This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2025	<-Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/25	<-Estimates
Intact Financial Corp					TSX:	IFC	OTC:	IFCZF	www.intactfc.com			Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
																						Accting change a lot in 2023.
Net Claims	$4,070	$4,604	$4,600	$4,659	$5,108	$5,538	$6,340	$6,989	$6,883	$8,967	$11,022	$11,426	$12,685					-99.72%	<-Total Growth	10	Net Claims	This section I got from Section 4
Change		13.12%	-0.09%	1.28%	9.64%	8.42%	14.48%	10.24%	-1.52%	30.28%	22.92%	3.67%	-99.89%					0.09	<-Median->	10	Change	of 2023 report.  Not with Income section anymore.
Ratio	0.62	0.66	0.64	0.62	0.65	0.65	0.65	0.68	0.61	0.55	0.56	0.56	0.00					0.62	<-Median->	10	Ratio
Underwriting Expenses	$2,085	$2,183	$2,271	$2,417	$2,533	$2,605	$3,040	$3,172	$3,696	$5,611	$6,534	$6,808	$7,284					220.74%	<-Total Growth	10	Underwriting Expenses
Change		4.70%	4.03%	6.43%	4.80%	2.84%	16.70%	4.34%	16.52%	51.81%	16.45%	4.19%	6.99%					0.07	<-Median->	10	Change
Ratio	0.32	0.31	0.32	0.32	0.32	0.30	0.31	0.31	0.33	0.35	0.33	0.33	0.27					0.32	<-Median->	10	Ratio
Total	$6,155	$6,787	$6,871	$7,076	$7,641	$8,143	$9,380	$10,161	$10,579	$14,578	$17,556	$18,234	$7,297					6.20%	<-Total Growth	10	Total
Ratio	0.94	0.97	0.96	0.94	0.97	0.95	0.96	0.99	0.94	0.90	0.89	0.90	0.28					0.94	<-Median->	10	Ratio
														$5,659	<-12 mths	-78.66%
Revenue  (Top Line Income Stat.)										$17,994	$22,655	$25,507
Net Earned Premiums	$6,561.0	$6,972.0	$7,164.0	$7,490.0	$7,902.0	$8,558.0	$9,765.0	$10,275.0	$11,241	$16,238	$19,792	$20,365	$26,523	$23,179	$24,851			270.23%	<-Total Growth	10	Net Premiums
Increase	33.71%	6.26%	2.75%	4.55%	5.50%	8.30%	14.10%	5.22%	9.40%	44.45%	21.89%	2.90%	30.24%	-12.61%	7.21%			13.98%	<-IRR #YR->	10	Net Premiums	270.23%
5 year Running Average	$4,755.2	$5,341.7	$5,963.5	$6,618.8	$7,217.8	$7,617.2	$8,175.8	$8,798.0	$9,548	$11,215	$13,462	$15,582	$18,832	$21,219.4	$22,942.0			20.88%	<-IRR #YR->	5	Net Premiums	158.13%
Revenue per Share	$49.21	$53.00	$54.46	$56.94	$60.30	$61.48	$70.16	$71.84	$78.60	$92.22	$112.93	$114.20	$148.70	$129.95	$139.33			12.19%	<-IRR #YR->	10	5 yr Running Average	215.79%
Increase	29.92%	7.71%	2.75%	4.55%	5.90%	1.97%	14.10%	2.41%	9.40%	17.33%	22.46%	1.13%	30.21%	-12.61%	7.21%			16.44%	<-IRR #YR->	5	5 yr Running Average	114.05%
5 year Running Average	$38.43	$42.29	$46.42	$50.30	$54.78	$57.24	$60.67	$64.14	$68.48	$74.86	$85.15	$93.96	$109.33	$119.60	$129.02			10.57%	<-IRR #YR->	10	Revenue per Share	173.04%
P/S (Price/Sales) Med	1.23	1.20	1.38	1.57	1.47	1.63	1.43	1.66	1.69	1.73	1.63	1.75	1.60	2.03	0.00			15.66%	<-IRR #YR->	5	Revenue per Share	106.98%
P/S (Price/Sales) Close	1.32	1.31	1.54	1.56	1.59	1.71	1.41	1.95	1.92	1.56	1.73	1.79	1.76	2.16	2.01			8.94%	<-IRR #YR->	10	5 yr Running Average	135.52%
*Net Premiums and other income M CDN $					P/S Med	20 yr	1.45	15 yr	1.57	10 yr	1.72	5 yr	1.76		25.56%	Diff M/C		11.25%	<-IRR #YR->	5	5 yr Running Average	70.44%
			-$7,164.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$26,523
								-$10,275.0	$0.0	$0.0	$0.0	$0.0	$26,523
			-$5,963.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$18,832
								-$8,798.0	$0.0	$0.0	$0.0	$0.0	$18,832
			-$54.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$148.70
								-$71.84	$0.00	$0.00	$0.00	$0.00	$148.70
			-$46.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$109.33
								-$64.14	$0.00	$0.00	$0.00	$0.00	$109.33
Net Investment Income	$388.0	$405.0	$426.0	$423	$414													-100.00%	<-Total Growth	2	Net Investment Income
Net investment gains (losses)	$37.0	-$83.0	$173.0	-$64	-$70													-100.00%	<-Total Growth	2	Net investment gains
Share of profit from investments	$22.0	$26.0	$19.0	$26	$16																Share of profit from inv.
Other revenues	$88.0	$77.0	$98.0	$121	$143													-100.00%	<-Total Growth	2	Other revenues
Total Revenue*	$7,096.0	$7,397.0	$7,880.0	$7,996.0	$8,405.0	$9,293.0	$10,586.0	$11,207.0	$12,303	$17,635	$21,615	$27,516	$28,796					265.43%	<-Total Growth	10	Revenue
Increase	28.95%	4.24%	6.53%	1.47%	5.12%	10.57%	13.91%	5.87%	9.78%	43.34%	22.57%	27.30%	4.65%					13.84%	<-IRR #YR->	10	Revenue	265.43%
5 year Running Average	$5,124.6	$5,777.6	$6,505.4	$7,174.4	$7,754.8	$8,194.2	$8,832.0	$9,497.4	$10,359	$12,205	$14,669	$18,055	$21,573					20.77%	<-IRR #YR->	5	Revenue	156.95%
Revenue per Share	$53.22	$56.23	$59.90	$60.79	$64.14	$66.77	$76.06	$78.36	$86.02	$100.15	$123.33	$154.31	$161.45					12.74%	<-IRR #YR->	10	5 yr Running Average	231.62%
Increase	25.29%	5.66%	6.53%	1.47%	5.51%	4.10%	13.91%	3.03%	9.78%	16.42%	23.15%	25.11%	4.63%					17.83%	<-IRR #YR->	5	5 yr Running Average	127.15%
5 year Running Average	$41.40	$45.75	$50.66	$54.52	$58.86	$61.56	$65.53	$69.22	$74.27	$81.47	$92.79	$108.44	$125.05					10.42%	<-IRR #YR->	10	Revenue per Share	169.51%
P/S (Price/Sales) Med	1.13	1.13	1.25	1.47	1.38	1.50	1.32	1.52	1.54	1.59	1.49	1.29	1.47					15.55%	<-IRR #YR->	5	Revenue per Share	106.03%
P/S (Price/Sales) Close	1.22	1.23	1.40	1.46	1.50	1.57	1.30	1.79	1.75	1.44	1.58	1.32	1.62					9.46%	<-IRR #YR->	10	5 yr Running Average	146.85%
*Net Premiums and other income M CDN $					P/S Med	20 yr	1.31	15 yr	1.38	10 yr	1.54	5 yr	1.58					12.56%	<-IRR #YR->	5	5 yr Running Average	80.66%
			-$7,880.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$28,796
								-$11,207.0	$0.0	$0.0	$0.0	$0.0	$28,796
			-$6,505.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$21,573
								-$9,497.4	$0.0	$0.0	$0.0	$0.0	$21,573
			-$59.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$161.45
								-$78.36	$0.00	$0.00	$0.00	$0.00	$161.45
			-$50.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$125.05
								-$69.22	$0.00	$0.00	$0.00	$0.00	$125.05
														$14.79	<-12 mths	0.82%
Adjusted Profit CDN$	$694	$455	$791	$729	$594	$775	$794	$802	$1,213	$2,486	$2,789	$1,637	$2,620					231.23%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	15.76%	10.19%	15.93%	13.91%	10.61%	11.60%	11.71%	10.39%	14.43%	15.86%	18.11%	10.11%	14.44%					12.81%	<-Median->	10	Return on Equity ROE
5Yr Median	14.64%	14.64%	15.76%	14.64%	13.91%	11.60%	11.71%	11.60%	11.60%	11.71%	14.43%	14.43%	14.44%					12.81%	<-Median->	10	5Yr Median
Basic	$5.15	$3.44	$6.01	$5.54	$4.53	$5.82	$5.70	$5.75	$8.48	$15.32	$15.89	$9.29	$14.67					144.09%	<-Total Growth	10	AEPS
AEPS* Dilued	$5.15	$3.44	$6.01	$5.54	$4.53	$5.82	$5.70	$5.75	$8.48	$15.32	$15.89	$9.29	$14.67	$16.53	$17.56	$19.94		144.09%	<-Total Growth	10	AEPS
Increase	6.85%	-33.20%	74.71%	-7.82%	-18.23%	28.48%	-2.06%	0.88%	47.48%	80.66%	3.72%	-41.54%	57.91%	12.68%	6.23%	13.55%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$3.29	$3.77	$4.76	$4.99	$4.93	$5.07	$5.52	$5.47	$6.06	$8.21	$10.23	$10.95	$12.73	$14.34	$14.79	$15.60		9.33%	<-IRR #YR->	10	AEPS	144.09%
AEPS Yield	7.95%	4.96%	7.17%	6.25%	4.71%	5.54%	5.75%	4.09%	5.63%	10.65%	8.15%	4.56%	5.61%	5.90%	6.27%	7.12%		20.60%	<-IRR #YR->	5	AEPS	155.13%
Payout Ratio	31.07%	51.16%	31.95%	38.27%	51.21%	43.99%	49.12%	52.87%	39.15%	22.19%	25.17%	47.36%	32.99%	32.18%	30.30%	26.68%		10.34%	<-IRR #YR->	10	5 yr Running Average	167.44%
5 year Running Average	66.33%	52.95%	35.19%	36.63%	40.73%	43.32%	42.91%	47.09%	47.27%	41.46%	37.70%	37.35%	33.37%	31.98%	33.60%	33.90%		18.41%	<-IRR #YR->	5	5 yr Running Average	132.81%
Price/AEPS Median	11.73	18.44	12.49	16.14	19.54	17.22	17.62	20.73	15.66	10.38	11.59	21.47	16.22	15.97	0.00	0.00		16.72	<-Median->	10	Price/AEPS Median
Price/AEPS High	12.61	20.17	13.95	17.33	21.44	18.64	18.98	24.46	18.54	11.56	13.07	22.84	18.69	16.74	0.00	0.00		18.67	<-Median->	10	Price/AEPS High
Price/AEPS Low	10.84	16.72	11.02	14.94	17.63	15.81	16.25	16.99	12.78	9.20	10.11	20.09	13.74	15.20	0.00	0.00		15.38	<-Median->	10	Price/AEPS Low
Price/AEPS Close	12.58	20.17	13.95	16.01	21.21	18.04	17.40	24.42	17.77	9.39	12.27	21.94	17.84	16.95	15.95	14.05		17.81	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	13.44	13.47	24.38	14.76	17.35	23.18	17.04	24.64	26.21	16.97	12.72	12.83	28.17	19.09	16.95	15.95		17.19	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	41.57%	5 Yrs	32.99%	P/CF	5 Yrs	in order	15.66	18.54	12.78	17.77		8.19%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$6.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.67
								-$5.75	$0.00	$0.00	$0.00	$0.00	$14.67
			-$4.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.73
								-$5.47	$0.00	$0.00	$0.00	$0.00	$12.73
														$12.55	<-12 mths	1.54%
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%
EPS Basic	$4.33	$3.10	$5.79	$5.20	$3.97	$5.75	$4.79	$5.08	$7.20	$12.40	$13.46	$6.99	$12.37					113.64%	<-Total Growth	10	EPS Basic
EPS Diluted*	$4.33	$3.10	$5.79	$5.20	$3.97	$5.75	$4.79	$5.08	$7.20	$12.40	$13.46	$6.99	$12.36	$14.94	$16.05	$15.91		113.47%	<-Total Growth	10	EPS Diluted
Increase	9.34%	-28.41%	86.77%	-10.19%	-23.65%	44.84%	-16.70%	6.05%	41.73%	72.22%	8.55%	-48.07%	76.82%	20.87%	7.43%	-0.87%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	6.7%	4.5%	6.9%	5.9%	4.1%	5.5%	4.8%	3.6%	4.8%	8.6%	6.9%	3.4%	4.7%	5.3%	5.7%	5.7%		7.88%	<-IRR #YR->	10	Earnings per Share	113.47%
5 year Running Average	$2.81	$3.22	$4.17	$4.48	$4.48	$4.76	$5.10	$4.96	$5.36	$7.04	$8.59	$9.03	$10.48	$12.03	$12.76	$13.25		19.46%	<-IRR #YR->	5	Earnings per Share	143.31%
10 year Running Average	$3.69	$3.84	$3.77	$3.71	$3.61	$3.79	$4.16	$4.56	$4.92	$5.76	$6.67	$7.06	$7.72	$8.69	$9.90	$10.92		9.67%	<-IRR #YR->	10	5 yr Running Average	151.61%
* ESP per share									E/P	10 Yrs	4.80%	5Yrs	4.78%					16.15%	<-IRR #YR->	5	5 yr Running Average	111.42%
			-$5.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.36
								-$5.08	$0.00	$0.00	$0.00	$0.00	$12.36
			-$4.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.48
								-$4.96	$0.00	$0.00	$0.00	$0.00	$10.48
Dividends*														$5.29	$5.72	$5.74			Estimates		Dividends*
Increase														9.24%	8.15%	0.38%			Estimates		Increase
Payout Ratio EPS														35.39%	35.63%	36.08%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividends*	$1.60	$1.76	$1.92	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$5.32	$5.32	$5.32		152.08%	<-Total Growth	10	Dividends
Increase	8.11%	10.00%	9.09%	10.42%	9.43%	10.34%	9.37%	8.57%	9.21%	2.41%	17.65%	10.00%	10.00%	9.92%	0.00%	0.00%		19	0	19	Years of data, Count P, N	100.00%
Average Increases 5 Year Running	8.24%	7.28%	8.45%	9.29%	9.41%	9.86%	9.73%	9.63%	9.39%	7.98%	9.44%	9.57%	9.85%	9.99%	9.51%	5.98%		9.51%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.39	$1.50	$1.62	$1.78	$1.94	$2.14	$2.34	$2.57	$2.81	$3.02	$3.31	$3.63	$3.99	$4.39	$4.78	$5.04		145.81%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.65%	2.77%	2.56%	2.37%	2.62%	2.55%	2.79%	2.55%	2.50%	2.14%	2.17%	2.21%	2.03%	2.02%				2.44%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	2.46%	2.54%	2.29%	2.21%	2.39%	2.36%	2.59%	2.16%	2.11%	1.92%	1.93%	2.07%	1.76%	1.92%				2.14%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.87%	3.06%	2.90%	2.56%	2.91%	2.78%	3.02%	3.11%	3.06%	2.41%	2.49%	2.36%	2.40%	2.12%				2.67%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	2.47%	2.54%	2.29%	2.39%	2.41%	2.44%	2.82%	2.16%	2.20%	2.36%	2.05%	2.16%	1.85%	1.90%	1.90%	1.90%		2.28%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	36.95%	56.77%	33.16%	40.77%	58.44%	44.52%	58.46%	59.84%	46.11%	27.42%	29.72%	62.95%	39.16%	35.61%	33.15%	33.44%		45.32%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	49.54%	46.46%	38.98%	39.68%	43.41%	44.86%	45.96%	51.80%	52.41%	42.93%	38.57%	40.24%	38.08%	36.51%	37.43%	38.04%		43.17%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	29.51%	125.14%	18.33%	31.37%	32.87%	45.62%	46.79%	33.70%	20.19%	19.13%	19.13%	42.50%	25.49%	28.02%				32.12%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	29.46%	37.66%	31.41%	31.55%	31.23%	34.11%	32.66%	37.29%	31.82%	27.58%	23.61%	24.38%	23.63%	25.24%				31.39%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	28.52%	38.78%	22.47%	29.02%	37.67%	32.99%	35.17%	38.07%	27.32%	21.64%	21.93%	53.85%	26.00%	28.58%				31.01%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	26.77%	29.61%	28.29%	29.56%	30.23%	31.13%	31.06%	34.55%	33.42%	29.32%	26.69%	29.17%	27.38%	27.68%				29.89%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	2.44%	2.28%	5 Yr Med	5 Yr Cl	2.17%	2.16%	5 Yr Med	Payout	39.16%	20.19%	26.00%					9.75%	<-IRR #YR->	5	Dividends	59.21%
* Dividends per share	10 Yr Med	and Cur.	-22.02%	-16.80%	5 Yr Med	and Cur.	-12.57%	-12.00%	Last Div Inc --->		$1.21	$1.33	9.92%					9.69%	<-IRR #YR->	10	Dividends	152.08%
Dividends Growth 15																		9.27%	<-IRR #YR->	15	Dividends	278.13%
Dividends Growth 20																		11.15%	<-IRR #YR->	19	Dividends
Dividends Growth 5								-$3.04	$0.00	$0.00	$0.00	$0.00	$4.84								Dividends Growth 5
Dividends Growth 10			-$1.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.84								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	$4.84								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	$4.84								Dividends Growth 20
Historical Dividends	Historical	High Div	4.66%	Low Div	1.64%	10 Yr High	3.11%	10 Yr Low	1.78%	Med Div	2.56%	Close Div	2.40%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-59.24%	Exp	15.81%	Exp.	-38.93%		6.70%	Exp.	-25.81%	Exp.	-20.94%								High/Ave/Median
Future Dividend Yield					Div Yd	3.02%	earning in	5	Years	at IRR of	9.75%	Div Inc.	59.21%								Future Dividend Yield
Future Dividend Yield					Div Yd	4.81%	earning in	10	Years	at IRR of	9.75%	Div Inc.	153.48%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.66%	earning in	15	Years	at IRR of	9.75%	Div Inc.	303.57%								Future Dividend Yield
Future Dividend Paid					Div Paid	$8.47	earning in	5	Years	at IRR of	9.75%	Div Inc.	59.21%								Future Dividend Paid
Future Dividend Paid					Div Paid	$13.49	earning in	10	Years	at IRR of	9.75%	Div Inc.	153.48%								Future Dividend Paid	Item
Future Dividend Paid					Div Paid	$21.47	earning in	15	Years	at IRR of	9.75%	Div Inc.	303.57%								Future Dividend Paid	Revenue Growth
																						AEPS Growth
Dividend Covering Cost					Total Div	$32.32	over	5	Years	at IRR of	9.75%	Div Cov.	11.54%								Dividend Covering Cost	Net Income Growth
Dividend Covering Cost					Total Div	$75.30	over	10	Years	at IRR of	9.75%	Div Cov.	26.88%								Dividend Covering Cost	Cash Flow Growth
Dividend Covering Cost					Total Div	$143.73	over	15	Years	at IRR of	9.75%	Div Cov.	51.31%								Dividend Covering Cost	Dividend Growth
																						Stock Price Growth
Cost cover if held 5 years	17.57%	21.66%	25.38%	20.16%	18.30%	17.69%	18.47%	17.11%	15.70%	17.09%	16.52%	18.09%	16.75%	16.53%	15.01%	13.69%		17.40%	<-Median->	10	Paid Median Price
Cost cover if held 10 years			48.09%	36.05%	28.87%	44.52%	55.60%	65.51%	52.03%	46.76%	45.11%	47.10%	43.70%	40.27%	44.07%	41.66%		45.93%	<-Median->	10	Paid Median Price	Revenue Growth
Cost cover if held 15 years								94.28%	70.17%	55.88%	86.32%	108.18%	127.89%	101.88%	91.71%	86.84%		90.30%	<-Median->	6	Paid Median Price	AEPS Growth
Cost cover if held 20 years													166.08%	123.52%	98.54%	149.92%		166.08%	<-Median->	1	Paid Median Price	Net Income Growth
																						Cash Flow Growth
H/LYield held 5 yrs	4.04%	5.10%	6.00%	4.81%	4.37%	4.24%	4.41%	4.05%	3.71%	3.84%	3.99%	4.38%	4.06%	4.01%	3.34%	2.89%		4.15%	<-Median->	10	Paid Median Price	Dividend Growth
H/LYield held 10 yrs			6.91%	5.15%	4.14%	6.46%	8.11%	9.50%	7.54%	6.40%	6.62%	6.94%	6.45%	5.95%	6.01%	5.31%		6.54%	<-Median->	10	Paid Median Price	Stock Price Growth
H/LYield held 15 yrs								10.94%	8.07%	6.07%	10.10%	12.74%	15.13%	12.08%	10.01%	8.81%		10.52%	<-Median->	6	Paid Median Price
H/LYield held 20 yrs													17.41%	12.93%	9.50%	13.43%		17.41%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$10,275	$11,241	$16,238	$19,792	$20,365	$26,523	$5,659	<-12 mths	-78.66%		158.13%	<-Total Growth	5	Revenue Growth	158.13%
AEPS Growth								$5.75	$8.48	$15.32	$15.89	$9.29	$14.67	$14.79	<-12 mths	0.82%		155.13%	<-Total Growth	5	AEPS Growth	155.13%
Net Income Growth								$754	$1,082	$2,067	$2,424	$1,316	$2,297	$2,166	<-12 mths	-5.69%		204.64%	<-Total Growth	5	Net Income Growth	204.64%
Cash Flow Growth								$1,290	$2,352	$3,129	$3,665	$1,846	$3,387					162.56%	<-Total Growth	5	Cash Flow Growth	162.56%
Dividend Growth								$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$5.32	<-12 mths	9.92%		59.21%	<-Total Growth	5	Dividend Growth	59.21%
Stock Price Growth								$140.42	$150.72	$143.91	$194.91	$203.86	$261.73	$280.11	<-12 mths	7.02%		86.39%	<-Total Growth	5	Stock Price Growth	86.39%
Revenue Growth			$7,164	$7,490	$7,902	$8,558	$9,765	$10,275	$11,241	$16,238	$19,792	$20,365	$26,523	$23,179	<-this year	-12.61%		270.23%	<-Total Growth	10	Revenue Growth	270.23%
AEPS Growth			$6.01	$5.54	$4.53	$5.82	$5.70	$5.75	$8.48	$15.32	$15.89	$9.29	$14.67	$16.53	<-this year	12.68%		144.09%	<-Total Growth	10	AEPS Growth	144.09%
Net Income Growth			$782	$706	$541	$792	$707	$754	$1,082	$2,067	$2,424	$1,316	$2,297	$2,457	<-this year	6.97%		193.73%	<-Total Growth	10	Net Income Growth	193.73%
Cash Flow Growth			$1,378	$889	$925	$781	$833	$1,290	$2,352	$3,129	$3,665	$1,846	$3,387	$3,387	<-this year	0.00%		145.79%	<-Total Growth	10	Cash Flow Growth	145.79%
Dividend Growth			$1.92	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$4.84	$5.29	<-this year	9.24%		152.08%	<-Total Growth	10	Dividend Growth	152.08%
Stock Price Growth			$83.85	$88.68	$96.10	$104.99	$99.19	$140.42	$150.72	$143.91	$194.91	$203.86	$261.73	$280.11	<-this year	7.02%		212.14%	<-Total Growth	10	Stock Price Growth	212.14%
Dividends on Shares				$25.44	$27.84	$30.72	$33.60	$36.48	$39.84	$40.80	$48.00	$52.80	$58.08	$63.84	$63.84	$63.84		$393.60	Total Divs	10	Total Divs	31-Dec-14
Paid			$1,006.20	$1,064.16	$1,153.20	$1,259.88	$1,190.28	$1,685.04	$1,808.64	$1,726.92	$2,338.92	$2,446.32	$3,140.76	$3,361.32	$3,361.32	$3,361.32		$3,140.76	Worth	10	Worth	$83.85
Total																		$3,534.36			Total
Graham No. AEPS	$61.87	$51.26	$71.45	$70.46	$65.99	$79.28	$79.05	$83.56	$105.91	$175.17	$177.25	$137.76	$183.26	$194.53	$200.50	$213.66		156.49%	<-Total Growth	10	Graham Price AEPS
Change	8.95%	-17.15%	39.40%	-1.39%	-6.34%	20.13%	-0.28%	5.71%	26.74%	65.39%	1.19%	-22.28%	33.03%	6.15%	3.07%	6.56%		3.45%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.98	1.24	1.05	1.27	1.34	1.26	1.27	1.43	1.25	0.91	1.04	1.45	1.30	1.36				1.27	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.05	1.35	1.17	1.36	1.47	1.37	1.37	1.68	1.48	1.01	1.17	1.54	1.50	1.42				1.42	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.90	1.12	0.93	1.18	1.21	1.16	1.17	1.17	1.02	0.80	0.91	1.36	1.10	1.29				1.16	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.05	1.35	1.17	1.26	1.46	1.32	1.25	1.68	1.42	0.82	1.10	1.48	1.43	1.44	1.40	1.31		1.37	<-Median->	10	Price/GP Ratio
Prem/Disc Close	4.69%	35.34%	17.36%	25.86%	45.63%	32.44%	25.48%	68.04%	42.31%	-17.84%	9.97%	47.98%	42.82%	43.99%	39.71%	31.10%		37.37%	<-Median->	10	Graham Price
Graham No. EPS	$56.73	$48.66	$70.13	$68.26	$61.78	$78.80	$72.47	$78.54	$97.59	$157.59	$163.13	$119.50	$168.21	$184.94	$191.69	$190.85		139.86%	<-Total Growth	10	Graham Price EPS
Change	10.21%	-14.23%	44.13%	-2.66%	-9.50%	27.55%	-8.03%	8.39%	24.25%	61.48%	3.51%	-26.75%	40.77%	9.94%	3.65%	-0.44%		5.95%	<-Median->	10	Graham Price
Price/GP Ratio Med	1.06	1.30	1.07	1.31	1.43	1.27	1.39	1.52	1.36	1.01	1.13	1.67	1.41	1.43				1.37	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.14	1.43	1.20	1.41	1.57	1.38	1.49	1.79	1.61	1.12	1.27	1.78	1.63	1.50				1.53	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.98	1.18	0.94	1.21	1.29	1.17	1.28	1.24	1.11	0.89	0.98	1.56	1.20	1.36				1.21	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.14	1.43	1.20	1.30	1.56	1.33	1.37	1.79	1.54	0.91	1.19	1.71	1.56	1.51	1.46	1.47		1.46	<-Median->	10	Price/GP Ratio
Prem/Disc Close	14.18%	42.57%	19.56%	29.91%	55.56%	33.24%	36.88%	78.78%	54.44%	-8.68%	19.48%	70.60%	55.59%	51.46%	46.13%	46.77%		45.66%	<-Median->	10	Graham Price
Price Close	$64.77	$69.37	$83.85	$88.68	$96.10	$104.99	$99.19	$140.42	$150.72	$143.91	$194.91	$203.86	$261.73	$280.11	$280.11	$280.11		212.14%	<-Total Growth	10	Stock Price
Increase	10.66%	7.10%	20.87%	5.76%	8.37%	9.25%	-5.52%	41.57%	7.34%	-4.52%	35.44%	4.59%	28.39%	7.02%	0.00%	0.00%		18.11	<-Median->	10	CAPE (10 Yr P/E)
P/E	14.96	22.38	14.48	17.05	24.21	18.26	20.71	27.64	20.93	11.61	14.48	29.16	21.18	18.75	17.45	17.61		13.26%	<-IRR #YR->	5	Stock Price	86.39%
Trailing P/E	16.36	16.02	27.05	15.32	18.48	26.45	17.25	29.32	29.67	19.99	15.72	15.15	37.44	22.66	18.75	17.45		12.06%	<-IRR #YR->	10	Stock Price	212.14%
CAPE (10 Yr P/E)	11.25	12.62	14.30	15.56	17.18	18.12	18.11	18.78	19.46	18.09	17.56	18.50	19.23	19.28	18.78	18.64		15.46%	<-IRR #YR->	5	Price & Dividend	100.61%
Median 10, 5 Yrs		D.  per yr	2.28%	2.20%	% Tot Ret	15.91%	14.21%	T P/E	19.23	19.99	P/E:	20.82	20.93					14.34%	<-IRR #YR->	10	Price & Dividend	251.26%
Price 15		D.  per yr	2.83%		% Tot Ret	16.93%						CAPE Diff	3.50%					13.90%	<-IRR #YR->	15	Stock Price	604.52%
Price 20		D.  per yr	2.49%		% Tot Ret	17.68%												11.57%	<-IRR #YR->	20	Stock Price
Price & Dividend 15																		16.73%	<-IRR #YR->	15	Price & Dividend	714.67%
Price & Dividend 20																		14.05%	<-IRR #YR->	20	Price & Dividend
Price  5								-$140.42	$0.00	$0.00	$0.00	$0.00	$261.73								Price  5
Price 10			-$83.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$261.73								Price 10
Price & Dividend 5								-$140.42	$3.32	$3.40	$4.00	$4.40	$266.57								Price & Dividend 5
Price & Dividend 10			-$83.85	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$266.57								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	$261.73								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	$261.73								Price 20
Price & Dividend 15	$1.60	$1.76	$1.92	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$266.57								Price & Dividend 15
Price & Dividend 20	$1.60	$1.76	$1.92	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$266.57								Price & Dividend 20
Price H/L Median	$60.39	$63.45	$75.06	$89.40	$88.50	$100.24	$100.41	$119.17	$132.82	$159.09	$184.13	$199.43	$237.91	$264.01				216.98%	<-Total Growth	10	Stock Price
Increase	13.68%	5.06%	18.30%	19.11%	-1.01%	13.27%	0.17%	18.68%	11.45%	19.78%	15.74%	8.31%	19.30%	10.97%				12.23%	<-IRR #YR->	10	Stock Price	216.98%
P/E	13.95	20.47	12.96	17.19	22.29	17.43	20.96	23.46	18.45	12.83	13.68	28.53	19.25	17.67				14.83%	<-IRR #YR->	5	Stock Price	99.64%
Trailing P/E	15.25	14.65	24.21	15.44	17.02	25.25	17.46	24.88	26.14	22.10	14.85	14.82	34.04	21.36				14.76%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	21.49	19.70	18.02	19.97	19.76	21.05	19.69	24.04	24.79	22.58	21.44	22.09	22.70	21.95				17.35%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	16.35	16.51	19.90	24.12	24.50	26.48	24.14	26.12	27.01	27.61	27.59	28.24	30.82	30.37				17.19	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.53%	2.52%	% Tot Ret	17.16%	14.54%	T P/E	19.78	22.10	P/E:	18.85	18.45						Count	20	Years of data
			-$75.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$237.91
								-$119.17	$0.00	$0.00	$0.00	$0.00	$237.91
			-$75.06	$2.12	$2.32	$2.56	$2.80	$3.04	$3.32	$3.40	$4.00	$4.40	$242.75
								-$119.17	$3.32	$3.40	$4.00	$4.40	$242.75
High Months	Dec	Dec	Dec	Oct	Dec	Nov	Sep	Dec	Mar	Aug	Nov	Dec	Dec	Feb
Price High	$64.94	$69.37	$83.85	$96.01	$97.13	$108.48	$108.18	$140.67	$157.22	$177.17	$207.66	$212.17	$274.23	$276.73				227.05%	<-Total Growth	10	Stock Price
Increase	10.07%	6.82%	20.87%	14.50%	1.17%	11.69%	-0.28%	30.03%	11.77%	12.69%	17.21%	2.17%	29.25%	0.91%				12.58%	<-IRR #YR->	10	Stock Price	227.05%
P/E	15.00	22.38	14.48	18.46	24.47	18.87	22.58	27.69	21.84	14.29	15.43	30.35	22.19	18.52				14.28%	<-IRR #YR->	5	Stock Price	94.95%
Trailing P/E	16.40	16.02	27.05	16.58	18.68	27.32	18.81	29.37	30.95	24.61	16.75	15.76	39.23	22.39				18.46	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	21.71	24.61	P/E:	22.01	21.84					26.40	P/E Ratio		Historical High
			-$83.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$274.23
								-$140.67	$0.00	$0.00	$0.00	$0.00	$274.23
Low Mths	Jan	Jun	Feb	Jan	Feb	May	Jun	Jan	Mar	Jan	Jan	Mar	Jan	Jan
Price Low	$55.84	$57.52	$66.26	$82.79	$79.86	$92.00	$92.64	$97.67	$108.41	$141.00	$160.59	$186.68	$201.59	$251.29				204.24%	<-Total Growth	10	Stock Price
Increase	18.18%	3.01%	15.19%	24.95%	-3.54%	15.20%	0.70%	5.43%	11.00%	30.06%	13.89%	16.25%	7.99%	24.65%				11.77%	<-IRR #YR->	10	Stock Price	204.24%
P/E	12.90	18.55	11.44	15.92	20.12	16.00	19.34	19.23	15.06	11.37	11.93	26.71	16.31	16.82				15.60%	<-IRR #YR->	5	Stock Price	106.40%
Trailing P/E	14.10	13.28	21.37	14.30	15.36	23.17	16.11	20.39	21.34	19.58	12.95	13.87	28.84	20.33				15.06	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.85	19.58	P/E:	16.15	15.06					10.10	P/E Ratio		Historical Low
			-$66.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$201.59
								-$97.67	$0.00	$0.00	$0.00	$0.00	$201.59
																						MS, WSJ
Free Cash Flow Mkt Sc							$7,070	-$6,216	$1,053	$6,085	$1,572	$4,330	$5,747
Change								-187.92%	116.94%	477.87%	-74.17%	175.45%	32.73%
Free Cash Flow WSJ	$65	$87	$131	$800	$805	$683	$716	$1,173	$2,189	$2,802	$3,254	$1,388	$2,958	$2,958				2158.02%	<-Total Growth	10	Free Cash Flow	Agree
Change	-86.34%	33.85%	50.57%	510.69%	0.63%	-15.16%	4.83%	63.83%	86.62%	28.00%	16.13%	-57.34%	113.11%	0.00%				20.32%	<-IRR #YR->	5	Free Cash Flow MS	152.17%
FCF/CF from Op Ratio	0.09	0.47	0.10	0.90	0.87	0.87	0.86	0.91	0.93	0.90	0.89	0.75	0.87	0.87				36.58%	<-IRR #YR->	10	Free Cash Flow MS	2158.02%
Dividends paid	$213	$232	$253	279.00	304.00	$351	$390	$429	$475	$679	$762	$862	$862	$949				241.30%	<-Total Growth	10	Dividends paid
Percentage paid	328.21%	266.11%	192.80%	34.88%	37.76%	51.39%	54.47%	36.57%	21.70%	24.23%	23.42%	62.10%	29.14%	32.08%				$0.36	<-Median->	10	Percentage paid
5 Year Covrage			96.72%	74.93%	67.82%	56.59%	50.29%	41.97%	35.02%	30.73%	26.99%	29.68%	28.91%	30.79%				0.38	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio	0.30	0.38	0.52	2.87	2.65	1.95	1.84	2.73	4.61	4.13	4.27	1.61	3.43	3.12				2.80	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			1.03	1.33	1.47	1.77	1.99	2.38	2.86	3.25	3.71	3.37	3.46	3.25				2.62	<-Median->	10	5 Year of Coverage
								-$1,173	$0	$0	$0	$0	$2,958
			-$131	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,958
Market Cap	$8,636	$9,125	$11,030	$11,665	$12,594	$14,613	$13,806	$20,083	$21,556	$25,340	$34,159	$36,352	$46,683	$49,962	$49,962	$49,962		300.19%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	130.772	132.368	131.543	131.5	131.2	133.1	139.2	139.5	143.0	162.4	175.6	176.2	178.6	178.6				35.82%	<-Total Growth	10	Diluted
Change	13.41%	1.22%	-0.62%	-0.03%	-0.23%	1.45%	4.58%	0.22%	2.51%	13.57%	8.13%	0.34%	1.36%	0.00%				1.41%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.2%	-0.2%				0.00%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	130.772	132.368	131.543	131.5	131.2	133.1	139.2	139.5	143.0	162.4	175.6	176.2	178.3	178.3				35.54%	<-Total Growth	10	Basic
Change	13.41%	1.22%	-0.62%	-0.03%	-0.23%	1.45%	4.58%	0.22%	2.51%	13.57%	8.13%	0.34%	1.19%	0.00%				1.32%	<-Median->	10	Change
Difference Basic/Outstanding	2.0%	-0.6%	0.0%	0.0%	-0.1%	4.6%	0.0%	2.5%	0.0%	8.4%	-0.2%	1.2%	0.0%	0.0%				0.03%	<-Median->	10	Difference Basic/Outstanding
												$3,665	<-12 mths	0.00%
Comments
# of Share in Millions	133.334	131.543	131.543	131.543	131.050	139.189	139.189	143.018	143.018	176.082	175.257	178.3	178.4	178.4	178.4	178.4		35.59%	<-IRR #YR->	10	Shares	35.59%
Change	2.92%	-1.34%	0.00%	0.00%	-0.37%	6.21%	0.00%	2.75%	0.00%	23.12%	-0.47%	1.75%	0.02%	0.00%	0.00%	0.00%		4.52%	<-IRR #YR->	5	Shares	24.71%
Cash Flow from Operations $M	$723.0	$185.0	$1,378	$889	$925	$781	$833	$1,290	$2,352	$3,129	$3,665	$1,846	$3,387	$3,387	<-12 mths			145.79%	<-Total Growth	10	Cash Flow
Increase	36.67%	-74.41%	644.86%	-35.49%	4.05%	-15.57%	6.66%	54.86%	82.33%	33.04%	17.13%	-49.63%	83.48%	0.00%	<-12 mths			Buy Backs	S. Issued
5 year Running Average	$582.0	$495.1	$663.1	$740.8	$820.0	$831.6	$961.2	$943.6	$1,236.2	$1,677.0	$2,253.8	$2,456.4	$2,875.8	$3,082.8	<-12 mths			333.69%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.42	$1.41	$10.48	$6.76	$7.06	$5.61	$5.98	$9.02	$16.45	$17.77	$20.91	$10.35	$18.99	$18.99	<-12 mths			81.27%	<-Total Growth	10	Cash Flow per Share
Increase	32.80%	-74.06%	644.86%	-35.49%	4.44%	-20.50%	6.66%	50.72%	82.33%	8.05%	17.68%	-50.50%	83.43%	0.00%	<-12 mths			9.41%	<-IRR #YR->	10	Cash Flow	145.79%
5 year Running Average	$4.72	$3.97	$5.17	$5.63	$6.22	$6.26	$7.18	$6.89	$8.82	$10.97	$14.03	$14.90	$16.89	$17.40	<-12 mths			21.30%	<-IRR #YR->	5	Cash Flow	162.56%
P/CF on Med Price	11.14	45.11	7.16	13.23	12.54	17.86	16.78	13.21	8.08	8.95	8.80	19.26	12.53	13.90	<-12 mths			6.13%	<-IRR #YR->	10	Cash Flow per Share	81.27%
P/CF on Closing Price	11.94	49.33	8.00	13.12	13.62	18.71	16.57	15.57	9.16	8.10	9.32	19.69	13.78	14.75	<-12 mths			16.05%	<-IRR #YR->	5	Cash Flow per Share	110.53%
															14.57%	Diff M/C		12.57%	<-IRR #YR->	10	CFPS 5 yr Running	226.77%
Excl.Working Capital CF	$25.0	$412.0	-$254	$72	-$118	$299	$275	-$148	-$614	-$362	-$469	-$389	-$67	-$67	<-12 mths			19.66%	<-IRR #YR->	5	CFPS 5 yr Running	145.32%
CF fr Op $M WC	$748.0	$597.0	$1,124	$961	$807	$1,080	$1,108	$1,142	$1,738	$2,767	$3,196	$1,457	$3,320	$3,320	<-12 mths			195.37%	<-Total Growth	10	Cash Flow less WC
Increase	42.75%	-20.19%	88.27%	-14.50%	-16.02%	33.83%	2.59%	3.07%	52.19%	59.21%	15.50%	-54.41%	127.87%	0.00%	<-12 mths			11.44%	<-IRR #YR->	10	Cash Flow less WC	195.37%
5 year Running Average	$637.0	$630.0	$733	$791	$847	$914	$1,016	$1,020	$1,175	$1,567	$1,990	$2,060	$2,496	$2,812	<-12 mths			23.79%	<-IRR #YR->	5	Cash Flow less WC	190.72%
CFPS Excl. WC	$5.61	$4.54	$8.54	$7.31	$6.16	$7.76	$7.96	$7.99	$12.15	$15.71	$18.24	$8.17	$18.61	$18.61	<-12 mths			13.04%	<-IRR #YR->	10	CF less WC 5 Yr Run	240.70%
Increase	38.70%	-19.10%	88.27%	-14.50%	-15.71%	26.00%	2.59%	0.31%	52.19%	29.31%	16.05%	-55.20%	127.81%	0.00%	<-12 mths			19.60%	<-IRR #YR->	5	CF less WC 5 Yr Run	144.76%
5 year Running Average	$5.20	$5.05	$5.74	$6.01	$6.43	$6.86	$7.55	$7.43	$8.40	$10.31	$12.41	$12.45	$14.58	$15.87	<-12 mths			8.10%	<-IRR #YR->	10	CFPS - Less WC	117.84%
P/CF on Med Price	10.76	13.98	8.78	12.24	14.37	12.92	12.61	14.92	10.93	10.12	10.10	24.41	12.78	14.18	<-12 mths			18.44%	<-IRR #YR->	5	CFPS - Less WC	133.11%
P/CF on Closing Price	11.55	15.29	9.81	12.14	15.61	13.53	12.46	17.59	12.40	9.16	10.69	24.95	14.06	15.05	<-12 mths			9.77%	<-IRR #YR->	10	CFPS 5 yr Running	153.91%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	12.87	5 yr	8.95	P/CF Med	10 yr	12.70	5 yr	10.93		18.52%	Diff M/C		14.42%	<-IRR #YR->	5	CFPS 5 yr Running	96.10%
			-131.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	178.4								Shares
								-143.0	0.0	0.0	0.0	0.0	178.4								Shares
			-$1,378.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,387.0								Cash Flow
								-$1,290.0	$0.0	$0.0	$0.0	$0.0	$3,387.0								Cash Flow
			-$10.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.99								Cash Flow per Share
								-$9.02	$0.00	$0.00	$0.00	$0.00	$18.99								Cash Flow per Share
			-$5.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$16.89								CFPS 5 yr Running
								-$6.89	$0.00	$0.00	$0.00	$0.00	$16.89								CFPS 5 yr Running
			-$1,124.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,320.0								Cash Flow less WC
								-$1,142.0	$0.0	$0.0	$0.0	$0.0	$3,320.0								Cash Flow less WC
			-$732.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,495.6								CF less WC 5 Yr Run
								-$1,019.6	$0.0	$0.0	$0.0	$0.0	$2,495.6								CF less WC 5 Yr Run
			-$8.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.61								CFPS - Less WC
								-$7.99	$0.00	$0.00	$0.00	$0.00	$18.61								CFPS - Less WC
			-$5.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.58								CFPS 5 yr Running
								-$7.43	$0.00	$0.00	$0.00	$0.00	$14.58								CFPS 5 yr Running
Changes in other operating assets and liabilities				$38.0
Contributions Pension Plans
Share-based payments
Changes in net claims liabilities				$47.0	$214.0	-$86	-$5	$191	$887	$783	$133	$879
Unearned premiums, net					$85.0	-$30	-$33	$274	$375	$434	$277	-$14
Premium receivables, net					-$98.0	$52	$19	-$136	-$246	-$90	-$259
Deferred acquisition costs, net					-$23.0	-$25	-$13	-63	-70	-16	-90
Other operating assets					-$27.0	-$26	-$13	-$5	-$124	$125	-$47	$10
Other operating liabilities					$11.0	-$186	$137	$35	$295	$130	$385	-$137
Dividends received from investments in associates and joint ventures					$21.0	$14	15	20	27	28	49	39
Income taxes received (paid), net				-$265.0	-$158.0	$32	-$382	-$3	-$348	-$783	-$408	-$445
Net losses/gains					$70.0	-$69	-$13	-$165	-$182	-$249	$429	-$249
Net investment losses
				-$218	$95	-$324	-$288	$148	$614	$362	$469	$83	$0
Google ->TD	$5.0	-$25.0	-$412.0	-$72.0	$118.00	-$299	-$275	$148	$614	$362	$469	$389	$67
could not figure it out				-$146.0	-$23.00	-$25	-$13	$0	$0	$0	$0	-$306	-$67
TD 2020				$116.0	$95.00	-$324	-$288
Difference				-$334	$0	$0	$0
WSJ says						$781	$833	$1,290	$1,117	$1,366
TD in 2024									$556	$138	$226	-$652
Difference									$58	$224	$243	$735
OPM	10.19%	2.50%	17.49%	11.12%	11.01%	8.40%	7.87%	11.51%	19.12%	17.74%	16.96%	6.71%	11.76%	14.61%				-32.74%	<-Total Growth	10	OPM
Increase	5.99%	-75.45%	599.21%	-36.42%	-1.01%	-23.64%	-6.37%	46.28%	66.08%	-7.19%	-4.44%	-60.43%	75.32%	24.23%					Should increase		or be stable.
Diff from Median	-9.9%	-77.9%	54.6%	-1.7%	-2.7%	-25.7%	-30.5%	1.7%	69.0%	56.8%	49.9%	-40.7%	4.0%	29.1%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	11.31%	5 Yrs	16.96%					should be zero,	it is a check		on calculations
														$1,788	<-12 mths	5.86%
EBIT								$976	$1,522	$2,668	$2,667	$1,304	$1,689	$2,981	$3,233	$4,682
Change									55.94%	75.30%	-0.04%	-51.11%	29.52%	76.49%	8.45%	44.82%
Margin								9.50%	13.54%	16.43%	13.48%	6.40%	6.37%	12.86%	13.01%	#DIV/0!
Claims Liabilites						$8,536	$10,475	$11,846	$12,780	$25,116	$25,144	$30,353	$31,900	$31,900				273.71%	<-Total Growth	7	Claims Liabilites
Change							22.72%	13.09%	7.88%	96.53%	0.11%	20.72%	5.10%	0.00%				0.13	<-Median->	7	Change
Covering Assets						$14,386	$16,853	$18,608	$20,630	$36,680	$35,601	$37,083	$40,282	$40,282				180.01%	<-Total Growth	7	Covering Assets
Change							17.15%	10.41%	10.87%	77.80%	-2.94%	4.16%	8.63%	0.00%				0.10	<-Median->	7	Change
Claims/Assets Retio						0.59	0.62	0.64	0.62	0.68	0.71	0.82	0.79	0.79				0.66	<-Median->	8	Deposits/Assets Retio
Claims/Market Cap Ratio						0.58	0.76	0.59	0.59	0.99	0.74	0.83	0.68	0.64				0.71	<-Median->	8	Claims/Market Cap Ratio
Claims Long Term Debt/Markt Cap						0.74	0.92	0.71	0.73	1.45	1.09	0.98	0.78	0.73				0.85	<-Median->	8	Claims Long Term Debt/Markt Cap
Total Debt						$10,777	$12,684	$14,208	$15,821	$36,819	$37,141	$35,569	$36,581	$36,581				239.44%	<-Total Growth	7	Total Debt
Change							17.70%	12.02%	11.35%	132.72%	0.87%	-4.23%	2.85%	0.00%				11.35%	<-Median->	7	Change
Debt/Market Cap Ratio						0.74	0.92	0.71	0.73	1.45	1.09	0.98	0.78	0.73				0.85	<-Median->	8	Debt/Market Cap Ratio
Assets/Current Liabilities Ratio						13.06	13.44	10.48	10.42	9.15	8.75	82.32	104.98	104.98				11.77	<-Median->	8	Assets/Current Liabilities Ratio
Current Liabilities/Asset Ratio						0.08	0.07	0.10	0.10	0.11	0.11	0.01	0.01	0.01				0.09	<-Median->	8	Current Liabilities/Asset Ratio
Debt to Cash Flow (Years)						13.80	15.23	11.01	6.73	11.77	10.13	19.27	10.80	10.80				11.39	<-Median->	8	Debt to Cash Flow (Years)
Long Term Debt	$1,143	$1,143	$1,143	$1,143	$1,393	$2,241	$2,209	$2,362	$3,041	$11,703	$11,997	$5,216	$4,681	$4,681				309.54%	<-Total Growth	10	Debt	Type
Change	-11.60%	0.00%	0.00%	0.00%	21.87%	60.88%	-1.43%	6.93%	28.75%	284.84%	2.51%	-56.52%	-10.26%	0.00%				4.72%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.13	0.13	0.10	0.10	0.11	0.15	0.16	0.12	0.14	0.46	0.35	0.14	0.10	0.09				0.14	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	12.47	14.96	14.47	14.13	12.28	13.06	13.44	10.48	10.42	9.15	8.75	82.32	104.98	104.98				12.67	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.08	0.07	0.07	0.07	0.08	0.08	0.07	0.10	0.10	0.11	0.11	0.01	0.01	0.01				0.08	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	1.58	6.18	0.83	1.29	1.51	2.87	2.65	1.83	1.29	3.74	3.27	2.83	1.38	1.38				2.24	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$1,153	$1,164	$1,202	$1,285	$1,302	$2,161	$2,200	$2,523	$2,515	$4,636	$4,700	$5,047	$5,060	$5,060				320.97%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$923	$953	$1,102	$1,168	$1,403	$2,242	$2,399	$2,626	$2,813	$3,066	$3,350	$4,085	$4,507	$4,507				308.98%	<-Total Growth	10	Goodwill
Total	$2,076	$2,117	$2,304	$2,453	$2,705	$4,403	$4,599	$5,149	$5,328	$7,702	$8,050	$9,132	$9,567	$9,567				315.23%	<-Total Growth	10	Total	Deposits/Assets Retio
Change	11.49%	1.97%	8.83%	6.47%	10.27%	62.77%	4.45%	11.96%	3.48%	44.56%	4.52%	13.44%	4.76%	0.00%				8.37%	<-Median->	10	Change	Deposits/Total Debt Ratio
Intangible/Market Cap Ratio	0.24	0.23	0.21	0.21	0.21	0.30	0.33	0.26	0.25	0.30	0.24	0.25	0.20	0.19				0.25	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,076.0	$3,262.0	$2,862	$3,204	$3,483	$3,350	$4,029	$4,713	$4,925	$10,896	$10,077	$1,919	$1,921	$1,921				-48.98%	<-Total Growth	10	Current Assets
Current Liabilities	$1,589.0	$1,322.0	$1,422	$1,503	$1,872	$2,138	$2,118	$3,082	$3,370	$7,253	$7,422	$680	$567	$567				-150.79%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	1.94	2.47	2.01	2.13	1.86	1.57	1.90	1.53	1.46	1.50	1.36	2.82	3.39	3.39				1.71	<-Median->	10	Ratio
Liq. with CF aft div	2.26	2.43	2.80	2.54	2.19	1.77	2.11	1.81	2.02	1.85	1.76	4.38	7.84	7.69				4.38	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.66	2.43	1.59	1.89	1.56	0.94	1.86	1.42	1.17	1.02	1.28	1.11	2.04	7.69				1.28	<-Median->	5	Ratio
Assets	$19,813	$19,774	$20,580	$21,236	$22,991	$27,928	$28,461	$32,292	$35,119	$66,349	$64,959	$55,979	$59,526	$59,526				189.24%	<-Total Growth	10	Assets
Liabilities	$14,920	$14,820	$15,125	$15,508	$16,903	$20,465	$20,651	$23,545	$25,536	$49,566	$49,274	$39,504	$41,378	$41,378				173.57%	<-Total Growth	10	Liabilities
Debt Ratio	1.33	1.33	1.36	1.37	1.36	1.36	1.38	1.37	1.38	1.34	1.32	1.42	1.44	1.44				1.37	<-Median->	10	Ratio
Estimates BVPS														$103.30	$113.10	$124.30			Estimates		Estimates BVPS
Estimate Book Value														$18,425.0	$20,173.0	$22,170.6			Estimates		Estimate Book Value
P/B Ratio (Close)														2.71	2.48	2.25			Estimates		P/B Ratio (Close)
Difference from 10 year median															26.36%	Diff M/C			Estimates		Difference from 10 year median
Total Book Value	$4,893	$4,954	$5,455	$5,728	$6,088	$7,463	$7,810	$8,747	$9,583	$16,783	$15,685	$16,475	$18,148	$18,148				232.69%	<-Total Growth	10	Total Book Value
Preferred Shares	$489	$489	$489	$489	$489	$783	$1,028	$1,028	$1,175	$1,109	$285	$285	$0	$0				-100.00%	<-Total Growth	10	Preferred Shares
Book Value	$4,404	$4,465	$4,966	$5,239	$5,599	$6,680	$6,782	$7,719	$8,408	$15,674	$15,400	$16,190	$18,148	$18,148	$18,148	$18,148		265.45%	<-Total Growth	10	Book Value
Book Value per Share	$33.03	$33.94	$37.75	$39.83	$42.72	$47.99	$48.73	$53.97	$58.79	$89.02	$87.87	$90.79	$101.75	$101.75	$101.75	$101.75		169.52%	<-Total Growth	10	Book Value per Share
Increase	11.09%	2.77%	11.22%	5.50%	7.27%	12.33%	1.53%	10.77%	8.93%	51.41%	-1.29%	3.32%	12.07%	0.00%	0.00%	0.00%		38.47%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.83	1.87	1.99	2.24	2.07	2.09	2.06	2.21	2.26	1.79	2.10	2.20	2.34	2.59	0.00	0.00		1.99	P/B Ratio		Historical Median
P/B Ratio (Close)	1.96	2.04	2.22	2.23	2.25	2.19	2.04	2.60	2.56	1.62	2.22	2.25	2.57	2.75	2.75	2.75		10.42%	<-IRR #YR->	10	Book Value per Share	169.52%
Change	-0.39%	4.22%	8.68%	0.25%	1.02%	-2.74%	-6.95%	27.80%	-1.46%	-36.94%	37.20%	1.23%	14.56%	7.02%				13.52%	<-IRR #YR->	5	Book Value per Share	88.52%
Leverage (A/BK)	4.05	3.99	3.77	3.71	3.78	3.74	3.64	3.69	3.66	3.95	4.14	3.40	3.28	3.28				3.70	<-Median->	10	A/BV
Debt/Equity Ratio	3.05	2.99	2.77	2.71	2.78	2.74	2.64	2.69	2.66	2.95	3.14	2.40	2.28	2.28				2.70	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/B Ratios	10 yr Med	2.15	5 yr Med	2.20		28.29%	Diff M/C		3.76	Historical	22	A/BV
			-$37.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$101.75
								-$53.97	$0.00	$0.00	$0.00	$0.00	$101.75
Comprehensive Income	$561	$436	$785	$575	$727	$752	$514	$985	$1,210	$2,494	$401	$382	$2,958					276.82%	<-Total Growth	10	Comprehensive Income
NCI	0	0	0	0	0	0	0	0	0	$35	-$2	$15	$13								NCI
Shareholders	$561	$436	$785	$575	$727	$752	$514	$985	$1,210	$2,459	$403	$367	$2,945					275.16%	<-Total Growth	10	Shareholders
Increase	123.51%	-22.28%	80.05%	-26.75%	26.43%	3.44%	-31.65%	91.63%	22.84%	103.22%	-83.61%	-8.93%	702.45%					22.84%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$338	$465	$521	$522	$617	$655	$671	$711	$838	$1,184	$1,114	$1,085	$1,477					14.14%	<-IRR #YR->	10	Comprehensive Income	275.16%
ROE	11.5%	8.8%	14.4%	10.0%	11.9%	10.1%	6.6%	11.3%	12.6%	14.7%	2.6%	2.2%	16.2%					24.49%	<-IRR #YR->	5	Comprehensive Income	198.98%
5Yr Median	11.5%	11.5%	11.5%	10.0%	11.5%	10.1%	10.1%	10.1%	11.3%	11.3%	11.3%	11.3%	12.6%					10.99%	<-IRR #YR->	10	5 Yr Running Average	183.57%
% Difference from NI	-4.4%	1.2%	0.4%	-18.6%	34.4%	-5.1%	-27.3%	30.6%	11.8%	19.0%	-83.4%	-72.1%	28.2%					15.75%	<-IRR #YR->	5	5 Yr Running Average	107.82%
Median Values										Diff	5, 10 yr	3.4%	11.8%					12.6%	<-Median->	5	Return on Equity
			-$785.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,945.0
								-$985.0	$0.0	$0.0	$0.0	$0.0	$2,945.0
			-$520.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,476.8
								-$710.6	$0.0	$0.0	$0.0	$0.0	$1,476.8
Current Liability Coverage Ratio	0.47	0.45	0.79	0.64	0.43	0.51	0.52	0.37	0.52	0.38	0.43	2.14	5.86	5.86					CF - WC		CFO / Current Liabilities
5 year Median	5.96	0.47	0.47	0.47	0.47	0.51	0.52	0.51	0.51	0.51	0.43	0.43	0.52	2.14				0.52	<-Median->	5	Current Liability Cov Ratio
Current Liability Coverage Ratio	0.46	0.14	0.97	0.59	0.49	0.37	0.39	0.42	0.70	0.43	0.49	2.71	5.97	5.97							CFO / Current Liabilities
5 year Median	5.25	0.46	0.46	0.46	0.49	0.49	0.49	0.42	0.42	0.42	0.43	0.49	0.70	2.71				0.70	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	3.65%	0.94%	6.70%	4.19%	4.02%	2.80%	2.93%	3.99%	6.70%	4.72%	5.64%	3.30%	5.69%	5.69%							CFO / Total Assets
5 year Median	4.12%	3.65%	3.65%	3.65%	4.02%	4.02%	4.02%	3.99%	3.99%	3.99%	4.72%	4.72%	5.64%	5.64%				5.6%	<-Median->	5	Return on Assets
Return on Assets ROA	2.96%	2.18%	3.80%	3.32%	2.35%	2.84%	2.48%	2.33%	3.08%	3.12%	3.73%	2.35%	3.86%	4.13%				Net	Income/Assets		Return on Assets
5Yr Median	2.35%	2.35%	2.96%	2.96%	2.96%	2.84%	2.84%	2.48%	2.48%	2.84%	3.08%	3.08%	3.12%	3.73%				3.0%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	12.00%	8.70%	14.34%	12.33%	8.89%	10.61%	9.05%	8.62%	11.29%	12.32%	15.45%	7.99%	12.66%	13.54%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	10.71%	10.71%	12.00%	12.00%	12.00%	10.61%	10.61%	9.05%	9.05%	10.61%	11.29%	11.29%	12.32%	12.66%				11.0%	<-Median->	10	Return on Equity
														$2,166	<-12 mths	-5.69%
Net Income	$587	$431	$782	$706	$541	$792	$707	$754	$1,082	$2,088	$2,420	$1,331	$2,310
NCI	0	0	0	0	0	0	0	0	0	21	-4	15	13
Shareholders	$587	$431	$782	$706	$541	$792	$707	$754	$1,082	$2,067	$2,424	$1,316	$2,297	$2,457	$2,381	$2,837		193.73%	<-Total Growth	10	Net Income
Increase	26.24%	-26.58%	81.44%	-9.72%	-23.37%	46.40%	-10.73%	6.65%	43.50%	91.04%	17.27%	-45.71%	74.54%	6.97%	-3.09%	19.15%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$345.3	$405.9	$537.0	$594.2	$609.4	$650.4	$705.6	$700.0	$775.2	$1,080.4	$1,406.8	$1,528.6	$1,837.2	$2,112.2	$2,175.0	$2,257.6		11.38%	<-IRR #YR->	10	Net Income	193.73%
Operating Cash Flow	$723	$185	$1,378	$889	$925	$781	$833	$1,290	$2,352	$3,129	$3,665	$1,846	$3,387					24.96%	<-IRR #YR->	5	Net Income	204.64%
Investment Cash Flow	-$576	$139	-$1,089	-$520	-$759	-$1,869	-$285	-$842	-$2,442	-$5,972	-$2,746	-$2,005	-$1,614					13.09%	<-IRR #YR->	10	5 Yr Running Ave.	242.15%
Total Accruals	$440	$107	$493	$337	$375	$1,880	$159	$306	$1,172	$4,910	$1,505	$1,475	$524					21.29%	<-IRR #YR->	5	5 Yr Running Ave.	162.46%
Total Assets	$19,813	$19,774	$20,580	$21,236	$22,991	$27,928	$28,461	$32,292	$35,119	$66,349	$64,959	$55,979	$59,526						Balance Sheet		Assets
Accruals Ratio	2.22%	0.54%	2.40%	1.59%	1.63%	6.73%	0.56%	0.95%	3.34%	7.40%	2.32%	2.63%	0.88%					2.63%	<-Median->	5	Ratio
EPS/CF Ratio	0.77	0.68	0.68	0.71	0.64	0.74	0.60	0.64	0.59	0.79	0.74	0.86	0.66					0.69	<-Median->	10	EPS/CF Ratio
			-$782	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,297
								-$754	$0	$0	$0	$0	$2,297
			-$537	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,837
								-$700	$0	$0	$0	$0	$1,837
Chge in Close	10.66%	7.10%	20.87%	5.76%	8.37%	9.25%	-5.52%	41.57%	7.34%	-4.52%	35.44%	4.59%	28.39%	7.02%	0.00%	0.00%			Count	23	Years of data
up/down/neutral	down						down				Down								Count	7	30.43%
Any Predictions?							yes											% right	Count	3	42.86%
Financial Cash Flow	-$181	-$397	-$299	-$317	-$139	$1,083	-$283	$57	$79	$4,206	-$2,207	$321	-$2,006						C F Statement		Financial CF
Total Accruals	$621	$504	$792	$654	$514	$797	$442	$249	$1,093	$704	$3,712	$1,154	$2,530								Accruals
Accruals Ratio	3.13%	2.55%	3.85%	3.08%	2.24%	2.85%	1.55%	0.77%	3.11%	1.06%	5.71%	2.06%	4.25%					3.11%	<-Median->	5	Ratio
Cash	$172	$99	$89	$141	$168	$163	$442	$936	$917	$2,276	$1,010	$1,171	$997	$997							Cash
Cash per Share	$1.29	$0.75	$0.68	$1.07	$1.28	$1.17	$3.18	$6.54	$6.41	$12.93	$5.76	$6.57	$5.59	$5.59				$6.41	<-Median->	5	Cash per Share
Percentage of Stock Price	1.99%	1.08%	0.81%	1.21%	1.33%	1.12%	3.20%	4.66%	4.25%	8.98%	2.96%	3.22%	2.14%	2.00%				3.22%	<-Median->	5	% of Stock Price
Notes:
February 9, 2025.  Last estimates were for 2024, 2025 of $21497M, $21700M Revenue, $14.34, $15.48, $16.72 2024/6 AEPS, $12.22, $13.57 EPS,
$4.86, $5.23 Dividends, $89.00, $97.20 BVPS, $2102M, $2288M, Net Income.
February 17, 2024.  Last estimates were for 2023, 2024 and 2025 of $20452M, $21497M and $21700M for Revenue, $12.89, $13.85 and $15.42 for AEPS,
$10.80, $12.00 and $13.20 for EPS, $.39, $4.78 and $4.64 for dividends, $89.10, $96.60 and $105 for BVPS, $1906M, $2165M and $2321M for Net Income.
February 11, 2023.  Last estimates were for 2022, 2023 and 2024 of $20249M, $21207M and $22479M for Net Premiums, $10.20, $11.00 and $12.70 for EPS,
$3.93, $4.27 and $4.36 for Dividends, $88.50, $95.60 and $107.00 for BVPS, and $1844M, $1969M and $2228M for Net Income.
February 12, 2022.  Last estimates were for 2021, 2022 and 2023 of $16113M, $20733M and $20690M for Net Premiums, $7.93, $9.00 and $12.50 for EPS,
$3.40, $3.83 and $4.44 for dividends, $2189M for FCF for 2021, and $1346M, $1629M and $2303M for Net Income.
February 13, 2021.  Last estimates were for 2020 and 2021 of $11600M and $12371M for Revenue, $7.21, $8.40 amd $10.01 for EPS for 2020 to 2022,
$3.32 and $3.58 for Dividends, and $1040M and $1215M for Net Income.
February 8, 2020.  Last estimates were for 2019, 2020 and 2021 of 10130M, $10631M and $11416M for Revenue, $6.65, $7.59 and $7.88 for EPS, and $967M, $1078M for Net Income for 2019 and 2020.
June 30, 2019.  Last estimate were for 2018, 2019 and 2020 of $9733M, $9991M and $10823M for Revenue, $5.37, $7.28 and $7.55 for EPS and $759M and $958M for Net Income for 2018 and 2019.
July 1, 2018.  Last estimates were for 2017, 2018 and 2019 of $8396M, $10025M and $10450M for Revenue, $6.02, $7.03 and $7.47 for EPS and $780M, $692M and $1028M for Net Income.
June 27, 2017.  Last estimates were for 2016, 2017 and 2018 of $8068M, $8508M and $9153M for Revenue, $5.79, $7.09 and $7.61 for EPS,
and $725M and $942M for Net Income for 2016 and 2017.
June 25, 2016.  Last estimates were for 2015, 2016 and 2017 of $7766M, $8032M and $8751M for Net Premiums, $6.38, $6.78 and $7.38 for EPS,
$5.56, and $6.90 for CFPS for 2015 and 2016 and $851M and $879M for Net Income for 2015 and 2016.
July 4, 2015.  Last estimates were for 2014 and 2015 of $7196.1M and $7345.0M for Revenue, $5.56, $6.28 and $7.24 for ESP for 2014 to 2016
and $763M, $820M and $964M for Net Income for 2014 to 2016.
June 28, 2014.  Last estimtes were for 2013 and 2014 of $7098M and $7368M for Revenue and $6.12 and $6.76 for EPS.
February 2013.  Last estimates were for 2011 and 2012 of $5627M and $6585M for Revenue, $3.95 and $5.63 for EPS.
This company was formerly the ING Group subsidiary ING Canada. Looks like it went public 10 Dec 2004
Intact Financial dates back 200 years with Halifax Fire Insurance Association being the starting point in the company's transformation through acquisitions.
However, the more recent history has Intact making a number of acquisitions since the 90s as ING Group (NYSE:ING). The start of Intact was really started
with the takeover of Allianz Canada by ING Group in 2004 when ING formed a new company on the TSX where it held 70% of the stocks. That company
then became independent of the ING Group in 2009 and got its most recent name of Intact Financial.
Sector:
Insurance, Finance
What should this stock accomplish?
I would expect moderate dividend yields and moderate dividend growth over the longer term.
This company sells general insurance and this industry can be volitile.
Would I buy this company and Why.
Yes.  It is a dividend growth company with good debt ratios.
Why am I following this stock.
I am following this stock because in November 2011, the TD Bank put out a special report on the merits of dividend investing.  At the end of the
report they listed a number of Canadian stocks as Equity Yield ideas.  This was one stock listed that I did not follow.
This and Wajax are from TD Report on dividend investing.
See article
http://www.theglobeandmail.com/globe-investor/investment-ideas/strategy-lab/dividend-investing/dividend-growth-stocks-to-buy-and-hold/article15747463/?cmpid=rss1&click=dlvr.it#dashboard/follows/hold/article15747463/?cmpid=rss1&click=dlvr.it#dashboard/follows/
In a column by John Heinzl dated December 2013 he gave five dividend growth stocks to buy and hold.  He liked the following stocks:
Bank of Nova Scotia (BNS); TransCanada (TRP); Intact Financial (IFC); Saputo (SAP); Canadian Natural Resources (CNQ)
He said these stocks had blue chip value of a solid balance sheet; an attractive valuation; a leadership position in the industry;
above-average profitability; and long-term earnings and dividend growth. You cannot access this column without paying for G&M.
Dividends
Dividends are paid in Cycle 3, that is March, June September and December.  Dividends are declared in the middle of a month for shareholders of record and paid at the end of the month.
For example, the dividend dividend declared for shareholders of record for September 16, 2013 was paid on September 30, 2013.
How they make their money.
Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada.   Most of the company's
direct premiums are written in the personal automotive space.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Jul 1	2018	Jun 30	2019	Feb 8	2020	Feb 13	2021	Feb 12	2022	Feb 11	2023	Feb 17	2024			Feb 9	2025
Brindamour, Charles	0.15%	0.235	0.17%	0.265	0.19%	0.271	0.19%	0.305	0.17%	0.341	0.19%	0.381	0.21%	0.384	0.22%			0.427	0.24%			11.32%
CEO - Shares - Amount	$22.032		$23.289		$37.216		$40.813		$43.883		$66.557		$77.648		$100.487				$119.720
Options - percentage	0.02%	0.038	0.03%	0.044	0.03%	0.032	0.02%	0.031	0.02%	0.421	0.24%	0.407	0.23%	0.558	0.31%			0.555	0.31%			-0.62%
Options - amount	$3.531		$3.748		$6.205		$4.775		$4.396		$81.991		$82.926		$146.102				$155.393
Anderson, Ken						0.009	0.01%	0.009	0.01%	0.022	0.01%	0.014	0.01%	0.015	0.01%			0.015	0.01%		Was officer	2.80%
CFO - Shares - Amount							$1.388		$1.326		$4.341		$2.823		$3.897				$4.288
Options - percentage						0.001	0.00%	0.001	0.00%	0.001	0.00%	0.000	0.00%	0.009	0.01%			0.011	0.01%			11.70%
Options - amount							$0.080		$0.076		$0.183		$0.000		$2.464				$2.945
Marcotte, Louis	0.01%	0.015	0.01%	0.017	0.01%	0.018	0.01%	0.021	0.01%	0.029	0.02%	0.027	0.02%	0.032	0.02%			0.034	0.02%		Last report Jun 2024	4.56%
Officer - Shares - Amount	$1.237		$1.457		$2.445		$2.709		$3.040		$5.557		$5.589		$8.480				$9.489		used to be CFO
Options - percentage	0.00%	0.006	0.00%	0.007	0.00%	0.006	0.00%	0.006	0.00%	0.002	0.00%	0.000	0.00%	0.023	0.01%			0.022	0.01%			-5.51%
Options - amount	$0.399		$0.596		$0.982		$0.891		$0.935		$0.375		$0.000		$6.060				$6.128
Barbeau, Patrick								0.010	0.01%	0.010	0.01%	0.014	0.01%	0.016	0.01%			0.021	0.01%			33.86%
Officer - Shares - Amount									$1.395		$2.000		$2.765		$4.087				$5.856
Options - percentage								0.003	0.00%	0.002	0.00%	0.000	0.00%	0.016	0.01%			0.057	0.03%			251.40%
Options - amount									$0.456		$0.426		$0.000		$4.263				$16.030
Fortin, Anne												0.009	0.01%	0.011	0.01%			0.015	0.01%			36.34%
Officer - Shares - Amount													$1.890		$2.836				$4.139
Options - percentage												0.000	0.00%	0.013	0.01%			0.012	0.01%			-2.14%
Options - amount													$0.000		$3.296				$3.452
Leary, Robert G.						0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%			0.00%
Director - Shares - Amount							$0.399		$0.381		$0.516		$0.539		$0.692				$0.741
Options - percentage						0.010	0.01%	0.012	0.01%	0.014	0.01%	0.016	0.01%	0.017	0.01%			0.019	0.01%			10.42%
Options - amount							$1.456		$1.677		$2.645		$3.162		$4.560				$5.389
Kinney, Jane Elizabeth				0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%			0.001	0.00%			0.00%
Director - Shares - Amount					$0.070		$0.075		$0.072		$0.156		$0.163		$0.209				$0.224
Options - percentage				0.000	0.00%	0.001	0.00%	0.003	0.00%	0.004	0.00%	0.005	0.00%	0.006	0.00%			0.007	0.00%			14.04%
Options - amount					$0.000		$0.170		$0.457		$0.868		$1.047		$1.521				$1.856
Clarke de Dromantin, Emmanuel												0.002	0.00%	0.003	0.00%			0.004	0.00%			34.42%
Director - Shares - Amount													$0.336		$0.736				$1.059
Options - percentage												0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount													$0.000		$0.000				$0.000
Brouillette, Yves																					Ceased as insider May '17
Director - Shares - Amount
Options - percentage
Options - amount
Young, William L.										0.008	0.00%	0.008	0.00%	0.009	0.01%			0.009	0.01%		Listed as Chair 2023	0.00%
Chairman - Shares - Amt											$1.598		$1.672		$2.366				$2.532
Options - percentage										0.004	0.00%	0.006	0.00%	0.006	0.00%			0.007	0.00%			22.17%
Options - amount											$0.873		$1.123		$1.441				$1.885
Dussault, Claude	0.02%	0.032	0.02%	0.032	0.02%	0.032	0.02%	0.032	0.02%	0.032	0.02%										Ceased insider May 2022
Chairman - Shares - Amt	$3.581		$3.215		$4.551		$4.885		$4.664		$6.317
Options - percentage	0.07%	0.011	0.01%	0.014	0.01%	0.015	0.01%	0.017	0.01%	0.019	0.01%
Options - amount	$9.670		$1.132		$1.914		$2.265		$2.430		$3.624
Increase in O/S Shares	0.18%	0.256	0.18%	0.254	0.18%	0.272	0.19%	0.283	0.20%	0.494	0.28%	0.600	0.34%	0.606	0.34%			0.702	0.39%		They purchase required	Units Settled
due to SO	$23.126		$26.869		$25.178		$38.135		$42.606		$71.093		$86.284		$123.443				$183.747		Shares on the open
Book Value	$19.000		$37.000		$36.000		$43.000		$38.000		$81.000		$112.000		$128.000				$180.000		Market. Cost comes out of	Cash Flow statement
Insider Buying	-$0.009		$0.255		-$0.859		$0.000		$0.000		-$0.148		$0.000		-$0.179				$0.000		shareholders' equity.
Insider Selling	$3.577		$4.663		$2.880		$2.481		$1.842		$3.041		$0.847		$18.131				$34.999		"Share-based payments"
Net Insider Selling	$3.568		$4.917		$2.021		$2.481		$1.842		$2.893		$0.847		$17.952				$34.999		Equity-settled plans
% of Market Cap	0.02%		0.04%		0.01%		0.01%		0.01%		0.01%		0.00%		0.04%				0.07%		See cash flow statement
Directors		12		12		12		12		13		13		13				13
Women	42%	4	33%	5	42%	5	42%	5	42%	5	38%	6	46%	6	46%			6	46%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	1	8%	1	8%	1	8%			1	8%
Institutions/Holdings	44.16%	14	27.86%	17	37.13%	10	0.00%	20	49.64%	20	28.91%	20	28.91%	20	25.81%			20	28.33%
Total Shares Held	41.56%	2.786	2.00%	3.713	2.60%	40.140	28.07%	70.991	40.32%	50.911	29.05%	50.911	29.05%	46.021	25.80%			50.539	28.33%
Increase/Decrease	0.90%	-0.105	-3.62%	-0.105	-2.74%	0.000	0.00%	-1.479	-2.04%	-0.613	-1.19%	-0.613	-1.19%	1.455	3.26%			-0.066	-0.13%
Starting No. of Shares	Reuters	2.891	Reuters	3.817	Reuters	40.140	Top 10 Barrons	72.470	Top 20 MS	51.524	Top 20 MS	51.524	Top 20 MS	44.566	Top 20 MS			50.605	Top 20 MS
Institutions/Holdings	44.16%	242	20.92%
Percentage			$4,201.610
Total Shares Held	41.56%	43.000	30.89%
Percentage			$4,265.170
Increase/Decrease	0.90%	-0.105	-0.24%
Starting No. of Shares	Morningstar	43.105	Morningstar
Copyright © 2008 Website of SPBrunner. All rights reserved.