This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Mullen Group Ltd					TSX:	MTL	OTC:	MLLGF	https://www.mullen-group.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					Accounting Rules
Split
														$1,960	<-12 mths	-1.77%					end of 1st quarter
Revenue*	$1,387.3	$1,427.6	$1,437.2	$1,427.9	$1,214.4	$1,035.1	$1,138.5	$1,260.8	$1,278.5	$1,164.3	$1,477.4	$1,999.5	$1,994.7	$2,015	$2,126	$2,191		38.80%	<-Total Growth	10	Revenue
Increase	33.42%	2.91%	0.67%	-0.65%	-14.95%	-14.77%	9.99%	10.74%	1.40%	-8.93%	26.89%	35.33%	-0.24%	1.02%	5.51%	3.06%		3.33%	<-IRR #YR->	10	Revenue	38.80%
5 year Running Average	$1,167.8	$1,229.4	$1,254.0	$1,344.0	$1,378.9	$1,308.4	$1,250.6	$1,215.3	$1,185.4	$1,175.4	$1,263.9	$1,436.1	$1,582.9	$1,730.2	$1,922.5	$2,065.2		9.61%	<-IRR #YR->	5	Revenue	58.21%
Revenue per Share	$17.16	$16.28	$15.85	$15.59	$13.25	$9.99	$10.98	$12.03	$12.20	$12.02	$15.63	$21.51	$22.65	$22.88	$24.14	$24.88		2.36%	<-IRR #YR->	10	5 yr Running Average	26.23%
Increase	29.92%	-5.11%	-2.66%	-1.68%	-15.00%	-24.63%	9.99%	9.51%	1.40%	-1.43%	30.01%	37.63%	5.29%	1.02%	5.51%	3.06%		5.43%	<-IRR #YR->	5	5 yr Running Average	30.25%
5 year Running Average	$14.53	$15.02	$14.93	$15.62	$15.63	$14.19	$13.13	$12.37	$11.69	$11.44	$12.57	$14.68	$16.80	$18.94	$21.36	$23.21		3.63%	<-IRR #YR->	10	Revenue per Share	42.87%
P/S (Price/Sales) Med	1.15	1.29	1.56	1.62	1.36	1.66	1.58	1.17	0.83	0.65	0.77	0.62	0.65	0.62	-0.01	0.00		13.49%	<-IRR #YR->	5	Revenue per Share	88.30%
P/S (Price/Sales) Close	0.99	1.28	1.79	1.37	1.06	1.99	1.43	1.02	0.76	0.91	0.74	0.68	0.68	0.56	0.53	0.51		1.19%	<-IRR #YR->	10	5 yr Running Average	12.55%
*Revenue in M CDN $					P/S Med	20 yr	1.23	15 yr	1.17	10 yr	1.00	5 yr	0.65		-44.06%	Diff M/C		6.32%	<-IRR #YR->	5	5 yr Running Average	35.86%
			-$1,437.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,994.7
								-$1,260.8	$0.0	$0.0	$0.0	$0.0	$1,994.7
			-$1,254.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,582.9
								-$1,215.3	$0.0	$0.0	$0.0	$0.0	$1,582.9
			-$15.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.65
								-$12.03	$0.00	$0.00	$0.00	$0.00	$22.65
			-$14.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$16.80
								-$12.37	$0.00	$0.00	$0.00	$0.00	$16.80
														$281.20	<-12 mths	1.59%					end of 1st quarter
														$3.15	<-12 mths	2.27%					end of 1st quarter
Net Cash from Operating Activities	$221.4	$279.9	$214.4	$248.6	$211.6	$174.3	$142.1	$140.7	$170.6	$224.8	$198.0	$263.0	$276.8
FFO	$2.77	$2.39	$3.37	$2.72	$2.31	$1.76	$1.37	$1.35	$1.63	$2.23	$2.06	$2.82	$3.08	$3.15	<-12 mths			-8.61%	<-Total Growth	10	FFO
Increase	66.87%	-13.72%	41.00%	-19.29%	-15.07%	-23.81%	-22.11%	-1.57%	20.80%	36.81%	-7.62%	36.89%	9.22%	2.27%	<-12 mths			10	0	10	Years of Data, EPS P or N	100.00%
FFO Yield	16.34%	11.44%	11.87%	12.76%	16.49%	8.88%	8.71%	11.05%	17.58%	20.46%	17.71%	19.38%	19.97%	24.63%	<-12 mths			-0.90%	<-IRR #YR->	10	FFO	-8.61%
5 year Running Average	$1.80	$2.28	$2.34	$2.58	$2.71	$2.51	$2.31	$1.90	$1.68	$1.67	$1.73	$2.02	$2.36	$2.67	<-12 mths			17.95%	<-IRR #YR->	5	FFO	128.26%
Payout Ratio	31.59%	41.84%	40.06%	44.12%	51.95%	35.80%	26.26%	42.98%	36.81%	15.70%	22.82%	23.40%	23.38%	22.86%	<-12 mths			0.11%	<-IRR #YR->	10	5 yr Running Average	1.11%
5 year Running Average	30.77%	39.14%	35.39%	37.55%	41.91%	42.75%	39.64%	40.22%	38.76%	31.51%	28.91%	28.34%	24.42%	21.63%	<-12 mths			4.44%	<-IRR #YR->	5	5 yr Running Average	24.29%
Price/FFO Median	7.11	8.81	7.36	9.27	7.82	9.43	12.64	10.42	6.21	3.52	5.88	4.76	4.75	4.48	<-12 mths			7.01	<-Median->	10	Price/FFO Median
Price/FFO High	8.12	9.81	8.78	11.44	9.86	11.39	14.63	12.24	7.87	5.26	6.93	5.61	5.28	4.97	<-12 mths			8.86	<-Median->	10	Price/FFO High
Price/FFO Low	6.10	7.80	5.94	7.10	5.77	7.47	10.65	8.60	4.55	1.78	4.82	3.91	4.22	4.00	<-12 mths			5.30	<-Median->	10	Price/FFO Low
Price/FFO Close	6.12	8.74	8.42	7.83	6.06	11.27	11.48	9.05	5.69	4.89	5.65	5.16	5.01	4.06	<-12 mths			5.88	<-Median->	10	Price/FFO Close
Trailing P/FFO Close	10.21	7.55	11.88	6.32	5.15	8.58	8.94	8.91	6.87	6.69	5.22	7.06	5.47	4.15	<-12 mths			6.78	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	31.03%	5 Yrs	23.38%	P/CF	5 Yrs	in order	4.76	5.61	4.22	5.16		-14.74%	Diff M/C					DPR 75% to 95% best
* Funds From Operations
			-$3.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.08
								-$1.35	$0.00	$0.00	$0.00	$0.00	$3.08
			-$2.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.36
								-$1.90	$0.00	$0.00	$0.00	$0.00	$2.36
														$125.50	<-12 mths	-6.62%					end of 1st quarter
														$1.40	<-12 mths	-6.04%					end of 1st quarter
Adjusted Net Income	$125.4	$133.0	$141.0	$131.1	$73.6	$46.9	$42.2	$62.0	$48.2	$62.4	$70.4	$164.2	$134.4					-4.68%	<-Total Growth	10	Adjusted Net Income
Return on Equity ROE	17.93%	16.12%	15.68%	14.56%	9.13%	4.89%	4.26%	6.91%	5.30%	7.03%	8.00%	17.03%	13.92%					7.52%	<-Median->	10	Return on Equity ROE
5Yr Median					15.68%	14.56%	9.13%	6.91%	5.30%	5.30%	6.91%	7.03%	8.00%					7.03%	<-Median->	9	5 Yr Median
AEPS	$1.57	$1.60	$1.57	$1.44	$0.80	$0.47	$0.41	$0.59	$0.46	$0.62	$0.73	$1.76	$1.49	$1.26	$1.43	$1.43		-5.10%	<-Total Growth	10	AEPS
Increase	106.58%	1.91%	-1.88%	-8.28%	-44.44%	-41.25%	-12.77%	43.90%	-22.03%	34.78%	17.74%	141.10%	-15.34%	-15.44%	13.49%	0.00%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	9.26%	7.66%	5.53%	6.76%	5.71%	2.37%	2.60%	4.83%	4.96%	5.69%	6.28%	12.10%	9.66%	9.85%	11.18%	11.18%		-0.52%	<-IRR #YR->	10	AEPS	-5.10%
5 year Running Average	$0.58	$1.19	$1.22	$1.39	$1.40	$1.18	$0.94	$0.74	$0.55	$0.51	$0.56	$0.83	$1.01	$1.17	$1.33	$1.47		20.36%	<-IRR #YR->	5	AEPS	152.54%
Payout Ratio	55.73%	62.50%	85.99%	83.33%	150.00%	134.04%	87.80%	98.31%	130.43%	56.45%	64.38%	37.50%	48.32%	57.14%	50.35%	50.35%		-1.87%	<-IRR #YR->	10	5 yr Running Average	-17.18%
5 year Running Average	41.58%	78.91%	70.40%	70.67%	87.51%	103.17%	108.23%	110.70%	120.12%	101.41%	87.48%	77.42%	67.42%	52.76%	51.54%	48.73%		6.40%	<-IRR #YR->	5	5 yr Running Average	36.39%
Price/AEPS Median	12.54	13.15	15.80	17.51	22.57	35.31	42.26	23.83	22.00	12.67	16.58	7.63	9.82	11.21	-0.12	0.00		19.76	<-Median->	10	Price/AEPS Median
Price/AEPS High	14.32	14.65	18.85	21.62	28.48	42.64	48.90	27.98	27.87	18.92	19.56	8.99	10.92	12.41	0.00	0.00		24.74	<-Median->	10	Price/AEPS High
Price/AEPS Low	10.76	11.66	12.75	13.41	16.66	27.98	35.61	19.68	16.13	6.42	13.60	6.27	8.72	10.01	0.00	0.00		14.87	<-Median->	10	Price/AEPS Low
Price/AEPS Close	10.80	13.06	18.08	14.80	17.51	42.19	38.39	20.69	20.15	17.58	15.93	8.27	10.35	10.15	8.94	8.94		17.55	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	22.30	13.31	17.74	13.57	9.73	24.79	33.49	29.78	15.71	23.70	18.76	19.93	8.76	8.58	10.15	8.94		19.34	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	85.57%	5 Yrs	56.45%	P/CF	5 Yrs	in order	12.67	18.92	8.72	15.93		-19.88%	Diff M/C					DPR 75% to 95% best
* Net Income - adjusted
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.49
								-$0.59	$0.00	$0.00	$0.00	$0.00	$1.49
			-$1.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.01
								-$0.74	$0.00	$0.00	$0.00	$0.00	$1.01
														$1.37	<-12 mths	-5.52%
Pre-split 2005
EPS Basic	$1.50	$1.58	$1.60	$1.04	$0.15	$0.52	$0.63	-$0.42	$0.69	$0.64	$0.75	$1.70	$1.52					-5.00%	<-Total Growth	10	Earnings Basic
Pre-split 2005
EPS Diluted	$1.43	$1.52	$1.57	$1.02	$0.15	$0.52	$0.63	-$0.42	$0.69	$0.64	$0.75	$1.62	$1.45	$1.25	$1.41	$1.51		-7.64%	<-Total Growth	10	Earnings Diluted
Increase	45.92%	6.29%	3.29%	-35.03%	-85.29%	246.67%	21.15%	-166.67%	264.29%	-7.25%	17.19%	116.00%	-10.49%	-13.93%	12.74%	6.97%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	8.4%	7.3%	5.5%	4.8%	1.1%	2.6%	4.0%	-3.4%	7.4%	5.9%	6.4%	11.1%	9.4%	9.8%	11.0%	11.8%		-0.79%	<-IRR #YR->	10	Earnings per Share	445.24%
5 year Running Average	$0.69	$1.29	$1.32	$1.30	$1.14	$0.96	$0.78	$0.38	$0.31	$0.41	$0.46	$0.66	$1.03	$1.14	$1.30	$1.45		-4.84%	<-IRR #YR->	5	Earnings per Share	-21.97%
10 year Running Average	$0.90	$1.01	$1.09	$1.09	$0.96	$0.82	$1.03	$0.85	$0.81	$0.78	$0.71	$0.72	$0.71	$0.73	$0.85	$0.95		-2.45%	<-IRR #YR->	10	5 yr Running Average	171.05%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	5.33%	5Yrs	7.44%					22.07%	<-IRR #YR->	5	5 yr Running Average
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.45
								$0.42	$0.00	$0.00	$0.00	$0.00	$1.45
			-$1.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.03
								-$0.38	$0.00	$0.00	$0.00	$0.00	$1.03
Estimate dividend														$0.72	$0.73	$0.77			Estimates		Estimate dividend
Estimate increase														0.00%	0.93%	5.96%			Estimates		Estimate increase
Payout Ratio EPS														57.69%	51.65%	51.16%			Estimates		Payout Ratio EPS
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 2005
Dividend*	$0.88	$1.00	$1.35	$1.20	$1.20	$0.63	$0.36	$0.58	$0.60	$0.35	$0.47	$0.66	$0.72	$0.72	$0.72	$0.72		-46.67%	<-Total Growth	23	Dividends
Change	75.00%	14.29%	35.00%	-11.11%	0.00%	-47.50%	-42.86%	61.11%	3.45%	-41.67%	34.29%	40.43%	9.09%	0.00%	0.00%	0.00%		12	5	23	Years of data, Count P, N	52.17%
Average Increases 5 Year Running	0.72%	3.41%	10.41%	22.63%	22.63%	-1.87%	-13.29%	-8.07%	-5.16%	-13.49%	2.86%	19.52%	9.12%	8.43%	16.76%	9.90%		0.50%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.10	$0.94	$0.85	$0.99	$1.13	$1.08	$0.95	$0.79	$0.67	$0.50	$0.47	$0.53	$0.56	$0.58	$0.66	$0.71		73.40%	<-Median->	10	Dividends 5 Yr Running
Yield H/L Price	4.44%	4.75%	5.44%	4.76%	6.65%	3.80%	2.08%	4.13%	5.93%	4.46%	3.88%	4.91%	4.92%	5.10%				4.61%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.89%	4.27%	4.56%	3.85%	5.27%	3.14%	1.80%	3.51%	4.68%	2.98%	3.29%	4.17%	4.43%	4.60%				3.68%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.18%	5.36%	6.75%	6.21%	9.00%	4.79%	2.47%	5.00%	8.09%	8.79%	4.73%	5.98%	5.54%	5.71%				5.76%	<-Median->	10	Yield on Low Price	FFO
Yield on Close Price	5.16%	4.78%	4.76%	5.63%	8.57%	3.18%	2.29%	4.75%	6.47%	3.21%	4.04%	4.54%	4.67%	5.63%	5.63%	5.63%		4.60%	<-Median->	10	Yield on Close Price	AEPS
Payout Ratio EPS	61.19%	65.79%	85.99%	117.65%	800.00%	121.15%	57.14%	0.00%	86.96%	54.69%	62.67%	40.74%	49.66%	57.69%	51.17%	47.84%		59.90%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	158.24%	72.71%	64.02%	75.54%	98.86%	112.55%	121.85%	208.95%	214.65%	122.33%	103.06%	81.10%	54.37%	51.16%	50.81%	48.96%		107.80%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	31.57%	29.64%	56.52%	35.79%	35.89%	35.84%	26.26%	41.22%	36.86%	15.67%	22.81%	23.43%	23.40%	24.49%	24.08%	#DIV/0!		31.02%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	46.68%	37.40%	34.19%	37.66%	36.93%	37.84%	38.81%	35.35%	35.45%	30.01%	27.12%	26.21%	23.69%	22.24%	23.69%	#DIV/0!		35.40%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	24.10%	27.95%	40.07%	32.06%	35.59%	33.74%	20.66%	30.88%	30.99%	16.04%	18.96%	18.62%	19.72%	29.10%	28.62%	#DIV/0!		25.77%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	43.96%	34.23%	30.24%	30.38%	31.79%	33.77%	33.63%	31.50%	31.22%	26.23%	23.10%	22.13%	20.30%	20.38%	22.44%	#DIV/0!		30.80%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.61%	4.60%	5 Yr Med	5 Yr Cl	4.91%	4.54%	5 Yr Med	Payout	54.69%	23.40%	18.96%					4.42%	<-IRR #YR->	5	Dividends	24.14%
* Dividends per share	10 Yr Med	and Cur.	22.19%	22.31%	5 Yr Med	and Cur.	14.55%	24.10%	Last Div Inc --->		$0.05	$0.06	20.0%					-6.09%	<-IRR #YR->	10	Dividends	-46.67%
Dividends Growth 15																		-5.93%	<-IRR #YR->	15	Dividends	-60.00%
Dividends Growth 20																		8.80%	<-IRR #YR->	20	Dividends	440.00%
Dividends Growth 25																		7.61%	<-IRR #YR->	23	Dividends
Dividends Growth 5								-$0.58	$0.00	$0.00	$0.00	$0.00	$0.72								Dividends Growth 5
Dividends Growth 10			-$1.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.72								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	$0.72								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	$0.72								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	$0.72								Dividends Growth 25
Historical Dividends	Historical	High Div	10.74%	Low Div	1.06%	10 Yr High	8.98%	10 Yr Low	1.91%	Med Div	4.28%	Close Div	4.29%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-47.58%		431.08%	Exp.	-37.31%		194.73%	Cheap	31.53%	Cheap	31.26%								High/Ave/Median
Future Dividend Yield					Div Yield	$0.07	earning in	5	Years	at IRR of	4.42%	Div Inc.	24.14%								Future Dividend Yield
Future Dividend Yield					Div Yield	8.68%	earning in	10	Years	at IRR of	4.42%	Div Inc.	54.10%								Future Dividend Yield
Future Dividend Yield					Div Yield	10.77%	earning in	15	Years	at IRR of	4.42%	Div Inc.	91.30%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.89	earning in	5	Years	at IRR of	4.42%	Div Inc.	24.14%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.11	earning in	10	Years	at IRR of	4.42%	Div Inc.	54.10%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.38	earning in	15	Years	at IRR of	4.42%	Div Inc.	91.30%								Future Dividend Paid
Dividend Covering Cost					Total Div	$3.93	over	5	Years	at IRR of	4.42%	Div Cov.	30.75%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$7.92	over	10	Years	at IRR of	4.42%	Div Cov.	61.93%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$12.87	over	15	Years	at IRR of	4.42%	Div Cov.	100.64%								Dividend Covering Cost
I am earning GC					Div Gr	-40.00%	12/22/14	# yrs ->	10	2014	$20.15	Cap Gain	-36.53%								I am earning GC
I am earning Div					org yield	5.96%	12/31/24	Trading	Div G Yrly	-4.96%	Div start	$1.20	-5.96%	3.57%							I am earning Div
Yield if held 5 years	3.24%	5.20%	8.08%	9.58%	7.77%	3.20%	1.71%	2.34%	2.38%	1.94%	2.83%	3.81%	5.12%	7.11%	9.17%	5.95%		3.02%	<-Median->	10	Paid Median Price
Yield if held 10 years	9.02%	10.30%	11.95%	8.22%	4.88%	2.33%	1.87%	3.47%	4.79%	2.27%	2.39%	3.14%	2.90%	2.85%	3.99%	4.34%		3.02%	<-Median->	10	Paid Median Price
Yield if held 15 years		13.48%	21.74%	18.95%	16.00%	6.49%	3.71%	5.14%	4.11%	1.42%	1.74%	3.43%	4.31%	5.75%	4.66%	3.66%		4.21%	<-Median->	10	Paid Median Price
Yield if held 20 years							4.85%	9.34%	9.47%	4.67%	4.84%	6.80%	6.37%	4.93%	2.93%	2.67%		6.37%	<-Median->	7	Paid Median Price
Yield if held 25 years												8.90%	11.60%	11.37%	9.60%	7.42%		10.25%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	20.28%	24.30%	25.28%	39.34%	36.41%	27.32%	22.52%	16.00%	13.36%	13.96%	14.22%	15.35%	19.91%	28.85%	41.88%	29.24%		17.96%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	86.23%	95.11%	92.53%	78.66%	48.81%	40.21%	48.93%	49.04%	66.25%	52.72%	39.30%	35.16%	27.29%	24.94%	32.18%	35.55%		48.87%	<-Median->	10	Paid Median Price
Cost covered if held 15 years		133.96%	181.77%	197.13%	180.69%	141.66%	143.92%	127.68%	101.75%	59.05%	48.95%	62.76%	65.80%	89.58%	74.01%	57.27%		114.71%	<-Median->	10	Paid Median Price
Cost covered if held 20 years							197.87%	245.72%	250.34%	214.29%	165.98%	171.32%	152.47%	121.75%	72.42%	62.07%		197.87%	<-Median->	7	Paid Median Price
Cost covered if held 25 years												233.73%	290.82%	296.45%	258.16%	202.46%		262.27%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$1,260.8	$1,278.5	$1,164.3	$1,477.4	$1,999.5	$1,994.7	$1,960	<-12 mths	-1.77%		58.21%	<-Total Growth	5	Revenue Growth	58.21%
AEPS Growth								$0.59	$0.46	$0.62	$0.73	$1.76	$1.49	$1.40	<-12 mths	-6.04%		152.54%	<-Total Growth	5	AEPS Growth	152.54%
Net Income Growth								-$43.8	$72.2	$64.0	$72.4	$158.6	$136.7	$127	<-12 mths	-6.95%		412.24%	<-Total Growth	5	Net Income Growth	412.24%
Cash Flow Growth								$146.7	$170.7	$224.8	$198.0	$263.0	$276.7	$277	<-12 mths	0.00%		88.64%	<-Total Growth	5	Cash Flow Growth	88.64%
Dividend Growth								$0.58	$0.60	$0.35	$0.47	$0.66	$0.72	$0.72	<-12 mths	0.00%		24.14%	<-Total Growth	5	Dividend Growth	24.14%
Stock Price Growth								$12.21	$9.27	$10.90	$11.63	$14.55	$15.42	$12.79	<-12 mths	-17.06%		26.29%	<-Total Growth	5	Stock Price Growth	26.29%
Revenue Growth			$1,437.2	$1,427.9	$1,214.4	$1,035.1	$1,138.5	$1,260.8	$1,278.5	$1,164.3	$1,477.4	$1,999.5	$1,994.7	$2,015	<-this year	1.02%		38.80%	<-Total Growth	10	Revenue Growth	38.80%
AEPS Growth			$1.57	$1.44	$0.80	$0.47	$0.41	$0.59	$0.46	$0.62	$0.73	$1.76	$1.49	$1.26	<-this year	-15.44%		-5.10%	<-Total Growth	10	AEPS Growth	-5.10%
Net Income Growth			$143.3	$94.6	$13.4	$52.0	$65.5	-$43.8	$72.2	$64.0	$72.4	$158.6	$136.7	$122	<-this year	-10.77%		-4.59%	<-Total Growth	10	Net Income Growth	-4.59%
Cash Flow Growth			$214.4	$306.4	$306.4	$174.3	$142.1	$146.7	$170.7	$224.8	$198.0	$263.0	$276.7	$259	<-this year	-6.44%		29.08%	<-Total Growth	10	Cash Flow Growth	29.08%
Dividend Growth			$1.35	$1.20	$1.20	$0.63	$0.36	$0.58	$0.60	$0.35	$0.47	$0.66	$0.72	$0.72	<-this year	0.00%		-46.67%	<-Total Growth	10	Dividend Growth	-46.67%
Stock Price Growth			$28.39	$21.31	$14.01	$19.83	$15.74	$12.21	$9.27	$10.90	$11.63	$14.55	$15.42	$12.79	<-this year	-17.06%		-45.69%	<-Total Growth	10	Stock Price Growth	-45.69%
Dividends on Shares				$43.20	$43.20	$22.68	$12.96	$20.88	$21.60	$12.60	$16.92	$23.76	$25.92	$25.92	$25.92	$25.92		$243.72	No of Years	10	Total Divs	12/31/13
Paid			$1,022.04	$767.16	$504.36	$713.88	$566.64	$439.56	$333.72	$392.40	$418.68	$523.80	$555.12	$460.44	$460.44	$460.44		$555.12	No of Years	10	Worth	$28.39
Total																		$798.84
Graham No. AEPS	$17.48	$18.41	$18.72	$17.84	$12.58	$9.90	$9.39	$10.66	$9.47	$11.30	$12.36	$20.27	$19.17	$17.69	$18.85	$18.85		2.42%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.13	1.14	1.33	1.41	1.44	1.68	1.85	1.32	1.07	0.69	0.98	0.66	0.76	0.80				1.19	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.29	1.27	1.58	1.74	1.81	2.03	2.14	1.55	1.35	1.04	1.16	0.78	0.85	0.88				1.45	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.97	1.01	1.07	1.08	1.06	1.33	1.56	1.09	0.78	0.35	0.80	0.54	0.68	0.71				0.93	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.97	1.14	1.52	1.19	1.11	2.00	1.68	1.15	0.98	0.96	0.94	0.72	0.80	0.72	0.68	0.68		1.05	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-3.05%	13.53%	51.66%	19.42%	11.35%	100.39%	67.71%	14.53%	-2.14%	-3.58%	-5.92%	-28.21%	-19.58%	-27.71%	-32.14%	-32.14%		4.61%	<-Median->	10	Graham Price
Graham No. EPS	$16.69	$17.94	$18.72	$15.02	$5.45	$10.41	$11.63	$11.02	$11.60	$11.49	$12.53	$19.45	$18.91	$17.61	$18.70	$19.34		1.04%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.18	1.17	1.33	1.68	3.31	1.59	1.49	1.28	0.87	0.68	0.97	0.69	0.77	0.80				1.12	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.35	1.31	1.58	2.07	4.18	1.93	1.72	1.50	1.11	1.02	1.14	0.81	0.86	0.89				1.32	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.01	1.04	1.07	1.29	2.45	1.26	1.25	1.05	0.64	0.35	0.79	0.57	0.69	0.72				0.92	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.02	1.16	1.52	1.42	2.57	1.91	1.35	1.11	0.80	0.95	0.93	0.75	0.82	0.73	0.68	0.66		1.03	<-Median->	10	Price/GP Ratio
Prem/Disc Close	1.59%	16.48%	51.66%	41.89%	157.16%	90.51%	35.29%	10.83%	-20.10%	-5.10%	-7.19%	-25.18%	-18.47%	-27.36%	-31.59%	-33.86%		2.87%	<-Median->	10	Graham Price
Pre-split 2005
Price Close	$16.95	$20.90	$28.39	$21.31	$14.01	$19.83	$15.74	$12.21	$9.27	$10.90	$11.63	$14.55	$15.42	$12.79	$12.79	$12.79		-45.69%	<-Total Growth	10	Stock Price
Increase	0.24%	23.30%	35.84%	-24.94%	-34.26%	41.54%	-20.63%	-22.43%	-24.08%	17.58%	6.70%	25.11%	5.98%	-17.06%	0.00%	0.00%		21.59	<-Median->	10	CAPE (10 Yr P/E)
P/E	11.85	13.75	18.08	20.89	93.40	38.13	24.98	-29.07	13.43	17.03	15.51	8.98	10.63	10.25	9.09	8.50		4.78%	<-IRR #YR->	5	Stock Price	26.29%
Trailing P/E	17.30	14.62	18.68	13.57	13.74	132.20	30.27	19.38	-22.07	15.80	18.17	19.40	9.52	8.82	10.25	9.09		-5.92%	<-IRR #YR->	10	Stock Price	-45.69%
CAPE (10 Yr P/E)	19.09	18.05	18.08	18.51	19.19	22.45	17.75	21.48	21.70	21.87	23.22	22.01	20.55	18.73	15.83	13.45		8.91%	<-IRR #YR->	5	Price & Dividend	53.97%
Median 10, 5 Yrs		D.  per yr	3.08%	4.14%	% Tot Ret	0.00%	46.39%	T P/E	$16.98	$15.80	P/E:	$16.27	$13.43					-2.84%	<-IRR #YR->	10	Price & Dividend	-17.08%
Price  15		D.  per yr	5.51%		% Tot Ret	81.25%						CAPE Diff	-52.53%					1.27%	<-IRR #YR->	15	Stock Price	20.85%
Price  20		D.  per yr	6.64%		% Tot Ret	89.34%												0.79%	<-IRR #YR->	20	Stock Price	17.08%
Price  25		D.  per yr	7.87%		% Tot Ret	64.80%												4.27%	<-IRR #YR->	25	Stock Price	184.68%
Price  30		D.  per yr	6.22%		% Tot Ret	66.87%												3.08%	<-IRR #YR->	26	Stock Price
Price & Dividend 15																		6.78%	<-IRR #YR->	15	Price & Dividend	121.12%
Price & Dividend 20																		7.43%	<-IRR #YR->	20	Price & Dividend	148.86%
Price & Dividend 25																		12.14%	<-IRR #YR->	25	Price & Dividend	518.00%
Price & Dividend 30																		9.31%	<-IRR #YR->	26	Price & Dividend
Price  5								-$12.21	$0.00	$0.00	$0.00	$0.00	$15.42								Price  5
Price 10			-$28.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.42								Price 10
Price & Dividend 5								-$12.21	$0.60	$0.35	$0.47	$0.66	$16.14								Price & Dividend 5
Price & Dividend 10			-$28.39	$1.20	$1.20	$0.63	$0.36	$0.58	$0.60	$0.35	$0.47	$0.66	$16.14								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	$15.42								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	$15.42								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	$15.42								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.42								Price  30
Price & Dividend 15	$0.88	$1.00	$1.35	$1.20	$1.20	$0.63	$0.36	$0.58	$0.60	$0.35	$0.47	$0.66	$16.14								Price & Dividend 15
Price & Dividend 20	$0.88	$1.00	$1.35	$1.20	$1.20	$0.63	$0.36	$0.58	$0.60	$0.35	$0.47	$0.66	$16.14								Price & Dividend 20
Price & Dividend 25	$0.88	$1.00	$1.35	$1.20	$1.20	$0.63	$0.36	$0.58	$0.60	$0.35	$0.47	$0.66	$16.14								Price & Dividend 25
Price & Dividend 30	$0.88	$1.00	$1.35	$1.20	$1.20	$0.63	$0.36	$0.58	$0.60	$0.35	$0.47	$0.66	$16.14								Price & Dividend 30
Price H/L Median	$19.70	$21.05	$24.81	$25.22	$18.06	$16.60	$17.33	$14.06	$10.12	$7.86	$12.11	$13.43	$14.64	$14.13	-17.06%			-41.00%	<-Total Growth	10	Stock Price
Increase	27.48%	6.85%	17.87%	1.67%	-28.41%	-8.09%	4.40%	-18.85%	-28.02%	-22.38%	54.11%	10.95%	8.97%	-3.48%	4.67%			-5.14%	<-IRR #YR->	10	Stock Price	-41.00%
P/E	13.77	13.85	15.80	24.73	120.37	31.91	27.50	-33.48	14.67	12.27	16.14	8.29	10.09	11.32	-12.39%			0.80%	<-IRR #YR->	5	Stock Price	4.09%
Trailing P/E	20.10	14.72	16.32	16.06	17.70	110.63	33.32	22.32	-24.10	11.38	18.91	17.91	9.03	9.74				-1.73%	<-IRR #YR->	10	Price & Dividend	-8.26%
P/E on Running 5 yr Average	28.46	16.36	18.79	19.34	15.87	17.36	22.27	37.00	32.23	19.07	26.43	20.47	14.21	12.37				4.69%	<-IRR #YR->	5	Price & Dividend	28.13%
P/E on Running 10 yr Average	21.85	20.80	22.67	23.05	18.85	20.14	16.79	16.54	12.51	10.14	17.12	18.73	20.76	19.41				14.67	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.41%	3.89%	% Tot Ret	0.00%	82.85%	T P/E	17.80	11.38	P/E:	15.40	12.27						Count	26	Years of data
			-$24.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.64
								-$14.06	$0.00	$0.00	$0.00	$0.00	$14.64
			-$24.81	$1.20	$1.20	$0.63	$0.36	$0.58	$0.60	$0.35	$0.47	$0.66	$15.36
								-$14.06	$0.60	$0.35	$0.47	$0.66	$15.36
High Months	Jul	Oct	Nov	Jul	Apr	Dec	Jan	Aug	Jan	Dec	Oct	Sep	Jan	Jan
Pre-split 2005
Price High	$22.49	$23.44	$29.60	$31.13	$22.78	$20.04	$20.05	$16.51	$12.82	$11.73	$14.28	$15.83	$16.27	$15.64				-45.03%	<-Total Growth	10	Stock Price
Increase	32.29%	4.22%	26.28%	5.17%	-26.82%	-12.03%	0.05%	-17.66%	-22.35%	-8.50%	21.74%	10.85%	2.78%	-3.87%				-5.81%	<-IRR #YR->	10	Stock Price	-45.03%
P/E	15.73	15.42	18.85	30.52	151.87	38.54	31.83	-39.31	18.58	18.33	19.04	9.77	11.22	12.53				-0.29%	<-IRR #YR->	5	Stock Price	-1.45%
Trailing P/E	22.95	16.39	19.47	19.83	22.33	133.60	38.56	26.21	-30.52	17.00	22.31	21.11	10.04	10.79				18.33	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	21.71	17.00	P/E:	18.81	18.33					24.24	P/E Ratio		Historical High
			-$29.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$16.27
								-$16.51	$0.00	$0.00	$0.00	$0.00	$16.27
Low Months	Jan	Jan	Apr	Dec	Dec	Feb	Dec	Dec	Oct	Mar	Feb	Jul	Sep	May
Pre-split 2005
Price Low	$16.90	$18.65	$20.01	$19.31	$13.33	$13.15	$14.60	$11.61	$7.42	$3.98	$9.93	$11.03	$13.00	$12.61				-35.03%	<-Total Growth	10	Stock Price
Increase	21.58%	10.36%	7.29%	-3.50%	-30.97%	-1.35%	11.03%	-20.48%	-36.09%	-46.36%	149.50%	11.08%	17.86%	-3.00%				-4.22%	<-IRR #YR->	10	Stock Price	-35.03%
P/E	11.82	12.27	12.75	18.93	88.87	25.29	23.17	-27.64	10.75	6.22	13.24	6.81	8.97	10.10				2.29%	<-IRR #YR->	5	Stock Price	11.97%
Trailing P/E	17.24	13.04	13.16	12.30	13.07	87.67	28.08	18.43	-17.67	5.77	15.52	14.71	8.02	8.70				10.93	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	13.89	8.02	P/E:	12.00	8.97					6.92	P/E Ratio		Historical Low
			-$20.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.00
								-$11.61	$0.00	$0.00	$0.00	$0.00	$13.00
														$150	<-12 mths	6.10%
Free Cash Flow WSJ					$103.58	$121.56	$80.32	$21.86	$74.05	$133.90	$102.00	$149.69	$141.72					36.83%	<-Total Growth	8	Free Cash Flow WSJ
Change						17.36%	-33.92%	-72.79%	238.74%	80.83%	-23.82%	46.75%	-5.32%					6.02%	<-Median->	8	Change
Free Cash Flow MS	$134.31	$157.10	$80.72	$122.84	$138.80	$153.38	$109.03	$38.03	$95.27	$159.65	$129.76	$181.56	$175.00	$165	$201	$211		116.80%	<-Total Growth	10	Free Cash Flow
Change						10.50%	-28.92%	-65.12%	150.51%	67.58%	-18.72%	39.92%	-3.61%	-5.89%	22.10%	4.97%		35.70%	<-IRR #YR->	5	Free Cash Flow MS	360.16%
FCF/CF from Op Ratio					1.51	1.48	1.05	0.36	0.91	1.65	1.37	1.95	1.99	1.87	2.28	2.40		8.05%	<-IRR #YR->	10	Free Cash Flow MS	116.80%
FCF Yield	9.80%	8.57%	3.14%	6.29%	10.81%	7.46%	6.68%	2.97%	9.80%	15.12%	11.80%	13.42%	12.89%	14.62%	17.85%	18.74%		10.31%	<-Median->	10	Free Cash Flow Yield
Dividends paid	$69.89	$82.59	$120.73	$109.61	$109.98	$60.27	$37.32	$60.46	$62.90	$62.90	$45.13	$61.56	$64.77	$63.41	$63.41	$63.41		-46.35%	<-Total Growth	10	Dividends paid
Percentage paid	52.03%	52.57%	149.57%	89.23%	79.24%	39.29%	34.23%	158.99%	66.02%	39.40%	34.78%	33.91%	37.01%	38.50%	31.53%	30.04%		39.34%	<-Median->	10	Percentage paid
5 Year Coverage				74.77%	77.76%	74.01%	72.41%	67.18%	61.91%	51.11%	50.53%	48.48%	40.10%	36.73%	35.01%	33.91%		64.55%	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio	1.92	1.90	0.67	1.12	1.26	2.55	2.92	0.63	1.51	2.54	2.88	2.95	2.70	2.60	3.17	3.33		2.54	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				1.34	1.29	1.35	1.38	1.49	1.62	1.96	1.98	2.06	2.49	2.72	2.86	2.95					5 Year of Caogerage
								-$38	$0	$0	$0	$0	$175
			-$81	$0	$0	$0	$0	$0	$0	$0	$0	$0	$175
Market Cap	$1,370	$1,832	$2,574	$1,952	$1,284	$2,055	$1,632	$1,280	$972	$1,056	$1,099	$1,352	$1,358	$1,126	$1,126	$1,126		-47.24%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	90.26	91.79	92.50	93.03	91.69	99.17	103.65	104.27	104.83	100.62	96.13	102.41	99.10	104.67	104.67			7.13%	<-Total Growth	10	Diluted
Change	-0.87%	1.69%	0.78%	0.57%	-1.44%	8.16%	4.53%	0.60%	0.53%	-4.01%	-4.47%	6.53%	-3.23%	5.62%	0.00%			0.55%	<-Median->	10	Change
Difference Diluted/Basic	-11.49%	-9.61%	-2.96%	-1.77%	-0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.06%	-8.84%	-9.25%	0.00%	0.00%
Pre-split 2005
Basic # of Shares in Millions	79.88	82.96	89.76	91.38	91.65	99.17	103.65	104.27	104.83	100.62	96.07	93.35	89.93	104.67	104.67			0.19%	<-Total Growth	10	Average
Change	0.60%	3.85%	8.20%	1.80%	0.30%	8.20%	4.53%	0.60%	0.53%	-4.01%	-4.53%	-2.83%	-3.66%	16.39%	0.00%			0.42%	<-Median->	10	Change
Difference Basic/Outstanding	1.19%	5.67%	1.00%	0.26%	0.01%	4.53%	0.00%	0.53%	0.00%	-3.75%	-1.60%	-0.43%	-2.07%	-15.86%	-15.86%			0.00%	<-Median->	10	Difference
														$277	<-12 mths	0.00%
Pre-split 2005
# of Share in Millions	80.838	87.668	90.662	91.611	91.661	103.654	103.654	104.825	104.825	96.852	94.532	92.953	88.074	88.074	88.074	88.074		-0.29%	<-IRR #YR->	10	Shares	-2.85%
Change	2.69%	8.45%	3.42%	1.05%	0.05%	13.08%	0.00%	1.13%	0.00%	-7.61%	-2.40%	-1.67%	-5.25%	0.00%	0.00%	0.00%		-3.42%	<-IRR #YR->	5	Shares	-15.98%
Cash Flow from Operations $M	$221.4	$279.9	$214.4	$306.4	$306.4	$174.3	$142.1	$146.7	$170.7	$224.8	$198.0	$263.0	$276.7	$258.9	$263.3			29.08%	<-Total Growth	10	Cash Flow
Increase	134.27%	26.40%	-23.39%	42.91%	0.00%	-43.11%	-18.49%	3.26%	16.32%	31.74%	-11.94%	32.84%	5.24%	-6.44%	1.70%			S. Issue	SO, Buy Backs
5 year Running Average	$188.9	$202.3	$204.5	$223.3	$265.7	$256.3	$228.7	$215.2	$188.0	$171.7	$176.4	$200.6	$226.6	$244.3	$252.0			10.84%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.77	$3.37	$2.39	$3.35	$3.34	$1.76	$1.37	$1.41	$1.63	$2.23	$2.06	$2.82	$3.08	$2.94	$2.99			28.84%	<-Total Growth	10	Cash Flow per Share
Increase	132.88%	21.71%	-29.19%	40.39%	-0.30%	-47.42%	-22.02%	2.64%	15.71%	37.24%	-7.77%	36.70%	9.24%	-4.46%	1.70%			2.59%	<-IRR #YR->	10	Cash Flow	29.08%
5 year Running Average	$2.35	$2.50	$2.47	$2.62	$3.05	$2.84	$2.44	$2.25	$1.90	$1.68	$1.74	$2.03	$2.36	$2.63	$2.78			13.53%	<-IRR #YR->	5	Cash Flow	88.64%
P/CF on Med Price	7.11	6.24	10.39	7.52	5.40	9.44	12.64	9.99	6.22	3.52	5.87	4.77	4.76	4.80	-0.06			2.57%	<-IRR #YR->	10	Cash Flow per Share	28.84%
P/CF on Closing Price	6.12	6.20	11.89	6.36	4.19	11.28	11.48	8.68	5.69	4.88	5.64	5.17	5.01	4.35	4.28			16.94%	<-IRR #YR->	5	Cash Flow per Share	118.72%
															-23.26%	Diff M/C		-0.45%	<-IRR #YR->	10	CFPS 5 yr Running	-4.36%
														$317.68	<-12 mths	-3.25%
Excl.Working Capital CF	$68.7	$17.0	$88.0	$35.6	$2.6	$10.9	$38.5	$49.1	$32.3	-$5.2	$40.2	$67.9	$51.6	$0.0	$0.0			1.02%	<-IRR #YR->	5	CFPS 5 yr Running	5.21%
CF Excl. WC Check
Cash Flow from Operations $M WC	$290.1	$296.9	$302.4	$342.1	$309.0	$185.2	$180.6	$195.8	$202.9	$219.6	$238.1	$330.8	$328.4	$258.9	$263.3			8.58%	<-Total Growth	10	Cash Flow less WC
Increase	93.23%	2.34%	1.87%	13.11%	-9.66%	-40.08%	-2.48%	8.44%	3.64%	8.22%	8.43%	38.92%	-0.75%	-21.14%	1.70%			0.83%	<-IRR #YR->	10	Cash Flow less WC	8.58%
5 year Running Average	$200.2	$220.8	$232.1	$276.3	$308.1	$287.1	$263.8	$242.5	$214.7	$196.8	$207.4	$237.5	$264.0	$275.2	$283.9			10.89%	<-IRR #YR->	5	Cash Flow less WC	67.69%
CFPS Excl. WC	$3.63	$3.58	$3.37	$3.74	$3.37	$1.87	$1.74	$1.88	$1.94	$2.18	$2.48	$3.54	$3.65	$2.47	$2.52			1.30%	<-IRR #YR->	10	CF less WC 5 Yr Run	13.74%
Increase	92.08%	-1.46%	-5.85%	11.12%	-9.93%	-44.62%	-6.70%	7.80%	3.09%	12.74%	13.57%	42.97%	3.03%	-32.25%	1.70%			1.71%	<-IRR #YR->	5	CF less WC 5 Yr Run	8.85%
5 year Running Average	$2.49	$2.73	$2.79	$3.24	$3.54	$3.19	$2.82	$2.52	$2.16	$1.92	$2.04	$2.40	$2.76	$2.87	$2.93			0.81%	<-IRR #YR->	10	CFPS - Less WC	8.38%
P/CF on Med Price	5.42	5.88	7.36	6.74	5.36	8.89	9.94	7.49	5.23	3.60	4.88	3.79	4.01	5.71	-0.07			14.22%	<-IRR #YR->	5	CFPS - Less WC	94.43%
P/CF on Closing Price	4.67	5.84	8.43	5.69	4.16	10.62	9.04	6.50	4.79	4.99	4.69	4.11	4.22	5.17	5.08			-0.13%	<-IRR #YR->	10	CFPS 5 yr Running	-1.27%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	5.67	5 yr	5.17	P/CF Med	10 yr	5.29	5 yr	4.01		-2.29%	Diff M/C		1.82%	<-IRR #YR->	5	CFPS 5 yr Running	9.45%
			-90.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	88.1								Shares
								-104.8	0.0	0.0	0.0	0.0	88.1								Shares
			-$214.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$276.7								Cash Flow
								-$146.7	$0.0	$0.0	$0.0	$0.0	$276.7								Cash Flow
			-$2.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.08								Cash Flow per Share
								-$1.41	$0.00	$0.00	$0.00	$0.00	$3.08								Cash Flow per Share
			-$2.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.36								CFPS 5 yr Running
								-$2.25	$0.00	$0.00	$0.00	$0.00	$2.36								CFPS 5 yr Running
			-$302.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$328.4								Cash Flow less WC
								-$195.8	$0.0	$0.0	$0.0	$0.0	$328.4								Cash Flow less WC
			-$232.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$264.0								CF less WC 5 Yr Run
								-$242.5	$0.0	$0.0	$0.0	$0.0	$264.0								CF less WC 5 Yr Run
			-$3.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.65								CFPS - Less WC
								-$1.88	$0.00	$0.00	$0.00	$0.00	$3.65								CFPS - Less WC
			-$2.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.76								CFPS 5 yr Running
								-$2.52	$0.00	$0.00	$0.00	$0.00	$2.76								CFPS 5 yr Running
Chge in Non-Cash WC										$22.582	-$5.615
Trade and other receivables	-$43.68	$45.10	-$10.41	$23.00	$77.79	$14.94	-$16.867	-$26.186	$13.335			-$30.060	$28.845
Inventory	-$13.24	$6.92	-$1.78	-$4.11	$0.08	$0.54	-$0.043	-$3.674	$0.863			-$6.884	-$3.912
Prepaid expenses	-$1.27	-$0.08	$0.01	$0.80	$1.71	$1.15	-$1.404	-$0.089	-$3.472			$0.3	-$2.1
Accounts payable and accrued liabilities	$16.22	-$19.33	$2.47	$2.52	-$43.54	-$1.90	$5.979	$3.497	-$11.258			$8.229	-$8.177
Income tax paid	-$26.69	-$49.60	-$78.29	-$57.86	-$38.65	-$25.57	-$26.155	-$22.657	-$31.756	-$17.385	-$34.557	-$39.475	-$66.232
Sum	-$68.67	-$17.00	-$88.00	-$35.64	-$2.60	-$10.85	-$38.490	-$49.109	-$32.288	$5.197	-$40.172	-$67.857	-$51.614
Google -->TD			-$88.00	-$35.64	-$2.60	-$10.85	-$38	-$49	-$32	$5	-$40	-$68	-$52
Difference			$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0
TD				-$36	-$3	-$11	-$38
Difference				$0	$0	$0	$0
OPM	15.96%	19.60%	14.92%	21.46%	25.23%	16.84%	12.48%	11.64%	13.35%	19.31%	13.40%	13.15%	13.87%	12.85%				-7.00%	<-Total Growth	10	OPM
Increase	75.59%	22.82%	-23.90%	43.85%	17.58%	-33.26%	-25.89%	-6.76%	14.71%	44.66%	-30.61%	-1.85%	5.49%	-7.38%					Should increase		or be stable.
Diff from Ave	17.0%	43.7%	9.4%	57.4%	85.0%	23.5%	-8.5%	-14.7%	-2.1%	41.6%	-1.7%	-3.6%	1.7%	-5.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	13.64%	5 Yrs	13.40%					should be	zero, it is a		check on calculations
														$317	<-12 mths	-3.29%
EBITDA (OIBDA)			$300.7	$284.7	$229.4	$181.0	$172.2	$189.0	$200.9	$217.6	$236.4	$329.9	$328.2	$316.1	$346.9	$368.0		9.15%	<-Total Growth	10	EBITDA (OIBDA)
Change				-5.32%	-19.42%	-21.10%	-4.86%	9.76%	6.30%	8.31%	8.64%	39.55%	-0.52%	-3.69%	9.74%	6.08%		2.89%	<-Median->	10	Change
Margin			21.06%	19.81%	16.07%	14.90%	16.64%	16.60%	15.93%	17.02%	20.30%	22.33%	16.41%	15.85%	17.22%	17.31%		16.62%	<-Median->	10	Margin
Long Term Debt				$692.91	$696.86	$547.11	$456.80	$482.19	$467.39	$461.71	$574.96	$597.40	$230.93	$596.94				#DIV/0!	<-Total Growth	9	Debt	Type
Change					0.57%	-21.49%	-16.51%	5.56%	-3.07%	-1.22%	24.53%	3.90%	-61.34%	158.49%				-1.22%	<-Median->	9	Change	Lg Term
Debt/Market Cap Ratio				0.35	0.54	0.27	0.28	0.38	0.48	0.44	0.52	0.44	0.17	0.53				0.41	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio				14.47	10.94	8.28	9.92	11.72	16.50	16.18	7.44	9.07	4.06	4.03				10.43	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)				2.26	2.27	3.14	3.21	3.29	2.74	2.05	2.90	2.27	0.83	2.31				2.51	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Goodwill	$241.5	$239.6	$244.4	$257.8	$344.2	$351.9	$363.4	$265.3	$268.7	$271.3	$358.7	$366.0	$367.1	$366.3				50.17%	<-Total Growth	10	Goodwill	Leverage
Goodwill/Market Cap Ratio	0.18	0.13	0.09	0.13	0.27	0.17	0.22	0.21	0.28	0.26	0.33	0.27	0.27	0.33				0.26	<-Median->	10	Goodwill/Market Cap Ratio	D/E Ratio
Intangibles	$0.0	$53.0	$41.7	$31.4	$30.1	$22.6	$40.6	$50.3	$48.5	$45.9	$99.2	$99.6	$91.0	$98.8				118.01%	<-Total Growth	10	Intangibles
Intangible/Market Cap Ratio	0.00	0.03	0.02	0.02	0.02	0.01	0.02	0.04	0.05	0.04	0.09	0.07	0.07	0.09				0.04	<-Median->	10	Intangible/Market Cap Ratio
Total Goodwill and Intangbles	$241.5	$292.6	$286.2	$289.2	$374.3	$374.5	$404.0	$315.5	$317.2	$317.2	$457.9	$465.6	$458.1	$465.1				60.07%	<-Total Growth	10	Goodwill
Change	-71.64%	21.14%	-2.19%	1.07%	29.41%	0.05%	7.87%	-21.89%	0.51%	0.01%	44.35%	1.69%	-1.62%	1.53%				0.79%	<-Median->	10	Change
GW Intangible/Market Cap Ratio	0.18	0.16	0.11	0.15	0.29	0.18	0.25	0.25	0.33	0.30	0.42	0.34	0.34	0.41				0.30	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$378.76	$387.04	$344.13	$589.19	$353.12	$1,873.03	$358.11	$272.13	$349.33	$345.30	$309.11	$360.32	$383.25	$399.07				11.37%	<-Total Growth	10	Quick Ratio
Current Liabilities	$162.91	$149.10	$123.30	$128.70	$166.06	$226.08	$176.52	$140.42	$106.02	$106.20	$258.31	$219.99	$502.40	$510.79				2.08	<-Median->	10	Ratio
Liquidity	2.32	2.60	2.79	4.58	2.13	8.28	2.03	1.94	3.29	3.25	1.20	1.64	0.76	0.78				1.64	<-Median->	5	Ratio
Liq. with CF aft div	3.26	3.92	3.55	6.11	3.31	8.78	2.62	2.55	4.31	5.04	1.79	2.55	1.18	1.16				2.55	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.73	2.27	1.69	3.47	1.30	7.74	1.94	1.27	2.46	3.06	0.90	2.19	0.97	1.16				2.19	<-Median->	5	Ratio
CF/Debt Ratio	1.36	1.88	1.74	2.38	1.85	0.77	0.80	1.04	1.61	2.12	0.77	1.20	0.55	0.51				Liquidity ratio of 1.5 and up, best
Assets	$1,527.1	$1,555.9	$1,587.6	$1,862.1	$1,817.0	$1,873.0	$1,750.7	$1,645.9	$1,749.3	$1,717.9	$1,922.0	$1,996.1	$2,041.7	$2,058.2				28.60%	<-Total Growth	10	Assets
Liabilities	$822.8	$728.8	$687.5	$961.2	$1,010.4	$912.6	$760.9	$747.8	$831.4	$821.5	$1,033.3	$1,022.7	$1,066.8	$1,076.6				2.00	<-Median->	10	Ratio
Debt Ratio	1.86	2.13	2.31	1.94	1.80	2.05	2.30	2.20	2.10	2.09	1.86	1.95	1.91	1.91				1.95	<-Median->	5	Ratio
																		Debt Ratio of 1.5 and up, best
Estimates BVPS														$11.70	$12.60	$13.50			Estimates		Estimates BVPS
Estimate Book Value														$1,030.5	$1,109.7	$1,189.0			Estimates		Estimate Book Value
P/B Ratio (Close)														1.09	1.02	0.95			Estimates		P/B Ratio (Close)
Difference from 10 year median															-26.22%	Diff M/C			Estimates		Difference from 10 yr med.
Total Equity	$704.3	$827.1	$900.1	$900.9	$806.6	$960.4	$989.7	$898.1	$917.9	$896.4	$888.7	$973.4	$974.9	$981.6				8.31%	<-Total Growth	10	Total Equity
Book Value per Share	$8.71	$9.43	$9.93	$9.83	$8.80	$9.27	$9.55	$8.57	$8.76	$9.26	$9.40	$10.47	$11.07	$11.15				11.49%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	2.26	2.23	2.50	2.56	2.05	1.79	1.81	1.64	1.16	0.85	1.29	1.28	1.32	1.27				1.48	<-Median->	10	P/B Ratio (Median)
Eq Conv. Debentures	$4.83	$1.84	$0.74	$0.55	$0.55	$0.55	$0.00	$0.55	$9.12	$9.12	$9.12	$9.12	$9.12	$9.12				1135.23%	<-Total Growth	10	Eq Conv. Debentures
Book Value	$699.5	$825.3	$899.4	$900.4	$806.1	$959.9	$989.7	$897.5	$908.8	$887.3	$879.5	$964.3	$965.8	$972.5	$972.5	$972.5		7.38%	<-Total Growth	10	Book Value
Book Value per Share	$8.65	$9.41	$9.92	$9.83	$8.79	$9.26	$9.55	$8.56	$8.67	$9.16	$9.30	$10.37	$10.97	$11.04	$11.04	$11.04		10.54%	<-Total Growth	10	Book Value per Share
Change	-42.01%	8.79%	5.38%	-0.92%	-10.52%	5.30%	3.11%	-10.33%	1.26%	5.67%	1.56%	11.50%	5.70%	0.70%	0.00%	0.00%		-22.18%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	2.28	2.24	2.50	2.57	2.05	1.79	1.81	1.64	1.17	0.86	1.30	1.29	1.33	1.28				1.86	P/B Ratio		Historical Median
P/B Ratio (Close)	1.96	2.22	2.86	2.17	1.59	2.14	1.65	1.43	1.07	1.19	1.25	1.40	1.41	1.16	1.16	1.16		1.01%	<-IRR #YR->	10	Book Value per Share	10.54%
Change	72.85%	13.34%	28.90%	-24.24%	-26.52%	34.42%	-23.02%	-13.49%	-25.02%	11.27%	5.06%	12.21%	0.26%	-17.63%	0.00%	0.00%		5.07%	<-IRR #YR->	5	Book Value per Share	28.07%
Leverage (A/BK)	2.17	1.88	1.76	2.07	2.25	1.95	1.77	1.83	1.91	1.92	2.16	2.05	2.09	2.10				2.00	<-Median->	10	A/BV
Debt/Equity Ratio	1.17	0.88	0.76	1.07	1.25	0.95	0.77	0.83	0.91	0.92	1.16	1.05	1.09	1.10				1.00	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.49	5 yr Med	1.29		-22.18%	Diff M/C		Affected by new accting rules.
			-$9.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.97
								-$8.56	$0.00	$0.00	$0.00	$0.00	$10.97
														$127.3	<-12 mths	-6.54%
Comprehensive Income	$119.4	$130.9	$143.3	$94.6	$13.4	$52.0	$65.5	-$43.8	$72.2	$64.0	$73.5	$160.4	$136.1					-4.99%	<-Total Growth	10	Comprehensive Income
Increase	50.99%	9.61%	9.46%	-33.96%	-85.88%	289.33%	25.89%	-166.84%	264.98%	-11.44%	14.92%	118.16%	-15.12%					14.92%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$56.7	$106.7	$112.7	$113.5	$100.3	$86.8	$73.8	$36.4	$31.9	$42.0	$46.3	$65.3	$101.3					-0.51%	<-IRR #YR->	10	Comprehensive Income	-4.99%
ROE	17.1%	15.9%	15.9%	10.5%	1.7%	5.4%	6.6%	-4.9%	7.9%	7.2%	8.4%	16.6%	14.1%					#NUM!	<-IRR #YR->	5	Comprehensive Income	410.93%
5Yr Median	7.8%	10.2%	15.9%	15.9%	15.9%	10.5%	6.6%	5.4%	5.4%	6.6%	7.2%	7.9%	8.4%					-1.07%	<-IRR #YR->	10	5 Yr Running Average	-10.16%
% Difference from NI	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.50%	1.12%	-0.42%					22.74%	<-IRR #YR->	5	5 Yr Running Average	178.55%
Median Values										Diff	5, 10 yr	0.0%	0.0%					8.4%	<-Median->	5	Return on Equity
			-$143.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$136.1
								$43.8	$0.0	$0.0	$0.0	$0.0	$136.1
			-$112.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$101.3
								-$36.4	$0.0	$0.0	$0.0	$0.0	$101.3
Current Liability Coverage Ratio	1.78	1.99	2.45	2.66	1.86	0.82	1.02	1.39	1.91	2.07	0.92	1.50	0.65	0.51							CFO / Current Liabilities
5 year Median	1.66	1.78	1.78	1.99	1.99	1.99	1.86	1.39	1.39	1.39	1.39	1.50	1.50	0.92				1.45	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	18.99%	19.08%	19.05%	18.37%	17.01%	9.89%	10.31%	11.90%	11.60%	12.78%	12.39%	16.57%	16.08%	12.58%							CFO / Total Assets
5 year Median	10.95%	13.08%	18.99%	18.99%	18.99%	18.37%	17.01%	11.90%	11.60%	11.60%	11.90%	12.39%	12.78%	12.78%				12.6%	<-Median->	10	Return on Assets
Return on Assets ROA	7.8%	8.4%	9.0%	5.1%	0.7%	2.8%	3.7%	-2.7%	4.1%	3.7%	3.8%	7.9%	6.7%	5.9%				Net	Income/Assets		Return on Assets
5Yr Median	4.7%	6.0%	7.8%	7.8%	7.8%	5.1%	3.7%	2.8%	2.8%	3.7%	3.7%	3.8%	4.1%	5.9%				3.8%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	17.1%	15.9%	15.9%	10.5%	1.7%	5.4%	6.6%	-4.9%	7.9%	7.2%	8.2%	16.4%	14.2%	12.5%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	7.8%	10.2%	15.9%	15.9%	15.9%	10.5%	6.6%	5.4%	5.4%	6.6%	7.2%	7.9%	8.2%	12.5%				7.6%	<-Median->	10	Return on Equity
														$127.2	<-12 mths	-6.95%
Net Income	$119.4	$130.9	$143.3	$94.6	$13.4	$52.0	$65.5	-$43.8	$72.2	$64.0	$72.4	$158.6	$136.7	$122.0	$138.8	$157.5		-4.59%	<-Total Growth	10	Net Income
Increase	50.99%	9.61%	9.46%	-33.96%	-85.88%	289.33%	25.89%	-166.84%	264.98%	-11.44%	13.22%	118.98%	-13.81%	-10.77%	13.77%	13.47%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$56.7	$106.7	$112.7	$113.5	$100.3	$86.8	$73.8	$36.4	$31.9	$42.0	$46.1	$64.7	$100.8	$110.8	$125.7	$142.7		-0.47%	<-IRR #YR->	10	Net Income	-4.59%
Operating Cash Flow	$221.4	$279.9	$214.4	$306.4	$306.4	$174.3	$142.1	$146.7	$170.7	$224.8	$198.0	$263.0	$276.7					#NUM!	<-IRR #YR->	5	Net Income	412.24%
Investment Cash Flow	-$143.3	-$107.9	-$136.2	-$98.1	-$257.9	-$30.2	-$62.1	-$140.7	-$79.9	-$68.7	-$255.6	-$37.0	-$109.9					-1.11%	<-IRR #YR->	10	5 Yr Running Average	-10.57%
Total Accruals	$41.3	-$41.1	$65.1	-$113.7	-$35.1	-$92.0	-$14.5	-$49.8	-$18.5	-$92.2	$130.1	-$67.4	-$30.1					22.63%	<-IRR #YR->	5	5 Yr Running Average	177.29%
Total Assets	$1,527.1	$1,555.9	$1,587.6	$1,862.1	$1,817.0	$1,873.0	$1,750.7	$1,645.9	$1,749.3	$1,717.9	$1,922.0	$1,996.1	$2,041.7						Balance Sheet		Assets
Accruals Ratio	2.70%	-2.64%	4.10%	-6.11%	-1.93%	-4.91%	-0.83%	-3.02%	-1.06%	-5.37%	6.77%	-3.37%	-1.48%					-1.48%	<-Median->	5	Ratio
EPS/CF Ratio	0.39	0.42	0.47	0.27	0.04	0.28	0.36	-0.22	0.36	0.29	0.30	0.46	0.40					0.30	<-Median->	10	EPS/CF Ratio
			-$143.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$136.7
								$43.8	$0.0	$0.0	$0.0	$0.0	$136.7
			-$112.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$100.8
								-$36.4	$0.0	$0.0	$0.0	$0.0	$100.8
Change in Close	0.24%	23.30%	35.84%	-24.94%	-34.26%	41.54%	-20.63%	-22.43%	-24.08%	17.58%	6.70%	25.11%	5.98%	-17.06%	0.00%	0.00%			Count	29	Years of data
up/down					up						Up	Down							Count	13	44.83%
Meet Prediction?											Yes							% right	Count	5	38.46%
Financial Cash Flow	-$125.9	-$114.9	-$143.6	$114.0	-$148.5	-$18.0	-$208.4	-$131.5	-$15.1	-$128.9	-$46.3	-$215.1	-$174.0						C F Statement		Financial CF
Total Accruals	$167.2	$73.8	$208.7	-$227.7	$113.4	-$74.1	$194.0	$81.7	-$3.4	$36.7	$176.3	$147.8	$143.9								Accruals
Accruals Ratio	10.95%	4.74%	13.14%	-12.23%	6.24%	-3.95%	11.08%	4.96%	-0.20%	2.14%	9.18%	7.40%	7.05%					7.05%	<-Median->	5	Ratio
Cash	$65.93	$122.77	$58.24	$325.37	$147.24	$270.29	$134.5	$3.9	$3.9	$105.3	$0.0	$8.8	$2.3	$12.1							Cash
Cash Flow per Share	$0.82	$1.40	$0.64	$3.55	$1.61	$2.61	$1.30	$0.04	$0.04	$1.09	$0.00	$0.09	$0.03	$0.14				$0.04	<-Median->	5	Cash per Share
Percentage of Stock Price	4.81%	6.70%	2.26%	16.67%	11.47%	13.15%	8.25%	0.31%	0.40%	9.98%	0.00%	0.65%	0.17%	1.07%				0.40%	<-Median->	5	% of Stock Price
Notes:
May 12, 2024.  Last estimates were for 2023, 2024 and 2025 of $1992M, $2004M and $2037M Revenue, $1.25, $1.30, $1.39 AEPS, $1.21, $1.27 and $1.39 EPS,
$0.72, $0.73, $0.76 Dividend, $156M, $175M , $160M FCF, $2.70, $2.63 2023/4 CFPS, $10.70, \411.30, $11.90 BVPS, $120, $123M, $129.2M Net Income.
May 13, 2023.  Last estimates were for 2022, 2023 and 2024 of $1849M, $1900M and $1934M for Revenue, $0.91, $1.03 and $1.11 for AEPS, $0.91, $1.03 and $1.11 for EPS,
$0.68, $0.64 and $0.72 for Dividends,  and $130M, $141M and $148M for FCF, $2.32, and $2.44 for CFPS 2022/3, $9.55, $9.82 and $10.20 for BVPS, and $83.3M, $94.2M for Net Income 2022/3.
May 14, 2022.  Last estimates were for 2021, 2022 and 2023 of $1318M, $1447M and $1454M for Revenue, $0.69, $0.83 and $0.80 for EPS,
$0.48, $0.51 and $0.60 for Dividends, $100M, $111M and $111M for FCF, $1.94 and $2.16 for CFPS for 2021-22, and $70.8M and $84.3M for 2021-22 for Net Income.
May 15, 2021.  Last estimates were for 2020, 2021 and 2022 of $1107M, $1174M and $1214M for Revenue, $0.08, $0.29 and $0.38 for EPS,
$0.35, $0.05 and $0.30 for Dividends, $1.23, $1.36 and $1.31 for CFPS and $6.7M and $34.3M for Net Income for 2020 and 2021.
July 23, 2020.  Company is reinstating its dividend from August 2020 at a lower rate of $0.03 from $0.05.
May 9, 2020.  Last estimates were for 2019, 2020 and 2021 of $1307M, $17395M and $1547M for Revenue, $0.56, $0.65 and $0.96 for EPS,
$1.48 and $1.69 for CPPS for 2019 and 2020 and $54.6M, $67M and $100M for Net Income.
March 20, 2020.  The company announced re covid 19 that it was suspending the dividend for 3 months after March dividend is paid.
May 13, 2019.  Last estimates were for 2018, 2019 and 2020 of $1203M, $1283M and $1342M for Revenue, $0.64, $0.73 and $0.95 for EPS,
$1.42 and $1.55 for 2018 and 2019 for CFPS and $55.3M and $71.5M for Net Income for 2018 and 2019.
Msy 12, 2018.  Lsst estimates were for 2017, 2018 and 2019 of $1144M, $1285M and $1350M for revenue, $0.59, $0.91 and $0.85 for EPS,
$1.36, $1.80 and $1.58 for CFPS and $59.5M and $97M for Net Income for 2017 and 2018.
May 20m 2017.  Last estimate were for 2016, 2017 and 2018 of $1505M, $1204M and $1356M for Revenue, $0.67, $0.85 and $1.23 for EPS,
$1.57, $1.83 and $1.83 for CFPS and $69.5M, $85.8M and $127M for Net Income.
February 1, 2017.  Last estimates were for 2016 and 2017 of $1143M and $1262M for Revenue, $0.59 and $0.97 for EPS, $1.70 and $1.95 for CFPS and $59.6M and $89.5M for Net Income.
I did an interim on February 1, 2017 before the 2015 annual report was in.
February 21, 2016.  Last estimates were for 2015, 2016 and 2017 of 1384M, $1527M and $1562M for revenue, $0.95 and $1.18 for EPS for 2015 and 2016,
$2.14 and $2.70 for CFPS for 2015 and 2016, $85M and $107M for 2015 and 2016 for Net Income.
February 25, 2015, last estimates were for 2014, 2015 and 2016 of $1454M, $1641M and $1677M for Revenue, $1.20, $1.37 and $1.48 for EPS,
$2.55 and $2.75 for 2014 and 2015 for CFPS and $105M, $130M and $148M for Net Income.
December 14. 2014, last estimates were for 2013, 2014 and 2015 of $1441M, $1547M and $1597M for Revenue, $1.69, $1.85 and $2.02 for EPS,
$2.84, $3.29 and $3.45 for CFPS and $162M, $167M and $182M for Net Income.
December 18, 2013.  Last estimates were for 2012 and 2013 of $1441M and $1499M Revenue, $1.64 and $1.66 EPS and $3.14 and $3.65 CFPS.
December 16, 2012.  Last estimates were for 2011 and 2012 of $1344M and $1479M for revenue and $1.41 and $1.67 for EPS and $2.69 and $3.07 for CFPS.
November 19, 2011.  Last estimates were for 2010 and 2011 at $.93 and $.14 for EPS and $1.65 and 2.08 for CF
Mullen Group recognized $545.5M good will impairment against retained earnings.  Resulted in decrease in Book Value of shares.
May 30, 2010.  Price is just below book value.  2009 was a bad year for this company.  It is expected to start to recover in 2010 and 2011.
Mullen Group (TSX-MTL) was formerly Mullen Group Income Fund (TSX-MTL.UN). Conversion was 1 May 2009.
In 2007, there was a good will and intangible asset impairment charge.  Without this charge the company would have made about $1.92 in earnings.  In same calculations, I am using this figure.
Started to follow this stock because it was recommendated as a good small cap stock to invest in in 2010.
The stock was Mullen Transportation Inc. in 2004.  In 2005 it changed to Mullen Group Income Fund (TSX-MTL.UN).
On May 1, 2009, the company converted to a corporation and became Mullen Group (TSX-MTL).
Sector:
Services, Industrial
What should this stock accomplish?
This is a peripheral play on the oil and gas sector.
Would I buy this company and Why.
Why am I following this stock.
I like to look at recommended small cap dividend paying stock to see if they would be a possible good investment now or in the future.  The other thing to mention about this stock is that
it converted from an income trust and decreased it dividends.  The reduction in dividend brought the Dividend Payout Ratios down to a place that would allow for the company to begin growing dividends again.
Dividends
Dividends are currently being paid monthly.  The dividends went from quarterly to monthly in 2013 with one quarterly payment in 2013.  Dividends declared for shareholders on one month are paid in the following month.
For example, the dividend for shareholders of record for March 31, 2013 was payable on April 15, 2013.
Dividends went from monthly to quarter in 2009 in cycle 1. The dividends were against changed to monthly in 2013.  Since dividends are declared in one month for the next month, there was one quarterly dividend payment in 2013.
Special dividend in 2001 was because of split-off of Moveitonline
How they make their money.
Mullen Group Ltd is a logistics provider with a network of independently operated businesses providing a wide range of service offerings including less-than-truckload, truckload, Specialized & Industrial
Services warehousing and logistics, U.S., and International Logistics, and Corporate. The company derives the majority of its revenue from the Less-Than-Truckload segment and geographical revenue
from Canada. The company also provides a diverse set of specialized services related to the energy, mining, forestry, and construction industries in western Canada.
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	May 20	2017	May 12	2018	May 13	2019	May 9	2020	May 15	2021	May 14	2022	May 14	2023			May 12	2024
Mullen, Murray Kenneth	2.81%	3.243	3.13%	4.839	4.62%	4.839	4.62%	4.839	5.00%	4.839	5.12%	4.839	5.21%	4.839	5.49%			5.261	5.97%			8.72%
Chairman of Board  & CEO	$57.731		$51.041		$59.083		$44.856		$52.744		$56.277		$70.407		$74.616				$81.125
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Urlacher, Carson														0.083	0.09%			0.108	0.12%			30.08%
CFO - Shares - Amount															$1.281				$1.667
Options - percentage														0.150	0.17%			0.150	0.17%			0.00%
Options - amount															$2.313				$2.313
Clark, Peter W. Stephen	0.04%	0.037	0.04%	0.037	0.03%	0.068	0.06%	0.092	0.09%	0.124	0.13%	0.124	0.13%	0.124	0.14%						Ceased insider Feb 2024	-100.00%
CFO - Shares - Amount	$0.726		$0.576		$0.447		$0.629		$1.000		$1.439		$1.801		$1.908
Options - percentage	0.14%	0.000	0.00%	0.190	0.18%	0.190	0.18%	0.190	0.20%	0.190	0.20%	0.190	0.20%	0.140	0.16%							-100.00%
Options - amount	$2.776		$0.000		$2.320		$1.761		$2.071		$2.210		$2.765		$2.159
Maloney, Richard James	0.01%	0.027	0.03%	0.029	0.03%	0.032	0.03%	0.035	0.04%	0.037	0.04%	0.038	0.04%	0.040	0.05%			0.042	0.05%			4.62%
Officer	$0.274		$0.422		$0.358		$0.298		$0.384		$0.429		$0.553		$0.617				$0.646
Options - percentage	0.15%	0.000	0.00%	0.210	0.20%	0.210	0.20%	0.210	0.22%	0.200	0.21%	0.200	0.22%	0.200	0.23%			0.200	0.23%			0.00%
Options - amount	$3.173		$0.000		$2.564		$1.947		$2.289		$2.326		$2.910		$3.084				$3.084
Lockwood, Stephen H.	0.00%	0.395	0.38%			0.395	0.38%	0.395	0.41%	0.395	0.42%	0.395	0.43%	0.395	0.45%			0.395	0.45%		was co-ceo until 2016	0.00%
Director - Shares - Amount	$0.000		$6.221				$3.664		$4.308		$4.597		$5.751		$6.095				$6.095		re-elected 2017
Options - percentage	0.00%	0.000	0.00%			0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Last reported Dec 2016	#DIV/0!
Options - amount	$0.000		$0.000				$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
McGinley, Christine Ellen								0.016	0.02%	0.021	0.02%	0.022	0.02%	0.024	0.03%			0.024	0.03%			0.00%
Director - Shares - Amount									$0.178		$0.244		$0.325		$0.363				$0.363
Options - percentage								0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount									$0.000		$0.000		$0.000		$0.000				$0.000
Archibald, Alan Douglas	0.03%	0.034	0.03%																		re-elected 2017
Director - Shares - Amount	$0.533		$0.541
Options - percentage	0.00%	0.000	0.00%
Options - amount	$0.000		$0.000
Bay, Greg	0.05%	0.047	0.05%			0.047	0.04%	0.077	0.08%												re-elected 2017
Director - Shares - Amount	$0.932		$0.740				$0.436		$0.839												Last reported Mar2020
Options - percentage	0.00%	0.000	0.00%			0.000	0.00%	0.000	0.00%												Not listed as Director 2020
Options - amount	$0.000		$0.000				$0.000		$0.000
Powell, Patrick Garth
Director - resigned 2011
Increase in O/S Shares	0.05%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Average	0.00%
due to SO	$0.706		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000		Yes 0 in 2017 to 2024
Book Value	$0.850		$0.000		$0.000		$0.000		$0.000		$0.000		$0.379		$0.743				$0.000		none exercised
Insider Buying	-$0.199		-$0.049		-$0.113		-$0.538		-$0.808		-$0.318		-$0.124		-$0.258				-$5.914		Stock-based compensation
Insider Selling	$1.035		$1.133		$0.000		$12.480		$0.252		$0.000		$0.000		$0.000				$0.000
Net Insider Selling	$0.836		$1.084		-$0.113		$11.942		-$0.556		-$0.318		-$0.124		-$0.258				-$5.914
% of Market Cap	0.04%		0.07%		-0.01%		1.23%		-0.05%		-0.03%		-0.01%		-0.02%				-0.53%
Directors		8		7		7		6		6		6		9				8
Women	0%	2	25%	2	29%	2	29%	2	33%	2	33%	2	33%	2	22%			2	25%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	17%	1	11%			1	13%
Institutions/Holdings	67.41%	86	51.99%	80	53.34%	72	60.25%					20	23.43%	20	22.73%			20	22.73%
Total Shares Held	59.61%	53.893	51.99%	55.294	52.75%	63.156	60.25%					21.931	23.59%	20.647	23.44%			0.000	0.00%
Increase/Decrease	19.35%	-0.642	-1.18%	-0.267	-0.48%	13.595	27.43%					-0.050	-0.23%	-0.175	-0.84%			-0.175	-100.00%
Starting No. of Shares		54.535		55.561		49.561						21.982		20.823				0.175
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