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 2025
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			2/28/25
AGF Management Ltd						TSX:	AGF.B	OTC:	AGFMF	https://www.agf.com		Fiscal Yr:	Nov 30
Year	11/30/12	11/30/13	11/30/14	11/30/15	11/30/16	11/30/17	11/30/18	11/30/19	11/30/20	11/30/21	11/30/22	11/30/23	11/30/24	11/30/25	11/30/26	11/30/27		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
Split Date																					Split Date
Split																					Split
Assets under Management AUM	$39,194	$34,400	$35,100	$33,600	$34,200	$37,300	$37,712	$38,781	$38,813	$42,635	$41,819	$42,180	$53,606					52.72%	<-Total Growth	10	Assets under Management
Increase	-14.88%	-12.23%	2.03%	-4.27%	1.79%	9.06%	1.10%	2.83%	0.08%	9.85%	-1.91%	0.86%	27.09%					4.33%	<-IRR #YR->	10	Assets under Management	52.72%
5 year Running Average	$41,685	$41,454	$39,550	$37,667	$35,299	$34,920	$35,582	$36,319	$37,361	$39,048	$39,952	$40,846	$43,811					6.69%	<-IRR #YR->	5	Assets under Management	38.23%
AUM per Share	$439.81	$394.73	$409.28	$422.24	$432.86	$471.70	$481.52	$495.17	$555.06	$608.95	$648.70	$655.69	$828.54					1.03%	<-IRR #YR->	10	5 yr Running Average
Increase	-8.81%	-10.25%	3.69%	3.17%	2.51%	8.97%	2.08%	2.83%	12.09%	9.71%	6.53%	1.08%	26.36%					3.82%	<-IRR #YR->	5	5 yr Running Average
Assets under Management									Med Inc.	10 yr	1.45%	5 yr	0.86%
			-$35,100	$0	$0	$0	$0	$0	$0	$0	$0	$0	$53,606
								-$38,781	$0	$0	$0	$0	$53,606
			-$39,550	$0	$0	$0	$0	$0	$0	$0	$0	$0	$43,811
								-$36,319	$0	$0	$0	$0	$43,811
Net Income Before Taxes						$61.799	$62.501	$57.217	$194.429	$51.798	$87.259	$115.020	$125.308					102.77%	<-Total Growth	7	Net Income before Taxes
Change							1.14%	-8.45%	239.81%	-73.36%	68.46%	31.81%	8.94%					8.94%	<-Median->	7	Change
Total Expenses						$393.644	$387.702	$379.470	$349.490	$409.881	$381.745	$356.804	$356.804					-9.36%	<-Total Growth	7	Total Expenses
Change									-7.90%	17.28%	-6.86%	-6.53%	0.00%					-6.53%	<-Median->	5	Change
Ratio Total Expenses to Revenue						0.88	0.86	0.87	0.64	0.89	0.81	0.76	0.65					0.84	<-Median->	8	Ratio Total Expenses to Rev.
														$553	<-12 mths	0.84%
Income*	$510.22	$484.54	$464.48	$449.60	$428.67	$445.44	$450.20	$436.69	$543.92	$461.68	$469.00	$471.82	$548.19	$580	$587	$536		18.02%	<-Total Growth	10	Revenue
Increase	-24.45%	-5.03%	-4.14%	-3.20%	-4.66%	3.91%	1.07%	-3.00%	24.56%	-15.12%	1.59%	0.60%	16.19%	5.77%	1.29%	-8.70%		1.67%	<-IRR #YR->	10	Revenue	18.02%
5 year Running Average	$622.36	$574.15	$549.82	$516.83	$467.50	$454.55	$447.68	$442.12	$460.98	$467.59	$472.30	$476.62	$498.92	$506.10	$531.22	$544.66		4.65%	<-IRR #YR->	5	Revenue	25.53%
Income per Share	$5.73	$5.56	$5.42	$5.65	$5.43	$5.63	$5.75	$5.58	$7.78	$6.59	$7.28	$7.33	$8.47	$8.96	$9.08	$8.29		-0.97%	<-IRR #YR->	10	5 yr Running Average	-9.26%
Increase	-19.06%	-2.89%	-2.59%	4.32%	-3.97%	3.83%	2.05%	-3.00%	39.50%	-15.23%	10.33%	0.81%	15.52%	5.77%	1.29%	-8.70%		2.45%	<-IRR #YR->	5	5 yr Running Average	12.85%
5 year Running Average	$6.90	$6.37	$6.14	$5.89	$5.56	$5.54	$5.57	$5.61	$6.03	$6.27	$6.59	$6.91	$7.49	$7.73	$8.22	$8.43		4.58%	<-IRR #YR->	10	Revenue per Share	56.44%
P/S (Price/Sales) Med	2.27	2.08	2.11	1.30	0.86	1.22	1.15	0.93	0.63	1.05	0.96	1.09	1.10	1.04	0.00	0.00		8.73%	<-IRR #YR->	5	Revenue per Share	51.96%
P/S (Price/Sales) Close	1.54	2.58	1.84	0.90	0.99	1.46	0.87	1.12	0.72	1.18	0.93	0.99	1.32	1.26	1.24	1.36		2.01%	<-IRR #YR->	10	5 yr Running Average	21.98%
*Total Income in M CDN $					P/S Med	20 yr	1.56	15 yr	1.15	10 yr	1.07	5 yr	1.05		17.21%	Diff M/C		5.97%	<-IRR #YR->	5	5 yr Running Average	33.61%
			-$464.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$548.19
								-$436.69	$0.00	$0.00	$0.00	$0.00	$548.19
			-$550	$0	$0	$0	$0	$0	$0	$0	$0	$0	$499
								-$442	$0	$0	$0	$0	$499
			-$5.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.47
								-$5.58	$0.00	$0.00	$0.00	$0.00	$8.47
			-$6.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.49
								-$5.61	$0.00	$0.00	$0.00	$0.00	$7.49
			-$1.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.32
								-$1.12	$0.00	$0.00	$0.00	$0.00	$1.32
														$1.55	<-12 mths	-7.19%
Adjusted Profit CDN$	$59.8	$47.0	$59.1	$48.7	$48.7	$43.4	$52.1	$56.2	$46.0	$39.3	$70.0	$90.3	$111.6					88.83%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	5.67%	4.86%	6.36%	5.37%	5.37%	4.63%	5.36%	6.08%	4.53%	3.81%	6.79%	8.29%	9.89%					5.37%	<-Median->	10	Return on Equity ROE
5Yr Median	8.64%	7.86%	6.36%	5.67%	5.37%	5.37%	5.37%	5.37%	5.36%	4.63%	5.36%	6.08%	6.79%					5.37%	<-Median->	10	5Yr Median
Basic	$0.64	$0.53	$0.69	$0.59	$0.61	$0.55	$0.66	$0.71	$0.59	$0.56	$1.02	$1.33	$1.73					151.73%	<-Total Growth	10	AEPS
AEPS* Dilued	$0.63	$0.53	$0.68	$0.58	$0.52	$0.53	$0.64	$0.71	$0.55	$0.59	$1.01	$1.34	$1.67	$1.68	$1.78	$1.79		145.59%	<-Total Growth	10	AEPS
Increase	-40.00%	-15.87%	28.30%	-14.71%	-10.34%	1.92%	20.75%	10.94%	-22.54%	7.27%	71.19%	32.67%	24.63%	0.60%	5.95%	0.56%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$1.10	$0.92	$0.84	$0.69	$0.59	$0.57	$0.59	$0.60	$0.59	$0.60	$0.70	$0.84	$1.03	$1.26	$1.50	$1.65		9.40%	<-IRR #YR->	10	AEPS	145.59%
AEPS Yield	7.13%	3.69%	6.83%	11.37%	9.70%	6.45%	12.80%	11.38%	9.86%	7.60%	14.94%	18.46%	14.91%	14.93%	15.82%	15.91%		18.66%	<-IRR #YR->	5	AEPS	135.21%
Payout Ratio	171.43%	203.77%	158.82%	87.93%	61.54%	60.38%	50.00%	45.07%	58.18%	57.63%	38.61%	32.09%	27.25%	27.38%	25.84%	25.70%		2.10%	<-IRR #YR->	10	5 yr Running Average	23.15%
5 year Running Average	93.43%	114.13%	127.21%	138.62%	138.44%	116.55%	86.44%	60.07%	54.24%	53.64%	48.29%	42.86%	37.50%	32.99%	29.34%	27.42%		11.61%	<-IRR #YR->	5	5 yr Running Average	73.15%
Price/AEPS Median	20.63	21.77	16.80	12.67	8.97	12.95	10.30	7.31	8.87	11.72	6.95	5.99	5.59	5.55	0.00	0.00		8.92	<-Median->	10	Price/AEPS Median
Price/AEPS High	27.43	27.74	19.51	16.72	10.31	15.89	12.92	8.38	13.07	13.98	8.31	7.08	6.78	6.73	0.00	0.00		11.61	<-Median->	10	Price/AEPS High
Price/AEPS Low	13.84	15.81	14.09	8.62	7.63	10.02	7.67	6.24	4.67	9.46	5.59	4.89	4.40	5.94	0.00	0.00		6.94	<-Median->	10	Price/AEPS Low
Price/AEPS Close	14.02	27.08	14.65	8.79	10.31	15.51	7.81	8.79	10.15	13.15	6.69	5.42	6.71	6.70	6.32	6.28		8.79	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	8.41	22.78	18.79	7.50	9.24	15.81	9.43	9.75	7.86	14.11	11.46	7.19	8.36	6.74	6.70	6.32		9.34	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	53.81%	5 Yrs	38.61%	P/CF	5 Yrs	in order	6.95	8.31	4.89	6.71		-3.66%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$0.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.67
								-$0.71	$0.00	$0.00	$0.00	$0.00	$1.67
			-$0.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.03
								-$0.60	$0.00	$0.00	$0.00	$0.00	$1.03
														$1.34	<-12 mths	-8.22%
Difference Basic and Diluted	0.00%	0.00%	1.41%	1.69%	0.00%	3.03%	2.13%	1.64%	1.33%	1.79%	1.03%	3.70%	3.31%					1.74%	<-Median->	0	Difference Basic and Diluted
Pre-split '00
EPS Basic	$0.55	$0.25	$0.71	$0.59	$0.53	$0.66	$0.94	$0.61	$2.25	$0.56	$0.97	$1.35	$1.51					112.68%	<-Total Growth	10	EPS Basic
Pre-split '98
Pre-split '00
EPS*	$0.55	$0.25	$0.70	$0.58	$0.53	$0.64	$0.92	$0.60	$2.22	$0.55	$0.96	$1.30	$1.46	$1.67	$1.58	$1.19		108.57%	<-Total Growth	10	EPS Diluted
Increase	-53.39%	-54.55%	180.00%	-17.14%	-8.62%	20.75%	43.75%	-34.78%	270.00%	-75.23%	74.55%	35.42%	12.31%	14.04%	-4.92%	-24.83%		7.63%	<-IRR #YR->	10	Earnings per Share	108.57%
Earnings Yield	6.2%	1.7%	7.0%	11.4%	9.9%	7.8%	18.4%	9.6%	39.8%	7.1%	14.2%	17.9%	13.0%	14.8%	14.1%	10.6%		19.46%	<-IRR #YR->	5	Earnings per Share	143.33%
5 year Running Average	$1.11	$0.87	$0.80	$0.65	$0.52	$0.54	$0.67	$0.65	$0.98	$0.99	$1.05	$1.13	$1.30	$1.19	$1.39	$1.44		5.01%	<-IRR #YR->	10	5 yr Running Average	63.07%
10 year Running Average	$1.11	$1.08	$1.07	$1.03	$0.96	$0.82	$0.77	$0.73	$0.82	$0.75	$0.80	$0.90	$0.98	$1.08	$1.19	$1.24		14.69%	<-IRR #YR->	5	5 yr Running Average	98.47%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	12.20%	5Yrs	14.20%
			-$0.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.46
								-$0.60	$0.00	$0.00	$0.00	$0.00	$1.46
			-$0.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.30
								-$0.65	$0.00	$0.00	$0.00	$0.00	$1.30
Dividend*														$0.48	$0.51	$0.48					Dividend*
Increase														6.22%	6.21%	-6.49%					Increase
Payout Ratio EPS														29.03%	32.43%	40.34%			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	<-Median->	10	Special Dividends
Pre-split '00
Dividend*	$1.08	$1.08	$1.08	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$0.46	$0.46	$0.46	$0.46		-57.87%	<-Total Growth	10	Dividends
Increase	1.89%	0.00%	0.00%	-52.78%	-37.25%	0.00%	0.00%	0.00%	0.00%	6.25%	14.71%	10.26%	5.81%	1.10%	0.00%	0.00%			Count	34	Years of data
Average Increases 5 Year Running	6.97%	2.61%	1.56%	-9.60%	-17.63%	-18.01%	-18.01%	-18.01%	-7.45%	1.25%	4.19%	6.24%	7.41%	7.63%	6.38%	3.43%		-8.52%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.02	$1.05	$1.07	$0.96	$0.81	$0.66	$0.51	$0.36	$0.32	$0.32	$0.34	$0.36	$0.39	$0.42	$0.44	$0.45		37.35%	<-Median->	10	Average Incr 5 Year Running
Yield H/L Price	8.31%	9.36%	9.45%	6.94%	6.86%	4.66%	4.86%	6.17%	6.56%	4.92%	5.56%	5.36%	4.88%	4.93%				5.46%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	6.25%	7.35%	8.14%	5.26%	5.97%	3.80%	3.87%	5.38%	4.45%	4.12%	4.65%	4.53%	4.02%	4.07%				4.49%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	12.39%	12.89%	11.27%	10.20%	8.06%	6.03%	6.52%	7.22%	12.45%	6.09%	6.90%	6.56%	6.20%	4.61%				6.73%	<-Median->	10	Yield on Low Price	CFPS
Yield on Close Price	12.23%	7.53%	10.84%	10.00%	5.97%	3.89%	6.40%	5.13%	5.73%	4.38%	5.77%	5.92%	4.06%	4.09%	4.09%	4.09%		5.75%	<-Median->	10	Yield on Close Price	FCF MS
Payout Ratio EPS	196.36%	432.00%	154.29%	87.93%	60.38%	50.00%	34.78%	53.33%	14.41%	61.82%	40.63%	33.08%	31.16%	27.63%	29.06%	38.66%		45.31%	<-Median->	10	DPR EPS	FCF Comp
DPR EPS 5 Yr Running	92.59%	120.14%	133.92%	147.55%	155.94%	122.59%	75.67%	54.74%	32.59%	32.86%	32.19%	31.97%	29.82%	34.96%	31.50%	31.47%		43.80%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	-89.39%	77.74%	214.85%	77.85%	45.01%	42.08%	43.46%	43.47%	24.20%	49.80%	38.92%	31.71%	25.69%	50.00%				42.77%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	58.75%	85.56%	118.11%	152.45%	198.55%	82.37%	75.77%	49.74%	37.51%	38.23%	37.73%	35.30%	31.54%	36.20%				43.98%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	-145.75%	71.22%	85.44%	49.79%	33.66%	37.16%	54.39%	53.03%	21.86%	34.65%	26.11%	24.95%	24.81%	50.00%				34.15%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	53.64%	66.34%	77.63%	89.51%	101.39%	58.93%	54.39%	44.44%	35.81%	36.01%	32.94%	28.73%	25.81%	29.85%				40.23%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.46%	5.75%	5 Yr Med	5 Yr Cl	5.36%	5.73%	5 Yr Med	Payout	33.08%	31.71%	24.95%					7.29%	<-IRR #YR->	5	Dividends	42.19%
* Dividends per share	10 Yr Med	and Cur.	-25.09%	-28.91%	5 Yr Med	and Cur.	-23.74%	-28.70%	Last Div Inc --->		$0.10	$0.11	10.00%					-8.28%	<-IRR #YR->	10	Dividends	-57.87%
Dividends Growth 15																		-5.11%	<-IRR #YR->	15	Dividends	-54.50%
Dividends Growth 20																		0.52%	<-IRR #YR->	20	Dividends	10.98%
Dividends Growth 25																		4.54%	<-IRR #YR->	25	Dividends	203.33%
Dividends Growth 30																		5.97%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		6.14%	<-IRR #YR->	34	Dividends
Dividends Growth 5								-$0.32	$0.00	$0.00	$0.00	$0.00	$0.46								Dividends Growth 5
Dividends Growth 10			-$1.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.46								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	$0.46								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	$0.46								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.46								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.46								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.46								Dividends Growth 35
Historical Dividends	Historical	High Div	12.61%	Low Div	0.83%	10 Yr High	6.40%	10 Yr Low	3.81%	Med Div	4.76%	Close Div	4.06%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-67.57%		392.64%	Exp.	-36.11%		7.32%	Exp.	-14.10%	Cheap	0.65%								High/Ave/Median
Future Dividend Yield					Div Yd	5.81%	earning in	5	Years	at IRR of	7.29%	Div Inc.	42.19%								Future Dividend Yield
Future Dividend Yield					Div Yd	8.27%	earning in	10	Years	at IRR of	7.29%	Div Inc.	102.17%								Future Dividend Yield
Future Dividend Yield					Div Yd	11.75%	earning in	15	Years	at IRR of	7.29%	Div Inc.	187.46%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.65	earning in	5	Years	at IRR of	7.29%	Div Inc.	42.19%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.93	earning in	10	Years	at IRR of	7.29%	Div Inc.	102.17%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.32	earning in	15	Years	at IRR of	7.29%	Div Inc.	187.46%								Future Dividend Paid
Dividend Covering Cost					Total Div	$2.66	over	5	Years	at IRR of	7.29%	Div Cov.	23.65%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$5.79	over	10	Years	at IRR of	7.29%	Div Cov.	51.47%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$10.24	over	15	Years	at IRR of	7.29%	Div Cov.	91.02%								Dividend Covering Cost
Yield if held 5 years	3.32%	5.49%	9.08%	3.15%	1.87%	2.46%	2.77%	2.80%	4.35%	7.29%	5.68%	6.53%	8.77%	9.43%	6.65%	6.55%		3.75%	<-Median->	10	Paid Median Price
Yield if held 10 years	5.41%	6.90%	6.12%	2.62%	1.42%	0.98%	1.63%	2.69%	1.98%	1.98%	3.00%	3.73%	3.98%	6.26%	9.86%	6.70%		2.30%	<-Median->	10	Paid Median Price
Yield if held 15 years	12.23%	10.45%	9.17%	2.61%	1.38%	1.60%	2.04%	1.81%	1.64%	1.51%	1.20%	2.19%	3.82%	2.84%	2.68%	3.54%		1.73%	<-Median->	10	Paid Median Price
Yield if held 20 years	69.59%	44.29%	37.02%	19.43%	7.66%	3.62%	3.10%	2.72%	1.64%	1.47%	1.95%	2.75%	2.58%	2.36%	2.05%	1.41%		2.73%	<-Median->	10	Paid Median Price
Yield if held 25 years						20.62%	13.12%	10.97%	12.19%	8.14%	4.42%	4.16%	3.86%	2.35%	1.99%	2.30%		9.55%	<-Median->	8	Paid Median Price
Yield if held 30 years												17.63%	15.60%	17.52%	11.01%	5.21%		16.61%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	15.73%	26.70%	44.79%	29.73%	23.75%	25.46%	22.10%	15.67%	21.77%	34.73%	24.62%	27.31%	37.28%	42.52%	31.74%	32.26%		25.04%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	42.83%	59.56%	56.71%	51.49%	43.19%	28.48%	43.95%	67.15%	46.99%	40.15%	48.22%	50.09%	45.65%	70.75%	115.37%	80.84%		46.32%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	99.52%	94.22%	90.62%	56.23%	48.04%	55.92%	71.46%	62.85%	55.74%	46.74%	31.10%	48.83%	76.09%	52.44%	46.02%	55.88%		55.83%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	596.01%	420.75%	385.95%	443.62%	284.02%	136.99%	118.89%	105.82%	64.41%	55.05%	64.39%	82.95%	73.81%	66.38%	56.50%	38.06%		94.38%	<-Median->	10	Paid Median Price
Cost covered if held 25 years						809.28%	525.32%	447.30%	504.57%	322.80%	156.13%	136.30%	122.25%	75.02%	64.55%	75.73%		385.05%	<-Median->	8	Paid Median Price
Cost covered if held 30 years												599.14%	513.62%	583.62%	375.34%	181.77%		556.38%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Gwth
Revenue Growth								$437	$544	$462	$469	$472	$548	$552.8	<-12 mths	0.84%		25.53%	<-Total Growth	5	Revenue Growth	25.53%
AEPS Growth								$0.71	$0.55	$0.59	$1.01	$1.34	$1.67	$1.55	<-12 mths	-7.19%		135.21%	<-Total Growth	5	AEPS Growth	135.21%
Net Income Growth								$47.9	$173.9	$39.3	$66.6	$87.7	$97.6	$92.9	<-12 mths	-4.82%		103.88%	<-Total Growth	5	Net Income Growth	103.88%
Cash Flow Growth								$57.7	$92.5	$47.8	$64.6	$87.2	$114.6					98.75%	<-Total Growth	5	Cash Flow Growth	98.75%
Dividend Growth								$0.32	$0.32	$0.34	$0.39	$0.43	$0.46	$0.46	<-12 mths	1.10%		42.19%	<-Total Growth	5	Dividend Growth	42.19%
Stock Price Growth								$6.24	$5.58	$7.76	$6.76	$7.26	$11.20	$11.25	<-12 mths	0.45%		79.49%	<-Total Growth	5	Stock Price Growth	79.49%
Revenue Growth			$464	$450	$429	$445	$450	$437	$544	$462	$469	$472	$548	$579.8	<-this year	5.77%		18.02%	<-Total Growth	10	Revenue Growth	18.02%
AEPS Growth			$0.68	$0.58	$0.52	$0.53	$0.64	$0.71	$0.55	$0.59	$1.01	$1.34	$1.67	$1.68	<-this year	0.60%		145.59%	<-Total Growth	10	AEPS Growth	145.59%
Net Income Growth			$61.3	$48.0	$42.4	$51.9	$74.3	$47.9	$173.9	$39.3	$66.6	$87.7	$97.6	$112.8	<-this year	15.61%		59.29%	<-Total Growth	10	Net Income Growth	59.29%
Cash Flow Growth			$43.1	$52.1	$56.2	$60.1	$57.7	$57.7	$92.5	$47.8	$64.6	$87.2	$114.6					165.80%	<-Total Growth	10	Cash Flow Growth	165.80%
Dividend Growth			$1.08	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$0.46	$0.48	<-this year	6.22%		-57.87%	<-Total Growth	10	Dividend Growth	-57.87%
Stock Price Growth			$9.96	$5.10	$5.36	$8.22	$5.00	$6.24	$5.58	$7.76	$6.76	$7.26	$11.20	$11.25	<-this year	0.45%		12.45%	<-Total Growth	10	Stock Price Growth	12.45%
Dividends on Shares	$387.72	$387.72	$387.72	$183.09	$114.88	$114.88	$114.88	$114.88	$114.88	$122.06	$140.01	$154.37	$163.35	$165.14	$165.14	$165.14		$5,379.62	Total Divs	30	Total Divs	12/31/94
Paid	$3,561.28	$4,763.93	$3,047.91	$1,866.80	$2,250.93	$2,936.62	$1,730.38	$2,311.96	$2,182.72	$2,997.65	$2,538.13	$2,767.89	$3,830.53	$4,038.75	$4,038.75	$4,038.75		$3,830.53	Worth	30	Worth	$2.79
Total																		$9,210.15	Total
Dividends on Shares	$92.88	$92.88	$92.88	$43.86	$27.52	$27.52	$27.52	$27.52	$27.52	$29.24	$33.54	$36.98	$39.13	$39.56	$39.56	$39.56		$1,237.97	Total Divs	25	Total Divs	12/31/99
Paid	$853.12	$1,141.22	$730.14	$447.20	$539.22	$703.48	$414.52	$553.84	$522.88	$718.10	$608.02	$663.06	$917.62	$967.50	$967.50	$967.50		$917.62	Worth	25	Worth	$11.63
Total																		$2,155.59	Total
Dividends on Shares				$60.18	$37.76	$37.76	$37.76	$37.76	$37.76	$40.12	$46.02	$50.74	$53.69	$54.28	$54.28	$54.28		$439.55	Total Divs	10	Total Divs	12/31/14
Paid			$1,001.82	$613.60	$739.86	$965.24	$568.76	$759.92	$717.44	$985.30	$834.26	$909.78	$1,259.06	$1,327.50	$1,327.50	$1,327.50		$1,259.06	Worth	10	Worth	$8.49
Total																		$1,698.61	Total
Graham No. AEPS	$12.95	$11.50	$12.88	$12.20	$11.59	$11.89	$13.37	$13.73	$13.41	$13.98	$19.06	$22.59	$25.60	$26.02	$26.79	$26.86		98.77%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.00	1.00	0.89	0.60	0.40	0.58	0.49	0.38	0.36	0.49	0.37	0.36	0.36	0.36	0.00	0.00		0.39	<-Median->	10	Price/GP Ratio
Price/GP Ratio Hi	1.33	1.28	1.03	0.80	0.46	0.71	0.62	0.43	0.54	0.59	0.44	0.42	0.44	0.43	0.00	0.00		0.50	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.67	0.73	0.74	0.41	0.34	0.45	0.37	0.32	0.19	0.40	0.30	0.29	0.29	0.38	0.00	0.00		0.33	<-Median->	10	Price/GP Ratio
Price/GP Ratio Cl	0.68	1.25	0.77	0.42	0.46	0.69	0.37	0.45	0.42	0.55	0.35	0.32	0.44	0.43	0.42	0.42		0.43	<-Median->	10	Price/GP Ratio
Prem/Disc CL	-31.83%	24.80%	-22.67%	-58.20%	-53.75%	-30.84%	-62.61%	-54.57%	-58.39%	-44.50%	-64.53%	-67.86%	-56.25%	-56.77%	-58.00%	-58.12%		-57.22%	<-Median->	10	Graham Price
Graham No. EPS	$12.10	$7.90	$13.07	$12.20	$11.70	$13.06	$16.03	$12.63	$26.94	$13.50	$18.58	$22.25	$23.94	$25.91	$25.26	$21.90		83.18%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.07	1.46	0.87	0.60	0.40	0.53	0.41	0.41	0.18	0.51	0.38	0.36	0.39	0.36				0.40	<-Median->	10	Price/GP Ratio
Price/GP Ratio Hi	1.43	1.86	1.02	0.80	0.46	0.64	0.52	0.47	0.27	0.61	0.45	0.43	0.47	0.44				0.47	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.72	1.06	0.73	0.41	0.34	0.41	0.31	0.35	0.10	0.41	0.30	0.29	0.31	0.39				0.32	<-Median->	10	Price/GP Ratio
Price/GP Ratio Cl	0.73	1.82	0.76	0.42	0.46	0.63	0.31	0.49	0.21	0.57	0.36	0.33	0.47	0.43	0.45	0.51		0.44	<-Median->	10	Price/GP Ratio
Prem/Disc CL	-27.04%	81.71%	-23.78%	-58.20%	-54.19%	-37.06%	-68.81%	-50.58%	-79.29%	-42.52%	-63.62%	-67.37%	-53.21%	-56.57%	-55.46%	-48.63%		-56.19%	<-Median->	10	Graham Price
Month Year	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec		27.00	<Count Years>		Month, Year
Price Close Dec Class B	$9.92	$13.27	$8.49	$5.20	$6.27	$8.18	$4.82	$6.44	$6.08	$8.35	$7.07	$7.71	$10.67	$11.25	$11.25	$11.25		25.68%	<-Total Growth	10	Stock Price
Increase	-37.29%	33.77%	-36.02%	-38.75%	20.58%	30.46%	-41.08%	33.61%	-5.59%	37.34%	-15.33%	9.05%	38.39%	5.44%	0.00%	0.00%		11.92	<-Median->	10	CAPE (10 Yr P/E)
P/E	18.04	53.08	12.13	8.97	11.83	12.78	5.24	10.73	2.74	15.18	7.36	5.93	7.31	6.76	7.11	9.45		10.63%	<-IRR #YR->	5	Stock Price	65.68%
Trailing P/E	8.41	24.13	33.96	7.43	10.81	15.43	7.53	7.00	10.13	3.76	12.85	8.03	8.21	7.71	6.76	7.11		2.31%	<-IRR #YR->	10	Stock Price	25.68%
CAPE (10 Yr P/E)	16.85	16.80	16.16	15.17	14.04	13.75	14.02	13.51	10.34	10.21	9.33	7.62	7.25	7.09	6.88	6.82		15.50%	<-IRR #YR->	5	Price & Dividend	100.70%
Median 10, 5 Yrs		D.  per yr	3.98%	4.87%	% Tot Ret	63%	31.43%		Price Inc	9.05%	P/E:	8.17	7.31					6.29%	<-IRR #YR->	10	Price & Dividend	82.27%
Price  15		D.  per yr	4.45%		% Tot Ret	319.19%												-3.06%	<-IRR #YR->	15	Stock Price	-37.24%
Price  20		D.  per yr	4.72%		% Tot Ret	212.45%												-2.50%	<-IRR #YR->	20	Stock Price	-39.72%
Price  25		D.  per yr	5.07%		% Tot Ret	107.28%												-0.34%	<-IRR #YR->	25	Stock Price	-8.25%
Price  30		D.  per yr	8.30%		% Tot Ret	64.47%												4.57%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	9.61%		% Tot Ret	59.42%												6.56%	<-IRR #YR->	34	Stock Price
Price & Dividend 15																		1.39%	<-IRR #YR->	15	Price & Dividend	21.91%
Price & Dividend 20																		2.22%	<-IRR #YR->	20	Price & Dividend	36.24%
Price & Dividend 25																		4.73%	<-IRR #YR->	25	Price & Dividend	116.81%
Price & Dividend 30																		12.87%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		16.17%	<-IRR #YR->	34	Price & Dividend
Price  5								-$6.44	$0.00	$0.00	$0.00	$0.00	$10.67								Price  5
Price 10			-$8.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.67								Price 10
Price & Dividend 5								-$6.44	$0.32	$0.34	$0.39	$0.43	$11.13								Price & Dividend 5
Price & Dividend 10			-$8.49	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$11.13								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	$10.67								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	$10.67								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	$10.67								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.67								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.67								Price  35
Price & Dividend 15	$1.08	$1.08	$1.08	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$11.13								Price & Dividend 15
Price & Dividend 20	$1.08	$1.08	$1.08	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$11.13								Price & Dividend 20
Price & Dividend 25	$1.08	$1.08	$1.08	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$11.13								Price & Dividend 25
Price & Dividend 30	$1.08	$1.08	$1.08	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$11.13								Price & Dividend 30
Price & Dividend 35	$1.08	$1.08	$1.08	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$11.13								Price & Dividend 35
Month Year	Nov-12	Nov-13	Nov-14	Nov-15	Nov-16	Nov-17	Nov-18	Nov-19	Nov-20	Nov-21	Nov-22	Nov-23	Nov-24	Nov-25	Nov-26	Nov-27		32.00	<Count Years>		Month, Year
Price Close Nov	$8.83	$14.35	$9.96	$5.10	$5.36	$8.22	$5.00	$6.24	$5.58	$7.76	$6.76	$7.26	$11.20	$11.25	$11.25	$11.25		12.45%	<-Total Growth	10	Stock Price
Increase	-43.76%	62.51%	-30.59%	-48.80%	5.10%	53.36%	-39.17%	24.80%	-10.58%	39.07%	-12.89%	7.40%	54.27%	0.45%	0.00%	0.00%		1.18%	<-IRR #YR->	10	Stock Price	12.45%
P/E	16.05	57.40	14.23	8.79	10.11	12.84	5.43	10.40	2.51	14.11	7.04	5.58	7.67	6.76	7.11	9.45		12.41%	<-IRR #YR->	5	Stock Price	79.49%
Trailing P/E	7.48	26.09	39.84	7.29	9.24	15.51	7.81	6.78	9.30	3.50	12.29	7.56	8.62	7.71	6.76	7.11		4.73%	<-IRR #YR->	10	Price & Dividend	60.69%
Median 10, 5 Yrs		D.  per yr	3.55%	4.88%	% Tot Ret	75.05%	28.21%		Price Inc	7.40%	P/E:	8.23	7.04					17.29%	<-IRR #YR->	5	Price & Dividend	115.63%
			-$9.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.20
								-$6.24	$0.00	$0.00	$0.00	$0.00	$11.20
			-$9.96	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$11.66
								-$6.24	$0.32	$0.34	$0.39	$0.43	$11.66
Price H/L Median	$13.00	$11.54	$11.43	$7.35	$4.67	$6.87	$6.59	$5.19	$4.88	$6.92	$7.02	$8.02	$9.33	$9.33				-18.34%	<-Total Growth	10	Stock Price
Increase	-24.13%	-11.23%	-1.00%	-35.67%	-36.53%	47.16%	-4.01%	-21.24%	-5.97%	41.70%	1.52%	14.25%	16.33%	0.00%				-2.01%	<-IRR #YR->	10	Stock Price	-18.34%
P/E	23.64	46.16	16.32	12.67	8.80	10.73	7.16	8.65	2.20	12.57	7.31	6.17	6.39	5.60				12.45%	<-IRR #YR->	5	Stock Price	79.77%
Trailing P/E	11.02	20.98	45.70	10.50	8.04	12.95	10.30	5.64	8.13	3.11	12.76	8.35	7.18	6.39				1.55%	<-IRR #YR->	10	Price & Dividend	23.72%
P/E on Running 5 yr Aveage	11.75	13.20	14.35	11.27	8.94	12.71	9.78	7.94	4.97	7.01	6.69	7.12	7.19	7.86				18.31%	<-IRR #YR->	5	Price & Dividend	123.22%
P/E on Running 10 yr Aveage	11.75	10.65	10.68	7.16	4.88	8.34	8.51	7.16	5.97	9.17	8.83	8.91	9.56	8.60				12.91	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.55%	5.86%	% Tot Ret	229.66%	32.02%		Price Inc	14.25%	P/E:	7.98	6.39						Count	32	Years of data
			-$11.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.33
								-$5.19	$0.00	$0.00	$0.00	$0.00	$9.33
			-$11.43	$0.51	$0.32	$0.32	$0.32	$0.32	$0.32	$0.34	$0.39	$0.43	$9.79
								-$5.19	$0.32	$0.34	$0.39	$0.43	$9.79
Month	Jan 12	Nov 13	Dec 13	Dec 14	Nov 16	Nov 17	Dec 17	Apr 19	Feb 20	Nov 21	Dec 21	Mar 23	Nov 24	Jan 25
Pre-split '00
Price High	$17.28	$14.70	$13.27	$9.70	$5.36	$8.42	$8.27	$5.95	$7.19	$8.25	$8.39	$9.49	$11.32	$11.30				-14.69%	<-Total Growth	10	Stock Price
Increase	-14.96%	-14.93%	-9.73%	-26.90%	-44.74%	57.09%	-1.78%	-28.05%	20.84%	14.74%	1.70%	13.11%	19.28%	-0.18%				-1.58%	<-IRR #YR->	10	Stock Price	-14.69%
P/E	31.42	58.80	18.96	16.72	10.11	13.16	8.99	9.92	3.24	15.00	8.74	7.30	7.75	6.79				13.73%	<-IRR #YR->	5	Stock Price	90.25%
Trailing P/E	14.64	26.73	53.08	13.86	9.24	15.89	12.92	6.47	11.98	3.72	15.25	9.89	8.71	7.74				16.72	P/E Ratio		Historical Median
Median 10, 5 Yrs									Price Inc	14.74%	P/E:	9.45	7.75					23.25	P/E Ratio		Historical High
			-$13.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.32
								-$5.95	$0.00	$0.00	$0.00	$0.00	$11.32
Month	Nov 12	Dec 12	Oct 13	Oct 15	Jan 16	Dec 16	Nov 18	Dec 19	Mar 20	Dec 20	Jan 22	Dec 22	Dec 23	25-Jan
Pre-split '00
Price Low	$8.72	$8.38	$9.58	$5.00	$3.97	$5.31	$4.91	$4.43	$2.57	$5.58	$5.65	$6.55	$7.34	$9.98				-23.38%	<-Total Growth	10	Stock Price
Increase	-37.49%	-3.90%	14.32%	-47.81%	-20.60%	33.75%	-7.53%	-9.78%	-41.99%	117.12%	1.25%	15.93%	12.06%	35.97%				-2.63%	<-IRR #YR->	10	Stock Price	-23.38%
P/E	15.85	33.52	13.69	8.62	7.49	8.30	5.34	7.38	1.16	10.15	5.89	5.04	5.03	5.99				10.63%	<-IRR #YR->	5	Stock Price	65.69%
Trailing P/E	7.39	15.24	38.32	7.14	6.84	10.02	7.67	4.82	4.28	2.51	10.27	6.82	5.65	6.84				10.15	P/E Ratio		Historical Median
Median 10, 5 Yrs									Price Inc	12.06%	P/E:	6.63	5.04					6.17	P/E Ratio		Historical Low
			-$9.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.34
								-$4.43	$0.00	$0.00	$0.00	$0.00	$7.34
Free Cash Flow MS '2023		$0.89	$14.67	$21.47	$41.52	$50.12	$25.32	$36.85	$40.92	$9.08	$30.03
Free Cash Flow MS' 2024	-$117	$118	$41.723	$47.698	$49.827	$57.518	$54.178	$62.523	$89	$35	$30.00	$84.00	$88	$72	$50			110.24%	<-Total Growth	10	Free Cash Flow
Change	64.86%	200.85%	-64.64%	14.32%	4.46%	15.44%	-5.81%	15.40%	42.35%	-60.67%	-14.28%	179.97%	4.43%	-18.49%	-30.07%			7.01%	<-IRR #YR->	5	Free Cash Flow MS	40.30%
FCF/CF from Op Ratio	-1.31	1.35	0.49	0.60	0.63	0.73	0.69	0.80	1.27	0.50	0.47	1.31	1.36	1.11	0.77			7.71%	<-IRR #YR->	10	Free Cash Flow MS	110.24%
Dividends paid	$91.25	$91.51	$90.65	$41.99	$25.08	$25.08	$25.08	$24.87	$24.61	$23.51	$26.22	$26.22	$25.04	$26.85	$28.40			-72.38%	<-Total Growth	10	Dividends paid
Percentage paid					50.33%	43.60%	46.30%	39.78%	27.65%	67.16%	87.37%	31.21%	28.54%	37.55%	56.81%			$0.44	<-Median->	9	Percentage paid
5 Year Covrage				-167.96%	242.77%	87.15%	82.84%	52.29%	39.84%	41.30%	45.91%	41.73%	38.56%	41.47%	41.06%						5 Year Covrage
Dividend Coverage Ratio	-1.28	1.29	0.46	1.14	1.99	2.29	2.16	2.51	3.62	1.49	1.14	3.20	3.50	2.66	1.76			2.23	<-Median->	10	Dividend Coverage Ratio
5 Year of Covereage				-0.60	0.41	1.15	1.21	1.91	2.51	2.42	2.18	2.40	2.59	2.41	2.44						5 Year of Coverage
								-$63	$0	$0	$0	$0	$88
			-$42	$0	$0	$0	$0	$0	$0	$0	$0	$0	$88
																		This is large cap for CDN market, but only mid Cap for US
Free Cash Flow company	$95.8	$102.3	$82.0	$67.8	$61.5	$58.7	$41.4	$25.8	$46.1	$54.8	$70.3	$83.4	$95.4	$129.0	$88.0	$81.0		16.34%	<-Total Growth	10	Free Cash Flow	Mk Sc agres with this one.
Change	-29.51%	6.78%	-19.84%	-17.32%	-9.29%	-4.55%	-29.47%	-37.68%	78.68%	18.87%	28.28%	18.63%	14.39%	35.22%	-31.78%	-31.78%		29.89%	<-IRR #YR->	5	Free Cash Flow MS	269.77%
FCF/CF from Op Ratio	-13.11	9.90	4.14	8.71	8.16	5.43	6.10	3.04	10.92	4.82	10.42	15.58	15.09	10.55	8.68	8.68		1.53%	<-IRR #YR->	10	Free Cash Flow MS	16.34%
Dividends paid	$91.25	$91.51	$90.65	$41.99	$25.08	$25.08	$25.08	$24.87	$24.61	$23.51	$26.22	$26.22	$25.04	$26.85	$28.40	$28.40		-72.38%	<-Total Growth	10	Dividends paid
Percentage paid					40.78%	42.73%	60.59%	96.41%	53.38%	42.90%	37.29%	31.43%	26.25%	20.81%	32.28%	32.28%		$0.43	<-Median->	9	Percentage paid
5 Year Covrage				84.21%	83.17%	73.68%	66.76%	55.68%	53.42%	54.30%	52.14%	44.73%	35.88%	29.53%	28.48%	28.48%					5 Year Covrage
Dividend Coverage Ratio	1.05	1.12	0.90	1.61	2.45	2.34	1.65	1.04	1.87	2.33	2.68	3.18	3.81	4.80	3.10	3.10		2.34	<-Median->	10	Dividend Coverage Ratio
5 Year of Covereage				1.19	1.20	1.36	1.50	1.80	1.87	1.84	1.92	2.24	2.79	3.39	3.51	3.51					5 Year of Coverage
								-$26	$0	$0	$0	$0	$95
			-$82	$0	$0	$0	$0	$0	$0	$0	$0	$0	$95
																		This is large cap for CDN market, but only mid Cap for US
Market Cap M$	$787	$1,251	$854	$406	$423	$650	$392	$489	$390	$543	$436	$467	$725	$728	$728	$728		-15.17%	<-Total Growth	10	Market Cap
Diluted # of Sh in Million	94.93	88.69	87.38	83.58	80.25	81.25	80.64	79.67	78.36	71.66	69.44	67.23	66.92	66.92				-23.42%	<-Total Growth	10	Diluted
Change	-0.19%	-6.58%	-1.47%	-4.35%	-3.99%	1.24%	-0.75%	-1.20%	-1.65%	-8.55%	-3.10%	-3.17%	-0.47%	0.00%				-2.38%	<-Median->	10	Change
Difference Diluted/Basic	-0.9%	-0.6%	-1.6%	-1.5%	-1.2%	-2.4%	-1.7%	-0.5%	-1.3%	-2.3%	-1.5%	1.1%	-3.6%	17.7%				-1.50%	<-Median->	10	Difference Diluted/Basic
Average # of Shares in Million	94.12	88.16	86.00	82.30	79.28	79.33	79.29	79.29	77.33	70.01	68.43	67.96	64.51	78.74				-24.99%	<-Total Growth	10	Basic
Change	-0.19%	-6.33%	-2.45%	-4.31%	-3.67%	0.06%	-0.05%	0.00%	-2.48%	-9.46%	-2.26%	-0.69%	-5.07%	22.05%				-2.37%	<-Median->	10	Change
Difference Basic/Outstanding	-5.3%	-1.2%	-0.3%	-3.3%	-0.3%	-0.3%	-1.2%	-1.2%	-9.6%	0.0%	-5.8%	-5.3%	0.3%	-17.8%				-1.23%	<-Median->	10	Difference Basic/Outstanding
Class A Shares	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06		0.00%	<-Total Growth	10	Class A Shares
Class B Shares	89.06	87.09	85.70	79.52	78.95	79.02	78.26	78.26	69.87	69.96	64.41	64.27	64.64	64.64	64.64	64.64		-24.58%	<-Total Growth	10	Class B Shares
Pre-split '98
Pre-split '00
# of Share in M	89.12	87.15	85.76	79.58	79.01	79.08	78.32	78.32	69.93	70.01	64.47	64.33	64.70	64.70	64.70	64.70		-2.78%	<-IRR #YR->	10	Shares	-24.56%
Change	-6.65%	-2.21%	-1.59%	-7.21%	-0.71%	0.08%	-0.96%	0.00%	-10.72%	0.13%	-7.93%	-0.21%	0.58%	0.00%	0.00%			-3.75%	<-IRR #YR->	5	Shares	-17.39%
Cash Flow from Operations $Millon	-$107.67	$121.07	$43.11	$52.13	$56.18	$60.13	$57.67	$57.65	$92.46	$47.80	$64.60	$87.24	$114.59	$59.52	$71.82			165.80%	<-Total Growth	10	Cash Flow
Increase	-162.09%	212.45%	-64.39%	20.92%	7.77%	7.04%	-4.10%	-0.02%	60.37%	-48.30%	35.14%	35.04%	31.35%	-48.05%	20.65%			DRIP SO	S. Issue		Buy Backs
5 year Running Average	$157.0	$111.0	$81.7	$56.4	$33.0	$66.5	$53.8	$56.7	$64.8	$63.1	$64.0	$70.0	$81.3	$74.8	$79.6			-0.41%	<-Total Growth	10	CF 5 Yr Running
CFPS	-$1.21	$1.39	$0.50	$0.66	$0.71	$0.76	$0.74	$0.74	$1.32	$0.68	$1.00	$1.36	$1.77	$0.92	$1.11			252.32%	<-Total Growth	10	Cash Flow per Share
Increase	-166.52%	214.99%	-63.82%	30.32%	8.54%	6.95%	-3.17%	-0.02%	79.62%	-48.36%	46.77%	35.33%	30.59%	-48.05%	20.65%			10.27%	<-IRR #YR->	10	Cash Flow	165.80%
5 year Running Average	$1.74	$1.23	$0.90	$0.63	$0.41	$0.80	$0.67	$0.72	$0.85	$0.85	$0.90	$1.02	$1.23	$1.15	$1.23			14.73%	<-IRR #YR->	5	Cash Flow	98.75%
P/CF on Med Price	-10.76	8.31	22.73	11.22	6.56	9.03	8.95	7.05	3.69	10.13	7.01	5.91	5.27	10.14	0.00			13.42%	<-IRR #YR->	10	Cash Flow per Share	252.32%
P/CF on Closing Price	-7.31	10.33	19.81	7.79	7.54	10.81	6.79	8.48	4.22	11.37	6.75	5.35	6.32	12.23	10.14			19.19%	<-IRR #YR->	5	Cash Flow per Share	140.59%
															74.00%	Diff M/C		3.12%	<-IRR #YR->	10	CFPS 5 yr Running	35.93%
Excl.Working Capital CF	$41.63	$11.08	$65.30	$29.37	$18.94	$7.97	-$11.59	-$10.39	$9.92	$20.90	$31.69	$23.61	$4.07	$0.00	$0.00			11.25%	<-IRR #YR->	5	CFPS 5 yr Running	70.45%
CF fr Op $M WC	-$66.03	$132.16	$108.41	$81.50	$75.11	$68.10	$46.08	$47.26	$102.38	$68.71	$96.29	$110.85	$118.66	$59.52	$71.82			9.45%	<-Total Growth	10	Cash Flow less WC
Increase	-129.95%	300.13%	-17.97%	-24.82%	-7.84%	-9.33%	-32.34%	2.57%	116.60%	-32.89%	40.15%	15.13%	7.04%	-49.84%	20.65%			0.91%	<-IRR #YR->	10	Cash Flow less WC	9.45%
5 year Running Average	$172.5	$143.2	$123.6	$95.3	$66.2	$93.1	$75.8	$63.6	$67.8	$66.5	$72.1	$85.1	$99.4	$90.8	$91.4			20.21%	<-IRR #YR->	5	Cash Flow less WC	151.05%
CFPS Excl. WC	-$0.74	$1.52	$1.26	$1.02	$0.95	$0.86	$0.59	$0.60	$1.46	$0.98	$1.49	$1.72	$1.83	$0.92	$1.11			-2.16%	<-IRR #YR->	10	CF less WC 5 Yr Run	-19.62%
Increase	-132.08%	304.65%	-16.64%	-18.98%	-7.18%	-9.41%	-31.68%	2.57%	142.60%	-32.97%	52.21%	15.37%	6.43%	-49.84%	20.65%			9.33%	<-IRR #YR->	5	CF less WC 5 Yr Run	56.22%
5 year Running Average	$1.91	$1.58	$1.37	$1.07	$0.80	$1.12	$0.94	$0.81	$0.89	$0.90	$1.03	$1.25	$1.50	$1.39	$1.42			3.79%	<-IRR #YR->	10	CFPS - Less WC	45.08%
P/CF on Med Price	-17.54	7.61	9.04	7.18	4.91	7.97	11.20	8.60	3.33	7.05	4.70	4.65	5.09	10.14	0.00			24.89%	<-IRR #YR->	5	CFPS - Less WC	203.90%
P/CF on Closing Price	-11.92	9.46	7.88	4.98	5.64	9.54	8.50	10.34	3.81	7.91	4.53	4.21	6.11	12.23	10.14			0.88%	<-IRR #YR->	10	CFPS 5 yr Running	9.18%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	7.03	5 yr	5.91	P/CF Med	10 yr	6.07	5 yr	4.70		101.55%	Diff M/C		13.23%	<-IRR #YR->	5	CFPS 5 yr Running	86.10%
			-85.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	64.7								Shares
								-78.3	0.0	0.0	0.0	0.0	64.7								Shares
			-$43.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$114.6								Cash Flow
								-$57.7	$0.0	$0.0	$0.0	$0.0	$114.6								Cash Flow
			-$0.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.77								Cash Flow per Share
								-$0.74	$0.00	$0.00	$0.00	$0.00	$1.77								Cash Flow per Share
			-$0.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.23								CFPS 5 yr Running
								-$0.72	$0.00	$0.00	$0.00	$0.00	$1.23								CFPS 5 yr Running
			-$108.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$118.7								Cash Flow less WC
								-$47.3	$0.0	$0.0	$0.0	$0.0	$118.7								Cash Flow less WC
			-$123.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$99.4								CF less WC 5 Yr Run
								-$63.6	$0.0	$0.0	$0.0	$0.0	$99.4								CF less WC 5 Yr Run
			-$1.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.83								CFPS - Less WC
								-$0.60	$0.00	$0.00	$0.00	$0.00	$1.83								CFPS - Less WC
			-$1.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.50								5 yr Running Average
								-$0.81	$0.00	$0.00	$0.00	$0.00	$1.50								5 yr Running Average
Net change in non-cash WC	-$0.816	$5.716
Accounts receivable and other			$6.946	$2.117	-$12.288	$4.515	-$5.625	$7.151	$4.188	-$0.075	-$2.818	-$2.097	-$4.228
Other assets			-$1.621	-$8.445	$1.000	$0.000	-$1.192	-$0.330	-$3.950	$3.416	$0.681	-$0.199	$4.148
Accounts payable and			-$11.939	$9.269	-$4.097	-$4.081	$4.770	$3.576	-$16.094	$5.027	-$13.172	-$2.901	$11.385
Other liabilities			-$7.265	$1.863	$2.933	-$0.080	-$3.994	-$0.574	-$0.240	$0.889	-$1.098	$6.982	$8.954
Interest expense
Gain Short Term Investments
Income tax expense
Income taxes paid (refunded)	-$46.234	-$23.048	-$59.055	-$43.548	-$14.698	-$16.889	$7.701	-$2.233	$2.454	-$34.732	-$15.373	-$28.656	-$26.096								TD bank chged to include
Share of profits from Associates etc																					Inc Taxes paid in 2022
Distributions from associate etc	$5.418	$6.249	$7.636	$9.370	$8.214	$8.562	$9.926	$2.798	$3.723	$4.573	$0.093	$3.258	$1.765					"*new in 2016
Sum	-$41.632	-$11.083	-$65.298	-$29.374	-$18.936	-$7.973	$11.586	$10.388	-$9.919	-$20.902	-$31.687	-$23.613	-$4.072
Google - TD Bank		$32.47	-$45.25	-$13.79	-$7.14	-$7.97	$12	$10	-$10	-$21	-$26	-$24	-$4
Difference		-$43.55	-$20.05	-$15.58	-$11.80	$0.00	$0	$0	$0	$0	-$6	$0	$0
TD Bank in 2019 + 2023			-$65	-$29	-$19	-$8	-$16	$9	$15	-$15
Difference			$0	$0	$0	$0			-$25	-$6
TD Bank in 2020/24				$14	$4	$9	$4	$10	-$10	-$21	-$32
Difference				-$43	-$23	-$17	$8	$0	$0	$0	$0
Google chged to in 2018			-$65.30	-$29.37	-$18.94			2024	2024
Difference			$0.00	$0.00	$0.00
OPM	-21.10%	24.99%	9.28%	11.59%	13.10%	13.50%	12.81%	13.20%	17.00%	10.35%	13.77%	18.49%	20.90%	10.27%				125.21%	<-Total Growth	10	OPM
Increase	-182.18%	-218.41%	-62.86%	24.92%	13.03%	3.01%	-5.11%	3.07%	28.75%	-39.09%	33.03%	34.24%	13.05%	-50.88%				Should increase or be stable.
Diff from Median	-258.1%	87.2%	-30.5%	-13.2%	-1.8%	1.1%	-4.1%	-1.1%	27.3%	-22.4%	3.2%	38.5%	56.6%	-23.1%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	13.35%	5 Yrs	17.00%					should be zero, it is a check on calculations
														$158	<-12 mths	-5.23%
Adjusted EBITDA	$189.00	$163.30	$154.9	$128.7	$107.9	$106.4	$110.2	$120.3	$113.2	$127.7	$143.0	$132.5	$166.4	$175.3	$172.4	$154.5		7.42%	<-Total Growth	10	Adjusted EBITDA Bef. Comm.
Change	-20.59%	-13.60%	-5.14%	-16.91%	-16.16%	-1.39%	3.57%	9.17%	-5.90%	12.81%	11.98%	-7.34%	25.58%	5.35%	-1.65%	-10.38%		1.09%	<-Median->	10	Change
Margin	37.04%	33.70%	33.35%	28.63%	25.17%	23.89%	24.48%	27.55%	20.81%	27.66%	30.49%	28.08%	30.35%	30.23%	29.35%	28.81%		27.60%	<-Median->	10	Margin
Long Term Debt		$307.90	$308.20	$268.78	$188.21	$138.61	$188.61	$207.28	$0.00	$0.00	$21.59	$5.82	$14.66	$14.66				-95.24%	<-Total Growth	10	Debt	Type
Change			0.10%	-12.79%	-29.98%	-26.35%	36.07%	9.90%	-100.00%	0.00%	0.00%	-73.03%	151.83%	0.00%				-6.39%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio		0.25	0.36	0.66	0.44	0.21	0.48	0.42	0.00	0.00	0.05	0.01	0.02	0.02				0.13	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio		10.97	16.74	19.82	17.01	17.10	19.09	15.78	14.88	15.66	18.08	16.86	13.56	13.56				16.93	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio		0.15	0.10	0.08	0.09	0.08	0.08	0.09	0.09	0.08	0.07	0.08	0.10	0.10				0.08	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)		2.54	7.15	5.16	3.35	2.31	3.27	3.60	0.00	0.00	0.33	0.07	0.13	0.25				1.32	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$0.0	$18.7	$12.5	$8.1	$5.1	$1.1	$0.7	$0.8	$0.7	$0.6	$0.5	$0.4	$4.5	$4.5				-63.87%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$244.5	$244.5	$244.5	$250.0	$250.5	$250.8	$250.8	$250.8	$250.8	$250.8	$250.8	$250.8	$274.0	$274.0				12.03%	<-Total Growth	10	Goodwill
Total	$244.5	$263.3	$257.1	$258.1	$255.6	$251.9	$251.5	$251.6	$251.5	$251.4	$251.3	$251.2	$278.5	$278.5				8.32%	<-Total Growth	10	Total
Change		7.66%	-2.35%	0.38%	-0.95%	-1.45%	-0.16%	0.03%	-0.04%	-0.04%	-0.03%	-0.03%	10.85%	0.00%				-0.04%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.31	0.21	0.30	0.64	0.60	0.39	0.64	0.51	0.64	0.46	0.58	0.54	0.38	0.38				0.56	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$459.6	$431.3	$327.6	$112.5	$118.3	$91.9	$129.0	$123.2	$150.3	$153.0	$122.5	$116.9	$125.7	$125.7				Liq ratio of 1.5 and up, best
Current Liabilities	$116.9	$147.5	$90.3	$72.5	$80.1	$78.0	$74.3	$87.5	$90.5	$86.8	$75.7	$84.3	120.4	$120.4				1.51	<-Median->	10	Ratio
Liquidity	3.93	2.92	3.63	1.55	1.48	1.18	1.74	1.41	1.66	1.76	1.62	1.39	1.04	1.04				1.62	<-Median->	5	Ratio
Liq. with CF aft div	2.16	3.11	3.08	1.71	1.86	1.63	2.18	1.78	2.43	2.04	2.14	2.09	1.75	1.29				2.09	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.43	3.11	3.08	1.71	1.86	1.63	2.18	1.78	2.43	2.04	2.14	2.09	1.75	1.29				2.09	<-Median->	5	Ratio
Assets	1,685.4	1,617.9	1,511.4	1,436.9	1,362.9	1,333.5	1,417.7	1,380.3	1,347.5	1,359.4	1,369.0	1,420.3	1,632.7	$1,632.7				Debt Ratio of 1.5 and up, best
Liabilities	630.1	651.6	581.6	526.1	454.8	399.3	445.3	455.5	331.4	328.2	338.4	331.4	473.6	$473.6				3.39	<-Median->	5	Ratio
Debt Ratio	2.67	2.48	2.60	2.73	3.00	3.34	3.18	3.03	4.07	4.14	4.04	4.29	3.45	3.45				4.07	<-Median->	5	Ratio
Estimates BVPS														$18.81	$20.19				Estimates		Estimates BVPS
Estimate Book Value														$1,217.0	$1,306.3				Estimates		Estimate Book Value
P/B Ratio (Close)														0.60	0.56				Estimates		P/B Ratio (Close)
Difference from 10 year median															26.80%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$1,055.3	$966.2	$929.8	$910.9	$908.1	$934.2	$972.4	$924.8	$1,016.2	$1,031.1	$1,030.5	$1,088.9	$1,159.1	$1,159.1
Non-Cont Int.	$0.49	0.0	0.0	3.1	1.1	-2.5	0.0	0.0	0.0	0.0	0.0	0.0	30.7	0.0
Book Value	$1,054.8	$966.2	$929.8	$907.7	$906.9	$936.8	$972.4	$924.8	$1,016.2	$1,031.1	$1,030.5	$1,088.9	$1,128.4	$1,159.1	$1,159	$1,159		21.37%	<-Total Growth	10	Book Value
Book Value per share	$11.84	$11.09	$10.84	$11.41	$11.48	$11.85	$12.42	$11.81	$14.53	$14.73	$15.99	$16.93	$17.44	$17.91	$17.91	$17.91		60.87%	<-Total Growth	10	Book Value
Change	-11.07%	-6.33%	-2.22%	5.22%	0.63%	3.20%	4.81%	-4.90%	23.07%	1.34%	8.55%	5.89%	3.04%	2.72%	0.00%	0.00%		-50.44%	P/B Ratio		Current/Historical Median
P/BV Median	1.10	1.04	1.05	0.64	0.41	0.58	0.53	0.44	0.34	0.47	0.44	0.47	0.53	0.52	0.00	0.00		1.27	P/B Ratio		Historical Median
P/BV Close	0.75	1.29	0.92	0.45	0.47	0.69	0.40	0.53	0.38	0.53	0.42	0.43	0.64	0.63	0.63	0.63		4.87%	<-IRR #YR->	10	Book Value
Change	-36.76%	73.50%	-29.02%	-51.33%	4.44%	48.60%	-41.96%	31.23%	-27.34%	37.23%	-19.75%	1.43%	49.72%	-2.21%	0.00%	0.00%		8.11%	<-IRR #YR->	5	Book Value
Leverage (A/BK)	1.60	1.67	1.63	1.58	1.50	1.42	1.46	1.49	1.33	1.32	1.33	1.30	1.45	1.41				1.33	<-Median->	5	A/BV
Debt/Equity Ratio	0.60	0.67	0.63	0.58	0.50	0.43	0.46	0.49	0.33	0.32	0.33	0.30	0.41	0.41				0.33	<-Median->	5	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	0.47	5 yr Med	0.47		33.14%	Diff M/C		2.18	Historical	29	A/BV
			-$10.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.44
								-$11.81	$0.00	$0.00	$0.00	$0.00	$17.44
Comprehensive Income	$42.71	$30.38	$65.23	$61.67	$25.90	$50.41	$71.04	$49.35	$173.94	$39.61	$66.69	$87.57	$96.65					48.16%	<-Total Growth	10	Comprehensive Income
NCI	$0.16	-$0.03	$0.00	$0.00	-$1.63	-$3.67	-$0.93	-$0.93	-$0.93	-$0.93	-$0.93	-$0.93	-$1.26					#DIV/0!	<-Total Growth	10	NCI
Shareholders	$42.55	$30.42	$65.23	$61.67	$27.53	$54.08	$71.98	$50.28	$174.87	$40.54	$67.62	$88.50	$97.91					50.09%	<-Total Growth	10	Shareholders
Increase	-59.31%	-28.51%	114.47%	-5.47%	-55.35%	96.42%	33.09%	-30.14%	247.79%	-76.82%	66.79%	30.88%	10.63%					30.88%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$96.06	$79.34	$71.93	$60.89	$45.48	$47.79	$56.10	$53.11	$75.75	$78.35	$81.06	$84.36	$93.89					4.14%	<-IRR #YR->	10	Comprehensive Income	50.09%
ROE	4.0%	3.1%	7.0%	6.8%	3.0%	5.8%	7.4%	5.4%	17.2%	3.9%	6.6%	8.1%	8.4%					14.26%	<-IRR #YR->	5	Comprehensive Income	94.73%
5Yr Median	9.0%	8.2%	7.0%	6.8%	4.0%	5.8%	6.8%	5.8%	5.8%	5.8%	6.6%	6.6%	8.1%					-15.83%	<-IRR #YR->	10	5 Yr Running Average	54.20%
% Difference from NI	-18.6%	35.5%	6.5%	28.0%	-35.2%	4.6%	-3.1%	5.1%	0.6%	3.2%	1.5%	0.9%	-2.3%					12.07%	<-IRR #YR->	5	5 Yr Running Average	76.79%
Median Values										Diff	5, 10 yr	1.2%	0.9%					8.1%	<-Median->	5	Return on Equity
			-$65.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$97.9
								-$50.3	$0.0	$0.0	$0.0	$0.0	$97.9
			-$71.9	-$60.9	-$45.5	-$47.8	-$56.1	-$53.1	$0.0	$0.0	$0.0	$0.0	$93.9
								-$53.1	$0.0	$0.0	$0.0	$0.0	$93.9
Current Liability Coverage Ratio	-0.56	0.90	1.20	1.12	0.94	0.87	0.62	0.54	1.13	0.79	1.27	1.32	0.99	0.49							CFO / Current Liabilities
5 year Median	0.10	0.11	0.11	0.90	0.94	0.94	0.94	0.87	0.87	0.79	0.79	1.13	1.13	0.99				1.13	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	-3.92%	8.17%	7.17%	5.67%	5.51%	5.11%	3.25%	3.42%	7.60%	5.05%	7.03%	7.80%	7.27%	3.65%							CFO / Total Assets
5 year Median	4.22%	4.22%	4.25%	5.67%	5.67%	5.67%	5.51%	5.11%	5.11%	5.05%	5.05%	7.03%	7.27%	7.03%				7.3%	<-Median->	5	Return on Assets
Return on Assets ROA	3.10%	1.39%	4.05%	3.34%	3.11%	3.89%	5.24%	3.47%	12.91%	2.89%	4.87%	6.17%	5.98%	6.91%				Net	Income/Assets		Return on Assets
5Yr Median	2.15%	2.15%	2.22%	3.10%	3.11%	3.34%	3.89%	3.47%	3.89%	3.89%	4.87%	4.87%	5.98%	5.98%				6.0%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	4.95%	2.32%	6.59%	5.29%	4.68%	5.54%	7.64%	5.18%	17.11%	3.81%	6.47%	8.05%	8.65%	9.73%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	8.84%	6.98%	6.57%	5.60%	4.77%	4.88%	5.95%	5.66%	8.03%	7.86%	8.04%	8.12%	8.82%	7.34%				8.1%	<-Median->	5	Return on Equity
														$92.87	<-12 mths	-4.82%
Net Income	$52.42	$22.41	$61.26	$48.03	$40.78	$48.19	$73.35	$47.86	$173.91	$39.30	$66.65	$87.70	$96.31
NCI	$0.16	-$0.03	$0.00	$0.00	-$1.63	-$3.67	-$0.93	$0.00	$0.00	$0.00	$0.00	$0.00	-$1.26
Shareholders	$52.26	$22.45	$61.26	$48.03	$42.41	$51.86	$74.28	$47.86	$173.91	$39.30	$66.65	$87.70	$97.57	$112.8	$109.6	$75.5		59.29%	<-Total Growth	10	Net Income
Increase	-53.44%	-57.05%	172.89%	-21.59%	-11.70%	22.28%	43.25%	-35.57%	263.38%	-77.40%	69.60%	31.59%	11.26%	15.61%	-2.84%	-31.11%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$101.5	$80.3	$73.0	$59.2	$45.3	$45.2	$55.6	$52.9	$78.1	$77.4	$80.4	$83.1	$93.0	$80.8	$94.9	$96.6		4.77%	<-IRR #YR->	10	Net Income	59.29%
Operating Cash Flow	-$107.7	$121.1	$43.1	$52.1	$56.2	$60.1	$57.7	$57.7	$92.5	$47.8	$64.6	$87.2	$114.6					15.31%	<-IRR #YR->	5	Net Income	103.88%
Investment Cash Flow	-$35.0	$10.2	-$25.7	-$127.1	$58.7	$6.5	-$46.7	-$46.4	$240.4	-$24.6	-$40.3	-$37.5	$78.7					2.45%	<-IRR #YR->	10	5 Yr Running Average	27.44%
Total Accruals	$194.9	-$108.8	$43.8	$123.0	-$72.5	-$14.8	$63.3	$36.6	-$159.0	$16.1	$42.4	$37.9	-$95.7					11.96%	<-IRR #YR->	5	5 Yr Running Average	75.89%
Total Assets	$1,685	$1,618	$1,511	$1,437	$1,363	$1,333	$1,418	$1,380	$1,348	$1,359	$1,369	$1,420	$1,633						Balance Sheet		Assets
Accruals Ratio	11.57%	-6.72%	2.90%	8.56%	-5.32%	-1.11%	4.47%	2.65%	-11.80%	1.18%	3.10%	2.67%	-5.86%					1.18%	<-Median->	5	Ratio
EPS/CF Ratio	-0.74	0.16	0.55	0.57	0.56	0.74	1.56	0.99	1.52	0.56	0.64	0.75	0.80					0.75	<-Median->	10	EPS/CF Ratio
			-$61.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$97.6
								-$47.9	$0.0	$0.0	$0.0	$0.0	$97.6
			-$73.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$93.0
								-$52.9	$0.0	$0.0	$0.0	$0.0	$93.0
Chge in Close	-43.76%	62.51%	-30.59%	-48.80%	5.10%	53.36%	-39.17%	24.80%	-10.58%	39.07%	-12.89%	7.40%	54.27%	0.45%	0.00%	0.00%
up/down		down	up		down	up				up									count	18
Meet Prediction?						yes				Yes								% right	count	6	26.67%
Financial Cash Flow	$267.35	-$132.68	-$125.81	-$137.90	-$120.50	-$83.89	$10.03	-$16.22	-$290.54	-$30.73	-$52.13	-$57.93	-$33.42						C F Statement		Financial Cash Flow
Total Accruals	-$72	$24	$170	$261	$48	$69	$53	$53	$132	$47	$95	$96	-$62								Accruals
Accruals Ratio	-4.30%	1.48%	11.22%	18.15%	3.52%	5.18%	3.76%	3.83%	9.76%	3.44%	6.90%	6.75%	-3.81%					6.75%	<-Median->	5	Ratio
Cash	$371.3	$369.9	$261.5	$48.7	$43.1	$25.8	$46.8	$51,660.0	$94.0	$86.5	$58.6	$50.5	$53.0	$53.0							Cash
Cash Per Share	$4.17	$4.24	$3.05	$0.61	$0.55	$0.33	$0.60	$659.62	$1.34	$1.24	$0.91	$0.78	$0.82	$0.82				$0.91	<-Median->	5	Cash per Share
Percentage of Stock Price	47.19%	29.58%	30.61%	11.99%	10.17%	3.98%	11.95%	10570.77%	24.09%	15.92%	13.45%	10.80%	7.31%	7.28%				13.45%	<-Median->	5	% of Stock Price
Notes:
January 25, 2025.  Last estimates were for 2024, 2025, 2026 of $42500M,2024 AUM, $479M, $$497M, $420M for Income, $1.25, $1.27, $1.06 for AEPS, $1.25, $1.27, $1.06 EPS,
$0.47, $0.50, $0.50 for Dividends, $94M, $71.5M, $50M FCF, $0.926, $0.92, $1.11 for CFPS, $129.3M, $129.5M 2024/5 EBITDA, $17.80, $18.50 2024/5 BVPS, $81.6M, $72.3M, $59.6M Net Income.
January 28, 2024.  Last estimates were for 2023, 2024 and 2025 of $42.5B for AUM 2023, $474M, $503M and $490M for Revenue, $1.25, $1.34 and $1.21 for EPS,
$0.44, $0.47 and $0.48 for Dividends, $94M and $100M for 2023/4 for FCF, $0.92, $0.91 and $1.05 for CFPS, $17.40 and $18.30 for 2023/4 for BVPS, $84.1M, $86.3M and $74.3M for Net Income.
January 30, 2023.  Last estimates were for 2022 and 2023 of AUM of $42,500M, $478M, 506M for Revenue, $0.86 and $1.23 for EPS,
$0.38 and $0.41 for dividends, $65M, $93M for FCF, $0.96, $0.95 and $0.74 for CFPS, for 2022-24, and $61.5M, and $86.3M for Net Income.
February 5, 2022.  Last estimates were for 2021, 2022 and 2023 pf $40100M for AUM 2021, $424M, $434M and $356M for Revenue,
$0.57, $0.71 and $0.58 for EPS, $0.32, $0.32 and $0.32 for Dividends, $41M, $51M and $36M for FCF, $39.7M, $50.7M and $41.0M for Net Income.
January 28, 2021.  Last estimates were for 2020, and 2021 of $40.1B for AUM for 2020, $417M and $426M for Revenue,
$0.56, $0.60 and $0.66 for 2020, 2021 amd 2022 for EPS, $0.32 and $0.54 for CFPS and $48.3M and $45.2M for Net Income.
January 27, 2020.  Last estimates were for 2019, 2020 and 2021 of $37.7B an $41.0B for AUM for 2019 and 2020, $423M, $439M and $490M for Revenue,
$051, $0.64 and $0.73 for EPS, $0.68 for CFPS for 2019 and $46.7M, $30M and $58.6M for Net Income.
February 2, 2019.  Last estimats were for 2018, 2019 and 2020 of $35.5B amd $41.100B for AUM for 2018 and 2019, $467M, $489M and $537M for Revenue,
$0.63, $0.65 and $0.71 for EPS, $0.64 and $0.68 for CFPS for 2018and 2019 and $50.2M, $53.4M and $58M for Net Income.
January 30, 2018.  Last estimates were for 2017 and 2018 of $35000M and $36900M for AUM, $439M and $451M for Revenue, $0.56, $0.60 and $0.62 for EPS for 2017, 2018 and 2019,
$0.63 and $0.60 for CFPS and $44.6M and $47.7M for Net Income.
February 3, 2017.  Last estimates were for 2016 and 2017 of $31700M and 32700M Assets under Management, $417M and $416M of Revenue, $0.49 and $0.51 EPS,
$0.95 and $0.97 for CFPS and $38.7M and $38.4M for Net Income.
February 1, 2016.  Last estimates were for 2015 and 2016 of $446M and 450M for Revenue, $0.67 and 0.66 for EPS, $1.13 and $1.11 for CFPS and $56.7M and $55.9M for Net Income.
February 1, 2015.  Last estimates were for 2014 and 2015 of $463.29M and $472.44M for Revenue, $0.53 and $0.62 for EPS,
$1.37 and $1.33 for CFPS, and $44.7M and $51.3M for Net Income.
January 31, 2014.  Last estimates were for 2013 and 2014 of $472M and $462.75M for Revenue, $0.60 and $0.67 for EPS.
They just sold AGF Trust Company recently 8/23/2012.
January 26, 2012.  Last estimates were for 2012 and 2013 for $549M and R492M revenue, $0.89 and $0.75 for EPS.
Aug 11, 2012.  Last I got estimates, they were for 2011 and 2012 and they were $1.45 and $1.62 for EPS and $711M and f$743M for Revenue.
Sep 01, 2011.  When I last looked, I got estimates for 2010 and 2011 of $1.36 and $1.48 for EPS and $2.10 and $2.12 for Cash Flow
Aug 13, 2010.  When last I looked, I got 2010 and 2011 Earnings of 1.44 and $1.63 and cash Flow of $2.10 and $2.30. Estimates have come down.
May 4, 2010.  Last time I looked at this stock I got estimates fo 2009 of $.80 and $1.20 for earnings and $1.83 and $2.02 for cash flow.
Oct 1, 2009.  In May 2009, I got earnings estimates for 2009 and 2010 of $.70 and  $.85.  Estimates have increased.
June 2008.  I have lost faith in this stock and I am getting out of it completely and putting my money elsewhere.
AP 2007.  In Feb TD rated this stock as a Hold.  Globeand Mail today is rating it as a Buy.  It has been hard hit my the bear market, but bear markets seem to always hit it hard.  Hold for now.
Oct 2006.  I am selling part of my holdings on this stock.  I do not think this stock is going to do well for the next while and I am buying IGM Financial, which I like better.
AP 2006.  It is doing better than over the last few years, but you have to wonder if I should continue to hold this stock?????
AP 2005.  I note that NewCrest has a reduce on this stock and it certainly has had trouble lately, but I am inclinded to hold a bit longer.  I have just beginning to earn money on this stock.
Apr 2004.  Stock is not doing badly.  This is a core stock and for now a keeper.
AP 2004.  Stock is not doing badly.  This is a core stock and for now a keeper. There are 6 buys, 1 hold and 1 underperform on this stock.
1968.  Listed on the Toronto Stock Exchange.
1957.  Company was founded
Annual report is due the end of January each year.  It is in a news release, not on their site.  See median center.
There are Class A voting shares and Class B non-voting shares.
Sector:
Financial Services
What should this stock accomplish?
I would expect moderate dividend yields (2 to 3%) and moderate dividend increases (8 to12%)..
Would I buy this company and Why.
No.  I would like to see at least the start of a turn around.
Why am I following this stock.
I used to own this stock.  I bought it in 2001 and sold half in 2006 and the rest in 2008.  It used to be a dividend growth stock, but has not been one for some time now.
I sold because I did not see that the stock would improve.  It was raising dividends still but at the expense of DPR.  In 2008 I was lucky that I sold before it crashed.  It has yet to recover.
Dividends
Dividends are paid in Cycle 1, that is January, April, July, and October.  Dividends are declared for Shareholders of record for payment in the same month.
For example, the dividend to be paid on January 17, 2014 is for shareholders of record of January 7, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
Customers:  Our mission of helping investors succeed
Emplyees:  AGF employees thrive in a fast paced environment, giving everyone an opportunity to contribute and be their best everyday.
Community:  We have a long history of supporting organizations that promote health, protect the environment, foster a vibrant arts culture and invest in education and future leaders to make our community a better place to live and work.
Investors:  AGF will eimploy a principled approach to deploy capital gund growth and to benefit our shareholders.
How they make their money.
AGF Management is predominantly a Canadian-based independent asset manager (with some very minor operations and investments in the US, the UK, Ireland, and Asia)
There are Class A voting shares with the major shareholder being the Goldring family.    Controlling shareholder is Charles Warren Golding.  He has 10.7%, but has 80% voting control.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Jan 30	2018	Feb 02	2019	Jan 27	2020	Jan 28	2021	Feb 5	2022	Jan 30	2023	Jan 28	2024			Jan 25	2025
McCreadie, Kevin Andrew		0.179	0.23%	0.180	0.23%	0.238	0.34%	0.279	0.40%	0.295	0.46%	0.483	0.75%	0.529	0.82%			0.651	1.01%		Used to be an officer	23.11%
CEO and Chief Invesment Officer			$0.897		$1.123		$1.327		$2.165		$1.994		$3.507		$5.923				$7.324
Options - percentage		1.961	2.50%	3.184	4.06%	3.613	5.17%	4.085	5.83%	4.240	6.58%	3.741	5.82%	3.671	5.67%			3.515	5.43%			-4.25%
Options - amount			$9.805		$19.866		$20.160		$31.702		$28.661		$27.161		$41.113				$39.543
Tsang, Ken														0.004	0.01%			0.009	0.01%			133.24%
CFO - Shares - Amount															$0.045				$0.105
Options - percentage														0.000	0.00%			0.011	0.02%			#DIV/0!
Options - amount															$0.000				$0.127
Basaraba, Adrian	0.04%	0.037	0.05%	0.027	0.03%	0.078	0.11%	0.123	0.18%	0.168	0.26%										ceased insider Sep 2022
CFO - Shares - Amount	$0.252		$0.185		$0.168		$0.436		$0.954		$1.137
Options - percentage	0.04%	0.108	0.14%	0.311	0.40%	0.524	0.75%	0.585	0.83%	0.591	0.92%
Options - amount	$0.237		$0.541		$1.938		$2.925		$4.537		$3.998
Jackson, Charles Christopher						0.050	0.07%	0.064	0.09%	0.073	0.11%	0.085	0.13%	0.096	0.15%			0.101	0.16%			5.12%
Officer - Shares - Amount							$0.277		$0.497		$0.491		$0.618		$1.075				$1.135
Options - percentage						0.100	0.14%	0.158	0.23%	0.183	0.28%	0.145	0.23%	0.137	0.21%			0.156	0.24%			14.19%
Options - amount							$0.559		$1.229		$1.239		$1.051		$1.535				$1.760
Lawrence, Ashley												0.007	0.01%	0.015	0.02%			0.022	0.03%			50.25%
Officer - Shares - Amount													$0.049		$0.163				$0.246
Options - percentage												0.441	0.69%	0.403	0.62%			0.719	1.11%			78.37%
Options - amount													$3.202		$4.514				$8.087
Buchan, Jane Melissa				0.050	0.06%	0.050	0.07%	0.050	0.07%	0.050	0.08%	0.050	0.08%	0.000	0.00%			0.050	0.08%		Under Directors	#DIV/0!
Director - Shares - Amount					$0.312		$0.279		$0.388		$0.338		$0.363		$0.000				$0.563		Last filed Jan 2025
Options - percentage				0.035	0.04%	0.054	0.08%	0.081	0.12%	0.100	0.15%	0.124	0.19%	0.000	0.00%			0.173	0.27%			#DIV/0!
Options - amount					$0.216		$0.299		$0.630		$0.673		$0.904		$0.000				$1.948
Farquharson, William Robert	20.00%	0.012	20.00%	0.012	20.00%	0.012	20.00%	0.012	20.00%	0.012	20.00%	0.012	20.00%							A	Ceased insider Apr 2023	#DIV/0!
Director - Shares - Amount	$0.095		$0.058		$0.072		$0.064		$0.089		$0.078		$0.084							A
Class B	4.81%	3.800	4.85%	3.800	4.85%	3.800	5.43%	3.800	5.43%	3.800	5.89%	3.800	5.91%							B		#DIV/0!
Shares - Amount	$31.236		$19.000		$23.712		$21.204		$29.488		$25.688		$27.588							B
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%									#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Goldring, Judy	80.00%	0.046	80.00%	0.046	80.00%	0.046	80.00%	0.046	80.00%	0.046	80.00%	0.046	80.00%	0.058	100.00%			0.058	100.00%	A		0.00%
Director - Shares - Amount	$0.379		$0.230		$0.288		$0.257		$0.358		$0.312		$0.335		$0.645				$0.648	A
Class B	15.72%	12.441	15.88%	12.387	15.82%	12.463	17.82%	12.503	17.86%	12.515	19.41%	12.665	19.69%	12.686	19.61%			12.878	19.90%	B		1.52%
Shares - Amount	$102.203		$62.203		$77.295		$69.542		$97.026		$84.604		$91.949		$142.080				$144.882	B
Options - percentage	0.79%	0.714	0.91%	0.882	1.13%	0.709	1.01%	0.684	0.98%	0.663	1.03%	0.421	0.65%	0.396	0.61%			0.250	0.39%			-36.96%
Options - amount	$5.134		$3.570		$5.502		$3.957		$5.309		$4.479		$3.055		$4.433				$2.807
Davis, Sarah Ruth	0.05%	0.037	0.05%	0.037	0.05%	0.039	0.06%	0.039	0.05%												Ceased insider Jan 2022
Director - Shares - Amount	$0.300		$0.183		$0.228		$0.215		$0.299
Options - percentage	26.85%	0.031	0.04%	0.043	0.05%	0.056	0.08%	0.074	0.11%
Options - amount	$174.502		$0.154		$0.266		$0.312		$0.577
Clarke, Ian Leigh Theodore												0.016	0.02%	0.025	0.04%			0.025	0.04%			0.00%
Director - Shares - Amount													$0.116		$0.280				$0.281
Options - percentage												0.013	0.02%	0.029	0.04%			0.043	0.07%			50.13%
Options - amount													$0.091		$0.323				$0.487
Goldring, Blake Charles	80.00%	0.046	80.00%	0.046	80.00%	0.046	80.00%	0.046	80.00%	0.005	8.00%	0.046	80.00%	0.058	100.00%			0.058	100.00%	A	Used to be Chairman and CEO	0.00%
Chairman	$0.379		$0.230		$0.288		$0.257		$0.358		$0.031		$0.335		$0.645				$0.648	A	prior to 2019
Class B	17.18%	13.583	17.34%	13.797	17.62%	13.865	19.83%	14.100	20.14%	14.567	22.60%	14.567	22.65%	14.816	22.90%			14.567	22.52%	B	Last filing Jan 2025	-1.68%
Shares - Amount	$111.653		$67.916		$86.091		$77.365		$109.416		$98.476		$105.759		$165.942				$163.883	B
Options - percentage	1.65%	1.616	2.06%	1.564	2.00%	1.044	1.49%	0.911	1.30%	0.316	0.49%	0.196	0.30%	0.088	0.14%			0.378	0.58%			329.00%
Options - amount	$10.741		$8.080		$9.758		$5.826		$7.071		$2.136		$1.420		$0.986				$4.250
Increase in O/S Shares	0.00%	0.024	0.03%	0.347	0.44%	0.757	0.97%	0.061	0.09%	0.676	0.97%	0.612	0.95%	1.592	2.48%			0.047	0.07%		Yes 0 in 2016
due to SO 2013	$0.000		$0.196		$1.733		$4.724		$0.338		$5.249		$4.139		$11.560				$0.522		Class B
Book Value	$0.000		$0.133		$1.948		$1.339		$0.361		$5.253		$3.356		$9.185				$0.397		include employee benefit trust
Insider Buying	$0.819		-$0.118		-$1.869		-$0.405		-$1.350		$0.000		-$0.039		-$0.310				-$1.369
Insider Selling	$0.000		$0.000		$0.000		$0.000		$0.000		$1.142		$4.012		$0.756				$5.150
Net Insider Selling	$0.819		-$0.118		-$1.869		-$0.405		-$1.350		$1.142		$3.973		$0.447				$3.781
% of Market Cap	0.13%		-0.03%		-0.38%		-0.10%		-0.25%		0.26%		0.85%		0.06%				0.52%
Directors		10		10		10		10		10		10		8				9
Women	38%	4	40%	4	40%	4	40%	4	40%	4	40%	4	40%	3	38%			4	44%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	10%	2	25%			2	22%
Institutions/Holdings	34.40%	50	20.48%	52	27.47%	20	22.82%					20	11.40%	20	9.99%			20	11.39%
Total Shares Held	34.60%	16.302	20.81%	21.702	27.71%	17.987	25.72%					7.352	11.43%	6.387	9.87%			7.308	11.30%
Increase/Decrease	0.46%	0.240	1.49%	1.099	5.33%	0.134	0.75%					-0.514	-6.54%	-0.241	-3.64%			0.280	3.99%
Starting No. of Shares		16.062		20.604		17.852						7.866		6.628				7.028
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