This report should not be construed as providing investment advice. It is for educational purposes only.  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 2026	<-Estimates
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/				3/31/26	<-Estimates
WSP Global Inc					TSX:	WSP	OTC:	WSPOF	https://www.wsp.com/en-ca			Fiscal Yr:	Dec 31
Year	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	12/31/27	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
														$14,274	<-12 mths	2.26%			Estimates		last 12 months from Qtr.
Less. Subconsultants and direct costs						$1,887.5	$2,029.8	$1,944.8	$2,409.5	$2,975.7	$3,540.2	$3,994.6	$4,325.9
Net Revenue						$6,020.6	$6,886.3	$6,859.1	$7,869.6	$8,957.2	$10,897.0	$12,172.2	$13,959.1
Net Revenue	$1,677.2	$2,349.9	$4,486.8	$4,895.1	$5,356.6	$6,020.6	$6,886.3	$6,859.1	$7,869.6	$8,957.2	$10,897.0	$12,172.2	$13,959	$16,581	$17,842	$19,087		211.11%	<-Total Growth	10	Net Revenue
Increase	64.42%	40.11%	90.94%	9.10%	9.43%	12.40%	14.38%	-0.39%	14.73%	13.82%	21.66%	11.70%	14.68%	18.78%	7.61%	6.98%		17.88%	<-IRR #YR->	10	Net Revenue	211.11%
5 year Running Average	$818	$1,209	$2,013	$2,886	$3,753	$4,622	$5,529	$6,004	$6,598	$7,319	$8,294	$9,351	$10,771	$12,513	$14,290	$15,928		12.07%	<-IRR #YR->	5	Net Revenue	103.51%
Revenue per Share	$32.02	$26.53	$45.20	$48.29	$51.92	$57.65	$65.01	$60.41	$66.81	$71.97	$87.41	$93.29	$103.55	$122.99	$132.34	$141.58		22.70%	<-IRR #YR->	10	5 yr Running Average	435.18%
Increase	60.26%	-17.16%	70.42%	6.82%	7.53%	11.02%	12.77%	-7.06%	10.59%	7.72%	21.45%	6.72%	11.00%	18.77%	7.61%	6.98%		11.08%	<-IRR #YR->	5	5 yr Running Average	79.41%
5 year Running Average	$23.20	$24.13	$27.99	$34.40	$40.79	$45.92	$53.61	$56.66	$60.36	$64.37	$70.32	$75.98	$84.61	$95.84	$107.92	$118.75		13.40%	<-IRR #YR->	10	Net Revenue per Share	129.07%
P/S (Price/Sales) Med	0.80	1.31	0.88	0.87	1.00	1.15	1.13	1.55	2.23	2.17	2.02	2.36	2.49	1.97	0.00	0.00		7.49%	<-IRR #YR->	5	Net Revenue per Share	71.40%
P/S (Price/Sales) Close	0.99	1.31	0.94	0.93	1.15	1.02	1.36	2.00	2.75	2.18	2.12	2.71	2.40	1.58	1.47	2.23		12.15%	<-IRR #YR->	10	5 yr Running Average	202.30%
*Revenue in M CDN $					P/S Med	20 yr	1.17	15 yr	1.31	10 yr	1.79	5 yr	2.23		-11.53%	Diff M/C		7.22%	<-IRR #YR->	5	5 yr Running Average	49.33%
Less. Subconsultants and direct costs
			-$2,349.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$12,172.2
								-$6,886.3	$0.0	$0.0	$0.0	$0.0	$12,172.2
			-$1,209	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,351.0
								-$5,529	$0	$0	$0	$0	$9,351.0
			-$26.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$93.3
								-$65.01	$0.00	$0.00	$0.00	$0.00	$93.3
			-$24.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$76.0
								-$53.61	$0.00	$0.00	$0.00	$0.00	$76.0
														$14,382	<-12 mths	1.14%
Revenue*	$2,016.0	$2,902.4	$6,064.0	$6,379.6	$6,942.2	$7,908.1	$8,916.1	$8,803.9	$10,279.1	$11,932.9	$14,437.2	$16,166.8	$18,285.0	$20,906.9	$22,167.9	$23,412.9		201.53%	<-Total Growth	10	Revenue
Increase	60.32%	43.97%	108.93%	5.20%	8.82%	13.91%	12.75%	-1.26%	16.76%	16.09%	20.99%	11.98%	13.10%	14.34%	6.03%	5.62%		11.67%	<-IRR #YR->	10	Revenue	201.53%
5 year Running Average	$997	$1,482	$2,578	$3,724	$4,861	$6,039	$7,242	$7,790	$8,570	$9,568	$10,874	$12,324	$14,220	$16,346	$18,393	$20,188		15.74%	<-IRR #YR->	5	Revenue	107.69%
Revenue per Share	$38.49	$32.76	$61.09	$62.93	$67.30	$75.72	$84.17	$77.54	$87.27	$95.88	$115.81	$123.90	$135.64	$155.08	$164.43	$173.66		18.62%	<-IRR #YR->	10	5 yr Running Average	451.52%
Increase	56.26%	-14.87%	86.48%	3.01%	6.93%	12.52%	11.16%	-7.87%	12.54%	9.87%	20.78%	6.99%	9.47%	14.33%	6.03%	5.62%		12.79%	<-IRR #YR->	5	5 yr Running Average	82.54%
5 year Running Average	$28.31	$29.58	$35.39	$43.98	$52.51	$59.96	$70.24	$73.53	$78.40	$84.12	$92.13	$100.08	$111.70	$125.26	$138.97	$150.54		8.30%	<-IRR #YR->	10	Revenue per Share	122.01%
P/S (Price/Sales) Med	0.67	1.06	0.65	0.67	0.77	0.87	0.87	1.21	1.71	1.63	1.52	1.78	1.90	1.56	0.00	0.00		11.83%	<-IRR #YR->	5	Revenue per Share	74.92%
P/S (Price/Sales) Close	0.82	1.06	0.70	0.71	0.89	0.77	1.05	1.56	2.10	1.64	1.60	2.04	1.83	1.25	1.18	1.82		12.18%	<-IRR #YR->	10	5 yr Running Average	215.63%
*Revenue in M CDN $					P/S Med	20 yr	0.94	15 yr	1.06	10 yr	1.37	5 yr	1.71		-8.32%	Diff M/C		8.72%	<-IRR #YR->	5	5 yr Running Average	51.91%
			-$6,064.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$18,285.0
								-$8,803.9	$0.0	$0.0	$0.0	$0.0	$18,285.0
			-$2,578	$0	$0	$0	$0	$0	$0	$0	$0	$0	$14,220
								-$7,790	$0	$0	$0	$0	$14,220
			-$61.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$135.64
								-$77.54	$0.00	$0.00	$0.00	$0.00	$135.64
			-$35.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$111.70
								-$73.53	$0.00	$0.00	$0.00	$0.00	$111.70
														$1,319.80	<-12 mths	5.48%
														$10.06	<-12 mths	5.01%			Estimates		Last 12 months from Qtr
														13.17%	11.40%	9.72%			Estimates		Payout Ratio EPS
Adjusted Net Earnings	$71.7	$62.2	$172.8	$223.7	$233.9	$295.2	$306.4	$338.9	$592.9	$692.6	$860.0	$1,014.9	$1,251.2					624.07%	<-Total Growth	10	Adjusted Net Earnings
Return on Equity ROE	7.36%	2.89%	5.93%	7.82%	7.91%	9.06%	9.20%	8.31%	12.71%	11.53%	13.59%	12.27%	12.71%					10.37%	<-Median->	10	Return on Equity ROE
5Yr Median	9.99%	7.36%	5.93%	5.93%	7.36%	7.82%	7.91%	8.31%	9.06%	9.20%	11.53%	12.27%	12.71%					8.68%	<-Median->	10	5 Yr Median
AEPS* (EPS to AEPS)	$1.38	$0.98	$1.87	$2.22	$2.28	$2.83	$3.10	$3.59	$5.09	$5.75	$6.90	$8.05	$9.58	$11.39	$13.16	$15.43		412.30%	<-Total Growth	10	AEPS
Increase	20.00%	-28.99%	90.82%	18.72%	2.70%	24.12%	10%	15.81%	41.78%	12.97%	20.00%	16.67%	19.01%	18.89%	15.54%	17.25%		10	0	10	Years of Data, AFFP, P or N	100.00%
AEPS Yield	4.4%	2.8%	4.4%	5.0%	3.8%	4.8%	3.5%	3.0%	2.8%	3.7%	3.7%	3.2%	3.9%	5.9%	6.8%	4.9%		17.75%	<-IRR #YR->	10	AEPS	412.30%
5 year Running Average	$1.64	$1.42	$1.46	$1.52	$1.75	$2.04	$2.46	$2.80	$3.38	$4.07	$4.89	$5.88	$7.07	$8.33	$9.82	$11.52		21.69%	<-IRR #YR->	5	AEPS	166.85%
Payout Ratio	108.70%	153.06%	80.21%	67.57%	65.79%	53.00%	48.39%	41.78%	29.47%	26.09%	21.74%	18.63%	15.66%	13.17%	11.40%	9.72%		17.11%	<-IRR #YR->	10	5 yr Running Average	385.19%
5 year Running Average	95.74%	111.79%	110.19%	107.99%	95.07%	83.93%	62.99%	55.31%	47.69%	39.75%	33.49%	27.54%	22.32%	19.06%	16.12%	13.72%		20.33%	<-IRR #YR->	5	5 yr Running Average	152.28%
Price/AEPS Median	18.61	35.51	21.33	18.95	22.69	23.40	23.71	26.14	29.26	27.19	25.57	27.39	26.95	21.29	0.05	0.00		25.85	<-Median->	10	Price/AEPS Median
Price/AEPS High	22.91	40.00	25.67	21.79	26.25	26.59	29.17	35.11	36.86	31.42	28.45	32.08	30.42	23.90	0.00	0.00		29.80	<-Median->	10	Price/AEPS High
Price/AEPS Low	14.32	31.01	16.99	16.12	19.13	20.22	18.25	17.16	21.65	22.96	22.69	22.69	23.49	18.68	0.00	0.00		20.93	<-Median->	10	Price/AEPS Low
Price/AEPS Close	22.86	35.57	22.73	20.13	26.28	20.73	28.60	33.59	36.08	27.32	26.92	31.42	25.94	17.06	14.77	20.45		27.12	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	27.43	25.26	43.38	23.90	26.99	25.73	31.33	38.90	51.15	30.86	32.30	36.66	30.87	20.28	17.06	23.97		31.10	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	22.69	26.25	17.16	22.86	P/CF	5 Yrs	in order	27.19	31.42	22.69	27.32		-37.26%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per share
			-$1.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.58
								-$3.59	$0.00	$0.00	$0.00	$0.00	$9.58
			-$1.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.07
								-$2.80	$0.00	$0.00	$0.00	$0.00	$7.07
								-41.78%	0.00%	0.00%	0.00%	0.00%	15.66%
														$7.33	<-12 mths	-0.41%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.37%	0.40%	0.49%	-12.81%	0.23%	0.37%	0.27%					0.25%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$1.38	$0.98	$2.05	$1.97	$2.08	$2.38	$2.72	$2.51	$4.07	$3.59	$4.41	$5.40	$7.38					260.00%	<-Total Growth	10	EPS Basic
EPS Diluted*	$1.38	$0.98	$2.05	$1.97	$2.08	$2.38	$2.71	$2.50	$4.05	$4.05	$4.40	$5.38	$7.36	$8.13	$11.03			259.02%	<-Total Growth	10	EPS Diluted
Increase	20.00%	-28.99%	109.18%	-3.90%	5.58%	14.42%	13.87%	-7.75%	62.00%	0.00%	8.64%	22.27%	36.80%	10.39%	35.75%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	4.4%	2.8%	4.8%	4.4%	3.5%	4.1%	3.1%	2.1%	2.2%	2.6%	2.4%	2.1%	3.0%	4.2%	5.7%			13.64%	<-IRR #YR->	10	Earnings per Share	259.02%
5 year Running Average	$1.64	$1.42	$1.49	$1.51	$1.69	$1.89	$2.24	$2.33	$2.74	$3.14	$3.54	$4.08	$5.05	$5.86	$7.26			24.10%	<-IRR #YR->	5	Earnings per Share	194.40%
10 year Running Average			$1.51	$1.65	$1.72	$1.77	$1.83	$1.91	$2.13	$2.42	$2.72	$3.16	$3.69	$4.30	$5.20			12.95%	<-IRR #YR->	10	5 yr Running Average	237.88%
* Diluted ESP per share									E/P	10 Yrs	2.77%	5Yrs	2.37%					16.74%	<-IRR #YR->	5	5 yr Running Average	116.84%
			-$2.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.36
								-$2.50	$0.00	$0.00	$0.00	$0.00	$7.36
			-$1.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.05
								-$2.33	$0.00	$0.00	$0.00	$0.00	$5.05
Dividend*														$1.50	$1.50	$1.50					Dividend*
Increase														0.00%	0.00%	0.00%					Increase
Payout Ratio EPS														18.46%	13.60%	#DIV/0!			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	Dividends
Dividend*	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50		0.00%	<-Total Growth	10	Dividends
Increase	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%		3	0	16	Years of data, Count P, N	18.75%
Average Increases 5 Year Running	4.88%	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	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.65	$1.56	$1.56	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50		0.00%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.84%	4.31%	3.76%	3.56%	2.90%	2.26%	2.04%	1.60%	1.01%	0.96%	0.85%	0.68%	0.58%	0.62%				1.30%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.75%	3.83%	3.12%	3.10%	2.51%	1.99%	1.66%	1.19%	0.80%	0.83%	0.76%	0.58%	0.51%	0.55%				1.01%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	7.59%	4.94%	4.72%	4.19%	3.44%	2.62%	2.65%	2.43%	1.36%	1.14%	0.96%	0.82%	0.67%	0.71%				1.90%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.76%	4.30%	3.53%	3.36%	2.50%	2.56%	1.69%	1.24%	0.82%	0.95%	0.81%	0.59%	0.60%	0.77%	0.77%	0.48%		1.10%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	108.70%	153.06%	73.17%	76.14%	72.12%	63.03%	55.35%	60.00%	37.04%	37.04%	34.09%	27.88%	20.38%	18.46%	13.60%	#DIV/0!		46.19%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	100.61%	109.55%	104.42%	99.60%	88.65%	79.28%	67.02%	64.43%	54.66%	47.80%	42.35%	36.80%	29.71%	25.58%	20.66%	#DIV/0!		59.55%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	65.70%	59.14%	73.05%	39.31%	40.01%	23.39%	19.51%	15.14%	16.67%	22.91%	18.96%	14.16%	9.00%	9.38%	8.64%	#DIV/0!		19.24%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	65.14%	63.43%	71.07%	59.67%	51.95%	40.39%	31.62%	23.75%	20.40%	18.96%	18.27%	17.06%	14.79%	13.00%	10.95%	#DIV/0!		22.08%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	89.49%	83.26%	42.14%	34.86%	32.01%	27.52%	17.21%	19.44%	15.21%	14.53%	11.64%	10.50%	8.79%	9.38%	8.64%	#DIV/0!		16.21%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	54.97%	61.04%	65.97%	56.05%	46.80%	37.88%	28.08%	24.30%	20.59%	17.83%	15.15%	13.62%	11.64%	10.63%	9.67%	#DIV/0!		22.44%	<-Median->	10	DPR CF WC 5 Yr Running
Median 5 Yrs	10 Yr Med	10 Yr Cl	1.30%	1.10%	5 Yr Med	5 Yr Cl	0.85%	0.81%	5 Yr Med	Payout	34.09%	16.67%	11.64%					0.00%	<-IRR #YR->	5	Dividends	0.00%
* Dividends per share	10 Yr Med	and Cur.	-40.76%	-29.78%	5 Yr Med	and Cur.	-9.20%	-4.41%	Last Div Inc --->		$0.38	$0.38	0.0%					0.00%	<-IRR #YR->	10	Dividends	0.00%
Dividends Growth 15																		0.00%	<-IRR #YR->	15	Dividends
Dividends Growth 20																		5.77%	<-IRR #YR->	19	Dividends
Dividends Growth 5								-$1.50	$0.00	$0.00	$0.00	$0.00	$1.50								Dividends Growth 5
Dividends Growth 10			-$1.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.50								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	$1.50								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	$1.50								Dividends Growth 20
Historical Dividends	Historical	High Div	7.58%	Low Div	0.60%	10 Yr High	4.12%	10 Yr Low	0.52%	Med Div	3.66%	Close Div	3.44%					2.26%	After Income T.		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-89.82%		28.66%	Exp.	-81.26%		48.45%	Exp.	-78.91%	Exp.	-77.58%					-65.84%	Change		High/Ave/Median
Future Dividend Yield					Div Yd	0.77%	earning in	5.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	0.77%	earning in	10.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	0.77%	earning in	15.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.50	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.50	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.50	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Dividend Covering Cost					Total Div	$7.50	over	5	Years	at IRR of	0.00%	Div Cov.	3.86%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$13.50	over	10	Years	at IRR of	0.00%	Div Cov.	6.95%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$19.50	over	15	Years	at IRR of	0.00%	Div Cov.	10.04%								Dividend Covering Cost
I am earning GC					Div Gr	0.00%	9/22/11	# yrs ->	14	2011	$24.70	Cap Gain	881.62%								I am earning GC
I am earning Div					org yield	6.07%	12/31/14	Pension	Div G Yrly	0.00%	Div start	$1.50	-6.07%	6.07%							I am earning Div
Yield if held 5 years	6.43%	6.20%	5.41%	5.47%	6.33%	5.84%	4.31%	3.76%	3.56%	2.90%	2.26%	2.04%	1.60%	1.01%	0.96%	0.85%		3.66%	<-Median->	10	Paid Median Price
Yield if held 10 years				12.96%	7.14%	6.43%	6.20%	5.41%	5.47%	6.33%	5.84%	4.31%	3.76%	3.56%	2.90%	2.26%		6.02%	<-Median->	10	Paid Median Price
Yield if held 15 years									12.96%	7.14%	6.43%	6.20%	5.41%	5.47%	6.33%	5.84%		6.43%	<-Median->	5	Paid Median Price
Yield if held 20 years														12.96%	7.14%	6.43%		#NUM!	<-Median->	0	Paid Median Price
Yield if held 25 years
Cost covered if held 5 years	35.35%	32.26%	28.15%	27.37%	31.67%	29.20%	21.55%	18.80%	17.82%	14.50%	11.32%	10.20%	7.99%	5.04%	4.80%	4.25%		18.31%	<-Median->	10	Paid Median Price
Cost covered if held 10 years				129.23%	73.62%	67.50%	63.29%	55.21%	54.73%	63.33%	58.40%	43.11%	37.60%	35.65%	29.00%	22.65%		60.84%	<-Median->	10	Paid Median Price
Cost covered if held 15 years									194.05%	109.34%	99.64%	94.31%	82.28%	82.10%	95.00%	87.60%		99.64%	<-Median->	5	Paid Median Price
Cost covered if held 20 years														258.88%	145.06%	131.78%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 25 years
																				Yr	Item	Tot. Growth
Revenue Growth								$6,859.1	$7,869.6	$8,957.2	$10,897.0	$12,172.2	$13,959.1	$14,274	<-12 mths	2.26%		103.51%	<-Total Growth	5	Revenue Growth	103.51%
AEPS Growth								$3.59	$5.09	$5.75	$6.90	$8.05	$9.58	$10.06	<-12 mths	5.01%		166.85%	<-Total Growth	5	AEPS Growth	166.85%
Net Income Growth								$276.0	$473.6	$431.8	$550.0	$681.4	$964.3	<-12 mths	<-12 mths	#VALUE!		249.38%	<-Total Growth	5	Net Income Growth	249.38%
Cash Flow Growth								$1,125.1	$1,060.1	$814.8	$986.3	$1,381.9	$2,246.0					99.63%	<-Total Growth	5	Cash Flow Growth	99.63%
Dividend Growth								$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	<-12 mths	0.00%		0.00%	<-Total Growth	5	Dividend Growth	0.00%
Stock Price Growth								$120.59	$183.63	$157.09	$185.74	$252.96	$248.52	$194.31	<-12 mths	-21.81%		106.09%	<-Total Growth	5	Stock Price Growth	106.09%
Revenue Growth			$4,486.8	$4,895.1	$5,356.6	$6,020.6	$6,886.3	$6,859.1	$7,869.6	$8,957.2	$10,897.0	$12,172.2	$13,959.1	$16,581	<-this year	18.78%		211.11%	<-Total Growth	10	Revenue Growth	211.11%
AEPS Growth			$1.87	$2.22	$2.28	$2.83	$3.10	$3.59	$5.09	$5.75	$6.90	$8.05	$9.58	$8.13	<-this year	-15.19%		412.30%	<-Total Growth	10	AEPS Growth	412.30%
Net Income Growth			$188.8	$199.1	$213.3	$248.1	$286.5	$276.0	$473.6	$431.8	$550.0	$681.4	$964.3	$1,122	<-this year	16.35%		410.75%	<-Total Growth	10	Net Income Growth	410.75%
Cash Flow Growth			$203.8	$386.8	$386.8	$669.7	$814.3	$1,125.1	$1,060.1	$814.8	$986.3	$1,381.9	$2,246.0	$2,156	<-this year	-4.02%		1002.06%	<-Total Growth	10	Cash Flow Growth	1002.06%
Dividend Growth			$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	<-this year	0.00%		0.00%	<-Total Growth	10	Dividend Growth	0.00%
Stock Price Growth			$42.51	$44.69	$59.91	$58.67	$88.67	$120.59	$183.63	$157.09	$185.74	$252.96	$248.52	$315.50	<-this year	26.95%		484.62%	<-Total Growth	10	Stock Price Growth	484.62%
Dividends on Shares	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00		$2,430.00	No of Years	20	Total Divs	12/31/05
Paid	$3,154.00	$3,486.00	$4,251.00	$4,469.00	$5,991.00	$5,867.00	$8,867.00	$12,059.00	$18,363.00	$15,709.00	$18,574.00	$25,296.00	$24,852.00	$19,431.00	$19,431.00	$31,550.00		$24,852.00	No of Years	19	Worth	$10.00
Total																		$27,282.00
Dividends on Shares				$36.00	$36.00	$36.00	$36.00	$36.00	$36.00	$36.00	$36.00	$36.00	$36.00	$36.00	$36.00	$36.00		$360.00	No of Years	10	Total Divs	12/31/15
Paid			$1,020.24	$1,072.56	$1,437.84	$1,408.08	$2,128.08	$2,894.16	$4,407.12	$3,770.16	$4,457.76	$6,071.04	$5,964.48	$4,663.44	$4,663.44	$7,572.00		$5,964.48	No of Years	10	Worth	$42.51
Total																		$6,324.48
Graham No. AEPS	$24.02	$23.14	$35.16	$37.54	$38.35	$44.57	$46.83	$53.88	$67.35	$79.02	$88.78	$107.16	$125.45	$136.78	$147.02	$159.20		256.78%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.07	1.50	1.13	1.12	1.35	1.49	1.57	1.74	2.21	1.98	1.99	2.06	2.06	1.77	0.00	0.00		1.86	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.32	1.69	1.37	1.29	1.56	1.69	1.93	2.34	2.79	2.29	2.21	2.41	2.32	1.99	0.00	0.00		2.25	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.82	1.31	0.90	0.95	1.14	1.28	1.21	1.14	1.64	1.67	1.76	1.70	1.79	1.56	0.00	0.00		1.46	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.31	1.51	1.21	1.19	1.56	1.32	1.89	2.24	2.73	1.99	2.09	2.36	1.98	1.42	1.32	1.98		1.98	<-Median->	10	Price/GP Ratio
Prem/Disc Close	31.29%	50.63%	20.90%	19.05%	56.20%	31.62%	89.34%	123.83%	172.67%	98.81%	109.22%	136.06%	98.11%	42.06%	32.16%	98.18%		98.46%	<-Median->	10	Graham Price
Graham No. EPS	$24.02	$23.14	$36.81	$35.36	$36.63	$40.88	$43.79	$44.96	$60.07	$66.31	$70.89	$87.61	$109.96	$115.52	$134.60	$0.00		198.68%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.07	1.50	1.08	1.19	1.41	1.62	1.68	2.09	2.48	2.36	2.49	2.52	2.35	2.10	0.00	#DIV/0!		2.22	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.32	1.69	1.30	1.37	1.63	1.84	2.07	2.80	3.12	2.72	2.77	2.95	2.65	2.36	0.00	#DIV/0!		2.69	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.82	1.31	0.86	1.01	1.19	1.40	1.29	1.37	1.83	1.99	2.21	2.09	2.05	1.84	0.00	#DIV/0!		1.62	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.31	1.51	1.15	1.26	1.64	1.44	2.03	2.68	3.06	2.37	2.62	2.89	2.26	1.68	1.44	#DIV/0!		2.31	<-Median->	10	Price/GP Ratio
Prem/Disc Close	31.29%	50.63%	15.47%	26.38%	63.54%	43.53%	102.51%	168.22%	205.68%	136.89%	162.00%	188.75%	126.02%	68.20%	44.36%	#DIV/0!		131.45%	<-Median->	10	Graham Price
Price Close	$31.54	$34.86	$42.51	$44.69	$59.91	$58.67	$88.67	$120.59	$183.63	$157.09	$185.74	$252.96	$248.52	$194.31	$194.31	$315.50		484.62%	<-Total Growth	10	Stock Price
Increase	64.44%	10.53%	21.94%	5.13%	34.06%	-2.07%	51.13%	36.00%	52.28%	-14.45%	18.24%	36.19%	-1.76%	-21.81%	0.00%	62.37%		29.89	<-Median->	10	CAPE (10 Yr P/E)
P/E	22.86	35.57	20.74	22.69	28.80	24.65	32.72	48.24	45.34	38.79	42.21	47.02	33.77	23.92	17.62	#DIV/0!		15.56%	<-IRR #YR->	5	Stock Price	106.09%
Trailing P/E	27.43	25.26	43.38	21.80	30.41	28.21	37.26	44.50	73.45	38.79	45.86	57.49	46.19	26.40	23.92	28.60		19.31%	<-IRR #YR->	10	Stock Price	484.62%
CAPE (10 Yr P/E)			18.37	18.71	19.83	21.24	23.85	27.57	32.20	34.04	35.94	37.84	37.97	36.02	32.40	#DIV/0!		16.51%	<-IRR #YR->	5	Price & Dividend	113.55%
Median 10, 5 Yrs		D.  per yr	1.85%	0.95%	% Tot Ret	8.72%	5.77%	T P/E	$41.64	$46.19	P/E:	$36.28	$42.21					21.16%	<-IRR #YR->	10	Price & Dividend	523.43%
Price 15		D.  per yr	2.35%		% Tot Ret	13.54%						CAPE Diff	-19.98%					15.03%	<-IRR #YR->	15	Stock Price
Price 20		D.  per yr	4.88%		% Tot Ret	21.86%												17.43%	<-IRR #YR->	20	Stock Price
Price & Dividend 15																		17.38%	<-IRR #YR->	15	Stock Price
Price & Dividend 20																		22.30%	<-IRR #YR->	20	Stock Price
Price  5								-$120.59	$0.00	$0.00	$0.00	$0.00	$248.52								Price  5
Price 10			-$42.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$248.52								Price 10
Price & Dividend 5								-$120.59	$1.50	$1.50	$1.50	$1.50	$250.02								Price & Dividend 5
Price & Dividend 10			-$42.51	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$250.02								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	$248.52								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	$248.52								Price 20
Price & Dividend 15	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$248.52								Price & Dividend 15
Price & Dividend 20	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$248.52								Price & Dividend 20
Price H/L Median	$25.69	$34.80	$39.90	$42.08	$51.73	$66.24	$73.50	$93.83	$148.92	$156.36	$176.43	$220.47	$258.21	$242.46	62.37%			547.22%	<-Total Growth	10	Stock Price
Increase	8.44%	35.47%	14.66%	5.48%	22.93%	28.04%	10.97%	27.65%	58.72%	5.00%	12.84%	24.96%	17.12%	-6.10%	0.77%			20.53%	<-IRR #YR->	10	Stock Price	547.22%
P/E	18.61	35.51	19.46	21.36	24.87	27.83	27.12	37.53	36.77	38.61	40.10	40.98	35.08	29.84	63.14%			22.44%	<-IRR #YR->	5	Stock Price	175.20%
Trailing P/E	22.33	25.21	40.71	20.53	26.26	31.84	30.88	34.62	59.57	38.61	43.56	50.11	47.99	32.94				22.44%	<-IRR #YR->	10	Price & Dividend	588.58%
P/E on Running 5 yr Average	15.66	24.43	26.70	27.94	30.57	35.01	32.84	40.30	54.27	49.83	49.81	54.09	51.15	41.35				23.56%	<-IRR #YR->	5	Price & Dividend	184.80%
P/E on Running 10 yr Average			26.46	25.55	30.02	37.51	40.14	49.10	70.08	64.74	64.94	69.84	70.01	56.34				23.12	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	1.91%	1.11%	% Tot Ret	8.51%	4.73%	T P/E	36.61	47.99	P/E:	35.93	38.61						Count	20	Years of data
			-$39.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$258.21
								-$93.83	$0.00	$0.00	$0.00	$0.00	$258.21
			-$39.90	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$259.71
								-$93.83	$1.50	$1.50	$1.50	$1.50	$259.71
High Months	Dec	Jun	Oct	Nov	Nov	Jun	Dec	Dec	Nov	Jan	Oct	Dec	Sep	Jan
Price High	$31.61	$39.20	$48.01	$48.37	$59.85	$75.26	$90.44	$126.03	$187.61	$180.67	$196.31	$258.28	$291.43	$272.19				507.02%	<-Total Growth	10	Stock Price
Increase	11.38%	24.01%	22.47%	0.75%	23.73%	25.75%	20.17%	39.35%	48.86%	-3.70%	8.66%	31.57%	12.83%	-6.60%				19.76%	<-IRR #YR->	10	Stock Price	507.02%
P/E	22.91	40.00	23.42	24.55	28.77	31.62	33.37	50.41	46.32	44.61	44.62	48.01	39.60	33.50				18.25%	<-IRR #YR->	5	Stock Price	131.24%
Trailing P/E	27.49	28.41	48.99	23.60	30.38	36.18	38.00	46.51	75.04	44.61	48.47	58.70	54.17	36.98				26.73	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	45.56	54.17	P/E:	42.10	44.62					44.61	P/E Ratio		Historical High
			-$48.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$291.43
								-$126.03	$0.00	$0.00	$0.00	$0.00	$291.43
Low Months	Jan	Jan	Jan	Mar	Jan	Apr	Jan	Mar	Feb	May	Jan	Jan	Apr	Mar
Price Low	$19.76	$30.39	$31.78	$35.79	$43.61	$57.21	$56.56	$61.62	$110.22	$132.04	$156.55	$182.66	$224.99	$212.73				607.96%	<-Total Growth	10	Stock Price
Increase	4.05%	53.80%	4.57%	12.62%	21.85%	31.19%	-1.14%	8.95%	78.87%	19.80%	18.56%	16.68%	23.17%	-5.45%				21.62%	<-IRR #YR->	10	Stock Price	607.96%
P/E	14.32	31.01	15.50	18.17	20.97	24.04	20.87	24.65	27.21	32.60	35.58	33.95	30.57	26.18				29.57%	<-IRR #YR->	5	Stock Price	265.12%
Trailing P/E	17.18	22.02	32.43	17.46	22.14	27.50	23.76	22.74	44.09	32.60	38.65	41.51	41.82	28.90				19.52	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	30.05	41.51	P/E:	25.93	32.60					11.35	P/E Ratio		Historical Low
			-$31.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$224.99
								-$61.62	$0.00	$0.00	$0.00	$0.00	$224.99
Free Cash Flow Mkt Sc								$1,032.0	$635.7	$309.0	$433.1	$884.5	$1,714.0	$1,252.0	$1,556.0
Change									-38.40%	-51.39%	40.16%	104.23%	93.78%	-26.95%	24.28%
Free Cash Flow WSJ			$95.5	$241.9	$279.2	$512.5	$633.7	$1,022.6	$926.0	$627.0	$652.0	$1,030.9	$1,868.0					672.22%	<-Total Growth	10	Free Cash Flow
Change				153.30%	15.42%	83.56%	23.65%	61.37%	-9.45%	-32.29%	3.99%	58.11%	81.20%					$0.41	<-Median->	10	Change
Free Cash Flow MS old			$99.1	$242.4	$291.3	$542.9	$665.3	$1,032	$939	$648	$806
Change				144.60%	20.17%	86.37%	22.55%	55.12%	-9.01%	-30.99%	24.38%
Free Cash Flow MS	$91.1	$178.9	$180.0	$210.0	$290.0	$310.0	$630.0	$630	$860	$850	$900	$1,180	$1,530	$1,252	$1,556			628.57%	<-Total Growth	10	Free Cash Flow
Change	19.24%	96.38%	0.61%	16.67%	38.10%	6.90%	103.23%	0.00%	36.51%	-1.16%	5.88%	31.11%	29.66%	-18.17%	24.28%			19.42%	<-IRR #YR->	5	Free Cash Flow MS	142.86%
FCF/CF from Op Ratio	0.76	0.80	0.88	0.54	0.75	0.46	0.77	0.56	0.81	1.04	0.91	0.85	0.68	0.58	0.66			23.86%	<-IRR #YR->	10	Free Cash Flow MS	750.00%
Dividends paid	$46.20	$52.40	$67.00	$68.00	$70.40	$78.10	$77.60	$88.30	$80.60	$90.10	$162.20	$187.10	$195.70	$202.23	$202.23			192.09%	<-Total Growth	10	Dividends paid
Percentage paid			37.22%	32.38%	24.28%	25.19%	12.32%	14.02%	9.37%	10.60%	18.02%	15.86%	12.79%	16.15%	13.00%			$0.15	<-Median->	10	Percentage paid
5 Year Covrage							22.29%	18.47%	14.52%	12.64%	12.89%	13.76%	13.45%	14.66%	14.79%						5 Year Coverage
Dividend Coverage Ratio			2.69	3.09	4.12	3.97	8.12	7.13	10.67	9.43	5.55	6.31	7.82	6.19	7.69			6.72	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							4.49	5.41	6.89	7.91	7.76	7.27	7.43	6.82	6.76						5 Year of Coverage
								-$630	$0	$0	$0	$0	$1,530
			-$180	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,530
														$1,569	<-12 mths	-8.45%
Free Cash Flow WSP	$91.1	$178.9	$197.0	$244.9	$296.1	$547.4	$441.6	$735.3	$646.1	$309.0	$433.1	$884.5	$1,714.1	$1,252	$1,556			770.10%	<-Total Growth	10	Free Cash Flow	Company
Change	1.79%	96.38%	10.12%	24.31%	20.91%	84.87%	-19.33%	66.51%	-12.13%	-52.17%	40.16%	104.23%	93.79%	-26.96%	24.28%			18.44%	<-IRR #YR->	5	Free Cash Flow WSP	Mkt Sc
FCF per Share	$1.76	$2.79	$2.13	$2.43	$2.89	$5.26	$4.20	$6.68	$5.55	$2.57	$3.48	$7.01	$13.12	$9.29	$11.54			24.15%	<-IRR #YR->	10	Free Cash Flow WSP	goes with
FCF/CF from Op Ratio	76.17%	79.62%	96.66%	63.31%	76.55%	81.74%	54.23%	65.35%	60.95%	37.92%	43.91%	64.01%	76.32%	58.08%	66.48%			514.56%	<-Total Growth	10	FCF per Share	Company
Dividends paid	$46.20	$52.40	$67.00	$68.00	$70.40	$78.10	$77.60	$88.30	$80.60	$90.10	$162.20	$187.10	$195.70	$202.23	$202.23			192.09%	<-Total Growth	10	Dividends paid
Percentage paid	50.71%	29.29%	34.01%	27.77%	23.78%	14.27%	17.57%	12.01%	12.47%	29.16%	37.45%	21.15%	11.42%	16.15%	13.00%			$0.19	<-Median->	10	Percentage paid
5 Year Covrage			40.54%	34.48%	30.16%	22.94%	20.91%	16.88%	14.81%	15.48%	19.45%	20.22%	17.95%	18.23%	16.26%						5 Year Coverage
Dividend Coverage Ratio	1.97	3.41	2.94	3.60	4.21	7.01	5.69	8.33	8.02	3.43	2.67	4.73	8.76	6.19	7.69			5.21	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			2.47	2.90	3.32	4.36	4.78	5.92	6.75	6.46	5.14	4.94	5.57	5.48	6.15						5 Year of Coverage
								-$735	$0	$0	$0	$0	$1,714
			-$197	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,714
Market Cap	$1,652	$3,088	$4,219	$4,530	$6,180	$6,128	$9,393	$13,691	$21,628	$19,550	$23,155	$33,006	$33,502	$26,196	$26,196	$42,535		639.52%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	51.843	64.024	92.325	100.920	102.576	104.392	105.614	110.263	116.902	120.709	124.952	126.539	130.990	135.068	135.068			41.88%	<-Total Growth	10	Diluted
Change	28.60%	23.49%	44.20%	9.31%	1.64%	1.77%	1.17%	4.40%	6.02%	3.26%	3.51%	1.27%	3.52%	3.11%	0.00%			3.39%	<-Median->	10	Change
Difference Diluted/Basic	0.00%	0.00%	-0.05%	-0.04%	-0.12%	-0.23%	-0.36%	-0.22%	-0.36%	-0.26%	-0.28%	-0.34%	-0.26%	-0.19%	-0.19%			-0.26%	<-Median->	10	Difference Diluted/Basic
Average # of Sh in Million	51.843	64.024	92.280	100.884	102.449	104.150	105.235	110.021	116.480	120.400	124.604	126.105	130.651	134.816	134.816			41.58%	<-Total Growth	10	Basic
Increase	28.60%	23.49%	44.13%	9.32%	1.55%	1.66%	1.04%	4.55%	5.87%	3.37%	3.49%	1.20%	3.61%	3.19%	0.00%			3.43%	<-Median->	10	Change
Difference	1.0%	38.4%	7.6%	0.5%	0.7%	0.3%	0.7%	3.2%	1.1%	3.4%	0.0%	3.5%	3.2%	0.0%	0.0%			0.91%	<-Median->	10	Difference
# of Share in Millions	52.381	88.589	99.256	101.371	103.161	104.441	105.933	113.534	117.783	124.454	124.664	130.479	134.807	134.817	134.817	134.817		3.11%	<-IRR #YR->	10	Shares	35.82%
Change	2.59%	69.12%	12.04%	2.13%	1.77%	1.24%	1.43%	7.18%	3.74%	5.66%	0.17%	4.66%	3.32%	0.01%	0.00%	0.00%		3.49%	<-IRR #YR->	5	Shares	18.74%
CF from Operations $Million	$119.6	$224.7	$203.8	$386.8	$386.8	$669.7	$814.3	$1,125.1	$1,060.1	$814.8	$986.3	$1,381.9	$2,246.0	$2,155.7	$2,340.4			1002.06%	<-Total Growth	10	Cash Flow
Increase	24.58%	87.88%	-9.30%	89.79%	0.00%	73.14%	21.59%	38.17%	-5.78%	-23.14%	21.05%	40.11%	62.53%	-4.02%	8.57%			S. Iss	DRIP
5 year Running Average	$80.4	$114.8	$143.3	$206.2	$264.3	$374.4	$492.3	$676.5	$811.2	$896.8	$960.1	$1,073.6	$1,297.8	$1,516.9	$1,822.1			805.50%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.28	$2.54	$2.05	$3.82	$3.75	$6.41	$7.69	$9.91	$9.00	$6.55	$7.91	$10.59	$16.66	$15.99	$17.36			711.43%	<-Total Growth	10	Cash Flow per Share
Increase	21.43%	11.09%	-19.05%	85.83%	-1.73%	71.02%	19.88%	28.92%	-9.18%	-27.26%	20.84%	33.86%	57.31%	-4.03%	8.57%			27.12%	<-IRR #YR->	10	Cash Flow	1002.06%
5 year Running Average	$2.53	$2.46	$2.20	$2.51	$2.89	$3.71	$4.74	$6.31	$7.35	$7.91	$8.21	$8.79	$10.14	$11.54	$13.70			14.83%	<-IRR #YR->	5	Cash Flow	99.63%
P/CF on Med Price	11.25	13.72	19.43	11.03	13.80	10.33	9.56	9.47	16.55	23.88	22.30	20.82	15.50	15.16	0.04			23.29%	<-IRR #YR->	10	Cash Flow per Share	711.43%
P/CF on Closing Price	13.81	13.74	20.70	11.71	15.98	9.15	11.54	12.17	20.40	23.99	23.48	23.88	14.92	12.15	11.19			10.95%	<-IRR #YR->	5	Cash Flow per Share	68.13%
															-17.04%	Diff M/C		16.54%	<-IRR #YR->	10	CFPS 5 yr Running	362.03%
Excl.Working Capital CF	-$31.8	-$65.1	$149.5	$49.4	$96.6	-$100.5	$108.9	-$249.0	$101.1	$470.4	$620.1	$481.3	$54.1	$0.0	$0.0			9.94%	<-IRR #YR->	5	CFPS 5 yr Running	60.61%
CF fr Op $M WC	$87.8	$159.6	$353.3	$436.2	$483.4	$569.2	$923.2	$876.1	$1,161.2	$1,285.2	$1,606.4	$1,863.2	$2,300.1	$2,155.7	$2,340.4			551.03%	<-Total Growth	10	Cash Flow less WC
Increase	-15.74%	81.78%	121.37%	23.46%	10.82%	17.75%	62.19%	-5.10%	32.54%	10.68%	24.99%	15.99%	23.45%	-6.28%	8.57%			20.60%	<-IRR #YR->	10	Cash Flow less WC	551.03%
5 year Running Average	$87.3	$104.6	$158.9	$228.2	$304.1	$400.3	$553.1	$657.6	$802.6	$963.0	$1,170.4	$1,358.4	$1,643.2	$1,842.1	$2,053.2			21.29%	<-IRR #YR->	5	Cash Flow less WC	162.54%
CFPS Excl. WC	$1.68	$1.80	$3.56	$4.30	$4.69	$5.45	$8.71	$7.72	$9.86	$10.33	$12.89	$14.28	$17.06	$15.99	$17.36			26.32%	<-IRR #YR->	10	CF less WC 5 Yr Run	934.15%
Increase	-17.87%	7.48%	97.58%	20.89%	8.90%	16.31%	59.91%	-11.46%	27.76%	4.75%	24.78%	10.82%	19.49%	-6.28%	8.57%			20.10%	<-IRR #YR->	5	CF less WC 5 Yr Run	149.87%
5 year Running Average	$3.00	$2.56	$2.36	$2.68	$3.21	$3.96	$5.34	$6.17	$7.29	$8.41	$9.90	$11.01	$12.88	$14.11	$15.52			16.97%	<-IRR #YR->	10	CFPS - Less WC	379.34%
P/CF on Med Price	15.32	19.31	11.21	9.78	11.04	12.15	8.43	12.16	15.10	15.14	13.69	15.44	15.13	15.16	0.04			17.20%	<-IRR #YR->	5	CFPS - Less WC	121.11%
P/CF on Closing Price	18.82	19.35	11.94	10.39	12.79	10.77	10.17	15.63	18.63	15.21	14.41	17.71	14.57	12.15	11.19			18.47%	<-IRR #YR->	10	CFPS 5 yr Running	444.82%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	14.65	5 yr	20.82	P/CF Med	10 yr	12.93	5 yr	15.13		-5.98%	Diff M/C		15.85%	<-IRR #YR->	5	CFPS 5 yr Running	108.66%
			-99.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	134.8								Shares
								-113.5	0.0	0.0	0.0	0.0	134.8								Shares
			-$203.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,246.0								Cash Flow
								-$1,125.1	$0.0	$0.0	$0.0	$0.0	$2,246.0								Cash Flow
			-$2.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$16.66								Cash Flow per Share
								-$9.91	$0.00	$0.00	$0.00	$0.00	$16.66								Cash Flow per Share
			-$2.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.14								CFPS 5 yr Running
								-$6.31	$0.00	$0.00	$0.00	$0.00	$10.14								CFPS 5 yr Running
			-$353.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,300.1								Cash Flow less WC
								-$876.1	$0.0	$0.0	$0.0	$0.0	$2,300.1								Cash Flow less WC
			-$158.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,643.2								CF less WC 5 Yr Run
								-$657.6	$0.0	$0.0	$0.0	$0.0	$1,643.2								CF less WC 5 Yr Run
			-$3.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.06								CFPS - Less WC
								-$7.72	$0.00	$0.00	$0.00	$0.00	$17.06								CFPS - Less WC
			-$2.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.88								CFPS 5 yr Running
								-$6.17	$0.00	$0.00	$0.00	$0.00	$12.88								CFPS 5 yr Running
Change in non-cash working capital items		$90.5	-$117.3
Change inTrade, prepaid and other rec				$93.1	-$59.4	-$7.1	-$11.0	$141.0	-$142.1	-$291.9	-$119.9	-$441.0	$506.4
Chge in Costs & Anticipated profits excess of billing				-$16.4	-$48.2	$94.9	$33.0	$37.0	-$107.8	-$299.7	-$291.7	-$255.8	$190.5
Change in Accts Pay and accrued liab				-$43.9	$86.4	$26.0	$9.3	$98.5	$275.2	$179.2	-$46.2	$110.4	-$211.1
Change in Billings in costs & anticipated profits				-$35.6	-$16.6	$60.6	-$60.4	$77.0	$7.6	$127.7	$172.1	$390.5	-$160.3
Income taxes paid		-$25.4	-$32.2	-$46.6	-$58.8	-$73.9	-$79.8	-$104.5	-$134.0	-$185.7	-$334.4	-$285.4	-$379.6
Sum	$31.8	$65.1	-$149.5	-$49.4	-$96.6	$100.5	-$108.9	$249.0	-$101.1	-$470.4	-$620.1	-$481.3	-$54.1
Google -> TD Bank	$31.8	$65.1	-$149.5	-$49.4	-$97	$101	-$109	$249	-$101	-$470	-$620	-$481	-$54					TD agrees with google other years.
Difference	$0.0	$0.0	$0.0	$0.0	$0	-$1	$0	$0	$0	$0	$0	$0	$0
OPM	5.93%	7.74%	3.36%	6.06%	5.57%	8.47%	9.13%	12.78%	10.31%	6.83%	6.83%	8.55%	12.28%	10.31%				265.49%	<-Total Growth	10	OPM
Increase	-22.29%	30.50%	-56.59%	80.40%	-8.10%	51.99%	7.85%	39.93%	-19.30%	-33.79%	0.05%	25.12%	43.70%	-16.06%					Should increase		or be stable.
Diff from Median	-30.3%	-9.0%	-60.5%	-28.7%	-34.5%	-0.5%	7.3%	50.2%	21.2%	-19.7%	-19.7%	0.5%	44.4%	21.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	8.51%	5 Yrs	8.55%					should be zero,	it is a check		on calculations
														$2,650	<-12 mths	3.45%
Adjusted EBITDA	$180.6	$253.5	$441.5	$499.0	$555.2	$660.0	$1,036.8	$1,053.7	$1,322.5	$1,530.2	$1,921.3	$2,185.7	$2,561.2	$3,135	$3,458	$3,792		480.11%	<-Total Growth	10	Adjusted EBITDA
Change	44.02%	40.37%	74.16%	13.02%	11.26%	18.88%	57.09%	1.63%	25.51%	15.71%	25.56%	13.76%	17.18%	22.40%	10.30%	9.66%		16.44%	<-Median->	10	Change
Margin	8.96%	8.73%	7.28%	7.82%	8.00%	8.35%	11.63%	11.97%	12.87%	12.82%	13.31%	13.52%	14.01%	15.00%	15.60%	16.20%		12.40%	<-Median->	10	Margin
EBIT									$804.0	$953.7	$1,248.0	$1,500.0	$1,810.0	$2,194.0	$2,537.0				<-Total Growth	4	EBIT
Change										18.62%	30.86%	20.19%	20.67%	21.22%	15.63%			20.43%	<-Median->	4	Change
Margin									7.82%	7.99%	8.64%	9.28%	9.90%	10.49%	11.44%			8.64%	<-Median->	5	Margin
Long Term Debt			$846.8	$914.2	$882.4	$1,461.2	$1,091.9	$227.3	$1,479.3	$2,781.1	$3,058.3	$3,894.5	$3,441.8	$3,441.8				306.45%	<-Total Growth	10	Debt	Type
Change				7.96%	-3.48%	65.59%	-25.27%	-79.18%	550.81%	88.00%	9.97%	27.34%	-11.62%	0.00%				8.96%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio			0.20	0.20	0.14	0.24	0.12	0.02	0.07	0.14	0.13	0.12	0.10	0.13				0.13	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities			3.00	3.09	2.89	2.97	2.86	2.80	2.97	3.22	3.31	3.22	3.55	3.55				3.03	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)			4.16	2.36	2.28	2.18	1.34	0.20	1.40	3.41	3.10	2.82	1.53	1.60				2.23	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$146.40	$375.0	$406.6	$355.7	$355.2	$355.2	$355.4	$275.5	$549.9	$1,102.6	$1,104.1	$1,539.3	$1,377.3	$1,377.3				238.74%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$734.60	$1,985.1	$2,734.3	$2,783.6	$2,979.0	$2,979.0	$3,568.8	$3,731.9	$4,762.3	$6,792.2	$7,155.8	$9,451.5	$9,730.7	$9,730.7				255.88%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$881.0	$2,360.1	$3,140.9	$3,139.3	$3,334.2	$3,334.2	$3,924.2	$4,007.4	$5,312.2	$7,894.8	$8,259.9	$10,990.8	$11,108.0	$11,108.0				253.66%	<-Total Growth	10	Total
Change	3.05%	167.89%	33.08%	-0.05%	6.21%	0.00%	17.70%	2.12%	32.56%	48.62%	4.62%	33.06%	1.07%	0.00%				5.42%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.53	0.76	0.74	0.69	0.54	0.54	0.42	0.29	0.25	0.40	0.36	0.33	0.33	0.42				0.38	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$825.4	$2,128.0	$2,592.5	$2,506.0	$2,669.6	$3,247.0	$3,256.6	$3,300.7	$4,340.8	$5,034.2	$5,417.1	$7,008.9	$7,430.8	$7,430.8				Liquidity ratio of 1.5 and up, best
Current Liabilities	$546.6	$1,633.9	$2,052.4	$1,981.6	$2,254.4	$2,613.9	$3,036.0	$3,159.7	$3,791.5	$4,615.2	$4,710.6	$6,280.4	$5,863.4	$5,863.4				1.15	<-Median->	10	Ratio
Liquidity	1.51	1.30	1.26	1.26	1.18	1.24	1.07	1.04	1.14	1.09	1.15	1.12	1.27	1.27				1.14	<-Median->	5	Ratio
Liq. with CF aft div	1.59	1.36	1.29	1.38	1.29	1.44	1.29	1.35	1.38	1.23	1.32	1.30	1.62	1.60				1.32	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.51	0.64	1.06	1.20	1.10	1.14	1.16	1.27	1.02	0.78	1.19	0.94	1.43	1.60				1.02	<-Median->	5	Ratio
Curr Long Term Debt						$56.8	$307.8	$296.9	$297.4	$173.4	$204.2	$704.9	$389.4	$389.4
Liquidity Less CLTD						1.27	1.19	1.15	1.24	1.13	1.20	1.26	1.36	1.36
Liq. with CF aft div						1.44	1.41	1.46	1.47	1.26	1.36	1.45	1.70	1.69
Assets	$1,859.9	$4,943.1	$6,167.1	$6,128.7	$6,523.6	$7,766.6	$8,676.1	$8,837.4	$11,250.4	$14,841.7	$15,583.1	$20,199.2	$20,840.0	$20,840.0				Debt Ratio of 1.5 and up, best
Liabilities	$886.3	$2,794.1	$3,255.4	$3,268.2	$3,564.6	$4,506.9	$5,344.2	$4,756.6	$6,585.2	$8,832.6	$9,249.7	$11,926.7	$10,998.5	$10,998.5				1.72	<-Median->	10	Ratio
Debt Ratio	2.10	1.77	1.89	1.88	1.83	1.72	1.62	1.86	1.71	1.68	1.68	1.69	1.89	1.89				1.69	<-Median->	5	Ratio
Estimates BVPS														$80.74	$91.23	$86.21			Estimates		Estimates BVPS
Estimate Book Value														$10,885.1	$12,299.4	$11,622.6			Estimates		Estimate Book Value
P/B Ratio (Close)														2.41	2.13	3.66			Estimates		P/B Ratio (Close)
Difference from 10 year median															-17.74%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$973.7	$2,149.0	$2,911.7	$2,860.5	$2,959.0	$3,259.7	$3,331.9	$4,080.8	$4,665.2	$6,009.1	$6,333.4	$8,272.5	$9,841.5	$9,841.5				238.00%	<-Total Growth	10	Total Book Value
NCI	$0.1	-$2.8	-$4.7	$0.9	$0.9	$0.7	$1.1	$1.0	$0.7	$3.1	$4.5	$0.0	-$0.5	-$0.5							NCI
Book Value	$973.6	$2,151.8	$2,916.4	$2,859.6	$2,958.1	$3,259.0	$3,330.8	$4,079.8	$4,664.5	$6,006.0	$6,328.9	$8,272.5	$9,842.0	$9,842.0	$9,842.00	$9,842.00		237.47%	<-Total Growth	10	Book Value
Book Value per share	$18.59	$24.29	$29.38	$28.21	$28.67	$31.20	$31.44	$35.93	$39.60	$48.26	$50.77	$63.40	$73.01	$73.00	$73.00	$73.00		148.47%	<-Total Growth	10	Book Value per Share
Change	3.47%	30.69%	20.97%	-3.99%	1.65%	8.82%	0.76%	14.29%	10.21%	21.86%	5.20%	24.88%	15.15%	-0.01%	0.00%	0.00%		44.58%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.38	1.43	1.36	1.49	1.80	2.12	2.34	2.61	3.76	3.24	3.48	3.48	3.54	3.32	0.01	0.00		1.84	P/B Ratio		Historical Median
P/B Ratio (Close)	1.70	1.44	1.45	1.58	2.09	1.88	2.82	3.36	4.64	3.26	3.66	3.99	3.40	2.66	2.66	4.32		9.53%	<-IRR #YR->	10	Book Value per Share	148.47%
Change	58.92%	-15.43%	0.81%	9.50%	31.88%	-10.01%	49.99%	19.00%	38.17%	-29.80%	12.40%	9.05%	-14.68%	-21.81%	0.00%	62.37%		15.23%	<-IRR #YR->	5	Book Value per Share	103.17%
Leverage (A/BK)	1.91	2.30	2.12	2.14	2.20	2.38	2.60	2.17	2.41	2.47	2.46	2.44	2.12	2.12				2.40	<-Median->	10	A/BV
Debt/Equity Ratio	0.91	1.30	1.12	1.14	1.20	1.38	1.60	1.17	1.41	1.47	1.46	1.44	1.12	1.12				1.40	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	2.93	5 yr Med	3.48		-9.02%	Diff M/C		2.13	Historical	20	A/BV
			-$29.38	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$73.01
								-$35.93	$0.00	$0.00	$0.00	$0.00	$73.01
Comprehensive Income	$103.90	$47.10	$472.80	$18.3	$166.5	$378.1	$140.0	$273.5	$352.9	$538.9	$478.0	$997.5	$804.3					70.11%	<-Total Growth	10	Comprehensive Income
NCI	$2.70	-$0.60	$1.00	-$0.4	$0.0	$0.7	-$0.8	$1.4	$0.5	$2.9	$3.0	$0.0	-$0.5					-150.00%	<-Total Growth	10	NCI
Shareholders	$101.20	$47.70	$471.80	$18.7	$166.5	$377.4	$140.8	$272.1	$352.4	$536.0	$475.0	$997.5	$804.8					70.58%	<-Total Growth	10	Comprehensive Income
Increase	70.37%	-52.87%	889.10%	-96.04%	790.37%	126.67%	-62.69%	93.25%	29.51%	52.10%	-11.38%	110.00%	-19.32%					29.51%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$54.53	$57.85	$146.04	$139.8	$161.2	$216.4	$235.0	$195.1	$261.8	$335.7	$355.3	$526.6	$633.1					5.49%	<-IRR #YR->	10	Comprehensive Income	70.58%
ROE	10.4%	2.2%	16.2%	0.7%	5.6%	11.6%	4.2%	6.7%	7.6%	8.9%	7.5%	12.1%	8.2%					24.22%	<-IRR #YR->	5	Comprehensive Income	195.77%
5Yr Median	10.4%	10.0%	10.0%	6.5%	5.6%	5.6%	5.6%	5.6%	6.7%	7.6%	7.5%	7.6%	8.2%					15.80%	<-IRR #YR->	10	5 Yr Running Average	333.53%
% Difference from NI	44.2%	-24.0%	149.9%	-90.6%	-21.9%	52.1%	-50.9%	-1.4%	-25.6%	24.1%	-13.6%	46.4%	-16.5%					26.55%	<-IRR #YR->	5	5 Yr Running Average	224.52%
Median Values										Diff	5, 10 yr	-15.1%	-13.6%					8.2%	<-Median->	5	Return on Equity
			-$471.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$804.8
								-$272.1	$0.0	$0.0	$0.0	$0.0	$804.8
			-$146.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$633.1
								-$195.1	$0.0	$0.0	$0.0	$0.0	$633.1
Current Liability Coverage Ratio	0.16	0.10	0.17	0.22	0.21	0.22	0.30	0.28	0.31	0.28	0.34	0.30	0.39	0.37							CFO / Current Liabilities
5 year Median	0.56	0.20	0.17	0.17	0.17	0.21	0.22	0.22	0.28	0.28	0.30	0.30	0.31	0.34				0.29	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	4.72%	3.23%	5.73%	7.12%	7.41%	7.33%	10.64%	9.91%	10.32%	8.66%	10.31%	9.22%	11.04%	10.34%							CFO / Total Assets
5 year Median	12.34%	5.75%	5.73%	5.73%	5.73%	7.12%	7.33%	7.41%	9.91%	9.91%	10.31%	9.91%	10.31%	10.31%				9.6%	<-Median->	10	Return on Assets
Return on Assets ROA	3.8%	1.3%	3.1%	3.2%	3.3%	3.2%	3.3%	3.1%	4.2%	2.9%	3.5%	3.4%	4.6%	5.4%				Net	Income/Assets		Return on Assets
5Yr Median	5.0%	3.8%	3.1%	3.1%	3.2%	3.2%	3.2%	3.2%	3.3%	3.2%	3.3%	3.4%	3.5%	3.5%				3.3%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	7.2%	2.9%	6.5%	7.0%	7.2%	7.6%	8.6%	6.8%	10.2%	7.2%	8.7%	8.2%	9.8%	11.4%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	10.0%	7.2%	6.5%	6.5%	7.0%	7.0%	7.2%	7.2%	7.6%	7.6%	8.6%	8.2%	8.7%	8.7%				7.9%	<-Median->	10	Return on Equity
													$709	<-12 mths	4.09%				Estimates		Last 12 months from Qtr
Net Income	$71.70	$62.2	$188.6	$198.7	$213.3	$248.8	$285.7	$277.4	$474.1	$434.7	$553.0	$681.4	$963.8					411.03%	<-Total Growth	10	Earnings
NCI	$1.50	-$0.6	-$0.2	-$0.4	$0.0	$0.7	-$0.8	$1.4	$0.5	$2.9	$3.0	$0.0	-$0.5					-150.00%	<-Total Growth	10	NCI
Shareholders	$70.20	$62.8	$188.8	$199.1	$213.3	$248.1	$286.5	$276.0	$473.6	$431.8	$550.0	$681.4	$964.3	$1,122	$1,477			410.75%	<-Total Growth	10	Net Income
Increase	51.62%	-10.54%	200.64%	5.46%	7.13%	16.32%	15.48%	-3.66%	71.59%	-8.83%	27.37%	23.89%	41.52%	16.35%	31.64%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$45.7	$52.0	$83.6	$113.4	$146.8	$182.4	$227.2	$244.6	$299.5	$343.2	$403.6	$482.6	$620.2	$749.9	$958.9			17.71%	<-IRR #YR->	10	Net Income
Operating Cash Flow	$119.60	$224.7	$203.8	$386.8	$386.8	$669.7	$814.3	$1,125.1	$1,060.1	$814.8	$986.3	$1,381.9	$2,246.0					28.43%	<-IRR #YR->	5	Net Income
Investment Cash Flow	-$26.80	-$1,838.6	-$436.2	-$309.1	-$394.5	-$678.1	-$322.1	-$185.3	-$1,344.9	-$2,682.7	-$510.4	-$2,436.6	-$753.0					22.19%	<-IRR #YR->	10	5 Yr Running Ave.
Total Accruals	-$22.60	$1,676.7	$421.2	$121.4	$221.0	$256.5	-$205.7	-$663.8	$758.4	$2,299.7	$74.1	$1,736.1	-$528.7					20.45%	<-IRR #YR->	5	5 Yr Running Ave.
Total Assets	$1,859.90	$4,943.1	$6,167.1	$6,128.7	$6,523.6	$7,766.6	$8,676.1	$8,837.4	$11,250.4	$14,841.7	$15,583.1	$20,199.2	$20,840.0						Balance Sheet		Assets
Accruals Ratio	-1.22%	33.92%	6.83%	1.98%	3.39%	3.30%	-2.37%	-7.51%	6.74%	15.49%	0.48%	8.59%	-2.54%					6.74%	<-Median->	5	Ratio
EPS/CF Ratio	0.82	0.54	0.58	0.46	0.44	0.44	0.31	0.32	0.41	0.39	0.34	0.38	0.43					0.40	<-Median->	10	EPS/CF Ratio
			-$188.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$964.3
								-$276.0	$0.0	$0.0	$0.0	$0.0	$964.3
			-$83.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$620.2
								-$244.6	$0.0	$0.0	$0.0	$0.0	$620.2
Change in Close	64.44%	10.53%	21.94%	5.13%	34.06%	-2.07%	51.13%	36.00%	52.28%	-14.45%	18.24%	36.19%	-1.76%	-21.81%	0.00%	62.37%			Count	20	Years of data
up/down	down		down	down					up	Down	Down		Down						Count	11	55.00%
Meet Prediction?									Yes	Yes								% right	Count	3	27.27%
Financial. Cash Flow	-$119.00	$1,689.0	$742.8	-$26.5	-$52.6	$77.7	-$496.3	-$746.3	$790.2	$1,420.7	-$597.4	$1,307.8	-$586.1						C F Statement		Financial CF
Total Accruals	$96.40	-$12.3	-$321.6	$147.9	$273.6	$178.8	$290.6	$82.5	-$31.8	$879.0	$671.5	$428.3	$57.4								Accruals
Accruals Ratio	5.18%	-0.25%	-5.21%	2.41%	4.19%	2.30%	3.35%	0.93%	-0.28%	5.92%	4.31%	2.12%	0.28%					2.12%	<-Median->	5	Ratio
Cash	$100.10	$176.3	$202.2	$230.5	$178.6	$253.9	$237.3	$237.3	$926.3	$491.0	$361.9	$619.3	$1,545.1	$1,545.1							Cash
Cash per Share	$1.91	$1.99	$2.04	$2.27	$1.73	$2.43	$2.24	$2.09	$7.86	$3.95	$2.90	$4.75	$11.46	$11.46				$4.75	<-Median->	5	Cash per Share
Percentage of Stock Price	6.06%	5.71%	4.79%	5.09%	2.89%	4.14%	2.53%	1.73%	4.28%	2.51%	1.56%	1.88%	4.61%	5.90%				2.51%	<-Median->	5	% of Stock Price
Notes:
May 9, 2026.  Last estimates were for 2025, 2026, 2027 of $13939M, $14847M, $16018M Revenue, $9.35, $10.63, $12.52 AEPS, $6.88, $8.86, $10.84 EPS,
$1.50, $1.50, $1.50 Dividends, $952M, $1240M, $1213M FCF, $12.00, $13.60 2025/6 CFPS, $2544M, $2789M, $3095M EBITDA, $68.92, $77.19, $86.21 BVPS, $937M, $1133M, $1428M Net Income.
April 26, 2025.  Last estimates were for 2024, 2025, 2026 of $11616M, $12422M, $12877MNet Revenue, $14591, $15397M 2024/5 Revenue, $7.86, $9.02, $10.23 AEPS,
$6.32, $7.66 2024/5 EPS, $1.50, $1.50 2024/5 Dividends, $809M, $997M, $1179M FCF, $10.50, $11.70 2024/5 CFPS, $2115M, $2307M, $2448M EBITDA, $804M, $986M 2024/5 Net Income.
April 28, 2024.  Last estimates were for $10518M, $11197M, 11233M for Revenue, R13493M, $14172M and $14208M for Revenue, $6.50, $7.49, $8.49 for AEPS,
$5.09, $6.32 2023/4 for EPS,  $1.50, $1.50 2024/5 Dividends, $672M, $853M , $1123M for FCF, $9.80, $7.55 2024/5 for CFPS, $655M, $795M 2024/5 Net Income.
April 30, 2023.  Last estimates were for 2022, 2023 and 2024 of $8620M, $9240M and $9516M for Revenue, $5.67, $6.43 and $7.49 for AEPS,
$4.61, $5.38 and $6.48 for EPS, $1.50, $1.50 and $1.50 for Dividends, $559M, $717M and $822M for FCF, $9.43, $11.30 and $12.50 for CFPS, and $559M, $651M and $778M for Net Income.
April 30, 2022.  Last estimates were for 7813M, $8598M and $8609M for Revenue, $3.98, $4.78 and $4.33 for EPS, $1.50, $1.50 and $1.50 for dividends,
$370M, $647M and $600M for FCF, $6.04 and $9.48 for CFPS for 2021-22, $462M, $561M and $512M for Net Income.
April 27, 2021.  Last estimates were for 2020, 2021 and 2022 of $7244M, $7725M and $7378M for Revenue, $3.63, $4.17 and $4.99 for EPS,
$1.50, $1.50 and $1.50 for Dividends, $364M, $443M and $452M for FCF, $7.26 and $9.13 for CFPS for 2020, 2021 and $42M, $480M for Net Income for 2020 and 2021.
April 24, 2020.  Last estimates were for 2019, 2020 and 2021 for 6872M, $7276M and $7237M for Revenue, $3.37, $3.82 and $4.41 for EPS,
$1.50, $1.50 and $1.50 for Div, $4.98 for CFPS for 2019 and $362M and $396M for Net Income for 2019 and 2020.
April 27. 2019.  Last estimates were for 2018, 2019 and 2020 of $5988M, $6320M and $6390M for Net Revenue, $3.02, $3.34 and $3.86 for EPS,
$4.60 and $4.98 for CFPS for 2018 and 2019 and $310M, $362M and $396M Net Income.
April 22, 2018.  Last estimates were for 2017 and 2018 of $5211M and $5637M for Net Revenue, $2.44 and $2.83 for EPS, $3.95 and $4.61 for CFPS and $250M and $287M for Net Income.
April 26, 2017.  Last estimates were for 2016, 2017 and 2018 of $4943M, $5230M and $5574M for Net Revenue, $2.22, $2.60 and $3.39 for EPS, $1.21 and $1.93 for CFPS for 2016 and 2017 and
$239M and $278M for Net Income for 2016 and 2017.
Difference in Comprehensive Income and Net Income is mostly Currency Translation Adjustment for Subsidiaries functioning in non CDN$ and translated at statement time.
May 7, 2016.  Last estimates were for 2015 and 2016 of $4381M, $4659M and $5970M for 2015, 2016 and 2017 for Net Revenue, $2.05 and $2.57 for EPS, $3.32 and $3.89 for CFPS and $183M and $253M for Net Income.
June 1, 2015.  Last estimates were for 2014 and 2015 of $2010.6M, $2263.5M for Revenue, $1.77 and $2.16 for EPS, $2.69 and $3.18 for CFPS and Net Income of $108M and $132M for Net Income.
May 24, 2014.  Last estimates were for 2013 and 2014 of $1668M and $1755M for Revenue, $1.54 and $1.83 for EPS, $2.67 and 2.91 for CFPS.
There is a name changed from Genivar Inc to WSP Global Inc.  TSX symbol change also from GNV to WSP.  Seems to be effective Tuesday December 31, 2013 that shareholders  received one share of WSP Global for each Genivar share.
May 25, 2013.  Last estimates were for 2012 and 2013 of $1000M and $1691M for Revenue, $1.63 and $1.89 for EPS and $2.90 for 2012 CFPS.
The company bought WSP Group last year and now wants to rename to the company to WSP Global.
May 12, 2012.  Last estimates I got were for 2011 and 2012 of $533.9M and $591.6M for revenues, $1.71 and $2.05 for EPS and $2.50 and $2.90 for CF.
Shares increased in 2011 for two reasons: 1. to buy out non-controling interest and to raise money.
Earnings in 2011 included one-time deferred income tax recovery in 2011 resulting from a change in legal structure.  Without it earnings would have been $1.63
Jan 1, 2011.  Genivar Income Fund (GNV.UN) becomes Genivar Inc. (GNV)
Genvar Income Trust was started 25 May 2006
Negative report August 22, 2024
https://www.sprucepointcap.com/research/wsp-global
Sector:
Construction, Industrial
What should this stock accomplish?
Solid dividend and hopefully future growth in dividends.  Expect volitility because of the industry this company is in.
Would I buy this company and Why.
I have this company and will continue to hold it.  I expect that it will become a dividend growth company again.
Why am I following this stock.
This company used to be called Genivar. Genivar was in an article I read so I investigated it and decided to buy.
Why I bought this stock.
In Sept 2011 I rationalized my portfolio.  I sold stocks that did not make it into my core and bought stocks that could of the same type.  In this case selling Stantec and buying Genivar.
In October 2011 I wanted to sell Enerflex because it is not a company I bought but a distribution from Toromont.  I bought more Genivar, now called WSP Global.
Dividends
Dividends are paid in Cycle 1, that is in January, April, July and October.  Dividends are declared in one month and paid around mid-month of the following month.
For example, the dividedn paid on October 15, 2013 was declared for shareholders of record of September 30, 2013.
How they make their money.
WSP Global Inc provides a professional services consulting firm offering technical expertise and advice to clients in the Transportation & Infrastructure, Earth &
Environment, Property & Buildings, and Power & Energy sectors.   The firm operates through four reportable segments namely, Canada, Americas ( United States
and Latin America), EMEIA (Europe, Middle East, India and Africa), and APAC (Asia Pacific, comprising Australia, New Zealand and Asia).
KEEP EYE ON DIVIDENDS.  THEY MAY NOT DO FUTURE INCREASES.
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.
http://www.theglobeandmail.com/globe-investor/personal-finance/ted-rechtshaffen/an-opportune-time-to-create-a-great-portfolio/article2167685/
Build your own pension with top dividend stocks
So where are we today? Can we find some examples of great stocks to build a pension portfolio?
As an example, below are six profitable, growing companies that have a dividend payout ratio of less than 80 per cent and whose dividend yield has grown over 25 per cent from six months ago:
Not true for Genivar, but they did pay a special dividend in 2011, which brought the dividend paid this year to 20% more than paid last year.
Company Name, Dividend Yield
• Canfor Pulp Products (CFX-T15.40-0.09-0.58%), 10.5 per cent
• Genivar (GNV-T24.70-0.44-1.75%), 5.9 per cent
• Just Energy (JE-T11.89-0.06-0.50%), 10.3 per cent
• Cellcom Israel (CEL-N21.750.301.40%) (U.S.) 12.8 per cent
• Greif Inc. (GEF-N48.08-0.59-1.21%) (U.S.) 5.4 per cent
• First Niagara Financial Group(FNFG-Q10.46-0.29-2.70%) (U.S.) 6.1 per cent
All Canadian companies mentioned above have a market capitalization of at least $500-million, and the U.S. companies have a market capitalization of at least $1-billion.
As of December 31, 2010, the shareholders of GENIVAR Inc. (the "Shareholders") hold a 33.35% indirect interest in the Fund and the unitholders (the "Unitholders")
hold a 66.65% direct interest in the Fund. Under the Arrangement, Unitholders will receive, for each unit of the Fund held, one common share of New GENIVAR for
an aggregate of 18,103,589 common shares in New GENIVAR and the Shareholders will receive an aggregate of 7,908,294 common shares of New GENIVAR in
exchange for their 33.35% indirect interest in the Fund. As of January 1st, 2011, there will be 26,011,883 common shares of New GENIVAR outstanding and the
former Shareholders and the former Unitholders will respectively hold a 30.40% and 69.60% interest in New GENIVAR.
A much better write up on this company is at this link.
http://canadiandividendstock.com/genivar-gnv/
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	2018	April 27	2019	April 24	2020	April 27	2021	April 30	2022	April 30	2023	April 28	2024	April 26	2025			May 9	2026		Global Team
L'Heureux, Alexandre	0.02%	0.027	0.03%	0.031	0.03%	0.035	0.03%	0.037	0.03%	0.039	0.03%	0.041	0.03%	0.040	0.03%			0.039	0.03%			-1.19%
CEO - Shares - Amount	$1.405		$2.369		$3.746		$6.359		$5.786		$7.213		$10.282		$9.893				$7.643
Options - percentage	0.64%	0.476	0.45%	0.585	0.52%	0.667	0.57%	0.610	0.49%	0.714	0.57%	0.765	0.59%	0.704	0.52%			0.707	0.52%			0.41%
Options - amount	$39.238		$42.196		$70.552		$122.566		$95.790		$132.534		$193.526		$174.982				$137.379
Michaud, Alain				0.001	0.00%	0.003	0.00%	0.004	0.00%	0.005	0.00%	0.006	0.00%	0.006	0.00%			0.007	0.01%			12.12%
CFO - Shares - Amount					$0.155		$0.481		$0.587		$0.887		$1.443		$1.614				$1.415
Options - percentage				0.048	0.04%	0.075	0.06%	0.076	0.06%	0.108	0.09%	0.153	0.12%	0.108	0.08%			0.121	0.09%			11.86%
Options - amount					$5.820		$13.804		$12.004		$20.110		$38.690		$26.889				$23.518
Roy, Bruno	0.00%	0.005	0.00%	0.005	0.00%																Last updated Oct 2019
CFO - Shares - Amount	$0.196		$0.439		$0.598
Options - percentage	0.06%	0.104	0.10%	0.109	0.10%
Options - amount	$3.680		$9.191		$13.143
Dumas, Marie-Claude						0.000	0.00%	0.000	0.00%	0.000	0.00%	0.001	0.00%	0.001	0.00%						Not in 2020	-100.00%
Officer - Shares - Amount							$0.028		$0.044		$0.076		$0.134		$0.157
Options - percentage						0.017	0.01%	0.033	0.03%	0.048	0.04%	0.054	0.04%	0.049	0.04%							-100.00%
Options - amount							$3.173		$5.258		$8.831		$13.595		$12.212
Fortier, Philippe										0.004	0.00%	0.004	0.00%	0.005	0.00%			0.005	0.00%			11.23%
Officer - Shares - Amount											$0.651		$1.081		$1.213				$1.055
Options - percentage										0.069	0.06%	0.074	0.06%	0.068	0.05%			0.071	0.05%			4.10%
Options - amount											$12.824		$18.688		$16.952				$13.798
Habib, Chadi														0.000	0.00%			0.001	0.00%			117.09%
Officer - Shares - Amount															$0.108				$0.183
Options - percentage														0.017	0.01%			0.017	0.01%			0.39%
Options - amount															$4.238				$3.326
Shoiry, Pierre						0.632	0.54%	0.500	0.40%	0.500	0.40%	0.500	0.38%								Shown as Director in 2022	#DIV/0!
Director- Shares - Amount							$116.105		$78.556		$92.884		$126.480								Ceased insider May 2024
Options - percentage						0.017	0.01%	0.019	0.02%	0.022	0.02%	0.024	0.02%									#DIV/0!
Options - amount							$3.132		$3.024		$4.059		$6.166
Carriere, Louis-Phillippe	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%							-100.00%
Director - Shares - Amount	$0.182		$0.275		$0.374		$0.569		$0.487		$0.576		$0.784		$0.770
Options - percentage	0.00%	0.006	0.01%	0.009	0.01%	0.011	0.01%	0.013	0.01%	0.014	0.01%	0.016	0.01%	0.017	0.01%							-100.00%
Options - amount	$0.185		$0.550		$1.098		$2.045		$1.990		$2.691		$4.074		$4.216
Rancourt, Suzanne										0.005	0.00%	0.005	0.00%	0.005	0.00%			0.005	0.00%			0.00%
Director - Shares - Amount											$0.915		$1.247		$1.225				$0.958
Options - percentage										0.006	0.01%	0.007	0.01%	0.008	0.01%			0.009	0.01%			9.54%
Options - amount											$1.200		$1.863		$2.022				$1.732
Norgaard, Birgit										0.005	0.00%	0.005	0.00%	0.005	0.00%							-100.00%
Director - Shares - Amount											$0.947		$1.290		$1.267
Options - percentage										0.000	0.00%	0.000	0.00%	0.000	0.00%							#DIV/0!
Options - amount											$0.000		$0.000		$0.000
Tall, Macky														0.002	0.00%			0.002	0.00%			0.00%
Director - Shares - Amount															$0.511				$0.400
Options - percentage														0.002	0.00%			0.004	0.00%			49.98%
Options - amount															$0.593				$0.695
Sourisse, Pascale																		0.000	0.00%			#DIV/0!
Director - Shares - Amount																			$0.042
Options - percentage																		0.000	0.00%			#DIV/0!
Options - amount																			$0.000
Cole, Christopher	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%			0.023	0.02%			0.00%
Chairman - Shares - Amt	$1.340		$2.025		$2.754		$4.193		$3.587		$4.241		$5.776		$5.675				$4.437
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Caisse de dépôt et placement du Québec/td>	18.42%	19.703	18.60%	19.703	17.35%	21.022	17.85%	21.238	17.07%	22.580	18.11%	22.582	17.31%	20.586	15.27%			0.000	0.00%		Filed 2025	-100.00%
10% holder	$1,128.696		$1,747.083		$2,376.009		$3,860.266		$3,336.340		$4,193.933		$5,712.369		$5,115.965				$0.000
Canada Pension Plan Investment Board	19.47%	20.806	19.64%	20.806	18.33%	21.671	18.40%	17.840	14.33%	17.701	14.20%	15.221	11.67%	13.403	9.94%			0.000	0.00%		Filed Apr 2025	-100.00%
10% holder	$1,193.178		$1,844.881		$2,509.013		$3,979.431		$2,802.526		$3,287.856		$3,850.403		$3,330.948				$0.000
Increase in O/S Shares	0.07%	0.036	0.03%	0.330	0.31%	0.046	0.04%	0.218	0.18%	0.022	0.02%	0.062	0.05%	0.191	0.15%			0.128	0.10%		Average	0.10%
due to SO	$4.372		$2.097		$29.289		$5.597		$39.990		$4.094		$11.585		$48.208				$31.870		Yes, 0 until 2017
Book Value	$3.100		$1.700		$15.800		$2.700		$13.300		$2.000		$6.300		$15.600				$14.500
Insider Buying	-$0.212		$0.000		-$0.159		-$0.042		$0.000		-$0.096		$0.000		-$0.502				-$0.049
Insider Selling	$0.000		$0.215		$24.271		$2.995		$49.014		$0.000		$6.247		$28.079				$25.025
Net Insider Selling	-$0.212		$0.215		$24.113		$2.952		$49.014		-$0.096		$6.247		$27.578				$24.975
% of Market Cap	0.00%		0.00%		0.18%		0.01%		0.25%		0.00%		0.02%		0.08%				0.10%
Directors		7		8		7		8		8		10		9				9
Women	38%	3	43%	3	38%	3	43%	3	38%	3	38%	3	30%	4	44%			4	44%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	10%	1	11%			1	11%
Institutions/Holdings	50.92%	180	54.42%	20	11.96%	20	16.90%	20	4.48%	20	14.90%	20	17.12%	20	19.79%			20	20.30%
Total Shares Held	50.46%	57.013	53.82%	12.561	11.06%	19.187	16.29%	17.050	13.70%	18.564	14.89%	21.346	16.36%	25.826	19.16%			27.370	20.30%
Increase/Decrease	0.80%	0.846	1.51%	0.846	-812.74%	0.419	-402.07%	-0.411	394.65%	-0.422	405.33%	0.333	-319.65%	0.333	-319.65%			1.030	3.91%
Starting No. of Shares		56.167		-0.104	Top 20 MS	-0.104	Top 20 MS	-0.104	Top 20 MS	-0.104	Top 20 MS	-0.104	Top 20 MS	-0.104	Top 20 MS			26.340	Top 20 MS
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