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 2026
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	12/31/13	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	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
														$3,708.0	<-12 mths	13.14%
Revenue*	$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	$3,277.50	$3,908	$4,206	$4,530		305.93%	<-Total Growth	10	Revenue
Increase	28.67%	-47.33%	48.83%	10.36%	13.68%	18.80%	11.47%	-14.29%	22.92%	45.73%	21.32%	6.46%	23.22%	19.24%	7.63%	7.70%		15.04%	<-IRR #YR->	10	Revenue	305.93%
5 year Running Average	$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	$2,381.7	$2,880.6	$3,310.0	$3,716.3		23.31%	<-IRR #YR->	5	Revenue	185.09%
Revenue per Share	$47.35	$24.10	$29.22	$30.95	$32.34	$38.43	$38.65	$32.41	$36.48	$48.48	$53.00	$53.62	$58.39	$69.31	$74.59	$80.34		12.43%	<-IRR #YR->	10	5 yr Running Average	222.64%
Increase	22.07%	-49.10%	21.22%	5.91%	4.52%	18.82%	0.58%	-16.15%	12.55%	32.90%	9.33%	1.17%	8.89%	18.70%	7.63%	7.70%		16.29%	<-IRR #YR->	5	5 yr Running Average	112.71%
5 year Running Average	$30.39	$31.29	$33.76	$34.08	$32.79	$31.01	$33.92	$34.56	$35.66	$38.89	$41.80	$44.80	$50.00	$56.56	$61.78	$67.25		7.17%	<-IRR #YR->	10	Revenue Per share	99.84%
P/S (Price/Sales) Med	0.49	0.82	0.83	1.08	1.05	0.80	0.96	0.91	1.13	0.94	0.92	0.96	1.12	1.57	0.00	0.00		12.50%	<-IRR #YR->	5	Revenue Per share	80.17%
P/S (Price/Sales) Close	0.48	0.96	0.98	1.35	1.10	0.74	1.16	1.13	1.16	1.09	0.85	1.10	1.40	1.82	1.69	1.57		4.00%	<-IRR #YR->	10	5 yr Running Average	48.09%
*Revenue in M CDN $					P/S Med	20 yr	0.87	15 yr	0.92	10 yr	1.12	5 yr	1.10		63.24%	Diff M/C		7.67%	<-IRR #YR->	5	5 yr Running Average	44.68%
			-$807.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,277.5
								-$1,149.6	$0.0	$0.0	$0.0	$0.0	$3,277.5
			-$738.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,381.7
								-$1,119.7	$0.0	$0.0	$0.0	$0.0	$2,381.7
			-$29.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$58.39
								-$32.41	$0.00	$0.00	$0.00	$0.00	$58.39
			-$33.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$50.00
								-$34.56	$0.00	$0.00	$0.00	$0.00	$50.00
														$271.6	<-12 mths	13.56%
														$5.02	<-12 mths	9.61%
Adjusted Free Cash Flow	$27.06	$35.12	$74.41	$91.58	$91.95	$114.37	$126.08	$113.33	$147.15	$176.10	$201.83	$199.27	$239.15	$234.7				221.41%	<-Total Growth	10	Free Cash Flow
Free CFPS Basic*	$1.26	$1.59	$3.02	$3.25	$2.97	$3.64	$3.89	$3.23	$3.95	$4.36	$4.49	$4.19	$4.58					51.77%	<-Total Growth	10	Free CFPS Basic	Flow
Free Cash Flow Diluted*	$1.26	$1.55	$2.90	$3.00	$2.81	$3.58	$3.48	$2.94	$3.68	$3.99	$4.13	$2.64	$4.38	$4.36				50.87%	<-Total Growth	10	Free CFPS Diluted	Free Cash
Increase	-40.34%	23.02%	87.30%	3.33%	-6.33%	27.40%	-2.79%	-15.52%	25.17%	8.42%	3.51%	-36.08%	65.91%	-0.46%				4.20%	<-IRR #YR->	10	Free CFPS Basic	51.77%
FCF Yield	5.6%	6.7%	10.2%	7.2%	7.9%	12.7%	7.8%	8.0%	8.7%	7.6%	9.2%	4.5%	5.3%	3.5%				8.30%	<-IRR #YR->	5	Free CFPS Basic	41.80%
5 year Running Average	$1.81	$1.67	$1.93	$2.17	$2.30	$2.77	$3.15	$3.16	$3.30	$3.53	$3.64	$3.48	$3.76	$3.90				6.91%	<-IRR #YR->	10	5 year Running Average	95.12%
Payout Ratio	133.33%	108.71%	62.00%	66.00%	74.73%	60.54%	63.79%	77.55%	61.96%	59.90%	61.26%	100.00%	60.50%	63.30%				3.55%	<-IRR #YR->	5	5 year Running Average	19.04%
DPR EPS 5 Yr Running	88.76%	97.35%	86.99%	81.01%	80.23%	70.31%	65.09%	67.98%	67.00%	64.16%	64.22%	69.74%	66.37%	66.51%				67.49%	<-Median->	10	Payout 5 yr Running Average
Price/FCF Median	18.57	12.74	8.36	11.11	12.12	8.63	10.68	10.08	11.23	11.39	11.85	19.42	14.93	24.92				11.31	<-Median->	10	Price/FCF Median
Price/FCF High	22.87	15.48	9.82	15.03	14.91	9.92	13.18	15.26	12.85	13.28	13.42	22.45	19.25	31.06				14.17	<-Median->	10	Price/FCF High
Price/FCF Low	14.28	9.99	6.90	7.18	9.33	7.33	8.19	4.90	9.61	9.51	10.28	16.39	10.62	18.77				9.42	<-Median->	10	Price/FCF Low
Price/FCF Close	17.94	14.97	9.82	13.92	12.68	7.89	12.84	12.46	11.45	13.19	10.92	22.29	18.71	28.97				12.76	<-Median->	10	Price/FCF Close
Trailing P/FCF Close	10.70	18.41	18.39	14.38	11.88	10.06	12.48	10.53	14.33	14.30	11.30	14.25	31.05	28.83				13.37	<-Median->	10	Trailing P/FCF Close
Median Values	Historical	in order	11.39	13.63	9.51	12.68	P/CF	5 Yrs	in order	11.85	13.42	10.28	13.19		144.44%	Diff M/C		156.09%	Diff M/C	10	DPR 75% to 95% best
*Distributable cash to  Free Cash Flow less Maintenance Capital Expenditures (CAPEX)
Adjusted FCF			-$2.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.38
FCF less Maintenance Cap Exp								-$2.94	$0.00	$0.00	$0.00	$0.00	$4.38
			-$1.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.76
								-$3.16	$0.00	$0.00	$0.00	$0.00	$3.76
														$617.4	<-12 mths	14.06%
														$11.54	<-12 mths	11.39%
Free Cash Flow	$64.37	$76.98	$139.77	$164.21	$191.11	$223.36	$245.77	$198.40	$243.32	$322.03	$377.12	$409.16	$541.28		<-12 mths			287.26%	<-Total Growth	10	Free Cash Flow
Free CFPS Basic*	$3.00	$3.48	$5.67	$5.83	$6.17	$7.10	$7.58	$5.66	$6.53	$8.23	$8.39	$8.60	$10.36		<-12 mths			82.72%	<-Total Growth	10	Free CFPS Basic	Free Cash Flow
Free Cash Flow Diluted*	$2.65	$2.96	$4.76	$5.08	$5.46	$6.22	$6.55	$5.03	$5.78	$7.16	$7.38	$7.60	$9.68	$11.54	<-12 mths			103.36%	<-Total Growth	10	Free CFPS Diluted
Increase	-12.25%	11.70%	60.81%	6.72%	7.48%	13.92%	5.31%	-23.21%	14.91%	23.88%	3.07%	2.98%	27.37%	19.21%	<-12 mths			7.36%	<-IRR #YR->	10	Free CFPS Basic	82.72%
FCF Yield	11.7%	12.8%	16.7%	12.2%	15.3%	22.0%	14.7%	13.7%	13.7%	13.6%	16.4%	12.9%	11.8%	9.1%	<-12 mths			13.99%	<-IRR #YR->	5	Free CFPS Basic	83.04%
5 year Running Average	$2.78	$2.84	$3.30	$3.69	$4.18	$4.90	$5.61	$5.67	$5.81	$6.15	$6.38	$6.59	$7.52	$8.67	<-12 mths			8.57%	<-IRR #YR->	10	5 year Running Average	127.60%
Payout Ratio	63.40%	56.93%	37.82%	38.98%	38.46%	34.85%	33.89%	45.33%	39.45%	33.38%	34.28%	34.74%	27.38%	23.92%	<-12 mths			5.82%	<-IRR #YR->	5	5 year Running Average	32.67%
DPR EPS 5 Yr Running	57.78%	57.39%	50.79%	47.48%	44.21%	39.76%	36.58%	37.92%	38.04%	36.88%	36.68%	36.78%	33.22%	29.91%	<-12 mths			37.40%	<-Median->	10	Payout 5 yr Running Average
Price/FCF Median	8.83	6.67	5.10	6.56	6.24	4.97	5.68	5.89	7.15	6.35	6.63	6.75	6.76	9.41	<-12 mths			6.45	<-Median->	10	Price/FCF Median
Price/FCF High	10.87	8.11	5.99	8.88	7.68	5.71	7.00	8.92	8.18	7.40	7.51	7.80	8.71	11.74	<-12 mths			7.74	<-Median->	10	Price/FCF High
Price/FCF Low	6.79	5.23	4.21	4.24	4.80	4.22	4.35	2.86	6.12	5.30	5.75	5.69	4.80	7.09	<-12 mths			4.80	<-Median->	10	Price/FCF Low
Price/FCF Close	8.53	7.84	5.99	8.22	6.53	4.54	6.82	7.28	7.29	7.35	6.11	7.74	8.47	10.94	<-12 mths			7.29	<-Median->	10	Price/FCF Close
Trailing P/FCF Close	7.48	8.75	9.63	8.77	7.02	5.18	7.18	5.59	8.38	9.11	6.30	7.97	10.78	13.05	<-12 mths			7.58	<-Median->	10	Trailing P/FCF Close
Median Values	Historical	in order	6.56	7.80	5.23	7.29	P/CF	5 Yrs	in order	6.75	7.80	5.69	7.35		62.21%	Diff M/C		69.56%	Diff M/C	10	DPR 75% to 95% best
* Free Cash Flow
UnAdjusted FCF			-$4.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.68
								-$5.03	$0.00	$0.00	$0.00	$0.00	$9.68
			-$3.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.52
								-$5.67	$0.00	$0.00	$0.00	$0.00	$7.52
														$231.9	<-12 mths	18.58%
														$4.13	<-12 mths	14.40%
Adjusted Profit CDN$	$13.1	$14.8	$51.6	$72.1	$79.7	$92.4	$102.1	$47.2	$86.0	$132.9	$144.1	$147.3	$195.5
Basic	$0.61	$0.67	$2.09	$2.56	$2.58	$2.94	$3.15	$1.35	$2.31	$3.29	$3.20	$3.10	$3.74					78.95%	<-Total Growth	10	AEPS
AEPS* Dilued	$0.61	$0.66	$2.04	$2.43	$2.47	$2.80	$2.97	$1.31	$2.26	$3.13	$3.07	$2.99	$3.61	$4.62	$5.26	$6.21		76.96%	<-Total Growth	10	AEPS
Increase	-51.17%	8.14%	209.09%	19.12%	1.65%	13.36%	6.07%	-55.89%	72.52%	38.50%	-1.92%	-2.61%	20.74%	27.98%	13.85%	18.06%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	2.70%	2.84%	7.16%	5.82%	6.93%	9.91%	6.65%	3.58%	5.36%	5.95%	6.81%	5.08%	4.40%	3.66%	4.17%	4.92%		5.87%	<-IRR #YR->	10	AEPS	76.96%
5 year Running Average	$1.09	$0.94	$1.15	$1.40	$1.64	$2.08	$2.54	$2.40	$2.36	$2.49	$2.55	$2.55	$3.01	$3.48	$3.91	$4.54		22.47%	<-IRR #YR->	5	AEPS	175.57%
Payout Ratio	275.26%	255.30%	88.24%	81.48%	85.02%	77.41%	74.75%	174.05%	100.88%	76.36%	82.41%	88.29%	73.41%	59.74%	52.47%	44.44%		10.07%	<-IRR #YR->	10	5 yr Running Average	160.99%
5 year Running Average	162.11%	190.72%	176.21%	166.06%	157.06%	117.49%	81.38%	98.54%	102.42%	100.69%	101.69%	104.40%	84.27%	76.04%	71.26%	63.67%		4.68%	<-IRR #YR->	5	5 yr Running Average	25.71%
Price/AEPS Median	38.34	29.92	11.90	13.71	13.79	11.03	12.52	22.62	18.28	14.52	15.94	17.15	18.12	23.51	0.00	0.00		15.23	<-Median->	10	Price/AEPS Median
Price/AEPS High	47.20	36.36	13.98	18.56	16.97	12.69	15.44	34.25	20.92	16.92	18.06	19.82	23.36	29.31	0.00	0.00		18.31	<-Median->	10	Price/AEPS High
Price/AEPS Low	29.48	23.47	9.82	8.87	10.62	9.38	9.60	10.99	15.65	12.12	13.82	14.47	12.88	17.71	0.00	0.00		11.56	<-Median->	10	Price/AEPS Low
Price/AEPS Close	37.03	35.15	13.98	17.18	14.43	10.09	15.05	27.97	18.65	16.81	14.69	19.68	22.70	27.34	24.01	20.34		17.00	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	18.08	38.01	43.20	20.47	14.67	11.44	15.96	12.34	32.17	23.29	14.41	19.17	27.41	34.98	27.34	24.01		17.57	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	15.91	18.40	12.50	17.00	P/CF	5 Yrs	in order	17.15	19.82	13.82	18.65		59.40%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
Adjusted Net Earnings			-$2.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.61
								-$1.31	$0.00	$0.00	$0.00	$0.00	$3.61
			-$1.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.01
								-$2.40	$0.00	$0.00	$0.00	$0.00	$3.01
														$3.69	<-12 mths	18.27%
Difference Basic and Diluted	0.00%	0.00%	1.84%	2.75%	3.00%	3.11%	3.49%	2.50%	2.17%	2.94%	2.57%	2.35%	2.50%					2.66%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$0.42	$0.37	$1.63	$2.18	$2.33	$2.25	$2.58	$0.80	$1.84	$2.72	$2.72	$2.55	$3.20					96.32%	<-Total Growth	10	EPS Basic	diff mostly
EPS Diluted*	$0.42	$0.37	$1.60	$2.12	$2.26	$2.18	$2.49	$0.78	$1.80	$2.64	$2.65	$2.49	$3.12	$4.33	$5.01	$5.66		95.00%	<-Total Growth	10	EPS Diluted	Conv Deb
Increase	-66.40%	-11.90%	332.43%	32.50%	6.60%	-3.54%	14.22%	-68.67%	130.77%	46.67%	0.38%	-6.04%	25.30%	38.78%	15.70%	12.97%		10	0	10	Years of Data, EPS P or N
Earnings Yield	1.9%	1.6%	5.6%	5.1%	6.3%	7.7%	5.6%	2.1%	4.3%	5.0%	5.9%	4.2%	3.8%	3.4%	4.0%	4.5%		6.91%	<-IRR #YR->	10	Earnings per Share	95.00%
5 year Running Average	$1.05	$0.84	$0.97	$1.15	$1.35	$1.71	$2.13	$1.97	$1.90	$1.98	$2.07	$2.07	$2.54	$3.05	$3.52	$4.12		31.95%	<-IRR #YR->	5	Earnings per Share	300.00%
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	$2.25	$2.47	$2.75	$3.10		10.10%	<-IRR #YR->	10	5 yr Running Average	161.86%
* Diluted ESP per share									E/P	10 Yrs	5.05%	5Yrs	4.27%					5.26%	<-IRR #YR->	5	5 yr Running Average	29.20%
			-$1.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.12
								-$0.78	$0.00	$0.00	$0.00	$0.00	$3.12
			-$0.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.54
								-$1.97	$0.00	$0.00	$0.00	$0.00	$2.54
Dividend*														$2.80	$2.89	$3.02			Estimates		Dividend*
Increase														5.74%	3.21%	4.43%			Estimates		Increase
Payout Ratio EPS														64.71%	57.72%	53.36%			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*	$1.68	$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$2.65	$2.76	$2.76	$2.76		47.22%	<-Total Growth	10	Dividends
Increase	3.38%	0.30%	6.82%	10.00%	6.06%	3.21%	2.42%	2.70%	0.00%	4.82%	5.86%	4.35%	0.38%	4.15%	0.00%	0.00%		19	0	21	Years of data, Count P, N
Average Increases 5 Year Running	2.23%	1.56%	2.93%	4.41%	5.31%	5.28%	5.70%	4.88%	2.88%	2.63%	3.16%	3.55%	3.08%	3.91%	2.95%	1.78%		3.98%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$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	$2.59	$2.67	$2.71		48.87%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	7.18%	8.53%	7.42%	5.94%	6.16%	7.02%	5.97%	7.69%	5.52%	5.26%	5.17%	5.15%	4.05%	2.54%				5.73%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	5.83%	7.02%	6.31%	4.39%	5.01%	6.10%	4.84%	5.08%	4.82%	4.51%	4.56%	4.45%	3.14%	2.04%				4.69%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	9.34%	10.88%	8.99%	9.19%	8.01%	8.26%	7.79%	15.83%	6.45%	6.30%	5.96%	6.10%	5.70%	3.37%				7.12%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	7.43%	7.26%	6.31%	4.74%	5.89%	7.67%	4.97%	6.22%	5.41%	4.54%	5.61%	4.49%	3.23%	2.19%	2.19%	2.19%		5.19%	<-Median->	10	Yield on Close Price	FCF Co.
Payout Ratio EPS	400.00%	455.41%	112.50%	93.40%	92.92%	99.43%	89.16%	292.31%	126.67%	90.53%	95.47%	106.02%	84.94%	63.74%	55.09%	48.76%		94.43%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	153.15%	193.13%	172.99%	152.26%	136.56%	114.10%	96.41%	109.33%	116.17%	114.64%	112.93%	116.99%	98.35%	85.16%	75.80%	65.84%		114.37%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	-574.14%	37.99%	49.82%	53.06%	52.74%	41.22%	35.46%	31.11%	30.99%	30.30%	33.76%	36.68%	22.96%	21.78%	#VALUE!	#DIV/0!		34.61%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	123.68%	100.66%	84.35%	83.74%	59.76%	46.30%	44.95%	40.46%	36.60%	33.25%	32.21%	32.52%	30.11%	27.72%	#VALUE!	#DIV/0!		38.53%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	70.61%	44.00%	45.85%	38.65%	36.52%	30.82%	29.37%	36.51%	33.42%	28.49%	29.39%	29.84%	25.54%	21.78%	#VALUE!	#DIV/0!		30.33%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	57.27%	52.52%	47.78%	46.02%	44.01%	37.93%	34.94%	33.89%	33.07%	31.45%	31.10%	31.15%	29.02%	26.53%	#VALUE!	#DIV/0!		33.48%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.73%	5.19%	5 Yr Med	5 Yr Cl	5.17%	4.54%	5 Yr Med	Payout	95.47%	30.99%	29.39%					3.05%	<-IRR #YR->	5	Dividends	16.23%
* Dividends per share	10 Yr Med	and Cur.	-61.86%	-57.88%	5 Yr Med	and Cur.	-57.73%	-51.87%	Last Div Inc --->		$0.220	$0.230	4.55%					3.94%	<-IRR #YR->	10	Dividends	47.22%
Dividends Growth 15																		3.60%	<-IRR #YR->	15	Dividends	69.87%
Dividends Growth 20																		4.79%	<-IRR #YR->	20	Dividends
Dividends Growth 25																		7.87%	<-IRR #YR->	21	Dividends
Dividends Growth 5								-$2.28	$0.00	$0.00	$0.00	$0.00	$2.65								Dividends Growth 5
Dividends Growth 10			-$1.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.65								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	$2.65								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	$2.65								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	$2.65								Dividends Growth 25
Historical Dividends	Historical	High Div	16.95%	Low Div	4.41%	10 Yr High	15.17%	10 Yr Low	3.27%	Med Div	7.10%	Close Div	6.30%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-87.11%	Exp	-50.44%	Exp.	-85.59%		-33.17%	Exp.	-69.22%	Exp.	-65.31%								High/Ave/Median
Historical Dividends	Historical	High Div	16.15%	Low Div	4.14%	10 Yr High	15.17%	10 Yr Low	3.52%	Med Div	6.32%	Close Div	6.22%					From 2009	chge to Corp.		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-86.47%	Exp	-47.21%	Exp.	-85.59%		-37.91%	Exp.	-65.42%	Exp.	-64.88%								High/Ave/Median
Future Dividend Yield					Div Yield	2.54%	earning in	5	Years	at IRR of	3.05%	Div Inc.	16.23%								Future Dividend Yield
Future Dividend Yield					Div Yield	2.95%	earning in	10	Years	at IRR of	3.05%	Div Inc.	35.09%								Future Dividend Yield
Future Dividend Yield					Div Yield	3.43%	earning in	15	Years	at IRR of	3.05%	Div Inc.	57.01%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.21	earning in	5	Years	at IRR of	3.05%	Div Inc.	16.23%								Future Dividend Paid
Future Dividend Paid					Div Paid	$3.73	earning in	10	Years	at IRR of	3.05%	Div Inc.	35.09%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.33	earning in	15	Years	at IRR of	3.05%	Div Inc.	57.01%								Future Dividend Paid
Dividend Covering Cost					Total Div	$14.67	over	5	Years	at IRR of	3.05%	Div Cov.	11.62%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$28.51	over	10	Years	at IRR of	3.05%	Div Cov.	22.58%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$44.60	over	15	Years	at IRR of	3.05%	Div Cov.	35.31%								Dividend Covering Cost
Yield if held 5 years	17.66%	15.36%	11.69%	9.19%	8.16%	9.26%	11.24%	9.39%	6.84%	7.02%	8.19%	7.10%	8.94%	6.68%	6.07%	5.64%		8.57%	<-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%	10.92%	8.28%	8.10%	8.93%		14.09%	<-Median->	10	Paid Median Price
Yield if held 15 years							25.41%	21.28%	18.61%	19.51%	26.59%	24.07%	17.21%	12.81%	10.73%	11.79%		21.28%	<-Median->	7	Paid Median Price
Yield if held 20 years												30.22%	24.73%	22.53%	22.53%	29.01%		27.48%	<-Median->	2	Paid Median Price
Yield if held 25 years																31.60%		#NUM!	<-Median->	0	Paid Median Price
Cost cover if held 5 years	84.34%	74.29%	54.48%	40.71%	35.94%	41.59%	52.00%	44.28%	33.16%	33.28%	37.88%	32.60%	42.15%	31.39%	29.34%	27.73%		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%	95.75%	72.08%	72.44%	81.81%		118.83%	<-Median->	10	Paid Median Price
Cost cover if held 15 years							288.58%	246.83%	224.39%	232.10%	309.59%	278.37%	205.37%	152.18%	131.87%	149.58%		246.83%	<-Median->	7	Paid Median Price
Cost cover if held 20 years												427.33%	363.39%	330.27%	341.00%	452.21%		395.36%	<-Median->	2	Paid Median Price
Cost cover if held 25 years																#DIV/0!		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$1,149.6	$1,413.1	$2,059.4	$2,498.4	$2,659.9	$3,277.5	$3,708	<-12 mths	13.14%		185.09%	<-Total Growth	5	Revenue Growth	185.09%
AEPS Growth								$1.31	$2.26	$3.13	$3.07	$2.99	$3.61	$4.13	<-12 mths	14.40%		175.57%	<-Total Growth	5	AEPS Growth	175.57%
FCF per Share Growth								$2.94	$3.68	$3.99	$4.13	$2.64	$4.38	$5.02	<-12 mths	14.61%		48.98%	<-Total Growth	5	FCF per Share Growth	48.98%
Net Income Growth								$28.1	$68.6	$109.7	$122.3	$121.2	$167.5	$205	<-12 mths	22.45%		497.11%	<-Total Growth	5	Net Income Growth	497.11%
Cash Flow Growth								$260.0	$285.0	$335.1	$353.2	$357.0	$647.9	$715	<-12 mths	10.29%		149.23%	<-Total Growth	5	Cash Flow Growth	149.23%
Dividend Growth								$2.28	$2.28	$2.39	$2.53	$2.64	$2.65	$2.76	<-12 mths	4.15%		16.23%	<-Total Growth	5	Dividend Growth	16.23%
Stock Price Growth								$36.64	$42.14	$52.63	$45.10	$58.85	$81.96	$126.29	<-12 mths	54.09%		123.69%	<-Total Growth	5	Stock Price Growth	123.69%
Revenue Growth			$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	$3,277.5	$3,908	<-this year	19.24%		305.93%	<-Total Growth	10	Revenue Growth	305.93%
AEPS Growth			$2.04	$2.43	$2.47	$2.80	$2.97	$1.31	$2.26	$3.13	$3.07	$2.99	$3.61	$4.62	<-this year	27.98%		76.96%	<-Total Growth	10	AEPS Growth	76.96%
FCF per Share Growth			$2.90	$3.00	$2.81	$3.58	$3.48	$2.94	$3.68	$3.99	$4.13	$2.64	$4.38	$4.36	<-this year	-0.46%		50.87%	<-Total Growth	10	FCF per Share Growth	50.87%
Net Income Growth			$40.2	$61.5	$72.2	$70.8	$83.6	$28.1	$68.6	$109.7	$122.3	$121.2	$167.5	$243	<-this year	44.94%		316.36%	<-Total Growth	10	Net Income Growth	316.36%
Cash Flow Growth			$99.8	$107.4	$124.7	$164.6	$217.2	$260.0	$285.0	$335.1	$353.2	$357.0	$647.9	$715	<-this year	10.29%		549.03%	<-Total Growth	10	Cash Flow Growth	549.03%
Dividend Growth			$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$2.65	$2.80	<-this year	5.74%		47.22%	<-Total Growth	10	Dividend Growth	47.22%
Stock Price Growth			$28.51	$41.75	$35.64	$28.26	$44.69	$36.64	$42.14	$52.63	$45.10	$58.85	$81.96	$150.00	<-this year	83.02%		187.48%	<-Total Growth	10	Stock Price Growth	187.48%
Dividends on Shares				$71.28	$75.60	$78.03	$79.92	$82.08	$82.08	$86.04	$91.08	$95.04	$95.40	$99.36	$99.36	$99.36		$836.55	No of Years	10	Total Divs	12/31/15
Paid			$1,026.36	$1,503.00	$1,283.04	$1,017.36	$1,608.84	$1,319.04	$1,517.04	$1,894.68	$1,623.60	$2,118.60	$2,950.56	$4,546.44	$4,546.44	$4,546.44		$2,950.56	No of Years	10	Worth	$28.51
Total																		$3,787.11
Graham No. AEPS	$13.54	$13.64	$26.73	$29.80	$31.34	$34.50	$36.73	$23.34	$31.72	$40.49	$42.19	$43.28	$50.21	$57.78	$61.65	$66.99		87.81%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.73	1.45	0.91	1.12	1.09	0.90	1.01	1.27	1.30	1.12	1.16	1.18	1.30	1.88				1.14	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.13	1.76	1.07	1.51	1.34	1.03	1.25	1.92	1.49	1.31	1.31	1.37	1.68	2.34				1.35	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.33	1.14	0.75	0.72	0.84	0.76	0.78	0.62	1.11	0.94	1.01	1.00	0.93	1.42				0.88	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.67	1.70	1.07	1.40	1.14	0.82	1.22	1.57	1.33	1.30	1.07	1.36	1.63	2.19	2.05	1.89		1.31	<-Median->	10	Price/GP Ratio
Prem/Disc Close	66.92%	70.11%	6.64%	40.10%	13.74%	-18.10%	21.66%	56.95%	32.84%	29.97%	6.89%	35.96%	63.24%	118.57%	104.84%	88.52%		31.41%	<-Median->	10	Graham Price
Graham No. EPS	$11.23	$10.21	$23.68	$27.83	$29.97	$30.45	$33.64	$18.01	$28.31	$37.19	$39.20	$39.50	$46.68	$55.94	$60.17	$63.95		97.15%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	2.08	1.93	1.03	1.20	1.14	1.01	1.11	1.65	1.46	1.22	1.25	1.30	1.40	1.94				1.24	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.57	2.35	1.20	1.62	1.40	1.17	1.36	2.49	1.67	1.42	1.41	1.50	1.81	2.42				1.46	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.60	1.52	0.85	0.77	0.87	0.86	0.85	0.80	1.25	1.02	1.08	1.10	1.00	1.46				0.94	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.01	2.27	1.20	1.50	1.19	0.93	1.33	2.03	1.49	1.42	1.15	1.49	1.76	2.26	2.10	1.97		1.45	<-Median->	10	Price/GP Ratio
Prem/Disc Close	101.22%	127.20%	20.41%	49.99%	18.90%	-7.18%	32.87%	103.40%	48.85%	41.52%	15.05%	48.99%	75.59%	125.77%	109.89%	97.47%		45.19%	<-Median->	10	Graham Price
Month, Year	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	Dec-28		14.00	<Count Years>		Month, Year
Price Close	$22.60	$23.20	$28.51	$41.75	$35.64	$28.26	$44.69	$36.64	$42.14	$52.63	$45.10	$58.85	$81.96	$126.29	$126.29	$126.29		187.48%	<-Total Growth	10	Stock Price
Increase	-12.34%	2.65%	22.89%	46.44%	-14.63%	-20.71%	58.14%	-18.01%	15.01%	24.89%	-14.31%	30.49%	39.27%	54.09%	0.00%	0.00%		20.00	<-Median->	10	CAPE (10 Yr P/E)
P/E	53.81	62.70	17.82	19.69	15.77	12.96	17.95	46.97	23.41	19.94	17.02	23.63	26.27	29.17	25.21	22.31		17.47%	<-IRR #YR->	5	Stock Price	123.69%
Trailing P/E	18.08	55.24	77.05	26.09	16.81	12.50	20.50	14.71	54.03	29.24	17.08	22.21	32.92	40.48	29.17	25.21		11.14%	<-IRR #YR->	10	Stock Price	187.48%
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	20.76	22.32	23.38	23.92		22.53%	<-IRR #YR->	5	Price & Dividend	157.78%
Median 10, 5 Yrs		D.  per yr	5.31%	5.05%	% Tot Ret	32.28%	30.74%	T P/E	21.35	29.24	P/E:	19.81	23.41					16.45%	<-IRR #YR->	10	Price & Dividend	268.98%
Price 15		D.  per yr	6.38%		% Tot Ret	37.08%						CAPE Diff	45.82%					10.82%	<-IRR #YR->	15	Stock Price	367.01%
Price 20		D.  per yr	8.46%		% Tot Ret	43.88%												10.82%	<-IRR #YR->	20	Stock Price
Price 25		D.  per yr	10.04%		% Tot Ret	50.26%												15.19%	<-IRR #YR->	22	Stock Price
Price & Dividend 15																		17.20%	<-IRR #YR->	15	Price & Dividend	547.22%
Price & Dividend 20																		19.28%	<-IRR #YR->	20	Price & Dividend
Price & Dividend 25																		34.23%	<-IRR #YR->	22	Price & Dividend
Price  5								-$36.64	$0.00	$0.00	$0.00	$0.00	$81.96								Price  5
Price 10			-$28.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$81.96								Price 10
Price & Dividend 5								-$36.64	$2.28	$2.39	$2.53	$2.64	$84.61								Price & Dividend 5
Price & Dividend 10			-$28.51	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$84.61								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$81.96								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	$81.96								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	$81.96								Price & Dividend 15
Price & Dividend 15	$1.68	$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$84.61								Price & Dividend 20
Price & Dividend 20	$1.68	$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$84.61								Price & Dividend 25
Price & Dividend 25	$1.68	$1.69	$1.80	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$84.61
Price H/L Median	$23.40	$19.75	$24.27	$33.32	$34.07	$30.89	$37.18	$29.64	$41.32	$45.46	$48.94	$51.28	$65.42	$108.64				169.53%	<-Total Growth	10	Stock Price
Increase	-9.04%	-15.62%	22.92%	37.29%	2.24%	-9.32%	20.35%	-20.28%	39.43%	10.02%	7.66%	4.77%	27.58%	66.07%				10.42%	<-IRR #YR->	10	Stock Price	169.53%
P/E	55.71	53.36	15.17	15.72	15.07	14.17	14.93	37.99	22.96	17.22	18.47	20.59	20.97	25.09				17.16%	<-IRR #YR->	5	Stock Price	120.74%
Trailing P/E	18.72	47.01	65.59	20.83	16.07	13.67	17.05	11.90	52.97	25.26	18.54	19.35	26.27	34.82				16.84%	<-IRR #YR->	10	Price & Dividend	162.88%
P/E on Run. 5 yr Ave	22.33	23.39	25.02	28.92	25.16	18.11	17.45	15.07	21.72	22.98	23.62	24.75	25.75	35.66				23.45%	<-IRR #YR->	5	Price & Dividend	265.28%
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	29.03	43.91				16.55	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	6.41%	6.29%	% Tot Ret	38.09%	26.83%	T P/E	18.94	25.26	P/E:	17.84	20.59						Count	21
			-$24.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$65.42
								-$29.64	$0.00	$0.00	$0.00	$0.00	$65.42
			-$24.27	$1.98	$2.10	$2.17	$2.22	$2.28	$2.28	$2.39	$2.53	$2.64	$68.07
								-$29.64	$2.28	$2.39	$2.53	$2.64	$68.07
High Months	Mar	Jan	Dec	Dec	Jan	May	Dec	Feb	Nov	Dec	Jan	Dec	Dec	Aug
Price High	$28.81	$24.00	$28.51	$45.09	$41.91	$35.53	$45.85	$44.87	$47.28	$52.97	$55.44	$59.27	$84.32	$135.43				195.76%	<-Total Growth	10	Stock Price
Increase	0.07%	-16.70%	18.79%	58.16%	-7.05%	-15.22%	29.05%	-2.14%	5.37%	12.03%	4.66%	6.91%	42.26%	60.61%				11.45%	<-IRR #YR->	10	Stock Price	195.76%
P/E	68.60	64.86	17.82	21.27	18.54	16.30	18.41	57.53	26.27	20.06	20.92	23.80	27.03	31.28				13.45%	<-IRR #YR->	5	Stock Price	87.92%
Trailing P/E	23.05	57.14	77.05	28.18	19.77	15.72	21.03	18.02	60.62	29.43	21.00	22.37	33.86	43.41				20.42	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	21.70	29.43	P/E:	21.09	23.80					26.57	P/E Ratio		Historical High
			-$28.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$84.32
								-$44.87	$0.00	$0.00	$0.00	$0.00	$84.32
Low Months	Oct	Oct	Jun	Jan	Jul	Dec	Jan	Mar	Jan	Mar	Oct	Jun	Apr	Jan
Price Low	$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	$81.84				132.20%	<-Total Growth	10	Stock Price
Increase	-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%	75.96%				8.79%	<-IRR #YR->	10	Stock Price	132.20%
P/E	42.83	41.86	12.52	10.17	11.60	12.04	11.45	18.46	19.64	14.38	16.02	17.38	14.91	18.90				26.43%	<-IRR #YR->	5	Stock Price	222.99%
Trailing P/E	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	26.23				13.66	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.77	18.68	P/E:	14.64	16.02					8.59	P/E Ratio		Historical Low
			-$20.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$46.51
								-$14.40	$0.00	$0.00	$0.00	$0.00	$46.51
Free Cash Flow Mkt Sc								$174.90	$147.20	$176.10	$201.80	$199.30	$239.10	$301.50	$354.90	$411.20			<-Total Growth	5	Free Cash Flow Mkt Sc
Increase									-15.84%	19.63%	14.59%	-1.24%	19.97%	26.10%	17.71%			14.59%	<-Median->	5	Increase
Free Cash Flow* Co Nos.	$27.13	$35.12	$74.41	$91.58	$91.97	$114.40	$126.08	$113.33	$147.15	$176.10	$201.83	$199.27	$239.15	$301.5	$354.9	$411.2		221.41%	<-Total Growth	10	Free Cash Flow
Increase	-41.04%	29.47%	111.87%	23.09%	0.42%	24.39%	10.21%	-10.11%	29.84%	19.67%	14.61%	-1.27%	20.01%	26.07%	17.71%	15.86%		16.11%	<-IRR #YR->	5	Free Cash Flow EIF	111.02%
FCF/CF from Op Ratio	-4.26	0.35	0.75	0.85	0.74	0.69	0.58	0.44	0.52	0.53	0.57	0.56	0.37	0.42	#VALUE!	#DIV/0!		12.38%	<-IRR #YR->	10	Free Cash Flow EIF	221.41%
Dividends paid	35.89	$37.42	$45.23	$56.33	$65.09	$68.46	$72.74	$80.01	$85.39	$97.47	$114.59	$125.89	$139.87	$155.62	$155.62	$155.62		209.26%	<-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%	58.49%	51.62%	43.85%	37.85%		59.16%	<-Median->	10	Percentage paid
5 Year Coverage						66.88%	61.76%	63.76%	62.69%	59.68%	58.89%	60.09%	58.45%	56.67%	53.34%	48.65%					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	1.94	2.28	2.64		1.69	<-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	1.76	1.87	2.06					5 Year of Coverage
								-$113.33	0.00	0.00	0.00	0.00	239.15
			-$74.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	239.15
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	-$86.88	$15.49	-$47.52	-$129.22	-$142.77	-$26.60	-$37.63	$113.72	$5.62	-$31.46	-$100.06	-$51.60	-$147.78	$301.50	$354.90	$411.20		-210.98%	<-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%	186.40%	-304.02%	17.71%	15.86%		#NUM!	<-IRR #YR->	5	Free Cash Flow MS	-229.95%
FCF/CF from Op Ratio	13.65	0.16	-0.48	-1.20	-1.14	-0.16	-0.17	0.44	0.02	-0.09	-0.28	-0.14	-0.23	0.42	#VALUE!	#DIV/0!		12.01%	<-IRR #YR->	10	Free Cash Flow MS	-210.98%
Dividends paid	$35.89	$37.42	$45.23	$56.33	$65.09	$68.46	$72.74	$80.01	$85.39	$97.47	$114.59	$125.89	$139.87	$155.62	$155.62	$155.62		209.26%	<-Total Growth	10	Dividends paid
Percentage paid	-41.31%	241.60%	-95.17%	-43.59%	-45.59%	-257.37%	-193.31%	70.36%	1519.34%	-309.83%	-114.52%	-243.97%	-94.65%	51.62%	43.85%	37.85%		-104.58%	<-Median->	10	Percentage paid
5 Year Coverage	-39.53%	-67.07%	-73.57%	-62.00%	-61.39%	-82.43%	-80.22%	-153.99%	-424.01%	1708.56%	-903.84%	-789.19%	-173.14%	-2154.56%	193.74%	84.38%					5 Year Coverage
Dividend Coverage Ratio	-2.42	0.41	-1.05	-2.29	-2.19	-0.39	-0.52	1.42	0.07	-0.32	-0.87	-0.41	-1.06	1.94	2.28	2.64		-0.46	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage	-2.53	-1.49	-1.36	-1.61	-1.63	-1.21	-1.25	-0.65	-0.24	0.06	-0.11	-0.13	-0.58	-0.05	0.52	1.19					5 Year of Coverage
								-$113.72	0.00	0.00	0.00	0.00	-147.78
			$47.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-147.78
Market Cap	$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	$4,600.41	$7,120.87	$7,120.87	$7,120.87		483.94%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	21.46	22.13	25.63	33.95	36.00	34.75	38.09	35.98	38.09	47.31	51.99	52.84	56.96	57.42				122.25%	<-Total Growth	10	Diluted
Change	-1.46%	3.09%	15.82%	32.47%	6.03%	-3.47%	9.62%	-5.56%	5.87%	24.22%	9.88%	1.64%	7.80%	0.82%				6.92%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	0.0%	-3.8%	-17.1%	-14.0%	-9.5%	-14.8%	-2.6%	-2.2%	-14.7%	-13.5%	-9.9%	-8.2%	-2.0%				-11.72%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	21.46	22.13	24.66	28.15	30.96	31.46	32.44	35.05	37.27	40.35	44.97	47.58	52.27	56.30				111.99%	<-Total Growth	10	Average
Change	7.08%	3.09%	11.43%	14.17%	9.98%	1.60%	3.11%	8.05%	6.32%	8.27%	11.46%	5.81%	9.85%	7.71%				8.16%	<-Median->	10	Change
Difference Basic/Outstanding	1.3%	1.7%	12.1%	2.3%	1.2%	-0.5%	7.0%	1.2%	4.0%	5.3%	4.8%	4.2%	7.4%	0.2%				4.10%	<-Median->	10	Difference Basic/Outstanding
														$714.60	<-12 mths	10.29%
# of Share in Millions	21.752	22.507	27.633	28.793	31.318	31.314	34.703	35.472	38.740	42.479	47.137	49.602	56.130	56.385	56.385	56.385		7.34%	<-IRR #YR->	10	Shares	103.12%
Change	5.41%	3.47%	22.77%	4.20%	8.77%	-0.01%	10.82%	2.21%	9.21%	9.65%	10.96%	5.23%	13.16%	0.45%	0.00%	0.00%		9.61%	<-IRR #YR->	5	Shares	58.24%
Cash Flow from Operations $M	-$6.4	$99.8	$99.8	$107.4	$124.7	$164.6	$217.2	$260.0	$285.0	$335.1	$353.2	$357.0	$647.9	$714.6	<-12 mths			549.03%	<-Total Growth	10	Cash Flow
Increase	-69.61%	-1668%	0.00%	7.62%	16.07%	32.03%	31.94%	19.67%	9.64%	17.57%	5.40%	1.07%	81.49%	10.29%	<-12 mths			S. Issues	SO, DRIP		Deb. Conv
5 year Running Average	$16.9	$30.8	$45.6	$56.0	$85.1	$119.3	$142.8	$174.8	$210.3	$252.4	$290.1	$318.1	$395.7	$481.6	<-12 mths			767.20%	<-Total Growth	10	CF 5 Yr Running
CFPS	-$0.29	$4.44	$3.61	$3.73	$3.98	$5.26	$6.26	$7.33	$7.36	$7.89	$7.49	$7.20	$11.54	$12.67	<-12 mths			219.53%	<-Total Growth	10	Cash Flow per Share
Increase	-71.17%	-1616%	-19%	3%	7%	32%	19%	17%	0%	7%	-5%	-4%	60%	9.79%	<-12 mths			20.57%	<-IRR #YR->	10	Cash Flow	549.03%
5 year Running Average	$1.30	$1.62	$1.99	$2.09	$3.09	$4.20	$4.57	$5.31	$6.04	$6.82	$7.27	$7.45	$8.30	$9.36	<-12 mths			20.04%	<-IRR #YR->	5	Cash Flow	149.23%
P/CF on Med Price	-79.97	4.45	6.72	8.93	8.55	5.88	5.94	4.04	5.62	5.76	6.53	7.12	5.67	8.57	<-12 mths			12.32%	<-IRR #YR->	10	Cash Flow per Share	219.53%
P/CF on Closing Price	-77.24	5.23	7.89	11.19	8.95	5.37	7.14	5.00	5.73	6.67	6.02	8.18	7.10	9.96	<-12 mths			9.51%	<-IRR #YR->	5	Cash Flow per Share	57.51%
															68.70%	Diff M/C		15.35%	<-IRR #YR->	10	CFPS 5 yr Running	317.05%
														$668.64	<-12 mths	14.81%
Excl.Working Capital CF	$58.1	-$13.6	$8.6	$40.0	$55.4	$55.6	$45.1	-$38.5	-$20.8	$21.2	$52.6	$81.8	-$65.6	$0.0	<-12 mths			9.33%	<-IRR #YR->	5	CFPS 5 yr Running	56.18%
CF fr Op $M WC	$51.8	$86.2	$108.5	$147.5	$180.1	$220.2	$262.3	$221.5	$264.3	$356.3	$405.8	$438.8	$582.4	$714.6	<-12 mths			436.90%	<-Total Growth	10	Cash Flow less WC
Increase	-33.99%	66.56%	25.83%	35.97%	22.11%	22.29%	19.09%	-15.55%	19.31%	34.83%	13.88%	8.14%	32.72%	22.70%	<-12 mths			18.30%	<-IRR #YR->	10	Cash Flow less WC	436.90%
5 year Running Average	$49.1	$61.4	$77.6	$94.5	$114.8	$148.5	$183.7	$206.3	$229.7	$264.9	$302.0	$337.3	$409.5	$499.6	<-12 mths			21.33%	<-IRR #YR->	5	Cash Flow less WC	162.91%
CFPS Excl. WC	$2.38	$3.83	$3.93	$5.12	$5.75	$7.03	$7.56	$6.24	$6.82	$8.39	$8.61	$8.85	$10.38	$12.67	<-12 mths			18.10%	<-IRR #YR->	10	CF less WC 5 Yr Run	427.86%
Increase	-37.38%	60.97%	2.49%	30.49%	12.26%	22.31%	7.46%	-17.38%	9.24%	22.96%	2.62%	2.76%	17.29%	22.15%	<-12 mths			14.69%	<-IRR #YR->	5	CF less WC 5 Yr Run	98.48%
5 year Running Average	$2.80	$3.10	$3.51	$3.81	$4.20	$5.13	$5.88	$6.34	$6.68	$7.21	$7.52	$7.78	$8.61	$9.78	<-12 mths			10.21%	<-IRR #YR->	10	CFPS - Less WC	164.32%
P/CF on Med Price	9.83	5.16	6.18	6.50	5.92	4.39	4.92	4.75	6.06	5.42	5.69	5.80	6.30	8.57	<-12 mths			10.69%	<-IRR #YR->	5	CFPS - Less WC	66.15%
P/CF on Closing Price	9.50	6.06	7.26	8.15	6.20	4.02	5.91	5.87	6.18	6.27	5.24	6.65	7.90	9.96	<-12 mths			9.38%	<-IRR #YR->	10	CFPS 5 yr Running	145.13%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	5.91	5 yr	5.76	P/CF Med	10 yr	5.74	5 yr	5.80		73.58%	Diff M/C		6.30%	<-IRR #YR->	5	CFPS 5 yr Running	35.74%
			-27.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	56.1								Shares
								-35.5	0.0	0.0	0.0	0.0	56.1								Shares
			-$99.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$647.9								Cash Flow
								-$260.0	$0.0	$0.0	$0.0	$0.0	$647.9								Cash Flow
			-$3.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.54								Cash Flow per Share
								-$7.33	$0.00	$0.00	$0.00	$0.00	$11.54								Cash Flow per Share
			-$1.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.30								CFPS 5 yr Running
								-$5.31	$0.00	$0.00	$0.00	$0.00	$8.30								CFPS 5 yr Running
			-$108.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$582.4								Cash Flow less WC
								-$221.5	$0.0	$0.0	$0.0	$0.0	$582.4								Cash Flow less WC
			-$77.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$409.5								CF less WC 5 Yr Run
								-$206.3	$0.0	$0.0	$0.0	$0.0	$409.5								CF less WC 5 Yr Run
			-$3.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.38								CFPS - Less WC
								-$6.24	$0.00	$0.00	$0.00	$0.00	$10.38								CFPS - Less WC
			-$3.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.61								CFPS 5 yr Running
								-$6.34	$0.00	$0.00	$0.00	$0.00	$8.61								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	$69.797
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	$4.827
Inventory			-$23.38	-$6.312	-$39.624	-$25.765	-$13.756	-$14.400	-$16.385	-$43.697	-$52.936	-$46.901	-$12.931
Prepaid expenses and deposits			-$28.37	$4.793	$4.691	-$3.461	$2.002	$3.513	-$10.918	-$56.687	$39.942	$28.751	-$14.638
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	$22.707
Income taxes receivable/payable						0.371	-$2.144	$6.218	-$4.764	-$0.375	$5.329	$1.250	-$9.221
Deferred revenue			$36.05	-$15.148	-$3.062	-$3.525	-$1.155	-$3.750	$24.973	-$0.213	$10.833	$10.174	$2.652
Amts Due customers						-$2.860	$0.062	$4.732	$5.643	-$1.724	-$15.080	$3.664	$2.366
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	-$58.120	$13.630
Long Term Def Revenue (notes)					-$4.359
Sum	-$58.120	$13.630	-$8.640	-$40.046	-$55.389	-$55.598	-$45.058	$38.455	$20.755	-$21.217	-$52.555	-$81.787	$65.559
Google --> TD 2017	-$28.120	$13.630	-$8.640	-$40.05	-$55	-$56	-$45	$38	$21	-$21	-$53	-$82	$66
Difference	-$30.000	$0.000	$0.000	$0.00	$0	$0	$0	$0	$0	$0	$0	$0	$0
TD	-$58	$14	-$9	-$40
Difference	$0	$0	$0	$0
OPM	-0.62%	18.40%	12.36%	12.06%	12.31%	13.68%	16.20%	22.61%	20.17%	16.27%	14.14%	13.42%	19.77%	18.29%				59.89%	<-Total Growth	10	OPM
Increase	-76.38%	-3078.10%	-32.81%	-2.48%	2.10%	11.13%	18.37%	39.63%	-10.80%	-19.33%	-13.12%	-5.07%	47.29%	-7.51%					Should increase		or be stable.
Diff from Median	-104.1%	21.3%	-18.5%	-20.5%	-18.8%	-9.8%	6.8%	49.1%	33.0%	7.3%	-6.8%	-11.5%	30.3%	20.6%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	15.17%	5 Yrs	16.27%					should be	zero, it is a		check on calculations
														$408	<-12 mths	10.50%
EBIT								$101.70	$143.50	$236.70	$289.70	$317.60	$369.50	$467.7	$527.5	$571.2			<-Total Growth	5	EBIT
Change									41.10%	64.95%	22.39%	9.63%	16.34%	26.58%	12.79%	8.28%		22.39%	<-Median->	5	Change
Margin								8.85%	10.15%	11.49%	11.60%	11.94%	11.27%	11.97%	12.54%	12.61%		11.38%	<-Median->	6	Margin
														$839	<-12 mths	11.26%
Adjusted EBITDA	$81.78	$94.28	$179.24	$212.58	$248.70	$277.77	$328.81	$284.54	$329.88	$456.44	$555.53	$628.06	$754.37	$904.6	$1,003.0	$1,095.0		320.87%	<-Total Growth	10	Adjusted EBITDA
Change	14.38%	15.28%	90.12%	18.60%	16.99%	11.69%	18.38%	-13.47%	15.94%	38.37%	21.71%	13.06%	20.11%	19.91%	10.88%	9.17%		17.69%	<-Median->	10	Change
Margin	7.94%	17.38%	22.20%	23.86%	24.55%	23.08%	24.51%	24.75%	23.34%	22.16%	22.24%	23.61%	23.02%	23.15%	23.85%	24.17%		23.48%	<-Median->	10	Margin
Long Term Debt+ Conv Deb	$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	$2,174.69	$2,326.08				328.28%	<-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%	1.04%	6.96%				15.49%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.88	0.52	0.64	0.55	0.71	1.11	0.66	0.85	0.67	0.72	0.86	0.74	0.47	0.33				0.72	<-Median->	10	% of Market C.	Intang/GW
Assets/Current Liabilities Ratio	4.59	6.91	6.76	8.01	6.66	8.18	8.09	7.77	5.45	6.11	6.59	7.07	6.54	6.05				6.86	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)	-68.26	2.72	5.09	6.12	6.34	5.95	4.74	4.27	3.86	4.82	5.17	6.03	3.36	3.26				4.99	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$46.41	$42.76	$112.81	$107.28	$135.71	$144.57	$164.66	$161.77	$180.66	$300.37	$332.36	$364.63	$348.21	$340.33				208.66%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$107.44	$98.60	$246.07	$259.89	$299.28	$320.68	$359.76	$397.59	$486.88	$626.34	$713.20	$827.23	$825.44	$874.13				235.45%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$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	$1,173.65	$1,214.47				227.02%	<-Total Growth	10	Total
Change	50.96%	-8.11%	153.88%	2.31%	18.47%	6.96%	12.72%	6.66%	19.34%	38.83%	12.82%	13.99%	-1.53%	3.48%				12.77%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.31	0.27	0.46	0.31	0.39	0.53	0.34	0.43	0.41	0.41	0.49	0.41	0.26	0.17				0.41	<-Median->	10	% of Market C.
Current Assets	$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	$1,373.06	$1,519.29				Liquidity ratio of 1.5 and up, best
Current Liabilities	$209.51	$103.54	$181.90	$177.91	$262.79	$239.14	$280.33	$295.33	$475.35	$580.45	$618.64	$650.80	$804.97	$930.85				1.94	<-Median->	10	Ratio
Liquidity Ratio	2.23	1.93	1.74	1.96	1.91	2.26	2.10	2.10	1.47	1.80	1.87	1.97	1.71	1.63				1.80	<-Median->	5	Ratio
Liq. with CF aft div	1.89	2.52	2.02	2.24	2.14	2.66	2.60	2.70	1.89	2.20	2.25	2.31	2.33	2.23				2.25	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.19	2.52	0.66	0.93	0.99	1.43	1.21	1.62	1.08	1.04	1.10	1.24	1.18	2.23				1.10	<-Median->	5	Ratio
Curr Long Term Db	$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	$0.00
Liquidity Less CLTD	2.24	1.95	1.75	1.97	1.92	2.27	2.11	2.10	1.86	1.80	1.87	1.97	1.71	1.63				1.86	<-Median->	5	Ratio
Liq. with CF aft div	1.90	2.55	2.03	2.26	2.15	2.68	2.61	2.71	2.38	2.20	2.25	2.31	2.33	2.23				2.31	<-Median->	5	Ratio
Assets	$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	$5,261.68	$5,627.46				Debt Ratio of 1.5 and up, best
Liabilities	$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	$3,499.29	$3,794.97				1.45	<-Median->	10	Ratio
Debt Ratio	1.47	1.72	1.57	1.52	1.49	1.46	1.47	1.43	1.45	1.40	1.44	1.44	1.50	1.48				1.44	<-Median->	5	Ratio
Estimates BVPS														$33.85	$36.05	$40.20			Estimates		Estimates BVPS
Estimate Book Value														$1,908.6	$2,032.7	$2,266.7			Estimates		Estimate Book Value
P/B Ratio (Close)														3.73	3.50	3.14			Estimates		P/B Ratio (Close)
Difference from 10 year median															101.69%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$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	$1,762.39	$1,832.49				294.61%	<-Total Growth	10	Book Value
Total Book Value per Share	$14.06	$13.31	$16.16	$16.88	$18.44	$19.71	$21.03	$19.34	$20.66	$23.99	$26.42	$28.42	$31.40	$32.50				94.27%	<-Total Growth	10	Total Book Value per Share
P/B Ratio (Median)	1.66	1.48	1.50	1.97	1.85	1.57	1.77	1.53	2.00	1.89	1.85	1.80	2.08	3.34				1.85	<-Median->	10	P/B Ratio (Median)
Median P/B Ratios									P/BV	10 yr Med	1.85	5 yr Med	1.89
Conv. Debentures	$12.22	$13.88	$11.20	$11.25	$14.31	$11.95	$13.21	$13.21	$17.61	$14.02	$13.98	$10.14	$0.00	$0.00				-100.00%	<-Total Growth	10	Conv. Debentures
Deferred Shares	$2.62	$3.80	$5.12	$7.21	$9.87	$13.53	$15.85	$16.89	$16.01	$16.01	$16.76	$18.22	$20.29	$21.60				295.98%	<-Total Growth	10	Deferred Shares
Reserved Shares	$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	$0.00							Reserved Shares
Net Book Value	$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	$1,742.11	$1,810.90	$1,810.90	$1,810.90		304.86%	<-Total Growth	10	Book Value
Book Value per Share	$13.35	$12.53	$15.57	$16.24	$17.67	$18.90	$20.19	$18.49	$19.79	$23.28	$25.77	$27.85	$31.04	$32.12	$32.12	$32.12		99.32%	<-Total Growth	10	Book Value per Share
Change	2.81%	-2.91%	52.63%	8.69%	18.31%	6.95%	18.42%	-6.41%	16.90%	29.00%	22.82%	13.71%	26.12%	3.95%	0.00%	0.00%		133.27%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.75	1.58	1.56	2.05	1.93	1.63	1.84	1.60	2.09	1.95	1.90	1.84	2.11	3.38				1.69	P/B Ratio		Historical Median
P/B Ratio (Close)	1.69	1.85	1.83	2.57	2.02	1.50	2.21	1.98	2.13	2.26	1.75	2.11	2.64	3.93	3.93	3.93		7.14%	<-IRR #YR->	10	Book Value per Share	99.32%
Change	-10.12%	9.40%	-1.15%	40.39%	-21.52%	-25.87%	47.99%	-10.46%	7.45%	6.16%	-22.58%	20.75%	24.96%	48.91%	0.00%	0.00%		10.92%	<-IRR #YR->	5	Book Value per Share	67.87%
Leverage (A/BK)	3.14	2.39	2.75	2.93	3.03	3.17	3.11	3.34	3.23	3.48	3.28	3.26	2.99	3.07				3.20	<-Median->	10	A/BV
Debt/Equity Ratio	2.14	1.39	1.75	1.93	2.03	2.17	2.11	2.34	2.23	2.48	2.28	2.26	1.99	2.07				2.20	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.91	5 yr Med	1.95		105.49%	Diff M/C		2.96	Historical		A/BV
			-$15.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.04
								-$18.49	$0.00	$0.00	$0.00	$0.00	$31.04
														$246.12	<-12 mths	77.59%
Comprehensive Income	$16.38	$15.97	$75.30	$54.38	$49.54	$101.86	$64.38	$13.28	$71.52	$149.52	$106.96	$167.67	$138.59					84.04%	<-Total Growth	10	Comprehensive Income
Increase	-34.11%	-2.53%	371.58%	-27.78%	-8.90%	105.59%	-36.79%	-79.37%	438.59%	109.06%	-28.46%	56.75%	-17.34%					56.75%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$17.23	$18.38	$31.00	$37.38	$42.32	$59.41	$69.09	$56.69	$60.12	$80.11	$81.13	$101.79	$126.85					6.29%	<-IRR #YR->	10	Comprehensive Income	84.04%
ROE	5.4%	5.3%	16.9%	11.2%	8.6%	16.5%	8.8%	1.9%	8.9%	14.7%	8.6%	11.9%	7.9%					59.85%	<-IRR #YR->	5	Comprehensive Income	943.67%
5Yr Median	8.5%	8.4%	8.4%	8.4%	8.6%	11.2%	11.2%	8.8%	8.8%	8.9%	8.8%	8.9%	8.9%					15.13%	<-IRR #YR->	10	5 Yr Running Average	309.17%
% Difference from NI	82.4%	93.4%	87.2%	-11.6%	-31.3%	43.9%	-23.0%	-52.7%	4.3%	36.3%	-12.5%	38.3%	-17.3%					17.48%	<-IRR #YR->	5	5 Yr Running Average	123.77%
Median Values										Diff	5, 10 yr	-12.1%	4.3%					8.9%	<-Median->	5	Return on Equity
			-$75.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$138.6
								-$13.3	$0.0	$0.0	$0.0	$0.0	$138.6
			-$31.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$126.9
								-$56.7	$0.0	$0.0	$0.0	$0.0	$126.9
Current Liability Coverage Ratio	0.25	0.83	0.60	0.83	0.69	0.92	0.94	0.75	0.56	0.61	0.66	0.67	0.72	0.77							CFO / Current Liabilities
5 year Median	0.46	0.56	0.60	0.60	0.69	0.83	0.83	0.83	0.75	0.75	0.66	0.66	0.66	0.67				0.66	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	5.38%	12.05%	8.83%	10.35%	10.30%	11.25%	11.57%	9.66%	10.21%	10.04%	9.95%	9.54%	11.07%	12.70%							CFO / Total Assets
5 year Median	9.35%	11.05%	11.05%	10.35%	10.30%	10.35%	10.35%	10.35%	10.30%	10.21%	10.04%	9.95%	10.04%	10.04%				10.0%	<-Median->	5	Return on Assets
Return on Assets ROA	0.93%	1.15%	3.27%	4.32%	4.13%	3.62%	3.69%	1.22%	2.65%	3.09%	3.00%	2.64%	3.18%	4.31%				Net	Income/Assets		Return on Assets
5Yr Median	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%	3.09%				3.1%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	2.94%	2.76%	9.01%	12.65%	12.50%	11.47%	11.46%	4.09%	8.57%	10.76%	9.82%	8.60%	9.51%	13.25%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.03%	8.61%	8.61%	8.61%	9.01%	11.47%	11.47%	11.47%	11.46%	10.76%	9.82%	8.60%	9.51%	9.82%				10.3%	<-Median->	10	Return on Equity
		Cont. Oper																			Earnings per Share
Net Income	$8.98	-$11.63	$40.23	$61.50	$72.16	$70.77	$83.64	$28.06	$68.59	$109.67	$122.31	$121.24	$167.52					316.36%	<-Total Growth	10	Net Income
Convertible Debenture Interest	$0.00	$0.00	$0.74	$10.35	$9.07	$5.06	$11.14	$0.00	$0.00	$15.17	$15.38	$10.58	$10.14					1274.12%	<-Total Growth	10	Convertible Debenture Int
Real Net Income	$8.98	-$11.63	$40.97	$71.84	$81.23	$75.83	$94.78	$28.06	$68.59	$124.84	$137.69	$131.81	$177.66					333.62%	<-Total Growth	10	Real Net Income
														$205.12	<-12 mths	22.45%
Net Income	$8.98	$8.26	$40.23	$61.50	$72.16	$70.77	$83.64	$28.06	$68.59	$109.67	$122.31	$121.24	$167.52	$242.8	$288.2	$364.3		316.36%	<-Total Growth	10	Net Income
Increase	-64.56%	-8.11%	387.39%	52.85%	17.34%	-1.93%	18.18%	-66.46%	144.48%	59.90%	11.52%	-0.88%	38.18%	44.94%	18.70%	26.41%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$16.2	$15.2	$20.7	$28.9	$38.2	$50.6	$65.7	$63.2	$64.6	$72.1	$82.5	$90.0	$117.9	$152.7	$188.4	$236.8		15.33%	<-IRR #YR->	10	Net Income
Operating Cash Flow	-$6.37	$99.83	$99.83	$107.44	$124.71	$164.64	$217.24	$259.97	$285.05	$335.12	$353.23	$357.01	$647.94					42.96%	<-IRR #YR->	5	Net Income
Investment Cash Flow	-$146.51	$97.45	-$375.58	-$250.81	-$307.09	-$206.97	-$323.78	-$196.28	-$357.94	-$655.45	-$650.75	-$567.54	-$780.03					18.99%	<-IRR #YR->	10	5 Yr Running Ave.
Total Accruals	$161.86	-$189.03	$315.98	$204.86	$254.55	$113.09	$190.18	-$35.64	$141.48	$430.00	$419.83	$331.77	$299.61					13.27%	<-IRR #YR->	5	5 Yr Running Ave.
Total Assets	$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	$5,261.68						Balance Sheet		Assets
Accruals Ratio	16.84%	-26.43%	25.71%	14.38%	14.55%	5.78%	8.39%	-1.55%	5.47%	12.12%	10.29%	7.21%	5.69%					7.21%	<-Median->	5	Ratio
EPS/CF Ratio	0.18	0.10	0.41	0.41	0.39	0.31	0.33	0.12	0.26	0.31	0.31	0.28	0.30					0.31	<-Median->	10	EPS/CF Ratio
			-$40.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$167.5
								-$28.1	$0.0	$0.0	$0.0	$0.0	$167.5
			-$20.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$117.9
								-$63.2	$0.0	$0.0	$0.0	$0.0	$117.9
Change in Close	-12.34%	2.65%	22.89%	46.44%	-14.63%	-20.71%	58.14%	-18.01%	15.01%	24.89%	-14.31%	30.49%	39.27%	54.09%	0.00%	0.00%			Count	23	Change in Close
up/down		down	up	down	down	down	down	down		down	down	down	down	down					Count	20
Meet Prediction?			yes		yes	yes		yes			yes							% right	Count	7	35.00%
Financial Cash Flow	$171.87	-$205.48	$268.66	$124.76	$228.16	$10.49	$88.87	-$15.15	$79.42	$380.97	$261.35	$176.33	$209.08						C F Statement		Financial Cash Flow
Total Accruals	-$10.02	$16.46	$47.32	$80.11	$26.39	$102.60	$101.32	-$20.49	$62.06	$49.03	$158.48	$155.44	$90.53								Accruals
Accruals Ratio	-1.04%	2.30%	3.85%	5.62%	1.51%	5.24%	4.47%	-0.89%	2.40%	1.38%	3.88%	3.38%	1.72%					2.40%	<-Median->	5	Ratio
Cash	$23.17	$14.97	$15.50	$26.49	$72.32	$42.97	$22.06	$69.86	$75.41	$139.90	$103.56	$71.80	$145.77	$82.05							Cash
Cash per Share	$1.07	$0.67	$0.56	$0.92	$2.31	$1.37	$0.64	$1.97	$1.95	$3.29	$2.20	$1.45	$2.60	$1.46				$2.20	<-Median->	5	Cash per Share
Percentage of Stock Price	4.71%	2.87%	1.97%	2.20%	6.48%	4.86%	1.42%	5.38%	4.62%	6.26%	4.87%	2.46%	3.17%	1.15%				4.62%	<-Median->	5	% of Stock Price
Notes:
August 16, 2026.  Last estimates were for 2025, 2026, 2027 of $3060M, $3423M, $3706M, Revenue, $4.54, $4.36 AFCF, $3.73, $4.52, $5.34 AEPS, $3.31, $4.52, $5.34 EPS,
$2.68, $2.77, $2.92 Dividends, -$0.44, $0.39 2025/6 CFPS, $408.1M, $488.2M, $508.1M EBIT, $741.2M, $841.5M, $916.2M EBITDA, $27.10, $28.90, $33.94 BVPS, $176.7M, $231.7M, $298.4M Net Income.
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 cop out.  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 Corp 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.  Its geographic areas are Canada, Europe, the USA, and Others.
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	2018	Aug 26	2019	Aug 22	2020	Aug 15	2021	Aug 14	2022	Aug 17	2023	Aug 17	2024	Aug 23	2025			Aug 16	2026
Pyle, Michael	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	0.04%			0.024	0.04%			0.00%
CEO - Shares - Amount	$0.444		$0.748		$0.669		$0.769		$0.960		$0.915		$1.194		$1.990				$3.066
Options - percentage	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	0.60%			0.352	0.62%			4.30%
Options - amount	$6.513		$11.005		$11.853		$15.813		$14.365		$14.814		$19.008		$27.623				$44.392
Wowryk, Richard						0.003	0.01%	0.004	0.01%	0.006	0.01%	0.007	0.01%	0.008	0.01%			0.008	0.01%		was officer in 2021, CFO	1.69%
CFO - Shares - Amount							$0.135		$0.206		$0.266		$0.413		$0.664				$1.040		in 2022.
Options - percentage						0.004	0.01%	0.008	0.02%	0.014	0.03%	0.015	0.03%	0.018	0.03%			0.024	0.04%			29.57%
Options - amount							$0.183		$0.399		$0.613		$0.872		$1.489				$2.973
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	0.01%	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	0.09%			0.052	0.09%		was CFO	3.69%
Officer - Shares - Amount	$0.118		$1.683		$1.428		$1.292		$2.212		$1.968		$2.682		$4.126				$6.592
Options - percentage	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	0.27%			0.155	0.27%			2.80%
Options - amount	$0.436		$4.165		$4.118		$5.359		$6.943		$6.547		$8.515		$12.351				$19.564
Peter, Carmele	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%			0.005	0.01%		Was officer, now Director	0.00%
Directorr - Shares - Amount	$1.027		$0.227		$0.186		$0.214		$0.267		$0.229		$0.299		$0.416				$0.642		in 2025
Options - percentage	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	0.46%			0.188	0.33%			-27.75%
Options - amount	$2.463		$5.278		$6.098		$8.308		$10.836		$11.097		$14.587		$21.308				$23.721
Bennett, Brad	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	3.19%			1.789	3.17%			0.00%
Director - Shares - Amount	$47.069		$74.434		$64.617		$74.317		$92.817		$79.537		$103.786		$146.591				$225.878
Options - percentage	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%			0.047	0.08%			8.79%
Options - amount	$0.308		$0.632		$0.642		$0.949		$1.415		$1.428		$2.176		$3.509				$5.883
Jessiman, Duncan												0.155	0.31%	0.151	0.27%			0.137	0.24%		Executive vice-Chairman	-9.09%
Director - Shares - Amount													$9.137		$12.374				$17.334
Options - percentage												0.053	0.11%	0.056	0.10%			0.058	0.10%			4.33%
Options - amount													$3.109		$4.567				$7.341
Buckley, Gary	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	0.84%			0.483	0.86%			2.40%
Director - Shares - Amount	$10.361		$16.774		$13.825		$16.514		$20.624		$20.244		$26.953		$38.684				$61.035
Options - percentage	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	0.07%			0.045	0.08%			8.98%
Options - amount	$0.308		$0.576		$0.594		$0.889		$1.337		$1.357		$2.078		$3.366				$5.652
Streuber, Donald						0.341	0.88%	0.356	0.84%	0.368	0.78%	0.425	0.86%	0.433	0.77%			0.438	0.78%			1.06%
Chairman - Shares - Amt							$14.381		$18.736		$16.580		$24.987		$35.494				$55.269
Options - percentage						0.023	0.06%	0.029	0.07%	0.035	0.07%	0.043	0.09%	0.051	0.09%			0.057	0.10%			10.37%
Options - amount							$0.949		$1.501		$1.591		$2.521		$4.212				$7.163
Filmon, Gary	0.21%	0.068	0.20%	0.069	0.19%	0.070	0.18%														Ceased insider in May 2022
Chairman - Shares - Amt	$1.884		$3.032		$2.527		$2.968
Options - percentage	0.08%	0.029	0.08%	0.033	0.09%	0.040	0.10%
Options - amount	$0.680		$1.287		$1.223		$1.686
Increase in O/S Shares	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%			0.000	0.00%		Deferred share plan
due to SO 2013	$0.275		$0.241		$0.814		$1.122		$7.967		$2.901		$0.741		$0.888				$0.000
Book Value	$0.199		$0.171		$0.477		$0.606		$2.156		$1.336		$0.538		$0.288				$0.000
Insider Buying	-$0.297		-$0.215		-$2.196		$0.000		-$0.456		-$0.315		-$0.465		-$2.450				-$0.329
Insider Selling	$1.071		$0.289		$0.000		$0.413		$4.988		$0.031		$0.144		$0.291				$1.166
Net Insider Selling	$0.774		$0.073		-$2.196		$0.413		$4.532		-$0.284		-$0.321		-$2.159				$0.837
% of Market Cap	0.09%		0.00%		-0.17%		0.03%		0.20%		-0.01%		-0.01%		-0.05%				0.01%
Directors		10		10		10		10		10		11		11				11
Women	27%	3	30%	3	30%	3	30%	3	30%	3	30%	4	36%	4	36%			4	36%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	9.08%	56	11.52%	20	6.89%	20	7.37%	20	6.86%	20	8.87%	20	9.70%	20	11.29%			20	11.96%		Funds
Total Shares Held	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	10.35%			6.744	11.96%		Institutions 2025
Increase/Decrease 3 Mths	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%			0.063	0.94%
Starting No. of Shares	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			6.682	Top 20 MS
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