This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q2 2025
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			June 30
Exchange Income Corp					TSX:	EIF	OTC:	EIFZF	https://www.exchangeincomecorp.ca			Fiscal Yr:	Dec 31
Year	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	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
														$2,785.8	<-12 mths	4.73%
Revenue*	$800.57	$1,030.08	$542.50	$807.40	$891.03	$1,012.95	$1,203.39	$1,341.37	$1,149.63	$1,413.15	$2,059.37	$2,498.42	$2,659.90	$3,060	$3,423	$3,706		390.30%	<-Total Growth	10	Revenue
Increase	56.88%	28.67%	-47.33%	48.83%	10.36%	13.68%	18.80%	11.47%	-14.29%	22.92%	45.73%	21.32%	6.46%	15.04%	11.86%	8.27%		17.23%	<-IRR #YR->	10	Revenue	390.30%
5 year Running Average	$384.9	$559.4	$625.6	$738.2	$814.3	$856.8	$891.5	$1,051.2	$1,119.7	$1,224.1	$1,433.4	$1,692.4	$1,956.1	$2,338.2	$2,740.1	$3,069.5		14.67%	<-IRR #YR->	5	Revenue	98.30%
Revenue per Share	$38.79	$47.35	$24.10	$29.22	$30.95	$32.34	$38.43	$38.65	$32.41	$36.48	$48.48	$53.00	$53.62	$59.46	$66.52	$72.02		12.07%	<-IRR #YR->	10	5 yr Running Average	212.66%
Increase	32.27%	22.07%	-49.10%	21.22%	5.91%	4.52%	18.82%	0.58%	-16.15%	12.55%	32.90%	9.33%	1.17%	10.89%	11.86%	8.27%		13.22%	<-IRR #YR->	5	5 yr Running Average	86.08%
5 year Running Average	$24.11	$30.39	$31.29	$33.76	$34.08	$32.79	$31.01	$33.92	$34.56	$35.66	$38.89	$41.80	$44.80	$50.21	$56.22	$60.92		8.32%	<-IRR #YR->	10	Revenue Per share	122.48%
P/S (Price/Sales) Med	0.66	0.49	0.82	0.83	1.08	1.05	0.80	0.96	0.91	1.13	0.94	0.92	0.96	1.02	0.00	0.00		6.77%	<-IRR #YR->	5	Revenue Per share	38.73%
P/S (Price/Sales) Close	0.66	0.48	0.96	0.98	1.35	1.10	0.74	1.16	1.13	1.16	1.09	0.85	1.10	1.21	1.09	1.00		3.66%	<-IRR #YR->	10	5 yr Running Average	43.19%
*Revenue in M CDN $					P/S Med	20 yr	0.82	15 yr	0.91	10 yr	1.10	5 yr	1.10		10.41%	Diff M/C		5.72%	<-IRR #YR->	5	5 yr Running Average	32.08%
			-$542.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,659.9
								-$1,341.4	$0.0	$0.0	$0.0	$0.0	$2,659.9
			-$625.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,956.1
								-$1,051.2	$0.0	$0.0	$0.0	$0.0	$1,956.1
			-$24.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$53.62
								-$38.65	$0.00	$0.00	$0.00	$0.00	$53.62
			-$31.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.80
								-$33.92	$0.00	$0.00	$0.00	$0.00	$44.80
														$207.3	<-12 mths	4.05%
														$4.24	<-12 mths	1.19%
Adjusted Free Cash Flow	$30.80	$27.06	$35.12	$74.41	$91.58	$91.95	$114.37	$126.08	$113.33	$147.15	$176.10	$201.83	$199.27	$251.6	$234.7			467.40%	<-Total Growth	10	Free Cash Flow
Free CFPS Basic*	$2.30	$1.26	$1.59	$3.02	$3.25	$2.97	$3.64	$3.89	$3.23	$3.95	$4.36	$4.49	$4.19					164.00%	<-Total Growth	10	Free CFPS Basic	Flow
Free Cash Flow Diluted*	$2.11	$1.26	$1.55	$2.90	$3.00	$2.81	$3.58	$3.48	$2.94	$3.68	$3.99	$4.13	$2.64	$4.54	$4.36			70.32%	<-Total Growth	10	Free CFPS Diluted	Free Cash
Increase	16.05%	-40.34%	23.02%	87.30%	3.33%	-6.33%	27.40%	-2.79%	-15.52%	25.17%	8.42%	3.51%	-36.08%	71.97%	-3.96%			5.47%	<-IRR #YR->	10	Free CFPS Basic	164.00%
FCF Yield	8.2%	5.6%	6.7%	10.2%	7.2%	7.9%	12.7%	7.8%	8.0%	8.7%	7.6%	9.2%	4.5%	6.3%	6.0%			-5.38%	<-IRR #YR->	5	Free CFPS Basic	7.71%
5 year Running Average	$2.07	$1.81	$1.67	$1.93	$2.17	$2.30	$2.77	$3.15	$3.16	$3.30	$3.53	$3.64	$3.48	$3.80	$3.93			7.58%	<-IRR #YR->	10	5 year Running Average	107.59%
Payout Ratio	76.94%	133.33%	108.71%	62.00%	66.00%	74.73%	60.54%	63.79%	77.55%	61.96%	59.90%	61.26%	100.00%	58.15%	60.55%			1.96%	<-IRR #YR->	5	5 year Running Average	10.19%
DPR EPS 5 Yr Running	75.92%	88.76%	97.35%	86.99%	81.01%	80.23%	70.31%	65.09%	67.98%	67.00%	64.16%	64.22%	69.74%	65.75%	65.31%			68.86%	<-Median->	10	Payout 5 yr Running Average
Price/FCF Median	12.18	18.57	12.74	8.36	11.11	12.12	8.63	10.68	10.08	11.23	11.39	11.85	19.42	13.38	0.00			11.17	<-Median->	10	Price/FCF Median
Price/FCF High	13.63	22.87	15.48	9.82	15.03	14.91	9.92	13.18	15.26	12.85	13.28	13.42	22.45	16.52	0.00			13.35	<-Median->	10	Price/FCF High
Price/FCF Low	10.73	14.28	9.99	6.90	7.18	9.33	7.33	8.19	4.90	9.61	9.51	10.28	16.39	10.24	0.00			8.76	<-Median->	10	Price/FCF Low
Price/FCF Close	12.21	17.94	14.97	9.82	13.92	12.68	7.89	12.84	12.46	11.45	13.19	10.92	22.29	15.90	16.56			12.57	<-Median->	10	Price/FCF Close
Trailing P/FCF Close	14.16	10.70	18.41	18.39	14.38	11.88	10.06	12.48	10.53	14.33	14.30	11.30	14.25	27.35	15.90			13.37	<-Median->	10	Trailing P/FCF Close
Median Values	Historical	in order	11.31	13.53	9.42	12.57	P/CF	5 Yrs	in order	11.39	13.42	9.61	12.46		39.58%	Diff M/C		42.41%	Diff M/C	10	DPR 75% to 95% best
*Distributable cash to  Free Cash Flow less Maintenance Capital Expenditures (CAPEX)
Adjusted FCF			-$1.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.64
FCF less Maintenance Cap Exp								-$3.48	$0.00	$0.00	$0.00	$0.00	$2.64
			-$1.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.48
								-$3.15	$0.00	$0.00	$0.00	$0.00	$3.48
														$451.6	<-12 mths	10.38%
														$9.24	<-12 mths	7.44%
Free Cash Flow	$76.78	$64.37	$76.98	$139.77	$164.21	$191.11	$223.36	$245.77	$198.40	$243.32	$322.03	$377.12	$409.16		<-12 mths			431.51%	<-Total Growth	10	Free Cash Flow
Free CFPS Basic*	$3.83	$3.00	$3.48	$5.67	$5.83	$6.17	$7.10	$7.58	$5.66	$6.53	$8.23	$8.39	$8.60		<-12 mths			147.13%	<-Total Growth	10	Free CFPS Basic	Free Cash Flow
Free Cash Flow Diluted*	$3.02	$2.65	$2.96	$4.76	$5.08	$5.46	$6.22	$6.55	$5.03	$5.78	$7.16	$7.38	$7.60	$9.24	<-12 mths			156.76%	<-Total Growth	10	Free CFPS Diluted
Increase	-3.51%	-12.25%	11.70%	60.81%	6.72%	7.48%	13.92%	5.31%	-23.21%	14.91%	23.88%	3.07%	2.98%	21.58%	<-12 mths			9.89%	<-IRR #YR->	10	Free CFPS Basic	147.13%
FCF Yield	11.7%	11.7%	12.8%	16.7%	12.2%	15.3%	22.0%	14.7%	13.7%	13.7%	13.6%	16.4%	12.9%	12.8%	<-12 mths			3.02%	<-IRR #YR->	5	Free CFPS Basic	13.46%
5 year Running Average	$2.25	$2.78	$2.84	$3.30	$3.69	$4.18	$4.90	$5.61	$5.67	$5.81	$6.15	$6.38	$6.59	$7.43	<-12 mths			8.78%	<-IRR #YR->	10	5 year Running Average	132.04%
Payout Ratio	53.81%	63.40%	56.93%	37.82%	38.98%	38.46%	34.85%	33.89%	45.33%	39.45%	33.38%	34.28%	34.74%	28.57%	<-12 mths			3.26%	<-IRR #YR->	5	5 year Running Average	17.39%
DPR EPS 5 Yr Running	69.84%	57.78%	57.39%	50.79%	47.48%	44.21%	39.76%	36.58%	37.92%	38.04%	36.88%	36.68%	36.78%	33.58%	<-12 mths			37.98%	<-Median->	10	Payout 5 yr Running Average
Price/FCF Median	8.52	8.83	6.67	5.10	6.56	6.24	4.97	5.68	5.89	7.15	6.35	6.63	6.75	6.57	<-12 mths			6.29	<-Median->	10	Price/FCF Median
Price/FCF High	9.53	10.87	8.11	5.99	8.88	7.68	5.71	7.00	8.92	8.18	7.40	7.51	7.80	8.11	<-12 mths			7.59	<-Median->	10	Price/FCF High
Price/FCF Low	7.50	6.79	5.23	4.21	4.24	4.80	4.22	4.35	2.86	6.12	5.30	5.75	5.69	5.03	<-12 mths			4.58	<-Median->	10	Price/FCF Low
Price/FCF Close	8.54	8.53	7.84	5.99	8.22	6.53	4.54	6.82	7.28	7.29	7.35	6.11	7.74	7.81	<-12 mths			7.05	<-Median->	10	Price/FCF Close
Trailing P/FCF Close	8.24	7.48	8.75	9.63	8.77	7.02	5.18	7.18	5.59	8.38	9.11	6.30	7.97	9.50	<-12 mths			7.58	<-Median->	10	Trailing P/FCF Close
Median Values	Historical	in order	6.45	7.74	5.27	7.29	P/CF	5 Yrs	in order	6.63	7.80	5.69	7.29		17.83%	Diff M/C		24.15%	Diff M/C	10	DPR 75% to 95% best
* Free Cash Flow
UnAdjusted FCF			-$2.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.60
								-$6.55	$0.00	$0.00	$0.00	$0.00	$7.60
			-$2.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.59
								-$5.61	$0.00	$0.00	$0.00	$0.00	$6.59
														$161.6	<-12 mths	9.65%
														$3.19	<-12 mths	6.69%
Adjusted Profit CDN$		$13.1	$14.8	$51.6	$72.1	$79.7	$92.4	$102.1	$47.2	$86.0	$132.9	$144.1	$147.3
Basic	$1.26	$0.61	$0.67	$2.09	$2.56	$2.58	$2.94	$3.15	$1.35	$2.31	$3.29	$3.20	$3.10					362.69%	<-Total Growth	10	AEPS
AEPS* Dilued	$1.25	$0.61	$0.66	$2.04	$2.43	$2.47	$2.80	$2.97	$1.31	$2.26	$3.13	$3.07	$2.99	$3.73	$4.55	$5.40		353.03%	<-Total Growth	10	AEPS
Increase	3.31%	-51.17%	8.14%	209.09%	19.12%	1.65%	13.36%	6.07%	-55.89%	72.52%	38.50%	-1.92%	-2.61%	24.75%	21.98%	18.68%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	4.85%	2.70%	2.84%	7.16%	5.82%	6.93%	9.91%	6.65%	3.58%	5.36%	5.95%	6.81%	5.08%	5.17%	6.30%	7.48%		16.31%	<-IRR #YR->	10	AEPS	353.03%
5 year Running Average	$1.07	$1.09	$0.94	$1.15	$1.40	$1.64	$2.08	$2.54	$2.40	$2.36	$2.49	$2.55	$2.55	$3.04	$3.49	$3.95		0.13%	<-IRR #YR->	5	AEPS	0.67%
Payout Ratio	130.00%	275.26%	255.30%	88.24%	81.48%	85.02%	77.41%	74.75%	174.05%	100.88%	76.36%	82.41%	88.29%	70.78%	58.02%	48.89%		10.50%	<-IRR #YR->	10	5 yr Running Average	171.47%
5 year Running Average	161.78%	162.11%	190.72%	176.21%	166.06%	157.06%	117.49%	81.38%	98.54%	102.42%	100.69%	101.69%	104.40%	83.75%	75.17%	69.68%		0.08%	<-IRR #YR->	5	5 yr Running Average	0.39%
Price/AEPS Median	20.58	38.34	29.92	11.90	13.71	13.79	11.03	12.52	22.62	18.28	14.52	15.94	17.15	16.29	0.00	0.00		14.16	<-Median->	10	Price/AEPS Median
Price/AEPS High	23.03	47.20	36.36	13.98	18.56	16.97	12.69	15.44	34.25	20.92	16.92	18.06	19.82	20.10	0.00	0.00		17.51	<-Median->	10	Price/AEPS High
Price/AEPS Low	18.13	29.48	23.47	9.82	8.87	10.62	9.38	9.60	10.99	15.65	12.12	13.82	14.47	12.47	0.00	0.00		10.80	<-Median->	10	Price/AEPS Low
Price/AEPS Close	20.62	37.03	35.15	13.98	17.18	14.43	10.09	15.05	27.97	18.65	16.81	14.69	19.68	19.36	15.87	13.37		15.93	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	21.31	18.08	38.01	43.20	20.47	14.67	11.44	15.96	12.34	32.17	23.29	14.41	19.17	24.15	19.36	15.87		17.57	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	15.88	18.25	12.12	16.81	P/CF	5 Yrs	in order	17.15	19.82	13.82	18.65		12.87%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$0.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.99
								-$2.97	$0.00	$0.00	$0.00	$0.00	$2.99
			-$0.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.55
								-$2.54	$0.00	$0.00	$0.00	$0.00	$2.55
														$2.63	<-12 mths	5.62%
Difference Basic and Diluted	0.79%	0.00%	0.00%	1.84%	2.75%	3.00%	3.11%	3.49%	2.50%	2.17%	2.94%	2.57%	2.35%					2.66%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$1.26	$0.42	$0.37	$1.63	$2.18	$2.33	$2.25	$2.58	$0.80	$1.84	$2.72	$2.72	$2.55					589.19%	<-Total Growth	10	EPS Basic	diff mostly
EPS Diluted*	$1.25	$0.42	$0.37	$1.60	$2.12	$2.26	$2.18	$2.49	$0.78	$1.80	$2.64	$2.65	$2.49	$3.31	$4.52	$5.34		572.97%	<-Total Growth	10	EPS Diluted	Conv Deb
Increase	3.31%	-66.40%	-11.90%	332.43%	32.50%	6.60%	-3.54%	14.22%	-68.67%	130.77%	46.67%	0.38%	-6.04%	32.73%	36.61%	18.27%		10	0	10	Years of Data, EPS P or N
Earnings Yield	4.8%	1.9%	1.6%	5.6%	5.1%	6.3%	7.7%	5.6%	2.1%	4.3%	5.0%	5.9%	4.2%	4.6%	6.3%	7.4%		21.00%	<-IRR #YR->	10	Earnings per Share	572.97%
5 year Running Average	$1.07	$1.05	$0.84	$0.97	$1.15	$1.35	$1.71	$2.13	$1.97	$1.90	$1.98	$2.07	$2.07	$2.58	$3.12	$3.66		0.00%	<-IRR #YR->	5	Earnings per Share	0.00%
10 year Running Average		$1.13	$1.09	$1.10	$1.15	$1.21	$1.38	$1.49	$1.47	$1.53	$1.67	$1.89	$2.10	$2.27	$2.51	$2.82		9.40%	<-IRR #YR->	10	5 yr Running Average	145.50%
* Diluted ESP per share									E/P	10 Yrs	5.32%	5Yrs	4.27%					-0.55%	<-IRR #YR->	5	5 yr Running Average	-2.72%
			-$0.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.49
								-$2.49	$0.00	$0.00	$0.00	$0.00	$2.49
			-$0.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.07
								-$2.13	$0.00	$0.00	$0.00	$0.00	$2.07
Dividend*														$2.68	$2.77	$2.92			Estimates		Dividend*
Increase														1.33%	3.63%	5.34%			Estimates		Increase
Payout Ratio EPS														80.94%	61.40%	54.68%			Estimates		Payout Ratio EPS
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividend*	$1.63	$1.68	$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$2.64	$2.64	$2.64		56.68%	<-Total Growth	10	Dividends
Increase	1.56%	3.38%	0.30%	6.82%	10.00%	6.06%	3.21%	2.42%	2.70%	0.00%	4.82%	5.86%	4.35%	0.00%	0.00%	0.00%		18	0	20	Years of data, Count P, N
Average Increases 5 Year Running	2.39%	2.23%	1.56%	2.93%	4.41%	5.31%	5.28%	5.70%	4.88%	2.88%	2.63%	3.16%	3.55%	3.01%	3.01%	2.04%		3.98%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.57	$1.61	$1.63	$1.68	$1.75	$1.85	$1.95	$2.05	$2.15	$2.21	$2.27	$2.34	$2.42	$2.50	$2.57	$2.62		48.71%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	6.32%	7.18%	8.53%	7.42%	5.94%	6.16%	7.02%	5.97%	7.69%	5.52%	5.26%	5.17%	5.15%	4.35%				5.96%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	5.64%	5.83%	7.02%	6.31%	4.39%	5.01%	6.10%	4.84%	5.08%	4.82%	4.51%	4.56%	4.45%	3.52%				4.83%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	7.17%	9.34%	10.88%	8.99%	9.19%	8.01%	8.26%	7.79%	15.83%	6.45%	6.30%	5.96%	6.10%	5.68%				7.90%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	6.30%	7.43%	7.26%	6.31%	4.74%	5.89%	7.67%	4.97%	6.22%	5.41%	4.54%	5.61%	4.49%	3.66%	3.66%	3.66%		5.51%	<-Median->	10	Yield on Close Price	FCF Co.
Payout Ratio EPS	130.00%	400.00%	455.41%	112.50%	93.40%	92.92%	99.43%	89.16%	292.31%	126.67%	90.53%	95.47%	106.02%	79.88%	58.47%	49.44%		97.45%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	146.18%	153.15%	193.13%	172.99%	152.26%	136.56%	114.10%	96.41%	109.33%	116.17%	114.64%	112.93%	116.99%	96.86%	82.31%	71.53%		115.40%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	-160.12%	-574.14%	37.99%	49.82%	53.06%	52.74%	41.22%	35.46%	31.11%	30.99%	30.30%	33.76%	36.68%	-599.86%	676.75%	#DIV/0!		36.07%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	90.14%	123.68%	100.66%	84.35%	83.74%	59.76%	46.30%	44.95%	40.46%	36.60%	33.25%	32.21%	32.52%	42.31%	56.99%	#DIV/0!		42.71%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	42.77%	70.61%	44.00%	45.85%	38.65%	36.52%	30.82%	29.37%	36.51%	33.42%	28.49%	29.39%	29.84%	-599.86%	676.75%	#DIV/0!		32.12%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	58.09%	57.27%	52.52%	47.78%	46.02%	44.01%	37.93%	34.94%	33.89%	33.07%	31.45%	31.10%	31.15%	38.73%	49.78%	#DIV/0!		34.41%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.96%	5.51%	5 Yr Med	5 Yr Cl	5.26%	5.41%	5 Yr Med	Payout	106.02%	31.11%	29.84%					3.53%	<-IRR #YR->	5	Dividends	18.92%
* Dividends per share	10 Yr Med	and Cur.	-38.62%	-33.64%	5 Yr Med	and Cur.	-30.45%	-32.42%	Last Div Inc --->		$0.210	$0.220	4.76%					4.59%	<-IRR #YR->	10	Dividends	56.68%
Dividends Growth 15																		3.57%	<-IRR #YR->	15	Dividends	69.23%
Dividends Growth 20																		8.26%	<-IRR #YR->	20	Dividends
Dividends Growth 5								-$2.22	$0.00	$0.00	$0.00	$0.00	$2.64								Dividends Growth 5
Dividends Growth 10			-$1.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.64								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	$2.64								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	$2.64								Dividends Growth 20
Historical Dividends	Historical	High Div	17.11%	Low Div	4.47%	10 Yr High	15.17%	10 Yr Low	4.40%	Med Div	7.18%	Close Div	6.30%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-78.63%	Exp	-18.20%	Exp.	-75.90%		-16.90%	Exp.	-49.07%	Exp.	-41.99%								High/Ave/Median
Historical Dividends	Historical	High Div	16.31%	Low Div	4.44%	10 Yr High	15.17%	10 Yr Low	4.41%	Med Div	6.67%	Close Div	6.26%					From 2009	chge to Corp.		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-77.58%	Exp	-17.65%	Exp.	-75.90%		-17.09%	Exp.	-45.18%	Exp.	-41.59%								High/Ave/Median
Future Dividend Yield					Div Yield	4.35%	earning in	5	Years	at IRR of	3.53%	Div Inc.	18.92%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.17%	earning in	10	Years	at IRR of	3.53%	Div Inc.	41.42%								Future Dividend Yield
Future Dividend Yield					Div Yield	6.15%	earning in	15	Years	at IRR of	3.53%	Div Inc.	68.17%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.14	earning in	5	Years	at IRR of	3.53%	Div Inc.	18.92%								Future Dividend Paid
Future Dividend Paid					Div Paid	$3.73	earning in	10	Years	at IRR of	3.53%	Div Inc.	41.42%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.44	earning in	15	Years	at IRR of	3.53%	Div Inc.	68.17%								Future Dividend Paid
Dividend Covering Cost					Total Div	$14.16	over	5	Years	at IRR of	3.53%	Div Cov.	19.62%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$27.87	over	10	Years	at IRR of	3.53%	Div Cov.	38.60%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$44.17	over	15	Years	at IRR of	3.53%	Div Cov.	61.17%								Dividend Covering Cost
Yield if held 5 years	13.27%	17.66%	15.36%	11.69%	9.19%	8.16%	9.26%	11.24%	9.39%	6.84%	7.02%	8.19%	7.10%	8.91%	6.39%	5.81%		8.69%	<-Median->	10	Paid Median Price
Yield if held 10 years			19.29%	16.80%	16.16%	17.14%	22.78%	20.24%	14.81%	10.58%	9.29%	10.81%	13.37%	10.88%	7.92%	7.75%		15.48%	<-Median->	10	Paid Median Price
Yield if held 15 years								25.41%	21.28%	18.61%	19.51%	26.59%	24.07%	17.14%	12.25%	10.26%		22.67%	<-Median->	6	Paid Median Price
Yield if held 20 years													30.22%	24.64%	21.55%	21.55%		30.22%	<-Median->	1	Paid Median Price
Yield if held 25 years																#DIV/0!		#NUM!	<-Median->	0	Paid Median Price
Cost cover if held 5 years	64.08%	84.34%	74.29%	54.48%	40.71%	35.94%	41.59%	52.00%	44.28%	33.16%	33.28%	37.88%	32.60%	42.11%	31.07%	28.79%		39.29%	<-Median->	10	Paid Median Price
Cost cover if held 10 years			171.04%	146.52%	134.20%	139.55%	186.63%	167.89%	124.27%	91.98%	80.01%	91.59%	113.38%	95.70%	71.69%	71.71%		129.24%	<-Median->	10	Paid Median Price
Cost cover if held 15 years								288.58%	246.83%	224.39%	232.10%	309.59%	278.37%	205.31%	151.58%	130.89%		262.60%	<-Median->	6	Paid Median Price
Cost cover if held 20 years													427.33%	363.30%	329.20%	338.96%		427.33%	<-Median->	1	Paid Median Price
Cost cover if held 25 years																#DIV/0!		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$1,341.4	$1,149.6	$1,413.1	$2,059.4	$2,498.4	$2,659.9	$2,786	<-12 mths	4.73%		98.30%	<-Total Growth	5	Revenue Growth	98.30%
AEPS Growth								$2.97	$1.31	$2.26	$3.13	$3.07	$2.99	$3.19	<-12 mths	6.69%		0.67%	<-Total Growth	5	AEPS Growth	0.67%
FCF per Share Growth								$3.48	$2.94	$3.68	$3.99	$4.13	$2.64	$4.24	<-12 mths	60.61%		-24.14%	<-Total Growth	5	FCF per Share Growth	-24.14%
Net Income Growth								$83.6	$28.1	$68.6	$109.7	$122.3	$121.2	$131	<-12 mths	8.28%		44.96%	<-Total Growth	5	Net Income Growth	44.96%
Cash Flow Growth								$217.2	$260.0	$285.0	$335.1	$353.2	$357.0	$448	<-12 mths	25.38%		64.34%	<-Total Growth	5	Cash Flow Growth	64.34%
Dividend Growth								$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$2.64	<-12 mths	0.00%		18.92%	<-Total Growth	5	Dividend Growth	18.92%
Stock Price Growth								$44.69	$36.64	$42.14	$52.63	$45.10	$58.85	$72.20	<-12 mths	22.68%		31.68%	<-Total Growth	5	Stock Price Growth	31.68%
Revenue Growth			$542.5	$807.4	$891.0	$1,013.0	$1,203.4	$1,341.4	$1,149.6	$1,413.1	$2,059.4	$2,498.4	$2,659.9	$3,060	<-this year	15.04%		390.30%	<-Total Growth	10	Revenue Growth	390.30%
AEPS Growth			$0.66	$2.04	$2.43	$2.47	$2.80	$2.97	$1.31	$2.26	$3.13	$3.07	$2.99	$3.73	<-this year	24.75%		353.03%	<-Total Growth	10	AEPS Growth	353.03%
FCF per Share Growth			$1.55	$2.90	$3.00	$2.81	$3.58	$3.48	$2.94	$3.68	$3.99	$4.13	$2.64	$4.54	<-this year	71.97%		70.32%	<-Total Growth	10	FCF per Share Growth	70.32%
Net Income Growth			$8.3	$40.2	$61.5	$72.2	$70.8	$83.6	$28.1	$68.6	$109.7	$122.3	$121.2	$177	<-this year	45.75%		1368.63%	<-Total Growth	10	Net Income Growth	1368.63%
Cash Flow Growth			$99.8	$99.8	$107.4	$124.7	$164.6	$217.2	$260.0	$285.0	$335.1	$353.2	$357.0	-$23	<-this year	-106.34%		257.61%	<-Total Growth	10	Cash Flow Growth	257.61%
Dividend Growth			$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$2.68	<-this year	1.33%		56.68%	<-Total Growth	10	Dividend Growth	56.68%
Stock Price Growth			$23.20	$28.51	$41.75	$35.64	$28.26	$44.69	$36.64	$42.14	$52.63	$45.10	$58.85	$72.20	<-this year	22.68%		153.66%	<-Total Growth	10	Stock Price Growth	153.66%
Dividends on Shares				$79.20	$87.12	$92.40	$95.37	$97.68	$100.32	$100.32	$105.16	$111.32	$116.16	$116.16	$116.16	$116.16		$985.05	No of Years	10	Total Divs	12/31/14
Paid			$1,020.80	$1,254.44	$1,837.00	$1,568.16	$1,243.44	$1,966.36	$1,612.16	$1,854.16	$2,315.72	$1,984.40	$2,589.40	$3,176.80	$3,176.80	$3,176.80		$2,589.40	No of Years	10	Worth	$23.20
Total																		$3,574.45
Graham No. AEPS	$19.62	$13.54	$13.64	$26.73	$29.80	$31.34	$34.50	$36.73	$23.34	$31.72	$40.49	$42.19	$43.28	$48.14	$53.17	$57.92		217.37%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.31	1.73	1.45	0.91	1.12	1.09	0.90	1.01	1.27	1.30	1.12	1.16	1.18	1.26				1.12	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.47	2.13	1.76	1.07	1.51	1.34	1.03	1.25	1.92	1.49	1.31	1.31	1.37	1.56				1.33	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.15	1.33	1.14	0.75	0.72	0.84	0.76	0.78	0.62	1.11	0.94	1.01	1.00	0.97				0.81	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.31	1.67	1.70	1.07	1.40	1.14	0.82	1.22	1.57	1.33	1.30	1.07	1.36	1.50	1.36	1.25		1.26	<-Median->	10	Price/GP Ratio
Prem/Disc Close	31.40%	66.92%	70.11%	6.64%	40.10%	13.74%	-18.10%	21.66%	56.95%	32.84%	29.97%	6.89%	35.96%	49.99%	35.80%	24.66%		25.81%	<-Median->	10	Graham Price
Graham No. EPS	$19.62	$11.23	$10.21	$23.68	$27.83	$29.97	$30.45	$33.64	$18.01	$28.31	$37.19	$39.20	$39.50	$45.31	$52.96	$57.60		286.81%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.31	2.08	1.93	1.03	1.20	1.14	1.01	1.11	1.65	1.46	1.22	1.25	1.30	1.34				1.21	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.47	2.57	2.35	1.20	1.62	1.40	1.17	1.36	2.49	1.67	1.42	1.41	1.50	1.65				1.42	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.15	1.60	1.52	0.85	0.77	0.87	0.86	0.85	0.80	1.25	1.02	1.08	1.10	1.03				0.87	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.31	2.01	2.27	1.20	1.50	1.19	0.93	1.33	2.03	1.49	1.42	1.15	1.49	1.59	1.36	1.25		1.37	<-Median->	10	Price/GP Ratio
Prem/Disc Close	31.40%	101.22%	127.20%	20.41%	49.99%	18.90%	-7.18%	32.87%	103.40%	48.85%	41.52%	15.05%	48.99%	59.34%	36.33%	25.36%		37.19%	<-Median->	10	Graham Price
Month, Year	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27		14.00	<Count Years>		Month, Year
Price Close	$25.78	$22.60	$23.20	$28.51	$41.75	$35.64	$28.26	$44.69	$36.64	$42.14	$52.63	$45.10	$58.85	$72.20	$72.20	$72.20		153.66%	<-Total Growth	10	Stock Price
Increase	1.46%	-12.34%	2.65%	22.89%	46.44%	-14.63%	-20.71%	58.14%	-18.01%	15.01%	24.89%	-14.31%	30.49%	22.68%	0.00%	0.00%		19.85	<-Median->	10	CAPE (10 Yr P/E)
P/E	20.62	53.81	62.70	17.82	19.69	15.77	12.96	17.95	46.97	23.41	19.94	17.02	23.63	21.85	15.99	13.52		5.66%	<-IRR #YR->	5	Stock Price	31.68%
Trailing P/E	21.31	18.08	55.24	77.05	26.09	16.81	12.50	20.50	14.71	54.03	29.24	17.08	22.21	29.00	21.85	15.99		9.76%	<-IRR #YR->	10	Stock Price	153.66%
CAPE (10 Yr P/E)		13.82	15.68	17.14	18.91	19.96	19.00	19.73	21.29	21.56	21.37	20.04	19.71	20.16	19.45	18.62		10.52%	<-IRR #YR->	5	Price & Dividend	58.81%
Median 10, 5 Yrs		D.  per yr	6.57%	4.86%	% Tot Ret	40.24%	29.77%	T P/E	21.35	22.21	P/E:	18.82	23.41					16.32%	<-IRR #YR->	10	Price & Dividend	250.16%
Price 15		D.  per yr	8.61%		% Tot Ret	44.72%						CAPE Diff	10.07%					10.64%	<-IRR #YR->	15	Stock Price	355.85%
Price 20		D.  per yr	10.04%		% Tot Ret	50.26%												9.94%	<-IRR #YR->	20	Stock Price
Price 25		D.  per yr	10.04%		% Tot Ret	50.26%												14.16%	<-IRR #YR->	21	Stock Price
Price & Dividend 15																		19.25%	<-IRR #YR->	15	Price & Dividend	5.923896
Price & Dividend 20																		19.97%	<-IRR #YR->	20	Price & Dividend
Price & Dividend 25																		34.17%	<-IRR #YR->	21	Price & Dividend
Price  5								-$44.69	$0.00	$0.00	$0.00	$0.00	$58.85								Price  5
Price 10			-$23.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$58.85								Price 10
Price & Dividend 5								-$44.69	$2.28	$2.28	$2.39	$2.53	$61.49								Price & Dividend 5
Price & Dividend 10			-$23.20	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$61.49								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	$58.85								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	$58.85								Price 25
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	$58.85								Price & Dividend 15
Price & Dividend 15	$1.63	$1.68	$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$61.49								Price & Dividend 20
Price & Dividend 20	$1.63	$1.68	$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$61.49								Price & Dividend 25
Price & Dividend 25	$1.63	$1.68	$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$61.49
Price H/L Median	$25.73	$23.40	$19.75	$24.27	$33.32	$34.07	$30.89	$37.18	$29.64	$41.32	$45.46	$48.94	$51.28	$60.75				159.69%	<-Total Growth	10	Stock Price
Increase	19.40%	-9.04%	-15.62%	22.92%	37.29%	2.24%	-9.32%	20.35%	-20.28%	39.43%	10.02%	7.66%	4.77%	18.47%				10.01%	<-IRR #YR->	10	Stock Price	159.69%
P/E	20.58	55.71	53.36	15.17	15.72	15.07	14.17	14.93	37.99	22.96	17.22	18.47	20.59	18.38				6.64%	<-IRR #YR->	5	Stock Price	37.93%
Trailing P/E	21.26	18.72	47.01	65.59	20.83	16.07	13.67	17.05	11.90	52.97	25.26	18.54	19.35	24.40				17.70%	<-IRR #YR->	10	Price & Dividend	70.53%
P/E on Run. 5 yr Ave	23.95	22.33	23.39	25.02	28.92	25.16	18.11	17.45	15.07	21.72	22.98	23.62	24.75	23.57				12.39%	<-IRR #YR->	5	Price & Dividend	273.07%
P/E on Run. 10 yr Ave		20.63	18.10	22.00	28.95	28.06	22.43	25.00	20.19	27.06	27.29	25.91	24.41	26.74				15.88	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	7.69%	5.74%	% Tot Ret	43.43%	46.37%	T P/E	18.94	19.35	P/E:	16.47	20.59						Count	20
			-$19.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.28
								-$37.18	$0.00	$0.00	$0.00	$0.00	$51.28
			-$19.75	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$53.92
								-$37.18	$2.28	$2.28	$2.39	$2.53	$53.92
High Months	Nov	Mar	Jan	Dec	Dec	Jan	May	Dec	Feb	Nov	Dec	Jan	Dec	Aug
Price High	$28.79	$28.81	$24.00	$28.51	$45.09	$41.91	$35.53	$45.85	$44.87	$47.28	$52.97	$55.44	$59.27	$74.98				146.96%	<-Total Growth	10	Stock Price
Increase	13.35%	0.07%	-16.70%	18.79%	58.16%	-7.05%	-15.22%	29.05%	-2.14%	5.37%	12.03%	4.66%	6.91%	26.51%				9.46%	<-IRR #YR->	10	Stock Price	146.96%
P/E	23.03	68.60	64.86	17.82	21.27	18.54	16.30	18.41	57.53	26.27	20.06	20.92	23.80	22.69				5.27%	<-IRR #YR->	5	Stock Price	29.27%
Trailing P/E	23.79	23.05	57.14	77.05	28.18	19.77	15.72	21.03	18.02	60.62	29.43	21.00	22.37	30.11				20.06	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	21.70	22.37	P/E:	20.49	23.80					25.28	P/E Ratio		Historical High
			-$24.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$59.27
								-$45.85	$0.00	$0.00	$0.00	$0.00	$59.27
Low Months	Jun	Oct	Oct	Jun	Jan	Jul	Dec	Jan	Mar	Jan	Mar	Oct	Jun	Apr
Price Low	$22.66	$17.99	$15.49	$20.03	$21.55	$26.22	$26.25	$28.50	$14.40	$35.36	$37.95	$42.44	$43.28	$46.51				179.41%	<-Total Growth	10	Stock Price
Increase	28.09%	-20.61%	-13.90%	29.31%	7.59%	21.67%	0.11%	8.57%	-49.47%	145.56%	7.32%	11.83%	1.98%	7.46%				10.82%	<-IRR #YR->	10	Stock Price	179.41%
P/E	18.13	42.83	41.86	12.52	10.17	11.60	12.04	11.45	18.46	19.64	14.38	16.02	17.38	14.07				8.71%	<-IRR #YR->	5	Stock Price	51.86%
Trailing P/E	18.73	14.39	36.88	54.14	13.47	12.37	11.62	13.07	5.78	45.33	21.08	16.08	16.33	18.68				13.51	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.77	16.33	P/E:	13.45	17.38					7.88	P/E Ratio		Historical Low
			-$15.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$43.28
								-$28.50	$0.00	$0.00	$0.00	$0.00	$43.28
													$0.0	<-12 mths	-100.00%
Free Cash Flow Mkt Sc									$174.90	$147.20	$176.10	$201.80	$199.30	$232.78	$281.10	$299.00			<-Total Growth	4	Free Cash Flow Mkt Sc
Increase										-15.84%	19.63%	14.59%	-1.24%	16.80%	20.76%	6.37%		6.68%	<-Median->	4	Increase
Free Cash Flow* Co Nos.	$46.01	$27.13	$35.12	$74.41	$91.58	$91.97	$114.40	$126.08	$113.33	$147.15	$176.10	$201.83	$199.27	$232.8	$281.1	$299.0		467.40%	<-Total Growth	10	Free Cash Flow
Increase	33.47%	-41.04%	29.47%	111.87%	23.09%	0.42%	24.39%	10.21%	-10.11%	29.84%	19.67%	14.61%	-1.27%	16.82%	20.76%	6.37%		9.59%	<-IRR #YR->	5	Free Cash Flow EIF	58.05%
FCF/CF from Op Ratio	-2.20	-4.26	0.35	0.75	0.85	0.74	0.69	0.58	0.44	0.52	0.53	0.57	0.56	-10.28	14.00	#DIV/0!		18.96%	<-IRR #YR->	10	Free Cash Flow EIF	467.40%
Dividends paid	32.72	35.89	$37.42	$45.23	$56.33	$65.09	$68.46	$72.74	$80.01	$85.39	$97.47	$114.59	$125.89	$135.86	$135.86	$135.86		236.38%	<-Total Growth	10	Dividends paid
Percentage paid				60.78%	61.51%	70.77%	59.84%	57.70%	70.60%	58.03%	55.35%	56.78%	63.18%	58.36%	48.33%	45.44%		60.31%	<-Median->	10	Percentage paid
5 Year Coverage							66.88%	61.76%	63.76%	62.69%	59.68%	58.89%	60.09%	58.42%	55.88%	53.38%					5 Year Coverage
Dividend Coverage Ratio				1.65	1.63	1.41	1.67	1.73	1.42	1.72	1.81	1.76	1.58	1.71	2.07	2.20		1.66	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							1.50	1.62	1.57	1.60	1.68	1.70	1.66	1.71	1.79	1.87					5 Year of Coverage
								-$126.08	0.00	0.00	0.00	0.00	199.27
			-$35.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	199.27
Free Cash Flow* MS old				$9.52	-$103.16	-$78.24	$29.00	$7.43	$75.26	-$15.13	-$10.24										Free Cash Flow* MS old
Increase					-1183.61%	-24.16%	-137.07%	-74.38%	912.92%	-120.10%	-32.32%										Increase
Free Cash Flow* MS	-$86.69	-$86.88	$15.49	-$47.52	-$129.22	-$142.77	-$26.60	-$37.63	$113.72	$5.62	-$31.46	-$100.06	-$51.60					-433.12%	<-Total Growth	10	Free Cash Flow MS
Increase		0.22%	-117.83%	-406.78%	171.93%	10.49%	-81.37%	41.47%	-402.21%	-95.06%	-659.79%	218.05%	-48.43%					6.52%	<-IRR #YR->	5	Free Cash Flow MS	-37.12%
FCF/CF from Op Ratio	4.14	13.65	0.16	-0.48	-1.20	-1.14	-0.16	-0.17	0.44	0.02	-0.09	-0.28	-0.14					#NUM!	<-IRR #YR->	10	Free Cash Flow MS	-433.12%
Dividends paid	$32.72	$35.89	$37.42	$45.23	$56.33	$65.09	$68.46	$72.74	$80.01	$85.39	$97.47	$114.59	$125.89					236.38%	<-Total Growth	10	Dividends paid
Percentage paid	-37.74%	-41.31%	241.60%	-95.17%	-43.59%	-45.59%	-257.37%	-193.31%	70.36%	1519.34%	-309.83%	-114.52%	-243.97%					-104.85%	<-Median->	10	Percentage paid
5 Year Coverage	-37.74%	-39.53%	-67.07%	-73.57%	-62.00%	-61.39%	-82.43%	-80.22%	-153.99%	-424.01%	1708.56%	-903.84%	-789.19%								5 Year Coverage
Dividend Coverage Ratio	-2.65	-2.42	0.41	-1.05	-2.29	-2.19	-0.39	-0.52	1.42	0.07	-0.32	-0.87	-0.41					-0.46	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage	-2.65	-2.53	-1.49	-1.36	-1.61	-1.63	-1.21	-1.25	-0.65	-0.24	0.06	-0.11	-0.13								5 Year of Coverage
								$37.63	0.00	0.00	0.00	0.00	-51.60
			-$15.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-51.60
Market Cap	$532.01	$491.60	$522.17	$787.82	$1,202.12	$1,116.17	$884.93	$1,550.89	$1,299.69	$1,632.52	$2,235.67	$2,125.86	$2,919.10	$3,715.45	$3,715.45	$3,715.45		459.03%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	21.78	21.46	22.13	25.63	33.95	36.00	34.75	38.09	35.98	38.09	47.31	51.99	52.84	52.04				138.80%	<-Total Growth	10	Diluted
Change	13.18%	-1.46%	3.09%	15.82%	32.47%	6.03%	-3.47%	9.62%	-5.56%	5.87%	24.22%	9.88%	1.64%	-1.52%				7.83%	<-Median->	10	Change
Difference Diluted/Basic	-8.0%	0.0%	0.0%	-3.8%	-17.1%	-14.0%	-9.5%	-14.8%	-2.6%	-2.2%	-14.7%	-13.5%	-9.9%	-2.0%				-11.72%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	20.04	21.46	22.13	24.66	28.15	30.96	31.46	32.44	35.05	37.27	40.35	44.97	47.58	51.00				115.04%	<-Total Growth	10	Average
Change	19.41%	7.08%	3.09%	11.43%	14.17%	9.98%	1.60%	3.11%	8.05%	6.32%	8.27%	11.46%	5.81%	7.17%				8.16%	<-Median->	10	Change
Difference Basic/Outstanding	3.0%	1.3%	1.7%	12.1%	2.3%	1.2%	-0.5%	7.0%	1.2%	4.0%	5.3%	4.8%	4.2%	0.9%				4.10%	<-Median->	10	Difference Basic/Outstanding
														$447.63	<-12 mths	25.38%
# of Share in Millions	20.637	21.752	22.507	27.633	28.793	31.318	31.314	34.703	35.472	38.740	42.479	47.137	49.602	51.460	51.460	51.460		8.22%	<-IRR #YR->	10	Shares	120.38%
Change	18.61%	5.41%	3.47%	22.77%	4.20%	8.77%	-0.01%	10.82%	2.21%	9.21%	9.65%	10.96%	5.23%	3.75%	0.00%	0.00%		7.41%	<-IRR #YR->	5	Shares	42.93%
Cash Flow from Operations $M	-$20.9	-$6.4	$99.8	$99.8	$107.4	$124.7	$164.6	$217.2	$260.0	$285.0	$335.1	$353.2	$357.0	-$22.6	$20.1			257.61%	<-Total Growth	10	Cash Flow
Increase	-137.55%	-69.61%	-1668%	0%	8%	16%	32%	32%	20%	10%	18%	5%	1%	-106.34%	-188.64%			S. Issues	SO, DRIP		Deb. Conv
5 year Running Average	$22.0	$16.9	$30.8	$45.6	$56.0	$85.1	$119.3	$142.8	$174.8	$210.3	$252.4	$290.1	$318.1	$261.6	$208.6			933.41%	<-Total Growth	10	CF 5 Yr Running
CFPS	-$1.01	-$0.29	$4.44	$3.61	$3.73	$3.98	$5.26	$6.26	$7.33	$7.36	$7.89	$7.49	$7.20	-$0.44	$0.39			62.27%	<-Total Growth	10	Cash Flow per Share
Increase	-131.66%	-71.17%	-1616%	-19%	3%	7%	32%	19%	17%	0%	7%	-5%	-4%	-106.11%	-188.64%			13.59%	<-IRR #YR->	10	Cash Flow	257.61%
5 year Running Average	$1.74	$1.30	$1.62	$1.99	$2.09	$3.09	$4.20	$4.57	$5.31	$6.04	$6.82	$7.27	$7.45	$5.90	$4.51			10.45%	<-IRR #YR->	5	Cash Flow	64.34%
P/CF on Med Price	-25.35	-79.97	4.45	6.72	8.93	8.55	5.88	5.94	4.04	5.62	5.76	6.53	7.12	-138.03	0.00			4.96%	<-IRR #YR->	10	Cash Flow per Share	62.27%
P/CF on Closing Price	-25.40	-77.24	5.23	7.89	11.19	8.95	5.37	7.14	5.00	5.73	6.67	6.02	8.18	-164.05	185.08			2.83%	<-IRR #YR->	5	Cash Flow per Share	14.98%
															-2731.28%	Diff M/C		16.49%	<-IRR #YR->	10	CFPS 5 yr Running	360.27%
														$481.42	<-12 mths	9.71%
Excl.Working Capital CF	$99.4	$58.1	-$13.6	$8.6	$40.0	$55.4	$55.6	$45.1	-$38.5	-$20.8	$21.2	$52.6	$81.8	$0.0	$0.0			10.28%	<-IRR #YR->	5	CFPS 5 yr Running	63.14%
CF fr Op $M WC	$78.4	$51.8	$86.2	$108.5	$147.5	$180.1	$220.2	$262.3	$221.5	$264.3	$356.3	$405.8	$438.8	-$22.6	$20.1			409.03%	<-Total Growth	10	Cash Flow less WC
Increase	24.33%	-33.99%	66.56%	25.83%	35.97%	22.11%	22.29%	19.09%	-15.55%	19.31%	34.83%	13.88%	8.14%	-105.16%	-188.64%			17.67%	<-IRR #YR->	10	Cash Flow less WC	409.03%
5 year Running Average	$42.5	$49.1	$61.4	$77.6	$94.5	$114.8	$148.5	$183.7	$206.3	$229.7	$264.9	$302.0	$337.3	$288.5	$239.7			10.84%	<-IRR #YR->	5	Cash Flow less WC	67.29%
CFPS Excl. WC	$3.80	$2.38	$3.83	$3.93	$5.12	$5.75	$7.03	$7.56	$6.24	$6.82	$8.39	$8.61	$8.85	-$0.44	$0.39			18.58%	<-IRR #YR->	10	CF less WC 5 Yr Run	449.80%
Increase	4.82%	-37.38%	60.97%	2.49%	30.49%	12.26%	22.31%	7.46%	-17.38%	9.24%	22.96%	2.62%	2.76%	-104.97%	-188.64%			12.92%	<-IRR #YR->	5	CF less WC 5 Yr Run	83.62%
5 year Running Average	$2.70	$2.80	$3.10	$3.51	$3.81	$4.20	$5.13	$5.88	$6.34	$6.68	$7.21	$7.52	$7.78	$6.45	$5.16			8.73%	<-IRR #YR->	10	CFPS - Less WC	130.98%
P/CF on Med Price	6.77	9.83	5.16	6.18	6.50	5.92	4.39	4.92	4.75	6.06	5.42	5.69	5.80	-138.03	0.00			3.20%	<-IRR #YR->	5	CFPS - Less WC	17.04%
P/CF on Closing Price	6.79	9.50	6.06	7.26	8.15	6.20	4.02	5.91	5.87	6.18	6.27	5.24	6.65	-164.05	185.08			9.63%	<-IRR #YR->	10	CFPS 5 yr Running	150.75%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	6.23	5 yr	5.76	P/CF Med	10 yr	5.74	5 yr	5.69		-2957.77%	Diff M/C		5.77%	<-IRR #YR->	5	CFPS 5 yr Running	32.39%
			-22.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	49.6								Shares
								-34.7	0.0	0.0	0.0	0.0	49.6								Shares
			-$99.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$357.0								Cash Flow
								-$217.2	$0.0	$0.0	$0.0	$0.0	$357.0								Cash Flow
			-$4.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.20								Cash Flow per Share
								-$6.26	$0.00	$0.00	$0.00	$0.00	$7.20								Cash Flow per Share
			-$1.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.45								CFPS 5 yr Running
								-$4.57	$0.00	$0.00	$0.00	$0.00	$7.45								CFPS 5 yr Running
			-$86.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$438.8								Cash Flow less WC
								-$262.3	$0.0	$0.0	$0.0	$0.0	$438.8								Cash Flow less WC
			-$61.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$337.3								CF less WC 5 Yr Run
								-$183.7	$0.0	$0.0	$0.0	$0.0	$337.3								CF less WC 5 Yr Run
			-$3.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.85								CFPS - Less WC
								-$7.56	$0.00	$0.00	$0.00	$0.00	$8.85								CFPS - Less WC
			-$3.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.78								CFPS 5 yr Running
								-$5.88	$0.00	$0.00	$0.00	$0.00	$7.78								CFPS 5 yr Running
Accounts receivable				-$14.57	-$22.088	-$31.270	-$23.939	-$35.958	$47.289	-$2.401	-$67.868	-$4.320	-$38.518
Costs incurred plus recognized profits in excess of billings				$4.05	$0.209	-$1.727	-$4.484
Cost due from customers								-$12.219	$5.625	-$6.362	-$4.877	$0.650	-$18.648
Inventory				-$23.38	-$6.312	-$39.624	-$25.765	-$13.756	-$14.400	-$16.385	-$43.697	-$52.936	-$46.901
Prepaid expenses and deposits				-$28.37	$4.793	$4.691	-$3.461	$2.002	$3.513	-$10.918	-$56.687	$39.942	$28.751
Accounts payable and accrued charges				-$8.70	$10.603	$26.745	$8.065	$18.110	-$10.772	$30.969	$154.224	-$36.973	-$21.559
Income taxes receivable/payable							0.371	-$2.144	$6.218	-$4.764	-$0.375	$5.329	$1.250
Deferred revenue				$36.05	-$15.148	-$3.062	-$3.525	-$1.155	-$3.750	$24.973	-$0.213	$10.833	$10.174
Amts Due customers							-$2.860	$0.062	$4.732	$5.643	-$1.724	-$15.080	$3.664
Billings in excess of costs incurred plus recognized profits				$11.75	-$10.052	$3.428
Foreign currency impact				$14.52	-$2.051	-$10.211
Net change in working capital items	-$99.35	-$58.120	$13.630
Long Term Def Revenue (notes)						-$4.359
Sum	-$99.350	-$58.120	$13.630	-$8.640	-$40.046	-$55.389	-$55.598	-$45.058	$38.455	$20.755	-$21.217	-$52.555	-$81.787
Google --> TD 2017	-$99.350	-$28.120	$13.630	-$8.640	-$40.05	-$55	-$56	-$45	$38	$21	-$21	-$53	-$82
Difference	$0.000	-$30.000	$0.000	$0.000	$0.00	$0	$0	$0	$0	$0	$0	$0	$0
TD		-$58	$14	-$9	-$40
Difference		$0	$0	$0	$0
OPM	-2.62%	-0.62%	18.40%	12.36%	12.06%	12.31%	13.68%	16.20%	22.61%	20.17%	16.27%	14.14%	13.42%	-0.74%				-27.06%	<-Total Growth	10	OPM
Increase	-123.93%	-76.38%	-3078.10%	-32.81%	-2.48%	2.10%	11.13%	18.37%	39.63%	-10.80%	-19.33%	-13.12%	-5.07%	-105.51%					Should increase		or be stable.
Diff from Median	-118.8%	-104.4%	32.3%	-11.1%	-13.3%	-11.5%	-1.6%	16.4%	62.6%	45.0%	17.0%	1.6%	-3.5%	-105.3%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	13.91%	5 Yrs	16.27%					should be	zero, it is a		check on calculations
														$333	<-12 mths	5.00%
EBIT									$101.70	$143.50	$236.70	$289.70	$317.60	$408.10	$488.20	$508.10			<-Total Growth	4	EBIT
Change										41.10%	64.95%	22.39%	9.63%	28.49%	19.63%	4.08%		31.75%	<-Median->	4	Change
Margin									8.85%	10.15%	11.49%	11.60%	11.94%	13.34%	14.26%	13.71%		11.49%	<-Median->	5	Margin
														$667	<-12 mths	6.25%
Adjusted EBITDA	$71.50	$81.78	$94.28	$179.24	$212.58	$248.70	$277.77	$328.81	$284.54	$329.88	$456.44	$555.53	$628.06	$741.2	$841.5	$916.2		566.18%	<-Total Growth	10	Adjusted EBITDA
Change	0.00%	14.38%	15.28%	90.12%	18.60%	16.99%	11.69%	18.38%	-13.47%	15.94%	38.37%	21.71%	13.06%	18.01%	13.53%	8.88%		17.69%	<-Median->	10	Change
Margin	8.93%	7.94%	17.38%	22.20%	23.86%	24.55%	23.08%	24.51%	24.75%	23.34%	22.16%	22.24%	23.61%	24.22%	24.58%	24.72%		23.48%	<-Median->	10	Margin
Long Term Debt+ Conv Deb	$229.45	$434.50	$271.73	$507.77	$657.60	$790.41	$980.15	$1,030.16	$1,110.02	$1,101.02	$1,614.21	$1,826.42	$2,152.26	$2,281.60				692.06%	<-Total Growth	10	Debt	Type
Change		89.37%	-37.46%	86.87%	29.51%	20.20%	24.00%	5.10%	7.75%	-0.81%	46.61%	13.15%	17.84%	6.01%				19.02%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.43	0.88	0.52	0.64	0.55	0.71	1.11	0.66	0.85	0.67	0.72	0.86	0.74	0.61				0.72	<-Median->	10	% of Market C.	Intang/GW
Assets/Current Liabilities Ratio	4.10	4.59	6.91	6.76	8.01	6.66	8.18	8.09	7.77	5.45	6.11	6.59	7.07	7.28				6.91	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)	-10.96	-68.26	2.72	5.09	6.12	6.34	5.95	4.74	4.27	3.86	4.82	5.17	6.03	-100.74				5.13	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$73.52	$46.41	$42.76	$112.81	$107.28	$135.71	$144.57	$164.66	$161.77	$180.66	$300.37	$332.36	$364.63	$348.63				752.72%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$28.39	$107.44	$98.60	$246.07	$259.89	$299.28	$320.68	$359.76	$397.59	$486.88	$626.34	$713.20	$827.23	$817.11				738.95%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$101.91	$153.85	$141.36	$358.89	$367.16	$434.99	$465.25	$524.42	$559.36	$667.54	$926.72	$1,045.56	$1,191.85	$1,165.74				743.11%	<-Total Growth	10	Total
Change	11.16%	50.96%	-8.11%	153.88%	2.31%	18.47%	6.96%	12.72%	6.66%	19.34%	38.83%	12.82%	13.99%	-2.19%				13.41%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.19	0.31	0.27	0.46	0.31	0.39	0.53	0.34	0.43	0.41	0.41	0.49	0.41	0.31				0.41	<-Median->	10	% of Market C.
Current Assets	$329.73	$466.15	$199.32	$317.21	$348.55	$502.81	$540.28	$588.24	$618.96	$700.46	$1,045.93	$1,159.36	$1,279.23	$1,466.15				Liquidity ratio of 1.5 and up, best
Current Liabilities	$173.17	$209.51	$103.54	$181.90	$177.91	$262.79	$239.14	$280.33	$295.33	$475.35	$580.45	$618.64	$650.80	$655.85				1.94	<-Median->	10	Ratio
Liquidity Ratio	1.90	2.23	1.93	1.74	1.96	1.91	2.26	2.10	2.10	1.47	1.80	1.87	1.97	2.24				1.87	<-Median->	5	Ratio
Liq. with CF aft div	1.60	1.89	2.52	2.02	2.24	2.14	2.66	2.60	2.70	1.89	2.20	2.25	2.31	1.85				2.25	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.11	1.19	2.52	0.66	0.93	0.99	1.43	1.21	1.62	1.08	1.04	1.10	1.24	1.85				1.10	<-Median->	5	Ratio
Curr Long Term Db	$0.00	$1.33	$1.11	$1.03	$1.07	$1.07	$1.07	$1.07	$1.07	$98.81	$0.00	$0.00	$0.00	$0.00
Liquidity Less CLTD	1.90	2.24	1.95	1.75	1.97	1.92	2.27	2.11	2.10	1.86	1.80	1.87	1.97	2.24				1.87	<-Median->	5	Ratio
Liq. with CF aft div	1.60	1.90	2.55	2.03	2.26	2.15	2.68	2.61	2.71	2.38	2.20	2.25	2.31	1.85				2.31	<-Median->	5	Ratio
Assets	$709.37	$961.37	$715.10	$1,229.06	$1,424.53	$1,749.20	$1,957.30	$2,266.56	$2,294.18	$2,588.67	$3,548.84	$4,079.81	$4,598.99	$4,772.69				Debt Ratio of 1.5 and up, best
Liabilities	$414.83	$655.55	$415.51	$782.44	$938.40	$1,171.69	$1,340.05	$1,536.71	$1,608.24	$1,788.39	$2,529.78	$2,834.33	$3,189.32	$3,325.02				1.45	<-Median->	10	Ratio
Debt Ratio	1.71	1.47	1.72	1.57	1.52	1.49	1.46	1.47	1.43	1.45	1.40	1.44	1.44	1.44				1.44	<-Median->	5	Ratio
Estimates BVPS														$27.10	$28.90	$33.94			Estimates		Estimates BVPS
Estimate Book Value														$1,394.6	$1,487.2	$1,746.6			Estimates		Estimate Book Value
P/B Ratio (Close)														2.66	2.50	2.13			Estimates		P/B Ratio (Close)
Difference from 10 year median															45.92%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$294.54	$305.83	$299.59	$446.62	$486.14	$577.51	$617.25	$729.84	$685.95	$800.28	$1,019.05	$1,245.47	$1,409.67	$1,447.67				370.53%	<-Total Growth	10	Book Value
Total Book Value per Share	$14.27	$14.06	$13.31	$16.16	$16.88	$18.44	$19.71	$21.03	$19.34	$20.66	$23.99	$26.42	$28.42	$28.13				113.50%	<-Total Growth	10	Total Book Value per Share
P/B Ratio (Median)	1.80	1.66	1.48	1.50	1.97	1.85	1.57	1.77	1.53	2.00	1.89	1.85	1.80	2.16				1.83	<-Median->	10	P/B Ratio (Median)
Median P/B Ratios									P/BV	10 yr Med	1.83	5 yr Med	1.85
Conv. Debentures	$9.30	$12.22	$13.88	$11.20	$11.25	$14.31	$11.95	$13.21	$13.21	$17.61	$14.02	$13.98	$10.14	$7.65				-26.93%	<-Total Growth	10	Conv. Debentures
Deferred Shares	$1.58	$2.62	$3.80	$5.12	$7.21	$9.87	$13.53	$15.85	$16.89	$16.01	$16.01	$16.76	$18.22	$19.22				379.09%	<-Total Growth	10	Deferred Shares
Reserved Shares	$1.23	$0.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00							Reserved Shares
Net Book Value	$282.43	$290.37	$281.91	$430.30	$467.69	$553.33	$591.77	$700.78	$655.84	$766.66	$989.03	$1,214.74	$1,381.31	$1,420.80	$1,420.80	$1,420.80		389.98%	<-Total Growth	10	Book Value
Book Value per Share	$13.69	$13.35	$12.53	$15.57	$16.24	$17.67	$18.90	$20.19	$18.49	$19.79	$23.28	$25.77	$27.85	$27.61	$27.61	$27.61		122.33%	<-Total Growth	10	Book Value per Share
Change	30.85%	2.81%	-2.91%	52.63%	8.69%	18.31%	6.95%	18.42%	-6.41%	16.90%	29.00%	22.82%	13.71%	2.86%	0.00%	0.00%		59.98%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.88	1.75	1.58	1.56	2.05	1.93	1.63	1.84	1.60	2.09	1.95	1.90	1.84	2.20				1.63	P/B Ratio		Historical Median
P/B Ratio (Close)	1.88	1.69	1.85	1.83	2.57	2.02	1.50	2.21	1.98	2.13	2.26	1.75	2.11	2.62	2.62	2.62		8.32%	<-IRR #YR->	10	Book Value per Share	122.33%
Change	-8.04%	-10.12%	9.40%	-1.15%	40.39%	-21.52%	-25.87%	47.99%	-10.46%	7.45%	6.16%	-22.58%	20.75%	23.74%	0.00%	0.00%		6.64%	<-IRR #YR->	5	Book Value per Share	37.91%
Leverage (A/BK)	2.41	3.14	2.39	2.75	2.93	3.03	3.17	3.11	3.34	3.23	3.48	3.28	3.26	3.30				3.20	<-Median->	10	A/BV
Debt/Equity Ratio	1.41	2.14	1.39	1.75	1.93	2.03	2.17	2.11	2.34	2.23	2.48	2.28	2.26	2.30				2.20	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.87	5 yr Med	1.90		39.83%	Diff M/C		2.93	Historical		A/BV
			-$12.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.85
								-$20.19	$0.00	$0.00	$0.00	$0.00	$27.85
														$124.93	<-12 mths	-25.49%
Comprehensive Income	$24.87	$16.38	$15.97	$75.30	$54.38	$49.54	$101.86	$64.38	$13.28	$71.52	$149.52	$106.96	$167.67					950.03%	<-Total Growth	10	Comprehensive Income
Increase	10.55%	-34.11%	-2.53%	371.58%	-27.78%	-8.90%	105.59%	-36.79%	-79.37%	438.59%	109.06%	-28.46%	56.75%					56.75%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$15.28	$17.23	$18.38	$31.00	$37.38	$42.32	$59.41	$69.09	$56.69	$60.12	$80.11	$81.13	$101.79					26.51%	<-IRR #YR->	10	Comprehensive Income	950.03%
ROE	8.4%	5.4%	5.3%	16.9%	11.2%	8.6%	16.5%	8.8%	1.9%	8.9%	14.7%	8.6%	11.9%					21.10%	<-IRR #YR->	5	Comprehensive Income	160.43%
5Yr Median	9.5%	8.5%	8.4%	8.4%	8.4%	8.6%	11.2%	11.2%	8.8%	8.8%	8.9%	8.8%	8.9%					18.67%	<-IRR #YR->	10	5 Yr Running Average	453.71%
% Difference from NI	-1.9%	82.4%	93.4%	87.2%	-11.6%	-31.3%	43.9%	-23.0%	-52.7%	4.3%	36.3%	-12.5%	38.3%					8.06%	<-IRR #YR->	5	5 Yr Running Average	47.32%
Median Values										Diff	5, 10 yr	-3.6%	4.3%					8.9%	<-Median->	5	Return on Equity
			-$16.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$167.7
								-$64.4	$0.0	$0.0	$0.0	$0.0	$167.7
			-$18.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$101.8
								-$69.1	$0.0	$0.0	$0.0	$0.0	$101.8
Current Liability Coverage Ratio	0.45	0.25	0.83	0.60	0.83	0.69	0.92	0.94	0.75	0.56	0.61	0.66	0.67	-0.03							CFO / Current Liabilities
5 year Median	0.56	0.46	0.56	0.60	0.60	0.69	0.83	0.83	0.83	0.75	0.75	0.66	0.66	0.61				0.66	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	11.05%	5.38%	12.05%	8.83%	10.35%	10.30%	11.25%	11.57%	9.66%	10.21%	10.04%	9.95%	9.54%	-0.47%							CFO / Total Assets
5 year Median	11.05%	9.35%	11.05%	11.05%	10.35%	10.30%	10.35%	10.35%	10.35%	10.30%	10.21%	10.04%	9.95%	9.95%				9.9%	<-Median->	5	Return on Assets
Return on Assets ROA	3.57%	0.93%	1.15%	3.27%	4.32%	4.13%	3.62%	3.69%	1.22%	2.65%	3.09%	3.00%	2.64%	3.70%				Net	Income/Assets		Return on Assets
5Yr Median	3.83%	3.83%	3.57%	3.27%	3.27%	3.27%	3.62%	3.69%	3.69%	3.62%	3.09%	3.00%	2.65%	3.00%				3.2%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	8.61%	2.94%	2.76%	9.01%	12.65%	12.50%	11.47%	11.46%	4.09%	8.57%	10.76%	9.82%	8.60%	12.21%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.03%	9.03%	8.61%	8.61%	8.61%	9.01%	11.47%	11.47%	11.47%	11.46%	10.76%	9.82%	8.60%	9.82%				10.3%	<-Median->	10	Return on Equity
														$131.28	<-12 mths	8.28%
Net Income	$25.35	$8.98	$8.26	$40.23	$61.50	$72.16	$70.77	$83.64	$28.06	$68.59	$109.67	$122.31	$121.24	$176.7	$231.7	$298.4		1368.63%	<-Total Growth	10	Net Income
Increase	22.20%	-64.56%	-8.11%	387.39%	52.85%	17.34%	-1.93%	18.18%	-66.46%	144.48%	59.90%	11.52%	-0.88%	45.75%	31.13%	28.79%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$15.0	$16.2	$15.2	$20.7	$28.9	$38.2	$50.6	$65.7	$63.2	$64.6	$72.1	$82.5	$90.0	$119.7	$152.3	$190.1		30.83%	<-IRR #YR->	10	Net Income
Operating Cash Flow	-$20.94	-$6.37	$99.83	$99.83	$107.44	$124.71	$164.64	$217.24	$259.97	$285.05	$335.12	$353.23	$357.01					7.71%	<-IRR #YR->	5	Net Income
Investment Cash Flow	-$89.22	-$146.51	$97.45	-$375.58	-$250.81	-$307.09	-$206.97	-$323.78	-$196.28	-$357.94	-$655.45	-$650.75	-$567.54					19.42%	<-IRR #YR->	10	5 Yr Running Ave.
Total Accruals	$135.52	$161.86	-$189.03	$315.98	$204.86	$254.55	$113.09	$190.18	-$35.64	$141.48	$430.00	$419.83	$331.77					6.50%	<-IRR #YR->	5	5 Yr Running Ave.
Total Assets	$709.37	$961.37	$715.10	$1,229.06	$1,424.53	$1,749.20	$1,957.30	$2,266.56	$2,294.18	$2,588.67	$3,548.84	$4,079.81	$4,598.99						Balance Sheet		Assets
Accruals Ratio	19.10%	16.84%	-26.43%	25.71%	14.38%	14.55%	5.78%	8.39%	-1.55%	5.47%	12.12%	10.29%	7.21%					7.21%	<-Median->	5	Ratio
EPS/CF Ratio	0.33	0.18	0.10	0.41	0.41	0.39	0.31	0.33	0.12	0.26	0.31	0.31	0.28					0.31	<-Median->	10	EPS/CF Ratio
			-$8.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$121.2
								-$83.6	$0.0	$0.0	$0.0	$0.0	$121.2
			-$15.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$90.0
								-$65.7	$0.0	$0.0	$0.0	$0.0	$90.0
Change in Close	1.46%	-12.34%	2.65%	22.89%	46.44%	-14.63%	-20.71%	58.14%	-18.01%	15.01%	24.89%	-14.31%	30.49%	22.68%	0.00%	0.00%			Count	22	Change in Close
up/down	down		down	up	down	down	down	down	down		down	down	down	down					Count	19
Meet Prediction?				yes		yes	yes		yes			yes						% right	Count	7	36.84%
Financial Cash Flow	$102.86	$171.87	-$205.48	$268.66	$124.76	$228.16	$10.49	$88.87	-$15.15	$79.42	$380.97	$261.35	$176.33						C F Statement		Financial Cash Flow
Total Accruals	$32.66	-$10.02	$16.46	$47.32	$80.11	$26.39	$102.60	$101.32	-$20.49	$62.06	$49.03	$158.48	$155.44								Accruals
Accruals Ratio	4.60%	-1.04%	2.30%	3.85%	5.62%	1.51%	5.24%	4.47%	-0.89%	2.40%	1.38%	3.88%	3.38%					2.40%	<-Median->	5	Ratio
Cash	$4.17	$23.17	$14.97	$15.50	$26.49	$72.32	$42.97	$22.06	$69.86	$75.41	$139.90	$103.56	$71.80	$230.79							Cash
Cash per Share	$0.20	$1.07	$0.67	$0.56	$0.92	$2.31	$1.37	$0.64	$1.97	$1.95	$3.29	$2.20	$1.45	$4.48				$1.97	<-Median->	5	Cash per Share
Percentage of Stock Price	0.78%	4.71%	2.87%	1.97%	2.20%	6.48%	4.86%	1.42%	5.38%	4.62%	6.26%	4.87%	2.46%	6.21%				4.87%	<-Median->	5	% of Stock Price
Notes:
August 23, 2025.  Last estimates were for 2024, 2025, 2026 of $2736M, $2954M, $3047M Revenue, $3.82, $4.54, $4.36 FCF, $3.10, $3.95, $4.34 AEPS,
$2.69, $3.84, $4.32 EPS, $2.65, $2.72, $2.89 Dividends, $211.3M, $251.6M, $234.7M FCF, $621.4M, $693.1M, $729.6M EBITDA, $27.22, $28.27, $29.46 BVPS, $136.6, $182.5, $216.5 Net Income.
August 17, 2024.  Last estimates were for 2023, 2024, 2025 of $2441M, $2727M, $2886M for Revenue, $3.96, $4.20, $4.65 FCF, $$3.29, $4.13, $4.81 AEPS,
$2.76, $3.31, $3.68 EPS, $2.53, $2.63, $2.68 Dividends, $207M, $245M, $263M FCF, $576.7M, 640.6M 2023/4 EBITDA, $30.10, $37.10, $30.40 BVPS, $139M, $186M, $227M Net Income.
August 17, 2023.  Last estimates were for 2022, 2023 and 2024 of $2002M, $2249M and $2350M for Revenue, $4.56 and $6.36 for Free CFPS for 2022/3,
$3.25, $4.51 and $5.30 for AEPS, $2.80, $42.25 and $4.64 for EPS, $2.43, $2.60 and $2.77 for Dividends, $193M, $231M and $257M for FCF, and $112M, $172M and $210M for Net Income.
August 14, 2022.  Last estimates were for 2021, 2022 and 2023 pf $1336M, $1567M and $1704M for Revenue, $1.89, $2.87 and $3.69 for EPS,
$2.29, $2.37 and $2.59 for Div., $153M, $188M and $194M for FCF, $6.71 for 2021 for CFPS, and $66.7M, $109M and $155M for Net Income.
August 15, 2021.  Last estimates were for 2020, 2021 and 2022 of $1197M, $1425M and $1535M for Revenue, $0.80, $2.57 and $2.60 for EPS,
$2.28, $2.30 and $2.43 for Div., $127M, $170M and $144M for FCF, $3.77 and 6.71 for CFPS for 2020-21 and $25.3M, $88.3M and $97.9M for Net Income.
August 23, 2020.  Last estimates were for 2019, 2020 and 2021 of $1306M, $1411M and $1526M for Revenue, $2.63, $3.23 and $298 for EPS,
$7.65 and $7.88 for CFPS for 2019 and 2020, and $79.4M, $100M and $114M for Net Income.
August 26, 2019.  Last estimates were for 2018, 2019 and 2020 of $1170M, $1253M and $1311M for revenue, $2.68, $3.03 and $2.77 for EPS,
$5.72, $6.71 and $6.71 for CFPS and $80.2M, $93.9M and $101M for Net Income.
September 2, 2018.  Last estimates were for 2017, 2018 and 2019 of $995M, $1039M and $1039M for Revnenue, $1.97, $2.22 and $2.49 for EPS,
$5.72, $6.17 and $6.71 for CFPS and $69.7M, $82.5M and $83M for Net Income.
September 4, 2017.  Last estimates were for $910M, $939M and $922M for Revenue, $2.14, $2.20 and $2.27 for EPS,
$5.56, $5.88 and $6.43 for CFPS and $63.2M, $68.3M and $69.2M for Net Income.
September 3, 2016.  Last estimates were for 2015, 2016 and 2017 of $783M, $843M and $862M for Revenue, $1.65, $2.16 and $2.35 for EPS,
$5.15, $5.64 and $6.27 for CFPS and $42.7M, $54.3M and $58.7M for Net Income.
September 12, 2015. Last estimates were for 2014, 2015 and 2016 of $1062M, $1126M and $1144M for Revenue, $1.06, $2.06 and $1.77 for EPS,
$2.75, $3.75 and $5.29 for CPFS and $20.9M $42.7M and $39.2M for Net Income.
September 6, 2014.  Last estimates were for 2013, 2014 and 2015 of $992M, 1080M and $1052M for Revenue, $1.77, $2.22  for 2013 and 2014 for EPS,
and $3.31 and $3.97 for 2013 and 2014 for CFPS
On July 28, 2009 the company changed from an income trust to a corporation. The change was from Exchange Industrial Income Fund (TSX-EIF.UN).
Sector:
Industrial
What should this stock accomplish?
Would I buy this company and Why.
I like that it is a dividen growth company.  Earnings have been picking up lately as has the CFPS.  Debt Ratios are good.
I do prefer companies that ROE at 10% or higher.  This has not had ROE that high in the past 5 years.
I really do not like companies that make airplanes because I do not like airplane companies.  I doubt thet any can make profits longer term.
I was going to put in a ? Mark in the Buy column, but that is realy a copout.  I will put in no for now and reevaule this company again in future years.
I do not like it when they cannot afford the dividends by the usual method of EPS they chose another method to prove they can afford dividends.
I also used to Onex which had a similar structure, but I never really made much money on it.
September 2018. The companyy is into more than just airplanes, so that is no longer a problem.  In the last two years their ROE is above 10% and they are no longer paying out more than they earn.
So this company is probably ok.
Why am I following this stock.
One of my blogger readers suggested this stock as one to review.  There was an interesting article about this stock in the G&M in May 2013.
This article suggested that the company had a hefty yield with an acquisition tailwind.
This article is no longer available.
http://www.theglobeandmail.com/globe-investor/inside-the-market/stock-to-watch-exchange-income-offers-hefty-yield-with-acquisition-tailwinds/article12109973/
This article is available <a href=" http://www.theglobeandmail.com/globe-investor/inside-the-market/stock-to-watch-exchange-income-offers-hefty-yield-with-acquisition-tailwinds/article12109973/" target="_top" >here</a>.
Dividends
Dividends are paid monthly.  The dividends are declared for shareholders of record of one month and paid in the following month.
For example, the dividend declared for February 2014 was for shareholders of record onFebruary 28 and Paid on March 14, 2014.
How they make their money.
Exchange Income Corporation is a diversified, acquisition-oriented corporation focused on opportunities in the Aerospace & Aviation and Manufacturing
segments. The business plan of the Corporation is to invest in profitable, well-established companies with cash flows operating in niche markets.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Sep 02	2018	Aug 26	2019	Aug 22	2020	Aug 15	2021	Aug 14	2022	Aug 17	2023	Aug 17	2024			Aug 23	2025
Pyle, Michael	0.04%	0.016	0.05%	0.017	0.05%	0.018	0.05%	0.018	0.05%	0.018	0.04%	0.020	0.04%	0.020	0.04%			0.024	0.05%			19.72%
CEO - Shares - Amount	$0.453		$0.444		$0.748		$0.669		$0.769		$0.960		$0.915		$1.194				$1.753
Options - percentage	0.60%	0.230	0.74%	0.246	0.71%	0.323	0.91%	0.375	0.97%	0.273	0.64%	0.328	0.70%	0.323	0.65%			0.337	0.65%			4.35%
Options - amount	$6.667		$6.513		$11.005		$11.853		$15.813		$14.365		$14.814		$19.008				$24.333
Wowryk, Richard								0.003	0.01%	0.004	0.01%	0.006	0.01%	0.007	0.01%			0.008	0.02%		was officer in 2021, CFO	15.30%
CFO - Shares - Amount									$0.135		$0.206		$0.266		$0.413				$0.585		in 2022.
Options - percentage								0.004	0.01%	0.008	0.02%	0.014	0.03%	0.015	0.03%			0.018	0.04%			22.54%
Options - amount									$0.183		$0.399		$0.613		$0.872				$1.312
Bergman, Darryl				0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%										Not showing on INK '19
CFO - Shares - Amount					$0.000		$0.000		$0.000		$0.000										as officer in 2022
Options - percentage				0.000	0.00%	0.008	0.02%	0.013	0.03%	0.019	0.04%
Options - amount					$0.000		$0.297		$0.554		$1.003
Terwin, Adam	0.11%	0.004	0.01%	0.038	0.11%	0.039	0.11%	0.031	0.08%	0.042	0.10%	0.044	0.09%	0.046	0.09%			0.050	0.10%		was CFO	10.47%
Officer - Shares - Amount	$1.191		$0.118		$1.683		$1.428		$1.292		$2.212		$1.968		$2.682				$3.634
Options - percentage	0.24%	0.015	0.05%	0.093	0.27%	0.112	0.32%	0.127	0.33%	0.132	0.31%	0.145	0.31%	0.145	0.29%			0.151	0.29%			4.15%
Options - amount	$2.702		$0.436		$4.165		$4.118		$5.359		$6.943		$6.547		$8.515				$10.880
Peter, Carmele	0.02%	0.036	0.12%	0.005	0.01%	0.005	0.01%	0.005	0.01%	0.005	0.01%	0.005	0.01%	0.005	0.01%			0.005	0.01%		Was officer, now Director	0.00%
Directorr - Shares - Amount	$0.181		$1.027		$0.227		$0.186		$0.214		$0.267		$0.229		$0.299				$0.367		in 2025
Options - percentage	0.27%	0.087	0.28%	0.118	0.34%	0.166	0.47%	0.197	0.51%	0.206	0.48%	0.246	0.52%	0.248	0.50%			0.260	0.51%			4.88%
Options - amount	$3.002		$2.463		$5.278		$6.098		$8.308		$10.836		$11.097		$14.587				$18.770
Bennett, Brad	5.32%	1.666	5.32%	1.666	4.80%	1.764	4.97%	1.764	4.55%	1.764	4.15%	1.764	3.74%	1.764	3.56%			1.789	3.48%			1.42%
Director - Shares - Amount	$59.361		$47.069		$74.434		$64.617		$74.317		$92.817		$79.537		$103.786				$129.135
Options - percentage	0.03%	0.011	0.03%	0.014	0.04%	0.018	0.05%	0.023	0.06%	0.027	0.06%	0.032	0.07%	0.037	0.07%			0.043	0.08%			15.80%
Options - amount	$0.326		$0.308		$0.632		$0.642		$0.949		$1.415		$1.428		$2.176				$3.091
Jessiman, Duncan														0.155	0.31%			0.151	0.29%		Executive vice-Chairman	-2.75%
Director - Shares - Amount															$9.137				$10.901
Options - percentage														0.053	0.11%			0.056	0.11%			5.47%
Options - amount															$3.109				$4.023
Buckley, Gary	1.11%	0.367	1.17%	0.375	1.08%	0.377	1.06%	0.392	1.01%	0.392	0.92%	0.449	0.95%	0.458	0.92%			0.472	0.92%			3.05%
Director - Shares - Amount	$12.388		$10.361		$16.774		$13.825		$16.514		$20.624		$20.244		$26.953				$34.077
Options - percentage	0.03%	0.011	0.03%	0.013	0.04%	0.016	0.05%	0.021	0.05%	0.025	0.06%	0.030	0.06%	0.035	0.07%			0.041	0.08%			16.28%
Options - amount	$0.326		$0.308		$0.576		$0.594		$0.889		$1.337		$1.357		$2.078				$2.965
Streuber, Donald								0.341	0.88%	0.356	0.84%	0.368	0.78%	0.425	0.86%			0.433	0.84%			2.00%
Chairman - Shares - Amt									$14.381		$18.736		$16.580		$24.987				$31.267
Options - percentage								0.023	0.06%	0.029	0.07%	0.035	0.07%	0.043	0.09%			0.051	0.10%			19.95%
Options - amount									$0.949		$1.501		$1.591		$2.521				$3.710
Filmon, Gary	0.21%	0.067	0.21%	0.068	0.20%	0.069	0.19%	0.070	0.18%												Ceased insider in May 2022
Chairman - Shares - Amt	$2.363		$1.884		$3.032		$2.527		$2.968
Options - percentage	0.06%	0.024	0.08%	0.029	0.08%	0.033	0.09%	0.040	0.10%
Options - amount	$0.708		$0.680		$1.287		$1.223		$1.686
Increase in O/S Shares	0.02%	0.008	0.02%	0.009	0.03%	0.018	0.05%	0.031	0.09%	0.189	0.49%	0.055	0.13%	0.016	0.03%			0.015	0.03%
due to SO 2013	$0.235		$0.275		$0.241		$0.814		$1.122		$7.967		$2.901		$0.741				$0.888
Book Value	$0.098		$0.199		$0.171		$0.477		$0.606		$2.156		$1.336		$0.538				$0.288
Insider Buying	-$5.460		-$0.297		-$0.215		-$2.196		$0.000		-$0.456		-$0.315		-$0.465				-$2.450
Insider Selling	$0.010		$1.071		$0.289		$0.000		$0.413		$4.988		$0.031		$0.144				$0.291
Net Insider Selling	-$5.450		$0.774		$0.073		-$2.196		$0.413		$4.532		-$0.284		-$0.321				-$2.159
% of Market Cap	-0.49%		0.09%		0.00%		-0.17%		0.03%		0.20%		-0.01%		-0.01%				-0.06%
Directors		11		10		10		10		10		10		11				11
Women	11%	3	27%	3	30%	3	30%	3	30%	3	30%	3	30%	4	36%			4	36%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	10.88%	50	9.08%	56	11.52%	20	6.89%	20	7.37%	20	6.86%	20	8.87%	20	9.70%			20	11.29%		Funds
Total Shares Held	10.72%	2.865	9.15%	3.713	10.70%	2.405	6.78%	2.794	7.21%	2.736	6.44%	4.128	8.76%	4.608	9.29%			5.812	11.29%		Institutions 2025
Increase/Decrease 3 Mths	-17.61%	0.057	2.03%	0.037	1.00%	-0.146	-5.74%	-0.110	-3.78%	0.004	0.13%	0.762	22.63%	0.334	7.80%			0.001	0.01%
Starting No. of Shares		2.808	Reuters	3.676	Reuters	2.551	Top 20 MS	2.903	Top 20 MS	2.732	Top 20 MS	3.366	Top 20 MS	4.275	Top 20 MS			5.811	Top 20 MS
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