This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2026	<-Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			03/31/26	<-Estimates
Intact Financial Corp					TSX:	IFC	OTC:	IFCZF	www.intactfc.com			Fiscal Yr:	Dec 31
Year	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27	12/31/28		Value	Description	#Y	Item
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Net Claims	$4,604	$4,600	$4,659	$5,108	$5,538	$6,340	$6,989	$6,883	$8,967	$11,022	$11,426	$12,685	$12,482					167.91%	<-Total Growth	10	Net Claims
Change	13.12%	-0.09%	1.28%	9.64%	8.42%	14.48%	10.24%	-1.52%	30.28%	22.92%	3.67%	11.02%	-1.60%					0.10	<-Median->	10	Change
Ratio	0.66	0.64	0.62	0.65	0.65	0.65	0.68	0.61	0.55	0.56	0.56	0.59	0.54					0.60	<-Median->	10	Ratio
Underwriting Expenses	$2,183	$2,271	$2,417	$2,533	$2,605	$3,040	$3,172	$3,696	$5,611	$6,534	$6,808	$7,284	$7,857					225.07%	<-Total Growth	10	Underwriting Expenses
Change	4.70%	4.03%	6.43%	4.80%	2.84%	16.70%	4.34%	16.52%	51.81%	16.45%	4.19%	6.99%	7.87%					0.07	<-Median->	10	Change
Ratio	0.31	0.32	0.32	0.32	0.30	0.31	0.31	0.33	0.35	0.33	0.33	0.34	0.34					0.33	<-Median->	10	Ratio
Total	$6,787	$6,871	$7,076	$7,641	$8,143	$9,380	$10,161	$10,579	$14,578	$17,556	$18,234	$19,969	$20,339					187.44%	<-Total Growth	10	Total
Ratio	0.97	0.96	0.94	0.97	0.95	0.96	0.99	0.94	0.90	0.89	0.90	0.92	0.88					0.93	<-Median->	10	Ratio
														$23,468	<-12 mths	1.79%
Revenue  (Top Line Income Stat.)									$17,994	$22,655	$25,507	$26,523	$26,950						<-Total Growth	4	Revenue  (Top Line Inc Stat.)
Net Earned Premiums	$6,972.0	$7,164.0	$7,490.0	$7,902.0	$8,558.0	$9,765.0	$10,275.0	$11,241	$16,238	$19,792	$20,365	$21,658	$23,056	$24,350	$25,721			207.82%	<-Total Growth	10	Net Premiums
Increase	6.26%	2.75%	4.55%	5.50%	8.30%	14.10%	5.22%	9.40%	44.45%	21.89%	2.90%	6.35%	6.45%	5.61%	5.63%			11.90%	<-IRR #YR->	10	Net Premiums
5 year Running Average	$5,341.7	$5,963.5	$6,618.8	$7,217.8	$7,617.2	$8,175.8	$8,798.0	$9,548	$11,215	$13,462	$15,582	$17,859	$20,222	$21,844.2	$23,030.0			15.45%	<-IRR #YR->	5	Net Premiums
Revenue per Share	$53.00	$54.46	$56.94	$60.30	$61.48	$70.16	$71.84	$78.60	$92.22	$112.93	$114.20	$121.43	$129.80	$137.08	$144.80			11.82%	<-IRR #YR->	10	5 yr Running Average
Increase	7.71%	2.75%	4.55%	5.90%	1.97%	14.10%	2.41%	9.40%	17.33%	22.46%	1.13%	6.32%	6.89%	5.61%	5.63%			16.19%	<-IRR #YR->	5	5 yr Running Average
5 year Running Average	$42.29	$46.42	$50.30	$54.78	$57.24	$60.67	$64.14	$68.48	$74.86	$85.15	$93.96	$103.88	$114.12	$123.09	$129.46			8.59%	<-IRR #YR->	10	Revenue per Share
P/S (Price/Sales) Med	1.20	1.38	1.57	1.47	1.63	1.43	1.66	1.69	1.73	1.63	1.75	1.96	2.19	1.58	0.00			10.55%	<-IRR #YR->	5	Revenue per Share
P/S (Price/Sales) Close	1.31	1.54	1.56	1.59	1.71	1.41	1.95	1.92	1.56	1.73	1.79	2.16	2.20	1.83	1.73			8.54%	<-IRR #YR->	10	5 yr Running Average
*Net Premiums and other income M CDN $					P/S Med	20 yr	1.52	15 yr	1.63	10 yr	1.76	5 yr	1.79		4.07%	Diff M/C		10.75%	<-IRR #YR->	5	5 yr Running Average
			-$7,490.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$23,056
								-$11,241.0	$0.0	$0.0	$0.0	$0.0	$23,056
			-$6,618.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$20,222
								-$9,548.2	$0.0	$0.0	$0.0	$0.0	$20,222
			-$56.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$129.80
								-$78.60	$0.00	$0.00	$0.00	$0.00	$129.80
			-$50.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$114.12
								-$68.48	$0.00	$0.00	$0.00	$0.00	$114.12
Net Investment Income	$405.0	$426.0	$423	$414														-100.00%	<-Total Growth	1	Net Investment Income
Net investment gains (losses)	-$83.0	$173.0	-$64	-$70														100.00%	<-Total Growth	1	Net investment gains
Share of profit from investments	$26.0	$19.0	$26	$16																	Share of profit from inv.
Other revenues	$77.0	$98.0	$121	$143														-100.00%	<-Total Growth	1	Other revenues
														$23,373	<-12 mths	1.37%
Operating Net Underwriting Revenue	$7,319	$7,207	$7,535	$7,946	$8,530	$9,715	$10,211	$11,220	$16,238	$19,792	$20,365	$21,658	$23,056	$24,350	$25,721
Increase	6.57%	-1.53%	4.55%	5.45%	7.35%	13.89%	5.11%	9.88%	44.72%	21.89%	2.90%	6.35%	6.45%	5.61%	5.63%			11.83%	<-IRR #YR->	10	Revenue
5 year Running Average		$6,198	$6,806	$7,375	$7,707	$8,187	$8,787	$9,524	$11,183	$13,435	$15,565	$17,855	$20,222	$21,844	$23,030			15.49%	<-IRR #YR->	5	Revenue
Revenue per Share	$55.64	$54.79	$57.28	$60.63	$61.28	$69.80	$71.40	$78.45	$92.22	$112.93	$114.20	$121.43	$129.80	$137.08	$144.80			11.51%	<-IRR #YR->	10	5 yr Running Average
Increase	8.02%	-1.53%	4.55%	5.85%	1.07%	13.89%	2.29%	9.88%	17.55%	22.46%	1.13%	6.32%	6.89%	5.61%	5.63%			16.25%	<-IRR #YR->	5	5 yr Running Average
5 year Running Average		$48.28	$51.72	$55.97	$57.93	$60.76	$64.08	$68.31	$74.63	$84.96	$93.84	$103.85	$114.12	$123.09	$129.46			8.52%	<-IRR #YR->	10	Revenue per Share
P/S (Price/Sales) Med	1.14	1.37	1.56	1.46	1.64	1.44	1.67	1.69	1.73	1.63	1.75	1.96	2.19	1.58	0.00			10.59%	<-IRR #YR->	5	Revenue per Share
P/S (Price/Sales) Close	1.25	1.53	1.55	1.58	1.71	1.42	1.97	1.92	1.56	1.73	1.79	2.16	2.20	1.83	1.73			8.24%	<-IRR #YR->	10	5 yr Running Average
*Net Premiums and other income M CDN $					P/S Med	20 yr	1.60	15 yr	1.63	10 yr	1.76	5 yr	1.79					10.81%	<-IRR #YR->	5	5 yr Running Average
Total Revenue
Net Earned Premiums NEP			-$7,535.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$23,056
DPW 2013								-$11,220.0	$0.0	$0.0	$0.0	$0.0	$23,056
			-$6,805.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$20,222
								-$9,524.4	$0.0	$0.0	$0.0	$0.0	$20,222
			-$57.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$129.80
								-$78.45	$0.00	$0.00	$0.00	$0.00	$129.80
			-$51.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$114.12
								-$68.31	$0.00	$0.00	$0.00	$0.00	$114.12
Total Revenue*	$7,397.0	$7,880.0	$7,996.0	$8,405.0	$9,293.0	$10,586.0	$11,207.0	$12,303	$17,635	$21,615	$27,516	$28,796	$29,400					267.68%	<-Total Growth	10	Revenue
Increase	4.24%	6.53%	1.47%	5.12%	10.57%	13.91%	5.87%	9.78%	43.34%	22.57%	27.30%	4.65%	2.10%					13.91%	<-IRR #YR->	10	Revenue
5 year Running Average	$5,777.6	$6,505.4	$7,174.4	$7,754.8	$8,194.2	$8,832.0	$9,497.4	$10,359	$12,205	$14,669	$18,055	$21,573	$24,992					19.03%	<-IRR #YR->	5	Revenue
Revenue per Share	$56.23	$59.90	$60.79	$64.14	$66.77	$76.06	$78.36	$86.02	$100.15	$123.33	$154.31	$161.45	$165.51					13.29%	<-IRR #YR->	10	5 yr Running Average
Increase	5.66%	6.53%	1.47%	5.51%	4.10%	13.91%	3.03%	9.78%	16.42%	23.15%	25.11%	4.63%	2.52%					19.26%	<-IRR #YR->	5	5 yr Running Average
5 year Running Average	$45.75	$50.66	$54.52	$58.86	$61.56	$65.53	$69.22	$74.27	$81.47	$92.79	$108.44	$125.05	$140.95					10.54%	<-IRR #YR->	10	Revenue per Share
P/S (Price/Sales) Med	1.13	1.25	1.47	1.38	1.50	1.32	1.52	1.54	1.59	1.49	1.29	1.47	1.72					13.98%	<-IRR #YR->	5	Revenue per Share
P/S (Price/Sales) Close	1.23	1.40	1.46	1.50	1.57	1.30	1.79	1.75	1.44	1.58	1.32	1.62	1.73					9.96%	<-IRR #YR->	10	5 yr Running Average
*Net Premiums and other income M CDN $					P/S Med	20 yr	1.35	15 yr	1.47	10 yr	1.58	5 yr	1.58					13.67%	<-IRR #YR->	5	5 yr Running Average
Total Revenue
			-$7,996.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$29,400
								-$12,303.0	$0.0	$0.0	$0.0	$0.0	$29,400
			-$7,174.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$24,992
								-$10,358.8	$0.0	$0.0	$0.0	$0.0	$24,992
			-$60.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$165.51
								-$86.02	$0.00	$0.00	$0.00	$0.00	$165.51
			-$54.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$140.95
								-$74.27	$0.00	$0.00	$0.00	$0.00	$140.95
														$20.92	<-12 mths	0.10%
Adjusted Profit CDN$	$455	$791	$729	$594	$775	$794	$802	$1,213	$2,486	$2,789	$1,637	$2,620	$3,728					411.39%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	10.19%	15.93%	13.91%	10.61%	11.60%	11.71%	10.39%	14.43%	15.86%	18.11%	10.11%	14.44%	17.89%					13.07%	<-Median->	10	Return on Equity ROE
5Yr Median	14.64%	15.76%	14.64%	13.91%	11.60%	11.71%	11.60%	11.60%	11.71%	14.43%	14.43%	14.44%	15.86%					12.81%	<-Median->	10	5Yr Median
Basic	$3.44	$6.01	$5.54	$4.53	$5.82	$5.70	$5.75	$8.48	$15.32	$15.89	$9.29	$14.69	$20.93					277.84%	<-Total Growth	10	AEPS
AEPS* Dilued	$3.44	$6.01	$5.54	$4.53	$5.82	$5.70	$5.75	$8.48	$15.32	$15.89	$9.29	$14.67	$20.90	$17.55	$18.78	$20.22		277.26%	<-Total Growth	10	AEPS
Increase	-33.20%	74.71%	-7.82%	-18.23%	28.48%	-2.06%	0.88%	47.48%	80.66%	3.72%	-41.54%	57.91%	42.47%	-16.03%	7.01%	7.67%		10	0	10	Years of Data, EPS P or N
5 year Running Average	$3.77	$4.76	$4.99	$4.93	$5.07	$5.52	$5.47	$6.06	$8.21	$10.23	$10.95	$12.73	$15.21	$15.66	$16.24	$18.42		14.20%	<-IRR #YR->	10	AEPS
AEPS Yield	4.96%	7.17%	6.25%	4.71%	5.54%	5.75%	4.09%	5.63%	10.65%	8.15%	4.56%	5.61%	7.31%	7.01%	7.50%	6.46%		19.77%	<-IRR #YR->	5	AEPS
Payout Ratio	51.16%	31.95%	38.27%	51.21%	43.99%	49.12%	52.87%	39.15%	22.19%	25.17%	47.36%	32.99%	25.45%	33.50%	31.31%	29.08%		11.79%	<-IRR #YR->	10	5 yr Running Average
5 year Running Average	52.95%	35.19%	36.63%	40.73%	43.32%	42.91%	47.09%	47.27%	41.46%	37.70%	37.35%	33.37%	30.64%	32.90%	34.12%	30.47%		20.23%	<-IRR #YR->	5	5 yr Running Average
Price/AEPS Median	18.44	12.49	16.14	19.54	17.22	17.62	20.73	15.66	10.38	11.59	21.47	16.22	13.59	12.32	0.00	0.00		16.72	<-Median->	10	Price/AEPS Median
Price/AEPS High	20.17	13.95	17.33	21.44	18.64	18.98	24.46	18.54	11.56	13.07	22.84	18.69	15.15	16.25	0.00	0.00		18.67	<-Median->	10	Price/AEPS High
Price/AEPS Low	16.72	11.02	14.94	17.63	15.81	16.25	16.99	12.78	9.20	10.11	20.09	13.74	12.02	8.39	0.00	0.00		14.77	<-Median->	10	Price/AEPS Low
Price/AEPS Close	20.17	13.95	16.01	21.21	18.04	17.40	24.42	17.77	9.39	12.27	21.94	17.84	13.67	14.27	13.34	15.48		17.81	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	13.47	24.38	14.76	17.35	23.18	17.04	24.64	26.21	16.97	12.72	12.83	28.17	19.48	11.98	14.27	16.67		18.41	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	16.14	18.54	13.74	17.40	P/AEPS	5 Yrs	in order	13.59	15.15	12.02	13.67		5.03%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
Adjusted Net Income attributable to Shareholders			-$5.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.90
								-$8.48	$0.00	$0.00	$0.00	$0.00	$20.90
			-$4.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.21
								-$6.06	$0.00	$0.00	$0.00	$0.00	$15.21
														$18.35	<-12 mths	0.00%
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.22%
EPS Basic	$3.10	$5.79	$5.20	$3.97	$5.75	$4.79	$5.08	$7.20	$12.40	$13.46	$6.99	$12.37	$18.39					253.65%	<-Total Growth	10	EPS Basic
EPS Diluted*	$3.10	$5.79	$5.20	$3.97	$5.75	$4.79	$5.08	$7.20	$12.40	$13.46	$6.99	$12.36	$18.35	$16.51	$17.56	$16.72		252.88%	<-Total Growth	10	EPS Diluted
Increase	-28.41%	86.77%	-10.19%	-23.65%	44.84%	-16.70%	6.05%	41.73%	72.22%	8.55%	-48.07%	76.82%	48.46%	-10.03%	6.36%	-4.78%		10	0	10	Years of Data, EPS P or N
Earnings Yield	4.5%	6.9%	5.9%	4.1%	5.5%	4.8%	3.6%	4.8%	8.6%	6.9%	3.4%	4.7%	6.4%	6.6%	7.0%	5.3%		13.44%	<-IRR #YR->	10	Earnings per Share
5 year Running Average	$3.22	$4.17	$4.48	$4.48	$4.76	$5.10	$4.96	$5.36	$7.04	$8.59	$9.03	$10.48	$12.71	$13.53	$14.35	$16.30		20.58%	<-IRR #YR->	5	Earnings per Share
10 year Running Average	$3.84	$3.77	$3.71	$3.61	$3.79	$4.16	$4.56	$4.92	$5.76	$6.67	$7.06	$7.72	$9.04	$10.29	$11.47	$12.66		11.00%	<-IRR #YR->	10	5 yr Running Average
* ESP per share									E/P	10 Yrs	4.80%	5Yrs	6.42%					18.86%	<-IRR #YR->	5	5 yr Running Average
			-$5.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.35
								-$7.20	$0.00	$0.00	$0.00	$0.00	$18.35
			-$4.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.71
								-$5.36	$0.00	$0.00	$0.00	$0.00	$12.71
Dividends*														$5.91	$6.33				Estimates		Dividends*
Increase														11.09%	7.12%				Estimates		Increase
Payout Ratio EPS														35.80%	36.05%				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
Dividends*	$1.76	$1.92	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$5.32	$5.88	$5.88	$5.88		150.94%	<-Total Growth	10	Dividends
Increase	10.00%	9.09%	10.42%	9.43%	10.34%	9.37%	8.57%	9.21%	2.41%	17.65%	10.00%	10.00%	9.92%	10.53%	0.00%	0.00%		20	0	20	Years of data, Count P, N
Average Increases 5 Year Running	7.28%	8.45%	9.29%	9.41%	9.86%	9.73%	9.63%	9.39%	7.98%	9.44%	9.57%	9.85%	9.99%	11.62%	8.09%	6.09%		9.60%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.50	$1.62	$1.78	$1.94	$2.14	$2.34	$2.57	$2.81	$3.02	$3.31	$3.63	$3.99	$4.39	$4.89	$5.26	$5.56		147.30%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.77%	2.56%	2.37%	2.62%	2.55%	2.79%	2.55%	2.50%	2.14%	2.17%	2.21%	2.03%	1.87%	2.72%				2.35%	<-Median->	10	Yield H/L Price
Yield on High  Price	2.54%	2.29%	2.21%	2.39%	2.36%	2.59%	2.16%	2.11%	1.92%	1.93%	2.07%	1.76%	1.68%	2.06%				2.09%	<-Median->	10	Yield on High  Price
Yield on Low Price	3.06%	2.90%	2.56%	2.91%	2.78%	3.02%	3.11%	3.06%	2.41%	2.49%	2.36%	2.40%	2.12%	4.00%				2.64%	<-Median->	10	Yield on Low Price
Yield on Close Price	2.54%	2.29%	2.39%	2.41%	2.44%	2.82%	2.16%	2.20%	2.36%	2.05%	2.16%	1.85%	1.86%	2.35%	2.35%	1.88%		2.18%	<-Median->	10	Yield on Close Price
Payout Ratio EPS	56.77%	33.16%	40.77%	58.44%	44.52%	58.46%	59.84%	46.11%	27.42%	29.72%	62.95%	39.16%	28.99%	35.61%	33.49%	35.17%		45.32%	<-Median->	10	DPR EPS
DPR EPS 5 Yr Running	46.46%	38.98%	39.68%	43.41%	44.86%	45.96%	51.80%	52.41%	42.93%	38.57%	40.24%	38.08%	34.55%	36.12%	36.67%	34.11%		43.17%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	125.14%	18.33%	31.37%	32.87%	45.62%	46.79%	33.70%	20.19%	19.13%	19.13%	42.50%	25.49%	21.54%	23.80%				29.18%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	37.66%	31.41%	31.55%	31.23%	34.11%	32.66%	37.29%	31.82%	27.58%	23.61%	24.38%	23.63%	23.68%	24.52%				29.40%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	38.78%	22.47%	29.02%	37.67%	32.99%	35.17%	38.07%	27.32%	21.64%	21.93%	53.85%	26.00%	18.84%	20.83%				30.16%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	29.61%	28.29%	29.56%	30.23%	31.13%	31.06%	34.55%	33.42%	29.32%	26.69%	29.17%	27.38%	24.68%	24.08%				29.77%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	2.35%	2.18%	5 Yr Med	5 Yr Cl	2.14%	2.05%	5 Yr Med	Payout	29.72%	21.54%	21.93%					9.89%	<-IRR #YR->	5	Dividends
* Dividends per share	10 Yr Med	and Cur.	-0.22%	7.51%	5 Yr Med	and Cur.	9.85%	14.40%	Last Div Inc --->		$1.33	$1.47	10.53%					9.64%	<-IRR #YR->	10	Dividends
Dividends Growth 15																		9.52%	<-IRR #YR->	15	Dividends
Dividends Growth 20																		11.08%	<-IRR #YR->	20	Dividends
Dividends Growth 5								-$3.32	$0.00	$0.00	$0.00	$0.00	$5.32								Dividends Growth 5
Dividends Growth 10			-$2.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.32								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	$5.32								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	$5.32								Dividends Growth 20
Historical Dividends	Historical	High Div	4.56%	Low Div	1.64%	10 Yr High	3.11%	10 Yr Low	1.69%	Med Div	2.55%	Close Div	2.39%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-48.51%		43.16%	Exp.	-24.51%		38.92%	Exp.	-7.93%	Exp.	-1.79%								High/Ave/Median
Future Dividend Yield					Div Yd	3.76%	earning in	5	Years	at IRR of	9.89%	Div Inc.	60.24%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.03%	earning in	10	Years	at IRR of	9.89%	Div Inc.	156.77%								Future Dividend Yield
Future Dividend Yield					Div Yd	9.66%	earning in	15	Years	at IRR of	9.89%	Div Inc.	311.45%								Future Dividend Yield
Future Dividend Paid					Div Paid	$9.42	earning in	5	Years	at IRR of	9.89%	Div Inc.	60.24%								Future Dividend Paid
Future Dividend Paid					Div Paid	$15.10	earning in	10	Years	at IRR of	9.89%	Div Inc.	156.77%								Future Dividend Paid
Future Dividend Paid					Div Paid	$24.19	earning in	15	Years	at IRR of	9.89%	Div Inc.	311.45%								Future Dividend Paid
Dividend Covering Cost					Total Div	$35.82	over	5	Years	at IRR of	9.89%	Div Cov.	14.30%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$83.79	over	10	Years	at IRR of	9.89%	Div Cov.	33.46%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$160.67	over	15	Years	at IRR of	9.89%	Div Cov.	64.15%								Dividend Covering Cost
Cost cover if held 5 years	21.66%	25.38%	20.16%	18.30%	17.69%	18.47%	17.11%	15.70%	17.09%	16.52%	18.09%	16.75%	16.53%	15.36%	14.29%	13.94%		17.10%	<-Median->	10	Paid Median Price
Cost cover if held 10 years		48.09%	36.05%	28.87%	44.52%	55.60%	65.51%	52.03%	46.76%	45.11%	47.10%	43.70%	40.27%	44.70%	42.78%	45.77%		45.93%	<-Median->	10	Paid Median Price
Cost cover if held 15 years							94.28%	70.17%	55.88%	86.32%	108.18%	127.89%	101.88%	92.76%	88.69%	90.91%		94.28%	<-Median->	7	Paid Median Price
Cost cover if held 20 years												166.08%	123.52%	99.54%	152.75%	188.68%		144.80%	<-Median->	2	Paid Median Price
H/LYield held 5 yrs	5.10%	6.00%	4.81%	4.37%	4.24%	4.41%	4.05%	3.71%	3.84%	3.99%	4.38%	4.06%	4.01%	3.70%	3.19%	2.95%		4.06%	<-Median->	10	Paid Median Price
H/LYield held 10 yrs		6.91%	5.15%	4.14%	6.46%	8.11%	9.50%	7.54%	6.40%	6.62%	6.94%	6.45%	5.95%	6.64%	5.87%	5.86%		6.54%	<-Median->	10	Paid Median Price
H/LYield held 15 yrs							10.94%	8.07%	6.07%	10.10%	12.74%	15.13%	12.08%	11.07%	9.74%	9.27%		10.94%	<-Median->	7	Paid Median Price
H/LYield held 20 yrs												17.41%	12.93%	10.50%	14.84%	17.03%		15.17%	<-Median->	2	Paid Median Price
																				Yr	Item
Revenue Growth								$11,241	$16,238	$19,792	$20,365	$21,658	$23,056	$23,468	<-12 mths	1.79%		105.11%	<-Total Growth	5	Revenue Growth
AEPS Growth								$8.48	$15.32	$15.89	$9.29	$14.67	$20.90	$20.92	<-12 mths	0.10%		146.46%	<-Total Growth	5	AEPS Growth
Net Income Growth								$1,082	$2,067	$2,424	$1,316	$2,297	$3,365	$3,342	<-12 mths	-0.70%		211.00%	<-Total Growth	5	Net Income Growth
Cash Flow Growth								$2,352	$3,129	$3,665	$1,846	$3,387	$4,388					86.56%	<-Total Growth	5	Cash Flow Growth
Dividend Growth								$3.32	$3.40	$4.00	$4.40	$4.84	$5.32	$5.88	<-12 mths	10.53%		60.24%	<-Total Growth	5	Dividend Growth
Stock Price Growth								$150.72	$143.91	$194.91	$203.86	$261.73	$285.73	$250.45	<-12 mths	-12.35%		89.58%	<-Total Growth	5	Stock Price Growth
Revenue Growth			$7,490	$7,902	$8,558	$9,765	$10,275	$11,241	$16,238	$19,792	$20,365	$21,658	$23,056	$24,350	<-this year	5.61%		207.82%	<-Total Growth	10	Revenue Growth
AEPS Growth			$5.54	$4.53	$5.82	$5.70	$5.75	$8.48	$15.32	$15.89	$9.29	$14.67	$20.90	$17.55	<-this year	-16.03%		277.26%	<-Total Growth	10	AEPS Growth
Net Income Growth			$706	$541	$792	$707	$754	$1,082	$2,067	$2,424	$1,316	$2,297	$3,365	$2,749	<-this year	-18.31%		376.63%	<-Total Growth	10	Net Income Growth
Cash Flow Growth			$889	$925	$781	$833	$1,290	$2,352	$3,129	$3,665	$1,846	$3,387	$4,388	$4,388	<-this year	0.00%		393.59%	<-Total Growth	10	Cash Flow Growth
Dividend Growth			$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$5.32	$5.91	<-this year	11.09%		150.94%	<-Total Growth	10	Dividend Growth
Stock Price Growth			$88.68	$96.10	$104.99	$99.19	$140.42	$150.72	$143.91	$194.91	$203.86	$261.73	$285.73	$313.08	<-this year	9.57%		222.20%	<-Total Growth	10	Stock Price Growth
Dividends on Shares				$27.84	$30.72	$33.60	$36.48	$39.84	$40.80	$48.00	$52.80	$58.08	$63.84	$70.56	$70.56	$70.56		$432.00	Total Divs	10	Total Divs
Paid			$1,064.16	$1,153.20	$1,259.88	$1,190.28	$1,685.04	$1,808.64	$1,726.92	$2,338.92	$2,446.32	$3,140.76	$3,428.76	$3,005.40	$3,005.40	$3,756.96		$3,428.76	Worth	10	Worth
Total																		$3,860.76			Total
Graham No. AEPS	$51.26	$71.45	$70.46	$65.99	$79.28	$79.05	$83.56	$105.91	$175.17	$177.25	$137.76	$183.26	$234.86	$215.22	$222.63	$231.01		233.33%	<-Total Growth	10	Graham Price AEPS
Change	-17.15%	39.40%	-1.39%	-6.34%	20.13%	-0.28%	5.71%	26.74%	65.39%	1.19%	-22.28%	33.03%	28.16%	-8.36%	3.44%	3.76%		12.92%	<-Median->	10	Graham Price
Price/GP Ratio Med	1.24	1.05	1.27	1.34	1.26	1.27	1.43	1.25	0.91	1.04	1.45	1.30	1.21	1.00				1.27	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.35	1.17	1.36	1.47	1.37	1.37	1.68	1.48	1.01	1.17	1.54	1.50	1.35	1.33				1.42	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.12	0.93	1.18	1.21	1.16	1.17	1.17	1.02	0.80	0.91	1.36	1.10	1.07	0.68				1.13	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.35	1.17	1.26	1.46	1.32	1.25	1.68	1.42	0.82	1.10	1.48	1.43	1.22	1.16	1.12	1.36		1.37	<-Median->	10	Price/GP Ratio
Prem/Disc Close	35.34%	17.36%	25.86%	45.63%	32.44%	25.48%	68.04%	42.31%	-17.84%	9.97%	47.98%	42.82%	21.66%	16.37%	12.50%	35.53%		37.37%	<-Median->	10	Graham Price
Graham No. EPS	$48.66	$70.13	$68.26	$61.78	$78.80	$72.47	$78.54	$97.59	$157.59	$163.13	$119.50	$168.21	$220.07	$208.74	$215.28	$210.07		222.38%	<-Total Growth	10	Graham Price EPS
Change	-14.23%	44.13%	-2.66%	-9.50%	27.55%	-8.03%	8.39%	24.25%	61.48%	3.51%	-26.75%	40.77%	30.83%	-5.15%	3.13%	-2.42%		16.32%	<-Median->	10	Graham Price
Price/GP Ratio Med	1.30	1.07	1.31	1.43	1.27	1.39	1.52	1.36	1.01	1.13	1.67	1.41	1.29	1.04				1.37	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.43	1.20	1.41	1.57	1.38	1.49	1.79	1.61	1.12	1.27	1.78	1.63	1.44	1.37				1.53	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.18	0.94	1.21	1.29	1.17	1.28	1.24	1.11	0.89	0.98	1.56	1.20	1.14	0.70				1.18	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.43	1.20	1.30	1.56	1.33	1.37	1.79	1.54	0.91	1.19	1.71	1.56	1.30	1.20	1.16	1.49		1.46	<-Median->	10	Price/GP Ratio
Prem/Disc Close	42.57%	19.56%	29.91%	55.56%	33.24%	36.88%	78.78%	54.44%	-8.68%	19.48%	70.60%	55.59%	29.84%	19.98%	16.34%	49.04%		45.66%	<-Median->	10	Graham Price
Price Close	$69.37	$83.85	$88.68	$96.10	$104.99	$99.19	$140.42	$150.72	$143.91	$194.91	$203.86	$261.73	$285.73	$250.45	$250.45	$313.08		222.20%	<-Total Growth	10	Stock Price
Increase	7.10%	20.87%	5.76%	8.37%	9.25%	-5.52%	41.57%	7.34%	-4.52%	35.44%	4.59%	28.39%	9.17%	-12.35%	0.00%	25.01%		18.31	<-Median->	10	CAPE (10 Yr P/E)
P/E	22.38	14.48	17.05	24.21	18.26	20.71	27.64	20.93	11.61	14.48	29.16	21.18	15.57	15.17	14.26	18.72		13.65%	<-IRR #YR->	5	Stock Price
Trailing P/E	16.02	27.05	15.32	18.48	26.45	17.25	29.32	29.67	19.99	15.72	15.15	37.44	23.12	13.65	15.17	17.83		12.41%	<-IRR #YR->	10	Stock Price
CAPE (10 Yr P/E)	12.62	14.30	15.56	17.18	18.12	18.11	18.78	19.46	18.09	17.56	18.50	19.23	18.61	17.84	17.27	17.34		15.88%	<-IRR #YR->	5	Price & Dividend
Median 10, 5 Yrs		D.  per yr	2.33%	2.23%	% Tot Ret	15.83%	14.06%	T P/E	21.55	19.99	P/E:	20.82	15.57					14.75%	<-IRR #YR->	10	Price & Dividend
Price 15		D.  per yr	2.47%		% Tot Ret	16.87%						CAPE Diff	-17.14%					12.19%	<-IRR #YR->	15	Stock Price
Price 20		D.  per yr	1.93%		% Tot Ret	17.72%												8.97%	<-IRR #YR->	20	Stock Price
Price 25		D.  per yr	2.49%		% Tot Ret	17.86%												11.45%	<-IRR #YR->	21	Stock Price
Price & Dividend 15																		14.67%	<-IRR #YR->	15	Price & Dividend
Price & Dividend 20																		10.90%	<-IRR #YR->	20	Price & Dividend
Price & Dividend 25																		13.94%	<-IRR #YR->	21	Price & Dividend
Price  5								-$150.72	$0.00	$0.00	$0.00	$0.00	$285.73								Price  5
Price 10			-$88.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$285.73								Price 10
Price & Dividend 5								-$150.72	$3.40	$4.00	$4.40	$4.84	$291.05								Price & Dividend 5
Price & Dividend 10			-$88.68	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$291.05								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	$285.73								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	$285.73								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	$285.73								Price 25
Price & Dividend 15	$1.76	$1.92	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$291.05								Price & Dividend 15
Price & Dividend 20	$1.76	$1.92	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$291.05								Price & Dividend 20
Price & Dividend 25	$1.76	$1.92	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$291.05								Price & Dividend 25
Price H/L Median	$63.45	$75.06	$89.40	$88.50	$100.24	$100.41	$119.17	$132.82	$159.09	$184.13	$199.43	$237.91	$283.97	$216.17				217.64%	<-Total Growth	10	Stock Price
Increase	5.06%	18.30%	19.11%	-1.01%	13.27%	0.17%	18.68%	11.45%	19.78%	15.74%	8.31%	19.30%	19.36%	-23.88%				12.25%	<-IRR #YR->	10	Stock Price
P/E	20.47	12.96	17.19	22.29	17.43	20.96	23.46	18.45	12.83	13.68	28.53	19.25	15.48	13.09				16.41%	<-IRR #YR->	5	Stock Price
Trailing P/E	14.65	24.21	15.44	17.02	25.25	17.46	24.88	26.14	22.10	14.85	14.82	34.04	22.97	11.78				14.58%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	19.70	18.02	19.97	19.76	21.05	19.69	24.04	24.79	22.58	21.44	22.09	22.70	22.34	15.97				18.83%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	16.51	19.90	24.12	24.50	26.48	24.14	26.12	27.01	27.61	27.59	28.24	30.82	31.43	21.01				16.33	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.33%	2.42%	% Tot Ret	15.97%	12.85%	T P/E	22.54	22.10	P/E:	18.85	15.48						Count	21	Years of data
			-$89.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$283.97
								-$132.82	$0.00	$0.00	$0.00	$0.00	$283.97
			-$89.40	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$289.29
								-$132.82	$3.40	$4.00	$4.40	$4.84	$289.29
High Months	Dec	Dec	Oct	Dec	Nov	Sep	Dec	Mar	Aug	Nov	Dec	Dec	Jun	Jan
Price High	$69.37	$83.85	$96.01	$97.13	$108.48	$108.18	$140.67	$157.22	$177.17	$207.66	$212.17	$274.23	$316.65	$285.18				229.81%	<-Total Growth	10	Stock Price
Increase	6.82%	20.87%	14.50%	1.17%	11.69%	-0.28%	30.03%	11.77%	12.69%	17.21%	2.17%	29.25%	15.47%	-9.94%				12.67%	<-IRR #YR->	10	Stock Price
P/E	22.38	14.48	18.46	24.47	18.87	22.58	27.69	21.84	14.29	15.43	30.35	22.19	17.26	17.27				15.03%	<-IRR #YR->	5	Stock Price
Trailing P/E	16.02	27.05	16.58	18.68	27.32	18.81	29.37	30.95	24.61	16.75	15.76	39.23	25.62	15.54				17.86	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	25.11	24.61	P/E:	22.01	17.26					25.76	P/E Ratio		Historical High
			-$96.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$316.65
								-$157.22	$0.00	$0.00	$0.00	$0.00	$316.65
Low Mths	Jun	Feb	Jan	Feb	May	Jun	Jan	Mar	Jan	Jan	Mar	Jan	Jan	Jan
Price Low	$57.52	$66.26	$82.79	$79.86	$92.00	$92.64	$97.67	$108.41	$141.00	$160.59	$186.68	$201.59	$251.29	$147.16				203.53%	<-Total Growth	10	Stock Price
Increase	3.01%	15.19%	24.95%	-3.54%	15.20%	0.70%	5.43%	11.00%	30.06%	13.89%	16.25%	7.99%	24.65%	-41.44%				11.74%	<-IRR #YR->	10	Stock Price
P/E	18.55	11.44	15.92	20.12	16.00	19.34	19.23	15.06	11.37	11.93	26.71	16.31	13.69	8.91				18.31%	<-IRR #YR->	5	Stock Price
Trailing P/E	13.28	21.37	14.30	15.36	23.17	16.11	20.39	21.34	19.58	12.95	13.87	28.84	20.33	8.02				14.38	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	19.96	19.58	P/E:	16.15	13.69					10.16	P/E Ratio		Historical Low
			-$82.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$251.29
								-$108.41	$0.00	$0.00	$0.00	$0.00	$251.29
Free Cash Flow Mkt Sc						$7,070	-$6,216	$1,053	$6,085	$1,572	$4,330	$5,747
Change							-187.92%	116.94%	477.87%	-74.17%	175.45%	32.73%
Free Cash Flow WSJ	$87	$131	$800	$805	$683	$716	$1,173	$2,189	$2,802	$3,254	$1,388	$2,958	$3,520					340.00%	<-Total Growth	10	Free Cash Flow
Change	33.85%	50.57%	510.69%	0.63%	-15.16%	4.83%	63.83%	86.62%	28.00%	16.13%	-57.34%	113.11%	19.00%					9.97%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio	0.47	0.10	0.90	0.87	0.87	0.86	0.91	0.93	0.90	0.89	0.75	0.87	0.80					15.97%	<-IRR #YR->	10	Free Cash Flow MS
Dividends paid	$232	$253	279.00	304.00	$351	$390	$429	$475	$679	$762	$862	$862	$1,037	$1,044				271.68%	<-Total Growth	10	Dividends paid
Percentage paid	266.11%	192.80%	34.88%	37.76%	51.39%	54.47%	36.57%	21.70%	24.23%	23.42%	62.10%	29.14%	29.46%	#DIV/0!				$0.33	<-Median->	10	Percentage paid
5 Year Covrage		96.72%	74.93%	67.82%	56.59%	50.29%	41.97%	35.02%	30.73%	26.99%	29.68%	28.91%	30.18%	41.07%				0.33	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio	0.38	0.52	2.87	2.65	1.95	1.84	2.73	4.61	4.13	4.27	1.61	3.43	3.39	0.00				3.06	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage		1.03	1.33	1.47	1.77	1.99	2.38	2.86	3.25	3.71	3.37	3.46	3.31	2.43				3.06	<-Median->	10	5 Year of Coverage
								-$2,189	$0	$0	$0	$0	$3,520
			-$800	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,520
Free Cash Flow MS			$800	$640	$980	$620	$880	$1,070	$1,440	$3,100	$1,680	$2,040	$3,520					340.00%	<-Total Growth	10	Free Cash Flow
Change			#DIV/0!	-20.00%	53.13%	-36.73%	41.94%	21.59%	34.58%	115.28%	-45.81%	21.43%	72.55%					26.89%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio			0.90	0.87	0.87	0.86	0.91	0.93	0.90	0.89	0.75	0.87	0.80					15.97%	<-IRR #YR->	10	Free Cash Flow MS
Dividends paid			279.00	304.00	$351	$390	$429	$475	$679	$762	$862	$862	$1,037					271.68%	<-Total Growth	10	Dividends paid
Percentage paid			34.88%	47.50%	35.82%	62.90%	48.75%	44.39%	47.15%	24.58%	51.31%	42.25%	29.46%					$0.46	<-Median->	10	Percentage paid
5 Year Covrage			34.88%	40.49%	38.60%	43.55%	44.72%	46.52%	46.57%	38.47%	39.25%	39.01%	35.67%					0.40	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio			2.87	2.11	2.79	1.59	2.05	2.25	2.12	4.07	1.95	2.37	3.39					2.19	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			2.87	2.47	2.59	2.30	2.24	2.15	2.15	2.60	2.55	2.56	2.80					2.51	<-Median->	10	5 Year of Coverage
								-$1,070	$0	$0	$0	$0	$3,520
			-$800	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,520
Market Cap	$9,125	$11,030	$11,665	$12,594	$14,613	$13,806	$20,083	$21,556	$25,340	$34,159	$36,352	$46,683	$50,755	$44,488	$44,488	$55,613		303.01%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	132.368	131.543	131.5	131.2	133.1	139.2	139.5	143.0	162.4	175.6	176.2	178.6	178.5	178.5				36.05%	<-Total Growth	10	Diluted
Change	1.22%	-0.62%	-0.03%	-0.23%	1.45%	4.58%	0.22%	2.51%	13.57%	8.13%	0.34%	1.36%	-0.06%	0.00%				1.41%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.2%	-0.2%	-0.2%				0.00%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	132.368	131.543	131.5	131.2	133.1	139.2	139.5	143.0	162.4	175.6	176.2	178.3	178.1	178.1				35.44%	<-Total Growth	10	Basic
Change	1.22%	-0.62%	-0.03%	-0.23%	1.45%	4.58%	0.22%	2.51%	13.57%	8.13%	0.34%	1.19%	-0.11%	0.00%				1.32%	<-Median->	10	Change
Difference Basic/Outstanding	-0.6%	0.0%	0.0%	-0.1%	4.6%	0.0%	2.5%	0.0%	8.4%	-0.2%	1.2%	0.0%	-0.3%	-0.3%				0.02%	<-Median->	10	Difference Basic/Outstanding
											$3,665	<-12 mths	0.00%
Comments
# of Share in Millions	131.543	131.543	131.543	131.050	139.189	139.189	143.018	143.018	176.082	175.257	178.3	178.4	177.6	177.6	177.6	177.6		35.04%	<-IRR #YR->	10	Shares
Change	-1.34%	0.00%	0.00%	-0.37%	6.21%	0.00%	2.75%	0.00%	23.12%	-0.47%	1.75%	0.02%	-0.41%	0.00%	0.00%	0.00%		4.43%	<-IRR #YR->	5	Shares
Cash Flow from Operations $M	$185.0	$1,378	$889	$925	$781	$833	$1,290	$2,352	$3,129	$3,665	$1,846	$3,387	$4,388	$4,388	<-12 mths			393.59%	<-Total Growth	10	Cash Flow
Increase	-74.41%	644.86%	-35.49%	4.05%	-15.57%	6.66%	54.86%	82.33%	33.04%	17.13%	-49.63%	83.48%	29.55%	0.00%	<-12 mths			Buy Backs	S. Issued
5 year Running Average	$495.1	$663.1	$740.8	$820.0	$831.6	$961.2	$943.6	$1,236.2	$1,677.0	$2,253.8	$2,456.4	$2,875.8	$3,283.0	$3,534.8	<-12 mths			343.17%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.41	$10.48	$6.76	$7.06	$5.61	$5.98	$9.02	$16.45	$17.77	$20.91	$10.35	$18.99	$24.70	$24.70	<-12 mths			265.52%	<-Total Growth	10	Cash Flow per Share
Increase	-74.06%	644.86%	-35.49%	4.44%	-20.50%	6.66%	50.72%	82.33%	8.05%	17.68%	-50.50%	83.43%	30.09%	0.00%	<-12 mths			17.31%	<-IRR #YR->	10	Cash Flow
5 year Running Average	$3.97	$5.17	$5.63	$6.22	$6.26	$7.18	$6.89	$8.82	$10.97	$14.03	$14.90	$16.89	$18.55	$19.93	<-12 mths			13.28%	<-IRR #YR->	5	Cash Flow
P/CF on Med Price	45.11	7.16	13.23	12.54	17.86	16.78	13.21	8.08	8.95	8.80	19.26	12.53	11.50	8.75	<-12 mths			13.84%	<-IRR #YR->	10	Cash Flow per Share
P/CF on Closing Price	49.33	8.00	13.12	13.62	18.71	16.57	15.57	9.16	8.10	9.32	19.69	13.78	11.57	10.14	<-12 mths			8.48%	<-IRR #YR->	5	Cash Flow per Share
															-19.11%	Diff M/C		12.66%	<-IRR #YR->	10	CFPS 5 yr Running
Excl.Working Capital CF	$412.0	-$254	$72	-$118	$299	$275	-$148	-$614	-$362	-$469	-$389	-$67	$627	$627	<-12 mths			16.02%	<-IRR #YR->	5	CFPS 5 yr Running
CF fr Op $M WC	$597.0	$1,124	$961	$807	$1,080	$1,108	$1,142	$1,738	$2,767	$3,196	$1,457	$3,320	$5,015	$5,015	<-12 mths			421.85%	<-Total Growth	10	Cash Flow less WC
Increase	-20.19%	88.27%	-14.50%	-16.02%	33.83%	2.59%	3.07%	52.19%	59.21%	15.50%	-54.41%	127.87%	51.05%	0.00%	<-12 mths			17.97%	<-IRR #YR->	10	Cash Flow less WC
5 year Running Average	$630.0	$733	$791	$847	$914	$1,016	$1,020	$1,175	$1,567	$1,990	$2,060	$2,496	$3,151	$3,601	<-12 mths			23.61%	<-IRR #YR->	5	Cash Flow less WC
CFPS Excl. WC	$4.54	$8.54	$7.31	$6.16	$7.76	$7.96	$7.99	$12.15	$15.71	$18.24	$8.17	$18.61	$28.23	$28.23	<-12 mths			14.83%	<-IRR #YR->	10	CF less WC 5 Yr Run
Increase	-19.10%	88.27%	-14.50%	-15.71%	26.00%	2.59%	0.31%	52.19%	29.31%	16.05%	-55.20%	127.81%	51.68%	0.00%	<-12 mths			21.81%	<-IRR #YR->	5	CF less WC 5 Yr Run
5 year Running Average	$5.05	$5.74	$6.01	$6.43	$6.86	$7.55	$7.43	$8.40	$10.31	$12.41	$12.45	$14.58	$17.79	$20.30	<-12 mths			14.47%	<-IRR #YR->	10	CFPS - Less WC
P/CF on Med Price	13.98	8.78	12.24	14.37	12.92	12.61	14.92	10.93	10.12	10.10	24.41	12.78	10.06	7.66	<-12 mths			18.36%	<-IRR #YR->	5	CFPS - Less WC
P/CF on Closing Price	15.29	9.81	12.14	15.61	13.53	12.46	17.59	12.40	9.16	10.69	24.95	14.06	10.12	8.87	<-12 mths			11.47%	<-IRR #YR->	10	CFPS 5 yr Running
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	12.53	5 yr	11.50	P/CF Med	10 yr	12.70	5 yr	10.12		-30.14%	Diff M/C		16.19%	<-IRR #YR->	5	CFPS 5 yr Running
			-131.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	177.6								Shares
								-143.0	0.0	0.0	0.0	0.0	177.6								Shares
			-$889.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,388.0								Cash Flow
								-$2,352.0	$0.0	$0.0	$0.0	$0.0	$4,388.0								Cash Flow
			-$6.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.70								Cash Flow per Share
								-$16.45	$0.00	$0.00	$0.00	$0.00	$24.70								Cash Flow per Share
			-$5.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.55								CFPS 5 yr Running
								-$8.82	$0.00	$0.00	$0.00	$0.00	$18.55								CFPS 5 yr Running
			-$961.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5,015.0								Cash Flow less WC
								-$1,738.0	$0.0	$0.0	$0.0	$0.0	$5,015.0								Cash Flow less WC
			-$790.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,151.0								CF less WC 5 Yr Run
								-$1,175.0	$0.0	$0.0	$0.0	$0.0	$3,151.0								CF less WC 5 Yr Run
			-$7.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.23								CFPS - Less WC
								-$12.15	$0.00	$0.00	$0.00	$0.00	$28.23								CFPS - Less WC
			-$6.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.79								CFPS 5 yr Running
								-$8.40	$0.00	$0.00	$0.00	$0.00	$17.79								CFPS 5 yr Running
Changes in other operating assets and liabilities			$38.0
Contributions Pension Plans
Share-based payments
Changes in net claims liabilities			$47.0	$214.0	-$86	-$5	$191	$887	$783	$133	$879	$104	$147.0
Unearned premiums, net				$85.0	-$30	-$33	$274	$375	$434	$277	-$14
Premium receivables, net				-$98.0	$52	$19	-$136	-$246	-$90	-$259
Deferred acquisition costs, net				-$23.0	-$25	-$13	-63	-70	-16	-90
Other operating assets				-$27.0	-$26	-$13	-$5	-$124	$125	-$47	$10	-$74	-$9
Other operating liabilities				$11.0	-$186	$137	$35	$295	$130	$385	-$137	-$20	$15
Dividends received from investments in associates and joint ventures				$21.0	$14	15	20	27	28	49	39
Income taxes received (paid), net			-$265.0	-$158.0	$32	-$382	-$3	-$348	-$783	-$408	-$445
Net losses/gains				$70.0	-$69	-$13	-$165	-$182	-$249	$429	-$249	-$148	-$672
Profit joint investments												-$89	-$67.0
Dividends
Net investment losses
			-$218	$95	-$324	-$288	$148	$614	$362	$469	$83	-$227	-$586
Google ->TD	-$25.0	-$412.0	-$72.0	$118.00	-$299	-$275	$148	$614	$362	$469	$389	$67	-$627
could not figure it out			-$146.0	-$23.00	-$25	-$13	$0	$0	$0	$0	-$306	-$294	$41
TD 2020			$116.0	$95.00	-$324	-$288
Difference			-$334	$0	$0	$0
WSJ says					$781	$833	$1,290	$1,117	$1,366
TD in 2024								$556	$138	$226	-$652
Difference								$58	$224	$243	$735
OPM	2.50%	17.49%	11.12%	11.01%	8.40%	7.87%	11.51%	19.12%	17.74%	16.96%	6.71%	11.76%	14.93%	18.02%				34.24%	<-Total Growth	10	OPM
Increase	-75.45%	599.21%	-36.42%	-1.01%	-23.64%	-6.37%	46.28%	66.08%	-7.19%	-4.44%	-60.43%	75.32%	26.89%	20.74%					Should increase		or be stable.
Diff from Median	-78.5%	50.3%	-4.5%	-5.4%	-27.8%	-32.4%	-1.1%	64.3%	52.5%	45.7%	-42.3%	1.1%	28.3%	54.9%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	11.64%	5 Yrs	14.93%					should be zero,	it is a check		on calculations
													$1,788	<-12 mths	5.86%
EBIT							$976	$1,522	$2,668	$2,667	$1,304	$1,689	$2,717	$2,343	$3,436			178.38%	<-Total Growth	6	EBIT
Change								55.94%	75.30%	-0.04%	-51.11%	29.52%	60.86%	-13.77%	46.65%			42.73%	<-Median->	6	Change
Margin							9.50%	13.54%	16.43%	13.48%	6.40%	7.80%	11.78%	9.62%	13.36%			11.78%	<-Median->	7	Margin
Claims Liabilites					$8,536	$10,475	$11,846	$12,780	$25,116	$25,144	$30,353	$31,900	$32,550	$32,550				281.33%	<-Total Growth	8	Claims Liabilites
Change						22.72%	13.09%	7.88%	96.53%	0.11%	20.72%	5.10%	2.04%	0.00%				0.10	<-Median->	8	Change
Covering Assets					$14,386	$16,853	$18,608	$20,630	$36,680	$35,601	$37,083	$40,282	$42,568	$42,568				195.90%	<-Total Growth	8	Covering Assets
Change						17.15%	10.41%	10.87%	77.80%	-2.94%	4.16%	8.63%	5.67%	0.00%				9.52%	<-Median->	8	Change
Claims/Assets Retio					0.59	0.62	0.64	0.62	0.68	0.71	0.82	0.79	0.76	0.76				0.68	<-Median->	9	Deposits/Assets Retio
Claims/Market Cap Ratio					0.58	0.76	0.59	0.59	0.99	0.74	0.83	0.68	0.64	0.73				0.68	<-Median->	9	Claims/Market Cap Ratio
Claims Long Term Debt/Markt Cap					0.74	0.92	0.71	0.73	1.45	1.09	0.98	0.78	0.73	0.83				0.78	<-Median->	9	Claims Long Term Debt/Markt Cap
Total Debt					$10,777	$12,684	$14,208	$15,821	$36,819	$37,141	$35,569	$36,581	$36,976	$36,976				243.10%	<-Total Growth	8	Total Debt
Change						17.70%	12.02%	11.35%	132.72%	0.87%	-4.23%	2.85%	1.08%	0.00%				7.10%	<-Median->	8	Change
Debt/Market Cap Ratio					0.74	0.92	0.71	0.73	1.45	1.09	0.98	0.78	0.73	0.83				0.78	<-Median->	9	Debt/Market Cap Ratio
Assets/Current Liabilities Ratio					13.06	13.44	10.48	10.42	9.15	8.75	82.32	104.98	106.92	106.92				13.06	<-Median->	9	Assets/Current Liabilities Ratio
Current Liabilities/Asset Ratio					0.08	0.07	0.10	0.10	0.11	0.11	0.01	0.01	0.01	0.01				0.08	<-Median->	9	Current Liabilities/Asset Ratio
Debt to Cash Flow (Years)					13.80	15.23	11.01	6.73	11.77	10.13	19.27	10.80	8.43	8.43				11.01	<-Median->	9	Debt to Cash Flow (Years)
Long Term Debt	$1,143	$1,143	$1,143	$1,393	$2,241	$2,209	$2,362	$3,041	$11,703	$11,997	$5,216	$4,681	$4,426	$4,426				287.23%	<-Total Growth	10	Debt
Change	0.00%	0.00%	0.00%	21.87%	60.88%	-1.43%	6.93%	28.75%	284.84%	2.51%	-56.52%	-10.26%	-5.45%	0.00%				4.72%	<-Median->	10	Change
Debt/Market Cap Ratio	0.13	0.10	0.10	0.11	0.15	0.16	0.12	0.14	0.46	0.35	0.14	0.10	0.09	0.10				0.14	<-Median->	10	Debt/Market Cap Ratio
Assets/Current Liabilities Ratio	14.96	14.47	14.13	12.28	13.06	13.44	10.48	10.42	9.15	8.75	82.32	104.98	106.92	106.92				12.67	<-Median->	10	Assets/Current Liab Ratio
Current Liabilities/Asset Ratio	0.07	0.07	0.07	0.08	0.08	0.07	0.10	0.10	0.11	0.11	0.01	0.01	0.01	0.01				0.08	<-Median->	10	Current Liab/Asset Ratio
Debt to Cash Flow (Years)	6.18	0.83	1.29	1.51	2.87	2.65	1.83	1.29	3.74	3.27	2.83	1.38	1.01	1.01				2.24	<-Median->	10	Debt to Cash Flow (Years)
Intangibles	$1,164	$1,202	$1,285	$1,302	$2,161	$2,200	$2,523	$2,515	$4,636	$4,700	$5,047	$5,060	$4,901	$4,901				281.40%	<-Total Growth	10	Intangibles
Goodwill	$953	$1,102	$1,168	$1,403	$2,242	$2,399	$2,626	$2,813	$3,066	$3,350	$4,085	$4,507	$4,889	$4,889				318.58%	<-Total Growth	10	Goodwill
Total	$2,117	$2,304	$2,453	$2,705	$4,403	$4,599	$5,149	$5,328	$7,702	$8,050	$9,132	$9,567	$9,790	$9,790				299.10%	<-Total Growth	10	Total
Change	1.97%	8.83%	6.47%	10.27%	62.77%	4.45%	11.96%	3.48%	44.56%	4.52%	13.44%	4.76%	2.33%	0.00%				7.52%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.23	0.21	0.21	0.21	0.30	0.33	0.26	0.25	0.30	0.24	0.25	0.20	0.19	0.22				0.25	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,262.0	$2,862	$3,204	$3,483	$3,350	$4,029	$4,713	$4,925	$10,896	$10,077	$1,919	$1,921	$2,156	$2,156				-48.61%	<-Total Growth	10	Current Assets
Current Liabilities	$1,322.0	$1,422	$1,503	$1,872	$2,138	$2,118	$3,082	$3,370	$7,253	$7,422	$680	$567	$588	$588				-155.61%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	2.47	2.01	2.13	1.86	1.57	1.90	1.53	1.46	1.50	1.36	2.82	3.39	3.67	3.67				1.71	<-Median->	10	Ratio
Liq. with CF aft div	2.43	2.80	2.54	2.19	1.77	2.11	1.81	2.02	1.85	1.76	4.38	7.84	9.52	9.35				7.84	<-Median->	5	Ratio
Liq. CF re  Inv+Div	2.43	1.59	1.89	1.56	0.94	1.86	1.42	1.17	1.02	1.28	1.11	2.04	1.77	9.35				1.77	<-Median->	5	Ratio
Assets	$19,774	$20,580	$21,236	$22,991	$27,928	$28,461	$32,292	$35,119	$66,349	$64,959	$55,979	$59,526	$62,868	$62,868				196.04%	<-Total Growth	10	Assets
Liabilities	$14,820	$15,125	$15,508	$16,903	$20,465	$20,651	$23,545	$25,536	$49,566	$49,274	$39,504	$41,378	$42,032	$42,032				171.03%	<-Total Growth	10	Liabilities
Debt Ratio	1.33	1.36	1.37	1.36	1.36	1.38	1.37	1.38	1.34	1.32	1.42	1.44	1.50	1.50				1.37	<-Median->	10	Ratio
Estimates BVPS														$118.40	$130.20	$145.40			Estimates		Estimates BVPS
Estimate Book Value														$21,031.6	$23,127.6	$25,827.6			Estimates		Estimate Book Value
P/B Ratio (Close)														2.12	1.92	2.15			Estimates		P/B Ratio (Close)
Difference from 10 year median															-1.43%	Diff M/C			Estimates		Difference from 10 year median
Total Book Value	$4,954	$5,455	$5,728	$6,088	$7,463	$7,810	$8,747	$9,583	$16,783	$15,685	$16,475	$18,148	$20,836	$20,836				263.76%	<-Total Growth	10	Total Book Value
Preferred Shares	$489	$489	$489	$489	$783	$1,028	$1,028	$1,175	$1,109	$285	$285	$0	$0	$0				-100.00%	<-Total Growth	10	Preferred Shares
Book Value	$4,465	$4,966	$5,239	$5,599	$6,680	$6,782	$7,719	$8,408	$15,674	$15,400	$16,190	$18,148	$20,836	$20,836	$20,836	$20,836		297.71%	<-Total Growth	10	Book Value
Book Value per Share	$33.94	$37.75	$39.83	$42.72	$47.99	$48.73	$53.97	$58.79	$89.02	$87.87	$90.79	$101.75	$117.30	$117.30	$117.30	$117.30		194.52%	<-Total Growth	10	Book Value per Share
Increase	2.77%	11.22%	5.50%	7.27%	12.33%	1.53%	10.77%	8.93%	51.41%	-1.29%	3.32%	12.07%	15.28%	0.00%	0.00%	0.00%		5.47%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.87	1.99	2.24	2.07	2.09	2.06	2.21	2.26	1.79	2.10	2.20	2.34	2.42	1.84	0.00	0.00		2.02	P/B Ratio		Historical Median
P/B Ratio (Close)	2.04	2.22	2.23	2.25	2.19	2.04	2.60	2.56	1.62	2.22	2.25	2.57	2.44	2.14	2.14	2.67		11.41%	<-IRR #YR->	10	Book Value per Share
Change	4.22%	8.68%	0.25%	1.02%	-2.74%	-6.95%	27.80%	-1.46%	-36.94%	37.20%	1.23%	14.56%	-5.30%	-12.35%				14.81%	<-IRR #YR->	5	Book Value per Share
Leverage (A/BK)	3.99	3.77	3.71	3.78	3.74	3.64	3.69	3.66	3.95	4.14	3.40	3.28	3.02	3.02				3.68	<-Median->	10	A/BV
Debt/Equity Ratio	2.99	2.77	2.71	2.78	2.74	2.64	2.69	2.66	2.95	3.14	2.40	2.28	2.02	2.02				2.68	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/B Ratios	10 yr Med	2.15	5 yr Med	2.20		-0.50%	Diff M/C		3.74	Historical	23	A/BV
			-$39.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$117.30
								-$58.79	$0.00	$0.00	$0.00	$0.00	$117.30
Comprehensive Income	$436	$785	$575	$727	$752	$514	$985	$1,210	$2,494	$401	$382	$2,958	$3,802					561.22%	<-Total Growth	10	Comprehensive Income
NCI	0	0	0	0	0	0	0	0	$35	-$2	$15	$13	$0								NCI
Shareholders	$436	$785	$575	$727	$752	$514	$985	$1,210	$2,459	$403	$367	$2,945	$3,802					561.22%	<-Total Growth	10	Shareholders
Increase	-22.28%	80.05%	-26.75%	26.43%	3.44%	-31.65%	91.63%	22.84%	103.22%	-83.61%	-8.93%	702.45%	29.10%					29.10%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$465	$521	$522	$617	$655	$671	$711	$838	$1,184	$1,114	$1,085	$1,477	$1,995					20.79%	<-IRR #YR->	10	Comprehensive Income
ROE	8.8%	14.4%	10.0%	11.9%	10.1%	6.6%	11.3%	12.6%	14.7%	2.6%	2.2%	16.2%	18.2%					25.73%	<-IRR #YR->	5	Comprehensive Income
5Yr Median	11.5%	11.5%	10.0%	11.5%	10.1%	10.1%	10.1%	11.3%	11.3%	11.3%	11.3%	12.6%	14.7%					14.36%	<-IRR #YR->	10	5 Yr Running Average
% Difference from NI	1.2%	0.4%	-18.6%	34.4%	-5.1%	-27.3%	30.6%	11.8%	19.0%	-83.4%	-72.1%	28.2%	13.0%					18.96%	<-IRR #YR->	5	5 Yr Running Average
Median Values										Diff	5, 10 yr	12.4%	13.0%					14.7%	<-Median->	5	Return on Equity
			-$575.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,802.0
								-$1,210.0	$0.0	$0.0	$0.0	$0.0	$3,802.0
			-$521.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,995.2
								-$837.6	$0.0	$0.0	$0.0	$0.0	$1,995.2
Current Liability Coverage Ratio	0.45	0.79	0.64	0.43	0.51	0.52	0.37	0.52	0.38	0.43	2.14	5.86	8.53	8.53					CF - WC		CFO / Current Liabilities
5 year Median	0.47	0.47	0.47	0.47	0.51	0.52	0.51	0.51	0.51	0.43	0.43	0.52	2.14	5.86				2.14	<-Median->	5	Current Liability Cov Ratio
Current Liability Coverage Ratio	0.14	0.97	0.59	0.49	0.37	0.39	0.42	0.70	0.43	0.49	2.71	5.97	7.46	7.46							CFO / Current Liabilities
5 year Median	0.46	0.46	0.46	0.49	0.49	0.49	0.42	0.42	0.42	0.43	0.49	0.70	2.71	5.97				2.71	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	0.94%	6.70%	4.19%	4.02%	2.80%	2.93%	3.99%	6.70%	4.72%	5.64%	3.30%	5.69%	6.98%	6.98%							CFO / Total Assets
5 year Median	3.65%	3.65%	3.65%	4.02%	4.02%	4.02%	3.99%	3.99%	3.99%	4.72%	4.72%	5.64%	5.64%	5.69%				5.6%	<-Median->	5	Return on Assets
Return on Assets ROA	2.18%	3.80%	3.32%	2.35%	2.84%	2.48%	2.33%	3.08%	3.12%	3.73%	2.35%	3.86%	5.35%	4.37%				Net	Income/Assets		Return on Assets
5Yr Median	2.35%	2.96%	2.96%	2.96%	2.84%	2.84%	2.48%	2.48%	2.84%	3.08%	3.08%	3.12%	3.73%	3.86%				3.0%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	8.70%	14.34%	12.33%	8.89%	10.61%	9.05%	8.62%	11.29%	12.32%	15.45%	7.99%	12.66%	16.15%	13.19%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	10.71%	12.00%	12.00%	12.00%	10.61%	10.61%	9.05%	9.05%	10.61%	11.29%	11.29%	12.32%	12.66%	13.19%				11.0%	<-Median->	10	Return on Equity
														$3,342	<-12 mths	-0.70%
Net Income	$431	$782	$706	$541	$792	$707	$754	$1,082	$2,088	$2,420	$1,331	$2,310	$3,365
NCI	0	0	0	0	0	0	0	0	21	-4	15	13	0
Shareholders	$431	$782	$706	$541	$792	$707	$754	$1,082	$2,067	$2,424	$1,316	$2,297	$3,365	$2,749	$2,959	$2,969		376.63%	<-Total Growth	10	Net Income
Increase	-26.58%	81.44%	-9.72%	-23.37%	46.40%	-10.73%	6.65%	43.50%	91.04%	17.27%	-45.71%	74.54%	46.50%	-18.31%	7.64%	0.34%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$405.9	$537.0	$594.2	$609.4	$650.4	$705.6	$700.0	$775.2	$1,080.4	$1,406.8	$1,528.6	$1,837.2	$2,293.8	$2,430.2	$2,537.2	$2,867.8		16.90%	<-IRR #YR->	10	Net Income
Operating Cash Flow	$185	$1,378	$889	$925	$781	$833	$1,290	$2,352	$3,129	$3,665	$1,846	$3,387	$4,388					25.47%	<-IRR #YR->	5	Net Income
Investment Cash Flow	$139	-$1,089	-$520	-$759	-$1,869	-$285	-$842	-$2,442	-$5,972	-$2,746	-$2,005	-$1,614	-$2,581					14.46%	<-IRR #YR->	10	5 Yr Running Ave.
Total Accruals	$107	$493	$337	$375	$1,880	$159	$306	$1,172	$4,910	$1,505	$1,475	$524	$1,558					24.23%	<-IRR #YR->	5	5 Yr Running Ave.
Total Assets	$19,774	$20,580	$21,236	$22,991	$27,928	$28,461	$32,292	$35,119	$66,349	$64,959	$55,979	$59,526	$62,868						Balance Sheet		Assets
Accruals Ratio	0.54%	2.40%	1.59%	1.63%	6.73%	0.56%	0.95%	3.34%	7.40%	2.32%	2.63%	0.88%	2.48%					2.48%	<-Median->	5	Ratio
EPS/CF Ratio	0.68	0.68	0.71	0.64	0.74	0.60	0.64	0.59	0.79	0.74	0.86	0.66	0.65					0.66	<-Median->	10	EPS/CF Ratio
			-$706	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,365
								-$1,082	$0	$0	$0	$0	$3,365
			-$594	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,294
								-$775	$0	$0	$0	$0	$2,294
Chge in Close	7.10%	20.87%	5.76%	8.37%	9.25%	-5.52%	41.57%	7.34%	-4.52%	35.44%	4.59%	28.39%	9.17%	-12.35%	0.00%	25.01%			Count	24	Years of data
up/down/neutral						down				Down									Count	7	29.17%
Any Predictions?						yes												% right	Count	3	42.86%
Financial Cash Flow	-$397	-$299	-$317	-$139	$1,083	-$283	$57	$79	$4,206	-$2,207	$321	-$2,006	-$1,601						C F Statement		Financial CF
Total Accruals	$504	$792	$654	$514	$797	$442	$249	$1,093	$704	$3,712	$1,154	$2,530	$3,159								Accruals
Accruals Ratio	2.55%	3.85%	3.08%	2.24%	2.85%	1.55%	0.77%	3.11%	1.06%	5.71%	2.06%	4.25%	5.02%					4.25%	<-Median->	5	Ratio
Cash	$99	$89	$141	$168	$163	$442	$936	$917	$2,276	$1,010	$1,171	$997	$1,213	$1,213							Cash
Cash per Share	$0.75	$0.68	$1.07	$1.28	$1.17	$3.18	$6.54	$6.41	$12.93	$5.76	$6.57	$5.59	$6.83	$6.83				$6.57	<-Median->	5	Cash per Share
Percentage of Stock Price	1.08%	0.81%	1.21%	1.33%	1.12%	3.20%	4.66%	4.25%	8.98%	2.96%	3.22%	2.14%	2.39%	2.73%				2.96%	<-Median->	5	% of Stock Price
Notes:
February 14, 2026.  Last estimates were for 2025, 2026, 2027 of $23179M, $24851M 2025/6 Revenue, $16.53, $17.56 and $1994 AEPS, $14.94, $16.05, $15.91 EPS,
$5.29, $5.72, $5.74 Dividends, $2981M, $3233M, $4682M EBIT, $103.30, $113.10, $124.30 BVPS, $2457M, $2381M, $2837M Net Income.
February 9, 2025.  Last estimates were for 2024, 2025 of $21497M, $21700M Revenue, $14.34, $15.48, $16.72 2024/6 AEPS, $12.22, $13.57 EPS,
$4.86, $5.23 Dividends, $89.00, $97.20 BVPS, $2102M, $2288M, Net Income.
February 17, 2024.  Last estimates were for 2023, 2024 and 2025 of $20452M, $21497M and $21700M for Revenue, $12.89, $13.85 and $15.42 for AEPS,
$10.80, $12.00 and $13.20 for EPS, $.39, $4.78 and $4.64 for dividends, $89.10, $96.60 and $105 for BVPS, $1906M, $2165M and $2321M for Net Income.
February 11, 2023.  Last estimates were for 2022, 2023 and 2024 of $20249M, $21207M and $22479M for Net Premiums, $10.20, $11.00 and $12.70 for EPS,
$3.93, $4.27 and $4.36 for Dividends, $88.50, $95.60 and $107.00 for BVPS, and $1844M, $1969M and $2228M for Net Income.
February 12, 2022.  Last estimates were for 2021, 2022 and 2023 of $16113M, $20733M and $20690M for Net Premiums, $7.93, $9.00 and $12.50 for EPS,
$3.40, $3.83 and $4.44 for dividends, $2189M for FCF for 2021, and $1346M, $1629M and $2303M for Net Income.
February 13, 2021.  Last estimates were for 2020 and 2021 of $11600M and $12371M for Revenue, $7.21, $8.40 amd $10.01 for EPS for 2020 to 2022,
$3.32 and $3.58 for Dividends, and $1040M and $1215M for Net Income.
February 8, 2020.  Last estimates were for 2019, 2020 and 2021 of 10130M, $10631M and $11416M for Revenue, $6.65, $7.59 and $7.88 for EPS, and $967M, $1078M for Net Income for 2019 and 2020.
June 30, 2019.  Last estimate were for 2018, 2019 and 2020 of $9733M, $9991M and $10823M for Revenue, $5.37, $7.28 and $7.55 for EPS and $759M and $958M for Net Income for 2018 and 2019.
July 1, 2018.  Last estimates were for 2017, 2018 and 2019 of $8396M, $10025M and $10450M for Revenue, $6.02, $7.03 and $7.47 for EPS and $780M, $692M and $1028M for Net Income.
June 27, 2017.  Last estimates were for 2016, 2017 and 2018 of $8068M, $8508M and $9153M for Revenue, $5.79, $7.09 and $7.61 for EPS,
and $725M and $942M for Net Income for 2016 and 2017.
June 25, 2016.  Last estimates were for 2015, 2016 and 2017 of $7766M, $8032M and $8751M for Net Premiums, $6.38, $6.78 and $7.38 for EPS,
$5.56, and $6.90 for CFPS for 2015 and 2016 and $851M and $879M for Net Income for 2015 and 2016.
July 4, 2015.  Last estimates were for 2014 and 2015 of $7196.1M and $7345.0M for Revenue, $5.56, $6.28 and $7.24 for ESP for 2014 to 2016
and $763M, $820M and $964M for Net Income for 2014 to 2016.
June 28, 2014.  Last estimtes were for 2013 and 2014 of $7098M and $7368M for Revenue and $6.12 and $6.76 for EPS.
February 2013.  Last estimates were for 2011 and 2012 of $5627M and $6585M for Revenue, $3.95 and $5.63 for EPS.
This company was formerly the ING Group subsidiary ING Canada. Looks like it went public 10 Dec 2004
Intact Financial dates back 200 years with Halifax Fire Insurance Association being the starting point in the company's transformation through acquisitions.
However, the more recent history has Intact making a number of acquisitions since the 90s as ING Group (NYSE:ING). The start of Intact was really started
with the takeover of Allianz Canada by ING Group in 2004 when ING formed a new company on the TSX where it held 70% of the stocks. That company
then became independent of the ING Group in 2009 and got its most recent name of Intact Financial.
Sector:
Insurance, Finance
What should this stock accomplish?
I would expect moderate dividend yields and moderate dividend growth over the longer term.
This company sells general insurance and this industry can be volitile.
Would I buy this company and Why.
Yes.  It is a dividend growth company with good debt ratios.
Why am I following this stock.
I am following this stock because in November 2011, the TD Bank put out a special report on the merits of dividend investing.  At the end of the
report they listed a number of Canadian stocks as Equity Yield ideas.  This was one stock listed that I did not follow.
This and Wajax are from TD Report on dividend investing.
See article
http://www.theglobeandmail.com/globe-investor/investment-ideas/strategy-lab/dividend-investing/dividend-growth-stocks-to-buy-and-hold/article15747463/?cmpid=rss1&click=dlvr.it#dashboard/follows/hold/article15747463/?cmpid=rss1&click=dlvr.it#dashboard/follows/
In a column by John Heinzl dated December 2013 he gave five dividend growth stocks to buy and hold.  He liked the following stocks:
Bank of Nova Scotia (BNS); TransCanada (TRP); Intact Financial (IFC); Saputo (SAP); Canadian Natural Resources (CNQ)
He said these stocks had blue chip value of a solid balance sheet; an attractive valuation; a leadership position in the industry;
above-average profitability; and long-term earnings and dividend growth. You cannot access this column without paying for G&M.
Dividends
Dividends are paid in Cycle 3, that is March, June September and December.  Dividends are declared in the middle of a month for shareholders of record and paid at the end of the month.
For example, the dividend dividend declared for shareholders of record for September 16, 2013 was paid on September 30, 2013.
How they make their money.
Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. Its asset mix is
designed to generate interest and dividend income. The company has three reportable segments Canada, UK & International, and U.S.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M
Date	2018	Jun 30	2019	Feb 8	2020	Feb 13	2021	Feb 12	2022	Feb 11	2023	Feb 17	2024	Feb 9	2025			Feb 14	2026
Brindamour, Charles	0.17%	0.265	0.19%	0.271	0.19%	0.305	0.17%	0.341	0.19%	0.381	0.21%	0.384	0.22%	0.427	0.24%			0.468	0.26%
CEO - Shares - Amount	$23.289		$37.216		$40.813		$43.883		$66.557		$77.648		$100.487		$122.122				$117.273
Options - percentage	0.03%	0.044	0.03%	0.032	0.02%	0.031	0.02%	0.421	0.24%	0.407	0.23%	0.558	0.31%	0.555	0.31%			0.965	0.54%
Options - amount	$3.748		$6.205		$4.775		$4.396		$81.991		$82.926		$146.102		$158.511				$241.607
Anderson, Ken				0.009	0.01%	0.009	0.01%	0.022	0.01%	0.014	0.01%	0.015	0.01%	0.015	0.01%			0.019	0.01%		Was officer
CFO - Shares - Amount					$1.388		$1.326		$4.341		$2.823		$3.897		$4.374				$4.643
Options - percentage				0.001	0.00%	0.001	0.00%	0.001	0.00%	0.000	0.00%	0.009	0.01%	0.011	0.01%			0.011	0.01%
Options - amount					$0.080		$0.076		$0.183		$0.000		$2.464		$3.004				$2.707
Marcotte, Louis	0.01%	0.017	0.01%	0.018	0.01%	0.021	0.01%	0.029	0.02%	0.027	0.02%	0.032	0.02%	0.034	0.02%						Last report Jun 2024
Officer - Shares - Amount	$1.457		$2.445		$2.709		$3.040		$5.557		$5.589		$8.480		$9.679						used to be CFO
Options - percentage	0.00%	0.007	0.00%	0.006	0.00%	0.006	0.00%	0.002	0.00%	0.000	0.00%	0.023	0.01%	0.022	0.01%
Options - amount	$0.596		$0.982		$0.891		$0.935		$0.375		$0.000		$6.060		$6.251
Barbeau, Patrick						0.010	0.01%	0.010	0.01%	0.014	0.01%	0.016	0.01%	0.021	0.01%			0.026	0.01%
Officer - Shares - Amount							$1.395		$2.000		$2.765		$4.087		$5.973				$6.445
Options - percentage						0.003	0.00%	0.002	0.00%	0.000	0.00%	0.016	0.01%	0.057	0.03%			0.058	0.03%
Options - amount							$0.456		$0.426		$0.000		$4.263		$16.352				$14.415
Fortin, Anne										0.009	0.01%	0.011	0.01%	0.015	0.01%			0.015	0.01%
Officer - Shares - Amount											$1.890		$2.836		$4.222				$3.700
Options - percentage										0.000	0.00%	0.013	0.01%	0.012	0.01%			0.011	0.01%
Options - amount											$0.000		$3.296		$3.521				$2.851
Leary, Robert G.				0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%
Director - Shares - Amount					$0.399		$0.381		$0.516		$0.539		$0.692		$0.756				$0.662
Options - percentage				0.010	0.01%	0.012	0.01%	0.014	0.01%	0.016	0.01%	0.017	0.01%	0.019	0.01%			0.021	0.01%
Options - amount					$1.456		$1.677		$2.645		$3.162		$4.560		$5.497				$5.223
Kinney, Jane Elizabeth		0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%			0.001	0.00%
Director - Shares - Amount			$0.070		$0.075		$0.072		$0.156		$0.163		$0.209		$0.229				$0.200
Options - percentage		0.000	0.00%	0.001	0.00%	0.003	0.00%	0.004	0.00%	0.005	0.00%	0.006	0.00%	0.007	0.00%			0.007	0.00%
Options - amount			$0.000		$0.170		$0.457		$0.868		$1.047		$1.521		$1.893				$1.659
Clarke de Dromantin, Emmanuel										0.002	0.00%	0.003	0.00%	0.004	0.00%
Director - Shares - Amount											$0.336		$0.736		$1.080
Options - percentage										0.000	0.00%	0.000	0.00%	0.000	0.00%
Options - amount											$0.000		$0.000		$0.000
Miller, Timothy. Michael														0.086	0.05%			0.089	0.05%
Director - Shares - Amount															$24.692				$22.304
Options - percentage														0.347	0.20%			0.332	0.19%
Options - amount															$99.228				$83.052
Young, William L.								0.008	0.00%	0.008	0.00%	0.009	0.01%	0.009	0.01%			0.009	0.01%		Listed as Chair 2023
Chairman - Shares - Amt									$1.598		$1.672		$2.366		$2.582				$2.265
Options - percentage								0.004	0.00%	0.006	0.00%	0.006	0.00%	0.007	0.00%			0.008	0.00%
Options - amount									$0.873		$1.123		$1.441		$1.922				$1.927
Dussault, Claude	0.02%	0.032	0.02%	0.032	0.02%	0.032	0.02%	0.032	0.02%												Ceased insider May 2022
Chairman - Shares - Amt	$3.215		$4.551		$4.885		$4.664		$6.317
Options - percentage	0.01%	0.014	0.01%	0.015	0.01%	0.017	0.01%	0.019	0.01%
Options - amount	$1.132		$1.914		$2.265		$2.430		$3.624
Increase in O/S Shares	0.18%	0.254	0.18%	0.272	0.19%	0.283	0.20%	0.494	0.28%	0.600	0.34%	0.606	0.34%	0.702	0.39%			0.625	0.35%		They purchase required
due to SO	$26.869		$25.178		$38.135		$42.606		$71.093		$86.284		$123.443		$183.747				$178.503		Shares on the open
Book Value	$37.000		$36.000		$43.000		$38.000		$81.000		$112.000		$128.000		$180.000				$196.000		Market. Cost comes out of
Insider Buying	$0.255		-$0.859		$0.000		$0.000		-$0.148		$0.000		-$0.179		$0.000				$0.000		shareholders' equity.
Insider Selling	$4.663		$2.880		$2.481		$1.842		$3.041		$0.847		$18.131		$34.999				$4.309		"Share-based payments"
Net Insider Selling	$4.917		$2.021		$2.481		$1.842		$2.893		$0.847		$17.952		$34.999				$4.309		Equity-settled plans
% of Market Cap	0.04%		0.01%		0.01%		0.01%		0.01%		0.00%		0.04%		0.07%				0.01%		See cash flow statement
Directors		12		12		12		13		13		13		13				12
Women	33%	5	42%	5	42%	5	42%	5	38%	6	46%	6	46%	6	46%			5	42%
Minorities	0%	0	0%	0	0%	0	0%	1	8%	1	8%	1	8%	1	8%			1	8%
Institutions/Holdings	27.86%	17	37.13%	10	0.00%	20	49.64%	20	28.91%	20	28.91%	20	25.81%	20	28.33%			20	29.78%
Total Shares Held	2.00%	3.713	2.60%	40.140	28.07%	70.991	40.32%	50.911	29.05%	50.911	29.05%	46.021	25.80%	50.539	28.45%			52.891	29.78%
Increase/Decrease	-3.62%	-0.105	-2.74%	0.000	0.00%	-1.479	-2.04%	-0.613	-1.19%	-0.613	-1.19%	1.455	3.26%	-0.066	-0.13%			0.141	0.27%
Starting No. of Shares	Reuters	3.817	Reuters	40.140	Top 10 Barrons	72.470	Top 20 MS	51.524	Top 20 MS	51.524	Top 20 MS	44.566	Top 20 MS	50.605	Top 20 MS			52.750	Top 20 MS
Institutions/Holdings	20.92%
Percentage	$4,201.610
Total Shares Held	30.89%
Percentage	$4,265.170
Increase/Decrease	-0.24%
Starting No. of Shares	Morningstar
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