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.
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			Q1 2024
Canadian Utilities Ltd				TSX:	CU	OTC:	CDUAF	https://www.canadianutilities.com/en-ca.html				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
Split Date			Jun-13
Split			2
														$66	<-12 mths	0.00%
Other Income					$36	$47	$46	$211	$168	$31	$58	$76	$66					83.33%	<-Total Growth	8	Other Income
Change						30.56%	-2.13%	358.70%	-20.38%	-81.55%	87.10%	31.03%	-13.16%					14.21%	<-Median->	8	Change
Ratio					0.03	0.04	0.04	0.16	0.11	0.03	0.06	0.06	0.05					0.05	<-Median->	9	Ratio
Operating Profit					$1,114	$1,114	$1,114	$1,335	$1,473	$972	$940	$1,209	$1,321					18.58%	<-Total Growth	8	Operating Profit
Change						0.00%	0.00%	19.84%	10.34%	-34.01%	-3.29%	28.62%	9.26%					0.05	<-Median->	8	Change
														$2,559	<-12 mths	0.71%
Costs and Expenses					$2,446	$2,199	$3,017	$3,253	$2,627	$2,292	$2,633	$2,915	$2,541					3.88%	<-Total Growth	8	Costs and Expenses
Change						-10.10%	37.20%	7.82%	-19.24%	-12.75%	14.88%	10.71%	-12.83%					-1.14%	<-Median->	8	Change
Ratio					0.75	0.65	0.75	0.74	0.67	0.71	0.75	0.72	0.67					0.72	<-Median->	9	Ratio
														$3,756	<-12 mths	-1.05%
Comment										Sale of Asset
Revenue*	$2,999	$3,139	$3,381	$3,600	$3,264	$3,399	$4,027	$4,377	$3,905	$3,233	$3,515	$4,048	$3,796	$4,322	$4,374	$4,531		12.27%	<-Total Growth	10	Revenue
Increase	12.86%	4.67%	7.71%	6.48%	-9.33%	4.14%	18.48%	8.69%	-10.78%	-17.21%	8.72%	15.16%	-6.23%	13.86%	1.20%	3.59%		1.16%	<-IRR #YR->	10	Revenue	12.27%
5 year Running Average	$2,685	$2,832	$2,952	$3,155	$3,277	$3,357	$3,534	$3,733	$3,794	$3,788	$3,811	$3,816	$3,699	$3,783	$4,011	$4,214		-2.81%	<-IRR #YR->	5	Revenue	-13.27%
Revenue per Share	$11.75	$12.21	$12.95	$13.64	$12.23	$12.66	$14.85	$16.02	$14.29	$11.85	$13.05	$15.00	$14.01	$15.95	$16.14	$16.72		2.28%	<-IRR #YR->	10	5 yr Running Average	25.32%
Increase	11.37%	3.90%	6.09%	5.32%	-10.35%	3.49%	17.36%	7.88%	-10.82%	-17.09%	10.14%	14.93%	-6.58%	13.86%	1.20%	3.59%		-0.18%	<-IRR #YR->	5	5 yr Running Average	-0.91%
5 year Running Average	$10.65	$11.17	$11.55	$12.22	$12.56	$12.74	$13.27	$13.88	$14.01	$13.94	$14.01	$14.04	$13.64	$13.97	$14.83	$15.57		0.79%	<-IRR #YR->	10	Revenue per Share	8.17%
P/S (Price/Sales) Med	2.41	2.69	2.90	2.82	3.02	2.81	2.63	2.08	2.49	2.88	2.55	2.50	2.44	1.95	0.00	0.00		-2.65%	<-IRR #YR->	5	Revenue per Share	-12.56%
P/S (Price/Sales) Close	2.62	2.95	2.75	3.00	2.61	2.86	2.52	1.95	2.74	2.62	2.81	2.44	2.28	2.01	1.99	1.92		1.68%	<-IRR #YR->	10	5 yr Running Average	18.14%
*Revenue in M CDN $					P/S Med	20 yr	2.49	15 yr	2.55	10 yr	2.59	5 yr	2.50		-22.27%	Diff M/C		-0.35%	<-IRR #YR->	5	5 yr Running Average	-1.74%
			-$3,381	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,796
								-$4,377.0	$0.0	$0.0	$0.0	$0.0	$3,796
			-$2,952	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,699
								-$3,733.4	$0.0	$0.0	$0.0	$0.0	$3,699
			-$12.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.01
								-$16.02	$0.00	$0.00	$0.00	$0.00	$14.01
			-$11.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.64
								-$13.88	$0.00	$0.00	$0.00	$0.00	$13.64
														$1.79	<-12 mths	-19.00%
Adjusted Net Income				$575	$483	$590	$602	$607	$608	$535	$586	$655	$596					1.02%	<-Total Growth	9	Adjusted Net Income
Calc				$2.19	$1.83	$2.21	$2.23	$2.24	$2.23	$1.96	$2.17	$2.43	$2.21
AEPS* (EPS-AEPS)	$1.83	$2.06	$2.09	$2.19	$1.83	$2.21	$2.23	$2.24	$2.23	$1.96	$2.17	$2.43	$2.21	$2.32	$2.43	$2.46		5.74%	<-Total Growth	10	AEPS
Increase	5.80%	12.60%	1.70%	5.00%	-16.61%	20.77%	0.90%	0.45%	-0.45%	-12.11%	10.71%	11.98%	-9.05%	4.98%	4.74%	1.23%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	5.93%	5.71%	5.86%	5.36%	5.73%	6.11%	5.96%	7.15%	5.69%	6.30%	5.91%	6.63%	6.93%	7.23%	7.57%	7.67%		0.56%	<-IRR #YR->	10	AEPS	5.74%
5 year Running Average	$1.72	$1.82	$1.91	$1.98	$2.00	$2.08	$2.11	$2.14	$2.15	$2.17	$2.17	$2.21	$2.20	$2.22	$2.31	$2.37		-0.27%	<-IRR #YR->	5	AEPS	-1.34%
Payout Ratio	44.11%	43.07%	46.41%	48.76%	64.48%	58.82%	64.13%	70.23%	75.82%	88.86%	81.07%	73.12%	81.19%	78.12%	74.58%	73.67%		1.42%	<-IRR #YR->	10	5 yr Running Average	15.18%
5 year Running Average	17.58%	26.19%	35.47%	45.22%	49.36%	52.31%	56.52%	61.28%	66.70%	71.57%	76.02%	77.82%	80.01%	80.47%	77.62%	76.14%		0.55%	<-IRR #YR->	5	5 yr Running Average	2.76%
Price/AEPS Median	15.52	15.99	17.98	17.52	20.18	16.07	17.49	14.85	15.93	17.41	15.34	15.44	15.45	13.39	0.00	0.00		16.00	<-Median->	10	Price/AEPS Median
Price/AEPS High	17.59	17.42	19.84	18.81	24.07	18.23	18.95	16.66	17.90	21.78	16.84	17.06	17.95	14.04	0.00	0.00		18.09	<-Median->	10	Price/AEPS High
Price/AEPS Low	13.45	14.56	16.11	16.23	16.29	13.90	16.03	13.05	13.96	13.04	13.83	13.82	12.94	12.75	0.00	0.00		13.87	<-Median->	10	Price/AEPS Low
Price/AEPS Close	16.86	17.50	17.07	18.64	17.45	16.38	16.78	13.98	17.57	15.86	16.91	15.08	14.43	13.83	13.21	13.04		16.58	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	17.84	19.71	17.36	19.57	14.55	19.78	16.93	14.04	17.49	13.94	18.72	16.89	13.12	14.52	13.83	13.21		16.91	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	71.68%	5 Yrs	81.07%	P/CF	5 Yrs	in order	15.45	17.90	13.82	15.86		-10.45%	Diff M/C
* Adjusted Earnings per Share
			-$2.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.21
								-$2.24	$0.00	$0.00	$0.00	$0.00	$2.21
			-$1.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.20
								-$2.14	$0.00	$0.00	$0.00	$0.00	$2.20
														$2.14	<-12 mths	-8.15%
Split pre '13	$3.65	$4.12
EPS Basic	$1.83	$2.06	$2.10	$2.52	$1.12	$2.07	$1.54	$2.08	$3.24	$1.32	$1.21	$2.07	$2.33					10.95%	<-Total Growth	10	EPS Basic
Split pre '05
Split pre '13	$3.65	$4.11
EPS Diluted*	$1.83	$2.06	$2.09	$2.52	$1.11	$2.06	$1.54	$2.08	$3.24	$1.32	$1.21	$2.06	$2.33	$2.34	$2.40			11.48%	<-Total Growth	10	EPS Diluted
Increase	5.80%	12.60%	1.70%	20.57%	-55.95%	85.59%	-25.24%	35.06%	55.77%	-59.26%	-8.33%	70.25%	13.11%	0.43%	2.56%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	5.9%	5.7%	5.9%	6.2%	3.5%	5.7%	4.1%	6.6%	8.3%	4.2%	3.3%	5.6%	7.3%	7.3%	7.5%			1.09%	<-IRR #YR->	10	Earnings per Share	11.48%
5 year Running Average	$1.72	$1.82	$1.91	$2.04	$1.92	$1.97	$1.86	$1.86	$2.01	$2.05	$1.88	$1.98	$2.03	$1.85	$2.07			2.30%	<-IRR #YR->	5	Earnings per Share	12.02%
10 year Running Average	$1.43	$1.52	$1.63	$1.76	$1.76	$1.84	$1.84	$1.89	$2.02	$1.98	$1.92	$1.92	$1.95	$1.93	$2.06			0.62%	<-IRR #YR->	10	5 yr Running Average	6.39%
* Diluted ESP per share									E/P	10 Yrs	5.66%	5Yrs	5.62%					1.76%	<-IRR #YR->	5	5 yr Running Average	9.13%
			-$2.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.33
								-$2.08	$0.00	$0.00	$0.00	$0.00	$2.33
			-$1.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.03
								-$1.86	$0.00	$0.00	$0.00	$0.00	$2.03
Dividend*														$1.81	$1.83	$1.85			Estimates		Dividend*
Increase														0.87%	1.27%	0.93%			Estimates		Increase
Payout Ratio EPS														77.35%	76.38%	#DIV/0!			Estimates		Payout Ratio EPS
Split pre '13
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Split pre '05
Split pre '13	$1.61
Dividend*	$0.8050	$0.8850	$0.9700	$1.0700	$1.1800	$1.3000	$1.4300	$1.5732	$1.6908	$1.7416	$1.7592	$1.7768	$1.7944	$1.8124	$1.8124	$1.8124		84.99%	<-Total Growth	10	Dividends
Increase	6.62%	9.94%	9.60%	10.31%	10.28%	10.17%	10.00%	10.01%	7.48%	3.00%	1.01%	1.00%	0.99%	1.00%	0.00%	0.00%		35	0	35	Years of data, Count P, N	100.00%
Average Increases 5 Year Running	6.97%	7.21%	7.85%	8.71%	9.35%	10.06%	10.07%	10.15%	9.59%	8.13%	6.30%	4.50%	2.70%	1.40%	0.80%	0.60%		9.03%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.71	$0.76	$0.82	$0.90	$0.98	$1.08	$1.19	$1.31	$1.43	$1.55	$1.64	$1.71	$1.75	$1.78	$1.79	$1.80		112.69%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.84%	2.69%	2.58%	2.78%	3.20%	3.66%	3.67%	4.73%	4.76%	5.10%	5.29%	4.74%	5.26%	5.83%				4.73%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	2.51%	2.47%	2.34%	2.59%	2.68%	3.23%	3.38%	4.22%	4.24%	4.08%	4.81%	4.29%	4.52%	5.56%				4.15%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.28%	2.96%	2.88%	3.00%	3.96%	4.23%	4.00%	5.38%	5.43%	6.82%	5.86%	5.29%	6.27%	6.13%				5.33%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	2.62%	2.46%	2.72%	2.62%	3.69%	3.59%	3.82%	5.02%	4.32%	5.60%	4.79%	4.85%	5.63%	5.65%	5.65%	5.65%		4.56%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	44.11%	43.07%	46.41%	42.46%	106.31%	63.11%	92.86%	75.63%	52.19%	131.94%	145.39%	86.25%	77.01%	77.45%	75.52%	#DIV/0!		81.63%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	41.43%	41.92%	43.14%	43.91%	51.15%	54.96%	63.84%	70.39%	71.53%	75.54%	87.27%	86.19%	86.25%	95.94%	86.61%	#DIV/0!		70.96%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	15.20%	16.44%	14.06%	18.34%	19.49%	21.52%	29.55%	49.39%	34.02%	29.14%	27.58%	22.41%	27.31%	29.14%	26.34%	25.60%		27.45%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	20.62%	19.27%	17.50%	16.96%	16.66%	17.89%	20.05%	25.25%	28.59%	30.93%	32.33%	30.03%	27.53%	26.86%	26.36%	25.98%		26.39%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	15.58%	14.43%	14.37%	16.52%	19.96%	18.82%	21.23%	24.14%	25.74%	29.19%	29.16%	24.81%	27.76%	29.14%	26.34%	25.60%		24.48%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	20.49%	18.53%	17.07%	16.33%	16.13%	16.80%	18.15%	20.13%	21.98%	23.66%	25.75%	26.49%	27.22%	27.90%	27.34%	26.65%		21.06%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.73%	4.56%	5 Yr Med	5 Yr Cl	5.10%	4.85%	5 Yr Med	Payout	86.25%	27.58%	27.76%					2.67%	<-IRR #YR->	5	Dividends	14.06%
* Dividends per share	10 Yr Med	and Cur.	19.36%	23.97%	5 Yr Med	and Cur.	10.65%	16.50%	Last Div Inc --->		$0.4486	$0.4531	1.00%					6.34%	<-IRR #YR->	10	Dividends	84.99%
Dividends Growth 15																		6.84%	<-IRR #YR->	15	Dividends	169.83%
Dividends Growth 20																		6.49%	<-IRR #YR->	20	Dividends	251.84%
Dividends Growth 25																		6.08%	<-IRR #YR->	25	Dividends	337.66%
Dividends Growth 30																		5.55%	<-IRR #YR->	30	Dividends	405.46%
Dividends Growth 35																		4.96%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$1.57	$0.00	$0.00	$0.00	$0.00	$1.79								Dividends Growth 5
Dividends Growth 10			-$0.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.79								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.79								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.79								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.79								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.79								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.79								Dividends Growth 35
Historical Dividends	Historical	High Div	7.15%	Low Div	2.37%	10 Yr High	6.76%	10 Yr Low	2.71%	Med Div	3.84%	Close Div	3.80%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-21.01%		138.31%	Exp.	-16.45%		108.41%	Cheap	47.08%	Cheap	48.60%								High/Ave/Median
Future Dividend Yield					Div Yd	6.44%	earning in	5	Years	at IRR of	2.67%	Div Inc.	14.06%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.35%	earning in	10	Years	at IRR of	2.67%	Div Inc.	30.10%								Future Dividend Yield
Future Dividend Yield					Div Yd	8.38%	earning in	15	Years	at IRR of	2.67%	Div Inc.	48.39%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.07	earning in	5	Years	at IRR of	2.67%	Div Inc.	14.06%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.36	earning in	10	Years	at IRR of	2.67%	Div Inc.	30.10%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.69	earning in	15	Years	at IRR of	2.67%	Div Inc.	48.39%								Future Dividend Paid
Dividend Covering Cost					Total Div	$9.56	over	5	Years	at IRR of	2.67%	Div Cov.	29.79%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$18.39	over	10	Years	at IRR of	2.67%	Div Cov.	57.32%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$28.47	over	15	Years	at IRR of	2.67%	Div Cov.	88.72%								Dividend Covering Cost
I am earning GC					Div Gr	43.92%	01/25/17	# yrs ->	8	2017	$37.51	Cap Gain	-14.46%									I am earning GC
I am earning Div					org yield	3.81%	12/31/25	Pension	Div G Yrly	4.16%	Div start	$1.43	-3.81%	5.49%								I am earning Div
I am earning GC					Div Gr	15.20%	11/20/17	# yrs ->	8	2017	$38.12	Cap Gain	-15.82%									I am earning GC
I am earning Div					org yield	4.13%	12/31/25	Trading	Div G Yrly	1.76%	Div start	$1.57	-4.13%	4.75%								I am earning Div
Yield if held 5 years	3.29%	3.26%	3.86%	4.74%	4.33%	4.05%	3.99%	3.79%	4.10%	3.95%	4.37%	4.20%	4.81%	4.54%	4.25%	4.96%		4.15%	<-Median->	10	Paid High Price
Yield if held 5 years	4.58%	4.17%	5.54%	6.28%	5.58%	5.30%	4.78%	4.67%	4.75%	5.84%	5.73%	4.97%	6.14%	5.82%	7.09%	6.04%		5.44%	<-Median->	10	Paid Low Price
Difference	1.29%	0.91%	1.68%	1.54%	1.25%	1.25%	0.78%	0.88%	0.65%	1.89%	1.36%	0.77%	1.33%	1.28%	2.85%	1.08%
Yield if held 15 years	9.33%	8.58%	7.94%	8.67%	9.17%	9.28%	9.52%	10.56%	10.57%	7.54%	7.19%	6.54%	7.14%	8.03%	6.65%	5.65%		8.92%	<-Median->	10	Paid High Price
Yield if held 15 years	12.81%	11.64%	10.21%	13.23%	15.23%	11.69%	11.72%	13.95%	13.15%	11.79%	10.01%	8.37%	10.24%	10.63%	8.58%	7.38%		11.75%	<-Median->	10	Paid Low Price
Difference	3.48%	3.06%	2.27%	4.56%	6.05%	2.41%	2.20%	3.39%	2.59%	4.25%	2.82%	1.83%	3.10%	2.60%	1.93%	1.74%
Yield if held 5 years	3.83%	3.66%	4.55%	5.40%	4.88%	4.59%	4.35%	4.19%	4.40%	4.72%	4.95%	4.56%	5.39%	5.10%	5.31%	5.45%		4.65%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.40%	6.50%	7.41%	7.42%	6.23%	6.18%	5.91%	7.38%	8.53%	7.20%	6.21%	5.41%	4.78%	4.71%	4.91%	5.10%		6.22%	<-Median->	10	Paid Median Price
Yield if held 15 years	10.80%	9.88%	8.93%	10.48%	11.45%	10.34%	10.51%	12.02%	11.72%	9.20%	8.37%	7.34%	8.42%	9.15%	7.49%	6.40%		10.41%	<-Median->	10	Paid Median Price
Yield if held 20 years	16.10%	16.96%	16.47%	17.51%	19.61%	17.44%	15.97%	14.49%	16.56%	16.90%	14.00%	13.05%	13.71%	12.56%	9.57%	8.62%		16.26%	<-Median->	10	Paid Median Price
Yield if held 25 years			20.22%	20.81%	23.17%	25.99%	27.40%	26.70%	27.67%	28.95%	23.60%	19.84%	16.53%	17.75%	17.59%	14.42%		24.80%	<-Median->	10	Paid Median Price
Yield if held 30 years								32.79%	32.89%	34.19%	35.18%	34.05%	30.46%	29.66%	30.13%	24.32%		33.47%	<-Median->	6	Paid Median Price
Yield if held 35 years													37.40%	35.25%	35.58%	36.24%		37.40%	<-Median->	1	Paid Median Price
Cost covered if held 5 years	14.53%	14.04%	16.40%	19.87%	18.02%	16.84%	16.62%	15.81%	17.38%	17.56%	20.34%	20.21%	23.49%	22.26%	20.98%	24.65%		17.79%	<-Median->	10	Paid High Price
Cost covered if held 5 years	20.23%	17.97%	23.52%	26.30%	23.24%	22.02%	19.88%	19.46%	20.15%	25.95%	26.68%	23.90%	29.97%	28.54%	35.05%	30.01%		23.57%	<-Median->	10	Paid Low Price
Cost covered if held 15 years	98.38%	87.08%	78.12%	82.51%	84.82%	83.78%	84.39%	92.24%	93.15%	69.68%	70.11%	67.35%	77.39%	91.00%	79.28%	70.42%		83.15%	<-Median->	10	Paid High Price
Cost covered if held 15 years	135.06%	118.16%	100.42%	125.87%	140.77%	105.53%	103.93%	121.89%	115.94%	108.94%	97.61%	86.23%	110.97%	120.49%	102.23%	92.09%		109.95%	<-Median->	10	Paid Low Price
Cost covered if held 5 years	16.91%	15.76%	19.33%	22.64%	20.30%	19.08%	18.10%	17.44%	18.66%	20.95%	23.08%	21.90%	26.33%	25.01%	26.25%	27.06%		20.62%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	50.40%	49.44%	54.94%	53.58%	44.15%	42.62%	40.34%	50.07%	58.85%	52.28%	48.01%	44.09%	40.77%	41.78%	45.20%	48.45%		46.08%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	113.84%	100.27%	87.88%	99.68%	105.86%	93.41%	93.15%	105.01%	103.30%	84.99%	81.60%	75.63%	91.18%	103.69%	89.31%	79.81%		93.28%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	205.65%	207.33%	194.10%	198.77%	215.42%	186.35%	166.70%	148.24%	169.93%	180.92%	158.61%	155.90%	171.97%	164.88%	132.28%	124.45%		170.95%	<-Median->	10	Paid Median Price
Cost covered if held 25 years			274.34%	270.29%	289.28%	313.72%	321.34%	305.34%	316.19%	344.00%	296.29%	262.07%	228.96%	256.92%	267.81%	230.28%		300.81%	<-Median->	10	Paid Median Price
Cost covered if held 30 years								410.93%	409.83%	441.14%	477.58%	485.01%	454.08%	461.59%	492.85%	417.15%		447.61%	<-Median->	6	Paid Median Price
Cost covered if held 35 years													593.59%	582.63%	616.95%	657.70%		593.59%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$4,377.0	$3,905.0	$3,233.0	$3,515.0	$4,048.0	$3,796.0	$3,756	<-12 mths	-1.05%		-13.27%	<-Total Growth	5	Revenue Growth	-13.27%
AEPS Growth								$2.24	$2.23	$1.96	$2.17	$2.43	$2.21	$1.79	<-12 mths	-19.00%		-1.34%	<-Total Growth	5	AEPS Growth	-1.34%
Net Income Growth								$634.0	$951.0	$427.0	$393.0	$393.0	$707.0	$657	<-12 mths	-7.07%		11.51%	<-Total Growth	5	Net Income Growth	11.51%
Cash Flow Growth								$870.0	$1,358.0	$1,631.0	$1,718.0	$2,140.0	$1,780.0	$1,742	<-12 mths	-2.13%		104.60%	<-Total Growth	5	Cash Flow Growth	104.60%
Dividend Growth								$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	<-12 mths	1.00%		14.06%	<-Total Growth	5	Dividend Growth	14.06%
Stock Price Growth								$31.32	$39.17	$31.09	$36.69	$36.65	$31.89	$32.09	<-12 mths	0.63%		1.82%	<-Total Growth	5	Stock Price Growth	1.82%
Revenue Growth			$3,381.0	$3,600.0	$3,264.0	$3,399.0	$4,027.0	$4,377.0	$3,905.0	$3,233.0	$3,515.0	$4,048.0	$3,796.0	$4,322	<-this year	13.86%		12.27%	<-Total Growth	10	Revenue Growth	12.27%
AEPS Growth			$2.09	$2.19	$1.83	$2.21	$2.23	$2.24	$2.23	$1.96	$2.17	$2.43	$2.21	$1.81	<-this year	-18.10%		5.74%	<-Total Growth	10	AEPS Growth	5.74%
Net Income Growth			$587.0	$711.0	$352.0	$620.0	$483.0	$634.0	$951.0	$427.0	$393.0	$393.0	$707.0	$633	<-this year	-10.47%		20.44%	<-Total Growth	10	Net Income Growth	20.44%
Cash Flow Growth			$1,801.0	$1,540.0	$1,616.0	$1,622.0	$1,312.0	$870.0	$1,358.0	$1,631.0	$1,718.0	$2,140.0	$1,780.0	$1,685	<-this year	-5.33%		-1.17%	<-Total Growth	10	Cash Flow Growth	-1.17%
Dividend Growth			$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	<-this year	0.87%		84.99%	<-Total Growth	10	Dividend Growth	84.99%
Stock Price Growth			$35.67	$40.91	$31.94	$36.19	$37.41	$31.32	$39.17	$31.09	$36.69	$36.65	$31.89	$32.09	<-this year	0.63%		-10.60%	<-Total Growth	10	Stock Price Growth	-10.60%
Dividends on Shares				$31.03	$34.22	$37.70	$41.47	$45.62	$49.03	$50.51	$51.02	$51.53	$52.04	$52.56	$52.56	$52.56		$444.16	No of Years	10	Total Divs	12/31/13
Paid			$1,034.43	$1,186.39	$926.26	$1,049.51	$1,084.89	$908.28	$1,135.93	$901.61	$1,064.01	$1,062.85	$924.81	$930.61	$930.61	$930.61		$924.81	No of Years	10	Worth	$35.67
Total																		$1,368.97
Graham No. AEPS	$22.40	$24.37	$26.63	$28.38	$26.42	$29.61	$29.78	$30.04	$31.05	$28.82	$30.30	$32.79	$31.40	$32.40	$33.16	$33.37		17.93%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.26	1.35	1.41	1.35	1.40	1.20	1.31	1.11	1.14	1.18	1.10	1.14	1.09	0.96				1.16	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.43	1.47	1.56	1.45	1.67	1.36	1.42	1.24	1.29	1.48	1.21	1.26	1.26	1.01				1.32	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.10	1.23	1.26	1.25	1.13	1.04	1.20	0.97	1.00	0.89	0.99	1.02	0.91	0.91				1.01	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.37	1.48	1.34	1.44	1.21	1.22	1.26	1.04	1.26	1.08	1.21	1.12	1.02	0.99	0.97	0.96		1.21	<-Median->	10	Price/GP Ratio
Prem/Disc Close	37.36%	47.59%	33.95%	44.15%	20.91%	22.22%	25.62%	4.25%	26.14%	7.89%	21.10%	11.77%	1.55%	-0.96%	-3.23%	-3.82%		21.01%	<-Median->	10	Graham Price
Graham No. EPS	$22.40	$24.37	$26.63	$30.41	$20.57	$28.59	$24.75	$28.95	$37.43	$23.65	$22.62	$30.19	$32.24	$32.54	$32.96	$0.00		21.09%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.26	1.35	1.41	1.26	1.79	1.24	1.58	1.15	0.95	1.44	1.47	1.24	1.06	0.95				1.25	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.43	1.47	1.56	1.36	2.14	1.41	1.71	1.29	1.07	1.81	1.62	1.37	1.23	1.00				1.39	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.10	1.23	1.26	1.17	1.45	1.07	1.44	1.01	0.83	1.08	1.33	1.11	0.89	0.91				1.10	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.37	1.48	1.34	1.35	1.55	1.27	1.51	1.08	1.05	1.31	1.62	1.21	0.99	0.99	0.97	#DIV/0!		1.29	<-Median->	10	Price/GP Ratio
Prem/Disc Close	37.36%	47.59%	33.95%	34.52%	55.25%	26.60%	51.16%	8.18%	4.65%	31.47%	62.17%	21.39%	-1.10%	-1.39%	-2.63%	#DIV/0!		29.03%	<-Median->	10	Graham Price
Split pre '05
Split pre '13	$61.54
Price Close	$30.77	$35.97	$35.67	$40.91	$31.94	$36.19	$37.41	$31.32	$39.17	$31.09	$36.69	$36.65	$31.89	$32.09	$32.09	$32.09		-10.60%	<-Total Growth	10	Stock Price
Increase	13.13%	16.90%	-0.83%	14.69%	-21.93%	13.31%	3.37%	-16.28%	25.06%	-20.63%	18.01%	-0.11%	-12.99%	0.63%	0.00%	0.00%		17.37	<-Median->	10	CAPE (10 Yr P/E)
P/E	16.86	17.50	17.07	16.23	28.77	17.57	24.29	15.06	12.09	23.55	30.32	17.79	13.69	13.71	13.37	#DIV/0!		0.36%	<-IRR #YR->	5	Stock Price	1.82%
Trailing P/E	17.84	19.71	17.36	19.57	12.67	32.60	18.16	20.34	18.83	9.60	27.80	30.29	15.48	13.77	13.71	13.37		-1.11%	<-IRR #YR->	10	Stock Price	-10.60%
CAPE (10 Yr P/E)	14.76	15.45	15.74	16.04	16.54	16.51	17.27	17.46	17.12	17.66	18.54	18.57	18.14	17.86	16.74	#DIV/0!		5.91%	<-IRR #YR->	5	Price & Dividend	34.82%
Median 10, 5 Yrs		D.  per yr	4.43%	5.55%	% Tot Ret	133.57%	93.89%	T P/E	19.20	18.83	P/E:	17.68	17.79					3.32%	<-IRR #YR->	10	Price & Dividend	35.06%
Price 15		D.  per yr	4.83%		% Tot Ret	61.12%						CAPE Diff	2.82%					3.07%	<-IRR #YR->	15	Stock Price	57.48%
Price  20		D.  per yr	4.77%		% Tot Ret	54.18%												4.03%	<-IRR #YR->	20	Stock Price	120.46%
Price  25		D.  per yr	4.43%		% Tot Ret	52.62%												3.99%	<-IRR #YR->	25	Stock Price	165.75%
Price  30		D.  per yr	5.37%		% Tot Ret	49.45%												5.50%	<-IRR #YR->	30	Stock Price	397.70%
Price  35		D.  per yr	5.63%		% Tot Ret	50.65%												5.49%	<-IRR #YR->	35	Stock Price
Price & Dividend 15																		7.91%	<-IRR #YR->	15	Price & Dividend	156.75%
Price & Dividend 20																		8.80%	<-IRR #YR->	20	Price & Dividend	279.58%
Price & Dividend 25																		8.41%	<-IRR #YR->	25	Price & Dividend	376.30%
Price & Dividend 30																		10.87%	<-IRR #YR->	30	Price & Dividend	1447.19%
Price & Dividend 35																		11.13%	<-IRR #YR->	35	Price & Dividend
Price  5								-$31.32	$0.00	$0.00	$0.00	$0.00	$31.89								Price  5
Price 10			-$35.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.89								Price 10
Price & Dividend 5								-$31.32	$1.69	$1.74	$1.76	$1.78	$33.68								Price & Dividend 5
Price & Dividend 10			-$35.67	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$33.68								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	$31.89								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	$31.89								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	$31.89								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	$31.89								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	$31.89								Price  35
Price & Dividend 15	$0.81	$0.89	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$33.68								Price & Dividend 15
Price & Dividend 20	$0.81	$0.89	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$33.68								Price & Dividend 20
Price & Dividend 25	$0.81	$0.89	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$33.68								Price & Dividend 25
Price & Dividend 30	$0.81	$0.89	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$33.68								Price & Dividend 30
Price & Dividend 35	$0.81	$0.89	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$33.68								Price & Dividend 35
Price Median H/L	$28.33	$32.87	$37.57	$38.44	$36.93	$35.51	$39.00	$33.28	$35.52	$34.12	$33.29	$37.52	$34.14	$31.08				-9.14%	<-Total Growth	10	Stock Price
Increase	17.12%	16.02%	14.32%	2.32%	-3.94%	-3.85%	9.84%	-14.68%	6.75%	-3.94%	-2.45%	12.72%	-9.02%	-8.96%				-0.95%	<-IRR #YR->	10	Stock Price	-9.14%
P/E	15.52	15.99	17.98	15.25	33.27	17.24	25.32	16.00	10.96	25.85	27.51	18.21	14.65	13.28				0.51%	<-IRR #YR->	5	Stock Price	2.58%
Trailing P/E	16.42	18.01	18.28	18.39	14.65	31.99	18.93	21.61	17.08	10.53	25.22	31.01	16.57	13.34				3.23%	<-IRR #YR->	10	Price & Dividend	34.21%
P/E on Run. 5 yr Ave	16.51	18.06	19.67	18.82	19.23	18.05	20.92	17.87	17.71	16.66	17.72	18.93	16.80	16.78				5.72%	<-IRR #YR->	5	Price & Dividend	8.29%
P/E on Run. 10 yr Ave	19.77	21.64	23.11	21.88	20.94	19.28	21.17	17.64	17.55	17.20	17.31	19.51	17.53	16.11				13.30	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.18%	5.21%	% Tot Ret	129.57%	91.05%		Price Inc	-2.45%	P/E:	17.72	18.21						Count	35	Years of data
			-$37.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$34.14
								-$33.28	$0.00	$0.00	$0.00	$0.00	$34.14
			-$37.57	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$35.93
								-$33.28	$1.69	$1.74	$1.76	$1.78	$35.93
High Months	Oct	May	Apr	Apr	Jan	Aug	Jun	Jan	Dec	Mar	Jul	Jul	Apr	Jan
Split pre '05
Split pre '13	$64.21
Price High	$32.11	$35.80	$41.46	$41.27	$44.04	$40.29	$42.26	$37.31	$39.91	$42.69	$36.55	$41.45	$39.67	$32.58				-4.32%	<-Total Growth	10	Stock Price
Increase	17.84%	11.51%	15.81%	-0.46%	6.71%	-8.51%	4.89%	-11.71%	6.97%	6.97%	-14.38%	13.41%	-4.29%	-17.87%				-0.44%	<-IRR #YR->	10	Stock Price	-4.32%
P/E	17.59	17.42	19.84	16.38	39.68	19.56	27.44	17.94	12.32	32.34	30.21	20.12	17.03	13.92				1.23%	<-IRR #YR->	5	Stock Price	6.33%
Trailing P/E	18.61	19.62	20.18	19.75	17.48	36.30	20.51	24.23	19.19	13.18	27.69	34.26	19.26	13.98				15.55	P/E Ratio		Historical Median
Median 10, 5 Yrs									Price Inc	6.97%	P/E:	19.84	20.12					19.73	P/E Ratio		Historical High
			-$41.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.67
								-$37.31	$0.00	$0.00	$0.00	$0.00	$39.67
Low Months	Mar	Jan	Aug	Jan	Dec	Jan	Feb	Oct	Jan	Mar	Mar	Oct	Oct	Feb
Split pre '05
Split pre '13	$49.10
Price Low	$24.55	$29.93	$33.68	$35.61	$29.81	$30.72	$35.74	$29.24	$31.13	$25.55	$30.02	$33.59	$28.60	$29.57				-15.08%	<-Total Growth	10	Stock Price
Increase	16.19%	21.91%	12.53%	5.73%	-16.29%	3.05%	16.34%	-18.19%	6.46%	-17.92%	17.50%	11.89%	-14.86%	3.39%				-1.62%	<-IRR #YR->	10	Stock Price	-15.08%
P/E	13.45	14.56	16.11	14.13	26.86	14.91	23.21	14.06	9.61	19.36	24.81	16.31	12.27	12.64				-0.44%	<-IRR #YR->	5	Stock Price	-2.19%
Trailing P/E	14.23	16.40	16.39	17.04	11.83	27.68	17.35	18.99	14.97	7.89	22.74	27.76	13.88	12.69				11.52	P/E Ratio		Historical Median
Median 10, 5 Yrs									Price Inc	6.46%	P/E:	15.61	16.31					9.68	P/E Ratio		Historical Low
			-$33.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.60
								-$29.24	$0.00	$0.00	$0.00	$0.00	$28.60
														$252	<-12 mths	-42.86%
Free Cash Flow Market Screener									$753	$825	$592	$810									Free Cash Flow Mkt Scr
Change										9.56%	-28.24%	36.82%									Change
Free Cash Flow WSJ					-$294	$24	-$228	-$643	-$164	$435	$255	$515	$127					143.20%	<-Total Growth	8	Free Cash Flow WSJ	WSJ, MS
Change						108.16%	-1050.00%	-182.02%	74.49%	365.24%	-41.38%	101.96%	-75.34%					$0.17	<-Median->	8	Change	Mrk Sc
Free Cash Flow MS	$14	-$870	-$532	-$358	-$55	$329	$95	-$66	$246	$741	$497	$771	$441	$713	$620	$997		182.89%	<-Total Growth	10	Free Cash Flow MS	Disagree
Change						698.18%	-71.12%	-169.47%	472.73%	201.22%	-32.93%	55.13%	-42.80%	61.56%	-12.98%	60.73%		#NUM!	<-IRR #YR->	5	Free Cash Flow MS	768.18%
FCF/CF from Op Ratio					-0.21	1.23	0.35	-0.24	0.90	2.72	1.85	2.86	1.63	2.63	2.29	3.68		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	182.89%
Dividends paid	$205	$228	$253	$282	$213	$296	$296	$365	$462	$477	$476	$460	$458	$491	$491	$491		80.89%	<-Total Growth	10	Dividends paid
Percentage paid					-387.27%	89.97%	311.58%	-553.03%	187.80%	64.37%	95.77%	59.66%	103.85%	68.92%	79.20%	49.28%		$0.90	<-Median->	9	Percentage paid
5 Year Covrage									297.27%	140.97%	137.21%	102.33%	86.54%	74.69%	78.12%	67.53%					5 Year Coverage
Dividend Coverage Ratio					-0.26	1.11	0.32	-0.18	0.53	1.55	1.04	1.68	0.96	1.45	1.26	2.03		0.96	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									0.34	0.71	0.73	0.98	1.16	1.34	1.28	1.48					5 Year of Coverage
								$66	$0	$0	$0	$0	$441
			$532	$0	$0	$0	$0	$0	$0	$0	$0	$0	$441
Market Cap	$7,854	$9,248	$9,311	$10,796	$8,525	$9,719	$10,142	$8,555	$10,703	$8,483	$9,882	$9,892	$8,640	$8,694	$8,694	$8,694		-7.21%	<-Total Growth	10	Market Cap
Split pre '13	127.68	128.01
Diluted	255.36	256.02	259.30	262.82	265.35	267.78	270.05	272.07	273.21	273.27	270.32	269.67	270.31	272.46				4.25%	<-Total Growth	10	Diluted
Change	1.36%	0.26%	1.28%	1.36%	0.96%	0.91%	0.85%	0.74%	0.42%	0.02%	-1.08%	-0.24%	0.24%	0.79%				0.01	<-Median->	10	Change
Difference Diluted/Basic	-0.1%	-0.3%	-0.3%	-0.3%	-0.3%	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%	-0.1%	-0.2%				0.00	<-Median->	10	Difference Diluted/Basic
Split pre '13	127.53	127.66
Basic # of Shares in Millions	255.05	255.33	258.43	262.01	264.65	267.17	269.44	271.46	272.63	272.76	269.86	269.13	270.07	272.01				4.50%	<-Total Growth	10	Basic
Change	1.30%	0.11%	1.22%	1.39%	1.01%	0.95%	0.85%	0.75%	0.43%	0.05%	-1.06%	-0.27%	0.35%	0.72%				0.59%	<-Median->	10	Change
Difference Basic/Outstanding	0.1%	0.7%	1.0%	0.7%	0.8%	0.5%	0.6%	0.6%	0.2%	0.0%	-0.2%	0.3%	0.3%	-0.4%				0.42%	<-Median->	10	Difference Basic/Outstanding
														$1,742	<-12 mths	-2.13%
Class A - Non-Voting
Class B - Common
Split pre '05
Class A - Non-Voting	87.25	88.27
Class B - Common	40.37	40.28
Split pre '13	127.62	128.56
Class A - Non-Voting	174.50	176.54	185.74	188.72	191.83	194.26	196.99	199.37	199.70	199.41	196.96	201.36	204.33	204.33	204.33	204.33		10.01%	<-Total Growth	10	Class A - Non-Voting	Class A and
Class B - Common	80.73	80.57	75.29	75.19	75.06	74.29	74.11	73.77	73.55	73.45	72.39	68.55	66.60	66.60	66.60	66.60		-11.55%	<-Total Growth	10	Class B - Common	Class B
# of Share in Millions	255.23	257.11	261.03	263.91	266.90	268.55	271.10	273.14	273.25	272.86	269.35	269.90	270.93	270.93	270.93	270.93		0.37%	<-IRR #YR->	10	Shares	3.79%
Change	1.34%	0.74%	1.52%	1.10%	1.13%	0.62%	0.95%	0.75%	0.04%	-0.14%	-1.29%	0.21%	0.38%	0.00%	0.00%	0.00%		-0.16%	<-IRR #YR->	5	Shares	-0.81%
CF fr Op $M	$1,352.0	$1,384	$1,801	$1,540	$1,616	$1,622	$1,312	$870	$1,358	$1,631	$1,718	$2,140	$1,780	$1,685	$1,864	$1,918		-1.17%	<-Total Growth	10	Cash Flow
Increase	76.89%	2.37%	30.13%	-14.49%	4.94%	0.37%	-19.11%	-33.69%	56.09%	20.10%	5.33%	24.56%	-16.82%	-5.33%	10.61%	2.91%		SO,	S. Issued,		Buy Backs
5 year Running Average	$871	$1,006	$1,208	$1,368	$1,539	$1,593	$1,578	$1,392	$1,356	$1,359	$1,378	$1,543	$1,725	$1,791	$1,837	$1,877		42.84%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.30	$5.38	$6.90	$5.84	$6.05	$6.04	$4.84	$3.19	$4.97	$5.98	$6.38	$7.93	$6.57	$6.22	$6.88	$7.08		-4.78%	<-Total Growth	10	Cash Flow per Share
Increase	74.56%	1.62%	28.18%	-15.42%	3.76%	-0.25%	-19.87%	-34.18%	56.03%	20.27%	6.71%	24.31%	-17.14%	-5.33%	10.61%	2.91%		-0.12%	<-IRR #YR->	10	Cash Flow	-1.17%
5 year Running Average	$3.45	$3.96	$4.71	$5.29	$5.89	$6.04	$5.93	$5.19	$5.02	$5.00	$5.07	$5.69	$6.36	$6.61	$6.80	$6.94		15.39%	<-IRR #YR->	5	Cash Flow	104.60%
P/CF on Med Price	5.35	6.11	5.45	6.59	6.10	5.88	8.06	10.45	7.15	5.71	5.22	4.73	5.20	5.00	0.00	0.00		-0.49%	<-IRR #YR->	10	Cash Flow per Share	-4.78%
P/CF on Closing Price	5.81	6.68	5.17	7.01	5.28	5.99	7.73	9.83	7.88	5.20	5.75	4.62	4.85	5.16	4.66	4.53		15.58%	<-IRR #YR->	5	Cash Flow per Share	106.27%
															-13.85%	Diff M/C		3.06%	<-IRR #YR->	10	CFPS 5 yr Running	35.15%
														$1,750	<-12 mths	-0.06%
Excl.Working Capital CF	-$33.00	$193	-$39	$169	-$38	$233	$514	$910	$437	-$3	-$93	-$207	-$29	$0	$0	$0		4.16%	<-IRR #YR->	5	CFPS 5 yr Running	22.62%
CF fr Op $M WC	$1,319.0	$1,577	$1,762	$1,709	$1,578	$1,855	$1,826	$1,780	$1,795	$1,628	$1,625	$1,933	$1,751	$1,685	$1,864	$1,918		-0.62%	<-Total Growth	10	Cash Flow less WC
Increase	78.68%	19.56%	11.73%	-3.01%	-7.67%	17.55%	-1.56%	-2.52%	0.84%	-9.30%	-0.18%	18.95%	-9.42%	-3.76%	10.61%	2.91%		-0.06%	<-IRR #YR->	10	Cash Flow less WC	-0.62%
5 year Running Average	$876	$1,046	$1,238	$1,421	$1,589	$1,696	$1,746	$1,750	$1,767	$1,777	$1,731	$1,752	$1,746	$1,724	$1,772	$1,830		-0.33%	<-IRR #YR->	5	Cash Flow less WC	-1.63%
CFPS Excl. WC	$5.17	$6.13	$6.75	$6.48	$5.91	$6.91	$6.74	$6.52	$6.57	$5.97	$6.03	$7.16	$6.46	$6.22	$6.88	$7.08		3.50%	<-IRR #YR->	10	CF less WC 5 Yr Run	41.08%
Increase	76.32%	18.69%	10.05%	-4.07%	-8.70%	16.83%	-2.49%	-3.25%	0.80%	-9.18%	1.12%	18.71%	-9.76%	-3.76%	10.61%	2.91%		-0.04%	<-IRR #YR->	5	CF less WC 5 Yr Run	-0.18%
5 year Running Average	$3.47	$4.12	$4.83	$5.49	$6.09	$6.44	$6.56	$6.51	$6.53	$6.54	$6.36	$6.45	$6.44	$6.37	$6.55	$6.76		-0.43%	<-IRR #YR->	10	CFPS - Less WC	-4.25%
P/CF on Med Price	5.48	5.36	5.57	5.94	6.25	5.14	5.79	5.11	5.41	5.72	5.52	5.24	5.28	5.00	0.00	0.00		-0.17%	<-IRR #YR->	5	CFPS - Less WC	-0.83%
P/CF on Closing Price	5.95	5.86	5.28	6.32	5.40	5.24	5.55	4.81	5.96	5.21	6.08	5.12	4.93	5.16	4.66	4.53		2.92%	<-IRR #YR->	10	CFPS 5 yr Running	33.39%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	5.99	5 yr	5.22	P/CF Med	10 yr	5.46	5 yr	5.41		-5.55%	Diff M/C		-0.22%	<-IRR #YR->	5	CFPS 5 yr Running	-1.09%
			-261.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	270.9								Shares
								-273.1	0.0	0.0	0.0	0.0	270.9								Shares
			-$1,801	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,780								Cash Flow
								-$870	$0	$0	$0	$0	$1,780								Cash Flow
			-$6.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.57								Cash Flow per Share
								-$3.19	$0.00	$0.00	$0.00	$0.00	$6.57								Cash Flow per Share
			-$4.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.36								CFPS 5 yr Running
								-$5.19	$0.00	$0.00	$0.00	$0.00	$6.36								CFPS 5 yr Running
			-$1,762	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,751								Cash Flow less WC
								-$1,780	$0	$0	$0	$0	$1,751								Cash Flow less WC
			-$1,238	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,746								CF less WC 5 Yr Run
								-$1,750	$0	$0	$0	$0	$1,746								CF less WC 5 Yr Run
			-$6.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.46								CFPS - Less WC
								-$6.52	$0.00	$0.00	$0.00	$0.00	$6.46								CFPS - Less WC
			-$4.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.44								CFPS 5 yr Running
								-$6.51	$0.00	$0.00	$0.00	$0.00	$6.44								CFPS 5 yr Running
Changes in non-cash working capital	$33	-$99	$114	-$103	$84
Accts Rec						-$101	-$108	-$86	$108	-$13	-$105	-$155	$112
Inventories						$3		$7	-$3	$2	$7	-$3	-$41
Prepaid Expenses & other curr Assets						-$4	-$15	-$139	-$56	$0	-$7	$5	-$7
Accts Payable & accrued Liab						$29	$151	$142	-$284	$14	$153	$264	-$111
Provisons and Other Curr liab						-$31	$39	-$33	-$24	$0	$0	-$5	-$54
Distribut rece Invest Joing											$45	$69	$77
Interest received												$32	$53
Div and Dis Rec								$2	$2	$0
Income taxes paid (In Notes)	-$77	-$94	-$75	-$66	-$46	-$52	-$65														See notes
Chge In rec under service concession						-$77	-$516	-$803	-$180	$0
Sum	-$44	-$193	$39	-$169	$38	-$233	-$514	-$910	-$437	$3	$93	$207	$29
Google --TD	$141	-$187	$39	-$169	$38	-$156	$2	-$967	-$514	$3	$93	$207	$29
Difference	-$185	-$6	$0	$0	$0	-$77	-$516	$57	$77	$0	$0	$0	$0
TD				-$169	$38	-$233	-$514	-$910	-$437
Difference				$0	$0	$0	$0	$0	$0
								2021	2021	2021
OPM	45.08%	44.09%	53.27%	42.78%	49.51%	47.72%	32.58%	19.88%	34.78%	50.45%	48.88%	52.87%	46.89%	38.99%				-11.97%	<-Total Growth	10	OPM
Increase	56.73%	-2.20%	20.82%	-19.69%	15.74%	-3.62%	-31.73%	-38.99%	74.96%	45.07%	-3.12%	8.16%	-11.30%	-16.85%					Should increase		or be stable.
Diff from Ave	-4.7%	-6.8%	12.6%	-9.6%	4.7%	0.9%	-31.1%	-58.0%	-26.5%	6.6%	3.3%	11.8%	-0.9%	-17.6%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	47.31%	5 Yrs	48.88%					should be	zero, it is a		check on calculations
														$1,930	<-12 mths	-2.53%
EBITDA									$1,584	$1,551	$1,533	$1,775	$1,980	$2,117	$2,191	$2,376					EBITDA	Fr Mkt Sc
Change										-2.08%	-1.16%	15.79%	11.55%	6.92%	3.50%	8.44%					Change
Margub									36.19%	39.72%	47.42%	50.50%	48.91%	55.77%	50.69%	54.32%					Margub
Long Term Debt				$7,217	$7,971	$8,066	$9,895	$9,800	$8,808	$8,887	$8,977	$9,434	$10,007	$10,008							Debt	Type
Change					10.45%	1.19%	22.68%	-0.96%	-10.12%	0.90%	1.01%	5.09%	6.07%	0.01%				1.19%	<-Median->	9	Change	Lg Term
Debt/Market Cap Ratio				0.67	0.94	0.83	0.98	1.15	0.82	1.05	0.91	0.95	1.16	1.15				0.94	<-Median->	10	Debt/Market Cap Ratio	Intan/GW
Assets/Current Liabilities				17.04	22.61	21.05	21.97	13.26	27.12	23.71	14.86	16.68	16.29	18.76				19.05	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)				4.69	4.93	4.97	7.54	11.26	6.49	5.45	5.23	4.41	5.62	5.94				5.34	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles		$330	$370	$396	$484	$526	$563	$630	$629	$656	$726	$819	$976	$986				163.78%	<-Total Growth	10	Intangibles	Leverage
Goodwill		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$141	$141				#DIV/0!	<-Total Growth	10	Goodwill	D/E Ratio
Total		$330	$370	$396	$484	$526	$563	$630	$629	$656	$726	$819	$1,117	$1,127				201.89%	<-Total Growth	10	Total
Change			12.12%	7.03%	22.22%	8.68%	7.03%	11.90%	-0.16%	4.29%	10.67%	12.81%	36.39%	0.90%				9.67%	<-Median->	10	Change
Intangible/Market Cap Ratio		0.04	0.04	0.04	0.06	0.05	0.06	0.07	0.06	0.08	0.07	0.08	0.13	0.13				0.07	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,182.0	$1,084	$1,105	$1,004	$1,057	$985	$2,040	$1,856	$1,714	$1,559	$1,731	$1,867	$1,437	$1,268				30.05%	<-Total Growth	10	Current Assets
Current Liabilities	$802.0	$902	$1,024	$980	$799	$892	$948	$1,645	$739	$856	$1,418	$1,317	$1,422	$1,230				38.87%	<-Total Growth	10	Current Liabilities
Liquidity	1.47	1.20	1.08	1.02	1.32	1.10	2.15	1.13	2.32	1.82	1.22	1.42	1.01	1.03				1.27	<-Median->	10	Ratio
Liq. with CF aft div	2.90	2.48	2.59	2.31	2.95	2.53	3.13	1.40	3.53	3.17	2.10	2.68	1.92	2.00				2.68	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.98	0.77	0.77	0.76	0.91	0.96	1.51	0.85	2.86	1.54	1.11	1.37	0.74	2.00				1.37	<-Median->	5	Ratio
Curr Long Term Debt	$34	$48	$138	$83	$5	$169	$5	$485	$485	$166	$331	$106	$106	$406
Liquidity Less CLTD	1.54	1.27	1.25	1.12	1.33	1.36	2.16	1.60	6.75	2.26	1.59	1.54	1.09	1.54				1.59	<-Median->	5	Ratio
Liq. with CF aft div	3.03	2.62	2.99	2.52	2.97	3.12	3.14	1.98	10.28	3.93	2.74	2.91	2.08	2.99				2.91	<-Median->	5	Ratio
Assets	$11,696	$13,398	$15,051	$16,702	$18,069	$18,781	$20,825	$21,819	$20,044	$20,296	$21,075	$21,974	$23,158	$23,080				53.86%	<-Total Growth	10	Assets
Liabilities	$7,510	$9,029	$9,657	$11,095	$11,876	$12,361	$14,363	$15,257	$13,123	$13,488	$14,253	$14,908	$16,002	$15,848				65.70%	<-Total Growth	10	Liabilities
Debt Ratio	1.56	1.48	1.56	1.51	1.52	1.52	1.45	1.43	1.53	1.50	1.48	1.47	1.45	1.46				1.49	<-Median->	10	Ratio
Estimates BVPS														$20.10	$20.60	$21.20			Estimates		Estimates BVPS
Estimate Book Value														$5,445.6	$5,581.1	$5,743.6			Estimates		Estimate Book Value
P/B Ratio (Close)														1.60	1.56	1.51			Estimates		P/B Ratio (Close)
Difference from 10 year median															9.60%	Diff M/C			Estimates		Difference from 10 yr med.
Total Equity	$4,186	$4,369	$5,394	$5,607	$6,193	$6,420	$6,462	$6,562	$6,921	$6,808	$6,822	$7,066	$7,156	$7,232				32.67%	<-Total Growth	10	Book Value
Pref Shares Subsidary Corp/NCI	$343	$343	$343	$187	$187	$202	$187	$187	$187	$187	$187	$187	$212	$212				-38.19%	<-Total Growth	10	Pref Shares Subsidary /NCI
Net Equity	$3,843	$4,026	$5,051	$5,420	$6,006	$6,218	$6,275	$6,375	$6,734	$6,621	$6,635	$6,879	$6,944	$7,020				37.48%	<-Total Growth	10	Book Value
Book Value per share	$15.06	$15.66	$19.35	$20.54	$22.50	$23.15	$23.15	$23.34	$24.64	$24.27	$24.63	$25.49	$25.63	$25.91				32.46%	<-Total Growth	10	Book Value per share
P/B Ratio (Median)	$1.88	$2.10	$1.94	$1.87	$1.64	$1.53	$1.68	$1.43	$1.44	$1.41	$1.35	$1.47	$1.33	$1.20				1.46	<-Median->	10
Pref Shares *	$724	$723	$1,115	$1,115	$1,483	$1,483	$1,483	$1,483	$1,483	$1,483	$1,571	$1,571	$1,571	$1,571				40.90%	<-Total Growth	10	Pref Shares *
Book Value	$3,119	$3,303	$3,936	$4,305	$4,523	$4,735	$4,792	$4,892	$5,251	$5,138	$5,064	$5,308	$5,373	$5,449	$5,449	$5,449		36.51%	<-Total Growth	10	Book Value
Book Value per share	$12.22	$12.85	$15.08	$16.31	$16.95	$17.63	$17.68	$17.91	$19.22	$18.83	$18.80	$19.67	$19.83	$20.11	$20.11	$20.11		31.52%	<-Total Growth	10	Book Value per Share
Change	-6.03%	5.13%	17.38%	8.18%	3.89%	4.04%	0.25%	1.32%	7.30%	-2.01%	-0.15%	4.60%	0.84%	1.41%	0.00%	0.00%		-15.43%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.32	2.56	2.49	2.36	2.18	2.01	2.21	1.86	1.85	1.81	1.77	1.91	1.72	1.55	0.00	0.00		1.89	P/B Ratio		Historical Median
P/B Ratio (Close)	2.52	2.80	2.37	2.51	1.88	2.05	2.12	1.75	2.04	1.65	1.95	1.86	1.61	1.60	1.60	1.60		2.78%	<-IRR #YR->	10	Book Value per Share	31.52%
Change	20.38%	11.20%	-15.51%	6.02%	-24.85%	8.91%	3.11%	-17.37%	16.56%	-19.00%	18.19%	-4.50%	-13.71%	-0.78%	0.00%	0.00%		2.06%	<-IRR #YR->	5	Book Value per Share	10.73%
Leverage (A/BK)	2.79	3.07	2.79	2.98	2.92	2.93	3.22	3.33	2.90	2.98	3.09	3.11	3.24	3.19				3.04	<-Median->	10	A/BV
Debt/Equity Ratio	1.79	2.07	1.79	1.98	1.92	1.93	2.22	2.33	1.90	1.98	2.09	2.11	2.24	2.19				2.04	<-Median->	10	Debt/Eq Ratio
Medians									P/BV	10 yr Med	1.88	5 yr Med	1.81		-15.26%	Diff M/C		2.89	Historical		A/BV
			-$15.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.83
								-$17.91	$0.00	$0.00	$0.00	$0.00	$19.83
														$579	<-12 mths	-0.69%
Comprehensive Income	$415	$412	$787	$610	$491	$580	$428	$657	$892	$451	$589	$784	$593					-24.65%	<-Total Growth	10	Net Income
Pref Shares Subsidary Corp	$19	$19	$19	$13	$8	$9	$7	$7	$7	$7	$7	$7	$10
Shareholders	$396	$393	$768	$597	$483	$571	$421	$650	$885	$444	$582	$777	$583					-24.09%	<-Total Growth	10	Comprehensive Income
Increase	-6.21%	-0.76%	95.42%	-22.27%	-19.10%	18.22%	-26.27%	54.39%	36.15%	-49.83%	31.08%	33.51%	-24.97%					31.08%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$407	$414	$490	$515	$527	$562	$568	$544	$602	$594	$596	$668	$654					-2.72%	<-IRR #YR->	10	Comprehensive Income	-24.09%
ROE	12.7%	11.9%	19.5%	13.9%	10.7%	12.1%	8.8%	13.3%	16.9%	8.6%	11.5%	14.6%	10.9%					-2.15%	<-IRR #YR->	5	Comprehensive Income	-10.31%
5Yr Median	14.2%	12.9%	12.9%	12.9%	12.7%	12.1%	12.1%	12.1%	12.1%	12.1%	11.5%	13.3%	11.5%					2.94%	<-IRR #YR->	10	5 Yr Running Average	33.62%
% Difference from NI	-20.2%	-29.9%	30.8%	-16.0%	37.2%	-7.9%	-12.8%	2.5%	-6.9%	4.0%	48.1%	97.7%	-17.5%					3.74%	<-IRR #YR->	5	5 Yr Running Average	20.17%
Median Values										Diff	5, 10 yr	-2.2%	4.0%					11.5%	<-Median->	5	Return on Equity
			-$768	$0	$0	$0	$0	$0	$0	$0	$0	$0	$583
								-$650	$0	$0	$0	$0	$583
			-$490	$0	$0	$0	$0	$0	$0	$0	$0	$0	$654
								-$544	$0	$0	$0	$0	$654
Current Liability Coverage Ratio	1.64	1.75	1.72	1.74	1.97	2.08	1.93	1.08	2.43	1.90	1.15	1.47	1.23	1.37							CFO / Current Liabilities
5 year Median	1.63	1.64	1.71	1.72	1.74	1.75	1.93	1.93	1.97	1.93	1.90	1.47	1.47	1.37				1.47	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	11.28%	11.77%	11.71%	10.23%	8.73%	9.88%	8.77%	8.16%	8.96%	8.02%	7.71%	8.80%	7.56%	7.30%							CFO / Total Assets
5 year Median	9.96%	10.23%	11.28%	11.28%	11.28%	10.23%	9.88%	8.77%	8.77%	8.77%	8.16%	8.16%	8.02%	7.71%				8.0%	<-Median->	5	Return on Assets
Return on Assets ROA	4.24%	4.19%	3.90%	4.26%	1.95%	3.30%	2.32%	2.91%	4.74%	2.10%	1.86%	1.79%	3.05%	2.74%				Net	Income/Assets		Return on Assets
5Yr Median	5.14%	4.62%	4.24%	4.24%	4.19%	3.90%	3.30%	2.91%	2.91%	2.91%	2.32%	2.10%	2.10%	2.10%				2.6%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	15.90%	16.98%	14.91%	16.52%	7.78%	13.09%	10.08%	12.96%	18.11%	8.31%	7.76%	7.40%	13.16%	11.62%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	15.32%	15.32%	15.32%	15.90%	15.90%	14.91%	13.09%	12.96%	12.96%	12.96%	10.08%	8.31%	8.31%	8.31%				11.5%	<-Median->	10	Return on Equity
														$657	<-12 mths	-7.07%
Net Income	$515	$580	$606	$724	$360	$629	$490	$641	$958	$434	$400	$400	$717					18.32%	<-Total Growth	10	Net Income
Pref Shares Subsidary Corp	$19	$19	$19	$13	$8	$9	$7	$7	$7	$7	$7	$7	$10
Shareholders	$496	$561	$587	$711	$352	$620	$483	$634	$951	$427	$393	$393	$707	$633	$651			20.44%	<-Total Growth	10	Net Income
Increase	14.02%	13.10%	4.63%	21.12%	-50.49%	76.14%	-22.10%	31.26%	50.00%	-55.10%	-7.96%	0.00%	79.90%	-10.47%	2.84%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$439	$474	$509	$558	$541	$566	$551	$560	$608	$623	$578	$560	$574	$511	$555			1.88%	<-IRR #YR->	10	Net Income	20.44%
Operating Cash Flow	$1,352	$1,384	$1,801	$1,540	$1,616	$1,622	$1,312	$870	$1,358	$1,631	$1,718	$2,140	$1,780					2.20%	<-IRR #YR->	5	Net Income	11.51%
Investment Cash Flow	-$1,570	-$1,992	-$2,418	-$1,977	-$1,806	-$1,456	-$1,018	-$1,065	-$172	-$905	-$1,262	-$1,256	-$2,253					1.21%	<-IRR #YR->	10	5 Yr Running Ave.	12.78%
Total Accruals	$714	$1,169	$1,204	$1,148	$542	$454	$189	$829	-$235	-$299	-$63	-$491	$1,180					0.50%	<-IRR #YR->	5	5 Yr Running Ave.	2.54%
Total Assets	$11,696	$13,398	$15,051	$16,702	$18,069	$18,781	$20,825	$21,819	$20,044	$20,296	$21,075	$21,974	$23,158						Balance Sheet		Assets
Accruals Ratio	6.10%	8.73%	8.00%	6.87%	3.00%	2.42%	0.91%	3.80%	-1.17%	-1.47%	-0.30%	-2.23%	5.10%					-1.17%	<-Median->	5	Ratio
EPS/CF Ratio	0.35	0.34	0.31	0.39	0.19	0.30	0.23	0.32	0.49	0.22	0.20	0.29	0.36					0.29	<-Median->	10	EPS/CF Ratio
			-$587	$0	$0	$0	$0	$0	$0	$0	$0	$0	$707
								-$634	$0	$0	$0	$0	$707
			-$509	$0	$0	$0	$0	$0	$0	$0	$0	$0	$574
								-$560	$0	$0	$0	$0	$574
Change in Close	13.13%	16.90%	-0.83%	14.69%	-21.93%	13.31%	3.37%	-16.28%	25.06%	-20.63%	18.01%	-0.11%	-12.99%	0.63%	0.00%	0.00%			Count	30	Years of data
up/down		down	down	down	down									Down					Count	13	43.33%
Meet Prediction?																		% right	Count	1	7.69%
Financial Cash Flow	$280	$376	$770	$291	$353	-$341	-$217	$367	-$788	-$924	-$478	-$932	-$19						C F Statement		Financial Cash Flow
Total Accruals	$434	$793	$434	$857	$189	$795	$406	$462	$553	$625	$415	$441	$1,199								Accruals
Accruals Ratio	3.71%	5.92%	2.88%	5.13%	1.05%	4.23%	1.95%	2.12%	2.76%	3.08%	1.97%	2.01%	5.18%					2.76%	<-Median->	5	Ratio
Cash	$613	$382	$496	$347	$519	$340	$418	$599	$977	$778	$750	$698	$207	$9							Cash
Cash per Share	$2.40	$1.49	$1.90	$1.31	$1.94	$1.27	$1.54	$2.19	$3.58	$2.85	$2.78	$2.59	$0.76	$0.03				$2.78	<-Median->	5	Cash per Share
Percentage of Stock Price	7.81%	4.13%	5.33%	3.21%	6.09%	3.50%	4.12%	7.00%	9.13%	9.17%	7.59%	7.06%	2.40%	0.10%				7.59%	<-Median->	5	% of Stock Price
Notes:
May 15, 2024.  Last estimates were for 2023, 2024 and 2025 $3994M, $4060M, $4266M Revenue, |$2.32, $2.37, $2.47 AEPS, $2.26, $2.38 and $2.47 for EPS,
$1.79, $1.82, $1.85 Div, $96M, $809M, $1043M FCF, $6.73, $6.51, $7.26 CFPS, $19.80, $20.40., $21 BVPS. $569M, $611M 2023/4 Net Income.
May 17, 2023.  Last estimates were for 2022, 2023 and 2024 of $3693M, $3573M and 3350M for Revenue, $2.29, $2.24 and $2.22 for AEPS, $2.21, $2.21 and $2.22 for EPS,
$1.78, $1.80 and $1.85 for Dividends, $441M, $420M and $696M for FCF, $5.92, $5.48 and $5.65 for CFPS, and $595M and $595M 2022/3 for Net Income.
May 15, 2022.  Last estimates were for 2021, 2022 and 2023 of $3430M, $3571M and $3658M for Revenue, $2.02, $2.13 and $2.17 for EPS,
$1.76, $1.79 and $1.81 for Dividends, $409M, $612M and $940M for FCF, $6.10, $6.36 and $6.78 for CFPS, $520M, $580M and $569M for Net Income.
May 15, 2021.  Last estimates were for 2020, 2021 and 2022 of $3532M, $3665M and $3572M for Revenue, $1.97, $2.05 and $2.20 for EPS, $1.75, $1.80 and $1.85 for Dividends,
$624M, $498M and $605M for FCF, $5.47 and $5.99 for FCPS for 2020 and 2021 and $526M, $554M and $592M for Net Income.
May 10, 2020.  Last estimates were for 2019, 2020 and 2021 of $4143M, $4299M and $4376M for Revenue, $2.18, $2.27 and $2.38 for EPS, $5.70, $5.90 and $6.31 for CFPS and $595M, $615M and $647M for Net Income.
May 10, 2018.  Last estimaes were for 2018, 2019 and 2020 of $3918M, $3589M and $4326M for Revenue, $2.20m $2.36 and $2.59 for EPS, $5.57, $5.97 ad $6.46 for CFPS and $612M, $638M and $679M for Net Income.
May 14, 2017.  Last estimates were for 2016, 2017 and 2018 of $3497M, 3713M and 3974M for Revenue, $2.01, $2.24 and $3.08 for EPS, $5.78, $6.22 and $6.60 for CPFS and $610M, $613M and $636M for Net Income.
September 23, 2016.  Last estimates were for 2015, 2016 and 2017 of $3574M, $3948M and $4133M for Revenue, $1.95, $2.35 and $2.56 for EPS, $4.02, $4.29 and $4.58 for CFPS and $524M, $639M and $672M for Net Income.
September 27, 2015.  Last estimates were for 2014, 2015 and 2016 of $3657M $3957M and $4097M for Revenue, $2.43, $2.58 and $2.62 for EPS, $5.52, $5.93 and $6.23 for CFPS and $656M, $673M and $719M for Net Income.
September 19, 2014.  Last estimates were for 2013, 2014 and 2015 of $3531M, $3989M and $4187M for revenue, $2.19, $2.23 and $1.88 for EPS, $5.09, 5.47 and $5.73 for CFPS.
September 21, 2013.  Last estimates were for 2012 and 2013 of $3383M and $3587M for Revenue, $4.05 and $4.30 (and $4.80) for EPS and $7.13 (2012) for CFPS.
August 16, 2012.  Last estimates I got were for 2011 and 2012 at $3.60 and $4.05 for earnings and $6.55 and $7.13 for CF.
Jul 23, 2011.  When I last looked I got estimates for 2010 and 2011 of $3.30 and $3.43 for EPS and $$6.30 and $6.70 for CF.
Aug 15, 2010.  When I last looked at this stock, the 2009 and 2010 earnings estimates were $2.95 (came in at $3.71) and $3.02 and Cash Flow $6.40 and $6.55.
Nov 19, 2009.  When I looked at this in July 2009, I picked up earnings for 2009 and 2010 of $2.93 and $3.02 and cash flow of $6.25 and $6.50.
Jul 7, 2009.  In Jan 2009 I picked up earnings estimates for 2009 and 2010 of  $2.94 and $2.89.  Earnings for 2009 were $3.28.
Have been increasing dividends since 1973.
July 2011.  Current thinking is that preferred shares are neither equity or liability.
Notes: * I looked at preferred shares for this company as there is some controvsy of whether these shares are a liability or equity.  Mostly it seems to be that they are a liability.
However, I have separated them out.  Graham Price formula generally uses the book value, but really it is asset less liabilities divided by no. of shares.    However, if we exclude
preferred shares from the liabilities of this company, the Graham Price is higher.  See values below.  However, as in most valuations it is the relative values that count.
For example, not only do you look at the Graham Price, but on the past differnces between stock price and Graham Price.
Two shares classes, A and B.
Class A non-voting is on TSX exchange.
Class B is voting and does not appear on the TSX.
Sector:
Power, Utility
What should this stock accomplish?
This is a utility stocks and you should expect a moderate dividend yield with moderate growth.
Would I buy this company and Why.
This is a dividend growth utility stocks.
This stock is closely linked to ATCO Ltd. (TSX-ACO), so you would not buy both.
Why am I following this stock.
I started to follow this stock in January of 2009 because it was on the Dividend Achievers list, the Dividend Aristocrats list and was also on Mike Higgs’ dividend growth list at that time.
The Dividend Aristocrats list is now an index on the TSX.  ATCO (TSX-ACO-X) owns 88% of this stock, so you would not buy both these stocks.
Dividends
Dividends are paid quarterly in cycle 3, that is in March, June, September and December.  Dividends are declared for one month and paid in the following month.
For example, the dividend declared for shareholders of record of Febuary 7, 2012 was paid on March 1, 2012.
How they make their money.
Canadian Utilities Ltd, a subsidiary of holding company Atco, offers gas and electricity services. The company is engaged in Atco Energy systems and its Energy Infrastructure operating segment to
ATCO EnPower. Headquartered in Calgary, Alberta, the firm mainly operates in Canada, Australia, and others. The company generates maximum revenue from Canada. Canadian Utilities launched
a large venture called Atco Energy, which provides low-cost and sustainable energy solutions for Alberta.
ATCO (ACO.X) owns 90.15% of of Class B shares in this company.
Class A - TSX-CU (non-voting) & B share -TSX-CU.X
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.
This stock (TSX-CU) is on the Dividend Achievers list at http://www.dividendachievers.com/, the Dividend Aristocrats list at http://www.tmxmoney.com/en/individual.html (see indices) and also
on Mike Higgs’ list at http://www.dividendgrowth.org/Report.htm.
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	May 14	2017	May 07	2018	May 10	2019	May 10	2020	May 15	2021	May 15	2022	May 20	2023			May 16	2024
Kiefer, Siegfried W.						0.086	0.04%	0.098	0.05%	0.062	0.03%									A	ceased insider Feb 2022
Officer - Class A							$3.373		$3.041		$2.284									A
Shares B - percentage						0.001	0.00%	0.001	0.00%	0.001	0.00%									B
CFO - Shares - Amount							$0.031		$0.025		$0.029									B
Options - percentage						0.177	0.06%	0.204	0.07%	0.333	0.12%
Options - amount							$6.914		$6.342		$12.199
Patrick, Katherine-Jane.														0.002	0.00%			0.002	0.00%	A	Subsidiary Executives	6.18%
CFO - Shares - Amount															$0.058				$0.072	A
Options - percentage														0.011	0.01%			0.011	0.01%			0.00%
Options - amount															$0.326				$0.385
Shkrobot, Brian P.												0.009	0.00%	0.011	0.01%					A	Ceased Insider Feb 2024
CFO - Shares - Amount													$0.342		$0.332					A
Options - percentage												0.030	0.01%	0.092	0.05%
Options - amount													$1.100		$2.851
Bayley, Melanie														0.012	0.01%			0.014	0.01%			10.57%
Officer - Shares - Amount															$0.380				$0.496
Options - percentage														0.054	0.03%			0.079	0.04%			46.73%
Options - amount															$1.663				$2.880
Constantinescu, M. George						0.002	0.00%	0.004	0.00%	0.002	0.00%	0.004	0.00%	0.004	0.00%			0.007	0.00%	A		68.36%
Officer - Shares - Amount							$0.081		$0.132		$0.066		$0.134		$0.136				$0.270	A
Shares B - percentage										0.000	0.00%	0.000	0.00%	0.002	0.00%			0.000	0.00%	B		-100.00%
Officer - Shares - Amount											$0.000		$0.007		$0.059				$0.000	B
Options - percentage						0.002	0.00%	0.004	0.00%	0.006	0.00%	0.008	0.00%	0.012	0.01%			0.017	0.01%			41.67%
Options - amount							$0.078		$0.124		$0.220		$0.293		$0.373				$0.624
Cook, P. Derek		0.009	0.00%	0.004	0.00%	0.002	0.00%	0.007	0.00%	0.001	0.00%	0.002	0.00%	0.002	0.00%			0.003	0.00%		filed Jan 2024	23.45%
Officer - Shares - Amount			$0.336		$0.141		$0.089		$0.207		$0.048		$0.065		$0.068				$0.084
Options - percentage		0.006	0.00%	0.008	0.00%	0.004	0.00%	0.008	0.00%	0.012	0.00%	0.016	0.01%	0.020	0.01%			0.024	0.01%			20.41%
Options - amount			$0.224		$0.251		$0.141		$0.236		$0.426		$0.572		$0.609				$0.734
Charlton, Loraine M.	0.02%	0.034	0.02%	0.036	0.02%	0.039	0.02%	0.015	0.01%	0.043	0.02%	0.016	0.01%	0.047	0.02%			0.051	0.03%	A		7.98%
Director - Shares - Amount	$1.162		$1.256		$1.119		$1.510		$0.478		$1.561		$0.577		$1.473				$1.877	A
Shares B - percentage	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%			0.000	0.00%	B		-100.00%
Shares B - amount	$0.076		$0.079		$0.066		$0.082		$0.065		$0.077		$0.077		$0.065				$0.000	B
Options - percentage	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%		Priced options, RTS	#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Urwin, Roger J.										0.020	0.01%	0.021	0.01%	0.034	0.02%			0.023	0.01%			-34.33%
Lead Director- Shares - Amt											$0.725		$0.757		$1.069				$0.828
Options - percentage										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
Simpson, James W.	0.01%	0.036	0.01%	0.038	0.01%	0.032	0.01%													A
Lead Director- Shares - Amt	$1.278		$1.361		$1.180		$1.245													A
Options - percentage	0.00%	0.004	0.00%	0.004	0.00%	0.004	0.00%														Priced options, RTS
Options - amount	$0.145		$0.150		$0.125		$0.157
Southern, Nancy C.	0.55%	77.036	39.11%	77.495	38.87%	77.504	38.81%	77.517	38.87%	77.515	0.68%	77.516	38.50%	77.581	38.90%			77.668	39.43%	A	Was Chair & CEO 2018	0.11%
Chair - & CEO Shares A- Amount	$38.846		$2,881.921		$2,427.147		$3,035.841		$2,409.995		$2,844.007		$2,840.965		$2,411.982				$2,849.642	A	and again in 2023, 2024
Shares B - percentage	0.39%	66.599	89.86%	66.599	90.27%	66.599	90.55%	66.599	90.67%	66.603	92.01%	66.599	97.16%	66.599	90.67%			66.599	92.00%	B		0.00%
Shares B - amount	$10.481		$2,491.463		$2,085.876		$2,608.677		$2,070.558		$2,443.666		$2,440.848		$2,070.558				$2,443.512	B
Options - percentage	0.58%	1.695	0.63%	1.442	0.53%	1.425	0.52%	1.705	0.62%	1.261	0.47%	1.245	0.62%	1.420	0.71%			1.620	0.82%		Priced options, RTS	14.08%
Options - amount	$56.637		$63.410		$45.175		$55.817		$53.008		$46.266		$45.629		$44.151				$59.438
ATCO Ltd.	38.88%	75.964	38.56%	76.396	27.97%	76.396	27.96%	76.396	28.00%	76.396	28.36%	76.396	37.94%	76.396	38.31%			76.396	38.79%	A	ATCO Sept 2013 says	0.00%
10% Holder Class A	$2,733.547		$2,841.818		$2,392.724		$2,992.433		$2,375.153		$2,802.971		$2,799.915		$2,375.153				$2,802.971	A	They own 88.1%
Shares B - percentage	178.50%	132.618	178.94%	132.618	48.55%	132.618	48.53%	132.618	48.60%	132.618	49.24%	132.618	65.86%	132.618	180.56%			132.618	183.20%	B	Last filing Jun 2017	0.00%
Shares B - amount	$4,799.463		$4,961.258		$4,153.611		$5,194.666		$4,123.109		$4,865.772		$4,860.468		$4,123.109				$4,865.772	B
Increase in O/S Shares	0.07%	0.174	0.06%	0.160	0.06%	0.039	0.01%	0.104	0.04%	0.035	0.01%	0.062	0.02%	0.030	0.02%			0.017	0.01%
due to SO	$6.254		$6.297		$5.967		$1.221		$4.091		$1.082		$2.289		$1.114				$0.529
Book Value	$6.000		$5.000		$4.000		$1.000		$3.000		$1.000		$2.000		$1.000				$1.000
Insider Buying	-$0.017		-$0.017		-$0.887		$0.000		-$0.155		$0.000		-$0.075		-$0.065				-$9.976
Insider Selling	$6.409		$4.516		$6.077		$0.936		$3.458		$0.756		$1.906		$0.117				$9.371
Net Insider Selling	$6.392		$4.499		$5.190		$0.936		$3.303		$0.756		$1.831		$0.051				-$0.605
% of Market Cap	0.07%		0.04%		0.06%		0.01%		0.04%		0.01%		0.02%		0.00%				-0.01%
Directors		10		10		10		11		11		11		13				13
Women	42%	4	40%	4	40%	4	40%	4	36%	4	36%	4	36%	5	38%			5	38%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	0.00%	4	2.18%	4	2.29%	177	21.96%	20	35.66%	20	11.06%	20	9.38%	20	6.86%			20	7.21%
Total Shares Held	0.00%	1.619	0.82%	1.695	0.62%	43.787	16.03%	97.409	35.70%	29.962	11.12%	25.280	12.55%	18.527	9.29%			19.556	-8.96%
Increase/Decrease 3 Mths	#DIV/0!	0.000	0.00%	0.000	0.00%	0.176	0.40%	-0.163	-0.17%	-1.338	-4.27%	-0.649	-2.50%	0.020	0.11%			-0.612	-3.03%
Starting No. of Shares		1.619	Reuters	1.695	Reuters	43.611	Reuters	97.571	Reuters	31.299	MS 20	25.929	MS 20	18.508	MS 20			20.168	MS 20
Institutions/Holdings		188		145	0.00%	285	20.63%
Value					$0.000		$2,208.390
Total Shares Held		103.000	52.29%	30.000	10.98%	42.000	15.38%														Class A
Value					$0.000		$1,315.44
Increase/Decrease 3 Mths		36.000	53.73%	0.000	0.00%	-4.000	-8.70%
Starting No. of Shares		67.000	Morningstar	30.000	Morningstar	46.000	Morningstar
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