This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024					https://www.annualreports.com/Company/IGM-Financial
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/24	<-estimates
IGM Financial Inc					TSX	IGM	OTC	IGIFF	https://www.igmfinancial.com/en			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	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split																					Split
AUM & A		$121.0	$131.8	$141.9	$133.6	$141.8	$156.5	$149.1	$190.2	$240.0	$277.1	$249.4	$389.4					195.50%	<-Total Growth	10	AUM & A
Increase			8.94%	7.70%	-5.83%	6.12%	10.34%	-4.73%	27.57%	26.16%	15.50%	-10.01%	56.13%					9.02%	<-Median->	10	Increase
AUM TD											$229.2	$224.4
Assets Under Management*	$118.7	$120.7	$131.8	$141.9	$133.6	$141.8	$156.5	$149.1	$166.8	$214.0	$245.3	$217.0	$240.2	$247.0				82.28%	<-Total Growth	10	Assets Under Management	MD&A
Increase	-8.32%	1.67%	9.18%	7.70%	-5.86%	6.16%	10.34%	-4.74%	11.88%	28.30%	14.63%	-11.54%	10.69%	2.83%				6.19%	<-IRR #YR->	10	Assets Under Management	82.28%
5 year Running Average	$118.7	$118.2	$124.2	$128.5	$129.3	$134.0	$141.1	$144.6	$149.6	$165.6	$186.3	$198.4	$216.7	$232.7				10.01%	<-IRR #YR->	5	Assets Under Management	61.12%
Price to AUM Ratio	0.10	0.09	0.11	0.07	0.06	0.06	0.07	0.05	0.05	0.04	0.04	0.04	0.03	0.03				5.72%	<-IRR #YR->	10	5 yr Running Average	74.38%
Ending Assets Under Management in Billions									P/AUM	10 yr	0.05	5 yr	0.04					8.43%	<-IRR #YR->	5	5 yr Running Average	49.85%
			-$132	$0	$0	$0	$0	$0	$0	$0	$0	$0	$240
								-$149	$0	$0	$0	$0	$240
			-$124	$0	$0	$0	$0	$0	$0	$0	$0	$0	$217
								-$145	$0	$0	$0	$0	$217
														$3,131	<-12 mths	-3.53%
Revenue*	$2,732.5	$2,577.5	$2,690.0	$2,927.3	$3,027.9	$3,044.8	$3,154.0	$3,249.1	$3,232.6	$3,018.0	$3,448.0	$3,357.2	$3,245.4	$3,305	$3,474	$2,947		20.64%	<-Total Growth	10	Revenue	4th quarter
Increase	4.19%	-5.67%	4.37%	8.82%	3.44%	0.56%	3.59%	3.01%	-0.51%	-6.64%	14.25%	-2.63%	-3.33%	1.84%	5.11%	-15.17%		1.89%	<-IRR #YR->	10	Revenue	20.64%
5 year Running Average	$2,653.4	$2,589.9	$2,587.0	$2,710.0	$2,791.0	$2,853.5	$2,968.8	$3,080.6	$3,141.7	$3,139.7	$3,220.3	$3,261.0	$3,260.2	$3,274.7	$3,365.9	$3,265.7		-0.02%	<-IRR #YR->	5	Revenue	-0.11%
Revenue per Share	$10.65	$10.22	$10.66	$11.64	$12.37	$12.66	$13.11	$13.49	$13.57	$12.66	$14.41	$14.13	$13.63	$13.88	$14.59	$12.38		2.34%	<-IRR #YR->	10	5 yr Running Average	26.03%
Increase	5.43%	-3.96%	4.28%	9.18%	6.26%	2.34%	3.52%	2.92%	0.58%	-6.64%	13.77%	-1.96%	-3.52%	1.84%	5.11%	-15.17%		1.14%	<-IRR #YR->	5	5 yr Running Average	5.83%
5 year Running Average	$10.16	$10.02	$10.09	$10.65	$11.11	$11.51	$12.09	$12.65	$13.04	$13.10	$13.45	$13.65	$13.68	$13.74	$14.13	$13.72		2.49%	<-IRR #YR->	10	Revenue per Share	27.83%
P/S (Price/Sales) Med	4.33	4.16	4.59	4.25	3.26	2.83	3.21	2.80	2.62	2.43	2.60	2.90	2.73	2.56	0.00	0.00		0.21%	<-IRR #YR->	5	Revenue per Share	1.04%
P/S (Price/Sales) Close	4.15	4.07	5.26	3.55	2.86	3.02	3.37	2.30	2.75	2.73	3.17	2.68	2.57	2.55	2.43	2.86		3.09%	<-IRR #YR->	10	5 yr Running Average	35.61%
*Revenue in M$ 2016					P/S Med	20 yr	3.85	15 yr	3.21	10 yr	2.81	5 yr	2.62		-9.25%	Diff M/C		1.57%	<-IRR #YR->	5	5 yr Running Average	8.11%
			-$2,690	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,245
								-$3,249	$0	$0	$0	$0	$3,245
			-$2,587	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,260
								-$3,081	$0	$0	$0	$0	$3,260
			-$10.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.63
								-$13.49	$0.00	$0.00	$0.00	$0.00	$13.63
			-$10.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.68
								-$12.65	$0.00	$0.00	$0.00	$0.00	$13.68
														$3.47	<-12 mths	0.87%
Adjusted Profit CDN$	$715.4	$900.6	$764.0	$826.0	$796.0	$736.5	$727.8	$791.8	$763.9	$762.9	$971.2	$867.2	$824.3					7.89%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	16.49%	20.91%	16.76%	17.61%	16.94%	16.02%	15.57%	17.79%	17.56%	15.13%	14.94%	13.85%	12.27%					15.80%	<-Median->	10	Return on Equity ROE
5Yr Median	17.10%	17.10%	16.76%	16.76%	16.94%	16.94%	16.76%	16.94%	16.94%	16.02%	15.57%	15.13%	14.94%					16.76%	<-Median->	10	5Yr Median
Basic	$3.49	$2.99	$3.02	$3.28	$3.21	$3.05	$3.03	$3.29	$3.19	$3.20	$4.07	$3.64	$3.45					14.24%	<-Total Growth	10	Basic
AEPS* Dilued	$3.48	$2.99	$3.02	$3.27	$3.21	$3.05	$3.02	$3.29	$3.19	$3.20	$4.05	$3.63	$3.44	$3.73	$3.99			13.91%	<-Total Growth	10	AEPS* Dilued
Increase	26.09%	-14.08%	1.00%	8.28%	-1.83%	-4.98%	-0.98%	8.94%	-3.04%	0.31%	26.56%	-10.37%	-5.23%	8.43%	6.97%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$2.88	$2.82	$2.87	$3.10	$3.19	$3.11	$3.11	$3.17	$3.15	$3.15	$3.35	$3.47	$3.50	$3.61	$3.77			1.31%	<-IRR #YR->	10	AEPS	13.91%
AEPS Yield	7.87%	7.19%	5.38%	7.92%	9.08%	7.98%	6.84%	10.60%	8.56%	9.27%	8.88%	9.60%	9.83%	10.52%	11.26%			0.90%	<-IRR #YR->	5	AEPS	4.56%
Payout Ratio	60.34%	71.91%	71.19%	65.75%	70.09%	73.77%	74.50%	68.39%	70.53%	70.31%	55.56%	61.98%	65.41%	60.32%	56.39%			2.00%	<-IRR #YR->	10	5 yr Running Average	21.85%
5 year Running Average	71.55%	75.14%	74.88%	68.69%	67.86%	70.54%	71.06%	70.50%	71.46%	71.50%	67.86%	65.35%	64.76%	62.72%	59.93%			2.02%	<-IRR #YR->	5	5 yr Running Average	10.54%
Price/AEPS Median	13.25	14.23	16.22	15.15	12.55	11.73	13.92	11.49	11.13	9.61	9.26	11.28	10.83	9.54	0.00			11.38	<-Median->	10	Price/AEPS Median
Price/AEPS High	14.64	16.06	18.60	17.30	14.70	13.03	15.07	13.77	12.52	12.61	10.16	13.22	12.73	9.87	0.00			13.13	<-Median->	10	Price/AEPS High
Price/AEPS Low	11.87	12.40	13.84	12.99	10.40	10.42	12.78	9.21	9.74	6.60	8.37	9.34	8.92	9.21	0.00			9.54	<-Median->	10	Price/AEPS Low
Price/AEPS Close	12.71	13.91	18.57	12.63	11.01	12.52	14.62	9.43	11.68	10.78	11.26	10.41	10.18	9.50	8.88			11.14	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	16.03	11.95	18.76	13.68	10.81	11.90	14.48	10.27	11.33	10.82	14.26	9.33	9.64	10.30	9.50			11.07	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	69.24%	5 Yrs	65.41%	P/CF	5 Yrs	in order	10.83	12.61	8.92	10.78		-12.24%	Diff M/C
* Adjusted Earnings per Share
			-$3.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.44
								-$3.29	$0.00	$0.00	$0.00	$0.00	$3.44
			-$2.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.50
								-$3.17	$0.00	$0.00	$0.00	$0.00	$3.50
														$4.10	<-12 mths	-15.04%
EPS Basic	$3.49	$2.99	$3.02	$2.99	$3.11	$3.19	$2.50	$3.19	$3.12	$3.21	$4.10	$3.64	$4.83					59.93%	<-Total Growth	10	EPS Basic
pre-split
EPS Diluted*	$3.48	$2.99	$3.02	$2.98	$3.11	$3.19	$2.50	$3.18	$3.12	$3.21	$4.08	$3.63	$4.82	$3.63	$3.99	$3.34		59.60%	<-Total Growth	10	EPS Diluted
Increase	26.09%	-14.08%	1.00%	-1.32%	4.36%	2.57%	-21.63%	27.20%	-1.89%	2.88%	27.10%	-11.03%	32.78%	-24.65%	9.91%	-16.33%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	7.9%	7.2%	5.4%	7.2%	8.8%	8.4%	5.7%	10.2%	8.4%	9.3%	8.9%	9.6%	13.8%	10.2%	11.3%	9.4%		4.79%	<-IRR #YR->	10	Earnings per Share	59.60%
5 year Running Average	$2.88	$2.82	$2.87	$3.05	$3.12	$3.06	$2.96	$2.99	$3.02	$3.04	$3.22	$3.44	$3.77	$3.87	$4.03	$3.88		8.67%	<-IRR #YR->	5	Earnings per Share	51.57%
10 year Running Average	$2.60	$2.71	$2.81	$2.89	$2.94	$2.97	$2.89	$2.93	$3.03	$3.08	$3.14	$3.20	$3.38	$3.45	$3.54	$3.55		2.76%	<-IRR #YR->	10	5 yr Running Average	31.25%
* Diluted ESP per share									E/P	10 Yrs	8.87%	5Yrs	9.30%					4.74%	<-IRR #YR->	5	5 yr Running Average	26.07%
			-$3.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.82
								-$3.18	$0.00	$0.00	$0.00	$0.00	$4.82
			-$2.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.77
								-$2.99	$0.00	$0.00	$0.00	$0.00	$3.77
Dividend*														$2.25	$2.25	$2.25			Estimates		Dividend*
Increase														0.00%	0.00%	0.00%			Estimates		Increase
Payout Ratio EPS														61.95%	56.36%	67.37%			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
Dividend*	$2.10	$2.15	$2.15	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25		4.65%	<-Total Growth	10	Dividends
Increase	2.44%	2.38%	0.00%	0.00%	4.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		21	0	33	Years of data, Count P, N	63.64%
Average Increases 5 Year Running	6.65%	4.00%	1.46%	0.96%	1.89%	1.41%	0.93%	0.93%	0.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		0.93%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$2.00	$2.07	$2.10	$2.12	$2.16	$2.19	$2.21	$2.23	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25		7.14%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.55%	5.05%	4.39%	4.34%	5.58%	6.29%	5.35%	5.95%	6.34%	7.32%	6.00%	5.50%	6.04%	6.32%				5.97%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.12%	4.48%	3.83%	3.80%	4.77%	5.66%	4.95%	4.97%	5.63%	5.57%	5.47%	4.69%	5.14%	6.11%				5.05%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.08%	5.80%	5.14%	5.06%	6.74%	7.08%	5.83%	7.42%	7.24%	10.65%	6.64%	6.64%	7.33%	6.55%				6.91%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.75%	5.17%	3.83%	5.20%	6.37%	5.89%	5.10%	7.25%	6.04%	6.52%	4.93%	5.95%	6.43%	6.35%	6.35%	6.35%		6.00%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	60.34%	71.91%	71.19%	72.15%	72.35%	70.53%	90.00%	70.75%	72.12%	70.09%	55.15%	61.98%	46.68%	61.95%	56.36%	67.37%		70.64%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	69.22%	73.35%	73.07%	69.60%	69.32%	71.62%	74.66%	74.53%	74.50%	74.01%	69.92%	65.33%	59.65%	58.07%	55.82%	57.95%		70.77%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	69.40%	76.39%	75.84%	72.97%	88.58%	73.46%	82.35%	69.03%	75.30%	72.79%	57.06%	72.49%	63.96%	73.29%	66.57%	98.68%		72.88%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	70.33%	73.55%	71.61%	70.92%	76.26%	77.12%	78.28%	76.68%	77.15%	74.34%	70.25%	68.66%	67.59%	67.26%	66.12%	73.28%		75.30%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	62.17%	66.59%	66.37%	67.02%	66.24%	69.57%	85.35%	73.89%	76.29%	75.54%	54.84%	72.13%	66.93%	73.29%	66.57%	98.68%		70.85%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	64.14%	66.63%	67.06%	65.42%	65.65%	67.15%	70.32%	71.84%	73.72%	75.79%	71.60%	69.46%	68.13%	67.64%	66.04%	73.96%		69.89%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.97%	6.00%	5 Yr Med	5 Yr Cl	6.04%	6.04%	5 Yr Med	Payout	61.98%	72.49%	72.13%					0.18%	<-IRR #YR->	5	5 yr Running Average
* Dividends per share	10 Yr Med	and Cur.	6.26%	5.89%	5 Yr Med	and Cur.	5.09%	5.14%	Last Div Inc --->		$0.55	$0.55	0.0%					0.69%	<-IRR #YR->	10	5 yr Running Average
Dividends Growth 5																		0.00%	<-IRR #YR->	5	Dividends	0.00%
Dividends Growth 10																		0.46%	<-IRR #YR->	10	Dividends	4.65%
Dividends Growth 15																		0.79%	<-IRR #YR->	15	Dividends	12.50%
Dividends Growth 20																		4.19%	<-IRR #YR->	20	Dividends	127.27%
Dividends Growth 25																		7.37%	<-IRR #YR->	25	Dividends	492.11%
Dividends Growth 30																		9.97%	<-IRR #YR->	30	Dividends	800.00%
Dividends Growth 35																		9.89%	<-IRR #YR->	33	Dividends
5 yr Running Average								-$2.23	$0.00	$0.00	$0.00	$0.00	$2.25								5 yr Running Average
5 yr Running Average			-$2.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.25								5 yr Running Average
Dividends Growth 5								-$2.25	$0.00	$0.00	$0.00	$0.00	$2.25								Dividends Growth 5
Dividends Growth 10			-$2.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.25								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.25								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.25								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.25								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.25								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.25								Dividends Growth 35
Historical Dividends	Historical	High Div	7.40%	Low Div	1.36%	10 Yr High	10.33%	10 Yr Low	3.89%	Med Div	4.34%	Close Div	3.43%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-14.21%		366.82%	Exp.	-38.54%		63.21%	Cheap	46.28%	Cheap	85.25%								High/Ave/Median
Future Dividend Yield					Div Yd	6.35%	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.35%	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.35%	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.25	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.25	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.25	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Dividend Covering Cost					Total Div	$11.25	over	5	Years	at IRR of	0.00%	Div Cov.	31.74%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$20.25	over	10	Years	at IRR of	0.00%	Div Cov.	57.14%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$29.25	over	15	Years	at IRR of	0.00%	Div Cov.	82.53%								Dividend Covering Cost
																						Item
Yield if held 5 years	4.40%	4.14%	5.61%	6.12%	5.51%	4.88%	5.29%	4.59%	4.54%	5.58%	6.29%	5.35%	5.95%	6.34%	7.32%	6.00%		5.43%	<-Median->	10	Paid Median Price	Revenue Growth
Yield if held 10 years	9.57%	7.70%	7.80%	6.44%	5.61%	4.71%	4.33%	5.87%	6.40%	5.51%	4.88%	5.29%	4.59%	4.54%	5.58%	6.29%		5.40%	<-Median->	10	Paid Median Price	AEPS Growth
Yield if held 15 years	18.92%	11.94%	9.35%	9.94%	11.29%	10.25%	8.06%	8.17%	6.74%	5.61%	4.71%	4.33%	5.87%	6.40%	5.51%	4.88%		7.40%	<-Median->	10	Paid Median Price	Net Income Growth
Yield if held 20 years			23.43%	22.49%	26.27%	20.27%	12.50%	9.78%	10.40%	11.29%	10.25%	8.06%	8.17%	6.74%	5.61%	4.71%		10.85%	<-Median->	10	Paid Median Price	Cash Flow Growth
Yield if held 25 years								24.52%	23.54%	26.27%	20.27%	12.50%	9.78%	10.40%	11.29%	10.25%		21.90%	<-Median->	6	Paid Median Price	Dividend Growth
Yield if held 30 years													24.52%	23.54%	26.27%	20.27%		24.52%	<-Median->	1	Paid Median Price	Stock Price Growth
Cost covered if held 5 years	20.88%	19.92%	27.42%	30.17%	26.43%	23.74%	25.97%	22.76%	22.72%	27.92%	31.46%	26.76%	29.76%	31.69%	36.59%	29.99%		26.60%	<-Median->	10	Paid Median Price	Revenue Growth
Cost covered if held 10 years	72.19%	61.37%	66.41%	57.81%	50.43%	43.79%	41.19%	56.53%	62.19%	53.97%	48.13%	52.41%	45.73%	45.43%	55.84%	62.91%		51.42%	<-Median->	10	Paid Median Price	AEPS Growth
Cost covered if held 15 years	165.36%	112.25%	95.54%	109.29%	126.85%	122.07%	100.95%	106.88%	91.52%	78.50%	67.34%	62.84%	85.90%	94.21%	81.51%	72.52%		96.23%	<-Median->	10	Paid Median Price	Net Income Growth
Cost covered if held 20 years			253.46%	264.07%	318.80%	264.01%	173.64%	144.02%	161.32%	183.31%	173.33%	141.24%	147.71%	125.23%	106.58%	90.89%		173.48%	<-Median->	10	Paid Median Price	Cash Flow Growth
Cost covered if held 25 years								374.99%	381.75%	450.15%	365.36%	236.14%	192.93%	213.34%	239.77%	224.58%		370.17%	<-Median->	6	Paid Median Price	Dividend Growth
Cost covered if held 30 years													497.60%	499.42%	581.49%	466.71%		497.60%	<-Median->	1	Paid Median Price	Stock Price Growth
																				Yr	Item	Tot. Growth
Revenue Growth								$3,249.1	$3,232.6	$3,018.0	$3,448.0	$3,357.2	$3,245.4	$3,131	<-12 mths	-3.53%		-0.11%	<-Total Growth	5	Revenue Growth	-0.11%
AEPS Growth								$3.29	$3.19	$3.20	$4.05	$3.63	$3.44	$3.47	<-12 mths	0.87%		4.56%	<-Total Growth	5	AEPS Growth	4.56%
Net Income Growth								$767.3	$744.5	$764.4	$978.9	$867.2	$1,148.9	$975	<-12 mths	-15.09%		49.73%	<-Total Growth	5	Net Income Growth	49.73%
Cash Flow Growth								$785.2	$712.1	$736.6	$943.6	$737.7	$837.7					6.70%	<-Total Growth	5	Cash Flow Growth	6.70%
Dividend Growth								$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	<-12 mths	0.00%		0.00%	<-Total Growth	5	Dividend Growth	0.00%
Stock Price Growth								$31.03	$37.26	$34.51	$45.62	$37.80	$35.01	$35.44	<-12 mths	1.23%		12.83%	<-Total Growth	5	Stock Price Growth	12.83%
Revenue Growth			$2,690.0	$2,927.3	$3,027.9	$3,044.8	$3,154.0	$3,249.1	$3,232.6	$3,018.0	$3,448.0	$3,357.2	$3,245.4	$3,305	<-this year	1.84%		20.64%	<-Total Growth	10	Revenue Growth	20.64%
AEPS Growth			$3.02	$3.27	$3.21	$3.05	$3.02	$3.29	$3.19	$3.20	$4.05	$3.63	$3.44	$3.73	<-this year	8.43%		13.91%	<-Total Growth	10	AEPS Growth	13.91%
Net Income Growth			$761.9	$753.3	$771.7	$770.5	$601.9	$767.3	$744.5	$764.4	$978.9	$867.2	$1,148.9	$854	<-this year	-25.69%		50.79%	<-Total Growth	10	Net Income Growth	50.79%
Cash Flow Growth			$715.3	$740.9	$621.8	$736.6	$657.6	$785.2	$712.1	$736.6	$943.6	$737.7	$837.7					17.12%	<-Total Growth	10	Cash Flow Growth	17.12%
Dividend Growth			$2.15	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	<-this year	0.00%		4.65%	<-Total Growth	10	Dividend Growth	4.65%
Stock Price Growth			$56.09	$41.31	$35.34	$38.20	$44.15	$31.03	$37.26	$34.51	$45.62	$37.80	$35.01	$35.44	<-this year	1.23%		-37.58%	<-Total Growth	10	Stock Price Growth	-37.58%
Dividends on Shares				$38.70	$40.50	$40.50	$40.50	$40.50	$40.50	$40.50	$40.50	$40.50	$40.50	$40.50	$40.50	$40.50		$403.20	No of Years	10	Total Divs	12/31/13
Paid			$1,009.62	$743.58	$636.12	$687.60	$794.70	$558.54	$670.68	$621.18	$821.16	$680.40	$630.18	$637.92	$637.92	$637.92		$630.18	No of Years	10	Worth	$56.09
Total																		$1,033.38			Total
Graham No. AEPS	$36.38	$33.90	$35.03	$37.05	$37.23	$36.22	$36.33	$36.99	$36.19	$39.03	$49.75	$46.39	$46.74	$48.67	$50.33	$0.00		33.40%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.27	1.25	1.40	1.34	1.08	0.99	1.16	1.02	0.98	0.79	0.75	0.88	0.80	0.73				0.98	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.40	1.42	1.60	1.53	1.27	1.10	1.25	1.22	1.10	1.03	0.83	1.03	0.94	0.76				1.10	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.14	1.09	1.19	1.15	0.90	0.88	1.06	0.82	0.86	0.54	0.68	0.73	0.66	0.71				0.84	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.22	1.23	1.60	1.12	0.95	1.05	1.22	0.84	1.03	0.88	0.92	0.81	0.75	0.73	0.70	#DIV/0!		0.93	<-Median->	10	Price/GP Ratio
Prem/Disc Close	21.58%	22.70%	60.10%	11.51%	-5.08%	5.48%	21.52%	-16.10%	2.95%	-11.59%	-8.31%	-18.52%	-25.09%	-27.18%	-29.59%	#DIV/0!		-6.70%	<-Median->	10	Graham Price
Graham No. EPS	$36.38	$33.90	$35.03	$35.37	$36.65	$37.04	$33.06	$36.36	$35.79	$39.09	$49.94	$46.39	$55.32	$48.02	$50.35	$46.05		57.91%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.27	1.25	1.40	1.40	1.10	0.97	1.27	1.04	0.99	0.79	0.75	0.88	0.67	0.74				0.98	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.40	1.42	1.60	1.60	1.29	1.07	1.38	1.25	1.12	1.03	0.82	1.03	0.79	0.77				1.09	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.14	1.09	1.19	1.20	0.91	0.86	1.17	0.83	0.87	0.54	0.68	0.73	0.55	0.72				0.85	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.22	1.23	1.60	1.17	0.96	1.03	1.34	0.85	1.04	0.88	0.91	0.81	0.63	0.74	0.70	0.77		0.94	<-Median->	10	Price/GP Ratio
Prem/Disc Close	21.58%	22.70%	60.10%	16.81%	-3.57%	3.14%	33.56%	-14.67%	4.10%	-11.73%	-8.65%	-18.52%	-36.72%	-26.20%	-29.61%	-23.04%		-6.11%	<-Median->	10	Graham Price
Price Close	$44.23	$41.60	$56.09	$41.31	$35.34	$38.20	$44.15	$31.03	$37.26	$34.51	$45.62	$37.80	$35.01	$35.44	$35.44	$35.44		-37.58%	<-Total Growth	10	Stock Price
Increase	1.77%	-5.95%	34.83%	-26.35%	-14.45%	8.09%	15.58%	-29.72%	20.08%	-7.38%	32.19%	-17.14%	-7.38%	1.23%	0.00%	0.00%		13.93	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.71	13.91	18.57	13.86	11.36	11.97	17.66	9.76	11.94	10.75	11.18	10.41	7.26	9.76	8.88	10.61		2.44%	<-IRR #YR->	5	Stock Price	12.83%
Trailing P/E	16.03	11.95	18.76	13.68	11.86	12.28	13.84	12.41	11.72	11.06	14.21	9.26	9.64	7.35	9.76	8.88		-4.60%	<-IRR #YR->	10	Stock Price	-37.58%
CAPE (10 Yr P/E)	15.53	15.45	15.80	15.56	14.93	14.41	14.61	14.25	13.61	13.12	12.91	12.53	11.24	10.86	10.59	10.47		9.38%	<-IRR #YR->	5	Price & Dividend	56.33%
Median 10, 5 Yrs		D.  per yr	4.89%	6.94%	% Tot Ret	1728.74%	74%	T P/E	12.07	11.06	P/E:	11.27	10.75					0.28%	<-IRR #YR->	10	Price & Dividend	6.19%
Price 15		D.  per yr	6.17%		% Tot Ret	101.37%						CAPE Diff	-29.93%					-0.08%	<-IRR #YR->	15	Stock Price	-1.24%
Price  20		D.  per yr	5.94%		% Tot Ret	97.62%												0.59%	<-IRR #YR->	20	Stock Price	12.57%
Price  25		D.  per yr	5.21%		% Tot Ret	82.10%												1.14%	<-IRR #YR->	25	Stock Price	32.61%
Price  30		D.  per yr	5.85%		% Tot Ret	60.50%												3.82%	<-IRR #YR->	30	Stock Price	159.33%
Price  35		D.  per yr	8.62%		% Tot Ret	53.38%												7.53%	<-IRR #YR->	33	Stock Price
Price & Dividend 15																		6.09%	<-IRR #YR->	15	Price & Dividend	97.21%
Price & Dividend 20																		6.53%	<-IRR #YR->	20	Price & Dividend	146.61%
Price & Dividend 25																		6.34%	<-IRR #YR->	25	Price & Dividend	202.14%
Price & Dividend 30																		9.66%	<-IRR #YR->	30	Price & Dividend	494.93%
Price & Dividend 35																		16.15%	<-IRR #YR->	33	Price & Dividend
Price  5								-$31.03	$0.00	$0.00	$0.00	$0.00	$35.01								Price  5
Price 10			-$56.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.01								Price 10
Price & Dividend 5								-$31.03	$2.25	$2.25	$2.25	$2.25	$37.26								Price & Dividend 5
Price & Dividend 10			-$56.09	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$37.26								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.01								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.01								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.01								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.01								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.01								Price  35
Price & Dividend 15	$2.10	$2.15	$2.15	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$37.26								Price & Dividend 15
Price & Dividend 20	$2.10	$2.15	$2.15	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$37.26								Price & Dividend 20
Price & Dividend 25	$2.10	$2.15	$2.15	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$37.26								Price & Dividend 25
Price & Dividend 30	$2.10	$2.15	$2.15	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$37.26								Price & Dividend 30
Price & Dividend 35	$2.10	$2.15	$2.15	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$37.26								Price & Dividend 35
Price H/L Median	$46.13	$42.55	$48.99	$49.53	$40.30	$35.77	$42.05	$37.80	$35.50	$30.75	$37.52	$40.94	$37.25	$35.58				-23.97%	<-Total Growth	10	Stock Price
Increase	12.90%	-7.75%	15.12%	1.10%	-18.64%	-11.24%	17.56%	-10.10%	-6.08%	-13.39%	22.02%	9.12%	-9.01%	-4.47%				-2.70%	<-IRR #YR->	10	Stock Price	-23.97%
P/E	13.25	14.23	16.22	16.62	12.96	11.21	16.82	11.89	11.38	9.58	9.19	11.28	7.73	9.80				-0.30%	<-IRR #YR->	5	Stock Price	-1.47%
Trailing P/E	16.71	12.23	16.38	16.40	13.52	11.50	13.18	15.12	11.16	9.85	11.69	10.03	10.26	7.38				2.42%	<-IRR #YR->	10	Price & Dividend	26.15%
P/E on Run. 5 yr Ave	16.00	15.08	17.04	16.26	12.93	11.70	14.20	12.63	11.75	10.11	11.66	11.89	9.87	9.18				5.69%	<-IRR #YR->	5	Price & Dividend	34.25%
P/E on Run. 10 yr Ave	17.74	15.68	17.42	17.16	13.70	12.04	14.54	12.89	11.70	9.99	11.96	12.78	11.01	10.32				14.98	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.13%	5.99%	% Tot Ret	211.51%	105%	T P/E	11.59	10.26	P/E:	11.33	9.58						Count	31	Years of data
			-$48.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$37.25
								-$37.80	$0.00	$0.00	$0.00	$0.00	$37.25
			-$48.99	$2.15	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25	$39.50
								-$37.80	$2.25	$2.25	$2.25	$2.25	$39.50
High Months	Jul	Mar	Dec	Jan	Feb	Apr	Oct	Oct	Nov	Feb	Nov	Jan	Mar	Feb
Price High	$50.95	$48.02	$56.17	$56.56	$47.19	$39.75	$45.50	$45.29	$39.94	$40.36	$41.14	$47.98	$43.80	$36.81				-22.02%	<-Total Growth	10	Stock Price
Increase	13.22%	-5.75%	16.97%	0.69%	-16.57%	-15.77%	14.47%	-0.46%	-11.81%	1.05%	1.93%	16.63%	-8.71%	-15.96%				-2.46%	<-IRR #YR->	10	Stock Price	-22.02%
P/E	14.64	16.06	18.60	18.98	15.17	12.46	18.20	14.24	12.80	12.57	10.08	13.22	9.09	10.13				-0.67%	<-IRR #YR->	5	Stock Price	-3.29%
Trailing P/E	18.46	13.80	18.79	18.73	15.84	12.78	14.26	18.12	12.56	12.94	12.82	11.76	12.07	7.64				17.48	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.88	12.56	P/E:	13.01	12.57					21.26	P/E Ratio		Historical High
			-$56.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$43.80
								-$45.29	$0.00	$0.00	$0.00	$0.00	$43.80
Low Months	Aug	Aug	Jan	Oct	Sep	Feb	Jan	Dec	Jan	Mar	Jan	Jan	Oct	Jan
Price Low	$41.30	$37.08	$41.80	$42.49	$33.40	$31.78	$38.59	$30.31	$31.06	$21.13	$33.89	$33.89	$30.69	$34.35				-26.58%	<-Total Growth	10	Stock Price
Increase	12.50%	-10.22%	12.73%	1.65%	-21.39%	-4.85%	21.43%	-21.46%	2.47%	-31.97%	60.39%	0.00%	-9.44%	11.93%				-3.04%	<-IRR #YR->	10	Stock Price	-26.58%
P/E	11.87	12.40	13.84	14.26	10.74	9.96	15.44	9.53	9.96	6.58	8.31	9.34	6.37	9.46				0.25%	<-IRR #YR->	5	Stock Price	1.25%
Trailing P/E	14.96	10.66	13.98	14.07	11.21	10.22	12.10	12.12	9.77	6.77	10.56	8.31	8.45	7.13				12.92	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	10.39	8.45	P/E:	9.74	8.31					9.96	P/E Ratio		Historical Low
			-$41.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$30.69
								-$30.31	$0.00	$0.00	$0.00	$0.00	$30.69
																						WSJ, MS, Mkt Sc
Free Cash Flow Markt Screener									$693.3	$697.6	$932.9	$775.3
Free Cash Flow MS	$747	$664	$662	$684	$509	$630	$607	$729	$629	$629	$858	$593	$684	$851	$808	$459		3.32%	<-Total Growth	10	Free Cash Flow	Disagree
Change	-2.23%	-11.11%	-0.30%	3.32%	-25.58%	23.77%	-3.65%	20.10%	-13.72%	0.00%	36.41%	-30.89%	15.35%	24.47%	-5.12%	-43.18%		-1.27%	<-IRR #YR->	5	Free Cash Flow MS	-6.17%
FCF/CF from Op Ratio	0.96	0.94	0.93	0.92	0.82	0.86	0.92	0.93	0.88	0.85	0.91	0.80	0.82	1.16	1.00	0.85		0.33%	<-IRR #YR->	10	Free Cash Flow MS	3.32%
Dividends paid	$538.98	$542.01	$541.88	$542.25	$560.15	$554.45	$541.28	$541.76	$539.05	$536.19	$536.19	$537.20	$535.44	$535.80	$535.80	$535.80		-1.19%	<-Total Growth	10	Dividends paid
Percentage paid					110.05%	88.01%	89.17%	74.32%	85.70%	85.24%	62.49%	90.59%	78.28%	62.93%	66.33%	116.73%		85.70%	<-Median->	9	Percentage paid
5 Year Coverage									88.17%	84.14%	78.06%	78.25%	79.11%	74.15%	70.65%	78.94%		79.11%	<-Median->	5	5 Year Coverage
Dividend Coverage Ratio					0.91	1.14	1.12	1.35	1.17	1.17	1.60	1.10	1.28	1.59	1.51	0.86		1.17	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									1.13	1.19	1.28	1.28	1.26	1.35	1.42	1.27		1.26	<-Median->	5	5 Year of Coverage
								-$729	$0	$0	$0	$0	$684
			-$662	$0	$0	$0	$0	$0	$0	$0	$0	$0	$684
Market Cap	$11,352	$10,487	$14,152	$10,388	$8,651	$9,188	$10,625	$7,475	$8,879	$8,224	$10,917	$8,984	$8,337	$8,439	$8,439	$8,439		-41.09%	<-Total Growth	10	Market Cap
Market Cap/Assets Ratio	1.02	0.88	1.10	0.72	0.58	0.59	0.64	0.48	0.58	0.51	0.62	0.48	0.45						Market Cap/Asset		Ratio
Diluted # of Shares in Million	259.08	255.28	252.47	252.78	248.30	241.40	240.92	240.94	239.18	238.31	240.02	239.00	238.42	238.42				-5.57%	<-Total Growth	10	Diluted # of Shares in Million
Change	-1.44%	-1.47%	-1.10%	0.12%	-1.77%	-2.78%	-0.20%	0.01%	-0.73%	-0.37%	0.72%	-0.43%	-0.24%	0.00%				-0.57%	<-IRR #YR->	10	Change
Difference Diluted/Basic	-0.36%	-0.17%	-0.18%	-0.27%	-0.05%	-0.04%	-0.14%	-0.05%	-0.03%	0.00%	-0.49%	-0.22%	-0.16%	-0.16%				-0.21%	<-IRR #YR->	5	Difference Diluted/Basic
			-252.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	238.4
								-240.9	0.0	0.0	0.0	0.0	238.4
Pre-split 1998
Basic # of Shares in Millions	258.15	254.85	252.01	252.11	248.17	241.30	240.59	240.82	239.11	238.31	238.84	238.47	238.03	238.03				-5.55%	<-Total Growth	10	Basic
Change	-1.41%	-1.28%	-1.11%	0.04%	-1.56%	-2.77%	-0.30%	0.10%	-0.71%	-0.33%	0.22%	-0.16%	-0.18%	0.00%				-0.24%	<-Median->	10	Change
Difference Basic/Outstanding	-0.6%	-1.1%	0.1%	-0.3%	-1.4%	-0.3%	0.0%	0.0%	-0.3%	0.0%	0.2%	-0.3%	0.0%	0.0%				-0.13%	<-Median->	10	Difference Basic/Outstanding
Pre-split 1998
# of Share in Millions	256.658	252.099	252.310	251.469	244.788	240.516	240.666	240.885	238.294	238.308	239.308	237.668	238.132	238.132	238.132	238.132		-0.58%	<-IRR #YR->	10	Shares	-5.62%
Change	-1.18%	-1.78%	0.08%	-0.33%	-2.66%	-1.75%	0.06%	0.09%	-1.08%	0.01%	0.42%	-0.69%	0.20%	0.00%	0.00%	0.00%		-0.23%	<-IRR #YR->	5	Shares	-1.14%
Cash Flow from Operations $M	$776.6	$709.6	$715.3	$740.9	$621.8	$736.6	$657.6	$785.2	$712.1	$736.6	$943.6	$737.7	$837.7	$731.1	$804.9	$542.9		17.12%	<-Total Growth	10	Cash Flow
Increase	-10.04%	-8.63%	0.80%	3.59%	-16.08%	18.48%	-10.73%	19.40%	-9.31%	3.45%	28.10%	-21.82%	13.56%	-12.73%	10.10%	-32.54%		SO	Buy Backs
5 year Running Average	$740.2	$727.5	$752.8	$761.1	$712.8	$704.8	$694.4	$708.4	$702.6	$725.6	$767.0	$783.0	$793.5	$797.3	$811.0	$730.9		5.41%	<-Total Growth	10	CF 5 Yr Running
CFPS	$3.03	$2.81	$2.83	$2.95	$2.54	$3.06	$2.73	$3.26	$2.99	$3.09	$3.94	$3.10	$3.52	$3.07	$3.38	$2.28		24.09%	<-Total Growth	10	Cash Flow per Share
Increase	-8.96%	-6.98%	0.72%	3.94%	-13.79%	20.58%	-10.79%	19.29%	-8.32%	3.44%	27.56%	-21.28%	13.34%	-12.73%	10.10%	-32.54%		1.59%	<-IRR #YR->	10	Cash Flow	17.12%
5 year Running Average	$2.84	$2.81	$2.93	$2.99	$2.83	$2.84	$2.82	$2.91	$2.92	$3.03	$3.20	$3.28	$3.33	$3.35	$3.40	$3.07		1.30%	<-IRR #YR->	5	Cash Flow	6.70%
P/CF on Med Price	15.24	15.12	17.28	16.81	15.86	11.68	15.39	11.60	11.88	9.95	9.51	13.19	10.59	11.59	0.00	0.00		2.18%	<-IRR #YR->	10	Cash Flow per Share	24.09%
P/CF on Closing Price	14.62	14.78	19.79	14.02	13.91	12.47	16.16	9.52	12.47	11.16	11.57	12.18	9.95	11.54	10.49	15.54		1.54%	<-IRR #YR->	5	Cash Flow per Share	7.93%
															-1.99%	Diff M/C		1.28%	<-IRR #YR->	10	CFPS 5 yr Running	13.51%
Excl.Working Capital CF	$90.3	$104.4	$102.0	$65.7	$209.7	$41.2	-$23.1	-$51.6	-$9.3	-$26.8	$38.3	$3.7	-$37.1	$0.0	$0.0	$0.0		2.74%	<-IRR #YR->	5	CFPS 5 yr Running	14.46%
CF fr Op $M WC	$866.9	$814.0	$817.3	$806.7	$831.5	$777.9	$634.5	$733.5	$702.8	$709.9	$981.9	$741.4	$800.6	$731.1	$804.9	$542.9		-2.04%	<-Total Growth	10	Cash Flow less WC
Increase	5.99%	-6.10%	0.41%	-1.30%	3.07%	-6.45%	-18.43%	15.61%	-4.20%	1.01%	38.33%	-24.50%	7.99%	-8.68%	10.10%	-32.54%		-0.21%	<-IRR #YR->	10	Cash Flow less WC	-2.04%
5 year Running Average	$811.8	$803.1	$803.1	$824.5	$827.3	$809.5	$773.6	$756.8	$736.0	$711.7	$752.5	$773.9	$787.3	$793.0	$812.0	$724.2		1.76%	<-IRR #YR->	5	Cash Flow less WC	9.14%
CFPS Excl. WC	$3.38	$3.23	$3.24	$3.21	$3.40	$3.23	$2.64	$3.05	$2.95	$2.98	$4.10	$3.12	$3.36	$3.07	$3.38	$2.28		-0.20%	<-IRR #YR->	10	CF less WC 5 Yr Run	-1.96%
Increase	7.25%	-4.40%	0.32%	-0.97%	5.89%	-4.79%	-18.48%	15.51%	-3.15%	1.00%	37.75%	-23.98%	7.78%	-8.68%	10.10%	-32.54%		0.79%	<-IRR #YR->	5	CF less WC 5 Yr Run	4.03%
5 year Running Average	$3.11	$3.11	$3.13	$3.24	$3.29	$3.26	$3.14	$3.10	$3.05	$2.97	$3.14	$3.24	$3.30	$3.33	$3.41	$3.04		0.37%	<-IRR #YR->	10	CFPS - Less WC	3.79%
P/CF on Med Price	13.66	13.18	15.12	15.44	11.86	11.06	15.95	12.41	12.04	10.32	9.14	13.12	11.08	11.59	0.00	0.00		2.00%	<-IRR #YR->	5	CFPS - Less WC	10.40%
P/CF on Closing Price	13.10	12.88	17.32	12.88	10.40	11.81	16.75	10.19	12.63	11.59	11.12	12.12	10.41	11.54	10.49	15.54		0.53%	<-IRR #YR->	10	CFPS 5 yr Running	5.46%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	11.78	5 yr	10.59	P/CF Med	10 yr	11.95	5 yr	11.08		-3.40%			1.25%	<-IRR #YR->	5	CFPS 5 yr Running	6.39%
			-252.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	238.1								Shares
								-240.9	0.0	0.0	0.0	0.0	238.1								Shares
			-$715.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$837.7								Cash Flow
								-$785.2	$0.0	$0.0	$0.0	$0.0	$837.7								Cash Flow
			-$2.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.52								Cash Flow per Share
								-$3.26	$0.00	$0.00	$0.00	$0.00	$3.52								Cash Flow per Share
			-$2.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.33								CFPS 5 yr Running
								-$2.91	$0.00	$0.00	$0.00	$0.00	$3.33								CFPS 5 yr Running
			-$817.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$800.6								Cash Flow less WC
								-$733.5	$0.0	$0.0	$0.0	$0.0	$800.6								Cash Flow less WC
			-$803.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$787.3								CF less WC 5 Yr Run
								-$756.8	$0.0	$0.0	$0.0	$0.0	$787.3								CF less WC 5 Yr Run
			-$3.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.36								CFPS - Less WC
								-$3.05	$0.00	$0.00	$0.00	$0.00	$3.36								CFPS - Less WC
			-$3.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.30								CFPS 5 yr Running
								-$3.10	$0.00	$0.00	$0.00	$0.00	$3.30								CFPS 5 yr Running
No longer included
Income Taxes Paid	-$307.33	-$236.66	-$204.35	-$170.22	-$181.51	-$213.00	-$165.24	-$132.61
commissions  paid	-$237.75	-$211.62	-$237.08	-$255.59	-$249.92	-$234.87	-$271.58	-$55.69
Chges Assets, Liabilities	-$90.29	-$104.42	-$102.02	-$65.74	-$209.71	-$41.21	$23.10	$51.63	$9.32	$26.77	-$38.34	-$3.68	$37.14
Changes in WC	-$90.29	-$104.42	-$102.02	-$65.74	-$209.71	-$41.21	$23.10	$51.63	$9.32	$26.77	-$38.34	-$3.68	$37.14								Changes in WC
Google --> TD			-$543.45	-$491.55	-$641.14	-$489.08	-$413.72	-$137	$9	$27	-$38	-$4	$37								Google
Difference			$441.43	$425.81	$431.43	$447.87	$436.82	$189	$0	$0	$0	$0	$0								Difference
TD				-$492	-$553	-$489	-$462
Difference				$426	$343	$448	$485
TD in 2020					-$121	-$41	-$25	$52
Difference					-$89	$0	$48	$0
							Orignal Val.
OPM	28.42%	27.53%	26.59%	25.31%	20.53%	24.19%	20.85%	24.17%	22.03%	24.41%	27.37%	21.97%	25.81%	22.12%				-2.92%	<-Total Growth	10	OPM
Increase	-13.66%	-3.14%	-3.41%	-4.81%	-18.87%	17.82%	-13.83%	15.91%	-8.85%	10.81%	12.12%	-19.71%	17.48%	-14.31%					Should increase		or be stable.
Diff from Median	17.5%	13.9%	10.0%	4.7%	-15.1%	0.1%	-13.8%	-0.1%	-8.9%	0.9%	13.2%	-9.1%	6.8%	-8.5%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	24.18%	5 Yrs	24.41%					should be	zero, it is a		check on calculations
														$1,406	<-12 mths	0.11%
EBITDA (Adjusted)		$1,360.1	$1,357.1	$1,327.9	$1,358.7	$1,320.8	$1,354.5	$1,333.0	$1,294.0	$1,226.4	$1,547.0	$1,425.6	$1,404.2	$1,419	$1,505	$1,062		3.47%	<-Total Growth	10	EBITDA (Adjusted)	EBITDA before Sales Commisions
Change			-0.22%	-2.15%	2.32%	-2.79%	2.55%	-1.59%	-2.93%	-5.22%	26.14%	-7.85%	-1.50%	1.05%	6.06%	-29.44%		-1.87%	<-Median->	10	Change
Margin		52.77%	50.45%	45.36%	44.87%	43.38%	42.95%	41.03%	40.03%	40.64%	44.87%	42.46%	43.27%	42.93%	43.32%	36.04%		43.11%	<-Median->	10	Margin
Loans, Cash, other Investments.								$7,738	$7,198	$7,736	$8,044	$6,869	$6,527	$6,527				-15.65%	<-Total Growth	5	Securitized Mortgages
Change									-6.98%	7.47%	3.99%	-14.61%	-4.98%	0.00%				-4.98%	<-Median->	5	Change
Obligation Securitizaed Mortgages								$7,370	$6,913	$6,913	$5,058	$4,610	$4,688	$4,688				-36.39%	<-Total Growth	5	Obligation Securitizaed Mortgages
Liabilities/Assets Ratio								0.95	0.96	0.89	0.63	0.67	0.72	0.72				0.81	<-Median->	6	Ratio
Long Term Debt				$1,325	$1,325	$1,325	$2,175	$1,850	$2,100	$2,100	$2,100	$2,100	$2,400	$2,400				81.13%	<-Total Growth	9	Debt	Type
Change					0.00%	0.00%	64.15%	-14.94%	13.51%	0.00%	0.00%	0.00%	14.29%	0.00%				0.00%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio				0.13	0.15	0.14	0.20	0.25	0.24	0.26	0.19	0.23	0.29	0.28				0.22	<-Median->	10	Debt/Market Cap Ratio	Lg Term R A
Assets/Current Liabilities Ratio				20.14	19.82	17.85	18.78	20.95	20.66	18.22	14.93	19.54	20.86	20.86				19.68	<-Median->	10	Assets/Current Liab Ratio	Intang/GW
Current Liabilities/Asset Ratio				0.05	0.05	0.06	0.05	0.05	0.05	0.05	0.07	0.05	0.05	0.05				0.05	<-Median->	10	Current Liab/Asset Ratio	Liquidity
Debt to Cash Flow (Years)				1.79	2.13	1.80	3.31	2.36	2.95	2.85	2.23	2.85	2.86	3.28				2.60	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$1,118	$1,122	$1,137	$1,162	$1,220	$1,268	$1,184	$1,191	$1,230	$1,322	$1,357	$1,364	$1,251	$1,251				10.02%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$2,641	$2,639	$2,656	$2,657	$2,660	$2,660	$2,660	$2,660	$2,660	$2,803	$2,802	$2,802	$2,637	$2,637				-0.72%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$3,758	$3,761	$3,793	$3,818	$3,880	$3,928	$3,845	$3,851	$3,890	$4,125	$4,159	$4,166	$3,887	$3,887				2.50%	<-Total Growth	10	Total
Change	42.19%	0.06%	0.86%	0.67%	1.61%	1.25%	-2.12%	0.17%	1.01%	6.02%	0.83%	0.17%	-6.68%	0.00%				0.75%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.33	0.36	0.27	0.37	0.45	0.43	0.36	0.52	0.44	0.50	0.38	0.46	0.47	0.46				0.44	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,334	$1,367	$1,450	$1,687	$1,548	$1,123	$1,652	$1,430	$1,472	$1,848	$3,078	$2,216	$1,754	$1,754				Liquidity ratio of 1.5 and up, best
Current Liabilities	$477	$627	$688	$716	$748	$875	$879	$745	$745	$882	$1,183	$966	$895	$895				2.02	<-Median->	10	Ratio
Liquidity	2.80	2.18	2.11	2.36	2.07	1.28	1.88	1.92	1.98	2.10	2.60	2.29	1.96	1.96				2.10	<-Median->	5	Ratio
Liq. with CF aft div	3.30	2.45	2.36	2.64	2.16	1.51	2.01	2.25	2.21	2.32	2.94	2.51	2.30	2.18				2.32	<-Median->	5	Ratio
Liq. CF re  Inv+Div	3.30	1.05	1.08	0.97	1.37	0.69	1.31	2.25	2.21	2.32	2.94	2.51	1.00	2.18				2.32	<-Median->	5	Ratio
Assets	$11,132	$11,973	$12,880	$14,417	$14,831	$15,625	$16,499	$15,609	$15,391	$16,062	$17,661	$18,873	$18,663	$18,663				Debt Ratio of 1.5 and up, best
Liabilities	$6,644	$7,516	$8,173	$9,576	$9,983	$10,879	$11,674	$11,007	$10,892	$11,020	$11,159	$12,610	$11,943	$11,943				1.47	<-Median->	10	Ratio
Debt Ratio	1.68	1.59	1.58	1.51	1.49	1.44	1.41	1.42	1.41	1.46	1.58	1.50	1.56	1.56				1.50	<-Median->	5	Ratio
Estimates BVPS														$29.70	$30.80				Estimates		Estimates BVPS
Estimate Book Value														$7,072.5	$7,334.5				Estimates		Estimate Book Value
P/B Ratio (Close)														1.19	1.15				Estimates		P/B Ratio (Close)
Difference from 10 year median															-35.37%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$4,488	$4,458	$4,708	$4,841	$4,848	$4,747	$4,825	$4,602	$4,499	$5,043	$6,501	$6,263	$6,720	$6,720				42.76%	<-Total Growth	10	Total Book Value
Minority Interest/NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$48.91	$51.34	$51.34	$59.95	$60							Minority Interest/NCI
Book Value	$4,488	$4,458	$4,708	$4,841	$4,848	$4,747	$4,825	$4,602	$4,499	$4,994	$6,450	$6,212	$6,660	$6,660				41.48%	<-Total Growth	10	Book Value
Book Value per share	$17.49	$17.68	$18.66	$19.25	$19.81	$19.74	$20.05	$19.10	$18.88	$20.96	$26.95	$26.14	$27.97	$27.97				49.91%	<-Total Growth	10	Book Value per share
P/B Ratio (Median)	$2.64	$2.41	$2.63	$2.57	$2.03	$1.81	$2.10	$1.98	$1.88	$1.47	$1.39	$1.57	$1.33	$1.27				1.85	<-Median->	10	P/B Ratio (Median)
									P/BV	10 yr Med	1.85	5 yr Med	1.47
Preferred Shares	$150	$150	$150	$150	$150	$150	$150	$150	$150	$0	$0	$0	$0	$0							Preferred Shares
Net Book Value	$4,338	$4,308	$4,558	$4,691	$4,698	$4,597	$4,675	$4,452	$4,349	$5,043	$6,501	$6,263	$6,720	$6,720	$6,720	$6,720		47.46%	<-Total Growth	10	Book Value
Book Value per share	$16.90	$17.09	$18.06	$18.65	$19.19	$19.11	$19.43	$18.48	$18.25	$21.16	$27.17	$26.35	$28.22	$28.22	$28.22	$28.22		56.23%	<-Total Growth	10	Book Value per Share
Change	1.50%	1.08%	5.71%	3.27%	2.89%	-0.43%	1.64%	-4.87%	-1.24%	15.94%	28.38%	-3.00%	7.09%	0.00%	0.00%	0.00%		-52.70%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.73	2.49	2.71	2.65	2.10	1.87	2.16	2.05	1.95	1.45	1.38	1.55	1.32	1.26				2.65	P/B Ratio		Historical Median
P/B Ratio (Close)	2.62	2.43	3.11	2.21	1.84	2.00	2.27	1.68	2.04	1.63	1.68	1.43	1.24	1.26	1.26	1.26		4.56%	<-IRR #YR->	10	Book Value per Share	56.23%
Change	0.27%	-6.96%	27.54%	-28.68%	-16.86%	8.55%	13.71%	-26.12%	21.58%	-20.12%	2.97%	-14.58%	-13.52%	1.23%	0.00%	0.00%		8.84%	<-IRR #YR->	5	Book Value per Share	52.71%
Leverage (A/BK)	2.48	2.69	2.74	2.98	3.06	3.29	3.42	3.39	3.42	3.19	2.72	3.01	2.78	2.78				3.12	<-Median->	10	A/BV
Debt/Equity Ratio	1.48	1.69	1.74	1.98	2.06	2.29	2.42	2.39	2.42	2.19	1.72	2.01	1.78	1.78				2.12	<-Median->	10	Debt/Equity
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.91	5 yr Med	1.45		-34.19%	Diff M/C		2.69	Historical	29	A/BV
			-$18.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.22
								-$18.48	$0.00	$0.00	$0.00	$0.00	$28.22
Comprehensive Income	$728.10	$712.83	$820.10	$734.34	$859.27	$728.86	$622.08	$801.48	$688.51	$1,028.67	$1,936.42	$376.29	$1,122.48					36.87%	<-Total Growth	10	Comprehensive Income
Increase	0.00%	-2.10%	15.05%	-10.46%	17.01%	-15.18%	-14.65%	28.84%	-14.10%	49.41%	88.24%	-80.57%	198.30%					49.41%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$714.01	$688.48	$732.54	$744.69	$770.93	$771.08	$752.93	$749.20	$740.04	$773.92	$1,015.43	$966.28	$1,030.47					3.19%	<-IRR #YR->	10	Comprehensive Income	36.87%
ROE	16.8%	16.5%	18.0%	15.7%	18.3%	15.9%	13.3%	18.0%	15.8%	20.4%	29.8%	6.0%	16.7%					6.97%	<-IRR #YR->	5	Comprehensive Income	40.05%
5Yr Median	16.8%	16.5%	16.8%	16.8%	16.8%	16.5%	15.9%	15.9%	15.9%	15.9%	18.0%	18.0%	16.7%					3.47%	<-IRR #YR->	10	5 Yr Running Average	40.67%
% Difference from NI	-19.2%	-6.5%	7.6%	-2.5%	11.3%	-5.4%	3.3%	4.5%	-7.5%	34.6%	97.8%	-56.6%	-2.3%					6.58%	<-IRR #YR->	5	5 Yr Running Average	37.54%
Median Values										Diff	5, 10 yr	0.5%	-2.3%					16.7%	<-Median->	5	Return on Equity
			-$820.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,122.5
								-$801.5	$0.0	$0.0	$0.0	$0.0	$1,122.5
			-$732.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,030.5
								-$749.2	$0.0	$0.0	$0.0	$0.0	$1,030.5
Current Liability Coverage Ratio	1.63	1.13	1.04	1.04	0.83	0.84	0.75	1.05	0.96	0.84	0.80	0.76	0.94	0.82							CFO / Current Liabilities
5 year Median	1.35	1.35	1.35	1.13	1.04	1.04	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.82				0.84	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	6.98%	5.93%	5.55%	5.14%	4.19%	4.71%	3.99%	5.03%	4.63%	4.59%	5.34%	3.91%	4.49%	3.92%							CFO / Total Assets
5 year Median	8.09%	7.16%	6.98%	5.93%	5.55%	5.14%	4.71%	4.71%	4.63%	4.63%	4.63%	4.63%	4.59%	4.49%				4.6%	<-Median->	5	Return on Assets
Return on Assets ROA	8.09%	6.37%	5.92%	5.22%	5.20%	4.93%	3.65%	4.92%	4.84%	4.76%	5.54%	4.60%	6.16%	4.57%				Net	Income/Assets		Return on Assets
5Yr Median	8.09%	8.04%	6.47%	6.37%	5.92%	5.22%	5.20%	4.93%	4.92%	4.84%	4.84%	4.84%	4.84%	4.76%				4.9%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	20.76%	17.69%	16.72%	16.06%	16.42%	16.76%	12.88%	17.24%	17.12%	15.16%	15.06%	13.85%	17.10%	12.70%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	17.66%	17.66%	16.72%	16.72%	16.72%	16.72%	16.42%	16.42%	16.76%	16.76%	15.16%	15.16%	15.16%	15.06%				16.2%	<-Median->	10	Return on Equity
														$975.5	<-12 mths	-15.09%
Net Income	$909.45	$770.98	$770.75	$762.10	$780.54	$779.30	$610.77	$776.17	$746.73	$764.61	$980.89	$872.58	$1,152.51
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.20	$1.94	$5.33	$3.62
Prepetual Dividends	$8.85	$8.85	$8.85	$8.85	$8.85	$8.85	$8.85	$8.85	$2.21	$0.00	$0.00	$0.00	$0.00
Shareholders	$900.60	$762.13	$761.90	$753.25	$771.69	$770.45	$601.92	$767.32	$744.52	$764.41	$978.95	$867.24	$1,148.89	$854	$939	$765		50.79%	<-Total Growth	10	Net Income
Increase	25.89%	-15.37%	-0.03%	-1.14%	2.45%	-0.16%	-21.88%	27.48%	-2.97%	2.67%	28.07%	-11.41%	32.48%	-25.69%	10.02%	-18.55%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$757.0	$733.6	$739.8	$778.7	$789.9	$763.9	$731.8	$732.9	$731.2	$729.7	$771.4	$824.5	$900.8	$754.1	$601.2	$405.0		4.19%	<-IRR #YR->	10	Net Income	50.79%
Operating Cash Flow	$776.59	$709.56	$715.26	$740.94	$621.76	$736.65	$657.57	$785.15	$712.07	$736.63	$943.59	$737.67	$837.72					8.41%	<-IRR #YR->	5	Net Income	49.73%
Investment Cash Flow	$228.77	-$838.74	-$808.46	-$1,232.98	-$434.32	-$1,033.67	-$472.30	$30.03	$426.63	$673.38	$1,099.12	$134.71	-$1,161.77					1.99%	<-IRR #YR->	10	5 Yr Running Ave.	21.76%
Total Accruals	-$105	$891	$855	$1,245	$584	$1,067	$417	-$48	-$394	-$646	-$1,064	-$5	$1,473					4.21%	<-IRR #YR->	5	5 Yr Running Ave.	22.91%
Total Assets	$11,132	$11,973	$12,880	$14,417	$14,831	$15,625	$16,499	$15,609	$15,391	$16,062	$17,661	$18,873	$18,663						Balance Sheet		Assets
Accruals Ratio	-0.94%	7.44%	6.64%	8.64%	3.94%	6.83%	2.53%	-0.31%	-2.56%	-4.02%	-6.02%	-0.03%	7.89%					-2.56%	<-Median->	5	Ratio
EPS/CF Ratio	1.03	0.93	0.93	0.93	0.92	0.99	0.95	1.04	1.06	1.08	0.99	1.16	1.43					1.02	<-Median->	10	EPS/CF Ratio
			-$762	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,149
								-$767	$0	$0	$0	$0	$1,149
			-$740	$0	$0	$0	$0	$0	$0	$0	$0	$0	$901
								-$733	$0	$0	$0	$0	$901
Change in Close	1.77%	-5.95%	34.83%	-26.35%	-14.45%	8.09%	15.58%	-29.72%	20.08%	-7.38%	32.19%	-17.14%	-7.38%	1.23%	0.00%				Count	30	Years of data
up/down			down	down	down		down					up		down					Count	16	53.33%
Meet Prediction?				Yes	Yes													% right	Count	7	43.75%
Financial Cash Flow	-$1,239	$136	$117	$625	-$420	-$75	$171	-$1,132	-$1,069	-$1,069	-$1,522	-$1,092	-$204						C F Statement		Financial Cash Flow
Total Accruals	$1,134	$755	$739	$620	$1,005	$1,142	$246	$1,084	$675	$423	$458	$1,087	$1,677								Accruals
Accruals Ratio	10.19%	6.31%	5.73%	4.30%	6.77%	7.31%	1.49%	6.94%	4.38%	2.64%	2.59%	5.76%	8.98%					4.38%	<-Median->	5	Ratio
Cash	$1,052.4	$1,059.1	$1,082.4	$1,216.0	$983.0	$611.0	$966.8	$650.2	$720.0	$771.6	$1,292.4	$1,292.4	$544.6	$544.6							Cash
Cash per Share	$4.10	$4.20	$4.29	$4.84	$4.02	$2.54	$4.02	$2.70	$3.02	$3.24	$5.40	$5.44	$2.29	$2.29				$3.24	<-Median->	5	Cash per Share
Percentage of Stock Price	9.27%	10.10%	7.65%	11.71%	11.36%	6.65%	9.10%	8.70%	8.11%	9.38%	11.84%	14.39%	6.53%	6.45%				9.38%	<-Median->	5	% of Stock Price
Notes:
March 1, 2024.  Last estimates were for 2023, 2024 and 2025 of $229.1B, $247B 2023/4 for AUM, $3522M, $3728M and $3356N for Revenue,
$3.76, $4.08 and $4.17 for AEPS, $3.81, $4.05 and $3.67 for EPS, $2.25, $2.25 and $2.25 for Dividends, $891M and $952M 2023/4 for FCF, $904M, $961M and $844M for Net Income.
February 25, 2023.  Last estimates were for 2022 and 2023 for $249B and 266.6B for AUM, $3663M, $3848M for Revenue, $4.45 and $4.62 for EPS,
$2.25 and $2.31 for Dividends, $984M for FCF for 2022, 3.86 for CFPS, $1074 and $1115M for Net Income.
March 1, 2022.  Last estimates were for 2021, 2022 and 2023 of $234.7B, $254.8B for AUM 2021-22, $3398M, $3552M and $3294M for Revenue,
$3.79, $3.95 and $3.50 for EPS, $2.25, $2.25 and $2.25 for Dividends, $849M, $753M and $586M for FCF, and $803M, $935M and $808M for Net Income.
February 25, 2021.  Last estimates were for 2020 and 2021 of $170B for AUM for 2020, $3413 and $3598 for Revenue,
$3.51 and 3.76 for EPS, $2.27 and 2.34 for Dividends, $3.49 and $3.86 for CFPS and $830M and $892M for Net Income.
February 22, 2020.  Last estimates were for 2019 and 2020 of $159B and $170B for AUM, $3185M,
$3390M and $3900M for Revenue for 2019, 2020 and 2021, $3.11 and $3.39 for EPS, $2.98 and $3.29 for CFPS and $757M and $831M for Net Income.
February 11. 2019.  Last estimates were for 2018, 2019 and 2020 of $169.3B and $186.7B for 2018 and 2019 for AUM, 3317M, $3502M and $$3832M for Revenue,
$3.35, $3.74 and $3.91 for EPS, $3.95, $4.24 for 2018 and 2019 for CFPS amd $812M and $902M for Net Income for 2018 and 2019.
February 11, 2017.  Last estimates were for 2017, 2018 and 2019 of $154.9B and $166.8B for AUM for 2017 and 2018, $3290M $3442M and $3492M for Revenue,
$3.23, $3.41 and $3.42 for EPS, $3.47 and $4.13 for CFPS for 2017 and 2018 and $772M, $807M and $792M for Net Income.
June 4, 2017.  Last estimates were for 2016, 2017 and 2018 of $2985M, $3106M and $3101M for Revenue, $3.01, $3.25 and $3.39 for EPS,
$3.14 and $3.47 for CFPS for 2016 and 2017 and $729M, $779M and $818M for Net Income.
May 29, 2016.  Last estimates were for 2015 and 2016  of $3180M, $3280M and $3404M for Revenue for 2015, 2016 and 2017, $3.35 and 3.60 for EPS, $3.68 and $4.23 for CFPS and $383M, $904M for Net Income.
June 16, 2015.  Last estimates were for 2014, 2015 and 2016 of $2971M, $3200M and $3355M, $3.36, $3.75 and $3.96 EPS, $3.36 and $4.00 CFPS for 2014 and 2015 and $851M, $947M and $998M for Net Income.
June 03, 2014.  Last estimates were for 2013 and 2014 of $2676M and $2829M for Revenue, $3.07 and $3.38 (and $3.56 for 2015) for EPS, $3.42 and $4.10 for CFPS.
October 12, 2013.  Last estimates were for 2012 and 2013 of $2590M and $2630M for Revenue, $2.89 and $2.93 for EPS and $4.24 for CFPS (2012)
Sept 8, 2012.  Last estimates were for 2011 and 2012 of $3.20 and $3.50 for EPS and $4.00 and $4.24 for CFPS
Apr 9, 2011.  when I looked last I got estimates for 2010 and 2011 of $2.86 and $3.25 for Earnings and $3.82 and $4.24 for CF.  It has not recovered from recent recession.
Mar 29, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $2.35 and $2.55. I picked up figures off internet, not from IGM, so check when report comes out. (Done)
IGM did not have a good year in 2009. (done, April 2010) They have not raised their dividend since the rise in 2008.
AR 2008.  EPS estimate in August 2008 was $3.25, but came in as $2.76 diluted and $2.78 basic.  Now March 2009, 2009 is $2.35 down from $3.50 estimate.
There has been a lot of insider Selling over the past year on this stoc.
AP 2007.  It has been a rough few months.  I expect this stock to recover.  All figures re 5 and 10 yrs are lower than last yr. Still TD's top pick for this type of company.
TD expects a next year return of 19.7%, with shares going from $47.27 to $55
AP 2006.  See no concerns.  TD rates it a Action Buy.  Stock is quite volitile. According to Mike, yield is higher than average high.
Dividends have been paid since 1987.
Sector:
Financial Services, Financials
What should this stock accomplish?
Would I buy this company and Why.
Rationlizing my portfolio.  Selling ones that did not make it into my core and buying ones that did of the same type.
Why am I following this stock.
I am following this stock because I used to own this stock.  The stock was on Mike Higgs' list of dividend growth stocks and on the other Dividend lists at that time.
I owned this stock from 2006 to 2011.  I sold because I decided to rationalizing my portfolio.  Selling ones that did not make it into my core and buying ones that did of the same type.
Dividends
Cycle 1.  Paid in January, April, July and October.  Dividends are declared for Shareholder of record for one month and paid in the following month.
For example, the dividends declared for shareholders of record of June 30, 2014 were payble on July 31, 2014.
Why I bought and sold this stock.
I originally bought this stock to replace AGF Management (TSX-AGF.B).  IGM was known as a dividend growth stock and it was on a lot of lists of good stocks, including Mike Higgs' and Dividend Aristocrats.
I sold this 2011 because I had Power Financial, of which this company is partially owned by and I wanted to rationalize my portfolio.  So I sold this stock and bought more of Power Financial.
I purposely sold at a low point to reduce taxes and did a buy at a low also.
How they make their money
IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies.  IGM has two main operating divisions of
asset management (operated through Mackenzie Investments) and wealth management (via its Investors Group Wealth Management subsidiary) that provide investment management products and services.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Jun 4	2017	Feb 11	2018	Feb 12	2019	Feb 22	2020	Feb 25	2021	Mar 1	2022	Feb 25	2023			Feb 25	2023
O'Sullivan, James										0.015	0.01%	0.034	0.01%	0.038	0.02%			0.043	0.02%			12.45%
CEO - Shares - Amount											$0.684		$1.271		$1.328				$1.512
Options - percentage										0.515	0.22%	0.808	0.34%	1.028	0.43%			1.262	0.53%			22.77%
Options - amount											$23.504		$30.529		$35.996				$44.734
Carney, Jeffrey	0.00%	0.000	0.00%	0.000	0.00%	0.005	0.00%	0.010	0.00%												Ceased Insider Sep 2020
CEO - Shares - Amount	$0.000		$0.000		$0.000		$0.184		$0.352
Options - percentage	0.24%	0.662	0.28%	0.668	0.28%	1.048	0.44%	1.383	0.58%
Options - amount	$22.210		$29.228		$20.722		$39.035		$47.720
Potter, Keith														0.004	0.00%			0.005	0.00%		CFO 2023	21.66%
CFO - Shares - Amount															$0.142				$0.174
Options - percentage														0.074	0.03%			0.140	0.06%			89.71%
Options - amount															$2.582				$4.959
Dibden, Michael William														0.006	0.00%			0.007	0.00%			22.65%
Officer - Shares - Amount															$0.208				$0.259
Options - percentage														0.299	0.13%			0.301	0.13%			0.80%
Options - amount															$10.455				$10.667
Gould, Luke						0.001	0.00%	0.001	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%			0.004	0.00%		Was CFO, Offficer 2023	163.34%
Officer - Shares - Amount							$0.019		$0.027		$0.077		$0.064		$0.059				$0.158
Options - percentage						0.087	0.04%	0.124	0.05%	0.156	0.07%	0.233	0.10%	0.314	0.13%			0.618	0.26%			97.00%
Options - amount							$3.234		$4.266		$7.103		$8.801		$10.986				$21.907
Goldberg, Ronda						0.002	0.00%	0.002	0.00%	0.003	0.00%	0.005	0.00%	0.005	0.00%			0.007	0.00%			44.20%
Officer - Shares - Amount							$0.064		$0.072		$0.136		$0.186		$0.172				$0.251
Options - percentage						0.048	0.02%	0.068	0.03%	0.086	0.04%	0.114	0.05%	0.114	0.05%			0.140	0.06%			21.98%
Options - amount							$1.788		$2.337		$3.905		$4.302		$4.007				$4.948
Bibeau, Marc A.	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Director - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Options - percentage	0.01%	0.026	0.01%	0.030	0.01%	0.036	0.01%	0.043	0.02%	0.052	0.02%	0.060	0.03%	0.066	0.03%			0.074	0.03%			11.31%
Options - amount	$0.828		$1.165		$0.917		$1.330		$1.485		$2.387		$2.250		$2.322				$2.617
Desmarais, Paul Jr.	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Director	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Options - percentage	0.01%	0.028	0.01%	0.030	0.01%	0.034	0.01%	0.038	0.02%	0.044	0.02%	0.048	0.02%	0.053	0.02%			0.059	0.02%			9.95%
Options - amount	$0.958		$1.241		$0.933		$1.259		$1.325		$2.013		$1.832		$1.869				$2.080
Genereux, Claude														0.006	0.00%			0.006	0.00%			0.00%
Director															$0.210				$0.213
Options - percentage														0.034	0.01%			0.041	0.02%			21.17%
Options - amount															$1.173				$1.439
Orr, Robert Jeffrey	0.05%	0.120	0.05%	0.120	0.05%	0.120	0.05%	0.120	0.05%	0.120	0.05%	0.120	0.05%	0.120	0.05%			0.120	0.05%			0.00%
Chairman of Board	$4.584		$5.298		$3.724		$4.471		$4.141		$5.474		$4.536		$4.201				$4.253
Options - percentage	0.03%	0.078	0.03%	0.086	0.04%	0.092	0.04%	0.100	0.04%	0.014	0.01%	0.118	0.05%	0.127	0.05%			0.136	0.06%			7.59%
Options - amount	$2.599		$3.463		$2.656		$3.442		$3.462		$0.490		$4.455		$4.437				$4.832
Canada Life Assurance Company										21.750	9.13%	21.750	9.15%								Updated Sept 2010
10% Holder debentures											$750.593		$822.150								Debentures
Desmarais Family Residuary Trust										157.132	65.94%	157.132	66.11%								Updated Oct 2013
10% Holder											$5,422.628		$5,939.593
Increase in O/S Shares	0.14%	0.074	0.03%	0.150	0.06%	0.219	0.09%	0.172	0.07%	0.014	0.01%	1.371	0.58%	0.879	0.37%			0.464	0.19%
due to SO	$11.920		$2.843		$6.630		$6.801		$6.392		$0.490		$47.305		$33.227				$16.233
Book Value	$14.908		$2.099		$5.518		$8.537		$5.111		$0.521		$60.299		$34.429				$17.827
Insider Buying	-$0.203		$0.000		$0.000		-$0.039		$0.000		$0.000		-$0.686		$0.000				$0.000
Insider Selling	$0.000		$0.000		$0.000		$0.000		$0.000		$0.006		$0.000		$0.000				$0.000
Net Insider Selling	-$0.203		$0.000		$0.000		-$0.039		$0.000		$0.006		-$0.686		$0.000				$0.000		0 in 2023, 2024
% of Market Cap	0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		-0.01%		0.00%				0.00%
Directors		16		15		16		15		15		15		15				15
Women	19%	3	19%	4	27%	5	31%	5	33%	5	33%	5	33%	5	33%			5	33%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	12.05%	172	9.68%	172	9.68%	186	9.92%	20	73.03%	20	8.66%	20	6.08%	20	6.28%			20	4.64%
Total Shares Held	12.09%	23.295	9.68%	0.000	0.00%	23.885	10.02%	174.001	73.01%	20.640	8.62%	14.581	6.14%	14.932	6.27%			11.043	4.64%
Increase/Decrease	-4.67%	0.311	1.35%	0.311	-100.00%	0.024	0.10%	-0.303	-0.17%	-1.473	-6.66%	-0.964	-6.20%	0.146	0.99%			-0.004	-0.03%
Starting No. of Shares		22.985		-0.311		23.861		174.304	Top 20 MS	22.113	Top 20 MS	15.545	Top 20 MS	14.786	Top 20 MS			11.047	Top 20 MS
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