This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Saputo Inc					TSX:	SAP	OTC:	SAPIF	http://www.saputo.com/			Fiscal Yr:	Mar 31
Year	31-Mar-12	31-Mar-13	31-Mar-14	31-Mar-15	31-Mar-16	31-Mar-17	31-Mar-18	31-Mar-19	31-Mar-20	31-Mar-21	31-Mar-22	31-Mar-23	31-Mar-24	31-Mar-25	31-Mar-26	31-Mar-27		Value	Description	#Y	Item
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date				9/30/14																	Split Date
Split				2																	Split
Operating Costs	$6,099	$6,437	$8,213	$9,596	$9,817	$9,873	$10,278	$12,281	$13,476	$12,823	$13,880	$16,290	$15,833					92.79%	<-Total Growth	10	Operating Costs
Change	16.97%	5.53%	27.59%	16.85%	2.31%	0.57%	4.10%	19.49%	9.73%	-4.84%	8.24%	17.36%	-2.81%					6.17%	<-Median->	10	Change
Ratio to Revenue	0.88	0.88	0.89	0.90	0.89	0.88	0.89	0.91	0.90	0.90	0.92	0.91	0.91					0.90	<-Median->	10	Ratio to Revenue
														$17,493	<-12 mths	0.87%			Estimates		last 12 months from Qtr.
Revenue*	$6,930	$7,298	$9,233	$10,658	$10,992	$11,163	$11,543	$13,502	$14,944	$14,294	$15,035	$17,843	$17,342	$18,109	$18,634	$18,555		87.83%	<-Total Growth	10	Revenue
Increase	15.02%	5.30%	26.52%	15.43%	3.13%	1.56%	3.40%	16.98%	10.68%	-4.35%	5.18%	18.68%	-2.81%	4.42%	2.90%	-0.42%		6.51%	<-IRR #YR->	10	Revenue	87.83%
5 year Running Average	$5,924	$6,371	$7,059	$8,029	$9,022	$9,868	$10,717	$11,571	$12,428	$13,089	$13,863	$15,123	$15,891	$16,525	$17,393	$18,097		5.13%	<-IRR #YR->	5	Revenue	28.44%
Revenue per Share	$17.41	$18.56	$23.67	$27.17	$28.00	$28.90	$29.79	$34.60	$36.57	$34.67	$36.08	$42.32	$40.87	$42.68	$43.91	$43.73		8.45%	<-IRR #YR->	10	5 yr Running Average	125.11%
Increase	17.79%	6.60%	27.52%	14.82%	3.05%	3.21%	3.09%	16.14%	5.68%	-5.20%	4.07%	17.31%	-3.43%	4.42%	2.90%	-0.42%		6.55%	<-IRR #YR->	5	5 yr Running Average	37.34%
5 year Running Average	$14.50	$15.75	$17.69	$20.32	$22.96	$25.26	$27.51	$29.69	$31.57	$32.91	$34.34	$36.85	$38.10	$39.32	$41.17	$42.70		5.62%	<-IRR #YR->	10	Revenue per Share	72.69%
P/S (Price/Sales) Med	1.21	1.24	1.09	1.19	1.26	1.49	1.47	1.20	1.15	1.02	0.96	0.73	0.76	0.65	0.00	0.00		3.39%	<-IRR #YR->	5	Revenue per Share	18.11%
P/S (Price/Sales) Close	1.21	1.39	1.18	1.28	1.49	1.59	1.39	1.32	0.91	1.09	0.82	0.83	0.65	0.73	0.71	0.77		7.98%	<-IRR #YR->	10	5 yr Running Average	115.40%
*Revenue in M CDN $					P/S Med	20 yr	1.07	15 yr	1.19	10 yr	1.17	5 yr	0.96		-37.61%	Diff M/C		5.11%	<-IRR #YR->	5	5 yr Running Average	28.31%
			-$9,233	$0	$0	$0	$0	$0	$0	$0	$0	$0	$17,342
								-$13,502	$0	$0	$0	$0	$17,342
			-$7,059	$0	$0	$0	$0	$0	$0	$0	$0	$0	$15,891
								-$11,571	$0	$0	$0	$0	$15,891
			-$23.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.87
								-$34.60	$0.00	$0.00	$0.00	$0.00	$40.87
			-$17.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.10
								-$29.69	$0.00	$0.00	$0.00	$0.00	$38.10
														$517.3	<-12 mths	-20.91%			Estimates		Last 12 months from Qtr
														$1.55	<-12 mths	0.65%			Estimates		Last 12 months from Qtr
														40.22%	33.64%	36.63%			Estimates		Payout Ratio EPS
Adjusted Profit CDN$	$505.8	$510.6	$567.0	$582.8	$626.9	$731.1	$704.2	$623.6	$724.0	$715.0	$485.0	$755.0	$654.0					15.34%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	24.02%	22.15%	20.42%	16.37%	15.66%	16.91%	14.68%	11.50%	11.04%	11.10%	7.46%	10.57%	9.28%					11.30%	<-Median->	10	Return on Equity ROE
5Yr Median		21.72%	21.72%	21.72%	20.42%	16.91%	16.37%	15.66%	14.68%	11.50%	11.10%	11.04%	10.57%					15.17%	<-Median->	10	5 Yr Median
Basic	$2.51	$2.58	$1.45	$1.48	$1.60	$1.87	$1.82	$1.60	$1.81	$1.74	$1.17	$1.80	$1.54					6.21%	<-Total Growth	10	Basic
AEPS* Dilued	$2.47	$2.55	$1.43	$1.46	$1.58	$1.85	$1.80	$1.59	$1.80	$1.74	$1.17	$1.80	$1.54	$1.84	$2.20	$2.02		7.69%	<-Total Growth	10	AEPS* Dilued
Increase	11.76%	3.24%	-43.92%	2.10%	8.22%	16.84%	-2.50%	-11.67%	13.21%	-3.33%	-32.76%	53.85%	-14.44%	19.48%	19.57%	-8.18%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	11.70%	9.89%	5.14%	4.19%	3.79%	4.02%	4.35%	3.49%	5.41%	4.60%	3.95%	5.11%	5.78%	5.91%	7.07%	5.99%		0.74%	<-IRR #YR->	10	AEPS	7.69%
5 year Running Average		$1.95	$2.10	$2.02	$1.90	$1.77	$1.62	$1.66	$1.72	$1.76	$1.62	$1.62	$1.61	$1.62	$1.71	$1.88		-0.64%	<-IRR #YR->	5	AEPS	-3.14%
Payout Ratio	14.78%	16.08%	31.47%	34.59%	33.86%	31.69%	35.00%	41.19%	37.50%	39.94%	60.68%	40.00%	47.40%	40.22%	33.64%	36.63%		-2.61%	<-IRR #YR->	10	5 yr Running Average	-23.26%
5 year Running Average		20.20%	18.43%	22.21%	26.15%	29.54%	33.32%	35.27%	35.85%	37.07%	42.86%	43.86%	45.11%	45.65%	44.39%	39.58%		-0.55%	<-IRR #YR->	5	5 yr Running Average	-2.73%
Price/AEPS Median	8.52	9.03	18.06	22.18	22.29	23.39	24.28	26.16	23.29	20.38	29.55	17.19	20.22	15.05	0.04	0.00		22.79	<-Median->	10	Price/AEPS Median
Price/AEPS High	9.72	10.13	19.94	25.51	26.35	26.28	26.38	28.65	25.53	23.77	35.94	20.65	23.79	16.22	0.00	0.00		25.91	<-Median->	10	Price/AEPS High
Price/AEPS Low	7.32	7.94	16.19	18.86	18.23	20.50	22.19	23.67	21.04	16.99	23.16	13.72	16.65	13.89	0.00	0.00		19.68	<-Median->	10	Price/AEPS Low
Price/AEPS Close	8.54	10.11	19.47	23.84	26.35	24.86	22.97	28.65	18.49	21.72	25.31	19.56	17.31	16.92	14.15	16.71		23.41	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	9.55	10.44	10.92	24.34	28.52	29.04	22.40	25.31	20.94	20.99	17.02	30.09	14.81	20.21	16.92	15.34		23.37	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	38.72%	5 Yrs	40.00%	P/CF	5 Yrs	in order	20.38	23.79	16.99	19.56		-16.99%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$1.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.54
								-$1.59	$0.00	$0.00	$0.00	$0.00	$1.54
			-$2.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.61
								-$1.66	$0.00	$0.00	$0.00	$0.00	$1.61						Estimates		Last 12 months from Qtr
														$0.52	<-12 mths	-17.46%
Pre-split '14	$1.89	$2.44	$2.73
EPS Basic	$0.95	$1.22	$1.37	$1.55	$1.53	$1.86	$2.21	$1.94	$1.46	$1.53	$0.66	$1.49	$0.63					-53.85%	<-Total Growth	10	EPS Basic
Pre-split '02
Pre-split '07
Pre-split '14	$1.86	$2.41	$2.70
EPS*	$0.93	$1.21	$1.35	$1.53	$1.51	$1.84	$2.18	$1.93	$1.45	$1.52	$0.66	$1.48	$0.63	$1.63	$2.09	$2.02		-53.33%	<-Total Growth	10	EPS Diluted
Increase	-13.89%	29.57%	12.03%	13.33%	-1.31%	21.85%	18.48%	-11.47%	-24.87%	4.83%	-56.58%	124.24%	-57.43%	158.73%	27.91%	-3.12%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Increases	34.78%	79.85%	47.54%	41.67%	62.37%	52.70%	61.48%	26.14%	-3.97%	-17.39%	-69.72%	-23.32%	-56.55%	7.24%	215.91%	36.49%		11.09%	<-Median->	10	5 year Increases
Earnings Yield	4.4%	4.7%	4.8%	4.4%	3.6%	4.0%	5.3%	4.2%	4.4%	4.0%	2.2%	4.2%	2.4%	5.2%	6.7%	6.0%		-7.34%	<-IRR #YR->	10	Earnings per Share	-53.33%
5 year Running Average	$0.86	$0.96	$1.10	$1.22	$1.31	$1.49	$1.68	$1.80	$1.78	$1.78	$1.55	$1.41	$1.15	$1.18	$1.30	$1.57		-20.06%	<-IRR #YR->	5	Earnings per Share	-67.36%
10 year Running Average	$0.68	$0.76	$0.84	$0.94	$1.05	$1.17	$1.32	$1.45	$1.50	$1.54	$1.52	$1.55	$1.47	$1.48	$1.54	$1.56		0.46%	<-IRR #YR->	10	5 yr Running Average	4.74%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	4.11%	5Yrs	4.02%					-8.58%	<-IRR #YR->	5	5 yr Running Average	-36.15%
			-$1.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.63
								-$1.93	$0.00	$0.00	$0.00	$0.00	$0.63
			-$1.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.15
								-$1.80	$0.00	$0.00	$0.00	$0.00	$1.15
Dividends paid in Cash	$147.05	$161.65	$175.32	$197.70	$210	$228	$244	$254.6	$269.7	$204.6	$209.00	$199.00	$245.00					39.74%	<-Total Growth	10	Dividends paid in Cash
% of Net Income	32.60%	42.45%	36.38%	37.09%	34.56%	37.93%	33.37%	29.87%	35.71%	35.11%	33.41%	31.81%	39.39%					34.83%	<-Median->	10	% of Net Income
Dividend*														$0.77	$0.83	$0.86			Estimates		Dividend*
Increase														5.14%	8.14%	3.61%			Estimates		Increase
Payout Ratio EPS														47.09%	39.81%	42.57%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-split '02
Pre-split '07
Pre-split '14	$0.73	$0.82	$0.90
Dividend*	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$0.73	$0.74	$0.74	$0.74		62.22%	<-Total Growth	10	Dividends
Increase	16.80%	12.33%	9.76%	12.22%	5.94%	9.35%	7.69%	3.97%	3.05%	2.96%	2.16%	1.41%	1.39%	1.37%	0.00%	0.00%		24	0	27	Years of data, Count P, N	88.89%
Ave Increases, 5 years	11.74%	10.37%	11.30%	12.32%	9.32%	8.54%	8.00%	5.94%	5.23%	3.76%	2.54%	1.98%	1.63%	1.29%	0.85%	0.56%		5.59%	<-Median->	10	5 year Increases
Dividends 5 Yr Running	$0.29	$0.33	$0.37	$0.41	$0.45	$0.50	$0.54	$0.58	$0.62	$0.65	$0.67	$0.69	$0.71	$0.72	$0.73	$0.73		93.42%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.73%	1.78%	1.74%	1.56%	1.52%	1.35%	1.44%	1.57%	1.61%	1.96%	2.05%	2.33%	2.34%	2.67%				1.59%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.52%	1.59%	1.58%	1.36%	1.28%	1.21%	1.33%	1.44%	1.47%	1.68%	1.69%	1.94%	1.99%	2.48%				1.45%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.02%	2.03%	1.94%	1.83%	1.86%	1.55%	1.58%	1.74%	1.78%	2.35%	2.62%	2.91%	2.85%	2.90%				1.85%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.73%	1.59%	1.62%	1.45%	1.28%	1.27%	1.52%	1.44%	2.03%	1.84%	2.40%	2.05%	2.74%	2.38%	2.38%	2.19%		1.68%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	39.25%	34.02%	33.33%	33.01%	35.43%	31.79%	28.90%	33.94%	46.55%	45.72%	107.58%	48.65%	115.87%	45.40%	35.49%	36.63%		40.58%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	34.19%	34.27%	33.30%	33.51%	34.71%	33.42%	32.16%	32.37%	34.57%	36.32%	43.48%	49.08%	61.50%	60.73%	56.13%	46.78%		34.64%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	27.78%	24.97%	26.75%	25.73%	24.78%	21.05%	30.17%	28.90%	26.60%	26.58%	42.70%	29.62%	26.01%	21.45%	20.33%	#DIV/0!		26.59%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	24.39%	23.70%	24.35%	25.38%	25.86%	24.30%	25.35%	25.85%	26.03%	26.37%	30.12%	30.01%	29.29%	27.73%	26.02%	#DIV/0!		25.94%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	17.49%	19.03%	17.37%	18.26%	17.60%	17.07%	19.20%	21.09%	19.39%	18.54%	26.23%	19.98%	19.53%	21.45%	20.33%	#DIV/0!		19.30%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	20.37%	19.59%	18.16%	17.68%	17.92%	17.78%	17.91%	18.63%	18.86%	19.01%	20.62%	20.76%	20.43%	20.84%	21.24%	#DIV/0!		18.75%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	1.59%	1.68%	5 Yr Med	5 Yr Cl	2.05%	2.05%	5 Yr Med	Payout	48.65%	26.60%	19.53%					2.19%	<-IRR #YR->	5	Dividends	11.45%
* Dividends per share	10 Yr Med	and Cur.	49.27%	41.38%	5 Yr Med	and Cur.	15.76%	16.22%	Last Div Inc --->		$0.180	$0.185	2.78%					14.74%	<-IRR #YR->	10	Dividends	62.22%
Dividends Growth 15																		6.86%	<-IRR #YR->	15	Dividends	170.37%
Dividends Growth 20																		9.45%	<-IRR #YR->	20	Dividends	508.33%
Dividends Growth 25																		13.62%	<-IRR #YR->	25	Dividends	2333.33%
Dividends Growth 30																		12.55%	<-IRR #YR->	27	Dividends
Dividends Growth 5								-$0.66	$0.00	$0.00	$0.00	$0.00	$0.73								Dividends Growth 5
Dividends Growth 10			-$0.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.70	$0.00	$0.00	$0.73								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	$0.73								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	$0.73								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	$0.73								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	$0.73
Historical Dividends	Historical	High Div	2.78%	Low Div	0.68%	10 Yr High	2.91%	10 Yr Low	1.21%	Med Div	1.74%	Close Div	1.60%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-14.49%		249.58%	Exp.	-18.31%		96.46%	Cheap	36.62%	Cheap	48.30%								High/Ave/Median
Future Dividend Yield					Div Yield	2.65%	earning in	5.00	Years	at IRR of	2.19%	Div Inc.	11.45%								Future Dividend Yield
Future Dividend Yield					Div Yield	2.95%	earning in	10.00	Years	at IRR of	2.19%	Div Inc.	24.21%								Future Dividend Yield
Future Dividend Yield					Div Yield	3.29%	earning in	15.00	Years	at IRR of	2.19%	Div Inc.	38.43%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.82	earning in	5	Years	at IRR of	2.19%	Div Inc.	11.45%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.92	earning in	10	Years	at IRR of	2.19%	Div Inc.	24.21%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.02	earning in	15	Years	at IRR of	2.19%	Div Inc.	38.43%								Future Dividend Paid
Dividend Covering Cost					Total Div	$3.87	over	5	Years	at IRR of	2.19%	Div Cov.	12.42%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$7.35	over	10	Years	at IRR of	2.19%	Div Cov.	23.61%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$11.23	over	15	Years	at IRR of	2.19%	Div Cov.	36.08%								Dividend Covering Cost
I am earning GC					Div Gr	270.00%	9/25/06	# yrs ->	18	2006	$9.26	Cap Gain	236.18%								I am earning GC
I am earning Div					org yield	2.16%	12/31/14	RRSP	Div G Yrly	17.14%	Div start	$0.20	-2.16%	7.99%							I am earning Div
I am earning GC					Div Gr	-19.57%	10/22/13	# yrs ->	11	2013	$51.22	Cap Gain	-39.22%								I am earning GC
I am earning Div					org yield	1.80%	12/31/14	TFSA	Div G Yrly	-16.70%	Div start	$0.92	-1.80%	1.44%							I am earning Div
Yield if held 5 years	3.73%	3.21%	3.70%	3.90%	3.00%	2.78%	2.74%	2.54%	2.08%	1.97%	1.64%	1.65%	1.76%	1.77%	2.09%	2.14%		2.31%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.01%	5.86%	6.54%	6.11%	5.80%	5.97%	4.93%	5.39%	5.21%	3.90%	3.37%	3.13%	2.83%	2.28%	2.10%	1.71%		5.07%	<-Median->	10	Paid Median Price
Yield if held 15 years		12.08%	9.54%	11.42%	12.04%	9.63%	9.00%	9.52%	8.17%	7.53%	7.25%	5.64%	6.00%	5.71%	4.16%	3.52%		8.58%	<-Median->	10	Paid Median Price
Yield if held 20 years						19.91%	18.56%	13.88%	15.27%	15.64%	11.69%	10.29%	10.61%	8.95%	8.02%	7.56%		14.57%	<-Median->	8	Paid Median Price
Yield if held 25 years											24.17%	21.22%	15.47%	16.73%	16.65%	12.19%		21.22%	<-Median->	3	Paid Median Price
Yield if held 30 years																25.19%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	14.96%	12.88%	15.01%	15.76%	12.72%	11.81%	11.74%	11.27%	9.51%	9.20%	7.79%	7.90%	8.49%	8.58%	10.26%	10.61%		10.39%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	36.40%	36.00%	41.42%	38.78%	38.56%	40.34%	34.05%	38.95%	39.53%	30.92%	27.79%	26.74%	24.93%	20.61%	19.53%	16.29%		36.31%	<-Median->	10	Paid Median Price
Cost covered if held 15 years		81.92%	67.81%	83.11%	93.73%	77.32%	74.64%	83.71%	76.06%	73.66%	74.70%	61.10%	67.98%	67.26%	51.36%	45.23%		75.38%	<-Median->	10	Paid Median Price
Cost covered if held 20 years						166.30%	161.62%	129.48%	152.76%	166.64%	132.74%	124.00%	135.00%	119.56%	113.09%	112.18%		143.88%	<-Median->	8	Paid Median Price
Cost covered if held 25 years											280.85%	263.43%	204.29%	234.06%	248.55%	193.19%		263.43%	<-Median->	3	Paid Median Price
Cost covered if held 30 years																399.32%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$13,502	$14,944	$14,294	$15,035	$17,843	$17,342	$17,493	<-12 mths	0.87%		28.44%	<-Total Growth	5	Revenue Growth	28.44%
AEPS Growth								$1.59	$1.80	$1.74	$1.17	$1.80	$1.54	$1.55	<-12 mths	0.65%		-3.14%	<-Total Growth	5	AEPS Growth	-3.14%
Net Income Growth								$755	$583	$626	$626	$622	$265	$216	<-12 mths	-18.49%		-64.91%	<-Total Growth	5	Net Income Growth	-64.91%
Cash Flow Growth								$885	$1,037	$1,078	$693	$1,025	$1,191					34.65%	<-Total Growth	5	Cash Flow Growth	34.65%
Dividend Growth								$0.66	$0.68	$0.70	$0.71	$0.72	$0.73	$0.74	<-12 mths	1.37%		11.45%	<-Total Growth	5	Dividend Growth	11.45%
Stock Price Growth								$45.55	$33.29	$37.79	$29.61	$35.20	$26.65	$31.13	<-12 mths	16.81%		-41.49%	<-Total Growth	5	Stock Price Growth	-41.49%
Revenue Growth			$9,233	$10,658	$10,992	$11,163	$11,543	$13,502	$14,944	$14,294	$15,035	$17,843	$17,342	$18,109	<-this year	4.42%		87.83%	<-Total Growth	10	Revenue Growth	87.83%
AEPS Growth			$1.43	$1.46	$1.58	$1.85	$1.80	$1.59	$1.80	$1.74	$1.17	$1.80	$1.54	$1.84	<-this year	19.48%		7.69%	<-Total Growth	10	AEPS Growth	7.69%
Net Income Growth			$533	$608	$601	$731	$853	$755	$583	$626	$626	$622	$265	$722	<-this year	172.26%		-50.29%	<-Total Growth	10	Net Income Growth	-50.29%
Cash Flow Growth			$656	$770	$847	$1,074	$809	$885	$1,037	$1,078	$693	$1,025	$1,191	$1,090	<-this year	-8.46%		81.47%	<-Total Growth	10	Cash Flow Growth	81.47%
Dividend Growth			$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$0.73	$0.77	<-this year	5.14%		62.22%	<-Total Growth	10	Dividend Growth	62.22%
Stock Price Growth			$27.85	$34.81	$41.64	$45.89	$41.35	$45.55	$33.29	$37.79	$29.61	$35.20	$26.65	$31.13	<-this year	16.81%		-4.29%	<-Total Growth	10	Stock Price Growth	-4.29%
Dividends on Shares				$21.21	$22.47	$24.57	$26.46	$27.51	$28.35	$29.19	$29.82	$30.24	$30.66	$31.08	$31.08	$31.08		$270.48	No of Years	10	Total Dividends	12/31/13
Paid			$1,016.19	$1,466.64	$1,390.20	$1,995.42	$1,897.56	$1,640.94	$1,688.40	$1,496.46	$1,197.00	$1,491.84	$1,126.86	$1,307.46	$1,307.46	$1,307.46		$1,126.86	No of Years	10	Worth	$24.20
Total																		$1,397.34			Total
Dividends on Shares									$17.55	$18.07	$18.46	$18.72	$18.98	$19.24	$19.24	$19.24		$91.78	No of Years	5	Total Dividends	12/31/18
Paid								$1,015.82	$1,045.20	$926.38	$741.00	$923.52	$697.58	$809.38	$809.38	$809.38		$697.58	No of Years	5	Worth	$39.07
Total																		$789.36			Total
Graham Price AEPS	$17.15	$18.34	$15.13	$17.27	$19.04	$21.56	$22.40	$22.29	$25.50	$24.74	$20.27	$26.19	$23.99	$26.23	$28.68	$27.48		58.57%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.23	1.26	1.71	1.88	1.85	2.00	1.95	1.87	1.64	1.43	1.71	1.18	1.30	1.06				1.78	<-Median->	10	Price/GP Ratio	-33.23%
Price/GP Ratio High	1.40	1.41	1.88	2.16	2.19	2.25	2.12	2.04	1.80	1.67	2.07	1.42	1.53	1.14				2.06	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.05	1.10	1.53	1.59	1.51	1.76	1.78	1.69	1.49	1.20	1.34	0.94	1.07	0.97				1.50	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.23	1.41	1.84	2.02	2.19	2.13	1.85	2.04	1.31	1.53	1.46	1.34	1.11	1.19	1.09	1.23		1.69	<-Median->	10	Price/GP Ratio
Prem/Disc Close	23.09%	40.61%	84.02%	101.57%	118.71%	112.83%	84.64%	104.33%	30.57%	52.78%	46.07%	34.41%	11.07%	18.70%	8.55%	22.82%		68.71%	<-Median->	10	Graham Price
Graham Price EPS	$10.52	$12.61	$14.70	$17.68	$18.61	$21.53	$24.65	$24.56	$22.88	$23.12	$15.22	$23.75	$15.35	$24.68	$27.92	$27.48		4.38%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	2.00	1.83	1.76	1.83	1.89	2.01	1.77	1.69	1.83	1.53	2.27	1.30	2.03	1.12				1.83	<-Median->	10	Price/GP Ratio	-31.16%
Price/GP Ratio High	2.28	2.05	1.94	2.11	2.24	2.25	1.93	1.85	2.01	1.79	2.76	1.57	2.39	1.21				2.06	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.72	1.61	1.57	1.56	1.55	1.76	1.62	1.53	1.66	1.28	1.78	1.04	1.67	1.04				1.59	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.01	2.05	1.89	1.97	2.24	2.13	1.68	1.85	1.45	1.63	1.94	1.48	1.74	1.26	1.12	1.23		1.80	<-Median->	10	Price/GP Ratio
Prem/Disc Close	100.60%	104.55%	89.39%	96.90%	123.73%	113.18%	67.77%	85.46%	45.47%	63.46%	94.48%	48.23%	73.66%	26.11%	11.50%	22.82%		79.56%	<-Median->	10	Graham Price
Month, Year	Dec-11	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		26.00	<Count Years>		Month, Year
Pre-split '07
Pre-split '14	$39.03	$50.31	$48.39
Price Close Dec	$19.52	$25.16	$24.20	$34.92	$33.10	$47.51	$45.18	$39.07	$40.20	$35.63	$28.50	$35.52	$26.83	$31.13	$31.13	$31.13		10.89%	<-Total Growth	10	Stock Price
Increase	-1.39%	28.90%	-3.82%	44.33%	-5.21%	43.53%	-4.90%	-13.52%	2.89%	-11.37%	-20.01%	24.63%	-24.47%	16.03%	0.00%	0.00%		21.45	<-Median->	10	CAPE (10 Yr P/E)
P/E	20.98	20.88	17.92	22.82	21.92	25.82	20.72	20.24	27.72	23.44	43.18	24.00	42.59	19.10	14.93	15.41		-7.24%	<-IRR #YR->	5	Stock Price	-31.33%
Trailing P/E	18.07	27.05	20.08	25.87	21.63	31.46	24.55	17.92	20.83	24.57	18.75	53.82	18.13	49.41	19.10	14.93		1.04%	<-IRR #YR->	10	Stock Price	10.89%
CAPE (10 Yr P/E)	17.95	18.58	18.64	19.44	19.84	20.95	20.88	21.00	21.90	22.30	23.29	23.55	24.88	24.46	23.41	22.09		-5.13%	<-IRR #YR->	5	Price & Dividend	-22.29%
Median 10, 5 Yrs		D.  per yr	2.52%	2.11%	% Tot Ret	70.79%	-41.10%	T P/E	23.09	20.83	P/E:	23.72	27.72					3.56%	<-IRR #YR->	10	Price & Dividend	37.51%
Price 15		D.  per yr	3.15%		% Tot Ret	34.18%						CAPE Diff	-10.96%					6.07%	<-IRR #YR->	15	Stock Price	142.04%
Price  20		D.  per yr	2.90%		% Tot Ret	31.78%												6.22%	<-IRR #YR->	20	Stock Price	234.33%
Price  25		D.  per yr	3.01%		% Tot Ret	26.87%												8.19%	<-IRR #YR->	25	Stock Price	615.47%
Price  30		D.  per yr	2.48%		% Tot Ret	25.97%												7.06%	<-IRR #YR->	27	Stock Price
Price & Dividend 15																		9.22%	<-IRR #YR->	15	Price & Dividend	216.60%
Price & Dividend 20																		9.12%	<-IRR #YR->	20	Price & Dividend	350.09%
Price & Dividend 25																		11.20%	<-IRR #YR->	25	Price & Dividend	872.53%
Price & Dividend 30																		9.54%	<-IRR #YR->	27	Price & Dividend
Price  5								-$39.07	$0.00	$0.00	$0.00	$0.00	$26.83								Price  5
Price 10			-$24.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.83								Price 10
Price & Dividend 5								-$39.07	$0.68	$0.70	$0.71	$0.72	$27.56								Price & Dividend 5
Price & Dividend 10			-$24.20	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.56								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	$26.83								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	$26.83								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	$26.83								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	$26.83								Price  30
Price & Dividend 15	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.56								Price & Dividend 15
Price & Dividend 20	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.56								Price & Dividend 20
Price & Dividend 25	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.56								Price & Dividend 25
Price & Dividend 30	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.56								Price & Dividend 30
Month, Year	Mar-12	Mar-13	Mar-14	Mar-15	Mar-16	Mar-17	Mar-18	Mar-19	Mar-20	Mar-21	Mar-22	Mar-23	Mar-24	Mar-25	Mar-26	Mar-27		27.00	<Count Years>		Month, Year
Pre-split '07
Pre-split '14	$42.21	$51.58	$55.69
Price Close March	$21.11	$25.79	$27.85	$34.81	$41.64	$45.89	$41.35	$45.55	$33.29	$37.79	$29.61	$35.20	$26.65	$31.13	$31.13	$33.75		-4.29%	<-Total Growth	10	Stock Price
Increase	-3.54%	22.20%	7.97%	25.01%	19.62%	10.21%	-9.89%	10.16%	-26.92%	13.52%	-21.65%	18.88%	-24.29%	16.81%	0.00%	8.42%		-10.17%	<-IRR #YR->	5	Stock Price
P/E	22.69	21.40	20.63	22.75	27.58	24.94	18.97	23.60	22.96	24.86	44.86	23.78	42.30	19.10	14.93	16.71		-0.44%	<-IRR #YR->	10	Stock Price	-4.29%
Trailing P/E	19.54	27.73	23.11	25.79	27.22	30.39	22.47	20.89	17.25	26.06	19.48	53.33	18.01	49.41	19.10	16.19		-8.23%	<-IRR #YR->	5	Price & Dividend	-41.49%
Median 10, 5 Yrs		D.  per yr	2.34%	1.94%	% Tot Ret	122.98%	-23.59%	T P/E	24.32	24.86	P/E:	0.10	-0.22					1.90%	<-IRR #YR->	10	Price & Dividend
Price 15		D.  per yr	3.17%		% Tot Ret	34.38%						CAPE Diff	-491.71%					6.04%	<-IRR #YR->	15	Stock Price
Price  20		D.  per yr	2.90%		% Tot Ret	32.02%												6.15%	<-IRR #YR->	20	Stock Price
Price  25		D.  per yr	2.65%		% Tot Ret	27.56%												6.97%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	2.49%		% Tot Ret	26.11%												7.04%	<-IRR #YR->	27	Stock Price
Price & Dividend 15																		9.21%	<-IRR #YR->	15	Price & Dividend
Price & Dividend 20																		9.05%	<-IRR #YR->	20	Price & Dividend
Price & Dividend 25																		9.62%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		9.52%	<-IRR #YR->	27	Price & Dividend
Price  5								-$45.55	$0.00	$0.00	$0.00	$0.00	$26.65								Price  5
Price 10			-$27.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.65								Price 10
Price & Dividend 5								-$45.55	$0.68	$0.70	$0.71	$0.72	$27.38								Price & Dividend 5
Price & Dividend 10			-$27.85	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.38								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	$26.65								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	$26.65								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	$26.65								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	$26.65								Price  30
Price & Dividend 15	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.38								Price & Dividend 15
Price & Dividend 20	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.38								Price & Dividend 20
Price & Dividend 25	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.38								Price & Dividend 25
Price & Dividend 30	$0.37	$0.41	$0.45	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$27.38								Price & Dividend 30
Price H/L Med.	$21.05	$23.03	$25.83	$32.39	$35.22	$43.19	$43.71	$41.60	$41.92	$35.47	$34.58	$30.94	$31.14	$27.70	8.42%			20.54%	<-Total Growth	10	Stock Price
Increase	18.21%	9.43%	12.15%	25.40%	8.74%	22.61%	1.22%	-4.84%	0.77%	-15.39%	-2.51%	-10.53%	0.65%	-11.05%	2.38%			1.89%	<-IRR #YR->	10	Stock Price	20.54%
P/E	22.63	19.11	19.13	21.17	23.32	23.47	20.05	21.55	28.91	23.33	52.39	20.90	49.42	16.99	10.79%			-5.63%	<-IRR #YR->	5	Stock Price	-25.15%
Trailing P/E	19.49	24.77	21.44	23.99	23.02	28.60	23.76	19.08	21.72	24.46	22.75	46.87	21.04	43.96				4.16%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	24.56	23.99	23.57	26.57	26.99	29.04	25.99	23.13	23.52	19.88	22.34	21.97	27.12	23.39				-3.72%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	31.03	30.42	30.70	34.48	33.70	36.85	33.09	28.75	27.93	22.96	22.78	20.02	21.14	18.67				19.59	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.27%	1.91%	% Tot Ret	54.66%	-51.39%	T P/E	23.39	22.75	P/E:	23.33	28.91						Count	29	Years of data
			-$25.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.14
								-$41.60	$0.00	$0.00	$0.00	$0.00	$31.14
			-$25.83	$0.51	$0.54	$0.59	$0.63	$0.66	$0.68	$0.70	$0.71	$0.72	$31.87
								-$41.60	$0.68	$0.70	$0.71	$0.72	$31.87
High Months	Jun11	Feb 13	Mar 14	Feb 15	Mar 16	Jan 17	Oct 17	Mar 19	Jun 19	Jan 20	Jun 21	Feb 23	May 23	Jun 24
Pre-split '07
Pre-split '14	$48.02	$51.65	$57.03
Price High	$24.01	$25.83	$28.52	$37.25	$41.64	$48.52	$47.48	$45.55	$45.95	$41.36	$42.05	$37.17	$36.63	$29.84				28.46%	<-Total Growth	10	Stock Price
Increase	9.73%	7.56%	10.42%	30.63%	11.79%	16.52%	-2.14%	-4.06%	0.88%	-9.99%	1.67%	-11.61%	-1.45%	-18.54%				2.54%	<-IRR #YR->	10	Stock Price	28.46%
P/E	25.82	21.43	21.12	24.35	27.58	26.37	21.78	23.60	31.69	27.21	63.71	25.11	58.14	18.31				-4.27%	<-IRR #YR->	5	Stock Price	-19.58%
Trailing P/E	22.23	27.77	23.66	27.59	27.22	32.13	25.80	20.89	23.81	28.52	27.66	56.32	24.75	47.37				21.78	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	27.40	27.66	P/E:	26.79	31.69					27.93	P/E Ratio		Historical High
			-$28.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.63
								-$45.55	$0.00	$0.00	$0.00	$0.00	$36.63
Low Mths	Sep 11	Sep 12	Aug 13	Apr 14	Jul 15	Jun 16	Mar 18	Nov 18	Oct 19	Mar 20	Jan 21	May 22	Mar 24	Apr 24
Pre-split '07
Pre-split '14	$36.17	$40.48	$46.29
Price Low	$18.09	$20.24	$23.15	$27.53	$28.80	$37.85	$39.94	$37.64	$37.88	$29.57	$27.10	$24.70	$25.64	$25.55				10.78%	<-Total Growth	10	Stock Price
Increase	31.72%	11.92%	14.35%	18.95%	4.61%	31.42%	5.52%	-5.76%	0.64%	-21.94%	-8.35%	-8.86%	3.81%	-0.35%				1.03%	<-IRR #YR->	10	Stock Price	10.78%
P/E	19.45	16.80	17.14	17.99	19.07	20.57	18.32	19.50	26.12	19.45	41.06	16.69	40.70	15.67				-7.39%	<-IRR #YR->	5	Stock Price	-31.88%
Trailing P/E	16.75	21.76	19.21	20.39	18.82	25.07	21.71	17.27	19.63	20.39	17.83	37.42	17.32	40.56				17.14	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	20.01	19.63	P/E:	19.48	26.12					13.45	P/E Ratio		Historical Low
			-$23.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.64
								-$37.64	$0.00	$0.00	$0.00	$0.00	$25.64
												$164	<-12 mths	-15.90%
Free Cash Flow WSJ					$664	$837	$531	$514	$527	$699	$240	$408	$537	$929	$1,046	$1,142
Change						26.05%	-36.56%	-3.20%	2.53%	32.64%	-65.67%	70.00%	31.62%
Free Cash Flow MS	$404.40	$467.56	$432.69	$582.90	$618.0	$752.2	$465.1	$448.5	$460.6	$657	$195	$384	$537	$929	$1,046	$1,142		24.11%	<-Total Growth	10	Free Cash Flow
Change	-15.12%	15.62%	-7.46%	34.72%	6.02%	21.72%	-38.17%	-3.57%	2.70%	42.64%	-70.32%	96.92%	39.84%	73.00%	12.59%	9.18%		3.67%	<-IRR #YR->	5	Free Cash Flow MS	19.73%
FCF/CF from Op Ratio	0.77	0.72	0.66	0.76	0.73	0.70	0.57	0.51	0.44	0.61	0.28	0.37	0.45	0.63	0.68	#DIV/0!		2.18%	<-IRR #YR->	10	Free Cash Flow MS	24.11%
Dividends paid	$147.1	$161.7	$175.3	$197.7	$210.0	$228.0	$244.0	$254.6	$269.7	$204.6	$209.0	$199.0	$310	$314	$314	$314		76.68%	<-Total Growth	10	Dividends paid
Percentage paid	36.36%	34.57%	40.52%	33.92%	33.98%	30.31%	52.46%	56.77%	58.55%	31.14%	107.18%	51.82%	57.68%	33.80%	30.02%	27.50%		$0.52	<-Median->	10	Percentage paid
5 Year Coverage				35.76%	36.80%	35.28%	37.94%	40.46%	42.13%	40.96%	52.84%	57.70%	58.52%	45.91%	43.54%	28.15%					5 Year Coverage
Dividend Coverage Ratio	2.75	2.89	2.47	2.95	2.94	3.30	1.91	1.76	1.71	3.21	0.93	1.93	1.73	2.96	3.33	3.64		1.92	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				2.80	2.72	2.83	2.64	2.47	2.37	2.44	1.89	1.73	1.71	2.18	2.30	3.55					5 Year of Coverage
								-$449	$0	$0	$0	$0	$537
			-$433	$0	$0	$0	$0	$0	$0	$0	$0	$0	$537
Market Cap	$8,401	$10,142	$10,863	$13,653	$16,345	$17,724	$16,019	$17,774	$13,604	$15,582	$12,340	$14,840	$11,308	$13,209	$13,209	$14,321		-3.25%	<-Total Growth	10	Market Cap
Pre-split '14	204.97	200.32
Diluted # of Shares in Million	409.94	400.64	395.35	397.26	397.77	396.03	391.17	391.25	402.45	411.39	414.83	419.23	423.28	423.28				7.07%	<-Total Growth	10	Diluted
Change	-1.94%	-2.27%	-1.32%	0.48%	0.13%	-0.44%	-1.23%	0.02%	2.86%	2.22%	0.84%	1.06%	0.97%	0.00%				0.69%	<-IRR #YR->	10	Diluted
Difference Diluted/Basic	-1.6%	-1.4%	-1.3%	-1.6%	-1.3%	-1.3%	-1.2%	-0.7%	-0.5%	-0.4%	-0.2%	-0.1%	-0.1%	-0.1%				1.59%	<-IRR #YR->	5	Diluted
Change in Diluted Shares per Year																		-0.61%	<-Median->	0	Difference Diluted/Basic
			-395.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	423.3
								-391.3	0.0	0.0	0.0	0.0	423.3
Pre-split '14	201.61	197.59	195.12
Basic # of Shares in Millions	403.23	395.18	390.25	391.10	392.58	390.97	386.56	388.55	400.33	409.85	414.14	418.62	423.06	423.06				8.41%	<-Total Growth	10	Basic
Change	-2.12%	-2.00%	-1.25%	0.22%	0.38%	-0.41%	-1.13%	0.52%	3.03%	2.38%	1.04%	1.08%	1.06%	0.00%				0.78%	<-Median->	10	Change
Difference Basic/Outstanding	-1.3%	-0.5%	0.0%	0.3%	0.0%	-1.2%	0.2%	0.4%	2.1%	0.6%	0.6%	0.7%	0.3%	0.3%				0.36%	<-Median->	10	Difference Basic/Outstanding
																			Estimates		last 12 months from Qtr.
Pre-split '02
Pre-split '07
Pre-split '14	199.0	196.6	195.1
# of Share in Millions	398.1	393.2	390.1	392.2	392.5	386.2	387.4	390.2	408.6	412.3	416.7	421.6	424.3	424.3	424.3	424.3		0.84%	<-IRR #YR->	10	Shares	8.76%
Change	-2.35%	-1.22%	-0.79%	0.53%	0.08%	-1.60%	0.30%	0.72%	4.73%	0.90%	1.07%	1.17%	0.65%	0.00%	0.00%	0.00%		1.69%	<-IRR #YR->	5	Shares	8.75%
Cash Flow from Operations $M	$523.0	$645.8	$656.3	$769.8	$847.4	$1,073.6	$809.1	$884.5	$1,036.9	$1,078.1	$693	$1,025	$1,191	$1,463.9	$1,544.5			81.47%	<-Total Growth	10	Cash Flow
Increase	-11.39%	23.48%	1.63%	17.29%	10.08%	26.69%	-24.64%	9.32%	17.23%	3.97%	-35.72%	47.91%	16.20%	22.92%	5.51%			SO, S. Issu	Buy Backs
5 year Running Average	$491.0	$562.0	$599.8	$637.0	$688.5	$798.6	$831.2	$876.9	$930.3	$976.4	$900	$944	$1,005	$1,090.2	$1,183.5			67.53%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.31	$1.64	$1.68	$1.96	$2.16	$2.78	$2.09	$2.27	$2.54	$2.61	$1.66	$2.43	$2.81	$3.45	$3.64			66.85%	<-Total Growth	10	Cash Flow per Share
Increase	-9.25%	25.00%	2.44%	16.67%	10.00%	28.76%	-24.86%	8.54%	11.94%	3.04%	-36.40%	46.20%	15.45%	22.92%	5.51%			6.14%	<-IRR #YR->	10	Cash Flow	81.47%
5 year Running Average	$1.20	$1.39	$1.50	$1.61	$1.75	$2.05	$2.13	$2.25	$2.37	$2.46	$2.23	$2.30	$2.41	$2.59	$2.80			6.13%	<-IRR #YR->	5	Cash Flow	34.65%
P/CF on Med Price	16.02	14.03	15.35	16.50	16.31	15.54	20.93	18.35	16.52	13.56	20.79	12.72	11.09	8.03	0.02			5.25%	<-IRR #YR->	10	Cash Flow per Share	66.85%
P/CF on Closing Price	16.06	15.70	16.55	17.74	19.29	16.51	19.80	20.09	13.12	14.45	17.81	14.48	9.49	9.02	8.55			4.37%	<-IRR #YR->	5	Cash Flow per Share	23.82%
															-45.01%	Diff M/C		4.87%	<-IRR #YR->	10	CFPS 5 yr Running	60.81%
Excl.Working Capital CF	$307.94	$201.52	$354.54	$314.64	$345.80	$249.70	$461.90	$327.30	$385.30	$467.90	$435	$494	$395	$0	$0			1.38%	<-IRR #YR->	5	CFPS 5 yr Running	7.08%
CF fr Op $M WC	$830.9	$847.3	$1,010.8	$1,084.5	$1,193.2	$1,323.3	$1,271.0	$1,211.8	$1,422.2	$1,546.0	$1,128	$1,519	$1,586	$1,464	$1,545			56.90%	<-Total Growth	10	Cash Flow less WC
Increase	4.35%	1.97%	19.30%	7.28%	10.03%	10.90%	-3.95%	-4.66%	17.36%	8.70%	-27.04%	34.66%	4.41%	-7.70%	5.51%			4.61%	<-IRR #YR->	10	Cash Flow less WC	56.90%
5 year Running Average	$586.1	$677.4	$801.6	$914.0	$993.3	$1,091.8	$1,176.6	$1,216.8	$1,284.3	$1,354.9	$1,316	$1,365	$1,440	$1,449	$1,448			5.53%	<-IRR #YR->	5	Cash Flow less WC	30.88%
CFPS Excl. WC	$2.09	$2.15	$2.59	$2.76	$3.04	$3.43	$3.28	$3.11	$3.48	$3.75	$2.71	$3.60	$3.74	$3.45	$3.64			6.03%	<-IRR #YR->	10	CF less WC 5 Yr Run	79.66%
Increase	6.86%	3.23%	20.25%	6.71%	9.95%	12.71%	-4.24%	-5.34%	12.07%	7.73%	-27.81%	33.11%	3.74%	-7.70%	5.51%			3.43%	<-IRR #YR->	5	CF less WC 5 Yr Run	18.37%
5 year Running Average	$1.44	$1.68	$2.01	$2.31	$2.53	$2.80	$3.02	$3.12	$3.27	$3.41	$3.26	$3.33	$3.46	$3.45	$3.43			3.73%	<-IRR #YR->	10	CFPS - Less WC	44.26%
P/CF on Med Price	10.08	10.69	9.97	11.71	11.59	12.60	13.32	13.39	12.04	9.46	12.77	8.59	8.33	8.03	0.02			3.77%	<-IRR #YR->	5	CFPS - Less WC	20.35%
P/CF on Closing Price	10.11	11.97	10.75	12.59	13.70	13.39	12.60	14.67	9.57	10.08	10.94	9.77	7.13	9.02	8.55			5.57%	<-IRR #YR->	10	CFPS 5 yr Running	71.93%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	16.41	5 yr	13.56	P/CF Med	10 yr	11.88	5 yr	9.46		-24.04%	Diff M/C		2.04%	<-IRR #YR->	5	CFPS 5 yr Running	10.63%
			-390.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	424.3								Shares
								-390.2	0.0	0.0	0.0	0.0	424.3								Shares
			-$656.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,191.0								Cash Flow
								-$884.5	$0.0	$0.0	$0.0	$0.0	$1,191.0								Cash Flow
			-$1.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.81								Cash Flow per Share
								-$2.27	$0.00	$0.00	$0.00	$0.00	$2.81								Cash Flow per Share
			-$1.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.41								CFPS 5 yr Running
								-$2.25	$0.00	$0.00	$0.00	$0.00	$2.41								CFPS 5 yr Running
			-$1,010.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,586.0								Cash Flow less WC
								-$1,211.8	$0.0	$0.0	$0.0	$0.0	$1,586.0								Cash Flow less WC
			-$801.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,440.2								CF less WC 5 Yr Run
								-$1,216.8	$0.0	$0.0	$0.0	$0.0	$1,440.2								CF less WC 5 Yr Run
			-$2.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.74								CFPS - Less WC
								-$3.11	$0.00	$0.00	$0.00	$0.00	$3.74								CFPS - Less WC
			-$2.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.46								CFPS 5 yr Running
								-$3.12	$0.00	$0.00	$0.00	$0.00	$3.46								CFPS 5 yr Running
Chges Non-cash WC	-$76.19	-$4.43	-$129.36	-$14.50	-$45.80	$2.4	-$115.2	-$99.2	-$106.7	-$233.3	-$252
Receivables												-$205	-$55
Investories												-$396	-$195
Prepaid Expenses & other Assets												-$10	-$3
Accts Payable etc												$243	$251
Current Income Taxes												$1
Interest and other	-$25.44	-$34.95	-$65.84	-$60.99	-$63.50	-$42.8	-$47.4	-$83.1	-$139.0	-$111.3	-$117	-$143	-$177
Income Tax Paid	-$206.31	-$162.14	-$159.34	-$239.15	-$236.50	-$209.3	-$299.3	-$145.0	-$139.6	-$123.3	-$106	-$58	-$216
Income Tax Expense																					Chged in 2016 not to inclu	this line.
Financial charges											$70	$101
gain on disposal											-$12	-$4
Foreign exchange											-$21	-$20
share of join venture											$3	-$3
Sum	-$307.94	-$201.52	-$354.54	-$315	-$346	-$250	-$462	-$327	-$385	-$468	-$435	-$494	-$395
Google --> TD 2017			-$354.54	-$314.59	-$345.80	-$249.70	-$462	-$312	-$360	-$452	-$436	-$493	-$395
Difference			$0.00	-$0.05	$0.00	$0.00	$0	-$15	-$25	-$16	$1	-$1	$0
OPM	7.55%	8.85%	7.11%	7.22%	7.71%	9.62%	7.01%	6.55%	6.94%	7.54%	4.61%	5.74%	6.87%	8.08%				-3.39%	<-Total Growth	10	OPM
Increase	-22.96%	17.27%	-19.67%	1.61%	6.74%	24.75%	-27.12%	-6.55%	5.92%	8.70%	-38.89%	24.63%	19.55%	17.71%					Should increase		or be stable.
Diff from Ave.	8.2%	26.9%	1.9%	3.6%	10.5%	37.9%	0.5%	-6.1%	-0.5%	8.1%	-33.9%	-17.6%	-1.5%	15.9%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	6.97%	5 Yrs	6.87%					should be	zero, it is a		check on calculations
Adjusted EBITDA		$860.8	$1,020.3	$1,061.7	$1,174.1	$1,289.5	$1,264.7	$1,221.3	$1,467.8	$1,470.9	$1,550	$1,553	$1,509	$1,729	$1,917	$1,762		47.89%	<-Total Growth	10	Adjusted EBITDA
Change			18.54%	4.06%	10.58%	9.83%	-1.92%	-3.43%	20.18%	0.21%	5.38%	0.19%	-2.83%	14.58%	10.87%	-8.09%		2.13%	<-Median->	10	Change
Margin			11.05%	9.96%	10.68%	11.55%	10.96%	9.05%	9.82%	10.29%	10.31%	8.70%	8.70%	9.55%	10.29%	9.50%		10.13%	<-Median->	10	Margin
																						Type
Long Term Debt	$379.9	$1,395.9	$1,395.1	$1,516.9	$1,208.3	$1,500.0	$1,420.9	$1,943.9	$3,542.3	$3,277.8	$3,075	$2,944	$2,699	$2,699				93.47%	<-Total Growth	10	Debt	Lg Term R
Change		267.46%	-0.06%	8.73%	-20.34%	24.14%	-5.27%	36.81%	82.23%	-7.47%	-6.19%	-4.26%	-8.32%	0.00%				-4.77%	<-Median->	10	Change	Intang/GW
Debt/Market Cap Ratio	0.05	0.14	0.13	0.11	0.07	0.08	0.09	0.11	0.26	0.21	0.25	0.20	0.24	0.20				0.15	<-Median->	10	Debt/Market Cap Ratio	Liquidity
Assets/Current Liabilities Ratio	3.99	4.23	3.68	5.77	5.29	6.37	6.19	5.12	5.53	6.12	4.92	4.81	4.55	4.55				5.41	<-Median->	10	Assets/Current Liabilities	Liq. + CF
Debt to Cash Flow (Years)	0.73	2.16	2.13	1.97	1.43	1.40	1.76	2.20	3.42	3.04	4.44	2.87	2.27	1.84				2.23	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$335	$455	$485	$506	$587.0	$662.3	$823.1	$876.2	$1,640.7	$1,516.8	$1,371	$1,371	$1,166	$1,166				140.50%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$734	$1,570	$1,955	$2,125	$2,194.1	$2,240.5	$2,417.3	$2,597.6	$3,219.5	$3,066.1	$3,188	$3,188	$3,098	$3,098				58.49%	<-Total Growth	10	Goodwill
Total	$1,069.0	$2,024.5	$2,439.5	$2,631.3	$2,781.1	$2,902.8	$3,240.4	$3,473.8	$4,860.2	$4,582.9	$4,559	$4,559	$4,264	$4,264				74.79%	<-Total Growth	10	Total
Change	-9.63%	89.38%	20.50%	7.86%	5.69%	4.38%	11.63%	7.20%	39.91%	-5.71%	-0.52%	0.00%	-6.47%	0.00%				5.03%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.13	0.20	0.22	0.19	0.17	0.16	0.20	0.20	0.36	0.29	0.37	0.31	0.38	0.32				0.25	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,399.5	$1,512.6	$1,895.8	$1,925.5	$2,175.8	$2,380.5	$2,422.4	$3,133.8	$4,069.0	$3,947.6	$4,295	$4,851	$4,834	$4,834				154.98%	<-Total Growth	10	Current Assets
Current Liabilities	$902.4	$1,226.6	$1,725.1	$1,179.4	$1,356.8	$1,193.4	$1,292.8	$1,932.5	$2,493.5	$2,146.0	$2,780	$3,002	$3,133	$3,133				81.61%	<-Total Growth	10	Current Liabilities
Liquidity	1.55	1.23	1.10	1.63	1.60	1.99	1.87	1.62	1.63	1.84	1.54	1.62	1.54	1.54				1.63	<-Median->	10	Ratio
Liq. with CF aft div	1.97	1.63	1.38	2.12	2.07	2.71	2.31	1.95	1.94	2.21	1.69	1.86	1.82	1.91				1.86	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.80	0.70	0.99	1.86	1.56	2.14	1.48	1.09	0.97	1.87	1.31	1.53	1.51	1.91				1.51	<-Median->	5	Ratio
Curr Long Term Db		$152.40	$393.55	$393.55	$393.55	$393.55	$4.40	$323.40	$0.00	$300.0	$300	$307	$414	$414
Liquidity Less CLTD		1.41	1.42	2.45	2.26	2.98	1.88	1.95	1.63	2.14	1.73	1.80	1.78	1.78				1.78	<-Median->	5	Ratio
Assets	$3,599.1	$5,193.6	$6,356.9	$6,800.3	$7,172.3	$7,596.6	$8,003.0	$9,885.6	$13,793.1	$13,122.8	$13,683	$14,425	$14,260	$14,260				124.32%	<-Total Growth	10	Assets
Liabilities	$1,493.4	$2,888.0	$3,517.7	$3,171.7	$3,102.5	$3,273.7	$3,205.3	$4,465.1	$7,234.0	$6,678.8	$7,178	$7,285	$7,210	$7,210				104.96%	<-Total Growth	10	Liabilities
Debt Ratio	2.41	1.80	1.81	2.14	2.31	2.32	2.50	2.21	1.91	1.96	1.91	1.98	1.98	1.98				2.06	<-Median->	10	Ratio
Book Value	$2,106	$2,306	$2,839	$3,629	$4,070	$4,323	$4,798	$5,421	$6,559	$6,444	$6,505	$7,140	$7,050	$7,050				148.31%	<-Total Growth	10	Book Value
Non-Control Interest	$0	$0	$63	$68	$68	$0	$0	$0	$0	$0	$0	$0	$0	$0
Net Boojk Value	$2,106	$2,306	$2,776	$3,561	$4,002	$4,323	$4,798	$5,421	$6,559	$6,444	$6,505	$7,140	$7,050	$7,050	$7,050	$7,050		153.93%	<-Total Growth	10	Net Book Value
Book Value per Share	$5.29	$5.86	$7.12	$9.08	$10.20	$11.19	$12.38	$13.89	$16.05	$15.63	$15.61	$16.94	$16.61	$16.61	$16.61	$16.61		133.47%	<-Total Growth	10	Book Value per Share
Increase	1.45%	10.84%	21.37%	27.58%	12.31%	9.77%	10.65%	12.17%	15.55%	-2.64%	-0.12%	8.49%	-1.89%	0.00%	0.00%	0.00%		-34.25%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.98	3.93	3.63	3.57	3.45	3.86	3.53	2.99	2.61	2.27	2.22	1.83	1.87	1.67				2.85	P/B Ratio		Historical Median
P/B Ratio (Close)	3.99	4.40	3.91	3.83	4.08	4.10	3.34	3.28	2.07	2.42	1.90	2.08	1.60	1.87	1.87	2.03		8.85%	<-IRR #YR->	10	Book Value per Share	133.47%
Change	-4.92%	10.24%	-11.04%	-2.01%	6.51%	0.40%	-18.56%	-1.80%	-36.75%	16.59%	-21.55%	9.57%	-22.83%	16.81%	0.00%	8.42%		3.64%	<-IRR #YR->	5	Book Value per Share	19.60%
Leverage (A/BK)	1.71	2.25	2.24	1.87	1.76	1.76	1.67	1.82	2.10	2.04	2.10	2.02	2.02	2.02				1.95	<-Median->	10	A/BV
Debt/Equity Ratio	0.71	1.25	1.24	0.87	0.76	0.76	0.67	0.82	1.10	1.04	1.10	1.02	1.02	1.02				0.95	<-Median->	10	Debt/Eq Ratio
Median									P/BV	10 yr Med	2.80	5 yr Med	2.22		-33.15%	Diff M/C		1.85	Historical	28	A/BV
			-$7.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$16.61
								-$13.89	$0.00	$0.00	$0.00	$0.00	$16.61
Comprehensive Income	$390.66	$490.88	$740.71	$958.29	$669.80	$829.2	$679.4	$787.2	$657.5	$33.5	$212	$775	$133					-82.04%	<-Total Growth	10	Comprehensive Income
Non-Control Interest	$0.00	$0.00	$1.35	$4.78	$0.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0	$0	$0								Non-Control Interest
Shareholders	$390.66	$490.88	$739.36	$953.51	$669.50	$829.20	$679.40	$787.20	$657.50	$33.50	$212	$775	$133					-82.01%	<-Total Growth	10	Comprehensive Income
Increase	-0.59%	25.65%	50.62%	28.97%	-29.79%	23.85%	-18.07%	15.87%	-16.48%	-94.90%	532.84%	265.57%	-82.84%					-16.48%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$325.62	$378.91	$438.46	$593.47	$648.78	$736.5	$774.2	$783.8	$724.6	$597.4	$474	$493	$362					-15.76%	<-IRR #YR->	10	Comprehensive Income	-82.01%
ROE	18.6%	21.3%	26.0%	26.3%	16.5%	19.2%	14.2%	14.5%	10.0%	0.5%	3.3%	10.9%	1.9%					-29.93%	<-IRR #YR->	5	Comprehensive Income	-83.10%
5Yr Median	18.5%	18.6%	18.6%	21.3%	21.3%	21.3%	19.2%	16.5%	14.5%	14.2%	10.0%	10.0%	3.3%					-1.89%	<-IRR #YR->	10	5 Yr Running Average	-17.39%
% Difference from NI	2.6%	1.9%	38.7%	56.9%	11.4%	13.4%	-20.3%	4.2%	12.8%	-94.6%	-66.1%	24.6%	-49.8%					-14.31%	<-IRR #YR->	5	5 Yr Running Average	-53.79%
Median Values										Diff	5, 10 yr	7.8%	-49.8%					3.3%	<-Median->	5	Return on Equity
			-$739.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$133.0
								-$787.2	$0.0	$0.0	$0.0	$0.0	$133.0
			-$438.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$362.2
								-$783.8	$0.0	$0.0	$0.0	$0.0	$362.2
Current Liability Coverage Ratio	0.58	0.53	0.38	0.65	0.62	0.90	0.63	0.46	0.42	0.50	0.25	0.34	0.38	0.47							CFO / Current Liabilities
5 year Median	0.58	0.58	0.58	0.58	0.58	0.62	0.63	0.63	0.62	0.50	0.46	0.42	0.38	0.38				0.38	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	14.53%	12.43%	10.32%	11.32%	11.81%	14.13%	10.11%	8.95%	7.52%	8.22%	5.06%	7.11%	8.35%	10.27%							CFO / Total Assets
5 year Median	14.53%	14.53%	14.53%	12.43%	11.81%	11.81%	11.32%	11.32%	10.11%	8.95%	8.22%	7.52%	7.52%	8.22%				7.5%	<-Median->	5	Return on Assets
Return on Assets ROA	10.58%	9.28%	8.39%	8.94%	8.38%	9.62%	10.65%	7.64%	4.23%	4.77%	4.57%	4.31%	1.86%	5.06%				Net	Income/Assets		Return on Assets
5Yr Median	10.58%	10.58%	10.58%	9.28%	8.94%	8.94%	8.94%	8.94%	8.38%	7.64%	4.77%	4.57%	4.31%	4.57%				6.2%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	18.09%	20.90%	18.78%	16.75%	14.77%	16.91%	17.77%	13.93%	8.89%	9.71%	9.62%	8.71%	3.76%	10.23%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	18.09%	18.86%	18.86%	18.78%	18.09%	16.91%	16.91%	16.75%	14.77%	13.93%	9.71%	9.62%	8.89%	9.62%				11.8%	<-Median->	10	Return on Equity
														$216	<-12 mths	-18.49%			Estimates		last 12 months from Qtr.
Net Income	$380.84	$481.92	$533.97	$612.87	$601.40	$731.1	$852.5	$755.3	$582.8	$625.6	$626	$622	$265					-50.37%	<-Total Growth	10	Net Income
Non-Control Interest	$0.00	$0.00	$0.87	$5.26	$0.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0	$0	$0								Non-Control Interest
Shareholders	$380.84	$481.92	$533.10	$607.61	$601.1	$731.1	$852.5	$755.3	$582.8	$625.6	$626	$622	$265	$722	$900	$847		-50.29%	<-Total Growth	10	Net Income
Increase	-15.58%	26.54%	10.62%	13.98%	-1.07%	21.63%	16.61%	-11.40%	-22.84%	7.34%	0.00%	-0.58%	-57.40%	172.26%	24.74%	-5.89%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$356.4	$395.1	$445.9	$490.9	$520.9	$591.0	$665.1	$709.5	$704.6	$709.5	$688	$642	$544	$571.9	$626.8	$671.1		-6.75%	<-IRR #YR->	10	Net Income	-50.29%
Operating Cash Flow	$522.99	$645.8	$656.3	$769.8	$847.4	$1,073.6	$809.1	$884.5	$1,036.9	$1,078.1	$693	$1,025	$1,191					-18.90%	<-IRR #YR->	5	Net Income	-64.91%
Investment Cash Flow	-$87.12	-$1,625.0	-$672.1	-$166.4	-$441.7	-$317.8	-$722.9	-$1,506.6	-$2,494.9	-$387.4	-$799	-$632	-$652					2.01%	<-IRR #YR->	10	5 Yr Running Ave.	22.03%
Total Accruals	-$55.03	$1,461.1	$548.9	$4.2	$195.4	-$24.7	$766.3	$1,377.4	$2,040.8	-$65.1	$732	$229	-$274					-5.17%	<-IRR #YR->	5	5 Yr Running Ave.	-23.30%
Total Assets	$3,599.1	$5,193.6	$6,356.9	$6,800.3	$7,172.3	$7,596.6	$8,003.0	$9,885.6	$13,793.1	$13,122.8	$13,683	$14,425	$14,260						Balance Sheet		Assets
Accruals Ratio	-1.53%	28.13%	8.64%	0.06%	2.72%	-0.33%	9.58%	13.93%	14.80%	-0.50%	5.35%	1.59%	-1.92%					1.59%	<-Median->	5	Ratio
EPS/CF Ratio	0.45	0.56	0.52	0.55	0.50	0.54	0.66	0.62	0.42	0.41	0.24	0.41	0.17					0.46	<-Median->	10	EPS/CF Ratio
			-$533	$0	$0	$0	$0	$0	$0	$0	$0	$0	$265
								-$755	$0	$0	$0	$0	$265
			-$446	$0	$0	$0	$0	$0	$0	$0	$0	$0	$544
								-$710	$0	$0	$0	$0	$544
Change in Close	-3.54%	22.20%	7.97%	25.01%	19.62%	10.21%	-9.89%	10.16%	-26.92%	13.52%	-21.65%	18.88%	-24.29%	16.81%	0.00%	8.42%			Count	28	Years of data
up/down	down		down	down				down	down	down		down							Count	13	46.43%
Meet Prediction?	Yes								yes									% right	Count	17	130.77%
Financial Cash Flow	-$368.83	$868.76	$4.93	-$572.89	-$338.60	-$679.8	-$204.1	$606.1	$1,643.8	-$704.7	-$72	-$369	-$343						C F Statement		Financial CF
Total Accruals	$313.80	$592.37	$544.00	$577.12	$534.00	$655.1	$970.4	$771.3	$397.0	$639.6	$804	$598	$69								Accruals
Accruals Ratio	8.72%	11.41%	8.56%	8.49%	7.45%	8.62%	12.13%	7.80%	2.88%	4.87%	5.87%	4.15%	0.48%					4.15%	<-Median->	5	Ratio
Cash	$144.14	$43.18	$39.35	$72.57	$164.30	$250.5	$122.2	$112.7	$319.4	$308.7	$165	$263	$466	$466							Cash
Cash per share	$0.36	$0.11	$0.10	$0.19	$0.42	$0.65	$0.32	$0.29	$0.78	$0.75	$0.40	$0.62	$1.10	$1.10				$0.75	<-Median->	5	Cash per Share
Percentage of Stock Price	1.72%	0.43%	0.36%	0.53%	1.01%	1.41%	0.76%	0.63%	2.35%	1.98%	1.34%	1.77%	4.12%	3.53%				1.98%	<-Median->	5	% of Stock Price
Notes:
Jun 22, 2024.  Last estimates were for 2024, 2025 of $17919M, $18553M for Revenue, $1.81, $2.24, $2.70 2024/6 AEPS, $1.88, $2.11 EPS,
$0.74, $0.80 Dividends, $3.28, $3.45, $3.64 2024/6 CFPS, $1644M, $2066M Ad EBITDA, $77M, $922M Net Income.
June 24, 2023.  Last estimates were for 2023 and 2024 of $16479M, $17255M for Revenue, $1.66 and 2.15 for AEPS, $1.59 and $2.38 for EPS,
$0.74 and $0.84 for dividends, $465M, $969M for FCF, and $624M and $467M for Net Income.
June 26, 2022.  Last estimates were for 2022, 2023 and 2024 of $14715M, $15379M and $16005M for Revenue, $1.65, $2.01 amd $2.38 for EPS,
$0.70 and $0.76 for Dividends for 2022-23, $495 and $900 for FCF 2022-23, $2.88 for CFPS for 2022 and $586M, $639M for 2022-23 for Net Income.
June 24, 2021.  Last estimates were for 2021 and 2022 of $15079M and $15900M for Revenue, $1.39 and 1.67 for EPS,
$0.71 and $0.74 for Dividends, $765M and $816M for FCF, $2.88 for CFPS for 2021 and $594M and $684M for Net Income.
June 23, 2020.  Last estimates were for 2020 and 2021 of $14944M, $15655M for Revenue, $1.69 and $2.03 for EPS,
$0.69 and $0.72 for Div, $2.88 for CFPS for 2020 and $693M and $789M for Net Income.
June 26, 2019.  Last estimates were for 2019, 2020 and 2021 of $13926M, $14656M and $14975M for Revenue, $2.08, $2.37 and $2.38 for EPS,
$2.10 and $2.88 for CFPS for 2019 and 2020 and $801M and $876M for Net Income for 2019 and 2020.
June 20, 2018.  Last estimates were for 2018, 2019 and 2020 of $11754M, $12116M and $12144M for Revenue, $2.11, $2.26 and $2.41 for EPS,
$2.40 and $2.74 for CFPS for 2018 and 2019 and $823M and $867M for Net Income for 2018 and 2019.
June 24, 2017.  Last estimates were for 2017, 2018 anmd 2019 of $11163M, $11651M and $11534M for Revenue, $1.80, $1.99 and $2.13 for EPS,
$2.21, $2.46 and $2.57 for CFPS and $720M and $760M for Net Income.
July 12, 2015.  Last estimates were for 2015, 2016 and 2017 of $10129M, $19360M and $10509M for Revenue, $3.25, $3.50 and $3.68 for EPS,
$4.38, $4.40 and $4.55 for CFPS and $619.87M and $657.87M for Net Income for 2015 and 2016.
July 9, 2014.  Last estimates were for 2014 to 2016 of $8843M, $8964M and $8997M for Revenue, $3.14, $3.41 and $3.32 for EPS, $4.21 and $4.55 (2014 and 2015) for CFPS.
June 8, 2013.  Last estimates were for 2013 and 2014 of $7106M and $7372M for Revenue, $2.62 and $2.85 for EPS.
In 2013 went into debt to buy Moringstar
June 16, 2012.  Last estiamtes were for 2012 and 2013 at $6725M and $6861M for Revenue, $2.53 and $2.73 for EPS and $3.08 and $3.22 for CF.
July 2, 2011.  Last I looked I got estimates for 2011 and 2012 of $2.02 and $2.33 for EPS and $2.59 and $2.95 for CF.
Jun 8, 2010.  When I last looked at this stock, I got estimates for 2009 and 2010 of $1.55 and $1.80 for earnings and $2.09 and $2.33 for CF.
Jul 13, 2009. When I last look at this stock, I got earnings estimate of $1.40 and $1.60 for Mar 2009 and 2010 year ends.  Earnings for 2009 were $1.37; estimate for 2010 lowered to $1.55.
AP 2008 - Stock is doing well.  Accrual Ratio is rather high at 12.86%.
AP 2007 - Revenue is not increasing much, but earnings are going up.  Besides revenue increase, stock is OK.
This stock was first issued in 1997 for $17 per share.
Canadian dairy company founded in 1954 by the Saputo family.
Sector:
Conssumer Staple; Consumer
What should this stock accomplish?
Would I buy this company and Why.
I already own this company
Why am I following this stock.
This was a stock on Mike Higgs' Canadian Dividend Growth Stock list and on the dividend lists that I followed.  I bought this stock first in 2006 for my RRSP account.
Because I am now taking money from my RRSP accounts, I have been selling this stock because of the low dividend.  I still like this stock so I have been buying it in my TFSA.
Dividends
Dividends are paid quarterly in Cycle 3, which is  June, September,  December, and March  Dividends are generally declared for shareholders and paid to shareholders that month.
For example, the dividend declared for shareholders of record of September 5, 2013 was paid on September 16, 2013.  Note June dividend is often paid in July.
Why I bought this stock.
When I sold RIM in 2006 I bought some Saputo.  I had been following this stock and thought it was a strong Canadian Dividend paying stock.
In 2012, I sold some that I had in my RRSP account because I need more dividend income and dividend yield is low on this stock.
In 2013, I need to raise more money in the RRSP account because of yearly withdrawals.  I sold the stock with the lowest dividend yield.
I still want to hold this stock, but it would be a better stock in my Trading account rather than in my RRSP accounts because of the low dividends. In 2013 and 2014 I bought some of this stock for my TFSA.
How they make their money
Saputo is a global dairy processor domiciled in Canada with operations in the United States, the UK, and other international markets.  It sells cheese, cream, fluid milk, and other
dairy products.  Saputo also competes in foodservice and industrials, which houses its ingredients business.
This company is in the Consumer Staple Index of TSX
For all Ratios, lower is better when looking for a good stock price.  The exception is for yield and here you want a higher yield to indicate a good stock price.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Jun 24	2017	Jun 20	2018	Jun 26	2019	Jun 23	2020	Jun 21	2021	Jun 26	2022	Jun 24	2023			Jun 22	2024
Saputo, Lino Anthony	0.05%	0.179	0.05%	0.179	0.05%	0.179	0.04%	0.179	0.04%	0.199	0.05%	0.199	0.05%	0.199	0.05%			0.199	0.05%		Chairman from 2017	0.03%
Chair & CEO - Shares - Amount	$8.203		$7.393		$8.145		$5.954		$6.760		$5.890		$7.004		$5.304				$6.198
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Therrien, Maxime				0.021	0.01%	0.021	0.01%	0.026	0.01%	0.040	0.01%	0.044	0.01%	0.046	0.01%			0.055	0.01%		On website as CFO 2018	19.51%
CFO - Shares - Amount					$0.951		$0.705		$0.985		$1.181		$1.560		$1.232				$1.720		Also in 2019
Options - percentage				0.346	0.09%	0.424	0.10%	0.539	0.13%	0.615	0.15%	0.705	0.17%	0.773	0.18%			0.928	0.22%			20.09%
Options - amount					$15.754		$14.127		$20.385		$18.221		$24.807		$20.590				$28.883
Colizza, Carl										0.034	0.01%	0.042	0.01%	0.047	0.01%			0.052	0.01%			11.59%
Officer - Shares - Amount											$1.001		$1.482		$1.241				$1.617
Options - percentage										0.734	0.18%	0.846	0.20%	0.923	0.22%			1.134	0.27%			22.88%
Options - amount											$21.731		$29.766		$24.587				$35.292
Brockman, Terry	0.01%	0.083	0.02%	0.000	0.00%	0.083	0.02%	0.104	0.03%	0.104	0.02%	0.104	0.02%	0.104	0.02%						Last updated Jun 2023	-100.00%
Officer - Shares - Amount	$2.436		$3.427		$0.000		$2.774		$3.912		$3.074		$3.654		$2.777
Options - percentage	0.25%	0.887	0.23%	0.000	0.00%	0.995	0.24%	0.997	0.24%	1.022	0.25%	1.043	0.25%	0.958	0.23%							-100.00%
Options - amount	$43.767		$36.689		$0.000		$33.131		$37.674		$30.255		$36.698		$25.526
Wagner, Gaetane														0.041	0.01%			0.046	0.01%			11.39%
Officer - Shares - Amount															$1.091				$1.419
Options - percentage														0.993	0.23%			1.102	0.26%			11.04%
Options - amount															$26.456				$34.314
Carrière, Louis-Philippe	0.01%	0.046	0.01%	0.046	0.01%	0.046	0.01%	0.046	0.01%	0.046	0.01%	0.046	0.01%	0.046	0.01%						Was CFO in 2017, now Dir	-100.00%
Director - Shares - Amount	$2.091		$1.894		$2.097		$1.539		$1.755		$1.375		$1.635		$1.237						Still on INK as CFO 2018
Options - percentage	0.16%	0.636	0.16%	0.612	0.16%	0.656	0.16%	0.561	0.14%	0.518	0.12%	0.526	0.12%	0.023	0.01%						Also in 2019	-100.00%
Options - amount	$28.792		$26.293		$27.872		$21.844		$21.211		$15.346		$18.517		$0.603						Ceased insider Aug 23
Demone, Henry E.		0.011	0.00%	0.011	0.00%	0.011	0.00%	0.011	0.00%	0.011	0.00%	0.011	0.00%	0.012	0.00%			0.012	0.00%			1.00%
Director - Shares - Amount			$0.467		$0.515		$0.376		$0.427		$0.335		$0.402		$0.307				$0.362
Options - percentage		0.033	0.01%	0.039	0.01%	0.046	0.01%	0.050	0.01%	0.055	0.01%	0.060	0.01%	0.067	0.02%			0.075	0.02%			11.57%
Options - amount			$1.348		$1.786		$1.535		$1.902		$1.633		$2.129		$1.782				$2.322
Fata, Anthony M.														0.013	0.00%			0.013	0.00%			2.51%
Director - Shares - Amount															$0.339				$0.406
Options - percentage														0.134	0.03%			0.150	0.04%			11.86%
Options - amount															$3.578				$4.675
King, Annalisa														0.003	0.00%			0.001	0.00%			-65.98%
Director - Shares - Amount															$0.081				$0.032
Options - percentage														0.080	0.02%			0.094	0.02%			16.99%
Options - amount															$2.134				$2.917
Saputo, Emanuele	69.16%	127.060	32.80%	127.060	32.56%	127.060	31.09%	129.585	31.43%	132.770	31.86%	134.236	31.84%	135.734	31.99%			135.734	31.99%		Used to be Chairman	0.00%
10 % holder - Shares - Amt	$12,258		$5,253.925		$5,787.576		$4,229.822		$4,897.021		$3,931.323		$4,725.097		$3,617.308				$3,617.308		10% holders now
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Last updte Mar 2023	#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Saputo, Francesco		40.000	10.33%	40.000	10.25%	40.000	9.79%	42.500	10.31%	42.500	10.20%	42.500	10.08%	42.500	10.02%			42.500	10.02%		last filing Mar 2023	0.00%
10% holder			$1,654.000		$1,822.000		$1,331.600		$1,606.075		$1,258.425		$1,496.000		$1,132.625				$1,132.625
Saputo, Joey	0.08%	0.320	0.08%	0.320	0.08%	0.320	0.08%	0.320	0.08%	0.320	0.08%	0.320	0.08%	0.320	0.08%			0.320	0.08%		dated 2014	0.00%
10% holder	$14.685		$13.232		$14.576		$10.653		$12.093		$9.475		$11.264		$8.528				$8.528
Jolina Capital								129.585	31.43%												Not found 2021
Owns 34%									$4,897.021
Increase in O/S Shares	0.76%	2.899	0.75%	1.828	0.47%	2.791	0.72%	1.797	0.44%	1.347	0.33%	1.621	0.39%	1.685	0.40%			0.366	0.09%		Average	0.33%
due to SO 2014	$104.278		$133.022		$75.587		$115.407		$59.837		$50.904		$47.990		$59.302				$9.756
Book Value	$49.000		$70.300		$65.100		$72.800		$45.000		$40.500		$51.000		$55.000				$12.000
Insider Buying	-$0.099		-$1.006		-$0.263		-$1.269		-$0.986		-$2.503		-$0.352		-$0.535				-$0.716
Insider Selling	$12.114		$31.139		$1.574		$4.555		$3.976		$7.619		$9.029		$13.919				$3.354
Net Insider Selling	$12.016		$30.134		$1.311		$3.286		$2.990		$5.116		$8.677		$13.384				$2.638
% of Market Cap	0.07%		0.19%		0.01%		0.02%		0.02%		0.04%		0.06%		0.12%				0.02%
Directors		10		10		10		10		10		10		10				11
Women	40%	5	50%	5	50%	5	50%	5	50%	5	50%	6	60%	6	60%			6	55%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	10%	1	10%			2	18%
Institutions/Holdings	0.00%	210	18.15%	221	18.15%	213	21.42%	20	56.40%	20	12.69%	20	8.95%	20	12.44%			20	12.72%
Total Shares Held	0.00%	70.138	18.10%	75.477	19.34%	83.727	20.49%	220.526	53.48%	52.366	12.57%	37.309	8.85%	52.479	12.37%			53.968	12.72%
Increase/Decrease	#DIV/0!	0.889	1.28%	0.296	0.39%	-0.100	-0.12%	-0.720	-0.33%	0.246	0.47%	-0.501	-1.33%	0.544	1.05%			4.672	9.48%
Starting No. of Shares	Reuters	69.249	Reuters	75.182	Reuters	83.826	Reuters	221.246	Top 20 MS	52.120	Top 20 MS	37.811	Top 20 Funds	51.935				49.296
													No Instituions data
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