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.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Fortis Inc					TSX:	FTS	OTC:	FRTSF	https://www.fortisinc.com/			Fiscal Yr:	Dec-31
Year	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	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25		Value	Description	#Y	Item	Total G
Accounting Rules	C GAAP	C GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
Comments																					Comments
Split																					Split
Revenue*	$3,664	$3,747	$3,654	$4,047	$5,401	$6,727	$6,838	$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$11,274	$11,820	$12,084		202.22%	<-Total Growth	10	Revenue
Increase	0.7%	2.3%	-2.5%	10.8%	33.5%	24.6%	1.7%	21.4%	1.1%	4.7%	1.7%	5.7%	16.9%	2.1%	4.8%	2.2%		11.69%	<-IRR #YR->	10	Revenue	202.22%
5 year Running Average	$3,079	$3,534	$3,721	$3,750	$4,103	$4,715	$5,333	$6,263	$7,131	$7,808	$8,249	$8,771	$9,320	$9,897	$10,504	$11,134		5.87%	<-IRR #YR->	5	Revenue	33.03%
Revenue per share	$21.01	$19.84	$19.07	$18.99	$19.57	$23.89	$17.03	$19.71	$19.58	$18.96	$19.14	$19.90	$22.90	$23.38	$24.51	$25.06		9.62%	<-IRR #YR->	10	5 yr Running Average	150.46%
Increase	-1.07%	-5.55%	-3.88%	-0.47%	3.07%	22.09%	-28.71%	15.74%	-0.67%	-3.18%	0.97%	3.96%	15.09%	2.09%	4.84%	2.23%		8.27%	<-IRR #YR->	5	5 yr Running Average	48.81%
5 year Running Average	$19.39	$20.53	$20.85	$20.03	$19.70	$20.27	$19.71	$19.84	$19.96	$19.83	$18.88	$19.46	$20.10	$20.86	$21.97	$23.15		1.85%	<-IRR #YR->	10	Revenue per Share	20.06%
P/S (Price/Sales) Med	1.43	1.62	1.74	1.71	1.80	1.59	2.37	2.27	2.22	2.67	2.74	2.77	2.49	2.43	0.00	0.00		3.04%	<-IRR #YR->	5	Revenue per Share	16.18%
P/S (Price/Sales) Close	1.62	1.68	1.79	1.60	1.99	1.57	2.43	2.34	2.32	2.84	2.72	3.07	2.37	2.59	2.48	2.42		-0.37%	<-IRR #YR->	10	5 yr Running Average	-3.60%
*Revenue in millions CDN $ (Operating Revenues), and Per Share					P/S Med	20 yr	1.72	15 yr	1.80	10 yr	2.32	5 yr	2.67		11.87%	Diff M/C		0.26%	<-IRR #YR->	5	5 yr Running Average	1.30%
			-$3,654	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,043
								-$8,301	$0	$0	$0	$0	$11,043
			-$3,721	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,320
								-$6,263	$0	$0	$0	$0	$9,320
			-$19.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.90
								-$19.71	$0.00	$0.00	$0.00	$0.00	$22.90
			-$20.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.10
								-$19.84	$0.00	$0.00	$0.00	$0.00	$20.10
TD									TD	TD	TD	TD	TD	TD
AFFO		$2.62	$2.70	$2.48	$2.12	$2.06	$2.28	$2.97	$2.52	$2.68	$3.09	$2.81	$3.71	$3.74	$3.89			37.41%	<-Total Growth	10	AFFO
Increase			3.05%	-8.15%	-14.52%	-2.83%	10.68%	30.26%	-15.15%	6.35%	15.30%	-9.06%	32.03%	0.81%	4.01%			10	0	10	Years of Data, EPS P or N	100.00%
AFFO Yield				8.1%	5.4%	5.5%	5.5%	6.4%	5.5%	5.0%	5.9%	4.6%	6.8%	6.2%	6.4%			3.23%	<-IRR #YR->	10	AFFO	37.41%
5 year Running Average						$2.40	$2.33	$2.38	$2.39	$2.50	$2.71	$2.81	$2.96	$3.21	$3.45			4.55%	<-IRR #YR->	5	AFFO	24.92%
Payout Ratio		44.27%	44.44%	50.00%	60.38%	67.72%	66.89%	54.71%	68.45%	68.19%	62.70%	72.95%	58.49%	60.43%	58.10%			4.10%	<-IRR #YR->	6	5 yr Running Average	#DIV/0!
5 year Running Average						52.38%	57.04%	59.32%	63.18%	64.73%	63.81%	65.14%	65.56%	63.91%	61.93%			4.45%	<-IRR #YR->	5	5 yr Running Average	24.35%
Price/AFFO Med		12.26	12.28	13.06	16.63	18.49	17.70	15.06	17.21	18.85	16.95	19.60	15.37	15.17	0.00			17.08	<-Median->	10	Price/AFFO Med
Price/AFFO High		13.42	12.69	14.12	19.16	20.34	19.53	16.36	18.67	21.19	19.04	21.77	17.53	16.09	0.00			19.10	<-Median->	10	Price/AFFO High
Price/AFFO Low		11.11	11.87	12.00	14.09	16.63	15.88	13.76	15.75	16.52	14.85	17.44	13.21	14.24	0.00			15.30	<-Median->	10	Price/AFFO Low
Price/AFFO Close		12.74	12.67	12.28	18.38	18.16	18.18	15.53	18.06	20.10	16.83	21.72	14.60	16.22	15.60			18.11	<-Median->	10	P/FFO Close
Trailing P/AFFO			13.06	11.28	15.71	17.65	20.13	20.22	15.32	21.38	19.40	19.75	19.28	16.35	16.22			19.34	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	64.79%	5 Yrs	68.19%	P/CF	5 Yrs	in order	17.21	19.04	15.75	18.06		-5.74%	Diff M/C
Adjusted Funds From Operations
			-$2.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.71
								-$2.97	$0.00	$0.00	$0.00	$0.00	$3.71
							-$2.33	$0.00	$0.00	$0.00	$0.00	$0.00	$2.96
								-$2.38	$0.00	$0.00	$0.00	$0.00	$2.96
Adjusted Earnings											$1,195	$1,219	$1,329
Adjusted EPS Basic	$1.65	$1.75	$1.73	$1.69	$1.75	$2.11	$2.33	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$2.95	$3.12	$3.29		60.69%	<-Total Growth	10	AEPS
Increase	7.14%	6.06%	-1.14%	-2.31%	3.55%	20.57%	10.43%	8.58%	-0.79%	1.59%	0.78%	0.78%	7.34%	6.12%	5.76%	5.45%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	4.9%	5.2%	5.1%	5.6%	4.5%	5.6%	5.6%	5.5%	5.5%	4.7%	4.9%	4.2%	5.1%	4.9%	5.1%	5.4%		4.86%	<-IRR #YR->	10	AEPS	60.69%
5 year Running Average			$1.65	$1.67	$1.71	$1.81	$1.92	$2.08	$2.25	$2.41	$2.50	$2.55	$2.60	$2.69	$2.80	$2.95		1.90%	<-IRR #YR->	5	AEPS	9.88%
Payout Ratio	67.88%	66.29%	69.36%	73.37%	73.14%	66.11%	65.45%	64.23%	68.73%	71.67%	75.39%	79.15%	78.06%	0.00%	0.00%	0.00%		4.68%	<-IRR #YR->	10	5 yr Running Average	57.96%
5 year Running Average			67.07%	68.90%	70.01%	69.49%	69.09%	67.87%	67.23%	67.31%	69.18%	71.88%	74.69%	76.23%	76.21%	74.68%		4.54%	<-IRR #YR->	5	5 yr Running Average	24.88%
Price/AEPS Median	18.16	18.36	19.16	19.16	20.14	18.05	17.32	17.68	17.28	19.81	20.38	21.27	20.51	19.23	0.00	0.00		19.49	<-Median->	10	Price/AEPS Median
Price/AEPS High	20.70	20.09	19.80	20.72	23.21	19.86	19.11	19.21	18.75	22.27	22.89	23.61	23.40	20.40	0.00	0.00		21.49	<-Median->	10	Price/AEPS High
Price/AEPS Low	15.61	16.63	18.52	17.61	17.07	16.24	15.54	16.15	15.81	17.36	17.86	18.92	17.63	18.06	0.00	0.00		17.22	<-Median->	10	Price/AEPS Low
Price/AEPS Close	20.59	19.07	19.78	18.02	22.26	17.73	17.79	18.23	18.13	21.13	20.23	23.56	19.49	20.57	19.45	18.44		18.86	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	22.06	20.22	19.55	17.60	23.05	21.38	19.65	19.79	17.99	21.47	20.39	23.75	20.92	21.82	20.57	19.45		20.66	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	72.40%	5 Yrs	75.39%	P/CF	5 Yrs	in order	20.38	22.89	17.63	20.23
Adjusted Common Equity Earnings
			-$1.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.78
								-$2.53	$0.00	$0.00	$0.00	$0.00	$2.78
			-$1.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.60
								-$2.08	$0.00	$0.00	$0.00	$0.00	$2.60
pre-split 2005
EPS Basic	$1.65	$1.75	$1.66	$1.74	$1.41	$2.61	$1.89	$2.32	$2.59	$2.79	$2.60	$2.61	$2.78					67.47%	<-Total Growth	10	EPS Basic
pre-split 2005
EPS Diluted*	$1.62	$1.74	$1.65	$1.73	$1.40	$2.59	$1.89	$2.31	$2.59	$2.78	$2.60	$2.61	$2.78	$2.96	$3.13	$3.33		68.48%	<-Total Growth	10	EPS Diluted
Increase	7.28%	7.41%	-5.17%	4.85%	-19.08%	85.00%	-27.03%	22.22%	12.12%	7.34%	-6.47%	0.38%	6.51%	6.47%	5.74%	6.39%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	4.8%	5.2%	4.8%	5.7%	3.6%	6.9%	4.6%	5.0%	5.7%	5.2%	5.0%	4.3%	5.1%	4.9%	5.2%	5.5%		5.36%	<-IRR #YR->	10	Earnings per Share	68.48%
5 year Running Average	$1.47	$1.54	$1.61	$1.65	$1.63	$1.82	$1.85	$1.98	$2.16	$2.43	$2.43	$2.58	$2.67	$2.75	$2.82	$2.96		3.77%	<-IRR #YR->	5	Earnings per Share	20.35%
10 year Running Average	$1.25	$1.33	$1.40	$1.47	$1.51	$1.65	$1.70	$1.80	$1.90	$2.03	$2.13	$2.22	$2.33	$2.45	$2.62	$2.70		5.20%	<-IRR #YR->	10	5 yr Running Average	65.96%
* Diluted ESP per share									E/P	10 Yrs	5.07%	5Yrs	5.13%					6.14%	<-IRR #YR->	5	5 yr Running Average	34.68%
			-$1.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.78
								-$2.31	$0.00	$0.00	$0.00	$0.00	$2.78
			-$1.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.67
								-$1.98	$0.00	$0.00	$0.00	$0.00	$2.67
Dividend Estimate														$2.28	$2.40	$2.51			Estimates		Dividend Estimate
Increase														5.1%	5.3%	4.6%			Estimates		Increase
Payout Ratio EPS														77.03%	76.68%	75.38%			Estimates		Payout Ratio EPS
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	10	Special Dividend
per Quarter
pre-split 2005
Dividend*	$1.12	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.26	$2.26	$2.26		80.83%	<-Total Growth	10	Dividends
Increase	7.69%	3.57%	3.45%	3.33%	3.23%	8.98%	9.32%	6.56%	6.15%	5.94%	6.02%	5.81%	5.85%	4.15%	0.00%	0.00%		41	0	41	Years of data, Count P, N
Average Increases 5 Year Running	14.00%	11.92%	8.13%	4.41%	4.25%	4.51%	5.66%	6.28%	6.85%	7.39%	6.80%	6.10%	5.96%	5.55%	4.37%	3.16%		6.03%	<-Median->	10	Average Incr 5 Year Running
5 year running Average	$0.93	$1.03	$1.10	$1.15	$1.20	$1.26	$1.33	$1.41	$1.51	$1.62	$1.73	$1.83	$1.94	$2.05	$2.14	$2.20		75.91%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.28%	3.30%	3.50%	3.54%	3.15%	3.33%	3.42%	3.34%	3.67%	3.22%	3.29%	3.35%	3.34%	3.76%				3.34%	<-Median->	10	Yield H/L Price
Yield on High  Price	3.74%	3.61%	3.62%	3.83%	3.63%	3.66%	3.78%	3.63%	3.98%	3.62%	3.70%	3.72%	3.81%	3.98%				3.71%	<-Median->	10	Yield on High  Price
Yield on Low Price	4.35%	3.98%	3.75%	4.17%	4.28%	4.07%	4.21%	3.98%	4.35%	4.13%	4.22%	4.18%	4.43%	4.24%				4.20%	<-Median->	10	Yield on Low Price
Yield on Close Price	3.30%	3.48%	3.51%	4.07%	3.29%	3.73%	3.68%	3.52%	3.79%	3.39%	3.73%	3.36%	4.01%	3.73%	3.73%	3.73%		3.70%	<-Median->	10	Yield on Close Price
Payout Ratio EPS	69.14%	66.67%	72.73%	71.68%	91.43%	53.86%	80.69%	70.35%	66.60%	65.74%	74.52%	78.54%	78.06%	76.35%	72.20%	67.87%		73.10%	<-Median->	10	DPR EPS
DPR EPS 5 Yr Running	63.27%	66.58%	68.57%	69.82%	73.71%	68.88%	71.71%	71.22%	70.04%	66.59%	70.99%	71.10%	72.68%	74.62%	75.83%	74.27%		71.05%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	26.68%	24.23%	23.55%	29.40%	35.98%	23.48%	32.50%	24.83%	28.39%	31.79%	33.48%	33.48%	34.04%	31.43%	30.46%	28.29%		32.15%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	27.74%	27.02%	25.42%	26.16%	27.45%	26.59%	28.25%	28.31%	28.16%	27.92%	29.95%	30.27%	32.25%	32.81%	32.46%	31.34%		28.20%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	26.61%	27.18%	25.60%	28.00%	31.94%	24.07%	32.88%	23.98%	27.32%	29.91%	28.85%	31.90%	29.45%	31.43%	30.46%	28.29%		29.15%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	26.01%	26.68%	26.54%	26.73%	27.78%	27.06%	28.19%	27.55%	27.42%	27.32%	28.28%	28.34%	29.48%	30.30%	30.40%	30.22%		27.66%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.34%	3.70%	5 Yr Med	5 Yr Cl	3.34%	3.73%	5 Yr Med	Payout	74.52%	33.48%	29.45%					5.95%	<-IRR #YR->	5	Dividends	33.54%
* Dividends per share	10 Yr Med	and Cur.	11.53%	0.62%	5 Yr Med	and Cur.	11.67%	-0.02%	Last Div Inc --->		$0.535	$0.565	5.61%					6.10%	<-IRR #YR->	10	Dividends	80.83%
Dividends Growth 15																		6.70%	<-IRR #YR->	15	Dividends	164.63%
Dividends Growth 20																		7.78%	<-IRR #YR->	20	Dividends	347.42%
Dividends Growth 25																		6.59%	<-IRR #YR->	25	Dividends	393.18%
Dividends Growth 30																		6.05%	<-IRR #YR->	30	Dividends	482.55%
Dividends Growth 35																		5.77%	<-IRR #YR->	35	Dividends	611.48%
Dividends Growth 40																		6.04%	<-IRR #YR->	40	Dividends	945.78%
Dividends Growth 45																		6.19%	<-IRR #YR->	41	Dividends
Dividends Growth 5								-$1.63	$0.00	$0.00	$0.00	$0.00	$2.17								Dividends Growth 5
Dividends Growth 10			-$1.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.17								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	$2.17								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	$2.17								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	$2.17								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	$2.17								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	$2.17								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.17								Dividends Growth 40
Dividends Growth 45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.17								Dividends Growth 45
Historical Dividends	Historical	High Div	7.59%	Low Div	3.44%	10 Yr High	4.42%	10 Yr Low	3.62%	Med Div	3.71%	Close Div	4.04%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-50.92%	Exp	8.29%	Exp.	-15.72%		2.90%	Cheap	0.41%	Exp.	-7.77%								High/Ave/Median
Future Dividend Yield					Div Yield	$0.05	earning in	5	Years	at IRR of	5.95%	Div Inc.	33.54%								Future Dividend Yield
Future Dividend Yield					Div Yield	6.64%	earning in	10	Years	at IRR of	5.95%	Div Inc.	78.33%								Future Dividend Yield
Future Dividend Yield					Div Yield	8.87%	earning in	15	Years	at IRR of	5.95%	Div Inc.	138.13%								Future Dividend Yield
Future Dividend Paid					Div Yield	$3.02	earning in	5	Years	at IRR of	5.95%	Div Inc.	33.54%								Future Dividend Yield
Future Dividend Paid					Div Paid	$4.03	earning in	10	Years	at IRR of	5.95%	Div Inc.	78.33%								Future Dividend Paid
Future Dividend Paid					Div Paid	$5.38	earning in	15	Years	at IRR of	5.95%	Div Inc.	138.13%								Future Dividend Paid
Dividend Covering Cost					Total Div	$13.20	over	5	Years	at IRR of	7.78%	Div Cov.	21.76%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$29.11	over	10	Years	at IRR of	7.78%	Div Cov.	47.98%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$52.25	over	15	Years	at IRR of	7.78%	Div Cov.	86.13%								Dividend Covering Cost
I am earning GC					Div Gr	584.85%	11/13/87	# yrs ->	35	1987	$4.65	Cap Gain	1204.73%								I am earning GC
I am earning Div					org yield	7.10%	12/31/22	Trading	Div G Yrly	5.63%	Div start	$0.33	-7.10%	48.60%							I am earning Div
I am earning GC					Div Gr	425.58%	11/15/95	# yrs ->	27	1995	$6.86	Cap Gain	784.40%								I am earning GC
I am earning Div					org yield	6.27%	12/31/22	RRSP	Div G Yrly	6.30%	Div start	$0.43	-6.27%	32.94%							I am earning Div
Yield if held 5 years	5.24%	4.58%	4.40%	4.92%	5.07%	4.66%	4.75%	4.90%	5.33%	5.19%	5.09%	5.08%	4.85%	5.21%	4.47%	4.32%		5.00%	<-Median->	10	Paid Median Price
Yield if held 10 years	13.95%	11.34%	9.88%	9.04%	8.00%	6.52%	6.03%	5.96%	6.85%	7.24%	6.47%	6.38%	6.55%	6.98%	6.41%	5.93%		6.53%	<-Median->	10	Paid Median Price
Yield if held 15 years	17.15%	15.04%	13.01%	11.95%	14.87%	17.37%	14.91%	13.38%	12.57%	11.42%	9.06%	8.10%	7.96%	8.98%	8.95%	7.54%		12.26%	<-Median->	10	Paid Median Price
Yield if held 20 years	21.27%	20.51%	20.65%	18.81%	19.05%	21.36%	19.77%	17.62%	16.63%	21.23%	24.12%	20.05%	17.87%	16.47%	14.12%	10.57%		19.41%	<-Median->	10	Paid Median Price
Yield if held 25 years	25.51%	25.42%	24.51%	26.19%	24.11%	26.49%	26.96%	27.96%	26.16%	27.20%	29.67%	26.58%	23.52%	21.78%	26.26%	28.14%		26.53%	<-Median->	10	Paid Median Price
Yield if held 30 years		46.40%	46.83%	36.23%	34.78%	31.77%	33.42%	33.20%	36.43%	34.42%	36.79%	36.24%	37.33%	34.27%	33.64%	34.60%		35.51%	<-Median->	10	Paid Median Price
Yield if held 35 years							61.00%	63.41%	50.40%	49.66%	44.12%	44.93%	44.33%	47.73%	42.56%	42.91%		49.66%	<-Median->	7	Paid Median Price
Yield if held 40 years												82.00%	84.68%	66.03%	61.41%	51.47%		83.34%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	21.74%	20.32%	20.26%	22.88%	23.77%	20.94%	20.67%	21.31%	23.31%	22.97%	22.69%	22.71%	21.71%	23.62%	21.13%	21.01%		22.70%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	90.28%	77.68%	71.30%	68.34%	63.20%	51.08%	46.56%	46.18%	52.86%	55.85%	49.78%	49.19%	50.60%	54.95%	53.27%	51.57%		50.84%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	145.19%	132.42%	118.95%	113.38%	146.29%	168.41%	142.62%	129.47%	123.36%	113.78%	91.48%	82.79%	81.82%	93.55%	98.16%	86.50%		118.57%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	217.19%	216.19%	224.61%	210.96%	220.06%	241.27%	218.52%	195.53%	186.15%	240.38%	275.99%	232.25%	209.43%	198.02%	180.48%	142.91%		219.29%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	297.25%	305.22%	302.77%	332.43%	314.06%	336.35%	333.58%	346.16%	325.47%	340.58%	373.56%	337.35%	300.79%	284.90%	364.45%	412.96%		334.96%	<-Median->	10	Paid Median Price
Cost covered if held 30 years		606.52%	630.46%	501.55%	494.51%	440.15%	450.75%	447.10%	491.88%	466.56%	500.41%	495.61%	513.21%	480.84%	499.51%	541.98%		493.20%	<-Median->	10	Paid Median Price
							872.12%	906.17%	722.15%	714.55%	636.90%	651.63%	645.46%	708.25%	667.64%	709.29%		714.55%	<-Median->	7	Paid Median Price	Tot. Growth
												1238.72%	1285.09%	1021.49%	1004.70%	887.40%		1261.91%	<-Median->	2	Paid Median Price
																				Yr	Item
Revenue Growth								$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$54,900				33.03%	<-Total Growth	5	Revenue Growth	33.03%
AEPS Growth								$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$15.53				9.88%	<-Total Growth	5	AEPS Growth	9.88%
Net Income Growth								$963	$1,100	$1,655	$1,209	$1,231	$1,330	$7,488				38.11%	<-Total Growth	5	Net Income Growth	38.11%
Cash Flow Growth								$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$16,705				11.54%	<-Total Growth	5	Cash Flow Growth	11.54%
Dividend Growth								$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$11.34				33.54%	<-Total Growth	5	Dividend Growth	33.54%
Stock Price Growth								$46.11	$45.51	$53.88	$52.00	$61.03	$54.18					17.50%	<-Total Growth	5	Stock Price Growth	17.50%
Revenue Growth			$3,654	$4,047	$5,401	$6,727	$6,838	$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$81,567				202.22%	<-Total Growth	10	Revenue Growth	202.22%
AEPS Growth			$1.73	$1.69	$1.75	$2.11	$2.33	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$25.14				60.69%	<-Total Growth	10	AEPS Growth	60.69%
Net Income Growth			$315	$353	$317	$728	$585	$963	$1,100	$1,655	$1,209	$1,231	$1,330	$9,786				322.22%	<-Total Growth	10	Net Income Growth	322.22%
Cash Flow Growth			$976	$899	$982	$1,673	$1,884	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$23,119				214.96%	<-Total Growth	10	Cash Flow Growth	214.96%
Dividend Growth			$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17					80.83%	<-Total Growth	10	Dividend Growth	80.83%
Stock Price Growth			$34.22	$30.45	$38.96	$37.41	$41.46	$46.11	$45.51	$53.88	$52.00	$61.03	$54.18					58.33%	<-Total Growth	10	Stock Price Growth	58.33%
Dividends on Shares				$37.20	$38.40	$41.85	$45.75	$48.75	$51.75	$54.83	$58.13	$61.50	$65.10	$67.80	$67.80	$67.80		$503.25	No of Years	10	Total Divs	12/31/12
Paid			$1,026.60	$913.50	$1,168.80	$1,122.30	$1,243.80	$1,383.30	$1,365.30	$1,616.40	$1,560.00	$1,830.90	$1,625.40	$1,820.10	$1,820.10	$1,820.10		$1,625.40	No of Years	10	Worth	$34.22
Total																		$2,128.65
Graham Price AEPS	$26.52	$27.23	$28.48	$29.18	$31.31	$36.86	$41.16	$42.53	$44.33	$45.76	$46.00	$46.56	$50.17	$51.54	$53.00	$54.43		76.17%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.13	1.18	1.16	1.11	1.13	1.03	0.98	1.05	0.98	1.10	1.14	1.18	1.14	1.10				1.11	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.29	1.29	1.20	1.20	1.30	1.14	1.08	1.14	1.06	1.24	1.28	1.31	1.30	1.17				1.22	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.97	1.07	1.12	1.02	0.95	0.93	0.88	0.96	0.90	0.97	1.00	1.05	0.98	1.03				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.28	1.23	1.20	1.04	1.24	1.01	1.01	1.08	1.03	1.18	1.13	1.31	1.08	1.18	1.14	1.11		1.08	<-Median->	10	Price/GP Ratio
Prem/Disc Close	28.11%	22.53%	20.15%	4.37%	24.44%	1.48%	0.73%	8.42%	2.66%	17.75%	13.05%	31.07%	7.98%	17.72%	14.47%	11.47%		8.20%	<-Median->	10	Graham Price
Graham Price EPS	$26.28	$27.16	$27.81	$29.52	$28.00	$40.84	$37.07	$40.64	$45.03	$47.78	$46.26	$46.74	$50.17	$51.62	$53.09	$54.76		80.39%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.14	1.18	1.19	1.10	1.26	0.93	1.09	1.10	0.96	1.06	1.13	1.18	1.14	1.10				1.10	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.30	1.29	1.23	1.19	1.45	1.03	1.20	1.20	1.04	1.19	1.27	1.31	1.30	1.17				1.20	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.98	1.07	1.15	1.01	1.07	0.84	0.98	1.01	0.88	0.93	0.99	1.05	0.98	1.03				0.98	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.29	1.23	1.23	1.03	1.39	0.92	1.12	1.13	1.01	1.13	1.12	1.31	1.08	1.18	1.14	1.11		1.12	<-Median->	10	Price/GP Ratio
Prem/Disc Close	29.29%	22.88%	23.03%	3.15%	39.13%	-8.41%	11.84%	13.47%	1.07%	12.77%	12.40%	30.57%	7.98%	17.52%	14.29%	10.80%		12.12%	<-Median->	10	Graham Price
pre-split 2005
Price Close	$33.98	$33.37	$34.22	$30.45	$38.96	$37.41	$41.46	$46.11	$45.51	$53.88	$52.00	$61.03	$54.18	$60.67	$60.67	$60.67		58.33%	<-Total Growth	10	Stock Price
Increase	18.48%	-1.80%	2.55%	-11.02%	27.95%	-3.98%	10.83%	11.22%	-1.30%	18.39%	-3.49%	17.37%	-11.22%	11.98%	0.00%	0.00%		19.49	<-Median->	10	CAPE (10 Yr P/E)
P/E	20.98	19.18	20.74	17.60	27.83	14.44	21.94	19.96	17.57	19.38	20.00	23.38	19.49	18.71	18.71	18.71		3.28%	<-IRR #YR->	5	Stock Price	17.50%
Trailing P/E	22.50	20.60	19.67	18.45	22.52	26.72	16.01	24.40	19.70	20.80	18.71	23.47	20.76	20.42	20.42	20.42		4.70%	<-IRR #YR->	10	Stock Price	58.33%
CAPE (10 Yr P/E)	18.22	18.70	19.30	19.44	20.37	19.50	19.59	19.46	19.45	19.48	19.43	19.91	19.80	19.19	19.19	19.19		7.21%	<-IRR #YR->	5	Price & Dividend	42.08%
Median 10, 5 Yrs		D.  per yr	3.90%	3.93%	% Tot Ret	45.36%	54.53%	T P/E	$20.78	$20.76	P/E:	$19.73	$19.49					8.61%	<-IRR #YR->	10	Price & Dividend	110.86%
Price 15		D.  per yr	3.69%		% Tot Ret	46.42%						CAPE Diff	-3.98%					4.26%	<-IRR #YR->	15	Stock Price	86.89%
Price  20		D.  per yr	4.53%		% Tot Ret	38.17%												7.35%	<-IRR #YR->	20	Stock Price	312.80%
Price  25		D.  per yr	4.16%		% Tot Ret	38.02%												6.78%	<-IRR #YR->	25	Stock Price	416.00%
Price  30		D.  per yr	4.97%		% Tot Ret	39.72%												7.54%	<-IRR #YR->	30	Stock Price	784.57%
Price  35		D.  per yr	5.15%		% Tot Ret	41.68%												7.20%	<-IRR #YR->	35	Stock Price	1040.63%
Price  40		D.  per yr	6.11%		% Tot Ret	44.88%												7.50%	<-IRR #YR->	40	Stock Price	1706.00%
Price  45		D.  per yr	5.94%		% Tot Ret	44.65%												7.37%	<-IRR #YR->	41	Stock Price
Price & Dividend 15																		7.94%	<-IRR #YR->	15	Price & Dividend	166.63%
Price & Dividend 20																		11.88%	<-IRR #YR->	20	Price & Dividend	510.27%
Price & Dividend 25																		10.95%	<-IRR #YR->	25	Price & Dividend	684.46%
Price & Dividend 30																		12.50%	<-IRR #YR->	30	Price & Dividend	1277.68%
Price & Dividend 35																		12.35%	<-IRR #YR->	35	Price & Dividend	1712.22%
Price & Dividend 40																		13.61%	<-IRR #YR->	40	Price & Dividend	2810.60%
Price & Dividend 45																		13.31%	<-IRR #YR->	41	Price & Dividend
Price  5								-$46.11	$0.00	$0.00	$0.00	$0.00	$54.18								Price  5
Price 10			-$34.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$54.18								Price 10
Price & Dividend 5								-$46.11	$1.73	$1.83	$1.94	$2.05	$56.35								Price & Dividend 5
Price & Dividend 10			-$34.22	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$56.35								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	$54.18								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	$54.18								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	$54.18								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	$54.18								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	$54.18								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$54.18								Price  40
Price  45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$54.18								Price  45
Price & Dividend 15	$1.12	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$56.35								Price & Dividend 15
Price & Dividend 20	$1.12	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$56.35								Price & Dividend 20
Price & Dividend 25	$1.12	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$56.35								Price & Dividend 25
Price & Dividend 30	$1.12	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$56.35								Price & Dividend 30
Price & Dividend 35	$1.12	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$56.35								Price & Dividend 35
Price & Dividend 40	$1.12	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$54.18								Price & Dividend 40
Price & Dividend 45	$1.12	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$54.18								Price & Dividend 45
Price Median H/L	$29.96	$32.13	$33.15	$32.39	$35.25	$38.09	$40.37	$44.73	$43.37	$50.53	$52.37	$55.08	$57.03	$56.72				72.02%	<-Total Growth	10	Stock Price
Increase	18.70%	7.24%	3.17%	-2.31%	8.83%	8.06%	5.99%	10.81%	-3.04%	16.50%	3.64%	5.18%	3.53%	-0.53%				5.57%	<-IRR #YR->	10	Stock Price	72.02%
P/E	18.49	18.47	20.09	18.72	25.18	14.70	21.36	19.36	16.75	18.17	20.14	21.10	20.51	19.16				4.98%	<-IRR #YR->	5	Stock Price	27.49%
Trailing P/E	19.84	19.83	19.05	19.63	20.37	27.20	15.58	23.67	18.77	19.51	18.84	21.18	21.85	20.40				9.46%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	20.38	20.81	20.59	19.63	21.65	20.90	21.80	22.55	20.12	20.78	21.51	21.37	21.34	20.66				8.90%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	23.98	24.09	23.65	22.00	23.33	23.14	23.77	24.89	22.79	24.89	24.61	24.87	24.50	23.14				15.04	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.89%	3.92%	% Tot Ret	41.09%	44.09%	T P/E	20.00	19.51	P/E:	19.75	20.14						Count	41	Years of data
			-$33.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$57.03
								-$44.73	$0.00	$0.00	$0.00	$0.00	$57.03
			-$33.15	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$59.20
								-$44.73	$1.73	$1.83	$1.94	$2.05	$59.20
Month	Dec	Jan	Apr	May	Nov	Feb	Jun	Nov	Dec	Oct	Feb	Dec	May	Apr
pre-split 2005
Price High	$34.16	$35.15	$34.26	$35.01	$40.61	$41.91	$44.53	$48.59	$47.05	$56.78	$58.83	$61.16	$65.05	$60.17				89.87%	<-Total Growth	10	Stock Price
Increase	18.36%	2.90%	-2.53%	2.19%	16.00%	3.20%	6.25%	9.12%	-3.17%	20.68%	3.61%	3.96%	6.36%	-7.50%				6.62%	<-IRR #YR->	10	Stock Price	89.87%
P/E	21.09	20.20	20.76	20.24	29.01	16.18	23.56	21.03	18.17	20.42	22.63	23.43	23.40	20.33				6.01%	<-IRR #YR->	5	Stock Price	33.88%
Trailing P/E	22.62	21.70	19.69	21.22	23.47	29.94	17.19	25.71	20.37	21.92	21.16	23.52	24.92	21.64				16.82	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	22.70	21.92	P/E:	21.83	22.63					21.37	P/E Ratio		Historical High
From my 1985 Notes 81 to 85
			-$34.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$65.05
								-$48.59	$0.00	$0.00	$0.00	$0.00	$65.05
Month	May	Aug	Feb	Dec	Jan	Sep	Feb	Jan	Feb	Jan	Mar	Feb	Oct	Mar
pre-split 2005
Price Low	$25.76	$29.11	$32.04	$29.76	$29.88	$34.26	$36.20	$40.87	$39.69	$44.27	$45.90	$49.00	$49.00	$53.27				52.93%	<-Total Growth	10	Stock Price
Increase	19.15%	13.00%	10.07%	-7.12%	0.40%	14.66%	5.66%	12.90%	-2.89%	11.54%	3.68%	6.75%	0.00%	8.71%				4.34%	<-IRR #YR->	10	Stock Price	52.93%
P/E	15.90	16.73	19.42	17.20	21.34	13.23	19.15	17.69	15.32	15.92	17.65	18.77	17.63	18.00				3.70%	<-IRR #YR->	5	Stock Price	19.89%
Trailing P/E	17.06	17.97	18.41	18.04	17.27	24.47	13.98	21.62	17.18	17.09	16.51	18.85	18.77	19.16				13.08	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.65	17.18	P/E:	17.64	17.63					8.32	P/E Ratio		Historical Low
From my 1985 Notes 81 to 85
			-$32.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.00
								-$40.87	$0.00	$0.00	$0.00	$0.00	$49.00
Free Cash Flow WSJ					-$674	-$458	-$28	-$57	-$428	-$836	-$1,156	-$282	-$513					23.89%	<-Total Growth	8	Free Cash Flow	WSJ, Mkt Sc
Change						32.05%	93.89%	-103.57%	-650.88%	-95.33%	-38.28%	75.61%	-81.91%					-$0.60	<-Median->	8	Change	Agree
Free Cash Flow MS	-$341	-$256	-$154	-$276	-$743	-$570	-$177	-$268	-$614	-$1,057	-$1,338	-$479	-$479	$830	$1,293	$905		-211.04%	<-Total Growth	10	Free Cash Flow	MS doesn't
Change		24.93%	39.84%	-79.22%	-169.20%	23.28%	68.95%	-51.41%	-129.10%	-72.15%	-26.58%	64.20%	0.00%	273.28%	55.78%	-30.01%		12.32%	<-IRR #YR->	5	Free Cash Flow MS	-78.73%
FCF/CF from Op Ratio	-0.47	-0.28	-0.16	-0.31	-0.76	-0.34	-0.09	-0.10	-0.24	-0.40	-0.50	-0.16	-0.16	0.24	0.36	0.23		12.02%	<-IRR #YR->	10	Free Cash Flow MS	-211.04%
Dividends paid	$135	$151	$170	$181	$194	$232	$316	$419	$459	$494	$786	$608	$673	$1,090	$1,090	$1,090		295.88%	<-Total Growth	10	Dividends paid	211.04%
Percentage paid					-26.11%	-40.70%	-178.53%	-156.34%	-74.76%	-46.74%	-58.74%	-126.93%	-140.50%	131.30%	84.28%	120.42%		-$0.75	<-Median->	9	Percentage paid
5 Year Covrage									-146.42%	-139.90%	-139.61%	-135.79%	-131.36%	-69.11%	-4.07%	45.49%					5 Year Covrage
Dividend Coverage Ratio					-3.83	-2.46	-0.56	-0.64	-1.34	-2.14	-1.70	-0.79	-0.71	0.76	1.19	0.83		-1.34	<-Median->	9	Dividend Coverage Ratio
5 Year of Caogerage									-1.46	-1.40	-1.40	-1.36	-1.31	-0.69	-0.04	0.45					5 Year of Caogerage
								$268	$0	$0	$0	$0	-$479
			$154	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$479
Market Cap	$5,926	$6,301	$6,555	$6,491	$10,753	$10,533	$16,646	$19,417	$19,501	$24,963	$24,274	$28,977	$26,126	$29,255	$29,255	$29,255		298.54%	<-Total Growth	10	Market Cap
pre-split 2005
Diluted # of Shares in Million	187.1	190	197.2	209.3	226.1	284.7	313.4	416.2	425.2	437.5	465.4	471.4	479	479				142.90%	<-Total Growth	10	Diluted
Change	1.24%	1.55%	3.79%	6.14%	8.03%	25.92%	10.08%	32.80%	2.16%	2.89%	6.38%	1.29%	1.61%	0.00%				6.26%	<-Median->	10	Change
Difference Diluted/Basic	-7.59%	-4.42%	-3.65%	-3.25%	-0.22%	-2.14%	-1.44%	-0.17%	-0.12%	-0.16%	-0.13%	-0.11%	-0.08%	-0.08%				-0.16%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	172.9	181.6	190.0	202.5	225.6	278.6	308.9	415.5	424.7	436.8	464.8	470.9	478.6	478.6				151.89%	<-Total Growth	10	Basic
Change	1.59%	5.03%	4.63%	6.58%	11.41%	23.49%	10.88%	34.51%	2.21%	2.85%	6.41%	1.31%	1.64%	0.00%				6.49%	<-Median->	10	Change
Difference Basic/Outstanding	0.9%	4.0%	0.8%	5.3%	22.3%	1.1%	30.0%	1.3%	0.9%	6.1%	0.4%	0.8%	0.8%	0.8%				1.21%	<-Median->	10	Difference Basic/Outstanding
Why increases?
pre-split 2005
# of Share in Millions	174.393	188.828	191.566	213.165	275.997	281.562	401.486	421.1	428.5	463.3	466.8	474.8	482.2	482.2	482.2	482.2		9.67%	<-IRR #YR->	10	Shares
Change	1.83%	8.28%	1.45%	11.27%	29.48%	2.02%	42.59%	4.89%	1.76%	8.12%	0.76%	1.71%	1.56%	0.00%	0.00%	0.00%		2.75%	<-IRR #YR->	5	Shares
CF fr Op $M	$732.0	$904.0	$976.0	$899.0	$982.0	$1,673.0	$1,884.0	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,467	$3,578	$3,853		214.96%	<-Total Growth	10	Cash Flow
Increase	14.91%	23.50%	7.96%	-7.89%	9.23%	70.37%	12.61%	46.28%	-5.52%	2.27%	1.43%	7.63%	5.74%	12.79%	3.20%	7.68%		S. Issue, SO	DRIP, ESPP		Deb. Conv.
5 year Running Average	$534	$662	$782	$830	$899	$1,087	$1,283	$1,639	$1,980	$2,316	$2,522	$2,726	$2,790	$2,962	$3,145	$3,376		256.57%	<-Total Growth	10	CF 5 Yr Running
CFPS	$4.20	$4.79	$5.09	$4.22	$3.56	$5.94	$4.69	$6.54	$6.08	$5.75	$5.79	$6.12	$6.37	$7.19	$7.42	$7.99		25.13%	<-Total Growth	10	Cash Flow per Share
Increase	12.85%	14.06%	6.42%	-17.22%	-15.63%	67.00%	-21.03%	39.47%	-7.15%	-5.42%	0.67%	5.81%	4.12%	12.79%	3.20%	7.68%		12.16%	<-IRR #YR->	10	Cash Flow	214.96%
5 year Running Average	$3.35	$3.80	$4.34	$4.40	$4.37	$4.72	$4.70	$4.99	$5.36	$5.80	$5.77	$6.06	$6.02	$6.24	$6.58	$7.02		2.21%	<-IRR #YR->	5	Cash Flow	11.54%
P/CF on Med Price	7.14	6.71	6.51	7.68	9.91	6.41	8.60	6.83	7.14	8.79	9.05	9.00	8.95	7.89	0.00	0.00		2.27%	<-IRR #YR->	10	Cash Flow per Share	25.13%
P/CF on Closing Price	8.10	6.97	6.72	7.22	10.95	6.30	8.84	7.05	7.49	9.37	8.99	9.97	8.50	8.44	8.18	7.59		-0.52%	<-IRR #YR->	5	Cash Flow per Share	-2.59%
															-2.97%	Diff M/C		3.32%	<-IRR #YR->	10	CFPS 5 yr Running	38.64%
Excl.Working Capital CF	$2.0	-$98.0	-$78.0	$45.0	$124.0	-$41.0	-$22.0	$97	$102	$168	$434	$144	$479	$0.0	$0.0	$0.0		3.83%	<-IRR #YR->	5	CFPS 5 yr Running	20.65%
CF fr Op $M WC	$734.0	$806.0	$898.0	$944.0	$1,106.0	$1,632.0	$1,862.0	$2,853	$2,706	$2,831	$3,135	$3,051	$3,553	$3,467.0	$3,577.9	$3,852.8		295.66%	<-Total Growth	10	Cash Flow less WC
Increase	8.26%	9.81%	11.41%	5.12%	17.16%	47.56%	14.09%	53.22%	-5.15%	4.62%	10.74%	-2.68%	16.45%	-2.42%	3.20%	7.68%		14.74%	<-IRR #YR->	10	Cash Flow less WC	295.66%
5 year Running Average	$565	$666	$748	$812	$898	$1,077	$1,288	$1,679	$2,032	$2,377	$2,677	$2,915	$3,055	$3,207	$3,357	$3,500		4.49%	<-IRR #YR->	5	Cash Flow less WC	24.54%
CFPS Excl. WC	$4.21	$4.27	$4.69	$4.43	$4.01	$5.80	$4.64	$6.78	$6.32	$6.11	$6.72	$6.43	$7.37	$7.19	$7.42	$7.99		15.12%	<-IRR #YR->	10	CF less WC 5 Yr Run	308.67%
Increase	6.31%	1.41%	9.82%	-5.53%	-9.51%	44.64%	-19.99%	46.09%	-6.79%	-3.24%	9.91%	-4.32%	14.67%	-2.42%	3.20%	7.68%		12.71%	<-IRR #YR->	5	CF less WC 5 Yr Run	81.92%
5 year Running Average	$3.58	$3.85	$4.16	$4.31	$4.32	$4.64	$4.71	$5.13	$5.51	$5.93	$6.11	$6.47	$6.59	$6.76	$7.02	$7.28		4.63%	<-IRR #YR->	10	CFPS - Less WC	57.18%
P/CF on Med Price	7.12	7.53	7.07	7.31	8.80	6.57	8.70	6.60	6.87	8.27	7.80	8.57	7.74	7.89	0.00	0.00		1.69%	<-IRR #YR->	5	CFPS - Less WC	8.76%
P/CF on Closing Price	8.07	7.82	7.30	6.88	9.72	6.45	8.94	6.81	7.21	8.82	7.74	9.50	7.35	8.44	8.18	7.59		4.70%	<-IRR #YR->	10	CFPS 5 yr Running	58.34%
*Operational Cash Flow per share (Shares is average o/s)			CF/-WC	P/CF Med	10 yr	8.70	5 yr	8.95	P/CF Med	10 yr	7.77	5 yr	7.80		8.62%	Diff M/C		5.13%	<-IRR #YR->	5	CFPS 5 yr Running	28.43%
			-191.566	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	482.200								Shares
								-421.100	0.000	0.000	0.000	0.000	482.200								Shares
			-$976	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,074								Cash Flow
								-$2,756	$0	$0	$0	$0	$3,074								Cash Flow
			-$5.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.37								Cash Flow per Share
								-$6.54	$0.00	$0.00	$0.00	$0.00	$6.37								Cash Flow per Share
			-$4.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.02								CFPS 5 yr Running
								-$4.99	$0.00	$0.00	$0.00	$0.00	$6.02								CFPS 5 yr Running
			-$898	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,553								Cash Flow less WC
								-$2,853	$0	$0	$0	$0	$3,553								Cash Flow less WC
			-$747.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,055.2								CF less WC 5 Yr Run
								-$1,679.4	$0.0	$0.0	$0.0	$0.0	$3,055.2								CF less WC 5 Yr Run
			-$4.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.37								CFPS - Less WC
								-$6.78	$0.00	$0.00	$0.00	$0.00	$7.37								CFPS - Less WC
			-$4.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.59								CFPS 5 yr Running
								-$5.13	$0.00	$0.00	$0.00	$0.00	$6.59								CFPS 5 yr Running
chge in non-cash Operating WC				-$45.0	-$124.0	$41.0	\
Accts Rec and other current assets							$43.0	-$74	-$204	$1	-$84	-$88	-$479
Prepaid Expenses							-$4.0	-$3	$1	-$8	-$15	-$15	-$22
Inventories							$17.0	-$6	-$8	-$13	-$36	-$56	-$153
Regulatory Assets - current portion							-$58.0	$39	$16	-$75	-$49	-$99	-$307
Accts Pay and other current Liab							$25.0	$119	$99	-$8	-$100	$164	$449
Regulatory Liab - current portion							-$1.0	-$172	-$6	-$65	-$150	-$50	$33
Chge in long term reg. Assets, Liab
Sum				-$45	-$124	$41	$22	-$97	-$102	-$168	-$434	-$144	-$479								Statements says chge in WC
Google --TD				-$45.0	-$124.0	$41.0	$22	-$29	-$89	-$168.0	-$434	-$144	-$479
Difference				$0.0	$0.0	$0.0	$0	-$68	-$13	$0	$0	$0	$0
Sum						$0.0	$22	-$97.0	-$102.0												I have not idea when TD gets
TD Bank 2020				-$31.0	-$204.0	$41.0	$22	-$97	-$102.0												Their figures from.
Difference							$0	$0.0	$0.0												Morningstar is same as TD
OPM	19.98%	24.13%	26.71%	22.21%	18.18%	24.87%	27.55%	33.20%	31.04%	30.32%	30.23%	30.77%	27.84%	30.75%				4.22%	<-Total Growth	10	OPM
Increase	14.07%	20.76%	10.71%	-16.83%	-18.15%	36.78%	10.78%	20.50%	-6.52%	-2.31%	-0.30%	1.78%	-9.53%	10.47%					Should increase		or be stable.
Diff from Ave	-31.2%	-16.9%	-8.0%	-23.5%	-37.4%	-14.3%	-5.1%	14.4%	6.9%	4.4%	4.1%	6.0%	-4.1%	5.9%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	29.03%	5 Yrs	30.32%					should be zero,	it is a check		on calculations
Long Term Debt	$5,609	$5,685	$5,783	$6,424	$9,996	$10,784	$20,817	$20,691	$23,159	$21,501	$23,113	$23,707	$25,931	$25,931				348.40%	<-Total Growth	10	Long Term Debt
Change	6.31%	1.35%	1.72%	11.08%	55.60%	7.88%	93.04%	-0.61%	11.93%	-7.16%	7.50%	2.57%	9.38%	0.00%				8.63%	<-Median->	10	Change
Debt/Market Cap Ratio	0.95	0.90	0.88	0.99	0.93	1.02	1.25	1.07	1.19	0.86	0.95	0.82	0.99	0.89				0.99	<-Median->	10	Debt/Market Cap Ratio
Assets/Current Liabilities Ratio	8.51	10.27	11.43	8.59	9.92	10.92	12.15	13.65	12.48	12.79	13.38	12.01	9.71	9.71				12.08	<-Median->	10	Assets/Current Liabilities Ratio
Debt to Cash Flow (Years)	7.66	6.29	5.93	7.15	10.18	6.45	11.05	7.51	8.89	8.07	8.56	8.16	8.44	7.48				8.30	<-Median->	10	Debt to Cash Flow (Years)
Intangibles	$324	$325	$325	$345	$488	$541	$1,011	$1,081	$1,200	$1,260	$1,291	$1,343	$1,548	$1,548				376.31%	<-Total Growth	10	Intangibles
Goodwill	$1,553	$1,565	$1,568	$2,075	$4,220	$4,173	$12,364	$11,644	$12,530	$12,004	$11,792	$11,720	$12,464	$12,464				694.90%	<-Total Growth	10	Goodwill
Total	$1,877	$1,890	$1,893	$2,420	$4,708	$4,714	$13,375	$12,725	$13,730	$13,264	$13,083	$13,063	$14,012	$14,012				640.20%	<-Total Growth	10	Total
Change	1.68%	0.69%	0.16%	27.84%	94.55%	0.13%	183.73%	-4.86%	7.90%	-3.39%	-1.36%	-0.15%	7.26%	0.00%				3.70%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.32	0.30	0.29	0.37	0.44	0.45	0.80	0.66	0.70	0.53	0.54	0.45	0.54	0.48				0.53	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,204	$1,120	$1,093	$1,296	$1,963	$1,857	$2,166	$2,207	$3,261	$2,574	$2,612	$2,728	$4,269	$4,269				Liquidity ratio of 1.5 and up, best
Current Liabilities	$1,517	$1,320	$1,308	$2,084	$2,684	$2,638	$3,944	$3,504	$4,252	$4,176	$4,148	$4,802	$6,617	$6,617				0.63	<-Median->	10	Ratio
Liquidity Ratio	0.79	0.85	0.84	0.62	0.73	0.70	0.55	0.63	0.77	0.62	0.63	0.57	0.65	0.65				0.63	<-Median->	5	Ratio
Liq. with CF aft div	1.15	1.37	1.41	0.93	0.97	1.19	0.87	1.22	1.21	1.05	1.06	0.97	0.95	1.00				1.05	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.69	0.74	0.77	0.45	0.38	0.78	0.32	0.66	0.68	0.63	0.53	0.56	0.59	1.00				0.59	<-Median->	5	Ratio
Portion of Lg Term	$56	$106	$117	$780	$505	$384	$251	$705	$926	$690	$1,254	$1,628	$2,481	$2,481
Liquidity Less CLTD	0.82	0.92	0.92	0.99	0.90	0.82	0.59	0.79	0.98	0.74	0.90	0.86	1.03	1.03				0.90	<-Median->	5	Ratio
Liq. with CF aft div	1.19	1.49	1.54	1.48	1.19	1.39	0.93	1.53	1.54	1.26	1.52	1.47	1.52	1.61				1.52	<-Median->	5	Ratio
Assets	12,903	13,562	14,950	17,908	26,628	28,804	47,904	47,822	53,051	53,404	55,481	57,659	64,252	$64,252				Debt Ratio of 1.5 and up, best
Liabilities	8,844	8,885	9,540	11,532	17,516	18,451	31,454	31,073	34,595	33,291	35,197	36,743	41,410	$41,410				1.55	<-Median->	10	Ratio
Debt Ratio	1.46	1.53	1.57	1.55	1.52	1.56	1.52	1.54	1.53	1.60	1.58	1.57	1.55	1.55				1.57	<-Median->	5	Ratio
Preferred Shares as Debt	320	320	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities do include any preferred share
Estimates BVPS														$42.00	$43.20	$45.90			Estimates		Estimates BVPS
Estimate Book Value														$20,252.4	$20,831.0	$22,133.0			Estimates		Estimate Book Value
P/B Ratio (Close)														1.44	1.40	1.32			Estimates		P/B Ratio (Close)
Difference from 10 year median															20.09%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$4,059	$4,677	$5,410	$6,376	$9,112	$10,353	$16,450	$16,749	$18,456	$20,113	$20,284	$20,916	$22,842	$22,842				322.22%	<-Total Growth	10	Book Value
Non-Control. Int.	$162	$208	$310	$375	$421	$473	$1,853	$1,746	$1,923	$1,582	$1,582	$1,628	$1,812	$1,923				484.52%	<-Total Growth	10	Non-Control. Int.
Shareholders' Equity	$3,897	$4,469	$5,100	$6,001	$8,691	$9,880	$14,597	$15,003	$16,533	$18,531	$18,702	$19,288	$21,030	$20,919				312.35%	<-Total Growth	10	Shareholders' Equity
Book Value per Share	$22.35	$23.67	$26.62	$28.15	$31.49	$35.09	$36.36	$35.63	$38.58	$40.00	$40.06	$40.62	$43.61	$43.38				63.82%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	1.34	1.36	1.25	1.15	1.12	1.09	1.11	1.26	1.12	1.26	1.31	1.36	1.31					1.20	<-Median->	10	P/BV
Preferred Shares as Equity	$592	$912	$1,108	$1,229	$1,820	$1,820	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623				46.48%	<-Total Growth	10	Preferred Shares as Eq
Book Value	$3,305	$3,557	$3,992	$4,772	$6,871	$8,060	$12,974	$13,380	$14,910	$16,908	$17,079	$17,665	$19,407	$19,296	$19,296	$19,296		386.15%	<-Total Growth	10	Book Value
Book Value per Share	$18.95	$18.84	$20.84	$22.39	$24.90	$28.63	$32.31	$31.77	$34.80	$36.49	$36.59	$37.21	$40.25	$40.02	$40.02	$40.02		93.13%	<-Total Growth	10	Book Value per Share
Change	1.65%	-0.60%	10.63%	7.43%	11.21%	14.99%	12.89%	-1.67%	9.51%	4.88%	0.25%	1.69%	8.18%	-0.57%	0.00%	0.00%		10.67%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.58	1.71	1.59	1.45	1.42	1.33	1.25	1.41	1.25	1.38	1.43	1.48	1.42	1.42	0.00	0.00		1.37	P/B Ratio		Historical Median
P/B Ratio (Close)	1.79	1.77	1.64	1.36	1.56	1.31	1.28	1.45	1.31	1.48	1.42	1.64	1.35	1.52	1.52	1.52		6.80%	<-IRR #YR->	10	Book Value per Share	93.13%
Change	16.56%	-1.20%	-7.30%	-17.17%	15.05%	-16.49%	-1.83%	13.11%	-9.87%	12.88%	-3.73%	15.42%	-17.93%	12.62%	0.00%	0.00%		4.84%	<-IRR #YR->	5	Book Value per Share	26.67%
Leverage (A/BK)	3.18	2.90	2.76	2.81	2.92	2.78	2.91	2.86	2.87	2.66	2.74	2.76	2.81	2.81				2.81	<-Median->	10	A/BV
Debt/Equity Ratio	2.18	1.90	1.76	1.81	1.92	1.78	1.91	1.86	1.87	1.66	1.74	1.76	1.81	1.81				1.81	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.41	5 yr Med	1.42		7.39%	Diff M/C		2.89	Historical	36	A/BV
			-$20.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.25
								-$31.77	$0.00	$0.00	$0.00	$0.00	$40.25
Comprehensive Income	$312	$376	$370	$444	$591	$1,502	$667	$342	$2,277	$1,185	$1,051	$1,320	$2,687					626.22%	<-Total Growth	10	Comprehensive Income
NCI	$10	$9	$9	$10	$11	$35	$53	-$2	$244	$55	$79	$100	$245					2622.22%	<-Total Growth	10	NCI
Preference shareholders	$28	$29	$47	$57	$62	$77	$75	$65	$66	$67	$65	$63	$64					36.17%	<-Total Growth	10	Preference shareholders
Shareholders	$274	$338	$314	$377	$518	$1,390	$539	$279	$1,967	$1,063	$907	$1,157	$2,378					657.32%	<-Total Growth	10	Comprehensive Income
Increase	10.04%	23.36%	-7.10%	20.06%	37.40%	168.34%	-61.22%	-48.24%	605.02%	-45.96%	-14.68%	27.56%	105.53%					27.56%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$220	$265	$294	$310	$364	$587	$628	$621	$939	$1,048	$951	$1,075	$1,494					22.44%	<-IRR #YR->	10	Comprehensive Income	657.32%
ROE	6.8%	7.2%	5.8%	5.9%	5.7%	13.4%	3.3%	1.7%	10.7%	5.3%	4.5%	5.5%	10.4%					53.50%	<-IRR #YR->	5	Comprehensive Income	752.33%
5Yr Median	6.8%	6.8%	6.8%	6.8%	5.9%	5.9%	5.8%	5.7%	5.7%	5.3%	4.5%	5.3%	5.5%					17.66%	<-IRR #YR->	10	5 Yr Running Average	408.30%
% Difference from NI	-3.9%	6.3%	-26.4%	-20.1%	23.2%	48.6%	-27.3%	-76.9%	44.5%	-46.0%	-36.8%	-20.6%	51.9%					19.22%	<-IRR #YR->	5	5 Yr Running Average	140.80%
Median Values										Diff	5, 10 yr	-20.3%	-20.6%					5.5%	<-Median->	5	Return on Equity
			-$314	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,378
								-$279	$0	$0	$0	$0	$2,378
			-$294	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,494
								-$621	$0	$0	$0	$0	$1,494
Current Liability Coverage Ratio	0.48	0.61	0.69	0.45	0.41	0.62	0.47	0.81	0.64	0.68	0.76	0.64	0.54	0.52							CFO / Current Liabilities
5 year Median	0.43	0.43	0.48	0.48	0.48	0.61	0.47	0.47	0.62	0.64	0.68	0.68	0.64	0.64				61.5%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	5.69%	5.94%	6.01%	5.27%	4.15%	5.67%	3.89%	5.97%	5.10%	5.30%	5.65%	5.29%	5.53%	5.40%							CFO / Total Assets
5 year Median	5.56%	5.58%	5.69%	5.69%	5.69%	5.67%	5.27%	5.27%	5.10%	5.30%	5.30%	5.30%	5.30%	5.40%				5.3%	<-Median->	10	Return on Assets
Return on Assets ROA	2.2%	2.3%	2.1%	2.0%	1.2%	2.5%	1.2%	2.0%	2.1%	3.1%	2.2%	2.1%	2.1%	2.2%				Net	Income/Assets		Return on Assets
5Yr Median	2.2%	2.2%	2.2%	2.2%	2.1%	2.1%	2.0%	2.0%	2.0%	2.1%	2.1%	2.1%	2.1%	2.2%				2.1%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	7.0%	6.8%	7.9%	7.4%	4.6%	9.0%	4.5%	7.2%	7.4%	9.8%	7.1%	7.0%	6.9%	7.5%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	7.0%	6.9%	7.0%	7.2%	7.0%	7.4%	7.4%	7.2%	7.2%	7.4%	7.2%	7.2%	7.1%	7.1%				7.2%	<-Median->	10	Return on Equity
Basic EPS x Basic Shares	$285	$318	$315	$352	$318	$727	$584	$964	$1,100	$1,219	$1,208	$1,229	$1,331					321.85%	<-Total Growth	10	Basic EPS x Basic Shares
Increase	8.84%	11.40%	-0.76%	11.72%	-9.72%	128.59%	-19.71%	65.11%	14.11%	10.79%	-0.84%	1.70%	8.26%
Net Income	$323	$356	$371	$420	$390	$840	$713	$1,125	$1,286	$1,852	$1,389	$1,405	$1,514					308.09%	<-Total Growth	10	Net Income
NCI	$10	$9	$9	$10	$11	$35	$53	$97	$120	$130	$115	$111	$120					1233.33%	<-Total Growth	10	NCI
Preference shareholders	$28	$29	$47	$57	$62	$77	$75	$65	$66	$67	$65	$63	$64					36.17%	<-Total Growth	10	Preference shareholders
Shareholders	$285	$318	$315	$353	$317	$728	$585	$963	$1,100	$1,655	$1,209	$1,231	$1,330	$1,444	$1,550	$1,659		322.22%	<-Total Growth	10	Net Income
Increase	8.78%	11.58%	-0.94%	12.06%	-10.20%	129.65%	-19.64%	64.62%	14.23%	50.45%	-26.95%	1.82%	8.04%	8.57%	7.34%	7.03%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$226.4	$260.6	$285.0	$306.6	$317.6	$406.2	$459.6	$589.2	$738.6	$1,006.2	$1,102.4	$1,231.6	$1,305.0	$1,373.8	$1,352.8	$1,442.8		15.49%	<-IRR #YR->	10	Net Income	322.22%
Operating Cash Flow	$732	$904	$976	$899	$982	$1,673	$1,884	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074					6.67%	<-IRR #YR->	5	Net Income	38.11%
Investment Cash Flow	-$991	-$1,125	-$1,080	-$2,164	-$4,199	-$1,368	-$6,891	-$3,025	-$3,252	-$2,768	-$4,132	-$3,488	-$4,059					16.43%	<-IRR #YR->	10	5 Yr Running Ave.	357.89%
Total Accruals	$544	$539	$419	$1,618	$3,534	$423	$5,592	$1,232	$1,748	$1,760	$2,640	$1,812	$2,315					17.24%	<-IRR #YR->	5	5 Yr Running Ave.	121.49%
Total Assets	$12,903	$13,562	$14,950	$17,908	$26,628	$28,804	$47,904	$47,822	$53,051	$53,404	$55,481	$57,659	$64,252						Balance Sheet		Assets
Accruals Ratio	4.22%	3.97%	2.80%	9.04%	13.27%	1.47%	11.67%	2.58%	3.29%	3.30%	4.76%	3.14%	3.60%					3.30%	<-Median->	5	Ratio
EPS/CF Ratio	0.38	0.41	0.35	0.39	0.35	0.45	0.41	0.34	0.41	0.45	0.39	0.41	0.38					0.40	<-Median->	10	EPS/CF Ratio
			-$315	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,330
								-$963	$0	$0	$0	$0	$1,330
			-$285	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,305
								-$589	$0	$0	$0	$0	$1,305
Chge in Close	18.48%	-1.80%	2.55%	-11.02%	27.95%	-3.98%	10.83%	11.22%	-1.30%	18.39%	-3.49%	17.37%	-11.22%	11.98%	0.00%	0.00%			count	29	Change in Close
Expected?	Down				Down	Down		down											count	15
Happened?						Yes												% right	count	3	20.00%
Financial Cash Flow	$283	$201	$171	$1,186	$3,361	-$346	$5,050	$339	$644	$154	$1,327	$451	$1,035						C F Statement		Financial CF
Total Accruals	$261	$338	$248	$432	$173	$769	$542	$893	$1,104	$1,606	$1,313	$1,361	$1,280								Accruals
Accruals Ratio	2.0%	2.5%	1.7%	2.4%	0.6%	2.7%	1.1%	1.9%	2.1%	3.0%	2.4%	2.4%	2.0%					2.36%	<-Median->	5	Ratio
Cash	$109	$89	$154	$72	$230	$242	$269	$327	$332	$370	$249	$131	$209	$209							Cash
Cash per Share	$0.63	$0.47	$0.80	$0.34	$0.83	$0.86	$0.67	$0.78	$0.77	$0.80	$0.53	$0.28	$0.43	$0.43				$0.53	<-Median->	5	Cash per Share
Percentage of Stock Price	1.84%	1.41%	2.35%	1.11%	2.14%	2.30%	1.62%	1.68%	1.70%	1.48%	1.03%	0.45%	0.80%	0.71%				1.03%	<-Median->	5	% of Stock Price
Where 2016 report is available.
http://www.envisionreports.com/fortis2017
Notes:
April 28, 2023.  Last estimates were for 2022, 2023 and 2024 of $9815M, $10296M and $10409M for Revenue, $3.21 and $3.56 2022/3for AFFO, $2.81, 2.99 and $3.17 for AEPS, $2.80, $2.99 and $3.15 for EPS,
$2.17, $2.30 and $2.46 for Dividends, $1533M, $1694M and $1801M for FCF, $6.91, $6.98 and $7.67 for CFPS, $39.60, $38.40 and $41.70 for BVPS, and $1343M, $1447M and $1532M for Net Income.
April 25, 2022.  Last estimates were for 2021, 2022 and 2023 of $9353, $9639 and $9751 for Revenue, $3.12 and $3.52 for AFFO for 2021-22, $2.78, $2.95 and $3.11 for AEPS,
$2.78, $2.93 and $3.14 for EPS, $2.05, $2.17 and $2.30 for Dividends, $1492M, $966M and $827M for FCF, $1303M, $1389M and $1502M for Net Income.
April 25, 2021.  Last estimates were for 2020, 2021 and 2022 of $9278M, $9689M and $10098M for Revenue, $2.91 and $3.32 for AFFO for 2020 and 2021, $2.65, $2.87 and $3.06 for Adj EPS,
$2.65 $2.84 and $3.10 for EPS, $1.94, $2.05 and $2.18 for Dividends, $1,386M, $1195M and -$34M for FCF, $6.22, $6.38 and $7.40 for CF, and $1239M, $1343M and $1455M for Net Income.
April 19, 2020.  Last estimates were for 2019, 2020 and 2021 of $9246M, $9476M and $9669M for Revenue, $2.53 and $2.67 for AFFO for 2019 and 2020,
$2.66, $2.81 and 2.85 for EPS, $1.83m $1.93 and $2.05 for Div, $5.72, $6.47 and $6.18 for CFPS and $1125M, $1203M and $1290M for Net Income.
April 23, 2019.  Last estimates were for 2018, 2019 and 2020 of $9141M, $9499m and $9589M for Revenue, $2.28 and $2.32 for AFFO for 2018 and 2019,
$2.55, $2.67 and $2.53 for EPS, $2.55. $2.67 and $2.55 for CFPS and $1077M, $1149M and $1194M for Net Income.
April 22, 2018.  Last estimates were for 2017, 2018 and 2019 of $8922M, $9285M and $10001M for Revenue, AFFO for 2017 and 2018 of $2.62 and $2.86,
$2.47, 2.60 and $2.55 for EPS, $5.10, $5.31 and $5.29 for CFPS and $1020M, $1075M and $1093M for Ne Income.
April 21, 2017.  Last estimates were for 2016, 2017 and 2018 of $7128M, $7847M and $9181M for Revenue, $3.10 fpr AFFO for 2016, $2.16, $2.43 and $2.66 for EPS,
$5.36, $5.13 and $5.48 for CFPS and $608M and $820M for 2016 and 2017 for Net Income.
April 30, 2016.  Last estimates were for 2015 and 2016 of $6765M, $6757M for Revenue, $2.69 and $3.00 for AFFO, $2.05 and $2.13 for EPS, $5.26 and $5.57 for CFPS and $566M and $587M for Net Income.
May 16, 2015.  Last estimates were for 2014, 2015 and 2016 of $4539M $5990M and $5704M for Revenue, $2.95 and $3.56 for AFFO for 2014 and 2015,
$1.66, $1.99 and $2.04 for EPS, $4.58 and $5.05 for CFPS for 2014 and 2015, and $293M and $505M for 2014 and 2015 for Net Income.
May 8, 2014.  Last estimates were for 2013, 2014 and 2015 of $4127M, $4512M and $4792M for Revenue, $2.58, $2.78 and $3.05 for EPS, $1.51, 1.98 and $2.04 for EPS, $4.56, $4.70 and $4.97 for CFPS.
Fortis has raised their dividends for 41 consecutive years since 1972.
May 2013.  Last estimates were for 2012 and 2013 of $3855M and $4378M for Revenue, $1.72 and $1.80 for EPS and $4.57 and $4.64 for CFPS.
This company got permission to use US GAAP accounting until 2014.  They are using US GAAP as it is closer to CDN GAAP for a regulated company.  By 2014 they will have to be a SEC Issuer or go to IFRS.
The company feels that a transition to IFRS would likely have resulted in the derecognition of some, or perhaps all, of the Corporation’s regulatory assets and liabilities
and caused significant volatility in the Corporation’s consolidated earnings.
Feb 24, 2013. Unaudited Statements were in a press release of February 2013.  So Far no audited statements
Mar 3, 2012.  Last estimates were for 2011 and 2012 with $3804M and $4009M for revenue, $1.74 and $1.82 for EPS and $4.40 and $4.66 for CF.
May 1, 2011.  Last I looked I got estimates for 2010 and 2011 of $1.65 and $1.79 for earnings and $3.80 for 2010 cash flow. Undiluted earnings were $1.65.
Apr 1, 2010.  Since I reviewed this stock in last March, earnings estimates have increased from $1.61 and $1.71.  They have raised their dividends every year since 1973
Mar 24, 2010.  In Aug 2009, I picked up 2009, 2010 and 2011 earnings of $1.50, $1.61 and $1.71 and cash Flow $3.61 and $3.80.
Aug 19, 2009.  In May 2009, I picked up 2009 and 2010 earnings estimates of $1.53 and 1.65 and cash flow estimates of 3.79 and 3.98.
May 3, 2009 AR 2008.  In Jul 2008, I picked up earnings estimates of $1.53. Earnings came in at $1.56, diluted $1.53.  This was a good estimate.
Looking at quicken, I have made a return of 12.8% on this stock between my two accts. For the last 5 years about 11%.   This has been a great stock. About 4% of my return is in dividends.
AP 2007.  Dividends have increased for last 35 yrs. Tracking well with other utilities, but diverging lower than general TSX
AP 2006. This stock continues to do what I bought it for.  It slowly plots ahead and pays a good dividend.
AR 2005.  Return has really shot up lately.  High debt, but debt has always been high. TDNewCrest is negative on stock.  They think it will move sideways over next few years.
Apr 2004.  Revenue and stock price increaseing (but P/E a little high).  Does not do well re Accrual Ratio. Sold some stock.
AR 2004.  Debt is high but company has just sold stock worth 129.9M$ to reduce debt. My IRR since 1987 is 13.2%. Not bad, but should watch stock.
May 2003.  Not the time to buy more.
2003.  This continues to plot along.  I have gotten a 12.02 IRR on this stock since purchasing.  Held in both RRSP and Cdn Trading accounts.
2003 This stock has not done as well over the last 5 yrs - averagering 8% return.  However, we are in a stock downturn.
This company has increased their dividend annually since about 1973, and raised it in 2009 and 2010.
In 1987 shareholders of Newfoundland Light & Power Co. form Fortis Inc. as a holding company with 100% ownership of the regulated electrical utility.
Sector:
Power, Utility
What should this stock accomplish?
Would I buy this company and Why.
I made most of my money from banks and utilities.  This has been a very good long term one.
Why am I following this stock.
I am following this company as I own the stock.  It was also on Mike’s site showing Dividend Paying Canadian Growth stocks.  It was also on the Dividend Growth stock lists that I follow.
Why I bought this stock.
I bought this stock as Newfoundland Light and Power Co. Ltd. Class A shares in 1987.   I bought more in 1995, 1998 and 2005.
In 2005 I sold some Fortis from my RRSP account as I needed to get $20,000 in this account and I was concerned about the debt liquidity of this stock.   However, this stock continues to be one of my big stock holdings.
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are declared for one month and paid near the first of the following month.
For example on December 9, 2013 the company annouced the dividend payable on March 1, 2014 for shareholders of record of February 14, 2014.
How they make their money
Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States, serving more than 3.4 million electricity and gas customers.
The company has smaller stakes in electricity generation and several Caribbean utilities
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	2015	April 30	2016	April 22	2017	April 22	2018	April 23	2019	April 19	2020	April 25	2021	April 25	2022			April 28	2023
Hutchens, David G.												0.084	0.02%	0.084	0.02%			0.103	0.02%			22.66%
CEO - Shares - Amount													$5.120		$4.546				$6.245
Options - percentage												0.226	0.05%	0.276	0.06%			0.373	0.08%			34.97%
Options - amount													$13.780		$14.976				$22.634
Perry, Barry V.	0.06%	0.191	0.05%	0.245	0.06%	0.305	0.07%	0.313	0.07%	0.321	0.07%
CEO - Shares - Amount	$6.414		$7.924		$11.307		$13.878		$16.891		$16.695
Options - percentage	0.21%	0.898	0.22%	1.170	0.28%	1.406	0.33%	1.458	0.31%	1.064	0.23%
Options - amount	$21.811		$37.224		$53.94		$64.005		$78.538		$55.337
Reuters Options Value
Perry, Jocelyn H.								0.000	0.00%	0.000	0.00%	0.048	0.01%	0.050	0.01%			0.052	0.01%		ceased as insider Jan 2011	3.61%
CFO- Shares - Amount									$0.000		$0.000		$2.943		$2.703				$3.136		Last filing Mar 2020
Options - percentage								0.000	0.00%	0.000	0.00%	0.000	0.00%	0.747	0.15%			0.324	0.07%		Shown in CFO slot from 2020	-56.64%
Options - amount									$0.000		$0.000		$0.000		$40.478				$19.654
Smith, Karl W.	0.04%	0.113	0.03%	0.119	0.03%	0.125	0.03%
CFO- Shares - Amount	$3.996		$4.679		$5.48		$5.698
Options - percentage	0.15%	0.453	0.11%	0.504	0.12%	0.518	0.12%
Options - amount	$15.905		$18.763		$23.26		$23.593
Hynes, Madonna G.	0.01%	0.018	0.00%	0.018	0.00%
Officer - Shares - Amount	$0.610		$0.729		$0.81
Options - percentage	0.01%	0.016	0.00%	0.016	0.00%
Options - amount	$0.603		$0.680		$0.76
Gosse, Karen J.		0.000	0.00%	0.022	0.01%	0.025	0.01%	0.026	0.01%	0.028	0.01%	0.032	0.01%	0.034	0.01%			0.036	0.01%		Last filing Mar 2020	6.20%
Officer - Shares - Amount			$0.000		$1.02		$1.133		$1.400		$1.434		$1.951		$1.838				$2.186
Options - percentage		0.000	0.00%	0.043	0.01%	0.051	0.01%	0.060	0.01%	0.067	0.01%	0.058	0.01%	0.058	0.01%			0.059	0.01%			1.87%
Options - amount			$0.000		$1.97		$2.331		$3.217		$3.462		$3.512		$3.128				$3.568
Blouin, Pierre J.														0.002	0.00%			0.002	0.00%			0.00%
Director - Shares - Amount															$0.129				$0.144
Options - percentage														0.023	0.00%			0.027	0.01%			14.93%
Options - amount															$1.257				$1.617
Amaimo, Stephanie A.										0.004	0.00%	0.008	0.00%	0.008	0.00%			0.009	0.00%		Now VP Investor Relations	9.85%
Officer- Shares - Amount											$0.223		$0.469		$0.423				$0.521		in 2023, was Director in 2021
Options - percentage										0.012	0.00%	0.012	0.00%	0.011	0.00%			0.012	0.00%			6.86%
Options - amount											$0.606		$0.726		$0.600				$0.718
Ball, Tracey Colleen						0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%			0.005	0.00%		Listed as Director 2019	0.00%
Director - Shares - Amount							$0.225		$0.267		$0.257		$0.302		$0.268				$0.300		Listed 2020 as officer
Options - percentage						0.014	0.00%	0.017	0.00%	0.020	0.00%	0.024	0.00%	0.027	0.01%			0.030	0.01%		Last File Apr 2001	13.43%
Options - amount							$0.638		$0.935		$1.058		$0.000		$1.454				$1.847		Listed as Director 2021
Zurel, Jo Mark														0.010	0.00%			0.010	0.00%			0.00%
Chairman - Shares - Amt															$0.542				$0.607
Options - percentage														0.017	0.00%			0.021	0.00%			24.06%
Options - amount															$0.918				$1.275
Haughey, Douglas J.				0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%							-100.00%
Chairman - Shares - Amt					$0.46		$0.455		$0.539		$0.520		$0.610		$0.542
Options - percentage				0.019	0.00%	0.027	0.01%	0.032	0.01%	0.038	0.01%	0.044	0.01%	0.050	0.01%							-100.00%
Options - amount					$0.89		$1.209		$1.741		$1.982		$2.702		$2.719
																		1.500	0.31%
Increase in O/S Shares	0.50%	0.885	0.31%	1.042	0.26%	1.217	0.29%	0.357	0.08%	1.449	0.31%	1.490	0.32%	1.428	0.30%				$81.270		Search for Stock Options
due to SO	$53.570		$33.108		$43.201		$56.117		$16.253		$78.072		$58.706		$61.061				$67.290		Options Vested, end of year
Book Value	$42.000		$28.000		$32.000		$0.000		$11.960		$48.339		$58.706		$56.263				-$1.875
Insider Buying	$0.000		-$0.193		-$0.354		-$0.015		-$0.243		-$2.237		-$2.102		-$0.023				$0.299
Insider Selling	$9.395		$6.378		$5.111		$6.262		$14.251		$38.054		$3.468		$7.989				-$1.576
Net Insider Selling	$9.395		$6.185		$4.757		$6.247		$14.008		$35.817		$1.366		$7.966				-0.01%
% of Market Cap	0.09%		0.04%		0.02%		0.03%		0.06%		0.15%		0.00%		0.03%
Directors		10		12		12		12		12		12		12				12
Women	27%	3	30%	3	25%	4	33%	4	33%	4	33%	4	33%	5	42%			7	58%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	16.94%	16	18.59%	17	23.53%	445	58.27%	17	27.43%	20	49.82%			20	44.68%			20	49.95%
Total Shares Held	0.48%	1.488	0.37%	1.882	0.45%	246.512	57.53%	2.194	0.47%	217.514	46.60%			213.047	44.18%			241.928	50.17%
Increase/Decrease	-11.58%	-0.009	-0.57%	-0.004	-0.20%	0.344	0.14%	-0.023	-1.05%	16.874	8.41%			3.788	1.81%			3.342	1.40%
Starting No. of Shares	Reuters	1.496	reuters	1.886	reuters	246.168	reuters	2.217	reuters	200.640	Top 20 MS			209.259	Top 20 MS			238.586	Top 20 MS
Institutions/Holdings								686	90.90%
Value									#########
Total Shares Held								330.000	77.01%
Value									#########
Increase/Decrease 3 Mths								-1.000	-0.30%
Starting No. of Shares								331.000	Moringstar
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