This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2025					https://www.annualreports.com/Company/empire-company-limited
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Empire Company Ltd				TSX:	EMP.A	OTC:	EMLAF	https://www.empireco.ca			Fiscal Yr:	Apr 30
Year	30-Apr-12	30-Apr-13	30-Apr-14	30-Apr-15	30-Apr-16	30-Apr-17	30-Apr-18	30-Apr-19	30-Apr-20	30-Apr-21	30-Apr-22	30-Apr-23	30-Apr-24	30-Apr-25	30-Apr-26	30-Apr-27		Value	Description	#Y	Item	Total G
Year End Date	5-May-12	4-May-13	3-May-14	2-May-15	7-May-16	6-May-17	6-May-18	4-May-19	2-May-20	1-May-21	7-May-22	6-May-23	4-May-24	1-May-25	1-May-26	1-May-26
Accounting Rules				IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date				28-Sep-15																	Split Date
Split				3																	Split
														$30,752	<-12 mths	0.06%			Estimates		last 12 months from Qtr.
Revenue*	$16,249.1	$17,612.7	$20,993.0	$23,928.8	$24,618.8	$23,806.2	$24,214.6	$25,142.0	$26,588.2	$28,268.3	$30,162.4	$30,478.1	$30,732.6	$31,140	$32,008			46.39%	<-Total Growth	10	Revenue
Increase	1.37%	8.39%	19.19%	13.98%	2.88%	-3.30%	1.72%	3.83%	5.75%	6.32%	6.70%	1.05%	0.84%	1.33%	2.79%			3.88%	<-IRR #YR->	10	Revenue	46.39%
5 year Running Average	$15,374.9	$16,084.5	$17,280.0	$18,963	$20,680	$22,192	$23,512	$24,342	$24,874	$25,604	$26,875	$28,128	$29,246	$30,156	$30,904			4.10%	<-IRR #YR->	5	Revenue	22.24%
Revenue per Share	$79.71	$86.40	$75.81	$86.39	$90.62	$87.63	$89.13	$92.50	$98.80	$106.52	$113.62	$116.03	$121.33	$122.94	$126.36			5.40%	<-IRR #YR->	10	5 yr Running Average	69.25%
Increase	1.37%	8.39%	-12.26%	13.96%	4.90%	-3.30%	1.71%	3.79%	6.81%	7.82%	6.66%	2.12%	4.57%	1.33%	2.79%			3.74%	<-IRR #YR->	5	5 yr Running Average	20.15%
5 year Running Average	$75.66	$78.68	$79.22	$81.39	$83.78	$85.37	$85.91	$89.25	$91.74	$94.92	$100.12	$105.50	$111.26	$116.09	$120.06			4.82%	<-IRR #YR->	10	Revenue per Share	60.05%
P/S (Price/Sales) Med	0.25	0.24	0.33	0.31	0.28	0.21	0.25	0.29	0.31	0.33	0.36	0.33	0.30	0.27	0.00			5.58%	<-IRR #YR->	5	Revenue per Share	31.16%
P/S (Price/Sales) Close	0.24	0.26	0.30	0.34	0.23	0.24	0.28	0.32	0.31	0.36	0.37	0.31	0.26	0.28	0.28			3.45%	<-IRR #YR->	10	5 yr Running Average	40.44%
*Revenue in M CDN $					P/S Med	20 yr	0.25	15 yr	0.29	10 yr	0.30	5 yr	0.33		-6.09%	Diff M/C		4.51%	<-IRR #YR->	5	5 yr Running Average	24.66%
			-$20,993	$0	$0	$0	$0	$0	$0	$0	$0	$0	$30,733
								-$25,142	$0	$0	$0	$0	$30,733
			-$17,280	$0	$0	$0	$0	$0	$0	$0	$0	$0	$29,246
								-$24,342	$0	$0	$0	$0	$29,246
			-$75.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$121.33
								-$92.50	$0.00	$0.00	$0.00	$0.00	$121.33
			-$79.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$111.26
								-$89.25	$0.00	$0.00	$0.00	$0.00	$111.26
														$706.4	<-12 mths	3.64%			Estimates		Last 12 months from Qtr
														$2.85	<-12 mths	3.64%			Estimates		Last 12 months from Qtr
														26.76%	26.61%				Estimates		Payout Ratio EPS
Adjusted Net Earnings		$390.7	$391.4	$518.9	$410.2	$191.3	$344.3	$410.0	$596.8	$705.5	$745.8	$727.1	$681.6					74.14%	<-Total Growth	10	Adjusted Net Earnings
Pre-split 2015	$4.71	$5.74	$4.88	$5.62
Adjusted Net EPS	$1.57	$1.91	$1.63	$1.84	$1.50	$0.70	$1.28	$1.50	$2.20	$2.60	$2.80	$2.80	$2.75	$2.99	$3.27			69.06%	<-Total Growth	10	Adjusted EPS
Increase	-13.10%	21.87%	-14.98%	13.11%	-18.48%	-53.33%	82.86%	17.19%	46.67%	18.18%	7.69%	0.00%	-1.79%	8.73%	9.36%			10	7	18	Years of data, Count P, N	55.56%
Earnings Yield	8.17%	8.37%	7.11%	6.31%	7.06%	3.33%	5.16%	5.03%	7.16%	6.73%	6.60%	7.70%	8.57%	8.55%	9.35%			5.39%	<-IRR #YR->	10	Adjusted EPS	69.06%
5 year Running Average	$1.56	$1.62	$1.68	$1.75	$1.69	$1.52	$1.39	$1.36	$1.44	$1.66	$2.08	$2.38	$2.63	$2.79	$2.92			12.89%	<-IRR #YR->	5	Adjusted EPS	83.33%
Payout Ratio	19.11%	16.72%	21.31%	19.57%	26.67%	58.57%	32.81%	29.33%	21.82%	19.23%	21.43%	23.57%	26.55%	26.76%	24.46%			4.60%	<-IRR #YR->	10	5 yr Running Average	56.86%
5 year Running Average	16.26%	16.87%	17.65%	18.20%	20.43%	24.23%	27.88%	29.77%	29.94%	27.17%	23.51%	22.52%	22.59%	0.00%	0.00%			14.03%	<-IRR #YR->	5	5 yr Running Average	92.82%
Price/AEPS Median	12.81	10.64	15.19	14.47	17.04	26.83	17.54	17.94	14.01	13.60	14.74	13.66	13.13	11.02	0.00			14.61	<-Median->	10	Price/AEPS Median
Price/AEPS High	13.37	11.96	17.06	17.17	20.53	32.23	20.43	20.74	16.98	15.59	16.30	15.40	14.74	11.43	0.00			17.08	<-Median->	10	Price/AEPS High
Price/AEPS Low	12.25	9.33	13.33	11.78	13.56	21.43	14.64	15.13	11.04	11.60	13.18	11.93	11.52	10.61	0.00			12.55	<-Median->	10	Price/AEPS Low
Price/AEPS Close	12.23	11.95	14.06	15.84	14.16	30.04	19.40	19.87	13.97	14.87	15.15	12.99	11.66	11.70	10.69			15.01	<-Median->	10	Price/AEPS Close
Trailing P/AEPSClose	10.63	14.56	11.96	17.92	11.54	14.02	35.47	23.28	20.49	17.57	16.32	12.99	11.45	12.72	11.70			16.95	<-Median->	10	Trailing P/AEPSClose
Median Values		DPR	10 Yrs	25.06%	5 Yrs	21.82%	P/CF	5 Yrs	in order	13.66	15.59	11.60	13.97		-14.40%	Diff M/C		-19.92%	Diff M/C	10	Median Values
* Adjusted Net ESP
			-$1.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.75
								-$1.50	$0.00	$0.00	$0.00	$0.00	$2.75
			-$1.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.63
								-$1.36	$0.00	$0.00	$0.00	$0.00	$2.63
														$2.77	<-12 mths	-5.14%			Estimates		Last 12 months from Qtr
My Calculation
Pre-split 2002
Pre-split 2015	$4.99	$5.66	$2.94	$4.54
EPS Basic	$1.66	$1.89	$0.98	$1.51	-$7.78	$0.58	$0.59	$1.42	$2.16	$2.61	$2.81	$2.65	$2.92					197.96%	<-Total Growth	10	EPS Basic	TD Est
EPS Diluted with w/o					-$7.78	<--real															TD Bank
Pre-split 2002
Pre-split 2015	$4.99	$5.65	$2.93	$4.54
EPS Diluted*	$1.66	$1.88	$0.98	$1.51	-$7.78	$0.58	$0.59	$1.42	$2.15	$2.60	$2.80	$2.64	$2.92	$2.99	$3.27			198.98%	<-Total Growth	10	EPS Diluted
Increase	-7.93%	13.23%	-48.14%	54.95%	-614.10%	107.46%	1.72%	140.68%	51.41%	20.93%	7.69%	-5.71%	10.61%	2.40%	9.36%			9	1	10	Years of Data, EPS P or N	90.00%
DPR 5 years Running	16.07%	16.73%	18.98%	20.31%	-99.04%	-64.98%	-47.01%	-55.21%	-70.72%	30.65%	25.52%	23.08%	22.65%	23.58%	24.56%			-14.01%	<-Median->	10	DPR 5 years Running
Earnings Yield	8.66%	8.24%	4.27%	5.19%	-36.63%	2.76%	2.38%	4.77%	7.00%	6.73%	6.60%	7.26%	9.11%	8.55%	9.35%			11.57%	<-IRR #YR->	10	Earnings per Share	198.98%
5 year Running Average	$1.58	$1.63	$1.56	$1.57	-$0.35	-$0.57	-$0.82	-$0.74	-$0.61	$1.47	$1.91	$2.32	$2.62	$2.79	$2.92			15.51%	<-IRR #YR->	5	Earnings per Share	105.63%
10 year Running Average	$1.31	$1.42	$1.43	$1.48	$0.55	$0.51	$0.40	$0.41	$0.48	$0.56	$0.67	$0.75	$0.94	$1.09	$2.20			5.33%	<-IRR #YR->	10	5 yr Running Average	68.15%
* Diluted ESP per share									E/P	10 Yrs	5.90%	5Yrs	7.00%					#NUM!	<-IRR #YR->	5	5 yr Running Average	456.57%
			-$0.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.92
								-$1.42	$0.00	$0.00	$0.00	$0.00	$2.92
			-$1.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.62
								$0.74	$0.00	$0.00	$0.00	$0.00	$2.62
Dividend*														$0.80	$0.87				Estimates		Dividend*
Increase														9.59%	8.75%				Estimates		Increase
Payout Ratio EPS														26.76%	26.61%				Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-split 2002
Pre-split 2015
Dividend*	$0.30	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$0.80	$0.80	$0.80		110.58%	<-Total Growth	10	Dividends
Increase	12.49%	6.67%	8.33%	3.85%	11.11%	2.50%	2.44%	4.76%	9.09%	4.17%	20.00%	10.00%	10.61%	9.59%	0.00%	0.00%		34	0	39	Years of data, Count P, N
5 year Increases	36.36%	37.14%	40.54%	34.99%	33.33%	28.13%	21.15%	22.22%	20.00%	21.95%	42.86%	50.00%	52.08%	60.00%	33.33%	21.21%		30.73%	<-Median->	10	5 year Increases
Dividends 5 Yr Running	$0.25	$0.27	$0.30	$0.32	$0.35	$0.37	$0.39	$0.41	$0.43	$0.45	$0.49	$0.54	$0.59	$0.66	$0.72	$0.76		100.67%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.49%	1.57%	1.40%	1.35%	1.56%	2.18%	1.87%	1.64%	1.56%	1.41%	1.45%	1.73%	2.02%	2.43%				1.60%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.43%	1.40%	1.25%	1.14%	1.30%	1.82%	1.61%	1.41%	1.28%	1.23%	1.31%	1.53%	1.80%	2.34%				1.36%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	1.56%	1.79%	1.60%	1.66%	1.97%	2.73%	2.24%	1.94%	1.98%	1.66%	1.63%	1.98%	2.31%	2.52%				1.97%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.56%	1.40%	1.52%	1.23%	1.88%	1.95%	1.69%	1.48%	1.56%	1.29%	1.41%	1.81%	2.28%	2.29%	2.29%	2.29%		1.63%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	18.04%	16.99%	35.50%	23.79%	-5.14%	70.69%	71.19%	30.99%	22.33%	19.23%	21.43%	25.00%	25.00%	26.76%	24.46%	#DIV/0!		24.39%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	16.07%	16.73%	18.98%	20.31%	-99.04%	-64.98%	-47.01%	-55.21%	-70.72%	30.65%	25.52%	23.08%	22.65%	23.58%	24.56%	#DIV/0!		-13.35%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	7.51%	8.28%	12.19%	8.59%	12.12%	15.72%	12.97%	13.50%	6.18%	7.14%	7.56%	10.80%	8.91%	10.11%	#DIV/0!	#DIV/0!		9.86%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	7.18%	7.49%	8.27%	8.72%	9.49%	10.93%	11.97%	12.23%	10.66%	9.42%	8.35%	8.35%	8.02%	8.85%	#DIV/0!	#DIV/0!		9.46%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	7.12%	6.92%	9.99%	7.87%	9.49%	13.81%	13.13%	12.70%	6.97%	6.20%	7.03%	7.76%	8.19%	10.11%	#DIV/0!	#DIV/0!		8.03%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	7.39%	7.45%	7.85%	7.89%	8.19%	9.25%	10.51%	11.02%	10.37%	9.15%	8.09%	7.56%	7.26%	7.85%	#DIV/0!	#DIV/0!		8.67%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	1.60%	1.63%	5 Yr Med	5 Yr Cl	1.56%	1.56%	5 Yr Med	Payout	22.33%	7.56%	7.03%					10.66%	<-IRR #YR->	5	Dividends	65.91%
* Dividends per share	10 Yr Med	and Cur.	42.98%	40.63%	5 Yr Med	and Cur.	46.91%	46.46%	Last Div Inc --->		$0.1650	$0.1825	10.61%					7.73%	<-IRR #YR->	10	Dividends	110.58%
Dividends Growth 15																		7.90%	<-IRR #YR->	15	Dividends	212.86%
Dividends Growth 20																		8.87%	<-IRR #YR->	20	Dividends	447.51%
Dividends Growth 25																		11.75%	<-IRR #YR->	25	Dividends	1507.29%
Dividends Growth 30																		10.84%	<-IRR #YR->	30	Dividends	2090.09%
Dividends Growth 35																		9.92%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		9.91%	<-IRR #YR->	39	Dividends
Dividends Growth 5								-$0.44	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 5
Dividends Growth 10			-$0.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 40
Historical Dividends	Historical	High Div	2.30%	Low Div	0.84%	10 Yr High	2.69%	10 Yr Low	1.15%	Med Div	1.45%	Close Div	1.40%								Historical Dividends	Div Pd
High/Ave/Median Values	Curr diff	Exp.	-0.54%		172.34%	Exp.	-14.96%		98.93%	Cheap	57.77%	Cheap	63.60%								High/Ave/Median	$1.33
																						$2.20
Future Dividend Yield					Div Yield	3.80%	earning in	5.00	Years	at IRR of	10.66%	Div Inc.	65.91%								Future Dividend Yield	$3.65
Future Dividend Yield					Div Yield	6.30%	earning in	10.00	Years	at IRR of	10.66%	Div Inc.	175.26%								Future Dividend Yield
Future Dividend Yield					Div Yield	10.45%	earning in	15.00	Years	at IRR of	10.66%	Div Inc.	356.68%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.33	earning in	5	Years	at IRR of	10.66%	Div Inc.	65.91%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.20	earning in	10	Years	at IRR of	10.66%	Div Inc.	175.26%								Future Dividend Paid
Future Dividend Paid					Div Paid	$3.65	earning in	15	Years	at IRR of	10.66%	Div Inc.	356.68%								Future Dividend Paid
Dividend Covering Cost					Total Div	$4.95	over	5	Years	at IRR of	10.66%	Div Cov.	14.15%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$11.83	over	10	Years	at IRR of	10.66%	Div Cov.	33.83%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$23.25	over	15	Years	at IRR of	10.66%	Div Cov.	66.48%								Dividend Covering Cost
Yield if held 5 years	2.12%	2.12%	2.31%	2.31%	2.18%	2.04%	2.06%	1.78%	1.80%	1.96%	3.19%	2.94%	2.71%	2.60%	2.26%	1.94%		2.12%	<-Median->	10	Paid Median Price
Yield if held 10 years	3.67%	3.37%	3.95%	3.47%	3.09%	2.90%	2.78%	2.93%	3.08%	2.72%	2.98%	3.24%	2.95%	3.00%	3.13%	4.26%		2.97%	<-Median->	10	Paid Median Price
Yield if held 15 years	12.88%	8.71%	7.23%	7.37%	7.47%	5.02%	4.42%	5.02%	4.63%	3.86%	4.25%	4.37%	4.86%	5.13%	4.36%	3.98%		4.75%	<-Median->	10	Paid Median Price
Yield if held 20 years	14.55%	15.52%	13.86%	14.64%	17.61%	17.60%	11.43%	9.18%	9.83%	9.34%	7.34%	6.95%	8.33%	7.71%	6.18%	5.66%		9.58%	<-Median->	10	Paid Median Price
Yield if held 25 years	15.31%	13.85%	15.87%	14.52%	21.57%	19.88%	20.36%	17.59%	19.53%	22.01%	25.75%	17.96%	15.22%	16.38%	14.94%	9.79%		19.70%	<-Median->	10	Paid Median Price
Yield if held 30 years				63.72%	38.28%	20.92%	18.18%	20.14%	19.36%	26.97%	29.09%	32.00%	29.18%	32.54%	35.22%	34.33%		28.03%	<-Median->	10	Paid Median Price
Yield if held 35 years									84.96%	47.85%	30.61%	28.57%	33.41%	32.27%	43.15%	38.79%		33.41%	<-Median->	5	Paid Median Price
Yield if held 40 years														141.59%	76.56%	40.82%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	8.97%	9.05%	9.86%	10.21%	9.41%	9.13%	9.51%	8.21%	8.07%	8.80%	12.99%	11.94%	11.04%	10.67%	10.16%	9.18%		9.46%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	25.16%	23.88%	28.29%	25.83%	22.34%	21.97%	21.88%	23.39%	23.98%	21.66%	21.26%	22.67%	20.23%	20.43%	22.84%	33.17%		22.15%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	99.45%	70.66%	60.44%	65.74%	66.38%	47.63%	44.28%	51.45%	46.55%	39.71%	39.25%	39.63%	43.18%	45.06%	41.22%	40.10%		45.42%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	120.55%	134.61%	123.50%	138.97%	166.42%	178.27%	123.36%	102.77%	109.75%	108.40%	77.47%	72.52%	85.32%	78.27%	67.42%	66.08%		109.07%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	133.48%	126.10%	147.96%	143.85%	212.47%	209.60%	228.51%	204.65%	226.42%	265.46%	282.99%	196.28%	164.71%	177.10%	175.44%	123.83%		211.03%	<-Median->	10	Paid Median Price
Cost covered if held 30 years				651.85%	388.96%	227.19%	209.94%	240.87%	230.57%	333.82%	327.90%	358.45%	323.37%	360.26%	423.50%	445.66%		325.63%	<-Median->	10	Paid Median Price
Cost covered if held 35 years									1032.38%	604.27%	351.68%	325.96%	376.79%	363.28%	527.44%	511.66%		376.79%	<-Median->	5	Paid Median Price
Cost covered if held 40 years														7294.32%	4014.63%	2177.53%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$25,142.0	$26,588.2	$28,268.3	$30,162.4	$30,478.1	$30,732.6	$30,752	<-12 mths	0.06%		22.24%	<-Total Growth	5	Revenue Growth	22.24%
AEPS Growth								$1.50	$2.20	$2.60	$2.80	$2.80	$2.75	$2.85	<-12 mths	3.64%		83.33%	<-Total Growth	5	AEPS Growth	83.33%
Net Income Growth								$387.3	$583.6	$701.5	$745.8	$686.0	$725.2	$688	<-12 mths	-5.13%		87.25%	<-Total Growth	5	Net Income Growth	87.25%
Cash Flow Growth								$885.6	$2,089.4	$1,859.6	$2,107.1	$1,605.3	$2,074.3					134.23%	<-Total Growth	5	Cash Flow Growth	134.23%
Dividend Growth								$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$0.80	<-12 mths	9.59%		65.91%	<-Total Growth	5	Dividend Growth	65.91%
Stock Price Growth								$29.80	$30.73	$38.66	$42.43	$36.38	$32.07	$34.97	<-12 mths	9.04%		7.62%	<-Total Growth	5	Stock Price Growth	7.62%
Revenue Growth			$20,993.0	$23,928.8	$24,618.8	$23,806.2	$24,214.6	$25,142.0	$26,588.2	$28,268.3	$30,162.4	$30,478.1	$30,732.6	$31,140	<-this year	1.33%		46.39%	<-Total Growth	10	Revenue Growth	46.39%
AEPS Growth			$1.63	$1.84	$1.50	$0.70	$1.28	$1.50	$2.20	$2.60	$2.80	$2.80	$2.75	$2.99	<-this year	8.73%		69.06%	<-Total Growth	10	AEPS Growth	69.06%
Net Income Growth			$235.4	$419.0	-$2,131.0	$158.5	$159.5	$387.3	$583.6	$701.5	$745.8	$686.0	$725.2	$757	<-this year	4.44%		208.07%	<-Total Growth	10	Net Income Growth	208.07%
Cash Flow Growth			$787.4	$1,160.5	$896.8	$708.5	$879.7	$885.6	$2,089.4	$1,859.6	$2,107.1	$1,605.3	$2,074.3	$2,004	<-this year	-3.41%		163.44%	<-Total Growth	10	Cash Flow Growth	163.44%
Dividend Growth			$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$0.80	<-this year	9.59%		110.58%	<-Total Growth	10	Dividend Growth	110.58%
Stock Price Growth			$22.88	$29.15	$21.24	$21.03	$24.83	$29.80	$30.73	$38.66	$42.43	$36.38	$32.07	$34.97	<-this year	9.04%		40.19%	<-Total Growth	10	Stock Price Growth	40.19%
Dividends on Shares				$15.12	$16.80	$17.22	$17.64	$18.48	$20.16	$21.00	$25.20	$27.72	$30.66	$33.60	$33.60	$33.60		$210.00	No of Years	10	Total Divs	12/31/13
Paid			$1,015.98	$1,226.82	$1,081.08	$660.24	$1,028.58	$1,210.86	$1,279.32	$1,461.18	$1,618.68	$1,497.72	$1,472.10	$1,468.74	$1,468.74	$1,468.74		$1,472.10	No of Years	10	Worth	$24.19
Total																		$1,682.10
Graham Number AEPS	$24.26	$28.05	$27.45	$29.91	$21.23	$14.54	$19.81	$22.30	$26.87	$31.05	$34.48	$35.32	$36.12	$37.66	$39.39	$0.00		31.60%	<-Total Growth	10	Graham Number AEPS
Price/GP Ratio Med	0.83	0.73	0.90	0.89	1.20	1.29	1.13	1.21	1.15	1.14	1.20	1.08	1.00	0.87	0.00	#DIV/0!		1.14	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.87	0.82	1.01	1.06	1.45	1.55	1.32	1.40	1.39	1.31	1.32	1.22	1.12	0.91	0.00	#DIV/0!		1.32	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.79	0.64	0.79	0.72	0.96	1.03	0.95	1.02	0.90	0.97	1.07	0.95	0.88	0.84	0.00	#DIV/0!		0.95	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.79	0.81	0.83	0.97	1.00	1.45	1.25	1.34	1.14	1.25	1.23	1.03	0.89	0.93	0.89	#DIV/0!		1.19	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-20.83%	-18.51%	-16.65%	-2.53%	0.06%	44.69%	25.33%	33.66%	14.37%	24.52%	23.07%	3.01%	-11.21%	-7.15%	-11.22%	#DIV/0!		18.72%	<-Median->	10	Graham Price
Graham Number ESP	$24.97	$27.83	$21.27	$27.12	$21.32	$13.23	$13.45	$21.69	$26.56	$31.05	$34.48	$34.29	$37.22	$37.66	$39.39	$0.00		75.00%	<-Total Growth	10	Graham Number EPS
Price/GP Ratio Med	0.81	0.73	1.16	0.98	1.20	1.42	1.67	1.24	1.16	1.14	1.20	1.12	0.97	0.87				1.18	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.84	0.82	1.30	1.17	1.44	1.71	1.94	1.43	1.41	1.31	1.32	1.26	1.09	0.91				1.37	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.77	0.64	1.02	0.80	0.95	1.13	1.39	1.05	0.91	0.97	1.07	0.97	0.85	0.84				0.97	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.77	0.82	1.08	1.07	1.00	1.59	1.85	1.37	1.16	1.25	1.23	1.06	0.86	0.93	0.89	#DIV/0!		1.19	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-23.08%	-17.86%	7.56%	7.48%	-0.38%	58.95%	84.60%	37.37%	15.70%	24.52%	23.07%	6.09%	-13.84%	-7.15%	-11.22%	#DIV/0!		19.38%	<-Median->	10	Graham Price
Month, Year	Dec-11	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
Price Close	$19.70	$19.65	$24.19	$29.21	$25.74	$15.72	$24.49	$28.83	$30.46	$34.79	$38.54	$35.66	$35.05	$34.97	$34.97	$34.97		44.89%	<-Total Growth	10	Stock Price
Increase	5.86%	-0.25%	23.10%	20.75%	-11.88%	-38.93%	55.79%	17.72%	5.65%	14.22%	10.78%	-7.47%	-1.71%	-0.23%	0.00%	0.00%		24.22	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	11.84	10.43	24.77	19.30	-3.31	27.10	41.51	20.30	14.17	13.38	13.76	13.51	12.00	11.70	10.69	#DIV/0!		3.98%	<-IRR #YR->	5	Stock Price	21.57%
Trailing P/E Ratio	10.90	11.81	12.84	29.91	17.01	-2.02	42.22	48.86	21.45	16.18	14.82	12.74	13.28	11.98	11.70	10.69		3.78%	<-IRR #YR->	10	Stock Price	44.89%
CAPE (10 Yr P/E)	16.80	16.80	16.80	16.80	16.80	16.80	16.80	16.80	49.26	45.17	40.34	38.40	31.64	27.89	14.28	#DIV/0!		5.87%	<-IRR #YR->	5	Price & Dividend	31.88%
Median 10, 5 Yrs		D.  per yr	1.71%	1.89%	% Tot Ret	29.11%	34.39%		T P/E	14.82	P/E:	13.97	13.51					5.49%	<-IRR #YR->	10	Price & Dividend	65.56%
Price 15		D.  per yr	1.77%		% Tot Ret	25.16%						CAPE Diff	15.14%					5.26%	<-IRR #YR->	15	Stock Price	115.69%
Price  20		D.  per yr	2.00%		% Tot Ret	22.08%												7.06%	<-IRR #YR->	20	Stock Price	291.62%
Price  25		D.  per yr	1.95%		% Tot Ret	20.02%												7.78%	<-IRR #YR->	25	Stock Price	551.49%
Price  30		D.  per yr	1.97%		% Tot Ret	18.40%												8.72%	<-IRR #YR->	30	Stock Price	551.49%
Price  35		D.  per yr	1.69%		% Tot Ret	17.20%												8.13%	<-IRR #YR->	35	Stock Price	551.49%
Price  40		D.  per yr	3.01%		% Tot Ret	20.87%												11.40%	<-IRR #YR->	39	Stock Price
Price & Dividend 15																		7.03%	<-IRR #YR->	15	Price & Dividend	155.57%
Price & Dividend 20																		9.07%	<-IRR #YR->	20	Price & Dividend	375.20%
Price & Dividend 25																		9.73%	<-IRR #YR->	25	Price & Dividend	698.29%
Price & Dividend 30																		10.69%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		9.82%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		14.41%	<-IRR #YR->	39	Price & Dividend
Price  5								-$28.83	$0.00	$0.00	$0.00	$0.00	$35.05								Price  5
Price 10			-$24.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.05								Price 10
Price & Dividend 5								-$28.83	$0.48	$0.50	$0.60	$0.66	$35.78								Price & Dividend 5
Price & Dividend 10			-$24.19	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$35.78								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	$35.05								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	$35.05								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.05								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.05								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.05								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.05								Price  40
Price & Dividend 15	$0.30	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$35.78								Price & Dividend 15
Price & Dividend 20	$0.30	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$35.78								Price & Dividend 20
Price & Dividend 25	$0.30	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$35.78								Price & Dividend 25
Price & Dividend 30	$0.30	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$35.78								Price & Dividend 30
Price & Dividend 35	$0.30	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$35.78								Price & Dividend 35
Price & Dividend 40	$0.30	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$35.78								Price & Dividend 40
Month, Year	Apr-12	Apr-13	Apr-14	Apr-15	Apr-16	Apr-17	Apr-18	Apr-19	Apr-20	Apr-21	Apr-22	Apr-23	Apr-24	Apr-25	Apr-26	Apr-27		40.00	<Count Years>		Month, Year
Pre-split 2002
Pre-split 2015	$57.62	$68.58	$68.63	$87.45
Price Close	$19.21	$22.86	$22.88	$29.15	$21.24	$21.03	$24.83	$29.80	$30.73	$38.66	$42.43	$36.38	$32.07	$34.97	$34.97	$34.97		40.19%	<-Total Growth	10	Stock Price
Increase	6.43%	19.02%	0.07%	27.42%	-27.14%	-0.99%	18.07%	20.02%	3.12%	25.81%	9.75%	-14.26%	-11.85%	9.04%	0.00%	0.00%		1.48%	<-IRR #YR->	5	Stock Price	40.19%
P/E Ratio	11.55	12.14	23.42	19.26	-2.73	36.26	42.08	20.99	14.29	14.87	15.15	13.78	10.98	11.70	10.69	#DIV/0!		3.44%	<-IRR #YR->	10	Stock Price	7.62%
Trailing P/E Ratio	10.63	13.74	12.15	29.85	14.04	-2.70	42.81	50.51	21.64	17.98	16.32	12.99	12.15	11.98	11.70	10.69		3.40%	<-IRR #YR->	5	Price & Dividend
Median 10, 5 Yrs		D.  per yr	1.92%	1.83%	% Tot Ret	56.52%	34.81%		T P/E	16.32	P/E:	15.01	14.29					5.27%	<-IRR #YR->	10	Price & Dividend
								-$29.80	$0.00	$0.00	$0.00	$0.00	$32.07
			-$22.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.07
								-$29.80	$0.48	$0.50	$0.60	$0.66	$32.80
			-$22.88	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$32.80
Price H/L Median	$20.12	$20.37	$24.71	$26.63	$25.57	$18.78	$22.45	$26.91	$30.83	$35.35	$41.27	$38.26	$36.10	$32.95				46.07%	<-Total Growth	10	Stock Price
Increase	9.60%	1.23%	21.35%	7.76%	-4.01%	-26.54%	19.52%	19.87%	14.57%	14.68%	16.73%	-7.29%	-5.63%	-8.73%				3.86%	<-IRR #YR->	10	Stock Price	46.07%
P/E Ratio	12.10	10.81	25.30	17.60	-3.29	32.38	38.04	18.95	14.34	13.60	14.74	14.49	12.36	11.02				6.06%	<-IRR #YR->	5	Stock Price	34.18%
Trailing P/E Ratio	11.14	12.24	13.12	27.27	16.89	-2.41	38.70	45.60	21.71	16.44	15.87	13.66	13.67	11.28				5.53%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	12.76	12.47	15.85	16.98	-73.32	-33.22	-27.24	-36.59	-50.70	24.08	21.58	16.48	13.77	11.81				8.00%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	15.42	14.39	17.34	17.97	46.15	37.14	55.47	65.30	64.17	63.16	61.28	51.07	38.27	30.20				12.36	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	1.67%	1.94%	% Tot Ret	30.15%	24.27%		T P/E	15.87	P/E:	14.61	14.34						Count	39	Years of data
			-$24.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.10
								-$26.91	$0.00	$0.00	$0.00	$0.00	$36.10
			-$24.71	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$36.83
								-$26.91	$0.48	$0.50	$0.60	$0.66	$36.83
High Months				Feb 15	Aug 15	Jun 16	Dec 17	Feb 19	Aug 20	Apr 21	Apr 22	May 22	Nov 23	May 24
Pre-split 2002
Pre-split 2015	$62.99	$68.63	$83.24	$94.79
Price High	$21.00	$22.88	$27.75	$31.60	$30.79	$22.56	$26.15	$31.11	$37.36	$40.54	$45.64	$43.11	$40.53	$34.19				46.07%	<-Total Growth	10	Stock Price
Increase	6.55%	8.95%	21.29%	13.88%	-2.55%	-26.73%	15.91%	18.97%	20.09%	8.51%	12.58%	-5.54%	-5.98%	-15.64%				3.86%	<-IRR #YR->	10	Stock Price	46.07%
P/E Ratio	12.62	12.15	28.41	20.88	-3.96	38.90	44.32	21.91	17.38	15.59	16.30	16.33	13.88	11.43				5.43%	<-IRR #YR->	5	Stock Price	30.28%
Trailing P/E Ratio	11.62	13.75	14.73	32.35	20.35	-2.90	45.09	52.73	26.31	18.86	17.55	15.40	15.35	11.71				14.18	P/E Ratio		Historical Median
Median 10, 5 Yrs									T P/E	17.55	P/E:	16.85	16.30					23.20	P/E Ratio		Historical High
			-$27.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.53
								-$31.11	$0.00	$0.00	$0.00	$0.00	$40.53
Low Months				Jun 14	Apr 16	Dec 16	Jun 17	Oct 18	Mar 20	Jun 20	Dec 21	Oct 22	Apr 24	Jun 24
Pre-split 2002
Pre-split 2015	$57.72	$53.56	$65.04	$65.00
Price Low	$19.24	$17.85	$21.68	$21.67	$20.34	$15.00	$18.74	$22.70	$24.29	$30.16	$36.89	$33.40	$31.67	$31.71				46.08%	<-Total Growth	10	Stock Price
Increase	13.13%	-7.21%	21.43%	-0.06%	-6.12%	-26.25%	24.93%	21.13%	7.00%	24.17%	22.31%	-9.46%	-5.18%	0.13%				3.86%	<-IRR #YR->	10	Stock Price	46.08%
P/E Ratio	11.57	9.48	22.20	14.32	-2.61	25.86	31.76	15.99	11.30	11.60	13.18	12.65	10.85	10.61				6.89%	<-IRR #YR->	5	Stock Price	39.52%
Trailing P/E Ratio	10.65	10.73	11.51	22.18	13.44	-1.93	32.31	38.47	17.11	14.03	14.19	11.93	12.00	10.86				10.96	P/E Ratio		Historical Median
Median 10, 5 Yrs									T P/E	14.03	P/E:	12.91	11.60					7.39	P/E Ratio		Historical Low
			-$21.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.67
								-$22.70	$0.00	$0.00	$0.00	$0.00	$31.67
												$797	<-12 mths	-39.95%
Free Cash Flow	$196	$237	$204	$621	$225	$194	$592	$451	$1,465	$1,201	$1,327	$848	$1,276	$494	$609			525.49%	<-Total Growth	10	Free Cash Flow
Change	11.36%	20.92%	-13.92%	204.41%	-63.77%	-13.78%	205.15%	-23.82%	224.83%	-18.02%	10.49%	-36.10%	50.47%	-61.29%	23.28%			23.12%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio	0.24	0.30	0.26	0.54	0.25	0.27	0.67	0.51	0.70	0.65	0.63	0.53	0.62	0.25	#DIV/0!			20.12%	<-IRR #YR->	10	Free Cash Flow MS
Dividends paid	$61.1	$65.2	$83.3	$99.7	$109	$111	$114.0	$119.5	$129.7	$139.4	$156.8	$170.2	$181.7	$202.6	$202.6			118.13%	<-Total Growth	10	Dividends paid
Percentage paid	31.17%	27.51%	40.83%	16.06%	48.44%	57.22%	19.26%	26.50%	8.85%	11.61%	11.82%	20.07%	14.24%	41.02%	33.27%			$0.18	<-Median->	10	Percentage paid
5 Year Covrage				25.36%	28.21%	31.62%	28.16%	26.56%	19.92%	15.72%	13.09%	13.52%	12.72%	16.53%	20.07%						5 Year Covrage
Dividend Coverage Ratio	3.21	3.63	2.45	6.23	2.06	1.75	5.19	3.77	11.30	8.62	8.46	4.98	7.02	2.44	3.01			5.71	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				3.94	3.55	3.16	3.55	3.77	5.02	6.36	7.64	7.40	7.86	6.05	4.98						5 Year of Coverage
								-$451	$0	$0	$0	$0	$1,276
			-$204	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,276
Market Cap	$3,915.2	$4,659.9	$6,335.3	$8,074.6	$5,770.4	$5,713.3	$6,746.0	$8,099.6	$8,269.7	$10,259.2	$11,263.5	$9,556.1	$8,123.4	$8,858.0	$8,858.0	$8,858.0		28.23%	<-Total Growth	10	Market Cap
Pre-split 2002
Pre-split 2015	68.060	68.083	80.2	92.4
Diluted # of Shares in Million	204.180	204.250	240.6	277.2	274.0	272.0	272.1	272.6	271.4	269.3	266.2	259.4	248.4	248.4				3.24%	<-Total Growth	10	Diluted
Change	-0.23%	0.03%	17.80%	15.21%	-1.15%	-0.73%	0.04%	0.18%	-0.44%	-0.78%	-1.16%	-2.55%	-4.24%	0.00%				-0.75%	<-Median->	10	Change
Difference Diluted/Basic	-0.16%	-0.20%	-0.19%	-0.08%	-0.04%	-0.04%	-0.11%	-0.26%	-0.37%	-0.36%	-0.38%	-0.23%	-0.16%	-0.16%				-0.20%	<-Median->	10	Difference Diluted/Basic
Pre-split 2002
Pre-split 2015	67.949	67.949	80.049	92.3
Basic # of Shares in Millions	203.846	203.846	240.148	276.988	273.9	271.9	271.8	271.9	270.4	268.3	265.2	258.8	248.0	248.0				3.27%	<-Total Growth	10	Basic	Earnings per
Change	-0.29%	0.00%	17.81%	15.34%	-1.11%	-0.73%	-0.04%	0.04%	-0.55%	-0.77%	-1.18%	-2.40%	-4.17%	0.00%				-0.75%	<-Median->	10	Change	Share notes
Difference Basic/Outstanding	0.00%	0.00%	15.32%	0.00%	-0.81%	-0.08%	-0.04%	-0.04%	-0.48%	-1.10%	0.11%	1.50%	2.14%	2.14%				-0.04%	<-Median->	10	Difference Basic/Outstanding
Pre-split 2002
Pre-split 2015
Using Operational Cash Flow
Pre-split 2002
Pre-split 2002
# of Share in Millions
Pre-split 2015	33.688	33.688	58.049	59.621
Pre-split 2015	34.261	34.261	34.261	32.713
# of Share in Millions	67.949	67.949	92.310	92.333
Non-Voting Class A	101.063	101.063	174.148	178.862	173.538	173.538	173.548	173.661	170.971	167.232	167.323	164.536	155.165	155.165	155.165	155.165		-10.90%	<-Total Growth	10	Non-Voting Class A
Class B Common	102.782	102.782	102.782	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138		-4.52%	<-Total Growth	10	Class B Common
# of Share in Millions	203.846	203.846	276.931	277.000	271.676	271.676	271.686	271.800	269.109	265.370	265.461	262.674	253.303	253.303	253.303	253.303		-0.89%	<-IRR #YR->	10	Shares	-8.53%
Change	0.00%	0.00%	35.85%	0.03%	-1.92%	0.00%	0.00%	0.04%	-0.99%	-1.39%	0.03%	-1.05%	-3.57%	0.00%	0.00%	0.00%		-1.40%	<-IRR #YR->	5	Shares	-6.81%
Cash Flow from Operations $M	$814.6	$788.1	$787.4	$1,160.5	$896.8	$708.5	$879.7	$885.6	$2,089.4	$1,859.6	$2,107.1	$1,605.3	$2,074.3	$2,003.6				163.44%	<-Total Growth	10	Cash Flow
Increase	18.64%	-3.25%	-0.09%	47.38%	-22.72%	-21.00%	24.16%	0.67%	135.93%	-11.00%	13.31%	-23.81%	29.22%	-3.41%				Conv B to A	Share Issues, SO		Buy Backs
5 year Running Average	$717.4	$746.3	$772.2	$847	$889	$868	$887	$906	$1,092	$1,285	$1,564	$1,709	$1,947	$1,930.0				152.17%	<-Total Growth	10	CF 5 Yr Running
CFPS	$4.00	$3.87	$2.84	$4.19	$3.30	$2.61	$3.24	$3.26	$7.76	$7.01	$7.94	$6.11	$8.19	$7.91				188.01%	<-Total Growth	10	Cash Flow per Share
Increase	18.64%	-3.25%	-26.46%	47.35%	-21.21%	-21.00%	24.16%	0.63%	138.29%	-9.74%	13.27%	-23.01%	34.00%	-3.41%				10.17%	<-IRR #YR->	10	Cash Flow	163.44%
5 year Running Average	$3.53	$3.65	$3.58	$3.65	$3.64	$3.36	$3.24	$3.32	$4.03	$4.78	$5.84	$6.42	$7.40	$7.43				18.56%	<-IRR #YR->	5	Cash Flow	134.23%
P/CF on Med Price	5.03	5.27	8.69	6.36	7.74	7.20	6.93	8.26	3.97	5.04	5.20	6.26	4.41	4.17				11.16%	<-IRR #YR->	10	Cash Flow per Share	188.01%
P/CF on Closing Price	4.81	5.91	8.05	6.96	6.43	8.06	7.67	9.15	3.96	5.52	5.35	5.95	3.92	4.42				20.24%	<-IRR #YR->	5	Cash Flow per Share	151.33%
															-29.92%	Diff M/C		7.54%	<-IRR #YR->	10	CFPS 5 yr Running	106.85%
Excl.Working Capital CF	$44.9	$153.9	$173.2	$105.9	$248.8	$97.9	-$10.4	$55.7	-$236.4	$279.5	$159.4	$627.8	$184.3	$0.0				17.40%	<-IRR #YR->	5	CFPS 5 yr Running	123.02%
CF fr Op $M WC	$859.5	$942.0	$960.6	$1,266.4	$1,145.6	$806.4	$869.3	$941.3	$1,853.0	$2,139.1	$2,266.5	$2,233.1	$2,258.6	$2,003.6				135.12%	<-Total Growth	10	Cash Flow less WC
Increase	26.73%	9.60%	1.97%	31.83%	-9.54%	-29.61%	7.80%	8.28%	96.86%	15.44%	5.96%	-1.47%	1.14%	-11.29%				8.93%	<-IRR #YR->	10	Cash Flow less WC	135.12%
5 year Running Average	$695.8	$750.3	$820.0	$941.3	$1,034.8	$1,024.2	$1,009.7	$1,005.8	$1,123.1	$1,321.8	$1,613.8	$1,886.6	$2,150.1	$2,180.2				19.13%	<-IRR #YR->	5	Cash Flow less WC	139.94%
CFPS Excl. WC	$4.22	$4.62	$3.47	$4.57	$4.22	$2.97	$3.20	$3.46	$6.89	$8.06	$8.54	$8.50	$8.92	$7.91				10.12%	<-IRR #YR->	10	CF less WC 5 Yr Run	162.20%
Increase	26.73%	9.60%	-24.94%	31.80%	-7.77%	-29.61%	7.80%	8.24%	98.82%	17.07%	5.92%	-0.43%	4.88%	-11.29%				16.41%	<-IRR #YR->	5	CF less WC 5 Yr Run	113.77%
5 year Running Average	$3.43	$3.67	$3.77	$4.04	$4.22	$3.97	$3.69	$3.68	$4.15	$4.92	$6.03	$7.09	$8.18	$8.39				9.90%	<-IRR #YR->	10	CFPS - Less WC	157.06%
P/CF on Median Price	4.77	4.41	7.12	5.83	6.06	6.33	7.01	7.77	4.48	4.39	4.83	4.50	4.05	4.17				20.82%	<-IRR #YR->	5	CFPS - Less WC	157.47%
P/CF on Closing Price	4.56	4.95	6.60	6.38	5.04	7.09	7.76	8.60	4.46	4.80	4.97	4.28	3.60	4.42				8.06%	<-IRR #YR->	10	CFPS 5 yr Running	117.04%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	6.31	5 yr	5.04	P/CF Med	10 yr	5.33	5 yr	4.48		-17.04%	Diff M/C		17.30%	<-IRR #YR->	5	CFPS 5 yr Running	122.06%
			-276.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	253.3								Shares
								-271.8	0.0	0.0	0.0	0.0	253.3								Shares
			-$787.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,074.3								Cash Flow
								-$885.6	$0.0	$0.0	$0.0	$0.0	$2,074.3								Cash Flow
			-$2.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.19								Cash Flow per Share
								-$3.26	$0.00	$0.00	$0.00	$0.00	$8.19								Cash Flow per Share
			-$3.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.40								CFPS 5 yr Running
								-$3.32	$0.00	$0.00	$0.00	$0.00	$7.40								CFPS 5 yr Running
			-$960.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,258.6								Cash Flow less WC
								-$941.3	$0.0	$0.0	$0.0	$0.0	$2,258.6								Cash Flow less WC
			-$820.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,150.1								CF less WC 5 Yr Run
								-$1,005.8	$0.0	$0.0	$0.0	$0.0	$2,150.1								CF less WC 5 Yr Run
			-$3.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.92								CFPS - Less WC
								-$3.46	$0.00	$0.00	$0.00	$0.00	$8.92								CFPS - Less WC
			-$3.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.18								CFPS 5 yr Running
								-$3.68	$0.00	$0.00	$0.00	$0.00	$8.18								CFPS 5 yr Running
Net Chge in Non-Cash WC	$86.20	-$67.40	$38.40	-$15.70	-$132.20	$0.50	$88.10	$16.50	$279.3	-$80.9	-$46.8	-$307.4	-$78.30
Income Taxes Paid, Net	-$131.10	-$86.50	-$211.60	-$90.20	-$116.60	-$98.40	-$77.70	-$72.20	-$42.9	-$198.6	-$112.6	-$320.4	-$106.00
Net change in other current items
Restructuring charges
Sum	-$44.90	-$153.90	-$173.20	-$105.90	-$248.80	-$97.90	$10.40	-$55.70	$236.4	-$279.5	-$159.4	-$627.8	-$184.3
Google-->TD 2017					-$248.80	-$97.90	$10	-$56	$236	-$280	-$159	-$628
Difference					$0.00	$0.00	$0	$0	$0	$1	$0	$0	-$184
OPM Ratio	5.01%	4.47%	3.75%	4.85%	3.64%	2.98%	3.63%	3.52%	7.86%	6.58%	6.99%	5.27%	6.75%	6.43%				79.95%	<-Total Growth	10	OPM
Increase	17.04%	-10.74%	-16.18%	29.30%	-24.89%	-18.30%	22.07%	-3.04%	123.10%	-16.29%	6.19%	-24.60%	28.15%	-4.67%					Should increase		or be stable.
Diff from Median	-0.9%	-11.5%	-25.9%	-4.1%	-28.0%	-41.2%	-28.2%	-30.4%	55.4%	30.0%	38.1%	4.1%	33.4%	27.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	5.06%	5 Yrs	6.75%					should be	zero, it is a		check on calculations
														$2,340	<-12 mths	0.50%
Adjusted EBITDA		$942.9	$1,055.6	$1,327.9	$1,164.4	$796.9	$1,014.7	$1,076.2	$1,892.4	$2,143.8	$2,330.8	$2,322.1	$2,327.8	$2,409	$2,497			120.52%	<-Total Growth	10	Adjusted EBITDA
Change		#DIV/0!	11.95%	25.80%	-12.31%	-31.56%	27.33%	6.06%	75.84%	13.28%	8.72%	-0.37%	0.25%	3.49%	3.65%			7.39%	<-Median->	10	Change
Margin		5.35%	5.03%	5.55%	4.73%	3.35%	4.19%	4.28%	7.12%	7.58%	7.73%	7.62%	7.57%	7.74%	7.80%			6.33%	<-Median->	10	Margin
Long Term Debt	889.1	915.9	$3,279.9	$2,284.1	$2,352.9	$1,870.8	$1,139.5	$1,984.4	$1,871.7	$1,178.8	$595.7	$911.3	$981.9	$981.9				-234.04%	<-Total Growth	10	Debt	Type
Change	-18.45%	3.01%	258.11%	-30.36%	3.01%	-20.49%	-39.09%	74.15%	-5.68%	-37.02%	-49.47%	52.98%	7.75%	0.00%				-13.08%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.23	0.20	0.52	0.28	0.41	0.33	0.17	0.24	0.23	0.11	0.05	0.10	0.12	0.11				0.20	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Deposits/Total Debt Ratio	3.43	3.71	4.77	4.62	3.35	3.49	2.92	3.58	3.60	4.35	3.91	3.89	4.31	4.35				3.75	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)	1.09	1.16	4.17	1.97	2.62	2.64	1.30	2.24	0.90	0.63	0.28	0.57	0.47	0.49				1.10	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$461.8	$490.5	$950.8	$943.0	$911.5	$880.5	$842.0	$1,062.0	$968.8	$976.0	$1,338.5	$1,375.6	$1,348.4	$1,348.4				41.82%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$1,302.1	$1,310.4	$4,134.0	$3,799.2	$962.2	$1,003.4	$101.9	$1,571.5	$1,573.7	$1,577.8	$2,059.0	$2,067.8	$2,064.2	$2,064.2				-100.27%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$1,763.9	$1,800.9	$5,084.8	$4,742.2	$1,873.7	$1,883.9	$943.9	$2,633.5	$2,542.5	$2,553.8	$3,397.5	$3,443.4	$3,412.6	$3,412.6				49.00%	<-Total Growth	10	Total
Change	8.08%	2.10%	182.35%	-6.74%	-60.49%	0.54%	-49.90%	179.00%	-3.46%	0.44%	33.04%	1.35%	-0.89%	0.00%				-0.23%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.45	0.39	0.80	0.59	0.32	0.33	0.14	0.33	0.31	0.25	0.30	0.36	0.42	0.39				0.32	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,891.1	$1,960.4	$2,605.2	$2,275.9	$2,604.1	$2,166.5	$2,496.0	$2,636.5	$3,255.5	$3,193.5	$3,212.7	$2,955.0	$3,103.6	$3,103.6				Liquidity ratio of 1.5 and up, best			Quick Ratio
Current Liabilities	$2,018.3	$1,925.2	$2,567.4	$2,482.7	$2,710.6	$2,490.7	$2,962.3	$2,681.3	$4,060.2	$3,488.2	$4,239.7	$4,239.7	$3,891.3	$3,857.5				0.86	<-Median->	10	Ratio
Liquidity Ratio	0.94	1.02	1.01	0.92	0.96	0.87	0.84	0.98	0.80	0.92	0.76	0.70	0.80	0.80				0.80	<-Median->	5	Ratio
Liq. with CF aft div	1.31	1.39	1.28	1.34	1.25	1.11	1.10	1.27	1.28	1.41	1.22	1.03	1.28	1.27				1.28	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.95	1.08	0.44	1.34	1.02	1.09	0.97	0.90	1.18	1.23	1.01	0.89	1.11	1.27				1.11	<-Median->	5	Ratio
Curr Long Term Debt	$237.3	$47.6	$218.0	$53.9	$341.4	$341.4	$527.4	$36.5	$36.5	$46.5	$581.0	$581.0	$113.5	$101.0
Liquidity Less CLTD	1.06	1.04	1.11	0.94	1.10	1.01	1.03	1.00	0.81	0.93	0.88	0.81	0.82	0.83				0.82	<-Median->	5	Ratio
Liq. with CF aft div	1.48	1.43	1.40	1.37	1.43	1.29	1.34	1.29	1.30	1.43	1.41	1.20	1.32	1.31				1.32	<-Median->	5	Ratio
Assets	$6,913.1	$7,140.1	$12,238.0	$11,473.4	$9,087.5	$8,695.5	$8,662.0	$9,602.4	$14,632.9	$15,173.9	$16,593.6	$16,483.7	$16,790.3	$16,790.3				Debt Ratio of 1.5 and up, best			Current Ratio
Liabilities	$3,481.7	$3,382.6	$6,496.5	$5,436.5	$5,407.4	$4,992.8	$4,892.2	$5,519.4	$10,619.0	$10,675.9	$11,459.7	$11,147.0	$11,321.7	$11,321.7				1.58	<-Median->	10	Ratio
Debt Ratio	1.99	2.11	1.88	2.11	1.68	1.74	1.77	1.74	1.38	1.42	1.45	1.48	1.48	1.48				1.45	<-Median->	5	Ratio
Total Book Value	$3,431.4	$3,757.5	$5,741.5	$6,036.9	$3,680.1	$3,702.7	$3,769.8	$4,083.0	$4,013.9	$4,498.0	$5,133.9	$5,336.7	$5,468.6	$5,468.6
Preferred Shares	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0
NCI	$35.1	$31.3	$41.0	$53.1	$53.1	$58.5	$67.0	$79.7	$89.3	$125.3	$125.3	$136.3	$127.5	$127.5
Book Value	$3,396.3	$3,726.2	$5,700.5	$5,983.8	$3,627.0	$3,644.2	$3,702.8	$4,003.3	$3,924.6	$4,372.7	$5,008.6	$5,200.4	$5,341.1	$5,341.1	$5,341.1	$5,341.1		-6.30%	<-Total Growth	10	Book Value
Book Value per share	$16.66	$18.28	$20.58	$21.60	$13.35	$13.41	$13.63	$14.73	$14.58	$16.48	$18.87	$19.80	$21.09	$21.09	$21.09	$21.09		2.44%	<-Total Growth	10	Book Value per Share
Change	4.67%	9.71%	12.61%	4.94%	-38.20%	0.47%	1.60%	8.07%	-0.99%	12.99%	14.50%	4.93%	6.51%	0.00%	0.00%	0.00%		26.88%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.21	1.11	1.20	1.23	1.91	1.40	1.65	1.83	2.11	2.15	2.19	1.93	1.71	1.56	0.00	0.00		1.31	P/B Ratio		Historical Median
P/B Ratio (Close)	1.15	1.25	1.11	1.35	1.59	1.57	1.82	2.02	2.11	2.35	2.25	1.84	1.52	1.66	1.66	1.66		0.24%	<-IRR #YR->	10	Book Value per Share	2.44%
Change	1.68%	8.48%	-11.13%	21.42%	17.90%	-1.46%	16.21%	11.05%	4.15%	11.34%	-4.15%	-18.29%	-17.23%	9.04%	0.00%	0.00%		7.44%	<-IRR #YR->	5	Book Value per Share	43.16%
Leverage (A/BK)	2.04	1.92	2.15	1.92	2.51	2.39	2.34	2.40	3.73	3.47	3.31	3.17	3.14	3.14				3.31	<-Median->	5	A/BV
Debt/Equity Ratio	1.03	0.91	1.14	0.91	1.49	1.37	1.32	1.38	2.71	2.44	2.29	2.14	2.12	2.12				2.29	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	1.87	5 yr Med	2.11		-11.35%	Diff M/C		2.74	Historical		Leverage (A/BK)
			-$20.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$21.09
								-$14.73	$0.00	$0.00	$0.00	$0.00	$21.09
Comprehensive Income	$310.8	$403.6	$282.4	$396.9	-$2,103.7	$153.5	$190.2	$466.7	$593.1	$793.9	$856.8	$739.0	$762.4					169.97%	<-Total Growth	10	Comprehensive Income
NCI	$12.7	$9.1	$8.0	$17.9	$16.4	$14.0	$20.3	$29.1	$29.3	$62.7	$65.5	$41.7	$37.4								NCI
Preferred Shares (or Both)	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0								Preferred Shares (or Both)
Shareholders	$298.1	$394.5	$274.4	$379.0	-$2,120.1	$139.5	$169.9	$437.6	$563.8	$731.2	$791.3	$697.3	$725.0					164.21%	<-Total Growth	10	Shareholders
Increase	-20.97%	32.34%	-30.44%	38.12%	-659.39%	106.58%	21.79%	157.56%	28.84%	29.69%	8.22%	-11.88%	3.97%					8.22%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$290.7	$326.0	$333.3	$344.6	-$154.8	-$186.5	-$231.5	-$198.8	-$161.9	$408.4	$538.8	$644.2	$701.7					10.20%	<-IRR #YR->	10	Comprehensive Income	164.21%
ROE	8.8%	10.6%	4.8%	6.3%	-58.5%	3.8%	4.6%	10.9%	14.4%	16.7%	15.8%	13.4%	13.6%					10.62%	<-IRR #YR->	5	Comprehensive Income	65.68%
5Yr Median	9.2%	10.6%	10.6%	8.8%	6.3%	4.8%	4.6%	4.6%	4.6%	10.9%	14.4%	14.4%	14.4%					7.73%	<-IRR #YR->	10	5 Yr Running Average	110.54%
% Difference from NI	-12.17%	2.52%	16.57%	-9.55%	0.51%	-11.99%	6.52%	12.99%	-3.38%	4.23%	6.10%	1.65%	-0.03%					#NUM!	<-IRR #YR->	5	5 Yr Running Average	452.94%
Median Values										Diff	5, 10 yr	1.1%	1.6%					14.4%	<-Median->	5	Return on Equity
			-$274.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$725.0
								-$437.6	$0.0	$0.0	$0.0	$0.0	$725.0
			-$333.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$701.7
								$198.8	$0.0	$0.0	$0.0	$0.0	$701.7
Current Liability Coverage Ratio	0.40	0.41	0.31	0.47	0.33	0.28	0.30	0.33	0.51	0.53	0.50	0.38	0.53	0.52							CFO / Current Liabilities
5 year Median	0.39	0.39	0.38	0.40	0.40	0.33	0.31	0.33	0.33	0.33	0.50	0.50	0.51	0.52				0.51	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	11.78%	11.04%	6.43%	10.11%	9.87%	8.15%	10.16%	9.22%	14.28%	12.26%	12.70%	9.74%	12.35%	11.93%							CFO / Total Assets
5 year Median	11.28%	11.16%	11.04%	10.47%	10.11%	9.87%	9.87%	9.87%	9.87%	10.16%	12.26%	12.26%	12.35%	12.26%				12.4%	<-Median->	5	Return on Assets
Return on Assets ROA	4.91%	5.39%	1.92%	3.65%	-23.45%	1.82%	1.84%	4.03%	3.99%	4.62%	4.49%	4.16%	4.32%	4.51%				Net	Income/Assets		Return on Assets
5Yr Median	4.91%	4.91%	4.91%	4.91%	3.65%	1.92%	1.84%	1.84%	1.84%	3.99%	4.03%	4.16%	4.32%	4.49%				4.3%	<-Median->	5	Return on Assets
Return on Equity ROE	9.99%	10.33%	4.13%	7.00%	-58.75%	4.35%	4.31%	9.67%	14.87%	16.04%	14.89%	13.19%	13.58%	14.18%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	10.24%	10.24%	10.24%	9.99%	7.00%	4.35%	4.31%	4.35%	4.35%	9.67%	14.87%	14.87%	14.87%	14.18%				14.9%	<-Median->	5	Return on Equity
														$688	<-12 mths	-5.13%			Estimates		last 12 months from Qtr.
Net Income	$352.1	$393.9	$243.4	$436.9	-$2,114.6	$172.5	$179.8	$416.4	$612.9	$764.2	$811.3	$727.7	$762.6					213.31%	<-Total Growth	10	Net Income
NCI	$12.7	$9.1	$8.0	$17.9	$16.4	$14.0	$20.3	$29.1	$29.3	$62.7	$65.5	$41.7	$37.4								NCI
Preferred Shares (or Both)	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0								Preferred Shares (or Both)
Shareholders	$339.4	$384.8	$235.4	$419.0	-$2,131.0	$158.5	$159.5	$387.3	$583.6	$701.5	$745.8	$686.0	$725.2	$757	$828			208.07%	<-Total Growth	10	Shareholders
Increase	-8.15%	13.38%	-38.83%	77.99%	-608.59%	107.44%	0.63%	142.82%	50.67%	20.21%	6.32%	-8.02%	5.71%	$20.3	$20.3			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$318.5	$332.3	$326.2	$350	-$150	-$187	-$232	-$201	-$168	$398	$516	$621	$688	$0.0	$0.0			11.91%	<-IRR #YR->	10	Net Income	208.07%
Operating Cash Flow	$814.6	$788.1	$787.4	$1,160.5	$896.8	$708.5	$879.7	$885.6	$2,089.4	$1,859.6	$2,107.1	$1,605.3	$2,074.3					13.37%	<-IRR #YR->	5	Net Income	87.25%
Investment Cash Flow	-$768.3	-$555.3	-$4,867.7	$146.6	-$622.6	-$35.7	-$394.0	-$1,094.0	-$376.3	-$502.3	-$891.4	-$684.7	-$608.5					7.75%	<-IRR #YR->	10	5 Yr Running Average	111.04%
Total Accruals	$293.1	$152.0	$4,315.7	-$888.1	-$2,405.2	-$514.3	-$326.2	$595.7	-$1,129.6	-$655.8	-$469.9	-$234.6	-$740.6					#NUM!	<-IRR #YR->	5	5 Yr Running Average	441.91%
Total Assets	$6,913.1	$7,140.1	$12,238.0	$11,473.4	$9,087.5	$8,695.5	$8,662.0	$9,602.4	$14,632.9	$15,173.9	$16,593.6	$16,483.7	$16,790.3						Balance Sheet		Assets
Accruals Ratio	4.24%	2.13%	35.26%	-7.74%	-26.47%	-5.91%	-3.77%	6.20%	-7.72%	-4.32%	-2.83%	-1.42%	-4.41%					-4.32%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.39	0.41	0.28	0.33	-1.85	0.20	0.18	0.41	0.31	0.32	0.33	0.31	0.33					0.32	<-Median->	10	EPS/CF Ratio
			-$235.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$725.2
								-$387.3	$0.0	$0.0	$0.0	$0.0	$725.2
			-$326.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$688.4
								$201.3	$0.0	$0.0	$0.0	$0.0	$688.4
Change in Close	6.43%	19.02%	0.07%	27.42%	-27.14%	-0.99%	18.07%	20.02%	3.12%	25.81%	9.75%	-14.26%	-11.85%	9.04%	0.00%	0.00%			count	34	Change in Close
up/down				down	up	up	down		down	up									count	7
Meet Prediction?										yes								% right	count	2	28.57%
Financial Cash Flow	$152.0	-$287.8	$4,054.4	-$1,440.5	-$305.4	-$730.2	-$419.7	$133.8	-$1,258.0	-$1,475.2	-$1,293.9	-$1,511.6	-$1,427.5						C F Statement		Financial Cash Flow
Total Accruals	$141.1	$439.8	$261.3	$552.4	-$2,099.8	$215.9	$93.5	$461.9	$128.5	$819.4	$824.0	$1,277.0	$686.9								Accruals
Accruals Ratio	2.04%	6.16%	2.14%	4.81%	-23.11%	2.48%	1.08%	4.81%	0.88%	5.40%	4.97%	7.75%	4.09%					4.97%	<-Median->	5	Ratio
Cash	$510.2	$455.2	$429.3	$295.9	$264.7	$207.3	$627.9	$553.3	$1,008.4	$890.5	$812.3	$221.3	$259.6	$259.6							Cash
Cash per Share	$2.50	$2.23	$1.55	$1.07	$0.97	$0.76	$2.31	$2.04	$3.75	$3.36	$3.06	$0.84	$1.02	$1.02				$3.06	<-Median->	5	Cash per Share
Percentage of Stock Price	13.03%	9.77%	6.78%	3.66%	4.59%	3.63%	9.31%	6.83%	12.19%	8.68%	7.21%	2.32%	3.20%	2.93%				7.21%	<-Median->	5	% of Stock Price
Notes
June 23, 2024.  Last estimates were for 2024 and 2025 of $31098M, $31964M Revenue, $3.07, $3.37 AEPS, $3.03, $3.33 EPS, $0.73, $0.80 Dividend,
$458M, $492M FCF, $7.22, $7.91 CFPS, $796M, $875M Net Income.
June 24, 2023.  Last estimates were for 2023, and 2024 of $30742M, $31382M for Revenue, $3.06, $3.32 for EPS, $0.66 and $0.72 for Dividends,
$420M and $582M for FCF, $6.96 and $6.96 for CFPS.
June 26, 2022.  Last estimates were for 2022 and 2023 of $29536M and $30173M for Revenue, $2.72 and $3.09 for EPS,
$0.59 and $0.64 for Dividends $429M and $627M for FCF, and $6.23 and $6.97 for CFPS.
June 26, 2021.  Last estimates were for 2021 and 2022 of $27149M and $27166M for Revenue, $2.36 and $2.39 for Adj EPS,
$2.26 and $2.45 fopr EPS, $0.52 and $0.56 for Dividends, $359M and $513M for FCF, $5.30 and $5.52 for CFPS./td>
June 26, 2020.  Last estimates were for 2020 and 2021 of $26193M and $26761M for Revnue $2.07 and 2.17 for Adjusted EPS,
$2.08 $2.27 and $2.45 for EPS for 2020, 2021 and 2023, $0.48 and $0.48 for Div, $3.60 and $3.86 for CFPS.
July 7, 2019.  Last estimates were for 2019, 2020 and 2121 of $24507M, $24926M and $25556M for Revenue, $1.52 and 1.91 for Adjusted EPS for 2019 and 2020,
$1.56, 1.88 and 2.17 for EPS, $3.28, $3.23 and $3.51 for CFPS, and $413M and $521M for Net Income for 2019 and 2020.
July 7, 2018.  Last estates were for 2018, 2019 and 2020 of $24159M, $24693M and $25244M for Revenue, $0.86, $1.30 and $1.79 for Adjust Net EPS,
$0.28 and $1.15 for EPS for 2018 and 2019, $1.95 and $3.97 for CFPS for 2018 and 2019
July 4, 2017.  Last estimates were for 2017, 2018 and 2019 of $24422M, $24892M and $25624M for Revenue, $1.38 and $1.47 for Adjusted EPS for 2017 and 2018,
July 2, 2016.  Last estimates were for 2016, 2017 and 2018 of $24288M, $24634M and $25087M for Revenue, $-3.94, $1.59 and $1.88 for EPS, $3.30, $3.48 and $3.80 for CFPS
April 31, 2016.  I have started to follow this stock and did the spreadsheet.
Thgere are two types of shares, Class A non-voting and Class B common or voting shares.
They have been increasing their dividends since 1995.
Sector:
Conssumer Staple, Consumer
What should this stock accomplish?
Low dividend yield and moderate to good dividend growth.
Would I buy this company and Why.
This is a dividend growth stock with a low dividend and moderate dividend increases.
This is the sort of company I like to buy.
Why am I following this stock.
I have known about this stock for some time before I decided to follow it.  This stock has a financial year ending in end of April or first of May each year.
Dividends
Dividends are paid in Cycle 1 in July, October, January and April.  Dividends are declared for a record date and payment date of the following month.
For exaple, the dividend payable on April 30, 2015 was Declared on 12 March 2015 for sharesholders of record of 15 April 2015.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
Empire Co Ltd key businesses are food retailing, investments, and other operations. The food retailing division owns, affiliates, or franchises more than 1,500 stores in 10 provinces,
under retail banners including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Lawton's Drug Stores, and multiple retail fuel locations. The company's investment and
other operations segment include the investment in Crombie REIT, Genstar Development Partnership.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Jul 4	2017	Jul 7	2018	Jul 7	2019	Jun 26	2020	Jun 26	2021	Jun 26	2022	Jun 24	2023			Jun 23	2024
Medline, Michael Bennett		0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%	B	Nominal 1 share Cl B	0.00%
CEO - Shares - Amount			$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000	B
Shares-percentage		0.030	0.02%	0.048	0.03%	0.081	0.05%	0.081	0.05%	0.109	0.06%	0.116	0.07%	0.126	0.08%			0.160	0.10%	A		26.24%
Shares - Amount			$0.745		$1.424		$2.478		$3.117		$4.610		$4.208		$4.053				$5.579	A
Options - percentage		0.091	0.03%	0.518	0.19%	1.981	0.74%	2.236	0.84%	2.045	0.77%	2.083	0.79%	0.403	0.16%			2.531	1.00%			528.32%
Options - amount			$2.259		$15.442		$60.888		$86.443		$86.765		$75.773		$12.919				$88.514
Reindel, Matthew												0.003	0.00%	0.003	0.00%			0.006	0.00%	A		71.79%
CFO - Shares - Amount													$0.120		$0.106				$0.198	A
Options - percentage												0.079	0.03%	0.118	0.05%			0.172	0.07%			46.43%
Options - amount													$2.858		$3.772				$6.023
Vels, Michael Harold		0.003	0.00%	0.025	0.01%	0.035	0.01%	0.080	0.05%	0.100	0.06%	0.101	0.06%								Appointed CFO June 2017
Officer - Shares - Amount			$0.074		$0.745		$1.076		$3.084		$4.228		$3.674								Exec VP 2022
Options - percentage		0.053	0.02%	0.246	0.09%	0.448	0.17%	0.502	0.19%	0.404	0.15%	0.345	0.13%								Ceased insider Dec 22
Options - amount			$1.311		$7.339		$13.777		$19.419		$17.129		$12.569
Nathanson, Douglas Bigler						0.002	0.00%	0.002	0.00%	0.018	0.01%	0.018	0.01%	0.018	0.01%			0.021	0.01%	A		13.42%
Officer - Shares - Amount							$0.075		$0.095		$0.761		$0.671		$0.591				$0.731	A
Options - percentage						0.132	0.05%	0.163	0.06%	0.131	0.05%	0.124	0.05%	0.155	0.06%			0.198	0.08%			28.16%
Options - amount							$4.054		$6.306		$5.549		$4.511		$4.964				$6.937
Gagne, Simon						0.012	0.00%	0.014	0.01%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%	A		#DIV/0!
Officer - Shares - Amount							$0.360		$0.543		$0.000		$0.000		$0.000				$0.000	A
Options - percentage						0.499	0.19%	0.474	0.18%	0.336	0.13%	0.301	0.11%	0.292	0.12%			0.352	0.14%			20.87%
Options - amount							$15.321		$18.320		$14.272		$10.945		$9.351				$12.325
Keay, Clinton David	0.01%	0.006	0.00%	0.010	0.01%															A	Was Officer 2016
Officer - Shares - Amount	$0.189		$0.149		$0.298															A	2017 site says CFO
Options - percentage	0.10%	0.235	0.09%	0.197	0.07%																Ceased May 2019
Options - amount	$5.545		$5.842		$5.874
Devine, Cynthia						0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%	B	Nominal 3 shares Cl B	0.00%
Director - Shares - Amount							$0.000		$0.000		$0.000		$0.000		$0.000				$0.000	B
Shares-percentage						0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%	A		0.00%
Shares - Amount							$0.092		$0.116		$0.127		$0.109		$0.096				$0.105	A
Options - percentage						0.042	0.02%	0.048	0.02%	0.056	0.02%	0.064	0.02%	0.071	0.03%			0.077	0.03%			8.12%
Options - amount							$1.291		$1.844		$2.385		$2.320		$2.273				$2.679
Sobey, John Robert	0.17%	0.057	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%			0.057	0.06%	B		0.00%
Director - Shares - Amount	$3.611		$1.421		$1.706		$1.759		$2.213		$2.428		$2.082		$1.835				$2.001	B
Shares-percentage	0.25%	0.143	0.08%	0.143	0.08%	0.143	0.08%	0.143	0.09%	0.143	0.09%	0.143	0.09%	0.143	0.09%			0.143	0.09%	A		0.00%
Shares - Amount	$8.991		$3.538		$4.247		$4.379		$5.509		$6.075		$5.209		$4.592				$5.007	A
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Sobey, Karl Rolland	23.52%	7.693	7.84%	7.730	7.88%	7.731	7.88%	7.731	7.88%	7.752	7.90%	7.752	7.90%	7.752	7.90%			7.752	7.90%	B		0.00%
Director - Shares - Amount	$485.377		$191.027		$230.364		$237.558		$298.861		$328.904		$282.006		$248.596				$271.076	B
Shares-percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%	A		#DIV/0!
Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000	A
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Sobey, Robert G. C.	9.11%	2.979	3.04%	2.992	3.05%	3.000	3.06%	3.000	3.06%	3.051	3.11%	3.051	3.11%	3.051	3.11%			3.051	3.11%	B	Last report Mar 2024	0.00%
Director - Shares - Amount	$187.977		$73.981		$89.162		$92.197		$115.989		$129.464		$111.004		$97.853				$106.701	B	Not listed dir on site '21
Shares-percentage	0.95%	0.552	0.32%	0.552	0.32%	0.552	0.32%	0.559	0.33%	0.559	0.33%	0.559	0.34%	0.559	0.36%			0.559	0.36%	A		0.00%
Shares - Amount	$34.808		$13.699		$16.441		$16.954		$21.613		$23.721		$20.339		$17.929				$19.550	A
Options - percentage	0.00%	0.002	0.00%	0.004	0.00%	0.005	0.00%	0.007	0.00%	0.009	0.00%	0.010	0.00%	0.012	0.00%			0.014	0.01%			15.27%
Options - amount	$0.000		$0.043		$0.112		$0.168		$0.261		$0.362		$0.369		$0.377				$0.474
Dickson, James Malcolm		0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%	B	Nominal 3 shares Cl B	0.00%
Chairman - Shares - Amount			$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000	B
Shares-percentage		0.017	0.01%	0.017	0.01%	0.023	0.01%	0.023	0.01%	0.022	0.01%	0.023	0.01%	0.023	0.01%			0.023	0.01%	A		0.00%
Shares - Amount			$0.413		$0.495		$0.699		$0.880		$0.948		$0.828		$0.730				$0.796	A
Options - percentage		0.003	0.00%	0.012	0.00%	0.016	0.01%	0.020	0.01%	0.023	0.01%	0.027	0.01%	0.030	0.01%			0.032	0.01%			6.98%
Options - amount			$0.084		$0.344		$0.503		$0.763		$0.995		$0.974		$0.966				$1.127
Dexter, Robert P.	0.00%																			B	Ceased insider Oct 2016
Chairman - Shares - Amount	$0.000																			B
Shares-percentage	0.20%																			A
Shares - Amount	$7.382																			A
Options - percentage	0.04%
Options - amount	$2.008
Sobey, Donald Creighton Rae	32.44%	31.834	32.44%	22.985	23.42%	23.048	23.49%	23.048	23.49%	23.440	23.88%	23.440	23.88%							B	10% holder
10% owner - Shares - Amount	$676.156		$790.441		$684.953		$708.271		$891.043		$994.559		$852.747							B	Last rept Jul 2020
Shares-percentage	10.52%	6.083	3.50%	6.083	3.50%	6.083	3.56%	6.083	3.64%	6.083	3.64%	6.083	3.70%							A
Shares - Amount	$387.580		$151.030		$181.260		$186.917		$235.151		$258.083		$221.283							A
Options - percentage	0.04%	0.000	0.00%	0.012	0.00%	0.049	0.02%	0.049	0.02%	0.049	0.02%	0.049	0.02%
Options - amount	$2.028		$0.000		$0.344		$1.515		$1.905		$2.091		$1.793
Increase in O/S Shares	0.00%	0.555	0.32%	0.253	0.26%	0.040	0.04%	0.110	0.04%	0.142	0.05%	0.432	0.16%	0.046	0.02%			0.068	0.03%		They do not tell you this
Due to SO	$0.000		$11.797		$6.272		$1.201		$3.369		$5.481		$18.330		$1.678				$2.196		info directly, so I could be
Book Value	$0.000		$10.700		$4.800		$0.800		$2.100		$2.300		$4.000		$4.000				$1.200		wrong
Insider Buying	-$0.134		-$0.735		-$0.883		-$1.412		-$0.467		$0.000		-$0.445		-$0.398				-$0.030		Stock Based Compensation
Insider Selling	$0.000		$0.000		$0.000		$1.001		$0.816		-$11.162		$9.960		$0.306				$2.591		in 2022
Net Insider Selling	-$0.134		-$0.735		-$0.883		-$0.411		$0.348		-$11.162		$9.515		-$0.092				$2.561		In 2023, info was given
Net Selling % of Market Cap	0.00%		-0.01%		-0.01%		0.00%		0.00%		-0.10%		0.10%		0.00%				0.03%
Directors		14		14		14		14		15		15		15				14
Women	27%	4	29%	5	36%	5	36%	5	36%	6	40%	6	40%	6	40%			5	36%
Minorities	7%	1	7%	1	7%	1	7%	1	7%	1	7%	1	7%	1	7%			0	0%
Institutions/Holdings	59.75%			190	47.26%	227	42.78%	20	48.11%	20	16.75%	20	14.65%	20	13.92%			20	12.25%		Class A only
Total Shares Held	38.17%			82.023	47.23%	74.294	43.45%	130.757	49.27%	45.002	16.95%	38.497	14.66%	35.249	13.42%			29.648	19.11%
Increase/Decrease 3 Mths	5.84%			-0.627	-0.76%	1.305	1.79%	2.326	1.81%	0.076	0.03%	0.684	0.26%	1.298	0.49%			-0.401	-0.15%
Starting No. of Shares				82.649		72.988	Reuters	128.431	Top 20 MS	44.926	Top 20 MS	37.812	Top 20 MS	33.951	Top 20 MS			30.049	Top 20 MS
Copyright © 2008 Website of SPBrunner. All rights reserved.