This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														1/31/25	<----
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			Q1 2025
Royal Bank of Canada						TSX:	RY	NYSE:	RY	https://www.rbc.com/		Fiscal Yr:	Oct 31
Year	10/31/12	10/31/13	10/31/14	10/31/15	10/31/16	10/31/17	10/31/18	10/31/19	10/31/20	10/31/21	10/31/22	10/31/23	10/31/24	10/31/25	10/31/26	10/31/27		Value	Description	#Y	Item	Total G
Accting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Split Date
Split
														$59,284	<-12 mths	3.38%
Revenue*	$29,772	$30,867	$34,108	$35,321	$38,405	$40,669	$42,576	$46,002	$47,181	$49,693	$48,985	$56,129	$57,344	$62,070	$65,258			68.12%	<-Total Growth	10	Revenue
Increase	8.5%	3.7%	10.5%	3.6%	8.7%	5.9%	4.7%	8.0%	2.6%	5.3%	-1.4%	14.6%	2.2%	8.2%	5.1%			5.33%	<-IRR #YR->	10	Revenue	68.12%
5 year Running Average	$27,244	$29,101	$30,101	$31,500	$33,695	$35,874	$38,216	$40,595	$42,967	$45,224	$46,887	$49,598	$51,866	$54,844	$57,957			4.51%	<-IRR #YR->	5	Revenue	24.66%
Revenue per Share	$20.60	$21.42	$23.65	$24.46	$25.88	$28.00	$29.59	$32.15	$33.14	$34.87	$35.35	$40.02	$40.52	$43.86	$46.12			5.59%	<-IRR #YR->	10	5 yr Running Average	72.31%
Increase	8.0%	4.0%	10.4%	3.4%	5.8%	8.2%	5.7%	8.7%	3.1%	5.2%	1.4%	13.2%	1.2%	8.2%	5.1%			5.02%	<-IRR #YR->	5	5 yr Running Average	27.77%
5 year Running Average	$19.23	$20.30	$20.92	$21.84	$23.20	$24.68	$26.31	$28.02	$29.75	$31.55	$33.02	$35.11	$36.78	$38.93	$41.18			5.53%	<-IRR #YR->	10	Revenue per Share	71.35%
P/S (Price/Sales) Med	2.48	2.93	3.20	3.15	2.89	3.29	3.41	3.08	2.74	3.24	3.78	3.10	3.53	4.19	0.00			4.74%	<-IRR #YR->	5	Revenue per Share	26.03%
P/S (Price/Sales) Close	2.76	3.27	3.38	3.06	3.24	3.60	3.22	3.30	2.90	3.69	3.57	2.77	4.24	3.98	3.79			5.80%	<-IRR #YR->	10	5 yr Running Average	75.78%
*Total Revenue on Cdn GAAP					P/S Med	20 yr	3.01	15 yr	3.10	10 yr	3.19	5 yr	3.24		24.69%	Diff M/C		5.60%	<-IRR #YR->	5	5 yr Running Average	31.29%
			-$34,108	$0	$0	$0	$0	$0	$0	$0	$0	$0	$57,344
								-$46,002	$0	$0	$0	$0	$57,344
			-$30,101	$0	$0	$0	$0	$0	$0	$0	$0	$0	$51,866
								-$40,595	$0	$0	$0	$0	$51,866
			-$23.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.52
								-$32.15	$0.00	$0.00	$0.00	$0.00	$40.52
			-$20.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.78
								-$28.02	$0.00	$0.00	$0.00	$0.00	$36.78
														$17,984	<-12 mths	3.18%
														$12.48	<-12 mths	3.23%
Adjusted Earnings CDN$	$7,205	$8,044	$8,960	$9,780	$10,145	$11,149	$12,356	$12,798	$11,368	$15,968	$15,738	$15,840	$17,430					94.53%	<-Total Growth	10	Adjusted Earnings	1,392.53
Return on Equity ROE	18.16%	18.31%	18.43%	17.14%	15.78%	16.54%	16.80%	16.45%	14.08%	17.36%	15.52%	14.27%	14.76%					16.11%	<-Median->	10	Return on Equity ROE
5Yr Median	18.16%	18.24%	18.31%	18.24%	18.16%	17.14%	16.80%	16.54%	16.45%	16.54%	16.45%	15.52%	14.76%					16.54%	<-Median->	10	5Yr Median
Basic	$5.03	$5.56	$6.21	$6.78	$6.83	$7.60	$8.56	$8.92	$7.98	$11.21	$11.21	$11.39	$12.11					95.01%	<-Total Growth	10	AEPS
AEPS* Dilued	$4.96	$5.53	$6.19	$6.76	$6.80	$7.57	$8.53	$8.39	$7.97	$11.19	$11.19	$11.36	$12.09	$12.96	$14.21	$14.70		95.32%	<-Total Growth	10	AEPS
Increase	7.13%	11.49%	11.93%	9.21%	0.59%	11.32%	12.68%	-1.64%	-5.01%	40.40%	0.00%	1.52%	6.43%	7.20%	9.65%	3.45%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$4.17	$4.60	$5.04	$5.61	$6.05	$6.57	$7.17	$7.61	$7.85	$8.73	$9.45	$10.02	$10.76	$11.76	$12.36	$13.06		6.92%	<-IRR #YR->	10	AEPS	95.32%
AEPS Yield	8.71%	7.90%	7.74%	9.04%	8.11%	7.50%	8.94%	7.90%	8.29%	8.69%	8.88%	10.26%	7.04%	7.42%	8.13%	7.90%		7.58%	<-IRR #YR->	5	AEPS	44.10%
Payout Ratio	45.97%	44.48%	44.59%	44.97%	47.06%	44.91%	43.38%	47.68%	53.45%	38.61%	42.54%	46.39%	45.74%	45.22%	41.66%	40.27%		7.87%	<-IRR #YR->	10	5 yr Running Average	113.32%
5 year Running Average	50.34%	47.41%	46.22%	44.99%	45.41%	45.20%	44.98%	45.60%	47.30%	45.60%	45.13%	45.73%	45.35%	43.70%	44.31%	43.86%		7.17%	<-IRR #YR->	5	5 yr Running Average	41.39%
Price/AEPS Median	10.30	11.35	12.21	11.39	10.99	12.16	11.84	11.81	11.39	10.10	11.94	10.92	11.82	14.19	0.00	0.00		11.60	<-Median->	10	Price/AEPS Median
Price/AEPS High	11.85	12.70	13.43	12.33	12.43	13.49	12.67	12.87	13.72	11.86	13.33	12.28	14.44	15.24	0.00	0.00		12.77	<-Median->	10	Price/AEPS High
Price/AEPS Low	8.75	10.00	11.00	10.46	9.56	10.84	11.02	10.75	9.07	8.34	10.55	9.55	9.20	13.13	0.00	0.00		10.01	<-Median->	10	Price/AEPS Low
Price/AEPS Close	11.48	12.66	12.93	11.06	12.32	13.32	11.18	12.66	12.07	11.51	11.26	9.75	14.21	13.48	12.30	12.65		11.79	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	12.30	14.12	14.47	12.08	12.40	14.83	12.60	12.45	11.46	16.16	11.26	9.90	15.13	14.45	13.48	13.09		12.43	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	45.36%	5 Yrs	45.74%	P/CF	5 Yrs	in order	11.39	13.33	9.20	11.51		18.33%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$6.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.09
								-$8.39	$0.00	$0.00	$0.00	$0.00	$12.09
			-$5.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.76
								-$7.61	$0.00	$0.00	$0.00	$0.00	$10.76
														$11.64	<-12 mths	3.47%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	1.00%	1.07%	0.50%	0.30%	0.29%	0.40%	0.36%	0.34%	0.26%	0.18%	0.18%	0.10%	0.18%					0.27%	<-Median->	0	Difference Basic and Diluted
pre-split 00 (83 to  85 Shareowner)
pre-split 06
EPS Basic	$4.98	$5.60	$6.03	$6.75	$6.80	$7.59	$8.39	$8.78	$7.84	$11.08	$11.08	$10.51	$11.27					86.90%	<-Total Growth	10	EPS Basic
pre-split 00
pre-split 06
EPS Diluted*	$4.93	$5.54	$6.00	$6.73	$6.78	$7.56	$8.36	$8.75	$7.82	$11.06	$11.06	$10.50	$11.25	$12.19	$13.39	$11.63		87.50%	<-Total Growth	10	EPS Diluted
Increase	54.5%	12.4%	8.3%	12.2%	0.7%	11.5%	10.6%	4.7%	-10.6%	41.4%	0.0%	-5.1%	7.1%	8.4%	9.8%	-13.1%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	8.7%	7.9%	7.5%	9.0%	8.1%	7.5%	8.8%	8.2%	8.1%	8.6%	8.8%	9.5%	6.5%	7.0%	7.7%	6.3%		6.49%	<-IRR #YR->	10	Earnings per Share	87.50%
5 year Running Average	$3.51	$3.94	$4.62	$5.28	$6.00	$6.52	$7.09	$7.64	$7.85	$8.71	$9.41	$9.84	$10.34	$11.21	$11.68	$11.79		5.15%	<-IRR #YR->	5	Earnings per Share	28.57%
10 year Running Average	$3.22	$3.55	$3.94	$4.36	$4.68	$5.01	$5.51	$6.13	$6.57	$7.35	$7.97	$8.46	$8.99	$9.53	$10.19	$10.60		8.38%	<-IRR #YR->	10	5 yr Running Average	123.57%
* Diluted ESP per share									E/P	10 Yrs	8.41%	5Yrs	8.59%					6.25%	<-IRR #YR->	5	5 yr Running Average	35.39%
			-$6.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.25
								-$8.75	$0.00	$0.00	$0.00	$0.00	$11.25
			-$4.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.34
								-$7.64	$0.00	$0.00	$0.00	$0.00	$10.34
Dividend*														$6.03	$6.43	$6.49					Dividend*
Increase														8.97%	6.75%	0.89%					Increase
Payout Ratio EPS														49.43%	48.04%	55.80%			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
Pre-spit '90
Pre-spit '00
Pre-split 06
Dividend*	$2.28	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$5.86	$5.92	$5.92		100.36%	<-Total Growth	10	Dividends
Increase	9.62%	7.89%	12.20%	10.14%	5.26%	6.25%	8.82%	8.11%	6.50%	1.41%	10.19%	10.71%	4.93%	5.97%	1.02%	0.00%		32	0	41	Years of data, Count P, N	78.05%
Average Increases 5 Year Running	5.98%	4.30%	6.74%	8.77%	9.02%	8.35%	8.54%	7.72%	6.99%	6.22%	7.01%	7.38%	6.75%	6.64%	6.56%	4.53%		7.55%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$2.07	$2.16	$2.32	$2.52	$2.75	$2.97	$3.22	$3.47	$3.71	$3.94	$4.21	$4.52	$4.83	$5.15	$5.47	$5.70		108.46%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.46%	3.92%	3.65%	3.95%	4.28%	3.69%	3.66%	4.04%	4.69%	3.82%	3.56%	4.25%	3.87%	3.19%				3.91%	<-Median->	10	Dividends	Item
Yield on High  Price	3.88%	3.50%	3.32%	3.65%	3.79%	3.33%	3.42%	3.71%	3.90%	3.26%	3.19%	3.78%	3.17%	2.97%				3.54%	<-Median->	10	Dividends	EPS
Yield on Low Price	5.25%	4.45%	4.06%	4.30%	4.92%	4.14%	3.94%	4.43%	5.90%	4.63%	4.03%	4.86%	4.97%	3.44%				4.53%	<-Median->	10	Dividends	AEPS
Yield on Close Price	4.00%	3.51%	3.45%	4.07%	3.82%	3.37%	3.88%	3.77%	4.43%	3.35%	3.78%	4.76%	3.22%	3.35%	3.39%	3.18%		3.80%	<-Median->	10	Dividends	CFPS
Payout Ratio EPS	46.25%	44.40%	46.00%	45.17%	47.20%	44.97%	44.26%	45.71%	54.48%	39.06%	43.04%	50.19%	49.16%	48.07%	44.21%	50.90%		45.44%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	59.10%	54.95%	50.09%	47.82%	45.83%	45.57%	45.44%	45.42%	47.26%	45.19%	44.72%	45.96%	46.70%	45.92%	46.82%	48.34%		45.70%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	-158.89%	48.95%	26.23%	18.18%	17.69%	13.09%	30.47%	40.12%	4.37%	10.09%	30.06%	28.34%	33.82%	35.84%	#VALUE!	#DIV/0!		23.26%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	37.78%	45.22%	39.62%	33.19%	28.08%	19.47%	19.29%	20.92%	11.34%	10.45%	11.80%	12.24%	12.63%	23.41%	#VALUE!	#DIV/0!		15.96%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	35.02%	38.15%	40.29%	38.58%	42.47%	39.48%	39.16%	40.72%	45.15%	32.29%	35.04%	43.81%	44.12%	35.84%	#VALUE!	#DIV/0!		40.10%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	47.50%	44.34%	41.40%	40.10%	39.01%	39.81%	39.93%	40.05%	41.38%	38.82%	37.79%	38.81%	39.60%	37.92%	#VALUE!	#DIV/0!		39.71%	<-Median->	10	DPR CF WC 5 Yr Running
Median values	10 Yr Med	10 Yr Cl	3.91%	3.80%	5 Yr Med	5 Yr Cl	3.87%	3.78%	5 Yr Med	Payout	49.16%	28.34%	43.81%					6.69%	<-IRR #YR->	5	Dividends	38.25%
* Dividends per share	10 Yr Med	and Cur.	-13.30%	-10.77%	5 Yr Med	and Cur.	-12.43%	-10.27%	Last Div Inc --->		$1.42	$1.48	4.23%					7.20%	<-IRR #YR->	10	Dividends	100.36%
Dividends Growth 15																		7.02%	<-IRR #YR->	14	Dividends	176.50%
Dividends Growth 20																		8.87%	<-IRR #YR->	19	Dividends	447.52%
Dividends Growth 25																		10.36%	<-IRR #YR->	24	Dividends	1076.60%
Dividends Growth 30																		10.33%	<-IRR #YR->	29	Dividends	1806.90%
Dividends Growth 35																		8.95%	<-IRR #YR->	34	Dividends	1910.91%
Dividends Growth 40																		8.05%	<-IRR #YR->	40	Dividends	2112.00%
Dividends Growth 45																		7.84%	<-IRR #YR->	41	Dividends
Dividends Growth 5								-$4.00	$0.00	$0.00	$0.00	$0.00	$5.53								Dividends Growth 5
Dividends Growth 10			-$2.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.53								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	$5.53								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	$5.53								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	$5.53								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.53								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.53								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.53								Dividends Growth 40
Dividends Growth 45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.53								Dividends Growth 45
Historical Dividends	Historical	High Div	7.84%	Low Div	2.41%	10 Yr High	5.80%	10 Yr Low	3.18%	Med Div	3.93%	Close Div	3.80%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-56.78%		40.59%	Exp.	-41.58%		6.55%	Exp.	-13.78%	Exp.	-10.77%								High/Ave/Median
Historical Dividends 1988	Historical	High Div	6.02%	Low Div	2.31%	10 Yr High	5.80%	10 Yr Low	3.18%	Med Div	3.87%	Close Div	3.68%								Historical Dividends
Future Dividend Yield					Div Yd	$0.05	earning in	5	Years	at IRR of	6.69%	Div Inc.	38.25%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.41%	earning in	10	Years	at IRR of	6.69%	Div Inc.	91.13%								Future Dividend Yield
Future Dividend Yield					Div Yd	8.86%	earning in	15	Years	at IRR of	6.69%	Div Inc.	164.24%								Future Dividend Yield
Future Dividend Paid					Div Paid	$8.10	earning in	5	Years	at IRR of	6.69%	Div Inc.	38.25%								Future Dividend Paid
Future Dividend Paid					Div Paid	$11.20	earning in	10	Years	at IRR of	6.69%	Div Inc.	91.13%								Future Dividend Paid
Future Dividend Paid					Div Paid	$15.48	earning in	15	Years	at IRR of	6.69%	Div Inc.	164.24%								Future Dividend Paid
Dividend Covering Cost					Total Div	$36.01	over	5	Years	at IRR of	10.33%	Div Cov.	20.78%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$85.29	over	10	Years	at IRR of	10.33%	Div Cov.	49.21%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$165.83	over	15	Years	at IRR of	10.33%	Div Cov.	95.68%								Dividend Covering Cost
I am earning GC					Div Gr	1809.68%	10/27/95	# yrs ->	30	1995	$7.26	Cap Gain	2306.61%								I am earning GC
I am earning Div					org yield	4.27%	10/31/25	Trading	Div G Yrly	10.32%	Div start	$0.31	-4.27%	81.54%							I am earning Div
Yield if held 5 years	4.12%	5.19%	6.59%	5.46%	6.02%	6.65%	5.90%	5.29%	5.53%	5.78%	5.17%	5.22%	5.58%	6.45%	5.24%	4.43%		5.56%	<-Median->	10	Paid Median Price
Yield if held 10 years	8.77%	8.66%	8.87%	8.37%	6.93%	6.15%	7.80%	9.54%	7.65%	8.13%	9.32%	8.40%	7.32%	7.61%	7.92%	6.43%		7.97%	<-Median->	10	Paid Median Price
Yield if held 15 years	15.14%	13.15%	15.38%	15.97%	13.49%	13.08%	13.02%	12.85%	11.73%	9.35%	8.61%	11.11%	13.19%	10.52%	11.14%	11.59%		12.94%	<-Median->	10	Paid Median Price
Yield if held 20 years	36.12%	38.68%	38.73%	42.47%	34.52%	22.58%	19.77%	22.29%	22.37%	18.22%	18.32%	18.55%	17.77%	16.13%	12.81%	10.71%		21.03%	<-Median->	10	Paid Median Price
Yield if held 25 years	56.56%	62.86%	53.51%	53.52%	53.33%	53.86%	58.18%	56.13%	59.52%	46.61%	31.61%	28.16%	30.82%	30.78%	24.97%	22.78%		53.43%	<-Median->	10	Paid Median Price
Yield if held 30 years					81.58%	84.34%	94.54%	77.56%	75.00%	72.00%	75.41%	82.86%	77.60%	81.87%	63.87%	39.32%		77.60%	<-Median->	9	Paid Median Price
Yield if held 35 years										110.13%	118.08%	134.65%	107.22%	103.17%	98.67%	93.78%		114.11%	<-Median->	4	Paid Median Price
Yield if held 40 years															150.92%	146.85%
Cost covered if held 5 years	18.74%	22.81%	27.63%	22.66%	25.86%	29.09%	25.65%	22.94%	24.10%	26.33%	22.85%	22.38%	24.36%	28.35%	24.20%	21.33%		24.23%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	63.44%	63.66%	63.73%	59.73%	50.95%	45.61%	56.75%	69.01%	55.99%	62.91%	70.27%	61.67%	54.88%	57.52%	62.90%	53.80%		58.24%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	128.94%	114.55%	132.21%	137.58%	121.05%	120.63%	120.34%	119.45%	110.81%	93.54%	83.67%	104.41%	126.60%	102.22%	114.37%	126.05%		119.89%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	332.75%	364.39%	359.87%	396.65%	337.21%	227.63%	200.59%	228.84%	235.06%	204.05%	201.60%	199.93%	197.01%	181.66%	152.72%	135.21%		215.84%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	555.91%	628.81%	525.35%	525.44%	545.92%	568.16%	617.53%	603.19%	655.96%	549.53%	367.36%	321.42%	363.36%	370.25%	319.35%	311.28%		547.73%	<-Median->	10	Paid Median Price
Cost covered if held 30 years					869.92%	924.53%	1040.18%	861.56%	852.20%	873.92%	901.47%	973.03%	941.94%	1015.58%	844.50%	556.63%		901.47%	<-Median->	9	Paid Median Price
Cost covered if held 35 years										1371.64%	1446.45%	1617.89%	1329.62%	1305.37%	1329.58%	1352.95%		1409.04%	<-Median->	4	Paid Median Price
Cost covered if held 40 years															2068.64%	2153.43%
																				Yr	Item	Tot. Growth
Revenue Growth								$46,002	$47,181	$49,693	$48,985	$56,129	$57,344	$59,284	<-12 mths	3.38%		24.66%	<-Total Growth	5	Revenue Growth	24.66%
AEPS Growth								$8.39	$7.97	$11.19	$11.19	$11.36	$12.09	$12.48	<-12 mths	3.23%		44.10%	<-Total Growth	5	AEPS Growth	44.10%
Net Income Growth								$12,860	$11,432	$16,038	$15,794	$14,859	$16,230	$17,289	<-12 mths	6.52%		26.21%	<-Total Growth	5	Net Income Growth	26.21%
Cash Flow Growth								$14,265	$138,819	$61,044	$21,942	$26,079	$23,139					62.21%	<-Total Growth	5	Cash Flow Growth	62.21%
Dividend Growth								$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$5.86	<-12 mths	5.97%		38.25%	<-Total Growth	5	Dividend Growth	38.25%
Stock Price Growth								$106.24	$96.16	$128.82	$126.05	$110.76	$171.84	$174.72	<-12 mths	1.68%		61.75%	<-Total Growth	5	Stock Price Growth	61.75%
Revenue Growth			$34,108	$35,321	$38,405	$40,669	$42,576	$46,002	$47,181	$49,693	$48,985	$56,129	$57,344	$62,070	<-this year	8.24%		68.12%	<-Total Growth	10	Revenue Growth	68.12%
AEPS Growth			$6.19	$6.76	$6.80	$7.57	$8.53	$8.39	$7.97	$11.19	$11.19	$11.36	$12.09	$12.96	<-this year	7.20%		95.32%	<-Total Growth	10	AEPS Growth	95.32%
Net Income Growth			$8,910	$9,925	$10,405	$11,428	$12,400	$12,860	$11,432	$16,038	$15,794	$14,859	$16,230	$16,787	<-this year	3.43%		82.15%	<-Total Growth	10	Net Income Growth	82.15%
Cash Flow Growth			$15,174	$24,149	$26,856	$37,725	$17,474	$14,265	$138,819	$61,044	$21,942	$26,079	$23,139					52.49%	<-Total Growth	10	Cash Flow Growth	52.49%
Dividend Growth			$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$5.53	$6.03	<-this year	8.97%		100.36%	<-Total Growth	10	Dividend Growth	100.36%
Stock Price Growth			$80.01	$74.77	$83.80	$100.87	$95.39	$106.24	$96.16	$128.82	$126.05	$110.76	$171.84	$186.00	<-this year	8.24%		114.77%	<-Total Growth	10	Stock Price Growth	114.77%
Dividends on Shares	$332.88	$359.16	$402.96	$443.84	$467.20	$496.40	$540.20	$584.00	$621.96	$630.72	$694.96	$769.42	$807.38	$855.56	$864.32	$864.32		$9,800.25	No of Years	30	Total Dividends	12/31/94
Paid	$8,742.48	$10,425.86	$11,715.04	$10,825.90	$13,267.02	$14,986.90	$13,642.24	$15,001.50	$15,270.14	$19,600.50	$18,585.80	$19,564.00	$25,304.72	$25,509.12	$25,509.12	$25,509.12		$25,304.72	No of Years	30	Worth	$6.89
Total																		$35,104.97
Dividends on Shares				$39.52	$41.60	$44.20	$48.10	$52.00	$55.38	$56.16	$61.88	$68.51	$71.89	$76.18	$76.96	$76.96		$539.24	No of Years	10	Total Dividends	12/31/14
Paid			$1,043.12	$963.95	$1,181.31	$1,334.45	$1,214.72	$1,335.75	$1,359.67	$1,745.25	$1,654.90	$1,742.00	$2,253.16	$2,271.36	$2,271.36	$2,271.36		$2,253.16	No of Years	10	Worth	$80.24
Total																		$2,792.40
Graham No. AEPS	$55.34	$61.59	$68.52	$77.52	$81.42	$88.91	$99.04	$101.33	$100.83	$127.47	$135.74	$142.22	$150.65	$158.16	$165.61	$168.44		119.87%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.92	1.02	1.10	0.99	0.92	1.04	1.02	0.98	0.90	0.89	0.98	0.87	0.95	1.16				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.06	1.14	1.21	1.07	1.04	1.15	1.09	1.07	1.08	1.04	1.10	0.98	1.16	1.25				1.08	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.78	0.90	0.99	0.91	0.80	0.92	0.95	0.89	0.72	0.73	0.87	0.76	0.74	1.08				0.83	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.03	1.14	1.17	0.96	1.03	1.13	0.96	1.05	0.95	1.01	0.93	0.78	1.14	1.10	1.06	1.10		0.99	<-Median->	10	Price/GP Ratio
Prem/Disc Close	2.88%	13.68%	16.77%	-3.54%	2.93%	13.45%	-3.69%	4.85%	-4.63%	1.06%	-7.14%	-22.12%	14.07%	10.47%	5.50%	10.43%		-1.24%	<-Median->	10	Graham Price
Graham No. EPS	$55.18	$61.65	$67.46	$77.35	$81.30	$88.85	$98.05	$103.48	$99.87	$126.73	$134.95	$136.73	$145.32	$153.39	$160.76	$149.82		115.42%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.93	1.02	1.12	1.00	0.92	1.04	1.03	0.96	0.91	0.89	0.99	0.91	0.98	1.20				0.97	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.07	1.14	1.23	1.08	1.04	1.15	1.10	1.04	1.09	1.05	1.11	1.02	1.20	1.29				1.09	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.79	0.90	1.01	0.91	0.80	0.92	0.96	0.87	0.72	0.74	0.88	0.79	0.77	1.11				0.84	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.03	1.14	1.19	0.97	1.03	1.14	0.97	1.03	0.96	1.02	0.93	0.81	1.18	1.14	1.09	1.24		0.99	<-Median->	10	Price/GP Ratio
Prem/Disc Close	3.20%	13.58%	18.61%	-3.33%	3.08%	13.53%	-2.71%	2.67%	-3.72%	1.65%	-6.59%	-19.00%	18.25%	13.91%	8.69%	24.15%		-0.53%	<-Median->	10	Graham Price
Month, Year December	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27		41.00	<Count Years>		Month, Year December
Price Close	$59.88	$71.41	$80.24	$74.15	$90.87	$102.65	$93.44	$102.75	$104.59	$134.25	$127.30	$134.00	$173.32	$174.72	$174.72	$174.72		116.00%	<-Total Growth	10	Stock Price
Increase	15.20%	19.26%	12.37%	-7.59%	22.55%	12.96%	-8.97%	9.96%	1.79%	28.36%	-5.18%	5.26%	29.34%	0.81%	0.00%	0.00%		12.69	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.15	12.89	13.37	11.02	13.40	13.58	11.18	11.74	13.37	12.14	11.51	12.76	15.41	14.33	13.05	15.02		11.02%	<-IRR #YR->	5	Stock Price	68.68%
Trailing P/E	18.77	14.48	14.48	12.36	13.50	15.14	12.36	12.29	11.95	17.17	11.51	12.12	16.51	15.53	14.33	13.05		8.01%	<-IRR #YR->	10	Stock Price	116.00%
CAPE (10 Yr P/E)	14.57	14.36	14.18	13.51	13.34	13.48	13.30	12.72	12.67	12.43	12.32	12.34	12.66	12.99	12.97	13.15		14.83%	<-IRR #YR->	5	Price & Dividend	96.07%
Median 10, 5 Yrs		D.  per yr	3.60%	3.80%	% Tot Ret	31.01%	25.66%		Price Inc	5.26%	P/E:	12.45	12.76					11.60%	<-IRR #YR->	10	Price & Dividend	171.14%
Price  15		D.  per yr	3.54%		% Tot Ret	31.28%												7.77%	<-IRR #YR->	15	Stock Price	207.30%
Price  20		D.  per yr	4.02%		% Tot Ret	31.12%												8.90%	<-IRR #YR->	20	Stock Price	450.22%
Price  25		D.  per yr	4.45%		% Tot Ret	30.55%												10.12%	<-IRR #YR->	25	Stock Price	1013.88%
Price  30		D.  per yr	5.06%		% Tot Ret	30.85%												11.35%	<-IRR #YR->	30	Stock Price	2415.53%
Price  35		D.  per yr	3.97%		% Tot Ret	28.60%												9.90%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	4.37%		% Tot Ret	30.44%												9.98%	<-IRR #YR->	40	Stock Price
Price  45		D.  per yr	3.93%		% Tot Ret	29.41%												9.43%	<-IRR #YR->	41	Stock Price
Price & Dividend 15																		11.31%	<-IRR #YR->	15	Price & Dividend	304.93%
Price & Dividend 20																		12.92%	<-IRR #YR->	20	Price & Dividend	648.08%
Price & Dividend 25																		14.57%	<-IRR #YR->	25	Price & Dividend	1435.96%
Price & Dividend 30																		16.41%	<-IRR #YR->	30	Price & Dividend	3393.98%
Price & Dividend 35																		13.86%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		14.34%	<-IRR #YR->	40	Price & Dividend
Price & Dividend 45																		13.37%	<-IRR #YR->	41	Price & Dividend
Price  5								-$102.75	$0.00	$0.00	$0.00	$0.00	$173.32								Price  5
Price 10			-$80.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$173.32								Price 10
Price & Dividend 5								-$102.75	$4.26	$4.32	$4.76	$5.27	$178.85								Price & Dividend 5
Price & Dividend 10			-$80.24	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$178.85								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	$173.32								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	$173.32								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	$173.32								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$173.32								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$173.32								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$173.32								Price  40
Price  45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$173.32								Price  45
Price & Dividend 15	$2.28	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$178.85								Price & Dividend 15
Price & Dividend 20	$2.28	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$178.85								Price & Dividend 20
Price & Dividend 25	$2.28	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$178.85								Price & Dividend 25
Price & Dividend 30	$2.28	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$178.85								Price & Dividend 30
Price & Dividend 35	$2.28	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$178.85								Price & Dividend 35
Price & Dividend 40	$2.28	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$178.85								Price & Dividend 40
Price & Dividend 45	$2.28	$2.46	$2.76	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$178.85								Price & Dividend 45
Month, Year October	Oct-12	Oct-13	Oct-14	Oct-15	Oct-16	Oct-17	Oct-18	Oct-19	Oct-20	Oct-21	Oct-22	Oct-23	Oct-24	Oct-25	Oct-26	Oct-27		38.00	<Count Years>		Month, Year October
Pre-spit '00
pre-split 06
Price Close	$56.94	$70.02	$80.01	$74.77	$83.80	$100.87	$95.39	$106.24	$96.16	$128.82	$126.05	$110.76	$171.84	$174.72	$174.72	$186.00		114.77%	<-Total Growth	10	Stock Price
Increase	17.11%	22.97%	14.27%	-6.55%	12.08%	20.37%	-5.43%	11.37%	-9.49%	33.96%	-2.15%	-12.13%	55.15%	1.68%	0.00%	6.46%		7.94%	<-IRR #YR->	10	Stock Price	114.77%
P/E	11.55	12.64	13.34	11.11	12.36	13.34	11.41	12.14	12.30	11.65	11.40	10.55	15.27	14.33	13.05	15.99		10.09%	<-IRR #YR->	5	Stock Price	61.75%
Trailing P/E	17.85	14.20	14.44	12.46	12.45	14.88	12.62	12.71	10.99	16.47	11.40	10.01	16.37	15.53	14.33	13.89		11.56%	<-IRR #YR->	10	Price & Dividend	170.07%
Median 10, 5 Yrs		D.  per yr	3.62%	3.74%	% Tot Ret	31.29%	27.02%		Price Inc	-2.15%	P/E:	11.89	11.65					13.83%	<-IRR #YR->	5	Price & Dividend	88.23%
			-$80.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$171.84
								-$106.24	$0.00	$0.00	$0.00	$0.00	$171.84
			-$80.01	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$177.37
								-$106.24	$4.26	$4.32	$4.76	$5.27	$177.37
Price Median H/L	$51.09	$62.77	$75.59	$77.02	$74.75	$92.08	$101.04	$99.09	$90.81	$113.00	$133.62	$124.01	$142.92	$183.85	6.46%			89.08%	<-Total Growth	10	Stock Price
Increase	-3.83%	22.85%	20.43%	1.90%	-2.95%	23.18%	9.73%	-1.93%	-8.36%	24.44%	18.25%	-7.19%	15.24%	28.64%	3.39%			6.58%	<-IRR #YR->	10	Stock Price	89.08%
P/E	10.36	11.33	12.60	11.44	11.03	12.18	12.09	11.32	11.61	10.22	12.08	11.81	12.70	15.08	9.84%			7.60%	<-IRR #YR->	5	Stock Price	44.23%
Trailing P/E	16.02	12.73	13.64	12.84	11.11	13.58	13.36	11.85	10.38	14.45	12.08	11.21	13.61	16.34				10.62%	<-IRR #YR->	10	Price & Dividend	147.61%
P/E on Run. 5 yr Ave	14.57	15.94	16.35	14.59	12.47	14.12	14.26	12.98	11.56	12.97	14.20	12.61	13.82	16.40				11.79%	<-IRR #YR->	5	Price & Dividend	72.63%
P/E on Run. 10 yr Ave	15.87	17.66	19.18	17.67	15.98	18.36	18.33	16.16	13.83	15.37	16.77	14.65	15.90	19.29				11.95	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.04%	4.19%	% Tot Ret	38.05%	35.52%		Price Inc	15.24%	P/E:	11.71	11.81						Count	41	Years of data
			-$75.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$142.92
								-$99.09	$0.00	$0.00	$0.00	$0.00	$142.92
			-$75.59	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$148.45
								-$99.09	$4.26	$4.32	$4.76	$5.27	$148.45
High Month	Mar 12	Oct 13	Sep 14	Nov 14	Oct 16	Oct 17	Jan 18	Sep 19	Nov 19	Oct 21	Jan 22	Feb 23	Oct 24	Dec 24
Pre-Split 92
Pre-spit '00
pre-split 06
Price High	$58.78	$70.22	$83.11	$83.33	$84.50	$102.10	$108.05	$107.96	$109.36	$132.70	$149.15	$139.55	$174.56	$197.57				110.03%	<-Total Growth	10	Stock Price
Increase	-3.31%	19.46%	18.36%	0.26%	1.40%	20.83%	5.83%	-0.08%	1.30%	21.34%	12.40%	-6.44%	25.09%	13.18%				7.70%	<-IRR #YR->	10	Stock Price	110.03%
P/E	11.92	12.68	13.85	12.38	12.46	13.51	12.92	12.34	13.98	12.00	13.49	13.29	15.52	16.21				10.09%	<-IRR #YR->	5	Stock Price	61.69%
Trailing P/E	18.43	14.24	15.00	13.89	12.56	15.06	14.29	12.91	12.50	16.97	13.49	12.62	16.62	17.56				13.50	P/E Ratio		Historical Median
Median 10, 5 Yrs				13.50	P/E Ratio		Historical	Median	Price Inc	12.40%	P/E:	13.11	13.49					15.84	P/E Ratio		Historical High
			-$83.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$174.56
								-$107.96	$0.00	$0.00	$0.00	$0.00	$174.56
			-$83.11	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$180.09
								-$107.96	$4.26	$4.32	$4.76	$5.27	$180.09
Low Month	Nov 11	Nov 12	Feb 14	Aug 15	Feb 16	Nov 16	Oct 18	Dec 18	Mar 20	Nov 20	Oct 22	Oct 23	Nov 23	Nov 24
Pre-Split 92
Pre-spit '00
pre-split 06
Price Low	$43.40	$55.31	$68.06	$70.71	$65.00	$82.06	$94.02	$90.21	$72.25	$93.29	$118.09	$108.47	$111.27	$170.12				63.49%	<-Total Growth	10	Stock Price
Increase	-4.53%	27.44%	23.05%	3.89%	-8.08%	26.25%	14.57%	-4.05%	-19.91%	29.12%	26.58%	-8.15%	2.58%	52.89%				5.04%	<-IRR #YR->	10	Stock Price	63.49%
P/E	8.80	9.98	11.34	10.51	9.59	10.85	11.25	10.31	9.24	8.43	10.68	10.33	9.89	13.96				4.29%	<-IRR #YR->	5	Stock Price	23.35%
Trailing P/E	13.61	11.22	12.29	11.79	9.66	12.10	12.44	10.79	8.26	11.93	10.68	9.81	10.60	15.12				10.17	P/E Ratio		Historical Median
Median 10, 5 Yrs				10.17	P/E Ratio		Historical	Median	Price Inc	2.58%	P/E:	10.32	9.89					7.49	P/E Ratio		Historical Low
			-$68.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$111.27
								-$90.21	$0.00	$0.00	$0.00	$0.00	$111.27
			-$68.06	$3.04	$3.20	$3.40	$3.70	$4.00	$4.26	$4.32	$4.76	$5.27	$116.80
								-$90.21	$4.26	$4.32	$4.76	$5.27	$116.80
Free Cash Flow MS old				$23,000	$25,599	$36,361	$15,494	$12,004	$136,190	$58,860	$19,440	$23,000
Change					11.30%	42.04%	-57.39%	-22.52%	1034.54%	-56.78%	-66.97%	18.31%
Free Cash Flow MS	-$3,000	$6,000	$14,000	$10,920	$11,300	$12,550	$13,680	$13,440	$1,494	$15,980	$16,760	$16,420	$18,520					32.29%	<-Total Growth	10	Free Cash Flow
Change	-200.00%	300.00%	133.33%	-22.00%	3.48%	11.06%	9.00%	-1.75%	-88.88%	969.61%	4.88%	-2.03%	12.79%					6.62%	<-IRR #YR->	5	Free Cash Flow MS	37.80%
FCF/CF from Op Ratio	1.45	0.83	0.92	0.45	0.42	0.33	0.78	0.94	0.01	0.26	0.76	0.63	0.80					2.84%	<-IRR #YR->	10	Free Cash Flow MS	32.29%
Dividends paid	$3,295	$3,545	$3,981	$4,564	$4,997	$5,309	$5,640	$6,025	$6,033	$6,420	$6,960	$5,549	$6,637					66.74%	<-Total Growth	10	Dividends paid
Percentage paid					44.22%	42.30%	41.23%	44.83%	403.82%	40.18%	41.53%	33.79%	35.84%					$0.42	<-Median->	9	Percentage paid
5 Year Coverage								42.87%	53.38%	51.50%	50.65%	48.35%	45.68%								5 Year Covrage
Dividend Coverage Ratio				2.39	2.26	2.36	2.43	2.23	0.25	2.49	2.41	2.96	2.79					2.40	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								2.33	1.87	1.94	1.97	2.07	2.19								5 Year of Coverage
								-$13,440	$0	$0	$0	$0	$18,520
			-$14,000	$0	$0	$0	$0	$0	$0	$0	$0	$0	$18,520
Free Cash Flow WSJ				$1,071	$8,277	-$2,919	$15,087	$23,252	$14,963	$17,104	$79,587	$5,222	-$50,029					-704.43%	<-Total Growth	9	Free Cash Flow
Change					672.83%	-135.27%	616.86%	54.12%	-35.65%	14.31%	365.31%	-93.44%	-1058.04%					#NUM!	<-IRR #YR->	5	Free Cash Flow WSJ	-315.16%
FCF/CF from Op Ratio				0.04	0.31	-0.08	0.86	1.63	0.11	0.28	3.63	0.20	-2.16					#NUM!	<-IRR #YR->	9	Free Cash Flow WSJ	#DIV/0!
Dividends paid				$4,564	$4,997	$5,309	$5,640	$6,025	$6,033	$6,420	$6,960	$5,549	$6,637					32.82%	<-Total Growth	9	Dividends paid
Percentage paid				426.14%	60.37%	-181.88%	37.38%	25.91%	40.32%	37.54%	8.75%	106.26%	-13.27%					$0.37	<-Median->	10	Percentage paid
5 Year Coverage								59.27%	47.74%	43.60%	20.72%	22.11%	47.27%								5 Year Coverage
Dividend Coverage Ratio				0.23	1.66	-0.55	2.68	3.86	2.48	2.66	11.43	0.94	-7.54					2.07	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								1.69	2.09	2.29	4.83	4.52	2.12								5 Year of Coverage
								-$23,252	$0	$0	$0	$0	-$50,029
				-$1,071	$0	$0	$0	$0	$0	$0	$0	$0	-$50,029
Market Cap $M	$82,296	$100,903	$115,393	$107,964	$124,379	$146,517	$137,269	$151,995	$136,918	$183,593	$174,654	$155,327	$243,167	$247,243	$247,243	$263,205		110.73%	<-Total Growth	10	Market Cap
Diluted # of Share in Million	1,468.29	1,466.53	1,452.00	1,449.51	1,494.14	1,474.42	1,450.49	1,440.68	1,428.77	1,426.74	1,406.03	1,392.53	1,413.76	1,413.76				-2.63%	<-Total Growth	10	Diluted
Change	2.11%	-0.12%	-0.99%	-0.17%	3.08%	-1.32%	-1.62%	-0.68%	-0.83%	-0.14%	-1.45%	-0.96%	1.52%	0.00%				-0.75%	<-Median->	10	Change
Difference Diluted/Basic	-1.8%	-1.6%	-0.7%	-0.5%	-0.6%	-0.5%	-0.5%	-0.4%	-0.3%	-0.2%	-0.2%	-0.1%	-0.1%	-0.1%				-0.37%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	1,442.17	1,443.74	1,442.55	1,442.94	1,485.88	1,466.99	1,443.89	1,434.78	1,423.92	1,424.34	1,403.65	1,391.02	1,411.90	1,411.90				-2.12%	<-Total Growth	10	Average
Change	0.80%	0.11%	-0.08%	0.03%	2.98%	-1.27%	-1.57%	-0.63%	-0.76%	0.03%	-1.45%	-0.90%	1.50%	0.00%				-0.69%	<-Median->	10	Change
Difference	0.2%	-0.2%	0.0%	0.1%	-0.1%	-1.0%	-0.3%	-0.3%	0.0%	0.1%	-1.3%	0.8%	0.2%	0.2%				-0.06%	<-Median->	10	Difference
Pre-spit '00
Pre-split 06
# of Share in M	1445.30	1441.06	1442.23	1443.95	1484.23	1452.53	1439.03	1430.68	1423.86	1425.19	1385.59	1402.37	1415.08	1415.08	1415.08	1415.08		-0.19%	<-IRR #YR->	10	Shares	-1.88%
Change	0.48%	-0.29%	0.08%	0.12%	2.79%	-2.14%	-0.93%	-0.58%	-0.48%	0.09%	-2.78%	1.21%	0.91%	0.00%	0.00%	0.00%		-0.22%	<-IRR #YR->	5	Shares	-1.09%
CF fr Op $M	-$2,074	$7,242	$15,174	$24,149	$26,856	$37,725	$17,474	$14,265	$138,819	$61,044	$21,942	$26,079	$23,139	$23,139	<-12 mths			52.49%	<-Total Growth	10	Cash Flow
Increase	-120.06%	449.18%	109.53%	59.15%	11.21%	40.47%	-53.68%	-18.36%	873.14%	-56.03%	-64.06%	18.85%	-11.27%	0.00%	<-12 mths			DRIP	SO, Buy Backs		S. Issue
5 year Running Average	$7,679	$6,841	$8,395	$10,966	$14,269	$22,229	$24,276	$14,265	$138,819	$61,044	$21,942	$26,079	$23,139	$23,139	<-12 mths			175.63%	<-Total Growth	10	CF 5 Yr Running
CFPS	-$1.43	$5.03	$10.52	$16.72	$18.09	$25.97	$12.14	$9.97	$97.49	$42.83	$15.84	$18.60	$16.35	$16.35	<-12 mths			55.42%	<-Total Growth	10	Cash Flow per Share
Increase	-119.97%	450.21%	109.36%	58.96%	8.19%	43.54%	-53.25%	-17.89%	877.80%	-56.07%	-63.03%	17.43%	-12.07%	0.00%	<-12 mths			4.31%	<-IRR #YR->	10	Cash Flow	52.49%
5 year Running Average	$5.48	$4.79	$5.84	$7.60	$9.79	$15.27	$16.69	$16.58	$32.73	$37.68	$35.66	$36.95	$38.22	$21.99	<-12 mths			10.16%	<-IRR #YR->	5	Cash Flow	62.21%
P/CF on Med Price	-35.60	12.49	7.18	4.61	4.13	3.55	8.32	9.94	0.93	2.64	8.44	6.67	8.74	11.24	<-12 mths			4.51%	<-IRR #YR->	10	Cash Flow per Share	55.42%
P/CF on Closing Price	-39.68	13.93	7.60	4.47	4.63	3.88	7.86	10.66	0.99	3.01	7.96	5.96	10.51	10.69	<-12 mths			10.40%	<-IRR #YR->	5	Cash Flow per Share	64.00%
															89.56%	Diff M/C		20.66%	<-IRR #YR->	10	CFPS 5 yr Running	553.93%
Excl.Working Capital CF	$11,483	$2,051	-$5,294	-$12,771	-$15,674	-$25,216	-$3,878	-$211	-$125,385	-$41,974	-$3,122	-$9,209	-$5,402	$0	<-12 mths			18.18%	<-IRR #YR->	5	CFPS 5 yr Running	130.52%
CF fr Op $M WC	$9,409	$9,293	$9,880	$11,378	$11,182	$12,509	$13,596	$14,054	$13,434	$19,070	$18,820	$16,870	$17,737	$23,139	<-12 mths			79.52%	<-Total Growth	10	Cash Flow less WC
Increase	72.80%	-1.23%	6.32%	15.16%	-1.72%	11.87%	8.69%	3.37%	-4.41%	41.95%	-1.31%	-10.36%	5.14%	30.46%	<-12 mths			6.03%	<-IRR #YR->	10	Cash Flow less WC	79.52%
5 year Running Average	$6,183	$7,007	$8,052	$9,081	$10,228	$10,848	$11,709	$12,544	$12,955	$14,533	$15,795	$16,450	$17,186	$19,127	<-12 mths			4.76%	<-IRR #YR->	5	Cash Flow less WC	26.21%
CFPS Excl. WC	$6.51	$6.45	$6.85	$7.88	$7.53	$8.61	$9.45	$9.82	$9.43	$13.38	$13.58	$12.03	$12.53	$16.35	<-12 mths			7.88%	<-IRR #YR->	10	CF less WC 5 Yr Run	113.43%
Increase	71.97%	-0.94%	6.23%	15.02%	-4.39%	14.31%	9.71%	3.97%	-3.95%	41.82%	1.51%	-11.43%	4.20%	30.46%	<-12 mths			6.50%	<-IRR #YR->	5	CF less WC 5 Yr Run	37.01%
5 year Running Average	$4.36	$4.88	$5.59	$6.29	$7.04	$7.46	$8.06	$8.66	$8.97	$10.14	$11.13	$11.65	$12.19	$13.58	<-12 mths			6.23%	<-IRR #YR->	10	CFPS - Less WC	82.97%
P/CF on Med Price	7.85	9.73	11.03	9.77	9.92	10.69	10.69	10.09	9.62	8.44	9.84	10.31	11.40	11.24	<-12 mths			4.99%	<-IRR #YR->	5	CFPS - Less WC	27.60%
P/CF on Closing Price	8.75	10.86	11.68	9.49	11.12	11.71	10.10	10.82	10.19	9.63	9.28	9.21	13.71	10.69	<-12 mths			8.10%	<-IRR #YR->	10	CFPS 5 yr Running	117.95%
*Operational Cash Flow per share			CF/CF-WC	P/CF Med	10 yr	5.64	5 yr	6.67	P/CF Med	10 yr	10.00	5 yr	9.84		6.81%	Diff M/C		7.08%	<-IRR #YR->	5	CFPS 5 yr Running	40.80%
For Working capital I used total of
			-1442.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1415.08								Shares
								-1430.68	0.00	0.00	0.00	0.00	1415.08								Shares
			-$15,174	$0	$0	$0	$0	$0	$0	$0	$0	$0	$23,139								Cash Flow
								-$14,265	$0	$0	$0	$0	$23,139								Cash Flow
			-10.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	$16.35								Cash Flow per Share
								-9.97	0.00	0.00	0.00	0.00	$16.35								Cash Flow per Share
			-$5.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.22								CFPS 5 yr Running
								-$16.58	$0.00	$0.00	$0.00	$0.00	$38.22								CFPS 5 yr Running
			-$9,880	$0	$0	$0	$0	$0	$0	$0	$0	$0	$17,737								Cash Flow less WC
								-$14,054	$0	$0	$0	$0	$17,737								Cash Flow less WC
			-$8,052	$0	$0	$0	$0	$0	$0	$0	$0	$0	$17,186								CF less WC 5 Yr Run
								-$12,544	$0	$0	$0	$0	$17,186								CF less WC 5 Yr Run
			-6.85	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	$12.53								CFPS - Less WC
								-9.82	0.00	0.00	0.00	0.00	$12.53								CFPS - Less WC
			-5.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	$12.19								CFPS 5 yr Running
								-8.66	0.00	0.00	0.00	0.00	$12.19								CFPS 5 yr Running
Net Income
Insurance claims and policy benefit liabilities	$802	$113	$530	$546	$1,040	$512	$218		$814	$601	-$1,305	$455	$3,205
Net change in accrued interest receivable and payable	-$161	-$468	$187	-$279	-$67	-$90	-$88		-$142	-$509	$333	$2,837	$1,674
Current income taxes	-$826	$361	-$206	-$905	$1,189	-$1,183	-$2,707		$18	$1,738	-$3,336	-$986	$945
Derivative assets	$8,462	$16,475	-$12,580	-$18,228	-$13,224	$23,921	$984		-$11,928	$17,947	-$58,989	$11,826	-$4,797
Derivative liabilities	-$3,884	-$20,017	$12,237	$18,893	$8,593	-$24,423	-$1,889		$11,384	-$18,488	$62,052	-$10,452	$17,593
Trading securities	$6,818	-$23,038	-$7,253	-$7,401	$6,827	$23,624	$2,297		$10,377	-$3,164	-$8,931	-$41,946	$8,886
Proceeds from securitizations	$356
Loans, net of securitizations	-$29,208	-$19,987	-$27,096	-$34,964	-$19,297	-$22,608	-$41,477		-$45,639	-$54,987	-$102,653	-$34,688	-$55,007
Assets purchased under reverse repurchase	-$25,606	-$5,260	-$18,063	-$39,143	-$11,369	-$34,675	-$73,626		-$6,054	$5,112	-$9,942	-$22,346	-$10,168
Deposits	$15,850	$41,283	$52,339	$86,979	$18,931	$33,296	$48,749		$126,826	$88,876	$108,533	$43,990	-$35,581
Obligations related to assets sold under repurchas	$20,914	-$3,616	$3,915	$18,957	$20,153	$39,643	$63,730		$47,645	-$12,030	$11,746	$61,291	$727
Obligations related to securities sold short	-$3,528	$6,372	$3,233	-$2,687	$2,711	-$20,361	$2,239		-$5,784	$8,556	-$2,330	-$1,860	$91,596
Brokers and dealers receivable and payable	$599	$536	-$638	$664	$47	$601	$147		$2,301	$35	$4,612	-$2,444	-$304
Other	-$3,295	$4,173	-$2,247	-$10,538	-$1,230	$5,553	$3,238		-$8,566	$9,191	$2,800	$1,257	-$16,429
Provision for credit losses	$1,418	$1,239	$1,164	$1,097	$1,546	$1,150	$1,307		$4,351	-$753	$484	$2,468	$3,232
Deferred Income Tax						$203	$459
Net Changes in Investoments
Losses (Gains) on sale of premisies and equip						-$1	$0
Losses (Gains) on invetment Securities	-$194	-$217	-$228	-$220	-$176				-$218	-$151	-$43	-$193	-$170
Losses (Gains) on dispoistion of bus						$2	-$40
Impairment of for sale secuirities						$52	$0
Sum	-$11,483	-$2,051	$5,294	$12,771	$15,674	$25,216	$3,541	$0	$125,385	$41,974	$3,031	$9,209	$5,402
Google	-$9,962		$5,294	$12,771	$15,674	$24,714	$3,878	$211	$125,385	$41,974	$3,122	$9,209	$5,402
Difference	-$1,521		$0	$0	$0	$502	-$337	-$211	$0	$0	-$91	$0	$0
TD Bank - chge again 2020			$5,637	$12,106	$20,305	$25,216
Differnce			-$343	$665	-$4,631	$0
OPM	25.00%	26.99%	26.12%	28.10%	27.09%	28.10%	29.12%	27.96%	24.23%	32.27%	32.24%	26.47%	28.30%	27.05%				8.35%	<-Total Growth	10	OPM
Increase	44.41%	7.97%	-3.21%	7.57%	-3.58%	3.72%	3.65%	-4.01%	-13.33%	33.20%	-0.10%	-17.89%	6.91%	-4.44%					Should increase		or be stable.
Diff from Ave.	-11.0%	-3.9%	-7.0%	0.0%	-3.6%	0.0%	3.6%	-0.5%	-13.8%	14.9%	14.7%	-5.8%	0.7%	-3.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (Net Income/Revenue) Ratio for banks									OPM	10 Yrs	28.10%	5 Yrs	28.30%					should be	zero, it is a		check on calculations
EBIT									$18,740	$19,878	$20,593	$21,897	$24,646	$27,084	$28,847
Change										6.07%	3.60%	6.33%	12.55%	9.89%	6.51%
Margin									39.72%	40.00%	42.04%	39.01%	42.98%	43.63%	44.20%
Covering Assets						$1,044,258	$1,162,334	$1,271,139	$1,409,644	$1,506,352	$1,639,079	$1,738,529	$1,894,854	$1,894,854				81.45%	<-Total Growth	7	Covering Assets	Type
Change							11.31%	9.36%	10.90%	6.86%	8.81%	6.07%	8.99%	0.00%				8.99%	<-Median->	7	Change	Lg Term R A
Debt/ Assets Ratios						0.76	0.72	0.70	0.72	0.73	0.74	0.71	0.74	0.74				72.69%	<-Median->	8	Debt/Covering Assets	Lg Term R
Deposits - Debt				$697,227	$757,589	$790,851	$838,414	$887,718	$1,013,807	$1,103,497	$1,208,814	$1,231,687	$1,409,531	$1,409,531				102.16%	<-Total Growth	9	Debt- Deposits	Intang/GW
Change					8.66%	4.39%	6.01%	5.88%	14.20%	8.85%	9.54%	1.89%	14.44%	0.00%				8.66%	<-Median->	9	Change	Liquidity
Debt/Market Cap Ratio				6.46	6.09	5.40	6.11	5.84	7.40	6.01	6.92	7.93	5.80	5.70				6.10	<-Median->	10	Debt/Market Cap Ratio	Liq. + CF
Assets/Current Liabilities Ratio				59.74	60.67	63.32	75.87	71.17	62.37	70.41	54.73	51.04	58.34	58.34				61.52	<-Median->	10	Assets/Current Liab Ratio	Debt Ratio
Current Liabilities/Asset Ratio				0.02	0.02	0.02	0.01	0.01	0.02	0.01	0.02	0.02	0.02	0.02				0.02	<-Median->	10	Current Liab/Asset Ratio	Leverage Bk
Debt to Cash Flow (Years)				28.87	28.21	20.96	47.98	62.23	7.30	18.08	55.09	47.23	60.92	60.92								Leverage
																						D/E Ratio
Intangibles		$2,777	$2,775	$2,814	$4,648	$4,507	$4,687	$4,674	$4,752	$4,471	$6,083	$5,970	$7,798	$7,798				181.01%	<-Total Growth	10	Intangibles
Goodwill	$7,485	$8,361	$8,647	$9,289	$11,156	$10,977	$11,137	$11,236	$11,302	$10,854	$12,277	$12,594	$19,286	$19,286				123.04%	<-Total Growth	10	Goodwill
Total	$7,485	$11,138	$11,422	$12,103	$15,804	$15,484	$15,824	$15,910	$16,054	$15,325	$18,360	$18,564	$27,084	$27,084				137.12%	<-Total Growth	10	Total
Change		48.80%	2.55%	5.96%	30.58%	-2.02%	2.20%	0.54%	0.91%	-4.54%	19.80%	1.11%	45.90%	0.00%				1.65%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.09	0.11	0.10	0.11	0.13	0.11	0.12	0.10	0.12	0.08	0.11	0.12	0.11	0.11				0.11	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$22,872	$24,931	$25,820	$35,142	$42,780	$61,069	$66,680	$64,655	$157,901	$193,484	$180,408	$133,075	$122,743	$122,743				Liquidity ratio of 1.5 and up, best
Current Liabilities (Other)	$16,332	$12,411	$13,829	$17,982	$19,455	$19,154	$17,593	$20,077	$26,049	$24,234	$35,029	$39,285	$37,223	$37,223				3.34	<-Median->	10	Ratio
Liquidity Ratio	1.40	2.01	1.87	1.95	2.20	3.19	3.79	3.22	6.06	7.98	5.15	3.39	3.30	3.30				5.15	<-Median->	5	Ratio
Liq. with CF aft div	1.17	2.31	2.68	3.05	3.34	4.90	4.48	3.65	11.16	10.25	5.59	3.86	3.71	3.70				5.59	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.17	2.31	1.68	1.27	1.59	2.71	3.08	2.35	4.43	3.04	2.13	2.25	2.38	3.70				2.38	<-Median->	5	Ratio
																		Banks usually have a ratio of 1.04 or 1.05
Assets	$825,100	$860,819	$940,550	$1,074,208	$1,180,258	$1,212,853	$1,334,734	$1,428,935	$1,624,548	$1,706,323	$1,917,219	$2,004,992	$2,171,582	$2,171,582				Debt Ratio of 1.5 and up, best
Liabilities	$779,072	$810,484	$886,047	$1,010,264	$1,108,646	$1,138,425	$1,254,779	$1,345,310	$1,537,781	$1,607,561	$1,809,044	$1,887,232	$2,044,390	$2,044,390				1.06	<-Median->	10	Ratio
Debt Ratio	1.06	1.06	1.06	1.06	1.06	1.07	1.06	1.06	1.06	1.06	1.06	1.06	1.06	1.06				1.06	<-Median->	5	Ratio
Estimates BVPS														$89.47	$95.17	$93.35			Estimates		Estimates BVPS
Estimate Book Value														$126,607	$134,673	$132,098			Estimates		Estimate Book Value
P/B Ratio (Close)														1.95	1.84	1.99			Estimates		P/B Ratio (Close)
Difference from 10 year median															17.44%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$46,028	$50,335	$54,503	$63,944	$71,612	$74,428	$79,955	$83,625	$86,767	$98,762	$108,175	$117,760	$127,192	$127,192				133.37%	<-Total Growth	10	Book Value
NCI	$1,761	$1,795	$1,813	$1,798	$595	$599	$94	$102	$103	$95	$95	$95	$103	$102							NCI
Book Value	$44,267	$48,540	$52,690	$62,146	$71,017	$73,829	$79,861	$83,523	$86,664	$98,667	$108,080	$117,665	$127,089	$127,090				141.20%	<-Total Growth	10	Book Value
Book Value per Share	$31.85	$34.93	$37.79	$44.28	$48.25	$51.24	$55.56	$58.45	$60.94	$69.30	$78.07	$83.97	$89.88	$89.88				137.84%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	1.60	1.80	2.00	1.74	1.55	1.80	1.82	1.70	1.49	1.63	1.71	1.48	1.59	2.05				1.66	<-Median->	10	P/B Ratio (Median)
Preferred Shares	$4,600	$4,600	$4,075	$5,100	$6,713	$6,413	$6,309	$5,706	$5,945	$6,684	$6,684	$6,684	$9,031	$5,706				121.62%	<-Total Growth	10	Preferred Shares
Book Value	$39,667	$43,940	$48,615	$57,046	$64,304	$67,416	$73,552	$77,817	$80,719	$91,983	$101,396	$110,981	$118,058	$121,384	$121,384	$121,384		142.84%	<-Total Growth	10	Book Value
Book Value per Share	$27.45	$30.49	$33.71	$39.51	$43.32	$46.41	$51.11	$54.39	$56.69	$64.54	$73.18	$79.14	$83.43	$85.78	$85.78	$85.78		147.50%	<-Total Growth	10	Book Value per Share
Change	7.00%	11.10%	10.55%	17.20%	9.66%	7.13%	10.13%	6.42%	4.23%	13.85%	13.38%	8.14%	5.42%	2.82%	0.00%	0.00%		14.03%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	1.86	2.06	2.24	1.95	1.73	1.98	1.98	1.82	1.60	1.75	1.83	1.57	1.71	2.14				1.99	P/BV Ratio		Historical Median
P/B Ratio (Close)	2.07	2.30	2.37	1.89	1.93	2.17	1.87	1.95	1.70	2.00	1.72	1.40	2.06	2.04	2.04	2.17		9.49%	<-IRR #YR->	10	Book Value per Share
Change	9.45%	10.69%	3.36%	-20.27%	2.20%	12.36%	-14.13%	4.66%	-13.16%	17.67%	-13.70%	-18.75%	47.17%	-1.11%	0.00%	6.46%		8.93%	<-IRR #YR->	5	Book Value per Share	147.50%
Leverage (A/BK)	17.93	17.10	17.26	16.80	16.48	16.30	16.69	17.09	18.72	17.28	17.72	17.03	17.07	17.07				17.05	<-Median->	10	A/BV	53.38%
Bank says Leverage Ratio is				4.3%	4.4%	4.4%	4.4%	4.3%	4.8%	4.9%	4.4%	4.3%	4.2%	4.2%				4.4%	<-Median->	10	Bank Leverage
Debt/Equity Ratio	16.93	16.10	16.26	15.80	15.48	15.30	15.69	16.09	17.72	16.28	16.72	16.03	16.07	16.07				16.05	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.79	5 yr Med	1.71		14.03%	Diff M/C
			-$33.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$83.43
								-$54.39	$0.00	$0.00	$0.00	$0.00	$83.43
Comprehensive Income	$7,880	$8,806	$9,919	$13,179	$9,361	$11,362	$13,963	$11,429	$10,302	$17,506	$21,625	$15,119	$16,837								Comprehensive Income
NCI	$98	$98	$94	$114	$55	$39	$32	$10	$7	$5	$21	$9	$10								NCI
Shareholders	$7,782	$8,708	$9,825	$13,065	$9,306	$11,323	$13,931	$11,419	$10,295	$17,501	$21,604	$15,110	$16,827					71.27%	<-Total Growth	10	Comprehensive Income
Increase	49.02%	11.90%	12.83%	32.98%	-28.77%	21.67%	23.03%	-18.03%	-9.84%	70.00%	23.44%	-30.06%	11.36%					11.4%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$5,509	$6,170	$7,256	$8,920	$9,737	$10,445	$11,490	$11,809	$11,255	$12,894	$14,950	$15,186	$16,267					5.53%	<-IRR #YR->	10	Comprehensive Income
ROE	19.6%	19.8%	20.2%	22.9%	14.5%	16.8%	18.9%	14.7%	12.8%	19.0%	21.3%	13.6%	14.3%					8.06%	<-IRR #YR->	5	Comprehensive Income	71.27%
5Yr Median	14.2%	14.2%	19.6%	19.8%	19.8%	19.8%	18.9%	16.8%	14.7%	16.8%	18.9%	14.7%	14.3%					8.41%	<-IRR #YR->	10	5 Yr Running Average	47.36%
Difference from NI	16.7%	15.5%	19.5%	43.4%	-1.2%	8.5%	22.0%	-4.7%	-3.3%	17.1%	45.8%	7.8%	11.6%					6.62%	<-IRR #YR->	5	5 Yr Running Average	124.20%
Median Values										Diff	5, 10 yr	10.1%	11.6%					14.3%	<-Median->	5	Return on Equity	37.76%
			-$9,825	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,827
								-$11,419	$0	$0	$0	$0	$16,827
			-$7,256	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,267
								-$11,809	$0	$0	$0	$0	$16,267
Current Liability Coverage Ratio	0.58	0.75	0.71	0.63	0.57	0.65	0.77	0.70	0.52	0.79	0.54	0.43	0.48	0.62							CFO / Current Liabilities
5 year Median			0.58	0.63	0.63	0.65	0.65	0.65	0.65	0.70	0.70	0.54	0.52	0.54				0.52	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	1.14%	1.08%	1.05%	1.06%	0.95%	1.03%	1.02%	0.98%	0.83%	1.12%	0.98%	0.84%	0.82%	1.07%							CFO / Total Assets
5 year Median	0.72%	0.86%	1.05%	1.06%	1.06%	1.05%	1.03%	1.02%	0.98%	1.02%	0.98%	0.98%	0.84%	0.98%				0.8%	<-Median->	5	Return on Assets
Return on Assets ROA	0.90%	0.97%	0.95%	0.92%	0.88%	0.94%	0.93%	0.90%	0.70%	0.94%	0.82%	0.74%	0.75%	0.77%				Net	Income/Assets		Return on Assets
5Yr Median	0.63%	0.71%	0.90%	0.92%	0.92%	0.94%	0.93%	0.92%	0.90%	0.93%	0.90%	0.82%	0.75%	0.77%				0.7%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	16.81%	17.16%	16.91%	15.97%	14.65%	15.48%	15.53%	15.40%	13.19%	16.25%	14.61%	12.63%	12.77%	13.21%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	13.15%	13.15%	16.81%	16.81%	16.81%	15.97%	15.53%	15.48%	15.40%	15.48%	15.40%	14.61%	13.19%	13.21%				13.2%	<-Median->	5	Return on Equity
														$17,289	<-12 mths	6.52%
Net Income	$7,539	$8,429	$9,004	$10,026	$10,458	$11,469	$12,431	$12,871	$11,437	$16,050	$15,807	$14,866	$16,240								Net Income
NCI	$97	$98	$94	$101	$53	$41	$31	$11	$5	$12	$13	$7	$10								NCI
Shareholders	$7,442	$8,331	$8,910	$9,925	$10,405	$11,428	$12,400	$12,860	$11,432	$16,038	$15,794	$14,859	$16,230	$16,787	$18,039	$16,190		82.15%	<-Total Growth	10	Shareholders
Increase	56.74%	11.95%	6.95%	11.39%	4.84%	9.83%	8.51%	3.71%	-11.10%	40.29%	-1.52%	-5.92%	9.23%	3.43%	7.46%	-10.25%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$5,145	$5,901	$6,911	$7,871	$9,003	$9,800	$10,614	$11,404	$11,705	$12,832	$13,705	$14,197	$14,871	$15,942	$16,342	$16,421		6.18%	<-IRR #YR->	10	Net Income
Operating Cash Flow	-$2,074	$7,242	$15,174	$24,149	$26,856	$37,725	$17,474	$14,265	$138,819	$61,044	$21,942	$26,079	$23,139					4.76%	<-IRR #YR->	5	Net Income	82.15%
Investment Cash Flow	$3,765	$364	-$8,214	-$25,143	-$21,426	-$15,458	-$8,018	-$11,126	-$39,557	-$57,348	-$57,054	-$28,265	-$20,887					7.96%	<-IRR #YR->	10	5 Yr Running Ave.	26.21%
Total Accruals	$5,751	$725	$1,950	$10,919	$4,975	-$10,839	$2,944	$9,721	-$87,830	$12,342	$50,906	$17,045	$13,978					5.45%	<-IRR #YR->	5	5 Yr Running Ave.	115.17%
Total Assets	$825,100	$860,819	$940,550	$1,074,208	$1,180,258	$1,212,853	$1,334,734	$1,428,935	$1,624,548	$1,706,323	$1,917,219	$2,004,992	$2,171,582						Balance Sheet		Assets	30.40%
Accruals Ratio	0.70%	0.08%	0.21%	1.02%	0.42%	-0.89%	0.22%	0.68%	-5.41%	0.72%	2.66%	0.85%	0.64%					0.72%	<-Median->	5	Ratio
EPS/CF Ratio	0.76	0.86	0.88	0.85	0.90	0.88	0.88	0.89	0.83	0.83	0.81	0.87	0.90					0.88	<-Median->	10	EPS/CF Ratio
			-$8,910	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,230
								-$12,860	$0	$0	$0	$0	$16,230
			-$6,911	$0	$0	$0	$0	$0	$0	$0	$0	$0	$14,871
								-$11,404	$0	$0	$0	$0	$14,871
Chge in Closing Price	17.1%	23.0%	14.3%	-6.5%	12.1%	20.4%	-5.4%	11.4%	-9.5%	34.0%	-2.2%	-12.1%	55.1%	1.7%	0.0%	6.5%			Count	39	Years of data
up/down										up									Count	8	20.51%
Meet Prediction?																		% right	Count	1	12.50%
Financial Cash Flow	-$4,200	-$4,449	-$5,284	-$4,430	-$3,134	-$8,651	-$7,720	-$7,457	-$7,746	-$5,928	-$2,185	-$9,833	-$8,146						C F Statement		Financial CF
Total Accruals	$9,951	$5,174	$7,234	$15,349	$8,109	-$2,188	$10,664	$17,178	-$80,084	$18,270	$53,091	$26,878	$22,124								Accruals
Accruals Ratio	1.21%	0.60%	0.77%	1.43%	0.69%	-0.18%	0.80%	1.20%	-4.93%	1.07%	2.77%	1.34%	1.02%					1.04%	<-Median->	10	Ratio
Cash Flow	-$2,509	$3,157	$1,676	-$5,424	$2,296	$13,616	$1,736	-$4,318	$91,516	-$2,232	-$37,297	-$12,019	-$5,894								Net Cash Flow
Exchange effect						-$138	$66	$419	$1,062	-$2,810	-$4,152	$1,611	$628
Net Cash Flow						$13,478	$1,802	-$3,899	$92,578	-$5,042	-$41,449	-$10,408	-$5,266
Per share	-$1.74	$2.19	$1.16	-$3.76	$1.55	$9.28	$1.25	-$2.73	$65.02	-$3.54	-$29.91	-$7.42	-$3.72								Per share
5 yr Running Average	$1.27	$0.82	$1.40	$0.49	$0.12	$2.08	$1.90	$1.12	$14.87	$13.86	$6.02	$4.28	$4.08								5 yr Running
Cash	$12,617	$15,870	$17,421	$12,452	$14,929	$28,407	$30,209	$26,310	$118,888	$113,846	$72,397	$61,989	$56,723	$56,723							Cash
Cash per Share	$8.73	$11.01	$12.08	$8.62	$10.06	$19.56	$20.99	$18.39	$83.50	$79.88	$52.25	$44.20	$40.08	$40.08							Cash per Share
Percentage of Stock Price	15.33%	15.73%	15.10%	11.53%	12.00%	19.39%	22.01%	17.31%	86.83%	62.01%	41.45%	39.91%	23.33%	22.94%				41.45%	<-Median->	5	% of Stock Price
Notes:
December 29, 2024.  Last estimates were for 2024, 2025, 2026 of $56987M, $59362M, $66355M Revenue, $11.40, $12.05, $11.88 AEPS,
$10.91, $11.47, $11.88 for EPS, $5.63, $5.93, $6.18  Dividends, $82.60, $87.70, $92.80 BVPS, $15.=156M, $15780M, $15435M Net Income.
December 26, 2023.  Last estimates were for 2023, 2024 and 2025 of $53656M, $58282M and $60100M for Revenue, $11.82, $12.73 and $12.92 for AEPS,
$11.50, $12.20 and $12.00 for EPS, $5.39, $5.68 and $5.93 for Dividends, $79.90 and $85.80 2023/4 for BVPS, and $15720M, $16844M and $16871M for Net Income.
January 1, 2023.  Last estimates were for 2022, 2023 and 2024 of $49579M, $53022M for Revenue 2022/23., $11.10, $11.70 and $11.60 for EPS,
$4.93, $5.30 and $5.39 for Dividends, and $15411M, $21330M and $21256M for Net Income.
January 2, 2022.  Last estimates were for 2021 and 2022 of $45560M, $47635M for Revenue, $8.61 and $9.43 for EPS,
$4.32, $4.33 and $4.32 for Dividends, $10.80 and $11.70 for CFPS, and $11626M, $13293M for Net Income.
January 1, 2021.  Last estimates were for 2020, 2021 and 2022 of $45546M, $47107M and $48087M for Revenue, $9.15, $9.61 and $10.40 for EPS,
$4.30, $4.50 and $4.78 for Dividiends, $9.40 for CFPS for 2020 and $13663M, $13652 and $14879 Calc for Net Income.
January 2, 2020.  Last estimates were for 2019, 2020 and 2021 of $43763M, $45750M and $47000M for Revenue, $8.96, $9.46 and $9.97 for EPS,
$8.89 and $9.40 for CFPS for 2019 and 2020 and $12834 and $13663M for Net Income for 2019 and 2020.
January 5, 2018.  Last estimates were for 2018, 2019 and 2020 of $40917M, $40957M and $44517M for Revenue, $7.95, $8.53 and $9.22 for EPS,
$9.28, $8.89 and $9.40 for CFPS and $11611M and $12343M for 2018 and 2019 for Net Income.
January 1, 2018.  Last estimates were for 2017, 2018 amd 2019 of $38150M, $40471M and $40381M for Revenue, $6.99, $7.43 and $8.32 for EPS,
$8.20, $8.78 and $8.19 for CFPS and $10415M and $11098M for Net Income for 2017 and 2018.
January 07, 2017.  Last estimates were for 2016, 2017 and 2018 of $36383M, $38731M and $39482M for Revenue, $6.84, $7.28 and $7.74 for EPS,
$8.08, $8.59 and $8.77 for CFPS and $9947M and $10554M for 2016 and 2017 for Net Income.
January 10, 2015.  Last estiamtes were for 2014, 2015 and 2016 of $31766M, $33530M and $33842M for Revenue, $3.85. $6.39 and $6.89 for EPS,
$6.82, $7.43 and $6.98 for CFPS and $8470M, $9168M and $9854M for Net Income.
January  4, 2014.  Last estimates were for 2013 and 2014 of $31202M and $32761M for Revenue and $5.34 and $5.69 for EPS and $6.40 for CFPS for 2013.
January 6, 2013. Last estimates were for 2012 and 2013 at $28440M and $29468M Revenue, $4.61 and $5.01 EPS and $5.98 and $6.40 CF.
Dec 16, 2011.  Last estimates were for 2011 and 2012 at $4.44 and $4.67 for EPS and $4.46 and $5.94 for CF.
Dec 14, 2010.  At last review, I picked up estimates for 2010 and 2011 for earnings of $432 and $5.10 and cash flow of $6.70 and $9.20
Dec 17, 2009.  When I last reviewed this stock in Dec 2008, I picked up a earnings for 2009 of $4.35. Feb 2010 matched unaudited results with audited and found no change.
I have had this stock for a long time.  It has done what I expected for a solid financial stock.
Possiblity for more purchase, but a little high in price.
AR 2006.  Still doing well.
2005.  Still doing well.
2004.  Still doing well.
2003.  Note both this stock and RY's stock has increased in price re P/E and is at a 10 year high.
Royal bank shows stock prices back to 1975 in a PDF on their site.
Royal Bank has been paying dividends since 1870.
Canadian Shareowner Special Issue 1993 says that the bank had a finance year ending September 30 each year in years of 1983 to 1992, years covered in booklet.
This bank has been paying dividends since 1870.
Employee savings and share ownership plans RESSO
We offer many employees an opportunity to own our common shares through savings and share ownership plans. Under these plans, the employees can generally contribute between 1% and 10% of their annual
salary or benefit base for commissioned based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. For the RBC Dominion Securities
Savings Plan, our maximum annual contribution is $4,500 per employee. For the RBC U.K. Share Incentive Plan, our maximum annual contribution is £1,500 per employee. In 2012, we contributed $75 million (2011 – $72 million),
under the terms of these plans, towards the purchase of our common shares. As at October 31, 2012, an aggregate of 37 million common shares were held under these plans (October 31,
2011 – 36 million common shares; November 1, 2010 – 35 million common shares).
29/05/2008. RBC was taken to task earlier this year for not increasing its dividend in the midst of the liquidity crisis caused by ABCP/sub-prime mortgages (I am a shareholder of RBC). However, remember RBC didn’t make
$5.4 billion in profits last year without knowing a thing or two about growing a business and managing risk. A temporary halt to dividend increases to an industry in flux is a good thing if it gives financial
flexibility to ride the crisis out or to buy out a competitor on the cheap. Those who criticized RBC for not increasing their dividends also over-looked the fact that RBC made $4.5 billion worth of acquisitions
in fiscal 2007; it was using its free cash to expand. Cash is king in a crisis. It allows you significant breathing space and buying opportunities so why limit yourself financially by increasing the dividend? There’s
also some interesting speculation about RBC- it didn’t increase its dividend and has quietly raised over $1 billion in new financings (mostly through preference share issues)- what is it stock-piling cash for?
Sector:
Bank, Financial Services
What should this stock accomplish?
Banks can be good money makers.  They tend to have good yields and moderate dividend growth.  Dividends grow very well over time.
Would I buy this company and Why.
I still value this stock and consider it a core stock of my portfolio.
Why am I following this stock.
At the time I bought this stock it was on Mike Higgs' list of Canadian Dividend Growth Stocks and on the dividend lists I followed as were all the banks.
Why I bought this stock.
In 1995 I bought this stock and this is the second bank stock that I have bought.
Dividends
Dividends are paid quarterly in Cycle 2 of November, February, May and August.  Dividends are declared  for shareholders of record of one month and paid in the next month.
For example, the dividend declared on January 26, 2015 for shareholders of record was paid to shareholders on February 24, 2015.
Misson Statement or closes thing I can find.
We give our people the tools and support to grow and enrich their careers.
Our first priority is doing our jobs as bankers well, and serving our clients with integrity, every day.
At RBC, we also take our responsibilities in the community, marketplace, workplace and to the planet seriously.
We are committed to delivering excellent long-term returns to our shareholders.
How they make their money
Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking,
wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the US and other countries.
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
Date	2017	Jan 3	2018	Jan 1	2019	Jan 2	2020	Jan 2	2021	Jan 2	2022	Jan 1	2023	Dec 26	2023			Dec 29	2024			Change
McKay, David Ian	0.001%	0.030	0.002%	0.032	0.002%	0.035	0.002%	0.037	0.003%	0.040	0.003%	0.042	0.003%	0.045	0.003%			0.050	0.004%
CEO - Shares - Amount	$1.033		$2.869		$3.441		$3.343		$4.796		$5.050		$4.696		$7.703				$8.703			11.13%
Options - percentage	0.082%	1.213	0.084%	1.201	0.084%	1.236	0.087%	1.314	0.092%	1.374	0.099%	1.461	0.104%	1.570	0.111%			1.596	0.113%
Options - amount	$120.787		$115.721		$127.634		$118.825		$169.271		$173.135		$161.772		$269.818				$278.860			1.65%
Nixon, Gordon Melbourne
CEO - Shares - Amount
Options - percentage
Options - amount
Gibson, Katherine																		0.003	0.000%
CFO - Shares - Amount																			$0.496
Options - percentage																		0.062	0.004%
Options - amount																			$10.778
Ahn, Nadine Genevieve										0.003	0.000%	0.003	0.000%	0.004	0.000%						Ceased insider Apr 2024
CFO - Shares - Amount											$0.406		$0.365		$0.659							-100.00%
Options - percentage										0.040	0.003%	0.070	0.005%	0.108	0.008%
Options - amount											$5.029		$7.707		$18.509							-100.00%
Neldner, Derek Arthur														0.014	0.001%			0.015	0.001%
Officer - Shares - Amount															$2.447				$2.616			5.13%
Options - percentage														0.476	0.034%			0.548	0.039%
Options - amount															$81.846				$95.702			15.00%
Hepworth, Graeme Ashley												0.001	0.000%	0.001	0.000%			0.001	0.000%
Officer - Shares - Amount													$0.119		$0.217				$0.258			16.77%
Options - percentage												0.199	0.014%	0.229	0.016%			0.243	0.017%
Options - amount													$22.021		$39.353				$42.529			6.29%
McLaughlin, Neil												0.008	0.001%	0.009	0.001%			0.010	0.001%
Officer - Shares - Amount													$0.883		$1.512				$1.700			10.58%
Options - percentage												0.354	0.025%	0.413	0.029%			0.428	0.030%
Options - amount													$39.202		$70.968				$74.772			3.62%
Guzman, Douglas Antony	0.000%	0.004	0.000%	0.004	0.000%	0.004	0.000%	0.005	0.000%	0.005	0.000%	0.005	0.000%	0.006	0.000%			0.006	0.000%		last report dec 2024
Officer - Shares - Amount	$0.342		$0.357		$0.428		$0.414		$0.596		$0.625		$0.583		$0.955				$1.031			6.25%
Options - percentage	0.016%	0.271	0.019%	0.426	0.030%	0.477	0.034%	0.537	0.038%	0.584	0.042%	0.659	0.047%	0.752	0.053%			0.524	0.037%
Options - amount	$23.415		$25.884		$45.220		$45.892		$69.163		$73.562		$72.971		$129.248				$91.599			-30.30%
Anderson, Robert James	0.000%																				ceased insider Jan 2017
Officer - Shares - Amount	$0.646
Options - percentage	0.014%
Options - amount	$21.089
Chisholm, Andrew Allen		0.000	0.000%	0.002	0.000%	0.003	0.000%	0.004	0.000%	0.004	0.000%	0.004	0.000%	0.004	0.000%			0.004	0.000%
Director - Shares - Amount			$0.042		$0.169		$0.262		$0.491		$0.481		$0.422		$0.680				$0.721			4.32%
Options - percentage		0.000	0.000%	0.000	0.000%	0.001	0.000%	0.002	0.000%	0.008	0.001%	0.013	0.001%	0.017	0.001%			0.023	0.002%
Options - amount			$0.000		$0.000		$0.105		$0.280		$1.062		$1.396		$2.934				$4.002			34.15%
Bibic, Mirko												0.002	0.000%	0.002	0.000%			0.004	0.000%
Director - Shares - Amount													$0.248		$0.384				$0.673			72.23%
Options - percentage												0.000	0.000%	0.001	0.000%			0.003	0.000%
Options - amount													$0.000		$0.105				$0.593			457.64%
Cote, Jacynthe												0.002	0.000%	0.002	0.000%			0.002	0.000%
Chairman - Shares - Amt													$0.222		$0.344				$0.349			0.00%
Options - percentage												0.024	0.002%	0.027	0.002%			0.032	0.002%
Options - amount													$2.632		$4.598				$5.517			18.02%
Taylor, Kathleen	0.001%	0.013	0.001%	0.013	0.001%	0.013	0.001%	0.013	0.001%	0.013	0.001%	0.013	0.001%								Ceased inisder Apr 2023
Chairman - Shares - Amt	$1.275		$1.206		$1.343		$1.215		$1.628		$1.593		$1.400
Options - percentage	0.004%	0.068	0.005%	0.072	0.005%	0.076	0.005%	0.081	0.006%	0.086	0.006%	0.092	0.007%
Options - amount	$6.387		$6.464		$7.627		$7.314		$10.381		$10.861		$10.158
Increase in O/S Shares	0.34%	3.477	0.239%	1.466	0.102%	1.900	0.133%	1.043	0.073%	1.326	0.093%	1.270	0.092%	0.740	0.053%			1.746	0.123%
due to SO 2013 - YE	$417.408		$350.725		$139.842		$201.856		$100.295		$170.815		$160.084		$81.962				$300.033
Book Value	$307.000		$227.000		$92.000		$136.000		$80.000		$100.000		$99.000		$68.000				$168.000
Insider Buying	-$6.953		-$0.147		-$0.315		-$0.090		-$0.054		$0.000		-$0.019		$0.000				-$0.250
Insider Selling	$36.024		$15.689		$23.243		$24.381		$11.625		-$8.640		$7.967		$9.508				$62.162
Net Insider Selling	$29.071		$15.542		$22.928		$24.291		$11.572		-$8.640		$7.948		$9.508				$61.912
% of Market Cap	0.02%		0.01%		0.02%		0.02%		0.01%		0.00%		0.01%		0.00%				0.03%
Directors		13		12		13		15		13		14		13				13
Women	33%	5	38%	5	42%	5	38%	7	47%	6	46%	6	43%	5	38%			5	38%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	1	8%	1	7%	2	15%			2	15%
Institutions/Holdings	43.25%	482	40.79%	548	40.93%	20	36.87%	20	38.90%			20	38.35%	20	39.23%			20	39.31%
Total Shares Held	47.305%	592.677	40.803%	589.167	41.181%	528.693	36.95%	553.514	38.69%			530.396	37.821%	551.819	38.996%			555.974	39.289%
Increase/Decrease	2.10%	0.105	0.02%	15.321	2.67%	-0.235	-0.04%	-1.375	-0.25%			21.235	4.17%	22.962	4.34%			-6.731	-1.20%
Starting No. of Shares	NASDAQ	592.572	NASDAQ	573.846	NASDAQ	528.929	Top 20 MS	554.889	Top 20 MS			509.162	Top 20 MS	528.858	Top 20 MS			562.706	Top 20 MS
Copyright © 2008 Website of SPBrunner. All rights reserved.
My Stock	16	17	18	19	20	21	22	23	24	25	26	27	28
	$3,328.00	$3,648.00	$4,048.00	$4,344.00	$4,928.00	$5,184.00	$6,032.00	$6,512.00	$6,864.00	$6,912.00	$7,936.00	$8,544.00	$8,960.00					27/10/95	-$11,609.50		$7.26
	$2.0800	$2.2800	$2.5300	$2.7150	$3.0800	$3.2400	$3.7700	$4.0700	$4.2900	$4.3200	$4.9600	$5.3400	$5.6000					30/11/24	$281,856.00		$7.26	1,600
	4.00%	9.62%	10.96%	7.31%	13.44%	5.19%	16.36%	7.96%	5.41%	0.70%	14.81%	7.66%	4.87%					11.58%	XIRR		$176.16	1,600
	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.96	$5.34	$5.60	15.71%				17.13%	Total Return			1,600
																		5.55%	Dividend Ret.
																		% from	$390,380.00		Total Value
																			$0.00		Less Sale of Stock	Gain
																			-$281,856.00		Less Stock Value
																		28.65%	$108,524.00		Dividends Paid
																			$11,609.50		Cost of Stock	934.79%
																			$0.00		Sale of Stock
																		71.35%	$270,246.50		Capital Gains/Loss
																		100.00%	$378,770.50		Total Return	2327.80%
																						3262.59%
																		Start Date	27-Oct-95		Shares
																		End date	30-Nov-24		Dividends paid per Share	1,600
																		Years	29.09		Div less cost	$67.83
																					Cost	$59.71
																					% paid by div	$8.12
																						835.31%