This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional. Estimates Estimates Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Q1 2024
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Manulife Financial Corp TSX: MFC NYSE MFC https://www.manulife.com/ Fiscal Yr: Dec 31
Year 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 Value Description #Y Item Total G
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
Split Date
Split split
Assets under Mge $B $1,206.7 $1,385.4
Assets under Admin $B $182.0 $222.6
Assets under Management and Admin$B $531.9 $598.9 $691.1 $935.2 $977.1 $1,040.0 $1,083.5 $1,188.9 $1,297.4 $1,425.8 $1,314.6 $1,388.8 $1,608.0 $1,608.0 <-12 mths 132.66% <-Total Growth 10 Assets under Management $B
Increase 6.46% 12.59% 15.39% 35.31% 4.48% 6.44% 4.18% 9.73% 9.13% 9.90% -7.80% 5.64% 15.78% 0.00% <-12 mths 8.81% <-IRR #YR-> 10 Assets under Management 132.66%
5 year Running Average $470 $509 $559 $651 $747 $848 $945 $1,045 $1,117 $1,207 $1,262 $1,323 $1,407 $1,469 <-12 mths 6.22% <-IRR #YR-> 5 Assets under Management 35.25%
Increase 6.12% 8.27% 9.88% 16.45% 14.66% 13.61% 11.42% 10.53% 6.93% 8.03% 4.55% 4.84% 6.33% 4.41% <-12 mths 9.66% <-IRR #YR-> 10 5 yr Running Average 151.52%
AUM per Share $B 29.10 32.41 37.08 47.42 49.47 52.47 54.97 61.00 66.88 73.38 70.49 76.90 93.00 93.00 <-12 mths 6.13% <-IRR #YR-> 5 5 yr Running Average 34.64%
Increase 4.89% 11.38% 14.40% 27.90% 4.32% 6.07% 4.76% 10.97% 9.63% 9.73% -3.94% 9.10% 20.94% 0.00% <-12 mths 9.63% <-IRR #YR-> 10 AUM pe Share $B -35.89%
5 year Running Average $27 $28 $31 $35 $39 $44 $48 $53 $57 $62 $65 $70 $76 $81 <-12 mths 8.80% <-IRR #YR-> 5 AUM pe Share $B -39.85%
P/AUM Med 0.42 0.54 0.57 0.46 0.39 0.45 0.42 0.38 0.30 0.34 0.35 0.35 0.40 0.46 <-12 mths 9.54% <-IRR #YR-> 10 5 yr Running Average 45.38%
P/AUM Close 0.46 0.65 0.60 0.44 0.48 0.50 0.35 0.43 0.34 0.34 0.34 0.38 0.47 0.48 <-12 mths 7.48% <-IRR #YR-> 5 5 yr Running Average 90.92%
Gen. Fund, Segregated, MF etc P/S Med 20 yr  0.46 15 yr  0.42 10 yr  0.38 5 yr  0.35 24.46% Diff M/C
-$691 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,608
-$1,189 $0 $0 $0 $0 $1,608
-$559 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,407
-$1,045 $0 $0 $0 $0 $1,407
-$37 $0 $0 $0 $0 $0 $0 $0 $0 $0 $93
-$61 $0 $0 $0 $0 $93
-$31 $0 $0 $0 $0 $0 $0 $0 $0 $0 $76
-$53 $0 $0 $0 $0 $76
$42,459 <-12 mths -12.88%
Net Premiums (Insurance Revnue) $10,734 $17,510 $17,883 $15,929 $27,632 $28,210 $24,012 $35,578 $32,917 $39,065 $37,853 $23,972 $26,592 48.70% <-Total Growth 10 Net Premiums
Increase -38.68% 63.13% 2.13% -10.93% 73.47% 2.09% -14.88% 48.17% -7.48% 18.68% -3.10% -36.67% 10.93% Increase
Investment Income $18,021 $19,111
Increase 6.05%
Other Income $6,746 $7,588
Increse 12.48%
Revenue* $29,157 $36,289 $54,522 $34,430 $53,337 $58,323 $38,972 $79,570 $78,908 $61,821 $17,147 $48,739 $53,291 $75,418 $78,084 $80,983 -2.26% <-Total Growth 10 Revenue
Increase -42.81% 24.46% 50.24% -36.85% 54.91% 9.35% -33.18% 104.17% -0.83% -21.65% -72.26% 184.24% 9.34% 41.52% 3.53% 3.71% -0.23% <-IRR #YR-> 10 Revenue -2.26%
5 year Running Average $38,177 $38,834 $41,717 $41,076 $41,547 $47,380 $47,917 $52,926 $61,822 $63,519 $55,284 $57,237 $51,981 $51,283 $54,536 $67,303 -7.70% <-IRR #YR-> 5 Revenue -33.03%
Revenue per Share $15.95 $19.64 $29.25 $17.46 $27.01 $29.43 $19.77 $40.83 $40.67 $31.82 $9.19 $26.99 $30.82 $43.62 $45.16 $46.84 2.22% <-IRR #YR-> 10 5 yr Running Average 24.60%
Increase -43.66% 23.11% 48.95% -40.31% 54.68% 8.96% -32.81% 106.48% -0.37% -21.78% -71.10% 193.53% 14.21% 41.52% 3.53% 3.71% -0.36% <-IRR #YR-> 5 5 yr Running Average -1.79%
5 year Running Average $21.75 $21.58 $22.86 $22.12 $21.86 $24.56 $24.58 $26.90 $31.54 $32.50 $28.46 $29.90 $27.90 $28.49 $31.16 $38.69 0.52% <-IRR #YR-> 10 Revenue per Share 5.37%
P/S (Price/Sales) Med 0.76 0.88 0.72 1.26 0.72 0.80 1.16 0.56 0.50 0.79 2.67 0.98 1.21 0.99 0.00 0.00 -5.47% <-IRR #YR-> 5 Revenue per Share -24.50%
P/S (Price/Sales) Close 0.85 1.07 0.76 1.19 0.89 0.89 0.98 0.65 0.56 0.78 2.63 1.08 1.43 1.02 0.98 0.95 2.01% <-IRR #YR-> 10 5 yr Running Average 22.03%
*Total Revenue in M CDN $  P/S Med 20 yr  0.84 15 yr  0.79 10 yr  0.89 5 yr  0.98 14.21% Diff M/C 0.73% <-IRR #YR-> 5 5 yr Running Average 3.72%
-$54,522 $0 $0 $0 $0 $0 $0 $0 $0 $0 $53,291
-$79,570 $0 $0 $0 $0 $53,291
-$41,717 $0 $0 $0 $0 $0 $0 $0 $0 $0 $51,981
-$52,926 $0 $0 $0 $0 $51,981
-$29.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.82
-$40.83 $0.00 $0.00 $0.00 $0.00 $30.82
-$22.86 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.90
-$26.90 $0.00 $0.00 $0.00 $0.00 $27.90
$3.94 <-12 mths 1.81%
Core Earnings (CER) CDN$ $2,187 $2,617 $2,888 $3,428 $4,201 $4,565 $5,610 $6,004 $5,516 $6,536 $6,182 $6,684 $7,226 150.21% <-Total Growth 10 AEPS
Return on Equity ROE 9.53% 10.13% 9.41% 8.91% 10.98% 12.19% 13.31% 13.25% 11.32% 12.56% 12.54% 16.57% 16.31% 12.55% <-Median-> 10 Return on Equity ROE
5Yr Median 9.53% 9.68% 9.68% 9.53% 9.53% 10.13% 10.98% 12.19% 12.19% 12.56% 12.56% 12.56% 12.56% 12.19% <-Median-> 10 5Yr Median
Basic Calc $1.21 $1.43 $1.56 $1.75 $2.13 $2.31 $2.86 $3.07 $2.84 $3.37 $3.24 $3.64 $4.06 161.18% <-Total Growth 10 AEPS
AEPS* Dilued $1.12 $1.34 $1.48 $1.73 $1.96 $2.22 $2.74 $2.97 $2.75 $3.25 $3.10 $3.47 $3.87 $4.18 $4.60 $4.98 161.49% <-Total Growth 10 AEPS
Increase -1.75% 19.64% 10.45% 17.16% 13.04% 13.27% 23.42% 8.39% -7.41% 18.18% -4.62% 11.94% 11.53% 8.01% 10.05% 8.26% 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $1.02 $1.22 $1.35 $1.36 $1.53 $1.75 $2.03 $2.32 $2.53 $2.79 $2.96 $3.11 $3.29 $3.57 $3.84 $4.22 10.09% <-IRR #YR-> 10 AEPS 161.49%
AEPS Yield 8.29% 6.40% 6.67% 8.36% 8.20% 8.47% 14.15% 11.27% 12.14% 13.06% 12.84% 11.85% 8.76% 9.40% 10.35% 11.20% 5.44% <-IRR #YR-> 5 AEPS 30.30%
Payout Ratio 46.43% 38.81% 38.51% 39.22% 37.76% 36.94% 33.21% 33.67% 40.73% 36.00% 42.58% 42.07% 41.34% 42.11% 38.26% 35.34% 9.29% <-IRR #YR-> 10 5 yr Running Average 143.20%
5 year Running Average 106.12% 51.38% 40.06% 41.72% 40.14% 38.25% 37.13% 36.16% 36.46% 36.11% 37.24% 39.01% 40.55% 40.82% 41.27% 39.83% 7.18% <-IRR #YR-> 5 5 yr Running Average 41.43%
Price/AEPS Median 10.79 12.95 14.33 12.66 9.91 10.62 8.34 7.71 7.40 7.78 7.93 7.65 9.63 10.30 0.00 0.00 8.14 <-Median-> 10 Price/AEPS Median
Price/AEPS High 12.46 15.69 15.49 13.84 12.76 11.02 9.93 8.88 10.08 8.45 9.00 8.44 11.95 10.80 0.00 0.00 10.01 <-Median-> 10 Price/AEPS High
Price/AEPS Low 9.13 10.20 13.16 11.47 7.06 10.22 6.75 6.54 4.72 7.11 6.86 6.86 7.32 9.81 0.00 0.00 6.96 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 12.06 15.62 14.99 11.96 12.20 11.81 7.07 8.88 8.24 7.66 7.79 8.44 11.41 10.63 9.66 8.93 8.66 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 11.85 18.69 16.55 14.01 13.79 13.38 8.73 9.62 7.63 9.05 7.43 9.45 12.73 11.49 10.63 9.66 9.53 <-Median-> 10 Trailing P/AEPS Close
Median Values Historical   in order 9.77 11.48 7.22 10.46 P/CF 5 Yrs   in order 7.78 9.00 6.86 8.24 36.66% Diff M/C DPR 75% to 95% best
* Adjusted Earnings per Share
-$1.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.87
-$2.97 $0.00 $0.00 $0.00 $0.00 $3.87
-$1.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.29
-$2.32 $0.00 $0.00 $0.00 $0.00 $3.29
$2.91 <-12 mths 2.46%
Difference Basic and Diluted 2.22% 0.61% 1.10% 0.94% 0.70% 0.00% 0.43% 0.00% 0.34% 0.28% 0.00% 0.38% 0.35% 0.00 <-Median-> 10 Difference Basic and Diluted
EPS Basic $0.90 $1.63 $1.82 $1.06 $1.42 $0.98 $2.34 $2.77 $2.94 $3.55 $3.68 $2.62 $2.85 56.59% <-Total Growth 10 EPS Basic
EPS Diluted* $0.88 $1.62 $1.80 $1.05 $1.41 $0.98 $2.33 $2.77 $2.93 $3.54 $3.68 $2.61 $2.84 $4.14 $4.62 57.78% <-Total Growth 10 EPS Diluted
Increase 4300% 84.09% 11.11% -41.67% 34.29% -30.50% 137.76% 18.88% 5.78% 20.82% 3.95% -29.08% 8.81% 45.85% 11.61% 10 0 10 Years of Data, EPS P or N 100.00%
Earnings Yield 6.5% 7.7% 8.1% 5.1% 5.9% 3.7% 12.0% 10.5% 12.9% 14.2% 15.2% 8.9% 6.4% 9.3% 10.4% 4.67% <-IRR #YR-> 10 Earnings per Share 57.78%
5 year Running Average $0.35 $0.61 $0.81 $1.07 $1.35 $1.37 $1.51 $1.71 $2.08 $2.51 $3.05 $3.11 $3.12 $3.36 $3.58 0.50% <-IRR #YR-> 5 Earnings per Share 2.53%
10 year Running Average $1.26 $1.25 $1.25 $1.15 $1.04 $0.86 $1.06 $1.26 $1.58 $1.93 $2.21 $2.31 $2.41 $2.72 $3.04 14.44% <-IRR #YR-> 10 5 yr Running Average 285.19%
* Diluted ESP per share  E/P 10 Yrs 9.71% 5Yrs 12.94% 12.81% <-IRR #YR-> 5 5 yr Running Average 82.67%
-$1.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.84
-$2.77 $0.00 $0.00 $0.00 $0.00 $2.84
-$0.81 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.12
-$1.71 $0.00 $0.00 $0.00 $0.00 $3.12
Dividend* $1.77 $1.90 Estimates Dividend*
Increase 10.75% 7.22% Estimates Increase
Payout Ratio EPS 42.78% 41.10% Estimates Payout Ratio EPS
Special Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Pre-split '06
Dividend* $0.52 $0.52 $0.57 $0.68 $0.74 $0.82 $0.91 $1.00 $1.12 $1.17 $1.32 $1.46 $1.60 $1.76 $1.76 $1.76 180.70% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 9.62% 19.30% 8.82% 10.81% 10.98% 9.89% 12.00% 4.46% 12.82% 10.61% 9.59% 10.00% 0.00% 0.00% 20 2 25 Years of data, Count P, N 80.00%
Average Increases 5 Year Running -8.34% -11.07% -4.74% 5.78% 7.55% 9.71% 11.90% 11.96% 10.50% 9.63% 10.03% 9.96% 9.90% 9.50% 8.60% 6.04% 9.93% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $0.67 $0.57 $0.53 $0.56 $0.61 $0.67 $0.74 $0.83 $0.92 $1.00 $1.10 $1.21 $1.33 $1.46 $1.58 $1.67 151.70% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 4.30% 3.00% 2.69% 3.10% 3.81% 3.48% 3.98% 4.37% 5.51% 4.63% 5.37% 5.50% 4.29% 4.09% 4.33% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 3.72% 2.47% 2.49% 2.83% 2.96% 3.35% 3.34% 3.79% 4.04% 4.26% 4.73% 4.99% 3.46% 3.90% 3.63% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 5.09% 3.80% 2.93% 3.42% 5.35% 3.61% 4.92% 5.15% 8.64% 5.06% 6.21% 6.14% 5.65% 4.29% 5.25% <-Median-> 10 Yield on Low Price AEPS
Yield on Close Price 3.85% 2.48% 2.57% 3.28% 3.09% 3.13% 4.70% 3.79% 4.94% 4.70% 5.47% 4.99% 3.62% 3.96% 3.96% 3.96% 4.25% <-Median-> 10 Yield on Close Price CFPS
Payout Ratio EPS 59.09% 32.10% 31.67% 64.76% 52.48% 83.67% 39.06% 36.10% 38.23% 33.05% 35.87% 55.94% 56.34% 42.49% 38.07% #DIV/0! 45.77% <-Median-> 10 DPR EPS FCF 
DPR EPS 5 Yr Running 188.70% 93.16% 65.43% 52.33% 44.82% 48.54% 49.14% 48.59% 44.05% 40.00% 36.20% 39.09% 42.76% 43.48% 44.15% #DIV/0! 44.44% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 8.58% 9.90% 9.83% 12.98% 8.58% 9.14% 9.36% 9.49% 10.84% 9.82% 13.88% 12.91% 10.44% 11.49% #VALUE! #DIV/0! 10.13% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 11.32% 9.59% 9.20% 10.21% 9.78% 9.83% 9.70% 9.63% 9.52% 9.75% 10.61% 11.32% 11.42% 11.53% #DIV/0! #DIV/0! 9.80% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 7.86% 8.42% 9.57% 9.73% 7.73% 10.32% 9.65% -13.48% -13.72% 18.44% 29.56% 157.32% 76.78% 84.46% #DIV/0! #DIV/0! 10.03% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 10.88% 9.07% 8.62% 8.86% 8.58% 9.09% 9.33% 15.66% 40.41% 61.71% 118.53% -157.77% 117.90% 45.96% #DIV/0! #DIV/0! 12.49% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 4.33% 4.25% 5 Yr Med 5 Yr Cl 5.37% 4.94% 5 Yr Med Payout 38.23% 10.84% 29.56% 9.86% <-IRR #YR-> 5 Dividends 60.00%
* Dividends per share  10 Yr Med and Cur. -8.54% -6.74% 5 Yr Med and Cur. -26.28% -19.93% Last Div Inc ---> $0.400 $0.440 10.00% 10.87% <-IRR #YR-> 10 Dividends 180.70%
Dividends Growth 15 4.91% <-IRR #YR-> 15 Dividends 105.13%
Dividends Growth 20 6.32% <-IRR #YR-> 20 Dividends 240.43%
Dividends Growth 25 8.67% <-IRR #YR-> 25 Dividends
Dividends Growth 5 -$1.00 $0.00 $0.00 $0.00 $0.00 $1.60 Dividends Growth 5
Dividends Growth 10 -$0.57 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.60 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 $1.60 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 $1.60 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 $1.60 Dividends Growth 25
Historical Dividends Historical High Div 6.89% Low Div 1.27% 10 Yr High 8.39% 10 Yr Low 2.85% Med Div 3.30% Close Div 3.11% Historical Dividends
High/Ave/Median Values Curr diff Exp. -42.53%     211.77% Exp. -52.81% 38.93% Cheap 19.99% Cheap 27.27% High/Ave/Median 
Future Dividend Yield Div Yd 6.34% earning in 5 Years at IRR of 9.86% Div Inc. 60.00% Future Dividend Yield
Future Dividend Yield Div Yd 10.14% earning in 10 Years at IRR of 9.86% Div Inc. 156.00% Future Dividend Yield
Future Dividend Yield Div Yd 16.22% earning in 15 Years at IRR of 9.86% Div Inc. 309.60% Future Dividend Yield
Future Dividend Paid Div Paid $2.82 earning in 5 Years at IRR of 9.86% Div Inc. 60.00% Future Dividend Paid
Future Dividend Paid Div Paid $4.51 earning in 10 Years at IRR of 9.86% Div Inc. 156.00% Future Dividend Paid
Future Dividend Paid Div Paid $7.21 earning in 15 Years at IRR of 9.86% Div Inc. 309.60% Future Dividend Paid
Dividend Covering Cost Total Div $10.71 over 5 Years at IRR of 9.86% Div Cov. 24.10% Dividend Covering Cost
Dividend Covering Cost Total Div $25.04 over 10 Years at IRR of 9.86% Div Cov. 56.34% Dividend Covering Cost
Dividend Covering Cost Total Div $47.96 over 15 Years at IRR of 9.86% Div Cov. 107.91% Dividend Covering Cost
I am earning GC Div Gr 193.33% 5/1/05 # yrs -> 19 2005 $28.63 Cap Gain 55.26% I am earning GC
I am earning Div org yield 2.10% 12/31/14 Trading Div G Yrly 11.77% Div start $0.60 -2.10% 6.15% I am earning Div
I am earning GC Div Gr 151.43% 8/3/06 # yrs -> 18 2006 $36.13 Cap Gain 23.03% I am earning GC
I am earning Div org yield 1.94% 12/31/14 Pension Div G Yrly 11.58% Div start $0.70 -1.94% 4.87% I am earning Div
I am earning GC Div Gr 151.43% 7/10/06 # yrs -> 18 2006 $35.99 Cap Gain 23.51% I am earning GC
I am earning Div org yield 1.94% 12/31/14 RRSP Div G Yrly 11.48% Div start $0.70 -1.94% 4.89% I am earning Div
Yield if held 5 yrs 1.27% 1.77% 3.21% 4.19% 5.03% 6.78% 5.24% 4.72% 5.10% 6.02% 5.60% 6.39% 6.99% 8.65% 6.96% 7.16% 5.42% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 2.79% 2.68% 2.26% 2.21% 2.00% 2.00% 3.09% 5.64% 6.90% 7.96% 10.92% 8.41% 7.55% 8.02% 9.06% 7.46% 6.27% <-Median-> 10 Paid Median Price
Yield if held 15 yrs 6.44% 4.27% 3.49% 4.40% 4.69% 3.96% 3.64% 3.17% 3.21% 4.96% 9.02% 10.84% 11.97% 14.56% 4.12% <-Median-> 10 Paid Median Price
Yield if held 20 yrs 11.30% 7.04% 5.52% 7.09% 7.53% 6.34% 5.72% 4.76% 4.29% 7.06% <-Median-> 6 Paid Median Price
Yield if held 25 yrs 9.45% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 8.13% 9.71% 14.93% 17.31% 20.61% 27.54% 21.44% 19.57% 20.92% 25.84% 23.41% 26.55% 29.13% 35.94% 31.24% 33.94% 22.43% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 34.38% 33.58% 26.22% 21.81% 18.21% 16.24% 22.34% 38.32% 45.58% 54.74% 73.20% 56.43% 51.03% 54.23% 66.51% 58.78% 41.95% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 93.45% 54.93% 43.56% 52.26% 52.76% 42.67% 36.72% 31.79% 29.68% 42.94% 75.91% 90.61% 108.47% 142.18% 43.25% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 140.34% 83.77% 67.26% 81.91% 84.05% 69.11% 60.46% 53.17% 49.99% 82.84% <-Median-> 6 Paid Median Price
Cost covered if held 25 years 126.71% #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $79,570 $78,908 $61,821 $17,147 $48,739 $53,291 <-12 mths <-12 mths #VALUE! -33.03% <-Total Growth 5 Revenue Growth  -33.03%
AEPS Growth $2.97 $2.75 $3.25 $3.10 $3.47 $3.87 $3.94 <-12 mths 1.81% 30.30% <-Total Growth 5 AEPS Growth 30.30%
Net Income Growth $5,430 $5,700 $6,890 $7,034 $4,800 $5,074 -6.56% <-Total Growth 5 Net Income Growth -6.56%
Cash Flow Growth $20,542 $20,048 $23,155 $17,735 $20,423 $26,494 28.97% <-Total Growth 5 Cash Flow Growth 28.97%
Dividend Growth $1.00 $1.12 $1.17 $1.32 $1.46 $1.60 $1.76 <-12 mths 10.00% 60.00% <-Total Growth 5 Dividend Growth 60.00%
Stock Price Growth $26.36 $22.65 $24.88 $24.15 $29.28 $44.16 $44.45 <-12 mths 0.66% 67.53% <-Total Growth 5 Stock Price Growth 67.53%
Revenue Growth  $54,522 $34,430 $53,337 $58,323 $38,972 $79,570 $78,908 $61,821 $17,147 $48,739 $53,291 $75,418 <-this year 41.52% -2.26% <-Total Growth 10 Revenue Growth  -2.26%
AEPS Growth $1.48 $1.73 $1.96 $2.22 $2.74 $2.97 $2.75 $3.25 $3.10 $3.47 $3.87 $4.18 <-this year 8.01% 161.49% <-Total Growth 10 AEPS Growth 161.49%
Net Income Growth $3,375 $2,075 $2,796 $1,945 $4,632 $5,430 $5,700 $6,890 $7,034 $4,800 $5,074 $6,896 <-this year 35.91% 50.34% <-Total Growth 10 Net Income Growth 50.34%
Cash Flow Growth $10,806 $10,334 $17,036 $17,791 $19,168 $20,542 $20,048 $23,155 $17,735 $20,423 $26,494 $26,494 <-this year 0.00% 145.18% <-Total Growth 10 Cash Flow Growth 145.18%
Dividend Growth $0.57 $0.68 $0.74 $0.82 $0.91 $1.00 $1.12 $1.17 $1.32 $1.46 $1.60 $1.77 <-this year 10.75% 180.70% <-Total Growth 10 Dividend Growth 180.70%
Stock Price Growth $22.18 $20.74 $23.91 $26.22 $19.37 $26.36 $22.65 $24.88 $24.15 $29.28 $44.16 $44.45 <-this year 0.66% 99.10% <-Total Growth 10 Stock Price Growth 99.10%
Dividends on Shares $27.04 $27.04 $29.64 $35.36 $38.48 $42.64 $47.32 $52.00 $58.24 $60.84 $68.64 $75.92 $83.20 $91.52 $91.52 $91.52 $700.44 No of Years 15 Total Dividends 31-Dec-09
Paid  $702.52 $1,088.36 $1,153.36 $1,078.48 $1,243.32 $1,363.44 $1,007.24 $1,370.72 $1,177.80 $1,293.76 $1,255.80 $1,522.56 $2,296.32 $2,311.40 $2,311.40 $2,311.40 $2,296.32 No of Years 15 Worth $19.33
Total  $2,996.76 Total
Dividends on Shares $31.28 $34.04 $37.72 $41.86 $46.00 $51.52 $53.82 $60.72 $67.16 $73.60 $80.96 $80.96 $80.96 $497.72 No of Years 10 Total Dividends 31-Dec-14
Paid  $1,020.28 $954.04 $1,099.86 $1,206.12 $891.02 $1,212.56 $1,041.90 $1,144.48 $1,110.90 $1,346.88 $2,031.36 $2,044.70 $2,044.70 $2,044.70 $2,031.36 No of Years 10 Worth $22.18
Total $2,529.08 Total
Dividends on Shares $42.56 $44.46 $50.16 $55.48 $60.80 $66.88 $66.88 $66.88 $253.46 No of Years 5 Total Dividends 31-Dec-19
Paid  $1,001.68 $860.70 $945.44 $917.70 $1,112.64 $1,678.08 $1,689.10 $1,689.10 $1,689.10 $1,678.08 No of Years 5 Worth $26.36
Total $1,931.54 Total
Graham Price AEPS $17.79 $20.53 $23.41 $27.59 $29.23 $30.72 $36.31 $39.42 $39.42 $44.25 $42.93 $41.77 $47.24 $49.10 $51.50 $53.59 101.76% <-Total Growth 10 Graham Price AEPS
Price/GP Ratio Med 0.68 0.85 0.91 0.80 0.66 0.77 0.63 0.58 0.52 0.57 0.57 0.64 0.79 0.88 0.63 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.78 1.02 0.98 0.87 0.86 0.80 0.75 0.67 0.70 0.62 0.65 0.70 0.98 0.92 0.73 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.57 0.67 0.83 0.72 0.47 0.74 0.51 0.49 0.33 0.52 0.50 0.57 0.60 0.84 0.52 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.76 1.02 0.95 0.75 0.82 0.85 0.53 0.67 0.57 0.56 0.56 0.70 0.93 0.91 0.86 0.83 0.68 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -24.05% 1.96% -5.27% -24.82% -18.19% -14.64% -46.65% -33.13% -42.54% -43.77% -43.75% -29.89% -6.52% -9.46% -13.69% -17.05% -31.51% <-Median-> 10 Graham Price
Graham Price EPS $15.77 $22.57 $25.82 $21.47 $24.79 $20.41 $33.48 $38.07 $40.69 $46.18 $46.78 $36.22 $40.47 $48.87 $51.63 $0.00 56.72% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 0.77 0.77 0.82 1.02 0.78 1.16 0.68 0.60 0.50 0.55 0.53 0.73 0.92 0.88 0.71 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.89 0.93 0.89 1.12 1.01 1.20 0.81 0.69 0.68 0.59 0.60 0.81 1.14 0.92 0.81 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.65 0.61 0.75 0.93 0.56 1.11 0.55 0.51 0.32 0.50 0.45 0.66 0.70 0.84 0.56 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.86 0.93 0.86 0.97 0.96 1.28 0.58 0.69 0.56 0.54 0.52 0.81 1.09 0.90 0.86 #DIV/0! 0.75 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -14.32% -7.27% -14.10% -3.39% -3.55% 28.48% -42.14% -30.75% -44.33% -46.13% -48.37% -19.16% 9.12% -9.64% -13.91% #DIV/0! -24.96% <-Median-> 10 Graham Price
Pre-split '06
Price Close $13.51 $20.93 $22.18 $20.74 $23.91 $26.22 $19.37 $26.36 $22.65 $24.88 $24.15 $29.28 $44.16 $44.45 $44.45 $44.45 99.10% <-Total Growth 10 Stock Price
Increase 24.52% 54.92% 5.97% -6.49% 15.28% 9.66% -26.13% 36.09% -14.07% 9.85% -2.93% 21.24% 50.82% 0.66% 0.00% 0.00% 14.54 <-Median-> 10 CAPE (10 Yr P/E)
P/E 15.35 12.92 12.32 19.75 16.96 26.76 8.31 9.52 7.73 7.03 6.56 11.22 15.55 10.73 9.61 #DIV/0! 10.87% <-IRR #YR-> 5 Stock Price 67.53%
Trailing P/E 675.50 23.78 13.69 11.52 22.77 18.60 19.77 11.31 8.18 8.49 6.82 7.96 16.92 15.65 10.73 9.61 7.13% <-IRR #YR-> 10 Stock Price 99.10%
CAPE (10 Yr P/E) 19.45 19.51 19.08 19.55 20.13 22.67 18.25 15.98 13.09 11.43 10.47 10.38 10.84 10.48 10.05 #DIV/0! 14.96% <-IRR #YR-> 5 Price & Dividend 96.62%
Median 10, 5 Yrs D.  per yr 3.43% 4.08% % Tot Ret 32.51% 27.31% T P/E 11.42 8.18 P/E:  10.37 7.73 10.56% <-IRR #YR-> 10 Price & Dividend 150.45%
Price 15 D.  per yr 2.91% % Tot Ret 33.97% CAPE Diff -26.18% 5.66% <-IRR #YR-> 15 Stock Price 128.45%
Price  20 D.  per yr 2.42% % Tot Ret 50.67% 2.36% <-IRR #YR-> 20 Stock Price 59.42%
Price  25 D.  per yr 3.63% % Tot Ret 35.99% 6.46% <-IRR #YR-> 25 Stock Price
Price & Dividend 15 8.58% <-IRR #YR-> 15 Price & Dividend 202.17%
Price & Dividend 20 4.78% <-IRR #YR-> 20 Price & Dividend 87.18%
Price & Dividend 25 10.09% <-IRR #YR-> 25 Price & Dividend
Price  5 -$26.36 $0.00 $0.00 $0.00 $0.00 $44.16 Price  5
Price 10 -$22.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $44.16 Price 10
Price & Dividend 5 -$26.36 $1.12 $1.17 $1.32 $1.46 $45.76 Price & Dividend 5
Price & Dividend 10 -$22.18 $0.68 $0.74 $0.82 $0.91 $1.00 $1.12 $1.17 $1.32 $1.46 $45.76 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 $44.16 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 $44.16 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 $44.16 Price  25
Price & Dividend 15 $0.52 $0.52 $0.57 $0.68 $0.74 $0.82 $0.91 $1.00 $1.12 $1.17 $1.32 $1.46 $45.76 Price & Dividend 15
Price & Dividend 20 $0.52 $0.52 $0.57 $0.68 $0.74 $0.82 $0.91 $1.00 $1.12 $1.17 $1.32 $1.46 $45.76 Price & Dividend 20
Price & Dividend 25 $0.52 $0.52 $0.57 $0.68 $0.74 $0.82 $0.91 $1.00 $1.12 $1.17 $1.32 $1.46 $45.76 Price & Dividend 25
Price Median H/L $12.09 $17.35 $21.21 $21.95 $19.43 $23.58 $22.86 $22.90 $20.34 $25.29 $24.58 $26.54 $37.29 $43.07 75.83% <-Total Growth 10 Stock Price
Increase -17.78% 43.51% 22.22% 3.49% -11.48% 21.39% -3.05% 0.17% -11.18% 24.34% -2.83% 7.98% 40.51% 15.52% 5.81% <-IRR #YR-> 10 Stock Price 75.83%
P/E 13.74 10.71 11.78 20.90 13.78 24.06 9.81 8.27 6.94 7.14 6.68 10.17 13.13 10.40 10.24% <-IRR #YR-> 5 Stock Price 62.82%
Trailing P/E 604.50 19.72 13.09 12.19 18.50 16.72 23.33 9.83 7.34 8.63 6.94 7.21 14.29 15.17 9.60% <-IRR #YR-> 10 Price & Dividend 129.54%
P/E on Running 5 yr Average 34.15 28.26 26.18 20.43 14.37 17.19 15.10 13.41 9.76 10.08 8.06 8.54 11.95 12.81 14.99% <-IRR #YR-> 5 Price & Dividend 96.31%
P/E on Running 10 yr Average 9.63 13.85 16.94 19.03 18.62 27.32 21.48 18.19 12.88 13.10 11.11 11.49 15.45 15.82 13.43 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 3.79% 4.75% % Tot Ret 40% 31.70% T P/E 11.01 7.34 P/E:  9.99 7.14 Count 26 Years of data
-$21.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37.29
-$22.90 $0.00 $0.00 $0.00 $0.00 $37.29
-$21.21 $0.68 $0.74 $0.82 $0.91 $1.00 $1.12 $1.17 $1.32 $1.46 $38.89
-$22.90 $1.12 $1.17 $1.32 $1.46 $38.89
High Months Mar Dec Dec Jun Dec Nov Jan Nov Jan Apr Feb Dec Nov Feb
Pre-split '06
Price High $13.96 $21.03 $22.93 $24.00 $25.01 $24.47 $27.22 $26.38 $27.71 $27.47 $27.89 $29.28 $46.23 $45.14 101.61% <-Total Growth 10 Stock Price
Increase -27.14% 50.64% 9.03% 4.67% 4.21% -2.16% 11.24% -3.09% 5.04% -0.87% 1.53% 4.98% 57.89% -2.36% #NUM! <-IRR #YR-> 9 Stock Price 101.61%
P/E 15.86 12.98 12.74 22.86 17.74 24.97 11.68 9.52 9.46 7.76 7.58 11.22 16.28 10.90 #NUM! <-IRR #YR-> 4 Stock Price 75.25%
Trailing P/E 698.00 23.90 14.15 13.33 23.82 17.35 27.78 11.32 10.00 9.38 7.88 7.96 17.71 15.89 15.86 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 12.33 9.38 P/E:  11.45 9.46 22.44 P/E Ratio Historical High
-$24.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.14
-$27.71 $0.00 $0.00 $0.00 $0.00 $45.14
Low Months Jul Jan Oct Jan Feb Apr Dec Jan Mar Jan Oct Oct Jan Mar
Pre-split '06
Price Low $10.22 $13.67 $19.48 $19.89 $13.84 $22.69 $18.50 $19.42 $12.97 $23.11 $21.26 $23.79 $28.34 $41.00 45.48% <-Total Growth 10 Stock Price
Increase -0.29% 33.76% 42.50% 2.10% -30.42% 63.95% -18.47% 4.97% -33.21% 78.18% -8.01% 11.90% 19.13% 44.67% 3.82% <-IRR #YR-> 10 Stock Price 45.48%
P/E 11.61 8.44 10.82 18.94 9.82 23.15 7.94 7.01 4.43 6.53 5.78 9.11 9.98 9.90 7.85% <-IRR #YR-> 5 Stock Price 45.93%
Trailing P/E 511.00 15.53 12.02 11.05 13.18 16.09 18.88 8.33 4.68 7.89 6.01 6.46 10.86 14.44 10.82 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 9.60 6.46 P/E:  8.53 6.53 6.93 P/E Ratio Historical Low
-$19.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $28.34
-$19.42 $0.00 $0.00 $0.00 $0.00 $28.34
Free Cash Flow Mkt Sc $8,945 $12,330 $27,917 $25,942 $4,763
Change 37.84% 126.42% -7.07% -81.64%
Free Cash Flow WSJ $11,000 $10,000 $10,806 $10,334 $17,036 $17,791 $19,188 $20,542 $20,048 $23,155 $17,735 $20,423 $26,494 145.18% <-Total Growth 10 Free Cash Flow WSJ
Change 0.00% -9.09% 8.06% -4.37% 64.85% 4.43% 7.85% 7.06% -2.40% 15.50% -23.41% 15.16% 29.73% 7.45% <-Median-> 10 Free Cash Flow MS 28.97%
Free Cash Flow MS old $10,334 $17,036 $17,791 $19,188 $20,542 $20,050 $23,160 $17,735 $20,000
Change #DIV/0! 64.85% 4.43% 7.85% 7.06% -2.40% 15.51% -23.42% 12.77%
Free Cash Flow MS $11,000 $10,000 $10,806 $4,100 $880 -$4,450 $15,670 -$14,460 -$15,840 $12,330 $53,150 $1,680 $3,600 $7,796 -66.69% <-Total Growth 10 Free Cash Flow MS,
Change 0.00% -9.09% 8.06% -62.06% -78.54% -605.68% 452.13% -192.28% -9.54% 177.84% 331.06% -96.84% 114.29% 116.56% #NUM! <-IRR #YR-> 5 Free Cash Flow MS 124.90%
FCF/CF from Op Ratio 0.99 1.03 1.00 0.40 0.05 -0.25 0.82 -0.70 -0.79 0.53 3.00 0.08 0.14 0.29 -10.41% <-IRR #YR-> 10 Free Cash Flow MS -66.69%
Dividends paid $733 $761 $910 $1,427 $1,593 $1,780 $1,788 $1,398 $1,398 $1,398 $1,398 $1,398 $1,398 $1,398 53.63% <-Total Growth 10 Dividends paid
Percentage paid 7.61% 8.42% 34.80% 181.02% -40.00% 11.41% 0.00% 0.00% 11.34% 2.63% 83.21% 38.83% 17.93% 11.37% <-Median-> 10 Percentage paid
5 Year Coverage 30.33% 27.76% 458.97% -43.72% -114.99% 14.51% 18.96% 12.73% 8.90% 16.74% <-Median-> 8 5 Year Coverage
Dividend Coverage Ratio 13.14 11.87 2.87 0.55 -2.50 8.76 -10.34 -11.33 8.82 38.02 1.20 2.58 5.58 1.89 <-Median-> 10 Dividend Coverage Ratio
5 Year of Coverage 0.22 -2.29 -0.87 6.89 5.27 7.86 11.24 2.75 <-Median-> 6 5 Year of Coverage
Market Cap $24,696 $38,679 $41,344 $40,899 $47,222 $51,968 $38,178 $51,376 $43,941 $48,342 $45,040 $52,880 $76,353 $76,854 $76,854 $76,854 84.68% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 1,888 1,862 1,881 1,977 1,977 1,986 1,988 1,962 1,943 1,946 1,913 1,838 1,785 1,785 -5.10% <-Total Growth 10 Diluted
Change 5.53% -1.38% 1.02% 5.10% 0.00% 0.46% 0.10% -1.31% -0.97% 0.15% -1.70% -3.92% -2.88% 0.00% -0.48% <-Median-> 10 Change
Difference Diluted/Basic -4.0% -1.4% -1.3% -0.8% -0.2% -0.4% -1.3% -0.2% -0.1% -0.2% -0.2% -0.2% -0.3% -0.3% -0.21% <-Median-> 10 Difference Diluted/Basic
Average # of Shares in Million 1,812 1,836 1,857 1,962 1,973 1,978 1,963 1,958 1,941 1,942 1,910 1,834 1,779 1,779 -4.20% <-Total Growth 10 Average
Change 1.46% 1.32% 1.14% 5.65% 0.56% 0.25% -0.76% -0.25% -0.87% 0.05% -1.65% -3.98% -3.00% 0.00% -0.51% <-Median-> 10 Change
Difference Basic/Outstanding 0.9% 0.7% 0.4% 0.5% 0.1% 0.2% 0.4% -0.5% -0.1% 0.1% -2.4% -1.5% -2.8% -2.8% 0.00% <-Median-> 10 Difference Basic/Outstanding
# of Share in Millions 1,828 1,848 1,864 1,972 1,975 1,982 1,971 1,949 1,940 1,943 1,865 1,806 1,729 1,729 1,729 1,729 -0.75% <-IRR #YR-> 10 Shares -7.24%
Change 1.50% 1.09% 0.87% 5.79% 0.15% 0.35% -0.55% -1.12% -0.46% 0.15% -4.01% -3.16% -4.26% 0.00% 0.00% 0.00% -2.37% <-IRR #YR-> 5 Shares -11.29%
CF fr Op $M $11,080 $9,708 $10,806 $10,334 $17,036 $17,791 $19,168 $20,542 $20,048 $23,155 $17,735 $20,423 $26,494 $26,494 145.18% <-Total Growth 10 Cash Flow
Increase 18.72% -12.38% 11.31% -4.37% 64.85% 4.43% 7.74% 7.17% -2.40% 15.50% -23.41% 15.16% 29.73% 0.00% SO DRIP S. Iss; Buy Backs
5 year Running Average $10,384 $10,741 $10,498 $10,252 $11,793 $13,135 $15,027 $16,974 $18,917 $20,141 $20,130 $20,381 $21,571 $22,860 105.48% <-Total Growth 10 CF 5 Yr Running
CFPS $6.06 $5.25 $5.80 $5.24 $8.63 $8.98 $9.73 $10.54 $10.33 $11.92 $9.51 $11.31 $15.32 $15.32 <-12 mths 164.32% <-Total Growth 10 Cash Flow per Share
Increase 16.97% -13.33% 10.35% -9.61% 64.60% 4.06% 8.34% 8.38% -1.95% 15.32% -20.20% 18.92% 35.50% 0.00% 9.38% <-IRR #YR-> 10 Cash Flow 145.18%
5 year Running Average $5.90 $5.97 $5.76 $5.51 $6.20 $6.78 $7.67 $8.62 $9.64 $10.30 $10.41 $10.72 $11.68 $12.68 5.22% <-IRR #YR-> 5 Cash Flow 28.97%
P/CF on Med Price 1.99 3.30 3.66 4.19 2.25 2.63 2.35 2.17 1.97 2.12 2.58 2.35 2.43 2.81 10.21% <-IRR #YR-> 10 Cash Flow per Share 164.32%
P/CF on Closing Price 2.23 3.98 3.83 3.96 2.77 2.92 1.99 2.50 2.19 2.09 2.54 2.59 2.88 2.90 7.77% <-IRR #YR-> 5 Cash Flow per Share 45.39%
23.51% Diff M/C 7.33% <-IRR #YR-> 10 CFPS 5 yr Running 102.77%
Excl.Working Capital CF $1,011 $1,700 $298 $3,441 $1,862 -$2,047 -$577 -$35,005 -$35,889 -$10,827 -$9,406 -$18,747 -$22,891 -$22,891 <-12 mths 6.26% <-IRR #YR-> 5 CFPS 5 yr Running 35.46%
CF fr Op $M WC $12,091 $11,408 $11,104 $13,775 $18,898 $15,744 $18,591 -$14,463 -$15,841 $12,328 $8,329 $1,676 $3,603 $3,603 -67.55% <-Total Growth 10 Cash Flow less WC
Increase 11.98% -5.65% -2.66% 24.05% 37.19% -16.69% 18.08% -177.80% -9.53% 177.82% -32.44% -79.88% 114.98% 0.00% -10.65% <-IRR #YR-> 10 Cash Flow less WC -67.55%
5 year Running Average $10,803 $11,372 $11,215 $11,835 $13,455 $14,186 $15,622 $10,509 $4,586 $3,272 $1,789 -$1,594 $2,019 $5,908 #NUM! <-IRR #YR-> 5 Cash Flow less WC 124.91%
CFPS Excl. WC $6.61 $6.17 $5.96 $6.99 $9.57 $7.94 $9.43 -$7.42 -$8.17 $6.34 $4.47 $0.93 $2.08 $2.08 -15.76% <-IRR #YR-> 10 CF less WC 5 Yr Run -82.00%
Increase 10.33% -6.67% -3.50% 17.26% 36.98% -16.98% 18.74% -178.67% -10.04% 177.70% -29.61% -79.22% 124.55% 0.00% -28.10% <-IRR #YR-> 5 CF less WC 5 Yr Run -80.79%
5 year Running Average $6.14 $6.31 $6.15 $6.34 $7.06 $7.33 $7.98 $5.30 $2.27 $1.63 $0.93 -$0.77 $1.13 $3.18 -9.97% <-IRR #YR-> 10 CFPS - Less WC -65.02%
P/CF on Med Price 1.83 2.81 3.56 3.14 2.03 2.97 2.42 -3.09 -2.49 3.99 5.50 28.59 17.89 20.67 17.93% <-IRR #YR-> 5 CFPS - Less WC 128.08%
P/CF on Closing Price 2.04 3.39 3.72 2.97 2.50 3.30 2.05 -3.55 -2.77 3.92 5.41 31.55 21.19 21.33 -15.57% <-IRR #YR-> 10 CFPS 5 yr Running -81.60%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 2.35 5 yr  2.35 P/CF Med 10 yr 3.06 5 yr  5.50 598.21% Diff M/C -26.58% <-IRR #YR-> 5 CFPS 5 yr Running -78.66%
-$10.54 $0.00 $0.00 $0.00 $0.00 $15.32 Cash Flow per Share
-$5.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.68 CFPS 5 yr Running
-$8.62 $0.00 $0.00 $0.00 $0.00 $11.68 CFPS 5 yr Running
-$11,104 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,603 Cash Flow less WC
$14,463 $0 $0 $0 $0 $3,603 Cash Flow less WC
-$11,215 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,019 CF less WC 5 Yr Run
-$10,509 $0 $0 $0 $0 $2,019 CF less WC 5 Yr Run
-$5.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.08 CFPS - Less WC
$7.42 $0.00 $0.00 $0.00 $0.00 $2.08 CFPS - Less WC
-$6.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.13 CFPS 5 yr Running
-$5.30 $0.00 $0.00 $0.00 $0.00 $1.13 CFPS 5 yr Running
Decrease in reinsurance assets -$836 $1,526 $506 $1,391 -$842 $2,269 $893 -$557 -$2,374 $754 $159 $2,204
Cash decrease due to Closed Block reinsuance transaction (note 3) -$2,023 $0 $0
Cash Decrease due to US Variable Annuity -$1,377
Changes in policy related and operating receivables and payables -$175 -$3,226 -$804 -$2,809 -$1,020 -$222 -$316 $1,665 $1,103 -$690 -$2,204 TD in 2021 changed their
                      mind (again) on WC
Sum -$1,011 -$1,700 -$298 -$3,441 -$1,862 $2,047 $577 $1,108 -$1,271 $64 -$3,422 This is the values they give now
Google -->TD -$298 -$3,441 -$1,862 $2,047 $577 $1,108 -$1,271 $64 -$3,422
Difference $0 $0 $0 $0 $0 $0 $0 $0 $0
Inc in Insurance Liab $12,442 -$10,130 $24,185 $7,452 $18,014 $20,023 $2,907 $33,727 $36,982 $10,719 -$33,413 $10,697 $9,435
Inc in Invest Contract Liab $87 $162 $65 $203 $0 $173 $35 $170 $178 $44 $41 $435 $504
Decrease in reinsurance assets -$836 $1,526 $506 $1,391 -$842 $2,269 $893 -$557 -$2,374 $754 $159 $974 -$613
Gain on Variable Annuity -$1,070
Net Realized and Unreal losses& impair on assets $47,270
Cash Decrese variable Annuity -$1,377
Cash decrease -$2,023
Changes in policy related and operating receivables and payables -$175 -$3,236 -$804 -$2,809 -$1,020 -$222 -$316 $1,665 $1,103 -$690 -$2,204 $6,641 $13,565
Sum $11,518 -$11,678 $23,952 $4,214 $16,152 $22,243 $3,519 $35,005 $35,889 $10,827 $9,406 $18,747 $22,891
TD -$11,883 $23,952 $4,214 $16,152 $22,243 $3,519 $35,005 $35,889 $10,827 $9,706 $18,747 $22,891 Older values given by TD
Difference $205 $0 $0 $0 $0 $0 $0 $0 $0 -$300 $0 $0
TD in 2023 $3,519 $35,889 $10,827 $9,706 $18,747
OPM 38.00% 26.75% 19.82% 30.01% 31.94% 30.50% 49.18% 25.82% 25.41% 37.45% 103.43% 41.90% 49.72% 35.13% 65.64% <-Total Growth 10 OPM
Increase 107.59% -29.60% -25.91% 51.44% 6.42% -4.50% 61.24% -47.51% -1.59% 47.42% 176.14% -59.49% 18.65% -29.34% should be zero, it is a check on calculations
Diff from Median 9.5% -22.9% -42.9% -13.5% -7.9% -12.1% 41.8% -25.6% -26.8% 7.9% 198.1% 20.8% 43.3% 1.2% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 34.70% 5 Yrs 41.90% Should increase or be stable.
Adjusted (Core) EBITDA $1,773 $1,771 $2,173 Adjusted (Core) EBITDA Only in 2023 report
Change -0.11% 22.70% Change Makt Sc
Margin 10.34% 3.63% 4.08% Margin No past values
Covering Assets $229,928 $232,709 $269,310 $309,267 $321,869 $334,222 $353,664 $378,527 $410,977 $427,098 $414,001 $417,210 $442,497 $442,497 <-12 mths 43.08% <-Total Growth 10 Covering Assets
Change 1.50% 1.21% 15.73% 14.84% 4.07% 3.84% 5.82% 7.03% 8.57% 3.92% -3.07% 0.78% 6.06% 0.00% 4.95% <-Median-> 10 Change
Debt/Covering Assets 1.10 1.05 1.07 1.13 0.99 0.97 0.99 0.99 1.00 0.97 1.07 0.97 0.98 0.98 0.99 <-Median-> 10 Debt/Covering Assets
Deposits/Total Debt Ratio 0.55 0.51 0.53 0.53 0.47 0.47 0.50 0.50 0.50 0.48 0.56 0.49 0.47 0.47 0.49 <-Median-> 10 Deposits/Total Debt Ratio Type
Long Term Debt $251,975 $244,724 $288,948 $349,456 $318,699 $325,862 $351,603 $375,753 $409,731 $416,112 $444,000 $404,259 $434,631 $434,631 <-12 mths 24.37% <-Total Growth 10 Long Term Debt Lg Term R A
Change 4.48% -2.88% 18.07% 20.94% -8.80% 2.25% 7.90% 6.87% 9.04% 1.56% 6.70% -8.95% 7.51% 0.00% 6.79% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 10.20 6.33 6.99 8.54 6.75 6.27 9.21 7.31 9.32 8.61 9.86 7.64 5.69 5.66 8.09 <-Median-> 10 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 217.77 201.66 37.16 43.53 42.51 45.01 44.12 44.42 41.48 43.75 42.04 42.55 36.49 36.49 43.04 <-Median-> 10 Assets/Current Liab Ratio Liquidity
Current Liabilities/Asset Ratio 0.00 0.00 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.02 <-Median-> 10 Current Liab/Asset Ratio Liq. + CF
Debt to Cash Flow (Years) 22.74 25.21 26.74 33.82 18.71 18.32 18.34 18.29 20.44 17.97 25.04 19.79 16.40 16.40 18.53 <-Median-> 10 Debt to Cash Flow (Years) Debt Ratio
Leverage Rep
Intangibles $2,013 $2,188 $2,280 $3,699 $4,223 $4,127 $4,233 $4,232 $4,215 $4,264 $4,505 $4,264 $6,275 $6,275 69.64% <-Total Growth 10 Intangibles Leverage
Goodwill $3,100 $3,110 $3,181 $5,685 $5,884 $5,713 $5,864 $5,743 $5,714 $5,651 $6,014 $5,651 $4,777 $4,777 -15.97% <-Total Growth 10 Goodwill D/E Ratio
Total $5,113 $5,298 $5,461 $9,384 $10,107 $9,840 $10,097 $9,975 $9,929 $9,915 $10,519 $9,915 $11,052 $11,052 <-12 mths 17.77% <-Total Growth 10 Total
Change -6.05% 3.62% 3.08% 71.84% 7.70% -2.64% 2.61% -1.21% -0.46% -0.14% 6.09% -5.74% 11.47% 0.00% Change
Intangible/Market Cap Ratio 0.21 0.14 0.13 0.23 0.21 0.19 0.26 0.19 0.23 0.21 0.23 0.19 0.14 0.14 0.21 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $16,295 $16,177 $23,819 $21,038 $18,256 $19,295 $20,011 $24,101 $30,134 $26,529 $23,414 $23,016 $31,163 $31,163 <-12 mths Liq ratio of 1.5 and up, best Assets
Current Liability $2,232 $2,547 $15,593 $16,187 $16,955 $16,207 $17,004 $18,216 $21,221 $20,974 $20,195 $20,576 $26,826 $26,826 <-12 mths 1.18 <-Median-> 10 Liabilities
Liquidity 7.30 6.35 1.53 1.30 1.08 1.19 1.18 1.32 1.42 1.26 1.16 1.12 1.16 1.16 1.16 <-Median-> 5 Ratio
Liq. with CF aft div 11.84 9.79 2.15 1.86 2.00 2.19 2.20 2.34 2.26 2.26 1.92 1.98 2.05 2.04
Liq. CF re  Inv+Div  2.00 1.90 1.71 1.00 0.85 1.09 1.04 1.33 1.36 1.04 1.00 1.19 1.21 2.04
From Google Finance and G&M site
Assets $486,056 $513,628 $579,480 $704,643 $720,681 $729,533 $750,271 $809,130 $880,349 $917,643 $848,941 $875,574 $978,818 $978,818 <-12 mths Debt Ratio of 1.5 and up, best Assets
Liability $459,960 $484,595 $545,480 $662,705 $677,858 $687,370 $703,120 $759,024 $827,343 $858,774 $792,562 $826,847 $925,858 $925,858 <-12 mths 1.06 <-Median-> 10 Liabilities
Debt Ratio 1.06 1.06 1.06 1.06 1.06 1.06 1.07 1.07 1.06 1.07 1.07 1.06 1.06 1.06 1.06 <-Median-> 5 Ratio
Liab. For Preferred etc $3,501 $4,385 $4,526 Included in above Liabilities
Estimates BVPS $27.40 $29.70 Estimates Estimates BVPS
Estimate Book Value $47,374.6 $51,351.3 Estimates Estimate Book Value
P/B Ratio (Close) 1.62 1.50 Estimates P/B Ratio (Close)
Difference from 10 year median 56.59% Diff M/C Estimates Difference from 10 yr med.
Total Equity $26,096 $29,033 $34,000 $41,938 $42,823 $42,163 $47,151 $50,106 $53,006 $58,869 $56,379 $48,727 $52,960 $52,960 55.76% <-Total Growth 10 Book Value
NCI $501 $376 $464 $592 $743 $929 $1,093 $1,211 $1,455 $1,694 $1,664 $1,461 $1,421 $1,421 206.25% <-Total Growth 10 Non Cont. Int.
Equity  $25,595 $28,657 $33,536 $41,346 $42,080 $41,234 $46,058 $48,895 $51,551 $57,175 $54,715 $47,266 $51,539 $51,539 53.68% <-Total Growth 10 Equity 
Preferred Shares $2,497 $2,693 $2,693 $2,693 $3,577 $3,577 $3,822 $3,822 $3,622 $6,381 $6,660 $6,660 $6,660 $6,660 147.31% <-Total Growth 10 Preferred Shares
Participating. Policyholders $146 $134 $156 $187 $248 $221 $94 -$243 -$784 -$1,233 -$1,233 $257 $567 $567 263.46% <-Total Growth 10 Participating. Policyholders
Book Value $22,952 $25,830 $30,687 $38,466 $38,255 $37,436 $42,142 $45,316 $48,713 $52,027 $49,288 $40,349 $44,312 $44,312 $44,312 $44,312 44.40% <-Total Growth 10 Book Value
Book Value per Share $12.56 $13.98 $16.46 $19.51 $19.37 $18.89 $21.38 $23.25 $25.11 $26.78 $26.43 $22.34 $25.63 $25.63 $25.63 $25.63 55.67% <-Total Growth 10 Book Value per Share
Change 0.94% 11.32% 17.78% 18.48% -0.70% -2.49% 13.20% 8.75% 7.99% 6.64% -1.30% -15.46% 14.71% 0.00% 0.00% 0.00% 40.77% P/B Ratio Current/Historical Median
P/B Ratio (Median) 0.96 1.24 1.29 1.13 1.00 1.25 1.07 0.98 0.81 0.94 0.93 1.19 1.45 1.68 0.00 0.00 1.23 P/B Ratio Historical Median
P/B Ratio (Close) 1.08 1.50 1.35 1.06 1.23 1.39 0.91 1.13 0.90 0.93 0.91 1.31 1.72 1.73 1.73 1.73 4.53% <-IRR #YR-> 10 Book Value per Share 55.67%
Change 23.35% 39.17% -10.03% -21.08% 16.10% 12.46% -34.74% 25.14% -20.44% 3.01% -1.65% 43.42% 31.48% 0.66% 0.00% 0.00% 1.97% <-IRR #YR-> 5 Book Value per Share 10.23%
Financial Leverage Reported 28.60% 25.10% 26.60% 27.70% 25.80% 24.30% 23.70% 23.70%
Leverage (A/BK) 18.63 17.69 17.04 16.80 16.83 17.30 15.91 16.15 16.61 15.59 15.06 17.97 18.48 18.48 16.71 <-Median-> 10 A/BV
Debt/Equity Ratio 17.63 16.69 16.04 15.80 15.83 16.30 14.91 15.15 15.61 14.59 14.06 16.97 17.48 17.48 15.71 <-Median-> 10 Debt/Eq Ratio
Median P/BV 10 yr Med 1.04 5 yr Med 0.94 67.41% Diff M/C
-$16.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $25.63
-$23.25 $0.00 $0.00 $0.00 $0.00 $25.63
Comprehensive Income $1,219 $4,395 $5,717 $7,115 $1,486 $1,009 $7,010 $5,740 $5,460 $5,765 $1,972 $5,005 $10,551 85% <-Total Growth 10 Comprehensive Income
NCI $51 $47 $74 $67 $141 $192 $212 $237 $254 $252 -$4 $18 $4 NCI
Particpating -$103 -$12 $22 $31 $61 -$27 -$127 -$334 -$541 -$449 -$113 $334 $310 Particpating
Shareholders $1,271 $4,360 $5,621 $7,017 $1,284 $844 $6,925 $5,837 $5,747 $5,962 $2,089 $4,653 $10,237 82% <-Total Growth 10 Comprehensive Income
Increase 209.25% 243.04% 28.92% 24.84% -81.70% -34.27% 720.50% -15.71% -1.54% 3.74% -64.96% 122.74% 120.01% 3.74% <-Median-> 5 Comprehensive Income
5 Yr Running Average -$66 $805 $2,043 $3,736 $3,911 $3,825 $4,338 $4,381 $4,127 $5,063 $5,312 $4,858 $5,738 6.18% <-IRR #YR-> 10 Comprehensive Income 82%
ROE 5.5% 16.9% 18.3% 18.2% 3.4% 2.3% 16.4% 12.9% 11.8% 11.5% 4.2% 11.5% 23.1% 11.89% <-IRR #YR-> 5 Comprehensive Income 75.38%
5Yr Median 0.0% 1.8% 5.5% 16.9% 16.9% 16.9% 16.4% 12.9% 11.8% 11.8% 11.8% 11.5% 11.5% 10.88% <-IRR #YR-> 10 5 Yr Running Average 32.26%
% Difference from NI -21.7% 45.4% 66.5% 238.2% -54.1% -56.6% 49.5% 7.5% 0.8% -13.5% -70.3% -3.1% 101.8% 5.54% <-IRR #YR-> 5 5 Yr Running Average 30.95%
Median Values Diff 5, 10 yr -1.1% -3.1% 11.5% <-Median-> 5 Return on Equity
-$5,621 $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,237
-$5,837 $0 $0 $0 $0 $10,237
-$2,042.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $5,737.6
-$4,381.4 $0.0 $0.0 $0.0 $0.0 $5,737.6
Current Liability Coverage Ratio 4.96 3.81 0.69 0.64 1.00 1.10 1.13 1.13 0.94 1.10 0.88 0.99 0.99 0.99   CFO / Current Liabilities
5 year Median 1.42 1.46 1.46 1.42 1.00 1.00 1.00 1.10 1.10 1.10 1.10 0.99 0.99 0.99 99.9% <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 0.02 0.02 0.02 0.01 0.02 0.02 0.03 0.03 0.02 0.03 0.02 0.02 0.03 0.03 CFO / Total Assets
5 year Median 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.02 0.02 0.03 2.4% <-Median-> 10 Return on Assets 
Return on Assets ROA 0.33% 0.58% 0.58% 0.29% 0.39% 0.27% 0.62% 0.67% 0.65% 0.75% 0.83% 0.55% 0.52% 0.70% Net  Income/Assets Return on Assets
5Yr Median 0.13% 0.33% 0.33% 0.33% 0.39% 0.39% 0.39% 0.39% 0.62% 0.65% 0.67% 0.67% 0.65% 0.70% 0.6% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 7.08% 11.61% 11.00% 5.39% 7.31% 5.20% 10.99% 11.98% 11.70% 13.24% 14.27% 11.90% 11.45% 15.56% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 1.82% 4.88% 7.08% 7.08% 7.31% 7.31% 7.31% 7.31% 10.99% 11.70% 11.98% 11.98% 11.90% 13.24% 11.6% <-Median-> 10 Return on Equity
$6,041 <-12 mths 19.06%
Net Income $1,692 $3,166 $3,593 $2,290 $3,133 $2,262 $4,887 $5,502 $5,576 $6,912 $7,182 $5,607 $5,878 63.60% <-Total Growth 10 Net Income
NCI $59 $48 $71 $69 $143 $194 $214 $233 $250 $255 -$1 $144 $247 NCI
Participating -$103 -$12 $21 $30 $61 -$36 -$127 -$333 -$545 -$448 -$111 $360 $246 1071.43% <-Total Growth 10 Participating
Preferred $112 $131 $126 $116 $133 $159 $168 $172 $171 $215 $260 $303 $311 146.83% <-Total Growth 10 Preferred
Shareholders $1,624 $2,999 $3,375 $2,075 $2,796 $1,945 $4,632 $5,430 $5,700 $6,890 $7,034 $4,800 $5,074 $6,896 $7,598 $7,856 50.34% <-Total Growth 10 Shareholders
Increase 3590.91% 84.67% 12.54% -38.52% 34.75% -30.44% 138.15% 17.23% 4.97% 20.88% 2.09% -31.76% 5.71% 35.91% 10.18% 3.40% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $605 $1,107 $1,514 $2,023 $2,574 $2,638 $2,965 $3,376 $4,101 $4,919 $5,937 $5,971 $5,900 $6,139 $6,280 $6,445 4.16% <-IRR #YR-> 10 Net Income 50.34%
Operating Cash Flow $11,080 $9,708 $10,806 $10,334 $17,036 $17,791 $19,168 $20,542 $20,048 $23,155 $17,735 $20,423 $26,494 -1.35% <-IRR #YR-> 5 Net Income -6.56%
Investment Cash Flow -$10,994 -$10,547 -$4,066 -$13,865 -$22,739 -$16,287 -$19,002 -$13,830 -$14,148 -$24,442 -$18,610 -$13,720 -$18,459 14.57% <-IRR #YR-> 10 5 Yr Running Average 289.57%
Total Accruals $1,538 $3,838 -$3,365 $5,606 $8,499 $441 $4,466 -$1,282 -$200 $8,177 $7,909 -$1,903 -$2,961 11.81% <-IRR #YR-> 5 5 Yr Running Average 74.77%
Total Assets $486,056 $513,628 $579,480 $704,643 $720,681 $729,533 $750,271 $809,130 $880,349 $917,643 $848,941 $875,574 $978,818 Balance Sheet Assets
Accruals Ratio 0.32% 0.75% -0.58% 0.80% 1.18% 0.06% 0.60% -0.16% -0.02% 0.89% 0.93% -0.22% -0.30% -0.02% <-Median-> 5 Ratio
EPS/CF Ratio 0.13 0.26 0.30 0.15 0.15 0.12 0.25 -0.37 -0.36 0.56 0.82 2.81 1.36 0.20 <-Median-> 10 EPS/CF Ratio
-$3,375 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5,074
-$5,430 $0 $0 $0 $0 $5,074
-$1,514 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5,900
-$3,376 $0 $0 $0 $0 $5,900
Change in Close 24.52% 54.92% 5.97% -6.49% 15.28% 9.66% -26.13% 36.09% -14.07% 9.85% -2.93% 21.24% 50.82% 0.66% 0.00% 0.00% Count 27 Years of data
up/down Count 0 0.00%
Meet Prediction? % right Count 0 #DIV/0!
Financial Cash Flow $706 $493 $21 -$2,006 $3,286 $14 -$724 -$2,080 $663 -$2,047 -$3,005 -$5,042 -$4,174 C F Statement  Financial CF
Total Accruals $832 $3,345 -$3,386 $7,612 $5,213 $427 $5,190 $798 -$863 $10,224 $10,914 $3,139 $1,213 Accruals
Accruals Ratio 0.17% 0.65% -0.58% 1.08% 0.72% 0.06% 0.69% 0.10% -0.10% 1.11% 1.29% 0.36% 0.12% 0.36% <-Median-> 5 Ratio
Cash $12,851 $12,886 $20,437 $17,002 $14,238 $15,098 $15,382 $19,548 $25,583 $21,930 $18,635 $19,884 $24,942 $24,942 <-12 mths Cash
Cash per Share $7.03 $6.97 $10.96 $8.62 $7.21 $7.62 $7.80 $10.03 $13.19 $11.29 $9.99 $11.01 $14.43 $14.43 $11.29 <-Median-> 5 Cash per Share
Percentage of Stock Price 52.04% 33.32% 49.43% 41.57% 30.15% 29.05% 40.29% 38.05% 58.22% 45.36% 41.37% 37.60% 32.67% 32.45% 41.37% <-Median-> 5 % of Stock Price
Article on this stock dated in February 15, 2017.
http://www.dividendearner.com/dividend-stock-tse-mfc/
Notes:
March 22, 2025.  Last estimates were for 2024, 2025, 2026 of $42480M, $53061M, $58612M Revenue, $3.70, $4.03, $4.47 AEPS, $3.53, $3.94, $3.44 EPS, 
$1.58, $1.64, $1.70 dividends, $7853M, $7796M 2024/5 FCF, $4.61 2025 CFPS, $6856M, $7265M ?? EBITDA, $24.80, $26.90 2024/5 BVPS, $6421M, $6956M, $6114M Net Income.
February 17, 2024.  Last estiamtes were for 2023, 2024 and 2025 of $56067M, $57799M and $78872M for Revenue, $3.28, $3.60 and $4.16 for AEPS, 
$3.30, $3.39 and $3.13 for EPS, $1.48, $1.51 and $1.38 for Dividends, $4.21 and $4.61 2023/4 for CFPS, $25.40, $26.40 and $32.40 for BVPS, $6059M, $6323M and $6008M for Net Income.
February 18, 2023.  Last estimates were for 2022, 2023 and 2024 of $76125M, $58804M and $66063M for Revneue, $3.94, $3.69 and $2.54 for EPS, 
$1.33, $1.42 and $1.49 for Dividends, $29.20, $31.00 and $33.00 for BVPS, and $4787M, $6818M and $4157M for Net Income.
February 13, 2022.  Last estimates were for 2021, 2022 and 2023 of $63709M, $67241M and $63958M for Revenue, $3.04, $3.34 and $3.13 for EPS, 
$1.13, $1.18 and $1.27 for Dividends, $5851M, $6481M and $6145M for Net Income.
February 13, 2021.  Last estmates were for 2020, 2021 and 2022 of $53240M, $59821M and $55674M for Revenue, $3.13, $3.40 and $3.82 for EPS, 
$1.10, $1.20 and $1.26 for Dividends, $3.07 for CFPS for 2020 and $6108M, $6580M and $7163M for Net Income.
February 14, 2020.  Last estimats  were for 2019, 2020 and 2021 of $49199M, $47303M and 48057M for Revenue, $2.62, $3.09 and $3.38 for EPS, 
$1.00, $1.11 and $0.81 for Divdends, $3.07 for CFPS for 2019 and $5451M, $6092M and $6878M for Net Income.
February 10, 2019.  Last estimates were for 208, 2019 and 2020 of $56801M, $54127M and $68633M for Revenue, $2.62, $2.81 and $2.98 for EPS, 
$3.02, $3.07 for CFPS for 2018 and 2019, $5076M, $5551M and $5893M for Net Income.
February 10, 2018.  Last estimates were for 2017, 2018 and 2019 of $60090M, $63242M and $67827M for Revenue, $2.10, $2.37 and $2.48 for EPS, 
$5.96, $7.33 for CFPS for 2017 and 2018 and $4151M, $4692M and $5183M for Net Incone.
February 18, 2017.  Last estimates were for 2016, 2017 and 2018 of $48097M, $53541M and $57568M for Revenue, $1.84, $2.11 and $2.37 for EPS, 
$1.47 and $1.84 for CFPS for 2016 and 2017, $3556, $4142 and $4690 for Net Income.
April 4, 2015.  Last estimates were for 2015, 2016 and 2017 of $46915M, $49796M, and $54656M for Revenue, $1.80, $2.05 and $2.30 for EPS, $1.47 and $1.48 for CFPS for 2015 and 2016 
and $3591M, $4116M and $4636M for Net Income.
April 12, 2015.  Last estimates were for 2014, 2015 and 2016 of $38453M, $40822M and $38979M for Revenue, $1.66, $1.89 and $2.12 for EPS and $3045M, $3540 and $3882M for Net Income
April 19, 2014.  Last estimates were for 2013, 2014 and 2015 of $39176M, $41180M and $39730M for Revenue, $1.29, $1.44 and $1.74 for EPS.
Apri 21, 2013.  Last Estimates were for  2012 and 2013 of $39684 and $41197 for Revenue, $0.88 and f$1.24 (and $1.41) for EPS.
April 3, 2013.  Last estimates were for 2012 and 2013 of $39684M and $41197M for earnings $1.28 and $1.48 (and $1.68) for EPS. Bought some more stock for RRSP.
Mar 25, 2012.  Last estimates were for 2011 and 2012 at $44151M and $47647M for revenue, $1.58 and $1.72 for EPS.
May 15, 2011.  Last I looked I got estimates for 2010 and 2011 of $-1.26 and $1.74 for earnings.  Company did better in earnings than expected, but 2011 estimates were still lowered.  
I have redone the Asset/Liability section and cash flow sections.  I was trying to be consistent in what figures I used.  I notice that G&M was not consistent in some of their accounting, so I reviewed 
all past financial statements to be consistent.  For the first quarter of 2011, only partial financials were issued.
Apr 11, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $1.01 and $2.16.
Nov 22, 2009, when I reviewed this stock in Aug I got earnings for 2009 and 2010 of $1.25 and $2.50.  Both these earnings estimates have been down graded.  More stock has been issued lately 
and this is probably the cause.
Aug 7, 2009.  When I last reviewed this stock in April 2009, I got earnings of $1.90 and $2.80 for 2009 and 2010.
Aug 6, 2009.  This company has announced a 50% cut in dividends.  This will affect the last two dividends for this year. Stock price in April was $19.22.  It has gone down 14% today, but this puts it at 
$22.60, and still higher than April 2009.  Many feel that the company has done the responsible thing to conserve cash.
April 2009 AP 2008. When I last looked at this stock in May 2008, I got estimates for earnings of $3.08.  The Earnings came in at $.32.  If earnings were better, the growth would be ok, not great.
AP 2007.  I hav e done well, but not excellent on this stock at 11% IRR overall. I see no negatives. 
AR 2006.  TD still has a buy rating on this stock.  It has done well for me.  Revenue and EPS up nicely.  I see no problems.  It is a keeper.
AR 2005. Bought in 2005, made 32% IRR.  Not bad!  TD still has a buy rating on it.
AR 2004.  I have bought this stock.  2005.  Looks like it might be good.  Anayst like it. 
Demutualized Sep 23, 1999 (Changed close of 1999 and 2002 because of MFC's site's closing prices.)
Sector:
Insurance, Financial Services
What should this stock accomplish?
This company has a very high level of earnings volatility because Manulife invests a huge base of assets on a very long-term basis.
While this long-term orientation is very beneficial for optimizing returns, their investments are marked to market on a quarterly basis which can create serious swings in the businesses’ net income.
This company should return good dividend and capital growth in the longer term.
Would I buy this company and Why.
I still have hope this will turn out to be a good dividend growth stock.
Why I am folloing this stock.
This company was demutualized in 1999 and it turned into a dividend growth stock.
I bought this company for the first time in 2005.  Analysts liked it and it was a dividend growth stock.
Why I bought this stock.
In May 2005, I was look for good companies to buy at a reasonable price.  This stock met my criteria. 
I bought some more stock in October 2005.   I had some more money to spend and wanted to buy stock of dividend paying company I owned, for which I did not own too much. 
In April 2009, I was looking for something else to buy and Manulife was at a good price. 
In April 2013, I need to buy higher dividend stocks for my RRIF account.  There was some money after RRSP sells, so I bought more MFC.  
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are paid near the end of the month. Diviends are declared in one month and paid in the next month.
For example, the dividend declared on February 6, 2013 was for shareholders of record of February 20, 2013 and was payable on March 19, 2013.
How they make their money
Manulife Financial provides life insurance, annuities, and asset management products to individuals and group customers in Canada, the United States, and Asia. The US business, which primarily operates 
under the John Hancock brand, contributes about 27% of earnings. The Asia segment provides insurance products and insurance-based wealth accumulation products contributes around 30% of earnings. 
The Canadian business segment contributes approximately 23% of earnings.  
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Change
Date 2017 Feb 10 2018 Feb 15 2019 Feb 15 2020 Feb 13 2021 Feb 13 2022 Feb 18 2023 Feb 17 2024 Mar 22 2025
Gori. Roy (Rocco) 0.061 0.00% 0.185 0.01% 0.214 0.01% 0.310 0.02% 0.326 0.02% 0.400 0.02% 0.487 0.03% 0.593 0.03% 21.63%
CEO - Shares - Amount $1.18 $4.875 $4.847 $7.720 $7.874 $11.703 $21.526 $26.354
Options - percentage 1.512 0.08% 1.782 0.09% 2.432 0.13% 3.428 0.18% 3.696 0.20% 3.878 0.21% 3.643 0.21% 2.881 0.17% -20.91%
Options - amount $29.28 $46.966 $55.079 $85.295 $89.254 $113.557 $160.870 $128.074
Simpson, Colin Lloyd 0.000 0.00% 0.000 0.00% 0.006 0.00% #DIV/0!
CFO - Shares - Amount $0.000 $0.000 $0.270
Options - percentage 0.049 0.00% 0.049 0.00% 0.065 0.00% 31.93%
Options - amount $1.434 $2.162 $2.871
Witherington, Philip James 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.008 0.00% 0.015 0.00% 0.041 0.00% 0.027 0.00% 0.179 0.01% Was CFO, now President & 569.63%
CFO - Shares - Amount $0.00 $0.000 $0.000 $0.206 $0.353 $1.205 $1.179 $7.948 CEO, Manulife Asia.
Options - percentage 0.149 0.01% 0.273 0.01% 0.441 0.02% 0.764 0.04% 0.847 0.05% 1.082 0.06% 0.497 0.03% 0.167 0.01% -66.32%
Options - amount $2.88 $7.190 $9.989 $18.996 $20.464 $31.682 $21.953 $7.443
Finch, Steve 0.009 0.00% 0.018 0.00% 0.028 0.00% 0.034 0.00% 22.64%
Officer - Shares - Amount $0.222 $0.523 $1.221 $1.508
Options - percentage 0.729 0.04% 0.707 0.04% 0.609 0.04% 0.406 0.02% -33.36%
Options - amount $17.593 $20.698 $26.898 $18.042
Hirji, Rahim 0.023 0.00% 0.024 0.00% 4.63%
Officer - Shares - Amount $1.008 $1.062
Options - percentage 0.453 0.03% 0.411 0.02% -9.27%
Options - amount $19.989 $18.256
Caron, Joseph Peter 0.00% 0.009 0.00% 0.009 0.00% 0.009 0.00% 0.009 0.00% 0.009 0.00% 0.009 0.00% Last report Jan 2023 #DIV/0!
Director - Shares - Amount $0.23 $0.17 $0.233 $0.200 $0.220 $0.213 $0.259 Ceased insider May 2023
Options - percentage 0.00% 0.041 0.00% 0.047 0.00% 0.057 0.00% 0.066 0.00% 0.074 0.00% 0.084 0.00% #DIV/0!
Options - amount $0.94 $0.79 $1.243 $1.287 $1.633 $1.794 $2.469
Arnaboldi, Nicole 0.007 0.00% 0.007 0.00% 0.007 0.00% 0.00%
Director - Shares - Amount $0.190 $0.287 $0.289
Options - percentage 0.031 0.00% 0.047 0.00% 0.054 0.00% 14.36%
Options - amount $0.912 $2.075 $2.388
Dabarno, Susan Fay 0.045 0.00% 0.045 0.00% 0.045 0.00% 0.00%
Director - Shares - Amount $1.325 $1.998 $2.011
Options - percentage 0.034 0.00% 0.043 0.00% 0.049 0.00% 15.37%
Options - amount $0.994 $1.884 $2.188
Prieur, James 0.200 0.01% 0.200 0.01% 0.00%
Director - Shares - Amount $8.832 $8.890
Options - percentage 0.172 0.01% 0.190 0.01% 10.13%
Options - amount $7.617 $8.444
Lindsay, Donald Richard 0.020 0.00% 0.020 0.00% 0.120 0.01% 0.120 0.01% Chair 2023 0.00%
Chairman - Shares - Amt $0.483 $0.586 $5.299 $5.334
Options - percentage 0.096 0.01% 0.109 0.01% 0.137 0.01% 0.158 0.01% 15.81%
Options - amount $2.320 $3.182 $6.036 $7.036
Cassaday, John M. 0.022 0.00% 0.022 0.00% 0.022 0.00% 0.022 0.00% 0.022 0.00% Last report Jan 2023 #DIV/0!
Chairman - Shares - Amt $0.575 $0.495 $0.543 $0.527 $0.639
Options - percentage 0.175 0.01% 0.194 0.01% 0.221 0.01% 0.242 0.01% 0.267 0.01% #DIV/0!
Options - amount $4.616 $4.383 $5.487 $5.833 $7.807
Increase in O/S Shares 0.15% 7.000 0.35% 3.000 0.15% 5.000 0.26% 1.000 0.05% 3.000 0.15% 1.000 0.05% 0.004 0.00% 0.006 0.00% Average 0.05%
due to SO  $71.730 $183.54 $58.110 $131.800 $22.650 $74.640 $24.150 $0.117 $0.265
Book Value $66.000 $124.000 $58.000 $104.000 $36.000 $51.000 $23.000 $0.094 $0.143
Insider Buying -$0.253 -$0.253 -$1.532 $0.000 -$0.142 $0.000 -$1.273 -$2.961 $0.000
Insider Selling $18.892 $18.892 $3.217 $11.578 $3.717 $15.836 $13.882 $4.776 $43.686
Net Insider Selling $18.639 $18.639 $1.685 $11.578 $3.575 $15.836 $12.609 $1.815 $43.686
% of Market Cap 0.04% 0.04% 0.00% 0.03% 0.01% 0.04% 0.02% 0.00% 0.06%
Directors 16 14 15 14 13 13 12 15
Women 33% 6 38% 5 36% 6 40% 6 43% 6 46% 7 54% 7 58% 7 47%
Minorities 7% 1 6% 1 7% 1 7% 1 7% 2 15% 2 15% 3 25% 2 13%
Institutions/Holdings 55.81% 617 55.81% 762 57.34% 20 40.96% 20 42.75% 20 42.18% 20 36.49% 20 36.96%
Total Shares Held 55.94% 0.000 0.00% 1,122.751 57.61% 801.757 41.33% 830.506 42.74% 786.566 43.55% 659.100 38.12% 636.892 36.84%
Increase/Decrease 1.54% 16.698 -100.00% 12.205 1.10% 24.331 3.13% 15.152 1.86% 1.617 0.21% 6.537 1.00% 7.118 1.13%
Starting No. of Shares -16.698 1,110.546 777.426 Top 20 MS 815.354 Top 20 MS 784.949 Top 20 MS 652.564 Top 20 MS 629.775 Top 20 MS
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