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					Power calculations see Aden
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q2 2025
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			6/30/25					https://www.annualreports.com/Company/Quebecor-Inc
Quebecor Inc					TSX	QBR.B	OTC	QBCRF	https://www.quebecor.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
Accounting Rules							IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date		16-Aug-13				17-Nov-17
Split Value		2				2
														$5,612	<-12 mths	-0.46%
Revenue*	$4,351.8	$4,277.2	$3,716.1	$3,879.5	$4,016.6	$4,122.4	$4,181.0	$4,293.8	$4,317.8	$4,554.4	$4,531.9	$5,434.3	$5,638.4	$5,619	$5,668	$5,783		51.73%	<-Total Growth	10	Revenue
Increase	3.45%	-1.71%	-13.12%	4.40%	3.53%	2.63%	1.42%	2.70%	0.56%	5.48%	-0.49%	19.91%	3.76%	-0.34%	0.87%	2.03%		4.26%	<-IRR #YR->	10	Revenue
5 year Running Average	$4,024.9	$4,128.4	$4,110.4	$4,086.2	$4,048.2	$4,002.4	$3,983.1	$4,098.7	$4,186.3	$4,294	$4,375.8	$4,626.4	$4,895.4	$5,155.6	$5,378.3	$5,628.5		5.60%	<-IRR #YR->	5	Revenue
Revenue per Share	$17.42	$17.34	$15.12	$15.84	$16.48	$17.31	$16.26	$16.86	$17.40	$19.04	$19.62	$23.56	$24.28	$24.20	$24.41	$24.90		1.76%	<-IRR #YR->	10	5 yr Running Average
Increase	4.98%	-0.44%	-12.80%	4.75%	4.05%	5.00%	-6.01%	3.68%	3.18%	9.41%	3.09%	20.05%	3.07%	-0.34%	0.87%	2.03%		3.62%	<-IRR #YR->	5	5 yr Running Average
5 year Running Average	$15.79	$16.34	$16.40	$16.46	$16.44	$16.42	$16.20	$16.55	$16.86	$17.37	$17.84	$19.30	$20.78	$22.14	$23.21	$24.27		4.85%	<-IRR #YR->	10	Revenue per Share
P/S (Price/Sales) Med	0.52	0.67	0.93	0.88	1.11	1.26	1.61	1.85	1.77	1.67	1.44	1.34	1.31	1.49	0.00	0.00		7.56%	<-IRR #YR->	5	Revenue per Share
P/S (Price/Sales) Close	0.56	0.76	1.06	1.07	1.13	1.37	1.77	1.97	1.88	1.50	1.54	1.34	1.30	1.84	1.82	1.78		2.39%	<-IRR #YR->	10	5 yr Running Average
P/S 10 Year Median						0.60	0.77	0.90	1.02	1.18	1.35	1.39	1.39	1.46	1.46	1.46		4.66%	<-IRR #YR->	5	5 yr Running Average
*Revenue in M CDN $					P/S Med	20 yr	1.11	15 yr	1.26	10 yr	1.39	5 yr	1.44		32.44%	Diff M/C
																					Operating Costs to Rev
			-$3,716.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5,638.4
								-$4,293.8	$0.0	$0.0	$0.0	$0.0	$5,638.4
			-$4,110.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,895.4
								-$4,098.7	$0.0	$0.0	$0.0	$0.0	$4,895.4
			-$15.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.28
								-$16.86	$0.00	$0.00	$0.00	$0.00	$24.28
			-$16.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.78
								-$16.55	$0.00	$0.00	$0.00	$0.00	$20.78
AFFO										$1,382.1	$1,439.6	$1,679.4	$1,750.3								Activity Report
Increase											4.16%	16.66%	4.22%
Adjusted Cash Flow from Operations
														$790.7	<-12 mths	5.85%
														$3.41	<-12 mths	5.90%
Basic Calc	$0.78	$0.86	$0.82	$0.98	$1.25	$1.44	$1.96	$2.27	$2.32	$2.55	$2.66	$2.98	$3.23
Diluted Cal	$0.74	$0.86	$0.82	$0.83	$1.25	$1.44	$1.95	$2.27	$2.32	$2.50	$2.66	$2.91	$3.22
Adjusted Profit CDN$	$196.1	$214.1	$202.3	$239.9	$305.5	$347.9	$468.1	$581.0	$594.5	$621.9	$624.8	$688.1	$747.0					269.25%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	14.95%	18.54%	40.14%	80.26%	67.11%	49.47%	95.69%	59.44%	53.43%	49.53%	46.03%	39.85%	34.63%					51.48%	<-Median->	10	Return on Equity ROE
5Yr Median		16.30%	16.30%	18.54%	40.14%	49.47%	67.11%	67.11%	59.44%	53.43%	53.43%	49.53%	46.03%					51.48%	<-Median->	10	5Yr Median
Pre 2013 Split	$3.10
Pre 2017 Split	$1.55	$1.73	$1.64	$1.95	$2.49
Basic	$0.78	$0.87	$0.82	$0.98	$1.25	$1.44	$1.96	$2.27	$2.33	$2.55	$2.66	$2.98	$3.23					293.90%	<-Total Growth	10	AEPS
Pre 2013 Split	$3.10
Pre 2017 Split	$1.55	$1.73	$1.64	$1.95	$2.49
AEPS* Dilued	$0.74	$0.86	$0.82	$0.83	$1.25	$1.44	$1.95	$2.27	$2.32	$2.50	$2.66	$2.91	$3.22	$3.67	$4.21	$4.73		291.37%	<-Total Growth	10	AEPS
Increase	-0.23%	16.40%	-4.74%	1.50%	49.63%	15.05%	35.84%	16.36%	2.12%	7.98%	6.06%	9.66%	10.48%	14.03%	14.71%	12.35%		10	0	10	Years of Data, EPS P or N
5 year Running Average	$0.79	$0.83	$0.81	$0.80	$0.90	$1.04	$1.26	$1.55	$1.85	$2.10	$2.34	$2.53	$2.72	$2.99	$3.33	$3.75		14.62%	<-IRR #YR->	10	AEPS
AEPS Yield	7.67%	6.53%	5.15%	4.93%	6.69%	6.06%	6.79%	6.85%	7.08%	8.77%	8.80%	9.24%	10.22%	8.26%	9.48%	10.65%		7.22%	<-IRR #YR->	5	AEPS
Payout Ratio	6.74%	5.79%	6.08%	7.79%	6.81%	7.34%	9.89%	22.23%	34.49%	43.92%	45.17%	41.19%	40.39%	38.15%	33.25%	29.60%		12.88%	<-IRR #YR->	10	5 yr Running Average
5 year Running Average	6.29%	6.03%	6.17%	6.62%	6.65%	6.83%	7.92%	12.31%	18.30%	25.79%	32.45%	37.94%	41.14%	41.44%	39.00%	35.75%		11.94%	<-IRR #YR->	5	5 yr Running Average
Price/AEPS Median	12.30	13.39	17.09	16.65	14.64	15.16	13.43	13.75	13.24	12.69	10.61	10.80	9.88	9.80	0.00	0.00		13.33	<-Median->	10	Price/AEPS Median
Price/AEPS High	13.56	15.71	19.86	16.94	16.43	17.31	15.06	14.89	14.78	14.45	12.24	12.14	11.07	11.34	0.00	0.00		14.84	<-Median->	10	Price/AEPS High
Price/AEPS Low	11.03	11.07	14.32	16.35	12.84	13.02	11.80	12.61	11.70	10.94	8.99	9.46	8.70	8.25	0.00	0.00		11.75	<-Median->	10	Price/AEPS Low
Price/AEPS Close	13.04	15.31	19.42	20.29	14.94	16.49	14.72	14.59	14.12	11.40	11.37	10.82	9.79	12.10	10.55	9.39		14.36	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	13.01	17.82	18.50	20.60	22.35	18.98	20.00	16.98	14.42	12.31	12.06	11.87	10.81	13.80	12.10	10.55		15.70	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	13.24	14.78	11.07	14.12	P/AEPS	5 Yrs	in order	10.80	12.24	9.46	11.37		12.08%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
Adjusted income from Operation Activities			-$0.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.22
								-$2.27	$0.00	$0.00	$0.00	$0.00	$3.22
			-$0.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.72
								-$1.55	$0.00	$0.00	$0.00	$0.00	$2.72
														$3.34	<-12 mths	3.41%
Difference Basic and Diluted	3.40%	0.00%	0.00%	12.10%	0.63%	0.65%	0.60%	0.00%	2.49%	3.78%	0.00%	0.71%	0.00%					0.01	<-Median->	10	Difference Basic and Diluted
Pre 2013 Split	$2.65
Pre 2017 Split	$1.33	-$1.08	-$0.24	$1.24	$1.59
EPS Basic	$0.66	-$0.54	-$0.12	$0.62	$0.80	$1.53	$1.68	$2.55	$2.41	$2.38	$2.55	$2.82	$3.23					2791.67%	<-Total Growth	10	EPS Basic
Pre 2013 Split	$2.56
Pre 2017 Split	$1.28	-$1.08	-$0.24	$1.09	$1.58
EPS Diluted*	$0.64	-$0.54	-$0.12	$0.55	$0.79	$1.52	$1.67	$2.55	$2.35	$2.29	$2.55	$2.80	$3.23	$3.67	$3.58	$4.28		2791.67%	<-Total Growth	10	EPS Diluted
Increase	-17.68%	-184.38%	77.78%	554.17%	44.95%	92.41%	9.87%	52.69%	-7.84%	-2.55%	11.35%	9.80%	15.36%	13.62%	-14.24%	-14.24%		10	0	10	Years of Data, EPS P or N
Earnings Yield	6.62%	-4.08%	-0.75%	3.22%	4.23%	6.41%	5.81%	7.69%	7.17%	8.02%	8.44%	8.88%	10.25%	8.26%	6.24%	6.24%		#NUM!	<-IRR #YR->	10	Earnings per Share
5 year Running Average	$0.82	$0.57	$0.33	$0.26	$0.26	$0.44	$0.88	$1.42	$1.78	$2.08	$2.28	$2.51	$2.64	$2.91	$2.73	$2.73		4.84%	<-IRR #YR->	5	Earnings per Share
10 year Running Average		$0.01	-$0.04	-$0.02	$0.10	$0.63	$0.72	$0.87	$1.02	$1.17	$1.36	$1.69	$2.03	$2.34	$2.25	$2.25		23.23%	<-IRR #YR->	10	5 yr Running Average
* Diluted ESP per share									E/P	10 Yrs	7.43%	5Yrs	8.44%					13.32%	<-IRR #YR->	5	5 yr Running Average
			$0.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.23
								-$2.55	$0.00	$0.00	$0.00	$0.00	$3.23
			-$0.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.64
								-$1.42	$0.00	$0.00	$0.00	$0.00	$2.64
Dividend*														$1.40					Estimates		Dividend*
Increase														7.69%					Estimates		Increase
Payout Ratio EPS														38.15%					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
Financials say Div pre-split 2013	$0.20
Financials say Div pre-split 2017	$0.10	$0.10	$0.10	$0.13
Financials say Dividends	$0.050	$0.050	$0.050	$0.065	$0.09	$0.10	$0.19	$0.39	$0.80	$1.10	$1.20	$1.20	$1.30
Dividend*	$0.0500	$0.0500	$0.0500	$0.0650	$0.0850	$0.1055	$0.1930	$0.5050	$0.8000	$1.1000	$1.20	$1.20	$1.30	$1.40	$1.40	$1.40		2500.00%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	30.00%	30.77%	24.12%	82.94%	161.66%	58.42%	37.50%	9.09%	0.00%	8.33%	7.69%	0.00%	0.00%		15	3	29	Years of data, Count P, N
Average Increases 5 Year Running	0.00%	0.00%	0.00%	6.00%	14.00%	22.20%	57.20%	135.38%	168.24%	188.53%	104.35%	27.52%	12.50%	5.45%	3.33%	3.33%		42.36%	<-Median->	10	5 year Increases
Dividends 5 Yr Running	$0.05	$0.05	$0.05	$0.05	$0.06	$0.07	$0.10	$0.19	$0.34	$0.54	$0.76	$0.96	$1.12	$1.24	$1.30	$1.34		2140.00%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	0.55%	0.43%	0.36%	0.47%	0.46%	0.48%	0.74%	1.62%	2.61%	3.46%	4.26%	3.81%	4.09%	3.89%				2.11%	<-Median->	10	Yield H/L Price
Yield on High  Price	0.50%	0.37%	0.31%	0.46%	0.41%	0.42%	0.66%	1.49%	2.33%	3.04%	3.69%	3.39%	3.65%	3.36%				1.91%	<-Median->	10	Yield on High  Price
Yield on Low Price	0.61%	0.52%	0.42%	0.48%	0.53%	0.56%	0.84%	1.76%	2.95%	4.01%	5.03%	4.35%	4.64%	4.63%				2.36%	<-Median->	10	Yield on Low Price
Yield on Close Price	0.52%	0.38%	0.31%	0.38%	0.46%	0.45%	0.67%	1.52%	2.44%	3.85%	3.97%	3.81%	4.13%	3.15%	3.15%	3.15%		1.98%	<-Median->	10	Yield on Close Price
Payout Ratio EPS	7.81%	0.00%	0.00%	11.93%	10.76%	6.94%	11.56%	19.80%	34.04%	48.03%	47.06%	42.86%	40.25%	38.15%	39.11%	32.71%		$0.06	<-Median->	29	DPR EPS
DPR EPS 5 Yr Running	6.11%	8.84%	15.27%	20.35%	22.81%	16.20%	11.32%	13.48%	19.01%	26.05%	33.29%	38.32%	42.36%	42.64%	47.65%	49.12%		$0.19	<-Median->	13	DPR EPS 5 Yr Running
Payout Ratio CFPS	1.11%	1.35%	1.28%	1.48%	1.86%	2.15%	3.58%	10.61%	13.87%	22.25%	21.95%	18.93%	17.56%	23.22%	21.67%	20.32%		$0.01	<-Median->	29	DPR CF
DPR CF 5 Yr Running	1.40%	1.35%	1.33%	1.33%	1.43%	1.66%	2.15%	3.97%	6.65%	10.49%	14.42%	17.62%	18.72%	20.54%	20.51%	20.23%		$0.02	<-Median->	25	DPR CF 5 Yr Running
Payout Ratio CFPS WC	1.25%	1.28%	1.38%	1.36%	2.09%	1.98%	4.00%	8.92%	14.27%	19.21%	20.90%	17.62%	17.79%	23.22%	21.67%	20.32%		$0.01	<-Median->	29	DPR CF WC
DPR CF WC 5 Yr Running	1.35%	1.29%	1.30%	1.30%	1.47%	1.64%	2.20%	3.87%	6.63%	9.96%	13.78%	16.26%	17.95%	19.61%	20.09%	20.00%		$0.02	<-Median->	25	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	2.11%	1.98%	5 Yr Med	5 Yr Cl	3.81%	3.85%	5 Yr Med	Payout	42.86%	18.93%	17.79%					20.82%	<-IRR #YR->	5	Dividends
* Dividends per share	10 Yr Med	and Cur.	49.31%	58.94%	5 Yr Med	and Cur.	-17.37%	-18.20%	Last Div Inc --->		$0.33	$0.35	7.69%					38.52%	<-IRR #YR->	10	Dividends
Dividends Growth 15																		24.26%	<-IRR #YR->	15	Dividends
Dividends Growth 20																		17.99%	<-IRR #YR->	20	Dividends
Dividends Growth 25																		10.00%	<-IRR #YR->	25	Dividends
Dividends Growth 30																		12.63%	<-IRR #YR->	29	Dividends
Dividends Growth 5								-$0.51	$0.00	$0.00	$0.00	$0.00	$1.30								Dividends Growth 5
Dividends Growth 10			-$0.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.30								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.30								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.30								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.30								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.30
Historical Dividends	Historical	High Div	4.35%	Low Div	0.37%	10 Yr High	4.99%	10 Yr Low	0.42%	Med Div	0.74%	Close Div	0.73%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-27.55%		88.26%	Exp.	-36.84%		650.41%	Cheap	325.91%	Cheap	329.27%								High/Ave/Median
Future Dividend Yield					Div Yield	$0.08	earning in	5	Years	at IRR of	20.82%	Div Inc.	157.43%								Future Dividend Yield
Future Dividend Yield					Div Yield	20.89%	earning in	10	Years	at IRR of	20.82%	Div Inc.	562.68%								Future Dividend Yield
Future Dividend Yield					Div Yield	53.77%	earning in	15	Years	at IRR of	20.82%	Div Inc.	1605.91%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.60	earning in	5	Years	at IRR of	20.82%	Div Inc.	157.43%								Future Dividend Paid
Future Dividend Paid					Div Paid	$9.28	earning in	10	Years	at IRR of	20.82%	Div Inc.	562.68%								Future Dividend Paid
Future Dividend Paid					Div Paid	$23.88	earning in	15	Years	at IRR of	20.82%	Div Inc.	1605.91%								Future Dividend Paid
Dividend Covering Cost					Total Div	$10.59	over	5	Years	at IRR of	20.82%	Div Cov.	23.83%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$34.24	over	10	Years	at IRR of	20.82%	Div Cov.	77.07%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$95.12	over	15	Years	at IRR of	20.82%	Div Cov.	214.13%								Dividend Covering Cost
Yield if held 5 years	0.51%	0.80%	0.94%	0.80%	1.04%	1.16%	1.67%	3.59%	5.76%	6.02%	5.51%	4.58%	4.16%	4.56%	4.40%	4.97%		3.88%	<-Median->	10	Paid Median Price
Yield if held 10 years	1.08%	1.10%	0.78%	0.90%	1.13%	1.08%	3.07%	9.48%	9.80%	13.44%	13.16%	10.38%	9.25%	10.08%	7.66%	6.42%		9.37%	<-Median->	10	Paid Median Price
Yield if held 15 years		0.71%	0.57%	0.62%	1.54%	2.27%	4.24%	7.92%	11.09%	14.66%	12.33%	19.09%	24.41%	17.15%	17.10%	15.35%		9.50%	<-Median->	10	Paid Median Price
Yield if held 20 years							2.73%	5.80%	7.60%	19.87%	25.81%	26.34%	20.39%	19.40%	18.65%	14.39%		19.87%	<-Median->	7	Paid Median Price
Yield if held 25 years												16.95%	14.93%	13.30%	25.29%	30.11%		15.94%	<-Median->	2	Paid Median Price
Yield if held 30 years																					See TD Bank, NA
																			year 35		BMO, EMP, T, JNJ
Cost covered if held 5 years	2.57%	3.98%	4.69%	3.25%	3.67%	3.90%	4.31%	6.78%	12.15%	14.79%	17.43%	18.33%	17.93%	20.19%	20.44%	23.76%		9.47%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	9.62%	10.87%	7.80%	7.14%	7.33%	6.22%	11.91%	22.60%	23.93%	36.70%	45.54%	45.88%	46.63%	56.77%	50.35%	48.18%		23.26%	<-Median->	10	Paid Median Price
Cost covered if held 15 years		12.59%	9.44%	7.21%	13.04%	17.27%	21.81%	22.76%	30.54%	43.35%	45.26%	88.36%	127.77%	99.86%	116.11%	119.01%		26.65%	<-Median->	10	Paid Median Price
Cost covered if held 20 years							19.63%	20.39%	23.25%	61.89%	98.95%	127.30%	110.60%	116.47%	129.96%	114.12%		61.89%	<-Median->	7	Paid Median Price
Cost covered if held 25 years											74.07%	87.50%	84.72%	82.16%	179.32%	243.03%		84.72%	<-Median->	3	Paid Median Price
Cost covered if held 30 years
																				Yr	Item
Revenue Growth								$4,293.8	$4,317.8	$4,554.4	$4,531.9	$5,434.3	$5,638.4	$5,612.2	<-12 mths	-0.46%		31.31%	<-Total Growth	5	Revenue Growth
AEPS Growth								$2.27	$2.32	$2.50	$2.66	$2.91	$3.22	$3.41	<-12 mths	5.90%		41.70%	<-Total Growth	5	AEPS Growth
Net Income Growth								$652.8	$607.2	$578.4	$599.7	$650.5	$747.5	$775.1	<-12 mths	3.69%		14.51%	<-Total Growth	5	Net Income Growth
Cash Flow Growth								$1,211.8	$1,431.5	$1,182.6	$1,262.7	$1,462.2	$1,719.0	$1,896.8	<-12 mths	10.34%		41.86%	<-Total Growth	5	Cash Flow Growth
Dividend Growth								$0.51	$0.80	$1.10	$1.20	$1.20	$1.30	$1.40	<-12 mths	7.69%		157.43%	<-Total Growth	5	Dividend Growth
Stock Price Growth								$33.14	$32.76	$28.55	$30.20	$31.52	$31.50	$44.42	<-12 mths	41.02%		-4.95%	<-Total Growth	5	Stock Price Growth
Revenue Growth			$3,716.1	$3,879.5	$4,016.6	$4,122.4	$4,181.0	$4,293.8	$4,317.8	$4,554.4	$4,531.9	$5,434.3	$5,638.4	$5,619.0	<-this year	-0.34%		51.73%	<-Total Growth	10	Revenue Growth
AEPS Growth			$0.82	$0.83	$1.25	$1.44	$1.95	$2.27	$2.32	$2.50	$2.66	$2.91	$3.22	$3.67	<-this year	14.03%		291.37%	<-Total Growth	10	AEPS Growth
Net Income Growth			-$30.1	$151.8	$194.7	$369.7	$401.5	$652.8	$607.2	$578.4	$599.7	$650.5	$747.5	$8,235.0	<-this year	1001.67%		2583.39%	<-Total Growth	10	Net Income Growth
Cash Flow Growth			$959.6	$1,072.2	$1,113.0	$1,171.1	$1,387.5	$1,211.8	$1,431.5	$1,182.6	$1,262.7	$1,462.2	$1,719.0	$1,896.8	<-this year	10.34%		79.14%	<-Total Growth	10	Cash Flow Growth
Dividend Growth			$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$1.30	$1.40	<-this year	7.69%		2500.00%	<-Total Growth	10	Dividend Growth
Stock Price Growth			$15.97	$16.94	$18.66	$23.70	$28.74	$33.14	$32.76	$28.55	$30.20	$31.52	$31.50	$44.42	<-this year	41.02%		97.24%	<-Total Growth	10	Stock Price Growth
Dividends on Shares	$8.75	$8.75	$8.75	$11.38	$14.88	$18.46	$33.78	$88.38	$140.00	$192.50	$210.00	$210.00	$227.50	$245.00	$245.00	$245.00		$1,334.81	No of Years	28	Total Dividends
Share Value	$1,692.25	$2,313.50	$2,794.75	$2,964.50	$3,265.50	$4,147.50	$5,029.50	$5,799.50	$5,733.00	$4,996.25	$5,285.00	$5,516.00	$5,512.50	$7,773.50	$7,773.50	$7,773.50		$5,512.50	No of Years	28	Share Value
Total																		$6,847.31			Total Return
Dividends on Shares				$4.10	$5.36	$6.65	$12.16	$31.82	$50.40	$69.30	$75.60	$75.60	$81.90	$88.20	$88.20	$88.20		$412.87	No of Years	10	Total Dividends
Share Value			$1,006.11	$1,067.22	$1,175.58	$1,493.10	$1,810.62	$2,087.82	$2,063.88	$1,798.65	$1,902.60	$1,985.76	$1,984.50	$2,798.46	$2,798.46	$2,798.46		$1,984.50	No of Years	10	Share Value
Total																		$2,397.37			Total Return
Graham Number AEPS	$9.36	$9.53	$6.16	$4.79	$7.24	$9.77	$9.14	$14.01	$15.30	$17.20	$18.74	$22.15	$25.94	$26.16	$28.02	$29.70		321.04%	<-Total Growth	10	Graham Number AEPS
Increase	-3.50%	1.87%	-35.39%	-22.28%	51.33%	34.85%	-6.42%	53.20%	9.21%	12.43%	8.99%	18.19%	17.09%	0.86%	7.10%	6.00%		14.76%	<-Median->	10	Increase
Price/GP Ratio Med	0.97	1.21	2.28	2.90	2.52	2.23	2.87	2.23	2.01	1.85	1.50	1.42	1.23	1.37				2.12	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.07	1.42	2.65	2.95	2.83	2.55	3.21	2.42	2.24	2.10	1.74	1.60	1.37	1.59				2.33	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.87	1.00	1.91	2.85	2.21	1.92	2.52	2.04	1.77	1.59	1.27	1.24	1.08	1.16				1.84	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	1.03	1.39	2.59	3.54	2.58	2.43	3.14	2.37	2.14	1.66	1.61	1.42	1.21	1.70	1.59	1.50		2.25	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	3.31%	38.65%	159.25%	253.84%	157.56%	142.59%	214.36%	136.60%	114.17%	66.02%	61.13%	42.29%	21.45%	69.81%	58.55%	49.58%		125.39%	<-Median->	10	Graham Price
Graham Number EPS	$8.69	$7.58	$5.01	$3.87	$5.76	$10.05	$8.46	$14.84	$15.40	$16.44	$18.36	$21.72	$25.98	$26.16	$25.84	$28.25		418.13%	<-Total Growth	10	Graham Number EPS
Increase	-12.35%	-12.87%	-33.81%	-22.86%	48.95%	74.38%	-15.84%	75.50%	3.74%	6.80%	11.67%	18.26%	19.64%	0.68%	-1.23%	9.34%		14.97%	<-Median->	10	Increase
Price/GP Ratio Med	1.05	1.53	2.80	3.59	3.17	2.17	3.10	2.10	1.99	1.93	1.54	1.45	1.22	1.37				2.05	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.16	1.79	3.26	3.66	3.56	2.48	3.48	2.28	2.23	2.20	1.77	1.63	1.37	1.59				2.25	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.94	1.26	2.35	3.53	2.78	1.86	2.72	1.93	1.76	1.67	1.30	1.27	1.08	1.16				1.81	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	1.11	1.75	3.18	4.38	3.24	2.36	3.40	2.23	2.13	1.74	1.64	1.45	1.21	1.70	1.72	1.57		2.18	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	11.22%	74.50%	218.46%	337.90%	223.85%	135.88%	239.87%	123.30%	112.78%	73.62%	64.46%	45.14%	21.23%	69.81%	71.93%	57.24%		118.04%	<-Median->	10	Graham Price
Based on EPS 3 Yrs EPS	$10.36	$8.98	$3.67	$0.96	$0.26	$5.19	$6.38	$10.70	$13.89	$16.08	$17.80	$20.09	$23.07	$23.09	$24.55	$25.52		527.99%	<-Total Growth	10	Based on EPS 3 Yrs EPS
Increase	-2.47%	-13.34%	-59.09%	-73.96%	-72.34%	1859.70%	23.08%	67.69%	29.78%	15.75%	10.71%	12.86%	14.83%	0.09%	6.33%	3.94%		15.29%	<-Median->	10	Increase
Price/GP Ratio Med	0.88	1.29	3.83	14.52	69.07	4.20	4.11	2.92	2.21	1.98	1.58	1.57	1.38	1.56				256.42%	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.97	1.51	4.44	14.78	77.53	4.80	4.60	3.16	2.47	2.25	1.83	1.76	1.54	1.80				2.81	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.79	1.06	3.21	14.27	60.61	3.61	3.61	2.68	1.95	1.70	1.34	1.37	1.21	1.31				2.31	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.93	1.47	4.35	17.71	70.51	4.57	4.50	3.10	2.36	1.78	1.70	1.57	1.37	1.92	1.81	1.74		2.73	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-6.69%	47.21%	334.70%	1670.67%	6950.66%	356.96%	350.22%	209.58%	135.81%	77.54%	69.64%	56.88%	36.53%	92.36%	80.91%	74.05%		1.73	<-Median->	10	Graham Price
Month, Year Class B.	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27		34.00	<Count Years>	34	Month, Year
Price Close	$9.67	$13.22	$15.97	$16.94	$18.66	$23.70	$28.74	$33.14	$32.76	$28.55	$30.20	$31.52	$31.50	$44.42	$44.42	$44.42		97.24%	<-Total Growth	10	Stock Price
Increase	10.89%	36.71%	20.80%	6.07%	10.15%	27.01%	21.27%	15.31%	-1.15%	-12.85%	5.78%	4.37%	-0.06%	41.02%	0.00%	0.00%		18.35	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	15.11	-24.48	-133.08	31.08	23.62	15.59	17.21	13.00	13.94	12.47	11.84	11.26	9.75	12.10	12.41	10.38		-1.01%	<-IRR #YR->	5	Stock Price
Trailing P/E Ratio	12.44	20.66	-29.57	-141.17	34.24	30.00	18.91	19.84	12.85	12.15	13.19	12.36	11.25	13.75	12.10	12.41		7.03%	<-IRR #YR->	10	Stock Price
CAPE (10 Yr P/E)								20.45	19.79	18.93	17.78	15.35	13.59	12.95	14.61	15.53		2.42%	<-IRR #YR->	5	Price & Dividend
Median 10, 5 Yrs		D.  per yr	2.54%	3.43%	% Tot Ret	26.51%	141.72%	T P/E	13.02	12.36	P/E:	$13.47	$11.84		-10.19%	Diff M/C		9.56%	<-IRR #YR->	10	Price & Dividend
Price 15		D.  per yr	2.08%		% Tot Ret	16.19%						CAPE Diff	-34.05%					10.75%	<-IRR #YR->	15	Stock Price
Price  20		D.  per yr	1.55%		% Tot Ret	15.82%												8.24%	<-IRR #YR->	20	Stock Price
Price  25		D.  per yr	1.16%		% Tot Ret	19.34%												4.85%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	1.33%		% Tot Ret	16.49%												6.75%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	1.49%		% Tot Ret	14.35%												8.87%	<-IRR #YR->	34	Stock Price
Price & Dividend 15																		12.83%	<-IRR #YR->	15	Price & Dividend
Price & Dividend 20																		9.78%	<-IRR #YR->	20	Price & Dividend
Price & Dividend 25																		6.02%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		8.08%	<-IRR #YR->	30	Stock Price
Price & Dividend 35																		10.36%	<-IRR #YR->	34	Stock Price
Price  5								-$33.14	$0.00	$0.00	$0.00	$0.00	$31.50								Price  5
Price 10			-$15.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.50								Price 10
Price & Dividend 5								-$33.14	$0.80	$1.10	$1.20	$1.20	$32.80								Price & Dividend 5
Price & Dividend 10			-$15.97	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$32.80								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	$31.50								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	$31.50								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	$31.50								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	$31.50								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	$31.50								Price  35
Price & Dividend 15	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$32.80								Price & Dividend 15
Price & Dividend 20	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$32.80								Price & Dividend 20
Price & Dividend 25	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$32.80								Price & Dividend 25
Price & Dividend 30	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$32.80								Price & Dividend 30
Price & Dividend 35	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$32.80								Price & Dividend 35
Price H/L Median	$9.12	$11.56	$14.06	$13.90	$18.28	$21.79	$26.22	$31.24	$30.71	$31.80	$28.20	$31.46	$31.81	$35.95				126.29%	<-Total Growth	10	Stock Price
Increase	11.42%	26.75%	21.58%	-1.14%	31.56%	19.20%	20.31%	19.15%	-1.68%	3.53%	-11.32%	11.58%	1.10%	13.03%				0.36%	<-IRR #YR->	5	Stock Price
P/E Ratio	14.25	-21.41	-117.13	25.50	23.14	14.34	15.70	12.25	13.07	13.88	11.06	11.24	9.85	9.80				8.51%	<-IRR #YR->	10	Stock Price
Trailing P/E Ratio	11.73	18.06	-26.03	-115.79	33.54	27.58	17.25	18.70	12.04	13.53	12.31	12.34	11.36	11.13				3.90%	<-IRR #YR->	5	Price & Dividend
P/E on Running 5 yr Average	11.14	20.44	42.92	53.34	69.51	49.64	29.76	22.07	17.29	15.32	12.36	12.54	12.03	12.36				11.15%	<-IRR #YR->	10	Price & Dividend
P/E on Running 10 yr Average								35.85	30.16	27.19	20.72	18.57	15.67	15.35				11.24	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.53%	2.64%	% Tot Ret	90.70%	23.71%	T P/E	12.93	12.31	P/E:	13.48	11.24						Count	29	Years of data
								-$31.24	$0.00	$0.00	$0.00	$0.00	$31.81
			-$14.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.81
								-$31.24	$0.80	$1.10	$1.20	$1.20	$33.11
			-$14.06	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$33.11
High Months	Apr	Dec	Dec	Dec	Aug	Nov	Dec	Dec	Sep	Apr	Apr	Apr	Oct	Jun
Price High	$10.06	$13.56	$16.33	$14.14	$20.52	$24.87	$29.39	$33.83	$34.28	$36.18	$32.52	$35.36	$35.62	$41.63				118.13%	<-Total Growth	10	Stock Price
Increase	5.12%	34.79%	20.43%	-13.41%	45.12%	21.20%	18.17%	15.11%	1.33%	5.54%	-10.12%	8.73%	0.74%	16.87%				1.04%	<-IRR #YR->	5	Stock Price
P/E Ratio	15.72	-25.11	-136.08	25.94	25.97	16.36	17.60	13.27	14.59	15.80	12.75	12.63	11.03	11.34				8.11%	<-IRR #YR->	10	Stock Price
Trailing P/E Ratio	12.94	21.19	-30.24	-117.83	37.65	31.48	19.34	20.26	13.44	15.40	14.20	13.87	12.72	12.89				12.75	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.80	13.87	P/E:	15.19	12.75					25.97	P/E Ratio		Historical High
								-$33.83	$0.00	$0.00	$0.00	$0.00	$35.62
			-$16.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.62
Low Months	Sep	Jan	Feb	Sep	Apr	Jan	Feb	Jan	Apr	Dec	Oct	Oct	Jul	Jan
Price Low	$8.18	$9.56	$11.78	$13.65	$16.04	$18.71	$23.04	$28.64	$27.14	$27.41	$23.87	$27.56	$27.99	$30.27				137.61%	<-Total Growth	10	Stock Price
Increase	20.29%	16.87%	23.22%	15.87%	17.51%	16.65%	23.14%	24.31%	-5.24%	0.99%	-12.91%	15.46%	1.56%	8.15%				-0.46%	<-IRR #YR->	5	Stock Price
P/E Ratio	12.78	-17.70	-98.17	25.05	20.30	12.31	13.80	11.23	11.55	11.97	9.36	9.84	8.67	8.25				9.04%	<-IRR #YR->	10	Stock Price
Trailing P/E Ratio	10.52	14.94	-21.81	-113.75	29.43	23.68	15.16	17.15	10.64	11.66	10.42	10.81	10.00	9.37				9.84	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	11.24	10.64	P/E:	11.76	9.84					-17.47	P/E Ratio		Historical Low
								-$28.64	$0.00	$0.00	$0.00	$0.00	$27.99
			-$11.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.99
Month, Year  Class A	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27		34.00	<Count Years>	34	Month, Year
Price Close	$9.68	$13.25	$15.75	$16.91	$18.69	$23.63	$28.50	$32.97	$32.80	$28.94	$30.25	$34.23	$32.88	$43.95	$43.95	$43.95		108.76%	<-Total Growth	10	Stock Price
Increase	21.03%	36.84%	18.87%	7.33%	10.53%	26.47%	20.61%	15.68%	-0.52%	-11.77%	4.53%	13.16%	-3.94%	33.67%	0.00%	0.00%		18.34	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	15.13	-24.54	-131.25	31.02	23.65	15.55	17.07	12.93	13.96	12.64	11.86	12.23	10.18	11.98	12.28	10.27		-0.05%	<-IRR #YR->	5	Stock Price
Trailing P/E Ratio	12.45	20.70	-29.17	-140.88	34.28	29.91	18.75	19.74	12.86	12.31	13.21	13.42	11.74	13.61	11.98	12.28		7.64%	<-IRR #YR->	10	Stock Price
CAPE (10 Yr P/E)								20.29	19.66	18.91	17.76	15.50	13.79	13.10	14.75	15.65		3.32%	<-IRR #YR->	5	Price & Dividend
Median 10, 5 Yrs		D.  per yr	2.49%	3.38%	% Tot Ret	24.55%	101.64%	T P/E	13.32	12.86	P/E:	$13.44	$12.23		-10.92%	Diff M/C		10.12%	<-IRR #YR->	10	Price & Dividend
Price 15		D.  per yr	1.99%		% Tot Ret	25.33%						CAPE Diff	-34.69%					10.73%	<-IRR #YR->	15	Stock Price
Price  20		D.  per yr	1.51%		% Tot Ret	15.03%												8.55%	<-IRR #YR->	20	Stock Price
Price  25		D.  per yr	1.13%		% Tot Ret	18.30%												5.06%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	1.30%		% Tot Ret	15.86%												6.90%	<-IRR #YR->	30	Stock Price
Price  35																		8.74%	<-IRR #YR->	34	Stock Price
Price & Dividend 15																		12.73%	<-IRR #YR->	15	Price & Dividend
Price & Dividend 20																		10.07%	<-IRR #YR->	20	Price & Dividend
Price & Dividend 25																		6.20%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		8.20%	<-IRR #YR->	30	Stock Price
Price & Dividend 35																		10.14%	<-IRR #YR->	34	Stock Price
Price  5								-$32.97	$0.00	$0.00	$0.00	$0.00	$32.88								Price  5
Price 10			-$15.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.88								Price 10
Price & Dividend 5								-$32.97	$0.80	$1.10	$1.20	$1.20	$34.18								Price & Dividend 5
Price & Dividend 10			-$15.75	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$34.18								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	$32.88								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	$32.88								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	$32.88								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	$32.88								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	$32.88								Price  35
Price & Dividend 15	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$34.18								Price & Dividend 15
Price & Dividend 20	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$34.18								Price & Dividend 20
Price & Dividend 25	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$34.18								Price & Dividend 25
Price & Dividend 30	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$34.18								Price & Dividend 30
Price & Dividend 35	$0.05	$0.05	$0.05	$0.07	$0.09	$0.11	$0.19	$0.51	$0.80	$1.10	$1.20	$1.20	$34.18								Price & Dividend 35
Free Cash Flow Mkt Sc									$778.4	-$257.7	$776.2	$910.5	$1,120.0	$1,049.0	$1,022.0	$1,089.0			<-Total Growth	4	Free Cash Flow Mkt Sc
Change										-133.11%	401.20%	17.30%	23.01%	-6.34%	-2.57%	6.56%		20.16%	<-Median->	4	Change
Free Cash Flow WSJ									$984.0	$753.0	$745.0	$1,026.0	$1,120.0	$1,049.0	$1,022.0	$1,089.0			<-Total Growth	4	Free Cash Flow WSJ
Change										-23.48%	-1.06%	37.72%	9.16%	-6.34%	-2.57%	6.56%		4.05%	<-Median->	4	Change
Free Cash Flow MS Old				$33.0	$265.4	$417.7	$677.1	$213.3	$778.4	-$265.4	$653.4										Free Cash Flow MS Old
Change														$857	<-12 mths	7.11%					Change
Free Cash Flow MS		$251.5	-$0.6	$130.0	$140.0	$520.0	$490.0	$440.0	$740.0	-$80.0	$720.0	$970.0	$800.0	$857	<-12 mths			133433.33%	<-Total Growth	10	Free Cash Flow
Change			-100.24%	21766.67%	7.69%	271.43%	-5.77%	-10.20%	68.18%	-110.81%	1000.00%	34.72%	-17.53%	7.11%	<-12 mths			12.70%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio		0.28	0.00	0.12	0.13	0.44	0.35	0.36	0.52	-0.07	0.57	0.66	0.47	0.61	<-12 mths			22.37%	<-IRR #YR->	9	Free Cash Flow MS
Free Cash Flow Yield		0.08	0.00	0.03	0.03	0.09	0.07	0.05	0.09	-0.01	0.10	0.13	0.11	0.08	<-12 mths			7.87%	<-Median->	10	Free Cash Flow Yield
Dividends paid	$12.60	$12.40	$12.30	$16.00	$20.80	$25.30	$46.3	$100.3	$201.1	$267.6	$282.1	$277.1	$301.9	$325.10	<-12 mths			2354.47%	<-Total Growth	10	Dividends paid
Percentage paid		4.93%	-2050.00%	12.31%	14.86%	4.87%	9.45%	22.80%	27.18%	-334.50%	39.18%	28.57%	37.74%	37.94%	<-12 mths			18.83%	<-Median->	10	Percentage paid
5 Year Coverage						8.34%	9.43%	12.13%	16.90%	30.36%	38.85%	40.44%	42.22%	44.50%	<-12 mths						5 Year Coverage
Dividend Coverage Ratio		20.28	-0.05	8.13	6.73	20.55	10.58	4.39	3.68	-0.30	2.55	3.50	2.65	2.64	<-12 mths			4.03	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage						11.99	10.60	8.24	5.92	3.29	2.57	2.47	2.37	2.25	<-12 mths						5 Year of Coverage
								-$440	$0	$0	$0	$0	$800
				-$130	$0	$0	$0	$0	$0	$0	$0	$0	$800
Market Cap in $M	$2,416.2	$3,260.9	$3,924.7	$4,149.1	$4,547.6	$5,645.7	$7,387.8	$8,438.4	$8,130.1	$6,830.8	$6,974.3	$7,270.9	$7,314.9	$10,315.1	$10,315.1	$10,315.1		86.38%	<-Total Growth	10	Market Cap
Pre 2013 split	66.1
Pre 2017 split	132.2	124.0	123.0	143.7	122.3
Diluted # of Shares in Millions	264.4	248.0	246.0	287.4	244.6	242.1	239.8	255.8	256.3	248.3	235.2	236.2	232.1	232.2	232.2	232.2		-5.99%	<-Total Growth	10	Diluted # of Shares in Million
Change	2.64%	-6.20%	-0.81%	16.83%	-14.89%	-1.02%	-0.95%	6.67%	0.20%	-3.12%	-5.28%	0.43%	-1.74%	0.04%	0.00%	0.00%		-0.58%	<-IRR #YR->	10	Change
Difference Diluted/Basic	-4.4%	0.0%	0.0%	-14.6%	0.0%	-0.1%	-0.2%	-0.1%	0.0%	-1.9%	0.0%	-2.2%	-0.2%	-0.7%	-0.7%	-0.7%		-1.93%	<-IRR #YR->	5	Difference Diluted/Basic
Change in Diluted Shares per Year
			-246.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	232.1
								-255.8	0.0	0.0	0.0	0.0	232.1
Pre 2013 split	63.2
Pre 2017 split	126.4	124.0	123.0	122.7	122.3
Basic # of Shares in Millions	252.8	248.0	246.0	245.4	244.6	241.8	239.3	255.6	256.3	243.5	235.2	230.9	231.6	230.6	230.6	230.6		-6.22%	<-Total Growth	10	Basic
Change	-1.25%	-1.90%	-0.81%	-0.24%	-0.33%	-1.14%	-1.03%	6.81%	0.27%	-4.99%	-3.41%	-1.83%	0.30%	-0.43%	0.00%	0.00%		-0.68%	<-Median->	10	Change
Difference Basic/Outstanding	-1.16%	-0.54%	-0.10%	-0.19%	-0.36%	-1.48%	7.42%	-0.38%	-3.17%	-1.74%	-1.81%	-0.10%	0.27%	0.70%	0.70%	0.70%		-0.37%	<-Median->	10	Difference Basic/Outstanding
														$1,897	<-12 mths	10.34%
Class A Shares pre 2013 split	19.588
Class B Shares	42.880
# of Share in Millions	62.468
Class A Shares pre 2017 split	39.176	39.025	38.973	38.926	38.798
Class B Shares	85.760	84.307	83.903	83.537	83.056
# of Share in Millions	124.935	123.331	122.876	122.463	121.854
Class A Shares	78.351	78.049	77.946	77.853	77.597	77.380	77.249	77.214	77.040	76.984	76.984	76.692	75.450	75.450	75.450	75.450
Class B Shares	171.519	168.614	167.807	167.074	166.111	160.837	179.807	177.415	171.132	162.274	153.952	153.983	156.768	156.768	156.768	156.768
# of Share in Millions	249.870	246.663	245.753	244.926	243.708	238.217	257.057	254.629	248.172	239.258	230.936	230.676	232.218	232.218	232.218	232.218		-0.56%	<-IRR #YR->	10	Shares
Change	-1.45%	-1.28%	-0.37%	-0.34%	-0.50%	-2.25%	7.91%	-0.94%	-2.54%	-3.59%	-3.48%	-0.11%	0.67%	0.00%	0.00%	0.00%		-1.83%	<-IRR #YR->	5	Shares
Cash Flow from Operations $M	$1,122.6	$914.2	$959.6	$1,072.2	$1,113.0	$1,171.1	$1,387.5	$1,211.8	$1,431.5	$1,182.6	$1,262.7	$1,462.2	$1,719.0	$1,400.0	$1,500.0	$1,600.0		79.14%	<-Total Growth	10	Cash Flow
Increase	29.59%	-18.56%	4.97%	11.73%	3.81%	5.22%	18.48%	-12.66%	18.13%	-17.39%	6.77%	15.80%	17.56%	-18.56%	7.14%	6.67%		Share Rep.	Cl. A to B Chge		SO.
5 year Running Average	$909.1	$934.7	$941.6	$987.0	$1,036.3	$1,046.0	$1,140.7	$1,191.1	$1,263.0	$1,276.9	$1,295.2	$1,310.2	$1,411.6	$1,405.3	$1,468.8	$1,536.2		49.92%	<-Total Growth	10	CF 5 Yr Running
CFPS	$4.49	$3.71	$3.90	$4.38	$4.57	$4.92	$5.40	$4.76	$5.77	$4.94	$5.47	$6.34	$7.40	$6.03	$6.46	$6.89		89.58%	<-Total Growth	10	Cash Flow per Share
Increase	31.50%	-17.51%	5.35%	12.11%	4.32%	7.65%	9.80%	-11.83%	21.20%	-14.31%	10.62%	15.93%	16.78%	-18.56%	7.14%	6.67%		6.00%	<-IRR #YR->	10	Cash Flow
5 year Running Average	$3.57	$3.70	$3.76	$3.98	$4.21	$4.29	$4.63	$4.80	$5.08	$5.16	$5.27	$5.46	$5.98	$6.04	$6.34	$6.62		7.24%	<-IRR #YR->	5	Cash Flow
P/CF on Med Price	2.03	3.12	3.60	3.17	4.00	4.43	4.86	6.56	5.32	6.43	5.16	4.96	4.30	5.96	0.00	0.00		6.61%	<-IRR #YR->	10	Cash Flow per Share
P/CF on Closing Price	2.15	3.57	4.09	3.87	4.09	4.82	5.32	6.96	5.68	5.78	5.52	4.97	4.26	7.37	6.88	6.45		9.24%	<-IRR #YR->	5	Cash Flow per Share
															50.06%	Diff M/C		4.75%	<-IRR #YR->	10	CFPS 5 yr Running
														$1,681.5	<-12 mths	-0.94%
Excl.Working Capital CF	-$125.3	$50.4	-$68.2	$100.0	-$122.8	$98.5	-$147.3	$229.3	-$40.0	$187.1	$63.1	$109.1	-$21.6	$0.0	$0.0	$0.0		4.49%	<-IRR #YR->	5	CFPS 5 yr Running
Cash Flow from Operations $M WC	$997.3	$964.6	$891.4	$1,172.2	$990.2	$1,269.6	$1,240.2	$1,441.1	$1,391.5	$1,369.7	$1,325.8	$1,571.3	$1,697.4	$1,400.0	$1,500.0	$1,600.0		90.42%	<-Total Growth	10	Cash Flow less WC
Increase	-2.08%	-3.28%	-7.59%	31.50%	-15.53%	28.22%	-2.32%	16.20%	-3.44%	-1.57%	-3.21%	18.52%	8.03%	-17.52%	7.14%	6.67%		6.65%	<-IRR #YR->	10	Cash Flow less WC
5 year Running Average	$946.0	$981.7	$965.3	$1,008.8	$1,003.1	$1,057.6	$1,112.7	$1,222.7	$1,266.5	$1,342.4	$1,353.7	$1,419.9	$1,471.1	$1,472.8	$1,498.9	$1,553.7		3.33%	<-IRR #YR->	5	Cash Flow less WC
CFPS Excl. WC	$3.99	$3.91	$3.63	$4.79	$4.06	$5.33	$4.82	$5.66	$5.61	$5.72	$5.74	$6.81	$7.31	$6.03	$6.46	$6.89		4.30%	<-IRR #YR->	10	CF less WC 5 Yr Run
Increase	-0.64%	-2.02%	-7.25%	31.94%	-15.10%	31.17%	-9.47%	17.31%	-0.93%	2.10%	0.28%	18.65%	7.31%	-17.52%	7.14%	6.67%		3.77%	<-IRR #YR->	5	CF less WC 5 Yr Run
5 year Running Average	$3.71	$3.88	$3.85	$4.07	$4.08	$4.34	$4.53	$4.93	$5.10	$5.43	$5.51	$5.91	$6.24	$6.32	$6.47	$6.70		7.26%	<-IRR #YR->	10	CFPS - Less WC
P/CF on Median Price	2.28	2.96	3.87	2.90	4.50	4.09	5.43	5.52	5.48	5.55	4.91	4.62	4.35	5.96	0.00	0.00		5.25%	<-IRR #YR->	5	CFPS - Less WC
P/CF on Closing Price	2.42	3.38	4.40	3.54	4.59	4.45	5.96	5.86	5.84	4.99	5.26	4.63	4.31	7.37	6.88	6.45		4.94%	<-IRR #YR->	10	CFPS 5 yr Running
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	4.91	5 yr	5.16	P/CF Med	10 yr	4.76	5 yr	4.91		54.63%	Diff M/C		4.81%	<-IRR #YR->	5	CFPS 5 yr Running
			-245.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	232.2								Shares
								-254.6	0.0	0.0	0.0	0.0	232.2								Shares
			-$959.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,719.0								Cash Flow
								-$1,211.8	$0.0	$0.0	$0.0	$0.0	$1,719.0								Cash Flow
			-$3.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.40								Cash Flow per Share
								-$4.76	$0.00	$0.00	$0.00	$0.00	$7.40								Cash Flow per Share
			-$3.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.98								CFPS 5 yr Running
								-$4.80	$0.00	$0.00	$0.00	$0.00	$5.98								CFPS 5 yr Running
			-$891.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,697.4								Cash Flow less WC
								-$1,441.1	$0.0	$0.0	$0.0	$0.0	$1,697.4								Cash Flow less WC
			-$965.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,471.1								CF less WC 5 Yr Run
								-$1,222.7	$0.0	$0.0	$0.0	$0.0	$1,471.1								CF less WC 5 Yr Run
			-$3.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.31								CFPS - Less WC
								-$5.66	$0.00	$0.00	$0.00	$0.00	$7.31								CFPS - Less WC
			-$3.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.24								CFPS 5 yr Running
								-$4.93	$0.00	$0.00	$0.00	$0.00	$6.24								CFPS 5 yr Running
Change in Working Capital	$125.3	-$50.4	$68.2	-$100.0	$122.8	-$98.5	$147.3	-$229.3	$40.0	-$187.1	-$63.1	-$109.1	$21.6
TD							$139	-$209	$64	-$187	-$63	-$109	$22
Difference							$8	-$20	-$24	$0	$0	$0	$0
OPM Ratio	25.80%	21.37%	25.82%	27.64%	27.71%	28.41%	33.19%	28.22%	33.15%	25.97%	27.86%	26.91%	30.49%	24.92%				18.06%	<-Total Growth	10	OPM
Increase	25.26%	-17.14%	20.82%	7.03%	0.26%	2.52%	16.82%	-14.96%	17.47%	-21.68%	7.30%	-3.43%	13.31%	-18.28%					Should increase		or be stable.
Diff from Median	-8%	-24%	-8%	-1%	-1%	1%	18%	1%	18%	-7%	-1%	-4%	9%	-11%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	28.04%	5 Yrs	27.86%					should be	zero, it is a		check on calculations
														$2,338	<-12 mths	-1.25%
Adjusted EBITDA	$1,381.0	$1,451.8	$1,398.9	$1,440.7	$1,494.1	$1,617.2	$1,732.1	$1,803.4	$1,952.6	$1,973.2	$1,934.5	$2,237.8	$2,368.0	$2,357	$2,423	$2,498		69.28%	<-Total Growth	10	Adjusted EBITDA
Change	4.72%	5.13%	-3.64%	2.99%	3.71%	8.24%	7.10%	4.12%	8.27%	1.06%	-1.96%	15.68%	5.82%	-0.46%	2.80%	3.10%		4.97%	<-Median->	10	Change
EBITDA Margin	31.73%	33.94%	37.64%	37.14%	37.20%	39.23%	41.43%	42.00%	45.22%	43.33%	42.69%	41.18%	42.00%	41.95%	42.75%	43.20%		0.42	<-Median->	10	EBITDA Margin
EBIT									$1,149.0	$1,189.0	$1,167.0	$1,329.0	$1,424.0	$1,463.0	$1,541.0	$1,546.0
Change										3.48%	-1.85%	13.88%	7.15%	2.74%	5.33%	0.32%
Margin									26.61%	26.11%	25.75%	24.46%	25.26%	26.04%	27.19%	26.73%
Long Term Debt	$4,777.9	$5,052.6	$5,650.1	$6,431.1	$6,117.2	$5,550.3	$6,520.3	$6,052.4	$5,923.3	$6,641.2	$5,467.7	$6,206.1	$7,189.4	$6,410.5				27.24%	<-Total Growth	10	Debt
Change	19.34%	5.75%	11.83%	13.82%	-4.88%	-9.27%	17.48%	-7.18%	-2.13%	12.12%	-17.67%	13.50%	15.84%	-10.83%				4.99%	<-Median->	10	Change
Debt/Market Cap Ratio	1.98	1.55	1.44	1.55	1.35	0.98	0.88	0.72	0.73	0.97	0.78	0.85	0.98	0.62				0.93	<-Median->	10	Debt/Market Cap Ratio
Assets/Current Liabilities Ratio	7.35	6.62	6.44	8.20	7.59	4.75	6.74	7.69	7.50	7.31	4.19	3.84	6.08	5.58				7.02	<-Median->	10	Assets/Current Liab Ratio
Current Liabilities/Asset Ratio	0.14	0.15	0.16	0.12	0.13	0.21	0.15	0.13	0.13	0.14	0.24	0.26	0.16	0.18				0.14	<-Median->	10	Current Liab/Asset Ratio
Debt to Cash Flow (Years)	4.26	5.53	5.89	6.00	5.50	4.74	4.70	4.99	4.14	5.62	4.33	4.24	4.18	4.58				4.72	<-Median->	10	Debt to Cash Flow (Years)
Intangibles	$956.7	$808.8	$945.8	$1,178.0	$1,224.0	$983.1	$1,135.3	$1,444.0	$1,466.7	$2,344.1	$2,275.0	$3,385.1	$3,486.9	$3,452.9				268.67%	<-Total Growth	10	Intangibles
Goodwill	$3,371.6	$3,061.5	$2,714.6	$2,678.4	$2,725.4	$2,695.8	$2,678.3	$2,692.9	$2,714.0	$2,718.5	$2,726.0	$2,721.2	$2,713.4	$2,713.4				-0.04%	<-Total Growth	10	Goodwill
Total	$4,328.3	$3,870.3	$3,660.4	$3,856.4	$3,949.4	$3,678.9	$3,813.6	$4,136.9	$4,180.7	$5,062.6	$5,001.0	$6,106.3	$6,200.3	$6,166.3				69.39%	<-Total Growth	10	Total
Change	-5.59%	-10.58%	-5.42%	5.35%	2.41%	-6.85%	3.66%	8.48%	1.06%	21.09%	-1.22%	22.10%	1.54%	-0.55%				3.04%	<-Median->	10	Change
Intangible/Market Cap Ratio	1.79	1.19	0.93	0.93	0.87	0.65	0.52	0.49	0.51	0.74	0.72	0.84	0.85	0.60				0.73	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,111.5	$1,425.4	$1,499.7	$802.8	$790.9	$1,689.6	$1,125.8	$1,111.0	$1,280.8	$1,523.5	$1,810.1	$2,194.3	$2,102.3	$1,885.9				40.18%	<-Total Growth	10	Current Assets
Current Liabilities	$1,225.3	$1,362.0	$1,409.5	$1,130.9	$1,220.8	$2,037.6	$1,414.2	$1,264.4	$1,314.2	$1,473.1	$2,534.8	$3,319.9	$2,138.3	$2,274.7				51.71%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	0.91	1.05	1.06	0.71	0.65	0.83	0.80	0.88	0.97	1.03	0.71	0.66	0.98	0.83				0.81	<-Median->	10	Ratio
Liq. with CF aft div	1.82	1.72	1.74	1.64	1.54	1.39	1.74	1.74	1.91	1.66	1.10	1.10	1.65	1.30				1.65	<-Median->	5	Liq. with CF aft div
Liq. with CF aft div (WC)	1.70	1.74	1.68	1.72	1.43	1.43	1.62	1.83	1.76	1.66	1.11	1.05	1.56	1.27							Liq. with CF aft div (WC)
Liq. CF re  Inv+Div	0.71	0.73	0.65	0.71	0.82	1.25	0.63	1.01	1.10	0.71	0.78	0.51	1.02	1.21				0.78	<-Median->	5	Liq. CF re  Inv+Div
Curr Long Term Debt	$50.7	$217.4	$231.0	$44.0	$51.8	$470.4	$57.9	$57.2	$28.5	$56.5	$1,161.1	$1,630.6	$400.0	$0.0				$400.0	<-Median->	5	Curr Long Term Debt
Liquidity Less CLTD	0.95	1.25	1.27	0.74	0.68	1.08	0.83	0.92	1.00	1.08	1.32	1.30	1.21	0.83				1.21	<-Median->	5	Liquidity Less CLTD
Liq. with CF aft div	1.89	2.03	2.08	1.71	1.61	1.81	1.82	1.82	1.96	1.72	2.04	2.00	2.02	1.30				2.00	<-Median->	5	Liq. with CF aft div
Assets	$9,007.8	$9,016.4	$9,078.5	$9,275.9	$9,262.3	$9,685.8	$9,531.6	$9,725.9	$9,861.6	$10,763.0	$10,625.3	$12,741.3	$12,998.7	$12,696.0				43.18%	<-Total Growth	10	Assets
Liabilities	$7,065.0	$7,266.0	$8,015.2	$8,623.9	$8,415.1	$8,479.7	$8,953.7	$8,653.8	$8,647.5	$9,384.2	$9,141.8	$10,903.6	$10,734.0	$10,656.5				33.92%	<-Total Growth	10	Liabilities
Debt Ratio	1.27	1.24	1.13	1.08	1.10	1.14	1.06	1.12	1.14	1.15	1.16	1.17	1.21	1.19				1.14	<-Median->	10	Ratio
Estimates BVPS														$0.00					Estimates		Estimates BVPS
Estimate Book Value														$0.0					Estimates		Estimate Book Value
P/B Ratio (Close)														#DIV/0!					Estimates		P/B Ratio (Close)
Difference from 10 year median															#DIV/0!	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$1,942.8	$1,750.4	$1,063.3	$652.0	$847.2	$1,206.1	$577.9	$1,072.1	$1,214.1	$1,378.8	$1,483.5	$1,837.7	$2,264.7	$2,039.5
NCI	631.00	595.90	559.30	353.10	392.00	502.90	88.70	94.60	101.50	123.20	126.20	110.80	107.50	115.20
Net Book Value	$1,311.8	$1,154.5	$504.0	$298.9	$455.2	$703.2	$489.2	$977.5	$1,112.6	$1,255.6	$1,357.3	$1,726.9	$2,157.2	$1,924.3	$1,924.3	$1,924.3		328.02%	<-Total Growth	10	Book Value
Book Value per share	$5.25	$4.68	$2.05	$1.22	$1.87	$2.95	$1.90	$3.84	$4.48	$5.25	$5.88	$7.49	$9.29	$8.29	$8.29	$8.29		352.96%	<-Total Growth	10	Book Value per Share
Increase	-6.66%	-10.85%	-56.18%	-40.49%	53.05%	58.04%	-35.53%	101.72%	16.78%	17.06%	11.99%	27.37%	24.09%	-10.80%	0.00%	0.00%		27.56%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.74	2.47	6.85	11.39	9.79	7.38	13.78	8.14	6.85	6.06	4.80	4.20	3.42	4.34	0.00	0.00		4.20	P/B Ratio		Historical Median
P/B Ratio (Close)	1.84	2.82	7.79	13.88	9.99	8.03	15.10	8.63	7.31	5.44	5.14	4.21	3.39	5.36	5.36	5.36		16.31%	<-IRR #YR->	10	Book Value per Share
Change	18.81%	53.34%	175.70%	78.26%	-28.03%	-19.64%	88.10%	-42.84%	-15.35%	-25.55%	-5.55%	-18.06%	-19.46%	58.08%	0.00%	0.00%		19.33%	<-IRR #YR->	5	Book Value per Share
Median 10 year P/B Ratio	1.46	1.47	1.48	1.61	2.10	2.47	4.66	7.12	7.12	7.12	7.12	7.12	7.12	6.45	5.43	4.57		7.12	<-Median->	5	Median 10 year P/B Ratio
Leverage (A/BK)	6.87	7.81	18.01	31.03	20.35	13.77	19.48	9.95	8.86	8.57	7.83	7.38	6.03	6.60	0.00			7.83	<-Median->	5	A/BV
Debt/Equity Ratio	5.39	6.29	15.90	28.85	18.49	12.06	18.30	8.85	7.77	7.47	6.74	6.31	4.98	5.54	0.00			6.74	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/B Ratios	10 yr Med	7.12	5 yr Med	4.80		-24.67%	Diff M/C		8.86	Historical		Leverage (A/BK)
			-$2.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.29
								-$3.84	$0.00	$0.00	$0.00	$0.00	$9.29
														$745.20	<-12 mths	6.96%
Total Comprehensive Income	$260.3	-$117.4	-$83.2	$127.5	$257.8	$572.0	$419.0	$677.5	$544.5	$714.8	$625.1	$639.7	$693.6
NCI	$100.4	-$10.7	-$11.8	$15.2	$58.0	$146.5	$30.3	$6.1	$7.1	$21.8	$4.3	-$14.8	-$3.1
Shareholders	$159.9	-$106.7	-$71.4	$112.3	$199.8	$425.5	$388.7	$671.4	$537.4	$693.0	$620.8	$654.5	$696.7					1075.77%	<-Total Growth	10	Comprehensive Income
Increase	-2.74%	-166.73%	33.08%	257.28%	77.92%	112.96%	-8.65%	72.73%	-19.96%	28.95%	-10.42%	5.43%	6.45%					5.43%	<-Median->	5	Comprehensive Income
5 Yr Running Average		$153	$80	$52	$59	$112	$211	$360	$445	$543	$582	$635	$640					#NUM!	<-IRR #YR->	10	Comprehensive Income
ROE	12.2%	0.0%	0.0%	37.6%	43.9%	60.5%	79.5%	68.7%	48.3%	55.2%	45.7%	37.9%	32.3%					0.74%	<-IRR #YR->	5	Comprehensive Income
5Yr Median		12.2%	11.5%	11.5%	12.2%	37.6%	43.9%	60.5%	60.5%	60.5%	55.2%	48.3%	45.7%					23.12%	<-IRR #YR->	10	5 Yr Running Average
% Difference from Net Income	-4.7%	0.0%	0.0%	-26.0%	2.6%	15.1%	-3.2%	2.8%	-11.5%	19.8%	3.5%	0.6%	-6.8%					12.24%	<-IRR #YR->	5	5 Yr Running Average
Median Values										Diff	5, 10 yr	1.6%	0.6%					45.7%	<-Median->	5	Return on Equity
			$71.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$696.7
								-$671.4	$0.0	$0.0	$0.0	$0.0	$696.7
			-$80.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$640.5
								-$359.5	$0.0	$0.0	$0.0	$0.0	$640.5
Current Liability Coverage Ratio	0.81	0.71	0.63	1.04	0.81	0.62	0.88	1.14	1.06	0.93	0.52	0.47	0.79	0.62							CFO / Current Liabilities
5 year Median	0.83	0.82	0.81	0.81	0.81	0.71	0.81	0.88	0.88	0.93	0.93	0.93	0.79	0.62				0.84	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	11.07%	10.70%	9.82%	12.64%	10.69%	13.11%	13.01%	14.82%	14.11%	12.73%	12.48%	12.33%	13.06%	11.03%							CFO / Total Assets
5 year Median	11.17%	11.07%	10.86%	11.07%	10.70%	10.70%	12.64%	13.01%	13.11%	13.11%	13.01%	12.73%	12.73%	12.48%				12.9%	<-Median->	10	Return on Assets
Return on Assets ROA	1.86%	-1.49%	-0.33%	1.64%	2.10%	3.82%	4.21%	6.71%	6.16%	5.37%	5.64%	5.11%	5.75%	64.86%				Net	Income/Assets		Return on Assets
5Yr Median	2.77%	2.22%	1.86%	1.64%	1.64%	1.64%	2.10%	3.82%	4.21%	5.37%	5.64%	5.64%	5.64%	5.64%				5.2%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	12.78%	0.00%	0.00%	50.79%	42.77%	52.57%	82.07%	66.78%	54.57%	46.07%	44.18%	37.67%	34.65%	427.95%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	18.91%	14.09%	12.78%	12.78%	12.78%	42.77%	50.79%	52.57%	54.57%	54.57%	54.57%	46.07%	44.18%	44.18%				48.4%	<-Median->	10	Return on Equity
														$775	<-12 mths	3.69%
Total Net Income	$267.5	-$166.0	-$24.4	$180.1	$248.8	$503.1	$439.2	$658.3	$617.4	$588.4	$596.7	$635.1	$741.5
NCI	$99.8	-$32.1	$5.7	$28.3	$54.1	$133.4	$37.7	$5.5	$10.2	$10.0	-$3.0	-$15.4	-$6.0
Dividends on Prefers	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0
Shareholders	$167.7	-$133.9	-$30.1	$151.8	$194.7	$369.7	$401.5	$652.8	$607.2	$578.4	$599.7	$650.5	$747.5	$8,235	$872	$894		2583.39%	<-Total Growth	10	Net Income
Increase	-16.57%	-179.84%	77.52%	604.32%	28.26%	89.88%	8.60%	62.59%	-6.99%	-4.74%	3.68%	8.47%	14.91%	1001.67%	-89.41%	2.48%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$252.9	$188.5	$127.0	$71.3	$70.0	$110.4	$217.5	$354.1	$445.2	$522	$568	$618	$637	$2,162.2	$2,221.0	$2,279.8		#NUM!	<-IRR #YR->	10	Net Income
Operating Cash Flow	$1,122.6	$914.2	$959.6	$1,072.2	$1,113.0	$1,171.1	$1,387.5	$1,211.8	$1,431.5	$1,182.6	$1,262.7	$1,462.2	$1,719.0					2.75%	<-IRR #YR->	5	Net Income
Investment Cash Flow	-$1,781.9	-$586.6	-$895.9	-$1,325.4	-$947.2	-$187.1	-$2,302.6	-$799.8	-$713.9	-$1,536.5	-$631.3	-$2,677.5	-$921.9					17.50%	<-IRR #YR->	10	5 Yr Running Average
Total Accruals	$827.0	-$461.5	-$93.8	$405.0	$28.9	-$614.3	$1,316.6	$240.8	-$110.4	$932.3	-$31.7	$1,865.8	-$49.6					12.45%	<-IRR #YR->	5	5 Yr Running Average
Total Assets	$9,007.8	$9,016.4	$9,078.5	$9,275.9	$9,262.3	$9,685.8	$9,531.6	$9,725.9	$9,861.6	$10,763.0	$10,625.3	$12,741.3	$12,998.7						Balance Sheet		Assets
Accruals Ratio	9.18%	-5.12%	-1.03%	4.37%	0.31%	-6.34%	13.81%	2.48%	-1.12%	8.66%	-0.30%	14.64%	-0.38%					-0.30%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.16	0.00	0.00	0.11	0.19	0.29	0.35	0.45	0.42	0.40	0.44	0.41	0.44					0.41	<-Median->	10	EPS/CF Ratio
			$30.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$747.5
								-$652.8	$0.0	$0.0	$0.0	$0.0	$747.5
			-$127.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$636.7
								-$354.1	$0.0	$0.0	$0.0	$0.0	$636.7
Change in Close	10.89%	36.71%	20.80%	6.07%	10.15%	27.01%	21.27%	15.31%	-1.15%	-12.85%	5.78%	4.37%	-0.06%	41.02%	0.00%	0.00%			Count	28	Years of data
up/down		Down	Up				Up				Down		Down						Count	5	17.86%
Meet Prediction?			Yes				Yes						Yes					% right	Count	3	60.00%
Financial Cash Flow	$741.6	-$88.8	-$219.7	-$354.2	-$162.1	-$152.4	$62.7	-$418.3	-$602.0	$281.9	$812.6	$1,180.5	-$712.2						C F Statement		Financial Cash Flow
Total Accruals	$85.4	-$372.7	$125.9	$759.2	$191.0	-$461.9	$1,253.9	$659.1	$491.6	$650.4	-$844.3	$685.3	$662.6								Accruals
Accruals Ratio	0.95%	-4.13%	1.39%	8.18%	2.06%	-4.77%	13.16%	6.78%	4.98%	6.04%	-7.95%	5.38%	5.10%					5.10%	<-Median->	5	Ratio
Cash	$228.7	$476.6	$395.3	$18.6	$22.3	$864.9	$21.0	$14.0	$136.7	$64.7	$45.9	$11.1	$96.0	$70.1							Cash
Cash per Share	$0.92	$1.93	$1.61	$0.08	$0.09	$3.63	$0.08	$0.05	$0.55	$0.27	$0.20	$0.05	$0.41	$0.30				$0.27	<-Median->	5	Cash per Share
Percentage of Stock Price	9.47%	14.62%	10.07%	0.45%	0.49%	15.32%	0.28%	0.17%	1.68%	0.95%	0.66%	0.15%	1.31%	0.68%				0.95%	<-Median->	5	% of Stock Price
Notes:
October 26, 2025.  Last estimates were for 2023, 2024 and 2025 of 4509M, $5791M, $2884M Revenue, $2.97, $3.26, $3.52 AEPS, $2.79, $3.02, $2.77 EPS,
$0.64, $0.61, $0.61 Dividends, $968M, $946M, $967M FCF, $2267M, $2446M, $2514M EBITDA, $87.20, $92.80, $87.10 BVPS,  $662M, $723M, $710M Net Income.
Did Spreadsheet September 2023 and published January 2024.
Maybe next year fill in for 2007/8 and before 2004 on Annual Reports.com
Class A has 10 votes per share
Class B has 1 vote per share
Sector:
Telecom
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
I thought I should cover more communication stock besides BCE, so I chose Quebecor Inc, Telus Inc and Cogeco Communications Inc.
Why I bought this stock.
Note:
Dividends
Dividends are paid quarterly in Cycle 3 but of April, June, September and December.  Dividends are declared in one month for shareholders of record of the same month and paid in the next month.
For example, the dividends declared on March 13, 2019 was for shareholders of record of March 29, 2019  and paid on april 23, 2019.
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.
Quebecor primarily provides telecom services in Quebec.  With the acquisition of Freedom Mobile in April 2023, Quebecor also has more than 1 million mobile subscribers in
Ontario, British Columbia, and Alberta. Quebecor also offers a French-language subscription video-on-demand service and has a media segment that owns and operates television
stations, publishes newspapers and magazines, and produces and distributes films and television shows.
Shares; '%, Value $M		From	Years	Div. Gth	Tot Ret	Cap Gain	Div.	check		Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M		Update this each year??
Date		2017	5	62.62%	7.84%	5.06%	2.77%	7.83%			2022	Sep 14	2023	Oct	2024			Oct 26	2025
Peladeau, Pierre Karl		2012	10	37.41%	13.93%	12.07%	1.86%	13.93%		0.000	0.00%	0.000	0.00%	0.000	0.00%			69.883	92.62%	A	Ceased insider 2015???
CEO - Shares - Amount		2007	15	23.60%	8.93%	7.70%	1.27%	8.97%			$0.000		$0.000		$0.000				$3,071.352	A	in 2024, back again in 2025?
Shares - percentage		2002	20	21.48%	12.58%	11.31%	1.28%	12.59%						0.000	0.00%			0.829	0.36%
Shares - amount		1997	25	13.56%	7.46%	6.41%	1.04%	7.45%							$0.000				$36.826
Options - percentage		1992	30	13.30%	7.83%	6.84%	0.99%	7.83%		0.000	0.00%	0.000	0.00%	0.000	0.00%			5.925	2.55%
Options - amount		1990	32		10.23%	9.02%	1.26%	10.28%			$0.000		$0.000		$0.000				$263.189
Reuters Options Value												0.000	$0
		From	Years	Div. Gth	Tot Ret	Cap Gain	Div.	check
Simard, Hugues		2019	5	20.82%	2.42%	-1.01%	3.43%	2.42%		0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%
CFO - Shares - Amount		2014	10	38.52%	9.56%	7.03%	2.54%	9.56%			$0.000		$0.000		$0.000				$0.000
Options - percentage		2009	15	24.26%	12.83%	10.75%	2.08%	12.83%		0.192	0.08%	0.492	0.21%	0.532	0.23%			0.432	0.19%
Options - amount		2004	20	17.99%	9.78%	8.24%	1.55%	9.78%			$5.797		$15.506		$16.756				$19.187
		1999	25	10.00%	6.02%	4.85%	1.16%	6.02%
Robitaille, Lyne		1994	30	12.63%	8.08%	6.75%	1.33%	8.08%		0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Last updated Jan 2025
Sub Exe - Shares - Amount		1990	34		10.36%	8.87%	1.49%	10.36%			$0.011		$0.011		$0.011				$0.016
Options - percentage										0.193	0.08%	0.233	0.10%	0.253	0.11%			0.253	0.11%
Options - amount											$5.817		$7.336		$7.961				$11.231
Tremblay, Martin										0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%
Sub Exe - Shares - Amount											$0.000		$0.000		$0.000				$0.000
Options - percentage										0.175	0.08%	0.225	0.10%	0.000	0.00%			0.172	0.07%
Options - amount											$5.279		$7.089		$0.000				$7.632
Turbide, Mathieu														$0.00	$0.00			$0.00	$0.00
Sub Exe - Shares - Amount															$0.00				$0.00
Options - percentage														$0.17	$0.00			$0.19	$0.00
Options - amount															$0.00				$0.00
Peladeau, Jean B.										0.001	0.00%	0.001	0.00%	0.001	0.00%			0.001	0.00%
Officer - Shares - Amount											$0.044		$0.050		$0.046				$0.065
Options - percentage										0.050	0.02%	0.350	0.15%	0.450	0.19%			0.533	0.23%
Options - amount											$1.510		$11.032		$14.175				$23.691
Belanger, Chantal														0.001	0.00%			0.001	0.00%
Director - Shares - Amount															$0.032				$0.044
Options - percentage														0.030	0.01%			0.035	0.02%
Options - amount															$0.940				$1.556
Brosseau, Andre														0.000	0.00%			0.000	0.00%
Director - Shares - Amount															$0.000				$0.000
Options - percentage														0.049	0.02%			0.055	0.02%
Options - amount															$1.528				$2.442
Lalande, Sylvie										0.004	0.00%	0.004	0.00%	0.004	0.00%			0.004	0.00%		Chairman in 2025?
Chairman - Shares - Amount											$0.121		$0.126		$0.126				$0.178
Options - percentage										0.084	0.04%	0.094	0.04%	0.102	0.04%			0.113	0.05%
Options - amount											$2.547		$2.950		$3.203				$5.008
Mulroney, Brian										0.004	0.01%	0.004	0.01%							A
Chairman - Shares - Amt											$0.121		$0.137							A
Options - percentage										0.226	0.10%	0.244	0.11%
Options - amount											$6.828		$7.680
Increase in O/S Shares										0.101	0.04%	0.033	0.01%	0.095	0.04%			0.212	0.09%
Due to Stock Options											$2.893		$1.007		$2.999				$6.681
Book Value											$2.687		$0.884		$2.608				$6.248
Insider Buying											$0.000		$0.000		$0.000				-$0.373		All zero Buying, Selling
Insider Selling											$0.000		$0.000		$0.000				$0.000		2024/5
Net Insider Selling											$0.000		$0.000		$0.000				-$0.373
Net Selling % of Market Cap											0.00%		0.00%		0.00%				-0.01%
Directors												8		8				8
Women												4	50%	4	50%			4	50%
Minorities												0	0%	1	13%			1	13%
Institutions/Holdings												20	0.00%					20	18.00%
Total Shares Held												47.078	20.41%					41.300	17.90%
Increase/Decrease 3 Mths												0.175	0.37%					-3.390	-7.58%
Starting No. of Shares												46.903						44.689
My Stock