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.														Q3 2024				Q3 2024 release November 13.
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Northland Power Inc					TSX:	NPI	OTC:	NPIFF	https://northlandpower.com/			Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Cost of Sales	$152.9	$131.5	$202.5	$290.7	$225.7	$193.2	$139.5	$114.2	$116.3	$202.3	$213.5	$270.4	$211.7	$208.9	<-12 mths	-1.32%		4.57%	<-Total Growth	10	Cost of Sales
Change		-14.01%	53.99%	43.57%	-22.36%	-14.38%	-27.79%	-18.14%	1.81%	73.99%	5.52%	26.67%	-21.70%	-1.32%	<-12 mths			-6.28%	<-Median->	10	Change
Ratio	0.43	0.36	0.36	0.38	0.31	0.18	0.10	0.07	0.07	0.10	0.10	0.11	0.09	0.09	<-12 mths			0.10	<-Median->	10	Ratio
Other Expenses	$112.7	$130.5	$187.2	$240.2	$244.9	$412.6	$618.0	$721.7	$743.8	$973.4	$1,109.3	$1,138.9	$1,290.8	$1,386.1	<-12 mths	7.38%		589.35%	<-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%	13.34%	7.38%	<-12 mths			15.37%	<-Median->	10	Change
Ratio	0.32	0.36	0.34	0.32	0.34	0.38	0.45	0.46	0.45	0.47	0.53	0.47	0.58	0.58	<-12 mths			0.46	<-Median->	10	Ratio
Total	$265.6	$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	$1,502.5	$1,595.0	<-12 mths	6.15%		285.53%	<-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%	6.61%	6.15%	<-12 mths			11.43%	<-Median->	10	Change
Ratio	0.75	0.72	0.70	0.70	0.65	0.55	0.55	0.54	0.52	0.57	0.63	0.58	0.67	0.67	<-12 mths			0.57	<-Median->	10	Ratio
														$2,616.7	<-12 mths	6.85%
Revenue*	$356.2	$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	$2,379	$2,401	$2,723		300.69%	<-Total Growth	10	Revenue
Increase	17.11%	1.71%	53.80%	36.40%	-4.20%	50.93%	25.23%	13.03%	6.65%	24.21%	1.58%	16.99%	-8.82%	6.55%	0.92%	13.41%		14.89%	<-IRR #YR->	10	Revenue	300.69%
5 year Running Average	$246.0	$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	$2,242.9	$2,311.0	$2,436.9		7.50%	<-IRR #YR->	5	Revenue	43.53%
Revenue per Share	$2.96	$3.01	$4.19	$5.05	$4.27	$6.35	$7.84	$8.63	$9.19	$10.19	$9.23	$9.79	$8.76	$9.33	$9.42	$10.68		19.46%	<-IRR #YR->	10	5 yr Running Average	491.80%
Increase	-0.54%	1.75%	39.01%	20.59%	-15.56%	48.90%	23.47%	10.04%	6.50%	10.86%	-9.48%	6.16%	-10.58%	6.55%	0.92%	13.41%		13.72%	<-IRR #YR->	5	5 yr Running Average	90.15%
5 year Running Average	$2.91	$2.92	$3.14	$3.64	$3.90	$4.58	$5.54	$6.43	$7.26	$8.44	$9.02	$9.41	$9.43	$9.46	$9.31	$9.60		7.65%	<-IRR #YR->	10	Revenue per Share	109.00%
P/S (Price/Sales) Med	5.57	5.99	4.04	3.28	3.97	3.31	3.03	2.65	2.72	3.29	4.74	4.13	3.32	2.41	0.05	0.00		0.29%	<-IRR #YR->	5	Revenue per Share	1.45%
P/S (Price/Sales) Close	6.05	6.19	3.69	3.03	4.37	3.67	2.98	2.51	2.96	4.48	4.11	3.79	2.75	2.18	2.16	2.79		11.62%	<-IRR #YR->	10	5 yr Running Average	200.32%
*Revenue in M CDN $					P/S Med	20 yr	4.08	15 yr	3.97	10 yr	3.30	5 yr	3.32		-33.82%	Diff M/C		7.97%	<-IRR #YR->	5	5 yr Running Average	46.70%
			-$557.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,232.8
								-$1,555.6	$0.0	$0.0	$0.0	$0.0	$2,232.8
			-$354.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,098.9
								-$1,103.8	$0.0	$0.0	$0.0	$0.0	$2,098.9
			-$4.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.76
								-$8.63	$0.00	$0.00	$0.00	$0.00	$8.76
			-$3.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.43
								-$6.43	$0.00	$0.00	$0.00	$0.00	$9.43
Distributable Cash	$0.78	$0.57																#DIV/0!	<-Total Growth	0	Distributable Cash
Increase	-11.36%	-26.92%																#REF!	<-IRR #YR->	0	Distributable Cash
Payout Ratio	138%	189%																#NUM!	<-IRR #YR->	0	Distributable Cash
* Distributable cash per share, Diluted (cannot find for 2011)
	$0.78
														$505.1	<-12 mths	1.42%
														$1.97	<-12 mths	0.00%						Per Share values in Press Release
Adjusted Free Cash Flow (AFCF - TD)	$54.85	$63.72	$130.12	$164.87	$182.16	$242.32	$256.10	$337.62	$362.5	$415.4	$386.4	$460.9	$498.0	$386	$381			282.72%	<-Total Growth	10	AFCF
Adjusted FCF Basic	$0.78	$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	$1.51			87.62%	<-Total Growth	10	AFCF
Increase	-11.36%	-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%	-1.31%			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	$1.75			6.49%	<-IRR #YR->	10	AFCF
AFCF Yield	4.35%	3.05%	6.78%	7.35%	5.84%	6.01%	6.25%	8.76%	7.39%	4.58%	4.66%	5.25%	8.18%	7.51%	7.41%			0.73%	<-IRR #YR->	5	AFCF
Payout Ratio	138.46%	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%	79.47%			8.40%	<-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%	69.63%			7.02%	<-IRR #YR->	5	5 yr Running Average
Price/AFCF Median	21.17	31.67	16.10	14.75	15.56	15.04	16.30	12.03	12.43	16.02	24.71	20.75	14.78	14.69	0.31			15.30	<-Median->	10	Price/AFCF Median
Price/AFCF High	22.99	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	0.00			17.73	<-Median->	10	Price/AFCF High
Price/AFCF Low	19.36	29.35	13.43	13.02	13.54	12.19	15.57	10.52	10.94	9.89	20.69	18.05	9.89	12.93	0.00			12.60	<-Median->	10	Price/AFCF Low
Price/AFCF Close	22.99	32.75	14.74	13.61	17.12	16.64	15.99	11.42	13.53	21.85	21.44	19.04	12.22	13.32	13.50			16.32	<-Median->	10	Price/AFCF Close
Trailing P/AFCF Close	20.38	23.94	27.16	14.56	16.61	21.38	16.68	14.86	14.32	22.72	18.16	20.98	12.34	10.35	13.32			16.64	<-Median->	10	Trailing P/AFCF Close
Median Values		DPR	10 Yrs	65.48%	5 Yrs	60.91%	P/CF	5 Yrs	in order	16.02	22.16	10.94	19.04		-16.87%	Diff M/C					DPR 75% to 95% best
Adjusted Free Cash Flow
			-$1.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.97
								-$1.90	$0.00	$0.00	$0.00	$0.00	$1.97
			-$0.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.96
								-$1.39	$0.00	$0.00	$0.00	$0.00	$1.96
														$461.4	<-12 mths	8.89%
														$1.81	<-12 mths	7.74%
Distributable Cash to Free Cash Flow	$54.9	$63.7	$130.1	$164.9	$182.2	$242.3	$256.1	$337.6	$318.5	$343.6	$307.4	$380.5	$423.7	$328	$328			225.66%	<-Total Growth	10	FCF
Basic	$0.78	$0.57	$1.05	$1.12	$1.09	$1.40	$1.46	$1.90	$1.77	$1.73	$1.40	$1.61	$1.68	$1.30	$1.30			60.00%	<-Total Growth	10	FCF
Increase	-11.36%	-26.92%	84.21%	6.98%	-2.97%	28.44%	4.29%	30.14%	-6.84%	-2.26%	-19.08%	15.00%	4.35%	-22.62%	0.00%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$1.11	$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	$1.46			4.81%	<-IRR #YR->	10	FCF	60.00%
FCF Yield	4.35%	3.05%	6.78%	7.35%	5.84%	6.01%	6.25%	8.76%	6.51%	3.79%	3.69%	4.34%	6.98%	6.38%	6.38%			-2.43%	<-IRR #YR->	5	FCF	-11.58%
Payout Ratio	138.46%	189.47%	102.86%	96.14%	99.08%	77.14%	73.97%	63.16%	67.80%	69.36%	85.71%	74.53%	71.43%	92.31%	92.31%			6.48%	<-IRR #YR->	10	5 yr Running Average	87.41%
5 year Running Average	102.97%	125.83%	130.52%	129.93%	125.20%	112.94%	89.84%	81.90%	76.23%	70.29%	72.00%	72.11%	73.77%	78.67%	83.26%			3.27%	<-IRR #YR->	5	5 yr Running Average	17.45%
Price/FCF Median	21.17	31.67	16.10	14.75	15.56	15.04	16.30	12.03	14.12	19.36	31.24	25.14	17.33	17.29	0.35			15.93	<-Median->	10	Price/FCF Median
Price/FCF High	22.99	33.98	18.78	16.48	17.57	17.90	17.03	13.54	15.82	26.77	36.32	28.42	23.07	19.37	0.00			17.73	<-Median->	10	Price/FCF High
Price/FCF Low	19.36	29.35	13.43	13.02	13.54	12.19	15.57	10.52	12.42	11.95	26.16	21.86	11.60	15.22	0.00			12.72	<-Median->	10	Price/FCF Low
Price/FCF Close	22.99	32.75	14.74	13.61	17.12	16.64	15.99	11.42	15.37	26.40	27.11	23.06	14.33	15.68	15.68			16.32	<-Median->	10	Price/FCF Close
Trailing P/FCF Close	20.38	23.94	27.16	14.56	16.61	21.38	16.68	14.86	14.32	25.80	21.94	26.52	14.95	12.13	15.68			16.64	<-Median->	10	Trailing P/FCF Close
Median Values		DPR	10 Yrs	74.25%	5 Yrs	71.43%	P/CF	5 Yrs	in order	19.36	26.77	12.42	23.06		-19.02%	Diff M/C					DPR 75% to 95% best
Free Cash Flow
			-$1.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.68
								-$1.90	$0.00	$0.00	$0.00	$0.00	$1.68
			-$0.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.64
								-$1.39	$0.00	$0.00	$0.00	$0.00	$1.64
														-$0.60	<-12 mths	16.67%
EPS Basic	-$0.61	-$0.18	$1.08	-$0.82	-$0.07	$0.64	$0.85	$1.50	$1.71	$1.76	$0.82	$3.46	-$0.72					-166.67%	<-Total Growth	10	EPS Basic
EPS Diluted*	-$0.61	-$0.18	$1.03	-$0.82	-$0.07	$0.64	$0.85	$1.46	$1.68	$1.75	$0.82	$3.46	-$0.72	$1.65	$1.28	$1.84		-169.90%	<-Total Growth	10	EPS Diluted
Increase	-1320%	-70.49%	-672.22%	-179.61%	-91.46%	-1014.29%	32.81%	71.76%	15.07%	4.17%	-53.14%	321.95%	-120.81%	-329.31%	-22.77%	43.92%		11	15	27	Years of Data, EPS P or N	40.74%
Earnings Yield	-3.40%	-0.96%	6.65%	-5.36%	-0.38%	2.75%	3.64%	6.73%	6.18%	3.83%	2.16%	9.32%	-2.99%	8.10%	6.26%	6.16%		#NUM!	<-IRR #YR->	10	Earnings per Share	-169.90%
5 year Running Average	$0.10	$0.15	$0.15	-$0.11	-$0.13	$0.12	$0.33	$0.41	$0.91	$1.28	$1.31	$1.83	$1.40	$1.39	$1.30	$1.50		-20.05%	<-IRR #YR->	5	Earnings per Share	-149.32%
10 year Running Average	$0.36	$0.28	$0.33	$0.20	$0.10	$0.11	$0.24	$0.28	$0.40	$0.57	$0.72	$1.08	$0.91	$1.15	$1.29	$1.41		24.84%	<-IRR #YR->	10	5 yr Running Average	819.74%
* Diluted ESP per share									E/P	10 Yrs	3.19%	5Yrs	3.83%					27.68%	<-IRR #YR->	5	5 yr Running Average	239.32%
			-$1.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.72
								-$1.46	$0.00	$0.00	$0.00	$0.00	-$0.72
			-$0.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.40
								-$0.41	$0.00	$0.00	$0.00	$0.00	$1.40
Dividend*														$1.20	$1.20	$1.20			Estimates		Dividend*
Increase														0.00%	0.00%	0.00%			Estimates		Increase
Payout Ratio EPS														72.68%	94.12%	65.40%			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	$1.08	$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%	0.00%	11.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		8	2	26	Years of data, Count P, N	30.77%
Average Increases 5 Year Running	-0.1%	-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%		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	$1.08	$1.10	$1.13	$1.15	$1.18	$1.20	$1.20	$1.20	$1.20	$1.20		11.11%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	6.54%	5.98%	6.39%	6.52%	6.37%	5.13%	4.54%	5.25%	4.80%	3.58%	2.74%	2.97%	4.12%	5.34%				4.67%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	6.02%	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%				4.30%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	7.15%	6.46%	7.66%	7.38%	7.32%	6.33%	4.75%	6.01%	5.46%	5.81%	3.28%	3.41%	6.16%	6.07%				5.91%	<-Median->	10	Yield on Low Price	FCF Co.
Yield on Close Price	6.02%	5.78%	6.98%	7.06%	5.79%	4.64%	4.63%	5.53%	4.41%	2.63%	3.16%	3.23%	4.99%	5.89%	5.89%	4.03%		4.63%	<-Median->	10	Yield on Close Price	AFCF
Payout Ratio EPS	0.00%	0.00%	104.85%	0.00%	0.00%	168.75%	127.06%	82.19%	71.43%	68.57%	146.34%	34.68%	0.00%	72.68%	94.12%	65.40%		70.00%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	1105.61%	720.00%	710.53%	0.00%	0.00%	900.00%	331.29%	267.96%	123.68%	90.28%	89.63%	65.43%	85.84%	86.19%	92.51%	79.99%		89.96%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	101.87%	80.28%	55.87%	45.00%	46.22%	25.95%	22.32%	19.07%	17.68%	18.36%	16.92%	16.37%	38.96%	30.15%	30.19%	21.06%		20.69%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	184.80%	93.33%	88.95%	70.90%	59.50%	44.35%	34.46%	27.56%	23.10%	20.13%	18.64%	17.63%	19.46%	21.41%	23.57%	24.93%		25.33%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	91.08%	74.27%	54.19%	45.71%	46.82%	25.66%	20.17%	19.38%	17.93%	17.92%	20.68%	19.44%	24.44%	30.15%	30.19%	21.06%		20.42%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	88.11%	89.70%	82.50%	68.62%	58.05%	43.81%	33.28%	27.02%	22.78%	19.76%	19.13%	19.01%	19.82%	21.77%	24.15%	24.26%		24.90%	<-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%	17.68%	19.44%					0.00%	<-IRR #YR->	5	Dividends	0.00%
* Dividends per share	10 Yr Med	and Cur.	26.07%	27.17%	5 Yr Med	and Cur.	64.33%	82.19%	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																		1.02%	<-IRR #YR->	20	Dividends	22.45%
Dividends Growth 25																		1.25%	<-IRR #YR->	25	Dividends	36.36%
Dividends Growth 30																		2.70%	<-IRR #YR->	26	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	11.56%	Low Div	2.62%	10 Yr High	7.38%	10 Yr Low	2.38%	Med Div	6.54%	Close Div	6.90%					5.25%	Med since 2009		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-49.06%		124.74%	Exp.	-20.22%		147.40%	Exp.	-9.97%	Exp.	-14.62%					12.15%	Cheap		High/Ave/Median
Adjusted Historical Dividends	Historical	High Div	9.69%	Low Div	2.50%	10 Yr High	7.38%	10 Yr Low	2.43%	Med Div	5.25%	Close Div	5.53%					In 2009	Change from		Adjusted Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-39.24%		135.53%	Exp.	-20.22%		142.31%	Cheap	12.15%	Cheap	6.48%						Income Trust		High/Ave/Median
Future Dividend Yield					Div Yield	5.89%	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.89%	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.89%	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.	29.44%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$10.80	over	10	Years	at IRR of	0.00%	Div Cov.	52.99%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$15.60	over	15	Years	at IRR of	0.00%	Div Cov.	76.55%								Dividend Covering Cost
Yield if held 5 years	7.63%	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%		6.81%	<-Median->	10	Paid Median Price
Yield if held 10 years	10.51%	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%		8.24%	<-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%		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%		11.43%	<-Median->	7	Paid Median Price
Yield if held 25 years												12.00%	11.43%	13.08%	15.64%	11.68%		11.71%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	38.29%	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%		32.67%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	104.87%	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%		79.56%	<-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%		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%		210.06%	<-Median->	7	Paid Median Price
Cost covered if held 25 years												270.06%	260.24%	300.77%	362.68%	273.05%		265.15%	<-Median->	2	Paid Median Price
																						Tot. Grth
Revneue Growth								$1,555.59	$1,658.98	$2,060.63	$2,093.26	$2,448.82	$2,232.78	$2,616.7	<-12 mths	17.19%		43.53%	<-Total Growth	5	Revneue Growth	43.53%
AFCF Growth								$1.90	$2.01	$2.09	$1.77	$1.95	$1.97	$1.81	<-12 mths	-8.12%		3.68%	<-Total Growth	5	AFCF Growth	3.68%
Net Income Growth								$278.13	$320.76	$360.94	$189.56	$827.73	-$175.19	-$142.1	<-12 mths	-18.91%		-162.99%	<-Total Growth	5	Net Income Growth	-162.99%
Cash Flow Growth								$1,133.88	$1,224.42	$1,321.60	$1,609.30	$1,832.98	$785.21	$805.2	<-12 mths	2.55%		-30.75%	<-Total Growth	5	Cash Flow Growth	-30.75%
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								$21.70	$27.20	$45.67	$37.95	$37.13	$24.07	$20.38	<-12 mths	-15.33%		10.92%	<-Total Growth	5	Stock Price Growth	10.92%
Revneue Growth			$557.24	$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	$2,379.0	<-this year	6.55%		300.69%	<-Total Growth	10	Revneue Growth	300.69%
AFCF Growth			$1.05	$1.12	$1.09	$1.40	$1.46	$1.90	$2.01	$2.09	$1.77	$1.95	$1.97	$1.53	<-this year	-22.34%		87.62%	<-Total Growth	10	AFCF Growth	87.62%
Net Income Growth			$151.16	-$106.57	$1.14	$121.46	$161.12	$278.13	$320.76	$360.94	$189.56	$827.73	-$175.19	$424.2	<-this year	-342.13%		-215.90%	<-Total Growth	10	Net Income Growth	-215.90%
Cash Flow Growth			$257.08	$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	$1,014.7	<-this year	29.22%		205.44%	<-Total Growth	10	Cash Flow Growth	205.44%
Dividend Growth			$1.08	$1.08	$1.08	$1.08	$1.08	$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			$15.48	$15.29	$18.66	$23.30	$23.35	$21.70	$27.20	$45.67	$37.95	$37.13	$24.07	$20.38	<-this year	-15.33%		55.49%	<-Total Growth	10	Stock Price Growth	55.49%
Dividends on Shares				$70.20	$70.20	$70.20	$70.20	$78.00	$78.00	$78.00	$78.00	$78.00	$78.00	$78.00	$78.00	$78.00		$748.80	No of Years	10	Total Divs	12/31/13
Paid			$1,006.20	$993.85	$1,212.90	$1,514.50	$1,517.75	$1,410.50	$1,768.00	$2,968.55	$2,466.75	$2,413.45	$1,564.55	$1,324.70	$1,324.70	$1,935.05		$1,564.55	No of Years	10	Worth	$15.48
Total																		$2,313.35
Graham No.	$2.50	$2.03	$10.38	$7.38	$7.86	$7.49	$8.64	$12.16	$12.97	$17.27	$14.25	$36.89	$24.26	$24.02	$21.11	$25.32		133.85%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	6.62	8.90	1.63	2.24	2.16	2.81	2.75	1.88	1.93	1.94	3.07	1.10	1.20	0.94				2.05	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	7.18	9.56	1.90	2.51	2.44	3.35	2.88	2.12	2.16	2.68	3.57	1.24	1.60	1.05				2.47	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	6.05	8.25	1.36	1.98	1.88	2.28	2.63	1.64	1.69	1.20	2.57	0.95	0.80	0.82				1.79	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	7.18	9.21	1.49	2.07	2.37	3.11	2.70	1.78	2.10	2.64	2.66	1.01	0.99	0.85	0.97	1.18		2.24	<-Median->	10	Price/GP Ratio
Prem/Disc Close	618.25%	821.08%	49.19%	107.06%	137.41%	211.15%	170.22%	78.49%	109.75%	164.39%	166.37%	0.65%	-0.80%	-15.16%	-3.45%	17.56%		123.58%	<-Median->	10	Graham Price
Price Close	$17.93	$18.67	$15.48	$15.29	$18.66	$23.30	$23.35	$21.70	$27.20	$45.67	$37.95	$37.13	$24.07	$20.38	$20.38	$29.77		55.49%	<-Total Growth	10	Stock Price
Increase	14.50%	4.13%	-17.09%	-1.23%	22.04%	24.87%	0.21%	-7.07%	25.35%	67.90%	-16.90%	-2.16%	-35.17%	-15.33%	0.00%	46.07%		56.74	<-Median->	10	CAPE (10 Yr P/E)
P/E	-29.39	-103.72	15.03	-18.65	-266.57	36.41	27.47	14.86	16.19	26.10	46.28	10.73	-33.43	12.34	15.98	16.22		2.09%	<-IRR #YR->	5	Stock Price	10.92%
Trailing P/E	358.60	-30.61	-86.00	14.84	-22.76	-332.86	36.48	25.53	18.63	27.18	21.69	45.28	6.96	-28.31	12.34	23.35		4.51%	<-IRR #YR->	10	Stock Price	55.49%
CAPE (10 Yr P/E)	37.11	50.35	43.60	74.51	146.16	147.50	72.22	64.53	48.94	39.66	34.53	24.60	30.31	24.25	21.85	20.45		7.41%	<-IRR #YR->	5	Price & Dividend	38.57%
Median 10, 5 Yrs		D.  per yr	6.20%	5.32%	% Tot Ret	57.87%	71.74%	T P/E	20.16	21.69	P/E:	15.53	16.19					10.71%	<-IRR #YR->	10	Price & Dividend	129.91%
Price 15		D.  per yr	7.35%		% Tot Ret	59.58%						CAPE Diff	-78.24%					4.99%	<-IRR #YR->	15	Stock Price	107.50%
Price  20		D.  per yr	7.41%		% Tot Ret	67.23%												3.61%	<-IRR #YR->	20	Stock Price	70.23%
Price  25		D.  per yr	7.22%		% Tot Ret	70.64%												3.00%	<-IRR #YR->	25	Stock Price	109.30%
Price  30		D.  per yr	7.90%		% Tot Ret	69.68%												3.44%	<-IRR #YR->	26	Stock Price
Price & Dividend 15																		12.34%	<-IRR #YR->	15	Price & Dividend	253.36%
Price & Dividend 20																		11.02%	<-IRR #YR->	20	Price & Dividend	229.32%
Price & Dividend 25																		10.21%	<-IRR #YR->	25	Price & Dividend	150.11%
Price & Dividend 30																		11.33%	<-IRR #YR->	26	Price & Dividend
Price  5								-$21.70	$0.00	$0.00	$0.00	$0.00	$24.07								Price  5
Price 10			-$15.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.07								Price 10
Price & Dividend 5								-$21.70	$1.20	$1.20	$1.20	$1.20	$25.27								Price & Dividend 5
Price & Dividend 10			-$15.48	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$25.27								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	$24.07								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	$24.07								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	$24.07								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	$24.07								Price  30
Price & Dividend 15	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$25.27								Price & Dividend 15
Price & Dividend 20	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$25.27								Price & Dividend 20
Price & Dividend 25	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$25.27								Price & Dividend 25
Price & Dividend 30	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$25.27								Price & Dividend 30
Price H/L Median	$16.52	$18.05	$16.91	$16.57	$16.96	$21.06	$23.80	$22.85	$24.99	$33.49	$43.74	$40.47	$29.12	$22.48	46.07%			72.21%	<-Total Growth	10	Stock Price
Increase	14.97%	9.29%	-6.32%	-2.01%	2.32%	24.21%	12.99%	-3.97%	9.37%	34.01%	30.59%	-7.47%	-28.05%	-22.80%	5.89%			5.59%	<-IRR #YR->	10	Stock Price	72.21%
P/E	-27.07	-100.28	16.42	-20.21	-242.21	32.91	27.99	15.65	14.88	19.14	53.34	11.70	-40.44	13.62	51.96%			4.97%	<-IRR #YR->	5	Stock Price	27.44%
Trailing P/E	330.30	-29.59	-93.94	16.09	-20.68	-300.86	37.18	26.88	17.12	19.93	24.99	49.35	8.42	-31.22				11.03%	<-IRR #YR->	10	Price & Dividend	53.70%
P/E on Run. 5 yr Ave	168.52	120.33	111.25	-156.32	-130.42	175.50	72.99	55.46	27.40	26.25	33.33	22.07	20.83	16.15				9.77%	<-IRR #YR->	5	Price & Dividend	140.33%
P/E on Run. 10 yr Ave	45.62	64.01	50.63	84.11	164.61	193.21	99.98	81.03	62.01	58.45	61.08	37.47	32.18	19.51				15.49	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.45%	4.80%	% Tot Ret	49.38%	49.13%	T P/E	18.53	19.93	P/E:	15.26	14.88						Count	26	Years of data
			-$16.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.12
								-$22.85	$0.00	$0.00	$0.00	$0.00	$29.12
			-$16.91	$1.08	$1.08	$1.08	$1.08	$1.20	$1.20	$1.20	$1.20	$1.20	$30.32
								-$22.85	$1.20	$1.20	$1.20	$1.20	$30.32
High Months	Oct	Aug	Jan	Jul	Dec	Aug	Apr	Jul	Dec	Nov	Feb	Aug	Jan	Jan							Stock Price
Price High	$17.93	$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				96.50%	<-Total Growth	10	Stock Price
Increase	11.50%	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%				6.99%	<-IRR #YR->	10	Stock Price	96.50%
P/E	-29.39	-107.61	19.15	-22.57	-273.57	39.16	29.25	17.62	16.67	26.46	62.01	13.22	-53.82	15.25				8.54%	<-IRR #YR->	5	Stock Price	50.66%
Trailing P/E	358.60	-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				17.86	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	23.37	27.57	P/E:	17.14	16.67					27.76	P/E Ratio		Historical High
			-$19.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.75
								-$25.72	$0.00	$0.00	$0.00	$0.00	$38.75
Low Months	Aug	Mar	Sep	Dec	Aug	Jan	Jun	Nov	Jan	Mar	Dec	Jan	Oct	Nov							Stock Price
Price Low	$15.10	$16.73	$14.10	$14.63	$14.76	$17.06	$22.73	$19.98	$21.98	$20.67	$36.62	$35.19	$19.49	$19.78				38.23%	<-Total Growth	10	Stock Price
Increase	19.37%	10.79%	-15.72%	3.76%	0.89%	15.58%	33.24%	-12.10%	10.01%	-5.96%	77.16%	-3.90%	-44.61%	1.49%				3.29%	<-IRR #YR->	10	Stock Price	38.23%
P/E	-24.75	-92.94	13.69	-17.84	-210.86	26.66	26.74	13.68	13.08	11.81	44.66	10.17	-27.07	11.98				-0.50%	<-IRR #YR->	5	Stock Price	-2.45%
Trailing P/E	302.00	-27.43	-78.33	14.20	-18.00	-243.71	35.52	23.51	15.05	12.30	20.93	42.91	5.63	-27.47				13.11	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.63	15.05	P/E:	12.45	11.81					-21.99	P/E Ratio		Historical Low
			-$14.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.49
								-$19.98	$0.00	$0.00	$0.00	$0.00	$19.49
														$542	<-12 mths	12.04%
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	-$248	-$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	$370	$319			396.64%	<-Total Growth	10	Free Cash Flow	Mkt Scr
Change	-27.18%	18.55%	19.31%	1090.18%	8.61%	-36.91%	-113.35%	371.92%	-62.90%	445.81%	-30.44%	20.89%	-29.27%	-23.48%	-13.78%			3.79%	<-IRR #YR->	5	Free Cash Flow MS	20.45%
FCF/CF from Op Ratio	-1.95	-1.25	-0.63	4.47	4.40	1.54	-0.17	0.35	0.12	0.62	0.35	0.37	0.62	0.36	0.31			#NUM!	<-IRR #YR->	10	Free Cash Flow MS	396.64%
Dividends paid	$92.20	$92.16	$101.97	$115.32	$137.85	$139.89	$134.31	$163.61	$216.37	$220.26	$172.76	$196.85	$205.07	$305.93	$305.93			101.11%	<-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%	82.68%	95.90%			$0.29	<-Median->	9	Percentage paid
5 Year Coverage					19.59%	14.29%	15.12%	14.62%	24.28%	37.66%	50.94%	37.12%	37.53%	37.76%	49.00%			0.24	<-Median->	9	5 Year Covrage
Dividend Coverage Ratio	-2.69	-2.19	-1.60	14.00	12.72	7.91	-1.10	2.45	0.69	3.69	3.27	3.47	2.36	1.21	1.04			3.37	<-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	2.65	2.04			4.12	<-Median->	9	5 Year of Coverage
Dividend Calculated	$129.86	$129.80	$143.62	$162.44	$184.30	$186.81	$189.48	$216.24	$216.53	$242.61	$272.26	$300.02	$305.93								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%
Difference from actually paid				$115.33	$137.85	$139.55	$141.73	$163.26	$216.27	$220.29	$172.88	$216.62	$220.88
								-$401.44	$0.00	$0.00	$0.00	$0.00	$483.53								3 mths
			$163.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$483.53						AL258-(-31.576+190.703+288.721)+(-162.381+18.214+288.721)
														-$285	<-12 mths	-1684.97%
Free Cash Flow WSJ				$1,559.41	-$1,666.97	-$1,094.42	-$239.03	$422.87	$169.66	$786	$862	$1,044	$18	$370	$319			-98.85%	<-Total Growth	9	Free Cash Flow	Sites disag
Change					-206.90%	34.35%	78.16%	276.91%	-59.88%	363.29%	9.67%	21.11%	-98.28%	1955.56%	-13.78%			-46.81%	<-IRR #YR->	5	Free Cash Flow MS	-95.74%
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	0.36	0.31			#NUM!	<-IRR #YR->	9	Free Cash Flow MS	#DIV/0!
Dividends paid				$115.32	$137.85	$139.89	$134.31	$163.61	$216.37	$220.26	$172.76	$196.85	$205.07	$305.93	$305.93			77.83%	<-Total Growth	9	Dividends paid
Percentage paid				7.40%	-8.27%	-12.78%	-56.19%	38.69%	127.54%	28.02%	20.04%	18.85%	1139.29%	82.68%	95.90%			$0.19	<-Median->	10	Percentage paid
5 Year Coverage								0.00%	0.00%	1939.96%	45.33%	29.53%	35.12%	35.74%	45.41%						5 Year Covrage
Dividend Coverage Ratio					-12.09	-7.82	-1.78	2.58	0.78	3.57	4.99	5.30	0.09	1.21	1.04			0.78	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									-3.04	0.05	2.21	3.39	2.85	2.80	2.20						5 Year of Coverage
							$239.03	-$422.87	$0.00	$0.00	$0.00	$0.00	$18.00
				-$1,559.41	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.00
Market Cap	$2,156	$2,244	$2,059	$2,300	$3,184	$4,030	$4,097	$3,910	$4,908	$9,233	$8,610	$9,283	$6,136	$5,196	$5,196	$7,590		198.10%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	117.037	120.538	133.478	146.765	167.555	172.910	175.383	189.593	187.625	201.169	218.861	$236.16	$252.71	252.152	252.152			89.33%	<-Total Growth	10	Diluted
Change	19.76%	2.99%	10.74%	9.95%	14.17%	3.20%	1.43%	8.10%	-1.04%	7.22%	8.79%	7.90%	7.01%	-0.22%	0.00%			7.56%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	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%			0.00%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	117.037	120.538	126.719	146.765	167.555	171.910	175.383	177.757	180.322	198.774	218.861	$236.16	$252.71	252.152	252.152			99.43%	<-Total Growth	10	Basic
Change	19.76%	2.99%	5.13%	15.82%	14.17%	2.60%	2.02%	1.35%	1.44%	10.23%	10.11%	7.90%	7.01%	-0.22%	0.00%			7.46%	<-Median->	10	Change
Difference Basic/Outstanding	2.7%	-0.3%	4.9%	2.5%	1.8%	0.6%	0.0%	1.4%	0.1%	1.7%	3.7%	5.9%	0.9%	1.1%	0.0%			1.54%	<-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	252.152	252.152			101.01%	<-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%	-0.22%	0.00%			7.46%	<-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%	1.1%	-100.0%			1.42%	<-Median->	10	Difference Basic/Outstanding
														$805.21	<-12 mths	2.55%
Convertible Class A	25.646	29.852	1.000	1.000	1.000	1.000	1.000	1.000	1.000	0.000								-100.00%	<-Total Growth	7	Convertible Class A
Convertible Class B	8.496	0.000																			Convertible Class B
Convertible Class C	8.068	4.290																			Convertible Class C
Common Shares	78.027	86.042	131.979	149.410	169.645	171.973	174.440	179.202	179.441	202.171								-100.00%	<-Total Growth	7	Common Shares
# of Share in Millions	120.236	120.184	132.979	150.410	170.645	172.973	175.440	180.202	180.441	202.171	226.883	250.017	254.940	254.940	254.940	254.940		6.72%	<-IRR #YR->	10	Shares	91.71%
Change	17.74%	-0.04%	10.65%	13.11%	13.45%	1.36%	1.43%	2.71%	0.13%	12.04%	12.22%	10.20%	1.97%	0.00%	0.00%	0.00%		7.19%	<-IRR #YR->	5	Shares	41.47%
Cash Flow from Operations $M	$127.5	$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	$1,014.7	$1,013.4	$1,452.4		205.44%	<-Total Growth	10	Cash Flow
Increase	42.19%	26.83%	59.01%	40.42%	10.46%	80.52%	17.95%	33.55%	7.98%	7.94%	21.77%	13.90%	-57.16%	29.22%	-0.13%	43.32%		Deb Conv.	S. Issued, DRIP	SO	Ex. Replacement R.
5 year Running Average	$96.6	$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	$1,312.8	$1,251.1	$1,219.7		867.01%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.06	$1.35	$1.93	$2.40	$2.34	$4.16	$4.84	$6.29	$6.79	$6.54	$7.09	$7.33	$3.08	$3.98	$3.98	$5.70		59.32%	<-Total Growth	10	Cash Flow per Share
Increase	20.76%	26.89%	43.71%	24.14%	-2.64%	78.09%	16.29%	30.03%	7.84%	-3.66%	8.51%	3.36%	-57.99%	29.22%	-0.13%	43.32%		11.81%	<-IRR #YR->	10	Cash Flow	205.44%
5 year Running Average	$0.59	$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	$5.09	$4.81		-7.09%	<-IRR #YR->	5	Cash Flow	-30.75%
P/CF on Med Price	15.58	13.42	8.75	6.90	7.26	5.06	4.92	3.63	3.68	5.12	6.17	5.52	9.45	5.65	0.12	0.00		4.77%	<-IRR #YR->	10	Cash Flow per Share	59.32%
P/CF on Closing Price	16.91	13.88	8.01	6.37	7.99	5.60	4.83	3.45	4.01	6.99	5.35	5.06	7.81	5.12	5.13	5.23		-13.31%	<-IRR #YR->	5	Cash Flow per Share	-51.05%
															-3.78%	Diff M/C		17.64%	<-IRR #YR->	10	CFPS 5 yr Running	407.77%
														$1,384.95	<-12 mths	10.66%
Excl.Working Capital CF	$15.1	$13.1	$8.0	-$5.6	-$5.1	$8.2	$90.4	-$18.0	-$17.1	$32.2	-$292.5	-$289.9	$466.3	$0.0	$0.0	$0.0		9.01%	<-IRR #YR->	5	CFPS 5 yr Running	53.91%
Cash Flow from Operations $M WC	$142.6	$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	$1,014.7	$1,013.4	$1,452.4		372.22%	<-Total Growth	10	Cash Flow less WC
Increase	59.74%	22.58%	51.64%	34.09%	10.77%	84.94%	29.04%	18.78%	8.19%	12.14%	-2.74%	17.19%	-18.90%	-18.93%	-0.13%	43.32%		16.79%	<-IRR #YR->	10	Cash Flow less WC	372.22%
5 year Running Average	$100.1	$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	$1,296.0	$1,227.9	$1,255.0		2.32%	<-IRR #YR->	5	Cash Flow less WC	12.15%
CFPS Excl. WC	$1.19	$1.45	$1.99	$2.36	$2.31	$4.21	$5.35	$6.19	$6.69	$6.70	$5.80	$6.17	$4.91	$3.98	$3.98	$5.70		24.43%	<-IRR #YR->	10	CF less WC 5 Yr Run	789.52%
Increase	35.66%	22.63%	37.05%	18.55%	-2.36%	82.45%	27.23%	15.64%	8.05%	0.08%	-13.33%	6.34%	-20.46%	-18.93%	-0.13%	43.32%		13.57%	<-IRR #YR->	5	CF less WC 5 Yr Run	88.90%
5 year Running Average	$1.23	$1.20	$1.31	$1.57	$1.86	$2.47	$3.25	$4.09	$4.95	$5.83	$6.15	$6.31	$6.05	$5.51	$4.97	$4.95		9.43%	<-IRR #YR->	10	CFPS - Less WC	146.32%
P/CF on Med Price	13.93	12.41	8.48	7.01	7.35	5.00	4.44	3.69	3.73	5.00	7.54	6.56	5.93	5.65	0.12	0.00		-4.54%	<-IRR #YR->	5	CFPS - Less WC	-20.73%
P/CF on Closing Price	15.12	12.84	7.77	6.47	8.09	5.54	4.36	3.50	4.07	6.82	6.54	6.02	4.90	5.12	5.13	5.23		16.55%	<-IRR #YR->	10	CFPS 5 yr Running	362.47%
*Operational Cash Flow			CF/CF-WC	P/CF Med	10 yr	5.32	5 yr	5.52	P/CF Med	10 yr	5.47	5 yr	5.93		-6.35%	Diff M/C		8.19%	<-IRR #YR->	5	CFPS 5 yr Running	48.21%
			-133.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	254.9								Shares
								-180.2	0.0	0.0	0.0	0.0	254.9								Shares
			-$257.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$785.2								Cash Flow
								-$1,133.9	$0.0	$0.0	$0.0	$0.0	$785.2								Cash Flow
			-$1.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.08								Cash Flow per Share
								-$6.29	$0.00	$0.00	$0.00	$0.00	$3.08								Cash Flow per Share
			-$1.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$6.2								CFPS 5 yr Running
								-$4.0	$0.0	$0.0	$0.0	$0.0	$6.2								CFPS 5 yr Running
			-$265.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,251.5								Cash Flow less WC
								-$1,115.9	$0.0	$0.0	$0.0	$0.0	$1,251.5								Cash Flow less WC
			-$150.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,334.5								CF less WC 5 Yr Run
								-$706.5	$0.0	$0.0	$0.0	$0.0	$1,334.5								CF less WC 5 Yr Run
			-$1.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.91								CFPS - Less WC
								-$6.19	$0.00	$0.00	$0.00	$0.00	$4.91								CFPS - Less WC
			-$1.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.05								CFPS 5 yr Running
								-$4.09	$0.00	$0.00	$0.00	$0.00	$6.05								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
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
Google --> Morningstar			-$7.95	$5.61	$10.36	$2.34	-$95	$9	$17	-$32	$292	$290	-$466
Difference			$0.00	$0.00	-$5.27	-$10.54	$5	$9	$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	35.78%	44.62%	46.13%	47.49%	54.76%	65.50%	61.69%	72.89%	73.81%	64.14%	76.88%	74.85%	35.17%	42.65%				-23.77%	<-Total Growth	10	OPM
Increase	21.41%	24.70%	3.38%	2.95%	15.30%	19.60%	-5.81%	18.16%	1.25%	-13.10%	19.87%	-2.64%	-53.02%	21.28%					Should increase		or be stable.
Diff from Median	-44.8%	-31.2%	-28.8%	-26.7%	-15.5%	1.0%	-4.8%	12.5%	13.9%	-1.0%	18.6%	15.5%	-45.7%	-34.2%				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
														$1,338	<-12 mths	7.95%
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	$1,302	$1,328	$1,513		370.90%	<-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%	5.01%	2.00%	13.93%		17.67%	<-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%	54.73%	55.31%	55.56%		56.19%	<-Median->	10
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	$6,626.24							Debt	Type
Change					76.51%	24.70%	11.56%	4.97%	-1.31%	7.44%	-0.34%	-11.20%	4.18%	2.95%				4.97%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio				1.11	1.42	1.39	1.53	1.68	1.32	0.76	0.81	0.67	1.05	1.28				1.22	<-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	7.45	10.68	11.16				10.72	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)				7.08	11.31	7.81	7.39	5.81	5.31	5.28	4.32	3.37	8.20	6.53				6.44	<-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	$0.00	$521.05	$533.17	$497.64	$515.62	$446.87	$414.12							Intangibles	Leverage
Goodwill	$241.03	$222.57	$220.17	$219.24	$206.53	$206.53	$204.94	$204.94	$204.72	$708.71	$753.37	$712.62	$639.35	$610.82				190.39%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$241.03	$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	$1,024.94				393.36%	<-Total Growth	10	Total
Change	-3.41%	-7.66%	-1.08%	-0.42%	-5.80%	0.00%	-0.77%	0.00%	254.14%	71.11%	0.74%	-1.82%	-11.56%	-5.64%				-0.21%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.11	0.10	0.11	0.10	0.06	0.05	0.05	0.05	0.15	0.13	0.15	0.13	0.18	0.20				0.11	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$203.74	$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	$1,440.68				Liquidity ratio of 1.5 and up, best
Current Liabilities	$193.01	$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	$1,231.31				1.14	<-Median->	10	Ratio
Liquidity	1.06	1.43	2.28	0.73	1.43	1.40	1.14	1.35	0.91	1.02	1.01	1.23	1.13	1.17				1.02	<-Median->	5	Ratio
Liq. with CF aft div	1.04	1.66	2.99	1.14	1.94	2.50	1.88	2.52	1.64	2.03	1.96	2.03	1.51	1.75				1.96	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.38	0.46	0.79	0.24	1.94	0.60	0.80	1.44	1.06	1.14	1.13	1.53	0.79	1.75				1.13	<-Median->	5	Ratio
Assets	$2,254	$2,519	$3,040	$4,966	$7,366	$8,663	$10,281	$10,336	$10,479	$11,399	$12,877	$14,223	$13,626	$13,740				Debt Ratio of 1.5 and up, best
Liabilities	$1,442	$1,818	$2,087	$3,863	$5,959	$7,288	$8,823	$8,795	$8,968	$9,397	$9,912	$9,498	$9,144	$9,280				1.22	<-Median->	10	Ratio
Debt Ratio	1.56	1.39	1.46	1.29	1.24	1.19	1.17	1.18	1.17	1.21	1.30	1.50	1.49	1.48				1.30	<-Median->	5	Ratio
Estimates BVPS														$16.44	$16.78	$18.01			Estimates		Estimates BVPS
Estimate Book Value														$4,191.2	$4,277.9	$4,591.5			Estimates		Estimate Book Value
P/B Ratio (Close)														1.24	1.21	1.65			Estimates		P/B Ratio (Close)
Difference from 10 year median															-71.81%	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	$4,459.77							check on Sharehldr BV
common shares	-$53.10																				common shares
Comm. Per share	-$0.68																				Comm. Per share
check total assets	$2,254	$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	$13,739.63							check total assets
Total Book Value	$812.0	$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	$4,459.77	$4,459.8	$4,459.8		370.51%	<-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	$355.02	$355.0	$355.0					NCI
Preferred Shares	$145.9	$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	$144.8	$144.8					Preferred Shares
Book Value	$666.0	$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	$3,959.90	$3,959.90	$3,959.90		554.04%	<-Total Growth	10	Book Value
Book Value per Share	$5.54	$3.65	$4.65	$3.79	$4.29	$3.89	$3.90	$4.50	$4.45	$7.58	$11.00	$17.48	$15.85	$15.53	$15.53	$15.53		241.16%	<-Total Growth	10	Book Value per Share
Change	-15.67%	-34.07%	27.20%	-18.49%	13.30%	-9.23%	0.25%	15.25%	-1.13%	70.34%	45.18%	58.90%	-9.34%	-1.99%	0.00%	0.00%		-29.37%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.98	4.94	3.64	4.38	3.95	5.41	6.09	5.08	5.62	4.42	3.98	2.32	1.84	1.45				1.86	P/B Ratio		Historical Median
P/B Ratio (Close)	3.24	5.11	3.33	4.04	4.35	5.98	5.98	4.82	6.11	6.03	3.45	2.12	1.52	1.31	1.31	1.92		13.06%	<-IRR #YR->	10	Book Value per Share	241.16%
Change	35.78%	57.93%	-34.82%	21.18%	7.72%	37.56%	-0.04%	-19.36%	26.78%	-1.43%	-42.76%	-38.43%	-28.49%	-13.61%	0.00%	46.07%		28.64%	<-IRR #YR->	5	Book Value per Share	252.22%
Leverage (A/BK)	2.78	3.59	3.19	4.51	5.24	6.30	7.05	6.71	6.94	5.69	4.34	3.01	3.04	3.08				5.46	<-Median->	10	A/BV
Debt/Equity Ratio	1.78	2.59	2.19	3.51	4.24	5.30	6.05	5.71	5.94	4.69	3.34	2.01	2.04	2.08				4.46	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	4.40	5 yr Med	3.98		-70.16%	Diff M/C		2.40	Historical		Leverage (A/BK)
			-$4.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.85
								-$4.50	$0.00	$0.00	$0.00	$0.00	$15.85
														-$137.8	<-12 mths	-117.05%
Comprehensive Income	-$63.34	-$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					-98.89%	<-Total Growth	10	Comprehensive Income
NCI	$0.00	$0.00	$15.89	-$22.86	$57.52	$45.50	$134.34	$114.71	$77.66	$115.95	$97.34	$213.30	$65.34					311.34%	<-Total Growth	10	NCI
Shareholders	-$63.34	-$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					-142.24%	<-Total Growth	10	Shareholders
Increase	-4830.47%	84.77%	1658.20%	-240.63%	124.10%	66.66%	89.87%	42.54%	-6.53%	17.46%	-27.37%	502.19%	-105.75%					-6.5%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$2.19	$5.70	$22.66	-$26.55	-$16.62	$13.03	$47.21	$63.11	$148.35	$188.63	$208.30	$396.78	$338.12					#NUM!	<-IRR #YR->	10	Comprehensive Income	-142.24%
ROE	-7.8%	-1.4%	15.8%	-19.2%	3.6%	6.2%	11.1%	14.9%	14.2%	12.6%	6.2%	23.4%	-1.4%					#NUM!	<-IRR #YR->	5	Comprehensive Income	-127.63%
5Yr Median	0.2%	0.2%	0.2%	-1.4%	-1.4%	3.6%	6.2%	6.2%	11.1%	12.6%	12.6%	14.2%	12.6%					31.03%	<-IRR #YR->	10	5 Yr Running Average	1392.02%
% Difference from NI	0.4%	-2.7%	-0.6%	98.4%	4357.9%	-30.1%	0.1%	-17.4%	-33.0%	-30.1%	-3.3%	33.3%	-63.8%					39.89%	<-IRR #YR->	5	5 Yr Running Average	435.78%
Median Values										Diff	5, 10 yr	-10.3%	-30.1%					12.6%	<-Median->	5	Return on Equity
			-$150.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$63.5
								-$229.8	$0.0	$0.0	$0.0	$0.0	-$63.5
			-$22.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$338.1
								-$63.1	$0.0	$0.0	$0.0	$0.0	$338.1
Current Liability Coverage Ratio	0.74	1.21	1.66	0.73	0.95	1.51	1.06	1.43	0.86	1.28	0.94	0.81	0.98	0.82							CFO / Current Liabilities
5 year Median	0.75	0.75	0.75	0.74	0.95	1.21	1.06	1.06	1.06	1.28	1.06	0.94	0.94	0.94				0.96	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	6.33%	6.94%	8.72%	7.16%	5.34%	8.40%	9.14%	10.80%	11.52%	11.88%	10.23%	10.85%	9.18%	7.38%							CFO / Total Assets
5 year Median	6.33%	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%				9.7%	<-Median->	10	Return on Assets
Return on Assets ROA	-2.80%	-0.39%	4.97%	-2.15%	0.02%	1.40%	1.57%	2.69%	3.06%	3.17%	1.47%	5.82%	-1.29%	3.09%				Net	Income/Assets		Return on Assets
5Yr Median	0.07%	0.07%	0.07%	-0.39%	-0.39%	0.02%	1.40%	1.40%	1.57%	2.69%	2.69%	3.06%	3.06%	3.09%				1.5%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	-7.77%	-1.41%	15.87%	-9.67%	0.08%	8.83%	11.05%	18.05%	21.23%	18.02%	6.39%	17.52%	-3.91%	9.51%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	0.17%	0.17%	0.17%	-1.41%	-1.41%	0.08%	8.83%	8.83%	11.05%	18.02%	18.02%	18.02%	17.52%	9.51%				9.9%	<-Median->	10	Return on Equity
														-$142.1	<-12 mths	18.91%
Net Income	-$63.11	-$9.91	$167.02	-$177.5	$27.53	$190.56	$275.84	$405.51	$451.75	$485.06	$269.88	$955.46	-$96.13					-157.56%	<-Total Growth	10	Net Income
NCI	$0.00	$0.00	$15.86	-$70.88	$26.39	$69.10	$114.71	$127.38	$130.99	$124.12	$80.32	$127.72	$79.06					398.66%	<-Total Growth	10	NCI
Shareholders	-$63.11	-$9.91	$151.16	-$106.6	$1.14	$121.46	$161.12	$278.13	$320.76	$360.94	$189.56	$827.73	-$175.19	$424.2	$310.9	$338.0		-215.90%	<-Total Growth	10	Shareholders
Increase	-4551%	-84.29%	-1624.91%	-170.50%	-101.07%	10526.77%	32.65%	72.62%	15.33%	12.52%	-47.48%	336.66%	-121.17%	-342.13%	-26.71%	8.72%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$2.19	$5.64	$22.96	-$5.40	-$5.46	$31.46	$65.66	$91.06	$176.52	$248.48	$262.10	$395.42	$304.76	$325.45	$315.44	$345.13		#NUM!	<-IRR #YR->	10	Net Income	-215.90%
Operating Cash Flow	$127.47	$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					#NUM!	<-IRR #YR->	5	Net Income	-162.99%
Investment Cash Flow	-$336.00	-$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					29.51%	<-IRR #YR->	10	5 Yr Running Ave.	1227.07%
Total Accruals	$145.42	$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					27.33%	<-IRR #YR->	5	5 Yr Running Ave.	234.69%
Total Assets	$2,254	$2,519	$3,040	$4,966	$7,366	$8,663	$10,281	$10,336	$10,479	$11,399	$12,877	$14,223	$13,626						Balance Sheet		Assets
Accruals Ratio	6.45%	8.04%	11.13%	27.01%	-6.40%	10.83%	4.88%	-2.61%	-1.39%	-1.06%	-3.02%	-2.64%	1.54%					-1.39%	<-Median->	5	Ratio
EPS/CF Ratio	-0.51	-0.12	0.52	-0.35	-0.03	0.15	0.16	0.24	0.25	0.26	0.14	0.56	-0.15					0.16	<-Median->	10	EPS/CF Ratio
			-$151.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$175.19
								-$278.13	$0.00	$0.00	$0.00	$0.00	-$175.19
			-$22.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$304.76
								-$91.06	$0.00	$0.00	$0.00	$0.00	$304.76
Chge in Close	14.50%	4.13%	-17.09%	-1.23%	22.04%	24.87%	0.21%	-7.07%	25.35%	67.90%	-16.90%	-2.16%	-35.17%	-15.33%	0.00%	46.07%			Count	27	Years of data
up/down/neutral	down	down	down	down	down	up	down												Count	14	51.85%
Any Predictions?			Yes			Yes												% right	Count	3	21.43%
Financial Cash Flow	$146.47	$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						C F Statement		Financial CF
Total Accruals	-$1.05	$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								Accruals
Accruals Ratio	-0.05%	0.29%	1.47%	-3.68%	-30.74%	-0.38%	0.91%	3.98%	3.11%	2.35%	-1.03%	1.61%	3.46%					2.35%	<-Median->	5	Ratio
Cash	$49.51	$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	$596.23							Cash
Cash per Share	$0.41	$0.27	$1.04	$1.29	$0.89	$1.78	$2.28	$1.54	$1.49	$2.15	$2.97	$5.20	$2.52	$2.34				$2.52	<-Median->	5	Cash per Share
Percentage of Stock Price	2.30%	1.44%	6.73%	8.41%	4.77%	7.63%	9.78%	7.12%	5.46%	4.71%	7.82%	14.00%	10.47%	11.48%				7.82%	<-Median->	5	% of Stock Price
Notes:
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	2016	Dec 3	2017	Dec 2	2018	Nov 29	2019	Nov 27	2020	Nov 14	2021	Nov 13	2022	Nov 11	2023			Nov 10	2024
Crawley, Mike	0.01%	0.043	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	-100.00%
CEO - Shares - Amount	$0.493		$1.014		$1.452		$1.932		$3.381		$2.892		$2.829		$2.315						John Brace is interium CEO
Options - percentage	0.02%	0.036	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	-100.00%
Options - amount	$0.932		$0.849		$0.749		$2.240		$5.940		$5.324		$4.593		$6.445
Beaumont, Adam David Michael																		0.002	0.00%		Interium CFO	#DIV/0!
CFO - Shares - Amount																			$0.050
Options - percentage																		0.043	0.02%			#DIV/0!
Options - amount																			$0.879
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%							-100.00%
Options - amount									$2.055		$1.776		$2.429		$2.126
Chislett, Michelle														0.000	0.00%			0.000	0.00%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.000
Options - percentage														0.005	0.00%			0.035	0.01%			621.48%
Options - amount															$0.116				$0.711
Fushman, Yonni David														0.002	0.00%			0.002	0.00%			0.00%
Officer - Shares - Amount															$0.048				$0.041
Options - percentage														0.054	0.02%			0.105	0.04%			95.68%
Options - amount															$1.291				$2.139
Povall, David Edward												0.007	0.00%	0.007	0.00%							-100.00%
Officer - Shares - Amount													$0.277		$0.180
Options - percentage												0.031	0.01%	0.034	0.01%							-100.00%
Options - amount													$1.168		$0.813
Chislett, Michelle														0.000	0.00%			0.000	0.00%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.000
Options - percentage														0.048	0.02%			0.035	0.01%			-27.85%
Options - amount															$1.165				$0.711
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%	0.013	0.01%						Ceased insider Oct 2024	-100.00%
Director - Shares - Amount	$0.303		$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%	0.000	0.00%							#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Colnett, Lisa														0.002	0.00%			0.002	0.00%			0.00%
Director - Shares - Amount															$0.037				$0.031
Options - percentage														0.010	0.00%			0.017	0.01%			75.94%
Options - amount															$0.233				$0.347
Halbert, Keith														0.006	0.00%			0.006	0.00%
Director - Shares - Amount															$0.132				$0.112
Options - percentage														0.008	0.00%			0.014	0.01%
Options - amount															$0.191				$0.289
Brace, John Wycliffe	0.87%	1.502	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%			0.00%
Chairman - Shares - Amt	$34.997		$35.072				$13.655		$10.323		$8.578		$8.392		$5.440				$4.606
Options - percentage	0.00%	0.098	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%			#DIV/0!
Options - amount	$0.000		$2.286				$4.174		$7.008		$2.551		$2.712		$0.000				$1.488
Temerty, James C.	32.50%	56.641	32.29%	57.626	31.98%	46.396	25.71%	6.139	3.04%												Says he has Class C Shares
Chairman - Shares - Amt	$1,309.965		$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%	1.000	100.00%	0.000	0.00%											A	no Class C Shares
Class A - amount	$23.300		$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%	0.000	0.00%												But only a 1M o/s
Options - amount	$0.00		$0.00		$0.00		$0.00		$0.000												Last file Sep 2020
Increase in O/S Shares	0.07%	0.021	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%		LTIP
due to SO	$2.151		$0.493		$0.520		$0.509		$0.000		$0.000		$0.834		$0.556				$0.970
Book Value	$1.638		$0.516		$0.519		$0.583		$0.400		$4.000		$0.911		$0.591				$0.279
Insider Buying	-$10.822		$0.000		-$9.984		-$1.503		-$0.145		-$0.154		-$0.017		-$0.531				-$0.059
Insider Selling	$1.002		$3.600		$1.302		$21.176		$8.711		$0.000		$0.000		$0.000				$0.000
Net Insider Selling	-$9.820		$3.600		-$8.682		$19.673		$8.566		-$0.154		-$0.017		-$0.531				-$0.059
% of Market Cap	-0.24%		0.09%		-0.22%		0.40%		0.09%		0.00%		0.00%		-0.01%				0.00%
Annual Stement
says mge ownership
Directors		6		7		7		9		9		9		9				9
Women	33%	2	33%	2	29%	2	29%	3	33%	4	44%	3	33%	3	33%			3	33%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			1	11%
Institutions/Holdings	8.63%	95	27.01%	110	24.73%					20	24.93%	20	24.58%	20	27.37%			20	28.22%
Total Shares Held	0.22%	47.005	26.79%	43.642	24.22%					56.400	24.86%	60.021	24.01%	69.472	27.25%			72.715	28.52%
Increase/Decrease	0.00%	-0.479	-1.01%	-4.920	-10.13%					-0.648	-1.14%	-4.675	-7.23%	3.153	4.75%			-3.958	-5.16%
Starting No. of Shares	reuters	47.484	reuters	48.563	reuters					57.048	Top 20 MS	64.696	Top 20 MS	66.319	Top 20 MS			76.673	Top 20 MS
Institutions/Holdings		120	27.65%		47.12%
Value			$1,132.71		$1,842.65
Total Shares Held	26.59%	48.000	27.36%
Value	$1,074.10		$1,120.80
Increase/Decrease 3 Mths	12.20%	-1.000	-2.04%
Starting No. of Shares	Morningstar	49.000	Morningstar		Morningstar
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