This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.															Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.															Q1 2025
See my website on stocks or see my blog at the following sites.								https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/25	<-estimates
Canadian Pacific Kansas City Ltd							TSX:	CP	NYSE:	CP	https://www.cpr.ca/en/		Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
Split Date											14-May-21			unaudited
CPR shares %											5
CPR Split
															$14,824	<-12 mths	1.91%
Comments
CPL
CPR using 0.2341
CPR using 0.5
Percentage of real
Revenue*	$5,177	$5,695	$6,133	$6,620	$6,712	$6,232	$6,554	$7,316	$7,792	$7,710	$7,995	$8,814	$12,555	$14,546	$15,749	$16,896			119.73%	<-Total Growth	10	Revenue
Increase	3.92%	10.01%	7.69%	7.94%	1.39%	-7.15%	5.17%	11.63%	6.51%	-1.05%	3.70%	10.24%	42.44%	15.86%	8.27%	7.28%			8.19%	<-IRR #YR->	10	Revenue	119.73%
5 year Running Average	$4,820	$5,018	$5,258	$5,721	$6,067	$6,278	$6,450	$6,687	$6,921	$7,121	$7,473	$7,925	$8,973	$10,324	$11,932	$13,712			13.30%	<-IRR #YR->	5	Revenue	86.68%
Revenue per Share	$6.09	$6.55	$6.99	$7.97	$8.77	$8.52	$9.05	$10.41	$11.38	$11.57	$8.60	$9.47	$13.47	$15.58	$16.87	$18.10			6.08%	<-IRR #YR->	10	5 yr Running Average	80.45%
Increase	3.44%	7.54%	6.77%	13.98%	10.07%	-2.90%	6.18%	15.12%	9.23%	1.69%	-25.66%	10.15%	42.20%	15.68%	8.27%	7.28%			8.33%	<-IRR #YR->	5	5 yr Running Average	49.16%
5 year Running Average	$5.93	$6.01	$6.13	$6.70	$7.28	$7.76	$8.26	$8.94	$9.63	$10.18	$10.20	$10.29	$10.90	$11.74	$12.80	$14.70			6.93%	<-IRR #YR->	10	Revenue per Share	95.48%
P/S (Price/Sales) Med	1.89	2.60	3.87	5.00	4.70	4.19	4.68	4.85	5.03	6.10	10.70	9.94	7.67	7.25	6.58	0.00			6.50%	<-IRR #YR->	5	Revenue per Share	36.98%
P/S (Price/Sales) Close	2.27	3.08	4.59	5.61	4.03	4.50	5.08	4.65	5.82	7.63	10.58	10.66	7.78	6.68	6.55	6.11			5.77%	<-IRR #YR->	10	5 yr Running Average	75.24%
*Revenue in M CDN $						P/S Med	20 yr	4.43	15 yr	4.85	10 yr	6.25	5 yr	7.78		4.87%	Diff M/C		4.05%	<-IRR #YR->	5	5 yr Running Average	21.95%
				-$6,620	$0	$0	$0	$0	$0	$0	$0	$0	$0	$14,546
									-$7,792	$0	$0	$0	$0	$14,546
				-$5,721	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,324
									-$6,921	$0	$0	$0	$0	$10,324
				-$7.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.58
									-$11.38	$0.00	$0.00	$0.00	$0.00	$15.58
				-$6.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.74
									-$9.63	$0.00	$0.00	$0.00	$0.00	$11.74
															$4.41	<-12 mths	3.76%
Adjusted Income CDN$	$967	$1,309	$1,844	$1,482	$1,625	$1,549	$1,666	$2,712	$2,290	$2,403	$2,573	$3,521	$3,582	$3,973					168.08%	<-Total Growth		Adjusted Income CDN$
Return on Equity ROE	20.80%	25.68%	25.98%	26.42%	33.88%	33.48%	25.88%	40.87%	32.39%	32.83%	7.61%	9.05%	8.63%	8.30%					29.14%	<-Median->	10	Return on Equity ROE
5Yr Median	17.34%	20.80%	23.13%	25.68%	25.98%	26.42%	26.42%	33.48%	33.48%	32.83%	32.39%	32.39%	9.05%	8.63%					29.41%	<-Median->	10	5Yr Median
Basic Calc	$1.14	$1.52	$2.11	$1.72	$2.04	$2.07	$2.28	$3.80	$3.30	$3.55	$3.77	$3.79	$3.85	$4.26					148.26%	<-Total Growth	10	Basic Calc
Pre 2021 split	$3.15	$4.34	$6.42	$8.54	$8.47	$10.69	$16.49
AEPS* Dilued	$0.63	$0.87	$1.28	$1.71	$1.69	$2.14	$3.30	$2.90	$3.29	$3.53	$3.77	$3.77	$3.84	$4.25	$4.94	$5.64	$6.56		148.83%	<-Total Growth	10	AEPS
Increase	-18.18%	37.78%	47.93%	33.02%	-0.82%	26.21%	54.26%	-12.07%	13.45%	7.29%	6.80%	0.00%	1.86%	10.68%	16.24%	14.17%	16.31%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.83	$0.76	$0.86	$1.05	$1.24	$1.54	$2.02	$2.35	$2.66	$3.03	$3.36	$3.45	$3.64	$3.83	$4.11	$4.49	$5.05		9.54%	<-IRR #YR->	10	AEPS	148.83%
AEPS Yield	4.56%	4.30%	4.00%	3.82%	4.79%	5.58%	7.18%	5.99%	4.97%	4.00%	4.14%	3.73%	3.66%	4.08%	4.47%	5.10%	5.93%		5.25%	<-IRR #YR->	5	AEPS	29.18%
Payout Ratio	36.19%	29.95%	21.81%	16.39%	16.53%	15.90%	12.89%	16.72%	17.99%	19.49%	20.16%	20.16%	19.79%	17.88%	15.38%	13.48%	11.59%		13.80%	<-IRR #YR->	10	5 yr Running Average	264.26%
5 year Running Average	7.24%	13.23%	17.59%	20.87%	24.17%	20.12%	16.70%	15.69%	16.01%	16.60%	17.45%	18.91%	19.52%	19.50%	18.68%	17.34%	15.62%		7.54%	<-IRR #YR->	5	5 yr Running Average	43.84%
Price/AEPS Median	18.29	19.59	21.08	23.33	24.32	16.68	12.83	17.40	17.39	20.00	24.40	24.98	26.89	26.56	22.48	0.00	0.00		22.16	<-Median->	10	Price/AEPS Median
Price/AEPS High	21.91	23.27	25.94	28.30	28.68	19.35	14.08	19.91	20.46	25.02	26.34	26.76	29.08	28.97	23.47	0.00	0.00		25.68	<-Median->	10	Price/AEPS High
Price/AEPS Low	14.67	15.92	16.21	18.37	19.96	14.02	11.58	14.90	14.32	14.98	22.45	23.21	24.70	24.16	21.48	0.00	0.00		17.47	<-Median->	10	Price/AEPS Low
Price/AEPS Close	21.91	23.25	25.02	26.20	20.87	17.92	13.93	16.71	20.12	25.02	24.13	26.78	27.30	24.49	22.38	19.61	16.86		22.50	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	17.92	32.03	37.02	34.85	20.69	22.62	21.48	14.69	22.83	26.84	25.77	26.78	27.81	27.10	26.02	22.38	19.61		24.30	<-Median->	10	Trailing P/AEPS Close
Median Values			DPR	10 Yrs	17.94%	5 Yrs	19.79%	P/CF	5 Yrs	in order	24.98	26.76	23.21	25.02		-16.34%	Diff M/C					DPR 75% to 95% best
* Adjusted Income
Core adjusted combined diluted EPS				-$1.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.25
									-$3.29	$0.00	$0.00	$0.00	$0.00	$4.25
Core adjusted combined Income				-$1.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.83
									-$2.66	$0.00	$0.00	$0.00	$0.00	$3.83
															$4.14	<-12 mths	4.02%
Difference Basic and Diluted	0.89%	1.06%	0.80%	0.94%	0.83%	0.56%	0.30%	0.29%	0.34%	0.44%	0.48%	0.26%	0.24%	0.00%					0.32%	<-Median->	6	Difference Basic and Diluted
Pre 2021 split	$3.37	$2.82	$5.00	$8.54	$8.47	$10.69	$16.49	$13.65	$17.58	$18.05
EPS Basic	$0.67	$0.56	$1.00	$1.71	$1.69	$2.14	$3.30	$2.73	$3.52	$3.61	$4.20	$3.78	$4.22	$3.98					133.02%	<-Total Growth	10	EPS Basic
CPL
CPR
Pre 2021 split	$3.34	$2.79	$4.96	$8.46	$8.40	$10.63	$16.44	$13.61	$17.52	$17.97
EPS Diluted*	$0.67	$0.56	$0.99	$1.69	$1.68	$2.13	$3.29	$2.72	$3.50	$3.59	$4.18	$3.77	$4.21	$3.98	$4.83	$5.55			135.22%	<-Total Growth	10	EPS Diluted
Increase	-13.25%	-16.47%	77.78%	70.56%	-0.71%	26.55%	54.66%	-17.21%	28.73%	2.57%	16.30%	-9.81%	11.67%	-5.46%	21.26%	15.04%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	4.8%	2.8%	3.1%	3.8%	4.8%	5.5%	7.2%	5.6%	5.3%	4.1%	4.6%	3.7%	4.0%	3.8%	4.4%	5.0%			8.93%	<-IRR #YR->	10	Earnings per Share	135.22%
5 year Running Average	$0.84	$0.71	$0.74	$0.94	$1.12	$1.41	$1.96	$2.30	$2.66	$3.05	$3.46	$3.55	$3.85	$3.95	$4.19	$4.47			2.58%	<-IRR #YR->	5	Earnings per Share	13.58%
10 year Running Average	$0.75	$0.74	$0.79	$0.91	$1.01	$1.12	$1.33	$1.52	$1.80	$2.08	$2.43	$2.75	$3.08	$3.31	$3.62	$3.96			15.48%	<-IRR #YR->	10	5 yr Running Average	321.67%
* ESP per share (Cdn GAAP)										E/P	10 Yrs	4.67%	5Yrs	4.02%					8.18%	<-IRR #YR->	5	5 yr Running Average	48.15%
				-$1.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.98
									-$3.50	$0.00	$0.00	$0.00	$0.00	$3.98
				-$0.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.95
									-$2.66	$0.00	$0.00	$0.00	$0.00	$3.95
Dividend*															$0.88	$0.97						Dividend*
Increase															16.36%	9.56%						Increase
Payout Ratio EPS															18.32%	17.45%				Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
CPL											$0.76
CPR											$0.608
Pre 2021 split	$1.14	$1.30	$1.40	$1.40	$1.40	$1.70	$2.13	$2.43	$2.96	$3.44	$3.80
After 2021 split									$0.59	$0.69	$0.76
Dividend*	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$0.76	$0.76	$0.76	$0.76		171.43%	<-Total Growth	10	Dividends
Increase	10.14%	14.04%	7.69%	0.00%	0.00%	21.43%	25.00%	14.12%	22.06%	16.22%	10.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		24	2	36	Years of data	Count P, N
Average Increases 5 Year Running	8.94%	7.75%	7.28%	7.28%	6.37%	8.63%	10.82%	12.11%	16.52%	19.76%	17.57%	12.57%	9.75%	5.34%	2.09%	0.00%	0.00%		11.47%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.20	$0.22	$0.23	$0.25	$0.27	$0.29	$0.32	$0.36	$0.42	$0.51	$0.59	$0.66	$0.71	$0.75	$0.76	$0.76	$0.76		197.05%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.98%	1.53%	1.03%	0.70%	0.68%	0.95%	1.00%	0.96%	1.03%	0.97%	0.83%	0.81%	0.74%	0.67%	0.68%				0.89%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.65%	1.29%	0.84%	0.58%	0.58%	0.82%	0.92%	0.84%	0.88%	0.78%	0.77%	0.75%	0.68%	0.62%	0.66%				0.77%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.47%	1.88%	1.34%	0.89%	0.83%	1.13%	1.11%	1.12%	1.26%	1.30%	0.90%	0.87%	0.80%	0.74%	0.72%				1.01%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.65%	1.29%	0.87%	0.63%	0.79%	0.89%	0.93%	1.00%	0.89%	0.78%	0.84%	0.75%	0.72%	0.73%	0.69%	0.69%	0.69%		0.81%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	34.13%	46.59%	28.23%	16.55%	16.67%	15.99%	12.93%	17.82%	16.89%	19.14%	18.18%	20.16%	18.05%	19.10%	15.75%	13.69%	#DIV/0!		17.94%	<-Median->	10	DPR EPS	FCF 1
DPR EPS 5 Yr Running	24.16%	30.94%	31.52%	26.82%	23.76%	20.43%	16.41%	15.73%	15.93%	16.61%	17.06%	18.49%	18.49%	18.89%	18.12%	17.01%	#DIV/0!		17.77%	<-Median->	10	DPR EPS 5 Yr Running	FCF 2
Payout Ratio CFPS	37.85%	17.02%	12.59%	10.95%	8.71%	11.91%	14.11%	12.56%	13.56%	16.37%	19.16%	17.07%	17.12%	13.46%	10.97%	9.48%	#DIV/0!		13.84%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	20.35%	22.82%	20.94%	16.73%	13.12%	11.63%	11.58%	11.68%	12.26%	13.83%	15.20%	15.76%	16.62%	16.42%	14.94%	12.89%	#DIV/0!		13.47%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	32.30%	15.95%	12.26%	10.41%	8.85%	10.62%	12.66%	12.50%	14.11%	14.42%	18.64%	22.49%	17.34%	13.49%	10.97%	9.48%	#DIV/0!		13.80%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	19.50%	21.10%	20.11%	15.77%	12.68%	11.10%	10.92%	11.11%	11.92%	13.04%	14.55%	16.18%	17.11%	16.76%	15.57%	13.41%	#DIV/0!		12.86%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values		10 Yr Med	10 Yr Cl	0.89%	0.81%	5 Yr Med	5 Yr Cl	0.81%	0.75%	5 Yr Med	Payout	19.10%	17.07%	17.34%					5.12%	<-IRR #YR->	5	Dividends	28.38%
* Dividends per share		10 Yr Med	and Cur.	-22.75%	-15.54%	5 Yr Med	and Cur.	-14.83%	-8.71%	Last Div Inc --->		$0.1660	$0.1900	14.46%					10.50%	<-IRR #YR->	10	Dividends	171.43%
Dividends Growth 15																			9.38%	<-IRR #YR->	15	Dividends	283.84%
Dividends Growth 20																			10.46%	<-IRR #YR->	20	Dividends	630.77%
Dividends Growth 25																			11.00%	<-IRR #YR->	25	Dividends	1257.14%
Dividends Growth 30																			11.14%	<-IRR #YR->	30	Dividends	2275.00%
Dividends Growth 35																			6.50%	<-IRR #YR->	35	Dividends
Dividends Growth 40																			6.93%	<-IRR #YR->	36	Dividends
Dividends Growth 5									-$0.59	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 5
Dividends Growth 10				-$0.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								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	$0.00	$0.76								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	$0.00	$0.76								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 40
Historical Dividends		Historical	High Div	2.50%	Low Div	0.67%	10 Yr High	1.17%	10 Yr Low	0.58%	Med Div	1.21%	Close Div	1.37%								Historical Dividends
High/Ave/Median Values		Curr diff	Exp.	-72.51%		2.58%	Exp.	-41.26%		18.50%	Exp.	-43.20%	Exp.	-49.72%								High/Ave/Median	Div Yd
																							0.88%
Future Dividend Yield						Div Yd	0.88%	earning in	5	Years	at IRR of	5.12%	Div Inc.	28.38%								Future Dividend Yield	1.13%
Future Dividend Yield						Div Yd	1.13%	earning in	10	Years	at IRR of	5.12%	Div Inc.	64.81%								Future Dividend Yield	1.45%
Future Dividend Yield						Div Yd	1.45%	earning in	15	Years	at IRR of	5.12%	Div Inc.	111.58%								Future Dividend Yield
Future Dividend Paid						Div Paid	$0.98	earning in	5	Years	at IRR of	5.12%	Div Inc.	28.38%								Future Dividend Paid
Future Dividend Paid						Div Paid	$1.25	earning in	10	Years	at IRR of	5.12%	Div Inc.	64.81%								Future Dividend Paid
Future Dividend Paid						Div Paid	$1.61	earning in	15	Years	at IRR of	5.12%	Div Inc.	111.58%								Future Dividend Paid
Dividend Covering Cost						Total Div	$4.21	over	5	Years	at IRR of	5.12%	Div Cov.	3.81%								Dividend Covering Cost
Dividend Covering Cost						Total Div	$8.64	over	10	Years	at IRR of	5.12%	Div Cov.	7.81%								Dividend Covering Cost
Dividend Covering Cost						Total Div	$14.32	over	15	Years	at IRR of	5.12%	Div Cov.	12.95%								Dividend Covering Cost
Yield if held 5 years	2.13%	1.75%	2.52%	3.10%	2.39%	2.95%	2.50%	1.79%	1.49%	1.67%	2.13%	1.80%	1.51%	1.33%	1.08%	0.83%	0.81%		1.79%	<-Median->	10	Paid Median Price
Yield if held 10 years	4.78%	4.01%	4.20%	3.95%	3.09%	3.17%	2.86%	4.37%	6.55%	5.87%	6.60%	4.47%	2.81%	1.91%	1.84%	2.13%	1.80%		3.77%	<-Median->	10	Paid Median Price
Yield if held 15 years	7.30%	6.87%	7.73%	8.66%	8.48%	7.13%	6.55%	7.28%	8.35%	7.58%	7.09%	5.11%	6.85%	8.40%	6.49%	6.60%	4.47%		7.20%	<-Median->	10	Paid Median Price
Yield if held 20 years	4.34%	5.98%	5.47%	4.63%	4.67%	10.88%	11.24%	13.39%	18.30%	20.85%	15.94%	11.71%	11.41%	10.72%	8.38%	7.09%	5.11%		11.56%	<-Median->	10	Paid Median Price
Yield if held 25 years			4.58%	4.17%	4.96%	6.47%	9.77%	9.47%	9.79%	11.48%	24.32%	20.09%	20.98%	23.49%	23.03%	15.94%	11.71%		10.63%	<-Median->	10	Paid Median Price
Yield if held 30 years								7.93%	8.81%	12.19%	14.46%	17.47%	14.84%	12.56%	12.68%	24.32%	20.09%		12.56%	<-Median->	7	Paid Median Price
Yield if held 35 years													12.42%	11.31%	13.47%	14.46%	17.47%		11.87%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	9.43%	7.33%	10.57%	13.88%	11.34%	12.50%	9.44%	6.69%	5.32%	6.14%	8.27%	7.77%	7.05%	6.52%	5.38%	4.13%	4.03%		7.41%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	33.25%	26.86%	28.84%	29.58%	24.93%	22.86%	18.12%	26.88%	37.34%	32.93%	38.10%	28.75%	19.84%	14.68%	15.37%	18.92%	16.75%		25.90%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	60.85%	55.88%	64.58%	79.24%	84.01%	63.45%	51.59%	56.00%	59.51%	52.82%	50.37%	40.20%	58.97%	78.56%	65.37%	71.08%	51.10%		57.49%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	39.59%	53.09%	49.94%	46.37%	50.87%	106.93%	98.31%	114.55%	144.84%	160.67%	125.31%	102.20%	109.43%	112.08%	94.71%	85.81%	65.75%		110.76%	<-Median->	10	Paid Median Price
Cost covered if held 25 years			46.75%	45.50%	57.49%	66.98%	89.99%	85.28%	81.45%	93.07%	201.33%	185.16%	212.82%	260.08%	275.82%	205.00%	160.74%		91.53%	<-Median->	10	Paid Median Price
Cost covered if held 30 years								76.33%	77.09%	102.31%	123.09%	165.51%	154.79%	143.07%	156.46%	322.93%	285.62%		123.09%	<-Median->	7	Paid Median Price
Cost covered if held 35 years													134.51%	132.59%	169.64%	195.37%	252.86%		133.55%	<-Median->	2	Paid Median Price
																					Yr	Item	Tot. Growth
Revenue Growth									$7,792	$7,710	$7,995	$8,814	$12,555	$14,546	$14,824	<-12 mths	1.91%		86.68%	<-Total Growth	5	Revenue Growth	86.68%
AEPS Growth									$3.29	$3.53	$3.77	$3.77	$3.84	$4.25	$4.41	<-12 mths	3.76%		29.18%	<-Total Growth	5	AEPS Growth	29.18%
Net Income Growth									$2,440	$2,444	$2,852	$3,517	$3,927	$3,718	$3,951	<-12 mths	6.27%		52.38%	<-Total Growth	5	Net Income Growth	52.38%
Cash Flow Growth									$2,990	$2,802	$3,688	$4,142	$4,137	$5,269	$2,310	<-12 mths	-56.17%		76.22%	<-Total Growth	5	Cash Flow Growth	76.22%
Dividend Growth									$0.59	$0.69	$0.76	$0.76	$0.76	$0.76	$0.76	<-12 mths	0.00%		28.38%	<-Total Growth	5	Dividend Growth	28.38%
Stock Price Growth									$66.21	$88.31	$90.98	$100.95	$104.85	$104.08	$110.58	<-12 mths	6.25%		57.21%	<-Total Growth	5	Stock Price Growth	57.21%
Revenue Growth				$6,620	$6,712	$6,232	$6,554	$7,316	$7,792	$7,710	$7,995	$8,814	$12,555	$14,546	$15,749	<-this year	8.27%		119.73%	<-Total Growth	10	Revenue Growth	119.73%
AEPS Growth				$1.71	$1.69	$2.14	$3.30	$2.90	$3.29	$3.53	$3.77	$3.77	$3.84	$4.25	$4.94	<-this year	16.24%		148.83%	<-Total Growth	10	AEPS Growth	148.83%
Net Income Growth				$1,476	$1,352	$1,599	$2,405	$1,951	$2,440	$2,444	$2,852	$3,517	$3,927	$3,718	$3,718	<-this year	0.00%		151.90%	<-Total Growth	10	Net Income Growth	151.90%
Cash Flow Growth				$2,123	$2,459	$2,089	$2,182	$2,712	$2,990	$2,802	$3,688	$4,142	$4,137	$5,269	$6,468	<-this year	22.76%		148.19%	<-Total Growth	10	Cash Flow Growth	148.19%
Dividend Growth				$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$0.76	$0.88	<-this year	16.36%		171.43%	<-Total Growth	10	Dividend Growth	171.43%
Stock Price Growth				$44.75	$35.35	$38.31	$45.93	$48.45	$66.21	$88.31	$90.98	$100.95	$104.85	$104.08	$126.25	<-this year	21.30%		132.58%	<-Total Growth	10	Stock Price Growth	132.58%
Dividends on Shares	$67.26	$76.70	$82.60	$82.60	$82.60	$100.30	$125.38	$143.08	$174.64	$202.96	$224.20	$224.20	$224.20	$224.20	$224.20	$224.20	$224.20		$2,481.98	Divs Paid	25	Total Divs	31-Dec-99
Paid	$4,071.59	$5,953.10	$9,478.35	$13,201.25	$10,427.07	$11,302.04	$13,549.94	$14,292.16	$19,530.77	$26,050.27	$26,839.10	$29,780.25	$30,930.75	$30,703.60	$32,621.10	$32,621.10	$32,621.10		$30,703.60	Current Value	25		$3.40
																			$33,185.58
Dividends on Shares					$6.44	$7.82	$9.78	$11.16	$13.62	$15.82	$17.48	$17.48	$17.48	$17.48	$17.48	$17.48	$17.48		$134.55	Total Divs	10	Total Divs	31-Dec-14
Paid				$1,029.25	$812.96	$881.18	$1,056.44	$1,114.30	$1,522.74	$2,031.04	$2,092.54	$2,321.85	$2,411.55	$2,393.84	$2,543.34	$2,543.34	$2,543.34		$2,393.84	Worth	10	Worth	$44.75
Total																			$2,528.39
Graham No. AEPS	$8.81	$10.70	$15.29	$16.11	$15.46	$17.44	$25.68	$24.83	$27.64	$29.53	$55.56	$59.54	$62.02	$70.04	$75.51	$80.69	$87.02		305.60%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.31	1.59	1.77	2.47	2.67	2.05	1.65	2.03	2.07	2.39	1.66	1.58	1.66	1.61	1.47				1.85	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.57	1.89	2.18	3.00	3.14	2.37	1.81	2.33	2.43	2.99	1.79	1.69	1.80	1.76	1.54				2.07	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.05	1.29	1.36	1.95	2.19	1.72	1.49	1.74	1.70	1.79	1.52	1.47	1.53	1.47	1.41				1.62	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.57	1.89	2.10	2.78	2.29	2.20	1.79	1.95	2.40	2.99	1.64	1.70	1.69	1.49	1.46	1.37	1.27		1.87	<-Median->	10	Price/GP Ratio
Prem/Disc Close	56.75%	88.60%	110.14%	177.74%	128.66%	119.66%	78.89%	95.14%	139.54%	199.01%	63.76%	69.55%	69.07%	48.60%	46.44%	37.05%	27.07%		107.40%	<-Median->	10	Graham Price
Graham No. EPS	$9.07	$8.58	$13.44	$16.04	$15.39	$17.39	$25.64	$24.05	$28.52	$29.80	$58.50	$59.54	$64.94	$67.78	$74.64	$80.06	$0.00		383.17%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.27	1.98	2.01	2.49	2.68	2.05	1.65	2.10	2.01	2.37	1.57	1.58	1.59	1.67	1.49				1.84	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.52	2.35	2.48	3.01	3.16	2.38	1.81	2.40	2.36	2.96	1.70	1.69	1.72	1.82	1.55				2.09	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.02	1.61	1.55	1.96	2.20	1.72	1.49	1.80	1.65	1.77	1.45	1.47	1.46	1.51	1.42				1.58	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.52	2.35	2.39	2.79	2.30	2.20	1.79	2.01	2.32	2.96	1.56	1.70	1.61	1.54	1.48	1.38	#DIV/0!		1.90	<-Median->	10	Price/GP Ratio
Prem/Disc Close	52.23%	135.23%	139.07%	179.06%	129.61%	120.28%	79.16%	101.42%	132.11%	196.34%	55.52%	69.55%	61.47%	53.55%	48.16%	38.13%	#DIV/0!		110.85%	<-Median->	10	Graham Price
CPL price
CPR price
Pre 2021 split	$69.01	$100.90	$160.65	$223.75	$176.73	$191.56	$229.66	$242.24	$331.03	$441.53
Price Close	$13.80	$20.18	$32.13	$44.75	$35.35	$38.31	$45.93	$48.45	$66.21	$88.31	$90.98	$100.95	$104.85	$104.08	$110.58	$110.58	$110.58		132.58%	<-Total Growth	10	Stock Price
Increase	6.65%	46.21%	59.22%	39.28%	-21.01%	8.39%	19.89%	5.48%	36.65%	33.38%	3.03%	10.96%	3.86%	-0.73%	6.25%	0.00%	0.00%		20.64	<-Median->	10	CAPE (10 Yr P/E)
P/E	20.66	36.16	32.39	26.45	21.04	18.02	13.97	17.80	18.89	24.57	21.77	26.78	24.90	26.15	22.91	19.92	#DIV/0!		9.47%	<-IRR #YR->	5	Stock Price	57.21%
Trailing P/E	17.92	30.21	57.58	45.11	20.89	22.80	21.60	14.73	24.32	25.20	25.31	24.15	27.81	24.72	27.78	22.91	19.92		8.81%	<-IRR #YR->	10	Stock Price	132.58%
CAPE (10 Yr P/E)	13.69	15.68	17.85	19.57	20.16	20.46	19.76	19.91	19.89	20.81	20.98	21.47	21.58	21.89	22.06	21.98	#DIV/0!		10.41%	<-IRR #YR->	5	Price & Dividend	62.84%
Median 10, 5 Yrs			D.  per yr	0.85%	0.95%	% Tot Ret	8.83%	9.08%	T P/E	24.24	25.20	P/E:	21.40	24.90					9.66%	<-IRR #YR->	10	Price & Dividend	145.65%
Price 15			D.  per yr	1.37%		% Tot Ret	7.90%						CAPE Diff	11.02%					15.91%	<-IRR #YR->	15	Stock Price	816.36%
Price  20			D.  per yr	1.26%		% Tot Ret	8.49%												13.58%	<-IRR #YR->	20	Stock Price	1175.49%
Price  25			D.  per yr	1.57%		% Tot Ret	9.64%												14.67%	<-IRR #YR->	25	Stock Price	2961.18%
Price  30			D.  per yr	1.48%		% Tot Ret	9.64%												13.92%	<-IRR #YR->	30	Stock Price	4885.87%
Price  35			D.  per yr	1.11%		% Tot Ret	8.99%												11.22%	<-IRR #YR->	35	Stock Price
Price  40			D.  per yr	1.28%		% Tot Ret	9.99%												11.54%	<-IRR #YR->	36	Stock Price
Price & Dividend 15																			17.28%	<-IRR #YR->	15	Price & Dividend	878.91%
Price & Dividend 20																			14.83%	<-IRR #YR->	20	Price & Dividend	1272.89%
Price & Dividend 25																			16.23%	<-IRR #YR->	25	Price & Dividend	3208.63%
Price & Dividend 30																			15.40%	<-IRR #YR->	30	Price & Dividend	5302.04%
Price & Dividend 35																			12.32%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																			12.83%	<-IRR #YR->	36	Price & Dividend
Price  5									-$66.21	$0.00	$0.00	$0.00	$0.00	$104.08								Price  5
Price 10				-$44.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$104.08								Price 10
Price & Dividend 5									-$66.21	$0.69	$0.76	$0.76	$0.76	$104.84								Price & Dividend 5
Price & Dividend 10				-$44.75	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$104.84								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	$0.00	$104.08								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	$0.00	$104.08								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	$0.00	$104.08								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	$0.00	$104.08								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	$0.00	$104.08								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	$0.00	$104.08								Price  40
Price & Dividend 15	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$104.84								Price & Dividend 15
Price & Dividend 20	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$104.84								Price & Dividend 20
Price & Dividend 25	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$104.84								Price & Dividend 25
Price & Dividend 30	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$104.84								Price & Dividend 30
Price & Dividend 35	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$104.84								Price & Dividend 35
Price & Dividend 40	$0.23	$0.26	$0.28	$0.28	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$104.84								Price & Dividend 40
Price H/L Median	$11.52	$17.01	$27.07	$39.86	$41.20	$35.67	$42.30	$50.47	$57.20	$70.58	$91.98	$94.19	$103.26	$112.90	$111.03				183.28%	<-Total Growth	10	Stock Price
Increase	-1.64%	47.58%	59.16%	47.25%	3.37%	-13.41%	18.59%	19.30%	13.34%	23.40%	30.31%	2.40%	9.63%	9.34%	-1.66%				10.97%	<-IRR #YR->	10	Stock Price	183.28%
P/E	17.25	30.48	27.28	23.55	24.52	16.78	12.87	18.54	16.32	19.64	22.00	24.98	24.53	28.37	23.01				28.92%	<-IRR #YR->	5	Stock Price	97.38%
Trailing P/E	14.96	25.46	48.51	40.18	24.35	21.23	19.90	15.35	21.01	20.14	25.59	22.53	27.39	26.82	27.90				11.85%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	13.77	24.12	36.36	42.58	36.85	25.31	21.63	21.93	21.47	23.17	26.60	26.50	26.81	28.61	26.48				30.42%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	15.34	22.83	34.11	43.76	40.75	31.76	31.80	33.14	31.78	33.90	37.80	34.19	33.56	34.16	30.67				16.55	P/E Ratio		Historical Median
Median 10, 5 Yrs			D.  per yr	0.87%	1.50%	% Tot Ret	7.38%	4.93%	T P/E	21.88	25.59	P/E:	20.82	24.53						Count	37	Years of data
				-$39.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$112.90
									-$31.70	$0.00	$0.00	$0.00	$0.00	$112.90
				-$39.86	$0.28	$0.34	$0.43	$0.49	$0.59	$0.69	$0.76	$0.76	$0.76	$113.66
									-$31.70	$0.69	$0.76	$0.76	$0.76	$113.66
CP price
CPR price
High Months	Dec	Dec	Dec	Oct	Mar	Dec	Dec	Oct	Dec	Dec	May	Dec	May	Mar	Jan
Pre 2021 split	$69.01	$100.98	$166.56	$241.67	$242.89	$206.87	$232.12	$288.70	$336.50	$441.53
Price High	$13.80	$20.20	$33.31	$48.33	$48.58	$41.37	$46.42	$57.74	$67.30	$88.31	$99.32	$100.87	$111.66	$123.13	$115.95				154.75%	<-Total Growth	10	Stock Price
Increase	3.22%	46.33%	64.94%	45.09%	0.50%	-14.83%	12.21%	24.38%	16.56%	31.21%	12.47%	1.56%	10.70%	10.27%	-5.83%				9.80%	<-IRR #YR->	10	Stock Price	154.75%
P/E	20.66	36.19	33.58	28.57	28.92	19.46	14.12	21.21	19.21	24.57	23.76	26.76	26.52	30.94	24.03				12.84%	<-IRR #YR->	5	Stock Price	82.96%
Trailing P/E	17.92	30.23	59.70	48.72	28.71	24.63	21.84	17.56	24.72	25.20	27.63	24.13	29.62	29.25	29.13				17.37	P/E Ratio		Historical Median
Median 10, 5 Yrs									T P/E	24.96	27.63	P/E:	24.17	26.52					26.62	P/E Ratio		Historical High
				-$48.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$123.13
									-$67.30	$0.00	$0.00	$0.00	$0.00	$123.13
CP price
CPR price
Low Mths	Sep	Jan	Jan	Jan	Dec	Jan	Aug	Feb	Jan	Mar	Jan	Jun	Nov	Jan	Jan
Pre 2021 split	$46.22	$69.08	$104.10	$156.88	$169.08	$149.84	$190.92	$215.98	$235.49	$264.31
Price Low	$9.24	$13.82	$20.82	$31.38	$33.82	$29.97	$38.18	$43.20	$47.10	$52.86	$84.64	$87.50	$94.85	$102.67	$106.11				227.22%	<-Total Growth	10	Stock Price
Increase	-8.09%	49.46%	50.69%	50.70%	7.78%	-11.38%	27.42%	13.13%	9.03%	12.24%	60.11%	3.38%	8.40%	8.24%	3.35%				12.59%	<-IRR #YR->	10	Stock Price	227.22%
P/E	13.84	24.76	20.99	18.54	20.13	14.10	11.61	15.87	13.44	14.71	20.25	23.21	22.53	25.80	21.99				16.87%	<-IRR #YR->	5	Stock Price	117.99%
Trailing P/E	12.01	20.68	37.31	31.63	19.99	17.84	17.96	13.14	17.30	15.09	23.55	20.93	25.16	24.39	26.66				13.06	P/E Ratio		Historical Median
Median 10, 5 Yrs									T P/E	18.97	23.55	P/E:	18.00	22.53					8.92	P/E Ratio		Historical Low
				-$31.38	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$102.67
									-$47.10	$0.00	$0.00	$0.00	$0.00	$102.67
Free Cash Flow  Mkt Scen									$1,343	$1,131	$2,156	$2,585	$1,669	$2,444	$3,330	$4,141
Change										-15.79%	90.63%	19.90%	-35.44%	46.43%	36.25%	24.35%
Free Cash Flow  WSJ	-$592	$180	$714	$674	$937	$907	$842	$1,161	$1,343	$1,131	$2,156	$2,585	$1,638	$2,444	$3,330	$4,141			262.61%	<-Total Growth	10	Free Cash Flow
Change	-164.29%	130.41%	296.67%	-5.60%	39.02%	-3.20%	-7.17%	37.89%	15.68%	-15.79%	90.63%	19.90%	-36.63%	49.21%	36.25%	24.35%			12.72%	<-IRR #YR->	5	Free Cash Flow MS	81.98%
FCF/CF from Op Ratio	-1.16	0.14	0.37	0.32	0.38	0.43	0.39	0.43	0.45	0.40	0.58	0.62	0.40	0.46	0.51	0.55			13.75%	<-IRR #YR->	10	Free Cash Flow MS	262.61%
Dividends paid	$194	$226	$246	$233	$226	$255	$310	$348	$412	$467	$507	$507	$708	$709	$709	$709			204.89%	<-Total Growth	10	Dividends paid
Percentage paid	-32.74%	125.59%	34.39%	34.50%	24.12%	28.11%	36.82%	29.97%	30.68%	41.29%	23.52%	19.61%	43.25%	29.01%	21.31%	17.13%			29.49%	<-Median->	10	Percentage paid
5 Year Coverage				142.70%	58.75%	34.74%	31.15%	30.34%	29.88%	33.28%	30.82%	26.76%	29.38%	29.12%	25.84%	23.65%						5 Year Coverage
Dividend Coverage Ratio	-3.05	0.80	2.91	2.90	4.15	3.56	2.72	3.34	3.26	2.42	4.25	5.10	2.31	3.45	4.69	5.84			3.39	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				0.70	1.70	2.88	3.21	3.30	3.35	3.00	3.25	3.74	3.40	3.43	3.87	4.23						5 Year of Coverage
									-$1,343	$0	$0	$0	$0	$2,444
				-$674	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,444
Free Cash Flow Company	-$314	$93	$530	$969	$1,381	$1,007	$874	$1,289	$1,357	$1,157	$1,793	$2,733	$2,151	$2,688	$3,330	$4,141			177.40%	<-Total Growth	10	Free Cash Flow
Change		129.62%	469.89%	82.83%	42.52%	-27.08%	-13.21%	47.48%	5.28%	-14.74%	54.97%	52.43%	-21.30%	24.97%	23.88%	24.35%			14.65%	<-IRR #YR->	5	Free Cash Flow MS	98.08%
FCF/CF from Op Ratio	-0.61	0.07	0.27	0.46	0.56	0.48	0.40	0.48	0.45	0.41	0.49	0.66	0.52	0.51	0.51	0.55			10.74%	<-IRR #YR->	10	Free Cash Flow MS	177.40%
Dividends paid	$194	$226	$246	$233	$226	$255	$310	$348	$412	$467	$507	$707	$707	$709	$709	$709			204.89%	<-Total Growth	10	Dividends paid
Percentage paid	-61.72%	243.09%	46.33%	24.00%	16.36%	25.32%	35.47%	27.00%	30.36%	40.36%	28.28%	25.87%	32.87%	26.38%	21.31%	17.13%			27.64%	<-Median->	10	Percentage paid
5 Year Coverage				70.26%	42.27%	29.78%	26.66%	24.85%	26.25%	31.53%	31.59%	29.31%	30.46%	29.43%	26.31%	23.55%						5 Year Coverage
Dividend Coverage Ratio	-1.62	0.41	2.16	4.17	6.11	3.95	2.82	3.70	3.29	2.48	3.54	3.87	3.04	3.79	4.69	5.84			3.62	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				1.42	2.37	3.36	3.75	4.02	3.81	3.17	3.17	3.41	3.28	3.40	3.80	4.25						5 Year of Coverage
									-$1,357	$0	$0	$0	$0	$2,688
				-$969	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,688
Market Cap	$11,732	$17,547	$28,178	$37,165	$27,040	$28,025	$33,278	$34,035	$45,351	$58,856	$84,584	$93,934	$97,731	$97,159	$103,226	$103,226	$103,226		161.43%	<-Total Growth	10	Market Cap
Pre 2021 split	170.6	173.2	176.5	174.4	191.0	150.5	146.3	143.3	139.3	136.0
Diluted # of Shares in Million	853.0	866.0	882.5	872.0	955.0	752.5	731.5	716.5	696.5	680.0	679.7	932.9	933.7	934.6	934.6				7.18%	<-Total Growth	10	Diluted
Change	0.47%	1.52%	1.91%	-1.19%	9.52%	-21.20%	-2.79%	-2.05%	-2.79%	-2.37%	-0.04%	37.25%	0.09%	0.10%	0.00%				-1.05%	<-Median->	10	Change
Difference Diluted/Basic	-0.6%	-0.8%	-0.9%	-0.9%	-16.4%	-0.6%	-0.3%	-0.3%	-0.4%	-0.4%	0.5%	-0.3%	-0.3%	-0.2%	-0.2%				-0.29%	<-Median->	10	Difference Diluted/Basic
Pre 2021 split	169.5	171.8	174.9	172.8	159.7	149.6	145.9	142.9	138.8	135.5
Basic # of Shares in Millions	847.5	859.0	874.5	864.0	798.5	748.0	729.5	714.5	694.0	677.5	682.8	930.0	931.3	933.0	933.0				7.99%	<-Total Growth	10	Average
Change	0.41%	1.36%	1.80%	-1.20%	-7.58%	-6.32%	-2.47%	-2.06%	-2.87%	-2.38%	0.78%	36.20%	0.14%	0.18%	0.00%				-2.22%	<-Median->	10	Change
Difference Basic/Outstanding	0.3%	1.2%	0.3%	-3.9%	-4.2%	-2.2%	-0.7%	-1.7%	-1.3%	-1.6%	36.2%	0.1%	0.1%	0.1%	0.1%				-0.99%	<-Median->	10	Difference Basic/Outstanding
															$2,310	<-12 mths	147.40%						Cowen
CP Shares
Pre 2021 split	170.0	173.9	175.4	166.1	153.0	146.3	144.9	140.5	137.0	133.3
# of Share in Millions	850.0	869.5	877.0	830.5	765.0	731.5	724.5	702.5	685.0	666.5	929.7	930.5	932.1	933.5	933.5	933.5	933.5		1.18%	<-IRR #YR->	10	Shares	12.40%
Change	0.47%	2.29%	0.86%	-5.30%	-7.89%	-4.38%	-0.96%	-3.04%	-2.49%	-2.70%	39.49%	0.09%	0.17%	0.15%	0.00%	0.00%	0.00%		6.39%	<-IRR #YR->	5	Shares	36.28%
CF fr Op $M	$512	$1,328	$1,950	$2,123	$2,459	$2,089	$2,182	$2,712	$2,990	$2,802	$3,688	$4,142	$4,137	$5,269	$6,468	$7,485			148.19%	<-Total Growth	10	Cash Flow
Increase	1.97%	159.38%	46.84%	8.87%	15.83%	-15.05%	4.45%	24.29%	10.25%	-6.29%	31.62%	12.31%	-0.12%	27.36%	22.76%	15.72%			SO	S. Issue		Buy Backs
5 year Running Average	$792	$795	$969	$1,283	$1,674	$1,990	$2,161	$2,313	$2,486	$2,555	$2,875	$3,267	$3,552	$4,008	$4,741	$5,500			212.36%	<-Total Growth	10	CF 5 Yr Running
CFPS	$0.60	$1.53	$2.22	$2.56	$3.21	$2.86	$3.01	$3.86	$4.36	$4.20	$3.97	$4.45	$4.44	$5.64	$6.93	$8.02			120.80%	<-Total Growth	10	Cash Flow per Share
Increase	1.49%	153.56%	45.58%	14.97%	25.74%	-11.16%	5.46%	28.18%	13.07%	-3.69%	-5.64%	12.21%	-0.29%	27.17%	22.76%	15.72%			9.52%	<-IRR #YR->	10	Cash Flow	148.19%
5 year Running Average	$0.99	$0.96	$1.12	$1.50	$2.02	$2.48	$2.77	$3.10	$3.46	$3.66	$3.88	$4.17	$4.29	$4.54	$5.09	$5.90			12.00%	<-IRR #YR->	5	Cash Flow	76.22%
P/CF on Med Price	19.13	11.13	12.17	15.59	12.82	12.49	14.05	13.07	13.10	16.79	23.19	21.16	23.26	20.00	16.02	0.00			8.24%	<-IRR #YR->	10	Cash Flow per Share	120.80%
P/CF on Closing Price	22.91	13.21	14.45	17.51	11.00	13.42	15.25	12.55	15.17	21.00	22.93	22.68	23.62	18.44	15.96	13.79			5.28%	<-IRR #YR->	5	Cash Flow per Share	29.31%
																3.51%	Diff M/C
																			11.71%	<-IRR #YR->	10	CFPS 5 yr Running	202.61%
Excl.Working Capital CF	$88	$89	$53	$110	-$39	$253	$251	$14	-$117	$378	$102	-$998	-$52	-$10	$0	$0			5.58%	<-IRR #YR->	5	CFPS 5 yr Running	31.19%
CF fr Op $M WC	$600.0	$1,417.0	$2,003.0	$2,233.0	$2,420.0	$2,342.0	$2,433.0	$2,726.0	$2,873.0	$3,180.0	$3,790.0	$3,144.0	$4,085.0	$5,259.0	$6,468.2	$7,484.8			135.51%	<-Total Growth	10	Cash Flow less WC
Increase	8.97%	136.17%	41.35%	11.48%	8.37%	-3.22%	3.89%	12.04%	5.39%	10.69%	19.18%	-17.04%	29.93%	28.74%	22.99%	15.72%			8.94%	<-IRR #YR->	10	Cash Flow less WC	135.51%
5 year Running Average	$826	$858	$1,009	$1,361	$1,735	$2,083	$2,286	$2,431	$2,559	$2,711	$3,000	$3,143	$3,414	$3,892	$4,549	$5,288			12.85%	<-IRR #YR->	5	Cash Flow less WC	83.05%
CFPS Excl. WC	$0.71	$1.63	$2.28	$2.69	$3.16	$3.20	$3.36	$3.88	$4.19	$4.77	$4.08	$3.38	$4.38	$5.63	$6.93	$8.02			11.08%	<-IRR #YR->	10	CF less WC 5 Yr Run	186.00%
Increase	8.46%	130.87%	40.15%	17.72%	17.65%	1.21%	4.89%	15.55%	8.09%	13.76%	-14.56%	-17.12%	29.71%	28.55%	22.99%	15.72%			8.75%	<-IRR #YR->	5	CF less WC 5 Yr Run	52.09%
5 year Running Average	$1.04	$1.03	$1.17	$1.59	$2.09	$2.59	$2.94	$3.26	$3.56	$3.88	$4.06	$4.06	$4.16	$4.45	$4.88	$5.67			7.68%	<-IRR #YR->	10	CFPS - Less WC	109.53%
P/CF on Med Price	16.32	10.44	11.85	14.82	13.02	11.14	12.60	13.01	13.64	14.79	22.56	27.88	23.56	20.04	16.02	0.00			6.08%	<-IRR #YR->	5	CFPS - Less WC	34.32%
P/CF on Closing Price	19.55	12.38	14.07	16.64	11.17	11.97	13.68	12.49	15.79	18.51	22.32	29.88	23.92	18.47	15.96	13.79			10.82%	<-IRR #YR->	10	CFPS 5 yr Running	179.47%
*Operational Cash Flow per share				CF/-WC	P/CF Med	10 yr	15.42	5 yr	21.16	P/CF Med	10 yr	14.22	5 yr	22.56		12.26%	Diff M/C		4.56%	<-IRR #YR->	5	CFPS 5 yr Running	24.98%
				-830.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	933.5								Shares
									-685.0	0.0	0.0	0.0	0.0	933.5								Shares
				-$2,123	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,269								Cash Flow
									-$2,990	$0	$0	$0	$0	$5,269								Cash Flow
				-$2.56	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6								Cash Flow per Share
									-$4.36	$0.00	$0.00	$0.00	$0.00	$5.64								Cash Flow per Share
				-$1.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.54								CFPS 5 yr Running
									-$3.46	$0.00	$0.00	$0.00	$0.00	$4.54								CFPS 5 yr Running
				-$2,233	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,259								Cash Flow less WC
									-$2,873	$0	$0	$0	$0	$5,259								Cash Flow less WC
				-$1,360.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,891.6								CF less WC 5 Yr Run
									-$2,558.8	$0.0	$0.0	$0.0	$0.0	$3,891.6								CF less WC 5 Yr Run
				-$2.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.63								CFPS - Less WC
									-$4.19	$0.00	$0.00	$0.00	$0.00	$5.63								CFPS - Less WC
				-$1.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.45								CFPS 5 yr Running
									-$3.56	$0.00	$0.00	$0.00	$0.00	$4.45								CFPS 5 yr Running
Change in non-cash working	$24.0	-$5.0	-$2.0	-$124.0										$24
Accounts Receivable					$89.0	$44.0	-$91.0	-$107	$27	-$61	$32	-$147	-$317
Materials and supplies					$15.0	$14.0	$9.0	-$11	-$8	-$15	-$14	-$27	$1
Other current assets					$55.0	-$18.0	-$26.0	$30	-$24	-$5	$24	-$13	-$49
Accounts Payable and Accrued Liab					$125.0	-$95.0	-$30.0	$153	-$21	-$308	-$108	$95	$57
Dividends from Kansas City Southern												$1,157	$300	$0
Other operating activities, net	-$112.0	-$84.0	-$51.0	$14.0	-$245.0	-$198.0	-$113.0	-$79.0	$143.0	$11.0	-$36.0	-$67.0	$60.0	-$14.0								old Labour restructuring &	this
																						now one Item.  Old -17, 14	for this items, now -3
Sum	-$88.0	-$89.0	-$53.0	-$110.0	$39.0	-$253.0	-$251.0	-$14	$117	-$378	-$102	$998	$52	$10
Google --> Morningstar		-$89.0	-$53.0	-$110.0	$275.0	-$55.0	-$138.0	$65	-$26	-$389	-$66	-$92	$52	$10
Differnce		$0.0	$0.0	$0.0	-$236.0	-$198.0	-$113.0	-$79	$143	$11	-$36	$1,090	$0	$0
TD in 2023									$117	-$378	-$102	$998
Differnce									$0	$0	$0	$0
OPM	9.89%	23.32%	31.80%	32.07%	36.64%	33.52%	33.29%	37.07%	38.37%	36.34%	46.13%	46.99%	32.95%	36.22%	41.07%				12.95%	<-Total Growth	10	OPM
Increase	-1.88%	135.78%	36.35%	0.86%	14.24%	-8.50%	-0.68%	11.34%	3.52%	-5.29%	26.93%	1.87%	-29.88%	9.93%	13.38%					Should increase		or be stable.
Diff from Median	-72.9%	-36.1%	-12.9%	-12.1%	0.4%	-8.1%	-8.8%	1.6%	5.2%	-0.4%	26.4%	28.8%	-9.7%	-0.7%	12.6%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio										OPM	10 Yrs	36.49%	5 Yrs	36.34%					should be	zero, it is a		check on calculations
															$7,509	<-12 mths	2.26%
Adjusted EBITDA								$3,618	$3,908	$4,161	$4,303	$5,225	$6,785	$7,343	$8,255	$9,102			#DIV/0!	<-Total Growth	6	Adjusted EBITDA
Change									8.02%	6.47%	3.41%	21.43%	29.86%	8.22%	12.42%	10.26%			8.12%	<-Median->	6	Change
Margin								49.45%	50.15%	53.97%	53.82%	59.28%	54.04%	50.48%	52.42%	53.87%			0.54	<-Median->	7	EBITDA Margin
Long Term Debt				$5,759	$8,957	$8,684	$7,613	$8,190	$8,158	$8,585	$18,577	$18,141	$19,351	$19,804	$19,804				243.88%	<-Total Growth	10	Debt	Type
Change					55.53%	-3.05%	-12.33%	7.58%	-0.39%	5.23%	116.39%	-2.35%	6.67%	2.34%	0.00%				3.79%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio				0.15	0.33	0.31	0.23	0.24	0.18	0.15	0.22	0.19	0.20	0.20	0.19				0.21	<-Median->	10	% of Market C.	Intang/GW
Assets/Current Liabilities Ratio				11.79	13.57	14.27	10.15	10.87	9.76	8.91	21.58	22.87	13.99	15.50	15.50				13.78	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio				0.08	0.07	0.07	0.10	0.09	0.10	0.11	0.05	0.04	0.07	0.06	0.06				0.07	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)				2.71	3.64	4.16	3.49	3.02	2.73	3.06	5.04	4.38	4.68	3.76	3.06				3.70	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																							Leverage
Intangibles		$146	$150	$164	$198	$191	$178	$194	$194	$37	$43	$42	$2,974	$3,146					1818.29%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill		$15	$12	$12	$13	$11	$9	$8	$12	$329	$328	$344	$17,729	$19,350					161150.00%	<-Total Growth	10	Goodwill
Total		$161	$162	$176	$211	$202	$187	$202	$206	$366	$371	$386	$20,703	$22,496	$22,496				12681.82%	<-Total Growth	10	Total
Change			0.62%	8.64%	19.89%	-4.27%	-7.43%	8.02%	1.98%	77.67%	1.37%	4.04%	5263.47%	8.66%	0.00%				6.03%	<-Median->	10	Change
Intangible/Market Cap Ratio		0.01	0.01	0.00	0.01	0.01	0.01	0.01	0.00	0.01	0.00	0.00	0.21	0.23	0.22				0.01	<-Median->	10	% of Market C.
Current Assets	$856.0	$1,329	$2,029	$1,277	$1,537	$1,009	$1,274	$1,117	$1,210	$1,321	$1,352	$1,889	$3,002	$3,384	$3,384				Liquidity ratio of 1.5 and up, best
Current Liabilities	$1,210.0	$1,230	$1,378	$1,411	$1,447	$1,347	$1,984	$1,955	$2,292	$2,653	$3,159	$3,213	$5,710	$5,661	$5,661				0.58	<-Median->	10	Ratio
Liquidity	0.71	1.08	1.47	0.91	1.06	0.75	0.64	0.57	0.53	0.50	0.43	0.59	0.53	0.60	0.60				0.53	<-Median->	5	Ratio
Liq. with CF aft div	0.97	1.98	2.71	2.24	2.61	2.12	1.59	1.78	1.66	1.38	1.37	1.66	1.13	1.40	1.62				1.38	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.52	1.08	1.25	1.47	1.47	1.18	0.96	1.02	0.93	0.78	0.26	1.13	0.82	0.94	1.62				0.82	<-Median->	5	Ratio
Port. Lg Term Dt	$281.7	$54	$189	$134	$30	$25	$746	$506	$599	$1,186	$1,550	$1,510	$3,143	$2,819	$2,819
Liquidity Less CLTD	0.92	1.13	1.71	1.00	1.08	0.76	1.03	0.77	0.71	0.90	0.84	1.11	1.17	1.19	1.19				1.11	<-Median->	5	Ratio
Liq. with CF aft div	1.26	2.07	3.14	2.48	2.67	2.16	2.54	2.41	2.24	2.50	2.69	3.13	2.51	2.80	3.22				2.69	<-Median->	5	Ratio
Assets	$14,110	$14,727	$17,060	$16,640	$19,637	$19,221	$20,135	$21,254	$22,367	$23,640	$68,177	$73,495	$79,902	$87,744	$87,744				Debt Ratio of 1.5 and up, best
Liabilities	$9,461	$9,630	$9,963	$11,030	$14,841	$14,595	$13,698	$14,618	$15,298	$16,321	$34,348	$34,609	$37,491	$38,854	$38,854				1.47	<-Median->	10	Ratio
Debt Ratio	1.49	1.53	1.71	1.51	1.32	1.32	1.47	1.45	1.46	1.45	1.98	2.12	2.13	2.26	2.26				2.12	<-Median->	5	Ratio
Estimates BVPS															$53.60	$55.90				Estimates		Estimates BVPS
Estimate Book Value															$50,035.6	$52,182.7				Estimates		Estimate Book Value
P/B Ratio (Close)															2.06	1.98				Estimates		P/B Ratio (Close)
Difference from 10 year median																-59.16%	Diff M/C			Estimates		Difference from 10 yr med.
Comment
Book Value												$38,886	$42,411	$48,890
NCI												$0	$919	$998
Net Book Value	$4,649	$5,097	$7,097	$5,610	$4,796	$4,626	$6,437	$6,636	$7,069	$7,319	$33,829	$38,886	$41,492	$47,892	$47,892	$47,892	$47,892		753.69%	<-Total Growth	10	Book Value
Book Value per Share	$5.47	$5.86	$8.09	$6.75	$6.27	$6.32	$8.88	$9.45	$10.32	$10.98	$36.39	$41.79	$44.51	$51.30	$51.30	$51.30	$51.30		659.50%	<-Total Growth	10	Book Value per Share
Change	-4.10%	7.18%	38.05%	-16.53%	-7.19%	0.87%	40.49%	6.32%	9.25%	6.41%	231.36%	14.85%	6.52%	15.25%	0.00%	0.00%	0.00%		-57.34%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	2.11	2.90	3.34	5.90	6.57	5.64	4.76	5.34	5.54	6.43	2.53	2.25	2.32	2.20	2.16	0.00	0.00		2.07	P/B Ratio		Historical Median
P/B Ratio (Close)	2.52	3.44	3.97	6.62	5.64	6.06	5.17	5.13	6.42	8.04	2.50	2.42	2.36	2.03	2.16	2.16	2.16		22.48%	<-IRR #YR->	10	Book Value per Share	659.50%
Change	11.20%	36.42%	15.33%	66.85%	-14.90%	7.45%	-14.67%	-0.79%	25.09%	25.35%	-68.91%	-3.39%	-2.49%	-13.87%	6.25%	0.00%	0.00%		37.81%	<-IRR #YR->	5	Book Value per Share	397.14%
Leverage (A/BK)	3.04	2.89	2.40	2.97	4.09	4.15	3.13	3.20	3.16	3.23	2.02	1.89	1.93	1.83	1.83				3.15	<-Median->	10	A/BV
Debt/Equity Ratio	2.04	1.89	1.40	1.97	3.09	3.15	2.13	2.20	2.16	2.23	1.02	0.89	0.90	0.81	0.81				2.15	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)										P/BV	10 yr Med	5.05	5 yr Med	2.32		-57.34%	Diff M/C		2.61	Historical		Leverage (A/BK)
				-$6.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.30
									-$10.32	$0.00	$0.00	$0.00	$0.00	$51.30
Comprehensive Income	-$80.00	$452	$2,140	$760	$2,094	$1,277	$2,463	$1,649	$1,961	$2,152	$3,563	$5,711	$3,205	$7,093
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$13	$77
Shareholders	-$80.00	$452	$2,140	$760	$2,094	$1,277	$2,463	$1,649	$1,961	$2,152	$3,563	$5,711	$3,218	$7,016					823.16%	<-Total Growth	10	Comprehensive Income
Increase	-125.84%	665.00%	373.45%	-64.49%	175.53%	-39.02%	92.87%	-33.05%	18.92%	9.74%	65.57%	60.29%	-43.65%	118.02%					60.29%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$475	$385	$681	$716	$1,073	$1,345	$1,747	$1,649	$1,889	$1,900	$2,358	$3,007	$3,321	$4,332					24.89%	<-IRR #YR->	10	Comprehensive Income	823.16%
ROE	-1.7%	8.9%	30.2%	13.5%	43.7%	27.6%	38.3%	24.8%	27.7%	29.4%	10.5%	14.7%	7.8%	14.6%					29.04%	<-IRR #YR->	5	Comprehensive Income	257.78%
5Yr Median	8.7%	8.7%	8.7%	8.9%	13.5%	27.6%	30.2%	27.6%	27.7%	27.7%	27.7%	24.8%	14.7%	14.6%					19.72%	<-IRR #YR->	10	5 Yr Running Average	504.76%
% Difference from NI	-114.0%	-6.6%	144.6%	-48.5%	54.9%	-20.1%	2.4%	-15.5%	-19.6%	-11.9%	24.9%	62.4%	-18.1%	88.7%					18.06%	<-IRR #YR->	5	5 Yr Running Average	129.35%
Median Values											Diff	5, 10 yr	27.6%	24.8%					14.6%	<-Median->	5	Return on Equity
				-$760.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$7,016.0
									-$1,961.0	$0.0	$0.0	$0.0	$0.0	$7,016.0
				-$716.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,332.0
									-$1,888.8	$0.0	$0.0	$0.0	$0.0	$4,332.0
Current Liability Coverage Ratio	0.50	1.15	1.45	1.58	1.67	1.74	1.23	1.39	1.25	1.20	1.20	0.98	0.72	0.93	1.14							CFO / Current Liabilities
5 year Median	0.50	0.50	0.50	1.15	1.45	1.58	1.58	1.58	1.39	1.25	1.23	1.20	1.20	0.98	0.98				0.98	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	4.25%	9.62%	11.74%	13.42%	12.32%	12.18%	12.08%	12.83%	12.84%	13.45%	5.56%	4.28%	5.11%	5.99%	7.37%							CFO / Total Assets
5 year Median	4.25%	4.25%	4.25%	9.62%	11.74%	12.18%	12.18%	12.32%	12.32%	12.83%	12.83%	12.83%	5.56%	5.56%	5.56%				5.6%	<-Median->	5	Return on Assets
Return on Assets	4.04%	3.29%	5.13%	8.87%	6.88%	8.32%	11.94%	9.18%	10.91%	10.34%	4.18%	4.79%	4.91%	4.24%	5.14%				Net	Income/Assets		Return on Assets
5Yr Median	4.04%	4.00%	4.04%	4.76%	5.13%	6.88%	8.32%	8.87%	9.18%	10.34%	10.34%	9.18%	4.91%	4.79%	4.79%				4.8%	<-Median->	5	Asset Efficiency Ratio
ROE	12.26%	9.50%	12.33%	26.31%	28.19%	34.57%	37.36%	29.40%	34.52%	33.39%	8.43%	9.04%	9.46%	7.76%	9.42%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Running Ave	12.30%	10.77%	11.25%	14.87%	17.46%	21.25%	26.98%	31.25%	32.97%	33.78%	19.73%	14.09%	11.80%	9.71%	8.82%				9.0%	<-Median->	5	Return on Equity
															$3,951	<-12 mths	6.27%
Net Income	$570	$484	$875	$1,476	$1,352	$1,599	$2,405	$1,951	$2,440	$2,444	$2,852	$3,517	$3,923	$3,713
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$4	-$5
Shareholders	$570	$484	$875	$1,476	$1,352	$1,599	$2,405	$1,951	$2,440	$2,444	$2,852	$3,517	$3,927	$3,718	$4,512	$5,078			151.90%	<-Total Growth	10	Net Income
Increase	-12.40%	-15.09%	80.79%	68.69%	-8.40%	18.27%	50.41%	-18.88%	25.06%	0.16%	16.69%	23.32%	11.66%	-5.32%	21.36%	12.54%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$680	$587	$638	$811	$951	$1,157	$1,541	$1,757	$1,949	$2,168	$2,418	$2,641	$3,036	$3,292	$3,705	$4,150			9.68%	<-IRR #YR->	10	Net Income	151.90%
Operating Cash Flow	$512	$1,328	$1,950	$2,123	$2,459	$2,089	$2,182	$2,712	$2,990	$2,802	$3,688	$4,142	$4,137	$5,269					8.79%	<-IRR #YR->	5	Net Income	52.38%
Investment Cash Flow	-$1,044	-$1,011	-$1,597	-$750	-$1,123	-$1,069	-$1,295	-$1,458	-$1,803	-$2,030	-$13,730	-$1,496	-$2,162	-$2,796					15.04%	<-IRR #YR->	10	5 Yr Running Ave.	305.80%
Total Accruals	$1,102	$167	$522	$103	$16	$579	$1,518	$697	$1,253	$1,672	$12,894	$871	$1,952	$1,245					11.05%	<-IRR #YR->	5	5 Yr Running Ave.	68.85%
Total Assets	$14,110	$14,727	$17,060	$16,640	$19,637	$19,221	$20,135	$21,254	$22,367	$23,640	$68,177	$73,495	$79,902	$87,744						Balance Sheet		Assets
Accruals Ratio	7.81%	1.13%	3.06%	0.62%	0.08%	3.01%	7.54%	3.28%	5.60%	7.07%	18.91%	1.19%	2.44%	1.42%					2.44%	<-Median->	5	Ratio
EPS/CF Ratio	0.95	0.34	0.43	0.63	0.53	0.66	0.98	0.70	0.84	0.75	1.03	1.12	0.96	0.71					0.79	<-Median->	10	EPS/CF Ratio
				-$1,476.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,718.0
									-$2,440.0	$0.0	$0.0	$0.0	$0.0	$3,718.0
				-$811.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,291.6
									-$1,949.4	$0.0	$0.0	$0.0	$0.0	$3,291.6
Change in Close	6.65%	46.21%	59.22%	39.28%	-21.01%	8.39%	19.89%	5.48%	36.65%	33.38%	3.03%	10.96%	3.86%	-0.73%	6.25%	0.00%	0.00%			Count	31	Years of data
up/down	down	down						down		down	down	down								Count	12	38.71%
Meet Prediction?																			% right	Count	1	8.33%
Financial Cash Flow	$217	-$30	-$220	-$1,630	-$957	-$1,493	-$7	-$1,542	-$1,111	-$764	$9,936	-$2,297	-$1,955	-$2,252						C F Statement		Financial Cash Flow
Total Accruals	$885	$197	$742	$1,733	$973	$2,072	$1,525	$2,239	$2,364	$2,436	$2,958	$3,168	$3,907	$3,497								Accruals
Accruals Ratio	6.27%	1.34%	4.35%	10.41%	4.95%	10.78%	7.57%	10.53%	10.57%	10.30%	4.34%	4.31%	4.89%	3.99%					4.34%	<-Median->	5	Ratio
Cash	$47	$333	$476	$226	$650	$164	$338	$61	$133	$147	$82	$451	$464	$739	$739							Cash
Cash per Share	$0.06	$0.38	$0.54	$0.27	$0.85	$0.22	$0.47	$0.09	$0.19	$0.22	$0.09	$0.48	$0.50	$0.79	$0.79				$0.48	<-Median->	5	Cash per Share
Percentage of Stock Price	0.40%	1.90%	1.69%	0.61%	2.40%	0.59%	1.02%	0.18%	0.29%	0.25%	0.10%	0.48%	0.47%	0.76%	0.72%				0.47%	<-Median->	5	% of Stock Price
Notes:
February 2, 2025.  Last estimates were for 2024, 2025 of $14666M, $15899M Re venue, $4.41, 5.24, $6.04 2024/6 AEPS, $4.26, $5.07 EPS,
$0.78, 0.86 Dividends, $3065M, $3713M FCF, $6.19, $7.17 CFPS, $7437M, $8429M EBITDA, $48.70, $51.50 BVPS, $3996M, $4703M Net Income.
February 2, 2023.  Last estimates were for 2023, 2024 and 2025 of $11404M, $13008M and $13800M for Revenue, $4.48, $5.18 and $5.94 for AEPS, $4.47, $5.21 and $6.05 for EPS,
$0.77 and $0.84 for 2023/4 for Dividends, $3.575M and $3913M for 2023/4 for FCF, $5.77 and $6.70 for 2023/4 for CFPS, $44.90 and $48.30 2023/4 for BFPS, $4148M, and $4804M 2023/4 for Net Income.
April 14, 2023.  Canadian Pacific changed it name to Canadian Pacific Kansas City Limited.
February 3, 2023.  Last estimates were for 2022 and 2023 of $8704M and $13849M for Revenue, $3.77 and $4.71 for EPS, $0.76 and $0.77 for Dividends,
$2412M and $3423M for FCF, $4.36 and $5.74 for CFPS, $35.50 and $39.50 for BVPS, and $3325M and $4394M for Net Income.
January 30, 2022.  Last estimates were for 2021 and 2022 of $8358M, $8860M for Revenue, 4.06 and $4.46 for EPS, $0.78, $0.86 for Dividends,
$2000M, $2275M for FCF, $5.30 and $6.00 for CFPS, $2682M and $2892M for Net Income.  All adjusted for 5 to 1 split.
February 4, 2021.  Last estimates were for 2020, 2021 and 2022.of $7609M, $8106M and $8646M for Revenue, $17.00, $1970, and $21.10 for EPS,
$3.33, $3.69 and $4.10 for Dividends, $22.90m $27.30 and $30.10 for CFPS, $2239M, $2512M and $2703M for Net Income.
October 7, 2020.  The last estimates were for 2019, 2020 and 2021 of $7858M. $8.337M and $8.749M for Revenue, $17.70, $18.60 and $20.40 for EPS,
$21.60, $24.60 and $26.80 for CFPS and $2453M, $2514M and $2670M for Net Income.
October 5, 2019.  Last estimates were for 2018, 2019 and 2020 of $7192M, $7776M and $8329M for Revneue, $13.50, $15.90 and $18.00 for EPS,
$18.80, $22.10 and $24.60 for CFPS and $1922M, $2205M and $2432M for Net Income.
October 13, 2018.  Last estimates were for 2017, 2018 and 2019 of $6531M, $682M5 and $7189M for Revenue, $12.50, $12.80 and $14.20 for EPS,
$15.80, $19.00and $21.10 for CFPS and $1823M, $1806M and $1953M for Net Income.
October 20, 2017.  Last estimates were for 2016, 2017 and 2018 of $6484M, $6754M and $7048NM for Revenue, $11.80, 12.20 and $13.60 for EPS,
$14.60, $17.70 and $19.60 for CFPS and $1758M, $1766M and $1879M for Net Income.
October 16, 2016.  Last estimates were for 2015, 2016 and 2017 of $6848M, $7.185M and $7.527M for Revenue, $9.77, $12.00 and $13.50 for EPS,
$15.20, $17.30 and $18.00 for CFPS and $1549M, $1756M and $1924M for Net Income.
October 17, 2015.  Last estimates were for 2014, 2015 and 2016 of $6651M, $7644M and $8075M for Revenue, $8.41, $10.90 and $13.10 for EPS,
$12.30, $15.50 and $17.20 for CFPS and $1468M, $1797M and $2065M for Net Income.
October 12, 2014.  Last estimates were for $6176M, $6643M and $7088M for Revenue, $6.19, $7.90 and $9.43 for EPS, $10.60 $12.50 and $13.80 for CFPS.
Oct 6, 2013.  Last estimates were for 2012 and 2013 of $5730M and $6162 M for Revenue, $4.42 and $5.50 for EPS.
Sep 4, 2012.  Diluted earnings per share of $0.60, inclusive of the negative impact of approximately $0.30 from significant items including
management transition and advisory costs and an Ontario corporate income tax rate change.  (Some sites show $.90 as EPS for Q2.)
management transition and advisory costs and an Ontario corporate income tax rate change.
Mar 13, 2011.  When I last looked I got earnings for 2010 and 2011 of $3.40 and $4.05 and cash Flow of $6.02 and $7.05.
*They have their accounting procedures and say that Book Value, under new rules was only $4658.1 for 2009, not originally reported  $6706 some 30.5% less.  Therefore BV increased by 3.6% in 2010.
A lot of the figures for 2009 was restated with accounting changes of 2010.  However, I have not changed my spreadsheet.  Shows how fragil accounting figures can be.
Mar 3, 2010.  Earnings came in higher, but cash flow came in a lot lower.  Earning estimate for 2010 is lowered, but earnings are expected to recover, as well as Cash Flow in 2011.
In Jul 2009 I picked up  for 2009 and 2010 earning estimates of $2.75 and $3.50 and Cash Flow estimates of $6.70 and $7.37.
In April I picked up 2009 and 2010 estimates of $3.70 and $4.20.  Estimates for this stock have declined a lot.
April 26, 2009 AR 2008.  In June 2008, I got earnings estimates of $4.50 (actual was basic at $4.03 and diluted at $3.98) and Revenue Estimates of $4946. (actual $4931.6) for 2008.
AP 2007.  I have done ok on this stock since buying in 2006.  TD has a buy rating on it. Dividends are increasing nicely. ANNUAL STATEMENT NOT YET REC
AP 2006.  Revenue is not growning well, but earnings are.  My stock is doing well.  TD expects a 7.1% return on this this at present over next year.  Keeper for now.
AP2005.  This stock looks a lot better if figures from Financial Post Card is accurate.  They are certainly different from the ones I had used.
2004. I do not think that they are making much money.
Prior to 2001, Company was Canadian Pacfic Limited (CPL) and CPR was spin off of CPL.  (Although dividends were paid prior to 2002, I have no accurate figures.)
In 2001, the CPR's parent company, Canadian Pacific Limited, spun off its five subsidiaries, including the CPR, into independent companies.
For every 100 CP shares investors hold, they'll receive 68.4 shares of Pan Canadian Energy (the new name for PanCanadian Petroleum), 50 shares of CP Rail, 25 shares of Fairmont Hotels and Resorts,
25 shares of CP Ships, and 16.6 shares of Fording (CP's coal mining division). Currently only PanCanadian trades on its own, with CP owning 86.6 per cent of the shares. Those shares will be spun off in the restructuring.
See Earnings Release for new annual report.
Sector:
Services, Industrial
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
It is a stock I held from 1987 to 1999 so I am following it.  I also held it 2006 to 2011.  I decided in 2011 to have only one railway stock and chose CN as my railway stock.
Why I bought and sold this stock.
I am following this stock because it is a dividend growth stock.  It is one that was on Mike Higgs' list.
Dividends
Dividends are paid quarterly in Cycle 1 of January, April, July and October.  Dividends are declared in one month and paid in the following month.
For example, the dividend declared on December 30, 2011 was paid on January 30, 2012.
How they make their money
Canadian Pacific Kansas City is a Class-1 railroad operating on track that spans across most of Canada and into parts of the Midwestern and Northeastern
United States and down through Texas, the Gulf of Mexico, and into Mexico.
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.
									fix 1 to 5 split		These values seem wrong
Shares; '%, Value $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	Oct 20	2017	Oct 13	2018	Oct 5	2019	Oct 8	2020	Feb 4	2021	Jan 30	2022	Feb 3	2023	Feb 2	2024			Feb 2	2025
Creel, Keith E.	0.002	0.00%	0.002	0.00%	0.003	0.00%	0.018	0.00%	0.090	0.01%	0.168	0.02%	0.093	0.01%	0.095	0.01%			0.100	0.01%		Used to be an officer	5.38%
CEO - Shares - Amount		$0.085		$0.117		$0.172		$1.590		$8.193		$16.996		$9.797		$9.878				$11.059		CEO 2017
Options - percentage	0.657	0.09%	0.704	0.10%	0.694	0.10%	0.635	0.10%	3.292	0.35%	3.719	0.40%	3.655	0.39%	2.828	0.30%			2.557	0.27%			-9.58%
Options - amount		$30.161		$34.100		$45.923		$56.114		$299.471		$375.456		$383.240		$294.377				$282.791
Harrison, E. Hunter
CEO - Shares - Amount
Options - percentage
Options - amount
Reuters Options Value
Velani, Nadeem	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.002	0.00%	0.010	0.00%	0.010	0.00%	0.002	0.96%			0.011	0.00%			602.35%
CFO - Shares - Amount		$0.029		$0.039		$0.067		$0.051		$0.194		$0.986		$1.099		$0.164				$1.225
Options - percentage	0.018	0.00%	0.038	0.01%	0.060	0.01%	0.079	0.01%	0.549	0.06%	0.759	0.08%	0.454	0.05%	0.593	0.06%			0.586	0.06%			-1.07%
Options - amount		$0.850		$1.829		$3.960		$6.934		$49.983		$76.635		$47.617		$61.668				$64.818
Brooks, John Kenneth	0.001	0.00%			0.002	0.00%	0.002	0.00%	0.010	0.00%	0.056	0.01%	0.012	0.00%	0.013	0.00%			0.014	0.00%			12.35%
Officer - Shares - Amount		$0.068				$0.121		$0.180		$0.929		$5.618		$1.239		$1.305				$1.558
Options - percentage	0.031	0.00%			0.042	0.01%	0.057	0.01%	0.320	0.03%	1.555	0.17%	0.342	0.04%	0.424	0.05%			0.424	0.05%			-0.19%
Options - amount		$1.427				$2.763		$5.010		$29.076		$156.982		$35.911		$44.161				$46.831
Redd, Mark Ashley													0.022	0.00%	0.023	0.00%			0.026	0.00%			10.11%
Officer - Shares - Amount														$2.332		$2.426				$2.838
Options - percentage													0.153	0.02%	0.328	0.04%			0.345	0.04%			5.10%
Options - amount														$16.029		$34.173				$38.160
Baird, John Russell	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Director - Shares - Amount		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Options - percentage	0.003	0.00%	0.004	0.00%	0.005	0.00%	0.006	0.00%	0.030	0.00%	0.033	0.00%	0.038	0.00%	0.042	0.00%			0.046	0.00%			10.71%
Options - amount		$0.137		$0.196		$0.334		$0.521		$2.750		$3.349		$3.935		$4.350				$5.117
Paull, Matthew													0.015	0.00%	0.019	0.00%			0.019	0.00%			0.00%
Director - Shares - Amount														$1.593		$1.945				$2.067
Options - percentage													0.041	0.00%	0.045	0.00%			0.050	0.01%			10.09%
Options - amount														$4.294		$4.724				$5.526
Courville, Isabelle					0.001	0.00%	0.001	0.00%	0.005	0.00%	0.023	0.00%	0.023	0.00%	0.023	0.00%			0.000	0.00%			-100.00%
Chairman - Shares - Amt						$0.060		$0.079		$0.409		$2.271		$2.359		$2.342				$0.000
Options - percentage					0.008	0.00%	0.010	0.00%	0.050	0.01%	0.056	0.01%	0.060	0.01%	0.063	0.01%			0.067	0.01%			6.03%
Options - amount						$0.536		$0.862		$4.571		$5.669		$6.270		$6.591				$7.424
Reardon, Andrew Fitzpatrick	0.004	0.00%	0.004	0.00%
Chairman - Shares - Amt		$0.185		$0.195
Options - percentage	0.010	0.00%	0.012	0.00%
Options - amount		$0.456		$0.587
Increase in O/S Shares	0.200	0.03%	0.500	0.07%	0.200	0.03%	0.300	0.04%	1.500	0.23%	0.200	0.02%	0.800	0.09%	1.600	0.17%			1.400	0.15%
due to SO		$7.662		$22.966		$9.690		$19.862		$132.459		$18.196		$80.760		$167.760				$145.712
Book Value		$28.000		$57.000		$36.000		$45.000		$48.000		$6.000		$41.000		$86.000				$87.000
Insider Buying		$0.000		$0.000		-$0.520		-$4.532		-$4.532		$0.000		-$0.052		-$0.338				$0.000
Insider Selling		$6.798		$2.722		$35.245		$46.075		$36.196		$8.555		$35.482		$108.079				$72.477
Net Insider Selling		$6.798		$2.722		$34.725		$41.543		$31.664		$8.555		$35.430		$107.741				$72.477
Net Selling % of Market Cap		0.02%		0.01%		0.08%		0.07%		0.04%		0.01%		0.04%		0.11%				0.07%
Directors	10		9		11		11		11		11		9		12				12
Women	4	40%	4	44%	5	45%	5	45%	5	45%	5	45%	4	44%	5	42%			4	33%
Minorities	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	2	17%			2	17%
Institutions/Holdings
Total Shares Held	432	68.37%	485	66.87%	513	69.73%	519	70.92%
Increase/Decrease	99.107	13.68%	95.351	13.57%	96.636	14.11%	96.119	14.42%
Starting No. of Shares	-3.705	-3.60%	-3.718	-3.75%	0.398	0.41%	0.590	0.62%
	102.812	Nasdaq	99.069	Nasdaq	96.238	Nasdaq	95.529	Nasdaq
Institutions/Holdings							20	58.88%	20	64.36%	20	44.98%	20	58.68%	20	46.79%			20	43.85%
Total Shares Held							81.588	12.24%	428.881	46.13%	418.124	44.94%	546.029	58.58%	436.169	46.72%			409.348	43.85%
Increase/Decrease							3.349	4.28%	25.638	6.36%	17.269	4.31%	27.091	5.22%	-9.312	-2.09%			1.783	0.44%
Starting No. of Shares							78.239	Top 20 MS	403.243	Top 20 MS	400.855	Top 20 MS	518.937	Top 20 MS	445.481	Top 20 MS			407.565	Top 20 MS
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