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.														Q1 2026
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/26
Canadian Utilities Ltd				TSX:	CU	OTC:	CDUAF	https://www.canadianutilities.com/en-ca.html				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
Split Date	Jun-13
Split	2
														$88	<-12 mths	0.00%
Other Income			$36	$47	$46	$211	$168	$31	$58	$76	$66	$73	$88					144.44%	<-Total Growth	10	Other Income
Change				30.56%	-2.13%	358.70%	-20.38%	-81.55%	87.10%	31.03%	-13.16%	10.61%	20.55%					15.58%	<-Median->	10	Change
Ratio			0.03	0.04	0.04	0.16	0.11	0.03	0.06	0.06	0.05	0.07	0.13					0.06	<-Median->	10	Ratio
Operating Profit			$1,114	$1,114	$1,114	$1,335	$1,473	$972	$940	$1,209	$1,321	$1,056	$660					-40.75%	<-Total Growth	10	Operating Profit
Change				0.00%	0.00%	19.84%	10.34%	-34.01%	-3.29%	28.62%	9.26%	-20.06%	-37.50%					0.00	<-Median->	10	Change
														$2,819	<-12 mths	-9.59%
Costs and Expenses			$2,446	$2,199	$3,017	$3,253	$2,627	$2,292	$2,633	$2,915	$2,541	$2,759	$3,118					27.47%	<-Total Growth	10	Costs and Expenses
Change				-10.10%	37.20%	7.82%	-19.24%	-12.75%	14.88%	10.71%	-12.83%	8.58%	13.01%					8.20%	<-Median->	10	Change
Ratio			0.75	0.65	0.75	0.74	0.67	0.71	0.75	0.72	0.67	0.74	0.84					0.73	<-Median->	10	Ratio
														$3,690	<-12 mths	0.00%
Comment								Sale of Asset
Revenue*	$3,381	$3,600	$3,264	$3,399	$4,027	$4,377	$3,905	$3,233	$3,515	$4,048	$3,796	$3,742	$3,690	$4,212	$4,593	$5,531		13.05%	<-Total Growth	10	Revenue
Increase	7.71%	6.48%	-9.33%	4.14%	18.48%	8.69%	-10.78%	-17.21%	8.72%	15.16%	-6.23%	-1.42%	-1.39%	14.15%	9.05%	20.42%		1.23%	<-IRR #YR->	10	Revenue	13.05%
5 year Running Average	$2,952	$3,155	$3,277	$3,357	$3,534	$3,733	$3,794	$3,788	$3,811	$3,816	$3,699	$3,667	$3,758	$3,898	$4,007	$4,354		2.68%	<-IRR #YR->	5	Revenue	14.14%
Revenue per Share	$12.95	$13.64	$12.23	$12.66	$14.85	$16.02	$14.29	$11.85	$13.05	$15.00	$14.01	$13.78	$13.56	$15.47	$16.87	$20.31		1.38%	<-IRR #YR->	10	5 yr Running Average	14.70%
Increase	6.09%	5.32%	-10.35%	3.49%	17.36%	7.88%	-10.82%	-17.09%	10.14%	14.93%	-6.58%	-1.65%	-1.58%	14.07%	9.05%	20.42%		-0.16%	<-IRR #YR->	5	5 yr Running Average	-0.79%
5 year Running Average	$11.55	$12.22	$12.56	$12.74	$13.27	$13.88	$14.01	$13.94	$14.01	$14.04	$13.64	$13.54	$13.88	$14.36	$14.74	$16.00		1.04%	<-IRR #YR->	10	Revenue per Share	10.90%
P/S (Price/Sales) Med	2.90	2.82	3.02	2.81	2.63	2.08	2.49	2.88	2.55	2.50	2.44	2.41	2.81	3.01	0.00	0.00		2.74%	<-IRR #YR->	5	Revenue per Share	14.46%
P/S (Price/Sales) Close	2.75	3.00	2.61	2.86	2.52	1.95	2.74	2.62	2.81	2.44	2.28	2.53	3.15	3.24	2.97	2.46		1.01%	<-IRR #YR->	10	5 yr Running Average	10.54%
*Revenue in M CDN $					P/S Med	20 yr	2.51	15 yr	2.63	10 yr	2.53	5 yr	2.50		28.23%	Diff M/C		-0.08%	<-IRR #YR->	5	5 yr Running Average	-0.39%
			-$3,264	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,690
								-$3,233.0	$0.0	$0.0	$0.0	$0.0	$3,690
			-$3,277	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,758
								-$3,788.2	$0.0	$0.0	$0.0	$0.0	$3,758
			-$12.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.56
								-$11.85	$0.00	$0.00	$0.00	$0.00	$13.56
			-$12.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.88
								-$13.94	$0.00	$0.00	$0.00	$0.00	$13.88
														$668	<-12 mths	1.52%
														$2.46	<-12 mths	1.65%
Adjusted Net Income		$575	$483	$590	$602	$607	$608	$535	$586	$655	$596	$647	$658					36.23%	<-Total Growth	10	Adjusted Net Income
Calc Basic		$2.19	$1.83	$2.21	$2.23	$2.24	$2.23	$1.96	$2.17	$2.43	$2.21	$2.38	$2.42								Calc Basic
Calc Diluted		$2.19	$1.82	$2.20	$2.23	$2.23	$2.23	$1.96	$2.17	$2.43	$2.20	$2.38	$2.42					32.90%	<-Total Growth	10	Calc Diluted
AEPS Basic	$2.10	$2.19	$1.83	$2.21	$2.23	$2.24	$2.23	$1.96	$2.17	$2.43	$2.21	$2.38	$2.42					32.24%	<-Total Growth	10	AEPS Basic
AEPS* (EPS-AEPS) Diluted	$2.09	$2.19	$1.82	$2.20	$2.23	$2.23	$2.23	$1.96	$2.17	$2.43	$2.20	$2.38	$2.42	$2.54	$2.70	$2.86		32.90%	<-Total Growth	10	AEPS* (EPS-AEPS) Diluted
Increase	1.70%	4.68%	-16.80%	21.05%	1.17%	0.09%	-0.26%	-12.03%	10.73%	12.04%	-9.23%	8.12%	1.48%	5.00%	6.30%	5.93%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	5.86%	5.35%	5.70%	6.09%	5.96%	7.12%	5.68%	6.30%	5.91%	6.63%	6.91%	6.84%	5.66%	5.07%	5.39%	5.72%		2.89%	<-IRR #YR->	10	AEPS	32.90%
5 year Running Average	$1.91	$1.98	$2.00	$2.07	$2.11	$2.13	$2.14	$2.17	$2.16	$2.20	$2.20	$2.23	$2.32	$2.40	$2.45	$2.58		4.32%	<-IRR #YR->	5	AEPS	23.57%
Payout Ratio	46.41%	48.91%	64.83%	59.00%	64.15%	70.51%	75.98%	88.96%	81.15%	73.15%	81.38%	76.03%	75.68%	72.80%	68.49%	64.66%		1.52%	<-IRR #YR->	10	5 yr Running Average	16.30%
5 year Running Average	35.47%	45.25%	49.46%	52.44%	56.66%	61.48%	66.89%	71.72%	76.15%	77.95%	80.12%	80.13%	77.48%	75.81%	74.88%	71.53%		1.36%	<-IRR #YR->	5	5 yr Running Average	6.99%
Price/AEPS Median	17.98	17.57	20.29	16.11	17.50	14.91	15.96	17.43	15.35	15.45	15.48	13.91	15.74	18.31	0.00	0.00		15.61	<-Median->	10	Price/AEPS Median
Price/AEPS High	19.84	18.86	24.19	18.29	18.96	16.72	17.93	21.81	16.86	17.07	17.99	15.51	17.70	20.00	0.00	0.00		17.82	<-Median->	10	Price/AEPS High
Price/AEPS Low	16.11	16.28	16.38	13.94	16.03	13.11	13.99	13.05	13.85	13.83	12.97	12.31	13.77	16.62	0.00	0.00		13.80	<-Median->	10	Price/AEPS Low
Price/AEPS Close	17.07	18.70	17.55	16.43	16.78	14.04	17.60	15.88	16.92	15.09	14.46	14.62	17.66	19.73	18.56	17.48		16.15	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	17.36	19.57	14.60	19.88	16.98	14.05	17.56	13.97	18.74	16.91	13.13	15.81	17.92	20.71	19.73	18.52		16.94	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	15.75	17.70	13.80	16.60	P/CF	5 Yrs	in order	15.45	17.07	13.77	15.09		27.71%	Diff M/C
* Adjusted Earnings per Share
			-$1.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.42
								-$1.96	$0.00	$0.00	$0.00	$0.00	$2.42
			-$2.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.32
								-$2.17	$0.00	$0.00	$0.00	$0.00	$2.32
														$0.10	<-12 mths	-33.33%
Split pre '13
EPS Basic	$2.10	$2.52	$1.12	$2.07	$1.54	$2.08	$3.24	$1.32	$1.21	$2.07	$2.33	$1.48	$0.15					-86.61%	<-Total Growth	10	EPS Basic
Split pre '05
Split pre '13
EPS Diluted*	$2.09	$2.52	$1.11	$2.06	$1.54	$2.08	$3.24	$1.32	$1.21	$2.06	$2.33	$1.48	$0.15	$2.53	$2.72	$2.92		-86.49%	<-Total Growth	10	EPS Diluted
Increase	1.70%	20.57%	-55.95%	85.59%	-25.24%	35.06%	55.77%	-59.26%	-8.33%	70.25%	13.11%	-36.48%	-89.86%	1586.67%	7.51%	7.35%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	5.9%	6.2%	3.5%	5.7%	4.1%	6.6%	8.3%	4.2%	3.3%	5.6%	7.3%	4.2%	0.4%	5.0%	5.4%	5.8%		-18.14%	<-IRR #YR->	10	Earnings per Share	-86.49%
5 year Running Average	$1.91	$2.04	$1.92	$1.97	$1.86	$1.86	$2.01	$2.05	$1.88	$1.98	$2.03	$1.68	$1.45	$1.71	$1.84	$1.96		-35.27%	<-IRR #YR->	5	Earnings per Share	-88.64%
10 year Running Average	$1.63	$1.76	$1.76	$1.84	$1.84	$1.89	$2.02	$1.98	$1.92	$1.92	$1.95	$1.84	$1.75	$1.79	$1.91	$2.00		-2.80%	<-IRR #YR->	10	5 yr Running Average	-24.69%
* Diluted ESP per share									E/P	10 Yrs	4.93%	5Yrs	4.25%					-6.72%	<-IRR #YR->	5	5 yr Running Average	-29.39%
			-$1.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.15
								-$1.32	$0.00	$0.00	$0.00	$0.00	$0.15
			-$1.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.45
								-$2.05	$0.00	$0.00	$0.00	$0.00	$1.45
Dividend*														$1.85	$1.87	$1.90			Estimates		Dividend*
Increase														1.05%	1.24%	1.33%			Estimates		Increase
Payout Ratio EPS														73.12%	68.86%	65.00%			Estimates		Payout Ratio EPS
Split pre '13
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
Split pre '05
Split pre '13
Dividend*	$0.9700	$1.0700	$1.1800	$1.3000	$1.4300	$1.5732	$1.6908	$1.7416	$1.7592	$1.7768	$1.7944	$1.8124	$1.8308	$1.8492	$1.8492	$1.8492		55.15%	<-Total Growth	10	Dividends
Increase	9.60%	10.31%	10.28%	10.17%	10.00%	10.01%	7.48%	3.00%	1.01%	1.00%	0.99%	1.00%	1.02%	1.01%	0.00%	0.00%		37	0	37	Years of data, Count P, N	100.00%
Average Increases 5 Year Running	7.85%	8.71%	9.35%	10.06%	10.07%	10.15%	9.59%	8.13%	6.30%	4.50%	2.70%	1.40%	1.00%	1.00%	0.80%	0.60%		7.22%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.82	$0.90	$0.98	$1.08	$1.19	$1.31	$1.43	$1.55	$1.64	$1.71	$1.75	$1.78	$1.79	$1.81	$1.83	$1.84		82.76%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.58%	2.78%	3.20%	3.66%	3.67%	4.73%	4.76%	5.10%	5.29%	4.74%	5.26%	5.47%	4.81%	3.98%				4.78%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	2.34%	2.59%	2.68%	3.23%	3.38%	4.22%	4.24%	4.08%	4.81%	4.29%	4.52%	4.90%	4.28%	3.64%				4.26%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.88%	3.00%	3.96%	4.23%	4.00%	5.38%	5.43%	6.82%	5.86%	5.29%	6.27%	6.18%	5.49%	4.38%				5.46%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	2.72%	2.62%	3.69%	3.59%	3.82%	5.02%	4.32%	5.60%	4.79%	4.85%	5.63%	5.20%	4.28%	3.69%	3.69%	3.70%		4.82%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	46.41%	42.46%	106.31%	63.11%	92.86%	75.63%	52.19%	131.94%	145.39%	86.25%	77.01%	122.46%	1220.53%	73.09%	67.99%	63.33%		89.55%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	43.14%	43.91%	51.15%	54.96%	63.84%	70.39%	71.53%	75.54%	87.27%	86.19%	86.25%	105.77%	124.12%	106.01%	99.20%	93.78%		80.87%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	14.06%	18.34%	19.49%	21.52%	29.55%	49.39%	34.02%	29.14%	27.58%	22.41%	27.31%	25.67%	24.17%	24.46%	23.00%	22.04%		27.45%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	17.50%	16.96%	16.66%	17.89%	20.05%	25.25%	28.59%	30.93%	32.33%	30.03%	27.53%	26.20%	25.27%	24.70%	24.82%	23.80%		26.87%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	14.37%	16.52%	19.96%	18.82%	21.23%	24.14%	25.74%	29.19%	29.16%	24.81%	27.76%	26.62%	25.51%	24.46%	23.00%	22.04%		25.62%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	17.07%	16.33%	16.13%	16.80%	18.15%	20.13%	21.98%	23.66%	25.75%	26.49%	27.22%	27.39%	26.67%	25.77%	25.34%	24.20%		24.71%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.78%	4.82%	5 Yr Med	5 Yr Cl	5.26%	4.85%	5 Yr Med	Payout	122.46%	25.67%	26.62%					1.00%	<-IRR #YR->	5	Dividends	5.12%
* Dividends per share	10 Yr Med	and Cur.	-22.87%	-23.46%	5 Yr Med	and Cur.	-29.80%	-23.88%	Last Div Inc --->		$0.4531	$0.4577	1.02%					4.49%	<-IRR #YR->	10	Dividends	55.15%
Dividends Growth 15																		6.08%	<-IRR #YR->	15	Dividends	142.49%
Dividends Growth 20																		6.20%	<-IRR #YR->	20	Dividends	232.87%
Dividends Growth 25																		5.77%	<-IRR #YR->	25	Dividends	306.84%
Dividends Growth 30																		5.52%	<-IRR #YR->	30	Dividends	401.59%
Dividends Growth 35																		4.92%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		4.74%	<-IRR #YR->	37	Dividends
Dividends Growth 5								-$1.74	$0.00	$0.00	$0.00	$0.00	$1.83								Dividends Growth 5
Dividends Growth 10			-$1.18	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.83								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	$1.83								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	$1.83								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	$1.83								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	$1.83								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	$1.83								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	$1.83								Dividends Growth 40
Historical Dividends	Historical	High Div	7.09%	Low Div	2.37%	10 Yr High	6.76%	10 Yr Low	3.45%	Med Div	4.05%	Close Div	3.82%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-47.95%		55.71%	Exp.	-45.41%		6.96%	Exp.	-8.88%	Exp.	-3.52%								High/Ave/Median
Future Dividend Yield					Div Yd	3.88%	earning in	5	Years	at IRR of	1.00%	Div Inc.	5.12%								Future Dividend Yield
Future Dividend Yield					Div Yd	4.08%	earning in	10	Years	at IRR of	1.00%	Div Inc.	10.51%								Future Dividend Yield
Future Dividend Yield					Div Yd	4.29%	earning in	15	Years	at IRR of	1.00%	Div Inc.	16.17%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.94	earning in	5	Years	at IRR of	1.00%	Div Inc.	5.12%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.04	earning in	10	Years	at IRR of	1.00%	Div Inc.	10.51%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.15	earning in	15	Years	at IRR of	1.00%	Div Inc.	16.17%								Future Dividend Paid
Dividend Covering Cost					Total Div	$9.43	over	5	Years	at IRR of	1.00%	Div Cov.	18.83%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$17.41	over	10	Years	at IRR of	1.00%	Div Cov.	34.74%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$25.79	over	15	Years	at IRR of	1.00%	Div Cov.	51.46%								Dividend Covering Cost
I am earning GC					Div Gr	29.31%	01/25/17	# yrs ->	10	2017	$37.51	Cap Gain	33.58%									I am earning GC
I am earning Div					org yield	3.81%	12/31/27	Pension	Div G Yrly	2.38%	Div start	$1.43	-3.81%	4.93%								I am earning Div
I am earning GC					Div Gr	17.54%	11/20/17	# yrs ->	10	2017	$38.12	Cap Gain	31.45%									I am earning GC
I am earning Div					org yield	4.13%	12/31/27	Trading	Div G Yrly	1.61%	Div start	$1.57	-4.13%	4.85%								I am earning Div
Yield if held 5 years	3.86%	4.74%	4.33%	4.05%	3.99%	3.79%	4.10%	3.95%	4.37%	4.20%	4.81%	4.54%	4.29%	5.06%	4.46%	4.66%		4.15%	<-Median->	10	Paid High Price
Yield if held 5 years	5.54%	6.28%	5.58%	5.30%	4.78%	4.67%	4.75%	5.84%	5.73%	4.97%	6.14%	5.82%	7.17%	6.16%	5.51%	6.47%		5.51%	<-Median->	10	Paid Low Price
Difference	1.68%	1.54%	1.25%	1.25%	0.78%	0.88%	0.65%	1.89%	1.36%	0.77%	1.33%	1.28%	2.88%	1.10%	1.04%	1.80%
Yield if held 15 years	7.94%	8.67%	9.17%	9.28%	9.52%	10.56%	10.57%	7.54%	7.19%	6.54%	7.14%	8.03%	6.72%	5.76%	5.17%	4.46%		7.78%	<-Median->	10	Paid High Price
Yield if held 15 years	10.21%	13.23%	15.23%	11.69%	11.72%	13.95%	13.15%	11.79%	10.01%	8.37%	10.24%	10.63%	8.66%	7.53%	6.18%	5.49%		11.16%	<-Median->	10	Paid Low Price
Difference	2.27%	4.56%	6.05%	2.41%	2.20%	3.39%	2.59%	4.25%	2.82%	1.83%	3.10%	2.60%	1.94%	1.77%	1.01%	1.03%
Yield if held 5 years	4.55%	5.40%	4.88%	4.59%	4.35%	4.19%	4.40%	4.72%	4.95%	4.56%	5.39%	5.10%	5.37%	5.56%	4.93%	5.42%		4.65%	<-Median->	10	Paid Median Price
Yield if held 10 years	7.41%	7.42%	6.23%	6.18%	5.91%	7.38%	8.53%	7.20%	6.21%	5.41%	4.78%	4.71%	4.96%	5.21%	4.74%	5.56%		6.05%	<-Median->	10	Paid Median Price
Yield if held 15 years	8.93%	10.48%	11.45%	10.34%	10.51%	12.02%	11.72%	9.20%	8.37%	7.34%	8.42%	9.15%	7.57%	6.53%	5.63%	4.92%		9.17%	<-Median->	10	Paid Median Price
Yield if held 20 years	16.47%	17.51%	19.61%	17.44%	15.97%	14.49%	16.56%	16.90%	14.00%	13.05%	13.71%	12.56%	9.67%	8.80%	7.64%	8.68%		14.24%	<-Median->	10	Paid Median Price
Yield if held 25 years	20.22%	20.81%	23.17%	25.99%	27.40%	26.70%	27.67%	28.95%	23.60%	19.84%	16.53%	17.75%	17.76%	14.71%	13.58%	14.13%		24.80%	<-Median->	10	Paid Median Price
Yield if held 30 years						32.79%	32.89%	34.19%	35.18%	34.05%	30.46%	29.66%	30.43%	24.81%	20.65%	17.03%		32.84%	<-Median->	8	Paid Median Price
Yield if held 35 years											37.40%	35.25%	35.94%	36.97%	35.43%	31.39%		35.94%	<-Median->	3	Paid Median Price
Yield if held 40 years																38.55%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	16.40%	19.87%	18.02%	16.84%	16.62%	15.81%	17.38%	17.56%	20.34%	20.21%	23.49%	22.26%	21.02%	24.80%	22.04%	23.17%		18.89%	<-Median->	10	Paid High Price
Cost covered if held 5 years	23.52%	26.30%	23.24%	22.02%	19.88%	19.46%	20.15%	25.95%	26.68%	23.90%	29.97%	28.54%	35.12%	30.19%	27.20%	32.14%		24.92%	<-Median->	10	Paid Low Price
Cost covered if held 15 years	78.12%	82.51%	84.82%	83.78%	84.39%	92.24%	93.15%	69.68%	70.11%	67.35%	77.39%	91.00%	79.35%	70.59%	66.00%	59.11%		81.57%	<-Median->	10	Paid High Price
Cost covered if held 15 years	100.42%	125.87%	140.77%	105.53%	103.93%	121.89%	115.94%	108.94%	97.61%	86.23%	110.97%	120.49%	102.32%	92.32%	78.94%	72.76%		107.23%	<-Median->	10	Paid Low Price
Cost covered if held 5 years	19.33%	22.64%	20.30%	19.08%	18.10%	17.44%	18.66%	20.95%	23.08%	21.90%	26.33%	25.01%	26.30%	27.23%	24.35%	26.92%		21.43%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	54.94%	53.58%	44.15%	42.62%	40.34%	50.07%	58.85%	52.28%	48.01%	44.09%	40.77%	41.78%	45.25%	48.61%	45.33%	53.96%		44.67%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	87.88%	99.68%	105.86%	93.41%	93.15%	105.01%	103.30%	84.99%	81.60%	75.63%	91.18%	103.69%	89.38%	80.00%	71.89%	65.23%		92.17%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	194.10%	198.77%	215.42%	186.35%	166.70%	148.24%	169.93%	180.92%	158.61%	155.90%	171.97%	164.88%	132.38%	124.72%	113.38%	134.30%		165.79%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	274.34%	270.29%	289.28%	313.72%	321.34%	305.34%	316.19%	344.00%	296.29%	262.07%	228.96%	256.92%	267.98%	230.72%	223.01%	242.19%		300.81%	<-Median->	10	Paid Median Price
Cost covered if held 30 years						410.93%	409.83%	441.14%	477.58%	485.01%	454.08%	461.59%	493.15%	417.89%	364.08%	313.61%		457.84%	<-Median->	8	Paid Median Price
Cost covered if held 35 years											593.59%	582.63%	617.31%	658.80%	660.07%	610.09%		593.59%	<-Median->	3	Paid Median Price
Cost covered if held 40 years																785.16%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$3,233.0	$3,515.0	$4,048.0	$3,796.0	$3,742.0	$3,690.0	$3,690	<-12 mths	0.00%		14.14%	<-Total Growth	5	Revenue Growth	14.14%
AEPS Growth								$1.96	$2.17	$2.43	$2.20	$2.38	$2.42	$2.46	<-12 mths	1.65%		23.57%	<-Total Growth	5	AEPS Growth	23.57%
Net Income Growth								$427.0	$393.0	$393.0	$707.0	$480.0	$119.0	$107	<-12 mths	-10.08%		-72.13%	<-Total Growth	5	Net Income Growth	-72.13%
Cash Flow Growth								$1,631.0	$1,718.0	$2,140.0	$1,780.0	$1,917.0	$2,061.0	$2,028	<-12 mths	-1.60%		26.36%	<-Total Growth	5	Cash Flow Growth	26.36%
Dividend Growth								$1.74	$1.76	$1.78	$1.79	$1.81	$1.83	$1.85	<-12 mths	1.01%		5.12%	<-Total Growth	5	Dividend Growth	5.12%
Stock Price Growth								$31.09	$36.69	$36.65	$31.89	$34.85	$42.73	$50.11	<-12 mths	17.27%		37.44%	<-Total Growth	5	Stock Price Growth	37.44%
Revenue Growth			$3,264.0	$3,399.0	$4,027.0	$4,377.0	$3,905.0	$3,233.0	$3,515.0	$4,048.0	$3,796.0	$3,742.0	$3,690.0	$4,212	<-this year	14.15%		13.05%	<-Total Growth	10	Revenue Growth	13.05%
AEPS Growth			$1.82	$2.20	$2.23	$2.23	$2.23	$1.96	$2.17	$2.43	$2.20	$2.38	$2.42	$1.85	<-this year	-23.53%		32.90%	<-Total Growth	10	AEPS Growth	32.90%
Net Income Growth			$352.0	$620.0	$483.0	$634.0	$951.0	$427.0	$393.0	$393.0	$707.0	$480.0	$119.0	$740	<-this year	521.85%		-66.19%	<-Total Growth	10	Net Income Growth	-66.19%
Cash Flow Growth			$1,616.0	$1,622.0	$1,312.0	$870.0	$1,358.0	$1,631.0	$1,718.0	$2,140.0	$1,780.0	$1,917.0	$2,061.0	$2,058	<-this year	-0.13%		27.54%	<-Total Growth	10	Cash Flow Growth	27.54%
Dividend Growth			$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$1.83	$1.85	<-this year	1.05%		55.15%	<-Total Growth	10	Dividend Growth	55.15%
Stock Price Growth			$31.94	$36.19	$37.41	$31.32	$39.17	$31.09	$36.69	$36.65	$31.89	$34.85	$42.73	$50.00	<-this year	17.01%		33.78%	<-Total Growth	10	Stock Price Growth	33.78%
Dividends on Shares				$41.60	$45.76	$50.34	$54.11	$55.73	$56.29	$56.86	$57.42	$58.00	$58.59	$59.17	$59.17	$59.17		$534.69	No of Years	10	Total Divs	12/31/15
Paid			$1,022.08	$1,158.08	$1,197.12	$1,002.24	$1,253.44	$994.88	$1,174.08	$1,172.80	$1,020.48	$1,115.20	$1,367.36	$1,603.52	$1,603.52	$1,600.00		$1,367.36	No of Years	10	Worth	$31.94
Total																		$1,902.05
Graham No. AEPS	$26.63	$28.34	$26.35	$29.56	$29.78	$29.98	$31.02	$28.80	$30.28	$32.78	$31.37	$32.47	$31.18	$32.41	$33.41	$34.39		18.37%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.41	1.36	1.40	1.20	1.31	1.11	1.15	1.18	1.10	1.14	1.09	1.02	1.22	1.44				1.14	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.56	1.46	1.67	1.36	1.42	1.24	1.29	1.48	1.21	1.26	1.26	1.14	1.37	1.57				1.28	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.26	1.26	1.13	1.04	1.20	0.98	1.00	0.89	0.99	1.02	0.91	0.90	1.07	1.30				1.00	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.34	1.44	1.21	1.22	1.26	1.04	1.26	1.08	1.21	1.12	1.02	1.07	1.37	1.55	1.50	1.45		1.16	<-Median->	10	Price/GP Ratio
Prem/Disc Close	33.95%	44.37%	21.24%	22.41%	25.64%	4.45%	26.27%	7.95%	21.16%	11.79%	1.67%	7.33%	37.03%	54.62%	49.96%	45.39%		16.48%	<-Median->	10	Graham Price
Graham No. EPS	$26.63	$30.41	$20.57	$28.59	$24.75	$28.95	$37.43	$23.65	$22.62	$30.19	$32.24	$25.58	$7.77	$32.35	$33.54	$34.75		-62.26%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.41	1.26	1.79	1.24	1.58	1.15	0.95	1.44	1.47	1.24	1.06	1.30	4.90	1.44				1.27	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.56	1.36	2.14	1.41	1.71	1.29	1.07	1.81	1.62	1.37	1.23	1.45	5.51	1.57				1.43	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.26	1.17	1.45	1.07	1.44	1.01	0.83	1.08	1.33	1.11	0.89	1.15	4.29	1.30				1.10	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.34	1.35	1.55	1.27	1.51	1.08	1.05	1.31	1.62	1.21	0.99	1.36	5.50	1.55	1.49	1.44		1.29	<-Median->	10	Price/GP Ratio
Prem/Disc Close	33.95%	34.52%	55.25%	26.60%	51.16%	8.18%	4.65%	31.47%	62.17%	21.39%	-1.10%	36.22%	450.28%	54.92%	49.41%	43.89%		29.03%	<-Median->	10	Graham Price
Split pre '05
Split pre '13
Price Close	$35.67	$40.91	$31.94	$36.19	$37.41	$31.32	$39.17	$31.09	$36.69	$36.65	$31.89	$34.85	$42.73	$50.11	$50.11	$50.00		33.78%	<-Total Growth	10	Stock Price
Increase	-0.83%	14.69%	-21.93%	13.31%	3.37%	-16.28%	25.06%	-20.63%	18.01%	-0.11%	-12.99%	9.28%	22.61%	17.27%	0.00%	-0.22%		17.90	<-Median->	10	CAPE (10 Yr P/E)
P/E	17.07	16.23	28.77	17.57	24.29	15.06	12.09	23.55	30.32	17.79	13.69	23.55	284.87	19.81	18.42	17.12		6.57%	<-IRR #YR->	5	Stock Price	37.44%
Trailing P/E	17.36	19.57	12.67	32.60	18.16	20.34	18.83	9.60	27.80	30.29	15.48	14.96	28.87	334.07	19.81	18.38		2.95%	<-IRR #YR->	10	Stock Price	33.78%
CAPE (10 Yr P/E)	15.74	16.04	16.54	16.51	17.27	17.46	17.12	17.66	18.54	18.57	18.14	18.84	20.49	20.73	20.12	20.20		11.69%	<-IRR #YR->	5	Price & Dividend	71.90%
Median 10, 5 Yrs		D.  per yr	4.56%	5.12%	% Tot Ret	60.70%	43.82%	T P/E	19.58	27.80	P/E:	20.67	23.55					7.51%	<-IRR #YR->	10	Price & Dividend	89.79%
Price 15		D.  per yr	4.10%		% Tot Ret	57.28%						CAPE Diff	15.79%					3.06%	<-IRR #YR->	15	Stock Price	57.10%
Price  20		D.  per yr	3.80%		% Tot Ret	52.95%												3.38%	<-IRR #YR->	20	Stock Price	94.32%
Price  25		D.  per yr	4.23%		% Tot Ret	46.05%												4.96%	<-IRR #YR->	25	Stock Price	235.14%
Price  30		D.  per yr	5.30%		% Tot Ret	45.01%												6.48%	<-IRR #YR->	30	Stock Price	557.38%
Price  35		D.  per yr	5.40%		% Tot Ret	46.29%												6.26%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	5.29%		% Tot Ret	46.78%												6.02%	<-IRR #YR->	37	Stock Price
Price & Dividend 15																		7.16%	<-IRR #YR->	15	Price & Dividend	139.35%
Price & Dividend 20																		7.18%	<-IRR #YR->	20	Price & Dividend	210.82%
Price & Dividend 25																		9.19%	<-IRR #YR->	25	Price & Dividend	455.29%
Price & Dividend 30																		11.78%	<-IRR #YR->	30	Price & Dividend	1570.99%
Price & Dividend 35																		11.66%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		11.32%	<-IRR #YR->	37	Price & Dividend
Price  5								-$31.09	$0.00	$0.00	$0.00	$0.00	$42.73								Price  5
Price 10			-$31.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.73								Price 10
Price & Dividend 5								-$31.09	$1.76	$1.78	$1.79	$1.81	$44.56								Price & Dividend 5
Price & Dividend 10			-$31.94	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$44.56								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	$42.73								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	$42.73								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	$42.73								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	$42.73								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	$42.73								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	$42.73								Price  40
Price & Dividend 15	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$44.56								Price & Dividend 15
Price & Dividend 20	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$44.56								Price & Dividend 20
Price & Dividend 25	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$44.56								Price & Dividend 25
Price & Dividend 30	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$44.56								Price & Dividend 30
Price & Dividend 35	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$44.56								Price & Dividend 35
Price & Dividend 40	$0.97	$1.07	$1.18	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$44.56								Price & Dividend 40
Price Median H/L	$37.57	$38.44	$36.93	$35.51	$39.00	$33.28	$35.52	$34.12	$33.29	$37.52	$34.14	$33.16	$38.07	$46.51	-0.22%			3.10%	<-Total Growth	10	Stock Price
Increase	14.32%	2.32%	-3.94%	-3.85%	9.84%	-14.68%	6.75%	-3.94%	-2.45%	12.72%	-9.02%	-2.87%	14.82%	22.17%	3.69%			0.31%	<-IRR #YR->	10	Stock Price	3.10%
P/E	17.98	15.25	33.27	17.24	25.32	16.00	10.96	25.85	27.51	18.21	14.65	22.40	253.80	18.38	3.47%			2.22%	<-IRR #YR->	5	Stock Price	11.58%
Trailing P/E	18.28	18.39	14.65	31.99	18.93	21.61	17.08	10.53	25.22	31.01	16.57	14.23	25.72	310.07				4.72%	<-IRR #YR->	10	Price & Dividend	51.55%
P/E on Run. 5 yr Ave	19.67	18.82	19.23	18.05	20.92	17.87	17.71	16.66	17.72	18.93	16.80	19.74	26.33	27.20				7.26%	<-IRR #YR->	5	Price & Dividend	16.16%
P/E on Run. 10 yr Ave	23.11	21.88	20.94	19.28	21.17	17.64	17.55	17.20	17.31	19.51	17.53	17.99	21.79	25.93				13.77	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.41%	5.04%	% Tot Ret	93.52%	69.47%		Price Inc	-2.45%	P/E:	20.31	22.40						Count	37	Years of data
			-$36.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.07
								-$34.12	$0.00	$0.00	$0.00	$0.00	$38.07
			-$36.93	$1.30	$1.43	$1.57	$1.69	$1.74	$1.76	$1.78	$1.79	$1.81	$39.90
								-$34.12	$1.76	$1.78	$1.79	$1.81	$39.90
High Months	Apr	Apr	Jan	Aug	Jun	Jan	Dec	Mar	Jul	Jul	Apr	Oct	Nov	Apr
Split pre '05
Split pre '13
Price High	$41.46	$41.27	$44.04	$40.29	$42.26	$37.31	$39.91	$42.69	$36.55	$41.45	$39.67	$36.97	$42.82	$50.81				-2.77%	<-Total Growth	10	Stock Price
Increase	15.81%	-0.46%	6.71%	-8.51%	4.89%	-11.71%	6.97%	6.97%	-14.38%	13.41%	-4.29%	-6.81%	15.82%	18.66%				-0.28%	<-IRR #YR->	10	Stock Price	-2.77%
P/E	19.84	16.38	39.68	19.56	27.44	17.94	12.32	32.34	30.21	20.12	17.03	24.98	285.47	20.08				0.06%	<-IRR #YR->	5	Stock Price	0.30%
Trailing P/E	20.18	19.75	17.48	36.30	20.51	24.23	19.19	13.18	27.69	34.26	19.26	15.87	28.93	338.73				15.81	P/E Ratio		Historical Median
Median 10, 5 Yrs									Price Inc	-4.29%	P/E:	22.55	24.98					20.54	P/E Ratio		Historical High
			-$44.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.82
								-$42.69	$0.00	$0.00	$0.00	$0.00	$42.82
Low Months	Aug	Jan	Dec	Jan	Feb	Oct	Jan	Mar	Mar	Oct	Oct	Jun	Jan	Jan
Split pre '05
Split pre '13
Price Low	$33.68	$35.61	$29.81	$30.72	$35.74	$29.24	$31.13	$25.55	$30.02	$33.59	$28.60	$29.34	$33.32	$42.21				11.77%	<-Total Growth	10	Stock Price
Increase	12.53%	5.73%	-16.29%	3.05%	16.34%	-18.19%	6.46%	-17.92%	17.50%	11.89%	-14.86%	2.59%	13.57%	26.68%				1.12%	<-IRR #YR->	10	Stock Price	11.77%
P/E	16.11	14.13	26.86	14.91	23.21	14.06	9.61	19.36	24.81	16.31	12.27	19.82	222.13	16.68				5.45%	<-IRR #YR->	5	Stock Price	30.41%
Trailing P/E	16.39	17.04	11.83	27.68	17.35	18.99	14.97	7.89	22.74	27.76	13.88	12.59	22.51	281.40				12.11	P/E Ratio		Historical Median
Median 10, 5 Yrs									Price Inc	11.89%	P/E:	17.83	19.82					9.75	P/E Ratio		Historical Low
			-$29.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$33.32
								-$25.55	$0.00	$0.00	$0.00	$0.00	$33.32
												-$99	<-12 mths	-210.00%
Free Cash Flow Market Screener							$753	$825	$592	$810	$542	$405	$472	-$145.2	-$352.6	$864.0			<-Total Growth	6	Free Cash Flow Mkt Scr
Change								9.56%	-28.24%	36.82%	-33.09%	-25.28%	16.54%	-130.76%	-142.84%	345.04%		-7.86%	<-Median->	6	Change
Free Cash Flow WSJ			-$294	$24	-$228	-$643	-$164	$435	$255	$515	$127	-$72	$103					135.03%	<-Total Growth	10	Free Cash Flow WSJ	WSJ, MS
Change				108.16%	-1050.00%	-182.02%	74.49%	365.24%	-41.38%	101.96%	-75.34%	-156.69%	243.06%					16.56%	<-Median->	10	Change	Mrk Sc
Free Cash Flow MS old			-$55	$329	$95	-$66	$246	$741	$497	$771	$441
Change
Free Cash Flow MS	-$532	-$358	-$510	$40	-$390	-$630	$30	$350	$60	$260	$90	-$90	-$50	-$145.2	-$352.6	$864.0		90.20%	<-Total Growth	10	Free Cash Flow MS	Disagree
Change				107.84%	-1075.00%	-61.54%	104.76%	1066.67%	-82.86%	333.33%	-65.38%	-200.00%	44.44%	-190.40%	-142.84%	345.04%		#NUM!	<-IRR #YR->	5	Free Cash Flow MS	-114.29%
FCF/CF from Op Ratio			-1.91	0.15	-1.44	-2.31	0.11	1.28	0.22	0.96	0.33	-0.33	-0.18	-0.53	-1.30	3.17		-20.72%	<-IRR #YR->	10	Free Cash Flow MS	90.20%
Dividends paid	$253	$282	$213	$296	$296	$365	$462	$477	$476	$460	$458	$458	$458	$503	$503	$503		115.02%	<-Total Growth	10	Dividends paid
Percentage paid			-41.76%	740.00%	-75.90%	-57.94%	1540.00%	136.29%	793.33%	176.92%	508.89%	-508.89%	-916.00%	-346.74%	-142.79%	58.27%		$1.57	<-Median->	10	Percentage paid
5 Year Covrage							-111.78%	-316.00%	-357.93%	3200.00%	295.32%	473.00%	473.00%	3607.21%	-434.64%	1072.69%					5 Year Coverage
Dividend Coverage Ratio			-2.39	0.14	-1.32	-1.73	0.06	0.73	0.13	0.57	0.20	-0.20	-0.11	-0.29	-0.70	1.72		0.10	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							-0.89	-0.32	-0.28	0.03	0.34	0.29	0.12	0.03	-0.23	0.09					5 Year of Coverage
								-$350	$0	$0	$0	$0	-$50
			$510	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$50
Market Cap	$9,311	$10,796	$8,525	$9,719	$10,142	$8,555	$10,703	$8,483	$9,882	$9,892	$8,640	$9,464	$11,626	$13,643	$13,643	$13,613		36.38%	<-Total Growth	10	Market Cap
Split pre '13
Diluted	259.30	262.82	265.35	267.78	270.05	272.07	273.21	273.27	270.32	269.67	270.31	271.41	272.00	272.78	272.78	272.78		2.50%	<-Total Growth	10	Diluted
Change	1.28%	1.36%	0.96%	0.91%	0.85%	0.74%	0.42%	0.02%	-1.08%	-0.24%	0.24%	0.41%	0.22%	0.29%	0.00%	0.00%		0.00	<-Median->	10	Change
Difference Diluted/Basic	-0.3%	-0.3%	-0.3%	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%	-0.1%	0.0%	-0.1%	-0.2%	-100.0%	-100.0%		0.00	<-Median->	10	Difference Diluted/Basic
Split pre '13
Basic # of Shares in Millions	258.43	262.01	264.65	267.17	269.44	271.46	272.63	272.76	269.86	269.13	270.07	271.38	271.80	272.16				2.70%	<-Total Growth	10	Basic
Change	1.22%	1.39%	1.01%	0.95%	0.85%	0.75%	0.43%	0.05%	-1.06%	-0.27%	0.35%	0.48%	0.15%	0.13%				0.39%	<-Median->	10	Change
Difference Basic/Outstanding	1.0%	0.7%	0.8%	0.5%	0.6%	0.6%	0.2%	0.0%	-0.2%	0.3%	0.3%	0.1%	0.1%	0.0%				0.26%	<-Median->	10	Difference Basic/Outstanding
														$2,028	<-12 mths	-1.60%
Class A - Non-Voting
Class B - Common
Split pre '05
Class A - Non-Voting
Class B - Common
Split pre '13
Class A - Non-Voting	185.74	188.72	191.83	194.26	196.99	199.37	199.70	199.41	196.96	201.36	204.33	204.96	205.49	205.67	205.67	205.67		7.12%	<-Total Growth	10	Class A - Non-Voting	Class A and
Class B - Common	75.29	75.19	75.06	74.29	74.11	73.77	73.55	73.45	72.39	68.55	66.60	66.60	66.60	66.60	66.60	66.60		-11.28%	<-Total Growth	10	Class B - Common	Class B
# of Share in Millions	261.03	263.91	266.90	268.55	271.10	273.14	273.25	272.86	269.35	269.90	270.93	271.56	272.09	272.27	272.27	272.27		0.19%	<-IRR #YR->	10	Shares	1.94%
Change	1.52%	1.10%	1.13%	0.62%	0.95%	0.75%	0.04%	-0.14%	-1.29%	0.21%	0.38%	0.24%	0.19%	0.07%	0.00%	0.00%		-0.06%	<-IRR #YR->	5	Shares	-0.28%
CF fr Op $M	$1,801	$1,540	$1,616	$1,622	$1,312	$870	$1,358	$1,631	$1,718	$2,140	$1,780	$1,917	$2,061	$2,058	$2,189	$2,284		27.54%	<-Total Growth	10	Cash Flow
Increase	30.13%	-14.49%	4.94%	0.37%	-19.11%	-33.69%	56.09%	20.10%	5.33%	24.56%	-16.82%	7.70%	7.51%	-0.13%	6.35%	4.35%		SO,	S. Issued,		Buy Backs
5 year Running Average	$1,208	$1,368	$1,539	$1,593	$1,578	$1,392	$1,356	$1,359	$1,378	$1,543	$1,725	$1,837	$1,923	$1,991	$2,001	$2,102		25.00%	<-Total Growth	10	CF 5 Yr Running
CFPS	$6.90	$5.84	$6.05	$6.04	$4.84	$3.19	$4.97	$5.98	$6.38	$7.93	$6.57	$7.06	$7.57	$7.56	$8.04	$8.39		25.10%	<-Total Growth	10	Cash Flow per Share
Increase	28.18%	-15.42%	3.76%	-0.25%	-19.87%	-34.18%	56.03%	20.27%	6.71%	24.31%	-17.14%	7.44%	7.31%	-0.20%	6.35%	4.35%		2.46%	<-IRR #YR->	10	Cash Flow	27.54%
5 year Running Average	$4.71	$5.29	$5.89	$6.04	$5.93	$5.19	$5.02	$5.00	$5.07	$5.69	$6.36	$6.78	$7.10	$7.34	$7.36	$7.72		4.79%	<-IRR #YR->	5	Cash Flow	26.36%
P/CF on Med Price	5.45	6.59	6.10	5.88	8.06	10.45	7.15	5.71	5.22	4.73	5.20	4.70	5.03	6.15	0.00	0.00		2.27%	<-IRR #YR->	10	Cash Flow per Share	25.10%
P/CF on Closing Price	5.17	7.01	5.28	5.99	7.73	9.83	7.88	5.20	5.75	4.62	4.85	4.94	5.64	6.63	6.23	5.96		4.85%	<-IRR #YR->	5	Cash Flow per Share	26.72%
															21.32%	Diff M/C		1.88%	<-IRR #YR->	10	CFPS 5 yr Running	20.50%
														$2,016	<-12 mths	3.23%
Excl.Working Capital CF	-$39	$169	-$38	$233	$514	$910	$437	-$3	-$93	-$207	-$29	-$68	-$108	$0	$0	$0		7.26%	<-IRR #YR->	5	CFPS 5 yr Running	41.98%
CF fr Op $M WC	$1,762	$1,709	$1,578	$1,855	$1,826	$1,780	$1,795	$1,628	$1,625	$1,933	$1,751	$1,849	$1,953	$2,058	$2,189	$2,284		23.76%	<-Total Growth	10	Cash Flow less WC
Increase	11.73%	-3.01%	-7.67%	17.55%	-1.56%	-2.52%	0.84%	-9.30%	-0.18%	18.95%	-9.42%	5.60%	5.62%	5.39%	6.35%	4.35%		2.15%	<-IRR #YR->	10	Cash Flow less WC	23.76%
5 year Running Average	$1,238	$1,421	$1,589	$1,696	$1,746	$1,750	$1,767	$1,777	$1,731	$1,752	$1,746	$1,757	$1,822	$1,909	$1,960	$2,067		3.71%	<-IRR #YR->	5	Cash Flow less WC	19.96%
CFPS Excl. WC	$6.75	$6.48	$5.91	$6.91	$6.74	$6.52	$6.57	$5.97	$6.03	$7.16	$6.46	$6.81	$7.18	$7.56	$8.04	$8.39		1.38%	<-IRR #YR->	10	CF less WC 5 Yr Run	14.68%
Increase	10.05%	-4.07%	-8.70%	16.83%	-2.49%	-3.25%	0.80%	-9.18%	1.12%	18.71%	-9.76%	5.35%	5.42%	5.32%	6.35%	4.35%		0.51%	<-IRR #YR->	5	CF less WC 5 Yr Run	2.56%
5 year Running Average	$4.83	$5.49	$6.09	$6.44	$6.56	$6.51	$6.53	$6.54	$6.36	$6.45	$6.44	$6.49	$6.73	$7.03	$7.21	$7.60		1.96%	<-IRR #YR->	10	CFPS - Less WC	21.40%
P/CF on Med Price	5.57	5.94	6.25	5.14	5.79	5.11	5.41	5.72	5.52	5.24	5.28	4.87	5.30	6.15	0.00	0.00		3.77%	<-IRR #YR->	5	CFPS - Less WC	20.30%
P/CF on Closing Price	5.28	6.32	5.40	5.24	5.55	4.81	5.96	5.21	6.08	5.12	4.93	5.12	5.95	6.63	6.23	5.96		1.01%	<-IRR #YR->	10	CFPS 5 yr Running	10.53%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	5.46	5 yr	5.03	P/CF Med	10 yr	5.29	5 yr	5.28		25.24%	Diff M/C		0.57%	<-IRR #YR->	5	CFPS 5 yr Running	2.90%
			-266.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	272.1								Shares
								-272.9	0.0	0.0	0.0	0.0	272.1								Shares
			-$1,616	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,061								Cash Flow
								-$1,631	$0	$0	$0	$0	$2,061								Cash Flow
			-$6.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.57								Cash Flow per Share
								-$5.98	$0.00	$0.00	$0.00	$0.00	$7.57								Cash Flow per Share
			-$5.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.10								CFPS 5 yr Running
								-$5.00	$0.00	$0.00	$0.00	$0.00	$7.10								CFPS 5 yr Running
			-$1,578	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,953								Cash Flow less WC
								-$1,628	$0	$0	$0	$0	$1,953								Cash Flow less WC
			-$1,589	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,822								CF less WC 5 Yr Run
								-$1,777	$0	$0	$0	$0	$1,822								CF less WC 5 Yr Run
			-$5.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.18								CFPS - Less WC
								-$5.97	$0.00	$0.00	$0.00	$0.00	$7.18								CFPS - Less WC
			-$6.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.73								CFPS 5 yr Running
								-$6.54	$0.00	$0.00	$0.00	$0.00	$6.73								CFPS 5 yr Running
Changes in non-cash working capital	$114	-$103	$84
Accts Rec				-$101	-$108	-$86	$108	-$13	-$105	-$155	$112	-$49	$193
Inventories				$3		$7	-$3	$2	$7	-$3	-$41	-$15	-$15
Prepaid Expenses & other curr Assets				-$4	-$15	-$139	-$56	$0	-$7	$5	-$7	-$19	-$13
Accts Payable & accrued Liab				$29	$151	$142	-$284	$14	$153	$264	-$111	-$8	-$156
Provisons and Other Curr liab				-$31	$39	-$33	-$24	$0	$0	-$5	-$54	$8	$13
Distribut rece Invest Joing									$45	$69	$77	$80	$79
Interest received										$32	$53	$71	$48
Div and Dis Rec						$2	$2	$0
Income taxes paid (In Notes)	-$75	-$66	-$46	-$52	-$65								-$41								See notes
Chge In rec under service concession				-$77	-$516	-$803	-$180	$0
Sum	$39	-$169	$38	-$233	-$514	-$910	-$437	$3	$93	$207	$29	$68	$108
Google --TD	$39	-$169	$38	-$156	$2	-$967	-$514	$3	$93	$207	$29	$68	$108
Difference	$0	$0	$0	-$77	-$516	$57	$77	$0	$0	$0	$0	$0	$0
TD		-$169	$38	-$233	-$514	-$910	-$437
Difference		$0	$0	$0	$0	$0	$0
						2021	2021	2021
WSJ WC								$3	$48	$106	-$101	-$83
OPM	53.27%	42.78%	49.51%	47.72%	32.58%	19.88%	34.78%	50.45%	48.88%	52.87%	46.89%	51.23%	55.85%	48.87%				12.81%	<-Total Growth	10	OPM
Increase	20.82%	-19.69%	15.74%	-3.62%	-31.73%	-38.99%	74.96%	45.07%	-3.12%	8.16%	-11.30%	9.25%	9.03%	-12.51%					Should increase		or be stable.
Diff from Ave	10.3%	-11.4%	2.5%	-1.2%	-32.5%	-58.8%	-28.0%	4.5%	1.2%	9.5%	-2.9%	6.1%	15.6%	1.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	48.30%	5 Yrs	51.23%					should be	zero, it is a		check on calculations
														$1,959	<-12 mths	0.31%
EBITDA							$1,584	$1,551	$1,533	$1,775	$1,980	$1,767	$1,953	$2,256	$2,444	$2,690			<-Total Growth	6	EBITDA	Fr Mkt Sc
Change								-2.08%	-1.16%	15.79%	11.55%	-10.76%	10.53%	15.51%	8.33%	10.07%		4.68%	<-Median->	6	Change
Margub							36.19%	39.72%	47.42%	50.50%	48.91%	46.55%	52.19%	61.14%	58.02%	58.57%		47.42%	<-Median->	7	Margub
Long Term Debt		$7,217	$7,971	$8,066	$9,895	$9,800	$8,808	$8,887	$8,977	$9,434	$10,007	$10,732	$11,922	$11,671							Debt	Type
Change			10.45%	1.19%	22.68%	-0.96%	-10.12%	0.90%	1.01%	5.09%	6.07%	7.24%	11.09%	-2.11%				3.14%	<-Median->	10	Change	Lg Term
Debt/Market Cap Ratio		0.67	0.94	0.83	0.98	1.15	0.82	1.05	0.91	0.95	1.16	1.13	1.03	0.86				1.00	<-Median->	10	Debt/Market Cap Ratio	Intan/GW
Assets/Current Liabilities		17.04	22.61	21.05	21.97	13.26	27.12	23.71	14.86	16.68	16.29	20.12	22.95	23.34				20.59	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)		4.69	4.93	4.97	7.54	11.26	6.49	5.45	5.23	4.41	5.62	5.60	5.78	5.67				5.61	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$370	$396	$484	$526	$563	$630	$629	$656	$726	$819	$976	$995	$1,014	$1,040				109.50%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$141	$141	$20	$20				#DIV/0!	<-Total Growth	10	Goodwill	D/E Ratio
Total	$370	$396	$484	$526	$563	$630	$629	$656	$726	$819	$1,117	$1,136	$1,034	$1,060				113.64%	<-Total Growth	10	Total
Change	12.12%	7.03%	22.22%	8.68%	7.03%	11.90%	-0.16%	4.29%	10.67%	12.81%	36.39%	1.70%	-8.98%	2.51%				7.86%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.04	0.04	0.06	0.05	0.06	0.07	0.06	0.08	0.07	0.08	0.13	0.12	0.09	0.08				0.08	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,105	$1,004	$1,057	$985	$2,040	$1,856	$1,714	$1,559	$1,731	$1,867	$1,437	$1,301	$1,665	$1,390				57.52%	<-Total Growth	10	Current Assets
Current Liabilities	$1,024	$980	$799	$892	$948	$1,645	$739	$856	$1,418	$1,317	$1,422	$1,182	$1,069	$1,050				33.79%	<-Total Growth	10	Current Liabilities
Liquidity	1.08	1.02	1.32	1.10	2.15	1.13	2.32	1.82	1.22	1.42	1.01	1.10	1.56	1.32				1.32	<-Median->	10	Ratio
Liq. with CF aft div	2.59	2.31	2.95	2.53	3.13	1.40	3.53	3.17	2.10	2.68	1.92	2.31	3.02	2.80				2.31	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.77	0.76	0.91	0.96	1.51	0.85	2.86	1.54	1.11	1.37	0.74	1.05	1.19	2.80				1.11	<-Median->	5	Ratio
Curr Long Term Debt	$138	$83	$5	$169	$5	$485	$485	$166	$331	$106	$528	$74	$374	$392
Liquidity Less CLTD	1.25	1.12	1.33	1.36	2.16	1.60	6.75	2.26	1.59	1.54	1.61	1.17	2.40	2.11				1.59	<-Median->	5	Ratio
Liq. with CF aft div	2.99	2.52	2.97	3.12	3.14	1.98	10.28	3.93	2.74	2.91	3.05	2.46	4.64	4.48				2.91	<-Median->	5	Ratio
Assets	$15,051	$16,702	$18,069	$18,781	$20,825	$21,819	$20,044	$20,296	$21,075	$21,974	$23,158	$23,787	$24,536	$24,511				35.79%	<-Total Growth	10	Assets
Liabilities	$9,657	$11,095	$11,876	$12,361	$14,363	$15,257	$13,123	$13,488	$14,253	$14,908	$16,002	$16,666	$17,938	$17,770				51.04%	<-Total Growth	10	Liabilities
Debt Ratio	1.56	1.51	1.52	1.52	1.45	1.43	1.53	1.50	1.48	1.47	1.45	1.43	1.37	1.38				1.46	<-Median->	10	Ratio
Estimates BVPS														$18.74	$19.67	$20.78			Estimates		Estimates BVPS
Estimate Book Value														$5,102.3	$5,355.5	$5,657.7			Estimates		Estimate Book Value
P/B Ratio (Close)														2.67	2.55	2.41			Estimates		P/B Ratio (Close)
Difference from 10 year median															86.53%	Diff M/C			Estimates		Difference from 10 yr med.
Total Equity	$5,394	$5,607	$6,193	$6,420	$6,462	$6,562	$6,921	$6,808	$6,822	$7,066	$7,156	$7,121	$6,598	$6,741				6.54%	<-Total Growth	10	Book Value
Pref Shares Subsidary Corp/NCI	$343	$187	$187	$202	$187	$187	$187	$187	$187	$187	$212	$212	$215	$215				14.97%	<-Total Growth	10	Pref Shares Subsidary /NCI
Net Equity	$5,051	$5,420	$6,006	$6,218	$6,275	$6,375	$6,734	$6,621	$6,635	$6,879	$6,944	$6,909	$6,383	$6,526				6.28%	<-Total Growth	10	Book Value
Book Value per share	$19.35	$20.54	$22.50	$23.15	$23.15	$23.34	$24.64	$24.27	$24.63	$25.49	$25.63	$25.44	$23.46	$23.97				4.25%	<-Total Growth	10	Book Value per share
P/B Ratio (Median)	$1.94	$1.87	$1.64	$1.53	$1.68	$1.43	$1.44	$1.41	$1.35	$1.47	$1.33	$1.30	$1.62	$1.94				1.43	<-Median->	10
									P/BV	10 yr Med	1.43	5 yr Med	1.35
Pref Shares *	$1,115	$1,115	$1,483	$1,483	$1,483	$1,483	$1,483	$1,483	$1,571	$1,571	$1,571	$1,571	$1,522	$1,522				2.63%	<-Total Growth	10	Pref Shares *
Book Value	$3,936	$4,305	$4,523	$4,735	$4,792	$4,892	$5,251	$5,138	$5,064	$5,308	$5,373	$5,338	$4,861	$5,004	$5,004	$5,004		7.47%	<-Total Growth	10	Book Value
Book Value per share	$15.08	$16.31	$16.95	$17.63	$17.68	$17.91	$19.22	$18.83	$18.80	$19.67	$19.83	$19.66	$17.87	$18.38	$18.38	$18.38		5.42%	<-Total Growth	10	Book Value per Share
Change	17.38%	8.18%	3.89%	4.04%	0.25%	1.32%	7.30%	-2.01%	-0.15%	4.60%	0.84%	-0.88%	-9.11%	2.87%	0.00%	0.00%		44.51%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.49	2.36	2.18	2.01	2.21	1.86	1.85	1.81	1.77	1.91	1.72	1.69	2.13	2.53	0.00	0.00		1.89	P/B Ratio		Historical Median
P/B Ratio (Close)	2.37	2.51	1.88	2.05	2.12	1.75	2.04	1.65	1.95	1.86	1.61	1.77	2.39	2.73	2.73	2.72		0.53%	<-IRR #YR->	10	Book Value per Share	5.42%
Change	-15.51%	6.02%	-24.85%	8.91%	3.11%	-17.37%	16.56%	-19.00%	18.19%	-4.50%	-13.71%	10.26%	34.90%	14.00%	0.00%	-0.22%		-1.05%	<-IRR #YR->	5	Book Value per Share	-5.12%
Leverage (A/BK)	2.79	2.98	2.92	2.93	3.22	3.33	2.90	2.98	3.09	3.11	3.24	3.34	3.72	3.64				3.17	<-Median->	10	A/BV
Debt/Equity Ratio	1.79	1.98	1.92	1.93	2.22	2.33	1.90	1.98	2.09	2.11	2.24	2.34	2.72	2.64				2.17	<-Median->	10	Debt/Eq Ratio
Medians								P/BV	P/BV	10 yr Med	1.85	5 yr Med	1.77		47.13%	Diff M/C		2.90	Historical		A/BV
			-$16.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.87
								-$18.83	$0.00	$0.00	$0.00	$0.00	$17.87
														$125	<-12 mths	52.44%
Comprehensive Income	$787	$610	$491	$580	$428	$657	$892	$451	$589	$784	$593	$522	$93					-81.06%	<-Total Growth	10	Net Income
Pref Shares Subsidary Corp/NCI	$19	$13	$8	$9	$7	$7	$7	$7	$7	$7	$10	$11	$11
Shareholders	$768	$597	$483	$571	$421	$650	$885	$444	$582	$777	$583	$511	$82					-83.02%	<-Total Growth	10	Comprehensive Income
Increase	95.42%	-22.27%	-19.10%	18.22%	-26.27%	54.39%	36.15%	-49.83%	31.08%	33.51%	-24.97%	-12.35%	-83.95%					-12.35%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$490	$515	$527	$562	$568	$544	$602	$594	$596	$668	$654	$579	$507					-16.25%	<-IRR #YR->	10	Comprehensive Income	-83.02%
ROE	19.5%	13.9%	10.7%	12.1%	8.8%	13.3%	16.9%	8.6%	11.5%	14.6%	10.9%	9.6%	1.7%					-28.67%	<-IRR #YR->	5	Comprehensive Income	-81.53%
5Yr Median	12.9%	12.9%	12.7%	12.1%	12.1%	12.1%	12.1%	12.1%	11.5%	13.3%	11.5%	10.9%	10.9%					-0.39%	<-IRR #YR->	10	5 Yr Running Average	-3.87%
% Difference from NI	30.8%	-16.0%	37.2%	-7.9%	-12.8%	2.5%	-6.9%	4.0%	48.1%	97.7%	-17.5%	6.5%	-31.1%					-3.12%	<-IRR #YR->	5	5 Yr Running Average	-14.68%
Median Values										Diff	5, 10 yr	-2.2%	6.5%					10.9%	<-Median->	5	Return on Equity
			-$483	$0	$0	$0	$0	$0	$0	$0	$0	$0	$82
								-$444	$0	$0	$0	$0	$82
			-$527	$0	$0	$0	$0	$0	$0	$0	$0	$0	$507
								-$594	$0	$0	$0	$0	$507
Current Liability Coverage Ratio	1.72	1.74	1.97	2.08	1.93	1.08	2.43	1.90	1.15	1.47	1.23	1.56	1.83	1.96							CFO / Current Liabilities
5 year Median	1.71	1.72	1.74	1.75	1.93	1.93	1.97	1.93	1.90	1.47	1.47	1.47	1.47	1.56				1.47	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	11.71%	10.23%	8.73%	9.88%	8.77%	8.16%	8.96%	8.02%	7.71%	8.80%	7.56%	7.77%	7.96%	8.40%							CFO / Total Assets
5 year Median	11.28%	11.28%	11.28%	10.23%	9.88%	8.77%	8.77%	8.77%	8.16%	8.16%	8.02%	7.77%	7.77%	7.96%				7.8%	<-Median->	5	Return on Assets
Return on Assets ROA	3.90%	4.26%	1.95%	3.30%	2.32%	2.91%	4.74%	2.10%	1.86%	1.79%	3.05%	2.02%	0.49%	3.02%				Net	Income/Assets		Return on Assets
5Yr Median	4.24%	4.24%	4.19%	3.90%	3.30%	2.91%	2.91%	2.91%	2.32%	2.10%	2.10%	2.02%	1.86%	2.02%				2.2%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	14.91%	16.52%	7.78%	13.09%	10.08%	12.96%	18.11%	8.31%	7.76%	7.40%	13.16%	8.99%	2.45%	14.79%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	15.32%	15.90%	15.90%	14.91%	13.09%	12.96%	12.96%	12.96%	10.08%	8.31%	8.31%	8.31%	7.76%	8.99%				9.5%	<-Median->	10	Return on Equity
														$107	<-12 mths	-10.08%
Net Income	$606	$724	$360	$629	$490	$641	$958	$434	$400	$400	$717	$491	$130					-63.89%	<-Total Growth	10	Net Income
NCI	$19	$13	$8	$9	$7	$7	$7	$7	$7	$7	$10	$11	$11
Shareholders	$587	$711	$352	$620	$483	$634	$951	$427	$393	$393	$707	$480	$119	$740	$795	$797		-66.19%	<-Total Growth	10	Net Income
Increase	4.63%	21.12%	-50.49%	76.14%	-22.10%	31.26%	50.00%	-55.10%	-7.96%	0.00%	79.90%	-32.11%	-75.21%	521.85%	7.43%	0.19%		EPS/CF Ratio should not be higher than 1.00
Pref Shares Subsidary Corp	$47	$51	$56	$68	$67	$67	$67	$67	$65	$75	$77	$77	$77	$77	$77	$77
Net Shareholders	$540	$660	$296	$552	$416	$567	$884	$360	$328	$318	$630	$403	$42	$663	$718	$720
Increase	2.94%	22.24%	-55.17%	86.49%	-24.64%	36.30%	55.91%	-59.28%	-8.89%	-3.05%	98.11%	-36.03%	-89.58%	1478.57%	8.30%	0.21%
5 Yr Running Average	$486	$525	$497	$515	$493	$498	$543	$556	$511	$491	$504	$408	$344	$411	$491	$509		-10.28%	<-IRR #YR->	10	Net Income	-66.19%
Operating Cash Flow	$1,801	$1,540	$1,616	$1,622	$1,312	$870	$1,358	$1,631	$1,718	$2,140	$1,780	$1,917	$2,061					-22.55%	<-IRR #YR->	5	Net Income	-72.13%
Investment Cash Flow	-$2,418	-$1,977	-$1,806	-$1,456	-$1,018	-$1,065	-$172	-$905	-$1,262	-$1,256	-$2,253	-$1,409	-$1,642					-3.61%	<-IRR #YR->	10	5 Yr Running Ave.	-30.79%
Total Accruals	$1,204	$1,148	$542	$454	$189	$829	-$235	-$299	-$63	-$491	$1,180	-$28	-$300					-9.14%	<-IRR #YR->	5	5 Yr Running Ave.	-38.07%
Total Assets	$15,051	$16,702	$18,069	$18,781	$20,825	$21,819	$20,044	$20,296	$21,075	$21,974	$23,158	$23,787	$24,536						Balance Sheet		Assets
Accruals Ratio	8.00%	6.87%	3.00%	2.42%	0.91%	3.80%	-1.17%	-1.47%	-0.30%	-2.23%	5.10%	-0.12%	-1.22%					-0.30%	<-Median->	5	Ratio
EPS/CF Ratio	0.31	0.39	0.19	0.30	0.23	0.32	0.49	0.22	0.20	0.29	0.36	0.22	0.02					0.26	<-Median->	10	EPS/CF Ratio
			-$352	$0	$0	$0	$0	$0	$0	$0	$0	$0	$119
								-$427	$0	$0	$0	$0	$119
			-$497	$0	$0	$0	$0	$0	$0	$0	$0	$0	$344
								-$556	$0	$0	$0	$0	$344
Change in Close	-0.83%	14.69%	-21.93%	13.31%	3.37%	-16.28%	25.06%	-20.63%	18.01%	-0.11%	-12.99%	9.28%	22.61%	17.27%	0.00%	-0.22%			Count	32	Years of data
up/down	down	down	down									Down							Count	13	40.63%
Meet Prediction?																		% right	Count	1	7.69%
Financial Cash Flow	$770	$291	$353	-$341	-$217	$367	-$788	-$924	-$478	-$932	-$19	-$790	$327						C F Statement		Financial Cash Flow
Total Accruals	$434	$857	$189	$795	$406	$462	$553	$625	$415	$441	$1,199	$762	-$627								Accruals
Accruals Ratio	2.88%	5.13%	1.05%	4.23%	1.95%	2.12%	2.76%	3.08%	1.97%	2.01%	5.18%	3.20%	-2.56%					2.01%	<-Median->	5	Ratio
Cash	$496	$347	$519	$340	$418	$599	$977	$778	$750	$698	$207	-$80	$671	$355							Cash
Cash per Share	$1.90	$1.31	$1.94	$1.27	$1.54	$2.19	$3.58	$2.85	$2.78	$2.59	$0.76	-$0.29	$2.47	$1.30				$2.47	<-Median->	5	Cash per Share
Percentage of Stock Price	5.33%	3.21%	6.09%	3.50%	4.12%	7.00%	9.13%	9.17%	7.59%	7.06%	2.40%	-0.85%	5.77%	2.60%				5.77%	<-Median->	5	% of Stock Price
Notes:
May 22, 2026.  Last estimates were for 2025, 2026, 2027 of $4169M, $4319M, $4722M Revenue, 42.39, $2.50 and $2.63 AEPS, $2.40, $2.51, $2.63 EPS,
$1.83, $1.85, $1.86 Dividends, -$122M, -$22M 2025/6 FCF, $6.69, $7.22, $7.69 for CFPS, $2153M, $2268M, $2516M EBITDA, $20.17, $20.75, $21.51 BVPS, $652M, $682M, $714M Net Income.
May 17, 2025.  Last estimates were for 2024, 2025, 2026 of $4322M, $4374M, $4531M Revenue, $2.32, $2.43, $2.46 AEPS, $2.34, 2.40 2024/5 EPS, $1.81, $1.83, $1.85 for Dividends,
$713M, $620M, $997M FCF, $6.22, $6.88, $7.08 CFPS, $2117M, $2191M, $2376M EBITDA, $20.10, $20.60, $21.20 BVPS, $633M, $651M 2024/5 Net Income.
May 15, 2024.  Last estimates were for 2023, 2024 and 2025 $3994M, $4060M, $4266M Revenue, |$2.32, $2.37, $2.47 AEPS, $2.26, $2.38 and $2.47 for EPS,
$1.79, $1.82, $1.85 Div, $96M, $809M, $1043M FCF, $6.73, $6.51, $7.26 CFPS, $19.80, $20.40., $21 BVPS. $569M, $611M 2023/4 Net Income.
May 17, 2023.  Last estimates were for 2022, 2023 and 2024 of $3693M, $3573M and 3350M for Revenue, $2.29, $2.24 and $2.22 for AEPS, $2.21, $2.21 and $2.22 for EPS,
$1.78, $1.80 and $1.85 for Dividends, $441M, $420M and $696M for FCF, $5.92, $5.48 and $5.65 for CFPS, and $595M and $595M 2022/3 for Net Income.
May 15, 2022.  Last estimates were for 2021, 2022 and 2023 of $3430M, $3571M and $3658M for Revenue, $2.02, $2.13 and $2.17 for EPS,
$1.76, $1.79 and $1.81 for Dividends, $409M, $612M and $940M for FCF, $6.10, $6.36 and $6.78 for CFPS, $520M, $580M and $569M for Net Income.
May 15, 2021.  Last estimates were for 2020, 2021 and 2022 of $3532M, $3665M and $3572M for Revenue, $1.97, $2.05 and $2.20 for EPS, $1.75, $1.80 and $1.85 for Dividends,
$624M, $498M and $605M for FCF, $5.47 and $5.99 for FCPS for 2020 and 2021 and $526M, $554M and $592M for Net Income.
May 10, 2020.  Last estimates were for 2019, 2020 and 2021 of $4143M, $4299M, $4376M for Revenue, $2.18, $2.27,  $2.38 for EPS, $5.70, $5.90, $6.31 for CFPS and $595M, $615M,  $647M for Net Income.
May 10, 2018.  Last estimaes were for 2018, 2019 and 2020 of $3918M, $3589M and $4326M for Revenue, $2.20m $2.36 and $2.59 for EPS, $5.57, $5.97 ad $6.46 for CFPS and $612M, $638M and $679M for Net Income.
May 14, 2017.  Last estimates were for 2016, 2017 and 2018 of $3497M, 3713M and 3974M for Revenue, $2.01, $2.24 and $3.08 for EPS, $5.78, $6.22 and $6.60 for CPFS and $610M, $613M and $636M for Net Income.
September 23, 2016.  Last estimates were for 2015, 2016 and 2017 of $3574M, $3948M and $4133M for Revenue, $1.95, $2.35 and $2.56 for EPS, $4.02, $4.29 and $4.58 for CFPS and $524M, $639M and $672M for Net Income.
September 27, 2015.  Last estimates were for 2014, 2015 and 2016 of $3657M $3957M and $4097M for Revenue, $2.43, $2.58 and $2.62 for EPS, $5.52, $5.93 and $6.23 for CFPS and $656M, $673M and $719M for Net Income.
September 19, 2014.  Last estimates were for 2013, 2014 and 2015 of $3531M, $3989M and $4187M for revenue, $2.19, $2.23 and $1.88 for EPS, $5.09, 5.47 and $5.73 for CFPS.
September 21, 2013.  Last estimates were for 2012 and 2013 of $3383M and $3587M for Revenue, $4.05 and $4.30 (and $4.80) for EPS and $7.13 (2012) for CFPS.
August 16, 2012.  Last estimates I got were for 2011 and 2012 at $3.60 and $4.05 for earnings and $6.55 and $7.13 for CF.
Jul 23, 2011.  When I last looked I got estimates for 2010 and 2011 of $3.30 and $3.43 for EPS and $$6.30 and $6.70 for CF.
Aug 15, 2010.  When I last looked at this stock, the 2009 and 2010 earnings estimates were $2.95 (came in at $3.71) and $3.02 and Cash Flow $6.40 and $6.55.
Nov 19, 2009.  When I looked at this in July 2009, I picked up earnings for 2009 and 2010 of $2.93 and $3.02 and cash flow of $6.25 and $6.50.
Jul 7, 2009.  In Jan 2009 I picked up earnings estimates for 2009 and 2010 of  $2.94 and $2.89.  Earnings for 2009 were $3.28.
Have been increasing dividends since 1973.
July 2011.  Current thinking is that preferred shares are neither equity or liability.
Notes: * I looked at preferred shares for this company as there is some controvsy of whether these shares are a liability or equity.  Mostly it seems to be that they are a liability.
However, I have separated them out.  Graham Price formula generally uses the book value, but really it is asset less liabilities divided by no. of shares.    However, if we exclude
preferred shares from the liabilities of this company, the Graham Price is higher.  See values below.  However, as in most valuations it is the relative values that count.
For example, not only do you look at the Graham Price, but on the past differnces between stock price and Graham Price.
Two shares classes, A and B.
Class A non-voting is on TSX exchange.
Class B is voting and does not appear on the TSX.
Sector:
Power, Utility
What should this stock accomplish?
This is a utility stocks and you should expect a moderate dividend yield with moderate growth.
Would I buy this company and Why.
This is a dividend growth utility stock.
This stock is closely linked to ATCO Ltd. (TSX-ACO), so you would not buy both.
Why am I following this stock.
I started to follow this stock in January of 2009 because it was on the Dividend Achievers list, the Dividend Aristocrats list and was also on Mike Higgs’ dividend growth list at that time.
The Dividend Aristocrats list is now an index on the TSX.  ATCO (TSX-ACO-X) owns 88% of this stock, so you would not buy both these stocks.
Dividends
Dividends are paid quarterly in cycle 3, that is in March, June, September and December.  Dividends are declared for one month and paid in the following month.
For example, the dividend declared for shareholders of record of Febuary 7, 2012 was paid on March 1, 2012.
How they make their money.
Canadian Utilities Ltd, a subsidiary of holding company Atco, offers gas and electricity services. The company is engaged in segments that
include ATCO Energy Systems, ATCO EnPower, ATCO Australia, and Corporate & Other. Headquartered in Calgary, Alberta,
the firm mainly operates in Canada, Australia, and others.
ATCO (ACO.X) owns 90.15% of of Class B shares in this company.
Class A - TSX-CU (non-voting) & B share -TSX-CU.X
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.
This stock (TSX-CU) is on the Dividend Achievers list at http://www.dividendachievers.com/, the Dividend Aristocrats list at http://www.tmxmoney.com/en/individual.html (see indices) and also
on Mike Higgs’ list at http://www.dividendgrowth.org/Report.htm.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2018	May 10	2019	May 10	2020	May 15	2021	May 15	2022	May 20	2023	May 16	2024	May 17	2025			May 22	2026
Myles, Robert J.												0.010	0.00%	0.012	0.01%			0.014	0.01%	A	Appointed May 8, 2025	16.08%
Officer - Class A													$0.345		$0.499				$0.679	A
Options - percentage												0.194	0.09%	4.275	2.08%			0.402	0.20%			-90.60%
Options - amount													$6.761		$182.671				$20.139
Patrick, Katherine-Jane.										0.002	0.00%	0.002	0.00%	0.002	0.00%			0.002	0.00%	A	Subsidiary Executives	7.15%
CFO - Shares - Amount											$0.059		$0.069		$0.091				$0.115	A
Options - percentage										0.011	0.01%	0.011	0.01%	0.011	0.01%			0.028	0.01%			161.90%
Options - amount											$0.335		$0.366		$0.449				$1.378
Shkrobot, Brian P.								0.009	0.00%	0.011	0.01%									A	Ceased Insider Feb 2024
CFO - Shares - Amount									$0.342		$0.341									A
Options - percentage								0.030	0.01%	0.092	0.04%
Options - amount									$1.100		$2.924
Ivulich, John Vincent														0.003	0.00%			0.004	0.00%	A		32.59%
Officer - Shares - Amount															$0.132				$0.206	A
Options - percentage														0.078	0.04%			0.112	0.05%			43.45%
Options - amount															$3.333				$5.607
Constantinescu, M. George		0.002	0.00%	0.004	0.00%	0.002	0.00%	0.004	0.00%	0.004	0.00%	0.007	0.00%	0.008	0.00%						ceased insider Jan 2026
Officer - Shares - Amount			$0.081		$0.132		$0.066		$0.134		$0.139		$0.256		$0.360
Shares B - percentage						0.000	0.00%	0.000	0.00%	0.002	0.00%	0.000	0.00%	0.000	0.00%
Officer - Shares - Amount							$0.000		$0.007		$0.061		$0.000		$0.000
Options - percentage		0.002	0.00%	0.004	0.00%	0.006	0.00%	0.008	0.00%	0.012	0.01%	0.017	0.01%	0.024	0.01%
Options - amount			$0.078		$0.124		$0.220		$0.293		$0.383		$0.592		$1.026
Cook, P. Derek	0.00%	0.002	0.00%	0.007	0.00%	0.001	0.00%	0.002	0.00%	0.002	0.00%	0.003	0.00%	0.000	0.00%						filed Jan 2024
Officer - Shares - Amount	$0.141		$0.089		$0.207		$0.048		$0.065		$0.070		$0.094		$0.016
Options - percentage	0.00%	0.004	0.00%	0.008	0.00%	0.012	0.00%	0.016	0.01%	0.020	0.01%	0.024	0.01%	0.029	0.01%
Options - amount	$0.251		$0.141		$0.236		$0.426		$0.572		$0.625		$0.822		$1.222
Prenrice, Becky														0.004	0.00%			0.001	0.00%	A		-76.25%
Officer - Shares - Amount															$0.180				$0.050	A
Options - percentage														0.096	0.05%			0.086	0.04%			-10.73%
Options - amount															$4.102				$4.294
Charlton, Loraine M.	0.02%	0.039	0.02%	0.015	0.01%	0.043	0.02%	0.016	0.01%	0.047	0.02%	0.051	0.02%	0.054	0.03%			0.057	0.03%	A		5.78%
Director - Shares - Amount	$1.119		$1.510		$0.478		$1.561		$0.577		$1.511		$1.783		$2.316				$2.873	A
Shares B - percentage	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%	B		#DIV/0!
Shares B - amount	$0.066		$0.082		$0.065		$0.077		$0.077		$0.067		$0.000		$0.000				$0.000	B
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Priced options, RTS	#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Urwin, Roger J.						0.020	0.01%	0.021	0.01%	0.034	0.02%	0.023	0.01%	0.025	0.01%
Lead Director- Shares - Amt							$0.725		$0.757		$1.096		$0.787		$1.050
Options - percentage						0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%
Options - amount							$0.000		$0.000		$0.000		$0.000		$0.000
Routs, Robert John														0.015	0.01%			0.017	0.01%		Lead in 2026	15.75%
Lead Director- Shares - Amt															$0.643				$0.873
Options - percentage														0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount															$0.000				$0.000
Simpson, James W.	0.01%	0.032	0.01%																	A
Lead Director- Shares - Amt	$1.180		$1.245																	A
Options - percentage	0.00%	0.004	0.00%																		Priced options, RTS
Options - amount	$0.125		$0.157
Southern, Nancy C.	38.87%	77.504	38.81%	77.517	38.87%	77.515	0.68%	77.516	38.50%	77.581	37.97%	77.668	37.89%	77.670	37.80%			77.674	37.77%	A	Was Chair & CEO 2018	0.01%
Chair - & CEO Shares A- Amount	$2,427.147		$3,035.841		$2,409.995		$2,844.007		$2,840.965		$2,474.046		$2,706.733		$3,318.842				$3,892.262	A	and again in 2023, 2024
Shares B - percentage	90.27%	66.599	90.55%	66.599	90.67%	66.603	92.01%	66.599	97.16%	66.599	100.00%	66.599	100.00%	66.599	100.00%			66.599	100.00%	B	Exec utive Chair 2026	0.00%
Shares B - amount	$2,085.876		$2,608.677		$2,070.558		$2,443.666		$2,440.848		$2,123.837		$2,320.970		$2,845.769				$3,337.269	B
Options - percentage	0.53%	1.425	0.52%	1.705	0.62%	1.261	0.47%	1.245	0.62%	1.420	0.70%	1.620	0.79%	1.970	0.96%			2.180	1.06%		Priced options, RTS	10.66%
Options - amount	$45.175		$55.817		$53.008		$46.266		$45.629		$45.287		$56.457		$84.178				$109.240
ATCO Ltd.	27.97%	76.396	27.96%	76.396	28.00%	76.396	28.36%	76.396	37.94%	76.396	37.39%	76.396	37.27%	0.000	0.00%					A	ATCO Sept 2013 says	#DIV/0!
10% Holder Class A	$2,392.724		$2,992.433		$2,375.153		$2,802.971		$2,799.915		$2,436.270		$2,662.402		$0.000					A	They own 88.1%
Shares B - percentage	48.55%	132.618	48.53%	132.618	48.60%	132.618	49.24%	132.618	65.86%	132.618	199.13%	132.618	199.13%	0.000	0.00%					B	Last filing Jun 2017	#DIV/0!
Shares B - amount	$4,153.611		$5,194.666		$4,123.109		$4,865.772		$4,860.468		$4,229.204		$4,621.754		$0.000					B
Increase in O/S Shares	0.06%	0.039	0.01%	0.104	0.04%	0.035	0.01%	0.062	0.02%	0.030	0.02%	0.017	0.01%	0.006	0.01%			0.522	0.78%
due to SO	$5.967		$1.221		$4.091		$1.082		$2.289		$1.114		$0.529		$0.192				$22.292
Book Value	$4.000		$1.000		$3.000		$1.000		$2.000		$1.000		$1.000		$2.000				$21.000
Insider Buying	-$0.887		$0.000		-$0.155		$0.000		-$0.075		-$0.065		-$9.976		$0.000				$0.000
Insider Selling	$6.077		$0.936		$3.458		$0.756		$1.906		$0.117		$9.371		$0.361				$5.925
Net Insider Selling	$5.190		$0.936		$3.303		$0.756		$1.831		$0.051		-$0.605		$0.361				$5.925
% of Market Cap	0.06%		0.01%		0.04%		0.01%		0.02%		0.00%		-0.01%		0.00%				0.04%
Directors		10		11		11		11		13		13		12				11
Women	40%	4	40%	4	36%	4	36%	4	36%	5	38%	5	38%	5	42%			5	45%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	2.29%	177	21.96%	20	35.66%	20	11.06%	20	9.38%	20	6.86%	20	7.21%	20	8.50%			20	9.82%
Total Shares Held	0.62%	43.787	16.03%	97.409	35.70%	29.962	11.12%	25.280	12.55%	18.527	9.07%	19.556	9.54%	23.095	11.24%			26.727	13.00%
Increase/Decrease 3 Mths	0.00%	0.176	0.40%	-0.163	-0.17%	-1.338	-4.27%	-0.649	-2.50%	0.020	0.11%	-0.612	-3.03%	0.972	4.39%			-0.694	-2.53%
Starting No. of Shares	Reuters	43.611	Reuters	97.571	Reuters	31.299	MS 20	25.929	MS 20	18.508	MS 20	20.168	MS 20	22.123	MS 20			27.421	MS 20
Institutions/Holdings	0.00%	285	20.63%
Value	$0.000		$2,208.390
Total Shares Held	10.98%	42.000	15.38%
Value	$0.000		$1,315.44
Increase/Decrease 3 Mths	0.00%	-4.000	-8.70%
Starting No. of Shares	Morningstar	46.000	Morningstar
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My Stock
																		20-Nov-17	-$19,059.99		$38.12	500
																		12-Dec-17	-$15,249.99		$38.12	400
																		18-Sep-19	-$11,670.99		$38.90	300
																		5-Dec-25	-$8,366.00
																		25-Jan-17	-$3,755.49		$37.55	100
																		25-Jan-17	-$3,747.00		$37.47	100
																		13-Sep-19	-$11,484.99		$38.28	300
																		13-Sep-19	-$3,825.00		$38.25	100
																		13-Sep-19	-$3,825.00		$38.25	100
																		5-Dec-25	$8,366.00
																		30-Apr-26	$92,131.00		$38.22	1,900
																		3.11%	XIRR		$48.49	1,900
																		7.17%	Total Return
																		4.06%	Dividend Ret.
																		% from	$125,438.81		Total Value	Gain
																			$8,366.00		Less Sale of Stock
																			-$92,131.00		Less Stock Value
																		78.90%	$41,673.81		Dividends Paid	51.46%
																			$80,984.45		Cost of Stock
																			$0.00		Sale of Stock
																		21.10%	$11,146.55		Capital Gains/Loss	13.76%
																		100.00%	$52,820.36		Total Return	65.22%
																		Start Date	25-Jan-17		Shares	1,900
																		End date	30-Apr-26		Dividends paid per Share	$21.93
																		Years	9.26		Div less cost	-$16.29
																					Cost	$38.22
																					% paid by div	57.39%