This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/24	<-estimates
Canadian Pacific Kansas City Ltd						TSX:	CP	NYSE:	CP	https://www.cpr.ca/en/		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	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
Split Date											14-May-21		unaudited
CPR shares %											5
CPR Split
														$13,814	<-12 mths	10.03%
Comments
CPL
CPR using 0.2341
CPR using 0.5
Percentage of real
Revenue*	$5,177	$5,695	$6,133	$6,620	$6,712	$6,232	$6,554	$7,316	$7,792	$7,710	$7,995	$8,814	$12,555	$14,666	$15,899			104.71%	<-Total Growth	10	Revenue
Increase	3.92%	10.01%	7.69%	7.94%	1.39%	-7.15%	5.17%	11.63%	6.51%	-1.05%	3.70%	10.24%	42.44%	16.81%	8.41%			7.43%	<-IRR #YR->	10	Revenue	104.71%
5 year Running Average	$4,820	$5,018	$5,258	$5,721	$6,067	$6,278	$6,450	$6,687	$6,921	$7,121	$7,473	$7,925	$8,973	$10,348	$11,986			11.41%	<-IRR #YR->	5	Revenue	71.61%
Revenue per Share	$6.09	$6.55	$6.99	$7.97	$8.77	$8.52	$9.05	$10.41	$11.38	$11.57	$8.60	$9.47	$13.47	$15.73	$17.06			5.49%	<-IRR #YR->	10	5 yr Running Average	70.66%
Increase	3.44%	7.54%	6.77%	13.98%	10.07%	-2.90%	6.18%	15.12%	9.23%	1.69%	-25.66%	10.15%	42.20%	16.81%	8.41%			6.06%	<-IRR #YR->	5	5 yr Running Average	34.19%
5 year Running Average	$5.93	$6.01	$6.13	$6.70	$7.28	$7.76	$8.26	$8.94	$9.63	$10.18	$10.20	$10.29	$10.90	$11.77	$12.87			6.77%	<-IRR #YR->	10	Revenue per Share	92.61%
P/S (Price/Sales) Med	1.89	2.60	3.87	5.00	4.70	4.19	4.68	4.85	5.03	6.10	10.70	9.94	7.67	6.82	0.00			5.28%	<-IRR #YR->	5	Revenue per Share	29.34%
P/S (Price/Sales) Close	2.27	3.08	4.59	5.61	4.03	4.50	5.08	4.65	5.82	7.63	10.58	10.66	7.78	7.29	6.73			5.93%	<-IRR #YR->	10	5 yr Running Average	77.88%
*Revenue in M CDN $					P/S Med	20 yr	4.03	15 yr	4.70	10 yr	5.72	5 yr	7.78		27.56%	Diff M/C		4.03%	<-IRR #YR->	5	5 yr Running Average	21.82%
			-$6,133	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,555
								-$7,316	$0	$0	$0	$0	$12,555
			-$5,258	$0	$0	$0	$0	$0	$0	$0	$0	$0	$8,973
								-$6,687	$0	$0	$0	$0	$8,973
			-$6.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.47
								-$10.41	$0.00	$0.00	$0.00	$0.00	$13.47
			-$6.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.90
								-$8.94	$0.00	$0.00	$0.00	$0.00	$10.90
														$3.90	<-12 mths	1.56%
Adjusted Income CDN$	$967	$1,309	$1,844	$1,482	$1,625	$1,549	$1,666	$2,712	$2,290	$2,403	$2,573	$3,521	$3,585					94.44%	<-Total Growth		Adjusted Income CDN$
Return on Equity ROE	20.80%	25.68%	25.98%	26.42%	33.88%	33.48%	25.88%	40.87%	32.39%	32.83%	7.61%	9.05%	8.64%					29.41%	<-Median->	10	Return on Equity ROE
5Yr Median	17.34%	20.80%	23.13%	25.68%	25.98%	26.42%	26.42%	33.48%	33.48%	32.83%	32.39%	32.39%	9.05%					29.41%	<-Median->	10	5Yr Median
Basic Calc	$1.14	$1.52	$2.11	$1.72	$2.04	$2.07	$2.28	$3.80	$3.30	$3.55	$3.77	$3.79	$3.85					82.58%	<-Total Growth	10	Basic Calc
Pre 2021 split	$3.15	$4.34	$6.42	$8.54	$8.47	$10.69	$16.49
AEPS* Dilued	$0.63	$0.87	$1.28	$1.71	$1.69	$2.14	$3.30	$2.90	$3.29	$3.53	$3.77	$3.77	$3.84	$4.41	$5.24	$6.04		199.07%	<-Total Growth	10	AEPS
Increase	-18.18%	37.78%	47.93%	33.02%	-0.82%	26.21%	54.26%	-12.07%	13.45%	7.29%	6.80%	0.00%	1.86%	14.84%	18.82%	15.27%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.83	$0.76	$0.86	$1.05	$1.24	$1.54	$2.02	$2.35	$2.66	$3.03	$3.36	$3.45	$3.64	$3.86	$4.21	$4.66		11.58%	<-IRR #YR->	10	AEPS	199.07%
AEPS Yield	4.56%	4.30%	4.00%	3.82%	4.79%	5.58%	7.18%	5.99%	4.97%	4.00%	4.14%	3.73%	3.66%	3.84%	4.57%	5.19%		5.78%	<-IRR #YR->	5	AEPS	32.41%
Payout Ratio	36.19%	29.95%	21.81%	16.39%	16.53%	15.90%	12.89%	16.72%	17.99%	19.49%	20.16%	20.16%	19.79%	17.23%	14.50%	12.58%		15.56%	<-IRR #YR->	10	5 yr Running Average	324.64%
5 year Running Average	7.24%	13.23%	17.59%	20.87%	24.17%	20.12%	16.70%	15.69%	16.01%	16.60%	17.45%	18.91%	19.52%	19.37%	18.37%	16.85%		9.17%	<-IRR #YR->	5	5 yr Running Average	55.05%
Price/AEPS Median	18.29	19.59	21.08	23.33	24.32	16.68	12.83	17.40	17.39	20.00	24.40	24.98	26.89	24.35	0.00	0.00		21.66	<-Median->	10	Price/AEPS Median
Price/AEPS High	21.91	23.27	25.94	28.30	28.68	19.35	14.08	19.91	20.46	25.02	26.34	26.76	29.08	25.42	0.00	0.00		25.68	<-Median->	10	Price/AEPS High
Price/AEPS Low	14.67	15.92	16.21	18.37	19.96	14.02	11.58	14.90	14.32	14.98	22.45	23.21	24.70	23.28	0.00	0.00		16.67	<-Median->	10	Price/AEPS Low
Price/AEPS Close	21.91	23.25	25.02	26.20	20.87	17.92	13.93	16.71	20.12	25.02	24.13	26.78	27.30	26.02	21.90	19.25		22.50	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	17.92	32.03	37.02	34.85	20.69	22.62	21.48	14.69	22.83	26.84	25.77	26.78	27.81	29.88	26.02	22.19		24.30	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	17.36%	5 Yrs	19.79%	P/CF	5 Yrs	in order	24.40	26.34	22.45	25.02		-1.23%	Diff M/C					DPR 75% to 95% best
* Adjusted Income
			-$1.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.84
								-$2.90	$0.00	$0.00	$0.00	$0.00	$3.84
			-$0.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.64
								-$2.35	$0.00	$0.00	$0.00	$0.00	$3.64
														$4.15	<-12 mths	-1.43%
Pre 2021 split	$3.37	$2.82	$5.00	$8.54	$8.47	$10.69	$16.49	$13.65	$17.58	$18.05
EPS Basic	$0.67	$0.56	$1.00	$1.71	$1.69	$2.14	$3.30	$2.73	$3.52	$3.61	$4.20	$3.78	$4.22					322.00%	<-Total Growth	10	EPS Basic
CPL
CPR
Pre 2021 split	$3.34	$2.79	$4.96	$8.46	$8.40	$10.63	$16.44	$13.61	$17.52	$17.97
EPS Diluted*	$0.67	$0.56	$0.99	$1.69	$1.68	$2.13	$3.29	$2.72	$3.50	$3.59	$4.18	$3.77	$4.21	$4.26	$5.07			324.40%	<-Total Growth	10	EPS Diluted
Increase	-13.25%	-16.47%	77.78%	70.56%	-0.71%	26.55%	54.66%	-17.21%	28.73%	2.57%	16.30%	-9.81%	11.67%	1.28%	18.95%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	4.8%	2.8%	3.1%	3.8%	4.8%	5.5%	7.2%	5.6%	5.3%	4.1%	4.6%	3.7%	4.0%	3.7%	4.4%			15.55%	<-IRR #YR->	10	Earnings per Share	324.40%
5 year Running Average	$0.84	$0.71	$0.74	$0.94	$1.12	$1.41	$1.96	$2.30	$2.66	$3.05	$3.46	$3.55	$3.85	$4.00	$4.30			9.11%	<-IRR #YR->	5	Earnings per Share	54.67%
10 year Running Average	$0.75	$0.74	$0.79	$0.91	$1.01	$1.12	$1.33	$1.52	$1.80	$2.08	$2.43	$2.75	$3.08	$3.33	$3.67			17.86%	<-IRR #YR->	10	5 yr Running Average	417.41%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	4.67%	5Yrs	4.07%					10.85%	<-IRR #YR->	5	5 yr Running Average	67.34%
			-$0.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.21
								-$2.72	$0.00	$0.00	$0.00	$0.00	$4.21
			-$0.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.85
								-$2.30	$0.00	$0.00	$0.00	$0.00	$3.85
Dividend*														$0.78	$0.86						Dividend*
Increase														2.59%	9.99%						Increase
Payout Ratio EPS														18.29%	16.91%				Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
CPL											$0.76
CPR											$0.608
Pre 2021 split	$1.14	$1.30	$1.40	$1.40	$1.40	$1.70	$2.13	$2.43	$2.96	$3.44	$3.80
After 2021 split									$0.59	$0.69	$0.76
Dividend*	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$0.76	$0.76	$0.76		171.43%	<-Total Growth	10	Dividends
Increase	10.14%	14.04%	7.69%	0.00%	0.00%	21.43%	25.00%	14.12%	22.06%	16.22%	10.47%	0.00%	0.00%	0.00%	0.00%	0.00%		24	2	35	Years of data	Count P, N
Average Increases 5 Year Running	8.94%	7.75%	7.28%	7.28%	6.37%	8.63%	10.82%	12.11%	16.52%	19.76%	17.57%	12.57%	9.75%	5.34%	2.09%	0.00%		11.47%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.20	$0.22	$0.23	$0.25	$0.27	$0.29	$0.32	$0.36	$0.42	$0.51	$0.59	$0.66	$0.71	$0.75	$0.76	$0.76		203.50%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.98%	1.53%	1.03%	0.70%	0.68%	0.95%	1.00%	0.96%	1.03%	0.97%	0.83%	0.81%	0.74%	0.71%				0.89%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.65%	1.29%	0.84%	0.58%	0.58%	0.82%	0.92%	0.84%	0.88%	0.78%	0.77%	0.75%	0.68%	0.68%				0.77%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.47%	1.88%	1.34%	0.89%	0.83%	1.13%	1.11%	1.12%	1.26%	1.30%	0.90%	0.87%	0.80%	0.74%				1.01%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.65%	1.29%	0.87%	0.63%	0.79%	0.89%	0.93%	1.00%	0.89%	0.78%	0.84%	0.75%	0.72%	0.66%	0.66%	0.65%		0.81%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	34.13%	46.59%	28.23%	16.55%	16.67%	15.99%	12.93%	17.82%	16.89%	19.14%	18.18%	20.16%	18.05%	17.82%	14.98%	#DIV/0!		17.36%	<-Median->	10	DPR EPS	FCF 1
DPR EPS 5 Yr Running	24.16%	30.94%	31.52%	26.82%	23.76%	20.43%	16.41%	15.73%	15.93%	16.61%	17.06%	18.49%	18.49%	18.62%	17.68%	#DIV/0!		17.77%	<-Median->	10	DPR EPS 5 Yr Running	FCF 2
Payout Ratio CFPS	37.85%	17.02%	12.59%	10.95%	8.71%	11.91%	14.11%	12.56%	13.56%	16.37%	19.16%	17.07%	17.12%	12.28%	10.60%	#DIV/0!		13.84%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	20.35%	22.82%	20.94%	16.73%	13.12%	11.63%	11.58%	11.68%	12.26%	13.83%	15.20%	15.76%	16.62%	16.03%	14.49%	#DIV/0!		13.47%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	32.30%	15.95%	12.26%	10.41%	8.85%	10.62%	12.66%	12.50%	14.11%	14.42%	18.64%	22.49%	17.34%	12.28%	10.60%	#DIV/0!		13.39%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	19.50%	21.10%	20.11%	15.77%	12.68%	11.10%	10.92%	11.11%	11.92%	13.04%	14.55%	16.18%	17.11%	16.35%	15.08%	#DIV/0!		12.86%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	0.89%	0.81%	5 Yr Med	5 Yr Cl	0.83%	0.78%	5 Yr Med	Payout	18.18%	17.07%	17.34%					9.40%	<-IRR #YR->	5	Dividends	56.70%
* Dividends per share	10 Yr Med	and Cur.	-25.56%	-18.61%	5 Yr Med	and Cur.	-19.84%	-14.99%	Last Div Inc --->		$0.1660	$0.1900	14.46%					10.50%	<-IRR #YR->	10	Dividends	171.43%
Dividends Growth 15																		9.38%	<-IRR #YR->	15	Dividends	283.84%
Dividends Growth 20																		10.56%	<-IRR #YR->	20	Dividends	645.10%
Dividends Growth 25																		11.16%	<-IRR #YR->	25	Dividends	1307.41%
Dividends Growth 30																		11.14%	<-IRR #YR->	30	Dividends	2275.00%
Dividends Growth 35																		7.14%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$0.49	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 5
Dividends Growth 10			-$0.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								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	$0.76								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	$0.76								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	$0.76								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	$0.76								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 35
Historical Dividends	Historical	High Div	2.52%	Low Div	0.73%	10 Yr High	1.20%	10 Yr Low	0.58%	Med Div	1.23%	Close Div	1.38%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-73.72%		-9.27%	Exp.	-44.81%		14.19%	Exp.	-46.15%	Exp.	-52.07%								High/Ave/Median	Div Yd
																						1.04%
Future Dividend Yield					Div Yd	1.04%	earning in	5	Years	at IRR of	9.40%	Div Inc.	56.70%								Future Dividend Yield	1.63%
Future Dividend Yield					Div Yd	1.63%	earning in	10	Years	at IRR of	9.40%	Div Inc.	145.55%								Future Dividend Yield	2.55%
Future Dividend Yield					Div Yd	2.55%	earning in	15	Years	at IRR of	9.40%	Div Inc.	284.78%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.19	earning in	5	Years	at IRR of	9.40%	Div Inc.	56.70%								Future Dividend Paid	Item
Future Dividend Paid					Div Paid	$1.87	earning in	10	Years	at IRR of	9.40%	Div Inc.	145.55%								Future Dividend Paid	Revenue Growth
Future Dividend Paid					Div Paid	$2.92	earning in	15	Years	at IRR of	9.40%	Div Inc.	284.78%								Future Dividend Paid	AEPS Growth
																						Net Income Growth
Dividend Covering Cost					Total Div	$4.58	over	5	Years	at IRR of	9.40%	Div Cov.	4.00%								Dividend Covering Cost	Cash Flow Growth
Dividend Covering Cost					Total Div	$10.58	over	10	Years	at IRR of	9.40%	Div Cov.	9.22%								Dividend Covering Cost	Dividend Growth
Dividend Covering Cost					Total Div	$19.97	over	15	Years	at IRR of	9.40%	Div Cov.	17.40%								Dividend Covering Cost	Stock Price Growth
Yield if held 5 years	2.13%	1.75%	2.52%	3.10%	2.39%	2.95%	2.50%	1.79%	1.49%	1.67%	2.13%	1.80%	1.51%	1.33%	1.08%	0.83%		1.96%	<-Median->	10	Paid Median Price	Revenue Growth
Yield if held 10 years	4.78%	4.01%	4.20%	3.95%	3.09%	3.17%	2.86%	4.37%	6.55%	5.87%	6.60%	4.47%	2.81%	1.91%	1.84%	2.13%		4.16%	<-Median->	10	Paid Median Price	AEPS Growth
Yield if held 15 years	7.30%	6.87%	7.73%	8.66%	8.48%	7.13%	6.55%	7.28%	8.35%	7.58%	7.09%	5.11%	6.85%	8.40%	6.49%	6.60%		7.20%	<-Median->	10	Paid Median Price	Net Income Growth
Yield if held 20 years				4.63%	4.67%	10.88%	11.24%	13.39%	18.30%	20.85%	15.94%	11.71%	11.41%	10.72%	8.38%	7.09%		11.56%	<-Median->	10	Paid Median Price	Cash Flow Growth
Yield if held 25 years									9.79%	11.48%	24.32%	20.09%	20.98%	23.49%	23.03%	15.94%		20.09%	<-Median->	5	Paid Median Price	Dividend Growth
																						Stock Price Growth
Cost covered if held 5 years	9.43%	7.33%	10.57%	13.88%	11.34%	12.50%	9.44%	6.69%	5.32%	6.14%	8.27%	7.77%	7.05%	6.52%	5.38%	4.13%		8.02%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	33.25%	26.86%	28.84%	29.58%	24.93%	22.86%	18.12%	26.88%	37.34%	32.93%	38.10%	28.75%	19.84%	14.68%	15.37%	18.92%		27.82%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	60.85%	55.88%	64.58%	79.24%	84.01%	63.45%	51.59%	56.00%	59.51%	52.82%	50.37%	40.20%	58.97%	78.56%	65.37%	71.08%		57.49%	<-Median->	10	Paid Median Price
Cost covered if held 20 years				46.37%	50.87%	106.93%	98.31%	114.55%	144.84%	160.67%	125.31%	102.20%	109.43%	112.08%	94.71%	85.81%		108.18%	<-Median->	10	Paid Median Price
Cost covered if held 25 years									81.45%	93.07%	201.33%	185.16%	212.82%	260.08%	275.82%	205.00%		185.16%	<-Median->	5	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$7,316	$7,792	$7,710	$7,995	$8,814	$12,555	$13,814	<-12 mths	10.03%		71.61%	<-Total Growth	5	Revenue Growth	71.61%
AEPS Growth								$2.90	$3.29	$3.53	$3.77	$3.77	$3.84	$3.90	<-12 mths	1.56%		32.41%	<-Total Growth	5	AEPS Growth	32.41%
Net Income Growth								$1,951	$2,440	$2,444	$2,852	$3,517	$3,927	$4,042	<-12 mths	2.93%		101.28%	<-Total Growth	5	Net Income Growth	101.28%
Cash Flow Growth								$2,712	$2,990	$2,802	$3,688	$4,142	$4,137	$932	<-12 mths	-77.47%		52.54%	<-Total Growth	5	Cash Flow Growth	52.54%
Dividend Growth								$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$0.76	<-12 mths	0.00%		56.70%	<-Total Growth	5	Dividend Growth	56.70%
Stock Price Growth								$48.45	$66.21	$88.31	$90.98	$100.95	$104.85	$114.75	<-12 mths	9.44%		116.42%	<-Total Growth	5	Stock Price Growth	116.42%
Revenue Growth			$6,133	$6,620	$6,712	$6,232	$6,554	$7,316	$7,792	$7,710	$7,995	$8,814	$12,555	$14,666	<-this year	16.81%		104.71%	<-Total Growth	10	Revenue Growth	104.71%
AEPS Growth			$1.28	$1.71	$1.69	$2.14	$3.30	$2.90	$3.29	$3.53	$3.77	$3.77	$3.84	$4.41	<-this year	14.84%		199.07%	<-Total Growth	10	AEPS Growth	199.07%
Net Income Growth			$875	$1,476	$1,352	$1,599	$2,405	$1,951	$2,440	$2,444	$2,852	$3,517	$3,927	$3,927	<-this year	0.00%		348.80%	<-Total Growth	10	Net Income Growth	348.80%
Cash Flow Growth			$1,950	$2,123	$2,459	$2,089	$2,182	$2,712	$2,990	$2,802	$3,688	$4,142	$4,137	$5,770	<-this year	39.47%		112.15%	<-Total Growth	10	Cash Flow Growth	112.15%
Dividend Growth			$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$0.78	<-this year	2.59%		171.43%	<-Total Growth	10	Dividend Growth	171.43%
Stock Price Growth			$32.13	$44.75	$35.35	$38.31	$45.93	$48.45	$66.21	$88.31	$90.98	$100.95	$104.85	$114.75	<-this year	9.44%		226.33%	<-Total Growth	10	Stock Price Growth	226.33%
Dividends on Shares	$79.34	$90.48	$97.44	$97.44	$97.44	$118.32	$147.90	$168.78	$206.02	$239.42	$264.48	$264.48	$264.48	$264.48	$264.48	$264.48		$2,682.91	Divs Paid	25	Total Divs	31-Dec-98
Paid	$4,803.10	$7,022.64	$11,181.24	$15,573.00	$12,300.41	$13,332.58	$15,984.34	$16,859.90	$23,039.69	$30,730.49	$31,661.04	$35,130.60	$36,487.80	$39,933.00	$39,933.00	$40,472.40		$36,487.80	Current Value	25		$2.88
																		$39,170.71
Dividends on Shares				$8.96	$8.96	$10.88	$13.60	$15.52	$18.94	$22.02	$24.32	$24.32	$24.32	$24.32	$24.32	$24.32		$171.84	Total Divs	10	Total Divs	31-Dec-13
Paid			$1,028.16	$1,432.00	$1,131.07	$1,225.98	$1,469.82	$1,550.34	$2,118.59	$2,825.79	$2,911.36	$3,230.40	$3,355.20	$3,672.00	$3,672.00	$3,721.60		$3,355.20	Worth	10	Worth	$32.13
Total																		$3,527.04
Graham No. AEPS	$8.81	$10.70	$15.29	$16.11	$15.46	$17.44	$25.68	$24.83	$27.64	$29.53	$55.56	$59.54	$62.02	$66.46	$72.44	$77.78		456.45%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.31	1.59	1.77	2.47	2.67	2.05	1.65	2.03	2.07	2.39	1.66	1.58	1.66	1.62				2.04	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.57	1.89	2.18	3.00	3.14	2.37	1.81	2.33	2.43	2.99	1.79	1.69	1.80	1.69				2.35	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.05	1.29	1.36	1.95	2.19	1.72	1.49	1.74	1.70	1.79	1.52	1.47	1.53	1.54				1.71	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.57	1.89	2.10	2.78	2.29	2.20	1.79	1.95	2.40	2.99	1.64	1.70	1.69	1.73	1.58	1.50		2.07	<-Median->	10	Price/GP Ratio
Prem/Disc Close	56.75%	88.60%	110.14%	177.74%	128.66%	119.66%	78.89%	95.14%	139.54%	199.01%	63.76%	69.55%	69.07%	72.66%	58.40%	49.53%		114.90%	<-Median->	10	Graham Price
Graham No. EPS	$9.07	$8.58	$13.44	$16.04	$15.39	$17.39	$25.64	$24.05	$28.52	$29.80	$58.50	$59.54	$64.94	$65.35	$71.27	$0.00		594.02%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.27	1.98	2.01	2.49	2.68	2.05	1.65	2.10	2.01	2.37	1.57	1.58	1.59	1.64				2.03	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.52	2.35	2.48	3.01	3.16	2.38	1.81	2.40	2.36	2.96	1.70	1.69	1.72	1.72				2.37	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.02	1.61	1.55	1.96	2.20	1.72	1.49	1.80	1.65	1.77	1.45	1.47	1.46	1.57				1.69	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.52	2.35	2.39	2.79	2.30	2.20	1.79	2.01	2.32	2.96	1.56	1.70	1.61	1.76	1.61	#DIV/0!		2.11	<-Median->	10	Price/GP Ratio
Prem/Disc Close	52.23%	135.23%	139.07%	179.06%	129.61%	120.28%	79.16%	101.42%	132.11%	196.34%	55.52%	69.55%	61.47%	75.59%	61.00%	#DIV/0!		124.94%	<-Median->	10	Graham Price
CPL price
CPR price
Pre 2021 split	$69.01	$100.90	$160.65	$223.75	$176.73	$191.56	$229.66	$242.24	$331.03	$441.53
Price Close	$13.80	$20.18	$32.13	$44.75	$35.35	$38.31	$45.93	$48.45	$66.21	$88.31	$90.98	$100.95	$104.85	$114.75	$114.75	$116.30		226.33%	<-Total Growth	10	Stock Price
Increase	6.65%	46.21%	59.22%	39.28%	-21.01%	8.39%	19.89%	5.48%	36.65%	33.38%	3.03%	10.96%	3.86%	9.44%	0.00%	1.35%		20.31	<-Median->	10	CAPE (10 Yr P/E)
P/E	20.66	36.16	32.39	26.45	21.04	18.02	13.97	17.80	18.89	24.57	21.77	26.78	24.90	26.91	22.62	#DIV/0!		16.70%	<-IRR #YR->	5	Stock Price	116.42%
Trailing P/E	17.92	30.21	57.58	45.11	20.89	22.80	21.60	14.73	24.32	25.20	25.31	24.15	27.81	27.26	26.91	22.93		12.56%	<-IRR #YR->	10	Stock Price	226.33%
CAPE (10 Yr P/E)	13.69	15.68	17.85	19.57	20.16	20.46	19.76	19.91	19.89	20.81	20.98	21.47	21.58	22.02	22.15	#DIV/0!		17.78%	<-IRR #YR->	5	Price & Dividend	123.77%
Median 10, 5 Yrs		D.  per yr	0.92%	1.09%	% Tot Ret	6.81%	6.11%	T P/E	24.24	25.20	P/E:	21.40	24.57					13.47%	<-IRR #YR->	10	Price & Dividend	243.04%
Price 15		D.  per yr	1.52%		% Tot Ret	7.57%						CAPE Diff	32.48%					18.52%	<-IRR #YR->	15	Stock Price	1179.28%
Price  20		D.  per yr	1.21%		% Tot Ret	7.81%												14.25%	<-IRR #YR->	20	Stock Price	1335.51%
Price  25		D.  per yr	1.55%		% Tot Ret	9.09%												15.47%	<-IRR #YR->	25	Stock Price	3546.96%
Price  30		D.  per yr	1.44%		% Tot Ret	9.05%												14.48%	<-IRR #YR->	30	Stock Price	5684.96%
Price  35		D.  per yr	1.24%		% Tot Ret	9.40%												11.92%	<-IRR #YR->	35	Stock Price
Price & Dividend 15																		20.04%	<-IRR #YR->	15	Price & Dividend	1259.11%
Price & Dividend 20																		15.45%	<-IRR #YR->	20	Price & Dividend	1435.34%
Price & Dividend 25																		17.02%	<-IRR #YR->	25	Price & Dividend	3815.11%
Price & Dividend 30																		15.92%	<-IRR #YR->	30	Price & Dividend	6124.11%
Price & Dividend 35																		13.15%	<-IRR #YR->	35	Price & Dividend
Price  5								-$48.45	$0.00	$0.00	$0.00	$0.00	$104.85								Price  5
Price 10			-$32.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$104.85								Price 10
Price & Dividend 5								-$48.45	$0.59	$0.69	$0.76	$0.76	$105.61								Price & Dividend 5
Price & Dividend 10			-$32.13	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$105.61								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	$104.85								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	$104.85								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	$104.85								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	$104.85								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$104.85								Price  35
Price & Dividend 15	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$105.61								Price & Dividend 15
Price & Dividend 20	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$105.61								Price & Dividend 20
Price & Dividend 25	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$105.61								Price & Dividend 25
Price & Dividend 30	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$105.61								Price & Dividend 30
Price & Dividend 35	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$105.61								Price & Dividend 35
Price H/L Median	$11.52	$17.01	$27.07	$39.86	$41.20	$35.67	$42.30	$50.47	$57.20	$70.58	$91.98	$94.19	$103.26	$107.38	1.35%			281.49%	<-Total Growth	10	Stock Price
Increase	-1.64%	47.58%	59.16%	47.25%	3.37%	-13.41%	18.59%	19.30%	13.34%	23.40%	30.31%	2.40%	9.63%	3.99%	0.66%			14.33%	<-IRR #YR->	10	Stock Price	281.49%
P/E	17.25	30.48	27.28	23.55	24.52	16.78	12.87	18.54	16.32	19.64	22.00	24.98	24.53	25.18	2.01%			26.64%	<-IRR #YR->	5	Stock Price	104.59%
Trailing P/E	14.96	25.46	48.51	40.18	24.35	21.23	19.90	15.35	21.01	20.14	25.59	22.53	27.39	25.51				15.34%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	13.77	24.12	36.36	42.58	36.85	25.31	21.63	21.93	21.47	23.17	26.60	26.50	26.81	26.82				28.08%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	15.34	22.83	34.11	43.76	40.75	31.76	31.80	33.14	31.78	33.90	37.80	34.19	33.56	32.21				16.32	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	1.02%	1.44%	% Tot Ret	6.62%	5.14%	T P/E	21.88	22.53	P/E:	20.82	22.00						Count	36	Years of data
			-$27.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$103.26
								-$31.70	$0.00	$0.00	$0.00	$0.00	$103.26
			-$27.07	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$104.02
								-$31.70	$0.59	$0.69	$0.76	$0.76	$104.02
CP price
CPR price
High Months	Dec	Dec	Dec	Oct	Mar	Dec	Dec	Oct	Dec	Dec	May	Dec	May	Jan
Pre 2021 split	$69.01	$100.98	$166.56	$241.67	$242.89	$206.87	$232.12	$288.70	$336.50	$441.53
Price High	$13.80	$20.20	$33.31	$48.33	$48.58	$41.37	$46.42	$57.74	$67.30	$88.31	$99.32	$100.87	$111.66	$112.09				235.19%	<-Total Growth	10	Stock Price
Increase	3.22%	46.33%	64.94%	45.09%	0.50%	-14.83%	12.21%	24.38%	16.56%	31.21%	12.47%	1.56%	10.70%	0.39%				12.86%	<-IRR #YR->	10	Stock Price	235.19%
P/E	20.66	36.19	33.58	28.57	28.92	19.46	14.12	21.21	19.21	24.57	23.76	26.76	26.52	26.29				14.10%	<-IRR #YR->	5	Stock Price	93.38%
Trailing P/E	17.92	30.23	59.70	48.72	28.71	24.63	21.84	17.56	24.72	25.20	27.63	24.13	29.62	26.62				16.67	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	24.96	25.20	P/E:	24.17	24.57					25.74	P/E Ratio		Historical High
			-$33.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$111.66
								-$57.74	$0.00	$0.00	$0.00	$0.00	$111.66
CP price
CPR price
Low Mths	Sep	Jan	Jan	Jan	Dec	Jan	Aug	Feb	Jan	Mar	Jan	Jun	Nov	Jan
Pre 2021 split	$46.22	$69.08	$104.10	$156.88	$169.08	$149.84	$190.92	$215.98	$235.49	$264.31
Price Low	$9.24	$13.82	$20.82	$31.38	$33.82	$29.97	$38.18	$43.20	$47.10	$52.86	$84.64	$87.50	$94.85	$102.67				355.57%	<-Total Growth	10	Stock Price
Increase	-8.09%	49.46%	50.69%	50.70%	7.78%	-11.38%	27.42%	13.13%	9.03%	12.24%	60.11%	3.38%	8.40%	8.24%				16.37%	<-IRR #YR->	10	Stock Price	355.57%
P/E	13.84	24.76	20.99	18.54	20.13	14.10	11.61	15.87	13.44	14.71	20.25	23.21	22.53	24.08				17.04%	<-IRR #YR->	5	Stock Price	119.58%
Trailing P/E	12.01	20.68	37.31	31.63	19.99	17.84	17.96	13.14	17.30	15.09	23.55	20.93	25.16	24.39				12.34	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	18.97	20.93	P/E:	17.21	20.25					8.89	P/E Ratio		Historical Low
			-$20.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$94.85
								-$43.20	$0.00	$0.00	$0.00	$0.00	$94.85
Free Cash Flow MS & WSJ	-$592	$180	$714	$674	$937	$907	$842	$1,161	$1,343	$1,131	$2,156	$2,585	$1,669	$3,065	$3,713			133.75%	<-Total Growth	10	Free Cash Flow
Change	-164.29%	130.41%	296.67%	-5.60%	39.02%	-3.20%	-7.17%	37.89%	15.68%	-15.79%	90.63%	19.90%	-35.44%	83.64%	21.14%			7.53%	<-IRR #YR->	5	Free Cash Flow MS	43.76%
FCF/CF from Op Ratio	-1.16	0.14	0.37	0.32	0.38	0.43	0.39	0.43	0.45	0.40	0.58	0.62	0.40	0.53	0.56			8.86%	<-IRR #YR->	10	Free Cash Flow MS	133.75%
Dividends paid	$194	$226	$246	$233	$226	$255	$310	$348	$412	$467	$507	$507	$708	$708	$708			188.48%	<-Total Growth	10	Dividends paid
Percentage paid	-32.74%	125.59%	34.39%	34.50%	24.12%	28.11%	36.82%	29.97%	30.68%	41.29%	23.52%	19.61%	42.44%	23.11%	19.08%			30.33%	<-Median->	10	Percentage paid
5 Year Coverage				142.70%	58.75%	34.74%	31.15%	30.34%	29.88%	33.28%	30.82%	26.76%	29.28%	27.32%	23.80%						5 Year Coverage
Dividend Coverage Ratio	-3.05	0.80	2.91	2.90	4.15	3.56	2.72	3.34	3.26	2.42	4.25	5.10	2.36	4.33	5.24			3.30	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				0.70	1.70	2.88	3.21	3.30	3.35	3.00	3.25	3.74	3.42	3.66	4.20						5 Year of Coverage
								-$1,161	$0	$0	$0	$0	$1,669
			-$714	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,669
Free Cash Flow Company	-$314	$93	$530	$969	$1,381	$1,007	$874	$1,289	$1,357	$1,157	$1,793	$2,733	$2,076	$3,065	$3,713			291.70%	<-Total Growth	10	Free Cash Flow
Change		129.62%	469.89%	82.83%	42.52%	-27.08%	-13.21%	47.48%	5.28%	-14.74%	54.97%	52.43%	-24.04%	47.64%	21.14%			10.00%	<-IRR #YR->	5	Free Cash Flow MS	61.06%
FCF/CF from Op Ratio	-0.61	0.07	0.27	0.46	0.56	0.48	0.40	0.48	0.45	0.41	0.49	0.66	0.50	0.53	0.56			14.63%	<-IRR #YR->	10	Free Cash Flow MS	291.70%
Dividends paid	$194	$226	$246	$233	$226	$255	$310	$348	$412	$467	$507	$707	$707	$708	$708			187.91%	<-Total Growth	10	Dividends paid
Percentage paid	-61.72%	243.09%	46.33%	24.00%	16.36%	25.32%	35.47%	27.00%	30.36%	40.36%	28.28%	25.87%	34.06%	23.11%	19.08%			27.64%	<-Median->	10	Percentage paid
5 Year Coverage				70.26%	42.27%	29.78%	26.66%	24.85%	26.25%	31.53%	31.59%	29.31%	30.72%	28.61%	24.95%						5 Year Coverage
Dividend Coverage Ratio	-1.62	0.41	2.16	4.17	6.11	3.95	2.82	3.70	3.29	2.48	3.54	3.87	2.94	4.33	5.24			3.62	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				1.42	2.37	3.36	3.75	4.02	3.81	3.17	3.17	3.41	3.26	3.50	4.01						5 Year of Coverage
								-$1,289	$0	$0	$0	$0	$2,076
			-$530	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,076
Market Cap	$11,732	$17,547	$28,178	$37,165	$27,040	$28,025	$33,278	$34,035	$45,351	$58,856	$84,584	$93,934	$97,731	$106,958	$106,958	$108,403		246.83%	<-Total Growth	10	Market Cap
Pre 2021 split	170.6	173.2	176.5	174.4	191.0	150.5	146.3	143.3	139.3	136.0
Diluted # of Shares in Million	853.0	866.0	882.5	872.0	955.0	752.5	731.5	716.5	696.5	680.0	679.7	932.9	933.7	933.7				5.80%	<-Total Growth	10	Diluted
Change	0.47%	1.52%	1.91%	-1.19%	9.52%	-21.20%	-2.79%	-2.05%	-2.79%	-2.37%	-0.04%	37.25%	0.09%	0.00%				-1.62%	<-Median->	10	Change
Difference Diluted/Basic	-0.6%	-0.8%	-0.9%	-0.9%	-16.4%	-0.6%	-0.3%	-0.3%	-0.4%	-0.4%	0.5%	-0.3%	-0.3%	-0.3%				-0.33%	<-Median->	10	Difference Diluted/Basic
Pre 2021 split	169.5	171.8	174.9	172.8	159.7	149.6	145.9	142.9	138.8	135.5
Basic # of Shares in Millions	847.5	859.0	874.5	864.0	798.5	748.0	729.5	714.5	694.0	677.5	682.8	930.0	931.3	931.3				6.50%	<-Total Growth	10	Average
Change	0.41%	1.36%	1.80%	-1.20%	-7.58%	-6.32%	-2.47%	-2.06%	-2.87%	-2.38%	0.78%	36.20%	0.14%	0.00%				-2.22%	<-Median->	10	Change
Difference Basic/Outstanding	0.3%	1.2%	0.3%	-3.9%	-4.2%	-2.2%	-0.7%	-1.7%	-1.3%	-1.6%	36.2%	0.1%	0.1%	0.1%				-1.46%	<-Median->	10	Difference Basic/Outstanding
														$932	<-12 mths	0.00%
CP Shares
Pre 2021 split	170.0	173.9	175.4	166.1	153.0	146.3	144.9	140.5	137.0	133.3
# of Share in Millions	850.0	869.5	877.0	830.5	765.0	731.5	724.5	702.5	685.0	666.5	929.7	930.5	932.1	932.1	932.1	932.1		0.61%	<-IRR #YR->	10	Shares	6.28%
Change	0.47%	2.29%	0.86%	-5.30%	-7.89%	-4.38%	-0.96%	-3.04%	-2.49%	-2.70%	39.49%	0.09%	0.17%	0.00%	0.00%	0.00%		5.82%	<-IRR #YR->	5	Shares	32.68%
CF fr Op $M	$512	$1,328	$1,950	$2,123	$2,459	$2,089	$2,182	$2,712	$2,990	$2,802	$3,688	$4,142	$4,137	$5,770	$6,683			112.15%	<-Total Growth	10	Cash Flow
Increase	1.97%	159.38%	46.84%	8.87%	15.83%	-15.05%	4.45%	24.29%	10.25%	-6.29%	31.62%	12.31%	-0.12%	39.47%	15.83%			SO	S. Issue		Buy Backs
5 year Running Average	$792	$795	$969	$1,283	$1,674	$1,990	$2,161	$2,313	$2,486	$2,555	$2,875	$3,267	$3,552	$4,108	$4,884			266.65%	<-Total Growth	10	CF 5 Yr Running
CFPS	$0.60	$1.53	$2.22	$2.56	$3.21	$2.86	$3.01	$3.86	$4.36	$4.20	$3.97	$4.45	$4.44	$6.19	$7.17			99.61%	<-Total Growth	10	Cash Flow per Share
Increase	1.49%	153.56%	45.58%	14.97%	25.74%	-11.16%	5.46%	28.18%	13.07%	-3.69%	-5.64%	12.21%	-0.29%	39.47%	15.83%			7.81%	<-IRR #YR->	10	Cash Flow	112.15%
5 year Running Average	$0.99	$0.96	$1.12	$1.50	$2.02	$2.48	$2.77	$3.10	$3.46	$3.66	$3.88	$4.17	$4.29	$4.65	$5.24			8.81%	<-IRR #YR->	5	Cash Flow	52.54%
P/CF on Med Price	19.13	11.13	12.17	15.59	12.82	12.49	14.05	13.07	13.10	16.79	23.19	21.16	23.26	17.35	0.00			7.16%	<-IRR #YR->	10	Cash Flow per Share	99.61%
P/CF on Closing Price	22.91	13.21	14.45	17.51	11.00	13.42	15.25	12.55	15.17	21.00	22.93	22.68	23.62	18.54	16.00			2.83%	<-IRR #YR->	5	Cash Flow per Share	14.97%
															25.10%	Diff M/C
																		14.36%	<-IRR #YR->	10	CFPS 5 yr Running	282.51%
Excl.Working Capital CF	$88	$89	$53	$110	-$39	$253	$251	$14	-$117	$378	$102	-$998	-$52	$0	$0			6.69%	<-IRR #YR->	5	CFPS 5 yr Running	38.24%
CF fr Op $M WC	$600.0	$1,417.0	$2,003.0	$2,233.0	$2,420.0	$2,342.0	$2,433.0	$2,726.0	$2,873.0	$3,180.0	$3,790.0	$3,144.0	$4,085.0	$5,769.7	$6,683.2			103.94%	<-Total Growth	10	Cash Flow less WC
Increase	8.97%	136.17%	41.35%	11.48%	8.37%	-3.22%	3.89%	12.04%	5.39%	10.69%	19.18%	-17.04%	29.93%	41.24%	15.83%			7.39%	<-IRR #YR->	10	Cash Flow less WC	103.94%
5 year Running Average	$826	$858	$1,009	$1,361	$1,735	$2,083	$2,286	$2,431	$2,559	$2,711	$3,000	$3,143	$3,414	$3,994	$4,694			8.43%	<-IRR #YR->	5	Cash Flow less WC	49.85%
CFPS Excl. WC	$0.71	$1.63	$2.28	$2.69	$3.16	$3.20	$3.36	$3.88	$4.19	$4.77	$4.08	$3.38	$4.38	$6.19	$7.17			12.96%	<-IRR #YR->	10	CF less WC 5 Yr Run	238.38%
Increase	8.46%	130.87%	40.15%	17.72%	17.65%	1.21%	4.89%	15.55%	8.09%	13.76%	-14.56%	-17.12%	29.71%	41.24%	15.83%			7.03%	<-IRR #YR->	5	CF less WC 5 Yr Run	40.46%
5 year Running Average	$1.04	$1.03	$1.17	$1.59	$2.09	$2.59	$2.94	$3.26	$3.56	$3.88	$4.06	$4.06	$4.16	$4.56	$5.04			6.73%	<-IRR #YR->	10	CFPS - Less WC	91.89%
P/CF on Med Price	16.32	10.44	11.85	14.82	13.02	11.14	12.60	13.01	13.64	14.79	22.56	27.88	23.56	17.35	0.00			2.46%	<-IRR #YR->	5	CFPS - Less WC	12.94%
P/CF on Closing Price	19.55	12.38	14.07	16.64	11.17	11.97	13.68	12.49	15.79	18.51	22.32	29.88	23.92	18.54	16.00			13.56%	<-IRR #YR->	10	CFPS 5 yr Running	256.61%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	14.82	5 yr	21.16	P/CF Med	10 yr	14.22	5 yr	22.56		30.40%	Diff M/C		5.01%	<-IRR #YR->	5	CFPS 5 yr Running	27.69%
			-877.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	932.1								Shares
								-702.5	0.0	0.0	0.0	0.0	932.1								Shares
			-$1,950	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,137								Cash Flow
								-$2,712	$0	$0	$0	$0	$4,137								Cash Flow
			-$2.22	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4								Cash Flow per Share
								-$3.86	$0.00	$0.00	$0.00	$0.00	$4.44								Cash Flow per Share
			-$1.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.29								CFPS 5 yr Running
								-$3.10	$0.00	$0.00	$0.00	$0.00	$4.29								CFPS 5 yr Running
			-$2,003	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,085								Cash Flow less WC
								-$2,726	$0	$0	$0	$0	$4,085								Cash Flow less WC
			-$1,009.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,414.4								CF less WC 5 Yr Run
								-$2,430.8	$0.0	$0.0	$0.0	$0.0	$3,414.4								CF less WC 5 Yr Run
			-$2.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.38								CFPS - Less WC
								-$3.88	$0.00	$0.00	$0.00	$0.00	$4.38								CFPS - Less WC
			-$1.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.16								CFPS 5 yr Running
								-$3.26	$0.00	$0.00	$0.00	$0.00	$4.16								CFPS 5 yr Running
Change in non-cash working	$24.0	-$5.0	-$2.0	-$124.0								-$92	-$308
Accounts Receivable					$89.0	$44.0	-$91.0	-$107	$27	-$61	$32
Materials and supplies					$15.0	$14.0	$9.0	-$11	-$8	-$15	-$14
Other current assets					$55.0	-$18.0	-$26.0	$30	-$24	-$5	$24
Accounts Payable and Accrued Liab					$125.0	-$95.0	-$30.0	$153	-$21	-$308	-$108
Dividends from Kansas City Southern												$1,157	$300
Other operating activities, net	-$112.0	-$84.0	-$51.0	$14.0	-$245.0	-$198.0	-$113.0	-$79.0	$143.0	$11.0	-$36.0	-$67.0	$60.0								old Labour restructuring &	this
																					now one Item.  Old -17, 14	for this items, now -3
Sum	-$88.0	-$89.0	-$53.0	-$110.0	$39.0	-$253.0	-$251.0	-$14	$117	-$378	-$102	$998	$52
Google --> Morningstar		-$89.0	-$53.0	-$110.0	$275.0	-$55.0	-$138.0	$65	-$26	-$389	-$66	-$92	$52
Differnce		$0.0	$0.0	$0.0	-$236.0	-$198.0	-$113.0	-$79	$143	$11	-$36	$1,090	$0
TD in 2023									$117	-$378	-$102	$998
Differnce									$0	$0	$0	$0
OPM	9.89%	23.32%	31.80%	32.07%	36.64%	33.52%	33.29%	37.07%	38.37%	36.34%	46.13%	46.99%	32.95%	39.34%				3.64%	<-Total Growth	10	OPM
Increase	-1.88%	135.78%	36.35%	0.86%	14.24%	-8.50%	-0.68%	11.34%	3.52%	-5.29%	26.93%	1.87%	-29.88%	19.39%					Should increase		or be stable.
Diff from Median	-72.9%	-36.1%	-12.9%	-12.1%	0.4%	-8.1%	-8.8%	1.6%	5.2%	-0.4%	26.4%	28.8%	-9.7%	7.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	36.49%	5 Yrs	38.37%					should be	zero, it is a		check on calculations
														$7,082	<-12 mths	10.23%
Adjusted EBITDA								$3,618	$3,908	$4,161	$4,303	$5,225	$6,425	$7,437	$8,429			#DIV/0!	<-Total Growth	5	Adjusted EBITDA
Change									8.02%	6.47%	3.41%	21.43%	22.97%	15.75%	13.34%			8.02%	<-Median->	5	Change
Margin								49.45%	50.15%	53.97%	53.82%	59.28%	51.17%	50.71%	53.02%			0.52	<-Median->	6	EBITDA Margin
Long Term Debt				$5,759	$8,957	$8,684	$7,613	$8,190	$8,158	$8,585	$18,577	$18,141	$19,351	$19,351				236.01%	<-Total Growth	9	Debt	Type
Change					55.53%	-3.05%	-12.33%	7.58%	-0.39%	5.23%	116.39%	-2.35%	6.67%	0.00%				5.23%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio				0.15	0.33	0.31	0.23	0.24	0.18	0.15	0.22	0.19	0.20	0.18				0.21	<-Median->	10	% of Market C.	Intang/GW
Assets/Current Liabilities Ratio				11.79	13.57	14.27	10.15	10.87	9.76	8.91	21.58	22.87	13.99	13.99				12.68	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio				0.08	0.07	0.07	0.10	0.09	0.10	0.11	0.05	0.04	0.07	0.07				0.08	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)				2.71	3.64	4.16	3.49	3.02	2.73	3.06	5.04	4.38	4.68	3.35				3.57	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles		$146	$150	$164	$198	$191	$178	$194	$194	$37	$43	$42	$2,974					1882.67%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill		$15	$12	$12	$13	$11	$9	$8	$12	$329	$328	$344	$17,729					147641.67%	<-Total Growth	10	Goodwill
Total		$161	$162	$176	$211	$202	$187	$202	$206	$366	$371	$386	$20,703	$20,703				12679.63%	<-Total Growth	10	Total
Change			0.62%	8.64%	19.89%	-4.27%	-7.43%	8.02%	1.98%	77.67%	1.37%	4.04%	5263.47%	0.00%				6.03%	<-Median->	10	Change
Intangible/Market Cap Ratio		0.01	0.01	0.00	0.01	0.01	0.01	0.01	0.00	0.01	0.00	0.00	0.21	0.19				0.01	<-Median->	10	% of Market C.
Current Assets	$856.0	$1,329	$2,029	$1,277	$1,537	$1,009	$1,274	$1,117	$1,210	$1,321	$1,352	$1,889	$3,002	$3,002				Liquidity ratio of 1.5 and up, best
Current Liabilities	$1,210.0	$1,230	$1,378	$1,411	$1,447	$1,347	$1,984	$1,955	$2,292	$2,653	$3,159	$3,213	$5,710	$5,710				0.58	<-Median->	10	Ratio
Liquidity	0.71	1.08	1.47	0.91	1.06	0.75	0.64	0.57	0.53	0.50	0.43	0.59	0.53	0.53				0.53	<-Median->	5	Ratio
Liq. with CF aft div	0.97	1.98	2.71	2.24	2.61	2.12	1.59	1.78	1.66	1.38	1.37	1.66	1.13	1.41				1.38	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.52	1.08	1.25	1.47	1.47	1.18	0.96	1.02	0.93	0.78	0.26	1.13	0.82	1.41				0.82	<-Median->	5	Ratio
Port. Lg Term Dt	$281.7	$54	$189	$134	$30	$25	$746	$506	$599	$1,186	$1,550	$1,510	$3,143	$3,143
Liquidity Less CLTD	0.92	1.13	1.71	1.00	1.08	0.76	1.03	0.77	0.71	0.90	0.84	1.11	1.17	1.17				0.90	<-Median->	5	Ratio
Liq. with CF aft div	1.26	2.07	3.14	2.48	2.67	2.16	2.54	2.41	2.24	2.50	2.69	3.13	2.51	3.14				2.51	<-Median->	5	Ratio
Assets	$14,110	$14,727	$17,060	$16,640	$19,637	$19,221	$20,135	$21,254	$22,367	$23,640	$68,177	$73,495	$79,902	$79,902				Debt Ratio of 1.5 and up, best
Liabilities	$9,461	$9,630	$9,963	$11,030	$14,841	$14,595	$13,698	$14,618	$15,298	$16,321	$34,348	$34,609	$37,491	$37,491				1.47	<-Median->	10	Ratio
Debt Ratio	1.49	1.53	1.71	1.51	1.32	1.32	1.47	1.45	1.46	1.45	1.98	2.12	2.13	2.13				1.98	<-Median->	5	Ratio
Estimates BVPS														$48.70	$51.50				Estimates		Estimates BVPS
Estimate Book Value														$45,393.3	$48,003.2				Estimates		Estimate Book Value
P/B Ratio (Close)														2.36	2.23				Estimates		P/B Ratio (Close)
Difference from 10 year median															-56.71%	Diff M/C			Estimates		Difference from 10 yr med.
Comment
Book Value												$38,886	$42,411
NCI												$0	$919
Net Book Value	$4,649	$5,097	$7,097	$5,610	$4,796	$4,626	$6,437	$6,636	$7,069	$7,319	$33,829	$38,886	$41,492	$41,492	$41,492	$41,492		484.64%	<-Total Growth	10	Book Value
Book Value per Share	$5.47	$5.86	$8.09	$6.75	$6.27	$6.32	$8.88	$9.45	$10.32	$10.98	$36.39	$41.79	$44.51	$44.51	$44.51	$44.51		450.08%	<-Total Growth	10	Book Value per Share
Change	-4.10%	7.18%	38.05%	-16.53%	-7.19%	0.87%	40.49%	6.32%	9.25%	6.41%	231.36%	14.85%	6.52%	0.00%	0.00%	0.00%		-52.64%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	2.11	2.90	3.34	5.90	6.57	5.64	4.76	5.34	5.54	6.43	2.53	2.25	2.32	2.41	0.00	0.00		2.05	P/B Ratio		Historical Median
P/B Ratio (Close)	2.52	3.44	3.97	6.62	5.64	6.06	5.17	5.13	6.42	8.04	2.50	2.42	2.36	2.58	2.58	2.61		18.59%	<-IRR #YR->	10	Book Value per Share	450.08%
Change	11.20%	36.42%	15.33%	66.85%	-14.90%	7.45%	-14.67%	-0.79%	25.09%	25.35%	-68.91%	-3.39%	-2.49%	9.44%	0.00%	1.35%		36.35%	<-IRR #YR->	5	Book Value per Share	371.24%
Leverage (A/BK)	3.04	2.89	2.40	2.97	4.09	4.15	3.13	3.20	3.16	3.23	2.02	1.89	1.93	1.93				3.15	<-Median->	10	A/BV
Debt/Equity Ratio	2.04	1.89	1.40	1.97	3.09	3.15	2.13	2.20	2.16	2.23	1.02	0.89	0.90	0.90				2.15	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	5.44	5 yr Med	2.53		-52.64%	Diff M/C		2.64	Historical		Leverage (A/BK)
			-$8.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.51
								-$9.45	$0.00	$0.00	$0.00	$0.00	$44.51
Comprehensive Income	-$80.00	$452	$2,140	$760	$2,094	$1,277	$2,463	$1,649	$1,961	$2,152	$3,563	$5,711	$3,205
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$13
Shareholders	-$80.00	$452	$2,140	$760	$2,094	$1,277	$2,463	$1,649	$1,961	$2,152	$3,563	$5,711	$3,218					50.37%	<-Total Growth	10	Comprehensive Income
Increase	-125.84%	665.00%	373.45%	-64.49%	175.53%	-39.02%	92.87%	-33.05%	18.92%	9.74%	65.57%	60.29%	-43.65%					18.92%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$475	$385	$681	$716	$1,073	$1,345	$1,747	$1,649	$1,889	$1,900	$2,358	$3,007	$3,321					4.16%	<-IRR #YR->	10	Comprehensive Income	50.37%
ROE	-1.7%	8.9%	30.2%	13.5%	43.7%	27.6%	38.3%	24.8%	27.7%	29.4%	10.5%	14.7%	7.8%					14.31%	<-IRR #YR->	5	Comprehensive Income	95.15%
5Yr Median	8.7%	8.7%	8.7%	8.9%	13.5%	27.6%	30.2%	27.6%	27.7%	27.7%	27.7%	24.8%	14.7%					17.17%	<-IRR #YR->	10	5 Yr Running Average	387.55%
% Difference from NI	-114.0%	-6.6%	144.6%	-48.5%	54.9%	-20.1%	2.4%	-15.5%	-19.6%	-11.9%	24.9%	62.4%	-18.1%					15.04%	<-IRR #YR->	5	5 Yr Running Average	101.44%
Median Values										Diff	5, 10 yr	27.6%	27.7%					14.7%	<-Median->	5	Return on Equity
			-$2,140.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,218.0
								-$1,649.0	$0.0	$0.0	$0.0	$0.0	$3,218.0
			-$681.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,321.0
								-$1,648.6	$0.0	$0.0	$0.0	$0.0	$3,321.0
Current Liability Coverage Ratio	0.50	1.15	1.45	1.58	1.67	1.74	1.23	1.39	1.25	1.20	1.20	0.98	0.72	1.01							CFO / Current Liabilities
5 year Median	0.50	0.50	0.50	1.15	1.45	1.58	1.58	1.58	1.39	1.25	1.23	1.20	1.20	1.01				1.20	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	4.25%	9.62%	11.74%	13.42%	12.32%	12.18%	12.08%	12.83%	12.84%	13.45%	5.56%	4.28%	5.11%	7.22%							CFO / Total Assets
5 year Median	4.25%	4.25%	4.25%	9.62%	11.74%	12.18%	12.18%	12.32%	12.32%	12.83%	12.83%	12.83%	5.56%	5.56%				5.6%	<-Median->	5	Return on Assets
Return on Assets	4.04%	3.29%	5.13%	8.87%	6.88%	8.32%	11.94%	9.18%	10.91%	10.34%	4.18%	4.79%	4.91%	5.00%				Net	Income/Assets		Return on Assets
5Yr Median	4.04%	4.00%	4.04%	4.76%	5.13%	6.88%	8.32%	8.87%	9.18%	10.34%	10.34%	9.18%	4.91%	4.91%				4.9%	<-Median->	5	Asset Efficiency Ratio
ROE	12.26%	9.50%	12.33%	26.31%	28.19%	34.57%	37.36%	29.40%	34.52%	33.39%	8.43%	9.04%	9.46%	9.63%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Running Ave	12.30%	10.77%	11.25%	14.87%	17.46%	21.25%	26.98%	31.25%	32.97%	33.78%	19.73%	14.09%	11.80%	10.27%				9.5%	<-Median->	5	Return on Equity
														$4,042	<-12 mths	2.93%
Net Income	$570	$484	$875	$1,476	$1,352	$1,599	$2,405	$1,951	$2,440	$2,444	$2,852	$3,517	$3,923
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$4
Shareholders	$570	$484	$875	$1,476	$1,352	$1,599	$2,405	$1,951	$2,440	$2,444	$2,852	$3,517	$3,927	$3,996	$4,703			348.80%	<-Total Growth	10	Net Income
Increase	-12.40%	-15.09%	80.79%	68.69%	-8.40%	18.27%	50.41%	-18.88%	25.06%	0.16%	16.69%	23.32%	11.66%	1.76%	17.69%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$680	$587	$638	$811	$951	$1,157	$1,541	$1,757	$1,949	$2,168	$2,418	$2,641	$3,036	$3,347	$3,799			16.20%	<-IRR #YR->	10	Net Income	348.80%
Operating Cash Flow	$512	$1,328	$1,950	$2,123	$2,459	$2,089	$2,182	$2,712	$2,990	$2,802	$3,688	$4,142	$4,137					15.02%	<-IRR #YR->	5	Net Income	101.28%
Investment Cash Flow	-$1,044	-$1,011	-$1,597	-$750	-$1,123	-$1,069	-$1,295	-$1,458	-$1,803	-$2,030	-$13,730	-$1,496	-$2,162					16.87%	<-IRR #YR->	10	5 Yr Running Ave.	375.55%
Total Accruals	$1,102	$167	$522	$103	$16	$579	$1,518	$697	$1,253	$1,672	$12,894	$871	$1,952					11.56%	<-IRR #YR->	5	5 Yr Running Ave.	72.83%
Total Assets	$14,110	$14,727	$17,060	$16,640	$19,637	$19,221	$20,135	$21,254	$22,367	$23,640	$68,177	$73,495	$79,902						Balance Sheet		Assets
Accruals Ratio	7.81%	1.13%	3.06%	0.62%	0.08%	3.01%	7.54%	3.28%	5.60%	7.07%	18.91%	1.19%	2.44%					5.60%	<-Median->	5	Ratio
EPS/CF Ratio	0.95	0.34	0.43	0.63	0.53	0.66	0.98	0.70	0.84	0.75	1.03	1.12	0.96					0.79	<-Median->	10	EPS/CF Ratio
			-$875.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,927.0
								-$1,951.0	$0.0	$0.0	$0.0	$0.0	$3,927.0
			-$638.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,036.0
								-$1,756.6	$0.0	$0.0	$0.0	$0.0	$3,036.0
Change in Close	6.65%	46.21%	59.22%	39.28%	-21.01%	8.39%	19.89%	5.48%	36.65%	33.38%	3.03%	10.96%	3.86%	9.44%	0.00%	1.35%			Count	30	Years of data
up/down	down	down						down		down	down	down							Count	12	40.00%
Meet Prediction?																		% right	Count	1	8.33%
Financial Cash Flow	$217	-$30	-$220	-$1,630	-$957	-$1,493	-$7	-$1,542	-$1,111	-$764	$9,936	-$2,297	-$1,955						C F Statement		Financial Cash Flow
Total Accruals	$885	$197	$742	$1,733	$973	$2,072	$1,525	$2,239	$2,364	$2,436	$2,958	$3,168	$3,907								Accruals
Accruals Ratio	6.27%	1.34%	4.35%	10.41%	4.95%	10.78%	7.57%	10.53%	10.57%	10.30%	4.34%	4.31%	4.89%					4.89%	<-Median->	5	Ratio
Cash	$47	$333	$476	$226	$650	$164	$338	$61	$133	$147	$82	$451	$464	$464							Cash
Cash per Share	$0.06	$0.38	$0.54	$0.27	$0.85	$0.22	$0.47	$0.09	$0.19	$0.22	$0.09	$0.48	$0.50	$0.50				$0.22	<-Median->	5	Cash per Share
Percentage of Stock Price	0.40%	1.90%	1.69%	0.61%	2.40%	0.59%	1.02%	0.18%	0.29%	0.25%	0.10%	0.48%	0.47%	0.43%				0.29%	<-Median->	5	% of Stock Price
Notes:
February 2, 2023.  Last estimates were for 2023, 2024 and 2025 of $11404M, $13008M and $13800M for Revenue, $4.48, $5.18 and $5.94 for AEPS, $4.47, $5.21 and $6.05 for EPS,
$0.77 and $0.84 for 2023/4 for Dividends, $3.575M and $3913M for 2023/4 for FCF, $5.77 and $6.70 for 2023/4 for CFPS, $44.90 and $48.30 2023/4 for BFPS, $4148M, and $4804M 2023/4 for Net Income.
April 14, 2023.  Canadian Pacific changed it name to Canadian Pacific Kansas City Limited.
February 3, 2023.  Last estimates were for 2022 and 2023 of $8704M and $13849M for Revenue, $3.77 and $4.71 for EPS, $0.76 and $0.77 for Dividends,
$2412M and $3423M for FCF, $4.36 and $5.74 for CFPS, $35.50 and $39.50 for BVPS, and $3325M and $4394M for Net Income.
January 30, 2022.  Last estimates were for 2021 and 2022 of $8358M, $8860M for Revenue, 4.06 and $4.46 for EPS, $0.78, $0.86 for Dividends,
$2000M, $2275M for FCF, $5.30 and $6.00 for CFPS, $2682M and $2892M for Net Income.  All adjusted for 5 to 1 split.
February 4, 2021.  Last estimates were for 2020, 2021 and 2022.of $7609M, $8106M and $8646M for Revenue, $17.00, $1970, and $21.10 for EPS,
$3.33, $3.69 and $4.10 for Dividends, $22.90m $27.30 and $30.10 for CFPS, $2239M, $2512M and $2703M for Net Income.
October 7, 2020.  The last estimates were for 2019, 2020 and 2021 of $7858M. $8.337M and $8.749M for Revenue, $17.70, $18.60 and $20.40 for EPS,
$21.60, $24.60 and $26.80 for CFPS and $2453M, $2514M and $2670M for Net Income.
October 5, 2019.  Last estimates were for 2018, 2019 and 2020 of $7192M, $7776M and $8329M for Revneue, $13.50, $15.90 and $18.00 for EPS,
$18.80, $22.10 and $24.60 for CFPS and $1922M, $2205M and $2432M for Net Income.
October 13, 2018.  Last estimates were for 2017, 2018 and 2019 of $6531M, $682M5 and $7189M for Revenue, $12.50, $12.80 and $14.20 for EPS,
$15.80, $19.00and $21.10 for CFPS and $1823M, $1806M and $1953M for Net Income.
October 20, 2017.  Last estimates were for 2016, 2017 and 2018 of $6484M, $6754M and $7048NM for Revenue, $11.80, 12.20 and $13.60 for EPS,
$14.60, $17.70 and $19.60 for CFPS and $1758M, $1766M and $1879M for Net Income.
October 16, 2016.  Last estimates were for 2015, 2016 and 2017 of $6848M, $7.185M and $7.527M for Revenue, $9.77, $12.00 and $13.50 for EPS,
$15.20, $17.30 and $18.00 for CFPS and $1549M, $1756M and $1924M for Net Income.
October 17, 2015.  Last estimates were for 2014, 2015 and 2016 of $6651M, $7644M and $8075M for Revenue, $8.41, $10.90 and $13.10 for EPS,
$12.30, $15.50 and $17.20 for CFPS and $1468M, $1797M and $2065M for Net Income.
October 12, 2014.  Last estimates were for $6176M, $6643M and $7088M for Revenue, $6.19, $7.90 and $9.43 for EPS, $10.60 $12.50 and $13.80 for CFPS.
Oct 6, 2013.  Last estimates were for 2012 and 2013 of $5730M and $6162 M for Revenue, $4.42 and $5.50 for EPS.
Sep 4, 2012.  Diluted earnings per share of $0.60, inclusive of the negative impact of approximately $0.30 from significant items including
management transition and advisory costs and an Ontario corporate income tax rate change.  (Some sites show $.90 as EPS for Q2.)
management transition and advisory costs and an Ontario corporate income tax rate change.
Mar 13, 2011.  When I last looked I got earnings for 2010 and 2011 of $3.40 and $4.05 and cash Flow of $6.02 and $7.05.
*They have their accounting procedures and say that Book Value, under new rules was only $4658.1 for 2009, not originally reported  $6706 some 30.5% less.  Therefore BV increased by 3.6% in 2010.
A lot of the figures for 2009 was restated with accounting changes of 2010.  However, I have not changed my spreadsheet.  Shows how fragil accounting figures can be.
Mar 3, 2010.  Earnings came in higher, but cash flow came in a lot lower.  Earning estimate for 2010 is lowered, but earnings are expected to recover, as well as Cash Flow in 2011.
In Jul 2009 I picked up  for 2009 and 2010 earning estimates of $2.75 and $3.50 and Cash Flow estimates of $6.70 and $7.37.
In April I picked up 2009 and 2010 estimates of $3.70 and $4.20.  Estimates for this stock have declined a lot.
April 26, 2009 AR 2008.  In June 2008, I got earnings estimates of $4.50 (actual was basic at $4.03 and diluted at $3.98) and Revenue Estimates of $4946. (actual $4931.6) for 2008.
AP 2007.  I have done ok on this stock since buying in 2006.  TD has a buy rating on it. Dividends are increasing nicely. ANNUAL STATEMENT NOT YET REC
AP 2006.  Revenue is not growning well, but earnings are.  My stock is doing well.  TD expects a 7.1% return on this this at present over next year.  Keeper for now.
AP2005.  This stock looks a lot better if figures from Financial Post Card is accurate.  They are certainly different from the ones I had used.
2004. I do not think that they are making much money.
Prior to 2001, Company was Canadian Pacfic Limited (CPL) and CPR was spin off of CPL.  (Although dividends were paid prior to 2002, I have no accurate figures.)
In 2001, the CPR's parent company, Canadian Pacific Limited, spun off its five subsidiaries, including the CPR, into independent companies.
For every 100 CP shares investors hold, they'll receive 68.4 shares of Pan Canadian Energy (the new name for PanCanadian Petroleum), 50 shares of CP Rail, 25 shares of Fairmont Hotels and Resorts,
25 shares of CP Ships, and 16.6 shares of Fording (CP's coal mining division). Currently only PanCanadian trades on its own, with CP owning 86.6 per cent of the shares. Those shares will be spun off in the restructuring.
See Earnings Release for new annual report.
Sector:
Services, Industrial
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
It is a stock I held from 1987 to 1999 so I am following it.  I also held it 2006 to 2011.  I decided in 2011 to have only one railway stock and chose CN as my railway stock.
Why I bought and sold this stock.
I am following this stock because it is a dividend growth stock.  It is one that was on Mike Higgs' list.
Dividends
Dividends are paid quarterly in Cycle 1 of January, April, July and October.  Dividends are declared in one month and paid in the following month.
For example, the dividend declared on December 30, 2011 was paid on January 30, 2012.
How they make their money
Canadian Pacific Kansas City is a Class-1 railroad operating on track that spans across most of Canada and into parts of the Midwestern and Northeastern
United States and down through Texas, the Gulf of Mexico, and into Mexico.
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.
										fix 1 to 5 split		These values seem wrong
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	Oct 20	2017	Oct 13	2018	Oct 5	2019	Oct 8	2020	Feb 4	2021	Jan 30	2022	Feb 3	2023			Feb 2	2024
Creel, Keith E.	0.00%	0.002	0.00%	0.002	0.00%	0.003	0.00%	0.018	0.00%	0.090	0.01%	0.168	0.02%	0.093	0.01%			0.095	0.01%		Used to be an officer	1.57%
CEO - Shares - Amount	$0.051		$0.085		$0.117		$0.172		$1.590		$8.193		$16.996		$9.797				$10.890		CEO 2017
Options - percentage	0.06%	0.657	0.09%	0.704	0.10%	0.694	0.10%	0.635	0.10%	3.292	0.35%	3.719	0.40%	3.655	0.39%			2.828	0.30%			-22.62%
Options - amount	$17.410		$30.161		$34.100		$45.923		$56.114		$299.471		$375.456		$383.240				$324.556
Harrison, E. Hunter	0.02%
CEO - Shares - Amount	$6.843
Options - percentage	0.15%
Options - amount	$41.555
Reuters Options Value
Velani, Nadeem	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.002	0.00%	0.010	0.00%	0.010	0.00%			0.002	0.96%			-84.96%
CFO - Shares - Amount	$0.020		$0.029		$0.039		$0.067		$0.051		$0.194		$0.986		$1.099				$0.181
Options - percentage	0.00%	0.018	0.00%	0.038	0.01%	0.060	0.01%	0.079	0.01%	0.549	0.06%	0.759	0.08%	0.454	0.05%			0.593	0.06%			30.47%
Options - amount	$0.428		$0.850		$1.829		$3.960		$6.934		$49.983		$76.635		$47.617				$67.990
Brooks, John Kenneth		0.001	0.00%			0.002	0.00%	0.002	0.00%	0.010	0.00%	0.056	0.01%	0.012	0.00%			0.013	0.00%			6.16%
Officer - Shares - Amount			$0.068				$0.121		$0.180		$0.929		$5.618		$1.239				$1.439
Options - percentage		0.031	0.00%			0.042	0.01%	0.057	0.01%	0.320	0.03%	1.555	0.17%	0.342	0.04%			0.424	0.05%			23.88%
Options - amount			$1.427				$2.763		$5.010		$29.076		$156.982		$35.911				$48.688
Redd, Mark Ashley														0.022	0.00%			0.023	0.00%			4.80%
Officer - Shares - Amount															$2.332				$2.675
Options - percentage														0.153	0.02%			0.328	0.04%			114.78%
Options - amount															$16.029				$37.676
Baird, John Russell	0.00%	0.000	0.00%	0.000	0.00%	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!
Director - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Options - percentage	0.00%	0.003	0.00%	0.004	0.00%	0.005	0.00%	0.006	0.00%	0.030	0.00%	0.033	0.00%	0.038	0.00%			0.042	0.00%			11.38%
Options - amount	$0.069		$0.137		$0.196		$0.334		$0.521		$2.750		$3.349		$3.935				$4.796
Paull, Matthew														0.015	0.00%			0.019	0.00%			23.04%
Director - Shares - Amount															$1.593				$2.145
Options - percentage														0.041	0.00%			0.045	0.00%			10.83%
Options - amount															$4.294				$5.208
Courville, Isabelle						0.001	0.00%	0.001	0.00%	0.005	0.00%	0.023	0.00%	0.023	0.00%			0.023	0.00%			0.00%
Chairman - Shares - Amt							$0.060		$0.079		$0.409		$2.271		$2.359				$2.582
Options - percentage						0.008	0.00%	0.010	0.00%	0.050	0.01%	0.056	0.01%	0.060	0.01%			0.063	0.01%			5.88%
Options - amount							$0.536		$0.862		$4.571		$5.669		$6.270				$7.266
Reardon, Andrew Fitzpatrick	0.00%	0.004	0.00%	0.004	0.00%
Chairman - Shares - Amt	$0.154		$0.185		$0.195
Options - percentage	0.00%	0.010	0.00%	0.012	0.00%
Options - amount	$0.280		$0.456		$0.587
Increase in O/S Shares	0.08%	0.200	0.03%	0.500	0.07%	0.200	0.03%	0.300	0.04%	1.500	0.23%	0.200	0.02%	0.800	0.09%			0.400	0.04%
due to SO	$21.208		$7.662		$22.966		$9.690		$19.862		$132.459		$18.196		$80.760				$41.940
Book Value	$54.000		$28.000		$57.000		$36.000		$45.000		$48.000		$6.000		$41.000				$23.000
Insider Buying	-$0.182		$0.000		$0.000		-$0.520		-$4.532		-$4.532		$0.000		-$0.052				-$0.338
Insider Selling	$774.842		$6.798		$2.722		$35.245		$46.075		$36.196		$8.555		$35.482				$108.079
Net Insider Selling	$774.660		$6.798		$2.722		$34.725		$41.543		$31.664		$8.555		$35.430				$107.741
Net Selling % of Market Cap	2.76%		0.02%		0.01%		0.08%		0.07%		0.04%		0.01%		0.04%				0.10%
Directors		10		9		11		11		11		11		9				12
Women	33%	4	40%	4	44%	5	45%	5	45%	5	45%	5	45%	4	44%			5	42%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			2	17%
Institutions/Holdings
Total Shares Held	69.35%	432	68.37%	485	66.87%	513	69.73%	519	70.92%
Increase/Decrease	14.00%	99.107	13.68%	95.351	13.57%	96.636	14.11%	96.119	14.42%
Starting No. of Shares	-8.27%	-3.705	-3.60%	-3.718	-3.75%	0.398	0.41%	0.590	0.62%
	Nasdaq	102.812	Nasdaq	99.069	Nasdaq	96.238	Nasdaq	95.529	Nasdaq
Institutions/Holdings								20	58.88%	20	64.36%	20	44.98%	20	58.68%			20	46.79%
Total Shares Held								81.588	12.24%	428.881	46.13%	418.124	44.94%	546.029	58.58%			436.169	46.79%
Increase/Decrease								3.349	4.28%	25.638	6.36%	17.269	4.31%	27.091	5.22%			-9.312	-2.09%
Starting No. of Shares								78.239	Top 20 MS	403.243	Top 20 MS	400.855	Top 20 MS	518.937	Top 20 MS			445.481	Top 20 MS
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