This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2025	<-Estimates				https://www.annualreports.com/Company/enbridge-inc
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/25	<-Estimates
Enbridge Inc						TSX	ENB	NYSE	ENB	https://www.enbridge.com/		Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
EDG yr end (gas)
Split Date																					Split Date
Split																					Split
Estimates														$52,546	<-12 mths	-1.73%					Estimates
Revenue*	$25,306	$32,918	$37,641	$33,794	$34,560	$44,378	$46,378	$50,069	$39,087	$47,071	$53,309	$43,649	$53,473	$42,308	$44,072	$48,250		42.06%	<-Total Growth	10	Revenue
Increase	30.43%	30.08%	14.35%	-10.22%	2.27%	28.41%	4.51%	7.96%	-21.93%	20.43%	13.25%	-18.12%	22.51%	-20.88%	4.17%	9.48%		3.57%	<-IRR #YR->	10	Revenue	42.06%
5 year Running Average	$17,686	$21,044	$26,079	$29,812	$32,844	$36,658	$39,350	$41,836	$42,894	$45,397	$47,183	$46,637	$47,318	$47,962	$47,362	$46,350		1.32%	<-IRR #YR->	5	Revenue	6.80%
Revenue per Share	$31.44	$39.61	$44.18	$38.93	$36.65	$26.18	$22.94	$24.73	$19.29	$23.23	$26.33	$20.54	$24.55	$19.43	$20.24	$22.15		6.14%	<-IRR #YR->	10	5 yr Running Average	81.44%
Increase	26.54%	26.01%	11.53%	-11.88%	-5.87%	-28.56%	-12.39%	7.80%	-21.97%	20.43%	13.31%	-21.97%	19.53%	-20.88%	4.17%	9.48%		2.49%	<-IRR #YR->	5	5 yr Running Average	13.10%
5 year Running Average	$22.97	$26.41	$31.94	$35.80	$38.16	$37.11	$33.78	$29.89	$25.96	$23.27	$23.30	$22.82	$22.79	$22.82	$22.22	$21.38		-5.71%	<-IRR #YR->	10	Revenue per Share	-44.43%
P/S (Price/Sales) Med	1.26	1.14	1.20	1.37	1.37	1.95	2.09	1.91	2.36	2.06	2.07	2.41	2.17	3.20	0.00	0.00		-0.14%	<-IRR #YR->	5	Revenue per Share	-0.70%
P/S (Price/Sales) Close	1.37	1.17	1.35	1.18	1.54	1.88	1.85	2.09	2.11	2.13	2.01	2.32	2.48	3.17	3.04	2.78		-3.32%	<-IRR #YR->	10	5 yr Running Average	-28.66%
*Revenue in M CDN $									P/S	10 yr	2.05	5 yr	2.13		54.58%	Diff M/C		-5.28%	<-IRR #YR->	5	5 yr Running Average	-23.75%
			-$37,641	$0	$0	$0	$0	$0	$0	$0	$0	$0	$53,473
								-$50,069	$0	$0	$0	$0	$53,473
			-$26,079	$0	$0	$0	$0	$0	$0	$0	$0	$0	$47,318
								-$41,836	$0	$0	$0	$0	$47,318
			-$44.18	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.55
								-$24.73	$0.00	$0.00	$0.00	$0.00	$24.55
			-$31.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.79
								-$29.89	$0.00	$0.00	$0.00	$0.00	$22.79
ACFFO ->Distributed CF (DCF)		$2,527	$2,506	$3,154	$3,713	$5,614	$7,618	$9,224	$9,440	$10,041	$10,986	$11,267	$11,991					378.49%	<-Total Growth	10	ACFFO ->Distr.CF (DCF)
DCF per Diluted Share		2.01%	$2.61	$3.68	$4.04	$3.66	$4.41	$4.57	$4.67	$4.93	$5.42	$5.48	$5.56					113.03%	<-Total Growth	10	DCF per Diluted Share
DCF*	$2.30	$2.01	$2.61	$3.68	$4.08	$3.68	$4.42	$4.57	$4.67	$4.96	$5.42	$5.48	$5.56	$5.75				113.03%	<-Total Growth	10	DCF
Increase	-11.20%	-12.61%	29.85%	41.00%	10.75%	-9.68%	20.03%	3.42%	2.19%	6.21%	9.27%	1.11%	1.46%	3.42%				10	0	10	Years of Data, AFFP, P or N	100.00%
AFFO Yield	5.35%	4.33%	4.37%	8.00%	7.21%	7.49%	10.42%	8.85%	11.47%	10.04%	10.24%	11.49%	9.11%	9.35%				7.86%	<-IRR #YR->	10	DCF	113.03%
5 year Running Average				$2.64	$2.94	$3.21	$3.69	$4.09	$4.28	$4.46	$4.81	$5.02	$5.22	$5.43				4.00%	<-IRR #YR->	5	DCF	21.66%
Payout Ratio AFFO	49.13%	62.69%	53.64%	50.54%	52.02%	65.55%	60.74%	64.60%	69.38%	67.34%	63.47%	64.78%	65.83%	65.6%				7.87%	<-IRR #YR->	9	5 yr Running	#DIV/0!
5 year Running Average				50.27%	52.94%	56.38%	56.74%	58.89%	62.61%	65.60%	65.13%	65.82%	66.04%	65.4%				5.02%	<-IRR #YR->	5	5 yr Running	27.73%
Price/AFFO Median	17.20	22.52	20.29	14.53	12.31	13.87	10.83	10.34	9.77	9.64	10.04	9.05	9.60	10.81				10.19	<-Median->	10	P/AFFO Med
Price/AFFO High	18.70	24.20	23.00	17.89	14.50	15.78	13.15	11.40	12.23	10.86	10.99	10.23	11.08	11.31				11.35	<-Median->	10	P/AFFO High
Price/AFFO Low	15.70	20.83	17.57	11.17	10.12	11.95	8.51	9.28	7.30	8.42	9.09	7.87	8.12	10.30				8.80	<-Median->	10	P/AFFO Low
Price/AFFO Close	18.70	23.09	22.89	12.50	13.86	13.35	9.60	11.30	8.72	9.96	9.76	8.70	10.97	10.70				10.33	<-Median->	10	P/AFFO Close
Trailing P/FFO Close	16.61	20.18	29.72	17.62	15.35	12.06	11.52	11.68	8.91	10.58	10.67	8.80	11.13	11.07				11.33	<-Median->	10	Trailing P/AFFO Close
Median Values		DPR	10 Yrs	64.69%	5 Yrs	65.83%	P/CF	5 Yrs	in order	9.64	10.99	8.12	9.76		10.98%	Diff M/C		5.03%	Diff M/C	10	DPR 75% to 95% best
*Distributed Cash Flow
*ACFFO Available Cash Flow from Operations			-$2.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.56
								-$4.57	$0.00	$0.00	$0.00	$0.00	$5.56
				-$2.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.22
								-$4.09	$0.00	$0.00	$0.00	$0.00	$5.22
Payout Ratio EPS														123.84%	119.45%
Estimates														$2.84	<-12 mths	1.43%
Diff EPS/AEPS	-107.69%	-223.64%	-36.50%	5600.00%	-18.13%	-18.79%	-81.51%	-0.76%	-63.51%	4.53%	-119.53%	1.76%	-19.66%					-18.46%	<-Median->	10	Diff EPS/Adj
Adjusted Earnings	$1,241	$1,434	$1,574	$1,866	$2,982	$2,078	$1,724	$5,341	$4,894	$5,551	$5,692	$5,743	$6,037					283.55%	<-Total Growth	10	Adjusted Earnings
Return on Equity ROE	11.82%	9.86%	8.27%	8.87%	12.03%	3.34%	2.48%	8.09%	7.97%	9.13%	9.50%	9.35%	9.16%					10.79%	<-Total Growth	10	Adjusted Profit CDN$
5Yr Median				9.86%	9.86%	8.87%	8.27%	8.09%	7.97%	7.97%	8.09%	9.13%	9.16%					8.57%	<-Median->	10	Return on Equity ROE
Pre-split'11																					Pre-split'11
Adjusted EPS*	$1.62	$1.78	$1.87	$2.20	$2.28	$1.96	$2.65	$2.65	$2.42	$2.74	$2.81	$2.79	$2.80	$3.05	$3.25	$3.49		49.73%	<-Total Growth	10	Adjusted EPS
Increase	9.46%	9.88%	5.06%	17.65%	3.64%	-14.04%	35.20%	0.00%	-8.68%	13.22%	2.55%	-0.71%	0.36%	8.93%	6.56%	7.38%		10	0	10	Years of Data, AFFP, P or N	100.00%
Adjusted EPS Yield	3.77%	3.84%	3.13%	4.78%	4.04%	3.99%	6.25%	5.13%	5.94%	5.55%	5.31%	5.85%	4.59%	4.96%	5.28%	5.67%		4.12%	<-IRR #YR->	10	Adjusted EPS	49.73%
5 year Running Average	$1.31	$1.48	$1.62	$1.79	$1.95	$2.02	$2.19	$2.35	$2.39	$2.48	$2.65	$2.68	$2.71	$2.84	$2.94	$3.08		1.11%	<-IRR #YR->	5	Adjusted EPS	5.66%
Payout Ratio	69.75%	70.79%	74.87%	84.55%	92.98%	123.11%	101.28%	111.40%	133.88%	121.90%	122.42%	127.24%	130.71%	123.61%	116.00%	108.02%		5.31%	<-IRR #YR->	10	5 yr Running Average	67.82%
5 year Running Average	66.62%	67.16%	69.55%	74.08%	79.69%	89.72%	95.59%	102.46%	112.12%	117.79%	117.98%	123.21%	127.06%	125.16%	123.74%	120.42%		2.92%	<-IRR #YR->	5	5 yr Running Average	15.50%
P/E Ratio Median	24.42	25.43	28.31	24.30	22.00	26.05	18.05	17.83	18.85	17.45	19.36	17.77	19.07	20.37	0.00	0.00		18.96	<-Median->	10	Price/AEPS Median
P/E Ratio High	26.56	27.33	32.11	29.93	25.92	29.64	21.92	19.65	23.61	19.66	21.19	20.09	22.01	21.31	0.00	0.00		21.97	<-Median->	10	Price/AEPS High
P/E Ratio Low	22.28	23.52	24.52	18.68	18.08	22.45	14.18	16.00	14.09	15.24	17.53	15.46	16.12	19.43	0.00	0.00		16.06	<-Median->	10	Price/AEPS Low
P/E Ratio Close	26.56	26.07	31.95	20.91	24.78	25.08	16.00	19.48	16.82	18.03	18.83	17.10	21.79	20.17	18.93	17.63		19.16	<-Median->	10	Price/AEPS Close
Trailing P/E Close	29.07	28.65	33.56	24.60	25.68	21.56	21.64	19.48	15.36	20.42	19.31	16.98	21.87	21.98	20.17	18.93		20.99	<-Median->	10	Trailing P/AEPSClose
* Adjusted Earnings or ESP (see notes below)		DPR	10 Yrs	122.16%	5 Yrs	127.24%	P/CF	5 Yrs	in order	18.85	21.19	15.46	18.03					-4.81%	Diff Med/Curr
			-$1.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.80
								-$2.65	$0.00	$0.00	$0.00	$0.00	$2.80
			-$1.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.71
								-$2.35	$0.00	$0.00	$0.00	$0.00	$2.71
														$2.35	<-12 mths	0.43%
	1.27%	0.00%	1.44%	0.00%	0.00%	0.60%	0.00%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%					0.00	<-Median->	10	Difference Basic and Diluted
EPS Basic	$0.79	$0.55	$1.39	-$0.04	$1.93	$1.66	$1.46	$2.64	$1.48	$2.87	$1.28	$2.84	$2.34					68.35%	<-Total Growth	10	EPS Basic
Pre-split '99
Pre-split'05
Pre-split'11
EPS Diluted*	$0.78	$0.55	$1.37	-$0.04	$1.93	$1.65	$1.46	$2.63	$1.48	$2.87	$1.28	$2.84	$2.34	$3.02	$3.08	$3.26		70.80%	<-Total Growth	10	EPS Diluted
Increase	-40.00%	-29.49%	149.09%	-102.92%	4925.00%	-14.51%	-11.52%	80.14%	-43.73%	93.92%	-55.40%	121.88%	-17.61%	28.97%	1.89%	5.85%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	1.8%	1.2%	2.3%	-0.1%	3.4%	3.4%	3.4%	5.1%	3.6%	5.8%	2.4%	6.0%	3.8%	4.9%	5.0%	5.3%		5.50%	<-IRR #YR->	10	Earnings per Share	70.80%
5 year Running Average	$1.46	$1.21	$1.06	$0.79	$0.92	$1.09	$1.27	$1.53	$1.83	$2.02	$1.94	$2.22	$2.16	$2.47	$2.51	$2.91		-2.31%	<-IRR #YR->	5	Earnings per Share	-11.03%
10 year Running Average	$1.20	$1.15	$1.19	$1.11	$1.21	$1.28	$1.24	$1.29	$1.31	$1.47	$1.52	$1.75	$1.84	$2.15	$2.26	$2.42		7.42%	<-IRR #YR->	10	5 yr Running Average	104.54%
* Diluted ESP per share									E/P	10 Yrs	3.54%	5Yrs	3.84%					7.22%	<-IRR #YR->	5	5 yr Running Average	41.68%
			-$1.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.34
								-$2.63	$0.00	$0.00	$0.00	$0.00	$2.34
			-$1.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.16
								-$1.53	$0.00	$0.00	$0.00	$0.00	$2.16
Dividend coverage by Net Income	97.87%	167.94%	82.32%	-3108.11%	81.25%	121.79%	138.37%	112.23%	219.91%	116.33%	269.14%	124.61%	143.99%	122.94%				123.20%	<-Median->	10	Dividend coverage by Net Inc
Dividend*														$3.78	$3.88	$3.99			Estimates		Dividend*
Increase														3.20%	2.78%	2.76%			Estimates		Increase
Payout Ratio EPS														125.15%	126.24%	122.55%			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 '99
Pre-split'05
Pre-split'11
Dividend*	$1.13	$1.26	$1.40	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$3.66	$3.77	$3.77	$3.77		161.43%	<-Total Growth	10	Dividends
Increase	15.31%	11.50%	11.11%	32.86%	13.98%	13.82%	11.23%	9.99%	9.76%	3.09%	2.99%	3.20%	3.10%	3.01%	0.00%	0.00%		29	0	34	Years of data, Count P, N	85.29%
Average Increases 5 Year Running	12.98%	13.82%	13.62%	17.21%	16.95%	16.65%	16.60%	16.37%	11.75%	9.58%	7.41%	5.80%	4.43%	3.08%	2.46%	1.86%		14.06%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.87	$0.99	$1.12	$1.33	$1.55	$1.81	$2.10	$2.41	$2.68	$2.93	$3.13	$3.30	$3.45	$3.55	$3.64	$3.70		206.58%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.86%	2.78%	2.64%	3.48%	4.23%	4.73%	5.61%	6.25%	7.10%	6.98%	6.32%	7.16%	6.86%	6.07%				6.29%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	2.63%	2.59%	2.33%	2.82%	3.59%	4.15%	4.62%	5.67%	5.67%	6.20%	5.78%	6.33%	5.94%	5.80%				5.67%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.13%	3.01%	3.05%	4.53%	5.14%	5.48%	7.14%	6.96%	9.50%	8.00%	6.98%	8.23%	8.11%	6.36%				7.06%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	2.63%	2.71%	2.34%	4.04%	3.75%	4.91%	6.33%	5.72%	7.96%	6.76%	6.50%	7.44%	6.00%	6.13%	6.13%	6.13%		6.16%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	144.87%	229.09%	102.19%	-4650.00%	109.84%	146.24%	183.84%	112.24%	218.92%	116.38%	268.75%	125.00%	156.41%	124.92%	122.60%	115.82%		135.62%	<-Median->	10	DPR EPS	FCF 1
DPR EPS 5 Yr Running	59.64%	82.12%	106.34%	167.42%	169.28%	165.81%	164.47%	157.65%	146.55%	144.99%	161.07%	148.85%	159.39%	143.83%	144.91%	127.48%		160.23%	<-Median->	10	DPR EPS 5 Yr Running	FCF 2
Payout Ratio CFPS	31.65%	31.34%	46.83%	35.32%	38.36%	62.12%	51.68%	63.81%	67.11%	73.11%	62.03%	53.12%	63.27%	57.71%	56.13%	53.88%		62.08%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	31.07%	30.76%	34.17%	34.34%	36.36%	41.75%	45.83%	49.10%	55.74%	63.33%	63.23%	62.94%	62.86%	61.00%	58.18%	56.61%		52.42%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	25.87%	28.98%	27.59%	30.70%	35.87%	70.74%	67.43%	76.41%	79.13%	73.22%	73.99%	76.26%	75.12%	57.71%	56.13%	53.88%		73.60%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	30.19%	29.44%	28.71%	28.97%	30.16%	36.50%	42.88%	51.80%	63.07%	73.47%	74.03%	75.71%	75.46%	70.28%	66.32%	62.20%		57.44%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	6.29%	6.16%	5 Yr Med	5 Yr Cl	6.98%	6.76%	5 Yr Med	Payout	156.41%	63.27%	75.12%					4.39%	<-IRR #YR->	5	Dividends	23.98%
* Dividends per share	10 Yr Med	and Cur.	-2.52%	-0.60%	5 Yr Med	and Cur.	-12.27%	-9.36%	Last Div Inc --->		$0.9150	$0.9425	3.01%					10.09%	<-IRR #YR->	10	Dividends	161.43%
Dividends Growth 15																		11.25%	<-IRR #YR->	15	Dividends	394.59%
Dividends Growth 20																		10.96%	<-IRR #YR->	20	Dividends	700.00%
Dividends Growth 25																		10.54%	<-IRR #YR->	25	Dividends	1125.10%
Dividends Growth 30																		9.36%	<-IRR #YR->	30	Dividends	1281.13%
Dividends Growth 35																		8.21%	<-IRR #YR->	34	Dividends
Dividends Growth 5								-$2.95	$0.00	$0.00	$0.00	$0.00	$3.66								Dividends Growth 5
Dividends Growth 10			-$1.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.66								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	$3.66								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	$3.66								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	$3.66								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	$3.66								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	$3.66								Dividends Growth 35
Historical Dividends	Historical	High Div	8.41%	Low Div	2.61%	10 Yr High	9.38%	10 Yr Low	2.90%	Med Div	3.73%	Close Div	3.75%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-27.15%		134.75%	Exp.	-34.68%		111.28%	Cheap	64.27%	Cheap	63.29%								High/Ave/Median
Future Dividend Yield					Div Yd	7.60%	earning in	5	Years	at IRR of	4.39%	Div Inc.	23.98%								Future Dividend Yield
Future Dividend Yield					Div Yd	9.42%	earning in	10	Years	at IRR of	4.39%	Div Inc.	53.72%								Future Dividend Yield
Future Dividend Yield					Div Yd	11.68%	earning in	15	Years	at IRR of	4.39%	Div Inc.	90.59%								Future Dividend Yield
Future Dividend Paid					Div Paid	$4.67	earning in	5	Years	at IRR of	4.39%	Div Inc.	23.98%								Future Dividend Paid
Future Dividend Paid					Div Paid	$5.80	earning in	10	Years	at IRR of	4.39%	Div Inc.	53.72%								Future Dividend Paid
Future Dividend Paid					Div Paid	$7.19	earning in	15	Years	at IRR of	4.39%	Div Inc.	90.59%								Future Dividend Paid
Dividend Covering Cost					Total Div	$20.58	over	5	Years	at IRR of	4.39%	Div Cov.	33.45%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$41.42	over	10	Years	at IRR of	4.39%	Div Cov.	67.32%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$67.26	over	15	Years	at IRR of	4.39%	Div Cov.	109.32%								Dividend Covering Cost
I am earning GC					Div Gr	471.21%	11/14/08	# yrs ->	16	2008	$20.19	Cap Gain	204.75%								I am earning GC
I am earning Div					org yield	3.27%	12/31/25	Trading	Div G Yrly	10.70%	Div start	$0.66	-3.27%	18.67%							I am earning Div
I am earning GC					Div Gr	654.00%	7/12/05	# yrs ->	19	2005	$17.96	Cap Gain	242.59%								I am earning GC
I am earning Div					org yield	2.78%	12/31/25	Trading	Div G Yrly	10.36%	Div start	$0.50	-2.78%	20.99%							I am earning Div
Yield if held 5 years	5.98%	6.27%	6.62%	7.14%	6.49%	6.10%	5.93%	5.58%	6.06%	6.66%	6.74%	7.42%	7.75%	8.27%	7.88%	6.93%		6.57%	<-Median->	10	Paid Median Price
Yield if held 10 years	9.92%	10.59%	10.47%	10.91%	11.59%	12.78%	13.35%	13.95%	12.44%	10.22%	8.70%	7.84%	6.91%	7.05%	7.52%	7.38%		11.25%	<-Median->	10	Paid Median Price
Yield if held 15 years	17.36%	15.69%	17.46%	21.20%	21.00%	21.18%	22.57%	22.08%	19.01%	18.25%	18.22%	17.65%	17.30%	14.47%	11.53%	9.53%		20.00%	<-Median->	10	Paid Median Price
Yield if held 20 years	37.05%	36.52%	36.66%	49.72%	46.54%	37.07%	33.42%	36.81%	36.92%	33.08%	30.19%	29.85%	27.38%	22.12%	20.60%	19.96%		35.12%	<-Median->	10	Paid Median Price
Yield if held 25 years				31.39%	43.13%	79.11%	77.80%	77.30%	86.60%	73.33%	52.85%	44.20%	45.64%	42.96%	37.34%	33.09%		63.09%	<-Median->	10	Paid Median Price
Yield if held 30 years									54.68%	67.96%	112.79%	102.90%	95.84%	100.77%	82.77%	57.92%		95.84%	<-Median->	5	Paid Median Price
Yield if held 35 years														63.63%	76.70%	123.61%
Cost covered if held 5 years	23.09%	24.66%	26.56%	25.45%	23.77%	22.88%	23.15%	22.72%	25.08%	29.16%	30.67%	34.54%	36.47%	38.94%	38.03%	34.04%		25.26%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	60.92%	65.47%	65.29%	59.08%	63.48%	71.02%	76.76%	83.42%	76.92%	68.53%	62.46%	59.65%	55.26%	58.29%	65.42%	66.95%		66.00%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	131.62%	118.88%	132.80%	138.93%	138.28%	140.38%	153.57%	155.27%	137.75%	143.43%	153.93%	158.92%	164.85%	145.09%	124.18%	109.27%		148.50%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	322.50%	314.38%	314.14%	363.68%	339.68%	270.69%	249.33%	282.81%	291.74%	283.18%	277.79%	292.50%	284.15%	241.94%	242.84%	251.99%		283.67%	<-Median->	10	Paid Median Price
Cost covered if held 25 years				250.74%	340.31%	619.32%	618.07%	629.14%	722.09%	660.85%	511.21%	455.05%	497.68%	494.13%	463.34%	440.33%		564.64%	<-Median->	10	Paid Median Price
Cost covered if held 30 years									477.05%	637.95%	1132.63%	1096.96%	1080.33%	1196.80%	1060.19%	795.72%		1080.33%	<-Median->	5	Paid Median Price
Cost covered if held 35 years														776.80%	1008.04%	1739.84%
																				Yr	Item	Tot. Growth
Revenue Growth								$50,069	$39,087	$47,071	$53,309	$43,649	$53,473	$52,546	<-12 mths	-1.73%		6.80%	<-Total Growth	5	Revenue Growth	6.80%
AEPS Growth								$2.65	$2.42	$2.74	$2.81	$2.79	$2.80	$2.84	<-12 mths	1.43%		5.66%	<-Total Growth	5	AEPS Growth	5.66%
Net Income Growth								$5,322	$2,983	$5,816	$2,589	$5,839	$5,053	$5,651	<-12 mths	11.83%		-5.05%	<-Total Growth	5	Net Income Growth	-5.05%
Cash Flow Growth								$9,368	$9,781	$9,256	$11,230	$14,201	$12,600					34.50%	<-Total Growth	5	Cash Flow Growth	34.50%
Dividend Growth								$2.95	$3.24	$3.34	$3.44	$3.55	$3.66	$3.77	<-12 mths	3.01%		23.98%	<-Total Growth	5	Dividend Growth	23.98%
Stock Price Growth								$51.63	$40.71	$49.41	$52.92	$47.70	$61.01	$61.53	<-12 mths	0.85%		18.17%	<-Total Growth	5	Stock Price Growth	18.17%
Revenue Growth			$37,641	$33,794	$34,560	$44,378	$46,378	$50,069	$39,087	$47,071	$53,309	$43,649	$53,473	$42,308	<-this year	-20.88%		42.06%	<-Total Growth	10	Revenue Growth	42.06%
AEPS Growth			$1.87	$2.20	$2.28	$1.96	$2.65	$2.65	$2.42	$2.74	$2.81	$2.79	$2.80	$3.05	<-this year	8.93%		49.73%	<-Total Growth	10	AEPS Growth	49.73%
Net Income Growth			$1,154	-$37	$1,776	$2,529	$2,515	$5,322	$2,983	$5,816	$2,589	$5,839	$5,053	$6,679	<-this year	32.18%		337.87%	<-Total Growth	10	Net Income Growth	337.87%
Cash Flow Growth			$2,547	$4,571	$5,211	$6,584	$10,502	$9,368	$9,781	$9,256	$11,230	$14,201	$12,600	$14,229	<-this year	12.93%		394.70%	<-Total Growth	10	Cash Flow Growth	394.70%
Dividend Growth			$1.40	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$3.66	$3.78	<-this year	3.20%		161.43%	<-Total Growth	10	Dividend Growth	161.43%
Stock Price Growth			$59.74	$46.00	$56.50	$49.16	$42.41	$51.63	$40.71	$49.41	$52.92	$47.70	$61.01	$52.13	<-this year	-14.55%		2.13%	<-Total Growth	10	Stock Price Growth	2.13%
Dividends on Shares				$31.62	$36.04	$41.02	$45.63	$50.18	$55.08	$56.78	$58.48	$60.35	$62.22	$64.09	$64.09	$64.09		$497.40	No of Years	10	Total Dividends	12/31/14
Paid			$1,015.58	$782.00	$960.50	$835.72	$720.97	$877.71	$692.07	$839.97	$899.64	$810.90	$1,037.17	$1,046.01	$1,046.01	$1,046.01		$1,037.17	No of Years	10	Worth	$59.74
Total																		$1,534.57			Total
Dividends on Shares									$66.22	$68.20	$70.06	$72.43	$74.57	$76.61	$75.40	$75.40		$351.49	No of Years	5	Total Dividends	12/31/18
Paid								$1,032.60	$814.20	$988.20	$1,058.40	$954.00	$1,220.20	$1,230.60	$1,230.60	$1,230.60		$1,220.20	No of Years	5	Worth	$51.63
Total																		$1,571.69			Total
Graham No. AEPS	$17.54	$21.29	$24.87	$28.78	$31.52	$37.64	$42.66	$41.43	$37.96	$40.19	$40.35	$40.17	$41.34	$42.81	$44.19	$45.79		66.25%	<-Total Growth	10	Graham Price AEPS
Increase	-3.74%	21.41%	16.77%	15.74%	9.52%	19.42%	13.34%	-2.89%	-8.37%	5.87%	0.39%	-0.43%	2.90%	3.55%	3.23%	3.63%		4.38%	<-Median->	10	Increase
Price/GP Ratio Med	2.26	2.13	2.13	1.86	1.59	1.36	1.12	1.14	1.20	1.19	1.35	1.23	1.29	1.45	0.00	0.00		1.26	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.45	2.28	2.41	2.29	1.87	1.54	1.36	1.26	1.50	1.34	1.48	1.40	1.49	1.52	0.00	0.00		1.48	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	2.06	1.97	1.84	1.43	1.31	1.17	0.88	1.02	0.90	1.04	1.22	1.07	1.09	1.38	0.00	0.00		1.08	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.45	2.18	2.40	1.60	1.79	1.31	0.99	1.25	1.07	1.23	1.31	1.19	1.48	1.44	1.39	1.34		1.28	<-Median->	10	Price/GP Ratio
Prem/Disc Close	145.30%	117.95%	140.25%	59.84%	79.25%	30.60%	-0.59%	24.62%	7.24%	22.94%	31.16%	18.73%	47.58%	43.74%	39.25%	34.38%		27.61%	<-Median->	10	Graham Price
Graham No. EPS	$12.17	$11.84	$21.28	$22.71	$29.00	$34.54	$31.67	$41.27	$29.69	$41.13	$27.23	$40.53	$37.79	$42.58	$42.98	$44.22		77.57%	<-Total Growth	10	Graham Price EPS
Increase	-28.73%	-2.74%	79.81%	6.71%	27.69%	19.09%	-8.31%	30.34%	-28.07%	38.55%	-33.79%	48.85%	-6.76%	12.67%	0.94%	2.89%		12.90%	<-Median->	10	Increase
Price/GP Ratio Med	3.25	3.82	2.49	2.35	1.73	1.48	1.51	1.14	1.54	1.16	2.00	1.22	1.41	1.46				1.49	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	3.54	4.11	2.82	2.90	2.04	1.68	1.83	1.26	1.92	1.31	2.19	1.38	1.63	1.53				1.76	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	2.97	3.54	2.15	1.81	1.42	1.27	1.19	1.03	1.15	1.02	1.81	1.06	1.19	1.39				1.19	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	3.54	3.92	2.81	2.03	1.95	1.42	1.34	1.25	1.37	1.20	1.94	1.18	1.61	1.45	1.43	1.39		1.40	<-Median->	10	Price/GP Ratio
Prem/Disc Close	253.51%	292.09%	180.69%	102.55%	94.83%	42.35%	33.93%	25.09%	37.13%	20.13%	94.33%	17.68%	61.44%	44.50%	43.16%	39.14%		39.74%	<-Median->	10	Graham Price
Pre-split'05
Pre-split'11
Price Close	$43.02	$46.41	$59.74	$46.00	$56.50	$49.16	$42.41	$51.63	$40.71	$49.41	$52.92	$47.70	$61.01	$61.53	$61.53	$61.53		2.13%	<-Total Growth	10	Stock Price
Increase	12.94%	7.88%	28.72%	-23.00%	22.83%	-12.99%	-13.73%	21.74%	-21.15%	21.37%	7.10%	-9.86%	27.90%	0.85%	0.00%	0.00%		32.40	<-Median->	10	CAPE (10 Yr P/E)
P/E	55.15	84.38	43.61	-1150.00	29.27	29.79	29.05	19.63	27.51	17.22	41.34	16.80	26.07	20.39	20.01	18.90		3.40%	<-IRR #YR->	5	Stock Price	18.17%
Trailing P/E	33.09	59.50	108.62	33.58	-1412.50	25.47	25.70	35.36	15.48	33.39	18.44	37.27	21.48	26.29	20.39	20.01		0.21%	<-IRR #YR->	10	Stock Price	2.13%
CAPE (10 Yr P/E)	20.08	23.73	26.67	31.25	31.58	32.20	34.95	35.70	36.13	33.04	32.60	28.40	26.98	23.86	22.88	21.87		9.63%	<-IRR #YR->	5	Price & Dividend	51.54%
Median 10, 5 Yrs		D.  per yr	4.72%	6.24%	% Tot Ret	95.73%	64.76%	T P/E	$25.59	$21.48	P/E:	$26.79	$26.07					4.93%	<-IRR #YR->	10	Price & Dividend	51.10%
Price 15		D.  per yr	5.48%		% Tot Ret	46.44%						CAPE Diff	-37.07%					6.32%	<-IRR #YR->	15	Stock Price	150.92%
Price  20		D.  per yr	5.12%		% Tot Ret	41.24%												7.29%	<-IRR #YR->	20	Stock Price	308.78%
Price  25		D.  per yr	5.54%		% Tot Ret	38.24%												8.95%	<-IRR #YR->	25	Stock Price	751.80%
Price  30		D.  per yr	6.28%		% Tot Ret	38.72%												9.93%	<-IRR #YR->	30	Stock Price	660.84%
Price  35		D.  per yr	4.05%		% Tot Ret	36.46%												7.06%	<-IRR #YR->	34	Stock Price
Price & Dividend 15																		11.81%	<-IRR #YR->	15	Price & Dividend	297.40%
Price & Dividend 20																		12.41%	<-IRR #YR->	20	Price & Dividend	566.37%
Price & Dividend 25																		14.49%	<-IRR #YR->	25	Price & Dividend	1313.14%
Price & Dividend 30																		16.21%	<-IRR #YR->	30	Price & Dividend	1169.04%
Price & Dividend 35																		11.11%	<-IRR #YR->	34	Price & Dividend
Price  5								-$51.63	$0.00	$0.00	$0.00	$0.00	$61.01								Price  5
Price 10			-$59.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.01								Price 10
Price & Dividend 5								-$51.63	$3.24	$3.34	$3.44	$3.55	$64.67								Price & Dividend 5
Price & Dividend 10			-$59.74	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$64.67								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	$61.01								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	$61.01								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	$61.01								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	$61.01								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	$61.01								Price  35
Price & Dividend 15	$1.13	$1.26	$1.40	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$64.67								Price & Dividend 15
Price & Dividend 20	$1.13	$1.26	$1.40	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$64.67								Price & Dividend 20
Price & Dividend 25	$1.13	$1.26	$1.40	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$64.67								Price & Dividend 25
Price & Dividend 30	$1.13	$1.26	$1.40	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$64.67								Price & Dividend 30
Price & Dividend 35	$1.13	$1.26	$1.40	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$64.67								Price & Dividend 35
Price H/L Median	$39.56	$45.26	$52.95	$53.47	$50.17	$51.05	$47.84	$47.25	$45.61	$47.83	$54.41	$49.59	$53.39	$62.13				0.83%	<-Total Growth	10	Stock Price
Increase	21.03%	14.41%	16.98%	0.99%	-6.18%	1.76%	-6.29%	-1.24%	-3.46%	4.86%	13.76%	-8.86%	7.66%	16.38%				0.08%	<-IRR #YR->	10	Stock Price	0.83%
P/E	50.72	82.29	38.65	-1336.75	25.99	30.94	32.77	17.96	30.82	16.66	42.50	17.46	22.81	20.59				2.47%	<-IRR #YR->	5	Stock Price	13.00%
Trailing P/E	30.43	58.03	96.26	39.03	-1254.13	26.45	28.99	32.36	17.34	32.31	18.96	38.74	18.80	26.55				5.42%	<-IRR #YR->	10	Price & Dividend	58.74%
P/E on Running 5 yr Average	27.06	37.47	50.09	67.51	54.65	46.75	37.55	30.96	24.92	23.70	27.99	22.34	24.69	25.16				9.41%	<-IRR #YR->	5	Price & Dividend	55.71%
P/E on Running 10 yr Average	33.10	39.35	44.44	48.35	41.48	39.98	38.55	36.58	34.79	32.58	35.84	28.38	28.95	28.90				19.35	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.34%	6.93%	% Tot Ret	98.47%	73.71%	T P/E	27.72	18.96	P/E:	24.40	22.81						Count	35	Years of data
			-$52.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$53.39
								-$47.25	$0.00	$0.00	$0.00	$0.00	$53.39
			-$52.95	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$57.05
								-$47.25	$3.24	$3.34	$3.44	$3.55	$57.05
High Month	Dec	May	Dec	Apr	Sep	Jan	Jan	Dec	Feb	Nov	Jun	Jan	Dec	Jan
Pre-split'05
Pre-split'11
Price High	$43.02	$48.65	$60.04	$65.85	$59.10	$58.09	$58.09	$52.08	$57.13	$53.88	$59.55	$56.05	$61.63	$65.01				2.65%	<-Total Growth	10	Stock Price
Increase	12.94%	13.09%	23.41%	9.68%	-10.25%	-1.71%	0.00%	-10.35%	9.70%	-5.69%	10.52%	-5.88%	9.96%	5.48%				0.26%	<-IRR #YR->	10	Stock Price	2.65%
P/E	55.15	88.45	43.82	-1646.25	30.62	35.21	39.79	19.80	38.60	18.77	46.52	19.74	26.34	21.54				3.42%	<-IRR #YR->	5	Stock Price	18.34%
Trailing P/E	33.09	62.37	109.16	48.07	-1477.50	30.10	35.21	35.67	21.72	36.41	20.75	43.79	21.70	27.78				23.82	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	32.65	21.72	P/E:	28.48	26.34					37.24	P/E Ratio		Historical High
			-$60.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.63
								-$52.08	$0.00	$0.00	$0.00	$0.00	$61.63
Low Month	Jan	Oct	Feb	Dec	Jan	Nov	Apr	Jan	Mar	Jan	Oct	Oct	Feb	Feb
Pre-split'05
Pre-split'11
Price Low	$36.10	$41.87	$45.85	$41.09	$41.23	$44.01	$37.59	$42.41	$34.09	$41.77	$49.26	$43.12	$45.14	$59.25				-1.55%	<-Total Growth	10	Stock Price
Increase	32.33%	15.98%	9.51%	-10.38%	0.34%	6.74%	-14.59%	12.82%	-19.62%	22.53%	17.93%	-12.46%	4.68%	31.26%				-0.16%	<-IRR #YR->	10	Stock Price	-1.55%
P/E	46.28	76.13	33.47	-1027.25	21.36	26.67	25.75	16.13	23.03	14.55	38.48	15.18	19.29	19.63				1.26%	<-IRR #YR->	5	Stock Price	6.44%
Trailing P/E	27.77	53.68	83.36	29.99	-1030.75	22.80	22.78	29.05	12.96	28.22	17.16	33.69	15.89	25.32				18.05	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	22.79	17.16	P/E:	20.33	19.29					11.42	P/E Ratio		Historical Low
			-$45.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.14
								-$42.41	$0.00	$0.00	$0.00	$0.00	$45.14
Free Cash Flow Mkt Sc									$4,376	$1,438	$6,583	$9,547	$5,889	$5,102	$6,919	$9,205
Change
Free Cash Flow MS old				-$2,803	-$44	-$2,280	$3,156	$3,706	$4,161	$1,163	$6,409	$9,325
Change					98.43%	-5081.82%	238.42%	17.43%	12.28%	-72.05%	451.07%	45.50%
Free Cash Flow MS	$2,483	-$5,106	-$8,185	-$2,120	$310	-$1,970	$2,240	$3,970	$4,070	$2,780	$6,420	$7,010	$5,800	$5,102	$6,919	$9,205		170.86%	<-Total Growth	10	Free Cash Flow MS
Change					114.62%	-735.48%	213.71%	77.23%	2.52%	-31.70%	130.94%	9.19%	-17.26%	-12.03%	35.61%	33.04%		7.88%	<-IRR #YR->	5	Free Cash Flow MS	46.10%
FCF/CF from Op Ratio				-0.46	0.06	-0.30	0.21	0.42	0.42	0.30	0.57	0.49	0.46	0.36	0.47	0.60		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	170.86%
Dividends paid	$597	$749	$950	$1,150	$1,443	$3,080	$3,480	$5,973	$6,560	$6,766	$6,968	$7,276	$7,276	$8,211	$8,211	$8,211		665.89%	<-Total Growth	10	Dividends paid
Percentage paid	24.04%	-14.67%	-11.61%	-54.25%	465.48%	-156.35%	155.36%	150.45%	161.18%	243.38%	108.54%	103.79%	125.45%	160.94%	118.67%	89.20%		$1.38	<-Median->	10	Percentage paid
5 Year Coverage				-30.03%	-38.75%	-43.18%	-103.89%	622.47%	238.24%	233.17%	152.71%	138.32%	133.61%	134.62%	121.41%	115.13%					5 Year Coverage
Dividend Coverage Ratio	4.16	-6.82	-8.62	-1.84	0.21	-0.64	0.64	0.66	0.62	0.41	0.92	0.96	0.80	0.62	0.84	1.12		0.63	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				-3.33	-2.58	-2.32	-0.96	0.16	0.42	0.43	0.65	0.72	0.75	0.74	0.82	0.87					5 Year of Coverage
								-$3,970	$0	$0	$0	$0	$5,800
			$8,185	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,800
Free Cash Flow WSJ				-$2,702	$83	-$1,718	$3,696	$3,906	$4,376	$1,971	$7,346	$10,698	$6,674	$5,102	$6,919	$9,205		347.00%	<-Total Growth	9	Free Cash Flow WSJ
Change					103.07%	-2169.88%	315.13%	5.68%	12.03%	-54.96%	272.70%	45.63%	-37.61%	-23.55%	35.61%	33.04%		11.31%	<-IRR #YR->	5	Free Cash Flow WSJ	70.87%
FCF/CF from Op Ratio				-0.59	0.02	-0.26	0.35	0.42	0.45	0.21	0.65	1.20	0.70	0.48	0.59	0.71		#NUM!	<-IRR #YR->	9	Free Cash Flow WSJ	#DIV/0!
Dividends paid				$1,150	$1,443	$3,080	$3,480	$5,973	$6,560	$6,766	$6,968	$7,276	$7,875	$8,211	$8,211	$8,211		584.78%	<-Total Growth	9	Dividends paid
Percentage paid				-42.56%	1738.55%	-179.28%	94.16%	152.92%	149.91%	343.28%	94.85%	68.01%	118.00%	160.94%	118.67%	89.20%		$1.06	<-Median->	10	Percentage paid
5 Year Coverage								463.28%	198.55%	211.42%	139.69%	118.54%	114.10%	116.69%	104.91%	103.07%					5 Year Coverage
Dividend Coverage Ratio				-2.35	0.06	-0.56	1.06	0.65	0.67	0.29	1.05	1.47	0.85	0.62	0.84	1.12		0.66	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								0.22	0.50	0.47	0.72	0.84	0.88	0.86	0.95	0.97					5 Year of Coverage
								-$3,906	$0	$0	$0	$0	$6,674
				$2,702	$0	$0	$0	$0	$0	$0	$0	$0	$6,674
Market Cap	$34,631	$38,567	$50,898	$39,928	$53,280	$83,326	$85,753	$104,551	$82,478	$100,105	$107,163	$101,363	$132,880	$134,012	$134,012	$134,012		161.07%	<-Total Growth	10	Market Cap
Market Cap/Assets	0.73	0.67	0.70	0.47	0.62	0.51	0.51	0.64	0.51	0.59	0.60	0.56	0.61
Pre-split'11
Diluted # of Shares in Million	785	817	840	858	918	1,532	1,727	2,020	2,020	2,025	2,029	2,058	2,158	2,158				156.90%	<-Total Growth	10	Diluted
Change	3.15%	4.08%	2.82%	2.14%	6.99%	66.88%	12.73%	16.97%	0.00%	0.25%	0.20%	1.43%	4.86%	0.00%				3.50%	<-Median->	10	Change
Difference Diluted/Basic	-1.7%	-1.3%	-1.3%	-1.3%	-0.8%	-0.5%	-0.2%	-0.1%	0.0%	-0.1%	-0.2%	-0.1%	-0.1%	-0.1%				-0.16%	<-Median->	10	Difference Diluted/Basic
Pre-split '99
Pre-split'05
Pre-split'11
Basic # of Shares in Millions	772	806	829	847	911	1,525	1,724	2,017	2,021	2,023	2,025	2,056	2,155	2,155				159.95%	<-Total Growth	10	Basic
Change	4.18%	4.40%	2.85%	2.17%	7.56%	67.40%	13.05%	17.00%	0.20%	0.10%	0.10%	1.53%	4.82%	0.00%				3.49%	<-Median->	10	Change
Difference Basic/Outstanding	4.3%	3.1%	2.8%	2.5%	3.5%	11.1%	17.3%	0.4%	0.2%	0.1%	0.0%	3.4%	1.1%	1.1%				1.77%	<-Median->	10	Difference Basic/Outstanding
Pre-split'05
Pre-split'11
# of Share in Millions	805	831	852	868	943	1,695	2,022	2,025	2,026	2,026	2,025	2,125	2,178	2,178	2,178	2,178		9.84%	<-IRR #YR->	10	Shares	155.63%
Change	3.07%	3.23%	2.53%	1.88%	8.64%	79.75%	19.29%	0.15%	0.05%	0.00%	-0.05%	4.94%	2.49%	0.00%	0.00%	0.00%		1.47%	<-IRR #YR->	5	Shares	7.56%
CF fr Op $Millon	$2,874	$3,341	$2,547	$4,571	$5,211	$6,584	$10,502	$9,368	$9,781	$9,256	$11,230	$14,201	$12,600	$14,229	$14,630	$15,239		394.70%	<-Total Growth	10	Cash Flow
Increase	6.33%	16.25%	-23.77%	79.47%	14.00%	26.35%	59.51%	-10.80%	4.41%	-5.37%	21.33%	26.46%	-11.27%	12.93%	2.82%	4.17%		Shr Issue	SO, DRIP
5 year Running Average	$2,167	$2,557	$2,663	$3,207	$3,709	$4,451	$5,883	$7,247	$8,289	$9,098	$10,027	$10,767	$11,414	$12,303	$13,378	$14,180		328.57%	<-Total Growth	10	CF 5 Yr Running
CFPS	$3.57	$4.02	$2.99	$5.27	$5.53	$3.88	$5.19	$4.63	$4.83	$4.57	$5.55	$6.68	$5.79	$6.53	$6.72	$7.00		93.52%	<-Total Growth	10	Cash Flow per Share
Increase	3.16%	12.61%	-25.64%	76.16%	4.93%	-29.71%	33.71%	-10.93%	4.36%	-5.37%	21.39%	20.51%	-13.43%	12.93%	2.82%	4.17%		17.34%	<-IRR #YR->	10	Cash Flow	394.70%
5 year Running Average	$2.81	$3.22	$3.29	$3.86	$4.27	$4.34	$4.57	$4.90	$4.81	$4.62	$4.95	$5.25	$5.48	$5.82	$6.25	$6.54		6.11%	<-IRR #YR->	5	Cash Flow	34.50%
P/CF on Med Price	11.08	11.26	17.71	10.15	9.08	13.14	9.21	10.21	9.45	10.47	9.81	7.42	9.23	9.51	0.00	0.00		6.82%	<-IRR #YR->	10	Cash Flow per Share	93.52%
P/CF on Closing Price	12.05	11.54	19.98	8.74	10.22	12.66	8.17	11.16	8.43	10.82	9.54	7.14	10.55	9.42	9.16	8.79		4.57%	<-IRR #YR->	5	Cash Flow per Share	25.05%
															-2.19%	Diff M/C		5.24%	<-IRR #YR->	10	CFPS 5 yr Running	66.68%
Excl.Working Capital CF	$642	$272	$1,777	$688	$362	-$802	-$2,454	-$1,545	-$1,485	-$14	-$1,815	-$4,309	-$1,988	$0	$0	$0		2.27%	<-IRR #YR->	5	CFPS 5 yr Running	11.89%
CF fr Op $M WC	$3,516	$3,613	$4,324	$5,259	$5,573	$5,782	$8,048	$7,823	$8,296	$9,242	$9,415	$9,892	$10,612	$14,229	$14,630	$15,239		145.42%	<-Total Growth	10	Cash Flow less WC
Increase	48.10%	2.76%	19.68%	21.62%	5.97%	3.75%	39.19%	-2.80%	6.05%	11.40%	1.87%	5.07%	7.28%	34.08%	2.82%	4.17%		9.39%	<-IRR #YR->	10	Cash Flow less WC	145.42%
5 year Running Average	$2,235	$2,678	$3,188	$3,817	$4,457	$4,910	$5,797	$6,497	$7,104	$7,838	$8,565	$8,934	$9,491	$10,678	$11,756	$12,920		6.29%	<-IRR #YR->	5	Cash Flow less WC	35.65%
CFPS Excl. WC	$4.37	$4.35	$5.08	$6.06	$5.91	$3.41	$3.98	$3.86	$4.09	$4.56	$4.65	$4.66	$4.87	$6.53	$6.72	$7.00		11.53%	<-IRR #YR->	10	CF less WC 5 Yr Run	197.70%
Increase	43.69%	-0.46%	16.73%	19.38%	-2.46%	-42.28%	16.68%	-2.94%	5.99%	11.40%	1.92%	0.12%	4.67%	34.08%	2.82%	4.17%		7.88%	<-IRR #YR->	5	CF less WC 5 Yr Run	46.09%
5 year Running Average	$2.89	$3.37	$3.92	$4.58	$5.15	$4.96	$4.89	$4.64	$4.25	$3.98	$4.23	$4.36	$4.57	$5.05	$5.49	$5.95		-0.41%	<-IRR #YR->	10	CFPS - Less WC	-4.00%
P/CF on Med Price	9.06	10.41	10.43	8.83	8.49	14.97	12.02	12.23	11.14	10.48	11.70	10.65	10.96	9.51	0.00	0.00		4.75%	<-IRR #YR->	5	CFPS - Less WC	26.12%
P/CF on Closing Price	9.85	10.67	11.77	7.59	9.56	14.41	10.66	13.36	9.94	10.83	11.38	10.25	12.52	9.42	9.16	8.79		1.55%	<-IRR #YR->	10	CFPS 5 yr Running	16.64%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	9.63	5 yr	9.45	P/CF Med	10 yr	11.05	5 yr	10.96		-14.75%	Diff M/C		-0.34%	<-IRR #YR->	5	CFPS 5 yr Running	-1.68%
			-852.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2178.0								Shares
								-2025.0	0.0	0.0	0.0	0.0	2178.0								Shares
			-$2,547	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,600								Cash Flow
								-$9,368	$0	$0	$0	$0	$12,600								Cash Flow
			-$2.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.79								Cash Flow per Share
								-$4.63	$0.00	$0.00	$0.00	$0.00	$5.79								Cash Flow per Share
			-$3.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.48								CFPS 5 yr Running
								-$4.90	$0.00	$0.00	$0.00	$0.00	$5.48								CFPS 5 yr Running
			-$4,324	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,612								Cash Flow less WC
								-$7,823	$0	$0	$0	$0	$10,612								Cash Flow less WC
			-$3,188	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,491								CF less WC 5 Yr Run
								-$6,497	$0	$0	$0	$0	$9,491								CF less WC 5 Yr Run
			-$5.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.87								CFPS - Less WC
								-$3.86	$0.00	$0.00	$0.00	$0.00	$4.87								CFPS - Less WC
			-$3.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.57								CFPS 5 yr Running
								-$4.64	$0.00	$0.00	$0.00	$0.00	$4.57								CFPS 5 yr Running
Changes in operating assets and liabilities (Note 29)			-$1,721	-$686	-$358
Accts Rec & other						-$783	$857	-$659	$1,546	-$1,228	-$967	$1,125	-$1,638
Other Assetrs												$1,278	-$426
Accts Rec from Affiliates						$24	$54	$6	$8	-$38	$17	$18	-$23
Inventory						-$289	$164	-$24	-$254	-$118	-$599	$763	$177
Deferred Amts & other asets						-$138	$226	$133	-$586	-$195	$1	$23
Accts Pay & other						$277	-$151	$175	-$770	-$63	$1,100	-$1,542	$1,383
Other current Liab.												$339
Accts payable to Affiliates						-$62	-$122	-$24	$1	$52	$16	-$66	-$8
Interest Payable							$25	-$41	$31	$43	$58	$199	$157
Other Long-Term Liab						$509	-$138	$175	$117	-$69	$362	$174	$245
Deferred Income tax
Chge in unrealized gain/loss
Earnings from equ investments
Distributions from equ investments						$1,264	$1,539	$1,804	$1,392	$1,630	$1,827	$1,998	$2,121
Impairement of long-lived assets
Impairement of good will
gain/oss on dispositions
other
Changes in regulatory assets and liabilities			$22	$41
Changes in environmental liabilities, net of recoveries			-$78	-$43	-$4
Sum			-$1,777	-$688	-$362	$802	$2,454	$1,545	$1,485	$14	$1,815	$4,309	$1,988
Google - TD			-$1,777	-$688	-$362	$802	$2,429	$1,545	$1,485	$14	$1,815	$4,309	$1,988
Difference			$0	$0	$0	$0	$25	$0	$0	$0	$0	$0	$0
TD			-$1,801	-$719	$439	$802	$2,454
Difference			$24	$31	-$801	$0	$0
Morningstar			-$1,777	-$688	-$362	-$412	$915
Difference			$0	$0	$0	$1,214	$1,539
OPM	11.36%	10.15%	6.77%	13.53%	15.08%	14.84%	22.64%	18.71%	25.02%	19.66%	21.07%	32.53%	23.56%	33.63%				248.23%	<-Total Growth	10	OPM
Increase	-18.48%	-10.63%	-33.33%	99.90%	11.47%	-1.60%	52.63%	-17.37%	33.74%	-21.42%	7.13%	54.44%	-27.57%	42.73%					Should increase		or be stable.
Diff from Ave	-40.8%	-47.1%	-64.7%	-29.5%	-21.4%	-22.7%	18.0%	-2.5%	30.4%	2.5%	9.8%	69.6%	22.8%	75.3%				0.06	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	19.19%	5 Yrs	21.07%					should be	zero, it is a		check on calculations
														$19,092	<-12 mths	2.53%
EBITDA (Adjusted)	$3,318	$2,934	$4,879	$3,659	$6,902	$10,317	$12,317	$12,849	$13,271	$13,273	$15,531	$16,454	$18,620	$20,025	$20,837	$21,901		281.64%	<-Total Growth	10	EBITDA
Change		-11.57%	66.29%	-25.01%	88.63%	49.48%	19.39%	4.32%	3.28%	0.02%	17.01%	5.94%	13.16%	7.55%	4.05%	5.11%		9.55%	<-Median->	10	Change
Margin	13.11%	8.91%	12.96%	10.83%	19.97%	23.25%	26.56%	25.66%	33.95%	28.20%	29.13%	37.70%	34.82%	47.33%	47.28%	45.39%		27.38%	<-Median->	10	Margin
Long Term Debt	$20,203	$22,357	$33,423	$39,391	$36,494	$60,865	$60,327	$59,661	$62,819	$67,961	$72,939	$74,715	$93,414	$93,414				179.49%	<-Total Growth	10	Debt	Type
Change	4.95%	10.66%	49.50%	17.86%	-7.35%	66.78%	-0.88%	-1.10%	5.29%	8.19%	7.32%	2.43%	25.03%	0.00%				6.31%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.58	0.58	0.66	0.99	0.68	0.73	0.70	0.57	0.76	0.68	0.68	0.74	0.70	0.70				0.70	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	6.67	5.37	7.67	7.83	6.62	11.08	11.41	10.20	11.47	9.26	8.85	10.34	9.20	9.20				9.73	<-Median->	10	Assets/Current Liab.  Ratio	Liquidity
Debt to Cash Flow (Years)	7.03	6.69	13.12	8.62	7.00	9.24	5.74	6.37	6.42	7.34	6.50	5.26	7.41	6.57				6.75	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. + CF+D
Intangibles	$817	$445	$1,166	$1,348	$1,573	$3,267	$2,372	$2,173	$2,080	$4,008	$4,018	$3,537	$4,587	$4,587				293.40%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$419	$1,004	$483	$80	$78	$34,457	$34,459	$33,153	$32,688	$32,775	$32,440	$31,848	$36,600	$36,600				7477.64%	<-Total Growth	10	Goodwill	Leverage
Total	$1,236	$1,449	$1,649	$1,428	$1,651	$37,724	$36,831	$35,326	$34,768	$36,783	$36,458	$35,385	$41,187	$41,187					Intangibles		Total	D/E Ratio
Change		17.23%	13.80%	-13.40%	15.62%	2184.92%	-2.37%	-4.09%	-1.58%	5.80%	-0.88%	-2.94%	16.40%	0.00%				-1.23%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.04	0.04	0.03	0.04	0.03	0.45	0.43	0.34	0.42	0.37	0.34	0.35	0.31	0.31				0.34	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$6,600	$6,950	$8,201	$7,597	$8,410	$9,215	$9,215	$8,826	$7,350	$8,959	$12,147	$14,399	$13,163	$13,163				Liq ratio of 1.5 and up, best
Current Liabilities	$7,069	$10,728	$9,501	$10,814	$12,966	$14,624	$14,624	$16,010	$13,979	$18,229	$20,301	$17,435	$23,812	$23,812				0.61	<-Median->	10	Ratio
Liquidity Ratio	0.93	0.65	0.86	0.70	0.65	0.63	0.63	0.55	0.53	0.49	0.60	0.83	0.55	0.55				0.55	<-Median->	5	Ratio
Liq. with CF aft div	1.21	0.86	1.01	0.98	0.90	0.80	0.98	0.76	0.76	0.63	0.81	1.21	0.75	0.81				0.76	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.65	0.46	0.45	0.56	0.64	0.46	0.81	0.59	0.55	0.40	0.64	0.90	0.40	0.81				0.55	<-Median->	5	Ratio
Curr Long Term Debt	$652	$2,811	$1,004	$1,004	$4,100	$2,871	$3,259	$4,404	$2,957	$6,164	$6,045	$6,084	$7,729	$7,729
Liquidity Less CLTD	1.03	0.88	0.97	0.77	0.95	0.78	0.81	0.76	0.67	0.74	0.85	1.27	0.82	0.82				0.82	<-Median->	5	Ratio
Liq. with CF aft div	1.33	1.17	1.12	1.08	1.31	1.00	1.26	1.05	0.96	0.95	1.15	1.86	1.11	1.19				1.11	<-Median->	5	Ratio
Assets	$47,172	$57,568	$72,857	$84,664	$85,832	$162,093	$166,905	$163,269	$160,276	$168,864	$179,608	$180,317	$218,973	$218,973				Debt Ratio of 1.5 and up, best
Liabilities	$32,414	$39,005	$51,807	$62,325	$60,477	$92,294	$93,470	$93,862	$95,913	$105,496	$116,210	$115,834	$150,080	$150,080				1.58	<-Median->	10	Ratio
Debt Ratio	1.46	1.48	1.41	1.36	1.42	1.76	1.79	1.74	1.67	1.60	1.55	1.56	1.46	1.46				1.56	<-Median->	5	Ratio
Estimates BVPS														$26.75	$26.13	$25.61			Estimates		Estimates BVPS
Estimate Book Value														$58,262	$56,911	$55,779			Estimates		Estimate Book Value
P/B Ratio (Close)														2.30	2.35	2.40			Estimates		P/B Ratio (Close)
Difference from 10 year median															39.09%	Diff M/C			Estimates		Difference from 10 yr med.
Check on Total Enbridge Inc Equity	$6,793	$13,496	$16,786	$18,898	$21,386	$58,135	$69,470	$66,043	$61,367	$60,826	$59,887	$61,454	$65,900	$65,900
Total Book Value	$14,758	$18,563	$21,050	$22,339	$25,355	$69,799	$73,435	$69,407	$64,363	$63,368	$63,398	$64,483	$68,893	$68,893				227.28%	<-Total Growth	10	Total Book Value
Commitments etc		$1,053	$2,249	$2,141	$3,392	$4,067	$0	$0	$0	$0	$0	$0	$0	$0
NCI	$4,258	$4,014	$2,015	$1,300	$577	$7,597	$3,965	$3,364	$2,996	$2,542	$3,511	$3,029	$2,993	$2,993				48.54%	<-Total Growth	10	Non-Control. Int
Book Value	$10,500	$14,549	$19,035	$21,039	$24,778	$62,202	$69,470	$66,043	$61,367	$60,826	$59,887	$61,454	$65,900	$65,900				246.20%	<-Total Growth	10	Book Value
Book Value per Share	$13.04	$17.51	$22.34	$24.24	$26.28	$36.70	$34.36	$32.61	$30.29	$30.02	$29.57	$28.92	$30.26	$30.26				35.43%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	3.03	2.59	2.37	2.21	1.91	1.39	1.39	1.45	1.51	1.59	1.84	1.71	1.76	2.05				1.65	10 Year Med.		P/B Ratio (Median)
									P/BV	10 yr Med	1.65	5 yr Med	1.71
Preferred Shares	$3,707	$5,141	$6,515	$6,515	$6,515	$7,747	$7,747	$7,747	$7,747	$7,747	$7,747	$6,818	$6,818	$7,747				4.65%	<-Total Growth	10	Preferred Shares
Net Book Value	$6,793	$9,408	$12,520	$14,524	$18,263	$54,455	$61,723	$58,296	$53,620	$53,079	$52,140	$54,636	$59,082	$58,153	$58,153	$58,153		371.90%	<-Total Growth	10	Book Value
Book Value per Share	$8.44	$11.32	$14.69	$16.73	$19.37	$32.13	$30.53	$28.79	$26.47	$26.20	$25.75	$25.71	$27.13	$26.70	$26.70	$26.70		84.60%	<-Total Growth	10	Book Value per Share
Change	-15.34%	34.16%	29.80%	13.87%	15.74%	65.89%	-4.98%	-5.69%	-8.07%	-1.01%	-1.72%	-0.14%	5.51%	-1.57%	0.00%	0.00%		-3.47%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	4.69	4.00	3.60	3.20	2.59	1.59	1.57	1.64	1.72	1.83	2.11	1.93	1.97	2.33	0.00	0.00		2.39	P/B Ratio		Historical Median
P/B Ratio (Close)	5.10	4.10	4.07	2.75	2.92	1.53	1.39	1.79	1.54	1.89	2.06	1.86	2.25	2.30	2.30	2.30		6.32%	<-IRR #YR->	10	Book Value per Share	84.60%
Change	33.41%	-19.59%	-0.83%	-32.38%	6.12%	-47.55%	-9.21%	29.09%	-14.23%	22.61%	8.98%	-9.73%	21.23%	2.46%	0.00%	0.00%		-1.18%	<-IRR #YR->	5	Book Value per Share	-5.77%
Leverage (A/BK)	3.20	3.10	3.46	3.79	3.39	2.32	2.27	2.35	2.49	2.66	2.83	2.80	3.18	3.18				2.73	<-Median->	10	A/BV
Debt/Equity Ratio	2.20	2.10	2.46	2.79	2.39	1.32	1.27	1.35	1.49	1.66	1.83	1.80	2.18	2.18				1.73	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.88	5 yr Med	1.93		22.77%	Diff M/C
			-$14.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.13
								-$28.79	$0.00	$0.00	$0.00	$0.00	$27.13
EPS based on Comprehensive	$0.44	$1.97	$1.57	$2.37	$1.31	$0.33	$3.65	$1.15	$0.92	$3.02	$3.55	$2.25	$4.57					191.35%	<-Total Growth	10	EPS based on Comprehensive
Comprehensive Income	$612	$2,068	$1,811	$2,026	$1,724	$988	$7,471	$2,720	$2,256	$6,589	$7,640	$4,843	$10,548					482.44%	<-Total Growth	10	Comprehensive Inc
NCI	$164	$276	$242	-$292	$229	$160	$801	$7	$22	$95	$21	-$131	$295					21.90%	<-Total Growth	10	NCI
Preferred Shareholders	$105	$183	$251	$288	$293	$330	$367	$383	$380	$373	$414	$352	$388					54.58%	<-Total Growth	10	Preferred Shareholders
Shareholders	$343	$1,609	$1,318	$2,030	$1,202	$498	$6,303	$2,330	$1,854	$6,121	$7,205	$4,622	$9,865					648.48%	<-Total Growth	10	Comprehensive Income
Increase	-55.97%	369.10%	-18.09%	54.02%	-40.79%	-58.57%	1165.66%	-63.03%	-20.43%	230.15%	17.71%	-35.85%	113.44%					17.71%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$874	$867	$935	$1,216	$1,300	$1,331	$2,270	$2,473	$2,437	$3,421	$4,763	$4,426	$5,933					22.30%	<-IRR #YR->	10	Comprehensive Income	648.48%
ROE	5.0%	17.1%	10.5%	14.0%	6.6%	0.9%	10.2%	4.0%	3.5%	11.5%	13.8%	8.5%	16.7%					33.46%	<-IRR #YR->	5	Comprehensive Income	323.39%
5Yr Median	10.0%	10.0%	10.0%	10.5%	10.5%	10.5%	10.2%	6.6%	4.0%	4.0%	10.2%	8.5%	11.5%					20.30%	<-IRR #YR->	10	5 Yr Running Average	534.86%
% Difference from NI	-43.8%	260.8%	14.2%	-5586.5%	-32.3%	-80.3%	150.6%	-56.2%	-37.8%	5.2%	178.3%	-20.8%	95.2%					19.13%	<-IRR #YR->	5	5 Yr Running Average	139.97%
Median Values										Diff	5, 10 yr	-26.6%	5.2%					11.5%	<-Median->	5	Return on Equity
			-$1,318	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,865
								-$2,330	$0	$0	$0	$0	$9,865
			-$935	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,933
								-$2,473	$0	$0	$0	$0	$5,933
Current Liability Coverage Ratio	0.50	0.34	0.46	0.49	0.43	0.40	0.55	0.49	0.59	0.51	0.46	0.57	0.45	0.60							CFO / Current Liabilities
5 year Median	0.49	0.49	0.49	0.49	0.46	0.43	0.46	0.49	0.49	0.51	0.51	0.51	0.51	0.51				48.7%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	7.45%	6.28%	5.93%	6.21%	6.49%	3.57%	4.82%	4.79%	5.18%	5.47%	5.24%	5.49%	4.85%	6.50%							CFO / Total Assets
5 year Median	6.91%	6.91%	6.91%	6.28%	6.28%	6.21%	5.93%	4.82%	4.82%	4.82%	5.18%	5.24%	5.24%	5.47%				5.2%	<-Median->	10	Return on Assets
Return on Assets ROA	1.29%	0.77%	1.58%	-0.04%	2.07%	1.56%	1.51%	3.26%	1.86%	3.44%	1.44%	3.24%	2.31%	3.05%				Net	Income/Assets		Return on Assets
5Yr Median	3.20%	2.89%	1.58%	1.29%	1.29%	1.56%	1.56%	1.56%	1.86%	1.86%	1.86%	3.24%	2.31%	3.05%				2.0%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	8.98%	4.74%	9.22%	-0.25%	9.72%	4.64%	4.07%	9.13%	5.56%	10.96%	4.97%	10.69%	8.55%	11.49%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	12.94%	12.73%	9.22%	8.98%	8.98%	4.74%	4.64%	4.64%	5.56%	5.56%	5.56%	9.13%	8.55%	10.69%				7.1%	<-Median->	10	Return on Equity
														$5,651	<-12 mths	11.83%
Net Income	$943.0	$494.0	$1,608	-$159	$2,309	$3,266	$3,333	$5,827	$3,416	$6,314	$2,938	$6,058	$5,631					250.19%	<-Total Growth	10	Net Income
NCI	$228.0	-$135.0	$203	-$410	$240	$407	$451	$122	$53	$125	-$65	-$133	$190					-6.40%	<-Total Growth	10	NCI
Preferred Shareholders	$105.0	$183.0	$251	$288	$293	$330	$367	$383	$380	$373	$414	$352	$388					54.58%	<-Total Growth	10	Preferred Shareholders
Shareholders	$610.0	$446.0	$1,154	-$37	$1,776	$2,529	$2,515	$5,322	$2,983	$5,816	$2,589	$5,839	$5,053	$6,679	$6,799	$7,208		337.87%	<-Total Growth	10	Net Income
Increase	-38.45%	-26.89%	158.74%	-103.21%	4900.00%	42.40%	-0.55%	111.61%	-43.95%	94.97%	-55.48%	125.53%	-13.46%	32.18%	1.80%	6.02%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,088.0	$913.0	$832.8	$632.8	$789.8	$1,173.6	$1,587.4	$2,421.0	$3,025.0	$3,833.0	$3,845.0	$4,509.8	$4,456.0	$5,195.2	$5,391.8	$6,315.6		15.91%	<-IRR #YR->	10	Net Income	337.87%
Operating Cash Flow	$2,874.0	$3,341.0	$2,547	$4,571	$5,211	$6,584	$10,502	$9,368	$9,781	$9,256	$11,230	$14,201	$12,600					-1.03%	<-IRR #YR->	5	Net Income	-5.05%
Investment Cash Flow	-$6,204	-$9,431	-$11,891	-$7,933	-$5,192	-$11,002	-$3,017	-$4,658	-$5,177	-$10,657	-$5,270	-$6,043	-$20,363					18.26%	<-IRR #YR->	10	5 Yr Running Average	435.06%
Total Accruals	$3,940.0	$6,536.0	$10,498	$3,325	$1,757	$6,947	-$4,970	$612	-$1,621	$7,217	-$3,371	-$2,319	$12,816					12.98%	<-IRR #YR->	5	5 Yr Running Average	84.06%
Total Assets	$47,172	$57,568	$72,857	$84,664	$85,832	$162,093	$166,905	$163,269	$160,276	$168,864	$179,608	$180,317	$218,973						Balance Sheet		Assets
Accruals Ratio	8.35%	11.35%	14.41%	3.93%	2.05%	4.29%	-2.98%	0.37%	-1.01%	4.27%	-1.88%	-1.29%	5.85%					-1.01%	<-Median->	5	Ratio
EPS/CF Ratio	0.18	0.13	0.27	-0.01	0.33	0.48	0.37	0.68	0.36	0.63	0.28	0.61	0.48					0.42	<-Median->	10	EPS/CF Ratio
			-$1,154	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,053
								-$5,322	$0	$0	$0	$0	$5,053
			-$833	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,456
								-$2,421	$0	$0	$0	$0	$4,456
Change in Close	12.94%	7.88%	28.72%	-23.00%	22.83%	-12.99%	-13.73%	21.74%	-21.15%	21.37%	7.10%	-9.86%	27.90%	0.85%	0.00%	0.00%			Count	35	Years of data
up/down	Down	Down	Down	Down										Down					Count	16	45.71%
Meet Prediction?				Yes														% right	Count	4	25.00%
Financial Cash Flow	$1,776.0	$5,070.0	$9,770	$2,973	$1,102	$3,476	-$7,503	$4,745	-$4,770	$1,236	-$5,428	-$2,864	$3,544						C F Statement		Financial CF
Total Accruals	$2,164	$1,466	$728	$352	$655	$3,471	$2,533	-$4,133	$3,149	$5,981	$2,057	$545	$9,272								Accruals
Accruals Ratio	4.59%	2.55%	1.00%	0.42%	0.76%	2.14%	1.52%	-2.53%	1.96%	3.54%	1.15%	0.30%	4.23%					1.96%	<-Median->	5	Ratio
Change in Close	12.94%	7.88%	28.72%	-23.00%	22.83%	-12.99%	-13.73%	21.74%	-21.15%	21.37%	7.10%	-9.86%	27.90%	0.85%	0.00%	0.00%			Count	21	Years of data
up/down																			Count	1	4.76%
Meet Prediction?																		% right	Count	0	0.00%
Cash	$1,776	$776	$1,261	$1,015	$2,117	$480	$637	$676	$490	$320	$907	$5,985	$2,000	$2,000							Cash
Cash per Share	$2.21	$0.93	$1.48	$1.17	$2.24	$0.28	$0.32	$0.33	$0.24	$0.16	$0.45	$2.82	$0.92	$0.92				$0.45	<-Median->	5	Cash per Share
Percentage of Stock Price	5.13%	2.01%	2.48%	2.54%	3.97%	0.58%	0.74%	0.65%	0.59%	0.32%	0.85%	5.90%	1.51%	1.49%				0.85%	<-Median->	5	% of Stock Price
Notes:
March 8, 2025.  Last estimates were for $45397M, $48324M, $49862M Re venue, $5.46, $5.75 2024/5 ACFFO, $2.80, $2.93 $3.27 AEPS, $2.84, $2.99, $3.64 EPS,
$3.67, $3.77, $3.86 Dividends, $6,738M, $6884M, $8467M FCF, $5.67, $5.90, $6.15 CFPS, $17455M, $18862M, $19915M EBITDA, $26.30, $25.80, $23.80 BVPS, $6108M, $6411M, $7602M Net Income.
March 16, 2024.  Last estimates were for 2023, 2024 and 2025 of $52567M, $51208M and $49859M for Revenue, $5.49, $5.55 for DCF, R301, $3.02 and $3.18 for AEPS,
$3.03, $2.98 and $3.26 for EPS, $3.57, $3.68 and $3.78 for Dividends, $8730M, $9136M and $8460M for FCF, $5.78, $5.82 and $6.08 for CFPS, $28.20, $26.20 and $25.30 for BVPS, $6016M, $6074M and $6787M for Net Income.
March 15, 2023.  Last estimates were for 2022, 2023 and 2024 of $49852M, $44057M and $55582M for Revenue, $5.26 and $5.40 for AFFO 2022/3, $2.89 and $2.98 for AEPS for 2022/3,
$2.99, $3.14 and $3.40 for EPS, $3.45 and $3.57 and $3.66 for Dividends, $8592M, $9255M and $10181 for FCF, $5.88, $5.96 and $6.02 for CFPS, and $6004M, $6438M and $7162M for Net Income.
March 19, 2022.  Last estimates were for 2021, 2022 and 2023 of $44311M, $45554M and $58450M for Revenue, $481 and 5.22 for AFFO for 2021-22, $2.65 and $2.87 for Adj EPS 2021-22,
$2.64, $295 and $3.13 for EPS, $3.34, $3.48 and $3.60 for Dividends, $3170M, $8818M and $9287M for FCF, $5.32, $5.83 and $5.47 for CFPS and $5406M, $6090M and $6175M for Net Income.
March 13, 2021.  Last estimates were for 50124M, $51963M and $54114M for Revenue, $4.72 and $4.96  2020 and 2021 for AFFO, $2.81 and $3.15 2020 and 2021 for Adj EPS,
$2.59, $2.83 and $2.99 for EPS, $3.24, $3.43 and $3.60 for Dividends, $5745M, $9641M and $11452M for FCF, $5.20, $5.63 and $6.02 for CFPS and $5302M, $5738M and $5972M for Net Income.
March 13, 2020,  Last estimates were for 2019, 2020 and 2021 of $48716M, $50758M and $58697M for Revenue, $4.37 and $4.86 for ACFFO for 2019 and 2020,
$2.53m $2.81 and $3.15 for Adjusted EPS, $2.42, $2.66 and $2.76 for EPS, $4.57, $4.87 and $5.43 for CFPS, $4802M, $5333M and $6300M for Net Income.
March 17, 2019.  Last estimates were for 2018, 2019 and 2020 of $47300M, $48161M and $55006M for Revenue, $4.35 and $4.50 for 2018 and 2019 for ACFFO,
$$2.49 and $2.49 for Adj EPS for 2018 and 2019, $2.37, $2.57 and $2.85 for EPS, $4.97m $5.19 and $5.70 for CFPS and $4070M, $4434M and $5121M for Net Income.
March 11, 2018.  Last estimates were for 2017, 2018 and 2019 of $45674M, $47658M and $56891M for Revenue, $4.09 and $4.57 for AFFo for 2017 and 2018,
$2.50 and 2.74 for 2017 and 2018 for Adjusted EPS, $2.37 and $2.63 and $2.92 for EPS, $4.99, $5.44 and $6.03 for CFPS and $3208M, $4051M and $4807M for Net Income.
March 11, 2017.  Last estimates were for 2016, 2017 and 2018 of $38676M, $40696M and $43955M for Revenue, $3.93, $4.34 for AFFO for 2016 and 2017,
$2.44 for Adjusted EPS for 2016, $2.34, $2.51 and $2.90 for EPS, $5.05, $5.32 and $5.03 for CFPS and $1758M, $2382M and $2682M for Net Income.
March 15, 2016.  Last estimates were for 2015 and 2016 of 32681M and $32681M for Revenue, $2.75 and $3.23 for AFFO, $2.16 and 2.44 for Adj EPS,
$2.24, $2.66 and $3.10 for EPS for 2015, 2016 and 2017, $5.34 for 2015 for CFPS and $1889M for 2015 for Net Income
March 22, 2015.  Last estimates were for 2014 and 2015 of $31234M and  $32681M  for Revenue, $2.47 and 3.07 for AFFO, $1.89 and $2.24 for EPS, $4.72 and $5.34 for CFPS, $1534M and $1889M for Net Income.
February 22, 2014.  Last estimates were for 2013, 2014 and 2014 of $25909M, 28014M and $29689M for Revenue, $2.33 and $2.79 for AFFO, $1.74 and $2.07 Adjusted EPS,
$1.81 and $2.14 and $2.44 EPS and $4.26, 4.83 and $4.70 CFPS.
April 9, 2013.  Last estimates were for 2012, 2013 and 2014 of $19840M and $20711M for revenue, $1.62 and $1.89 Adj. EPS, $1.65, 1.85 and $2.04 for EPS andf $3.42 and $3.78 for CFPS.
Non-adjusted EPS also included $105 million asset impairment to Stingray and Garden Banks assets.
Feb 25, 2012.  Last estimates I got were for 2011 and 2012 of $1.46 and $1.57 for Adj EPS, $1.43 and $1.56 for EPS and $2.73 and 3.06 for CF.
Apr 10, 2011. Last estimates I got for 2010 and 2011 were $4.25 and $4.25 for earnings $2.61 and $2.85 for Adj EPS and $4.80 and $5.57 for cash flow.
Mar 2010.  In June 2, 2009 I picked up 2009 and 2010 earnings of $2.21 and $2.46 and cash flow of $4.48 and $4.75.  I made 14.5% per year return to end of 2009.
AP 2008.  April 2009.  In Nov 2008 I picked up an earnings estimate of 2.06 for Dec 2008 and $2.21 for 2009.  Earnings for 2008 came in at $3.67 and $3.64 diluted.
This higher than expected earnings for 2008 do not seem to have any effect on what is expected in 2009.
AP 2007. I have done ok on this stock.  Div increase nicely. It is on TD's Action Buy List
AP 2006.  TD has hold on this and competitors except TransCdn Pipelines, which they have an action buy on. IRR since purchase is 6%.  Lost 18% this year. Stock seems volitile.
Dividend is increasing nicely, but revenue is increasing much faster than EPS, which last 5 years is IRR of 4.5. 5 and 10 year stock price increase is good.  Hold for now. Mike says yield is low for current price.
AP 2005.  TD NewCrest has a hold rating on this stock.  I have only just bought it and have not earned anything on it yet.
Dividends have been paid on this stock since 1952.
In 1998, IPL Energy became Enbridge Inc.
In 1992, Interprovincial Pipe Line Inc. was acquired by Interprovincial Pipe Line System Inc., which changed its name to IPL Energy Inc. in 1994,
after the acquisition of Consumers' Gas (now Enbridge Gas Distribution Inc.) and diversification into the gas distribution business.
In 1991, name was changed to Interprovincial Pipe Line Inc.
In 1988, names was changed to Interhome Energy Inc.
In 1953, IPL Energy Inc was listed on the Toronto and Montreal stock exchanges
On April 30, 1949, the Company was stared as Interprovincial Pipe Line Company (IPL).
Shares are diluted by company's interest in own shares at 20M, 25M and 22M from 2012- 2010.
In 2015, Enbridge said it has been paying dividends for over 62 years.  They have increased their dividends since 1996.
Comments April 19, 2013
Calgary pipeline operator Enbridge is the only one out of 57 Canadian companies rated by Morningstar that has both a wide moat and a positive
“moat trend.” A key part of its competitive edge is its scale: it has pipeline presences in the oil sands, the Bakken fields in the Midwest U.S., and
in Cushing, Okla., as well as growth opportunities in natural gas and electricity.
Analyst David McColl says Enbridge is just one of a handful of pipeline companies “with the expertise, scale, access to capital, and geographic  compared to recent prices around $45
reach to successfully grow its pipeline transportation business.” He raised his fair-value estimate for Enbridge shares this week to $54 (U.S.),
Sector:
Infrastructure, Utility
What should this stock accomplish?
You should expect moderte to good dividend yield and moderate dividend growth.  Utilities should be a stable part of your portfolio.
Would I buy this company and Why.
I like this stock.  It is a dividend growth company.
Why am I following this stock.
I am following this stock as I own it.
Why I bought this stock.
I first bought this stock in 2005 and then bought more in 2008 and 2009.  This stock was on the Dividend Achievers, the Dividend Aristocrats list and also on Mike Higgs’ list of Canadian Dividend Growth stocks.  Enbridge is considered to be a low risk stock.
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are declared for shareholders of record of one month and  paid near the first of the following month.
For example, the Dividend payable on December 1, 2013 was declared for shareholders of record of November 15, 2013.
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 Over the past 65 years, Enbridge has become a leader in the safe and reliable delivery of energy in North America
For employees Enbridge believes in sharing the success of our company with the people who make it happen – our employees
For community Our perspective is holistic, and over the past decade we've invested across a diverse spectrum of initiatives aimed at strengthening our communities
For investors There’s an urgent need for more energy infrastructure in North America, and Enbridge is playing a critical role in providing it.
Our shareholders expect us to generate strong financial performance and returns on the capital they’ve invested in our business.
How they make their money
Enbridge owns extensive midstream assets that transport hydrocarbons across the us and Canada. The firm has a small renewables portfolio primarily
focused on onshore and offshore wind projects.
Adjusted earnings/(loss) represent earnings or loss applicable to common shareholders adjusted for non-recurring or non-operating factors on both a consolidated and segmented basis. Management believes that
the presentation of adjusted earnings/(loss) provides useful information to investors and shareholders as it provides increased transparency and predictive value. Management uses adjusted earnings/(loss) to set
targets, assess performance of the Company and set the Company’s dividend payout target. This measure cannot be compared to what other companies use.
A lot of earnings quotes use "Adjusted Earnings" which is usually lower than EPS.  Values before 2005, from 2005 annual report.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Mar 12	2018	Mar 17	2019	Mar 13	2020	Mar 13	2021	Mar 19	2022	Mar 15	2023	Mar 16	2024			Mar 8	2025
Ebel, Gregory Lorne	0.03%	0.628	0.03%	0.652	0.03%	0.652	0.03%	0.652	0.03%	0.652	0.03%	0.652	0.03%	0.669	0.03%			0.669	0.03%		Chair, then CEO 2023	0.00%
Director - Shares - Amount	$22.685		$26.646		$33.655		$26.537		$32.208		$34.496		$31.093		$40.828				$41.176
Options - percentage	0.04%	0.411	0.02%	0.419	0.02%	0.428	0.02%	0.437	0.02%	0.650	0.03%	0.968	0.05%	1.867	0.09%			1.871	0.09%			0.21%
Options - amount	$35.849		$17.419		$21.650		$17.406		$21.594		$34.374		$46.158		$113.925				$115.136
Monaco, Albert	0.02%	0.483	0.02%	0.813	0.04%	0.878	0.04%	0.926	0.05%	0.957	0.05%										Ceased insider Jan 2023
CEO - Shares - Amount	$19.416		$20.472		$41.980		$35.749		$45.769		$50.661
Options - percentage	0.29%	4.547	0.22%	5.045	0.25%	5.920	0.29%	5.775	0.29%	6.131	0.30%
Options - amount	$243.104		$192.855		$260.471		$240.985		$285.339		$324.429
Murray, Patrick														0.026	0.00%			0.028	0.00%			10.33%
CFO - Shares - Amount															$1.571				$1.748
Options - percentage														0.672	0.03%			0.631	0.03%			-6.09%
Options - amount															$40.978				$38.809
Yu, Vernon Dai-Chung								0.165	0.01%	0.175	0.01%	0.181	0.01%								Ceased insdier Jun 30,2024	#DIV/0!
CFO - Shares - Amount									$8.144		$9.259		$8.637
Options - percentage								1.470	0.07%	1.451	0.07%	1.887	0.09%									#DIV/0!
Options - amount									$72.638		$76.791		$89.989
Gruending, Colin Kenneth						0.048	0.00%	0.059	0.00%			0.087	0.00%	0.096	0.00%			0.131	0.01%		Was CFO, Officer 2022	36.31%
Officer - Shares - Amount							$1.946		$2.939				$4.170		$5.873				$8.074
Options - percentage						1.310	0.06%	1.443	0.07%			1.453	0.07%	1.658	0.08%			1.449	0.07%			-12.56%
Options - amount							$53.324		$71.287				$69.317		$101.138				$89.187
Whelen, John Kendall	0.00%	0.123	0.01%	0.203	0.01%	0.204	0.01%														Chief Dev Officer 2020
CFO - Shares - Amount	$3.952		$5.207		$10.503		$8.296														Ceased insider Nov 2020
Options - percentage	0.09%	1.548	0.08%	2.267	0.11%	1.897	0.09%
Options - amount	$73.355		$65.667		$117.054		$77.242
Hansen, Cynthia Lynn		0.059	0.00%	0.114	0.01%	0.114	0.01%	0.184	0.01%	0.215	0.01%	0.220	0.01%	0.229	0.01%			0.289	0.01%			25.96%
Officer - Shares - Amount			$2.493		$5.898		$4.639		$9.095		$11.373		$10.498		$13.980				$17.759
Options - percentage		1.046	0.05%	1.074	0.05%	1.059	0.05%	1.772	0.09%	1.131	0.06%	1.583	0.07%	1.445	0.07%			1.279	0.06%			-11.49%
Options - amount			$44.362		$55.438		$43.114		$87.536		$59.840		$75.507		$88.187				$78.720
Banister, Gaurdie, Edward												0.016	0.00%	0.024	0.00%			0.024	0.00%			0.00%
Director - Shares - Amount													$0.785		$1.479				$1.492
Options - percentage												0.008	0.00%	0.012	0.00%			0.015	0.00%			31.56%
Options - amount													$0.380		$0.708				$0.939
Ashar, Mayank Mulraj										0.064	0.00%	0.064	0.00%	0.064	0.00%			0.064	0.00%			0.00%
Director - Shares - Amount											$3.387		$3.053		$3.905				$3.938
Options - percentage										0.003	0.00%	0.010	0.00%	0.019	0.00%			0.029	0.00%			48.65%
Options - amount											$0.164		$0.480		$1.188				$1.781
Carter, Pamela L.						0.043	0.00%	0.045	0.00%	0.046	0.00%	0.048	0.00%	0.054	0.00%			0.056	0.00%		Was dir, chair in 2023	4.13%
Chairman - Shares - Amt							$1.733		$2.206		$2.458		$2.294		$3.274				$3.438
Options - percentage						0.008	0.00%	0.012	0.00%	0.015	0.00%	0.019	0.00%	0.026	0.00%			0.033	0.00%			27.94%
Options - amount							$0.323		$0.569		$0.799		$0.886		$1.566				$2.021
Williams, Steven Walter																		0.032	0.00%		Chairman starting 12 Mar '25
Chairman - Shares - Amt																			$1.986
Options - percentage																		0.024	0.00%
Options - amount																			$1.456
Increase in O/S Shares	0.32%	3.000	0.18%	2.000	0.10%	3.000	0.15%	1.000	0.05%	4.072	0.20%	2.000	0.10%	1.401	0.07%			1.910	0.09%		RESTRICTED STOCK UNITS
due to SO 2013	$169.500		$147.480		$84.820		$154.890		$40.710		$201.198		$105.840		$66.828				$116.529
Book Value	$65.000		$90.000		$32.000		$69.000		$22.000		$31.000		$53.000		$77.000				$92.000
Insider Buying	-$0.136		-$1.791		-$0.728		-$1.247		-$0.908		-$0.309		-$0.546		-$0.237				-$1.597
Insider Selling	$8.811		$31.156		$4.020		$8.723		$2.120		$9.865		$4.387		$1.063				$3.072
Net Insider Selling	$8.676		$29.365		$3.292		$7.476		$1.212		$9.556		$3.840		$0.826				$1.475
% of Market Cap	0.01%		0.03%		0.00%		0.01%		0.00%		0.01%		0.00%		0.00%				0.00%
Directors		13		13		12		11		11		11		12				13
Women	23%	4	31%	5	38%	5	42%	4	36%	4	36%	4	36%	4	33%			6	46%
Minorities	8%	1	8%	1	8%	1	8%	1	9%	2	18%	3	27%	4	33%			4	31%
Institutions/Holdings		904	65.26%	1,075	57.04%	20	57.04%			20	29.79%	20	38.96%	20	36.75%			20	36.75%
Total Shares Held		1,106.324	54.71%	1,153.809	57.06%	1,153.809	57.06%			603.580	29.81%	788.952	37.13%	781.233	36.76%			750.044	34.44%
Increase/Decrease		62.612	6.00%	-5.398	-0.47%	-5.398	-0.47%			-36.500	-5.70%	12.836	1.65%	2.449	0.31%			-10.422	-1.37%
Starting No. of Shares		1,043.711	Nasdaq	1,159.207	Nasdaq	1,159.207	TOP 2 MS			640.079	TOP 2 MS	776.116	TOP 2 MS	778.784	TOP 2 MS			760.466	TOP 2 MS
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My stock
																		12-Jul-05	-$7,183.00		$17.96	200
																		14-Nov-08	-$12,111.99		$20.19	300
																		21-Jan-09	-$8,005.99		$20.01	200
																		6-Nov-20	-$3,638.99		$36.39
																		28-Feb-25	$94,469.10		$20.63
																		7.15%	XIRR		-$62.98
																		12.65%
																		5.50%	43.5%
																		% from	$146,469.10		Total Value	Gain
																			$0.00		Less Sale of Stock
																			-$94,469.10		Less Stock Value
																		45.01%	$52,000.00		Dividends Paid	168.07%
																			$30,939.97		Cost of Stock
																			$0.00		Sale of Stock
																		54.99%	$63,529.13		Capital Gains/Loss	205.33%
																		100.00%	$115,529.13		Total Return	373.40%
																		Start Date	12-Jul-05		Shares	1,400
																		End date	28-Feb-25		Dividends pd per Share	$37.14
																		Years	19.63		Div less cost	$17.64
																					Cost	$19.50
																					% paid by div	190.48%