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
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Chemtrade Logistics Income Fund TSX: CHE.UN OTC: CGIFF https://www.chemtradelogistics.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
Cost of Sales $697.4 $1,068.1 $1,281.5 $984.8 $1,278.1 $1,509.0 $1,435.5 $1,345.9 $1,372.3 $1,459.5 $1,426.1 $1,356.5 $1,537.7 $1,704.0 <-12 mths 10.82% 19.99% <-Total Growth 10 Cost of Sales
Change 53.15% 19.98% -23.15% 29.79% 18.06% -4.87% -6.24% 1.96% 6.35% -2.29% -4.88% 13.36% 10.82% <-12 mths -19.01% -0.16% <-Median-> 10 Change
Ratio 0.83 0.89 0.94 0.92 0.87 0.95 0.94 0.98 1.00 0.80 0.77 0.76 0.77 0.45 <-12 mths -42.15% 0.90 <-Median-> 10 Ratio
Selling & Admin $80.1 $116.0 $115.3 $78.5 $118.8 $192.9 $132.8 $108.4 $100.2 $134.3 $128.2 $183.3 $156.6 $175.1 <-12 mths 11.79% 35.83% <-Total Growth 10 Selling & Admin
Change 44.95% -0.65% -31.88% 51.30% 62.29% -31.15% -18.38% -7.53% 34.03% -4.56% 42.98% -14.55% 11.79% <-12 mths 181.03% -6.05% <-Median-> 10 Change
Ratio 0.10 0.10 0.08 0.07 0.08 0.12 0.09 0.08 0.07 0.07 0.07 0.10 0.08 0.05 <-12 mths -41.64% 0.08 <-Median-> 10 Ratio
Total $777.5 $1,184.2 $1,396.8 $1,063.3 $1,396.9 $1,701.8 $1,568.3 $1,454.3 $1,472.5 $1,593.8 $1,554.3 $1,539.8 $1,694.3 $1,879.1 <-12 mths 10.91% 21.30% <-Total Growth 10 Total
Change 52.30% 17.95% -23.88% 31.38% 21.83% -7.84% -7.27% 1.26% 8.23% -2.48% -0.94% 10.04% 10.91% <-12 mths 8.70% 0.16% <-Median-> 10 Change
Ratio 0.93 0.98 1.02 1.00 0.95 1.07 1.02 1.05 1.08 0.88 0.84 0.86 0.85 0.49 <-12 mths -42.10% 0.97 <-Median-> 10 Ratio
$3,827.1 <-12 mths 91.57%
Revenue* $836.1 $1,203.4 $1,364.9 $1,067.3 $1,469.1 $1,595.7 $1,532.9 $1,379.6 $1,368.5 $1,813.4 $1,846.8 $1,787.0 $1,997.8 $2,281 $2,303 $2,384 46.37% <-Total Growth 10 Revenue
Increase -9.06% 43.93% 13.42% -21.81% 37.66% 8.62% -3.94% -10.00% -0.81% 32.51% 1.84% -3.23% 11.79% 14.18% 0.96% 3.52% 3.88% <-IRR #YR-> 10 Revenue 46.37%
5 year Running Average $748.1 $879.5 $1,040.9 $1,078.2 $1,188.2 $1,340.1 $1,406.0 $1,408.9 $1,469.2 $1,538.0 $1,588.2 $1,639.1 $1,762.7 $1,945.2 $2,043.1 $2,150.6 7.69% <-IRR #YR-> 5 Revenue 44.80%
Revenue per Share $20.06 $17.58 $19.76 $15.43 $15.87 $17.23 $16.55 $14.81 $13.13 $15.70 $15.78 $15.02 $17.50 $20.26 $20.46 $21.18 5.41% <-IRR #YR-> 10 5 yr Running Average 69.35%
Increase -9.08% -12.40% 12.44% -21.92% 2.83% 8.62% -3.95% -10.54% -11.33% 19.53% 0.53% -4.83% 16.52% 15.79% 0.96% 3.52% 4.58% <-IRR #YR-> 5 5 yr Running Average 25.11%
5 year Running Average $19.85 $19.81 $20.12 $18.98 $17.74 $17.17 $16.97 $15.98 $15.52 $15.48 $15.19 $14.89 $15.42 $16.85 $17.80 $18.88 -1.21% <-IRR #YR-> 10 Revenue Per share -11.46%
P/S (Price/Sales) Med 0.89 1.17 0.97 1.09 1.17 0.85 0.60 0.50 0.54 0.53 0.55 0.66 0.68 0.81 0.01 0.00 3.39% <-IRR #YR-> 5 Revenue Per share 18.16%
P/S (Price/Sales) Close 0.97 1.18 0.90 1.23 1.22 0.61 0.67 0.39 0.56 0.57 0.54 0.73 0.84 0.78 0.77 0.93 -2.62% <-IRR #YR-> 10 5 yr Running Average -23.34%
*Revenue in M CDN $  P/S Med 20 yr  0.65 15 yr  0.68 10 yr  0.63 5 yr  0.55 22.99% Diff M/C -0.70% <-IRR #YR-> 5 5 yr Running Average -3.47%
-$1,364.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,997.8
-$1,379.6 $0.0 $0.0 $0.0 $0.0 $1,997.8
-$1,040.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,762.7
-$1,408.9 $0.0 $0.0 $0.0 $0.0 $1,762.7
-$19.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17.50
-$14.81 $0.00 $0.00 $0.00 $0.00 $17.50
-$20.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.42
-$15.98 $0.00 $0.00 $0.00 $0.00 $15.42
$173.0 <-12 mths -5.64%
$1.52 <-12 mths -5.44%
Adjusted Fund from Operations $109.9 $170.6 $188.1 $144.5 $164.8 $119.3 $187.5 $133.4 $159.4 $247.76 $235.07 $158.16 $183.34 11.24% <-Total Growth 10 AFFO
AFFO Basic $2.64 $2.83 $2.73 $2.09 $1.56 $1.29 $2.03 $1.44 $1.57 $2.28 $2.02 $1.34 $1.60
AFFO* Diluted $2.64 $2.83 $2.73 $2.09 $2.13 $1.29 $1.78 $1.44 $1.57 $1.68 $1.49 $1.03 $1.60 $1.52 <-12 mths -24.71% <-Total Growth 10 AFFO
Increase -5.38% 7.20% -3.53% -23.44% 1.91% -39.44% 37.98% -19.10% 9.03% 7.06% -11.46% -30.87% 55.89% -5.44% <-12 mths -5.18% <-IRR #YR-> 10 AFFO -41.26%
AFFO Yield 13.50% 13.67% 15.29% 11.03% 10.98% 12.31% 16.14% 24.70% 21.22% 18.74% 17.47% 9.40% 10.87% 9.65% <-12 mths 2.18% <-IRR #YR-> 5 AFFO 11.37%
5 year Running Average $2.43 $2.55 $2.73 $2.62 $2.48 $2.21 $2.00 $1.75 $1.64 $1.55 $1.59 $1.44 $1.47 $1.46 <-12 mths -14.25% <-IRR #YR-> 10 5 yr Running Average -46.00%
Payout Ratio 45.45% 42.40% 43.96% 57.42% 56.34% 93.02% 67.42% 52.08% 38.22% 35.70% 40.32% 63.67% 42.87% 47.31% <-12 mths -3.33% <-IRR #YR-> 5 5 yr Running Average -15.56%
5 year Running Average 49.42% 47.10% 43.96% 45.87% 48.31% 54.20% 59.88% 63.57% 60.29% 56.05% 47.12% 44.47% 42.63% 44.55% <-12 mths 51.25% <-Median-> 10 Payout 5 yr Running Average
Price/AFFO Median 6.75 7.24 7.01 8.06 8.70 11.36 5.59 5.18 4.54 4.96 5.80 9.64 7.45 10.85 <-12 mths 6.62 <-Median-> 10 P/AFFO Med
Price/AFFO High 7.51 7.83 8.07 9.09 9.37 14.91 6.63 7.91 5.39 5.83 6.79 11.70 9.48 12.13 <-12 mths 8.50 <-Median-> 10 P/AFFO High
Price/AFFO Low 6.00 6.66 5.95 7.03 8.03 7.81 4.55 2.44 3.70 4.09 4.80 7.58 5.42 9.56 <-12 mths 5.11 <-Median-> 10 P/AFFO Low
Price/AFFO Close 7.41 7.31 6.54 9.06 9.11 8.12 6.20 4.05 4.71 5.34 5.72 10.63 9.20 10.37 <-12 mths 7.16 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 7.01 7.84 6.31 6.94 9.28 4.92 8.55 3.28 5.14 5.71 5.07 7.35 14.34 9.80 <-12 mths 6.33 <-Median-> 10 Trailing P/AFFO Close
Median Values Historical   in order 6.34 7.65 5.19 6.13 P/CF 5 Yrs   in order 5.80 6.79 4.80 5.72 78.87% Diff M/C 56.47% Diff M/C 10 DPR 75% to 95% best
* Adjusted Funds from Operations (AFFO)
-$2.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.60
-$1.44 $0.00 $0.00 $0.00 $0.00 $1.60
-$2.73 $0.00 $0.00 $0.00 $0.00 $0.00 -$1.64 $0.00 $0.00 $0.00 $1.47
-$1.75 $0.00 $0.00 $0.00 $0.00 $1.47
$176.9 <-12 mths -22.39%
$1.57 <-12 mths -21.25%
Distributable Income (Cash) $75.49 $57.5 $135.7 $126.6 $120.8 $41.6 $82.1 $59.0 $84.1 $215.1 $283.0 $213.1 $228.0 68.06% <-Total Growth 10 Distributable Cash Flow
Distributable Income (Cash) $1.81 $2.10 $1.97 $1.44 $1.37 $0.45 $0.89 $0.64 $0.83 $1.98 $2.44 $1.80 $1.99 $1.57 <-12 mths 1.02% <-Total Growth 10 Distributable Cash
Increase -12.56% 16.02% -6.19% -26.90% -4.86% -67.15% 97.78% -28.09% 29.69% 138.55% 23.23% -26.23% 10.56% -21.25% <-12 mths 0.10% <-IRR #YR-> 10 Distributable Cash 1.02%
DC Yield 9.26% 10.14% 11.03% 7.60% 7.06% 4.29% 8.07% 10.98% 11.22% 22.07% 28.64% 16.45% 13.49% 9.97% <-12 mths 25.47% <-IRR #YR-> 5 Distributable Cash 210.94%
5 year Running Average $1.74 $1.87 $1.99 $1.88 $1.74 $1.47 $1.22 $0.96 $0.84 $0.96 $1.36 $1.54 $1.81 $1.96 <-12 mths -0.96% <-IRR #YR-> 10 5 yr Running Average -9.24%
Payout Ratio 66.30% 57.14% 60.91% 83.33% 87.59% 266.67% 134.83% 117.19% 72.29% 30.30% 24.59% 36.39% 34.55% 45.78% <-12 mths 13.54% <-IRR #YR-> 5 5 yr Running Average 88.73%
5 year Running Average 69.04% 64.31% 60.24% 63.90% 69.04% 81.86% 98.04% 115.87% 118.42% 90.81% 55.31% 41.68% 34.76% 33.34% <-12 mths 75.45% <-Median-> 10 Payout 5 yr Running Average
Price/DC Median 9.85 9.76 9.71 11.70 13.53 32.57 11.18 11.65 8.60 4.21 3.53 5.51 6.01 10.50 <-12 mths 9.89 <-Median-> 10 Price/DC Median
Price/DC High 10.95 10.55 11.18 13.19 14.56 42.76 13.26 17.80 10.19 4.95 4.14 6.69 7.64 11.74 <-12 mths 11.69 <-Median-> 10 Price/DC High
Price/DC Low 8.75 8.98 8.24 10.21 12.49 22.38 9.10 5.50 7.00 3.47 2.93 4.33 4.37 9.25 <-12 mths 6.25 <-Median-> 10 Price/DC Low
Price/DC Close 10.80 9.86 9.07 13.15 14.16 23.29 12.39 9.11 8.92 4.53 3.49 6.08 7.41 10.03 <-12 mths 9.01 <-Median-> 10 Price/DC Close
Trailing P/DC Close 9.44 11.44 8.50 9.61 13.47 7.65 24.51 6.55 11.56 10.81 4.30 4.48 8.19 7.90 <-12 mths 8.90 <-Median-> 10 Trailing P/DC Close
Median Values Historical   in order 8.60 10.19 7.00 8.92 P/CF 5 Yrs   in order 5.51 6.69 4.33 6.08 82.01% Diff M/C 1.44% Diff M/C 10 DPR 75% to 95% best
* DI after maintenance and capital expeditures
* DC after maintenance and capital expeditures -$1.97 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.99
-$0.64 $0.00 $0.00 $0.00 $0.00 $1.99
-$1.99 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.81 2023
-$0.96 $0.00 $0.00 $0.00 $0.00 $1.81 $1.27
$1.27 <-12 mths 4.10%
Difference Basic and Diluted 0.00% 0.00% 0.00% 0.00% 8.38% 0.00% 0.00% 0.00% 0.00% 1.98% 29.30% 2.80% 0.00%
EPS Basic $0.13 $0.35 -$0.69 -$0.18 $1.67 -$1.42 -$1.08 -$1.81 -$2.31 $1.01 $2.15 $1.07 $1.22 276.81% <-Total Growth 10 EPS Basic
EPS Diluted* $0.13 $0.35 -$0.69 -$0.18 $1.53 -$1.42 -$1.08 -$1.81 -$2.31 $0.99 $1.52 $1.04 $1.22 $1.35 $1.56 $1.62 276.81% <-Total Growth 10 EPS Diluted
Increase -86.17% 169.23% -297.14% 73.91% 950.00% -192.81% 23.94% -67.59% -27.62% 142.86% 53.54% -31.58% 17.31% 10.66% 15.56% 3.85% 5 5 10 Years of Data, EPS P or N
Earnings Yield 0.7% 1.7% -3.9% -1.0% 7.9% -13.5% -9.8% -31.0% -31.2% 11.0% 17.8% 9.5% 8.3% 8.6% 9.9% 8.2% #NUM! <-IRR #YR-> 10 Earnings per Share 276.81%
5 year Running Average $1.04 $0.81 $0.44 $0.11 $0.23 -$0.08 -$0.37 -$0.59 -$1.02 -$1.13 -$0.54 -$0.11 $0.49 $1.22 $1.34 $1.36 #NUM! <-IRR #YR-> 5 Earnings per Share 167.40%
10 year Running Average $0.83 $0.80 $0.68 $0.65 $0.74 $0.48 $0.22 -$0.08 -$0.45 -$0.45 -$0.31 -$0.24 -$0.05 $0.10 $0.11 $0.41 1.08% <-IRR #YR-> 10 5 yr Running Average 11.31%
* Diluted ESP per share  E/P 10 Yrs 3.47% 5Yrs 9.51% #NUM! <-IRR #YR-> 5 5 yr Running Average 183.11%
$0.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.22
$1.81 $0.00 $0.00 $0.00 $0.00 $1.22
-$0.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.49
$0.59 $0.00 $0.00 $0.00 $0.00 $0.49
Dividend* $0.72 $0.74 $0.72 Estimates Dividend*
Increase 4.73% 3.14% 0.00% Estimates Increase
Payout Ratio EPS 53.33% 47.44% 44.44% 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 Dividends
Dividend* $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 $0.69 $0.72 $0.72 $0.72 -42.71% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -37.50% -20.00% 0.00% 0.00% 9.17% 4.96% 4.36% 0.35% 0.00% 6 3 24 Years of data, Count P, N
Average Increases 5 Year Running 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -7.50% -11.50% -11.50% -11.50% -9.67% -1.17% 3.70% 3.77% 3.77% -4.34% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.11 $0.99 $0.87 $0.75 $0.64 $0.63 $0.65 $0.68 $0.70 -47.63% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 6.73% 5.85% 6.27% 7.12% 6.48% 8.19% 12.06% 10.06% 8.41% 7.19% 6.96% 6.60% 5.75% 4.36% 7.16% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 6.05% 5.42% 5.45% 6.32% 6.02% 6.24% 10.17% 6.58% 7.09% 6.12% 5.94% 5.44% 4.52% 3.90% 6.18% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 7.58% 6.37% 7.39% 8.16% 7.01% 11.92% 14.81% 21.31% 10.33% 8.72% 8.39% 8.40% 7.90% 4.95% 8.56% <-Median-> 10 Yield on Low Price AFFO
Yield on Close Price 6.14% 5.80% 6.72% 6.34% 6.19% 11.45% 10.88% 12.86% 8.11% 6.69% 7.04% 5.99% 4.66% 4.56% 4.58% 3.64% 6.87% <-Median-> 10 Yield on Close Price DCF
Payout Ratio EPS 923.08% 342.86% 0.00% 0.00% 78.43% 0.00% 0.00% 0.00% 0.00% 60.61% 39.47% 62.98% 56.35% 53.15% 46.15% 44.44% 19.74% <-Median-> 10 DPR EPS CFPS
DPR EPS 5 Yr Running 115.16% 148.51% 271.49% 1090.91% 526.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 127.74% 53.27% 50.52% 51.55% 0.00% <-Median-> 10 DPR EPS 5 Yr Running FCF 
Payout Ratio CFPS 46.37% 78.78% 51.17% 54.25% 73.44% 45.45% 79.67% 26.68% 28.55% 18.78% 17.49% 22.41% 22.11% 24.32% 21.62% #DIV/0! 27.61% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 57.96% 56.96% 55.01% 53.25% 58.24% 57.95% 58.04% 51.37% 46.29% 35.50% 28.75% 22.16% 21.29% 20.89% 21.47% #DIV/0! 48.83% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 38.46% 37.18% 34.98% 41.15% 43.99% 56.63% 37.59% 26.34% 22.32% 16.09% 13.97% 16.56% 15.47% 24.32% 21.62% #DIV/0! 24.33% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 45.78% 42.56% 38.39% 37.28% 38.90% 41.61% 41.71% 40.21% 36.47% 29.84% 22.39% 18.30% 16.44% 16.83% 17.81% #DIV/0! 36.87% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 7.16% 6.87% 5 Yr Med 5 Yr Cl 6.96% 6.69% 5 Yr Med Payout 56.35% 22.11% 16.09% -1.73% <-IRR #YR-> 5 Dividends -8.33%
* Dividends per share  10 Yr Med and Cur. -36.01% -33.29% 5 Yr Med and Cur. -34.16% -31.53% Last Div Inc ---> $0.0575 $0.0600 4.35% -5.42% <-IRR #YR-> 10 Dividends -42.71%
Dividends Growth 15 -3.65% <-IRR #YR-> 15 Dividends -42.71%
Dividends Growth 20 -3.26% <-IRR #YR-> 20 Dividends -48.50%
Dividends Growth 25 1.37% <-IRR #YR-> 24 Dividends
Dividends Growth 5 -$0.75 $0.00 $0.00 $0.00 $0.00 $0.69 Dividends Growth 5
Dividends Growth 10 -$1.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.69 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 $0.69 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 $0.69 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 $0.69 Dividends Growth 25
Historical Dividends Historical High Div 19.34% Low Div 5.06% 10 Yr High 20.66% 10 Yr Low 4.61% Med Div 8.09% Close Div 7.35% 7.12% 6 Historical Dividends
High/Ave/Median Values Curr diff Exp. -76.32% Exp -9.48% Exp. -77.83% -0.65% Exp. -43.39% Exp. -37.71% -35.67% High/Ave/Median 
Future Dividend Yield Div Yield 4.20% earning in 5 Years at IRR of -1.73% Div Inc. -8.33% Future Dividend Yield
Future Dividend Yield Div Yield 3.85% earning in 10 Years at IRR of -1.73% Div Inc. -15.97% Future Dividend Yield Yr
Future Dividend Yield Div Yield 3.53% earning in 15 Years at IRR of -1.73% Div Inc. -22.97% Future Dividend Yield 5
5
Future Dividend Paid Div Paid $0.66 earning in 5 Years at IRR of -1.73% Div Inc. -8.33% Future Dividend Paid 5
Future Dividend Paid Div Paid $0.61 earning in 10 Years at IRR of -1.73% Div Inc. -15.97% Future Dividend Paid 5
Future Dividend Paid Div Paid $0.55 earning in 15 Years at IRR of -1.73% Div Inc. -22.97% Future Dividend Paid 5
5
Dividend Covering Cost Total Div $3.48 over 5 Years at IRR of -1.73% Div Cov. 22.12% Dividend Covering Cost 5
Dividend Covering Cost Total Div $6.01 over 10 Years at IRR of -1.73% Div Cov. 38.21% Dividend Covering Cost
Dividend Covering Cost Total Div $8.32 over 15 Years at IRR of -1.73% Div Cov. 52.95% Dividend Covering Cost 10
10
Yield if held 5 years 10.26% 15.29% 9.57% 8.98% 7.60% 6.73% 5.85% 3.92% 3.56% 3.24% 4.09% 6.58% 9.22% 10.06% 8.63% 8.35% 6.22% <-Median-> 10 Paid Median Price 10
Yield if held 10 years 7.35% 6.40% 7.83% 11.98% 13.28% 10.26% 15.29% 5.98% 4.49% 3.80% 3.37% 3.20% 3.59% 4.26% 3.89% 4.91% 5.24% <-Median-> 10 Paid Median Price 10
Yield if held 15 years 10.86% 8.68% 7.35% 6.40% 4.89% 5.99% 6.64% 5.13% 8.34% 5.48% 5.37% 4.56% 4.04% 6.52% <-Median-> 10 Paid Median Price 10
Yield if held 20 years 5.43% 4.34% 3.68% 3.49% 4.48% 7.16% 7.97% 6.15% 4.34% <-Median-> 5 Paid Median Price 10
Yield if held 25 years 6.49% 5.21% 4.41% #NUM! <-Median-> 0 Paid Median Price 10
Cost covered if held 5 years 51.28% 76.43% 47.87% 44.89% 38.02% 33.66% 29.27% 29.01% 29.38% 23.48% 25.59% 32.21% 42.15% 45.69% 40.53% 40.58% 30.79% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 82.38% 68.49% 79.80% 119.76% 132.82% 102.56% 152.87% 92.14% 81.93% 65.59% 54.70% 44.90% 45.44% 48.72% 41.72% 49.47% 87.04% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 192.74% 144.78% 119.13% 100.47% 116.00% 169.16% 180.96% 134.62% 193.69% 117.21% 106.32% 87.01% 74.33% 139.70% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 237.54% 176.25% 142.10% 117.55% 136.50% 201.70% 218.37% 164.53% 142.10% <-Median-> 5 Paid Median Price
Cost covered if held 25 years 182.90% 142.76% 117.92% #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $1,379.6 $1,368.5 $1,813.4 $1,846.8 $1,787.0 $1,997.8 $3,827 <-12 mths 91.57% 44.80% <-Total Growth 5 Revenue Growth  44.80%
AFFO Growth $1.44 $1.57 $1.68 $1.49 $1.03 $1.60 $1.52 <-12 mths -5.44% 11.37% <-Total Growth 5 AFFO Growth 11.37%
Dis. Cash Growth $0.64 $0.83 $1.98 $2.44 $1.80 $1.99 $1.57 <-12 mths -21.25% 210.94% <-Total Growth 5 Dis. Cash Growth 210.94%
Net Income Growth -$167.5 -$235.2 $109.1 $249.3 $126.9 $139.4 $149 <-12 mths 6.84% 183.23% <-Total Growth 5 Net Income Growth 183.23%
Cash Flow Growth $262.0 $219.0 $369.2 $401.5 $347.8 $355.1 $394 <-12 mths 11.07% 35.55% <-Total Growth 5 Cash Flow Growth 35.55%
Dividend Growth $0.75 $0.60 $0.60 $0.60 $0.66 $0.69 $0.72 <-12 mths 4.36% -8.33% <-Total Growth 5 Dividend Growth -8.33%
Stock Price Growth $5.83 $7.40 $8.97 $8.52 $10.94 $14.75 $15.72 <-12 mths 6.58% 153.00% <-Total Growth 5 Stock Price Growth 153.00%
Revenue Growth  $1,364.9 $1,067.3 $1,469.1 $1,595.7 $1,532.9 $1,379.6 $1,368.5 $1,813.4 $1,846.8 $1,787.0 $1,997.8 $2,281 <-this year 14.18% 46.37% <-Total Growth 10 Revenue Growth  46.37%
AFFO Growth $2.73 $2.09 $2.13 $1.29 $1.78 $1.44 $1.57 $1.68 $1.49 $1.03 $1.60 $1.52 <-this year -5.44% -41.26% <-Total Growth 10 AFFO Growth -41.26%
Dis. Cash Growth $1.97 $1.44 $1.37 $0.45 $0.89 $0.64 $0.83 $1.98 $2.44 $1.80 $1.99 $1.57 <-this year -21.25% 1.02% <-Total Growth 10 Dis. Cash Growth 1.02%
Net Income Growth -$47.6 -$12.7 $147.4 -$131.5 -$99.7 -$167.5 -$235.2 $109.1 $249.3 $126.9 $139.4 $156 <-this year 11.92% 392.90% <-Total Growth 10 Net Income Growth 392.90%
Cash Flow Growth $162.0 $153.0 $151.3 $244.5 $139.5 $262.0 $219.0 $369.2 $401.5 $347.8 $355.1 $332 <-this year -6.46% 119.22% <-Total Growth 10 Cash Flow Growth 119.22%
Dividend Growth $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 $0.69 $0.72 <-this year 4.73% -42.71% <-Total Growth 10 Dividend Growth -42.71%
Stock Price Growth $17.86 $18.94 $19.40 $10.48 $11.03 $5.83 $7.40 $8.97 $8.52 $10.94 $14.75 $15.72 <-this year 6.58% -17.41% <-Total Growth 10 Stock Price Growth -17.41%
Dividends on Shares $67.20 $67.20 $67.20 $67.20 $42.00 $33.60 $33.60 $33.60 $36.68 $38.50 $40.18 $40.32 $40.32 $486.78 No of Years 10 Total Dividends 12/31/15
Paid  $1,000.16 $1,060.64 $1,086.40 $586.88 $617.68 $326.48 $414.40 $502.32 $477.12 $612.64 $826.00 $880.32 $880.32 $1,108.24 $826.00 No of Years 10 Worth $17.86
Total $1,312.78 Total Return
Dividends on Shares $103.20 $103.20 $103.20 $112.66 $118.25 $123.41 $123.84 $123.84 $540.51 No of Years 5 Total Dividends 12/31/20
Paid  $1,002.76 $1,272.80 $1,542.84 $1,465.44 $1,881.68 $2,537.00 $2,703.84 $2,703.84 $3,403.88 $2,537.00 No of Years 5 Worth $5.83
Total -$1,002.76 $0.00 $0.00 $0.00 $0.00 $2,537.00 20.40% <-IRR $3,077.51 Total Return
Graham No. DC $17.36 $23.94 $23.77 $18.98 $19.55 $10.54 $12.82 $9.68 $8.25 $14.78 $18.21 $16.69 $17.43 $15.89 -26.67% <-Total Growth 10 Graham Price DC
Price/GP Ratio Med 1.03 0.86 0.80 0.89 0.95 1.39 0.78 0.77 0.86 0.56 0.47 0.59 0.69 1.04 0.77 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.14 0.93 0.93 1.00 1.02 1.82 0.92 1.18 1.03 0.66 0.55 0.72 0.87 1.16 0.96 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.91 0.79 0.68 0.77 0.87 0.96 0.63 0.36 0.70 0.47 0.39 0.47 0.50 0.91 0.57 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.13 0.86 0.75 1.00 0.99 0.99 0.86 0.60 0.90 0.61 0.47 0.66 0.85 0.99 0.85 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 12.61% -13.52% -24.88% -0.21% -0.79% -0.61% -13.94% -39.75% -10.30% -39.29% -53.22% -34.44% -15.40% -1.04% -14.67% <-Median-> 10 Graham Price
Graham No. EPS $4.65 $9.77 $10.02 $9.36 $20.66 $19.44 $16.80 $14.96 $9.01 $10.45 $14.37 $12.68 $13.65 $14.74 $15.85 $16.15 36.22% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 3.83 2.10 1.91 1.80 0.90 0.75 0.59 0.50 0.79 0.80 0.60 0.78 0.88 1.12 0.79 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 4.26 2.27 2.20 2.03 0.97 0.99 0.70 0.76 0.94 0.94 0.70 0.95 1.11 1.25 0.94 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 3.40 1.93 1.62 1.57 0.83 0.52 0.48 0.24 0.64 0.66 0.50 0.61 0.64 0.98 0.63 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 4.20 2.12 1.78 2.02 0.94 0.54 0.66 0.39 0.82 0.86 0.59 0.86 1.08 1.07 0.99 1.23 0.84 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 320.19% 111.83% 78.22% 102.42% -6.12% -46.10% -34.36% -61.03% -17.87% -14.15% -40.73% -13.76% 8.05% 6.62% -0.81% 22.53% -16.01% <-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 24.00 <Count Years> Month, Year
Price Close $19.55 $20.70 $17.86 $18.94 $19.40 $10.48 $11.03 $5.83 $7.40 $8.97 $8.52 $10.94 $14.75 $15.72 $15.72 $19.79 -17.41% <-Total Growth 10 Stock Price
Increase 19.79% 5.88% -13.72% 6.05% 2.43% -45.98% 5.25% -47.14% 26.93% 21.22% -5.02% 28.40% 34.83% 6.58% 0.00% 25.89% -31.85 <-Median-> 10 CAPE (10 Yr P/E)
P/E 150.38 59.14 -25.88 -105.22 12.68 -7.38 -10.21 -3.22 -3.20 9.06 5.61 10.52 12.09 11.64 10.08 12.22 20.40% <-IRR #YR-> 5 Stock Price 153.00%
Trailing P/E 20.80 159.23 51.03 -27.45 -107.78 6.85 -7.77 -5.40 -4.09 -3.88 8.61 7.20 14.18 12.89 11.64 12.69 -1.90% <-IRR #YR-> 10 Stock Price -17.41%
CAPE (10 Yr P/E) 15.97 16.74 20.68 23.27 21.86 34.22 74.67 -206.61 -32.49 -31.22 -41.65 -49.53 -232.52 109.75 103.17 28.94 28.14% <-IRR #YR-> 5 Price & Dividend 206.90%
Median 10, 5 Yrs D.  per yr 5.41% 7.74% % Tot Ret 153.92% 27.51% T P/E 1.20 9.06 P/E:  0.06 0.27 3.51% <-IRR #YR-> 10 Price & Dividend 31.26%
Price  15 D.  per yr 6.95% % Tot Ret 102.57% CAPE Diff -136.56% -0.17% <-IRR #YR-> 15 Stock Price -2.58%
Price  20 D.  per yr 9.83% % Tot Ret 85.73% 1.64% <-IRR #YR-> 20 Stock Price 38.37%
Price  25 D.  per yr 12.09% % Tot Ret 92.70% 0.95% <-IRR #YR-> 24 Stock Price
Price & Dividend 15 6.78% <-IRR #YR-> 15 Price & Dividend 94.47%
Price & Dividend 20 11.47% <-IRR #YR-> 20 Price & Dividend 2.3466698
Price & Dividend 25 13.04% <-IRR #YR-> 24 Price & Dividend
Price  5 -$5.83 $0.00 $0.00 $0.00 $0.00 $14.75 Price  5
Price 10 -$17.86 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.75 Price 10
Price & Dividend 5 -$5.83 $0.60 $0.60 $0.60 $0.66 $15.44 Price & Dividend 5
Price & Dividend 10 -$17.86 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 $15.44 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 $14.75 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 $14.75 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 $14.75 Price  25
Price & Dividend 15 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 $15.44 Price & Dividend 15
Price & Dividend 20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 $15.44 Price & Dividend 20
Price & Dividend 25 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 $15.44 Price & Dividend 25
Price H/L Median $17.83 $20.50 $19.13 $16.85 $18.53 $14.66 $9.95 $7.46 $7.14 $8.34 $8.63 $9.92 $11.96 $16.45 25.89% -37.51% <-Total Growth 10 Stock Price
Increase 12.96% 15.01% -6.68% -11.92% 9.97% -20.91% -32.11% -25.08% -4.29% 16.89% 3.42% 15.01% 20.51% 37.60% 4.58% -4.59% <-IRR #YR-> 10 Stock Price -37.51%
P/E 137.12 58.57 -27.72 -93.61 12.11 -10.32 -9.21 -4.12 -3.09 8.42 5.67 9.54 9.80 12.19 30.47% 9.91% <-IRR #YR-> 5 Stock Price 60.36%
Trailing P/E 18.96 157.69 54.66 -24.42 -102.94 9.58 -7.01 -6.90 -3.94 -3.61 8.71 6.53 11.50 13.48 0.99% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 17.11 25.37 43.28 153.18 81.27 -178.72 -27.04 -12.59 -7.01 -7.41 -16.03 -87.02 24.30 13.44 16.95% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 21.37 25.69 28.09 25.84 24.94 30.53 45.23 -99.40 -15.72 -18.57 -27.82 -41.16 -239.10 159.71 9.80 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 5.58% 7.05% % Tot Ret 562.77% 41.57% T P/E -3.78 6.53 P/E:  1.29 8.42 Count 24 Years of data
-$19.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.96
-$7.46 $0.00 $0.00 $0.00 $0.00 $11.96
-$19.13 $1.20 $1.20 $1.20 $1.20 $0.75 $0.60 $0.60 $0.60 $0.66 $12.64
-$7.46 $0.60 $0.60 $0.60 $0.66 $12.64
9.54 8.98 count only postive values - do control, shift,enter to get curly brackets {...} automatically. 
High Months Dec Aug Apr Dec Sep Jan Feb Jan May Dec Jan Dec Nov May
Price High $19.82 $22.15 $22.03 $19.00 $19.95 $19.24 $11.80 $11.39 $8.46 $9.80 $10.10 $12.04 $15.21 $18.40 -30.96% <-Total Growth 10 Stock Price
Increase 16.04% 11.76% -0.54% -13.75% 5.00% -3.56% -38.67% -3.47% -25.72% 15.84% 3.06% 19.21% 26.33% 20.97% -3.64% <-IRR #YR-> 10 Stock Price -30.96%
P/E 152.46 63.29 -31.93 -105.56 13.04 -13.55 -10.93 -6.29 -3.66 9.90 6.64 11.58 12.47 13.63 5.95% <-IRR #YR-> 5 Stock Price 33.54%
Trailing P/E 21.09 170.38 62.94 -27.54 -110.83 12.58 -8.31 -10.55 -4.67 -4.24 10.20 7.92 14.63 15.08 12.47 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E -4.46 7.92 P/E:  1.49 9.90 27.33 P/E Ratio Historical High
-$22.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.21
-$11.39 $0.00 $0.00 $0.00 $0.00 $15.21
11.58 10.74 count only postive values - do control, shift,enter to get curly brackets {...} automatically. 
Low Months Nov Oct Dec Jan Aug Dec May Mar Jan Oct May Mar Apr Apr
Price Low $15.83 $18.85 $16.23 $14.70 $17.11 $10.07 $8.10 $3.52 $5.81 $6.88 $7.15 $7.80 $8.70 $14.50 -46.40% <-Total Growth 10 Stock Price
Increase 9.32% 19.08% -13.90% -9.43% 16.39% -41.15% -19.56% -56.54% 65.06% 18.42% 3.92% 9.09% 11.54% 66.67% -6.04% <-IRR #YR-> 10 Stock Price -46.40%
P/E 121.77 53.86 -23.52 -81.67 11.18 -7.09 -7.50 -1.94 -2.52 6.95 4.70 7.50 7.13 10.74 19.84% <-IRR #YR-> 5 Stock Price 147.16%
Trailing P/E 16.84 145.00 46.37 -21.30 -95.06 6.58 -5.70 -3.26 -3.21 -2.98 7.22 5.13 8.37 11.89 7.50 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E -3.09 5.13 P/E:  11.16 0.00 -2.40 P/E Ratio Historical Low
-$16.23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.70
7.13 7.04 count only postive values - do control, shift,enter to get curly brackets {...} automatically. 
Free Cash Flow  Mkt Sc $97.92 $96.22 $76.35 $152.10 $43.18 $184.9 $132.9 $253.8 $235.1 $162.0 $178.5 $122.0 $166.3 82.29% <-Total Growth 10 Free Cash Flow  Mkt Sc
Change -28.12% 90.97% -7.37% -31.09% 10.19% -31.65% 36.31% -7.37% <-Median-> 5 Change
$53 <-12 mths -70.55%
Free Cash Flow  WSJ $97.92 $96.215 $76.354 $152.098 $43.178 $184.866 $132.898 $253.751 $235.068 $161.996 $178.480 $122 $166 82.27% <-Total Growth 10 Free Cash Flow WSJ
Change -1.74% -20.64% 99.20% -71.61% 328.15% -28.11% 90.94% -7.36% -31.09% 10.18% -31.65% 36.31% -4.55% <-Median-> 10 Change
$70 <-12 mths -63.04%
Free Cash Flow  MS old $97.92 $96.22 $76.35 $152.10 $43.18 $185 $133 $254 $240 Free Cash Flow  MS old
Change -1.74% -20.65% 99.21% -71.61% 328.44% -28.11% 90.98% -5.51% Change
Free Cash Flow  MS $57.76 $51.52 $110.00 $100.00 $100.00 $20.00 $130.00 $110 $120 $250 $240 $190 $190 $122 $166 72.73% <-Total Growth 10 Free Cash Flow
Change -11.32% -10.80% 113.51% -9.09% 0.00% -80.00% 550.00% -15.38% 9.09% 108.33% -4.00% -20.83% 0.00% -35.79% 36.31% 11.55% <-IRR #YR-> 5 Free Cash Flow MS 72.73%
FCF/CF from Op Ratio -12882.23 -125.24 203.87 -1761.72 -382.68 32.48 -302.69 126.92 -475.23 480.36 3271.13 -1284.16 2963.38 -2374.32 1291.01 5.62% <-IRR #YR-> 10 Free Cash Flow MS 72.73%
Dividends paid $50.09 $71.39 $82.91 $82.91 $104.09 $111.12 $111.12 $66.67 $51.94 $54.75 $58.03 $76.61 $78.85 $80.78 $81.06 -4.90% <-Total Growth 10 Dividends paid
Percentage paid 75.37% 82.91% 104.09% 555.58% 85.47% 60.61% 43.29% 21.90% 24.18% 40.32% 41.50% 66.21% 48.74% 51.95% <-Median-> 10 Percentage paid
5 Year Coverage 106.99% 103.46% 92.70% 62.79% 40.30% 33.85% 32.34% 35.18% 41.32% 5 Year Coverage
Dividend Coverage Ratio 1.33 1.21 0.96 0.18 1.17 1.65 2.31 4.57 4.14 2.48 2.41 1.51 2.05 1.98 <-Median-> 10 Dividend Coverage Ratio
5 Year of Coverage 0.93 0.97 1.08 1.59 2.48 2.95 3.09 2.84 2.42 5 Year of Coverage
Market Cap $815 $1,417 $1,234 $1,310 $1,796 $970 $1,021 $543 $771 $1,036 $997 $1,302 $1,684 $1,770 $1,770 $2,228 36.53% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 41.67 60.36 68.87 69.10 88.16 92.60 92.60 92.69 101.73 147.41 157.95 153.74 114.32 114.08 65.99% <-Total Growth 10 Diluted
Change 0.01% 44.86% 14.10% 0.32% 27.58% 5.04% 0.00% 0.10% 9.76% 44.90% 7.15% -2.67% -25.64% -0.21% 2.68% <-Median-> 10 Change
Difference Diluted/Basic 0.00% 0.00% 0.00% 0.00% 19.46% 0.00% 0.00% 0.00% 0.00% -26.43% -26.42% -22.97% 0.00% -1.67% Difference Diluted/Basic
Debentures included from Diluted 38.96 41.15 35.31 0.00 Debentures excluded from Diluted
Average Convertible Deb dilutive units
Basic # of Shares in Millions 41.67 60.36 68.87 69.10 105.31 92.60 92.60 92.69 101.73 108.45 116.21 118.42 114.32 112.17 65.99% <-Total Growth 10 Basic
Change 0.01% 44.86% 14.10% 0.32% 52.42% -12.08% 0.00% 0.10% 9.76% 6.60% 7.16% 1.90% -3.46% -1.88% 1.11% <-Median-> 10 Change
Difference Basic/Outstanding 0.01% 13.44% 0.28% 0.11% -12.08% 0.00% 0.00% 0.52% 2.45% 6.54% 0.72% 0.50% -0.13% 0.37% 0.30% <-Median-> 10 Difference Basic/Outstanding
$394.37 <-12 mths 11.07%
# of Share in Millions 41.674 68.471 69.069 69.173 92.596 92.596 92.601 93.169 104.223 115.537 117.048 119.011 114.179 112.584 112.584 112.584 5.16% <-IRR #YR-> 10 Shares 65.31%
Change 0.02% 64.30% 0.87% 0.15% 33.86% 0.00% 0.01% 0.61% 11.86% 10.86% 1.31% 1.68% -4.06% -1.40% 0.00% 0.00% 4.15% <-IRR #YR-> 5 Shares 22.55%
Cash Flow from Operations $M $107.8 $104.3 $162.0 $153.0 $151.3 $244.5 $139.5 $262.0 $219.0 $369.2 $401.5 $347.8 $355.1 $332.1 $374.9 119.22% <-Total Growth 10 Cash Flow
Increase -0.43% -3.29% 55.30% -5.53% -1.12% 61.58% -42.95% 87.81% -16.38% 68.55% 8.74% -13.37% 2.09% -6.46% 12.88% Deb. Conv Buy Backs S. Issues
5 year Running Average $79.0 $91.6 $111.9 $127.1 $135.7 $163.0 $170.0 $190.0 $203.2 $246.8 $278.2 $319.9 $338.5 $361.1 $362.3 202.50% <-Total Growth 10 CF 5 Yr Running
CFPS $2.59 $1.52 $2.35 $2.21 $1.63 $2.64 $1.51 $2.81 $2.10 $3.20 $3.43 $2.92 $3.11 $2.95 $3.33 32.61% <-Total Growth 10 Cash Flow per Share
Increase -0.45% -41.14% 53.96% -5.68% -26.13% 61.58% -42.95% 86.67% -25.25% 52.04% 7.34% -14.80% 6.41% -5.14% 12.88% 8.17% <-IRR #YR-> 10 Cash Flow 119.22%
5 year Running Average $2.07 $2.11 $2.18 $2.25 $2.06 $2.07 $2.07 $2.16 $2.14 $2.45 $2.61 $2.89 $2.95 $3.12 $3.15 6.27% <-IRR #YR-> 5 Cash Flow 35.55%
P/CF on Med Price 6.89 13.46 8.16 7.62 11.34 5.55 6.61 2.65 3.39 2.61 2.51 3.39 3.84 5.58 0.08 2.86% <-IRR #YR-> 10 Cash Flow per Share 32.61%
P/CF on Closing Price 7.55 13.59 7.62 8.56 11.87 3.97 7.32 2.07 3.52 2.81 2.48 3.74 4.74 5.33 4.72 2.04% <-IRR #YR-> 5 Cash Flow per Share 10.61%
47.22% Diff M/C 3.07% <-IRR #YR-> 10 CFPS 5 yr Running 35.33%
$490.17 <-12 mths -3.40%
Excl.Working Capital CF $22.2 $116.7 $75.0 $48.7 $101.3 -$48.2 $156.1 $3.3 $61.1 $61.7 $101.2 $123.0 $152.3 $0.0 $0.0 6.44% <-IRR #YR-> 5 CFPS 5 yr Running 36.61%
CF fr Op $M WC $130.0 $221.0 $237.0 $201.7 $252.6 $196.2 $295.6 $265.3 $280.1 $430.9 $502.6 $470.8 $507.4 $332.1 $374.9 114.14% <-Total Growth 10 Cash Flow less WC
Increase -8.23% 69.93% 7.24% -14.87% 25.23% -22.32% 50.65% -10.26% 5.61% 53.80% 16.66% -6.34% 7.78% -34.54% 12.88% 7.91% <-IRR #YR-> 10 Cash Flow less WC 114.14%
5 year Running Average $100.13 $130.60 $166.35 $186.27 $208.46 $221.69 $236.62 $242.28 $257.97 $293.62 $354.90 $389.94 $438.37 $448.76 $437.57 13.85% <-IRR #YR-> 5 Cash Flow less WC 91.28%
CFPS Excl. WC $3.12 $3.23 $3.43 $2.92 $2.73 $2.12 $3.19 $2.85 $2.69 $3.73 $4.29 $3.96 $4.44 $2.95 $3.33 10.17% <-IRR #YR-> 10 CF less WC 5 Yr Run 163.52%
Increase -8.25% 3.43% 6.31% -15.00% -6.45% -22.32% 50.64% -10.81% -5.59% 38.74% 15.15% -7.88% 12.34% -33.62% 12.88% 12.59% <-IRR #YR-> 5 CF less WC 5 Yr Run 80.93%
5 year Running Average $2.62 $2.82 $3.13 $3.22 $3.08 $2.88 $2.88 $2.76 $2.71 $2.92 $3.35 $3.50 $3.82 $3.87 $3.79 2.62% <-IRR #YR-> 10 CFPS - Less WC 29.53%
P/CF on Med Price 5.71 6.35 5.58 5.78 6.79 6.92 3.12 2.62 2.65 2.24 2.01 2.51 2.69 5.58 0.08 9.31% <-IRR #YR-> 5 CFPS - Less WC 56.08%
P/CF on Closing Price 6.27 6.41 5.21 6.50 7.11 4.95 3.46 2.05 2.75 2.41 1.98 2.77 3.32 5.33 4.72 2.03% <-IRR #YR-> 10 CFPS 5 yr Running 22.28%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 3.62 5 yr  3.39 P/CF Med 10 yr 2.67 5 yr  2.51 99.41% Diff M/C 6.72% <-IRR #YR-> 5 CFPS 5 yr Running 38.46%
-$2.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.11 Cash Flow per Share
-$2.81 $0.00 $0.00 $0.00 $0.00 $3.11 Cash Flow per Share
-$2.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.95 CFPS 5 yr Running
-$2.16 $0.00 $0.00 $0.00 $0.00 $2.95 CFPS 5 yr Running
-$237.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $507.4 Cash Flow less WC
-$265.3 $0.0 $0.0 $0.0 $0.0 $507.4 Cash Flow less WC
-$166.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $438.4 CF less WC 5 Yr Run
-$242.3 $0.0 $0.0 $0.0 $0.0 $438.4 CF less WC 5 Yr Run
-$3.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.44 CFPS - Less WC
-$2.85 $0.00 $0.00 $0.00 $0.00 $4.44 CFPS - Less WC
-$3.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.82 CFPS 5 yr Running
-$2.76 $0.00 $0.00 $0.00 $0.00 $3.82 CFPS 5 yr Running
OPM 12.90% 8.67% 11.87% 14.34% 10.30% 15.32% 9.10% 18.99% 16.01% 20.36% 21.74% 19.46% 17.77% 14.56% 49.77% <-Total Growth 10 OPM
Increase 9.49% -32.81% 36.93% 20.81% -28.17% 48.76% -40.60% 108.67% -15.70% 27.20% 6.78% -10.47% -8.68% -18.08% Should increase  or be stable.
Diff from Median -23.6% -48.7% -29.7% -15.1% -39.0% -9.3% -46.1% 12.4% -5.2% 20.5% 28.7% 15.2% 5.2% -13.8% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 16.89% 5 Yrs 19.46% should be  zero, it is a   check on calculations
$255 <-12 mths -1.77%
EBIT $11.4 $40.8 $213.9 $285.1 $282.2 $260.0 $270.8 $293.1 $315.3 EBIT
Change 258.80% 424.78% 33.29% -1.02% -7.87% 4.15% 8.23% 7.57% Change
Margin 0.74% 2.95% 15.63% 15.72% 15.28% 14.55% 13.56% 12.85% 13.69% Margin
$249 240.8 -50.85%
Adjusted EBITDA $21.1 $61.5 $220.9 $200.5 $283.2 $196.2 $295.6 $265.3 $280.4 $430.9 $502.6 $470.8 $507.4 $504.8 $534.2 $549.0 129.65% <-Total Growth 10 Adjusted EBITDA Earnings before Interest, Taxes
Change -90.46% 191.25% 259.43% -9.25% 41.23% -30.71% 50.65% -10.26% 5.70% 53.67% 16.66% -6.34% 7.78% -0.51% 5.82% 2.77% 6.74% <-Median-> 10 Change Depreciation and Amortization
Per Unit $0.51 $1.02 $3.21 $2.90 $3.21 $2.12 $3.19 $2.86 $2.76 $2.92 $3.18 $3.06 $4.44 $4.42 #DIV/0! #DIV/0! 38.35% <-Total Growth 10 Per Unit
EBITDA Margin 2.30% 7.35% 18.36% 14.69% 26.53% 13.36% 18.52% 17.31% 20.32% 31.49% 27.72% 25.49% 28.39% 25.27% 23.42% 23.84% 0.23 <-Median-> 10 EBITDA Margin
Long Term Debt $773.0 $859.0 $811.6 $1,282.8 $1,184.2 $1,278.6 $1,222.8 $899.8 $903.2 $684.1 $336.3 $977.1 $1,096.0 Debt Type
Change 11.13% -5.51% 58.06% -7.69% 7.97% -4.36% -26.41% 0.38% -24.27% -50.85% 190.57% 12.17% -4.94% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 0.55 0.70 0.62 0.71 1.22 1.25 2.25 1.17 0.87 0.69 0.26 0.58 0.62 0.79 <-Median-> 10 % of Market C. Intang/GW
Assets/Current Liabilities Ratio 8.69 9.48 8.17 11.64 6.38 7.50 8.47 4.68 5.52 5.15 2.86 5.47 5.88 5.95 <-Median-> 10 Assets/Current Liab Ratio Liquidity
Debt to Cash Flow (Years) 7.41 5.30 5.30 8.48 4.84 9.17 4.67 4.11 2.45 1.70 0.97 2.75 3.30 4.39 <-Median-> 10 Debt to Cash Flow (Years) Liq. + CF
Debt Ratio
Intangibles $172.6 $353.7 $290.4 $283.3 $479.3 $418.8 $312.7 $247.3 $148.7 $109.3 $70.7 $47.7 $198.6 $191.1 -46.24% <-Total Growth 10 Intangibles Leverage
Goodwill $193.7 $794.0 $847.1 $786.3 $789.3 $748.8 $558.5 $500.8 $455.9 $477.2 $468.0 $494.3 $532.6 $544.9 -59.06% <-Total Growth 10 Goodwill D/E Ratio
Total $366.3 $1,147.7 $1,137.6 $1,069.6 $1,268.6 $1,167.6 $871.2 $748.1 $604.6 $586.5 $538.6 $542.0 $731.2 $736.0 55.58% <-Total Growth 10 Total
Amount of Change $24.8 -$781.4 $10.1 $68.0 -$199.0 $101.0 $296.4 $123.1 $143.5 $18.1 $47.8 -$3.3 -$189.2 -$4.8 $57.9 <-Median-> 10 Amount of Change
Change -6.35% 213.35% -0.88% -5.98% 18.61% -7.96% -25.39% -14.13% -19.18% -3.00% -8.16% 0.62% 34.92% 0.66% -6.97% <-Median-> 10 Change
Intangible/Market Cap Ratio 0.45 0.81 0.92 0.82 0.71 1.20 0.85 1.38 0.78 0.57 0.54 0.42 0.43 0.42 0.75 <-Median-> 10 % of Market C.
Current Assets $146.27 $242.77 $267.79 $275.38 $352.16 $367.83 $500.37 $423.02 $230.97 $360.87 $326.02 $334.70 $414.38 $483.90 54.74% <-Total Growth 10 Current Assets
Current Liabilities $149.70 $257.02 $254.61 $264.68 $256.29 $450.75 $370.42 $295.06 $437.86 $390.64 $409.82 $798.00 $462.50 $450.80 81.65% <-Total Growth 10 Current Liabilities
Liquidity Ratio 0.98 0.94 1.05 1.04 1.37 0.82 1.35 1.43 0.53 0.92 0.80 0.42 0.90 1.07 0.91 <-Median-> 10 Ratio
Liq. with CF aft div 1.36 1.03 1.36 1.30 1.53 1.11 1.43 2.08 0.88 1.69 1.60 0.76 1.49 1.63 1.49 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.01 0.24 1.00 1.09 0.70 0.93 1.14 1.66 0.88 1.32 1.24 0.61 0.78 1.63 0.88 <-Median-> 5 Ratio
Curr Long Term Db $2.937 $3.159 $3.159 $3.159 $3.93 $0.00 $0.00 $0.00 $143.89 $0.00 $0.00 $0.00 $0.00 $0.00
Liquidity Less CLTD 1.00 0.96 1.07 1.05 1.40 0.82 1.35 1.43 0.79 0.92 0.80 0.42 0.90 1.07 0.80 <-Median-> 5 Ratio
Liq. with CF aft div 1.39 1.04 1.38 1.32 1.55 1.11 1.43 2.08 1.32 1.69 1.60 0.76 1.49 1.63 1.49 <-Median-> 5 Ratio
Assets $950.69 $2,234.06 $2,413.2 $2,162.1 $2,983.3 $2,877.1 $2,779.1 $2,500.3 $2,049.0 $2,157.1 $2,109.2 $2,284.4 $2,531.3 $2,648.6 4.89% <-Total Growth 10 Assets
Liabilities $642.27 $1,403.82 $1,532.5 $1,393.0 $1,834.7 $1,860.4 $2,019.5 $1,894.5 $1,669.1 $1,590.9 $1,402.1 $1,466.1 $1,756.2 $1,842.9 14.60% <-Total Growth 10 Liabilities
Debt Ratio 1.48 1.59 1.57 1.55 1.63 1.55 1.38 1.32 1.23 1.36 1.50 1.56 1.44 1.44 1.47 <-Median-> 10 Ratio
Estimates BVPS $7.56 $8.40 Estimates Estimates BVPS
Estimate Book Value $851.1 $945.7 Estimates Estimate Book Value
P/B Ratio (Close) 2.08 1.87 Estimates P/B Ratio (Close)
Difference from 10 year median 41.63% Diff M/C Estimates Difference from 10 yr med.
Total Book Value $308.42 $830.23 $880.77 $769.06 $1,148.65 $1,016.71 $759.58 $605.82 $379.85 $566.21 $707.14 $818.36 $775.11 $805.70 $805.70 $805.70 -12.00% <-Total Growth 10 Book Value
Conv. Deb. $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 now shown as a liability
Book Value $308.42 $830.23 $880.77 $769.06 $1,148.65 $1,016.71 $759.58 $605.82 $379.85 $566.21 $707.14 $818.36 $775.11 $805.70 $805.70 $805.70 -12.00% <-Total Growth 10 Book Value
Book Value per Share $7.40 $12.13 $12.75 $11.12 $12.40 $10.98 $8.20 $6.50 $3.64 $4.90 $6.04 $6.88 $6.79 $7.16 $7.16 $7.16 -46.76% <-Total Growth 10 Book Value per Share
Change -4.07% 63.84% 5.17% -12.81% 11.58% -11.49% -25.30% -20.73% -43.95% 34.46% 23.28% 13.82% -1.28% 5.42% 0.00% 0.00% 49.61% P/B Ratio Current/10 Year Median
P/B (High) 2.68 1.83 1.73 1.71 1.61 1.75 1.44 1.75 2.32 2.00 1.67 1.75 2.24 2.57 1.75 <-Median-> 10 P/BV (High)
P/B (Low) 2.14 1.55 1.27 1.32 1.38 0.92 0.99 0.54 1.59 1.40 1.18 1.13 1.28 2.03 1.23 <-Median-> 10 P/BV (Low)
P/B Ratio (Median) 2.41 1.69 1.50 1.52 1.49 1.33 1.21 1.15 1.96 1.70 1.43 1.44 1.76 2.30 1.52 P/B Ratio Historical Median
P/B Ratio (Close) 2.64 1.71 1.40 1.70 1.56 0.95 1.34 0.90 2.03 1.83 1.41 1.59 2.17 2.20 2.20 2.77 -6.11% <-IRR #YR-> 10 Book Value per Share -46.76%
Change 24.87% -35.37% -17.96% 21.63% -8.20% -38.97% 40.89% -33.32% 126.46% -9.85% -22.95% 12.81% 36.57% 30.53% 0.87% <-IRR #YR-> 5 Book Value per Share 4.40%
Leverage (A/BK) 3.08 2.69 2.74 2.81 2.60 2.83 3.66 4.13 5.39 3.81 2.98 2.79 3.27 3.29 3.27 <-Median-> 5 A/BV
Debt/Equity Ratio  2.08 1.69 1.74 1.81 1.60 1.83 2.66 3.13 4.39 2.81 1.98 1.79 2.27 2.29 2.12 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.47 5 yr Med 1.70 49.61% Diff M/C 2.79 Historical A/BV
-$12.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.79
-$6.50 $0.00 $0.00 $0.00 $0.00 $6.79
$186.90 <-12 mths 94.91%
Comprehensive Income $36.73 $81.05 $120.62 -$30.61 $72.78 -$20.82 -$146.14 -$91.68 -$241.05 $158.02 $198.35 $191.74 $95.89 $186.90 <-12 mths -20.50% <-Total Growth 10 Comprehensive Income
Increase 25.90% 120.68% 48.83% -125.38% 337.76% -128.61% -601.80% 37.27% -162.94% 165.55% 25.52% -3.33% -49.99% 94.91% <-12 mths -3.33% <-Median-> 5 Comprehensive Income
5 Yr Running Average $44.89 $48.00 $66.52 $47.39 $56.11 $44.60 -$0.84 -$43.30 -$85.38 -$68.34 -$24.50 $43.07 $80.59 $166.18 <-12 mths -2.27% <-IRR #YR-> 10 Comprehensive Income 413.29%
ROE 11.9% 9.8% 13.7% -4.0% 6.3% -2.0% -19.2% -15.1% -63.5% 27.9% 28.0% 23.4% 12.4% 23.2% <-12 mths #NUM! <-IRR #YR-> 5 Comprehensive Income 204.60%
5Yr Median 13.9% 11.9% 11.9% 9.8% 9.8% 6.3% -2.0% -4.0% -15.1% -15.1% -15.1% 23.4% 23.4% 23.4% <-12 mths 1.94% <-IRR #YR-> 10 5 Yr Running Average 21.14%
% Difference from NI 572.4% 285.4% -353.5% 141.8% -50.6% -84.2% 46.6% -45.3% 2.5% 44.8% -20.4% 51.1% -31.2% 19.8% <-12 mths #NUM! <-IRR #YR-> 5 5 Yr Running Average 286.14%
Median Values Diff 5, 10 yr -9.0% 2.5% 23.4% <-Median-> 5 Return on Equity
-$120.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $95.9
$91.7 $0.0 $0.0 $0.0 $0.0 $95.9
-$66.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $80.6
$43.3 $0.0 $0.0 $0.0 $0.0 $80.6
Current Liability Coverage Ratio 0.87 0.86 0.93 0.76 0.99 0.44 0.80 0.90 0.64 1.10 1.23 0.59 1.10 0.74   CFO / Current Liabilities
5 year Median 0.75 0.86 0.86 0.86 0.87 0.86 0.80 0.80 0.80 0.80 0.90 0.90 1.10 1.10 1.10 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 13.68% 9.89% 9.82% 9.33% 8.47% 6.82% 10.64% 10.61% 13.67% 19.97% 23.83% 20.61% 20.04% 12.54% CFO / Total Assets
5 year Median 13.68% 11.98% 9.89% 9.89% 9.82% 9.33% 9.33% 9.33% 10.61% 10.64% 13.67% 19.97% 20.04% 20.04% 20.0% <-Median-> 5 Return on Assets 
Return on Assets ROA 0.57% 0.94% -1.97% -0.59% 4.94% -4.57% -3.59% -6.70% -11.48% 5.06% 11.82% 5.56% 5.51% 5.89% Net  Income/Assets Return on Assets
5Yr Median 5.60% 4.01% 0.94% 0.57% 0.57% -0.59% -1.97% -3.59% -4.57% -4.57% -3.59% 5.06% 5.51% 5.56% 2.2% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 1.77% 2.53% -5.40% -1.65% 12.83% -12.94% -13.12% -27.65% -61.92% 19.27% 35.26% 15.51% 17.98% 19.36% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 17.32% 12.14% 2.53% 1.77% 1.77% -1.65% -5.40% -12.94% -13.12% -13.12% -13.12% 15.51% 17.98% 19.27% 5.6% <-Median-> 10 Return on Equity
$148.93 <-12 mths 6.84%
Net Income $5.46 $21.03 -$47.59 -$12.7 $147.4 -$131.5 -$99.7 -$167.5 -$235.2 $109.1 $249.3 $126.9 $139.4 $156.00 $167.00 $182.39 392.90% <-Total Growth 10 Net Income
Increase -86.00% 285.02% -326.30% 73.40% 1264.16% -189.25% 24.23% -68.06% -40.44% 146.39% 128.49% -49.10% 9.84% 11.92% 7.05% 9.21% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $37.3 $32.1 $15.6 $1.1 $22.7 -$4.7 -$28.8 -$52.8 -$97.3 -$104.9 -$28.8 $16.5 $77.9 $156.1 $167.7 $154.3 #NUM! <-IRR #YR-> 10 Net Income 392.90%
Operating Cash Flow $107.84 $104.30 $161.97 $153.01 $151.30 $244.46 $139.48 $261.95 $219.04 $369.19 $401.46 $347.80 $355.07 #NUM! <-IRR #YR-> 5 Net Income 183.23%
Investment Cash Flow -$52.35 -$826.57 -$92.80 -$51.37 -$305.53 -$89.38 -$93.97 -$74.79 $96.53 -$108.88 -$118.46 -$185.80 -$428.57 17.42% <-IRR #YR-> 10 5 Yr Running Average 398.03%
Total Accruals -$50.04 $743.30 -$116.77 -$114.30 $301.60 -$286.60 -$145.16 -$354.64 -$550.78 -$151.20 -$33.69 -$35.09 $212.88 #NUM! <-IRR #YR-> 5 5 Yr Running Average 247.58%
Total Assets $950.69 $2,234.06 $2,413.25 $2,162.07 $2,983.33 $2,877.09 $2,779.07 $2,500.33 $2,048.97 $2,157.07 $2,109.23 $2,284.41 $2,531.34 Balance Sheet Assets
Accruals Ratio -5.26% 33.27% -4.84% -5.29% 10.11% -9.96% -5.22% -14.18% -26.88% -7.01% -1.60% -1.54% 8.41% -1.60% <-Median-> 5 Ratio
EPS/CF Ratio 0.04 0.11 -0.20 -0.06 0.56 -0.67 -0.34 -0.64 -0.86 0.27 0.35 0.26 0.27 0.10 <-Median-> 10 EPS/CF Ratio
$47.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $139.4
$167.5 $0.0 $0.0 $0.0 $0.0 $139.4
-$15.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $77.9
$52.8 $0.0 $0.0 $0.0 $0.0 $77.9
Chge in Close 19.79% 5.88% -13.72% 6.05% 2.43% -45.98% 5.25% -47.14% 26.93% 21.22% -5.02% 28.40% 34.83% 6.58% 0.00% 25.89% Count 26 Years of data
up/down/neutral Down Up Up Down Up Up Up Up Up down Count 19 73.08%
Any Predictions? Yes Yes Yes Yes Yes Yes % right Count 10 52.63%
Financial Cash Flow -$52.28 $723.54 -$73.06 -$94.82 $150.29 -$152.53 -$45.00 -$187.86 -$314.12 -$203.00 -$333.53 -$159.30 $76.01 C F Statement  Financial Cash Flow
Total Accruals $2.25 $19.76 -$43.70 -$19.48 $151.30 -$134.07 -$100.16 -$166.78 -$236.66 $51.81 $299.84 $124.21 $136.87 Accruals
Accruals Ratio 0.24% 0.88% -1.81% -0.90% 5.07% -4.66% -3.60% -6.67% -11.55% 2.40% 14.22% 5.44% 5.41% 5.41% <-Median-> 5 Ratio
Cash $9.62 $11.17 $7.99 $14.74 $10.37 $13.41 $13.47 $12.51 $13.91 $72.57 $21.52 $25.50 $27.42 $44.50 Cash
Cash per Share $0.23 $0.16 $0.12 $0.21 $0.11 $0.14 $0.15 $0.13 $0.13 $0.63 $0.18 $0.21 $0.24 $0.40 $0.21 <-Median-> 5 Cash per Share
Percentage of Stock Price 1.18% 0.79% 0.65% 1.13% 0.58% 1.38% 1.32% 2.30% 1.80% 7.00% 2.16% 1.96% 1.63% 2.51% 1.96% <-Median-> 5 % of Stock Price
Notes:
August 14, 2026.  Last estimates were for 2025, 2026, 2027 of $1927M, $2081M, $2169M Revenue, $1.00, $1.39, $1.51 EPS, $0.69, $0.70, $0.71 Dividends, 
$173M, $170M, $194M FCF, $2.52, $2.63 2025/6 CFPS, $253.2M, $297.4M, $301M EBIT, $491.3M, $510.5M, $531.9M EBITDA, $6.43, $6.96, $8.04 BVPS, $141.9M, $166.1M, $176.1M Net Income.
August 17, 2025.  Last estimates were for 2024, 2025, 2026 of $1753M, $1788M, $1862M Revenue, $0.98, $0.87 2024/5 EPS, $0.66, $0.66, $0.60 dividends, 
$118M, $163M 2024/5 FCF, $1.95, $1.83 2024/5 CFPS, $429.6M, $423.1M, $437.9M EBITDA, $128.2M, $116.6M, $129.5M Net Income.
August 12, 2024. Last estimates were for 2023, 2024 of $1912M, $1838M Revenue, $1.22, $0.55 EPS, $0.60, $0.60 Dividends, $170M, $175M FCF, 
$2.34, $1.84 CFPS, $458M. $402M EBITDA, $168M, $76.3M Net Income.
August 12, 2023.  Last estimates were for 2022 and 2023 of $1688M, $1642M and $1610M for 2022/24 for Revenue, $0.65 and $0.19 for EPS, 
$0.60, $0.60 and $0.60 for Dividends 2022/24, $126M, $81M for FCF, $1.99 and $1.62 for CFPS and $79.3M and $21.2M for Net Income.
August 13, 2022.  Last estimates were for 2021, 2022 of $1352M, $1488M and $1.423M 2021/23 for Revenue, -0.55 and $0.01 for EPS, 
$0.60 and $0.60 for Dividends, $56.5M and $97M for FCF, $1.18 and $1.48 for CFPS and -$61.5M and $0.55M for Net Income.
August 14, 2021.  Last estimates were for 2020,  2021 of 1447M, $1534M and $1547M for 2020-22 for Revenue, -$1.15 and -$0.11 for EPS, 
$59M and $99M for FCF, $1.43 and 1.95 for CFPS and -$154M and -$13M for Net Income
August 15, 2020.  Last estimates were for 2019 and 2020 of $1572M and $1619M for Revenue, -$0.78 and $0.13 for EPS, $1.20 and $1.20 for Div, $1.97 and $2.17 for CFPS and -$63.9M and $6.95M for Net Income.
August 24, 2019.  Last estimates were for 2018 and 2019 of $1667M and $1709M for Revenue, $0.89 and $0.97 for EPS, $2.5 and $2.80 for CFPS and $87.5M for Net Income for 2018.
August 29, 2017.  Last estimates were for 2016, 2017 and 2018 of $1318M, $1358M and $1367M for Revenue, $2.06 and $2.18 for FFO for 2016 and 2017, 
$0.38, $0.50 and $0.58 for EPS, $2.59, $3.00 and $2.54 for CFPS, $28M, $41M and $41M for Net Income.
August 28, 2016.  Last estimates were for 2015, 2016 and 2017 of $1336M, $1357M and $1363M for Revenue, $2.20, $2.37 and $1.37 for FFO, $0.50, $0.78 and 0.79 for EPS, 
$2.27, $2.49 and $2.60 for CFPS and $45.1M, $55.7M and $55.6M for Net Income.
September 7, 2015.  Last estimates were for 2014, 2015 and 2016 of $1184M, $1224M and $1221M for Revenue, $0.64, $1.16 and $1.11 for EPS, 
$3.33, $3.53 and $2.98 for CFPS and $29.40M, $71.6M and $69.6M for Net Income.
September 5, 2014.  Last estimates were for 2013, 2014 and 2015 of $880M $896M and $853M for Revenue, $0.93, $1.20 and $0.95 for EPS, $3.21 and $2.94 for 2014 and 2015 CFPS
August 24, 2013.  Last estimates I got on this stock were for 2012 and 2013 of $1011.3M (1012 only), $1.81, $1.28, and $1.34 (2014) for EPS and $2.53 and $2.55 for CFPS.
On October 31, 2006, the Department of Finance announced changes to the tax rules for income trusts that are now law. Income trusts are now taxed the same as Canadian corporations. The changes will 
apply to new income trusts that start up after October 31, 2006. The changes will also apply in the 2011 tax year to many income trusts formed before that date. The goal: to remove the 
tax advantages that trusts had over corporations in the past.
Sector:
Materials
What should this stock accomplish?
Would I buy this company and Why.
No.  It will not be an dividend growth stock anytime soon again.
Why am I following this stock. 
I decided to investigate this stock after reading an article in the G&M in February 2012 about investing in small cap stocks that pay dividends.  
This was one of the stocks mentioned that I had never heard of before.
Dividends
Dividends are paid monthly.  Dividends are declared in one month and paid in the following month.
For example, the January 2014 dividend was declared for Shareholders of record of January 31, 2014 and was paid on February 28, 2014.
Tax on Dividends
Combination of other Income Dividend other than Eligible  and Foreign non-business Income
The Fund is a mutual fund trust and a specified investment flow-through trust (“SIFT”) for income tax purposes
The Fund is not subject to tax on income received from non-Canadian subsidiaries, provided that the income is distributed to Unitholders during
the year.  It pays tax on from income Canadian sources
How they make their money.
Chemtrade Logistics Income Fund provides industrial chemicals and services to customers in North America and around the world. The company is 
organized into two operating segments: Sulphur and Water Chemicals (SWC) and Electrochemicals. Its geographical segments are Canada, 
the United States, which derives maximum revenue, and Brazil.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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 They are issuing stock Change
Date 2018 Aug 24 2019 Aug 15 2020 Aug 14 2021 Aug 13 2022 Aug 12 2023 Aug 12 2024 Aug 17 2025 Aug 14 2026 rights to employees
Rook, Scott William 0.014 0.01% 0.039 0.04% 0.061 0.05% 0.085 0.07% 0.112 0.09% 0.128 0.11% 0.173 0.15% Was other officer, now CEO 34.63%
CEO - Shares - Amount $0.079 $0.285 $0.544 $0.721 $1.224 $1.893 $2.716
Options - percentage 0.186 0.20% 0.391 0.38% 0.928 0.80% 0.808 0.69% 1.164 0.98% 1.120 0.98% 1.181 1.05% 5.42%
Options - amount $1.085 $2.897 $8.321 $6.885 $12.734 $16.526 $18.568
Davis, Mark 0.22% 0.285 0.31% 0.254 0.27% Ceased Insider Feb 2021
CEO - Shares - Amount $2.175 $3.145 $1.479
Options - percentage 0.58% 0.486 0.53% 0.744 0.80%
Options - amount $5.645 $5.365 $4.338
Bhardwaj, Rohit 0.08% 0.080 0.09% 0.100 0.11% 0.100 0.10% 0.113 0.10% 0.118 0.10% 0.135 0.11% 0.135 0.12% 0.142 0.13% 5.33%
CFO - Shares - Amount $0.757 $0.882 $0.583 $0.740 $1.014 $1.007 $1.477 $1.991 $2.235
Options - percentage 0.04% 0.026 0.03% 0.070 0.08% 0.215 0.21% 0.426 0.37% 0.247 0.21% 0.335 0.28% 0.279 0.24% 0.263 0.23% -5.80%
Options - amount $0.409 $0.288 $0.410 $1.591 $3.822 $2.104 $3.666 $4.119 $4.135
Powers, Emily Louise 0.014 0.01% 0.019 0.02% 0.027 0.02% Ceased insider Dec 2023
Officer - Shares - Amount $0.105 $0.173 $0.230
Options - percentage 0.111 0.11% 0.212 0.18% 0.109 0.09%
Options - amount $0.822 $1.904 $0.926
Montgomery, Timothy Neil 0.005 0.00% 0.011 0.01% 0.023 0.02% 0.096 0.08% 0.101 0.09% 5.07%
Officer - Shares - Amount $0.044 $0.094 $0.254 $1.418 $1.588
Options - percentage 0.152 0.13% 0.177 0.15% 0.235 0.20% 0.203 0.18% 0.198 0.18% -2.53%
Options - amount $1.363 $1.507 $2.567 $2.996 $3.112
Rebello, Bramora Ann 0.037 0.03% 0.043 0.04% 0.046 0.04% 6.78%
Officer - Shares - Amount $0.408 $0.630 $0.717
Options - percentage 0.069 0.06% 0.064 0.06% 0.069 0.06% 7.09%
Options - amount $0.756 $0.947 $1.081
Moore, Emily Louise 0.006 0.01% 0.006 0.01% 0.006 0.01% 0.00%
Director - Shares - Amount $0.065 $0.088 $0.094
Options - percentage 0.121 0.10% 0.229 0.20% 0.144 0.13% -36.94%
Options - amount $1.321 $3.379 $2.271
Di Clemente, Lucio 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.00%
Director - Shares - Amount $0.000 $0.039 $0.020 $0.026 $0.031 $0.030 $0.038 $0.052 $0.055
Options - percentage 0.03% 0.037 0.04% 0.064 0.07% 0.094 0.09% 0.113 0.10% 0.135 0.12% 0.158 0.13% 0.180 0.16% 0.179 0.16% -0.52%
Options - amount $0.312 $0.404 $0.374 $0.695 $1.011 $1.154 $1.733 $2.656 $2.816
Muzyka, Douglas 0.025 0.02% 0.025 0.02% 0.025 0.02% 0.025 0.02% 0.025 0.02% 0.025 0.02% Subsidiary Executive 0.00%
Chairman - Shares - Amt $0.188 $0.228 $0.216 $0.278 $0.375 $0.399
Options - percentage 0.070 0.07% 0.086 0.07% 0.110 0.09% 0.135 0.11% 0.160 0.14% 0.180 0.16% 12.88%
Options - amount $0.514 $0.771 $0.941 $1.477 $2.356 $2.834
Waisberg, Lorie 0.01% 0.015 0.02% 0.015 0.02% 0.015 0.01% Ceased Insider May 2022
Chairman - Shares - Amt $0.058 $0.165 $0.087 $0.111
Options - percentage 0.06% 0.071 0.08% 0.115 0.12% 0.159 0.15%
Options - amount $0.580 $0.788 $0.672 $1.178
Increase in O/S Shares 0.00% 0.000 0.00% 0.000 0.00% 0.213 0.23% 1.111 1.07% 1.459 1.26% 1.894 1.62% 0.771 0.65% 2.739 2.40% Yes 0
due to SO $0.000 $0.000 $0.000 $1.240 $8.223 $13.083 $16.139 $8.440 $40.403
Book Value $8.889 $1.370 $11.555 $6.828 $13.047 $20.971 $17.332 $23.323 $29.391 Expense LTIP
% of Market Cap 0.49% 0.14% 1.13% 1.26% 1.26% 1.61% 0.98% 1.32% 1.66% % of Market Cap
Insider Buying -$0.844 -$0.872 -$1.547 -$0.070 -$0.173 -$0.205 -$0.522 -$0.522 -$0.717 Selling & Admin Services
Insider Selling $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Net Insider Selling -$0.844 -$0.872 -$1.547 -$0.070 -$0.173 -$0.205 -$0.522 -$0.522 -$0.717
% of Market Cap -0.09% -0.09% -0.28% -0.01% -0.02% -0.02% -0.04% -0.04% -0.06%
Directors 8 7 7 7 8 8 8 8
Women 33% 3 38% 3 43% 3 43% 3 43% 3 38% 3 38% 3 38% 3 38%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 1 13% 0 0% 0 0% 0 0%
Institutions/Holdings 41.84% 48 43.52% 20 23.89% 20 14.34% 20 16.55% 20 11.53% 20 7.09%
Total Shares Held 41.84% 40.300 43.52% 24.748 26.56% 15.002 12.98% 19.174 16.38% 13.516 11.36% 7.982 7.09%
Increase/Decrease 3 Mths -1.40% 0.325 0.81% -2.532 -9.28% -0.017 -0.11% -0.029 -0.15% -0.072 -0.53% 0.941 13.36%
Starting No. of Shares 39.975 27.280 MS top 20 15.019 MS top 20 19.203 MS top 20 13.588 MS top 20 7.041 MS top 20
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