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.
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Hydro One Ltd TSX H OTC HRNNF https://www.hydroone.com/ Fiscal Yr: Dec 31
Year 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 Value Description #Y Item Total G
Accounting Rules US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP IFRS IFRS IFRS Accounting Rules
$7,847 <-12 mths 0.04% Estimates last 12 months from Qtr.
Revenue* $6,548 $6,538 $6,552 $5,990 $6,150 $6,480 $7,290 $7,225 $7,780 $7,844 $8,135 $8,491 $8,874 19.79% <-Total Growth 9 Revenue
Increase 0.00% -0.15% 0.21% -8.58% 2.67% 5.37% 12.50% -0.89% 7.68% 0.82% 3.71% 4.38% 4.51% 2.03% <-IRR #YR-> 9 Revenue #DIV/0!
5 year Running Average $6,356 $6,342 $6,492 $6,627 $6,985 $7,324 $7,655 $7,895 $8,225 4.99% <-IRR #YR-> 5 Revenue 27.54%
Revenue per Share $11.01 $10.99 $11.01 $10.06 $10.32 $10.86 $12.20 $12.08 $12.99 $13.09 $13.58 $14.17 $14.81 2.88% <-IRR #YR-> 5 5 yr Running Average #DIV/0!
Increase #DIV/0! -0.15% 0.21% -8.64% 2.58% 5.21% 12.35% -0.99% 7.59% 0.76% 3.71% 4.38% 4.51% 2.88% <-IRR #YR-> 5 5 yr Running Average 15.23%
5 year Running Average $10.68 $10.65 $10.89 $11.10 $11.69 $12.24 $12.79 $13.18 $13.73 1.95% <-IRR #YR-> 9 Revenue per Share #DIV/0!
P/S (Price/Sales) Med 0.00 2.03 2.20 2.32 2.00 2.13 2.10 2.47 2.65 2.81 2.94 0.00 0.00 4.88% <-IRR #YR-> 5 Revenue per Share 26.88%
P/S (Price/Sales) Close 1.96 2.03 2.14 2.23 1.94 2.30 2.36 2.71 2.79 3.03 2.91 2.79 2.71 2.78% <-IRR #YR-> 5 5 yr Running Average #DIV/0!
P/S 10 Year Median  0.00 1.02 2.03 2.12 2.03 2.08 2.10 2.12 2.13 2.17 2.26 2.26 2.23 2.78% <-IRR #YR-> 5 5 yr Running Average 14.68%
*Revenue in M CDN $  P/S Med 20 yr  2.17 15 yr  2.17 10 yr  2.17 5 yr  2.47 34.18% Diff M/C
-$6,548.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $7,844.0
-$6,150.0 $0.0 $0.0 $0.0 $0.0 $7,844.0
-$6,355.6 $0.0 $0.0 $0.0 $0.0 $7,323.8
-$6,355.6 $0.0 $0.0 $0.0 $0.0 $7,323.8
-$11.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.09
-$10.32 $0.00 $0.00 $0.00 $0.00 $13.09
Funds from Operations CDN$
AFFO per Share basic $1.33 $1.43 $1.03 $1.09 $1.43 TD Securities
Increase 7.52% -27.97% 5.83% 31.19% Report
5 year Running Average $0.27 $0.55 $0.76 $0.98 $1.26 -12.00% <-IRR #YR-> 2 AFFO #DIV/0!
AFFO Yield 4.06% 3.94% 2.59% 2.76% 3.62% -12.00% <-IRR #YR-> 2 AFFO #DIV/0!
Payout Ratio 79.14% 77.28% 113.48% 108.77% 82.91% 68.81% <-IRR #YR-> 2 5 yr Running Average #DIV/0!
5 year Running Average 15.83% 31.28% 53.98% 75.73% 92.31% 68.81% <-IRR #YR-> 2 5 yr Running Average #DIV/0!
Price/AFFO Median 22.42 24.10 35.75 36.59 0.01 24.10 <-Median-> 3 P/AFFO Med
Price/AFFO High 24.74 26.59 39.37 38.20 0.00 26.59 <-Median-> 3 P/AFFO High
Price/AFFO Low 20.09 21.62 32.13 34.98 0.00 21.62 <-Median-> 3 P/AFFO Low
Price/AFFO Close 24.60 25.36 38.54 36.23 27.62 25.36 <-Median-> 3 P/AFFO Close
Trailing P/AFFO Close 27.27 27.76 38.34 36.23 27.52 <-Median-> 2 Trailing P/AFFO Close
Median Values DPR 10 Yrs 78.21% 5 Yrs   78.21% P/CF 5 Yrs   in order 23.26 25.67 20.86 24.98 65.70% Diff M/C DPR 75% to 95% best
* Adjusted Funds from Operations
Funds from Operations CDN$ $1,293 -$1,479 $1,494 $1,579 $1,572 $1,532 $1,830 $2,041 $2,189 $2,150 $2,150 <-12 mths
FFO per Share basic $2.71 -$2.98 $2.51 $2.65 $2.73 $2.57 $3.06 $3.41 $3.66 $3.59
FFO per Share Diluted $2.71 -$2.98 $2.50 $2.64 $2.63 $2.56 $3.05 $3.40 $3.64 $3.58 $3.58 <-12 mths 32.31% <-Total Growth 9 FFO
Increase -210.11% 184.03% 5.54% -0.51% -2.70% 19.24% 11.45% 7.21% -1.77% -1.77% <-12 mths 9 1 10 Years of Data, EPS P or N 90.00%
5 year Running Average $0.97 $1.50 $1.47 $2.68 $2.86 $3.06 $3.25 $3.45 <-12 mths 3.16% <-IRR #YR-> 9 FFO #DIV/0!
FFO Yield 12.52% -13.37% 10.62% 11.80% 13.13% 10.25% 10.60% 10.39% 10.05% 9.02% 9.07% <-12 mths 6.37% <-IRR #YR-> 5 FFO 36.17%
Payout Ratio 0.00% 38.74% 32.92% 34.61% 37.31% 32.86% 30.96% 30.32% 32.65% 33.12% <-12 mths 16.69% <-IRR #YR-> 5 5 yr Running Average #DIV/0!
5 year Running Average 21.26% 28.72% 35.29% 33.73% 33.21% 32.82% 31.98% <-12 mths 16.69% <-IRR #YR-> 5 5 yr Running Average 116.39%
Price/FFO Median 0.00 -7.49 9.69 8.83 7.86 9.05 8.41 8.77 9.46 10.28 11.14 <-12 mths 8.80 <-Median-> 10 Price/FFO Median
Price/FFO High 0.00 -7.75 10.62 9.31 8.52 10.24 9.93 9.68 10.43 11.33 11.63 <-12 mths 9.81 <-Median-> 10 Price/FFO High
Price/FFO Low 0.00 -7.23 8.76 8.35 7.20 7.85 6.88 7.86 8.48 9.24 10.65 <-12 mths 7.86 <-Median-> 10 Price/FFO Low
Price/FFO Close 7.99 -7.48 9.42 8.48 7.62 9.75 9.43 9.62 9.95 11.09 11.03 <-12 mths 9.42 <-Median-> 10 Price/FFO Close
Trailing P/FFO Close 8.24 -7.91 8.95 7.58 9.49 11.25 10.73 10.67 10.89 11.03 <-12 mths 9.49 <-Median-> 9 Trailing P/FFO Close
Median Values DPR 10 Yrs 32.89% 5 Yrs   32.86% P/CF 5 Yrs   in order 8.77 9.93 7.85 9.62 26.44% Diff M/C DPR 75% to 95% best
Payout Ratio Adj EPS 65.63% 65.02% 64.38% Estimates Payout Ratio EPS
Per Share $1.83 <-12 mths 1.10% Estimates Last 12 months from Qtr
Adjusted Profit CDN$ $588 $576 $721 $694 $807 $918 $903 $965 $1,050 $1,085 84.61% <-Total Growth 9 Adjusted Profit CDN$
Return on Equity ROE 7.51% 7.11% 8.81% 9.80% 8.57% 8.86% 9.29% 9.27% 8.84% <-Median-> 8 Return on Equity ROE
5Yr Median 8.57% 8.81% 8.86% 9.27% 8.84% <-Median-> 4 5 Yr Median
Basic $1.23 $1.16 $1.21 $1.17 $1.35 $1.54 $1.51 $1.61 $1.75 $1.81 47.15% <-Total Growth 9 AEPS
AEPS* Dilued $1.23 $1.16 $1.21 $1.16 $1.35 $1.53 $1.51 $1.61 $1.75 $1.81 $1.90 $2.03 $2.17 47.15% <-Total Growth 9 AEPS
Increase -5.69% 4.31% -4.13% 16.38% 13.33% -1.31% 6.62% 8.70% 3.43% 4.97% 6.84% 6.90% 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $1.22 $1.28 $1.35 $1.43 $1.55 $1.64 $1.72 $1.82 $1.93 4.39% <-IRR #YR-> 9 AEPS 47.15%
AEPS Yield 5.20% 5.13% 5.18% 6.74% 6.13% 5.25% 4.92% 4.82% 4.56% 4.81% 5.14% 5.41% 6.04% <-IRR #YR-> 5 AEPS 34.07%
Payout Ratio 0.00% 0.00% 80.17% 75.00% 67.41% 62.39% 66.38% 65.37% 63.15% 64.57% 62.40% 58.40% 54.64% 6.09% <-IRR #YR-> 5 5 yr Running Average #DIV/0!
5 year Running Average 44.51% 56.99% 70.27% 67.31% 64.94% 64.37% 64.37% 62.78% 60.63% 6.09% <-IRR #YR-> 5 5 yr Running Average 34.37%
Price/AEPS Median 0.00 19.24 20.05 20.12 15.31 15.13 16.99 18.52 19.70 20.34 20.99 0.01 0.00 18.88 <-Median-> 10 Price/AEPS Median
Price/AEPS High 0.00 19.91 21.98 21.22 16.59 17.12 20.07 20.44 21.73 22.40 21.92 0.00 0.00 20.25 <-Median-> 10 Price/AEPS High
Price/AEPS Low 0.00 18.56 18.12 19.02 14.02 13.13 13.91 16.60 17.67 18.28 20.07 0.00 0.00 17.13 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 17.58 19.22 19.49 19.31 14.84 16.31 19.05 20.32 20.73 21.93 20.78 19.45 18.47 19.26 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 18.12 20.33 18.51 17.27 18.48 18.80 21.67 22.53 22.69 21.82 20.78 19.74 18.80 <-Median-> 9 Trailing P/AEPS Close
Median Values DPR 10 Yrs 64.97% 5 Yrs   64.57% P/CF 5 Yrs   in order 18.52 20.44 16.60 20.32 12.23% Diff M/C DPR 75% to 95% best
$0.83 <-12 mths -54.08% Estimates Last 12 months from Qtr
Difference Basic and Diluted 0.00% 0.00% 0.00% 0.90% 0.00% 0.00% 0.34% 0.00% 0.00% 0.00% 0.00 <-Median-> 10 Difference Basic and Diluted
EPS Basic $1.53 $1.39 $1.21 $1.11 -$0.15 $1.30 $2.96 $1.61 $1.75 $1.81 18.30% <-Total Growth 9 EPS Basic
EPS Diluted* $1.53 $1.39 $1.21 $1.10 -$0.15 $1.30 $2.95 $1.61 $1.75 $1.81 $1.90 $2.03 $2.17 18.30% <-Total Growth 9 EPS Diluted
Increase -9.15% -12.95% -9.09% -113.64% 966.67% 126.92% -45.42% 8.70% 3.43% 5.14% 6.78% 6.89% 9 1 10 Years of Data, EPS P or N 90.00%
Earnings Yield 6.24% 5.13% 4.91% -0.75% 5.21% 10.25% 4.92% 4.82% 4.56% 4.82% 5.15% 5.42% 1.88% <-IRR #YR-> 9 Earnings per Share #DIV/0!
5 year Running Average $1.02 $0.97 $1.28 $1.36 $1.49 $1.88 $2.00 $1.82 $1.93 #NUM! <-IRR #YR-> 5 Earnings per Share 1306.67%
10 year Running Average $1.45 $1.49 $1.55 $1.65 18.05% <-IRR #YR-> 4 5 yr Running Average #DIV/0!
* Diluted ESP per share  E/P 10 Yrs 4.92% 5Yrs 4.92% 18.05% <-IRR #YR-> 4 5 yr Running Average 85.43%
-$1.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.81
$0.15 $0.00 $0.00 $0.00 $0.00 $1.81
-$0.97 $0.00 $0.00 $0.00 $1.88
-$0.97 $0.00 $0.00 $0.00 $1.88
Dividend* $1.25 $1.32 $1.40 Estimates Dividend*
Increase 6.69% 5.85% 5.83% Estimates Increase
Payout Ratio EPS 65.53% 64.96% 64.32% Estimates Payout Ratio EPS
Dividends paid before TSX Issue $1.83 $0.56
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 <-Median-> 8 Special Dividends
Dividend* $0.97 $0.87 $0.91 $0.95 $1.00 $1.05 $1.1051 $1.1688 $1.1856 $1.1856 $1.1856 20.49% <-Total Growth 7 Dividends
Increase 0.00% -10.31% 4.60% 4.89% 5.01% 5.01% 5.00% 5.76% 1.44% 0.00% 0.00% 6 1 7 Years of data, Count P, N 85.71%
Average Increases 5 Year Running 3.33% 20.98% 21.44% 22.45% 18.29% 12.65% 7.28% 21.21% <-Median-> 4 5 year Increases % inc
Dividends 5 Yr Running $0.94 $0.96 $1.00 $1.06 $1.10 $1.14 $1.17 12.25% <-Total Growth 3 Dividends 5 Yr Running
Yield H/L Price 4.00% 3.73% 4.40% 4.12% 3.91% 3.53% 3.21% 3.17% 2.97% 3.82% <-Median-> 8 Yield H/L Price Item
Yield on High  Price 3.65% 3.54% 4.06% 3.64% 3.31% 3.20% 2.91% 2.88% 2.85% 3.42% <-Median-> 8 Yield on High  Price EPS
Yield on Low Price 4.42% 3.94% 4.81% 4.75% 4.77% 3.94% 3.57% 3.53% 3.11% 4.18% <-Median-> 8 Yield on Low Price AFFO
Yield on Close Price 4.11% 3.88% 4.54% 3.83% 3.48% 3.22% 3.05% 2.94% 3.00% 3.00% 2.96% 3.65% <-Median-> 8 Yield on Close Price FFO
Payout Ratio EPS 80.17% 79.09% 0.00% 73.42% 33.98% 65.37% 63.15% 64.57% 62.30% 58.35% 54.59% $0.65 <-Median-> 8 DPR EPS AEPS
DPR EPS 5 Yr Running 73.43% 70.33% 67.35% 56.08% 55.02% 62.58% 60.32% $0.69 <-Median-> 4 DPR EPS 5 Yr Running CFPS
Payout Ratio CFPS 34.85% 30.19% 34.43% 35.30% 29.51% 29.30% 29.28% 30.98% 30.24% 28.30% 28.30% $0.31 <-Median-> 8 DPR CF FCF 1
DPR CF 5 Yr Running 32.66% 31.47% 31.19% 30.64% 29.88% 29.60% 29.38% $0.31 <-Median-> 4 DPR CF 5 Yr Running FCF 2
Payout Ratio CFPS WC 32.24% 28.32% 34.94% 34.13% 27.10% 28.00% 28.51% 27.87% 30.24% 28.30% 28.30% $0.28 <-Median-> 8 DPR CF WC
DPR CF WC 5 Yr Running 0.00% 0.00% 0.00% 0.00% 31.01% 30.06% 30.02% 28.83% 28.36% 28.57% 28.62% $0.14 <-Median-> 8 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 3.82% 3.65% 5 Yr Med 5 Yr Cl 3.53% 3.22% 5 Yr Med Payout 64.57% 29.51% 28.00% 5.13% <-IRR #YR-> 5 Dividends 28.44%
* Dividends per share  10 Yr Med and Cur. -21.36% -17.85% 5 Yr Med and Cur. -14.95% -6.67% Last Div Inc ---> $0.2796 $0.2964 6.01% 2.70% <-IRR #YR-> 7 Dividends #DIV/0!
Dividends Growth 15 #NUM! <-IRR #YR-> 15 Dividends #DIV/0!
Dividends Growth 5 -$0.91 $0.00 $0.00 $0.00 $0.00 $1.17 Dividends Growth 5
Dividends Growth 10 -$0.97 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.17 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.17 Dividends Growth 15
Historical Dividends Historical High Div 4.78% Low Div 2.90% 10 Yr High 4.78% 10 Yr Low 2.90% Med Div 3.82% Close Div 3.65% Historical Dividends
High/Ave/Median Values Curr diff Exp. -37.19% 3.41% Exp. -37.19% 3.53% Exp. -21.41% Exp. -17.85% High/Ave/Median 
Future Dividend Yield Div Yield 3.86% earning in 5 Years at IRR of 5.13% Div Inc. 28.44% Future Dividend Yield Item
Future Dividend Yield Div Yield 4.95% earning in 10 Years at IRR of 5.13% Div Inc. 64.97% Future Dividend Yield Revenue Growth 
Future Dividend Yield Div Yield 6.36% earning in 15 Years at IRR of 5.13% Div Inc. 111.88% Future Dividend Yield AEPS Growth
Net Income Growth
Future Dividend Paid Div Paid $1.52 earning in 5 Years at IRR of 5.13% Div Inc. 28.44% Future Dividend Paid Cash Flow Growth
Future Dividend Paid Div Paid $1.96 earning in 10 Years at IRR of 5.13% Div Inc. 64.97% Future Dividend Paid Dividend Growth
Future Dividend Paid Div Paid $2.51 earning in 15 Years at IRR of 5.13% Div Inc. 111.88% Future Dividend Paid Stock Price Growth
Dividend Covering Cost Total Div $6.57 over 5 Years at IRR of 5.13% Div Cov. 16.63% Dividend Covering Cost Revenue Growth 
Dividend Covering Cost Total Div $13.48 over 10 Years at IRR of 5.13% Div Cov. 34.14% Dividend Covering Cost AEPS Growth
Dividend Covering Cost Total Div $22.36 over 15 Years at IRR of 5.13% Div Cov. 56.63% Dividend Covering Cost Net Income Growth
Cash Flow Growth
Yield if held 5 years 4.49% 4.34% 4.74% 5.66% 5.12% 4.62% 3.98% 4.61% <-Median-> 4 Paid Median Price Dividend Growth
Yield if held 10 years 5.31% 4.89% #NUM! <-Median-> 0 Paid Median Price Stock Price Growth
year 35 BMO, EMP, T, JNJ
Cost covered if held 5 years 21.09% 19.74% 21.53% 25.57% 23.83% 22.21% 19.56% 21.31% <-Median-> 4 Paid Median Price
Cost covered if held 10 years 46.63% 43.78% #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $6,150 $6,480 $7,290 $7,225 $7,780 $7,844 $7,847 <-12 mths 0.04% 27.54% <-Total Growth 5 Revenue Growth  27.54%
AEPS Growth $1.35 $1.53 $1.51 $1.61 $1.75 $1.81 $1.83 <-12 mths 1.10% 34.07% <-Total Growth 5 AEPS Growth 34.07%
Net Income Growth -$89 $778 $1,770 $965 $1,050 $1,085 $1,075 <-12 mths -0.95% 1319.10% <-Total Growth 5 Net Income Growth 1319.10%
Cash Flow Growth $1,575 $1,614 $2,030 $2,149 $2,260 $2,260 43.49% <-Total Growth 5 Cash Flow Growth 43.49%
Dividend Growth $0.91 $0.95 $1.00 $1.05 $1.11 $1.17 $1.19 <-12 mths 1.44% 28.44% <-Total Growth 5 Dividend Growth 28.44%
Stock Price Growth $20.03 $24.95 $28.77 $32.72 $36.27 $39.70 $39.49 <-12 mths -0.53% 98.20% <-Total Growth 5 Stock Price Growth 98.20%
Revenue Growth  $6,548 $6,538 $6,552 $5,990 $6,150 $6,480 $7,290 $7,225 $7,780 $7,844 $8,135 <-this year 3.71% 19.79% <-Total Growth 9 Revenue Growth  19.79%
AEPS Growth $1.23 $1.16 $1.21 $1.16 $1.35 $1.53 $1.51 $1.61 $1.75 $1.81 $1.90 <-this year 4.97% 47.15% <-Total Growth 9 AEPS Growth 47.15%
Net Income Growth $731 $690 $721 $658 -$89 $778 $1,770 $965 $1,050 $1,085 $1,140 <-this year 5.07% 48.43% <-Total Growth 9 Net Income Growth 48.43%
Cash Flow Growth $1,256 -$1,253 $1,656 $1,716 $1,575 $1,614 $2,030 $2,149 $2,260 $2,260 $2,348 <-this year 3.91% 79.94% <-Total Growth 9 Cash Flow Growth 79.94%
Dividend Growth $0.97 $0.87 $0.91 $0.95 $1.00 $1.05 $1.11 $1.17 $1.25 <-this year 6.69% 20.49% <-Total Growth 7 Dividend Growth 20.49%
Stock Price Growth $21.62 $22.29 $23.58 $22.40 $20.03 $24.95 $28.77 $32.72 $36.27 $39.70 $39.49 <-this year -0.53% 83.63% <-Total Growth 9 Stock Price Growth 83.63%
Dividends on Shares $43.65 $39.15 $40.95 $42.95 $45.10 $47.36 $49.73 $52.60 $53.35 $53.35 $53.35 $361.49 No of Years 8 Total Dividends 12/31/15
Paid  $1,003.05 $1,061.10 $1,008.00 $901.35 $1,122.75 $1,294.65 $1,472.40 $1,632.15 $1,786.50 $1,777.05 $1,777.05 $1,803.60 $1,786.50 No of Years 8 Worth $22.29
Total $2,147.99
-$22.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $39.70 7.48% <-IRR #YR-> 8
-$22.29 $0.97 $0.87 $0.91 $0.95 $1.00 $1.05 $1.11 $40.87 11.01% <-IRR #YR-> 8
3.52% Dividend
Earnings less Dividends $14.51 $1.00 $35.54 $7.85 $2.02 $2.44 $4.14 -71.49% <-Total Growth 6 Dollar Test
Change in MV per Share $40.85 $6.00 $206.43 $50.67 $9.14 $13.87 $19.67 $4.14 $19.67 6 Dollar Test
Ratio 2.82 6.00 5.81 6.45 4.52 5.69 4.75 375.49% Dollar Test
Increase in Earnings 5 years $0.40 $0.65 $1.96 390.00% <-Total Growth 2 Increase in Earnings 5 years
Rate profits have increased 19.80% 26.69% 47.38% 139.35% <-Total Growth 2 Rate profits have increased
Graham Number AEPS $18.81 $20.34 $20.96 $20.69 $21.60 $23.25 $24.47 $25.68 $27.27 $28.20 $28.89 $29.87 $30.88 49.97% <-Total Growth 9 Graham Number AEPS
Increase 8.16% 3.04% -1.29% 4.42% 7.63% 5.25% 4.93% 6.20% 3.43% 2.46% 3.36% 3.39% 4.93% <-Median-> 9 Increase
Price/GP Ratio Med 0.00 1.10 1.16 1.13 0.96 1.00 1.05 1.16 1.26 1.31 1.11 <-Median-> 10 Price/GP Ratio Med
Price/GP Ratio High 0.00 1.14 1.27 1.19 1.04 1.13 1.24 1.28 1.39 1.44 1.21 <-Median-> 10 Price/GP Ratio High
Price/GP Ratio Low 0.00 1.06 1.05 1.07 0.88 0.86 0.86 1.04 1.13 1.17 1.04 <-Median-> 10 Price/GP Ratio Low
Price/GP Ratio Close 1.15 1.10 1.13 1.08 0.93 1.07 1.18 1.27 1.33 1.41 1.37 1.32 1.30 1.14 <-Median-> 10 Price/GP Ratio Close
Prem/Disc Close 14.97% 9.59% 12.51% 8.28% -7.28% 7.31% 17.56% 27.43% 33.01% 40.77% 36.67% 32.22% 29.79% 13.74% <-Median-> 10 Graham Price
Graham Number EPS $20.97 $22.26 $20.96 $20.15 $19.50 $21.43 $34.20 $25.68 $27.27 $28.20 $28.92 $29.88 $30.89 34.47% <-Total Growth 9 Graham Number EPS
Increase 6.16% -5.87% -3.87% -3.21% 9.91% 59.60% -24.93% 6.20% 3.43% 2.54% 3.33% 3.39% 3.43% <-Median-> 9 Increase
Price/GP Ratio Med 0.00 1.00 1.16 1.16 1.06 1.08 0.75 1.16 1.26 1.31 1.38 1.12 <-Median-> 10 Price/GP Ratio Med
Price/GP Ratio High 0.00 1.04 1.27 1.22 1.15 1.22 0.89 1.28 1.39 1.44 1.44 1.22 <-Median-> 10 Price/GP Ratio High
Price/GP Ratio Low 0.00 0.97 1.05 1.10 0.97 0.94 0.61 1.04 1.13 1.17 1.32 1.01 <-Median-> 10 Price/GP Ratio Low
Price/GP Ratio Close 1.03 1.00 1.13 1.11 1.03 1.16 0.84 1.27 1.33 1.41 1.37 1.32 1.30 1.12 <-Median-> 10 Price/GP Ratio Close
Prem/Disc Close 3.08% 0.11% 12.51% 11.19% 2.72% 16.42% -15.89% 27.43% 33.01% 40.77% 36.56% 32.15% 29.73% 11.85% <-Median-> 10 Graham Price
Based on EPS 3 Yrs EPS $22.54 $20.65 $15.95 $17.25 $23.66 $28.81 $30.40 $27.52 $28.29 $29.01 Based on EPS 3 Yrs EPS
Increase -8.39% -22.75% 8.13% 37.17% 21.77% 5.53% -9.48% 2.79% 2.55% 165.93% <-Total Growth 5 Increase
Price/GP Ratio Med 1.04 1.00 1.45 1.49 1.26 1.20 1.21 1.45 121.11% <-Median-> 7 Price/GP Ratio Med
Price/GP Ratio High 1.09 1.08 1.64 1.76 1.39 1.32 1.33 1.51 1.33 <-Median-> 7 Price/GP Ratio High
Price/GP Ratio Low 0.98 0.92 1.26 1.22 1.13 1.07 1.09 1.39 1.09 <-Median-> 7 Price/GP Ratio Low
Price/GP Ratio Close 0.99 0.97 1.56 1.67 1.38 1.26 1.31 1.44 1.40 1.38 1.31 <-Median-> 7 Price/GP Ratio Close
Prem/Disc Close -0.61% -2.99% 56.43% 66.81% 38.31% 25.90% 30.59% 43.50% 39.60% 38.17% 0.31 <-Median-> 7 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 17.00 <Count Years> 9 Month, Year
Price Close $21.62 $22.29 $23.58 $22.40 $20.03 $24.95 $28.77 $32.72 $36.27 $39.70 $39.49 $39.49 $40.08 83.63% <-Total Growth 9 Stock Price
Increase 3.10% 5.79% -5.00% -10.58% 24.56% 15.31% 13.73% 10.85% 9.46% -0.53% 0.00% 1.49% 18.78 <-Median-> 9 CAPE (10 Yr P/E)
P/E Ratio 14.13 16.04 19.49 20.36 -133.53 19.19 9.75 20.32 20.73 21.93 20.75 19.43 18.45 14.66% <-IRR #YR-> 5 Stock Price 98.20%
Trailing P/E Ratio 14.57 16.96 18.51 18.21 -166.33 22.13 11.09 22.53 22.69 21.82 20.75 19.72 6.99% <-IRR #YR-> 9 Stock Price #DIV/0!
CAPE (10 Yr P/E) 18.78 19.51 19.81 19.66 18.72% <-IRR #YR-> 5 Price & Dividend 124.58%
Median 10, 5 Yrs D.  per yr 3.02% 4.06% % Tot Ret 30.16% 21.67% T P/E $18.21 $22.13 P/E:  $19.34 $20.32 10.00% <-IRR #YR-> 9 Price & Dividend #DIV/0!
Price 15 D.  per yr #NUM! % Tot Ret #NUM! CAPE Diff 0.2 #NUM! <-IRR #YR-> 15 Stock Price #DIV/0!
Price & Dividend 15 #NUM! <-IRR #YR-> 15 Price & Dividend #DIV/0!
Price  5 -$20.03 $0.00 $0.00 $0.00 $0.00 $39.70 Price  5
Price 10 -$21.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $39.70 Price 10
Price & Dividend 5 -$20.03 $0.95 $1.00 $1.05 $1.11 $40.87 Price & Dividend 5
Price & Dividend 10 -$21.62 $0.00 $0.97 $0.87 $0.91 $0.95 $1.00 $1.05 $1.11 $40.87 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 $39.70 Price  15
Price & Dividend 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.97 $0.87 $0.91 $0.95 $1.00 $1.05 $1.11 $40.87 Price & Dividend 15
Price H/L Median $22.32 $24.26 $23.34 $20.67 $23.15 $25.65 $29.82 $34.47 $36.82 $39.89 1.49% 65.00% <-Total Growth 8 Stock Price
Increase 8.72% -3.81% -11.44% 12.00% 10.82% 16.24% 15.61% 6.82% 8.32% 3.00% 12.25% <-IRR #YR-> 5 Stock Price 78.18%
P/E Ratio 16.05 20.05 21.21 -137.77 17.80 8.69 18.52 19.70 20.34 20.96 4.50% 6.46% <-IRR #YR-> 8 Stock Price #DIV/0!
Trailing P/E Ratio 14.58 17.45 19.29 18.79 -154.30 19.73 10.11 21.41 21.04 22.04 16.33% <-IRR #YR-> 5 Price & Dividend 78.18%
P/E on Running 5 yr Average 20.34 23.86 20.01 21.89 23.10 19.54 19.90 10.09% <-IRR #YR-> 8 Price & Dividend #DIV/0!
P/E on Running 10 yr Average 26.82 18.52 P/E Ratio Historical Median 103.74%
Median 10, 5 Yrs D.  per yr 4.08% 3.63% % Tot Ret 25.01% 35.96% T P/E 18.79 19.73 P/E:  18.52 18.52 Count 8 Years of data
-$20.67 $0.00 $0.00 $0.00 $0.00 $36.82
-$22.32 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $36.82
-$20.67 $0.95 $1.00 $1.05 $1.11 $37.99
-$22.32 $0.97 $0.87 $0.91 $0.95 $1.00 $1.05 $1.11 $37.99
High Months Nov Jul Apr Jan Nov Nov Dec Dec Apr Mar
Price High $23.10 $26.59 $24.61 $22.40 $26.20 $30.30 $32.91 $38.02 $40.55 $41.64 75.54% <-Total Growth 8 Stock Price
Increase 15.11% -7.45% -8.98% 16.96% 15.65% 8.61% 15.53% 6.65% 2.69% 12.60% <-IRR #YR-> 5 Stock Price 81.03%
P/E Ratio 16.62 21.98 22.37 -149.33 20.15 10.27 20.44 21.73 22.40 21.88 7.29% <-IRR #YR-> 8 Stock Price #DIV/0!
Trailing P/E Ratio 15.10 19.13 20.34 20.36 -174.67 23.31 11.16 23.61 23.17 23.01 20.44 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 20.34 23.17 P/E:  20.44 20.44 22.40 P/E Ratio Historical High
-$22.40 $0.00 $0.00 $0.00 $0.00 $40.55
-$23.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $40.55
Low Months Dec Feb Aug May Jan Mar Feb Feb Oct Jan
Price Low $21.53 $21.93 $22.06 $18.93 $20.09 $21.00 $26.72 $30.92 $33.09 $38.13 53.69% <-Total Growth 8 Stock Price
Increase 1.86% 0.59% -14.19% 6.13% 4.53% 27.24% 15.72% 7.02% 15.23% 11.82% <-IRR #YR-> 5 Stock Price 74.80%
P/E Ratio 15.49 18.12 20.05 -126.20 15.45 7.12 16.60 17.67 18.28 20.04 5.52% <-IRR #YR-> 8 Stock Price #DIV/0!
Trailing P/E Ratio 14.07 15.78 18.23 17.21 -133.93 16.15 9.06 19.20 18.91 21.07 16.60 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 16.15 16.15 P/E:  16.60 16.60 -126.20 P/E Ratio Historical Low
-$21.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $33.09
Free Cash Flow MS $17 -$248 -$2,880 -$5 $169 $37 -$14 $186 $78 $174 -$64 -$383 -$338 -$156 -476.47% <-Total Growth 10 Free Cash Flow
Change -1558.82% -1061.29% 99.83% 3480.00% -78.11% -137.84% 1428.57% -58.06% 123.08% -136.78% -498.44% 11.75% 53.85% #NUM! <-IRR #YR-> 5 Free Cash Flow MS -272.97%
FCF/CF from Op Ratio -0.20 2.30 0.00 0.10 0.02 -0.01 0.09 0.04 0.08 -0.03 -0.16 -0.13 -0.06 -13.97% <-IRR #YR-> 9 Free Cash Flow MS -476.47%
Dividends paid $596 $536 $560 $588 $617 $629 $662 $700 $710.27 $710.27 $710.27 17.45% <-Total Growth 7 Dividends paid
Percentage paid 317.16% 1513.51% -4200.00% 331.72% 806.41% 380.46% -1093.75% -185.45% -210.14% -455.30% $3.32 <-Median-> 7 Percentage paid
5 Year Coverage 642.54% 662.91% 887.78% -36869.62% -640.06% -455.38% 5 Year Coverage
Dividend Coverage Ratio 0.32 0.07 -0.02 0.30 0.12 0.26 -0.09 -0.54 -0.48 -0.22 0.12 <-Median-> 7 Dividend Coverage Ratio
5 Year of Coverage 0.16 0.15 0.11 0.00 -0.16 -0.22 5 Year of Coverage
Free Cash Flow WSJ $249 $157 $101 $312 $221 $294 $67 -$383 -$338 -$156 -73.09% <-Total Growth 6 Free Cash Flow
Change -36.95% -35.67% 208.91% -29.17% 33.03% -77.21% -671.64% 11.75% 53.85% -15.66% <-IRR #YR-> 5 Free Cash Flow MS -57.32%
FCF/CF from Op Ratio 11428.46 -1036.65 1339.76 962.53 12523.33 9183.42 814.17 5880.14 -4907.26 #DIV/0! -19.65% <-IRR #YR-> 6 Free Cash Flow MS #DIV/0!
Dividends paid $536 $560 $588 $617 $629 $662 $700 $710 $710 $710 25.00% <-Total Growth 6 Dividends paid
Percentage paid 215.26% 356.69% 582.18% 197.76% 284.62% 225.17% 1044.78% -185.45% -210.14% -455.30% $2.85 <-Median-> 7 Percentage paid
5 Year Coverage 281.73% 281.66% 321.21% 649.37% -2454.34% -676.90% 5 Year Coverage
Dividend Coverage Ratio 0.46 0.28 0.17 0.51 0.35 0.44 0.10 -0.54 -0.48 -0.22 0.35 <-Median-> 7 Dividend Coverage Ratio
5 Year of Coverage 0.35 0.36 0.31 0.15 -0.04 -0.15 5 Year of Coverage
Market Cap in $M $12,863.9 $13,262.6 $14,030.1 $13,336.7 $11,936.7 $14,890.6 $17,193.3 $19,573.7 $21,715.4 $23,783.4 $23,657.6 $23,657.6 $24,011.0 84.88% <-Total Growth 9 Market Cap #DIV/0!
Diluted # of Shares in Millions 477.84 496.37 596.70 597.52 597.90 598.85 599.92 600.36 600.59 600.53 600.53 600.53 600.53 25.68% <-Total Growth 9 Diluted # of Shares in Million
Change 3.88% 20.21% 0.14% 0.06% 0.16% 0.18% 0.07% 0.04% -0.01% 0.00% 0.00% 0.00% 2.57% <-IRR #YR-> 9 Change
Difference Diluted/Basic 0.0% 0.0% -0.3% -0.4% -3.7% -0.4% -0.4% -0.4% -0.3% -0.3% -0.3% -0.3% -0.3% 0.09% <-IRR #YR-> 5 Difference Diluted/Basic
Change in Diluted Shares per Year
Basic # of Shares in Millions 477.84 496.27 595.00 595.29 575.76 596.44 597.42 598.08 598.62 598.99 598.99 598.99 598.99 25.35% <-Total Growth 9 Basic
Change 3.86% 19.89% 0.05% -3.28% 3.59% 0.16% 0.11% 0.09% 0.06% 0.00% 0.00% 0.00% 0.11% <-Median-> 9 Change
Difference Basic/Outstanding 24.52% 19.89% 0.00% 0.02% 3.51% 0.06% 0.03% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02% 0.03% <-Median-> 10 Difference Basic/Outstanding
Common Shares Public 89.250 178.196 312.974 313.526 314.406 315.199 315.805 316.302 316.664 316.664 316.664 316.664 254.81% <-Total Growth 8 Common Shares Public
Common Shares Province 595.000 505.750 416.803 282.413 282.413 282.413 282.413 282.413 282.413 282.413 282.413 282.413 282.413 -52.54% <-Total Growth 9 Common Shares Province
# of Share in Millions 595.000 595.000 595.000 595.387 595.939 596.818 597.612 598.218 598.715 599.077 599.077 599.077 599.077 0.08% <-IRR #YR-> 9 # of Share in Millions #DIV/0!
Change 0.00% 0.00% 0.07% 0.09% 0.15% 0.13% 0.10% 0.08% 0.06% 0.00% 0.00% 0.00% 0.11% <-IRR #YR-> 5 Shares 0.53%
Cash Flow from Operations $M $1,256 -$1,253 $1,656 $1,716 $1,575 $1,614 $2,030 $2,149 $2,260 $2,260 $2,348 $2,510 $2,510 79.94% <-Total Growth 9 Cash Flow
Increase -199.76% 232.16% 3.62% -8.22% 2.48% 25.77% 5.86% 5.17% 0.00% 4.07% 4.10% 4.36% Stock Options
5 year Running Average $990 $1,062 $1,718 $1,817 $1,926 $2,063 $2,209 $2,306 $2,378 108.34% <-Total Growth 5 CF 5 Yr Running
CFPS $2.11 -$2.11 $2.78 $2.88 $2.64 $2.70 $3.40 $3.59 $3.77 $3.77 $3.92 $4.19 $4.19 78.71% <-Total Growth 9 Cash Flow per Share
Increase -199.76% 232.16% 3.56% -8.30% 2.33% 25.61% 5.75% 5.08% -0.06% 3.91% 6.89% 0.00% 6.74% <-IRR #YR-> 9 Cash Flow #DIV/0!
5 year Running Average $1.66 $1.78 $2.88 $3.04 $3.22 $3.45 $3.69 $3.85 $3.97 7.49% <-IRR #YR-> 5 Cash Flow 43.49%
P/CF on Med Price 0.00 -10.60 8.72 8.10 7.82 8.56 7.55 8.30 9.13 9.76 10.17 0.00 0.00 6.66% <-IRR #YR-> 9 Cash Flow per Share #DIV/0!
P/CF on Closing Price 10.24 -10.58 8.47 7.77 7.58 9.23 8.47 9.11 9.61 10.52 10.07 9.42 9.57 7.38% <-IRR #YR-> 5 Cash Flow per Share 42.74%
22.88% Diff M/C 15.71% <-IRR #YR-> 5 CFPS 5 yr Running #DIV/0!
Excl.Working Capital CF -$55 $208 $134 $113 -$23 $55 $180 $100 $61 $252 $0 $0 $0 15.71% <-IRR #YR-> 5 CFPS 5 yr Running 107.39%
Cash Flow from Operations $M WC $1,201.0 -$1,045.0 $1,790.0 $1,829.0 $1,552.0 $1,669.0 $2,210.0 $2,249.0 $2,321.0 $2,512.0 $2,348.4 $2,510.1 $2,510.1 109.16% <-Total Growth 9 Cash Flow less WC
Increase -187.01% 271.29% 2.18% -15.14% 7.54% 32.41% 1.76% 3.20% 8.23% -6.51% 6.89% 0.00% 8.54% <-IRR #YR-> 9 Cash Flow less WC #DIV/0!
5 year Running Average $240.2 $31.2 $389.2 $755.0 $1,065.4 $1,159.0 $1,810.0 $1,901.8 $2,000.2 $2,192.2 $2,328.1 $2,388.1 $2,440.3 10.11% <-IRR #YR-> 5 Cash Flow less WC 61.86%
CFPS Excl. WC $2.02 -$1.76 $3.01 $3.07 $2.60 $2.80 $3.70 $3.76 $3.88 $4.19 $3.92 $4.19 $4.19 27.85% <-IRR #YR-> 9 CF less WC 5 Yr Run #DIV/0!
Increase -187.01% 271.29% 2.11% -15.22% 7.38% 32.24% 1.66% 3.12% 8.16% -6.51% 6.89% 0.00% 15.52% <-IRR #YR-> 5 CF less WC 5 Yr Run 105.76%
5 year Running Average $1.79 $1.94 $3.04 $3.19 $3.35 $3.66 $3.89 $3.99 $4.07 8.46% <-IRR #YR-> 9 CFPS - Less WC #DIV/0!
P/CF on Median Price 0.00 -12.71 8.06 7.60 7.93 8.28 6.94 7.93 8.89 8.78 10.17 0.00 0.00 9.99% <-IRR #YR-> 5 CFPS - Less WC 61.01%
P/CF on Closing Price 10.71 -12.69 7.84 7.29 7.69 8.92 7.78 8.70 9.36 9.47 10.07 9.42 9.57 15.42% <-IRR #YR-> 5 CFPS 5 yr Running #DIV/0!
*Operational Cash Flow. CF/-WC P/CF Med 10 yr 8.20 5 yr  8.56 P/CF Med 10 yr 7.93 5 yr  8.28 26.99% Diff M/C 15.42% <-IRR #YR-> 5 CFPS 5 yr Running 104.81%
-$2.11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.77 Cash Flow per Share
-$2.64 $0.00 $0.00 $0.00 $0.00 $3.77 Cash Flow per Share
-$1.66 $0.00 $0.00 $0.00 $0.00 $3.45 CFPS 5 yr Running
-$1.66 $0.00 $0.00 $0.00 $0.00 $3.45 CFPS 5 yr Running
-$1,201.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $2,512.0 Cash Flow less WC
-$1,552.0 $0.0 $0.0 $0.0 $0.0 $2,512.0 Cash Flow less WC
-$240.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $2,192.2 CF less WC 5 Yr Run
-$1,065.4 $0.0 $0.0 $0.0 $0.0 $2,192.2 CF less WC 5 Yr Run
-$2.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.19 CFPS - Less WC
-$2.60 $0.00 $0.00 $0.00 $0.00 $4.19 CFPS - Less WC
OPM Ratio 19.18% -19.16% 25.27% 28.65% 25.61% 24.91% 27.85% 29.74% 29.05% 28.81% 28.87% 50.21% <-Total Growth 9 OPM
Increase -199.91% 231.88% 13.35% -10.60% -2.74% 11.80% 6.81% -2.34% -0.82% 0.19% Should increase  or be stable.
Diff from Median -28% -172% -5% 7% -4% -7% 4% 11% 9% 8% 8% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 26.73% 5 Yrs 28.81% should be  zero, it is a   check on calculations
$2,848 <-12 mths 0.36%
EBITDA $1,013 $1,130 $1,591 $2,328 $2,366 $2,534 $2,798 $2,838 $2,907 $3,193 $3,436 180.16% <-Total Growth 7 EBITDA From
Change 11.55% 40.80% 46.32% 1.63% 7.10% 10.42% 1.43% 2.43% 9.84% 7.61% 10.42% <-Median-> 7 Change Mkt Sc
Margin 15.46% 18.86% 25.87% 35.93% 32.46% 35.07% 35.96% 36.18% 35.73% 37.60% 38.72% 0.34 <-Median-> 8 Margin
Long Term Debt $2,550 $10,078 $9,315 $9,978 $10,822 $12,726 $13,017 $13,030 $14,710 $14,710 476.86% <-Total Growth 8 Debt Type
Change 0.00% 295.22% -7.57% 7.12% 8.46% 17.59% 2.29% 0.10% 12.89% 0.00% 7.12% <-Median-> 9 Change Lg Term R
Debt/Market Cap Ratio 0.19 0.72 0.70 0.84 0.73 0.74 0.67 0.60 0.62 0.62 0.70 <-Median-> 9 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 8.12 11.72 9.38 8.47 8.77 10.17 10.20 8.61 12.08 12.08 9.38 <-Median-> 9 Assets/Current Liab Ratio Liquidity
Current Liabilities/Asset Ratio 0.12 0.09 0.11 0.12 0.11 0.10 0.10 0.12 0.08 0.08 0.11 <-Median-> 9 Current Liab/Asset Ratio Liq. + CF
Debt to Cash Flow (Years) 0.00 6.09 5.43 6.34 6.71 6.27 6.06 5.77 6.51 6.26 6.09 <-Median-> 9 Debt to Cash Flow (Years) Liq. + CF+D
Debt Ratio
Intangibles $276 $336 $349 $369 $410 $456 $514 $570 $608 $656 $656 137.68% <-Total Growth 9 Intangibles Leverage
Goodwill $173 $163 $327 $325 $325 $325 $373 $373 $373 $373 $373 115.61% <-Total Growth 9 Goodwill D/E Ratio
Total $449 $499 $676 $694 $735 $781 $887 $943 $981 $1,029 $1,029 129.18% <-Total Growth 9 Total
Change 11.14% 35.47% 2.66% 5.91% 6.26% 13.57% 6.31% 4.03% 4.89% 0.00% 6.26% <-Median-> 9 Change
Intangible/Market Cap Ratio 0.04 0.05 0.05 0.06 0.05 0.05 0.05 0.05 0.04 0.04 0.05 <-Median-> 9 Intangible/Market Cap Ratio
Current Assets $1,450 $1,166 $1,148 $1,019 $1,491 $1,268 $1,989 $1,826 $1,860 $1,354 $1,354 -6.62% <-Total Growth 9 Current Assets
Current Liabilities $1,715 $2,997 $2,163 $2,740 $3,028 $3,087 $2,979 $2,978 $3,652 $2,720 $2,720 58.60% <-Total Growth 9 Current Liabilities
Liquidity Ratio 0.85 0.39 0.53 0.37 0.49 0.41 0.67 0.61 0.51 0.50 0.50 0.50 <-Median-> 10 Ratio
Liq. with CF aft div 1.58 -0.03 0.42 0.31 0.42 0.35 0.56 1.10 0.96 1.06 1.08 0.96 <-Median-> 5 Liq. with CF aft div If Div = 0
Liq. with CF aft div (WC) 1.55 0.04 1.07 0.87 0.86 0.80 1.17 1.13 0.97 1.13 1.08 1.13 <-Median-> 5 Liq. with CF aft div (WC)
Liq. CF re  Inv+Div  0.89 -0.02 0.37 0.32 0.29 0.36 0.67 0.51 0.47 0.40 0.82 0.47 <-Median-> 5 Liq. CF re  Inv+Div 
Curr Long Term Debt $552 $500 $602 $752 $731 $653 $806 $603 $733 $700 $700 $700.0 <-Median-> 5 Curr Long Term Debt
Liquidity Less CLTD 1.25 0.47 0.74 0.51 0.65 0.52 0.92 0.77 0.64 0.67 0.67 0.67 <-Median-> 5 Liquidity Less CLTD
Liq. with CF aft div 2.33 -0.03 1.31 1.09 1.08 0.96 1.45 1.32 1.15 1.33 1.36 1.32 <-Median-> 5 Liq. with CF aft div
Assets $22,550 $24,328 $25,351 $25,701 $25,657 $27,061 $30,294 $30,383 $31,457 $32,852 $32,852 45.69% <-Total Growth 9 Assets
Liabilities $14,603 $14,404 $15,262 $15,448 $16,014 $17,192 $19,666 $19,407 $20,065 $21,087 $21,087 44.40% <-Total Growth 9 Liabilities
Debt Ratio 1.54 1.69 1.66 1.66 1.60 1.57 1.54 1.57 1.57 1.56 1.56 1.57 <-Median-> 10 Ratio
Estimates BVPS $20.10 $20.80 $21.50 Estimates Estimates BVPS
Estimate Book Value $12,041.4 $12,460.8 $12,880.2 Estimates Estimate Book Value
P/B Ratio (Close) 1.96 1.90 1.86 Estimates P/B Ratio (Close)
Difference from 10 year median 34.15% Diff M/C Estimates Difference from 10 yr med.
Book Value $7,947 $9,924 $10,089 $10,253 $9,643 $9,869 $10,628 $10,976 $11,392 $11,765
NCI $21 $75 $72 $72 $70 $79 $94 $88 $86 $65
Preferred Shares $323 $418 $418 $418 $418 $418 $0 $0 $0 $0
Book Value $7,603 $9,431 $9,599 $9,763 $9,155 $9,372 $10,534 $10,888 $11,306 $11,700 $11,700 $11,700 $11,700 53.89% <-Total Growth 9 Book Value
Book Value per share $12.78 $15.85 $16.13 $16.40 $15.36 $15.70 $17.63 $18.20 $18.88 $19.53 $19.53 $19.53 $19.53 52.84% <-Total Growth 9 Book Value per Share
Increase 24.04% 1.78% 1.64% -6.31% 2.22% 12.25% 3.26% 3.75% 3.42% 0.00% 0.00% 0.00% 38.07% P/B Ratio Current/Historical Median
P/B Ratio (Median) 0.00 1.41 1.50 1.42 1.35 1.47 1.46 1.64 1.83 1.89 2.04 0.00 0.00 1.46 P/B Ratio Historical Median
P/B Ratio (Close) 1.69 1.41 1.46 1.37 1.30 1.59 1.63 1.80 1.92 2.03 2.02 2.02 2.05 4.83% <-IRR #YR-> 9 Book Value per Share #DIV/0!
Change -16.88% 3.94% -6.54% -4.55% 21.86% 2.73% 10.14% 6.84% 5.83% -0.53% 0.00% 1.49% 4.92% <-IRR #YR-> 5 Book Value per Share 27.13%
Median 10 year P/B Ratio 0.00 0.70 1.41 1.42 1.41 1.42 1.42 1.44 1.46 1.46 1.49 1.49 1.46 1.44 <-Median-> 5 Median 10 year P/B Ratio
Leverage (A/BK) 2.97 2.58 2.64 2.63 2.80 2.89 2.88 2.79 2.78 2.81 2.81 2.81 <-Median-> 5 A/BV
Debt/Equity Ratio 1.92 1.53 1.59 1.58 1.75 1.83 1.87 1.78 1.77 1.80 1.80 1.80 <-Median-> 5 Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities) P/B Ratios 10 yr Med 1.46 5 yr Med 1.64 38.07% Diff M/C 2.80 Historical Leverage (A/BK)
-$12.78 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.53
-$15.36 $0.00 $0.00 $0.00 $0.00 $19.53
Total Comprehensive Income $747 $714 $746 $683 -$61 $800 $1,772 $990 $1,081 $1,080 44.58% <-Total Growth 9 Total Comprehensive Income
NCI -$2 $10 $6 $6 $6 $6 $8 $8 $8 $9 550.00% <-Total Growth 9 NCI
Preferred Shareholders $18 $13 $19 $18 $18 $18 $18 $0 $0 $0 -100.00% <-Total Growth 9 Preferred Shareholders
Shareholders $731 $691 $721 $659 -$85 $776 $1,746 $982 $1,073 $1,071 46.51% <-Total Growth 9 Comprehensive Income
Increase -5.47% 4.34% -8.60% -112.90% 1012.94% 125.00% -43.76% 9.27% -0.19% 9.27% <-Median-> 5 Comprehensive Income
5 Yr Running Average $543 $552 $763 $816 $898 $1,130 4.34% <-IRR #YR-> 9 Comprehensive Income #DIV/0!
ROE 9.6% 7.3% 7.5% 6.7% 0.0% 8.3% 16.6% 9.0% 9.5% 9.2% #NUM! <-IRR #YR-> 5 Comprehensive Income 1360.00%
5Yr Median 7.3% 7.3% 7.5% 8.3% 9.0% 9.2% 15.76% <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
% Difference from Net Income 0.0% 0.1% 0.0% 0.2% 0.0% -0.3% -1.4% 1.8% 2.2% -1.3% 15.76% <-IRR #YR-> 5 5 Yr Running Average 107.88%
Median Values Diff 5, 10 yr 0.0% 0.0% 9.2% <-Median-> 5 Return on Equity
-$731.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,071.0
$85.0 $0.0 $0.0 $0.0 $0.0 $1,071.0
-$543.4 $0.0 $0.0 $0.0 $0.0 $1,129.6
-$543.4 $0.0 $0.0 $0.0 $0.0 $1,129.6
Current Liability Coverage Ratio 0.70 -0.35 0.83 0.67 0.51 0.54 0.74 0.76 0.64 0.92 0.86   CFO / Current Liabilities
5 year Median 0.67 0.54 0.67 0.67 0.64 0.74 0.76 0.68 <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 5.33% -4.30% 7.06% 7.12% 6.05% 6.17% 7.30% 7.40% 7.38% 7.65% 7.15% CFO / Total Assets
5 year Median 6.05% 6.17% 7.06% 7.12% 7.30% 7.38% 7.38% 7.1% <-Median-> 10 Return on Assets 
Return on Assets ROA 3.24% 2.84% 2.84% 2.56% -0.35% 2.87% 5.84% 3.18% 3.34% 3.30% 3.47% Net  Income/Assets Return on Assets
5Yr Median 2.84% 2.84% 2.84% 2.87% 3.18% 3.30% 3.34% 3.0% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 9.61% 7.32% 7.51% 6.74% 0.00% 8.30% 16.80% 8.86% 9.29% 9.27% 9.74% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 7.32% 7.32% 7.51% 8.30% 8.86% 9.27% 9.29% 8.6% <-Median-> 10 Return on Equity
$1,075 <-12 mths -0.95%
Net Income $747 $713 $746 $682 -$65 $802 $1,796 $973 $1,058 $1,094 46.45% <-Total Growth 9 Net Income
NCI -$2 $10 $6 $6 $6 $6 $8 $8 $8 $9 550.00% <-Total Growth 9 NCI
Preferred Shareholders $18 $13 $19 $18 $18 $18 $18 $0 $0 $0 -100.00% <-Total Growth 9 Preferred Shareholders
Net Income $731 $690 $721 $658 -$89 $778 $1,770 $965 $1,050 $1,085 $1,140 $1,224 $1,305 48.43% <-Total Growth 9 Net Income
Increase -5.61% 4.49% -8.74% -113.53% 974.16% 127.51% -45.48% 8.81% 3.33% 5.07% 7.37% 6.62% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $542.2 $551.6 $768 $816 $895 $1,130 $1,202.0 $1,092.8 $1,160.8 4.49% <-IRR #YR-> 9 Net Income #DIV/0!
Operating Cash Flow $1,256 -$1,253 $1,656 $1,716 $1,575 $1,614 $2,030 $2,149 $2,260 $2,260 #NUM! <-IRR #YR-> 5 Net Income 1319.10%
Investment Cash Flow -$1,326 -$1,707 -$1,861 -$1,540 -$1,516 -$1,628 -$1,977 -$2,063 -$2,073 -$2,691 15.81% <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
Total Accruals $801 $3,650 $926 $482 -$148 $792 $1,717 $879 $863 $1,516 15.81% <-IRR #YR-> 5 5 Yr Running Average 108.34%
Total Assets $22,550 $24,328 $25,351 $25,701 $25,657 $27,061 $30,294 $30,383 $31,457 $32,852 Balance Sheet Assets
Accruals Ratio 3.55% 15.00% 3.65% 1.88% -0.58% 2.93% 5.67% 2.89% 2.74% 4.61% 2.93% <-Median-> 5 Ratio
EPS/CF Ratio (WC) 0.76 0.00 0.40 0.36 0.00 0.46 0.80 0.43 0.45 0.43 0.43 <-Median-> 10 EPS/CF Ratio
-$731.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,085.0
$89.0 $0.0 $0.0 $0.0 $0.0 $1,085.0
-$542.2 $0.0 $0.0 $0.0 $0.0 $1,129.6
-$542.2 $0.0 $0.0 $0.0 $0.0 $1,129.6
Change in Close 5.79% -5.00% -10.58% 24.56% 15.31% 13.73% 10.85% 9.46% -0.53% 0.00% 1.49% Count 9 Years of data
up/down down down Count 2 22.22%
Meet Prediction? % right Count 0 0.00%
Financial Cash Flow -$395 $2,954 $161 -$201 $399 -$439 $674 -$303 -$197 -$172 C F Statement  Financial Cash Flow
Total Accruals $1,196 $696 $765 $683 -$547 $1,231 $1,043 $1,182 $1,060 $1,688 Accruals
Accruals Ratio 5.30% 2.86% 3.02% 2.66% -2.13% 4.55% 3.44% 3.89% 3.37% 5.14% 3.89% <-Median-> 5 Ratio
Cash $100 $94 $50 $25 $483 $30 $757 $540 $530 $79 $79 Cash
Cash per Share $0.17 $0.16 $0.08 $0.04 $0.81 $0.05 $1.27 $0.90 $0.89 $0.13 $0.13 $0.89 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.71% 0.36% 0.19% 4.05% 0.20% 4.40% 2.76% 2.44% 0.33% 0.33% 2.44% <-Median-> 5 % of Stock Price
Notes:
March 23, 2024.  Last estimates were for 2023, 2024 and 2025 of $7995M, $8340M and $8827M for Revenue, $1.14 and $1.05 for AFFO, $1.78, $1.89 and $2.01 for AEPS, $1.77, $1.89 and $1.98 for EPS, 
$1.16, $1.24 and $1.27 for Dividends, -$346M and -$447M 2023/4 FCF, 3.76, $3.92 and $4.19 for CFPS, $19.40, $20.10 and $20.90 for BVPS, $1055M, $1128M and $1193M for Net Income.
March 25, 2023.  Last estimates were for 2022, 2023 and 2024 of $7662M, $8025M and $8419M for Revenue, $1.71, $1.77 and $1.85 for AEPS, $1.70, $1.78 and $1.85 for EPS, $1.11, $1.17 and $1.23 for Dividends, 
$85M and -$304M2022/3 for FCF, $3.68, $3.89 and $4.00 for CFPS, $18.80, $19.40 and $20.00 for BVPS, $$1011M, $1060M and $1119M for Net Income.
2015.  Hydro one goes public on TSX.
Note:  Public ownership is in 2021 52.8% and Province is 47.2%
Sector:
Utility,
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock. 
It is a utility stock and has been recommended by various persons.   It is on the Money Sense list with a C. Rating. It appeared in the Stable Dividend Portfolio when Norman Rothery 
originally wrote about it in December 21, 2022.
Why I bought this stock.
Note:
Dividends
Dividends are paid quarterly in Cycle 3 of March, June, September, December.  Dividends are declared in one month for shareholders of record of the following month and paid in the that month.
For example, the dividends declared on February 24, 2021 was for shareholders of record of March 17, 2021 and paid on March 31, 2021.
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.
Hydro One operates regulated transmission and distribution assets in Ontario. The area's largest electricity provider serves nearly 1.5 million customers. 
The province of Ontario holds an approximate 47% common equity stake.   
Shares; '%, Value $M From Years Div. Gth Tot Ret Cap Gain Div. check Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M   Change
Date 2016 5 1.65% 10.33% 6.77% 3.56% 10.33% 2020 Sep 14 2021 Mar 25 2023 Mar 24 2024
Lebeter, David Leonard 2015 6 6.53% 10.30% 6.61% 3.69% 10.30% 0.001 0.00% 0.002 0.00% 0.004 0.00% Interium 61.88%
CEO - Shares - Amount $0.045 $0.094 $0.152
Options - percentage From Years Div. Gth Tot Ret Cap Gain Div. check 0.084 0.01% 0.406 0.07% 0.085 0.01% -79.15%
Options - amount 2017 5 4.90% 13.83% 10.12% 3.56% 13.68% $3.049 $16.134 $3.347
2015 8 2.20% 9.71% 6.68% 3.69% 10.37%
Lopez, Christopher Felix 0.028 0.00% 0.030 0.00% 0.032 0.01% 0.034 0.01% 6.70%
CFO - Shares - Amount From Years Div. Gth Tot Ret Cap Gain Div. check $0.901 $1.075 $1.259 $1.336
Options - percentage 2018 5 5.13% 18.72% 14.66% 4.06% 18.72% 1.249 0.21% 1.660 0.28% 1.261 0.21% 0.892 0.15% -29.25%
Options - amount 2015 9 2.70% 10.00% 6.99% 3.02% 10.01% $40.857 $60.199 $50.076 $35.242
Bowness, Brad Mitchell 0.001 0.00% 0.002 0.00% 0.003 0.00% Ceased Insider Jun 2023 -100.00%
Officer - Shares - Amount $0.023 $0.062 $0.105
Options - percentage 0.541 0.09% 0.918 0.15% 0.650 0.11% -100.00%
Options - amount $17.706 $33.288 $25.807
Telford, Megan Elizabeth 0.002 0.00% 0.003 0.00% 61.72%
Officer - Shares - Amount $0.069 $0.111
Options - percentage 0.316 0.05% 0.000 0.00% -100.00%
Options - amount $12.553 0 $0.000
Brant, Cherie Lynn 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
Director - Shares - Amount $0.000 $0.000 $0.000 $0.000
Options - percentage 0.007 0.00% 0.010 0.00% 0.010 0.00% 0.012 0.00% 25.47%
Options - amount $0.227 $0.347 $0.380 $0.474
Vaasjo, Brian Tellef 0.019 0.00%
Director - Shares - Amount $0.751
Options - percentage 0.001 0.00%
Options - amount $0.053
Podlasly, Mark Wolfgang 0.402 0.07% 0.000 0.00% -100.00%
Director - Shares - Amount $15.975 $0.000
Options - percentage 0.001 0.00% 0.002 0.00% 213.96%
Options - amount $0.026 $0.083
Sheffield, William 0.000 0.00% 0.000 0.00% 0.000 0.00% Interium CEO 2022 -100.00%
Director - Shares - Amount $0.003 $0.004 $0.004 Director 2023
Options - percentage 0.015 0.00% 0.016 0.00% 0.016 0.00% Ceased Insider Jun 2023 -100.00%
Options - amount $0.476 $0.580 $0.634
Wolburgh Jenah, Susan  0.002 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.00%
Director - Shares - Amount $0.070 $0.060 $0.065 $0.065
Options - percentage 0.006 0.00% 0.009 0.00% 0.009 0.00% 0.011 0.00% 27.76%
Options - amount $0.197 $0.318 $0.348 $0.442
Hodgson, Timothy 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
Chairman - Shares - Amt $0.000 $0.000 $0.000 $0.000
Options - percentage 0.009 0.00% 0.011 0.00% 0.011 0.00% 0.000 0.00% -100.00%
Options - amount $0.287 $0.394 $0.431 $0.000
Increase in O/S Shares 0.793 0.13% 0.606 0.10% 0.497 0.08% 0.363 0.06% Average 0.08%
Due to Stock Options $22.825 $19.821 $18.032 $14.412
Book Value $8.000 $1.000 $4.000 $3.000
Insider Buying $0.000 -$0.017 -$0.017 -$0.500
Insider Selling $0.000 $0.000 $0.000 $0.000
Net Insider Selling $0.000 -$0.017 -$0.017 -$0.500
Net Selling % of Market Cap 0.00% 0.00% 0.00% 0.00%
Directors 10 10 10
Women 4 40% 4 40% 5 50%
Minorities 0 0% 0 0% 0 0%
Institutions/Holdings 20 11.66% 20 11.35% 20 11.04%
Total Shares Held 69.825 11.66% 67.976 11.35% 66.146 11.04%
Increase/Decrease 3 Mths -2.526 -3.49% -1.192 -1.72% 0.249 0.38%
Starting No. of Shares 72.350 69.168 65.897
My Stock