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/
Aecon Group Inc					TSX	ARE	OTC	AEGXF	https://www.aecon.com/			Fiscal Yr:	Dec 31
Year	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	12/31/28		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
Aplit
USD - CDN$	1.0636	1.1601	1.3847	1.3427	1.2545	1.3642	1.2988	1.2732	1.2678	1.3544	1.3226	1.4389	1.3706	1.3943	1.3943	1.3943		1.07%	<-IRR #YR->	5	USD - CDN$
Change	6.91%	9.07%	19.36%	-3.04%	-6.57%	8.74%	-4.79%	-1.97%	-0.42%	6.83%	-2.35%	8.79%	-4.75%	1.73%	0.00%	0.00%		2.18%	<-IRR #YR->	10	USD - CDN$
								-1.3642	0.0000	0.0000	0.0000	0.0000	1.4389
			-1.1601	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	1.4389
Cost of Sales			$2,620.0	$2,900.7	$2,486.7	$2,909.2	$3,092.8	$3,242.4	$3,610.5	$4,340.5	$4,388.2	$4,060.2	$5,040.6	$7,496.8	<-12 mths	48.73%		92.39%	<-Total Growth	10	Cost of Sales
Change				10.71%	-14.27%	16.99%	6.31%	4.84%	11.35%	20.22%	1.10%	-7.48%	24.15%	48.73%	<-12 mths	101.80%		8.51%	<-Median->	10	Change
Ratio			0.89	0.90	0.88	0.89	0.89	0.89	0.91	0.92	0.90	0.94	0.92	1.24	<-12 mths	34.90%		0.90	<-Median->	10	Ratio
Selling & Admin & Finance			$199.9	$206.9	$210.2	$186.5	$206.0	$209.4	$227.9	$253.5	$248.9	$238.4	$305.2	$283.9	<-12 mths	-6.99%		52.66%	<-Total Growth	10	Selling & Admin & Finance
Change			#DIV/0!	3.51%	1.60%	-11.28%	10.43%	1.63%	8.86%	11.23%	-1.83%	-4.22%	28.04%	-6.99%	<-12 mths	-124.94%		2.57%	<-Median->	10	Change
Ratio			0.07	0.06	0.07	0.06	0.06	0.06	0.06	0.05	0.05	0.06	0.06	0.05	<-12 mths	-15.64%		0.06	<-Median->	10	Ratio
Total			$2,819.9	$3,107.6	$2,696.9	$3,095.7	$3,298.8	$3,451.7	$3,838.4	$4,594.0	$4,637.1	$4,298.5	$5,345.8	$7,780.6	<-12 mths	45.55%		89.57%	<-Total Growth	10	Total
Change			#DIV/0!	10.20%	-13.21%	14.79%	6.56%	4.64%	11.20%	19.68%	0.94%	-7.30%	24.36%	45.55%	<-12 mths	86.95%		8.38%	<-Median->	10	Change
Ratio			0.95	0.97	0.96	0.95	0.95	0.94	0.97	0.97	0.95	0.99	0.97	1.29	<-12 mths	32.01%		0.96	<-Median->	10	Ratio
Other Income			$60.2	$11.4	$6.3	$1.5	$4.7	$8.6	$7.5	$14.1	$223.5	$37.3	$25.4	$21.7	<-12 mths	-14.61%		-57.73%	<-Total Growth	10	Other Income
Income from Project Acct Equity M.			$22.3	$12.4	$8.4	$13.2	$12.9	$14.1	$15.1	$17.7	$18.7	$21.2	$7.8	$4.2	<-12 mths	-46.19%		-65.01%	<-Total Growth	10	Income from Project Acct Equity M.
Finance Income			$1.1	$0.3	$0.9	$1.3	$2.1	$1.5	$0.6	$2.9	$7.7	$8.6	$8.9	$10.0	<-12 mths	12.51%		696.23%	<-Total Growth	10	Finance Income
Income Tax Rec (expensse			-$45.2	-$18.8	-$2.7	-$8.0	-$24.1	-$13.9	-$35.9	-$12.6	-$15.7	$17.1	$9.3	$29.6	<-12 mths	219.09%		120.54%	<-Total Growth	10	Income Tax Rec (expensse
Total with Revenue			$2,956.5	$3,218.4	$2,818.7	$3,274.2	$3,456.1	$3,653.9	$3,964.6	$4,718.5	$4,878.1	$4,327.0	$5,486.1	$6,419.5	<-12 mths	17.01%		85.56%	<-Total Growth	10	Total with Revenue
Change				8.86%	-12.42%	16.16%	5.55%	5.73%	8.50%	19.02%	3.38%	-11.30%	26.79%	17.01%	<-12 mths	-36.48%		7.11%	<-Median->	10	Change
														$6,049	<-12 mths
Revenue*	$3,068.6	$2,614.1	$2,918.1	$3,213.1	$2,805.7	$3,266.3	$3,460.4	$3,643.6	$3,977.3	$4,696.5	$4,643.8	$4,242.7	$5,434.7	$6,354	$6,766	$7,099		86.24%	<-Total Growth	10	Revenue
Increase	4.13%	-14.81%	11.63%	10.11%	-12.68%	16.42%	5.94%	5.29%	9.16%	18.08%	-1.12%	-8.64%	28.09%	16.92%	6.48%	-39.79%		6.42%	<-IRR #YR->	10	Revenue	86.24%
5 year Running Average	$2,784.5	$2,855.1	$2,888.7	$2,952.1	$2,923.9	$2,963.5	$3,133	$3,278	$3,431	$3,809	$4,084	$4,241	$4,599	$5,074.3	$5,488.3	$5,979.3		8.32%	<-IRR #YR->	5	Revenue	49.16%
Revenue per Share	$58.04	$46.57	$51.36	$55.53	$47.32	$54.01	$56.99	$60.51	$65.39	$76.32	$74.58	$66.22	$84.82	$92.72	$98.73	$103.59		4.76%	<-IRR #YR->	10	5 yr Running Average	59.20%
Increase	4.42%	-19.77%	10.28%	8.12%	-14.79%	14.14%	5.53%	6.16%	8.08%	16.71%	-2.28%	-11.21%	28.09%	9.31%	6.48%	4.92%		7.01%	<-IRR #YR->	5	5 yr Running Average	40.31%
5 year Running Average	$51.86	$52.96	$53.18	$53.42	$51.76	$50.96	$53.04	$54.87	$56.84	$62.64	$66.76	$68.60	$73.47	$78.93	$83.41	$89.22		5.15%	<-IRR #YR->	10	Revenue per Share	65.15%
P/S (Price/Sales) Med	0.23	0.31	0.25	0.29	0.36	0.32	0.34	0.24	0.29	0.17	0.16	0.32	0.28	0.48	0.00	0.00		6.99%	<-IRR #YR->	5	Revenue per Share	40.19%
P/S (Price/Sales) Close	0.28	0.23	0.30	0.27	0.42	0.33	0.31	0.27	0.26	0.12	0.18	0.41	0.37	0.51	0.48	0.46		3.28%	<-IRR #YR->	10	5 yr Running Average	38.15%
P/S 10 Year Median	0.22	0.24	0.25	0.27	0.27	0.27	0.27	0.27	0.29	0.29	0.29	0.29	0.29	0.30	0.29	0.26		6.01%	<-IRR #YR->	5	5 yr Running Average	33.89%
*Revenue in M CDN $					P/S Med	20 yr	0.28	15 yr	0.28	10 yr	0.29	5 yr	0.28		76.85%	Diff M/C
			-$2,918.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5,434.7
								-$3,643.6	$0.0	$0.0	$0.0	$0.0	$5,434.7
			-$2,888.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,599.0
								-$3,277.8	$0.0	$0.0	$0.0	$0.0	$4,599.0
			-$51.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$84.82
								-$60.51	$0.00	$0.00	$0.00	$0.00	$84.82
			-$53.18	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$73.47
								-$54.87	$0.00	$0.00	$0.00	$0.00	$73.47
Amount														$76.6	<-12 mths	187.97%			Estimates		Last 12 months from Qtr
Per Share														$1.18	<-12 mths	195.00%			Estimates		Last 12 months from Qtr
Payout Ratio Adj EPS														-35.20%	92.47%				Estimates		Payout Ratio EPS
Adjusted Profit CDN$		$30.0	$68.7	$46.8	$28.2	$59.0	$72.9	$88.0	$49.7	$30.4	$160.9	-$61.6	$26.6					-69.78%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE		4.58%	9.56%	6.20%	3.65%	7.15%	8.49%	10.07%	5.44%	3.18%	15.12%	-6.44%	2.88%					5.82%	<-Median->	10	Return on Equity ROE
5Yr Median		4.58%	7.07%	6.20%	5.39%	6.20%	7.15%	7.15%	7.15%	7.15%	8.49%	5.44%	3.18%					6.68%	<-Median->	10	5 Yr Median
Basic		$0.55	$1.22	$0.82	$0.48	$0.99	$1.20	$1.47	$0.82	$0.50	$2.61	-$0.99	$0.42					-65.57%	<-Total Growth	10	AEPS
AEPS* Dilued		$0.51	$1.03	$0.77	$0.46	$0.94	$1.12	$1.29	$0.78	$0.47	$2.09	-$0.99	$0.40	$1.50	$2.15	$2.46		-61.17%	<-Total Growth	10	AEPS
Increase			101.96%	-25.24%	-40.26%	104.35%	19.15%	15.18%	-39.53%	-39.74%	344.68%	-147.37%	140.40%	275.00%	43.33%	14.42%		9	1	10	Years of Data, EPS P or N	90.00%
5 year Running Average						$0.74	$0.86	$0.92	$0.92	$0.92	$1.15	$0.73	$0.55	$0.69	$1.03	$1.10		-9.02%	<-IRR #YR->	10	AEPS	-61.17%
AEPS Yield		4.76%	6.69%	5.05%	2.31%	5.34%	6.39%	7.89%	4.62%	5.16%	15.99%	-3.64%	1.28%	3.16%	4.53%	5.19%		-20.88%	<-IRR #YR->	5	AEPS	-68.99%
Payout Ratio		68.63%	37.86%	57.79%	106.52%	53.19%	50.00%	48.45%	87.82%	155.32%	35.41%	0.00%	190.00%	51.17%	35.81%	31.30%		-4.19%	<-IRR #YR->	7	5 yr Running Average	#DIV/0!
5 year Running Average						58.63%	55.21%	57.21%	62.31%	67.39%	58.09%	97.12%	133.45%	108.14%	73.64%	69.25%		-9.70%	<-IRR #YR->	5	5 yr Running Average	-39.96%
Price/AEPS Median		27.90	12.65	20.80	37.32	18.26	17.17	11.45	24.32	28.03	5.56	-21.57	59.48	29.46	0.00	0.00		19.53	<-Median->	10	Price/AEPS Median
Price/AEPS High		36.65	15.31	24.70	43.28	21.26	19.28	14.06	28.13	38.26	6.68	-29.84	80.45	37.90	0.00	0.00		22.98	<-Median->	10	Price/AEPS High
Price/AEPS Low		19.16	9.99	16.90	31.35	15.26	15.05	8.84	20.51	17.81	4.43	-13.29	38.50	21.01	0.00	0.00		16.08	<-Median->	10	Price/AEPS Low
Price/AEPS Close		21.00	14.94	19.81	43.35	18.73	15.64	12.68	21.64	19.38	6.25	-27.49	78.20	31.62	22.06	19.28		19.06	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close			30.18	14.81	25.90	38.28	18.64	14.61	13.09	11.68	27.81	13.02	-31.60	118.58	31.62	22.06		14.71	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	19.53	22.98	16.08	19.06	P/AEPS	5 Yrs	in order	24.32	28.13	17.81	19.38		30.01%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$1.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.40
								-$1.29	$0.00	$0.00	$0.00	$0.00	$0.40
						-$0.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.55
								-$0.92	$0.00	$0.00	$0.00	$0.00	$0.55
														-$0.95	<-12 mths	-513.04%
Convertible Debentures						4.05%	5.28%	9.96%	3.77%	4.92%	16.12%										Convertible Debentures	See Earnings
Stock Options Plan						1.00%	1.38%	2.29%	1.11%	1.00%	3.72%	#DIV/0!	5.65%								Stock Options Plan	per Share
Difference	6.49%	7.27%	15.57%	6.10%	4.17%	5.05%	6.67%	12.24%	4.88%	6.00%	19.85%	0.00%	4.17%								Difference	In Notes
EPS Basic	$0.77	$0.55	$1.22	$0.82	$0.48	$0.99	$1.20	$1.47	$0.82	$0.50	$2.62	-$0.95	$0.24					-80.33%	<-Total Growth	10	EPS Basic	2024 TDWB
EPS Diluted*	$0.72	$0.51	$1.03	$0.77	$0.46	$0.94	$1.12	$1.29	$0.78	$0.47	$2.10	-$0.95	$0.23	$1.46	$1.60			-77.67%	<-Total Growth	10	EPS Diluted
Increase	-38.98%	-29.17%	101.96%	-25.24%	-40.26%	104.35%	19.15%	15.18%	-39.53%	-39.74%	346.81%	-145.24%	124.21%	534.78%	9.59%			9	1	10	Years of Data, EPS P or N
Earnings Yield	4.47%	4.76%	6.69%	5.05%	2.31%	5.34%	6.39%	7.89%	4.62%	5.16%	16.07%	-3.49%	0.74%	3.08%	3.37%			-13.92%	<-IRR #YR->	10	Earnings per Share	-77.67%
5 year Running Average	$0.82	$0.76	$0.86	$0.84	$0.70	$0.74	$0.86	$0.92	$0.92	$0.92	$1.15	$0.74	$0.53	$0.66	$0.89			-29.17%	<-IRR #YR->	5	Earnings per Share	-82.17%
10 year Running Average	$0.52	$0.73	$0.83	$0.88	$0.81	$0.78	$0.81	$0.89	$0.88	$0.81	$0.95	$0.80	$0.72	$0.79	$0.90			-4.75%	<-IRR #YR->	10	5 yr Running Average	-38.55%
* Diluted ESP per share									E/P	10 Yrs	5.10%	5Yrs	4.62%					-10.50%	<-IRR #YR->	5	5 yr Running Average	-42.58%
			-$1.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.23
								-$1.29	$0.00	$0.00	$0.00	$0.00	$0.23
			-$0.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.53
								-$0.92	$0.00	$0.00	$0.00	$0.00	$0.53
Dividend*														-$0.53	$1.99	$2.21			Estimates		Dividend*
Increase														-169.47%	476.52%	11.17%			Estimates		Increase
Payout Ratio EPS														-36.16%	124.25%	#DIV/0!			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividend*	$0.31	$0.35	$0.39	$0.45	$0.49	$0.50	$0.56	$0.63	$0.69	$0.73	$0.74	$0.76	$0.76	$0.77	$0.77	$0.77		94.87%	<-Total Growth	10	Dividends
Increase	19.23%	12.90%	11.43%	14.10%	10.11%	2.04%	12.00%	11.61%	9.60%	6.57%	1.37%	2.03%	0.66%	0.99%	0.33%	0.00%		16	2	25	Years of data, Count P, N
Average Increases 5 Year Running	9.85%	12.43%	14.71%	17.53%	13.56%	10.12%	9.94%	9.97%	9.07%	8.36%	8.23%	6.23%	4.05%	2.32%	1.07%	0.80%		9.50%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.23	$0.26	$0.30	$0.35	$0.40	$0.44	$0.48	$0.52	$0.57	$0.62	$0.67	$0.71	$0.73	$0.75	$0.76	$0.76		143.05%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.31%	2.46%	2.99%	2.78%	2.85%	2.91%	2.91%	4.23%	3.61%	5.54%	6.37%	3.54%	3.19%	1.74%				3.37%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.93%	1.87%	2.47%	2.34%	2.46%	2.50%	2.59%	3.45%	3.12%	4.06%	5.30%	2.56%	2.36%	1.35%				2.57%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.87%	3.58%	3.79%	3.42%	3.40%	3.49%	3.32%	5.48%	4.28%	8.72%	7.99%	5.74%	4.94%	2.43%				4.61%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.93%	3.27%	2.53%	2.92%	2.46%	2.84%	3.20%	3.82%	4.06%	8.01%	5.66%	2.77%	2.43%	1.62%	1.62%	1.62%		3.06%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	43.06%	68.63%	37.86%	57.79%	106.52%	53.19%	50.00%	48.45%	87.82%	155.32%	35.24%	0.00%	330.43%	52.57%	48.13%	#DIV/0!		$0.35	<-Median->	26	DPR EPS	FCF 1
DPR EPS 5 Yr Running	28.47%	34.55%	35.28%	41.69%	56.88%	58.63%	55.21%	57.21%	62.31%	67.39%	57.99%	95.80%	139.54%	113.37%	85.42%	#DIV/0!		$0.35	<-Median->	22	DPR EPS 5 Yr Running	FCF 2
Payout Ratio CFPS	12.23%	26.26%	38.14%	95.77%	14.72%	8.20%	17.13%	13.79%	0.00%	0.00%	90.22%	636.59%	38.46%	99.68%	98.72%	#DIV/0!		$0.06	<-Median->	26	DPR CF
DPR CF 5 Yr Running	21.62%	18.66%	15.26%	26.37%	22.86%	17.76%	16.82%	14.81%	17.12%	26.85%	53.26%	113.26%	650.08%	202.73%	84.94%	#DIV/0!		$0.23	<-Median->	22	DPR CF 5 Yr Running
Payout Ratio CFPS WC	17.51%	28.07%	19.45%	17.84%	20.96%	16.01%	17.52%	17.68%	24.17%	35.39%	71.14%	0.00%	25.93%	99.68%	98.72%	#DIV/0!		$0.17	<-Median->	26	DPR CF WC
DPR CF WC 5 Yr Running	14.15%	16.26%	15.74%	17.43%	20.14%	19.41%	18.13%	17.84%	19.03%	21.02%	26.37%	38.68%	43.00%	57.99%	73.09%	#DIV/0!		$0.18	<-Median->	22	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.37%	3.06%	5 Yr Med	5 Yr Cl	3.61%	4.06%	5 Yr Med	Payout	87.82%	38.46%	25.93%					3.99%	<-IRR #YR->	5	Dividends	21.60%
* Dividends per share	10 Yr Med	and Cur.	-51.76%	-46.90%	5 Yr Med	and Cur.	-55.04%	-59.99%	Last Div Inc --->		$0.190	$0.1925	1.32%					6.90%	<-IRR #YR->	10	Dividends	94.87%
Dividends Growth 15																		9.31%	<-IRR #YR->	15	Dividends	280.00%
Dividends Growth 20																		#NUM!	<-IRR #YR->	20	Dividends	#DIV/0!
Dividends Growth 25																		8.45%	<-IRR #YR->	25	Dividends	660.00%
Dividends Growth 5								-$0.63	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 5
Dividends Growth 10			-$0.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								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	$0.76								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	$0.76								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	$0.76								Dividends Growth 25
Historical Dividends	Historical	High Div	6.41%	Low Div	0.00%	10 Yr High	8.65%	10 Yr Low	2.34%	Med Div	2.62%	Close Div	2.45%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-74.67%	Cheap		Exp.	-81.23%		-30.62%	Exp.	-38.04%	Exp.	-33.72%								High/Ave/Median
Historical Dividends	Historical	High Div	7.99%	Low Div	0.90%	10 Yr High	8.65%	10 Yr Low	2.01%	Med Div	2.85%	Close Div	2.53%					From 2007	When dividends		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-79.68%	Cheap	80.38%	Exp.	-81.23%		-19.23%	Exp.	-43.04%	Exp.	-35.94%					were restated			High/Ave/Median
Future Dividend Yield					Div Yield	1.97%	earning in	5	Years	at IRR of	3.99%	Div Inc.	21.60%								Future Dividend Yield
Future Dividend Yield					Div Yield	2.40%	earning in	10	Years	at IRR of	3.99%	Div Inc.	47.87%								Future Dividend Yield
Future Dividend Yield					Div Yield	2.92%	earning in	15	Years	at IRR of	3.99%	Div Inc.	79.80%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.94	earning in	5	Years	at IRR of	3.99%	Div Inc.	21.60%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.14	earning in	10	Years	at IRR of	3.99%	Div Inc.	47.87%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.38	earning in	15	Years	at IRR of	3.99%	Div Inc.	79.80%								Future Dividend Paid
Dividend Covering Cost					Total Div	$4.17	over	5	Years	at IRR of	3.99%	Div Cov.	8.79%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$8.30	over	10	Years	at IRR of	3.99%	Div Cov.	17.51%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$13.33	over	15	Years	at IRR of	3.99%	Div Cov.	28.11%								Dividend Covering Cost
Yield if held 5 years	2.22%	3.01%	3.16%	5.06%	4.15%	3.72%	3.94%	4.80%	4.28%	4.25%	4.31%	3.93%	5.15%	4.05%		5.84%		4.27%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.65%	6.03%	6.52%	7.31%	3.32%	3.58%	4.82%	5.07%	7.79%	6.18%	5.50%	5.31%	5.83%	4.79%		4.49%		5.40%	<-Median->	10	Paid Median Price
Yield if held 15 years	10.02%	11.11%	12.64%	10.79%	9.01%	10.72%	9.66%	10.45%	11.26%	4.94%	5.30%	6.49%	6.16%	8.73%		6.52%		9.33%	<-Median->	10	Paid Median Price
Yield if held 20 years				16.30%	14.74%	16.16%	17.78%	20.26%	16.61%	13.42%	15.86%	13.02%	12.71%	12.61%		5.22%		16.01%	<-Median->	10	Paid Median Price
Yield if held 25 years									25.09%	21.95%	23.91%	23.97%	24.64%	18.61%		14.15%		23.97%	<-Median->	5	Paid Median Price
														28.11%		23.16%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	8.38%	11.35%	12.24%	19.95%	16.81%	16.18%	16.76%	20.11%	17.86%	18.06%	19.46%	18.39%	24.85%	19.78%		28.79%		18.22%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	30.87%	30.86%	36.45%	43.14%	20.62%	23.95%	31.86%	33.48%	52.47%	43.06%	41.02%	41.60%	48.27%	41.29%		40.15%		41.31%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	54.60%	64.76%	75.53%	64.36%	57.26%	77.49%	71.98%	80.27%	90.14%	41.62%	47.87%	62.25%	63.23%	95.14%		75.17%		63.80%	<-Median->	10	Paid Median Price
Cost covered if held 20 years				105.31%	101.20%	124.88%	140.48%	160.45%	133.70%	114.25%	149.09%	132.93%	141.64%	151.81%		67.30%		133.31%	<-Median->	10	Paid Median Price
Cost covered if held 25 years									210.07%	194.44%	232.79%	252.70%	279.42%	224.67%		183.96%		232.79%	<-Median->	5	Paid Median Price
														339.47%		300.98%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$3,643.6	$3,977.3	$4,696.5	$4,643.8	$4,242.7	$5,434.7	$6,049	<-12 mths	11.30%		49.16%	<-Total Growth	5	Revenue Growth	49.16%
AEPS Growth								$1.29	$0.78	$0.47	$2.09	-$0.99	$0.40	$1.18	<-12 mths	195.00%		-68.99%	<-Total Growth	5	EPS Growth	-68.99%
Net Income Growth								$88.0	$49.7	$30.4	$161.9	-$59.5	$15.2	-$65	<-12 mths	-527.96%		-82.78%	<-Total Growth	5	Net Income Growth	-82.78%
Cash Flow Growth								$273.0	-$31.4	-$112.9	$51.1	$7.6	$126.6	$368	<-12 mths	191.01%		-53.61%	<-Total Growth	5	Cash Flow Growth	-53.61%
Cash Flow Less WC Growth								$212.9	$172.4	$126.9	$64.8	-$21.3	$187.8	$297	<-12 mths	58.34%		-11.78%	<-Total Growth	5	Cash Flow Less WC Growth	-11.78%
Dividend Growth								$0.63	$0.69	$0.73	$0.74	$0.76	$0.76	$0.77	<-12 mths	0.99%		21.60%	<-Total Growth	5	Dividend Growth	21.60%
Stock Price Growth								$16.36	$16.88	$9.11	$13.07	$27.22	$31.28	$47.43	<-12 mths	51.63%		91.20%	<-Total Growth	5	Stock Price Growth	91.20%
Revenue Growth			$2,918.1	$3,213.1	$2,805.7	$3,266.3	$3,460.4	$3,643.6	$3,977.3	$4,696.5	$4,643.8	$4,242.7	$5,434.7	$6,354	<-this year	16.92%		86.24%	<-Total Growth	10	Revenue Growth	86.24%
AEPS Growth			$1.03	$0.77	$0.46	$0.94	$1.12	$1.29	$0.78	$0.47	$2.09	-$0.99	$0.40	$1.50	<-this year	275.00%		-61.17%	<-Total Growth	10	EPS Growth	-61.17%
Net Income Growth			$68.7	$46.8	$28.2	$59.0	$72.9	$88.0	$49.7	$30.4	$161.9	-$59.5	$15.2	-$30	<-this year	-299.84%		-77.92%	<-Total Growth	10	Net Income Growth	-77.92%
Cash Flow Growth			$58.1	$26.9	$197.4	$368.7	$198.5	$273.0	-$31.4	-$112.9	$51.1	$7.6	$126.6	$53	<-this year	-58.33%		117.92%	<-Total Growth	10	Cash Flow Growth	117.92%
Cash Flow Less WC Growth			$113.9	$144.3	$138.6	$188.9	$194.1	$212.9	$172.4	$126.9	$64.8	-$21.3	$187.8	$53	<-this year	-71.90%		64.82%	<-Total Growth	10	Cash Flow Less WC Growth	64.82%
Dividend Growth			$0.39	$0.45	$0.49	$0.50	$0.56	$0.63	$0.69	$0.73	$0.74	$0.76	$0.76	-$0.53	<-this year	-169.47%		94.87%	<-Total Growth	10	Dividend Growth	94.87%
Stock Price Growth			$15.39	$15.25	$19.94	$17.61	$17.52	$16.36	$16.88	$9.11	$13.07	$27.22	$31.28	$47.43	<-this year	51.63%		103.25%	<-Total Growth	10	Stock Price Growth	103.25%
Dividends on Shares				$28.93	$31.85	$32.50	$36.40	$40.63	$44.53	$47.45	$48.10	$49.08	$49.40	$49.89	$50.05	$50.05		$408.85	No of Years	10	Total Divs	12/31/15
Paid			$1,000.35	$991.25	$1,296.10	$1,144.65	$1,138.80	$1,063.40	$1,097.20	$592.15	$849.55	$1,769.30	$2,033.20	$3,082.95	$3,082.95	$3,082.95		$2,033.20	No of Years	10	Worth	$15.39
Total																		$2,442.05
Graham Number AEPS			$17.11	$15.02	$11.60	$16.99	$18.87	$20.53	$16.24	$12.80	$28.35	$11.59	$11.38	$21.68	$25.96	$27.77		-33.49%	<-Total Growth	10	Graham Number AEPS
Increase				-12.23%	-22.75%	46.38%	11.10%	8.77%	-20.90%	-21.14%	121.42%	-59.12%	-1.78%	90.48%	19.72%	6.97%		-7.00%	<-Median->	10	Graham Price
Price/GP Ratio Med			0.76	1.07	1.48	1.01	1.02	0.72	1.17	1.03	0.41	1.84	2.09	2.04				1.05	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High			0.92	1.27	1.72	1.18	1.14	0.88	1.35	1.40	0.49	2.55	2.83	2.62				1.31	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low			0.60	0.87	1.24	0.84	0.89	0.56	0.99	0.65	0.33	1.14	1.35	1.45				0.88	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close			0.90	1.02	1.72	1.04	0.93	0.80	1.04	0.71	0.46	2.35	2.75	2.19	1.83	1.71		1.03	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close			-10.07%	1.52%	71.84%	3.67%	-7.16%	-20.30%	3.97%	-28.85%	-53.90%	134.88%	174.80%	118.75%	82.72%	70.82%		2.60%	<-Median->	10	Graham Price
Graham Number EPS	$13.41	$11.58	$17.11	$15.02	$11.60	$16.99	$18.87	$20.53	$16.24	$12.80	$28.42	$8.79	$8.63	$21.39	$22.39	$0.00		-49.56%	<-Total Growth	10	Graham Number EPS
Increase	-18.71%	-13.63%	47.79%	-12.23%	-22.75%	46.38%	11.10%	8.77%	-20.90%	-21.14%	121.95%	-69.08%	-1.78%	147.82%	4.68%	-100.00%		-7.00%	<-Median->	10	Graham Price
Price/GP Ratio Med	1.00	1.23	0.76	1.07	1.48	1.01	1.02	0.72	1.17	1.03	0.41	2.43	2.76	2.07				1.05	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.20	1.61	0.92	1.27	1.72	1.18	1.14	0.88	1.35	1.40	0.49	3.36	3.73	2.66				1.31	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.80	0.84	0.60	0.87	1.24	0.84	0.89	0.56	0.99	0.65	0.33	1.50	1.78	1.47				0.88	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	1.20	0.92	0.90	1.02	1.72	1.04	0.93	0.80	1.04	0.71	0.46	3.10	3.62	2.22	2.12	#DIV/0!		1.03	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	20.01%	-7.51%	-10.07%	1.52%	71.84%	3.67%	-7.16%	-20.30%	3.97%	-28.85%	-54.01%	209.75%	262.39%	121.73%	111.80%	#DIV/0!		2.60%	<-Median->	10	Graham Price
Based on EPS 3 yrs trailing	$14.68	$15.50	$15.11	$14.86	$15.01	$15.21	$15.17	$16.56	$19.43	$19.26	$18.05	$19.36	$13.23	$12.01	$8.79	$18.54		-12.49%	<-Total Growth	10	Graham Number	EPS 3 yrs trailing
Increase	12.66%	5.55%	-2.47%	-1.69%	1.05%	1.29%	-0.27%	9.22%	17.29%	-0.86%	-6.30%	7.30%	-31.70%	-9.22%	-26.77%	110.85%		0.39%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.92	0.92	0.86	1.08	1.14	1.13	1.27	0.89	0.98	0.68	0.64	1.10	1.80	3.68	0.00	0.00		1.09	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.10	1.21	1.04	1.28	1.33	1.31	1.42	1.10	1.13	0.93	0.77	1.53	2.43	4.73	0.00	0.00		1.30	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.73	0.63	0.68	0.88	0.96	0.94	1.11	0.69	0.82	0.43	0.51	0.68	1.16	2.63	0.00	0.00		0.85	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	1.10	0.69	1.02	1.03	1.33	1.16	1.16	0.99	0.87	0.47	0.72	1.41	2.37	3.95	5.39	2.56		1.09	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	9.60%	-30.89%	1.83%	2.64%	32.82%	15.81%	15.53%	-1.23%	-13.11%	-52.70%	-27.57%	40.58%	136.51%	295.02%	439.44%	155.83%		9.08%	<-Median->	10	Graham Price
Month, Year	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28		29.00	<Count Years>		Month, Year
Price Close	$16.09	$10.71	$15.39	$15.25	$19.94	$17.61	$17.52	$16.36	$16.88	$9.11	$13.07	$27.22	$31.28	$47.43	$47.43	$47.43		103.25%	<-Total Growth	10	Stock Price
Increase	51.08%	-33.44%	43.70%	-0.91%	30.75%	-11.69%	-0.51%	-6.62%	3.18%	-46.03%	43.47%	108.26%	14.92%	51.63%	0.00%	0.00%		17.72	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	22.35	21.00	14.94	19.81	43.35	18.73	15.64	12.68	21.64	19.38	6.22	-28.65	136.00	32.49	29.64	#DIV/0!		13.84%	<-IRR #YR->	5	Stock Price	91.20%
Trailing P/E Ratio	13.64	14.88	30.18	14.81	25.90	38.28	18.64	14.61	13.09	11.68	27.81	12.96	-32.93	206.22	32.49	29.64		7.35%	<-IRR #YR->	10	Stock Price	103.25%
CAPE (10 Yr P/E)	21.95	16.41	15.51	15.70	16.67	18.07	17.67	16.93	17.77	19.14	16.03	21.02	25.55	27.39	26.98	#DIV/0!		17.36%	<-IRR #YR->	5	Price & Dividend	113.63%
Median 10, 5 Yrs		D.  per yr	2.92%	3.52%	% Tot Ret	28.47%	20.28%	T P/E	$14.71	$12.96	P/E:	$19.06	$19.38					10.27%	<-IRR #YR->	10	Price & Dividend	144.12%
Price 15		D.  per yr	2.80%		% Tot Ret	26.56%						CAPE Diff	83.31%					7.74%	<-IRR #YR->	15	Stock Price	205.77%
Price  20		D.  per yr	2.79%		% Tot Ret	23.10%												9.28%	<-IRR #YR->	20	Stock Price	490.19%
Price  25		D.  per yr	2.45%		% Tot Ret	20.08%												9.76%	<-IRR #YR->	25	Stock Price	925.57%
Price  30		D.  per yr	1.78%		% Tot Ret	18.62%												7.79%	<-IRR #YR->	29	Stock Price
Price & Dividend 15																		10.53%	<-IRR #YR->	15	Price & Dividend	282.01%
Price & Dividend 20																		12.07%	<-IRR #YR->	20	Price & Dividend	650.00%
Price & Dividend 25																		12.21%	<-IRR #YR->	25	Price & Dividend	1208.20%
Price & Dividend 30																		9.58%	<-IRR #YR->	29	Price & Dividend
Price  5								-$16.36	$0.00	$0.00	$0.00	$0.00	$31.28								Price  5
Price 10			-$15.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.28								Price 10
Price & Dividend 5								-$16.36	$0.69	$0.73	$0.74	$0.76	$32.04								Price & Dividend 5
Price & Dividend 10			-$15.39	$0.45	$0.49	$0.50	$0.56	$0.63	$0.69	$0.73	$0.74	$0.76	$32.04								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	$31.28								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	$31.28								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	$31.28								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	$31.28								Price  30
Price & Dividend 15	$0.31	$0.35	$0.39	$0.45	$0.49	$0.50	$0.56	$0.63	$0.69	$0.73	$0.74	$0.76	$32.04								Price & Dividend 15
Price & Dividend 20	$0.31	$0.35	$0.39	$0.45	$0.49	$0.50	$0.56	$0.63	$0.69	$0.73	$0.74	$0.76	$32.04								Price & Dividend 20
Price & Dividend 25	$0.31	$0.35	$0.39	$0.45	$0.49	$0.50	$0.56	$0.63	$0.69	$0.73	$0.74	$0.76	$32.04								Price & Dividend 25
Price & Dividend 30	$0.31	$0.35	$0.39	$0.45	$0.49	$0.50	$0.56	$0.63	$0.69	$0.73	$0.74	$0.76	$32.04								Price & Dividend 30
Price H/L Median	$13.45	$14.23	$13.03	$16.02	$17.17	$17.16	$19.23	$14.77	$18.97	$13.18	$11.62	$21.35	$23.79	$44.19				82.58%	<-Total Growth	10	Stock Price
Increase	13.84%	5.84%	-8.43%	22.91%	7.18%	-0.03%	12.03%	-23.17%	28.44%	-30.55%	-11.84%	83.81%	11.43%	85.73%				10.00%	<-IRR #YR->	5	Stock Price	61.07%
P/E Ratio	18.67	27.90	12.65	20.80	37.32	18.26	17.17	11.45	24.32	28.03	5.53	-22.47	103.43	30.26				6.21%	<-IRR #YR->	10	Stock Price	82.58%
Trailing P/E Ratio	11.39	19.76	25.55	15.55	22.29	37.30	20.45	13.19	14.71	16.89	24.71	10.17	-25.04	192.11				14.15%	<-IRR #YR->	5	Price & Dividend	85.92%
P/E on Running 5 yr Average	16.36	18.63	15.22	19.02	24.59	23.13	22.25	16.12	20.66	14.32	10.08	28.93	45.23	66.74				9.82%	<-IRR #YR->	10	Price & Dividend	130.85%
P/E on Running 10 yr Average	25.71	19.63	15.66	18.24	21.24	21.94	23.62	16.67	21.56	16.29	12.27	26.65	33.00	55.93				12.65	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.15%	3.62%	% Tot Ret	29.31%	36.82%	T P/E	16.22	14.71	P/E:	19.53	24.32						Count	29	Years of data
								-$14.77	$0.00	$0.00	$0.00	$0.00	$23.79
			-$13.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.79
								-$14.77	$0.69	$0.73	$0.74	$0.76	$24.55
			-$13.03	$0.45	$0.49	$0.50	$0.56	$0.63	$0.69	$0.73	$0.74	$0.76	$24.55
High Months	Dec	Feb	Dec	Aug	Dec	Jan	Jul	Feb	Sep	Feb	Apr	Nov	Dec	May
Price High	$16.10	$18.69	$15.77	$19.02	$19.91	$19.98	$21.59	$18.14	$21.94	$17.98	$13.97	$29.54	$32.18	$56.85				104.06%	<-Total Growth	10	Stock Price
Increase	17.09%	16.09%	-15.62%	20.61%	4.68%	0.35%	8.06%	-15.98%	20.95%	-18.05%	-22.30%	111.45%	8.94%	76.66%				12.15%	<-IRR #YR->	5	Stock Price	77.40%
P/E Ratio	22.36	36.65	15.31	24.70	43.28	21.26	19.28	14.06	28.13	38.26	6.65	-31.09	139.91	38.94				7.39%	<-IRR #YR->	10	Stock Price	104.06%
Trailing P/E Ratio	13.64	25.96	30.92	18.47	25.86	43.43	22.97	16.20	17.01	23.05	29.72	14.07	-33.87	247.17				18.51	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	20.72	17.01	P/E:	22.98	28.13					43.28	P/E Ratio		Historical High
								-$18.14	$0.00	$0.00	$0.00	$0.00	$32.18
			-$15.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.18
Low Months	Jan	Dec	Jul	Jan	Aug	Jun	Apr	Mar	Dec	Dec	Oct	Jan	Apr	Jan
Price Low	$10.79	$9.77	$10.29	$13.01	$14.42	$14.34	$16.86	$11.40	$16.00	$8.37	$9.26	$13.16	$15.40	$31.52				49.66%	<-Total Growth	10	Stock Price
Increase	9.32%	-9.45%	5.32%	26.43%	10.84%	-0.55%	17.57%	-32.38%	40.35%	-47.69%	10.63%	42.12%	17.02%	104.68%				6.20%	<-IRR #YR->	5	Stock Price	35.09%
P/E Ratio	14.99	19.16	9.99	16.90	31.35	15.26	15.05	8.84	20.51	17.81	4.41	-13.85	66.96	21.59				4.11%	<-IRR #YR->	10	Stock Price	49.66%
Trailing P/E Ratio	9.14	13.57	20.18	12.63	18.73	31.17	17.94	10.18	12.40	10.73	19.70	6.27	-16.21	137.04				8.84	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.52	10.73	P/E:	16.08	17.81					-6.36	P/E Ratio		Historical Low
								-$11.40	$0.00	$0.00	$0.00	$0.00	$15.40
			-$10.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.40
Free Cash Flow Mkt Sc								$235.20	-$66.79	-$145.60	$35.56	-$125.00	$34.93	$38.27	$159.90	$174.00				5	Free Cash Flow Mkt Sc
Change									-128.40%	-118.00%	124.42%	-451.52%	127.94%	9.56%	317.82%	8.82%		-118.00%	<-Median->	5	Change
Free Cash Flow MS old			$5.35	-$13.10	$27.65	$154.11	-$9.37	$133.68	-$73.03	-$154.17	$0.0
Change				-344.86%	311.07%	457.36%	-106.08%	1526.68%	-154.63%	-111.11%	100.00%			$200	<-12 mths	185.71%
Free Cash Flow MS	$75.00	$15.64	$50.00	$100.00	-$40.00	-$30.00	-$20.00	$50.00	$60.00	$50.00	$0.0	-$130.0	$70.0	$38.3	$159.9	$174.0		40.00%	<-Total Growth	10	Free Cash Flow MS	Close
Change	7600.00%	-79.15%	219.69%	100.00%	-140.00%	25.00%	33.33%	350.00%	20.00%	-16.67%	-100.00%	#DIV/0!	153.85%	-45.33%	317.82%	8.82%		6.96%	<-IRR #YR->	5	Free Cash Flow MS	40.00%
FCF/CF from Op Ratio	0.56	0.21	0.86	3.72	-0.20	-0.08	-0.10	0.18	-1.91	-0.44	0.00	-17.11	0.55	0.73	2.99	#DIV/0!		3.42%	<-IRR #YR->	10	Free Cash Flow MS	40.00%
Dividends paid	$17.32	$19.74	$22.06	$25.57	$28.67	$29.83	$33.98	$37.54	$41.30	$44.47	$45.61	$47.07	$47.90	$52.60	$52.77	$52.77		117.14%	<-Total Growth	10	Dividends paid
Percentage paid	23.09%	126.18%	44.12%	25.57%	-71.67%	-99.44%	-169.88%	75.09%	68.83%	88.94%	0.00%	-36.21%	68.43%	137.44%	33.00%	30.33%		12.78%	<-Median->	10	Percentage paid
5 Year Coverage							233.50%	259.31%	856.57%	170.11%	144.93%	719.97%	452.69%	840.63%	178.00%	81.08%					5 Year Coverage
Dividend Coverage Ratio			2.27	3.91	-1.40	-1.01	-0.59	1.33	1.45	1.12	0.00	-2.76	1.46	0.73	3.03	3.30		0.56	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							0.43	0.39	0.12	0.59	0.69	0.14	0.22	0.12	0.56	1.23					5 Year of Coverage
								-$50.00	0.00	0.00	0.00	0.00	70.00
			-$50.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	70.00
Free Cash Flow WSJ (Using these)			$40.49	$4.12	$166.33	$321.53	$161.51	$237.21	-$63.65	-$142.39	$46.41	-$23.08	$60.05	$38.27	$159.90	$174.00		48.33%	<-Total Growth	10	Free Cash Flow WSJ	WSJ &
Change				-89.83%	3941.08%	93.30%	-49.77%	46.87%	-126.83%	-123.69%	132.60%	-149.73%	360.18%	-36.27%	317.82%	8.82%		-24.02%	<-IRR #YR->	5	Free Cash Flow MS	Mark Sc
FCF/CF from Op Ratio			64.51	15.43	-4225.53	887.54	5869.49	2450.32	334.98	539.73	-94.79	17.37	6.11	-53.23	12312.30	#DIV/0!		4.02%	<-IRR #YR->	10	Free Cash Flow MS
Dividends paid			$22.06	$25.57	$28.67	$29.83	$33.98	$37.54	$41.30	$44.47	$45.61	$47.07	$47.90	$52.60	$52.77	$52.77		117.14%	<-Total Growth	10	Dividends paid
Percentage paid			54.49%	621.19%	17.23%	9.28%	21.04%	15.83%	-64.88%	-31.23%	98.27%	-203.93%	79.77%	137.44%	33.00%	30.33%		16.53%	<-Median->	10	Percentage paid
5 Year Coverage							20.19%	17.47%	20.82%	36.39%	84.86%	396.28%	-184.54%	-1146.17%	87.35%	61.86%		20.82%	<-Median->	7	5 Year Coverage
Dividend Coverage Ratio			1.84	0.16	5.80	10.78	4.75	6.32	-1.54	-3.20	1.02	-0.49	1.25	0.73	3.03	3.30		1.14	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							4.95	5.72	4.80	2.75	1.18	0.25	-0.54	-0.09	1.14	1.62		2.75	<-Median->	7	5 Year of Coverage
								-$237.21	0.00	0.00	0.00	0.00	60.05
			-$40.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	60.05
Market Cap in $M	$850.6	$601.2	$874.4	$882.4	$1,182.4	$1,065.0	$1,063.7	$985.2	$1,026.7	$560.6	$813.8	$1,744.0	$2,004.2	$3,250.4	$3,250.4	$3,250.4		1.29	<-Total Growth	10	Market Cap	129.20%
Diluted # of Shares in Million	78.86	84.34	80.71	72.35	72.23	73.93	73.85	75.87	73.85	79.27	81.93	65.86	65.91	71.53	71.53	71.53		-18.33%	<-Total Growth	10	Diluted # of Shares in Million
Change	-0.13%	6.95%	-4.31%	-10.36%	-0.16%	2.34%	-0.10%	2.74%	-2.67%	7.35%	3.35%	-19.61%	0.08%	8.52%	0.00%	0.00%		-2.00%	<-IRR #YR->	10	Change
Difference Diluted/Basic	-33.2%	-35.8%	-30.2%	-20.7%	-19.2%	-19.1%	-17.8%	-20.9%	-18.3%	-23.1%	-24.7%	0.0%	-4.2%	-4.2%	-4.2%	-4.2%		-2.77%	<-IRR #YR->	5	Difference Diluted/Basic
Change in Diluted Shares per Year
			-80.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	65.9
								-75.9	0.0	0.0	0.0	0.0	65.9
Basic # of Shares in Millions	52.67	54.13	56.36	57.36	58.37	59.80	60.71	60.04	60.35	60.98	61.71	65.86	63.12	68.53	68.53	68.53		11.99%	<-Total Growth	10	Basic
Change	-0.58%	2.78%	4.11%	1.78%	1.75%	2.46%	1.52%	-1.10%	0.51%	1.05%	1.21%	6.72%	-4.17%	8.58%	0.00%	0.00%		1.37%	<-Median->	10	Change
Difference Basic/Outstanding	0.38%	3.69%	0.81%	0.87%	1.60%	1.13%	0.01%	0.30%	0.79%	0.92%	0.89%	-2.72%	1.52%	0.00%	0.00%	0.00%		0.88%	<-Median->	10	Difference Basic/Outstanding
														$368	<-12 mths	191.01%
# of Share in Millions	52.868	56.132	56.817	57.863	59.299	60.479	60.716	60.220	60.823	61.536	62.266	64.072	64.072	68.530	68.530	68.530		1.21%	<-IRR #YR->	10	Shares	12.77%
Change	-0.27%	6.17%	1.22%	1.84%	2.48%	1.99%	0.39%	-0.82%	1.00%	1.17%	1.19%	2.90%	0.00%	6.96%	0.00%	0.00%		1.25%	<-IRR #YR->	5	Shares	6.40%
Cash Flow from Operations $M	$134.0	$74.8	$58.1	$26.9	$197.4	$368.7	$198.5	$273.0	-$31.4	-$112.9	$51.1	$7.6	$126.6	$52.8	$53.5			117.92%	<-Total Growth	10	Cash Flow
Increase	94.58%	-44.19%	-22.32%	-53.73%	634.27%	86.75%	-46.17%	37.54%	-111.51%	-259.32%	145.25%	-85.12%	1566.27%	-58.33%	1.30%			Conv. Deb	SO, BuyBacks		S. Issued	Capital Stock
5 year Running Average	$56.8	$75.4	$106.7	$72.5	$98.2	$145.2	$169.9	$212.9	$201.2	$139.2	$75.6	$37.5	$8.2	$25.0	$58.3			-92.31%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.54	$1.33	$1.02	$0.46	$3.33	$6.10	$3.27	$4.53	-$0.52	-$1.83	$0.82	$0.12	$1.98	$0.77	$0.78			93.24%	<-Total Growth	10	Cash Flow per Share
Increase	95.11%	-47.43%	-23.26%	-54.56%	616.49%	83.11%	-46.38%	38.67%	-111.39%	-255.15%	144.72%	-85.54%	1566.27%	-61.04%	1.30%			8.10%	<-IRR #YR->	10	Cash Flow	117.92%
5 year Running Average	$1.08	$1.42	$1.98	$1.33	$1.74	$2.45	$2.84	$3.54	$3.34	$2.31	$1.25	$0.62	$0.11	$0.37	$0.89			-14.24%	<-IRR #YR->	5	Cash Flow	-53.61%
P/CF on Med Price	5.30	10.68	12.74	34.47	5.16	2.81	5.88	3.26	-36.73	-7.18	14.16	180.02	12.04	57.38	0.00			6.81%	<-IRR #YR->	10	Cash Flow per Share	93.24%
P/CF on Closing Price	6.35	8.04	15.05	32.82	5.99	2.89	5.36	3.61	-32.69	-4.97	15.93	229.51	15.83	61.60	60.81			-15.30%	<-IRR #YR->	5	Cash Flow per Share	-56.40%
															1016.15%	Diff M/C		-24.90%	<-IRR #YR->	10	CFPS 5 yr Running	-94.29%
														$297.33	<-12 mths	58.34%
Excl.Working Capital CF	-$40.4	-$4.8	$55.8	$117.4	-$58.8	-$179.8	-$4.4	-$60.1	$203.8	$239.8	$13.7	-$28.9	$61.2	$0.0	$0.0			-49.79%	<-IRR #YR->	5	CFPS 5 yr Running	-96.81%
Cash Flow from Operations $M WC	$93.6	$70.0	$113.9	$144.3	$138.6	$188.9	$194.1	$212.9	$172.4	$126.9	$64.8	-$21.3	$187.8	$52.8	$53.5			64.82%	<-Total Growth	10	Cash Flow less WC
Increase	-30.89%	-25.21%	62.76%	26.68%	-3.94%	36.23%	2.75%	9.68%	-19.00%	-26.38%	-48.97%	-132.86%	982.12%	-71.90%	1.30%			5.12%	<-IRR #YR->	10	Cash Flow less WC	64.82%
5 year Running Average	$88.5	$87.1	$104.1	$111.5	$112.1	$131.2	$156.0	$175.7	$181.4	$179.0	$154.2	$111.1	$106.1	$82.2	$67.5			-2.48%	<-IRR #YR->	5	Cash Flow less WC	-11.78%
CFPS Excl. WC	$1.77	$1.25	$2.01	$2.49	$2.34	$3.12	$3.20	$3.53	$2.83	$2.06	$1.04	-$0.33	$2.93	$0.77	$0.78			0.20%	<-IRR #YR->	10	CF less WC 5 Yr Run	1.97%
Increase	-30.70%	-29.56%	60.80%	24.39%	-6.26%	33.57%	2.35%	10.58%	-19.81%	-27.23%	-49.56%	-131.94%	982.12%	-73.73%	1.30%			-9.60%	<-IRR #YR->	5	CF less WC 5 Yr Run	-39.62%
5 year Running Average	$1.65	$1.62	$1.92	$2.01	$1.97	$2.24	$2.63	$2.94	$3.01	$2.95	$2.53	$1.83	$1.71	$1.29	$1.04			3.87%	<-IRR #YR->	10	CFPS - Less WC	46.16%
P/CF on Median Price	7.60	11.41	6.50	6.42	7.34	5.49	6.01	4.18	6.69	6.39	11.17	-64.26	8.12	57.38	0.00			-3.68%	<-IRR #YR->	5	CFPS - Less WC	-17.08%
P/CF on Closing Price	9.09	8.59	7.68	6.11	8.53	5.64	5.48	4.63	5.96	4.42	12.56	-81.93	10.67	61.60	60.81			-1.16%	<-IRR #YR->	10	CFPS 5 yr Running	-11.01%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	5.52	5 yr	12.04	P/CF Med	10 yr	6.40	5 yr	6.69		861.82%			-10.28%	<-IRR #YR->	5	CFPS 5 yr Running	-41.88%
			-56.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	64.1								Shares
								-60.2	0.0	0.0	0.0	0.0	64.1								Shares
			-$58.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$126.6								Cash Flow
								-$273.0	$0.0	$0.0	$0.0	$0.0	$126.6								Cash Flow
			-$1.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.98								Cash Flow per Share
								-$4.53	$0.00	$0.00	$0.00	$0.00	$1.98								Cash Flow per Share
			-$1.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.11								CFPS 5 yr Running
								-$3.54	$0.00	$0.00	$0.00	$0.00	$0.11								CFPS 5 yr Running
			-$113.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$187.8								Cash Flow less WC
								-$212.9	$0.0	$0.0	$0.0	$0.0	$187.8								Cash Flow less WC
			-$104.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$106.1								CF less WC 5 Yr Run
								-$175.7	$0.0	$0.0	$0.0	$0.0	$106.1								CF less WC 5 Yr Run
			-$2.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.93								CFPS - Less WC
								-$3.53	$0.00	$0.00	$0.00	$0.00	$2.93								CFPS - Less WC
			-$1.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.71								CFPS 5 yr Running
								-$2.94	$0.00	$0.00	$0.00	$0.00	$1.71								CFPS 5 yr Running
Trade & other Rec	$111.132	$38.344	-$95.091	-$49.170	$104.511	-$161.609	-$4.427	-$109.992	-$14.515	-$190.761	-$5.976	$145.938	-$355.809
Unbilled Revenue	-$8.299	$25.059	-$50.973	-$145.391	-$103.105	-$19.231	$8.353	$87.781	-$41.981	-$79.440	-$52.363	-$48.235	-$128.207
Inventories	$2.315	-$2.583	-$1.586	-$0.379	$5.463	$0.352	-$4.040	$3.553	-$3.855	-$11.207	$3.394	-$0.669	$5.547
Prepaid Expenses	$3.949	$0.416	-$1.585	$3.649	$0.076	-$13.896	-$29.057	-$14.332	$0.984	-$7.606	-$21.567	$7.812	-$80.200
Assets held for Sale
Trade and other Payables	-$41.888	-$43.268	$37.981	$68.495	$43.675	$83.742	$70.982	$121.275	-$8.039	$140.882	-$53.617	-$42.350	$286.639
Provisions	-$2.447	-$1.670	-$7.794	-$7.854	-$15.963	-$8.675	-$6.099	-$11.889	-$6.273	-$9.093	-$4.556	-$29.886	-$26.596
Deferred Revenue	-$14.624	-$11.737	$74.602	$16.045	$4.378	$301.217	-$24.574	$4.090	-$56.436	-$45.804	$159.695	$48.289	$292.010
Other Deferred Revenue					$25.293
Income Taxes Paid	-$9.091	$0.886	-$10.308	-$2.620	-$5.601	-$1.821	-$6.739	-$20.378	-$73.699	-$36.754	-$38.712	-$52.013	-$54.541
Defined Benefit pension	-$0.612	-$0.641	-$1.068	-$0.211	$0.049	-$0.266
Emplyee Benefit Plans
Change in Working Capital	$40.435	$4.806	-$55.822	-$117.436	$58.776	$179.813	$4.399	$60.108	-$203.814	-$239.783	-$13.702	$28.886	-$61.157
Google Finance			-$56	-$117	$59	$180	$5	$60	-$204	-$240	-$14	$29	-$61
Difference			$0	$0	$0	$0	-$1	$0	$0	$0	$0	$0	$0
					$59	$180	$4
					2021	2021	2021
																		For banks, use Net Income, not CF
OPM Ratio	4.37%	2.86%	1.99%	0.84%	7.04%	11.29%	5.74%	7.49%	-0.79%	-2.40%	1.10%	0.18%	2.33%	0.83%				17.01%	<-Total Growth	10	OPM
Increase	86.86%	-34.48%	-30.41%	-57.98%	740.89%	60.42%	-49.19%	30.62%	-110.54%	-204.30%	145.76%	-83.71%	1200.82%	-64.36%					Should increase		or be stable.
Diff from Median	154.7%	66.9%	16.1%	-51.2%	310.3%	558.2%	234.5%	336.9%	-146.1%	-240.1%	-35.9%	-89.6%	35.9%	-51.6%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	1.71%	5 Yrs	0.18%					should be	zero, it is a		check on calculations
														$156.90	<-12 mths	80.14%
EBIT from Mkt Scn								$149.9	$118.8	$97.2	$240.9	-$60.1	$87.1	$178.8	$237.6	$252.4				5	EBIT from Mkt Scn
Change									-20.75%	-18.22%	147.97%	-124.93%	245.05%	105.28%	32.89%	6.23%		-18.22%	<-Median->	5	Change
EBITDA Margin								4.11%	2.99%	2.07%	5.19%	-1.42%	1.60%	2.81%	3.51%	3.56%		2.53%	<-Median->	6	EBITDA Margin
														$301.44	<-12 mths	28.49%
Adjusted EBITDA	$169.8	$110.3	$146.8	$158.3	$156.5	$207.0	$221.9	$264.5	$238.9	$219.2	$143.4	$82.6	$234.6	$344.8	$403.6	$439.8		59.81%	<-Total Growth	10	Adjusted EBITDA
Change	-0.24%	-35.04%	33.09%	7.83%	-1.14%	32.27%	7.20%	19.20%	-9.68%	-8.25%	-34.58%	-42.40%	184.02%	46.97%	17.05%	8.97%		3.03%	<-Median->	10	Change
EBITDA Margin	5.53%	4.22%	5.03%	4.93%	5.58%	6.34%	6.41%	7.26%	6.01%	4.67%	3.09%	1.95%	4.32%	5.43%	5.97%	6.20%		5.25%	<-Median->	10	Margin
Long Term Debt	$123.13	$113.61	$105.36	$86.40	$444.10	$453.45	$511.58	$502.41	$520.91	$173.64	$218.47	$263.65	$367.96	$433.12				249.25%	<-Total Growth	10	Debt	Type
Change	-59.24%	-7.73%	-7.27%	-17.99%	413.99%	2.11%	12.82%	-1.79%	3.68%	-66.67%	25.82%	20.68%	39.56%	17.71%				8.25%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.14	0.19	0.12	0.10	0.38	0.43	0.48	0.51	0.51	0.31	0.27	0.15	0.18	0.13				0.34	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	2.12	2.22	2.43	2.32	2.35	2.32	2.29	2.15	2.24	1.94	1.84	1.66	2.05	1.50				2.19	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)	0.92	1.52	1.81	3.21	2.25	1.23	2.58	1.84	-16.58	-1.54	4.28	34.70	2.91	8.21				2.41	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$17.98	$45.92	$62.62	$111.66	$297.75	$397.80	$632.76	$565.62	$542.09	$554.25	$17.45	$17.45	$77.49	$92.70				23.75%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$53.78	$52.57	$49.37	$47.37	$49.37	$47.85	$52.89	$83.83	$104.86	$108.10	$105.56	$105.56	$176.36	$216.80				257.20%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$71.76	$98.49	$112.00	$159.03	$347.13	$445.64	$685.66	$649.45	$646.95	$662.35	$123.01	$123.01	$253.85	$309.50				126.66%	<-Total Growth	10	Total
Change	17.03%	37.25%	13.71%	42.00%	118.28%	28.38%	53.86%	-5.28%	-0.39%	2.38%	-81.43%	0.00%	106.36%	21.92%				15.38%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.08	0.16	0.13	0.18	0.29	0.42	0.64	0.66	0.63	1.18	0.15	0.07	0.13	0.10				0.36	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,129.6	$963.1	$1,242.2	$1,389.3	$1,722.7	$2,146.8	$2,129.4	$2,201.0	$2,145.7	$2,323.3	$2,473.3	$2,228.6	$2,874.9	$3,170.8				131.44%	<-Total Growth	10	Current Assets
Current Liabilities	$940.4	$824.0	$772.0	$864.8	$1,074.5	$1,263.9	$1,357.8	$1,529.6	$1,469.5	$1,834.5	$1,737.9	$1,943.4	$1,943.4	$2,935.1				151.75%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	1.20	1.17	1.61	1.61	1.60	1.70	1.57	1.44	1.46	1.27	1.42	1.15	1.48	1.08				1.47	<-Median->	10	Ratio
Liq. with CF aft div	1.18	1.14	1.56	1.56	1.56	1.66	1.67	1.58	1.40	1.18	1.42	1.12	1.51	1.08				1.40	<-Median->	5	Ratio
Liq. with CF aft div (WC)	1.28	1.23	1.71	1.72	1.69	1.81	1.67	1.54	1.53	1.30	1.42	1.11	1.54	1.08
Liq. CF re  Inv+Div	1.23	1.18	1.66	1.58	1.13	1.84	1.57	1.36	1.42	1.28	1.44	1.04	1.27	1.09				1.28	<-Median->	5	Ratio
Curr Long Term Debt	$67.890	$83.226	$56.033	$51.568	$44.472	$32.505	$60.071	$56.568	$61.525	$56.564	$42.608	$40.765	$43.903	$48.141				$43.9	<-Median->	5	Ratio
Liquidity Less CLTD	1.29	1.30	1.74	1.71	1.67	1.74	1.64	1.49	1.52	1.31	1.46	1.17	1.51	1.10				1.46	<-Median->	5	Ratio
Liq. with CF aft div	1.42	1.36	1.76	1.69	1.81	1.99	1.75	1.64	1.46	1.21	1.45	1.15	1.54	1.10				1.45	<-Median->	5	Ratio
Assets	$1,993.6	$1,830.1	$1,874.4	$2,005.5	$2,526.8	$2,932.7	$3,114.6	$3,287.4	$3,286.8	$3,567.0	$3,195.6	$3,226.2	$3,990.2	$4,415.4				112.88%	<-Total Growth	10	Assets
Liabilities	$1,407.0	$1,174.2	$1,156.3	$1,251.9	$1,755.3	$2,107.6	$2,256.6	$2,413.3	$2,373.3	$2,613.0	$2,131.3	$2,263.8	$3,061.5	$3,449.0				164.76%	<-Total Growth	10	Liabilities
Debt Ratio	1.42	1.56	1.62	1.60	1.44	1.39	1.38	1.36	1.38	1.37	1.50	1.43	1.30	1.28				1.39	<-Median->	10	Ratio
Book Value	586.61	655.95	718.05	753.60	771.48	825.06	858.00	874.11	913.57	954.00	1064.33	962.44	928.76	966.44				29.34%	<-Total Growth	10	Book Value
NCI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.32	6.32	11.86							NCI
Book Value	586.61	655.95	718.05	753.60	771.48	825.06	858.00	874.11	913.57	954.00	1064.33	956.12	922.44	954.58	954.58	954.58		28.46%	<-Total Growth	10	Book Value
Book Value per share	$11.10	$11.69	$12.64	$13.02	$13.01	$13.64	$14.13	$14.52	$15.02	$15.50	$17.09	$14.92	$14.40	$13.93	$13.93	$13.93		13.92%	<-Total Growth	10	Book Value per Share
Increase	8.29%	5.32%	8.15%	3.05%	-0.11%	4.86%	3.59%	2.72%	3.48%	3.22%	10.26%	-12.70%	-3.52%	-3.25%	0.00%	0.00%		179.62%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.21	1.22	1.03	1.23	1.32	1.26	1.36	1.02	1.26	0.85	0.68	1.43	1.65	3.17	0.00	0.00		1.22	P/B Ratio		Historical Median
P/B Ratio (Close)	1.45	0.92	1.22	1.17	1.53	1.29	1.24	1.13	1.12	0.59	0.76	1.82	2.17	3.41	3.41	3.41		1.31%	<-IRR #YR->	10	Book Value per Share	13.92%
Change	39.51%	-36.80%	32.87%	-3.85%	30.89%	-15.78%	-3.95%	-9.09%	-0.29%	-47.71%	30.12%	138.56%	19.11%	56.72%	0.00%	0.00%		-0.16%	<-IRR #YR->	5	Book Value per Share	-0.82%
Median 10 year P/B Ratio	1.50	1.45	1.31	1.22	1.22	1.22	1.22	1.21	1.22	1.22	1.22	1.24	1.26	1.29	1.26	1.14
Leverage (A/BK)	3.40	2.79	2.61	2.66	3.28	3.55	3.63	3.76	3.60	3.74	3.00	3.37	4.33	4.63				3.60	<-Median->	5	A/BV
Debt/Equity Ratio	2.40	1.79	1.61	1.66	2.28	2.55	2.63	2.76	2.60	2.74	2.00	2.37	3.32	3.61				2.60	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/B Ratios	10 yr Med	1.26	5 yr Med	1.26		170.15%	Diff M/C		3.75	Historical		Leverage (A/BK)
			-$12.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.40
								-$14.52	$0.00	$0.00	$0.00	$0.00	$14.40
														-$54.39	<-12 mths	-829.77%
Compreshensive Income	$54.29	$49.43	$40.70	$45.99	$29.92	$68.78	$61.78	$57.52	$65.63	$69.94	$140.22	-$58.42	$7.47					-81.64%	<-Total Growth	10	Compreshensive Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.46	$0.02								NCI
Shareholders	$54.29	$49.43	$40.70	$45.99	$29.92	$68.78	$61.78	$57.52	$65.63	$69.94	$140.22	-$58.88	$7.45					-81.69%	<-Total Growth	10	Shareholders
Increase	-27.89%	-8.95%	-17.65%	12.98%	-34.93%	129.85%	-10.18%	-6.90%	14.11%	6.57%	100.49%	-141.99%	112.66%					14.11%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$46	$49	$55	$53	$44	$47	$49	$53	$57	$65	$79	$55	$45					-15.61%	<-IRR #YR->	10	Comprehensive Income	-81.69%
ROE	9.3%	7.5%	5.7%	6.1%	3.9%	8.3%	7.2%	6.6%	7.2%	7.3%	13.2%	0.0%	0.8%					-33.55%	<-IRR #YR->	5	Comprehensive Income	-87.04%
5Yr Median	9.3%	9.3%	9.3%	7.5%	6.1%	6.1%	6.1%	6.6%	7.2%	7.2%	7.2%	7.2%	7.2%					-2.05%	<-IRR #YR->	10	5 Yr Running Average	-18.67%
% Difference from Net Income	33.7%	64.5%	-40.7%	-1.6%	6.2%	16.5%	-15.2%	-34.7%	32.1%	130.2%	-13.4%	0.0%	-50.8%					-3.20%	<-IRR #YR->	5	5 Yr Running Average	-15.01%
Median Values										Diff	5, 10 yr	-0.8%	0.0%					7.2%	<-Median->	5	Return on Equity
			-$40.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$7.5
								-$57.5	$0.0	$0.0	$0.0	$0.0	$7.5
			-$55.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$44.9
								-$52.8	$0.0	$0.0	$0.0	$0.0	$44.9
Current Liability Coverage Ratio	0.10	0.08	0.15	0.17	0.13	0.15	0.14	0.14	0.12	0.07	0.04	-0.01	0.10	0.02							CFO / Current Liabilities
5 year Median	0.10	0.10	0.14	0.15	0.13	0.15	0.15	0.14	0.14	0.14	0.12	0.07	0.07	0.04				0.12	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	4.69%	3.82%	6.08%	7.20%	5.49%	6.44%	6.23%	6.47%	5.25%	3.56%	2.03%	-0.66%	4.71%	1.20%							CFO / Total Assets
5 year Median	4.7%	4.7%	5.4%	6.1%	5.5%	6.1%	6.23%	6.44%	6.23%	6.23%	5.25%	3.56%	3.56%	2.03%				5.4%	<-Median->	10	Return on Assets
Return on Assets ROA	2.04%	1.64%	3.66%	2.33%	1.12%	2.01%	2.34%	2.68%	1.51%	0.85%	5.07%	-1.85%	0.38%	-0.69%				Net	Income/Assets		Return on Assets
5Yr Median	2.63%	2.04%	2.90%	2.33%	2.04%	2.01%	2.33%	2.33%	2.01%	2.01%	2.34%	1.51%	0.85%	0.38%				1.8%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	6.92%	4.58%	9.56%	6.20%	3.65%	7.15%	8.49%	10.07%	5.44%	3.18%	15.21%	0.00%	1.64%	0.00%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.70%	9.27%	9.56%	6.92%	6.20%	6.20%	7.15%	7.15%	7.15%	7.15%	8.49%	5.44%	3.18%	1.64%				5.8%	<-Median->	10	Return on Equity
														-$65	<-12 mths	-527.96%
Net Income	$40.6	$30.0	$68.7	$46.8	$28.2	$59.0	$72.9	$88.0	$49.7	$30.4	$161.9	-$59.4	$15.5					-77.37%	<-Total Growth	10	Net Income
NCI	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.1	$0.4								NCI
Shareholder	$40.6	$30.0	$68.7	$46.8	$28.2	$59.0	$72.9	$88.0	$49.7	$30.4	$161.9	-$59.5	$15.2	-$30.3	$151.6	$167.8		-77.92%	<-Total Growth	10	Shareholder
Increase	-47.94%	-26.00%	128.60%	-31.92%	-39.74%	109.45%	23.45%	20.83%	-43.56%	-38.85%	432.87%	-136.77%	125.47%	-299.84%	600.33%	10.69%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$52.5	$49.6	$55.0	$52.8	$42.9	$46.5	$55.1	$59.0	$59.6	$60.0	$80.6	$54.1	$39.5	$23.5	$47.8	$48.9		-14.02%	<-IRR #YR->	10	Net Income	-77.92%
Operating Cash Flow	$134.0	$74.8	$58.1	$26.9	$197.4	$368.7	$198.5	$273.0	-$31.4	-$112.9	$51.1	$7.6	$126.6					-29.66%	<-IRR #YR->	5	Net Income	-82.78%
Investment Cash Flow	-$43.1	-$9.8	$249.0	-$20.5	-$443.0	$39.0	-$66.1	-$189.4	-$39.6	-$35.9	$360.8	-$159.6	-$89.9					-3.25%	<-IRR #YR->	10	5 Yr Running Average	-28.11%
Total Accruals	-$50.3	-$35.0	-$238.4	$40.3	$273.7	-$348.7	-$59.5	$4.4	$120.7	$179.1	-$250.0	$92.5	-$21.5					-7.69%	<-IRR #YR->	5	5 Yr Running Average	-32.98%
Total Assets	$1,993.6	$1,830.1	$1,874.4	$2,005.5	$2,526.8	$2,932.7	$3,114.6	$3,287.4	$3,286.8	$3,567.0	$3,195.6	$3,226.2	$3,990.2						Balance Sheet		Assets
Accruals Ratio	-2.52%	-1.91%	-12.72%	2.01%	10.83%	-11.89%	-1.91%	0.13%	3.67%	5.02%	-7.82%	2.87%	-0.54%					2.87%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.41	0.41	0.51	0.31	0.20	0.30	0.35	0.36	0.28	0.23	2.02	2.86	0.08					0.30	<-Median->	10	EPS/CF Ratio
			-$68.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$15.2
								-$88.0	$0.0	$0.0	$0.0	$0.0	$15.2
			-$55.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$39.5
								-$59.0	$0.0	$0.0	$0.0	$0.0	$39.5
Change in Close	51.08%	-33.44%	43.70%	-0.91%	30.75%	-11.69%	-0.51%	-6.62%	3.18%	-46.03%	43.47%	108.26%	14.92%	51.63%	0.00%	0.00%			Count	30	Years of data
up/down	down			up		down	up				down	up							Count	15	50.00%
Meet Prediction?						yes						yes						% right	Count	6	40.00%
Financial Cash Flow	-$86.3	-$166.8	-$163.2	-$57.0	$317.8	-$85.1	-$78.1	-$107.3	-$52.3	-$11.9	-$141.9	-$58.3	$14.5						C F Statement		Financial Cash Flow
Total Accruals	$36.0	$131.8	-$75.3	$97.3	-$44.1	-$263.6	$18.6	$111.7	$173.0	$191.0	-$108.0	$150.7	-$36.1								Accruals
Accruals Ratio	1.80%	7.20%	-4.02%	4.85%	-1.74%	-8.99%	0.60%	3.40%	5.26%	5.35%	-3.38%	4.67%	-0.90%					4.67%	<-Median->	5	Ratio
Cash	$240.6	$138.9	$282.7	$213.9	$304.9	$631.0	$682.3	$658.3	$532.7	$377.2	$645.8	$438.0	$438.0	$629.6							Cash
Cash per Share	$4.55	$2.47	$4.98	$3.70	$5.14	$10.43	$11.24	$10.93	$8.76	$6.13	$10.37	$6.84	$6.84	$9.19				$6.84	<-Median->	5	Cash per Share
Percentage of Stock Price	28.28%	23.11%	32.33%	24.24%	25.78%	59.25%	64.14%	66.82%	51.88%	67.29%	79.35%	25.12%	21.86%	19.37%				51.88%	<-Median->	5	% of Stock Price
Notes:
August 9, 2026.  Last estimates were for 2025, 2026, 2027 of $5104M, $5404M, $5610M Revenue, $0.13, $1.42, $1.45 AEPS, $0.19, $1.46, $1.60 EPS,
$0.76, $0.80, $0.76 Dividends, $-162.5M, $37.5M, $133M FCF, $1.76 2025 CFPS, $73.7M, $187.8M, $173.9M EBIT, $225.1M, $329.1M, $353.6M EBITDA, -5.9M, $96.4M, $109.4M Net Income.
August 17, 2025.  Last estimates were for 2024, 2025, 2026 of $4162M, $4598M, $4631M Revenue, -$0.86, $1.36 and $2.51 for dividends,
-$124.3, $87.2M, $284.7M FCF, -$0.46, 1.76 2024/5 CFPS, $88M, $301M, 381M EBITDA, -$59.3M, $91.9M, $170.2M Net Income.
August 11, 2024.  Last estimates were for 2023, 2024, 2025 of $4770M, $4795M 2023/4 Revenue, $1.05, $1.17, $1.45 EPS, $0.74, $0.76, $0.78 Dividend,
$11.2M, $114M, $153M for FCF, $1.19, $2.16, $3.63 CFPS, $195M, $247M, $298M EBITDA, $79.9M, $89.8M, $118.9M Net Income.
August 10, 2023.  Last estimates were for 2022, 2023 and 2024 of $4473M, $4583M and $4509M for Revenue, $0.33, $0.73 and $1.11 for EPS,
$0.74, $0.77 and $0.82 for Dividends, -$30.9M, $84.8M and $81M for FCF, $1.98, $1.86 and $1.86 for CFPS, $18.1M and $43M 2022/3 for Net Income.
August 9, 2022.  Last estimates were for 2021, 2022 and 2023 of $4038M, $4214M and $4224M for Revenue, $0.97, $1.24 and $2.38 for EPS,
$0.70, $0.73 and $0.76 for Dividends, $61.9M, $128M and $120M for FCF, $2.50, $3.38 and $3.33 for CFPS, and $65.4M, $87.2M an $76.3M for Net Income.
August 8, 2020.  Last estimates were for 2020, 2021 and 2022 of $3448M, $3774M and $3967M for Revenue, $0.49 and $1.02 for EPS for 2020, 21,
$0.63 and $0.67 for Dividend 2020,21, $70.7M, $124M and $139M for FCF and $37M and $73.7M for Net Income
August 10, 2020. Spreadsheet started.
John M. Beck, Founder and Chairman, Aecon Group Inc
In November 2018, Aecon announced the closing of a definitive asset purchase agreement to sell substantially all of the assets related to its
Contract Mining business to North American Construction Group for $199.1 million in cash.
In 2010, Aecon acquired over 500 physical pieces of mining equipment and assets previously owned by Cow Harbour Construction, a large mining and
land reclamation contractor located in Alberta's oil sands.
Aecon's origins go back to 1957 to Prefac Concrete of Montreal, a company started by John M. Beck and his parents.
Sector:
Construction, Inudustrial
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
This stock has been coming up on Canada Stock Channel Weekly email in 2020.   Site is <a href=" https://www.canadastockchannel.com/" target="_top">Canada Stock Channel</a>.
Why I bought this stock.
Dividends
Dividends are paid quarterly in Cycle 1 of January, April, July and october.  Dividends are declared in one month for shareholders of record of the following month and paid in the next month.
For example, the dividends declared on December 24, 2019 for shareholder of record of December 24, 2019 was paid on January 3, 2020.
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.
For customers
For employees
For community
For investors
How they make their money.
Aecon Group Inc is a Canada-based company that operates in two segments: Construction and Concessions. The Construction segment includes
various aspects of the construction of public and private infrastructure projects. Its concessions segment is engaged in the development, financing,
construction, and operation of construction projects. The company generates the maximum revenue from the Construction segment.
Shares; '%, Value $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			2019	Aug 9	2020	Aug 8	2021	Aug 9	2022	Aug 10	2023	Aug 11	2024	Aug 17	2025			Aug 9	2026
Servranckx, Jean-Louis		0.006	0.01%	0.008	0.01%	0.018	0.03%	0.038	0.06%	0.006	0.01%	0.006	0.01%	0.006	0.01%			0.000	0.00%			-100.00%
CEO - Shares - Amount			$0.096		$0.124		$0.304		$0.344		$0.072		$0.150		$0.172				$0.000
Options - percentage		0.027	0.04%	0.128	0.21%	0.221	0.36%	0.416	0.68%	0.584	0.94%	0.604	0.94%	0.578	0.90%			0.585	0.85%			1.27%
Options - amount			$0.470		$2.094		$3.727		$3.792		$7.628		$16.433		$18.071				$27.749
Julier, Jerome												0.018	0.03%	0.027	0.04%			0.033	0.05%			21.89%
CFO - Shares - Amount													$0.498		$0.850				$1.570
Options - percentage												0.023	0.04%	0.057	0.09%			0.082	0.12%			44.48%
Options - amount													$0.636		$1.774				$3.887
Smales, David Andrew		0.023	0.04%	0.023	0.04%	0.023	0.04%	0.023	0.04%	0.023	0.04%										Ceased insider Jan 2024	#DIV/0!
CFO - Shares - Amount			$0.409		$0.382		$0.394		$0.213		$0.305
Options - percentage		0.211	0.35%	0.224	0.37%	0.237	0.39%	0.277	0.45%	0.330	0.53%											#DIV/0!
Options - amount			$3.700		$3.671		$3.995		$2.527		$4.316
Clochard, Thomas												0.015	0.02%	0.010	0.02%			0.009	0.01%			-12.82%
Officer - Shares - Amount													$0.401		$0.319				$0.421
Options - percentage												0.068	0.11%	0.076	0.12%			0.375	0.55%			395.41%
Options - amount													$1.862		$2.371				$17.810
Murphy, Timothy John														0.006	0.01%			0.005	0.01%			-17.27%
Officer - Shares - Amount															$0.182				$0.228
Options - percentage														0.021	0.03%			0.040	0.06%			92.59%
Options - amount															$0.657				$1.918
MacDonald, Eric														0.027	0.04%			0.020	0.03%			-23.86%
Officer - Shares - Amount															$0.840				$0.970
Options - percentage														0.128	0.20%			0.113	0.16%			-12.23%
Options - amount															$4.011				$5.338
Chan, Ernie										0.011	0.02%	0.011	0.02%	0.011	0.02%						Last reported Mar 2025
Officer - Shares - Amount											$0.138		$0.288		$0.353
Options - percentage										0.038	0.06%	0.044	0.07%	0.051	0.08%
Options - amount											$0.490		$1.194		$1.589
Borgatti, Adam		0.001	0.00%	0.002	0.00%	0.006	0.01%	0.006	0.01%	0.014	0.02%	0.009	0.01%	0.012	0.02%						Last reported Mar 2025
Officer - Shares - Amount			$0.018		$0.037		$0.109		$0.055		$0.179		$0.255		$0.387
Options - percentage		0.013	0.02%	0.023	0.04%	0.031	0.05%	0.040	0.07%	0.055	0.09%	0.062	0.10%	0.065	0.10%
Options - amount			$0.236		$0.374		$0.527		$0.368		$0.724		$1.676		$2.021
Hole, James Douglas								0.050	0.08%	0.050	0.08%										Ceased insider Jun 2024
Director - Shares - Amount									$0.456		$0.654
Options - percentage								0.077	0.12%	0.114	0.18%
Options - amount									$0.698		$1.486
Franceschini, Anthony P.		0.090	0.15%	0.090	0.15%	0.090	0.15%	0.090	0.15%	0.090	0.14%
Lead Director - Shares - Amt			$1.577		$1.472		$1.519		$0.820		$1.176
Options - percentage		0.045	0.07%	0.055	0.09%	0.064	0.11%	0.077	0.13%	0.113	0.18%
Options - amount			$0.795		$0.897		$1.083		$0.705		$1.470
Rosenfield, Eric Stuart										0.264	0.42%	0.294	0.46%	0.309	0.48%			0.184	0.27%			-40.43%
Director - Shares - Amount											$3.453		$8.008		$9.672				$8.737
Options - percentage										0.069	0.11%	0.080	0.12%	0.093	0.14%			0.110	0.16%			18.32%
Options - amount											$0.903		$2.166		$2.905				$5.213
Kass, Leslie Compton												0.008	0.01%	0.007	0.01%			0.007	0.01%			0.00%
Director - Shares - Amt													$0.219		$0.223				$0.338
Options - percentage												0.000	0.00%	0.013	0.02%			0.020	0.03%			53.23%
Options - amount													$0.000		$0.417				$0.969
Sloan, Monica										0.008	0.01%	0.008	0.01%
Director - Shares - Amt											$0.105		$0.218
Options - percentage										0.108	0.17%	0.119	0.19%
Options - amount											$1.415		$3.228
Thon, Scott														0.011	0.02%			0.011	0.02%		Chairman 2026	1.70%
Chairman - Shares - Amt															$0.328				$0.507
Options - percentage														0.055	0.09%			0.068	0.10%			23.41%
Options - amount															$1.729				$3.236
Beck, John Michael		0.054	0.09%	0.000	0.00%	0.054	0.09%	0.054	0.09%	0.054	0.09%	0.064	0.10%	0.143	0.22%			0.255	0.37%		Chairman Emeritus 2026	78.58%
Chairman E - Shares - Amt			$0.944		$0.000		$0.910		$0.491		$0.705		$1.740		$4.472				$12.110
Options - percentage		0.457	0.75%	0.000	0.00%	0.336	0.55%	0.358	0.58%	0.054	0.09%	0.450	0.70%	0.461	0.72%			0.080	0.12%			-82.69%
Options - amount			$7.999		$0.000		$5.677		$3.259		$0.705		$12.237		$14.428				$3.787
Increase in O/S Shares		1.016	1.71%	0.636	1.06%	0.442	0.73%	0.603	0.99%	0.713	1.16%	0.730	1.17%	0.728	1.14%			1.245	1.94%
Due to Stock Options			$17.893		$11.147		$7.233		$10.180		$6.496		$9.546		$19.822				$38.955
Book Value			$15.462		$10.404		$7.533		$10.074		$13.550		$11.350		$12.741				$19.797
Insider Buying			$0.000		-$0.102		-$0.050		-$1.118		$0.000		-$1.242		-$2.133				-$1.649
Insider Selling			$3.296		$0.000		$0.000		$0.000		$1.796		$0.299		$2.302				$10.182
Net Insider Selling			$3.296		-$0.102		-$0.050		-$1.118		$1.796		-$0.943		$0.170				$8.534
Net Selling % of Market Cap			0.33%		-0.01%		0.00%		-0.20%		0.22%		-0.05%		0.01%				0.26%
Directors				10		10		10		10		11		10				11
Women				3	30%	3	30%	3	30%	3	30%	4	36%	3	30%			3	27%
Minorities				0	0%	0	0%	0	0%	0	0%	0	0%	1	10%			1	9%
Institutions/Holdings				20	15.81%	20	22.75%	20	28.32%	20	23.87%	20	23.33%	20	16.04%			20	25.27%
Total Shares Held				9.606	15.95%	13.724	22.56%	17.263	28.05%	14.718	23.64%	14.561	22.73%	10.113	15.78%			17.321	25.27%
Increase/Decrease 3 Mths				0.316	3.41%	-0.782	-5.39%	0.187	1.10%	2.464	20.10%	0.359	2.52%	0.162	1.63%			1.978	12.90%
Starting No. of Shares				9.289		14.506		17.076		12.255		14.203		9.951				15.342