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 2025					https://www.annualreports.com/Company/empire-company-limited
See my website on stocks or see my blog at the following sites.					https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Empire Company Ltd			TSX:	EMP.A	OTC:	EMLAF	https://www.empireco.ca			Fiscal Yr:	Apr 30
Year	30-Apr-13	30-Apr-14	30-Apr-15	30-Apr-16	30-Apr-17	30-Apr-18	30-Apr-19	30-Apr-20	30-Apr-21	30-Apr-22	30-Apr-23	30-Apr-24	30-Apr-25	30-Apr-26	30-Apr-27	29-Apr-28		Value	Description	#Y	Item	Total G
Year End Date	4-May-13	3-May-14	2-May-15	7-May-16	6-May-17	6-May-18	4-May-19	2-May-20	1-May-21	7-May-22	6-May-23	4-May-24	3-May-25	1-May-26	1-May-26	1-May-26
Accounting Rules			IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date			28-Sep-15																		Split Date
Split			3																		Split
														$31,586	<-12 mths	0.99%			Estimates		last 12 months from Qtr.
Revenue*	$17,612.7	$20,993.0	$23,928.8	$24,618.8	$23,806.2	$24,214.6	$25,142.0	$26,588.2	$28,268.3	$30,162.4	$30,478.1	$30,732.6	$31,277	$32,339	$33,335			30.71%	<-Total Growth	10	Revenue
Increase	8.39%	19.19%	13.98%	2.88%	-3.30%	1.72%	3.83%	5.75%	6.32%	6.70%	1.05%	0.84%	1.77%	3.40%	3.08%			2.71%	<-IRR #YR->	10	Revenue	30.71%
5 year Running Average	$16,084.5	$17,280.0	$18,963	$20,680	$22,192	$23,512	$24,342	$24,874	$25,604	$26,875	$28,128	$29,246	$30,184	$30,998	$31,632			3.30%	<-IRR #YR->	5	Revenue	17.63%
Revenue per Share	$86.40	$75.81	$86.39	$90.62	$87.63	$89.13	$92.50	$98.80	$106.49	$114.83	$120.32	$126.96	$134.45	$139.02	$143.30			4.76%	<-IRR #YR->	10	5 yr Running Average	59.18%
Increase	8.39%	-12.26%	13.96%	4.90%	-3.30%	1.71%	3.79%	6.81%	7.78%	7.83%	4.79%	5.51%	5.90%	3.40%	3.08%			3.95%	<-IRR #YR->	5	5 yr Running Average	21.35%
5 year Running Average	$78.68	$79.22	$81.39	$83.78	$85.37	$85.91	$89.25	$91.74	$94.91	$100.35	$106.59	$113.48	$120.61	$127.12	$132.81			4.52%	<-IRR #YR->	10	Revenue per Share	55.64%
P/S (Price/Sales) Med	0.24	0.33	0.31	0.28	0.21	0.25	0.29	0.31	0.33	0.36	0.32	0.28	0.31	0.38	0.00			6.36%	<-IRR #YR->	5	Revenue per Share	36.08%
P/S (Price/Sales) Close	0.26	0.30	0.34	0.23	0.24	0.28	0.32	0.31	0.36	0.37	0.30	0.25	0.38	0.40	0.39			4.01%	<-IRR #YR->	10	5 yr Running Average	48.19%
*Revenue in M CDN $					P/S Med	20 yr	0.27	15 yr	0.29	10 yr	0.30	5 yr	0.32		34.77%	Diff M/C		5.63%	<-IRR #YR->	5	5 yr Running Average	31.48%
			-$23,929	$0	$0	$0	$0	$0	$0	$0	$0	$0	$31,277
								-$26,588	$0	$0	$0	$0	$31,277
			-$18,963	$0	$0	$0	$0	$0	$0	$0	$0	$0	$30,184
								-$24,874	$0	$0	$0	$0	$30,184
			-$86.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$134.45
								-$98.80	$0.00	$0.00	$0.00	$0.00	$134.45
			-$81.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$120.61
								-$91.74	$0.00	$0.00	$0.00	$0.00	$120.61
														$715.8	<-12 mths	0.67%			Estimates		Last 12 months from Qtr
														$3.01	<-12 mths	0.67%			Estimates		Last 12 months from Qtr
														26.67%	26.80%				Estimates		Payout Ratio EPS
Adjusted Net Earnings	$390.7	$391.4	$518.9	$410.2	$191.3	$344.3	$410.0	$596.8	$705.5	$745.8	$727.1	$681.6	$711					37.02%	<-Total Growth	10	Adjusted Net Earnings
Pre-split 2015	$5.74	$4.88	$5.62
Adjusted Net EPS	$1.91	$1.63	$1.84	$1.50	$0.70	$1.28	$1.50	$2.20	$2.60	$2.80	$2.80	$2.75	$2.99	$3.30	$3.58			62.50%	<-Total Growth	10	Adjusted EPS
Increase	21.87%	-14.98%	13.11%	-18.48%	-53.33%	82.86%	17.19%	46.67%	18.18%	7.69%	0.00%	-1.79%	8.73%	10.37%	8.48%			11	7	19	Years of data, Count P, N	57.89%
Earnings Yield	8.37%	7.11%	6.31%	7.06%	3.33%	5.16%	5.03%	7.16%	6.73%	6.60%	7.70%	8.57%	5.84%	5.88%	6.38%			4.97%	<-IRR #YR->	10	Adjusted EPS	62.50%
5 year Running Average	$1.62	$1.68	$1.75	$1.69	$1.52	$1.39	$1.36	$1.44	$1.66	$2.08	$2.38	$2.63	$2.79	$2.93	$3.08			6.33%	<-IRR #YR->	5	Adjusted EPS	35.91%
Payout Ratio	16.72%	21.31%	19.57%	26.67%	58.57%	32.81%	29.33%	21.82%	19.23%	21.43%	23.57%	26.55%	26.76%	26.67%	24.58%			4.76%	<-IRR #YR->	10	5 yr Running Average	59.19%
5 year Running Average	16.87%	17.65%	18.20%	20.43%	24.23%	27.88%	29.77%	29.94%	27.17%	23.51%	22.52%	22.59%	23.60%	0.00%	0.00%			14.19%	<-IRR #YR->	5	5 yr Running Average	94.15%
Price/AEPS Median	10.64	15.19	14.47	17.04	26.83	17.54	17.94	14.01	13.60	14.74	13.66	13.13	13.86	15.97	0.00			14.37	<-Median->	10	Price/AEPS Median
Price/AEPS High	11.96	17.06	17.17	20.53	32.23	20.43	20.74	16.98	15.59	16.30	15.40	14.74	17.12	17.05	0.00			17.05	<-Median->	10	Price/AEPS High
Price/AEPS Low	9.33	13.33	11.78	13.56	21.43	14.64	15.13	11.04	11.60	13.18	11.93	11.52	10.61	14.89	0.00			12.55	<-Median->	10	Price/AEPS Low
Price/AEPS Close	11.95	14.06	15.84	14.16	30.04	19.40	19.87	13.97	14.87	15.15	12.99	11.66	17.12	17.01	15.68			15.01	<-Median->	10	Price/AEPS Close
Trailing P/AEPSClose	14.56	11.96	17.92	11.54	14.02	35.47	23.28	20.49	17.57	16.32	12.99	11.45	18.62	18.77	17.01			16.95	<-Median->	10	Trailing P/AEPSClose
Median Values	in order	13.60	15.40	11.78	13.27	23.57%	P/CF	5 Yrs	in order	13.66	15.59	11.60	14.87		24.49%	Diff M/C		18.33%	Diff M/C	10	Median Values
* Adjusted Net ESP
			-$1.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.99
								-$2.20	$0.00	$0.00	$0.00	$0.00	$2.99
			-$1.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.79
								-$1.44	$0.00	$0.00	$0.00	$0.00	$2.79
														$2.95	<-12 mths	0.68%			Estimates		Last 12 months from Qtr
My Calculation
Pre-split 2002
Pre-split 2015	$5.66	$2.94	$4.54
EPS Basic	$1.89	$0.98	$1.51	-$7.78	$0.58	$0.59	$1.42	$2.16	$2.61	$2.81	$2.65	$2.92	$2.94					94.27%	<-Total Growth	10	EPS Basic	TD Est
EPS Diluted with w/o				-$7.78	<--real																TD Bank
Pre-split 2002
Pre-split 2015	$5.65	$2.93	$4.54
EPS Diluted*	$1.88	$0.98	$1.51	-$7.78	$0.58	$0.59	$1.42	$2.15	$2.60	$2.80	$2.64	$2.92	$2.93	$3.29	$3.57			93.61%	<-Total Growth	10	EPS Diluted
Increase	13.23%	-48.14%	54.95%	-614.10%	107.46%	1.72%	140.68%	51.41%	20.93%	7.69%	-5.71%	10.61%	0.34%	12.29%	8.51%			9	1	10	Years of Data, EPS P or N	90.00%
DPR 5 years Running	16.73%	18.98%	20.31%	-99.04%	-64.98%	-47.01%	-55.21%	-70.72%	30.65%	25.52%	23.08%	22.65%	23.69%	25.17%	25.73%			-13.35%	<-Median->	10	DPR 5 years Running
Earnings Yield	8.24%	4.27%	5.19%	-36.63%	2.76%	2.38%	4.77%	7.00%	6.73%	6.60%	7.26%	9.11%	5.72%	5.86%	6.36%			6.83%	<-IRR #YR->	10	Earnings per Share	93.61%
5 year Running Average	$1.63	$1.56	$1.57	-$0.35	-$0.57	-$0.82	-$0.74	-$0.61	$1.47	$1.91	$2.32	$2.62	$2.78	$2.92	$3.07			6.39%	<-IRR #YR->	5	Earnings per Share	36.28%
10 year Running Average	$1.42	$1.43	$1.48	$0.55	$0.51	$0.40	$0.41	$0.48	$0.56	$0.67	$0.75	$0.94	$1.09	$2.19	$2.49			5.88%	<-IRR #YR->	10	5 yr Running Average	77.09%
* Diluted ESP per share									E/P	10 Yrs	6.16%	5Yrs	6.73%					#NUM!	<-IRR #YR->	5	5 yr Running Average	556.91%
			-$1.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.93
								-$2.15	$0.00	$0.00	$0.00	$0.00	$2.93
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.78
								$0.61	$0.00	$0.00	$0.00	$0.00	$2.78
Dividend*														$0.88	$0.96				Estimates		Dividend*
Increase														10.00%	9.01%				Estimates		Increase
Payout Ratio EPS														26.75%	26.87%				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	<-Median->	10	Special Dividends
Pre-split 2002
Pre-split 2015
Dividend*	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$0.80	$0.88	$0.88	$0.88		122.22%	<-Total Growth	10	Dividends
Increase	6.67%	8.33%	3.85%	11.11%	2.50%	2.44%	4.76%	9.09%	4.17%	20.00%	10.00%	10.61%	9.59%	10.00%	0.00%	0.00%		35	0	40	Years of data, Count P, N
5 year Increases	37.14%	40.54%	34.99%	33.33%	28.13%	21.15%	22.22%	20.00%	21.95%	42.86%	50.00%	52.08%	60.00%	46.67%	33.33%	20.55%		30.73%	<-Median->	10	5 year Increases
Dividends 5 Yr Running	$0.27	$0.30	$0.32	$0.35	$0.37	$0.39	$0.41	$0.43	$0.45	$0.49	$0.54	$0.59	$0.66	$0.73	$0.79	$0.83		106.48%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.57%	1.40%	1.35%	1.56%	2.18%	1.87%	1.64%	1.56%	1.41%	1.45%	1.73%	2.02%	1.93%	1.67%				1.68%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.40%	1.25%	1.14%	1.30%	1.82%	1.61%	1.41%	1.28%	1.23%	1.31%	1.53%	1.80%	1.56%	1.56%				1.47%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	1.79%	1.60%	1.66%	1.97%	2.73%	2.24%	1.94%	1.98%	1.66%	1.63%	1.98%	2.31%	2.52%	1.79%				1.98%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.40%	1.52%	1.23%	1.88%	1.95%	1.69%	1.48%	1.56%	1.29%	1.41%	1.81%	2.28%	1.56%	1.57%	1.57%	1.57%		1.63%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	16.99%	35.50%	23.79%	-5.14%	70.69%	71.19%	30.99%	22.33%	19.23%	21.43%	25.00%	25.00%	27.30%	26.75%	24.65%	#DIV/0!		25.00%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	16.73%	18.98%	20.31%	-99.04%	-64.98%	-47.01%	-55.21%	-70.72%	30.65%	25.52%	23.08%	22.65%	23.69%	25.17%	25.73%	#DIV/0!		-12.18%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	8.28%	12.19%	8.59%	12.12%	15.72%	12.97%	13.50%	6.18%	7.14%	7.48%	10.41%	8.52%	8.75%	9.62%	#DIV/0!	#DIV/0!		9.58%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	7.49%	8.27%	8.72%	9.49%	10.93%	11.97%	12.23%	10.66%	9.42%	8.33%	8.27%	7.88%	8.42%	8.90%	#DIV/0!	#DIV/0!		9.46%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	6.92%	9.99%	7.87%	9.49%	13.81%	13.13%	12.70%	6.97%	6.20%	6.95%	7.49%	7.82%	7.95%	9.62%	#DIV/0!	#DIV/0!		7.89%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	7.45%	7.85%	7.89%	8.19%	9.25%	10.51%	11.02%	10.37%	9.16%	8.07%	7.48%	7.12%	7.33%	7.98%	#DIV/0!	#DIV/0!		8.67%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	1.68%	1.63%	5 Yr Med	5 Yr Cl	1.73%	1.56%	5 Yr Med	Payout	25.00%	8.52%	7.49%					10.76%	<-IRR #YR->	5	Dividends	66.67%
* Dividends per share	10 Yr Med	and Cur.	-6.70%	-3.64%	5 Yr Med	and Cur.	-9.13%	0.34%	Last Div Inc --->		$0.2000	$0.2200	10.00%					8.31%	<-IRR #YR->	10	Dividends	122.22%
Dividends Growth 15																		8.16%	<-IRR #YR->	15	Dividends	224.32%
Dividends Growth 20																		8.38%	<-IRR #YR->	20	Dividends	400.00%
Dividends Growth 25																		12.04%	<-IRR #YR->	25	Dividends	1614.24%
Dividends Growth 30																		11.18%	<-IRR #YR->	30	Dividends	2300.10%
Dividends Growth 35																		10.21%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		9.90%	<-IRR #YR->	40	Dividends
Dividends Growth 5								-$0.48	$0.00	$0.00	$0.00	$0.00	$0.80								Dividends Growth 5
Dividends Growth 10			-$0.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.80								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	$0.80								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	$0.80								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	$0.80								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	$0.80								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	$0.80								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	$0.80								Dividends Growth 40
Historical Dividends	Historical	High Div	2.48%	Low Div	0.84%	10 Yr High	2.71%	10 Yr Low	1.24%	Med Div	1.45%	Close Div	1.40%								Historical Dividends	Div Pd
High/Ave/Median Values	Curr diff	Exp.	-36.78%		86.64%	Exp.	-42.15%		26.43%	Cheap	8.12%	Cheap	12.00%								High/Ave/Median	$1.47
																						$2.44
Future Dividend Yield					Div Yield	2.61%	earning in	5.00	Years	at IRR of	10.76%	Div Inc.	66.67%								Future Dividend Yield	$4.07
Future Dividend Yield					Div Yield	4.35%	earning in	10.00	Years	at IRR of	10.76%	Div Inc.	177.78%								Future Dividend Yield
Future Dividend Yield					Div Yield	7.26%	earning in	15.00	Years	at IRR of	10.76%	Div Inc.	362.96%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.47	earning in	5	Years	at IRR of	10.76%	Div Inc.	66.67%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.44	earning in	10	Years	at IRR of	10.76%	Div Inc.	177.78%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.07	earning in	15	Years	at IRR of	10.76%	Div Inc.	362.96%								Future Dividend Paid
Dividend Covering Cost					Total Div	$5.45	over	5	Years	at IRR of	10.76%	Div Cov.	9.72%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$13.08	over	10	Years	at IRR of	10.76%	Div Cov.	23.30%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$25.78	over	15	Years	at IRR of	10.76%	Div Cov.	45.93%								Dividend Covering Cost
Yield if held 5 years	2.12%	2.31%	2.31%	2.18%	2.04%	2.06%	1.78%	1.80%	1.96%	3.19%	2.94%	2.71%	2.60%	2.49%	2.13%	2.30%		2.12%	<-Median->	10	Paid Median Price
Yield if held 10 years	3.37%	3.95%	3.47%	3.09%	2.90%	2.78%	2.93%	3.08%	2.72%	2.98%	3.24%	2.95%	3.00%	3.44%	4.69%	3.92%		2.97%	<-Median->	10	Paid Median Price
Yield if held 15 years	8.71%	7.23%	7.37%	7.47%	5.02%	4.42%	5.02%	4.63%	3.86%	4.25%	4.37%	4.86%	5.13%	4.79%	4.37%	4.32%		4.75%	<-Median->	10	Paid Median Price
Yield if held 20 years	15.52%	13.86%	14.64%	17.61%	17.60%	11.43%	9.18%	9.83%	9.34%	7.34%	6.95%	8.33%	7.71%	6.79%	6.23%	5.83%		9.26%	<-Median->	10	Paid Median Price
Yield if held 25 years	13.85%	15.87%	14.52%	21.57%	19.88%	20.36%	17.59%	19.53%	22.01%	25.75%	17.96%	15.22%	16.38%	16.43%	10.76%	9.27%		19.70%	<-Median->	10	Paid Median Price
Yield if held 30 years			63.72%	38.28%	20.92%	18.18%	20.14%	19.36%	26.97%	29.09%	32.00%	29.18%	32.54%	38.74%	37.77%	23.95%		28.03%	<-Median->	10	Paid Median Price
Yield if held 35 years								84.96%	47.85%	30.61%	28.57%	33.41%	32.27%	47.46%	42.67%	42.67%		32.84%	<-Median->	6	Paid Median Price
Yield if held 40 years													141.59%	84.21%	44.90%	38.10%		141.59%	<-Median->	1	Paid Median Price	Div Yd
																						2.49%
Cost covered if held 5 years	9.05%	9.86%	10.21%	9.41%	9.13%	9.51%	8.21%	8.07%	8.80%	12.99%	11.94%	11.04%	10.67%	10.38%	9.57%	10.90%		9.46%	<-Median->	10	Paid Median Price	3.44%
Cost covered if held 10 years	23.88%	28.29%	25.83%	22.34%	21.97%	21.88%	23.39%	23.98%	21.66%	21.26%	22.67%	20.23%	20.43%	23.16%	34.03%	30.52%		21.93%	<-Median->	10	Paid Median Price	4.79%
Cost covered if held 15 years	70.66%	60.44%	65.74%	66.38%	47.63%	44.28%	51.45%	46.55%	39.71%	39.25%	39.63%	43.18%	45.06%	41.66%	40.89%	43.15%		44.67%	<-Median->	10	Paid Median Price	6.79%
Cost covered if held 20 years	134.61%	123.50%	138.97%	166.42%	178.27%	123.36%	102.77%	109.75%	108.40%	77.47%	72.52%	85.32%	78.27%	68.04%	67.22%	67.25%		105.58%	<-Median->	10	Paid Median Price	16.43%
Cost covered if held 25 years	126.10%	147.96%	143.85%	212.47%	209.60%	228.51%	204.65%	226.42%	265.46%	282.99%	196.28%	164.71%	177.10%	176.93%	125.79%	116.45%		211.03%	<-Median->	10	Paid Median Price
Cost covered if held 30 years			651.85%	388.96%	227.19%	209.94%	240.87%	230.57%	333.82%	327.90%	358.45%	323.37%	360.26%	427.02%	452.52%	309.75%		325.63%	<-Median->	10	Paid Median Price
Cost covered if held 35 years								1032.38%	604.27%	351.68%	325.96%	376.79%	363.28%	531.75%	519.42%	560.63%		370.04%	<-Median->	6	Paid Median Price
Cost covered if held 40 years													7814.68%	4303.63%	2335.69%	2015.13%		7814.68%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$26,588.2	$28,268.3	$30,162.4	$30,478.1	$30,732.6	$31,277.0	$31,586	<-12 mths	0.99%		17.63%	<-Total Growth	5	Revenue Growth	17.63%
AEPS Growth								$2.20	$2.60	$2.80	$2.80	$2.75	$2.99	$3.01	<-12 mths	0.67%		35.91%	<-Total Growth	5	AEPS Growth	35.91%
Net Income Growth								$583.6	$701.5	$745.8	$686.0	$725.2	$700.0	$705	<-12 mths	0.68%		19.96%	<-Total Growth	5	Net Income Growth	19.96%
Cash Flow Growth								$2,089.4	$1,859.6	$2,107.1	$1,605.3	$2,074.3	$2,127.0					1.80%	<-Total Growth	5	Cash Flow Growth	1.80%
Dividend Growth								$0.48	$0.50	$0.60	$0.66	$0.73	$0.80	$0.88	<-12 mths	10.00%		66.67%	<-Total Growth	5	Dividend Growth	66.67%
Stock Price Growth								$30.73	$38.66	$42.43	$36.38	$32.07	$51.20	$56.13	<-12 mths	9.63%		66.61%	<-Total Growth	5	Stock Price Growth	66.61%
Revenue Growth			$23,928.8	$24,618.8	$23,806.2	$24,214.6	$25,142.0	$26,588.2	$28,268.3	$30,162.4	$30,478.1	$30,732.6	$31,277.0	$32,339	<-this year	3.40%		30.71%	<-Total Growth	10	Revenue Growth	30.71%
AEPS Growth			$1.84	$1.50	$0.70	$1.28	$1.50	$2.20	$2.60	$2.80	$2.80	$2.75	$2.99	$3.30	<-this year	10.37%		62.50%	<-Total Growth	10	AEPS Growth	62.50%
Net Income Growth			$419.0	-$2,131.0	$158.5	$159.5	$387.3	$583.6	$701.5	$745.8	$686.0	$725.2	$700.0	$765	<-this year	9.33%		67.06%	<-Total Growth	10	Net Income Growth	67.06%
Cash Flow Growth			$1,160.5	$896.8	$708.5	$879.7	$885.6	$2,089.4	$1,859.6	$2,107.1	$1,605.3	$2,074.3	$2,127.0	$2,127	<-this year	0.00%		83.28%	<-Total Growth	10	Cash Flow Growth	83.28%
Dividend Growth			$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$0.80	$0.88	<-this year	10.00%		122.22%	<-Total Growth	10	Dividend Growth	122.22%
Stock Price Growth			$29.15	$21.24	$21.03	$24.83	$29.80	$30.73	$38.66	$42.43	$36.38	$32.07	$51.20	$56.13	<-this year	9.63%		75.64%	<-Total Growth	10	Stock Price Growth	75.64%
Dividends on Shares				$14.00	$14.35	$14.70	$15.40	$16.80	$17.50	$21.00	$23.10	$25.55	$28.00	$30.80	$30.80	$30.80		$190.40	No of Years	10	Total Divs	12/31/14
Paid			$1,022.35	$900.90	$550.20	$857.15	$1,009.05	$1,066.10	$1,217.65	$1,348.90	$1,248.10	$1,226.75	$1,495.90	$1,964.55	$1,964.55	$1,964.55		$1,495.90	No of Years	10	Worth	$29.21
Total																		$1,686.30
Graham Number AEPS	$28.05	$27.45	$29.91	$21.23	$14.54	$19.81	$22.30	$26.87	$31.04	$34.66	$35.96	$36.95	$39.55	$41.55	$43.28	$0.00		32.27%	<-Total Growth	10	Graham Number AEPS
Price/GP Ratio Med	0.73	0.90	0.89	1.20	1.29	1.13	1.21	1.15	1.14	1.19	1.06	0.98	1.05	1.27	0.00	#DIV/0!		1.14	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.82	1.01	1.06	1.45	1.55	1.32	1.40	1.39	1.31	1.32	1.20	1.10	1.29	1.35	0.00	#DIV/0!		1.32	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.64	0.79	0.72	0.96	1.03	0.95	1.02	0.90	0.97	1.06	0.93	0.86	0.80	1.18	0.00	#DIV/0!		0.95	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.81	0.83	0.97	1.00	1.45	1.25	1.34	1.14	1.25	1.22	1.01	0.87	1.29	1.35	1.30	#DIV/0!		1.23	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-18.51%	-16.65%	-2.53%	0.06%	44.69%	25.33%	33.66%	14.37%	24.54%	22.42%	1.16%	-13.20%	29.44%	35.08%	29.69%	#DIV/0!		23.48%	<-Median->	10	Graham Price
Graham Number ESP	$27.83	$21.27	$27.12	$21.32	$13.23	$13.45	$21.69	$26.56	$31.04	$34.66	$34.92	$38.07	$39.16	$41.49	$43.22	$0.00		44.37%	<-Total Growth	10	Graham Number EPS
Price/GP Ratio Med	0.73	1.16	0.98	1.20	1.42	1.67	1.24	1.16	1.14	1.19	1.10	0.95	1.06	1.27				1.18	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.82	1.30	1.17	1.44	1.71	1.94	1.43	1.41	1.31	1.32	1.23	1.06	1.31	1.36				1.36	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.64	1.02	0.80	0.95	1.13	1.39	1.05	0.91	0.97	1.06	0.96	0.83	0.81	1.18				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.82	1.08	1.07	1.00	1.59	1.85	1.37	1.16	1.25	1.22	1.04	0.84	1.31	1.35	1.30	#DIV/0!		1.23	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-17.86%	7.56%	7.48%	-0.38%	58.95%	84.60%	37.37%	15.70%	24.54%	22.42%	4.18%	-15.77%	30.76%	35.28%	29.87%	#DIV/0!		23.48%	<-Median->	10	Graham Price
Month, Year	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27
Price Close	$19.65	$24.19	$29.21	$25.74	$15.72	$24.49	$28.83	$30.46	$34.79	$38.54	$35.66	$35.05	$42.74	$56.13	$56.13	$56.13		46.32%	<-Total Growth	10	Stock Price
Increase	-0.25%	23.10%	20.75%	-11.88%	-38.93%	55.79%	17.72%	5.65%	14.22%	10.78%	-7.47%	-1.71%	21.94%	31.33%	0.00%	0.00%		30.20	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	10.43	24.77	19.30	-3.31	27.10	41.51	20.30	14.17	13.38	13.76	13.51	12.00	14.59	17.06	15.72	#DIV/0!		7.01%	<-IRR #YR->	5	Stock Price	40.32%
Trailing P/E Ratio	11.81	12.84	29.91	17.01	-2.02	42.22	48.86	21.45	16.18	14.82	12.74	13.28	14.64	19.16	17.06	15.72		3.88%	<-IRR #YR->	10	Stock Price	46.32%
CAPE (10 Yr P/E)	16.80	16.80	16.80	16.80	16.80	16.80	16.80	49.26	45.17	40.34	38.40	31.64	28.76	15.62	15.37	#DIV/0!		8.87%	<-IRR #YR->	5	Price & Dividend	51.12%
Median 10, 5 Yrs		D.  per yr	1.53%	1.86%	% Tot Ret	17.24%	34.46%		T P/E	14.64	P/E:	13.97	13.51					5.41%	<-IRR #YR->	10	Price & Dividend	64.94%
Price 15		D.  per yr	1.77%		% Tot Ret	20.58%						CAPE Diff	-48.27%					6.81%	<-IRR #YR->	15	Stock Price	168.81%
Price  20		D.  per yr	1.84%		% Tot Ret	19.93%												7.39%	<-IRR #YR->	20	Stock Price	316.16%
Price  25		D.  per yr	2.11%		% Tot Ret	18.74%												9.15%	<-IRR #YR->	25	Stock Price	792.28%
Price  30		D.  per yr	2.23%		% Tot Ret	17.85%												10.25%	<-IRR #YR->	30	Stock Price	792.28%
Price  35		D.  per yr	1.56%		% Tot Ret	15.91%												8.27%	<-IRR #YR->	35	Stock Price	792.28%
Price  40		D.  per yr	2.89%		% Tot Ret	19.88%												11.65%	<-IRR #YR->	40	Stock Price
Price & Dividend 15																		8.58%	<-IRR #YR->	15	Price & Dividend	213.04%
Price & Dividend 20																		9.23%	<-IRR #YR->	20	Price & Dividend	395.23%
Price & Dividend 25																		11.26%	<-IRR #YR->	25	Price & Dividend	972.89%
Price & Dividend 30																		12.47%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		9.83%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		14.54%	<-IRR #YR->	40	Price & Dividend
Price  5								-$30.46	$0.00	$0.00	$0.00	$0.00	$42.74								Price  5
Price 10			-$29.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.74								Price 10
Price & Dividend 5								-$30.46	$0.50	$0.60	$0.66	$0.73	$43.54								Price & Dividend 5
Price & Dividend 10			-$29.21	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$43.54								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	$42.74								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	$42.74								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	$42.74								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	$42.74								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	$42.74								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	$42.74								Price  40
Price & Dividend 15	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$43.54								Price & Dividend 15
Price & Dividend 20	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$43.54								Price & Dividend 20
Price & Dividend 25	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$43.54								Price & Dividend 25
Price & Dividend 30	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$43.54								Price & Dividend 30
Price & Dividend 35	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$43.54								Price & Dividend 35
Price & Dividend 40	$0.32	$0.35	$0.36	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$43.54								Price & Dividend 40
Month, Year	Apr-13	Apr-14	Apr-15	Apr-16	Apr-17	Apr-18	Apr-19	Apr-20	Apr-21	Apr-22	Apr-23	Apr-24	Apr-25	Apr-26	Apr-27	Apr-28		41.00	<Count Years>		Month, Year
Pre-split 2002
Pre-split 2015	$68.58	$68.63	$87.45
Price Close	$22.86	$22.88	$29.15	$21.24	$21.03	$24.83	$29.80	$30.73	$38.66	$42.43	$36.38	$32.07	$51.20	$56.13	$56.13	$56.13		75.64%	<-Total Growth	10	Stock Price
Increase	19.02%	0.07%	27.42%	-27.14%	-0.99%	18.07%	20.02%	3.12%	25.81%	9.75%	-14.26%	-11.85%	59.65%	9.63%	0.00%	0.00%		10.75%	<-IRR #YR->	5	Stock Price	75.64%
P/E Ratio	12.14	23.42	19.26	-2.73	36.26	42.08	20.99	14.29	14.87	15.15	13.78	10.98	17.47	17.06	15.72	#DIV/0!		5.79%	<-IRR #YR->	10	Stock Price	66.61%
Trailing P/E Ratio	13.74	12.15	29.85	14.04	-2.70	42.81	50.51	21.64	17.98	16.32	12.99	12.15	17.53	19.16	17.06	15.72		12.47%	<-IRR #YR->	5	Price & Dividend
Median 10, 5 Yrs		D.  per yr	1.72%	1.41%	% Tot Ret	13.82%	19.54%		T P/E	16.32	P/E:	15.01	14.87					7.20%	<-IRR #YR->	10	Price & Dividend
								-$30.73	$0.00	$0.00	$0.00	$0.00	$51.20
			-$29.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.20
								-$30.73	$0.50	$0.60	$0.66	$0.73	$52.00
			-$29.15	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$52.00
Price H/L Median	$20.37	$24.71	$26.63	$25.57	$18.78	$22.45	$26.91	$30.83	$35.35	$41.27	$38.26	$36.10	$41.46	$52.71				55.66%	<-Total Growth	10	Stock Price
Increase	1.23%	21.35%	7.76%	-4.01%	-26.54%	19.52%	19.87%	14.57%	14.68%	16.73%	-7.29%	-5.63%	14.83%	27.14%				4.52%	<-IRR #YR->	10	Stock Price	55.66%
P/E Ratio	10.81	25.30	17.60	-3.29	32.38	38.04	18.95	14.34	13.60	14.74	14.49	12.36	14.15	16.02				6.10%	<-IRR #YR->	5	Stock Price	34.48%
Trailing P/E Ratio	12.24	13.12	27.27	16.89	-2.41	38.70	45.60	21.71	16.44	15.87	13.66	13.67	14.20	17.99				6.15%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	12.47	15.85	16.98	-73.32	-33.22	-27.24	-36.59	-50.70	24.08	21.58	16.48	13.77	14.92	18.07				7.98%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	14.39	17.34	17.97	46.15	37.14	55.47	65.30	64.17	63.16	61.28	51.07	38.27	38.21	24.04				12.69	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	1.63%	1.87%	% Tot Ret	26.47%	23.49%		T P/E	14.20	P/E:	14.41	14.15						Count	40	Years of data
			-$26.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$41.46
								-$30.83	$0.00	$0.00	$0.00	$0.00	$41.46
			-$26.63	$0.40	$0.41	$0.42	$0.44	$0.48	$0.50	$0.60	$0.66	$0.73	$42.26
								-$30.83	$0.50	$0.60	$0.66	$0.73	$42.26
High Months			Feb 15	Aug 15	Jun 16	Dec 17	Feb 19	Aug 20	Apr 21	Apr 22	May 22	Nov 23	Apr 25	Jun 25
Pre-split 2002
Pre-split 2015	$68.63	$83.24	$94.79
Price High	$22.88	$27.75	$31.60	$30.79	$22.56	$26.15	$31.11	$37.36	$40.54	$45.64	$43.11	$40.53	$51.20	$56.27				62.04%	<-Total Growth	10	Stock Price
Increase	8.95%	21.29%	13.88%	-2.55%	-26.73%	15.91%	18.97%	20.09%	8.51%	12.58%	-5.54%	-5.98%	26.33%	9.90%				4.95%	<-IRR #YR->	10	Stock Price	62.04%
P/E Ratio	12.15	28.41	20.88	-3.96	38.90	44.32	21.91	17.38	15.59	16.30	16.33	13.88	17.47	17.10				6.51%	<-IRR #YR->	5	Stock Price	37.04%
Trailing P/E Ratio	13.75	14.73	32.35	20.35	-2.90	45.09	52.73	26.31	18.86	17.55	15.40	15.35	17.53	19.20				14.20	P/E Ratio		Historical Median
Median 10, 5 Yrs									T P/E	17.53	P/E:	16.85	16.30					21.91	P/E Ratio		Historical High
			-$31.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.20
								-$37.36	$0.00	$0.00	$0.00	$0.00	$51.20
Low Months			Jun 14	Apr 16	Dec 16	Jun 17	Oct 18	Mar 20	Jun 20	Dec 21	Oct 22	Apr 24	Jun 24	May 25
Pre-split 2002
Pre-split 2015	$53.56	$65.04	$65.00
Price Low	$17.85	$21.68	$21.67	$20.34	$15.00	$18.74	$22.70	$24.29	$30.16	$36.89	$33.40	$31.67	$31.71	$49.14				46.35%	<-Total Growth	10	Stock Price
Increase	-7.21%	21.43%	-0.06%	-6.12%	-26.25%	24.93%	21.13%	7.00%	24.17%	22.31%	-9.46%	-5.18%	0.13%	54.97%				3.88%	<-IRR #YR->	10	Stock Price	46.35%
P/E Ratio	9.48	22.20	14.32	-2.61	25.86	31.76	15.99	11.30	11.60	13.18	12.65	10.85	10.82	14.94				5.48%	<-IRR #YR->	5	Stock Price	30.55%
Trailing P/E Ratio	10.73	11.51	22.18	13.44	-1.93	32.31	38.47	17.11	14.03	14.19	11.93	12.00	10.86	16.77				10.90	P/E Ratio		Historical Median
Median 10, 5 Yrs									T P/E	12.00	P/E:	12.13	11.60					7.40	P/E Ratio		Historical Low
			-$21.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.71
								-$24.29	$0.00	$0.00	$0.00	$0.00	$31.71
Free Cash Flow Mkt Sc									$1,293	$1,474	$1,031	$1,369	$1,487	$525	$701
Change										14.00%	-30.05%	32.78%	8.62%	-64.69%	33.47%
Free Cash Flow WSJ									$1,238	$1,422	$982	$14,322	$1,430	$525	$701						Free Cash Flow WSJ
Change										14.86%	-30.94%	1358.45%	-90.02%	-63.29%	33.47%						Change
											$560	<-12 mths	-48.64%
Free Cash Flow MS old			$621	$225	$194	$592	$451	$1,465	$1,201	$1,327	$848	$1,276									Free Cash Flow MS old
Change				-63.77%	-13.78%	205.15%	-23.82%	224.83%	-18.02%	10.49%	-36.10%	50.47%									Change
Free Cash Flow MS	$237	$204	$510	$260	$90	$410	$340	$890	$990	$1,090	$870	$1,060	$880	$525	$701			72.55%	<-Total Growth	10	Free Cash Flow MS
Change	20.92%	-13.92%	150.00%	-49.02%	-65.38%	355.56%	-17.07%	161.76%	11.24%	10.10%	-20.18%	21.84%	-16.98%	-40.34%	33.47%			-0.23%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio	0.30	0.26	0.44	0.29	0.13	0.47	0.38	0.43	0.53	0.52	0.54	0.51	0.41	0.25	#DIV/0!			5.61%	<-IRR #YR->	10	Free Cash Flow MS
Dividends paid	$65.2	$83.3	$99.7	$109	$111	$114.0	$119.5	$129.7	$139.4	$156.8	$170.2	$181.7	$181.7	$204.7	$204.7			82.21%	<-Total Growth	10	Dividends paid
Percentage paid	27.51%	40.83%	19.55%	41.92%	123.33%	27.80%	35.15%	14.57%	14.08%	14.39%	19.56%	17.14%	20.65%	38.99%	29.22%			$0.20	<-Median->	10	Percentage paid
5 Year Covrage			27.49%	29.73%	35.99%	35.08%	34.36%	29.31%	22.56%	17.73%	17.12%	15.87%	16.97%	20.23%	23.37%						5 Year Covrage
Dividend Coverage Ratio	3.63	2.45	5.11	2.39	0.81	3.60	2.85	6.86	7.10	6.95	5.11	5.83	4.84	2.56	3.42			4.98	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			3.64	3.36	2.78	2.85	2.91	3.41	4.43	5.64	5.84	6.30	5.89	4.94	4.28						5 Year of Coverage
								-$890	$0	$0	$0	$0	$880
			-$510	$0	$0	$0	$0	$0	$0	$0	$0	$0	$880
Market Cap	$4,659.9	$6,335.3	$8,074.6	$5,770.4	$5,713.3	$6,746.0	$8,099.6	$8,269.7	$10,262.7	$11,145.3	$9,215.2	$7,763.2	$11,910.5	$13,057.3	$13,057.3	$13,057.3		47.51%	<-Total Growth	10	Market Cap
Pre-split 2002
Pre-split 2015	68.083	80.2	92.4
Diluted # of Shares in Million	204.250	240.6	277.2	274.0	272.0	272.1	272.6	271.4	269.3	266.2	259.4	248.4	238.6	238.6				-13.92%	<-Total Growth	10	Diluted
Change	0.03%	17.80%	15.21%	-1.15%	-0.73%	0.04%	0.18%	-0.44%	-0.78%	-1.16%	-2.55%	-4.24%	-3.95%	0.00%				-0.97%	<-Median->	10	Change
Difference Diluted/Basic	-0.20%	-0.19%	-0.08%	-0.04%	-0.04%	-0.11%	-0.26%	-0.37%	-0.36%	-0.38%	-0.23%	-0.16%	-0.29%	-0.29%				-0.24%	<-Median->	10	Difference Diluted/Basic
Pre-split 2002
Pre-split 2015	67.949	80.049	92.3
Basic # of Shares in Millions	203.846	240.148	276.988	273.9	271.9	271.8	271.9	270.4	268.3	265.2	258.8	248.0	237.9	237.9				-14.11%	<-Total Growth	10	Basic	Earnings per
Change	0.00%	17.81%	15.34%	-1.11%	-0.73%	-0.04%	0.04%	-0.55%	-0.77%	-1.18%	-2.40%	-4.17%	-4.07%	0.00%				-0.94%	<-Median->	10	Change	Share notes
Difference Basic/Outstanding	0.00%	15.32%	0.00%	-0.81%	-0.08%	-0.04%	-0.04%	-0.48%	-1.07%	-0.94%	-2.12%	-2.39%	-2.22%	-2.22%				-0.88%	<-Median->	10	Difference Basic/Outstanding
Pre-split 2002
Pre-split 2015
Using Operational Cash Flow
Pre-split 2002
Pre-split 2002
# of Share in Millions
Pre-split 2015	33.688	58.049	59.621
Pre-split 2015	34.261	34.261	32.713
# of Share in Millions	67.949	92.310	92.333
Non-Voting Class A	101.063	174.148	178.862	173.538	173.538	173.548	173.661	170.971	167.323	164.536	155.165	143.932	134.488	134.488	134.488	134.488		-24.81%	<-Total Growth	10	Non-Voting Class A
Class B Common	102.782	102.782	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138	98.138		0.00%	<-Total Growth	10	Class B Common
# of Share in Millions	203.846	276.931	277.000	271.676	271.676	271.686	271.800	269.109	265.461	262.674	253.303	242.070	232.626	232.626	232.626	232.626		-1.73%	<-IRR #YR->	10	Shares	-16.02%
Change	0.00%	35.85%	0.03%	-1.92%	0.00%	0.00%	0.04%	-0.99%	-1.36%	-1.05%	-3.57%	-4.43%	-3.90%	0.00%	0.00%	0.00%		-2.87%	<-IRR #YR->	5	Shares	-13.56%
Cash Flow from Operations $M	$788.1	$787.4	$1,160.5	$896.8	$708.5	$879.7	$885.6	$2,089.4	$1,859.6	$2,107.1	$1,605.3	$2,074.3	$2,127	$2,127.0				83.28%	<-Total Growth	10	Cash Flow
Increase	-3.25%	-0.09%	47.38%	-22.72%	-21.00%	24.16%	0.67%	135.93%	-11.00%	13.31%	-23.81%	29.22%	2.54%	0.00%				Conv B to A	Share Issues, SO		Buy Backs
5 year Running Average	$746.3	$772.2	$847	$889	$868	$887	$906	$1,092	$1,285	$1,564	$1,709	$1,947	$1,955	$2,008.1				130.65%	<-Total Growth	10	CF 5 Yr Running
CFPS	$3.87	$2.84	$4.19	$3.30	$2.61	$3.24	$3.26	$7.76	$7.01	$8.02	$6.34	$8.57	$9.14	$9.14				118.24%	<-Total Growth	10	Cash Flow per Share
Increase	-3.25%	-26.46%	47.35%	-21.21%	-21.00%	24.16%	0.63%	138.29%	-9.78%	14.51%	-21.00%	35.21%	6.70%	0.00%				6.25%	<-IRR #YR->	10	Cash Flow	83.28%
5 year Running Average	$3.65	$3.58	$3.65	$3.64	$3.36	$3.24	$3.32	$4.03	$4.77	$5.86	$6.48	$7.54	$7.82	$8.24				0.36%	<-IRR #YR->	5	Cash Flow	1.80%
P/CF on Med Price	5.27	8.69	6.36	7.74	7.20	6.93	8.26	3.97	5.05	5.14	6.04	4.21	4.53	5.76				8.12%	<-IRR #YR->	10	Cash Flow per Share	118.24%
P/CF on Closing Price	5.91	8.05	6.96	6.43	8.06	7.67	9.15	3.96	5.52	5.29	5.74	3.74	5.60	6.14				3.32%	<-IRR #YR->	5	Cash Flow per Share	17.76%
															9.81%	Diff M/C		7.90%	<-IRR #YR->	10	CFPS 5 yr Running	113.96%
Excl.Working Capital CF	$153.9	$173.2	$105.9	$248.8	$97.9	-$10.4	$55.7	-$236.4	$279.5	$159.4	$627.8	$184.3	$213	$0				14.14%	<-IRR #YR->	5	CFPS 5 yr Running	93.74%
CF fr Op $M WC	$942.0	$960.6	$1,266.4	$1,145.6	$806.4	$869.3	$941.3	$1,853.0	$2,139.1	$2,266.5	$2,233.1	$2,258.6	$2,340.0	$2,127.0				84.78%	<-Total Growth	10	Cash Flow less WC
Increase	9.60%	1.97%	31.83%	-9.54%	-29.61%	7.80%	8.28%	96.86%	15.44%	5.96%	-1.47%	1.14%	3.60%	-9.10%				6.33%	<-IRR #YR->	10	Cash Flow less WC	84.78%
5 year Running Average	$750.3	$820.0	$941.3	$1,034.8	$1,024.2	$1,009.7	$1,005.8	$1,123.1	$1,321.8	$1,613.8	$1,886.6	$2,150.1	$2,247.5	$2,245.0				4.78%	<-IRR #YR->	5	Cash Flow less WC	26.28%
CFPS Excl. WC	$4.62	$3.47	$4.57	$4.22	$2.97	$3.20	$3.46	$6.89	$8.06	$8.63	$8.82	$9.33	$10.06	$9.14				9.09%	<-IRR #YR->	10	CF less WC 5 Yr Run	138.75%
Increase	9.60%	-24.94%	31.80%	-7.77%	-29.61%	7.80%	8.24%	98.82%	17.03%	7.08%	2.17%	5.84%	7.81%	-9.10%				14.88%	<-IRR #YR->	5	CF less WC 5 Yr Run	100.11%
5 year Running Average	$3.67	$3.77	$4.04	$4.22	$3.97	$3.69	$3.68	$4.15	$4.91	$6.05	$7.17	$8.34	$8.98	$9.20				8.20%	<-IRR #YR->	10	CFPS - Less WC	120.02%
P/CF on Median Price	4.41	7.12	5.83	6.06	6.33	7.01	7.77	4.48	4.39	4.78	4.34	3.87	4.12	5.76				7.88%	<-IRR #YR->	5	CFPS - Less WC	46.09%
P/CF on Closing Price	4.95	6.60	6.38	5.04	7.09	7.76	8.60	4.46	4.80	4.92	4.13	3.44	5.09	6.14				8.31%	<-IRR #YR->	10	CFPS 5 yr Running	122.18%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	5.59	5 yr	5.05	P/CF Med	10 yr	4.63	5 yr	4.34		32.60%	Diff M/C		16.71%	<-IRR #YR->	5	CFPS 5 yr Running	116.52%
			-277.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	232.6								Shares
								-269.1	0.0	0.0	0.0	0.0	232.6								Shares
			-$1,160.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,127.0								Cash Flow
								-$2,089.4	$0.0	$0.0	$0.0	$0.0	$2,127.0								Cash Flow
			-$4.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.14								Cash Flow per Share
								-$7.76	$0.00	$0.00	$0.00	$0.00	$9.14								Cash Flow per Share
			-$3.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.82								CFPS 5 yr Running
								-$4.03	$0.00	$0.00	$0.00	$0.00	$7.82								CFPS 5 yr Running
			-$1,266.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,340.0								Cash Flow less WC
								-$1,853.0	$0.0	$0.0	$0.0	$0.0	$2,340.0								Cash Flow less WC
			-$941.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,247.5								CF less WC 5 Yr Run
								-$1,123.1	$0.0	$0.0	$0.0	$0.0	$2,247.5								CF less WC 5 Yr Run
			-$4.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.06								CFPS - Less WC
								-$6.89	$0.00	$0.00	$0.00	$0.00	$10.06								CFPS - Less WC
			-$4.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.98								CFPS 5 yr Running
								-$4.15	$0.00	$0.00	$0.00	$0.00	$8.98								CFPS 5 yr Running
Net Chge in Non-Cash WC	-$67.40	$38.40	-$15.70	-$132.20	$0.50	$88.10	$16.50	$279.3	-$80.9	-$46.8	-$307.4	-$78.30	$27.00
Income Taxes Paid, Net	-$86.50	-$211.60	-$90.20	-$116.60	-$98.40	-$77.70	-$72.20	-$42.9	-$198.6	-$112.6	-$320.4	-$106.00	-$240.00
Net change in other current items
Restructuring charges
Sum	-$153.90	-$173.20	-$105.90	-$248.80	-$97.90	$10.40	-$55.70	$236.4	-$279.5	-$159.4	-$627.8	-$184.3	-$213.0
Google-->TD 2017				-$248.80	-$97.90	$10	-$56	$236	-$280	-$159	-$628	-$184	-$213
Difference				$0.00	$0.00	$0	$0	$0	$1	$0	$0	$0	$0
OPM Ratio	4.47%	3.75%	4.85%	3.64%	2.98%	3.63%	3.52%	7.86%	6.58%	6.99%	5.27%	6.75%	6.80%	6.58%				40.22%	<-Total Growth	10	OPM
Increase	-10.74%	-16.18%	29.30%	-24.89%	-18.30%	22.07%	-3.04%	123.10%	-16.29%	6.19%	-24.60%	28.15%	0.76%	-3.28%					Should increase		or be stable.
Diff from Median	-24.5%	-36.7%	-18.1%	-38.5%	-49.8%	-38.7%	-40.5%	32.7%	11.1%	17.9%	-11.1%	14.0%	14.8%	11.1%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	5.92%	5 Yrs	6.75%					should be	zero, it is a		check on calculations
														$2,446	<-12 mths	0.95%
Adjusted EBITDA	$942.9	$1,055.6	$1,327.9	$1,164.4	$796.9	$1,014.7	$1,076.2	$1,892.4	$2,143.8	$2,330.8	$2,322.1	$2,327.8	$2,423	$2,558	$2,669			82.47%	<-Total Growth	10	Adjusted EBITDA
Change	#DIV/0!	11.95%	25.80%	-12.31%	-31.56%	27.33%	6.06%	75.84%	13.28%	8.72%	-0.37%	0.25%	4.09%	5.57%	4.34%			5.08%	<-Median->	10	Change
Margin	5.35%	5.03%	5.55%	4.73%	3.35%	4.19%	4.28%	7.12%	7.58%	7.73%	7.62%	7.57%	7.75%	7.91%	8.01%			7.35%	<-Median->	10	Margin
Long Term Debt	915.9	$3,279.9	$2,284.1	$2,352.9	$1,870.8	$1,139.5	$1,984.4	$1,871.7	$1,178.8	$595.7	$911.3	$981.9	$857	$857				-166.52%	<-Total Growth	10	Debt	Type
Change	3.01%	258.11%	-30.36%	3.01%	-20.49%	-39.09%	74.15%	-5.68%	-37.02%	-49.47%	52.98%	7.75%	-12.72%	0.00%				-9.20%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.20	0.52	0.28	0.41	0.33	0.17	0.24	0.23	0.11	0.05	0.10	0.13	0.07	0.07				0.15	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Deposits/Total Debt Ratio	3.71	4.77	4.62	3.35	3.49	2.92	3.58	3.60	4.35	3.91	3.89	4.31	4.16	4.41				3.75	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)	1.16	4.17	1.97	2.62	2.64	1.30	2.24	0.90	0.63	0.28	0.57	0.47	0.40	0.40				0.76	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$490.5	$950.8	$943.0	$911.5	$880.5	$842.0	$1,062.0	$968.8	$976.0	$1,338.5	$1,375.6	$1,348.4	$1,359	$1,359				44.11%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$1,310.4	$4,134.0	$3,799.2	$962.2	$1,003.4	$101.9	$1,571.5	$1,573.7	$1,577.8	$2,059.0	$2,067.8	$2,064.2	$2,055	$2,055				-84.88%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$1,800.9	$5,084.8	$4,742.2	$1,873.7	$1,883.9	$943.9	$2,633.5	$2,542.5	$2,553.8	$3,397.5	$3,443.4	$3,412.6	$3,414	$3,414				38.90%	<-Total Growth	10	Total
Change	2.10%	182.35%	-6.74%	-60.49%	0.54%	-49.90%	179.00%	-3.46%	0.44%	33.04%	1.35%	-0.89%	0.04%	0.00%				0.24%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.39	0.80	0.59	0.32	0.33	0.14	0.33	0.31	0.25	0.30	0.37	0.44	0.29	0.26				0.32	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,960.4	$2,605.2	$2,275.9	$2,604.1	$2,166.5	$2,496.0	$2,636.5	$3,255.5	$3,193.5	$3,212.7	$2,955.0	$3,103.6	$3,134	$3,134				Liquidity ratio of 1.5 and up, best			Quick Ratio
Current Liabilities	$1,925.2	$2,567.4	$2,482.7	$2,710.6	$2,490.7	$2,962.3	$2,681.3	$4,060.2	$3,488.2	$4,239.7	$4,239.7	$3,891.3	$4,096	$3,858				0.82	<-Median->	10	Ratio
Liquidity Ratio	1.02	1.01	0.92	0.96	0.87	0.84	0.98	0.80	0.92	0.76	0.70	0.80	0.77	0.81				0.77	<-Median->	5	Ratio
Liq. with CF aft div	1.39	1.28	1.34	1.25	1.11	1.10	1.27	1.28	1.41	1.22	1.04	1.29	1.24	1.31				1.24	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.08	0.44	1.34	1.02	1.09	0.97	0.90	1.18	1.23	1.01	0.89	1.11	1.08	1.31				1.08	<-Median->	5	Ratio
Curr Long Term Debt	$47.6	$218.0	$53.9	$341.4	$341.4	$527.4	$36.5	$36.5	$46.5	$581.0	$581.0	$113.5	$225	$225
Liquidity Less CLTD	1.04	1.11	0.94	1.10	1.01	1.03	1.00	0.81	0.93	0.88	0.81	0.82	0.81	0.86				0.82	<-Median->	5	Ratio
Liq. with CF aft div	1.43	1.40	1.37	1.43	1.29	1.34	1.29	1.30	1.43	1.41	1.20	1.32	1.31	1.39				1.32	<-Median->	5	Ratio
Assets	$7,140.1	$12,238.0	$11,473.4	$9,087.5	$8,695.5	$8,662.0	$9,602.4	$14,632.9	$15,173.9	$16,593.6	$16,483.7	$16,790.3	$17,019	$17,019				Debt Ratio of 1.5 and up, best			Current Ratio
Liabilities	$3,382.6	$6,496.5	$5,436.5	$5,407.4	$4,992.8	$4,892.2	$5,519.4	$10,619.0	$10,675.9	$11,459.7	$11,147.0	$11,321.7	$11,475	$11,475				1.48	<-Median->	10	Ratio
Debt Ratio	2.11	1.88	2.11	1.68	1.74	1.77	1.74	1.38	1.42	1.45	1.48	1.48	1.48	1.48				1.48	<-Median->	5	Ratio
Total Book Value	$3,757.5	$5,741.5	$6,036.9	$3,680.1	$3,702.7	$3,769.8	$4,083.0	$4,013.9	$4,498.0	$5,133.9	$5,336.7	$5,468.6	$5,544
Preferred Shares	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0
NCI	$31.3	$41.0	$53.1	$53.1	$58.5	$67.0	$79.7	$89.3	$125.3	$125.3	$136.3	$127.5	$134
Book Value	$3,726.2	$5,700.5	$5,983.8	$3,627.0	$3,644.2	$3,702.8	$4,003.3	$3,924.6	$4,372.7	$5,008.6	$5,200.4	$5,341.1	$5,410	$5,410	$5,410	$5,410		-9.59%	<-Total Growth	10	Book Value
Book Value per share	$18.28	$20.58	$21.60	$13.35	$13.41	$13.63	$14.73	$14.58	$16.47	$19.07	$20.53	$22.06	$23.26	$23.26	$23.26	$23.26		7.66%	<-Total Growth	10	Book Value per Share
Change	9.71%	12.61%	4.94%	-38.20%	0.47%	1.60%	8.07%	-0.99%	12.95%	15.76%	7.67%	7.47%	5.40%	0.00%	0.00%	0.00%		84.40%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.11	1.20	1.23	1.91	1.40	1.65	1.83	2.11	2.15	2.16	1.86	1.64	1.78	2.27	0.00	0.00		1.31	P/B Ratio		Historical Median
P/B Ratio (Close)	1.25	1.11	1.35	1.59	1.57	1.82	2.02	2.11	2.35	2.23	1.77	1.45	2.20	2.41	2.41	2.41		0.74%	<-IRR #YR->	10	Book Value per Share	7.66%
Change	8.48%	-11.13%	21.42%	17.90%	-1.46%	16.21%	11.05%	4.15%	11.38%	-5.19%	-20.37%	-17.98%	51.47%	9.63%	0.00%	0.00%		9.78%	<-IRR #YR->	5	Book Value per Share	59.47%
Leverage (A/BK)	1.92	2.15	1.92	2.51	2.39	2.34	2.40	3.73	3.47	3.31	3.17	3.14	3.15	3.15				3.17	<-Median->	5	A/BV
Debt/Equity Ratio	0.91	1.14	0.91	1.49	1.37	1.32	1.38	2.71	2.44	2.29	2.14	2.12	2.12	2.12				2.14	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	1.85	5 yr Med	1.86		30.81%	Diff M/C		2.90	Historical		Leverage (A/BK)
			-$21.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.26
								-$14.58	$0.00	$0.00	$0.00	$0.00	$23.26
Comprehensive Income	$403.6	$282.4	$396.9	-$2,103.7	$153.5	$190.2	$466.7	$593.1	$793.9	$856.8	$739.0	$762.4	$740					86.44%	<-Total Growth	10	Comprehensive Income
NCI	$9.1	$8.0	$17.9	$16.4	$14.0	$20.3	$29.1	$29.3	$62.7	$65.5	$41.7	$37.4	$46								NCI
Preferred Shares (or Both)	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0								Preferred Shares (or Both)
Shareholders	$394.5	$274.4	$379.0	-$2,120.1	$139.5	$169.9	$437.6	$563.8	$731.2	$791.3	$697.3	$725.0	$694					83.11%	<-Total Growth	10	Shareholders
Increase	32.34%	-30.44%	38.12%	-659.39%	106.58%	21.79%	157.56%	28.84%	29.69%	8.22%	-11.88%	3.97%	-4.28%					3.97%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$326.0	$333.3	$344.6	-$154.8	-$186.5	-$231.5	-$198.8	-$161.9	$408.4	$538.8	$644.2	$701.7	$728					6.24%	<-IRR #YR->	10	Comprehensive Income	83.11%
ROE	10.6%	4.8%	6.3%	-58.5%	3.8%	4.6%	10.9%	14.4%	16.7%	15.8%	13.4%	13.6%	12.8%					4.24%	<-IRR #YR->	5	Comprehensive Income	23.09%
5Yr Median	10.6%	10.6%	8.8%	6.3%	4.8%	4.6%	4.6%	4.6%	10.9%	14.4%	14.4%	14.4%	13.6%					7.76%	<-IRR #YR->	10	5 Yr Running Average	111.17%
% Difference from NI	2.52%	16.57%	-9.55%	0.51%	-11.99%	6.52%	12.99%	-3.38%	4.23%	6.10%	1.65%	-0.03%	-0.86%					#NUM!	<-IRR #YR->	5	5 Yr Running Average	549.62%
Median Values										Diff	5, 10 yr	1.1%	1.6%					13.6%	<-Median->	5	Return on Equity
			-$379	$0	$0	$0	$0	$0	$0	$0	$0	$0	$694
								-$564	$0	$0	$0	$0	$694
			-$345	$0	$0	$0	$0	$0	$0	$0	$0	$0	$728
								$162	$0	$0	$0	$0	$728
Current Liability Coverage Ratio	0.41	0.31	0.47	0.33	0.28	0.30	0.33	0.51	0.53	0.50	0.38	0.53	0.52	0.55							CFO / Current Liabilities
5 year Median	0.39	0.38	0.40	0.40	0.33	0.31	0.33	0.33	0.33	0.50	0.50	0.51	0.52	0.52				0.52	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	11.04%	6.43%	10.11%	9.87%	8.15%	10.16%	9.22%	14.28%	12.26%	12.70%	9.74%	12.35%	12.50%	12.50%							CFO / Total Assets
5 year Median	11.16%	11.04%	10.47%	10.11%	9.87%	9.87%	9.87%	9.87%	10.16%	12.26%	12.26%	12.35%	12.35%	12.50%				12.4%	<-Median->	5	Return on Assets
Return on Assets ROA	5.39%	1.92%	3.65%	-23.45%	1.82%	1.84%	4.03%	3.99%	4.62%	4.49%	4.16%	4.32%	4.11%	4.50%				Net	Income/Assets		Return on Assets
5Yr Median	4.91%	4.91%	4.91%	3.65%	1.92%	1.84%	1.84%	1.84%	3.99%	4.03%	4.16%	4.32%	4.32%	4.32%				4.3%	<-Median->	5	Return on Assets
Return on Equity ROE	10.33%	4.13%	7.00%	-58.75%	4.35%	4.31%	9.67%	14.87%	16.04%	14.89%	13.19%	13.58%	12.94%	14.15%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	10.24%	10.24%	9.99%	7.00%	4.35%	4.31%	4.35%	4.35%	9.67%	14.87%	14.87%	14.87%	13.58%	13.58%				13.6%	<-Median->	5	Return on Equity
														$705	<-12 mths	0.68%			Estimates		last 12 months from Qtr.
Net Income	$393.9	$243.4	$436.9	-$2,114.6	$172.5	$179.8	$416.4	$612.9	$764.2	$811.3	$727.7	$762.6	$746					70.75%	<-Total Growth	10	Net Income
NCI	$9.1	$8.0	$17.9	$16.4	$14.0	$20.3	$29.1	$29.3	$62.7	$65.5	$41.7	$37.4	$46								NCI
Preferred Shares (or Both)	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0								Preferred Shares (or Both)
Shareholders	$384.8	$235.4	$419.0	-$2,131.0	$158.5	$159.5	$387.3	$583.6	$701.5	$745.8	$686.0	$725.2	$700	$765	$830			67.06%	<-Total Growth	10	Shareholders
Increase	13.38%	-38.83%	77.99%	-608.59%	107.44%	0.63%	142.82%	50.67%	20.21%	6.32%	-8.02%	5.71%	-3.47%	$20.3	$20.3			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$332.3	$326.2	$350	-$150	-$187	-$232	-$201	-$168	$398	$516	$621	$688	$712	$0.0	$0.0			5.27%	<-IRR #YR->	10	Net Income	67.06%
Operating Cash Flow	$788.1	$787.4	$1,160.5	$896.8	$708.5	$879.7	$885.6	$2,089.4	$1,859.6	$2,107.1	$1,605.3	$2,074.3	$2,127.0					3.71%	<-IRR #YR->	5	Net Income	19.96%
Investment Cash Flow	-$555.3	-$4,867.7	$146.6	-$622.6	-$35.7	-$394.0	-$1,094.0	-$376.3	-$502.3	-$891.4	-$684.7	-$608.5	-$597					7.37%	<-IRR #YR->	10	5 Yr Running Average	103.56%
Total Accruals	$152.0	$4,315.7	-$888.1	-$2,405.2	-$514.3	-$326.2	$595.7	-$1,129.6	-$655.8	-$469.9	-$234.6	-$740.6	-$830					#NUM!	<-IRR #YR->	5	5 Yr Running Average	522.55%
Total Assets	$7,140.1	$12,238.0	$11,473.4	$9,087.5	$8,695.5	$8,662.0	$9,602.4	$14,632.9	$15,173.9	$16,593.6	$16,483.7	$16,790.3	$17,019						Balance Sheet		Assets
Accruals Ratio	2.13%	35.26%	-7.74%	-26.47%	-5.91%	-3.77%	6.20%	-7.72%	-4.32%	-2.83%	-1.42%	-4.41%	-4.88%					-4.32%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.41	0.28	0.33	-1.85	0.20	0.18	0.41	0.31	0.32	0.32	0.30	0.31	0.29					0.31	<-Median->	10	EPS/CF Ratio
			-$419	$0	$0	$0	$0	$0	$0	$0	$0	$0	$700
								-$584	$0	$0	$0	$0	$700
			-$350	$0	$0	$0	$0	$0	$0	$0	$0	$0	$712
								$168	$0	$0	$0	$0	$712
Change in Close	19.02%	0.07%	27.42%	-27.14%	-0.99%	18.07%	20.02%	3.12%	25.81%	9.75%	-14.26%	-11.85%	59.65%	9.63%	0.00%	0.00%			count	35	Change in Close
up/down			down	up	up	down		down	up										count	7
Meet Prediction?									yes									% right	count	2	28.57%
Financial Cash Flow	-$287.8	$4,054.4	-$1,440.5	-$305.4	-$730.2	-$419.7	$133.8	-$1,258.0	-$1,475.2	-$1,293.9	-$1,511.6	-$1,427.5	-$1,505						C F Statement		Financial Cash Flow
Total Accruals	$439.8	$261.3	$552.4	-$2,099.8	$215.9	$93.5	$461.9	$128.5	$819.4	$824.0	$1,277.0	$686.9	$675								Accruals
Accruals Ratio	6.16%	2.14%	4.81%	-23.11%	2.48%	1.08%	4.81%	0.88%	5.40%	4.97%	7.75%	4.09%	3.97%					4.97%	<-Median->	5	Ratio
Cash	$455.2	$429.3	$295.9	$264.7	$207.3	$627.9	$553.3	$1,008.4	$890.5	$812.3	$221.3	$259.6	$285	$285							Cash
Cash per Share	$2.23	$1.55	$1.07	$0.97	$0.76	$2.31	$2.04	$3.75	$3.35	$3.09	$0.87	$1.07	$1.23	$1.23				$1.23	<-Median->	5	Cash per Share
Percentage of Stock Price	9.77%	6.78%	3.66%	4.59%	3.63%	9.31%	6.83%	12.19%	8.68%	7.29%	2.40%	3.34%	2.39%	2.18%				3.34%	<-Median->	5	% of Stock Price
Notes
June 29, 2025.  Last estimates were for 2025, 2025 of $31140M, $32008M Revenue, $2.99, $3.27 AEPS,
$2.99, $3.27 EPS, $0.80, $0.87 Dividends, $494M, $609M FCF, $7.91 2025, $2409M, $2497M EBITDA, $757M, $828M Net Income.
June 23, 2024.  Last estimates were for 2024 and 2025 of $31098M, $31964M Revenue, $3.07, $3.37 AEPS, $3.03, $3.33 EPS, $0.73, $0.80 Dividend,
$458M, $492M FCF, $7.22, $7.91 CFPS, $796M, $875M Net Income.
June 24, 2023.  Last estimates were for 2023, and 2024 of $30742M, $31382M for Revenue, $3.06, $3.32 for EPS, $0.66 and $0.72 for Dividends,
$420M and $582M for FCF, $6.96 and $6.96 for CFPS.
June 26, 2022.  Last estimates were for 2022 and 2023 of $29536M and $30173M for Revenue, $2.72 and $3.09 for EPS,
$0.59 and $0.64 for Dividends $429M and $627M for FCF, and $6.23 and $6.97 for CFPS.
June 26, 2021.  Last estimates were for 2021 and 2022 of $27149M and $27166M for Revenue, $2.36 and $2.39 for Adj EPS,
$2.26 and $2.45 fopr EPS, $0.52 and $0.56 for Dividends, $359M and $513M for FCF, $5.30 and $5.52 for CFPS.
June 26, 2020.  Last estimates were for 2020 and 2021 of $26193M and $26761M for Revnue $2.07 and 2.17 for Adjusted EPS,
$2.08 $2.27 and $2.45 for EPS for 2020, 2021 and 2023, $0.48 and $0.48 for Div, $3.60 and $3.86 for CFPS.
July 7, 2019.  Last estimates were for 2019, 2020 and 2121 of $24507M, $24926M and $25556M for Revenue, $1.52 and 1.91 for Adjusted EPS for 2019 and 2020,
$1.56, 1.88 and 2.17 for EPS, $3.28, $3.23 and $3.51 for CFPS, and $413M and $521M for Net Income for 2019 and 2020.
July 7, 2018.  Last estates were for 2018, 2019 and 2020 of $24159M, $24693M and $25244M for Revenue, $0.86, $1.30 and $1.79 for Adjust Net EPS,
$0.28 and $1.15 for EPS for 2018 and 2019, $1.95 and $3.97 for CFPS for 2018 and 2019
July 4, 2017.  Last estimates were for 2017, 2018 and 2019 of $24422M, $24892M and $25624M for Revenue, $1.38 and $1.47 for Adjusted EPS for 2017 and 2018,
July 2, 2016.  Last estimates were for 2016, 2017 and 2018 of $24288M, $24634M and $25087M for Revenue, $-3.94, $1.59 and $1.88 for EPS, $3.30, $3.48 and $3.80 for CFPS
April 31, 2016.  I have started to follow this stock and did the spreadsheet.
Thgere are two types of shares, Class A non-voting and Class B common or voting shares.
They have been increasing their dividends since 1995.
Sector:
Conssumer Staple, Consumer
What should this stock accomplish?
Low dividend yield and moderate to good dividend growth.
Would I buy this company and Why.
This is a dividend growth stock with a low dividend and moderate dividend increases.
This is the sort of company I like to buy.
Why am I following this stock.
I have known about this stock for some time before I decided to follow it.  This stock has a financial year ending in end of April or first of May each year.
Dividends
Dividends are paid in Cycle 1 in July, October, January and April.  Dividends are declared for a record date and payment date of the following month.
For exaple, the dividend payable on April 30, 2015 was Declared on 12 March 2015 for sharesholders of record of 15 April 2015.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
Empire Co Ltd key businesses are food retailing, investments, and other operations. The food retailing division operates through
Empire's subsidiaries Sobeys, National, Farm Boy, and Longo's, and represents nearly all of the company's income.
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	2017	Jul 7	2018	Jul 7	2019	Jun 26	2020	Jun 26	2021	Jun 26	2022	Jun 24	2023	Jun 23	2024			Jun 29	2025
Medline, Michael Bennett	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%	B	Nominal 1 share Cl B	0.00%
CEO - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000	B
Shares-percentage	0.02%	0.048	0.03%	0.081	0.05%	0.081	0.05%	0.109	0.07%	0.116	0.07%	0.126	0.09%	0.160	0.12%			0.159	0.12%	A		-0.19%
Shares - Amount	$0.745		$1.424		$2.478		$3.117		$4.610		$4.208		$4.053		$8.168				$8.938	A
Options - percentage	0.03%	0.518	0.19%	1.981	0.74%	2.236	0.84%	2.045	0.78%	2.083	0.82%	0.403	0.17%	2.531	1.09%			2.678	1.15%			5.81%
Options - amount	$2.259		$15.442		$60.888		$86.443		$86.765		$75.773		$12.919		$129.594				$150.327
Pefanis, Constantine
CFO - Shares - Amount
Options - percentage
Options - amount
Reindel, Matthew										0.003	0.00%	0.003	0.00%	0.006	0.00%			0.006	0.00%	A		0.00%
CFO - Shares - Amount											$0.120		$0.106		$0.290				$0.318	A
Options - percentage										0.079	0.03%	0.118	0.05%	0.172	0.07%			0.204	0.09%			18.22%
Options - amount											$2.858		$3.772		$8.818				$11.428
Vels, Michael Harold	0.00%	0.025	0.01%	0.035	0.01%	0.080	0.05%	0.100	0.06%	0.101	0.07%										Appointed CFO June 2017
Officer - Shares - Amount	$0.074		$0.745		$1.076		$3.084		$4.228		$3.674										Exec VP 2022
Options - percentage	0.02%	0.246	0.09%	0.448	0.17%	0.502	0.19%	0.404	0.15%	0.345	0.14%										Ceased insider Dec 22
Options - amount	$1.311		$7.339		$13.777		$19.419		$17.129		$12.569
Nathanson, Douglas Bigler				0.002	0.00%	0.002	0.00%	0.018	0.01%	0.018	0.01%	0.018	0.01%	0.021	0.02%			0.021	0.02%	A		0.00%
Officer - Shares - Amount					$0.075		$0.095		$0.761		$0.671		$0.591		$1.071				$1.174	A
Options - percentage				0.132	0.05%	0.163	0.06%	0.131	0.05%	0.124	0.05%	0.155	0.06%	0.198	0.09%			0.225	0.10%			13.18%
Options - amount					$4.054		$6.306		$5.549		$4.511		$4.964		$10.157				$12.602
Gagne, Simon				0.012	0.00%	0.014	0.01%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%	A		#DIV/0!
Officer - Shares - Amount					$0.360		$0.543		$0.000		$0.000		$0.000		$0.000				$0.000	A
Options - percentage				0.499	0.19%	0.474	0.18%	0.336	0.13%	0.301	0.12%	0.292	0.12%	0.352	0.15%			0.380	0.16%			7.90%
Options - amount					$15.321		$18.320		$14.272		$10.945		$9.351		$18.045				$21.346
Keay, Clinton David	0.00%	0.010	0.01%																	A	Was Officer 2016
Officer - Shares - Amount	$0.149		$0.298																	A	2017 site says CFO
Options - percentage	0.09%	0.197	0.07%																		Ceased May 2019
Options - amount	$5.842		$5.874
Devine, Cynthia				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%	B	Nominal 3 shares Cl B	0.00%
Director - Shares - Amount					$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000	B
Shares-percentage				0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%	A		0.00%
Shares - Amount					$0.092		$0.116		$0.127		$0.109		$0.096		$0.154				$0.168	A
Options - percentage				0.042	0.02%	0.048	0.02%	0.056	0.02%	0.064	0.03%	0.071	0.03%	0.077	0.03%			0.079	0.03%			2.61%
Options - amount					$1.291		$1.844		$2.385		$2.320		$2.273		$3.923				$4.413
Sobey, John Robert	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%	0.057	0.06%					B		-100.00%
Director - Shares - Amount	$1.421		$1.706		$1.759		$2.213		$2.428		$2.082		$1.835		$2.930					B
Shares-percentage	0.08%	0.143	0.08%	0.143	0.08%	0.143	0.09%	0.143	0.09%	0.143	0.09%	0.143	0.10%	0.143	0.11%					A		-100.00%
Shares - Amount	$3.538		$4.247		$4.379		$5.509		$6.075		$5.209		$4.592		$7.331					A
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%							#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Sobey, Karl Rolland	7.84%	7.730	7.88%	7.731	7.88%	7.731	7.88%	7.752	7.90%	7.752	7.90%	7.752	7.90%	7.752	7.90%			7.752	7.90%	B		0.00%
Director - Shares - Amount	$191.027		$230.364		$237.558		$298.861		$328.904		$282.006		$248.596		$396.886				$435.102	B
Shares-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%	A		#DIV/0!
Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000	A
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%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Sobey, Robert G. C.	3.04%	2.992	3.05%	3.000	3.06%	3.000	3.06%	3.051	3.11%	3.051	3.11%	3.051	3.11%	3.051	3.11%			3.051	3.11%	B	Last report Mar 2024	0.00%
Director - Shares - Amount	$73.981		$89.162		$92.197		$115.989		$129.464		$111.004		$97.853		$156.223				$171.265	B	Not listed dir on site '21
Shares-percentage	0.32%	0.552	0.32%	0.552	0.32%	0.559	0.33%	0.559	0.34%	0.559	0.36%	0.559	0.39%	0.559	0.42%			0.559	0.42%	A	listed on site 2025	0.00%
Shares - Amount	$13.699		$16.441		$16.954		$21.613		$23.721		$20.339		$17.929		$28.624				$31.380	A
Options - percentage	0.00%	0.004	0.00%	0.005	0.00%	0.007	0.00%	0.009	0.00%	0.010	0.00%	0.012	0.00%	0.014	0.01%			0.014	0.01%			0.00%
Options - amount	$0.043		$0.112		$0.168		$0.261		$0.362		$0.369		$0.377		$0.694				$0.761
Dickson, James Malcolm	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%	B	Nominal 3 shares Cl B	0.00%
Chairman - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000	B
Shares-percentage	0.01%	0.017	0.01%	0.023	0.01%	0.023	0.01%	0.022	0.01%	0.023	0.01%	0.023	0.02%	0.023	0.02%			0.023	0.02%	A		0.00%
Shares - Amount	$0.413		$0.495		$0.699		$0.880		$0.948		$0.828		$0.730		$1.165				$1.277	A
Options - percentage	0.00%	0.012	0.00%	0.016	0.01%	0.020	0.01%	0.023	0.01%	0.027	0.01%	0.030	0.01%	0.032	0.01%			0.032	0.01%			0.00%
Options - amount	$0.084		$0.344		$0.503		$0.763		$0.995		$0.974		$0.966		$1.650				$1.809
Dexter, Robert P.																				B	Ceased insider Oct 2016
Chairman - Shares - Amount																				B
Shares-percentage																				A
Shares - Amount																				A
Options - percentage
Options - amount
Sobey, Donald Creighton Rae	32.44%	22.985	23.42%	23.048	23.49%	23.048	23.49%	23.440	23.88%	23.440	23.88%							23.440	23.88%	B	10% holder
10% owner - Shares - Amount	$790.441		$684.953		$708.271		$891.043		$994.559		$852.747								$1,315.687	B	Last rept Jul 2020
Shares-percentage	3.50%	6.083	3.50%	6.083	3.56%	6.083	3.64%	6.083	3.70%	6.083	3.92%							6.083	4.52%	A
Shares - Amount	$151.030		$181.260		$186.917		$235.151		$258.083		$221.283								$341.413	A
Options - percentage	0.00%	0.012	0.00%	0.049	0.02%	0.049	0.02%	0.049	0.02%	0.049	0.02%							0.049	0.02%
Options - amount	$0.000		$0.344		$1.515		$1.905		$2.091		$1.793								$2.767
Increase in O/S Shares	0.32%	0.253	0.26%	0.040	0.04%	0.110	0.04%	0.142	0.05%	0.432	0.16%	0.046	0.02%	0.068	0.03%			0.444	0.19%		They do not tell you this	In 2025 it was clear
Due to SO	$11.797		$6.272		$1.201		$3.369		$5.481		$18.330		$1.678		$2.196				$22.731		info directly, so I could be
Book Value	$10.700		$4.800		$0.800		$2.100		$2.300		$4.000		$4.000		$1.200				$9.000		wrong
Insider Buying	-$0.735		-$0.883		-$1.412		-$0.467		$0.000		-$0.445		-$0.398		-$0.030				-$0.563		Stock Based Compensation
Insider Selling	$0.000		$0.000		$1.001		$0.816		-$11.162		$9.960		$0.306		$2.591				$3.125		in 2022
Net Insider Selling	-$0.735		-$0.883		-$0.411		$0.348		-$11.162		$9.515		-$0.092		$2.561				$2.563		In 2023, info was given
Net Selling % of Market Cap	-0.01%		-0.01%		0.00%		0.00%		-0.10%		0.10%		0.00%		0.02%				0.02%
Directors		14		14		14		15		15		15		14				14
Women	29%	5	36%	5	36%	5	36%	6	40%	6	40%	6	40%	5	36%			5	36%
Minorities	7%	1	7%	1	7%	1	7%	1	7%	1	7%	1	7%	0	0%			0	0%
Institutions/Holdings		190	47.26%	227	42.78%	20	48.11%	20	16.75%	20	14.65%	20	13.92%	20	12.25%			20	16.23%		Class A only
Total Shares Held		82.023	47.23%	74.294	43.45%	130.757	49.26%	45.002	17.13%	38.497	15.20%	35.249	13.92%	29.648	22.05%			38.388	28.54%
Increase/Decrease 3 Mths		-0.627	-0.76%	1.305	1.79%	2.326	1.81%	0.076	0.03%	0.684	0.26%	1.298	0.49%	-0.401	-0.15%			0.698	0.27%
Starting No. of Shares		82.649		72.988	Reuters	128.431	Top 20 MS	44.926	Top 20 MS	37.812	Top 20 MS	33.951	Top 20 MS	30.049	Top 20 MS			37.690	Top 20 MS
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