This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024	<-Estimates
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/				3/31/24	<-Estimates
TC Energy Corp					TSX:	TRP	NYSE	TRP	https://www.tcenergy.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	C GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
														$20,213	<-12 mths	1.40%			Estimates		last 12 months from Qtr.
From 1996
From 1999
Revenue
Gas Maketing
Revenue*	$9,139	$8,007	$8,797	$10,185	$11,300	$12,505	$13,449	$13,679	$13,255	$12,999	$13,387	$14,977	$19,934	$16,315	$17,184	$18,513		126.60%	<-Total Growth	10	Revenue
Increase	13.33%	-12.39%	9.87%	15.78%	10.95%	10.66%	7.55%	1.71%	-3.10%	-1.93%	2.98%	11.88%	33.10%	-18.15%	5.33%	7.73%		8.52%	<-IRR #YR->	10	Revenue	52.34%
5 year Running Average	$8,723	$8,559	$8,595	$8,838	$9,486	$10,159	$11,247	$12,224	$12,838	$13,177	$13,354	$13,659	$14,910	$15,522	$16,359	$17,385		7.82%	<-IRR #YR->	5	Revenue	67.97%
Revenue per Share	$12.98	$11.35	$12.43	$14.37	$16.08	$14.48	$15.26	$14.90	$14.13	$13.83	$13.65	$14.71	$19.21	$15.73	$16.56	$17.84		5.66%	<-IRR #YR->	10	5 yr Running Average	70.74%
Increase	12.10%	-12.59%	9.56%	15.58%	11.90%	-9.98%	5.40%	-2.36%	-5.20%	-2.10%	-1.29%	7.79%	30.59%	-18.15%	5.33%	7.73%		4.05%	<-IRR #YR->	5	5 yr Running Average	31.41%
5 year Running Average	$13.60	$12.60	$12.29	$12.54	$13.44	$13.74	$14.53	$15.02	$14.97	$14.52	$14.35	$14.24	$15.11	$15.43	$15.97	$16.81		4.45%	<-IRR #YR->	10	Revenue per Share	-6.70%
P/S (Price/Sales) Med	3.11	3.89	3.81	3.78	3.10	3.64	4.07	3.62	4.22	4.50	4.40	4.34	2.69	3.36	0.00	0.00		5.22%	<-IRR #YR->	5	Revenue per Share	34.44%
P/S (Price/Sales) Close	3.43	4.14	3.90	3.97	2.81	4.18	4.01	3.27	4.90	3.74	4.31	3.67	2.69	3.51	3.33	3.15		2.08%	<-IRR #YR->	10	5 yr Running Average	10.17%
*Revenue in M CDN $ (2001 got out of Gas Marketing, restated to '99) (revenue from different statements are different)					P/S Med	20 yr	3.39	15 yr	3.78	10 yr	3.93	5 yr	4.34		-10.75%	Diff M/C		0.12%	<-IRR #YR->	5	5 yr Running Average	15.28%
			-$8,797	$0	$0	$0	$0	$0	$0	$0	$0	$0	$19,934
								-$13,679	$0	$0	$0	$0	$19,934
			-$8,595	$0	$0	$0	$0	$0	$0	$0	$0	$0	$14,910
								-$12,224	$0	$0	$0	$0	$14,910
			-$12.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.21
								-$14.90	$0.00	$0.00	$0.00	$0.00	$19.21
			-$12.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.11
								-$15.02	$0.00	$0.00	$0.00	$0.00	$15.11
													$7.38	<-12 mths	0.00%
Income Generated by Operations	$3,451	$3,284	$4,000	$4,268	$4,815	$5,171	$5,641	$6,522	$7,117	$7,385	$7,406	$7,353	$7,980					99.50%	<-Total Growth	10	FFO
Per Share	$4.91	$4.65	$5.65	$6.01	$6.79	$6.80	$6.45	$7.22	$7.64	$7.86	$7.60	$7.38	$7.75					37.13%	<-Total Growth	10	FFO
AFFO* to FFO	$4.60	$4.01	$4.82	$5.18	$5.00	$4.83	$4.12	$6.52	$7.66	$7.86	$7.60	$7.38	$7.75	$7.46	$7.61			60.74%	<-Total Growth	10	FFO	From TD
Increase	0.70%	-12.83%	20.20%	7.47%	-3.47%	-3.40%	-14.70%	58.25%	17.48%	2.61%	-3.26%	-2.91%	4.94%	-3.71%	2.01%			10	0	10	Years of Data, , P or N	100.00%
AFFO Yield	10.3%	8.5%	9.9%	9.1%	11.1%	8.0%	6.7%	13.4%	11.1%	15.2%	12.9%	13.7%	15.0%	13.5%	13.8%			4.86%	<-IRR #YR->	10	FFO	60.74%
5 year Running Average	$4.82	$4.64	$4.54	$4.64	$4.72	$4.77	$4.79	$5.13	$5.63	$6.20	$6.75	$7.41	$7.65	$7.61	$7.56			3.51%	<-IRR #YR->	5	FFO	18.83%
Payout Ratio	36.09%	43.39%	37.76%	36.68%	40.80%	46.79%	59.22%	41.33%	38.38%	40.46%	44.98%	48.36%	47.63%	51.07%	50.46%			4.84%	<-IRR #YR->	10	5 year Running Average	50.74%
5 year Running Average	31.29%	34.16%	36.54%	37.54%	38.80%	40.94%	43.67%	44.19%	43.99%	43.61%	43.46%	42.69%	43.92%	46.43%	48.49%			9.92%	<-IRR #YR->	5	5 year Running Average	11.92%
Price/AFFO Median	8.78	11.01	9.83	10.50	9.97	10.92	15.08	8.27	7.77	7.92	7.90	8.65	6.67	7.07	0.00			8.46	<-Median->	10	P/AFFO Med
Price/AFFO High	9.66	11.75	10.54	11.85	11.73	13.07	15.67	9.11	9.18	9.68	8.95	10.04	7.51	7.38	0.00			9.86	<-Median->	10	P/AFFO High
Price/AFFO Low	7.90	10.27	9.13	9.14	8.20	8.77	14.50	7.42	6.36	6.16	6.86	7.27	5.84	6.77	0.00			7.35	<-Median->	10	P/AFFO Low
Price/AFFO Close	9.68	11.73	10.07	11.02	9.04	12.53	14.85	7.48	9.03	6.58	7.74	7.31	6.68	7.39	7.24			8.38	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	9.75	10.22	12.10	11.85	8.72	12.11	12.67	11.83	10.61	6.76	7.48	7.10	7.01	7.12	7.39			9.67	<-Median->	10	Trailing P/AFFO Close
Median Values		DPR	10 Yrs	43.16%	5 Yrs	44.98%	P/CF	5 Yrs	in order	7.90	9.18	6.36	7.31	7.31	7.31			-12.66%	Diff M/C	10	DPR 75% to 95% best
*  Funds From Operations
			-$4.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.75
								-$6.52	$0.00	$0.00	$0.00	$0.00	$7.75
			-$4.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.65
								-$4.77	$0.00	$0.00	$0.00	$0.00	$7.65
																			Estimates		Payout Ratio EPS
														$4.44	<-12 mths	-1.77%			Estimates		Last 12 months from Qtr
Comparble Earnings	$1,559	$1,330	$1,584	$1,715	$1,755	$2,108	$2,690	$3,480	$3,851	$3,939	$4,142	$4,279	$4,652					193.69%	<-Total Growth	10	Comparable Earnings
Return on Equity ROE	9.68%	8.48%	9.48%	10.20%	12.59%	10.40%	12.77%	13.72%	14.38%	14.37%	13.91%	13.59%	17.20%					13.66%	<-Median->	10	Return on Equity ROE
5Yr Median					9.68%	10.20%	10.40%	12.59%	12.77%	13.72%	13.91%	13.91%	14.37%					12.77%	<-Median->	9	5Yr Median
Adjusted EPS From 2015	$2.17	$1.84	$2.42	$2.46	$2.48	$2.78	$3.08	$3.86	$4.15	$4.20	$4.27	$4.30	$4.52	$4.18	$4.41	$4.86		86.78%	<-Total Growth	10	Adjusted EPS 2015	From TD
Increase	22.60%	-15.21%	31.52%	1.65%	0.81%	12.10%	10.79%	25.32%	7.51%	1.20%	1.67%	0.70%	5.12%	-7.52%	5.50%	10.20%		10	0	10	Years of Data, AFFP, P or N	100.00%
Adjusted EPS Yield	4.87%	3.91%	4.99%	4.31%	5.49%	4.59%	5.03%	7.92%	6.00%	8.12%	7.26%	7.97%	8.73%	7.58%	8.00%	8.65%		6.45%	<-IRR #YR->	10	AEPS	33.91%
5 year Running Average	$2.17	$2.08	$2.06	$2.13	$2.27	$2.40	$2.64	$2.93	$3.27	$3.61	$3.91	$4.16	$4.29	$4.29	$4.34	$4.45		3.21%	<-IRR #YR->	5	AEPS	67.39%
Payout Ratio	76.50%	94.57%	75.21%	77.24%	82.26%	81.29%	79.22%	69.82%	70.84%	75.71%	80.09%	83.02%	81.64%	91.15%	87.07%	79.01%		7.60%	<-IRR #YR->	10	5 yr Running Average	107.95%
5 year Running Average	69.37%	76.08%	80.50%	81.61%	80.56%	81.47%	79.12%	77.32%	75.69%	74.79%	75.03%	76.06%	78.36%	82.30%	84.55%	84.19%		7.90%	<-IRR #YR->	5	5 yr Running Average	26.99%
Price/AEPS Median	18.61	23.99	19.58	22.10	20.10	18.97	20.18	13.96	14.35	14.82	14.08	14.86	11.44	12.62	0.00	0.00		14.84	<-Median->	10	Price/AEPS Median
Price/AEPS High	20.48	25.60	20.99	24.95	23.66	22.71	20.97	15.39	16.95	18.11	15.93	17.23	12.87	13.17	0.00	0.00		17.67	<-Median->	10	Price/AEPS High
Price/AEPS Low	16.74	22.39	18.18	19.25	16.54	15.24	19.39	12.54	11.75	11.54	12.22	12.49	10.01	12.08	0.00	0.00		12.51	<-Median->	10	Price/AEPS Low
Price/AEPS Close	20.52	25.55	20.06	23.21	18.22	21.78	19.86	12.63	16.67	12.32	13.78	12.55	11.45	13.19	12.50	11.56		15.22	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	25.16	21.67	26.38	23.60	18.37	24.41	22.01	15.83	17.92	12.47	14.01	12.64	12.04	12.20	13.19	12.74		16.87	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	79.66%	5 Yrs	80.09%	P/CF	5 Yrs	in order	14.35	16.95	11.75	12.55		-8.09%	Diff M/C		-11.13%	Diff M/C	10	DPR 75% to 95% best
Comparble Earnings per Common Share - 2020
			-$2.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.52
								-$3.86	$0.00	$0.00	$0.00	$0.00	$4.52
			-$2.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.29
								-$2.93	$0.00	$0.00	$0.00	$0.00	$4.29
														$2.62	<-12 mths	-4.65%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.29%	0.00%	0.23%	0.00%	0.53%	0.00%	0.00%					0.00%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$2.17	$1.84	$2.42	$2.46	-$1.75	$0.16	$3.44	$3.92	$4.28	$4.74	$1.87	$0.64	$2.75					13.64%	<-Total Growth	10	EPS Basic
From 1996
EPS Diluted*	$2.17	$1.84	$2.42	$2.46	-$1.75	$0.16	$3.43	$3.92	$4.27	$4.74	$1.86	$0.64	$2.75	$4.23	$4.46	$4.97		13.64%	<-Total Growth	10	EPS Diluted
Increase	22.60%	-15.21%	31.52%	1.65%	-171.14%	109.14%	2043.75%	14.29%	8.93%	11.01%	-60.76%	-65.59%	329.69%	53.75%	5.39%	11.42%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	4.9%	3.9%	5.0%	4.3%	-3.9%	0.3%	5.6%	8.0%	6.2%	9.2%	3.2%	1.2%	5.3%	7.7%	8.1%	8.8%		1.29%	<-IRR #YR->	10	Earnings per Share	49.13%
5 year Running Average	$2.17	$2.08	$2.06	$2.13	$1.43	$1.03	$1.34	$1.64	$2.01	$3.30	$3.64	$3.09	$2.85	$2.84	$2.79	$3.41		-6.84%	<-IRR #YR->	5	Earnings per Share	86.41%
10 year Running Average	$2.10	$2.13	$2.19	$2.23	$1.80	$1.60	$1.71	$1.85	$2.07	$2.37	$2.34	$2.22	$2.25	$2.42	$3.05	$3.53		3.30%	<-IRR #YR->	10	5 yr Running Average	-38.06%
* Diluted ESP per share									E/P	10 Yrs	4.81%	5Yrs	5.31%					11.65%	<-IRR #YR->	5	5 yr Running Average	-35.45%
			-$2.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.75
								-$3.92	$0.00	$0.00	$0.00	$0.00	$2.75
			-$2.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.85
								-$1.64	$0.00	$0.00	$0.00	$0.00	$2.85
Dividend*														$3.84	$3.95	$4.05			Estimates		Dividend*
Increase														4.07%	2.97%	2.50%			Estimates		Increase
Payout Ratio EPS														90.82%	88.73%	81.63%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00				$0.00	<-Median->	10	Special Dividends
From 1996
Dividend*	$1.66	$1.74	$1.82	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$3.69	$3.81	$3.84	$3.84		102.75%	<-Total Growth	10	Dividend*
Increase	5.06%	4.82%	4.60%	4.40%	7.37%	10.78%	7.96%	10.45%	9.09%	8.16%	7.55%	4.39%	3.36%	3.25%	0.79%	0.00%		32	2	35	Years of data, Count P, N	91.43%
Average Increases 5 Year Running	5.34%	5.05%	4.80%	4.84%	5.25%	6.39%	7.02%	8.19%	9.13%	9.29%	8.64%	7.93%	6.51%	5.34%	3.87%	2.36%		35.73%	<-Total Growth	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.51	$1.58	$1.66	$1.74	$1.83	$1.95	$2.09	$2.27	$2.48	$2.70	$2.94	$3.16	$3.36	$3.53	$3.67	$3.75		102.41%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.11%	3.94%	3.84%	3.49%	4.09%	4.28%	3.93%	5.00%	4.94%	5.11%	5.69%	5.59%	7.14%	7.22%				4.97%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.73%	3.69%	3.58%	3.10%	3.48%	3.58%	3.78%	4.54%	4.18%	4.18%	5.03%	4.82%	6.34%	6.92%				4.18%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.57%	4.22%	4.14%	4.01%	4.97%	5.34%	4.09%	5.57%	6.03%	6.56%	6.55%	6.65%	8.15%	7.55%				5.80%	<-Median->	10	Yield on Low Price	FFO
Yield on Close Price	3.73%	3.70%	3.75%	3.33%	4.51%	3.73%	3.99%	5.53%	4.25%	6.14%	5.81%	6.61%	7.13%	6.91%	6.97%	6.84%		5.02%	<-Median->	10	Yield on Close Price	AEPS
Payout Ratio EPS	76.50%	94.57%	75.21%	77.24%	0.00%	1412.50%	71.14%	68.75%	68.85%	67.09%	183.87%	557.81%	134.18%	90.11%	86.18%	77.34%		74.19%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	69.37%	76.08%	80.50%	81.61%	128.29%	190.25%	155.65%	137.90%	123.38%	81.81%	80.54%	102.43%	117.81%	124.28%	131.55%	110.04%		120.60%	<-Median->	10	DPR EPS 5 Yr Running	FCF 1
Payout Ratio CFPS	29.41%	34.37%	35.04%	33.01%	34.83%	38.51%	41.12%	37.75%	38.96%	42.35%	48.68%	57.01%	134.30%	52.05%	50.33%	50.53%		40.04%	<-Median->	10	DPR CF	FCF 2
DPR CF 5 Yr Running	31.03%	32.85%	33.61%	33.36%	33.29%	35.19%	36.56%	37.10%	38.26%	39.75%	41.75%	44.54%	47.53%	50.31%	52.01%	52.35%		37.68%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	31.90%	37.38%	32.19%	31.55%	31.76%	40.49%	39.08%	37.17%	40.64%	40.48%	46.74%	51.81%	54.22%	52.05%	50.33%	50.53%		40.49%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	31.56%	33.44%	33.96%	33.51%	32.76%	34.44%	34.95%	35.96%	37.81%	39.56%	40.87%	43.24%	46.53%	48.83%	50.97%	51.73%		36.88%	<-Median->	10	DPR CF WC 5 Yr Running
Median 5 Yrs	10 Yr Med	10 Yr Cl	4.97%	5.02%	5 Yr Med	5 Yr Cl	5.59%	6.14%	5 Yr Med	Payout	134.18%	48.68%	46.74%					6.49%	<-IRR #YR->	5	Dividends	36.92%
* Dividends per share	10 Yr Med	and Cur.	40.19%	38.72%	5 Yr Med	and Cur.	24.66%	13.35%	Last Div Inc --->		$0.900	$0.930	3.33%					7.32%	<-IRR #YR->	10	Dividends	102.75%
Dividends Growth 15																		6.47%	<-IRR #YR->	15	Dividends	156.25%
Dividends Growth 20																		6.34%	<-IRR #YR->	20	Dividends	241.67%
Dividends Growth 25																		4.67%	<-IRR #YR->	25	Dividends	212.71%
Dividends Growth 30																		4.97%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		4.95%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$2.70	$0.00	$0.00	$0.00	$0.00	$3.69
Dividends Growth 10			-$1.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.69
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	$3.69
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	$3.69
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	$3.69
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	$3.69
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	$3.69
Historical Dividends	Historical	High Div	7.10%	Low Div	3.27%	10 Yr High	8.00%	10 Yr Low	3.13%	Med Div	4.34%	Close Div	4.31%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-1.90%		113.01%	Exp.	-12.93%		122.54%	Cheap	60.49%	Cheap	61.71%								High/Ave/Median
Future Dividend Yield					Div Yd	8.21%	earning in	5	Years	at IRR of	3.33%	Div Inc.	17.82%								Future Dividend Yield
Future Dividend Yield					Div Yd	9.67%	earning in	10	Years	at IRR of	3.33%	Div Inc.	38.80%								Future Dividend Yield
Future Dividend Yield					Div Yd	11.39%	earning in	15	Years	at IRR of	3.33%	Div Inc.	63.53%								Future Dividend Yield
Future Dividend Yield					Div Yd	9.54%	earning in	5	Years	at IRR of	6.49%	Div Inc.	36.92%								Future Dividend Yield
Future Dividend Yield					Div Yd	13.06%	earning in	10	Years	at IRR of	6.49%	Div Inc.	87.47%								Future Dividend Yield
Future Dividend Yield					Div Yd	17.88%	earning in	15	Years	at IRR of	6.49%	Div Inc.	156.69%								Future Dividend Yield
Future Dividend Paid					Div Paid	$5.26	earning in	5	Years	at IRR of	6.49%	Div Inc.	36.92%								Future Dividend Paid
Future Dividend Paid					Div Paid	$7.20	earning in	10	Years	at IRR of	6.49%	Div Inc.	87.47%								Future Dividend Paid
Future Dividend Paid					Div Paid	$9.86	earning in	15	Years	at IRR of	6.49%	Div Inc.	156.69%								Future Dividend Paid
Dividend Covering Cost					Total Div	$21.86	over	5	Years	at IRR of	6.49%	Div Cov.	39.65%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$46.53	over	10	Years	at IRR of	6.49%	Div Cov.	84.40%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$80.31	over	15	Years	at IRR of	6.49%	Div Cov.	145.66%								Dividend Covering Cost
I am earning GC					Div Gr	376.25%	2/3/00	# yrs ->	23	2000	$12.01	Cap Gain	359.03%								I am earning GC
I am earning Div					org yield	6.66%	12/31/14	Trading	Div G Yrly	11.03%	Div start	$0.80	-6.66%	31.72%							I am earning Div
I am earning GC					Div Gr	197.66%	6/12/06	# yrs ->	17	2006	$33.15	Cap Gain	66.30%								I am earning GC
I am earning Div					org yield	3.86%	12/31/14	Pension	Div G Yrly	13.59%	Div start	$1.28	-3.86%	11.49%							I am earning Div
I am earning GC					Div Gr	197.66%	6/12/06	# yrs ->	17	2006	$32.99	Cap Gain	67.11%								I am earning GC
I am earning Div					org yield	3.88%	12/31/14	RRSP	Div G Yrly	13.59%	Div start	$1.28	-3.88%	11.55%							I am earning Div
Yield if held 5 years	4.63%	4.52%	5.10%	5.81%	5.58%	5.60%	5.53%	5.69%	5.41%	6.38%	6.48%	5.74%	6.85%	6.40%	6.17%	6.39%		5.72%	<-Median->	10	Paid Median Price	Item
Yield if held 10 years	9.23%	8.10%	7.35%	6.81%	6.11%	6.31%	6.34%	7.55%	8.98%	8.70%	8.47%	8.09%	7.79%	7.01%	7.70%	7.28%		7.67%	<-Median->	10	Paid Median Price	Revenue Growth
Yield if held 15 years	7.71%	6.11%	6.47%	11.21%	15.08%	12.56%	11.36%	10.88%	10.54%	9.53%	9.54%	9.28%	10.34%	11.64%	10.51%	9.51%		10.71%	<-Median->	10	Paid Median Price	AEPS Growth
Yield if held 20 years	9.76%	10.09%	9.39%	10.13%	11.49%	10.49%	8.57%	9.57%	17.35%	23.51%	19.01%	16.62%	14.90%	13.66%	11.50%	10.72%		13.20%	<-Median->	10	Paid Median Price	Net Income Growth
Yield if held 25 years			12.50%	12.02%	12.60%	13.29%	14.14%	13.91%	15.68%	17.92%	15.88%	12.54%	13.11%	22.48%	28.39%	21.35%		13.60%	<-Median->	10	Paid Median Price	Cash Flow Growth
Yield if held 30 years								18.50%	18.60%	19.64%	20.12%	20.70%	19.05%	20.32%	21.63%	17.83%		19.34%	<-Median->	6	Paid Median Price	Dividend Growth
Yield if held 35 years													25.33%	24.10%	23.72%	22.59%		25.33%	<-Median->	1	Paid Median Price	Stock Price Growth
Cost covered if held 5 years	21.04%	20.58%	23.26%	26.59%	25.06%	24.17%	23.69%	23.92%	22.76%	27.11%	27.82%	25.43%	31.17%	29.67%	29.44%	31.20%		25.25%	<-Median->	10	Paid Median Price	Revenue Growth
Cost covered if held 10 years	73.82%	65.27%	59.60%	55.58%	48.89%	48.28%	47.75%	55.02%	64.40%	62.04%	60.51%	59.50%	59.36%	55.26%	63.89%	63.36%		57.47%	<-Median->	10	Paid Median Price	AEPS Growth
Cost covered if held 15 years	85.70%	66.80%	69.84%	120.59%	160.30%	128.07%	113.97%	105.37%	99.95%	89.38%	89.23%	88.82%	102.09%	118.40%	112.19%	106.93%		103.73%	<-Median->	10	Paid Median Price	Net Income Growth
Cost covered if held 20 years	136.24%	139.83%	129.45%	138.88%	152.45%	131.01%	103.53%	110.11%	193.60%	260.22%	209.64%	187.55%	173.21%	163.30%	144.29%	141.55%		162.83%	<-Median->	10	Paid Median Price	Cash Flow Growth
Cost covered if held 25 years			197.87%	190.01%	193.89%	193.65%	200.46%	187.95%	204.88%	228.59%	199.14%	159.03%	169.79%	297.85%	395.75%	313.87%		193.77%	<-Median->	10	Paid Median Price	Dividend Growth
Cost covered if held 30 years								275.70%	268.28%	277.36%	279.97%	292.09%	274.66%	299.12%	331.86%	286.19%		276.53%	<-Median->	6	Paid Median Price	Stock Price Growth
Cost covered if held 35 years													391.04%	380.04%	390.58%	390.26%		391.04%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$13,679	$13,255	$12,999	$13,387	$14,977	$19,934	$20,213	<-12 mths	1.40%		45.73%	<-Total Growth	5	Revenue Growth	45.73%
AEPS Growth								$3.86	$4.15	$4.20	$4.27	$4.30	$4.52	$4.44	<-12 mths	-1.77%		17.10%	<-Total Growth	5	AEPS Growth	17.10%
Net Income Growth								$3,539	$3,976	$4,457	$1,815	$641	$2,829	$2,730	<-12 mths	-3.50%		-20.06%	<-Total Growth	5	Net Income Growth	-20.06%
Cash Flow Growth								$6,555	$7,082	$7,058	$6,890	$6,375	$7,268					10.88%	<-Total Growth	5	Cash Flow Growth	10.88%
Dividend Growth								$2.70	$2.94	$3.18	$3.42	$3.57	$3.69	$4.18	<-12 mths	13.28%		36.92%	<-Total Growth	5	Dividend Growth	36.92%
Stock Price Growth								$48.75	$69.16	$51.75	$58.83	$53.98	$51.76	$55.13	<-12 mths	6.51%		6.17%	<-Total Growth	5	Stock Price Growth	6.17%
Revenue Growth			$8,797	$10,185	$11,300	$12,505	$13,449	$13,679	$13,255	$12,999	$13,387	$14,977	$19,934	$16,315	<-this year	-18.15%		126.60%	<-Total Growth	10	Revenue Growth	126.60%
AEPS Growth			$2.42	$2.46	$2.48	$2.78	$3.08	$3.86	$4.15	$4.20	$4.27	$4.30	$4.52	$4.18	<-this year	-7.52%		86.78%	<-Total Growth	10	AEPS Growth	86.78%
Net Income Growth			$1,712	$1,743	-$1,240	$124	$2,997	$3,539	$3,976	$4,457	$1,815	$641	$2,829	$4,418	<-this year	56.17%		65.25%	<-Total Growth	10	Net Income Growth	65.25%
Cash Flow Growth			$3,674	$4,079	$4,115	$5,069	$5,230	$6,555	$7,082	$7,058	$6,890	$6,375	$7,268	$7,594	<-this year	4.49%		97.82%	<-Total Growth	10	Cash Flow Growth	97.82%
Dividend Growth			$1.82	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$3.69	$3.84	<-this year	4.07%		102.75%	<-Total Growth	10	Dividend Growth	102.75%
Stock Price Growth			$48.54	$57.10	$45.19	$60.54	$61.18	$48.75	$69.16	$51.75	$58.83	$53.98	$51.76	$55.13	<-this year	6.51%		6.63%	<-Total Growth	10	Stock Price Growth	6.63%
Dividends on Shares				$39.90	$42.84	$47.46	$51.24	$56.60	$61.74	$66.78	$71.82	$74.97	$77.49	$80.01	$80.64	$80.64		$590.84	No of Years	10	Total Dividends	12/31/13
Paid			$1,019.34	$1,199.10	$948.99	$1,271.34	$1,284.78	$1,023.75	$1,452.36	$1,086.75	$1,235.43	$1,133.58	$1,086.96	$1,157.73	$1,157.73	$1,179.57		$1,086.96	No of Years	10	Worth	$48.54
Total																		$1,677.80			Total
Dividends on Shares	$102.92	$107.88	$112.84	$117.80	$126.48	$140.12	$151.28	$167.09	$182.28	$197.16	$212.04	$221.34	$228.78	$236.22	$238.08	$238.08		$2,844.25	No of Years	23	Total Dividends	12/31/99
Paid	$2,760.86	$2,915.24	$3,009.48	$3,540.20	$2,801.78	$3,753.48	$3,793.16	$3,022.50	$4,287.92	$3,208.50	$3,647.46	$3,346.76	$3,209.12	$3,418.06	$3,418.06	$3,482.54		$3,209.12	No of Years	23	Worth	$16.30
Total																		$6,053.37			Total	#NUM!
	$102.92	$107.88	$112.84	$117.80	$126.48	$140.12	$151.28	$167.09	$182.28	$197.16	$212.04	$221.34	$228.78	$236.22	$238.08	$3,720.62
Graham Price AEPS	$33.42	$30.34	$35.86	$36.24	$33.27	$38.32	$40.69	$48.98	$51.62	$52.50	$54.01	$54.71	$51.50	$49.52	$50.87	$53.40		24.93%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.21	1.45	1.32	1.50	1.50	1.38	1.53	1.10	1.15	1.19	1.11	1.17	1.00	1.07				1.18	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.33	1.55	1.42	1.69	1.76	1.65	1.59	1.21	1.36	1.45	1.26	1.35	1.13	1.11				1.41	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.09	1.36	1.23	1.31	1.23	1.11	1.47	0.99	0.94	0.92	0.97	0.98	0.88	1.02				0.98	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.33	1.55	1.35	1.58	1.36	1.58	1.50	1.00	1.34	0.99	1.09	0.99	1.01	1.11	1.08	1.05		1.21	<-Median->	10	Price/GP Ratio
Prem/Disc Close	33.25%	54.97%	35.34%	57.56%	35.82%	57.99%	50.35%	-0.46%	33.97%	-1.43%	8.92%	-1.33%	0.51%	11.32%	8.38%	5.19%		21.44%	<-Median->	10	Graham Price
Graham Price EPS	$33.42	$30.34	$35.86	$36.24	$33.14	$9.19	$42.94	$49.36	$52.36	$55.77	$35.65	$21.11	$40.17	$49.81	$51.13	$53.97		24.93%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.21	1.45	1.32	1.50	1.50	5.74	1.45	1.09	1.14	1.12	1.69	3.03	1.29	1.06				1.47	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.33	1.55	1.42	1.69	1.77	6.87	1.50	1.20	1.34	1.36	1.91	3.51	1.45	1.11				1.60	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.09	1.36	1.23	1.31	1.24	4.61	1.39	0.98	0.93	0.87	1.46	2.54	1.13	1.01				1.27	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.33	1.55	1.35	1.58	1.36	6.59	1.42	0.99	1.32	0.93	1.65	2.56	1.29	1.11	1.08	1.04		1.39	<-Median->	10	Price/GP Ratio
Prem/Disc Close	33.25%	54.97%	35.34%	57.56%	36.37%	558.55%	42.47%	-1.23%	32.07%	-7.21%	65.03%	155.76%	28.86%	10.69%	7.82%	4.07%		39.42%	<-Median->	10	Graham Price
Price Close	$44.53	$47.02	$48.54	$57.10	$45.19	$60.54	$61.18	$48.75	$69.16	$51.75	$58.83	$53.98	$51.76	$55.13	$55.13	$56.17		82.91%	<-Total Growth	10	Stock Price
Increase	17.22%	5.59%	3.23%	17.63%	-20.86%	33.97%	1.06%	-20.32%	41.87%	-25.17%	13.68%	-8.24%	-4.11%	6.51%	0.00%	1.89%		23.60	<-Median->	10	CAPE (10 Yr P/E)
P/E	20.52	25.55	20.06	23.21	-25.82	378.38	17.84	12.44	16.20	10.92	31.63	84.34	18.82	13.04	12.37	11.31		1.21%	<-IRR #YR->	5	Stock Price	6.17%
Trailing P/E	25.16	21.67	26.38	23.60	18.37	-34.59	382.38	14.21	17.64	12.12	12.41	29.02	80.88	20.05	13.04	12.61		0.64%	<-IRR #YR->	10	Stock Price	6.63%
CAPE (10 Yr P/E)	16.70	17.61	18.02	18.97	23.88	28.18	27.52	26.28	25.13	22.56	23.47	25.06	24.83	22.94	18.59	15.93		7.89%	<-IRR #YR->	5	Price & Dividend	40.64%
Median 10, 5 Yrs		D.  per yr	5.44%	6.68%	% Tot Ret	89.41%	84.72%	T P/E	$18.01	$17.64	P/E:	$18.33	$18.82					6.09%	<-IRR #YR->	10	Price & Dividend	64.60%
Price 15		D.  per yr	5.55%		% Tot Ret	64.83%						CAPE Diff	-44.75%					3.01%	<-IRR #YR->	15	Stock Price	56.04%
Price  20		D.  per yr	5.17%		% Tot Ret	62.22%												3.14%	<-IRR #YR->	20	Stock Price	85.65%
Price  25		D.  per yr	4.92%		% Tot Ret	59.59%												3.33%	<-IRR #YR->	25	Stock Price	127.02%
Price  30		D.  per yr	4.88%		% Tot Ret	60.42%												3.20%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	5.35%		% Tot Ret	58.10%												3.86%	<-IRR #YR->	35	Stock Price
Price & Dividend 15																		8.56%	<-IRR #YR->	15	Price & Dividend	165.89%
Price & Dividend 20																		8.32%	<-IRR #YR->	20	Price & Dividend	239.51%
Price & Dividend 25																		8.25%	<-IRR #YR->	25	Price & Dividend	336.64%
Price & Dividend 30																		8.08%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		9.21%	<-IRR #YR->	35	Price & Dividend
Price  5								-$48.75	$0.00	$0.00	$0.00	$0.00	$51.76								Price  5
Price 10			-$48.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.76								Price 10
Price & Dividend 5								-$48.75	$2.94	$3.18	$3.42	$3.57	$55.45								Price & Dividend 5
Price & Dividend 10			-$48.54	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$55.45								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	$51.76								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	$51.76								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	$51.76								Price  25	61.47%
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	$51.76								Price  30	40.79%
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	$51.76								Price  35
Price & Dividend 15	$1.66	$1.74	$1.82	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$55.45								Price & Dividend 15	112.76%
Price & Dividend 20	$1.66	$1.74	$1.82	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$55.45								Price & Dividend 20	68.42%
Price & Dividend 25	$1.66	$1.74	$1.82	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$55.45								Price & Dividend 25
Price & Dividend 30	$1.66	$1.74	$1.82	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$55.45								Price & Dividend 30
Price & Dividend 35	$1.66	$1.74	$1.82	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$55.45								Price & Dividend 35
Price H/L Median	$40.39	$44.15	$47.40	$54.37	$49.85	$52.75	$62.15	$53.90	$59.55	$62.26	$60.11	$63.90	$51.72	$52.76	1.89%			9.11%	<-Total Growth	10	Stock Price
Increase	10.49%	9.31%	7.36%	14.72%	-8.32%	5.83%	17.82%	-13.27%	10.48%	4.54%	-3.45%	6.31%	-19.06%	2.02%	6.97%			-0.82%	<-IRR #YR->	5	Stock Price
P/E	18.61	23.99	19.58	22.10	-28.48	329.69	18.12	13.75	13.95	13.13	32.31	99.84	18.81	12.48	8.85%			0.88%	<-IRR #YR->	10	Stock Price
Trailing P/E	22.82	20.34	25.76	22.47	20.26	-30.14	388.44	15.71	15.19	14.58	12.68	34.35	80.80	19.19				5.47%	<-IRR #YR->	5	Price & Dividend
P/E on Running 5 yr Average	18.58	21.20	22.98	25.50	34.91	51.41	46.24	32.79	29.69	18.84	16.49	20.70	18.13	18.55				6.39%	<-IRR #YR->	10	Price & Dividend
P/E on Running 10 yr Average	19.26	20.76	21.62	24.42	27.63	32.97	36.28	29.09	28.78	26.31	25.74	28.85	23.00	21.76				14.06	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	6.29%	5.51%	% Tot Ret	115.07%	86.28%	T P/E	17.99	15.19	P/E:	18.46	18.81						Count	35	Years of data
								-$53.90	$0.00	$0.00	$0.00	$0.00	$51.72
			-$47.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.72
								-$53.90	$2.94	$3.18	$3.42	$3.57	$55.41
			-$47.40	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$55.41
	Dec	Dec	May	Sep	May	Sep	Jul	Jul	Dec	Feb	Oct	Jun	Jan	Mar
Price High	$44.45	$47.10	$50.79	$61.38	$58.67	$63.14	$64.58	$59.41	$70.35	$76.06	$68.02	$74.09	$58.18	$55.04				14.55%	<-Total Growth	10	Stock Price
Increase	13.68%	5.96%	7.83%	20.85%	-4.42%	7.62%	2.28%	-8.01%	18.41%	8.12%	-10.57%	8.92%	-21.47%	-5.40%				-0.42%	<-IRR #YR->	5	Stock Price
P/E	20.48	25.60	20.99	24.95	-33.53	394.63	18.83	15.16	16.48	16.05	36.57	115.77	21.16	13.02				1.37%	<-IRR #YR->	10	Stock Price
Trailing P/E	25.11	21.71	27.60	25.36	23.85	-36.08	403.63	17.32	17.95	17.81	14.35	39.83	90.91	20.01				16.15	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	20.90	17.95	P/E:	19.99	21.16					38.71	P/E Ratio		Historical High
								-$59.41	$0.00	$0.00	$0.00	$0.00	$58.18
			-$50.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$58.18
	Feb	Jan	Oct	Jan	Dec	Jan	Nov	Dec	Jan	Mar	Jan	Dec	Jul	Feb
Price Low	$36.32	$41.19	$44.00	$47.36	$41.02	$42.36	$59.72	$48.39	$48.75	$48.45	$52.19	$53.70	$45.25	$50.48				2.84%	<-Total Growth	10	Stock Price
Increase	6.82%	13.41%	6.82%	7.64%	-13.39%	3.27%	40.98%	-18.97%	0.74%	-0.62%	7.72%	2.89%	-15.74%	11.56%				-1.33%	<-IRR #YR->	5	Stock Price
P/E	16.74	22.39	18.18	19.25	-23.44	264.75	17.41	12.34	11.42	10.22	28.06	83.91	16.45	11.94				0.28%	<-IRR #YR->	10	Stock Price
Trailing P/E	20.52	18.98	23.91	19.57	16.67	-24.21	373.25	14.11	12.44	11.35	11.01	28.87	70.70	18.36				12.33	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	15.39	12.44	P/E:	16.93	16.45					9.18	P/E Ratio		Historical Low
								-$48.39	$0.00	$0.00	$0.00	$0.00	$45.25
			-$44.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.25
Free Cash Flow MS	$1,173	$973	-$1,078	-$111	-$45	-$233	-$2,299	-$3,359	-$1,100	-$1,077	$966	-$352	-$881	-$588	$2,361	$3,009		18.27%	<-Total Growth	10	Free Cash Flow MS
Change	178.20%	-17.05%	-210.79%	89.70%	59.46%	-417.78%	-886.70%	-46.11%	67.25%	2.09%	189.69%	-136.44%	-150.28%	33.26%	501.53%	27.45%		11.69%	<-IRR #YR->	5	Free Cash Flow MS	73.77%
FCF/CF from Op Ratio	0.30	0.27	-0.29	-0.03	-0.01	-0.05	-0.44	-0.51	-0.16	-0.15	0.14	-0.06	-0.12	-0.08	0.30	0.38		-2.00%	<-IRR #YR->	10	Free Cash Flow MS	18.27%
Dividends paid	$1,168	$1,228	$1,288	$1,345	$1,445	$1,436	$1,339	$1,571	$1,798	$2,987	$3,317	$3,192	$3,192	$3,953	$3,984	$3,984		147.91%	<-Total Growth	10	Dividends paid
Percentage paid				-1211.71%	-3211.11%	-616.31%	-58.24%	-46.77%	-163.45%	-277.34%	343.37%	-906.82%	-362.32%	-672.25%	168.74%	132.40%		-$3.20	<-Median->	10	Percentage paid
5 Year Coverage								-118.01%	-107.86%	-113.18%	-160.31%	-261.38%	-592.72%	-861.33%	1171.17%	515.77%					5 Year Coverage
Dividend Coverage Ratio					-0.03	-0.16	-1.72	-2.14	-0.61	-0.36	0.29	-0.11	-0.28	-0.15	0.59	0.76		-0.28	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									-0.93	-0.88	-0.62	-0.38	-0.17	-0.12	0.09	0.19					5 Year of Coverage
								$3,359	$0	$0	$0	$0	-$881
			$1,078	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$881
Free Cash Flow WSJ					$197	$789	-$1,791	-$2,742	-$207	-$955	$1,039	$2,329	-$716	-$588	$2,361	$3,009		-463.45%	<-Total Growth	8	Free Cash Flow WSJ
Change						300.51%	-327.00%	-53.10%	92.45%	-361.35%	208.80%	124.16%	-130.74%	17.88%	501.53%	27.45%		11.70%	<-IRR #YR->	5	Free Cash Flow WSJ	73.89%
FCF/CF from Op Ratio					0.05	0.16	-0.34	-0.42	-0.03	-0.14	0.15	0.37	-0.10	-0.08	0.30	0.38		#NUM!	<-IRR #YR->	8	Free Cash Flow WSJ	#DIV/0!
Dividends paid					$1,445	$1,436	$1,339	$1,571	$1,798	$2,987	$3,317	$3,192	$3,192	$3,953	$3,984	$3,984		122.28%	<-Total Growth	8	Dividends paid
Percentage paid					733.50%	182.00%	-74.76%	-57.29%	-868.60%	-312.77%	319.25%	137.05%	-445.81%	-672.25%	168.74%	132.40%		-$0.57	<-Median->	9	Percentage paid
5 Year Coverage					733.50%	292.19%	-524.22%	-163.26%	-202.16%	-186.12%	-236.51%	-2400.19%	972.21%	1500.53%	398.59%	286.24%					5 Year Coverage
Dividend Coverage Ratio					0.14	0.55	-1.34	-1.75	-0.12	-0.32	0.31	0.73	-0.22	-0.15	0.59	0.76		-0.12	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage					0.14	0.34	-0.19	-0.61	-0.49	-0.54	-0.42	-0.04	0.10	0.07	0.25	0.35					5 Year of Coverage
								$2,742	$0	$0	$0	$0	-$716
					-$197	$0	$0	$0	$0	$0	$0	$0	-$716
Market Cap	$31,343	$33,171	$34,339	$40,465	$31,751	$52,292	$53,923	$44,757	$64,900	$48,648	$57,701	$54,950	$53,700	$57,197	$57,197	$58,276		56.38%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	703	706	708	710	709	760	874	903	931	940	974	996	1,030	1,030				45.48%	<-Total Growth	10	Diluted
Change	1.59%	0.43%	0.28%	0.28%	-0.14%	7.19%	15.00%	3.32%	3.10%	0.97%	3.62%	2.26%	3.41%	0.00%				3.21%	<-Median->	9	Change
Difference Diluted/Basic	-0.2%	-0.1%	-0.2%	-0.3%	0.0%	-0.1%	-0.2%	-0.1%	-0.2%	0.0%	0.0%	-0.1%	0.0%	0.0%				-0.11%	<-Median->	9	Difference Diluted/Basic
Basic # of Shares in Millions	701.6	705.0	706.7	708.0	709	759	872	902	929	940	974	995	1,030	1,030				45.75%	<-Total Growth	10	Basic
Change	1.61%	0.48%	0.24%	0.18%	0.14%	7.05%	14.89%	3.44%	2.99%	1.18%	3.62%	2.16%	3.52%	0.00%				3.22%	<-Median->	9	Change
Difference Basic/Outstanding	0.3%	0.1%	0.1%	0.1%	-0.9%	13.8%	1.1%	1.8%	1.0%	0.0%	0.7%	2.3%	0.7%	0.7%				0.87%	<-Median->	9	Difference
excluding Nova
# of Shares (incl.Nova)	703.86	705.46	707.44	708.66	702.61	863.76	881.38	918.10	938.40	940.06	980.82	1,017.96	1,037.49	1,037.49	1,037.49	1,037.49		3.90%	<-IRR #YR->	10	Shares	46.65%
Change	1.10%	0.23%	0.28%	0.17%	-0.85%	22.94%	2.04%	4.17%	2.21%	0.18%	4.34%	3.79%	1.92%	0.00%	0.00%	0.00%		2.48%	<-IRR #YR->	5	Shares	13.00%
CF fr Op $M	$3,973	$3,571	$3,674	$4,079	$4,115	$5,069	$5,230	$6,555	$7,082	$7,058	$6,890	$6,375	$7,268	$7,594	$7,916	$7,885		97.82%	<-Total Growth	10	Cash Flow
Increase	28.91%	-10.12%	2.88%	11.02%	0.88%	23.18%	3.18%	25.33%	8.04%	-0.34%	-2.38%	-7.47%	14.01%	4.49%	4.23%	-0.39%		DRIP	SO
5 year Running Average	$3,144	$3,291	$3,458	$3,676	$3,882	$4,102	$4,433	$5,010	$5,610	$6,199	$6,563	$6,792	$6,935	$7,037	$7,209	$7,408		100.54%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.64	$5.06	$5.19	$5.76	$5.86	$5.87	$5.93	$7.14	$7.55	$7.51	$7.02	$6.26	$7.01	$7.32	$7.63	$7.60		34.89%	<-Total Growth	10	Cash Flow per Share
Increase	27.51%	-10.32%	2.60%	10.83%	1.75%	0.20%	1.11%	20.32%	5.70%	-0.52%	-6.44%	-10.85%	11.86%	4.49%	4.23%	-0.39%		7.06%	<-IRR #YR->	10	Cash Flow	97.82%
5 year Running Average	$4.86	$4.82	$4.94	$5.22	$5.50	$5.55	$5.72	$6.11	$6.47	$6.80	$7.03	$7.10	$7.07	$7.02	$7.05	$7.16		2.09%	<-IRR #YR->	5	Cash Flow	10.88%
P/CF on Med Price	7.15	8.72	9.13	9.45	8.51	8.99	10.47	7.55	7.89	8.29	8.56	10.20	7.38	7.21	0.00	0.00		3.04%	<-IRR #YR->	10	Cash Flow per Share	34.89%
P/CF on Closing Price	7.89	9.29	9.35	9.92	7.72	10.32	10.31	6.83	9.16	6.89	8.37	8.62	7.39	7.53	7.23	7.39		-0.38%	<-IRR #YR->	5	Cash Flow per Share	-1.88%
															-11.74%	Diff M/C		3.65%	<-IRR #YR->	10	CFPS 5 yr Running	43.13%
Excl.Working Capital CF	-$310.0	-$287.0	$326.0	$189.0	$398.0	-$248	$273	$102	-$293	$327	$287	$639	-$207	$0.0	$0.0	$0.0		2.96%	<-IRR #YR->	5	CFPS 5 yr Running	15.69%
CF fr Op $M WC	$3,663	$3,284	$4,000	$4,268	$4,513	$4,821	$5,503	$6,657	$6,789	$7,385	$7,177	$7,014	$7,061	$7,594	$7,916	$7,885		76.53%	<-Total Growth	10	Cash Flow less WC
Increase	18.84%	-10.35%	21.80%	6.70%	5.74%	6.82%	14.15%	20.97%	1.98%	8.78%	-2.82%	-2.27%	0.67%	7.55%	4.23%	-0.39%		5.85%	<-IRR #YR->	10	Cash Flow less WC	76.53%
5 year Running Average	$3,093	$3,226	$3,422	$3,659	$3,946	$4,177	$4,621	$5,152	$5,657	$6,231	$6,702	$7,004	$7,085	$7,246	$7,352	$7,494		1.19%	<-IRR #YR->	5	Cash Flow less WC	6.07%
CFPS Excl. WC	$5.20	$4.66	$5.65	$6.02	$6.42	$5.58	$6.24	$7.25	$7.23	$7.86	$7.32	$6.89	$6.81	$7.32	$7.63	$7.60		7.55%	<-IRR #YR->	10	CF less WC 5 Yr Run	107.06%
Increase	17.55%	-10.55%	21.46%	6.52%	6.65%	-13.10%	11.86%	16.13%	-0.22%	8.59%	-6.85%	-5.84%	-1.22%	7.55%	4.23%	-0.39%		6.58%	<-IRR #YR->	5	CF less WC 5 Yr Run	37.51%
5 year Running Average	$4.78	$4.74	$4.89	$5.19	$5.59	$5.67	$5.99	$6.30	$6.55	$6.83	$7.18	$7.31	$7.22	$7.24	$7.19	$7.25		1.87%	<-IRR #YR->	10	CFPS - Less WC	20.37%
P/CF on Med Price	7.76	9.48	8.38	9.03	7.76	9.45	9.95	7.43	8.23	7.92	8.21	9.27	7.60	7.21	0.00	0.00		1.74%	<-IRR #YR->	5	CFPS - Less WC	-6.14%
P/CF on Closing Price	8.56	10.10	8.58	9.48	7.04	10.85	9.80	6.72	9.56	6.59	8.04	7.83	7.61	7.53	7.23	7.39		3.98%	<-IRR #YR->	10	CFPS 5 yr Running	47.72%
Median Values			CF/-WC	P/CF Med	10 yr	8.53	5 yr	8.29	P/CF Med	10 yr	8.22	5 yr	8.21		-8.41%	Diff M/C		2.75%	<-IRR #YR->	5	CFPS 5 yr Running	14.54%
*Operational Cash Flow per share
			-707.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,037.49								Shares
								-918.10	0.00	0.00	0.00	0.00	1,037.49								Shares
			-$3,674	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,268								Cash Flow
								-$6,555	$0	$0	$0	$0	$7,268								Cash Flow
			-$5.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.01								Cash Flow per Share
								-$7.14	$0.00	$0.00	$0.00	$0.00	$7.01								Cash Flow per Share
			-$4.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.07								CFPS 5 yr Running
								-$6.11	$0.00	$0.00	$0.00	$0.00	$7.07								CFPS 5 yr Running
			-$4,000	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,061								Cash Flow less WC
								-$6,657	$0	$0	$0	$0	$7,061								Cash Flow less WC
			-$3,422	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,085								CF less WC 5 Yr Run
								-$5,152	$0	$0	$0	$0	$7,085								CF less WC 5 Yr Run
			-$5.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.81								CFPS - Less WC
								-$6.24	$0.00	$0.00	$0.00	$0.00	$6.81								CFPS - Less WC
			-$4.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.22								CFPS 5 yr Running
								-$6.30	$0.00	$0.00	$0.00	$0.00	$7.22								CFPS 5 yr Running
Distributions frec from operating act equity invest				$276	$793	$844	$970	$985	$1,213	$1,123
Distributions frec from operating act equity invest
Decrease/(increase) in operating working capital			-$326	-$189	-$398
Inc in Accts Rec						-$482	-$576	-$69	$31	$129	-$925	-$575	-$394
Inc in Inventories						-$87	-$38	-$49	-$42	-$55	-$93	-$190	-$56
Change in Assets held for Sale						-$13	$14	$0	$0
Change in Other current Assets						$328	$189	$45	-$15	-$221	-$141	$118	$618
Chge in Accts Payable and other						$424	$151	-$70	$352	-$162	$890	-$83	-$206
Increase in Accrued Interest						$62	$12	$41	-$33	-$18	-$18	$91	$245
Chge in Liab						$16	-$25	$0
Sum			-$326	-$189	-$398	$248	-$273	-$102	$293	-$327	-$287	-$639	$207
Morningstar			-$326	-$189	-$398	$248	-$273	-$102	$1,506	$796	-$287	-$639	$207
Difference			$0	$0	$0	$0	$0	$0	-$1,213	-$1,123	$0	$0	$0
TD in 2020					-$398	$1,092	$697	$883
Difference					0.00	-844.00	-970.00	-985.00
TD in 2022							-$273	-$102	$293	-$327	-$287
Difference									0.00	0.00	0.00
OPM	43.47%	44.60%	41.76%	40.05%	36.42%	40.54%	38.89%	47.92%	53.43%	54.30%	51.47%	42.57%	36.46%	46.55%				-12.70%	<-Total Growth	10	OPM
Increase	13.75%	2.59%	-6.36%	-4.11%	-9.07%	11.31%	-4.07%	23.23%	11.50%	1.62%	-5.21%	-17.30%	-14.34%	27.67%				should be zero, it is a check on calculations
Diff from Ave	4.6%	7.3%	0.5%	-3.6%	-12.4%	-2.4%	-6.4%	15.3%	28.6%	30.7%	23.9%	2.4%	-12.3%	12.0%				0.00%	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	41.55%	5 Yrs	51.47%					Should increase or be stable.
														$11,135	<-12 mths	1.34%
Adjusted EBITDA	$4,544	$4,245	$4,859	$5,521	$5,908	$6,647	$7,377	$8,563	$9,366	$9,351	$9,382	$9,901	$10,988	$11,274	$11,772	$12,644		126.14%	<-Total Growth	10	Adjusted EBITDA
Change	#DIV/0!	-6.58%	14.46%	13.62%	7.01%	12.51%	10.98%	16.08%	9.38%	-0.16%	0.33%	5.53%	10.98%	2.60%	4.42%	7.41%		10.18%	<-Median->	10	Change
Margin	49.72%	53.02%	55.23%	54.21%	52.28%	53.15%	54.85%	62.60%	70.66%	71.94%	70.08%	66.11%	55.12%	69.10%	68.51%	68.30%		58.86%	<-Median->	10	Margin
Long Term Debt	$17,724	$18,019	$21,892	$22,960	$30,169	$39,495	$32,602	$36,509	$34,280	$34,280	$37,341	$39,645	$49,976	$49,976				128.28%	<-Total Growth	10	Debt	Type
Change		1.66%	21.49%	4.88%	31.40%	30.91%	-17.45%	11.98%	-6.11%	0.00%	8.93%	6.17%	26.06%	0.00%				7.55%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.57	0.54	0.64	0.57	0.95	0.76	0.60	0.82	0.53	0.70	0.65	0.72	0.93	0.87				0.71	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	8.33	8.22	10.06	7.77	8.83	11.46	8.72	7.64	7.70	8.37	7.99	6.76	10.58	10.87				8.18	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)	4.46	5.05	5.96	5.63	7.33	7.79	6.23	5.57	4.84	4.86	5.42	6.22	6.88	6.58				5.92	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. + CF + D
Intangibles	$0	$0	$1,955	$2,704	$0	$3,191	$1,484	$1,921	$2,168	$0	$0	$0	$0	0				-100.00%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$3,650	$3,458	$3,696	$4,034	$4,812	$4,812	$13,084	$14,178	$12,887	$12,679	$12,582	$12,843	$12,532	$12,532				239.07%	<-Total Growth	10	Goodwill	Leverage
Total	$3,650	$3,458	$5,651	$6,738	$4,812	$8,003	$14,568	$16,099	$15,055	$12,679	$12,582	$12,843	$12,532	$12,532				121.77%	<-Total Growth	10	Total	D/E Ratio
Change		-5.26%	63.42%	19.24%	-28.58%	66.31%	82.03%	10.51%	-6.48%	-15.78%	-0.77%	2.07%	-2.42%	0.00%				$0.01	<-Median->	10	Change
% of Market Cap	0.12	0.10	0.16	0.17	0.15	0.15	0.27	0.36	0.23	0.26	0.22	0.23	0.23	0.22				0.23	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,640	$2,824	$3,147	$3,540	$3,914	$8,084	$4,680	$5,135	$7,651	$5,201	$7,423	$7,332	$11,372	$11,372				Liquidity ratio of 1.5 and up, best
Current Liabilities	$5,880	$5,881	$5,358	$7,584	$7,306	$7,680	$9,877	$12,946	$12,899	$11,987	$13,041	$16,907	$11,817	$11,817				0.50	<-Median->	10	Ratio
Liquidity Ratio	0.62	0.48	0.59	0.47	0.54	1.05	0.47	0.40	0.59	0.43	0.57	0.43	0.96	0.96				0.57	<-Median->	5	Ratio
Liq. with CF aft div	1.10	0.88	1.03	0.83	0.90	1.46	0.79	0.71	0.93	0.77	0.84	0.60	0.75	1.27				0.77	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.70	0.57	0.53	0.53	0.55	0.42	0.57	0.40	0.61	0.51	0.53	0.42	0.37	1.27				0.51	<-Median->	5	Ratio
Excl.current portion of Lg Term Db	$968	$894	$973	$1,797	$2,547	$2,547	$2,866	$3,462	$2,705	$1,972	$1,320	$1,989	$2,938	$2,938				$1,989	<-Median->	5	Excl.debt handled
Notes Payable	$1,880	$2,275	$1,842	$2,467	$1,218	$774	$1,763	$2,762	$4,034	$4,034	$5,166	$6,262	$6,262	$4,176				$5,166	<-Median->	5	Notes Payable
Liquidity Ratio	0.74	0.57	0.72	0.61	0.82	1.57	0.67	0.54	1.24	0.87	1.13	0.85	4.35	2.42				1.13	<-Median->	5	Liquidity Ratio
Liq. with CF aft div	2.13	1.91	2.18	1.89	1.86	2.57	1.48	1.37	1.94	1.55	1.67	1.16	3.39	3.19				1.67	<-Median->	5	Liq. with CF aft div
Ratio Under 1.50							yes	yes	No			yes						6	<-Yes #YR->	24	Ratio  Under 1.50
Assets	$48,995	$48,333	$53,898	$58,947	$64,483	$88,051	$86,101	$98,920	$99,279	$100,300	$104,218	$114,348	$125,034	$128,413	$127,556			Debt Ratio of 1.5 and up, best
Liability	$30,206	$29,997	$33,762	$38,294	$46,328	$62,068	$59,210	$67,927	$66,882	$67,220	$70,822	$80,232	$86,026	$100,355	$98,480			1.46	<-Median->	10	Ratio
Debt Ratio	1.62	1.61	1.60	1.54	1.39	1.42	1.45	1.46	1.48	1.49	1.47	1.43	1.45	1.28	1.30			1.47	<-Median->	5	Ratio
Estimates BVPS														$26.90	$28.00	$28.60			Estimates		Estimates BVPS
Estimate Book Value														$27,908.4	$29,049.7	$29,672.2			Estimates		Estimate Book Value
P/B Ratio (Close)														2.05	1.97	1.96			Estimates		P/B Ratio (Close)
Difference from 10 year median															9.53%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$18,789	$18,336	$20,136	$20,653	$18,155	$25,983	$26,891	$30,993	$32,397	$33,080	$33,396	$34,116	$39,008	$28,058				93.72%	<-Total Growth	10	Total Book Value
Non-Control Int.	$1,465	$1,425	$1,611	$1,583	$1,717	$1,726	$1,852	$1,655	$1,634	$1,682	$125	$126	$9,455	$1,655				486.90%	<-Total Growth	10	Non-Control Int.
Net Book Value	$17,324	$16,911	$18,525	$19,070	$16,438	$24,257	$25,039	$29,338	$30,763	$31,398	$33,271	$33,990	$29,553	$29,553				59.53%	<-Total Growth	10	Net Book Value
Net Book Value per share	$24.61	$23.97	$26.19	$26.91	$23.40	$28.08	$28.41	$31.96	$32.78	$33.40	$33.92	$33.39	$28.49	$28.49				8.78%	<-Total Growth	10	Net Book Value per share
P/B Ratio (Median)	1.64	1.84	1.81	2.02	2.13	1.88	2.19	1.69	1.82	1.86	1.77	1.91	1.82	1.85				1.87	<-Median->	10	P/B Ratio (Median)
Preferred Shares	$1,224	$1,224	$1,813	$2,255	$2,499	$3,980	$3,980	$3,980	$3,980	$3,980	$3,487	$2,499	$2,499	$2,499				37.84%	<-Total Growth	10	Preferred Shares
Net Book Value	$16,100	$15,687	$16,712	$16,815	$13,939	$20,277	$21,059	$25,358	$26,783	$27,418	$29,784	$31,491	$27,054	$27,054	$27,054	$27,054		61.88%	<-Total Growth	10	Book Value
Book Value per share	$22.87	$22.24	$23.62	$23.73	$19.84	$23.48	$23.89	$27.62	$28.54	$29.17	$30.37	$30.94	$26.08	$26.08	$26.08	$26.08		10.39%	<-Total Growth	10	Book Value per Share
Change	2.72%	-2.79%	6.24%	0.44%	-16.39%	18.33%	1.78%	15.60%	3.33%	2.19%	4.12%	1.87%	-15.71%	0.00%	0.00%	0.00%		4.61%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.77	1.99	2.01	2.29	2.51	2.25	2.60	1.95	2.09	2.13	1.98	2.07	1.98	2.02	0.00	0.00		2.02	P/B Ratio		Historical Median
P/B Ratio (Close)	1.95	2.11	2.05	2.41	2.28	2.58	2.56	1.77	2.42	1.77	1.94	1.74	1.98	2.11	2.11	2.15		0.99%	<-IRR #YR->	10	Book Value per Share	10.39%
Change	14.11%	8.62%	-2.83%	17.12%	-5.34%	13.21%	-0.71%	-31.07%	37.29%	-26.78%	9.19%	-9.93%	13.75%	6.51%				-1.14%	<-IRR #YR->	5	Book Value per Share	-5.59%
Leverage (A/BK)	2.61	2.64	2.68	2.85	3.55	3.39	3.20	3.19	3.06	3.03	3.12	3.35	3.21	4.58				3.20	<-Median->	10	A/BV
Debt/Equity Ratio	1.61	1.64	1.68	1.85	2.55	2.39	2.20	2.19	2.06	2.03	2.12	2.35	2.21	3.58				2.20	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	2.11	5 yr Med	2.07		0.17%	Diff M/C
			-$23.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.08									114.86%
								-$27.62	$0.00	$0.00	$0.00	$0.00	$26.08									71.23%
Comprehensive Income	$1,675	$1,452	$2,491	$1,822	-$538	$453	$2,469	$4,831	$3,381	$3,995	$2,688	$3,182	$1,796					-27.90%	<-Total Growth	10	Comprehensive Income
NCI	$140	$97	$191	$283	$312	$241	$83	-$13	$194	$259	$81	$45	-$220					-215.18%	<-Total Growth	10	NCI
Preferred Shares	$55	$55	$74	$97	$94	$109	$160	$163	$164	$159	$140	$107	$93					25.68%	<-Total Growth	10	Preferred Shares
Shareholders	$1,480	$1,300	$2,226	$1,442	-$944	$103	$2,226	$4,681	$3,023	$3,577	$2,467	$3,030	$1,923					-13.61%	<-Total Growth	10	Comprehensive Income
Increase	50.71%	-12.16%	71.23%	-35.22%	-165.46%	110.91%	2061.17%	110.29%	-35.42%	18.33%	-31.03%	22.82%	-36.53%					-31.03%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$1,211	$1,263	$1,440	$1,486	$1,101	$825	$1,011	$1,502	$1,818	$2,722	$3,195	$3,356	$2,804					-1.45%	<-IRR #YR->	10	Comprehensive Income	-13.61%
ROE	8.5%	7.7%	12.0%	7.6%	-5.7%	0.4%	8.9%	16.0%	9.8%	11.4%	7.4%	8.9%	6.5%					-16.30%	<-IRR #YR->	5	Comprehensive Income	-58.92%
5 year Median	8.5%	7.7%	7.7%	7.7%	7.7%	7.6%	7.6%	7.6%	8.9%	9.8%	9.8%	9.8%	8.9%					6.89%	<-IRR #YR->	10	5 Yr Running Average	94.67%
% Difference from NI	5.1%	8.5%	41.3%	-10.4%	-15.9%	-11.0%	-20.2%	39.7%	-19.9%	-15.4%	36.4%	374.5%	-10.3%					13.30%	<-IRR #YR->	5	5 Yr Running Average	86.73%
Median Values										Diff	5, 10 yr	-10.7%	-10.3%					8.9%	<-Median->	5	Return on Equity
			-$2,226	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,923
								-$4,681	$0	$0	$0	$0	$1,923
			-$1,440	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,804
								-$1,502	$0	$0	$0	$0	$2,804
Current Liability Coverage Ratio	0.62	0.56	0.75	0.56	0.62	0.63	0.56	0.51	0.53	0.62	0.55	0.41	0.60	0.64							CFO / Current Liabilities
5 year Median	0.62	0.61	0.62	0.56	0.62	0.62	0.62	0.56	0.56	0.56	0.55	0.53	0.55	0.60				56.0%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	7.48%	6.79%	7.42%	7.24%	7.00%	5.48%	6.39%	6.73%	6.84%	7.36%	6.89%	6.13%	5.65%	5.91%							CFO / Total Assets
5 year Median	7.48%	7.03%	7.03%	7.24%	7.24%	7.00%	7.00%	6.73%	6.73%	6.73%	6.84%	6.84%	6.84%	6.13%				6.8%	<-Median->	10	Return on Assets
Return on Assets ROA	3.12%	2.69%	3.18%	2.96%	-1.92%	0.14%	3.48%	3.58%	4.00%	4.44%	1.74%	0.56%	2.26%	3.44%				Net	Income/Assets		Return on Assets
5Yr Median	3.13%	3.12%	3.12%	2.96%	2.96%	2.69%	2.96%	2.96%	3.48%	3.58%	3.58%	3.58%	2.26%	2.26%				2.6%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	8.13%	7.08%	8.50%	8.44%	-6.83%	0.48%	11.14%	11.42%	12.27%	13.47%	5.43%	1.88%	7.25%	15.75%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	8.13%	8.11%	8.11%	8.13%	8.13%	7.08%	8.44%	8.44%	11.14%	11.42%	11.42%	11.42%	7.25%	7.25%				7.8%	<-Median->	10	Return on Equity
														$2,730	<-12 mths	-3.50%
Net Income	$1,711	$1,472	$1,911	$1,993	-$1,140	$485	$3,395	$3,517	$4,433	$4,913	$2,046	$785	$3,068					60.54%	<-Total Growth	10	Net Income
NCI	$129	$118	$125	$153	$6	$252	$238	-$185	$293	$297	$91	$37	$146					16.80%	<-Total Growth	10	NCI
Preferred Shares	$55	$55	$74	$97	$94	$109	$160	$163	$164	$159	$140	$107	$93					25.68%	<-Total Growth	10	Preferred Shares
Shareholders	$1,527	$1,299	$1,712	$1,743	-$1,240	$124	$2,997	$3,539	$3,976	$4,457	$1,815	$641	$2,829	$4,418	$4,673	$5,150		65.25%	<-Total Growth	10	Shareholders
Increase	24.45%	-14.93%	31.79%	1.81%	-171.14%	110.00%	2316.94%	18.08%	12.35%	12.10%	-59.28%	-64.68%	341.34%	56.17%	5.77%	10.21%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,360	$1,373	$1,428	$1,502	$1,008	$728	$1,067	$1,433	$1,879	$3,019	$3,357	$2,886	$2,744	$2,832	$2,875	$3,542		5.15%	<-IRR #YR->	10	Net Income	65.25%
Operating Cash Flow	$3,973	$3,571	$3,674	$4,079	$4,115	$5,069	$5,230	$6,555	$7,082	$7,058	$6,890	$6,375	$7,268					-4.38%	<-IRR #YR->	5	Net Income	-20.06%
Investment Cash Flow	-$3,288	-$3,256	-$5,120	-$4,144	-$4,610	-$18,783	-$3,699	-$10,019	-$6,872	-$6,052	-$7,712	-$7,009	-$12,287					6.75%	<-IRR #YR->	10	5 Yr Running Average	92.16%
Total Accruals	$842	$984	$3,158	$1,808	-$745	$13,838	$1,466	$7,003	$3,766	$3,451	$2,637	$1,275	$7,848					13.88%	<-IRR #YR->	5	5 Yr Running Average	91.51%
Total Assets	$48,995	$48,333	$53,898	$58,947	$64,483	$88,051	$86,101	$98,920	$99,279	$100,300	$104,218	$114,348	$125,034						Balance Sheet		Assets
Accruals Ratio	1.72%	2.04%	5.86%	3.07%	-1.16%	15.72%	1.70%	7.08%	3.79%	3.44%	2.53%	1.12%	6.28%					3.44%	<-Median->	5	Ratio
EPS/CF Ratio	0.42	0.40	0.43	0.41	-0.27	0.03	0.55	0.54	0.59	0.60	0.25	0.09	0.40					0.41	<-Median->	10	EPS/CF Ratio
			-$1,712	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,829
								-$3,539	$0	$0	$0	$0	$2,829
			-$1,428	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,744
								-$1,433	$0	$0	$0	$0	$2,744
Change in Close	17.22%	5.59%	3.23%	17.63%	-20.86%	33.97%	1.06%	-20.32%	41.87%	-25.17%	13.68%	-8.24%	-4.11%	6.51%	0.00%	1.89%			Count	30	Years of data
up/down	down			down			down		down					up					Count	13	43.33%
Meet Prediction?																		% right	Count	3	23.08%
Financial Cash Flow	-$690	-$403	$1,794	-$373	$744	$14,007	-$1,419	$2,748	$693	-$800	-$88	$487	$8,093						C F Statement		Financial CF
Total Accurals	$1,532	$1,387	$1,364	$2,181	-$1,489	-$169	$2,885	$4,255	$3,073	$4,251	$2,725	$788	-$245								Accruals
Accruals Ratio	3.13%	2.87%	2.53%	3.70%	-2.31%	-0.19%	3.35%	4.30%	3.10%	4.24%	2.61%	0.69%	-0.20%					2.61%	<-Median->	5	Ratio
CF net	-$5	-$88	$348	-$438	$249	$293	$112	-$716	$903	$206	-$910	-$147	$3,074
Foreign cur  etc	$6	-$15	$28	$0	$112	-$127	-$39	$73	-$6	-$19	$53	$94	-$16
Inc/Dec in Cash	$1	-$103	$376	-$438	$361	$166	$73	-$643	$897	$187	-$857	-$53	$3,058
Cash	$765	$551	$927	$489	$850	$1,016	$1,089	$446	$1,343	$1,530	$673	$620	$3,678	$3,678							Cash
Cash per Share	$1.09	$0.78	$1.31	$0.69	$1.21	$1.18	$1.24	$0.49	$1.43	$1.63	$0.69	$0.61	$3.55	$3.55				$1.43	<-Median->	5	Cash per Share
Percentage of Stock Price	2.44%	1.66%	2.70%	1.21%	2.68%	1.94%	2.02%	1.00%	2.07%	3.15%	1.17%	1.13%	6.85%	6.43%				2.07%	<-Median->	5	% of Stock Price
Used the Investment Reporter figures to fill in missing ones, but they certainly did not agree with company statements
* D = Decrease, I = Increase, U = Unchanged
Notes:
March 17, 2024.  Last estimates were for 2023, 2024 and 2025 of $15659M, $16122M and $17344M for Revenue, $4.30, $4.29 and $4.42 for AEPS, $4.25, $4.29 and $4.71 for EPS,
$3.72, $3.82 and $3.95 for Dividends, -1231M, $2147M and $2361M for FCF, 7.15, $7.19 and $7.60 for CFPS, $32.60, $33.80 and $32.50 for BVPS, $4,319M, $4407M and $4791M Net Income.
March 19, 2023.  Last estimates were for 2022, 2023 and 2024 of $14722M, $15043M and $15385M for Revenue, $4.28, $4.33 for AEPS, $4.34, $4.54 and $4.94 for EPS, $3.61,
$3.73 and $3.83 for Dividends, $2608M, $4348M and $5321M for FCF, $7.12, $7.56 and $7.60 for CFPS, $30.80, $32.40 and $32.30 for BVPS, and $4260M, $4557M and $4808M for Net Income.
March 20, 2021.  Last estimates were for 2021, 2022 and 2023 of |414149M, $14808M and $15385M for Revenue, Re7.64, and $7.68 for AFFO 2021-22, $4.18, $4.25 for Adj EPS 2021-22,
$4.09, $4.36 and $4.68 for EPS, $3.46, $3.65 and $3.83 for Dividends, $2883M, $3479M and $5244M for FCF, $7.42, $7.55 and 47.60 for CFPS and $3820M, $4303M and $4613M for Net Income
March 17, 2021.  Last estimates were for 2020, 2021 and 2022 or 14191M, $14732M and $15249M for Revenue, $7.73, and $7.93 for AFFO for 2020 and 2021,
$3.97 for Adj EPS for 2020, $4.10. $3.93 ad $4.23 for EPS, $2916M, $-2392M and $5546M for FCF and $4175M and $3916M for Net Income for 2020 and 2021.
March 15, 2020.  Last estimates were for 2019, 2020 and 2021 of $14799M, $15462M and $14882M for Revenue, $6.90 and 7.09 for 2019 and 2020 for AFFO,
$3.94 and 143.97 for Adj EPS for 2019 and 2020, $3.82, $3.92 and $4.05 for EPS, $6.72, $6.92 and $6.87 for CFPS, and $3601M, $3739M and $3966M for Net Income.
TransCanada Corp has changed its name to TC Energy Corp.  The symbols have remained the same so it is now TC Energy Corp (TSX-TRP, NYSE-TRP).  This is effective May 3, 2019.
March 24, 2019.  Last estimates were for 2018, 2019 and 2020 of $11712M, $13988M and $14481M for Revenue, $4.21 abd $5.10 for 2018 and 2019 for AFFO,
$3.15 and $3.43 for Adj EPS for 2018 and 2019, $3.30, $3.64 and $4.06 for EPS, $5.57, $6.29 and $6.53 for CFPS and $3011M, $3357M and $3945M for Net Income.
March 17, 2018.  Last estimates were for 2017, 2018 and 2019 of $12357M, $14132M and $13253M for Revenue, $4.18 and $5.08 for AFFO for 2017 and 2018,
$2.86, $3.08 and $3.21 for Adj EPS, $3.00, $3.20 and $3.09 for EPS, $5.54, $5.94 and $7.18 for CFPS, $2597M, $2817M and $2778M for Net Income.
March 12, 2017.  Last estimates were for 2016, 2017 and 2018 of $11774M, $12367M and $12021M for Revenue, $4.73 and 5.51 for AFFO for 2016 and 2017,
$2.54, $2.85 and $2.61 for EPS, $5.48, $6.05 and $6.09 for CFPS and $1776M, $2003M and $1813M for Net Income.
March 20, 2016.  Last estimates were for 2015, 2016 and 2017 with $10705M, $11218M and $12728M for Revenue, $5.18 and $5.52 for AFFO for 2015 and 2016,
$2.39, $2.56 and $3.31 for EPS, $5.84, $6.10 and $6.98 for CFPS and $1698M, $1866M and $2316M for Net Income.
March 28, 2015.  Last estimates were for 2014 and 2015 of $9721M and $10013M for Revenue, $5.12 and $5.29 AFFO, $2.48 and $2.58 for EPS, $5.60 and $5.73 for EPS, $1741M and $1777M for Net Income.
March 23, 2014.  Last estimates were for 2013 and 2014 of $9495M and $10193M for Revenue, $4.72 for AFFO 2013, $2.29, 2.51 and (2.97 (2015) for EPS, and $5.37 and $5.91 for CFPS.
Feb 17, 2013.  Last estimates were for 2012 and 2013 of $9476M and $10021M for revenue and $2.37, $2.55 and $2.67 for 2014 and $5.17 and $5.30 for CFPS.
I started AFFO section to build up info.
Mar 10, 2012.  Last estimates were for 2011 and 2012 with EPS of $2.27 and $2.44 and CF or $5.00 and $5.00
Mar 23, 2011.  Last I looked I got estimates for 2010 and 2011 of $2.03 and $2.44 for earnings and $3.90 and $5.00 for Cash Flow.
Jul 9, 2010.  When I last looked I got 2010 and 2011 earnings of $2.12 and 2.44 and CF of $4.58 and $5.12.
Apr 10, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $2.00 and $2.20 and cash Flow of $3.60 and $4.65
Dec 9, 2009.  when I last looked at this stock in April 2009, I got earnings for 2009 and 2010 of $2.28 and $2.55.  I also got CF for $4.69 and $5.14.
AP 2008.  In July 2008 EPS estimate was $2.25.  In Annual report Basic is $2.53 and Diluted $2.52.  They erred on the downside.
AP2007.  This stock has not done badly over last 5 years.  A number of people like it.  Keep for now. TD rates it as a buy, with low risk.
AP 2006.  I have only made money on this stock.  This is because I bought it at a great time when it had decreased it's dividend. It is on TD's action buy list.  Keep for now.
2005.  This stock is doing ok and I will keep at present.  Some think this is a long term stock to keep.  I will keep an eye on it.  Earnings are up and Dividends are higher than when they first cut them.
2004. My IRR since Feb 2000 is 25%, but then I bought at an opportune time. Doing fine since problems of 2000.  TD has it at buy rating.  Keep eye on.
2003. 8% return is not bad.  Has good dividend.  Should see if I want to keep through.  2003
2000.  Bought because stock was depressed after the dividend cut.
Most of the increase each year is because of DRIP plans and stock options.  But they do issue new shares occasionally.
Sector:
Infrastructure. Utility
What should this stock accomplish?
Would I buy this company and Why.
They are a dividend growth utility so I think they are a good stock to buy.
Why am I following this stock.
When I bought this stock it was on Mike Higgs' Canadian Dividend Growth Stock list and the other dividend lists that I followed.
Why I bought this stock.
I bought the stock in 2000 at an opportune time.  The company had been cutting their dividend payments in order to re-organize and get the company into shape for long term profitability.  This
company’s stock fell hard because of this.  People who depend on dividends for their income can be an unforgiving lot and can get really upset at company when a trusted company cuts its dividends.
Dividends
Dividends are paid in cycle 1,  so they are paid in January, April, July and October.  Payments are made near the end of the month.
Dividends are declared for shareholders at the end of one month and are paid at the end of the following month.
For example, the dividend declared for shareholders of record on December 31, 2013 was payable on January 31, 2014.
How they make their money
TC Energy operates natural gas, oil, and power generation assets in Canada and the United States. The firm operates more than 60,000 miles of oil and gas pipelines,
more than 650 billion cubic feet of natural gas storage, and about 4,300 megawatts of electric power.
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		Options are mostly priced	Change
Date	2016	Mar 17	2017	Mar 17	2018	Mar 24	2019	Mar 15	2020	Mar 17	2021	Mar 19	2022	Mar 19	2023			Mar 17	2024
Poirier, Francois								0.043	0.00%	0.067	0.01%	0.087	$0.000	0.099	0.01%			0.113	0.01%		Was officer	14.26%
Officer- Shares - Amount									$2.224		$3.94		$4.72		$5.11				$6.22		CEO 2021
Options - percentage								0.481	0.05%	0.818	0.08%	1.123	$0.001	1.590	0.15%			1.627	0.16%			2.36%
Options - amount									$24.898		$48.13		$60.63		$82.28				$89.71
Girling, Russell	0.02%	0.246	0.03%	0.281	0.03%	0.319	0.03%	0.319	0.03%												was CEO in 2021
CEO - Shares - Amount	$8.987		$15.046		$13.715		$22.089		$16.529
Options - percentage	0.31%	3.276	0.37%	3.589	0.39%	3.735	0.40%	3.811	0.41%
Options - amount	$159.878		$200.403		$174.975		$258.325		$197.233
Hunter, Joel										0.015	0.00%	0.026	$0.000	0.030	0.00%			0.035	0.00%		was Subsidiary Executive '21	14.88%
CFO - Shares - Amount											$0.89		$1.39		$1.58				$1.93
Options - percentage										0.148	0.02%	0.160	$0.000	0.431	0.04%			0.534	0.05%			23.98%
Options - amount											$8.72		$8.66		$22.31				$29.46
Marchand, Donald R.	0.00%	0.022	0.00%	0.023	0.00%	0.024	0.00%	0.021	0.00%	0.025	0.00%
CFO - Shares - Amount	$0.545		$1.326		$1.106		$1.653		$1.091		$1.49
Options - percentage	0.08%	1.213	0.14%	1.106	0.12%	1.178	0.13%	0.693	0.07%	0.755	0.08%
Options - amount	$41.487		$74.191		$53.917		$81.480		$35.882		$44.40
Chapman, Stanley G.										0.040	0.00%	0.040	$0.000	0.040	0.00%			0.054	0.01%			34.40%
Officer - Shares - Amount											$2.34		$2.15		$2.06				$2.95
Options - percentage										0.498	0.05%	0.568	$0.001	0.798	0.08%			0.871	0.08%			9.09%
Options - amount											$29.30		$30.68		$41.32				$48.01
Hanrahan, Wendy						0.019	0.00%	0.026	0.00%	0.026	0.00%										eased insider Apr 2021
Officer - Shares - Amount							$1.325		$1.323		$1.55
Options - percentage						0.731	0.08%	0.564	0.06%	0.539	0.05%
Options - amount							$50.545		$29.174		$31.73
De Lima, Dawn	0.00%	0.009	0.00%
Officer - Shares - Amount	$0.133		$0.558
Options - percentage	0.01%	0.157	0.02%
Options - amount	$7.752		$9.612
Culbert, Michael Robert												0.006	$0.000	0.006	0.00%			0.011	0.00%			90.91%
Director - Shares - Amount													$0.30		$0.28				$0.58
Options - percentage												0.003	$0.000	0.013	0.00%			0.021	0.00%			61.95%
Options - amount													$0.18		$0.67				$1.15
Cretier, Stephan						0.027	0.00%	0.027	0.00%	0.027	0.00%	0.027	$0.000								Ceased insider April 2022
Director - Shares - Amount							$1.886		$1.411		$1.60		$1.47
Options - percentage						0.003	0.00%	0.008	0.00%	0.012	0.00%	0.019	$0.000
Options - amount							$0.241		$0.432		$0.73		$1.05
Jones, Susan														0.007	0.00%			0.014	0.00%			112.51%
Director - Shares - Amt															$0.35				$0.78
Options - percentage														0.016	0.00%			0.025	0.00%			50.22%
Options - amount															$0.85				$1.36
Vanaselja, Siim A.				0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%			0.052	0.01%		Was Chair until 2024	333.33%
Director - Shares - Amt					$0.585		$0.830		$0.621		$0.71		$0.65		$0.62				$2.87
Options - percentage				0.020	0.00%	0.069	0.01%	0.031	0.00%	0.040	0.00%	0.054	0.01%	0.082	0.01%			0.102	0.01%			23.55%
Options - amount					$0.976		$4.757		$1.590		$2.35		$2.91		$4.27				$5.61
Lowe, John Edward														0.025	0.00%			0.030	0.00%		Named as chair 2024	20.00%
Chairman - Shares - Amt															$1.29				$1.65
Options - percentage														0.082	0.01%			0.038	0.00%			-53.76%
Options - amount															$4.27				$2.10
Increase in O/S Shares	0.10%	1.683	0.19%	1.331	0.15%	0.734	0.08%	5.138	0.55%	1.664	0.18%	2.797	0.29%	2.860	0.28%			0.062	0.01%
due to SO 2013	$33.305		$101.889		$81.431		$35.783		$355.344		$86.112		$164.548		$154.383				$3.209
Book Value	$30.000		$74.000		$62.000		$34.000		$282.000		$101.000		$165.000		$183.000				$4.000
Insider Buying	-$2.769		-$0.104		-$6.062		-$1.079		-$4.226		-$3.054		-$2.249		-$3.678				-$8.073
Insider Selling	$9.284		$35.057		$27.973		$37.063		$113.498		$3.207		$21.142		$5.605				$0.140
Net Insider Selling	$6.515		$34.954		$21.912		$35.984		$109.273		$0.153		$18.893		$1.927				-$7.933		Not keeping Stock Options
% of Market Cap	0.01%		0.06%		0.05%		0.06%		0.22%		0.00%		0.03%		0.00%				-0.01%
Directors		13		13		12		12		14		14		13				13
Women	25%	3	23%	3	23%	3	25%	3	25%	4	29%	4	29%	5	38%			5	38%
Minorities	0%	1	8%	1	8%	1	8%	1	8%	1	7%	1	7%	2	15%			2	15%
Institutions/Holdings	60.02%	409	58.63%	482	60.47%	471	63.33%	20	49.48%	20	67.87%	20	71.56%	20	70.48%			20	79.55%
Total Shares Held	48.80%	508.333	57.67%	535.060	58.28%	584.683	62.31%	459.629	48.89%	637.991	65.05%	701.999	68.96%	704.818	67.94%			825.365	16.78%
Increase/Decrease	-5.34%	57.062	12.64%	21.988	4.29%	0.385	0.07%	4.126	0.91%	6.917	1.10%	28.489	4.23%	-53.524	-7.06%			-53.524	-6.09%
Starting No. of Shares		451.271	Nasdaq	513.072	Nasdaq	584.298	Nasdaq	455.504	Top 20 MS	631.074	Top 20 MS	673.510	Top 20 MS	758.342	Top 20 MS			878.889	Top 20 MS
Institutions/Holdings				717	63.29%	1,098	166.70%														Data for 2018 from
Amount					$34,127		$74,609													?	morningstar makes no sense
Total Shares Held				613.000	66.77%	958.000	104.35%													?
Amount					$37,503		$58,610
Increase/Decrease				9.000	1.49%	21.000	2.24%
Starting No. of Shares				604.000	Morningstar	937.000	Morningstar
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