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. Q1 2025 https://www.collectionscanada.gc.ca/ <-- found in
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ 2/28/25 eg annual reports just search for AGF Management Ltd Annual report 2017 
AGF Management Ltd TSX: AGF.B OTC: AGFMF https://www.agf.com Fiscal Yr: Nov 30 returned reports earlier than 2018
Year 11/30/13 11/30/14 11/30/15 11/30/16 11/30/17 11/30/18 11/30/19 11/30/20 11/30/21 11/30/22 11/30/23 11/30/24 11/30/25 11/30/26 11/30/27 11/30/28 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  Split Date 
Split  Split 
Assets under Management AUM $34,400 $35,100 $33,600 $34,200 $37,300 $37,712 $38,781 $38,813 $42,635 $41,819 $42,180 $53,606 $58,252 73.37% <-Total Growth 10 Assets under Management
Increase -12.23% 2.03% -4.27% 1.79% 9.06% 1.10% 2.83% 0.08% 9.85% -1.91% 0.86% 27.09% 8.67% 5.66% <-IRR #YR-> 10 Assets under Management 73.37%
5 year Running Average $41,454 $39,550 $37,667 $35,299 $34,920 $35,582 $36,319 $37,361 $39,048 $39,952 $40,846 $43,811 $47,698 8.46% <-IRR #YR-> 5 Assets under Management 50.08%
AUM per Share $394.73 $409.28 $422.24 $432.86 $471.70 $481.52 $495.17 $555.06 $608.95 $648.70 $655.69 $828.54 $906.30 2.39% <-IRR #YR-> 10 5 yr Running Average
Increase -10.25% 3.69% 3.17% 2.51% 8.97% 2.08% 2.83% 12.09% 9.71% 6.53% 1.08% 26.36% 9.39% 5.01% <-IRR #YR-> 5 5 yr Running Average
Assets under Management Med Inc. 10 yr  2.31% 5 yr  8.67%
Net Income Before Taxes $61.799 $62.501 $57.217 $194.429 $51.798 $87.259 $115.020 $125.308 $163.474 164.53% <-Total Growth 8 Net Income before Taxes
Change   1.14% -8.45% 239.81% -73.36% 68.46% 31.81% 8.94% 30.46% 19.70% <-Median-> 8 Change  
Total Expenses  $393.644 $387.702 $379.470 $349.490 $409.881 $381.745 $356.804 $356.804 $356.804 -9.36% <-Total Growth 8 Total Expenses 
Change -7.90% 17.28% -6.86% -6.53% 0.00% 0.00% -3.27% <-Median-> 6 Change
Ratio Total Expenses to Revenue 0.88 0.86 0.87 0.64 0.89 0.81 0.76 0.65 0.61 0.81 <-Median-> 9 Ratio Total Expenses to Rev.
Total Expenses $385.31 $385.69 $375.95 $393.64 $387.70 $379.47 $349.49 $409.88 $381.75 $356.80 $422.88 $424.93 10.17% <-Total Growth 10 Total Expenses
Change 0.10% -2.52% 4.71% -1.51% -2.12% -7.90% 17.28% -6.86% -6.53% 18.52% 0.48% -1.82% <-Median-> 10 Change
Ratio 0.83 0.86 0.88 0.88 0.86 0.87 0.64 0.89 0.81 0.76 0.77 0.72 0.84 <-Median-> 10 Ratio
$592 <-12 mths 0.59%
Income* $484.54 $464.48 $449.60 $428.67 $445.44 $450.20 $436.69 $543.92 $461.68 $469.00 $471.82 $548.19 $588.67 $631.7 $656.6 $632.1 30.93% <-Total Growth 10 Revenue
Increase -5.03% -4.14% -3.20% -4.66% 3.91% 1.07% -3.00% 24.56% -15.12% 1.59% 0.60% 16.19% 7.38% 7.31% 3.94% -3.73% 2.73% <-IRR #YR-> 10 Revenue 30.93%
5 year Running Average $574.15 $549.82 $516.83 $467.50 $454.55 $447.68 $442.12 $460.98 $467.59 $472.30 $476.62 $498.92 $507.87 $541.88 $579.40 $611.45 1.59% <-IRR #YR-> 5 Revenue 8.23%
Income per Share $5.56 $5.42 $5.65 $5.43 $5.63 $5.75 $5.58 $7.78 $6.59 $7.28 $7.33 $8.47 $9.16 $9.83 $10.22 $9.83 -0.17% <-IRR #YR-> 10 5 yr Running Average -1.73%
Increase -2.89% -2.59% 4.32% -3.97% 3.83% 2.05% -3.00% 39.50% -15.23% 10.33% 0.81% 15.52% 8.10% 7.31% 3.94% -3.73% 1.96% <-IRR #YR-> 5 5 yr Running Average 10.17%
5 year Running Average $6.37 $6.14 $5.89 $5.56 $5.54 $5.57 $5.61 $6.03 $6.27 $6.59 $6.91 $7.49 $7.77 $8.41 $9.00 $9.50 4.95% <-IRR #YR-> 10 Revenue per Share 62.10%
P/S (Price/Sales) Med 2.08 2.11 1.30 0.86 1.22 1.15 0.93 0.63 1.05 0.96 1.09 1.10 1.29 1.21 0.01 0.00 3.32% <-IRR #YR-> 5 Revenue per Share 17.74%
P/S (Price/Sales) Close 2.58 1.84 0.90 0.99 1.46 0.87 1.12 0.72 1.18 0.93 0.99 1.32 1.55 1.85 1.78 1.99 2.81% <-IRR #YR-> 10 5 yr Running Average 31.98%
*Total Income in M CDN $  P/S Med 20 yr  1.30 15 yr  1.15 10 yr  1.07 5 yr  1.09 72.42% Diff M/C 5.19% <-IRR #YR-> 5 5 yr Running Average 28.76%
-$449.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $588.67
-$543.92 $0.00 $0.00 $0.00 $0.00 $588.67
-$517 $0 $0 $0 $0 $0 $0 $0 $0 $0 $508
-$461 $0 $0 $0 $0 $508
-$5.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.16
-$7.78 $0.00 $0.00 $0.00 $0.00 $9.16
-$5.89 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.77
-$6.03 $0.00 $0.00 $0.00 $0.00 $7.77
-$0.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.55
-$0.72 $0.00 $0.00 $0.00 $0.00 $1.55
$1.95 <-12 mths 1.04%
Adjusted Profit CDN$ $47.0 $59.1 $48.7 $48.7 $43.4 $52.1 $56.2 $46.0 $39.3 $70.0 $90.3 $111.6 $130.5 167.97% <-Total Growth 10 Adjusted Profit CDN$
Return on Equity ROE 4.86% 6.36% 5.37% 5.37% 4.63% 5.36% 6.08% 4.53% 3.81% 6.79% 8.29% 9.89% 10.78% 5.72% <-Median-> 10 Return on Equity ROE
5Yr Median 7.86% 6.36% 5.67% 5.37% 5.37% 5.37% 5.37% 5.36% 4.63% 5.36% 6.08% 6.79% 8.29% 5.37% <-Median-> 10 5Yr Median
Basic $0.53 $0.69 $0.59 $0.61 $0.55 $0.66 $0.71 $0.59 $0.56 $1.02 $1.33 $1.73 $2.01 240.48% <-Total Growth 10 AEPS
AEPS* Dilued $0.53 $0.68 $0.58 $0.52 $0.53 $0.64 $0.71 $0.55 $0.59 $1.01 $1.34 $1.67 $1.93 $2.10 $2.20 $2.08 232.76% <-Total Growth 10 AEPS
Increase -15.87% 28.30% -14.71% -10.34% 1.92% 20.75% 10.94% -22.54% 7.27% 71.19% 32.67% 24.63% 15.57% 8.81% 4.76% -5.45% 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $0.92 $0.84 $0.69 $0.59 $0.57 $0.59 $0.60 $0.59 $0.60 $0.70 $0.84 $1.03 $1.31 $1.61 $1.85 $2.00 12.78% <-IRR #YR-> 10 AEPS 232.76%
AEPS Yield 3.69% 6.83% 11.37% 9.70% 6.45% 12.80% 11.38% 9.86% 7.60% 14.94% 18.46% 14.91% 13.63% 11.57% 12.12% 10.64% 28.54% <-IRR #YR-> 5 AEPS 250.91%
Payout Ratio 203.77% 158.82% 87.93% 61.54% 60.38% 50.00% 45.07% 58.18% 57.63% 38.61% 32.09% 27.25% 25.39% 23.81% 22.73% 24.04% 6.54% <-IRR #YR-> 10 5 yr Running Average 88.47%
5 year Running Average 114.13% 127.21% 138.62% 138.44% 116.55% 86.44% 60.07% 54.24% 53.64% 48.29% 42.86% 37.50% 32.19% 28.14% 25.70% 24.50% 17.26% <-IRR #YR-> 5 5 yr Running Average 121.69%
Price/AEPS Median 21.77 16.80 12.67 8.97 12.95 10.30 7.31 8.87 11.72 6.95 5.99 5.59 6.14 5.64 0.03 0.00 8.09 <-Median-> 10 Price/AEPS Median
Price/AEPS High 27.74 19.51 16.72 10.31 15.89 12.92 8.38 13.07 13.98 8.31 7.08 6.78 7.60 8.85 0.00 0.00 9.34 <-Median-> 10 Price/AEPS High
Price/AEPS Low 15.81 14.09 8.62 7.63 10.02 7.67 6.24 4.67 9.46 5.59 4.89 4.40 4.68 6.71 0.00 0.00 5.92 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 27.08 14.65 8.79 10.31 15.51 7.81 8.79 10.15 13.15 6.69 5.42 6.71 7.34 8.64 8.25 9.39 8.30 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 22.78 18.79 7.50 9.24 15.81 9.43 9.75 7.86 14.11 11.46 7.19 8.36 8.48 9.40 8.64 8.88 9.34 <-Median-> 10 Trailing P/AEPS Close
Median Values Historical   in order 11.32 14.21 7.65 10.23 P/AEPS 5 Yrs   in order 6.14 7.60 4.89 6.71 40.77% Diff M/C DPR 75% to 95% best
* Adjusted Earnings per Share
-$0.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.93
-$0.55 $0.00 $0.00 $0.00 $0.00 $1.93
-$0.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.31
-$0.59 $0.00 $0.00 $0.00 $0.00 $1.31
$1.93 <-12 mths 1.05%
Difference Basic and Diluted 0.00% 1.41% 1.69% 0.00% 3.03% 2.13% 1.64% 1.33% 1.79% 1.03% 3.70% 3.31% 4.02% 1.96% <-Median-> 10 Difference Basic and Diluted
Pre-split '00
EPS Basic $0.25 $0.71 $0.59 $0.53 $0.66 $0.94 $0.61 $2.25 $0.56 $0.97 $1.35 $1.51 $1.99 237.29% <-Total Growth 10 EPS Basic
Pre-split '98
Pre-split '00
EPS* $0.25 $0.70 $0.58 $0.53 $0.64 $0.92 $0.60 $2.22 $0.55 $0.96 $1.30 $1.46 $1.91 $1.97 $2.03 $1.50 229.31% <-Total Growth 10 EPS Diluted
Increase -54.55% 180.00% -17.14% -8.62% 20.75% 43.75% -34.78% 270.00% -75.23% 74.55% 35.42% 12.31% 30.82% 2.98% 3.20% -26.11% 12.66% <-IRR #YR-> 10 Earnings per Share 229.31%
Earnings Yield 1.7% 7.0% 11.4% 9.9% 7.8% 18.4% 9.6% 39.8% 7.1% 14.2% 17.9% 13.0% 13.5% 10.8% 11.2% 7.7% -2.96% <-IRR #YR-> 5 Earnings per Share -13.96%
5 year Running Average $0.87 $0.80 $0.65 $0.52 $0.54 $0.67 $0.65 $0.98 $0.99 $1.05 $1.13 $1.30 $1.24 $1.52 $1.73 $1.77 6.60% <-IRR #YR-> 10 5 yr Running Average 89.57%
10 year Running Average $1.08 $1.07 $1.03 $0.96 $0.82 $0.77 $0.73 $0.82 $0.75 $0.80 $0.90 $0.98 $1.11 $1.25 $1.39 $1.45 4.71% <-IRR #YR-> 5 5 yr Running Average 25.87%
* ESP per share (Cdn GAAP) E/P 10 Yrs 13.26% 5Yrs 13.49%
-$0.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.91
-$2.22 $0.00 $0.00 $0.00 $0.00 $1.91
-$0.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.24
-$0.98 $0.00 $0.00 $0.00 $0.00 $1.24
Dividend* $0.53 $0.56 $0.52 Dividend*
Increase 7.65% 5.69% -6.73% Increase
Payout Ratio EPS 26.82% 27.46% 34.67% 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-split '00
Dividend* $1.08 $1.08 $0.51 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $0.49 $0.50 $0.50 $0.50 -3.92% <-Total Growth 10 Dividends
Increase 0.00% 0.00% -52.78% -37.25% 0.00% 0.00% 0.00% 0.00% 6.25% 14.71% 10.26% 5.81% 7.69% 2.04% 0.00% 0.00% Count 35 Years of data
Average Increases 5 Year Running 2.61% 1.56% -9.60% -17.63% -18.01% -18.01% -18.01% -7.45% 1.25% 4.19% 6.24% 7.41% 8.94% 8.10% 5.16% 3.11% -3.10% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.05 $1.07 $0.96 $0.81 $0.66 $0.51 $0.36 $0.32 $0.32 $0.34 $0.36 $0.39 $0.42 $0.45 $0.48 $0.49 37.35% <-Median-> 10 Average Incr 5 Year Running
Yield H/L Price 9.36% 9.45% 6.94% 6.86% 4.66% 4.86% 6.17% 6.56% 4.92% 5.56% 5.36% 4.88% 4.14% 4.22% 5.14% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 7.35% 8.14% 5.26% 5.97% 3.80% 3.87% 5.38% 4.45% 4.12% 4.65% 4.53% 4.02% 3.34% 2.69% 4.29% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 12.89% 11.27% 10.20% 8.06% 6.03% 6.52% 7.22% 12.45% 6.09% 6.90% 6.56% 6.20% 5.42% 3.55% 6.54% <-Median-> 10 Yield on Low Price AEPS
Yield on Close Price 7.53% 10.84% 10.00% 5.97% 3.89% 6.40% 5.13% 5.73% 4.38% 5.77% 5.92% 4.06% 3.46% 2.75% 2.75% 2.56% 5.43% <-Median-> 10 Yield on Close Price CFPS
Payout Ratio EPS 432.00% 154.29% 87.93% 60.38% 50.00% 34.78% 53.33% 14.41% 61.82% 40.63% 33.08% 31.16% 25.65% 25.42% 24.63% 33.33% 37.70% <-Median-> 10 DPR EPS FCF MS
DPR EPS 5 Yr Running 120.14% 133.92% 147.55% 155.94% 122.59% 75.67% 54.74% 32.59% 32.86% 32.19% 31.97% 29.82% 34.06% 29.81% 27.40% 27.57% 33.46% <-Median-> 10 DPR EPS 5 Yr Running FCF Comp
Payout Ratio CFPS 77.74% 214.85% 77.85% 45.01% 42.08% 43.46% 43.47% 24.20% 49.80% 38.92% 31.71% 25.69% 27.42% 27.98% 40.50% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 85.56% 118.11% 152.45% 198.55% 82.37% 75.77% 49.74% 37.51% 38.23% 37.73% 35.30% 31.54% 31.90% 29.40% 37.98% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 71.22% 85.44% 49.79% 33.66% 37.16% 54.39% 53.03% 21.86% 34.65% 26.11% 24.95% 24.81% 20.78% 27.98% 29.89% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 66.34% 77.63% 89.51% 101.39% 58.93% 54.39% 44.44% 35.81% 36.01% 32.94% 28.73% 25.81% 25.09% 24.63% 35.91% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 5.14% 5.43% 5 Yr Med 5 Yr Cl 4.92% 4.38% 5 Yr Med Payout 33.08% 31.71% 24.95% 8.90% <-IRR #YR-> 5 Dividends 53.13%
* Dividends per share  10 Yr Med and Cur. -46.40% -49.28% 5 Yr Med and Cur. -43.97% -37.13% Last Div Inc ---> $0.115 $0.125 8.70% -0.40% <-IRR #YR-> 10 Dividends -3.92%
Dividends Growth 15 -4.83% <-IRR #YR-> 15 Dividends -52.43%
Dividends Growth 20 -0.67% <-IRR #YR-> 20 Dividends -12.50%
Dividends Growth 25 4.09% <-IRR #YR-> 25 Dividends 172.22%
Dividends Growth 30 4.66% <-IRR #YR-> 30 Dividends
Dividends Growth 35 6.18% <-IRR #YR-> 35 Dividends
Dividends Growth 5 -$0.32 $0.00 $0.00 $0.00 $0.00 $0.49 Dividends Growth 5
Dividends Growth 10 -$0.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.49 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 $0.49 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 $0.49 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 $0.49 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 $0.49 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 $0.49 Dividends Growth 35
Historical Dividends Historical High Div 12.58% Low Div 0.85% 10 Yr High 6.40% 10 Yr Low 3.43% Med Div 4.71% Close Div 3.98% Historical Dividends
High/Ave/Median Values Curr diff Exp. -78.10%     224.10% Exp. -56.96% -19.68% Exp. -41.51% Exp. -30.74% High/Ave/Median 
Future Dividend Yield Div Yd 4.22% earning in 5 Years at IRR of 8.90% Div Inc. 53.12% Future Dividend Yield
Future Dividend Yield Div Yd 6.46% earning in 10 Years at IRR of 8.90% Div Inc. 134.47% Future Dividend Yield
Future Dividend Yield Div Yd 9.89% earning in 15 Years at IRR of 8.90% Div Inc. 259.04% Future Dividend Yield
Future Dividend Paid Div Paid $0.77 earning in 5 Years at IRR of 8.90% Div Inc. 53.12% Future Dividend Paid
Future Dividend Paid Div Paid $1.17 earning in 10 Years at IRR of 8.90% Div Inc. 134.47% Future Dividend Paid
Future Dividend Paid Div Paid $1.80 earning in 15 Years at IRR of 8.90% Div Inc. 259.04% Future Dividend Paid
Dividend Covering Cost Total Div $2.99 over 5 Years at IRR of 8.90% Div Cov. 16.45% Dividend Covering Cost
Dividend Covering Cost Total Div $6.79 over 10 Years at IRR of 8.90% Div Cov. 37.43% Dividend Covering Cost
Dividend Covering Cost Total Div $12.62 over 15 Years at IRR of 8.90% Div Cov. 69.54% Dividend Covering Cost
Yield if held 5 years 5.49% 9.08% 3.15% 1.87% 2.46% 2.77% 2.80% 4.35% 7.29% 5.68% 6.53% 8.77% 10.04% 7.23% 7.12% 6.23% 5.02% <-Median-> 10 Paid Median Price
Yield if held 10 years 6.90% 6.12% 2.62% 1.42% 0.98% 1.63% 2.69% 1.98% 1.98% 3.00% 3.73% 3.98% 6.67% 10.72% 7.28% 7.59% 2.34% <-Median-> 10 Paid Median Price
Yield if held 15 years 10.45% 9.17% 2.61% 1.38% 1.60% 2.04% 1.81% 1.64% 1.51% 1.20% 2.19% 3.82% 3.03% 2.92% 3.85% 4.33% 1.73% <-Median-> 10 Paid Median Price
Yield if held 20 years 44.29% 37.02% 19.43% 7.66% 3.62% 3.10% 2.72% 1.64% 1.47% 1.95% 2.75% 2.58% 2.51% 2.22% 1.54% 2.54% 2.65% <-Median-> 10 Paid Median Price
Yield if held 25 years 20.62% 13.12% 10.97% 12.19% 8.14% 4.42% 4.16% 3.86% 2.50% 2.16% 2.50% 3.19% 8.14% <-Median-> 9 Paid Median Price
Yield if held 30 years 25.13% 17.63% 15.60% 18.67% 11.97% 5.66% 4.84% 18.15% <-Median-> 4 Paid Median Price
Yield if held 35 years 32.22% 20.50% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 26.70% 44.79% 29.73% 23.75% 25.46% 22.10% 15.67% 21.77% 34.73% 24.62% 27.31% 37.28% 43.14% 32.75% 33.83% 30.49% 25.04% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 59.56% 56.71% 51.49% 43.19% 28.48% 43.95% 67.15% 46.99% 40.15% 48.22% 50.09% 45.65% 70.98% 115.89% 81.87% 86.39% 46.32% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 94.22% 90.62% 56.23% 48.04% 55.92% 71.46% 62.85% 55.74% 46.74% 31.10% 48.83% 76.09% 52.63% 46.43% 56.73% 58.88% 54.18% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 420.75% 385.95% 443.62% 284.02% 136.99% 118.89% 105.82% 64.41% 55.05% 64.39% 82.95% 73.81% 66.54% 56.82% 38.39% 61.27% 78.38% <-Median-> 10 Paid Median Price
Cost covered if held 25 years 809.28% 525.32% 447.30% 504.57% 322.80% 156.13% 136.30% 122.25% 75.17% 64.86% 76.28% 98.56% 322.80% <-Median-> 9 Paid Median Price
Cost covered if held 30 years 918.17% 599.14% 513.62% 584.76% 377.02% 183.02% 159.95% 591.95% <-Median-> 4 Paid Median Price
Cost covered if held 35 years 1041.56% 678.08% #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Gwth
Revenue Growth  $544 $462 $469 $472 $548 $589 $592.2 <-12 mths 0.59% 8.23% <-Total Growth 5 Revenue Growth  8.23%
AEPS Growth $0.55 $0.59 $1.01 $1.34 $1.67 $1.93 $1.95 <-12 mths 1.04% 250.91% <-Total Growth 5 AEPS Growth 250.91%
Net Income Growth $173.9 $39.3 $66.6 $87.7 $97.6 $128.6 $132.3 <-12 mths 2.88% -26.06% <-Total Growth 5 Net Income Growth -26.06%
Cash Flow Growth $92.5 $47.8 $64.6 $87.2 $114.6 $114.9 24.24% <-Total Growth 5 Cash Flow Growth 24.24%
Dividend Growth $0.32 $0.34 $0.39 $0.43 $0.46 $0.49 $0.50 <-12 mths 2.04% 53.13% <-Total Growth 5 Dividend Growth 53.13%
Stock Price Growth $5.58 $7.76 $6.76 $7.26 $11.20 $14.16 $18.15 <-12 mths 28.18% 153.76% <-Total Growth 5 Stock Price Growth 153.76%
Revenue Growth  $450 $429 $445 $450 $437 $544 $462 $469 $472 $548 $589 $631.7 <-this year 7.31% 30.93% <-Total Growth 10 Revenue Growth  30.93%
AEPS Growth $0.58 $0.52 $0.53 $0.64 $0.71 $0.55 $0.59 $1.01 $1.34 $1.67 $1.93 $2.10 <-this year 8.81% 232.76% <-Total Growth 10 AEPS Growth 232.76%
Net Income Growth $48.0 $42.4 $51.9 $74.3 $47.9 $173.9 $39.3 $66.6 $87.7 $97.6 $128.6 $130.3 <-this year 1.34% 167.72% <-Total Growth 10 Net Income Growth 167.72%
Cash Flow Growth $52.1 $56.2 $60.1 $57.7 $57.7 $92.5 $47.8 $64.6 $87.2 $114.6 $114.9 120.36% <-Total Growth 10 Cash Flow Growth 120.36%
Dividend Growth $0.51 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $0.49 $0.53 <-this year 7.65% -3.92% <-Total Growth 10 Dividend Growth -3.92%
Stock Price Growth $5.10 $5.36 $8.22 $5.00 $6.24 $5.58 $7.76 $6.76 $7.26 $11.20 $14.16 $18.15 <-this year 28.18% 177.65% <-Total Growth 10 Stock Price Growth 177.65%
Dividends on Shares $336.96 $336.96 $159.12 $99.84 $99.84 $99.84 $99.84 $99.84 $106.08 $121.68 $134.16 $141.96 $152.88 $156.00 $156.00 $156.00 $4,789.20 Total Divs 30 Total Divs 12/31/95
Paid  $4,140.24 $2,648.88 $1,622.40 $1,956.24 $2,552.16 $1,503.84 $2,009.28 $1,896.96 $2,605.20 $2,205.84 $2,405.52 $3,329.04 $5,079.36 $5,662.80 $5,662.80 $5,662.80 $5,079.36 Worth 30 Worth $3.21
Total $9,868.56 Total
Dividends on Shares $44.28 $44.28 $20.91 $13.12 $13.12 $13.12 $13.12 $13.12 $13.94 $15.99 $17.63 $18.66 $20.09 $20.50 $20.50 $20.50 $602.91 Total Divs 25 Total Divs 12/31/00
Paid  $544.07 $348.09 $213.20 $257.07 $335.38 $197.62 $264.04 $249.28 $342.35 $289.87 $316.11 $437.47 $667.48 $744.15 $744.15 $744.15 $667.48 Worth 25 Worth $24.50
Total $1,270.39 Total
Dividends on Shares $61.76 $61.76 $61.76 $61.76 $61.76 $65.62 $75.27 $82.99 $87.82 $94.57 $96.50 $96.50 $96.50 $715.07 Total Divs 10 Total Divs 12/31/15
Paid  $1,003.60 $1,210.11 $1,578.74 $930.26 $1,242.92 $1,173.44 $1,611.55 $1,364.51 $1,488.03 $2,059.31 $3,142.04 $3,502.95 $3,502.95 $3,502.95 $3,142.04 Worth 10 Worth $5.20
Total $3,857.11 Total
Graham No. AEPS $11.50 $12.88 $12.20 $11.59 $11.89 $13.37 $13.73 $13.41 $13.98 $19.06 $22.59 $25.60 $28.59 $30.13 $30.84 $29.99 134.37% <-Total Growth 10 Graham Price AEPS
Price/GP Ratio Med 1.00 0.89 0.60 0.40 0.58 0.49 0.38 0.36 0.49 0.37 0.36 0.36 0.41 0.39 0.00 0.00 0.39 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Hi 1.28 1.03 0.80 0.46 0.71 0.62 0.43 0.54 0.59 0.44 0.42 0.44 0.51 0.62 0.00 0.00 0.49 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.73 0.74 0.41 0.34 0.45 0.37 0.32 0.19 0.40 0.30 0.29 0.29 0.32 0.47 0.00 0.00 0.32 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Cl 1.25 0.77 0.42 0.46 0.69 0.37 0.45 0.42 0.55 0.35 0.32 0.44 0.50 0.60 0.59 0.65 0.45 <-Median-> 10 Price/GP Ratio
Prem/Disc CL 24.80% -22.67% -58.20% -53.75% -30.84% -62.61% -54.57% -58.39% -44.50% -64.53% -67.86% -56.25% -50.48% -39.76% -41.15% -34.84% -55.41% <-Median-> 10 Graham Price
Graham No. EPS $7.90 $13.07 $12.20 $11.70 $13.06 $16.03 $12.63 $26.94 $13.50 $18.58 $22.25 $23.94 $28.45 $29.16 $29.63 $25.47 133.15% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 1.46 0.87 0.60 0.40 0.53 0.41 0.41 0.18 0.51 0.38 0.36 0.39 0.42 0.41 0.40 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Hi 1.86 1.02 0.80 0.46 0.64 0.52 0.47 0.27 0.61 0.45 0.43 0.47 0.52 0.64 0.47 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.06 0.73 0.41 0.34 0.41 0.31 0.35 0.10 0.41 0.30 0.29 0.31 0.32 0.48 0.31 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Cl 1.82 0.76 0.42 0.46 0.63 0.31 0.49 0.21 0.57 0.36 0.33 0.47 0.50 0.62 0.61 0.77 0.46 <-Median-> 10 Price/GP Ratio
Prem/Disc CL 81.71% -23.78% -58.20% -54.19% -37.06% -68.81% -50.58% -79.29% -42.52% -63.62% -67.37% -53.21% -50.22% -37.76% -38.74% -23.27% -53.70% <-Median-> 10 Graham Price
Month Year 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 27.00 <Count Years> Month, Year
Price Close Dec Class B $13.27 $8.49 $5.20 $6.27 $8.18 $4.82 $6.44 $6.08 $8.35 $7.07 $7.71 $10.67 $16.28 $18.15 $18.15 $18.15 213.08% <-Total Growth 10 Stock Price
Increase 33.77% -36.02% -38.75% 20.58% 30.46% -41.08% 33.61% -5.59% 37.34% -15.33% 9.05% 38.39% 52.58% 11.49% 0.00% 0.00% 10.28 <-Median-> 10 CAPE (10 Yr P/E)
P/E 53.08 12.13 8.97 11.83 12.78 5.24 10.73 2.74 15.18 7.36 5.93 7.31 8.52 9.23 8.94 12.10 21.77% <-IRR #YR-> 5 Stock Price 167.76%
Trailing P/E 24.13 33.96 7.43 10.81 15.43 7.53 7.00 10.13 3.76 12.85 8.03 8.21 11.15 9.50 9.23 8.94 12.09% <-IRR #YR-> 10 Stock Price 213.08%
CAPE (10 Yr P/E) 16.80 16.16 15.17 14.04 13.75 14.02 13.51 10.34 10.21 9.33 7.62 7.25 7.38 7.48 7.45 8.07 26.50% <-IRR #YR-> 5 Price & Dividend 207.65%
Median 10, 5 Yrs D.  per yr 4.38% 4.73% % Tot Ret 27% 17.83% Price Inc 37.34% P/E:  7.94 7.36 16.47% <-IRR #YR-> 10 Price & Dividend 294.13%
Price  15 D.  per yr 3.26% % Tot Ret 158.26% -1.20% <-IRR #YR-> 15 Stock Price -16.56%
Price  20 D.  per yr 3.45% % Tot Ret 182.58% -1.56% <-IRR #YR-> 20 Stock Price -27.00%
Price  25 D.  per yr 2.89% % Tot Ret 227.81% -1.62% <-IRR #YR-> 25 Stock Price -33.55%
Price  30 D.  per yr 7.16% % Tot Ret 56.29% 5.56% <-IRR #YR-> 30 Stock Price
Price  35 D.  per yr 8.65% % Tot Ret 53.05% 7.66% <-IRR #YR-> 35 Stock Price
Price & Dividend 15 2.06% <-IRR #YR-> 15 Price & Dividend 32.37%
Price & Dividend 20 1.89% <-IRR #YR-> 20 Price & Dividend 33.65%
Price & Dividend 25 1.27% <-IRR #YR-> 25 Price & Dividend 27.20%
Price & Dividend 30 12.72% <-IRR #YR-> 30 Price & Dividend
Price & Dividend 35 16.31% <-IRR #YR-> 35 Price & Dividend
Price  5 -$6.08 $0.00 $0.00 $0.00 $0.00 $16.28 Price  5
Price 10 -$5.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.28 Price 10
Price & Dividend 5 -$6.08 $0.34 $0.39 $0.43 $0.46 $16.77 Price & Dividend 5
Price & Dividend 10 -$5.20 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $16.77 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 $16.28 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 $16.28 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 $16.28 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 $16.28 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 $16.28 Price  35
Price & Dividend 15 $1.08 $1.08 $0.51 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $16.77 Price & Dividend 15
Price & Dividend 20 $1.08 $1.08 $0.51 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $16.77 Price & Dividend 20
Price & Dividend 25 $1.08 $1.08 $0.51 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $16.77 Price & Dividend 25
Price & Dividend 30 $1.08 $1.08 $0.51 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $16.77 Price & Dividend 30
Price & Dividend 35 $1.08 $1.08 $0.51 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $16.77 Price & Dividend 35
Month Year Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-26 Nov-27 Nov-28 33.00 <Count Years> Month, Year
Price Close Nov $14.35 $9.96 $5.10 $5.36 $8.22 $5.00 $6.24 $5.58 $7.76 $6.76 $7.26 $11.20 $14.16 $18.15 $18.15 $19.54 177.65% <-Total Growth 10 Stock Price
Increase 62.51% -30.59% -48.80% 5.10% 53.36% -39.17% 24.80% -10.58% 39.07% -12.89% 7.40% 54.27% 26.43% 28.18% 0.00% 7.66% 10.75% <-IRR #YR-> 10 Stock Price 177.65%
P/E 57.40 14.23 8.79 10.11 12.84 5.43 10.40 2.51 14.11 7.04 5.58 7.67 7.41 9.23 8.94 13.03 20.47% <-IRR #YR-> 5 Stock Price 153.76%
Trailing P/E 26.09 39.84 7.29 9.24 15.51 7.81 6.78 9.30 3.50 12.29 7.56 8.62 9.70 9.50 9.23 9.63 15.43% <-IRR #YR-> 10 Price & Dividend 260.29%
Median 10, 5 Yrs D.  per yr 4.67% 5.25% % Tot Ret 30.30% 20.41% Price Inc 26.43% P/E:  7.54 7.41 25.72% <-IRR #YR-> 5 Price & Dividend 197.22%
-$5.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.16
-$5.58 $0.00 $0.00 $0.00 $0.00 $14.16
-$5.10 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $14.65
-$5.58 $0.34 $0.39 $0.43 $0.46 $14.65
Price H/L Median $11.54 $11.43 $7.35 $4.67 $6.87 $6.59 $5.19 $4.88 $6.92 $7.02 $8.02 $9.33 $11.85 $11.85 7.66% 61.22% <-Total Growth 10 Stock Price
Increase -11.23% -1.00% -35.67% -36.53% 47.16% -4.01% -21.24% -5.97% 41.70% 1.52% 14.25% 16.33% 27.01% 0.00% 2.75% 4.89% <-IRR #YR-> 10 Stock Price 61.22%
P/E 46.16 16.32 12.67 8.80 10.73 7.16 8.65 2.20 12.57 7.31 6.17 6.39 6.20 6.02 10.41% 19.42% <-IRR #YR-> 5 Stock Price 142.83%
Trailing P/E 20.98 45.70 10.50 8.04 12.95 10.30 5.64 8.13 3.11 12.76 8.35 7.18 8.12 6.20 8.91% <-IRR #YR-> 10 Price & Dividend 118.57%
P/E on Running 5 yr Aveage 13.20 14.35 11.27 8.94 12.71 9.78 7.94 4.97 7.01 6.69 7.12 7.19 9.59 7.80 25.52% <-IRR #YR-> 5 Price & Dividend 192.52%
P/E on Running 10 yr Aveage 10.65 10.68 7.16 4.88 8.34 8.51 7.16 5.97 9.17 8.83 8.91 9.56 10.69 9.46 12.79 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.02% 6.10% % Tot Ret 45.09% 23.92% Price Inc 16.33% P/E:  7.24 6.39 Count 33 Years of data
-$7.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.85
-$4.88 $0.00 $0.00 $0.00 $0.00 $11.85
-$7.35 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.39 $0.43 $0.46 $12.34
-$4.88 $0.34 $0.39 $0.43 $0.46 $12.34
Month Nov 13 Dec 13 Dec 14 Nov 16 Nov 17 Dec 17 Apr 19 Feb 20 Nov 21 Dec 21 Mar 23 Nov 24 Nov 25 Jan 26
Pre-split '00
Price High $14.70 $13.27 $9.70 $5.36 $8.42 $8.27 $5.95 $7.19 $8.25 $8.39 $9.49 $11.32 $14.66 $18.58 51.13% <-Total Growth 10 Stock Price
Increase -14.93% -9.73% -26.90% -44.74% 57.09% -1.78% -28.05% 20.84% 14.74% 1.70% 13.11% 19.28% 29.51% 26.74% 4.22% <-IRR #YR-> 10 Stock Price 51.13%
P/E 58.80 18.96 16.72 10.11 13.16 8.99 9.92 3.24 15.00 8.74 7.30 7.75 7.68 9.45 15.31% <-IRR #YR-> 5 Stock Price 103.89%
Trailing P/E 26.73 53.08 13.86 9.24 15.89 12.92 6.47 11.98 3.72 15.25 9.89 8.71 10.04 9.73 15.65 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 14.74% P/E:  8.86 7.75 23.15 P/E Ratio Historical High
-$9.70 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.66
-$7.19 $0.00 $0.00 $0.00 $0.00 $14.66
Month Dec 12 Oct 13 Oct 15 Jan 16 Dec 16 Nov 18 Dec 19 Mar 20 Dec 20 Jan 22 Dec 22 Dec 23 Apr 25 Dec 25
Pre-split '00
Price Low $8.38 $9.58 $5.00 $3.97 $5.31 $4.91 $4.43 $2.57 $5.58 $5.65 $6.55 $7.34 $9.04 $14.09 80.80% <-Total Growth 10 Stock Price
Increase -3.90% 14.32% -47.81% -20.60% 33.75% -7.53% -9.78% -41.99% 117.12% 1.25% 15.93% 12.06% 23.16% 55.86% 6.10% <-IRR #YR-> 10 Stock Price 80.80%
P/E 33.52 13.69 8.62 7.49 8.30 5.34 7.38 1.16 10.15 5.89 5.04 5.03 4.73 7.16 28.60% <-IRR #YR-> 5 Stock Price 251.75%
Trailing P/E 15.24 38.32 7.14 6.84 10.02 7.67 4.82 4.28 2.51 10.27 6.82 5.65 6.19 7.38 9.04 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 15.93% P/E:  5.61 5.04 5.89 P/E Ratio Historical Low
-$5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.04
-$2.57 $0.00 $0.00 $0.00 $0.00 $9.04
Free Cash Flow Mkt Sc $54.8 $70.3 $80.4 $95.4 $117.6 $154.6 $134.9 $113.0 <-Total Growth 4 Free Cash Flow Mkt Sc
Change 28.28% 14.37% 18.66% 23.27% 31.46% -12.74% -16.23% 20.96% <-Median-> 4 Change
Free Cash Flow WSJ $34.1 $47.7 $81.7 $108.0 $106.7 <-Total Growth 4 Free Cash Flow WSJ
Change 40.20% 71.06% 32.20% -1.17% 36.20% <-Median-> 4 Change
Free Cash Flow MS '2023 $0.89 $14.67 $21.47 $41.52 $50.12 $25.32 $36.85 $40.92 $9.08 $30.03
Free Cash Flow MS' 2024 $118 $41.723 $47.698 $49.827 $57.518 $54.178 $62.523 $89 $35 $30.00 $84.00 $87.72 $107.04 $154.6 $134.9 $113.0 124.41% <-Total Growth 10 Free Cash Flow
Change 200.85% -64.64% 14.32% 4.46% 15.44% -5.81% 15.40% 42.35% -60.67% -14.28% 179.97% 4.43% 22.02% 44.43% -12.74% -16.23% 3.76% <-IRR #YR-> 5 Free Cash Flow MS 20.27%
FCF/CF from Op Ratio 1.35 0.49 0.60 0.63 0.73 0.69 0.80 1.27 0.50 0.47 1.31 1.36 1.67 2.41 2.10 1.76 8.42% <-IRR #YR-> 10 Free Cash Flow MS 124.41%
Dividends paid $91.51 $90.65 $41.99 $25.08 $25.08 $25.08 $24.87 $24.61 $23.51 $26.22 $26.22 $25.04 $31.21 $29.12 $30.53 $31.43 -25.67% <-Total Growth 10 Dividends paid
Percentage paid 50.33% 43.60% 46.30% 39.78% 27.65% 67.16% 87.37% 31.21% 28.54% 29.16% 18.83% 22.63% 27.81% $0.42 <-Median-> 10 Percentage paid
5 Year Covrage -167.96% 242.77% 87.15% 82.84% 52.29% 39.84% 41.30% 45.91% 41.73% 38.56% 38.45% 29.74% 25.01% 24.67% 5 Year Covrage
Dividend Coverage Ratio 1.29 0.46 1.14 1.99 2.29 2.16 2.51 3.62 1.49 1.14 3.20 3.50 3.43 5.31 4.42 3.60 2.40 <-Median-> 10 Dividend Coverage Ratio
5 Year of Covereage -0.60 0.41 1.15 1.21 1.91 2.51 2.42 2.18 2.40 2.59 2.60 3.36 4.00 4.05 5 Year of Coverage
-$89 $0 $0 $0 $0 $107
-$48 $0 $0 $0 $0 $0 $0 $0 $0 $0 $107
Free Cash Flow company $102.3 $82.0 $67.8 $61.5 $58.7 $41.4 $25.8 $46.1 $54.8 $70.3 $83.4 $95.4 $117.6 $154.6 $134.9 $113.0 73.45% <-Total Growth 10 Free Cash Flow Mk Sc agres with this one.
Change 6.78% -19.84% -17.32% -9.29% -4.55% -29.47% -37.68% 78.68% 18.87% 28.28% 18.63% 14.39% 23.27% 31.46% -12.74% -16.23% 20.60% <-IRR #YR-> 5 Free Cash Flow MS 155.10%
FCF/CF from Op Ratio 9.90 4.14 8.71 8.16 5.43 6.10 3.04 10.92 4.82 10.42 15.58 15.09 14.84 15.22 #DIV/0! #DIV/0! 5.66% <-IRR #YR-> 10 Free Cash Flow MS 73.45%
Dividends paid $91.51 $90.65 $41.99 $25.08 $25.08 $25.08 $24.87 $24.61 $23.51 $26.22 $26.22 $25.04 $31.21 $29.12 $30.53 $31.43 -25.67% <-Total Growth 10 Dividends paid
Percentage paid 40.78% 42.73% 60.59% 96.41% 53.38% 42.90% 37.29% 31.43% 26.25% 26.54% 18.83% 22.63% 27.81% $0.42 <-Median-> 10 Percentage paid
5 Year Covrage 84.21% 83.17% 73.68% 66.76% 55.68% 53.42% 54.30% 52.14% 44.73% 35.88% 31.36% 26.43% 24.26% 23.94% 5 Year Covrage
Dividend Coverage Ratio 1.12 0.90 1.61 2.45 2.34 1.65 1.04 1.87 2.33 2.68 3.18 3.81 3.77 5.31 4.42 3.60 2.40 <-Median-> 10 Dividend Coverage Ratio
5 Year of Covereage 1.19 1.20 1.36 1.50 1.80 1.87 1.84 1.92 2.24 2.79 3.19 3.78 4.12 4.18 5 Year of Coverage
-$46 $0 $0 $0 $0 $118
-$68 $0 $0 $0 $0 $0 $0 $0 $0 $0 $118
This is large cap for CDN market, but only mid Cap for US This is large cap for CDN market, but only mid Cap for US
Market Cap M$ $1,251 $854 $406 $423 $650 $392 $489 $390 $543 $436 $467 $725 $910 $1,167 $1,167 $1,256 124.26% <-Total Growth 10 Market Cap
Diluted # of Sh in Million 88.69 87.38 83.58 80.25 81.25 80.64 79.67 78.36 71.66 69.44 67.23 66.92 67.49 67.49 -19.26% <-Total Growth 10 Diluted
Change -6.58% -1.47% -4.35% -3.99% 1.24% -0.75% -1.20% -1.65% -8.55% -3.10% -3.17% -0.47% 0.85% 0.00% -1.42% <-Median-> 10 Change
Difference Diluted/Basic -0.6% -1.6% -1.5% -1.2% -2.4% -1.7% -0.5% -1.3% -2.3% -1.5% 1.1% -3.6% -4.0% 16.7% -1.56% <-Median-> 10 Difference Diluted/Basic
Average # of Shares in Million 88.16 86.00 82.30 79.28 79.33 79.29 79.29 77.33 70.01 68.43 67.96 64.51 64.77 78.74 -21.30% <-Total Growth 10 Basic
Change -6.33% -2.45% -4.31% -3.67% 0.06% -0.05% 0.00% -2.48% -9.46% -2.26% -0.69% -5.07% 0.40% 21.57% -1.47% <-Median-> 10 Change
Difference Basic/Outstanding -1.2% -0.3% -3.3% -0.3% -0.3% -1.2% -1.2% -9.6% 0.0% -5.8% -5.3% 0.3% -0.8% -18.4% -1.00% <-Median-> 10 Difference Basic/Outstanding
Class A Shares 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.00% <-Total Growth 10 Class A Shares
Class B Shares 87.09 85.70 79.52 78.95 79.02 78.26 78.26 69.87 69.96 64.41 64.27 64.64 64.22 64.22 64.22 64.22 -19.24% <-Total Growth 10 Class B Shares
Pre-split '98
Pre-split '00
# of Share in M 87.15 85.76 79.58 79.01 79.08 78.32 78.32 69.93 70.01 64.47 64.33 64.70 64.27 64.27 64.27 64.27 -2.11% <-IRR #YR-> 10 Shares -19.23%
Change -2.21% -1.59% -7.21% -0.71% 0.08% -0.96% 0.00% -10.72% 0.13% -7.93% -0.21% 0.58% -0.66% 0.00% -1.67% <-IRR #YR-> 5 Shares -8.08%
Cash Flow from Operations $Millon $121.07 $43.11 $52.13 $56.18 $60.13 $57.67 $57.65 $92.46 $47.80 $64.60 $87.24 $114.59 $114.87 $114.87 120.36% <-Total Growth 10 Cash Flow
Increase 212.45% -64.39% 20.92% 7.77% 7.04% -4.10% -0.02% 60.37% -48.30% 35.14% 35.04% 31.35% 0.24% 0.00% DRIP SO S. Issue Buy Backs
5 year Running Average $111.0 $81.7 $56.4 $33.0 $66.5 $53.8 $56.7 $64.8 $63.1 $64.0 $70.0 $81.3 $85.8 $99.2 52.14% <-Total Growth 10 CF 5 Yr Running
CFPS $1.39 $0.50 $0.66 $0.71 $0.76 $0.74 $0.74 $1.32 $0.68 $1.00 $1.36 $1.77 $1.79 $1.79 172.81% <-Total Growth 10 Cash Flow per Share
Increase 214.99% -63.82% 30.32% 8.54% 6.95% -3.17% -0.02% 79.62% -48.36% 46.77% 35.33% 30.59% 0.91% 0.00% 8.22% <-IRR #YR-> 10 Cash Flow 120.36%
5 year Running Average $1.23 $0.90 $0.63 $0.41 $0.80 $0.67 $0.72 $0.85 $0.85 $0.90 $1.02 $1.23 $1.32 $1.54 4.44% <-IRR #YR-> 5 Cash Flow 24.24%
P/CF on Med Price 8.31 22.73 11.22 6.56 9.03 8.95 7.05 3.69 10.13 7.01 5.91 5.27 6.63 6.63 10.56% <-IRR #YR-> 10 Cash Flow per Share 172.81%
P/CF on Closing Price 10.33 19.81 7.79 7.54 10.81 6.79 8.48 4.22 11.37 6.75 5.35 6.32 7.92 10.16 6.21% <-IRR #YR-> 5 Cash Flow per Share 35.16%
48.96% Diff M/C 7.66% <-IRR #YR-> 10 CFPS 5 yr Running 109.15%
Excl.Working Capital CF $11.08 $65.30 $29.37 $18.94 $7.97 -$11.59 -$10.39 $9.92 $20.90 $31.69 $23.61 $4.07 $36.72 $0.00 9.12% <-IRR #YR-> 5 CFPS 5 yr Running 54.69%
CF fr Op $M WC $132.16 $108.41 $81.50 $75.11 $68.10 $46.08 $47.26 $102.38 $68.71 $96.29 $110.85 $118.66 $151.59 $114.87 86.00% <-Total Growth 10 Cash Flow less WC
Increase 300.13% -17.97% -24.82% -7.84% -9.33% -32.34% 2.57% 116.60% -32.89% 40.15% 15.13% 7.04% 27.75% -24.23% 6.40% <-IRR #YR-> 10 Cash Flow less WC 86.00%
5 year Running Average $143.2 $123.6 $95.3 $66.2 $93.1 $75.8 $63.6 $67.8 $66.5 $72.1 $85.1 $99.4 $109.2 $118.5 8.17% <-IRR #YR-> 5 Cash Flow less WC 48.07%
CFPS Excl. WC $1.52 $1.26 $1.02 $0.95 $0.86 $0.59 $0.60 $1.46 $0.98 $1.49 $1.72 $1.83 $2.36 $1.79 1.37% <-IRR #YR-> 10 CF less WC 5 Yr Run 14.60%
Increase 304.65% -16.64% -18.98% -7.18% -9.41% -31.68% 2.57% 142.60% -32.97% 52.21% 15.37% 6.43% 28.60% -24.23% 10.01% <-IRR #YR-> 5 CF less WC 5 Yr Run 61.12%
5 year Running Average $1.58 $1.37 $1.07 $0.80 $1.12 $0.94 $0.81 $0.89 $0.90 $1.03 $1.25 $1.50 $1.68 $1.84 8.70% <-IRR #YR-> 10 CFPS - Less WC 130.27%
P/CF on Med Price 7.61 9.04 7.18 4.91 7.97 11.20 8.60 3.33 7.05 4.70 4.65 5.09 5.02 6.63 10.01% <-IRR #YR-> 5 CFPS - Less WC 61.09%
P/CF on Closing Price 9.46 7.88 4.98 5.64 9.54 8.50 10.34 3.81 7.91 4.53 4.21 6.11 6.00 10.16 4.56% <-IRR #YR-> 10 CFPS 5 yr Running 56.15%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 6.82 5 yr  6.63 P/CF Med 10 yr 5.06 5 yr  5.02 100.88% Diff M/C 13.43% <-IRR #YR-> 5 CFPS 5 yr Running 87.80%
-$1.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.68 5 yr Running Average
-$0.89 $0.00 $0.00 $0.00 $0.00 $1.68 5 yr Running Average
Net change in non-cash WC $5.716
Accounts receivable and other $6.946 $2.117 -$12.288 $4.515 -$5.625 $7.151 $4.188 -$0.075 -$2.818 -$2.097 -$4.228 -$7.225
Other assets -$1.621 -$8.445 $1.000 $0.000 -$1.192 -$0.330 -$3.950 $3.416 $0.681 -$0.199 $4.148 -$0.406
Accounts payable and -$11.939 $9.269 -$4.097 -$4.081 $4.770 $3.576 -$16.094 $5.027 -$13.172 -$2.901 $11.385 -$2.623
Other liabilities -$7.265 $1.863 $2.933 -$0.080 -$3.994 -$0.574 -$0.240 $0.889 -$1.098 $6.982 $8.954 $9.924
Interest expense
Gain Short Term Investments
Income tax expense
Income taxes paid (refunded) -$23.048 -$59.055 -$43.548 -$14.698 -$16.889 $7.701 -$2.233 $2.454 -$34.732 -$15.373 -$28.656 -$26.096 -$37.688 TD bank chged to include
Share of profits from Associates etc Inc Taxes paid in 2022
Distributions from associate etc $6.249 $7.636 $9.370 $8.214 $8.562 $9.926 $2.798 $3.723 $4.573 $0.093 $3.258 $1.765 $1.294 "*new in 2016
                         
Sum -$11.083 -$65.298 -$29.374 -$18.936 -$7.973 $11.586 $10.388 -$9.919 -$20.902 -$31.687 -$23.613 -$4.072 -$36.724
Google - TD Bank $32.47 -$45.25 -$13.79 -$7.14 -$7.97 $12 $10 -$10 -$21 -$26 -$24 -$4 -$37
Difference -$43.55 -$20.05 -$15.58 -$11.80 $0.00 $0 $0 $0 $0 -$6 $0 $0 $0
TD Bank in 2019 + 2023 -$65 -$29 -$19 -$8 -$16 $9 $15 -$15
Difference $0 $0 $0 $0 -$25 -$6
TD Bank in 2020/24 $14 $4 $9 $4 $10 -$10 -$21 -$32
Difference -$43 -$23 -$17 $8 $0 $0 $0 $0
Google chged to in 2018 -$65.30 -$29.37 -$18.94 2024 2024
Difference $0.00 $0.00 $0.00
OPM 24.99% 9.28% 11.59% 13.10% 13.50% 12.81% 13.20% 17.00% 10.35% 13.77% 18.49% 20.90% 19.51% 18.18% 68.30% <-Total Growth 10 OPM
Increase -218.41% -62.86% 24.92% 13.03% 3.01% -5.11% 3.07% 28.75% -39.09% 33.03% 34.24% 13.05% -6.65% -6.81% Should increase or be stable.
Diff from Median 83.2% -31.9% -15.0% -3.9% -1.0% -6.1% -3.2% 24.7% -24.1% 1.0% 35.6% 53.3% 43.1% 33.3% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 13.64% 5 Yrs 18.49% should be zero, it is a check on calculations
$193 <-12 mths 3.64%
Adjusted EBITDA $163.30 $154.9 $128.7 $107.9 $106.4 $110.2 $120.3 $113.2 $127.7 $143.0 $132.5 $166.4 $186.0 $202.6 $210.4 $173.0 44.52% <-Total Growth 10 Adjusted EBITDA Bef. Comm.
Change -13.60% -5.14% -16.91% -16.16% -1.39% 3.57% 9.17% -5.90% 12.81% 11.98% -7.34% 25.58% 11.78% 8.92% 3.85% -17.78% 6.37% <-Median-> 10 Change
Margin 33.70% 33.35% 28.63% 25.17% 23.89% 24.48% 27.55% 20.81% 27.66% 30.49% 28.08% 30.35% 31.60% 32.07% 32.04% 27.37% 27.60% <-Median-> 10 Margin
EBIT $55.4 $90.0 $119.9 $132.3 $169.5 $176.3 $177.4 $140.1 <-Total Growth 4 EBIT
Change 62.28% 33.30% 10.34% 28.12% 4.01% 0.62% -21.03% 30.71% <-Median-> 4 Change
Margin 12.01% 19.18% 25.41% 24.13% 28.79% 27.91% 27.02% 22.16% 24.13% <-Median-> 5 Margin
Long Term Debt $307.90 $308.20 $268.78 $188.21 $138.61 $188.61 $207.28 $0.00 $0.00 $21.59 $5.82 $46.77 $66.88 $66.88 -75.12% <-Total Growth 10 Debt Type
Change 0.10% -12.79% -29.98% -26.35% 36.07% 9.90% -100.00% 0.00% 0.00% -73.03% 703.25% 42.98% 0.00% 0.00% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 0.25 0.36 0.66 0.44 0.21 0.48 0.42 0.00 0.00 0.05 0.01 0.06 0.07 0.06 0.07 <-Median-> 10 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 10.97 16.74 19.82 17.01 17.10 19.09 15.78 14.88 15.66 18.08 16.86 13.56 13.32 13.32 16.32 <-Median-> 10 Assets/Current Liab Ratio Liquidity
Current Liabilities/Asset Ratio 0.15 0.10 0.08 0.09 0.08 0.08 0.09 0.09 0.08 0.07 0.08 0.10 0.11 0.11 0.09 <-Median-> 10 Current Liab/Asset Ratio Liq. + CF
Debt to Cash Flow (Years) 2.54 7.15 5.16 3.35 2.31 3.27 3.60 0.00 0.00 0.33 0.07 0.41 0.58 0.58 0.50 <-Median-> 10 Debt to Cash Flow (Years) Debt Ratio
Leverage
Intangibles $708.5 $702.3 $697.9 $694.9 $690.8 $690.4 $690.5 $690.4 $690.3 $690.2 $690.2 $773.3 $772.6 $772.6 10.71% <-Total Growth 10 Intangibles D/E Ratio
Goodwill $244.5 $244.5 $250.0 $250.5 $250.8 $250.8 $250.8 $250.8 $250.8 $250.8 $250.8 $274.0 $274.0 $274.0 9.61% <-Total Growth 10 Goodwill
Total $953.0 $946.9 $947.8 $945.4 $941.7 $941.3 $941.4 $941.3 $941.1 $941.1 $941.0 $1,047.3 $1,046.6 $1,046.6 10.42% <-Total Growth 10 Total Intangibles include Management contracts.
Change 0.39% -0.65% 0.10% -0.26% -0.39% -0.04% 0.01% -0.01% -0.01% -0.01% -0.01% 11.30% -0.06% 0.00% -0.01% <-Median-> 10 Change see 2026 annual report.
Intangible/Market Cap Ratio 0.76 1.11 2.34 2.23 1.45 2.40 1.93 2.41 1.73 2.16 2.01 1.45 1.15 0.90 1.97 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $431.3 $327.6 $112.5 $118.3 $91.9 $129.0 $123.2 $150.3 $153.0 $122.5 $116.9 $125.7 $131.1 $131.1 Liq ratio of 1.5 and up, best
Current Liabilities $147.5 $90.3 $72.5 $80.1 $78.0 $74.3 $87.5 $90.5 $86.8 $75.7 $84.3 120.4 131.0 $131.0 1.44 <-Median-> 10 Ratio
Liquidity 2.92 3.63 1.55 1.48 1.18 1.74 1.41 1.66 1.76 1.62 1.39 1.04 1.00 1.00 1.39 <-Median-> 5 Ratio
Liq. with CF aft div 3.11 3.08 1.71 1.86 1.63 2.18 1.78 2.43 2.04 2.14 2.09 1.75 1.64 1.63 2.04 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  3.11 3.08 1.71 1.86 1.63 2.18 1.78 2.43 2.04 2.14 2.09 1.75 1.64 1.63 2.04 <-Median-> 5 Ratio
Assets 1,617.9 1,511.4 1,436.9 1,362.9 1,333.5 1,417.7 1,380.3 1,347.5 1,359.4 1,369.0 1,420.3 1,632.7 1,745.2 $1,745.2 Debt Ratio of 1.5 and up, best
Liabilities 651.6 581.6 526.1 454.8 399.3 445.3 455.5 331.4 328.2 338.4 331.4 473.6 510.2 $510.2 3.43 <-Median-> 5 Ratio
Debt Ratio 2.48 2.60 2.73 3.00 3.34 3.18 3.03 4.07 4.14 4.04 4.29 3.45 3.42 3.42 4.04 <-Median-> 5 Ratio
Estimates BVPS $20.19 Estimates Estimates BVPS
Estimate Book Value $1,297.7 Estimates Estimate Book Value
P/B Ratio (Close) 0.90 Estimates P/B Ratio (Close)
Difference from 10 year median 90.59% Diff M/C Estimates Difference from 10 yr med.
Total Book Value $966.2 $929.8 $910.9 $908.1 $934.2 $972.4 $924.8 $1,016.2 $1,031.1 $1,030.5 $1,088.9 $1,159.1 $1,235.1 $1,235.1
Non-Cont Int. 0.0 0.0 3.1 1.1 -2.5 0.0 0.0 0.0 0.0 0.0 0.0 30.7 24.8 0.0
Book Value $966.2 $929.8 $907.7 $906.9 $936.8 $972.4 $924.8 $1,016.2 $1,031.1 $1,030.5 $1,088.9 $1,128.4 $1,210.3 $1,235.1 $1,235 $1,235 33.33% <-Total Growth 10 Book Value
Book Value per share $11.09 $10.84 $11.41 $11.48 $11.85 $12.42 $11.81 $14.53 $14.73 $15.99 $16.93 $17.44 $18.83 $19.22 $19.22 $19.22 65.07% <-Total Growth 10 Book Value
Change -6.33% -2.22% 5.22% 0.63% 3.20% 4.81% -4.90% 23.07% 1.34% 8.55% 5.89% 3.04% 7.96% 2.05% 0.00% 0.00% -24.24% P/B Ratio Current/Historical Median
P/BV Median 1.04 1.05 0.64 0.41 0.58 0.53 0.44 0.34 0.47 0.44 0.47 0.53 0.63 0.62 0.00 0.00 1.25 P/B Ratio Historical Median
P/BV Close 1.29 0.92 0.45 0.47 0.69 0.40 0.53 0.38 0.53 0.42 0.43 0.64 0.75 0.94 0.94 1.02 5.14% <-IRR #YR-> 10 Book Value
Change 73.50% -29.02% -51.33% 4.44% 48.60% -41.96% 31.23% -27.34% 37.23% -19.75% 1.43% 49.72% 17.11% 25.60% 0.00% 7.66% 5.32% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.67 1.63 1.58 1.50 1.42 1.46 1.49 1.33 1.32 1.33 1.30 1.45 1.44 1.41 1.33 <-Median-> 5 A/BV
Debt/Equity Ratio 0.67 0.63 0.58 0.50 0.43 0.46 0.49 0.33 0.32 0.33 0.30 0.41 0.41 0.41 0.33 <-Median-> 5 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 0.47 5 yr Med 0.47 100.26% Diff M/C 2.10 Historical 30 A/BV
-$11.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.83
-$14.53 $0.00 $0.00 $0.00 $0.00 $18.83
Comprehensive Income $30.38 $65.23 $61.67 $25.90 $50.41 $71.04 $49.35 $173.94 $39.61 $66.69 $87.57 $96.65 $127.93 107.46% <-Total Growth 10 Comprehensive Income
NCI -$0.03 $0.00 $0.00 -$1.63 -$3.67 -$0.93 -$0.93 -$0.93 -$0.93 -$0.93 -$0.93 -$1.26 -$1.26 #DIV/0! <-Total Growth 10 NCI
Shareholders $30.42 $65.23 $61.67 $27.53 $54.08 $71.98 $50.28 $174.87 $40.54 $67.62 $88.50 $97.91 $129.19 109.51% <-Total Growth 10 Shareholders
Increase -28.51% 114.47% -5.47% -55.35% 96.42% 33.09% -30.14% 247.79% -76.82% 66.79% 30.88% 10.63% 31.95% 30.88% <-Median-> 5 Comprehensive Income
5 Yr Running Average $79.34 $71.93 $60.89 $45.48 $47.79 $56.10 $53.11 $75.75 $78.35 $81.06 $84.36 $93.89 $84.75 7.68% <-IRR #YR-> 10 Comprehensive Income 109.51%
ROE 3.1% 7.0% 6.8% 3.0% 5.8% 7.4% 5.4% 17.2% 3.9% 6.6% 8.1% 8.4% 10.5% -5.88% <-IRR #YR-> 5 Comprehensive Income -26.12%
5Yr Median 8.2% 7.0% 6.8% 4.0% 5.8% 6.8% 5.8% 5.8% 5.8% 6.6% 6.6% 8.1% 8.1% -17.89% <-IRR #YR-> 10 5 Yr Running Average 86.36%
% Difference from NI 35.5% 6.5% 28.0% -35.2% 4.6% -3.1% 5.1% 0.6% 3.2% 1.5% 0.9% -2.3% -1.5% 2.27% <-IRR #YR-> 5 5 Yr Running Average 11.89%
Median Values Diff 5, 10 yr 0.7% 0.9% 8.1% <-Median-> 5 Return on Equity
-$61.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $129.2
-$174.9 $0.0 $0.0 $0.0 $0.0 $129.2
-$60.9 -$45.5 -$47.8 -$56.1 -$53.1 -$75.7 $0.0 $0.0 $0.0 $0.0 $84.8
-$75.7 $0.0 $0.0 $0.0 $0.0 $84.8
Current Liability Coverage Ratio 0.90 1.20 1.12 0.94 0.87 0.62 0.54 1.13 0.79 1.27 1.32 0.99 1.16 0.88   CFO / Current Liabilities
5 year Median 0.11 0.11 0.90 0.94 0.94 0.94 0.87 0.87 0.79 0.79 1.13 1.13 1.16 1.16 1.16 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 8.17% 7.17% 5.67% 5.51% 5.11% 3.25% 3.42% 7.60% 5.05% 7.03% 7.80% 7.27% 8.69% 6.58% CFO / Total Assets
5 year Median 4.22% 4.25% 5.67% 5.67% 5.67% 5.51% 5.11% 5.11% 5.05% 5.05% 7.03% 7.27% 7.27% 7.27% 7.3% <-Median-> 5 Return on Assets 
Return on Assets ROA 1.39% 4.05% 3.34% 3.11% 3.89% 5.24% 3.47% 12.91% 2.89% 4.87% 6.17% 5.98% 7.37% 7.47% Net  Income/Assets Return on Assets
5Yr Median 2.15% 2.22% 3.10% 3.11% 3.34% 3.89% 3.47% 3.89% 3.89% 4.87% 4.87% 5.98% 5.98% 6.17% 6.0% <-Median-> 5 Asset Efficiency Ratio
Return on Equity ROE 2.32% 6.59% 5.29% 4.68% 5.54% 7.64% 5.18% 17.11% 3.81% 6.47% 8.05% 8.65% 10.62% 10.55% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 6.98% 6.57% 5.60% 4.77% 4.88% 5.95% 5.66% 8.03% 7.86% 8.04% 8.12% 8.82% 7.52% 8.87% 8.1% <-Median-> 5 Return on Equity
$132.28 <-12 mths 2.88%
Net Income $22.41 $61.26 $48.03 $40.78 $48.19 $73.35 $47.86 $173.91 $39.30 $66.65 $87.70 $96.31 $127.83
NCI -$0.03 $0.00 $0.00 -$1.63 -$3.67 -$0.93 $0.00 $0.00 $0.00 $0.00 $0.00 -$1.26 -$0.75
Shareholders $22.45 $61.26 $48.03 $42.41 $51.86 $74.28 $47.86 $173.91 $39.30 $66.65 $87.70 $97.57 $128.58 $130.3 $132.9 $96.8 167.72% <-Total Growth 10 Net Income
Increase -57.05% 172.89% -21.59% -11.70% 22.28% 43.25% -35.57% 263.38% -77.40% 69.60% 31.59% 11.26% 31.78% 1.34% 2.00% -27.15% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $80.3 $73.0 $59.2 $45.3 $45.2 $55.6 $52.9 $78.1 $77.4 $80.4 $83.1 $93.0 $84.0 $102.2 $115.4 $117.2 10.35% <-IRR #YR-> 10 Net Income 167.72%
Operating Cash Flow $121.1 $43.1 $52.1 $56.2 $60.1 $57.7 $57.7 $92.5 $47.8 $64.6 $87.2 $114.6 $114.9 -5.86% <-IRR #YR-> 5 Net Income -26.06%
Investment Cash Flow $10.2 -$25.7 -$127.1 $58.7 $6.5 -$46.7 -$46.4 $240.4 -$24.6 -$40.3 -$37.5 $78.7 -$81.0 3.55% <-IRR #YR-> 10 5 Yr Running Average 41.71%
Total Accruals -$108.8 $43.8 $123.0 -$72.5 -$14.8 $63.3 $36.6 -$159.0 $16.1 $42.4 $37.9 -$95.7 $94.7 1.47% <-IRR #YR-> 5 5 Yr Running Average 7.55%
Total Assets $1,618 $1,511 $1,437 $1,363 $1,333 $1,418 $1,380 $1,348 $1,359 $1,369 $1,420 $1,633 $1,745 Balance Sheet Assets
Accruals Ratio -6.72% 2.90% 8.56% -5.32% -1.11% 4.47% 2.65% -11.80% 1.18% 3.10% 2.67% -5.86% 5.43% 2.67% <-Median-> 5 Ratio
EPS/CF Ratio 0.16 0.55 0.57 0.56 0.74 1.56 0.99 1.52 0.56 0.64 0.75 0.80 0.81 0.78 <-Median-> 10 EPS/CF Ratio
-$48.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $128.6
-$173.9 $0.0 $0.0 $0.0 $0.0 $128.6
-$59.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $84.0
-$78.1 $0.0 $0.0 $0.0 $0.0 $84.0
Chge in Close 62.51% -30.59% -48.80% 5.10% 53.36% -39.17% 24.80% -10.58% 39.07% -12.89% 7.40% 54.27% 26.43% 28.18% 0.00% 7.66%
up/down down up down up up up down count 20
Meet Prediction? yes Yes Yes % right count 7 26.67%
Financial Cash Flow -$132.68 -$125.81 -$137.90 -$120.50 -$83.89 $10.03 -$16.22 -$290.54 -$30.73 -$52.13 -$57.93 -$33.42 -$39.16 C F Statement  Financial Cash Flow
Total Accruals $24 $170 $261 $48 $69 $53 $53 $132 $47 $95 $96 -$62 $134 Accruals
Accruals Ratio 1.48% 11.22% 18.15% 3.52% 5.18% 3.76% 3.83% 9.76% 3.44% 6.90% 6.75% -3.81% 7.67% 6.75% <-Median-> 5 Ratio
Cash $369.9 $261.5 $48.7 $43.1 $25.8 $46.8 $51,660.0 $94.0 $86.5 $58.6 $50.5 $53.0 $47.6 $47.6 Cash
Cash Per Share $4.24 $3.05 $0.61 $0.55 $0.33 $0.60 $659.62 $1.34 $1.24 $0.91 $0.78 $0.82 $0.74 $0.74 $0.82 <-Median-> 5 Cash per Share
Percentage of Stock Price 29.58% 30.61% 11.99% 10.17% 3.98% 11.95% 10570.77% 24.09% 15.92% 13.45% 10.80% 7.31% 5.24% 4.08% 10.80% <-Median-> 5 % of Stock Price
Notes:
January 30, 2026.  Last estimates were for 2025, 2026, 2027 of $580M, $587M, $536M Revnue, $1.68, $1.78, $1.79 AEPS, $1.67, $1.58, $1.19 EPS, $129M, $88M, $81M FCF, 
$0.92, $1.11 2025/6 CFPS, $175.3M, $172.4M, $154.5M EBITDA, $18.81, $20.19 2025/6 BVPS, $112.8M, $109.6M, $75.5M Net Income.
January 25, 2025.  Last estimates were for 2024, 2025, 2026 of $42500M,2024 AUM, $479M, $$497M, $420M for Income, $1.25, $1.27, $1.06 for AEPS, $1.25, $1.27, $1.06 EPS, 
$0.47, $0.50, $0.50 for Dividends, $94M, $71.5M, $50M FCF, $0.926, $0.92, $1.11 for CFPS, $129.3M, $129.5M 2024/5 EBITDA, $17.80, $18.50 2024/5 BVPS, $81.6M, $72.3M, $59.6M Net Income.
January 28, 2024.  Last estimates were for 2023, 2024 and 2025 of $42.5B for AUM 2023, $474M, $503M and $490M for Revenue, $1.25, $1.34 and $1.21 for EPS, 
$0.44, $0.47 and $0.48 for Dividends, $94M and $100M for 2023/4 for FCF, $0.92, $0.91 and $1.05 for CFPS, $17.40 and $18.30 for 2023/4 for BVPS, $84.1M, $86.3M and $74.3M for Net Income.
January 30, 2023.  Last estimates were for 2022 and 2023 of AUM of $42,500M, $478M, 506M for Revenue, $0.86 and $1.23 for EPS, 
$0.38 and $0.41 for dividends, $65M, $93M for FCF, $0.96, $0.95 and $0.74 for CFPS, for 2022-24, and $61.5M, and $86.3M for Net Income.
February 5, 2022.  Last estimates were for 2021, 2022 and 2023 pf $40100M for AUM 2021, $424M, $434M and $356M for Revenue, 
$0.57, $0.71 and $0.58 for EPS, $0.32, $0.32 and $0.32 for Dividends, $41M, $51M and $36M for FCF, $39.7M, $50.7M and $41.0M for Net Income.
January 28, 2021.  Last estimates were for 2020, and 2021 of $40.1B for AUM for 2020, $417M and $426M for Revenue, 
$0.56, $0.60 and $0.66 for 2020, 2021 amd 2022 for EPS, $0.32 and $0.54 for CFPS and $48.3M and $45.2M for Net Income.
January 27, 2020.  Last estimates were for 2019, 2020 and 2021 of $37.7B an $41.0B for AUM for 2019 and 2020, $423M, $439M and $490M for Revenue, 
$051, $0.64 and $0.73 for EPS, $0.68 for CFPS for 2019 and $46.7M, $30M and $58.6M for Net Income.
February 2, 2019.  Last estimats were for 2018, 2019 and 2020 of $35.5B amd $41.100B for AUM for 2018 and 2019, $467M, $489M and $537M for Revenue, 
$0.63, $0.65 and $0.71 for EPS, $0.64 and $0.68 for CFPS for 2018and 2019 and $50.2M, $53.4M and $58M for Net Income. 
January 30, 2018.  Last estimates were for 2017 and 2018 of $35000M and $36900M for AUM, $439M and $451M for Revenue, $0.56, $0.60 and $0.62 for EPS for 2017, 2018 and 2019, 
$0.63 and $0.60 for CFPS and $44.6M and $47.7M for Net Income.
February 3, 2017.  Last estimates were for 2016 and 2017 of $31700M and 32700M Assets under Management, $417M and $416M of Revenue, $0.49 and $0.51 EPS, 
$0.95 and $0.97 for CFPS and $38.7M and $38.4M for Net Income.
February 1, 2016.  Last estimates were for 2015 and 2016 of $446M and 450M for Revenue, $0.67 and 0.66 for EPS, $1.13 and $1.11 for CFPS and $56.7M and $55.9M for Net Income.
February 1, 2015.  Last estimates were for 2014 and 2015 of $463.29M and $472.44M for Revenue, $0.53 and $0.62 for EPS, 
$1.37 and $1.33 for CFPS, and $44.7M and $51.3M for Net Income.
January 31, 2014.  Last estimates were for 2013 and 2014 of $472M and $462.75M for Revenue, $0.60 and $0.67 for EPS.
They just sold AGF Trust Company recently 8/23/2012. 
January 26, 2012.  Last estimates were for 2012 and 2013 for $549M and R492M revenue, $0.89 and $0.75 for EPS.
Aug 11, 2012.  Last I got estimates, they were for 2011 and 2012 and they were $1.45 and $1.62 for EPS and $711M and f$743M for Revenue.
Sep 01, 2011.  When I last looked, I got estimates for 2010 and 2011 of $1.36 and $1.48 for EPS and $2.10 and $2.12 for Cash Flow
Aug 13, 2010.  When last I looked, I got 2010 and 2011 Earnings of 1.44 and $1.63 and cash Flow of $2.10 and $2.30. Estimates have come down.
May 4, 2010.  Last time I looked at this stock I got estimates fo 2009 of $.80 and $1.20 for earnings and $1.83 and $2.02 for cash flow.
Oct 1, 2009.  In May 2009, I got earnings estimates for 2009 and 2010 of $.70 and  $.85.  Estimates have increased.
June 2008.  I have lost faith in this stock and I am getting out of it completely and putting my money elsewhere.
AP 2007.  In Feb TD rated this stock as a Hold.  Globeand Mail today is rating it as a Buy.  It has been hard hit my the bear market, but bear markets seem to always hit it hard.  Hold for now.
Oct 2006.  I am selling part of my holdings on this stock.  I do not think this stock is going to do well for the next while and I am buying IGM Financial, which I like better.
AP 2006.  It is doing better than over the last few years, but you have to wonder if I should continue to hold this stock?????
AP 2005.  I note that NewCrest has a reduce on this stock and it certainly has had trouble lately, but I am inclinded to hold a bit longer.  I have just beginning to earn money on this stock.
Apr 2004.  Stock is not doing badly.  This is a core stock and for now a keeper. 
AP 2004.  Stock is not doing badly.  This is a core stock and for now a keeper. There are 6 buys, 1 hold and 1 underperform on this stock. 
1968.  Listed on the Toronto Stock Exchange.
1957.  Company was founded
Annual report is due the end of January each year.  It is in a news release, not on their site.  See median center.
There are Class A voting shares and Class B non-voting shares.
Sector:
Financial Services
What should this stock accomplish?
I would expect moderate dividend yields (2 to 3%) and moderate dividend increases (8 to12%)..  
Would I buy this company and Why.
No.  I would like to see at least the start of a turn around. 
Why am I following this stock. 
I used to own this stock.  I bought it in 2001 and sold half in 2006 and the rest in 2008.  It used to be a dividend growth stock, but has not been one for some time now.
I sold because I did not see that the stock would improve.  It was raising dividends still but at the expense of DPR.  In 2008 I was lucky that I sold before it crashed.  It has yet to recover.
Dividends
Dividends are paid in Cycle 1, that is January,April, July, and October.   Dividends are declared for Shareholders of record for payment in the same month.
For example, the dividend to be paid on January 17, 2014 is for shareholders of record of January 7, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
Customers:  Our mission of helping investors succeed
Emplyees:  AGF employees thrive in a fast paced environment, giving everyone an opportunity to contribute and be their best everyday.
Community:  We have a long history of supporting organizations that promote health, protect the environment, foster a vibrant arts culture and invest in education and 
future leaders to make our community a better place to live and work.  
Investors:  AGF will employ a principled approach to deploy capital gund growth and to benefit our shareholders.
How they make their money.
AGF Management is a Canadian-based independent asset manager. AGF Management's funds are weighted toward equities with roughly three-quarters of the firm's retail AUM tied to equities
There are Class A voting shares with the major shareholder being the Goldring family.    Controlling shareholder is Charles Warren Golding.  He has 10.7%, but has 80% voting control.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Change
Date 2018 Feb 02 2019 Jan 27 2020 Jan 28 2021 Feb 5 2022 Jan 30 2023 Jan 28 2024 Jan 25 2025 Jan 30 2026
Goldring, Judy 80.00% 0.046 80.00% 0.046 80.00% 0.046 80.00% 0.046 80.00% 0.046 80.00% 0.058 100.00% 0.058 100.00% 0.058 100.00% A 0.00%
CEO - Shares - Amount $0.230 $0.288 $0.257 $0.358 $0.312 $0.335 $0.645 $0.816 $1.045 A
Class B 15.88% 12.387 15.82% 12.463 17.82% 12.503 17.86% 12.515 19.41% 12.665 19.69% 12.686 19.61% 12.878 20.04% 12.891 20.06% B 0.10%
Shares - Amount $62.203 $77.295 $69.542 $97.026 $84.604 $91.949 $142.080 $182.359 $233.967 B
Options - percentage 0.91% 0.882 1.13% 0.709 1.01% 0.684 0.98% 0.663 1.03% 0.421 0.65% 0.396 0.61% 0.250 0.39% 0.288 0.45% 15.30%
Options - amount $3.570 $5.502 $3.957 $5.309 $4.479 $3.055 $4.433 $3.534 $5.222
McCreadie, Kevin Andrew 0.23% 0.180 0.23% 0.238 0.34% 0.279 0.40% 0.295 0.46% 0.483 0.75% 0.529 0.82% 0.651 1.01% Used to be an officer
CEO and Chief Invesment Officer $0.897 $1.123 $1.327 $2.165 $1.994 $3.507 $5.923 $9.219
Options - percentage 2.50% 3.184 4.06% 3.613 5.17% 4.085 5.83% 4.240 6.58% 3.741 5.82% 3.671 5.67% 3.515 5.47%
Options - amount $9.805 $19.866 $20.160 $31.702 $28.661 $27.161 $41.113 $49.772
Tsang, Ken 0.004 0.01% 0.009 0.01% 0.014 0.02% B 45.21%
CFO - Shares - Amount $0.045 $0.132 $0.246 B
Options - percentage 0.000 0.00% 0.011 0.02% 0.029 0.05% 157.33%
Options - amount $0.000 $0.160 $0.527
Basaraba, Adrian 0.05% 0.027 0.03% 0.078 0.11% 0.123 0.18% 0.168 0.26% ceased insider Sep 2022
CFO - Shares - Amount $0.185 $0.168 $0.436 $0.954 $1.137
Options - percentage 0.14% 0.311 0.40% 0.524 0.75% 0.585 0.83% 0.591 0.92%
Options - amount $0.541 $1.938 $2.925 $4.537 $3.998
Jackson, Charles Christopher 0.050 0.07% 0.064 0.09% 0.073 0.11% 0.085 0.13% 0.096 0.15% 0.101 0.16% 0.101 0.16% B 0.02%
Officer - Shares - Amount $0.277 $0.497 $0.491 $0.618 $1.075 $1.428 $1.831 B
Options - percentage 0.100 0.14% 0.158 0.23% 0.183 0.28% 0.145 0.23% 0.137 0.21% 0.156 0.24% 0.171 0.27% 9.53%
Options - amount $0.559 $1.229 $1.239 $1.051 $1.535 $2.216 $3.111
Lawrence, Ashley 0.007 0.01% 0.015 0.02% 0.022 0.03% 0.027 0.04% B 25.63%
Officer - Shares - Amount $0.049 $0.163 $0.309 $0.498 B
Options - percentage 0.441 0.69% 0.403 0.62% 0.719 1.12% 0.800 1.25% 11.34%
Options - amount $3.202 $4.514 $10.179 $14.527
Buchan, Jane Melissa 0.050 0.06% 0.050 0.07% 0.050 0.07% 0.050 0.08% 0.050 0.08% 0.000 0.00% 0.050 0.08% 0.050 0.08% B Under Directors 0.00%
Director - Shares - Amount $0.312 $0.279 $0.388 $0.338 $0.363 $0.000 $0.708 $0.908 B Last filed Jan 2025
Options - percentage 0.035 0.04% 0.054 0.08% 0.081 0.12% 0.100 0.15% 0.124 0.19% 0.000 0.00% 0.173 0.27% 0.194 0.30% 12.02%
Options - amount $0.216 $0.299 $0.630 $0.673 $0.904 $0.000 $2.452 $3.521
Farquharson, William Robert 20.00% 0.012 20.00% 0.012 20.00% 0.012 20.00% 0.012 20.00% 0.012 20.00% A Ceased insider Apr 2023 #DIV/0!
Director - Shares - Amount $0.058 $0.072 $0.064 $0.089 $0.078 $0.084 A
Class B 4.85% 3.800 4.85% 3.800 5.43% 3.800 5.43% 3.800 5.89% 3.800 5.91% B #DIV/0!
Shares - Amount $19.000 $23.712 $21.204 $29.488 $25.688 $27.588 B
Options - percentage 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
Dottori-Attanasio, Laura Lee 0.025 0.04% 0.025 0.04% B 0.00%
Director - Shares - Amount $0.358 $0.459 B
Options - percentage 0.009 0.01% 0.022 0.03% 156.52%
Options - amount $0.121 $0.398
Davis, Sarah Ruth 0.05% 0.037 0.05% 0.039 0.06% 0.039 0.05% Ceased insider Jan 2022
Director - Shares - Amount $0.183 $0.228 $0.215 $0.299
Options - percentage 0.04% 0.043 0.05% 0.056 0.08% 0.074 0.11%
Options - amount $0.154 $0.266 $0.312 $0.577
Clarke, Ian Leigh Theodore 0.016 0.02% 0.025 0.04% 0.025 0.04% 0.025 0.04% B 0.00%
Director - Shares - Amount $0.116 $0.280 $0.354 $0.454 B
Options - percentage 0.013 0.02% 0.029 0.04% 0.043 0.07% 0.052 0.08% 20.01%
Options - amount $0.091 $0.323 $0.613 $0.942
Goldring, Blake Charles 80.00% 0.046 80.00% 0.046 80.00% 0.046 80.00% 0.005 8.00% 0.046 80.00% 0.058 100.00% 0.058 100.00% 0.058 100.00% A Used to be Chairman and CEO 0.00%
Chairman $0.230 $0.288 $0.257 $0.358 $0.031 $0.335 $0.645 $0.816 $1.045 A prior to 2019
Class B 17.34% 13.797 17.62% 13.865 19.83% 14.100 20.14% 14.567 22.60% 14.567 22.65% 14.816 22.90% 14.567 22.66% 14.569 22.67% B Last filing Jan 2025 0.01%
Shares - Amount $67.916 $86.091 $77.365 $109.416 $98.476 $105.759 $165.942 $206.274 $264.423 B
Options - percentage 2.06% 1.564 2.00% 1.044 1.49% 0.911 1.30% 0.316 0.49% 0.196 0.30% 0.088 0.14% 0.378 0.59% 0.414 0.64% 9.47%
Options - amount $8.080 $9.758 $5.826 $7.071 $2.136 $1.420 $0.986 $5.349 $7.506
Increase in O/S Shares 0.03% 0.347 0.44% 0.757 0.97% 0.061 0.09% 0.676 0.97% 0.612 0.95% 1.592 2.48% 0.047 0.07% 0.829 1.29% Yes 0 in 2016
due to SO 2013 $0.196 $1.733 $4.724 $0.338 $5.249 $4.139 $11.560 $0.522 $11.739 Class B
Book Value $0.133 $1.948 $1.339 $0.361 $5.253 $3.356 $9.185 $0.397 $5.346 include employee benefit trust
Insider Buying -$0.118 -$1.869 -$0.405 -$1.350 $0.000 -$0.039 -$0.310 -$1.369 $0.000
Insider Selling $0.000 $0.000 $0.000 $0.000 $1.142 $4.012 $0.756 $5.150 $3.019
Net Insider Selling -$0.118 -$1.869 -$0.405 -$1.350 $1.142 $3.973 $0.447 $3.781 $3.019
% of Market Cap -0.03% -0.38% -0.10% -0.25% 0.26% 0.85% 0.06% 0.42% 0.26%
Directors 10 10 10 10 10 8 9 8
Women 40% 4 40% 4 40% 4 40% 4 40% 4 40% 3 38% 4 44% 4 50%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 1 10% 2 25% 2 22% 2 25%
Institutions/Holdings 20.48% 52 27.47% 20 22.82% 20 11.40% 20 9.99% 20 11.39% 20 12.90%
Total Shares Held 20.81% 21.702 27.71% 17.987 25.72% 7.352 11.43% 6.387 9.87% 7.308 11.37% 8.219 12.79%
Increase/Decrease 1.49% 1.099 5.33% 0.134 0.75% -0.514 -6.54% -0.241 -3.64% 0.280 3.99% 0.017 0.21%
Starting No. of Shares 20.604 17.852 7.866 6.628 7.028 8.202
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My stock
01/10/01 -$6,524.00 Pension
01/10/01 -$2,175.00
19/10/01 -$4,039.00 $21.23 600
09/06/08 $13,910.01 $23.18
28/12/01 -$11,979.00 RRSP
31/12/01 -$4,989.00 $24.24 700
13/10/06 $15,772.90 $22.53
09/06/08 $0.00
-0.01% XIRR $22.85 1,300
2.08%
2.09% 100.7%
% from $32,181.90 Total Value Gain
-$29,682.91 Less Sale of Stock
$0.00 Less Stock Value
100.93% $2,498.99 Dividends Paid 8.41%
$29,706.00 Cost of Stock
$29,682.91 Sale of Stock
-0.93% -$23.09 Capital Gains/Loss -0.08%
100.00% $2,475.90 Total Return 8.33%
Start Date 1-Oct-01 Shares 1,300
End date 9-Jun-08 Dividends pd per Share $1.92
Years 6.69 Div less cost -$20.93
Cost $22.85
% paid by div 8.41%
If I kept it.
Start Date 1-Oct-01 01/10/01 -$29,706.00
End date 30-Nov-25 30/11/25 $18,408.00 $11,298.00 -38.03%
Years 24.16 -1.96% XIRR
2.08%
0.12%
01/10/01 -$29,706.00
02/02/18 $23,595.00 $6,111.00 -20.57%
-1.40% XIRR