This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Parkland Fuel Corp					TSX:	PKI	OTC:	PKIUF	https://www.parkland.ca/en			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
Split date
Split
														$31,235	<-12 mths	-3.75%
Revenue*	$3,980.5	$4,133.6	$5,663.4	$7,527.6	$6,299.6	$6,266.0	$9,560.5	$14,442	$18,453	$14,011	$21,468	$35,462	$32,452	$32,362	$31,919	$31,520		473.01%	<-Total Growth	10	Revenue
Increase	36.63%	3.85%	37.01%	32.92%	-16.31%	-0.53%	52.58%	51.06%	27.77%	-24.07%	53.22%	65.19%	-8.49%	-0.28%	-1.37%	-1.25%		19.07%	<-IRR #YR->	10	Revenue	473.01%
5 year Running Average	$2,592	$3,079	$3,742	$4,844	$5,521	$5,978	$7,063	$8,819	$11,004	$12,547	$15,587	$20,767	$24,369	$27,151	$30,733	$32,743		17.58%	<-IRR #YR->	5	Revenue	124.71%
Revenue per Share	$61.85	$60.81	$78.88	$91.67	$67.12	$65.11	$72.85	$108.04	$124.51	$93.37	$139.24	$202.15	$184.62	$184.10	$181.58	$179.31		20.61%	<-IRR #YR->	10	5 yr Running Average	551.20%
Increase	12.87%	-1.68%	29.71%	16.21%	-26.78%	-2.99%	11.89%	48.30%	15.24%	-25.01%	49.13%	45.17%	-8.67%	-0.28%	-1.37%	-1.25%		22.54%	<-IRR #YR->	5	5 yr Running Average	176.32%
5 year Running Average	$47.63	$53.00	$59.32	$69.60	$72.07	$72.72	$75.13	$80.96	$87.53	$92.78	$107.60	$133.46	$148.78	$160.70	$178.34	$186.35		8.88%	<-IRR #YR->	10	Revenue per Share	134.04%
P/S (Price/Sales) Med	0.17	0.26	0.23	0.22	0.35	0.39	0.38	0.34	0.33	0.37	0.28	0.16	0.20	0.23	0.00	0.00		11.31%	<-IRR #YR->	5	Revenue per Share	70.87%
P/S (Price/Sales) Close	0.21	0.31	0.23	0.24	0.35	0.43	0.37	0.32	0.38	0.43	0.25	0.15	0.23	0.21	0.21	0.30		9.63%	<-IRR #YR->	10	5 yr Running Average	150.81%
*'Net Revenue in M CDN $					P/S Med	20 yr	0.28	15 yr	0.26	10 yr	0.33	5 yr	0.28		-38.21%	Diff M/C		12.94%	<-IRR #YR->	5	5 yr Running Average	83.77%
			-$5,663	$0	$0	$0	$0	$0	$0	$0	$0	$0	$32,452
								-$14,442	$0	$0	$0	$0	$32,452
			-$3,742	$0	$0	$0	$0	$0	$0	$0	$0	$0	$24,369
								-$8,819	$0	$0	$0	$0	$24,369
			-$78.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$184.62
								-$108.04	$0.00	$0.00	$0.00	$0.00	$184.62
			-$59.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$148.78
								-$80.96	$0.00	$0.00	$0.00	$0.00	$148.78
														$915.41	<-12 mths	12.73%
														$5.20	<-12 mths	12.80%
Adjusted Distributed CF CDN$						$120	$151	$568	$561	$478											Adjusted Distributed CF CDN$
Adjusted DCPU						$0.09	$0.41	$4.30	$3.82	$3.21											Adjusted DCPU
Distributable CF CDN$	$126.5	$129.9	$136.5	$107.0	$109.8	$120	$151	$416	$564	$481	$660	$818	$812					494.87%	<-Total Growth	10	Distributed CF CDN$	Estimates
DCF	$1.97	$1.91	$1.90	$1.90	$1.30	$1.26	$1.29	$3.15	$3.84	$3.23	$4.34	$5.11	$4.61	$4.46	$4.91			142.63%	<-Total Growth	10	DCF	TD
Increase	56.35%	-3.05%	-0.52%	0.00%	-31.58%	-3.08%	2.38%	144.19%	21.90%	-15.89%	34.37%	17.74%	-9.78%	-3.25%	10.09%			10	0	10	Years of Data, DCF P or N	100.00%
DCF Yield	15.52%	10.09%	10.29%	8.74%	5.58%	4.48%	4.80%	9.16%	8.05%	8.00%	12.48%	17.06%	10.79%	11.71%	12.89%			9.27%	<-IRR #YR->	10	DCF	142.63%
5 year Running Average		$1.65	$1.71	$1.79	$1.80	$1.65	$1.53	$1.78	$2.17	$2.55	$3.17	$3.93	$4.23	$4.35	$4.69			7.91%	<-IRR #YR->	5	DCF	46.35%
Payout Ratio	52.79%	53.40%	54.49%	55.52%	82.68%	88.93%	89.09%	37.10%	30.96%	37.44%	28.33%	20.88%	29.18%	31.17%	28.51%			9.48%	<-IRR #YR->	10	5 yr Running Average	147.39%
5 year Running Average		73.55%	68.92%	63.24%	59.78%	67.00%	74.14%	70.67%	65.75%	56.71%	44.59%	30.94%	29.36%	29.40%	27.61%			18.88%	<-IRR #YR->	5	5 yr Running Average	137.42%
Price/DCF Median	5.39	8.38	9.47	10.65	18.10	20.35	21.63	11.53	10.82	10.67	8.93	6.27	7.90	9.56	0.08			10.74	<-Median->	10	Price/DCF Median
Price/DCF  High	6.53	10.06	10.63	12.08	20.70	24.80	24.92	14.57	12.61	15.15	10.25	7.70	9.70	10.72	0.00			13.59	<-Median->	10	Price/DCF  High
Price/DCF  Low	4.25	6.70	8.32	9.23	15.51	15.89	18.33	8.50	9.03	6.19	7.61	4.84	6.10	8.39	0.00			8.77	<-Median->	10	Price/DCF  Low
Price/DCF  Close	6.44	9.91	9.72	11.44	17.92	22.33	20.81	10.92	12.42	12.50	8.01	5.86	9.26	8.54	7.76			11.93	<-Median->	10	Price/DCF  Close
Trailing Price/DCF Close	10.07	9.61	9.67	11.44	12.26	21.64	21.31	26.66	15.15	10.52	10.76	6.90	8.36	8.26	8.54			11.85	<-Median->	10	Trailing Price/DCF Close
Median Values		DPR	10 Yrs	37.27%	5 Yrs	29.18%	P/CF	5 Yrs	in order	8.93	10.25	6.19	9.26		-4.34%	Diff M/C					DPR 75% to 95% best
Distributable Cash Flow per Share
DCPU to DCF			-$1.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.61
TTM Cash Flow								-$3.15	$0.00	$0.00	$0.00	$0.00	$4.61
			-$1.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.23
								-$1.78	$0.00	$0.00	$0.00	$0.00	$4.23
														$555.00	<-12 mths	-11.34%
														$2.60	<-12 mths	-25.60%
Adjusted Profit CDN$	$44	$85	$92	$50	$39	$47	$82	$206	$357	$124	$372	$468	$626
Basic	$0.74	$1.28	$1.31	$0.66	$0.45	$0.50	$0.70	$1.56	$2.43	$0.83	$2.46	$2.93	$3.56
AEPS* Dilued	$0.73	$1.22	$1.26	$0.66	$0.45	$0.49	$0.69	$1.53	$2.39	$0.82	$2.45	$2.91	$3.50	$3.11	$3.57	$3.74		177.69%	<-Total Growth	10	AEPS
Increase	25.86%	67.12%	3.28%	-47.62%	-31.82%	8.89%	40.82%	121.74%	56.21%	-65.69%	198.78%	18.78%	20.24%	-11.11%	14.79%	4.76%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	5.75%	6.44%	6.82%	3.04%	1.93%	1.74%	2.57%	4.45%	5.01%	2.03%	7.05%	9.71%	8.19%	8.16%	9.37%	7.04%		10.75%	<-IRR #YR->	10	AEPS	177.69%
5 year Running Average		$0.88	$0.95	$0.89	$0.86	$0.82	$0.71	$0.76	$1.11	$1.18	$1.58	$2.02	$2.41	$2.56	$3.11	$3.37		17.99%	<-IRR #YR->	5	AEPS	128.68%
Payout Ratio	142.47%	83.61%	82.17%	159.82%	238.87%	228.67%	166.57%	76.39%	49.74%	147.48%	50.19%	36.67%	38.44%	44.69%	39.22%	37.43%		9.75%	<-IRR #YR->	10	5 yr Running Average	153.55%
5 year Running Average		143.28%	131.08%	137.06%	141.38%	158.63%	175.22%	174.06%	152.05%	133.77%	98.07%	72.09%	64.50%	63.49%	41.84%	39.29%		25.87%	<-IRR #YR->	5	5 yr Running Average	215.94%
Price/AEPS Median	14.55	13.12	14.29	30.67	52.30	52.32	40.43	23.75	17.38	42.02	15.82	11.02	10.41	13.71	0.11	0.00		27.21	<-Median->	10	Price/AEPS Median
Price/AEPS High	17.62	15.75	16.02	34.77	59.80	63.78	46.59	29.99	20.26	59.67	18.16	13.53	12.78	15.38	0.00	0.00		32.38	<-Median->	10	Price/AEPS High
Price/AEPS Low	11.48	10.48	12.55	26.56	44.80	40.86	34.28	17.50	14.51	24.38	13.48	8.51	8.04	12.04	0.00	0.00		20.94	<-Median->	10	Price/AEPS Low
Price/AEPS Close	17.38	15.52	14.66	32.94	51.76	57.41	38.91	22.48	19.96	49.26	14.19	10.30	12.21	12.25	10.67	14.21		27.71	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	21.88	25.93	15.14	17.25	35.29	62.51	54.80	49.84	31.18	16.90	42.40	12.23	14.68	10.89	12.25	14.89		33.24	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	111.93%	5 Yrs	49.74%	P/CF	5 Yrs	in order	15.82	18.16	13.48	14.19		-22.55%	Diff M/C					DPR 75% to 95% best
Adjusted Earnings
			-$1.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.50
								-$1.53	$0.00	$0.00	$0.00	$0.00	$3.50
			-$0.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.41
								-$0.76	$0.00	$0.00	$0.00	$0.00	$2.41
														$2.17	<-12 mths	-17.49%
Pre-split 02
Pre-split 07
EPS Basic	$0.74	$1.28	$1.31	$0.66	$0.45	$0.50	$0.70	$1.56	$2.60	$0.55	$0.64	$1.94	$2.68					104.58%	<-Total Growth	10	EPS Basic
Pre-split 02
Pre-split 07
EPS Diluted*	$0.73	$1.22	$1.26	$0.66	$0.45	$0.49	$0.69	$1.53	$2.55	$0.54	$0.64	$1.92	$2.63	$2.94	$3.54			108.73%	<-Total Growth	10	EPS Diluted
Increase	25.86%	67.12%	3.28%	-47.62%	-31.82%	8.89%	40.82%	121.74%	66.67%	-78.82%	18.52%	200.00%	36.98%	11.67%	20.60%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Increases	-55.49%	38.64%	29.90%	13.79%	-38.36%	-59.84%	-45.24%	131.82%	466.67%	10.20%	-7.25%	25.49%	3.14%	443.89%	453.44%			6.67%	<-Median->	10	5 year Increases
Earnings Yield	5.8%	6.4%	6.8%	3.0%	1.9%	1.7%	2.6%	4.4%	5.3%	1.3%	1.8%	6.4%	6.2%	7.71%	9.30%			7.64%	<-IRR #YR->	10	Earnings per Share	108.73%
5 year Running Average	$0.96	$0.88	$0.95	$0.89	$0.86	$0.82	$0.71	$0.76	$1.14	$1.16	$1.19	$1.44	$1.66	$1.73	$2.33			11.44%	<-IRR #YR->	5	Earnings per Share	71.90%
10 year Running Average	$0.80	$0.89	$0.96	$1.01	$0.99	$0.89	$0.79	$0.86	$1.02	$1.01	$1.00	$1.07	$1.21	$1.44	$1.75			5.69%	<-IRR #YR->	10	5 yr Running Average	73.95%
* Diluted ESP per share									E/P	10 Yrs	2.80%	5Yrs	5.34%					16.73%	<-IRR #YR->	5	5 yr Running Average	116.75%
			-$1.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.63
								-$1.53	$0.00	$0.00	$0.00	$0.00	$2.63
			-$0.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.66
								-$0.76	$0.00	$0.00	$0.00	$0.00	$1.66
														$240	<-12 mths	1.27%
Dividend Paid in Cash			$22.6	$24.5	$27.2	$63.8	$97.0	$102.0	$114.0	$136	$132	$121	$237	$240	<-12 mths						Dividend Paid in Cash
As a Percentage of Net Income			24.62%	49.07%	68.93%	135.17%	117.86%	49.51%	29.84%	165.85%	136.08%	39.03%	50.32%	61.70%	<-12 mths			59.63%	<-Median->	10	As a Percentage of Net Inc
As a Percentage of Cash Flow			14.64%	19.07%	19.59%	43.17%	44.11%	17.83%	13.51%	17.69%	10.69%	8.28%	14.29%	15.11%	<-12 mths			17.76%	<-Median->	10	As a Percentage of CF
Calculated Dividends			$74	$87	$101	$108	$151	$156	$176	$181	$190	$187	$236	$244
% Calc Div to Dividend Pd in Cash			30.45%	28.26%	26.99%	59.16%	64.31%	65.29%	64.70%	74.95%	69.62%	64.64%	100.24%
Dividend*														$1.39	$1.41	$1.43			Estimates		Dividend*
Increase														3.35%	1.51%	1.13%			Estimates		Increase
Payout Ratio EPS														47.33%	39.84%	#DIV/0!			Estimates		Payout Ratio EPS
Comments
Pre-split 07																					Pre-split 07
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	10	Special Dividend
Pre-split 02
Pre-split 07																					Pre-split 07
Dividend*	$1.04	$1.0200	$1.0353	$1.0548	$1.0749	$1.1205	$1.1493	$1.1688	$1.1889	$1.2093	$1.2297	$1.0670	$1.3450	$1.3900	$1.4000	$1.4000		29.91%	<-Total Growth	10	Dividends
Increase	-17.46%	-1.92%	1.50%	1.88%	1.91%	4.24%	2.57%	1.70%	1.72%	1.72%	1.69%	-13.23%	26.05%	3.35%	0.72%	0.00%		18	3	35	Years of data, Count P, N	51.43%
5 year Increases	18.02%	-19.05%	-17.83%	-16.29%	3.36%	9.85%	11.01%	10.81%	10.61%	7.93%	7.00%	-8.71%	13.13%	14.94%	13.85%	31.21%		8.89%	<-Median->	10	5 year Increases
Dividends 5 Yr Running	$1.47	$1.32	$1.12	$1.08	$1.05	$1.06	$1.09	$1.11	$1.14	$1.17	$1.19	$1.17	$1.21	$1.25				7.56%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	9.79%	6.37%	5.75%	5.21%	4.57%	4.37%	4.12%	3.22%	2.86%	3.51%	3.17%	3.33%	3.69%	3.26%				3.60%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	8.09%	5.31%	5.13%	4.60%	3.99%	3.59%	3.57%	2.55%	2.46%	2.47%	2.76%	2.71%	3.01%	2.91%				2.89%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	12.41%	7.97%	6.55%	6.02%	5.33%	5.60%	4.86%	4.36%	3.43%	6.05%	3.72%	4.31%	4.78%	3.71%				4.82%	<-Median->	10	Yield on Low Price	DCF
Yield on Close Price	8.20%	5.39%	5.61%	4.85%	4.62%	3.98%	4.28%	3.40%	2.49%	2.99%	3.54%	3.56%	3.15%	3.65%	3.67%	2.63%		3.55%	<-Median->	10	Yield on Close Price	AEPS
Payout Ratio EPS	142.47%	83.61%	82.17%	159.82%	238.87%	228.67%	166.57%	76.39%	46.62%	223.94%	192.14%	55.57%	51.14%	47.33%	39.53%	#DIV/0!		163.19%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	153.57%	150.91%	117.97%	121.58%	120.95%	130.04%	153.09%	145.77%	99.87%	100.63%	99.93%	81.67%	72.95%	72.01%	0.00%	#DIV/0!		110.79%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	74.69%	50.84%	55.83%	50.60%	45.18%	65.24%	57.59%	33.89%	19.64%	19.43%	20.97%	14.12%	13.28%	15.67%	15.50%	14.89%		27.43%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	108.16%	92.27%	74.12%	72.89%	53.77%	52.83%	54.18%	47.90%	36.57%	30.03%	25.21%	20.12%	16.86%	16.15%	0.00%	0.00%		42.23%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	62.23%	49.62%	48.06%	67.50%	72.58%	72.96%	68.59%	27.31%	20.88%	23.60%	15.35%	12.80%	14.25%	15.67%	15.50%	14.89%		25.46%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	83.56%	76.89%	61.31%	60.36%	58.54%	60.36%	64.63%	52.86%	38.88%	31.88%	23.99%	18.65%	16.50%	15.69%	0.00%	0.00%		45.87%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.60%	3.55%	5 Yr Med	5 Yr Cl	3.33%	3.15%	5 Yr Med	Payout	55.57%	19.43%	15.35%					2.85%	<-IRR #YR->	5	Dividends	15.08%
* Dividends per share	10 Yr Med	and Cur.	2.04%	3.54%	5 Yr Med	and Cur.	10.39%	16.68%	Last Div Inc --->		$0.3400	$0.3500	2.94%					2.65%	<-IRR #YR->	10	Dividends	29.91%
Dividends Growth 15																		0.44%	<-IRR #YR->	15	Dividends	6.75%
Dividends Growth 20																		4.48%	<-IRR #YR->	20	Dividends	140.18%
Dividends Growth 25																		19.20%	<-IRR #YR->	25	Dividends	7970.00%
Dividends Growth 30																		15.76%	<-IRR #YR->	30	Dividends	7970.00%
Dividends Growth 35																		13.37%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$1.17	$0.00	$0.00	$0.00	$0.00	$1.35								Dividends Growth 5
Dividends Growth 10			-$1.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.35								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	$1.35								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	$1.35								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	$1.35								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	$1.35								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.35								Dividends Growth 35
Historical Dividends	Historical	High Div	13.75%	Low Div	1.00%	10 Yr High	6.05%	10 Yr Low	2.46%	Med Div	3.42%	Close Div	3.47%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-73.28%		267.45%	Exp.	-39.26%		49.37%	Cheap	7.44%	Cheap	5.97%								High/Ave/Median
Adjusted Historical Dividends	Historical	High Div	12.47%	Low Div	2.46%	10 Yr High	6.05%	10 Yr Low	2.46%	Med Div	4.25%	Close Div	4.13%						Conv. 2010		Adjust. Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-70.53%		49.37%	Exp.	-39.26%		49.37%	Exp.	-13.54%	Exp.	-11.07%								High/Ave/Median
Future Dividend Yield					Div Yield	4.23%	earning in	5.00	Years	at IRR of	2.85%	Div Inc.	15.08%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.87%	earning in	10.00	Years	at IRR of	2.85%	Div Inc.	32.42%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.60%	earning in	15.00	Years	at IRR of	2.85%	Div Inc.	52.39%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.61	earning in	5	Years	at IRR of	2.85%	Div Inc.	15.08%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.85	earning in	10	Years	at IRR of	2.85%	Div Inc.	32.42%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.13	earning in	15	Years	at IRR of	2.85%	Div Inc.	52.39%								Future Dividend Paid
Dividend Covering Cost					Total Div	$7.41	over	5	Years	at IRR of	2.85%	Div Cov.	19.45%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$14.33	over	10	Years	at IRR of	2.85%	Div Cov.	37.60%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$22.29	over	15	Years	at IRR of	2.85%	Div Cov.	58.49%								Dividend Covering Cost
Yield if held 5 years	10.51%	6.96%	9.67%	10.57%	9.17%	10.55%	7.18%	6.49%	5.87%	5.14%	4.80%	3.82%	3.70%	3.35%	4.06%	3.61%		6.18%	<-Median->	10	Paid Median Price
Yield if held 10 years	62.87%	16.76%	19.61%	16.46%	16.00%	11.32%	7.84%	10.92%	11.92%	10.32%	11.58%	6.67%	7.47%	6.87%	5.95%	5.46%		11.12%	<-Median->	10	Paid Median Price
Yield if held 15 years	83.48%	84.12%	74.17%	54.56%	72.67%	67.74%	18.89%	22.14%	18.55%	18.00%	12.43%	7.28%	12.56%	13.93%	11.95%	13.18%		18.72%	<-Median->	10	Paid Median Price
Yield if held 20 years	112.13%	108.32%	57.04%	78.47%	83.87%	89.94%	94.79%	83.73%	61.49%	81.76%	74.34%	17.53%	25.47%	21.68%	20.84%	14.15%		80.11%	<-Median->	10	Paid Median Price
Yield if held 25 years			65.84%	94.60%	87.45%	120.81%	122.05%	64.40%	88.45%	94.35%	98.71%	88.00%	96.36%	71.90%	94.65%	84.63%		94.48%	<-Median->	10	Paid Median Price
Yield if held 30 years								74.33%	106.63%	98.38%	132.58%	113.31%	74.10%	103.41%	109.23%	112.37%		102.51%	<-Median->	6	Paid Median Price
Yield if held 35 years													85.53%	124.66%	113.90%	150.94%		85.53%	<-Median->	1	Paid Median Price
Cost covered if held 5 years	74.49%	45.11%	52.45%	54.24%	44.58%	49.96%	33.96%	30.94%	28.17%	24.80%	23.19%	21.02%	16.63%	15.02%	18.66%	17.04%		29.55%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	631.21%	179.15%	215.46%	184.99%	183.52%	128.11%	82.21%	104.47%	111.40%	94.38%	105.95%	70.59%	64.49%	59.01%	52.13%	48.95%		105.21%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	848.13%	954.19%	901.84%	704.38%	991.07%	951.94%	268.46%	320.92%	273.95%	270.42%	188.20%	122.23%	160.89%	173.97%	149.26%	168.11%		272.19%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	1148.20%	1237.48%	698.16%	1019.94%	1152.24%	1273.99%	1402.42%	1300.76%	999.33%	1385.67%	1311.40%	364.83%	435.32%	371.32%	366.17%	254.92%		1213.11%	<-Median->	10	Paid Median Price
Cost covered if held 25 years			811.12%	1237.04%	1208.24%	1720.22%	1814.62%	1004.95%	1444.17%	1607.65%	1751.26%	1886.03%	1733.47%	1322.14%	1820.49%	1710.51%		1663.94%	<-Median->	10	Paid Median Price
Cost covered if held 30 years								1165.23%	1748.47%	1683.09%	2361.30%	2437.32%	1337.73%	1908.47%	2109.47%	2281.18%		1715.78%	<-Median->	6	Paid Median Price
Cost covered if held 35 years													1549.32%	2308.20%	2206.35%	3073.11%		1549.32%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$14,442	$18,453	$14,011	$21,468	$35,462	$32,452	$31,235	<-12 mths	-3.75%		124.71%	<-Total Growth	5	Revenue Growth	124.71%
DCF Growth								$3.15	$3.84	$3.23	$4.34	$5.11	$4.61	$5.20	<-12 mths	12.80%		46.35%	<-Total Growth	5	A DCF Growth	46.35%
AEPS Growth								$1.53	$2.39	$0.82	$2.45	$2.91	$3.50	$2.60	<-12 mths	-25.60%		128.68%	<-Total Growth	5	AEPS Growth	128.68%
Net Income Growth								$206	$382	$82	$97	$310	$471	$389	<-12 mths	-17.41%		128.64%	<-Total Growth	5	Net Income Growth	128.64%
Cash Flow Growth								$461	$897	$934	$904	$1,326	$1,780	$1,683	<-12 mths	-5.45%		286.12%	<-Total Growth	5	Cash Flow Growth	286.12%
Dividend Growth								$1.17	$1.19	$1.21	$1.23	$1.07	$1.35	$1.39	<-12 mths	3.35%		15.08%	<-Total Growth	5	Dividend Growth	15.08%
Stock Price Growth								$34.39	$47.71	$40.39	$34.77	$29.96	$42.71	$38.10	<-12 mths	-10.79%		24.19%	<-Total Growth	5	Stock Price Growth	24.19%
Revenue Growth			$5,663	$7,528	$6,300	$6,266	$9,561	$14,442	$18,453	$14,011	$21,468	$35,462	$32,452	$32,362	<-this year	-0.28%		473.01%	<-Total Growth	10	Revenue Growth	473.01%
DCF Growth			$1.90	$1.90	$1.30	$1.26	$1.29	$3.15	$3.84	$3.23	$4.34	$5.11	$4.61	$4.46	<-this year	-3.25%		142.63%	<-Total Growth	10	A DCF Growth	142.63%
AEPS Growth			$1.26	$0.66	$0.45	$0.49	$0.69	$1.53	$2.39	$0.82	$2.45	$2.91	$3.50	$3.11	<-this year	-11.11%		177.69%	<-Total Growth	10	AEPS Growth	177.69%
Net Income Growth			$92	$50	$39	$47	$82	$206	$382	$82	$97	$310	$471	$494	<-this year	4.80%		412.20%	<-Total Growth	10	Net Income Growth	412.20%
Cash Flow Growth			$133	$171	$223	$165	$262	$461	$897	$934	$904	$1,326	$1,780	$1,559	<-this year	-12.41%		1237.00%	<-Total Growth	10	Cash Flow Growth	1237.00%
Dividend Growth			$1.04	$1.05	$1.07	$1.12	$1.15	$1.17	$1.19	$1.21	$1.23	$1.07	$1.35	$1.39	<-this year	3.35%		29.91%	<-Total Growth	10	Dividend Growth	29.91%
Stock Price Growth			$18.47	$21.74	$23.29	$28.13	$26.85	$34.39	$47.71	$40.39	$34.77	$29.96	$42.71	$38.10	<-this year	-10.79%		131.24%	<-Total Growth	10	Stock Price Growth	131.24%
Dividends on Shares				$58.01	$59.12	$61.63	$63.21	$64.28	$65.39	$66.51	$67.63	$58.69	$73.98	$76.45	$77.00	$77.00		$638.45	No of Years	10	Total Divs	12/31/13
Paid			$1,015.85	$1,195.70	$1,280.95	$1,547.15	$1,476.75	$1,891.45	$2,624.05	$2,221.45	$1,912.35	$1,647.80	$2,349.05	$2,095.50	$2,095.50	$2,922.70		$2,349.05	No of Years	10	Worth	$18.47
Total																		$2,987.50
Graham No. AEPS	$8.55	$11.94	$13.14	$10.15	$9.36	$9.60	$13.95	$21.54	$26.65	$15.34	$26.61	$32.51	$37.74	$34.91	$37.41	$38.29		187.35%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.24	1.34	1.37	1.99	2.51	2.67	2.00	1.69	1.56	2.25	1.46	0.99	0.96	1.22				1.84	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.50	1.61	1.54	2.26	2.87	3.26	2.30	2.13	1.82	3.19	1.67	1.21	1.18	1.37				2.20	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.98	1.07	1.20	1.73	2.15	2.09	1.70	1.24	1.30	1.30	1.24	0.76	0.75	1.07				1.30	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.48	1.59	1.41	2.14	2.49	2.93	1.92	1.60	1.79	2.63	1.31	0.92	1.13	1.09	1.02	1.39		1.86	<-Median->	10	Price/GP Ratio
Prem/Disc Close	48.48%	58.61%	40.62%	114.15%	148.75%	193.12%	92.47%	59.68%	79.00%	163.22%	30.65%	-7.83%	13.16%	9.13%	1.86%	38.80%		85.74%	<-Median->	10	Graham Price
Graham No. EPS	$8.55	$11.94	$13.14	$10.15	$9.36	$9.60	$13.95	$21.54	$27.53	$12.45	$13.60	$26.40	$32.72	$33.93	$37.26	$0.00		149.13%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.24	1.34	1.37	1.99	2.51	2.67	2.00	1.69	1.51	2.77	2.85	1.21	1.11	1.26				2.00	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.50	1.61	1.54	2.26	2.87	3.26	2.30	2.13	1.76	3.93	3.27	1.49	1.37	1.41				2.28	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.98	1.07	1.20	1.73	2.15	2.09	1.70	1.24	1.26	1.61	2.43	0.94	0.86	1.10				1.65	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.48	1.59	1.41	2.14	2.49	2.93	1.92	1.60	1.73	3.24	2.56	1.13	1.31	1.12	1.02	#DIV/0!		2.03	<-Median->	10	Price/GP Ratio
Prem/Disc Close	48.48%	58.61%	40.62%	114.15%	148.75%	193.12%	92.47%	59.68%	73.29%	224.36%	155.62%	13.47%	30.52%	12.30%	2.26%	#DIV/0!		103.31%	<-Median->	10	Graham Price
Month, Year	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec		35.00	<Count Years>		Month, Year
Pre-split 07
Price Close	$12.69	$18.93	$18.47	$21.74	$23.29	$28.13	$26.85	$34.39	$47.71	$40.39	$34.77	$29.96	$42.71	$38.10	$38.10	$53.14		131.24%	<-Total Growth	10	Stock Price
Increase	10.44%	49.17%	-2.43%	17.70%	7.13%	20.78%	-4.55%	28.08%	38.73%	-15.34%	-13.91%	-13.83%	42.56%	-10.79%	0.00%	39.48%		24.19	<-Median->	10	CAPE (10 Yr P/E)
P/E	17.38	15.52	14.66	32.94	51.76	57.41	38.91	22.48	18.71	74.80	54.33	15.60	16.24	12.97	10.76	#DIV/0!		4.43%	<-IRR #YR->	5	Stock Price	24.19%
Trailing P/E	21.88	25.93	15.14	17.25	35.29	62.51	54.80	49.84	31.18	15.84	64.39	46.81	22.24	14.49	12.97	15.00		8.74%	<-IRR #YR->	10	Stock Price	131.24%
CAPE (10 Yr P/E)	12.17	12.66	12.99	13.71	15.70	19.22	22.87	24.40	23.99	26.94	29.38	28.49	27.27	24.09	20.67	#DIV/0!		7.66%	<-IRR #YR->	5	Price & Dividend	41.76%
Median 10, 5 Yrs		D.  per yr	4.48%	3.23%	% Tot Ret	33.87%	42.17%	T P/E	41.05	31.18	P/E:	35.93	18.71					13.22%	<-IRR #YR->	10	Price & Dividend	194.09%
Price  15		D.  per yr	10.18%		% Tot Ret	43.01%						CAPE Diff	-0.44%					13.49%	<-IRR #YR->	15	Stock Price	567.34%
Price  20		D.  per yr	9.88%		% Tot Ret	49.65%												10.02%	<-IRR #YR->	20	Stock Price	575.43%
Price  25		D.  per yr	8.59%		% Tot Ret	44.23%												10.83%	<-IRR #YR->	25	Stock Price	1207.45%
Price  30		D.  per yr	5.61%		% Tot Ret	36.05%												9.95%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	4.17%		% Tot Ret	31.23%												9.19%	<-IRR #YR->	35	Stock Price
Price & Dividend 15																		23.67%	<-IRR #YR->	15	Price & Dividend	836.46%
Price & Dividend 20																		19.90%	<-IRR #YR->	20	Price & Dividend	938.93%
Price & Dividend 25																		19.42%	<-IRR #YR->	25	Price & Dividend	1948.16%
Price & Dividend 30																		15.56%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		13.36%	<-IRR #YR->	35	Price & Dividend
Price  5								-$34.39	$0.00	$0.00	$0.00	$0.00	$42.71								Price  5
Price 10			-$18.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.71								Price 10
Price & Dividend 5								-$34.39	$1.19	$1.21	$1.23	$1.07	$44.06								Price & Dividend 5
Price & Dividend 10			-$18.47	$1.05	$1.07	$1.12	$1.15	$1.17	$1.19	$1.21	$1.23	$1.07	$44.06								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	$42.71								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	$42.71								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	$42.71								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	$42.71								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.71								Price  35
Price & Dividend 15	$1.04	$1.02	$1.04	$1.05	$1.07	$1.12	$1.15	$1.17	$1.19	$1.21	$1.23	$1.07	$44.06								Price & Dividend 15
Price & Dividend 20	$1.04	$1.02	$1.04	$1.05	$1.07	$1.12	$1.15	$1.17	$1.19	$1.21	$1.23	$1.07	$44.06								Price & Dividend 20
Price & Dividend 25	$1.04	$1.02	$1.04	$1.05	$1.07	$1.12	$1.15	$1.17	$1.19	$1.21	$1.23	$1.07	$44.06								Price & Dividend 25
Price & Dividend 30	$1.04	$1.02	$1.04	$1.05	$1.07	$1.12	$1.15	$1.17	$1.19	$1.21	$1.23	$1.07	$44.06								Price & Dividend 30
Price & Dividend 35	$1.04	$1.02	$1.04	$1.05	$1.07	$1.12	$1.15	$1.17	$1.19	$1.21	$1.23	$1.07	$44.06								Price & Dividend 35
Price H/L Median	$10.62	$16.01	$18.00	$20.24	$23.54	$25.64	$27.90	$36.33	$41.54	$34.46	$38.76	$32.06	$36.42	$42.63	39.48%			102.33%	<-Total Growth	10	Stock Price
Increase	-9.39%	50.71%	12.46%	12.44%	16.28%	8.92%	8.84%	30.22%	14.34%	-17.04%	12.46%	-17.29%	13.62%	17.05%	3.67%			7.30%	<-IRR #YR->	10	Stock Price	102.33%
P/E	14.55	13.12	14.29	30.67	52.30	52.32	40.43	23.75	16.29	63.81	60.55	16.70	13.85	14.51	43.15%			0.05%	<-IRR #YR->	5	Stock Price	0.25%
Trailing P/E	18.31	21.92	14.75	16.06	35.66	56.97	56.94	52.65	27.15	13.51	71.77	50.09	18.97	16.21				12.14%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	11.06	18.27	18.91	22.74	27.24	31.42	39.30	47.55	36.37	29.71	32.57	22.32	21.99	24.59				3.37%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	13.28	18.07	18.82	20.00	23.78	28.87	35.18	42.34	40.89	34.05	38.64	29.87	30.10	29.65				13.88	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.84%	3.32%	% Tot Ret	39.84%	98.53%	T P/E	42.87	27.15	P/E:	35.55	16.70						Count	35	Years of data
			-$18.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.42
								-$36.33	$0.00	$0.00	$0.00	$0.00	$36.42
			-$18.00	$1.05	$1.07	$1.12	$1.15	$1.17	$1.19	$1.21	$1.23	$1.07	$37.77
								-$36.33	$1.19	$1.21	$1.23	$1.07	$37.77
High Months	Dec 11	Dec 12	Feb 13	Sep 14	Apr 15	Oct 16	May 17	Oct 18	Dec 19	Jan 20	Jan 21	Jun 22	23-Nov	Feb 24
Pre-split 02
Pre-split 07
Price High	$12.86	$19.22	$20.19	$22.95	$26.91	$31.25	$32.15	$45.88	$48.41	$48.93	$44.48	$39.36	$44.72	$47.83				121.50%	<-Total Growth	10	Stock Price
Increase	-3.96%	49.46%	5.05%	13.67%	17.25%	16.13%	2.88%	42.71%	5.51%	1.07%	-9.09%	-11.51%	13.62%	6.95%				8.28%	<-IRR #YR->	10	Stock Price	121.50%
P/E	17.62	15.75	16.02	34.77	59.80	63.78	46.59	29.99	18.98	90.61	69.50	20.50	17.00	16.29				-0.51%	<-IRR #YR->	5	Stock Price	-2.53%
Trailing P/E	22.17	26.33	16.55	18.21	40.77	69.44	65.61	66.49	31.64	19.19	82.37	61.50	23.29	18.19				16.59	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	51.14	31.64	P/E:	40.68	20.50					41.87	P/E Ratio		Historical High
			-$20.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.72
								-$45.88	$0.00	$0.00	$0.00	$0.00	$44.72
Low Months	Oct 11	Feb 12	Apr 13	Jan 14	Jan 15	Feb 16	Oct 17	Jan 18	Jan 19	Mar 20	Dec 21	Nov 22	Mar 23	Jun 24
Pre-split 02
Pre-split 07
Price Low	$8.38	$12.79	$15.81	$17.53	$20.16	$20.02	$23.65	$26.78	$34.67	$19.99	$33.03	$24.75	$28.12	$37.43				77.86%	<-Total Growth	10	Stock Price
Increase	-16.62%	52.63%	23.61%	10.88%	15.00%	-0.69%	18.13%	13.23%	29.46%	-42.34%	65.23%	-25.07%	13.62%	33.11%				5.93%	<-IRR #YR->	10	Stock Price	77.86%
P/E	11.48	10.48	12.55	26.56	44.80	40.86	34.28	17.50	13.60	37.02	51.61	12.89	10.69	12.74				0.98%	<-IRR #YR->	5	Stock Price	5.00%
Trailing P/E	14.45	17.52	12.96	13.91	30.55	44.49	48.27	38.81	22.66	7.84	61.17	38.67	14.65	14.23				10.75	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	34.61	22.66	P/E:	30.42	13.60					5.82	P/E Ratio		Historical Low
			-$15.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.12
								-$26.78	$0.00	$0.00	$0.00	$0.00	$28.12
														$1,225	<-12 mths	-5.62%
Free Cash Flow WSJ					$160.29	$70.60	$165.60	$176	$412	$599	$295	$547	$972					506.39%	<-Total Growth	8	Free Cash Flow WSJ
Change						-55.96%	134.56%	6.28%	134.09%	45.39%	-50.75%	85.42%	77.70%					$0.62	<-Median->	8	Change
Free Cash Flow MS	$75.90	$99.67	$80.76	$124.57	$153.10	$76.90	$165.00	$176.00	$408.00	$589	$508	$823	$1,298	$1,268	$1,215	$1,079		1507.23%	<-Total Growth	10	Free Cash Flow	Mk Sceen
Change	68.89%	31.32%	-18.97%	54.25%	22.90%	-49.77%	114.56%	6.67%	131.82%	44.36%	-13.75%	62.01%	57.72%	-2.31%	-4.18%	-11.19%		49.13%	<-IRR #YR->	5	Free Cash Flow MS	637.50%
FCF/CF from Op Ratio	0.85	0.73	0.61	0.73	0.69	0.47	0.63	0.38	0.45	0.63	0.56	0.62	0.73	0.81	0.77	0.65		32.01%	<-IRR #YR->	10	Free Cash Flow MS	1507.23%
Dividends paid in cash	$20	$21	$22.64	$24.47	$27.23	$63.80	$97	$102	$114	$136	$132	$121	$237	$170	$171	$171		947.00%	<-Total Growth	10	Dividends paid	70.00%
Percentage paid			28.03%	19.65%	17.78%	82.96%	58.79%	57.95%	27.94%	23.09%	25.98%	14.70%	18.26%	13.42%	14.10%	15.88%		$0.25	<-Median->	10	Percentage paid
5 Year Coverage							39.17%	45.21%	41.27%	36.24%	31.47%	24.16%	20.41%	17.75%	16.26%	15.32%					5 Year Coverage
Dividend Coverage Ratio			3.57	5.09	5.62	1.21	1.70	1.73	3.58	4.33	3.85	6.80	5.48	7.45	7.09	6.30		4.09	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							2.55	2.21	2.42	2.76	3.18	4.14	4.90	5.63	6.15	6.53					5 Year of Coverage
								-$176	$0	$0	$0	$0	$1,298
			-$81	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,298
Market Cap	$816.7	$1,286.7	$1,326.1	$1,785.2	$2,185.9	$2,707.2	$3,523.5	$4,596.8	$7,070.9	$6,060.7	$5,360.7	$5,255.8	$7,507.6	$6,697.3	$6,697.3	$9,341.0		466.16%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	71.655	75.756	78.884	76.058	87.380	95.606	118.580	135.061	149.685	150.909	152.470	161.081	178.916	175.264				126.81%	<-Total Growth	10	Diluted
Change	37.50%	5.72%	4.13%	-3.58%	14.89%	9.41%	24.03%	13.90%	10.83%	0.82%	1.03%	5.65%	11.07%	-2.04%				10.12%	<-Median->	10	Change
Difference Diluted/Basic	-17.1%	-12.3%	-10.9%	-0.3%	-0.3%	-0.3%	-1.1%	-2.0%	-1.9%	-1.2%	-0.7%	-0.8%	-1.8%	0.0%				-0.90%	<-Median->	10	Difference Diluted/Basic
Pre-split 02 Total
Pre-split 07
Basic # of Shares in Millions	59.430	66.444	70.315	75.857	87.107	95.274	117.334	132.378	146.890	149.074	151.451	159.867	175.773	175.264				149.98%	<-Total Growth	10	Basic
Change	14.37%	11.80%	5.83%	7.88%	14.83%	9.38%	23.15%	12.82%	10.96%	1.49%	1.59%	5.56%	9.95%	-0.29%				9.66%	<-Median->	10	Change
Difference Basic/Outstanding	8.3%	2.3%	2.1%	8.2%	7.7%	1.0%	11.8%	1.0%	0.9%	0.7%	1.8%	9.7%	0.0%	0.3%				1.41%	<-Median->	10	Difference Basic/Outstanding
														$1,683	<-12 mths	-5.45%
Pre-split 02 Total
Pre-split 07 Class B
Pre-split 07 Class C
Pre-split 07 Funds Units
Pre-split 07 Total
Class B LP Units
Class C LP Units
Fund Units
# of Share in M	64.354	67.973	71.795	82.114	93.856	96.238	131.228	133.668	148.205	150.054	154.176	175.428	175.781	175.781	175.781	175.781		9.37%	<-IRR #YR->	10	Shares	144.84%
Change	21.05%	5.62%	5.62%	14.37%	14.30%	2.54%	36.36%	1.86%	10.88%	1.25%	2.75%	13.78%	0.20%	0.00%	0.00%	0.00%		5.63%	<-IRR #YR->	5	Shares	31.51%
CF fr Op $Millon	$89.6	$136.4	$133.1	$171.2	$223.3	$165.3	$261.9	$461	$897	$934	$904	$1,326	$1,780	$1,559.2	$1,587.3	$1,652.3		1237.00%	<-Total Growth	10	Cash Flow
Increase	1905.12%	52.19%	-2.38%	28.58%	30.43%	-25.97%	58.44%	76.02%	94.58%	4.12%	-3.21%	46.68%	34.24%	-12.41%	1.80%	4.10%		DRIP, SO	S. Issue,		Buy Backs, Deb Conv.
5 year Running Average	$72.2	$82.9	$95.2	$107.0	$150.7	$165.9	$191.0	$257	$402	$544	$692	$904	$1,168	$1,300.6	$1,431.3	$1,581.0		1127.14%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.39	$2.01	$1.85	$2.08	$2.38	$1.72	$2.00	$3.45	$6.05	$6.22	$5.86	$7.56	$10.13	$8.87	$9.03	$9.40		446.08%	<-Total Growth	10	Cash Flow per Share
Increase	1556.47%	44.09%	-7.58%	12.43%	14.11%	-27.80%	16.19%	72.81%	75.49%	2.84%	-5.80%	28.91%	33.97%	-12.41%	1.80%	4.10%		29.60%	<-IRR #YR->	10	Cash Flow	1237.00%
5 year Running Average	$1.36	$1.43	$1.52	$1.48	$1.94	$2.01	$2.01	$2.33	$3.12	$3.89	$4.72	$5.83	$7.17	$7.73	$8.29	$9.00		31.02%	<-IRR #YR->	5	Cash Flow	286.12%
P/CF on Med Price	7.63	7.98	9.71	9.71	9.89	14.92	13.98	10.53	6.86	5.54	6.61	4.24	3.60	4.81	0.04	0.00		18.50%	<-IRR #YR->	10	Cash Flow per Share	446.08%
P/CF on Closing Price	9.11	9.43	9.96	10.43	9.79	16.38	13.45	9.97	7.88	6.49	5.93	3.96	4.22	4.30	4.22	5.65		24.04%	<-IRR #YR->	5	Cash Flow per Share	193.61%
															-48.16%	Diff M/C		16.81%	<-IRR #YR->	10	CFPS 5 yr Running	372.85%
														$1,588	<-12 mths	-4.28%
Excl.Working Capital CF	$17.9	$3.350	$21.530	-$42.870	-$84.280	-$17.5	-$42.0	$111	-$53	-$165	$331	$136	-$121	$0.0	$0.0	$0.0		25.24%	<-IRR #YR->	5	CFPS 5 yr Running	208.15%
CF fr Op $M WC	$107.5	$139.7	$154.7	$128.3	$139.0	$147.8	$219.9	$572	$844	$769	$1,235	$1,462	$1,659	$1,559.2	$1,587.3	$1,652.3		972.65%	<-Total Growth	10	Cash Flow less WC
Increase	33.21%	29.92%	10.69%	-17.03%	8.33%	6.32%	48.78%	160.12%	47.55%	-8.89%	60.60%	18.38%	13.47%	-6.02%	1.80%	4.10%		26.78%	<-IRR #YR->	10	Cash Flow less WC	972.65%
5 year Running Average	$93.9	$99.1	$114.2	$122.2	$133.9	$141.9	$157.9	$241	$385	$511	$728	$976	$1,194	$1,336.8	$1,500.5	$1,584.0		23.73%	<-IRR #YR->	5	Cash Flow less WC	190.03%
CFPS Excl. WC	$1.67	$2.06	$2.15	$1.56	$1.48	$1.54	$1.68	$4.28	$5.69	$5.12	$8.01	$8.33	$9.44	$8.87	$9.03	$9.40		26.45%	<-IRR #YR->	10	CF less WC 5 Yr Run	945.43%
Increase	10.04%	23.01%	4.80%	-27.46%	-5.22%	3.69%	9.11%	155.37%	33.08%	-10.01%	56.30%	4.04%	13.25%	-6.02%	1.80%	4.10%		37.67%	<-IRR #YR->	5	CF less WC 5 Yr Run	394.52%
5 year Running Average	$1.76	$1.72	$1.83	$1.79	$1.78	$1.76	$1.68	$2.11	$2.93	$3.66	$4.96	$6.29	$7.32	$7.96	$8.74	$9.01		15.92%	<-IRR #YR->	10	CFPS - Less WC	338.11%
P/CF on Med Price	6.35	7.79	8.36	12.95	15.89	16.69	16.65	8.49	7.29	6.72	4.84	3.85	3.86	4.81	0.04	0.00		17.14%	<-IRR #YR->	5	CFPS - Less WC	120.55%
P/CF on Closing Price	7.59	9.21	8.57	13.91	15.73	18.32	16.02	8.04	8.38	7.88	4.34	3.59	4.53	4.30	4.22	5.65		14.86%	<-IRR #YR->	10	CFPS 5 yr Running	299.64%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	8.29	5 yr	5.54	P/CF Med	10 yr	7.89	5 yr	4.84		-45.57%	Diff M/C		28.29%	<-IRR #YR->	5	CFPS 5 yr Running	247.45%
			-71.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	175.8								Shares
								-133.7	0.0	0.0	0.0	0.0	175.8								Shares
			-$133.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,780.0								Cash Flow
								-$461.0	$0.0	$0.0	$0.0	$0.0	$1,780.0								Cash Flow
			-$1.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.13								Cash Flow per Share
								-$3.45	$0.00	$0.00	$0.00	$0.00	$10.13								Cash Flow per Share
			-$1.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.17								CFPS 5 yr Running
								-$2.33	$0.00	$0.00	$0.00	$0.00	$7.17								CFPS 5 yr Running
			-$154.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,659.0								Cash Flow less WC
								-$572.0	$0.0	$0.0	$0.0	$0.0	$1,659.0								Cash Flow less WC
			-$114.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,193.8								CF less WC 5 Yr Run
								-$241.4	$0.0	$0.0	$0.0	$0.0	$1,193.8								CF less WC 5 Yr Run
			-$2.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.44								CFPS - Less WC
								-$4.28	$0.00	$0.00	$0.00	$0.00	$9.44								CFPS - Less WC
			-$1.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.32								CFPS 5 yr Running
								-$2.11	$0.00	$0.00	$0.00	$0.00	$7.32								CFPS 5 yr Running
Accounts receivable					$148.542	-$81.500	-$94.5	$43	-$112	$299	-$537	-$392	$152
Inventories					$28.578	-$43.600	-$34.1	$39	-$217	$147	-$475	-$266	-$20
Income taxes payable					-$3.303	-$9.300	-$2.3		55	-70	78	-41	4
Income taxes receivable												-7	-33
Prepaid expenses and other					-$4.157	$3.800	-$4.1	$17	-15	0	-37	-12	23
Accounts payable and accrued liabilitie					-$90.854	$133.900	$173.5	-$210	$284	-$192	$625	$568	$69
Deferred revenue					$4.145	$5.500	-$2.7		$9	-$4	$4	$11	-$16
Risk Mangement & Other													-$55
Chnge in other Liab and Assets								-$43	$49	-$15	$11	$3	-$3
Loss on disposal of property, plant and equipment					$1.253
Share incentive compensation
Change in risk management activitie					-$1.507
Change in other liabilities					-$0.900
Accretion on convertible debentures
Change in fair value of Redemption Options					$2.180
Accretion on asset retirement obligations					$2.831	$3.700	$6.6
Cash expenditures on asset retirement obligations					-$3.107
Net changes in non-cash working capital		-$1.910	-$22.464	$44.889
Sum		-$1.910	-$22.464	$44.889	$83.701	$12.500	$42.4	-$154	$53	$165	-$331	-$136	$121
Google -->TD 2017		-$3.35	-$21.53	$42.87	$84.28	$17.50	$42	-$111	$53	$165	-$331	-$136	$121
Difference		$1.44	-$0.93	$2.02	-$0.58	-$5.00	$0	-$43	$0	$0	$0	$0	$0
TD Says					$82	$10	$57	-$154
					$2	$3	-$15	$0
OPM	2.25%	3.30%	2.35%	2.27%	3.54%	2.64%	2.74%	3.19%	4.86%	6.67%	4.21%	3.74%	5.49%	4.82%				133.33%	<-Total Growth	10	OPM
Increase	1367.61%	46.56%	-28.75%	-3.26%	55.86%	-25.57%	3.84%	16.52%	52.28%	37.14%	-36.83%	-11.20%	46.69%	-12.16%					Should increase		or be stable.
Diff from Median	-38.2%	-9.4%	-35.5%	-37.6%	-2.7%	-27.6%	-24.8%	-12.4%	33.5%	83.0%	15.6%	2.7%	50.6%	32.3%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	3.64%	5 Yrs	4.86%					should be	zero, it is a		check on calculations
														$1,845	<-12 mths	-3.55%
Adjusted EBITDA		$200.4	$207.4	$183.2	$215.1	$253.5	$417.8	$887	$1,265	$967	$1,260	$1,620	$1,913	$1,944	$2,031	$2,108		822.37%	<-Total Growth	10	Adjusted EBITDA
Change			3.49%	-11.67%	17.41%	17.85%	64.81%	112.30%	42.62%	-23.56%	30.30%	28.57%	18.09%	1.62%	4.48%	3.79%		23.33%	<-Median->	10	Change
Margin		4.85%	3.66%	2.43%	3.41%	4.05%	4.37%	6.14%	6.86%	6.90%	5.87%	4.57%	5.89%	6.01%	6.36%	6.69%		5.22%	<-Median->	10	Margin
Long Term Debt		$153.54	$222.96	$452.25	$453.65	$836.50	$2,009.6	$2,259	$3,823	$3,861	$5,432	$6,799	$6,167	$6,599				2666.03%	<-Total Growth	10	Debt	Type
Change			45.21%	102.84%	0.31%	84.39%	140.24%	12.41%	69.23%	0.99%	40.69%	25.17%	-9.30%	7.01%				32.93%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio		0.12	0.17	0.25	0.21	0.31	0.57	0.49	0.54	0.64	1.01	1.29	0.82	0.99				0.56	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio		4.28	2.98	3.73	4.39	2.40	4.17	4.36	4.90	5.60	5.13	4.35	4.14	4.68				4.36	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)		1.13	1.67	2.64	2.03	5.06	7.67	4.90	4.26	4.13	6.01	5.13	3.46	4.23				4.58	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$119.38	$106.97	$127.01	$163.83	$192.61	$203.60	$718.9	$714	$965	$949	$1,083	$1,355	$1,186	$1,308				833.78%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$89.88	$91.14	$132.49	$179.07	$533.94	$560.40	$1,234.1	$1,305	$1,811	$1,864	$2,191	$2,484	$2,418	$2,470				1725.00%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$209.26	$198.11	$259.50	$342.90	$726.55	$764.0	$1,953.0	$2,019	$2,776	$2,813	$3,274	$3,839	$3,604	$3,778				1288.80%	<-Total Growth	10	Total
Change	-1.42%	-5.33%	30.99%	32.14%	111.88%	5.15%	155.63%	3.38%	37.49%	1.33%	16.39%	17.26%	-6.12%	4.83%				16.82%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.26	0.15	0.20	0.19	0.33	0.28	0.55	0.44	0.39	0.46	0.61	0.73	0.48	0.56				0.45	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$450.9	$428.1	$660.0	$787.2	$521.2	$1,157.2	$1,177.8	$1,178	$2,204	$1,878	$3,127	$4,574	$4,322	$4,161				554.84%	<-Total Growth	10	Current Assets
Current Liabilities	$228.4	$211.1	$423.4	$410.9	$414.4	$1,066.1	$1,297.7	$1,298	$1,896	$1,625	$2,253	$3,286	$3,351	$2,937				691.45%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	1.97	2.03	1.56	1.92	1.26	1.09	0.91	0.91	1.16	1.16	1.39	1.39	1.29	1.42				1.21	<-Median->	10	Ratio
Liq. with CF aft div	2.07	2.35	1.70	2.12	1.55	1.14	0.99	1.14	1.54	1.62	1.71	1.74	1.75	1.86				1.71	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.75	1.89	1.18	1.55	0.81	0.97	0.32	0.83	0.85	1.23	1.02	1.27	1.19	1.86				1.19	<-Median->	5	Ratio
Curr Long Term Debt	$5.0	$1.2	$3.6	$3.4	$3.4	$3.4	$3.4	$4	$115	$114	$124	$173	$191	$184
Liquidity Less CLTD	2.02	2.04	1.57	1.93	1.27	1.09	0.91	0.91	1.24	1.24	1.47	1.47	1.37	1.51				1.37	<-Median->	5	Ratio
Liq. with CF aft div	2.12	2.36	1.71	2.14	1.57	1.14	1.00	1.15	1.64	1.74	1.80	1.84	1.86	1.99				1.80	<-Median->	5	Ratio
Assets	$923.4	$903.5	$1,262.3	$1,531.8	$1,818.7	$2,561.5	$5,411.8	$5,661	$9,283	$9,094	$11,550	$14,288	$13,866	$13,757				998.45%	<-Total Growth	10	Assets
Liabilities	$637.3	$550.7	$825.4	$961.9	$1,006.0	$1,757.6	$3,766.9	$3,860	$6,974	$6,828	$9,218	$11,251	$10,685	$10,695				1194.52%	<-Total Growth	10	Liabilities
Debt Ratio	1.45	1.64	1.53	1.59	1.81	1.46	1.44	1.47	1.33	1.33	1.25	1.27	1.30	1.29				1.38	<-Median->	10	Ratio
Book Value	$286.2	$352.7	$436.9	$569.9	$812.6	$803.9	$1,644.9	$1,801	$2,309	$2,266	$2,332	$3,037	$3,181	$3,062
NCI	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$351	$351	$351	$206	$0	0
Net Book Value	$286.2	$352.7	$436.9	$569.9	$812.6	$803.9	$1,644.9	$1,801	$1,958	$1,915	$1,981	$2,831	$3,181	$3,062	$3,062	$3,062		628.05%	<-Total Growth	10	Book Value
Book Value per share	$4.45	$5.19	$6.09	$6.94	$8.66	$8.35	$12.53	$13.47	$13.21	$12.76	$12.85	$16.14	$18.10	$17.42	$17.42	$17.42		197.36%	<-Total Growth	10	Book Value per Share
Change	23.14%	16.69%	17.27%	14.03%	24.76%	-3.52%	50.06%	7.49%	-1.95%	-3.40%	0.68%	25.60%	12.14%	-3.74%	0.00%	0.00%		-19.41%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.39	3.08	2.96	2.92	2.72	3.07	2.23	2.70	3.14	2.70	3.02	1.99	2.01	2.45	0.02	0.00		2.71	P/B Ratio		Historical Median
P/B Ratio (Close)	2.85	3.65	3.03	3.13	2.69	3.37	2.14	2.55	3.61	3.16	2.71	1.86	2.36	2.19	2.19	3.05		11.51%	<-IRR #YR->	10	Book Value per Share	197.36%
Change	-10.31%	27.84%	-16.80%	3.22%	-14.13%	25.19%	-36.39%	19.16%	41.49%	-12.36%	-14.50%	-31.39%	27.13%	-7.33%	0.00%	39.48%		6.08%	<-IRR #YR->	5	Book Value per Share	34.31%
Leverage (A/BK)	3.23	2.56	2.89	2.69	2.24	3.19	3.29	3.14	4.74	4.75	5.83	5.05	4.36	4.49				3.82	<-Median->	10	A/BV
Debt/Equity Ratio	2.23	1.56	1.89	1.69	1.24	2.19	2.29	2.14	3.56	3.57	4.65	3.97	3.36	3.49				2.82	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	2.71	5 yr Med	2.70		-19.27%	Diff M/C		2.39	Historical	28	A/BV
			-$6.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.10
								-$13.47	$0.00	$0.00	$0.00	$0.00	$18.10
														$407	<-12 mths	-13.22%
Comprehensive Income	$43.92	$84.53	$92.28	$52.06	$55.07	$44.60	$74.30	$248	$370	$83	$107	$347	$469
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$21	$19	$21	$65	$0
Sharolders	$43.92	$84.53	$92.28	$52.06	$55.07	$44.60	$74.30	$248	$349	$64	$86	$282	$469					408.23%	<-Total Growth	10	Comprehensive Income
Increase	45.44%	92.49%	9.17%	-43.58%	5.78%	-19.01%	66.59%	233.78%	40.73%	-81.66%	34.38%	227.91%	66.31%					40.73%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$49.56	$50.32	$59.90	$60.60	$65.57	$65.71	$63.66	$95	$154	$156	$164	$206	$250					17.65%	<-IRR #YR->	10	Comprehensive Income	408.23%
ROE	15.3%	24.0%	21.1%	9.1%	6.8%	5.5%	4.5%	13.8%	17.8%	3.3%	4.3%	10.0%	14.7%					13.59%	<-IRR #YR->	5	Comprehensive Income	89.11%
5Yr Median	23.1%	23.1%	21.1%	15.7%	15.3%	9.1%	6.8%	6.8%	6.8%	5.5%	4.5%	10.0%	10.0%					15.36%	<-IRR #YR->	10	5 Yr Running Average	317.33%
% Difference from NI	0.0%	-0.4%	0.4%	4.4%	39.4%	-5.5%	-9.7%	20.4%	-8.6%	-22.0%	-11.3%	-9.0%	-0.4%					21.40%	<-IRR #YR->	5	5 Yr Running Average	163.69%
Median Values										Diff	5, 10 yr	-7.1%	-9.0%					10.0%	<-Median->	5	Return on Equity
			-$92.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$469.0
								-$248.0	$0.0	$0.0	$0.0	$0.0	$469.0
			-$59.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$250.0
								-$94.8	$0.0	$0.0	$0.0	$0.0	$250.0
Current Liability Coverage Ratio	0.47	0.66	0.37	0.31	0.34	0.14	0.17	0.44	0.45	0.47	0.55	0.44	0.50	0.53					CF less WC		CFO / Current Liabilities
5 year Median	0.61	0.61	0.47	0.37	0.37	0.34	0.31	0.31	0.34	0.44	0.45	0.45	0.47	0.50				0.47	<-Median->	5	Current Liability Cov Ratio
Current Liability Coverage Ratio	0.39	0.65	0.31	0.42	0.54	0.16	0.20	0.36	0.47	0.57	0.40	0.40	0.53	0.53							CFO / Current Liabilities
5 year Median	0.57	0.57	0.39	0.39	0.42	0.42	0.31	0.36	0.36	0.36	0.40	0.40	0.47	0.53				0.47	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	9.70%	15.10%	10.55%	11.18%	12.28%	6.45%	4.84%	8.14%	9.66%	10.27%	7.83%	9.28%	12.84%	11.33%							CFO / Total Assets
5 year Median	17.66%	15.10%	10.55%	10.55%	11.18%	11.18%	10.55%	8.14%	8.14%	8.14%	8.14%	9.28%	9.66%	10.27%				9.7%	<-Median->	5	Return on Assets
Return on Assets ROA	4.76%	9.39%	7.28%	3.26%	2.17%	1.84%	1.52%	3.64%	4.12%	0.90%	0.84%	2.17%	3.40%	3.59%				Net	Income/Assets		Return on Assets
5Yr Median	10.25%	9.39%	7.28%	4.76%	4.76%	3.26%	2.17%	2.17%	2.17%	1.84%	1.52%	2.17%	2.17%	2.17%				2.2%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	15.34%	24.06%	21.05%	8.75%	4.86%	5.87%	5.00%	11.44%	19.51%	4.28%	4.90%	10.95%	14.81%	16.12%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	23.15%	23.15%	21.05%	15.73%	15.34%	8.75%	5.87%	5.87%	5.87%	5.87%	5.00%	10.95%	10.95%	10.95%				7.3%	<-Median->	10	Return on Equity
														$389	<-12 mths	-17.41%
Net Income	$43.92	$84.85	$91.96	$49.88	$39.50	$47.20	$82.3	$206	$414	$112	$126	$346	$471
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0	$0	$32	$30	$29	$36	$0
Shareholders	$43.92	$84.85	$91.96	$49.88	$39.50	$47.20	$82	$206	$382	$82	$97	$310	$471	$494	$615			412.20%	<-Total Growth	10	Net Income
Increase	45.44%	93.22%	8.37%	-45.76%	-20.81%	19.50%	74.36%	150.30%	85.44%	-78.53%	18.29%	219.59%	51.94%	4.80%	24.62%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$49.6	$50.4	$59.9	$60.2	$62.0	$62.7	$62.2	$85	$151	$160	$170	$215	$268	$290.7	$397.3			17.75%	<-IRR #YR->	10	Net Income	412.20%
Operating Cash Flow	$89.6	$136.4	$133.1	$171.2	$223.3	$165.3	$261.9	$461.0	$897.0	$934.0	$904.0	$1,326.0	$1,780.0					17.99%	<-IRR #YR->	5	Net Income	128.64%
Investment Cash Flow	-$42.6	-$51.3	-$184.6	-$149.8	-$377.7	-$191.1	-$2,783.9	-$494	-$1,547	-$515	-$1,513	-$1,227	-$1,573					16.18%	<-IRR #YR->	10	5 Yr Running Average	348.04%
Total Accruals	-$3.1	-$0.2	$143.4	$28.5	$193.9	$73.0	$2,604.3	$239	$1,032	-$337	$706	$211	$264					25.86%	<-IRR #YR->	5	5 Yr Running Average	215.86%
Total Assets	$923.4	$903.5	$1,262.3	$1,531.8	$1,818.7	$2,561.5	$5,411.8	$5,661	$9,283	$9,094	$11,550	$14,288	$13,866						Balance Sheet		Assets
Accruals Ratio	-0.34%	-0.02%	11.36%	1.86%	10.66%	2.85%	48.12%	4.22%	11.12%	-3.71%	6.11%	1.48%	1.90%					1.90%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.44	0.59	0.58	0.42	0.30	0.32	0.41	0.36	0.45	0.11	0.08	0.23	0.28					0.31	<-Median->	10	EPS/CF Ratio
			-$92	$0	$0	$0	$0	$0	$0	$0	$0	$0	$471
								-$206	$0	$0	$0	$0	$471
			-$60	$0	$0	$0	$0	$0	$0	$0	$0	$0	$268
								-$85	$0	$0	$0	$0	$268
Change in Close	10.44%	49.17%	-2.43%	17.70%	7.13%	20.78%	-4.55%	28.08%	38.73%	-15.34%	-13.91%	-13.83%	42.56%	-10.79%	0.00%	39.48%			Count	29	Years of data
up/down	down			down		down		down		down		down							Count	13	44.83%
Meet Prediction?										yes		yes						% right	Count	5	38.46%
Financial Cash Flow	-$37.6	-$98.3	$45.0	$168.9	-$23.7	$28.8	$2,519.0	$49	$879	-$367	$655	$276	-$1,573						C F Statement		Financial CF
Total Accruals	$34.5	$98.1	$98.4	-$140.3	$217.5	$44.2	$85.3	$190	$153	$30	$51	-$65	$1,837								Accruals
Accruals Ratio	3.74%	10.86%	7.79%	-9.16%	11.96%	1.73%	1.58%	3.36%	1.65%	0.33%	0.44%	-0.45%	13.25%					0.44%	<-Median->	5	Ratio
Cash	$27.9	$14.7	$8.3	$199.1	$21.7	$25.6	$22.5	$40	$257	$296	$326	$716	$387	$393							Cash
Cash per Share	$0.43	$0.22	$0.12	$2.43	$0.23	$0.27	$0.17	$0	$2	$2	$2	$4	$2	$2.24				$2.11	<-Median->	5	Cash per Share
Percentage of Stock Price	3.42%	1.14%	0.62%	11.15%	0.99%	0.95%	0.64%	0.87%	3.63%	4.88%	6.08%	13.62%	5.15%	5.87%				5.15%	<-Median->	5	% of Stock Price
Notes:
June 22, 2024.  Last estimates were for 2023, 2024 and 2025 of $33765M, $34207M, $32356M Revenue, 4.11, $4.46, $4.91 DCF, $2.51, $2.91, $3.15 AEPS,
$2.63, $2.91, $3.14 EPS, $1.36, $1.39, $1.43 Dividend, $805M, $799M, $789M FCF, $7.38, $6.91, $7.50 CFPS, $458M, $523M, $563M Net Income.
June 18, 2023.  Last estimates were for 2022, 2023 and 2024 of $28380M, $29395M and $28085M for Revenue, $5.22, $5.00 and $5.31 for ADCF, $2.47, $3.34, $3.13 for AEPS,
$2.35, $3.12 and $3.18 for EPS, $1.28, $1.30 and $1.31 for dividends, $682M, $660M and $744M for FCF, $7.75. $7.54 and $8.72 for CFPS, $370M, $496M and $499M for Net Income.
June 24, 2022.  Last estimates were for 2021, 2022 and 2023 of $17466M, $18571M and $21689M for Revenue, $1.78, $2.64 and $3.13 for EPS,
$1.23, $1.24 and $1.26 for Dividends, $510M, $466M and $767M for FCF, $6.41, $7.12 and $6.88 for CFPS, and $272M, $402M and $480M for Net Income.
June 20, 2021.  Last estimates were for 2020, 2021 and 2022 of $16272M, $18183M and $17753M for Revenue, -$0.27, $1.38 and $1.96 for EPS,
$1.20, $1.21 and $1.24 for Dividends, $431M, $350M and $455M for FCF, $3.50, $4.47 and $5.16 for CFPS and -$18M, $226M and $330M for Net Income.
June 23, 2019.  Last etimates wee for 2018, 2019 and 2020 of $13583M, $13830M and $14037M for Revenue, $1.08, $1.64 and $1.89 for EPS,
$3.15 and $3.26 for CFPS for 2018 and 2019 and $144M and $222M for Net Income for 2018 and 2019.
June 20, 2018.  Last estimates were for 2017, 2018 and 2019 of $8891M, $13314M and $13580M for Revenue, $0.74, $1.04 and $1.95 for EPS, $1.78, $2.38 and $3.04 for CFPS
and $65.6M, $125M and $261M for Net Income.
June 18, 2017.  Last estimates were for 2016 and 2017 of $7182M and $8447M for Revenue, $0.94 and $1.04 for EPS, $1.72 and $1.86 for CFPS and $87.2M and $102M for Net Income.
June 18, 2016.  Last estimates were for 2015, 2016 and 2017 of $7751M, $9430M and $9488M for Revenue, $0.81, $0.98 and $0.85 for EPS, $1.75, $1.98 and $1.77 for CFPS,
$68.8M, $86.5M and $83.1M for Net Income.
June 27, 2015.  Last estimates were for 2014, 2015 aad 2016 of $7488M, $8014M and $12929M for Revenue, $1.03, 1.32 and $1.28 for EPS. $1.76 and $2.05 for CFPS for 2014 and 2015,
$80.7M and $98.3M for net income for 2014 and 2015.
On December 31, 2010 Parkland Income Fund converted to the corporate entity Parkland Fuel Corporation and became taxable as a corporation.
On May 4, 2007, the Parkland Board of Directors approved a division of the trust units of the Fund on a three for one basis.  Parkland Income Fund established on April 30, 2002.
The Fund was created to acquire the fuel marketing, convenience store and related ancillary businesses formerly owned by Parkland Industries Ltd.
This acquisition was completed on June 28, 2002 through a Plan of Arrangement that resulted in the previous Parkland Industries Ltd. shareholders indirectly exchanging
their shares for Units in the Fund or Class B Limited Partnership Units in Parkland Holdings Limited Partnership (“LP Units”), a limited partnership controlled by the Fund.
Effective June 28, 2002, Parkland Industries ltd shares where exhanged for two Fund Unit Shares for an effective 2 for 1 split.
Shares of Parkland Industries were exchanged from Fund Units or Class B Shares.
1977.  In 1977, Jack Donald pivoted the company from cattle to fuel retailing.
Sector:
Services, Industrial
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
I decided to do a spreadsheet on this stock as it was a stock recommended by Roger Conrad in Money Show 2013.
Dividends
Dividends are now paid Quarterly, Cycle 1.
The dividends are payable monthly.  Dividends are declared for shareholders of record of one month and payable in the next month.
For example, the dividend pyable on 14 February 2014 is for shareholders f record of 22 January 2014.
How they make their money.
Parkland Corp is a fuel distributor, marketer, and convenience retailer, with operations in 26 countries across the Americas. Parkland delivers refined fuels, propane, a
nd other high-quality petroleum products to motorists, businesses, consumers, and wholesale customers across the Americas. The company's lines of business are:
Retail and convenience and food stores; Commercial; Refining; and Corporate.
Daily Buy and Sell Advisor of October 23, 2013.
Parkland Fuel Corp.  (PKI-TSX, $18.33)  is our smallest capitalized stock in the ValueTrend portfolio. But the company has a solid business, given that it's Canada's premier distributor of heating fuel.
Parkland also owns a few convenience stores and gas stations. With a great chart pattern, as well as a six per cent dividend yield, Parkland is now an attractive buy.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Jun 18	2017	Jun 20	2018	Jun 23	2019	Jun 21	2020	Jun 20	2021	Jun 25	2022	Jun 18	2023			Jun 22	2024
Espey, Robert Berthold	0.14%	0.147	0.11%	0.160	0.12%	0.456	0.31%	0.512	0.34%	0.562	0.36%	0.687	0.39%	0.696	0.40%			0.744	0.42%			6.85%
CEO - Shares - Amount	$3.675		$3.951		$5.495		$21.743		$20.683		$19.543		$20.576		$29.742				$28.350
Options - percentage	1.15%	1.236	0.94%	1.367	1.02%	1.072	0.72%	1.107	0.74%	1.095	0.71%	1.137	0.65%	1.269	0.72%			1.174	0.67%			-7.48%
Options - amount	$31.166		$33.200		$47.012		$51.135		$44.722		$38.056		$34.069		$54.182				$44.718
Teunissen, Marcel										0.000	0.00%	0.006	0.00%	0.017	0.01%			0.039	0.02%			133.87%
CFO - Shares - Amount											$0.000		$0.167		$0.714				$1.489
Options - percentage										0.068	0.04%	0.130	0.07%	0.205	0.12%			0.237	0.14%			16.01%
Options - amount											$2.358		$3.896		$8.744				$9.049
Smart, Darren Robert								0.017	0.01%	0.025	0.02%	0.029	0.02%	0.033	0.02%			0.045	0.03%		Was CFO, now VP	36.43%
Officer- Shares - Amount									$0.678		$0.876		$0.856		$1.395				$1.698
Options - percentage								0.285	0.19%	0.279	0.18%	0.291	0.17%	0.315	0.18%			0.263	0.15%			-16.58%
Options - amount									$11.519		$9.701		$8.725		$13.447				$10.007
McMillan, Michael Stanley Howie	0.02%	0.021	0.02%	0.028	0.02%	0.040	0.03%
CFO - Shares - Amount	$0.486		$0.562		$0.979		$1.907
Options - percentage	0.22%	0.279	0.21%	0.332	0.25%	0.346	0.23%
Options - amount	$5.987		$7.504		$11.407		$16.516
Elliot Christy												0.008	0.00%	0.014	0.01%						Ceased insider Jun 2023
Officer - Shares - Amount													$0.253		$0.577
Options - percentage												0.123	0.07%	0.163	0.09%
Options - amount													$3.689		$6.953
Haugh, Douglas Scott						0.011	0.01%	0.008	0.01%	0.015	0.01%	0.018	0.01%								ceased insider Nov 2022
Officer - Shares - Amount							$0.525		$0.331		$0.533		$0.537
Options - percentage						0.202	0.14%	0.266	0.18%	0.296	0.19%	0.351	0.20%
Options - amount							$9.657		$10.745		$10.290		$10.523
Puglises, Ferio														0.013	0.01%			0.021	0.01%			53.77%
Officer - Shares - Amount															$0.574				$0.787
Options - percentage														0.138	0.08%			0.150	0.09%			8.55%
Options - amount															$5.905				$5.718
Sanker, Donna Lynn														0.008	0.00%			0.018	0.01%			137.83%
Officer - Shares - Amount															$0.330				$0.701
Options - percentage														0.194	0.11%			0.206	0.12%			6.49%
Options - amount															$8.275				$7.862
Hogarth, Timothy												0.271	0.15%	0.271	0.15%			0.271	0.15%			-0.10%
Director - Shares - Amount													$8.105		$11.566				$10.307
Options - percentage												0.022	0.01%	0.029	0.02%			0.032	0.02%			11.58%
Options - amount													$0.646		$1.241				$1.235
Bechtold, John Frederick	0.05%	0.051	0.04%	0.053	0.04%	0.053	0.04%	0.047	0.03%	0.047	0.03%	0.047	0.03%								Ceased insider May 2023
Director - Shares - Amount	$1.437		$1.37		$1.826		$2.533		$1.898		$1.634		$1.408
Options - percentage	0.03%	0.028	0.02%	0.032	0.02%	0.035	0.02%	0.038	0.03%	0.043	0.03%	0.045	0.03%
Options - amount	$0.687		$0.75		$1.102		$1.648		$1.515		$1.498		$1.335
Colnett, Lisa														0.002	0.00%			0.000	0.00%			-84.03%
Director - Shares - Amount															$0.086				$0.012
Options - percentage														0.034	0.02%			0.038	0.02%			10.30%
Options - amount															$1.458				$1.434
Richardson, Steven														0.006	0.00%			0.006	0.00%			-3.13%
Chairman - Shares - Amt															$0.251				$0.217
Options - percentage														0.021	0.01%			0.028	0.02%			32.21%
Options - amount															$0.892				$1.052
Pantelidis, James	0.29%	0.283	0.22%	0.292	0.22%	0.296	0.20%	0.299	0.20%	0.319	0.21%	0.326	0.19%	0.387	0.22%						Ceased insider Jul 2023
Chairman - Shares - Amt	$7.823		$7.603		$10.049		$14.131		$12.062		$11.095		$9.771		$16.539
Options - percentage	0.07%	0.079	0.06%	0.089	0.07%	0.094	0.06%	0.100	0.07%	0.113	0.07%	0.117	0.07%	0.135	0.08%
Options - amount	$2.009		$2.127		$3.061		$4.485		$4.027		$3.932		$3.502		$5.747
Increase in O/S Shares	0.65%	0.445	0.46%	0.310	0.24%	0.895	0.67%	0.782	0.53%	0.550	0.37%	0.558	0.36%	0.549	0.31%			0.936	0.53%
due to SO	$14.207		$12.518		$8.324		$30.779		$37.309		$22.215		$19.402		$16.448				$39.977
Book Value	$11.082		$7.800		$11.100		$70.000		$11.000		$11.000		$13.000		$16.000				$31.000
Insider Buying	-$0.487		-$0.049		-$0.493		-$0.151		-$0.152		-$0.040		-$0.270		-$2.151				-$0.197
Insider Selling	$0.782		$1.332		$0.846		$2.033		$5.858		$3.654		$4.537		$1.648				$17.648
Net Insider Selling	$0.295		$1.283		$0.353		$1.882		$5.706		$3.614		$4.268		-$0.503				$17.451
% of Market Cap	0.01%		0.04%		0.01%		0.03%		0.09%		0.07%		0.08%		-0.01%				0.26%
Directors		8		9		9		9		9		10		10				10
Women	14%	2	25%	2	22%	2	22%	2	22%	2	22%	3	30%	3	30%			4	40%
Minorities	0%	0	0%	1	11%	1	11%	1	11%	1	11%	1	10%	1	10%			1	10%
Institutions/Holdings	35.99%	98	28.22%	112	28.22%			20	21.88%	20	23.84%	20	26.21%	20	24.11%			20	23.10%
Total Shares Held	35.54%	34.033	25.93%	54.858	41.04%			32.229	21.48%	35.860	23.26%	40.735	23.22%	42.311	24.07%			40.351	22.96%
Increase/Decrease	6.68%	1.304	3.98%	0.323	0.59%			-1.174	-3.51%	1.871	5.50%	-2.843	-6.52%	0.984	2.38%			2.901	7.75%
Starting No. of Shares		32.729		54.535				33.403	Top 10 MS	33.989	Top 10 MS	43.578	Top 10 MS	41.328	Top 10 MS			37.450	Top 10 MS
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