Price High	$23.84	$24.93	$35.35	$36.79	$36.17	$30.94	$29.77	$30.08	$21.89	$25.46	$30.40	$27.15	$17.58	$17.41				-50.27%	<-Total Growth	10	Stock Price
Increase	5.96%	4.57%	41.80%	4.07%	-1.69%	-14.46%	-3.78%	1.04%	-27.23%	16.31%	19.40%	-10.69%	-35.25%	-0.97%				-6.75%	<-IRR #YR->	10	Stock Price	-50.27%
P/E	18.20	20.10	23.57	19.89	18.27	16.72	15.75	12.64	9.56	11.52	15.05	17.18	586.00	13.87				-10.19%	<-IRR #YR->	5	Stock Price	-41.56%
Trailing P/E	21.10	19.03	28.51	24.53	19.55	15.63	16.09	15.92	9.20	11.12	13.76	13.44	11.13	580.33				19.90	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.69	11.13	P/E:	16.24	15.05					37.33	P/E Ratio		Historical High
			-$35.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.58
								-$30.08	$0.00	$0.00	$0.00	$0.00	$17.58
Low Months	Aug	Jan	Jan	Oct	Sep	Nov	Aug	Dec	Jan	Apr	Jan	Oct	May	May
Price Low	$19.02	$20.60	$24.86	$31.00	$29.30	$23.58	$25.94	$16.91	$17.13	$11.17	$15.11	$12.35	$12.06	$14.01				-51.49%	<-Total Growth	10	Stock Price
Increase	6.85%	8.31%	20.68%	24.70%	-5.48%	-19.52%	10.01%	-34.81%	1.30%	-34.79%	35.27%	-18.27%	-2.35%	16.17%				-6.98%	<-IRR #YR->	10	Stock Price	-51.49%
P/E	14.52	16.61	16.57	16.76	14.80	12.75	13.72	7.11	7.48	5.05	7.48	7.82	402.00	11.16				-6.54%	<-IRR #YR->	5	Stock Price	-28.68%
Trailing P/E	16.83	15.73	20.05	20.67	15.84	11.91	14.02	8.95	7.20	4.88	6.84	6.11	7.63	467.00				14.84	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	8.29	6.84	P/E:	10.28	7.48					7.48	P/E Ratio		Historical Low
			-$24.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.06
								-$16.91	$0.00	$0.00	$0.00	$0.00	$12.06
														$445	<-12 mths	11.73%
Free Cash Flow WSJ								$596.50	$545.66	$529.98	$658.16	$461.44	$410.28	$721	$588	$84		-31.22%	<-Total Growth	5	Free Cash Flow WSJ
Change									-8.52%	-2.87%	24.19%	-29.89%	-11.09%								Change
Free Cash Flow MS	$487.65	$534.16	$616.03	$697.27	$643.33	$642.52	$561.18	$592.14	$541.23	$513	$645	$450	$398	$721	$588	$84		-35.39%	<-Total Growth	10	Free Cash Flow
Change	-11.32%	9.54%	15.33%	13.19%	-7.74%	-0.13%	-12.66%	5.52%	-8.60%	-5.22%	25.73%	-30.23%	-11.56%	81.16%	-18.52%	-85.70%		-7.64%	<-IRR #YR->	5	Free Cash Flow MS	-32.79%
FCF/CF from Op Ratio	0.95	0.99	0.99	0.99	0.99	0.98	0.92	0.97	0.97	0.95	0.97	0.94	0.89	1.14	1.34	0.58		-4.27%	<-IRR #YR->	10	Free Cash Flow MS	-35.39%
Dividends paid	$254.20	$268.77	$297.73	$335.51	$362.18	$368.66	$368.00	$295.41	$170.75	$155.31	$146.45	$137.38	$125.54	$123.06	$123.06	$123.06		-57.83%	<-Total Growth	10	Dividends paid
Percentage paid	52.13%	50.32%	48.33%	48.12%	56.30%	57.38%	65.58%	49.89%	31.55%	30.28%	22.70%	30.53%	31.54%	17.07%	20.95%	146.50%		39.83%	<-Median->	10	Percentage paid
5 Year Coverage				47.70%	50.98%	52.11%	54.81%	55.15%	52.51%	47.65%	39.82%	33.02%	28.87%	25.22%	23.40%	28.21%		49.34%	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio	1.92	1.99	2.07	2.08	1.78	1.74	1.52	2.00	3.17	3.30	4.40	3.28	3.17	5.86	4.77	0.68		2.62	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				2.10	1.96	1.92	1.82	1.81	1.90	2.10	2.51	3.03	3.46	3.97	4.27	3.54		2.03	<-Median->	10	5 Year of Coverage
								-$592	$0	$0	$0	$0	$398
			-$616	$0	$0	$0	$0	$0	$0	$0	$0	$0	$398
Market Cap	$5,983	$7,053	$10,053	$9,096	$8,446	$7,659	$8,094	$4,211	$4,815	$3,319	$5,220	$2,493	$2,286	$2,192	$2,192	$2,923		-77.26%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million		284.030	284.891	284.649	279.422	271.230	264.592	259.582	235.249	215.619	202.466	189.758	171.503	153.821				-39.80%	<-Total Growth	10	Diluted
Change			0.30%	-0.08%	-1.84%	-2.93%	-2.45%	-1.89%	-9.37%	-8.34%	-6.10%	-6.28%	-9.62%	-10.31%				-4.52%	<-Median->	10	Change
Difference Diluted/Basic		-0.2%	-0.4%	-0.4%	-0.2%	0.0%	-0.1%	-0.1%	-0.4%	-0.7%	-0.4%	-0.4%	-0.5%	0.0%
Basic # of Shares in Millions	287.000	283.390	283.640	283.640	278.832	271.133	264.435	259.253	234.273	214.092	201.628	189.089	170.671	153.821				-39.83%	<-Total Growth	10	Basic
Change	-0.72%	-1.26%	0.09%	0.00%	-1.70%	-2.76%	-2.47%	-1.96%	-9.64%	-8.61%	-5.82%	-6.22%	-9.74%	-9.87%				-4.29%	<-Median->	10	Change
Difference Basic/Outstanding	-1.2%	-0.2%	0.3%	-0.7%	-1.0%	-2.2%	2.8%	-6.0%	-5.3%	-1.7%	-2.1%	-2.4%	-9.9%	0.0%				-2.12%	<-Median->	10	Difference
Share buybacks Number of Shares	4.73	1.37	0.36	3.18	7.40	10.81	14.91	28.52	22.64	13.99	17.45	14.12	32.25					176.56	No of Years	14	Share buybacks # of Shares
Share buybacks cost	$32.7	$9.5	$12.5	$22.2	$51.7	$76.8	$108.2	$243.2	$193.6	$120.2	$147.6	$121.3	$291.3					$1,464.36	No of Years	14	Share buybacks cost
Share buybacks Decrease in Shares	282.70	282.19	282.56	281.22	274.31	265.22	250.39	243.36	221.08	207.80	192.91	183.31	152.27								Share buybacks Decin Shares
Percentage	-1.65%	-0.48%	-0.13%	-1.12%	-2.63%	-3.91%	-5.62%	-10.49%	-9.29%	-6.31%	-8.29%	-7.15%	-17.48%					-6.73%	<-Median->	10	Percentage
Cash flow used	6.40%	1.76%	2.01%	3.16%	7.99%	11.74%	17.68%	39.98%	34.69%	22.19%	22.16%	25.34%	64.82%					22.17%	<-Median->	10	Cash flow used
														$425.73	<-12 mths	-5.27%
pre-split '98
pre-split Jan 00
pre-split 00
# of Share in Millions	283.57	282.92	284.40	281.71	276.03	265.30	271.88	243.72	221.79	210.36	197.42	184.52	153.82	153.82	153.82	153.82		-5.96%	<-IRR #YR->	10	Shares	-45.91%
Change	-1.35%	-0.23%	0.52%	-0.95%	-2.02%	-3.89%	2.48%	-10.36%	-9.00%	-5.16%	-6.15%	-6.54%	-16.64%	0.00%	0.00%	0.00%		-8.79%	<-IRR #YR->	5	Shares	-36.89%
Cash Flow from Operations $M	$511.1	$541.4	$621.4	$702.6	$647.4	$654.7	$612.4	$608.2	$558.0	$542.0	$666.0	$478.9	$449.4	$630.7	$436.9	$144.6		-27.68%	<-Total Growth	10	Cash Flow
Increase	-11.38%	5.95%	14.78%	13.06%	-7.85%	1.12%	-6.46%	-0.68%	-8.25%	-2.87%	22.88%	-28.09%	-6.16%	40.33%	-30.73%	-66.90%			SO, Buy Backs		S. Issue
5 year Running Average	$578.4	$553.1	$560.8	$590.6	$604.8	$633.5	$647.7	$645.1	$616.2	$595.1	$597.3	$570.6	$538.9	$553.4	$532.4	$428.1		-3.91%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.80	$1.91	$2.19	$2.49	$2.35	$2.47	$2.25	$2.50	$2.52	$2.58	$3.37	$2.60	$2.92	$4.10	$2.84	$0.94		33.71%	<-Total Growth	10	Cash Flow per Share
Increase	-10.17%	6.19%	14.18%	14.14%	-5.95%	5.21%	-8.73%	10.79%	0.82%	2.40%	30.93%	-23.06%	12.57%	40.33%	-30.73%	-66.90%		-3.19%	<-IRR #YR->	10	Cash Flow	-27.68%
5 year Running Average	$2.01	$1.92	$1.96	$2.08	$2.15	$2.28	$2.35	$2.41	$2.42	$2.46	$2.64	$2.71	$2.80	$3.11	$3.17	$2.68		-5.87%	<-IRR #YR->	5	Cash Flow	-26.11%
P/CF on Med Price	11.89	11.90	13.78	13.59	13.96	11.05	12.37	9.41	7.75	7.11	6.75	7.61	5.07	3.83	0.02	0.00		2.95%	<-IRR #YR->	10	Cash Flow per Share	33.71%
P/CF on Closing Price	11.71	13.03	16.18	12.95	13.05	11.70	13.22	6.92	8.63	6.12	7.84	5.21	5.09	3.48	5.02	20.21		3.20%	<-IRR #YR->	5	Cash Flow per Share	17.08%
															-59.51%	Diff M/C		3.61%	<-IRR #YR->	10	CFPS 5 yr Running	42.63%
														$505.25	<-12 mths	-10.18%
Excl.Working Capital CF	-$177.2	$6.7	-$28.4	-$25.2	$40.2	-$35.1	-$6.4	$47.3	$23.2	-$18.6	-$15.7	$85.6	$113.1	$0.0	$0.0	$0.0		3.01%	<-IRR #YR->	5	CFPS 5 yr Running	15.99%
CF fr Op $M WC	$333.9	$548.1	$593.1	$677.4	$687.7	$619.6	$606.0	$655.5	$581.2	$523.4	$650.2	$564.5	$562.5	$630.7	$436.9	$144.6		-5.15%	<-Total Growth	10	Cash Flow less WC
Increase	-33.64%	64.16%	8.20%	14.22%	1.52%	-9.89%	-2.20%	8.17%	-11.34%	-9.95%	24.24%	-13.18%	-0.36%	12.11%	-30.73%	-66.90%		-0.53%	<-IRR #YR->	10	Cash Flow less WC	-5.15%
5 year Running Average	$518.1	$495.0	$495.6	$531.1	$568.0	$625.2	$636.8	$649.3	$630.0	$597.2	$603.3	$595.0	$576.4	$586.3	$569.0	$467.8		-3.01%	<-IRR #YR->	5	Cash Flow less WC	-14.19%
CFPS Excl. WC	$1.18	$1.94	$2.09	$2.40	$2.49	$2.34	$2.23	$2.69	$2.62	$2.49	$3.29	$3.06	$3.66	$4.10	$2.84	$0.94		1.52%	<-IRR #YR->	10	CF less WC 5 Yr Run	16.30%
Increase	-32.74%	64.54%	7.63%	15.31%	3.61%	-6.25%	-4.57%	20.67%	-2.57%	-5.06%	32.38%	-7.10%	19.53%	12.11%	-30.73%	-66.90%		-2.35%	<-IRR #YR->	5	CF less WC 5 Yr Run	-11.23%
5 year Running Average	$1.80	$1.72	$1.73	$1.87	$2.02	$2.25	$2.31	$2.43	$2.47	$2.47	$2.66	$2.83	$3.02	$3.32	$3.39	$2.92		5.78%	<-IRR #YR->	10	CFPS - Less WC	75.37%
P/CF on Med Price	18.20	11.75	14.44	14.10	13.14	11.67	12.50	8.74	7.44	7.36	6.91	6.46	4.05	3.83	0.02	0.00		6.34%	<-IRR #YR->	5	CFPS - Less WC	35.96%
P/CF on Closing Price	17.92	12.87	16.95	13.43	12.28	12.36	13.36	6.42	8.28	6.34	8.03	4.42	4.06	3.48	5.02	20.21		5.73%	<-IRR #YR->	10	CFPS 5 yr Running	74.52%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	8.58	5 yr	7.11	P/CF Med	10 yr	8.09	5 yr	6.91		-57.04%	Diff M/C		4.47%	<-IRR #YR->	5	CFPS 5 yr Running	24.43%
			-284.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	153.8								Shares
								-243.7	0.0	0.0	0.0	0.0	153.8								Shares
			-$621.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$449.4								Cash Flow
								-$608.2	$0.0	$0.0	$0.0	$0.0	$449.4								Cash Flow
			-$2.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.92								Cash Flow per Share
								-$2.50	$0.00	$0.00	$0.00	$0.00	$2.92								Cash Flow per Share
			-$1.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.80								CFPS 5 yr Running
								-$2.41	$0.00	$0.00	$0.00	$0.00	$2.80								CFPS 5 yr Running
			-$593.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$562.5								Cash Flow less WC
								-$655.5	$0.0	$0.0	$0.0	$0.0	$562.5								Cash Flow less WC
			-$495.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$576.4								CF less WC 5 Yr Run
								-$649.3	$0.0	$0.0	$0.0	$0.0	$576.4								CF less WC 5 Yr Run
			-$2.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.66								CFPS - Less WC
								-$2.69	$0.00	$0.00	$0.00	$0.00	$3.66								CFPS - Less WC
			-$1.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.02								CFPS 5 yr Running
								-$2.43	$0.00	$0.00	$0.00	$0.00	$3.02								CFPS 5 yr Running
Net change in operating assets and liabilities			$28.37	$25.19	-$40.25	$35.07	$6.38	-$47.34	-$23.21	$18.60	$15.74	-$85.63	-$113.13
Sum			$28.37	$25.19	-$40.25	$35.07	$6.38	-$47.34	-$23.21	$18.60	$15.74	-$85.63	-$113.13
Google -->TD 2017			$28.37	$25.19	-$40.25	$35.07	$6	-$47	-$23	$19	$16	-$86	-$113
Difference			$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0
OPM	34.15%	37.14%	38.44%	37.45%	32.41%	33.60%	29.01%	27.20%	26.33%	26.43%	24.42%	20.52%	16.37%	21.26%				-57.42%	<-Total Growth	10	OPM
Increase	-18.36%	8.75%	3.49%	-2.57%	-13.46%	3.68%	-13.68%	-6.24%	-3.18%	0.38%	-7.61%	-15.99%	-20.23%	29.88%					Should increase		or be stable.
Diff from Ave	27.4%	38.5%	43.4%	39.7%	20.9%	25.3%	8.2%	1.4%	-1.8%	-1.4%	-8.9%	-23.5%	-39.0%	-20.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	26.81%	5 Yrs	24.42%					should be zero,/td>	it is a check		on calculations
														$1,117	<-12 mths	1.91%
Adjusted EBITDA	$584.9	$579.4	$632.7	$774.8	$849.3	$835.0	$891.8	$906.2	$850.5	$807.0	$1,013.9	$1,053.8	$1,095.8	$1,034	$1,103			73.19%	<-Total Growth	10	Adjusted EBITDA	Got years 2010 to 2019 form 2019 report
Changed	14.26%	-0.94%	9.20%	22.46%	9.62%	-1.68%	6.80%	1.61%	-6.15%	-5.11%	25.64%	3.94%	3.99%	-5.64%	6.67%			3.96%	<-Median->	10	Changed
Margin	39.09%	39.75%	39.14%	41.30%	42.52%	42.86%	42.24%	40.52%	40.13%	39.36%	37.18%	45.14%	39.91%	34.85%	34.63%			40.91%	<-Median->	10	Margin
Long Term Debt				$305.39	$557.35	$758.66	$896.12	$1,593.73	$1,154.99	$2,252.31	$3,331.55	$3,896.21	$3,070.15	$3,125.24							Debt	Type
Change					82.50%	36.12%	18.12%	77.85%	-27.53%	95.01%	47.92%	16.95%	-21.20%	1.79%				36.12%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio				0.03	0.07	0.10	0.11	0.38	0.24	0.68	0.64	1.56	1.34	1.43				0.31	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio				7.49	7.77	6.74	4.45	5.27	3.74	3.44	3.21	2.95	1.99	1.81				4.09	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)				0.43	0.86	1.16	1.46	2.62	2.07	4.16	5.00	8.14	6.83	4.96				2.35	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq CF DB
Intangibles	$1,037	$1,041	$1,054	$1,052	$1,133	$1,218	$1,855	$1,849	$1,857	$2,237	$2,929	$3,455	$3,209					204.43%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$1,120	$1,120	$1,137	$1,137	$1,163	$1,190	$1,521	$1,521	$1,531	$2,054	$3,256	$4,068	$4,367					284.01%	<-Total Growth	10	Goodwill	Leverage
Total	$2,156	$2,161	$2,191	$2,189	$2,296	$2,408	$3,376	$3,370	$3,388	$4,291	$6,185	$7,523	$7,576	$7,625				245.74%	<-Total Growth	10	Total	D/E Ratio
Change	-0.11%	0.23%	1.38%	-0.10%	4.88%	4.88%	40.19%	-0.16%	0.54%	26.63%	44.14%	21.63%	0.71%	0.65%				4.88%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.36	0.31	0.22	0.24	0.27	0.31	0.42	0.80	0.70	1.29	1.18	3.02	3.31	3.48				0.75	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$359.80	$288.60	$405.47	$364.51	$416.65	$536.55	$889.58	$836.49	$817.73	$1,838.65	$1,839.02	$1,833.43	$1,675.45	$1,771.59				313.21%	<-Total Growth	10	Current Assets
Current Liabilities	$555.98	$322.45	$555.27	$402.78	$424.38	$512.99	$1,023.58	$814.16	$1,168.96	$1,849.91	$2,698.40	$3,288.06	$5,010.26	$5,318.88				802.31%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	0.65	0.90	0.73	0.90	0.98	1.05	0.87	1.03	0.70	0.99	0.68	0.56	0.33	0.33				0.89	<-Median->	10	Ratio
Liq. with CF aft div	1.12	1.74	1.31	1.82	1.67	1.62	1.10	1.44	1.04	1.21	0.88	0.66	0.40	0.43				0.88	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.86	1.18	1.06	1.37	1.00	1.29	0.93	1.39	1.00	0.91	0.58	0.57	0.36	0.43				0.58	<-Median->	5	Ratio
Curr Long Term Debt	$257.76	$24.00	$199.77	$2.00	$2.00	$0.00	$222.00	$0.00	$449.51	$203.81	$444.49	$320.00	$437.26	$482.36
Liquidity Less CLTD	1.21	0.97	1.14	0.91	0.99	1.05	1.11	1.03	1.14	1.12	0.82	0.62	0.37	0.37				0.82	<-Median->	5	Ratio
Liq. with CF aft div	2.08	1.88	2.05	1.83	1.67	1.62	1.40	1.44	1.69	1.35	1.05	0.73	0.44	0.47				1.05	<-Median->	5	Ratio
Assets	$3,085.0	$2,971.6	$3,094.0	$3,016.0	$3,297.4	$3,458.7	$4,550.7	$4,292.2	$4,367.8	$6,359.8	$8,659.6	$9,708.4	$9,981.6	$9,645.8				222.61%	<-Total Growth	10	Assets
Liabilities	$1,464.8	$1,295.6	$1,270.3	$1,109.5	$1,400.4	$1,710.7	$2,491.5	$2,859.3	$2,868.5	$4,742.1	$7,043.9	$8,084.7	$8,941.6	$8,026.3				603.87%	<-Total Growth	10	Liabilities
Debt Ratio	2.11	2.29	2.44	2.72	2.35	2.02	1.83	1.50	1.52	1.34	1.23	1.20	1.12	1.20				1.51	<-Median->	10	Ratio
														$7.18	$9.85				Estimates		Estimates BVPS
														$1,104.4	$1,515.1				Estimates		Estimate Book Value
														1.98	1.45				Estimates		P/B Ratio (Close)
															-39.66%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$1,620.2	$1,676.0	$1,823.6	$1,906.4	$1,897.0	$1,748.0	$2,059.2	$1,432.9	$1,499.4	$1,617.7	$1,615.6	$1,623.7	$1,040.0	$1,619.5				-42.97%	<-Total Growth	10	Book Value
Non-Controlling Interest	$0.0	$0.0	$4.3	$3.7	$2.9	$2.6	$2.5	$2.8	$5.4	$35.3	$27.1	$13.9	$12.3	$13.5
Net Book Value	$1,620.2	$1,676.0	$1,819.3	$1,902.7	$1,894.1	$1,745.4	$2,056.7	$1,430.1	$1,494.0	$1,582.4	$1,588.5	$1,609.8	$1,027.8	$1,606.0	$1,606.0	$1,606.0		-43.51%	<-Total Growth	10	Book Value
Book Value per share	$5.71	$5.92	$6.40	$6.75	$6.86	$6.58	$7.56	$5.87	$6.74	$7.52	$8.05	$8.72	$6.68	$10.44	$10.44	$10.44		4.45%	<-Total Growth	10	Book Value per Share
Change	1.77%	3.68%	7.99%	5.58%	1.60%	-4.13%	14.98%	-22.43%	14.80%	11.68%	6.96%	8.42%	-23.41%	56.26%	0.00%	0.00%		-64.05%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.75	3.84	4.71	5.02	4.77	4.14	3.68	4.00	2.90	2.43	2.83	2.26	2.22	1.50	0.01	0.00		3.80	P/B Ratio		Historical Median
P/B Ratio (Close)	3.69	4.21	5.53	4.78	4.46	4.39	3.94	2.94	3.22	2.10	3.29	1.55	2.22	1.36	1.36	1.82		0.44%	<-IRR #YR->	10	Book Value per Share	4.45%
Change	-7.86%	13.96%	31.31%	-13.48%	-6.72%	-1.59%	-10.32%	-25.17%	9.44%	-34.92%	56.65%	-52.87%	43.62%	-38.63%	0.00%	33.33%		-2.05%	<-IRR #YR->	5	Book Value per Share	13.87%
Leverage (A/BK)	1.90	1.77	1.70	1.58	1.74	1.98	2.21	3.00	2.91	3.93	5.36	5.98	9.60	5.96				2.95	<-Median->	5	A/BV
Debt/Equity Ratio	0.90	0.77	0.70	0.58	0.74	0.98	1.21	2.00	1.91	2.93	4.36	4.98	8.60	4.96				1.95	<-Median->	5	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	3.29	5 yr Med	2.43		-58.51%	Diff M/C		1.85	Historical	28	A/BV
			-$6.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.68
							-$7.56	$0.00	$0.00	$0.00	$0.00	$0.00	$6.68
														-$168.09	<-12 mths	859.25%
Comprehensive Income	$374.92	$354.16	$433.10	$526.98	$551.00	$505.23	$504.93	$618.66	$537.50	$451.20	$409.70	$361.05	-$16.87
NCI	$0.00	$0.00	$0.19	$0.31	-$0.88	-$0.23	-$0.16	$0.37	-$0.87	-$3.78	$2.91	$4.85	$0.66
Shareholders	$374.92	$354.16	$432.91	$526.67	$551.87	$505.46	$505.08	$618.28	$538.37	$454.98	$406.79	$356.19	-$17.52					-104.05%	<-Total Growth	10	Comprehensive Income
Increase	13.19%	-5.54%	22.23%	21.66%	4.79%	-8.41%	-0.08%	22.41%	-12.92%	-15.49%	-10.59%	-12.44%	-104.92%					-12.92%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$404.27	$349.88	$347.69	$403.98	$448.11	$474.22	$504.40	$541.47	$543.81	$524.44	$504.70	$474.92	$347.76					#NUM!	<-IRR #YR->	10	Comprehensive Income	-104.05%
ROE	23.1%	21.1%	23.8%	27.7%	29.1%	29.0%	24.6%	43.2%	36.0%	28.8%	25.6%	22.1%	-1.7%					#NUM!	<-IRR #YR->	5	Comprehensive Income	-102.83%
5Yr Median	23.1%	21.1%	21.1%	23.1%	23.8%	27.7%	27.7%	29.0%	29.1%	29.0%	28.8%	28.8%	25.6%					0.00%	<-IRR #YR->	10	5 Yr Running Average	0.02%
% Difference from NI	-0.5%	0.6%	1.5%	0.3%	-0.3%	0.5%	1.0%	0.1%	0.0%	-4.4%	-0.6%	18.8%	-449.2%					-8.47%	<-IRR #YR->	5	5 Yr Running Average	-35.78%
Median Values										Diff	5, 10 yr	0.1%	-0.6%					25.6%	<-Median->	5	Return on Equity
			-$432.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$17.5
								-$618.3	$0.0	$0.0	$0.0	$0.0	-$17.5
			-$347.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$347.8
								-$541.5	$0.0	$0.0	$0.0	$0.0	$347.8
Current Liability Coverage Ratio	0.92	1.68	1.12	1.74	1.53	1.28	0.60	0.75	0.48	0.29	0.25	0.15	0.09	0.12							CFO / Current Liabilities
5 year Median	0.92	1.14	1.14	1.14	1.53	1.53	1.28	1.28	0.75	0.60	0.48	0.29	0.25	0.15				0.25	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	16.57%	18.22%	20.09%	23.30%	19.64%	18.93%	13.46%	14.17%	12.78%	8.52%	7.69%	4.93%	4.50%	6.54%							CFO / Total Assets
5 year Median	17.66%	17.66%	18.22%	18.22%	19.64%	19.64%	19.64%	18.93%	14.17%	13.46%	12.78%	8.52%	7.69%	6.54%				7.7%	<-Median->	5	Return on Assets
Return on Assets ROA	12.22%	11.85%	13.78%	17.41%	16.79%	14.54%	10.99%	14.39%	12.33%	7.48%	4.73%	3.09%	0.05%	2.00%				Net	Income/Assets		Return on Assets
5Yr Median	12.22%	11.85%	11.85%	12.22%	13.78%	14.54%	14.54%	14.54%	14.39%	12.33%	10.99%	7.48%	4.73%	3.09%				11.7%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	23.26%	21.01%	23.44%	27.59%	29.22%	28.82%	24.31%	43.18%	36.04%	30.08%	25.77%	18.62%	0.49%	12.04%				Net Inc/	Shareholders' equity/td>		Return on Equity
5Yr Median	23.26%	21.01%	21.01%	23.26%	23.44%	27.59%	27.59%	28.82%	29.22%	30.08%	30.08%	30.08%	25.77%	18.62%				28.2%	<-Median->	10	Return on Equity
														$97.66	<-12 mths	1846.17%
Net Income	$376.9	$352.16	$426.59	$525.36	$552.62	$502.77	$499.77	$617.85	$537.52	$475.55	$412.37	$301.83	$6.09
NCI	$0.00	$0.00	$0.19	$0.31	-$0.88	-$0.23	-$0.16	$0.37	-$0.87	-$0.43	$3.05	$2.07	$1.07
Shareholders	$376.90	$352.16	$426.40	$525.04	$553.49	$503.00	$499.93	$617.48	$538.40	$475.98	$409.33	$299.76	$5.02	$193	$454	$246		-98.82%	<-Total Growth	10	Net Income
Increase	13.93%	-6.56%	21.08%	23.14%	5.42%	-9.12%	-0.61%	23.51%	-12.81%	-11.59%	-14.00%	-26.77%	-98.33%	3752.13%	135.02%	-45.85%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$404.6	$350.0	$346.2	$402.3	$446.8	$472.0	$501.6	$539.8	$542.5	$527.0	$508.2	$468.2	$345.7	$276.7	$272.3	$239.7		#NUM!	<-IRR #YR->	10	Net Income	-98.82%
Operating Cash Flow	$511.1	$541.4	$621.4	$702.6	$647.4	$654.7	$612.4	$608.2	$558.0	$542.0	$666.0	$478.9	$449.4					-61.81%	<-IRR #YR->	5	Net Income	-99.19%
Investment Cash Flow	-$168.5	-$153.3	-$133.1	-$134.2	-$285.7	-$132.8	-$183.1	-$28.4	-$46.3	-$598.1	-$1,401.9	-$508.5	-$524.3					-0.02%	<-IRR #YR->	10	5 Yr Running Ave.	-0.15%
Total Accruals	$34.40	-$35.94	-$61.89	-$43.31	$191.79	-$18.95	$70.62	$37.66	$26.70	$532.12	$1,145.24	$329.37	$79.91					-8.53%	<-IRR #YR->	5	5 Yr Running Ave.	-35.96%
Total Assets	$3,085.0	$2,971.6	$3,094.0	$3,016.0	$3,297.4	$3,458.7	$4,550.7	$4,292.2	$4,367.8	$6,359.8	$8,659.6	$9,708.4	$9,981.6						Balance Sheet		Assets
Accruals Ratio	1.11%	-1.21%	-2.00%	-1.44%	5.82%	-0.55%	1.55%	0.88%	0.61%	8.37%	13.23%	3.39%	0.80%					3.39%	<-Median->	5	Ratio
EPS/CF Ratio	1.11	0.64	0.72	0.77	0.79	0.79	0.85	0.88	0.87	0.89	0.61	0.52	0.01					0.79	<-Median->	10	EPS/CF Ratio
			-$426	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5
								-$617	$0	$0	$0	$0	$5
			-$346	$0	$0	$0	$0	$0	$0	$0	$0	$0	$346
								-$540	$0	$0	$0	$0	$346
Change in Close	-6.22%	18.15%	41.80%	-8.66%	-5.23%	-5.65%	3.12%	-41.95%	25.64%	-27.31%	67.55%	-48.90%	9.99%	-4.10%	0.00%	33.33%			Count	29	Years of data
up/down						down					down	down							Count	13	44.83%
Meet Prediction?						yes						yes						% right	Count	6	46.15%
Financial Cash Flow	-$436.49	-$486.52	-$393.61	-$635.92	-$356.35	-$460.65	-$422.62	-$567.24	-$530.50	$421.38	$483.10	-$47.54	$58.30						C F Statement		Financial CF
Total Accruals	$470.89	$450.58	$331.72	$592.61	$548.14	$441.70	$493.24	$604.90	$557.20	$110.74	$662.15	$376.92	$21.61								Accruals
Accruals Ratio	15.26%	15.16%	10.72%	19.65%	16.62%	12.77%	10.84%	14.09%	12.76%	1.74%	7.65%	3.88%	0.22%					3.88%	<-Median->	5	Ratio
Cash	$122.55	$24.14	$118.81	$51.25	$56.60	$117.90	$124.58	$137.16	$118.36	$483.60	$230.78	$153.62	$137.03	$126.15							Cash
Cash per Share	$0.43	$0.09	$0.42	$0.18	$0.21	$0.44	$0.46	$0.56	$0.53	$2.30	$1.17	$0.83	$0.89	$0.82				$0.89	<-Median->	5	Cash per Share
Percentage of Stock Price	2.05%	0.34%	1.18%	0.56%	0.67%	1.54%	1.54%	3.26%	2.46%	14.57%	4.42%	6.16%	5.99%	5.76%				5.99%	<-Median->	5	% of Stock Price
Notes:
June 16, 2024.  Last estimates were for 2023, 2024 and 2025 of $2629M, $2820M $2741M Revenue, $3.23, $3.55 and $3.51 AEPS, $2.40, $2.98, $3.10 EPS,
$0.72, $0.73 and $0.72 Dividends, $646M, $517M 2023/4 FCF, $3.82, $2.66 and $0.45 CVPS, $442, $542, $509 Net Income.
June 16, 2023.  Last estimates were for 2022 and 2023 of $3011M, $3158M for Revenue, $3.36, $3.63 and $3.78 2022/4 for AEPS, $2.85 and $3.24 for EPS,
$0.73 and $0.74 for dividends, $697M and $726M for FCF, $2.23, $2.12 for CFPS, and $553M, $599M for Net Income.
November 10, 2022.  CIX deleted from NYSE-CIXX and on to OTC-CIXXF
June 18, 2022.  Last estimates were for 2021, 2022 and 2023 of $2697M, 2759M and $2252M for Revenue, $2.73, $3.00 and $2.54 for EPS,
$0.72, $0.73 amd $0.72 for Dividends, $614M, $527M and $380M for FCF, $0.76, $2.23 and $2.12 for CFPS and $564M, $608M and $482M for Net Income.
June 19, 2021.  Last estimates were for 2020 and 2021 of $136300M for AUM for 2020, $1913M and $1843M for Revenue, $2.12 and $2.09 for EPS,
$0.72 and $0.72 for Dividends, $491M and $419M for FCF, $2.81 for CFPS for 2020 and $554M and $562M for Net Income.
17 November 2020, this company was listed on the NYSE as CIXX. It used to be OTC-CIFAF.
June 19, 2020.  Last estimates were for 2019, 2020 and 2021 of $132700M for AUM for 2019 and 2020, $2133M, $2142M and $2242M for Revenue,
$2.37, $2.52 and $2.57 for EPS, $0.72, $0.73 and $0.84 for div, $2.53 and $2.81 for CFPS for 2019 and 2020, $557M, $554M and $562M for Net Income.
June 22, 2019.  Last estimates were for 2018 and 2019 of $144800M and $153600M for AUM, $2286M, $2327M and 2578M for evenue for 2018, 2019 and 2020,
$2.40 and $2.56 for EPS, $2.53 and $2.66 for CFPS and $635M and $652M for Net Income.
June 17, 2018.  Last estimates were for 2017, 2018 and 2019 of $128500M and $138500M for AUM, $2060M, $2159M and $1435M for Revenue, $2.14, $2.25 and $2.75 for EPS,
$2.45 and $2.48 for CFPS for 2017 and 2018 and $556M, $380M and $702M for Net Income.
June 15, 2017.  Last estimates were for 2016 and 2017 of 110B and 118B for Assets Under Mge, $1932M, $2058M and $2242M for Revenuie for 2016, 2017 and 2018,
$2.00 and $2.21 and $2.43 for EPS for 2016, 2017 and 2018, $2.11 and 2.10 for CFPS and $535M and $591M for Net Income.
June 12, 2016.  Last estimates were for 2015, 2016 and 2017 of $111,058M, 121,237M for AUM for 2015 and 2016, $2077M, $2240M and $2491M for Revenue,
$2.16, $2.39 and $2.64 for EPS, $2.13 and $1.59 for CFPS for 2015 and 2016 and $608M, $670M and $718M for Net Income.
June 21, 2015.  Last estimates were for 2014, 2015 and 2016 of AUM at 99600M, $111000M for 2014 and 2015, Revenues at $1904.6M, $21124.8M and $2332M for Revenue,
$1.89m $2.20 and $2.48 for EPS, $$2.01 and $2.19 for CFPS for 2014 and 2015 and $537M, $623M and $688M for Net Income.
June 21, 2014.  Last estimates were for 2013, 2014 and 2015 of $1607M, 1761M and $1949M for Revenue, $1.53 and $1.74 ('13, '14) for EPS and $1.85 and 2.14 ('13, '14) for CFPS.
Jun 19, 2013.  Last estimates were for 2011 and 2012 of $1460.6M and $1542.7M for Revenue, $1.30 and $1.37 (and $1.51) for Earnings and $1.41 and $1.69 for CFPS.
Jan 1, 2012.  Last estimates I got for 2010 and 2011 were $1.12 and $1.30 for EPS and $1.19 and $1.67 for CF. Name change from CI Funds Management to CI Financial.
Sep 5, 2010.  Last I looked I got estimates for 2009 and 2010 of $.85 and $1.11 for earnings and $1.52 and $1.62 for CF. On Jan 1, 2009, company changed from an Income Trust to a corporation.
Oct 27, 2009.  when I last looked at this stock in May 2009, I got 2009 earnings of $.90 and cash flow of $1.21.
May 2009.  Note that company because a unit trust in 2006 and then switched back to a corporation in January 1. 2009.
AP 2007.  Note that there is a change in the annual report date from a May date to a December date.  Because there is not 12 month period to December 2006 to cover, I used the 12 mth period to May 2006 and then the
12 month period to Dec 2007.  There is no good way to handle the change of annual report date.
AP 2003, 2004. Stock has done very well in 2003 and 2004.  You have to wonder if it will continue to increase as much.  The hugh increase from 2001 may be over.
2006.  When they became a Unit Trust in 2006, dividends were significantly increased, but these dividends proved to be unsustainable, so dividends where decreased.
They changed back to a corporation in 2009 and since that time, they have been increasing their dividends.
June 1994.  This company has been publicly traded on the Toronto Stock Exchange since June 1994.
1956.   It was founded in 1965 as Universal Savings Fund Management Ltd
See old_research_portfolio file for CIX's unit price and distributions.
Sector:
Financial Services, Financial
What should this stock accomplish?
Would I buy this company and Why.
If I was looking for a mutual fund company, I would consider this stock.  It is a dividend growut stock.
Why am I following this stock.
I started to follow this stock originally because it was a Mutual Fund company.  People talked about it being easier to make money from buying a Mutual Fund company than buying Mutual Funds.
When they became a Unit Trust in 2006, dividends were significantly increased, but these dividends proved to be unsustainable.  They changed back to a corporation in 2009 and dividends were decreased in 2010.
Since that time, they have been increasing their dividends since 2011.  In June 2014, MPL communications called this stock a Buy and advised that they were adding it to their list of Key Stock for the Investment reporter.
I started to follow this stock in 2009.
Dividends
Dividends are paid quarter in Cycle 1 of January, April,  July and October.
Dividends are paid monthly.  The dividends are declared in one month for payment in the following month.
For example, the dividend declared for shareholders of record of November 30, 2013 was payable on December 13, 2013.
How they make their money.
CI Financial is a diversified provider of wealth management products and services, primarily in the Canadian market. The company operates its fund business through
CI Global Asset Management, which offers a broad selection of investment funds. On the wealth management side, the company operates through CI Assante Wealth
Management, Aligned Capital Partners, CI Private Wealth, as well as a large group of acquired US-based advisors, providing financial advice primarily to high-net-worth clients.
This is a widely held company.  It was 37% owned by Sun Life, but they sold their interest in this company in October 2008.
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	2016	Jun 11	2017	Jun 17	2018	Jun 22	2019	Jun 20	2020	Jun 19	2021	Jun 18	2022	Jun 16	2023			Jun 16	2024
MacAlphine, Kurt								0.007	0.00%	0.075	0.04%	0.209	0.11%	0.349	0.23%			0.500	0.33%			43.43%
Officer - Shares - Amount									$0.117		$1.990		$2.825		$5.180				$7.125
Options - percentage								0.243	0.12%	0.403	0.20%	0.519	0.28%	0.710	0.46%			0.756	0.49%			6.43%
Options - amount									$3.839		$10.645		$7.010		$10.549				$10.767
Anderson, Peter W.	0.16%	0.443	0.16%	0.458	0.19%	0.000	0.00%														Ceased insider 2014
Officer - Shares - Amount	$12.489		$13.176		$7.907		$0.000														but report from company
Options - percentage	0.09%	0.291	0.11%	0.339	0.14%	0.000	0.00%														says it will be in 2020
Options - amount	$6.909		$8.676		$5.859		$0.000
MacPhail, Stephen A.	0.35%																				Web site shows
CEO - Shares - Amount	$26.817																				Anderson as CEO
Options - percentage	0.14%																				INK Shows MacPhail
Options - amount	$10.971																				in 2018
Muni, Amit										0.000	0.00%	0.010	0.01%	0.036	0.02%			0.068	0.04%			88.03%
CFO - Shares - Amount											$0.000		$0.142		$0.537				$0.969
Options - percentage										0.054	0.03%	0.072	0.04%	0.107	0.07%			0.087	0.06%			-18.51%
Options - amount											$1.437		$0.973		$1.584				$1.238
Jamieson, Douglas J.R.	0.02%	0.066	0.02%	0.062	0.03%	0.065	0.03%	0.075	0.04%												ceased insider Feb 2021
CFO - Shares - Amount	$1.911		$1.971		$1.075		$1.421		$1.179
Options - percentage	0.05%	0.203	0.07%	0.232	0.10%	0.241	0.11%	0.194	0.09%
Options - amount	$3.777		$6.047		$4.016		$5.237		$3.063
Kelterborn, Edward Douglas										0.005	0.00%	0.013	0.01%	0.022	0.01%			0.027	0.02%			20.87%
Officer - Shares - Amount											$0.143		$0.174		$0.331				$0.384
Options - percentage										0.054	0.03%	0.062	0.03%	0.074	0.05%			0.050	0.03%			-32.59%
Options - amount											$1.415		$0.831		$1.104				$0.714
Blair, Lorraine						0.018	0.01%	0.020	0.01%	0.020	0.01%										Ceased Insider Jun 2022
Officer - Shares - Amount							$0.393		$0.318		$0.533
Options - percentage						0.069	0.03%	0.051	0.02%	0.036	0.02%
Options - amount							$1.501		$0.801		$0.955
Lewis, Marc-Andre														0.005	0.00%			0.030	0.02%			495.05%
Officer - Shares - Amount															$0.075				$0.427
Options - percentage														0.142	0.09%			0.176	0.11%			23.89%
Options - amount															$2.111				$2.508
Murray, Sheila A.	0.03%	0.072	0.03%	0.072	0.03%	0.072	0.03%	0.086	0.04%	0.086	0.04%	0.086	0.05%								Was officer, now Director
Director - Shares - Amount	$2.065		$2.129		$1.236		$1.553		$1.352		$2.265		$1.158								2019
Options - percentage	-0.07%	0.213	0.08%	0.149	0.06%	0.226	0.10%	0.050	0.02%	0.000	0.00%	0.000	0.00%
Options - amount	-$5.485		$6.344		$2.572		$4.913		$0.789		$0.000		$0.000
Chang-Addorisio, Brigette Elizabeth						10.277	4.63%	10.257	4.88%	10.257	5.20%	10.258	5.56%	10.448	6.79%			10.259	6.67%			-1.81%
Director - Shares - Amount							$223.124		$161.863		$271.208		$138.591		$155.258				$146.188
Options - percentage						0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount							$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Butt, William														0.252	0.16%			0.252	0.16%			0.00%
Director - Shares - Amount															$3.737				$3.584
Options - percentage														0.043	0.03%			0.058	0.04%			36.57%
Options - amount															$0.636				$0.832
Holland, William T.	3.17%	7.900	2.91%	7.905	3.24%	8.271	3.73%	8.107	3.85%	8.707	4.41%	9.282	5.03%	10.162	6.61%			10.949	7.12%			7.75%
Chairman - Shares - Amt	$242.51		$235.18		$136.593		$179.570		$127.928		$230.212		$125.399		$151.008				$156.030
Options - percentage	0.00%	0.014	0.01%	0.018	0.01%	0.013	0.01%	0.000	0.00%	0.010	0.00%	0.010	0.01%	0.010	0.01%			0.011	0.01%			4.98%
Options - amount	$0.000		$0.407		$0.307		$0.291		$0.000		$0.253		$0.134		$0.154				$0.155
CI Income Fund	89.28%
Amount of Trust Units	$6,838.39
Increase in O/S Shares	0.15%	0.080	0.03%	0.216	0.08%	0.341	0.14%	0.711	0.32%	0.522	0.25%	0.799	0.40%	1.138	0.62%			1.548	1.01%
due to SO	$12.760		$2.310		$6.430		$5.892		$15.436		$8.237		$21.126		$15.374				$23.003
Book Value	$3.062		$1.280		$4.254		$7.519		$12.751		$8.488		$10.825		$16.117				$21.114
Insider Buying	-$1.153		-$0.259		-$0.489		-$6.278		-$6.935		-$15.408		-$14.044		-$12.625				-$14.420
Insider Selling	$57.411		$34.997		$0.453		$0.436		$11.812		$0.633		$1.802		$1.831				$3.006
Net Insider Selling	$56.258		$34.738		-$0.036		-$5.842		$4.877		-$14.776		-$12.242		-$10.794				-$11.414
% of Market Cap	0.73%		0.43%		0.00%		-0.12%		0.15%		-0.28%		-0.49%		-0.47%				-0.52%
Directors		7		7		9		8		8		9		8				7
Women	9%	1	14%	1	14%	2	22%	2	25%	2	25%	3	33%	2	25%			2	29%
Minorities	0%	0	0%	0	0%	1	11%	1	13%	1	13%	1	11%	1	13%			1	14%
Institutions/Holdings	$3,855.38	272	$3,383.38	222	47.40%	392	91.29%														makes no sense 2019
Value					$1,996.34		$4,395.56
Total Shares Held	48.55%	126.000	46.34%	79.000	32.41%	140.000	63.12%
Amount	$4,100.40		$3,751.02		########		$3,039.40
Increase/Decrease	-2.19%	-8.000	-5.97%	1.000	1.28%	-16.000	-10.26%
Starting No. of Shares	Moringstar	134.000	Moringstar	78.000	Moringstar	156.000	Moringstar
Institutions/Holdings						232	51.54%	20	29.67%	20	51.18%	20	38.58%	20	20.39%			20	18.98%
Total Shares Held						122.986	55.45%	69.731	33.15%	105.686	53.53%	75.528	40.93%	37.627	24.46%			28.733	18.68%
Increase/Decrease 3 Mths						2.479	2.06%	-4.362	-5.89%	33.343	46.09%	-10.200	-11.90%	2.493	7.10%			0.446	1.58%
Starting No. of Shares						120.507		74.093	Top 20 MS	72.343	Top 20 MS	85.728	Top 20 MS	35.134	Top 20 MS			28.287	Top 20 MS
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