This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q2 2025
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
ATCO Ltd					TSX:	ACO.X	OTC:	ACLLF	https://www.atco.com/en-ca.html			Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date		Jun 13
Split		2
														$3,777	<-12 mths	2.72%
Cost of Sales		$3,179	$3,406	$3,340	$2,772	$3,539	$3,724	$3,362	$2,923	$3,324	$3,761	$3,340	$3,677	$3,777	<-12 mths			7.96%	<-Total Growth	10	Cost of Sales
Change			7.14%	-1.94%	-17.01%	27.67%	5.23%	-9.72%	-13.06%	13.72%	13.15%	-11.19%	10.09%	2.72%	<-12 mths			1.64%	<-Median->	10	Change
Ratio		0.73	0.75	0.81	0.69	0.78	0.76	0.71	0.74	0.78	0.76	0.70	0.74	0.74				0.75	<-Median->	10	Ratio
														$5,075	<-12 mths	2.69%
Revenue*	$4,362	$4,359	$4,554	$4,131	$4,045	$4,541	$4,888	$4,706	$3,944	$4,289	$4,978	$4,741	$4,942	$5,421	$5,651	$5,872		8.52%	<-Total Growth	10	Revenue
Increase	9.30%	-0.07%	4.47%	-9.29%	-2.08%	12.26%	7.64%	-3.72%	-16.19%	8.75%	16.06%	-4.76%	4.24%	9.69%	4.24%	3.91%		0.82%	<-IRR #YR->	10	Revenue	8.52%
5 year Running Average	$3,635	$3,853	$4,142	$4,279	$4,290	$4,326	$4,432	$4,462	$4,425	$4,474	$4,561	$4,532	$4,579	$4,874	$5,147	$5,325		0.98%	<-IRR #YR->	5	Revenue	5.01%
Revenue per Share	$37.92	$37.86	$39.55	$35.91	$35.28	$39.60	$42.63	$41.04	$34.43	$37.50	$43.70	$42.27	$44.03	$48.30	$50.35	$52.32		1.01%	<-IRR #YR->	10	5 yr Running Average	10.54%
Increase	9.72%	-0.16%	4.46%	-9.20%	-1.76%	12.26%	7.64%	-3.73%	-16.10%	8.90%	16.54%	-3.27%	4.17%	9.69%	4.24%	3.91%		0.52%	<-IRR #YR->	5	5 yr Running Average	2.61%
5 year Running Average	$31.44	$33.36	$35.93	$37.16	$37.31	$37.64	$38.60	$38.89	$38.60	$39.04	$39.86	$39.79	$40.39	$43.16	$45.73	$47.45		1.08%	<-IRR #YR->	10	Revenue per Share	11.33%
P/S (Price/Sales) Med	0.92	1.19	1.25	1.16	1.18	1.22	0.94	1.09	1.20	1.09	1.01	0.93	0.98	1.02	0.00	0.00		1.42%	<-IRR #YR->	5	Revenue per Share	7.29%
P/S (Price/Sales) Close	1.06	1.23	1.21	0.99	1.27	1.14	0.91	1.21	1.06	1.14	0.97	0.91	1.08	1.05	1.01	0.97		1.18%	<-IRR #YR->	10	5 yr Running Average	12.40%
*Revenue in M CDN $					P/S Med	20 yr	1.00	15 yr	1.09	10 yr	1.09	5 yr	1.01		-3.28%	Diff M/C		0.76%	<-IRR #YR->	5	5 yr Running Average	3.84%
			-$4,554	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,942
								-$4,706	$0	$0	$0	$0	$4,942
			-$4,142	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,579
								-$4,462	$0	$0	$0	$0	$4,579
			-$39.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.03
								-$41.04	$0.00	$0.00	$0.00	$0.00	$44.03
			-$35.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.39
								-$38.89	$0.00	$0.00	$0.00	$0.00	$40.39
														$498	<-12 mths	3.53%
														$3.63	<-12 mths	-15.41%
Adjusted Profit CDN$	$370	$390	$374	$293	$360	$335	$355	$365	$352	$382	$423	$432	$481	$503
Pre-split 2013
Basic Adjusted Earnings	$3.22	$3.40	$3.26	$2.55	$3.15	$2.93	$3.10	$3.19	$3.08	$3.35	$3.71	$3.82	$4.29					31.74%	<-Total Growth	10	AEPS
Pre-split 2013
AEPS* Dilued is Calc	$3.20	$3.38	$3.24	$2.54	$3.13	$2.92	$3.09	$3.18	$3.07	$3.34	$3.70	$3.81	$4.28	$4.48	$4.50	$4.72		32.25%	<-Total Growth	10	AEPS
Increase	12.37%	5.49%	-4.07%	-21.55%	23.35%	-6.93%	6.00%	2.85%	-3.53%	8.77%	10.91%	2.93%	12.43%	4.58%	0.45%	4.89%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	7.93%	7.24%	6.80%	7.12%	7.02%	6.48%	8.01%	6.39%	8.41%	7.82%	8.73%	9.85%	9.00%	8.79%	8.83%	9.26%		2.83%	<-IRR #YR->	10	AEPS	32.25%
5 year Running Average	$2.66	$2.87	$3.04	$3.04	$3.10	$3.04	$2.99	$2.97	$3.08	$3.12	$3.28	$3.42	$3.64	$3.92	$4.16	$4.36		6.13%	<-IRR #YR->	5	AEPS	34.67%
Payout Ratio	20.46%	22.21%	26.55%	38.96%	36.37%	44.90%	48.71%	50.90%	56.73%	53.73%	49.89%	49.93%	45.73%	45.04%	44.84%	42.75%		1.82%	<-IRR #YR->	10	5 yr Running Average	19.73%
5 year Running Average	20.52%	20.89%	22.02%	25.64%	28.91%	33.80%	39.10%	43.97%	47.52%	50.99%	51.99%	52.24%	51.20%	48.86%	47.09%	45.66%		4.13%	<-IRR #YR->	5	5 yr Running Average	22.43%
Price/AEPS Median	10.88	13.29	15.30	16.34	13.33	16.58	12.96	14.04	13.49	12.28	11.96	10.34	10.05	10.95	0.00	0.00		13.15	<-Median->	10	Price/AEPS Median
Price/AEPS High	12.61	14.74	17.03	19.57	15.76	17.87	14.55	16.02	17.84	13.72	13.07	11.90	11.78	11.68	0.00	0.00		15.15	<-Median->	10	Price/AEPS High
Price/AEPS Low	9.15	11.85	13.57	13.12	10.91	15.28	11.37	12.05	9.14	10.85	10.85	8.78	8.32	10.21	0.00	0.00		10.88	<-Median->	10	Price/AEPS Low
Price/AEPS Close	12.61	13.82	14.71	14.05	14.25	15.42	12.48	15.65	11.89	12.79	11.45	10.15	11.11	11.37	11.32	10.79		12.64	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	14.17	14.58	14.12	11.02	17.57	14.36	13.23	16.09	11.47	13.92	12.70	10.45	12.49	11.89	11.37	11.32		12.97	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	12.96	14.55	10.85	12.61	P/AEPS	5 Yrs	in order	11.96	13.07	9.14	11.45		-4.94%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$3.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.28
								-$3.18	$0.00	$0.00	$0.00	$0.00	$4.28
			-$3.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.64
								-$2.97	$0.00	$0.00	$0.00	$0.00	$3.64
														$3.91	<-12 mths	2.09%
Difference Basic and Diluted	0.00%	0.55%	0.55%	0.75%	0.34%	0.56%	0.35%	0.45%	0.45%	0.46%	0.31%	0.00%	0.00%					0.40%	<-Median->	0	Difference Basic and Diluted
pre split '13	$6.48
EPS Basic	$3.24	$3.64	$3.66	$1.34	$2.97	$1.78	$2.87	$4.49	$2.21	$2.16	$3.25	$3.82	$3.83					4.64%	<-Total Growth	10	EPS Basic
pre split '05
pre split '13	$6.48
EPS Diluted*	$3.24	$3.62	$3.64	$1.33	$2.96	$1.77	$2.86	$4.47	$2.20	$2.15	$3.24	$3.82	$3.83	$4.24	$4.48	$4.71		5.22%	<-Total Growth	10	EPS Diluted
Increase	14.89%	11.73%	0.55%	-63.46%	122.56%	-40.20%	61.58%	56.29%	-50.78%	-2.27%	50.70%	17.90%	0.26%	10.70%	5.66%	5.13%		10	0	10	Years of Data, EPS P or N
Earnings Yield	8.0%	7.8%	7.6%	3.7%	6.6%	3.9%	7.4%	9.0%	6.0%	5.0%	7.6%	9.9%	8.0%	8.3%	8.8%	9.2%		0.51%	<-IRR #YR->	10	Earnings per Share	5.22%
5 year Running Average	$2.67	$2.93	$3.17	$2.93	$2.96	$2.66	$2.51	$2.68	$2.85	$2.69	$2.98	$3.18	$3.05	$3.46	$3.92	$4.22		-3.04%	<-IRR #YR->	5	Earnings per Share	-14.32%
10 year Running Average	$2.08	$2.34	$2.57	$2.58	$2.70	$2.67	$2.72	$2.92	$2.89	$2.82	$2.82	$2.84	$2.86	$3.15	$3.31	$3.60		-0.38%	<-IRR #YR->	10	5 yr Running Average	-3.73%
* Diluted ESP per share									E/P	10 Yrs	7.02%	5Yrs	7.65%					2.62%	<-IRR #YR->	5	5 yr Running Average	13.82%
			-$3.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.83
								-$4.47	$0.00	$0.00	$0.00	$0.00	$3.83
			-$3.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.05
								-$2.68	$0.00	$0.00	$0.00	$0.00	$3.05
Special Dividends Voting Shares	$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	From
Dividend*	$0.66	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.7932	$1.8468	$1.9024	$1.9592	$2.0180	$2.0180	$2.0180		127.81%	<-Total Growth	10	Dividends	Yahoo
Increase	15.09%	14.33%	14.67%	15.35%	14.92%	15.09%	14.94%	7.43%	7.41%	3.06%	2.99%	3.01%	2.99%	3.00%	0.00%	0.00%		23	3	26	Years of data, Count P, N	Finance
Dividend*														$2.02	$2.08	$2.15			Estimates		Dividend*
Increase														3.10%	3.02%	3.08%			Estimates		Increase
Payout Ratio EPS														47.64%	46.45%	45.54%			Estimates		Payout Ratio EPS
Special Dividends Non-voting	$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 split '05
pre split '13
Dividend*	$0.6550	$0.7500	$0.8600	$0.9900	$1.1400	$1.3100	$1.5064	$1.6192	$1.7408	$1.7932	$1.8468	$1.9024	$1.9592	$2.0180	$2.0180	$2.0180		127.81%	<-Total Growth	10	Dividends
Increase	14.91%	14.50%	14.67%	15.12%	15.15%	14.91%	14.99%	7.49%	7.51%	3.01%	2.99%	3.01%	2.99%	3.00%	0.00%	0.00%		32	0	36	Years of data, Count P, N
Average Increases 5 Year Running	8.33%	9.87%	11.53%	13.35%	14.87%	14.87%	14.97%	13.53%	12.01%	9.58%	7.20%	4.80%	3.90%	3.00%	2.40%	1.80%		12.68%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.55	$0.60	$0.67	$0.77	$0.88	$1.01	$1.16	$1.31	$1.46	$1.59	$1.70	$1.78	$1.85	$1.90	$1.95	$1.98		174.66%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.88%	1.67%	1.74%	2.38%	2.73%	2.71%	3.76%	3.63%	4.20%	4.37%	4.17%	4.83%	4.55%	4.11%				3.96%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.62%	1.51%	1.56%	1.99%	2.31%	2.51%	3.35%	3.18%	3.18%	3.92%	3.82%	4.20%	3.88%	3.86%				3.26%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.24%	1.87%	1.96%	2.97%	3.33%	2.94%	4.29%	4.22%	6.20%	4.95%	4.60%	5.68%	5.50%	4.41%				4.44%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.62%	1.61%	1.80%	2.77%	2.55%	2.91%	3.90%	3.25%	4.77%	4.20%	4.36%	4.92%	4.12%	3.96%	3.96%	3.96%		4.01%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	20.22%	20.72%	23.63%	74.44%	38.51%	74.01%	52.67%	36.22%	79.13%	83.40%	57.00%	49.80%	51.15%	47.59%	45.04%	42.85%		54.84%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	20.43%	20.54%	21.26%	26.11%	29.72%	37.91%	46.23%	49.03%	51.31%	59.25%	57.01%	56.06%	60.65%	55.09%	49.69%	47.04%		50.17%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	4.76%	4.45%	5.89%	6.78%	7.30%	11.29%	17.29%	12.04%	10.82%	11.00%	8.78%	10.86%	10.01%	10.14%	10.73%	10.05%		10.84%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	5.42%	5.08%	5.08%	5.26%	5.83%	6.89%	8.91%	10.26%	11.18%	12.05%	11.25%	10.55%	10.21%	10.09%	10.06%	10.34%		10.24%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	4.09%	4.33%	5.27%	6.82%	6.84%	8.29%	9.13%	9.70%	11.16%	11.40%	9.91%	10.69%	10.33%	10.14%	10.73%	10.05%		9.81%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	5.04%	4.75%	4.70%	4.90%	5.44%	6.26%	7.28%	8.19%	9.00%	9.92%	10.23%	10.54%	10.66%	10.46%	10.36%	10.38%		8.60%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.96%	4.01%	5 Yr Med	5 Yr Cl	4.37%	4.36%	5 Yr Med	Payout	57.00%	10.82%	10.69%					3.89%	<-IRR #YR->	5	Dividends	21.00%
* Dividends per share	10 Yr Med	and Cur.	-0.10%	-1.22%	5 Yr Med	and Cur.	-9.45%	-9.11%	Last Div Inc --->		$0.4898	$0.5045	3.00%					8.58%	<-IRR #YR->	10	Dividends	127.81%
Dividends Growth 15																		9.53%	<-IRR #YR->	15	Dividends	291.84%
Dividends Growth 20																		8.99%	<-IRR #YR->	20	Dividends	459.77%
Dividends Growth 25																		9.56%	<-IRR #YR->	25	Dividends	879.60%
Dividends Growth 30																		11.88%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		11.05%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		10.73%	<-IRR #YR->	36	Dividends
Dividends Growth 5								-$1.62	$0.00	$0.00	$0.00	$0.00	$1.96								Dividends Growth 5
Dividends Growth 10			-$0.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.96								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	$1.96								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	$1.96								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	$1.96								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	$1.96								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	$1.96								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	$1.96								Dividends Growth 40
Historical Dividends	Historical	High Div	5.06%	Low Div	1.50%	10 Yr High	6.15%	10 Yr Low	2.02%	Med Div	2.22%	Close Div	2.17%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-21.72%	Cheap	164.05%	Exp.	-35.60%		96.08%	Cheap	78.41%	Cheap	82.87%								High/Ave/Median
Future Dividend Yield					Div Yield	4.79%	earning in	5	Years	at IRR of	3.89%	Div Inc.	21.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.80%	earning in	10	Years	at IRR of	3.89%	Div Inc.	46.41%								Future Dividend Yield
Future Dividend Yield					Div Yield	7.02%	earning in	15	Years	at IRR of	3.89%	Div Inc.	77.15%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.44	earning in	5	Years	at IRR of	3.89%	Div Inc.	21.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.95	earning in	10	Years	at IRR of	3.89%	Div Inc.	46.41%								Future Dividend Paid
Future Dividend Paid					Div Paid	$3.57	earning in	15	Years	at IRR of	3.89%	Div Inc.	77.15%								Future Dividend Paid
Dividend Covering Cost					Total Div	$10.91	over	5	Years	at IRR of	3.89%	Div Cov.	21.40%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$21.66	over	10	Years	at IRR of	3.89%	Div Cov.	42.51%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$34.67	over	15	Years	at IRR of	3.89%	Div Cov.	68.05%								Dividend Covering Cost
Yield if held 5 years	2.42%	3.38%	4.33%	3.76%	3.76%	3.76%	3.36%	3.27%	4.19%	4.29%	3.82%	4.75%	4.39%	4.87%	4.92%	4.56%		3.79%	<-Median->	10	Paid Median Price
Yield if held 10 years	5.27%	6.60%	6.56%	5.58%	5.37%	4.83%	6.80%	8.15%	6.61%	5.92%	5.30%	4.24%	3.95%	4.86%	4.83%	4.17%		5.48%	<-Median->	10	Paid Median Price
Yield if held 15 years	9.23%	8.71%	8.94%	10.59%	9.45%	10.53%	13.26%	12.35%	9.81%	8.45%	6.81%	8.58%	9.87%	7.66%	6.66%	5.79%		9.84%	<-Median->	10	Paid Median Price
Yield if held 20 years	22.65%	21.43%	21.93%	24.37%	21.91%	18.47%	17.49%	16.82%	18.62%	14.87%	14.85%	16.75%	14.94%	11.38%	9.51%	7.45%		17.16%	<-Median->	10	Paid Median Price
Yield if held 25 years		33.56%	36.44%	36.62%	36.12%	45.31%	43.04%	41.29%	42.85%	34.46%	26.03%	22.09%	20.36%	21.58%	16.73%	16.23%		36.37%	<-Median->	10	Paid Median Price
Yield if held 30 years							67.40%	68.61%	64.38%	56.81%	63.88%	54.35%	49.96%	49.67%	38.78%	28.45%		63.88%	<-Median->	7	Paid Median Price
Yield if held 35 years												85.12%	83.02%	74.64%	63.94%	69.80%		84.07%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	10.05%	13.56%	16.95%	14.52%	14.51%	14.50%	12.93%	13.25%	17.62%	19.07%	17.59%	22.22%	20.70%	22.99%	23.77%	22.39%		16.06%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	37.19%	44.50%	42.44%	34.81%	32.54%	28.68%	39.76%	50.01%	42.31%	40.81%	38.93%	32.77%	31.89%	40.53%	42.38%	38.09%		36.87%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	81.41%	73.79%	72.88%	83.16%	71.75%	77.79%	95.62%	92.52%	76.06%	70.09%	60.07%	79.93%	96.55%	78.45%	72.97%	67.40%		78.86%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	216.77%	198.79%	197.61%	212.92%	185.66%	152.60%	141.21%	141.10%	161.41%	137.82%	146.18%	174.00%	163.01%	129.73%	116.00%	96.65%		157.00%	<-Median->	10	Paid Median Price
Cost covered if held 25 years		324.27%	341.42%	332.41%	318.97%	391.44%	364.68%	365.02%	393.02%	338.83%	272.51%	244.57%	237.12%	263.22%	218.60%	225.91%		335.62%	<-Median->	10	Paid Median Price
Cost covered if held 30 years							584.07%	619.62%	603.01%	571.47%	685.65%	619.04%	600.68%	627.35%	526.11%	412.29%		603.01%	<-Median->	7	Paid Median Price
Cost covered if held 35 years												982.38%	1011.25%	955.10%	880.21%	1028.60%		996.82%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$4,706	$3,944	$4,289	$4,978	$4,741	$4,942	$5,075	<-12 mths	2.69%		5.01%	<-Total Growth	5	Revenue Growth	5.01%
AEPS Growth								$3.18	$3.07	$3.34	$3.70	$3.81	$4.28	$3.63	<-12 mths	-15.29%		34.67%	<-Total Growth	5	AEPS Growth	34.67%
Net Income Growth								$513	$252	$246	$370	$340	$430	$439	<-12 mths	2.09%		-16.18%	<-Total Growth	5	Net Income Growth	-16.18%
Cash Flow Growth								$1,542	$1,843	$1,864	$2,396	$1,965	$2,197	$20	<-12 mths	-99.09%		42.48%	<-Total Growth	5	Cash Flow Growth	42.48%
Dividend Growth								$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$2.02	<-12 mths	3.00%		21.00%	<-Total Growth	5	Dividend Growth	21.00%
Stock Price Growth								$49.77	$36.49	$42.70	$42.38	$38.67	$47.58	$50.95	<-12 mths	7.08%		-4.40%	<-Total Growth	5	Stock Price Growth	-4.40%
Revenue Growth			$4,554	$4,131	$4,045	$4,541	$4,888	$4,706	$3,944	$4,289	$4,978	$4,741	$4,942	$5,421	<-this year	9.69%		8.52%	<-Total Growth	10	Revenue Growth	8.52%
AEPS Growth			$3.24	$2.54	$3.13	$2.92	$3.09	$3.18	$3.07	$3.34	$3.70	$3.81	$4.28	$4.48	<-this year	4.58%		32.25%	<-Total Growth	10	AEPS Growth	32.25%
Net Income Growth			$420	$154	$340	$203	$328	$513	$252	$246	$370	$340	$430	$477	<-this year	10.93%		2.38%	<-Total Growth	10	Net Income Growth	2.38%
Cash Flow Growth			$1,681	$1,680	$1,790	$1,331	$999	$1,542	$1,843	$1,864	$2,396	$1,965	$2,197	$20	<-this year	-99.09%		30.70%	<-Total Growth	10	Cash Flow Growth	30.70%
Dividend Growth			$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$1.96	$2.02	<-this year	3.10%		127.81%	<-Total Growth	10	Dividend Growth	127.81%
Stock Price Growth			$47.66	$35.70	$44.66	$45.00	$38.61	$49.77	$36.49	$42.70	$42.38	$38.67	$47.58	$55.71	<-this year	17.09%		-0.17%	<-Total Growth	10	Stock Price Growth	-0.17%
Dividends on Shares				$20.79	$23.94	$27.51	$31.63	$34.00	$36.56	$37.66	$38.78	$39.95	$41.14	$42.38	$42.38	$42.38		$331.97	No of Years	10	Total Divs	12/31/14
Paid			$1,000.86	$749.70	$937.86	$945.00	$810.81	$1,045.17	$766.29	$896.70	$889.98	$812.07	$999.18	$1,069.95	$1,069.95	$1,069.95		$999.18	No of Years	10	Worth	$47.66
Total																		$1,331.15
Graham No. AEPS	$38.50	$43.44	$44.49	$40.84	$46.70	$45.35	$47.74	$49.97	$49.42	$51.95	$56.57	$58.14	$63.07	$65.18	$65.32	$66.90		41.77%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.90	1.03	1.11	1.02	0.89	1.07	0.84	0.89	0.84	0.79	0.78	0.68	0.68	0.75				0.84	<-Median->	10	Graham Price
Price/GP Ratio High	1.05	1.15	1.24	1.22	1.06	1.15	0.94	1.02	1.11	0.88	0.86	0.78	0.80	0.80				0.98	<-Median->	10	Graham Price
Price/GP Ratio Low	0.76	0.92	0.99	0.82	0.73	0.98	0.74	0.77	0.57	0.70	0.71	0.58	0.57	0.70				0.72	<-Median->	10	Graham Price
Price/GP Ratio Close	1.05	1.07	1.07	0.87	0.96	0.99	0.81	1.00	0.74	0.82	0.75	0.67	0.75	0.78	0.78	0.76		0.82	<-Median->	10	Graham Price
Prem/Disc Close	4.84%	7.40%	7.13%	-12.59%	-4.38%	-0.78%	-19.12%	-0.39%	-26.16%	-17.81%	-25.08%	-33.49%	-24.56%	-21.83%	-22.00%	-23.84%		-18.46%	<-Median->	10	Graham Price
Graham No. EPS	$38.73	$44.98	$47.16	$29.55	$45.39	$35.33	$45.91	$59.23	$41.85	$41.70	$52.92	$58.22	$59.64	$63.41	$65.18	$66.83		26.45%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.90	1.00	1.05	1.41	0.92	1.37	0.87	0.75	0.99	0.98	0.84	0.68	0.72	0.77				0.90	<-Median->	10	Graham Price
Price/GP Ratio High	1.04	1.11	1.17	1.68	1.09	1.48	0.98	0.86	1.31	1.10	0.91	0.78	0.85	0.83				1.03	<-Median->	10	Graham Price
Price/GP Ratio Low	0.76	0.89	0.93	1.13	0.75	1.26	0.77	0.65	0.67	0.87	0.76	0.57	0.60	0.72				0.76	<-Median->	10	Graham Price
Price/GP Ratio Close	1.04	1.04	1.01	1.21	0.98	1.27	0.84	0.84	0.87	1.02	0.80	0.66	0.80	0.80	0.78	0.76		0.86	<-Median->	10	Graham Price
Prem/Disc Close	4.20%	3.73%	1.06%	20.82%	-1.60%	27.38%	-15.89%	-15.97%	-12.80%	2.41%	-19.92%	-33.58%	-20.22%	-19.65%	-21.83%	-23.76%		-14.35%	<-Median->	10	Graham Price
pre split '05
pre split '13
Price Close	$40.36	$46.66	$47.66	$35.70	$44.66	$45.00	$38.61	$49.77	$36.49	$42.70	$42.38	$38.67	$47.58	$50.95	$50.95	$50.95		-0.17%	<-Total Growth	10	Stock Price
Increase	34.00%	15.61%	2.14%	-25.09%	25.10%	0.76%	-14.20%	28.90%	-26.68%	17.02%	-0.75%	-8.75%	23.04%	7.08%	0.00%	0.00%		15.06	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.46	12.89	13.09	26.84	15.09	25.42	13.50	11.13	16.59	19.86	13.08	10.12	12.42	12.02	11.37	10.82		-0.90%	<-IRR #YR->	5	Stock Price	-4.40%
Trailing P/E	14.31	14.40	13.17	9.81	33.58	15.20	21.81	17.40	8.16	19.41	19.71	11.94	12.46	13.30	12.02	11.37		-0.02%	<-IRR #YR->	10	Stock Price	-0.17%
CAPE (10 Yr P/E)	19.38	19.97	18.56	13.85	16.53	16.88	14.20	17.03	12.62	15.12	15.01	13.60	16.62	16.15	15.41	14.15		2.88%	<-IRR #YR->	5	Price & Dividend	14.17%
Median 10, 5 Yrs		D.  per yr	3.26%	3.77%	% Tot Ret	100.52%	131.14%		Price Inc	-0.75%	P/E:	14.29	13.08					3.24%	<-IRR #YR->	10	Price & Dividend	33.00%
Price 15		D.  per yr	3.59%		% Tot Ret	42.11%						CAPE Diff	-20.23%					4.94%	<-IRR #YR->	15	Stock Price	106.11%
Price  20		D.  per yr	3.52%		% Tot Ret	36.66%												6.08%	<-IRR #YR->	20	Stock Price	225.33%
Price  25		D.  per yr	3.64%		% Tot Ret	33.76%												7.14%	<-IRR #YR->	25	Stock Price	461.42%
Price  30		D.  per yr	4.03%		% Tot Ret	31.92%												8.60%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	3.59%		% Tot Ret	29.48%												8.59%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	3.99%		% Tot Ret	29.93%												9.34%	<-IRR #YR->	36	Stock Price
Price & Dividend 15																		8.53%	<-IRR #YR->	15	Price & Dividend	189.16%
Price & Dividend 20																		9.59%	<-IRR #YR->	20	Price & Dividend	371.47%
Price & Dividend 25																		10.79%	<-IRR #YR->	25	Price & Dividend	7.3071386
Price & Dividend 30																		12.64%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		12.18%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		13.33%	<-IRR #YR->	36	Price & Dividend
Price  5								-$49.77	$0.00	$0.00	$0.00	$0.00	$47.58								Price  5
Price 10			-$47.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$47.58								Price 10
Price & Dividend 5								-$49.77	$1.74	$1.79	$1.85	$1.90	$49.54								Price & Dividend 5
Price & Dividend 10			-$47.66	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$49.54								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	$47.58								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	$47.58								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	$47.58								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	$47.58								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	$47.58								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	$47.58								Price  40
Price & Dividend 15	$0.66	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$49.54								Price & Dividend 15
Price & Dividend 20	$0.66	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$49.54								Price & Dividend 20
Price & Dividend 25	$0.66	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$49.54								Price & Dividend 25
Price & Dividend 30	$0.66	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$49.54								Price & Dividend 30
Price & Dividend 35	$0.66	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$49.54								Price & Dividend 35
Price & Dividend 40	$0.66	$0.75	$0.86	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$49.54								Price & Dividend 40
Price Med. H/L Med	$34.83	$44.89	$49.57	$41.54	$41.80	$48.36	$40.07	$44.65	$41.41	$41.00	$44.29	$39.40	$43.07	$49.05				-13.11%	<-Total Growth	10	Stock Price
Increase	14.94%	28.90%	10.41%	-16.20%	0.64%	15.69%	-17.14%	11.43%	-7.27%	-0.99%	8.03%	-11.03%	9.30%	13.89%				-1.40%	<-IRR #YR->	10	Stock Price	-13.11%
P/E	10.75	12.40	13.62	31.23	14.12	27.32	14.01	9.99	18.82	19.07	13.67	10.31	11.24	11.57				-0.72%	<-IRR #YR->	5	Stock Price	-3.55%
Trailing P/E	12.35	13.85	13.69	11.41	31.43	16.34	22.64	15.61	9.26	18.63	20.60	12.16	11.27	12.81				1.95%	<-IRR #YR->	10	Price & Dividend	17.15%
P/E on Run. 5 yr Ave	13.05	15.34	15.66	14.18	14.13	18.15	15.95	16.67	14.52	15.24	14.84	12.41	14.13	14.19				3.47%	<-IRR #YR->	5	Price & Dividend	18.78%
P/E on Run. 10 yr Ave	16.72	19.21	19.30	16.11	15.47	18.14	14.74	15.28	14.32	14.52	15.68	13.85	15.04	15.55				10.59	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.35%	4.19%	% Tot Ret	171.42%	120.76%	T P/E	15.97	12.16	P/E:	14.07	13.67						Count	37	Years of data
			-$49.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$43.07
								-$44.65	$0.00	$0.00	$0.00	$0.00	$43.07
			-$49.57	$0.99	$1.14	$1.31	$1.51	$1.62	$1.74	$1.79	$1.85	$1.90	$45.02
								-$44.65	$1.74	$1.79	$1.85	$1.90	$45.02
High Months	Dec	Nov	Apr	Feb	Aug	Mar	Jan	Dec	Feb	Jun	Aug	May	Dec	May
pre split '05
pre split '13
Price High	$40.36	$49.77	$55.17	$49.72	$49.40	$52.15	$44.99	$50.96	$54.75	$45.78	$48.39	$45.33	$50.48	$52.34				-8.50%	<-Total Growth	10	Stock Price
Increase	22.58%	23.32%	10.85%	-9.88%	-0.64%	5.57%	-13.73%	13.27%	7.44%	-16.38%	5.70%	-6.32%	11.36%	3.68%				-0.88%	<-IRR #YR->	10	Stock Price	-8.50%
P/E	12.46	13.75	15.16	37.38	16.69	29.46	15.73	11.40	24.89	21.29	14.94	11.87	13.18	12.34				-0.19%	<-IRR #YR->	5	Stock Price	-0.94%
Trailing P/E	14.31	15.36	15.24	13.66	37.14	17.62	25.42	17.82	12.25	20.81	22.51	13.99	13.21	13.67				12.31	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.72	13.99	P/E:	16.21	14.94					15.39	P/E Ratio		Historical High
			-$55.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$50.48
								-$50.96	$0.00	$0.00	$0.00	$0.00	$50.48
Low Months	Jan	Jan	Dec	Dec	Jan	Jan	Oct	Jan	Mar	Jan	Oct	Oct	Apr	Jan
pre split '05
pre split '13
Price Low	$29.29	$40.01	$43.96	$33.35	$34.20	$44.57	$35.15	$38.34	$28.06	$36.21	$40.18	$33.47	$35.65	$45.75				-18.90%	<-Total Growth	10	Stock Price
Increase	5.85%	36.60%	9.87%	-24.14%	2.55%	30.32%	-21.14%	9.08%	-26.81%	29.04%	10.96%	-16.70%	6.51%	28.33%				-2.07%	<-IRR #YR->	10	Stock Price	-18.90%
P/E	9.04	11.05	12.08	25.08	11.55	25.18	12.29	8.58	12.75	16.84	12.40	8.76	9.31	10.79				-1.44%	<-IRR #YR->	5	Stock Price	-7.02%
Trailing P/E	10.39	12.35	12.14	9.16	25.71	15.06	19.86	13.41	6.28	16.46	18.69	10.33	9.33	11.95				9.04	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.23	10.33	P/E:	12.35	12.40					7.36	P/E Ratio		Historical Low
			-$43.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.65
								-$38.34	$0.00	$0.00	$0.00	$0.00	$35.65
Free Cash Flow Mkt Sc									$903	$664	$961	$542	$506	-$51	-$114	$685			<-Total Growth	4	Free Cash Flow Mkt Sc
Change										-26.47%	44.73%	-43.60%	-6.64%	-110.14%	-122.61%	699.82%		-$0.17	<-Median->	4	Change
														$48	<-12 mths	277.78%
Free Cash Flow WSJ				-$327	$58	-$314	-$607	-$84	$490	$263	$535	$57	-$27					-146.55%	<-Total Growth	9	Free Cash Flow WSJ	WSJ, MS
Change					117.74%	-641.38%	-93.31%	86.16%	683.33%	-46.33%	103.42%	-89.35%	-147.37%					-$0.46	<-Median->	9	Change	MktS
Free Cash Flow MS old				-$91	$357	$2	-$235	$340	$815	$518	$813
Change					492.31%	-99.44%	-11850.00%	244.68%	139.71%	-36.44%	56.95%			-$270	<-12 mths	-800.00%
Free Cash Flow MS	-$905	-$529	-$616	-$550	$10	-$450	-$630	$50	$360	$110	$240	$110	-$30	-$355				95.13%	<-Total Growth	10	Free Cash Flow	Disagree
Change	-5223.53%	41.55%	-16.45%	10.71%	101.82%	-4600.00%	-40%	107.94%	620.00%	-69.44%	118.18%	-54.17%	-127.27%	-1083.67%				#NUM!	<-IRR #YR->	5	Free Cash Flow MS	-160.00%
FCF/CF from Op Ratio	-0.57	-0.27	-0.37	-0.33	0.01	-0.34	-0.63	0.03	0.20	0.06	0.10	0.06	-0.01	-0.16				-26.08%	<-IRR #YR->	10	Free Cash Flow MS	95.13%
Dividends paid	$75	$86	$99	$114	$1,631	$150	$173	$186	$200	$205	$211	$215	$220	$226				122.17%	<-Total Growth	10	Dividends paid
Percentage paid				-20.73%	16310.00%	-33.33%	-27.46%	372.00%	55.56%	186.36%	87.92%	195.45%	-733.33%	-63.78%				$0.72	<-Median->	10	Percentage paid
5 Year Coverage								-143.57%	-354.55%	-163.21%	750.00%	116.90%	133.04%	1438.57%							5 Year Coverage
Dividend Coverage Ratio				-4.82	0.01	-3.00	-3.64	0.27	1.80	0.54	1.14	0.51	-0.14	-1.57				0.14	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								-0.70	-0.28	-0.61	0.13	0.86	0.75	0.07							5 Year of Coverage
								-$50	$0	$0	$0	$0	-$30
			$616	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$30
Market Cap in $M	$4,642	$5,372	$5,488	$4,106	$5,120	$5,160	$4,427	$5,707	$4,180	$4,884	$4,828	$4,337	$5,340	$5,718	$5,718	$5,718		-2.69%	<-Total Growth	10	Market Cap
pre split '13	57.51
Diluted # of Shares in Million	115.60	115.50	115.46	115.30	114.85	114.82	114.79	114.75	114.71	114.45	114.27	113.38	112.28	112.28	112.28	112.28		-2.75%	<-Total Growth	10	Diluted
Change	-0.22%	-0.08%	-0.04%	-0.14%	-0.39%	-0.02%	-0.03%	-0.04%	-0.03%	-0.23%	-0.16%	-0.78%	-0.97%	0.00%	0.00%	0.00%		-0.15%	<-Median->	10	Change
Difference Diluted/Basic	-0.5%	-0.6%	-0.5%	-0.4%	-0.4%	-0.4%	-0.3%	-0.3%	-0.3%	-0.2%	-0.3%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%		-0.30%	<-Median->	10	Difference Diluted/Basic
pre split '13	57.51
Basic # of Shares in Millions	115.02	114.80	114.85	114.83	114.41	114.35	114.39	114.37	114.40	114.17	113.96	113.22	112.17	112.17	112.17	112.17		-2.33%	<-Total Growth	10	Average
Change	-0.46%	-0.19%	0.04%	-0.01%	-0.37%	-0.05%	0.04%	-0.02%	0.02%	-0.20%	-0.19%	-0.65%	-0.92%	0.00%	0.00%	0.00%		-0.12%	<-Median->	10	Change
Difference Basic/Outstanding	0.0%	0.3%	0.3%	0.2%	0.2%	0.3%	0.2%	0.3%	0.1%	0.2%	0.0%	-0.9%	0.1%	0.1%	0.1%	0.1%		0.18%	<-Median->	10	Difference Basic/Outstanding
														$2,349	<-12 mths	6.92%
pre split '05
Class I	50.679
Class II	6.829
pre split '13	57.508
Class I Non-Voting	101.358	101.473	101.506	101.451	101.221	101.328	101.429	101.464	101.348	101.188	101.369	99.734	99.811	99.811	99.811	99.811		-1.67%	<-Total Growth	10	Class I Non-Voting	88.93%
Class II Voting	13.659	13.651	13.635	13.573	13.432	13.331	13.231	13.203	13.196	13.196	12.543	12.425	12.425	12.425	12.425	12.425		-8.88%	<-Total Growth	10	Class II Voting	11.07%
# of Share in Millions	115.017	115.124	115.141	115.024	114.653	114.660	114.660	114.667	114.544	114.384	113.913	112.159	112.236	112.236	112.236	112.236		-0.26%	<-IRR #YR->	10	Shares	-2.52%
Increase	-0.38%	0.09%	0.02%	-0.10%	-0.32%	0.01%	0.00%	0.01%	-0.11%	-0.14%	-0.41%	-1.54%	0.07%	0.00%	0.00%	0.00%		-0.43%	<-IRR #YR->	5	Shares	-2.12%
CF fr Op $M	$1,584	$1,939	$1,681	$1,680	$1,790	$1,331	$999	$1,542	$1,843	$1,864	$2,396	$1,965	$2,197	$2,235	$2,110	$2,253		30.70%	<-Total Growth	10	Cash Flow
Increase	6.81%	22.41%	-13.31%	-0.06%	6.55%	-25.64%	-24.94%	54.35%	19.52%	1.14%	28.54%	-17.99%	11.81%	1.71%	-5.58%	6.76%		SO,	Buy Backs		Conv Class II to Class I
5 year Running Average	$1,161	$1,366	$1,526	$1,673	$1,735	$1,684	$1,496	$1,468	$1,501	$1,516	$1,729	$1,922	$2,053	$2,131	$2,181	$2,152		34.55%	<-Total Growth	10	CF 5 Yr Running
CFPS	$13.77	$16.84	$14.60	$14.61	$15.61	$11.61	$8.71	$13.45	$16.09	$16.30	$21.03	$17.52	$19.57	$19.91	$18.80	$20.07		34.08%	<-Total Growth	10	Cash Flow per Share
Increase	7.22%	22.30%	-13.32%	0.04%	6.89%	-25.65%	-24.94%	54.35%	19.65%	1.28%	29.07%	-16.71%	11.73%	1.71%	-5.58%	6.76%		2.71%	<-IRR #YR->	10	Cash Flow	30.70%
5 year Running Average	$10.05	$11.83	$13.24	$14.53	$15.09	$14.65	$13.03	$12.80	$13.09	$13.23	$15.12	$16.88	$18.10	$18.87	$19.37	$19.17		7.34%	<-IRR #YR->	5	Cash Flow	42.48%
P/CF on Med Price	2.53	2.67	3.39	2.84	2.68	4.17	4.60	3.32	2.57	2.52	2.11	2.25	2.20	2.46	0.00	0.00		2.98%	<-IRR #YR->	10	Cash Flow per Share	34.08%
P/CF on Closing Price	2.93	2.77	3.26	2.44	2.86	3.88	4.43	3.70	2.27	2.62	2.01	2.21	2.43	2.56	2.71	2.54		7.80%	<-IRR #YR->	5	Cash Flow per Share	45.56%
															-2.53%	Diff M/C		3.18%	<-IRR #YR->	10	CFPS 5 yr Running	36.75%
														$2,217	<-12 mths	4.18%
Excl.Working Capital CF	$259.0	$54.0	$198.0	-$10.0	$122.0	$480.0	$893.0	$372.0	-$56.0	-$65.0	-$274.0	$31.0	-$69.0	$0	$0	$0		7.18%	<-IRR #YR->	5	CFPS 5 yr Running	41.46%
CF fr Op $M WC	$1,843	$1,993	$1,879	$1,670	$1,912	$1,811	$1,892	$1,914	$1,787	$1,799	$2,122	$1,996	$2,128	$2,235	$2,110	$2,253		13.25%	<-Total Growth	10	Cash Flow less WC
Increase	14.54%	8.14%	-5.72%	-11.12%	14.49%	-5.28%	4.47%	1.16%	-6.64%	0.67%	17.95%	-5.94%	6.61%	5.01%	-5.58%	6.76%		1.25%	<-IRR #YR->	10	Cash Flow less WC	13.25%
5 year Running Average	$1,250	$1,462	$1,651	$1,799	$1,859	$1,853	$1,833	$1,840	$1,863	$1,841	$1,903	$1,924	$1,966	$2,056	$2,118	$2,144		2.14%	<-IRR #YR->	5	Cash Flow less WC	11.18%
CFPS Excl. WC	$16.02	$17.31	$16.32	$14.52	$16.68	$15.79	$16.50	$16.69	$15.60	$15.73	$18.63	$17.80	$18.96	$19.91	$18.80	$20.07		1.76%	<-IRR #YR->	10	CF less WC 5 Yr Run	19.12%
Increase	14.98%	8.04%	-5.73%	-11.03%	14.86%	-5.29%	4.47%	1.16%	-6.54%	0.81%	18.44%	-4.47%	6.54%	5.01%	-5.58%	6.76%		1.34%	<-IRR #YR->	5	CF less WC 5 Yr Run	6.88%
5 year Running Average	$10.82	$12.67	$14.32	$15.62	$16.17	$16.12	$15.96	$16.04	$16.25	$16.06	$16.63	$16.89	$17.34	$18.20	$18.82	$19.11		1.51%	<-IRR #YR->	10	CFPS - Less WC	16.18%
P/CF on Med Price	2.17	2.59	3.04	2.86	2.51	3.06	2.43	2.67	2.65	2.61	2.38	2.21	2.27	2.46	0.00	0.00		2.58%	<-IRR #YR->	5	CFPS - Less WC	13.59%
P/CF on Closing Price	2.52	2.70	2.92	2.46	2.68	2.85	2.34	2.98	2.34	2.71	2.28	2.17	2.51	2.56	2.71	2.54		1.93%	<-IRR #YR->	10	CFPS 5 yr Running	21.08%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	2.63	5 yr	2.25	P/CF Med	10 yr	2.56	5 yr	2.38		0.10%	Diff M/C		1.58%	<-IRR #YR->	5	CFPS 5 yr Running	8.15%
			-115.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	112.2								Shares
								-114.7	0.0	0.0	0.0	0.0	112.2								Shares
			-$1,681	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,197								Cash Flow
								-$1,542	$0	$0	$0	$0	$2,197								Cash Flow
			-$14.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.57								Cash Flow per Share
								-$13.45	$0.00	$0.00	$0.00	$0.00	$19.57								Cash Flow per Share
			-$13.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.10								CFPS 5 yr Running
								-$12.80	$0.00	$0.00	$0.00	$0.00	$18.10								CFPS 5 yr Running
			-$1,879	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,128								Cash Flow less WC
								-$1,914	$0	$0	$0	$0	$2,128								Cash Flow less WC
			-$1,651	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,966								CF less WC 5 Yr Run
								-$1,840	$0	$0	$0	$0	$1,966								CF less WC 5 Yr Run
			-$16.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.96								CFPS - Less WC
								-$16.69	$0.00	$0.00	$0.00	$0.00	$18.96								CFPS - Less WC
			-$14.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.34								CFPS 5 yr Running
								-$16.04	$0.00	$0.00	$0.00	$0.00	$17.34								CFPS 5 yr Running
Accounts Receivable				$47	$5	-$114	-$55	$64	$28	-$110	-$120	$44	-$100
Inventories				-$26	$25	-$11	$6	-$5	-$2	$12	-$9	-$34	-$32
Prepaid Expenses & other C. assets				$13	$2	-$10	-$149	-$37	-$4	-$4	$6	-$8	-$23
Accounts Payable and accrued liabilites				$16	-$9	$133	$140	-$202	$12	$115	$281	-$138	$47
provisions and other current liabilites.				$41	-$68	$36	-$37	-$25	$5	-$9	-$11	-$57	$0
Chges in NC WC	-$105	$70	-$105
Div, Distri rec						$2	$5	$13		$46	$73	$82	$82
Dividend rece from Associate Co									$17	$15	$15	$16	$16
Interest Rec											$39	$64	$79
Income Taxes paid	-$154	-$124	-$93	-$81
Chge in Receivable under service conession arrangment					-$77	-$516	-$803	-$180	$0
Sum	-$259	-$54	-$198	$10	-$122	-$480	-$893	-$372	$56	$65	$274	-$31	$69
Google  --> TD 2017	-$259	-$54	-$198	$10	-$185	-$562	-$948	-$466	$56	$65	$274	-$31	$69
Difference	$0	$0	$0	$0	$63	$82	$55	$94	$0	$0	$0	$0	$0
TD		-$54	-$198	$10	-$122	-$480	-$893	-$372
Difference		$0	$0	$0	$0	$0	$0	$0
					2021	2021	2021	2021
OPM	8.60%	9.59%	9.22%	3.73%	8.41%	4.47%	6.71%	10.90%	6.39%	5.74%	7.43%	7.17%	8.70%	8.80%				-5.66%	<-Total Growth	10	OPM
Increase	4.93%	11.54%	-3.82%	-59.58%	125.47%	-46.82%	50.11%	62.45%	-41.39%	-10.23%	29.59%	-3.51%	21.33%	1.13%					Should increase		or be stable.
Diff from Ave	23.9%	38.2%	32.9%	-46.3%	21.1%	-35.6%	-3.3%	57.1%	-7.9%	-17.4%	7.1%	3.3%	25.4%	26.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (Net income/Revenue) Ratio									OPM	10 Yrs	6.94%	5 Yrs	7.17%					should be	zero, it is a		check on calculations
EBITfrom Mkt Scr									$1,070	$1,040	$1,312
Change										-2.80%	26.15%
Margin									27.13%	24.25%	26.36%
														$2,233	<-12 mths	2.76%
EBITDA from Mkt Scr								$2,036	$1,739	$1,757	$2,029	$2,306	$2,173	$2,424	$2,544	$2,725					EBITDA from Mkt Scr	Adj EBITA
Change									-14.59%	1.04%	15.48%	13.65%	-5.77%	11.55%	4.95%	7.11%		1.04%	<-Median->	5	Change
Margin								43.26%	44.09%	40.97%	40.76%	48.64%	43.97%	44.71%	45.02%	46.41%		43.62%	<-Median->	6	Margin
																						Type
Property, Plant and Equipment	$12,200	$13,365	$15,117	$16,230	$16,941	$17,343	$17,865	$17,857	$18,327	$18,791	$19,504	$20,857	$21,788	$22,198				44.13%	<-Total Growth	10	Property, Plant and Equipment	Lg Term A
Change		9.55%	13.11%	7.36%	4.38%	2.37%	3.01%	-0.04%	2.63%	2.53%	3.79%	6.94%	4.46%	1.88%				3%	<-Median->	10	Change	Lg Term R
Long Term Debt/Asset Ratio	0.46	0.47	0.48	0.49	0.48	0.57	0.58	0.52	0.51	0.51	0.51	0.50	0.53	0.53				0.51	<-Median->	10	Long Term Debt/Asset Ratio	Intang/GW
Long Term Debt	$5,652	$6,230	$7,256	$7,943	$8,149	$9,953	$10,290	$9,263	$9,423	$9,502	$9,978	$10,517	$11,474	$11,734				58.13%	<-Total Growth	10	Debt	Liquidity
Change	23.19%	10.23%	16.46%	9.47%	2.59%	22.14%	3.39%	-9.98%	1.73%	0.84%	5.01%	5.40%	9.10%	2.27%				4%	<-Median->	10	Change	Liq. + CF
Debt/Market Cap Ratio	1.22	1.16	1.32	1.93	1.59	1.93	2.32	1.62	2.25	1.95	2.07	2.42	2.15	2.05				2.01	<-Median->	10	% of Market C.	Debt Ratio
Assets/Current Liabilities Ratio	12.49	13.42	15.40	19.77	19.94	21.06	13.35	23.85	20.67	14.50	15.82	15.69	17.19	23.61				18.48	<-Median->	10	Assets/Current Liabilities	Leverage
Debt to Cash Flow (Years)	3.57	3.21	4.32	4.73	4.55	7.48	10.30	6.01	5.11	5.10	4.16	5.35	5.22	5.25				5.17	<-Median->	10	Debt to Cash Flow (Years)	D/E Ratio
Intangibles	$345	$387	$416	$502	$546	$587	$672	$662	$685	$752	$870	$1,028	$1,076	$1,098				158.65%	<-Total Growth	10	Intangibles
Goodwill	$71	$71	$71	$71	$71	$71	$82	$82	$82	$73	$89	$242	$244	$244				243.66%	<-Total Growth	10	Goodwill
Total	$416	$458	$487	$573	$617	$658	$754	$744	$767	$825	$959	$1,270	$1,320	$1,342				171.05%	<-Total Growth	10	Total
Change	10.34%	10.10%	6.33%	17.66%	7.68%	6.65%	14.59%	-1.33%	3.09%	7.56%	16.24%	32.43%	3.94%	1.67%				7.62%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.09	0.09	0.09	0.14	0.12	0.13	0.17	0.13	0.18	0.17	0.20	0.29	0.25	0.23				0.17	<-Median->	10	% of Market C.
Current Assets	$1,559	$1,652	$1,549	$1,611	$1,384	$2,275	$2,097	$2,037	$2,039	$2,221	$2,361	$1,836	$2,145	$1,832				38.48%	<-Total Growth	10	Current Assets
Current Liabilities	$1,146	$1,193	$1,149	$964	$989	$1,034	$1,748	$910	$1,074	$1,586	$1,526	$1,616	$1,555	$1,135				35.34%	<-Total Growth	10	Current Liabilities
Liquidity	1.36	1.38	1.35	1.67	1.40	2.20	1.20	2.24	1.90	1.40	1.55	1.14	1.38	1.61				1.47	<-Median->	10	Ratio
Liq. with CF aft div	2.68	2.94	2.72	3.30	3.08	3.34	1.67	3.73	3.43	2.45	2.98	2.22	2.65	3.38				2.65	<-Median->	5	Liq. with CF aft div
Liq. CF re  Inv+Div	0.91	0.97	0.97	1.04	1.17	1.48	0.86	2.83	1.72	1.31	1.50	0.85	1.23	3.38				1.31	<-Median->	5	Liq. CF re  Inv+Div
Curr Long Term Db	$52	$138	$138	$138	$138	$138	$138	$173	$196	$350	$109	$531	$77	$56							Curr Long Term Db
Liquidity Less CLTD	1.43	1.57	1.53	1.95	1.63	2.54	1.30	2.76	2.32	1.80	1.67	1.69	1.45	1.70				1.69	<-Median->	5	Liquidity Less CLTD
Liq. with CF aft div	2.80	3.32	3.10	3.85	3.58	3.86	1.82	4.60	4.19	3.14	3.21	3.31	2.79	3.56				3.21	<-Median->	5	Liq. with CF aft div
Assets	$14,315	$16,010	$17,689	$19,055	$19,724	$21,775	$23,344	$21,703	$22,200	$23,004	$24,139	$25,358	$26,724	$26,799				51.08%	<-Total Growth	10	Assets
Liabilities	$9,399	$9,997	$11,409	$12,162	$12,525	$14,548	$15,902	$13,845	$14,351	$15,055	$15,795	$16,860	$18,014	$17,954				57.89%	<-Total Growth	10	Liabilities
Debt Ratio	1.52	1.60	1.55	1.57	1.57	1.50	1.47	1.57	1.55	1.53	1.53	1.50	1.48	1.49				1.53	<-Median->	10	Ratio
Estimates BVPS														$43.09	$45.47	$48.03			Estimates		Estimates BVPS
Estimate Book Value														$4,836.2	$5,103.4	$5,390.7			Estimates		Estimate Book Value
P/B Ratio (Close)														1.18	1.12	1.06			Estimates		P/B Ratio (Close)
Difference from 10 year median															-1.22%	Diff M/C			Estimates		Difference from 10 yr med.
Total Equity	$4,916	$6,013	$6,280	$6,893	$7,199	$7,227	$7,442	$7,858	$7,849	$7,949	$8,344	$8,498	$8,710	$8,845	$8,845	$8,845		38.69%	<-Total Growth	10	Total Equity
Non-Control. Int	$2,549	$3,153	$3,153	$3,537	$3,653	$3,634	$3,687	$3,858	$3,797	$3,838	$3,968	$4,075	$4,078	$4,115	$4,115	$4,115		29.34%	<-Total Growth	10	Non-Control. Int
Preferred Stock	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0					Preferred Stock
Book Value	$2,367	$2,860	$3,127	$3,356	$3,546	$3,593	$3,755	$4,000	$4,052	$4,111	$4,376	$4,423	$4,632	$4,730	$4,730	$4,730		48.13%	<-Total Growth	10	Book Value
BV per share	$20.58	$24.84	$27.16	$29.18	$30.93	$31.34	$32.75	$34.88	$35.38	$35.94	$38.42	$39.44	$41.27	$42.14	$42.14	$42.14		51.96%	<-Total Growth	10	Book Value per Share
Change	9.85%	20.72%	9.32%	7.43%	6.00%	1.32%	4.51%	6.52%	1.41%	1.60%	6.89%	2.65%	4.65%	2.12%	0.00%	0.00%		-12.64%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.69	1.81	1.83	1.42	1.35	1.54	1.22	1.28	1.17	1.14	1.15	1.00	1.04	1.16	0.00	0.00		1.38	P/B Ratio		Historical Median
P/B Ratio (Close)	1.96	1.88	1.75	1.22	1.44	1.44	1.18	1.43	1.03	1.19	1.10	0.98	1.15	1.21	1.21	1.21		4.27%	<-IRR #YR->	10	Book Value per Share	51.96%
Change	21.98%	-4.23%	-6.56%	-30.28%	18.01%	-0.55%	-17.90%	21.02%	-27.70%	15.18%	-7.14%	-11.11%	17.57%	4.86%				3.42%	<-IRR #YR->	5	Book Value per Share	18.31%
Leverage (A/BV)	2.91	2.66	2.82	2.76	2.74	3.01	3.14	2.76	2.83	2.89	2.89	2.98	3.07	3.03				2.89	<-Median->	10	A/BV
Debt/Equity Ratio	1.91	1.66	1.82	1.76	1.74	2.01	2.14	1.76	1.83	1.89	1.89	1.98	2.07	2.03				1.89	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity									P/BV	10 yr Med	1.20	5 yr Med	1.14		1.00%	Diff M/C		2.79	Historical		A/BV
			-$27.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$41.27
								-$34.88	$0.00	$0.00	$0.00	$0.00	$41.27
														$420	<-12 mths	-1.87%
Total Comprehensive Income	$501	$934	$683	$522	$618	$396	$718	$893	$509	$635	$683	$668	$723					5.86%	<-Total Growth	10	Total Comprehensive Income
NCI	$223	$412	$318	$263	$313	$229	$350	$462	$252	$311	$318	$328	$295					-7.23%	<-Total Growth	10	NCI
Shareholders Comp. Income	$278	$522	$365	$259	$305	$167	$368	$431	$257	$324	$365	$340	$428					17.26%	<-Total Growth	10	Shareholders Comp. Income
Increase	3.35%	87.77%	-30.08%	-29.04%	17.76%	-45.25%	120.36%	17.12%	-40.37%	26.07%	12.65%	-6.85%	25.88%					12.65%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$271	$321	$341	$339	$346	$324	$293	$306	$306	$309	$349	$343	$343					1.61%	<-IRR #YR->	10	Comprehensive Income	17.26%
ROE	11.7%	18.3%	11.7%	7.7%	8.6%	4.6%	9.8%	10.8%	6.3%	7.9%	8.3%	7.7%	9.2%					-0.14%	<-IRR #YR->	5	Comprehensive Income	-0.70%
5Yr Median	12.4%	12.4%	12.2%	11.7%	11.7%	8.6%	8.6%	8.6%	8.6%	7.9%	8.3%	7.9%	7.9%					0.06%	<-IRR #YR->	10	5 Yr Running Average	0.65%
% Difference from NI	-25.9%	24.9%	-13.1%	68.2%	-10.3%	-17.7%	12.2%	-16.0%	2.0%	31.7%	-1.4%	0.0%	-0.5%					2.30%	<-IRR #YR->	5	5 Yr Running Average	12.03%
Median Values										Diff	5, 10 yr	-0.2%	0.0%					7.9%	<-Median->	5	Return on Equity
			-$365.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$428.0
								-$431.0	$0.0	$0.0	$0.0	$0.0	$428.0
			-$340.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$342.8
								-$306.0	$0.0	$0.0	$0.0	$0.0	$342.8
Current Liability Coverage Ratio	1.61	1.67	1.64	1.73	1.93	1.75	1.08	2.10	1.66	1.13	1.39	1.24	1.37	1.97							CFO / Current Liabilities
5 year Median	1.50	1.61	1.61	1.64	1.67	1.73	1.73	1.75	1.75	1.66	1.39	1.39	1.37	1.37				1.53	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	12.87%	12.45%	10.62%	8.76%	9.69%	8.32%	8.10%	8.82%	8.05%	7.82%	8.79%	7.87%	7.96%	8.34%							CFO / Total Assets
5 year Median	10.74%	12.45%	12.45%	12.45%	10.62%	9.69%	8.76%	8.76%	8.32%	8.10%	8.10%	8.05%	7.96%	7.96%				8.2%	<-Median->	10	Return on Assets
Return on Assets ROA	2.62%	2.61%	2.37%	0.81%	1.72%	0.93%	1.41%	2.36%	1.14%	1.07%	1.53%	1.34%	1.61%	1.78%				Net	Income/Assets		Return on Assets
5Yr Median	2.85%	2.63%	2.62%	2.61%	2.37%	1.72%	1.41%	1.41%	1.41%	1.14%	1.41%	1.34%	1.34%	1.53%				1.4%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	15.84%	14.62%	13.43%	4.59%	9.59%	5.65%	8.74%	12.83%	6.22%	5.98%	8.46%	7.69%	9.28%	10.08%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	15.12%	14.62%	14.62%	14.62%	13.43%	9.59%	8.74%	8.74%	8.74%	6.22%	8.46%	7.69%	7.69%	8.46%				8.1%	<-Median->	10	Return on Equity
														$439	<-12 mths	2.09%
Total Net Income	$677	$736	$791	$356	$675	$462	$671	$1,007	$497	$469	$707	$668	$711					-10.11%	<-Total Growth	10	Total Net Income
NCI	$302	$318	$371	$202	$335	$259	$343	$494	$245	$223	$337	$328	$281					-24.26%	<-Total Growth	10	NCI
Shareholders Net Income	$375	$418	$420	$154	$340	$203	$328	$513	$252	$246	$370	$340	$430	$477	$503	$531		2.38%	<-Total Growth	10	Shareholders Net Income
Increase	14.68%	11.47%	0.48%	-63.33%	120.78%	-40.29%	61.58%	56.40%	-50.88%	-2.38%	50.41%	-8.11%	26.47%	10.93%	5.45%	5.57%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$310	$339	$367	$339	$341	$307	$289	$308	$327	$308	$342	$344	$328	$373	$424	$456		0.24%	<-IRR #YR->	10	Net Income	2.38%
Operating Cash Flow	$1,584	$1,939	$1,681	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853	-$1,853					-3.47%	<-IRR #YR->	5	Net Income	-16.18%
Investment Cash Flow	-$2,223	-$2,422	-$2,078	-$2,078	-$1,611	-$1,300	-$1,644	-$289	-$1,061	-$1,383	-$1,496	-$2,585	-$1,798					-1.12%	<-IRR #YR->	10	5 Yr Running Ave.	-10.63%
Total Accruals	$1,014	$901	$817	$4,085	$3,804	$3,356	$3,825	$2,655	$3,166	$3,482	$3,719	$4,778	$4,081					1.27%	<-IRR #YR->	5	5 Yr Running Ave.	6.50%
Total Assets	$14,315	$16,010	$17,689	$19,055	$19,724	$21,775	$23,344	$21,703	$22,200	$23,004	$24,139	$25,358	$26,724						Balance Sheet		Assets
Accruals Ratio	7.08%	5.63%	4.62%	21.44%	19.29%	15.41%	16.39%	12.23%	14.26%	15.14%	15.41%	18.84%	15.27%					15.27%	<-Median->	5	Ratio
EPS/CF Ratio	0.20	0.21	0.22	0.09	0.18	0.11	0.17	0.27	0.14	0.14	0.17	0.21	0.20					0.17	<-Median->	10	EPS/CF Ratio
			-$420.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$430.0
								-$513.0	$0.0	$0.0	$0.0	$0.0	$430.0
			-$366.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$327.6
								-$307.6	$0.0	$0.0	$0.0	$0.0	$327.6
Change in Close	34.00%	15.61%	2.14%	-25.09%	25.10%	0.76%	-14.20%	28.90%	-26.68%	17.02%	-0.75%	-8.75%	23.04%	7.08%	0.00%	0.00%			Count	30	Years of data
up/down		down	down		down	down	down	down	down	down	down	down	down	down					Count	14	46.67%
Meet Prediction?							Yes		Yes		Yes	Yes						% right	Count	5	35.71%
Financial Cash Flow	$394	$757	$236	$343	-$367	-$128	$837	-$782	-$823	-$486	-$953	-$123	-$588						C F Statement		Financial CF
Total Accruals	$620	$144	$581	$3,742	$4,171	$3,484	$2,988	$3,437	$3,989	$3,968	$4,672	$4,901	$4,669								Accruals
Accruals Ratio	4.33%	0.90%	3.28%	19.64%	21.15%	16.00%	12.80%	15.84%	17.97%	17.25%	19.35%	19.33%	17.47%					17.97%	<-Median->	5	Ratio
Cash	$508	$741	$590	$799	$601	$404	$691	$1,140	$1,100	$1,088	$1,033	$288	$94	$191							Cash
Cash Per Share	$4.42	$6.44	$5.12	$6.95	$5.24	$3.52	$6.03	$9.94	$9.60	$9.51	$9.07	$2.57	$0.84	$1.70				$9.07	<-Median->	5	Cash per Share
Percentage of Stock Price	10.9%	13.8%	10.8%	19.5%	11.7%	7.8%	15.6%	20.0%	26.3%	22.3%	21.4%	6.6%	1.8%	3.3%				21.40%	<-Median->	5	% of Stock Price
Notes:
Augusst 24, 2025.  Last estimates were for 2024, 2025, 2026 of $5131M, $5281M, $5601M Revenue, $4.12, $4.13, $4.09 AEPS, $4.12, $4.13,. $4.09 EPS, $1.96, $2.01, $2.05 Dividends, -
$472M, -$355M FCF, $18.50, $18.39, $19.25 CFPS, $2340M, $2431M, $2654M EBITDA, $40.94, $42.69 and $44.55, $467M, $468M, $464M Net Income.
August 18, 2024.  Last estimates were for 2023, 2024, 2025 of $5062M, $5207M, $5469M Revenue, $3.59, $3.62, $3.68 AEPS, $3.57, $3.60, $3.69 EPS, $1.90, $1.95, $2.01 Dividends,
$746M, $862M, $864M FCF, $16.50, $17.60, $17.80 CFPS, $39.80, $41.70, $43.70 BVPS, $403M, $413M, $422M Net Income.
August 18, 2023.  Last estimates were for 2022, 2023 and 2024 of $4719M, $4858M and $4858M for Revenue, $3.63, $3.43 and $3.60 for Basic AEPS,
$3.54, $3.44 and $3.60 for EPS, $1.85, $1.89 and $1.91 for Dividends, $416M, $631M and $509M for FCF, $19.20, $16.10 and $17.00 for CFPS, $588M, $580M and $414M for Net Income.
August 19, 2022.  Last estimates were for 2021, 2022 and 2023 of $4264M, $4495M and $4738M for Revenue, $2.97, $3.17 and $3.21 for EPS,
$1.79, $1.84 and $1.87 for Dividends, $32M, $173M and $653M for FCF, $16.30, $16.30 and $17.50 for CFPS, $318M, $438M and $474M for Net Income.
August 21, 2021.  Last estimates were for 2020, 2021 and 2022 of $4039M, $4231M and $4107M for Revenue,  $2.82, $3.01 and $3.15 for EPS,
$1.74, $1.84 and $1.93 for Div, $383M, $359M and $469M for FCF, $14.80 and 15.30 for CFPS for 2020-21, and $316M, $406M and $472M for Net Income.
August 26, 2020.  Last estimates were for $5198M, $5133 and $5222 for Revenue, $3.18, $3.09 and $3.27 for EPS.
$14.10 and $13.80 for CFPS for 2019 and 2020 and $399M, $355M and $376M for Net Income.
August 30, 2019.  Last estmates were for 2018, 2019 and 2020 of $4348M, $4814M and $4900M for Revenue, $3.12, $3.13 and $3.33 for EPS,
$11.70, $13.15 and $12.30 for CFPS and $300M $360M and $384M for Net Income.
September 3, 2018.  Last estimates were for 2017, 2018 and 2019 of $4407M, $4574M and $4641M for Revenue, $3.04, $3.17 and $3.27 for EPS,
$15.50, $15.70 and $14.70 for CFPS and $347M, $364M and $376M for Net Income.
September 6, 2017.  Last estimates were for 2016, 2017 and 2018 of $4571M, $4515M and $4647M for Revenue, $2.88, $3.04 and $3.13 for EPS,
$14.40, $14.50 and $14.90 for CFPS and $332M $347M and $358M for Net Income.
September 10, 2016. Last estimates were for 2015, 2016 and 2017 of $4414M, $4956M and $5481M for Revenue, $2.36, $3.21 and $3.55 for EPS,
$10.20, $11.40 and $12.30 for CFPS and $342M, $389M and $410M for Net Income.
September 13, 2015.  Last estimates were for 2014, 2015 and 2016 of $4768M, $5091M and $5467M for Revenue, $3.46, $3.79 and $3.87 for EPS,
$12.00, $13.75 and $14.00 for CFPS and $660M, $412M and $433M for Net Income.
August 29, 2014.  Last estimates were for 2013 and 2014 of $4626M and $5145M for Revenue, $3.39, $3.68 and for 2015 $3.79 for EPS, $10.50 and 11.60 for CFPS.
August 17, 2013.  Last estimates were for 2012 and 2013 of $3.854 M for Revenue (2012 only), $3.11 and $3.28 for EPS.
October 6, 2012.  Last estimates were for 2011 and 2012 of $3,726M, $3,854M for Revenue, $5.36, $6.22 and $6.55 (2013) for EPS and $16.35 and $14.38 for CFPS.
Jul 16, 2011.  Last I looked, I got estimates for 2010 and 2011 of $4.75 and $4.81 for earnings and $16. and $14.52 for CF.
Aug 30 2010.  When I last looked I got estimates for 2010 and 2011 of $4.45 and $4.68 and CF of $13.44 and $14.30.
May 17, 2010.  when I last reviewed this stock I got estimates for 2009 and 2010 of $4.00 and $4.05 and CF of $14.30 and $14.70.
Oct 14, 2009. When I looked at this stock in May 2009, I got 2009 and 2010 earnings of $3.90 and $4.00 and also cash flow of $14.30 and $14.70.
May 13, 2009 AR 2008.  when I last looked at this stock in Feb 2009, I got earnings estimates of $4.12 and $3.83 for 2008 and 2009.  I also got CF estimates of $12.72 and $12.81 for 2008 and 2009.
Earnings came in at $4.70 ($4.66 diluted).  2009 was increase somewhat to $3.90.  Cash Flow for 2008 was $15.83 and 2009 estimate incr. to $14.3
I think it is a good company and it should be one of my core companies after purchase if I purchase it at some time.
20045. For Net Income I used net of tax figure 2004 not $159.4
In 2014 dividend per share has increased for 21 consecutive years, so started in 1993.
Sector:
Power, Utility
Classified :Management and Diversified
What should this stock accomplish?
Would I buy this company and Why.
This is a dividend growth utility stock and as such I would consider it if I was looking for such a stock.  Some people do not like the share structure.
This stock is closely linked to Canadian Utilities (TSX-CU), so you would not buy both.
Why am I following this stock.
I started to look at this stock in 2009 because it was a dividend paying stock that was on everyone’s list.  At that time this stock was on the Dividend Achievers list, the Dividend Aristocrats list and also was on Mike Higgs’ list.
ATCO (TSX-ACO-X) owns 52.3% (2021) Canadian Utilities (TSX-CU), so you would not buy both these stocks.
Dividends
Dividends are paid in Cycle 3, which is March, June, September and December.  Dividends are declared for shareholders in one month for payment in the same month.
For exaple, the dividend paid for shareholders of record of March 8, 2013 was paid on March 31, 2013.
ATCO has increased its for 21 consecutive years in 2015.
Class I Non-Voting Symbol ACO.X and Class II Voting Symbol ACO.Y
How they make their money.
Atco Ltd is a Canada-based diversified company.  The company has an Structures & Logistics segment, an equity interest in Neltume Ports S.A and a Retail Energy segment.
Its Canadian Utilities Limited segment includes ATCO Energy Systems, ATCO EnPower, and ATCO Australia. It generates maximum revenue from the ATCO Energy Systems segment.
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.
Alberta-based ATCO Ltd.,  delivers service excellence and innovative business solutions worldwide with leading companies engaged
in Utilities (pipelines, natural gas and electricity transmission and distribution), Energy (power generation, natural gas gathering, processing, storage and liquids extraction),
Structures & Logistics (manufacturing, logistics and noise abatement) and Technologies (business systems solutions).
July 2011. It looks like Ronald Southern (age 80) is turning over the company to his daughter Nancy Southern(Age 54).																						Class I
																						Class II
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Sep 03	2018	Aug 30	2019	Aug 26	2020	Aug 21	2021	Aug 19	2022	Aug 18	2023	Aug 18	2024			Aug 24	2025
Southern, Nancy C.	25.96%	26.500	26.13%	26.589	26.21%	26.628	26.27%	26.877	26.56%	27.118	26.75%	27.222	27.29%	27.324	27.38%			27.555	27.61%	I		0.84%
CEO & Chairman - Class I	$1,183.583		$1,023.176		$1,323.352		$971.641		$1,147.663		$1,149.266		$1,052.673		$1,300.097				$1,403.935	I
Class  II	86.36%	11.502	86.93%	11.533	87.35%	11.535	87.41%	11.538	87.43%	11.538	91.98%	11.538	92.86%	11.597	93.34%			11.597	93.34%	II		0.00%
Amount	$518.063		$444.105		$574.018		$420.909		$492.669		$488.977		$446.171		$551.791				$590.873	II
Options - percentage	1.24%	0.585	0.51%	0.585	0.51%	0.715	0.62%	1.615	1.41%	1.165	1.02%	1.440	1.28%	1.740	1.55%			1.984	1.77%			14.02%
Options - amount	$64.125		$22.587		$29.115		$26.090		$68.961		$49.373		$55.685		$82.789				$101.085		Potential
Patrick, Katherine Jane										0.001	0.01%	0.001	0.00%	0.001	0.00%			0.002	0.00%	I		13.36%
CFO - Shares - Amount											$0.052		$0.052		$0.071				$0.086	I
Options - percentage										0.019	0.02%	0.079	0.07%	0.154	0.14%			0.192	0.17%			25.15%
Options - amount											$0.784		$3.036		$7.304				$9.788
Beattie, Adam M..												0.003	0.00%	0.004	0.00%			0.005	0.00%	I		25.77%
Officer - Shares - Amount													$0.114		$0.175				$0.236	I
Options - percentage												0.208	0.19%	0.418	0.42%			0.276	0.25%			-34.01%
Options - amount													$8.043		$19.888				$14.055
Constantinescu, M. George						0.005	0.00%	0.001	0.00%	0.005	0.04%	0.005	0.01%	0.006	0.01%			0.007	0.01%	I		13.03%
Officer - Shares - Amount							$0.167		$0.053		$0.204		$0.209		$0.292				$0.354	I
Class  II										0.001	0.01%	0.002	0.02%	0.002	0.02%			0.002	0.02%	II		0.00%
Amount											$0.059		$0.080		$0.099				$0.106	II
Options & rights, Percentage						0.004	0.00%	0.008	0.01%	0.008	0.01%	0.008	0.01%	0.015	0.01%			0.022	0.02%			43.65%
Options - amount							$0.146		$0.342		$0.339		$0.309		$0.714				$1.098
Kiefer, Siegfried W.		0.074	0.07%	0.018	0.02%	0.018	0.02%	0.046	0.04%												Last filed Jun 2021
Officer - Shares - Amount			$2.864		$0.918		$0.673		$1.952												Ceased insider Feb 2022
Options & rights, Percentage		0.090	0.08%	0.017	0.01%	0.017	0.01%	0.230	0.20%
Options - amount			$3.475		$0.846		$0.620		$9.821
Ellard, Denis M.		0.006	0.01%	0.008	0.01%	0.009	0.01%	0.011	0.01%	0.013	0.10%
Director - Share - Amount			$0.251		$0.400		$0.343		$0.476		$0.558
Options - percentage		0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%
Options - amount			$0.000		$0.000		$0.000		$0.000		$0.000
Routs, Robert John						0.015	0.01%	0.018	0.02%	0.021	0.16%	0.024	0.02%	0.027	0.03%			0.029	0.03%	I		9.33%
Director - Share - Amount							$0.538		$0.755		$0.875		$0.916		$1.268				$1.485	I
Options - percentage						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
Kenney, Jason Thomas														0.001	0.00%			0.003	0.00%	I		220.77%
Director - Share - Amount															$0.042				$0.145	I
Options - percentage														0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount															$0.000				$0.000
Booth, Robert T.	0.02%	0.019	0.02%	0.020	0.02%	0.021	0.02%	0.023	0.02%	0.025	0.20%	0.026	0.02%	0.028	0.03%					I	Last report Mar 2024
Director - Share - Amount	$0.795		$0.715		$0.994		$0.775		$0.979		$1.041		$1.015		$1.346					I	Ceased insider May 2025
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%
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Southern, Ronald D.																				I	Values for 2013 cannot
Founder Class I																				I	be right
Class  II																				II
Amount																				II
Options & rights, Percentage
Various strike prices
Heathcott, Linda A.	25.67%	26.186	25.82%	26.264	25.88%	26.302	25.95%	26.550	26.24%	26.550	26.19%	26.838	26.91%	26.932	26.98%			27.160	27.21%	I	Several people have 11M	0.85%
Vice Chair Class I	$1,170.421		$1,011.036		$1,307.140		$959.769		$1,133.691		$1,125.195		$1,037.832		$1,281.442				$1,383.818	I	Class II, cannot be right
Class  II	85.97%	11.452	86.55%	11.493	87.05%	11.494	87.10%	11.497	87.13%	11.497	91.66%	11.497	92.54%	11.557	93.01%			11.557	93.01%	II	last Filing Jun 2025	0.00%
Amount	$515.746		$442.155		$572.005		$419.433		$490.942		$487.263		$444.607		$549.866				$588.812	II	10% Holder
Options & rights, Percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.210	0.19%	0.210	0.19%			0.236	0.21%		Vice-Chair in 2022	12.27%
Various strike prices	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$8.121		$9.992				$12.013
Chairman - see above
Increase in O/S Shares	0.08%	0.042	0.04%	0.117	0.10%	0.108	0.09%	0.027	0.02%	0.060	0.05%	0.015	0.01%	0.005	0.00%			0.210	0.19%
due to SO	$3.975		$1.868		$4.525		$5.373		$0.996		$2.551		$0.644		$0.189				$9.992
Book Value	$3.000		$2.000		$3.000		$3.000		$1.000		$2.000		$0.575		$1.000				$8.000
Insider Buying	$0.000		-$0.470		$0.000		$0.000		$0.000		-$8.604		-$4.148		-$6.019				-$11.214
Insider Selling	$2.123		$5.787		$4.208		$0.915		$0.280		$0.102		$0.000		$0.193				$6.660
Net Insider Selling	$2.123		$5.317		$4.208		$0.915		$0.280		-$8.503		-$4.148		-$5.826				-$4.555
% of Market Cap	0.04%		0.12%		0.07%		0.02%		0.01%		-0.18%		-0.10%		-0.11%				-0.08%
Directors		10		10		9		9		9		9		8				8
Women	30%	3	30%	3	30%	3	33%	3	33%	3	33%	3	33%	3	38%			5	63%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	38.29%	177	34.02%	177	34.02%			20	26.59%	20	26.59%	20	17.92%	20	18.56%			20	18.93%
Total Shares Held	33.84%	34.534	30.12%	34.534	30.12%			30.406	26.58%	30.406	26.58%	20.315	18.11%	20.822	18.55%			21.307	18.98%
Increase/Decrease 3 Mths	0.52%	0.261	0.76%	0.261	0.76%			-0.722	-2.32%	-0.722	-2.32%	0.086	0.43%	-0.250	-1.19%			1.393	7.00%
Starting No. of Shares		34.272		34.272				31.128	Top 20 MS	31.128	Top 20 MS	20.228	Top 20 MS	21.073	Top 20 MS			19.913	Top 20 MS
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