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.														1/31/25	<-estimates				https://www.annualreports.com/Company/national-bank-canada
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
National Bank of Canada						TSX:	NA	OTC:	NTIOF	https://www.nbc.ca/		Fiscal Yr:	Oct 31
Year	10/31/12	10/31/13	10/31/14	10/31/15	10/31/16	10/31/17	10/31/18	10/31/19	10/31/20	10/31/21	10/31/22	10/31/23	10/31/24	10/31/25	10/31/26	10/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Split Date			14-Feb-14
Split			2
														$11,904	<-12 mths	2.37%
Adjusted Revenue	$4,915	$5,230	$5,638	$5,982	$6,279	$6,864	$7,411	$7,666	$8,216	$9,116	$9,934	$10,658	$11,628	$12,814	$14,297			106.24%	<-Total Growth	10	Revenue
Increase	5.54%	6.41%	7.80%	6.10%	4.96%	9.32%	7.97%	3.44%	7.17%	10.95%	8.97%	7.29%	9.10%	10.20%	11.57%			7.51%	<-IRR #YR->	10	Revenue	106.24%
5 year Running Average		$4,705	$5,006	$5,284	$5,609	$5,999	$6,435	$6,840	$7,287	$7,855	$8,469	$9,118	$9,910	$10,830	$11,866			8.69%	<-IRR #YR->	5	Revenue	51.68%
Revenue per Share	$15.23	$16.04	$17.12	$17.74	$18.57	$20.21	$22.12	$22.94	$24.45	$26.98	$29.51	$31.51	$34.13	$37.61	$41.96			7.07%	<-IRR #YR->	10	5 yr Running Average	97.95%
Increase	4.99%	5.31%	6.72%	3.60%	4.71%	8.82%	9.43%	3.72%	6.59%	10.33%	9.40%	6.75%	8.31%	10.20%	11.57%			7.70%	<-IRR #YR->	5	5 yr Running Average	44.88%
5 year Running Average		$14.54	$15.40	$16.13	$16.94	$17.94	$19.15	$20.32	$21.66	$23.34	$25.20	$27.08	$29.32	$31.95	$34.94			7.14%	<-IRR #YR->	10	Revenue per Share	99.32%
P/S (Price/Sales) Med	2.37	2.54	2.79	2.70	2.27	2.44	2.82	2.68	2.32	3.15	3.19	3.32	3.24	3.61	0.00			8.27%	<-IRR #YR->	5	Revenue per Share	48.76%
P/S (Price/Sales) Close	2.53	2.82	3.08	2.44	2.58	3.10	2.70	2.97	2.61	3.80	3.14	2.74	3.89	3.42	3.07			6.65%	<-IRR #YR->	10	5 yr Running Average	90.32%
*Total Revenue in M CDN $					P/S Med	20 yr	2.61	15 yr	2.68	10 yr	2.85	5 yr	3.14		20.13%	Diff M/C		7.61%	<-IRR #YR->	5	5 yr Running Average	44.29%
			-$5,638	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,628
								-$7,666	$0	$0	$0	$0	$11,628
			-$5,006	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,910
								-$6,840	$0	$0	$0	$0	$9,910
			-$17.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$34.13
								-$22.94	$0.00	$0.00	$0.00	$0.00	$34.13
			-$15.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.32
								-$20.32	$0.00	$0.00	$0.00	$0.00	$29.32
Interest Income	$4,127	$4,410	$4,596	$4,542	$4,875	$5,580	$6,935	$8,174	$7,578	$6,987	$9,545	$16,777	$19,971					14.23%	<-IRR #YR->	10	Revenue	278.29%
Other Income	$2,975	$2,714	$2,920	$3,103	$2,884	$3,377	$3,784	$3,836	$3,672	$4,144	$4,381	$6,584	$8,461					18.81%	<-IRR #YR->	5	Revenue	136.74%
Total	$7,102	$7,124	$7,516	$7,645	$7,759	$8,957	$10,719	$12,010	$11,250	$11,131	$13,926	$23,361	$28,432					278.29%	<-Total Growth	10	Total
			-$7,516	$0	$0	$0	$0	$0	$0	$0	$0	$0	$28,432
								-$12,010	$0	$0	$0	$0	$28,432
														$11,676	<-12 mths	2.42%
Revenue*	$5,313	$5,163	$5,464	$5,746	$5,840	$6,609	$7,166	$7,432	$7,927	$8,927	$9,652	$10,170	$11,400	$12,291	$14,140			108.64%	<-Total Growth	10	Revenue
Increase	15.70%	-2.82%	5.83%	5.16%	1.64%	13.17%	8.43%	3.71%	6.66%	12.62%	8.12%	5.37%	12.09%	7.82%	15.04%			7.63%	<-IRR #YR->	10	Revenue	108.64%
5 year Running Average	$4,390	$4,695	$4,962	$5,256	$5,505	$5,764	$6,165	$6,559	$6,995	$7,612	$8,221	$8,822	$9,615	$10,488	$11,531			8.93%	<-IRR #YR->	5	Revenue	53.39%
Revenue per Share	$16.47	$15.84	$16.59	$17.04	$17.28	$19.46	$21.39	$22.24	$23.59	$26.42	$28.68	$30.06	$33.46	$36.07	$41.50			6.84%	<-IRR #YR->	10	5 yr Running Average	93.78%
Increase	15.10%	-3.83%	4.76%	2.69%	1.39%	12.65%	9.89%	3.99%	6.08%	11.98%	8.55%	4.84%	11.29%	7.82%	15.04%			7.95%	<-IRR #YR->	5	5 yr Running Average	46.60%
5 year Running Average	$13.63	$14.51	$15.27	$16.05	$16.64	$17.24	$18.35	$19.48	$20.79	$22.62	$24.46	$26.20	$28.44	$30.94	$33.95			7.26%	<-IRR #YR->	10	Revenue per Share	101.63%
P/S (Price/Sales) Med	2.19	2.57	2.88	2.81	2.44	2.53	2.92	2.77	2.41	3.21	3.29	3.47	3.31	3.76	0.00			8.51%	<-IRR #YR->	5	Revenue per Share	50.43%
P/S (Price/Sales) Close	2.34	2.86	3.17	2.54	2.77	3.22	2.79	3.06	2.71	3.88	3.23	2.87	3.97	3.57	3.10			6.42%	<-IRR #YR->	10	5 yr Running Average	86.26%
*Total Revenue in M CDN $					P/S Med	20 yr	2.56	15 yr	2.77	10 yr	2.96	5 yr	3.23		20.49%	Diff M/C		7.86%	<-IRR #YR->	5	5 yr Running Average	46.00%
			-$5,464	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,400
								-$7,432	$0	$0	$0	$0	$11,400
			-$4,962	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,615
								-$6,559	$0	$0	$0	$0	$9,615
			-$16.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$33.46
								-$22.24	$0.00	$0.00	$0.00	$0.00	$33.46
			-$15.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.44
								-$19.48	$0.00	$0.00	$0.00	$0.00	$28.44
														$10.49	<-12 mths	0.96%
Dividends on Prefers	$43	$40	$40	$45	$64	$85	$105	$116	$118	$123	$107	$141	$154
Real Adjusted Profit	$1,280	$1,320	$1,484	$1,567	$1,474	$1,964	$2,144	$2,212	$2,098	$2,901	$3,170	$3,129	$3,562
Calc Basic	$4.10	$4.19	$4.65	$4.89	$4.56	$6.01	$6.32	$5.60	$5.90	$8.97	$9.72	$9.68	$10.48
Calc Diluted	$4.06	$4.16	$4.60	$4.84	$4.52	$5.94	$6.55	$6.90	$6.21	$8.87	$9.61	$9.60	$10.39
Adjusted Profit based on Diluted	$1,280	$1,321	$1,483	$1,566	$1,479	$1,879	$2,056	$2,147	$2,046	$3,023	$3,275	$3,271	$3,562
Adjusted Profit CDN$ Given	$1,323	$1,360	$1,524	$1,612	$1,538	$2,049	$2,249	$2,328	$2,216	$3,024	$3,277	$3,270	$3,716
Adjusted Profit CDN$ Real	$1,280	$1,320	$1,484	$1,567	$1,474	$1,964	$2,144	$2,212	$2,098	$2,901	$3,170	$3,129	$3,562					140.03%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	19.82%	17.68%	17.49%	16.44%	15.29%	18.36%	18.60%	18.70%	15.62%	17.90%	17.05%	15.24%	15.90%					16.74%	<-Median->	10	Return on Equity ROE
5Yr Median	18.01%	18.01%	17.68%	17.49%	17.49%	17.49%	17.49%	18.36%	18.36%	18.36%	17.90%	17.05%	15.90%					17.49%	<-Median->	10	5Yr Median
Pre-split 2014	$7.93
Basic	$3.97	$4.07	$4.53	$4.75	$4.38	$5.52	$6.06	$6.40	$6.10	$8.97	$9.72	$9.69	$10.48					131.45%	<-Total Growth	10	AEPS
Pre-split 2014	$7.86
AEPS* Dilued	$3.93	$4.04	$4.48	$4.70	$4.35	$5.45	$5.99	$6.36	$6.06	$8.87	$9.61	$9.60	$10.39	$10.38	$10.96	$11.67		131.92%	<-Total Growth	10	AEPS
Increase	9.47%	2.80%	10.89%	4.91%	-7.45%	25.29%	9.91%	6.18%	-4.72%	46.37%	8.34%	-0.10%	8.23%	-0.10%	5.59%	6.48%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$3.06	$3.40	$3.80	$4.15	$4.30	$4.60	$4.99	$5.37	$5.64	$6.55	$7.38	$8.10	$8.91	$9.77	$10.19	$10.60		8.78%	<-IRR #YR->	10	AEPS	131.92%
AEPS Yield	10.18%	8.93%	8.50%	10.85%	9.09%	8.70%	10.03%	9.35%	9.48%	8.66%	10.36%	11.13%	7.82%	8.06%	8.51%	9.06%		10.31%	<-IRR #YR->	5	AEPS	63.36%
Payout Ratio	38.17%	41.09%	40.96%	42.55%	49.43%	40.92%	40.07%	40.88%	46.37%	32.02%	35.07%	40.42%	40.81%	43.55%	41.61%	39.07%		8.88%	<-IRR #YR->	10	5 yr Running Average	134.25%
5 year Running Average	43.94%	41.62%	39.78%	39.94%	42.44%	42.99%	42.78%	42.77%	43.53%	40.05%	38.88%	38.95%	38.94%	38.37%	40.29%	41.09%		10.65%	<-IRR #YR->	5	5 yr Running Average	65.85%
Price/AEPS Median	9.18	10.08	10.66	10.19	9.70	9.03	10.42	9.67	9.37	9.57	9.81	10.88	10.65	13.07	0.00	0.00		9.75	<-Median->	10	Price/AEPS Median
Price/AEPS High	10.23	11.20	12.03	11.71	10.94	11.49	10.96	10.69	12.34	11.76	10.97	10.98	12.92	13.56	0.00	0.00		11.24	<-Median->	10	Price/AEPS High
Price/AEPS Low	8.12	8.96	9.29	8.67	8.46	6.57	9.88	8.64	6.39	7.39	8.65	10.78	8.38	12.57	0.00	0.00		8.55	<-Median->	10	Price/AEPS Low
Price/AEPS Close	9.82	11.20	11.76	9.21	11.01	11.49	9.97	10.69	10.55	11.55	9.65	8.98	12.78	12.41	11.75	11.04		10.62	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	10.75	11.51	13.04	9.67	10.19	14.39	10.96	11.36	10.05	16.91	10.46	8.97	13.83	12.40	12.41	11.75		10.71	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	40.84%	5 Yrs	40.42%	P/CF	5 Yrs	in order	9.81	11.76	8.38	10.55		26.47%	Diff M/C					DPR 75% to 95% best
* Earnings excluding Specified Items
			-$4.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.39
								-$6.36	$0.00	$0.00	$0.00	$0.00	$10.39
			-$3.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.91
								-$5.37	$0.00	$0.00	$0.00	$0.00	$8.91
														$10.78	<-12 mths	0.94%
Difference Basic and Diluted	0.85%	0.79%	0.92%	1.10%	0.60%	1.10%	1.16%	0.78%	0.52%	1.10%	1.13%	0.95%	0.93%					1.02%	<-Median->	0	Difference Basic and Diluted
Pre-split 2014	$9.40	$8.87
EPS Basic	$4.70	$4.44	$4.36	$4.56	$3.31	$5.44	$6.01	$6.39	$5.73	$9.06	$9.72	$9.47	$10.78					147.25%	<-Total Growth	10	EPS Basic
Pre-split 2014	$9.32	$8.80
EPS Diluted*	$4.66	$4.40	$4.32	$4.51	$3.29	$5.38	$5.94	$6.34	$5.70	$8.96	$9.61	$9.38	$10.68	$10.40	$11.03	$9.65		147.22%	<-Total Growth	10	EPS Diluted
Increase	36.06%	-5.58%	-1.82%	4.40%	-27.05%	63.53%	10.41%	6.73%	-10.09%	57.19%	7.25%	-2.39%	13.86%	-2.62%	6.06%	-12.51%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	12.1%	9.7%	8.2%	10.4%	6.9%	8.6%	9.9%	9.3%	8.9%	8.7%	10.4%	10.9%	8.0%	8.1%	8.6%	7.5%		9.47%	<-IRR #YR->	10	Earnings per Share	147.22%
5 year Running Average	$3.17	$3.59	$3.96	$4.26	$4.24	$4.38	$4.69	$5.09	$5.33	$6.46	$7.31	$8.00	$8.87	$9.81	$10.22	$10.23		10.99%	<-IRR #YR->	5	Earnings per Share	68.45%
10 year Running Average	$2.62	$2.89	$3.12	$3.33	$3.40	$3.78	$4.14	$4.52	$4.80	$5.35	$5.85	$6.34	$6.98	$7.57	$8.34	$8.77		8.41%	<-IRR #YR->	10	5 yr Running Average	124.17%
* Diluted ESP per share									E/P	10 Yrs	9.12%	5Yrs	8.91%					11.73%	<-IRR #YR->	5	5 yr Running Average	74.12%
			-$4.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.68
								-$6.34	$0.00	$0.00	$0.00	$0.00	$10.68
			-$3.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.87
								-$5.09	$0.00	$0.00	$0.00	$0.00	$8.87
Dividend*														$4.63	$4.93	$5.05			Estimates		Dividend*
Increase														9.15%	6.57%	2.39%			Estimates		Increase
Payout Ratio EPS														44.50%	44.71%	52.33%			Estimates		Payout Ratio EPS
Pre-split 2014
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 2014	$3.00	$3.32
Dividend*	$1.50	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$4.52	$4.56	$4.56		131.06%	<-Total Growth	10	Dividends
Increase	13.21%	10.67%	10.54%	8.99%	7.50%	3.72%	7.62%	8.33%	8.08%	1.07%	18.66%	15.13%	9.28%	6.60%	0.88%	0.00%		32	1	38	Years of data, Count P, N	84.21%
Average Increases 5 Year Running	6.74%	6.31%	8.25%	10.05%	10.18%	8.28%	7.68%	7.23%	7.05%	5.76%	8.75%	10.25%	10.44%	10.15%	10.11%	6.38%		26.52%	<-Total Growth	10	Dividends 5 Yr Running
Dividends 5 Yr Running	$1.31	$1.39	$1.51	$1.66	$1.83	$1.98	$2.12	$2.28	$2.44	$2.58	$2.80	$3.10	$3.43	$3.77	$4.11	$4.35		126.72%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.16%	4.08%	3.84%	4.17%	5.10%	4.53%	3.85%	4.23%	4.95%	3.34%	3.57%	3.71%	3.83%	3.33%				4.01%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.73%	3.67%	3.41%	3.63%	4.52%	3.56%	3.66%	3.82%	3.76%	2.72%	3.20%	3.68%	3.16%	3.21%				3.64%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.70%	4.59%	4.41%	4.91%	5.84%	6.22%	4.05%	4.73%	7.26%	4.33%	4.05%	3.75%	4.87%	3.46%				4.80%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.89%	3.67%	3.48%	4.62%	4.49%	3.56%	4.02%	3.82%	4.39%	2.77%	3.63%	4.50%	3.19%	3.51%	3.54%	3.54%		3.92%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	32.19%	37.73%	42.48%	44.35%	65.35%	41.45%	40.40%	41.01%	49.30%	31.70%	35.07%	41.36%	39.70%	43.46%	41.34%	47.25%		41.19%	<-Median->	10	DPR EPS	FCF MS
DPR EPS 5 Yr Running	41.20%	38.86%	38.23%	39.03%	43.18%	45.09%	45.29%	44.70%	45.74%	39.85%	38.36%	38.76%	38.66%	38.45%	40.25%	42.55%		41.51%	<-Median->	10	DPR EPS 5 Yr Running	FCF WSJ
Payout Ratio CFPS	22.23%	78.42%	14.57%	10.58%	13.37%	49.79%	13.71%	10.49%	4.73%	15.70%	-59.02%	25.41%	31.06%	33.11%	#VALUE!	#DIV/0!		13.54%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	253.09%	72.79%	32.44%	14.09%	16.20%	18.23%	15.26%	13.92%	9.97%	10.36%	12.28%	13.85%	17.01%	34.30%	#VALUE!	#DIV/0!		14.01%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	29.53%	29.86%	33.72%	46.55%	-39.06%	46.49%	-44.38%	34.68%	-6.72%	-35.45%	80.62%	-14.61%	-12.13%	-12.93%	#VALUE!	#DIV/0!		-9.42%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	38.29%	35.54%	33.41%	34.65%	61.49%	67.69%	293.02%	200.46%	-30.14%	-29.99%	-32.18%	-23.95%	-15.99%	-18.79%	#VALUE!	#DIV/0!		9.33%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.01%	3.92%	5 Yr Med	5 Yr Cl	3.71%	3.82%	5 Yr Med	Payout	41.01%	10.49%	-6.72%					10.28%	<-IRR #YR->	5	Dividends	63.08%
* Dividends per share	10 Yr Med	and Cur.	-12.48%	-10.49%	5 Yr	and Cur.	-5.53%	-8.18%	Last Div Inc --->		$1.10	$1.14	3.64%					8.74%	<-IRR #YR->	10	Dividends	131.06%
Dividends Growth 15																		8.54%	<-IRR #YR->	15	Dividends	241.94%
Dividends Growth 20																		9.75%	<-IRR #YR->	20	Dividends	542.42%
Dividends Growth 25																		10.56%	<-IRR #YR->	25	Dividends	1128.99%
Dividends Growth 30																		10.72%	<-IRR #YR->	30	Dividends	2020.00%
Dividends Growth 35																		7.39%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		7.79%	<-IRR #YR->	38	Dividends
Dividends Growth 5								-$2.60	$0.00	$0.00	$0.00	$0.00	$4.24								Dividends Growth 5
Dividends Growth 10			-$1.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.24								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	$4.24								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	$4.24								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	$4.24								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.24								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.24								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.24								Dividends Growth 40
Historical Dividends	Historical	High Div	8.59%	Low Div	2.63%	10 Yr High	7.15%	10 Yr Low	2.85%	Med Div	3.85%	Close Div	3.81%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-58.78%	Cheap	34.63%	Exp.	-50.48%		24.23%	Exp.	-8.04%	Exp.	-7.06%								High/Ave/Median
Historical Dividends 1988	Historical	High Div	9.04%	Low Div	2.62%	10 Yr High	7.15%	10 Yr Low	2.85%	Med Div	3.85%	Close Div	3.81%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-60.83%	Cheap	35.14%	Exp.	-50.48%		24.23%	Exp.	-8.04%	Exp.	-7.06%
Future Dividend Yield					Div Yd	$0.06	earning in	5	Years	at IRR of	10.28%	Div Inc.	63.08%								Future Dividend Yield
Future Dividend Yield					Div Yd	9.42%	earning in	10	Years	at IRR of	10.28%	Div Inc.	165.94%								Future Dividend Yield
Future Dividend Yield					Div Yd	15.36%	earning in	15	Years	at IRR of	10.28%	Div Inc.	333.69%								Future Dividend Yield
					Div Paid	$7.44	earning in	5	Years	at IRR of	10.28%	Div Inc.	63.08%								Future Dividend Paid
					Div Paid	$12.13	earning in	10	Years	at IRR of	10.28%	Div Inc.	165.94%								Future Dividend Paid
					Div Paid	$19.78	earning in	15	Years	at IRR of	10.28%	Div Inc.	333.69%								Future Dividend Paid
					Total Div	$27.99	over	5	Years	at IRR of	10.28%	Div Cov.	21.73%								Dividend Covering Cost
					Total Div	$66.20	over	10	Years	at IRR of	10.28%	Div Cov.	51.41%								Dividend Covering Cost
					Total Div	$128.52	over	15	Years	at IRR of	10.28%	Div Cov.	99.79%								Dividend Covering Cost
Yield if held 5 years	5.10%	6.90%	8.11%	6.55%	5.88%	6.18%	5.89%	5.45%	5.87%	6.73%	6.85%	6.22%	6.89%	7.96%	5.37%	4.84%		6.20%	<-Median->	10	Paid Median Price
Yield if held 10 years	10.18%	9.31%	8.25%	7.41%	7.10%	7.59%	9.97%	11.48%	9.20%	7.76%	9.34%	9.53%	8.88%	9.44%	10.81%	9.26%		9.04%	<-Median->	10	Paid Median Price
Yield if held 15 years	17.91%	12.61%	16.91%	18.98%	16.09%	15.14%	13.45%	11.69%	10.41%	9.38%	11.46%	16.12%	18.73%	14.80%	12.47%	12.64%		14.30%	<-Median->	10	Paid Median Price
Yield if held 20 years	29.81%	36.89%	36.92%	39.39%	35.42%	26.63%	18.23%	23.96%	26.67%	21.25%	22.88%	21.75%	19.07%	16.75%	15.06%	15.51%		23.42%	<-Median->	10	Paid Median Price
Yield if held 25 years		31.06%	28.09%	37.86%	46.79%	44.31%	53.33%	52.31%	55.34%	46.79%	40.24%	29.48%	39.08%	42.89%	34.13%	30.96%		45.55%	<-Median->	10	Paid Median Price
Yield if held 30 years							44.90%	39.80%	53.19%	61.81%	66.96%	86.22%	85.31%	89.02%	75.12%	54.45%		61.81%	<-Median->	7	Paid Median Price
Yield if held 35 years												72.59%	64.91%	85.57%	99.24%	90.61%		68.75%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	22.23%	28.94%	33.39%	27.25%	25.00%	27.38%	26.07%	23.84%	25.45%	30.53%	28.48%	24.84%	27.87%	33.21%	24.22%	23.08%		26.66%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	71.93%	65.73%	58.01%	52.13%	50.44%	55.82%	73.04%	83.66%	67.17%	60.22%	66.26%	64.14%	59.74%	64.79%	79.29%	72.69%		62.18%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	149.01%	105.00%	141.11%	160.76%	139.87%	138.97%	125.24%	109.18%	97.29%	92.99%	103.50%	137.43%	159.36%	128.91%	116.46%	126.60%		131.34%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	270.04%	334.44%	335.71%	364.06%	336.12%	266.93%	185.64%	245.99%	276.44%	236.26%	234.15%	212.14%	186.26%	167.12%	160.94%	177.52%		241.12%	<-Median->	10	Paid Median Price
Cost covered if held 25 years		314.31%	279.91%	376.43%	470.84%	466.27%	570.33%	564.69%	604.14%	548.31%	434.33%	303.40%	403.96%	455.33%	390.20%	381.87%		468.55%	<-Median->	10	Paid Median Price
Cost covered if held 30 years							512.91%	454.11%	607.19%	751.14%	744.86%	914.78%	909.56%	975.38%	887.19%	694.15%		744.86%	<-Median->	7	Paid Median Price
Cost covered if held 35 years												802.90%	716.49%	964.03%	1198.80%	1177.25%		759.70%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$7,432	$7,927	$8,927	$9,652	$10,170	$11,400	$11,676	<-12 mths	2.42%		53.39%	<-Total Growth	5	Revenue Growth	53.39%
AEPS Growth								$6.36	$6.06	$8.87	$9.61	$9.60	$10.39	$10.49	<-12 mths	0.96%		63.36%	<-Total Growth	5	AEPS Growth	63.36%
Net Income Growth								$2,140	$1,923	$3,054	$3,277	$3,196	$3,663	$3,663	<-12 mths	0.00%		71.17%	<-Total Growth	5	Net Income Growth	71.17%
Cash Flow Growth								$8,280	$19,981	$6,113	-$1,922	$5,166	$4,652					-43.82%	<-Total Growth	5	Cash Flow Growth	-43.82%
Dividend Growth								$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$4.52	<-12 mths	6.60%		63.08%	<-Total Growth	5	Dividend Growth	63.08%
Stock Price Growth								$68.02	$63.94	$102.46	$92.76	$86.22	$132.80	$128.79	<-12 mths	-3.02%		95.24%	<-Total Growth	5	Stock Price Growth	95.24%
Revenue Growth			$5,464	$5,746	$5,840	$6,609	$7,166	$7,432	$7,927	$8,927	$9,652	$10,170	$11,400	$12,291	<-this year	7.82%		108.64%	<-Total Growth	10	Revenue Growth	108.64%
AEPS Growth			$4.48	$4.70	$4.35	$5.45	$5.99	$6.36	$6.06	$8.87	$9.61	$9.60	$10.39	$10.38	<-this year	-0.10%		131.92%	<-Total Growth	10	AEPS Growth	131.92%
Net Income Growth			$1,429	$1,504	$1,117	$1,855	$2,040	$2,140	$1,923	$3,054	$3,277	$3,196	$3,663	$3,225	<-this year	-11.96%		156.33%	<-Total Growth	10	Net Income Growth	156.33%
Cash Flow Growth			$4,147	$6,375	$5,438	$1,521	$5,864	$8,280	$19,981	$6,113	-$1,922	$5,166	$4,652					12.18%	<-Total Growth	10	Cash Flow Growth	12.18%
Dividend Growth			$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$4.63	<-this year	9.15%		131.06%	<-Total Growth	10	Dividend Growth	131.06%
Stock Price Growth			$52.68	$43.31	$47.88	$62.61	$59.71	$68.02	$63.94	$102.46	$92.76	$86.22	$132.80	$128.79	<-this year	-3.02%		152.09%	<-Total Growth	10	Stock Price Growth	152.09%
Dividends on Shares				$42.00	$45.15	$46.83	$50.40	$54.60	$59.01	$59.64	$70.77	$81.48	$89.04	$94.92	$95.76	$95.76		$598.92	Sum	10	Total Divs	12/31/14
Paid			$1,038.24	$846.51	$1,145.13	$1,317.12	$1,177.05	$1,513.68	$1,504.44	$2,025.24	$1,915.83	$2,121.00	$2,751.84	$2,704.59	$2,704.59	$2,704.59		$2,751.84	Worth 2019	10	Stock Worth	$49.44
Total																		$3,350.76	Total Return
Dividends on Shares	$316.50	$350.26	$387.19	$422.00	$453.65	$470.53	$506.40	$548.60	$592.91	$599.24	$711.07	$818.68	$894.64	$953.72	$962.16	$962.16		$9,538.26	Sum	30	Total Divs	12/31/94
Paid	$8,148.82	$9,325.15	$10,431.84	$8,505.41	$11,505.83	$13,233.92	$11,826.55	$15,208.88	$15,116.04	$20,348.84	$19,249.53	$21,311.00	$27,649.44	$27,174.69	$27,174.69	$27,174.69		$27,649.44	Worth 2019	30	Stock Worth	$4.75
Total																		$37,187.70	Total Return
Graham No. AESP	$42.07	$45.63	$50.96	$54.67	$52.84	$62.16	$68.09	$71.17	$73.82	$97.82	$109.29	$114.48	$123.97	$123.91	$127.32	$131.38		143.26%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.86	0.89	0.94	0.88	0.80	0.79	0.92	0.86	0.77	0.87	0.86	0.91	0.89	1.09				0.87	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.96	0.99	1.06	1.01	0.90	1.01	0.96	0.96	1.01	1.07	0.96	0.92	1.08	1.14				0.99	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.76	0.79	0.82	0.75	0.70	0.58	0.87	0.77	0.52	0.67	0.76	0.90	0.70	1.05				0.72	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.92	0.99	1.03	0.79	0.91	1.01	0.88	0.96	0.87	1.05	0.85	0.75	1.07	1.04	1.01	0.98		0.89	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-8.28%	-0.85%	3.37%	-20.78%	-9.38%	0.73%	-12.31%	-4.43%	-13.39%	4.74%	-15.13%	-24.69%	7.12%	3.94%	1.15%	-1.97%		-10.84%	<-Median->	10	Graham Price
Graham No. ESP	$45.81	$47.62	$50.04	$53.55	$45.95	$61.76	$67.80	$71.06	$71.60	$98.32	$109.29	$113.16	$125.69	$124.03	$127.73	$119.47		151.16%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.79	0.86	0.95	0.89	0.92	0.80	0.92	0.87	0.79	0.86	0.86	0.92	0.88	1.09				0.87	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.88	0.95	1.08	1.03	1.04	1.01	0.97	0.96	1.04	1.06	0.96	0.93	1.07	1.13				1.02	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.70	0.76	0.83	0.76	0.80	0.58	0.87	0.77	0.54	0.67	0.76	0.91	0.69	1.05				0.76	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.84	0.95	1.05	0.81	1.04	1.01	0.88	0.96	0.89	1.04	0.85	0.76	1.06	1.04	1.01	1.08		0.93	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-15.77%	-4.99%	5.27%	-19.13%	4.20%	1.38%	-11.94%	-4.28%	-10.70%	4.21%	-15.13%	-23.81%	5.66%	3.84%	0.83%	7.80%		-7.49%	<-Median->	10	Graham Price
Month, Year	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27		38.00	<Count Years>		Month, Year
Pre-split 2014	$77.24	$88.39
Price Close	$38.62	$44.20	$49.44	$40.31	$54.53	$62.72	$56.05	$72.08	$71.64	$96.44	$91.23	$101.00	$131.04	$128.79	$128.79	$128.79		165.05%	<-Total Growth	10	Stock Price
Increase	12.73%	14.44%	11.87%	-18.47%	35.28%	15.02%	-10.63%	28.60%	-0.61%	34.62%	-5.40%	10.71%	29.74%	-1.72%	0.00%	0.00%		10.87	<-Median->	10	CAPE (10 Yr P/E)
P/E	8.29	10.04	11.44	8.94	16.57	11.66	9.44	11.37	12.57	10.76	9.49	10.77	12.27	12.38	11.68	13.35		12.70%	<-IRR #YR->	5	Stock Price	81.80%
Trailing P/E	11.28	9.48	11.24	9.33	12.09	19.06	10.42	12.13	11.30	16.92	10.18	10.51	13.97	12.06	12.38	11.68		10.24%	<-IRR #YR->	10	Stock Price	165.05%
CAPE (10 Yr P/E)	11.02	10.76	10.76	10.40	10.81	10.70	10.75	10.75	10.92	10.95	10.93	10.96	11.13	11.44	11.27	11.47		16.40%	<-IRR #YR->	5	Price & Dividend	109.18%
Median 10, 5 Yrs		D.  per yr	3.63%	3.70%	% Tot Ret	26.20%	22.55%	T P/E	11.70	11.30	P/E:	11.07	10.77					13.87%	<-IRR #YR->	10	Price & Dividend	226.45%
Price 15		D.  per yr	3.82%		% Tot Ret	27.05%						CAPE Diff	13.96%					10.30%	<-IRR #YR->	15	Stock Price	335.06%
Price  20		D.  per yr	3.43%		% Tot Ret	28.33%												8.68%	<-IRR #YR->	20	Stock Price	428.81%
Price  25		D.  per yr	4.42%		% Tot Ret	28.34%												11.19%	<-IRR #YR->	25	Stock Price	1316.65%
Price  30		D.  per yr	4.70%		% Tot Ret	28.66%												11.69%	<-IRR #YR->	30	Stock Price	2658.74%
Price  35		D.  per yr	3.46%		% Tot Ret	27.43%												9.14%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	2.90%		% Tot Ret	26.73%												7.94%	<-IRR #YR->	38	Stock Price
Price & Dividend 15																		14.12%	<-IRR #YR->	15	Price & Dividend	458.96%
Price & Dividend 20																		12.12%	<-IRR #YR->	20	Price & Dividend	598.63%
Price & Dividend 25																		15.61%	<-IRR #YR->	25	Price & Dividend	1794.22%
Price & Dividend 30																		16.39%	<-IRR #YR->	30	Price & Dividend	3614.63%
Price & Dividend 35																		12.60%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		10.83%	<-IRR #YR->	38	Price & Dividend
Price  5								-$72.08	$0.00	$0.00	$0.00	$0.00	$131.04								Price  5
Price 10			-$49.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$131.04								Price 10
Price & Dividend 5								-$72.08	$2.81	$2.84	$3.37	$3.88	$135.28								Price & Dividend 5
Price & Dividend 10			-$49.44	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$135.28								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	$131.04								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	$131.04								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	$131.04								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	$131.04								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$131.04								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$131.04								Price  40
Price & Dividend 15	$1.50	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$135.28								Price & Dividend 15
Price & Dividend 20	$1.50	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$135.28								Price & Dividend 20
Price & Dividend 25	$1.50	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$135.28								Price & Dividend 25
Price & Dividend 30	$1.50	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$135.28								Price & Dividend 30
Price & Dividend 35	$1.50	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$135.28								Price & Dividend 35
Price & Dividend 40	$1.50	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$135.28								Price & Dividend 40
Month, Year	Oct-12	Oct-13	Oct-14	Oct-15	Oct-16	Oct-17	Oct-18	Oct-19	Oct-20	Oct-21	Oct-22	Oct-23	Oct-24	Oct-25	Oct-26	Oct-27		38.00	<Count Years>		Month, Year
Pre-split 2014	$77.18	$90.48
Price Close	$38.59	$45.24	$52.68	$43.31	$47.88	$62.61	$59.71	$68.02	$63.94	$102.46	$92.76	$86.22	$132.80	$128.79	$128.79	$128.79		152.09%	<-Total Growth	10	Stock Price
Increase	8.49%	17.23%	16.45%	-17.79%	10.55%	30.76%	-4.63%	13.92%	-6.00%	60.24%	-9.47%	-7.05%	54.02%	-3.02%	0.00%	0.00%		9.69%	<-IRR #YR->	10	Stock Price	4.57%
P/E	8.28	10.28	12.19	9.60	14.55	11.64	10.05	10.73	11.22	11.44	9.65	9.19	12.43	12.38	11.68	13.35		14.32%	<-IRR #YR->	5	Stock Price	95.24%
Trailing P/E	11.27	9.71	11.97	10.03	10.62	19.03	11.10	11.45	10.09	17.98	10.35	8.97	14.16	12.06	12.38	11.68		13.17%	<-IRR #YR->	10	Price & Dividend	209.71%
Median 10, 5 Yrs		D.  per yr	3.48%	3.81%	% Tot Ret	26.44%	21.03%	T P/E	10.86	10.35	P/E:	10.97	11.22					18.13%	<-IRR #YR->	5	Price & Dividend	124.26%
			-$52.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$132.80
								-$68.02	$0.00	$0.00	$0.00	$0.00	$132.80
			-$52.68	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$137.04
								-$68.02	$2.81	$2.84	$3.37	$3.88	$137.04
Price H/L Median	$36.06	$40.72	$47.74	$47.91	$42.19	$49.22	$62.41	$61.50	$56.76	$84.93	$94.28	$104.45	$110.67	$135.62				131.82%	<-Total Growth	10	Stock Price
Increase	-1.40%	12.91%	17.25%	0.35%	-11.94%	16.68%	26.80%	-1.47%	-7.70%	49.63%	11.01%	10.78%	5.96%	22.54%				8.77%	<-IRR #YR->	10	Stock Price	131.82%
P/E	7.74	9.25	11.05	10.62	12.82	9.15	10.51	9.70	9.96	9.48	9.81	11.13	10.36	13.04				12.47%	<-IRR #YR->	5	Stock Price	79.97%
Trailing P/E	10.53	8.74	10.85	11.09	9.35	14.96	11.60	10.35	8.95	14.90	10.52	10.87	11.80	12.70				12.75%	<-IRR #YR->	10	Price & Dividend	195.40%
P/E on Run. 5 yr Ave	11.37	11.36	12.07	11.24	9.96	11.24	13.31	12.08	10.65	13.14	12.90	13.06	12.48	13.83				16.82%	<-IRR #YR->	5	Price & Dividend	112.07%
P/E on Run. 10 yr Ave	13.77	14.08	15.30	14.40	12.41	13.03	15.09	13.59	11.83	15.87	16.13	16.47	15.86	17.92				9.89	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.98%	4.35%	% Tot Ret	31.21%	25.87%	T P/E	10.98	10.87	P/E:	10.16	9.96
			-$47.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$110.67
								-$61.50	$0.00	$0.00	$0.00	$0.00	$110.67
			-$47.74	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$114.91
								-$61.50	$2.81	$2.84	$3.37	$3.88	$114.91
High Months	Mar 12	Oct 13	Sep 14	Nov 14	Aug 16	Oct 17	Aug 18	Oct 19	Feb 20	Oct 21	Nov 21	Nov 21	Oct 24
Pre-split 2014	$80.43	$90.48
Price High	$40.22	$45.24	$53.88	$55.06	$47.58	$62.61	$65.63	$68.02	$74.79	$104.32	$105.44	$105.44	$134.23	$140.76				149.13%	<-Total Growth	10	Stock Price
Increase	-1.24%	12.50%	19.10%	2.19%	-13.59%	31.59%	4.82%	3.64%	9.95%	39.48%	1.07%	0.00%	27.30%	4.86%				9.56%	<-IRR #YR->	10	Stock Price	149.13%
P/E	8.63	10.28	12.47	12.21	14.46	11.64	11.05	10.73	13.12	11.64	10.97	11.24	12.57	13.53				14.56%	<-IRR #YR->	5	Stock Price	97.34%
Trailing P/E	11.74	9.71	12.25	12.75	10.55	19.03	12.20	11.45	11.80	18.30	11.77	10.97	14.31	13.18				11.64	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.00	11.80	P/E:	11.64	11.64					12.77	P/E Ratio		Historical High
			-$53.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$134.23
								-$68.02	$0.00	$0.00	$0.00	$0.00	$134.23
Low Months	Nov 11	Apr 13	Feb 14	Aug 15	Jan 16	Jan 17	Apr 18	Dec 18	Mar 20	Nov 20	Oct 22	Mar 23	Nov 23	Dec 24
Pre-split 2014	$63.82	$72.39
Price Low	$31.91	$36.20	$41.60	$40.75	$36.79	$35.83	$59.19	$54.97	$38.73	$65.54	$83.12	$103.45	$87.11	$130.48				109.40%	<-Total Growth	10	Stock Price
Increase	-1.60%	13.43%	14.93%	-2.04%	-9.72%	-2.61%	65.20%	-7.13%	-29.54%	69.22%	26.82%	24.46%	-15.80%	49.79%				7.67%	<-IRR #YR->	10	Stock Price	109.40%
P/E	6.85	8.23	9.63	9.04	11.18	6.66	9.96	8.67	6.79	7.31	8.65	11.03	8.16	12.55				9.64%	<-IRR #YR->	5	Stock Price	58.47%
Trailing P/E	9.32	7.77	9.45	9.43	8.16	10.89	11.00	9.25	6.11	11.50	9.28	10.76	9.29	12.22				8.52	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	9.36	9.29	P/E:	8.66	8.16					6.81	P/E Ratio		Historical Low
			-$41.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$87.11
								-$54.97	$0.00	$0.00	$0.00	$0.00	$87.11
Free Cash Flow MS old				$4,588	$8,170	$1,253	$5,375	$7,777	$19,467	$5,550	-$2,590	$4,520							<-Total Growth	8	Free Cash Flow
Change					78.07%	-84.66%	328.97%	44.69%	150.32%	-71.49%	-146.67%	274.52%								4	Change	-100.00%
Free Cash Flow MS	$1,577	$423	$3,805	$1,740	$1,850	$2,160	$2,370	$2,190	$2,690	$3,060	$3,330	$3,310	$3,750					-1.45%	<-Total Growth	10	Free Cash Flow
Change	-12.82%	-73.18%	799.53%	-54.27%	6.32%	16.76%	9.72%	-7.59%	22.83%	13.75%	8.82%	-0.60%	13.29%					11.36%	<-IRR #YR->	5	Free Cash Flow MS	71.23%
FCF/CF from Op Ratio	0.72	0.61	0.92	0.27	0.34	1.42	0.40	0.26	0.13	0.50	-1.73	0.64	0.81					-0.15%	<-IRR #YR->	10	Free Cash Flow MS	-1.45%
Dividends paid	$528	$581	$795	$672	$600	$846	$918	$992	$1,300	$1,101	$1,325	$1,503	$1,640					106.29%	<-Total Growth	10	Dividends paid
Percentage paid					32.43%	39.17%	38.73%	45.30%	48.33%	35.98%	39.79%	45.41%	43.73%					$0.40	<-Median->	9	Percentage paid
5 Year Coverage								39.07%	41.35%	41.36%	41.32%	42.67%	42.56%								5 Year Coverage
Dividend Coverage Ratio				2.59	3.08	2.55	2.58	2.21	2.07	2.78	2.51	2.20	2.29					2.53	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage									2.42	2.42	2.42	2.34	2.35								5 Year of Coverage
								-$2,190	$0	$0	$0	$0	$3,750
			-$3,805	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,750
													-$11,524	<-12 mths	-110.25%
Free Cash Flow WSJ				$4,060	$8,647	$3,729	$3,213	$3,004	$4,925	$9,170	$2,832	-$5,481	-$2,870					-170.68%	<-Total Growth	9	Free Cash Flow
Change					112.97%	-56.88%	-13.82%	-6.51%	63.94%	86.19%	-69.12%	-293.54%	47.64%					#NUM!	<-IRR #YR->	5	Free Cash Flow WSJ	-195.53%
FCF/CF from Op Ratio				0.64	1.59	2.45	0.55	0.36	0.25	1.50	-1.47	-1.06	-0.62					#NUM!	<-IRR #YR->	9	Free Cash Flow WSJ	#DIV/0!
FCF per Share				$12.04	$25.58	$10.98	$9.59	$8.99	$8.99	$8.99	$8.99	$8.99	$8.99					-25.33%	<-Total Growth	9	FCF per Share
Dividends paid				$672	$600	$846	$918	$992	$1,300	$1,101	$1,325	$1,503	$1,640					144.05%	<-Total Growth	9	Dividends paid
Percentage paid				16.55%	6.94%	22.69%	28.57%	33.02%	26.40%	12.01%	46.79%	-27.42%	-57.14%					$0.20	<-Median->	10	Percentage paid
5 Year Coverage								17.78%	19.80%	21.45%	24.35%	43.05%	80.10%								5 Year Coverage
Dividend Coverage Ratio				6.04	14.41	4.41	3.50	3.03	3.79	8.33	2.14	-3.65	-1.75					3.64	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							6.47	5.62	5.05	4.66	4.11	2.32	1.25								5 Year of Coverage
								-$3,004	$0	$0	$0	$0	-$2,870
				-$4,060	$0	$0	$0	$0	$0	$0	$0	$0	-$2,870
Market Cap	$12,450	$14,747	$17,347	$14,606	$16,186	$21,262	$20,007	$22,730	$21,484	$34,622	$31,221	$29,167	$45,251	$43,884	$43,884	$43,884		160.85%	<-Total Growth	10	Market Cap
Pre-split 2014	162.873	163.524
Diluted # of Shares in Million	325.746	327.048	331.086	333.139	339.895	344.771	343.240	337.630	337.580	340.861	340.837	340.768	342.839	342.839				3.55%	<-Total Growth	10	Diluted
Change	-0.84%	0.40%	1.23%	0.62%	2.03%	1.43%	-0.44%	-1.63%	-0.01%	0.97%	-0.01%	-0.02%	0.61%	0.00%				0.35%	<-IRR #YR->	10	Diluted
Difference Diluted/Basic	-0.9%	-0.8%	-1.1%	-1.0%	-0.7%	-1.1%	-1.1%	17.0%	5.3%	-1.1%	-1.1%	-0.9%	-0.9%	-0.9%				0.31%	<-IRR #YR->	5	Diluted
			-331.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	342.8
								-337.6	0.0	0.0	0.0	0.0	342.8
Pre-split 2014	161.387	162.234
Average # of Shares in Million	322.774	324.468	327.463	329.709	337.460	340.809	339.372	395.104	355.508	337.212	337.099	337.660	339.733	339.733				3.75%	<-Total Growth	10	Average
Change	-0.64%	0.52%	0.92%	0.69%	2.35%	0.99%	-0.42%	16.42%	-10.02%	-5.15%	-0.03%	0.17%	0.61%	0.00%				0.39%	<-Median->	10	Change
Difference Basic/Outstanding	0.0%	0.5%	0.6%	2.3%	0.2%	-0.4%	-1.3%	-15.4%	-5.5%	0.2%	-0.2%	0.2%	0.3%	0.3%				0.01%	<-Median->	10	Difference Basic/Outstanding
Pre-split 2014	161.308	162.991
# of Share in Millions	322.617	325.983	329.297	337.236	338.053	339.592	335.071	334.172	335.998	337.912	336.582	338.285	340.744	340.744	340.744	340.744		0.34%	<-IRR #YR->	10	Shares	3.48%
Change	0.52%	1.04%	1.02%	2.41%	0.24%	0.46%	-1.33%	-0.27%	0.55%	0.57%	-0.39%	0.51%	0.73%	0.00%	0.00%	0.00%		0.39%	<-IRR #YR->	5	Shares	1.97%
CF fr Op $M	$2,177	$690	$4,147	$6,375	$5,438	$1,521	$5,864	$8,280	$19,981	$6,113	-$1,922	$5,166	$4,652	$4,652	<-12 mths			12.18%	<-Total Growth	10	Cash Flow
Increase	-63.67%	-68.31%	501.01%	53.73%	-14.70%	-72.03%	285.54%	41.20%	141.32%	-69.41%	-131.44%	368.78%	-9.95%	0.00%	<-12 mths			SO, S. Issues	Buy Backs
5 year Running Average	$154.2	$602.8	$1,506.0	$3,876.4	$3,765.4	$3,634.2	$4,669.0	$5,495.6	$8,216.8	$8,351.8	$7,663.2	$7,523.6	$6,798.0	$3,732.2	<-12 mths			351.39%	<-Total Growth	10	CF 5 Yr Running
CFPS	$6.75	$2.12	$12.59	$18.90	$16.09	$4.48	$17.50	$24.78	$59.47	$18.09	-$5.71	$15.27	$13.65	$13.65	<-12 mths			8.41%	<-Total Growth	10	Cash Flow per Share
Increase	-63.86%	-68.63%	494.96%	50.11%	-14.90%	-72.16%	290.74%	41.58%	140.01%	-69.58%	-131.57%	367.43%	-10.60%	0.00%	<-12 mths			1.16%	<-IRR #YR->	10	Cash Flow	12.18%
5 year Running Average	$0.52	$1.91	$4.66	$11.81	$11.29	$10.84	$13.91	$16.35	$24.46	$24.86	$22.83	$22.38	$20.15	$10.99	<-12 mths			-10.89%	<-IRR #YR->	5	Cash Flow	-43.82%
P/CF on Med Price	5.34	19.24	3.79	2.53	2.62	10.99	3.57	2.48	0.95	4.69	-16.51	6.84	8.11	9.93	<-12 mths			0.81%	<-IRR #YR->	10	Cash Flow per Share	8.41%
P/CF on Closing Price	5.72	21.37	4.18	2.29	2.98	13.98	3.41	2.75	1.08	5.66	-16.24	5.65	9.73	9.43	<-12 mths			-11.24%	<-IRR #YR->	5	Cash Flow per Share	-44.90%
															204.87%	Diff M/C		15.77%	<-IRR #YR->	10	CFPS 5 yr Running	332.37%
Excl.Working Capital CF	-$538	$1,122	-$2,355	-$4,926	-$7,299	$108	-$7,676	-$5,775	-$34,035	-$8,820	$3,329	-$14,151	-$16,562	-$16,562	<-12 mths			4.27%	<-IRR #YR->	5	CFPS 5 yr Running	23.27%
CF fr Op $M WC	$1,639	$1,812	$1,792	$1,449	-$1,861	$1,629	-$1,812	$2,505	-$14,054	-$2,707	$1,407	-$8,985	-$11,910	-$11,910	<-12 mths			-764.62%	<-Total Growth	10	Cash Flow less WC
Increase	40.45%	10.56%	-1.10%	-19.14%	-228.43%	187.53%	-211.23%	238.25%	-661.04%	80.74%	151.98%	-738.59%	-32.55%	0.00%	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow less WC	-764.62%
5 year Running Average	$1,099.4	$1,268.8	$1,471.4	$1,571.8	$966.2	$964.2	$239.4	$382.0	-$2,718.6	-$2,887.8	-$2,932.2	-$4,366.8	-$7,249.8	-$6,821.0	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow less WC	-575.45%
CFPS Excl. WC	$5.08	$5.56	$5.44	$4.30	-$5.51	$4.80	-$5.41	$7.50	-$41.83	-$8.01	$4.18	-$26.56	-$34.95	-$34.95	<-12 mths			#NUM!	<-IRR #YR->	10	CF less WC 5 Yr Run	-592.71%
Increase	39.72%	9.41%	-2.10%	-21.04%	-228.12%	187.14%	-212.73%	238.62%	-657.99%	80.85%	152.18%	-735.38%	-31.60%	0.00%	<-12 mths			#NUM!	<-IRR #YR->	5	CF less WC 5 Yr Run	-1997.85%
5 year Running Average	$3.41	$3.92	$4.53	$4.80	$2.97	$2.92	$0.72	$1.14	-$8.09	-$8.59	-$8.71	-$12.94	-$21.43	-$20.06	<-12 mths			#NUM!	<-IRR #YR->	10	CFPS - Less WC	-742.29%
P/CF on Med Price	7.10	7.33	8.77	11.15	-7.66	10.26	-11.54	8.20	-1.36	-10.60	22.55	-3.93	-3.17	-3.88	<-12 mths			-46.13%	<-IRR #YR->	5	CFPS - Less WC	-566.28%
P/CF on Closing Price	7.60	8.14	9.68	10.08	-8.70	13.05	-11.04	9.07	-1.53	-12.79	22.19	-3.25	-3.80	-3.68	<-12 mths			#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	-573.67%
*Operational Cash Flow			CF/CF-WC	P/CF Med	10 yr	3.09	5 yr	4.69	P/CF Med	10 yr	-2.26	5 yr	-3.17		62.92%	Diff M/C		#NUM!	<-IRR #YR->	5	CFPS 5 yr Running	-1987.86%
			-329.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	340.7								Shares
								-334.2	0.0	0.0	0.0	0.0	340.7								Shares
			-$4,147	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,652								Cash Flow
								-$8,280	$0	$0	$0	$0	$4,652								Cash Flow
			-$12.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.65								Cash Flow per Share
								-$24.78	$0.00	$0.00	$0.00	$0.00	$13.65								Cash Flow per Share
			-$4.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.15								CFPS 5 yr Running
								-$16.35	$0.00	$0.00	$0.00	$0.00	$20.15								CFPS 5 yr Running
			-$1,792	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$11,910								Cash Flow less WC
								-$2,505	$0	$0	$0	$0	-$11,910								Cash Flow less WC
			-$1,471	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$7,250								CF less WC 5 Yr Run
								-$382	$0	$0	$0	$0	-$7,250								CF less WC 5 Yr Run
			-$5.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$34.95								CFPS - Less WC
								-$7.50	$0.00	$0.00	$0.00	$0.00	-$34.95								CFPS - Less WC
			-$4.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$21.43								CFPS 5 yr Running
								-$1.14	$0.00	$0.00	$0.00	$0.00	-$21.43								CFPS 5 yr Running
																		For banks, use Net Income, not CF
Securities at fair value through profit or loss	$2,926	$524	$800	$1,203	-$3,967	-$1,572	-$3,589	-$6,006	-$16,503	-$6,485	-$2,564	-$12,619	-$15,941
Change in operating assets and liabilities	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Securities purchased under reverse repurchase agreements and securities borrowed	-$3,022	-$5,920	-$3,076	$6,823	$3,754	-$6,841	$2,630	$436	$3,211	$6,996	-$18,970	$15,226	-$5,005
Loans, net of securitization	-$9,488	-$5,893	-$7,240	-$6,156	-$13,263	-$8,982	-$9,160	-$6,221	-$10,883	-$15,661	-$23,354	-$20,252	-$21,442
Investments in associates and joint ventures	-$255	-$59	-$13	-$72
Deposits	$7,687	$8,637	$16,392	$8,947	$10,108	$14,605	$14,159	$18,736	$26,312	$25,060	$25,456	$21,779	$45,372
Obligations related to securities sold short	-$23	$785	-$742	-$834	-$3,126	$1,156	$2,417	-$4,931	$3,519	$3,898	$1,551	-$8,157	-$2,787
Obligations related to securities sold under repurchase agreements and securities loaned	-$729	$207	-$2,966	-$3,001	$8,857	-$869	-$1,769	$1,902	$11,959	-$16,566	$16,180	$4,874	-$170
Derivative financial instruments, net	-$264	$124						$1,295	$778	$3,382	-$1,798	$1,287	$1,079
Due from and to clients, dealers and brokers, net	$726	$1,043	$131	$321	$400
Securitization - credit cards								$1	-$846	$49	-$37	-$29	$0
Purchased receivables	$2,553	-$75		-$648	-$420	-$156
Interest and dividends receivable and interest payable	$55	$97	-$25	-$42	$6	$19	$53	-$41	-$156	-$186	$150	$407	$128
Current tax assets and liabilities	$100	-$183	$87	-$179	$245	-$73	-$127	-$7	-$167	$272	-$437	-$313	$175
Other items	$251	-$479	-$662	-$353	$333	$929	-$777	$421	-$445	$1,725	-$2,102	-$998	-$1,213
Contributions in excess of the employee pension plans expense
Provisions for credit losses	$180.0	$181	$208	$228	$484	$244	$327	$347	$846	$2	$145	$397	$569
Losses (gains) on sales of available-for-sale securities, net	-$159.0	-$111	-$110	-$108	-$79	-$140	$0
Losses (gains) on sales of non-trading secuirties, net							-$77	-$77	-$93	-$151	-$113	-$70	-$144
gains on deposals of investments in as so								-$79
gains on disposal of premises & eq								-$50
Sum	-$2,388	-$1,646	$1,984	$4,926	$7,299	-$108	$7,676	$11,732	$34,035	$8,820	-$3,329	$14,151	$16,562
Google - TD Bank			$2,304	$4,414	$3,727	-$800	$4,087	$5,775	$17,532	$2,335	-$5,893	$14,151	$16,562
Difference				$512	$3,572	$692	$3,589	$5,957	$16,503	$6,485	$2,564	$0	$0
TD Bank (diff again in 2020			$2,629	$6,129	$3,332	-$1,680	$3,326		$34,035	$8,820	-$3,329	$14,151
Difference			-$645	-$1,203	$3,967	$1,572	$4,350		$0.0	$0.0	$0.0	$0.0
							2020	2020	2024	2024	2024
OPM	28.57%	27.87%	26.15%	26.17%	19.13%	28.07%	28.47%	28.79%	24.26%	34.21%	33.95%	31.43%	32.13%	26.24%				22.86%	<-Total Growth	10	OPM
Increase	16.52%	-2.45%	-6.17%	0.08%	-26.93%	46.75%	1.43%	1.15%	-15.75%	41.02%	-0.76%	-7.44%	2.25%	-18.34%				Should increase or be stable.
Diff from Median	-0.2%	-2.7%	-8.7%	-8.6%	-33.2%	-2.0%	-0.6%	0.6%	-15.3%	19.5%	18.6%	9.8%	12.2%	-8.4%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	28.63%	5 Yrs	32.13%					should be zero, it is a check on calculations
EBIT									$3,382	$4,074	$4,704	$5,018	$5,592	$6,294	$7,062
Change										20.46%	15.46%	6.68%	11.44%	12.55%	12.20%
Margin									41.16%	44.69%	47.35%	47.08%	48.09%	49.12%	49.39%
Covering Assets	$141,396	$146,302	$158,886	$170,014	$210,612	$210,560	$228,621	$236,732	$296,018	$330,388	$374,819	$393,755	$436,011	$436,011				$374,819	<-Median->	5	Covering Assets	Type
Change		3.47%	8.60%	7.00%	23.88%	-0.02%	8.58%	3.55%	25.04%	11.61%	13.45%	5.05%	10.73%	0.00%				11.61%	<-Median->	5	Change	Lg Term R A
Debt/Covering Assets Ratio	0.66	0.70	0.75	0.76	0.66	0.74	0.75	0.80	0.73	0.73	0.71	0.73	0.76	0.76				0.73	<-Median->	5	Ratio	Lg Term R
Deposits/Total Debt Ratio	0.55	0.57	0.62	0.63	0.64	0.67	0.69	0.71	0.68	0.72	0.70	0.72	0.76	0.76				0.72	<-Median->	5	Deposits/Total Debt	Intang/GW
Long Term Debt	$93,249	$101,886	$119,883	$128,830	$139,907	$156,671	$170,830	$189,566	$215,878	$240,938	$266,394	$288,173	$333,545	$333,545					Deposits		Long Term Debt	Liquidity
Change		9.26%	17.66%	7.46%	8.60%	11.98%	9.04%	10.97%	13.88%	11.61%	10.57%	8.18%	15.74%	0.00%				11.61%	<-Median->	5	Change	Liq. + CF
Debt/Market Cap Ratio	7.49	6.91	6.91	8.82	8.64	7.37	8.54	8.34	10.05	6.96	8.53	9.88	7.37	7.60				8.53	<-Median->	5	Debt/Market Cap Ratio	Debt Ratio
Assets/Current Liabilities Ratio	62.73	99.68	45.71	48.30	43.44	86.83	91.29	91.00	121.25	101.39	108.36	113.68	124.05	124.05				96.34	<-Median->	10	Assets/Current Liab Ratio	Leverage Bk
Current Liabilities/Asset Ratio	0.02	0.01	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01				0.01	<-Median->	10	Current Liab/Asset Ratio	Leverage
Debt to Cash Flow (Years)	42.83	147.66	28.91	20.21	25.73	103.01	29.13	22.89	10.80	39.41	0.00	55.78	71.70	71.70				27.43	<-Median->	10	Debt to Cash Flow (Years)	D/E Ratio
Intangibles	$778	$898	$998	$1,059	$1,140	$1,239	$1,314	$1,406	$1,434	$1,504	$1,360	$1,256	$1,233	$1,233				23.55%	<-Total Growth	10	Intangibles
Goodwill	$1,063	$1,064	$1,272	$1,277	$1,412	$1,409	$1,412	$1,412	$1,414	$1,510	$1,519	$1,521	$1,522	$1,522				19.65%	<-Total Growth	10	Goodwill
Total	$1,841	$1,962	$2,270	$2,336	$2,552	$2,648	$2,726	$2,818	$2,848	$3,014	$2,879	$2,777	$2,755	$2,755				21.37%	<-Total Growth	10	Total
Change	14.42%	6.57%	15.70%	2.91%	9.25%	3.76%	2.95%	3.37%	1.06%	5.83%	-4.48%	-3.54%	-0.79%	0.00%				2.93%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.15	0.13	0.13	0.16	0.16	0.12	0.14	0.12	0.13	0.09	0.09	0.10	0.06	0.06				0.12	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,249	$3,596	$9,964	$8,908	$9,405	$10,012	$14,111	$15,050	$30,775	$35,831	$35,119	$39,979	$36,892	$36,892				Liquidity ratio of 1.5 and up, best
Current Liabilities	$2,836	$1,888	$4,494	$4,474	$5,346	$2,831	$2,875	$3,093	$2,735	$3,509	$3,726	$3,726	$3,726	$3,726				7.17	<-Median->	10	Ratio	(+ Other Assets)
Liquidity Ratio	1.15	1.90	2.22	1.99	1.76	3.54	4.91	4.87	11.25	10.21	9.43	10.73	9.90	9.90				10.21	<-Median->	5	Ratio	(Other Liab
Liq. with CF aft div	1.74	1.98	3.01	3.27	2.64	3.81	6.67	7.26	18.21	11.68	7.23	11.76	10.76	10.74				11.68	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.17	1.98	3.01	1.45	1.47	3.81	4.35	2.40	8.19	11.68	5.56	11.52	3.62	10.74				8.19	<-Median->	5	Ratio
Assets	$177,903	$188,204	$205,429	$216,090	$232,206	$245,827	$262,471	$281,458	$331,625	$355,795	$403,740	$423,578	$462,226	$462,226				Debt Ratio of 1.5 and up, best
Liabilities	$169,663	$179,043	$194,927	$204,735	$220,104	$232,269	$248,116	$266,322	$315,242	$336,939	$381,994	$399,900	$436,676	$436,676				1.06	<-Median->	10	Ratio
Debt Ratio	1.05	1.05	1.05	1.06	1.05	1.06	1.06	1.06	1.05	1.06	1.06	1.06	1.06	1.06				1.06	<-Median->	5	Ratio
Estimates BVPS														$71.79	$76.86	$72.04			Estimates		Estimates BVPS
Estimate Book Value														$24,462.0	$26,189.6	$24,547.2			Estimates		Estimate Book Value
P/B Ratio (Close)														1.79	1.68	1.79			Estimates		P/B Ratio (Close)
Difference from 10 year median															5.48%	Diff M/C			Estimates		Difference from 10 yr med.
Check Total BV	$8,240	$9,161	$10,502	$11,355	$12,102	$13,558	$14,355	$15,136										-100.00%	<-Total Growth	5	Check Total BV
Total Book Value	$8,240	$9,161	$10,502	$11,355	$12,102	$13,558	$14,355	$15,136	$16,383	$18,856	$21,746	$23,678	$25,550	$25,550				143.29%	<-Total Growth	10	Total Book Value
NCI	$1,020	$1,018	$795	$801	$810	$808	$379	$358	$3	$3	$2	$2	$0	$0				-100.00%	<-Total Growth	10	NCI
Book Value & Pref	$7,220	$8,143	$9,707	$10,554	$11,292	$12,750	$13,976	$14,778	$16,380	$18,853	$21,744	$23,676	$25,550	$25,550	$25,550	$25,550		163.21%	<-Total Growth	10	Book Value & Pref
Preferred Shares	$762	$677	$1,223	$1,023	$1,650	$2,050	$2,450	$2,949	$2,950	$2,650	$3,150	$3,150	$3,150	$3,150	$3,150	$3,150		157.56%	<-Total Growth	10	Preferred Shares
Book Value	$6,458	$7,466	$8,484	$9,531	$9,642	$10,700	$11,526	$11,829	$13,430	$16,203	$18,594	$20,526	$22,400	$22,400	$22,400	$22,400		164.03%	<-Total Growth	10	Book Value
Pre-split 2014
Book Value per share	$20.02	$22.90	$25.76	$28.26	$28.52	$31.51	$34.40	$35.40	$39.97	$47.95	$55.24	$60.68	$65.74	$65.74	$65.74	$65.74		155.16%	<-Total Growth	10	Book Value per share
Change	-2.27%	14.41%	12.49%	9.70%	0.92%	10.47%	9.17%	2.90%	12.92%	19.96%	15.21%	9.83%	8.34%	0.00%	0.00%	0.00%		15.19%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	1.80	1.78	1.85	1.70	1.48	1.56	1.81	1.74	1.42	1.77	1.71	1.72	1.68	2.06	0.00	0.00		1.62	P/B Ratio		Historical Median
P/B Ratio (Close)	1.93	1.98	2.04	1.53	1.68	1.99	1.74	1.92	1.60	2.14	1.68	1.42	2.02	1.96	1.96	1.96		9.82%	<-IRR #YR->	10	Book Value per share	155.16%
Change	11.01%	2.46%	3.52%	-25.05%	9.54%	18.37%	-12.65%	10.70%	-16.75%	33.58%	-21.42%	-15.37%	42.16%	-3.02%	0.00%	0.00%		13.18%	<-IRR #YR->	5	Book Value per share	85.71%
Leverage Bank				3.7%	3.7%	4.0%	4.0%	4.0%	4.4%	4.4%	4.5%	4.4%	4.4%	4.4%
Leverage (A/BK)	21.59	20.54	19.56	19.03	19.19	18.13	18.28	18.60	20.24	18.87	18.57	17.89	18.09	18.09				18.58	<-Median->	10	A/BV
Debt/Equity Ratio	20.59	19.54	18.56	18.03	18.19	17.13	17.28	17.60	19.24	17.87	17.57	16.89	17.09	17.09				17.58	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.70	5 yr Med	1.71		15.19%	Diff M/C		19.37	Historical		Leverage (A/BK)
			-$25.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$65.74
								-$35.40	$0.00	$0.00	$0.00	$0.00	$65.74
Comprehensive Income	$1,315	$1,566	$1,636	$1,538	$1,011	$2,046	$2,372	$2,011	$2,153	$3,777	$4,065	$3,295	$3,391					107.27%	<-Total Growth	10	Comprehensive Income
NCI	$69	$75	$69	$72	$80	$80	$88	$65	$54	-$13	-$1	-$2	-$1					-101.45%	<-Total Growth	10	NCI
Shareholders	$1,246	$1,491	$1,567	$1,466	$931	$1,966	$2,284	$1,946	$2,099	$3,790	$4,066	$3,297	$3,392					116.46%	<-Total Growth	10	Comprehensive Income
Increase	4.97%	19.66%	5.10%	-6.45%	-36.49%	111.17%	16.17%	-14.80%	7.86%	80.56%	7.28%	-18.91%	2.88%					13.9%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$1,086	$1,208	$1,319	$1,391	$1,340	$1,484	$1,643	$1,719	$1,845	$2,417	$2,837	$3,040	$3,329					8.03%	<-IRR #YR->	10	Comprehensive Income	116.46%
ROE	15.1%	16.3%	14.9%	12.9%	7.7%	14.5%	15.9%	12.9%	12.8%	20.1%	18.7%	13.9%	13.3%					11.75%	<-IRR #YR->	5	Comprehensive Income	74.31%
5Yr Median	13.2%	14.3%	14.9%	14.9%	14.9%	14.5%	14.5%	12.9%	12.9%	14.5%	15.9%	13.9%	13.9%					9.70%	<-IRR #YR->	10	5 Yr Running Average	152.30%
% Difference from NI	-35.7%	-15.6%	-11.4%	-18.2%	-33.6%	-16.4%	-10.1%	-28.9%	-10.5%	6.6%	6.1%	-10.6%	-18.8%					14.14%	<-IRR #YR->	5	5 Yr Running Average	93.69%
Median Values										Diff	5, 10 yr	-13.5%	-10.5%					13.9%	<-Median->	5	Return on Equity
			-$1,567.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,392.0
								-$1,946.0	$0.0	$0.0	$0.0	$0.0	$3,392.0
			-$1,319.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,328.8
								-$1,718.6	$0.0	$0.0	$0.0	$0.0	$3,328.8
Current Liability Coverage Ratio	0.58	0.96	0.40	0.32	-0.35	0.58	-0.63	0.81	-5.14	-0.77	0.38	-2.41	-3.20	-3.20							CFO / Current Liabilities
5 year Median	0.55	0.55	0.55	0.55	0.40	0.40	0.32	0.32	-0.35	-0.63	-0.63	-0.77	-2.41	-2.41				-2.41	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	0.92%	0.96%	0.87%	0.67%	-0.80%	0.66%	-0.69%	0.89%	-4.24%	-0.76%	0.35%	-2.12%	-2.58%	-2.58%							CFO / Total Assets
5 year Median	0.75%	0.75%	0.87%	0.87%	0.87%	0.67%	0.66%	0.66%	-0.69%	-0.69%	-0.69%	-0.76%	-2.12%	-2.12%				-2.1%	<-Median->	5	Return on Assets
Return on Assets ROA	0.85%	0.76%	0.70%	0.70%	0.48%	0.75%	0.78%	0.76%	0.58%	0.86%	0.81%	0.75%	0.79%	0.70%				Net	Income/Assets		Return on Assets
5Yr Median	0.67%	0.72%	0.72%	0.72%	0.70%	0.70%	0.70%	0.75%	0.75%	0.76%	0.78%	0.76%	0.79%	0.79%				0.8%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	23.51%	19.27%	16.84%	15.78%	11.58%	17.34%	17.70%	18.09%	14.32%	18.85%	17.62%	15.57%	16.35%	14.40%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	16.74%	17.13%	17.13%	17.13%	16.84%	16.84%	16.84%	17.34%	17.34%	17.70%	17.70%	17.62%	16.35%	16.35%				16.4%	<-Median->	5	Return on Equity
														$3,663	<-12 mths	0.00%
Net Income	$1,634	$1,554	$1,538	$1,619	$1,256	$2,024	$2,232	$2,322	$2,083	$3,177	$3,383	$3,335	$3,816
NCI	$73	$75	$69	$70	$75	$84	$87	$66	$42	$0	-$1	-$2	-$1
Preferred	$43	$40	$40	$45	$64	$85	$105	$116	$118	$123	$107	$141	$154
Shareholders	$1,518	$1,439	$1,429	$1,504	$1,117	$1,855	$2,040	$2,140	$1,923	$3,054	$3,277	$3,196	$3,663	$3,225	$3,309	$3,288		156.33%	<-Total Growth	10	Net Income
Increase	34.81%	-5.20%	-0.69%	5.25%	-25.73%	66.07%	9.97%	4.90%	-10.14%	58.81%	7.30%	-2.47%	14.61%	-11.96%	2.60%	-0.63%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,031	$1,170	$1,297	$1,403	$1,401	$1,469	$1,589	$1,731	$1,815	$2,202	$2,487	$2,718	$3,023	$3,283	$3,334	$3,336		9.87%	<-IRR #YR->	10	Net Income	156.33%
Operating Cash Flow	$2,177	$690	$4,147	$6,375	$5,438	$1,521	$5,864	$8,280	$19,981	$6,113	-$1,922	$5,166	$4,652					11.35%	<-IRR #YR->	5	Net Income	71.17%
Investment Cash Flow	-$1,371	$370	$455	-$5,620	-$4,260	$840	-$1,531	-$6,253	-$3,349	$1,392	-$1,456	-$80	-$7,336					8.83%	<-IRR #YR->	10	5 Yr Running Average	133.12%
Total Accruals	$712	$379	-$3,173	$749	-$61	-$506	-$2,293	$113	-$14,709	-$4,451	$6,655	-$1,890	$6,347					11.79%	<-IRR #YR->	5	5 Yr Running Average	74.60%
Total Assets	$177,903	$188,204	$205,429	$216,090	$232,206	$245,827	$262,471	$281,458	$331,625	$355,795	$403,740	$423,578	$462,226						Balance Sheet		Assets
Accruals Ratio	0.40%	0.20%	-1.54%	0.35%	-0.03%	-0.21%	-0.87%	0.04%	-4.44%	-1.25%	1.65%	-0.45%	1.37%					-0.45%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.92	0.79	0.79	1.05	-0.60	1.12	-1.10	0.85	-0.14	-1.12	2.30	-0.35	-0.31					-0.22	<-Median->	10	EPS/CF Ratio
			-$1,429	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,663
								-$2,140	$0	$0	$0	$0	$3,663
			-$1,297	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,023
								-$1,731	$0	$0	$0	$0	$3,023
Chge in Close	8.49%	17.23%	16.45%	-17.79%	10.55%	30.76%	-4.63%	13.92%	-6.00%	60.24%	-9.47%	-7.05%	54.02%	-3.02%	0.00%	0.00%			Count	38	Years of data
up/down																			Count	8	21.05%
Meet Prediction?																		% right	Count	2	25.00%
Financial Cash Flow	-$407	-$690	-$712	-$1,026	-$533	-$1,535	-$645	-$1,261	-$1,232	-$1,739	-$381	-$2,267	-$1,097						C F Statement		Financial CF
Total Accruals	$1,119	$1,069	-$2,461	$1,775	$472	$1,029	-$1,648	$1,374	-$13,477	-$2,712	$7,036	$377	$7,444								Accruals
Accruals Ratio	0.63%	0.57%	-1.20%	0.82%	0.20%	0.42%	-0.63%	0.49%	-4.06%	-0.76%	1.74%	0.09%	1.61%					0.09%	<-Median->	5	Ratio
Cash	$3,249	$3,596	$8,086	$7,567	$8,183	$8,802	$12,756	$13,698	$29,142	$33,879	$31,870	$35,234	$31,549	$31,549							Cash
Cash per Share	$10.07	$11.03	$24.56	$22.44	$24.21	$25.92	$38.07	$40.99	$86.73	$100.26	$94.69	$104.15	$92.59	$92.59				$94.69	<-Median->	5	Cash per Share
Percentage of Stock Price	26.10%	24.38%	46.61%	51.81%	50.56%	41.40%	63.76%	60.26%	135.65%	97.85%	102.08%	120.80%	69.72%	71.89%				102.08%	<-Median->	5	% of Stock Price
Notes:
January 11,  2025.  Last estimates were for 2024, 2025 and 2026 of $11024M, $11464M, $12750M Adj Revenue, Revenue, $9.57, $10.10, $11.56 AEPS,
$9.54, $10.15, $10.64 EPS, $4.32, $4.56, $4.76 Dividends, $65.50, $70.80, $73.60 BVPS, $3270M, $3461M, $3309M Net Income.
January 13, 2024.  Last estimates were for 2023, 2024 and 2025 of $10520M, $11077M and $1140M for Revenue, $9.63, $10.12 and $9.85 for AEPS,
$9.56, $10.00 and $9.85 for EPS, $3.97, $4.19 and $4.20 for Dividends, $60.70 and 66.70 2023/4 for BVPS, $3230M, $3384M and $3359M for Net Income.
January 12, 2023.  Last estimates were for 2022,  2023 and 2024 of $9499M, $10184M 2022/23 for Revenue, $9.02, $9.46 and $9.67 for EPS,
$3.63, $4.00 and 4.02, $52.70, 57.250 and 54.70 for CFPS, and $3060M, $3175M and $3297M for Net Income.
January 9, 2022.  Last estimates were for for 2021 and 2022 of $8240M and $8691M for Revenue, $6.58, $7.18 and $8.14 for EPS,
$2.84, $2.88 and $2.97 for Dividends and $2227M, and $2428M for Net Income.
January 10, 2021.  Last estimates were for 2020, 2021 and 2022 of $7881M, $8350M, and $8735M for Revenue,
$6.63, $6.95 and $7.96. for EPS, $6.62 for CFPS for 2020 and $2221M, $2360M and $2660M for Net Income.
January 11, 2020.  Last Estimates were for 2019, 2020 and 2021 of $7667M, $8024M and $8316M for Revenue, $6.29, $6.61 and $7.74 for EPS,
$13.01, And 6.62 for CFPS for 2019 and 2020 $2147M and $2273M for Net Income for 2019 and 2020.
January 15, 2019.  Last estimates were for 2018, 2019 and 2020 of $7190M, $7549M and $7844M for Revenue, $5.76, $6.13 and $6.84 for EPS,
$12.50,  $13.01 and $6.62 for CFPS and $1990M and $2114M for Net Income.
January 14, 2018.  Last estimates were for 2017, 2018 and 2019 of $6561M, $6804M and $7056M for Revenue, $5.05, $5.35 and $5.56 for EPS,
$11.30, $11.70 and $5.71 for CFPS, $1726m and $1845M for Net Income for 2017 and 2018.
January 21, 2017.  Last estimates were for 2016 and 2017 of $6143M, $6439M and $6700M for Revenue for 2016, 2017 and 2018, $4.78 and $5.03 for EPS,
$10.50 and $5.09 for CFPS and $1635M, $1699M for Net Income.
January 17, 2016.  Last estimates were for 2015, 2016 and 2017 of $5809M, $6148M and $6426M for Revenue, $4.64, $4.98 and $5.61 for EPS,
$10.50, $11.20 and $5.14 for CFPS, $1559M, $1679M and $1828M for Net Income.
January 17, 2015.  Last estimates were for 2014, 2015 and 2016 of $5441M, $5755M, and $6714M for Revenue, $8.78, $9.37 and $10.90 for EPS
and $1426M, $1524M and $1687M for Net Income
January 18, 2014.  Last estimates were for 2013 and 2014 of $5260M and $5493M for Revenue and $8.14 and $8.65 for EPS
Sector:
Bank, Financial Services
What should this stock accomplish?
I would expect dividends to be moderate to good with moderate dividend growth over the longer term.
Would I buy this company and Why.
If I was looking for another bank, I would certainly consider this one.  The only reason I do not own it is that I have enough bank stock with the 3 banks I own.
Why am I following this stock.
I thought I should follow one of the smaller Canadian Banks.  This seems like a good choice.
Dividends
Dividends are paid in Cycle 2, which is November, February, May, and August.   Dividends are declared for sharholders of one month for payment in two month's time.
For example, the dividend payable on February 1, 2014 was for shareholders of record of December 27, 2013.  (The ex-dividend date was December 23, 2014.)
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
Really hard to find information on the points I wanted to hit.
Each subsidiaries seems to have its own mission to provide clients with sound advise and information.
As a key driver of social and economic development in Canada, National Bank provides significant support to the community by assisting several Canadian organizations that are particularly active with young people.
For employees it says that working together, succeeding together means joining a company that believes in the future and continuously adds value for its clients and community.
For why investor should invest in this bank, the bank says that National Bank of Canada is an integrated group that provides comprehensive financial services to consumers,
small and medium-sized enterprises and large corporations in its core market, while offering specialized services elsewhere in the world.
How they make their money.
National Bank of Canada is the sixth-largest Canadian bank. The bank offers integrated financial services, primarily in the province of Quebec as well as the city
of Toronto. Operational segments include personal and commercial banking, wealth management, and a financial markets group.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Jan 14	2018	Jan 15	2019	Jan 11	2020	Jan 10	2021	Jan 9	2022	Jan 12	2023	Jan 13	2024			Jan 11	2025
Ferreira, Laurent								0.046	0.01%	0.071	0.02%	0.086	0.03%	0.109	0.03%			0.133	0.04%		Used to be Sub. Executive	22.73%
CEO - Shares - Amount									$4.754		$6.623		$7.449		$14.428				$17.173
Options - percentage								0.513	0.15%	0.578	0.17%	0.730	0.22%	0.857	0.25%			0.936	0.27%			9.15%
Options - amount									$52.550		$53.608		$62.964		$113.874				$120.544
Vachon, Louis	0.05%	0.176	0.05%	0.253	0.08%	0.284	0.08%	0.316	0.09%												Executives under Office of
CEO - Shares - Amount	$10.900		$10.510		$17.183		$18.168		$32.360												the President
Options - percentage	0.91%	2.895	0.86%	2.636	0.79%	2.508	0.75%	2.440	0.72%												Ceases insider Oct 2021
Options - amount	$193.268		$172.851		$179.322		$160.352		$250.037
Gingras, Marie Chantal										0.002	0.00%	0.002	0.00%	0.002	0.00%			0.002	0.00%		Shown after Directors	8.28%
CFO - Shares - Amount											$0.154		$0.156		$0.257				$0.270
Options - percentage										0.125	0.04%	0.176	0.05%	0.205	0.06%			0.225	0.07%			9.72%
Options - amount											$11.584		$15.167		$27.257				$29.004
Parent, Ghislain	0.00%	0.006	0.00%	0.006	0.00%	0.009	0.00%	0.006	0.00%	0.006	0.00%	0.006	0.00%								Was CFO, to 2022
Officer - Shares - Amount	$0.376		$0.358		$0.408		$0.575		$0.615		$0.557		$0.517								now VP International
Options - percentage	0.09%	0.317	0.09%	0.360	0.11%	0.348	0.10%	0.392	0.12%	0.399	0.12%	0.457	0.14%								Non insider June 2023
Options - amount	$19.059		$18.938		$24.510		$22.280		$40.189		$36.994		$39.390
Blanchet, Lucie												0.002	0.00%	0.002	0.00%			0.002	0.00%			13.41%
Officer - Shares - Amount													$0.145		$0.254				$0.280
Options - percentage												0.342	0.10%	0.383	0.11%			0.376	0.11%			-1.80%
Options - amount													$29.493		$50.830				$48.408
Bonnell, William	0.00%	0.005	0.00%	0.005	0.00%	0.006	0.00%	0.008	0.00%	0.009	0.00%	0.008	0.00%	0.008	0.00%			0.015	0.00%		Last report Nov 2024	72.71%
Officer - Shares - Amount	$0.314		$0.314		$0.371		$0.360		$0.804		$0.807		$0.710		$1.121				$1.878
Options - percentage	0.09%	0.587	0.18%	0.152	0.05%	0.399	0.12%	0.416	0.12%	0.417	0.12%	0.451	0.13%	0.476	0.14%			0.451	0.13%			-5.27%
Options - amount	$19.193		$35.072		$10.359		$25.517		$42.604		$38.680		$38.859		$63.198				$58.062
Curadeau-Grou, Patricia														0.022	0.01%			0.022	0.01%			0.00%
Director - Shares - Amount															$2.857				$2.771
Options - percentage														0.452	0.13%			0.364	0.11%			-19.49%
Options - amount															$60.000				$46.845
Bertrand, Maryse	0.00%	0.011	0.00%	0.011	0.00%	0.002	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%						Ceased insider Apr 2024	-100.00%
Director - Shares - Amount	$0.682		$0.659		$0.761		$0.124		$1.182		$1.083		$1.021		$1.598
Options - percentage	0.00%	0.013	0.00%	0.016	0.00%	0.010	0.00%	0.023	0.01%	0.026	0.01%	0.028	0.01%	0.031	0.01%							-100.00%
Options - amount	$0.614		$0.779		$1.112		$0.671		$2.360		$2.375		$2.449		$4.173
Boivin, Pierre												0.018	0.01%	0.019	0.01%			0.020	0.01%			4.15%
Director - Shares - Amount													$1.592		$2.551				$2.577
Options - percentage												0.023	0.01%	0.026	0.01%			0.028	0.01%			9.84%
Options - amount													$1.956		$3.397				$3.619
Pare, Robert												0.008	0.00%	0.014	0.00%			0.014	0.00%		new 2024 for Chairman	0.00%
Chairman - Shares - Amt													$0.730		$1.808				$1.753
Options - percentage												0.010	0.00%	0.013	0.00%			0.017	0.01%			28.64%
Options - amount													$0.858		$1.773				$2.212
Houde, Jean	0.01%	0.025	0.01%	0.025	0.01%	0.026	0.01%	0.026	0.01%	0.026	0.01%	0.026	0.01%
Chairman - Shares - Amt	$1.574		$1.511		$1.732		$1.640		$2.648		$2.411		$2.257
Options - percentage	0.00%	0.003	0.00%	0.005	0.00%	0.007	0.00%	0.009	0.00%	0.010	0.00%	0.011	0.00%
Options - amount	$0.103		$0.197		$0.336		$0.428		$0.876		$0.923		$0.987
Increase in O/S Shares	0.33%	4.239	1.25%	3.130	0.93%	2.951	0.88%	2.319	0.69%	1.930	0.57%	1.194	0.35%	1.678	0.50%			2.298	0.67%
due to SO Price	$53.758		$265.410		$186.887		$200.722		$148.272		$197.751		$110.724		$144.705				$305.121
Book Value	$43.000		$179.000		$128.000		$122.000		$111.000		$104.000		$61.000		$95.000				$146.000
Insider Buying	-$2.359		-$6.356		-$2.164		-$0.047		-$7.848		-$0.126		-$1.473		-$0.631				-$0.195
Insider Selling	$26.899		$49.465		$39.824		$39.256		$21.884		$5.121		$3.285		$5.406				$4.962
Net Insider Selling	$24.540		$43.109		$37.660		$39.210		$14.036		$4.995		$1.811		$4.775				$4.767
% of Market Cap	0.12%		0.22%		0.17%		0.18%		0.04%		0.02%		0.01%		0.01%				0.01%
Directors		14		13		14		15		15		15		14				14
Women	36%	5	36%	4	31%	5	36%	5	33%	5	33%	6	40%	6	43%			6	43%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	1	7%	1	7%	1	7%			1	7%
Institutions/Holdings	31.98%	259	29.19%	279	29.19%	20	18.44%	20	21.32%	20	22.11%	20	26.46%	20	43.71%			20	22.33%
Total Shares Held	32.06%	99.292	29.63%	92.310	27.62%	61.824	18.40%	71.628	21.20%	74.708	22.20%	89.088	26.34%	147.846	43.39%			76.042	22.32%
Increase/Decrease	3.02%	0.003	0.00%	0.595	0.65%	-1.236	-1.96%	2.143	3.08%	0.335	0.45%	2.747	3.18%	99.385	205.08%			-0.016	-0.02%
Starting No. of Shares		99.289		91.715		63.059	top 20 MS	69.485	top 20 MS	74.373	top 20 MS	86.341	top 20 MS	48.461	top 20 MS			76.058	top 20 MS
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