This report is for educational purposes only, and not to provide investment advice.  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	<-Estimates				https://www.annualreports.com/Company/Pembina-Pipeline
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/25	<-Estimates
Pembina Pipeline Corp						TSX:	PPL	NYSE	PBA	www.pembina.com		Fiscal Yr:	Dec 31
Year	12/30/12	12/30/13	12/30/14	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
														$7,972	<-12 mths	7.96%			Estimates		last 12 months from Qtr.
Revenue*	$3,427.4	$5,025	$6,069	$4,635	$4,265	$5,408	$7,351	$7,230	$6,202	$8,627	$11,611	$9,125	$7,384	$8,298	$8,350	$8,341		21.67%	<-Total Growth	10	Revenue
Increase	104.41%	46.61%	20.78%	-23.63%	-7.98%	26.80%	35.93%	-1.65%	-14.22%	39.10%	34.59%	-21.41%	-19.08%	12.38%	0.63%	-0.11%		1.98%	<-IRR #YR->	10	Revenue	21.67%
5 year Running Average	$1,569.2	$2,439	$3,491	$4,167	$4,684	$5,080	$5,546	$5,778	$6,091	$6,964	$8,204	$8,559	$8,590	$9,009	$8,954	$8,300		0.42%	<-IRR #YR->	5	Revenue	2.13%
Revenue per Share	$11.69	$15.95	$17.96	$12.43	$10.74	$10.75	$14.47	$13.19	$11.28	$15.69	$21.11	$16.62	$12.73	$14.30	$14.39	$14.38		9.42%	<-IRR #YR->	10	5 yr Running Average	146.08%
Increase	17.05%	36.42%	12.63%	-30.81%	-13.55%	0.08%	34.59%	-8.83%	-14.53%	39.10%	34.59%	-21.27%	-23.42%	12.38%	0.63%	-0.11%		8.25%	<-IRR #YR->	5	5 yr Running Average	48.67%
5 year Running Average	$7.86	$10.05	$12.62	$13.60	$13.75	$13.57	$13.27	$12.32	$12.09	$13.08	$15.15	$15.58	$15.48	$16.09	$15.83	$14.49		-3.38%	<-IRR #YR->	10	Revenue per Share	-29.13%
P/S (Price/Sales) Med	2.40	2.07	2.50	2.88	3.25	3.98	2.97	3.45	3.09	2.34	2.17	2.64	4.14	3.77	0.00	0.00		-0.71%	<-IRR #YR->	5	Revenue per Share	-3.52%
P/S (Price/Sales) Close	2.43	2.35	2.36	2.43	3.91	4.23	2.80	3.65	2.67	2.38	2.18	2.74	4.17	3.61	3.59	3.59		2.07%	<-IRR #YR->	10	5 yr Running Average	22.70%
*Revenue in M CDN $					P/S Med	20 yr	2.93	15 yr	2.64	10 yr	3.03	5 yr	2.64		19.12%	Diff M/C		4.68%	<-IRR #YR->	5	5 yr Running Average	25.72%
			-$6,069	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,384
								-$7,230	$0	$0	$0	$0	$7,384
			-$3,491	$0	$0	$0	$0	$0	$0	$0	$0	$0	$8,590
								-$5,778	$0	$0	$0	$0	$8,590
			-$17.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.73
								-$13.19	$0.00	$0.00	$0.00	$0.00	$12.73
			-$12.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.48
								-$12.32	$0.00	$0.00	$0.00	$0.00	$15.48
Adjusted Earnings											$1,258	$1,722	$1,722	$1,797	$1,906	$2,043
Adjusted EPS TD Bank											$2.27	$3.13	$3.00	$3.13	$3.32	$3.56
Change												37.89%	-4.15%	4.33%	6.07%	7.23%
Per Share														$5.88	<-12 mths	3.89%			Estimates		Last 12 months from Qtr
Payout Ratio Adj EPS														54.62%	55.58%
Adjusted FFO Total	$494	$720	$777	$878	$986	$1,396	$2,154	$2,234	$2,289	$2,661	$2,640	$2,646	$3,243						Estimates		Payout Ratio EPS
AFFO per share	$1.91	$2.34	$2.38	$2.53	$2.54	$3.27	$4.27	$4.36	$4.16	$4.80	$4.82	$4.81	$5.66	$5.19	$5.27	$5.38		137.82%	<-Total Growth	10	AFFO
Increase	7.30%	22.51%	1.71%	6.30%	0.40%	28.74%	30.58%	2.11%	-4.59%	15.38%	0.42%	-0.21%	17.67%	-8.30%	1.54%	2.09%		10	0	10	Years of Data, AFFP, P or N	100.00%
AFFO Yield	6.7%	6.3%	5.6%	8.4%	6.1%	7.2%	10.5%	9.1%	13.8%	12.8%	10.5%	10.5%	10.7%	10.0%	10.2%	10.4%		9.05%	<-IRR #YR->	10	AFFO	137.82%
5 year Running Average		$1.83	$1.99	$2.19	$2.34	$2.61	$3.00	$3.39	$3.72	$4.17	$4.48	$4.59	$4.85	$5.06	$5.15	$5.26		5.36%	<-IRR #YR->	5	AFFO	29.82%
Payout Ratio	84.31%	70.09%	72.06%	70.85%	74.41%	61.77%	52.22%	53.90%	60.34%	52.50%	52.90%	55.20%	48.37%	53.18%	52.37%	51.30%		9.31%	<-IRR #YR->	10	5 yr Running Average	143.52%
5 year Running Average		87.66%	81.82%	76.32%	73.91%	69.35%	64.36%	60.59%	59.14%	55.75%	54.26%	54.84%	53.49%	52.30%	52.28%	51.97%		7.40%	<-IRR #YR->	5	5 yr Running Average	42.90%
Price/AFFO Median	14.71	14.10	18.85	14.16	13.74	13.10	10.07	10.43	8.39	7.65	9.50	9.13	9.31	10.38	0.00	0.00		9.79	<-Median->	10	P/AFFO Med
Price/AFFO High	16.07	15.99	22.21	17.08	16.78	14.11	11.13	11.57	12.79	8.94	11.01	10.10	10.66	11.28	0.00	0.00		11.35	<-Median->	10	P/AFFO High
Price/AFFO Low	13.36	12.21	15.49	11.25	10.71	12.09	9.01	9.29	3.98	6.37	7.99	8.16	7.96	9.48	0.00	0.00		8.58	<-Median->	10	P/AFFO Low
Price/AFFO Close	14.90	15.99	17.79	11.92	16.52	13.91	9.49	11.04	7.24	7.78	9.54	9.48	9.38	9.96	9.81	9.61		9.51	<-Median->	10	P/AFFO Close
Trailing P/AFFO	15.99	19.59	18.09	12.67	16.58	17.91	12.39	11.27	6.90	8.98	9.58	9.46	11.04	9.13	9.96	9.81		11.16	<-Median->	10	Trailing P/AFFO Close
Median Values	Historical	in order	12.62	14.11	10.71	11.92	P/CF	5 Yrs	in order	9.13	10.66	7.96	9.38		9.08%	Diff M/C		1.76%	Diff M/C	10	DPR 75% to 95% best
* Adjusted Cash Flow From Operating Activities
			-$2.38	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.66
								-$4.36	$0.00	$0.00	$0.00	$0.00	$5.66
			-$1.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.85
								-$3.39	$0.00	$0.00	$0.00	$0.00	$4.85
Accting chge '05
Distributable Cash to FFO	$360	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,650	$2,252	$2,929	$2,635	$3,265					308.13%	<-Total Growth	10	FFO
Distributable Cash per Share	$1.39	$2.12	$2.45	$2.31	$2.78	$3.55	$4.47	$4.94	$4.10	$4.82	$5.30	$4.79	$5.70	$5.70	<-12 mths			132.65%	<-Total Growth	10	FFO
Increase	-18.71%	52.52%	15.57%	-5.71%	20.35%	27.70%	25.92%	10.51%	-17.00%	17.56%	9.96%	-9.62%	19.00%	0.00%	<-12 mths			10	0	10	Years of Data, AFFP, P or N	100.00%
FFO Yield	4.9%	5.7%	5.8%	7.7%	6.6%	7.8%	11.0%	10.3%	13.6%	12.9%	11.5%	10.5%	10.7%	11.0%	<-12 mths			8.81%	<-IRR #YR->	10	FFO	132.65%
5 year Running Average	$1.54	$1.65	$1.85	$2.00	$2.21	$2.64	$3.11	$3.61	$3.97	$4.38	$4.73	$4.79	$4.94	$5.26	<-12 mths			2.90%	<-IRR #YR->	5	FFO	15.38%
Payout Ratio	115.86%	77.36%	70.00%	77.60%	67.99%	56.90%	49.89%	47.57%	61.22%	52.28%	48.11%	55.43%	48.03%	48.42%	<-12 mths			10.34%	<-IRR #YR->	10	5 yr Running Average	167.42%
5 year Running Average	102.52%	97.03%	88.18%	83.66%	78.26%	68.57%	62.00%	56.97%	55.44%	53.15%	51.46%	52.55%	52.50%	50.26%	<-12 mths			6.48%	<-IRR #YR->	5	5 yr Running Average	36.90%
Price/FFO Median	20.22	15.56	18.31	15.51	12.56	12.06	9.62	9.21	8.51	7.62	8.64	9.17	9.24	9.45	<-12 mths			9.22	<-Median->	10	P/FFO Med
Price/FFO High	22.08	17.65	21.58	18.70	15.33	13.00	10.63	10.21	12.98	8.90	10.01	10.14	10.58	10.27	<-12 mths			10.61	<-Median->	10	P/FFO High
Price/FFO Low	18.35	13.48	15.05	12.32	9.78	11.13	8.61	8.20	4.04	6.34	7.26	8.19	7.90	8.63	<-12 mths			8.20	<-Median->	10	P/FFO Low
Price/FFO Close	20.47	17.65	17.28	13.05	15.09	12.81	9.06	9.74	7.34	7.75	8.67	9.52	9.32	9.07	<-12 mths			9.42	<-Median->	10	P/FFO Close
Trailing P/FFO Close	16.64	26.92	19.97	12.31	18.16	16.36	11.41	10.77	6.09	9.11	9.54	8.61	11.09	9.07	<-12 mths			10.93	<-Median->	10	Trailing P/FFO Close
Median Values	Historical	in order	12.06	13.00	9.78	12.81	P/CF	5 Yrs	in order	8.64	10.14	7.26	8.67		4.95%	Diff M/C		-1.71%	Diff M/C	10	DPR 75% to 95% best
* Cash Flow From Operating Activities
			-$2.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.70
								-$4.94	$0.00	$0.00	$0.00	$0.00	$5.70
			-$1.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.94
								-$3.61	$0.00	$0.00	$0.00	$0.00	$4.94
														$3.06	<-12 mths	2.00%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.00%	0.93%	0.00%	0.98%	0.53%	0.00%	0.38%	0.00%	0.50%	0.39%	0.33%	0.00%					0.35%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$0.87	$1.12	$1.07	$1.02	$1.02	$1.89	$2.28	$2.66	-$0.86	$2.00	$5.14	$3.00	$3.00					180.37%	<-Total Growth	10	EPS Basic
EPS Diluted*	$0.87	$1.12	$1.06	$1.02	$1.01	$1.88	$2.28	$2.65	-$0.86	$1.99	$5.12	$2.99	$3.00	$3.08	$3.27	$3.50		183.02%	<-Total Growth	10	EPS Diluted
Increase	-12.12%	28.74%	-5.36%	-3.77%	-0.98%	86.14%	21.28%	16.23%	-132.45%	331.40%	157.29%	-41.60%	0.33%	2.63%	6.24%	7.09%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	3.1%	3.0%	2.5%	3.4%	2.4%	4.1%	5.6%	5.5%	-2.9%	5.3%	11.1%	6.6%	5.6%	6.0%	6.3%	6.8%		10.96%	<-IRR #YR->	10	Earnings per Share	183.02%
5 year Running Average	$1.05	$1.04	$1.04	$1.01	$1.02	$1.22	$1.45	$1.77	$1.39	$1.59	$2.24	$2.38	$2.45	$3.24	$3.49	$3.17		2.51%	<-IRR #YR->	5	Earnings per Share	13.21%
10 year Running Average	$0.88	$0.94	$0.99	$1.03	$1.05	$1.14	$1.24	$1.40	$1.20	$1.30	$1.73	$1.91	$2.11	$2.31	$2.54	$2.70		8.98%	<-IRR #YR->	10	5 yr Running Average	136.29%
* Diluted ESP per share									E/P	10 Yrs	5.42%	5Yrs	5.65%					6.72%	<-IRR #YR->	5	5 yr Running Average	38.46%
			-$1.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.00
								-$2.65	$0.00	$0.00	$0.00	$0.00	$3.00
			-$1.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.45
								-$1.77	$0.00	$0.00	$0.00	$0.00	$2.45
Dividend*														$2.84	$2.93	$3.01			Estimates		Dividend*
Increase														3.56%	3.32%	2.83%			Estimates		Increase
Payout Ratio EPS														92.08%	89.54%	85.98%			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	<-Median->	10	Special Dividends
last 3 mths of 1997
Dividend*	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$2.76	$2.76	$2.76		59.62%	<-Total Growth	10	Dividends
Increase	1.21%	1.84%	4.57%	4.52%	5.44%	6.88%	10.40%	5.38%	6.81%	0.40%	1.19%	4.12%	3.11%	0.82%	0.00%	0.00%		22	1	27	Years of data, Count P, N	81.48%
Average Increases 5 Year Running	3.18%	1.86%	1.52%	2.43%	3.52%	4.65%	6.36%	6.52%	6.98%	5.97%	4.83%	3.58%	3.12%	1.93%	1.85%	1.61%		4.74%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.58	$1.60	$1.63	$1.67	$1.73	$1.81	$1.93	$2.06	$2.20	$2.33	$2.43	$2.52	$2.59	$2.64	$2.69	$2.73		59.21%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.73%	4.97%	3.82%	5.00%	5.41%	4.72%	5.19%	5.17%	7.19%	6.86%	5.57%	6.05%	5.20%	5.12%				5.31%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	5.25%	4.38%	3.24%	4.15%	4.43%	4.38%	4.69%	4.66%	4.72%	5.88%	4.80%	5.46%	4.54%	4.71%				4.67%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	6.31%	5.74%	4.65%	6.30%	6.95%	5.11%	5.79%	5.80%	15.16%	8.25%	6.62%	6.77%	6.08%	5.61%				6.46%	<-Median->	10	Yield on Low Price	AFFO
Yield on Close Price	5.66%	4.38%	4.05%	5.95%	4.50%	4.44%	5.50%	4.88%	8.34%	6.75%	5.55%	5.82%	5.15%	5.34%	5.34%	5.34%		5.53%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	185.10%	146.43%	161.79%	175.74%	187.13%	107.45%	97.81%	88.68%	-291.86%	126.63%	49.80%	88.80%	91.25%	89.64%	84.38%	78.79%		94.53%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	149.84%	154.61%	157.29%	165.00%	170.23%	148.73%	133.07%	116.32%	158.05%	146.47%	108.77%	105.85%	105.98%	81.73%	77.10%	86.30%		139.77%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	131.24%	79.39%	72.44%	83.47%	69.67%	67.16%	50.21%	50.86%	61.30%	52.30%	47.88%	55.32%	49.41%	52.17%	51.02%	51.30%		53.81%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	104.89%	100.96%	91.56%	87.72%	82.20%	73.63%	65.73%	60.74%	58.27%	55.43%	52.19%	53.19%	52.78%	51.30%	51.06%	51.75%		59.50%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	80.31%	62.50%	58.54%	67.06%	62.27%	59.28%	43.17%	45.41%	45.67%	39.34%	39.70%	40.93%	38.12%	52.17%	51.02%	51.30%		44.29%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	89.42%	81.13%	71.59%	66.63%	65.18%	61.74%	56.06%	52.85%	49.37%	45.34%	42.42%	41.97%	40.55%	41.60%	43.72%	45.96%		51.11%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.31%	5.53%	5 Yr Med	5 Yr Cl	6.05%	5.82%	5 Yr Med	Payout	88.80%	52.30%	39.70%					3.10%	<-IRR #YR->	5	Dividends	16.49%
* Dividends per share	10 Yr Med	and Cur.	0.66%	-3.37%	5 Yr Med	and Cur.	-11.67%	-8.23%	Last Div Inc --->		$0.6675	$0.6900	3.37%					4.79%	<-IRR #YR->	10	Dividends	59.62%
Dividends Growth 15																		3.68%	<-IRR #YR->	15	Dividends	72.04%
Dividends Growth 20																		4.85%	<-IRR #YR->	20	Dividends	157.72%
Dividends Growth 25																		4.32%	<-IRR #YR->	25	Dividends
Dividends Growth 30																		6.05%	<-IRR #YR->	27	Dividends
Dividends Growth 5								-$2.35	$0.00	$0.00	$0.00	$0.00	$2.74								Dividends Growth 5
Dividends Growth 10			-$1.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.74								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	$2.74								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	$2.74								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	$2.74								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	$2.74
Historical Dividends	Historical	High Div	15.16%	Low Div	4.36%	10 Yr High	14.47%	10 Yr Low	4.17%	Med Div	6.98%	Close Div	7.06%					5.41%	Median Div		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-64.77%		22.49%	Exp.	-63.09%		28.07%	Exp.	-23.49%	Exp.	-24.31%					-1.28%	after Income T		High/Ave/Median
Future Dividend Yield					Div Yd	6.22%	earning in	5	Years	at IRR of	3.10%	Div Inc.	16.49%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.25%	earning in	10	Years	at IRR of	3.10%	Div Inc.	35.70%								Future Dividend Yield
Future Dividend Yield					Div Yd	8.44%	earning in	15	Years	at IRR of	3.10%	Div Inc.	58.07%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.22	earning in	5	Years	at IRR of	3.10%	Div Inc.	16.49%								Future Dividend Paid
Future Dividend Paid					Div Paid	$3.75	earning in	10	Years	at IRR of	3.10%	Div Inc.	35.70%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.36	earning in	15	Years	at IRR of	3.10%	Div Inc.	58.07%								Future Dividend Paid
Dividend Covering Cost					Total Div	$14.68	over	5	Years	at IRR of	3.10%	Div Cov.	28.41%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$28.57	over	10	Years	at IRR of	3.10%	Div Cov.	55.28%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$44.75	over	15	Years	at IRR of	3.10%	Div Cov.	86.59%								Dividend Covering Cost
I am earning GC					Div Gr	162.86%	12/21/01	# yrs ->	23	2001	$11.02	Cap Gain	368.97%								I am earning GC
I am earning Div					org yield	9.53%	12/31/25	Trading	Div G Yrly	4.10%	Div start	$1.05	-9.53%	25.05%							I am earning Div
I am earning GC					Div Gr	162.86%	12/21/01	# yrs ->	23	2001	$11.20	Cap Gain	361.43%								I am earning GC
I am earning Div					org yield	9.38%	12/31/25	RRSP	Div G Yrly	4.10%	Div start	$1.05	-9.38%	24.64%							I am earning Div
Yield if held 5 years	10.27%	10.44%	11.65%	9.17%	7.25%	7.19%	6.76%	5.24%	7.01%	7.22%	5.95%	6.17%	6.02%	7.91%	7.52%	6.03%		6.88%	<-Median->	10	Paid Median Price
Yield if held 10 years	14.28%	13.69%	14.04%	11.97%	11.49%	12.89%	14.19%	15.97%	12.84%	9.66%	9.07%	8.05%	6.10%	7.70%	7.91%	6.44%		11.73%	<-Median->	10	Paid Median Price
Yield if held 15 years	20.65%	19.82%	22.22%	24.90%	18.58%	17.92%	18.61%	19.24%	16.76%	15.32%	16.27%	16.89%	18.60%	14.12%	10.58%	9.82%		18.25%	<-Median->	10	Paid Median Price
Yield if held 20 years						25.90%	26.95%	30.44%	34.86%	24.78%	22.62%	22.16%	22.41%	18.43%	16.78%	17.61%		25.34%	<-Median->	8	Paid Median Price
Yield if held 25 years											32.69%	32.08%	35.46%	38.33%	27.14%	24.48%		32.69%	<-Median->	3	Paid Median Price
Cost covered if held 5 years	50.28%	51.06%	55.37%	42.72%	33.17%	32.23%	29.24%	22.92%	30.70%	33.31%	28.39%	29.26%	28.52%	37.90%	36.66%	29.86%		29.98%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	120.12%	117.83%	120.91%	103.50%	99.09%	108.07%	112.45%	125.25%	99.00%	77.77%	75.51%	67.38%	51.83%	67.61%	71.88%	60.31%		99.04%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	237.23%	231.95%	258.53%	288.77%	212.70%	200.45%	198.36%	205.09%	176.95%	169.79%	185.64%	192.53%	213.41%	166.65%	129.40%	124.16%		199.41%	<-Median->	10	Paid Median Price
Cost covered if held 20 years						353.35%	348.53%	391.73%	441.54%	327.05%	308.30%	303.41%	311.29%	265.25%	251.63%	272.87%		337.79%	<-Median->	8	Paid Median Price
Cost covered if held 25 years											509.25%	500.62%	559.76%	625.19%	459.43%	429.57%		509.25%	<-Median->	3	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$7,230.0	$6,202.0	$8,627.0	$11,611.0	$9,125.0	$7,384.0	$7,972	<-12 mths	7.96%		2.13%	<-Total Growth	5	Revenue Growth	2.13%
AFFO Growth								$4.36	$4.16	$4.80	$4.82	$4.81	$5.66	$5.88	<-12 mths	3.89%		29.82%	<-Total Growth	5	AFFO Growth	29.82%
Net Income Growth								$1,361.0	-$476.0	$1,098.0	$2,842.0	$1,648.0	$1,721.0	$1,743	<-12 mths	1.28%		26.45%	<-Total Growth	5	Net Income Growth	26.45%
Cash Flow Growth								$2,532.0	$2,252.0	$2,650.0	$2,929.0	$2,635.0	$3,214.0					26.94%	<-Total Growth	5	Cash Flow Growth	26.94%
Dividend Growth								$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$2.76	<-12 mths	0.82%		16.49%	<-Total Growth	5	Dividend Growth	16.49%
Stock Price Growth								$48.13	$30.10	$37.36	$45.96	$45.62	$53.11	$51.68	<-12 mths	-2.69%		10.35%	<-Total Growth	5	Stock Price Growth	10.35%
Revenue Growth			$6,069.0	$4,635.0	$4,265.0	$5,408.0	$7,351.0	$7,230.0	$6,202.0	$8,627.0	$11,611.0	$9,125.0	$7,384.0	$8,298	<-this year	12.38%		21.67%	<-Total Growth	10	Revenue Growth	21.67%
AFFO Growth			$2.38	$2.53	$2.54	$3.27	$4.27	$4.36	$4.16	$4.80	$4.82	$4.81	$5.66	$5.19	<-this year	-8.30%		137.82%	<-Total Growth	10	AFFO Growth	137.82%
Net Income Growth			$348.0	$355.0	$394.0	$811.0	$1,157.0	$1,361.0	-$476.0	$1,098.0	$2,842.0	$1,648.0	$1,721.0	$1,788	<-this year	3.89%		394.54%	<-Total Growth	10	Net Income Growth	394.54%
Cash Flow Growth			$800.0	$801.0	$1,077.0	$1,513.0	$2,256.0	$2,532.0	$2,252.0	$2,650.0	$2,929.0	$2,635.0	$3,214.0	$3,069	<-this year	-4.52%		301.75%	<-Total Growth	10	Cash Flow Growth	301.75%
Dividend Growth			$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$2.84	<-this year	3.56%		59.62%	<-Total Growth	10	Dividend Growth	59.62%
Stock Price Growth			$42.34	$30.15	$41.96	$45.48	$40.51	$48.13	$30.10	$37.36	$45.96	$45.62	$53.11	$51.68	<-this year	-2.69%		25.44%	<-Total Growth	10	Stock Price Growth	25.44%
Dividends on Shares				$43.02	$45.36	$48.48	$53.52	$56.40	$60.24	$60.48	$61.20	$63.72	$65.70	$66.24	$66.24	$66.24		$558.12	No of Years	10	Total Divs	12/30/14
Paid			$1,016.16	$723.60	$1,007.04	$1,091.52	$972.24	$1,155.12	$722.40	$896.64	$1,103.04	$1,094.88	$1,274.64	$1,240.32	$1,240.32	$1,240.32		$1,274.64	No of Years	10	Worth	$42.34
Total																		$1,832.76
Gra Pr (FFO (->AFFO)	$25.02	$28.24	$29.40	$31.07	$31.26	$40.77	$47.48	$49.62	$45.21	$48.11	$51.63	$51.80	$58.04	$55.58	$56.01	$56.59		97.40%	<-Total Growth	10	Gra Pr (FFO (->AFFO)
Change	65.18%	12.90%	4.11%	5.65%	0.61%	30.44%	16.45%	4.51%	-8.89%	6.42%	7.33%	0.33%	12.04%	-4.24%	0.77%	1.04%		5.46%	<-Median->	10	Change
Price/GP Ratio Med	1.12	1.17	1.53	1.15	1.12	1.05	0.91	0.92	0.77	0.76	0.89	0.85	0.91	0.97				0.91	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.23	1.32	1.80	1.39	1.36	1.13	1.00	1.02	1.18	0.89	1.03	0.94	1.04	1.05				1.03	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	1.02	1.01	1.25	0.92	0.87	0.97	0.81	0.82	0.37	0.64	0.75	0.76	0.78	0.89				0.79	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	1.14	1.32	1.44	0.97	1.34	1.12	0.85	0.97	0.67	0.78	0.89	0.88	0.92	0.93	0.92	0.91		0.90	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	13.76%	32.49%	43.99%	-2.95%	34.24%	11.55%	-14.68%	-3.00%	-33.42%	-22.34%	-10.99%	-11.94%	-8.50%	-7.02%	-7.73%	-8.67%		-9.74%	<-Median->	10	Prem/Disc Close
Graham Pr BV	$16.88	$19.54	$19.62	$19.73	$19.71	$30.92	$34.69	$38.68	$31.27	$30.98	$53.22	$40.84	$42.26	$42.81	$44.12	$45.66		115.34%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	1.66	1.69	2.29	1.82	1.77	1.39	1.24	1.18	1.12	1.19	0.86	1.08	1.25	1.26				1.21	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.82	1.92	2.69	2.19	2.16	1.49	1.37	1.30	1.70	1.38	1.00	1.19	1.43	1.37				1.38	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.51	1.46	1.88	1.44	1.38	1.28	1.11	1.05	0.53	0.99	0.72	0.96	1.07	1.15				1.06	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.69	1.92	2.16	1.53	2.13	1.47	1.17	1.24	0.96	1.21	0.86	1.12	1.26	1.21	1.17	1.13		1.21	<-Median->	10	Price/GP Ratio
Prem/Disc Close	68.56%	91.50%	115.76%	52.85%	112.88%	47.11%	16.76%	24.42%	-3.73%	20.61%	-13.64%	11.69%	25.68%	20.72%	17.12%	13.18%		20.67%	<-Median->	10	Graham Price
Price Close	$28.46	$37.42	$42.34	$30.15	$41.96	$45.48	$40.51	$48.13	$30.10	$37.36	$45.96	$45.62	$53.11	$51.68	$51.68	$51.68		25.44%	<-Total Growth	10	Stock Price
Increase	-4.05%	31.48%	13.15%	-28.79%	39.17%	8.39%	-10.93%	18.81%	-37.46%	24.12%	23.02%	-0.74%	16.42%	-2.69%	0.00%	0.00%		26.43	<-Median->	10	CAPE (10 Yr P/E)
P/E	32.71	33.41	39.94	29.56	41.54	24.19	17.77	18.16	-35.00	18.77	8.98	15.26	17.70	16.78	15.80	14.75		1.99%	<-IRR #YR->	5	Stock Price	10.35%
Trailing P/E	28.75	43.01	37.80	28.44	41.14	45.03	21.55	21.11	11.36	-43.44	23.10	8.91	17.76	17.23	16.78	15.80		2.29%	<-IRR #YR->	10	Stock Price	25.44%
CAPE (10 Yr P/E)	21.24	22.42	24.28	24.79	26.77	27.30	26.94	26.08	31.13	29.33	23.13	21.30	19.85	19.01	17.70	16.87		7.17%	<-IRR #YR->	5	Price & Dividend	42.18%
Median 10, 5 Yrs		D.  per yr	4.88%	5.18%	% Tot Ret	68.05%	72.25%	T P/E	$21.33	$11.36	P/E:	$17.96	$15.26					7.17%	<-IRR #YR->	10	Price & Dividend	84.41%
Price  15		D.  per yr	7.29%		% Tot Ret	48.70%						CAPE Diff	-36.49%					7.67%	<-IRR #YR->	15	Stock Price	203.14%
Price  20		D.  per yr	7.44%		% Tot Ret	51.42%												7.03%	<-IRR #YR->	20	Stock Price	289.08%
Price  25		D.  per yr	10.49%		% Tot Ret	55.58%												8.38%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	11.65%		% Tot Ret	57.98%												8.45%	<-IRR #YR->	27	Stock Price
Price & Dividend 15																		14.96%	<-IRR #YR->	15	Price & Dividend	391.46%
Price & Dividend 20																		14.47%	<-IRR #YR->	20	Price & Dividend	575.43%
Price & Dividend 25																		18.87%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		20.10%	<-IRR #YR->	27	Price & Dividend
Price  5								-$48.13	$0.00	$0.00	$0.00	$0.00	$53.11								Price  5
Price 10			-$42.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$53.11								Price 10
Price & Dividend 5								-$48.13	$2.51	$2.52	$2.55	$2.66	$55.85								Price & Dividend 5
Price & Dividend 10			-$42.34	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$55.85								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	$53.11								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	$53.11								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	$53.11								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	$53.11								Price  30
Price & Dividend 15	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$55.85								Price & Dividend 15
Price & Dividend 20	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$55.85								Price & Dividend 20
Price & Dividend 25	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$55.85								Price & Dividend 25
Price & Dividend 30	$1.61	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$55.85								Price & Dividend 30
Price H/L Median	$28.10	$33.00	$44.87	$35.83	$34.91	$42.83	$43.01	$45.49	$34.89	$36.73	$45.79	$43.91	$52.68	$53.87				17.39%	<-Total Growth	10	Stock Price
Increase	7.77%	17.42%	35.99%	-20.16%	-2.55%	22.69%	0.41%	5.77%	-23.29%	5.26%	24.67%	-4.10%	19.96%	2.26%				1.62%	<-IRR #YR->	10	Stock Price	17.39%
P/E	32.30	29.46	42.33	35.12	34.56	22.78	18.86	17.16	-40.57	18.45	8.94	14.69	17.56	17.49				2.98%	<-IRR #YR->	5	Stock Price	15.81%
Trailing P/E	28.38	37.93	40.06	33.80	34.23	42.41	22.88	19.95	13.17	-42.70	23.01	8.58	17.62	17.96				6.36%	<-IRR #YR->	10	Price & Dividend	73.04%
P/E on Running 5 yr Average	26.71	31.79	43.31	35.40	34.36	35.16	29.66	25.73	25.06	23.13	20.48	18.47	21.52	16.65				8.36%	<-IRR #YR->	5	Price & Dividend	49.49%
P/E on Running 10 yr Average	31.93	35.03	45.41	34.95	33.15	37.74	34.57	32.44	29.03	28.21	26.51	22.94	24.99	23.28				20.56	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.74%	5.38%	% Tot Ret	74.58%	64.37%	T P/E	21.41	13.17	P/E:	18.01	14.69						Count	27	Years of data
			-$44.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$52.68
								-$45.49	$0.00	$0.00	$0.00	$0.00	$52.68
			-$44.87	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$55.41
								-$45.49	$2.51	$2.52	$2.55	$2.66	$55.41
	May	Dec	Sep	Apr	Dec	Nov	Aug	Apr	Feb	Nov	Jun	Jan	Nov	Apr
Price High	$30.69	$37.42	$52.87	$43.20	$42.62	$46.14	$47.52	$50.46	$53.22	$42.89	$53.07	$48.59	$60.31	$58.54				14.07%	<-Total Growth	10	Stock Price
Increase	-0.78%	21.93%	41.29%	-18.29%	-1.34%	8.26%	2.99%	6.19%	5.47%	-19.41%	23.74%	-8.44%	24.12%	-2.93%				1.33%	<-IRR #YR->	10	Stock Price	14.07%
P/E	35.28	33.41	49.88	42.35	42.20	24.54	20.84	19.04	-61.88	21.55	10.37	16.25	20.10	19.01				3.63%	<-IRR #YR->	5	Stock Price	19.52%
Trailing P/E	31.00	43.01	47.21	40.75	41.78	45.68	25.28	22.13	20.08	-49.87	26.67	9.49	20.17	19.51				23.20	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	23.70	20.08	P/E:	20.47	16.25					33.78	P/E Ratio		Historical High
			-$52.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$60.31
								-$50.46	$0.00	$0.00	$0.00	$0.00	$60.31
	Jun	Feb	Jan	Dec	Jan	Aug	Apr	Jan	Mar	Jan	Jan	Oct	Feb	Apr
Price Low	$25.51	$28.57	$36.87	$28.45	$27.20	$39.52	$38.49	$40.51	$16.56	$30.56	$38.50	$39.23	$45.04	$49.19				22.16%	<-Total Growth	10	Stock Price
Increase	20.22%	12.00%	29.05%	-22.84%	-4.39%	45.29%	-2.61%	5.25%	-59.12%	84.54%	25.98%	1.90%	14.81%	9.21%				2.02%	<-IRR #YR->	10	Stock Price	22.16%
P/E	29.32	25.51	34.78	27.89	26.93	21.02	16.88	15.29	-19.26	15.36	7.52	13.12	15.01	15.98				2.14%	<-IRR #YR->	5	Stock Price	11.18%
Trailing P/E	25.77	32.84	32.92	26.84	26.67	39.13	20.47	17.77	6.25	-35.53	19.35	7.66	15.06	16.40				18.28	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	18.56	7.66	P/E:	15.32	13.12					12.28	P/E Ratio		Historical Low
			-$36.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.04
								-$40.51	$0.00	$0.00	$0.00	$0.00	$45.04
														$3,295	<-12 mths	45.86%
Free Cash Flow Mkt Sc									$1,223	$1,992	$2,324	$2,029	$2,259	$2,180	$2,319	$2,456		84.71%	<-Total Growth	4	Free Cash Flow Mkt Sc
Change										62.88%	16.67%	-12.69%	11.34%	-3.50%	6.38%	5.91%					Change
Free Cash Flow WSJ				-$1,078	-$740	-$389	$995	$845	$1,177	$1,967	$2,303	$2,014	$2,233					307.14%	<-Total Growth	9	Free Cash Flow WSJ
Change					31.35%	47.43%	355.78%	-15.08%	39.29%	67.12%	17.08%	-12.55%	10.87%					$0.31	<-Median->	9	Change
Free Cash Flow old				-$1,010	-$668	-$326	$1,030	$887	$1,223	$1,992	$2,324	$2,029									Free Cash Flow old
Change					33.86%	51.20%	415.95%	-13.88%	37.88%	62.88%	16.67%	-12.69%									Change
Free Cash Flow MS	-$224	-$195	-$612	-$1,000	-$630	-$310	$1,110	$780	$1,320	$2,090	$2,150	$2,240	$2,300	$2,458	$2,636			475.82%	<-Total Growth	10	Free Cash Flow MS	MS agrees
Change	-16.67%	12.95%	-213.85%	-63.40%	37.00%	50.79%	458.06%	-29.73%	69.23%	58.33%	2.87%	4.19%	2.68%	6.87%	7.24%			24.14%	<-IRR #YR->	5	Free Cash Flow MS	194.87%
FCF/CF from Op Ratio	-0.62	-0.30	-0.77	-1.25	-0.58	-0.20	0.49	0.31	0.59	0.79	0.73	0.85	0.72	0.80	0.84			#NUM!	<-IRR #YR->	10	Free Cash Flow MS	475.82%
Dividends paid	$181	$221	$269	$294	$351	$781	$1,247	$1,323	$1,530	$1,386	$1,525	$1,459	$1,569	$1,601	$1,601			483.27%	<-Total Growth	10	Dividends paid
Percentage paid				-29.40%	-55.71%	-251.94%	112.34%	169.62%	115.91%	66.32%	70.93%	65.13%	68.22%	65.14%	60.74%			$0.67	<-Median->	10	Percentage paid
5 Year Coverage								-7992.00%	230.48%	125.59%	94.11%	84.18%	73.95%	67.09%	65.81%						5 Year Coverage
Dividend Coverage Ratio				-3.40	-1.79	-0.40	0.89	0.59	0.86	1.51	1.41	1.54	1.47	1.54	1.65			0.88	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								-0.01	0.43	0.80	1.06	1.19	1.35	1.49	1.52						5 Year of Coverage
								-$780	$0	$0	$0	$0	$2,300
			$612	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,300
Market Cap $M	$8,345	$11,793	$14,308	$11,246	$16,658	$22,876	$20,579	$26,375	$16,555	$20,548	$25,278	$25,045	$30,809	$29,980	$29,980	$29,980		115.33%	<-Total Growth	10	Market Cap	115.33%
Diluted # of Shares in Million	259.483	308.081	327.656	348	389	432	509	514	550	550	554	550	574	574	574	574		75.18%	<-Total Growth	10	Basic
Change	54.29%	18.73%	6.35%	6.21%	11.78%	11.05%	17.82%	0.98%	7.00%	0.00%	0.73%	-0.72%	4.36%	0.00%	0.00%	0.00%		5.29%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	-0.3%	-0.4%	-0.3%	-0.3%	-1.4%	-0.8%	-0.4%	0.0%	0.2%	-0.2%	0.0%	-0.2%	-0.2%	-0.2%	-0.2%
Basic # of Shares in Millions	259.480	307.211	326.266	347	388	426	505	512	550	551	553	550	573	573	573	573		75.62%	<-Total Growth	10	Basic
Change	54.98%	18.39%	6.20%	6.35%	11.82%	9.79%	18.54%	1.39%	7.42%	0.18%	0.36%	-0.54%	4.18%	0.00%	0.00%	0.00%		5.27%	<-Median->	10	Change
Difference	13.0%	2.6%	3.6%	7.5%	2.3%	18.1%	0.6%	7.0%	0.0%	-0.2%	-0.5%	-0.2%	1.2%	1.2%	1.2%	1.2%		0.92%	<-Median->	10	Difference
Units at '97
Inc '000
acct OCF chge '05
# of Share in Millions	293.226	315.144	337.924	373	397	503	508	548	550	550	550	549	580	580	580	580		5.55%	<-IRR #YR->	10	Shares	71.67%
Change	74.63%	7.47%	7.23%	10.38%	6.43%	26.70%	0.99%	7.87%	0.36%	0.00%	0.00%	-0.18%	5.66%	0.00%	0.00%	0.00%		1.15%	<-IRR #YR->	5	Shares	5.86%
CF fr Op $M (OCF)	$359.81	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,252	$2,650	$2,929	$2,635	$3,214	$3,069	$3,138	$3,121		301.75%	<-Total Growth	10	Cash Flow
Increase	25.33%	80.93%	22.89%	0.13%	34.46%	40.48%	49.11%	12.23%	-11.06%	17.67%	10.53%	-10.04%	21.97%	-4.52%	2.27%	-0.55%		S Iss	SO DRIP		Deb. Conv.
5 year Running Average	$269.31	$356	$471	$580	$738	$968	$1,289	$1,636	$1,926	$2,241	$2,524	$2,600	$2,736	$2,899	$2,997	$3,035		481.38%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.23	$2.07	$2.37	$2.15	$2.71	$3.01	$4.44	$4.62	$4.09	$4.82	$5.33	$4.80	$5.54	$5.29	$5.41	$5.38		134.03%	<-Total Growth	10	Cash Flow per Share
Increase	-28.23%	68.35%	14.60%	-9.29%	26.33%	10.88%	47.64%	4.04%	-11.38%	17.67%	10.53%	-9.87%	15.43%	-4.52%	2.27%	-0.55%		14.92%	<-IRR #YR->	10	Cash Flow	301.75%
5 year Running Average	$1.50	$1.59	$1.78	$1.90	$2.10	$2.46	$2.94	$3.39	$3.78	$4.20	$4.66	$4.73	$4.92	$5.15	$5.27	$5.28		4.89%	<-IRR #YR->	5	Cash Flow	26.94%
P/CF on Med Price	22.90	15.97	18.95	16.68	12.87	14.24	9.68	9.84	8.52	7.62	8.60	9.15	9.51	10.18	0.00	0.00		8.87%	<-IRR #YR->	10	Cash Flow per Share	134.03%
P/CF on Closing Price	23.19	18.11	17.88	14.04	15.47	15.12	9.12	10.42	7.35	7.75	8.63	9.50	9.59	9.77	9.55	9.61		3.70%	<-IRR #YR->	5	Cash Flow per Share	19.91%
															1.81%	Diff M/C		10.69%	<-IRR #YR->	10	CFPS 5 yr Running	176.20%
Excl.Working Capital CF	$228.2	$176.0	$190.0	$196.0	$128.0	$201.0	$368.0	$304.0	$771.0	$873.0	$604.0	$926.0	$952.0	$0.0	$0.0	$0.0		7.74%	<-IRR #YR->	5	CFPS 5 yr Running	45.18%
CF fr Op $M WC	$588.0	$827	$990	$997	$1,205	$1,714	$2,624	$2,836	$3,023	$3,523	$3,533	$3,561	$4,166	$3,069	$3,138	$3,121		320.81%	<-Total Growth	10	Cash Flow less WC
Increase	52.35%	40.65%	19.71%	0.71%	20.86%	42.24%	53.09%	8.08%	6.59%	16.54%	0.28%	0.79%	16.99%	-26.34%	2.27%	-0.55%		15.45%	<-IRR #YR->	10	Cash Flow less WC	320.81%
5 year Running Average	$332.98	$456.68	$609.02	$757.59	$921.4	$1,146.6	$1,506.0	$1,875.2	$2,280.4	$2,744.0	$3,107.8	$3,295.2	$3,561.2	$3,570.35	$3,493.41	$3,411.00		7.99%	<-IRR #YR->	5	Cash Flow less WC	46.90%
CFPS Excl. WC	$2.01	$2.62	$2.93	$2.67	$3.04	$3.41	$5.17	$5.18	$5.50	$6.41	$6.42	$6.49	$7.18	$5.29	$5.41	$5.38		19.32%	<-IRR #YR->	10	CF less WC 5 Yr Run	484.75%
Increase	-12.76%	30.87%	11.64%	-8.76%	13.56%	12.27%	51.59%	0.19%	6.21%	16.54%	0.28%	0.98%	10.72%	-26.34%	2.27%	-0.55%		13.69%	<-IRR #YR->	5	CF less WC 5 Yr Run	89.91%
5 year Running Average	$1.76	$1.98	$2.28	$2.51	$2.65	$2.93	$3.44	$3.89	$4.46	$5.13	$5.73	$6.00	$6.40	$6.36	$6.16	$5.95		9.38%	<-IRR #YR->	10	CFPS - Less WC	145.13%
P/CF on Med Price	14.01	12.57	15.32	13.40	11.50	12.57	8.33	8.79	6.35	5.73	7.13	6.77	7.33	10.18	0.00	0.00		6.77%	<-IRR #YR->	5	CFPS - Less WC	38.77%
P/CF on Closing Price	14.19	14.26	14.45	11.28	13.82	13.35	7.84	9.30	5.48	5.83	7.15	7.03	7.40	9.77	9.55	9.61		10.89%	<-IRR #YR->	10	CFPS 5 yr Running	181.12%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	9.60	5 yr	8.60	P/CF Med	10 yr	7.83	5 yr	6.77		24.76%	Diff M/C		10.46%	<-IRR #YR->	5	CFPS 5 yr Running	64.44%
According to Google, I am not adding back in CF enough re WC.
I cannot figure out past WC as CF from operations keeps changing			-$338	$0	$0	$0	$0	$0	$0	$0	$0	$0	$580								Shares
Fixed 2014 only. Updated 2015 re Google Fin.								-$548	$0	$0	$0	$0	$580								Shares
Updated WC for 2010-2015 in			-$800	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,214								Cash Flow
2017.								-$2,532	$0	$0	$0	$0	$3,214								Cash Flow
			-$2.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.54								Cash Flow per Share
								-$4.62	$0.00	$0.00	$0.00	$0.00	$5.54								Cash Flow per Share
			-$1.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.92								CFPS 5 yr Running
								-$3.39	$0.00	$0.00	$0.00	$0.00	$4.92								CFPS 5 yr Running
			-$990	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,166								Cash Flow less WC
								-$2,836	$0	$0	$0	$0	$4,166								Cash Flow less WC
			-$609.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,561.2								CF less WC 5 Yr Run
								-$1,875.2	$0.0	$0.0	$0.0	$0.0	$3,561.2								CF less WC 5 Yr Run
			-$2.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.18								CFPS - Less WC
								-$5.18	$0.00	$0.00	$0.00	$0.00	$7.18								CFPS - Less WC
			-$2.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.40								CFPS 5 yr Running
								-$3.89	$0.00	$0.00	$0.00	$0.00	$6.40								CFPS 5 yr Running
Change in non-cash operating working capital	-$109.88	-$96.00	-$33.00	-$11.00	-$36.00	-$18.00	-$83.00	$106.00	-$93	-$100	$177	-$210	-$43
Net interest paid	-$118.29	-$80.00	-$76.00	-$79.00	-$91.00	-$153.00	-$259.00	-$269.00	-$383	-$418	-$447	-$447	-$502
Interest Received
Taxes paid		$0.00	-$81.00	-$137.00	-$3.00	-$30.00	-$26.00	-$141.00	-$295	-$355	-$334	-$236	-$404
Payments received & deferred				$31.00	$2.00
Net Change in Contract Liab												-$33.00	-$3.00
																					td bank 2016 was -128
Sum	-$228.17	-$176.00	-$190.00	-$196.00	-$128.00	-$201.00	-$368.00	-$304.00	-$771	-$873	-$604	-$926	-$952
Google/ Webbroker		-$176.00	-$190.00	-$196.00	-$128.00	-$152	-$357	-$334	-$771	-$873	-$604	-$926	-$952								2017 Morningstar says -18
Difference			$0.00	$0.00	$0.00	-$49	-$11	$30	$0	$0	$0	$0	$0								and in 2016 -36
TD			-$190.00	-$196.00	-$128.00	-$201	-$368	-$304
Difference			$0	$0	$0	$0	$0	$0
						2021	2021	2021
OPM	10.50%	12.96%	13.18%	17.28%	25.25%	27.98%	30.69%	35.02%	36.31%	30.72%	25.23%	28.88%	43.53%	36.98%				230.20%	<-Total Growth	10	OPM
Increase	-38.69%	23.41%	1.75%	31.10%	46.12%	10.79%	9.70%	14.11%	3.68%	-15.40%	-17.88%	14.47%	50.73%	-15.04%					Should increase		or be stable.
Diff from Median	-64.8%	-56.5%	-55.7%	-42.0%	-15.2%	-6.1%	3.0%	17.6%	21.9%	3.1%	-15.3%	-3.0%	46.1%	24.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	29.78%	5 Yrs	30.72%					should be	zero, it is a		check on calculations
														$4,478	<-12 mths	1.59%
Adjusted EBITDA	$590	$831	$920	$955	$1,189	$1,705	$2,835	$3,061	$3,281	$3,433	$3,746	$3,824	$4,408	$4,421	$4,562	$4,696		379.13%	<-Total Growth	10	Adjusted EBITDA
Change		40.85%	10.71%	3.80%	24.50%	43.40%	66.28%	7.97%	7.19%	4.63%	9.12%	2.08%	15.27%	0.29%	3.19%	2.94%		8.54%	<-Median->	10	Change
Margin	17.21%	16.54%	15.16%	20.60%	27.88%	31.53%	38.57%	42.34%	52.90%	39.79%	32.26%	41.91%	59.70%	53.28%	54.63%	56.30%		39.18%	<-Median->	10	Margin
Per Common Share											$6.78	$6.95	$7.69
Long Term Debt	$1,933	$1,409	$2,466	$3,175	$4,002	$7,300	$7,057	$10,078	$10,276	$10,239	$10,000	$9,849	$11,241	$11,241							Debt	Type
Change		-27.11%	75.02%	28.75%	26.05%	82.41%	-3.33%	42.81%	1.96%	-0.36%	-2.33%	-1.51%	14.13%	0.00%				8.05%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.23	0.12	0.17	0.28	0.24	0.32	0.34	0.38	0.62	0.50	0.40	0.39	0.36	0.37				0.37	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	22.19	11.81	15.97	20.24	19.13	22.39	17.90	22.75	17.64	13.16	15.38	10.13	12.37	12.37				17.77	<-Median->	10	Assets/Current Liab.Ratio	Liquidity
Debt to Cash Flow (Years)	5.37	2.16	3.08	3.96	3.72	4.82	3.13	3.98	4.56	3.86	3.41	3.74	3.50	3.66				3.80	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$692	$751	$725	$737	$843	$531	$1,745	$1,646	$1,646	$1,545	$1,574	$1,514	$1,504	$1,504				107.45%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$1,930.68	$1,966	$2,090	$2,097	$2,097	$3,871	$3,878	$4,684	$4,694	$4,693	$4,557	$4,551	$5,024	$5,024				140.38%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$2,622.68	$2,717	$2,815	$2,834	$4,714	$4,714	$5,623	$6,330	$6,340	$6,238	$6,131	$6,065	$6,528	$6,528				131.90%	<-Total Growth	10	Total
Change	180.23%	3.60%	3.61%	0.67%	66.34%	0.00%	19.28%	12.57%	0.16%	-1.61%	-1.72%	-1.08%	7.63%	0.00%				0.42%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.31	0.23	0.20	0.25	0.28	0.21	0.27	0.24	0.38	0.30	0.24	0.24	0.21	0.22				0.25	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$474.65	$648	$688	$676	$676	$1,022	$1,013	$987	$989	$1,245	$1,362	$2,633	$1,573	$1,573				128.63%	<-Total Growth	10	Current Assets
Current Liabilities	$372.91	$774	$705	$639	$785	$1,142	$1,490	$1,457	$1,781	$2,390	$2,046	$3,221	$2,908	$2,908				312.48%	<-Total Growth	10	Current Liabilities
Liquidity	1.27	0.84	0.98	1.06	0.86	0.89	0.68	0.68	0.56	0.52	0.67	0.82	0.54	0.54				0.68	<-Median->	10	Ratio
Liq. with CF aft div	0.97	1.01	1.29	1.27	1.28	1.33	1.43	1.53	1.04	1.05	1.41	1.18	1.10	1.05				1.10	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.39	0.48	0.36	0.32	0.33	0.34	0.76	0.42	0.57	0.73	1.31	0.95	0.47	1.05				0.73	<-Median->	5	Ratio
Curr Long Term Db	$0.00	$0	$0	$0	$6	$163	$480	$34	$600	$1,000	$600	$650	$1,525	$1,525
Liquidity Less CLTD	1.27	0.84	0.98	1.06	0.87	1.04	1.00	0.69	0.84	0.90	0.94	1.02	1.14	1.14				0.94	<-Median->	5	Ratio
Liq. with CF aft div	0.97	1.01	1.29	1.27	1.29	1.55	2.12	1.57	1.58	1.81	2.00	1.48	2.31	2.20				1.81	<-Median->	5	Ratio
Assets	$8,276	$9,142	$11,262	$12,936	$15,017	$25,566	$26,664	$33,153	$31,416	$31,456	$31,475	$32,618	$35,967	$35,967				219.37%	<-Total Growth	10	Assets
Liabilities	$4,001	$3,971	$4,926	$5,512	$6,721	$11,717	$12,260	$16,383	$16,401	$17,093	$15,686	$16,805	$18,457	$18,457				274.69%	<-Total Growth	10	Liabilities
Debt Ratio	2.07	2.30	2.29	2.35	2.23	2.18	2.17	2.02	1.92	1.84	2.01	1.94	1.95	1.95				2.02	<-Median->	10	Ratio
Estimates BVPS														$26.76	$26.99	$27.35			Estimates		Estimates BVPS
Estimate Book Value														$15,523.5	$15,656.9	$15,865.7			Estimates		Estimate Book Value
P/B Ratio (Close)														1.93	1.91	1.89			Estimates		P/B Ratio (Close)
Difference from 10 year median															25.13%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$4,275.4	$5,171	$6,336	$7,424	$8,296	$13,849	$14,404	$16,770	$15,015	$14,363	$15,789	$15,813	$17,510	$17,510	$17,510	$17,510		176.36%	<-Total Growth	10	Book Value
NCI	$5.2	$5	$0	$0	$0	$60	$60	$60	$60	$60	$60	$0	$0	$0	$0	$0					NCI
Net Book Value	$4,270	$5,166	$6,336	$7,424	$8,296	$13,789	$14,344	$16,710	$14,955	$14,303	$15,729	$15,813	$17,510	$17,510	$17,510	$17,510
Book Value per share	$14.56	$16.39	$18.75	$19.90	$20.90	$27.41	$28.24	$30.49	$27.19	$26.01	$28.60	$28.80	$30.18	$30.18	$30.18	$30.18
P/B Ratio (Median)	1.93	2.01	2.39	1.80	1.67	1.56	1.52	1.49	1.28	1.41	1.60	1.52	1.75	1.78	0.00	0.00
Median									P/BV	10 yr Med	1.54	5 yr Med	1.52
Preferred Shares		$391	$880	$1,100	$1,509	$2,424	$2,424	$2,956	$2,946	$2,517	$2,208	$2,199	$2,164	$2,164				-10.73%	<-Total Growth	10	Preferred Shares
Net Book Value	$4,270.3	$4,775	$5,456	$6,324	$6,787	$11,365	$11,920	$13,754	$12,009	$11,786	$13,521	$13,614	$15,346	$15,346	$15,346	$15,346		181.27%	<-Total Growth	10	Book Value
Book Value per share	$14.56	$15.15	$16.15	$16.95	$17.10	$22.59	$23.46	$25.10	$21.83	$21.43	$24.58	$24.80	$26.45	$26.45	$26.45	$26.45		63.85%	<-Total Growth	10	Book Value per Share
Change	154.29%	4.04%	6.56%	5.01%	0.83%	32.16%	3.85%	6.96%	-13.00%	-1.86%	14.72%	0.87%	6.68%	0.00%	0.00%	0.00%		4.43%	<-Median->	10	Change
Plus Payout	$16.17	$16.79	$17.86	$18.75	$18.99	$24.61	$25.69	$27.45	$24.34	$23.95	$27.13	$27.45	$29.19	$29.21	$29.21	$29.21		63.44%	<-Total Growth	10	Book Value plus
Change	121.00%	3.82%	6.37%	4.96%	1.27%	29.65%	4.39%	6.83%	-11.31%	-1.62%	13.30%	1.18%	6.33%	0.08%	0.00%	0.00%		15.72%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.74	1.97	2.51	1.91	1.84	1.74	1.67	1.66	1.43	1.53	1.69	1.60	1.80	1.84	0.00	0.00		1.69	P/B Ratio		Historical Median
P/B Ratio (Close)	1.95	2.47	2.62	1.78	2.45	2.01	1.73	1.92	1.38	1.74	1.87	1.84	2.01	1.95	1.95	1.95		5.06%	<-IRR #YR->	10	Book Value per Share	63.44%
Change	-62.27%	26.38%	6.18%	-32.19%	38.02%	-17.99%	-14.23%	11.08%	-28.11%	26.47%	7.23%	-1.60%	9.13%	-2.69%	0.00%	0.00%		1.06%	<-IRR #YR->	5	Book Value per Share	6.35%
Leverage (A/BK)	1.94	1.77	1.78	1.74	1.81	1.85	1.85	1.98	2.09	2.19	1.99	2.06	2.05	2.05				1.99	<-Median->	10	A/BV
Debt/Equity Ratio	0.94	0.77	0.78	0.74	0.81	0.85	0.85	0.98	1.09	1.19	0.99	1.06	1.05	1.05				0.99	<-Median->	10	Debt/Eq Ratio
Median									P/BV	10 yr Med	1.68	5 yr Med	1.60		16.25%	Diff M/C		1.99	Historical		Leverage (A/BK)
			-$16.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.45
								-$25.10	$0.00	$0.00	$0.00	$0.00	$26.45
Comprehensive Income	$214.03	$369	$371	$429	$452	$895	$1,157	$1,273	-$412	$1,268	$3,284	$1,656	$2,294					518.33%	<-Total Growth	10	Comprehensive Income
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10								NCI
Comprehensive Income	$214.03	$369	$371	$429	$452	$895	$1,157	$1,273	-$412	$1,268	$3,284	$1,656	$2,284					515.63%	<-Total Growth	10	Comprehensive Income
Increase	38.04%	72.41%	0.54%	15.63%	5.36%	98.01%	29.27%	10.03%	-132.36%	407.77%	158.99%	-49.57%	37.92%					37.92%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$173	$218	$259	$308	$367	$503	$661	$841	$673	$836	$1,314	$1,414	$1,616					19.93%	<-IRR #YR->	10	Comprehensive Income	515.63%
ROE	5.0%	7.1%	5.9%	5.8%	5.4%	6.5%	8.0%	7.6%	-2.7%	8.8%	20.8%	10.5%	13.0%					12.40%	<-IRR #YR->	5	Comprehensive Income	79.42%
5Yr Median	15.6%	14.9%	7.1%	5.9%	5.8%	5.9%	5.9%	6.5%	6.5%	7.6%	8.0%	8.8%	10.5%					20.11%	<-IRR #YR->	10	5 Yr Running Average	524.90%
% Difference from NI	-5.0%	-1.0%	-8.2%	2.9%	-6.1%	-9.4%	-17.2%	-23.3%	-30.8%	-5.2%	-1.0%	-13.5%	16.3%					13.95%	<-IRR #YR->	5	5 Yr Running Average	92.11%
										Diff	5, 10 yr	-7.8%	-5.2%					10.5%	<-Median->	5	Return on Equity
			-$371	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,284
								-$1,273	$0	$0	$0	$0	$2,284
			-$258.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,616.0
								-$841.2	$0.0	$0.0	$0.0	$0.0	$1,616.0
Current Liability Coverage Ratio	1.58	1.07	1.40	1.56	1.54	1.50	1.76	1.95	1.70	1.47	1.73	1.11	1.43	1.06							CFO / Current Liabilities
5 year Median	1.26	1.07	1.40	1.40	1.54	1.50	1.54	1.56	1.70	1.70	1.73	1.70	1.47	1.43				154.8%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	7.10%	9.05%	8.79%	7.71%	8.02%	6.70%	9.84%	8.55%	9.62%	11.20%	11.22%	10.92%	11.58%	8.53%							CFO / Total Assets
5 year Median	9.06%	9.05%	9.05%	8.79%	8.02%	8.02%	8.02%	8.02%	8.55%	9.62%	9.84%	10.92%	11.20%	11.20%				9.7%	<-Median->	10	Return on Assets
Return on Assets ROA	2.72%	3.76%	3.09%	2.74%	2.62%	3.17%	4.34%	4.11%	-1.52%	3.49%	9.03%	5.05%	4.78%	4.97%				Net	Income/Assets		Return on Assets
5Yr Median	6.28%	4.96%	3.76%	3.09%	2.74%	3.09%	3.09%	3.17%	3.17%	3.49%	4.11%	4.11%	4.78%	4.97%				3.8%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	5.27%	7.20%	6.38%	5.61%	5.81%	7.14%	9.71%	9.90%	-3.96%	9.32%	21.02%	12.11%	11.21%	11.65%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	15.82%	14.35%	7.20%	6.38%	5.81%	6.38%	6.38%	7.14%	7.14%	9.32%	9.71%	9.90%	11.21%	11.65%				9.5%	<-Median->	10	Return on Equity
														$1,743	<-12 mths	1.28%			Estimates		Last 12 months from Qtr
Net Income	$224.95	$351	$383	$406	$466	$891	$1,278	$1,492	-$316	$1,242	$2,971	$1,776	$1,874					389.30%	<-Total Growth	10	Net Income
Preferred Dividend	$0	$7	$35	$51	$72	$86	$125	$131	$160	$144	$129	$128	$143					308.57%	<-Total Growth	10	Preferred Dividend
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10								NCI
Debentures	$0	$0	$0	$0	$0	$6	$4	$0	$0	$0	$0	$0	$0								Debentures
Shareholders	$224.95	$344	$348	$355	$394	$811	$1,157	$1,361	-$476	$1,098	$2,842	$1,648	$1,721	$1,788	$1,920	$2,017		394.54%	<-Total Growth	10	Shareholders
Increase	35.79%	52.92%	1.16%	2.01%	10.99%	105.84%	42.66%	17.63%	-134.97%	-330.67%	158.83%	-42.01%	4.43%	3.89%	7.38%	5.05%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$180.2	$216.7	$253.9	$287.5	$333.2	$450.4	$613.0	$815.6	$649	$790	$1,196	$1,295	$1,367	$1,819	$1,984	$1,819		17.33%	<-IRR #YR->	10	Net Income	394.54%
Operating Cash Flow	$359.81	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,252	$2,650	$2,929	$2,635	$3,214					4.81%	<-IRR #YR->	5	Net Income	26.45%
Investment Cash Flow	-$547.13	-$860	-$1,837	-$1,898	-$2,286	-$3,332	-$1,311	-$3,910	-$1,483	-$1,039	-$154	-$789	-$3,913					18.33%	<-IRR #YR->	10	5 Yr Running Average	438.32%
Total Accruals	$412.27	$553	$1,385	$1,452	$1,603	$2,630	$212	$2,739	-$1,245	-$513	$67	-$198	$2,420					10.87%	<-IRR #YR->	5	5 Yr Running Average	67.56%
Total Assets	$8,276.5	$9,142	$11,262	$12,936	$15,017	$25,566	$26,664	$33,153	$31,416	$31,456	$31,475	$32,618	$35,967						Balance Sheet		Assets
Accruals Ratio	4.98%	6.05%	12.30%	11.22%	10.67%	10.29%	0.80%	8.26%	-3.96%	-1.63%	0.21%	-0.61%	6.73%					-0.61%	<-Median->	5	Ratio
EPS/CF Ratio	0.43	0.43	0.36	0.38	0.33	0.55	0.44	0.51	-0.16	0.31	0.80	0.46	0.42					0.43	<-Median->	10	EPS/CF Ratio
			-$348	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,721
								-$1,361	$0	$0	$0	$0	$1,721
			-$254	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,367
								-$816	$0	$0	$0	$0	$1,367
Change in Close	-4.05%	31.48%	13.15%	-28.79%	39.17%	8.39%	-10.93%	18.81%	-37.46%	24.12%	23.02%	-0.74%	16.42%	-2.69%	0.00%	0.00%			Count	28	Years of data
up/down	down		down	down	down	down	down		up					down					Count	17	60.71%
Meet Prediction?				yes			yes											% right	Count	4	23.53%
Financial Cash Flow	$214.33	$214	$1,039	$1,072	$1,216	$2,105	-$1,126	$1,351	-$809	-$1,665	-$2,720	-$1,800	$678						C F Statement		Financial Cash Flow
Total Accruals	$197.9	$339	$346	$380	$387	$525	$1,338	$1,388	-$436	$1,152	$2,787	$1,602	$1,742								Accruals
Accruals Ratio	2.39%	3.70%	3.07%	2.94%	2.58%	2.05%	5.02%	4.19%	-1.39%	3.66%	8.85%	4.91%	4.84%					4.84%	<-Median->	5	Ratio
Cash	$27.34	$51	$53	$28	$35	$321	$157	$129	$81	$43	$94	$137	$141	$141							Cash
Cash per Share	$0.09	$0.16	$0.16	$0.08	$0.09	$0.64	$0.31	$0.24	$0.15	$0.08	$0.17	$0.25	$0.24	$0.24				$0.17	<-Median->	5	Cash per Share
Percentage of Stock Price	0.33%	0.43%	0.37%	0.25%	0.21%	1.40%	0.76%	0.49%	0.49%	0.21%	0.37%	0.55%	0.46%	0.47%				0.46%	<-Median->	5	% of Stock Price
Taxes
Other Income
Ret of Cap.
Total
Total
check
Notes:
April 12, 2025.  Last estimates were for 2024, 2025, 2026 of $9778M, $10051M, $10392M Revenue, $5.04, $5.22 2024/5 AFFO, $3.15, $3.40, $3.62 EPS, $2.73, $2.82, $2.87 Dividends,
$2102M, $2458M, $2636M FCF, $5.34, $5.45, $5.40 CFPS, $4130M, $4350M, $4494M EBITDA, $25.80, $25.30, $25.30 BVPS, $1787M, $1950M, $2075M Net Income.
April 14, 2024.  Last estimates were for 2023, 2024 and 2025 of $10108M, $8861M,$9536M for Revenue, $4.73, $4.80 2023/4 for AFFO, $2.89, $3.01 and 3.00 for EPS,
$2.65, $2.74 and $2.78 for Dividends, $2068M, $2314M, $2291M for FCF, $4.65, $5.06 and $5.04 for CFPS, $28.20, $27.60 and $26.80 for BVPS, $1574M, $1645M and $1650M for Net Income.
April 16, 2023.  Last estimates were for 2022, 2023 and 2024 of $8490M, $8295M and $7288M for Revenue, $4.45,and $4.76 2022/3 for AFFO, $2.83, $2.94 and $3.14 for EPS,
$2.58, $2.67 and $2.78 for Dividends, $2223M, $2317M and $2138M for FCF, $4.67, $4.81 and $5.39 for CFPS, $23.40, $23.20 and $25.40 for BVPS, and $1477M, $1515M and $1535M for Net Income.
April 16, 2022.  Last estimates were for 2021 and 2022 of $6787M, $6967M for Revenue, $4.40 and $4.45 for AFFO, $2.29, $2.46 and $2.35 2021-23 for EPS,
$2.51, $2.58 and $2.64 for Dividends 2021-23, $2039M, $2095M and $2446M for FCF 2022-23, $4.47 and $4.32 for CFPS, and $1239M, $1279M and $1295M for Net Income for 2021-23.
April 17, 2021.  Last estimates were for 2020, 2021 and 2022 of $7473M, $7515M and $8185M for Reenue, $4.47 and $4.97 for AFFO for 2020 and 2021, $2.24, $2.45 and 42.57 for EPS,
$2.50, $2.59 and 2.76 for Dividends, $1609M, $1859M and $2245M for FCF, $3.82, $4.12 and $5.10 for CFPS and $1278M, $1401M and $1564M for Net Income.
December 2020.  There is an EPS loss in 2020 because of write offs of properties and investments.
April 11, 2020.  Last estiamtes were for 2019, 2020 and 2021 of $8211M, $8426M, $9091M for Revenue, $4.42 and $4.72 for AFFO for 2019 and 2020,
$2.23, $2.51 and $2.65 for EPS, $4.46, $4.73 and $4.89 for CFPS and $1383M, $1530M and $1727M for Net Income.
April 14, 2019.  Last estimates were for 2018, 2019 and 2020 of 7772M, $8025 and $8284M for Revenue, $3.86 and $4.04 for FFO for 2018 and 2019,
$2.19, $2.43 and $2.88 for EPS, $3.75, $4.11 and $3.57 for CFPS and $1132M, $1238M and $1417M for Net Income.
April 10, 2018.  Last estimates were for 2017, 2018 and 2019 of $6466M, $7409M and $7717M for Revenue, $2.80 and 3.26 for FFO for 2017 and 2018, $1.68, $2.07 and $2.31 for EPS,
$3.02, $3.59 and 3.87 for CPFS and $717M, $890M and $1026M for Net Income.
April 8, 2017.  Last estimates were for 2016, 2017 and 2018 of $5687M, $6760M and $7356M for Revenue, $2.43 and $2.92 for AFFO for 2016 and 2017, $1.28, $1.60 and $1.89 for EPS,
2.54, $2.97 and 3.21 for CFPS, $528, $687 amd $8.55 for Net Income.
April 17, 2016.  Last estimates were for 2015, 2016 and 2017 of $4975M, $6203M, and $6991M for Revenue, $2.04 and $2.35 AFFO for 2015 and 2016,
$1.15, $1.44 and $1.66 for EPS, $2.16, 2.62 and $3.05 for CFPS, $411M, $521M and $528M for Net Income.
May 3, 2015.  Last estimates were for 2014, 2015 and 2016 of $5101M, $5209M and $4866M for Revenue, $2.22, $2.43 for AFFO,
$1.27, $1.34 and $1.37 for EPS, $2.25, $2.39 and $2.47 for CFPS and $389M, $439M and $479M for Net Income.
April 20, 2014.  Last estimates were for 2013, 2014 and 2015 of $4199M, $4309M and $4549M for Revenue, $2.15, $2.10 and $2.24 for AFFO,
$1.03, $1.13 and $1.32 for EPS, $2.09, $2.15 and $2.19 for CFPS and $260M, $315M and $372M for net income.
May 10th, 2013.  Last Estimates were for 2012 and 2013 at $1784M and $1827M for Revenue, $1.72 for FFO, $0.79, $0.89 and $0.97 (2014) for EPS and $1.86 and $1.89 for CFPS.
Feb 27, 2013 The company says they are paying dividends of $0.135, but I am getting dividends of $0.1377.  I also did some updating on the spreadsheet.
Feb 25, 2012.  Purchases of Provident Energy Ltd by Pembina for 130M shares.
Feb 18, 2012.  Last estimates were for 2011 and 2012 for $1208M and $1272M for revenues, $1.71 and $1.72 FFO, $.96 and $1.03 for EPS and $1.65 and $1.75 for CF.
May 11, 2011.  Last time I review this stock, I got estimates for 2010, 2011 and 2012 for earnings of $1.08, $0.82 and $0.88.  I also got CF estimates of  $1.56 and $1.61 for 2010 and 2011.
Last time I review this stock, I got estimates for 2010, 2011 and 2012 for FFO of $1.50, $1.54 and $1.61.  By 2014/2015 they will have to earn more to cover pay dividends.
Pembina expected their tax pool to off set taxes until 2014/2015.   After that they will have to pay taxes.
Old symbol was PIF.UN (Pembina Pipeline Income Fund) and new one is PPL (Pembina Pipeline Corp), on conversion to a corporation in October 2010.
There will be no capital gain or loss on conversion to Corporation, probably 1 July 2010.  Distributions then will be taxed as dividends.   Div from $.1326 mthly to $.13, or $1.59 to $1.56.
Apr 17, 2010.  When I last looked at this stock, I got estimates for 2009 and 2010 for earnings of $1.09 and 1.13 and cash flow of $1.65 and $1.62 and FFO of $1.79 and $1.72.
Stock did not meet these estimates.  The closes was in earnings, but was way off for FFO and Cash Flow.  Half increase in units for Reinvestment plan and rest for purchase.
It seems to me that they raised enough money with bank loans, debt instruments and selling units to pay for debt, distributions and investments in additional assets. Most of the cash flow is used in distributions.
They will do no more distribution increases for about 3 years.  They say that they remain on track to maintain our current level of cash distributions of $1.56 per unit per year through to 2013.
Markets did not really punish this stock for not meeting estimates.  Ones with Sell or reduce recommendations feel stock is overpriced.
Mar 29, 2009.  All estimates have been lowered from the last time I looked at this stock.
Mar 6, 2009 AP 2008.  This company expects to switch to a Corporation in the later part of 2010.  It expects to maintain its distribution of $1.56 for the next 5 years.
AP 2007. Still problem of Units increasing and Bookvalue. But Bookvalue went up slightly this year.  However, last 5 years, make 19% IRR and since buying in 2001 make 16% IRR.
TD currently rates it as a hold and does not expect stock price to increase much over next year (to $17).
AR 2006.  Still has problem that #  of units increasing and bookvalue going down. 2006 is second year it has gone up 7 years of downs. Yield is good. Drop in Nov re Gov Tax changes.
TD rates as hold as do others.
AP 2005.  Stock is doing what it is supposed to be doing.  However, share holder value is going down, see Book Value.
AP 2003.  Because of yield, I get a very good return.  This is what this stock is to do.  Revenue increasing, Earnings increasing, but so are # of units. At the moment it is a keeper.
May 2003.  This is an income trust fund.  It is to provide me with income and with a utility stocks.  I think it can do this. This is an income trust fund.  This stock is also a pipeline
and I should watch it re chge to a hydrogen economy, although I think it will adjust to this.  Purchase price is a little to high to purchase more at the moment.
Issued Oct '97 at $10 (previous company was Pembina Pipeline Corporation - PPC)
Company was started in 1954.  Their IPO was done in October 1997 and was publicly traded from 1998 as PIF.UN.
Sector:
Infrastructure, Utility
What should this stock accomplish?
Would I buy this company and Why.
This is a dividend growth utility Stocks.
Why I bought this stock.
In December 2001 I thought it would be a good time to purchase this stock as the market was relatively low. Pipeline stocks are conservative and the return on this one was good at 9.7%.
When I purchased this stock it was an Income Trust company.
Dividends
2023 dividends are changing to Quarterly in March, June, September and December.
Dividends are paid monthly near the middle of the month.  Dividends declared for shareholders of record for one month are paid in following month.
For example, the dividend declared on January 7, 2014 for shareholders of record of January 25, 2014 was paid on February 14, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money
Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio.
Its assets include pipelines and gas gathering as well as assets across fractionation, storage, and propane exports.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	April 10	2018	April 14	2019	April 11	2020	April 17	2021	April 16	2022	April 16	2023	April 14	2024			April 12	2025
Burrows, J. Scott	0.00%	0.009	0.00%	0.011	0.00%	0.012	0.00%	0.015	0.00%	0.020	0.00%	0.031	0.01%	0.039	0.01%			0.055	0.01%		Was  CFO 2021	41.03%
CEO - Shares - Amount	$0.359		$0.367		$0.514		$0.371		$0.567		$0.920		$1.433		$2.058				$2.825
Options - percentage	0.03%	0.206	0.04%	0.193	0.04%	0.263	0.05%	0.701	0.13%	0.809	0.15%	1.179	0.21%	1.254	0.22%			0.702	0.12%			-43.99%
Options - amount	$7.093		$8.337		$9.290		$7.916		$26.186		$37.188		$53.784		$66.594				$36.296
Dilger, Michael H.	0.05%	0.250	0.05%	0.250	0.05%	0.200	0.04%	0.200	0.04%												Ceased insider Nov 2021
CEO - Shares - Amount	$10.915		$10.128		$12.033		$6.020		$7.472
Options - percentage	0.17%	1.132	0.22%	1.283	0.23%	1.665	0.30%	2.343	0.43%
Options - amount	$38.690		$45.872		$61.733		$50.113		$87.535
Goldade, Cameron								0.021	0.00%	0.022	0.00%	0.023	0.00%	0.026	0.00%			0.027	0.00%		Interium CFO 2022	6.13%
CFO - Shares - Amount									$0.773		$1.000		$1.054		$1.365				$1.409
Options - percentage								0.133	0.02%	0.157	0.03%	0.194	0.04%	0.219	0.04%			0.206	0.04%			-6.08%
Options - amount									$4.952		$7.229		$8.844		$11.654				$10.651
Sprott, Jaret								0.012	0.00%	0.020	0.00%	0.026	0.00%	0.033	0.01%			0.049	0.01%			50.38%
Officer - Shares - Amount									$0.444		$0.916		$1.178		$1.734				$2.537
Options - percentage								0.493	0.09%	0.520	0.09%	0.569	0.10%	0.563	0.10%			0.512	0.09%			-9.15%
Options - amount									$18.427		$23.891		$25.938		$29.922				$26.452
Luduca, Janet C.												0.003	0.00%	0.006	0.00%			0.012	0.00%			105.13%
Officer - Shares - Amount													$0.133		$0.298				$0.595
Options - percentage												0.219	0.04%	0.222	0.04%			0.215	0.04%			-3.27%
Options - amount													$9.980		$11.816				$11.122
Howe, Maureen										0.025	0.00%	0.026	0.00%	0.027	0.00%			0.027	0.00%			0.00%
Director - Shares - Amount											$1.149		$1.186		$1.434				$1.395
Options - percentage										0.013	0.00%	0.014	0.00%	0.015	0.00%			0.015	0.00%			5.40%
Options - amount											$0.591		$0.623		$0.771				$0.791
Ainsworth, Anne-Marie				0.020	0.00%	0.020	0.00%	0.023	0.00%	0.024	0.00%	0.025	0.00%	0.026	0.00%			0.027	0.00%			4.02%
Director - Shares - Amount					$0.954		$0.597		$0.850		$1.095		$1.137		$1.371				$1.388
Options - percentage				0.014	0.00%	0.000	0.00%	0.022	0.00%	0.028	0.01%	0.032	0.01%	0.038	0.01%			0.044	0.01%			15.83%
Options - amount					$0.681		$0.000		$0.821		$1.305		$1.480		$2.027				$2.285
Kerr, Gordon J.												0.010	0.00%	0.010	0.00%			0.010	0.00%			0.00%
Director - Shares - Amount													$0.474		$0.552				$0.537
Options - percentage												0.043	0.01%	0.049	0.01%			0.054	0.01%			11.67%
Options - amount													$1.969		$2.584				$2.807
Conv. Deb/Preferred
Michaleski, Robert B.	0.09%	0.465	0.09%	0.455	0.08%	0.447	0.08%														Director in 2015
Director - Shares - Amount	$21.174		$18.848		$21.909		$13.446														used to be CFO
Options - percentage	0.00%	0.010	0.00%	0.014	0.00%	0.015	0.00%														Ceased insider May 2020
Options - amount	$0.226		$0.402		$0.660		$0.465
Sykes, Henry William										0.013	0.00%	0.015	0.00%	0.017	0.00%			0.018	0.00%			6.36%
Chairman - Shares - Amt											$0.612		$0.698		$0.918				$0.950
Options - percentage										0.016	0.00%	0.021	0.00%	0.027	0.00%			0.033	0.01%			22.31%
Options - amount											$0.729		$0.962		$1.446				$1.721
Findlay, Randall J.	0.03%	0.134	0.03%	0.141	0.03%	0.141	0.03%	0.141	0.03%	0.138	0.03%	0.138	0.03%								No longer chair 2023
Chairman - Shares - Amt	$6.199		$5.430		$6.778		$4.239		$5.261		$6.357		$6.283
Options - percentage	0.00%	0.015	0.00%	0.022	0.00%	0.025	0.00%	0.032	0.01%	0.047	0.01%	0.000	0.00%
Options - amount	$0.346		$0.612		$1.050		$0.757		$1.210		$2.167		$0.000
Increase in 2013
Increase in O/S Shares	0.25%	1.405	0.28%	1.729	0.34%	3.979	0.73%	2.000	0.36%	1.258	0.23%	7.000	1.27%	1.412	0.26%			6.519	1.12%		Average	0.65%
due to SO	$41.960		$63.899		$70.042		$191.509		$60.200		$47.000		$321.720		$64.415				$346.224		See under
Book Value	$31.000		$62.000		$75.000		$167.000		$105.000		$47.000		$319.000		$6.000				$13.000		Share-based Payments
Part of debenture conversion and other line	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000		and options exercised
Insider Buying	-$0.420		-$1.477		-$3.020		$2.237		-$1.122		-$0.595		-$0.784		-$1.036				-$1.290		See cost in common share
Insider Selling	$0.000		$0.030		$28.769		$18.548		$0.681		$8.808		$5.866		$2.829				$22.417		capital
Net Insider Selling	-$0.420		-$1.448		$25.749		$20.785		-$0.440		$8.213		$5.083		$1.792				$21.128
% of Market Cap	0.00%		-0.01%		0.10%		0.13%		0.00%		0.03%		0.02%		0.01%				0.07%
Increase in O/S Shares
due to SO 2012
Book Value
Debenture conv & other
Directors		13		11		11		11		11		13		11				12
Women	20%	3	23%	3	27%	3	27%	4	36%	4	36%	5	38%	5	45%			5	42%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	8%	1	9%			1	8%
Institutions/Holdings	48.95%	338	48.15%	369	51.79%
Total Shares Held	49.31%	242.386	47.71%	263.979	48.17%
Increase/Decrease	6.73%	27.142	12.61%	14.003	5.60%
Starting No. of Shares	Nasdaq PBA	215.244	Nasdaq PBA	249.976	Nasdaq PBA
Institutions/Holdings	26.58%	3	30.90%	15	38.46%	20	43.06%	20	40.59%	20	43.84%	20	45.46%	20	67.91%			20	44.24%
Total Shares Held	0.67%	3.090	0.61%	3.846	0.70%	220.266	40.19%	222.244	40.41%	241.279	43.87%	250.211	45.58%	373.152	64.33%			256.841	44.28%
Increase/Decrease	-6.61%	-0.063	-1.98%	0.216	5.95%	0.216	2.08%	-5.567	-53.77%	13.535	130.72%	-2.107	-20.35%	122.137	1179.62%			10.154	98.07%
Starting No. of Shares	Reuters	3.152	Reuters	3.630	Reuters	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20			10.354	MS Top 20
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