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.														1/31/25	<----	Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			Q1 2025
Royal Bank of Canada						TSX:	RY	NYSE:	RY	https://www.rbc.com/		Fiscal Yr:	Oct 31
Year	10/31/13	10/31/14	10/31/15	10/31/16	10/31/17	10/31/18	10/31/19	10/31/20	10/31/21	10/31/22	10/31/23	10/31/24	10/31/25	10/31/26	10/31/27	10/30/28		Value	Description	#Y	Item	Total G
Accting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Split Date
Split
														$67,305	<-12 mths	1.05%
Revenue*	$30,867	$34,108	$35,321	$38,405	$40,669	$42,576	$46,002	$47,181	$49,693	$48,985	$56,129	$57,344	$66,605	$70,193	$73,728	$75,575		88.57%	<-Total Growth	10	Revenue
Increase	3.7%	10.5%	3.6%	8.7%	5.9%	4.7%	8.0%	2.6%	5.3%	-1.4%	14.6%	2.2%	16.1%	5.4%	5.0%	2.5%		6.55%	<-IRR #YR->	10	Revenue	88.57%
5 year Running Average	$29,101	$30,101	$31,500	$33,695	$35,874	$38,216	$40,595	$42,967	$45,224	$46,887	$49,598	$51,866	$55,751	$59,851	$64,800	$68,689		7.14%	<-IRR #YR->	5	Revenue	41.17%
Revenue per Share	$21.42	$23.65	$24.46	$25.88	$28.00	$29.59	$32.15	$33.14	$34.87	$35.35	$40.02	$40.52	$47.55	$50.12	$52.64	$53.96		5.88%	<-IRR #YR->	10	5 yr Running Average	76.99%
Increase	4.0%	10.4%	3.4%	5.8%	8.2%	5.7%	8.7%	3.1%	5.2%	1.4%	13.2%	1.2%	17.3%	5.4%	5.0%	2.5%		5.35%	<-IRR #YR->	5	5 yr Running Average	29.75%
5 year Running Average	$20.30	$20.92	$21.84	$23.20	$24.68	$26.31	$28.02	$29.75	$31.55	$33.02	$35.11	$36.78	$39.66	$42.71	$46.17	$48.96		6.87%	<-IRR #YR->	10	Revenue per Share	94.40%
P/S (Price/Sales) Med	2.93	3.20	3.15	2.89	3.29	3.41	3.08	2.74	3.24	3.78	3.10	3.53	3.80	4.38	0.00	0.00		7.49%	<-IRR #YR->	5	Revenue per Share	43.51%
P/S (Price/Sales) Close	3.27	3.38	3.06	3.24	3.60	3.22	3.30	2.90	3.69	3.57	2.77	4.24	4.32	4.67	4.45	4.32		6.15%	<-IRR #YR->	10	5 yr Running Average	81.61%
*Total Revenue on Cdn GAAP					P/S Med	20 yr	3.09	15 yr	3.15	10 yr	3.26	5 yr	3.53		43.02%	Diff M/C		5.92%	<-IRR #YR->	5	5 yr Running Average	33.33%
			-$35,321	$0	$0	$0	$0	$0	$0	$0	$0	$0	$66,605
								-$47,181	$0	$0	$0	$0	$66,605
			-$31,500	$0	$0	$0	$0	$0	$0	$0	$0	$0	$55,751
								-$42,967	$0	$0	$0	$0	$55,751
			-$24.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$47.55
								-$33.14	$0.00	$0.00	$0.00	$0.00	$47.55
			-$21.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.66
								-$29.75	$0.00	$0.00	$0.00	$0.00	$39.66
														$21,173	<-12 mths	1.45%
														$14.65	<-12 mths	1.52%
Adjusted Earnings CDN$	$8,044	$8,960	$9,780	$10,145	$11,149	$12,356	$12,798	$11,368	$15,968	$15,738	$15,840	$17,430	$20,870					113.39%	<-Total Growth	10	Adjusted Earnings	1,392.53
Return on Equity ROE	18.31%	18.43%	17.14%	15.78%	16.54%	16.80%	16.45%	14.08%	17.36%	15.52%	14.27%	14.76%	16.05%					15.91%	<-Median->	10	Return on Equity ROE
5Yr Median	18.24%	18.31%	18.24%	18.16%	17.14%	16.80%	16.54%	16.45%	16.54%	16.45%	15.52%	14.76%	15.52%					16.49%	<-Median->	10	5Yr Median
Basic	$5.56	$6.21	$6.78	$6.83	$7.60	$8.56	$8.92	$7.98	$11.21	$11.21	$11.39	$12.11	$14.46					113.27%	<-Total Growth	10	AEPS
AEPS* Dilued	$5.53	$6.19	$6.76	$6.80	$7.57	$8.53	$8.39	$7.97	$11.19	$11.19	$11.36	$12.09	$14.43	$15.64	$17.26	$18.80		113.46%	<-Total Growth	10	AEPS
Increase	11.49%	11.93%	9.21%	0.59%	11.32%	12.68%	-1.64%	-5.01%	40.40%	0.00%	1.52%	6.43%	19.35%	8.39%	10.36%	8.92%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$4.60	$5.04	$5.61	$6.05	$6.57	$7.17	$7.61	$7.85	$8.73	$9.45	$10.02	$10.76	$12.05	$12.94	$14.16	$15.64		7.88%	<-IRR #YR->	10	AEPS	113.46%
AEPS Yield	7.90%	7.74%	9.04%	8.11%	7.50%	8.94%	7.90%	8.29%	8.69%	8.88%	10.26%	7.04%	7.02%	6.68%	7.38%	8.06%		12.61%	<-IRR #YR->	5	AEPS	81.05%
Payout Ratio	44.48%	44.59%	44.97%	47.06%	44.91%	43.38%	47.68%	53.45%	38.61%	42.54%	46.39%	45.74%	41.03%	41.94%	38.01%	34.89%		7.94%	<-IRR #YR->	10	5 yr Running Average	114.68%
5 year Running Average	47.41%	46.22%	44.99%	45.41%	45.20%	44.98%	45.60%	47.30%	45.60%	45.13%	45.73%	45.35%	42.86%	43.53%	42.62%	40.32%		8.95%	<-IRR #YR->	5	5 yr Running Average	53.49%
Price/AEPS Median	11.35	12.21	11.39	10.99	12.16	11.84	11.81	11.39	10.10	11.94	10.92	11.82	12.52	14.04	0.00	0.00		11.82	<-Median->	10	Price/AEPS Median
Price/AEPS High	12.70	13.43	12.33	12.43	13.49	12.67	12.87	13.72	11.86	13.33	12.28	14.44	14.40	15.04	0.00	0.00		13.10	<-Median->	10	Price/AEPS High
Price/AEPS Low	10.00	11.00	10.46	9.56	10.84	11.02	10.75	9.07	8.34	10.55	9.55	9.20	10.64	13.04	0.00	0.00		10.06	<-Median->	10	Price/AEPS Low
Price/AEPS Close	12.66	12.93	11.06	12.32	13.32	11.18	12.66	12.07	11.51	11.26	9.75	14.21	14.24	14.96	13.56	12.40		12.19	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	14.12	14.47	12.08	12.40	14.83	12.60	12.45	11.46	16.16	11.26	9.90	15.13	17.00	16.22	14.96	13.51		12.53	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	11.64	13.23	10.23	12.49	P/AEPS	5 Yrs	in order	11.82	13.33	9.55	11.51		26.56%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$6.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.43
								-$7.97	$0.00	$0.00	$0.00	$0.00	$14.43
			-$5.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.05
								-$7.85	$0.00	$0.00	$0.00	$0.00	$12.05
														$14.26	<-12 mths	1.35%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	1.07%	0.50%	0.30%	0.29%	0.40%	0.36%	0.34%	0.26%	0.18%	0.18%	0.10%	0.18%	0.21%					0.23%	<-Median->	0	Difference Basic and Diluted
pre-split 00 (83 to  85 Shareowner)
pre-split 06
EPS Basic	$5.60	$6.03	$6.75	$6.80	$7.59	$8.39	$8.78	$7.84	$11.08	$11.08	$10.51	$11.27	$14.10					108.89%	<-Total Growth	10	EPS Basic
pre-split 00
pre-split 06
EPS Diluted*	$5.54	$6.00	$6.73	$6.78	$7.56	$8.36	$8.75	$7.82	$11.06	$11.06	$10.50	$11.25	$14.07	$15.44	$16.92	$18.27		109.06%	<-Total Growth	10	EPS Diluted
Increase	12.4%	8.3%	12.2%	0.7%	11.5%	10.6%	4.7%	-10.6%	41.4%	0.0%	-5.1%	7.1%	25.1%	9.7%	9.6%	8.0%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	7.9%	7.5%	9.0%	8.1%	7.5%	8.8%	8.2%	8.1%	8.6%	8.8%	9.5%	6.5%	6.8%	6.6%	7.2%	7.8%		7.65%	<-IRR #YR->	10	Earnings per Share	109.06%
5 year Running Average	$3.94	$4.62	$5.28	$6.00	$6.52	$7.09	$7.64	$7.85	$8.71	$9.41	$9.84	$10.34	$11.59	$12.46	$13.64	$15.19		12.47%	<-IRR #YR->	5	Earnings per Share	79.92%
10 year Running Average	$3.55	$3.94	$4.36	$4.68	$5.01	$5.51	$6.13	$6.57	$7.35	$7.97	$8.46	$8.99	$9.72	$10.59	$11.52	$12.51		8.18%	<-IRR #YR->	10	5 yr Running Average	119.55%
* Diluted ESP per share									E/P	10 Yrs	8.18%	5Yrs	8.59%					8.09%	<-IRR #YR->	5	5 yr Running Average	47.54%
			-$6.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.07
								-$7.82	$0.00	$0.00	$0.00	$0.00	$14.07
			-$5.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.59
								-$7.85	$0.00	$0.00	$0.00	$0.00	$11.59
Dividend*														$6.74	$7.29	$8.43					Dividend*
Increase														13.80%	8.24%	15.61%					Increase
Payout Ratio EPS														43.63%	43.10%	46.14%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-spit '90
Pre-spit '00
Pre-split 06
Dividend*	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$5.92	$6.56	$6.56	$6.56		94.74%	<-Total Growth	10	Dividends
Increase	7.89%	12.20%	10.14%	5.26%	6.25%	8.82%	8.11%	6.50%	1.41%	10.19%	10.71%	4.93%	7.05%	10.81%	0.00%	0.00%		33	0	42	Years of data, Count P, N	78.57%
Average Increases 5 Year Running	4.30%	6.74%	8.77%	9.02%	8.35%	8.54%	7.72%	6.99%	6.22%	7.01%	7.38%	6.75%	6.86%	8.74%	6.70%	4.56%		7.19%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$2.16	$2.32	$2.52	$2.75	$2.97	$3.22	$3.47	$3.71	$3.94	$4.21	$4.52	$4.83	$5.16	$5.61	$5.97	$6.23		104.44%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.92%	3.65%	3.95%	4.28%	3.69%	3.66%	4.04%	4.69%	3.82%	3.56%	4.25%	3.87%	3.28%	2.99%				3.85%	<-Median->	10	Dividends	Item
Yield on High  Price	3.50%	3.32%	3.65%	3.79%	3.33%	3.42%	3.71%	3.90%	3.26%	3.19%	3.78%	3.17%	2.85%	2.79%				3.38%	<-Median->	10	Dividends	EPS
Yield on Low Price	4.45%	4.06%	4.30%	4.92%	4.14%	3.94%	4.43%	5.90%	4.63%	4.03%	4.86%	4.97%	3.85%	3.22%				4.53%	<-Median->	10	Dividends	AEPS
Yield on Close Price	3.51%	3.45%	4.07%	3.82%	3.37%	3.88%	3.77%	4.43%	3.35%	3.78%	4.76%	3.22%	2.88%	2.80%	2.80%	2.81%		3.77%	<-Median->	10	Dividends	CFPS
Payout Ratio EPS	44.40%	46.00%	45.17%	47.20%	44.97%	44.26%	45.71%	54.48%	39.06%	43.04%	50.19%	49.16%	42.08%	42.49%	38.77%	35.91%		45.34%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	54.95%	50.09%	47.82%	45.83%	45.57%	45.44%	45.42%	47.26%	45.19%	44.72%	45.96%	46.70%	44.53%	44.99%	43.77%	40.99%		45.51%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	48.95%	26.23%	18.18%	17.69%	13.09%	30.47%	40.12%	4.37%	10.09%	30.06%	28.34%	33.82%	15.02%	16.64%	#VALUE!	#DIV/0!		23.01%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	45.22%	39.62%	33.19%	28.08%	19.47%	19.29%	20.92%	11.34%	10.45%	11.80%	12.24%	12.63%	19.39%	21.63%	#VALUE!	#DIV/0!		15.96%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	38.15%	40.29%	38.58%	42.47%	39.48%	39.16%	40.72%	45.15%	32.29%	35.04%	43.81%	44.12%	35.80%	16.64%	#VALUE!	#DIV/0!		40.10%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	44.34%	41.40%	40.10%	39.01%	39.81%	39.93%	40.05%	41.38%	38.82%	37.79%	38.81%	39.60%	37.91%	29.80%	#VALUE!	#DIV/0!		39.30%	<-Median->	10	DPR CF WC 5 Yr Running
Median values	10 Yr Med	10 Yr Cl	3.85%	3.77%	5 Yr Med	5 Yr Cl	3.82%	3.35%	5 Yr Med	Payout	43.04%	28.34%	35.80%					6.80%	<-IRR #YR->	5	Dividends	38.97%
* Dividends per share	10 Yr Med	and Cur.	-27.11%	-25.65%	5 Yr Med	and Cur.	-26.67%	-16.40%	Last Div Inc --->		$1.54	$1.64	6.49%					6.89%	<-IRR #YR->	10	Dividends	94.74%
Dividends Growth 15																		7.50%	<-IRR #YR->	14	Dividends	196.00%
Dividends Growth 20																		8.42%	<-IRR #YR->	19	Dividends	403.83%
Dividends Growth 25																		9.81%	<-IRR #YR->	24	Dividends	938.60%
Dividends Growth 30																		10.51%	<-IRR #YR->	29	Dividends	1906.78%
Dividends Growth 35																		9.00%	<-IRR #YR->	34	Dividends	1941.38%
Dividends Growth 40																		8.23%	<-IRR #YR->	40	Dividends	2268.00%
Dividends Growth 45																		7.83%	<-IRR #YR->	42	Dividends
Dividends Growth 5								-$4.26	$0.00	$0.00	$0.00	$0.00	$5.92								Dividends Growth 5
Dividends Growth 10			-$3.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.92								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	$5.92								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	$5.92								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	$5.92								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	$5.92								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.92								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.92								Dividends Growth 40
Dividends Growth 45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.92								Dividends Growth 45
Historical Dividends	Historical	High Div	7.83%	Low Div	2.43%	10 Yr High	5.80%	10 Yr Low	2.94%	Med Div	3.92%	Close Div	3.78%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-64.19%	Exp	15.37%	Exp.	-51.66%		-4.64%	Exp.	-28.48%	Exp.	-25.76%								High/Ave/Median
Historical Dividends 1988	Historical	High Div	5.96%	Low Div	2.32%	10 Yr High	5.80%	10 Yr Low	2.94%	Med Div	3.85%	Close Div	3.66%								Historical Dividends
Future Dividend Yield					Div Yd	$0.04	earning in	5	Years	at IRR of	6.80%	Div Inc.	38.97%								Future Dividend Yield
Future Dividend Yield					Div Yd	5.41%	earning in	10	Years	at IRR of	6.80%	Div Inc.	93.12%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.52%	earning in	15	Years	at IRR of	6.80%	Div Inc.	168.37%								Future Dividend Yield
Future Dividend Paid					Div Paid	$9.12	earning in	5	Years	at IRR of	6.80%	Div Inc.	38.97%								Future Dividend Paid
Future Dividend Paid					Div Paid	$12.67	earning in	10	Years	at IRR of	6.80%	Div Inc.	93.12%								Future Dividend Paid
Future Dividend Paid					Div Paid	$17.61	earning in	15	Years	at IRR of	6.80%	Div Inc.	168.37%								Future Dividend Paid
Dividend Covering Cost					Total Div	$40.46	over	5	Years	at IRR of	10.51%	Div Cov.	17.29%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$96.35	over	10	Years	at IRR of	10.51%	Div Cov.	41.18%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$188.47	over	15	Years	at IRR of	10.51%	Div Cov.	80.55%								Dividend Covering Cost
I am earning GC					Div Gr	2016.13%	10/27/95	# yrs ->	31	1995	$7.26	Cap Gain	3123.00%								I am earning GC
I am earning Div					org yield	4.27%	10/31/26	Trading	Div G Yrly	10.34%	Div start	$0.31	-4.27%	90.36%							I am earning Div
Yield if held 5 years	5.19%	6.59%	5.46%	6.02%	6.65%	5.90%	5.29%	5.53%	5.78%	5.17%	5.22%	5.58%	6.52%	5.81%	4.91%	5.29%		5.68%	<-Median->	10	Paid Median Price
Yield if held 10 years	8.66%	8.87%	8.37%	6.93%	6.15%	7.80%	9.54%	7.65%	8.13%	9.32%	8.40%	7.32%	7.69%	8.78%	7.12%	6.49%		7.74%	<-Median->	10	Paid Median Price
Yield if held 15 years	13.15%	15.38%	15.97%	13.49%	13.08%	13.02%	12.85%	11.73%	9.35%	8.61%	11.11%	13.19%	10.63%	12.35%	12.84%	10.45%		12.29%	<-Median->	10	Paid Median Price
Yield if held 20 years	38.68%	38.73%	42.47%	34.52%	22.58%	19.77%	22.29%	22.37%	18.22%	18.32%	18.55%	17.77%	16.29%	14.20%	11.86%	13.83%		19.16%	<-Median->	10	Paid Median Price
Yield if held 25 years	62.86%	53.51%	53.52%	53.33%	53.86%	58.18%	56.13%	59.52%	46.61%	31.61%	28.16%	30.82%	31.09%	27.66%	25.25%	23.09%		49.97%	<-Median->	10	Paid Median Price
Yield if held 30 years				81.58%	84.34%	94.54%	77.56%	75.00%	72.00%	75.41%	82.86%	77.60%	82.71%	70.78%	43.57%	35.06%		79.59%	<-Median->	10	Paid Median Price
Yield if held 35 years									110.13%	118.08%	134.65%	107.22%	104.23%	109.33%	103.92%	103.14%		110.13%	<-Median->	5	Paid Median Price
Yield if held 40 years														167.24%	162.73%	167.61%
Cost covered if held 5 years	22.81%	27.63%	22.66%	25.86%	29.09%	25.65%	22.94%	24.10%	26.33%	22.85%	22.38%	24.36%	28.41%	24.82%	22.33%	25.10%		25.01%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	63.66%	63.73%	59.73%	50.95%	45.61%	56.75%	69.01%	55.99%	62.91%	70.27%	61.67%	54.88%	57.60%	63.84%	55.26%	53.19%		57.17%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	114.55%	132.21%	137.58%	121.05%	120.63%	120.34%	119.45%	110.81%	93.54%	83.67%	104.41%	126.60%	102.33%	115.69%	128.67%	111.27%		115.13%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	364.39%	359.87%	396.65%	337.21%	227.63%	200.59%	228.84%	235.06%	204.05%	201.60%	199.93%	197.01%	181.82%	154.23%	137.64%	170.03%		202.82%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	628.81%	525.35%	525.44%	545.92%	568.16%	617.53%	603.19%	655.96%	549.53%	367.36%	321.42%	363.36%	370.56%	322.30%	316.43%	309.51%		547.73%	<-Median->	10	Paid Median Price
Cost covered if held 30 years				869.92%	924.53%	1040.18%	861.56%	852.20%	873.92%	901.47%	973.03%	941.94%	1016.42%	852.06%	565.53%	487.78%		913.00%	<-Median->	10	Paid Median Price
Cost covered if held 35 years									1371.64%	1446.45%	1617.89%	1329.62%	1306.43%	1341.25%	1374.18%	1462.50%		1371.64%	<-Median->	5	Paid Median Price
Cost covered if held 40 years														2086.49%	2186.67%	2413.29%
																				Yr	Item	Tot. Growth
Revenue Growth								$47,181	$49,693	$48,985	$56,129	$57,344	$66,605	$67,305	<-12 mths	1.05%		41.17%	<-Total Growth	5	Revenue Growth	41.17%
AEPS Growth								$7.97	$11.19	$11.19	$11.36	$12.09	$14.43	$14.65	<-12 mths	1.52%		81.05%	<-Total Growth	5	AEPS Growth	81.05%
Net Income Growth								$11,432	$16,038	$15,794	$14,859	$16,230	$20,362	$20,672	<-12 mths	1.52%		78.11%	<-Total Growth	5	Net Income Growth	78.11%
Cash Flow Growth								$138,819	$61,044	$21,942	$26,079	$23,139	$55,220					-60.22%	<-Total Growth	5	Cash Flow Growth	-60.22%
Dividend Growth								$4.26	$4.32	$4.76	$5.27	$5.53	$5.92	$6.56	<-12 mths	10.81%		38.97%	<-Total Growth	5	Dividend Growth	38.97%
Stock Price Growth								$96.16	$128.82	$126.05	$110.76	$171.84	$205.47	$233.99	<-12 mths	13.88%		113.68%	<-Total Growth	5	Stock Price Growth	113.68%
Revenue Growth			$35,321	$38,405	$40,669	$42,576	$46,002	$47,181	$49,693	$48,985	$56,129	$57,344	$66,605	$70,193	<-this year	5.39%		88.57%	<-Total Growth	10	Revenue Growth	88.57%
AEPS Growth			$6.76	$6.80	$7.57	$8.53	$8.39	$7.97	$11.19	$11.19	$11.36	$12.09	$14.43	$15.64	<-this year	8.39%		113.46%	<-Total Growth	10	AEPS Growth	113.46%
Net Income Growth			$9,925	$10,405	$11,428	$12,400	$12,860	$11,432	$16,038	$15,794	$14,859	$16,230	$20,362	$21,373	<-this year	4.97%		105.16%	<-Total Growth	10	Net Income Growth	105.16%
Cash Flow Growth			$24,149	$26,856	$37,725	$17,474	$14,265	$138,819	$61,044	$21,942	$26,079	$23,139	$55,220					128.66%	<-Total Growth	10	Cash Flow Growth	128.66%
Dividend Growth			$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$5.92	$6.74	<-this year	13.80%		94.74%	<-Total Growth	10	Dividend Growth	94.74%
Stock Price Growth			$74.77	$83.80	$100.87	$95.39	$106.24	$96.16	$128.82	$126.05	$110.76	$171.84	$205.47	$186.00	<-this year	-9.48%		174.80%	<-Total Growth	10	Stock Price Growth	174.80%
Dividends on Shares	$324.72	$364.32	$401.28	$422.40	$448.80	$488.40	$528.00	$562.32	$570.24	$628.32	$695.64	$729.96	$781.44	$865.92	$865.92	$865.92		$9,603.00	No of Years	30	Total Dividends	12/31/95
Paid	$9,426.12	$10,591.68	$9,787.80	$11,994.84	$13,549.80	$12,334.08	$13,563.00	$13,805.88	$17,721.00	$16,803.60	$17,688.00	$22,878.24	$30,886.68	$30,886.68	$30,886.68	$30,886.68		$30,886.68	No of Years	30	Worth	$7.63
Total																		$40,489.68
Dividends on Shares				$44.80	$47.60	$51.80	$56.00	$59.64	$60.48	$66.64	$73.78	$77.42	$82.88	$91.84	$91.84	$91.84		$621.04	No of Years	10	Total Dividends	12/31/15
Paid			$1,038.10	$1,272.18	$1,437.10	$1,308.16	$1,438.50	$1,464.26	$1,879.50	$1,782.20	$1,876.00	$2,426.48	$3,275.86	$3,275.86	$3,275.86	$3,275.86		$3,275.86	No of Years	10	Worth	$74.15
Total																		$3,896.90
Graham No. AEPS	$61.59	$68.52	$77.52	$81.42	$88.91	$99.04	$101.33	$100.83	$127.47	$135.74	$142.22	$150.65	$173.63	$183.03	$192.28	$200.67		123.99%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.02	1.10	0.99	0.92	1.04	1.02	0.98	0.90	0.89	0.98	0.87	0.95	1.04	1.20				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.14	1.21	1.07	1.04	1.15	1.09	1.07	1.08	1.04	1.10	0.98	1.16	1.20	1.28				1.09	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.90	0.99	0.91	0.80	0.92	0.95	0.89	0.72	0.73	0.87	0.76	0.74	0.88	1.11				0.83	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.14	1.17	0.96	1.03	1.13	0.96	1.05	0.95	1.01	0.93	0.78	1.14	1.18	1.28	1.22	1.16		1.02	<-Median->	10	Price/GP Ratio
Prem/Disc Close	13.68%	16.77%	-3.54%	2.93%	13.45%	-3.69%	4.85%	-4.63%	1.06%	-7.14%	-22.12%	14.07%	18.33%	27.84%	21.69%	16.17%		1.99%	<-Median->	10	Graham Price
Graham No. EPS	$61.65	$67.46	$77.35	$81.30	$88.85	$98.05	$103.48	$99.87	$126.73	$134.95	$136.73	$145.32	$171.45	$181.86	$190.38	$197.83		121.67%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.02	1.12	1.00	0.92	1.04	1.03	0.96	0.91	0.89	0.99	0.91	0.98	1.05	1.21				0.97	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.14	1.23	1.08	1.04	1.15	1.10	1.04	1.09	1.05	1.11	1.02	1.20	1.21	1.29				1.10	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.90	1.01	0.91	0.80	0.92	0.96	0.87	0.72	0.74	0.88	0.79	0.77	0.90	1.12				0.84	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.14	1.19	0.97	1.03	1.14	0.97	1.03	0.96	1.02	0.93	0.81	1.18	1.20	1.29	1.23	1.18		1.02	<-Median->	10	Price/GP Ratio
Prem/Disc Close	13.58%	18.61%	-3.33%	3.08%	13.53%	-2.71%	2.67%	-3.72%	1.65%	-6.59%	-19.00%	18.25%	19.84%	28.66%	22.91%	17.85%		2.16%	<-Median->	10	Graham Price
Month, Year December	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	Dec-28		42.00	<Count Years>		Month, Year December
Price Close	$71.41	$80.24	$74.15	$90.87	$102.65	$93.44	$102.75	$104.59	$134.25	$127.30	$134.00	$173.32	$233.99	$233.99	$233.99	$233.99		215.56%	<-Total Growth	10	Stock Price
Increase	19.26%	12.37%	-7.59%	22.55%	12.96%	-8.97%	9.96%	1.79%	28.36%	-5.18%	5.26%	29.34%	35.00%	0.00%	0.00%	0.00%		12.69	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.89	13.37	11.02	13.40	13.58	11.18	11.74	13.37	12.14	11.51	12.76	15.41	16.63	15.15	13.83	12.81		17.47%	<-IRR #YR->	5	Stock Price	123.72%
Trailing P/E	14.48	14.48	12.36	13.50	15.14	12.36	12.29	11.95	17.17	11.51	12.12	16.51	20.80	16.63	15.15	13.83		12.18%	<-IRR #YR->	10	Stock Price	215.56%
CAPE (10 Yr P/E)	14.36	14.18	13.51	13.34	13.48	13.30	12.72	12.67	12.43	12.32	12.34	12.66	13.34	13.60	13.64	13.68		21.07%	<-IRR #YR->	5	Price & Dividend	152.46%
Median 10, 5 Yrs		D.  per yr	3.57%	3.60%	% Tot Ret	22.69%	17.07%		Price Inc	28.36%	P/E:	13.07	12.76					15.75%	<-IRR #YR->	10	Price & Dividend	279.49%
Price  15		D.  per yr	3.51%		% Tot Ret	25.07%												10.50%	<-IRR #YR->	15	Stock Price	347.23%
Price  20		D.  per yr	3.15%		% Tot Ret	26.67%												8.65%	<-IRR #YR->	20	Stock Price	425.70%
Price  25		D.  per yr	3.29%		% Tot Ret	25.97%												9.37%	<-IRR #YR->	25	Stock Price	838.59%
Price  30		D.  per yr	4.75%		% Tot Ret	28.22%												12.09%	<-IRR #YR->	30	Stock Price	2966.71%
Price  35		D.  per yr	4.12%		% Tot Ret	26.88%												11.21%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	3.89%		% Tot Ret	27.07%												10.49%	<-IRR #YR->	40	Stock Price
Price  45		D.  per yr	3.64%		% Tot Ret	26.70%												9.98%	<-IRR #YR->	42	Stock Price
Price & Dividend 15																		14.02%	<-IRR #YR->	15	Price & Dividend	459.96%
Price & Dividend 20																		11.80%	<-IRR #YR->	20	Price & Dividend	576.76%
Price & Dividend 25																		12.66%	<-IRR #YR->	25	Price & Dividend	1123.89%
Price & Dividend 30																		16.84%	<-IRR #YR->	30	Price & Dividend	3924.05%
Price & Dividend 35																		15.34%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		14.38%	<-IRR #YR->	40	Price & Dividend
Price & Dividend 45																		13.62%	<-IRR #YR->	42	Price & Dividend
Price  5								-$104.59	$0.00	$0.00	$0.00	$0.00	$233.99								Price  5
Price 10			-$74.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$233.99								Price 10
Price & Dividend 5								-$104.59	$4.32	$4.76	$5.27	$5.53	$239.91								Price & Dividend 5
Price & Dividend 10			-$74.15	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$239.91								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	$233.99								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	$233.99								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	$233.99								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	$233.99								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	$233.99								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$233.99								Price  40
Price  45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$233.99								Price  45
Price & Dividend 15	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$239.91								Price & Dividend 15
Price & Dividend 20	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$239.91								Price & Dividend 20
Price & Dividend 25	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$239.91								Price & Dividend 25
Price & Dividend 30	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$239.91								Price & Dividend 30
Price & Dividend 35	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$239.91								Price & Dividend 35
Price & Dividend 40	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$239.91								Price & Dividend 40
Price & Dividend 45	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$239.91								Price & Dividend 45
Month, Year October	Oct-13	Oct-14	Oct-15	Oct-16	Oct-17	Oct-18	Oct-19	Oct-20	Oct-21	Oct-22	Oct-23	Oct-24	Oct-25	Oct-26	Oct-27	Oct-28		39.00	<Count Years>		Month, Year October
Pre-spit '00
pre-split 06
Price Close	$70.02	$80.01	$74.77	$83.80	$100.87	$95.39	$106.24	$96.16	$128.82	$126.05	$110.76	$171.84	$205.47	$233.99	$233.99	$233.13		174.80%	<-Total Growth	10	Stock Price
Increase	22.97%	14.27%	-6.55%	12.08%	20.37%	-5.43%	11.37%	-9.49%	33.96%	-2.15%	-12.13%	55.15%	19.57%	13.88%	0.00%	-0.37%		10.64%	<-IRR #YR->	10	Stock Price	174.80%
P/E	12.64	13.34	11.11	12.36	13.34	11.41	12.14	12.30	11.65	11.40	10.55	15.27	14.60	15.15	13.83	12.76		16.40%	<-IRR #YR->	5	Stock Price	113.68%
Trailing P/E	14.20	14.44	12.46	12.45	14.88	12.62	12.71	10.99	16.47	11.40	10.01	16.37	18.26	16.63	15.15	13.78		14.38%	<-IRR #YR->	10	Price & Dividend	238.20%
Median 10, 5 Yrs		D.  per yr	3.74%	3.98%	% Tot Ret	26.03%	19.52%		Price Inc	19.57%	P/E:	12.22	11.65					20.38%	<-IRR #YR->	5	Price & Dividend	144.94%
			-$74.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$205.47
								-$96.16	$0.00	$0.00	$0.00	$0.00	$205.47
			-$74.77	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$211.39
								-$96.16	$4.32	$4.76	$5.27	$5.53	$211.39
Price Median H/L	$62.77	$75.59	$77.02	$74.75	$92.08	$101.04	$99.09	$90.81	$113.00	$133.62	$124.01	$142.92	$180.70	$219.60	-0.37%			134.61%	<-Total Growth	10	Stock Price
Increase	22.85%	20.43%	1.90%	-2.95%	23.18%	9.73%	-1.93%	-8.36%	24.44%	18.25%	-7.19%	15.24%	26.44%	21.52%	2.80%			8.90%	<-IRR #YR->	10	Stock Price	134.61%
P/E	11.33	12.60	11.44	11.03	12.18	12.09	11.32	11.61	10.22	12.08	11.81	12.70	12.84	14.22	2.44%			14.75%	<-IRR #YR->	5	Stock Price	99.00%
Trailing P/E	12.73	13.64	12.84	11.11	13.58	13.36	11.85	10.38	14.45	12.08	11.21	13.61	16.06	15.61				12.78%	<-IRR #YR->	10	Price & Dividend	196.16%
P/E on Run. 5 yr Ave	15.94	16.35	14.59	12.47	14.12	14.26	12.98	11.56	12.97	14.20	12.61	13.82	15.59	17.62				19.08%	<-IRR #YR->	5	Price & Dividend	132.10%
P/E on Run. 10 yr Ave	17.66	19.18	17.67	15.98	18.36	18.33	16.16	13.83	15.37	16.77	14.65	15.90	18.59	20.74				12.08	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.87%	4.32%	% Tot Ret	30.32%	22.66%		Price Inc	18.25%	P/E:	11.95	12.08						Count	42	Years of data
			-$77.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$180.70
								-$90.81	$0.00	$0.00	$0.00	$0.00	$180.70
			-$77.02	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$186.62
								-$90.81	$4.32	$4.76	$5.27	$5.53	$186.62
High Month	Oct 13	Sep 14	Nov 14	Oct 16	Oct 17	Jan 18	Sep 19	Nov 19	Oct 21	Jan 22	Feb 23	Oct 24	Oct 25	Dec 25
Pre-Split 92
Pre-spit '00
pre-split 06
Price High	$70.22	$83.11	$83.33	$84.50	$102.10	$108.05	$107.96	$109.36	$132.70	$149.15	$139.55	$174.56	$207.80	$235.18				149.37%	<-Total Growth	10	Stock Price
Increase	19.46%	18.36%	0.26%	1.40%	20.83%	5.83%	-0.08%	1.30%	21.34%	12.40%	-6.44%	25.09%	19.04%	13.18%				9.57%	<-IRR #YR->	10	Stock Price	149.37%
P/E	12.68	13.85	12.38	12.46	13.51	12.92	12.34	13.98	12.00	13.49	13.29	15.52	14.77	15.23				13.70%	<-IRR #YR->	5	Stock Price	90.01%
Trailing P/E	14.24	15.00	13.89	12.56	15.06	14.29	12.91	12.50	16.97	13.49	12.62	16.62	18.47	16.71				13.51	P/E Ratio		Historical Median
Median 10, 5 Yrs				13.51	P/E Ratio		Historical	Median	Price Inc	19.04%	P/E:	13.39	13.49					15.71	P/E Ratio		Historical High
			-$83.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$207.80
								-$109.36	$0.00	$0.00	$0.00	$0.00	$207.80
			-$83.33	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$213.72
								-$109.36	$4.32	$4.76	$5.27	$5.53	$213.72
Low Month	Nov 12	Feb 14	Aug 15	Feb 16	Nov 16	Oct 18	Dec 18	Mar 20	Nov 20	Oct 22	Oct 23	Nov 23	Apr 25	Nov 25
Pre-Split 92
Pre-spit '00
pre-split 06
Price Low	$55.31	$68.06	$70.71	$65.00	$82.06	$94.02	$90.21	$72.25	$93.29	$118.09	$108.47	$111.27	$153.60	$204.01				117.23%	<-Total Growth	10	Stock Price
Increase	27.44%	23.05%	3.89%	-8.08%	26.25%	14.57%	-4.05%	-19.91%	29.12%	26.58%	-8.15%	2.58%	38.04%	32.82%				8.07%	<-IRR #YR->	10	Stock Price	117.23%
P/E	9.98	11.34	10.51	9.59	10.85	11.25	10.31	9.24	8.43	10.68	10.33	9.89	10.92	13.21				16.28%	<-IRR #YR->	5	Stock Price	112.60%
Trailing P/E	11.22	12.29	11.79	9.66	12.10	12.44	10.79	8.26	11.93	10.68	9.81	10.60	13.65	14.50				10.29	P/E Ratio		Historical Median
Median 10, 5 Yrs				10.29	P/E Ratio		Historical	Median	Price Inc	26.58%	P/E:	10.32	10.33					7.49	P/E Ratio		Historical Low
			-$70.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$153.60
								-$72.25	$0.00	$0.00	$0.00	$0.00	$153.60
			-$70.71	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$159.52
								-$72.25	$4.32	$4.76	$5.27	$5.53	$159.52
Free Cash Flow MS old			$23,000	$25,599	$36,361	$15,494	$12,004	$136,190	$58,860	$19,440	$23,000
Change				11.30%	42.04%	-57.39%	-22.52%	1034.54%	-56.78%	-66.97%	18.31%
Free Cash Flow MS	$6,000	$14,000	$10,920	$11,300	$12,550	$13,680	$13,440	$1,494	$15,980	$16,760	$16,420	$18,520	$19,442					78.04%	<-Total Growth	10	Free Cash Flow
Change	300.00%	133.33%	-22.00%	3.48%	11.06%	9.00%	-1.75%	-88.88%	969.61%	4.88%	-2.03%	12.79%	4.98%					67.06%	<-IRR #YR->	5	Free Cash Flow MS	1201.34%
FCF/CF from Op Ratio	0.83	0.92	0.45	0.42	0.33	0.78	0.94	0.01	0.26	0.76	0.63	0.80	0.35					5.94%	<-IRR #YR->	10	Free Cash Flow MS	78.04%
Dividends paid	$3,545	$3,981	$4,564	$4,997	$5,309	$5,640	$6,025	$6,033	$6,420	$6,960	$5,549	$6,637	$8,800					92.81%	<-Total Growth	10	Dividends paid
Percentage paid				44.22%	42.30%	41.23%	44.83%	403.82%	40.18%	41.53%	33.79%	35.84%	45.26%					$0.42	<-Median->	10	Percentage paid
5 Year Coverage							42.87%	53.38%	51.50%	50.65%	48.35%	45.68%	39.45%								5 Year Covrage
Dividend Coverage Ratio			2.39	2.26	2.36	2.43	2.23	0.25	2.49	2.41	2.96	2.79	2.21					2.39	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							2.33	1.87	1.94	1.97	2.07	2.19	2.54								5 Year of Coverage
								-$1,494	$0	$0	$0	$0	$19,442
			-$10,920	$0	$0	$0	$0	$0	$0	$0	$0	$0	$19,442
Free Cash Flow WSJ			$1,071	$8,277	-$2,919	$15,087	$23,252	$14,963	$17,104	$79,587	$5,222	-$50,029	$19,442					1715.31%	<-Total Growth	10	Free Cash Flow
Change				672.83%	-135.27%	616.86%	54.12%	-35.65%	14.31%	365.31%	-93.44%	-1058.04%	138.86%					5.38%	<-IRR #YR->	5	Free Cash Flow WSJ	29.93%
FCF/CF from Op Ratio			0.04	0.31	-0.08	0.86	1.63	0.11	0.28	3.63	0.20	-2.16	0.35					33.63%	<-IRR #YR->	10	Free Cash Flow WSJ	1715.31%
Dividends paid			$4,564	$4,997	$5,309	$5,640	$6,025	$6,033	$6,420	$6,960	$5,549	$6,637	$8,800					92.81%	<-Total Growth	10	Dividends paid
Percentage paid			426.14%	60.37%	-181.88%	37.38%	25.91%	40.32%	37.54%	8.75%	106.26%	-13.27%	45.26%					$0.37	<-Median->	10	Percentage paid
5 Year Coverage							59.27%	47.74%	43.60%	20.72%	22.11%	47.27%	48.18%								5 Year Coverage
Dividend Coverage Ratio			0.23	1.66	-0.55	2.68	3.86	2.48	2.66	11.43	0.94	-7.54	2.21					2.34	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							1.69	2.09	2.29	4.83	4.52	2.12	2.08								5 Year of Coverage
								-$14,963	$0	$0	$0	$0	$19,442
			-$1,071	$0	$0	$0	$0	$0	$0	$0	$0	$0	$19,442
Market Cap $M	$100,903	$115,393	$107,964	$124,379	$146,517	$137,269	$151,995	$136,918	$183,593	$174,654	$155,327	$243,167	$287,788	$327,735	$327,735	$326,530		166.56%	<-Total Growth	10	Market Cap
Diluted # of Share in Million	1,466.53	1,452.00	1,449.51	1,494.14	1,474.42	1,450.49	1,440.68	1,428.77	1,426.74	1,406.03	1,392.53	1,413.76	1,411.59	1,411.59	1,411.59	1,411.59		-2.62%	<-Total Growth	10	Diluted
Change	-0.12%	-0.99%	-0.17%	3.08%	-1.32%	-1.62%	-0.68%	-0.83%	-0.14%	-1.45%	-0.96%	1.52%	-0.15%	0.00%	0.00%	0.00%		-0.75%	<-Median->	10	Change
Difference Diluted/Basic	-1.6%	-0.7%	-0.5%	-0.6%	-0.5%	-0.5%	-0.4%	-0.3%	-0.2%	-0.2%	-0.1%	-0.1%	-0.2%	-0.2%	-0.2%	-0.2%		-0.26%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	1,443.74	1,442.55	1,442.94	1,485.88	1,466.99	1,443.89	1,434.78	1,423.92	1,424.34	1,403.65	1,391.02	1,411.90	1,409.07	1,409.07	1,409.07	1,409.07		-2.35%	<-Total Growth	10	Average
Change	0.11%	-0.08%	0.03%	2.98%	-1.27%	-1.57%	-0.63%	-0.76%	0.03%	-1.45%	-0.90%	1.50%	-0.20%	0.00%	0.00%	0.00%		-0.69%	<-Median->	10	Change
Difference	-0.2%	0.0%	0.1%	-0.1%	-1.0%	-0.3%	-0.3%	0.0%	0.1%	-1.3%	0.8%	0.2%	-0.6%	-0.6%	-0.6%	-0.6%		-0.20%	<-Median->	10	Difference
Pre-spit '00
Pre-split 06
# of Share in M	1441.06	1442.23	1443.95	1484.23	1452.53	1439.03	1430.68	1423.86	1425.19	1385.59	1402.37	1415.08	1400.64	1400.64	1400.64	1400.64		-0.30%	<-IRR #YR->	10	Shares	-3.00%
Change	-0.29%	0.08%	0.12%	2.79%	-2.14%	-0.93%	-0.58%	-0.48%	0.09%	-2.78%	1.21%	0.91%	-1.02%	0.00%	0.00%	0.00%		-0.33%	<-IRR #YR->	5	Shares	-1.63%
CF fr Op $M	$7,242	$15,174	$24,149	$26,856	$37,725	$17,474	$14,265	$138,819	$61,044	$21,942	$26,079	$23,139	$55,220	$55,220	<-12 mths			128.66%	<-Total Growth	10	Cash Flow
Increase	449.18%	109.53%	59.15%	11.21%	40.47%	-53.68%	-18.36%	873.14%	-56.03%	-64.06%	18.85%	-11.27%	138.64%	0.00%	<-12 mths			DRIP	SO, Buy Backs		S. Issue
5 year Running Average	$6,841	$8,395	$10,966	$14,269	$22,229	$24,276	$14,265	$138,819	$61,044	$21,942	$26,079	$23,139	$55,220	$55,220	<-12 mths			403.57%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.03	$10.52	$16.72	$18.09	$25.97	$12.14	$9.97	$97.49	$42.83	$15.84	$18.60	$16.35	$39.42	$39.42	<-12 mths			135.74%	<-Total Growth	10	Cash Flow per Share
Increase	450.21%	109.36%	58.96%	8.19%	43.54%	-53.25%	-17.89%	877.80%	-56.07%	-63.03%	17.43%	-12.07%	141.11%	0.00%	<-12 mths			8.62%	<-IRR #YR->	10	Cash Flow	128.66%
5 year Running Average	$4.79	$5.84	$7.60	$9.79	$15.27	$16.69	$16.58	$32.73	$37.68	$35.66	$36.95	$38.22	$26.61	$25.93	<-12 mths			-16.84%	<-IRR #YR->	5	Cash Flow	-60.22%
P/CF on Med Price	12.49	7.18	4.61	4.13	3.55	8.32	9.94	0.93	2.64	8.44	6.67	8.74	4.58	5.57	<-12 mths			8.95%	<-IRR #YR->	10	Cash Flow per Share	135.74%
P/CF on Closing Price	13.93	7.60	4.47	4.63	3.88	7.86	10.66	0.99	3.01	7.96	5.96	10.51	5.21	5.94	<-12 mths			-16.56%	<-IRR #YR->	5	Cash Flow per Share	-59.56%
															5.49%	Diff M/C		13.34%	<-IRR #YR->	10	CFPS 5 yr Running	249.90%
Excl.Working Capital CF	$2,051	-$5,294	-$12,771	-$15,674	-$25,216	-$3,878	-$211	-$125,385	-$41,974	-$3,122	-$9,209	-$5,402	-$32,061	$0	<-12 mths			-4.06%	<-IRR #YR->	5	CFPS 5 yr Running	-18.72%
CF fr Op $M WC	$9,293	$9,880	$11,378	$11,182	$12,509	$13,596	$14,054	$13,434	$19,070	$18,820	$16,870	$17,737	$23,159	$55,220	<-12 mths			103.54%	<-Total Growth	10	Cash Flow less WC
Increase	-1.23%	6.32%	15.16%	-1.72%	11.87%	8.69%	3.37%	-4.41%	41.95%	-1.31%	-10.36%	5.14%	30.57%	138.44%	<-12 mths			7.37%	<-IRR #YR->	10	Cash Flow less WC	103.54%
5 year Running Average	$7,007	$8,052	$9,081	$10,228	$10,848	$11,709	$12,544	$12,955	$14,533	$15,795	$16,450	$17,186	$19,131	$26,361	<-12 mths			11.51%	<-IRR #YR->	5	Cash Flow less WC	72.39%
CFPS Excl. WC	$6.45	$6.85	$7.88	$7.53	$8.61	$9.45	$9.82	$9.43	$13.38	$13.58	$12.03	$12.53	$16.53	$39.42	<-12 mths			7.74%	<-IRR #YR->	10	CF less WC 5 Yr Run	110.67%
Increase	-0.94%	6.23%	15.02%	-4.39%	14.31%	9.71%	3.97%	-3.95%	41.82%	1.51%	-11.43%	4.20%	31.92%	138.44%	<-12 mths			8.11%	<-IRR #YR->	5	CF less WC 5 Yr Run	47.67%
5 year Running Average	$4.88	$5.59	$6.29	$7.04	$7.46	$8.06	$8.66	$8.97	$10.14	$11.13	$11.65	$12.19	$13.61	$18.82	<-12 mths			7.69%	<-IRR #YR->	10	CFPS - Less WC	109.84%
P/CF on Med Price	9.73	11.03	9.77	9.92	10.69	10.69	10.09	9.62	8.44	9.84	10.31	11.40	10.93	5.57	<-12 mths			11.87%	<-IRR #YR->	5	CFPS - Less WC	75.25%
P/CF on Closing Price	10.86	11.68	9.49	11.12	11.71	10.10	10.82	10.19	9.63	9.28	9.21	13.71	12.43	5.94	<-12 mths			8.02%	<-IRR #YR->	10	CFPS 5 yr Running	116.24%
*Operational Cash Flow per share			CF/CF-WC	P/CF Med	10 yr	5.63	5 yr	6.67	P/CF Med	10 yr	10.20	5 yr	10.31		-41.80%	Diff M/C		8.70%	<-IRR #YR->	5	CFPS 5 yr Running	51.75%
For Working capital I used total of
			-1443.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1400.64								Shares
								-1423.86	0.00	0.00	0.00	0.00	1400.64								Shares
			-$24,149	$0	$0	$0	$0	$0	$0	$0	$0	$0	$55,220								Cash Flow
								-$138,819	$0	$0	$0	$0	$55,220								Cash Flow
			-16.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	$39.42								Cash Flow per Share
								-97.49	0.00	0.00	0.00	0.00	$39.42								Cash Flow per Share
			-$7.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.61								CFPS 5 yr Running
								-$32.73	$0.00	$0.00	$0.00	$0.00	$26.61								CFPS 5 yr Running
			-$11,378	$0	$0	$0	$0	$0	$0	$0	$0	$0	$23,159								Cash Flow less WC
								-$13,434	$0	$0	$0	$0	$23,159								Cash Flow less WC
			-$9,081	$0	$0	$0	$0	$0	$0	$0	$0	$0	$19,131								CF less WC 5 Yr Run
								-$12,955	$0	$0	$0	$0	$19,131								CF less WC 5 Yr Run
			-7.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	$16.53								CFPS - Less WC
								-9.43	0.00	0.00	0.00	0.00	$16.53								CFPS - Less WC
			-6.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	$13.61								CFPS 5 yr Running
								-8.97	0.00	0.00	0.00	0.00	$13.61								CFPS 5 yr Running
Net Income
Insurance claims and policy benefit liabilities	$113	$530	$546	$1,040	$512	$218		$814	$601	-$1,305	$455	$3,205	$2,096
Net change in accrued interest receivable and payable	-$468	$187	-$279	-$67	-$90	-$88		-$142	-$509	$333	$2,837	$1,674	-$1,880
Current income taxes	$361	-$206	-$905	$1,189	-$1,183	-$2,707		$18	$1,738	-$3,336	-$986	$945	-$936
Derivative assets	$16,475	-$12,580	-$18,228	-$13,224	$23,921	$984		-$11,928	$17,947	-$58,989	$11,826	-$4,797	-$26,594
Derivative liabilities	-$20,017	$12,237	$18,893	$8,593	-$24,423	-$1,889		$11,384	-$18,488	$62,052	-$10,452	$17,593	$20,190
Trading securities	-$23,038	-$7,253	-$7,401	$6,827	$23,624	$2,297		$10,377	-$3,164	-$8,931	-$41,946	$8,886	-$35,767
Proceeds from securitizations
Loans, net of securitizations	-$19,987	-$27,096	-$34,964	-$19,297	-$22,608	-$41,477		-$45,639	-$54,987	-$102,653	-$34,688	-$55,007	-$62,098
Assets purchased under reverse repurchase	-$5,260	-$18,063	-$39,143	-$11,369	-$34,675	-$73,626		-$6,054	$5,112	-$9,942	-$22,346	-$10,168	$41,120
Deposits	$41,283	$52,339	$86,979	$18,931	$33,296	$48,749		$126,826	$88,876	$108,533	$43,990	-$35,581	-$15,805
Obligations related to assets sold under repurchase	-$3,616	$3,915	$18,957	$20,153	$39,643	$63,730		$47,645	-$12,030	$11,746	$61,291	$727	$14,605
Obligations related to securities sold short	$6,372	$3,233	-$2,687	$2,711	-$20,361	$2,239		-$5,784	$8,556	-$2,330	-$1,860	$91,596	$106,085
Brokers and dealers receivable and payable	$536	-$638	$664	$47	$601	$147		$2,301	$35	$4,612	-$2,444	-$304	-$107
Other	$4,173	-$2,247	-$10,538	-$1,230	$5,553	$3,238		-$8,566	$9,191	$2,800	$1,257	-$16,429	-$13,078
Provision for credit losses	$1,239	$1,164	$1,097	$1,546	$1,150	$1,307		$4,351	-$753	$484	$2,468	$3,232	$4,362
Deferred Income Tax					$203	$459
Net Changes in Investoments
Losses (Gains) on sale of premisies and equip					-$1	$0
Losses (Gains) on invetment Securities	-$217	-$228	-$220	-$176				-$218	-$151	-$43	-$193	-$170	-$132
Losses (Gains) on dispoistion of bus					$2	-$40
Impairment of for sale secuirities					$52	$0
Sum	-$2,051	$5,294	$12,771	$15,674	$25,216	$3,541	$0	$125,385	$41,974	$3,031	$9,209	$5,402	$32,061
Google		$5,294	$12,771	$15,674	$24,714	$3,878	$211	$125,385	$41,974	$3,122	$9,209	$5,402	$32,061
Difference		$0	$0	$0	$502	-$337	-$211	$0	$0	-$91	$0	$0	$0
TD Bank - chge again 2020		$5,637	$12,106	$20,305	$25,216
Differnce		-$343	$665	-$4,631	$0
OPM	26.99%	26.12%	28.10%	27.09%	28.10%	29.12%	27.96%	24.23%	32.27%	32.24%	26.47%	28.30%	30.57%	30.45%				8.80%	<-Total Growth	10	OPM
Increase	7.97%	-3.21%	7.57%	-3.58%	3.72%	3.65%	-4.01%	-13.33%	33.20%	-0.10%	-17.89%	6.91%	8.01%	-0.40%					Should increase		or be stable.
Diff from Ave.	-4.3%	-7.4%	-0.4%	-3.9%	-0.4%	3.3%	-0.9%	-14.1%	14.4%	14.3%	-6.1%	0.4%	8.4%	8.0%				0.00	<-Median->	10	OPM
*Operational Profit Margin (Net Income/Revenue) Ratio for banks									OPM	10 Yrs	28.20%	5 Yrs	30.57%					should be	zero, it is a		check on calculations
														$31,133	<-12 mths	1.52%
EBIT								$18,740	$19,878	$20,593	$21,897	$24,646	$30,668	$33,825	$32,177	$32,559
Change									6.07%	3.60%	6.33%	12.55%	24.43%	10.29%	-4.87%	1.19%
Margin								39.72%	40.00%	42.04%	39.01%	42.98%	46.04%	48.19%	43.64%	43.08%
Covering Assets					$1,044,258	$1,162,334	$1,271,139	$1,409,644	$1,506,352	$1,639,079	$1,738,529	$1,894,854	$2,001,281	$2,001,281				91.65%	<-Total Growth	8	Covering Assets	Type
Change						11.31%	9.36%	10.90%	6.86%	8.81%	6.07%	8.99%	5.62%	0.00%				8.90%	<-Median->	8	Change	Lg Term R A
Debt/ Assets Ratios					0.76	0.72	0.70	0.72	0.73	0.74	0.71	0.74	0.76	0.76				73.26%	<-Median->	9	Debt/Covering Assets	Lg Term R
Deposits - Debt			$697,227	$757,589	$790,851	$838,414	$887,718	$1,013,807	$1,103,497	$1,208,814	$1,231,687	$1,409,531	$1,515,616	$1,515,616				117.38%	<-Total Growth	10	Debt- Deposits	Intang/GW
Change				8.66%	4.39%	6.01%	5.88%	14.20%	8.85%	9.54%	1.89%	14.44%	7.53%	0.00%				8.09%	<-Median->	10	Change	Liquidity
Debt/Market Cap Ratio			6.46	6.09	5.40	6.11	5.84	7.40	6.01	6.92	7.93	5.80	5.27	4.62				6.05	<-Median->	10	Debt/Market Cap Ratio	Liq. + CF
Assets/Current Liabilities Ratio			59.74	60.67	63.32	75.87	71.17	62.37	70.41	54.73	51.04	58.34	59.74	59.74				61.52	<-Median->	10	Assets/Current Liab Ratio	Debt Ratio
Current Liabilities/Asset Ratio			0.02	0.02	0.02	0.01	0.01	0.02	0.01	0.02	0.02	0.02	0.02	0.02				0.02	<-Median->	10	Current Liab/Asset Ratio	Leverage Bk
Debt to Cash Flow (Years)			28.87	28.21	20.96	47.98	62.23	7.30	18.08	55.09	47.23	60.92	27.45	27.45								Leverage
																						D/E Ratio
Intangibles	$2,777	$2,775	$2,814	$4,648	$4,507	$4,687	$4,674	$4,752	$4,471	$6,083	$5,970	$7,798	$7,402	$7,402				163.04%	<-Total Growth	10	Intangibles
Goodwill	$8,361	$8,647	$9,289	$11,156	$10,977	$11,137	$11,236	$11,302	$10,854	$12,277	$12,594	$19,286	$19,405	$19,405				108.90%	<-Total Growth	10	Goodwill
Total	$11,138	$11,422	$12,103	$15,804	$15,484	$15,824	$15,910	$16,054	$15,325	$18,360	$18,564	$27,084	$26,807	$26,807				121.49%	<-Total Growth	10	Total
Change	48.80%	2.55%	5.96%	30.58%	-2.02%	2.20%	0.54%	0.91%	-4.54%	19.80%	1.11%	45.90%	-1.02%	0.00%				1.01%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.11	0.10	0.11	0.13	0.11	0.12	0.10	0.12	0.08	0.11	0.12	0.11	0.09	0.08				0.11	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$24,931	$25,820	$35,142	$42,780	$61,069	$66,680	$64,655	$157,901	$193,484	$180,408	$133,075	$122,743	$87,388	$87,388				Liquidity ratio of 1.5 and up, best
Current Liabilities (Other)	$12,411	$13,829	$17,982	$19,455	$19,154	$17,593	$20,077	$26,049	$24,234	$35,029	$39,285	$37,223	$38,916	$38,916				3.34	<-Median->	10	Ratio
Liquidity Ratio	2.01	1.87	1.95	2.20	3.19	3.79	3.22	6.06	7.98	5.15	3.39	3.30	2.25	2.25				3.39	<-Median->	5	Ratio
Liq. with CF aft div	2.31	2.68	3.05	3.34	4.90	4.48	3.65	11.16	10.25	5.59	3.86	3.71	3.45	3.43				3.86	<-Median->	5	Ratio
Liq. CF re  Inv+Div	2.31	1.68	1.27	1.59	2.71	3.08	2.35	4.43	3.04	2.13	2.25	2.38	1.25	3.43				2.25	<-Median->	5	Ratio
																		Banks usually have a ratio of 1.04 or 1.05
Assets	$860,819	$940,550	$1,074,208	$1,180,258	$1,212,853	$1,334,734	$1,428,935	$1,624,548	$1,706,323	$1,917,219	$2,004,992	$2,171,582	$2,325,006	$2,325,006				Debt Ratio of 1.5 and up, best
Liabilities	$810,484	$886,047	$1,010,264	$1,108,646	$1,138,425	$1,254,779	$1,345,310	$1,537,781	$1,607,561	$1,809,044	$1,887,232	$2,044,390	$2,185,855	$2,185,855				1.06	<-Median->	10	Ratio
Debt Ratio	1.06	1.06	1.06	1.06	1.07	1.06	1.06	1.06	1.06	1.06	1.06	1.06	1.06	1.06				1.06	<-Median->	5	Ratio
Estimates BVPS														$97.52	$104.90	$108.20			Estimates		Estimates BVPS
Estimate Book Value														$136,590	$146,927	$151,549			Estimates		Estimate Book Value
P/B Ratio (Close)														2.40	2.23	2.15			Estimates		P/B Ratio (Close)
Difference from 10 year median															44.29%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$50,335	$54,503	$63,944	$71,612	$74,428	$79,955	$83,625	$86,767	$98,762	$108,175	$117,760	$127,192	$139,151	$139,151				117.61%	<-Total Growth	10	Book Value
NCI	$1,795	$1,813	$1,798	$595	$599	$94	$102	$103	$95	$95	$95	$103	$59	$102							NCI
Book Value	$48,540	$52,690	$62,146	$71,017	$73,829	$79,861	$83,523	$86,664	$98,667	$108,080	$117,665	$127,089	$139,092	$139,049				123.81%	<-Total Growth	10	Book Value
Book Value per Share	$34.93	$37.79	$44.28	$48.25	$51.24	$55.56	$58.45	$60.94	$69.30	$78.07	$83.97	$89.88	$99.35	$99.35				124.34%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	1.80	2.00	1.74	1.55	1.80	1.82	1.70	1.49	1.63	1.71	1.48	1.59	1.82	2.21				1.66	<-Median->	10	P/B Ratio (Median)
									P/BV	10 yr Med	1.66	5 yr Med	1.63
Preferred Shares	$4,600	$4,075	$5,100	$6,713	$6,413	$6,309	$5,706	$5,945	$6,684	$6,684	$6,684	$9,031	$9,031	$5,706				77.08%	<-Total Growth	10	Preferred Shares
Book Value	$43,940	$48,615	$57,046	$64,304	$67,416	$73,552	$77,817	$80,719	$91,983	$101,396	$110,981	$118,058	$130,061	$133,343	$133,343	$133,343		127.99%	<-Total Growth	10	Book Value
Book Value per Share	$30.49	$33.71	$39.51	$43.32	$46.41	$51.11	$54.39	$56.69	$64.54	$73.18	$79.14	$83.43	$92.86	$95.20	$95.20	$95.20		135.04%	<-Total Growth	10	Book Value per Share
Change	11.10%	10.55%	17.20%	9.66%	7.13%	10.13%	6.42%	4.23%	13.85%	13.38%	8.14%	5.42%	11.30%	2.52%	0.00%	0.00%		37.60%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	2.06	2.24	1.95	1.73	1.98	1.98	1.82	1.60	1.75	1.83	1.57	1.71	1.95	2.31				1.99	P/BV Ratio		Historical Median
P/B Ratio (Close)	2.30	2.37	1.89	1.93	2.17	1.87	1.95	1.70	2.00	1.72	1.40	2.06	2.21	2.46	2.46	2.45		8.92%	<-IRR #YR->	10	Book Value per Share	135.04%
Change	10.69%	3.36%	-20.27%	2.20%	12.36%	-14.13%	4.66%	-13.16%	17.67%	-13.70%	-18.75%	47.17%	7.43%	11.08%	0.00%	-0.37%		10.37%	<-IRR #YR->	5	Book Value per Share	63.80%
Leverage (A/BK)	17.10	17.26	16.80	16.48	16.30	16.69	17.09	18.72	17.28	17.72	17.03	17.07	16.71	16.71				17.05	<-Median->	10	A/BV
Bank says Leverage Ratio is			4.3%	4.4%	4.4%	4.4%	4.3%	4.8%	4.9%	4.4%	4.3%	4.2%	4.4%	4.4%				4.4%	<-Median->	10	Bank Leverage
Debt/Equity Ratio	16.10	16.26	15.80	15.48	15.30	15.69	16.09	17.72	16.28	16.72	16.03	16.07	15.71	15.71				16.05	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.79	5 yr Med	1.75		37.60%	Diff M/C
			-$39.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$92.86
								-$56.69	$0.00	$0.00	$0.00	$0.00	$92.86
Comprehensive Income	$8,806	$9,919	$13,179	$9,361	$11,362	$13,963	$11,429	$10,302	$17,506	$21,625	$15,119	$16,837	$21,142								Comprehensive Income
NCI	$98	$94	$114	$55	$39	$32	$10	$7	$5	$21	$9	$10	$8								NCI
Shareholders	$8,708	$9,825	$13,065	$9,306	$11,323	$13,931	$11,419	$10,295	$17,501	$21,604	$15,110	$16,827	$21,134					61.76%	<-Total Growth	10	Comprehensive Income
Increase	11.90%	12.83%	32.98%	-28.77%	21.67%	23.03%	-18.03%	-9.84%	70.00%	23.44%	-30.06%	11.36%	25.60%					23.4%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$6,170	$7,256	$8,920	$9,737	$10,445	$11,490	$11,809	$11,255	$12,894	$14,950	$15,186	$16,267	$18,435					4.93%	<-IRR #YR->	10	Comprehensive Income	61.76%
ROE	19.8%	20.2%	22.9%	14.5%	16.8%	18.9%	14.7%	12.8%	19.0%	21.3%	13.6%	14.3%	16.2%					15.47%	<-IRR #YR->	5	Comprehensive Income	105.28%
5Yr Median	14.2%	19.6%	19.8%	19.8%	19.8%	18.9%	16.8%	14.7%	16.8%	18.9%	14.7%	14.3%	16.2%					7.53%	<-IRR #YR->	10	5 Yr Running Average	106.66%
Difference from NI	15.5%	19.5%	43.4%	-1.2%	8.5%	22.0%	-4.7%	-3.3%	17.1%	45.8%	7.8%	11.6%	11.0%					10.37%	<-IRR #YR->	5	5 Yr Running Average	63.80%
Median Values										Diff	5, 10 yr	9.8%	11.6%					16.2%	<-Median->	5	Return on Equity
			-$13,065	$0	$0	$0	$0	$0	$0	$0	$0	$0	$21,134
								-$10,295	$0	$0	$0	$0	$21,134
			-$8,920	$0	$0	$0	$0	$0	$0	$0	$0	$0	$18,435
								-$11,255	$0	$0	$0	$0	$18,435
Current Liability Coverage Ratio	0.75	0.71	0.63	0.57	0.65	0.77	0.70	0.52	0.79	0.54	0.43	0.48	0.60	1.42							CFO / Current Liabilities
5 year Median		0.58	0.63	0.63	0.65	0.65	0.65	0.65	0.70	0.70	0.54	0.52	0.54	0.54				0.54	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	1.08%	1.05%	1.06%	0.95%	1.03%	1.02%	0.98%	0.83%	1.12%	0.98%	0.84%	0.82%	1.00%	2.38%							CFO / Total Assets
5 year Median	0.86%	1.05%	1.06%	1.06%	1.05%	1.03%	1.02%	0.98%	1.02%	0.98%	0.98%	0.84%	0.98%	0.98%				1.0%	<-Median->	5	Return on Assets
Return on Assets ROA	0.97%	0.95%	0.92%	0.88%	0.94%	0.93%	0.90%	0.70%	0.94%	0.82%	0.74%	0.75%	0.88%	0.92%				Net	Income/Assets		Return on Assets
5Yr Median	0.71%	0.90%	0.92%	0.92%	0.94%	0.93%	0.92%	0.90%	0.93%	0.90%	0.82%	0.75%	0.82%	0.82%				0.8%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	17.16%	16.91%	15.97%	14.65%	15.48%	15.53%	15.40%	13.19%	16.25%	14.61%	12.63%	12.77%	14.64%	15.37%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	13.15%	16.81%	16.81%	16.81%	15.97%	15.53%	15.48%	15.40%	15.48%	15.40%	14.61%	13.19%	14.61%	14.61%				14.6%	<-Median->	5	Return on Equity
														$20,672	<-12 mths	1.52%
Net Income	$8,429	$9,004	$10,026	$10,458	$11,469	$12,431	$12,871	$11,437	$16,050	$15,807	$14,866	$16,240	$20,369								Net Income
NCI	$98	$94	$101	$53	$41	$31	$11	$5	$12	$13	$7	$10	$7								NCI
Shareholders	$8,331	$8,910	$9,925	$10,405	$11,428	$12,400	$12,860	$11,432	$16,038	$15,794	$14,859	$16,230	$20,362	$21,373	$22,978	$24,414		105.16%	<-Total Growth	10	Shareholders
Increase	11.95%	6.95%	11.39%	4.84%	9.83%	8.51%	3.71%	-11.10%	40.29%	-1.52%	-5.92%	9.23%	25.46%	4.97%	7.51%	6.25%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$5,901	$6,911	$7,871	$9,003	$9,800	$10,614	$11,404	$11,705	$12,832	$13,705	$14,197	$14,871	$16,657	$17,724	$19,160	$21,071		7.45%	<-IRR #YR->	10	Net Income	105.16%
Operating Cash Flow	$7,242	$15,174	$24,149	$26,856	$37,725	$17,474	$14,265	$138,819	$61,044	$21,942	$26,079	$23,139	$55,220					12.24%	<-IRR #YR->	5	Net Income	78.11%
Investment Cash Flow	$364	-$8,214	-$25,143	-$21,426	-$15,458	-$8,018	-$11,126	-$39,557	-$57,348	-$57,054	-$28,265	-$20,887	-$68,569					7.78%	<-IRR #YR->	10	5 Yr Running Ave.	111.61%
Total Accruals	$725	$1,950	$10,919	$4,975	-$10,839	$2,944	$9,721	-$87,830	$12,342	$50,906	$17,045	$13,978	$33,711					7.31%	<-IRR #YR->	5	5 Yr Running Ave.	42.30%
Total Assets	$860,819	$940,550	$1,074,208	$1,180,258	$1,212,853	$1,334,734	$1,428,935	$1,624,548	$1,706,323	$1,917,219	$2,004,992	$2,171,582	$2,325,006						Balance Sheet		Assets
Accruals Ratio	0.08%	0.21%	1.02%	0.42%	-0.89%	0.22%	0.68%	-5.41%	0.72%	2.66%	0.85%	0.64%	1.45%					0.85%	<-Median->	5	Ratio
EPS/CF Ratio	0.86	0.88	0.85	0.90	0.88	0.88	0.89	0.83	0.83	0.81	0.87	0.90	0.85					0.88	<-Median->	10	EPS/CF Ratio
			-$9,925	$0	$0	$0	$0	$0	$0	$0	$0	$0	$20,362
								-$11,432	$0	$0	$0	$0	$20,362
			-$7,871	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,657
								-$11,705	$0	$0	$0	$0	$16,657
Chge in Closing Price	23.0%	14.3%	-6.5%	12.1%	20.4%	-5.4%	11.4%	-9.5%	34.0%	-2.2%	-12.1%	55.1%	19.6%	13.9%	0.0%	-0.4%			Count	40	Years of data
up/down									up										Count	8	20.00%
Meet Prediction?																		% right	Count	1	12.50%
Financial Cash Flow	-$4,449	-$5,284	-$4,430	-$3,134	-$8,651	-$7,720	-$7,457	-$7,746	-$5,928	-$2,185	-$9,833	-$8,146	-$6,711						C F Statement		Financial CF
Total Accruals	$5,174	$7,234	$15,349	$8,109	-$2,188	$10,664	$17,178	-$80,084	$18,270	$53,091	$26,878	$22,124	$40,422								Accruals
Accruals Ratio	0.60%	0.77%	1.43%	0.69%	-0.18%	0.80%	1.20%	-4.93%	1.07%	2.77%	1.34%	1.02%	1.74%					1.04%	<-Median->	10	Ratio
Cash Flow	$3,157	$1,676	-$5,424	$2,296	$13,616	$1,736	-$4,318	$91,516	-$2,232	-$37,297	-$12,019	-$5,894	-$20,060								Net Cash Flow
Exchange effect					-$138	$66	$419	$1,062	-$2,810	-$4,152	$1,611	$628	$361
Net Cash Flow					$13,478	$1,802	-$3,899	$92,578	-$5,042	-$41,449	-$10,408	-$5,266	-$19,699
Per share	$2.19	$1.16	-$3.76	$1.55	$9.28	$1.25	-$2.73	$65.02	-$3.54	-$29.91	-$7.42	-$3.72	-$14.06								Per share
5 yr Running Average	$0.82	$1.40	$0.49	$0.12	$2.08	$1.90	$1.12	$14.87	$13.86	$6.02	$4.28	$4.08	-$12								5 yr Running
Cash	$15,870	$17,421	$12,452	$14,929	$28,407	$30,209	$26,310	$118,888	$113,846	$72,397	$61,989	$56,723	$37,024	$37,024							Cash
Cash per Share	$11.01	$12.08	$8.62	$10.06	$19.56	$20.99	$18.39	$83.50	$79.88	$52.25	$44.20	$40.08	$26.43	$26.43							Cash per Share
Percentage of Stock Price	15.73%	15.10%	11.53%	12.00%	19.39%	22.01%	17.31%	86.83%	62.01%	41.45%	39.91%	23.33%	12.87%	11.30%				39.91%	<-Median->	5	% of Stock Price
Notes:
December 30, 2025.  Last estimates were for 2025, 2026, 2027 of $62070M, $65258M 2025/6, $12.96, $14.21, $14.70 AEPS, $12.19, $13.39, $11.63 EPS,
$6.03, $6.43, $6.49 for Dividends, $27084M, $28847M 2025/6 EBIT, $89.47, $95.17, $93.35 BVPS, $16787M, $18039M, $16190M, Net Income.
December 29, 2024.  Last estimates were for 2024, 2025, 2026 of $56987M, $59362M, $66355M Revenue, $11.40, $12.05, $11.88 AEPS,
$10.91, $11.47, $11.88 for EPS, $5.63, $5.93, $6.18  Dividends, $82.60, $87.70, $92.80 BVPS, $15.=156M, $15780M, $15435M Net Income.
December 26, 2023.  Last estimates were for 2023, 2024 and 2025 of $53656M, $58282M and $60100M for Revenue, $11.82, $12.73 and $12.92 for AEPS,
$11.50, $12.20 and $12.00 for EPS, $5.39, $5.68 and $5.93 for Dividends, $79.90 and $85.80 2023/4 for BVPS, and $15720M, $16844M and $16871M for Net Income.
January 1, 2023.  Last estimates were for 2022, 2023 and 2024 of $49579M, $53022M for Revenue 2022/23., $11.10, $11.70 and $11.60 for EPS,
$4.93, $5.30 and $5.39 for Dividends, and $15411M, $21330M and $21256M for Net Income.
January 2, 2022.  Last estimates were for 2021 and 2022 of $45560M, $47635M for Revenue, $8.61 and $9.43 for EPS,
$4.32, $4.33 and $4.32 for Dividends, $10.80 and $11.70 for CFPS, and $11626M, $13293M for Net Income.
January 1, 2021.  Last estimates were for 2020, 2021 and 2022 of $45546M, $47107M and $48087M for Revenue, $9.15, $9.61 and $10.40 for EPS,
$4.30, $4.50 and $4.78 for Dividiends, $9.40 for CFPS for 2020 and $13663M, $13652 and $14879 Calc for Net Income.
January 2, 2020.  Last estimates were for 2019, 2020 and 2021 of $43763M, $45750M and $47000M for Revenue, $8.96, $9.46 and $9.97 for EPS,
$8.89 and $9.40 for CFPS for 2019 and 2020 and $12834 and $13663M for Net Income for 2019 and 2020.
January 5, 2018.  Last estimates were for 2018, 2019 and 2020 of $40917M, $40957M and $44517M for Revenue, $7.95, $8.53 and $9.22 for EPS,
$9.28, $8.89 and $9.40 for CFPS and $11611M and $12343M for 2018 and 2019 for Net Income.
January 1, 2018.  Last estimates were for 2017, 2018 amd 2019 of $38150M, $40471M and $40381M for Revenue, $6.99, $7.43 and $8.32 for EPS,
$8.20, $8.78 and $8.19 for CFPS and $10415M and $11098M for Net Income for 2017 and 2018.
January 07, 2017.  Last estimates were for 2016, 2017 and 2018 of $36383M, $38731M and $39482M for Revenue, $6.84, $7.28 and $7.74 for EPS,
$8.08, $8.59 and $8.77 for CFPS and $9947M and $10554M for 2016 and 2017 for Net Income.
January 10, 2015.  Last estiamtes were for 2014, 2015 and 2016 of $31766M, $33530M and $33842M for Revenue, $3.85. $6.39 and $6.89 for EPS,
$6.82, $7.43 and $6.98 for CFPS and $8470M, $9168M and $9854M for Net Income.
January  4, 2014.  Last estimates were for 2013 and 2014 of $31202M and $32761M for Revenue and $5.34 and $5.69 for EPS and $6.40 for CFPS for 2013.
January 6, 2013. Last estimates were for 2012 and 2013 at $28440M and $29468M Revenue, $4.61 and $5.01 EPS and $5.98 and $6.40 CF.
Dec 16, 2011.  Last estimates were for 2011 and 2012 at $4.44 and $4.67 for EPS and $4.46 and $5.94 for CF.
Dec 14, 2010.  At last review, I picked up estimates for 2010 and 2011 for earnings of $432 and $5.10 and cash flow of $6.70 and $9.20
Dec 17, 2009.  When I last reviewed this stock in Dec 2008, I picked up a earnings for 2009 of $4.35. Feb 2010 matched unaudited results with audited and found no change.
I have had this stock for a long time.  It has done what I expected for a solid financial stock.
Possiblity for more purchase, but a little high in price.
AR 2006.  Still doing well.
2005.  Still doing well.
2004.  Still doing well.
2003.  Note both this stock and RY's stock has increased in price re P/E and is at a 10 year high.
Royal bank shows stock prices back to 1975 in a PDF on their site.
Royal Bank has been paying dividends since 1870.
Canadian Shareowner Special Issue 1993 says that the bank had a finance year ending September 30 each year in years of 1983 to 1992, years covered in booklet.
This bank has been paying dividends since 1870.
Employee savings and share ownership plans RESSO
We offer many employees an opportunity to own our common shares through savings and share ownership plans. Under these plans, the employees can generally contribute between 1% and 10% of their annual
salary or benefit base for commissioned based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. For the RBC Dominion Securities
Savings Plan, our maximum annual contribution is $4,500 per employee. For the RBC U.K. Share Incentive Plan, our maximum annual contribution is £1,500 per employee. In 2012, we contributed $75 million (2011 – $72 million),
under the terms of these plans, towards the purchase of our common shares. As at October 31, 2012, an aggregate of 37 million common shares were held under these plans (October 31,
2011 – 36 million common shares; November 1, 2010 – 35 million common shares).
29/05/2008. RBC was taken to task earlier this year for not increasing its dividend in the midst of the liquidity crisis caused by ABCP/sub-prime mortgages (I am a shareholder of RBC). However, remember RBC didn’t make
$5.4 billion in profits last year without knowing a thing or two about growing a business and managing risk. A temporary halt to dividend increases to an industry in flux is a good thing if it gives financial
flexibility to ride the crisis out or to buy out a competitor on the cheap. Those who criticized RBC for not increasing their dividends also over-looked the fact that RBC made $4.5 billion worth of acquisitions
in fiscal 2007; it was using its free cash to expand. Cash is king in a crisis. It allows you significant breathing space and buying opportunities so why limit yourself financially by increasing the dividend? There’s
also some interesting speculation about RBC- it didn’t increase its dividend and has quietly raised over $1 billion in new financings (mostly through preference share issues)- what is it stock-piling cash for?
Sector:
Bank, Financial Services
What should this stock accomplish?
Banks can be good money makers.  They tend to have good yields and moderate dividend growth.  Dividends grow very well over time.
Would I buy this company and Why.
I still value this stock and consider it a core stock of my portfolio.
Why am I following this stock.
At the time I bought this stock it was on Mike Higgs' list of Canadian Dividend Growth Stocks and on the dividend lists I followed as were all the banks.
Why I bought this stock.
In 1995 I bought this stock and this is the second bank stock that I have bought.
Dividends
Dividends are paid quarterly in Cycle 2 of November, February, May and August.  Dividends are declared  for shareholders of record of one month and paid in the next month.
For example, the dividend declared on January 26, 2015 for shareholders of record was paid to shareholders on February 24, 2015.
Misson Statement or closes thing I can find.
We give our people the tools and support to grow and enrich their careers.
Our first priority is doing our jobs as bankers well, and serving our clients with integrity, every day.
At RBC, we also take our responsibilities in the community, marketplace, workplace and to the planet seriously.
We are committed to delivering excellent long-term returns to our shareholders.
How they make their money
Royal Bank of Canada is one of the two largest banks in Canada. The bank is concentrated in Canada and has dominant market shares. RBC
also has wealth and capital market businesses in the US, UK, and other countries. RBC is a top 15 investment bank globally.
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	2018	Jan 1	2019	Jan 2	2020	Jan 2	2021	Jan 2	2022	Jan 1	2023	Dec 26	2023	Dec 29	2024			Dec 30	2025
McKay, David Ian	0.002%	0.032	0.002%	0.035	0.002%	0.037	0.003%	0.040	0.003%	0.042	0.003%	0.045	0.003%	0.050	0.004%			0.050	0.004%			1.31%
CEO - Shares - Amount	$2.869		$3.441		$3.343		$4.796		$5.050		$4.696		$7.703		$10.235				$11.809
Options - percentage	0.084%	1.201	0.084%	1.236	0.087%	1.314	0.092%	1.374	0.099%	1.461	0.104%	1.570	0.111%	1.596	0.114%			1.396	0.100%			-12.54%
Options - amount	$115.721		$127.634		$118.825		$169.271		$173.135		$161.772		$269.818		$327.939				$326.610
Nixon, Gordon Melbourne
CEO - Shares - Amount
Options - percentage
Options - amount
Gibson, Katherine														0.003	0.000%			0.003	0.000%			4.62%
CFO - Shares - Amount															$0.583				$0.694
Options - percentage														0.062	0.004%			0.078	0.006%			26.47%
Options - amount															$12.674				$18.254
Publicover, Jennifer								0.003	0.000%	0.003	0.000%	0.004	0.000%									#DIV/0!
CFO - Shares - Amount									$0.406		$0.365		$0.659
Options - percentage								0.040	0.003%	0.070	0.005%	0.108	0.008%									#DIV/0!
Options - amount									$5.029		$7.707		$18.509
Neldner, Derek Arthur												0.014	0.001%	0.015	0.001%			0.016	0.001%			4.51%
Officer - Shares - Amount													$2.447		$3.077				$3.662
Options - percentage												0.476	0.034%	0.548	0.039%			0.608	0.043%			10.99%
Options - amount													$81.846		$112.545				$142.256
Hepworth, Graeme Ashley										0.001	0.000%	0.001	0.000%	0.001	0.000%			0.002	0.000%			13.14%
Officer - Shares - Amount											$0.119		$0.217		$0.303				$0.391
Options - percentage										0.199	0.014%	0.229	0.016%	0.243	0.017%			0.248	0.018%			1.88%
Options - amount											$22.021		$39.353		$50.013				$58.026
McLaughlin, Neil										0.008	0.001%	0.009	0.001%	0.010	0.001%			0.011	0.001%			10.11%
Officer - Shares - Amount											$0.883		$1.512		$1.999				$2.507
Options - percentage										0.354	0.025%	0.413	0.029%	0.428	0.031%			0.432	0.031%			0.98%
Options - amount											$39.202		$70.968		$87.931				$101.119
Guzman, Douglas Antony	0.000%	0.004	0.000%	0.004	0.000%	0.005	0.000%	0.005	0.000%	0.005	0.000%	0.006	0.000%	0.006	0.000%			0.006	0.000%		last report dec 2025	5.17%
Officer - Shares - Amount	$0.357		$0.428		$0.414		$0.596		$0.625		$0.583		$0.955		$1.213				$1.453
Options - percentage	0.019%	0.426	0.030%	0.477	0.034%	0.537	0.038%	0.584	0.042%	0.659	0.047%	0.752	0.053%	0.524	0.037%			0.511	0.037%			-2.46%
Options - amount	$25.884		$45.220		$45.892		$69.163		$73.562		$72.971		$129.248		$107.720				$119.656
Anderson, Robert James																					ceased insider Jan 2017
Officer - Shares - Amount
Options - percentage
Options - amount
Chisholm, Andrew Allen	0.000%	0.002	0.000%	0.003	0.000%	0.004	0.000%	0.004	0.000%	0.004	0.000%	0.004	0.000%	0.004	0.000%			0.004	0.000%			3.73%
Director - Shares - Amount	$0.042		$0.169		$0.262		$0.491		$0.481		$0.422		$0.680		$0.848				$1.002
Options - percentage	0.000%	0.000	0.000%	0.001	0.000%	0.002	0.000%	0.008	0.001%	0.013	0.001%	0.017	0.001%	0.023	0.002%			0.028	0.002%			23.22%
Options - amount	$0.000		$0.000		$0.105		$0.280		$1.062		$1.396		$2.934		$4.706				$6.604
Bibic, Mirko										0.002	0.000%	0.002	0.000%	0.004	0.000%			0.004	0.000%			0.00%
Director - Shares - Amount											$0.248		$0.384		$0.791				$0.901
Options - percentage										0.000	0.000%	0.001	0.000%	0.003	0.000%			0.006	0.000%			73.44%
Options - amount											$0.000		$0.105		$0.698				$1.378
Cote, Jacynthe										0.002	0.000%	0.002	0.000%	0.002	0.000%			0.002	0.000%			0.00%
Chairman - Shares - Amt											$0.222		$0.344		$0.411				$0.468
Options - percentage										0.024	0.002%	0.027	0.002%	0.032	0.002%			0.037	0.003%			15.85%
Options - amount											$2.632		$4.598		$6.488				$8.560
Taylor, Kathleen	0.001%	0.013	0.001%	0.013	0.001%	0.013	0.001%	0.013	0.001%	0.013	0.001%										Ceased inisder Apr 2023
Chairman - Shares - Amt	$1.206		$1.343		$1.215		$1.628		$1.593		$1.400
Options - percentage	0.005%	0.072	0.005%	0.076	0.005%	0.081	0.006%	0.086	0.006%	0.092	0.007%
Options - amount	$6.464		$7.627		$7.314		$10.381		$10.861		$10.158
Increase in O/S Shares	0.239%	1.466	0.102%	1.900	0.133%	1.043	0.073%	1.326	0.093%	1.270	0.092%	0.740	0.053%	1.746	0.123%			0.796	0.057%
due to SO 2013 - YE	$350.725		$139.842		$201.856		$100.295		$170.815		$160.084		$81.962		$300.033				$163.554
Book Value	$227.000		$92.000		$136.000		$80.000		$100.000		$99.000		$68.000		$168.000				$77.000
Insider Buying	-$0.147		-$0.315		-$0.090		-$0.054		$0.000		-$0.019		$0.000		-$0.250				$0.000
Insider Selling	$15.689		$23.243		$24.381		$11.625		-$8.640		$7.967		$9.508		$62.162				$53.588
Net Insider Selling	$15.542		$22.928		$24.291		$11.572		-$8.640		$7.948		$9.508		$61.912				$53.588
% of Market Cap	0.01%		0.02%		0.02%		0.01%		0.00%		0.01%		0.00%		0.02%				0.02%
Directors		12		13		15		13		14		13		13				13
Women	38%	5	42%	5	38%	7	47%	6	46%	6	43%	5	38%	5	38%			5	38%
Minorities	0%	0	0%	0	0%	0	0%	1	8%	1	7%	2	15%	2	15%			2	15%
Institutions/Holdings	40.79%	548	40.93%	20	36.87%	20	38.90%			20	38.35%	20	39.23%	20	39.31%			20	38.21%
Total Shares Held	40.803%	589.167	41.181%	528.693	36.95%	553.514	38.69%			530.396	37.821%	551.819	38.996%	555.974	39.694%			535.012	38.198%
Increase/Decrease	0.02%	15.321	2.67%	-0.235	-0.04%	-1.375	-0.25%			21.235	4.17%	22.962	4.34%	-6.731	-1.20%			-46.078	-7.93%
Starting No. of Shares	NASDAQ	573.846	NASDAQ	528.929	Top 20 MS	554.889	Top 20 MS			509.162	Top 20 MS	528.858	Top 20 MS	562.706	Top 20 MS			581.090	Top 20 MS
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My Stock	17	18	19	20	21	22	23	24	25	26	27	28	29
	$3,648.00	$4,048.00	$4,344.00	$4,928.00	$5,184.00	$6,032.00	$6,512.00	$6,864.00	$6,912.00	$7,936.00	$8,544.00	$8,960.00	$9,472.00					27/10/95	-$11,609.50		$7.26	1,600
	$16.8779	$18.7286	$20.0981	$22.8000	$23.9845	$27.9078	$30.1286	$31.7572	$31.9793	$36.7169	$39.5299	$41.4546	$43.8234					30/11/25	$345,824.00		$7.26	1,600
	9.62%	10.96%	7.31%	13.44%	5.19%	16.36%	7.96%	5.41%	0.70%	14.81%	7.66%	4.87%	5.71%					11.93%	XIRR		$216.14	1,600
	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$43.82	18.62%				17.25%	Total Return
																		5.32%	Dividend Ret.
																		% from	$461,548.00		Total Value	Gain
																			$0.00		Less Sale of Stock
																			-$345,824.00		Less Stock Value
																		25.72%	$115,724.00		Dividends Paid	996.80%
																			$11,609.50		Cost of Stock
																			$0.00		Sale of Stock
																		74.28%	$334,214.50		Capital Gains/Loss	2878.80%
																		100.00%	$449,938.50		Total Return	3875.61%
																		Start Date	27-Oct-95		Shares	1,600
																		End date	30-Nov-25		Dividends paid per Share	$72.33
																		Years	30.09		Div less cost	$64.21
																					Cost	$8.12
																					% paid by div	890.73%