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 2025				https://www.annualreports.com/Company/Power-Corporation
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Power Corp of Canada				TSX:	POW	OTC:	PWCDF	https://www.powercorporation.com/en/				Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date
Split
Assets Under Management (Bil)	$516	$642	$713	$785	$797	$854	$854	$941	$1,142	$1,237	$1,243	$1,321	$1,316					84.57%	<-Total Growth	10	AUM (Bil)
Change		24.42%	11.06%	10.10%	1.53%	7.15%	0.00%	10.19%	21.36%	8.32%	0.49%	6.28%	-0.38%					6.32%	<-IRR #YR->	10	AUM (Bil)
AUM per Share	$112.17	$139.49	$154.50	$169.47	$172.02	$183.93	$183.28	$220.65	$168.62	$182.82	$186.33	$202.53	$204.09					6.94%	<-IRR #YR->	5	AUM (Bil)
Change		24.35%	10.76%	9.69%	1.51%	6.93%	-0.36%	20.39%	-23.58%	8.42%	1.92%	8.69%	0.77%					2.82%	<-IRR #YR->	10	AUM per Share
																		-1.55%	<-IRR #YR->	5	AUM per Share
			-$713	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,316
								-$941	$0	$0	$0	$0	$1,316
			-$154	$0	$0	$0	$0	$0	$0	$0	$0	$0	$204
								-$221	$0	$0	$0	$0	$204
Assets Under Admin (Bil)	$546	$758	$1,219	$1,361	$1,404	$1,521	$1,565	$1,823	$2,195	$2,549	$2,748	$3,108	$3,599					195.24%	<-Total Growth	10	AUA (Bil)
Change		38.83%	60.82%	11.65%	3.16%	8.33%	2.89%	16.49%	20.41%	16.13%	7.81%	13.10%	15.80%					11.43%	<-IRR #YR->	10	AUA (Bil)
AUM per Share	$118.70	$164.69	$264.14	$293.81	$303.03	$327.59	$335.87	$427.46	$324.11	$376.73	$411.94	$476.51	$558.15					14.57%	<-IRR #YR->	5	AUA (Bil)
Change		38.75%	60.39%	11.23%	3.14%	8.10%	2.53%	27.27%	-24.18%	16.24%	9.35%	15.67%	17.13%					7.77%	<-IRR #YR->	10	AUA per Share
																		5.48%	<-IRR #YR->	5	AUA per Share
			-$1,219	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,599
								-$1,823	$0	$0	$0	$0	$3,599
			-$264	$0	$0	$0	$0	$0	$0	$0	$0	$0	$558
								-$427	$0	$0	$0	$0	$558
										orig -->	$52,795
Total Net Premiums (Premiums Rec)	$18,820	$20,236	$21,222	$24,501	$31,125	$33,880	$35,440	$24,489	$42,999	$52,791	$30,502	$30,906	$35,406					66.84%	<-Total Growth	10	Total Net Premiums	prem Rec
Investment Income	$5,727	$5,726	$6,181	$6,882	$6,479	$6,636	$6,673	$6,455	$6,354	$7,101	$8,165	$9,195	$10,360					64.00%	<-Total Growth	10	Investment Income	IFRS changed the rules
Fee and Other Revenue	$5,724	$6,654	$7,701	$9,290	$8,895	$9,408	$9,589	$10,910	$1,423	$11,524	$11,651	$10,197	$11,804					5.07%	<-IRR #YR->	10	Revenue
Total	$30,271	$32,616	$35,104	$40,673	$46,499	$49,924	$51,702	$41,854	$50,776	$71,416	$50,318	$50,298	$57,570					6.58%	<-IRR #YR->	5	Revenue
Change	5.26%	7.75%	7.63%	15.86%	14.32%	7.37%	3.56%	-19.05%	21.32%	40.65%	-29.54%	-0.04%	14.46%					1.61%	<-IRR #YR->	10	Revenue per Share
Revenue per Share	$65.81	$70.87	$76.07	$87.80	$100.36	$107.53	$110.96	$98.14	$74.97	$105.55	$75.43	$77.11	$89.28					-1.87%	<-IRR #YR->	5	Revenue per Share
Increase	5.24%	7.69%	7.34%	15.43%	14.30%	7.14%	3.19%	-11.55%	-23.61%	40.78%	-28.54%	2.23%	15.78%
			-$35,104	$0	$0	$0	$0	$0	$0	$0	$0	$0	$57,570
								-$41,854	$0	$0	$0	$0	$57,570
			-$76	$0	$0	$0	$0	$0	$0	$0	$0	$0	$89
								-$98	$0	$0	$0	$0	$89
														$48,623	<-12 mths	7.44%			Estimates		Q1 2022-2023
Revenue*	$32,921	$29,642	$42,629	$38,265	$50,750	$51,253	$48,098	$48,841	$64,616	$69,561	$48,695	$46,428	$45,255	$73,320	$75,499	$78,074		6.16%	<-Total Growth	10	Revenue
Increase	0.03%	-9.96%	43.81%	-10.24%	32.63%	0.99%	-6.16%	1.54%	32.30%	7.65%	-30.00%	-4.66%	-2.53%	62.02%	2.97%	3.41%		0.60%	<-IRR #YR->	10	Revenue	6.16%
5 year Running Average	$33,796	$32,305	$34,200	$35,274	$38,841	$42,508	$46,199	$47,441	$52,712	$56,474	$55,962	$55,628	$54,911	$56,652	$57,839	$63,715		-1.51%	<-IRR #YR->	5	Revenue	-7.34%
Revenue per Share	$71.57	$64.40	$92.37	$82.61	$109.54	$110.39	$103.22	$114.52	$95.41	$102.81	$73.00	$71.18	$70.18	$113.71	$117.09	$121.08		4.85%	<-IRR #YR->	10	5 yr Running Average	60.56%
Increase	0.01%	-10.01%	43.43%	-10.57%	32.60%	0.78%	-6.49%	10.95%	-16.69%	7.75%	-29.00%	-2.49%	-1.40%	62.02%	2.97%	3.41%		2.97%	<-IRR #YR->	5	5 yr Running Average	15.74%
5 year Running Average	$73.73	$70.35	$74.33	$76.50	$84.10	$91.86	$99.63	$104.06	$106.62	$105.27	$97.79	$91.38	$82.52	$86.18	$89.03	$98.65		-2.71%	<-IRR #YR->	10	Revenue per Share	-24.02%
P/S (Price/Sales) Med	0.34	0.45	0.33	0.37	0.26	0.28	0.27	0.26	0.27	0.36	0.50	0.50	0.60	0.44	0.00	0.00		-9.33%	<-IRR #YR->	5	Revenue per Share	-38.72%
P/S (Price/Sales) Close	0.35	0.50	0.34	0.35	0.27	0.29	0.24	0.29	0.31	0.41	0.44	0.53	0.64	0.44	0.43	0.42		1.05%	<-IRR #YR->	10	5 yr Running Average	11.02%
*Revenue in M CDN $					P/S Med	20 yr	0.36	15 yr	0.35	10 yr	0.33	5 yr	0.44		35.53%	Diff M/C		-4.53%	<-IRR #YR->	5	5 yr Running Average	-20.70%
Total Revenue
			-$42,629	$0	$0	$0	$0	$0	$0	$0	$0	$0	$45,255
								-$48,841	$0	$0	$0	$0	$45,255
			-$34,200	$0	$0	$0	$0	$0	$0	$0	$0	$0	$54,911
								-$47,441	$0	$0	$0	$0	$54,911
			-$92.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$70.18
								-$114.52	$0.00	$0.00	$0.00	$0.00	$70.18
			-$74.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$82.52
								-$104.06	$0.00	$0.00	$0.00	$0.00	$82.52
														$3,244	<-12 mths	9.19%			Estimates		Last 12 months from Qtr	TD bank (Cowen)
														$4.68	<-12 mths	2.18%			Estimates		last 12 months from Qtr.	P 104 2022
														46.55%	44.97%				Estimates		Payout Ratio EPS
Adjusted Net Earnings	$832	$977	$1,275	$1,573	$1,203	$1,560	$1,438	$1,275	$1,943	$3,230	$1,915	$2,959	$2,971	$3,444	$3,707			133.02%	<-Total Growth	10	Adjusted Net Earnings
Return on Equity ROE	8.24%	9.26%	10.64%	11.21%	8.68%	10.67%	9.51%	9.00%	8.75%	13.27%	7.97%	13.36%	11.95%					10.09%	<-Median->	10	Return on Equity ROE
5Yr Median	8.24%	9.26%	10.64%	10.64%	9.26%	10.64%	10.64%	9.51%	9.00%	9.51%	9.00%	9.00%	11.95%					9.51%	<-Median->	10	5 Yr Median
Basic	$1.81	$2.12	$2.77	$3.40	$2.60	$3.36	$3.09	$2.91	$3.00	$4.77	$2.86	$4.47	$4.58
Diluted	$1.81	$2.12	$2.76	$3.39	$2.59	$3.35	$3.09	$2.91	$3.00	$4.74	$2.84	$4.46	$4.56
AEPS Basic (EPS to AEPS)	$1.81	$2.12	$2.77	$3.40	$2.59	$3.36	$3.09	$2.92	$3.00	$4.77	$2.85	$4.47	$4.58	$5.19	$5.63	$5.27		65.34%	<-Total Growth	10	AEPS
Increase	-22.65%	17.13%	30.66%	22.74%	-23.82%	29.73%	-8.04%	-5.50%	2.74%	59.00%	-40.25%	56.84%	2.46%	13.32%	8.48%	-6.39%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	7.13%	6.64%	8.72%	11.75%	8.62%	10.38%	12.60%	8.73%	10.26%	11.41%	8.95%	11.80%	10.21%	10.26%	11.13%	10.42%		5.16%	<-IRR #YR->	10	AEPS	65.34%
5 year Running Average	$1.85	$1.91	$2.19	$2.49	$2.54	$2.85	$3.04	$3.07	$2.99	$3.43	$3.33	$3.60	$3.93	$4.37	$4.54	$5.03		9.42%	<-IRR #YR->	5	AEPS	56.85%
Payout Ratio	64.09%	54.72%	41.88%	35.99%	50.82%	41.98%	48.69%	54.69%	58.25%	37.53%	69.47%	46.31%	48.30%	46.24%	43.52%	46.49%		6.05%	<-IRR #YR->	10	5 yr Running Average	79.96%
5 year Running Average	63.86%	62.52%	54.33%	49.25%	49.50%	45.08%	43.87%	46.43%	50.89%	48.23%	53.73%	53.25%	51.97%	49.57%	50.77%	46.17%		5.07%	<-IRR #YR->	5	5 yr Running Average	28.06%
Price/AEPS Median	13.64	13.67	11.00	9.08	11.16	9.21	9.08	10.08	8.71	7.71	12.90	8.01	9.15	9.60	0.00	0.00		9.11	<-Median->	10	Price/AEPS Median
Price/AEPS High	15.11	15.39	11.82	10.17	11.98	9.90	10.54	11.79	11.54	9.19	15.10	8.68	10.41	10.05	0.00	0.00		10.47	<-Median->	10	Price/AEPS High	adjusted and net earnings per share
Price/AEPS Low	12.16	11.95	10.18	7.99	10.34	8.53	7.63	8.38	5.87	6.23	10.71	7.33	7.89	9.15	0.00	0.00		7.94	<-Median->	10	Price/AEPS Low
Price/AEPS Close	14.02	15.07	11.47	8.51	11.60	9.63	7.94	11.46	9.74	8.76	11.18	8.48	9.79	9.75	8.99	9.60		9.69	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	10.85	17.65	14.98	10.45	8.84	12.50	7.30	10.83	10.01	13.93	6.68	13.29	10.03	11.05	9.75	8.99		10.24	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	10.88	11.90	9.58	11.32	P/CF	5 Yrs	in order	8.71	10.41	7.33	9.74		12.00%	Diff M/C					DPR 75% to 95% best
* Adjusted Net Earnings
			-$2.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.58
								-$2.92	$0.00	$0.00	$0.00	$0.00	$4.58
			-$2.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.93
								-$3.07	$0.00	$0.00	$0.00	$0.00	$3.93
														$4.16	<-12 mths	-0.72%			Estimates		last 12 months from Qtr.
Difference Basic and Diluted	1.10%	1.89%	0.72%	0.52%	0.43%	0.36%	0.36%	0.00%	0.00%	0.93%	1.75%	0.60%	0.95%					0.47%	<-Median->	2	Difference Basic and Diluted
pre-split '04								$2.26	<-12 mths	-18.12%
EPS Basic	$1.81	$2.12	$2.77	$3.86	$2.33	$2.77	$2.77	$2.53	$3.08	$4.31	$2.85	$3.32	$4.23					52.71%	<-Total Growth	10	EPS Basic
pre-split '98
pre-split '04
EPS Diluted*	$1.79	$2.08	$2.75	$3.84	$2.32	$2.76	$2.76	$2.53	$3.08	$4.27	$2.80	$3.30	$4.19	$5.44	$5.73			52.36%	<-Total Growth	10	EPS Diluted
Increase	-22.84%	16.20%	32.21%	39.64%	-39.58%	18.97%	0.00%	-8.33%	21.74%	38.64%	-34.43%	17.86%	26.97%	29.71%	5.43%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	7.1%	6.5%	8.7%	13.3%	7.7%	8.5%	11.3%	7.6%	10.5%	10.2%	8.8%	8.7%	9.3%	10.7%	11.3%			4.30%	<-IRR #YR->	10	Earnings per Share	52.36%
5 year Running Average	$1.84	$1.90	$2.17	$2.56	$2.56	$2.75	$2.89	$2.84	$2.69	$3.08	$3.09	$3.20	$3.53	$4.00	$4.29			10.62%	<-IRR #YR->	5	Earnings per Share	65.61%
10 year Running Average	$2.23	$2.16	$2.24	$2.39	$2.33	$2.30	$2.39	$2.50	$2.62	$2.82	$2.92	$3.04	$3.19	$3.34	$3.69			5.00%	<-IRR #YR->	10	5 yr Running Average	62.88%
* Diluted ESP per share									E/P	10 Yrs	9.07%	5Yrs	9.34%					4.42%	<-IRR #YR->	5	5 yr Running Average	24.14%
			-$2.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.19
								-$2.53	$0.00	$0.00	$0.00	$0.00	$4.19
			-$2.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.53
								-$2.84	$0.00	$0.00	$0.00	$0.00	$3.53
Dividend*														$2.42	$2.53				Estimates		Dividend*
Increase														9.22%	4.80%				Estimates		Increase
Payout Ratio EPS														44.45%	44.19%				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
pre-split '98
pre-split '04
Dividend*	$1.16	$1.16	$1.16	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$2.21	$2.40	$2.45	$2.45		90.69%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	5.50%	7.56%	7.16%	6.66%	6.15%	9.42%	2.43%	10.61%	4.55%	6.86%	8.50%	2.08%	0.00%		28	0	37	Years of data, Count P, N	75.68%
Average Increases 5 Year Running	5.00%	0.88%	0.00%	1.10%	2.61%	4.04%	5.38%	6.61%	7.39%	6.37%	7.06%	6.63%	6.78%	6.59%	6.52%	4.40%		6.49%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.15	$1.16	$1.16	$1.17	$1.20	$1.25	$1.32	$1.41	$1.52	$1.61	$1.72	$1.84	$1.96	$2.09	$2.22	$2.32		68.96%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.70%	4.00%	3.81%	3.97%	4.55%	4.56%	5.36%	5.42%	6.69%	4.86%	5.38%	5.78%	5.28%	4.82%				5.32%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.24%	3.56%	3.54%	3.54%	4.24%	4.24%	4.62%	4.64%	5.05%	4.08%	4.60%	5.33%	4.64%	4.60%				4.61%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.27%	4.58%	4.11%	4.51%	4.92%	4.92%	6.38%	6.53%	9.92%	6.02%	6.49%	6.31%	6.12%	5.05%				6.22%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.57%	3.63%	3.65%	4.23%	4.38%	4.36%	6.13%	4.77%	5.98%	4.28%	6.22%	5.46%	4.93%	4.74%	4.84%	4.84%		4.85%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	64.80%	55.77%	42.18%	31.87%	56.73%	51.11%	54.51%	63.12%	56.74%	41.92%	70.71%	62.73%	52.79%	44.16%	42.76%	#DIV/0!		55.62%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	62.51%	61.18%	53.55%	45.88%	47.10%	45.60%	45.84%	49.63%	56.33%	52.27%	55.82%	57.47%	55.55%	52.27%	51.79%	#DIV/0!		50.95%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	10.19%	9.60%	8.93%	10.07%	9.05%	9.50%	9.85%	10.29%	11.72%	10.96%	31.05%	22.76%	23.96%	29.14%				10.62%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	10.15%	9.78%	9.27%	9.71%	9.53%	9.41%	9.48%	9.75%	10.09%	10.47%	12.60%	14.75%	17.51%	21.21%				9.92%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	9.44%	8.92%	8.06%	9.18%	8.49%	8.88%	9.07%	9.60%	11.12%	10.47%	3.67%	-120.98%	30.91%	38.95%				9.13%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	9.62%	8.98%	8.84%	9.04%	8.79%	8.70%	8.74%	9.05%	9.43%	9.82%	7.18%	9.03%	10.63%	12.65%				9.04%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.32%	4.85%	5 Yr Med	5 Yr Cl	5.38%	5.46%	5 Yr Med	Payout	56.74%	22.76%	10.47%					6.73%	<-IRR #YR->	5	Dividends	38.51%
* Dividends per share	10 Yr Med	and Cur.	-9.00%	-0.24%	5 Yr Med	and Cur.	-10.07%	-11.37%	Last Div Inc --->		$0.5625	$0.6125	8.89%					6.67%	<-IRR #YR->	10	Dividends	90.69%
Dividends Growth 15																		4.40%	<-IRR #YR->	15	Dividends	90.69%
Dividends Growth 20																		7.18%	<-IRR #YR->	20	Dividends	299.91%
Dividends Growth 25																		9.22%	<-IRR #YR->	25	Dividends	807.49%
Dividends Growth 30																		10.20%	<-IRR #YR->	30	Dividends	1743.33%
Dividends Growth 35																		10.15%	<-IRR #YR->	35	Dividends	2849.33%
Dividends Growth 40																		9.58%	<-IRR #YR->	37	Dividends
Dividends Growth 5								-$1.60	$0.00	$0.00	$0.00	$0.00	$2.21								Dividends Growth 5
Dividends Growth 10			-$1.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.21								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	$2.21								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	$2.21								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	$2.21								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	$2.21								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	$2.21								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.21								Dividends Growth 40
Historical Dividends	Historical	High Div	6.50%	Low Div	1.57%	10 Yr High	9.58%	10 Yr Low	3.59%	Med Div	2.74%	Close Div	2.61%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-25.51%		208.40%	Exp.	-49.46%		34.87%	Cheap	76.71%	Cheap	85.20%								High/Ave/Median
Future Dividend Yield					Div Yd	6.71%	earning in	5.00	Years	at IRR of	6.73%	Div Inc.	38.51%								Future Dividend Yield
Future Dividend Yield					Div Yd	9.29%	earning in	10.00	Years	at IRR of	6.73%	Div Inc.	91.85%								Future Dividend Yield
Future Dividend Yield					Div Yd	12.87%	earning in	15.00	Years	at IRR of	6.73%	Div Inc.	165.73%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.39	earning in	5	Years	at IRR of	6.73%	Div Inc.	38.51%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.70	earning in	10	Years	at IRR of	6.73%	Div Inc.	91.85%								Future Dividend Paid
Future Dividend Paid					Div Paid	$6.51	earning in	15	Years	at IRR of	6.73%	Div Inc.	165.73%								Future Dividend Paid
Dividend Covering Cost					Total Div	$14.01	over	5	Years	at IRR of	6.73%	Div Cov.	27.70%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$30.03	over	10	Years	at IRR of	6.73%	Div Cov.	59.35%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$52.22	over	15	Years	at IRR of	6.73%	Div Cov.	103.20%								Dividend Covering Cost
I am earning GC					Div Gr	357.32%	12/28/01	# yrs ->	21	2004	$17.82	Cap Gain	183.95%								I am earning GC
I am earning Div					org yield	2.57%	12/31/25	RRSP	Div G Yrly	6.53%	Div start	$0.46	-2.57%	11.73%							I am earning Div
Yield if held 5 years	3.06%	3.93%	5.06%	4.37%	5.23%	5.72%	5.19%	5.24%	5.66%	6.19%	6.40%	7.38%	7.51%	9.19%	6.66%	6.66%		5.69%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.11%	5.54%	4.27%	3.95%	4.07%	3.72%	5.09%	6.96%	6.24%	7.11%	8.02%	7.14%	7.26%	7.78%	8.48%	7.91%		6.60%	<-Median->	10	Paid Median Price
Yield if held 15 years	11.78%	7.83%	8.13%	8.65%	7.65%	7.44%	7.18%	5.88%	5.63%	5.53%	5.23%	7.01%	9.64%	8.57%	9.73%	9.93%		7.10%	<-Median->	10	Paid Median Price
Yield if held 20 years	30.53%	24.99%	22.42%	24.39%	21.87%	14.32%	10.16%	11.19%	12.35%	10.40%	10.44%	9.89%	8.14%	7.74%	7.57%	6.47%		10.81%	<-Median->	10	Paid Median Price
Yield if held 25 years	29.22%	34.78%	29.11%	32.33%	33.79%	37.12%	32.42%	30.86%	34.83%	29.75%	20.10%	13.97%	15.50%	16.96%	14.24%	12.92%		31.60%	<-Median->	10	Paid Median Price
Yield if held 30 years						35.53%	45.11%	40.08%	46.17%	45.96%	52.11%	44.60%	42.74%	47.83%	40.71%	24.87%		44.86%	<-Median->	8	Paid Median Price
Yield if held 35 years											49.87%	62.07%	55.51%	63.41%	62.90%	64.47%		55.51%	<-Median->	3	Paid Median Price
Cost cover if held 5 years	15.18%	19.64%	25.28%	20.93%	23.91%	25.41%	22.83%	23.14%	24.55%	27.85%	27.84%	32.73%	33.28%	40.02%	30.20%	31.49%		24.98%	<-Median->	10	Paid Median Price	Item
Cost cover if held 10 years	48.00%	46.79%	38.30%	35.39%	35.63%	31.74%	42.03%	56.02%	47.98%	55.88%	60.33%	54.52%	55.30%	58.42%	66.30%	65.25%		51.25%	<-Median->	10	Paid Median Price	EPS
Cost cover if held 15 years	107.51%	77.85%	87.20%	94.58%	83.45%	81.05%	78.38%	64.26%	59.81%	60.49%	54.49%	73.13%	98.74%	85.30%	100.01%	107.26%		75.75%	<-Median->	10	Paid Median Price	AEPS
Cost cover if held 20 years	297.70%	266.85%	259.42%	289.06%	260.16%	171.17%	122.51%	136.60%	148.12%	130.23%	126.49%	122.24%	100.33%	93.50%	94.82%	85.07%		133.41%	<-Median->	10	Paid Median Price	CFPS
Cost covered if held 25 years	295.26%	384.01%	348.60%	397.13%	417.46%	462.71%	409.37%	395.69%	440.05%	393.93%	258.68%	184.51%	205.25%	221.99%	194.79%	187.54%		396.41%	<-Median->	10	Paid Median Price	FCF
Cost covered if held 30 years						453.21%	582.37%	525.57%	597.28%	624.12%	689.53%	607.26%	585.05%	648.36%	578.59%	376.26%		591.17%	<-Median->	8	Paid Median Price
Cost covered if held 35 years											670.31%	857.76%	771.48%	873.42%	909.41%	994.32%		771.48%	<-Median->	3	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$48,841	$64,616	$69,561	$48,695	$46,428	$45,255	$48,623	<-12 mths	7.44%		-7.34%	<-Total Growth	5	Revenue Growth	-7.34%
AEPS Growth								$2.92	$3.00	$4.77	$2.85	$4.47	$4.58	$4.68	<-12 mths	2.18%		56.85%	<-Total Growth	5	AEPS Growth	56.85%
Net Income Growth								$1,108	$1,994	$2,917	$1,913	$2,195	$2,743	$2,723	<-12 mths	-0.73%		147.56%	<-Total Growth	5	Net Income Growth	147.56%
Cash Flow Growth								$6,621	$10,101	$11,053	$4,254	$5,933	$5,952					-10.10%	<-Total Growth	5	Cash Flow Growth	-10.10%
Dividend Growth								$1.60	$1.75	$1.79	$1.98	$2.07	$2.21	$2.40	<-12 mths	8.50%		38.51%	<-Total Growth	5	Dividend Growth	38.51%
Stock Price Growth								$33.45	$29.23	$41.80	$31.85	$37.89	$44.84	$50.60	<-12 mths	12.85%		34.05%	<-Total Growth	5	Stock Price Growth	34.05%
Revenue Growth			$42,629	$38,265	$50,750	$51,253	$48,098	$48,841	$64,616	$69,561	$48,695	$46,428	$45,255	$73,320	<-this year	62.02%		6.16%	<-Total Growth	10	Revenue Growth	6.16%
AEPS Growth			$2.77	$3.40	$2.59	$3.36	$3.09	$2.92	$3.00	$4.77	$2.85	$4.47	$4.58	$5.19	<-this year	13.32%		65.34%	<-Total Growth	10	AEPS Growth	65.34%
Net Income Growth			$1,275	$1,786	$1,082	$1,286	$1,287	$1,108	$1,994	$2,917	$1,913	$2,195	$2,743	$3,129	<-this year	14.07%		115.14%	<-Total Growth	10	Net Income Growth	115.14%
Cash Flow Growth			$5,996	$5,627	$6,742	$6,892	$7,116	$6,621	$10,101	$11,053	$4,254	$5,933	$5,952	$5,310	<-this year	-10.79%		-0.73%	<-Total Growth	10	Cash Flow Growth	-0.73%
Dividend Growth			$1.16	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$2.21	$2.42	<-this year	9.22%		90.69%	<-Total Growth	10	Dividend Growth	90.69%
Stock Price Growth			$31.76	$28.94	$30.05	$32.37	$24.53	$33.45	$29.23	$41.80	$31.85	$37.89	$44.84	$50.60	<-this year	12.85%		41.18%	<-Total Growth	10	Stock Price Growth	41.18%
Dividends on Shares				$39.16	$42.12	$45.14	$48.14	$51.10	$55.92	$57.28	$63.36	$66.24	$70.78	$76.80	$78.40	$78.40		$539.25	No of Years	10	Total Divs	12/31/14
Paid			$1,016.32	$926.08	$961.60	$1,035.84	$784.96	$1,070.40	$935.36	$1,337.60	$1,019.20	$1,212.48	$1,434.88	$1,619.20	$1,619.20	$1,619.20		$1,434.88	No of Years	10	Worth	$31.76
Total																		$1,974.13
Graham Price AEPS	$28.42	$31.50	$38.56	$46.44	$40.28	$47.14	$45.96	$45.12	$46.02	$60.90	$47.09	$57.17	$61.82	$64.82	$67.51	$65.32		60.34%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.87	0.92	0.79	0.66	0.72	0.66	0.61	0.65	0.57	0.60	0.78	0.63	0.68	0.77				0.65	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.96	1.04	0.85	0.74	0.77	0.71	0.71	0.76	0.75	0.72	0.91	0.68	0.77	0.81				0.75	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.77	0.80	0.73	0.58	0.66	0.61	0.51	0.54	0.38	0.49	0.65	0.57	0.58	0.73				0.58	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.89	1.01	0.82	0.62	0.75	0.69	0.53	0.74	0.64	0.69	0.68	0.66	0.73	0.78	0.75	0.77		0.68	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-10.69%	1.42%	-17.63%	-37.68%	-25.39%	-31.34%	-46.63%	-25.86%	-36.49%	-31.37%	-32.36%	-33.72%	-27.47%	-21.93%	-25.05%	-22.53%		-31.86%	<-Median->	10	Graham Price
Graham Price EPS	$28.26	$31.20	$38.42	$49.35	$38.12	$42.73	$43.44	$41.99	$46.63	$57.62	$46.67	$49.12	$59.13	$66.33	$68.11	$0.00		53.91%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.87	0.93	0.79	0.63	0.76	0.72	0.65	0.70	0.56	0.64	0.79	0.73	0.71	0.75				0.70	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.97	1.05	0.85	0.70	0.81	0.78	0.75	0.82	0.74	0.76	0.92	0.79	0.81	0.79				0.78	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.78	0.81	0.73	0.55	0.70	0.67	0.54	0.58	0.38	0.52	0.65	0.67	0.61	0.72				0.60	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.90	1.02	0.83	0.59	0.79	0.76	0.56	0.80	0.63	0.73	0.68	0.77	0.76	0.76	0.74	#DIV/0!		0.74	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-10.19%	2.39%	-17.33%	-41.36%	-21.17%	-24.24%	-43.53%	-20.35%	-37.32%	-27.46%	-31.76%	-22.86%	-24.17%	-23.71%	-25.70%	#DIV/0!		-25.85%	<-Median->	10	Graham Price
pre-split '98
pre-split '04
Price Close	$25.38	$31.95	$31.76	$28.94	$30.05	$32.37	$24.53	$33.45	$29.23	$41.80	$31.85	$37.89	$44.84	$50.60	$50.60	$50.60		41.18%	<-Total Growth	10	Stock Price
Increase	6.55%	25.89%	-0.59%	-8.88%	3.84%	7.72%	-24.22%	36.36%	-12.62%	43.00%	-23.80%	18.96%	18.34%	12.85%	0.00%	0.00%		11.35	<-Median->	10	CAPE (10 Yr P/E)
P/E	14.18	15.36	11.55	7.54	12.95	11.73	8.89	13.22	9.49	9.79	11.38	11.48	10.70	9.31	8.83	#DIV/0!		6.04%	<-IRR #YR->	5	Stock Price	34.05%
Trailing P/E	10.94	17.85	15.27	10.52	7.83	13.95	8.89	12.12	11.55	13.57	7.46	13.53	13.59	12.08	9.31	8.83		3.51%	<-IRR #YR->	10	Stock Price	41.18%
CAPE (10 Yr P/E)	13.05	13.80	13.39	12.39	12.51	12.36	11.95	11.58	11.11	10.98	10.82	10.58	10.52	10.66	10.23	#DIV/0!		11.23%	<-IRR #YR->	5	Price & Dividend	68.12%
Median 10, 5 Yrs		D.  per yr	4.43%	5.19%	% Tot Ret	55.82%	46.23%	T P/E	$11.84	$13.53	P/E:	$11.04	$10.70					7.94%	<-IRR #YR->	10	Price & Dividend	97.90%
Price 15		D.  per yr	4.08%		% Tot Ret	58.47%						CAPE Diff	-17.94%					2.90%	<-IRR #YR->	15	Stock Price	53.51%
Price  20		D.  per yr	3.47%		% Tot Ret	65.07%												1.86%	<-IRR #YR->	20	Stock Price	44.65%
Price  25		D.  per yr	4.40%		% Tot Ret	45.43%												5.28%	<-IRR #YR->	25	Stock Price	262.34%
Price  30		D.  per yr	5.51%		% Tot Ret	41.09%												7.89%	<-IRR #YR->	30	Stock Price	876.91%
Price  35		D.  per yr	4.30%		% Tot Ret	37.39%												7.20%	<-IRR #YR->	35	Stock Price	235.28%
Price  40		D.  per yr	4.04%		% Tot Ret	36.30%												7.09%	<-IRR #YR->	37	Stock Price
Price & Dividend 15																		6.98%	<-IRR #YR->	15	Price & Dividend	135.03%
Price & Dividend 20																		5.33%	<-IRR #YR->	20	Price & Dividend	134.35%
Price & Dividend 25																		9.68%	<-IRR #YR->	25	Price & Dividend	803.38%
Price & Dividend 30																		13.40%	<-IRR #YR->	30	Price & Dividend	1539.14%
Price & Dividend 35																		11.49%	<-IRR #YR->	35	Price & Dividend	1820.26%
Price & Dividend 40																		11.13%	<-IRR #YR->	37	Price & Dividend
Price  5								-$33.45	$0.00	$0.00	$0.00	$0.00	$44.84								Price  5
Price 10			-$31.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.84								Price 10
Price & Dividend 5								-$33.45	$1.75	$1.79	$1.98	$2.07	$47.05								Price & Dividend 5
Price & Dividend 10			-$31.76	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$47.05								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	$44.84								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	$44.84								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	$44.84								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	$44.84								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	$44.84								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.84								Price  40
Price & Dividend 15	$1.16	$1.16	$1.16	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$47.05								Price & Dividend 15
Price & Dividend 20	$1.16	$1.16	$1.16	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$47.05								Price & Dividend 20
Price & Dividend 25	$1.16	$1.16	$1.16	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$47.05								Price & Dividend 25
Price & Dividend 30	$1.16	$1.16	$1.16	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$47.05								Price & Dividend 30
Price & Dividend 35	$1.16	$1.16	$1.16	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$47.05								Price & Dividend 35
Price & Dividend 40	$1.16	$1.16	$1.16	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$47.05								Price & Dividend 40
Price H/L Median	$24.68	$28.98	$30.48	$30.86	$28.90	$30.96	$28.07	$29.45	$26.12	$36.80	$36.78	$35.80	$41.89	$49.83				37.46%	<-Total Growth	10	Stock Price
Increase	-1.99%	17.42%	5.16%	1.26%	-6.35%	7.13%	-9.35%	4.92%	-11.31%	40.92%	-0.07%	-2.65%	17.01%	18.95%				3.23%	<-IRR #YR->	10	Stock Price	37.46%
P/E	13.79	13.93	11.08	8.04	12.46	11.22	10.17	11.64	8.48	8.62	13.13	10.85	10.00	9.17				7.30%	<-IRR #YR->	5	Stock Price	42.27%
Trailing P/E	10.64	16.19	14.65	11.22	7.53	13.34	10.17	10.67	10.32	11.95	8.61	12.79	12.69	11.89				7.91%	<-IRR #YR->	10	Price & Dividend	96.56%
P/E on Running 5 yr Average	13.41	15.28	14.07	12.07	11.31	11.26	9.72	10.36	9.71	11.95	11.91	11.20	11.87	12.46				13.07%	<-IRR #YR->	5	Price & Dividend	80.97%
P/E on Running 10 yr Average	11.07	13.40	13.64	12.89	12.41	13.49	11.74	11.76	9.96	13.06	12.60	11.77	13.15	14.90				12.22	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.67%	5.76%	% Tot Ret	59.11%	44.11%	T P/E	10.95	11.95	P/E:	10.51	10.00						Count	38	Years of data
			-$30.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$41.89
								-$29.45	$0.00	$0.00	$0.00	$0.00	$41.89
			-$30.48	$1.22	$1.32	$1.41	$1.50	$1.60	$1.75	$1.79	$1.98	$2.07	$44.10
								-$29.45	$1.75	$1.79	$1.98	$2.07	$44.10
High Months	Apr	Dec	Dec	Mar	Mar	Nov	Jan	Jan	Feb	Sep	Jan	Aug	Dec	Apr
pre-split '98
pre-split '04
Price Hi	$27.35	$32.63	$32.74	$34.57	$31.03	$33.27	$32.56	$34.42	$34.61	$43.86	$43.04	$38.82	$47.66	$52.18				45.57%	<-Total Growth	10	Stock Price
Increase	-6.85%	19.31%	0.34%	5.59%	-10.24%	7.22%	-2.13%	5.71%	0.55%	26.73%	-1.87%	-9.80%	22.77%	9.48%				3.83%	<-IRR #YR->	10	Stock Price	45.57%
P/E	15.28	15.69	11.91	9.00	13.38	12.05	11.80	13.60	11.24	10.27	15.37	11.76	11.37	9.60				6.73%	<-IRR #YR->	5	Stock Price	38.47%
Trailing P/E	11.79	18.23	15.74	12.57	8.08	14.34	11.80	12.47	13.68	14.24	10.08	13.86	14.44	12.45				13.78	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	13.13	13.86	P/E:	11.78	11.37					16.24	P/E Ratio		Historical High
			-$32.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$47.66
								-$34.42	$0.00	$0.00	$0.00	$0.00	$47.66
Low Months	Jun	Apr	Oct	Sep	Jun	Jun	Dec	Jan	Mar	Feb	Oct	Jan	Apr	Apr
pre-split '98
pre-split '04
Price Low	$22.01	$25.33	$28.21	$27.15	$26.77	$28.65	$23.57	$24.47	$17.62	$29.74	$30.51	$32.78	$36.12	$47.48				28.04%	<-Total Growth	10	Stock Price
Increase	4.81%	15.08%	11.37%	-3.76%	-1.40%	7.02%	-17.73%	3.82%	-27.99%	68.79%	2.59%	7.44%	10.19%	31.45%				2.50%	<-IRR #YR->	10	Stock Price	28.04%
P/E	12.30	12.18	10.26	7.07	11.54	10.38	8.54	9.67	5.72	6.96	10.90	9.93	8.62	8.74				8.10%	<-IRR #YR->	5	Stock Price	47.61%
Trailing P/E	9.49	14.15	13.56	9.87	6.97	12.35	8.54	8.87	6.96	9.66	7.15	11.71	10.95	11.33				10.40	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	9.26	9.66	P/E:	9.15	8.62					8.40	P/E Ratio		Historical Low
			-$28.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.12
								-$24.47	$0.00	$0.00	$0.00	$0.00	$36.12
Free Cash Flow Mkt Sc								-$11,282	-$17,893	-$862	-$9,737	-$5,351	-$13,638
Change									-58.60%	95.18%	-1029.58%	45.04%	-154.87%
Free Cash Flow MS old				$5,710	$6,742	$6,892	$7,116	$6,621	$10,100	$10,490	$6,700	$4,760
Change					18.07%	2.22%	3.25%	-6.96%	52.54%	3.86%	-36.13%	-28.96%
Free Cash Flow MS	$5,240	$5,560	$5,980	$3,490	$3,560	$2,250	$3,180	$3,530	$2,580	$4,050	$2,520	$6,980	$3,120	$6,700				-47.83%	<-Total Growth	10	Free Cash Flow
Change	-3.50%	6.11%	7.55%	-41.64%	2.01%	-36.80%	41.33%	11.01%	-26.91%	56.98%	-37.78%	176.98%	-55.30%	114.74%				-12.45%	<-Median->	10	Change	-11.61%
Free Cash Flow WSJ							$7,116	$6,621	$10,101	$11,053	$3,450	$4,762	$5,078					-28.64%	<-Total Growth	6	Free Cash Flow
Change								-6.96%	52.56%	9.42%	-68.79%	38.03%	6.64%					-12.45%	<-Median->	5	Change
Free Cash Flow WSJ & Old MS	$5,240	$5,560	$5,980	$5,710	$6,742	$6,892	$7,116	$6,621	$10,101	$11,053	$3,450	$4,762	$5,078					-15.08%	<-Total Growth	10	Free Cash Flow
Change	-3.50%	6.11%	7.55%	-4.52%	18.07%	2.22%	3.25%	-6.96%	52.56%	9.42%	-68.79%	38.03%	6.64%	-100.00%				-5.17%	<-IRR #YR->	5	Free Cash Flow MS	-23.30%
FCF/CF from Op Ratio	1.00	1.00	1.00	1.01	1.00	1.00	1.00	1.00	1.00	1.00	0.81	0.80	0.85	0				-1.62%	<-IRR #YR->	10	Free Cash Flow MS	-15.08%
Dividends paid	$582	$586	$587	$608	$662	$706	$752	$747	$1,133	$1,263	$1,383	$1,426	$1,489	$1,548				153.66%	<-Total Growth	10	Dividends paid
Percentage paid				10.65%	9.82%	10.24%	10.57%	11.28%	11.22%	11.43%	40.09%	29.95%	29.32%	#DIV/0!				$0.11	<-Median->	10	Percentage paid
5 Year Coverage								10.50%	10.67%	11.01%	13.77%	16.54%	19.43%	29.20%							5 Year Coverage
Dividend Coverage Ratio				9.39	10.18	9.76	9.46	8.86	8.92	8.75	2.49	3.34	3.41	0.00				8.89	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								9.52	9.37	9.08	7.26	6.05	5.15	3.42							5 Year of Coverage
								-$6,621	$0	$0	$0	$0	$5,078
			-$5,980	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,078
Market Cap $M	$11,675	$14,705	$14,657	$13,406	$13,923	$15,029	$11,430	$14,265	$19,796	$28,283	$21,247	$24,714	$28,913	$32,627	$32,627	$32,627		97.27%	<-Total Growth	10	Market Cap $M
Pres-split 2004
Diluted # of Shares in Million	460.5	461.2	462.5	464.4	464.2	465.5	466.1	437.9	647.6	681.6	673.5	663.1	652.0	652.0				40.97%	<-Total Growth	10	Diluted
Change	0.02%	0.15%	0.28%	0.41%	-0.04%	0.28%	0.13%	-6.05%	47.89%	5.25%	-1.19%	-1.54%	-1.67%	0.00%				0.04%	<-Median->	10	Change
Intangible/Market Cap Ratio	-0.1%	-0.2%	-0.3%	-0.4%	-0.2%	-0.4%	-0.2%	-0.1%	0.0%	-0.7%	-0.4%	-0.2%	-0.6%	-0.6%
Basic # of Shares in Millions	460.0	460.1	461.1	462.7	463.2	463.8	465.4	437.5	647.5	676.8	670.6	662.0	648.1	648.1				40.56%	<-Total Growth	10	Basic
Change	0.04%	0.02%	0.22%	0.35%	0.11%	0.13%	0.34%	-5.99%	48.00%	4.53%	-0.92%	-1.28%	-2.10%	0.00%				0.12%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	0.0%	0.1%	0.1%	0.0%	0.1%	0.1%	-2.5%	4.6%	0.0%	-0.5%	-1.5%	-0.5%	-0.5%				0.00%	<-Median->	10	Difference
														$5,310	<-12 mths	-10.79%			Estimates		Q1 2022-2023
Participating Pref Shares
Subordinated Voting Shares
pre-split '98
Participating Pref Shares
Subordinated Voting Shares
pre-split '04
Participating Pref Shares	48.85	48.85	48.85	48.85	48.85	48.85	48.85	48.85	54.86	54.86	54.86	54.86	54.86	54.86	54.86	54.86		12.29%	<-Total Growth	10	Participating Pref Shares	Stated
Subordinated Voting Shares	411.14	411.40	412.64	414.37	414.46	415.44	417.10	377.61	622.39	621.76	612.22	597.39	589.95	589.95	589.95	589.95		42.97%	<-Total Growth	10	Subordinated Voting Shares	Capital
# of Share in Millions	460.00	460.25	461.49	463.22	463.32	464.30	465.96	426.47	677.25	676.62	667.08	652.25	644.81	644.81	644.81	644.81		3.40%	<-IRR #YR->	10	Shares	39.72%
Change	0.02%	0.06%	0.27%	0.37%	0.02%	0.21%	0.36%	-8.47%	58.80%	-0.09%	-1.41%	-2.22%	-1.14%	0.00%	0.00%	0.00%		8.62%	<-IRR #YR->	5	Shares	51.20%
Cash Flow from Operations $M	$5,235	$5,561	$5,996	$5,627	$6,742	$6,892	$7,116	$6,621	$10,101	$11,053	$4,254	$5,933	$5,952	$5,310	<-12 mths			-0.73%	<-Total Growth	10	Cash Flow
Increase	-3.50%	6.23%	7.82%	-6.15%	19.82%	2.22%	3.25%	-6.96%	52.56%	9.42%	-61.51%	39.47%	0.32%	-10.79%	<-12 mths				SO, BuyBacks
5 year Running Average	$5,196	$5,450	$5,756	$5,569	$5,832	$6,164	$6,475	$6,600	$7,494	$8,357	$7,829	$7,592	$7,459	$6,500	<-12 mths			29.58%	<-Total Growth	10	CF 5 Yr Running
CFPS	$11.38	$12.08	$12.99	$12.15	$14.55	$14.84	$15.27	$15.53	$14.91	$16.34	$6.38	$9.10	$9.23	$8.23	<-12 mths			-28.95%	<-Total Growth	10	Cash Flow per Share
Increase	-3.52%	6.17%	7.53%	-6.50%	19.79%	2.01%	2.88%	1.66%	-3.93%	9.53%	-60.96%	42.64%	1.48%	-10.79%	<-12 mths			-0.07%	<-IRR #YR->	10	Cash Flow	-0.73%
5 year Running Average	$11.33	$11.87	$12.51	$12.08	$12.63	$13.32	$13.96	$14.47	$15.02	$15.38	$13.68	$12.45	$11.19	$9.85	<-12 mths			-2.11%	<-IRR #YR->	5	Cash Flow	-10.10%
P/CF on Med Price	2.17	2.40	2.35	2.54	1.99	2.09	1.84	1.90	1.75	2.25	5.77	3.94	4.54	6.05	<-12 mths			-3.36%	<-IRR #YR->	10	Cash Flow per Share	-28.95%
P/CF on Closing Price	2.23	2.64	2.44	2.38	2.07	2.18	1.61	2.15	1.96	2.56	4.99	4.17	4.86	6.14	<-12 mths			-9.88%	<-IRR #YR->	5	Cash Flow per Share	-40.54%
															183.26%	Diff M/C		-1.11%	<-IRR #YR->	10	CFPS 5 yr Running	-10.56%
Excl.Working Capital CF	$416	$423	$644	$547	$443	$483	$612	$477	$542	$519	$31,717	-$7,049	-$1,337	-$1,337	<-12 mths			-5.01%	<-IRR #YR->	5	CFPS 5 yr Running	-22.65%
CF fr Op $M WC	$5,651	$5,984	$6,640	$6,174	$7,185	$7,375	$7,728	$7,098	$10,643	$11,572	$35,971	-$1,116	$4,615	$3,973	<-12 mths			-30.50%	<-Total Growth	10	Cash Flow less WC
Increase	3.88%	5.89%	10.96%	-7.02%	16.38%	2.64%	4.79%	-8.15%	49.94%	8.73%	210.85%	-103.10%	513.53%	-13.91%	<-12 mths			-3.57%	<-IRR #YR->	10	Cash Flow less WC	-30.50%
5 year Running Average	$5,485	$5,930	$6,038	$5,978	$6,327	$6,672	$7,020	$7,112	$8,006	$8,883	$14,602	$12,834	$12,337	$11,003	<-12 mths			-8.25%	<-IRR #YR->	5	Cash Flow less WC	-34.98%
CFPS Excl. WC	$12.28	$13.00	$14.39	$13.33	$15.51	$15.88	$16.59	$16.64	$15.72	$17.10	$53.92	-$1.71	$7.16	$6.16	<-12 mths			7.41%	<-IRR #YR->	10	CF less WC 5 Yr Run	104.34%
Increase	3.86%	5.83%	10.66%	-7.37%	16.35%	2.43%	4.41%	0.35%	-5.58%	8.83%	215.29%	-103.17%	518.30%	-13.91%	<-12 mths			11.65%	<-IRR #YR->	5	CF less WC 5 Yr Run	73.47%
5 year Running Average	$11.96	$12.91	$13.12	$12.97	$13.70	$14.42	$15.14	$15.59	$16.07	$16.39	$23.99	$20.33	$18.44	$16.53	<-12 mths			-6.74%	<-IRR #YR->	10	CFPS - Less WC	-50.26%
P/CF on Med Price	2.01	2.23	2.12	2.32	1.86	1.95	1.69	1.77	1.66	2.15	0.68	-20.92	5.85	8.09	<-12 mths			-9.44%	<-IRR #YR->	5	CFPS - Less WC	-57.00%
P/CF on Closing Price	2.07	2.46	2.21	2.17	1.94	2.04	1.48	2.01	1.86	2.44	0.59	-22.14	6.27	8.21	<-12 mths			3.46%	<-IRR #YR->	10	CFPS 5 yr Running	40.49%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	2.17	5 yr	3.94	P/CF Med	10 yr	1.82	5 yr	1.66		352.13%	Diff M/C		3.41%	<-IRR #YR->	5	CFPS 5 yr Running	18.27%
Chges in WC Income Tax paid
			-461.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	644.8								Shares
								-426.5	0.0	0.0	0.0	0.0	644.8								Shares
			-$5,996	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,952								Cash Flow
								-$6,621	$0	$0	$0	$0	$5,952								Cash Flow
			-$12.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.23								Cash Flow per Share
								-$15.53	$0.00	$0.00	$0.00	$0.00	$9.23								Cash Flow per Share
			-$12.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.19								CFPS 5 yr Running
								-$14.47	$0.00	$0.00	$0.00	$0.00	$11.19								CFPS 5 yr Running
			-$6,640	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,615								Cash Flow less WC
								-$7,098	$0	$0	$0	$0	$4,615								Cash Flow less WC
			-$6,038	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,337								CF less WC 5 Yr Run
								-$7,112	$0	$0	$0	$0	$12,337								CF less WC 5 Yr Run
			-$14.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.16								CFPS - Less WC
								-$16.64	$0.00	$0.00	$0.00	$0.00	$7.16								CFPS - Less WC
			-$13.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.44								CFPS 5 yr Running
								-$15.59	$0.00	$0.00	$0.00	$0.00	$18.44								CFPS 5 yr Running
insurance cont liab											-$25,355	$9,316	$5,636
Inv cont. liab											-$8,124	-$4,561	-$5,538
Reinsuran liab											-$1,232	$170	$115
Rein. Assets
Insurance Contract assets											$1,168	-$480	$38
Reinsurance Contract held Assets											$5,614	$5	$586
Lifeco's Insur ect investments											$34,422	$38,495	$43,802
Pruchase of Investments											-$37,499	-$35,176	-$42,396
Insurance cont assets
Insurance cont held assets
other
Income tax paid, net of refunds received			-$644	-$547	-$443	-$483	-$612	-$477	-$542	-$519	-$711	-$720	-$906								Income tax paid, net of refunds received
											-$31,717	$7,049	$1,337
Google - TD 2017			-$644	-$547	-$443	-$483	-$612	-$477	-$542	-$519	-$31,717	$7,049	$1,337								Google Finance
Difference			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0								Difference
old before 2023
OPM	15.90%	18.76%	14.07%	14.71%	13.28%	13.45%	14.79%	13.56%	15.63%	15.89%	8.74%	12.78%	13.15%	7.24%				-6.49%	<-Total Growth	10	OPM
Increase	-3.53%	17.98%	-25.03%	4.55%	-9.66%	1.22%	10.02%	-8.37%	15.31%	1.65%	-45.02%	46.28%	2.92%	-44.93%					Should increase		or be stable.
Diff from Ave	17.8%	39.0%	4.2%	8.9%	-1.6%	-0.4%	9.6%	0.4%	15.8%	17.7%	-35.3%	-5.4%	-2.6%	-46.4%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	13.50%	5 Yrs	13.15%					should be	zero, it is a		check on calculations
EBT									$3,611	$5,316	$4,024	$3,922	$5,530	$6,199	$6,274	$6,384					Earnings before Tax
Change										47.22%	-24.30%	-2.53%	41.00%	12.10%	1.21%	1.75%
Margin									5.59%	7.64%	8.26%	8.45%	12.22%	8.45%	8.31%	8.18%
Investments					$169,528	$173,651	$189,097	$186,576	$228,772	$233,356	$262,194	$253,824	$272,766	$276,260				$228,772	<-Median->	9	Investments	Type
Debt/Investments					0.92	0.92	0.89	0.94	0.95	0.95	0.94	0.92	0.90	0.76				92.17%	<-Median->	9	Debt/Investments	Lg Term R+A
Long Term Debt				$158,492	$155,940	$159,524	$168,431	$176,177	$218,047	$220,833	$247,698	$233,955	$246,635	$208,955							Debt	Lg Term R
Change					-1.61%	2.30%	5.58%	4.60%	23.77%	1.28%	12.17%	-5.55%	5.42%	-15.28%				4.60%	<-Median->	9	Change	Intang/GW
Debt/Market Cap Ratio				11.82	11.20	10.61	14.74	12.35	11.01	7.81	11.66	9.47	8.53	6.40				11.11	<-Median->	10	Debt/Market Cap Ratio	Liquidity
Assets/Current Liabilities Ratio				72.54	70.41	71.06	67.89	71.22	95.89	107.65	119.37	111.71	126.90	127.42				8421.47%	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
Debt to Cash Flow (Years)				28.17	23.13	23.15	23.67	26.61	21.59	19.98	58.23	39.43	41.44	39.35								Debt Ratio
																						Financial Lev
Intangibles	$5,081	$5,404	$5,753	$6,301	$6,258	$6,268	$5,787	$16,167	$20,242	$7,607	$8,295	$6,690	$6,974	$6,982				21.22%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$8,738	$9,197	$9,317	$9,669	$9,499	$10,085	$10,423	$10,423	$10,423	$12,968	$14,610	$14,630	$14,677	$14,716				57.53%	<-Total Growth	10	Goodwill	Debt/Equity
Goodwill & Intangibles	$13,819	$14,601	$15,070	$15,970	$15,757	$16,353	$16,210	$26,590	$30,665	$20,575	$22,905	$21,320	$21,651	$21,698				43.67%	<-Total Growth	10	Goodwill & Intangibles
Change	-0.83%	5.66%	3.21%	5.97%	-1.33%	3.78%	-0.87%	64.03%	15.33%	-32.90%	11.32%	-6.92%	1.55%	0.22%				2.67%	<-Median->	10	Change
Intangible/Market Cap Ratio	1.18	0.99	1.03	1.19	1.13	1.09	1.42	1.86	1.55	0.73	1.08	0.86	0.75	0.67				1.11	<-Median->	10	Intangible/Market Cap Ratio
% of Market Cap GW	0.75	0.63	0.64	0.72	0.68	0.67	0.91	0.73	0.53	0.46	0.69	0.59	0.51	0.45				67.66%	<-Median->	10	% of Market Cap GW
Current Assets (include other Assets)	$5,394	$8,499	$8,258	$9,852	$10,648	$11,928	$13,136	$13,603	$17,117	$16,837	$17,954	$16,086	$21,631	$21,631				Liquidity ratio of 1.5 and up, best			Assets
Current Liabilities	$3,134	$4,988	$5,341	$5,829	$6,006	$6,270	$6,662	$6,701	$6,561	$6,146	$6,146	$6,709	$6,709	$6,709				2.21	<-Median->	10	Ratio
Liquidity Ratio	1.72	1.70	1.55	1.69	1.77	1.90	1.97	2.03	2.61	2.74	2.92	2.40	3.22	3.22				2.74	<-Median->	5	Ratio
Liq. with CF aft div	3.22	2.71	2.57	2.56	2.79	2.90	2.93	2.92	3.97	4.34	3.40	3.08	3.90	3.78				3.90	<-Median->	5	Ratio
Liq. CF re  Inv+Div	3.02	1.32	1.28	1.54	1.46	1.54	1.73	2.39	1.74	1.60	1.65	2.22	3.09	3.78				1.74	<-Median->	5	Ratio
																		From G&M
Assets	$271,645	$345,005	$377,781	$422,859	$422,903	$445,521	$452,303	$477,250	$629,104	$661,633	$733,650	$749,478	$851,359	$854,836				Debt Ratio of 1.5 and up, best			Assets
Liabilities	$244,940	$315,619	$346,296	$387,352	$387,842	$408,705	$414,257	$440,665	$590,371	$617,905	$689,548	$708,213	$807,373	$810,391				1.08	<-Median->	10	Ratio
Debt Ratio	1.11	1.09	1.09	1.09	1.09	1.09	1.09	1.08	1.07	1.07	1.06	1.06	1.05	1.05				1.06	<-Median->	5	Ratio
Estimates BVPS														$38.48	$41.68				Estimates		Estimates BVPS
Estimate Book Value														$24,812.3	$26,875.6				Estimates		Estimate Book Value
P/B Ratio (Close)														1.31	1.21				Estimates		P/B Ratio (Close)
Difference from 10 year median															24.25%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$26,705	$29,386	$31,485	$35,507	$35,061	$36,816	$38,046	$36,585	$38,733	$43,728	$44,102	$41,265	$43,986	$44,445				39.70%	<-Total Growth	10	Total Book Value
Non-Control Int.	$16,606	$18,833	$19,504	$21,479	$21,197	$22,201	$22,928	$22,411	$16,526	$19,389	$20,081	$19,122	$19,122	$20,296							Non-Control Int.
Book Value	$10,099	$10,553	$11,981	$14,028	$13,864	$14,615	$15,118	$14,174	$22,207	$24,339	$24,021	$22,143	$24,864	$24,149				107.53%	<-Total Growth	10	Book Value
Non-participating Shares	$977	$977	$973	$970	$966	$965	$962	$962	$956	$954	$954	$950	$950	$950				-2.36%	<-Total Growth	10	Non-participating Shares
Net Book Value	$9,122	$9,576	$11,008	$13,058	$12,898	$13,650	$14,156	$13,212	$21,251	$23,385	$23,067	$21,193	$23,914	$23,199	$23,199	$23,199		117.24%	<-Total Growth	10	Book Value
Book Value per Share	$19.83	$20.81	$23.85	$28.19	$27.84	$29.40	$30.38	$30.98	$31.38	$34.56	$34.58	$32.49	$37.09	$35.98	$35.98	$35.98		55.48%	<-Total Growth	10	Book Value per Share
Change	40.74%	4.92%	14.65%	18.18%	-1.25%	5.61%	3.34%	1.97%	1.29%	10.14%	0.05%	-6.03%	14.14%	-2.99%	0.00%	0.00%		13.01%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.24	1.39	1.28	1.09	1.04	1.05	0.92	0.95	0.83	1.06	1.06	1.10	1.13	1.39	0.00	0.00		1.24	P/B Ratio		Historical Median
P/B Ratio (Close)	1.28	1.54	1.33	1.03	1.08	1.10	0.81	1.08	0.93	1.21	0.92	1.17	1.21	1.41	1.41	1.41		4.51%	<-IRR #YR->	10	Book Value per Share	55.48%
Change	-24.29%	19.98%	-13.29%	-22.90%	5.15%	2.00%	-26.67%	33.73%	-13.73%	29.83%	-23.84%	26.60%	3.68%	16.32%	0.00%	0.00%		3.66%	<-IRR #YR->	5	Book Value per Share	19.71%
Leverage Company (Financial)												30%	29%	29%
Leverage (A/BK) (Total BV)	10.17	11.74	12.00	11.91	12.06	12.10	11.89	13.04	16.24	15.13	16.64	18.16	19.36	19.23				14.09	<-Median->	10	A/BV
Debt/Equity Ratio (Total BV)	9.17	10.74	11.00	10.91	11.06	11.10	10.89	12.04	15.24	14.13	15.64	17.16	18.36	18.23				13.09	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.06	5 yr Med	1.06		32.89%	Diff M/C		13.93	Historical	30	A/BV
			-$23.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$37.09
								-$30.98	$0.00	$0.00	$0.00	$0.00	$37.09
														$3,589	<-12 mths	2.40%			Estimates		Q1 2022-2023
Comprehensive Income	$2,579	$4,368	$3,785	$6,006	$2,089	$3,023	$3,954	$2,963	$4,149	$4,478	$3,027	$3,483	$5,737					51.57%	<-Total Growth	10	Comprehensive Income
NCI	$1,775	$2,417	$2,225	$3,338	$1,415	$1,594	$2,467	$1,754	$1,496	$1,735	$1,573	$1,399	$2,180
Non-participating Shares	$50	$52	$52	$52	$52	$52	$52	$52	$52	$52	$52	$52	$52
Shareholders	$754	$1,899	$1,508	$2,616	$622	$1,377	$1,435	$1,157	$2,601	$2,691	$1,402	$2,032	$3,505					132.43%	<-Total Growth	10	Comprehensive Income
Increase	-14.42%	151.86%	-20.59%	73.47%	-76.22%	121.38%	4.21%	-19.37%	124.81%	3.46%	-47.90%	44.94%	72.49%					44.94%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$565	$900	$1,083	$1,532	$1,480	$1,604	$1,512	$1,441	$1,438	$1,852	$1,857	$1,977	$2,446					8.80%	<-IRR #YR->	10	Comprehensive Income	132.43%
ROE	8.3%	19.8%	13.7%	20.0%	4.8%	10.1%	10.1%	8.8%	12.2%	11.5%	6.1%	9.6%	14.7%					24.82%	<-IRR #YR->	5	Comprehensive Income	202.94%
5Yr Median	6.6%	8.3%	13.6%	13.7%	13.7%	13.7%	10.1%	10.1%	10.1%	10.1%	10.1%	9.6%	11.5%					8.49%	<-IRR #YR->	10	5 Yr Running Average	125.96%
% Difference from NI	-9.4%	94.4%	18.3%	46.5%	-42.5%	7.1%	11.5%	4.4%	30.4%	-7.7%	-26.7%	-7.4%	27.8%					11.16%	<-IRR #YR->	5	5 Yr Running Average	69.71%
*For Shareholders										Diff	5, 10 yr	5.7%	-7.4%					11.5%	<-Median->	5	Return on Equity
			-$1,508	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,505
								-$1,157	$0	$0	$0	$0	$3,505
			-$1,082.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,446
								-$1,441.4	$0.0	$0.0	$0.0	$0.0	$2,446
Current Liability Coverage Ratio	1.67	1.11	1.12	0.97	1.12	1.10	1.07	0.99	1.54	1.80	0.69	0.88	0.89	0.79					Like Liq Ratio		CFO / Current Liabilities
5 year Median	1.39	1.39	1.39	1.12	1.12	1.11	1.10	1.07	1.10	1.10	1.07	0.99	0.89	0.88				0.89	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	1.93%	1.61%	1.59%	1.33%	1.59%	1.55%	1.57%	1.39%	1.61%	1.67%	0.58%	0.79%	0.70%	0.62%					Like ROA		CFO / Total Assets
5 year Median	3.0%	2.1%	1.9%	1.6%	1.6%	1.6%	1.6%	1.5%	1.6%	1.6%	1.6%	1.4%	0.8%	0.7%				0.8%	<-Median->	5	Return on Assets
Return on Assets ROA	0.31%	0.28%	0.34%	0.42%	0.26%	0.29%	0.28%	0.23%	0.32%	0.44%	0.26%	0.29%	0.32%	0.37%				Net	Income/Assets		Return on Assets
5Yr Median	0.48%	0.42%	0.34%	0.34%	0.31%	0.29%	0.29%	0.28%	0.28%	0.29%	0.28%	0.29%	0.32%	0.32%				0.3%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	9.12%	10.20%	11.58%	13.68%	8.39%	9.42%	9.09%	8.39%	9.38%	12.47%	8.29%	10.36%	11.47%	13.49%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.12%	10.20%	11.58%	11.58%	10.20%	10.20%	9.42%	9.09%	9.09%	9.38%	9.09%	9.38%	10.36%	11.47%				9.4%	<-Median->	10	Return on Equity
														$2,723	<-12 mths	-0.73%			Estimates		last 12 months from Qtr.
Net Income Shareholders	$2,747	$2,789	$3,436	$4,099	$3,263	$3,034	$3,467	$3,043	$3,534	$4,673	$3,543	$3,535	$4,530					31.84%	<-Total Growth	10	Net Income Shareholders
NCI	$1,865	$1,760	$2,109	$2,261	$2,129	$1,696	$2,128	$1,883	$1,488	$1,704	$1,578	$1,288	$1,735					-17.73%	<-Total Growth	10	NCI
Non-participating Shares	$50	$52	$52	$52	$52	$52	$52	$52	$52	$52	$52	$52	$52								Non-participating Shares
Shareholders	$832	$977	$1,275	$1,786	$1,082	$1,286	$1,287	$1,108	$1,994	$2,917	$1,913	$2,195	$2,743	$3,129	$3,296	$3,444		115.14%	<-Total Growth	10	Shareholders
Increase	-22.60%	17.43%	30.50%	40.08%	-39.42%	18.85%	0.08%	-13.91%	79.96%	46.29%	-34.42%	14.74%	24.97%	14.07%	5.34%	4.49%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$836	$895	$1,013	$1,189	$1,190	$1,281	$1,343	$1,310	$1,351	$1,718	$1,844	$2,025	$2,352	$2,579	$2,655	$2,961		7.96%	<-IRR #YR->	10	Net Income
Operating Cash Flow	$5,235	$5,561	$5,996	$5,627	$6,742	$6,892	$7,116	$6,621	$10,101	$11,053	$4,254	$5,933	$5,952					19.88%	<-IRR #YR->	5	Net Income
Investment Cash Flow	-$207	-$5,286	-$5,388	-$3,841	-$5,484	-$5,536	-$4,608	-$1,478	-$8,415	-$10,579	-$6,498	-$2,621	-$1,760					8.79%	<-IRR #YR->	10	5 Yr Running Average
Total Accruals	-$4,196	$702	$667	$0	-$176	-$70	-$1,221	-$4,035	$308	$2,443	$4,157	-$1,117	-$1,449					12.42%	<-IRR #YR->	5	5 Yr Running Average
Total Assets	$271,645	$345,005	$377,781	$422,859	$422,903	$445,521	$452,303	$477,250	$629,104	$661,633	$733,650	$749,478	$851,359						Balance Sheet		Assets
Accruals Ratio	-1.54%	0.20%	0.18%	0.00%	-0.04%	-0.02%	-0.27%	-0.85%	0.05%	0.37%	0.57%	-0.15%	-0.17%					0.05%	<-Median->	5	Ratio
EPS/CF Ratio	0.15	0.16	0.19	0.29	0.15	0.17	0.17	0.15	0.20	0.25	0.05	-1.93	0.59					0.17	<-Median->	10	EPS/CF Ratio
			-$1,275	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,743
								-$1,108	$0	$0	$0	$0	$2,743
			-$1,013	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,352
								-$1,310	$0	$0	$0	$0	$2,352
Chge in Close	6.55%	25.89%	-0.59%	-8.88%	3.84%	7.72%	-24.22%	36.36%	-12.62%	43.00%	-23.80%	18.96%	18.34%	12.85%	0.00%	0.00%			Count	32	Years of data
up/down																			Count	0	0.00%
Any Predictions?																		% right	Count	0	#DIV/0!
Financial Cash Flow	-$5,221	-$1,739	-$1,023	-$1,468	-$960	-$596	-$2,154	-$4,631	$1,638	-$962	-$948	-$2,803	-$1,321						C F Statement		Financial CF
Total Accruals	$1,025	$2,441	$1,690	$1,468	$784	$526	$933	$596	-$1,330	$3,405	$5,105	$1,686	-$128								Accruals
Accruals Ratio	0.38%	0.71%	0.45%	0.35%	0.19%	0.12%	0.21%	0.12%	-0.21%	0.51%	0.70%	0.22%	-0.02%					0.22%	<-Median->	5	Ratio
Cash	$3,540	$4,767	$4,431	$5,085	$5,182	$5,903	$6,441	$6,805	$1,040	$9,509	$9,848	$9,937	$13,744	$12,579							Cash
Cash per Share	$7.70	$10.36	$9.60	$10.98	$11.18	$12.71	$13.82	$15.96	$1.54	$14.05	$14.76	$15.23	$21.31	$19.51				$14.76	<-Median->	5	Cash per Share
Percentage of Stock Price	30.32%	32.42%	30.23%	37.93%	37.22%	39.28%	56.35%	47.70%	5.25%	33.62%	46.35%	40.21%	47.54%	38.55%				40.21%	<-Median->	5	% of Stock Price
Notes:
May 7, 2025.  Last estimates were for $70892, $73142M, $75142M for Revenue, $4.48, $4.89 and $4.85 for AEPS, $4.33, $4.97, 5.16 EPS,
$2.22, $2.40, $2.45 for Dividends, $6700M, $6700M 2025/6 FCF, $34.60, $37.30 20254/5 $BVPS, $2894M, $3108M, $30182M for Net Income.
May 5, 2024.  Last estimate were for $71376M, $73.965M, $76254M for Revenue, $3.92, $4.28, $4.09 for AEPS, $3.92, $4.28, $4.09 EPS, $2.06. $2.16, $2.25 Dividend,
$37.90, $40.20, $45.10 BVPS, $2,654M, $2,819M $2709M Net Income.
May 6, 2023.  Last estimates were for 2022 and 2023 of $70178M and $73500M for Revenue, $4.31, $4.65 and $5.23 for AEPS for 2022/4, $3.50 $3.99 for EPS,
$1.96, $2.05 for Dividends, $37.00, $39.80 for BVPS, and $2552M, $2756M for Net Income.
May 7, 2022.  Last estimates were for 2021, 2022 and 2023 of $66951M, $69973M and $73054M for Revenue, $2.40, $2.61 and $2.97 for EPS, $1.84, $1.90 and $2.49 for Dividends and $1995M, $2012M and $2121M for Net Income.
May 3, 2021.  Last estimates were for 2020 and 2021 of $46900M and $54356M for Revenue, $1.41 and $2.89 for EPS, $1.74, $1.81 and $1.81 for Dividends and $1268M and $2428M for Net Income.
May 2, 2020.  Last estimates were for 2019, 2020 and 2021 of $53977M, $50894M and $54264M for Revenue, $3.11, $3.44 and $3.72 for EPS and $1353M, $1465M and $1583M for Net Income.
June 8, 2019.  Last estimates were for 2018, 2019 and 2020 of $21747M, $56885M and $62222M for Revenue, $3.36, $3.50 and $3.85 for EPS and $1659M, $1705M and $1992M for Net Income.
June 4, 2018.  Last estimates were for 2017, 2018 and 2019 of $49613M, $52090M and $53973M for Reenue, $2.36, $3.28 and $4.18 for EPS, $1.513M, $1219M, and $1945M for Net Income.
June 10, 2017.  Last estimates were for 2016, 2017 and 2018 of $43347M, $45039M and $51294M for Revenue, $2.99, $3.66 and $4.30 for EPS and $1164M, $1577M and $1761M for Net Income.
June 4, 2016.  Last estimates were for 2015, 2016 and 2017 of $51080M, $55611M and $64168M for Revenue, $3.09, $3.19 and $3.65 for EPS and $1454M, $1498M and $1734M for Net Income.
June 20, 2015.  Last estimates were for 2014, 2015 and 2016 of $37899M, $39670M and $42286M for Revenue, $2.65, $2.95 and $2.89 for EPS, $1175M, $1354 and $1333M for Net Income.
June 7, 2014.  Last Estimates were for 2013, 2014 and 2015 of $35628M, $39835M, $46090M for Revenue, $2.41. $2.71 and $3.19 for EPS
July 14, 2013.  Last estimates were for 2011 of $41005M and $32618M for Revenue, $2.53 and $2.47 (and $2.69) for EPS.
Jan 29, 2012.  Last Estimates I got were for 2010 and 2011 of $2.42 and $2.85 for EPS.
May 25, 2010.  When I last looked at this stock, I got estimates for 2009 and 2010 of $2.70 and $3.10.
May 20, 2009.  I last looked at this stock in Feb 2009.
May 09, 2009 AR 2008.  The last time I looked the earnings for Power was $2.80 for 2008 and $3.00 for 2009. Earnings came in at $1.80 for 2008.  2009 earning estimates are down since the 2008 annual report.
1968.  This is the year that the Nesbit family sold most of their interest in the company to Pauld Desmarais and my 1970 the Nesbitt's were no longer involved.
1952.  Arthur Deane Nesbitt took over as president from his farther Arthur Nesbitt.
1925.  This company was founded in 1925 by Arthur Nesbitt and Peter Thompson.
Shares
Participating Preferred Shares have 10 votes per shares and to a non-cumulative dividend of 0.9375¢ per share per annum before dividendson the Subordinate Voting Shares and the further right to participate, share and share
alike, with the holders of the Subordinate Voting Shares in any dividends that may be paid with respect to the Subordinate Voting Shares after payment of a dividend of 0.9375¢ per share per annum on the Subordinate Voting Shares.
The Subordinate Voting Shares are entitled to one vote per share.
Sector:
Insurance, Financial Services
This stock is under the TSX Financial Index.
What should this stock accomplish?
Would I buy this company and Why.
The only reason I would not buy this stock is because I have Power Financial.  Otherwise, I think that this is a great dividend growth stock.
Why am I following this stock.
I started following this stock because it was on the Dividend Achievers, the Dividend Aristocrats lists and also on Mike Higgs’ list.   It is a stock that I notice has been recommended lately as good value (October 2008).
I got shares in this company when in 2020 Power Corp reorganized and gave out Power Corp Shares to replace Power Financial Shares.
Dividends
Since 2020, dividends paid cycle 2 of February, April, July and November
Dividends are paid in Cycle 3, that is in March, June, September and December.  Dividends are declared for shareholders of record in one month and payable in that month.
For example, the dividends declared for shareholders of record of June 9, 2014 is payable on June 30, 2014.
How they make their money
Power Corporation of Canada is a holding company with controlling interests in Great-West Lifeco (an insurance conglomerate), IGM Financial (Canada's largest
nonbank asset manager), and other alternative asset-management platforms (Sagard and Power Sustainable). The company also has minority interests in Groupe
Bruxelles Lambert (a holding company with interests in European companies) and ChinaAMC (an asset manager in China).
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.
The Desmarais family is owner.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Jun 4	2018	Jun 8	2019	May 2	2020	May 5	2021	May 7	2022	May 6	2023	May 5	2024			May 4	2025
Orr, R. Jeffrey				0.020	0.00%	0.490	0.07%	0.515	0.08%	0.575	0.09%	0.600	0.09%	0.675	0.10%			0.900	0.14%			33.32%
CEO - Shares - Amount					$0.58		$14.33		$21.54		$18.32		$22.74		$30.28				$40.37
Options - percentage				0.068	0.01%	8.262	1.22%	7.503	1.11%	7.306	1.10%	8.071	1.24%	8.245	1.28%			6.922	1.07%			-16.05%
Options - amount					$1.99		$241.50		$313.61		$232.68		$305.82		$369.72				$310.37
Lawrence, Jake (Jason)														0.000	0.00%			0.000	0.00%			#DIV/0!
CFO - Shares - Amount															$0.00				$0.01
Options - percentage														0.528	0.08%			0.752	0.12%			42.53%
Options - amount															$23.66				$33.73
Tretiak, Gregory Dennis	0.00%	0.011	0.00%	0.013	0.00%	0.016	0.00%	0.024	0.00%	0.027	0.00%	0.030	0.00%	0.034	0.01%
CFO - Shares - Amount	$0.271		$0.258		$0.43		$0.46		$1.00		$0.85		$1.14		$1.51
Options - percentage	0.06%	0.367	0.08%	0.450	0.11%	1.426	0.21%	1.458	0.22%	1.421	0.21%	1.687	0.26%	1.547	0.24%
Options - amount	$9.664		$9.011		$15.06		$41.67		$60.94		$45.26		$63.94		$69.38
Généreux, Claude	0.00%	0.003	0.00%	0.005	0.00%	0.022	0.00%	0.025	0.00%	0.021	0.00%	0.030	0.00%	0.032	0.00%			0.030	0.00%			-7.07%
Officer - Shares - Amount	$0.049		$0.075		$0.16		$0.64		$1.04		$0.67		$1.12		$1.43				$1.33
Options - percentage	0.03%	0.212	0.05%	0.252	0.06%	1.362	0.20%	1.395	0.21%	1.504	0.23%	1.757	0.27%	2.016	0.31%			1.789	0.28%			-11.26%
Options - amount	$4.473		$5.205		$8.43		$39.81		$58.30		$47.92		$66.55		$90.38				$80.21
Lemay, Stephane														0.001	0.00%			0.002	0.00%			69.57%
Officer - Shares - Amount															$0.04				$0.07
Options - percentage														0.148	0.02%			0.106	0.02%			-27.93%
Options - amount															$6.62				$4.77
Desmarais, Olivier												0.015	0.00%	0.015	0.00%			0.015	0.00%			-4.40%
Officer - Shares - Amount													$0.57		$0.69				$0.66
Options - percentage												0.224	0.03%	0.224	0.03%			0.000	0.00%			-100.00%
Options - amount													$8.48		$10.03				$0.00
Beaudoin, Pierre	0.01%	0.025	0.01%	0.025	0.01%	0.044	0.01%	0.063	0.01%	0.076	0.01%	0.105	0.02%	0.105	0.02%			0.105	0.02%			0.00%
Director - Shares - Amount	$0.809		$0.613		$0.84		$1.30		$2.64		$2.41		$3.98		$4.72				$4.72
Options - percentage	0.01%	0.062	0.01%	0.071	0.02%	0.082	0.01%	0.095	0.01%	0.105	0.02%	0.117	0.02%	0.131	0.02%			0.144	0.02%			9.72%
Options - amount	$1.788		$1.526		$2.38		$2.39		$3.98		$3.34		$4.45		$5.87				$6.44
Desmarais, Andre	3.25%	15.111	3.24%	14.057	3.30%	15.536	2.29%	15.541	2.30%	15.991	2.40%	15.991	2.45%	15.991	2.48%			15.991	2.48%		was Co-CEO, Vice Chairman	0.00%
Deputy Chairman	$489.002		$370.677		$470.22		$454.11		$649.63		$509.33		$605.92		$717.06				$717.06		now Vice Chairman 2020
Options - percentage	1.11%	5.290	1.14%	6.778	1.59%	8.311	1.23%	8.001	1.18%	6.450	0.97%	6.623	1.02%	5.631	0.87%			3.669	0.57%			-34.84%
Options - amount	$166.460		$129.770		$226.71		$242.93		$334.44		$205.43		$250.96		$252.50				$164.53
Reuters Options Value
Options - amount
Desmarais, Paul Jr.	3.25%	15.090	3.24%	15.055	3.53%	15.102	2.23%	15.106	2.23%	15.161	2.27%	15.161	2.32%	13.742	2.13%			13.742	2.13%		was Co-CEO, Chairman	0.00%
Chairman	$488.313		$370.166		$503.59		$441.44		$631.43		$482.88		$574.45		$616.20				$616.20		now Chairman 2020
Options - percentage	1.10%	5.265	1.13%	5.760	1.35%	5.760	0.85%	7.929	1.17%	6.519	0.98%	6.539	1.00%	4.835	0.75%			2.836	0.44%			-41.35%
Options - amount	$165.662		$129.160		$192.67		$168.36		$331.44		$207.65		$247.76		$216.79				$127.15
Reuters Options Value
Options - amount
Desmarais Family Residuary Trust
10% Holder
Indirect Ownership
Subordinate Voting Shares				48.363	11.34%	48.363	7.14%	48.363	7.15%
Amount					$1,617.76		$1,413.66		$2,021.59
Tot. Subordinate Voting Shares
Preferred Shares Participating				48.698	99.68%	54.968	8.12%	54.698	8.08%											P
10% Holder					$1,628.95		$1,606.71		$2,286.36											P
Increase in O/S Shares	0.02%	0.982	0.21%	1.658	0.36%	1.423	0.33%	1.498	0.22%	3.437	0.51%	1.683	0.25%	1.274	0.20%			3.165	0.49%		Average	157.83%
due to SO	$2.861		$31.789		$40.660		$47.583		$43.785		$143.656		$53.605		$48.255				$141.930
Book Value	$3.000		$31.000		$49.000		$33.000		$48.000		$107.000		$52.000		$42.000				$113.000
Insider Buying	-$0.104		$0.000		$0.000		-$1.533		-$0.499		-$1.614		-$2.043		-$3.273				-$3.922
Insider Selling	$2.172		$23.829		$1.939		$11.275		$27.642		$89.608		$0.000		$69.061				$95.359
Net Insider Selling	$2.068		$23.829		$1.939		$9.742		$27.144		$87.995		-$2.043		$65.788				$91.437
% of Market Cap	0.01%		0.21%		0.01%		0.05%		0.10%		0.41%		-0.01%		0.23%				0.28%
Directors		12		12		12		13		14		14		14				14
Women	17%	2	17%	2	17%	2	17%	2	15%	3	21%	4	29%	4	29%			4	29%
Minorities	0%	0	0%	0	0%	0	0%	1	8%	1	7%	1	7%	1	7%			1	7%
Institutions/Holdings	$3,995	227	21.20%	396	0.00%	20	30.75%	20	16.66%
Value			$3,185.530
Total Shares Held	29.29%	104.000	22.32%	141.000	30.26%	115.830	17.10%	112.708	16.90%
Value of Shares owned	$4,087		$2,551.120		$4,716.450		$3,385.701		$4,711.199
Increase/Decrease	-16.0%	4.000	4.0%	3.000	2.2%	0.693	0.6%	-1.882	-1.6%
Starting No. of Shares	moringstar	100.000	moringstar	138.000	moringstar	115.136	MS Top 20	114.591	MS Top 20
Institutions/Holdings										20	27.00%	20	23.44%	20	22.14%			20	20.25%
Total Shares Held										185.020	28.37%	156.187	23.95%	143.878	22.31%			130.076	20.17%
Increase/Decrease 3 Mths										-1.907	-1.02%	-3.978	-2.48%	3.760	2.68%			-3.095	-2.32%
Starting No. of Shares										186.926		160.165		140.117				133.171
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My stock
Starts with PWF
																		10/08/04	-$23,069.00		$28.84	800
																		18/02/20	$28,887.20		Sold PWF, Bought POW	-800
																		18/02/20	-$28,879.20		$27.46	840
																		28/12/01	-$14,969.00		$18.71	800
																		31/12/01	-$11,576.00		$19.29	600
																		21/09/11	-$10,136.00		$25.34	400
																		21/09/11	-$2,542.99		$25.43	100
																		21/09/11	-$5,068.00		$25.34	200
																		18/02/20	$75,828.90		$36.11	-2100
																		18/02/20	-$75,807.90		$34.38	2205
																		30/04/25	$158,888.10		$22.12	3045
																		4.34%	XIRR		$52.18	3045
																		13.33%			Total Return
																		8.99%	67.4%		Dividend Ret.
																		% from	$352,395.44		Total Value	Gain
																			-$104,716.10		Less Sale of Stock
																			-$158,888.10		Less Stock Value
																		49.23%	$88,791.24		Dividends Paid	51.61%
																			$172,048.09		Cost of Stock
																			$104,716.10		Sale of Stock
																		50.77%	$91,556.11		Capital Gains/Loss	53.22%
																		100.00%	$180,347.35		Total Return	104.82%
																		Start Date	28-Dec-01		Shares	3,045
																		End date	30-Apr-25		Dividends paid per Share	$29.16
																		Years	23.34		Div less cost	$5.93
																					Cost	$23.23
																					% paid by div	125.53%
																					RRSP Account only
																		28/12/01	-$14,969.00
																		31/12/01	-$11,576.00		$18.96	1400
																		21/09/11	-$10,136.00
																		21/09/11	-$2,542.99
																		21/09/11	-$5,068.00		$25.35	700
																		18/02/20	$75,828.90		$36.11	-2100
																		18/02/20	-$75,807.90		$34.38	2205
																		30/04/25	$115,056.90
																		4.90%	XIRR		$52.18	2205
																		13.33%
																		8.43%	63.3%
																		10/08/04	-$23,069.00		$28.84	800
																		18/02/20	$28,887.20		Sold PWF, Bought POW	-800
																		18/02/20	-$28,879.20		$34.38	840
																		30/04/25	$43,831.20			840
																		3.15%	XIRR
																		13.33%
																		10.18%	76.4%