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.														Q2 2024
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Keyera Corp					TSX:	KEY	OTC:	KEYUF	http://www.keyera.com			Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Start Date/ Split Date					4/6/15
Split					2
														$7,002.9	<-12 mths	-0.71%
Revenue*	$2,569.20	$2,942.28	$3,277.2	$3,623.7	$2,521.1	$2,509.0	$3,413.4	$4,465.2	$3,616.9	$3,012.5	$4,984.9	$7,060.2	$7,053.1	$6,900	$6,960	$7,419		115.22%	<-Total Growth	10	Revenue
Increase	32.26%	14.52%	11.38%	10.57%	-30.43%	-0.48%	36.05%	30.82%	-19.00%	-16.71%	65.47%	41.63%	-0.10%	-2.17%	0.87%	6.59%		7.97%	<-IRR #YR->	10	Revenue	115.22%
5 year Running Average	$1,942.2	$2,234.9	$2,455.2	$2,871.0	$2,986.7	$2,974.6	$3,068.9	$3,306.5	$3,305.1	$3,403.4	$3,898.6	$4,628.0	$5,145.5	$5,802	$6,592	$7,078		9.57%	<-IRR #YR->	5	Revenue	57.96%
Revenue per Share	$17.94	$18.94	$20.69	$21.48	$14.68	$13.51	$16.69	$21.21	$16.60	$13.63	$22.55	$30.81	$30.78	$30.11	$30.37	$32.38		7.68%	<-IRR #YR->	10	5 yr Running Average	109.57%
Increase	29.11%	5.58%	9.24%	3.82%	-31.65%	-7.97%	23.50%	27.13%	-21.76%	-17.88%	65.47%	36.61%	-0.10%	-2.17%	0.87%	6.59%		9.25%	<-IRR #YR->	5	5 yr Running Average	55.62%
5 year Running Average	$14.59	$15.96	$16.64	$18.59	$18.75	$17.86	$17.41	$17.52	$16.54	$16.33	$18.14	$20.96	$22.87	$25.58	$28.93	$30.89		4.05%	<-IRR #YR->	10	Revenue per Share	48.74%
P/S (Price/Sales) Med	1.17	1.17	1.37	1.90	2.77	2.83	2.33	1.50	1.87	1.71	1.31	1.02	1.02	1.26	0.00	0.00		7.73%	<-IRR #YR->	5	Revenue per Share	45.08%
P/S (Price/Sales) Close	1.39	1.30	1.54	1.89	2.74	2.99	2.12	1.22	2.05	1.66	1.26	0.96	1.04	1.42	1.41	1.34		3.23%	<-IRR #YR->	10	5 yr Running Average	37.45%
*Revenue in M CDN $					P/S Med	20 yr	1.17	15 yr	1.37	10 yr	1.79	5 yr	1.31		-20.69%	Diff M/C		5.48%	<-IRR #YR->	5	5 yr Running Average	30.59%
			-$3,277.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$7,053.1
								-$4,465.2	$0.0	$0.0	$0.0	$0.0	$7,053.1
			-$2,455.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5,145.5
								-$3,306.5	$0.0	$0.0	$0.0	$0.0	$5,145.5
			-$20.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$30.78
								-$21.21	$0.00	$0.00	$0.00	$0.00	$30.78
			-$16.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.87
								-$17.52	$0.00	$0.00	$0.00	$0.00	$22.87
														$827.4	<-12 mths	-3.19%
														$3.61	<-12 mths	-3.22%
Distributable Cash (AFFO)	$202.2	$199.9	$288.1	$389.0	$482.1	$459.6	$510.4	$638.1	$593.6	$718.2	$668.6	$653.5	$854.6					196.68%	<-Total Growth	10	Distributable Cash (AFFO)
Increase	-2.74%	-1.14%	44.12%	35.03%	23.95%	-4.67%	11.06%	25.02%	-6.98%	20.99%	-6.90%	-2.25%	30.77%					16.03%	<-Median->	10	Increase
Actual Dis 2003
Pre-split 2015	$2.85	$2.62	$3.68	$4.73
Distributable Cash per Share	$1.43	$1.31	$1.84	$2.37	$2.84	$2.56	$2.70	$3.08	$2.77	$3.26	$3.03	$2.95	$3.73	$3.53	$3.58			102.72%	<-Total Growth	10	Distributable Cash
Increase	-6.56%	-8.07%	40.46%	28.53%	20.08%	-9.86%	5.47%	14.07%	-10.06%	17.69%	-7.06%	-2.64%	26.44%	-5.36%	1.42%			7.32%	<-IRR #YR->	10	Distributable Cash	102.72%
AFFO Yield	5.7%	5.3%	5.8%	5.8%	7.1%	6.3%	7.6%	11.9%	8.1%	14.4%	10.6%	10.0%	11.6%	8.3%	8.4%			3.90%	<-IRR #YR->	5	Distributable Cash	21.10%
5 year Running Average	$1.45	$1.48	$1.63	$1.69	$1.96	$2.18	$2.46	$2.71	$2.79	$2.87	$2.97	$3.02	$3.15	$3.30	$3.36			6.82%	<-IRR #YR->	10	5 yr Running Average	93.37%
Payout Ratio	66.67%	78.24%	60.87%	52.96%	49.21%	59.77%	60.83%	55.84%	66.43%	58.90%	63.37%	65.08%	52.55%	57.79%	58.10%			3.05%	<-IRR #YR->	5	5 yr Running Average	16.21%
Payout Ratio 5 year Running	62.49%	65.27%	62.90%	61.99%	58.74%	57.95%	56.42%	55.68%	58.28%	60.21%	60.93%	61.76%	60.74%	59.15%	58.98%			59.48%	<-Median->	10	Payout 5 yr Running Average
Price/DC Median	14.79	16.95	15.38	17.29	14.32	14.94	14.40	10.31	11.19	7.16	9.76	10.62	8.39	10.72	0.00			12.75	<-Median->	10	Price/DC Median
Price/DC High	17.54	19.55	17.37	21.07	15.98	16.71	15.63	12.33	12.87	11.10	11.61	11.95	9.16	12.54	0.00			14.25	<-Median->	10	Price/DC High
Price/DC Low	12.03	14.35	13.40	13.51	12.67	13.17	13.18	8.30	9.50	3.21	7.91	9.29	7.62	8.90	0.00			11.08	<-Median->	10	Price/DC Low
Price/DC Close	17.54	18.79	17.37	17.14	14.18	15.80	13.12	8.38	12.28	6.94	9.42	10.03	8.59	12.10	11.94			12.70	<-Median->	10	Price/DC Close
Trailing P/DC Close	12.33	19.08	13.38	13.52	14.27	15.73	14.99	11.50	9.32	10.44	7.47	9.67	7.93	9.07	11.94			10.97	<-Median->	10	Trailing P/DC Close
Median Values		DPR	10 Yrs	59.33%	5 Yrs	63.37%	P/CF	5 Yrs	in order	9.76	11.61	7.91	9.42		24.02%	Diff M/C		-5.10%	Diff M/C	10	DPR 75% to 95% best
* Distributable Cash Flow per share (Cdn GAAP)
			-$1.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.73
								-$3.08	$0.00	$0.00	$0.00	$0.00	$3.73
			-$1.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.15
								-$2.71	$0.00	$0.00	$0.00	$0.00	$3.15
														$1,003.3	<-12 mths	-2.36%
														$4.38	<-12 mths	-2.36%
Funds From Operations (FFO)			$358.1	$540.1	$582.5	$542.2	$567.6	$696.3	$754.3	$810.4	$765.9	$818.8	$1,027.5					186.94%	<-Total Growth	10	Distributable Cash (AFFO)
Increase			#DIV/0!	50.83%	7.85%	-6.92%	4.70%	22.67%	8.32%	7.45%	-5.50%	6.92%	25.48%					7.65%	<-Median->	10	Increase
Actual Dis 2003
Pre-split 2015			$3.68	$4.73
Distributable Cash per Share			$2.27	$3.29	$3.43	$3.02	$3.00	$3.36	$3.52	$3.68	$3.47	$3.70	$4.48	$4.18	$4.17			97.17%	<-Total Growth	10	Distributable Cash
Increase				44.49%	4.31%	-11.98%	-0.46%	11.79%	4.89%	4.40%	-5.75%	6.79%	21.17%	-6.76%	-0.37%			7.02%	<-IRR #YR->	10	Distributable Cash	97.17%
AFFO Yield			7.1%	8.1%	8.5%	7.5%	8.5%	13.0%	10.4%	16.3%	12.1%	12.5%	14.0%	9.8%	9.7%			5.96%	<-IRR #YR->	5	Distributable Cash	33.56%
5 year Running Average							$3.00	$3.22	$3.27	$3.32	$3.40	$3.54	$3.77	$3.90	$4.00			3.87%	<-IRR #YR->	6	5 yr Running Average	#DIV/0!
Payout Ratio			49.25%	38.12%	40.77%	50.71%	54.69%	51.23%	52.25%	52.22%	55.41%	51.89%	43.71%	48.80%	49.94%			3.21%	<-IRR #YR->	5	5 yr Running Average	17.13%
Payout Ratio 5 year Running							46.26%	46.87%	49.79%	52.20%	53.12%	52.59%	50.72%	50.03%	49.61%			50.72%	<-Median->	7	Payout 5 yr Running Average
Price/DC Median			12.45	12.44	11.87	12.67	12.95	9.46	8.80	6.35	8.54	8.47	6.98	9.05	0.00			10.66	<-Median->	10	Price/DC Median
Price/DC High			14.06	15.16	13.24	14.18	14.05	11.31	10.12	9.84	10.15	9.53	7.62	10.59	0.00			12.28	<-Median->	10	Price/DC High
Price/DC Low			10.84	9.73	10.49	11.17	11.85	7.61	7.47	2.85	6.92	7.40	6.34	7.51	0.00			8.67	<-Median->	10	Price/DC Low
Price/DC Close			14.06	12.33	11.75	13.41	11.79	7.69	9.66	6.15	8.23	8.00	7.14	10.22	10.26			10.70	<-Median->	10	Price/DC Close
Trailing P/DC Close			10.82	9.73	11.82	13.34	13.47	10.55	7.33	9.25	6.53	7.71	6.60	7.66	10.26			9.49	<-Median->	10	Trailing P/DC Close
Median Values		DPR	10 Yrs	51.56%	5 Yrs	52.22%	P/CF	5 Yrs	in order	8.47	9.84	6.92	8.00		20.74%	Diff M/C		-4.16%	Diff M/C	10	DPR 75% to 95% best
Funds From Operations (FFO)
			-$2.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.48
								-$3.36	$0.00	$0.00	$0.00	$0.00	$4.48
							-$3.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.77
								-$3.22	$0.00	$0.00	$0.00	$0.00	$3.77
														$1.49	<-12 mths	-19.46%
Pre-split 2015	$1.91	$1.71	$1.87
EPS Basic	$0.96	$0.86	$0.94	$1.40	$1.19	$1.21	$1.53	$1.90	$2.07	$0.28	$1.47	$1.48	$1.85					97.86%	<-Total Growth	10	EPS Basic
Actual EPS 2003
Pre-split 2015	$1.90	$1.71	$1.87
EPS Diluted*	$0.95	$0.86	$0.94	$1.40	$1.19	$1.21	$1.53	$1.90	$2.07	$0.28	$1.47	$1.48	$1.85	$2.20	$2.41	$2.46		97.86%	<-Total Growth	10	EPS Diluted
Increase	4.97%	-10.00%	9.36%	49.73%	-15.00%	1.68%	26.45%	24.18%	8.95%	-86.47%	425.00%	0.68%	25.00%	18.92%	9.45%	2.16%		10	0	10	Years of Data, EPS P or N
Earnings Yield	3.8%	3.5%	2.9%	3.5%	3.0%	3.0%	4.3%	7.4%	6.1%	1.2%	5.2%	5.0%	5.8%	5.1%	5.6%	5.7%		7.06%	<-IRR #YR->	10	Earnings per Share	97.86%
5 year Running Average	$0.89	$1.03	$0.96	$1.01	$1.07	$1.12	$1.25	$1.45	$1.58	$1.40	$1.45	$1.44	$1.43	$1.46	$1.88	$2.08		-0.53%	<-IRR #YR->	5	Earnings per Share	-2.63%
10 year Running Average		$0.70	$0.75	$0.87	$0.94	$1.00	$1.14	$1.20	$1.29	$1.23	$1.28	$1.35	$1.44	$1.52	$1.64	$1.76		4.09%	<-IRR #YR->	10	5 yr Running Average	49.27%
* Diluted ESP per share									E/P	10 Yrs	4.66%	5Yrs	5.15%					-0.22%	<-IRR #YR->	5	5 yr Running Average	-1.11%
			-$0.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.85
								-$1.90	$0.00	$0.00	$0.00	$0.00	$1.85
			-$0.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.43
								-$1.45	$0.00	$0.00	$0.00	$0.00	$1.43
Dividend*														$2.05	$2.14	$2.24			Estimates		Dividend*
Increase														4.49%	4.44%	4.58%			Estimates		Increase
Payout Ratio EPS														93.09%	88.83%	90.93%			Estimates		Payout Ratio EPS
Pre-split 2015	$0.00	$0.00	$0.00
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-split 2015	$1.90	$2.05	$2.24	$2.51
Dividend*	$0.95	$1.03	$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$2.04	$2.08	$2.08		75.00%	<-Total Growth	10	Dividends
Increase	5.56%	7.89%	9.27%	11.83%	11.58%	9.48%	7.35%	4.72%	6.98%	4.35%	0.00%	0.00%	2.08%	4.08%	1.96%	0.00%		17	0	20	Years of data, Count P, N	85.00%
Average Increases 5 Year Running	5.97%	6.96%	6.23%	6.91%	9.23%	10.01%	9.90%	8.99%	8.02%	6.58%	4.68%	3.21%	2.68%	2.10%	1.63%	1.63%		7.47%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.91	$0.97	$1.02	$1.05	$1.15	$1.27	$1.39	$1.51	$1.63	$1.73	$1.81	$1.86	$1.91	$1.95	$1.98	$2.02		86.72%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.51%	4.62%	3.96%	3.06%	3.44%	4.00%	4.22%	5.41%	5.94%	8.23%	6.49%	6.13%	6.26%	5.39%				5.68%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.80%	4.00%	3.50%	2.51%	3.08%	3.58%	3.89%	4.53%	5.16%	5.31%	5.46%	5.45%	5.74%	4.61%				4.84%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.54%	5.45%	4.54%	3.92%	3.89%	4.54%	4.62%	6.73%	6.99%	18.32%	8.01%	7.01%	6.90%	6.50%				6.82%	<-Median->	10	Yield on Low Price	AFFO
Yield on Close Price	3.80%	4.16%	3.50%	3.09%	3.47%	3.78%	4.64%	6.66%	5.41%	8.49%	6.73%	6.49%	6.12%	4.77%	4.87%	4.79%		5.76%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	100.00%	119.88%	119.79%	89.46%	117.44%	126.45%	107.35%	90.53%	88.89%	685.71%	130.61%	129.73%	105.95%	92.73%	86.38%	84.55%		112.39%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	102.48%	93.51%	106.89%	104.01%	107.79%	113.15%	110.81%	104.32%	102.91%	123.78%	124.72%	129.44%	133.71%	134.07%	105.44%	96.94%		111.98%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	76.34%	66.90%	46.06%	45.87%	37.02%	68.80%	65.40%	59.91%	45.16%	61.67%	72.69%	47.55%	46.04%	48.57%	49.64%	51.23%		53.73%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	70.63%	69.18%	58.94%	58.06%	49.05%	49.83%	50.78%	53.45%	52.60%	58.48%	59.44%	55.68%	52.75%	53.48%	51.33%	48.59%		53.10%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	53.35%	59.48%	49.54%	39.12%	41.19%	52.40%	59.19%	50.95%	53.16%	52.36%	55.41%	53.73%	43.71%	48.57%	49.64%	51.23%		52.38%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	57.76%	57.52%	53.69%	49.24%	46.48%	46.86%	47.71%	48.15%	51.05%	53.41%	54.00%	53.13%	51.26%	50.34%	49.82%	49.15%		50.15%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.68%	5.76%	5 Yr Med	5 Yr Cl	6.26%	6.49%	5 Yr Med	Payout	129.73%	47.55%	53.16%					2.65%	<-IRR #YR->	5	Dividends	13.95%
* Dividends per share	10 Yr Med	and Cur.	-14.25%	-15.55%	5 Yr Med	and Cur.	-22.29%	-24.98%	Last Div Inc --->		$0.500	$0.520	4.00%					5.76%	<-IRR #YR->	10	Dividends	75.00%
Dividends Growth 15																		5.90%	<-IRR #YR->	15	Dividends	136.14%
Dividends Growth 20																		10.37%	<-IRR #YR->	20	Dividends
Dividends Growth 5								-$1.72	$0.00	$0.00	$0.00	$0.00	$1.96								Dividends Growth 5
Dividends Growth 10			-$1.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.96								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.96								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	$1.96								Dividends Growth 20
Historical Dividends	Historical	High Div	12.33%	Low Div	3.16%	10 Yr High	17.29%	10 Yr Low	2.57%	Med Div	6.02%	Close Div	5.98%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-60.52%		54.04%	Exp.	-71.85%		89.41%	Exp.	-19.14%	Exp.	-18.55%					5.02%	Since 2010		High/Ave/Median
																		-3.03%	Exp.
Future Dividend Yield					Div Yd	5.55%	earning in	5	Years	at IRR of	2.65%	Div Inc.	13.95%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.32%	earning in	10	Years	at IRR of	2.65%	Div Inc.	29.85%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.20%	earning in	15	Years	at IRR of	2.65%	Div Inc.	47.97%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.37	earning in	5	Years	at IRR of	2.65%	Div Inc.	13.95%								Future Dividend Paid	Div Pd
Future Dividend Paid					Div Paid	$2.70	earning in	10	Years	at IRR of	2.65%	Div Inc.	29.85%								Future Dividend Paid	$2.37
Future Dividend Paid					Div Paid	$3.08	earning in	15	Years	at IRR of	2.65%	Div Inc.	47.97%								Future Dividend Paid	$2.70
																						$3.08
Dividend Covering Cost					Total Div	$10.97	over	5	Years	at IRR of	2.65%	Div Cov.	25.66%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$21.09	over	10	Years	at IRR of	2.65%	Div Cov.	49.36%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$32.63	over	15	Years	at IRR of	2.65%	Div Cov.	76.36%								Dividend Covering Cost
																						Div Yd
Yield if held 5 years	9.40%	11.57%	11.61%	12.94%	9.35%	7.26%	7.40%	6.08%	4.50%	4.72%	5.02%	4.94%	6.17%	6.58%	8.92%	7.03%		6.12%	<-Median->	10	Paid Median Price	6.58%
Yield if held 10 years			19.54%	19.82%	14.75%	15.14%	18.53%	17.83%	19.01%	12.84%	9.11%	8.65%	6.92%	4.99%	5.11%	5.44%		14.95%	<-Median->	10	Paid Median Price	4.99%
Yield if held 15 years								30.00%	29.11%	20.27%	19.01%	21.66%	20.32%	21.07%	13.91%	9.87%		20.99%	<-Median->	6	Paid Median Price	21.07%
Yield if held 20 years													34.19%	32.28%	21.96%	20.59%		34.19%	<-Median->	1	Paid Median Price	32.28%
Cost covered if held 5 years	44.94%	54.50%	53.08%	54.21%	38.43%	30.02%	31.26%	26.64%	19.88%	21.27%	23.65%	23.97%	30.10%	31.50%	42.52%	34.08%		28.33%	<-Median->	10	Paid Median Price
Cost covered if held 10 years			149.91%	147.17%	106.09%	107.55%	132.83%	131.29%	138.20%	96.30%	72.94%	73.23%	60.42%	43.75%	45.66%	50.01%		106.82%	<-Median->	10	Paid Median Price
Cost covered if held 15 years								281.49%	275.81%	197.43%	197.06%	238.00%	230.40%	239.02%	162.66%	120.78%		234.20%	<-Median->	6	Paid Median Price
Cost covered if held 20 years													448.25%	430.24%	302.15%	296.83%		448.25%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$4,465.2	$3,616.9	$3,012.5	$4,984.9	$7,060.2	$7,053.1	$7,002.9	<-12 mths	-0.71%		57.96%	<-Total Growth	5	Revenue Growth	57.96%
AFFO Growth								$3.08	$2.77	$3.26	$3.03	$2.95	$3.73	$3.61	<-12 mths	-3.22%		21.10%	<-Total Growth	5	AFFO Growth	21.10%
Net Income Growth								$394.2	$443.6	$62.0	$324.2	$328.3	$424.0	$340.4	<-12 mths	-19.72%		7.56%	<-Total Growth	5	Net Income Growth	7.56%
Cash Flow Growth								$604.3	$887.9	$688.2	$583.8	$925.3	$975.5	$1,099.1	<-12 mths	12.67%		61.42%	<-Total Growth	5	Cash Flow Growth	61.42%
Dividend Growth								$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$2.04	<-12 mths	4.08%		13.95%	<-Total Growth	5	Dividend Growth	13.95%
Stock Price Growth								$25.81	$34.02	$22.62	$28.53	$29.59	$32.03	$42.73	<-12 mths	33.41%		24.10%	<-Total Growth	5	Stock Price Growth	24.10%
Revenue Growth			$3,277.2	$3,623.7	$2,521.1	$2,509.0	$3,413.4	$4,465.2	$3,616.9	$3,012.5	$4,984.9	$7,060.2	$7,053.1	$6,900.0	<-this year	-2.17%		115.22%	<-Total Growth	10	Revenue Growth	115.22%
AFFO Growth			$1.84	$2.37	$2.84	$2.56	$2.70	$3.08	$2.77	$3.26	$3.03	$2.95	$3.73	$3.53	<-this year	-5.36%		102.72%	<-Total Growth	10	AFFO Growth	102.72%
Net Income Growth			$146.8	$230.0	$201.9	$216.9	$289.9	$394.2	$443.6	$62.0	$324.2	$328.3	$424.0	$512.7	<-this year	20.91%		188.78%	<-Total Growth	10	Net Income Growth	188.78%
Cash Flow Growth			$385.1	$460.6	$648.2	$412.9	$513.7	$604.3	$887.9	$688.2	$583.8	$925.3	$975.5	$962.4	<-this year	-1.34%		153.31%	<-Total Growth	10	Cash Flow Growth	153.31%
Dividend Growth			$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$2.05	<-this year	4.49%		75.00%	<-Total Growth	10	Dividend Growth	75.00%
Stock Price Growth			$31.97	$40.53	$40.26	$40.46	$35.42	$25.81	$34.02	$22.62	$28.53	$29.59	$32.03	$42.73	<-this year	33.41%		0.20%	<-Total Growth	10	Stock Price Growth	0.20%
Dividends on Shares				$40.08	$44.72	$48.96	$52.56	$55.04	$58.88	$61.44	$61.44	$61.44	$62.72	$65.28	$66.56	$66.56		$547.28	No of Years	10	Total Divs	12/31/13
Paid			$1,022.88	$1,296.96	$1,288.32	$1,294.72	$1,133.44	$825.92	$1,088.64	$723.84	$912.96	$946.88	$1,024.96	$1,367.36	$1,367.36	$1,390.72		$1,024.96	No of Years	10	Worth	$31.97
Total																		$1,572.24
Graham No. EPS	$9.99	$10.50	$11.08	$15.69	$14.77	$16.43	$20.43	$23.55	$25.55	$8.87	$19.94	$20.24	$22.47	$24.49	$25.63	$25.90		102.85%	<-Total Growth	10	Graham Number EPS
Price/GP Ratio Med	2.11	2.11	2.56	2.61	2.75	2.33	1.90	1.35	1.21	2.63	1.48	1.55	1.39	1.54				1.73	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.50	2.44	2.89	3.18	3.07	2.60	2.07	1.61	1.40	4.08	1.76	1.74	1.52	1.81				1.91	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.72	1.79	2.23	2.04	2.44	2.05	1.74	1.09	1.03	1.18	1.20	1.35	1.26	1.28				1.31	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.50	2.34	2.89	2.58	2.73	2.46	1.73	1.10	1.33	2.55	1.43	1.46	1.43	1.74	1.67	1.68		1.60	<-Median->	10	Price/GP Ratio
Prem/Disc Close	150.32%	134.34%	188.57%	158.32%	172.65%	146.23%	73.40%	9.61%	33.16%	154.97%	43.06%	46.20%	42.55%	74.45%	66.75%	67.80%		59.80%	<-Median->	10	Graham Price
Pre-split 2015	$50.00	$49.23	$63.93
Price Close	$25.00	$24.62	$31.97	$40.53	$40.26	$40.46	$35.42	$25.81	$34.02	$22.62	$28.53	$29.59	$32.03	$42.73	$42.73	$43.46		0.20%	<-Total Growth	10	Stock Price
Increase	42.25%	-1.54%	29.86%	26.79%	-0.67%	0.50%	-12.46%	-27.13%	31.81%	-33.51%	26.13%	3.72%	8.25%	33.41%	0.00%	1.71%		24.42	<-Median->	10	CAPE (10 Yr P/E)
P/E	26.32	28.79	34.19	28.95	33.83	33.44	23.15	13.58	16.43	80.79	19.41	19.99	17.31	19.42	17.75	17.67		4.41%	<-IRR #YR->	5	Stock Price	24.10%
Trailing P/E	27.62	25.91	37.39	43.35	28.76	34.00	29.27	16.87	17.91	10.93	101.89	20.13	21.64	23.10	19.42	18.05		0.02%	<-IRR #YR->	10	Stock Price	0.20%
CAPE (10 Yr P/E)		18.76	20.79	21.94	23.42	25.08	24.22	24.45	24.38	26.03	25.25	24.45	22.90	21.84	20.36	19.09		11.24%	<-IRR #YR->	5	Price & Dividend	61.14%
Median 10, 5 Yrs		D.  per yr	5.24%	6.83%	% Tot Ret	99.61%	60.74%	T P/E	25.20	20.13	P/E:	21.57	19.41					5.26%	<-IRR #YR->	10	Price & Dividend	53.71%
Price  15		D.  per yr	9.32%		% Tot Ret	50.94%						CAPE Diff	-20.45%					8.98%	<-IRR #YR->	15	Stock Price	263.15%
Price  20		D.  per yr	9.10%		% Tot Ret	51.66%												8.51%	<-IRR #YR->	20	Stock Price	412.48%
Price  25		D.  per yr	9.54%		% Tot Ret	50.77%												9.25%	<-IRR #YR->	21	Stock Price
Price & Dividend 15																		18.30%	<-IRR #YR->	15	Price & Dividend	515.11%
Price & Dividend 20																		17.61%	<-IRR #YR->	20	Price & Dividend	8.236192
Price & Dividend 25																		18.78%	<-IRR #YR->	21	Price & Dividend
Price  5								-$25.81	$0.00	$0.00	$0.00	$0.00	$32.03								Price  5
Price 10			-$31.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.03								Price 10
Price & Dividend 5								-$25.81	$1.84	$1.92	$1.92	$1.92	$33.99								Price & Dividend 5
Price & Dividend 10			-$31.97	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$33.99								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	$32.03								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	$32.03								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	$32.03								Price  25
Price & Dividend 15	$0.95	$1.03	$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$33.99								Price & Dividend 15
Price & Dividend 20	$0.95	$1.03	$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$33.99								Price & Dividend 20
Price & Dividend 25	$0.95	$1.03	$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$33.99								Price & Dividend 25
Price H/L Median	$21.07	$22.21	$28.31	$40.89	$40.68	$38.24	$38.89	$31.77	$30.99	$23.33	$29.58	$31.33	$31.29	$37.84	1.71%			10.54%	<-Total Growth	10	Stock Price
Increase	40.94%	5.40%	27.47%	44.45%	-0.51%	-6.00%	1.70%	-18.32%	-2.46%	-24.71%	26.77%	5.92%	-0.11%	20.92%	4.87%			1.01%	<-IRR #YR->	10	Stock Price	10.54%
P/E	22.18	25.97	30.28	29.21	34.18	31.60	25.42	16.72	14.97	83.32	20.12	21.17	16.91	17.20	6.58%			-0.30%	<-IRR #YR->	5	Stock Price	-1.50%
Trailing P/E	23.28	23.38	33.11	43.73	29.06	32.13	32.14	20.76	16.31	11.27	105.63	21.31	21.14	20.45				6.67%	<-IRR #YR->	10	Price & Dividend	28.60%
P/E on Run. 5 yr Ave	17.94	18.94	20.69	21.48	14.68	13.51	16.69	21.21	16.60	13.63	22.55	30.81	30.78	30.11				5.74%	<-IRR #YR->	5	Price & Dividend	70.95%
P/E on Run. 10 yr Ave			18.33	21.67	14.84	12.77	18.32	26.11	15.12	14.06	23.38	32.62	30.07	26.66				21.17	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.66%	6.04%	% Tot Ret	84.90%	105.24%	T P/E	25.18	21.14	P/E:	23.29	20.12						Count	20	Years of data
			-$28.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.29
								-$31.77	$0.00	$0.00	$0.00	$0.00	$31.29
			-$28.31	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$33.25
								-$31.77	$1.84	$1.92	$1.92	$1.92	$33.25
High Months	Dec	Jan	Dec	Sep	Apr	Sep	Jun	Aug	Jul	Feb	Jun	Jun	Nov	Oct
Pre-split 2015	$50.00	$51.23	$63.93		$99.33
Price High	$25.00	$25.62	$31.97	$49.82	$45.39	$42.77	$42.19	$37.98	$35.65	$36.18	$35.17	$35.25	$34.17	$44.27				6.90%	<-Total Growth	10	Stock Price
Increase	38.85%	2.46%	24.79%	55.86%	-8.89%	-5.77%	-1.36%	-9.98%	-6.13%	1.49%	-2.79%	0.23%	-3.06%	29.56%				0.67%	<-IRR #YR->	10	Stock Price	6.90%
P/E	26.32	29.96	34.19	35.59	38.14	35.35	27.58	19.99	17.22	129.21	23.93	23.82	18.47	20.12				-2.09%	<-IRR #YR->	5	Stock Price	-10.03%
Trailing P/E	27.62	26.96	37.39	53.28	32.42	35.94	34.87	24.82	18.76	17.48	125.61	23.98	23.09	23.93				24.26	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	28.62	23.09	P/E:	25.75	23.82					35.49	P/E Ratio		Historical High
			-$31.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$34.17
								-$37.98	$0.00	$0.00	$0.00	$0.00	$34.17
Low Months	Jan	Apr	Jan	Jan	Oct	Feb	Sep	Dec	Jan	Mar	Jan	Jan	Mar	Mar
Pre-split 2015	$34.28	$37.60	$49.30
Price Low	$17.14	$18.80	$24.65	$31.96	$35.97	$33.71	$35.59	$25.55	$26.32	$10.48	$23.98	$27.40	$28.41	$31.40				15.25%	<-Total Growth	10	Stock Price
Increase	44.09%	9.68%	31.12%	29.66%	12.55%	-6.28%	5.58%	-28.21%	3.01%	-60.18%	128.82%	14.26%	3.69%	10.52%				1.43%	<-IRR #YR->	10	Stock Price	15.25%
P/E	18.04	21.99	26.36	22.83	30.23	27.86	23.26	13.45	12.71	37.43	16.31	18.51	15.36	14.27				2.14%	<-IRR #YR->	5	Stock Price	11.19%
Trailing P/E	18.94	19.79	28.83	34.18	25.69	28.33	29.41	16.70	13.85	5.06	85.64	18.64	19.20	16.97				18.04	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	22.44	18.64	P/E:	20.67	16.31					13.27	P/E Ratio		Historical Low
			-$24.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.41
								-$25.55	$0.00	$0.00	$0.00	$0.00	$28.41
														$493	<-12 mths	80.76%
Free Cash Flow Mkt Scn									-$203.3	$155.0	$213.2	$29.0	$639.3	$694.8	$756.7	$763.8
Change										176.24%	37.55%	-86.40%	2104.48%	8.68%	8.91%	0.94%
Free Cash Flow MS			$45.58	-$470.00	-$150	-$220	-$190	-$610	-$340	$150	$250	-$80	$320					602.06%	<-Total Growth	10	Free Cash Flow MS
Change				-1131.15%	68.09%	-46.67%	13.64%	-221.05%	44.26%	144.12%	66.67%	-132.00%	500.00%					28.95%	<-Median->	10	Change
Free Cash Flow WSJ	$44.00	$72.00	$45.58	-$326.20	-$58.10	-$154.12	-$185.30	-$382.99	-$203.27	$94	$67	$29	$273	$678	$750			498.95%	<-Total Growth	10	Free Cash Flow WSJ
Change	33.33%	63.64%	-36.69%	-815.66%	82.19%	-165.27%	-20.23%	-106.69%	46.93%	146.24%	-28.72%	-56.72%	841.38%	148.35%	10.62%			#NUM!	<-IRR #YR->	5	Free Cash Flow MS	171.28%
FCF/CF from Op Ratio	0.25	0.30	0.12	-0.71	-0.09	-0.37	-0.36	-0.63	-0.23	0.14	0.11	0.03	0.28	0.70	0.78			19.60%	<-IRR #YR->	10	Free Cash Flow MS	498.95%
Dividends paid	$134.49	$155.29	$175.31	$205.00	$237.00	$274.00	$309.00	$356.33	$393.57	$422.99	$422.99	$424.36	$485.81	$467.47	$476.64			177.12%	<-Total Growth	10	Dividends paid
Percentage paid	305.65%	215.68%	384.61%	-62.84%	-407.92%	-177.78%	-166.76%	-93.04%	-193.62%	449.99%	631.33%	1463.32%	177.95%	68.95%	63.55%			-$0.78	<-Median->	10	Percentage paid
5 Year Coverage				-601.98%	-407.27%	-248.69%	-177.00%	-124.81%	-159.58%	-211.13%	-311.99%	-509.83%	827.66%	194.88%	126.73%						5 Year Coverage
Dividend Coverage Ratio	0.33	0.46	0.26	-1.59	-0.25	-0.56	-0.60	-1.07	-0.52	0.22	0.16	0.07	0.56	1.45	1.57			-0.38	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				-0.17	-0.25	-0.40	-0.56	-0.80	-0.63	-0.47	-0.32	-0.20	0.12	0.51	0.79						5 Year of Coverage
								$382.99	$0.00	$0.00	$0.00	$0.00	$273.00
			-$45.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$273.00
Market Cap	$3,580	$3,823	$5,062	$6,836	$6,913	$7,513	$7,245	$5,432	$7,413	$5,000	$6,306	$6,781	$7,340	$9,792	$9,792	$9,959		44.99%	<-Total Growth	10	Market Cap	See Rev
Long Term Incentive Plan Exp	$26.42	$10.23	$28.30	$38.51	$32.15	$16.84	$13.91	$14.26	$26.13	-$1.12	$27.03	$33.28	$50.91					non-operating expense				Statement
Increase	44.98%	-61.27%	176.53%	36.10%	-16.53%	-47.61%	-17.42%	2.55%	83.24%	-104.29%	-2509.00%	23.14%	52.95%					Affects	EPS & CF			Long-term
Percent of Market Cap	0.74%	0.27%	0.56%	0.56%	0.47%	0.22%	0.19%	0.26%	0.35%	-0.02%	0.43%	0.49%	0.69%					0.39%	<-Median->	10	Percent of Market Cap	Incentive Plan expense
Percent of Income	19.54%	7.84%	19.27%	16.75%	15.92%	7.77%	4.80%	3.62%	5.89%	-1.81%	8.34%	10.14%	12.01%					8.05%	<-Median->	10	Percent of Income
Pre-split 2015	72.025	76.884	78.728	82.183
Diluted # of Shares in Million	144.050	153.768	157.456	164.366	169.936	179.688	189.002	207.397	214.186	220.442	221.023	221.290	229.153	226.992				45.53%	<-Total Growth	10	Diluted
Change	1.25%	6.75%	2.40%	4.39%	3.39%	5.74%	5.18%	9.73%	3.27%	2.92%	0.26%	0.12%	3.55%	-0.94%				3.47%	<-Median->	10	Change
Difference Diluted/Basic	-1.6%	-0.9%	-0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%				0.00%	<-Median->	10	Difference Diluted/Basic
Pre-split 2015	70.844	76.186	78.316	82.183
Basic # of Shares in Millions	141.688	152.372	156.632	164.366	169.936	179.688	189.002	207.397	214.186	220.442	221.023	221.290	229.153	226.992				46.30%	<-Total Growth	10	Average
Change	4.02%	7.54%	2.80%	4.94%	3.39%	5.74%	5.18%	9.73%	3.27%	2.92%	0.26%	0.12%	3.55%	-0.94%				3.47%	<-Median->	10	Change
Difference Basic/Outstanding	1.1%	1.9%	1.1%	2.6%	1.0%	3.3%	8.2%	1.5%	1.7%	0.3%	0.0%	3.6%	0.0%	1.0%				1.61%	<-Median->	10	Difference Basic/Outstanding
														$1,099.06	<-12 mths	12.67%
Pre-split 2015	71.601	77.663	79.187	84.339
# of Share in Millions	143.201	155.325	158.373	168.677	171.702	185.683	204.547	210.479	217.916	221.023	221.023	229.153	229.153	229.153	229.153	229.153		3.76%	<-IRR #YR->	10	Shares	44.69%
Change	2.45%	8.47%	1.96%	6.51%	1.79%	8.14%	10.16%	2.90%	3.53%	1.43%	0.00%	3.68%	0.00%	0.00%	0.00%	0.00%		1.71%	<-IRR #YR->	5	Shares	8.87%
Actual CF 2003
CF fr Op $M	$178.2	$238.0	$385.1	$460.6	$648.2	$412.9	$513.7	$604.3	$887.9	$688.2	$583.8	$925.3	$975.5	$962.4	$960.2	$930.4		153.31%	<-Total Growth	10	Cash Flow
Increase	15.92%	33.53%	61.82%	19.61%	40.72%	-36.29%	24.40%	17.64%	46.93%	-22.50%	-15.16%	58.49%	5.42%	-1.34%	-0.24%	-3.10%		Deb. Conv	DRIP, S. Issue
5 year Running Average	$171.3	$194.9	$253.6	$283.1	$382.0	$428.9	$484.1	$527.9	$613.4	$621.4	$655.6	$737.9	$812.2	$827.1	$881.4	$950.8		220.20%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.24	$1.53	$2.43	$2.73	$3.77	$2.22	$2.51	$2.87	$4.07	$3.11	$2.64	$4.04	$4.26	$4.20	$4.19	$4.06		55.90%	<-Total Growth	10	Cash Flow per Share
Increase	13.16%	23.11%	58.70%	12.30%	38.24%	-41.09%	12.93%	14.33%	41.91%	-23.59%	-15.16%	52.87%	5.42%	-1.34%	-0.24%	-3.10%		9.74%	<-IRR #YR->	10	Cash Flow	153.31%
5 year Running Average	$1.29	$1.40	$1.74	$1.81	$2.34	$2.54	$2.73	$2.82	$3.09	$2.96	$3.04	$3.35	$3.62	$3.65	$3.87	$4.15		10.05%	<-IRR #YR->	5	Cash Flow	61.42%
P/CF on Median H/L	16.93	14.49	11.64	14.97	10.78	17.20	15.49	11.06	7.60	7.49	11.20	7.76	7.35	9.01	0.00	0.00		5.76%	<-IRR #YR->	10	Cash Flow per Share	75.07%
P/CF on Close Price	20.09	16.07	13.15	14.84	10.67	18.19	14.10	8.99	8.35	7.26	10.80	7.33	7.52	10.17	10.20	10.70		8.19%	<-IRR #YR->	5	Cash Flow per Share	48.26%
															-6.83%	Diff M/C		7.63%	<-IRR #YR->	10	CFPS 5 yr Running	108.63%
														$893.24	<-12 mths	-13.07%
Excl.Working Capital CF	$76.8	$29.7	-$27.0	$79.5	-$65.7	$129.2	$53.9	$106.2	-$133.7	$122.3	$182.0	-$106.5	$52.0	$0.0	$0.0	$0.0		5.13%	<-IRR #YR->	5	CFPS 5 yr Running	28.44%
CF fr Op $M WC	$255.0	$267.7	$358.1	$540.1	$582.5	$542.2	$567.6	$710.6	$754.3	$810.4	$765.9	$818.8	$1,027.5	$962.4	$960.2	$930.4		186.94%	<-Total Growth	10	Cash Flow less WC
Increase	7.98%	4.98%	33.77%	50.83%	7.85%	-6.92%	4.70%	25.18%	6.15%	7.45%	-5.50%	6.92%	25.48%	-6.33%	-0.24%	-3.10%		11.12%	<-IRR #YR->	10	Cash Flow less WC	186.94%
5 year Running Average	$210.3	$234.8	$278.2	$331.4	$400.7	$458.1	$518.1	$588.6	$631.4	$677.0	$721.8	$772.0	$835.4	$877.0	$907.0	$939.9		7.66%	<-IRR #YR->	5	Cash Flow less WC	44.60%
CFPS Excl. WC	$1.78	$1.72	$2.26	$3.20	$3.39	$2.92	$2.78	$3.38	$3.46	$3.67	$3.47	$3.57	$4.48	$4.20	$4.19	$4.06		11.62%	<-IRR #YR->	10	CF less WC 5 Yr Run	200.31%
Increase	5.40%	-3.22%	31.19%	41.62%	5.95%	-13.93%	-4.95%	21.65%	2.53%	5.94%	-5.50%	3.12%	25.48%	-6.33%	-0.24%	-3.10%		7.25%	<-IRR #YR->	5	CF less WC 5 Yr Run	41.93%
5 year Running Average	$1.57	$1.68	$1.91	$2.13	$2.47	$2.70	$2.91	$3.13	$3.18	$3.24	$3.35	$3.51	$3.73	$3.88	$3.98	$4.10		7.09%	<-IRR #YR->	10	CFPS - Less WC	98.31%
P/CF on Median H/L	11.83	12.89	12.52	12.77	11.99	13.10	14.01	9.41	8.95	6.36	8.54	8.77	6.98	9.01	0.00	0.00		5.84%	<-IRR #YR->	5	CFPS - Less WC	32.82%
P/CF on High Price	14.04	14.86	14.14	15.56	13.38	14.65	15.20	11.25	10.30	9.87	10.15	9.86	7.62	10.54	0.00	0.00		9.87	<-Median->	5	P/CF High Price
P/CF on Low Price	9.63	10.91	10.90	9.98	10.60	11.55	12.82	7.57	7.60	2.86	6.92	7.67	6.34	7.48	0.00	0.00		6.92	<-Median->	5	P/CF Low Price
P/CF on Close Price	14.04	14.28	14.14	12.66	11.87	13.86	12.76	7.65	9.83	6.17	8.23	8.28	7.14	10.17	10.20	10.70		6.94%	<-IRR #YR->	10	CFPS 5 yr Running	95.58%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	10.92	5 yr	7.60	P/CF Med	10 yr	9.18	5 yr	8.54		10.82%	Diff M/C		3.55%	<-IRR #YR->	5	CFPS 5 yr Running	19.06%
			-158.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	229.2								Shares
								-210.5	0.0	0.0	0.0	0.0	229.2								Shares
			-$385.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$975.5								Cash Flow
								-$604.3	$0.0	$0.0	$0.0	$0.0	$975.5								Cash Flow
			-$2.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.26								Cash Flow per Share
								-$2.87	$0.00	$0.00	$0.00	$0.00	$4.26								Cash Flow per Share
			-$1.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.62								CFPS 5 yr Running
								-$2.82	$0.00	$0.00	$0.00	$0.00	$3.62								CFPS 5 yr Running
			-$358.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,027.5								Cash Flow less WC
								-$710.6	$0.0	$0.0	$0.0	$0.0	$1,027.5								Cash Flow less WC
			-$278.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$835.4								CF less WC 5 Yr Run
								-$588.6	$0.0	$0.0	$0.0	$0.0	$835.4								CF less WC 5 Yr Run
			-$2.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.48								CFPS - Less WC
								-$3.38	$0.00	$0.00	$0.00	$0.00	$4.48								CFPS - Less WC
			-$1.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.73								CFPS 5 yr Running
								-$3.13	$0.00	$0.00	$0.00	$0.00	$3.73								CFPS 5 yr Running
Changes in non-cash working capital		-$29.7	$27.0	-$79.5
Inventory					$43.915	-$30.887	-$39.955	-$81.457	$134.543	-$82.413	-$117.427	-$21.427	$67.651
Trade and Other Receivables					$63.112	-$49.548	-$71.540	$11.639	-$66.572	$68.531	-$302.670	$48.088	$12.704
Other Assets					-$5.231	-$54.640	$2.860	-$3.461	-$0.780	-$2.131	-$10.527	$3.764	$6.605
Trade and other Payables.					-$36.124	$5.851	$54.693	-$32.952	$66.490	-$106.250	$248.591	$76.055	-$138.967
Sum		-29.71	27.01	-79.50	$65.672	-$129.224	-$53.942	-$106.231	$133.681	-$122.263	-$182.033	$106.480	-$52.007
Google -->TD		-29.71	27.01	-79.50	65.67	-129.22	-54	-106	134	-122	-182	106	-52
Difference		0.00	0.00	0.00	0.00	0.00	0	0	0	0	0	0	0
TD (+Moringstar)			27	-80	66	-129
Difference			0	1	0	0
OPM	6.94%	8.09%	11.75%	12.71%	25.71%	16.46%	15.05%	13.53%	24.55%	22.84%	11.71%	13.11%	13.83%	13.95%				17.70%	<-Total Growth	10	OPM
Increase	-12.35%	16.60%	45.28%	8.17%	102.27%	-35.98%	-8.56%	-10.07%	81.39%	-6.95%	-48.73%	11.90%	5.53%	0.85%					Should increase		or be stable.
Diff from Median	-52.0%	-44.0%	-18.6%	-12.0%	78.0%	14.0%	4.2%	-6.3%	70.0%	58.2%	-18.9%	-9.2%	-4.2%	-3.4%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	14.44%	5 Yrs	13.83%					should be	zero, it is a		check on calculations
														$1,267	<-12 mths	4.57%
Adjusted EBITDA	$255.1	$297.0	$379.3	$530.1	$704.6	$605.1	$617.0	$807.4	$944.1	$873.6	$955.8	$1,032.5	$1,211.8	$1,255	$1,234	$1,274		219.46%	<-Total Growth	10	Adjusted EBITDA
Change	5.80%	16.43%	27.72%	39.74%	32.94%	-14.12%	1.96%	30.85%	16.94%	-7.47%	9.42%	8.02%	17.37%	3.57%	-1.67%	3.24%		13.18%	<-Median->	10	Change
Margin	9.93%	10.09%	11.57%	14.63%	27.95%	24.12%	18.08%	18.08%	26.10%	29.00%	19.17%	14.62%	17.18%	18.19%	17.73%	17.17%		18.63%	<-Median->	10	Margin
Long Term Debt				$1,152.1	$1,156.5	$1,437.4	$1,795.5	$2,117.3	$2,548.5	$3,220.7	$3,456.4	$3,622.7	$3,897.0	$3,800.3							Debt	Type
Change					0.38%	24.29%	24.91%	17.92%	20.37%	26.38%	7.32%	4.81%	7.57%	-2.48%				17.92%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio				0.17	0.17	0.19	0.25	0.39	0.34	0.64	0.55	0.53	0.53	0.39				0.37	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	6.17	5.95	6.35	7.12	7.62	9.30	9.77	9.20	9.20	15.15	8.91	8.57	11.04	10.01				9.20	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)				4.07	3.03	3.35	3.71	4.01	4.15	5.18	5.27	4.91	4.80	4.59				4.11	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles		$3.26	$1.79	$1.06	$0.58	$0.00	$0.00	$92.41	$80.15	$71.32	$63.29	$59.69	$50.44	$48.24				2724.36%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$53.62	$53.62	$53.62	$53.62	$53.62	$53.62	$53.62	$53.62	$55.76	$55.76	$40.81	$32.02	$32.02	$32.02				-40.30%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$53.62	$56.88	$55.41	$54.68	$54.21	$53.62	$53.62	$146.04	$135.91	$127.08	$104.11	$91.71	$82.46	$80.26				48.81%	<-Total Growth	10	Total
Change		6.08%	-2.59%	-1.31%	-0.87%	-1.08%	0.00%	172.34%	-6.93%	-6.50%	-18.08%	-11.91%	-10.08%	-2.67%				-3.90%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.03	0.02	0.03	0.02	0.01	0.01	0.01				0.01	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$548.62	$611.10	$787.12	$621.71	$490.16	$579.05	$938.00	$738.70	$656.28	$646.85	$1,099.13	$1,108.13	$1,068.01	$1,139.60				35.69%	<-Total Growth	10	Current Assets
Current Liabilities	$362.11	$450.26	$480.31	$540.98	$563.79	$532.73	$601.49	$737.45	$816.96	$499.03	$912.96	$1,000.00	$795.22	$876.00				65.57%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	1.52	1.36	1.64	1.15	0.87	1.09	1.56	1.00	0.80	1.30	1.20	1.11	1.34	1.30				1.13	<-Median->	10	Ratio
Liq. with CF aft div	1.63	1.53	2.07	1.61	1.59	1.33	1.85	1.33	1.40	1.82	1.38	1.59	2.00	1.87				1.59	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.12	0.77	1.24	0.58	0.68	0.55	0.89	0.49	0.59	0.73	0.96	0.86	0.99	1.87				0.86	<-Median->	5	Ratio
Curr. Port. Lg T. Db	$0.00	$11.08	$0.00	$47.40	$104.20	$60.00	$0.00	$126.09	$135.54	$0.00	$60.00	$30.00	$186.02	$0.00				#DIV/0!	<-Total Growth	10	Curr. Port. Lg T. Db
Liquidity	1.52	1.39	1.64	1.26	1.07	1.22	1.56	1.21	0.96	1.30	1.29	1.14	1.75	1.30				1.29	<-Median->	5	Ratio
Liq. with CF aft div	1.63	1.57	2.07	1.76	1.95	1.50	1.85	1.60	1.68	1.82	1.48	1.64	2.62	1.87				1.68	<-Median->	5	Ratio
Assets	$2,233.56	$2,678.3	$3,051.1	$3,850.8	$4,296.6	$4,957.0	$5,874.1	$6,782.7	$7,514.2	$7,562.6	$8,130.3	$8,568.2	$8,780.0	$8,769.0				187.77%	<-Total Growth	10	Assets
Liabilities	$1,565.34	$1,787.5	$2,127.4	$2,532.6	$2,898.3	$3,115.5	$3,394.8	$4,053.0	$4,460.3	$4,801.4	$5,472.7	$5,749.5	$6,000.5	$5,991.7				182.07%	<-Total Growth	10	Liabilities
Debt Ratio	1.43	1.50	1.43	1.52	1.48	1.59	1.73	1.67	1.68	1.58	1.49	1.49	1.46	1.46				1.55	<-Median->	10	Ratio
Estimates BVPS														$12.30	$12.10				Estimates		Estimates BVPS
Estimate Book Value														$2,818.6	$2,772.8				Estimates		Estimate Book Value
P/B Ratio (Close)														3.47	3.53				Estimates		P/B Ratio (Close)
Difference from 10 year median															35.53%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$668.22	$890.8	$923.7	$1,318.2	$1,398.3	$1,841.5	$2,479.3	$2,729.7	$3,053.9	$2,761.2	$2,657.6	$2,818.7	$2,779.5	$2,777.3				200.90%	<-Total Growth	10	Book Value
Non-Cont Int.	$0.00	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0							Non-Cont Int.
Book Value	$668.22	$890.8	$923.7	$1,318.2	$1,398.3	$1,841.5	$2,479.3	$2,729.7	$3,053.9	$2,761.2	$2,657.6	$2,818.7	$2,779.5	$2,777.3	$2,777.3	$2,777.3		200.90%	<-Total Growth	10	Book Value
Book Value per Share	$4.67	$5.74	$5.83	$7.81	$8.14	$9.92	$12.12	$12.97	$14.01	$12.49	$12.02	$12.30	$12.13	$12.12	$12.12	$12.12		107.96%	<-Total Growth	10	Book Value per Share
Change	-16.91%	22.91%	1.70%	33.99%	4.21%	21.78%	22.22%	7.00%	8.06%	-10.85%	-3.75%	2.30%	-1.39%	-0.08%	0.00%	0.00%		43.34%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	4.52	3.87	4.85	5.23	5.00	3.86	3.21	2.45	2.21	1.87	2.46	2.55	2.58	3.12	0.00	0.00		2.46	P/B Ratio		Historical Median
P/B Ratio (Close)	5.36	4.29	5.48	5.19	4.94	4.08	2.92	1.99	2.43	1.81	2.37	2.41	2.64	3.53	3.53	3.59		7.60%	<-IRR #YR->	10	Book Value per Share	107.96%
Change	71.20%	-19.89%	27.69%	-5.37%	-4.68%	-17.48%	-28.37%	-31.90%	21.98%	-25.41%	31.04%	1.39%	9.77%	33.51%	0.00%	1.71%		-1.33%	<-IRR #YR->	5	Book Value per Share	-6.48%
Leverage (A/BK)	3.34	3.01	3.30	2.92	3.07	2.69	2.37	2.48	2.46	2.74	3.06	3.04	3.16	3.16	#DIV/0!	#DIV/0!		2.83	<-Median->	10	A/BV
Debt/Equity Ratio	2.34	2.01	2.30	1.92	2.07	1.69	1.37	1.48	1.46	1.74	2.06	2.04	2.16	2.16	#DIV/0!	#DIV/0!		1.83	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/B Ratios	10 yr Med	2.56	5 yr Med	2.46		37.55%	Diff M/C		2.66	Historical		Leverage (A/BK)
			-$5.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.13
								-$12.97	$0.00	$0.00	$0.00	$0.00	$12.13
														$351.69	<-12 mths	-14.24%
Comprehensive Income	$135.22	$130.60	$146.84	$229.99	$201.92	$216.85	$289.92	$407.00	$422.80	$53.94	$320.79	$364.11	$410.08					179.27%	<-Total Growth	10	Comprehensive Income
Increase	8.13%	-3.41%	12.43%	56.63%	-12.20%	7.39%	33.70%	40.38%	3.88%	-87.24%	494.74%	13.51%	12.62%					12.62%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$118	$141	$138	$154	$169	$185	$217	$269	$308	$278	$299	$314	$314					10.82%	<-IRR #YR->	10	Comprehensive Income	179.27%
ROE	20.24%	14.66%	15.90%	17.45%	14.44%	11.78%	11.69%	14.91%	13.84%	1.95%	12.07%	12.92%	14.75%					0.15%	<-IRR #YR->	5	Comprehensive Income	0.76%
5Yr Median	20.24%	20.24%	15.93%	15.93%	15.90%	14.66%	14.44%	14.44%	13.84%	11.78%	12.07%	12.92%	12.92%					8.61%	<-IRR #YR->	10	5 Yr Running Average	128.44%
% Difference from NI	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.24%	-4.69%	-13.05%	-1.05%	10.91%	-3.29%					3.15%	<-IRR #YR->	5	5 Yr Running Average	16.80%
Median Values										Diff	5, 10 yr	0.00%	-3.29%					12.9%	<-Median->	5	Return on Equity
			-$146.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$410.1
								-$407.0	$0.0	$0.0	$0.0	$0.0	$410.1
			-$137.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$314.3
								-$269.1	$0.0	$0.0	$0.0	$0.0	$314.3
Current Liability Coverage Ratio	0.70	0.59	0.75	1.00	1.03	1.02	0.94	0.96	0.92	1.62	0.84	0.82	1.29	1.10							CFO / Current Liabilities
5 year Median	0.55	0.59	0.65	0.70	0.75	1.00	1.00	1.00	0.96	0.96	0.94	0.92	0.92	1.10				0.92	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	11.42%	9.99%	11.74%	14.03%	13.56%	10.94%	9.66%	10.48%	10.04%	10.72%	9.42%	9.56%	11.70%	10.98%							CFO / Total Assets
5 year Median	11.42%	11.42%	11.74%	11.74%	11.74%	11.74%	11.74%	10.94%	10.48%	10.48%	10.04%	10.04%	10.04%	10.72%				10.0%	<-Median->	5	Return on Assets
Return on Assets ROA	6.05%	4.88%	4.81%	5.97%	4.70%	4.37%	4.94%	5.81%	5.90%	0.82%	3.99%	3.83%	4.83%	5.85%				Net	Income/Assets		Return on Assets
5Yr Median	6.34%	6.34%	6.05%	5.97%	4.88%	4.81%	4.81%	4.94%	4.94%	4.94%	4.94%	3.99%	3.99%	3.99%				4.0%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	20.24%	14.66%	15.90%	17.45%	14.44%	11.78%	11.69%	14.44%	14.53%	2.25%	12.20%	11.65%	15.26%	18.46%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	20.24%	20.24%	15.93%	15.93%	15.90%	14.66%	14.44%	14.44%	14.44%	11.78%	12.20%	12.20%	12.20%	12.20%				12.2%	<-Median->	5	Return on Equity
														$340.40	<-12 mths	-19.72%
Net Income	$135.22	$130.60	$146.84	$229.99	$201.92	$216.85	$289.92	$394.22	$443.61	$62.03	$324.21	$328.29	$424.03	$513	$536	$552		188.78%	<-Total Growth	10	Net Income
Increase	8.13%	-3.41%	12.43%	56.63%	-12.20%	7.39%	33.70%	35.98%	12.53%	-86.02%	422.66%	1.26%	29.16%	20.91%	4.53%	2.95%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$118.1	$141.3	$137.6	$153.5	$168.9	$185.2	$217.1	$266.6	$309.3	$281.3	$302.8	$310.5	$316.4	$330.3	$425.0	$470.5		11.19%	<-IRR #YR->	10	Net Income	188.78%
Operating Cash Flow	$178.22	$237.98	$385.09	$460.59	$648.16	$412.93	$513.70	$604.33	$887.94	$688.17	$583.84	$925.33	$975.49					1.47%	<-IRR #YR->	5	Net Income	7.56%
Investment Cash Flow	-$167.74	-$440.20	-$321.19	-$966.84	-$757.42	-$760.97	-$646.94	-$1,258.97	-$1,125.33	-$748.31	-$397.12	-$843.92	-$819.71					8.68%	<-IRR #YR->	10	5 Yr Running Average	129.96%
Total Accruals	$124.74	$332.82	$82.93	$736.23	$311.18	$564.90	$423.16	$1,048.86	$681.00	$122.16	$137.49	$246.89	$268.26					3.49%	<-IRR #YR->	5	5 Yr Running Average	18.70%
Total Assets	$2,233.56	$2,678.34	$3,051.07	$3,850.83	$4,296.57	$4,956.96	$5,874.13	$6,782.70	$7,514.19	$7,562.59	$8,130.31	$8,568.19	$8,780.01						Balance Sheet		Assets
Accruals Ratio	5.58%	12.43%	2.72%	19.12%	7.24%	11.40%	7.20%	15.46%	9.06%	1.62%	1.69%	2.88%	3.06%					2.88%	<-Median->	5	Ratio
EPS/CF Ratio	0.53	0.50	0.41	0.44	0.35	0.41	0.55	0.56	0.60	0.08	0.42	0.41	0.41					0.42	<-Median->	10	EPS/CF Ratio
			-$146.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$424.0
								-$394.2	$0.0	$0.0	$0.0	$0.0	$424.0
			-$137.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$316.4
								-$266.6	$0.0	$0.0	$0.0	$0.0	$316.4
Change in Close	42.25%	-1.54%	29.86%	26.79%	-0.67%	0.50%	-12.46%	-27.13%	31.81%	-33.51%	26.13%	3.72%	8.25%	33.41%	0.00%	1.71%			Count	21	Years of data
up/down	down	down	down		down	down	down	down	down	down									Count	13	61.90%
Meet Prediction?		Yes			Yes		Yes	Yes		Yes								% right	Count	5	38.46%
Financial Cash Flow	-$3.45	$181.32	$121.42	$326.55	$109.69	$350.52	$445.85	$314.91	$259.01	$53.80	-$173.85	-$100.65	-$134.26						C F Statement		Financial Cash Flow
Total Accruals	$128.19	$151.50	-$38.49	$409.68	$201.49	$214.38	-$22.69	$733.95	$421.99	$68.36	$311.35	$347.54	$402.52								Accruals
Accruals Ratio	5.74%	5.66%	-1.26%	10.64%	4.69%	4.32%	-0.39%	10.82%	5.62%	0.90%	3.83%	4.06%	4.58%					4.06%	<-Median->	5	Ratio
Cash	$21.81	$0.52	$186.65	$11.31	$13.45	$16.48	$326.38	-$10.86	$9.31	$2.90	$15.94	-$1.80	$20.09	$45.84							Cash
Cash per Share	$0.15	$0.00	$1.18	$0.07	$0.08	$0.09	$1.60	-$0.05	$0.04	$0.01	$0.07	-$0.01	$0.09	$0.20				$0.04	<-Median->	5	Cash per Share
Percentage of Stock Price	0.61%	0.01%	3.69%	0.17%	0.19%	0.22%	4.50%	-0.20%	0.13%	0.06%	0.25%	-0.03%	0.27%	0.47%				0.13%	<-Median->	5	% of Stock Price
Notes
October 19, 2024.  Last estimates were for 2023, 2024 and 2025 of $6752M, $6275M, $6229M for Revenue, $3.59, $3.44, $3.58 AFFO, $2.07, $1.91, $2.15 EPS,
1.96, $2.04, $2.13 Dividend, $665M, $678M, $750M FCF, $4.16, $3.72, $3.68 CFPS, $1114M, $1109M, $1172M EBITDA, $13.30, $12.30, $12.10 BVPS, $481M, $436M, $494M Net Income.
October 22, 2023.  Last estimates were for 2022, 2023 and 2024 of $6635M, $5363M and $5874M for Revenue. $2.91, $3.08 and $3.35 for FFO, $2.26, $2.06 and $2.02 for EPS,
$1.92, $2.00 and $2.03 for Dividends, -$25M, $628M and $614M for FCF, $3.73, $3.46 and $3.43 for CPFS, $13.30, $13.30 and $14.30 for BVPS, and $500M, $450M and $461M for Net Income.
October 23, 2022.  Last estimates were for 2021, 2022 and 2023 of $4468M, $4451M and $4931M for Revenue, $3.05, $2.91 and $3.17 for DC, $1.72, $1.76 and $1.85 for EPS,
$1.92, $1.95 and $1.99 for Dividends, $405M, $429M and $460M for FCF, $3.86, $3.98 and $4.35 for CFPS, and $380M, $390M and $410M for Net Income.
October 24, 2021.  Last estimates were for 2020, 2021 and 2022 of 3343M, $3653M and $4106M for Revenue, $3.35, $2.91 and 2.74 for AFFO, $1.06, $1.57 and 1.68 for EPS,
$1.92, $1394 and $1.99 for Dividends, $240M, $352M and $388M for FCF, $3.79, $3.13 and $3.50 for CFPS, $246M, $338M and $375M for Net Income.
November 1, 2020.  Last estimates were for 2019, 2020 and 2021 of $3867M, $5426M and $6295M for Revenue, $3.08 and 3.12 for Distributable Cash for 2019 and 2020,
$2.54, $1.80 and $1.81 for EPS, $3.45, $3.66 and $3.42 for CFPS and $513M, $596M and $439M for Net Income.
November 3, 2019.  Last estimates were for 2018, 2019 and 2020 of $4421M, $4637M and $4629M for Revenue, $2.99 and $3.00 for DC for 2018 and 2019,
$1.81, $1.93 and $1.86 for EPS, $3.04, $3.39 and $3.39 for CFPS, and $372M, $413M and $410M for Net Income.
November 5, 2018.  Last estimates were for 2017, 2018 and 2019 of $3180M, $3334M and $3408M for Revenue, $2.58, $2.30 and $2.87 for Dis Cash,
$1.46, $1.79 and $1.91 for EPS, $2.81, $3.32 and $3.53 for CFPS and $292M, $338M and $393M for Net Income.
November 12, 2017.  Last estimates were for 2016, 2017 and 2018 of $2461M, $3070M and $3259M for Revenue, $2.55, $3.22 and $3.43 for DC, $1.47, $1.71and $1.89 for EPS,
$2.90, $3.36 and $3.53 for CFPS and $265M, $321M and $364M for Net Income.
November 13, 2016.  Last estimates were for 2015, 2016 and 2017 of $2988M, $3957M and $4196M for Revenue, $2.80, $2.86 and $3.08 for DC, $1.50, $1.87 and $1.78 for EPS,
$3.36, $3.65 and $3.54 for CFPS and $243M, $338M and $324M for Net Income.
Movember 21, 2015.  Last estimates were for 2014, 2015 and 2016 of $3790M,$3986M and $3975M for Revenue, $3.12, $3.62 and $396 for EPS, $5.74, $6.17 and $6.87 for CFPS and $235M $307M and $337M for net income.
November 23, 2014.  Last estimates were for 2013, 2014 and 2015 of $3216M, $3476M and $3387M for Revenue, $3.50 for DC for 2014, $2.04, $2.32 and $2.56 for EPS, $4.30, $4.54 and $5.21 for CFPS.
November 9, 2013.  Last Estimates were for 2012 and 2013 of $2918M asnd $3224M for Revenue, DI of $2.78 and 3.50 and EPS of $1.79 and $2.01.
October 5, 2012.  Most of the new shares issued in the first half of 2012 is an equity offering (for an acquisition), there were some re DRIP and debentures conversion.
Sep 30, 2012.  Estimates for 2011 and 2012 were $2,222M and $2,287M for revenue, $3.13, $3.08 for DI, $2.50 and $2.16 for EPS, $3.30 and $3.42 for CF.
When analysts are quoting earnings, they are sometimes giving EPS and sometimes Distributable Cash or things like AFFO).
Company says that it expects to retain the current dividend payout,as they feel it is sustainable.  However dividends are not guaranteed and can fluctuate.
TD site says there was a 1.01:1 split in 2009, but I cannot find this.
The stock started out as KeySpan Facilities Income Fund (TSX-KEY.UN).  Names change in 2004 to Keyera Facilities Income Fund (TSX-JKEY.UN) and in 2010 to Keyera Corp (TSX-KEY)
KeyeraCorp. owns, directly indirectly, 100% of Keyera Partnership.
The company would founded in 1998.  It began trading on the TSX May 30, 2003 as an Income Trust.
Formerly KeySpan Facilities Income Fund
Keyera Energy Partnership was formerly KeySpan Energy Canada Partnership.
Sector
Infrastructure, Utilitiy
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
I started to review some of the stock recommended by Jennifer Dowty from a column she wrote and I reviewed in February 2010 on Dividends and Special Dividends.  The title of the article in Investor’s
Digest was Dividend Stocks: Buy, Hold and Collect. Jennifer is now works for the Globe and Mail.
Jennifer worked as a Portfolio Manager for Manulife Asset Management Limited after working for Investor's digest.
Dividends
Dividends are paid quarterly from 2023 in Cycle 3 of Mar, Jun, Sep, and December.
Generally, dividends are declared in one month for shareholders of record of the next month and paid in the that month.
Dividends are paid in Mar, Jun, Sep and Dec.
For example, Dividend declared on 09 August 2023, was for Shareholders of record for September 15, 2023 and paid September 29, 2023
Dividends are paid monthly.  The dividends are declared for the record date of prior month.
For example, in May 2013, dividends were declared on May 18, 2013 for shareholders of record of May 23, 2013 for payment June 15, 2013.
How they make their money.
Keyera is a midstream energy business that operates primarily out of Alberta. Its primary lines of business consist of the gathering and processing of
natural gas in western Canada, the storage, transportation, and liquids blending for natural gas liquids and crude oil, and the marketing of NGLs, iso-octane, and crude oil.
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	Nov 12	2017	Nov 5	2018	Nov 3	2019	Nov 1	2020	Oct 24	2021	Oct 23	2022	Oct 22	2023			Oct 19	2024
Setoguchi, Curtis Dean								0.220	0.10%	0.233	0.11%	0.233	0.10%	0.233	0.10%			0.233	0.10%			0.00%
CEO - Shares - Amount									$4.969		$6.646		$6.893		$7.461				$9.953
Options - percentage								0.211	0.10%	0.277	0.13%	0.348	0.15%	0.356	0.16%			0.357	0.16%			0.38%
Options - amount									$4.776		$7.900		$10.288		$11.397				$15.263
Smith, David G.	0.30%	0.607	0.30%	0.591	0.28%	0.604	0.28%	0.647	0.29%												was officer until 2014
CEO - Shares - Amount	$22.718		$21.512		$15.245		$20.557		$14.624												Listed Officer 16-18 INK
Options - percentage	0.15%	0.286	0.14%	0.302	0.14%	0.336	0.15%	0.423	0.19%												Last updated Aug 2019
Options - amount	$11.112		$10.113		$7.803		$11.419		$9.566												Ceased Insider Dec 2020
Marikar, Eileen						0.008	0.00%	0.012	0.01%	0.014	0.01%	0.017	0.01%	0.032	0.01%			0.031	0.01%			-5.82%
CFO - Shares - Amount							$0.282		$0.277		$0.407		$0.493		$1.040				$1.306
Options - percentage						0.026	0.01%	0.058	0.03%	0.000	0.00%	0.100	0.04%	0.090	0.04%			0.095	0.04%			5.64%
Options - amount							$0.894		$1.320	0	$0.000		$2.950		$2.884				$4.064
Beztilny, Jarrod												0.061	0.03%	0.079	0.03%			0.079	0.03%			0.00%
Officer - Shares - Amount													$1.817		$2.543				$3.393
Options - percentage												0.065	0.03%	0.061	0.03%			0.066	0.03%			7.73%
Options - amount													$1.913		$1.959				$2.816
Brennan, Nancy Louise														0.011	0.00%			0.011	0.00%			0.00%
Officer - Shares - Amount															$0.345				$0.461
Options - percentage														0.074	0.03%			0.074	0.03%			0.00%
Options - amount															$2.371				$3.163
Urquhart, Kenneth James												0.015	0.01%	0.035	0.02%			0.035	0.02%			0.00%
Officer - Shares - Amount													$0.456		$1.116				$1.488
Options - percentage												0.092	0.04%	0.079	0.03%			0.084	0.04%			6.50%
Options - amount													$2.710		$2.540				$3.609
Crothers, Michael John												0.002	0.00%	0.002	0.00%			0.003	0.00%			25.00%
Director - Shares - Amount													$0.059		$0.064				$0.107
Options - percentage												0.002	0.00%	0.006	0.00%			0.014	0.01%			125.41%
Options - amount													$0.064		$0.203				$0.611
Haughey, Douglas J.	0.01%	0.011	0.01%	0.011	0.01%	0.011	0.01%	0.011	0.01%	0.011	0.01%	0.011	0.00%	0.011	0.00%			0.011	0.00%		Was lead director, now	0.00%
Director - Shares - Amount	$0.451		$0.395		$0.288		$0.379		$0.252		$0.318		$0.330		$0.357				$0.476		Director 2019
Options - percentage	0.00%	0.003	0.00%	0.006	0.00%	0.011	0.00%	0.015	0.01%	0.022	0.01%	0.032	0.01%	0.043	0.02%			0.060	0.03%			40.55%
Options - amount	$0.000		$0.118		$0.164		$0.364		$0.335		$0.622		$0.944		$1.375				$2.578
Bertram, James Vance	0.46%	0.911	0.45%	0.919	0.44%	0.819	0.38%	0.719	0.33%	0.644	0.29%	0.644	0.28%	0.600	0.26%			0.600	0.26%		was CEO to 2014	0.00%
Chairman - Shares - Amt	$34.557		$32.282		$23.730		$27.876		$16.273		$18.385		$19.068		$19.218				$25.638		listed CEO 16-18
Options - percentage	0.15%	0.224	0.11%	0.188	0.09%	0.188	0.09%	0.188	0.09%	0.188	0.09%	0.188	0.08%	0.188	0.08%			0.188	0.08%		Last updated Sep 2021	0.00%
Options - amount	$11.094		$7.941		$4.852		$6.395		$4.252		$5.363		$5.562		$6.021				$8.032
Salary (salary, share rewards and bonus)
Stock sales
In September 23  2013
LTIP Awards					$13.907		$14.262
					0.19%		0.26%
Increase in O/S Shares	0.00%	0.000	0.00%	0.339	0.17%	0.460	0.22%	0.643	0.30%	0.981	0.44%	0.000	0.00%	0.062	0.03%			0.068	0.03%		Yes 0
due to SO	$0.000		$0.000		$12.013		$11.866		$21.881		$22.183		$0.000		$1.824				$2.177
Book Value	$0.000		$0.000		$13.907		$14.262		$26.134		-$1.122		$0.000		$33.284				$50.909
Insider Buying	-$0.376		-$0.066		$0.000		-$0.079		-$0.881		-$0.001		-$0.045		$0.000				-$0.017
Insider Selling	$1.258		$0.686		$0.138		$3.456		$2.406		$3.268		$0.000		$1.463				$0.075	0
Net Insider Selling	$0.882		$0.620		$0.138		$3.377		$1.525		$3.267		-$0.045		$1.463				$0.058
% of Market Cap	0.012%		0.01%		0.00%		0.05%		0.03%		0.05%		0.00%		0.02%				0.00%
Directors		11		10		10		10		10		11		11				11
Women	22%	4	36%	3	30%	3	30%	3	30%	3	30%	4	36%	4	36%			4	36%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	1	10%	1	9%	1	9%			1	9%
Institutions/Holdings	43.76%	206	52.05%	207	52.05%	20				20	34.89%	20	32.89%	20	30.14%			20	28.08%
Total Shares Held	43.48%	98.508	48.16%	114.022	54.17%	60.207	28.60%			77.113	34.89%	72.698	31.72%	69.058	30.14%			64.336	28.08%
Increase/Decrease	1.52%	10.200	11.55%	2.298	2.06%	-2.353	-3.76%			-9.189	-10.65%	-1.351	-1.82%	-1.340	-1.90%			0.691	1.09%
Starting No. of Shares		88.308		111.724		62.560	Top 20			86.302	Top 20	74.049	Top 20	70.397	Top 20			63.645	Top 20
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