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 2026	<-Estimates				https://www.annualreports.com/Company/snc-lavalin-group-inc
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/26	<-Estimates			DO LATER THAN APRIL IN 2025, LOOK FOR ANNUAL STATEMENT.
AtkinsRealis Group Inc.					TSX:	ATRL	OTC:	SNCAF	https://www.atkinsrealis.com/			Fiscal Yr:	Dec-31					Look for latest reports, not latest annual report
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																					Split Date
Split																					Split
Net Income excluding 407	-$78.30	$1,210.89	$278.5	$123.0	$240.3													-100.00%	<-Total Growth	2	Net Income
Increase	-137.6%	-1646.5%	-77.0%	-55.8%	95.4%													#NUM!	<-IRR #YR->	2	Net Income	-100.00%
Under Accting for 407,  Net Income Excluding 407																		#NUM!	<-IRR #YR->	0	Net Income	#DIV/0!
	$0	$0	$0	$0	$240
	$0	$0	$0	$0	$240
														$11,207	<-12 mths	1.85%			Estimates		last 12 months from Qtr.
Revenue from E&C-PS PM				$8,223	$9,097	$9,819	$9,253	$6,878	$7,237	$7,440	$8,496	$9,542	$10,939
Capital Investments				$248	$238	$265	$263	$129	$134	$109	$139	$126	$63
Revenue*	$7,913	$8,239	$9,587	$8,471	$9,335	$10,084	$9,516	$7,008	$7,371	$7,549	$8,634	$9,668	$11,003	$11,992	$12,767	$13,561		14.77%	<-Total Growth	10	Revenue
Increase	-2.20%	4.11%	16.36%	-11.64%	10.20%	8.03%	-5.64%	-26.36%	5.19%	2.41%	14.38%	11.97%	13.80%	8.99%	6.46%	6.22%		1.39%	<-IRR #YR->	10	Revenue	14.77%
5 year Running Average	$7,126	$7,554	$8,208	$8,460	$8,709	$9,143	$9,398	$8,883	$8,663	$8,305	$8,016	$8,046	$8,845	$9,769	$10,813	$11,798		9.44%	<-IRR #YR->	5	Revenue	57.01%
Revenue Per Share	$52.13	$54.04	$64.01	$56.34	$53.19	$57.44	$54.20	$39.92	$41.99	$43.00	$49.18	$55.30	$66.90	$72.92	$77.63	$82.46		0.75%	<-IRR #YR->	10	5 yr Running Average	7.76%
Increase	-2.67%	3.67%	18.46%	-11.99%	-5.58%	7.99%	-5.64%	-26.36%	5.19%	2.41%	14.38%	12.43%	20.99%	8.99%	6.46%	6.22%		-0.08%	<-IRR #YR->	5	5 yr Running Average	-0.42%
5 year Running Average	$47.13	$49.85	$54.29	$56.01	$55.94	$57.00	$57.04	$52.22	$49.35	$47.31	$45.66	$45.88	$51.27	$57.46	$64.39	$71.04		0.44%	<-IRR #YR->	10	Revenue per Share	4.52%
P/S (Price/Sales) Med	0.86	0.91	0.65	0.85	1.03	0.92	0.59	0.66	0.71	0.64	0.72	1.09	1.25	1.32	0.00	0.00		10.88%	<-IRR #YR->	5	Revenue per Share	67.61%
P/S (Price/Sales) Close	0.92	0.82	0.64	1.03	1.07	0.80	0.55	0.54	0.74	0.55	0.87	1.38	1.32	1.18	1.10	1.04		-0.57%	<-IRR #YR->	10	5 yr Running Average	-5.56%
*Revenue in M CDN $									P/S Med	10 yr	0.79	5 yr	0.72		49.16%	Diff M/C		-0.36%	<-IRR #YR->	5	5 yr Running Average	-1.81%
			-$9,587	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,003
								-$7,008	$0	$0	$0	$0	$11,003
			-$8,208	$0	$0	$0	$0	$0	$0	$0	$0	$0	$8,845
								-$8,883	$0	$0	$0	$0	$8,845
			-$64.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$66.90
								-$39.92	$0.00	$0.00	$0.00	$0.00	$66.90
			-$54.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.27
								-$52.22	$0.00	$0.00	$0.00	$0.00	$51.27
														$3.54	<-12 mths	5.36%			Estimates		Last 12 months from Qtr
														2.14%	1.63%	#DIV/0!			Estimates		Payout Ratio EPS
Notes						Fr TD
Adjusted Net Income	$113.0	$374.5	$365.2	$387.2	$521.3	$230.0	$150.2	-$188.4	$152.1	$112.8	$274.1	$315.0	$572.5					56.75%	<-Total Growth	10	Adjusted Net Income
Calc based on Diluted Shares												$1.79	$3.36
Adjusted Profit CDN$	5.55%	11.33%	9.44%	10.00%	9.98%	6.30%	4.04%	-7.37%	5.12%	3.93%	8.66%	8.35%	10.31%					7.32%	<-Median->	10	Return on Equity ROE
Return on Equity ROE	20.12%	14.70%	11.33%	10.00%	9.98%	9.98%	9.44%	6.30%	5.12%	4.04%	4.04%	5.12%	8.35%					7.32%	<-Median->	10	5 Yr Median
Basic AEPS	$0.74	$2.46	$2.42	$2.58	$3.20	$1.31	$0.67	-$1.07	$0.87	$0.64	$1.56	$1.79	$3.36					38.84%	<-Total Growth	10	Basic AEPS
EPS to Adjusted EPS	$0.74	$2.46	$2.42	$2.58	$3.20	$1.31	$0.67	-$1.07	$0.87	$0.64	$1.56	$1.79	$3.36	$3.73	$4.91			38.84%	<-Total Growth	10	AEPS Diluted
Increase	-63.37%	232.43%	-1.63%	6.61%	24.03%	-59.06%	-48.85%	-259.70%	181.31%	-26.44%	143.75%	14.74%	87.71%	11.01%	31.64%			9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	1.55%	5.55%	5.89%	4.46%	5.61%	2.85%	2.24%	-4.92%	2.81%	2.68%	3.66%	2.35%	3.79%	4.4%	5.7%			3.34%	<-IRR #YR->	10	Earnings per Share	38.84%
5 year Running Average	$2.10	$2.12	$2.03	$2.04	$2.28	$2.39	$2.04	$1.34	$1.00	$0.48	$0.53	$0.76	$1.64	$2.22	$3.07			#NUM!	<-IRR #YR->	5	Earnings per Share	414.02%
Payout Ratio	124.32%	39.02%	41.32%	40.31%	34.13%	87.63%	35.82%	-7.48%	9.20%	12.50%	5.13%	4.47%	2.38%	2.14%	1.63%			-2.07%	<-IRR #YR->	10	5 yr Running Average	-18.85%
5 year Running Average	37.40%	40.45%	45.41%	46.97%	43.96%	43.78%	44.40%	53.81%	53.01%	67.27%	20.97%	10.55%	4.87%	3.61%	2.61%			4.21%	<-IRR #YR->	5	5 yr Running Average	22.87%
Price/AEPS Median	60.71	19.92	17.17	18.63	17.10	40.15	47.76	-24.57	34.06	43.33	22.78	33.65	24.97	25.71	0.00			29.31	<-Median->	10	Price/AEPS Median
Price/AEPS High	67.09	23.94	19.17	22.69	18.40	46.43	72.39	-31.63	43.79	51.23	29.67	43.87	31.54	28.40	0.00			37.67	<-Median->	10	Price/AEPS High
Price/AEPS Low	54.32	15.89	15.16	14.57	15.80	33.86	23.13	-17.52	24.33	35.42	15.88	23.43	18.40	23.01	0.00			20.77	<-Median->	10	Price/AEPS Low
Price/AEPS Close	64.58	18.01	16.99	22.40	17.83	35.05	44.70	-20.31	35.53	37.28	27.35	42.60	26.37	22.98	17.45			31.20	<-Median->	10	Price/AEPS Close
Trailing P/AEPSClose	23.66	59.88	16.72	23.88	22.11	14.35	22.86	32.43	-28.89	27.43	66.66	48.88	49.50	25.51	22.98			25.65	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	22.40	28.05	16.06	22.88	P/CF	5 Yrs	in order	33.65	43.79	23.43	35.53					-21.61%	Diff M/C	10
* ESP to Adjusted EPS from TD Waterhouse and is core E&C earnings from 2012									E/P	10 Yrs	2.83%	5Yrs	2.81%		-31.72%	Diff M/C
Cannot find in 2014, 2015 expect from TD.
Adjusted diluted EPS from PS& PM			-$2.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.36
								$1.07	$0.00	$0.00	$0.00	$0.00	$3.36
			-$2.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.64
								-$1.34	$0.00	$0.00	$0.00	$0.00	$1.64
														$15.61	<-12 mths	0.84%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.23%	0.00%	0.00%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%					0.00%	<-Median->	1	Difference Basic and Diluted
Calc				Calc -->	$2.34
EPS Basic	$0.24	$8.76	$2.68	$1.70	$2.35	-$7.50	$1.87	-$2.03	$0.57	$0.09	$1.64	$1.62	$15.48					477.61%	<-Total Growth	10	EPS Basic
pre 2006 split
pre 1996 split
pre 2006 split
EPS Diluted*	$0.24	$8.74	$2.68	$1.70	$2.34	-$7.50	$1.87	-$2.03	$0.57	$0.09	$1.64	$1.62	$15.41	$3.67	$4.74	$5.28		475.00%	<-Total Growth	10	EPS Diluted	TD $2.15
Increase	-88.2%	3541.7%	-69.3%	-36.6%	37.6%	-420.5%	-124.9%	-208.6%	-128.1%	-84.2%	1722.2%	-1.2%	851.2%	-76.2%	29.1%	11.4%		8	2	10	Years of Data, EPS P or N	80.00%
Earnings Yield	0.5%	19.7%	6.5%	2.9%	4.1%	-16.3%	6.2%	-9.3%	1.8%	0.4%	3.8%	2.1%	17.4%	4.3%	5.5%	6.2%		19.12%	<-IRR #YR->	10	Earnings per Share	475.00%
5 year Running Average	$2.00	$3.28	$3.24	$3.08	$3.14	$1.59	$0.22	-$0.72	-$0.95	-$1.40	$0.43	$0.38	$3.87	$4.49	$5.42	$6.14		#NUM!	<-IRR #YR->	5	Earnings per Share	859.11%
10 year Running Average	$1.56	$2.37	$2.55	$2.62	$2.75	$1.80	$1.75	$1.26	$1.07	$0.87	$1.01	$0.30	$1.57	$1.77	$2.01	$3.29		1.79%	<-IRR #YR->	10	5 yr Running Average	19.39%
* Diluted Earnings per share									E/P	10 Yrs	2.53%	5Yrs	2.12%					#NUM!	<-IRR #YR->	5	5 yr Running Average	633.98%
			-$2.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.41
								$2.03	$0.00	$0.00	$0.00	$0.00	$15.41
			-$3.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.87
								$0.72	$0.00	$0.00	$0.00	$0.00	$3.87
Dividend*														$0.08	$0.08	$0.12					Dividend*
Increase														0.00%	0.00%	50.00%					Increase
Payout Ratio EPS														2.18%	1.69%	2.27%			Estimates		Payout Ratio EPS
Special Dividend	$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 Dividend
pre 1996 split
pre 2006 split
Dividend*	$0.92	$0.96	$1.00	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08		-92.00%	<-Total Growth	10	Dividends
Increase	4.55%	4.35%	4.17%	4.00%	5.00%	5.13%	-79.09%	-66.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		0.00%	<-Median->	10	Dividends
Average Increases 5 Year Running	14.23%	10.10%	8.27%	4.36%	4.41%	4.53%	-12.16%	-26.33%	-27.13%	-28.13%	-29.15%	-13.33%	0.00%	0.00%	0.00%	0.00%		26	6	36	Years of data, Count P, N
5 year running Average	$0.78	$0.86	$0.92	$0.96	$1.00	$1.05	$0.90	$0.72	$0.53	$0.33	$0.11	$0.08	$0.08	$0.08	$0.08	$0.08		62.40%	<-Median->	10	Average Incr 5 Year Running
Yield H/L Price	2.05%	1.96%	2.41%	2.16%	2.00%	2.18%	0.75%	0.30%	0.27%	0.29%	0.23%	0.13%	0.10%	0.08%				0.30%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.85%	1.63%	2.16%	1.78%	1.85%	1.89%	0.49%	0.24%	0.21%	0.24%	0.17%	0.10%	0.08%	0.08%				0.24%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.29%	2.46%	2.73%	2.77%	2.16%	2.59%	1.55%	0.43%	0.38%	0.35%	0.32%	0.19%	0.13%	0.09%				0.40%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.93%	2.17%	2.43%	1.80%	1.91%	2.50%	0.80%	0.37%	0.26%	0.34%	0.19%	0.10%	0.09%	0.09%	0.09%	0.09%		0.35%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	383.33%	10.98%	37.31%	61.18%	46.67%	0.00%	12.83%	0.00%	14.04%	88.89%	4.88%	4.94%	0.52%	2.18%	1.69%	1.52%		8.89%	<-Median->	10	Payout Ratio EPS	FCF
DPR EPS 5 Yr Running	39.20%	26.13%	28.41%	31.17%	31.92%	65.83%	414.68%	0.00%	0.00%	0.00%	26.17%	21.16%	2.07%	1.78%	1.48%	1.30%		23.67%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	41.92%	55.41%	0.00%	148.05%	81.25%	0.00%	0.00%	11.56%	10.47%	0.00%	21.29%	2.66%	2.85%	2.69%	2.00%	#DIV/0!		6.66%	<-Median->	10	Payout Ratio CFPS
DPR CF 5 Yr Running	22.40%	25.80%	46.38%	105.92%	197.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.62%	7.20%	5.15%	3.04%	#DIV/0!		0.00%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	54.05%	88.08%	1329.30%	174.29%	21.85%	99.67%	0.00%	0.00%	4.64%	15.16%	3.99%	1.93%	1.48%	2.69%	2.00%	#DIV/0!		4.31%	<-Median->	10	Payout Ratio CFPS WC
DPR CF WC 5 Yr Running	21.48%	28.41%	42.07%	62.29%	59.24%	66.24%	67.43%	59.86%	36.96%	60.91%	15.89%	5.14%	2.90%	2.66%	2.16%	#DIV/0!		59.55%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	0.30%	0.35%	5 Yr Med	5 Yr Cl	0.23%	0.19%	5 Yr Med	Payout	4.94%	2.85%	3.99%					0.00%	<-IRR #YR->	5	Dividends	0.00%
* Dividends per share	10 Yr Med	and Cur.	-68.50%	-73.46%	5 Yr Med	and Cur.	-58.54%	-50.22%	Last Div Inc --->		$0.287	$0.020	-93.03%					-22.32%	<-IRR #YR->	10	Dividends	-92.00%
Dividends Growth 15																		-13.30%	<-IRR #YR->	15	Dividends	-88.24%
Dividends Growth 20																		-5.14%	<-IRR #YR->	20	Dividends	-65.22%
Dividends Growth 25																		-0.16%	<-IRR #YR->	25	Dividends	-4.00%
Dividends Growth 30																		1.81%	<-IRR #YR->	30	Dividends	71.43%
Dividends Growth 35																		2.17%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		4.53%	<-IRR #YR->	37	Dividends
Dividends Growth 5								-$0.08	$0.00	$0.00	$0.00	$0.00	$0.08								Dividends Growth 5
Dividends Growth 10			-$1.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.08								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	$0.08								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	$0.08								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	$0.08								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	$0.08								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	$0.08								Dividends Growth 40
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.08
Historical Dividends	Historical	High Div	2.80%	Low Div	0.21%	10 Yr High	2.75%	10 Yr Low	0.08%	Med Div	1.38%	Close Div	1.16%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-96.67%	Exp	-55.55%	Exp.	-96.61%		16.69%	Exp.	-93.24%	Exp.	-91.93%								High/Ave/Median
Future Dividend Yield					Div Yield	$0.00	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	0.09%	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	0.09%	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.08	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.08	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.08	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Dividend Covering Cost					Total Div	$0.40	over	5	Years	at IRR of	0.00%	Div Cov.	0.47%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$0.72	over	10	Years	at IRR of	0.00%	Div Cov.	0.84%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$1.04	over	15	Years	at IRR of	0.00%	Div Cov.	1.21%								Dividend Covering Cost
I am earning GC					Div Gr	0.00%	12/2/98	# yrs ->	28	1998	$3.40	Cap Gain	2420.59%								I am earning GC
I am earning Div					org yield	2.35%	12/31/14	Pension	Div G Yrly	0.00%	Div start	$0.08	-2.35%	2.35%							I am earning Div
I am earning GC					Div Gr	-90.91%	5/26/12	# yrs ->	13	2012	$39.56	Cap Gain	116.63%								I am earning GC
I am earning Div					org yield	2.22%	12/31/14	Trading	Div G Yrly	-60.24%	Div start	$0.88	-2.22%	0.20%							I am earning Div
Yield if held 5 years	2.13%	2.37%	1.97%	2.04%	2.41%	2.56%	0.49%	0.19%	0.17%	0.15%	0.15%	0.25%	0.30%	0.27%	0.29%	0.23%		0.28%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.75%	5.61%	4.46%	3.55%	2.72%	2.66%	0.59%	0.16%	0.16%	0.18%	0.18%	0.16%	0.19%	0.17%	0.15%	0.15%		0.19%	<-Median->	10	Paid Median Price
Yield if held 15 years	23.54%	24.00%	24.05%	14.61%	10.20%	8.42%	1.40%	0.36%	0.27%	0.20%	0.19%	0.20%	0.16%	0.16%	0.18%	0.18%		0.32%	<-Median->	10	Paid Median Price
Yield if held 20 years	57.38%	45.71%	40.00%	25.74%	22.02%	29.37%	6.00%	1.92%	1.12%	0.75%	0.59%	0.47%	0.36%	0.27%	0.20%	0.19%		1.52%	<-Median->	10	Paid Median Price
Yield if held 25 years	141.78%	103.16%	75.79%	58.96%	70.50%	71.60%	11.43%	3.20%	1.98%	1.61%	2.05%	2.00%	1.92%	1.12%	0.75%	0.59%		2.62%	<-Median->	10	Paid Median Price
Yield if held 30 years						176.92%	25.79%	6.06%	4.54%	5.16%	4.99%	3.81%	3.20%	1.98%	1.61%	2.05%		5.08%	<-Median->	8	Paid Median Price
Yield if held 35 years											12.33%	8.60%	6.06%	4.54%	5.16%	4.99%		8.60%	<-Median->	3	Paid Median Price
Yield if held 40 years																12.33%
Cost covered if held 5 years	9.08%	10.57%	9.04%	9.41%	11.08%	11.66%	9.23%	8.67%	5.49%	2.97%	1.06%	1.25%	1.52%	1.35%	1.44%	1.13%		7.08%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	40.38%	36.73%	31.44%	26.63%	21.13%	21.23%	21.73%	16.11%	14.58%	14.67%	12.91%	10.04%	9.63%	6.32%	3.71%	1.83%		15.39%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	154.29%	172.75%	188.22%	123.23%	91.00%	78.83%	63.16%	47.49%	35.65%	25.18%	22.53%	22.72%	16.90%	15.36%	15.56%	13.80%		41.57%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	393.35%	344.29%	327.33%	226.90%	205.55%	288.36%	285.75%	274.79%	160.33%	106.21%	82.94%	65.50%	49.28%	37.02%	26.18%	23.45%		182.94%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	991.78%	793.91%	632.84%	530.08%	672.87%	720.17%	559.52%	471.33%	292.24%	238.39%	302.69%	295.75%	284.41%	165.95%	109.95%	85.88%		387.01%	<-Median->	10	Paid Median Price
Cost covered if held 30 years						1799.32%	1279.64%	905.68%	679.75%	777.98%	755.09%	578.57%	487.33%	302.15%	246.45%	312.92%		766.54%	<-Median->	8	Paid Median Price
Cost covered if held 35 years											1885.62%	1322.63%	936.00%	702.43%	803.80%	780.04%		1322.63%	<-Median->	3	Paid Median Price
Cost covered if held 40 years																1947.26%
																				Yr	Item	Tot. Grth
Revenue Growth								$7,008	$7,371	$7,549	$8,634	$9,668	$11,003	$11,207	<-12 mths	1.85%		57.01%	<-Total Growth	5	Revenue Growth	57.01%
AEPS Growth								-$1.07	$0.87	$0.64	$1.56	$1.79	$3.36	$3.54	<-12 mths	5.36%		414.02%	<-Total Growth	5	AEPS Growth	414.02%
Net Income Growth								-$965	$667	$10	$287	$284	$2,628	$2,654	<-12 mths	0.99%		372.24%	<-Total Growth	5	Net Income Growth	372.24%
Cash Flow Growth								$121	$134	-$245	$66	$526	$461					279.70%	<-Total Growth	5	Cash Flow Growth	279.70%
Dividend Growth								$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	<-12 mths	0.00%		0.00%	<-Total Growth	5	Dividend Growth	0.00%
Stock Price Growth								$21.73	$30.91	$23.86	$42.66	$76.26	$88.60	$85.70	<-12 mths	-3.27%		307.73%	<-Total Growth	5	Stock Price Growth	307.73%
Revenue Growth			$9,587	$8,471	$9,335	$10,084	$9,516	$7,008	$7,371	$7,549	$8,634	$9,668	$11,003	$11,992	<-this year	8.99%		14.77%	<-Total Growth	10	Revenue Growth	14.77%
AEPS Growth			$2.42	$2.58	$3.20	$1.31	$0.67	-$1.07	$0.87	$0.64	$1.56	$1.79	$3.36	$3.73	<-this year	11.01%		38.84%	<-Total Growth	10	AEPS Growth	38.84%
Net Income Growth			$404	$256	$382	-$1,317	$328	-$965	$667	$10	$287	$284	$2,628	$567	<-this year	-78.42%		550.04%	<-Total Growth	10	Net Income Growth	550.04%
Cash Flow Growth			-$515	$106	$236	-$304	-$355	$121	$134	-$245	$66	$526	$461	$488	<-this year	5.89%		189.62%	<-Total Growth	10	Cash Flow Growth	189.62%
Dividend Growth			$1.00	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	<-this year	0.00%		-92.00%	<-Total Growth	10	Dividend Growth	-92.00%
Stock Price Growth			$41.12	$57.79	$57.05	$45.92	$29.95	$21.73	$30.91	$23.86	$42.66	$76.26	$88.60	$91.29	<-this year	3.04%		115.47%	<-Total Growth	10	Stock Price Growth	115.47%
Dividends on Shares				$26.00	$27.30	$28.70	$6.00	$2.00	$2.00	$2.00	$2.00	$2.00	$2.00	$2.00	$2.00	$2.00		$100.00	No of Years	10	Total Divs	12/31/15
Paid			$1,028.00	$1,444.75	$1,426.25	$1,148.00	$748.75	$543.25	$772.75	$596.50	$1,066.50	$1,906.50	$2,215.00	$2,142.50	$2,142.50	$2,142.50		$2,215.00	No of Years	10	Worth	$41.12
Total																		$2,315.00
Graham Price AESP	$14.95	$34.64	$37.50	$38.67	$46.30	$24.76	$17.86	$14.82	$18.21	$15.34	$25.15	$29.48	$50.52	$53.23	$61.08	$0.00		34.73%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	3.01	1.41	1.11	1.24	1.18	2.12	1.79	1.77	1.63	1.81	1.41	2.04	1.66	1.80				1.72	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	3.32	1.70	1.24	1.51	1.27	2.46	2.72	2.28	2.09	2.14	1.84	2.66	2.10	1.99				2.12	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	2.69	1.13	0.98	0.97	1.09	1.79	0.87	1.27	1.16	1.48	0.99	1.42	1.22	1.61				1.19	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	3.20	1.28	1.10	1.49	1.23	1.85	1.68	1.47	1.70	1.56	1.70	2.59	1.75	1.61	0.98	#DIV/0!		1.69	<-Median->	10	Price/GP Ratio
Prem/Disc Close	385.88%	14.81%	9.17%	60.91%	27.15%	63.95%	40.51%	50.57%	86.18%	148.06%	67.90%	166.79%	35.19%	61.47%	-1.74%	#DIV/0!		62.43%	<-Median->	10	Graham Price
Graham Price EPS	$8.51	$65.30	$39.46	$31.39	$39.59	$33.09	$29.84	$13.67	$14.74	$5.75	$25.79	$28.05	$108.20	$52.82	$60.02	$63.34		174.18%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	5.28	0.75	1.05	1.53	1.38	1.59	1.07	1.92	2.01	4.82	1.38	2.15	0.78	1.82				1.56	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	5.83	0.90	1.18	1.87	1.49	1.84	1.63	2.48	2.59	5.70	1.80	2.80	0.98	2.01				1.85	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	4.72	0.60	0.93	1.20	1.28	1.34	0.52	1.37	1.44	3.94	0.96	1.50	0.57	1.63				1.31	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	5.61	0.68	1.04	1.84	1.44	1.39	1.00	1.59	2.10	4.15	1.65	2.72	0.82	1.62	1.43	1.35		1.62	<-Median->	10	Price/GP Ratio
Prem/Disc Close	461.47%	-32.14%	4.20%	84.10%	44.09%	38.77%	0.37%	58.99%	109.73%	314.72%	65.43%	171.91%	-18.12%	62.26%	42.80%	35.31%		62.21%	<-Median->	10	Graham Price
pre 2006 split
Price Close	$47.79	$44.31	$41.12	$57.79	$57.05	$45.92	$29.95	$21.73	$30.91	$23.86	$42.66	$76.26	$88.60	$85.70	$85.70	$85.70		115.47%	<-Total Growth	10	Stock Price
Increase	18.53%	-7.28%	-7.20%	40.54%	-1.28%	-19.51%	-34.78%	-27.45%	42.25%	-22.81%	78.79%	78.76%	16.18%	-3.27%	0.00%	0.00%		32.49	<-Median->	10	CAPE (10 Yr P/E)
P/E	199.13	5.07	15.34	33.99	24.38	-6.12	16.02	-10.70	54.23	265.11	26.01	47.07	5.75	23.34	18.08	16.23		32.46%	<-IRR #YR->	5	Stock Price	307.73%
Trailing P/E	23.43	184.63	4.70	21.56	33.56	19.62	-3.99	11.62	-15.23	41.86	474.00	46.50	54.69	5.56	23.34	18.08		7.98%	<-IRR #YR->	10	Stock Price	115.47%
CAPE (10 Yr P/E)	26.77	18.71	17.98	18.54	17.96	27.79	27.20	34.77	39.14	46.03	39.14	143.37	30.22	28.43	26.45	17.38		32.66%	<-IRR #YR->	5	Price & Dividend	309.94%
Median 10, 5 Yrs		D.  per yr	0.87%	0.20%	% Tot Ret	9.80%	0.62%	T P/E	$27.56	$46.50	P/E:	$25.20	$47.07					8.85%	<-IRR #YR->	10	Price & Dividend	127.63%
Price 15		D.  per yr	0.88%		% Tot Ret	24.89%						CAPE Diff	-28.18%					2.66%	<-IRR #YR->	15	Stock Price	48.23%
Price  20		D.  per yr	1.43%		% Tot Ret	18.14%												6.44%	<-IRR #YR->	20	Stock Price	248.37%
Price  25		D.  per yr	3.02%		% Tot Ret	19.46%												12.51%	<-IRR #YR->	25	Stock Price	1805.38%
Price  30		D.  per yr	2.61%		% Tot Ret	17.82%												12.02%	<-IRR #YR->	30	Stock Price	2910.19%
Price  35		D.  per yr	2.56%		% Tot Ret	17.15%												12.36%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	4.57%		% Tot Ret	22.86%												15.42%	<-IRR #YR->	37	Stock Price
Price & Dividend 15																		3.54%	<-IRR #YR->	15	Price & Dividend	63.76%
Price & Dividend 20																		7.87%	<-IRR #YR->	20	Price & Dividend	292.72%
Price & Dividend 25																		15.54%	<-IRR #YR->	25	Price & Dividend	2061.51%
Price & Dividend 30																		14.62%	<-IRR #YR->	30	Price & Dividend	3325.71%
Price & Dividend 35																		14.92%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		19.99%	<-IRR #YR->	37	Price & Dividend
Price  5								-$21.73	$0.00	$0.00	$0.00	$0.00	$88.60								Price  5
Price 10			-$41.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%	$88.60								Price 10
Price & Dividend 5								-$21.73	$0.08	$0.08	$0.08	$0.08	$88.60								Price & Dividend 5
Price & Dividend 10			-$41.12	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$88.60								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	$88.60								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	$88.60								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	$88.60								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	$88.60								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	$88.60								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$88.60								Price  40
Price & Dividend 15	$0.92	$0.96	$1.00	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$88.68								Price & Dividend 15
Price & Dividend 20	$0.92	$0.96	$1.00	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$88.68								Price & Dividend 20
Price & Dividend 25	$0.92	$0.96	$1.00	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$88.68								Price & Dividend 25
Price & Dividend 30	$0.92	$0.96	$1.00	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$88.68								Price & Dividend 30
Price & Dividend 35	$0.92	$0.96	$1.00	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$88.68								Price & Dividend 35
Price & Dividend 40	$0.92	$0.96	$1.00	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$88.68								Price & Dividend 40
Price H/L Med.	$44.93	$49.00	$41.55	$48.08	$54.73	$52.59	$32.00	$26.30	$29.64	$27.73	$35.54	$60.23	$83.91	$95.90				101.96%	<-Total Growth	10	Stock Price
Increase	-0.72%	9.06%	-15.21%	15.72%	13.83%	-3.90%	-39.15%	-17.83%	12.70%	-6.43%	28.15%	69.49%	39.31%	14.29%				7.28%	<-IRR #YR->	10	Stock Price	101.96%
P/E	187.19	5.61	15.50	28.28	23.39	-7.01	17.11	-12.95	51.99	308.11	21.67	37.18	5.44	26.12				26.12%	<-IRR #YR->	5	Stock Price	219.09%
Trailing P/E	22.02	204.15	4.75	17.94	32.19	22.47	-4.27	14.06	-14.60	48.65	394.83	36.73	51.79	6.22				8.16%	<-IRR #YR->	10	Price & Dividend	114.00%
P/E on Running 5 yr Average	22.46	14.96	12.83	15.61	17.43	33.03	146.79	-36.32	-31.19	-19.81	83.03	159.34	21.70	21.37				26.32%	<-IRR #YR->	5	Price & Dividend	220.92%
P/E on Running 10 yr Average	28.76	20.69	16.29	18.37	19.89	29.28	18.32	20.92	27.83	31.87	35.18	202.11	53.41	54.23				20.77	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	0.88%	0.20%	% Tot Ret	10.74%	0.77%	T P/E	27.33	48.65	P/E:	22.53	37.18						Count	37	Years of data
			-$41.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$83.91
								-$26.30	$0.00	$0.00	$0.00	$0.00	$83.91
			-$41.55	$1.04	$1.09	$1.15	$0.24	$0.08	$0.08	$0.08	$0.08	$0.08	$83.99
								-$26.30	$0.08	$0.08	$0.08	$0.08	$83.99
High Months	Feb	Aug	Jun	Dec	Jan	Jun	Jan	Feb	Sep	Mar	Sep	Dec	Sep	Feb
pre 1996 split
pre 2006 split
Price High	$49.65	$58.89	$46.40	$58.55	$58.88	$60.82	$48.50	$33.84	$38.10	$32.79	$46.29	$78.52	$105.98	$105.95				128.41%	<-Total Growth	10	Stock Price
Increase	-10.54%	18.61%	-21.21%	26.19%	0.56%	3.29%	-20.26%	-30.23%	12.59%	-13.94%	41.17%	69.63%	34.97%	-0.03%				8.61%	<-IRR #YR->	10	Stock Price	128.41%
P/E	206.88	6.74	17.31	34.44	25.16	-8.11	25.94	-16.67	66.84	364.33	28.23	48.47	6.88	28.85				25.65%	<-IRR #YR->	5	Stock Price	213.18%
Trailing P/E	24.34	245.38	5.31	21.85	34.64	25.99	-6.47	18.10	-18.77	57.53	514.33	47.88	65.42	6.88				25.05	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	30.31	57.53	P/E:	27.08	48.47					48.77	P/E Ratio		Historical High
			-$46.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$105.98
								-$33.84	$0.00	$0.00	$0.00	$0.00	$105.98
Low Months	May	Dec	Mar	Jan	May	Oct	Sep	Mar	Jan	Dec	Jan	Jan	Apr	Mar
pre 1996 split
pre 2006 split
Price Low	$40.20	$39.10	$36.69	$37.60	$50.57	$44.36	$15.50	$18.75	$21.17	$22.67	$24.78	$41.94	$61.83	$85.84				68.52%	<-Total Growth	10	Stock Price
Increase	14.86%	-2.74%	-6.16%	2.48%	34.49%	-12.28%	-65.06%	20.97%	12.91%	7.09%	9.31%	69.25%	47.42%	38.83%				5.36%	<-IRR #YR->	10	Stock Price	68.52%
P/E	167.50	4.47	13.69	22.12	21.61	-5.91	8.29	-9.24	37.14	251.89	15.11	25.89	4.01	23.38				26.95%	<-IRR #YR->	5	Stock Price	229.76%
Trailing P/E	19.71	162.92	4.20	14.03	29.75	18.96	-2.07	10.03	-10.43	39.77	275.33	25.57	38.17	5.57				14.34	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	22.27	38.17	P/E:	18.36	25.89					6.01	P/E Ratio		Historical Low
			-$36.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.83
								-$18.75	$0.00	$0.00	$0.00	$0.00	$61.83
Free Cash Flow Mkt Sc			-$631	-$46	-$361	-$456	-$478	$45.66	$27.91	-$355.20	-$106.20	$365.90	$199	$240	$624	$216		131.54%	<-Total Growth	10	Free Cash Flow Mkt Sc
Change				92.71%	-684.78%	-26.32%	-4.82%	109.55%	-38.87%	-1372.66%	70.10%	444.54%	-45.61%	20.60%	159.88%	-65.37%		-15.57%	<-Median->	10	Change
Free Cash Flow WSJ			-$530.63	-$45.72	-$360.67	-$456.47	-$477.72	$45.66	$27.91	-$355.19	-$25.82	$365.86	$284.70					153.65%	<-Total Growth	10	Free Cash Flow	Mostly
Change				91.38%	-688.96%	-26.56%	-4.65%	109.56%	-38.89%	-1372.75%	92.73%	1516.72%	-22.18%					-$0.13	<-Median->	10	Change	Agrees
Free Cash Flow MS old			-$631	-$46	-$361	-$456	-$478	$45.7	$28	-$355	-$26
Change				92.71%	-684.78%	-26.32%	-4.82%	109.56%	-38.73%	-1367.86%	92.68%
Free Cash Flow MS	-$1,312	-$1,328	$10	$20	$280	$50	-$140	$1,730.0	$130	-$90	$160	$430	$470	$240	$624	$216		4600.00%	<-Total Growth	10	Free Cash Flow
Change				100.00%	1300.00%	-82.14%	-380.00%	1335.71%	-92.49%	-169.23%	277.78%	168.75%	9.30%	-48.94%	159.88%	-65.37%		-22.94%	<-IRR #YR->	5	Free Cash Flow MS	-72.83%
FCF/CF from Op Ratio			-3.35	16.61	306.61	-21.87	821.24	1289.17	1242.28	31.82	126.10	61.40	-6984.98	4076.90	1781.14	#DIV/0!		46.96%	<-IRR #YR->	10	Free Cash Flow MS	4600.00%
Dividends paid	$139.42	$146.18	$150.86	$156.10	$177.95	$201.52	$42.13	$14.04	$14.04	$14.04	$14.04	$14.02	$13.59	$13.16	$13.16	$13.16		-90.99%	<-Total Growth	10	Dividends paid
Percentage paid			1508.63%	780.52%	63.55%	403.04%	-30.10%	0.81%	10.80%	-15.60%	8.78%	3.26%	2.89%	5.48%	2.11%	6.09%		6.02%	<-Median->	10	Percentage paid
5 Year Coverage							331.17%	30.50%	21.94%	17.01%	5.49%	2.97%	6.34%	5.69%	3.53%	3.39%					5 Year Coverage
Dividend Coverage Ratio			0.07	0.13	1.57	0.25	-3.32	123.18	9.26	-6.41	11.39	30.68	34.59	18.24	47.41	16.42		5.42	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							0.30	3.28	4.56	5.88	18.21	33.62	15.77	17.58	28.31	29.52					5 Year of Coverage
								-$1,730	$0	$0	$0	$0	$470
			-$10	$0	$0	$0	$0	$0	$0	$0	$0	$0	$470
Market Cap.	$7,255	$6,756	$6,159	$8,689	$10,012	$8,061	$5,258	$3,815	$5,426	$4,189	$7,489	$13,333	$14,571	$14,094	$14,094	$14,094		136.59%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	181.814	152.605	150.988	150.279	163.029	175.541	175.554	175.554	175.554	175.554	175.572	175.586	170.512	170.512				12.93%	<-Total Growth	10	Diluted
Change	20.16%	-16.07%	-1.06%	-0.47%	8.48%	7.67%	0.01%	0.00%	0.00%	0.00%	0.01%	0.01%	-2.89%	0.00%				0.00%	<-Median->	10	Diluted
Difference Diluted/Basic	-16.7%	-0.3%	0.0%	-0.1%	-0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.2%	-0.4%	-0.4%				-0.01%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	151.497	152.218	150.918	150.077	162.910	175.541	175.554	175.554	175.554	175.554	175.554	175.233	169.805	169.805				12.51%	<-Total Growth	10	Basic
Change	0.29%	0.48%	-0.85%	-0.56%	8.55%	7.75%	0.01%	0.00%	0.00%	0.00%	0.00%	-0.18%	-3.10%	0.00%				0.00%	<-Median->	10	Change
Difference Basic/Outstanding	0.2%	0.2%	-0.8%	0.2%	7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.2%	-3.2%	-3.2%				0.00%	<-Median->	10	Difference Basic/Outstanding
pre 2006 split
# of Share in Millions	151.807	152.465	149.772	150.357	175.488	175.554	175.554	175.554	175.554	175.554	175.554	174.840	164.455	164.455	164.455	164.455		0.94%	<-IRR #YR->	10	Shares	9.80%
Change	0.49%	0.43%	-1.77%	0.39%	16.71%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.41%	-5.94%	0.00%	0.00%	0.00%		-1.30%	<-IRR #YR->	5	Shares	-6.32%
CF fr Op $M	$333.19	$264.14	-$514.69	$105.62	$235.86	-$303.53	-$355.27	$121.49	$134.20	-$245.36	$65.96	$525.78	$461.28	$488.43	$659.47			189.62%	<-Total Growth	10	Cash Flow
Increase	-33.93%	-20.72%	-294.85%	120.52%	123.30%	-228.69%	-17.05%	134.19%	10.46%	-282.83%	126.88%	697.13%	-12.27%	5.89%	35.02%			SO	Buy Backs
5 year Running Average	$528.9	$502.0	$301.3	$138.5	$84.8	-$42.5	-$166.4	-$39.2	-$33.5	-$129.7	-$55.8	$120.4	$188.4	$259.2	$440.2			-37.49%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.19	$1.73	-$3.44	$0.70	$1.34	-$1.73	-$2.02	$0.69	$0.76	-$1.40	$0.38	$3.01	$2.80	$2.97	$4.01			181.62%	<-Total Growth	10	Cash Flow per Share
Increase	-34.25%	-21.07%	-298.36%	120.44%	91.32%	-228.64%	-17.05%	134.19%	10.46%	-282.83%	126.88%	700.38%	-6.73%	5.89%	35.02%			#NUM!	<-IRR #YR->	10	Cash Flow	189.62%
5 year Running Average	$3.50	$3.32	$1.98	$0.91	$0.51	-$0.28	-$1.03	-$0.20	-$0.19	-$0.74	-$0.32	$0.69	$1.11	$1.55	$2.63			30.58%	<-IRR #YR->	5	Cash Flow	279.70%
P/CF on Med Price	20.47	28.28	-12.09	68.44	40.72	-30.42	-15.81	38.00	38.77	-19.84	94.58	20.03	29.91	32.29	0.00			32.30%	<-IRR #YR->	5	Cash Flow per Share	305.32%
P/CF on Closing Price	21.77	25.58	-11.97	82.26	42.45	-26.56	-14.80	31.40	40.44	-17.07	113.54	25.36	31.59	28.86	21.37			#NUM!	<-IRR #YR->	10	Cash Flow per Share	181.62%
															-15.02%	Diff M/C		-5.63%	<-IRR #YR->	10	CFPS 5 yr Running	-44.00%
Excl.Working Capital CF	-$74.81	-$97.96	$525.96	-$15.90	$641.09	$505.73	$334.55	-$229.25	$168.61	$338.02	$285.88	$198.00	$430.00	$0.00	$0.00			#NUM!	<-IRR #YR->	5	CFPS 5 yr Running	647.68%
CF fr Op $M WC	$258.4	$166.2	$11.3	$89.7	$876.9	$202.2	-$20.7	-$107.8	$302.8	$92.7	$351.8	$723.8	$891.3	$488.4	$659.5			7810.52%	<-Total Growth	10	Cash Flow less WC
Increase	-59.68%	-35.68%	-93.22%	696.32%	877.42%	-76.94%	-110.25%	-419.92%	380.99%	-69.40%	279.70%	105.72%	23.14%	-45.20%	35.02%			54.82%	<-IRR #YR->	10	Cash Flow less WC	7810.52%
5 year Running Average	$551.6	$455.6	$330.9	$233.3	$280.5	$269.3	$231.9	$208.1	$250.7	$93.8	$123.8	$272.7	$472.5	$509.6	$623.0			#NUM!	<-IRR #YR->	5	Cash Flow less WC	927.07%
CFPS Excl. WC	$1.70	$1.09	$0.08	$0.60	$5.00	$1.15	-$0.12	-$0.61	$1.72	$0.53	$2.00	$4.14	$5.42	$2.97	$4.01			3.63%	<-IRR #YR->	10	CF less WC 5 Yr Run	42.78%
Increase	-59.87%	-35.96%	-93.10%	693.22%	737.45%	-76.95%	-110.25%	-419.92%	380.99%	-69.40%	279.70%	106.56%	30.92%	-45.20%	35.02%			17.82%	<-IRR #YR->	5	CF less WC 5 Yr Run	127.07%
5 year Running Average	$3.65	$3.01	$2.19	$1.54	$1.69	$1.58	$1.34	$1.20	$1.43	$0.53	$0.70	$1.56	$2.76	$3.01	$3.71			53.38%	<-IRR #YR->	10	CFPS - Less WC	7104.23%
P/CF on Med Price	26.39	44.95	552.26	80.57	10.95	45.66	-271.03	-42.84	17.18	52.54	17.73	14.55	15.48	32.29	0.00			61.03%	<-IRR #YR->	5	CFPS - Less WC	982.89%
P/CF on Closing Price	28.08	40.65	546.61	96.85	11.42	39.87	-253.67	-35.40	17.92	45.20	21.29	18.42	16.35	28.86	21.37			2.37%	<-IRR #YR->	10	CFPS 5 yr Running	26.34%
*Operational Cash Flow per share (see note below)			CF/-WC	P/CF Med	10 yr	33.96	5 yr	29.91	P/CF Med	10 yr	16.33	5 yr	17.18		76.68%	Diff M/C		18.10%	<-IRR #YR->	5	CFPS 5 yr Running	129.74%
Fr 2012 chged re Googe Fin.
			-$149.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$164.46								Shares
								-$175.55	$0.00	$0.00	$0.00	$0.00	$164.46								Shares
			$514.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$461.3								Cash Flow
								-$121.5	$0.0	$0.0	$0.0	$0.0	$461.3								Cash Flow
			$3.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.80								Cash Flow per Share
								-$0.69	$0.00	$0.00	$0.00	$0.00	$2.80								Cash Flow per Share
			-$1.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.11								CFPS 5 yr Running
								$0.20	$0.00	$0.00	$0.00	$0.00	$1.11								CFPS 5 yr Running
			-$11.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$891.3								Cash Flow less WC
								$107.8	$0.0	$0.0	$0.0	$0.0	$891.3								Cash Flow less WC
			-$330.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$472.5								CF less WC 5 Yr Run
								-$208.1	$0.0	$0.0	$0.0	$0.0	$472.5								CF less WC 5 Yr Run
			-$0.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.42								CFPS - Less WC
								$0.61	$0.00	$0.00	$0.00	$0.00	$5.42								CFPS - Less WC
			-$2.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.76								CFPS 5 yr Running
								-$1.20	$0.00	$0.00	$0.00	$0.00	$2.76								CFPS 5 yr Running
Income taxes paid		-$172.87	-$309.04	-$53.22	-$23.87	-$15.164	-$9.967	-$22.536	-$71.390	-$77.451	-$94.871										Excluded re WSJ
Interest paid from E&C
Interest paid from Capital investments						-$14.817	-$18.285	-$15.763
											-4.147
Income taxes paid
Interest paid from E&C
Interest paid from Capital investments
Other Reconciling Items:
Income taxes recognized in net income												-$94.26	-$42.25
Net financial expenses recognized in net income
Share-based expense			$21.63
Income from PS&PM												$43.50	-$30.92
Income from Capital investments accounted for by the equity method												-$94.26	-$42.25
Dividends and distributions received from Capital investments			$157.08
Net change in provisions related to forecasted
Gain on disposals of Capital investments			-$174.35									-$11.28	-$17.25
Restructuring costs recognized in net income
Restructuring costs paid			-$78.75									-$61.54	-$113.35
Loss on disposals of E&C businesses
Net Change in other provisions
Other												-$24.85	-$1.00
Net change in non-cash working capital items:												-$59.147	-$182.243
Decrease in trade receivables			$118.40		-$30.035	$51.957	-$15.214	$196.175	$42.036	-$34.775	-$324.137
Increase in Contract Assets						-$453.412	-$34.506	$361.597	-$163.760	-$130.064	-$420.509
Increase in contracts in progress			-$86.12	-$246.72	$125.217
Increase in inventories			-$27.03	-$1.30	$11.571	$11.956	$15.193	$69.500	-$0.941	-$0.492
Dec/Inc in other fin. Assets					$110.408	-$43.979	-$2.970	-$29.454	$150.207	-$30.308	-$17.785
Increase in other current non-financial assets			-$81.61	$357.34	-$121.563	$57.160	-$12.926	-$32.968	-$41.466	-$70.433	-$34.444
Decrease in trade payable			-$18.44		-$248.364	-$14.614	-$193.288	-$330.717	-$63.528	$21.207	$148.494
Inc in contract liab						$121.856	-$91.888	$6.803	-$14.186	$3.823
Increase (decrease) in downpayments on contracts			-$112.10	-$226.72	-$109.719	$0.000
Decrease in deferred revenues			-$86.58	$89.40	-$334.319	$0.000					$411.851
Decrease in other current financial liabilities			-$80.05	-$19.75	-$20.591	-$19.195	$16.720	-$64.893	$75.082	$7.172	$16.473
Increase (decrease) in other current non-financial liabilities			-$78.05	$63.64	-$23.698	-$217.463	-$15.667	$53.205	-$80.663	-$26.700	$33.197
		$97.96
Sum		$97.96	-$525.96	$15.90	-$641.093	-$505.734	-$334.546	$229.248	-$168.609	-$338.021	-$285.878	-$301.836	-$429.271
Google - TD bank 2018		-$98.31	-$862.25	-$12.01	-$645	-$529	-$364	$233	-$133	-$339	-$303	-$198	-$430					TD agrees	with Google
Difference		$196.27	$336.29	$27.91	$4	$23	$29	-$4	-$36	$1	$17	-$104	$1
WSJ					-$641.09	-$505.73	-$334.55	$229.25	-$97.22
Difference					$0	$0	$0	$0	-$71
OPM	4.21%	3.21%	-5.37%	1.25%	2.53%	-3.01%	-3.73%	1.73%	1.82%	-3.25%	0.76%	5.44%	4.19%	4.07%				178.09%	<-Total Growth	10	OPM
Increase	-32.45%	-23.86%	-267.45%	-123.23%	102.63%	-219.13%	24.04%	-146.43%	5.01%	-278.53%	-123.50%	611.90%	-22.91%	-2.85%					Should increase		or be stable.
Diff from Median	182.5%	115.1%	-460.2%	-16.3%	69.5%	-302.0%	-350.5%	16.3%	22.2%	-318.1%	-48.7%	264.9%	181.3%	173.3%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	1.49%	5 Yrs	1.82%					should be	zero, it is a		check on calculations
														$1,037	<-12 mths	2.88%
Adjusted EBITDA	$486.20	$2,073.10	$684.00	$552.10	$816.50	$582.40	$495.50	$200.10	$525.00	$453.00	$762.60	$826.50	$1,008.00	$1,206	$1,385	$1,498		47.37%	<-Total Growth	10	EBITDA
Change	-26.37%	326.39%	-67.01%	-19.28%	47.89%	-28.67%	-14.92%	-59.62%	162.37%	-13.71%	68.34%	8.38%	21.96%	19.64%	14.84%	8.16%		-2.67%	<-Median->	10	Change
Margin	6.01%	26.20%	8.30%	5.76%	9.64%	6.24%	4.91%	2.10%	7.49%	6.15%	10.10%	9.57%	10.43%	10.96%	11.55%	11.73%		6.87%	<-Median->	10	Margin
														$748	<-12 mths	3.06%
EBIT Mkt Scn									$348.0	$201.5	$514.3	$581.1	$726.1	$975.9	$1,173.0	$1,303.0			<-Total Growth	4	EBIT
Change										-42.10%	155.24%	12.99%	24.95%	34.40%	20.20%	11.08%		18.97%	<-Median->	4	Change
Margin									4.97%	2.73%	6.81%	6.73%	7.51%	8.87%	9.78%	10.21%		6.73%	<-Median->	5	Margin
Long Term Debt	$3,885.65	$879.62	$874.94	$821.94	$3,599.36	$2,491.27	$1,664.60	$1,766.29	$1,553.30	$1,509.11	$1,194.79	$1,687.91	$464.26	$464.26				-46.94%	<-Total Growth	10	Debt	Type
Change	65.40%	-77.36%	-0.53%	-6.06%	337.91%	-30.79%	-33.18%	6.11%	-12.06%	-2.84%	-20.83%	41.27%	-72.50%	0.00%				-9.06%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.54	0.13	0.14	0.09	0.36	0.31	0.32	0.46	0.29	0.36	0.16	0.13	0.03	0.03				0.30	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	2.65	1.93	2.06	2.35	3.06	2.31	2.57	2.42	2.50	2.40	2.13	2.46	2.42	2.42				2.42	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)	11.66	3.33	-1.70	7.78	15.26	-8.21	-4.69	14.54	11.57	-6.15	18.11	3.21	1.01	0.95				5.50	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. +CF +D
Intangibles		$301	$273	$194	$1,090	$921	$666	$544	$446	$346	$270	$202	$249	$249				-8.52%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$577	$2,760	$3,387	$3,268	$6,323	$5,370	$3,429	$3,429	$3,383	$3,371	$3,328	$3,562	$3,935	$3,935				16.17%	<-Total Growth	10	Goodwill	Leverage
Total	$577	$3,061	$3,659	$3,462	$7,413	$6,291	$4,095	$3,974	$3,829	$3,716	$3,598	$3,763	$4,184	$4,184				14.33%	<-Total Growth	10	Total	D/E Ratio
Change	-9.26%	430.59%	19.55%	-5.39%	114.11%	-15.14%	-34.91%	-2.96%	-3.65%	-2.94%	-3.19%	4.60%	11.17%	0.00%				-3.07%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.08	0.45	0.59	0.40	0.74	0.78	0.78	1.04	0.71	0.89	0.48	0.28	0.29	0.30				0.72	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,916	$5,051	$5,198	$4,190	$4,615	$4,658	$5,150	$4,052	$3,632	$3,362	$4,066	$4,657	$5,595	$5,595				Liquidity ratio of 1.5 and up, best
Current Liabilities	$4,443	$5,195	$5,090	$3,962	$4,503	$5,608	$4,528	$4,274	$3,951	$3,934	$4,785	$4,580	$5,182	$5,182				0.98	<-Median->	10	Ratio
Liquidity	0.88	0.97	1.02	1.06	1.02	0.83	1.14	0.95	0.92	0.85	0.85	1.02	1.08	1.08				0.92	<-Median->	5	Ratio
Liq. with CF aft div	0.92	0.99	0.99	1.04	1.03	0.80	1.13	0.97	0.95	0.85	0.86	1.13	1.17	1.17				0.95	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.67	0.91	0.99	1.02	0.62	0.80	1.13	0.93	0.89	0.83	0.86	1.13	1.17	1.17				0.89	<-Median->	5	Ratio
Curr Long Term Debt	$185.29	$7.75	$8.20	$21.01	$334.32	$1,176.75	$393.18	$206.04	$110.87	$547.29	$1,067.66	$23.47	$343.89	$343.89							Curr Long Term Debt
Liquidity Less CLTD	0.92	0.97	1.02	1.06	1.11	1.05	1.25	1.00	0.95	0.99	1.09	1.02	1.16	1.16				1.02	<-Median->	5	Ratio
Liq. with CF aft div	0.97	1.00	0.99	1.05	1.12	1.01	1.23	1.02	0.98	0.99	1.11	1.13	1.25	1.25				1.11	<-Median->	5	Ratio
Assets	$11,773	$10,011	$10,503	$9,298	$13,763	$12,940	$11,645	$10,340	$9,876	$9,460	$10,169	$11,287	$12,525	$12,525				Debt Ratio of 1.5 and up, best
Liabilities	$9,732	$6,695	$6,600	$5,402	$8,539	$9,284	$7,927	$7,772	$6,883	$6,581	$6,994	$7,498	$6,956	$6,956				1.46	<-Median->	10	Ratio
Debt Ratio	1.21	1.50	1.59	1.72	1.61	1.39	1.47	1.33	1.43	1.44	1.45	1.51	1.80	1.80				1.45	<-Median->	5	Ratio
Estimates BVPS														$36.09	$40.26				Estimates		Estimates BVPS
Estimate Book Value														$5,935.2	$6,621.0				Estimates		Estimate Book Value
P/B Ratio (Close)														2.37	2.13				Estimates		P/B Ratio (Close)
Difference from 10 year median														28.21%	Diff M/C				Estimates		Difference from 10 yr med.
Total Book Value	$2,040	$3,317	$3,903	$3,896	$5,223	$3,656	$3,717	$2,568	$2,993	$2,879	$3,175	$3,789	$5,569	$5,569				42.67%	<-Total Growth	10	Total Book Value
Non-Control Int.	$4	$11	$35	$23	-$2	$5	$2	$11	$20	$10	$12	$16	$16	$16				-54.59%	<-Total Growth	10	Non-Control Int.
Book Value	$2,037	$3,306	$3,868	$3,873	$5,225	$3,651	$3,715	$2,557	$2,973	$2,870	$3,164	$3,773	$5,553	$5,553	$5,553	$5,553		43.56%	<-Total Growth	10	Book Value
Book Value per Share	$13.42	$21.68	$25.83	$25.76	$29.77	$20.80	$21.16	$14.57	$16.94	$16.35	$18.02	$21.58	$33.77	$33.77	$33.77	$33.77		30.74%	<-Total Growth	10	Book Value per Share
Change	-2.35%	61.61%	19.12%	-0.26%	15.58%	-30.15%	1.76%	-31.17%	16.28%	-3.49%	10.25%	19.75%	56.47%	0.00%	0.00%	0.00%		29.63%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.35	2.26	1.61	1.87	1.84	2.53	1.51	1.81	1.75	1.70	1.97	2.79	2.48	2.84				2.40	P/B Ratio		Historical Median
P/B Ratio (Close)	3.56	2.04	1.59	2.24	1.92	2.21	1.42	1.49	1.82	1.46	2.37	3.53	2.62	2.54	2.54	2.54		2.72%	<-IRR #YR->	10	Book Value per Share	30.74%
Change	21.37%	-42.63%	-22.10%	40.91%	-14.59%	15.24%	-35.90%	5.41%	22.33%	-20.01%	62.17%	49.28%	-25.75%	-3.27%	0.00%	0.00%		18.31%	<-IRR #YR->	5	Book Value per Share	131.82%
Leverage (A/BK)	5.77	3.02	2.69	2.39	2.63	3.54	3.13	4.03	3.30	3.29	3.20	2.98	2.25	2.25				3.17	<-Median->	10	A/BV
Debt/Equity Ratio	4.77	2.02	1.69	1.39	1.63	2.54	2.13	3.03	2.30	2.29	2.20	1.98	1.25	1.25				2.17	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity									P/BV	10 yr Med	1.85	5 yr Med	1.97		37.04%	Diff M/C		4.15	Historical	31	A/BV
			-$25.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$33.77
								-$14.57	$0.00	$0.00	$0.00	$0.00	$33.77
Comprehensive Income	$66.52	$1,385.91	$883.39	$135.59	$322.19	-$1,052.61	$132.83	-$1,133.12	$441.48	-$100.48	$304.23	$544.82	$2,686.87					204.15%	<-Total Growth	10	Comprehensive Income
NCI	0.616	$1.24	$36.82	-$2.30	$1.17	$0.86	$1.10	$10.33	$5.58	-$9.25	$0.87	$3.23	$13.77					-62.60%	<-Total Growth	10	Comprehensive Income
Shareholders	$65.90	$1,384.67	$846.57	$137.89	$321.02	-$1,053.47	$131.73	-$1,143.46	$435.90	-$91.23	$303.36	$541.59	$2,673.09					215.76%	<-Total Growth	10	Comprehensive Income
Increase	-78.94%	2001.14%	-38.86%	-83.71%	132.81%	-428.17%	112.50%	-968.02%	138.12%	-120.93%	432.53%	78.53%	393.56%					138.12%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$304.65	$494.07	$586.31	$549.59	$551.21	$327.34	$76.75	-$321.26	-$261.66	-$344.11	-$72.74	$9.23	$772.54					12.19%	<-IRR #YR->	10	Comprehensive Income	215.76%
ROE	3.2%	41.9%	21.9%	3.6%	6.1%	-28.9%	3.5%	-44.7%	14.7%	-3.2%	9.6%	14.4%	48.1%					#NUM!	<-IRR #YR->	5	Comprehensive Income	333.77%
5Yr Median	17.1%	17.1%	17.1%	15.1%	6.1%	6.1%	3.6%	3.5%	3.5%	-3.2%	3.5%	9.6%	14.4%					2.80%	<-IRR #YR->	10	5 Yr Running Average	31.76%
% Difference from NI	84.6%	4.2%	111.3%	-45.7%	-16.0%	-19.9%	-59.8%	19.0%	-34.2%	-1038.8%	6.0%	91.6%	2.0%					#NUM!	<-IRR #YR->	5	5 Yr Running Average	340.47%
Median Values										Diff	5, 10 yr	-17.9%	2.0%					14.4%	<-Median->	5	Return on Equity
			-$847	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,673
								$1,143	$0	$0	$0	$0	$2,673
			-$586.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$772.5
								$321.3	$0.0	$0.0	$0.0	$0.0	$772.5
Current Liability Coverage Ratio	0.06	0.03	0.00	0.02	0.19	0.04	0.00	-0.03	0.08	0.02	0.07	0.16	0.17	0.09							CFO / Current Liabilities
5 year Median	0.16	0.16	0.06	0.03	0.03	0.03	0.02	0.02	0.04	0.02	0.02	0.07	0.08	0.09				5.5%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	2.19%	1.66%	0.11%	0.96%	6.37%	1.56%	-0.18%	-1.04%	3.07%	0.98%	3.46%	6.41%	7.12%	3.90%							CFO / Total Assets
5 year Median	6.92%	6.67%	2.19%	1.66%	1.66%	1.56%	0.96%	0.96%	1.56%	0.98%	0.98%	3.07%	3.46%	3.90%				2.3%	<-Median->	10	Return on Assets
Return on Assets	0.3%	13.3%	3.8%	2.7%	2.8%	-10.2%	2.8%	-9.3%	6.7%	0.1%	2.8%	2.5%	21.0%	4.5%				Net	Income/Assets		Return on Assets
5Yr Median	4.5%	4.5%	3.8%	3.2%	2.8%	2.8%	2.8%	2.7%	2.8%	0.1%	2.8%	2.5%	2.8%	2.8%				2.8%	<-Median->	10	Asset Efficiency Ratio
ROE on Adjusted EPS		11.3%	9.4%	9.9%	10.0%	6.3%	4.0%	-7.3%	5.1%	3.9%	8.6%	8.3%	10.3%	0.0%							ROE on Adjusted EPS
ROE	1.8%	40.2%	10.4%	6.6%	7.3%	-36.0%	8.8%	-37.6%	22.3%	0.3%	9.0%	7.5%	47.2%	10.2%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	20.1%	20.1%	14.9%	10.4%	7.3%	7.3%	7.3%	6.6%	7.3%	0.3%	8.8%	7.5%	9.0%	9.0%				7.4%	<-Median->	10	Return on Equity
														$2,654.3	<-12 mths	0.99%			Estimates		last 12 months from Qtr.
Net Income	$36.4	$1,334.6	$437.5	$256.6	$383.2	-$1,316.3	$330.6	-$956.3	$672.1	$0.1	$286.6	$286.7	$2,643.2					504.11%	<-Total Growth	10	Net Income
NCI	$0.6	$1.2	$33.2	$1.0	$1.1	$0.6	$2.4	$9.2	$5.5	-$9.6	-$0.6	$2.8	$14.8					-55.29%	<-Total Growth	10	NCI
Shareholders	$35.8	$1,333.3	$404.3	$255.5	$382.0	-$1,316.9	$328.2	-$965.4	$666.6	$9.8	$287.2	$283.9	$2,628.4	$567.2	$759.6	$872.9		550.04%	<-Total Growth	10	Shareholders
Increase	-88.43%	3627.76%	-69.68%	-36.80%	49.51%	-444.71%	124.92%	-394.15%	169.04%	-98.54%	2845.72%	-1.16%	825.90%	-78.42%	33.92%	14.92%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$304.0	$498.8	$492.3	$467.6	$482.2	$211.7	$10.6	-$263.3	-$181.1	-$255.6	$65.3	$56.4	$775.1	$755.3	$905.2	$1,022.4		20.59%	<-IRR #YR->	10	Net Income	550.04%
Operating Cash Flow	$333.19	$264.14	-$514.69	$105.62	$235.86	-$303.53	-$355.27	$121.49	$134.20	-$245.36	$65.96	$525.78	$461.28					#NUM!	<-IRR #YR->	5	Net Income	372.24%
Investment Cash Flow	-$1,670.9	-$499.0	$584.0	-$87.1	-$3,063.8	-$45.4	$2,718.5	-$185.1	-$263.7	-$82.5	-$0.5	$70.3	$1,965.5					4.64%	<-IRR #YR->	10	5 Yr Running Ave.	57.46%
Total Accruals	$1,373.50	$1,568.25	$335.00	$236.99	$3,209.93	-$967.99	-$2,034.98	-$901.81	$796.07	$337.58	$221.73	-$312.19	$201.62					#NUM!	<-IRR #YR->	5	5 Yr Running Ave.	394.38%
Total Assets	$11,773	$10,011	$10,503	$9,298	$13,763	$12,940	$11,645	$10,340	$9,876	$9,460	$10,169	$11,287	$12,525						Balance Sheet		Assets
Accruals Ratio	11.67%	15.66%	3.19%	2.55%	23.32%	-7.48%	-17.48%	-8.72%	8.06%	3.57%	2.18%	-2.77%	1.61%					2.18%	<-Median->	5	Ratio
EPS/CF Ratio	0.14	8.02	35.63	2.85	0.47	-6.51	-15.84	3.31	0.33	0.17	0.82	0.39	2.84					0.43	<-Median->	10	EPS/CF Ratio
			-$404	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,628
								$965	$0	$0	$0	$0	$2,628
			-$492	$0	$0	$0	$0	$0	$0	$0	$0	$0	$775
								$263	$0	$0	$0	$0	$775
Change in Close	18.5%	-7.3%	-7.2%	40.5%	-1.3%	-19.5%	-34.8%	-27.4%	42.2%	-22.8%	78.8%	78.8%	16.2%	-3.3%	0.0%				Count	32	Years of data
up/down	down	down	down			down	up	up	up	down	down								Count	20	62.50%
Meet Prediction?		Yes				Yes			Yes	Yes								% right	Count	11	55.00%
Financial Cash Flow	$1,269.55	$816.58	-$241.47	-$538.23	$2,953.41	$269.72	-$1,802.15	-$190.43	-$192.54	$283.12	-$170.92	-$408.35	-$1,932.36						C F Statement		Financial Cash Flow
Total Accruals	$103.95	$751.66	$576.47	$775.22	$256.52	-$1,237.71	-$232.84	-$711.38	$988.61	$54.46	$392.64	$96.17	$2,133.98								Accruals
Accruals Ratio	0.88%	7.51%	5.49%	8.34%	1.86%	-9.57%	-2.00%	-6.88%	10.01%	0.58%	3.86%	0.85%	17.04%					3.86%	<-Median->	5	Ratio
Cash	$1,108.69	$1,702.21	$1,581.83	$1,055.48	$706.57	$634.08	$1,188.64	$932.90	$932.90	$570.28	$473.56	$666.60	$1,156.54	$1,156.54							Cash
Cash per Share	$7.30	$11.16	$10.56	$7.02	$4.03	$3.61	$6.77	$5.31	$5.31	$3.25	$2.70	$3.81	$7.03	$7.03				$3.81	<-Median->	5	Cash per Share
Percentage of Stock Price	15.28%	25.20%	25.68%	12.15%	7.06%	7.87%	22.61%	24.45%	17.19%	13.61%	6.32%	5.00%	7.94%	8.21%				7.94%	<-Median->	5	% of Stock Price
Cash	$1,108.7	$1,702.2	$1,581.8	$1,055.5	$706.6	$634.1	$1,188.6	$932.9	$932.9	$570.3	$473.6	$666.6	$1,156.5								Cash
Lianbilities	$9,732.4	$6,694.6	$6,599.7	$5,402.0	$8,539.3	$9,283.8	$7,927.3	$7,772.0	$6,882.5	$6,580.9	$6,993.9	$7,498.2	$6,956.3								Lianbilities
Equity	$2,036.7	$3,305.6	$3,868.2	$3,873.2	$5,225.1	$3,650.9	$3,715.0	$2,557.1	$2,973.4	$2,869.5	$3,163.6	$3,773.1	$5,553.0								Equity
New Debt/Eq Ratio	4.23	1.51	1.30	1.12	1.50	2.37	1.81	2.67	2.00	2.09	2.06	1.81	1.04								New Debt/Eq Ratio
Org. Debt/Eq Ratio	4.77	2.02	1.69	1.39	1.63	2.54	2.13	3.03	2.30	2.29	2.20	1.98	1.25								Org. Debt/Eq Ratio
Operating Cash Flow	$333.2	$264.1	-$514.7	$105.6	$235.9	-$303.5	-$355.3	$121.5	$134.2	-$245.4	$66.0	$525.8	$461.3								Operating Cash Flow
+Depreciation	$201.0	$167.2	$162.4	$143.1	$215.6	$324.6	$402.3	$354.3	$271.3	$251.5	$248.3	$245.7	$282.4								+Depreciation
+Amortization	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0								+Amortization
-Dividends	-$139.4	-$146.2	-$150.9	-$156.1	-$177.9	-$201.5	-$42.1	-$14.0	-$14.0	-$14.0	-$14.0	-$14.0	-$13.6								-Dividends
-capital spending	-$1,670.9	-$499.0	$584.0	-$87.1	-$3,063.8	-$45.4	$2,718.5	-$185.1	-$263.7	-$82.5	-$0.5	$70.3	$1,965.5								-capital spending
Sum	-$1,276.2	-$213.8	$80.9	$5.5	-$2,790.3	-$225.9	$2,723.3	$276.6	$127.8	-$90.4	$299.8	$827.7	$2,695.6								Sum
Operating Cash Flow	$333.19	$264.14	-$514.69	$105.62	$235.86	-$303.53	-$355.27	$121.49	$134.20	-$245.36	$65.96	$525.78	$461.28								Operating Cash Flow
exclude non-cash	-$74.81	-$97.96	$525.96	-$15.90	$641.09	$505.73	$334.55	-$229.25	$168.61	$338.02	$285.88	$198.00	$430.00								exclude non-cash
+Depreciation	$200.95	$167.24	$162.42	$143.09	$215.56	$324.57	$402.26	$354.29	$271.31	$251.46	$248.33	$245.69	$282.41								+Depreciation
+Amortization	$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								+Amortization
-Dividends	-$139.42	-$146.18	-$150.86	-$156.10	-$177.95	-$201.52	-$42.13	-$14.04	-$14.04	-$14.04	-$14.04	-$14.02	-$13.59								-Dividends
-capital spending	-$1,670.92	-$499.05	$584.03	-$87.08	-$3,063.75	-$45.38	$2,718.47	-$185.12	-$263.71	-$82.47	-$0.48	$70.27	$1,965.46								-capital spending
Sum	-$1,351.00	-$311.81	$606.85	-$10.37	-$2,149.19	$279.88	$3,057.87	$47.36	$296.37	$247.61	$585.64	$1,025.74	$3,125.56								Sum
http://seekingalpha.com/article/3094346-is-it-time-to-buy-snc-lavalin
This recent item discusses the recent corruption allagations agains this company.
Notes:
May 3, 2026.  Last estimates were for 2025, 2026, 2027 of $10484M, $11250M, $11951M for Revenue, $2.89, $3.73, $4.91 for AEPS, $2.72, $3.61, $4.68 for EPS,
$2.72, $3.61, $4.68 for EPS, $0.08, $0.08, $0.12 Dividends, $55M, $492M, $666M FCF, $2.89, $3.69 2025/6 CFPS, $1024, $1173, $1319 EBITDA, $23.00 2025 BVPS, $473M, $659M, $791M Net Income.
April 21, 2025.  Last estimates were for 2024, 2025, 2026 of 9122M, $9468M, $9949M Revenue, $2.39, $2.92, $3.29 AEPS, $2.17, $2.98, $3.80 EPS,
$0.08, $0.08, $0.08 Dividends, $244M, $4.02M, $491M FCF, $2.52, $3.94 2024/5, CFPS, $20.20, $23.00 2024/5 BVPS, $357M, $475M, $652M Net Income.
May 23, 2024.  The company changed its name from SNC-Lavalin Group Inc (TSX-SNC) to AtkinsRéalis. It was a rebranding.
April 21, 2024.  Last estimates were for 2023, 2024 and 2025 of 7533M, $7669M and $7939M for Revenue, $1.40, $1.86 and $2.35 for AEPS, $1.26, $2.23 and $2.97 for EPS,
$0.08, $0.08 and $0.08 for Dividends, $125M, $269M and $372M for FCF, $1.04, $2.52 and $1.37 for CFPS, $19.90 2023 for BVPS, $212M, $407M and $505M for Net Income.
September 18, 2023.  SNC-Lavalin Group Inc is changing it name to AtkinsRealis and Symbol to ATRL
https://www.newswire.ca/news-releases/snc-lavalin-changing-name-to-atkinsrealis-a-new-name-a-new-era-837974320.html
old web site  https://www.snclavalin.com/en
April 23, 2023.  Last estimates were for 2022, 2023 and 2024 of $7386M, $7.44M and $7467M for Revenue, $1.72, $2.05 amd $1.88 for AEPS, $1.75, $2.45 and $3.08 for EPS,
$0.08, $0.09 and $0.14 for Dividends, -$118M, $149M and $410M for FCF, $2.04, $3.25 and $3.73 for CFPS, $18.30 and 20.10 2022/3 for BVPS, $273M, $401M amd $524M for Net Income.
April 24, 2022.  Last estimates were for $7304M, $7167M and $7014M for Revenue, $1.71, $1.96 and $1.95 for AEPS, $1.79, $2.07 and $2.58 for EPS,
$0.08, $0.09 and $0.14 for Dividends, -$70M, $266M and $349M for FCF, $2.10, $2.61 and $3.66 for CFPS and $298M, $366M and $395M for Net Income.
April 24, 2021.  Last estimates were for 2020 and 2021 of $8763M, $8400M and $7562M for Revenue for 2020 to 2022, $2.33 and $2.74 for Adj EPS, $1.94 and 2.60 for EPS,
$0.08 and $0.09 for Dividend, $21M, $331M and $288M for FCF for 2020 to 2022, $1.67 for CF for 2020 and $325M and $429M for Net Income.
April 18, 2020.  Last estimates were for 2019, 2020 and 2021 of 10,000M, $10084M and $9903M for Revenue, $3.10 and $3.56 for Adj EPS for 2019 and 2020,
$2.16, $2.59 and $2.70 for EPS, $0.51, $0.41 and $0.41 for Div, $2.54, $3.07 and $4.00 for CFPS and $498M and $496M for Net Income for 2019 and 2020.
April 24, 2019.  Last estates were for 2018, 2019 and 2020 of $11466, $12007M, and $12616M for Revenue, $3.39 for 2018 for Adjusted EPS,
$2.73, $3.24 and 4.30 for EPS, $4.34 and $4.75 for CFPS for 2018 and 2019 and $489M and $624M for Net Income for 2018 and 2019.
April 17, 2018.  Last estimates were for 2017, 2018 and 2019 of $8232M, $8715M and $8893M for Revenue, $3.06 and 3.39 for Adj EPS for 2017 and 2018,
$2.91, $3.26 and $3.41 for EPS, $2.88 and $3.59 for CFPS for 2017 and 2018 and $412M, $474M and $513M for Net Income.
April 16, 2017.  Last estimates were for 2016 and 2017 of $9221M and $9349M for Revenue, $2.62 and $3.00 for Adj EPS, $2.43 and $2.73 EPS and $406M and $507M for Net Income.
April 24, 2016.  Last estimates were for 2015 and 2016 of $8091M and $9717M for Revenue, $2.73 and $3.39 for Adjusted EPS, $2.16 and $2.68 for EPS,
$-0.29 and $3.59 for CFPS, $285M and $430M for Net Income
May 10, 2015.  Last estimates were for 2014, 2015 of $7864M and $8091M for Revenue, $2.38 and $3.15 for EPS, $4.11 and $4.77 for CFPS and $377M and $479M for Net Income.
May 5, 2014.  Last estimates were for 2013 and 2014 of $8221M and $8526M for Revenue, $2.33 and $2.82 for EPS and $3.38 and $4.01 for CFPS.
Reason for low net income are Restructuring costs and goodwill impairment and higher interest on debt.
May 2013.  Last estimates were fore 2012 and 2013 of $7621M and $8045M for Revenues, $2.45 and $2.85 for EPS and $4.24 (2012) for CFPS.
2012 Report.  I looked at the 2012 reports of early March and financial statements are unaudited.
May 18, 2012.  When I last got estimates, I got them for 2011 and 2012 with $6766M and $7284M Revenue, $2.75 and $3.17 EPS and $3.45 and $4.24 for CF.
Jul 10, 2011.  When I last looked, I got estimates for 2010 and 2011 of $2.45 and $2.71 for EPS and $3.60 and $3.80 for Cash Flow.
They are heavily in debt, but they still have $1.2B in cash on cash flow statement.  The increase in cash was low this years at $70M.
Jun 15, 2010.  When I last looked at this stock I got estimates for 2009 and 2010 earnings of $245 and $2.70 and Cash Flow of $3.60 and $3.80.
Apr 21, 2010.  When I last looked at this stock I got estimates for 2009 and 2010 for earnings of $2.14 and $2.16 and Cash Flow of $3.08 and $3.26.
AR 2008.  Since I bought this stock in 1998, I have made a return of over 29% per year.  I sold some in 2008 as this stock was getting to be too large a % of my portfolio.
It is now just under 3% of my portfolio and it has more room to grow.  I have simply locked in some of the profit I have made on this stock.
Mar 2008.  Price is rising faster than another other growth measurement.  Points to stock being over priced.  Rated as a buy by many.
The stock is raising faster than the market.  If you believe you should not bet agains the market, if could be a buy.  I have done exceeding well by the stock.
AP 2007.  IRR since purchase is 32%. Accural Ratio has come down a lot this year.  TD is now covering stock with an Action Buy List Status. Continue to HOLD
AR.2006.  IRR since purchase in 1998 is down a bit to 33%.  Still a keeper. Probably got over priced, but no reason to sell at present.  It is now rated as a buy with price at $38.
AR.2005.  IRR since purchase in 1998 is 37%.  Still a keeper.  TD Newcrest does not follow, but FP 7 analyst say hold.  Over priced? Expect earnings up but cash flow to go down?
AR 2004.  Liquity ratio is not in the comfort zone of at least 1.5 (it is 1.3).  Otherwise stock is doing great.  Actual return IRR since '98 is 37.05
AR 2003.   I think it is still a keeper.
AR 2002.  I think this stock will do well.  At present it is a keeper.
AP 1999.  Note that stock took an earnings hit when it invested in highway 407 in 1999.  However, long term this investment should work out well.
ICI is Infrastructure concession investments.
E&C is Engineering and Construction. The Company provides engineering and construction and operations and maintenance expertise.
O&M is Operations & Maintenance
REW is Resources, Environment and Water
On this stock I have excluded non-cash change in Operational Cash flow.  Some analysts sites recommend that changes in current assets and current liabilities be exluded from Cash Flow.
Otherwise, Cash Flow from operations may not properly reflect how a company is doing.
Sector:
Construction, Industrial
What should this stock accomplish?
Expect in the longer term low diividends and good growth in diividends.  It will also have volitiity.
Would I buy this company and Why.
I think that this is a good dividend growth company and one to grow a portfolio with.
Why am I following this stock.
I had this stock on a hit list as it was on Mike Higgs' Canadian Dividend Growth stock list and on the other dividend lists that I followed.
Why I bought this stock.
This stock was one from Mike Higgs' list of dividend growth stocks.  I liked the idea of low dividends and high dividend increases.
When you are building up a portfolio, low dividends are good for tax reasons.  High dividend increases are attractive for the future.
By 2008 this stock had grown so much it was too high a percentage of my portfolio.  I sold 1/3 of my stock.
In 2012 I bought 100 shares for my trading account.  I was selling low paying dividend stocks from my Pension RRSP and I still wanted SNC as part of my portfolio.
In the end SNC was not one of the low paying dividend stocks I sold, but I still bought some shares for my Trading Account.
This stock was one from Mike Higgs' list of dividend growth stocks as SNC-Lavalin Group Inc.  By 2008 this stock had grown so much it was too high a percentage of my portfolio so I sold 1/3 of my stock.
I sold all my stock in SNC-Lavalin (TSX-SNC, OTC-SNCAF) in 2019. I had given up hope that there will be any sort of resolution for this company anytime soon.
I live off my dividends and they have cut the dividends twice that year.
Why I sold this stock
I sold my stock in SNC-Lavalin (TSX-SNC, OTC-SNCAF) in 2019. I had given up hope that there will be any sort of resolution for this company anytime soon.
I live off my dividends and they have cut the dividends twice this year.
In 2019 the Investment Reporter has removed this stock from their Key Stock List and Issued a
sell on the stock .  Also in 2019 the largest shareholder and a shareholder for lots of Quebec
companies of Caisse de Depot et Placement du Quebec seems to be <a href="https://business.financialpost.com/news/fp-street/snc-lavalin-tests-
largest-shareholder-caisses-patience-with-latest-profit-warning-charge" target="_top" > losing patience </a> with this stock also.
Advice for investors site is not long valid. https://www.adviceforinvestors.com/news/canadian-stocks/sell-snc-lavalin-group/
Dividends
Cannot really put this stock in a cycle but dividends seems to vary between cycle 2 and cycle 3.   The first dividends are paid in April, the next one in May or June,
the 3rd one in August or September and the last in November or December.
Dividends are declared for shareholders of record in one month for payment in the next month.  For example, the dividend payable on April 3, 2014 was for shareholders of record of March 20, 2014.
How they make their money
Based in Montreal, AtkinsRéalis is a fully integrated professional services and project management firm that offers a wide range of services,
including financing, consulting, engineering and construction, procurement, and operations and maintenance.
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	April 24	2019	April 18	2020	April 24	2021	April 24	2022	April 24	2023	April 21	2024	April 21	2025			May 3	2026		Was officer 2019,CEO 2020
Edwards, Ian L.		0.003	0.00%	0.008	0.00%	0.014	0.01%	0.034	0.02%	0.036	2.72%	0.180	0.10%	0.184	0.11%			0.207	0.13%			12.49%
Officer - Shares - Amount			$0.104		$0.182		$0.442		$0.803		$1.552		$13.749		$16.295				$17.731
Options - percentage		0.130	0.07%	0.286	0.16%	0.440	0.25%	0.564	0.32%	0.590	0.34%	0.577	0.33%	0.588	0.36%			0.616	0.37%			4.59%
Options - amount			$3.898		$6.210		$13.594		$13.450		$25.177		$43.973		$52.141				$52.748
Bruce, Neil	0.02%	0.041	0.02%																		Was an officer to 2019
CEO - Shares - Amount	$1.263		$1.234																		Site says CFO 2020
Options - percentage	0.21%	0.418	0.24%
Options - amount	$17.221		$12.533
Bell, Jeffrey				0.000	0.00%	0.002	0.00%	0.003	0.00%	0.014	0.01%	0.079	0.05%	0.081	0.05%			0.092	0.06%			13.87%
CFO - Shares - Amount					$0.000		$0.062		$0.079		$0.615		$6.037		$7.174				$7.902
Options - percentage				0.000	0.00%	0.165	0.09%	0.244	0.14%	0.370	0.21%	0.228	0.13%	0.218	0.13%			0.204	0.12%			-6.20%
Options - amount					$0.000		$5.100		$5.824		$15.802		$17.393		$19.309				$17.520
Girard, Sylvain	0.00%	0.006	0.00%	0.009	0.01%																Last filing March 2020
CFO - Shares - Amount	$0.183		$0.166		$0.195																INK says CFO in 2020?
Options - percentage	0.04%	0.088	0.05%	0.120	0.07%																Ceased insider Aug 2020
Options - amount	$2.842		$2.642		$2.608
Cullens, Alan James				0.004	0.00%	0.009	0.01%	0.018	0.01%	0.034	0.02%	0.062	0.04%	0.064	0.04%			0.065	0.04%			2.07%
Officer - Shares - Amount					$0.081		$0.274		$0.433		$1.437		$4.725		$5.634				$5.563
Options - percentage				0.069	0.04%	0.092	0.05%	0.107	0.06%	0.111	0.06%	0.107	0.06%	0.105	0.06%			0.098	0.06%			-6.79%
Options - amount					$1.499		$2.851		$2.545		$4.750		$8.165		$9.288				$8.373
Berube, Andree-Claude														0.002	0.00%			0.006	0.00%			194.53%
Officer - Shares - Amount															$0.180				$0.512
Options - percentage														0.078	0.05%			0.074	0.05%			-4.32%
Options - amount															$6.884				$6.371
Hoare, Philip David										0.001	0.00%	0.026	0.01%	0.029	0.02%						Ceased insider Aug 2025	-100.00%
Officer - Shares - Amount											$0.061		$1.987		$2.559
Options - percentage										0.177	0.10%	0.174	0.10%	0.176	0.11%							-100.00%
Options - amount											$7.552		$13.240		$15.623
Newman, Steven Leon				0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%								Ceased insider May 2024
Director - Shares - Amount					$0.107		$0.152		$0.117		$0.210		$0.375
Options - percentage				0.026	0.01%	0.033	0.02%	0.042	0.02%	0.054	0.03%	0.061	0.03%
Options - amount					$0.566		$1.017		$0.997		$2.303		$4.628
Pedersen, Michael B.														0.085	0.05%			0.085	0.05%			0.00%
Director - Shares - Amount															$7.531				$7.285
Options - percentage														0.042	0.03%			0.045	0.03%			8.19%
Options - amount															$3.708				$3.880
Bell, Mary-Ann												0.014	0.01%	0.014	0.01%			0.014	0.01%			0.00%
Director - Shares - Amount													$1.052		$1.223				$1.183
Options - percentage												0.019	0.01%	0.022	0.01%			0.024	0.01%			8.63%
Options - amount													$1.465		$1.931				$2.029
Baughman, Gary, Curtis										0.006	0.00%	0.007	0.00%	0.007	0.00%			0.007	0.00%			0.00%
Director - Shares - Amount											$0.235		$0.496		$0.576				$0.557
Options - percentage										0.015	0.01%	0.019	0.01%	0.022	0.01%			0.024	0.01%			8.63%
Options - amount											$0.658		$1.465		$1.931				$2.029
Young, William L.						0.012	0.01%	0.012	0.01%	0.036	0.02%	0.036	0.02%	0.036	0.02%			0.036	0.02%			0.00%
Chairman - Shares - Amt							$0.380		$0.293		$1.527		$2.730		$3.172				$3.068
Options - percentage						0.007	0.00%	0.021	0.01%	0.038	0.02%	0.045	0.03%	0.050	0.03%			0.053	0.03%			6.02%
Options - amount							$0.230		$0.508		$1.635		$3.421		$4.399				$4.511
Lynch, Kevin Gordon	0.00%	0.000	0.00%	0.000	0.00%
Chairman - Shares - Amt	$0.000		$0.000		$0.000
Options - percentage	0.00%	0.015	0.01%	0.034	0.02%
Options - amount	$0.246		$0.443		$0.745
Caisse de dépôt et placement du Québec																					Last filed in 2015.
10% holder as of 2014
														Unknown 2025, annual not yet out.
Increase in O/S Shares	0.14%	0.066	0.04%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.046	0.03%	0.145	0.08%	0.017	0.01%			0.127	0.08%		Average	0.95%
due to SO	$14.320		$3.031		$0.000		$0.000		$0.000		$1.088		$6.169		$1.266				$11.245		Zero in 2019, 2020, 2021
Book Value	$12.162		$3.347		$0.000		-$1.144		$0.000		$1.418		$4.797		$0.517				$3.943
Insider Buying	-$0.463		-$0.717		$0.000		$0.101		-$0.427		-$0.954		-$1.737		-$1.364				-$6.029
Insider Selling	$0.064		$0.182		$0.520		$0.520		$0.656		$1.428		$11.903		$0.000				$1.373
Net Insider Selling	-$0.399		-$0.535		$0.520		$0.621		$0.229		$0.474		$10.165		$0.000				-$4.656
% of Market Cap	0.00%		-0.01%		0.01%		0.01%		0.01%		0.01%		0.08%		0.00%				-0.03%
Ave price										Ave price	$31.11	Ave price	$33.17	Ave price	$31.15			Ave price	$31.07
Directors		11		11		11		10		11		10		11				11
Women	27%	3	27%	3	27%	3	27%	3	30%	4	36%	3	30%	3	27%			4	36%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	9%			1	9%
Institutions/Holdings	28.16%			20	66.05%	20	75.06%			20	27.85%	20	27.95%	20	26.28%			20	19.72%
Total Shares Held	36.06%			115.956	66.05%	131.771	75.06%			48.889	27.85%	49.057	28.06%	45.947	27.94%			32.310	19.65%
Increase/Decrease	-5.98%			-5.203	-4.29%	-1.249	-0.94%			4.495	10.13%	-0.240	-0.49%	2.715	6.28%			-4.888	-13.14%
Starting No. of Shares				121.159	Top 20 MS	133.020	Top 20 MS			44.394	Top 20 MS	49.298	Top 20 MS	43.232	Top 20 MS			37.199	Top 20 MS
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