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.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.													Estimates	Estimates	Estimates
See my website on stocks or see my blog at the following sites.						www.spbrunner.com/stocks.html				www.spbrunner.blogspot.com/			9/30/16
Colliers International Group Inc.			TSX:	CIGI	NASDAQ:	CIGI	http://www.collierscanada.com			Fiscal Yr:	Dec 31		Q3 2016
Year	3/31/05	3/31/06	3/31/07	3/31/08	12/31/08	12/31/09	12/31/10	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18		Value	Description	#Y	Item	Currency
Accounting Rules							US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
USD - CDN$	1.2094	1.1670	1.1530	1.0275	1.2240	1.0501	0.9970	1.0213	0.9968	1.0636	1.1601	1.3847	1.3338	1.3338	1.3338		18.66%	<-Total Growth	10	USD - CDN$
Change	0.78%	-3.51%	-1.20%	-10.88%	19.12%	-14.21%	-5.06%	2.44%	-2.40%	6.70%	9.07%	19.36%	-3.68%	0.00%	0.00%
Statement Currency					Date Chge															Statement Currency
Split Date												5/29/15
Split	2											49.33%								Split
													$1,876.8	<-12 mths	8.99%		$1,554	-9.73%
US $ (d4)	restated'06	restated'08	restated'08														Kept orginal amts for calculaions,
restated '05	$651.376	$918.7	$1,181.0														new restated amount appear on this line
Pre-split 15	$812.29	$1,068.1	$1,359.7	$1,573	$1,704	$1,703	$1,986	$2,224	$2,306	$2,344	$2,714
Revenue US$	$400.703	$526.9	$670.7	$776	$841	$840	$980	$1,097	$1,137	$1,156	$1,339	$1,722	$1,927	$2,076	$2,248		226.81%	<-Total Growth	10	Revenue	US$
Increase	33.21%	31.50%	27.30%	15.70%	8.34%	-0.07%	16.62%	11.98%	3.66%	1.65%	15.81%	28.61%	11.91%	7.73%	8.29%		12.57%	<-IRR #YR->	10	Revenue	US$
5 year Running Average	$279	$345	$430	$535	$643	$731	$822	$907	$979	$1,042	$1,142	$1,290	$1,456	$1,644	$1,862		11.94%	<-IRR #YR->	5	Revenue	US$
Revenue per Share	$13.27	$17.53	$22.42	$25.77	$28.66	$28.36	$32.32	$36.64	$37.82	$32.29	$37.39	$44.72	$49.91	$53.77	$58.22		14.11%	<-IRR #YR->	10	5 yr Running Average	US$
Increase	30.15%	32.10%	27.86%	14.98%	11.21%	-1.05%	13.95%	13.39%	3.22%	-14.62%	15.80%	19.60%	11.60%	7.73%	8.29%		9.45%	<-IRR #YR->	5	5 yr Running Average	US$
5 year Running Average	$9.75	$11.74	$14.45	$17.84	$21.53	$24.55	$27.51	$30.35	$32.76	$33.49	$35.29	$37.77	$40.43	$43.62	$48.80		9.82%	<-IRR #YR->	10	Revenue per Share	US$
P/S (Price/Sales) Med	0.58	0.63	0.55	0.56	0.30	0.25	0.37	0.43	0.37	0.54	0.63	0.92					6.71%	<-IRR #YR->	5	Revenue per Share	US$
P/S (Price/Sales) Close	0.73	0.69	0.61	0.43	0.23	0.33	0.46	0.36	0.37	0.66	0.67	1.00	0.75	0.70	0.64		12.40%	<-IRR #YR->	10	5 yr Running Average	US$
*Revenue in M US$								P/S Med	10 yr	0.48	5 yr	0.54		54.81%	Diff M/C		6.55%	<-IRR #YR->	5	5 yr Running Average	US$
		-$527	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,722
							-$979.8	$0.0	$0.0	$0.0	$0.0	$1,722
		-$345	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,290
							-$821.5	$0.0	$0.0	$0.0	$0.0	$1,290
		-$17.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.72
							-$32.32	$0.00	$0.00	$0.00	$0.00	$44.72
		-$11.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$37.77
							-$27.51	$0.00	$0.00	$0.00	$0.00	$37.77
													$2,503.3	<-12 mths	4.98%
Pre-split 15
Revenue CDN*	$484.6	$614.9	$773.4	$797	$1,029	$882	$977	$1,121	$1,134	$1,230	$1,553	$2,385	$2,570	$2,769	$2,998		287.79%	<-Total Growth	10	Revenue	CDN$
Increase	34.25%	26.89%	25.77%	3.11%	29.06%	-14.26%	10.72%	14.71%	1.17%	8.46%	26.32%	53.51%	7.79%	7.73%	8.29%		14.51%	<-IRR #YR->	10	Revenue	CDN$
5 year Running Average	$384	$446	$525	$606	$740	$819	$892	$961	$1,029	$1,069	$1,203	$1,484	$1,774	$2,101	$2,455		19.54%	<-IRR #YR->	5	Revenue	CDN$
Revenue per Share	$16.05	$20.46	$25.84	$26.48	$35.08	$29.78	$32.22	$37.43	$37.70	$34.35	$43.38	$61.93	$66.57	$71.72	$77.66		12.77%	<-IRR #YR->	10	5 yr Running Average	CDN$
Increase	31.17%	27.46%	26.33%	2.46%	32.48%	-15.11%	8.19%	16.15%	0.74%	-8.90%	26.30%	42.76%	7.50%	7.73%	8.29%		10.73%	<-IRR #YR->	5	5 yr Running Average	CDN$
5 year Running Average	$13.48	$15.27	$17.68	$20.21	$24.78	$27.53	$29.88	$32.20	$34.44	$34.30	$37.02	$42.96	$48.79	$55.59	$64.25		11.71%	<-IRR #YR->	10	Revenue per Share	CDN$
P/S (Price/Sales) Med	0.60	0.64	0.55	0.56	0.26	0.27	0.38	0.42	0.38	0.53	0.62	0.80					13.96%	<-IRR #YR->	5	Revenue per Share	CDN$
P/S (Price/Sales) Close	0.74	0.70	0.61	0.41	0.22	0.34	0.46	0.36	0.37	0.66	0.67	1.00	0.76	0.70	0.65		10.90%	<-IRR #YR->	10	5 yr Running Average	CDN$
*Revenue in M CDN$ (If a company cannot grow revenue, it cannot grow)								P/S Med	10 yr	0.47	5 yr	0.53		59.63%	Diff M/C		7.53%	<-IRR #YR->	5	5 yr Running Average	CDN$
		-$615	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,385
							-$976.9	$0.0	$0.0	$0.0	$0.0	$2,385
		-$446	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,484
							-$891.8	$0.0	$0.0	$0.0	$0.0	$1,484
		-$20.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.93
							-$32.22	$0.00	$0.00	$0.00	$0.00	$61.93
		-$15.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.96
							-$29.88	$0.00	$0.00	$0.00	$0.00	$42.96
													$1.27	<-12 mths	102.22%
Pre-split 15	$0.78	$2.30	$1.17	$0.92	$2.44	-$1.87	$0.12	$2.13	-$0.12	-$0.64	$1.20
EPS Basic US$	$0.38	$1.13	$0.58	$0.45	$1.20	-$0.92	$0.06	$1.05	-$0.06	-$0.32	$0.59	$0.63					-44.47%	<-Total Growth	10	EPS Basic	US$
Pre- Split '05
Pre-split 15	$0.74	$2.21	$1.08	$0.85	$1.41	-$1.87	$0.11	$2.03	-$0.12	-$0.64	$1.19	\
EPS Diluted US$	$0.37	$1.09	$0.53	$0.42	$0.70	-$0.92	$0.05	$1.00	-$0.06	-$0.32	$0.59	$0.62	$2.30	$2.57	$2.92		-43.13%	<-Total Growth	10	EPS Diluted	US$
Increase	13.85%	198.65%	-51.13%	-21.30%	65.88%	-232.62%	105.88%	1745.45%	-105.91%	-433.33%	285.94%	5.62%	270.97%	11.74%	13.62%		-5.49%	<-IRR #YR->	10	Earnings per Share	US$
Earnings Yield	3.8%	9.0%	3.9%	3.8%	10.7%	-9.8%	0.4%	7.7%	-0.4%	-1.5%	2.3%	1.4%	6.1%	6.9%	7.8%		62.77%	<-IRR #YR->	5	Earnings per Share	US$
5 year Running Average	$0.30	$0.48	$0.52	$0.55	$0.62	$0.36	$0.16	$0.25	$0.15	-$0.05	$0.25	$0.37	$0.63	$1.15	$1.80		-2.57%	<-IRR #YR->	10	5 yr Running Average	US$
10 year Running Average	$0.21	$0.31	$0.35	$0.39	$0.44	$0.33	$0.32	$0.39	$0.35	$0.29	$0.31	$0.26	$0.44	$0.65	$0.88		18.66%	<-IRR #YR->	5	5 yr Running Average	US$
* ESP per share (US, Diluted)								E/P	10 Yrs	1.87%	5Yrs	1.39%
		-$1.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.62
							-$0.05	$0.00	$0.00	$0.00	$0.00	$0.62
		-$0.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.37
							-$0.16	$0.00	$0.00	$0.00	$0.00	$0.37
													$1.70	<-12 mths	94.78%
Pre-split 15
EPS Basic CDN$	$0.47	$1.32	$0.67	$0.47	$1.47	-$0.97	$0.06	$1.07	-$0.06	-$0.34	$0.69	$0.87					-34.11%	<-Total Growth	10	EPS Basic	CDN$
Pre-Split '05 CDN$
Pre-split 15
EPS Diluted CDN$	$0.44	$1.27	$0.61	$0.43	$0.85	-$0.97	$0.05	$1.02	-$0.06	-$0.34	$0.68	$0.86	$3.07	$3.43	$3.89		-32.52%	<-Total Growth	10	EPS Diluted	CDN$
Increase	14.74%	188.18%	-51.72%	-29.86%	97.61%	-213.78%	105.58%	1790.49%	-105.77%	-469.06%	302.81%	26.07%	257.32%	11.74%	13.62%		-3.86%	<-IRR #YR->	10	Earnings per Share	CDN$
Earnings Yield	3.7%	8.9%	3.9%	3.9%	10.8%	-9.7%	0.4%	7.7%	-0.4%	-1.5%	2.3%	1.4%	6.1%	6.8%	7.7%		73.83%	<-IRR #YR->	5	Earnings per Share	CDN$
5 year Running Average	$0.42	$0.61	$0.64	$0.63	$0.72	$0.44	$0.20	$0.28	$0.18	-$0.06	$0.27	$0.43	$0.84	$1.54	$2.39		-3.32%	<-IRR #YR->	10	5 yr Running Average	CDN$
10 year Running Average	$0.30	$0.42	$0.47	$0.49	$0.55	$0.43	$0.40	$0.46	$0.40	$0.33	$0.36	$0.31	$0.56	$0.86	$1.16		17.16%	<-IRR #YR->	5	5 yr Running Average	CDN$
* ESP per share (CDN, Diluted)								E/P	10 Yrs	1.86%	5Yrs	1.39%
		-$1.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.86
							-$0.05	$0.00	$0.00	$0.00	$0.00	$0.86
		-$0.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.43
							-$0.20	$0.00	$0.00	$0.00	$0.00	$0.43
Special Dividend US$	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.20	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends	US$
Dividend*	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.40	$0.20	$0.09	$0.10	$0.10		#DIV/0!	<-Total Growth	10	Dividends	US$
Increase												-50.00%	-55.00%	11.11%	0.00%			Count	2	Years of data	US$
Dividends 5 Yr Running														$0.16	$0.18		#DIV/0!	<-Total Growth	-1	Dividends 5 Yr Running	US$
Yield H/L Price											1.69%	0.49%	0.24%				1.09%	<-Median->	2	Yield H/L Price	US$
Yield on High  Price											1.43%	0.40%	0.20%				0.91%	<-Median->	2	Yield on High  Price	US$
Yield on Low Price											2.09%	0.61%	0.28%				1.35%	<-Median->	2	Yield on Low Price	US$
Yield on Close Price											1.59%	0.45%	0.24%	0.27%	0.27%		1.02%	<-Median->	2	Yield on Close Price	US$
Payout Ratio EPS										-63.35%	68.14%	32.26%	3.91%	3.89%	3.42%		32.26%	<-Median->	3	DPR EPS	US$
DPR EPS 5 Yr Running														13.71%	9.89%		#NUM!	<-Median->	0	DPR EPS 5 Yr Running	US$
Payout Ratio CFPS										12.48%	18.25%	8.13%	2.54%	3.17%	2.97%		12.48%	<-Median->	3	DPR CF	US$
DPR CF 5 Yr Running														6.10%	6.05%		#NUM!	<-Median->	0	DPR CF 5 Yr Running
Payout Ratio CFPS WC										14.70%	22.21%	5.11%	2.54%	3.17%	2.97%		14.70%	<-Median->	3	DPR CF WC	US$
DPR CF WC 5 Yr Running										0.00%	0.00%	0.00%	0.00%	5.74%	5.64%		0.00%	<-Median->	3	DPR CF WC 5 Yr Running	US$
Median Values				5 Yr Med	5 Yr Cl	1.09%	1.02%	5 Yr Med	Payout	32.26%	12.48%	14.70%					-50.00%	<-IRR #YR->	1	Dividends	US$
* Dividends per share				5 Yr Med	and Cur.	-75.50%	-73.86%	Last Div Inc --->		$0.04	$0.05	25.0%					-50.00%	<-IRR #YR->	1	Dividends	US$
											-$0.40	$0.20
											-$0.40	$0.20
Historical Dividends		Historical	H/L Div	#NUM!	#NUM!	#NUM!	<-Ave D		Med Div	1.09%	Close Div	1.02%								Historical Dividends	CDN$
High/Ave/Median Values		P/Hi	P/Ave	#NUM!	#NUM!	#NUM!	#NUM!	Curr diff	Exp.	-75.50%	Exp.	-73.86%								High/Ave/Median	CDN$
Future Div Yield				Div Yd	$0.00	earning in	10.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Div Yield	CDN$
Future Div Yield				Div Yd	0.27%	earning in	15.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Div Yield	CDN$
Yield if held 5 yrs											5.57%	1.65%	0.57%	0.71%	0.57%		3.61%	<-Median->	2	Paid Median Price	CDN$
Yield if held 10 yrs											5.17%	1.82%	0.73%	0.70%	1.17%		3.49%	<-Median->	2	Paid Median Price	CDN$
Yield if held 15 yrs											12.15%	6.03%	1.65%	2.07%	2.29%		9.09%	<-Median->	2	Paid Median Price	CDN$
Yield if held 20 yrs											32.43%	17.55%	8.24%	5.29%	2.80%		24.99%	<-Median->	2	Paid Median Price	CDN$
Cost covered if held 5 years										2.34%	8.36%	6.60%	5.65%	6.99%	6.26%		6.60%	<-Median->	3	Paid Median Price	CDN$
Cost covered if held 10 years										4.58%	7.75%	7.28%	7.25%	6.90%	12.78%		7.28%	<-Median->	3	Paid Median Price	CDN$
Cost covered if held 15 years										7.01%	18.23%	24.14%	16.33%	20.50%	24.98%		18.23%	<-Median->	3	Paid Median Price	CDN$
Cost covered if held 20 years										40.69%	53.00%	83.70%	79.09%	44.91%	38.22%		53.00%	<-Median->	3	Paid Median Price	CDN$
Special Dividend CDN$	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.21	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends	CDN$
Dividend*	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.46	$0.28	$0.12	$0.13	$0.13		#DIV/0!	<-Total Growth	10	Dividends	CDN$
Increase												-40.32%	-56.66%	11.11%	0.00%			Count	2	Years of data	CDN$
Dividends 5 Yr Running									$0.00	$0.00	$0.09	$0.15	$0.17	$0.20	$0.23		#DIV/0!	<-Total Growth	3	Dividends 5 Yr Running	CDN$
Yield H/L Price											1.72%	0.56%	0.24%				1.14%	<-Median->	2	Yield H/L Price	CDN$
Yield on High  Price											1.45%	0.42%	0.21%				0.94%	<-Median->	2	Yield on High  Price	CDN$
Yield on Low Price											2.11%	0.81%	0.28%				1.46%	<-Median->	2	Yield on Low Price	CDN$
Yield on Close Price											1.59%	0.45%	0.24%	0.27%	0.27%		1.02%	<-Median->	2	Yield on Close Price	CDN$
Payout Ratio EPS										-63.35%	68.14%	32.26%	3.91%	3.89%	3.42%		32.26%	<-Median->	3	DPR EPS	CDN$
DPR EPS 5 Yr Running										0.00%	34.04%	34.19%	20.44%	12.92%	9.45%		34.04%	<-Median->	3	DPR EPS 5 Yr Running	CDN$
Payout Ratio CFPS										12.48%	18.25%	4.90%	2.54%	3.17%	2.97%		12.48%	<-Median->	3	DPR CF	CDN$
DPR CF 5 Yr Running														5.28%	5.22%		#NUM!	<-Median->	0	DPR CF 5 Yr Running
Payout Ratio CFPS WC										14.70%	22.21%	5.11%	2.54%	3.17%	2.97%		14.70%	<-Median->	3	DPR CF WC	CDN$
DPR CF WC 5 Yr Running										0.00%	5.77%	6.18%	5.74%	5.56%	5.39%		5.77%	<-Median->	3	DPR CF WC 5 Yr Running	CDN$
Median Values				5 Yr Med	5 Yr Cl	1.14%	1.02%	5 Yr Med	Payout	32.26%	12.48%	14.70%					-40.32%	<-IRR #YR->	1	Dividends	CDN$
* Dividends per share				5 Yr Med	and Cur.	-76.72%	-73.95%	Last Div Inc --->		$0.10	$0.10	0.0%					-40.32%	<-IRR #YR->	1	Dividends	CDN$
											-$0.46	$0.28
											-$0.46	$0.28
Historical Dividends		Historical	H/L Div	#NUM!	#NUM!	#NUM!	<-Ave D		Med Div	1.14%	Close Div	1.02%								Historical Dividends	CDN$
High/Ave/Median Values		P/Hi	P/Ave	#NUM!	#NUM!	#NUM!	#NUM!	Curr diff	Exp.	-76.74%	Exp.	-73.95%								High/Ave/Median	CDN$
Future Div Yield				Div Yd	$0.00	earning in	10.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Div Yield	CDN$
Future Div Yield				Div Yd	0.27%	earning in	15.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Div Yield	CDN$
Yield if held 5 yrs											5.87%	2.25%	0.76%	0.94%	0.74%		4.06%	<-Median->	2	Paid Median Price	CDN$
Yield if held 10 yrs											4.81%	2.12%	0.84%	0.90%	1.46%		3.47%	<-Median->	2	Paid Median Price	CDN$
Yield if held 15 yrs											9.41%	5.50%	1.41%	1.86%	2.20%		7.46%	<-Median->	2	Paid Median Price	CDN$
Yield if held 20 yrs											8.32%	6.33%	2.04%	1.07%	0.96%		7.32%	<-Median->	2	Paid Median Price	CDN$
Cost covered if held 5 years										2.33%	8.56%	7.73%	6.83%	8.52%	7.41%		7.73%	<-Median->	3	Paid Median Price	CDN$
Cost covered if held 10 years										3.52%	7.02%	7.30%	7.53%	8.11%	14.70%		7.02%	<-Median->	3	Paid Median Price	CDN$
Cost covered if held 15 years										4.79%	13.72%	18.95%	12.62%	16.80%	22.16%		13.72%	<-Median->	3	Paid Median Price	CDN$
Cost covered if held 20 years										8.02%	43.04%	72.88%	70.07%	38.38%	30.19%		43.04%	<-Median->	3	Paid Median Price	CDN$
Graham Price CDN$	$6.04	$11.42	$8.34	$5.05	$3.84	$0.68	$1.04	$6.32	$5.23	$7.37	$8.34	$18.75	$20.54	$21.71	$23.14		64.26%	<-Total Growth	10	Graham Price	CDN$
Price/GP Ratio Med	1.60	1.14	1.71	2.95	2.38	11.63	11.84	2.49	2.71	2.45	3.23	2.66	2.46				2.60	<-Median->	10	Price/GP Ratio	CDN$
Price/GP Ratio High	1.98	1.31	1.88	3.89	3.16	16.17	14.23	3.03	3.01	3.06	3.83	3.48	2.79				3.11	<-Median->	10	Price/GP Ratio	CDN$
Price/GP Ratio Low	1.21	0.98	1.54	2.01	1.60	7.09	9.45	1.95	2.41	1.84	2.63	1.83	2.12				1.98	<-Median->	10	Price/GP Ratio	CDN$
Price/GP Ratio Close	1.96	1.25	1.88	2.17	2.06	14.73	14.23	2.10	2.65	3.06	3.51	3.29	2.45	2.32	2.17		2.41	<-Median->	10	Price/GP Ratio	CDN$
Prem/Disc Close	96.01%	25.17%	88.05%	116.63%	105.52%	1372.55%	1323.20%	110.45%	164.84%	206.20%	250.70%	229.15%	144.92%	131.69%	117.36%		140.73%	<-Median->	10	Graham Price	CDN$
Split 15	$24.00	$28.97	$31.80	$22.17	$15.99	$20.30	$30.05	$26.95	$28.08	$45.75	$59.28
Price Close CDN$	$11.84	$14.29	$15.69	$10.94	$7.89	$10.01	$14.82	$13.29	$13.85	$22.57	$29.24	$61.73	$50.30	$50.30	$50.30		331.95%	<-Total Growth	10	Stock Price	CDN$
Increase	56.86%	20.71%	9.77%	-30.28%	-27.88%	26.95%	48.03%	-10.32%	4.19%	62.93%	29.57%	111.09%	-18.52%	0.00%	0.00%		15.76%	<-IRR #YR->	10	Stock Price	CDN$
P/E	26.82	11.23	25.54	25.38	9.27	-10.34	274.00	13.00	-234.74	-67.21	42.94	71.90	16.40	14.67	12.92		33.02%	<-IRR #YR->	5	Stock Price	CDN$
Trailing P/E	30.77	32.37	12.33	17.80	18.31	11.76	-15.30	245.74	13.54	-382.46	-87.09	90.64	58.59	16.40	14.67		16.04%	<-IRR #YR->	10	Price & Dividend	CDN$
Median 10, 5 Yrs	D.  per yr	0.29%	0.85%	% Tot Ret	1.80%	2.50%		Price Inc	29.57%	P/E:	19.19	13.00					33.86%	<-IRR #YR->	5	Price & Dividend	CDN$
		-$14.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.73
							-$14.82	$0.00	$0.00	$0.00	$0.00	$61.73
		-$14.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.21	$0.46	$0.28	$62.01
							-$14.82	$0.00	$0.21	$0.46	$0.28	$62.01
Price H/L Median	$9.64	$13.07	$14.26	$14.88	$9.12	$7.91	$12.33	$15.73	$14.16	$18.08	$26.94	$49.84	$50.45				281.22%	<-Total Growth	10	Stock Price	CDN$
Increase	59.35%	35.62%	9.06%	4.39%	-38.73%	-13.28%	55.99%	27.49%	-9.94%	27.67%	48.97%	85.01%	1.22%				14.32%	<-IRR #YR->	10	Stock Price	CDN$
P/E	21.83	10.28	23.21	34.54	10.71	-8.16	228.00	15.38	-240.01	-53.85	39.55	58.05	16.44				32.21%	<-IRR #YR->	5	Stock Price	CDN$
Trailing P/E	25.05	29.61	11.21	24.23	21.17	9.29	-12.73	290.69	13.85	-306.43	-80.22	73.18	58.76				14.57%	<-IRR #YR->	10	Price & Dividend	CDN$
P/E on Run. 5 yr Ave	22.84	21.52	22.27	23.67	12.63	17.97	62.81	56.56	78.64	-315.41	98.81	114.96	59.88				32.88%	<-IRR #YR->	5	Price & Dividend	CDN$
P/E on Run. 10 yr Ave	32.07	31.33	30.60	30.26	16.46	18.34	30.69	34.25	35.02	54.41	75.60	158.24	90.03				18.21	P/E Ratio		Historical Median	CDN$
Median 10, 5 Yrs	D.  per yr	0.25%	0.67%	% Tot Ret	1.70%	2.03%		Price Inc	27.67%	P/E:	19.29	15.38						Count	23	Years of data	CDN$
		-$13.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.84
							-$12.33	$0.00	$0.00	$0.00	$0.00	$49.84
		-$13.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.21	$0.46	$50.11
							-$12.33	$0.00	$0.00	$0.21	$0.46	$50.11
High Month CDN$	Mar	Feb	Mar	Jul	Apr	Oct	Dec	Apr	Feb	Dec	Dec	Oct	Aug
Split '05
Split 15	$24.25	$30.22	$31.80	$39.80	$24.55	$22.29	$30.05	$38.81	$31.92	$45.78	$64.71
Price High CDN$	$11.96	$14.91	$15.69	$19.63	$12.11	$11.00	$14.82	$19.14	$15.75	$22.58	$31.92	$65.30	$57.29				338.03%	<-Total Growth	10	Stock Price	CDN$
Increase	52.76%	24.62%	5.23%	25.16%	-38.32%	-9.21%	34.81%	29.15%	-17.75%	43.42%	41.35%	104.56%	-12.27%				15.92%	<-IRR #YR->	10	Stock Price	CDN$
P/E	27.10	11.72	25.54	45.57	14.22	-11.35	274.00	18.72	-266.85	-67.25	46.87	76.06	18.67				34.52%	<-IRR #YR->	5	Stock Price	CDN$
Trailing P/E	37.31	40.84	14.39	36.85	28.88	15.81	-16.07	352.82	15.72	-381.50	-101.11	111.24	92.40				22.14	P/E Ratio		Historical Median	CDN$
Median 10, 5 Yrs								Price Inc	41.35%	P/E:	22.13	18.72					45.83	P/E Ratio		Historical High	CDN$
		-$14.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$65.30
							-$14.82	$0.00	$0.00	$0.00	$0.00	$65.30
Low Month CDN$	Jul	May	Jan	Jan	Jul	Mar	Feb	Dec	Jun	Jan	Feb	Jan	Jul
Split '05
Split 15	$14.83	$22.78	$26.00	$20.54	$12.42	$9.77	$19.96	$24.95	$25.50	$27.53	$44.50
Price Low CDN$	$7.32	$11.24	$12.83	$10.13	$6.13	$4.82	$9.85	$12.31	$12.58	$13.58	$21.95	$34.37	$43.60				205.85%	<-Total Growth	10	Stock Price	CDN$
Increase	71.45%	53.61%	14.14%	-21.00%	-39.53%	-21.34%	104.30%	25.00%	2.20%	7.96%	61.64%	56.57%	26.85%				11.83%	<-IRR #YR->	10	Stock Price	CDN$
P/E	16.57	8.83	20.88	23.52	7.20	-4.98	182.00	12.03	-213.18	-40.44	32.23	40.03	14.21				28.40%	<-IRR #YR->	5	Stock Price	CDN$
Trailing P/E	19.01	25.45	10.08	16.49	14.22	5.66	-10.16	227.50	12.30	-230.15	-65.37	50.47	50.78				12.03	P/E Ratio		Historical Median	CDN$
Median 10, 5 Yrs								Price Inc	25.00%	P/E:	16.46	12.03					8.25	P/E Ratio		Historical Low	CDN$
		-$11.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$34.37
							-$9.85	$0.00	$0.00	$0.00	$0.00	$34.37
Pre-split '05
Pre-split '15	$19.53	$24.58	$27.66	$22.60	$13.15	$19.12	$30.18	$26.49	$28.26	$43.05	$50.86
Price Close US$	$9.63	$12.13	$13.64	$11.15	$6.49	$9.43	$14.89	$13.07	$13.94	$21.24	$25.09	$44.55	$37.45	$37.45	$37.45		267.41%	<-Total Growth	10	Stock Price	US$
Increase	67.78%	25.86%	12.53%	-18.29%	-41.81%	45.40%	57.85%	-12.23%	6.68%	52.34%	18.14%	77.57%	-15.94%	0.00%	0.00%		13.90%	<-IRR #YR->	10	Stock Price	US$
P/E	26.39	11.12	25.61	26.59	9.33	-10.22	274.36	13.05	-235.50	-67.27	42.74	71.85	16.28	14.57	12.83		24.51%	<-IRR #YR->	5	Stock Price	US$
Trailing P/E	30.05	33.22	12.52	20.93	15.47	13.56	-16.14	240.82	13.92	-358.75	-79.47	75.89	60.40	16.28	14.57		14.21%	<-IRR #YR->	10	Price & Dividend	US$
Median 10, 5 Yrs	D.  per yr	0.32%	0.81%	% Tot Ret	2.22%	3.21%		Price Inc	18.14%	P/E:	19.33	13.05					25.32%	<-IRR #YR->	5	Price & Dividend	US$
		-$12.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.55
							-$14.89	$0.00	$0.00	$0.00	$0.00	$44.55
		-$12.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.20	$0.40	$0.20	$44.75
							-$14.89	$0.00	$0.20	$0.40	$0.20	$44.75
Price H/L Median US$	$7.74	$10.99	$12.27	$14.35	$8.53	$7.18	$12.11	$15.76	$14.16	$17.41	$23.60	$41.20	$37.83				275.03%	<-Total Growth	10	Stock Price	US$
Increase	77.44%	41.89%	11.72%	16.92%	-40.56%	-15.85%	68.76%	30.12%	-10.17%	23.00%	35.55%	74.54%	-8.19%				14.13%	<-IRR #YR->	10	Stock Price	US$
P/E	21.21	10.08	23.04	34.22	12.26	-7.78	223.23	15.74	-239.17	-55.16	40.21	66.45	16.45				27.74%	<-IRR #YR->	5	Stock Price	US$
Trailing P/E	24.15	30.09	11.26	26.94	20.34	10.32	-13.13	290.45	14.14	-294.17	-74.77	70.18	61.01				14.47%	<-IRR #YR->	10	Price & Dividend	US$
P/E on Run. 5 yr Ave	25.56	23.10	23.41	26.30	13.74	19.77	77.71	63.14	91.99	-360.20	93.09	112.35	60.38				28.69%	<-IRR #YR->	5	Price & Dividend	US$
P/E on Run. 10 yr Ave	37.73	35.55	34.58	37.10	19.25	21.56	38.37	40.73	40.48	60.86	76.56	157.68	86.36				18.21	P/E Ratio		Historical Median	US$
Median 10, 5 Yrs	D.  per yr	0.34%	0.94%	% Tot Ret	2.37%	3.29%		Price Inc	30.12%	P/E:	19.39	15.74						Count	23	Years of data	US$
		-$10.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$41.20
							-$12.11	$0.00	$0.00	$0.00	$0.00	$41.20
		-$10.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.20	$0.40	$0.20	$41.40
							-$12.11	$0.00	$0.20	$0.40	$0.20	$41.40
High Month US$	Mar	Feb	Mar	Jul	Apr	Oct	Dec	Apr	Mar	Dec	Nov	Nov	Aug
Pre-split '05
Pre-split '15	$20.24	$26.96	$27.66	$37.70	$24.43	$21.57	$30.18	$39.97	$32.39	$43.05	$56.90
Price High US$	$9.98	$13.30	$13.64	$18.60	$12.05	$10.64	$14.89	$19.72	$15.98	$21.24	$28.07	$49.57	$44.03				272.72%	<-Total Growth	10	Stock Price	US$
Increase	68.81%	33.20%	2.60%	36.30%	-35.20%	-11.71%	39.92%	32.44%	-18.96%	32.91%	32.17%	76.60%	-11.18%				14.06%	<-IRR #YR->	10	Stock Price	US$
P/E Ratio	27.35	12.20	25.61	44.35	17.33	-11.53	274.36	19.69	-269.92	-67.27	47.82	79.95	19.14				27.20%	<-IRR #YR->	5	Stock Price	US$
Trailing P/E Ratio	31.14	36.43	12.52	34.91	28.74	15.30	-16.14	363.36	15.96	-358.75	-88.91	84.44	71.02				21.77	P/E Ratio		Historical Median	US$
Median 10, 5 Yrs								T P/E	15.96	P/E:	22.65	19.69					36.03	P/E Ratio		Historical High	US$
		-$13.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.57
							-$14.89	$0.00	$0.00	$0.00	$0.00	$49.57
Low Month US$	Jul	Jun	Jan	Jan	Oct	Mar	Feb	Nov	Jun	Jan	Jan	Jan	Jan
Pre-split '05
Pre-split '15	$11.15	$17.58	$22.10	$20.48	$10.15	$7.53	$18.93	$23.93	$25.01	$27.55	$38.80
Price Low US$	$5.50	$8.67	$10.90	$10.10	$5.01	$3.71	$9.34	$11.80	$12.34	$13.59	$19.14	$32.83	$31.62				278.57%	<-Total Growth	10	Stock Price	US$
Increase	95.61%	57.67%	25.71%	-7.33%	-50.44%	-25.81%	151.39%	26.41%	4.51%	10.16%	40.83%	71.53%	-3.69%				14.24%	<-IRR #YR->	10	Stock Price	US$
P/E Ratio	15.07	7.95	20.46	24.09	7.20	-4.03	172.09	11.79	-208.42	-43.05	32.61	52.95	13.75				28.59%	<-IRR #YR->	5	Stock Price	US$
Trailing P/E Ratio	17.15	23.76	10.00	18.96	11.94	5.34	-10.12	217.55	12.32	-229.58	-60.63	55.93	51.00				13.75	P/E Ratio		Historical Median	US$
Median 10, 5 Yrs								T P/E	12.32	P/E:	16.13	11.79					7.80	P/E Ratio		Historical Low	US$
		-$8.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.83
							-$9.34	$0.00	$0.00	$0.00	$0.00	$32.83
Pre-split '15								$395.5	$580.6	$604.4	$701.3
Debt US$											$254.0	$260.9	$335.8							Debt	US$
Debt CDN$											$294.7	$361.3	$447.9							Debt	CDN$
Ratio to Market Cap											0.28	0.15	0.23				0.22	<-Median->	2	% of Market Cap	CDN$
Goodwill US$								$195.1	$286.4	$298.1	$345.9	$426.6	$498.1					Intangibles		Goodwill	US$
Goodwill CDN$								$199.3	$285.5	$317.1	$401.3	$590.8	$664.4					Intangibles		Goodwill	CDN$
Ratio to Market Cap								0.50	0.69	0.39	0.38	0.25	0.34				0.39	<-Median->	5	% of Market Cap	CDN$
Market Cap US$	$291	$364	$408	$336	$190	$279	$451	$391	$419	$760	$898	$1,715	$1,446	$1,446	$1,446		370.69%	<-Total Growth	10	Market Cap	US$
Market Cap CDN$	$357	$430	$469	$329	$231	$297	$449	$398	$417	$808	$1,047	$2,377	$1,942	$1,942	$1,942		453.37%	<-Total Growth	10	Market Cap	CDN$
Diluted # of Sh in Million				30.547	29.755	29.516	30.367	30.551	30.376	33.262	36.309	37.586	38.950				23.04%	<-Total Growth	8	Diluted
Change					-2.59%	-0.80%	2.88%	0.61%	-0.57%	9.50%	9.16%	3.52%	3.63%				1.74%	<-Median->	8	Change
Average # of Sh in Million				29.905	29.584	29.438	30.081	30.094	30.264	32.928	35.917	37.196	38.601				24.38%	<-Total Growth	8	Average
Change					-1.07%	-0.49%	2.18%	0.04%	0.57%	8.80%	9.08%	3.56%	3.78%				1.38%	<-Median->	8	Change
Difference				0.7%	-0.8%	0.6%	0.8%	-0.5%	-0.6%	8.7%	-0.3%	3.5%	0.0%				0.64%	<-Median->	9	Difference
													$151.57	<-12 mths	-3.61%		$74.82	-52.42%
Preferred Shares				5.979	5.772	5.772	5.772	5.623	5.231	0.000	0.000	0.000	0.000							Preferred Shares
Multiple Voting							1.326	1.326	1.326	1.326	1.326	1.326	1.326							Multiple Voting
Subordinate Voting							28.993	28.616	28.744	34.476	34.481	37.179	37.284							Subordinate Voting
Split '05
# of Share in Millions	30.193	30.056	29.923	30.113	29.333	29.625	30.318	29.941	30.070	35.802	35.807	38.504	38.609	38.609	38.609		2.51%	<-IRR #YR->	10	Shares
Change	2.35%	-0.45%	-0.44%	0.63%	-2.59%	0.99%	2.34%	-1.24%	0.43%	19.06%	0.01%	7.53%	0.27%	0.00%	0.00%		4.90%	<-IRR #YR->	5	Shares
Pre-split '15	$37.0	$59.3	$59.8	$57.2	$88.5	$81.0	$115.1	$80.2	$103.0	$116.3	$159.1
CF fr Op $M US$	$18.27	$29.28	$29.49	$28.20	$43.66	$39.98	$56.75	$39.57	$50.81	$57.36	$78.47	$157.2	$136.7	$121.6	$130.1		437.07%	<-Total Growth	10	Cash Flow	US$
Increase	5.63%	60.27%	0.74%	-4.38%	54.82%	-8.43%	41.95%	-30.28%	28.40%	12.90%	36.80%	100.38%	-13.08%	-11.02%	6.98%		SO, S Issu	Buy Backs
5 year Running Average	$15.0	$18.6	$22.1	$24.5	$29.8	$34.1	$39.6	$41.6	$46.2	$48.9	$56.6	$76.7	$96.1	$110.3	$124.8		311.36%	<-Total Growth	10	CF 5 Yr Running	US$
CFPS US$	$0.61	$0.97	$0.99	$0.94	$1.49	$1.35	$1.87	$1.32	$1.69	$1.60	$2.19	$2.46	$3.54	$3.15	$3.37		152.54%	<-Total Growth	10	Cash Flow per Share	US$
Increase	3.21%	61.00%	1.19%	-4.98%	58.93%	-9.33%	38.71%	-29.40%	27.85%	-5.17%	36.78%	12.26%	43.90%	-11.02%	6.98%		18.31%	<-IRR #YR->	10	Cash Flow	US$
5 year Running Average	$0.52	$0.64	$0.74	$0.82	$1.00	$1.15	$1.33	$1.39	$1.54	$1.57	$1.74	$1.85	$2.30	$2.59	$2.94		22.61%	<-IRR #YR->	5	Cash Flow	US$
P/CF on Med Price	12.80	11.28	12.45	15.32	5.73	5.32	6.47	11.93	8.38	10.87	10.77	16.75					9.71%	<-IRR #YR->	10	Cash Flow per Share	US$
P/CF on Closing Price	32.28	25.23	28.06	24.13	8.83	14.17	16.12	20.04	16.73	26.87	11.45	18.11	10.58	11.89	11.11		5.62%	<-IRR #YR->	5	Cash Flow per Share	US$
														-39.26%	Diff M/C		11.29%	<-IRR #YR->	5	CFPS 5 yr Running	US$
Pre-split '15	$12.1	$9.0	$5.9	$21.2	$15.5	-$15.2	-$23.9	$20.9	-$22.15	-$17.55	-$28.35
Excl.Working Capital CF	$5.99	$4.43	$2.93	$10.46	$7.66	-$7.52	-$11.78	$10.31	-$10.93	-$8.66	-$13.99	-$6.46	$0.0	$0.0	$0.0		6.91%	<-IRR #YR->	5	CFPS 5 yr Running	US$
CF fr Op $M WC US$	$24.3	$33.7	$32.4	$38.7	$51.3	$32.5	$45.0	$49.9	$39.9	$48.7	$64.5	$150.8	$136.7	$121.6	$130.1		347.26%	<-Total Growth	10	Cash Flow less WC	US$
Increase	35.36%	38.98%	-3.82%	19.23%	32.74%	-36.74%	38.52%	10.92%	-20.05%	22.13%	32.40%	133.83%	-9.35%	-11.02%	6.98%		16.16%	<-IRR #YR->	10	Cash Flow less WC	US$
5 year Running Average	$18.8	$22.6	$25.6	$29.4	$36.1	$37.7	$40.0	$43.5	$43.7	$43.2	$49.6	$70.7	$88.1	$104.5	$120.7		27.37%	<-IRR #YR->	5	Cash Flow less WC	US$
CFPS Excl. WC US$	$0.80	$1.12	$1.08	$1.28	$1.75	$1.10	$1.48	$1.67	$1.33	$1.36	$1.80	$3.92	$3.54	$3.15	$3.37		12.08%	<-IRR #YR->	10	CF less WC 5 Yr Run	US$
Increase	32.25%	39.62%	-3.39%	18.48%	36.27%	-37.36%	35.36%	12.31%	-20.40%	2.58%	32.38%	117.45%	-9.60%	-11.02%	6.98%		12.10%	<-IRR #YR->	5	CF less WC 5 Yr Run	US$
5 year Running Average	$0.66	$0.77	$0.86	$0.98	$1.21	$1.27	$1.34	$1.46	$1.46	$1.39	$1.53	$2.01	$2.39	$2.75	$3.16		13.32%	<-IRR #YR->	10	CFPS - Less WC	US$
P/CF on Median Price	9.64	9.79	11.33	11.18	4.88	6.55	8.17	9.46	10.68	12.80	13.11	10.52					21.43%	<-IRR #YR->	5	CFPS - Less WC	US$
P/CF on Close Price	11.99	10.81	12.59	8.68	3.71	8.61	10.04	7.84	10.51	15.61	13.93	11.38	10.58	11.89	11.11		10.05%	<-IRR #YR->	10	CFPS 5 yr Running	US$
		CF/-WC	P/CF Med	10 yr	17.42	5 yr	18.11	P/CF Med	10 yr	10.60	5 yr	10.68		-0.18%	Diff M/C		8.50%	<-IRR #YR->	5	CFPS 5 yr Running	US$
													$202.16	<-12 mths	-7.15%
Pre-split '15
CF fr Op $M CDN$	$22.1	$34.2	$34.0	$29.0	$53.4	$42.0	$56.6	$40.4	$50.6	$61.0	$91.0	$217.7	$182.3	$162.2	$173.5		537.28%	<-Total Growth	10	Cash Flow	CDN$
Increase	6.46%	54.65%	-0.47%	-14.79%	84.43%	-21.44%	34.77%	-28.58%	25.32%	20.46%	49.21%	139.19%	-16.27%	-11.02%	6.98%		SO, S Issu	Buy Backs
5 year Running Average	$20.8	$24.3	$27.2	$28.0	$34.5	$38.5	$43.0	$44.3	$48.6	$50.1	$59.9	$92.2	$120.5	$142.9	$165.4		279.99%	<-Total Growth	10	CF 5 Yr Running	CDN$
CFPS CDN$	$0.73	$0.97	$1.14	$0.96	$1.82	$1.42	$1.87	$1.35	$1.68	$1.70	$2.54	$5.65	$4.72	$4.20	$4.49		480.53%	<-Total Growth	10	Cash Flow per Share	CDN$
Increase	4.01%	33.12%	16.67%	-15.33%	89.33%	-22.21%	31.69%	-27.68%	24.78%	1.18%	49.19%	122.43%	-16.50%	-11.02%	6.98%		20.35%	<-IRR #YR->	10	Cash Flow	CDN$
5 year Running Average	$0.73	$0.80	$0.89	$0.90	$1.13	$1.26	$1.44	$1.48	$1.63	$1.60	$1.83	$2.59	$3.26	$3.76	$4.32		30.93%	<-IRR #YR->	5	Cash Flow	CDN$
P/CF on Median Price	13.17	13.42	12.54	15.47	5.01	5.58	6.61	11.65	8.41	10.61	10.60	8.81					19.23%	<-IRR #YR->	10	Cash Flow per Share	CDN$
P/CF on Close Price	16.18	14.67	13.80	11.36	4.33	7.07	7.94	9.85	8.22	13.24	11.50	10.92	10.65	11.97	11.19		24.82%	<-IRR #YR->	5	Cash Flow per Share	CDN$
														9.78%	Diff M/C		12.48%	<-IRR #YR->	10	CFPS 5 yr Running	CDN$
Excl.Working Capital CF	$7.2	$5.2	$3.4	$10.7	$9.4	-$7.9	-$11.7	$10.5	-$10.9	-$9.2	-$16.2	-$8.9	$0.0	$0.0	$0.0		12.42%	<-IRR #YR->	5	CFPS 5 yr Running	CDN$
CF fr Op $M WC CDN$	$29.3	$39.3	$37.4	$39.7	$62.8	$34.1	$44.8	$50.9	$39.8	$51.8	$74.8	$208.8	$182.3	$162.2	$173.5		430.71%	<-Total Growth	10	Cash Flow less WC	CDN$
Increase	36.42%	34.11%	-4.97%	6.25%	58.13%	-45.73%	31.52%	13.62%	-21.97%	30.31%	44.41%	179.11%	-12.69%	-11.02%	6.98%		18.16%	<-IRR #YR->	10	Cash Flow less WC	CDN$
5 year Running Average	$26.2	$29.6	$31.6	$33.5	$41.7	$42.7	$43.8	$46.5	$46.5	$44.3	$52.4	$85.2	$111.5	$136.0	$160.3		36.03%	<-IRR #YR->	5	Cash Flow less WC	CDN$
CFPS Excl. WC CDN$	$0.97	$1.31	$1.25	$1.32	$2.14	$1.15	$1.48	$1.70	$1.32	$1.45	$2.09	$5.42	$4.72	$4.20	$4.49		11.14%	<-IRR #YR->	10	CF less WC 5 Yr Run	CDN$
Increase	33.29%	34.72%	-4.55%	5.58%	62.33%	-46.26%	28.51%	15.05%	-22.30%	9.45%	44.39%	159.55%	-12.93%	-11.02%	6.98%		14.25%	<-IRR #YR->	5	CF less WC 5 Yr Run	CDN$
5 year Running Average	$0.92	$1.02	$1.07	$1.12	$1.40	$1.43	$1.47	$1.56	$1.56	$1.42	$1.61	$2.40	$3.00	$3.58	$4.19		15.27%	<-IRR #YR->	10	CFPS - Less WC	CDN$
P/CF on Median Price	9.92	9.99	11.41	11.28	4.26	6.87	8.34	9.24	10.71	12.50	12.89	9.19					29.68%	<-IRR #YR->	5	CFPS - Less WC	CDN$
P/CF on Close Price	12.19	10.92	12.56	8.29	3.68	8.70	10.02	7.81	10.48	15.60	14.00	11.38	10.65	11.97			8.95%	<-IRR #YR->	10	5 yr Running	CDN$
*Operational Cash Flow per share		CF/-WC	P/CF Med	10 yr	9.70	5 yr	10.60	P/CF Med	10 yr	9.98	5 yr	10.71		6.76%	Diff M/C		10.30%	<-IRR #YR->	5	5 yr Running	CDN$
		-30.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	38.5								Shares
							-30.3	0.0	0.0	0.0	0.0	38.5								Shares
		-$29	$0	$0	$0	$0	$0	$0	$0	$0	$0	$157								Cash Flow	US$
							-$57	$0	$0	$0	$0	$157								Cash Flow	US$
		-$0.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.46								Cash Flow per Share	US$
							-$1.87	$0.00	$0.00	$0.00	$0.00	$2.46								Cash Flow per Share	US$
		-$0.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.85								CFPS 5 yr Running	US$
							-$1.33	$0.00	$0.00	$0.00	$0.00	$1.85								CFPS 5 yr Running	US$
		-$34	$0	$0	$0	$0	$0	$0	$0	$0	$0	$151								Cash Flow less WC	US$
							-$45	$0	$0	$0	$0	$151								Cash Flow less WC	US$
		-$23	$0	$0	$0	$0	$0	$0	$0	$0	$0	$71								CF less WC 5 Yr Run	US$
							-$40	$0	$0	$0	$0	$71								CF less WC 5 Yr Run	US$
		-$1.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.92								CFPS - Less WC	US$
							-$1.48	$0.00	$0.00	$0.00	$0.00	$3.92								CFPS - Less WC	US$
		-$0.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.01								CFPS 5 yr Running	US$
							-$1.34	$0.00	$0.00	$0.00	$0.00	$2.01								CFPS 5 yr Running	US$
		-$34	$0	$0	$0	$0	$0	$0	$0	$0	$0	$218								Cash Flow	CDN$
							-$57	$0	$0	$0	$0	$218								Cash Flow	CDN$
		-$0.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.65								Cash Flow per Share	CDN$
							-$1.87	$0.00	$0.00	$0.00	$0.00	$5.65								Cash Flow per Share	CDN$
		-$0.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.59								CFPS 5 yr Running	CDN$
							-$1.44	$0.00	$0.00	$0.00	$0.00	$2.59								CFPS 5 yr Running	CDN$
		-$39	$0	$0	$0	$0	$0	$0	$0	$0	$0	$209								Cash Flow less WC	CDN$
							-$45	$0	$0	$0	$0	$209								Cash Flow less WC	CDN$
		-$30	$0	$0	$0	$0	$0	$0	$0	$0	$0	$85								CF less WC 5 Yr Run	CDN$
							-$44	$0	$0	$0	$0	$85								CF less WC 5 Yr Run	CDN$
		-$1.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.42								CFPS - Less WC	CDN$
							-$1.48	$0.00	$0.00	$0.00	$0.00	$5.42								CFPS - Less WC	CDN$
		-$1.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.40								CFPS 5 yr Running	CDN$
							-$1.47	$0.00	$0.00	$0.00	$0.00	$2.40								CFPS 5 yr Running	CDN$
Other												$2.98
Accounts receivable									-$19.89	-$33.61	-$22.05	-$5.57
Unbilled revenues												-$12.74
Inventories									-$3.05	-$1.23	-$3.42
Prepaid expenses and other current assets									-$3.90	-$2.98	-$4.70	-$5.88
Accounts payable									-$0.94	-$2.46	$19.29	-$7.87
Accrued liabilities									$28.98	$44.45	$46.77	$41.38
Income tax payable									$11.84	-$0.42	-$10.26	$4.79
Unearned revenues									$0.05	$0.90	$3.63	-$2.57
Other liabilities									$9.08	$12.90	-$0.90	-$6.63
Contingent acquisition consideration paid												-$1.42
Sum									$22.18	$17.55	$28.35	$6.46
Google											$28.35	$6.46
Difference											$0.00	$0.00
OPM	4.6%	5.6%	4.4%	3.6%	5.2%	4.8%	5.8%	3.6%	4.5%	5.0%	5.9%	9.1%					64.34%	<-Total Growth	10	OPM	CDN$
Increase	-20.70%	21.88%	-20.86%	-17.36%	42.91%	-8.37%	21.72%	-37.74%	23.86%	11.06%	18.12%	55.81%						Should increase		or be stable.	CDN$
Diff from Ave	-6.2%	14.3%	-9.5%	-25.2%	6.9%	-2.1%	19.2%	-25.8%	-8.1%	2.1%	20.6%	87.9%					0.00	<-Median->	10	OPM	CDN$
*Operational Profit Margin (CF/Revenue) Ratio								OPM	10 Yrs	4.86%	5 Yrs	4.96%					should be	zero, it is a		check on calculations	CDN$
Pre-split '15	$248.77	$355.41	$362.36	$428.82	$340.86	$382.29	$419.63	$450.20	$510.54	$615.26	$707.82
Current Assets US$	$122.72	$175.32	$178.75	$211.53	$168.15	$188.59	$207.00	$222.09	$251.85	$303.51	$349.17	$495.98	$482.69				Liquidity ratio of 1.5 and up, best				US$
Pre-split '15	$182.78	$184.71	$256.83	$333.64	$285.08	$321.02	$411.90	$594.25	$467.90	$570.16	$630.16
Current Liabilities	$90.17	$91.12	$126.69	$164.59	$140.63	$158.36	$203.19	$293.14	$230.81	$281.26	$310.86	$479.14	$432.23				1.11	<-Median->	10	Ratio	US$
Liquidity	1.36	1.92	1.41	1.29	1.20	1.19	1.02	0.76	1.09	1.08	1.12	1.04	1.12				1.08	<-Median->	5	Ratio	US$
Pre-split '15
Current Assets CDN$	$148.42	$204.60	$206.10	$217.35	$205.81	$198.04	$206.38	$226.82	$251.05	$322.81	$405.07	$686.80	$643.81				Liquidity ratio of 1.5 and up, best				CDN$
Pre-split '15
Current Liabilities	$109.05	$106.33	$146.08	$169.11	$172.13	$166.30	$202.58	$299.40	$230.08	$299.15	$360.63	$663.49	$576.50				1.11	<-Median->	10	Ratio	CDN$
Liquidity	1.36	1.92	1.41	1.29	1.20	1.19	1.02	0.76	1.09	1.08	1.12	1.04	1.12				1.08	<-Median->	5	Ratio	CDN$
Liq. with CF aft div				1.46	1.51	1.44	1.30	0.89	1.31	1.28	1.33	1.35	1.42				1.31	<-Median->	5	Ratio	CDN$
Liq. CF re  Inv+Div				0.70	1.51	0.93	0.98	0.74	1.03	1.17	1.22	1.14	1.42				1.14	<-Median->	5	Ratio	CDN$
Pre-split '15	$626.73	$711.00	$817.00	$1,089.3	$990.6	$1,009.5	$1,129.5	$1,233.7	$1,317.9	$1,443.5	$1,639.4
Assets US$	$309.16	$350.74	$403.03	$537.37	$488.68	$498.00	$557.20	$608.59	$650.13	$712.08	$808.73	$1,092.42	$1,160.28				Debt Ratio of 1.5 and up, best				US$
Pre-split '15	$440.86	$473.25	$503.81	$725.19	$644.8	$679.3	$755.9	$848.7	$926.0	$1,194.5	$1,406.2
Liabilities	$217.47	$233.46	$248.53	$357.74	$318.08	$335.11	$372.90	$418.66	$456.80	$589.23	$693.68	$942.93	$975.35				1.47	<-Median->	10	Ratio	US$
Debt Ratio	1.42	1.50	1.62	1.50	1.54	1.49	1.49	1.45	1.42	1.21	1.17	1.16	1.19				1.21	<-Median->	5	Ratio	US$
Check	$91.7	$117.3	$154.5	$179.6	$170.6	$162.9	$184.3	$189.9	$193.3	$122.9	$115.0	$149.5	$184.9
Pre-split '15
Assets CDN$	$373.9	$409.3	$464.7	$552.2	$598.1	$523.0	$555.5	$621.6	$648.1	$757.4	$938.2	$1,512.7	$1,547.6				Debt Ratio of 1.5 and up, best				CDN$
Pre-split '15
Liabilities	$263.0	$272.4	$286.6	$367.6	$389.3	$351.9	$371.8	$427.6	$455.4	$626.7	$804.7	$1,305.7	$1,300.9				1.47	<-Median->	10	Ratio	CDN$
Debt Ratio	1.42	1.50	1.62	1.50	1.54	1.49	1.49	1.45	1.42	1.21	1.17	1.16	1.19				1.21	<-Median->	5	Ratio	CDN$
Check	$110.9	$136.9	$178.1	$184.6	$208.8	$171.1	$183.7	$194.0	$192.7	$130.7	$133.5	$207.0	$246.7
Total Equity US$	$91.7	$117.3	$154.5	$180	$170.6	$162.9	$184.3	$189.9	$193.3	$122.9	$115.0	$149.5	$184.9				27.46%	<-Total Growth	10	Book Value	US$
Change	20.78%	23.43%	30.15%	3.62%	13.13%	-18.09%	7.42%	5.57%	-0.65%	-32.19%	2.14%	55.11%	19.15%				0.05	<-Median->	10	Change	US$
Pre-split '15		$28.5	$48.3	$58.5	$164.2	$164.2	$174.4	$141.4	$152.0	$7.1	$8.0
Non-control int.US$	$26.5	$14.04	$23.83	$28.84	$80.99	$80.98	$86.01	$69.75	$74.97	$3.52	$3.95	$7.80	$8.04				-0.58%	<-IRR #YR->	10	Book Value per Share	US$
Pre-split '15		$0.0	$0.0	$149.5	$144.3	$144.3	$144.3	$140.6	$130.8	$0.0	$0.0
Preferred Shares US$	$0.0	$0.00	$0.00	$73.74	$71.19	$71.19	$71.19	$69.34	$64.50	$0.00	$0.00	$0.00	$0.00				32.71%	<-IRR #YR->	5	Book Value per Share	US$
Pre-split '15		$237.8	$264.9	$156.2	$37.4	$21.7	$54.9
Book Value US	$91.7	$117.28	$130.67	$77.05	$18.43	$10.72	$27.10	$50.8	$53.9	$119.3	$111.1	$141.7	$176.9				20.81%	<-Total Growth	10	Book Value	US$
Book Value per Share	$3.04	$3.90	$4.37	$2.56	$0.63	$0.36	$0.89	$1.70	$1.79	$3.33	$3.10	$3.68	$4.58
Leverage (A/BK)	3.37	2.99	2.61	2.99	2.86	3.06	3.02	3.20	3.36	5.80	7.03	7.31	6.27				3.13	<-Median->	10	A/BV	US$
Debt/Equity Ratio	2.37	1.99	1.61	1.99	1.86	2.06	2.02	2.20	2.36	4.80	6.03	6.31	5.27				2.13	<-Median->	10	Debt/Eq Ratio	US$
		-$3.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.68
							-$0.89	$0.00	$0.00	$0.00	$0.00	$3.68
Total Equity CDN$	$110.9	$136.9	$178.1	$184.6	$208.8	$171.1	$183.7	$194.0	$192.7	$130.7	$133.5	$207.0	$246.7				51.25%	<-Total Growth	10	Book Value	CDN$
T.E. CDN$ per share	$3.67	$4.55	$5.95	$6.13	$7.12	$5.77	$6.06	$6.48	$6.41	$3.65	$3.73	$5.38	$6.39				18.06%	<-Total Growth	10	Book Value per Share	CDN$
P/BV (CL)	3.22	3.14	2.64	1.78	1.11	1.73	2.45	2.05	2.16	6.18	7.85	11.48	7.87				2.30	<-Median->	10		CDN$
NCI CDN$	$32.0	$16.4	$27.5	$29.6	$99.1	$85.0	$85.8	$71.2	$74.7	$3.7	$4.6	$10.8	$10.7				-34.04%	<-Total Growth	10	NCI CDN$	CDN$
Preferred Shares CDN$	$0.0	$0.0	$0.0	$75.8	$87.1	$74.8	$71.0	$70.8	$64.3	$0.0	$0.0	$0.0	$0.0								CDN$
BV check	$110.9	$136.9	$150.7	$79.2	$22.6	$11.3	$27.0	$51.9	$53.7	$126.9	$128.9	$196.2	$235.9
Book Value CDN$	$110.9	$136.9	$150.7	$79.2	$22.6	$11.3	$27.0	$51.9	$53.7	$126.9	$128.9	$196.2	$235.9	$235.9	$235.9		43.35%	<-Total Growth	10	Book Value per Share	CDN$
Book Value per Share	$3.67	$4.55	$5.03	$2.63	$0.77	$0.38	$0.89	$1.73	$1.79	$3.55	$3.60	$5.10	$6.11	$6.11	$6.11		11.90%	<-Total Growth	10	Book Value per Share	CDN$
Change	18.01%	23.99%	10.56%	-47.78%	-70.75%	-50.60%	134.59%	94.58%	2.95%	98.58%	1.52%	41.57%	19.92%	0.00%	0.00%		-3.17%	P/B Ratio		Current/10 Year Median	CDN$
P/B Ratio (Median)	2.62	2.87	2.83	5.66	11.86	20.81	13.84	9.07	7.93	5.10	7.48	9.78	8.25				3.05	P/B Ratio		Historical Median	CDN$
P/B Ratio (Close)	3.22	3.14	3.12	4.16	10.26	26.36	16.63	7.67	7.76	6.37	8.12	12.11	8.23	8.23	8.23		1.13%	<-IRR #YR->	10	Book Value	CDN$
Change	32.93%	-2.65%	-0.72%	33.51%	146.60%	157%	-36.90%	-53.91%	1.21%	-17.96%	27.63%	49.11%	-32.05%	0.00%	0.00%		41.72%	<-IRR #YR->	5	Book Value	CDN$
Leverage (A/BK)	3.37	2.99	2.61	2.99	2.86	3.06	3.02	3.20	3.36	5.80	7.03	7.31	6.27				3.13	<-Median->	10	A/BV	CDN$
Debt/Equity Ratio	2.37	1.99	1.61	1.99	1.86	2.06	2.02	2.20	2.36	4.80	6.03	6.31	5.27				2.13	<-Median->	10	Debt/Eq Ratio	CDN$
Sharerholders Equity (Assets less liabilities)								P/BV	10 yr Med	8.50	5 yr Med	7.93		-3.17%	Diff M/C
		-$4.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.10
							-$0.89	$0.00	$0.00	$0.00	$0.00	$5.10
													$60.8	<-12 mths	-330.93%
Pre-split '15									$46.87	$31.92	$39.29
Comprehensive Income US$									$23.12	$15.75	$19.38	$1.52
Pre-split '15									$34.65	$57.80	$36.62
NCI									$17.09	$28.51	$18.06	$27.86
Pre-split '15			$37.81	$41.81	$41.54	-$0.70	$61.42	$97.73
Shareholders			$18.65	$20.62	$20.49	-$0.35	$30.30	$48.21	$6.03	-$12.77	$1.32	-$26.34					-241.18%	<-Total Growth	9	Comprehensive Income	US$
Increase				10.56%	-0.63%	-101.69%	8861.48%	59.12%	-87.50%	-311.76%	110.33%	-2097.96%					-87.50%	<-Median->	5	Comprehensive Income	US$
5 Yr Running Average							$17.94	$23.86	$20.94	$14.28	$14.62	$3.29					#NUM!	<-IRR #YR->	9	Comprehensive Income	US$	-241.18%
ROE US$			12.1%	11.5%	12.0%	-0.2%	16.4%	25.4%	3.1%	-10.4%	1.1%	-17.6%					#NUM!	<-IRR #YR->	5	Comprehensive Income	US$	-186.92%
5Yr Median							12.0%	12.0%	12.0%	3.1%	3.1%	1.1%					-28.77%	<-IRR #YR->	5	5 Yr Running Average	US$	-81.66%
% Difference from NI			-8.27%	-34.66%	-92.95%	99.92%	160.81%	-59.22%	190.70%	-18.65%	-94.04%	-206.91%					-28.77%	<-IRR #YR->	5	5 Yr Running Average	US$	-81.66%
Median Values									Diff	5, 10 yr	-26.7%	-59.2%					1.1%	<-Median->	5	Return on Equity	US$
			-$18.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$26.3
							-$30.3	$0.0	$0.0	$0.0	$0.0	-$26.3
							-$17.9	$0.0	$0.0	$0.0	$0.0	$3.3
							-$17.9	$0.0	$0.0	$0.0	$0.0	$3.3
Current Liability Coverage Ratio US$	0.27	0.37	0.26	0.23	0.36	0.20	0.22	0.17	0.17	0.17	0.21	0.31								CFO / Current Liabilities	US$
5 year Median	0.42	0.42	0.37	0.27	0.27	0.26	0.23	0.22	0.20	0.17	0.17	0.17					0.17	<-Median->	5	Current Liability Cov Ratio	US$
Asset Efficiency Ratio US$	7.85%	9.61%	8.05%	7.19%	10.50%	6.52%	8.07%	8.20%	6.13%	6.84%	7.97%	13.80%								CFO / Total Assets	US$
5 year Median	9.29%	9.61%	8.30%	8.05%	8.05%	8.05%	8.05%	8.07%	8.07%	6.84%	7.97%	7.97%					8.0%	<-Median->	5	Return on Assets	US$
Return on Assets ROA US$	3.7%	9.8%	4.3%	2.5%	6.4%	-5.4%	0.3%	5.2%	-0.3%	-1.5%	2.6%	2.1%					Net	Income/Assets		Return on Assets	US$
5Yr Median	4.3%	4.7%	4.3%	4.3%	4.3%	4.3%	2.5%	2.5%	0.3%	-0.3%	0.3%	2.1%					2.1%	<-Median->	5	Asset Efficiency Ratio	US$
Return on Equity ROE US$	12.5%	29.2%	13.2%	17.6%	170.3%	-252.9%	6.3%	62.2%	-3.4%	-8.8%	19.2%	16.5%					Net Inc/	Shareholders' equity		Return on Equity	US$
5Yr Median	14.9%	14.9%	13.2%	13.2%	17.6%	17.6%	13.2%	17.6%	6.3%	-3.4%	6.3%	16.5%					16.5%	<-Median->	5	Return on Equity	US$
													$59.4	<-12 mths	154.47%
Currency
Pre-split 15		$68.54	$49.83	$48.53	$74.87	-$7.86	$47.90	$101.74	$40.93	$41.64	$90.94
Net Income US$		$33.81	$24.58	$23.94	$36.93	-$3.87	$23.63	$50.19	$20.19	$20.54	$44.86	$41.02
Pre-split 2015						$37.00	$34.34	$27.63	$35.08	$59.68	$47.62
NCI						$18.25	$16.94	$13.63	$17.31	$29.44	$23.49	$17.67
Pre-split 2015						$10.10	$10.10	$9.97	$9.60	$3.15	$0.00
Preferred Dividends						$4.98	$4.98	$4.92	$4.74	$1.55	$0.00	$0.00
Pre-split 2015	$23.21	$69.50	$34.86	$27.45	$63.64	-$54.96
Shareholders	$11.45	$34.28	$17.20	$13.54	$31.39	-$27.11	$1.71	$31.64	-$1.85	-$10.45	$21.37	$23.35	$61.7	$86.9			-31.90%	<-Total Growth	10	Net Income	US$
Increase	21.99%	199.47%	-49.84%	-21.27%	131.85%	-186.36%	-106.30%	1752.12%	-105.85%	464.48%	-304.47%	9.26%	164.27%	40.84%			EPS/CF Ratio should not be higher than 1.00				US$
5 Yr Running Average	$9.0	$14.6	$16.3	$17.2	$21.6	$13.9	$7.3	$10.2	$7.2	-$1.2	$8.5	$12.8	$18.8	$36.6			-3.77%	<-IRR #YR->	10	Net Income	US$	-31.90%
Operating Cash Flow	$18.27	$29.28	$29.49	$28.20	$43.66	$39.98	$56.75	$39.57	$50.81	$57.36	$78.47	$157.24					68.71%	<-IRR #YR->	5	Net Income	US$	1266.68%
Pre-split 2015	-$73.85	$56.48	-$102.15	-$179.57	$38.48	-$87.98	-$66.13	-$58.85	-$61.85	-$27.30	-$156.18
Investment Cash Flow	-$73.85	$56.48	-$102.15	-$179.57	$38.48	-$87.98	-$66.13	-$58.85	-$61.85	-$27.30	-$27.30	-$85.41					-1.27%	<-IRR #YR->	10	5 Yr Running Average	US$	-12.02%
Total Accruals	$67.03	-$51.48	$89.85	$164.90	-$50.75	$20.89	$11.08	$50.92	$9.20	-$40.51	-$29.80	-$48.48					11.77%	<-IRR #YR->	5	5 Yr Running Average	US$	74.39%
Total Assets	$309.16	$350.74	$403.03	$537.37	$488.68	$498.0	$557.2	$608.6	$650.1	$712.1	$808.7	$1,092.4						Balance Sheet		Assets	US$
Accruals Ratio	21.68%	-14.68%	22.29%	30.69%	-10.39%	4.19%	1.99%	8.37%	1.41%	-5.69%	-3.69%	-4.44%					-3.69%	<-Median->	5	Ratio	US$
		-$34.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$23.3
							-$1.7	$0.0	$0.0	$0.0	$0.0	$23.3
		-$14.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$12.8
							-$7.3	$0.0	$0.0	$0.0	$0.0	$12.8
Pre-split 2015	$50.717	$15.721	-$28.952	$96.695	-$111.01	$18.72	-$51.05	-$22.26	-$32.14	-$48.18	$19.10
Financial Cash Flow US$	$25.02	$7.76	-$14.28	$47.70	-$54.76	$9.23	-$25.18	-$10.98	-$15.85	-$23.77	$9.42	-$88.63						C F Statement		Financial Cash Flow	US$
Total Accruals	$42.01	-$59.23	$104.13	$117.20	$4.01	$11.66	$36.26	$61.89	$25.05	-$16.75	-$39.23	$40.15								Accruals	US$
Accruals Ratio	13.59%	-16.89%	25.84%	21.81%	0.82%	2.34%	6.51%	10.17%	3.85%	-2.35%	-4.85%	3.68%								Ratio	US$
													$81.1	<-12 mths	-322.43%
Comprehensive Inc CDN$									$23.05	$16.75	$22.48	$2.11
NCI									$17.04	$30.32	$20.95	$38.58
Shareholders			$21.51	$21.19	$25.08	-$0.36	$30.21	$49.24	$6.01	-$13.58	$1.53	-$36.47					-269.55%	<-Total Growth	9	Comprehensive Income	CDN$
Increase				-1.47%	18.37%	-101.45%	8418.29%	63.00%	-87.80%	-325.94%	111.26%	-2484.84%					-87.80%	<-Median->	5	Comprehensive Income	CDN$
5 Yr Running Average							$19.52	$25.07	$22.03	$14.30	$14.68	$1.35					#NUM!	<-IRR #YR->	9	Comprehensive Income	CDN$	-269.55%
ROE CDN$			12.1%	11.5%	12.0%	-0.2%	16.4%	25.4%	3.1%	-10.4%	1.1%	-17.6%					#NUM!	<-IRR #YR->	5	Comprehensive Income	CDN$	-220.73%
5Yr Median							12.0%	12.0%	12.0%	3.1%	3.1%	1.1%					-41.42%	<-IRR #YR->	5	5 Yr Running Average	CDN$	-93.10%
% Difference from NI			-8.27%	-34.66%	-92.95%	99.92%	160.81%	-59.22%	190.70%	-18.65%	-94.04%	-206.91%					-41.42%	<-IRR #YR->	5	5 Yr Running Average	CDN$	-93.10%
Median Values									Diff	5, 10 yr	-26.7%	-59.2%					1.1%	<-Median->	5	Return on Equity	CDN$
			-$21.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$36.5
							-$30.2	$0.0	$0.0	$0.0	$0.0	-$36.5
							-$19.5	$0.0	$0.0	$0.0	$0.0	$1.3
							-$19.5	$0.0	$0.0	$0.0	$0.0	$1.3
Current Liability Coverage Ratio	0.27	0.37	0.26	0.23	0.36	0.20	0.22	0.17	0.17	0.17	0.21	0.31								CFO / Current Liabilities	CDN$
5 year Median	0.42	0.42	0.37	0.27	0.27	0.26	0.23	0.22	0.20	0.17	0.17	0.17					0.17	<-Median->	5	Current Liability Cov Ratio	CDN$
Asset Efficiency Ratio	7.85%	9.61%	8.05%	7.19%	10.50%	6.52%	8.07%	8.20%	6.13%	6.84%	7.97%	13.80%								CFO / Total Assets	CDN$
5 year Median	9.29%	9.61%	8.30%	8.05%	8.05%	8.05%	8.05%	8.07%	8.07%	6.84%	7.97%	7.97%					8.0%	<-Median->	5	Return on Assets	CDN$
Return on Assets ROA	3.7%	9.8%	4.3%	2.5%	6.4%	-5.4%	0.3%	5.2%	-0.3%	-1.5%	2.6%	2.1%					Net	Income/Assets		Return on Assets	CDN$
5Yr Median	4.3%	4.7%	4.3%	4.3%	4.3%	4.3%	2.5%	2.5%	0.3%	-0.3%	0.3%	2.1%					2.1%	<-Median->	5	Asset Efficiency Ratio	CDN$
Return on Equity ROE	12.5%	29.2%	13.2%	17.6%	170.3%	-252.9%	6.3%	62.2%	-3.4%	-8.8%	19.2%	16.5%					Net Inc/	Shareholders' equity		Return on Equity	CDN$
5Yr Median	14.9%	14.9%	13.2%	13.2%	17.6%	17.6%	13.2%	17.6%	6.3%	-3.4%	6.3%	16.5%					16.5%	<-Median->	5	Return on Equity	CDN$
													$79.2	<-12 mths	145.10%
Net Income CDN$		$39.45	$28.34	$24.60	$45.20	-$4.07	$23.56	$51.26	$20.13	$21.85	$52.04	$56.80
NCI							$16.89	$13.92	$17.25	$31.31	$27.25	$24.47
Preferred Dividends							$4.97	$5.02	$4.72	$1.65	$0.00	$0.00
Pre-split 2015
Shareholders	$13.85	$40.01	$19.83	$13.91	$38.42	-$28.47	$1.70	$32.31	-$1.85	-$11.12	$24.79	$32.33	$82.30	$115.91			-19.19%	<-Total Growth	10	Net Income	CDN$
Increase	22.94%	188.97%	-50.44%	-29.84%	176.19%	-174.09%	-105.98%	1797.32%	-105.71%	502.29%	-323.02%	30.42%	154.55%	40.84%
5 Yr Running Average	$12.4	$18.5	$19.8	$19.8	$25.2	$16.7	$9.1	$11.6	$8.4	-$1.5	$9.2	$15.3	$25.3	$48.8			-2.11%	<-IRR #YR->	10	Net Income	CDN$	-19.19%
Operating Cash Flow	$22.09	$34.17	$34.01	$28.98	$53.44	$41.99	$56.58	$40.41	$50.64	$61.01	$91.03	$217.73					80.16%	<-IRR #YR->	5	Net Income	CDN$	1798.20%
Pre-split 2015
Investment Cash Flow	-$89.31	$65.91	-$117.77	-$184.50	$47.10	-$92.39	-$65.93	-$60.10	-$61.66	-$29.03	-$31.67	-$118.28					-1.91%	<-IRR #YR->	10	5 Yr Running Ave.	CDN$	-17.51%
Total Accruals	$81.06	-$60.07	$103.60	$169.44	-$62.12	$21.94	$11.05	$52.00	$9.17	-$43.09	-$34.57	-$67.13					10.99%	<-IRR #YR->	5	5 Yr Running Ave.	CDN$	68.44%
Total Assets	$373.9	$409.3	$464.7	$552.2	$598.1	$523.0	$555.5	$621.6	$648.1	$757.4	$938.2	$1,512.7						Balance Sheet		Assets	CDN$
Accruals Ratio	21.68%	-14.68%	22.29%	30.69%	-10.39%	4.19%	1.99%	8.37%	1.41%	-5.69%	-3.69%	-4.44%					-3.69%	<-Median->	5	Ratio	CDN$
EPS/CF Ratio	0.45	0.97	0.49	0.33	0.40	-0.84	0.04	0.60	-0.04	-0.23	0.33	0.16					0.24	<-Median->	10	EPS/CF Ratio	CDN$
		-$40.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$32.3
							-$1.7	$0.0	$0.0	$0.0	$0.0	$32.3
		-$18.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$15.3
							-$9.1	$0.0	$0.0	$0.0	$0.0	$15.3
Pre-split 2015
Financial Cash Flow CDN$	$30.26	$9.05	-$16.47	$49.01	-$67.03	$9.70	-$25.11	-$11.21	-$15.80	-$25.28	$10.93	-$122.73						C F Statement		Financial Cash Flow	CDN$
Total Accruals	$50.80	-$69.12	$120.06	$120.43	$4.91	$12.24	$36.15	$63.21	$24.97	-$17.81	-$45.51	$55.60								Accruals	CDN$
Accruals Ratio	13.59%	-16.89%	25.84%	21.81%	0.82%	2.34%	6.51%	10.17%	3.85%	-2.35%	-4.85%	3.68%					3.68%	<-Median->	5	Ratio	CDN$
Pre-split 2015							$100.4	$97.8	$108.7	$142.7	$156.8
Cash US$							$49.51	$48.24	$53.61	$70.40	$77.35	$116.15	$108.91							Cash	US$
Cash CDN$							$49.4	$49.3	$53.4	$74.9	$89.7	$160.8	$145.3							Cash	CDN$
Cash per Share							$1.63	$1.65	$1.78	$2.09	$2.51	$4.18	$3.76				$2.09	<-Median->	5	Cash per Share	CDN$
Percentage of Stock Price							10.98%	12.38%	12.83%	9.27%	8.57%	6.77%	7.48%				9.27%	<-Median->	5	% of Stock Price	CDN$
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.
Notes:
December 19, 2016.  Last estimates were for 2015, 2016 and 2017 of $1769M, $1947M and $2151M US$ for Revenue, $1.01, $1.78 and $1.53 EPS US$, $12.46,
$2.82 and $3.09 for CFPS US$, $52M, $65.8M and $78.2M for Net Income US$.
November 1, 2016. Symbol Change for Colliers International Group Inc.  (TSX-CIGI, NASDAQ-CIGI), From TSX-CIG
April 21, 2015.  Close of business on May 29, 2015 split effective June 1, 2015 company split into two companies of FirstService  Corp and Colliers.
First Service Corp will be renamed Collier International Group Inc. (CIG) and First Service's Residential Real Estate Services and Property Serivices will be spun out into a new Company of First Service Corp. (FSV)
December 20, 2015.  L:ast estimates were for 2014, 2015 and 2016 of $2651M, $2902M and $3118M US$ for Revenue, Adjusted EPS of $2.55, $3.00 and $3.32 US$,
EPS of $0.81, $1.02 and $1.20 US$, $ 4.16, $5.29 and $5.62 CFPS US$ and $29.9M, $40.9M and $58.1M for Net Income US$.
December 13, 2014.  Last estimates were for 2013, 2014 and 2015 of $2367M, $2516M and $2587M US$ For Revenue, $1.88, $2.19 and $2.01 Adj EPS US$, $0.17
and $0.60 EPS US$ fpr 2013 and 2014, $4.22, $5.70 and $4.61 CPFS US$.
Dec 8, 2013.  Last estimates were for 2012 and 2013 of $2289M and $2416M US$, Adj. EPS of $1.72 and $2.001 US$.
Dec 7, 2012.  Last estimates I got were for 2011 and 2012 at $2234M amd 2364M US$ for Revenue, Adjusted EPS $1.86 and $2.19US$ and $3.16 and $4.26 CFPS US$.
Dec 9, 2011.  Last estimates I got for 2010 and 2011 were EPS of $1.81 and $2.00US$.
Mar 2010 AR Dec 2009.  They provide an adjusted EPS of $1.42 US$.  This is earnings from continuing business.  Cannot figures out Book Value properly.
Mar 2009 AR Dec 2008.  I have an estimate of 1.08, but EPS came in at $1.41. I used 12 mths to Dec 08 figures from Globeinvestor, not annual report, which was for 9 mths.
AR Dec 2008.  The annual report date was changed but report just had 9 mths figures to Dec 2008.  I determined a last 12 month figure by using 9th figures plus Mar 2008 figure.  In some places I had to used
Dec 2007  9 mth figure compared to March 2008 12 mth figure to get to the March 2008 Q figure.  I wanted a 12 mth figure.
May 2008.  I was looking at this as it has come down a lot over the last few months.  There is lots of insider buying.  Also, the company has instituted rebuying shares.  Has the market overreacted?
This is very possible.  The loss in EPS does not seem to call for such a large drop in price from $40 a share in July 2007 to $15 today. Or, is something else happening?  Does the market know
something I cannot see? Usually heavy buying by a company and it excutives is a good sign.  I will hold for now. Also, even though the company said with the 2008 annual report that they would not be buying
their stock, they have started to do so.  They stock has come down quite a bit from the time of the 2008 report.
AR2008.  Negative that they keep changing the value for Revenue.  They operate world wide, and US values are better than CDN, as our currency has increased a lot lately.
They have been hit by the problems in US, but TD feels that next year will be better.  They like their long term propects and have an action buy on this stock currently. I will hold for now.
2007.  This company has given out preferred shares, so now I get a dividend.
AR2006.  I haven't done well on this stock to date, but stock seems to have done well.
AR2005.  I haven't made much money on this stock IRR of 8.15, but I bought it at P/E of 21.4  Stock is back to where I bought it, basically, so no wonder I have made little money on it.  Paid too much.
AP 2004.  Got it for a core stock.  Would be better if it had a dividend.  It is doing OK.
Looks like a good company to buy.  The price is not unreasonable considering what the increase in EPS is.
FSV.DB.U - Convertible Debentures
FSV.PR.U is Preferred Shares
Sector:
Real Estate
What should this stock accomplish?
Why am I following this stock.
I used to own this stock.
Why I bought and sold this stock.
I am following this stock as it has split off of the FirstService Corp stock I am following.
Would I buy this company and Why.
This stock would be interest me because of the very low dividend yield of just 0.18%.
Dividends
Cycle1 dividends being paid in January, Apirl, July and October.  They are declared in one month and payable in the following month.
On May29, 2013, the company started paying dividends with the initial dividend being paid on July 10 2013 to shareholders of record of June 28, 2013.
On August 1, 2007, the Company issued a stock dividend in the form of 7% Cumulative Preference Shares, Series 1 (the “Preferred Shares”) to holders of Subordinate Voting Shares and Multiple Voting Shares.
One Preferred Share was issued for every five outstanding Common Shares. Each Preferred Share has a stated amount of $25.00. Preferred dividends are payable quarterly on or about the last day of each quarter.
The Preferred Shares are redeemable for cash or convertible into Subordinate Voting Shares at the option of the Company at any time.
On May 3, 2013, the Company eliminated all of its outstanding Preferred Shares, redeeming 30% for cash consideration of $39,232 and converting the remaining Preferred Shares into Subordinate Voting Shares.
The Preferred Shares were converted to Subordinate Voting Shares based on 95% of the weighted average trading price of the Subordinate Voting Shares on the NASDAQ stock market for the 20 trading days ended April 29, 2013
(such weighted average trading price being $33.34). As a result, 2,889,900 new Subordinate Voting Shares were issued from treasury.
How they make their money
Colliers International Group Inc. is a global leader in commercial real estate services.  Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide.
Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting,
valuation and appraisal services, and customized research and thought leadership.
Shares; '%, Value $M							Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M
Date							Dec 08	2012	Dec 08	2013	Dec 13	2014	Dec 13	2015			Dec 19	2016
Taylor, Dylan E.																	0.391	1.05%
President - Shares - Amount																		$19.684
Options - percentage																	0.140	0.38%
Options - amount																		$7.042
Bowden, David John							0.185	0.64%	0.245	0.71%	0.250	0.73%	0.125	0.34%
CFO - Shares - Amount								$2.563		$5.529		$7.311		$7.692
Options - percentage							0.325	1.13%	0.335	0.97%	0.240	0.70%	0.000	0.00%
Options - amount								$4.502		$7.560		$7.018		$0.000
Friedrichsen, John							0.185	0.64%	0.245	0.71%	0.250	0.73%	0.400	1.08%			0.400	1.07%
CFO - Shares - Amount								$2.563		$5.529		$7.311		$24.692				$20.120
Options - percentage							0.325	1.13%	0.335	0.97%	0.240	0.70%	0.150	0.40%			0.200	0.54%
Options - amount								$4.502		$7.560		$7.018		$9.260				$10.060
Mayer, Christian																	0.096	0.26%
Officer - Shares - Amount																		$4.805
Options - percentage																	0.088	0.23%
Options - amount																		$4.401
Chander, Sunile D.							0.016	0.05%	0.016	0.05%	0.024	0.07%	0.037	0.10%						ceased to be insider 2016
Officer - Shares - Amount								$0.217		$0.353		$0.709		$2.269
Options - percentage							0.111	0.38%	0.114	0.33%	0.064	0.19%	0.063	0.17%
Options - amount								$1.531		$2.573		$1.883		$3.858
Patterson, D. Scott							0.652	2.27%	0.550	1.60%	0.615	1.78%
Officer - Shares - Amount								$9.037		$12.419		$17.992
Options - percentage							0.325	1.13%	0.335	0.97%	0.330	0.96%
Options - amount								$4.502		$7.560		$9.650
Beatty, David							0.060	0.21%	0.076	0.22%	0.061	0.18%	0.046	0.12%			0.046	0.12%
Director - Shares - Amount								$0.831		$1.705		$1.771		$2.812				$2.292
Options - percentage							0.015	0.05%	0.010	0.03%	0.010	0.03%	0.020	0.05%			0.025	0.07%
Options - amount								$0.208		$0.226		$0.292		$1.235				$1.258
Rogers, Steve							0.502	1.75%	0.517	1.50%
Director - Shares - Amount								$6.958		$11.670
Options - percentage							0.005	0.02%	0.010	0.03%
Options - amount								$0.069		$0.226
Cohen, Peter F.											0.180	0.52%	0.160	0.43%			0.125	0.34%
Director - Shares - Amount												$5.264		$9.877				$6.288
Options - percentage											0.010	0.03%	0.020	0.05%			0.025	0.07%
Options - amount												$0.292		$1.235				$1.258
Hennick, Jay Steward							2.673	9.30%	2.273	6.59%	2.274	6.59%	2.274	6.12%			2.273	6.10%	S	Was CEO in 2014
Excecutive Chairman - Subordinate Shares								$37.029		$51.309		$66.48		$140.34				$114.31	S
Multiple Voting Shares							1.326	100.00%	1.326	3.85%	1.326	3.84%	1.326	3.57%			1.326	100.00%	M
Chairman - Shares - Amount								$18.363		$29.919		$38.77		$81.84				$66.68	M
Preferred Shares							1.456	27.83%
Chairman - Shares - Amount
Options - percentage							3.999	13.91%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%
Options - amount								$55.392		$0.000		$0.000		$0.000				$0.000
Increase in O/S Shares											0.464	1.30%	0.558	1.62%			0.699	1.88%
due to SO												$10.475		$16.322				$43.174
Book Value												$11.633		$14.419				$18.973
Insider Buying														-$1.366				-$0.026
Insider Selling														$10.883				$1.825
Net Insider Selling												$25.174		$9.518				$1.799
% of Market Cap												2.40%		0.40%				0.09%
Directors									7		8		9				8
Women									0	0%	0	0%	0	0%			1	13%
Minorities									0	0%	0	0%	0	0%			1	13%
Institutions/Holdings							98	98.54%	104	74.33%	143	75.48%	154	62.86%			111	64.19%
Total Shares Held							28.324	94.19%	25.517	71.27%	26.114	72.93%	23.036	61.96%			23.933	64.19%
Increase/Decrease							-3.266	-10.34%	0.534	2.14%	1.062	4.24%	-0.515	-2.19%			0.595	2.55%
Starting No. of Shares							31.589		24.984		25.053		23.551				23.338	Nasdaq
					Yahoo
Dealing with separation					$50.86	Total	Year end
of FSV and CIG	CDN$						2014 US$
29 May 2015										TD US$			Yahoo	US$
Is a Friday	$17.21								2010	$30.18	$17.58		$30.18	$17.35
	-42.73%				$38.80	Total	Lowest	Jan			-41.75%			-42.5116%
1 June 2015 is a Monday,.							2014 US$
	$15.44								2011	$26.49	$15.77		$26.49	$15.23
	-42.71%				$56.90	Total	Highest				-40.47%			-42.5066%
							2014 US$	Dec
	$16.08								2012	$28.26	$18.60		$28.23	$16.23
	-42.74%				$61.50	Total	Highest	Feb			-34.18%			-42.5080%
							2015 US$
	$26.42								2013	$43.05	$28.36		$43.05	$24.95
	-42.25%										-34.12%			-42.0441%
			Both???	1 to 2 June
	$47.78		$81.94	$67.02
	-41.69%			-18.21%
				FSV
	$33.39	-59.1042%	$33.51	$33.38
	-0.36%			-0.3879%
	-41.33%
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