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/
Toronto Dominion Bank						TSX:	TD	NYSE:	TD	https://www.td.com/		Fiscal Yr:	Oct 31
Year	10/31/11	10/31/12	10/31/13	10/31/14	10/31/15	10/31/16	10/31/17	10/31/18	10/31/19	10/31/20	10/31/21	10/31/22	10/31/23	10/31/24	10/31/25	10/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	C GAAP	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Split Date				31-Jan-14
Split				2
														$51,227	<-12 mths	-1.18%
Adjusted Revenue		$25,677	$27,191	$29,681	$31,437	$34,308	$35,946	$38,981	$41,065	$42,225	$42,693	$46,170	$51,839	$51,131	$53,182	$55,892		90.65%	<-Total Growth	10	Adjusted Revenue
change			5.90%	9.16%	5.92%	9.13%	4.77%	8.44%	5.35%	2.82%	1.11%	8.14%	12.28%	-1.37%	4.01%	5.10%		7.03%	<-Median->	10	change
														$49,880	<-12 mths	-1.21%
Int. Inc, other Inc	$27,222	$30,328	$33,800	$36,305	$37,021	$40,952	$45,134	$53,017	$59,133	$53,682	$48,143	$62,711	$29,944					-11.41%	<-Total Growth	10	Int. Inc, other Inc
Revenue*	$21,594	$23,122	$27,262	$29,961	$31,426	$34,315	$36,149	$38,834	$41,065	$43,646	$42,562	$49,032	$50,492	$51,131	$53,182	$55,892		85.21%	<-Total Growth	10	Revenue	-11.41%
Increase	10.37%	7.08%	17.91%	9.90%	4.89%	9.19%	5.34%	7.43%	5.74%	6.29%	-2.48%	15.20%	2.98%	1.27%	4.01%	5.10%		6.36%	<-IRR #YR->	10	Revenue	-43.52%
5 year Running Average	$17,594	$19,362	$21,881	$24,301	$26,673	$29,217	$31,823	$34,137	$36,358	$38,802	$40,451	$43,028	$45,359	$47,373	$49,280	$51,946		5.39%	<-IRR #YR->	5	Revenue	-83.37%
Revenue per Share	$11.96	$12.59	$14.83	$16.23	$16.93	$18.47	$19.62	$21.22	$22.66	$24.03	$23.34	$26.92	$28.19	$28.54	$29.69	$31.20		7.56%	<-IRR #YR->	10	5 yr Running Average	-59.91%
Increase	7.59%	5.23%	17.75%	9.46%	4.32%	9.11%	6.21%	8.14%	6.79%	6.07%	-2.90%	15.34%	4.72%	1.27%	4.01%	5.10%		5.85%	<-IRR #YR->	5	5 yr Running Average	107.30%
5 year Running Average	$10.50	$11.03	$12.18	$13.35	$14.51	$15.81	$17.22	$18.49	$19.78	$21.20	$22.17	$23.63	$25.03	$26.20	$27.33	$28.91		6.64%	<-IRR #YR->	10	Revenue per Share	32.87%
P/S (Price/Sales) Med	3.28	3.04	2.94	3.24	3.15	2.97	3.39	3.52	3.16	2.61	3.19	3.45	3.01	2.86	0.00	0.00		5.85%	<-IRR #YR->	5	Revenue per Share	-73.41%
P/S (Price/Sales) Close	3.14	3.23	3.23	3.42	3.17	3.29	3.74	3.44	3.32	2.45	3.85	3.24	2.75	2.83	2.72	2.59		7.47%	<-IRR #YR->	10	5 yr Running Average	-42.01%
*Revenue in M CDN $ (using total revenue)					P/S Med	20 yr	3.16	15 yr	3.15	10 yr	3.18	5 yr	3.16		-10.86%	Diff M/C		6.24%	<-IRR #YR->	5	5 yr Running Average
			-$27,262	$0	$0	$0	$0	$0	$0	$0	$0	$0	$50,492
								-$38,834	$0	$0	$0	$0	$50,492
			-$21,881	$0	$0	$0	$0	$0	$0	$0	$0	$0	$45,359
								-$34,137	$0	$0	$0	$0	$45,359
			-$14.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.19
								-$21.22	$0.00	$0.00	$0.00	$0.00	$28.19
			-$12.18	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.03
								-$18.49	$0.00	$0.00	$0.00	$0.00	$25.03
														$7.70	<-12 mths	-3.63%
Pre-split 1989
Pre-split 1999
Pre-split 2014	$6.45	$6.81	$6.93
Adjusted Profit CDN$	$6,071	$6,764	$6,846	$7,877	$8,754	$9,292	$10,587	$12,183	$12,503	$9,968	$14,649	$15,166	$14,580					112.97%	<-Total Growth	10	Adjusted Profit CDN$	Avail. To Sh
Return on Equity ROE	13.97%	15.33%	14.54%	15.01%	13.96%	13.63%	15.17%	16.45%	15.27%	11.02%	15.56%	14.34%	13.69%					14.67%	<-Median->	10	Return on Equity ROE
5Yr Median	12.94%	12.94%	13.97%	14.54%	14.54%	14.54%	14.54%	15.01%	15.17%	15.17%	15.27%	15.27%	14.34%					14.78%	<-Median->	10	5Yr Median
Pre-Split 2014	$6.85
Basic	$3.43	$3.73	$3.72	$4.28	$4.62	$4.88	$5.55	$6.48	$6.71	$5.37	$7.92	$8.38	$8.00					115.05%	<-Total Growth	10	AEPS
Pre-split 2014	$6.82
AEPS* Dilued	$3.41	$3.71	$3.71	$4.27	$4.61	$4.87	$5.54	$6.47	$6.69	$5.36	$7.91	$8.36	$7.99	$7.85	$8.47			115.36%	<-Total Growth	10	AEPS
Increase	18.20%	8.80%	0.00%	15.09%	7.96%	5.64%	13.76%	16.79%	3.40%	-19.88%	47.57%	5.69%	-4.43%	-1.75%	7.90%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$2.86	$3.02	$3.28	$3.60	$3.94	$4.23	$4.60	$5.15	$5.64	$5.79	$6.39	$6.96	$7.26	$7.49	$8.12			7.97%	<-IRR #YR->	10	AEPS	115.36%
AEPS Yield	9.07%	9.13%	7.76%	7.70%	8.59%	8.00%	7.55%	8.86%	8.90%	9.12%	8.80%	9.59%	10.32%	9.72%	10.48%			4.31%	<-IRR #YR->	5	AEPS	23.49%
Payout Ratio	38.27%	38.95%	43.67%	43.09%	43.38%	44.35%	42.42%	40.34%	43.20%	58.02%	39.95%	42.58%	48.06%	51.97%	48.17%			8.28%	<-IRR #YR->	10	5 yr Running Average	121.54%
5 year Running Average	42.24%	42.69%	41.76%	41.25%	41.47%	42.69%	43.38%	42.72%	42.74%	45.67%	44.79%	44.82%	46.36%	48.12%	46.15%			7.11%	<-IRR #YR->	5	5 yr Running Average	40.95%
Price/AEPS Median	11.50	10.33	11.76	12.31	11.57	11.28	12.01	11.53	10.71	11.68	9.41	11.12	10.62	10.41	0.00			11.40	<-Median->	10	Price/AEPS Median
Price/AEPS High	12.67	11.47	12.89	13.56	12.50	12.50	13.24	12.32	11.62	14.18	11.35	12.90	11.71	10.96	0.00			12.50	<-Median->	10	Price/AEPS High
Price/AEPS Low	10.34	9.19	10.63	11.05	10.63	10.07	10.78	10.74	9.81	9.19	7.46	9.35	9.53	9.87	0.00			9.94	<-Median->	10	Price/AEPS Low
Price/AEPS Close	11.03	10.95	12.89	12.99	11.64	12.50	13.24	11.29	11.24	10.97	11.36	10.43	9.69	10.29	9.54			11.32	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	13.04	11.91	12.89	14.95	12.57	13.20	15.07	13.18	11.62	8.79	16.76	11.02	9.27	10.11	10.29			12.88	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	43.15%	5 Yrs	43.20%	P/CF	5 Yrs	in order	10.71	11.71	9.35	10.97		Diff M/C						DPR 75% to 95% best
* Adjusted Earnings per Share
			-$3.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.99
								-$6.47	$0.00	$0.00	$0.00	$0.00	$7.99
			-$3.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.26
								-$5.15	$0.00	$0.00	$0.00	$0.00	$7.26
														$6.54	<-12 mths	16.79%
EPS Basic	$3.23	$3.41	$3.47	$4.15	$4.22	$4.38	$5.51	$6.02	$6.26	$6.43	$7.73	$9.48	$5.61					61.90%	<-Total Growth	10	EPS Basic
Pre-split 1989
Pre-split 1999
Pre-split 2014	$6.41	$6.76	$6.91
EPS Diluted*	$3.21	$3.38	$3.46	$4.14	$4.21	$4.67	$5.50	$6.01	$6.25	$6.43	$7.72	$9.47	$5.60	$7.49	$8.35	$8.48		62.08%	<-Total Growth	10	EPS Diluted
Increase	25.69%	5.46%	2.22%	19.83%	1.69%	10.93%	17.77%	9.27%	3.99%	2.88%	20.06%	22.67%	-40.87%	33.75%	11.48%	1.56%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	8.5%	8.3%	7.2%	7.5%	7.8%	7.7%	7.5%	8.2%	8.3%	10.9%	8.6%	10.9%	7.2%	9.3%	10.3%	10.5%		4.95%	<-IRR #YR->	10	Earnings per Share	62.08%
5 year Running Average	$2.43	$2.56	$2.76	$3.35	$3.68	$3.97	$4.40	$4.91	$5.33	$5.77	$6.38	$7.18	$7.09	$7.34	$7.73	$7.88		-1.40%	<-IRR #YR->	5	Earnings per Share	-6.82%
10 year Running Average	$1.92	$2.28	$2.55	$2.79	$3.05	$3.20	$3.48	$3.83	$4.34	$4.73	$5.18	$5.79	$6.00	$6.34	$6.75	$7.13		9.89%	<-IRR #YR->	10	5 yr Running Average	156.84%
* ESP per share  Cdn GAAP)									E/P	10 Yrs	8.04%	5Yrs	8.59%					7.65%	<-IRR #YR->	5	5 yr Running Average	44.60%
			-$3.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.60
								-$6.01	$0.00	$0.00	$0.00	$0.00	$5.60
			-$2.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.09
								-$4.91	$0.00	$0.00	$0.00	$0.00	$7.09
Dividend*														$4.07	$4.32	$4.22					Dividend*
Increase														5.99%	6.14%	-2.31%					Increase
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 1989
Pre-split 1999
Pre-split 2014	$2.61	$2.89	$3.24
Dividend*	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$3.84	$4.08	$4.08	$4.08		137.04%	<-Total Growth	10	Dividends
Increase	6.97%	10.73%	12.11%	13.58%	8.70%	8.00%	8.80%	11.06%	10.73%	7.61%	1.61%	12.66%	7.87%	6.25%	0.00%	0.00%		43	0	48	Years of data, Count P, N	89.58%
Average Increases 5 Year Running	8.15%	6.59%	6.64%	8.68%	10.42%	10.62%	10.24%	10.03%	9.46%	9.24%	7.96%	8.73%	8.09%	7.20%	5.68%	5.35%		9.35%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.20	$1.27	$1.36	$1.49	$1.64	$1.81	$1.99	$2.19	$2.40	$2.62	$2.82	$3.07	$3.31	$3.55	$3.74	$3.93		143.17%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.33%	3.77%	3.71%	3.50%	3.75%	3.93%	3.53%	3.50%	4.03%	4.97%	4.25%	3.83%	4.53%	4.99%				3.88%	<-Median->	10	Dividends	Item
Yield on High  Price	3.02%	3.40%	3.39%	3.18%	3.47%	3.55%	3.20%	3.28%	3.72%	4.09%	3.52%	3.30%	4.10%	4.74%				3.50%	<-Median->	10	Dividends	EPS
Yield on Low Price	3.70%	4.24%	4.11%	3.90%	4.08%	4.41%	3.94%	3.76%	4.40%	6.31%	5.35%	4.55%	5.04%	5.27%				4.41%	<-Median->	10	Dividends	AEPS
Yield on Close Price	3.47%	3.56%	3.39%	3.32%	3.73%	3.55%	3.20%	3.57%	3.84%	5.29%	3.52%	4.08%	4.96%	5.05%	5.05%	5.05%		3.65%	<-Median->	10	Dividends	CFPS
Payout Ratio EPS	40.72%	42.75%	46.89%	44.44%	47.51%	46.25%	42.73%	43.43%	46.24%	48.37%	40.93%	37.59%	68.57%	54.5%	48.9%	48.1%		45.34%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	49.22%	49.80%	49.31%	44.41%	44.64%	45.66%	45.37%	44.68%	45.08%	45.46%	44.25%	42.73%	46.69%	48.35%	48.46%	49.86%		44.88%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	-310.31%	18.89%	9.40%	13.08%	10.52%	9.09%	12.42%	83.92%	1932.89%	2.44%	11.50%	16.65%	10.53%	11.19%	#VALUE!	#DIV/0!		11.96%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	19.33%	17.82%	16.75%	18.40%	14.27%	11.09%	10.72%	13.90%	18.49%	7.56%	7.96%	8.53%	7.77%	8.33%	#VALUE!	#DIV/0!		10.91%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	36.02%	33.36%	36.28%	33.15%	36.87%	33.20%	19.19%	30.72%	35.88%	49.12%	36.39%	34.67%	4.87%	5.18%	#VALUE!	#DIV/0!		33.93%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	39.57%	39.72%	37.81%	35.22%	35.10%	34.50%	29.16%	28.68%	29.49%	31.51%	32.23%	36.65%	14.77%	15.83%	#VALUE!	#DIV/0!		31.87%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.88%	3.65%	5 Yr Med	5 Yr Cl	4.25%	4.08%	5 Yr Med	Payout	46.24%	11.50%	35.88%					8.03%	<-IRR #YR->	5	Dividends	47.13%
* Dividends per share	10 Yr Med	and Cur.	30.14%	38.35%	5 Yr Med	and Cur.	18.88%	23.67%	Last Div Inc --->		$0.96	$1.02	6.25%					9.01%	<-IRR #YR->	10	Dividends	137.04%
Dividends Growth 15																		8.18%	<-IRR #YR->	15	Dividends	225.42%
Dividends Growth 20																		9.91%	<-IRR #YR->	20	Dividends	562.07%
Dividends Growth 25																		10.31%	<-IRR #YR->	25	Dividends	604.59%
Dividends Growth 30																		10.54%	<-IRR #YR->	30	Dividends	1921.05%
Dividends Growth 35																		10.22%	<-IRR #YR->	35	Dividends	1921.05%
Dividends Growth 40																		9.94%	<-IRR #YR->	40	Dividends	4323.96%
Dividends Growth 45																		10.96%	<-IRR #YR->	45	Dividends
Dividends Growth 50																		10.70%	<-IRR #YR->	48	Dividends
Dividends Growth 5								-$2.61	$0.00	$0.00	$0.00	$0.00	$3.84								Dividends Growth 5
Dividends Growth 10			-$1.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.84								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	$3.84								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	$3.84								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	$3.84								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	$3.84								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.84								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.84								Dividends Growth 40
Dividends Growth 45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.84								Dividends Growth 45
Dividends Growth 50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.84								Dividends Growth 50
Historical Dividends	Historical	High Div	5.99%	Low Div	2.45%	10 Yr High	6.22%	10 Yr Low	3.19%	Med Div	3.53%	Close Div	3.39%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-15.70%		106.10%	Exp.	-18.82%		58.29%	Cheap	43.05%	Cheap	49.05%								High/Ave/Median
Historical Dividends 1988	Historical	High Div	5.18%	Low Div	2.30%	10 Yr High	6.22%	10 Yr Low	3.19%	Med Div	3.51%	Close Div	3.49%								Historical Dividends
Future Dividend Yield					Div Yd	7.43%	earning in	5	Years	at IRR of	8.03%	Div Inc.	47.13%								Future Dividend Yield
Future Dividend Yield					Div Yd	10.93%	earning in	10	Years	at IRR of	8.03%	Div Inc.	116.46%								Future Dividend Yield
Future Dividend Yield					Div Yd	16.08%	earning in	15	Years	at IRR of	8.03%	Div Inc.	218.47%								Future Dividend Yield
Future Dividend Paid					Div Paid	$6.00	earning in	5	Years	at IRR of	8.03%	Div Inc.	47.13%								Future Dividend Paid
Future Dividend Paid					Div Paid	$8.83	earning in	10	Years	at IRR of	8.03%	Div Inc.	116.46%								Future Dividend Paid
Future Dividend Paid					Div Paid	$12.99	earning in	15	Years	at IRR of	8.03%	Div Inc.	218.47%								Future Dividend Paid
Dividend Covering Cost					Total Div	$23.95	over	5	Years	at IRR of	8.03%	Div Cov.	29.64%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$53.18	over	10	Years	at IRR of	8.03%	Div Cov.	65.82%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$96.19	over	15	Years	at IRR of	8.03%	Div Cov.	119.05%								Dividend Covering Cost
I am earning GC					Div Gr	871.43%	2/21/00	# yrs ->	23	2000	$17.96	Cap Gain	349.89%								I am earning GC
I am earning Div					org yield	2.34%	10/31/24	Pension	Div G Yrly	9.64%	Div start	$0.42	-2.34%	22.72%							I am earning Div
I am earning GC					Div Gr	234.43%	5/1/09	# yrs ->	14	2009	$23.85	Cap Gain	238.78%								I am earning GC
I am earning Div					org yield	5.12%	10/31/24	RRSP	Div G Yrly	8.09%	Div start	$1.22	-5.12%	17.11%							I am earning Div
Yield if held 5 years	4.24%	4.11%	5.10%	7.20%	5.77%	5.51%	6.13%	5.98%	5.50%	5.83%	5.75%	5.35%	5.15%	5.69%	6.51%	5.48%		5.76%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.52%	8.23%	8.97%	8.16%	7.57%	7.02%	6.69%	8.21%	11.30%	8.97%	8.06%	9.29%	8.80%	7.76%	7.65%	7.43%		8.19%	<-Median->	10	Paid Median Price
Yield if held 15 years	20.08%	15.62%	11.73%	11.97%	10.74%	10.79%	13.39%	14.46%	12.82%	11.77%	10.27%	10.14%	12.08%	15.95%	11.76%	10.40%		11.87%	<-Median->	10	Paid Median Price
Yield if held 20 years	21.36%	31.88%	30.49%	34.62%	37.74%	33.23%	25.41%	18.90%	18.80%	16.70%	15.78%	20.29%	21.27%	18.09%	15.44%	13.26%		20.78%	<-Median->	10	Paid Median Price
Yield if held 25 years	43.49%	41.19%	41.81%	35.97%	35.12%	35.35%	51.85%	49.12%	54.37%	58.69%	48.62%	38.49%	27.80%	26.54%	21.91%	20.38%		43.55%	<-Median->	10	Paid Median Price
Yield if held 30 years	101.46%	111.42%	81.95%	94.97%	76.19%	71.99%	66.99%	67.35%	56.50%	54.61%	51.72%	78.54%	72.27%	76.76%	77.00%	62.77%		69.67%	<-Median->	10	Paid Median Price
Yield if held 35 years						167.93%	181.20%	132.03%	149.16%	118.48%	105.31%	101.48%	99.10%	79.77%	71.64%	66.78%		125.25%	<-Median->	8	Paid Median Price
Yield if held 40 years											245.68%	274.51%	194.25%	210.58%	155.43%	135.97%		245.68%	<-Median->	3	Paid Median Price
																317.20%
Cost covered if held 5 years	19.43%	18.14%	21.43%	29.05%	23.67%	23.11%	26.02%	25.12%	22.85%	24.61%	25.70%	23.04%	22.20%	24.76%	29.89%	26.40%		24.14%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	47.35%	59.07%	63.18%	55.72%	52.13%	48.88%	46.52%	55.91%	76.02%	61.51%	59.11%	66.03%	63.07%	56.63%	59.71%	61.45%		57.51%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	176.23%	136.43%	100.71%	100.10%	90.90%	92.62%	115.89%	123.89%	108.98%	101.78%	94.75%	90.16%	108.01%	145.43%	115.48%	109.18%		100.94%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	204.50%	303.36%	285.67%	316.65%	351.21%	315.69%	244.22%	180.05%	178.21%	161.34%	163.14%	203.25%	215.62%	187.69%	172.62%	158.56%		209.43%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	442.82%	416.89%	415.94%	347.61%	343.99%	352.86%	523.33%	491.93%	542.62%	598.82%	532.92%	409.95%	299.95%	293.66%	261.85%	261.23%		450.94%	<-Median->	10	Paid Median Price
Cost covered if held 30 years	1069.37%	1165.74%	842.31%	949.48%	773.24%	744.93%	701.09%	698.77%	582.40%	574.36%	583.96%	861.56%	803.58%	876.58%	952.11%	835.08%		723.01%	<-Median->	10	Paid Median Price
Cost covered if held 35 years						1774.13%	1934.52%	1396.72%	1569.35%	1273.05%	1215.50%	1138.07%	1126.13%	929.42%	903.07%	905.40%		1334.88%	<-Median->	8	Paid Median Price
Cost covered if held 40 years											2877.19%	3122.87%	2238.80%	2490.40%	1989.95%	1873.53%		2877.19%	<-Median->	3	Paid Median Price
																4370.65%
																				Yr	Item	Tot. Growth
Revenue Growth								$38,834	$41,065	$43,646	$42,562	$49,032	$50,492	$51,227	<-12 mths	1.46%		30.02%	<-Total Growth	5	Revenue Growth	30.02%
AEPS Growth								$6.47	$6.69	$5.36	$7.91	$8.36	$7.99	$7.70	<-12 mths	-3.63%		23.49%	<-Total Growth	5	AEPS Growth	23.49%
Net Income Growth								$11,048	$11,416	$11,628	$14,049	$17,170	$10,219	$11,527	<-12 mths	12.80%		-8.11%	<-Total Growth	5	Net Income Growth	-8.11%
Cash Flow Growth								$5,693	$271	$231,786	$50,129	$38,949	$65,302					1047.06%	<-Total Growth	5	Cash Flow Growth	1047.06%
Dividend Growth								$2.61	$2.89	$3.11	$3.16	$3.56	$3.84	$4.08	<-12 mths	6.25%		47.13%	<-Total Growth	5	Dividend Growth	47.13%
Stock Price Growth								$73.03	$75.21	$58.78	$89.84	$87.19	$77.46	$80.80	<-12 mths	4.31%		6.07%	<-Total Growth	5	Stock Price Growth	6.07%
Revenue Growth			$27,262	$29,961	$31,426	$34,315	$36,149	$38,834	$41,065	$43,646	$42,562	$49,032	$50,492	$51,131	<-this year	1.27%		85.21%	<-Total Growth	10	Revenue Growth	85.21%
EPS Growth			$3.71	$4.27	$4.61	$4.87	$5.54	$6.47	$6.69	$5.36	$7.91	$8.36	$7.99	$7.85	<-this year	-1.75%		115.36%	<-Total Growth	10	EPS Growth	115.36%
Net Income Growth			$6,372	$7,633	$7,813	$8,680	$10,010	$11,048	$11,416	$11,628	$14,049	$17,170	$10,219	$12,143	<-this year	18.83%		60.37%	<-Total Growth	10	Net Income Growth	60.37%
Cash Flow Growth			$31,695	$25,967	$35,273	$44,125	$34,870	$5,693	$271	$231,786	$50,129	$38,949	$65,302					106.03%	<-Total Growth	10	Cash Flow Growth	106.03%
Dividend Growth			$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$3.84	$4.07	<-this year	5.99%		137.04%	<-Total Growth	10	Dividend Growth	137.04%
Stock Price Growth			$47.82	$55.47	$53.68	$60.86	$73.37	$73.03	$75.21	$58.78	$89.84	$87.19	$77.46	$80.80	<-this year	4.31%		61.98%	<-Total Growth	10	Stock Price Growth	61.98%
Dividends on Shares	$1,592.10	$1,762.90	$1,976.40	$2,244.80	$2,440.00	$2,635.20	$2,867.00	$3,184.20	$3,525.80	$3,794.20	$3,855.20	$4,343.20	$4,684.80	$4,977.60	$4,977.60	$4,977.60		$54,390.47	No of Years	47	Total Dividends	12/31/76
Paid	$46,536.90	$51,087.50	$61,067.10	$67,722.20	$66,172.80	$80,788.40	$89,853.00	$82,789.20	$88,852.60	$87,742.40	$118,315.60	$106,957.40	$104,456.40	$98,576.00	$98,576.00	$98,576.00		$104,456.40	No of Years	47	Worth	$0.82
Total																		$158,846.87
Dividends on Shares	$246.65	$273.11	$306.18	$347.76	$378.00	$408.24	$444.15	$493.29	$546.21	$587.79	$597.24	$672.84	$725.76	$771.12	$771.12	$771.12		$5,780.57	No of Years	30	Total Dividends	12/31/93
Paid	$7,209.41	$7,914.38	$9,460.40	$10,491.39	$10,251.36	$12,515.58	$13,919.85	$12,825.54	$13,764.87	$13,592.88	$18,329.22	$16,569.63	$16,182.18	$15,271.20	$15,271.20	$15,271.20		$16,182.18	No of Years	30	Worth	$5.31
Total																		$21,962.75
Dividends on Shares				$36.80	$40.00	$43.20	$47.00	$52.20	$57.80	$62.20	$63.20	$71.20	$76.80	$81.60	$81.60	$81.60		$550.40	No of Years	10	Total Dividends	12/31/13
Paid			$1,001.10	$1,110.20	$1,084.80	$1,324.40	$1,473.00	$1,357.20	$1,456.60	$1,438.40	$1,939.60	$1,753.40	$1,712.40	$1,616.00	$1,616.00	$1,616.00		$1,712.40	No of Years	10	Worth	$50.06
Total																		$2,262.80
Graham No. AEPS	$42.98	$44.79	$46.22	$52.26	$59.20	$63.41	$68.72	$76.74	$82.47	$77.50	$95.83	$104.51	$103.38	$102.47	$106.45	$0.00		123.66%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.91	0.86	0.94	1.01	0.90	0.87	0.97	0.97	0.87	0.81	0.78	0.89	0.82	0.80				0.88	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.01	0.95	1.03	1.11	0.97	0.96	1.07	1.04	0.94	0.98	0.94	1.03	0.90	0.84				0.98	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.82	0.76	0.85	0.90	0.83	0.77	0.87	0.91	0.80	0.64	0.62	0.75	0.74	0.76				0.78	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.88	0.91	1.03	1.06	0.91	0.96	1.07	0.95	0.91	0.76	0.94	0.83	0.75	0.79	0.76	#DIV/0!		0.92	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-12.49%	-9.32%	3.45%	6.14%	-9.33%	-4.02%	6.76%	-4.84%	-8.81%	-24.16%	-6.25%	-16.57%	-25.08%	-21.15%	-24.09%	#DIV/0!		-7.53%	<-Median->	10	Graham Price
Graham No. EPS	$41.67	$42.75	$44.61	$51.46	$56.57	$62.09	$68.47	$73.96	$79.71	$84.88	$94.68	$111.23	$86.55	$100.09	$105.69	$106.51		94.03%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.94	0.90	0.98	1.02	0.94	0.88	0.97	1.01	0.90	0.74	0.79	0.84	0.98	0.82				0.92	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.04	1.00	1.07	1.13	1.02	0.98	1.07	1.08	0.98	0.90	0.95	0.97	1.08	0.86				1.00	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.85	0.80	0.88	0.92	0.87	0.79	0.87	0.94	0.82	0.58	0.62	0.70	0.88	0.77				0.84	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.90	0.95	1.07	1.08	0.95	0.98	1.07	0.99	0.94	0.69	0.95	0.78	0.89	0.81	0.76	0.76		0.95	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-9.73%	-4.99%	7.20%	7.80%	-5.12%	-1.99%	7.15%	-1.26%	-5.65%	-30.75%	-5.11%	-21.62%	-10.50%	-19.28%	-23.55%	-24.14%		-5.11%	<-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		48.00	<Count Years>		Month, Year
Pre-split 1989
Pre-split 1999
Pre-split 2014	$76.29	$83.75	$100.11
Price Close	$38.15	$41.88	$50.06	$55.51	$54.24	$66.22	$73.65	$67.86	$72.83	$71.92	$96.98	$87.67	$85.62	$80.80	$80.80	$80.80		71.05%	<-Total Growth	10	Stock Price
Increase	2.75%	9.78%	19.53%	10.90%	-2.29%	22.09%	11.22%	-7.86%	7.32%	-1.25%	34.84%	-9.60%	-2.34%	-5.63%	0.00%	0.00%		13.53	<-Median->	10	CAPE (10 Yr P/E)
P/E	11.90	12.39	14.49	13.41	12.88	14.18	13.39	11.29	11.65	11.19	12.56	9.26	15.29	10.79	9.68	9.53		4.76%	<-IRR #YR->	5	Stock Price	26.17%
Trailing P/E	14.96	13.07	14.81	16.07	13.10	15.73	15.77	12.34	12.12	11.51	15.08	11.36	9.04	14.43	10.79	9.68		5.51%	<-IRR #YR->	10	Stock Price	71.05%
CAPE (10 Yr P/E)	15.24	13.98	13.64	13.54	13.15	13.52	13.56	13.50	12.85	12.54	18.73	15.15	14.27	12.75	11.97	11.33		9.18%	<-IRR #YR->	5	Price & Dividend	54.42%
Median 10, 5 Yrs		D.  per yr	4.18%	4.42%	% Tot Ret	43.10%	48.15%	T P/E	12.72	11.51	P/E:	12.72	11.65					9.69%	<-IRR #YR->	10	Price & Dividend	129.27%
Price  15		D.  per yr	5.20%		% Tot Ret	35.18%						CAPE Diff	-20.25%					9.57%	<-IRR #YR->	15	Stock Price	294.11%
Price  20		D.  per yr	4.12%		% Tot Ret	36.26%												7.24%	<-IRR #YR->	20	Stock Price	304.92%
Price  25		D.  per yr	4.00%		% Tot Ret	34.22%												7.68%	<-IRR #YR->	25	Stock Price	536.58%
Price  30		D.  per yr	4.86%		% Tot Ret	33.36%												9.71%	<-IRR #YR->	30	Stock Price	1512.43%
Price  35		D.  per yr	4.09%		% Tot Ret	31.71%												8.82%	<-IRR #YR->	35	Stock Price	1824.04%
Price  40		D.  per yr	4.75%		% Tot Ret	32.70%												9.77%	<-IRR #YR->	40	Stock Price	4056.31%
Price  45		D.  per yr	5.77%		% Tot Ret	35.30%												10.57%	<-IRR #YR->	45	Stock Price	9106.45%
Price  50		D.  per yr	5.02%		% Tot Ret	32.92%												10.23%	<-IRR #YR->	48	Stock Price
Price & Dividend 15																		14.77%	<-IRR #YR->	15	Price & Dividend	457.56%
Price & Dividend 20																		11.36%	<-IRR #YR->	20	Price & Dividend	491.75%
Price & Dividend 25																		11.68%	<-IRR #YR->	25	Price & Dividend	847.06%
Price & Dividend 30																		14.57%	<-IRR #YR->	30	Price & Dividend	2320.15%
Price & Dividend 35																		12.91%	<-IRR #YR->	35	Price & Dividend	3695.39%
Price & Dividend 40																		14.51%	<-IRR #YR->	40	Price & Dividend	8457.44%
Price & Dividend 45																		16.34%	<-IRR #YR->	45	Price & Dividend	13896.85%
Price & Dividend 50																		15.24%	<-IRR #YR->	48	Price & Dividend
Price  5								-$67.86	$0.00	$0.00	$0.00	$0.00	$85.62								Price  5
Price 10			-$50.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$85.62								Price 10
Price & Dividend 5								-$67.86	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 5
Price & Dividend 10			-$50.06	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								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	$85.62								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	$85.62								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	$85.62								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	$85.62								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$85.62								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$85.62								Price  40
Price  45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$85.62								Price  45
Price  50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$85.62								Price  50
Price & Dividend 15	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 15
Price & Dividend 20	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 20
Price & Dividend 25	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 25
Price & Dividend 30	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 30
Price & Dividend 35	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 35
Price & Dividend 40	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 40
Price & Dividend 45	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 45
Price & Dividend 50	$1.31	$1.45	$1.62	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$89.46								Price & Dividend 50
Month, Year	Oct-11	Oct-12	Oct-13	Oct-14	Oct-15	Oct-16	Oct-17	Oct-18	Oct-19	Oct-20	Oct-21	Oct-22	Oct-23	Oct-24	Oct-25	Oct-26		42.00	<Count Years>		Month, Year
Pre-split 1989
Pre-split 1999
Pre-split 2014	$75.23	$81.23	$95.64	$95.64
Price Close	$37.62	$40.62	$47.82	$55.47	$53.68	$60.86	$73.37	$73.03	$75.21	$58.78	$89.84	$87.19	$77.46	$80.80	$80.80	$80.80		61.98%	<-Total Growth	10	Stock Price
Increase	2.42%	7.98%	17.74%	16.00%	-3.23%	13.38%	20.56%	-0.46%	2.99%	-21.85%	52.84%	-2.95%	-11.16%	4.31%	0.00%	0.00%		4.94%	<-IRR #YR->	10	Stock Price	61.98%
P/E	11.74	12.02	13.84	13.40	12.75	13.03	13.34	12.15	12.03	9.14	11.64	9.21	13.83	10.79	9.68	9.53		1.18%	<-IRR #YR->	5	Stock Price	6.07%
Trailing P/E	14.75	12.67	14.15	16.05	12.97	14.46	15.71	13.28	12.51	9.40	13.97	11.29	8.18	14.43	10.79	9.68		9.42%	<-IRR #YR->	10	Price & Dividend	122.92%
Median 10, 5 Yrs		D.  per yr	4.48%	4.40%	% Tot Ret	47.53%	78.79%	T P/E	13.12	11.29	P/E:	12.45	11.64					5.59%	<-IRR #YR->	5	Price & Dividend	32.32%
			-$47.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$77.46
								-$73.03	$0.00	$0.00	$0.00	$0.00	$77.46
			-$47.82	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$81.30
								-$73.03	$2.89	$3.11	$3.16	$3.56	$81.30
Price Median H/L	$39.22	$38.32	$43.64	$52.55	$53.32	$54.94	$66.53	$74.59	$71.68	$62.63	$74.40	$92.99	$84.86	$81.75				94.48%	<-Total Growth	10	Stock Price
Increase	13.10%	-2.31%	13.88%	20.43%	1.47%	3.04%	21.09%	12.12%	-3.91%	-12.62%	18.78%	24.99%	-8.74%	-3.66%				6.88%	<-IRR #YR->	10	Stock Price	94.48%
P/E	12.24	11.34	12.63	12.69	12.67	11.76	12.10	12.41	11.47	9.74	9.64	9.82	15.15	10.91				2.61%	<-IRR #YR->	5	Stock Price	13.77%
Trailing P/E	15.38	11.96	12.91	15.21	12.88	13.05	14.25	13.56	11.93	10.02	11.57	12.05	8.96	14.60				11.41%	<-IRR #YR->	10	Price & Dividend	161.26%
P/E on Run. 5 yr Ave	16.14	14.98	15.80	15.71	14.50	13.84	15.14	15.20	13.45	10.85	11.66	12.96	11.96	11.13				6.80%	<-IRR #YR->	5	Price & Dividend	39.47%
P/E on Run. 10 yr Ave	20.38	16.84	17.15	18.84	17.48	17.17	19.14	19.45	16.53	13.26	14.37	16.07	14.14	12.90				11.76	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.53%	4.19%	% Tot Ret	39.71%	61.58%	T P/E	12.46	11.57	P/E:	11.93	9.82						Count	42	Years of data
			-$43.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$84.86
								-$74.59	$0.00	$0.00	$0.00	$0.00	$84.86
			-$43.64	$1.84	$2.00	$2.16	$2.35	$2.61	$2.89	$3.11	$3.16	$3.56	$88.70
								-$74.59	$2.89	$3.11	$3.16	$3.56	$88.70
High Months	Mar 11	Mar 12	Oct 13	Aug 14	Nov 14	Oct 16	Oct 17	Sep 17	Jun 19	Feb 20	Oct 21	Feb 22	Feb 23	Jan 24
Pre-split 1989
Pre-split 1999
Pre-split 2014	$86.40	$85.09	$95.64	$95.64
Price High	$43.20	$42.55	$47.82	$57.90	$57.62	$60.86	$73.34	$79.68	$77.74	$75.98	$89.77	$107.81	$93.56	$86.01				95.65%	<-Total Growth	10	Stock Price
Increase	12.25%	-1.52%	12.40%	21.08%	-0.48%	5.62%	20.51%	8.64%	-2.43%	-2.26%	18.15%	20.10%	-13.22%	-8.07%				6.94%	<-IRR #YR->	11	Stock Price	95.65%
P/E	13.48	12.59	13.84	13.99	13.69	13.03	13.33	13.26	12.44	11.82	11.63	11.38	16.71	11.48				3.26%	<-IRR #YR->	5	Stock Price	17.42%
Trailing P/E	16.94	13.27	14.15	16.76	13.92	14.46	15.70	14.49	12.94	12.16	13.96	13.97	9.88	15.36				13.03	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	13.96	12.94	P/E:	13.15	11.82					17.36	P/E Ratio		Historical High
			-$47.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$93.56
								-$79.68	$0.00	$0.00	$0.00	$0.00	$93.56
Low Months	Sep 11	Nov 11	Nov 12	Dec 13	Aug 15	Feb 16	Nov 16	Apr 17	Dec 18	Mar 20	Nov 20	Jul 22	Oct 23	Nov 23
Pre-split 1989
Pre-split 1999
Pre-split 2014	$70.49	$68.18	$78.90	$78.90	$78.90	$78.90
Price Low	$35.25	$34.09	$39.45	$47.20	$49.02	$49.02	$59.71	$69.50	$65.61	$49.28	$59.02	$78.17	$76.16	$77.49				93.05%	<-Total Growth	10	Stock Price
Increase	14.15%	-3.28%	15.72%	19.65%	3.86%	0.00%	21.81%	16.40%	-5.60%	-24.89%	19.76%	32.45%	-2.57%	1.75%				6.80%	<-IRR #YR->	10	Stock Price	93.05%
P/E	11.00	10.09	11.42	11.40	11.64	10.50	10.86	11.56	10.50	7.66	7.65	8.25	13.60	10.35				1.85%	<-IRR #YR->	5	Stock Price	9.58%
Trailing P/E	13.82	10.64	11.67	13.66	11.84	11.64	12.79	12.64	10.92	7.88	9.18	10.13	8.04	13.84				10.50	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	11.28	9.18	P/E:	10.68	8.25					6.53	P/E Ratio		Historical Low
			-$39.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$76.16
								-$69.50	$0.00	$0.00	$0.00	$0.00	$76.16
Free Cash Flow MS	$16,332	$12,252	$26,533	$25,085	$34,335	$36,604	$25,693	$5,106	-$523	$230,079	$49,000	$37,500	-$67,150	$0				-353.08%	<-Total Growth	10	Free Cash Flow
Change		-24.98%	116.56%	-5.46%	36.87%	6.61%	-29.81%	-80.13%	-110.24%	44092.16%	-78.70%	-23.47%	-279.07%	100.00%				#NUM!	<-IRR #YR->	5	Free Cash Flow MS	-1415.12%
FCF/CF from Op Ratio	9.22	6.76	14.44	13.64	18.57	19.75	13.88	2.78	-0.29	127.31	27.00	20.71	-36.84	0.00				#NUM!	<-IRR #YR->	10	Free Cash Flow MS	-353.08%
Dividends paid	$1,835	$1,870	$2,647	$3,188	$3,444	$3,808	$4,211	$4,634	$5,157	$5,043	$5,555	$6,665	$5,825	$7,309				120.06%	<-Total Growth	10	Dividends paid
Percentage paid						10.40%	16.39%	90.76%	-986.04%	2.19%	11.34%	17.77%	-8.67%	#DIV/0!				$0.11	<-Median->	8	Percentage paid
5 Year Coverage										7.70%	7.95%	8.42%	11.35%	12.19%							5 Year Coverage
Dividend Coverage Ratio						9.61	6.10	1.10	-0.10	45.62	8.82	5.63	-11.53	0.00				5.86	<-Median->	8	Dividend Coverage Ratio
5 Year of Coverage										12.99	12.58	11.87	8.81	8.21							5 Year of Coverage
								-$5,106	$0	$0	$0	$0	-$67,150
			-$26,533	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$67,150
Free Cash Flow WSJ					-$13,785	$9,894	$21,295	$9,564	$117,643	-$28,453	$100,878	$46,291	$36,480					364.64%	<-Total Growth	8	Free Cash Flow	WSJ
Change						171.77%	115.23%	-55.09%	1130.06%	-124.19%	454.54%	-54.11%	-21.19%					30.70%	<-IRR #YR->	5	Free Cash Flow MS	281.43%
FCF/CF from Op Ratio					-0.39	0.22	0.61	1.68	434.11	-0.12	2.01	1.19	0.56					#NUM!	<-IRR #YR->	8	Free Cash Flow MS	364.64%
Dividends paid					$3,444	$3,808	$4,211	$4,634	$5,157	$5,043	$5,555	$6,665	$5,825					69.13%	<-Total Growth	8	Dividends paid
Percentage paid					-24.98%	38.49%	19.77%	48.45%	4.38%	-17.72%	5.51%	14.40%	15.97%					$0.14	<-Median->	9	Percentage paid
5 Year Coverage									14.70%	17.59%	11.13%	11.00%	10.35%								5 Year Covrage
Dividend Coverage Ratio					-4.00	2.60	5.06	2.06	22.81	-5.64	18.16	6.95	6.26					5.06	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage								1.68	6.80	5.69	8.98	9.09	9.66								5 Year of Caogerage
								-$9,564	$0	$0	$0	$0	$36,480
					$13,785	$0	$0	$0	$0	$0	$0	$0	$36,480
Market Cap	$67,888	$74,585	$87,931	$102,409	$99,641	$113,054	$135,184	$133,674	$136,318	$106,750	$163,859	$158,834	$138,762	$144,745	$144,745	$144,745		57.81%	<-Total Growth	10	Market Cap
Pre-split 2014	902.9	914.9	922.5
Diluted # of Shares in Million	1,805.8	1,829.8	1,845.0	1,845.3	1,854.1	1,856.8	1,854.8	1,839.5	1,827.3	1,808.8	1,820.2	1,813.6	1,824.4	1,824.4				-1.12%	<-Total Growth	10	Diluted
Change	3.53%	1.33%	0.83%	0.02%	0.48%	0.15%	-0.11%	-0.82%	-0.66%	-1.01%	0.63%	-0.36%	0.60%	0.00%				-0.05%	<-Median->	10	Change
Difference Diluted/Basic	-1.9%	-0.9%	-0.4%	-0.3%	-0.3%	-0.2%	-0.2%	-0.2%	-0.2%	-0.1%	-0.3%	-0.2%	-0.1%	-0.1%				-0.20%	<-Median->	10	Difference Diluted/Basic
Pre-split 2014	885.7	906.6	918.9
Average # of Shares in Million	1,771.4	1,813.2	1,837.8	1,839.1	1,849.2	1,853.4	1,850.6	1,835.4	1,824.2	1,807.3	1,814.7	1,810.5	1,822.5	1,822.5				-0.83%	<-Total Growth	10	Average
Change	2.15%	2.36%	1.36%	0.07%	0.55%	0.23%	-0.15%	-0.82%	-0.61%	-0.93%	0.41%	-0.23%	0.66%	0.00%				-0.04%	<-Median->	10	Change
Difference	1.9%	1.3%	0.1%	0.4%	0.4%	0.2%	-0.4%	-0.3%	-0.6%	0.5%	0.5%	0.6%	-1.7%	-1.7%				0.30%	<-Median->	10	Difference
																						Equity
Pre-split 1989
Pre-split 1999
Pre-split 2014	902.4	918.2	919.4
# of Share in Millions	1,804.8	1,836.4	1,838.8	1,846.2	1,856.2	1,857.6	1,842.5	1,830.4	1,812.5	1,816.1	1,823.9	1,821.7	1,791.4	1,791.4	1,791.4	1,791.4		-0.26%	<-IRR #YR->	10	Shares	-2.58%
Change	2.58%	1.75%	0.13%	0.40%	0.54%	0.08%	-0.81%	-0.66%	-0.98%	0.20%	0.43%	-0.12%	-1.66%	0.00%	0.00%	0.00%		-0.43%	<-IRR #YR->	5	Shares	-2.13%
Cash Flow from Operations $M	-$759	$14,046	$31,695	$25,967	$35,273	$44,125	$34,870	$5,693	$271	$231,786	$50,129	$38,949	$65,302	$65,302	<-12 mths			106.03%	<-Total Growth	10	Cash Flow
Increase	-123.36%	1950.59%	125.65%	-18.07%	35.84%	25.10%	-20.97%	-83.67%	-95.24%	85429.89%	-78.37%	-22.30%	67.66%	67.66%	<-12 mths			SO, DRIP	Buy Backs		S. Issues
5 year Running Average	$10,234	$12,232	$14,575	$14,840	$21,244	$30,221	$34,386	$29,186	$24,046	$63,349	$64,550	$65,366	$77,287	$77,287	<-12 mths			430.28%	<-Total Growth	10	CF 5 Yr Running
CFPS	-$0.42	$7.65	$17.24	$14.07	$19.00	$23.75	$18.93	$3.11	$0.15	$127.63	$27.48	$21.38	$36.45	$36.45	<-12 mths			111.48%	<-Total Growth	10	Cash Flow per Share
Increase	-122.77%	1918.75%	125.36%	-18.40%	35.11%	25.00%	-20.33%	-83.57%	-95.19%	85260.35%	-78.47%	-22.21%	70.50%	70.50%	<-12 mths			7.50%	<-IRR #YR->	10	Cash Flow	106.03%
5 year Running Average	$6.19	$7.15	$8.13	$8.08	$11.51	$16.34	$18.60	$15.77	$12.99	$34.71	$35.46	$35.95	$42.62	$42.62	<-12 mths			62.90%	<-IRR #YR->	5	Cash Flow	1047.06%
P/CF on Med Price	-93.27	5.01	2.53	3.74	2.81	2.31	3.52	23.98	479.38	0.49	2.71	4.35	2.33	2.33	<-12 mths			7.78%	<-IRR #YR->	10	Cash Flow per Share	111.48%
P/CF on Closing Price	-89.44	5.31	2.77	3.94	2.82	2.56	3.88	23.48	503.02	0.46	3.27	4.08	2.12	2.12	<-12 mths			63.60%	<-IRR #YR->	5	Cash Flow per Share	1072.03%
															-32.77%	Diff M/C		18.02%	<-IRR #YR->	10	CFPS 5 yr Running	424.11%
Excl.Working Capital CF	$7,297	-$6,092	-$23,485	-$15,721	-$25,205	-$32,039	-$12,306	$9,856	$14,330	-$220,287	-$34,292	-$20,243	$75,875	$75,875	<-12 mths			22.00%	<-IRR #YR->	5	CFPS 5 yr Running	170.23%
CF fr Op $M WC	$6,538	$7,954	$8,210	$10,246	$10,068	$12,086	$22,564	$15,549	$14,601	$11,499	$15,837	$18,706	$141,177	$141,177	<-12 mths			1619.57%	<-Total Growth	10	Cash Flow less WC
Increase	18.74%	21.66%	3.22%	24.80%	-1.74%	20.04%	86.70%	-31.09%	-6.10%	-21.25%	37.73%	18.12%	654.72%	654.72%	<-12 mths			32.91%	<-IRR #YR->	10	Cash Flow less WC	1619.57%
5 year Running Average	$5,041	$5,653	$6,488	$7,691	$8,603	$9,713	$12,635	$14,103	$14,974	$15,260	$16,010	$15,238	$40,364	$40,364	<-12 mths			55.46%	<-IRR #YR->	5	Cash Flow less WC	807.95%
CFPS Excl. WC	$3.62	$4.33	$4.46	$5.55	$5.42	$6.51	$12.25	$8.49	$8.06	$6.33	$8.68	$10.27	$78.81	$78.81	<-12 mths			20.06%	<-IRR #YR->	10	CF less WC 5 Yr Run	522.13%
Increase	15.76%	19.56%	3.08%	24.30%	-2.27%	19.95%	88.23%	-30.63%	-5.17%	-21.40%	37.14%	18.26%	667.48%	667.48%	<-12 mths			23.41%	<-IRR #YR->	5	CF less WC 5 Yr Run	186.22%
5 year Running Average	$3.02	$3.21	$3.60	$4.22	$4.68	$5.26	$6.84	$7.64	$8.15	$8.33	$8.76	$8.37	$22.43	$22.43	<-12 mths			33.25%	<-IRR #YR->	10	CFPS - Less WC	1665.07%
P/CF on Med Price	10.83	8.85	9.77	9.47	9.83	8.44	5.43	8.78	8.90	9.89	8.57	9.06	1.08	1.08	<-12 mths			56.13%	<-IRR #YR->	5	CFPS - Less WC	827.72%
P/CF on Closing Price	10.38	9.38	10.71	9.99	9.90	9.35	5.99	8.60	9.34	9.28	10.35	8.49	0.98	0.98	<-12 mths			20.07%	<-IRR #YR->	10	CFPS 5 yr Running	522.62%
*Operational Cash Flow per share			CF/CF-WC	P/CF Med	10 yr	3.16	5 yr	2.71	P/CF Med	10 yr	8.84	5 yr	8.90		-88.88%	Diff M/C		24.02%	<-IRR #YR->	5	CFPS 5 yr Running	193.42%
For Working capital I used total of
			-1,838.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1,791.4								Shares
								-1,830.4	0.0	0.0	0.0	0.0	1,791.4								Shares
			-$31,695	$0	$0	$0	$0	$0	$0	$0	$0	$0	$65,302								Cash Flow
								-$5,693	$0	$0	$0	$0	$65,302								Cash Flow
			-$17.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.45								Cash Flow per Share
								-$3.11	$0.00	$0.00	$0.00	$0.00	$36.45								Cash Flow per Share
			-$8.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.62								CFPS 5 yr Running
								-$15.77	$0.00	$0.00	$0.00	$0.00	$42.62								CFPS 5 yr Running
			-$8,210	$0	$0	$0	$0	$0	$0	$0	$0	$0	$141,177								Cash Flow less WC
								-$15,549	$0	$0	$0	$0	$141,177								Cash Flow less WC
			-$6,488	$0	$0	$0	$0	$0	$0	$0	$0	$0	$40,364								CF less WC 5 Yr Run
								-$14,103	$0	$0	$0	$0	$40,364								CF less WC 5 Yr Run
			-$4.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$78.81								CFPS - Less WC
								-$8.49	$0.00	$0.00	$0.00	$0.00	$78.81								CFPS - Less WC
			-$3.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.43								CFPS 5 yr Running
								-$7.64	$0.00	$0.00	$0.00	$0.00	$22.43								CFPS 5 yr Running
Changes in operating assets and liabilities
Interest receivable and payable	-$188	$236	-$425	-$204	-$294	$7	-$283	-$104		-$108	-$288	-$412	$812
Secuirities Purchased (sold) revers repurchase agreements							$39,616	$4,758		-$3,227	-$44,779	-$16,073	$36,832
Securities sold short under repurchase agreements							-$48,377	$7,050		$63,020	$1,878	$7,117	-$41,873
Securities sold short		$9,818	$8,394	-$2,364	-$662	-$5,688	$2,367	$3,996		$5,343	$7,030	$3,121	-$2,722
Trading loans and securities	-$8,737	-$21,178	-$7,397	$767	$6,016	-$4,100	-$4,661	-$24,065		-$2,318	$1,177	$3,864	-$5,332
Loans net of securitization and sales		-$26,319	-$33,820	-$33,717	-$63,947	-$44,351	-$22,332	-$45,620		-$39,614	-$3,660	-$109,463	-$67,766
Deposits		$47,487	$64,541	$72,059	$108,446	$81,885	$40,150	$53,379		$240,648	-$6,494	$105,759	-$25,487
Derivatives	-$8,745	$2,208	-$4,068	-$4,597	-$7,633	$5,403	$1,836	-$3,745		-$2,196	$3,734	-$15,435	-$2,341
Non-trading financial assets								$5,257		-$2,045	-$842	-$1,556	$3,897
Financial assets and liabilities designated at fair value through profit or loss		-$1,952	-$364	$1,783	$371	$96	$245	-$468		-$46,165	$54,498	$48,323	$28,565
Securitization liabilities	$9,532	-$2,265	-$3,962	-$11,394	-$2,429	-$3,321	-$1,575	-$1,532		$2,342	-$719	-$1,083	-$552
Curremt Taxes								-$780		$280	$239	-$4,100	$1,228
Broker, dealers and clients amts rec & pay								-$1,435		-$1,979	-$4,592	$8,799	-$5,128
Other	$366	-$2,069	$128	-$7,996	-$16,267	-$168	$3,436	-$8,956		-$869	$27,348	-$8,628	$1,011
Income taxes paid/payable	-$597	-$1,296	-$869
Provision for credit losses	$1,465	$1,795	$1,631	$1,557	$1,683	$2,330	$2,216	$2,480		$7,242	-$224	$1,067	$2,933
Net securities losses (gains)	-$393	-$373	-$304	-$173	-$79	-$54	-$128	-$111		-$40	-$14	-$60	$48
Equity in net income of an invest Ameritrade												-$997
Dilution Gains							-$204	$0
Sum	-$7,297	$6,092	$23,485	$15,721	$25,205	$32,039	$12,306	-$9,896	$0	$220,314	$34,292	$20,243	-$75,875
Google --> TD					$25,205	$32,039	$21,067	-$9,856	-$14,330	$220,287	$34,292	$20,243	-$75,875
Difference					$0	$0	-$8,761	-$40	$14,330	$27	$0	$0	$0
Google --> TD				$15,676	$25,205	$32,039	$12,324
Difference				$45	$0	$0	-$18
OPM	26.44%	26.69%	23.37%	25.48%	24.86%	25.30%	27.69%	28.45%	27.80%	26.64%	33.01%	35.02%	20.24%	23.75%				-20.56%	<-Total Growth	10	OPM
Increase	16.24%	0.95%	-12.42%	9.00%	-2.41%	1.74%	9.47%	2.74%	-2.28%	-4.17%	23.90%	6.09%	-42.20%	17.34%				should be zero, it is a check on calculations
Diff from Ave.	-2.7%	-1.8%	-14.0%	-6.2%	-8.5%	-6.9%	1.9%	4.7%	2.3%	-1.9%	21.5%	28.9%	-25.5%	-12.6%				0.00	<-Median->	10	OPM
*Operational Profit Margin (Net Income/Revenue) Ratio for banks									OPM	10 Yrs	27.17%	5 Yrs	28.45%					Should increase or be stable.
Covering Assets	$498,346	$671,691	$685,254	$706,226	$805,530	$872,882	$616,685	$973,068	$1,328,027	$1,604,090	$1,785,668	$1,316,460	$1,330,647	$1,330,647				94.18%	<-Total Growth	10	Covering Assets	Type
Change	12.30%	34.78%	2.02%	3.06%	14.06%	8.36%	-29.35%	57.79%	36.48%	20.79%	11.32%	-26.28%	1.08%	0.00%				0.10	<-Median->	10	Change	Lg Term R A
Debt/Covering Assets Ratio	0.97	0.73	0.79	0.85	0.86	0.89	1.35	0.88	0.67	0.71	0.63	0.93	0.90	0.90				0.87	<-Median->	10	Debt/Covering Assets Ratio	Lg Term R
Long Term Debt	$481,114	$487,754	$541,605	$600,176	$695,576	$773,660	$832,824	$851,439	$886,977	$1,135,333	$1,125,125	$1,229,970	$1,198,190	$1,198,190				121.23%	<-Total Growth	10	Deposits Long Term Debt	Intang/GW
Change	11.89%	1.38%	11.04%	10.81%	15.90%	11.23%	7.65%	2.24%	4.17%	28.00%	-0.90%	9.32%	-2.58%	0.00%				8.48%	<-Median->	10	Change	Liquidity
Debt/Market Cap Ratio	7.09	6.54	6.16	5.86	6.98	6.84	6.16	6.37	6.51	10.64	6.87	7.74	8.63	8.28				6.85	<-Median->	10	Debt/Market Cap Ratio	Liq. + CF
Assets/Current Liabilities Ratio	37.64	56.57	47.81	46.13	29.94	31.34	29.07	34.49	40.42	31.28	39.27	38.49	39.28	39.28				36.49	<-Median->	10	Assets/Current Liab Ratio	Debt Ratio
Current Liabilities/Asset Ratio	0.03	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.02	0.03	0.03	0.03	0.03	0.03				0.03	<-Median->	10	Current Liab/Asset Ratio	Leverage
Debt to Cash Flow (Years)	0.00	34.73	17.09	23.11	19.72	17.53	23.88	149.56	3272.98	4.90	22.44	31.58	18.35	18.35				22.78	<-Median->	10	Debt to Cash Flow (Years)	D/E Ratio
Intangibles			$2,493	$2,680	$2,671	$2,639	$2,618	$2,459	$2,503	$2,125	$2,123	$2,303	$2,771	$2,771				3.74%	<-Total Growth	10	Intangibles
Goodwill	$14,376	$12,311	$13,297	$14,233	$16,337	$16,662	$16,156	$16,536	$16,976	$17,148	$16,232	$17,656	$18,602	$18,602				39.90%	<-Total Growth	10	Goodwill
Total	$14,376	$12,311	$15,790	$16,913	$19,008	$19,301	$18,774	$18,995	$19,479	$19,273	$18,355	$19,959	$21,373	$21,373				35.36%	<-Total Growth	10	Total
Change	-0.58%	-14.36%	28.26%	7.11%	12.39%	1.54%	-2.73%	1.18%	2.55%	-1.06%	-4.76%	8.74%	7.08%	0.00%				2.04%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.21	0.17	0.18	0.17	0.19	0.17	0.14	0.14	0.14	0.18	0.11	0.13	0.15	0.15				0.15	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$24,111	$24,528	$32,436	$46,554	$45,637	$57,621	$68,420	$51,051	$47,533	$189,450	$183,072	$171,152	$134,574	$134,574				Liquidity ratio of 1.5 and up, best
Current Liabilities	$18,235	$14,338	$18,039	$20,482	$36,887	$37,553	$43,999	$38,699	$35,017	$54,850	$44,021	$49,823	$49,823	$49,823				1.91	<-Median->	10	Ratio
Liquidity Ratio	1.32	1.71	1.80	2.27	1.24	1.53	1.56	1.32	1.36	3.45	4.16	3.44	2.70	2.70				3.44	<-Median->	5	Ratio
Liq. with CF aft div	1.17	2.51	3.39	3.37	2.09	2.60	2.25	1.34	1.22	7.58	5.17	4.09	3.87	3.87				4.09	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.35	0.93	1.60	1.28	0.92	1.56	0.89	1.34	1.22	1.49	2.55	2.49	3.87	3.87				2.49	<-Median->	5	Ratio
																		Banks usually have a ratio of 1.04 or 1.05
Assets	$686,360	$811,100	$862,532	$944,742	$1,104,373	$1,176,967	$1,278,995	$1,334,903	$1,415,290	$1,715,865	$1,728,672	$1,917,528	$1,957,024	$1,957,024				Debt Ratio of 1.5 and up, best
Liabilities	$638,025	$762,100	$810,559	$888,511	$1,037,345	$1,102,753	$1,203,805	$1,254,863	$1,327,589	$1,620,366	$1,628,854	$1,806,145	$1,844,917	$1,844,917				1.06	<-Median->	10	Ratio
Debt Ratio	1.08	1.06	1.06	1.06	1.06	1.07	1.06	1.06	1.07	1.06	1.06	1.06	1.06	1.06				1.06	<-Median->	5	Ratio
Estimates BVPS														$60.00	$64.40	$65.50			Estimates		Estimates BVPS
Estimate Book Value														$107,484	$115,366	$117,337			Estimates		Estimate Book Value
P/B Ratio (Close)														1.35	1.25	1.23			Estimates		P/B Ratio (Close)
Difference from 10 year median															-14.88%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$48,335	$49,000	$51,973	$56,231	$67,028	$74,214	$75,190	$80,040	$87,701	$95,499	$99,818	$111,383	$112,107	$112,107				115.70%	<-Total Growth	10	Book Value
NCI	$1,483	$1,477	$1,508	$1,549	$1,610	$1,650	$983	$993	$0	$0	$0	$0	$0	$0							NCI
Sharerholders Equity	$46,852	$47,523	$50,465	$54,682	$65,418	$72,564	$74,207	$79,047	$87,701	$95,499	$99,818	$111,383	$112,107	$112,107	$112,107	$112,107		122.15%	<-Total Growth	10	Book Value
Preferred Shares	$3,394	$3,395	$3,397	$2,200	$2,700	$4,400	$4,400	$5,000	$5,800	$5,050	$5,700	$5,600	$5,600	$5,600	$5,600	$5,600					Preferred Shares
Book Value	$43,458	$44,128	$47,068	$52,482	$62,718	$68,164	$69,807	$74,047	$81,901	$90,449	$94,118	$105,783	$106,507	$106,507	$106,507	$106,507		126.28%	<-Total Growth	10	Book Value
Book Value per Share	$24.08	$24.03	$25.60	$28.43	$33.79	$36.69	$37.89	$40.45	$45.19	$49.80	$51.60	$58.07	$59.45	$59.45	$59.45	$59.45		132.27%	<-Total Growth	10	Book Value per Share
Change	8.88%	-0.21%	6.52%	11.06%	18.86%	8.60%	3.25%	6.78%	11.70%	10.22%	3.61%	12.53%	2.39%	-0.01%	0.01%	0.00%		-20.82%	P/B Ratio		Current/Historical Median
P/BV (Median)	1.63	1.59	1.70	1.85	1.58	1.50	1.76	1.84	1.59	1.26	1.44	1.60	1.43	1.38				1.72	P/B Ratio		Historical Median
P/BV (Close)	1.56	1.69	1.87	1.95	1.59	1.66	1.94	1.81	1.66	1.18	1.74	1.50	1.30	1.36	1.36	1.36		8.79%	<-IRR #YR->	10	Book Value per Share	132.27%
Change	-5.93%	8.20%	10.53%	4.45%	-18.58%	4.40%	16.76%	-6.78%	-7.80%	-29.09%	47.51%	-13.76%	-13.23%	4.32%	-0.01%	0.00%		8.01%	<-IRR #YR->	5	Book Value per Share	46.97%
Leverage (A/BK)	14.20	16.55	16.60	16.80	16.48	15.86	17.01	16.68	16.14	17.97	17.32	17.22	17.46	17.46				16.91	<-Median->	10	A/BV
Debt/Equity Ratio	13.20	15.55	15.60	15.80	15.48	14.86	16.01	15.68	15.14	16.97	16.32	16.22	16.46	16.46				15.91	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.58	5 yr Med	1.44		-14.09%	Diff M/C		17.62	Historical	28	A/BV
			-$25.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$59.45
								-$40.45	$0.00	$0.00	$0.00	$0.00	$59.45
Comprehensive Income	$5,420	$6,790	$6,183	$9,202	$13,697	$9,679	$7,014	$10,666	$14,707	$14,361	$9,496	$13,135	$11,458					85.31%	<-Total Growth	10	Comprehensive Income
Preferred Shareholders		$196	$185	$143	$99	$115	$193	$214	$252	$267	$267	$259	$563								Preferred Shareholders
NCI	$180	$104	$105	$107	$112	$141	$121	$72	$18	$0	$0	$0	$0					-100.00%	<-Total Growth	10	NCI
Shareholders	$5,240	$6,490	$5,893	$8,952	$13,486	$9,423	$6,700	$10,380	$14,437	$14,094	$9,229	$12,876	$10,895					21.70%	<-Total Growth	10	Comprehensive Income
Increase	18.02%	23.85%	-9.20%	51.91%	50.65%	-30.13%	-28.90%	54.93%	39.08%	-2.38%	-34.52%	39.52%	-15.39%					-2.4%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$4,216	$4,950	$5,358	$6,203	$8,012	$8,849	$8,891	$9,788	$10,885	$11,007	$10,968	$12,203	$12,306					6.34%	<-IRR #YR->	10	Comprehensive Income	84.88%
ROE	12.1%	14.7%	12.5%	17.1%	21.5%	13.8%	9.6%	14.0%	17.6%	15.6%	9.8%	12.2%	10.2%					0.97%	<-IRR #YR->	5	Comprehensive Income	4.96%
5Yr Median	12.9%	12.9%	12.5%	12.5%	14.7%	14.7%	13.8%	14.0%	14.0%	14.0%	14.0%	14.0%	12.2%					8.67%	<-IRR #YR->	10	5 Yr Running Average	129.70%
% Difference from NI	-8.2%	5.2%	-7.5%	17.3%	72.6%	8.6%	-33.1%	-6.0%	26.5%	21.2%	-34.3%	-25.0%	6.6%					4.68%	<-IRR #YR->	5	5 Yr Running Average	25.72%
Median Values										Diff	5, 10 yr	7.6%	6.6%					12.2%	<-Median->	5	Return on Equity
			-$5,893	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,895
								-$10,380	$0	$0	$0	$0	$10,895
			-$5,358	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,306
								-$9,788	$0	$0	$0	$0	$12,306
Current Liability Coverage Ratio	0.36	0.55	0.46	0.50	0.27	0.32	0.51	0.40	0.42	0.21	0.36	0.38	2.83	2.83							CFO / Current Liabilities
5 year Median					0.46	0.46	0.46	0.40	0.40	0.40	0.40	0.38	0.38	0.38				0.38	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	0.95%	0.98%	0.95%	1.08%	0.91%	1.03%	1.76%	1.16%	1.03%	0.67%	0.92%	0.98%	7.21%	7.21%							CFO / Total Assets
5 year Median	0.89%	0.89%	0.95%	0.95%	0.95%	0.98%	1.03%	1.08%	1.03%	1.03%	1.03%	0.98%	0.98%	0.98%				1.0%	<-Median->	5	Return on Assets
Return on Assets ROA	0.8%	0.8%	0.7%	0.8%	0.7%	0.7%	0.8%	0.8%	0.8%	0.7%	0.8%	0.9%	0.5%	0.6%				Net	Income/Assets		Return on Assets
5Yr Median	0.7%	0.7%	0.7%	0.8%	0.8%	0.7%	0.7%	0.8%	0.8%	0.8%	0.8%	0.8%	0.8%	0.7%				0.8%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	13.1%	14.0%	13.5%	14.5%	12.5%	12.7%	14.3%	14.9%	13.9%	12.9%	14.9%	16.2%	9.6%	11.4%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	12.7%	12.7%	13.1%	13.5%	13.5%	13.5%	13.5%	14.3%	13.9%	13.9%	14.3%	14.9%	13.9%	12.9%				13.9%	<-Median->	5	Return on Equity
														$11,527	<-12 mths	12.80%
Net Income	$5,993	$6,471	$6,662	$7,883	$8,024	$8,936	$10,324	$11,334	$11,686	$11,895	$14,298	$17,429	$10,782					61.84%	<-Total Growth	10	Net Income
Preferred Shareholders	$104	$196	$185	$143	$99	$141	$193	$214	$252	$267	$249	$259	$563					204.32%	<-Total Growth	10	Preferred Shareholders
NCI	$180	$104	$105	$107	$112	$115	$121	$72	$18	$0	$0	$0	$0					-100.00%	<-Total Growth	10	NCI
Shareholders	$5,709	$6,171	$6,372	$7,633	$7,813	$8,680	$10,010	$11,048	$11,416	$11,628	$14,049	$17,170	$10,219	$12,143	$12,300	$14,057		60.37%	<-Total Growth	10	Net Income
Increase	28.29%	8.09%	3.26%	19.79%	2.36%	11.10%	15.32%	10.37%	3.33%	1.86%	20.82%	22.22%	-40.48%	18.83%	1.29%	14.28%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$4,173	$4,611	$5,131	$6,067	$6,740	$7,334	$8,102	$9,037	$9,793	$10,556	$11,630	$13,062	$12,896	$13,042	$13,176	$13,178		4.84%	<-IRR #YR->	10	Net Income	60.37%
Operating Cash Flow	-$759	$14,046	$31,695	$25,967	$35,273	$44,125	$34,870	$5,693	$271	$231,786	$50,129	$38,949	$65,302					-1.55%	<-IRR #YR->	5	Net Income	-7.50%
Investment Cash Flow	-$48,479	-$24,490	-$20,098	-$33,475	-$47,077	-$24,972	-$67,311	$1,549	$5,506	-$224,115	-$45,268	-$31,895	$76,226					9.65%	<-IRR #YR->	10	5 Yr Running Ave.	151.34%
Total Accruals	$54,947	$16,615	-$5,225	$15,141	$19,617	-$10,473	$42,451	$3,806	$5,639	$3,957	$9,188	$10,116	-$131,309					7.37%	<-IRR #YR->	5	5 Yr Running Ave.	42.71%
Total Assets	$686,360	$811,100	$862,532	$944,742	$1,104,373	$1,176,967	$1,278,995	$1,334,903	$1,415,290	$1,715,865	$1,728,672	$1,917,528	$1,957,024						Balance Sheet		Assets
Accruals Ratio	8.01%	2.05%	-0.61%	1.60%	1.78%	-0.89%	3.32%	0.29%	0.40%	0.23%	0.53%	0.53%	-6.71%					0.40%	<-Median->	5	Ratio
EPS/CF Ratio	0.88	0.78	0.77	0.75	0.78	0.72	0.45	0.71	0.78	1.02	0.89	0.92	0.07					0.76	<-Median->	10	EPS/CF Ratio
			-$6,372	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,219
								-$11,048	$0	$0	$0	$0	$10,219
			-$5,131	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,896
								-$9,037	$0	$0	$0	$0	$12,896
Change in Close	2.4%	8.0%	17.7%	16.0%	-3.2%	13.4%	20.6%	-0.5%	3.0%	-21.8%	52.8%	-2.9%	-11.2%	4.3%	0.0%	0.0%			Count	42	Years of data
up/down	down	down												up					Count	9	21.43%
Meet Prediction?																		% right	Count	2	22.22%
Financial Cash Flow	$49,798	$10,780	-$11,489	$6,565	$11,916	-$18,451	$32,599	-$6,527	-$5,652	-$6,129	-$5,036	-$4,819	-$12,847						C F Statement		Financial Cash Flow
Total Accruals	$5,149	$5,835	$6,264	$8,576	$7,701	$7,978	$9,852	$10,333	$11,291	$10,086	$14,224	$14,935	-$118,462								Accruals
Accruals Ratio	0.8%	0.7%	0.7%	0.9%	0.7%	0.7%	0.8%	0.8%	0.8%	0.6%	0.8%	0.8%	-6.1%					0.78%	<-Median->	5	Ratio
Net Cash Flow	$560	$336	$108	$943	$112	$702	$158	$764	$128	$1,545	-172.00	$2,238	$128,684								Net Cash Flow
Per share	$0.31	$0.18	$0.06	$0.51	$0.06	$0.38	$0.09	$0.42	$0.07	$0.85	-$0.09	$1.23	$71.83								Per share
5 yr Running	$0.17	$0.21	$0.17	$0.04	$0.02	$0.03	$0.01	$0.09	$0.20	$0.36	0.27	$0.49	$14.78								5 yr Running
Cash	$3,096	$6,430	$3,581	$2,781	$3,154	$3,907	$3,971	$4,735	$4,863	$6,445	$5,931	$8,556	$6,721	$6,721							Cash
Cash per Share	$1.72	$3.50	$1.95	$1.51	$1.70	$2.10	$2.16	$2.59	$2.68	$3.55	$3.25	$4.70	$3.75	$3.75				$3.55	<-Median->	5	Cash per Share
Percentage of Stock Price	4.56%	8.62%	4.07%	2.72%	3.17%	3.46%	2.94%	3.54%	3.57%	6.04%	3.62%	5.39%	4.84%	4.64%				4.84%	<-Median->	5	% of Stock Price
Notes:
January 6, 2023.  Last estimates were for 2023, 2024 and 2025 of $51391M, $55294M and $50896M for Revenue, $9.04, $9.61 and $8.49 for AEPS,
$8.58, $9.33 and $8.49 for EPS, $3.75, $54.23 and $4.06 for Dividends, $59.70 and $63.60 2023/4 for BVPS, $15308M, $16294M and $15405M for Net Income.
January 7, 2023.  Last estimates were for 2022 and 2023 of $41937M and $45108M for Revenue, $7.88 and $8.36 for EPS,
$3.59 and $3.87 for Dividends, and $14372M and $14643M for Net Income.
January 8, 2022.  Last estimates were for 2021 and 2022 of $39261M, $40898M for Revenue, $5.76 and $6.46 for EPS,
$3.16, $3.10 and $3.19 for Dividends, and $12399M and $14318M for Net Income.
January 9, 2021.  Last estimates were for 2020, 2021 and 2022 of 40248, $41622 and $43429 for Revenue, $6.70, $7.06 and 7.08 for EPS,
$3.10, $3.31 and $3.40 for Dovodemds and $12056, $12667 and $12833 for Net Income.
January 10, 2020.  Last estimates were for 2019, 2020 and 2021 of $39478M, $41290M, and $41658M for Revenue, $6.78, $7.25 and $8.28 for EPS and $12207M and $13254M for Net Income fo 2019 and 2020.
January 12, 2019.  Last estimates were for 2018, 2019 and 2020 of $36198M, $37042M and $37042M for Revenue, $5.53, $6.93 and $6.93 for EPS,  $6.54 for CFPS for 2018.
Looks like I did not update future values in the previous year.
January 7, 2018.  Last estimates were for 2017, 2018 and 2019 of $34550M, $36198M and $37042M for Revenue, $5.16, $5.53 and $6.93 for EPS,
$5.36 and $6.54 for CFPS for 2016 and 2017, and $9369M for Net Income for 2017.
January 14, 2017.  Last estimates were for 2016, 2017 and 2018 of $31997M, $33730M and $34869M for Revenue, $4.75, $5.07 and $5.92 for EPS,
$5.36, $5.76 and $6.34 for CFPS and $8741M and $9369M for Net Income for 2016 and 2017.
January 10, 2016.  Last estimates were for 2016, 2017 and 2018 of 29630M, 31581M and $32010M for Revenue, $4.45, $4.80 and 5.28 for EPS, $4.99, $5.39 and $5.55 for CFPS and $8266M, $8924M and $9592M for net income.
January 10, 2015.  Last estimates were for 2014, 2015 and 2016 of $28500M, $30075M and $60414M for Revenue, $8.37, $9.14 and $9.63 for EPS, $4.67, $4.99
and $4.93 for CFPS and $7701M, $8398M and $8874M for net income.
January 9, 2014.  Last estimtes were for 2013 and 2014 of $24229M and $26370M for Revenue and $7.81 and $8.72 for EPS and $9.54 for CFPS for 2013.
January 01, 2013.  Last estimates were for 2012 and 2013 at $23051M and 24374M for Revenue, $7.06 and $7.80 for EPS and $8.72 and $9.54 for CFPS.
Dec 16, 2011.  Last Estimates were $6.48 and $7.25 for EPS and $7.70 and $10 for CF
Feb 24, 2011.  Check unaudited figures I got previous against audited statements received.  There were no changes.  However, I got the net income figures from wrong column and I have fixed that.
I got changes in working capital or current assets and liabilities from Globe site.
Dec 06, 2011.  when I last looked I got estimates for 2010 and 2011 of $5.45 and $6.40 for earnings and $7.40 and $8.00 for cash flows.
Dec 17, 2009.  I have updated speadsheet with unaudited 2009 report.  The huge amount of insider selling during the last 12 months is a big negative for this stock.
In March 2009, I picked up earnings for 2009 and 2010 of $5.20 and $5.58 and CF of $5.96 and $6.36.
2008.  I have had stock since Feb 2000 and have made IRR of 6.62%.  Not great, but we are in a bear market currently.  Dividends have increased nicely.
2005.  I have had stock since Feb 2000 and have made IRR of 13.29%.  What you expect from a bank stock.  Div counts a lot.  Revenue and stock still recovering from 2001 bear market.
2004. earnings are starting to grow, but not yet strongly.
Earnings are not growing well lately.2003
TD Bank has been a dividend payer since 1857.
Sector:
Bank, Financial Services
What should this stock accomplish?
I would expect dividends to be moderate to good with moderate dividend growth over the longer term.
Would I buy this company and Why.
This is one of the big 5 banks of Canada.  I think all Canadians should have at least one bank in their portfolio.
I have three banks of BMOm RY and TD.
Why am I following this stock.
This stock, as all banks, was on Mike Higgs' Canadian Dividend Growth Stock list and the other dividend lists that I followed.
Why I bought this stock.
When I sold some Metro in 2009, I bought this stock.  It is the 3rd bank stock I bought.
Dividends
Dividends are paid in cycle 1, but at the very end of the month, so they are 31st of January, April, July and October.  Dividends are declared in one month for shareholders and payment in the following month.
For example, the dividend declared on December 5, 2013 is for shareholders of record of January 6, 2014 and payable on January 31, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a mission statement that the company wants to do well by their customers, employees, and community and thereby earn shareholders a reasonable return.
Our Mission:  We will be the Best Run, Customer-Focused, Integrated Financial Institution, with a Unique and Inclusive Employee Culture.
Our Strategy: To produce long-term, profitable growth by building great franchises and delivering value to our Customers, Shareholders and Communities.
How they make their money
Toronto-Dominion is one of Canada's two largest banks and operates three business segments: Canadian retail banking, U.S. retail banking, and wholesale banking.
The bank's U.S. operations span from Maine to Florida, with a strong presence in the Northeast. It also has an ownership stake in Charles Schwab.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Jan 14	2017	Jan 7	2018	Jan 12	2019	Jan 10	2020	Jan 09	2021	Jan 08	2022	Jan 07	2023			Jan 06	2024
Masrani, Bharat	0.03%	0.617	0.03%	0.617	0.03%	0.617	0.03%	0.614	0.03%	0.834	0.05%	0.872	0.05%	1.004	0.06%			1.135	0.06%			13.10%
CEO - Shares - Amount	$37.575		$45.300		$45.093		$46.436		$36.072		$74.908		$76.061		$77.742				$91.716
Options - percentage	0.07%	1.565	0.08%	1.698	0.09%	2.056	0.11%	2.290	0.13%	2.309	0.13%	2.490	0.14%	2.635	0.15%			2.827	0.16%			7.29%
Options - amount	$81.026		$114.849		$124.004		$154.603		$134.629		$207.410		$217.061		$204.097				$228.413
Reuters Options Value
Clark, William Edmund
CEO - Shares - Amount
Options - percentage
Options - amount
Reuters Options Value
Tran, Kelvin Vi Luan										0.011	0.00%	0.017	0.00%	0.017	0.00%			0.017	0.00%			0.02%
CFO - Shares - Amount											$0.975		$1.512		$1.343				$1.401
Options - percentage										0.195	0.01%	0.184	0.01%	0.220	0.01%			0.268	0.01%			21.86%
Options - amount											$17.518		$16.073		$17.023				$21.638
Ahmed, Riaz	0.02%	0.399	0.02%	0.399	0.02%	0.409	0.02%	0.351	0.02%	0.351	0.02%	0.437	0.02%	0.437	0.02%			0.470	0.03%		was Office in 2015, now	7.72%
CFO - Shares - Amount	$24.310		$29.307		$29.171		$30.794		$20.645		$31.555		$38.071		$33.823				$38.003		CFO
Options - percentage	0.03%	0.720	0.04%	0.749	0.04%	0.806	0.04%	0.738	0.04%	0.810	0.04%	0.840	0.05%	0.986	0.06%			1.038	0.06%		Now Group Head, 2022	5.27%
Options - amount	$38.880		$52.848		$54.703		$60.583		$43.408		$72.781		$73.279		$76.357				$83.843
Bambawale, Ajai						0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%			1.42%
Officer - Shares - Amount							$0.224		$0.177		$0.276		$0.271		$0.240				$0.254
Options - percentage						0.163	0.01%	0.189	0.01%	0.240	0.01%	0.231	0.01%	0.293	0.02%			0.355	0.02%			21.09%
Options - amount							$12.238		$11.128		$21.601		$20.160		$22.692				$28.663
Johnston, Colleen	0.01%	0.102	0.01%	0.082	0.00%																Was CFO in 2015,
Officer - Shares - Amount	$6.223		$7.489		$6.018																now a Group Head
Options - percentage	0.04%	0.674	0.04%	0.668	0.04%																INK says CFO in Jan
Options - amount	$40.410		$49.479		$48.763																2016
Reuters Options Value																					Ceased insider April 2018
Chun, Raymond														0.000	0.00%			0.006	0.00%			13445.65%
Officer - Shares - Amount															$0.004				$0.503
Options - percentage														0.124	0.01%			0.223	0.01%			78.84%
Options - amount															$9.640				$17.983
Ferguson, Brian Charles										0.005	0.00%	0.005	0.00%	0.005	0.00%			0.005	0.00%			0.00%
Director - Shares - Amount											$0.411		$0.399		$0.354				$0.369
Options - percentage										0.025	0.00%	0.029	0.00%	0.032	0.00%			0.037	0.00%			14.35%
Options - amount											$2.248		$2.521		$2.475				$2.952
Brinkley, Amy W.								0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Director - Shares - Amount									$0.000		$0.000		$0.000		$0.000				$0.000
Options - percentage								0.056	0.00%	0.065	0.00%	0.070	0.00%	0.073	0.00%			0.079	0.00%			8.68%
Options - amount									$3.276		$5.806		$6.094		$5.655				$6.411
Goggins, Colleen A.														0.009	0.00%			0.009	0.00%			0.00%
Director - Shares - Amount															$0.682				$0.711
Options - percentage														0.050	0.00%			0.056	0.00%			12.57%
Options - amount															$3.866				$4.540
Levitt, Brian	0.00%	0.030	0.00%	0.030	0.00%	0.030	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Last filed Dec 2022	#DIV/0!
Chairman - Shares - Amt	$1.826		$2.201		$2.191		$2.256		$0.000		$0.000		$0.000		$0.000				$0.000
Options - percentage	0.00%	0.072	0.00%	0.081	0.00%	0.092	0.01%	0.099	0.01%	0.115	0.01%	0.125	0.01%	0.130	0.01%			0.140	0.01%			7.14%
Options - amount	$3.984		$5.313		$5.935		$6.898		$5.835		$10.327		$10.874		$10.091				$11.278
Increase in O/S Shares	0.18%	4.900	0.26%	3.000	0.16%	2.900	0.16%	2.300	0.13%	1.500	0.08%	2.800	0.15%	1.800	0.10%			1.200	0.07%
due to SO	$200.838		$298.214		$220.110		$211.787		$172.983		$88.170		$251.552		$156.942				$92.952
Book Value	$128.000		$186.000		$148.000		$152.000		$124.000		$79.000		$165.000		$120.000				$83.000
Insider Buying	-$14.316		-$0.023		-$0.185		$0.000		-$0.061		-$0.607		-$0.852		-$1.000				$0.000
Insider Selling	$44.926		$16.460		$68.028		$25.664		$37.821		$4.278		$39.785		$5.830				$8.748
Net Insider Selling	$30.611		$16.436		$67.843		$25.664		$37.760		$3.671		$38.933		$4.830				$8.748
% of Market Cap	0.03%		0.05%		0.05%		0.02%		0.04%		0.00%		0.02%		0.00%				0.01%
Directors		14		14		11		14		13		15		16				16
Women	33%	5	36%	5	36%	3	27%	5	36%	5	38%	6	40%	7	44%			7	44%
Minorities	11%	2	14%	2	14%	1	9%	2	14%	2	15%	2	13%	4	25%			3	19%
	54.14%	471	53.62%	544	48.87%	662	48.09%	20	39.85%	20	43.55%	20	43.55%	20	43.05%			20	44.97%
Institutions -402	54.09%	996.077	54.06%	900.446	49.19%	880.272	48.57%	725.268	40.01%	790.754	43.63%	790.754	43.63%	783.779	43.75%			805.361	44.96%
Holding 53.13%	3.12%	30.133	3.12%	18.988	2.15%	7.331	0.84%	7.713	1.07%	5.283	0.67%	5.283	0.67%	21.855	2.87%			-3.728	-0.46%
On Jan 09 2014	NASDAQ	965.944	NASDAQ	881.459	NASDAQ	872.941	NASDAQ	717.556	Top 20 MS	785.471	Top 20 MS	785.471	Top 20 MS	761.924	Top 20 MS			809.090	Top 20 MS
NASDAQ
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