This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q2 2025				Q3 2024 release November 13.
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Northland Power Inc					TSX:	NPI	OTC:	NPIFF	https://northlandpower.com/			Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Cost of Sales	$131.5	$202.5	$290.7	$225.7	$193.2	$139.5	$114.2	$116.3	$202.3	$213.5	$270.4	$620.6	$649.9	$663.9	<-12 mths	2.15%		123.58%	<-Total Growth	10	Cost of Sales	Reclassified 2024
Change	-14.01%	53.99%	43.57%	-22.36%	-14.38%	-27.79%	-18.14%	1.81%	73.99%	5.52%	26.67%	129.47%	4.73%	2.15%	<-12 mths			3.27%	<-Median->	10	Change
Ratio	0.36	0.36	0.38	0.31	0.18	0.10	0.07	0.07	0.10	0.10	0.11	0.28	0.28	1020.83	<-12 mths			0.11	<-Median->	10	Ratio
Other Expenses	$130.5	$187.2	$240.2	$244.9	$412.6	$618.0	$721.7	$743.8	$973.4	$1,109.3	$1,138.9	$1,045.1	$893.8	$866.4	<-12 mths	-3.07%		272.19%	<-Total Growth	10	Other Expenses
Change	15.83%	43.48%	28.25%	1.97%	68.49%	49.76%	16.78%	3.07%	30.87%	13.96%	2.67%	-8.23%	-14.48%	-3.07%	<-12 mths			8.51%	<-Median->	10	Change
Ratio	0.36	0.34	0.32	0.34	0.38	0.45	0.46	0.45	0.47	0.53	0.47	0.47	0.38	0.37	<-12 mths			0.46	<-Median->	10	Ratio
Total	$262.0	$389.7	$530.8	$470.6	$605.9	$757.5	$835.9	$860.1	$1,175.7	$1,322.8	$1,409.3	$1,665.7	$1,543.8	$1,530.3	<-12 mths	-0.87%		190.81%	<-Total Growth	10	Total
Change	-1.35%	48.75%	36.21%	-11.35%	28.75%	25.03%	10.35%	2.90%	36.70%	12.51%	6.54%	18.19%	-7.32%	-0.87%	<-12 mths			11.43%	<-Median->	10	Change
Ratio	0.72	0.70	0.70	0.65	0.55	0.55	0.54	0.52	0.57	0.63	0.58	0.75	0.66	0.65	<-12 mths			0.57	<-Median->	10	Ratio
														$2,106.5	<-12 mths	-5.65%
Total Income												$2,243.7	$2,356.6
Revenue*	$362.3	$557.2	$760.1	$728.1	$1,099.0	$1,376.3	$1,555.6	$1,659.0	$2,060.6	$2,093.3	$2,448.8	$2,232.8	$2,346.3	$2,353	$2,572	$2,753		208.69%	<-Total Growth	10	Revenue
Increase	1.71%	53.80%	36.40%	-4.20%	50.93%	25.23%	13.03%	6.65%	24.21%	1.58%	16.99%	-8.82%	5.08%	0.29%	9.31%	7.04%		11.93%	<-IRR #YR->	10	Revenue	208.69%
5 year Running Average	$281.6	$354.7	$468.0	$552.8	$701.4	$904.1	$1,103.8	$1,283.6	$1,550.1	$1,748.9	$1,963.5	$2,098.9	$2,236.3	$2,294.8	$2,390.6	$2,451.4		7.18%	<-IRR #YR->	5	Revenue	41.43%
Revenue per Share	$3.01	$4.19	$5.05	$4.27	$6.35	$7.84	$8.63	$9.19	$10.19	$9.23	$9.79	$8.76	$9.03	$9.00	$9.84	$10.53		16.93%	<-IRR #YR->	10	5 yr Running Average	377.85%
Increase	1.75%	39.01%	20.59%	-15.56%	48.90%	23.47%	10.04%	6.50%	10.86%	-9.48%	6.16%	-10.58%	3.06%	-0.31%	9.31%	7.04%		11.74%	<-IRR #YR->	5	5 yr Running Average	74.23%
5 year Running Average	$2.92	$3.14	$3.64	$3.90	$4.58	$5.54	$6.43	$7.26	$8.44	$9.02	$9.41	$9.43	$9.40	$9.16	$9.28	$9.43		5.97%	<-IRR #YR->	10	Revenue per Share	78.61%
P/S (Price/Sales) Med	5.99	4.04	3.28	3.97	3.31	3.03	2.65	2.72	3.29	4.74	4.13	3.32	2.39	2.34	0.03	0.00		-0.37%	<-IRR #YR->	5	Revenue per Share	-1.83%
P/S (Price/Sales) Close	6.19	3.69	3.03	4.37	3.67	2.98	2.51	2.96	4.48	4.11	3.79	2.75	1.98	2.18	1.99	2.43		9.95%	<-IRR #YR->	10	5 yr Running Average	158.23%
*Revenue in M CDN $					P/S Med	20 yr	4.00	15 yr	3.32	10 yr	3.30	5 yr	3.32		-34.00%	Diff M/C		5.31%	<-IRR #YR->	5	5 yr Running Average	29.50%
			-$760.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,346.3
								-$1,659.0	$0.0	$0.0	$0.0	$0.0	$2,346.3
			-$468.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,236.3
								-$1,283.6	$0.0	$0.0	$0.0	$0.0	$2,236.3
			-$5.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.03
								-$9.19	$0.00	$0.00	$0.00	$0.00	$9.03
			-$3.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.40
								-$7.26	$0.00	$0.00	$0.00	$0.00	$9.40
Distributable Cash	$0.57																	#DIV/0!	<-Total Growth	0	Distributable Cash
Increase	-26.92%																	#REF!	<-IRR #YR->	0	Distributable Cash
Payout Ratio	189%																	#NUM!	<-IRR #YR->	0	Distributable Cash
* Distributable cash per share, Diluted (cannot find for 2011)
														$299.4	<-12 mths	-24.67%
														$1.14	<-12 mths	-25.49%						Per Share values in Press Release
Adjusted Free Cash Flow (AFCF - TD)	$63.72	$130.12	$164.87	$182.16	$242.32	$256.10	$337.62	$362.5	$415.4	$386.4	$460.9	$498.0	$397.4	$332	$407			141.06%	<-Total Growth	10	AFCF	This was discontinued in 2025
Adjusted FCF Basic	$0.57	$1.05	$1.12	$1.09	$1.40	$1.46	$1.90	$2.01	$2.09	$1.77	$1.95	$1.97	$1.53	$1.27	$1.56			36.20%	<-Total Growth	10	AFCF
Increase	-26.92%	84.21%	6.98%	-2.97%	28.44%	4.29%	30.14%	5.79%	3.98%	-15.31%	10.17%	1.03%	-22.34%	-16.99%	22.83%			10	0	10	Years of Data, EPS P or N
5 year Running Average	$0.94	$0.87	$0.88	$0.92	$1.05	$1.22	$1.39	$1.57	$1.77	$1.85	$1.94	$1.96	$1.86	$1.70	$1.66			3.14%	<-IRR #YR->	10	AFCF
AFCF Yield	3.05%	6.78%	7.35%	5.84%	6.01%	6.25%	8.76%	7.39%	4.58%	4.66%	5.25%	8.18%	8.55%	6.48%	7.96%			-5.31%	<-IRR #YR->	5	AFCF
Payout Ratio	189.47%	102.86%	96.14%	99.08%	77.14%	73.97%	63.16%	59.70%	57.42%	67.80%	61.54%	60.91%	78.43%	94.49%	76.92%			7.77%	<-IRR #YR->	10	5 yr Running Average
5 year Running Average	125.83%	130.52%	129.93%	125.20%	112.94%	89.84%	81.90%	74.61%	66.28%	64.41%	61.92%	61.47%	65.22%	72.63%	74.46%			3.44%	<-IRR #YR->	5	5 yr Running Average
Price/AFCF Median	31.67	16.10	14.75	15.56	15.04	16.30	12.03	12.43	16.02	24.71	20.75	14.78	14.08	16.59	0.19			15.30	<-Median->	10	Price/AFCF Median
Price/AFCF High	33.98	18.78	16.48	17.57	17.90	17.03	13.54	13.93	22.16	28.73	23.46	19.67	16.46	20.30	0.00			17.73	<-Median->	10	Price/AFCF High
Price/AFCF Low	29.35	13.43	13.02	13.54	12.19	15.57	10.52	10.94	9.89	20.69	18.05	9.89	11.70	12.89	0.00			11.94	<-Median->	10	Price/AFCF Low
Price/AFCF Close	32.75	14.74	13.61	17.12	16.64	15.99	11.42	13.53	21.85	21.44	19.04	12.22	11.70	15.43	12.56			16.32	<-Median->	10	Price/AFCF Close
Trailing P/AFCF Close	23.94	27.16	14.56	16.61	21.38	16.68	14.86	14.32	22.72	18.16	20.98	12.34	9.09	12.81	15.43			16.64	<-Median->	10	Trailing P/AFCF Close
Median Values	Historical	in order	15.56	17.90	13.02	15.99	P/AFCF	5 Yrs	in order	16.02	22.16	11.70	19.04		-3.69%	Diff M/C					DPR 75% to 95% best
Adjusted Free Cash Flow
			-$1.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.53
								-$2.01	$0.00	$0.00	$0.00	$0.00	$1.53
			-$0.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.86
								-$1.57	$0.00	$0.00	$0.00	$0.00	$1.86
														$249.0	<-12 mths	-24.00%
														$0.95	<-12 mths	-25.20%
Distributable Cash to Free Cash Flow	$63.7	$130.1	$164.9	$182.2	$242.3	$256.1	$337.6	$318.5	$343.6	$307.4	$380.5	$423.7	$327.6	$339				98.69%	<-Total Growth	10	FCF
Basic	$0.57	$1.05	$1.12	$1.09	$1.40	$1.46	$1.90	$1.77	$1.73	$1.40	$1.61	$1.68	$1.27	$1.30				13.06%	<-Total Growth	10	FCF
Increase	-26.92%	84.21%	6.98%	-2.97%	28.44%	4.29%	30.14%	-6.84%	-2.26%	-19.08%	15.00%	4.35%	-24.40%	2.36%				10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.94	$0.87	$0.88	$0.92	$1.05	$1.22	$1.39	$1.52	$1.65	$1.65	$1.68	$1.64	$1.54	$1.45				1.23%	<-IRR #YR->	10	FCF	13.06%
FCF Yield	3.05%	6.78%	7.35%	5.84%	6.01%	6.25%	8.76%	6.51%	3.79%	3.69%	4.34%	6.98%	7.09%	6.63%				-6.42%	<-IRR #YR->	5	FCF	-28.25%
Payout Ratio	189.47%	102.86%	96.14%	99.08%	77.14%	73.97%	63.16%	67.80%	69.36%	85.71%	74.53%	71.43%	94.49%	92.31%				5.73%	<-IRR #YR->	10	5 yr Running Average	74.64%
5 year Running Average	125.83%	130.52%	129.93%	125.20%	112.94%	89.84%	81.90%	76.23%	70.29%	72.00%	72.11%	73.77%	79.11%	83.69%				0.18%	<-IRR #YR->	5	5 yr Running Average	0.92%
Price/FCF Median	31.67	16.10	14.75	15.56	15.04	16.30	12.03	14.12	19.36	31.24	25.14	17.33	16.96	16.21				16.63	<-Median->	10	Price/FCF Median
Price/FCF High	33.98	18.78	16.48	17.57	17.90	17.03	13.54	15.82	26.77	36.32	28.42	23.07	19.83	19.83				18.86	<-Median->	10	Price/FCF High
Price/FCF Low	29.35	13.43	13.02	13.54	12.19	15.57	10.52	12.42	11.95	26.16	21.86	11.60	14.09	12.59				12.98	<-Median->	10	Price/FCF Low
Price/FCF Close	32.75	14.74	13.61	17.12	16.64	15.99	11.42	15.37	26.40	27.11	23.06	14.33	14.09	15.08				16.32	<-Median->	10	Price/FCF Close
Trailing P/FCF Close	23.94	27.16	14.56	16.61	21.38	16.68	14.86	14.32	25.80	21.94	26.52	14.95	10.65	15.43				16.64	<-Median->	10	Trailing P/FCF Close
Median Values	Historical	in order	14.43	16.15	11.77	13.85	P/FCF	5 Yrs	in order	19.36	26.77	14.09	23.06		-22.12%	Diff M/C					DPR 75% to 95% best
Free Cash Flow
			-$1.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.27
								-$1.77	$0.00	$0.00	$0.00	$0.00	$1.27
			-$0.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.54
								-$1.52	$0.00	$0.00	$0.00	$0.00	$1.54
														-$0.21	<-12 mths	-120.39%
EPS Basic	-$0.18	$1.08	-$0.82	-$0.07	$0.64	$0.85	$1.50	$1.71	$1.76	$0.82	$3.46	-$0.72	$1.03					225.61%	<-Total Growth	10	EPS Basic
EPS Diluted*	-$0.18	$1.03	-$0.82	-$0.07	$0.64	$0.85	$1.46	$1.68	$1.75	$0.82	$3.46	-$0.72	$1.03	$0.56	$1.65	$1.67		225.61%	<-Total Growth	10	EPS Diluted
Increase	-70.49%	-672.22%	-179.61%	-91.46%	-1014.29%	32.81%	71.76%	15.07%	4.17%	-53.14%	321.95%	-120.81%	-243.06%	-45.63%	195.36%	0.73%		11	16	28	Years of Data, EPS P or N	39.29%
Earnings Yield	-0.96%	6.65%	-5.36%	-0.38%	2.75%	3.64%	6.73%	6.18%	3.83%	2.16%	9.32%	-2.99%	5.75%	2.86%	8.44%	6.52%		#NUM!	<-IRR #YR->	10	Earnings per Share	225.61%
5 year Running Average	$0.15	$0.15	-$0.11	-$0.13	$0.12	$0.33	$0.41	$0.91	$1.28	$1.31	$1.83	$1.40	$1.27	$1.03	$1.20	$0.84		-6.76%	<-IRR #YR->	5	Earnings per Share	-38.69%
10 year Running Average	$0.28	$0.33	$0.20	$0.10	$0.11	$0.24	$0.28	$0.40	$0.57	$0.72	$1.08	$0.91	$1.09	$1.15	$1.25	$1.34		#NUM!	<-IRR #YR->	10	5 yr Running Average	1296.23%
* Diluted ESP per share									E/P	10 Yrs	3.74%	5Yrs	3.83%					6.81%	<-IRR #YR->	5	5 yr Running Average	39.04%
			$0.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.03
								-$1.68	$0.00	$0.00	$0.00	$0.00	$1.03
			$0.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.27
								-$0.91	$0.00	$0.00	$0.00	$0.00	$1.27
Dividend*														$1.20	$1.20	$1.20			Estimates		Dividend*
Increase														0.00%	0.00%	0.00%			Estimates		Increase
Payout Ratio EPS														214.29%	72.55%	72.03%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividend*	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20		11.11%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		8	2	27	Years of data, Count P, N	29.63%
Average Increases 5 Year Running	-0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	2.2%	2.2%	2.2%	2.2%	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%		1.11%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.10	$1.13	$1.15	$1.18	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20		11.11%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.98%	6.39%	6.52%	6.37%	5.13%	4.54%	5.25%	4.80%	3.58%	2.74%	2.97%	4.12%	5.57%	5.69%				4.67%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	5.58%	5.48%	5.83%	5.64%	4.31%	4.34%	4.67%	4.29%	2.59%	2.36%	2.62%	3.10%	4.77%	4.65%				4.30%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	6.46%	7.66%	7.38%	7.32%	6.33%	4.75%	6.01%	5.46%	5.81%	3.28%	3.41%	6.16%	6.70%	7.33%				5.91%	<-Median->	10	Yield on Low Price	FCF Co.
Yield on Close Price	5.78%	6.98%	7.06%	5.79%	4.64%	4.63%	5.53%	4.41%	2.63%	3.16%	3.23%	4.99%	6.70%	6.12%	6.12%	4.70%		4.63%	<-Median->	10	Yield on Close Price	AFCF
Payout Ratio EPS	0.00%	104.85%	0.00%	0.00%	168.75%	127.06%	82.19%	71.43%	68.57%	146.34%	34.68%	0.00%	116.50%	214.29%	72.55%	72.03%		76.81%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	720.00%	710.53%	0.00%	0.00%	900.00%	331.29%	267.96%	123.68%	90.28%	89.63%	65.43%	85.84%	94.64%	116.50%	100.27%	143.20%		92.46%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	80.28%	55.87%	45.00%	46.22%	25.95%	22.32%	19.07%	17.68%	18.36%	16.92%	16.37%	38.96%	30.32%	25.78%	22.03%	18.28%		20.69%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	93.33%	88.95%	70.90%	59.50%	44.35%	34.46%	27.56%	23.10%	20.13%	18.64%	17.63%	19.46%	21.43%	22.97%	24.52%	25.31%		22.26%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	74.27%	54.19%	45.71%	46.82%	25.66%	20.17%	19.38%	17.93%	17.92%	20.68%	19.44%	24.44%	23.38%	25.78%	22.03%	18.28%		20.42%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	89.70%	82.50%	68.62%	58.05%	43.81%	33.28%	27.02%	22.78%	19.76%	19.13%	19.01%	19.82%	20.90%	22.50%	22.80%	22.47%		21.84%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.67%	4.63%	5 Yr Med	5 Yr Cl	3.58%	3.23%	5 Yr Med	Payout	68.57%	18.36%	20.68%					0.00%	<-IRR #YR->	5	Dividends	0.00%
* Dividends per share	10 Yr Med	and Cur.	31.09%	32.23%	5 Yr Med	and Cur.	70.87%	89.44%	Last Div Inc --->		$0.09	$0.10	11.11%					1.06%	<-IRR #YR->	10	Dividends	11.11%
Dividends Growth 15																		0.70%	<-IRR #YR->	15	Dividends	11.11%
Dividends Growth 20																		0.74%	<-IRR #YR->	20	Dividends	15.94%
Dividends Growth 25																		1.02%	<-IRR #YR->	25	Dividends	29.03%
Dividends Growth 30																		2.60%	<-IRR #YR->	27	Dividends
Dividends Growth 5								-$1.20	$0.00	$0.00	$0.00	$0.00	$1.20								Dividends Growth 5
Dividends Growth 10			-$1.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.20								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.20								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.20								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.20								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	$1.20								Dividends Growth 30
Historical Dividends	Historical	High Div	11.49%	Low Div	2.62%	10 Yr High	7.26%	10 Yr Low	2.38%	Med Div	6.53%	Close Div	6.89%					5.41%	Med since 2009		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-46.71%		133.68%	Exp.	-15.67%		157.25%	Exp.	-6.24%	Exp.	-11.19%					13.17%	Cheap		High/Ave/Median
Adjusted Historical Dividends	Historical	High Div	9.40%	Low Div	2.52%	10 Yr High	7.26%	10 Yr Low	2.43%	Med Div	5.41%	Close Div	5.66%					In 2009	Change from		Adjusted Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-34.87%		142.95%	Exp.	-15.67%		151.95%	Cheap	13.17%	Cheap	8.22%						Income Trust		High/Ave/Median
Future Dividend Yield					Div Yield	6.12%	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	6.12%	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	6.12%	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.20	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.20	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.20	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Dividend Covering Cost					Total Div	$6.00	over	5	Years	at IRR of	0.00%	Div Cov.	30.61%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$10.80	over	10	Years	at IRR of	0.00%	Div Cov.	55.10%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$15.60	over	15	Years	at IRR of	0.00%	Div Cov.	79.59%								Dividend Covering Cost
Yield if held 5 years	8.48%	9.39%	10.09%	7.52%	6.54%	5.98%	7.10%	7.24%	7.08%	5.70%	5.04%	5.25%	4.80%	3.58%	2.74%	2.97%		6.26%	<-Median->	10	Paid Median Price
Yield if held 10 years	9.86%	9.77%	8.84%	8.12%	7.63%	8.48%	10.43%	11.21%	8.35%	7.27%	6.65%	7.10%	7.24%	7.08%	5.70%	5.04%		7.88%	<-Median->	10	Paid Median Price
Yield if held 15 years	10.80%	10.29%	11.77%	14.07%	10.51%	9.86%	10.86%	9.82%	9.03%	8.48%	9.43%	10.43%	11.21%	8.35%	7.27%	6.65%		10.15%	<-Median->	10	Paid Median Price
Yield if held 20 years						10.80%	11.43%	13.08%	15.64%	11.68%	10.96%	10.86%	9.82%	9.03%	8.48%	9.43%		11.19%	<-Median->	8	Paid Median Price
Yield if held 25 years											12.00%	11.43%	13.08%	15.64%	11.68%	10.96%		12.00%	<-Median->	3	Paid Median Price
Cost covered if held 5 years	42.42%	46.94%	50.47%	37.59%	32.70%	29.92%	32.64%	34.04%	33.97%	27.92%	25.22%	26.26%	24.01%	17.92%	13.72%	14.83%		31.28%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	99.32%	99.33%	88.16%	81.42%	76.45%	84.84%	94.92%	103.18%	77.69%	68.30%	63.16%	68.13%	70.25%	69.36%	56.41%	50.43%		77.07%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	156.06%	150.53%	173.90%	209.45%	157.43%	148.64%	149.28%	134.31%	124.75%	118.00%	131.97%	147.07%	159.25%	119.46%	104.63%	96.40%		147.85%	<-Median->	10	Paid Median Price
Cost covered if held 20 years						210.06%	203.10%	235.37%	284.50%	214.65%	203.43%	203.58%	183.41%	169.88%	160.41%	179.10%		206.82%	<-Median->	8	Paid Median Price
Cost covered if held 25 years											270.06%	260.24%	300.77%	362.68%	273.05%	258.22%		270.06%	<-Median->	3	Paid Median Price
																						Tot. Grth
Revneue Growth								$1,658.98	$2,060.63	$2,093.26	$2,448.82	$2,232.78	$2,346.26	$2,106.5	<-12 mths	-10.22%		41.43%	<-Total Growth	5	Revneue Growth	41.43%
FCF Growth								$1.77	$1.73	$1.40	$1.61	$1.68	$1.27	$0.95	<-12 mths	-25.20%		-28.25%	<-Total Growth	5	FCF Growth	-28.25%
Net Income Growth								$320.76	$360.94	$189.56	$827.73	-$175.19	$271.83	-$82.2	<-12 mths	-130.23%		-15.26%	<-Total Growth	5	Net Income Growth	-15.26%
Cash Flow Growth								$1,224.42	$1,321.60	$1,609.30	$1,832.98	$785.21	$1,028.97	$1,429.4	<-12 mths	38.92%		-15.96%	<-Total Growth	5	Cash Flow Growth	-15.96%
Dividend Growth								$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	<-12 mths	0.00%		0.00%	<-Total Growth	5	Dividend Growth	0.00%
Stock Price Growth								$27.20	$45.67	$37.95	$37.13	$24.07	$17.90	$19.60	<-12 mths	9.50%		-34.19%	<-Total Growth	5	Stock Price Growth	-34.19%
Revneue Growth			$760.07	$728.14	$1,099.00	$1,376.26	$1,555.59	$1,658.98	$2,060.63	$2,093.26	$2,448.82	$2,232.78	$2,346.26	$2,353.0	<-this year	0.29%		208.69%	<-Total Growth	10	Revneue Growth	208.69%
FCF Growth			$1.12	$1.09	$1.40	$1.46	$1.90	$1.77	$1.73	$1.40	$1.61	$1.68	$1.27	$1.27	<-this year	0.00%		13.06%	<-Total Growth	10	FCF Growth	13.06%
Net Income Growth			-$106.57	$1.14	$121.46	$161.12	$278.13	$320.76	$360.94	$189.56	$827.73	-$175.19	$271.83	$148.4	<-this year	-45.41%		355.06%	<-Total Growth	10	Net Income Growth	355.06%
Cash Flow Growth			$360.98	$398.74	$719.81	$849.01	$1,133.88	$1,224.42	$1,321.60	$1,609.30	$1,832.98	$785.21	$1,028.97	$1,217.3	<-this year	18.30%		185.05%	<-Total Growth	10	Cash Flow Growth	185.05%
Dividend Growth			$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	<-this year	0.00%		11.11%	<-Total Growth	10	Dividend Growth	11.11%
Stock Price Growth			$15.29	$18.66	$23.30	$23.35	$21.70	$27.20	$45.67	$37.95	$37.13	$24.07	$17.90	$19.60	<-this year	9.50%		17.07%	<-Total Growth	10	Stock Price Growth	17.07%
Dividends on Shares				$71.28	$71.28	$71.28	$79.20	$79.20	$79.20	$79.20	$79.20	$79.20	$79.20	$79.20	$79.20	$79.20		$768.24	No of Years	10	Total Divs	12/31/14
Paid			$1,009.14	$1,231.56	$1,537.80	$1,541.10	$1,432.20	$1,795.20	$3,014.22	$2,504.70	$2,450.58	$1,588.62	$1,181.40	$1,293.60	$1,293.60	$1,685.64		$1,181.40	No of Years	10	Worth	$15.29
Total																		$1,949.64
Graham No.	$2.03	$10.38	$7.38	$7.86	$7.49	$8.64	$12.16	$12.97	$17.27	$14.25	$36.89	$19.16	$19.15	$14.16	$24.34	$24.42		159.36%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	8.90	1.63	2.24	2.16	2.81	2.75	1.88	1.93	1.94	3.07	1.10	1.52	1.12	1.49				1.93	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	9.56	1.90	2.51	2.44	3.35	2.88	2.12	2.16	2.68	3.57	1.24	2.02	1.31	1.82				2.30	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	8.25	1.36	1.98	1.88	2.28	2.63	1.64	1.69	1.20	2.57	0.95	1.02	0.93	1.16				1.67	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	9.21	1.49	2.07	2.37	3.11	2.70	1.78	2.10	2.64	2.66	1.01	1.26	0.93	1.38	0.81	1.05		2.24	<-Median->	10	Price/GP Ratio
Prem/Disc Close	821.08%	49.19%	107.06%	137.41%	211.15%	170.22%	78.49%	109.75%	164.39%	166.37%	0.65%	25.60%	-6.53%	38.41%	-19.46%	4.57%		123.58%	<-Median->	10	Graham Price
Price Close	$18.67	$15.48	$15.29	$18.66	$23.30	$23.35	$21.70	$27.20	$45.67	$37.95	$37.13	$24.07	$17.90	$19.60	$19.60	$25.54		17.07%	<-Total Growth	10	Stock Price
Increase	4.13%	-17.09%	-1.23%	22.04%	24.87%	0.21%	-7.07%	25.35%	67.90%	-16.90%	-2.16%	-35.17%	-25.63%	9.50%	0.00%	30.31%		44.30	<-Median->	10	CAPE (10 Yr P/E)
P/E	-103.72	15.03	-18.65	-266.57	36.41	27.47	14.86	16.19	26.10	46.28	10.73	-33.43	17.38	35.00	11.85	15.33		-8.03%	<-IRR #YR->	5	Stock Price	-34.19%
Trailing P/E	-30.61	-86.00	14.84	-22.76	-332.86	36.48	25.53	18.63	27.18	21.69	45.28	6.96	-24.86	19.03	35.00	15.44		1.59%	<-IRR #YR->	10	Stock Price	17.07%
CAPE (10 Yr P/E)	50.35	43.60	74.51	146.16	147.50	72.22	64.53	48.94	39.66	34.53	24.60	30.31	25.41	24.10	21.86	20.69		-2.82%	<-IRR #YR->	5	Price & Dividend	-12.13%
Median 10, 5 Yrs		D.  per yr	7.09%	5.20%	% Tot Ret	81.70%	0.00%	T P/E	20.16	21.69	P/E:	16.78	17.38					8.68%	<-IRR #YR->	10	Price & Dividend	93.20%
Price 15		D.  per yr	8.07%		% Tot Ret	74.68%						CAPE Diff	-21.00%					2.74%	<-IRR #YR->	15	Stock Price	49.92%
Price  20		D.  per yr	7.15%		% Tot Ret	85.78%												1.19%	<-IRR #YR->	20	Stock Price	20.05%
Price  25		D.  per yr	10.51%		% Tot Ret	76.53%												3.22%	<-IRR #YR->	25	Stock Price	120.99%
Price  30		D.  per yr	8.70%		% Tot Ret	79.97%												2.18%	<-IRR #YR->	27	Stock Price
Price & Dividend 15																		10.81%	<-IRR #YR->	15	Price & Dividend	192.63%
Price & Dividend 20																		8.34%	<-IRR #YR->	20	Price & Dividend	170.37%
Price & Dividend 25																		13.73%	<-IRR #YR->	25	Price & Dividend	167.96%
Price & Dividend 30																		10.88%	<-IRR #YR->	27	Price & Dividend
Price  5								-$27.20	$0.00	$0.00	$0.00	$0.00	$17.90								Price  5
Price 10			-$15.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.90								Price 10
Price & Dividend 5								-$27.20	$1.20	$1.20	$1.20	$1.20	$19.10								Price & Dividend 5
Price & Dividend 10			-$15.29	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$19.10								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	$17.90								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	$17.90								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	$17.90								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	$17.90								Price  30
Price & Dividend 15	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$19.10								Price & Dividend 15
Price & Dividend 20	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$19.10								Price & Dividend 20
Price & Dividend 25	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$19.10								Price & Dividend 25
Price & Dividend 30	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$19.10								Price & Dividend 30
Price H/L Median	$18.05	$16.91	$16.57	$16.96	$21.06	$23.80	$22.85	$24.99	$33.49	$43.74	$40.47	$29.12	$21.54	$21.08	30.31%			29.99%	<-Total Growth	10	Stock Price
Increase	9.29%	-6.32%	-2.01%	2.32%	24.21%	12.99%	-3.97%	9.37%	34.01%	30.59%	-7.47%	-28.05%	-26.03%	-2.16%	6.12%			2.66%	<-IRR #YR->	10	Stock Price	29.99%
P/E	-100.28	16.42	-20.21	-242.21	32.91	27.99	15.65	14.88	19.14	53.34	11.70	-40.44	20.91	37.63	36.43%			-2.93%	<-IRR #YR->	5	Stock Price	-13.81%
Trailing P/E	-29.59	-93.94	16.09	-20.68	-300.86	37.18	26.88	17.12	19.93	24.99	49.35	8.42	-29.92	20.46				8.94%	<-IRR #YR->	10	Price & Dividend	10.20%
P/E on Run. 5 yr Ave	120.33	111.25	-156.32	-130.42	175.50	72.99	55.46	27.40	26.25	33.33	22.07	20.83	16.99	20.46				2.16%	<-IRR #YR->	5	Price & Dividend	100.24%
P/E on Run. 10 yr Ave	64.01	50.63	84.11	164.61	193.21	99.98	81.03	62.01	58.45	61.08	37.47	32.18	19.76	18.28				15.65	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	6.28%	5.08%	% Tot Ret	70.26%	235.70%	T P/E	18.53	19.93	P/E:	17.39	19.14						Count	27	Years of data
			-$16.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$21.54
								-$24.99	$0.00	$0.00	$0.00	$0.00	$21.54
			-$16.57	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$22.74
								-$24.99	$1.20	$1.20	$1.20	$1.20	$22.74
High Months	Aug	Jan	Jul	Dec	Aug	Apr	Jul	Dec	Nov	Feb	Aug	Jan	Jan	Nov							Stock Price
Price High	$19.37	$19.72	$18.51	$19.15	$25.06	$24.86	$25.72	$28.00	$46.31	$50.85	$45.75	$38.75	$25.18	$25.78				36.03%	<-Total Growth	10	Stock Price
Increase	8.03%	1.81%	-6.14%	3.46%	30.86%	-0.80%	3.46%	8.86%	65.39%	9.80%	-10.03%	-15.30%	-35.02%	2.38%				3.13%	<-IRR #YR->	10	Stock Price	36.03%
P/E	-107.61	19.15	-22.57	-273.57	39.16	29.25	17.62	16.67	26.46	62.01	13.22	-53.82	24.45	46.04				-2.10%	<-IRR #YR->	5	Stock Price	-10.07%
Trailing P/E	-31.75	-109.56	17.97	-23.35	-358.00	38.84	30.26	19.18	27.57	29.06	55.79	11.20	-34.97	25.03				17.89	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	23.37	27.57	P/E:	21.03	24.45					27.33	P/E Ratio		Historical High
			-$18.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.18
								-$28.00	$0.00	$0.00	$0.00	$0.00	$25.18
Low Months	Mar	Sep	Dec	Aug	Jan	Jun	Nov	Jan	Mar	Dec	Jan	Oct	Dec	Feb							Stock Price
Price Low	$16.73	$14.10	$14.63	$14.76	$17.06	$22.73	$19.98	$21.98	$20.67	$36.62	$35.19	$19.49	$17.90	$16.37				22.35%	<-Total Growth	10	Stock Price
Increase	10.79%	-15.72%	3.76%	0.89%	15.58%	33.24%	-12.10%	10.01%	-5.96%	77.16%	-3.90%	-44.61%	-8.16%	-8.55%				2.04%	<-IRR #YR->	10	Stock Price	22.35%
P/E	-92.94	13.69	-17.84	-210.86	26.66	26.74	13.68	13.08	11.81	44.66	10.17	-27.07	17.38	29.23				-4.02%	<-IRR #YR->	5	Stock Price	-18.56%
Trailing P/E	-27.43	-78.33	14.20	-18.00	-243.71	35.52	23.51	15.05	12.30	20.93	42.91	5.63	-24.86	15.89				13.13	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	13.68	12.30	P/E:	13.38	11.81					-20.61	P/E Ratio		Historical Low
			-$14.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.90
								-$21.98	$0.00	$0.00	$0.00	$0.00	$17.90
Free Cash Flow Mkt Sc									$1,127.0	$307.4	$380.5	$423.7	$327.6	$323.0	$354.8	$573.5
										-72.72%	23.78%	11.35%	-22.68%	-1.40%	9.85%	61.64%
														$862	<-12 mths	97.67%
Free Cash Flow MS old			-$1,494	-$1,611	-$905	$33	$737	$458	$1,095	$719	$1,310
Change				-7.83%	43.82%	103.65%	2133.33%	-37.86%	139.08%	-34.34%	82.20%
Free Cash Flow MS	-$202	-$163	$1,614.00	$1,753.00	$1,106.00	-$147.63	$401.44	$148.95	$812.99	$565.52	$683.63	$483.53	$436.05	$323	$355	$574		-72.98%	<-Total Growth	10	Free Cash Flow	Mkt Scr
Change	18.55%	19.31%	1090.18%	8.61%	-36.91%	-113.35%	371.92%	-62.90%	445.81%	-30.44%	20.89%	-29.27%	-9.82%	-25.93%	9.85%	61.64%		23.97%	<-IRR #YR->	5	Free Cash Flow MS	192.75%
FCF/CF from Op Ratio	-1.25	-0.63	4.47	4.40	1.54	-0.17	0.35	0.12	0.62	0.35	0.37	0.62	0.42	0.27	0.25	0.33		-12.27%	<-IRR #YR->	10	Free Cash Flow MS	-72.98%
Dividends paid	$92.16	$101.97	$115.32	$137.85	$139.89	$134.31	$163.61	$216.37	$220.26	$172.76	$196.85	$205.07	$200.49	$313.80	$313.80	$313.80		73.85%	<-Total Growth	10	Dividends paid
Percentage paid				7.86%	12.65%	-90.98%	40.75%	145.27%	27.09%	30.55%	28.79%	42.41%	45.98%	97.15%	88.44%	54.72%		$0.30	<-Median->	10	Percentage paid
5 Year Coverage				19.59%	14.29%	15.12%	14.62%	24.28%	37.66%	50.94%	37.12%	37.53%	33.38%	43.70%	53.92%	62.05%		0.29	<-Median->	10	5 Year Covrage
Dividend Coverage Ratio	-2.19	-1.60	14.00	12.72	7.91	-1.10	2.45	0.69	3.69	3.27	3.47	2.36	2.17	1.03	1.13	1.83		2.86	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				5.10	7.00	6.61	6.84	4.12	2.66	1.96	2.69	2.66	3.00	2.29	1.85	1.61		3.56	<-Median->	10	5 Year of Coverage
Dividend Calculated	$129.80	$143.62	$162.44	$184.30	$186.81	$189.48	$216.24	$216.53	$242.61	$272.26	$300.02	$305.93	$311.94								They have DRIP
Difference from actually paid			29.00%	25.20%	25.30%	25.20%	24.50%	0.12%	9.20%	36.50%	27.80%	27.80%	27.80%
Difference from actually paid			$115.33	$137.85	$139.55	$141.73	$163.26	$216.27	$220.29	$172.88	$216.62	$220.88	$225.22
								-$148.95	$0.00	$0.00	$0.00	$0.00	$436.05								3 mths
			-$1,614.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$436.05						AL258-(-31.576+190.703+288.721)+(-162.381+18.214+288.721)<
														$304	<-12 mths	131.97%
Free Cash Flow WSJ			$1,559.41	-$1,666.97	-$1,094.42	-$239.03	$422.87	$169.66	$786	$862	$1,044	$18	$131	$323				-91.60%	<-Total Growth	10	Free Cash Flow	Sites disag
Change				-206.90%	34.35%	78.16%	276.91%	-59.88%	363.29%	9.67%	21.11%	-98.28%	627.78%	146.56%				-5.04%	<-IRR #YR->	5	Free Cash Flow MS	-22.79%
FCF/CF from Op Ratio			4.32	-4.18	-1.52	-0.28	0.37	0.14	0.59	0.54	0.57	0.02	0.13	0.27				-21.94%	<-IRR #YR->	10	Free Cash Flow MS	-91.60%
Dividends paid			$115.32	$137.85	$139.89	$134.31	$163.61	$216.37	$220.26	$172.76	$196.85	$205.07	$200.49	$313.80				73.85%	<-Total Growth	10	Dividends paid
Percentage paid			7.40%	-8.27%	-12.78%	-56.19%	38.69%	127.54%	28.02%	20.04%	18.85%	1139.29%	153.04%	97.15%				$0.24	<-Median->	10	Percentage paid
5 Year Coverage							0.00%	0.00%	1939.96%	45.33%	29.53%	35.12%	35.04%	45.79%							5 Year Covrage
Dividend Coverage Ratio				-12.09	-7.82	-1.78	2.58	0.78	3.57	4.99	5.30	0.09	0.65	1.03				0.72	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								-3.04	0.05	2.21	3.39	2.85	2.85	2.18							5 Year of Coverage
							-$422.87	-$169.66	$0.00	$0.00	$0.00	$0.00	$131.00
			-$1,559.41	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$131.00
Market Cap	$2,244	$2,059	$2,300	$3,184	$4,030	$4,097	$3,910	$4,908	$9,233	$8,610	$9,283	$6,136	$4,653	$5,125	$5,125	$6,679		102.33%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	120.538	133.478	146.765	167.555	172.910	175.383	189.593	187.625	201.169	218.861	$236.16	$252.71	$257.30	261.097	261.097			75.31%	<-Total Growth	10	Diluted
Change	2.99%	10.74%	9.95%	14.17%	3.20%	1.43%	8.10%	-1.04%	7.22%	8.79%	7.90%	7.01%	1.82%	1.48%	0.00%			7.11%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	-5.1%	0.0%	0.0%	-0.6%	0.0%	-6.2%	-3.9%	-1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%			0.00%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	120.538	126.719	146.765	167.555	171.910	175.383	177.757	180.322	198.774	218.861	$236.16	$252.71	$257.30	261.097	261.097			75.31%	<-Total Growth	10	Basic
Change	2.99%	5.13%	15.82%	14.17%	2.60%	2.02%	1.35%	1.44%	10.23%	10.11%	7.90%	7.01%	1.82%	1.48%	0.00%			4.80%	<-Median->	10	Change
Difference Basic/Outstanding	-0.3%	4.9%	2.5%	1.8%	0.6%	0.0%	1.4%	0.1%	1.7%	3.7%	5.9%	0.9%	1.0%	0.2%	0.0%			1.20%	<-Median->	10	Difference Basic/Outstanding
Weighted Average Shares		125.719	145.765	170.120	172.910	174.383	176.757	179.332	197.774	$218.86	$236.16	$252.71	$257.30	261.097	261.097			76.52%	<-Total Growth	10	Weighted Average Shares
Change			15.95%	16.71%	1.64%	0.85%	1.36%	1.46%	10.28%	10.66%	7.90%	7.01%	1.82%	1.48%	0.00%			4.41%	<-Median->	10	Change
Difference Basic/Outstanding		5.8%	3.2%	0.3%	0.0%	0.6%	1.9%	0.6%	2.2%	3.7%	5.9%	0.9%	1.0%	0.2%	-100.0%			0.96%	<-Median->	10	Difference Basic/Outstanding
														$1,429.4	<-12 mths	38.92%
Convertible Class A	29.852	1.000	1.000	1.000	1.000	1.000	1.000	1.000	0.000									-100.00%	<-Total Growth	6	Convertible Class A
Convertible Class B	0.000																				Convertible Class B
Convertible Class C	4.290																				Convertible Class C
Common Shares	86.042	131.979	149.410	169.645	171.973	174.440	179.202	179.441	202.171									-100.00%	<-Total Growth	6	Common Shares
# of Share in Millions	120.184	132.979	150.410	170.645	172.973	175.440	180.202	180.441	202.171	226.883	250.017	254.940	259.947	261.502	261.502	261.502		5.62%	<-IRR #YR->	10	Shares	72.83%
Change	-0.04%	10.65%	13.11%	13.45%	1.36%	1.43%	2.71%	0.13%	12.04%	12.22%	10.20%	1.97%	1.96%	0.60%	0.00%	0.00%		7.57%	<-IRR #YR->	5	Shares	44.06%
Cash Flow from Operations $M	$161.7	$257.1	$361.0	$398.7	$719.8	$849.0	$1,133.9	$1,224.4	$1,321.6	$1,609.3	$1,833.0	$785.2	$1,029.0	$1,217.3	$1,424.7	$1,716.2		185.05%	<-Total Growth	10	Cash Flow
Increase	26.83%	59.01%	40.42%	10.46%	80.52%	17.95%	33.55%	7.98%	7.94%	21.77%	13.90%	-57.16%	31.04%	18.30%	17.04%	20.47%		Deb Conv.	S. Issued, DRIP	SO	Ex. Replacement R.
5 year Running Average	$109.2	$140.1	$199.4	$261.2	$379.7	$517.1	$692.5	$865.2	$1,049.7	$1,227.6	$1,424.4	$1,354.7	$1,315.6	$1,294.8	$1,257.8	$1,234.5		559.88%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.35	$1.93	$2.40	$2.34	$4.16	$4.84	$6.29	$6.79	$6.54	$7.09	$7.33	$3.08	$3.96	$4.66	$5.45	$6.56		64.93%	<-Total Growth	10	Cash Flow per Share
Increase	26.89%	43.71%	24.14%	-2.64%	78.09%	16.29%	30.03%	7.84%	-3.66%	8.51%	3.36%	-57.99%	28.52%	17.60%	17.04%	20.47%		11.04%	<-IRR #YR->	10	Cash Flow	185.05%
5 year Running Average	$1.16	$1.21	$1.52	$1.82	$2.44	$3.13	$4.01	$4.88	$5.72	$6.31	$6.81	$6.17	$5.60	$5.22	$4.89	$4.74		-3.42%	<-IRR #YR->	5	Cash Flow	-15.96%
P/CF on Med Price	13.42	8.75	6.90	7.26	5.06	4.92	3.63	3.68	5.12	6.17	5.52	9.45	5.44	4.53	0.06	0.00		5.13%	<-IRR #YR->	10	Cash Flow per Share	64.93%
P/CF on Closing Price	13.88	8.01	6.37	7.99	5.60	4.83	3.45	4.01	6.99	5.35	5.06	7.81	4.52	4.21	3.60	3.89		-10.22%	<-IRR #YR->	5	Cash Flow per Share	-41.67%
															-20.29%	Diff M/C		13.90%	<-IRR #YR->	10	CFPS 5 yr Running	267.62%
														$1,261.1	<-12 mths	-5.46%
Excl.Working Capital CF	$13.1	$8.0	-$5.6	-$5.1	$8.2	$90.4	-$18.0	-$17.1	$32.2	-$292.5	-$289.9	$466.3	$305.1	$0.0	$0.0	$0.0		2.78%	<-IRR #YR->	5	CFPS 5 yr Running	14.68%
Cash Flow from Operations $M WC	$174.8	$265.0	$355.4	$393.7	$728.0	$939.4	$1,115.9	$1,207.3	$1,353.8	$1,316.8	$1,543.1	$1,251.5	$1,334.1	$1,217.3	$1,424.7	$1,716.2		275.39%	<-Total Growth	10	Cash Flow less WC
Increase	22.58%	51.64%	34.09%	10.77%	84.94%	29.04%	18.78%	8.19%	12.14%	-2.74%	17.19%	-18.90%	6.59%	-8.75%	17.04%	20.47%		14.14%	<-IRR #YR->	10	Cash Flow less WC	275.39%
5 year Running Average	$115.3	$150.0	$205.4	$266.3	$383.4	$536.3	$706.5	$876.9	$1,068.9	$1,186.7	$1,307.4	$1,334.5	$1,359.9	$1,332.6	$1,354.1	$1,388.8		2.02%	<-IRR #YR->	5	Cash Flow less WC	10.50%
CFPS Excl. WC	$1.45	$1.99	$2.36	$2.31	$4.21	$5.35	$6.19	$6.69	$6.70	$5.80	$6.17	$4.91	$5.13	$4.66	$5.45	$6.56		20.81%	<-IRR #YR->	10	CF less WC 5 Yr Run	562.05%
Increase	22.63%	37.05%	18.55%	-2.36%	82.45%	27.23%	15.64%	8.05%	0.08%	-13.33%	6.34%	-20.46%	4.54%	-9.29%	17.04%	20.47%		9.17%	<-IRR #YR->	5	CF less WC 5 Yr Run	55.08%
5 year Running Average	$1.20	$1.31	$1.57	$1.86	$2.47	$3.25	$4.09	$4.95	$5.83	$6.15	$6.31	$6.05	$5.74	$5.33	$5.26	$5.34		8.07%	<-IRR #YR->	10	CFPS - Less WC	117.21%
P/CF on Med Price	12.41	8.48	7.01	7.35	5.00	4.44	3.69	3.73	5.00	7.54	6.56	5.93	4.20	4.53	0.06	0.00		-5.17%	<-IRR #YR->	5	CFPS - Less WC	-23.30%
P/CF on Closing Price	12.84	7.77	6.47	8.09	5.54	4.36	3.50	4.07	6.82	6.54	6.02	4.90	3.49	4.21	3.60	3.89		13.82%	<-IRR #YR->	10	CFPS 5 yr Running	264.86%
*Operational Cash Flow			CF/CF-WC	P/CF Med	10 yr	5.28	5 yr	5.52	P/CF Med	10 yr	5.00	5 yr	5.93		-15.83%	Diff M/C		3.01%	<-IRR #YR->	5	CFPS 5 yr Running	16.00%
			-150.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	259.9								Shares
								-180.4	0.0	0.0	0.0	0.0	259.9								Shares
			-$361.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,029.0								Cash Flow
								-$1,224.4	$0.0	$0.0	$0.0	$0.0	$1,029.0								Cash Flow
			-$2.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.96								Cash Flow per Share
								-$6.79	$0.00	$0.00	$0.00	$0.00	$3.96								Cash Flow per Share
			-$1.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5.6								CFPS 5 yr Running
								-$4.9	$0.0	$0.0	$0.0	$0.0	$5.6								CFPS 5 yr Running
			-$355.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,334.1								Cash Flow less WC
								-$1,207.3	$0.0	$0.0	$0.0	$0.0	$1,334.1								Cash Flow less WC
			-$205.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,359.9								CF less WC 5 Yr Run
								-$876.9	$0.0	$0.0	$0.0	$0.0	$1,359.9								CF less WC 5 Yr Run
			-$2.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.13								CFPS - Less WC
								-$6.69	$0.00	$0.00	$0.00	$0.00	$5.13								CFPS - Less WC
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.74								CFPS 5 yr Running
								-$4.95	$0.00	$0.00	$0.00	$0.00	$5.74								CFPS 5 yr Running
other				-$5.27	-$10.54	$4.38
Working Capital	-$13.09	-$7.95	$5.61	$10.36	$2.34	-$94.82	$17.97	$17.10	-$32.23	$292.50	$289.88	-$466.31	-$305.08
Sum	-$13.09	-$7.95	$5.61	$5.09	-$8.20	-$90.44	$17.97	$17.10	-$32.23	$292.50	$289.88	-$466.31	-$305.08
Google --> Morningstar		-$7.95	$5.61	$10.36	$2.34	-$95	$9	$17	-$32	$292	$290	-$466	-$305
Difference		$0.00	$0.00	-$5.27	-$10.54	$5	$9	$0	$0	$0	$0	$0	$0
Morningstar		-$8	$6	$10	$2
Difference		$0	$0	-$5	-$10
In 2019/20 TD said			$6	$5	-$8	-$90	$18
			$0	$0	$0	$0
OPM	44.62%	46.13%	47.49%	54.76%	65.50%	61.69%	72.89%	73.81%	64.14%	76.88%	74.85%	35.17%	43.86%	51.73%				-7.66%	<-Total Growth	10	OPM
Increase	24.70%	3.38%	2.95%	15.30%	19.60%	-5.81%	18.16%	1.25%	-13.10%	19.87%	-2.64%	-53.02%	24.70%	17.96%					Should increase		or be stable.
Diff from Median	-31.2%	-28.8%	-26.7%	-15.5%	1.0%	-4.8%	12.5%	13.9%	-1.0%	18.6%	15.5%	-45.7%	-32.3%	-20.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	64.82%	5 Yrs	73.81%					should be	zero, it is a		check on calculations
														$1,146	<-12 mths	-9.16%
Adjusted EBITDA	$178.62	$263.30	$363.50	$402.11	$626.90	$765.18	$891.48	$984.74	$1,170.10	$1,137.00	$1,398.18	$1,239.87	$1,261.95	$1,255	$1,533	$1,745		247.17%	<-Total Growth	10
Change		47.41%	38.06%	10.62%	55.90%	22.06%	16.51%	10.46%	18.82%	-2.83%	22.97%	-11.32%	1.78%	-0.55%	22.15%	13.83%		13.56%	<-Median->	10
Margin	49.30%	47.25%	47.82%	55.22%	57.04%	55.60%	57.31%	59.36%	56.78%	54.32%	57.10%	55.53%	53.79%	53.34%	59.60%	63.39%		56.19%	<-Median->	10
EBIT									$900.20	$808.60	$1,051.00	$741.20	$812.90	$647.50	$895.50	$1,000.00
Change										-10.18%	29.98%	-29.48%	9.67%	-20.35%	38.30%	11.67%
Margin									43.69%	38.63%	42.92%	33.20%	34.65%	27.52%	34.82%	36.32%
Long Term Debt				$2,553.96	$4,507.98	$5,621.54	$6,271.27	$6,583.00	$6,496.68	$6,980.16	$6,956.66	$6,177.84	$6,436.38	$6,048.27							Debt	Type
Change					76.51%	24.70%	11.56%	4.97%	-1.31%	7.44%	7.44%	-0.34%	-11.20%	4.18%				7.44%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio				0.80	1.12	1.37	1.60	1.34	0.70	0.81	0.75	1.01	1.38	1.18				1.06	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio				10.25	17.69	17.99	11.57	13.22	7.50	10.76	9.17	10.68	10.22	10.14				10.72	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)			0.00	6.41	6.26	6.62	5.53	5.38	4.92	4.34	3.80	7.87	6.26	4.97				5.89	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$521.05	$533.17	$497.64	$515.62	$446.87	$393.89	$400.08							Intangibles	Leverage
Goodwill	$222.57	$220.17	$219.24	$206.53	$206.53	$204.94	$204.94	$204.72	$708.71	$753.37	$712.62	$639.35	$617.61	$627.11				181.71%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$222.57	$220.17	$219.24	$206.53	$206.53	$204.94	$204.94	$725.77	$1,241.88	$1,251.01	$1,228.24	$1,086.22	$1,011.49	$1,027.19				361.37%	<-Total Growth	10	Total
Change	-7.66%	-1.08%	-0.42%	-5.80%	0.00%	-0.77%	0.00%	254.14%	71.11%	0.74%	-1.82%	-11.56%	-6.88%	1.55%				-0.38%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.10	0.11	0.10	0.06	0.05	0.05	0.05	0.15	0.13	0.15	0.13	0.18	0.22	0.20				0.13	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$207.11	$363.45	$353.51	$593.29	$672.09	$1,011.91	$1,051.79	$1,278.79	$1,076.68	$1,414.69	$2,348.96	$1,446.69	$1,392.06	$1,228.39				Liquidity ratio of 1.5 and up, best
Current Liabilities	$144.39	$159.59	$484.60	$416.34	$481.65	$888.42	$781.58	$1,398.00	$1,059.86	$1,404.55	$1,908.85	$1,276.02	$1,331.10	$1,350.43				1.14	<-Median->	10	Ratio
Liquidity	1.43	2.28	0.73	1.43	1.40	1.14	1.35	0.91	1.02	1.01	1.23	1.13	1.05	0.91				1.05	<-Median->	5	Ratio
Liq. with CF aft div	1.66	2.99	1.14	1.94	2.50	1.88	2.52	1.64	2.03	1.96	2.03	1.51	1.58	1.58				1.96	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.46	0.79	0.24	1.94	0.60	0.80	1.44	1.06	1.14	1.13	1.53	0.79	1.18	1.58				1.14	<-Median->	5	Ratio
Assets	$2,519	$3,040	$4,966	$7,366	$8,663	$10,281	$10,336	$10,479	$11,399	$12,877	$14,223	$13,626	$13,604	$13,694				Debt Ratio of 1.5 and up, best
Liabilities	$1,818	$2,087	$3,863	$5,959	$7,288	$8,823	$8,795	$8,968	$9,397	$9,912	$9,498	$9,144	$9,048	$8,956				1.22	<-Median->	10	Ratio
Debt Ratio	1.39	1.46	1.29	1.24	1.19	1.17	1.18	1.17	1.21	1.30	1.50	1.49	1.50	1.53				1.49	<-Median->	5	Ratio
Estimates BVPS														$15.70	$16.20	$16.46			Estimates		Estimates BVPS
Estimate Book Value														$4,105.6	$4,236.3	$4,304.3			Estimates		Estimate Book Value
P/B Ratio (Close)														1.25	1.21	1.55			Estimates		P/B Ratio (Close)
Difference from 10 year median															-70.26%	Diff M/C			Estimates		Difference from 10 yr med.
check on Shareholder Book Value	$701.1	$952.7	$1,102.2	$1,407.1	$1,375.1	$1,457.9	$1,540.6	$1,510.8	$2,002.77	$2,965.71	$4,724.27	$4,482.72	$4,556.41	$4,738.56							check on Sharehldr BV
common shares																					common shares
Comm. Per share																					Comm. Per share
check total assets	$2,519	$3,040	$4,966	$7,366	$8,663	$10,281	$10,336	$10,479	$11,399.47	$12,877.33	$14,222.61	$13,626.30	$13,604.34	$13,694.35							check total assets
Total Book Value	$701.1	$952.7	$1,102.2	$1,407.1	$1,375.1	$1,457.9	$1,540.6	$1,510.8	$2,002.77	$2,965.71	$4,724.27	$4,482.72	$4,556.41	$4,738.56	$4,738.6	$4,738.6		313.39%	<-Total Growth	10	Total Book Value
NCI	$0.0	$73.3	$271.4	$413.9	$440.6	$512.1	$468.9	$447.1	$209.88	$208.83	$208.83	$297.55	$297.55	$432.18	$432.2	$432.2					NCI
Preferred Shares	$262.2	$261.7	$261.3	$261.1	$260.9	$260.9	$260.9	$260.9	$260.88	$260.88	$144.84	$144.84	$144.84	$144.84	$144.8	$144.8					Preferred Shares
Book Value	$438.9	$617.7	$569.5	$732.1	$673.6	$684.9	$810.8	$802.7	$1,532.01	$2,496.00	$4,370.60	$4,040.33	$4,114.02	$4,161.54	$4,161.54	$4,161.54		622.35%	<-Total Growth	10	Book Value
Book Value per Share	$3.65	$4.65	$3.79	$4.29	$3.89	$3.90	$4.50	$4.45	$7.58	$11.00	$17.48	$15.85	$15.83	$15.91	$15.91	$15.91		317.96%	<-Total Growth	10	Book Value per Share
Change	-34.07%	27.20%	-18.49%	13.30%	-9.23%	0.25%	15.25%	-1.13%	70.34%	45.18%	58.90%	-9.34%	-0.14%	0.55%	0.00%	0.00%		-33.34%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	4.94	3.64	4.38	3.95	5.41	6.09	5.08	5.62	4.42	3.98	2.32	1.84	1.36	1.32				1.85	P/B Ratio		Historical Median
P/B Ratio (Close)	5.11	3.33	4.04	4.35	5.98	5.98	4.82	6.11	6.03	3.45	2.12	1.52	1.13	1.23	1.23	1.60		15.38%	<-IRR #YR->	10	Book Value per Share	317.96%
Change	57.93%	-34.82%	21.18%	7.72%	37.56%	-0.04%	-19.36%	26.78%	-1.43%	-42.76%	-38.43%	-28.49%	-25.53%	8.89%	0.00%	30.31%		28.89%	<-IRR #YR->	5	Book Value per Share	255.75%
Leverage (A/BK)	3.59	3.19	4.51	5.24	6.30	7.05	6.71	6.94	5.69	4.34	3.01	3.04	2.99	2.89				5.46	<-Median->	10	A/BV
Debt/Equity Ratio	2.59	2.19	3.51	4.24	5.30	6.05	5.71	5.94	4.69	3.34	2.01	2.04	1.99	1.89				4.46	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	4.20	5 yr Med	2.32		-70.66%	Diff M/C		2.59	Historical		Leverage (A/BK)
			-$3.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.83
								-$4.45	$0.00	$0.00	$0.00	$0.00	$15.83
														$213.9	<-12 mths	2.94%
Comprehensive Income	-$9.65	$166.21	-$234.26	$108.47	$130.42	$295.58	$344.54	$292.48	$368.28	$280.62	$1,316.95	$1.84	$308.56					231.72%	<-Total Growth	10	Comprehensive Income
NCI	$0.00	$15.89	-$22.86	$57.52	$45.50	$134.34	$114.71	$77.66	$115.95	$97.34	$213.30	$65.34	$100.76					540.80%	<-Total Growth	10	NCI
Shareholders	-$9.65	$150.32	-$211.40	$50.95	$84.92	$161.24	$229.83	$214.83	$252.34	$183.27	$1,103.66	-$63.50	$207.79					198.29%	<-Total Growth	10	Shareholders
Increase	84.77%	1658.20%	-240.63%	124.10%	66.66%	89.87%	42.54%	-6.53%	17.46%	-27.37%	502.19%	-105.75%	427.23%					17.5%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$5.70	$22.66	-$26.55	-$16.62	$13.03	$47.21	$63.11	$148.35	$188.63	$208.30	$396.78	$338.12	$336.71					#NUM!	<-IRR #YR->	10	Comprehensive Income	198.29%
ROE	-1.4%	15.8%	-19.2%	3.6%	6.2%	11.1%	14.9%	14.2%	12.6%	6.2%	23.4%	-1.4%	4.6%					-0.66%	<-IRR #YR->	5	Comprehensive Income	-3.27%
5Yr Median	0.2%	0.2%	-1.4%	-1.4%	3.6%	6.2%	6.2%	11.1%	12.6%	12.6%	14.2%	12.6%	6.2%					#NUM!	<-IRR #YR->	10	5 Yr Running Average	1368.42%
% Difference from NI	-2.7%	-0.6%	98.4%	4357.9%	-30.1%	0.1%	-17.4%	-33.0%	-30.1%	-3.3%	33.3%	-63.8%	-23.6%					17.81%	<-IRR #YR->	5	5 Yr Running Average	126.97%
Median Values										Diff	5, 10 yr	-20.5%	-23.6%					6.2%	<-Median->	5	Return on Equity
			$211.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$207.8
								-$214.8	$0.0	$0.0	$0.0	$0.0	$207.8
			$26.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$336.7
								-$148.4	$0.0	$0.0	$0.0	$0.0	$336.7
Current Liability Coverage Ratio	1.21	1.66	0.73	0.95	1.51	1.06	1.43	0.86	1.28	0.94	0.81	0.98	1.00	0.90							CFO / Current Liabilities
5 year Median	0.75	0.75	0.74	0.95	1.21	1.06	1.06	1.06	1.28	1.06	0.94	0.94	0.98	0.94				0.99	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	6.94%	8.72%	7.16%	5.34%	8.40%	9.14%	10.80%	11.52%	11.88%	10.23%	10.85%	9.18%	9.81%	8.89%							CFO / Total Assets
5 year Median	6.33%	6.33%	6.94%	6.94%	7.16%	8.40%	8.40%	9.14%	10.80%	10.80%	10.85%	10.85%	10.23%	9.81%				10.0%	<-Median->	10	Return on Assets
Return on Assets ROA	-0.39%	4.97%	-2.15%	0.02%	1.40%	1.57%	2.69%	3.06%	3.17%	1.47%	5.82%	-1.29%	2.00%	1.08%				Net	Income/Assets		Return on Assets
5Yr Median	0.07%	0.07%	-0.39%	-0.39%	0.02%	1.40%	1.40%	1.57%	2.69%	2.69%	3.06%	3.06%	2.00%	1.47%				1.8%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	-1.41%	15.87%	-9.67%	0.08%	8.83%	11.05%	18.05%	21.23%	18.02%	6.39%	17.52%	-3.91%	5.97%	3.13%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	0.17%	0.17%	-1.41%	-1.41%	0.08%	8.83%	8.83%	11.05%	18.02%	18.02%	18.02%	17.52%	6.39%	5.97%				9.9%	<-Median->	10	Return on Equity
														-$82.2	<-12 mths	-130.23%
Net Income	-$9.91	$167.02	-$177.5	$27.53	$190.56	$275.84	$405.51	$451.75	$485.06	$269.88	$955.46	-$96.13	$371.39					309.29%	<-Total Growth	10	Net Income
NCI	$0.00	$15.86	-$70.88	$26.39	$69.10	$114.71	$127.38	$130.99	$124.12	$80.32	$127.72	$79.06	$99.56					240.46%	<-Total Growth	10	NCI
Shareholders	-$9.91	$151.16	-$106.6	$1.14	$121.46	$161.12	$278.13	$320.76	$360.94	$189.56	$827.73	-$175.19	$271.83	$148.4	$425.6	$492.1		355.06%	<-Total Growth	10	Shareholders
Increase	-84.29%	-1624.91%	-170.50%	-101.07%	10526.77%	32.65%	72.62%	15.33%	12.52%	-47.48%	336.66%	-121.17%	-255.16%	-45.41%	186.79%	15.63%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$5.64	$22.96	-$5.40	-$5.46	$31.46	$65.66	$91.06	$176.52	$248.48	$262.10	$395.42	$304.76	$294.97	$252.46	$299.67	$232.55		#NUM!	<-IRR #YR->	10	Net Income	355.06%
Operating Cash Flow	$161.68	$257.08	$361.0	$398.7	$719.8	$849.0	$1,133.9	$1,224.4	$1,321.6	$1,609.3	$1,833.0	$785.2	$1,029.0					-3.26%	<-IRR #YR->	5	Net Income	-15.26%
Investment Cash Flow	-$374.10	-$444.16	-$1,808.9	$73.5	-$1,536.3	-$1,189.2	-$586.0	-$758.0	-$839.3	-$1,030.9	-$629.7	-$1,170.1	-$448.8					#NUM!	<-IRR #YR->	10	5 Yr Running Ave.	5560.22%
Total Accruals	$202.51	$338.24	$1,341.3	-$471.1	$937.9	$501.3	-$269.8	-$145.7	-$121.4	-$388.9	-$375.6	$209.6	-$308.3					10.81%	<-IRR #YR->	5	5 Yr Running Ave.	67.10%
Total Assets	$2,519	$3,040	$4,966	$7,366	$8,663	$10,281	$10,336	$10,479	$11,399	$12,877	$14,223	$13,626	$13,604						Balance Sheet		Assets
Accruals Ratio	8.04%	11.13%	27.01%	-6.40%	10.83%	4.88%	-2.61%	-1.39%	-1.06%	-3.02%	-2.64%	1.54%	-2.27%					-2.27%	<-Median->	5	Ratio
EPS/CF Ratio	-0.12	0.52	-0.35	-0.03	0.15	0.16	0.24	0.25	0.26	0.14	0.56	-0.15	0.20					0.18	<-Median->	10	EPS/CF Ratio
			$106.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$271.83
								-$320.76	$0.00	$0.00	$0.00	$0.00	$271.83
			$5.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$294.97
								-$176.52	$0.00	$0.00	$0.00	$0.00	$294.97
Chge in Close	4.13%	-17.09%	-1.23%	22.04%	24.87%	0.21%	-7.07%	25.35%	67.90%	-16.90%	-2.16%	-35.17%	-25.63%	9.50%	0.00%	30.31%			Count	28	Years of data
up/down/neutral	down	down	down	down	up	down													Count	14	50.00%
Any Predictions?		Yes			Yes													% right	Count	3	21.43%
Financial Cash Flow	$195.27	$293.68	$1,524.02	$1,793.43	$971.07	$408.15	-$681.45	-$471.10	-$389.53	-$255.68	-$604.84	-$262.04	-$720.25						C F Statement		Financial CF
Total Accruals	$7.24	$44.56	-$182.72	-$2,264.54	-$33.14	$93.13	$411.65	$325.45	$268.14	-$133.19	$229.27	$471.69	$411.92								Accruals
Accruals Ratio	0.29%	1.47%	-3.68%	-30.74%	-0.38%	0.91%	3.98%	3.11%	2.35%	-1.03%	1.61%	3.46%	3.03%					2.35%	<-Median->	5	Ratio
Cash	$32.35	$138.46	$193.41	$151.93	$307.52	$400.57	$278.40	$268.19	$434.99	$673.69	$1,299.83	$642.48	$613.32	$737.51							Cash
Cash per Share	$0.27	$1.04	$1.29	$0.89	$1.78	$2.28	$1.54	$1.49	$2.15	$2.97	$5.20	$2.52	$2.36	$2.82				$2.52	<-Median->	5	Cash per Share
Percentage of Stock Price	1.44%	6.73%	8.41%	4.77%	7.63%	9.78%	7.12%	5.46%	4.71%	7.82%	14.00%	10.47%	13.18%	14.39%				10.47%	<-Median->	5	% of Stock Price
Notes:
November 8, 2025.  Last estimates were for 2024, 2025, 2026 of $2379M, $2401M, $2723M for Revenue, $386M, $381M 2024/5 AFCF, $328M, $328M 2024/5 FCF,$1.65, $1.28, $1.84 EPS,
$1.20, $1.20, $1.20 Dividends, $370M, $319M 2024/5 FCF, $3.98, $3.98, $5.70 CFPS, $1302M, $1327M, $1513M EBITDA, $16.44, $16.78, $18.01 BVPS, $424.2m, $310.9m, $338M Net Income.
November 10, 2024.  Last estimates were for 2023, 2024 and 2024 of $2214M, $2312M, $2344M for Revenue, $1.68, $1.76, $1.80 A FCF, $1.30, $1.43 and $1.54 FCF, $0.92, $1.30, $1.14 EPS,
$$1.20, $1.20, $1.20 Dividends, $349, $370M, $319M FCF, $4.05, $3.64, $3.74 CFPS, $1204<. $1287M, $1331M Adj EBITDA, $10.50, $11.10, $12.10 BVPS, $237M, $345M, $356M Net Income.
November 11, 2023.  Last estimates were for 2022, 2023 and 2024 of $2424M, $2281M and $2315M for Revenue, $1.57, $1.66 and $1.71 for AEPS, $2.80, $1.65 and $1.70 for EPS,
$1.20, $1.20 and $1.20 for dividends, $425M, $466M and $4.65m for FCF, $5.78, $4.72 and $4.62 for CFPS, $10.90, $10.70 and 11.10 for BVPS, and $671M, $416M and $451M for Net Income.
November 13, 2022.  Last estimates were for 2021, 2022 and 2023 of $2019M, $2301M, 2242M for Revenue, $0.83, $1.52 and $1.59 for EPS, $1.20, $1.20 and $1.21 for Dividends,
$293M, $335M and $510M, $5.03, $5.12 and $5.34 for CFPS, $168M, $342M and $372M for Net Income.
November 14, 2021.  Last estimates were for 2020, 2021 and 2022 of $2082M, $2125M and $2130M for Revenue, $2.01, 1.75 and $1.81 for EPS,
$1.20, $1.21 and $1.21 for Dividends, $465M, $477M and $497M for FCF, $5.92, $5.69 and $5.00 for CFPS, and $448M, $422M and $417M for Net Income.
November 27, 2020.  Last estimates were for 2019, 2020 and 2021 of1660M, $2161M and 2377M, $1.78, $1.92 and $2.19 for EPS,
$1.20, $1.24 and $1.26 for Dividends, $4.32, $4.70 and $4.68 for CFPS and $353M, $411M and $443M for Net Income.
November 29, 2019.  Last estimates were for 2018, 2019 and 2020 of $1560M, $1618Mand $1859M for Revenue, $1.57, $1.44 and $2.14 for EPS,
$4.31, $4.18 and $4.98 for CFPS and $294M, $273M and $389M for Net Income.
December 2, 2018.  Last estimates were for 2017, 2018 and 2019 of $1322M, $1521M and $1574M for Revenue, $1.01, $1.46 and $1.51 for EPS,
$2.49, $2.78 and $2.68 for CFPS and $199M, 279M and $272M for Net Income.
December 3, 2017.  Last estimates were for 2016, 2017 and 2018 of $999M, $1167M and $1535M for Revenue, $0.41, $0.61 and $1.26 for EPS,
$2.15, $2.13 and $3.05 for CFPS and $25M, $112M and $230M for Net Income.
December 3, 2016.  Last estiamtes were for 2015, 2016 and 2017 of $86.6M, $102M and $114M for Revenue, $1.06, $1.22 and $1.44 for EPS
and $20.8M, $22.4M and $25.3M for Net Income.
For 2015, there is a small Net Income, but a EPS loss because of Preferred dividends taken off of Net Income to get Income for EPS calculations.
December 8, 2015.  Last estimates were for 2014, 2015 and 2016 for $739M, $711M and $732M for Revenue, $0.34, $0.40 and $0.55 for EPS,
$1.55, $1.73 and $1.86 for CFPS, $59M, $66.3M and $91.2M for Net Income.
November 23, 2014.  Last estimates were for 2013, 2014 and 2015 of $504.3M, $637.2M and $658M for Revenue, $0.93, $0.53 and $0.79 for EPS, $1.41, $1.85 and $2.01 for CFPS.
November 10, 2013.  Last Estimates were for 2012 and 2013 of $369M and $502M for Revenue, $.14 and $.35 for EPS.
Class B Exchangeable shares were reclassified as a liability on December 31, 2012.
Sep 28, 2012.  Estimates for 2011 and 2012 were $331M and $410M for Revenue, $0.78 and $0.57 for DI and $0.36 and $0.30 for EPS and $1.05 and $1.07 for CF,
There seems to be some controversy about outstanding shares. I have included exchangeable shares in number of shares and a book value.
Class A Exchangeable Units or Replacement Rights are not entitled to any cash distributions until January 2012.
Ex-chairman James Temerty seems to own all or mostly all of the outstanding convertible shares.
In 2011 Northland Power Inc. (NPI) merged with Northland Power Income Fund. Class A shares and regular replacement rights became exchangeable into common shares.
Jul 2011. Management expects distributions to exceed 100% of Free Cash Flow until 2013.
Jan 2011.  Company changed from an Income Trust (NPI.UN) to a Corporation 1 January 2011.  Have a tax pool that should last until 2019.
I am looking at this stock as eventually, I want to get away from pipelines and into energy, especially renewable enery.
An initial instalment of $6 per Trust Unit was paid on April 15, 1997 and the final instalment of $4 per Trust Unit is due no later than April 15, 1998.
Sector:
Power, Utility
What should this stock accomplish?
As a Utility it should add stability to you portfolio.
Would I buy this company and Why.
In the past it could not afford its dividends and could not increase them.  Now after some 10 years, DPR is getting under control and they have raised their dividends.
Why am I following this stock.
This company is into generating electric power.  I have a lot invested in pipelines and I would like to have more invested in electric power as part of my utility’s investments.  I read a report on this stock that said it was a good
defensive stock to buy.  That is, it is a good stock to hold in a stock market correction.  I can certainly see the logic of using utility stocks as defensive stocks.
Dividends
Dividends are paid monthly.  Dividends are declared in one month for payment to shareholders of records of that month and then paid in the following month.
For example, Dividends declared in January 2013 for shareholders of records of January 31, 2013 and paid on February 15, 2013.
How they make their money.
Northland Power develops, constructs, and operates maintainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore),
solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company's largest segment over the long term. Northland's growth
opportunities are global and span North America, Europe, Latin America, and Asia.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Dec 2	2018	Nov 29	2019	Nov 27	2020	Nov 14	2021	Nov 13	2022	Nov 11	2023	Nov 10	2024			Nov 8	2025
Healy, Christine																		0.000	0.00%		New CEO 2025
CEO - Shares - Amount																			$0.000
Options - percentage																		0.285	0.11%
Options - amount																			$5.587
Crawley, Mike	0.02%	0.067	0.04%	0.071	0.04%	0.074	0.04%	0.076	0.03%	0.076	0.03%	0.096	0.04%								Ceased insider Sep 2024
CEO - Shares - Amount	$1.014		$1.452		$1.932		$3.381		$2.892		$2.829		$2.315								John Brace is interium CEO
Options - percentage	0.02%	0.035	0.02%	0.082	0.05%	0.130	0.06%	0.140	0.06%	0.124	0.05%	0.268	0.11%								See Chairman
Options - amount	$0.849		$0.749		$2.240		$5.940		$5.324		$4.593		$6.445
Hart, Jeff																		0.000	0.00%
CFO - Shares - Amount																			$0.007
Options - percentage																		0.010	0.00%
Options - amount																			$0.191
Beaumont, Adam David Michael														0.002	0.00%			0.006	0.00%		Interium CFO	141.74%
CFO - Shares - Amount															$0.044				$0.115		Last report July 3025
Options - percentage														0.043	0.02%			0.046	0.02%			6.40%
Options - amount															$0.772				$0.899
Alimchandani. Pauline						0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%								Ceased insider Apr 2020	#DIV/0!
CFO - Shares - Amount							$0.000		$0.000		$0.000		$0.000
Options - percentage						0.045	0.02%	0.047	0.02%	0.065	0.03%	0.088	0.03%									#DIV/0!
Options - amount							$2.055		$1.776		$2.429		$2.126
Stephenson, Rachel														0.000	0.00%			0.003	0.00%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.057
Options - percentage														0.061	0.02%			0.049	0.02%			-19.25%
Options - amount															$1.087				$0.961
Edmonds, Tobias Charles														0.000	0.00%			0.000	0.00%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.000
Options - percentage														0.043	0.02%			0.041	0.02%			-3.35%
Options - amount															$0.764				$0.808
Chislett, Michelle												0.000	0.00%	0.000	0.00%						ceased insider Sep 2025	#DIV/0!
Officer - Shares - Amount													$0.000		$0.000
Options - percentage												0.005	0.00%	0.035	0.01%							-100.00%
Options - amount													$0.116		$0.625
Fushman, Yonni David												0.002	0.00%	0.002	0.00%						Ceased insider July 2025	-100.00%
Officer - Shares - Amount													$0.048		$0.036
Options - percentage												0.054	0.02%	0.105	0.04%							-100.00%
Options - amount													$1.291		$1.878
Povall, David Edward										0.007	0.00%	0.007	0.00%									#DIV/0!
Officer - Shares - Amount											$0.277		$0.180
Options - percentage										0.031	0.01%	0.034	0.01%									#DIV/0!
Options - amount											$1.168		$0.813
Frot, Pierre-Emmanuel														0.000	0.00%			0.028	0.01%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.554
Options - percentage														0.067	0.03%			0.056	0.02%			-16.48%
Options - amount															$1.204				$1.101
Bertoldi, Linda Louise	0.01%	0.013	0.01%	0.013	0.01%	0.013	0.01%	0.013	0.01%	0.013	0.01%	0.013	0.01%								Ceased insider Oct 2024	#DIV/0!
Director - Shares - Amount	$0.304		$0.282		$0.354		$0.594		$0.493		$0.483		$0.313
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%									#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Colnett, Lisa												0.002	0.00%	0.002	0.00%			0.004	0.00%			167.10%
Director - Shares - Amount													$0.037		$0.028				$0.081
Options - percentage												0.010	0.00%	0.017	0.01%			0.024	0.01%			41.50%
Options - amount													$0.233		$0.305				$0.473
Halbert, Keith												0.006	0.00%	0.006	0.00%			0.006	0.00%			0.00%
Director - Shares - Amount													$0.132		$0.098				$0.108
Options - percentage												0.008	0.00%	0.014	0.01%			0.019	0.01%			36.31%
Options - amount													$0.191		$0.253				$0.378
Pearce, Ian														0.000	0.00%			0.000	0.00%		New Chairman 2025	#DIV/0!
Chairman - Shares - Amt															$0.000				$0.000
Options - percentage														0.019	0.01%			0.029	0.01%			53.09%
Options - amount															$0.344				$0.577
Brace, John Wycliffe	0.86%			0.502	0.28%	0.226	0.11%	0.226	0.10%	0.226	0.09%	0.226	0.09%	0.226	0.09%
Chairman - Shares - Amt	$35.072				$13.655		$10.323		$8.578		$8.392		$5.440		$4.046
Options - percentage	0.06%			0.153	0.09%	0.153	0.08%	0.067	0.03%	0.073	0.03%	0.000	0.00%	0.073	0.03%
Options - amount	$2.286				$4.174		$7.008		$2.551		$2.712		$0.000		$1.307
Temerty, James C.	32.29%	57.626	31.98%	46.396	25.71%	6.139	3.04%														Says he has Class C Shares
Chairman - Shares - Amt	$1,322.569		$1,250.482		$1,261.984		$280.380														But annual statements says
Class A - percentage	100.00%	1.000	100.00%	1.000	100.00%	0.000	0.00%													A	no Class C Shares
Class A - amount	$23.350		$21.700		$27.200		$0.000													A	Also some 25.645598 cl a
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%														But only a 1M o/s
Options - amount	$0.00		$0.00		$0.00		$0.000														Last file Sep 2020
Increase in O/S Shares	0.01%	0.022	0.01%	0.023	0.01%	0.000	0.00%	0.000	0.00%	0.022	0.01%	0.015	0.01%	0.040	0.02%			0.000	0.00%		LTIP
due to SO	$0.493		$0.520		$0.509		$0.000		$0.000		$0.834		$0.556		$0.970				$0.000		0 in 2025
Book Value	$0.516		$0.519		$0.583		$0.400		$4.000		$0.911		$0.591		$0.279				$0.000
Insider Buying	$0.000		-$9.984		-$1.503		-$0.145		-$0.154		-$0.017		-$0.531		-$0.059				-$0.195
Insider Selling	$3.600		$1.302		$21.176		$8.711		$0.000		$0.000		$0.000		$0.000				$0.000
Net Insider Selling	$3.600		-$8.682		$19.673		$8.566		-$0.154		-$0.017		-$0.531		-$0.059				-$0.195
% of Market Cap	0.09%		-0.22%		0.40%		0.09%		0.00%		0.00%		-0.01%		0.00%				0.00%
Annual Stement
says mge ownership
Directors		7		7		9		9		9		9		9				10
Women	33%	2	29%	2	29%	3	33%	4	44%	3	33%	3	33%	3	33%			4	40%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	11%			1	10%
Institutions/Holdings	27.01%	110	24.73%					20	24.93%	20	24.58%	20	27.37%	20	28.22%			20	28.95%
Total Shares Held	26.79%	43.642	24.22%					56.400	24.86%	60.021	24.01%	69.472	27.25%	72.715	27.97%			75.718	28.95%
Increase/Decrease	-1.01%	-4.920	-10.13%					-0.648	-1.14%	-4.675	-7.23%	3.153	4.75%	-3.958	-5.16%			-4.535	-5.65%
Starting No. of Shares	reuters	48.563	reuters					57.048	Top 20 MS	64.696	Top 20 MS	66.319	Top 20 MS	76.673	Top 20 MS			80.253	Top 20 MS
Institutions/Holdings	120	27.65%		47.12%
Value		$1,132.71		$1,842.65
Total Shares Held	48.000	27.36%
Value		$1,120.80
Increase/Decrease 3 Mths	-1.000	-2.04%
Starting No. of Shares	49.000	Morningstar		Morningstar
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