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	<-Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/24	<-Estimates
Sun Life Financial Inc					TSX	SLF	NYSE	SLF	https://www.sunlife.com/en/			Fiscal Yr:	Dec-31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
General fund assets (Mil)										$197,090	$205,374	$205,614	$204,789
Segregated funds (Mil)										$125,921	$139,996	$125,292	$128,452
Asset ManagmentTotal (Mil)										$323,011	$345,370	$330,906	$333,241	$385,364
Assets under Management (BIL)	$466	$533	$640	$734	$891	$903	$975	$951	$1,099	$1,247	$1,445	$1,326	$1,400					118.74%	<-Total Growth	10	Assets under Management	Incl. Other
Increase	0.33%	14.41%	20.07%	14.79%	21.36%	1.34%	7.92%	-2.43%	15.58%	13.39%	15.90%	-8.23%	5.56%					8.03%	<-IRR #YR->	5	Assets under Management	AUM
5 year Running Average	$434	$455	$507	$567	$653	$740	$829	$891	$964	$1,035	$1,143	$1,214	$1,303					8.14%	<-IRR #YR->	10	Assets under Management
AUM per Share	$79.21	$88.87	$104.99	$119.79	$145.57	$147.21	$159.67	$158.92	$187.03	$213.05	$246.54	$226.10	$239.41					8.75%	<-IRR #YR->	5	AUM per Share
Increase	-2.06%	12.20%	18.14%	14.09%	21.52%	1.13%	8.46%	-0.47%	17.69%	13.91%	15.72%	-8.29%	5.89%					8.59%	<-IRR #YR->	10	AUM per Share
5 year Running Average	$76.05	$78.74	$86.13	$94.75	$107.69	$121.29	$135.45	$146.23	$159.68	$173.18	$193.04	$206.33	$222.43
Assets under Management (AUM)
								-$951	$0	$0	$0	$0	$1,400
			-$640	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,400
								-$146	$0	$0	$0	$0	$222
			-$105	$0	$0	$0	$0	$0	$0	$0	$0	$0	$239
										Stopped
Adjusted Revenue*	$22,462	$20,425	$23,262	$24,157	$24,332	$28,666	$30,129	$31,034	$32,792	$43,337	$35,668	$23,322	$30,758					32.22%	<-Total Growth	10	Revenue	analysts
Increase	1.84%	-9.07%	13.89%	3.85%	0.72%	17.81%	5.10%	3.00%	5.66%	32.16%	-17.70%	-34.61%	31.88%					-0.18%	<-IRR #YR->	5	Revenue	-0.89%
5 year Running Average	$22,754	$22,305	$22,505	$22,473	$22,928	$24,168	$26,109	$27,664	$29,391	$33,192	$34,592	$33,231	$33,175					2.83%	<-IRR #YR->	10	Revenue	32.22%
Revenue per Share	$38.20	$34.06	$38.17	$39.40	$39.74	$46.72	$49.35	$51.85	$55.79	$74.07	$60.87	$39.77	$52.61					3.70%	<-IRR #YR->	5	5 yr Running Average	19.92%
Increase	-0.59%	-10.83%	12.06%	3.22%	0.86%	17.56%	5.64%	5.07%	7.59%	32.77%	-17.82%	-34.66%	32.29%					3.96%	<-IRR #YR->	10	5 yr Running Average	47.41%
5 year Running Average	$39.94	$38.71	$38.40	$37.65	$37.92	$39.62	$42.68	$45.41	$48.69	$55.56	$58.39	$56.47	$56.62					0.29%	<-IRR #YR->	5	Revenue per Share	1.47%
P/S (Price/Sales) Med	0.68	0.70	0.84	1.00	1.04	0.97	0.98	0.95	0.95	0.69	1.05	1.61	1.25					3.26%	<-IRR #YR->	10	Revenue per Share	37.83%
P/S (Price/Sales) Close	0.48	0.77	0.98	1.06	1.09	1.10	1.05	0.87	1.06	0.76	1.16	1.58	1.31					4.51%	<-IRR #YR->	5	5 yr Running Average	24.68%
Adjusted Revenue from 2007					P/S Med	20 yr	0.97	15 yr	0.95	10 yr	0.99	5 yr	1.05		-100.00%	Diff M/C		3.96%	<-IRR #YR->	10	5 yr Running Average	47.46%
								-$31,034	$0	$0	$0	$0	$30,758
			-$23,262	$0	$0	$0	$0	$0	$0	$0	$0	$0	$30,758
								-$27,664	$0	$0	$0	$0	$33,175
			-$22,505	$0	$0	$0	$0	$0	$0	$0	$0	$0	$33,175
								-$51.85	$0.00	$0.00	$0.00	$0.00	$52.61
			-$38.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$52.61
								-$45.41	$0.00	$0.00	$0.00	$0.00	$56.62
			-$38.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.62
Wealth Sales										$220,860	$228,408	$204,113	$173,820
Premiums (Annuities, Life, Health)										$26,190	$25,506	$29,160	$21,356
Total										$247,050	$253,914	$233,273	$195,176
Total Premiums and Deposits	$78,367	$108,073	$124,707	$122,480	$136,150	$158,459	$164,680	$160,108	$183,946	$248,394	$253,914	$233,273	$195,176					56.51%	<-Total Growth	10	Total Premiums and Deposits
Increase		37.91%	15.39%	-1.79%	11.16%	16.39%	3.93%	-2.78%	14.89%	35.04%	2.22%	-8.13%	-16.33%					3.1%	<-Median->	10	Change
Net Premiums	$8,238	$8,247	$9,639	$9,996	$10,395	$15,048	$15,281	$18,642	$20,288	$23,738	$23,053	$26,863	$21,356					121.56%	<-Total Growth	10	Net Premiums
Increase		0.11%	16.88%	3.70%	3.99%	44.76%	1.55%	21.99%	8.83%	17.01%	-2.89%	16.53%	-20.50%					6.4%	<-Median->	10	Change
														$20,014	<-12 mths	-34.93%			Estimates		last 12 months from Qtr.
Comments
Premiums Gross											$25,506	$29,160	$21,356						$5,282
Ceded											$2,453	$2,297	$69						$69
Net Premiums											$23,053	$26,863	$21,287						$5,213
Net Investment excluding Seg											$4,633	-$11,587	$1,639						$4,800
Net Investment for insurance											0	0	$0						$0
Fee Income											$8,002	$8,046	$7,832						$1,901
Sume											$35,688	$23,322	$30,758						$11,914
Revenue*	$22,581	$17,559	$13,874	$25,764	$19,274	$28,573	$29,334	$26,997	$39,679	$43,337	$35,668	$23,322	$30,758	$45,372	$47,246	$49,327		121.70%	<-Total Growth	10	Revenue
Increase	-8.36%	-22.24%	-20.99%	85.70%	-25.19%	48.25%	2.66%	-7.97%	46.98%	9.22%	-17.70%	-34.61%	31.88%	47.51%	4.13%	4.40%		8.29%	<-IRR #YR->	10	Revenue	121.70%
5 year Running Average	$22,309	$21,583	$21,245	$20,884	$19,810	$21,009	$23,364	$25,988	$28,771	$33,584	$35,003	$33,801	$34,553	$35,691	$36,473	$39,205		2.64%	<-IRR #YR->	5	Revenue	13.93%
Revenue per Share	$38.40	$29.28	$22.77	$42.02	$31.48	$46.57	$48.05	$45.11	$67.50	$74.07	$60.87	$39.77	$52.61	$77.61	$80.82	$84.38		4.98%	<-IRR #YR->	10	5 yr Running Average	62.64%
Increase	-10.54%	-23.74%	-22.26%	84.58%	-25.09%	47.93%	3.18%	-6.12%	49.65%	9.72%	-17.82%	-34.66%	32.29%	47.51%	4.13%	4.40%		5.86%	<-IRR #YR->	5	5 yr Running Average	32.95%
5 year Running Average	$39.11	$37.46	$36.45	$35.08	$32.79	$34.42	$38.18	$42.64	$47.74	$56.26	$59.12	$57.46	$58.96	$60.99	$62.34	$67.04		8.74%	<-IRR #YR->	10	Revenue per Share	131.10%
P/S (Price/Sales) Med	0.68	0.81	1.41	0.93	1.32	0.97	1.00	1.09	0.78	0.69	1.05	1.61	1.25	0.91	0.00	0.00		3.13%	<-IRR #YR->	5	Revenue per Share	16.64%
P/S (Price/Sales) Close	0.48	0.90	1.65	1.00	1.37	1.11	1.08	1.00	0.88	0.76	1.16	1.58	1.31	0.93	0.90	0.86		4.93%	<-IRR #YR->	10	5 yr Running Average	61.75%
*Total Revenue in M CDN $									P/S Med	10 yr	1.03	5 yr	1.05		-9.10%	Diff M/C		6.70%	<-IRR #YR->	5	5 yr Running Average	38.27%
			-$13,874	$0	$0	$0	$0	$0	$0	$0	$0	$0	$30,758
								-$26,997	$0	$0	$0	$0	$30,758
			-$21,245	$0	$0	$0	$0	$0	$0	$0	$0	$0	$34,553
								-$25,988	$0	$0	$0	$0	$34,553
			-$22.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$52.61
								-$45.11	$0.00	$0.00	$0.00	$0.00	$52.61
			-$36.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$58.96
								-$42.64	$0.00	$0.00	$0.00	$0.00	$58.96
														$6.37	<-12 mths	0.16%			Estimates		Last 12 months from Qtr
Payout Ratio Adjusted EPS														47.46%	46.26%	42.62%			Estimates		Payout Ratio EPS
Adjusted Net Income	-$184	$1,293	$1,603	$1,816	$2,305	$2,335	$2,546	$2,949	$3,057	$3,213	$3,533	$3,674	$3,728					132.63%	<-Total Growth	10	Adjusted Net Income
Return on Equity ROE	-1.48%	9.63%	11.43%	11.51%	12.60%	12.29%	13.15%	14.21%	14.81%	14.83%	14.80%	14.69%	17.63%
5Yr Median	5.53%	5.53%	9.63%	10.45%	11.43%	11.51%	12.29%	12.60%	13.15%	14.21%	14.80%	14.80%	14.81%
Adjusted EPS	-$0.52	$2.14	$2.61	$2.14	$3.76	$3.80	$4.15	$4.86	$5.16	$5.49	$6.03	$6.27	$6.36	$6.80	$7.33	$7.99		143.68%	<-Total Growth	10	AEPS
Increase	-118.84%	511.54%	21.96%	-18.01%	75.70%	1.06%	9.21%	17.11%	6.17%	6.40%	9.84%	3.98%	1.44%	6.92%	7.79%	9.00%		10	0	10	Years of Data, EPS P or N	100.00%
Adjusted EPS Yield	-2.81%	8.12%	6.96%	5.10%	8.71%	7.37%	8.00%	10.73%	8.71%	9.70%	8.56%	9.98%	9.25%	9.39%	10.12%	11.03%		9.32%	<-IRR #YR->	10	AEPS	143.68%
5 year Running Average	$1.68	$1.34	$1.59	$1.83	$2.03	$2.89	$3.29	$3.74	$4.35	$4.69	$5.14	$5.56	$5.86	$6.19	$6.56	$6.95		5.53%	<-IRR #YR->	5	AEPS	30.86%
Payout Ratio	-276.92%	67.29%	55.17%	67.29%	40.16%	42.24%	42.05%	39.20%	40.70%	40.07%	38.31%	44.02%	47.17%	45.88%	42.56%	39.05%		13.97%	<-IRR #YR->	10	5 yr Running Average	269.61%
5 year Running Average	13.57%	20.17%	10.18%	-7.00%	-9.40%	54.43%	49.38%	46.19%	40.87%	40.85%	40.06%	40.46%	42.05%	43.09%	43.59%	43.74%		9.39%	<-IRR #YR->	5	5 yr Running Average	56.65%
Price/AEPS Median	-49.89	11.09	12.28	18.35	11.04	11.94	11.63	10.16	10.27	9.29	10.59	10.19	10.31	10.44	0.00	0.00		10.45	<-Median->	10	Price/AEPS Median
Price/AEPS High	-66.19	13.07	14.39	20.16	12.13	14.08	12.69	11.40	11.91	12.10	11.84	11.77	11.09	10.95	0.00	0.00		12.00	<-Median->	10	Price/AEPS High
Price/AEPS Low	-33.60	9.11	10.16	16.54	9.95	9.80	10.56	8.92	8.63	6.48	9.35	8.61	9.52	9.94	0.00	0.00		9.43	<-Median->	10	Price/AEPS Low
Price/AEPS Close	-35.62	12.32	14.38	19.59	11.48	13.57	12.50	9.32	11.47	10.31	11.68	10.02	10.81	10.65	9.88	9.07		11.48	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	6.71	-50.71	17.53	16.06	20.16	13.71	13.65	10.91	12.18	10.97	12.83	10.42	10.96	11.39	10.65	9.88		12.50	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	41.37%	5 Yrs	40.70%	P/CF	5 Yrs	in order	10.27	11.84	8.63	10.81		3.74%	Diff M/C					DPR 75% to 95% best
* Underlying Net Income
			-$2.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.36
								-$4.86	$0.00	$0.00	$0.00	$0.00	$6.36
			-$1.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.86
								-$3.74	$0.00	$0.00	$0.00	$0.00	$5.86
														$5.52	<-12 mths	4.94%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	1.15%	0.64%	0.69%	0.56%	0.49%	0.57%	0.48%	0.45%	0.24%	0.45%	0.19%	0.19%					0.47%	<-Median->	10	Difference Basic and Diluted
EPS Basic	-$0.52	$2.62	$1.56	$2.88	$3.57	$4.05	$3.51	$4.16	$4.42	$4.11	$6.72	$5.22	$5.27					237.82%	<-Total Growth	10	EPS Basic
EPS Diluted*	-$0.52	$2.59	$1.55	$2.86	$3.55	$4.03	$3.49	$4.14	$4.40	$4.10	$6.69	$5.21	$5.26	$6.49	$7.06	$6.90		239.35%	<-Total Growth	10	EPS Diluted
Increase	-118.8%	-598.1%	-40.2%	84.5%	24.1%	13.5%	-13.4%	18.6%	6.3%	-6.8%	63.2%	-22.1%	1.0%	23.4%	8.8%	-2.3%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	-2.8%	9.8%	4.1%	6.8%	8.2%	7.8%	6.7%	9.1%	7.4%	7.2%	9.5%	8.3%	7.7%	9.0%	9.7%	9.5%		13.00%	<-IRR #YR->	10	Earnings per Share	239.35%
5 year Running Average	$1.68	$1.43	$1.46	$1.85	$2.01	$2.92	$3.10	$3.61	$3.92	$4.03	$4.56	$4.91	$5.13	$5.55	$6.14	$6.18		4.91%	<-IRR #YR->	5	Earnings per Share	27.05%
10 year Running Average	$2.19	$2.26	$2.20	$2.21	$2.25	$2.30	$2.26	$2.54	$2.89	$3.02	$3.74	$4.00	$4.37	$4.74	$5.09	$5.37		13.36%	<-IRR #YR->	10	5 yr Running Average	250.55%
* ESP per share  (to 2000 Net Income/ shares o/s Dec 31, 2000 )									E/P	10 Yrs	7.74%	5Yrs	7.65%					7.27%	<-IRR #YR->	5	5 yr Running Average	42.00%
			-$1.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.26
								-$4.14	$0.00	$0.00	$0.00	$0.00	$5.26
			-$1.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.13
								-$3.61	$0.00	$0.00	$0.00	$0.00	$5.13
Dividend Estimates														$3.23	$3.39	$3.41			Estimates		Dividends
Increase														7.57%	5.08%	0.41%			Increase		Increase
Payout Ratio EPS														49.72%	48.03%	49.35%			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
Dividend*	$1.44	$1.44	$1.44	$1.44	$1.51	$1.61	$1.75	$1.91	$2.10	$2.20	$2.31	$2.76	$3.00	$3.12	$3.12	$3.12		108.33%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	0.00%	4.86%	6.29%	8.72%	9.17%	10.24%	4.76%	5.00%	19.48%	8.70%	4.00%	0.00%	0.00%		16	0	24	Years of data, Count P, N	66.67%
Average Increases 5 Year Running	4.87%	1.82%	0.00%	0.00%	0.97%	2.23%	3.98%	5.81%	7.86%	7.84%	7.58%	9.73%	9.63%	8.39%	7.44%	6.44%		6.69%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.42	$1.44	$1.44	$1.44	$1.45	$1.49	$1.55	$1.64	$1.77	$1.91	$2.05	$2.26	$2.47	$2.68	$2.86	$3.02		71.81%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.55%	6.07%	4.49%	3.67%	3.64%	3.54%	3.62%	3.86%	3.96%	4.31%	3.62%	4.32%	4.58%	4.39%				3.76%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.18%	5.15%	3.83%	3.34%	3.31%	3.00%	3.31%	3.44%	3.42%	3.31%	3.24%	3.74%	4.25%	4.19%				3.33%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	8.24%	7.38%	5.43%	4.07%	4.04%	4.31%	3.98%	4.39%	4.71%	6.19%	4.10%	5.11%	4.95%	4.62%				4.35%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	7.78%	5.46%	3.84%	3.44%	3.50%	3.11%	3.36%	4.21%	3.55%	3.89%	3.28%	4.39%	4.37%	4.31%	4.31%	4.31%		3.52%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	-276.92%	55.60%	92.90%	50.35%	42.54%	39.83%	50.00%	46.01%	47.73%	53.66%	34.53%	52.98%	57.03%	48.07%	44.19%	45.22%		48.86%	<-Median->	10	DPR EPS	FCF 1
DPR EPS 5 Yr Running	84.29%	100.84%	98.36%	77.92%	72.48%	50.99%	50.00%	45.41%	45.21%	47.40%	44.96%	45.95%	48.21%	48.25%	46.60%	48.90%		47.80%	<-Median->	10	DPR EPS 5 Yr Running	FCF 2
Payout Ratio CFPS	31.20%	115.43%	139.96%	48.94%	20.73%	26.85%	53.70%	29.74%	48.46%	17.75%	-72.89%	37.54%	31.25%	36.03%	#DIV/0!	#DIV/0!		30.49%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	33.96%	35.56%	39.62%	48.57%	42.46%	40.23%	37.78%	31.73%	32.53%	29.52%	44.19%	41.27%	40.54%	38.43%	#DIV/0!	#DIV/0!		40.38%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	40.96%	23.14%	16.45%	15.57%	17.98%	14.99%	16.58%	16.26%	0.00%	0.00%	19.56%	7.38%	0.00%	36.03%	#DIV/0!	#DIV/0!		15.28%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	32.17%	28.76%	24.88%	22.78%	20.12%	17.16%	16.25%	16.22%	25.42%	47.88%	48.71%	23.51%	34.66%	26.35%	#DIV/0!	#DIV/0!		23.15%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.76%	3.52%	5 Yr Med	5 Yr Cl	4.31%	3.89%	5 Yr Med	Payout	52.98%	31.25%	0.00%					9.51%	<-IRR #YR->	5	Dividends	57.48%
* Dividends per share	10 Yr Med	and Cur.	14.46%	22.25%	5 Yr Med	and Cur.	-0.16%	10.81%	Last Div Inc --->		$0.750	$0.780	4.00%					7.62%	<-IRR #YR->	10	Dividends	108.33%
Dividends Growth 15																		5.01%	<-IRR #YR->	15	Dividends	108.33%
Dividends Growth 20																		7.70%	<-IRR #YR->	20	Dividends	341.18%
Dividends Growth 25																		7.93%	<-IRR #YR->	24	Dividends
Dividends Growth 5								-$1.91	$0.00	$0.00	$0.00	$0.00	$3.00								Dividends Growth 5
Dividends Growth 10			-$1.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.00								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	$3.00								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	$3.00								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	$3.00								Dividends Growth 25
Historical Dividends	Historical	High Div	7.81%	Low Div	1.41%	10 Yr High	6.08%	10 Yr Low	3.02%	Med Div	3.65%	Close Div	3.50%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-44.85%		205.46%	Exp.	-29.16%		42.62%	Cheap	18.00%	Cheap	23.08%								High/Ave/Median
Future Dividend Yield					Div Yd	$0.07	earning in	5	Years	at IRR of	9.51%	Div Inc.	57.48%								Future Dividend Yield
Future Dividend Yield					Div Yd	10.68%	earning in	10	Years	at IRR of	9.51%	Div Inc.	148.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	16.82%	earning in	15	Years	at IRR of	9.51%	Div Inc.	290.55%								Future Dividend Yield
Future Dividend Paid					Div Paid	$4.91	earning in	5	Years	at IRR of	9.51%	Div Inc.	57.48%								Future Dividend Paid
Future Dividend Paid					Div Paid	$7.74	earning in	10	Years	at IRR of	9.51%	Div Inc.	148.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$12.19	earning in	15	Years	at IRR of	9.51%	Div Inc.	290.55%								Future Dividend Paid
Dividend Covering Cost					Total Div	$18.86	over	5	Years	at IRR of	9.51%	Div Cov.	26.04%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$43.65	over	10	Years	at IRR of	9.51%	Div Cov.	60.26%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$82.69	over	15	Years	at IRR of	9.51%	Div Cov.	114.15%								Dividend Covering Cost
I am earning GC					Div Gr	550.00%	3/31/00	# yrs ->	23	2000	$13.46	Cap Gain	438.19%								I am earning GC	Item
I am earning Div					org yield	3.57%	12/31/15	Pension	Div G Yrly	12.61%	Div start	$0.48	-3.57%	23.18%							I am earning Div	Revenue Growth
																						AEPS Growth
I am earning GC					Div Gr	457.14%	12/28/01	# yrs ->	22	2001	$34.19	Cap Gain	111.91%								I am earning GC	Net Income Growth
I am earning Div					org yield	1.64%	12/31/15	RRSP	Div G Yrly	13.04%	Div start	$0.56	-1.64%	9.13%							I am earning Div	Cash Flow Growth
																						Dividend Growth
Yield if held 5 years	3.09%	2.78%	3.87%	5.44%	5.26%	6.19%	7.35%	5.94%	5.35%	5.30%	5.09%	5.72%	6.08%	5.89%	6.12%	4.88%		5.58%	<-Median->	10	Paid Median Price	Stock Price Growth
Yield if held 10 years	4.29%	4.89%	4.86%	3.93%	3.57%	3.44%	3.37%	5.12%	7.93%	7.66%	8.90%	11.63%	9.36%	7.94%	7.52%	6.88%		6.39%	<-Median->	10	Paid Median Price
Yield if held 15 years					5.66%	4.78%	5.93%	6.43%	5.73%	5.19%	4.95%	5.34%	8.06%	11.78%	10.87%	12.03%		5.66%	<-Median->	9	Paid Median Price	Revenue Growth
Yield if held 20 years										8.25%	6.88%	9.38%	10.13%	8.52%	7.37%	6.69%		8.81%	<-Median->	4	Paid Median Price	AEPS Growth
Yield if held 25 years																9.29%						Net Income Growth
																						Cash Flow Growth
Cost covered if held 5 years	15.17%	13.92%	19.35%	27.18%	25.33%	28.66%	32.62%	25.60%	22.57%	23.02%	22.62%	23.37%	25.06%	25.27%	28.06%	23.67%		25.19%	<-Median->	10	Paid Median Price	Dividend Growth
Cost covered if held 10 years	33.70%	41.44%	43.74%	36.96%	33.19%	31.10%	28.89%	41.41%	60.65%	58.61%	68.20%	80.13%	64.21%	56.67%	57.49%	55.95%		50.01%	<-Median->	10	Paid Median Price	Stock Price Growth
Cost covered if held 15 years					66.07%	55.84%	67.75%	71.45%	61.16%	55.75%	53.09%	50.69%	74.65%	111.19%	108.47%	126.48%		61.16%	<-Median->	9	Paid Median Price
Cost covered if held 20 years										101.89%	86.39%	106.07%	113.22%	97.72%	89.54%	85.48%		103.98%	<-Median->	4	Paid Median Price
Cost covered if held 25 years																131.42%
																				Yr	Item	Tot. Growth
Revenue Growth								$26,997	$39,679	$43,337	$35,668	$23,322	$30,758	$20,014	<-12 mths	-34.93%		13.93%	<-Total Growth	5	Revenue Growth	13.93%
AEPS Growth								$4.86	$5.16	$5.49	$6.03	$6.27	$6.36	$0.47	<-12 mths	-92.54%		30.86%	<-Total Growth	5	AEPS Growth	30.86%
Net Income Growth								$2,522	$2,618	$2,404	$3,934	$3,060	$3,086	$3,238	<-12 mths	4.93%		22.36%	<-Total Growth	5	Net Income Growth	22.36%
Cash Flow Growth								$3,834	$2,547	$7,253	-$1,857	$4,311	$5,612					46.37%	<-Total Growth	5	Cash Flow Growth	46.37%
Dividend Growth								$1.91	$2.10	$2.20	$2.31	$2.76	$3.00	$3.12	<-12 mths	4.00%		57.48%	<-Total Growth	5	Dividend Growth	57.48%
Stock Price Growth								$45.29	$59.21	$56.60	$70.41	$62.85	$68.72	$72.44	<-12 mths	5.41%		51.73%	<-Total Growth	5	Stock Price Growth	51.73%
Revenue Growth			$13,874	$25,764	$19,274	$28,573	$29,334	$26,997	$39,679	$43,337	$35,668	$23,322	$30,758	$45,372	<-this year	47.51%		121.70%	<-Total Growth	10	Revenue Growth	121.70%
AEPS Growth			$2.61	$2.14	$3.76	$3.80	$4.15	$4.86	$5.16	$5.49	$6.03	$6.27	$6.36	$6.80	<-this year	6.92%		143.68%	<-Total Growth	10	AEPS Growth	143.68%
Net Income Growth			$1,696	$1,762	$2,185	$2,485	$2,149	$2,522	$2,618	$2,404	$3,934	$3,060	$3,086	$3,795	<-this year	22.97%		81.96%	<-Total Growth	10	Net Income Growth	81.96%
Cash Flow Growth			$627	$1,804	$4,461	$3,668	$1,984	$3,834	$2,547	$7,253	-$1,857	$4,311	$5,612	$5,063	<-this year	-9.79%		795.06%	<-Total Growth	10	Cash Flow Growth	795.06%
Dividend Growth			$1.44	$1.44	$1.51	$1.61	$1.75	$1.91	$2.10	$2.20	$2.31	$2.76	$3.00	$3.23	<-this year	7.57%		108.33%	<-Total Growth	10	Dividend Growth	108.33%
Stock Price Growth			$37.52	$41.92	$43.15	$51.55	$51.88	$45.29	$59.21	$56.60	$70.41	$62.85	$68.72	$72.44	<-this year	5.41%		83.16%	<-Total Growth	10	Stock Price Growth	83.16%
Dividends on Shares				$38.88	$40.77	$43.34	$47.12	$51.44	$56.70	$59.40	$62.37	$74.52	$81.00	$84.24	$84.24	$84.24		$555.53	No of Years	10	Total Divs	12/31/13
Paid			$1,013.04	$1,131.84	$1,165.05	$1,391.85	$1,400.76	$1,222.83	$1,598.67	$1,528.20	$1,901.07	$1,696.95	$1,855.44	$1,955.88	$1,955.88	$1,955.88		$1,855.44	No of Years	10	Worth	$37.52
Total																		$2,410.97
Graham Price AEPS		$32.83	$36.76	$35.20	$50.28	$51.46	$54.42	$61.57	$63.85	$67.63	$74.35	$77.57	$71.94	$74.36	$77.20	$80.60		95.69%	<-Total Growth	10	Graham Price
Price/GP Ratio Med		0.72	0.87	1.12	0.83	0.88	0.89	0.80	0.83	0.75	0.86	0.82	0.91	0.96				0.84	<-Median->	10	Price/GP Ratio
Price/GP Ratio High		0.85	1.02	1.23	0.91	1.04	0.97	0.90	0.96	0.98	0.96	0.95	0.98	1.00				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low		0.59	0.72	1.01	0.74	0.72	0.81	0.70	0.70	0.53	0.76	0.70	0.84	0.91				0.73	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close		0.80	1.02	1.19	0.86	1.00	0.95	0.74	0.93	0.84	0.95	0.81	0.96	0.97	0.94	0.90		0.94	<-Median->	10	Price/GP Ratio
Prem/Disc Close		-17.89%	2.68%	16.51%	-14.59%	0.18%	-5.09%	-28.65%	-7.87%	-18.87%	-5.03%	-20.82%	-4.92%	-2.64%	-6.28%	-10.89%		-6.48%	<-Median->	10	Graham Price
Graham Price EPS	$36.20	$36.12	$28.33	$40.69	$48.85	$52.99	$49.91	$56.83	$58.96	$58.44	$78.31	$70.71	$65.42	$72.64	$75.76	$74.90		130.94%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	0.72	0.66	1.13	0.97	0.85	0.86	0.97	0.87	0.90	0.87	0.82	0.90	1.00	0.98				0.89	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.95	0.77	1.33	1.06	0.93	1.01	1.06	0.97	1.04	1.14	0.91	1.04	1.08	1.02				1.04	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.48	0.54	0.94	0.87	0.77	0.70	0.88	0.76	0.76	0.61	0.72	0.76	0.93	0.93				0.76	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.51	0.73	1.32	1.03	0.88	0.97	1.04	0.80	1.00	0.97	0.90	0.89	1.05	1.00	0.96	0.97		0.97	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-48.84%	-26.99%	32.44%	3.01%	-11.68%	-2.72%	3.95%	-20.30%	0.42%	-3.15%	-10.09%	-11.12%	5.04%	-0.28%	-4.39%	-3.29%		-2.94%	<-Median->	10	Graham Price
																		`
Comment
Price Close	$18.52	$26.37	$37.52	$41.92	$43.15	$51.55	$51.88	$45.29	$59.21	$56.60	$70.41	$62.85	$68.72	$72.44	$72.44	$72.44		83.16%	<-Total Growth	10	Stock Price
Increase	-38.49%	42.39%	42.28%	11.73%	2.93%	19.47%	0.64%	-12.70%	30.74%	-4.41%	24.40%	-10.74%	9.34%	5.41%	0.00%	0.00%		18.90	<-Median->	10	CAPE (10 Yr P/E)
P/E	-35.62	10.18	24.21	14.66	12.15	12.79	14.87	10.94	13.46	13.80	10.52	12.06	13.06	11.16	10.26	10.50		8.70%	<-IRR #YR->	5	Stock Price	51.73%
Trailing P/E	6.71	-50.71	14.49	27.05	15.09	14.52	12.87	12.98	14.30	12.86	17.17	9.39	13.19	13.77	11.16	10.26		6.24%	<-IRR #YR->	10	Stock Price	83.16%
CAPE (10 Yr P/E)	8.47	11.65	17.03	18.97	19.15	22.43	22.94	17.84	20.52	18.75	18.83	15.70	15.71	15.30	14.24	13.48		12.27%	<-IRR #YR->	5	Price & Dividend	79.05%
Median 10, 5 Yrs		D.  per yr	4.04%	3.57%	% Tot Ret	39.32%	29.12%	T P/E	$13.75	$13.19	P/E:	$12.93	$13.06					10.28%	<-IRR #YR->	10	Price & Dividend	137.99%
Price 15		D.  per yr	4.22%		% Tot Ret	41.04%						CAPE Diff	-40.93%					6.06%	<-IRR #YR->	15	Stock Price	141.63%
Price  20		D.  per yr	3.44%		% Tot Ret	47.18%												3.85%	<-IRR #YR->	20	Stock Price	112.76%
Price  25		D.  per yr	4.77%		% Tot Ret	39.57%												7.29%	<-IRR #YR->	24	Stock Price
Price & Dividend 15																		10.28%	<-IRR #YR->	15	Price & Dividend	244.36%
Price & Dividend 20																		7.28%	<-IRR #YR->	20	Price & Dividend	2.18668731
Price & Dividend 25																		12.06%	<-IRR #YR->	24	Price & Dividend
Price  5								-$45.29	$0.00	$0.00	$0.00	$0.00	$68.72								Price  5
Price 10			-$37.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$68.72								Price 10
Price & Dividend 5								-$47.20	$2.10	$2.20	$2.31	$2.76	$71.72								Price & Dividend 5
Price & Dividend 10			-$37.52	$1.44	$1.51	$1.61	$1.75	$1.91	$2.10	$2.20	$2.31	$2.76	$71.72								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	$68.72								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	$68.72								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	$68.72								Price  25
Price & Dividend 15	$1.44	$1.44	$1.44	$1.44	$1.51	$1.61	$1.75	$1.91	$2.10	$2.20	$2.31	$2.76	$71.72								Price & Dividend 15
Price & Dividend 20	$1.44	$1.44	$1.44	$1.44	$1.51	$1.61	$1.75	$1.91	$2.10	$2.20	$2.31	$2.76	$71.72								Price & Dividend 20
Price & Dividend 25	$1.44	$1.44	$1.44	$1.44	$1.51	$1.61	$1.75	$1.91	$2.10	$2.20	$2.31	$2.76	$71.72								Price & Dividend 25
Price H/L Median	$25.95	$23.73	$32.05	$39.27	$41.52	$45.37	$48.25	$49.37	$52.99	$51.00	$63.88	$63.89	$65.55	$71.01				104.54%	<-Total Growth	10	Stock Price
Increase	-9.62%	-8.54%	35.04%	22.55%	5.72%	9.27%	6.36%	2.31%	7.33%	-3.75%	25.26%	0.01%	2.59%	8.34%				7.42%	<-IRR #YR->	10	Stock Price	104.54%
P/E	-49.89	9.16	20.67	13.73	11.69	11.26	13.83	11.92	12.04	12.44	9.55	12.26	12.46	10.94				5.83%	<-IRR #YR->	5	Stock Price	32.78%
Trailing P/E	9.40	-45.63	12.37	25.34	14.52	12.78	11.97	14.14	12.80	11.59	15.58	9.55	12.58	13.50				11.93%	<-IRR #YR->	10	Price & Dividend	173.24%
P/E on Running 5 yr Average	15.44	16.62	21.89	21.25	20.70	15.56	15.58	13.66	13.51	12.65	14.00	13.02	12.77	12.79				10.26%	<-IRR #YR->	5	Price & Dividend	61.69%
P/E on Running 10 yr Average	11.86	10.49	14.55	17.77	18.43	19.74	21.33	19.44	18.37	16.89	17.08	15.96	14.99	14.99				13.08	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.51%	4.43%	% Tot Ret	37.82%	43.15%	T P/E	12.79	12.58	P/E:	12.15	12.26						Count	23	Years of data
			-$32.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$65.55
								-$49.37	$0.00	$0.00	$0.00	$0.00	$65.55
			-$32.05	$1.44	$1.51	$1.61	$1.75	$1.91	$2.10	$2.20	$2.31	$2.76	$68.55
								-$49.37	$2.10	$2.20	$2.31	$2.76	$68.55
High Month	Feb	Feb	Nov	Dec	Oct	Nov	Jan	May	Nov	Feb	Nov	Feb	Dec	Feb
Price High	$34.42	$27.96	$37.57	$43.15	$45.62	$53.49	$52.67	$55.38	$61.43	$66.44	$71.40	$73.81	$70.53	$74.43				87.73%	<-Total Growth	10	Stock Price
Increase	3.52%	-18.77%	34.37%	14.85%	5.72%	17.25%	-1.53%	5.15%	10.92%	8.16%	7.46%	3.38%	-4.44%	5.53%				6.50%	<-IRR #YR->	10	Stock Price	87.73%
P/E	-66.19	10.80	24.24	15.09	12.85	13.27	15.09	13.38	13.96	16.20	10.67	14.17	13.41	11.47				4.96%	<-IRR #YR->	5	Stock Price	27.36%
Trailing P/E	12.47	-53.77	14.51	27.84	15.95	15.07	13.07	15.87	14.84	15.10	17.41	11.03	13.54	14.15				14.33	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	15.08	14.84	P/E:	13.69	13.96					19.29	P/E Ratio		Historical High
			-$37.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$70.53
								-$55.38	$0.00	$0.00	$0.00	$0.00	$70.53
Low Month	Nov	Nov	Apr	Feb	Jan	Feb	Jun	Dec	Jan	Mar	Jan	Oct	Mar	Jan
Price Low	$17.47	$19.50	$26.52	$35.39	$37.41	$37.24	$43.83	$43.35	$44.54	$35.56	$56.36	$53.97	$60.56	$67.59				128.36%	<-Total Growth	10	Stock Price
Increase	-27.69%	11.62%	36.00%	33.45%	5.71%	-0.45%	17.70%	-1.10%	2.75%	-20.16%	58.50%	-4.25%	12.21%	11.61%				8.61%	<-IRR #YR->	10	Stock Price	128.36%
P/E	-33.60	7.53	17.11	12.37	10.54	9.24	12.56	10.47	10.12	8.67	8.43	10.36	11.51	10.41				6.92%	<-IRR #YR->	5	Stock Price	39.70%
Trailing P/E	6.33	-37.50	10.24	22.83	13.08	10.49	10.88	12.42	10.76	8.08	13.75	8.07	11.62	12.85				11.51	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	11.25	10.76	P/E:	10.41	10.12					8.75	P/E Ratio		Historical Low
			-$26.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$60.56
								-$43.35	$0.00	$0.00	$0.00	$0.00	$60.56
Free Cash Flow MS	$2,594	$572	$560	$1,804	$4,355	$3,537	$1,802	$3,749	$2,433	$7,095	-$1,938	$4,311	$5,440					871.43%	<-Total Growth	10	Free Cash Flow	WSJ & MS
Change						-18.78%	-49.05%	108.05%	-35.10%	191.62%	-127.32%	322.45%	26.19%					7.73%	<-IRR #YR->	5	Free Cash Flow MS	45.11%
FCF/CF from Op Ratio					0.98	0.96	0.91	0.98	0.96	0.98	1.04	1.00	0.97					25.53%	<-IRR #YR->	10	Free Cash Flow MS	871.43%
Dividends paid	$679	$699	$799	$886	$921	$1,074	$1,155	$1,227	$1,318	$1,360	$1,360	$1,671	$1,671					109.14%	<-Total Growth	10	Dividends paid
Percentage paid					21.15%	30.36%	64.10%	32.73%	54.17%	19.17%	-70.18%	38.76%	30.72%					$0.31	<-Median->	9	Percentage paid
5 Year Coverage									35.87%	32.95%	48.85%	44.32%	42.56%								5 Year Coverage
Dividend Coverage Ratio					4.73	3.29	1.56	3.06	1.85	5.22	-1.43	2.58	3.26					3.06	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									2.79	3.03	2.05	2.26	2.35								5 Year of Coverage
								-$3,749	$0	$0	$0	$0	$5,440
			-$560	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,440
Free Cash Flow WSJ									$7,183	$12,310	$7,278	$7,686	$10,189					41.85%	<-Total Growth	4	Free Cash Flow	WSJ & MS
Change										71.38%	-40.88%	5.61%	32.57%					9.13%	<-IRR #YR->	4	Free Cash Flow MS	#DIV/0!
FCF/CF from Op Ratio									2.82	1.70	-3.92	1.78	1.82					#NUM!	<-IRR #YR->	10	Free Cash Flow MS	#DIV/0!
Dividends paid									$1,318	$1,360	$1,360	$1,671	$1,671					26.78%	<-Total Growth	4	Dividends paid
Percentage paid									18.35%	11.05%	18.69%	21.74%	16.40%					$0.18	<-Median->	5	Percentage paid
5 Year Coverage													16.53%								5 Year Coverage
Dividend Coverage Ratio									5.45	9.05	5.35	4.60	6.10					5.45	<-Median->	5	Dividend Coverage Ratio
5 Year of Coverage									5.45	7.28	6.63	6.04	6.05								5 Year of Coverage
									-$7,183	$0	$0	$0	$10,189
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,189
Market Cap.	$10,890	$15,811	$22,865	$25,701	$26,421	$31,631	$31,673	$27,106	$34,804	$33,117	$41,260	$36,855	$40,174	$42,348	$42,348	$42,348		75.70%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	580	604	614	619	618	619	618	611	597	589	590	589	589	589				-4.07%	<-Total Growth	10	Diluted
Change	1.75%	4.14%	1.66%	0.81%	-0.16%	0.16%	-0.16%	-1.13%	-2.29%	-1.34%	0.17%	-0.17%	0.00%	0.00%				-0.16%	<-Median->	10	Change
Difference Diluted/Basic	-0.2%	-1.8%	-1.6%	-1.3%	-1.0%	-1.0%	-0.8%	-0.8%	-0.8%	-0.7%	-0.7%	-0.5%	-0.5%	-0.5%				-0.81%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	579	593	604	611	612	613	613	606	592	585	586	586	586	586				-2.98%	<-Total Growth	10	Basic
Change	1.94%	2.42%	1.85%	1.16%	0.16%	0.16%	0.00%	-1.14%	-2.31%	-1.18%	0.17%	0.00%	0.00%	0.00%				0.00%	<-Median->	10	Change
Difference Basic/Outstanding	1.6%	1.1%	0.9%	0.3%	0.0%	0.1%	-0.4%	-1.2%	-0.7%	0.0%	0.0%	0.1%	-0.2%	-0.2%				0.01%	<-Median->	10	Difference Basic/Outstanding
# of Share in Millions	588.0	599.6	609.4	613.1	612.3	613.6	610.5	598.5	587.8	585.1	586.0	586.4	584.6	584.6	584.6	584.6		-0.41%	<-IRR #YR->	10	Shares	-4.07%
Change	2.44%	1.97%	1.63%	0.61%	-0.13%	0.21%	-0.51%	-1.97%	-1.79%	-0.46%	0.15%	0.07%	-0.31%	0.00%	0.00%	0.00%		-0.47%	<-IRR #YR->	5	Shares	-2.32%
CF fr Operations $Millon	$2,714	$748	$627	$1,804	$4,461	$3,668	$1,984	$3,834	$2,547	$7,253	-$1,857	$4,311	$5,612	$5,063				795.06%	<-Total Growth	10	Cash Flow
Increase	-5.24%	-72.44%	-16.18%	187.72%	147.28%	-17.78%	-45.91%	93.25%	-33.57%	184.77%	-125.60%	332.15%	30.18%	-9.79%				SO, DRIP	Share Iss		Buy Backs
5 year Running Average	$2,381	$2,322	$2,100	$1,751	$2,071	$2,262	$2,509	$3,150	$3,299	$3,857	$2,752	$3,218	$3,573	$4,076				70.14%	<-Total Growth	10	CF 5 Yr Running
CFPS	$4.62	$1.25	$1.03	$2.94	$7.29	$5.98	$3.25	$6.41	$4.33	$12.40	-$3.17	$7.35	$9.60	$8.66				833.03%	<-Total Growth	10	Cash Flow per Share
Increase	-7.49%	-72.97%	-17.52%	185.98%	147.61%	-17.95%	-45.64%	97.12%	-32.36%	186.08%	-125.56%	331.99%	30.58%	-9.79%				24.50%	<-IRR #YR->	10	Cash Flow	795.06%
5 year Running Average	$4.17	$4.05	$3.63	$2.96	$3.42	$3.70	$4.10	$5.17	$5.45	$6.47	$4.64	$5.46	$6.10	$6.97				7.92%	<-IRR #YR->	5	Cash Flow	46.37%
P/CF on Med Price	5.62	19.02	31.15	13.35	5.70	7.59	14.85	7.71	12.23	4.11	-20.16	8.69	6.83	8.20				5.46%	<-IRR #YR->	10	Cash FLow 5 Yr Running
P/CF on Closing Price	4.01	21.14	36.47	14.25	5.92	8.62	15.96	7.07	13.66	4.57	-22.22	8.55	7.16	8.36				2.55%	<-IRR #YR->	5	Cash FLow 5 Yr Running
															9.38%	Diff M/C		25.02%	<-IRR #YR->	10	Cash Flow per Share	833.03%
																		8.43%	<-IRR #YR->	5	Cash Flow per Share	49.85%
																		5.32%	<-IRR #YR->	10	CFPS 5 Yr Running	67.90%
Excl.Working Capital CF	-$647.0	$2,984.0	$4,708.0	$3,867.0	$681.0	$2,901.0	$4,443.0	$3,176.0	-$6,350.0	-$11,068.0	$8,779.0	$17,630.0	-$5,931.0	$0.0				3.36%	<-IRR #YR->	5	CFPS 5 Yr Running	17.98%
CF fr Op $M WC	$2,067	$3,732	$5,335	$5,671	$5,142	$6,569	$6,427	$7,010	-$3,803	-$3,815	$6,922	$21,941	-$319	$5,063				-105.98%	<-Total Growth	10	Cash Flow less WC
Increase	-6.77%	80.55%	42.95%	6.30%	-9.33%	27.75%	-2.16%	9.07%	-154.25%	-0.32%	281.44%	216.97%	-101.45%	1687.03%				#NUM!	<-IRR #YR->	10	Cash Flow less WC	-105.98%
5 year Running Average	$2,504	$2,889	$3,413	$3,804	$4,389	$5,290	$5,829	$6,164	$4,269	$2,478	$2,548	$5,651	$4,185	$5,958				#NUM!	<-IRR #YR->	5	Cash Flow less WC	-104.55%
CFPS Excl. WC	$3.52	$6.22	$8.75	$9.25	$8.40	$10.71	$10.53	$11.71	-$6.47	-$6.52	$11.81	$37.42	-$0.55	$8.66				2.06%	<-IRR #YR->	10	CF less WC 5 Yr Run	22.64%
Increase	-8.99%	77.06%	40.65%	5.66%	-9.21%	27.48%	-1.66%	11.26%	-155.24%	-0.78%	281.16%	216.76%	-101.46%	1687.03%				-7.45%	<-IRR #YR->	5	CF less WC 5 Yr Run	-32.10%
5 year Running Average	$4.40	$5.01	$5.79	$6.32	$7.23	$8.67	$9.53	$10.12	$6.97	$3.99	$4.21	$9.59	$7.14	$10.16				#NUM!	<-IRR #YR->	10	CFPS - Less WC	-106.23%
P/CF Med Price CFPS	7.38	3.81	3.66	4.25	4.94	4.24	4.58	4.21	-8.19	-7.82	5.41	1.71	-120.12	8.20				-15.40%	<-IRR #YR->	5	CFPS - Less WC	-104.66%
P/CF on Closing Price	5.27	4.24	4.29	4.53	5.14	4.82	4.93	3.87	-9.15	-8.68	5.96	1.68	-125.94	8.36				2.12%	<-IRR #YR->	10	CFPS 5 yr Running	23.34%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	7.65	5 yr	6.83	P/CF Med	10 yr	4.23	5 yr	-7.82		97.94%	Diff M/C		-6.74%	<-IRR #YR->	5	CFPS 5 yr Running	-29.45%
Excl.Working Capital does not seem helpful for this company  Chges in WC from google finance as I cannot figure out WC values.
			-609	0	0	0	0	0	0	0	0	0	585								Shares
								-599	0	0	0	0	585								Shares
			-$627	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,612								Cash Flow
								-$3,834	$0	$0	$0	$0	$5,612								Cash Flow
			-$2,100	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,573								Cash FLow 5 Yr Running
								-$3,150	$0	$0	$0	$0	$3,573								Cash FLow 5 Yr Running
			-$1.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.60								Cash Flow per Share
								-$6.41	$0.00	$0.00	$0.00	$0.00	$9.60								Cash Flow per Share
			-$3.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.10								CFPS 5 yr Running
								-$5.17	$0.00	$0.00	$0.00	$0.00	$6.10								CFPS 5 yr Running
			-$5,335	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$319								Cash Flow less WC
								-$7,010	$0	$0	$0	$0	-$319								Cash Flow less WC
			-$3,412.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,185.2								CF less WC 5 Yr Run
								-$6,163.8	$0.0	$0.0	$0.0	$0.0	$4,185.2								CF less WC 5 Yr Run
			-$8.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.55								CFPS - Less WC
								-$11.71	$0.00	$0.00	$0.00	$0.00	-$0.55								CFPS - Less WC
			-$5.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.14								CFPS 5 yr Running
								-$10.12	$0.00	$0.00	$0.00	$0.00	$7.14								CFPS 5 yr Running
Other changes in other assets and liabilities
Gain on sale of equity investment (Note 3)
Realized (gains) losses on held-for-trading and available-for-sale assets
New mutual fund business acquisition costs capitalized
Redemption fees of mutual funds
made a stab at 2008 to 2010
but I do not know where I got orginal figures from
Increase, decreast Invest Contracts								$281	$11,432	$14,921	$2,415	-$11,214	$331
Increase, decrease reins assets								$97	-$28	$204	$86	-$951	$10
Change in insurance contracts													$6,769
Sales, maturities and repayments	$96,809	$86,197	$68,257	$64,305	$46,306	$47,115	$55,973	$62,387	$59,162	$76,289	$55,189	$53,535	$43,457								Sales, maturities and repayments
Purchases of invested assets	-$97,464	-$89,310	-$71,588	-$68,454	-$46,661	-$49,786	-$60,633	-$65,353	-$64,165	-$81,709	-$64,592	-$57,153	-$48,579								Purchases of invested assets
Change in policy loans	$32	$7	-$35	-$13	-$62	-$44															Change in policy loans
Income taxes received (paid)	-$166	-$36	-$345	-$230	-$453	-$310	-$436	-$307	-$698	-$690	-$1,028	-$795	-$1,240								Income taxes received (paid)
Mortgage securitization				$248	$364	$474	$214	$96	$264	$197	$95	$151	-$39								Mortgage securitization
Other cash items	$1,436	$158	-$997	$277	-$175	-$350	$439	-$377	$383	$1,856	-$944	-$1,203	$5,222								Other cash items
Sum	$647	-$2,984	-$4,708	-$3,867	-$681	-$2,901	-$4,443	-$3,176	$6,350	$11,068	-$8,779	-$17,630	$5,931								Sum
TMX money -->TD Bank (2017)			-$4,708	-$3,867	-$681	-$2,901	-$4,443	-$3,176	$6,350	$11,068	-$8,779	-$17,630	$5,931								Google
Difference			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0								Difference
								2021	2021
Morningstar			-$2,305	$9,257	$575	$5,577	$6,189	-$3,176	$6,277
Wall street Journal			-$3,346	$9,728	$704	$5,624	$6,189		$73
gurufocus							$4,847
TD Bank				-$3,867	-$681	-$2,901	-$4,443
Difference				$0	$0	$0	$0
OPM	12.02%	4.26%	4.52%	7.00%	23.15%	12.84%	6.76%	14.20%	6.42%	16.74%	-5.21%	18.48%	18.25%	11.16%				160.58%	<-Total Growth	10	OPM
Increase	3.40%	-64.56%	6.09%	54.94%	230.55%	-44.54%	-47.31%	109.97%	-54.80%	160.73%	-131.11%	-455.04%	-1.29%	-38.85%				should be zero, it is a check on calculations
Diff from Median	-11.1%	-68.5%	-66.6%	-48.2%	71.2%	-5.0%	-50.0%	5.0%	-52.5%	23.8%	-138.5%	36.7%	35.0%	-17.5%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	13.52%	5 Yrs	16.74%					Should increase or be stable.
Invested Assets/Covering Assets						$142,350	$146,139	$151,726	$161,619	$177,912	$184,522	$177,292	$174,328	$174,328				$167,974	<-Median->	8	Covering Assets
Change							2.66%	3.82%	6.52%	10.08%	3.72%	-3.92%	-1.67%	0.00%				3.72%	<-Median->	7	Change
Debt/Covering Assets Ratio						0.81	0.81	0.80	0.83	0.84	0.82	0.81	0.85	0.85				0.82	<-Median->	8	Debt/Assets Ratio
Debt/Assets Ratio						0.45	0.44	0.45	0.45	0.46	0.44	0.43	0.45	0.45				0.45	<-Median->	8	Deposits/Assets Retio
Debt/Total Debt Ratio						0.49	0.48	0.49	0.49	0.50	0.48	0.48	0.48	0.48				0.48	<-Median->	8	Deposits/Total Debt Ratio	Type
Long Term Debt					$110,227	$115,057	$117,785	$121,823	$134,300	$148,962	$151,179	$143,732	$148,964	$148,964				Insurance	contracts liability		Long Term Debt	Lg Term R+A
Change						4.38%	2.37%	3.43%	10.24%	10.92%	1.49%	-4.93%	3.64%	0.00%				3.53%	<-Median->	8	Change	Lg Term R
Debt/Market Cap Ratio					4.17	3.64	3.72	4.49	3.86	4.50	3.66	3.90	3.71	3.52				3.86	<-Median->	9	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio					31.16	32.79	37.16	37.25	45.42	36.81	38.29	33.14	33.42	33.42				36.81	<-Median->	9	Assets/Current Liabilities Ratio	Liquidity
Debt to Cash Flow (Years)					24.71	31.37	59.37	31.77	52.73	20.54	-81.41	33.34	26.54	29.42				31.37	<-Median->	9	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles		$862	$866	$895	$1,479	$1,703	$1,667	$1,779	$2,083	$2,477	$3,370	$4,724	$5,174	$5,174				497.46%	<-Total Growth	10	Intangibles	Leverage
Goodwill		$3,911	$4,002	$4,117	$4,646	$5,317	$5,183	$5,412	$5,832	$6,072	$6,517	$8,705	$8,969	$8,969				124.11%	<-Total Growth	10	Goodwill	D/E Ratio
Total		$4,773	$4,868	$5,012	$6,125	$7,020	$6,850	$7,191	$7,915	$8,549	$9,887	$13,429	$14,143	$14,143				190.53%	<-Total Growth	10	Total
Change			1.99%	2.96%	22.21%	14.61%	-2.42%	4.98%	10.07%	8.01%	15.65%	35.82%	5.32%	0.00%				9.04%	<-Median->	10	Change
Goodwill/Market Cap Ratio		0.30	0.21	0.20	0.23	0.22	0.22	0.27	0.23	0.26	0.24	0.36	0.35	0.33				0.24	<-Median->	10	Intangible/Market Cap Ratio
Current Assets (mostly other)	$11,357	$9,647	$10,836	$10,032	$12,539	$13,016	$12,593	$13,278	$14,300	$16,988	$16,140	$17,396	$18,032	$18,032				66.41%	<-Total Growth	10	Current Assets
Current Liabilities (other)	$7,194	$5,369	$5,501	$6,410	$7,922	$7,875	$7,242	$7,298	$6,544	$8,776	$9,020	$9,986	$9,970	$9,970				81.24%	<-Total Growth	10	Current Liabilities
Liquidity	1.58	1.80	1.97	1.57	1.58	1.65	1.74	1.82	2.19	1.94	1.79	1.74	1.81	1.81				1.77	<-Median->	10	Ratio
Liq. with CF aft div	1.84	1.78	1.92	1.71	2.03	1.99	1.87	2.19	2.39	2.62	1.56	2.01	2.20	2.13				2.20	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.76	1.72	1.84	1.71	1.86	1.61	1.78	2.11	2.24	2.38	1.44	1.56	2.08	2.13				2.08	<-Median->	5	Ratio
Assets	$218,027	$225,782	$199,531	$223,357	$246,853	$258,238	$269,112	$271,827	$297,202	$323,011	$345,370	$330,906	$333,241	$333,241				67.01%	<-Total Growth	10	Assets
Liability	$202,297	$209,031	$182,177	$204,485	$225,435	$235,870	$246,141	$247,257	$272,694	$297,149	$317,297	$301,529	$309,041	$309,041				69.64%	<-Total Growth	10	Liabilities
Debt Ratio	1.08	1.08	1.10	1.09	1.10	1.09	1.09	1.10	1.09	1.09	1.09	1.10	1.08	1.08				1.09	<-Median->	10	Ratio
Check	$15,730	$16,751	$17,354	$18,872	$21,418	$22,368	$22,971	$24,570	$24,508	$25,862	$28,073	$29,377	$24,200	$24,200
Estimates BVPS														$39.70	$43.10	$48.20			Estimates		Estimates BVPS
Estimate Book Value														$23,208.6	$25,196.3	$28,177.7			Estimates		Estimate Book Value
P/B Ratio (Close)														1.82	1.68	1.50			Estimates		P/B Ratio (Close)
Difference from 10 year median															45.03%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$15,730	$16,751	$17,354	$18,872	$21,418	$22,368	$22,971	$24,570	$24,508	$25,862	$28,073	$29,377	$24,200	$24,200				39.45%	<-Total Growth	10	Total Book Value
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$19	$25	$59	$90	$161	$161				#DIV/0!	<-Total Growth	10	NCI
Total Equity	$15,730	$16,751	$17,354	$18,872	$21,418	$22,368	$22,971	$24,570	$24,489	$25,837	$28,014	$29,287	$24,039	$24,039				38.52%	<-Total Growth	10	Total Equity
Equity per Share	$26.75	$27.94	$28.48	$30.78	$34.98	$36.45	$37.63	$41.05	$41.66	$44.16	$47.81	$49.94	$457.00	$41.12				1504.79%	<-Total Growth	10	Equity per Share
P/B Ratio (Median)	0.97	0.85	1.13	1.28	1.19	1.24	1.28	1.20	1.27	1.15	1.34	1.28	0.14	1.73				1.26	<-Median->	10	P/B Ratio (Median)
SLEECS	$695	$696	$700	$697	$697	$698	$700	$700	$500	$500	$200	$200	$200	$200				-71.43%	<-Total Growth	10	SLEECS	Sun Life ExchangEable Capital Securities
Participating Policyholder's Equity	$123	$128	$127	$141	$168	$412	$650	$864	$1,091	$1,368	$1,700	$1,837	$457	$457				259.84%	<-Total Growth	10	Participating Policyholder's Equity
Preferred Shares	$2,503	$2,503	$2,503	$2,257	$2,257	$2,257	$2,257	$2,257	$2,257	$2,305	$2,239	$2,239	$2,239	$2,257				-10.55%	<-Total Growth	10	Preferred Shares
Book Value	$12,409	$13,424	$14,024	$15,777	$18,296	$19,001	$19,364	$20,749	$20,641	$21,664	$23,875	$25,011	$21,143	$21,125	$21,125	$21,125		50.76%	<-Total Growth	10	Book Value
Book Value per Share	$21.10	$22.39	$23.01	$25.73	$29.88	$30.97	$31.72	$34.67	$35.12	$37.03	$40.74	$42.65	$36.17	$36.14	$36.14	$36.14		57.16%	<-Total Growth	10	Book Value per Share
Change	-25.88%	6.09%	2.79%	11.82%	16.12%	3.63%	2.43%	9.30%	1.29%	5.44%	10.04%	4.69%	-15.20%	-0.09%	0.00%	0.00%		35.32%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.23	1.06	1.39	1.53	1.39	1.46	1.52	1.42	1.51	1.38	1.57	1.50	1.81	1.97	0.00	0.00		1.48	P/B Ratio		Historical Median
P/B Ratio (Close)	0.88	1.18	1.63	1.63	1.44	1.66	1.64	1.31	1.69	1.53	1.73	1.47	1.90	2.00	2.00	2.00		4.62%	<-IRR #YR->	10	Book Value per Share	57.16%
Change	-17.01%	34.22%	38.42%	-0.08%	-11.35%	15.28%	-1.75%	-20.13%	29.07%	-9.34%	13.05%	-14.73%	28.95%	5.50%	0.00%	0.00%		0.85%	<-IRR #YR->	5	Book Value per Share	4.32%
Leverage (A/BK)	13.86	13.48	11.50	11.84	11.53	11.54	11.72	11.06	12.13	12.49	12.30	11.26	13.77	13.77				11.78	<-Median->	10	A/BV
Debt/Equity Ratio	12.86	12.48	10.50	10.84	10.53	10.54	10.72	10.06	11.13	11.49	11.30	10.26	12.77	12.77				10.78	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.50	5 yr Med	1.51		33.34%	Diff M/C
			-$23.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.17
								-$34.67	$0.00	$0.00	$0.00	$0.00	$36.17
Comprehensive Income	-$61	$1,790	$1,505	$2,625	$3,607	$2,018	$1,919	$3,504	$2,715	$2,914	$3,764	$2,992	$3,180					111.30%	<-Total Growth	10	Comprehensive Income
Preferred	$8	$5	-$1	$14	$27	$243	$238	$303	$227	$277	$332	$137	$137					13800.00%	<-Total Growth	10	Preferred
NCI	$9	$0	$0	$0	$0	$0	$0	$0	$4	$11	$0	$60	$60								NCI
Shareholders	-$78	$1,785	$1,506	$2,611	$3,580	$1,775	$1,681	$3,201	$2,484	$2,626	$3,432	$2,795	$2,983					98.07%	<-Total Growth	10	Comprehensive Income
Increase	-105.79%	2388.46%	-15.63%	73.37%	37.11%	-50.42%	-5.30%	90.42%	-22.40%	5.72%	30.69%	-18.56%	6.73%					5.72%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$693	$948	$1,007	$1,434	$1,881	$2,251	$2,231	$2,570	$2,544	$2,353	$2,685	$2,908	$2,864					7.07%	<-IRR #YR->	10	Comprehensive Income	98.07%
ROE	-0.6%	13.3%	10.7%	16.5%	19.6%	9.3%	8.7%	15.4%	12.0%	12.1%	14.4%	11.2%	14.1%					-1.40%	<-IRR #YR->	5	Comprehensive Income	-6.81%
5Yr Median	3.2%	7.6%	8.2%	10.7%	13.3%	13.3%	10.7%	15.4%	12.0%	12.0%	12.1%	12.1%	12.1%					11.02%	<-IRR #YR->	10	5 Yr Running Average	184.35%
% Difference from NI	-74.0%	29.9%	-11.2%	48.2%	63.8%	-28.6%	-21.8%	26.9%	-5.1%	9.2%	-12.8%	-8.7%	-3.3%					2.19%	<-IRR #YR->	5	5 Yr Running Average	11.46%
Median Values										Diff	5, 10 yr	-4.2%	-5.1%					12.1%	<-Median->	5	Return on Equity
			-$1,506	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,983
								-$3,201	$0	$0	$0	$0	$2,983
			-$1,007	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,864
								-$2,570	$0	$0	$0	$0	$2,864
Current Liability Coverage Ratio	0.29	0.70	0.97	0.88	0.65	0.83	0.89	0.96	-0.58	-0.43	0.77	2.20	-0.03	0.51							CFO / Current Liabilities
5 year Median	0.79	0.79	0.85	0.85	0.70	0.83	0.88	0.88	0.83	0.83	0.77	0.77	-0.03	0.51				80.1%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	0.95%	1.65%	2.67%	2.54%	2.08%	2.54%	2.39%	2.58%	-1.28%	-1.18%	2.00%	6.63%	-0.10%	1.52%							CFO / Total Assets
5 year Median	1.06%	1.46%	1.65%	1.65%	2.08%	2.54%	2.54%	2.54%	2.39%	2.39%	2.00%	2.00%	-0.10%	1.52%				2.2%	<-Median->	10	Return on Assets
Return on Assets ROA	-0.14%	0.61%	0.85%	0.79%	0.89%	0.96%	0.80%	0.93%	0.88%	0.74%	1.14%	0.92%	0.93%	1.14%				Net	Income/Assets		Return on Assets
5Yr Median	0.42%	0.42%	0.61%	0.75%	0.79%	0.85%	0.85%	0.89%	0.89%	0.88%	0.88%	0.92%	0.92%	0.93%				0.9%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	-2.42%	10.24%	12.09%	11.17%	11.94%	13.08%	11.10%	12.15%	12.68%	11.10%	16.48%	12.23%	14.60%	17.96%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	4.93%	4.93%	9.69%	10.24%	11.17%	11.94%	11.94%	11.94%	12.15%	12.15%	12.15%	12.23%	12.68%	14.60%				12.2%	<-Median->	10	Return on Equity
														$3,238	<-12 mths	4.93%			Estimates		last 12 months from Qtr.
Net Income	-$184	$1,501	$1,809	$1,882	$2,300	$2,826	$2,487	$2,914	$2,947	$2,792	$4,370	$3,302	$3,469						1.37+1.63
Preferred	$107	$127	$113	$120	$100	$96	$93	$94	$95	$94	$101	$70	$79
NCI and Participating Policyholders	$9	$0	$0	$0	$15	$245	$245	$298	$234	$294	$335	$172	$304
Shareholders	-$300	$1,374	$1,696	$1,762	$2,185	$2,485	$2,149	$2,522	$2,618	$2,404	$3,934	$3,060	$3,086	$3,795	$4,073	$4,191		81.96%	<-Total Growth	10	Net Income
Increase	-118.95%	-558.00%	23.44%	3.89%	24.01%	13.73%	-13.52%	17.36%	3.81%	-8.17%	63.64%	-22.22%	0.85%	22.97%	7.33%	2.90%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$964	$795	$977	$1,223	$1,343	$1,900	$2,055	$2,221	$2,392	$2,436	$2,725	$2,908	$3,020	$3,256	$3,590	$3,641		6.17%	<-IRR #YR->	10	Net Income	81.96%
Operating Cash Flow	$2,714	$748	$627	$1,804	$4,461	$3,668	$1,984	$3,834	$2,547	$7,253	-$1,857	$4,311	$5,612					4.12%	<-IRR #YR->	5	Net Income	22.36%
Investment Cash Flow	-$322	-$176	-$239	-$13	-$723	-$1,893	-$339	-$280	-$430	-$886	-$803	-$2,863	-$559					11.94%	<-IRR #YR->	10	5 Yr Running Ave.	209.02%
Total Accruals	-$2,692	$802	$1,308	-$29	-$1,553	$710	$504	-$1,032	$501	-$3,963	$6,594	$1,612	-$1,967					6.35%	<-IRR #YR->	5	5 Yr Running Ave.	36.02%
Total Assets	$218,027	$225,782	$199,531	$223,357	$246,853	$258,238	$269,112	$271,827	$297,202	$323,011	$345,370	$330,906	$333,241						Balance Sheet		Assets
Accruals Ratio	-1.23%	0.36%	0.66%	-0.01%	-0.63%	0.27%	0.19%	-0.38%	0.17%	-1.23%	1.91%	0.49%	-0.59%					0.17%	<-Median->	5	Ratio
EPS/CF Ratio	-0.15	0.42	0.18	0.31	0.42	0.38	0.33	0.35	-0.68	-0.63	0.57	0.14	-9.64					0.32	<-Median->	10	EPS/CF Ratio
			-$1,696	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,086
								-$2,522	$0	$0	$0	$0	$3,086
			-$977	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,020
								-$2,221	$0	$0	$0	$0	$3,020
Change in Close	-38.49%	42.39%	42.28%	11.73%	2.93%	19.47%	0.64%	-12.70%	30.74%	-4.41%	24.40%	-10.74%	9.34%	5.41%	0.00%	0.00%			Count	26	Years of data
up/down																			Count	0	0.00%
Meet Prediction?																		% right	Count	0	#DIV/0!
Financial Cash Flow	-$1,450	-$1,060	-$1,046	-$1,940	-$1,106	-$1,543	-$2,019	-$2,566	-$2,436	-$2,312	-$260	-$71	-$3,086						C F Statement		Financial Cash Flow
Total Accruals	-$1,242	$1,862	$2,354	$1,911	-$447	$2,253	$2,523	$1,534	$2,937	-$1,651	$6,854	$1,683	$1,119								Accruals
Accruals Ratio	-0.57%	0.82%	1.18%	0.86%	-0.18%	0.87%	0.94%	0.56%	0.99%	-0.51%	1.98%	0.51%	0.34%					0.51%	<-Median->	5	Ratio
Cash	$8,731	$7,605	$7,590	$6,814	$8,817	$8,453	$8,453	$9,402	$9,545	$13,521	$12,145	$11,213	$13,173	$13,173							Cash
Cash per Share	$14.85	$12.68	$12.45	$11.11	$14.40	$13.78	$13.85	$15.71	$16.24	$23.11	$20.73	$19.12	$22.53	$22.53				$20.73	<-Median->	5	Cash per Share
Percentage of Stock Price	80.18%	48.10%	33.20%	26.51%	33.37%	26.72%	26.69%	34.69%	27.43%	40.83%	29.44%	30.42%	32.79%	31.11%				30.42%	<-Median->	5	% of Stock Price
Notes:
April 1, 2024.  Last estimates were for 2023, 2024 and 2025 of $43005M, $44999M and $48149M for Revenue, $6.46, $7.03 and $7.72 for AEPS, $6.32 and $6.80 and $7.07 for EPS,
$2.99 $3.14 and $3.14 for Dividends, $8.03 and $8.66 2023/4 for CFPS, $43.30, $45.80 and $56.20 for BVPS, $3747M, $3989M and $4000M for Net Income.
April 6, 2023.  Last estimates were for 2022, 2023 and 2024 of $402,674B, $438,243B 2022/3for AUM, $38747M, $40555M and $41333M for Revenue,
$6.50, $7.22 and $7.75 for AEPS, $5.99, $6.75 and $7.75 for EPS, $2.75, $3.60 and $2.98 for Dividends, $8.27 2022 for CFPS, $3482M, $3893M and $4309M for Net Income.
April 3, 2022.  Last estimates were for 2021, 2022 and 2023 of $37814M, $39594M and $41778M for Revenue, $5.73, $6.25 and $6.84 for EPS,
$2.26, $2.35 and $2.77 for Dividends, $7.71 and $8.27 for 2021-22 for CFPS, and $3334M, $3642M and $3874M for Net Income.
April 4, 2021.  Last estimates were for 2020, 2021 and 2022 of Adjusted Revenue $36710M for 2020, $34482M, $36303M and $41001M for Revenue,
$4.95, $5.72 and $6.32 for EPS, $2.29, $2.48 and $2.61 for Dividends and $2851M, $3314M and $3530M for Net Income.
March 28, 2020.  Last estimates were for 2019, 2020 and 2021 of $36710M for 2019 for Adj Revenue, $32788M, $34428M and 36210M for Revenue, $4.89, $5.32 and $5.65 for EPS.
$2.12, $.31 and $2.29 for Dividends, $5.28 for CFPS for 2019 and $2890M, $3120M and $3392M for Net Income.
March 27, 2019.  Last estimates were for 2018, for 2018 and 2019, $32185M, $33442M and $37065M for Revenue,
$4.49, $4.83 and $5.23 for EPS, $1.90, $2.03 and $2.18 for Dividends, $4.29 and $5.28 for CFPS for 2018 and 2019 and $2767M, $2984M and $5251M for Net Income.
March 26, 2018.  Last estimates were for 2018, 2018 and 2019 of $32958M, $34437M and $36710M for Adjusted Revenue, $32958M, $34437M and $36710M for Revenue,
$1.76, 1.88 and 1.96 for Dividends, $3.16 and 1.46 for CFPS for 2017 and 2018 and $2409M, $2740M and $2953M for Net Income.
March 25, 2017.  Last estimates were for 2016, 2017 and 2018 of $25035M, $26635M and $28736M for Adjusted Revenue, $25035M, $26635M and $28736M for Revenue,
$3.66, $4.00 and $4.51 for EPS. $1.64. $1.78 and $1.96 for Dividends, $3.38 and $4.10 for CFPS for 2016 and 2017, $2193M, $2386M and $2768M for Net Income.
March 28, 2016.  Last estimates were for 2015, 2016 and 2017 of $23133M, $26590M and $26611M for Revenue, $3.20, $3.49 and $3.83 for EPS, $1.48, $1.59 and $1.79 for Dividends per Share,
$7.22 and $9.49 for CFPS fo 2015 and 2016 (I thought this was high??) and $1913M, $2084M and $2465M for Net Income.
April 11, 2015.  Last estimates were for 2014, 2015 and 2015 of $20488M, $21307M and $22076M for Revenue, $2.76, $3.06 and $3.37 for EPS and  for 2014 and 2015 Net Income of $1718M and $1950M.
April 4, 2014.  Last estimates were for 2013 and 2014 of $22557M and $23145M for Revenue, $2.56, 2.74 and 2.76 (2015) for EPS.
March 31, 2014.  Last estimates were for 2013 and 2014 of $22557M and 23145M for Revenue, $2.56 and $2.74 (and $2.76 for 2015) for EPS.
April, 2013.  EPS for 2013 will be low ($.087) because of loss on Sale of US Annuity Business of around $950.
I cannot determine changes in current assets and current liabilities from statements and so accept what M&G site says.  Wished I could find another site to agree. I can agree with other years.
March 31, 2013.  Last estimates were for 2012 and 2013 of $23706M and $24861M for Revenue $2.56 and $2.73 (and $2.78) for EPS.
2012 Report Sun Life releasted year end report on Feb 13, 2013 but statements on site are unaudited.
Mar 24, 2012.  Last estimates were for 2011 and 2012 of $25784M and $26256M for Revenue, 2.78 and $2.99 for EPS
May 2011.  when I last looked I got earnings for 2010 and 2012 of $2.75 and $3.15
Jun 24, 2010.  when I last got estimates they were for 2010 and 2011 for earnings of $2.84 and $3.20.
Apr 19, 2010.  When I last looked at this stock I got estimates for 2009 and 2010 for earnings of $2.23 and $3.30. Earning widely missed at $.94.
I have made 5% per year return on this stock.  My purchases were spread over from 2000 to 2006.  This recession has hit this stock very hard.
Jun 23, 2009.  when I looked at this stock in April 2009 the earnings estimates for 2009 was $3. and 2010 $3.55.  These earnings have been down graded.
Apr 2009 AP2008.  When I looked at this stock last year, estimate for earnings was $4.05 for 2008 and $4.58 for 2009.  They earned $1.37 for 2008 ($1.40 undiluted). Estimates for 2009 are lower.
They really only made $.07, the rest was profit from sale of  their stake in CI Financial.
AP 2007.  I have done well since I bought this and in last 5 years. Revenue is a concern as it is decreasing not increasing.  TD has buy on this and expects it to do well over next year.
AP 2006. Revenue and earnings not bad. Dividend increase is good.  Stock increase moderate. I have a decent return.  Bought some at start. TD has a buy rating on this stock with yearly return at 14% (Feb 2007)
AR 2005.  Seemed to have some trouble in 2002, but is doing OK now.  Since I bought it in 2000, IRR is 18%, not bad. TD has buy rating on it.
AP 2004.  Stock is doing well.
AR 2003.  It will not again jump up in value as it did between 1999 and 2000.  2003
2003.  I think this is a solid dividend stock.  I would be satisfied if it make 10% compound a year in Price and Div.  2003
Trading Started Mar 23, 2000
Adjusted Revenue
Adjusted revenue is a non-IFRS financial measure that adjusts revenue for the impact of Constant Currency Adjustment, FV Adjustment and Reinsurance in SLF Canada's GB Operations
Sector:
Insurance, Financial Services
What should this stock accomplish?
Would I buy this company and Why.
This is a dividend growth Life Insurance company.  I still like it.
Why am I following this stock.
I first bought this stock in 2000 when it was first demutualized.  It was very cheap.  I bought more in 2001, 2003 and 2006.
This stock was on  Mike Higgs' Canadian Dividend Growth stock list and on the other dividend lists that I followed.
Why I bought this stock.
After I sold my CIBC bond in 2000 I had money to buy some stocks so I made a hit list and looked for ones on this list selling at a reasonable price.  This stock was selling at a reasonable price at that time.
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are paid near the end of the month. Dividends are declared for shareholders of record of one month and paid in the following month.
For example, the dividend declared on February 12, 2014 is payable to shareholders of record of February 28, 2014 and is payable on March 31, 2014.
How they make their money
Sun Life provides life insurance, retirement, and asset management products to individuals and corporate customers in Canada, the United States, and Asia
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.
When reviewing Sun Life refer to
http://divestor.com/2011/10/18/sun-life-and-financial-insurers/
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	Mar 25	2017	Mar 27	2018	Mar 27	2019	Mar 28	2020	Apr 4	2021	Apr 3	2022	Apr 6	2023			Apr 1	2024
Strain, Kevin D.				0.008	0.00%	0.009	0.00%	0.011	0.00%	0.015	0.00%	0.019	0.00%	0.032	0.01%			0.038	0.01%			16.22%
CEO - Shares - Amount					$0.349		$0.506		$0.627		$1.024		$1.169		$2.224				$2.725		Used to be CFO 2021
Options - percentage				0.272	0.05%	0.299	0.05%	0.319	0.05%	0.455	0.08%	0.691	0.12%	0.844	0.14%			0.954	0.16%			13.09%
Options - amount					$12.316		$17.693		$18.063		$32.004		$43.453		$57.997				$69.137
Total Compension 2013
Connor, Dean	0.01%	0.099	0.02%	0.094	0.02%	0.095	0.02%	0.096	0.02%	0.097	0.02%
CEO - Shares - Amount	$4.673		$5.121		$4.250		$5.642		$5.409		$6.796
Options - percentage	0.28%	1.772	0.29%	1.862	0.31%	2.079	0.35%	1.902	0.33%	1.541	0.26%
Options - amount	$88.444		$91.952		$84.321		$123.105		$107.679		$108.489
Total Compension 2013
Total Compension 2012
Total Compension 2011
Singh, Manjit												0.001	0.00%	0.001	0.00%			0.001	0.00%			27.05%
CFO - Shares - Amount													$0.045		$0.068				$0.091
Options - percentage												0.404	0.07%	0.511	0.09%			0.506	0.09%			-0.96%
Options - amount													$25.363		$35.115				$36.660
Freyne, Colm Joseph	0.00%	0.014	0.00%	0.008	0.00%	0.009	0.00%	0.010	0.00%	0.010	0.00%	0.011	0.00%	0.012	0.00%						Used to be CFO, now
Officer - Shares - Amount	$0.333		$0.710		$0.362		$0.519		$0.542		$0.735		$0.703		$0.831						Chief Risk Officer
Options - percentage	0.04%	0.298	0.05%	0.288	0.05%	0.342	0.06%	0.326	0.06%	0.389	0.07%	0.411	0.07%	0.402	0.07%						Still listed as CFO 2018
Options - amount	$13.883		$15.484		$13.027		$20.260		$18.471		$27.410		$25.844		$27.633						Ceased insider April 2023
Total Compension 2013
Dougherty, Linda														0.001	0.00%			0.001	0.00%			17.08%
Officer - Shares - Amount															$0.088				$0.108
Options - percentage														0.132	0.02%			0.149	0.03%			12.63%
Options - amount															$9.095				$10.798
Fishbein, Daniel														0.004	0.00%			0.005	0.00%			14.88%
Officer - Shares - Amount															$0.292				$0.354
Options - percentage														0.637	0.11%			0.682	0.12%			7.08%
Options - amount															$43.761				$49.398
Gupta, Ashok K.												0.001	0.00%	0.001	0.00%			0.001	0.00%			0.00%
Director - Shares - Amt													$0.093		$0.102				$0.107
Options - percentage												0.014	0.00%	-0.020	0.00%			0.026	0.00%			-230.60%
Options - amount													$0.875		-$1.362				$1.875
Coyles, Stephanie				0.002	0.00%	0.004	0.00%	0.005	0.00%	0.011	0.00%	0.012	0.00%	0.013	0.00%			0.014	0.00%			4.58%
Director - Shares - Amt					$0.082		$0.213		$0.289		$0.775		$0.754		$0.900				$0.992
Options - percentage				0.002	0.00%	0.005	0.00%	0.008	0.00%	0.010	0.00%	0.013	0.00%	0.016	0.00%			0.019	0.00%			21.57%
Options - amount					$0.112		$0.277		$0.429		$0.733		$0.803		$1.101				$1.411
Powers, Scott F.												0.001	0.00%	0.001	0.00%			0.001	0.00%		CEO 2023	0.00%
Chairman - Shares - Amt													$0.061		$0.067				$0.071
Options - percentage												0.028	0.00%	0.036	0.01%			0.045	0.01%			22.67%
Options - amount													$1.753		$2.507				$3.241
Anderson, William D.	0.00%	0.013	0.00%	0.016	0.00%	0.016	0.00%	0.016	0.00%	0.016	0.00%	0.016	0.00%	0.016	0.00%						Used to be a director 2018
Director - Shares - Amt	$0.685		$0.689		$0.707		$0.924		$0.883		$1.098		$0.980		$1.072						Last fining Apr 2022
Options - percentage	0.00%	0.014	0.00%	0.018	0.00%	0.023	0.00%	0.028	0.00%	0.033	0.01%	0.038	0.01%	0.038	0.01%						Chairman before 2022
Options - amount	$0.627		$0.739		$0.806		$1.338		$1.576		$2.329		$2.365		$2.585
Increase in O/S Shares	0.26%	1.300	0.21%	0.400	0.07%	0.400	0.07%	0.800	0.14%	0.800	0.14%	0.900	0.15%	0.400	0.07%			1.000	0.17%
due to SO 2013	$69.040		$67.015		$20.752		$18.116		$47.368		$45.280		$63.369		$25.140				$68.720
Book Value	$54.000		$47.000		$18.000		$16.000		$28.000		$23.000		$43.000		$6.000				$56.000
Insider Buying	-$0.817		-$0.015		-$0.223		-$0.235		-$0.392		-$0.357		-$1.585		-$0.673				-$0.402
Insider Selling	$20.382		$18.140		$10.493		$12.055		$32.146		$27.573		$22.121		$23.084				$23.877
Net Insider Selling	$19.565		$18.126		$10.270		$11.821		$31.754		$27.215		$20.536		$22.410				$23.475
% of Market Cap	0.06%		0.06%		0.04%		0.03%		0.10%		0.07%		0.06%		0.06%				0.06%
Directors		13		11		12		11		12		12		12				12
Women	33%	4	31%	4	36%	4	33%	4	36%	4	33%	5	42%	5	42%			6	50%
Minorities	0%	0	0%	0	0%	1	8%	1	9%	1	8%	2	17%	2	17%			2	17%
Institutions/Holdings	44.66%	306	44.46%	316	42.16%	345	41.48%	20	38.30%	20	42.06%	20	44.58%	20	39.96%			20	39.96%
Total Shares Held	44.57%	272.801	44.68%	257.348	43.00%	247.086	41.28%	226.347	38.69%	246.201	42.01%	261.244	44.55%	234.471	40.11%			0.000	0.00%
Increase/Decrease	-1.97%	2.169	0.80%	4.848	1.92%	-4.281	-1.70%	16.145	7.68%	-4.105	-1.64%	-2.302	-0.87%	-9.966	-4.08%			-9.966	-100.00%
Starting No. of Shares	Nasdaq	270.632	Nasdaq	252.500	Nasdaq	251.367	Nasdaq	210.202	Top MS	250.306	Top  MS	263.546	Top  MS	244.437	Top  MS			9.966	Top  MS
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My stock
									Pension									3/31/00	-$6,729.00		$13.46	500
		$34.19	200	$28.00	$0.56	RRSP		3/31/00	-$6,729.00		$13.46	500	$60.00	$0.48	Pension			12/28/01	-$10,181.00		$33.94	300
		$45.78	300					12/28/01	-$10,181.00		$33.94	300						8/11/03	-$2,957.00		$29.57	100
		$46.03	100					8/11/03	-$2,957.00		$29.57	100						12/28/01	-$6,837.00		$34.19	200
		$41.96	600					31-Mar-23	$64,872.00		$22.07	900						6/13/06	-$13,733.10		$45.78	300
		$72.08	600	Stock Price				5.62%	XIRR		$72.08	900	Stock Price					6/14/06	-$4,603.01		$46.03	100
								9.21%	Total Return									29-Feb-24	$108,120.00		$30.03	1500
								3.59%	Dividend Ret.									4.33%	XIRR		$72.08	1500
																		7.81%	Total Return
		Total Value							$96,393.00		Total Value							3.48%	Dividend Ret.
		Less Sale of Stock							$0.00		Less Sale of Stock
		Less Stock Value							-$64,872.00		Less Stock Value								$159,059.00		Total Value
		Dividends Paid						41.19%	$31,521.00		Dividends Paid								$0.00		Less Sale of Stock
		Cost of Stock							$19,867.00		Cost of Stock								-$108,120.00		Less Stock Value
		Sale of Stock							$0.00		Sale of Stock							44.68%	$50,939.00		Dividends Paid
		Capital Gains/Loss						58.81%	$45,005.00		Capital Gains/Loss								$45,040.11		Cost of Stock
		Total Return						100.00%	$76,526.00		Total Return								$0.00		Sale of Stock
																		55.32%	$63,079.89		Capital Gains/Loss
		Shares		600				Start Date	31-Mar-00		Shares		900					100.00%	$114,018.89		Total Return
		Dividends pd per Share		$32.36				End date	31-Mar-23		Dividends pd per Share		$35.02
		Div less cost		-$9.59				Years	23.00		Div less cost		$12.95					Start Date	31-Mar-00		Shares	1,500
		Cost		$41.96							Cost		$22.07					End date	29-Feb-24		Dividends pd per Share	$33.96
		% paid by div		77.14%							% paid by div		158.66%					Years	23.91		Div less cost	$3.93
																					Cost	$30.03
																					% paid by div	113.10%