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.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
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Northland Power Inc TSX: NPI OTC: NPIFF https://northlandpower.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 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
Cost of Sales $152.9 $131.5 $202.5 $290.7 $225.7 $193.2 $139.5 $114.2 $116.3 $202.3 $213.5 $270.4 $219.4 <-12 mths -18.86% 105.66% <-Total Growth 10 Cost of Sales
Change -14.01% 53.99% 43.57% -22.36% -14.38% -27.79% -18.14% 1.81% 73.99% 5.52% 26.67% -18.86% <-12 mths 3.66% <-Median-> 10 Change
Ratio 0.43 0.36 0.36 0.38 0.31 0.18 0.10 0.07 0.07 0.10 0.10 0.11 0.10 <-12 mths 0.11 <-Median-> 10 Ratio
Other Expenses $112.7 $130.5 $187.2 $240.2 $244.9 $412.6 $618.0 $721.7 $743.8 $973.4 $1,109.3 $1,138.9 $1,248.1 <-12 mths 9.59% 772.68% <-Total Growth 10 Other Expenses
Change 15.83% 43.48% 28.25% 1.97% 68.49% 49.76% 16.78% 3.07% 30.87% 13.96% 2.67% 9.59% <-12 mths 22.52% <-Median-> 10 Change
Ratio 0.32 0.36 0.34 0.32 0.34 0.38 0.45 0.46 0.45 0.47 0.53 0.47 0.56 <-12 mths 0.45 <-Median-> 10 Ratio
Total $265.6 $262.0 $389.7 $530.8 $470.6 $605.9 $757.5 $835.9 $860.1 $1,175.7 $1,322.8 $1,409.3 $1,467.5 <-12 mths 4.13% 437.91% <-Total Growth 10 Total
Change -1.35% 48.75% 36.21% -11.35% 28.75% 25.03% 10.35% 2.90% 36.70% 12.51% 6.54% 4.13% <-12 mths 18.77% <-Median-> 10 Change
Ratio 0.75 0.72 0.70 0.70 0.65 0.55 0.55 0.54 0.52 0.57 0.63 0.58 0.66 <-12 mths 0.57 <-Median-> 10 Ratio
$1,892.1 <-12 mths -9.61%
Revenue* $304.2 $356.2 $362.3 $557.2 $760.1 $728.1 $1,099.0 $1,376.3 $1,555.6 $1,659.0 $2,060.6 $2,093.3 $2,448.8 $2,214 $2,312 $2,344 575.90% <-Total Growth 10 Revenue
Increase 57.30% 17.11% 1.71% 53.80% 36.40% -4.20% 50.93% 25.23% 13.03% 6.65% 24.21% 1.58% 16.99% -9.59% 4.43% 1.38% 21.06% <-IRR #YR-> 10 Revenue 575.90%
5 year Running Average $207.8 $246.0 $281.6 $354.7 $468.0 $552.8 $701.4 $904.1 $1,103.8 $1,283.6 $1,550.1 $1,748.9 $1,963.5 $2,095.1 $2,225.7 $2,282.4 12.22% <-IRR #YR-> 5 Revenue 77.93%
Revenue per Share $2.98 $2.96 $3.01 $4.19 $5.05 $4.27 $6.35 $7.84 $8.63 $9.19 $10.19 $9.23 $9.79 $8.86 $9.25 $9.38 21.43% <-IRR #YR-> 10 5 yr Running Average 597.14%
Increase 16.42% -0.54% 1.75% 39.01% 20.59% -15.56% 48.90% 23.47% 10.04% 6.50% 10.86% -9.48% 6.16% -9.59% 4.43% 1.38% 16.78% <-IRR #YR-> 5 5 yr Running Average 117.16%
5 year Running Average $2.84 $2.91 $2.92 $3.14 $3.64 $3.90 $4.58 $5.54 $6.43 $7.26 $8.44 $9.02 $9.41 $9.45 $9.46 $9.30 12.51% <-IRR #YR-> 10 Revenue per Share 224.91%
P/S (Price/Sales) Med 4.82 5.57 5.99 4.04 3.28 3.97 3.31 3.03 2.65 2.72 3.29 4.74 4.13 3.29 0.00 0.00 4.54% <-IRR #YR-> 5 Revenue per Share 24.86%
P/S (Price/Sales) Close 5.26 6.05 6.19 3.69 3.03 4.37 3.67 2.98 2.51 2.96 4.48 4.11 3.79 2.53 2.42 2.39 12.41% <-IRR #YR-> 10 5 yr Running Average 222.27%
*Revenue in M CDN $  P/S Med 20 yr  4.16 15 yr  3.97 10 yr  3.30 5 yr  3.29 -23.28% Diff M/C 11.17% <-IRR #YR-> 5 5 yr Running Average 69.76%
-$362.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $2,448.8
-$1,376.3 $0.0 $0.0 $0.0 $0.0 $2,448.8
-$281.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,963.5
-$904.1 $0.0 $0.0 $0.0 $0.0 $1,963.5
-$3.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.79
-$7.84 $0.00 $0.00 $0.00 $0.00 $9.79
-$2.92 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.41
-$5.54 $0.00 $0.00 $0.00 $0.00 $9.41
Distributable Cash $0.88 $0.78 $0.57 -100.00% <-Total Growth 0 Distributable Cash
* Distributable cash per share, Diluted (cannot find for 2011)
$0.00 $0.78
$347.2 <-12 mths -24.66%
$1.36 <-12 mths -30.26%
Adjusted Free Cash Flow (AFCF - TD) $63.82 $54.85 $63.72 $130.12 $164.87 $182.16 $242.32 $256.10 $337.62 $362.5 $415.4 $386.4 $460.9 623.27% <-Total Growth 10 AFCF
Adjusted FCF Basic $0.88 $0.78 $0.57 $1.05 $1.12 $1.09 $1.40 $1.46 $1.90 $2.01 $2.09 $1.77 $1.95 $1.68 $1.76 $1.80 242.11% <-Total Growth 10 AFCF
Increase -19.27% -11.36% -26.92% 84.21% 6.98% -2.97% 28.44% 4.29% 30.14% 5.79% 3.98% -15.31% 10.17% -13.85% 4.76% 2.27% 10 0 10 Years of Data, EPS P or N
5 year Running Average $0.94 $0.87 $0.88 $0.92 $1.05 $1.22 $1.39 $1.57 $1.77 $1.85 $1.94 $1.90 $1.85 $1.79 13.09% <-IRR #YR-> 10 AFCF
AFCF Yield 5.62% 4.35% 3.05% 6.78% 7.35% 5.84% 6.01% 6.25% 8.76% 7.39% 4.58% 4.66% 5.25% 7.49% 7.85% 8.03% 5.96% <-IRR #YR-> 5 AFCF
Payout Ratio 122.73% 138.46% 189.47% 102.86% 96.14% 99.08% 77.14% 73.97% 63.16% 59.70% 57.42% 67.80% 61.54% 71.43% 68.18% 66.67% 7.58% <-IRR #YR-> 10 5 yr Running Average
5 year Running Average 125.83% 130.52% 129.93% 125.20% 112.94% 89.84% 81.90% 74.61% 66.28% 64.41% 61.92% 63.58% 65.27% 67.12% 9.68% <-IRR #YR-> 5 5 yr Running Average
Price/AFCF Median 16.32 21.17 31.67 16.10 14.75 15.56 15.04 16.30 12.03 12.43 16.02 24.71 20.75 17.33 0.00 0.00 15.79 <-Median-> 10 Price/AFCF Median
Price/AFCF High 18.27 22.99 33.98 18.78 16.48 17.57 17.90 17.03 13.54 13.93 22.16 28.73 23.46 23.07 0.00 0.00 17.73 <-Median-> 10 Price/AFCF High
Price/AFCF Low 14.38 19.36 29.35 13.43 13.02 13.54 12.19 15.57 10.52 10.94 9.89 20.69 18.05 11.60 0.00 0.00 13.23 <-Median-> 10 Price/AFCF Low
Price/AFCF Close 17.80 22.99 32.75 14.74 13.61 17.12 16.64 15.99 11.42 13.53 21.85 21.44 19.04 13.35 12.74 12.46 16.32 <-Median-> 10 Price/AFCF Close
Trailing P/AFCF Close 14.37 20.38 23.94 27.16 14.56 16.61 21.38 16.68 14.86 14.32 22.72 18.16 20.98 11.50 13.35 12.74 17.42 <-Median-> 10 Trailing P/AFCF Close
Median Values DPR 10 Yrs 70.88% 5 Yrs   61.54% P/CF 5 Yrs   in order 16.02 22.16 10.94 19.04 -16.72% Diff M/C DPR 75% to 95% best
Adjusted Free Cash Flow
-$0.57 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.95
-$1.46 $0.00 $0.00 $0.00 $0.00 $1.95
-$0.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.94
-$1.22 $0.00 $0.00 $0.00 $0.00 $1.94
$248.2 <-12 mths -34.77%
$0.96 <-12 mths -40.37%
Distributable Cash to Free Cash Flow  $63.8 $54.9 $63.7 $130.1 $164.9 $182.2 $242.3 $256.1 $337.6 $318.5 $343.6 $307.4 $380.5 $353 $383 $335 497.07% <-Total Growth 10 FCF
Basic $0.88 $0.78 $0.57 $1.05 $1.12 $1.09 $1.40 $1.46 $1.90 $1.77 $1.73 $1.40 $1.61 $1.30 $1.43 $1.54 182.46% <-Total Growth 10 FCF
Increase -19.27% -11.36% -26.92% 84.21% 6.98% -2.97% 28.44% 4.29% 30.14% -6.84% -2.26% -19.08% 15.00% -19.25% 10.00% 7.69% 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $1.20 $1.11 $0.94 $0.87 $0.88 $0.92 $1.05 $1.22 $1.39 $1.52 $1.65 $1.65 $1.68 $1.56 $1.49 $1.46 10.94% <-IRR #YR-> 10 FCF 182.46%
FCF Yield 5.62% 4.35% 3.05% 6.78% 7.35% 5.84% 6.01% 6.25% 8.76% 6.51% 3.79% 3.69% 4.34% 5.80% 6.38% 6.87% 1.98% <-IRR #YR-> 5 FCF 10.27%
Payout Ratio 122.73% 138.46% 189.47% 102.86% 96.14% 99.08% 77.14% 73.97% 63.16% 67.80% 69.36% 85.71% 74.53% 92.31% 83.92% 77.92% 6.04% <-IRR #YR-> 10 5 yr Running Average 79.70%
5 year Running Average 93.56% 102.97% 125.83% 130.52% 129.93% 125.20% 112.94% 89.84% 81.90% 76.23% 70.29% 72.00% 72.11% 77.94% 81.17% 82.88% 6.55% <-IRR #YR-> 5 5 yr Running Average 37.34%
Price/FCF Median 16.32 21.17 31.67 16.10 14.75 15.56 15.04 16.30 12.03 14.12 19.36 31.24 25.14 22.40 0.00 0.00 15.83 <-Median-> 10 Price/FCF Median
Price/FCF High 18.27 22.99 33.98 18.78 16.48 17.57 17.90 17.03 13.54 15.82 26.77 36.32 28.42 29.81 0.00 0.00 17.73 <-Median-> 10 Price/FCF High
Price/FCF Low 14.38 19.36 29.35 13.43 13.02 13.54 12.19 15.57 10.52 12.42 11.95 26.16 21.86 14.99 0.00 0.00 13.23 <-Median-> 10 Price/FCF Low
Price/FCF Close 17.80 22.99 32.75 14.74 13.61 17.12 16.64 15.99 11.42 15.37 26.40 27.11 23.06 17.25 15.68 14.56 16.32 <-Median-> 10 Price/FCF Close
Trailing P/FCF Close 14.37 20.38 23.94 27.16 14.56 16.61 21.38 16.68 14.86 14.32 25.80 21.94 26.52 13.93 17.25 15.68 19.03 <-Median-> 10 Trailing P/FCF Close
Median Values DPR 10 Yrs 75.84% 5 Yrs   69.36% P/CF 5 Yrs   in order 19.36 26.77 12.42 23.06 -10.91% Diff M/C DPR 75% to 95% best
Free Cash Flow
-$0.57 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.61
-$1.46 $0.00 $0.00 $0.00 $0.00 $1.61
-$0.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.68
-$1.22 $0.00 $0.00 $0.00 $0.00 $1.68
$1.56 <-12 mths -54.91%
EPS Basic $0.05 -$0.61 -$0.18 $1.08 -$0.82 -$0.07 $0.64 $0.85 $1.50 $1.71 $1.76 $0.82 $3.46 2022.22% <-Total Growth 10 EPS Basic
EPS Diluted* $0.05 -$0.61 -$0.18 $1.03 -$0.82 -$0.07 $0.64 $0.85 $1.46 $1.68 $1.75 $0.82 $3.46 $0.92 $1.30 $1.14 2022.22% <-Total Growth 10 EPS Diluted
Increase -89.36% -1320% -70.49% -672.22% -179.61% -91.46% -1014.29% 32.81% 71.76% 15.07% 4.17% -53.14% 321.95% -73.41% 41.30% -12.31% 11 14 26 Years of Data, EPS P or N 42.31%
Earnings Yield 0.32% -3.40% -0.96% 6.65% -5.36% -0.38% 2.75% 3.64% 6.73% 6.18% 3.83% 2.16% 9.32% 4.10% 5.80% 5.08% #NUM! <-IRR #YR-> 10 Earnings per Share 2022.22%
5 year Running Average $0.34 $0.10 $0.15 $0.15 -$0.11 -$0.13 $0.12 $0.33 $0.41 $0.91 $1.28 $1.31 $1.83 $1.73 $1.65 $1.53 32.41% <-IRR #YR-> 5 Earnings per Share 307.06%
10 year Running Average $0.49 $0.36 $0.28 $0.33 $0.20 $0.10 $0.11 $0.24 $0.28 $0.40 $0.57 $0.72 $1.08 $1.07 $1.28 $1.40 28.45% <-IRR #YR-> 10 5 yr Running Average 1122.67%
* Diluted ESP per share  E/P 10 Yrs 3.74% 5Yrs 6.18% 41.27% <-IRR #YR-> 5 5 yr Running Average 462.58%
$0.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.46
-$0.85 $0.00 $0.00 $0.00 $0.00 $3.46
-$0.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.83
-$0.33 $0.00 $0.00 $0.00 $0.00 $1.83
Dividend* $1.20 $1.20 $1.20 Estimates Dividend*
Increase 0.00% 0.00% 0.00% Estimates Increase
Payout Ratio EPS 130.43% 92.31% 105.26% 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
Dividend* $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 11.11% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8 2 25 Years of data, Count P, N 32.00%
Average Increases 5 Year Running 1.0% -0.1% -0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 2.2% 2.2% 2.2% 2.2% 2.2% 0.0% 0.0% 0.0% 1.11% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.09 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.10 $1.13 $1.15 $1.18 $1.20 $1.20 $1.20 $1.20 11.11% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 7.52% 6.54% 5.98% 6.39% 6.52% 6.37% 5.13% 4.54% 5.25% 4.80% 3.58% 2.74% 2.97% 4.12% 4.97% <-Median-> 10 Yield H/L Price
Yield on High  Price 6.72% 6.02% 5.58% 5.48% 5.83% 5.64% 4.31% 4.34% 4.67% 4.29% 2.59% 2.36% 2.62% 3.10% 4.33% <-Median-> 10 Yield on High  Price
Yield on Low Price 8.54% 7.15% 6.46% 7.66% 7.38% 7.32% 6.33% 4.75% 6.01% 5.46% 5.81% 3.28% 3.41% 6.16% 5.91% <-Median-> 10 Yield on Low Price
Yield on Close Price 6.90% 6.02% 5.78% 6.98% 7.06% 5.79% 4.64% 4.63% 5.53% 4.41% 2.63% 3.16% 3.23% 5.35% 5.35% 5.35% 4.63% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 2160.00% 0.00% 0.00% 104.85% 0.00% 0.00% 168.75% 127.06% 82.19% 71.43% 68.57% 146.34% 34.68% 130.43% 92.31% 105.26% 76.81% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 322.92% 1105.61% 720.00% 710.53% 0.00% 0.00% 900.00% 331.29% 267.96% 123.68% 90.28% 89.63% 65.43% 69.52% 72.73% 78.53% 106.98% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 123.02% 101.87% 80.28% 55.87% 45.00% 46.22% 25.95% 22.32% 19.07% 17.68% 18.36% 16.92% 16.37% 29.63% 32.97% 32.09% 20.69% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 180.62% 184.80% 93.33% 88.95% 70.90% 59.50% 44.35% 34.46% 27.56% 23.10% 20.13% 18.64% 17.63% 18.87% 20.94% 23.21% 31.01% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 123.56% 91.08% 74.27% 54.19% 45.71% 46.82% 25.66% 20.17% 19.38% 17.93% 17.92% 20.68% 19.44% 29.63% 32.97% 32.09% 20.42% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 88.68% 88.11% 89.70% 82.50% 68.62% 58.05% 43.81% 33.28% 27.02% 22.78% 19.76% 19.13% 19.01% 20.40% 22.76% 25.63% 30.15% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 4.97% 4.63% 5 Yr Med 5 Yr Cl 3.58% 3.23% 5 Yr Med Payout 71.43% 17.68% 19.38% 2.13% <-IRR #YR-> 5 Dividends 11.11%
* Dividends per share  10 Yr Med and Cur. 7.80% 15.60% 5 Yr Med and Cur. 49.38% 65.61% Last Div Inc ---> $0.09 $0.10 11.11% 1.06% <-IRR #YR-> 10 Dividends 11.11%
Dividends Growth 15 0.60% <-IRR #YR-> 15 Dividends 9.34%
Dividends Growth 20 1.02% <-IRR #YR-> 20 Dividends 22.45%
Dividends Growth 25 2.81% <-IRR #YR-> 25 Dividends 100.00%
Dividends Growth 5 -$1.08 $0.00 $0.00 $0.00 $0.00 $1.20 Dividends Growth 5
Dividends Growth 10 -$1.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.20 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.20 Dividends Growth 15
Dividends Growth 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.20 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 $1.20 Dividends Growth 25
Historical Dividends Historical High Div 11.64% Low Div 2.61% 10 Yr High 7.63% 10 Yr Low 2.38% Med Div 7.03% Close Div 6.94% 5.62% Med since 2009 Historical Dividends
High/Ave/Median Values Curr diff Exp. -54.02%     105.07% Exp. -29.85% 124.89% Exp. -23.86% Exp. -22.84% -4.76% Exp. High/Ave/Median 
Adjusted Historical Dividends Historical High Div 9.98% Low Div 2.48% 10 Yr High 7.63% 10 Yr Low 2.43% Med Div 5.62% Close Div 5.66% In 2009 Change from  Adjusted Historical Dividends
High/Ave/Median Values Curr diff Exp. -46.37%     115.82% Exp. -29.85% 120.26% Exp. -4.76% Exp. -5.39% Income Trust High/Ave/Median 
Future Dividend Yield Div Yield 5.95% earning in 5 Years at IRR of 2.13% Div Inc. 11.11% Future Dividend Yield
Future Dividend Yield Div Yield 6.61% earning in 10 Years at IRR of 2.13% Div Inc. 23.46% Future Dividend Yield
Future Dividend Yield Div Yield 7.34% earning in 15 Years at IRR of 2.13% Div Inc. 37.17% Future Dividend Yield
Future Dividend Paid Div Paid $1.33 earning in 5 Years at IRR of 2.13% Div Inc. 11.11% Future Dividend Paid
Future Dividend Paid Div Paid $1.48 earning in 10 Years at IRR of 2.13% Div Inc. 23.46% Future Dividend Paid
Future Dividend Paid Div Paid $1.65 earning in 15 Years at IRR of 2.13% Div Inc. 37.17% Future Dividend Paid
Dividend Covering Cost Total Div $6.26 over 5 Years at IRR of 2.13% Div Cov. 27.93% Dividend Covering Cost
Dividend Covering Cost Total Div $11.88 over 10 Years at IRR of 2.13% Div Cov. 53.01% Dividend Covering Cost
Dividend Covering Cost Total Div $18.13 over 15 Years at IRR of 2.13% Div Cov. 80.88% Dividend Covering Cost
Yield if held 5 years 8.12% 7.63% 8.48% 9.39% 10.09% 7.52% 6.54% 5.98% 7.10% 7.24% 7.08% 5.70% 5.04% 5.25% 4.80% 3.58% 7.09% <-Median-> 10 Paid Median Price
Yield if held 10 years 14.07% 10.51% 9.86% 9.77% 8.84% 8.12% 7.63% 8.48% 10.43% 11.21% 8.35% 7.27% 6.65% 7.10% 7.24% 7.08% 8.42% <-Median-> 10 Paid Median Price
Yield if held 15 years 10.80% 10.29% 11.77% 14.07% 10.51% 9.86% 10.86% 9.82% 9.03% 8.48% 9.43% 10.43% 11.21% 8.35% 10.07% <-Median-> 10 Paid Median Price
Yield if held 20 years 10.80% 11.43% 13.08% 15.64% 11.68% 10.96% 10.86% 9.82% 9.03% 11.55% <-Median-> 6 Paid Median Price
Yield if held 25 years 12.00% 11.43% 13.08% 15.64% 12.00% <-Median-> 1 Paid Median Price
Cost covered if held 5 years 40.80% 38.29% 42.42% 46.94% 50.47% 37.59% 32.70% 29.92% 32.64% 34.04% 33.97% 27.92% 25.22% 26.26% 24.01% 17.92% 33.33% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 139.10% 104.87% 99.32% 99.33% 88.16% 81.42% 76.45% 84.84% 94.92% 103.18% 77.69% 68.30% 63.16% 68.13% 70.25% 69.36% 83.13% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 156.06% 150.53% 173.90% 209.45% 157.43% 148.64% 149.28% 134.31% 124.75% 118.00% 131.97% 147.07% 159.25% 119.46% 148.96% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 210.06% 203.10% 235.37% 284.50% 214.65% 203.43% 203.58% 183.41% 169.88% 212.35% <-Median-> 6 Paid Median Price
Cost covered if held 25 years 270.06% 260.24% 300.77% 362.68% 270.06% <-Median-> 1 Paid Median Price
Revneue Growth  $1,376.26 $1,555.59 $1,658.98 $2,060.63 $2,093.26 $2,448.82 $1,892.1 <-12 mths -22.73% 77.93% <-Total Growth 5 Revneue Growth 
AFCF Growth $1.46 $1.90 $2.01 $2.09 $1.77 $1.95 $0.96 <-12 mths -50.77% 33.56% <-Total Growth 5 AFCF Growth
Net Income Growth $161.12 $278.13 $320.76 $360.94 $189.56 $827.73 $389.3 <-12 mths -52.97% 413.73% <-Total Growth 5 Net Income Growth
Cash Flow Growth $849.01 $1,133.88 $1,224.42 $1,321.60 $1,609.30 $1,832.98 $1,200.0 <-12 mths -34.53% 115.90% <-Total Growth 5 Cash Flow Growth
Dividend Growth $1.08 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 <-12 mths 0.00% 11.11% <-Total Growth 5 Dividend Growth
Stock Price Growth $23.35 $21.70 $27.20 $45.67 $37.95 $37.13 $22.42 <-12 mths -39.62% 59.01% <-Total Growth 5 Stock Price Growth
Revneue Growth  $362.30 $557.24 $760.07 $728.14 $1,099.00 $1,376.26 $1,555.59 $1,658.98 $2,060.63 $2,093.26 $2,448.82 $1,892.1 <-12 mths -22.73% 575.90% <-Total Growth 10 Revneue Growth 
AFCF Growth $0.57 $1.05 $1.12 $1.09 $1.40 $1.46 $1.90 $2.01 $2.09 $1.77 $1.95 $0.96 <-12 mths -50.77% 242.11% <-Total Growth 10 AFCF Growth
Net Income Growth -$9.91 $151.16 -$106.57 $1.14 $121.46 $161.12 $278.13 $320.76 $360.94 $189.56 $827.73 $389.3 <-12 mths -52.97% 8449.97% <-Total Growth 10 Net Income Growth
Cash Flow Growth $161.68 $257.08 $360.98 $398.74 $719.81 $849.01 $1,133.88 $1,224.42 $1,321.60 $1,609.30 $1,832.98 $1,200.0 <-12 mths -34.53% 1033.73% <-Total Growth 10 Cash Flow Growth
Dividend Growth $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.20 $1.20 $1.20 $1.20 $1.20 $1.2 <-12 mths 0.00% 11.11% <-Total Growth 10 Dividend Growth
Stock Price Growth $18.67 $15.48 $15.29 $18.66 $23.30 $23.35 $21.70 $27.20 $45.67 $37.95 $37.13 $22.42 <-12 mths -39.62% 98.88% <-Total Growth 10 Stock Price Growth
Dividends on Shares $58.32 $58.32 $58.32 $58.32 $58.32 $64.80 $64.80 $64.80 $64.80 $64.80 $64.80 $64.80 $64.80 $615.60 No of Years 10 Total Divs 12/31/12
Paid  $1,008.18 $835.92 $825.66 $1,007.64 $1,258.20 $1,260.90 $1,171.80 $1,468.80 $2,466.18 $2,049.30 $2,005.02 $1,210.68 $1,210.68 $1,210.68 $2,005.02 No of Years 10 Worth $18.67
Total $2,620.62
Graham No. $2.72 $2.50 $2.03 $10.38 $7.38 $7.86 $7.49 $8.64 $12.16 $12.97 $17.27 $14.25 $36.40 $18.63 $22.14 $20.74 1695.66% <-Total Growth 10 Graham Price
Price/GP Ratio Med 5.28 6.62 8.90 1.63 2.24 2.16 2.81 2.75 1.88 1.93 1.94 3.07 1.11 1.56 2.05 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 5.92 7.18 9.56 1.90 2.51 2.44 3.35 2.88 2.12 2.16 2.68 3.57 1.26 2.08 2.47 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 4.65 6.05 8.25 1.36 1.98 1.88 2.28 2.63 1.64 1.69 1.20 2.57 0.97 1.05 1.79 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 5.76 7.18 9.21 1.49 2.07 2.37 3.11 2.70 1.78 2.10 2.64 2.66 1.02 1.20 1.01 1.08 2.24 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 476.07% 618.25% 821.08% 49.19% 107.06% 137.41% 211.15% 170.22% 78.49% 109.75% 164.39% 166.37% 2.01% 20.36% 1.25% 8.12% 123.58% <-Median-> 10 Graham Price
Price Close $15.66 $17.93 $18.67 $15.48 $15.29 $18.66 $23.30 $23.35 $21.70 $27.20 $45.67 $37.95 $37.13 $22.42 $22.42 $22.42 98.88% <-Total Growth 10 Stock Price
Increase 31.16% 14.50% 4.13% -17.09% -1.23% 22.04% 24.87% 0.21% -7.07% 25.35% 67.90% -16.90% -2.16% -39.62% 0.00% 0.00% 56.74 <-Median-> 10 CAPE (10 Yr P/E)
P/E 313.20 -29.39 -103.72 15.03 -18.65 -266.57 36.41 27.47 14.86 16.19 26.10 46.28 10.73 24.37 17.25 19.67 9.72% <-IRR #YR-> 5 Stock Price 59.01%
Trailing P/E 33.32 358.60 -30.61 -86.00 14.84 -22.76 -332.86 36.48 25.53 18.63 27.18 21.69 45.28 6.48 24.37 17.25 7.12% <-IRR #YR-> 10 Stock Price 98.88%
CAPE (10 Yr P/E) 26.07 37.11 50.35 43.60 74.51 146.16 147.50 72.22 64.53 48.94 39.66 34.53 24.60 25.51 21.84 20.23 14.06% <-IRR #YR-> 5 Price & Dividend 84.71%
Median 10, 5 Yrs D.  per yr 4.61% 4.34% % Tot Ret 39.32% 30.85% T P/E 20.16 25.53 P/E:  15.61 16.19 11.73% <-IRR #YR-> 10 Price & Dividend 159.94%
Price 15 D.  per yr 6.04% % Tot Ret 44.03% CAPE Diff -57.05% 7.68% <-IRR #YR-> 15 Stock Price 203.35%
Price  20 D.  per yr 6.66% % Tot Ret 51.49% 6.27% <-IRR #YR-> 20 Stock Price 213.60%
Price  25 D.  per yr 6.82% % Tot Ret 55.88% 5.39% <-IRR #YR-> 25 Stock Price 271.30%
Price & Dividend 15 13.72% <-IRR #YR-> 15 Price & Dividend 340.60%
Price & Dividend 20 12.93% <-IRR #YR-> 20 Price & Dividend 401.74%
Price & Dividend 25 12.21% <-IRR #YR-> 25 Price & Dividend 358.60%
Price  5 -$23.35 $0.00 $0.00 $0.00 $0.00 $37.13 Price  5
Price 10 -$18.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37.13 Price 10
Price & Dividend 5 -$23.35 $1.20 $1.20 $1.20 $1.20 $38.33 Price & Dividend 5
Price & Dividend 10 -$18.67 $1.08 $1.08 $1.08 $1.08 $1.08 $1.20 $1.20 $1.20 $1.20 $38.33 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 $37.13 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 $37.13 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 $37.13 Price  25
Price & Dividend 15 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.20 $1.20 $1.20 $1.20 $38.33 Price & Dividend 15
Price & Dividend 20 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.20 $1.20 $1.20 $1.20 $38.33 Price & Dividend 20
Price & Dividend 25 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.20 $1.20 $1.20 $1.20 $38.33 Price & Dividend 25
Price H/L Median $14.37 $16.52 $18.05 $16.91 $16.57 $16.96 $21.06 $23.80 $22.85 $24.99 $33.49 $43.74 $40.47 $29.12 124.21% <-Total Growth 10 Stock Price
Increase 34.25% 14.97% 9.29% -6.32% -2.01% 2.32% 24.21% 12.99% -3.97% 9.37% 34.01% 30.59% -7.47% -28.05% 8.41% <-IRR #YR-> 10 Stock Price 124.21%
P/E 287.30 -27.07 -100.28 16.42 -20.21 -242.21 32.91 27.99 15.65 14.88 19.14 53.34 11.70 31.65 11.21% <-IRR #YR-> 5 Stock Price 70.08%
Trailing P/E 30.56 330.30 -29.59 -93.94 16.09 -20.68 -300.86 37.18 26.88 17.12 19.93 24.99 49.35 8.42 12.97% <-IRR #YR-> 10 Price & Dividend 95.29%
P/E on Run. 5 yr Ave 42.75 168.52 120.33 111.25 -156.32 -130.42 175.50 72.99 55.46 27.40 26.25 33.33 22.07 16.87 15.36% <-IRR #YR-> 5 Price & Dividend 187.37%
P/E on Run. 10 yr Ave 29.32 45.62 64.01 50.63 84.11 164.61 193.21 99.98 81.03 62.01 58.45 61.08 37.47 27.24 15.65 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.56% 4.16% % Tot Ret 35.17% 27.05% T P/E 18.53 24.99 P/E:  16.03 15.65 Count 25 Years of data
-$18.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $40.47
-$23.80 $0.00 $0.00 $0.00 $0.00 $40.47
-$18.05 $1.08 $1.08 $1.08 $1.08 $1.08 $1.20 $1.20 $1.20 $1.20 $41.67
-$23.80 $1.20 $1.20 $1.20 $1.20 $41.67
High Months Oct Oct Aug Jan Jul Dec Aug Apr Jul Dec Nov Feb Aug Jan Stock Price
Price High $16.08 $17.93 $19.37 $19.72 $18.51 $19.15 $25.06 $24.86 $25.72 $28.00 $46.31 $50.85 $45.75 $38.75 136.19% <-Total Growth 10 Stock Price
Increase 34.67% 11.50% 8.03% 1.81% -6.14% 3.46% 30.86% -0.80% 3.46% 8.86% 65.39% 9.80% -10.03% -15.30% 8.97% <-IRR #YR-> 10 Stock Price 136.19%
P/E 321.60 -29.39 -107.61 19.15 -22.57 -273.57 39.16 29.25 17.62 16.67 26.46 62.01 13.22 42.12 12.97% <-IRR #YR-> 5 Stock Price 84.03%
Trailing P/E 34.21 358.60 -31.75 -109.56 17.97 -23.35 -358.00 38.84 30.26 19.18 27.57 29.06 55.79 11.20 17.89 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 23.37 29.06 P/E:  18.38 17.62 28.19 P/E Ratio Historical High
-$19.37 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.75
-$24.86 $0.00 $0.00 $0.00 $0.00 $45.75
Low Months May Aug Mar Sep Dec Aug Jan Jun Nov Jan Mar Dec Jan Oct Stock Price
Price Low $12.65 $15.10 $16.73 $14.10 $14.63 $14.76 $17.06 $22.73 $19.98 $21.98 $20.67 $36.62 $35.19 $19.49 110.34% <-Total Growth 10 Stock Price
Increase 33.72% 19.37% 10.79% -15.72% 3.76% 0.89% 15.58% 33.24% -12.10% 10.01% -5.96% 77.16% -3.90% -44.61% 7.72% <-IRR #YR-> 10 Stock Price 110.34%
P/E 253.00 -24.75 -92.94 13.69 -17.84 -210.86 26.66 26.74 13.68 13.08 11.81 44.66 10.17 21.18 9.13% <-IRR #YR-> 5 Stock Price 54.82%
Trailing P/E 26.91 302.00 -27.43 -78.33 14.20 -18.00 -243.71 35.52 23.51 15.05 12.30 20.93 42.91 5.63 13.13 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 14.63 20.93 P/E:  13.38 13.08 -12.39 P/E Ratio Historical Low
-$16.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.19
$622 <-12 mths -52.52%
Free Cash Flow MS -$195 -$248 -$202 -$163 -$1,494 -$1,611 -$905 $33 $737 $458 $1,095 $719 $1,310 $349 $370 $319 748.51% <-Total Growth 10 Free Cash Flow Mkt Scr
Change -27.18% 18.55% 19.31% -816.56% -7.83% 43.82% 103.65% 2133.33% -37.86% 139.08% -34.34% 82.20% -73.36% 6.02% -13.78% 108.81% <-IRR #YR-> 5 Free Cash Flow MS 3869.70%
FCF/CF from Op Ratio -2.18 -1.95 -1.25 -0.63 -4.14 -4.04 -1.26 0.04 0.65 0.37 0.83 0.45 0.71 0.34 0.41 0.34 #NUM! <-IRR #YR-> 10 Free Cash Flow MS 748.51%
Dividends paid $92.20 $92.16 $101.97 $115.32 $137.85 $139.89 $134.31 $163.61 $216.37 $220.26 $172.76 $196.85 $300.02 $300.02 $300.02 113.60% <-Total Growth 10 Dividends paid
Percentage paid -8.56% -15.46% 406.99% 22.20% 47.24% 20.12% 24.03% 15.03% 85.97% 81.09% 94.05% $0.21 <-Median-> 8 Percentage paid
5 Year Coverage -61.49% 61.67% 29.83% 22.46% 28.14% 30.96% 41.40% 5 Year Covrage
Dividend Coverage Ratio -11.69 -6.47 0.25 4.50 2.12 4.97 4.16 6.65 1.16 1.23 1.06 3.14 <-Median-> 8 Dividend Coverage Ratio
5 Year of Coverage -1.63 1.62 3.35 4.45 3.55 3.23 2.42 5 Year of Coverage
Dividend Calculated $129.86 $129.80 $143.62 $162.44 $184.30 $186.81 $189.48 $216.24 $216.53 $242.61 $272.26 $300.02 They have DRIP
Difference from actually paid 29.00% 25.20% 25.30% 25.20% 24.50% 0.12% 9.20% 36.50% 27.80%
$115.33 $137.85 $139.55 $141.73 $163.26 $216.27 $220.29 $172.88 $216.62
$836 <-12 mths -19.90%
Free Cash Flow WSJ $1,559.41 -$1,666.97 -$1,094.42 -$239.03 $422.87 $169.66 $786 $862 $1,044 $349 $370 $319 162.63% <-Total Growth 8 Free Cash Flow Sites disag
Change -206.90% 34.35% 78.16% 276.91% -59.88% 363.29% 9.67% 21.11% -66.57% 6.02% -13.78% #NUM! <-IRR #YR-> 5 Free Cash Flow MS 536.76%
FCF/CF from Op Ratio 4.32 -4.18 -1.52 -0.28 0.37 0.14 0.59 0.54 0.57 0.34 0.41 0.34 -4.89% <-IRR #YR-> 8 Free Cash Flow MS #DIV/0!
Dividends paid $115.32 $137.85 $139.89 $134.31 $163.61 $216.37 $220.26 $172.76 $196.85 $300.02 $300.02 $300.02 42.79% <-Total Growth 8 Dividends paid
Percentage paid 7.40% -8.27% -12.78% -56.19% 38.69% 127.54% 28.02% 20.04% 18.85% 85.97% 81.09% 94.05% $0.19 <-Median-> 9 Percentage paid
5 Year Coverage 0.00% 0.00% 1939.96% 45.33% 29.53% 34.46% 34.88% 43.13% 5 Year Covrage
Dividend Coverage Ratio -12.09 -7.82 -1.78 2.58 0.78 3.57 4.99 5.30 1.16 1.23 1.06 1.68 <-Median-> 8 Dividend Coverage Ratio
5 Year of Coverage -3.04 0.05 2.21 3.39 2.90 2.87 2.32 5 Year of Coverage
Market Cap $1,599 $2,156 $2,244 $2,059 $2,300 $3,184 $4,030 $4,097 $3,910 $4,908 $9,233 $8,610 $9,283 $5,605 $5,605 $5,605 313.72% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 97.725 117.037 120.538 133.478 146.765 167.555 172.910 175.383 189.593 187.625 201.169 218.861 $236.16 252.152 95.92% <-Total Growth 10 Diluted
Change 28.71% 19.76% 2.99% 10.74% 9.95% 14.17% 3.20% 1.43% 8.10% -1.04% 7.22% 8.79% 7.90% 6.77% 8.00% <-Median-> 10 Change
Difference Diluted/Basic 0.0% 0.0% 0.0% -5.1% 0.0% 0.0% -0.6% 0.0% -6.2% -3.9% -1.2% 0.0% 0.0% 0.0% -0.29% <-Median-> 10 Difference Diluted/Basic
Basic # of Shares in Millions 97.73 117.037 120.538 126.719 146.765 167.555 171.910 175.383 177.757 180.322 198.774 218.861 $236.16 252.152 95.92% <-Total Growth 10 Basic
Change 29.11% 19.76% 2.99% 5.13% 15.82% 14.17% 2.60% 2.02% 1.35% 1.44% 10.23% 10.11% 7.90% 6.77% 6.52% <-Median-> 10 Change
Difference Basic/Outstanding 4.5% 2.7% -0.3% 4.9% 2.5% 1.8% 0.6% 0.0% 1.4% 0.1% 1.7% 3.7% 5.9% -0.8% 1.78% <-Median-> 10 Difference Basic/Outstanding
Weighted Average Shares 125.719 145.765 170.120 172.910 174.383 176.757 179.332 197.774 $218.86 $236.16 252.152
Change 15.95% 16.71% 1.64% 0.85% 1.36% 1.46% 10.28% 10.66% 7.90% 6.77%
Difference Basic/Outstanding 5.8% 3.2% 0.3% 0.0% 0.6% 1.9% 0.6% 2.2% 3.7% 5.9% -0.8%
$1,200.03 <-12 mths -34.53%
# of Share in Millions 102.117 120.236 120.184 132.979 150.410 170.645 172.973 175.440 180.202 180.441 202.171 226.883 250.017 250.017 250.017 250.017 7.60% <-IRR #YR-> 10 Shares 108.03%
Change 35.11% 17.74% -0.04% 10.65% 13.11% 13.45% 1.36% 1.43% 2.71% 0.13% 12.04% 12.22% 10.20% 0.00% 0.00% 0.00% 7.34% <-IRR #YR-> 5 Shares 42.51%
Cash Flow from Operations $M $89.6 $127.5 $161.7 $257.1 $361.0 $398.7 $719.8 $849.0 $1,133.9 $1,224.4 $1,321.6 $1,609.3 $1,833.0 $1,012.6 $910.1 $935.1 1033.73% <-Total Growth 10 Cash Flow
Increase 38.81% 42.19% 26.83% 59.01% 40.42% 10.46% 80.52% 17.95% 33.55% 7.98% 7.94% 21.77% 13.90% -44.76% -10.12% 2.75% Deb Conv. S. Issued, DRIP SO Ex. Replacement R.
5 year Running Average $85.2 $96.6 $109.2 $140.1 $199.4 $261.2 $379.7 $517.1 $692.5 $865.2 $1,049.7 $1,227.6 $1,424.4 $1,400.2 $1,337.3 $1,260.0 1204.09% <-Total Growth 10 CF 5 Yr Running
CFPS $0.88 $1.06 $1.35 $1.93 $2.40 $2.34 $4.16 $4.84 $6.29 $6.79 $6.54 $7.09 $7.33 $4.05 $3.64 $3.74 444.99% <-Total Growth 10 Cash Flow per Share
Increase 2.74% 20.76% 26.89% 43.71% 24.14% -2.64% 78.09% 16.29% 30.03% 7.84% -3.66% 8.51% 3.36% -44.76% -10.12% 2.75% 27.48% <-IRR #YR-> 10 Cash Flow 1033.73%
5 year Running Average $0.60 $0.59 $1.16 $1.21 $1.52 $1.82 $2.44 $3.13 $4.01 $4.88 $5.72 $6.31 $6.81 $6.36 $5.73 $5.17 16.64% <-IRR #YR-> 5 Cash Flow 115.90%
P/CF on Med Price 16.36 15.58 13.42 8.75 6.90 7.26 5.06 4.92 3.63 3.68 5.12 6.17 5.52 7.19 0.00 0.00 18.48% <-IRR #YR-> 10 Cash Flow per Share 444.99%
P/CF on Closing Price 17.84 16.91 13.88 8.01 6.37 7.99 5.60 4.83 3.45 4.01 6.99 5.35 5.06 5.54 6.16 5.99 8.66% <-IRR #YR-> 5 Cash Flow per Share 51.50%
4.03% Diff M/C 19.39% <-IRR #YR-> 10 CFPS 5 yr Running 488.32%
$1,293.75 <-12 mths -16.16%
Excl.Working Capital CF -$0.4 $15.1 $13.1 $8.0 -$5.6 -$5.1 $8.2 $90.4 -$18.0 -$17.1 $32.2 -$292.5 -$289.9 $0.0 $0.0 $0.0 16.78% <-IRR #YR-> 5 CFPS 5 yr Running 117.22%
Cash Flow from Operations $M WC $89.3 $142.6 $174.8 $265.0 $355.4 $393.7 $728.0 $939.4 $1,115.9 $1,207.3 $1,353.8 $1,316.8 $1,543.1 $1,012.6 $910.1 $935.1 782.94% <-Total Growth 10 Cash Flow less WC
Increase 13.70% 59.74% 22.58% 51.64% 34.09% 10.77% 84.94% 29.04% 18.78% 8.19% 12.14% -2.74% 17.19% -34.38% -10.12% 2.75% 24.33% <-IRR #YR-> 10 Cash Flow less WC 782.94%
5 year Running Average $86.0 $100.1 $115.3 $150.0 $205.4 $266.3 $383.4 $536.3 $706.5 $876.9 $1,068.9 $1,186.7 $1,307.4 $1,286.7 $1,227.3 $1,143.5 10.43% <-IRR #YR-> 5 Cash Flow less WC 64.26%
CFPS Excl. WC $0.87 $1.19 $1.45 $1.99 $2.36 $2.31 $4.21 $5.35 $6.19 $6.69 $6.70 $5.80 $6.17 $4.05 $3.64 $3.74 27.48% <-IRR #YR-> 10 CF less WC 5 Yr Run 1033.69%
Increase -15.84% 35.66% 22.63% 37.05% 18.55% -2.36% 82.45% 27.23% 15.64% 8.05% 0.08% -13.33% 6.34% -34.38% -10.12% 2.75% 19.51% <-IRR #YR-> 5 CF less WC 5 Yr Run 143.78%
5 year Running Average $1.22 $1.23 $1.20 $1.31 $1.57 $1.86 $2.47 $3.25 $4.09 $4.95 $5.83 $6.15 $6.31 $5.88 $5.27 $4.68 15.55% <-IRR #YR-> 10 CFPS - Less WC 324.43%
P/CF on Med Price 16.43 13.93 12.41 8.48 7.01 7.35 5.00 4.44 3.69 3.73 5.00 7.54 6.56 7.19 0.00 0.00 2.88% <-IRR #YR-> 5 CFPS - Less WC 15.26%
P/CF on Closing Price 17.92 15.12 12.84 7.77 6.47 8.09 5.54 4.36 3.50 4.07 6.82 6.54 6.02 5.54 6.16 5.99 18.02% <-IRR #YR-> 10 CFPS 5 yr Running 424.16%
*Operational Cash Flow CF/CF-WC P/CF Med 10 yr 5.32 5 yr  5.12 P/CF Med 10 yr 5.78 5 yr  5.00 -4.23% Diff M/C 14.23% <-IRR #YR-> 5 CFPS 5 yr Running 94.47%
-$1.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.33 Cash Flow per Share
-$4.84 $0.00 $0.00 $0.00 $0.00 $7.33 Cash Flow per Share
-$1.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $6.8 CFPS 5 yr Running
-$3.1 $0.0 $0.0 $0.0 $0.0 $6.8 CFPS 5 yr Running
-$174.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,543.1 Cash Flow less WC
-$939.4 $0.0 $0.0 $0.0 $0.0 $1,543.1 Cash Flow less WC
-$115.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,307.4 CF less WC 5 Yr Run
-$536.3 $0.0 $0.0 $0.0 $0.0 $1,307.4 CF less WC 5 Yr Run
-$1.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.17 CFPS - Less WC
-$5.35 $0.00 $0.00 $0.00 $0.00 $6.17 CFPS - Less WC
OPM 29.47% 35.78% 44.62% 46.13% 47.49% 54.76% 65.50% 61.69% 72.89% 73.81% 64.14% 76.88% 74.85% 45.73% 67.74% <-Total Growth 10 OPM
Increase -11.75% 21.41% 24.70% 3.38% 2.95% 15.30% 19.60% -5.81% 18.16% 1.25% -13.10% 19.87% -2.64% -38.90% Should increase  or be stable.
Diff from Median -53.2% -43.1% -29.1% -26.7% -24.5% -13.0% 4.1% -1.9% 15.9% 17.3% 1.9% 22.2% 19.0% -27.3% 0.03 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 62.91% 5 Yrs 72.89% should be  zero, it is a   check on calculations
$1,204 <-12 mths -13.87%
Adjusted EBITDA $178.62 $263.30 $363.50 $402.11 $626.90 $765.18 $891.48 $984.74 $1,170.10 $1,137.00 $1,398.18 $1,204 $1,287 $1,331 682.77% <-Total Growth 10
Change 47.41% 38.06% 10.62% 55.90% 22.06% 16.51% 10.46% 18.82% -2.83% 22.97% -13.89% 6.89% 3.42% 20.44% <-Median-> 10
Margin  49.30% 47.25% 47.82% 55.22% 57.04% 55.60% 57.31% 59.36% 56.78% 54.32% 57.10% 54.38% 55.67% 56.78% 56.19% <-Median-> 10
Long Term Debt $2,553.96 $4,507.98 $5,621.54 $6,271.27 $6,583.00 $6,496.68 $6,980.16 $6,956.66 $6,177.84 $6,266.24 Debt Type
Change 76.51% 24.70% 11.56% 4.97% -1.31% 7.44% -0.34% -11.20% 1.43% 6.21% <-Median-> 8 Change Lg Term R
Debt/Market Cap Ratio 1.11 1.42 1.39 1.53 1.68 1.32 0.76 0.81 0.67 1.12 1.32 <-Median-> 9 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 10.25 17.69 17.99 11.57 13.22 7.50 10.76 9.17 7.45 8.96 10.76 <-Median-> 9 Assets/Current Liab Ratio Liquidity
Debt to Cash Flow (Years) 7.08 11.31 7.81 7.39 5.81 5.31 5.28 4.32 3.37 6.19 5.81 <-Median-> 9 Debt to Cash Flow (Years) Liq. + CF
Debt Ratio
Intangibles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $521.05 $533.17 $497.64 $515.62 $462.07 Intangibles Leverage
Goodwill $249.53 $241.03 $222.57 $220.17 $219.24 $206.53 $206.53 $204.94 $204.94 $204.72 $708.71 $753.37 $712.62 $784.47 220.17% <-Total Growth 10 Goodwill D/E Ratio
Total $249.53 $241.03 $222.57 $220.17 $219.24 $206.53 $206.53 $204.94 $204.94 $725.77 $1,241.88 $1,251.01 $1,228.24 $1,246.55 451.83% <-Total Growth 10 Total
Change 1.82% -3.41% -7.66% -1.08% -0.42% -5.80% 0.00% -0.77% 0.00% 254.14% 71.11% 0.74% -1.82% 1.49% -0.21% <-Median-> 10 Change
Intangible/Market Cap Ratio 0.16 0.11 0.10 0.11 0.10 0.06 0.05 0.05 0.05 0.15 0.13 0.15 0.13 0.22 0.10 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $275.32 $203.74 $207.11 $363.45 $353.51 $593.29 $672.09 $1,011.91 $1,051.79 $1,278.79 $1,076.68 $1,414.69 $2,348.96 $1,491.64 Liquidity ratio of 1.5 and up, best
Current Liabilities $140.82 $193.01 $144.39 $159.59 $484.60 $416.34 $481.65 $888.42 $781.58 $1,398.00 $1,059.86 $1,404.55 $1,908.85 $1,635.05 1.18 <-Median-> 10 Ratio
Liquidity 1.96 1.06 1.43 2.28 0.73 1.43 1.40 1.14 1.35 0.91 1.02 1.01 1.23 0.91 1.02 <-Median-> 5 Ratio
Liq. with CF aft div 1.81 1.04 1.66 2.99 1.14 1.94 2.50 1.88 2.52 1.64 2.03 1.96 2.03 1.35 2.03 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.59 0.38 0.46 0.79 0.24 1.94 0.60 0.80 1.44 1.06 1.14 1.13 1.53 1.35 1.14 <-Median-> 5 Ratio
Assets $1,899 $2,254 $2,519 $3,040 $4,966 $7,366 $8,663 $10,281 $10,336 $10,479 $11,399 $12,877 $14,223 $14,647 Debt Ratio of 1.5 and up, best
Liabilities $1,082 $1,442 $1,818 $2,087 $3,863 $5,959 $7,288 $8,823 $8,795 $8,968 $9,397 $9,912 $9,498 $9,868 1.22 <-Median-> 10 Ratio
Debt Ratio 1.75 1.56 1.39 1.46 1.29 1.24 1.19 1.17 1.18 1.17 1.21 1.30 1.50 1.48 1.21 <-Median-> 5 Ratio
Estimates BVPS $10.50 $11.10 $12.10 Estimates Estimates BVPS
Estimate Book Value $2,625.2 $2,775.2 $3,025.2 Estimates Estimate Book Value
P/B Ratio (Close) 2.14 2.02 1.85 Estimates P/B Ratio (Close)
Difference from 10 year median -51.45% Diff M/C Estimates Difference from 10 yr med.
check on Shareholder Book Value $701.1 $952.7 $1,102.2 $1,407.1 $1,375.1 $1,457.9 $1,540.6 $1,510.8 $2,002.77 $2,965.71 $4,724.27 $4,778.96 check on Sharehldr BV
common shares -$53.10 common shares
Comm. Per share -$0.68 Comm. Per share
check total assets $2,254 $2,519 $3,040 $4,966 $7,366 $8,663 $10,281 $10,336 $10,479 $11,399.47 $12,877.33 $14,222.61 $14,646.52 check total assets
Total Book Value $816.7 $812.0 $701.1 $952.7 $1,102.2 $1,407.1 $1,375.1 $1,457.9 $1,540.6 $1,510.8 $2,002.77 $2,965.71 $4,724.27 $4,778.96 $4,779.0 $4,779.0 573.82% <-Total Growth 10 Total Book Value
NCI $0.0 $73.3 $271.4 $413.9 $440.6 $512.1 $468.9 $447.1 $209.88 $208.83 $208.83 $327.01 $327.0 $327.0 NCI
Preferred Shares $145.9 $145.9 $262.2 $261.7 $261.3 $261.1 $260.9 $260.9 $260.9 $260.9 $260.88 $260.88 $260.88 $260.88 $260.9 $260.9 Preferred Shares
Book Value $670.8 $666.0 $438.9 $617.7 $569.5 $732.1 $673.6 $684.9 $810.8 $802.7 $1,532.01 $2,496.00 $4,254.56 $4,191.07 $4,191.07 $4,191.07 869.32% <-Total Growth 10 Book Value
Book Value per Share $6.57 $5.54 $3.65 $4.65 $3.79 $4.29 $3.89 $3.90 $4.50 $4.45 $7.58 $11.00 $17.02 $16.76 $16.76 $16.76 365.95% <-Total Growth 10 Book Value per Share
Change -29.64% -15.67% -34.07% 27.20% -18.49% 13.30% -9.23% 0.25% 15.25% -1.13% 70.34% 45.18% 54.68% -1.49% 0.00% 0.00% -33.86% P/B Ratio Current/Historical Median
P/B Ratio (Median) 2.19 2.98 4.94 3.64 4.38 3.95 5.41 6.09 5.08 5.62 4.42 3.98 2.38 1.74 2.02 P/B Ratio Historical Median
P/B Ratio (Close) 2.38 3.24 5.11 3.33 4.04 4.35 5.98 5.98 4.82 6.11 6.03 3.45 2.18 1.34 1.34 1.34 16.64% <-IRR #YR-> 10 Book Value per Share 365.95%
Change 86.40% 35.78% 57.93% -34.82% 21.18% 7.72% 37.56% -0.04% -19.36% 26.78% -1.43% -42.76% -36.75% -38.70% 0.00% 0.00% 34.24% <-IRR #YR-> 5 Book Value per Share 335.87%
Leverage (A/BK) 2.32 2.78 3.59 3.19 4.51 5.24 6.30 7.05 6.71 6.94 5.69 4.34 3.01 3.06 5.46 <-Median-> 10 A/BV
Debt/Equity Ratio 1.32 1.78 2.59 2.19 3.51 4.24 5.30 6.05 5.71 5.94 4.69 3.34 2.01 2.06 4.46 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 4.40 5 yr Med 4.42 -69.59% Diff M/C 2.36 Historical Leverage (A/BK)
-$3.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17.02
-$3.90 $0.00 $0.00 $0.00 $0.00 $17.02
$435.7 <-12 mths -60.52%
Comprehensive Income $1.34 -$63.34 -$9.65 $166.21 -$234.26 $108.47 $130.42 $295.58 $344.54 $292.48 $368.28 $280.62 $1,316.95 13751.41% <-Total Growth 10 Comprehensive Income
NCI $0.00 $0.00 $0.00 $15.89 -$22.86 $57.52 $45.50 $134.34 $114.71 $77.66 $115.95 $97.34 $213.30 #DIV/0! <-Total Growth 10 NCI
Shareholders $1.34 -$63.34 -$9.65 $150.32 -$211.40 $50.95 $84.92 $161.24 $229.83 $214.83 $252.34 $183.27 $1,103.66 11540.42% <-Total Growth 10 Shareholders
Increase -96.13% -4830.47% 84.77% 1658.20% -240.63% 124.10% 66.66% 89.87% 42.54% -6.53% 17.46% -27.37% 502.19% 17.5% <-Median-> 5 Comprehensive Income
5 Yr Running Average $21.72 $2.19 $5.70 $22.66 -$26.55 -$16.62 $13.03 $47.21 $63.11 $148.35 $188.63 $208.30 $396.78 #NUM! <-IRR #YR-> 10 Comprehensive Income 11540.42%
ROE 0.2% -7.8% -1.4% 15.8% -19.2% 3.6% 6.2% 11.1% 14.9% 14.2% 12.6% 6.2% 23.4% 46.92% <-IRR #YR-> 5 Comprehensive Income 584.49%
5Yr Median 4.9% 0.2% 0.2% 0.2% -1.4% -1.4% 3.6% 6.2% 6.2% 11.1% 12.6% 12.6% 14.2% 52.86% <-IRR #YR-> 10 5 Yr Running Average 6865.77%
% Difference from NI -5.6% 0.4% -2.7% -0.6% 98.4% 4357.9% -30.1% 0.1% -17.4% -33.0% -30.1% -3.3% 33.3% 53.08% <-IRR #YR-> 5 5 Yr Running Average 740.53%
Median Values Diff 5, 10 yr -1.9% -17.4% 14.2% <-Median-> 5 Return on Equity
$9.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,103.7
-$161.2 $0.0 $0.0 $0.0 $0.0 $1,103.7
-$5.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $396.8
-$47.2 $0.0 $0.0 $0.0 $0.0 $396.8
Current Liability Coverage Ratio 0.63 0.74 1.21 1.66 0.73 0.95 1.51 1.06 1.43 0.86 1.28 0.94 0.81 0.62   CFO / Current Liabilities
5 year Median 2.46 0.75 0.75 0.75 0.74 0.95 1.21 1.06 1.06 1.06 1.28 1.06 0.94 0.86 1.00 <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 4.70% 6.33% 6.94% 8.72% 7.16% 5.34% 8.40% 9.14% 10.80% 11.52% 11.88% 10.23% 10.85% 6.91% CFO / Total Assets
5 year Median 9.85% 6.33% 6.33% 6.33% 6.94% 6.94% 7.16% 8.40% 8.40% 9.14% 10.80% 10.80% 10.85% 10.85% 9.7% <-Median-> 10 Return on Assets 
Return on Assets ROA 0.07% -2.80% -0.39% 4.97% -2.15% 0.02% 1.40% 1.57% 2.69% 3.06% 3.17% 1.47% 5.82% 1.62% Net  Income/Assets Return on Assets
5Yr Median 2.08% 0.07% 0.07% 0.07% -0.39% -0.39% 0.02% 1.40% 1.40% 1.57% 2.69% 2.69% 3.06% 3.06% 2.1% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 0.17% -7.77% -1.41% 15.87% -9.67% 0.08% 8.83% 11.05% 18.05% 21.23% 18.02% 6.39% 17.52% 4.96% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 5.00% 0.17% 0.17% 0.17% -1.41% -1.41% 0.08% 8.83% 8.83% 11.05% 18.02% 18.02% 18.02% 17.52% 13.5% <-Median-> 10 Return on Equity
$389.3 <-12 mths -52.97%
Net Income $1.42 -$63.11 -$9.91 $167.02 -$177.5 $27.53 $190.56 $275.84 $405.51 $451.75 $485.06 $269.88 $955.46 9738.42% <-Total Growth 10 Net Income
NCI $0.00 $0.00 $0.00 $15.86 -$70.88 $26.39 $69.10 $114.71 $127.38 $130.99 $124.12 $80.32 $127.72 #DIV/0! <-Total Growth 10 NCI
Shareholders $1.42 -$63.11 -$9.91 $151.16 -$106.6 $1.14 $121.46 $161.12 $278.13 $320.76 $360.94 $189.56 $827.73 $237 $345 $356 8449.97% <-Total Growth 10 Shareholders
Increase -95.98% -4551% -84.29% -1624.91% -170.50% -101.07% 10526.77% 32.65% 72.62% 15.33% 12.52% -47.48% 336.66% -71.37% 45.57% 3.19% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $21.64 $2.19 $5.64 $22.96 -$5.40 -$5.46 $31.46 $65.66 $91.06 $176.52 $248.48 $262.10 $395.42 $387.20 $392.05 $391.06 #NUM! <-IRR #YR-> 10 Net Income 8449.97%
Operating Cash Flow $89.65 $127.47 $161.68 $257.08 $361.0 $398.7 $719.8 $849.0 $1,133.9 $1,224.4 $1,321.6 $1,609.3 $1,833.0 38.72% <-IRR #YR-> 5 Net Income 413.73%
Investment Cash Flow -$292.19 -$336.00 -$374.10 -$444.16 -$1,808.9 $73.5 -$1,536.3 -$1,189.2 -$586.0 -$758.0 -$839.3 -$1,030.9 -$629.7 52.95% <-IRR #YR-> 10 5 Yr Running Ave. 6906.85%
Total Accruals $203.95 $145.42 $202.51 $338.24 $1,341.3 -$471.1 $937.9 $501.3 -$269.8 -$145.7 -$121.4 -$388.9 -$375.6 43.20% <-IRR #YR-> 5 5 Yr Running Ave. 502.19%
Total Assets $1,899 $2,254 $2,519 $3,040 $4,966 $7,366 $8,663 $10,281 $10,336 $10,479 $11,399 $12,877 $14,223 Balance Sheet Assets
Accruals Ratio 10.74% 6.45% 8.04% 11.13% 27.01% -6.40% 10.83% 4.88% -2.61% -1.39% -1.06% -3.02% -2.64% -2.61% <-Median-> 5 Ratio
EPS/CF Ratio 0.06 -0.51 -0.12 0.52 -0.35 -0.03 0.15 0.16 0.24 0.25 0.26 0.14 0.56 0.20 <-Median-> 10 EPS/CF Ratio
$9.91 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $827.73
-$161.12 $0.00 $0.00 $0.00 $0.00 $827.73
-$5.64 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $395.42
-$65.66 $0.00 $0.00 $0.00 $0.00 $395.42
Chge in Close 31.16% 14.50% 4.13% -17.09% -1.23% 22.04% 24.87% 0.21% -7.07% 25.35% 67.90% -16.90% -2.16% -39.62% 0.00% 0.00% Count 26 Years of data
up/down/neutral down down down down down down up down Count 14 53.85%
Any Predictions? Yes Yes % right Count 3 21.43%
Financial Cash Flow $198.34 $146.47 $195.27 $293.68 $1,524.02 $1,793.43 $971.07 $408.15 -$681.45 -$471.10 -$389.53 -$255.68 -$604.84 C F Statement  Financial CF
Total Accruals $5.61 -$1.05 $7.24 $44.56 -$182.72 -$2,264.54 -$33.14 $93.13 $411.65 $325.45 $268.14 -$133.19 $229.27 Accruals
Accruals Ratio 0.30% -0.05% 0.29% 1.47% -3.68% -30.74% -0.38% 0.91% 3.98% 3.11% 2.35% -1.03% 1.61% 2.35% <-Median-> 5 Ratio
Cash $111.55 $49.51 $32.35 $138.46 $193.41 $151.93 $307.52 $400.57 $278.40 $268.19 $434.99 $673.69 $1,299.83 $1,533.90 Cash
Cash per Share $1.09 $0.41 $0.27 $1.04 $1.29 $0.89 $1.78 $2.28 $1.54 $1.49 $2.15 $2.97 $5.20 $6.14 $2.15 <-Median-> 5 Cash per Share
Percentage of Stock Price 6.98% 2.30% 1.44% 6.73% 8.41% 4.77% 7.63% 9.78% 7.12% 5.46% 4.71% 7.82% 14.00% 27.36% 7.12% <-Median-> 5 % of Stock Price
Notes:
November 11, 2023.  Last estimates were for 2022, 2023 and 2024 of $2424M, $2281M and $2315M for Revenue, $1.57, $1.66 and $1.71 for AEPS, $2.80, $1.65 and $1.70 for EPS, 
$1.20, $1.20 and $1.20 for dividends, $425M, $466M and $4.65m for FCF, $5.78, $4.72 and $4.62 for CFPS, $10.90, $10.70 and 11.10 for BVPS, and $671M, $416M and $451M for Net Income.
November 13, 2022.  Last estimates were for 2021, 2022 and 2023 of $2019M, $2301M, 2242M for Revenue, $0.83, $1.52 and $1.59 for EPS, $1.20, $1.20 and $1.21 for Dividends, 
$293M, $335M and $510M, $5.03, $5.12 and $5.34 for CFPS, $168M, $342M and $372M for Net Income.
November 14, 2021.  Last estimates were for 2020, 2021 and 2022 of $2082M, $2125M and $2130M for Revenue, $2.01, 1.75 and $1.81 for EPS, 
$1.20, $1.21 and $1.21 for Dividends, $465M, $477M and $497M for FCF, $5.92, $5.69 and $5.00 for CFPS, and $448M, $422M and $417M for Net Income.
November 27, 2020.  Last estimates were for 2019, 2020 and 2021 of1660M, $2161M and 2377M, $1.78, $1.92 and $2.19 for EPS, 
$1.20, $1.24 and $1.26 for Dividends, $4.32, $4.70 and $4.68 for CFPS and $353M, $411M and $443M for Net Income.
November 29, 2019.  Last estimates were for 2018, 2019 and 2020 of $1560M, $1618Mand $1859M for Revenue, $1.57, $1.44 and $2.14 for EPS, 
$4.31, $4.18 and $4.98 for CFPS and $294M, $273M and $389M for Net Income.
December 2, 2018.  Last estimates were for 2017, 2018 and 2019 of $1322M, $1521M and $1574M for Revenue, $1.01, $1.46 and $1.51 for EPS, 
$2.49, $2.78 and $2.68 for CFPS and $199M, 279M and $272M for Net Income.
December 3, 2017.  Last estimates were for 2016, 2017 and 2018 of $999M, $1167M and $1535M for Revenue, $0.41, $0.61 and $1.26 for EPS, 
$2.15, $2.13 and $3.05 for CFPS and $25M, $112M and $230M for Net Income.
December 3, 2016.  Last estiamtes were for 2015, 2016 and 2017 of $86.6M, $102M and $114M for Revenue, $1.06, $1.22 and $1.44 for EPS 
and $20.8M, $22.4M and $25.3M for Net Income.
For 2015, there is a small Net Income, but a EPS loss because of Preferred dividends taken off of Net Income to get Income for EPS calculations.
December 8, 2015.  Last estimates were for 2014, 2015 and 2016 for $739M, $711M and $732M for Revenue, $0.34, $0.40 and $0.55 for EPS, 
$1.55, $1.73 and $1.86 for CFPS, $59M, $66.3M and $91.2M for Net Income.
November 23, 2014.  Last estimates were for 2013, 2014 and 2015 of $504.3M, $637.2M and $658M for Revenue, $0.93, $0.53 and $0.79 for EPS, $1.41, $1.85 and $2.01 for CFPS.
November 10, 2013.  Last Estimates were for 2012 and 2013 of $369M and $502M for Revenue, $.14 and $.35 for EPS.
Class B Exchangeable shares were reclassified as a liability on December 31, 2012.
Sep 28, 2012.  Estimates for 2011 and 2012 were $331M and $410M for Revenue, $0.78 and $0.57 for DI and $0.36 and $0.30 for EPS and $1.05 and $1.07 for CF,
There seems to be some controversy about outstanding shares. I have included exchangeable shares in number of shares and a book value.
Class A Exchangeable Units or Replacement Rights are not entitled to any cash distributions until January 2012.
Ex-chairman James Temerty seems to own all or mostly all of the outstanding convertible shares.
In 2011 Northland Power Inc. (NPI) merged with Northland Power Income Fund. Class A shares and regular replacement rights became exchangeable into common shares.
Jul 2011. Management expects distributions to exceed 100% of Free Cash Flow until 2013.
Jan 2011.  Company changed from an Income Trust (NPI.UN) to a Corporation 1 January 2011.  Have a tax pool that should last until 2019.
I am looking at this stock as eventually, I want to get away from pipelines and into energy, especially renewable enery.
An initial instalment of $6 per Trust Unit was paid on April 15, 1997 and the final instalment of $4 per Trust Unit is due no later than April 15, 1998.
Sector:
Power, Utility
What should this stock accomplish?
As a Utility it should add stability to you portfolio.
Would I buy this company and Why.
In the past it could not afford its dividends and could not increase them.  Now after some 10 years, DPR is getting under control and they have raised their dividends.
Why am I following this stock. 
This company is into generating electric power.  I have a lot invested in pipelines and I would like to have more invested in electric power as part of my utility’s investments.  I read a report on this stock that said it was a good 
defensive stock to buy.  That is, it is a good stock to hold in a stock market correction.  I can certainly see the logic of using utility stocks as defensive stocks.  
Dividends
Dividends are paid monthly.  Dividends are declared in one month for payment to shareholders of records of that month and then paid in the following month.
For example, Dividends declared in January 2013 for shareholders of records of January 31, 2013 and paid on February 15, 2013.
How they make their money.
Northland Power develops, constructs, and operates maintainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and 
supplying energy through a regulated utility. Offshore wind is expected to remain the company's largest segment over the long term. Northland's growth opportunities are global 
and span North America, Europe, Latin America, and Asia.
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 Dec 4 2016 Dec 3 2017 Dec 2 2018 Nov 29 2019 Nov 27 2020 Nov 14 2021 Nov 13 2022 Nov 11 2023
Crawley, Mike 0.00% 0.021 0.01% 0.043 0.02% 0.067 0.04% 0.071 0.04% 0.074 0.04% 0.076 0.03% 0.076 0.03% 0.096 0.04% Was officer 2017 26.25%
CEO - Shares - Amount $0.000 $0.493 $1.014 $1.452 $1.932 $3.381 $2.892 $2.829 $2.157
Options - percentage 0.04% 0.040 0.02% 0.036 0.02% 0.035 0.02% 0.082 0.05% 0.130 0.06% 0.140 0.06% 0.124 0.05% 0.268 0.11% 116.45%
Options - amount $1.120 $0.932 $0.849 $0.749 $2.240 $5.940 $5.324 $4.593 $6.003
Brace, John Wycliffe 0.88% 1.502 0.87% 1.502 0.86%
CEO - Shares - Amount $28.028 $34.997 $35.072
Options - percentage 0.00% 0.000 0.00% 0.098 0.06%
Options - amount $0.000 $0.000 $2.286
Salary worth 2012
Salary worth 2011
Salary worth 2010
Alimchandani. Pauline 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
CFO - Shares - Amount $0.000 $0.000 $0.000 $0.000
Options - percentage 0.045 0.02% 0.047 0.02% 0.065 0.03% 0.088 0.04% 35.04%
Options - amount $2.055 $1.776 $2.429 $1.980
Bradley, Paul 0.04% 0.062 0.04% 0.062 0.04% 0.062 0.03% 0.062 0.03% Ceased insider Apr 2020
CFO - Shares - Amount $1.159 $1.447 $1.450 $1.353 $1.696
Options - percentage 0.00% 0.006 0.00% 0.059 0.03% 0.086 0.05% 0.117 0.06%
Options - amount $0.106 $0.132 $1.384 $1.866 $3.174
Salary worth 2012
Salary worth 2011
Shadbolt, Michasel 0.005 0.00% 0.005 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% Ceased insider Jan 2023
Officer - Shares - Amount $0.102 $0.130 $0.098 $0.082 $0.081
Options - percentage 0.010 0.01% 0.010 0.01% 0.010 0.00% 0.010 0.00% 0.010 0.00%
Options - amount $0.214 $0.269 $0.451 $0.375 $0.367
Povall, David Edward  0.007 0.00% 0.007 0.00% 0.00%
Officer - Shares - Amount $0.277 $0.167
Options - percentage 0.031 0.01% 0.034 0.01% 7.37%
Options - amount $1.168 $0.757
Chislett, Michelle 0.000 0.00%
Officer - Shares - Amount $0.000
Options - percentage 0.048 0.02%
Options - amount $1.085
Bertoldi, Linda Louise 0.01% 0.013 0.01% 0.013 0.01% 0.013 0.01% 0.013 0.01% 0.013 0.01% 0.013 0.01% 0.013 0.01% 0.013 0.01% 0.00%
Director - Shares - Amount $0.243 $0.303 $0.304 $0.282 $0.354 $0.594 $0.493 $0.483 $0.291
Options - percentage 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Brace, John Wycliffe 0.502 0.28% 0.226 0.11% 0.226 0.10% 0.226 0.09% 0.226 0.09% 0.00%
Chairman - Shares - Amt $13.655 $10.323 $8.578 $8.392 $5.068
Options - percentage 0.153 0.09% 0.153 0.08% 0.067 0.03% 0.073 0.03% 0.000 0.00% -100.00%
Options - amount $4.174 $7.008 $2.551 $2.712 $0.000
Temerty, James C. 32.38% 56.222 32.50% 56.641 32.29% 57.626 31.98% 46.396 25.71% 6.139 3.04% Says he has Class C Shares
Chairman - Shares - Amt $1,031.03 $1,309.965 $1,322.569 $1,250.482 $1,261.984 $280.380 But annual statements says
Class A - percentage 1.000 100.00% 1.000 100.00% 1.000 100.00% 1.000 100.00% 0.000 0.00% A no Class C Shares
Class A - amount $23.300 $23.350 $21.700 $27.200 $0.000 A Also some 25.645598 cl a
Options - percentage 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% But only a 1M o/s
Options - amount $0.00 $0.00 $0.00 $0.00 $0.00 $0.000 Last file Sep 2020
Increase in O/S Shares 0.42% 0.115 0.07% 0.021 0.01% 0.022 0.01% 0.023 0.01% 0.000 0.00% 0.000 0.00% 0.022 0.01% 0.015 0.01% LTIP
due to SO $9.674 $2.151 $0.493 $0.520 $0.509 $0.000 $0.000 $0.834 $0.556
Book Value $9.125 $1.638 $0.516 $0.519 $0.583 $0.400 $4.000 $0.911 $0.591
Insider Buying -$8.923 -$10.822 $0.000 -$9.984 -$1.503 -$0.145 -$0.154 -$0.017 -$0.531
Insider Selling $9.925 $1.002 $3.600 $1.302 $21.176 $8.711 $0.000 $0.000 $0.000
Net Insider Selling $1.002 -$9.820 $3.600 -$8.682 $19.673 $8.566 -$0.154 -$0.017 -$0.531
% of Market Cap 0.03% -0.24% 0.09% -0.22% 0.40% 0.09% 0.00% 0.00% -0.01%
Annual Stement
says mge ownership
Directors 6 6 7 7 9 9 9 9
Women 29% 2 33% 2 33% 2 29% 2 29% 3 33% 4 44% 3 33% 3 33%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 26.90% 5 8.63% 95 27.01% 110 24.73% 20 24.93% 20 24.58% 20 27.37%
Total Shares Held 26.68% 0.389 0.22% 47.005 26.79% 43.642 24.22% 56.400 24.86% 60.021 24.01% 69.472 27.79%
Increase/Decrease -1.76% 0.000 0.00% -0.479 -1.01% -4.920 -10.13% -0.648 -1.14% -4.675 -7.23% 3.153 4.75%
Starting No. of Shares 0.389 reuters 47.484 reuters 48.563 reuters 57.048 Top 20 MS 64.696 Top 20 MS 66.319 Top 20 MS
Institutions/Holdings 118 120 27.65% 47.12%
Value $1,132.71 $1,842.65
Total Shares Held 46.000 26.59% 48.000 27.36%
Value $1,074.10 $1,120.80
Increase/Decrease 3 Mths 5.000 12.20% -1.000 -2.04%
Starting No. of Shares 41.000 Morningstar 49.000 Morningstar Morningstar
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