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.																			https://www.annualreports.com/Company/toromont-industries-ltd
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Toromont Industries Ltd					TSX:	TIH	OTC:	TMTNF	https://www.toromont.com/			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	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS					Accounting Rules
Split Date	1-Jun-11																				Split Date
Split	61.25%																				Split
Cost of Goods Sold	$1,032.6	$1,122.8	$1,201.9	$1,248.0	$1,356.6	$1,399.7	$1,794.2	$2,640.8	$2,772.6	$2,643.2	$2,916.8	$3,097.2	$3,377.4					181.00%	<-Total Growth	10	Cost of Goods Sold
Change		8.73%	7.05%	3.83%	8.70%	3.17%	28.19%	47.19%	4.99%	-4.67%	10.35%	6.18%	9.05%					7.44%	<-Median->	10	Change
Ratio to Revenue	0.75	0.74	0.75	0.75	0.75	0.75	0.76	0.75	0.75	0.76	0.75	0.73	0.73					0.75	<-Median->	10	Ratio to Revenue
														$4,647	<-12 mths	0.54%			Estimates		last 12 months from Qtr.
Revenue*	$1,382.0	$1,507.2	$1,593.4	$1,660.4	$1,802.2	$1,867.3	$2,350.2	$3,504.2	$3,678.7	$3,478.9	$3,886.5	$4,230.7	$4,622.3	$4,801	$5,009	$4,872		190.08%	<-Total Growth	10	Revenue
Increase	-40.74%	9.06%	5.72%	4.20%	8.54%	3.61%	25.86%	49.11%	4.98%	-5.43%	11.72%	8.86%	9.26%	3.87%	4.33%	-2.74%		11.24%	<-IRR #YR->	10	Revenue	190.08%
5 year Running Average	$1,912.6	$1,833.4	$1,727.9	$1,695.0	$1,589.0	$1,686.1	$1,854.7	$2,236.9	$2,640.5	$2,975.9	$3,379.7	$3,755.8	$3,979.4	$4,203.9	$4,509.9	$4,707.0		5.69%	<-IRR #YR->	5	Revenue	31.91%
Revenue per Share	$18.03	$19.73	$20.74	$21.49	$23.13	$23.82	$29.03	$43.14	$44.86	$42.18	$47.14	$51.39	$56.17	$58.34	$60.86	$59.20		8.70%	<-IRR #YR->	10	5 yr Running Average	130.31%
Increase	-2.60%	9.38%	5.12%	3.64%	7.64%	2.96%	21.89%	48.60%	3.97%	-5.96%	11.76%	9.02%	9.28%	3.87%	4.33%	-2.74%		12.21%	<-IRR #YR->	5	5 yr Running Average	77.90%
5 year Running Average	$18.37	$18.72	$18.85	$19.70	$20.62	$21.78	$23.64	$28.12	$32.80	$36.61	$41.27	$45.74	$48.35	$51.04	$54.78	$57.19		10.48%	<-IRR #YR->	10	Revenue per Share	170.87%
P/S (Price/Sales) Med	1.03	1.12	1.17	1.25	1.38	1.51	1.72	1.38	1.38	1.75	2.12	2.14	1.95	2.12	0.00	0.00		5.42%	<-IRR #YR->	5	Revenue per Share	30.19%
P/S (Price/Sales)	1.18	1.07	1.29	1.33	1.36	1.78	1.90	1.26	1.57	2.11	2.43	1.90	2.07	2.24	2.14	2.29		9.88%	<-IRR #YR->	10	5 yr Running Average	156.51%
*Revenue in M CDN $					P/S Med	20 yr	1.21	15 yr	1.38	10 yr	1.61	5 yr	1.95		38.86%	Diff M/C		11.45%	<-IRR #YR->	5	5 yr Running Average	71.91%
			-$1,593	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,622
								-$3,504	$0	$0	$0	$0	$4,622
			-$1,728	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,979
								-$2,237	$0	$0	$0	$0	$3,979
			-$20.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.17
								-$43.14	$0.00	$0.00	$0.00	$0.00	$56.17
			-$18.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$48.35
								-$28.12	$0.00	$0.00	$0.00	$0.00	$48.35
Amount													$623.9	<-12 mths	0.00%				Estimates		Last 12 months from Qtr
Per Share														$8.50	<-12 mths	-0.47%			Estimates		Last 12 months from Qtr
Payout Ratio Adj EPS														22.59%	28.70%				Estimates		Payout Ratio EPS
Adjusted Profit CDN$	$246.5	$120.6	$123.0	$133.2	$145.7	$155.7	$251.9	$373.0	$416.8	$376.0	$478.6	$623.9	$707.6					475.12%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	48.38%	26.23%	27.10%	30.29%	29.09%	29.66%	14.53%	19.56%	22.68%	22.81%	29.35%	33.60%	37.48%					29.22%	<-Median->	10	Return on Equity ROE
5Yr Median		23.60%	26.23%	27.10%	29.09%	29.09%	29.09%	29.09%	22.68%	22.68%	22.68%	22.81%	29.35%					28.09%	<-Median->	10	5 Yr Median
Basic	$1.33	$1.57	$1.61	$1.73	$1.88	$1.99	$3.18	$4.59	$5.11	$4.58	$5.80	$7.58	$8.60					433.97%	<-Total Growth	10	AEPS
AEPS* Dilued	$1.32	$1.56	$1.59	$1.71	$1.86	$1.98	$3.15	$4.55	$5.08	$4.55	$5.75	$7.52	$8.54	$8.50	$6.69	$6.95		436.82%	<-Total Growth	10	AEPS
Increase	67.06%	18.18%	1.92%	7.55%	8.77%	6.45%	59.21%	44.36%	11.59%	-10.39%	26.30%	30.82%	13.53%	-0.42%	-21.29%	3.89%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average		$1.23	$1.28	$1.39	$1.61	$1.74	$2.06	$2.65	$3.32	$3.86	$4.62	$5.49	$6.29	$6.97	$7.40	$7.64		18.30%	<-IRR #YR->	10	AEPS	436.82%
AEPS Yield	6.19%	7.39%	5.97%	6.00%	5.90%	4.68%	5.72%	8.39%	7.19%	5.10%	5.03%	7.69%	7.35%	6.51%	5.13%	5.12%		13.40%	<-IRR #YR->	5	AEPS	87.57%
Payout Ratio	30.76%	30.13%	32.08%	33.92%	35.48%	35.86%	23.79%	19.34%	20.48%	26.37%	22.97%	20.22%	19.68%	22.00%	28.70%	27.63%		17.25%	<-IRR #YR->	10	5 yr Running Average	391.13%
5 year Running Average		31.90%	33.14%	33.57%	32.66%	33.68%	31.19%	27.01%	24.31%	23.72%	22.49%	21.72%	21.51%	21.78%	22.46%	23.33%		18.85%	<-IRR #YR->	5	5 yr Running Average	137.15%
Price/AEPS Median	14.06	14.15	15.25	15.68	17.19	18.11	15.81	13.10	12.21	16.25	17.38	14.62	12.82	14.55	0.01	0.00		15.74	<-Median->	10	Price/AEPS Median
Price/AEPS High	16.15	15.99	16.88	16.88	19.92	22.24	18.51	14.74	13.94	20.53	19.90	16.44	13.60	15.70	0.00	0.00		17.70	<-Median->	10	Price/AEPS High
Price/AEPS Low	11.97	12.31	13.62	14.47	14.45	13.97	13.11	11.46	10.48	11.98	14.85	12.79	12.03	13.40	0.00	0.00		12.95	<-Median->	10	Price/AEPS Low
Price/AEPS Close	16.15	13.53	16.76	16.67	16.96	21.39	17.48	11.92	13.90	19.60	19.90	13.00	13.60	15.35	19.51	19.54		16.82	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	26.98	15.98	17.08	17.93	18.45	22.77	27.83	17.21	15.51	17.57	25.13	17.00	15.44	15.29	15.35	20.30		17.75	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	23.38%	5 Yrs	20.48%	P/CF	5 Yrs	in order	14.62	16.44	12.03	13.90		5.04%	Diff M/C					DPR 75% to 95% best
* Adjusted Net Earnings
			-$1.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.54
								-$4.55	$0.00	$0.00	$0.00	$0.00	$8.54
			-$1.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.29
								-$2.65	$0.00	$0.00	$0.00	$0.00	$6.29
														$6.39	<-12 mths	-0.93%			Estimates		Last 12 months from Qtr
pre-spinoff 2011
EPS Basic	$1.33	$1.57	$1.61	$1.73	$1.88	$1.99	$2.22	$3.10	$3.52	$3.10	$4.03	$5.52	$6.50					303.73%	<-Total Growth	10	EPS Basic
pre-split '96
pre-split '98
pre-split '04
pre-spinoff 2011
EPS*	$1.32	$1.56	$1.59	$1.71	$1.86	$1.98	$2.20	$3.07	$3.49	$3.09	$4.00	$5.47	$6.45	$6.56	$6.91	$6.95		305.66%	<-Total Growth	10	EPS Diluted
Increase	67.06%	18.18%	1.92%	7.55%	8.77%	6.45%	11.11%	39.55%	13.68%	-11.46%	29.45%	36.75%	17.92%	1.77%	5.23%	0.62%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	6.2%	7.4%	6.0%	6.0%	5.9%	4.7%	4.0%	5.7%	4.9%	3.5%	3.5%	5.6%	5.6%	5.0%	5.3%	5.1%		15.03%	<-IRR #YR->	10	Earnings per Share	305.66%
5 year Running Average	$1.14	$1.23	$1.28	$1.39	$1.61	$1.74	$1.87	$2.16	$2.52	$2.77	$3.17	$3.82	$4.50	$5.11	$5.88	$6.47		16.01%	<-IRR #YR->	5	Earnings per Share	110.10%
10 year Running Average	$0.90	$1.02	$1.12	$1.23	$1.34	$1.44	$1.55	$1.72	$1.96	$2.19	$2.46	$2.85	$3.33	$3.82	$4.32	$4.82		13.40%	<-IRR #YR->	10	5 yr Running Average	251.60%
* ESP per share									E/P	10 Yrs	5.25%	5Yrs	4.94%					15.77%	<-IRR #YR->	5	5 yr Running Average	107.95%
			-$1.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.45
								-$3.07	$0.00	$0.00	$0.00	$0.00	$6.45
			-$1.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.50
								-$2.16	$0.00	$0.00	$0.00	$0.00	$4.50
Dividend*														$1.92	$1.92				Estimates
Increase														14.29%	0.00%				Estimates
Payout Ratio EPS														29.25%	27.80%				Estimates		Payout Ratio EPS
Special Dividend	$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 '04
pre-spinoff 2011
Dividend*	$0.41	$0.47	$0.51	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$1.68	$1.87	$1.92	$1.92		229.41%	<-Total Growth	10	Dividends
Increase	8.67%	15.76%	8.51%	13.73%	13.79%	7.58%	5.63%	17.33%	18.18%	15.38%	10.00%	15.15%	10.53%	11.31%	2.67%	0.00%		31	1	33	Years of data, Count P, N	93.94%
Average Increases 5 Year Running	10.82%	9.97%	8.34%	10.01%	12.09%	11.87%	9.85%	11.61%	12.50%	12.82%	13.31%	15.21%	13.85%	12.47%	9.93%	7.93%		12.30%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.36	$0.39	$0.42	$0.47	$0.53	$0.59	$0.64	$0.72	$0.81	$0.92	$1.04	$1.19	$1.35	$1.52	$1.66	$1.78		218.72%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.19%	2.13%	2.10%	2.16%	2.06%	1.98%	1.50%	1.48%	1.68%	1.62%	1.32%	1.38%	1.54%	1.51%				1.58%	<-Median->	10	Yield H/L Price
Yield on High  Price	1.90%	1.88%	1.90%	2.01%	1.78%	1.61%	1.29%	1.31%	1.47%	1.28%	1.15%	1.23%	1.45%	1.40%				1.38%	<-Median->	10	Yield on High  Price
Yield on Low Price	2.57%	2.45%	2.35%	2.34%	2.46%	2.57%	1.81%	1.69%	1.95%	2.20%	1.55%	1.58%	1.64%	1.64%				1.88%	<-Median->	10	Yield on Low Price
Yield on Close Price	1.90%	2.23%	1.91%	2.03%	2.09%	1.68%	1.36%	1.62%	1.47%	1.35%	1.15%	1.56%	1.45%	1.43%	1.47%	1.41%		1.51%	<-Median->	10	Yield on Close Price
Payout Ratio EPS	30.76%	30.13%	32.08%	33.92%	35.48%	35.86%	34.09%	28.66%	29.80%	38.83%	33.00%	27.79%	26.05%	28.49%	27.80%	27.63%		33.46%	<-Median->	10	DPR EPS
DPR EPS 5 Yr Running	31.10%	31.90%	33.14%	33.57%	32.66%	33.68%	34.37%	33.09%	32.06%	33.12%	32.74%	31.17%	30.04%	29.68%	28.27%	27.55%		32.92%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	20.17%	96.14%	19.54%	31.22%	45.15%	29.48%	23.22%	14.12%	58.41%	28.36%	20.05%	57.67%	38.86%	22.67%	#DIV/0!	#DIV/0!		30.35%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	19.49%	24.59%	23.58%	26.00%	31.15%	33.20%	27.75%	23.57%	26.73%	25.61%	23.53%	27.77%	34.57%	29.17%	#DIV/0!	#DIV/0!		27.24%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	19.14%	22.19%	21.91%	24.08%	17.65%	25.79%	23.50%	18.08%	18.69%	24.13%	22.64%	20.79%	19.64%	92.12%	#DIV/0!	#DIV/0!		21.71%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	21.98%	22.27%	22.46%	22.98%	20.65%	21.95%	22.26%	21.11%	20.09%	21.46%	21.25%	20.88%	20.97%	26.44%	#DIV/0!	#DIV/0!		21.18%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	1.58%	1.51%	5 Yr Med	5 Yr Cl	1.54%	1.45%	5 Yr Med	Payout	29.80%	38.86%	20.79%					13.81%	<-IRR #YR->	5	Dividends	90.91%
* Dividends per share	10 Yr Med	and Cur.	-6.83%	-2.85%	5 Yr Med	and Cur.	-4.19%	1.67%	Last Div Inc --->		$0.43	$0.48	11.63%					12.66%	<-IRR #YR->	10	Dividends	229.41%
Dividends Growth 15																		11.17%	<-IRR #YR->	15	Dividends	389.80%
Dividends Growth 20																		13.71%	<-IRR #YR->	20	Dividends	1206.12%
Dividends Growth 25																		12.97%	<-IRR #YR->	25	Dividends	2009.89%
Dividends Growth 30																		15.65%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		14.66%	<-IRR #YR->	33	Dividends
Dividends Growth 5								-$0.88	$0.00	$0.00	$0.00	$0.00	$1.68								Dividends Growth 5
Dividends Growth 10			-$0.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.68								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.68								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.68								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.68								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.68								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	$1.68
Historical Dividends	Historical	High Div	4.12%	Low Div	1.16%	10 Yr High	2.55%	10 Yr Low	1.16%	Med Div	1.69%	Close Div	1.67%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-64.29%		26.83%	Exp.	-42.30%		26.83%	Exp.	-12.94%	Exp.	-12.09%								High/Ave/Median
Future Dividend Yield					Div Yd	2.81%	earning in	5	Years	at IRR of	13.81%	Div Inc.	90.91%								Future Dividend Yield
Future Dividend Yield					Div Yd	5.36%	earning in	10	Years	at IRR of	13.81%	Div Inc.	264.46%								Future Dividend Yield
Future Dividend Yield					Div Yd	10.24%	earning in	15	Years	at IRR of	13.81%	Div Inc.	595.79%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.67	earning in	5	Years	at IRR of	13.81%	Div Inc.	90.91%								Future Dividend Paid
Future Dividend Paid					Div Paid	$7.00	earning in	10	Years	at IRR of	13.81%	Div Inc.	264.46%								Future Dividend Paid
Future Dividend Paid					Div Paid	$13.36	earning in	15	Years	at IRR of	13.81%	Div Inc.	595.79%								Future Dividend Paid
Dividend Covering Cost					Total Div	$12.64	over	5	Years	at IRR of	13.81%	Div Cov.	9.69%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$33.11	over	10	Years	at IRR of	13.81%	Div Cov.	25.37%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$72.19	over	15	Years	at IRR of	13.81%	Div Cov.	55.32%								Dividend Covering Cost
I am earning GC					Div Gr	242.86%	3-Mar-08	# yrs ->	16	2008	$18.15	Cap Gain	619.07%								I am earning GC
I am earning Div					org yield	3.09%	31-Dec-24	Trading	Div G Yrly	7.59%	Div start	$0.56	-3.09%	10.58%							I am earning Div
I am earning GC					Div Gr	242.86%	7-Apr-08	# yrs ->	16	2008	$18.26	Cap Gain	614.49%								I am earning GC
I am earning Div					org yield	3.07%	31-Dec-24	Pension	Div G Yrly	7.64%	Div start	$0.56	-3.07%	10.51%							I am earning Div
I am earning GC					Div Gr	300.00%	11-Dec-07	# yrs ->	17	2007	$17.51	Cap Gain	645.23%								I am earning GC
I am earning Div					org yield	2.74%	31-Dec-24	RRSP	Div G Yrly	8.46%	Div start	$0.48	-2.74%	10.96%							I am earning Div
																						Years
Yield if held 5 years	2.81%	2.93%	3.15%	3.99%	3.94%	3.83%	3.40%	3.63%	3.88%	3.75%	3.68%	3.05%	2.82%	3.02%	2.60%	1.92%		3.72%	<-Median->	10	Paid Median Price	5
Yield if held 10 years	6.40%	6.82%	6.26%	5.16%	4.71%	4.91%	4.68%	5.43%	7.16%	7.16%	7.11%	6.88%	6.93%	6.98%	6.01%	5.35%		6.16%	<-Median->	10	Paid Median Price	10
Yield if held 15 years	12.77%	9.88%	8.94%	11.25%	12.47%	11.18%	10.88%	10.80%	9.25%	8.57%	9.13%	9.49%	10.37%	12.87%	11.46%	10.34%		10.59%	<-Median->	10	Paid Median Price	15
Yield if held 20 years	87.80%	86.22%	53.12%	35.10%	30.37%	22.33%	15.76%	15.43%	20.18%	22.68%	20.79%	22.06%	20.62%	16.62%	13.71%	13.27%		21.43%	<-Median->	10	Paid Median Price	20
Yield if held 25 years					160.23%	153.53%	137.58%	91.66%	62.95%	55.23%	41.52%	31.94%	29.45%	36.28%	36.28%	30.24%		62.95%	<-Median->	9	Paid Median Price	25
Yield if held 30 years										291.33%	285.44%	278.84%	174.98%	113.18%	88.36%	60.40%		282.14%	<-Median->	4	Paid Median Price	30
															466.13%	415.19%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	12.29%	12.20%	13.09%	16.10%	15.68%	15.79%	14.54%	14.76%	15.07%	14.33%	14.47%	11.96%	11.34%	12.24%	11.24%	8.92%		14.65%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	41.22%	43.20%	41.21%	33.60%	30.30%	32.55%	32.24%	35.20%	43.90%	43.02%	43.75%	41.53%	42.64%	43.39%	40.33%	39.33%		38.36%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	95.82%	72.59%	68.11%	84.96%	93.37%	87.38%	89.79%	85.14%	69.51%	63.00%	68.43%	69.45%	76.93%	96.13%	92.64%	91.76%		80.95%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	696.40%	670.25%	431.44%	284.33%	244.60%	187.99%	140.04%	130.88%	163.35%	179.92%	169.13%	176.28%	168.09%	136.99%	122.34%	130.03%		172.70%	<-Median->	10	Paid Median Price
Cost covered if held 25 years					1325.26%	1330.00%	1259.10%	804.32%	528.85%	455.39%	351.25%	265.27%	249.39%	310.61%	336.95%	309.47%		528.85%	<-Median->	9	Paid Median Price
Cost covered if held 30 years										2437.16%	2452.32%	2352.43%	1508.42%	988.23%	837.84%	631.54%		2394.80%	<-Median->	4	Paid Median Price
															4419.66%	4341.32%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$3,504.2	$3,678.7	$3,478.9	$3,886.5	$4,230.7	$4,622.3	$4,647	<-12 mths	0.54%		31.91%	<-Total Growth	5	Revenue Growth	31.91%
EPS Growth								$3.07	$3.49	$3.09	$4.00	$5.47	$6.45	$6.39	<-12 mths	-0.93%		110.10%	<-Total Growth	5	EPS Growth	110.10%
Net Income Growth								$252.0	$286.8	$254.9	$332.7	$454.2	$534.7	$625	<-12 mths	16.87%		112.20%	<-Total Growth	5	Net Income Growth	112.20%
Cash Flow Growth								$506.2	$146.0	$349.0	$542.7	$217.0	$355.8					-29.71%	<-Total Growth	5	Cash Flow Growth	-29.71%
Dividend Growth								$0.88	$1.04	$1.20	$1.32	$1.52	$1.68	$1.87	<-12 mths	11.31%		90.91%	<-Total Growth	5	Dividend Growth	90.91%
Stock Price Growth								$54.26	$70.59	$89.20	$114.36	$97.71	$116.10	$130.50	<-12 mths	12.40%		113.97%	<-Total Growth	5	Stock Price Growth	113.97%
Revenue Growth			$1,593.4	$1,660.4	$1,802.2	$1,867.3	$2,350.2	$3,504.2	$3,678.7	$3,478.9	$3,886.5	$4,230.7	$4,622.3	$4,801	<-this year	3.87%		190.08%	<-Total Growth	10	Revenue Growth	190.08%
EPS Growth			$1.59	$1.71	$1.86	$1.98	$2.20	$3.07	$3.49	$3.09	$4.00	$5.47	$6.45	$6.56	<-this year	1.77%		305.66%	<-Total Growth	10	EPS Growth	305.66%
Net Income Growth			$123.0	$133.2	$145.7	$155.7	$176.0	$252.0	$286.8	$254.9	$332.7	$454.2	$534.7	$554	<-this year	3.51%		334.62%	<-Total Growth	10	Net Income Growth	334.62%
Cash Flow Growth			$200.5	$143.5	$113.9	$188.8	$261.5	$506.2	$146.0	$349.0	$542.7	$217.0	$355.8	$679	<-this year	90.83%		77.42%	<-Total Growth	10	Cash Flow Growth	77.42%
Dividend Growth			$0.51	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$1.68	$1.92	<-this year	14.29%		229.41%	<-Total Growth	10	Dividend Growth	229.41%
Stock Price Growth			$26.65	$28.51	$31.55	$42.35	$55.10	$54.26	$70.59	$89.20	$114.36	$97.71	$116.10	$130.50	<-this year	12.40%		335.65%	<-Total Growth	10	Stock Price Growth	335.65%
Dividends on Shares				$22.04	$25.08	$26.98	$28.50	$33.44	$39.52	$45.60	$50.16	$57.76	$63.84	$71.06	$72.96	$72.96		$392.92	No of Years	10	Total Divs	12/31/13
Paid			$1,012.70	$1,083.38	$1,198.90	$1,609.30	$2,093.80	$2,061.88	$2,682.42	$3,389.60	$4,345.68	$3,712.98	$4,411.80	$4,959.00	$4,959.00	$5,160.40		$4,411.80	No of Years	10	Worth	$26.65
Total																		$4,804.72
Graham No. AEPS	$12.51	$14.80	$16.38	$18.24	$20.41	$22.43	$31.39	$40.91	$46.23	$45.92	$55.35	$69.13	$79.14	$78.97	$70.06	$71.41		383.04%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.48	1.49	1.48	1.47	1.57	1.60	1.59	1.46	1.34	1.61	1.80	1.59	1.38	1.57				1.58	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.70	1.69	1.64	1.58	1.82	1.96	1.86	1.64	1.53	2.03	2.07	1.79	1.47	1.69				1.80	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.26	1.30	1.32	1.36	1.32	1.23	1.32	1.27	1.15	1.19	1.54	1.39	1.30	1.44				1.31	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.70	1.43	1.63	1.56	1.55	1.89	1.76	1.33	1.53	1.94	2.07	1.41	1.47	1.65	1.86	1.90		1.55	<-Median->	10	Price/GP Ratio
Prem/Disc Close	70.41%	42.60%	62.66%	56.30%	54.60%	88.80%	75.52%	32.63%	52.70%	94.25%	106.61%	41.35%	46.70%	65.24%	86.26%	90.16%		55.45%	<-Median->	10	Graham Price
Graham No. ESP	$12.51	$14.80	$16.38	$18.24	$20.41	$22.43	$26.23	$33.60	$38.32	$37.84	$46.18	$58.96	$68.80	$69.40	$71.19	$71.41		319.91%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.48	1.49	1.48	1.47	1.57	1.60	1.90	1.77	1.62	1.95	2.16	1.86	1.59	1.78				1.70	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.70	1.69	1.64	1.58	1.82	1.96	2.22	2.00	1.85	2.47	2.48	2.10	1.69	1.92				1.98	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.26	1.30	1.32	1.36	1.32	1.23	1.58	1.55	1.39	1.44	1.85	1.63	1.49	1.64				1.47	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.70	1.43	1.63	1.56	1.55	1.89	2.10	1.61	1.84	2.36	2.48	1.66	1.69	1.88	1.83	1.90		1.76	<-Median->	10	Price/GP Ratio
Prem/Disc Close	70.41%	42.60%	62.66%	56.30%	54.60%	88.80%	110.10%	61.48%	84.20%	135.72%	147.65%	65.71%	68.76%	88.04%	83.31%	90.16%		76.48%	<-Median->	10	Graham Price
Pre-split '98
Pre-split '04
pre-spinoff 2011
Price Close	$21.32	$21.10	$26.65	$28.51	$31.55	$42.35	$55.10	$54.26	$70.59	$89.20	$114.36	$97.71	$116.10	$130.50	$130.50	$135.80		335.65%	<-Total Growth	10	Stock Price
Increase	13.16%	-1.03%	26.30%	6.98%	10.66%	34.23%	30.11%	-1.52%	30.10%	26.36%	28.21%	-14.56%	18.82%	12.40%	0.00%	4.06%		18.66	<-Median->	10	CAPE (10 Yr P/E)
P/E	16.15	13.53	16.76	16.67	16.96	21.39	25.05	17.67	20.23	28.87	28.59	17.86	18.00	19.88	18.89	19.54		16.43%	<-IRR #YR->	5	Stock Price	113.97%
Trailing P/E	26.98	15.98	17.08	17.93	18.45	22.77	27.83	24.66	22.99	25.56	37.01	24.43	21.22	20.23	19.88	19.66		15.85%	<-IRR #YR->	10	Stock Price	335.65%
CAPE (10 Yr P/E)	16.42	15.99	15.99	15.92	15.80	16.56	17.88	18.39	18.92	20.15	21.74	21.44	21.00	21.00	20.84	20.63		18.25%	<-IRR #YR->	5	Price & Dividend	126.43%
Median 10, 5 Yrs		D.  per yr	1.89%	1.82%	% Tot Ret	10.67%	9.95%	T P/E	$23.71	$24.43	P/E:	$19.11	$20.23					17.75%	<-IRR #YR->	10	Price & Dividend	374.45%
Price 15		D.  per yr	1.98%		% Tot Ret	11.61%						CAPE Diff	6.57%					15.10%	<-IRR #YR->	15	Stock Price	724.49%
Price  20		D.  per yr	1.73%		% Tot Ret	11.78%												12.97%	<-IRR #YR->	20	Stock Price	1046.71%
Price  25		D.  per yr	1.80%		% Tot Ret	11.73%												13.57%	<-IRR #YR->	25	Stock Price	2307.00%
Price  30		D.  per yr	2.59%		% Tot Ret	13.79%												16.20%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	4.06%		% Tot Ret	17.95%												18.55%	<-IRR #YR->	33	Stock Price
Price & Dividend 15																		17.08%	<-IRR #YR->	15	Price & Dividend	815.42%
Price & Dividend 20																		14.71%	<-IRR #YR->	20	Price & Dividend	1183.28%
Price & Dividend 25																		15.37%	<-IRR #YR->	25	Price & Dividend	2603.56%
Price & Dividend 30																		18.80%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		22.61%	<-IRR #YR->	33	Price & Dividend
Price  5								-$54.26	$0.00	$0.00	$0.00	$0.00	$116.10								Price  5
Price 10			-$26.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$116.10								Price 10
Price & Dividend 5								-$54.26	$1.04	$1.20	$1.32	$1.52	$117.78								Price & Dividend 5
Price & Dividend 10			-$26.65	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$117.78								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	$116.10								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	$116.10								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	$116.10								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	$116.10								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	$116.10								Price  35
Price & Dividend 15	$0.41	$0.47	$0.51	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$117.78								Price & Dividend 15
Price & Dividend 20	$0.41	$0.47	$0.51	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$117.78								Price & Dividend 20
Price & Dividend 25	$0.41	$0.47	$0.51	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$117.78								Price & Dividend 25
Price & Dividend 30	$0.41	$0.47	$0.51	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$117.78								Price & Dividend 30
Price & Dividend 35	$0.41	$0.47	$0.51	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$117.78								Price & Dividend 35
Price H/L Med.	$18.56	$22.08	$24.25	$26.81	$31.97	$35.86	$49.84	$59.60	$62.00	$73.96	$99.87	$109.89	$109.41	$123.72	4.06%			351.15%	<-Total Growth	10	Stock Price
Increase	10.81%	18.97%	9.83%	10.54%	19.25%	12.17%	38.99%	19.59%	4.02%	19.29%	35.03%	10.03%	-0.44%	13.08%	1.47%			16.26%	<-IRR #YR->	10	Stock Price	351.15%
P/E	14.06	14.15	15.25	15.68	17.19	18.11	22.65	19.41	17.76	23.93	24.97	20.09	16.96	18.85	5.53%			12.92%	<-IRR #YR->	5	Stock Price	83.57%
Trailing P/E	23.49	16.73	15.54	16.86	18.69	19.28	25.17	27.09	20.19	21.19	32.32	27.47	20.00	19.18				18.31%	<-IRR #YR->	10	Price & Dividend	395.90%
P/E on Running 5 yr Average	16.23	18.02	18.95	19.23	19.88	20.61	26.68	27.54	24.60	26.74	31.50	28.74	24.31	24.19				14.67%	<-IRR #YR->	5	Price & Dividend	96.38%
P/E on Running 10 yr Average	20.55	21.65	21.59	21.84	23.89	24.87	32.22	34.61	31.68	33.82	40.68	38.61	32.83	32.41				15.33	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.05%	1.75%	% Tot Ret	11.21%	11.96%	T P/E	20.69	21.19	P/E:	18.76	20.09						Count	33	Years of data
			-$24.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$109.41
								-$59.60	$0.00	$0.00	$0.00	$0.00	$109.41
			-$24.25	$0.58	$0.66	$0.71	$0.75	$0.88	$1.04	$1.20	$1.32	$1.52	$111.09
								-$59.60	$1.04	$1.20	$1.32	$1.52	$111.09
High Months	Dec	Mar	Dec	Nov	Aug	Dec	Oct	Aug	Nov	Dec	Dec	Apr	Dec	Feb
Pre-split '98
pre-split '04
pre-spinoff 2011
Price High	$21.32	$24.95	$26.84	$28.87	$37.06	$44.04	$58.34	$67.06	$70.77	$93.41	$114.36	$123.59	$116.10	$133.49				332.56%	<-Total Growth	10	Stock Price
Increase	9.67%	17.03%	7.58%	7.56%	28.37%	18.83%	32.47%	14.95%	5.53%	31.99%	22.43%	8.07%	-6.06%	14.98%				15.77%	<-IRR #YR->	10	Stock Price	332.56%
P/E	16.15	15.99	16.88	16.88	19.92	22.24	26.52	21.84	20.28	30.23	28.59	22.59	18.00	20.34				11.60%	<-IRR #YR->	5	Stock Price	73.13%
Trailing P/E	26.98	18.90	17.21	18.16	21.67	23.68	29.46	30.48	23.05	26.77	37.01	30.90	21.22	20.70				18.76	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	25.22	26.77	P/E:	22.04	22.59					26.33	P/E Ratio		Historical High
			-$26.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$116.10
								-$67.06	$0.00	$0.00	$0.00	$0.00	$116.10
Low Months	Oct	Oct	Apr	Feb	Jan	Feb	Jan	Dec	Jan	Mar	Jan	Jul	Oct	Jan
Pre-split '98
pre-split '04
pre-spinoff 2011
Price Low	$15.80	$19.21	$21.66	$24.74	$26.87	$27.67	$41.33	$52.14	$53.22	$54.50	$85.37	$96.18	$102.71	$113.94				374.19%	<-Total Growth	10	Stock Price
Increase	12.40%	21.58%	12.75%	14.22%	8.61%	2.98%	49.37%	26.16%	2.07%	2.41%	56.64%	12.66%	6.79%	10.93%				16.84%	<-IRR #YR->	10	Stock Price	374.19%
P/E	11.97	12.31	13.62	14.47	14.45	13.97	18.79	16.98	15.25	17.64	21.34	17.58	15.92	17.36				14.52%	<-IRR #YR->	5	Stock Price	96.99%
Trailing P/E	20.00	14.55	13.88	15.56	15.71	14.88	20.87	23.70	17.34	15.62	27.63	24.05	18.78	17.67				13.36	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	18.06	18.78	P/E:	16.45	17.58					8.63	P/E Ratio		Historical Low
			-$21.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$102.71
								-$52.14	$0.00	$0.00	$0.00	$0.00	$102.71
Free Cash Flow MS	$71	-$77.63	$105.24	$35.70	-$2.63	$163.99	$224.19	$456.68	$88.83	$305.74	$471.52	$147.62	$181	$416	$456			71.62%	<-Total Growth	10	Free Cash Flow MS
Change	-61.35%	-208.77%	235.57%	-66.08%	-107.37%	6335.36%	36.71%	103.70%	-80.55%	244.19%	54.22%	-68.69%	22.35%	130.32%	9.52%			-16.93%	<-IRR #YR->	5	Free Cash Flow MS	-60.45%
FCF/CF from Op Ratio	0.46	-2.08	0.52	0.25	-0.02	0.87	0.86	0.90	0.61	0.88	0.87	0.68	0.51	0.61	#DIV/0!			5.55%	<-IRR #YR->	10	Free Cash Flow MS	71.62%
Dividends paid WSJ	$40.88	$36.00	$39.03	$44.66	$51.21	$55.42	$55.86	$71.43	$84.79	$98.53	$109.05	$125.21	$125.21	$153.90	$158.01			220.84%	<-Total Growth	10	Dividends paid
Percentage paid	57.27%	-46.37%	37.08%	125.11%	-1947.26%	33.80%	24.92%	15.64%	95.45%	32.23%	23.13%	84.82%	69.32%	36.99%	34.68%			$0.33	<-Median->	10	Percentage paid
5 Year Coverage				50.28%	160.37%	100.73%	46.76%	31.73%	34.23%	29.53%	27.13%	33.26%	45.45%	40.22%	40.17%						5 Year Coverage
Dividend Coverage Ratio	1.75	-2.16	2.70	0.80	-0.05	2.96	4.01	6.39	1.05	3.10	4.32	1.18	1.44	2.70	2.88			2.20	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				1.99	0.62	0.99	2.14	3.15	2.92	3.39	3.69	3.01	2.20	2.49	2.49						5 Year of Coverage
								-$457	$0	$0	$0	$0	$181
			-$105	$0	$0	$0	$0	$0	$0	$0	$0	$0	$181
Free Cash Flow WSJ					-$36.23	$127.05	$188.67	$432.18	$30.04	$253.28	$420.68	$113.41	$180.62					42.17%	<-Total Growth	8	Free Cash Flow WSJ
Change						450.70%	48.51%	129.06%	-93.05%	743.10%	66.09%	-73.04%	59.26%					-16.01%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio					-0.02	0.87	0.86	0.90	0.61	0.88	0.87	0.68	0.51	0.00	#DIV/0!			#NUM!	<-IRR #YR->	8	Free Cash Flow MS	#DIV/0!
Dividends paid WSJ					$51.21	$55.42	$55.86	$71.43	$84.79	$98.53	$109.05	$125.21	$125.21	$625.44	#DIV/0!			125.92%	<-Total Growth	8	Dividends paid
Percentage paid					-141.37%	43.62%	29.61%	16.53%	282.24%	38.90%	25.92%	110.40%	69.32%	#DIV/0!	#DIV/0!			$0.39	<-Median->	9	Percentage paid
5 Year Coverage					-141.37%	117.41%	58.14%	32.87%	42.97%	35.50%	31.68%	39.13%	54.39%	111.93%	#DIV/0!						5 Year Coverage
Dividend Coverage Ratio					-0.71	2.29	3.38	6.05	0.35	2.57	3.86	0.91	1.44	0.00	#DIV/0!			2.29	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage					-0.71	0.85	1.72	3.04	2.33	2.82	3.16	2.56	1.84	0.89	#DIV/0!						5 Year of Coverage
								-$432	$0	$0	$0	$0	$181
					$36	$0	$0	$0	$0	$0	$0	$0	$181
Market Cap	$1,634	$1,612	$2,048	$2,203	$2,458	$3,320	$4,460	$4,407	$5,789	$7,357	$9,428	$8,043	$9,555	$10,740	$10,740	$11,176		366.56%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million		77.39	77.09	77.68	78.31	78.67	79.91	81.98	82.08	82.62	83.27	82.98	82.90	82.90				7.54%	<-Total Growth	10	Diluted
Change			-0.40%	0.76%	0.81%	0.47%	1.57%	2.59%	0.12%	0.66%	0.79%	-0.35%	-0.10%	0.00%				0.71%	<-Median->	10	Change
Difference Diluted/Basic		-1.1%	-0.6%	-0.8%	-0.8%	-0.7%	-1.0%	-0.9%	-0.6%	-0.6%	-0.9%	-0.8%	-0.7%	-0.7%
Basic # of Shares in Millions	77.01	76.55	76.61	77.06	77.68	78.13	79.09	81.23	81.59	82.15	82.55	82.34	82.31	82.31				7.43%	<-Total Growth	10	Basic
Change	-38.07%	-0.60%	0.08%	0.59%	0.80%	0.57%	1.23%	2.71%	0.44%	0.69%	0.48%	-0.25%	-0.04%	0.00%				0.58%	<-Median->	10	Change
Difference Basic/Outstanding	-0.5%	-0.2%	0.3%	0.3%	0.3%	0.3%	2.3%	0.0%	0.5%	0.4%	-0.1%	0.0%	0.0%	0.0%				0.27%	<-Median->	10	Difference Basic/Outstanding
pre-split '96
pre-split '04
pre-spinoff 2011
# of Share in Millions	76.63	76.41	76.84	77.26	77.91	78.40	80.95	81.23	82.01	82.47	82.44	82.32	82.30	82.30	82.30	82.30		0.69%	<-IRR #YR->	10	Shares	7.10%
Change	-39.16%	-0.29%	0.57%	0.54%	0.84%	0.63%	3.25%	0.34%	0.97%	0.56%	-0.04%	-0.15%	-0.03%	0.00%	0.00%	0.00%		0.26%	<-IRR #YR->	5	Shares	1.32%
CF fr Op $M	$154.25	$37.36	$200.54	$143.51	$113.88	$188.81	$261.51	$506.18	$146.03	$349.03	$542.72	$216.95	$355.79	$678.95				77.42%	<-Total Growth	10	Cash Flow
Increase	-39.67%	-75.78%	436.84%	-28.44%	-20.65%	65.80%	38.50%	93.56%	-71.15%	139.01%	55.50%	-60.03%	64.00%	90.83%				SO, S Iss	Buy Back
5 year Running Average	$189.5	$161.6	$168.8	$158.3	$129.9	$136.8	$181.7	$242.8	$243.3	$290.3	$361.1	$352.2	$322.1	$428.7				90.81%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.01	$0.49	$2.61	$1.86	$1.46	$2.41	$3.23	$6.23	$1.78	$4.23	$6.58	$2.64	$4.32	$8.25				65.67%	<-Total Growth	10	Cash Flow per Share
Increase	-0.83%	-75.71%	433.79%	-28.82%	-21.31%	64.76%	34.14%	92.90%	-71.43%	137.67%	55.55%	-59.96%	64.04%	90.83%				5.90%	<-IRR #YR->	10	Cash Flow	77.42%
5 year Running Average	$1.82	$1.59	$1.80	$1.80	$1.69	$1.77	$2.31	$3.04	$3.02	$3.58	$4.41	$4.29	$3.91	$5.20				-6.81%	<-IRR #YR->	5	Cash Flow	-29.71%
P/CF on Med Price	9.22	45.16	9.29	14.43	21.87	14.89	15.43	9.56	34.82	17.48	15.17	41.69	25.31	15.00				5.18%	<-IRR #YR->	10	Cash Flow per Share	65.67%
P/CF on Closing Price	10.59	43.16	10.21	15.35	21.58	17.58	17.06	8.71	39.64	21.08	17.37	37.07	26.85	15.82				-7.05%	<-IRR #YR->	5	Cash Flow per Share	-30.63%
															-3.85%	Diff M/C		8.08%	<-IRR #YR->	10	CFPS 5 yr Running	117.41%
Excl.Working Capital CF	$8.3	$124.48	-$21.67	$42.57	$177.39	$26.98	-$3.19	-$110.91	$310.21	$61.16	-$61.98	$384.97	$348.21	$0.0				5.18%	<-IRR #YR->	5	CFPS 5 yr Running	28.73%
CF fr Op $M WC	$162.57	$161.83	$178.87	$186.08	$291.27	$215.80	$258.32	$395.28	$456.24	$410.18	$480.75	$601.93	$704.01	$678.95				293.58%	<-Total Growth	10	Cash Flow less WC
Increase	7.02%	-0.46%	10.53%	4.03%	56.53%	-25.91%	19.71%	53.02%	15.42%	-10.09%	17.20%	25.21%	16.96%	-3.56%				14.68%	<-IRR #YR->	10	Cash Flow less WC	293.58%
5 year Running Average	$163.68	$165.61	$166.43	$168.26	$196.13	$206.77	$226.07	$269.35	$323.38	$347.16	$400.15	$468.87	$530.62	$575.16				12.24%	<-IRR #YR->	5	Cash Flow less WC	78.11%
CFPS Excl. WC	$2.12	$2.12	$2.33	$2.41	$3.74	$2.75	$3.19	$4.87	$5.56	$4.97	$5.83	$7.31	$8.55	$2.03				12.29%	<-IRR #YR->	10	CF less WC 5 Yr Run	218.83%
Increase	75.90%	-0.17%	9.90%	3.47%	55.23%	-26.38%	15.93%	52.50%	14.32%	-10.60%	17.25%	25.40%	16.99%	-76.27%				14.52%	<-IRR #YR->	5	CF less WC 5 Yr Run	97.00%
5 year Running Average	$1.62	$1.75	$1.89	$2.04	$2.54	$2.67	$2.88	$3.39	$4.02	$4.27	$4.89	$5.71	$6.45	$5.74				13.90%	<-IRR #YR->	10	CFPS - Less WC	267.50%
P/CF on Median	8.75	10.43	10.42	11.13	8.55	13.03	15.62	12.25	11.14	14.87	17.13	15.03	12.79	60.94				11.94%	<-IRR #YR->	5	CFPS - Less WC	75.79%
P/CF on Close	10.05	9.96	11.45	11.84	8.44	15.39	17.27	11.15	12.69	17.94	19.61	13.36	13.57	64.29				13.06%	<-IRR #YR->	10	CFPS 5 yr Running	241.32%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	16.45	5 yr	25.31	P/CF Med	10 yr	12.91	5 yr	14.87		398.04%	Diff M/C		13.71%	<-IRR #YR->	5	CFPS 5 yr Running	90.09%
			-76.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	82.30								Shares
								-81.23	0.00	0.00	0.00	0.00	82.30								Shares
			-$200.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$355.8								Cash Flow
								-$506.2	$0.0	$0.0	$0.0	$0.0	$355.8								Cash Flow
			-$2.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.32								Cash Flow per Share
								-$6.23	$0.00	$0.00	$0.00	$0.00	$4.32								Cash Flow per Share
			-$1.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.91								CFPS 5 yr Running
								-$3.04	$0.00	$0.00	$0.00	$0.00	$3.91								CFPS 5 yr Running
			-$178.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$704.0								Cash Flow less WC
								-$395.3	$0.0	$0.0	$0.0	$0.0	$704.0								Cash Flow less WC
			-$166.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$530.6								CF less WC 5 Yr Run
								-$269.3	$0.0	$0.0	$0.0	$0.0	$530.6								CF less WC 5 Yr Run
			-$2.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.55								CFPS - Less WC
								-$4.87	$0.00	$0.00	$0.00	$0.00	$8.55								CFPS - Less WC
			-$1.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.45								CFPS 5 yr Running
								-$3.39	$0.00	$0.00	$0.00	$0.00	$6.45								CFPS 5 yr Running
Net Change in WC			$21.67	-$42.57																	Net Change in WC
Acct Rec					-$22.751	-$14.527	-$65.840	-$36.392	-$2.590	-$16.528	$89.636	-$127.738	-$49.755
Inventories					-$96.017	$27.453	-$53.232	-$95.983	-$38.679	$183.782	$7.983	-$305.338	-$115.193
Accts Pay & accrued liab					$11.974	$23.995	$162.797	$364.019	-$111.068	-$224.655	-$12.915	$103.566	-$47.159
Provisions							$0.297	$1.946	-$0.702	$2.965	-$1.241	$2.249	$3.183
Deferred Revenue					$24.662	$1.046	$33.906	-$2.388	$3.814	$8.187	$61.458	$105.675	$52.532
Income Taxes payble					-$0.834	-$1.790	-$1.058	$28.164	-$37.644	$32.556	-$8.042	$13.414	-$20.803
Derivative Fin Instruments								-$26.173	$30.129	-$0.325	-$7.941	-$3.165	$6.830
Other					-$8.285	-$1.433	-$6.860	$2.857	-$0.080	$3.922	$0.384	-$2.423	-$6.656
Additions to rental equ  (new 2019)					-$119.737	-$98.668	-$102.343	-$149.650	-$212.176	-$103.515	-$118.183	-$205.420	-$231.899
Proceeds on dispostal or Rental Eq					$33.599	$36.942	$35.521	$24.507	$58.786	$52.455	$50.840	$34.206	$60.707
Sum			$21.67	-$42.57	-$177.39	-$26.98	$3.19	$110.907	-$310.210	-$61.156	$61.979	-$384.974	-$348.213								Sum
Google -->TD			$21.66	-$42.57	-$91.25	$34.74	$70	$86	-$310	-$61	$62	-$385									Google
Difference			$0.00	$0.00	-$86.14	-$61.72	-$67	$25	$0	$0	$0	$0	-$348								Difference
TD 2020					-$177	-$27	$3	$111.00
Difference					$0	$0	$0	$0
OPM	11.16%	2.48%	12.59%	8.64%	6.32%	10.11%	11.13%	14.44%	3.97%	10.03%	13.96%	5.13%	7.70%	14.14%				-38.84%	<-Total Growth	10	OPM
Increase	1.82%	-77.79%	407.78%	-31.32%	-26.89%	60.02%	10.04%	29.81%	-72.52%	152.74%	39.19%	-63.28%	50.10%	83.72%					Should increase		or be stable.
Diff from Median	22.1%	-72.9%	37.6%	-5.5%	-30.9%	10.6%	21.7%	58.0%	-56.6%	9.7%	52.7%	-43.9%	-15.8%	54.7%				0.02	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio/ also Cash Flow from Operations (CFO) /Sales									OPM	10 Yrs	9.14%	5 Yrs	8.16%					should be	zero, it is a		check on calculations
														$701	<-12 mths	-0.40%
EBIT Adjusted Operating Income		$168.81	173.962	$227.58	$204.51	$216.56	$249.58	$369.57	$412.50	$372.43	$475.94	$619.10	$704.23	$712.80	$743.90	$749.40		304.82%	<-Total Growth	10	EBIT  Operating Income
Change			3.05%	30.82%	-10.14%	5.89%	15.25%	48.08%	11.61%	-9.71%	27.79%	30.08%	13.75%	1.22%	4.36%	0.74%		14.50%	<-Median->	10	Change
Margin		11.20%	10.92%	13.71%	11.35%	11.60%	10.62%	10.55%	11.21%	10.71%	12.25%	14.63%	15.24%	14.85%	14.85%	15.38%		11.47%	<-Median->	10	Margin
Long Term Debt	$132.82	$158.40	$130.95	$131.52	$152.08	$150.72	$893.81	$644.54	$645.47	$646.30	$646.34	$647.06	$647.78	$647.78				394.69%	<-Total Growth	10	Debt	Type
Change		19.26%	-17.33%	0.44%	15.63%	-0.90%	493.04%	-27.89%	0.14%	0.13%	0.01%	0.11%	0.11%	0.00%				0.12%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.08	0.10	0.06	0.06	0.06	0.05	0.20	0.15	0.11	0.09	0.07	0.08	0.07	0.06				0.07	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	2.69	3.56	3.45	2.74	4.08	4.24	4.09	2.87	3.39	4.21	4.40	3.96	4.29	4.29				4.08	<-Median->	10	Assets/Current Liab.Ratio	Liquidity
Debt to Cash Flow (Years)	0.86	4.24	0.65	0.92	1.34	0.80	3.42	1.27	4.42	1.85	1.19	2.98	1.82	0.95				1.58	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles		$13.7	$14.1	$14.5	$13.7	$13.7	$386.2	$392.5	$389.1	$384.4	$381.3	$378.8	$376.3	$376.3				2561.49%	<-Total Growth	10	Intangibles	Leverage
Goodwill		$13.5	$13.5	$13.5	$13.5	$13.5	$93.9	$93.8	$93.8	$93.8	$93.8	$93.8	$93.8	$93.8				597.25%	<-Total Growth	10	Goodwill	D/E Ratio
Total		$27.1	$27.6	$28.0	$27.1	$27.1	$480.1	$486.3	$482.8	$478.2	$475.0	$472.6	$470.1	$470.1				1603.90%	<-Total Growth	10	Total
Change			1.73%	1.39%	-3.05%	0.00%	1670.37%	1.29%	-0.72%	-0.96%	-0.66%	-0.52%	-0.52%	0.00%				-0.52%	<-Median->	10	Change
Intangible/Market Cap Ratio		0.02	0.01	0.01	0.01	0.01	0.11	0.11	0.08	0.06	0.05	0.06	0.05	0.04				0.05	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$591.2	$565.8	$650.5	$698.8	$799.1	$908.0	$1,477.7	$1,779.1	$1,824.3	$1,872.1	$2,108.4	$2,569.2	$2,810.8	$2,810.8				Liquidity ratio of 1.5 and up, best
Current Liabilities	$340.1	$262.9	$298.9	$404.1	$312.8	$332.6	$699.3	$1,125.2	$995.0	$794.2	$813.7	$1,056.7	$1,066.1	$1,066.1				2.26	<-Average	10	Ratio
Liquidity	1.74	2.15	2.18	1.73	2.55	2.73	2.11	1.58	1.83	2.36	2.59	2.43	2.64	2.64				2.37	<-Average	5	Ratio
Liq. with CF aft div	2.10	2.16	2.72	1.97	2.75	3.13	2.40	1.97	1.89	2.67	3.12	2.52	2.84	3.13				2.61	<-Average	5	Ratio
Liq. CF re  Inv+Div	2.10	1.60	2.19	1.63	2.02	2.96	1.00	1.97	1.79	2.57	2.88	2.42	2.65	3.13				2.46	<-Average	5	Ratio
Assets	$913.3	$936.2	$1,030.6	$1,107.8	$1,276.1	$1,410.6	$2,857.9	$3,234.5	$3,371.3	$3,346.8	$3,583.8	$4,182.1	$4,571.8	$4,571.8				Debt Ratio of 1.5 and up, best
Liabilities	$509.5	$459.6	$454.0	$439.7	$500.8	$525.1	$1,733.2	$1,906.9	$1,837.4	$1,648.1	$1,630.5	$1,856.8	$1,888.0	$1,888.0				2.18	<-Average	10	Ratio
Debt Ratio	1.79	2.04	2.27	2.52	2.55	2.69	1.65	1.70	1.83	2.03	2.20	2.25	2.42	2.42				2.15	<-Average	5	Ratio
Check on Liabilities				$439.7	$500.8	$525.1
Total Book Value	$403.9	$476.6	$576.6	$668.1	$775.3	$885.4	$1,124.7	$1,327.7	$1,533.9	$1,698.7	$1,953.3	$2,325.4	$2,683.9	$2,683.9				365.50%	<-Total Growth	10	Total Book Value
NCI	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0
Book Value	$403.9	$476.6	$576.6	$668.1	$775.3	$885.4	$1,124.7	$1,327.7	$1,533.9	$1,698.7	$1,953.3	$2,325.4	$2,683.9	$2,683.9	$2,683.9	$2,683.9		365.50%	<-Total Growth	10	Book Value
Book Value per Share	$5.27	$6.24	$7.50	$8.65	$9.95	$11.29	$13.89	$16.35	$18.70	$20.60	$23.69	$28.25	$32.61	$32.61	$32.61	$32.61		334.66%	<-Total Growth	10	Book Value per Share
Change	-44.94%	18.35%	20.29%	15.25%	15.08%	13.49%	23.02%	17.64%	14.42%	10.12%	15.04%	19.23%	15.45%	0.00%	0.00%	0.00%		39.97%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.52	3.54	3.23	3.10	3.21	3.17	3.59	3.65	3.31	3.59	4.21	3.89	3.35	3.79	0.00	0.00		2.86	P/B Ratio		Historical Median
P/B Ratio (Close)	4.05	3.38	3.55	3.30	3.17	3.75	3.97	3.32	3.77	4.33	4.83	3.46	3.56	4.00	4.00	4.16		15.83%	<-IRR #YR->	10	Book Value per Share
Change	105.53%	-16.38%	5.00%	-7.18%	-3.84%	18.28%	5.76%	-16.29%	13.70%	14.75%	11.45%	-28.34%	2.92%	12.40%	0.00%	4.06%		14.81%	<-IRR #YR->	5	Book Value per Share
Leverage (A/BK)	2.26	1.96	1.79	1.66	1.65	1.59	2.54	2.44	2.20	1.97	1.83	1.80	1.70	1.70				1.82	<-Median->	10	A/BV
Debt/Equity Ratio	1.26	0.96	0.79	0.66	0.65	0.59	1.54	1.44	1.20	0.97	0.83	0.80	0.70	0.70				0.82	<-Median->	10	Debt/Eq Ratio
Median									P/BV	10 yr Med	3.47	5 yr Med	3.59		15.30%	Diff M/C		2.26	Historical		Leverage (A/BK)
			-$7.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.61
								-$16.35	$0.00	$0.00	$0.00	$0.00	$32.61
Comprehensive Income	$253.88	$115.72	$131.22	$129.05	$147.64	$154.17	$168.22	$272.98	$261.95	$242.65	$388.80	$521.56	$517.28					294.23%	<-Total Growth	10	Comprehensive Income
Increase	264.97%	-54.42%	13.39%	-1.65%	14.41%	4.42%	9.12%	62.27%	-4.04%	-7.37%	60.23%	34.15%	-0.82%					-0.82%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$142.15	$143.14	$135.87	$139.88	$155.50	$135.56	$146.06	$174.41	$200.99	$219.99	$266.92	$337.59	$386.45					14.70%	<-IRR #YR->	10	Comprehensive Income	294.23%
ROE	62.9%	24.3%	22.8%	19.3%	19.0%	17.4%	15.0%	20.6%	17.1%	14.3%	19.9%	22.4%	19.3%					13.64%	<-IRR #YR->	5	Comprehensive Income	89.50%
5Yr Median	16.9%	21.5%	22.8%	22.8%	22.8%	19.3%	19.0%	19.0%	17.4%	17.1%	17.1%	19.9%	19.3%					11.02%	<-IRR #YR->	10	5 Yr Running Average	184.42%
% Difference from NI	3.0%	-4.0%	6.7%	-3.1%	1.4%	-1.0%	-4.4%	8.3%	-8.7%	-4.8%	16.9%	14.8%	-3.3%					17.25%	<-IRR #YR->	5	5 Yr Running Average	121.57%
Medians										Diff	5, 10 yr	-2.1%	-3.3%					19.3%	<-Median->	5	Return on Equity
			-$131.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$517.28
								-$272.98	$0.00	$0.00	$0.00	$0.00	$517.28
			-$135.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$386.45
								-$174.41	$0.00	$0.00	$0.00	$0.00	$386.45
Current Liability Coverage Ratio	0.45	0.14	0.67	0.36	0.36	0.57	0.37	0.45	0.15	0.44	0.67	0.21	0.33	0.64							CFO / Current Liabilities
5 year Median	0.41	0.41	0.45	0.41	0.36	0.36	0.37	0.37	0.37	0.44	0.44	0.44	0.33	0.44				33.4%	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	0.26	0.07	0.31	0.21	0.14	0.21	0.18	0.28	0.08	0.19	0.26	0.08	0.13	0.24							CFO / Total Assets
5 year Median	0.22	0.22	0.22	0.22	0.21	0.21	0.21	0.21	0.18	0.19	0.19	0.19	0.13	0.19				12.7%	<-Median->	5	Return on Assets
Return on Assets ROA	26.98%	12.88%	11.94%	12.02%	11.42%	11.04%	6.16%	7.79%	8.51%	7.62%	9.28%	10.86%	11.70%	12.11%				Net	Income/Assets		Return on Assets
5Yr Median	9.01%	9.16%	11.94%	12.02%	12.02%	11.94%	11.42%	11.04%	8.51%	7.79%	7.79%	8.51%	9.28%	10.86%				10.1%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	61.03%	25.30%	21.34%	19.94%	18.79%	17.59%	15.65%	18.98%	18.70%	15.01%	17.03%	19.53%	19.92%	20.62%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	18.04%	18.04%	21.34%	21.34%	21.34%	19.94%	18.79%	18.79%	18.70%	17.59%	17.03%	18.70%	18.70%	19.53%				18.7%	<-Median->	10	Return on Equity
														$625	<-12 mths	16.87%			Estimates		Last 12 months from Qtr
Net Income	$246.46	$120.55	$123.03	$133.20	$145.67	$155.75	$175.97	$251.98	$286.80	$254.92	$332.71	$454.20	$534.71	$554	$588			334.62%	<-Total Growth	10	Net Income
Increase	149.83%	-51.09%	2.06%	8.26%	9.36%	6.92%	12.98%	43.20%	13.82%	-11.12%	30.52%	36.51%	17.73%	3.51%	6.14%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$145.69	$145.34	$141.84	$144.38	$153.78	$135.64	$146.72	$172.51	$203.23	$225.08	$260.48	$316.12	$372.67	$426.01	$492.52			15.83%	<-IRR #YR->	10	Net Income	334.62%
Operating Cash Flow	$154.25	$37.36	$200.54	$143.51	$113.88	$188.81	$261.51	$506.18	$146.03	$349.03	$542.72	$216.95	$355.79					16.24%	<-IRR #YR->	5	Net Income	112.20%
Investment Cash Flow	$84.17	-$91.21	-$72.03	-$85.76	-$113.87	-$18.58	-$979.98	$2.48	-$56.56	-$32.53	-$68.87	-$44.33	-$78.12					10.14%	<-IRR #YR->	10	5 Yr Running Ave.	162.73%
Total Accruals	$8.04	$174.40	-$5.48	$75.45	$145.65	-$14.49	$894.44	-$256.67	$197.33	-$61.58	-$141.15	$281.58	$257.04					16.65%	<-IRR #YR->	5	5 Yr Running Ave.	116.02%
Total Assets	$913.3	$936.2	$1,030.6	$1,107.8	$1,276.1	$1,410.6	$2,857.9	$3,234.5	$3,371.3	$3,346.8	$3,583.8	$4,182.1	$4,571.8						Balance Sheet		Assets
Accruals Ratio	0.88%	18.63%	-0.53%	6.81%	11.41%	-1.03%	31.30%	-7.94%	5.85%	-1.84%	-3.94%	6.73%	5.62%					5.62%	<-Median->	5	Ratio
EPS/CF Ratio	0.62	0.74	0.68	0.71	0.50	0.72	0.69	0.63	0.63	0.62	0.69	0.75	0.75					0.69	<-Median->	10	EPS/CF Ratio
			-$123	$0	$0	$0	$0	$0	$0	$0	$0	$0	$535
								-$252	$0	$0	$0	$0	$535
			-$142	$0	$0	$0	$0	$0	$0	$0	$0	$0	$373
								-$173	$0	$0	$0	$0	$373
Change in Close	13.16%	-1.03%	26.30%	6.98%	10.66%	34.23%	30.11%	-1.52%	30.10%	26.36%	28.21%	-14.56%	18.82%	12.40%	0.00%	4.06%			Count	30	Years of data
up/down	down		down		Down	Down		Down	Up	Down			Down	Down					Count	20	66.67%
Meet Prediction?								Yes	Yes									% right	Count	3	15.00%
Financial Cash Flow	-$337.31	-$19.03	-$60.29	-$42.70	-$19.62	-$48.11	$690.49	-$323.99	-$69.17	-$90.88	-$148.14	-$162.16	-$164.49						C F Statement		Financial CF
Total Accruals	$345.3	$193.4	$54.8	$118.1	$165.3	$33.6	$203.9	$67.3	$266.5	$29.3	$7.0	$443.7	$421.5								Accruals
Accruals Ratio	37.81%	20.66%	5.32%	10.66%	12.95%	2.38%	7.14%	2.08%	7.90%	0.88%	0.20%	10.61%	9.22%					7.90%	<-Median->	5	Ratio
Change in Close	13.16%	-1.03%	26.30%	6.98%	10.66%	34.23%	30.11%	-1.52%	30.10%	26.36%	28.21%	-14.56%	18.82%	12.40%	0.00%	4.06%			Count	30	Years of data
up/down	down	down	down		Down	Down		Down		Down			Down	Down					Count	20	66.67%
Meet Prediction?		yes						Yes										% right	Count	2	10.00%
Cash	$75.32	$2.38	$70.77	$85.96	$66.68	$188.74	$160.51	$345.43	$385.59	$385.59	$916.83	$927.78	$1,040.76								Cash
Cash per Share	$0.98	$0.03	$0.92	$1.11	$0.86	$2.41	$1.98	$4.25	$4.70	$4.68	$11.12	$11.27	$12.65					$11.12	<-Median->	5	Cash per Share
Percentage of Stock Price	4.61%	0.15%	3.46%	3.90%	2.71%	5.68%	3.60%	7.84%	6.66%	5.24%	9.72%	11.53%	10.89%					9.72%	<-Median->	5	% of Stock Price
Notes:
April 6, 2024.  Last estimates were for 2023, 2024 and 2025 of $4465M, $4633M and $4595M for Revenue, $5332, $5.61 anmd $6.21 for EPS,
$1.72 and $1.72 2023/4 for Dividends, $412M, $398M and $406M for FCF, $7.08, $8.25 2023/4 for CFPS, $459M, $480M 2023/4 for Net Income.
April 9, 2022.  Last estimates were for 2021, 2022 and 2023 of $3797M, $4084M and $4284M for Revenue, $3.78, $4.36, $4.90 for EPS,
$1.24 and $1.42 for dividends 2021-22, $224M, $302M and $356M for FCF, $5.85 and $6.42 for CFPS 2021-22, $308M, $356M and $402M for Net Income.
April 8, 2021.  Last estimates were for 2020, 2021 and 2022 of $3655M, $3907M and $4283M for Revenue, $3.47, 3.80 and $4.73 for EPS, $1.24 and $1.24 for Dividends for 2020 and 2021,
$216M, $239M and $363M for FCF, $5.80and $6.35 for CFPS for 2020 and 2021 and $257M and $282M for Net Income for 2020 and 2021.
April 5, 2020.  Last estimates were for 2019, 2020 and 2021 of $3763M, $4027M and $4236M for Revenue, R3.60, $4.01 and $4.39 for EPS,
$5.60 and $6.18 for CFPS fo 2019 and 2020 and $292M, and $328M for Net Income for 2019 and 2020.
March 31, 2019.  Last estimtes were for 2018, 2019 and 2020 of $3501M, $3740M and $4004M for Revenue, $2.83, $3.26 and $3.75 fpr EPS,
$4.17 and $3.98 for CFPS for 2018 and 2019 and $231M and $257M for Net Income for 2018 and 2019.
April 1, 2018.  Last estimates were for 2017, 2018 and 2019 of $1985M, $2120M for Revenue, $2.13 and $2.30 for EPS, $3.15 and $3.25 for CFPS and $166M and $181M for Net Income.
I decided to fix the spreadsheet for 2011 Spin-off like TD Bank did.  That is all pre share values are 61.25% of the old and not have a $10.25Special dividend.
August 28, 2017  Toromont to aquired Hewitt Group.  Increased in debt to help pay for this. Close is October.
April 2, 2017.  Last estimates were for 2016 and 2017 of $1884M and $1995M for Revenue, $2.00 and $2.20 for EPS, $2.44 and $3.11 for CFPS and $156M and $164M for Net Income.
April 3, 2016.  Last estimates were for 2015 and 2016 of $1753M and $1852M for Revenue, $1.76 and $1.92 for EPS, $2.44 and $2.59 for CFPS and $137M and $149M for Net Income.
April 17, 2015.  Last estimates were for 2014 and 2015 of $1610M and $1715M for Revenue, $1.68 and $1.86 for EPS, $2.18 and $2.39 for CFPS and $128M and $143M for Net Income.
April 6, 2014.  The last estimates were for 2013 and 2014 of $1537M and $1635M for Revenue, $1.59 and $1.74 for EPS and $2.25 and 2.25 for CFPS.
April 11, 2013.  Last estimates were for 2012, 2013 and 2014 of $1532M and $1625M for revenue, $1.46, $1.60 and $1.79 for EPS and $1.65 and $2.08 for CFPS.
Report 2012.  The results were released on Feb 13, 2013, but statements are unaudited. Got Proxy in mail and statements were online by April 6, 2013.
Feb 27, 2013.  I was inconsistent last year using EPS for continuing opertions and Net Income total
April 1, 2012.  Last estimates I got were for 2011 and 2012 for $1719 and $1563 for Revenue, $1.95 and $2.41 for EPS and $2.95 and $3.00 for CF.  Since these were gotten in March 2011
EPS and CF should probably be reduced because of Enerflex spin-off.
Because of Enerflex spin-off, I made little in capital gain and lots in dividends. Also, big drop in BV is because of aquiring and spining off Enerflex.  Loss of purchase and sale of Enerflex.
Reduction for spinoff would leave EPS at $1.29 and $1.46 and CF at $181 and $1.84.
Problem with Enerflex spin off is  do I fix any data?  I thought a lot about this and the gain I had as a Toromont investor is extra dividend worth at the time of $12.95.  Enerflex is not a stock I want.
Company will spin of Enerflex and we will have shares in each.  Dividends show a special dividend for Enerflex spin-off
Jun 1, 2011.  Spinoff of Enerfles (TSX- EFX).  This was just purchased in January 2010.
Mar 26, 2011.  The last time I reviewed this stock I got estimates for 2010 and 2011 of $1.25 and $1.86 for earnings and $2.00 and $3.02 for CF.
Jun 30, 2010.  When I last looked this stock had 2010 estimates of $1.90 for earnings and $3.02 for Cash Flow.  Share increase due to Enerflex purchase in January 2010.
Apr 11, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $1.80 and $1.90 and cash flow of $2.55 and $3.02.
May 26, 2009.  quarterly report is in for Mar 2009. Operational cash flow is neg and this is generally not good, but it was neg at this time last year too. Revenue, net income and book value are up.
May 25, 2009.  I have raised the estimate for 2010 after reviewing what the analysts are currently saying about this stock. Rise is from $1.83 to $1.90.  Since last review, stock price is up a bit.
Also, expected cash flow was gone down a bit for 2009 and 210.
AR 2008. November 2008 earnings estimate was $1.95 and it came in at $2.15. Dividends have increased for the last 20 years.
The main problem is that analyst do not see this stock making any head way in the next little while.  This will adversely affect the stock price in the short term.
However, the economic climate is currently not great, so they may just be right.
AP 2007.  Has had a dividend for last 40 years.  IRR of Dividends last 5 is 25%.  Return total last 5 years is 24%.
Toromont and Enerflex merger in January 20, 2010 and spun it off in June 1, 2011.
Toromont went public in 1968 with a dividend and has increased their dividends every year over past 26 years to 2014.
Sector:
Construction, Industrial
What should this stock accomplish?
Would I buy this company and Why.
This is a dividend growth industrial stock.
TD bank see Toromont as a relatively low-risk, high-quality industrial stock.
Why am I following this stock.
This was a stock on Mike Higgs' Canadian Dividend Growth Stock list.
Why I bought this stock.
This is one of the stocks I bought after selling Loblaws in 2008.  This was a stock on Mike Higgs' Canadian Dividend Growth Stock list.  I bought more in 2008 after selling Onex and AGF Management.
Dividends
Dividends are paid in cycle 1,  so they paid in January, April, July and October.  Dividends are paid near the beginning of the month. Dividends are declared for shareholders of one month and paid in following month.
For example, the dividend declared on February 10, 2014 is for shareholders of record of March 13, 2014 and is payable on April 1, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money
Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The larger
segment by revenue is Equipment Group. The company operates majorly in Canada and derives a smaller portion of sales from the United States of America and other regions.
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.
Toromont and Enerflex		2010		Shares	issued
Post-spinoff Toromont common shares 56.4%	43.77%	$460.21	71.26%	2010	64.867
Post-spinoff Enerflex common shares 43.6%		$327.95		Enerflex	11.875	18.31%
	$2.66
	$976.58			Enerflex	$327.95	$27.62
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	Apr 02	2017	Apr 01	2018	Mar 31	2019	Apr 5	2020	Apr 8	2021	Apr 9	2022	Apr 8	2023			Apr 6	2024		Ceased insider
Medhurst, Scott	0.13%	0.110	0.14%	0.135	0.17%	0.157	0.19%	0.168	0.20%	0.184	0.22%	0.184	0.22%	0.184	0.22%						45292
CEO - Shares - Amount	$4.176		$6.073		$7.346		$11.083		$15.020		$21.026		$17.965		$21.347
Options - percentage	0.53%	0.475	0.59%	0.515	0.63%	0.564	0.69%	0.630	0.76%	0.516	0.63%	0.379	0.46%	0.261	0.32%
Options - amount	$17.552		$26.153		$27.937		$39.785		$56.228		$58.973		$37.009		$30.305
McMillan, Michael Stanley Howie										0.003	0.00%	0.004	0.00%	0.004	0.01%			0.005	0.01%		Was CFO	11.35%
CEO - Shares - Amount											$0.388		$0.387		$0.496				$0.621		CEO in 2022
Options - percentage										0.052	0.06%	0.000	0.00%	0.123	0.15%			0.149	0.18%			21.27%
Options - amount											$5.996		$0.000		$14.250				$19.424
Doolittle, John M.																		0.000	0.00%			#DIV/0!
CFO - Shares - Amount																			$0.000
Options - percentage																		0.014	0.02%			#DIV/0!
Options - amount																			$1.850
Cochrane, Jennifer	0.02%	0.020	0.02%	0.020	0.02%	0.020	0.02%	0.019	0.02%	0.019	0.02%	0.020	0.02%	0.020	0.02%			0.020	0.02%			1.68%
Officer - Shares - Amount	$0.607		$1.082		$1.079		$1.421		$1.700		$2.224		$1.929		$2.329				$2.662
Options - percentage	0.10%	0.094	0.12%	0.109	0.13%	0.114	0.14%	0.000	0.00%	0.142	0.17%	0.145	0.18%	0.154	0.19%			0.149	0.18%			-3.33%
Options - amount	$3.325		$5.182		$5.941		$8.044		$0.000		$16.265		$14.159		$17.836				$19.381
Korbak, Lynn Margaret														0.008	0.01%			0.008	0.01%			-4.78%
Officer - Shares - Amount															$0.956				$1.024
Options - percentage														0.046	0.06%			0.050	0.06%			7.56%
Options - amount															$5.358				$6.478
Chisholm, Jeffrey Scott	0.03%	0.025	0.03%	0.025	0.03%	0.025	0.03%	0.027	0.03%	0.027	0.03%	0.022	0.03%	0.022	0.03%			0.022	0.03%			1.86%
Director - Shares - Amount	$1.045		$1.360		$1.339		$1.742		$2.369		$3.037		$2.107		$2.503				$2.866
Options - percentage	0.02%	0.021	0.03%	0.023	0.03%	0.023	0.03%	0.021	0.03%	0.023	0.03%	0.024	0.03%	0.026	0.03%			0.028	0.03%			6.72%
Options - amount	$0.782		$1.141		$1.234		$1.616		$1.880		$2.630		$2.342		$3.065				$3.676
Blake, Peter, J.														0.001	0.00%			0.001	0.00%			42.86%
Chairman - Shares - Amt															$0.081				$0.131
Options - percentage														0.008	0.01%			0.010	0.01%			25.90%
Options - amount															$0.883				$1.249
Roy, Richard G.										0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%			0.00%
Chairman - Shares - Amt											$0.343		$0.293		$0.348				$0.392
Options - percentage										0.005	0.01%	0.007	0.01%	0.011	0.01%			0.015	0.02%			31.23%
Options - amount											$0.599		$0.695		$1.319				$1.946
Cuddy, Mike	0.15%	0.116	0.14%
Subsidiary Executive	$4.892		$6.364
Options - percentage	0.18%	0.164	0.20%
Options - amount	$5.966		$9.010
Leith Wheeler Investment Counsel Ltd																					last filed in Nov 2009
(Vancouver based investment firm)
Increase in O/S Shares	0.93%	0.582	0.74%	0.302	0.37%	0.515	0.63%	0.786	0.96%	0.530	0.64%	0.440	0.53%	0.347	0.42%			0.332	0.40%		Average	0.59%
due to SO	$22.745		$24.643		$16.634		$27.918		$55.488		$47.277		$50.308		$33.934				$38.566
Book Value	$14.698		$14.009		$8.136		$14.710		$32.247		$28.104		$26.117		$24.521				$24.964
Insider Buying	-$0.809		-$0.128		-$0.047		-$0.526		-$0.321		-$0.030		$0.000		-$0.076				-$0.563
Insider Selling	$7.960		$10.223		$6.403		$20.690		$11.066		$80.052		$28.523		$19.630				$18.782
Net Insider Selling	$7.152		$10.096		$6.355		$20.164		$10.746		$80.023		$28.523		$19.553				$18.219
% of Market Cap	0.24%		0.23%		0.15%		0.36%		0.15%		0.85%		0.35%		0.21%				0.17%		Selling stock options
Directors		10		10		9		10		11		10		9				9
Women	22%	2	20%	2	20%	2	22%	3	30%	3	27%	3	30%	3	33%			3	33%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	52.35%	89	44.00%	101	44.00%	113	44.00%	20	32.89%	20	28.30%	20	31.32%	20	22.37%			20	21.27%
Total Shares Held	51.98%	34.500	42.62%	31.112	38.30%	32.065	39.10%	26.820	32.52%	23.343	28.31%	25.820	31.37%	18.415	22.38%			17.511	21.28%
Increase/Decrease	0.25%	-2.206	-6.01%	-0.778	-2.44%	-0.767	-2.34%	-0.528	-1.93%	-0.402	-1.69%	-0.328	-1.26%	0.907	5.18%			-0.081	-0.46%
Starting No. of Shares		36.706		31.891		32.832		27.348	Top 20 MS	23.745	Top 20 MS	26.148	Top 20 MS	17.508	Top 20 MS			17.592	Top 20 MS
Copyright © 2008 Website of SPBrunner. All rights reserved.
My stock