This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2026
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					https://www.annualreports.com/Company/fortis-inc
Fortis Inc					TSX:	FTS	NYSE	FTS	https://www.fortisinc.com/			Fiscal Yr:	Dec-31
Year	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
Comments																					Comments
Split																					Split
														$12,235	<-12 mths	0.53%			Estimates		last 12 months from Qtr.
Revenue*	$4,047	$5,401	$6,727	$6,838	$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$11,517	$11,508	$12,170	$13,291	$13,860	$14,444		80.91%	<-Total Growth	10	Revenue
Increase	10.8%	33.5%	24.6%	1.7%	21.4%	1.1%	4.7%	1.7%	5.7%	16.9%	4.3%	-0.1%	5.8%	9.2%	4.3%	4.2%		6.11%	<-IRR #YR->	10	Revenue	80.91%
5 year Running Average	$3,750	$4,103	$4,715	$5,333	$6,263	$7,131	$7,808	$8,249	$8,771	$9,320	$9,945	$10,490	$11,137	$11,906	$12,469	$13,055		6.37%	<-IRR #YR->	5	Revenue	36.21%
Revenue per share	$18.99	$19.57	$23.89	$17.03	$19.71	$19.58	$18.96	$19.14	$19.90	$22.90	$23.48	$23.05	$23.99	$26.11	$27.22	$28.37		8.98%	<-IRR #YR->	10	5 yr Running Average	136.20%
Increase	-0.47%	3.07%	22.09%	-28.71%	15.74%	-0.67%	-3.18%	0.97%	3.96%	15.09%	2.51%	-1.82%	4.08%	8.83%	4.28%	4.21%		6.19%	<-IRR #YR->	5	5 yr Running Average	35.01%
5 year Running Average	$20.03	$19.70	$20.27	$19.71	$19.84	$19.96	$19.83	$18.88	$19.46	$20.10	$20.87	$21.69	$22.66	$23.90	$24.77	$25.75		0.04%	<-IRR #YR->	10	Revenue per Share	0.41%
P/S (Price/Sales) Med	1.71	1.80	1.59	2.37	2.27	2.22	2.67	2.74	2.77	2.49	2.39	2.48	2.75	2.88	0.00	0.00		4.62%	<-IRR #YR->	5	Revenue per Share	25.33%
P/S (Price/Sales) Close	1.60	1.99	1.57	2.43	2.34	2.32	2.84	2.72	3.07	2.37	2.32	2.59	2.97	2.96	2.83	2.78		1.12%	<-IRR #YR->	10	5 yr Running Average	11.79%
*Revenue in millions CDN $ (Operating Revenues), and Per Share					P/S Med	20 yr	2.01	15 yr	2.37	10 yr	2.48	5 yr	2.49		18.99%	Diff M/C		3.71%	<-IRR #YR->	5	5 yr Running Average	20.01%
			-$6,727	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,170
								-$8,935	$0	$0	$0	$0	$12,170
			-$4,715	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,137
								-$8,249	$0	$0	$0	$0	$11,137
			-$23.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.99
								-$19.14	$0.00	$0.00	$0.00	$0.00	$23.99
			-$20.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.66
								-$18.88	$0.00	$0.00	$0.00	$0.00	$22.66
														$4.15	<-12 mths	5.33%
														69.92%	71.19%
TD						TD	TD	TD	TD	TD	TD	TD	TD
AFFO	$2.48	$2.12	$2.06	$2.28	$2.97	$2.52	$2.68	$3.09	$2.81	$3.71	$3.66	$3.24	$3.94	$4.00	$4.18	$4.42		91.26%	<-Total Growth	10	AFFO
Increase	-8.15%	-14.52%	-2.83%	10.68%	30.26%	-15.15%	6.35%	15.30%	-9.06%	32.03%	-1.35%	-11.48%	21.60%	1.52%	4.50%	5.74%		10	0	10	Years of Data, EPS P or N	100.00%
AFFO Yield	8.1%	5.4%	5.5%	5.5%	6.4%	5.5%	5.0%	5.9%	4.6%	6.8%	6.7%	5.4%	5.5%	5.2%	5.4%	5.6%		6.70%	<-IRR #YR->	10	AFFO	91.26%
5 year Running Average			$2.40	$2.33	$2.38	$2.39	$2.50	$2.71	$2.81	$2.96	$3.19	$3.30	$3.47	$3.71	$3.80	$3.96		4.98%	<-IRR #YR->	5	AFFO	27.51%
Payout Ratio	50.00%	60.38%	67.72%	66.89%	54.71%	68.45%	68.19%	62.70%	72.95%	58.49%	62.43%	73.61%	63.07%	64.00%	61.24%	57.92%		3.84%	<-IRR #YR->	10	5 yr Running Average	44.91%
5 year Running Average			52.38%	57.04%	59.32%	63.18%	64.73%	63.81%	65.14%	65.56%	64.39%	65.58%	65.52%	64.07%	64.54%	63.45%		5.10%	<-IRR #YR->	5	5 yr Running Average	28.21%
Price/AFFO Med	13.06	16.63	18.49	17.70	15.06	17.21	18.85	16.95	19.60	15.37	15.33	17.63	16.72	18.82	0.01	0.00		17.08	<-Median->	10	Price/AFFO Med
Price/AFFO High	14.12	19.16	20.34	19.53	16.36	18.67	21.19	19.04	21.77	17.53	16.82	19.46	18.68	20.03	0.00	0.00		18.86	<-Median->	10	Price/AFFO High
Price/AFFO Low	12.00	14.09	16.63	15.88	13.76	15.75	16.52	14.85	17.44	13.21	13.83	15.80	14.76	17.61	0.00	0.00		15.30	<-Median->	10	Price/AFFO Low
Price/AFFO Close	12.28	18.38	18.16	18.18	15.53	18.06	20.10	16.83	21.72	14.60	14.89	18.44	18.11	19.29	18.46	17.85		18.09	<-Median->	10	P/FFO Close
Trailing P/AFFO	11.28	15.71	17.65	20.13	20.22	15.32	21.38	19.40	19.75	19.28	14.69	16.32	22.02	19.59	19.29	18.88		19.58	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	64.98%	5 Yrs	63.07%	P/CF	5 Yrs	in order	16.72	18.68	14.76	18.11		15.40%	Diff M/C
Adjusted Funds From Operations
			-$2.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.94
								-$3.09	$0.00	$0.00	$0.00	$0.00	$3.94
			-$2.38	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.47
								-$2.71	$0.00	$0.00	$0.00	$0.00	$3.47
														$3.55	<-12 mths	0.57%			Estimates		Last 12 months from Qtr
														71.07%	70.52%	69.75%			Estimates		Payout Ratio EPS
Adjusted Earnings	$342	$394	$589	$715	$1,053	$1,066	$1,115	$1,195	$1,219	$1,329	$1,502	$1,626	$1,777					201.70%	<-Total Growth	10	Adjusted Profit CDN$
Adjusted Profit CDN$	7.17%	5.73%	7.31%	5.51%	7.87%	7.15%	6.59%	7.00%	6.90%	6.85%	7.55%	7.33%	8.01%					7.07%	<-Median->	10	Return on Equity ROE
Return on Equity ROE	7.70%	7.17%	7.24%	7.17%	7.17%	7.15%	7.15%	7.00%	7.00%	6.90%	6.90%	7.00%	7.33%					7.07%	<-Median->	10	5 Yr Median
Calc Adj Basic	$1.69	$1.75	$2.11	$2.31	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$3.09	$3.28	$3.53
Calc Adj Diluted	$1.64	$1.74	$2.07	$2.28	$2.53	$2.51	$2.55	$2.57	$2.59	$2.77	$3.09	$3.28	$3.53
Adjusted EPS Basic	$1.69	$1.75	$2.11	$2.33	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$3.09	$3.28	$3.53	$3.65	$3.84	$4.08		67.30%	<-Total Growth	10	AEPS
Increase	-2.31%	3.55%	20.57%	10.43%	8.58%	-0.79%	1.59%	0.78%	0.78%	7.34%	11.15%	6.15%	7.62%	3.40%	5.21%	6.25%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	5.6%	4.5%	5.6%	5.6%	5.5%	5.5%	4.7%	4.9%	4.2%	5.1%	5.7%	5.5%	4.9%	4.7%	5.0%	5.2%		5.28%	<-IRR #YR->	10	AEPS	67.30%
5 year Running Average	$1.67	$1.71	$1.81	$1.92	$2.08	$2.25	$2.41	$2.50	$2.55	$2.60	$2.72	$2.86	$3.05	$3.27	$3.48	$3.68		6.55%	<-IRR #YR->	5	AEPS	37.35%
Payout Ratio	73.37%	73.14%	66.11%	65.45%	64.23%	68.73%	71.67%	75.39%	79.15%	78.06%	73.95%	72.71%	70.40%	0.00%	0.00%	0.00%		5.39%	<-IRR #YR->	10	5 yr Running Average	69.10%
5 year Running Average	68.90%	70.01%	69.49%	69.09%	67.87%	67.23%	67.31%	69.18%	71.88%	74.69%	75.63%	75.66%	74.49%	72.78%	70.59%	68.28%		4.10%	<-IRR #YR->	5	5 yr Running Average	22.26%
Price/AEPS Median	19.16	20.14	18.05	17.32	17.68	17.28	19.81	20.38	21.27	20.51	18.15	17.42	18.66	20.62	0.01	0.00		18.41	<-Median->	10	Price/AEPS Median
Price/AEPS High	20.72	23.21	19.86	19.11	19.21	18.75	22.27	22.89	23.61	23.40	19.92	19.22	20.85	21.95	0.00	0.00		20.38	<-Median->	10	Price/AEPS High
Price/AEPS Low	17.61	17.07	16.24	15.54	16.15	15.81	17.36	17.86	18.92	17.63	16.39	15.61	16.47	19.30	0.00	0.00		16.43	<-Median->	10	Price/AEPS Low
Price/AEPS Close	18.02	22.26	17.73	17.79	18.23	18.13	21.13	20.23	23.56	19.49	17.64	18.21	20.22	21.14	20.10	19.34		18.86	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	17.60	23.05	21.38	19.65	19.79	17.99	21.47	20.39	23.75	20.92	19.61	19.33	21.76	21.86	21.14	20.55		20.09	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	18.26	20.00	16.43	18.85	P/CF	5 Yrs	in order	18.66	20.85	16.47	19.49
Adjusted Common Equity Earnings
			-$2.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.53
								-$2.57	$0.00	$0.00	$0.00	$0.00	$3.53
			-$1.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.05
								-$2.50	$0.00	$0.00	$0.00	$0.00	$3.05
														$3.39	<-12 mths	-0.29%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.57%	0.71%	0.77%	0.00%	0.43%	0.00%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%					0.00%	<-Median->	0	Difference Basic and Diluted
pre-split 2005
EPS Basic	$1.74	$1.41	$2.61	$1.89	$2.32	$2.59	$2.79	$2.60	$2.61	$2.78	$3.10	$3.24	$3.40					30.27%	<-Total Growth	10	EPS Basic
pre-split 2005
EPS Diluted*	$1.73	$1.40	$2.59	$1.89	$2.31	$2.59	$2.78	$2.60	$2.61	$2.78	$3.10	$3.24	$3.40	$3.62	$3.86	$4.16		31.27%	<-Total Growth	10	EPS Diluted
Increase	4.85%	-19.08%	85.00%	-27.03%	22.22%	12.12%	7.34%	-6.47%	0.38%	6.51%	11.51%	4.52%	4.94%	6.32%	6.64%	7.94%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	5.7%	3.6%	6.9%	4.6%	5.0%	5.7%	5.2%	5.0%	4.3%	5.1%	5.7%	5.4%	4.8%	4.7%	5.0%	5.3%		2.76%	<-IRR #YR->	10	Earnings per Share	31.27%
5 year Running Average	$1.65	$1.63	$1.82	$1.85	$1.98	$2.16	$2.43	$2.43	$2.58	$2.67	$2.77	$2.87	$3.03	$3.23	$3.44	$3.65		5.51%	<-IRR #YR->	5	Earnings per Share	30.77%
10 year Running Average	$1.47	$1.51	$1.65	$1.70	$1.80	$1.90	$2.03	$2.13	$2.22	$2.33	$2.47	$2.65	$2.73	$2.90	$3.06	$3.21		5.20%	<-IRR #YR->	10	5 yr Running Average	66.08%
* Diluted ESP per share									E/P	10 Yrs	5.07%	5Yrs	5.13%					4.45%	<-IRR #YR->	5	5 yr Running Average	24.32%
			-$2.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.40
								-$2.60	$0.00	$0.00	$0.00	$0.00	$3.40
			-$1.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.03
								-$2.43	$0.00	$0.00	$0.00	$0.00	$3.03
Dividend Estimate														$2.59	$2.71	$2.85			Estimates		Dividend Estimate
Increase														4.4%	4.4%	5.1%			Estimates		Increase
Payout Ratio EPS														71.76%	70.25%	68.40%			Estimates		Payout Ratio EPS
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	10	Special Dividend
per Quarter
pre-split 2005
Dividend*	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$2.49	$2.56	$2.56	$2.56		78.14%	<-Total Growth	10	Dividends
Increase	3.33%	3.23%	8.98%	9.32%	6.56%	6.15%	5.94%	6.02%	5.81%	5.85%	5.30%	4.38%	4.19%	3.02%	0.00%	0.00%		44	0	44	Years of data, Count P, N
Average Increases 5 Year Running	4.41%	4.25%	4.51%	5.66%	6.28%	6.85%	7.39%	6.80%	6.10%	5.96%	5.78%	5.47%	5.11%	4.55%	3.38%	2.32%		6.03%	<-Median->	10	Average Incr 5 Year Running
5 year running Average	$1.15	$1.20	$1.26	$1.33	$1.41	$1.51	$1.62	$1.73	$1.83	$1.94	$2.05	$2.17	$2.28	$2.38	$2.46	$2.51		81.27%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.54%	3.15%	3.33%	3.42%	3.34%	3.67%	3.22%	3.29%	3.35%	3.34%	3.71%	3.78%	3.38%	3.20%				3.36%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.83%	3.63%	3.66%	3.78%	3.63%	3.98%	3.62%	3.70%	3.72%	3.81%	4.07%	4.18%	3.77%	3.40%				3.78%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.17%	4.28%	4.07%	4.21%	3.98%	4.35%	4.13%	4.22%	4.18%	4.43%	4.51%	4.66%	4.27%	3.63%				4.25%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.07%	3.29%	3.73%	3.68%	3.52%	3.79%	3.39%	3.73%	3.36%	4.01%	4.19%	3.99%	3.48%	3.32%	3.32%	3.24%		3.70%	<-Median->	10	Yield on Close Price	AFFO
Payout Ratio EPS	71.68%	91.43%	53.86%	80.69%	70.35%	66.60%	65.74%	74.52%	78.54%	78.06%	73.71%	73.61%	73.09%	70.82%	66.41%	61.52%		73.66%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	69.82%	73.71%	68.88%	71.71%	71.22%	70.04%	66.59%	70.99%	71.10%	72.68%	74.04%	75.56%	75.18%	73.66%	71.32%	68.69%		71.46%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	29.40%	35.98%	23.48%	32.50%	24.83%	28.39%	31.79%	33.48%	33.48%	34.04%	31.62%	30.68%	31.03%	30.57%	28.26%	28.19%		31.71%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	26.16%	27.45%	26.59%	28.25%	28.31%	28.16%	27.92%	29.95%	30.27%	32.25%	32.86%	32.53%	32.04%	31.48%	30.35%	29.67%		30.11%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	28.00%	31.94%	24.07%	32.88%	23.98%	27.32%	29.91%	28.85%	31.90%	29.45%	30.92%	32.06%	30.16%	30.57%	28.26%	#DIV/0!		30.03%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	26.73%	27.78%	27.06%	28.19%	27.55%	27.42%	27.32%	28.28%	28.34%	29.48%	30.20%	30.64%	30.86%	30.62%	30.31%	#DIV/0!		28.31%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.36%	3.70%	5 Yr Med	5 Yr Cl	3.38%	3.99%	5 Yr Med	Payout	73.71%	31.62%	30.92%					5.10%	<-IRR #YR->	5	Dividends	28.26%
* Dividends per share	10 Yr Med	and Cur.	-1.40%	-10.39%	5 Yr Med	and Cur.	-1.76%	-16.92%	Last Div Inc --->		$0.615	$0.640	4.07%					5.94%	<-IRR #YR->	10	Dividends	78.14%
Dividends Growth 15																		5.46%	<-IRR #YR->	15	Dividends	121.88%
Dividends Growth 20																		7.47%	<-IRR #YR->	20	Dividends	322.62%
Dividends Growth 25																		6.98%	<-IRR #YR->	25	Dividends	440.22%
Dividends Growth 30																		6.08%	<-IRR #YR->	30	Dividends	488.17%
Dividends Growth 35																		5.69%	<-IRR #YR->	35	Dividends	592.68%
Dividends Growth 40																		5.76%	<-IRR #YR->	40	Dividends	837.74%
Dividends Growth 45																		6.08%	<-IRR #YR->	44	Dividends
Dividends Growth 5								-$1.94	$0.00	$0.00	$0.00	$0.00	$2.49								Dividends Growth 5
Dividends Growth 10			-$1.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.49								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	$2.49								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	$2.49								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	$2.49								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	$2.49								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	$2.49								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	$2.49								Dividends Growth 40
Dividends Growth 45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.49								Dividends Growth 45
Historical Dividends	Historical	High Div	7.51%	Low Div	3.52%	10 Yr High	4.64%	10 Yr Low	3.62%	Med Div	3.71%	Close Div	4.01%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-55.83%	Exp	-5.76%	Exp.	-28.51%		-8.36%	Exp.	-10.58%	Exp.	-17.17%								High/Ave/Median
Future Dividend Yield					Div Yield	$0.04	earning in	5	Years	at IRR of	5.10%	Div Inc.	28.26%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.46%	earning in	10	Years	at IRR of	5.10%	Div Inc.	64.50%								Future Dividend Yield
Future Dividend Yield					Div Yield	7.00%	earning in	15	Years	at IRR of	5.10%	Div Inc.	110.99%								Future Dividend Yield
Future Dividend Paid					Div Yield	$3.28	earning in	5	Years	at IRR of	5.10%	Div Inc.	28.26%								Future Dividend Yield
Future Dividend Paid					Div Paid	$4.21	earning in	10	Years	at IRR of	5.10%	Div Inc.	64.50%								Future Dividend Paid
Future Dividend Paid					Div Paid	$5.40	earning in	15	Years	at IRR of	5.10%	Div Inc.	110.99%								Future Dividend Paid
Dividend Covering Cost					Total Div	$14.86	over	5	Years	at IRR of	7.47%	Div Cov.	19.26%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$32.50	over	10	Years	at IRR of	7.47%	Div Cov.	42.11%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$57.79	over	15	Years	at IRR of	7.47%	Div Cov.	74.88%								Dividend Covering Cost
I am earning GC					Div Gr	675.76%	11/13/87	# yrs ->	38	1987	$4.65	Cap Gain	1559.57%								I am earning GC
I am earning Div					org yield	7.10%	12/31/25	Trading	Div G Yrly	5.52%	Div start	$0.33	-7.10%	55.05%							I am earning Div
I am earning GC					Div Gr	495.35%	11/15/95	# yrs ->	30	1995	$6.86	Cap Gain	1024.93%								I am earning GC
I am earning Div					org yield	6.27%	12/31/25	RRSP	Div G Yrly	6.10%	Div start	$0.43	-6.27%	37.32%							I am earning Div
Yield if held 5 years	4.92%	5.07%	4.66%	4.75%	4.90%	5.33%	5.19%	5.09%	5.08%	4.85%	5.27%	4.72%	4.75%	4.65%	4.49%	4.56%		4.99%	<-Median->	10	Paid Median Price
Yield if held 10 years	9.04%	8.00%	6.52%	6.03%	5.96%	6.85%	7.24%	6.47%	6.38%	6.55%	7.06%	6.77%	6.52%	6.34%	5.72%	5.90%		6.54%	<-Median->	10	Paid Median Price
Yield if held 15 years	11.95%	14.87%	17.37%	14.91%	13.38%	12.57%	11.42%	9.06%	8.10%	7.96%	9.07%	9.45%	8.29%	7.97%	7.72%	7.90%		9.26%	<-Median->	10	Paid Median Price
Yield if held 20 years	18.81%	19.05%	21.36%	19.77%	17.62%	16.63%	21.23%	24.12%	20.05%	17.87%	16.65%	14.90%	11.62%	10.12%	9.39%	10.17%		17.74%	<-Median->	10	Paid Median Price
Yield if held 25 years	26.19%	24.11%	26.49%	26.96%	27.96%	26.16%	27.20%	29.67%	26.58%	23.52%	22.02%	27.71%	30.94%	25.04%	21.08%	18.66%		27.08%	<-Median->	10	Paid Median Price
Yield if held 30 years	36.23%	34.78%	31.77%	33.42%	33.20%	36.43%	34.42%	36.79%	36.24%	37.33%	34.65%	35.50%	38.05%	33.19%	27.75%	24.67%		35.87%	<-Median->	10	Paid Median Price
Yield if held 35 years				61.00%	63.41%	50.40%	49.66%	44.12%	44.93%	44.33%	48.26%	44.92%	47.19%	45.26%	44.04%	38.82%		47.72%	<-Median->	10	Paid Median Price
Yield if held 40 years									82.00%	84.68%	66.76%	64.81%	56.59%	56.11%	52.30%	54.07%		66.76%	<-Median->	5	Paid Median Price
Yield if held 45 years														102.40%	99.90%	74.80%
Cost covered if held 5 years	22.88%	23.77%	20.94%	20.67%	21.31%	23.31%	22.97%	22.69%	22.71%	21.71%	23.68%	21.43%	21.72%	21.58%	21.53%	22.37%		22.20%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	68.34%	63.20%	51.08%	46.56%	46.18%	52.86%	55.85%	49.78%	49.19%	50.60%	55.03%	53.70%	52.55%	52.15%	49.15%	52.62%		51.58%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	113.38%	146.29%	168.41%	142.62%	129.47%	123.36%	113.78%	91.48%	82.79%	81.82%	93.65%	98.75%	87.75%	86.18%	87.63%	93.78%		96.20%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	210.96%	220.06%	241.27%	218.52%	195.53%	186.15%	240.38%	275.99%	232.25%	209.43%	198.20%	181.42%	144.66%	129.76%	126.86%	143.49%		203.82%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	332.43%	314.06%	336.35%	333.58%	346.16%	325.47%	340.58%	373.56%	337.35%	300.79%	285.14%	366.19%	417.62%	348.49%	310.51%	289.66%		338.97%	<-Median->	10	Paid Median Price
Cost covered if held 30 years	501.55%	494.51%	440.15%	450.75%	447.10%	491.88%	466.56%	500.41%	495.61%	513.21%	481.22%	501.74%	547.72%	491.45%	433.85%	406.10%		493.75%	<-Median->	10	Paid Median Price
Cost covered if held 35 years				872.12%	906.17%	722.15%	714.55%	636.90%	651.63%	645.46%	708.78%	670.47%	716.41%	705.73%	724.40%	671.55%		711.66%	<-Median->	10	Paid Median Price	Tot. Growth
Cost covered if held 40 years									1238.72%	1285.09%	1022.22%	1008.78%	895.94%	912.12%	896.23%	973.82%		1022.22%	<-Median->	5	Paid Median Price
Cost covered if held 45 years														1714.12%	1764.12%	1388.91%
																				Yr	Item
Revenue Growth								$8,935	$9,448	$11,043	$11,517	$11,508	$12,170	$12,235	<-12 mths	0.53%		36.21%	<-Total Growth	5	Revenue Growth	36.21%
AEPS Growth								$2.57	$2.59	$2.78	$3.09	$3.28	$3.53	$3.55	<-12 mths	0.57%		37.35%	<-Total Growth	5	AEPS Growth	37.35%
Net Income Growth								$1,209	$1,231	$1,330	$1,506	$1,606	$1,714	$1,716	<-12 mths	0.12%		41.77%	<-Total Growth	5	Net Income Growth	41.77%
Cash Flow Growth								$2,701	$2,907	$3,074	$3,545	$3,882	$4,062					50.39%	<-Total Growth	5	Cash Flow Growth	50.39%
Dividend Growth								$1.94	$2.05	$2.17	$2.29	$2.39	$2.49	$2.56	<-12 mths	3.02%		28.26%	<-Total Growth	5	Dividend Growth	28.26%
Stock Price Growth								$52.00	$61.03	$54.18	$54.51	$59.73	$71.36	$77.17	<-12 mths	8.14%		37.23%	<-Total Growth	5	Stock Price Growth	37.23%
Revenue Growth			$6,727	$6,838	$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$11,517	$11,508	$12,170	$13,291	<-this year	9.21%		80.91%	<-Total Growth	10	Revenue Growth	80.91%
AEPS Growth			$2.11	$2.33	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$3.09	$3.28	$3.53	$3.65	<-this year	3.40%		67.30%	<-Total Growth	10	AEPS Growth	67.30%
Net Income Growth			$728	$585	$963	$1,100	$1,655	$1,209	$1,231	$1,330	$1,506	$1,606	$1,714	$1,851	<-this year	7.99%		135.44%	<-Total Growth	10	Net Income Growth	135.44%
Cash Flow Growth			$1,673	$1,884	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545	$3,882	$4,062	$4,264	<-this year	4.97%		142.80%	<-Total Growth	10	Cash Flow Growth	142.80%
Dividend Growth			$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$2.49	$2.59	<-this year	4.39%		78.14%	<-Total Growth	10	Dividend Growth	78.14%
Stock Price Growth			$37.41	$41.46	$46.11	$45.51	$53.88	$52.00	$61.03	$54.18	$54.51	$59.73	$71.36	$78.90	<-this year	10.57%		90.75%	<-Total Growth	10	Stock Price Growth	90.75%
Dividends on Shares				$41.18	$43.88	$46.58	$49.34	$52.31	$55.35	$58.59	$61.70	$64.40	$67.10	$69.12	$69.12	$69.12		$540.41	No of Years	10	Total Divs	12/31/15
Paid			$1,010.07	$1,119.42	$1,244.97	$1,228.77	$1,454.76	$1,404.00	$1,647.81	$1,462.86	$1,471.77	$1,612.71	$1,926.72	$2,083.59	$2,083.59	$2,130.30		$1,926.72	No of Years	10	Worth	$37.41
Total																		$2,467.13
Graham Price AEPS	$29.18	$31.31	$36.86	$41.16	$42.53	$44.33	$45.76	$46.00	$46.56	$50.17	$53.08	$57.26	$58.94	$60.01	$61.55	$63.44		59.88%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.11	1.13	1.03	0.98	1.05	0.98	1.10	1.14	1.18	1.14	1.06	1.00	1.12	1.25				1.08	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.20	1.30	1.14	1.08	1.14	1.06	1.24	1.28	1.31	1.30	1.16	1.10	1.25	1.33				1.20	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.02	0.95	0.93	0.88	0.96	0.90	0.97	1.00	1.05	0.98	0.95	0.89	0.99	1.17				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.04	1.24	1.01	1.01	1.08	1.03	1.18	1.13	1.31	1.08	1.03	1.04	1.21	1.29	1.25	1.24		1.08	<-Median->	10	Price/GP Ratio
Prem/Disc Close	4.37%	24.44%	1.48%	0.73%	8.42%	2.66%	17.75%	13.05%	31.07%	7.98%	2.69%	4.31%	21.08%	28.60%	25.38%	24.36%		8.20%	<-Median->	10	Graham Price
Graham Price EPS	$29.52	$28.00	$40.84	$37.07	$40.64	$45.03	$47.78	$46.26	$46.74	$50.17	$53.17	$56.91	$57.84	$60.01	$61.67	$64.07		41.62%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.10	1.26	0.93	1.09	1.10	0.96	1.06	1.13	1.18	1.14	1.05	1.00	1.14	1.25				1.09	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.19	1.45	1.03	1.20	1.20	1.04	1.19	1.27	1.31	1.30	1.16	1.11	1.27	1.33				1.20	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.01	1.07	0.84	0.98	1.01	0.88	0.93	0.99	1.05	0.98	0.95	0.90	1.01	1.17				0.98	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.03	1.39	0.92	1.12	1.13	1.01	1.13	1.12	1.31	1.08	1.03	1.05	1.23	1.29	1.25	1.23		1.12	<-Median->	10	Price/GP Ratio
Prem/Disc Close	3.15%	39.13%	-8.41%	11.84%	13.47%	1.07%	12.77%	12.40%	30.57%	7.98%	2.53%	4.95%	23.37%	28.60%	25.13%	23.14%		12.12%	<-Median->	10	Graham Price
pre-split 2005
Price Close	$30.45	$38.96	$37.41	$41.46	$46.11	$45.51	$53.88	$52.00	$61.03	$54.18	$54.51	$59.73	$71.36	$77.17	$77.17	$78.90		90.75%	<-Total Growth	10	Stock Price
Increase	-11.02%	27.95%	-3.98%	10.83%	11.22%	-1.30%	18.39%	-3.49%	17.37%	-11.22%	0.61%	9.58%	19.47%	8.14%	0.00%	2.24%		19.53	<-Median->	10	CAPE (10 Yr P/E)
P/E	17.60	27.83	14.44	21.94	19.96	17.57	19.38	20.00	23.38	19.49	17.58	18.44	20.99	21.35	20.02	18.96		6.53%	<-IRR #YR->	5	Stock Price	37.23%
Trailing P/E	18.45	22.52	26.72	16.01	24.40	19.70	20.80	18.71	23.47	20.76	19.61	19.27	22.02	22.70	21.35	20.47		6.67%	<-IRR #YR->	10	Stock Price	90.75%
CAPE (10 Yr P/E)	19.44	20.37	19.50	19.59	19.46	19.45	19.48	19.43	19.91	19.80	19.68	19.09	19.77	19.83	19.84	19.91		10.39%	<-IRR #YR->	5	Price & Dividend	62.83%
Median 10, 5 Yrs		D.  per yr	3.96%	3.85%	% Tot Ret	37.28%	37.08%	T P/E	$20.23	$20.76	P/E:	$19.73	$19.49					10.64%	<-IRR #YR->	10	Price & Dividend	147.98%
Price 15		D.  per yr	3.52%		% Tot Ret	40.96%						CAPE Diff	9.30%					5.07%	<-IRR #YR->	15	Stock Price	110.01%
Price  20		D.  per yr	3.57%		% Tot Ret	39.19%												5.54%	<-IRR #YR->	20	Stock Price	194.03%
Price  25		D.  per yr	5.01%		% Tot Ret	36.72%												8.63%	<-IRR #YR->	25	Stock Price	692.89%
Price  30		D.  per yr	4.94%		% Tot Ret	37.74%												8.14%	<-IRR #YR->	30	Stock Price	947.49%
Price  35		D.  per yr	4.96%		% Tot Ret	39.35%												7.65%	<-IRR #YR->	35	Stock Price	1219.65%
Price  40		D.  per yr	4.98%		% Tot Ret	40.71%												7.25%	<-IRR #YR->	40	Stock Price	1544.24%
Price  45		D.  per yr	5.80%		% Tot Ret	43.56%												7.52%	<-IRR #YR->	44	Stock Price
Price & Dividend 15																		8.59%	<-IRR #YR->	15	Price & Dividend	190.67%
Price & Dividend 20																		9.11%	<-IRR #YR->	20	Price & Dividend	323.93%
Price & Dividend 25																		13.65%	<-IRR #YR->	25	Price & Dividend	1070.67%
Price & Dividend 30																		13.08%	<-IRR #YR->	30	Price & Dividend	1478.80%
Price & Dividend 35																		12.61%	<-IRR #YR->	35	Price & Dividend	1923.98%
Price & Dividend 40																		12.23%	<-IRR #YR->	40	Price & Dividend	2456.87%
Price & Dividend 45																		13.32%	<-IRR #YR->	44	Price & Dividend
Price  5								-$52.00	$0.00	$0.00	$0.00	$0.00	$71.36								Price  5
Price 10			-$37.41	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$71.36								Price 10
Price & Dividend 5								-$52.00	$2.05	$2.17	$2.29	$2.39	$73.85								Price & Dividend 5
Price & Dividend 10			-$37.41	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$73.85								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	$71.36								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	$71.36								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	$71.36								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	$71.36								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	$71.36								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	$71.36								Price  40
Price  45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$71.36								Price  45
Price & Dividend 15	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$73.85								Price & Dividend 15
Price & Dividend 20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$73.85								Price & Dividend 20
Price & Dividend 25	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$73.85								Price & Dividend 25
Price & Dividend 30	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$73.85								Price & Dividend 30
Price & Dividend 35	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$73.85								Price & Dividend 35
Price & Dividend 40	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$71.36								Price & Dividend 40
Price & Dividend 45	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$71.36								Price & Dividend 45
Price Median H/L	$32.39	$35.25	$38.09	$40.37	$44.73	$43.37	$50.53	$52.37	$55.08	$57.03	$56.09	$57.13	$65.87	$75.27	2.24%			72.96%	<-Total Growth	10	Stock Price
Increase	-2.31%	8.83%	8.06%	5.99%	10.81%	-3.04%	16.50%	3.64%	5.18%	3.53%	-1.64%	1.85%	15.31%	14.26%	3.32%			5.63%	<-IRR #YR->	10	Stock Price	72.96%
P/E	18.72	25.18	14.70	21.36	19.36	16.75	18.17	20.14	21.10	20.51	18.09	17.63	19.37	20.82	5.56%			4.70%	<-IRR #YR->	5	Stock Price	25.79%
Trailing P/E	19.63	20.37	27.20	15.58	23.67	18.77	19.51	18.84	21.18	21.85	20.18	18.43	20.33	22.14				9.69%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	19.63	21.65	20.90	21.80	22.55	20.12	20.78	21.51	21.37	21.34	20.22	19.93	21.77	23.32				8.65%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	22.00	23.33	23.14	23.77	24.89	22.79	24.89	24.61	24.87	24.50	22.75	21.56	24.13	25.93				15.50	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.06%	3.95%	% Tot Ret	41.87%	45.71%	T P/E	19.84	20.33	P/E:	19.37	19.37						Count	44	Years of data
			-$38.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$65.87
								-$52.37	$0.00	$0.00	$0.00	$0.00	$65.87
			-$38.09	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$68.36
								-$52.37	$2.05	$2.17	$2.29	$2.39	$68.36
Month	May	Nov	Feb	Jun	Nov	Dec	Oct	Feb	Dec	May	May	Dec	Dec	Mar
pre-split 2005
Price High	$35.01	$40.61	$41.91	$44.53	$48.59	$47.05	$56.78	$58.83	$61.16	$65.05	$61.55	$63.05	$73.59	$80.10				75.59%	<-Total Growth	10	Stock Price
Increase	2.19%	16.00%	3.20%	6.25%	9.12%	-3.17%	20.68%	3.61%	3.96%	6.36%	-5.38%	2.44%	16.72%	8.85%				5.79%	<-IRR #YR->	10	Stock Price	75.59%
P/E	20.24	29.01	16.18	23.56	21.03	18.17	20.42	22.63	23.43	23.40	19.85	19.46	21.64	22.16				4.58%	<-IRR #YR->	5	Stock Price	25.09%
Trailing P/E	21.22	23.47	29.94	17.19	25.71	20.37	21.92	21.16	23.52	24.92	22.14	20.34	22.71	23.56				17.72	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	22.03	22.71	P/E:	21.34	21.64					21.53	P/E Ratio		Historical High
From my 1985 Notes 81 to 85
			-$41.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$73.59
								-$58.83	$0.00	$0.00	$0.00	$0.00	$73.59
Month	Dec	Jan	Sep	Feb	Jan	Feb	Jan	Mar	Feb	Oct	Oct	Apr	Jan	Jan
pre-split 2005
Price Low	$29.76	$29.88	$34.26	$36.20	$40.87	$39.69	$44.27	$45.90	$49.00	$49.00	$50.63	$51.20	$58.15	$70.43				69.73%	<-Total Growth	10	Stock Price
Increase	-7.12%	0.40%	14.66%	5.66%	12.90%	-2.89%	11.54%	3.68%	6.75%	0.00%	3.33%	1.13%	13.57%	21.12%				5.43%	<-IRR #YR->	10	Stock Price	69.73%
P/E	17.20	21.34	13.23	19.15	17.69	15.32	15.92	17.65	18.77	17.63	16.33	15.80	17.10	19.48				4.84%	<-IRR #YR->	5	Stock Price	26.69%
Trailing P/E	18.04	17.27	24.47	13.98	21.62	17.18	17.09	16.51	18.85	18.77	18.21	16.52	17.95	20.71				13.23	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.56	18.21	P/E:	17.36	17.10					8.50	P/E Ratio		Historical Low
From my 1985 Notes 81 to 85
			-$34.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$58.15
								-$45.90	$0.00	$0.00	$0.00	$0.00	$58.15
Free Cash Flow Mkt Sc								-$1,338	-$479	-$791	-$624	-$1,336	-$2,172	-$206	$93	$570
Change									64.20%	-65.14%	21.11%	-114.10%	-62.57%	90.52%	144.90%	516.22%
Free Cash Flow WSJ		-$674	-$458	-$28	-$57	-$428	-$836	-$1,156	-$282	-$513	-$441	-$1,130	-$1,880					-310.48%	<-Total Growth	10	Free Cash Flow
Change			32.05%	93.89%	-103.57%	-650.88%	-95.33%	-38.28%	75.61%	-81.91%	14.04%	-156.24%	-66.37%					-$0.74	<-Median->	10	Change
														-$1,970	<-12 mths	0.00%
Free Cash Flow MS Old			-$570	-$177	-$268	-$614	-$1,057	-$1,338	-$479	-$479	-$624
Change				68.95%	-51.41%	-129.10%	-72.15%	-26.58%	64.20%	0.00%	-30.27%
Free Cash Flow MS	-$276	-$743	-$520	-$180	-$240	-$530	-$780	-$910	-$340	-$470	-$440	-$1,410	-$1,970	$361	$361			-278.85%	<-Total Growth	10	Free Cash Flow
Change	-79.22%	-169.20%	30.01%	65.38%	-33.33%	-120.83%	-47.17%	-16.67%	62.64%	-38.24%	6.38%	-220.45%	-39.72%	118.34%	0.00%			16.70%	<-IRR #YR->	5	Free Cash Flow MS	-116.48%
FCF/CF from Op Ratio	-0.31	-0.76	-0.31	-0.10	-0.09	-0.20	-0.29	-0.34	-0.12	-0.15	-0.12	-0.36	-0.48	0.08	0.08			14.25%	<-IRR #YR->	10	Free Cash Flow MS	-278.85%
Dividends paid	$181	$194	$232	$316	$419	$459	$494	$786	$608	$673	$673	$744	$788	$1,303	$1,303			239.66%	<-Total Growth	10	Dividends paid
Percentage paid		-26.11%	-44.62%	-175.56%	-174.58%	-86.60%	-63.33%	-86.37%	-178.82%	-143.19%	-152.95%	-52.77%	-40.00%	360.72%	360.72%			-$1.15	<-Median->	10	Percentage paid
5 Year Covrage						-136.60%	-117.19%	-106.71%	-101.23%	-100.33%	-90.91%	-102.47%	-132.82%	-93.96%	-64.37%						5 Year Covrage
Dividend Coverage Ratio		-3.83	-2.24	-0.57	-0.57	-1.15	-1.58	-1.16	-0.56	-0.70	-0.65	-1.90	-2.50	0.28	0.28			-0.93	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage						-1.37	-1.17	-1.07	-1.01	-1.00	-0.91	-1.02	-1.33	-0.94	-0.64						5 Year of Coverage
								$910	$0	$0	$0	$0	-$1,970
			$520	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$1,970
Market Cap	$6,491	$10,753	$10,533	$16,646	$19,417	$19,501	$24,963	$24,274	$28,977	$26,126	$26,743	$29,823	$36,201	$39,287	$39,287	$40,168		243.68%	<-Total Growth	10	Market Cap
pre-split 2005
Diluted # of Shares in Million	209.3	226.1	284.7	313.4	416.2	425.2	437.5	465.4	471.4	479	486.5	495.2	503.7	503.7				76.92%	<-Total Growth	10	Diluted
Change	6.14%	8.03%	25.92%	10.08%	32.80%	2.16%	2.89%	6.38%	1.29%	1.61%	1.57%	1.79%	1.72%	0.00%				1.98%	<-Median->	10	Change
Difference Diluted/Basic	-3.25%	-0.22%	-2.14%	-1.44%	-0.17%	-0.12%	-0.16%	-0.13%	-0.11%	-0.08%	-0.04%	-0.04%	-0.04%	-0.04%				-0.11%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	202.5	225.6	278.6	308.9	415.5	424.7	436.8	464.8	470.9	478.6	486.3	495.0	503.5	503.5				80.73%	<-Total Growth	10	Basic
Change	6.58%	11.41%	23.49%	10.88%	34.51%	2.21%	2.85%	6.41%	1.31%	1.64%	1.61%	1.79%	1.72%	0.00%				2.00%	<-Median->	10	Change
Difference Basic/Outstanding	5.3%	22.3%	1.1%	30.0%	1.3%	0.9%	6.1%	0.4%	0.8%	0.8%	0.9%	0.9%	0.8%	1.1%				0.88%	<-Median->	10	Difference Basic/Outstanding
														$3,952	<-12 mths	-2.71%
Why increases?
pre-split 2005
# of Share in Millions	213.165	275.997	281.562	401.486	421.1	428.5	463.3	466.8	474.8	482.2	490.6	499.3	507.3	509.1	509.1	509.1		6.06%	<-IRR #YR->	10	Shares	Common Shares
Change	11.27%	29.48%	2.02%	42.59%	4.89%	1.76%	8.12%	0.76%	1.71%	1.56%	1.74%	1.77%	1.60%	0.35%	0.00%	0.00%		1.68%	<-IRR #YR->	5	Shares
CF fr Op $M	$899.0	$982.0	$1,673.0	$1,884.0	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545	$3,882	$4,062	$4,264	$4,612	$4,623		142.80%	<-Total Growth	10	Cash Flow
Increase	-7.89%	9.23%	70.37%	12.61%	46.28%	-5.52%	2.27%	1.43%	7.63%	5.74%	15.32%	9.51%	4.64%	4.97%	8.18%	0.22%		S. Issue, SO	DRIP, ESPP		Deb. Conv.
5 year Running Average	$830	$899	$1,087	$1,283	$1,639	$1,980	$2,316	$2,522	$2,726	$2,790	$2,978	$3,222	$3,494	$3,765	$4,073	$4,289		221.49%	<-Total Growth	10	CF 5 Yr Running
CFPS	$4.22	$3.56	$5.94	$4.69	$6.54	$6.08	$5.75	$5.79	$6.12	$6.37	$7.23	$7.77	$8.01	$8.38	$9.06	$9.08		34.76%	<-Total Growth	10	Cash Flow per Share
Increase	-17.22%	-15.63%	67.00%	-21.03%	39.47%	-7.15%	-5.42%	0.67%	5.81%	4.12%	13.35%	7.60%	2.99%	4.59%	8.18%	0.22%		9.28%	<-IRR #YR->	10	Cash Flow	142.80%
5 year Running Average	$4.40	$4.37	$4.72	$4.70	$4.99	$5.36	$5.80	$5.77	$6.06	$6.02	$6.25	$6.66	$7.10	$7.55	$8.09	$8.46		8.50%	<-IRR #YR->	5	Cash Flow	50.39%
P/CF on Med Price	7.68	9.91	6.41	8.60	6.83	7.14	8.79	9.05	9.00	8.95	7.76	7.35	8.23	8.99	0.00	0.00		3.03%	<-IRR #YR->	10	Cash Flow per Share	34.76%
P/CF on Closing Price	7.22	10.95	6.30	8.84	7.05	7.49	9.37	8.99	9.97	8.50	7.54	7.68	8.91	9.21	8.52	8.69		6.71%	<-IRR #YR->	5	Cash Flow per Share	38.38%
															9.51%	Diff M/C		4.17%	<-IRR #YR->	10	CFPS 5 yr Running	50.45%
Excl.Working Capital CF	$45.0	$124.0	-$41.0	-$22.0	$97	$102	$168	$434	$144	$479	$81	-$168	$118	$0.0	$0.0			4.24%	<-IRR #YR->	5	CFPS 5 yr Running	23.08%
CF fr Op $M WC	$944.0	$1,106.0	$1,632.0	$1,862.0	$2,853	$2,706	$2,831	$3,135	$3,051	$3,553	$3,626	$3,714	$4,180	$4,263.7	$4,612.4			156.13%	<-Total Growth	10	Cash Flow less WC
Increase	5.12%	17.16%	47.56%	14.09%	53.22%	-5.15%	4.62%	10.74%	-2.68%	16.45%	2.05%	2.43%	12.55%	2.00%	8.18%			9.86%	<-IRR #YR->	10	Cash Flow less WC	156.13%
5 year Running Average	$812	$898	$1,077	$1,288	$1,679	$2,032	$2,377	$2,677	$2,915	$3,055	$3,239	$3,416	$3,625	$3,867	$4,079			5.92%	<-IRR #YR->	5	Cash Flow less WC	33.33%
CFPS Excl. WC	$4.43	$4.01	$5.80	$4.64	$6.78	$6.32	$6.11	$6.72	$6.43	$7.37	$7.39	$7.44	$8.24	$8.38	$9.06			12.90%	<-IRR #YR->	10	CF less WC 5 Yr Run	236.50%
Increase	-5.53%	-9.51%	44.64%	-19.99%	46.09%	-6.79%	-3.24%	9.91%	-4.32%	14.67%	0.31%	0.64%	10.77%	1.64%	8.18%			6.25%	<-IRR #YR->	5	CF less WC 5 Yr Run	35.39%
5 year Running Average	$4.31	$4.32	$4.64	$4.71	$5.13	$5.51	$5.93	$6.11	$6.47	$6.59	$6.80	$7.07	$7.37	$7.76	$8.10			3.58%	<-IRR #YR->	10	CFPS - Less WC	42.16%
P/CF on Med Price	7.31	8.80	6.57	8.70	6.60	6.87	8.27	7.80	8.57	7.74	7.59	7.68	7.99	8.99	0.00			4.17%	<-IRR #YR->	5	CFPS - Less WC	22.69%
P/CF on Closing Price	6.88	9.72	6.45	8.94	6.81	7.21	8.82	7.74	9.50	7.35	7.38	8.03	8.66	9.21	8.52			4.74%	<-IRR #YR->	10	CFPS 5 yr Running	58.97%
*Operational Cash Flow per share (Shares is average o/s)			CF/-WC	P/CF Med	10 yr	8.41	5 yr	8.23	P/CF Med	10 yr	7.77	5 yr	7.74		18.62%	Diff M/C		3.83%	<-IRR #YR->	5	CFPS 5 yr Running	20.65%
			-281.562	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	507.300								Shares
								-466.800	0.000	0.000	0.000	0.000	507.300								Shares
			-$1,673	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,062								Cash Flow
								-$2,701	$0	$0	$0	$0	$4,062								Cash Flow
			-$5.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.01								Cash Flow per Share
								-$5.79	$0.00	$0.00	$0.00	$0.00	$8.01								Cash Flow per Share
			-$4.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.10								CFPS 5 yr Running
								-$5.77	$0.00	$0.00	$0.00	$0.00	$7.10								CFPS 5 yr Running
			-$1,632	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,180								Cash Flow less WC
								-$3,135	$0	$0	$0	$0	$4,180								Cash Flow less WC
			-$1,077.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,624.8								CF less WC 5 Yr Run
								-$2,677.4	$0.0	$0.0	$0.0	$0.0	$3,624.8								CF less WC 5 Yr Run
			-$5.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.24								CFPS - Less WC
								-$6.72	$0.00	$0.00	$0.00	$0.00	$8.24								CFPS - Less WC
			-$4.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.37								CFPS 5 yr Running
								-$6.11	$0.00	$0.00	$0.00	$0.00	$7.37								CFPS 5 yr Running
chge in non-cash Operating WC	-$45.0	-$124.0	$41.0	\
Accts Rec and other current assets				$43.0	-$74	-$204	$1	-$84	-$88	-$479	$142	-$2	-$52
Prepaid Expenses				-$4.0	-$3	$1	-$8	-$15	-$15	-$22	-$7	-$21	-$12
Inventories				$17.0	-$6	-$8	-$13	-$36	-$56	-$153	-$1	-$73	-$45
Regulatory Assets - current portion				-$58.0	$39	$16	-$75	-$49	-$99	-$307	$104	$93	-$94
Accts Pay and other current Liab				$25.0	$119	$99	-$8	-$100	$164	$449	-$390	$115	$195
Regulatory Liab - current portion				-$1.0	-$172	-$6	-$65	-$150	-$50	$33	$71	$56	-$110
Chge in long term reg. Assets, Liab
Sum	-$45	-$124	$41	$22	-$97	-$102	-$168	-$434	-$144	-$479	-$81	$168	-$118								Statements says chge in WC
Google --TD	-$45.0	-$124.0	$41.0	$22	-$29	-$89	-$168.0	-$434	-$144	-$479	-$81	$168	-$118
Difference	$0.0	$0.0	$0.0	$0	-$68	-$13	$0	$0	$0	$0	$0	$0	$0
Sum			$0.0	$22	-$97.0	-$102.0															I have not idea when TD gets
TD Bank 2020	-$31.0	-$204.0	$41.0	$22	-$97	-$102.0															Their figures from.
Difference				$0	$0.0	$0.0															Morningstar is same as TD
OPM	22.21%	18.18%	24.87%	27.55%	33.20%	31.04%	30.32%	30.23%	30.77%	27.84%	30.78%	33.73%	33.38%	32.08%				34.21%	<-Total Growth	10	OPM
Increase	-16.83%	-18.15%	36.78%	10.78%	20.50%	-6.52%	-2.31%	-0.30%	1.78%	-9.53%	10.58%	9.59%	-1.06%	-3.89%					Should increase		or be stable.
Diff from Ave	-27.8%	-40.9%	-19.2%	-10.5%	7.9%	0.9%	-1.5%	-1.8%	0.0%	-9.5%	0.0%	9.6%	8.5%	4.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	30.77%	5 Yrs	30.78%					should be zero,	it is a check		on calculations
														$5,971	<-12 mths	0.32%
EBITDA							$4,388	$3,936	$3,974	$4,408	$4,857	$5,527	$5,952	$6,160	$6,597	$7,222			<-Total Growth	6	EBITDA	From Mk Sc
Change								-10.30%	0.97%	10.92%	10.19%	13.79%	7.69%	3.49%	7.09%	9.47%		8.94%	<-Median->	6	Change
Margin							49.96%	44.05%	42.06%	39.92%	42.17%	48.03%	48.91%	46.35%	47.60%	50.00%		44.05%	<-Median->	7	Margin
														$3,494	<-12 mths	0.06%
EBIT									$2,469	$2,740	$3,084	$3,292	$3,492	$3,858	$4,177	$4,555			<-Total Growth	4	EBIT
Change										10.98%	12.55%	6.74%	6.08%	10.48%	8.27%	9.05%		8.86%	<-Median->	4	Change
Margin										24.81%	26.78%	28.61%	28.69%	29.03%	30.14%	31.54%		27.69%	<-Median->	4	Margin
Long Term Debt	$6,424	$9,996	$10,784	$20,817	$20,691	$23,159	$21,501	$23,113	$23,707	$25,931	$27,235	$31,224	$30,723	$30,723				184.89%	<-Total Growth	10	Long Term Debt	Type
Change	11.08%	55.60%	7.88%	93.04%	-0.61%	11.93%	-7.16%	7.50%	2.57%	9.38%	5.03%	14.65%	-1.60%	0.00%				6.26%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.99	0.93	1.02	1.25	1.07	1.19	0.86	0.95	0.82	0.99	1.02	1.05	0.85	0.78				1.01	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	8.59	9.92	10.92	12.15	13.65	12.48	12.79	13.38	12.01	9.71	11.05	12.17	9.96	9.96				12.16	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)	7.15	10.18	6.45	11.05	7.51	8.89	8.07	8.56	8.16	8.44	7.68	8.04	7.56	7.21				8.11	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. +CF+D
Intangibles	$345	$488	$541	$1,011	$1,081	$1,200	$1,260	$1,291	$1,343	$1,548	$1,510	$1,661	$1,723	$1,723				218.48%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$2,075	$4,220	$4,173	$12,364	$11,644	$12,530	$12,004	$11,792	$11,720	$12,464	$12,184	$13,112	$12,527	$12,527				200.19%	<-Total Growth	10	Goodwill	Leverage
Total	$2,420	$4,708	$4,714	$13,375	$12,725	$13,730	$13,264	$13,083	$13,063	$14,012	$13,694	$14,773	$14,250	$14,250				202.29%	<-Total Growth	10	Total	D/E Ratio
Change	27.84%	94.55%	0.13%	183.73%	-4.86%	7.90%	-3.39%	-1.36%	-0.15%	7.26%	-2.27%	7.88%	-3.54%	0.00%				-0.76%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.37	0.44	0.45	0.80	0.66	0.70	0.53	0.54	0.45	0.54	0.51	0.50	0.39	0.36				0.53	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,296	$1,963	$1,857	$2,166	$2,207	$3,261	$2,574	$2,612	$2,728	$4,269	$4,025	$3,796	$3,805	$3,805				Liquidity ratio of 1.5 and up, best
Current Liabilities	$2,084	$2,684	$2,638	$3,944	$3,504	$4,252	$4,176	$4,148	$4,802	$6,617	$5,964	$6,036	$7,513	$7,513				0.63	<-Median->	10	Ratio
Liquidity Ratio	0.62	0.73	0.70	0.55	0.63	0.77	0.62	0.63	0.57	0.65	0.67	0.63	0.51	0.51				0.63	<-Median->	5	Ratio
Liq. with CF aft div	0.93	0.97	1.19	0.87	1.22	1.21	1.05	1.06	0.97	0.95	1.08	1.07	0.88	0.90				0.97	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.45	0.38	0.78	0.32	0.66	0.68	0.63	0.53	0.56	0.59	0.66	0.57	0.51	0.90				0.57	<-Median->	5	Ratio
Portion of Lg Term	$780	$505	$384	$251	$705	$926	$690	$1,254	$1,628	$2,481	$2,296	$1,990	$3,146	$3,146
Liquidity Less CLTD	0.99	0.90	0.82	0.59	0.79	0.98	0.74	0.90	0.86	1.03	1.10	0.94	0.87	0.87				0.94	<-Median->	5	Ratio
Liq. with CF aft div	1.48	1.19	1.39	0.93	1.53	1.54	1.26	1.52	1.47	1.52	1.76	1.60	1.51	1.55				1.52	<-Median->	5	Ratio
Assets	17,908	26,628	28,804	47,904	47,822	53,051	53,404	55,481	57,659	64,252	65,920	73,486	74,830	$74,830				Debt Ratio of 1.5 and up, best
Liabilities	11,532	17,516	18,451	31,454	31,073	34,595	33,291	35,197	36,743	41,410	42,588	47,633	48,961	$48,961				1.55	<-Median->	10	Ratio
Debt Ratio	1.55	1.52	1.56	1.52	1.54	1.53	1.60	1.58	1.57	1.55	1.55	1.54	1.53	1.53				1.55	<-Median->	5	Ratio
Preferred Shares as Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities do include any preferred share
Estimates BVPS														$47.60	$49.22	$50.95			Estimates		Estimates BVPS
Estimate Book Value														$24,233.2	$25,057.9	$25,938.6			Estimates		Estimate Book Value
P/B Ratio (Close)														1.62	1.57	1.55			Estimates		P/B Ratio (Close)
Difference from 10 year median															27.51%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$6,376	$9,112	$10,353	$16,450	$16,749	$18,456	$20,113	$20,284	$20,916	$22,842	$23,332	$25,853	$25,869	$25,869				149.87%	<-Total Growth	10	Book Value
Non-Control. Int.	$375	$421	$473	$1,853	$1,746	$1,923	$1,582	$1,582	$1,628	$1,812	$1,827	$2,045	$2,059	$1,923				335.31%	<-Total Growth	10	Non-Control. Int.
Shareholders' Equity	$6,001	$8,691	$9,880	$14,597	$15,003	$16,533	$18,531	$18,702	$19,288	$21,030	$21,505	$23,808	$23,810	$23,946				140.99%	<-Total Growth	10	Shareholders' Equity
Book Value per Share	$28.15	$31.49	$35.09	$36.36	$35.63	$38.58	$40.00	$40.06	$40.62	$43.61	$43.83	$47.68	$46.93	$47.04				33.76%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	1.15	1.12	1.09	1.11	1.26	1.12	1.26	1.31	1.36	1.31	1.28	1.20	1.40	1.60				1.27	<-Median->	10	P/B Ratio (Median)
P/B Ratios										10 yr Med	1.27	5 yr Med	1.31								P/B Ratios
Preferred Shares as Equity	$1,229	$1,820	$1,820	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623				-10.82%	<-Total Growth	10	Preferred Shares as Eq
Book Value	$4,772	$6,871	$8,060	$12,974	$13,380	$14,910	$16,908	$17,079	$17,665	$19,407	$19,882	$22,185	$22,187	$22,323	$22,323	$22,323		175.27%	<-Total Growth	10	Book Value
Book Value per Share	$22.39	$24.90	$28.63	$32.31	$31.77	$34.80	$36.49	$36.59	$37.21	$40.25	$40.53	$44.43	$43.74	$43.85	$43.85	$43.85		52.78%	<-Total Growth	10	Book Value per Share
Change	7.43%	11.21%	14.99%	12.89%	-1.67%	9.51%	4.88%	0.25%	1.69%	8.18%	0.69%	9.64%	-1.57%	0.26%	0.00%	0.00%		27.16%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.45	1.42	1.33	1.25	1.41	1.25	1.38	1.43	1.48	1.42	1.38	1.29	1.51	1.72	0.00	0.00		1.38	P/B Ratio		Historical Median
P/B Ratio (Close)	1.36	1.56	1.31	1.28	1.45	1.31	1.48	1.42	1.64	1.35	1.35	1.34	1.63	1.76	1.76	1.80		4.33%	<-IRR #YR->	10	Book Value per Share	52.78%
Change	-17.17%	15.05%	-16.49%	-1.83%	13.11%	-9.87%	12.88%	-3.73%	15.42%	-17.93%	-0.08%	-0.06%	21.37%	7.86%	0.00%	2.24%		3.63%	<-IRR #YR->	5	Book Value per Share	19.54%
Leverage (A/BK)	2.81	2.92	2.78	2.91	2.86	2.87	2.66	2.74	2.76	2.81	2.83	2.84	2.89	2.89				2.83	<-Median->	10	A/BV
Debt/Equity Ratio	1.81	1.92	1.78	1.91	1.86	1.87	1.66	1.74	1.76	1.81	1.83	1.84	1.89	1.89				1.83	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.40	5 yr Med	1.42		26.06%	Diff M/C		2.87	Historical	39	A/BV
			-$28.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$43.74
								-$36.59	$0.00	$0.00	$0.00	$0.00	$43.74
														$786	<-12 mths	50.86%
Comprehensive Income	$444	$591	$1,502	$667	$342	$2,277	$1,185	$1,051	$1,320	$2,687	$1,314	$3,398	$899					-40.15%	<-Total Growth	10	Comprehensive Income
NCI	$10	$11	$35	$53	-$2	$244	$55	$79	$100	$245	$96	$304	$304					768.57%	<-Total Growth	10	NCI
Preference shareholders	$57	$62	$77	$75	$65	$66	$67	$65	$63	$64	$67	$74	$74					-3.90%	<-Total Growth	10	Preference shareholders
Shareholders	$377	$518	$1,390	$539	$279	$1,967	$1,063	$907	$1,157	$2,378	$1,151	$3,020	$521					-62.52%	<-Total Growth	10	Comprehensive Income
Increase	20.06%	37.40%	168.34%	-61.22%	-48.24%	605.02%	-45.96%	-14.68%	27.56%	105.53%	-51.60%	162.38%	-82.75%					27.56%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$310	$364	$587	$628	$621	$939	$1,048	$951	$1,075	$1,494	$1,331	$1,723	$1,645					-9.35%	<-IRR #YR->	10	Comprehensive Income	-62.52%
ROE	5.9%	5.7%	13.4%	3.3%	1.7%	10.7%	5.3%	4.5%	5.5%	10.4%	4.9%	11.7%	2.0%					-10.50%	<-IRR #YR->	5	Comprehensive Income	-42.56%
5Yr Median	6.8%	5.9%	5.9%	5.8%	5.7%	5.7%	5.3%	4.5%	5.3%	5.5%	5.3%	5.5%	5.5%					10.85%	<-IRR #YR->	10	5 Yr Running Average	180.12%
% Difference from NI	-20.1%	23.2%	48.6%	-27.3%	-76.9%	44.5%	-46.0%	-36.8%	-20.6%	51.9%	-34.9%	61.4%	-73.9%					11.59%	<-IRR #YR->	5	5 Yr Running Average	73.02%
Median Values										Diff	5, 10 yr	-31.1%	-20.6%					5.5%	<-Median->	5	Return on Equity
			-$1,390	$0	$0	$0	$0	$0	$0	$0	$0	$0	$521
								-$907	$0	$0	$0	$0	$521
			-$587	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,645
								-$951	$0	$0	$0	$0	$1,645
Current Liability Coverage Ratio	0.45	0.41	0.62	0.47	0.81	0.64	0.68	0.76	0.64	0.54	0.61	0.62	0.56	0.57							CFO / Current Liabilities
5 year Median	0.48	0.48	0.61	0.47	0.47	0.62	0.64	0.68	0.68	0.64	0.64	0.62	0.61	0.57				62.7%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	5.27%	4.15%	5.67%	3.89%	5.97%	5.10%	5.30%	5.65%	5.29%	5.53%	5.50%	5.05%	5.59%	5.70%							CFO / Total Assets
5 year Median	5.69%	5.69%	5.67%	5.27%	5.27%	5.10%	5.30%	5.30%	5.30%	5.30%	5.50%	5.50%	5.50%	5.53%				5.3%	<-Median->	10	Return on Assets
Return on Assets ROA	1.97%	1.19%	2.53%	1.22%	2.01%	2.07%	3.10%	2.18%	2.13%	2.07%	2.28%	2.19%	2.29%	2.47%				Net	Income/Assets		Return on Assets
5Yr Median	2.15%	2.11%	2.11%	1.97%	1.97%	2.01%	2.07%	2.07%	2.13%	2.13%	2.18%	2.18%	2.19%	2.28%				2.1%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	7.40%	4.61%	9.03%	4.51%	7.20%	7.38%	9.79%	7.08%	6.97%	6.85%	7.57%	7.24%	7.73%	8.29%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	7.15%	7.02%	7.40%	7.40%	7.20%	7.20%	7.38%	7.20%	7.20%	7.08%	7.08%	7.08%	7.24%	7.57%				7.2%	<-Median->	10	Return on Equity
														$1,716	<-12 mths	0.12%			Estimates		last 12 months from Qtr.
Basic EPS x Basic Shares	$352	$318	$727	$584	$964	$1,100	$1,219	$1,208	$1,229	$1,331	$1,508	$1,604	$1,712					135.43%	<-Total Growth	10	Basic EPS x Basic Shares
Increase	11.72%	-9.72%	128.59%	-19.71%	65.11%	14.11%	10.79%	-0.84%	1.70%	8.26%	13.30%	6.39%	6.74%
Net Income	$420	$390	$840	$713	$1,125	$1,286	$1,852	$1,389	$1,405	$1,514	$1,710	$1,828	$1,961					133.45%	<-Total Growth	10	Net Income
NCI	$10	$11	$35	$53	$97	$120	$130	$115	$111	$120	$137	$148	$162					362.86%	<-Total Growth	10	NCI
Preference shareholders	$57	$62	$77	$75	$65	$66	$67	$65	$63	$64	$67	$74	$85					10.39%	<-Total Growth	10	Preference shareholders
Shareholders	$353	$317	$728	$585	$963	$1,100	$1,655	$1,209	$1,231	$1,330	$1,506	$1,606	$1,714	$1,851	$2,001	$2,189		135.44%	<-Total Growth	10	Net Income
Increase	12.06%	-10.20%	129.65%	-19.64%	64.62%	14.23%	50.45%	-26.95%	1.82%	8.04%	13.23%	6.64%	6.72%	7.99%	8.10%	9.40%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$306.6	$317.6	$406.2	$459.6	$589.2	$738.6	$1,006.2	$1,102.4	$1,231.6	$1,305.0	$1,386.2	$1,376.4	$1,477.4	$1,601.4	$1,735.6	$1,872.2		8.94%	<-IRR #YR->	10	Net Income	135.44%
Operating Cash Flow	$899	$982	$1,673	$1,884	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545	$3,882	$4,062					7.23%	<-IRR #YR->	5	Net Income	41.77%
Investment Cash Flow	-$2,164	-$4,199	-$1,368	-$6,891	-$3,025	-$3,252	-$2,768	-$4,132	-$3,488	-$4,059	-$3,742	-$5,395	-$5,357					13.78%	<-IRR #YR->	10	5 Yr Running Ave.	263.71%
Total Accruals	$1,618	$3,534	$423	$5,592	$1,232	$1,748	$1,760	$2,640	$1,812	$2,315	$1,703	$3,119	$3,009					6.03%	<-IRR #YR->	5	5 Yr Running Ave.	34.02%
Total Assets	$17,908	$26,628	$28,804	$47,904	$47,822	$53,051	$53,404	$55,481	$57,659	$64,252	$65,920	$73,486	$74,830						Balance Sheet		Assets
Accruals Ratio	9.04%	13.27%	1.47%	11.67%	2.58%	3.29%	3.30%	4.76%	3.14%	3.60%	2.58%	4.24%	4.02%					3.60%	<-Median->	5	Ratio
EPS/CF Ratio	0.39	0.35	0.45	0.41	0.34	0.41	0.45	0.39	0.41	0.38	0.42	0.44	0.41					0.41	<-Median->	10	EPS/CF Ratio
			-$728	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,714
								-$1,209	$0	$0	$0	$0	$1,714
			-$406	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,477
								-$1,102	$0	$0	$0	$0	$1,477
Chge in Close	-11.02%	27.95%	-3.98%	10.83%	11.22%	-1.30%	18.39%	-3.49%	17.37%	-11.22%	0.61%	9.58%	19.47%	8.14%	0.00%	2.24%			count	32	Change in Close
Expected?		Down	Down		down														count	15
Happened?			Yes															% right	count	3	20.00%
Financial Cash Flow	$1,186	$3,361	-$346	$5,050	$339	$644	$154	$1,327	$451	$1,035	$613	$1,064	$1,461						C F Statement		Financial CF
Total Accruals	$432	$173	$769	$542	$893	$1,104	$1,606	$1,313	$1,361	$1,280	$1,090	$2,055	$1,548								Accruals
Accruals Ratio	2.4%	0.6%	2.7%	1.1%	1.9%	2.1%	3.0%	2.4%	2.4%	2.0%	1.7%	2.8%	2.1%					2.07%	<-Median->	5	Ratio
Cash	$72	$230	$242	$269	$327	$332	$370	$249	$131	$209	$625	$220	$367	$359							Cash
Cash per Share	$0.34	$0.83	$0.86	$0.67	$0.78	$0.77	$0.80	$0.53	$0.28	$0.43	$1.27	$0.44	$0.72	$0.71				$0.44	<-Median->	5	Cash per Share
Percentage of Stock Price	1.11%	2.14%	2.30%	1.62%	1.68%	1.70%	1.48%	1.03%	0.45%	0.80%	2.34%	0.74%	1.01%	0.91%				0.80%	<-Median->	5	% of Stock Price
Where 2016 report is available.
http://www.envisionreports.com/fortis2017
Notes:
May 10, 2026.  Last estimates were for 2025, 2026, 2027 of $12438M, $12901M, $13497M Revenue, $4.13 2025 AFFO, $3.42, $3.55, $3.74 AEPS, $3.40, $3.54, $3.78 EPS,
$2.48, $2.59, $2.70 Dividends, -$91M, $214M, $158M FCF, $7.88, $7.92, $8.34 CFPS, $5778m, $6048M, $6619M EBITDA, $47.36, $48.82, $50.36 BVPS, $1722M, $1826M, $1975M Net Income.
April 26, 2025.  Last estimates were for 2024, 2025, 2026 of $11992M, $12534M, $12912M Revenue, $3.98, $4.15 2024/5 AFFO, $3.32, $3.32 $3.48 AEPS, $3.20, $3.35, $3.53 EPS,
$2.38, $2.49 and $2.61 Dividends, $1967M, $2089M, $361M for FCF, $7.45, $7.66, $7.70 CFPS, $5326M, $5580M, $6079M EBITDA, $43.70, $44.90, $46.30 BVPS, $1575M, $1681M, $1818M Net Income.
April 23, 2024.  Last estimates were for 2023, 2024 and 2025 of 11274M, $11820M, and $12084M for Revenue, $374, $3.89 2023/4 for AFFO, $2.95, $3.12 and $3.29 AEPS, 2.96, $3.13 and $3.33 EPS,
$2.28, $2.40, $2.41 Dividend, $830M, $1293M, $905M FCF, $7.19, $7.42, $7.99 CFPS, $42.00, $43.20 $45.90 BVPS, $1444M, $1550M $1659M Net Income.
March 2024 noticed This stock was on NYSE not OTC.   When on NYSE in 2016.
April 28, 2023.  Last estimates were for 2022, 2023 and 2024 of $9815M, $10296M and $10409M for Revenue, $3.21 and $3.56 2022/3for AFFO, $2.81, 2.99 and $3.17 for AEPS, $2.80, $2.99 and $3.15 for EPS,
$2.17, $2.30 and $2.46 for Dividends, $1533M, $1694M and $1801M for FCF, $6.91, $6.98 and $7.67 for CFPS, $39.60, $38.40 and $41.70 for BVPS, and $1343M, $1447M and $1532M for Net Income.
April 25, 2022.  Last estimates were for 2021, 2022 and 2023 of $9353, $9639 and $9751 for Revenue, $3.12 and $3.52 for AFFO for 2021-22, $2.78, $2.95 and $3.11 for AEPS,
$2.78, $2.93 and $3.14 for EPS, $2.05, $2.17 and $2.30 for Dividends, $1492M, $966M and $827M for FCF, $1303M, $1389M and $1502M for Net Income.
April 25, 2021.  Last estimates were for 2020, 2021 and 2022 of $9278M, $9689M and $10098M for Revenue, $2.91 and $3.32 for AFFO for 2020 and 2021, $2.65, $2.87 and $3.06 for Adj EPS,
$2.65 $2.84 and $3.10 for EPS, $1.94, $2.05 and $2.18 for Dividends, $1,386M, $1195M and -$34M for FCF, $6.22, $6.38 and $7.40 for CF, and $1239M, $1343M and $1455M for Net Income.
April 19, 2020.  Last estimates were for 2019, 2020 and 2021 of $9246M, $9476M and $9669M for Revenue, $2.53 and $2.67 for AFFO for 2019 and 2020,
$2.66, $2.81 and 2.85 for EPS, $1.83m $1.93 and $2.05 for Div, $5.72, $6.47 and $6.18 for CFPS and $1125M, $1203M and $1290M for Net Income.
April 23, 2019.  Last estimates were for 2018, 2019 and 2020 of $9141M, $9499m and $9589M for Revenue, $2.28 and $2.32 for AFFO for 2018 and 2019,
$2.55, $2.67 and $2.53 for EPS, $2.55. $2.67 and $2.55 for CFPS and $1077M, $1149M and $1194M for Net Income.
April 22, 2018.  Last estimates were for 2017, 2018 and 2019 of $8922M, $9285M and $10001M for Revenue, AFFO for 2017 and 2018 of $2.62 and $2.86,
$2.47, 2.60 and $2.55 for EPS, $5.10, $5.31 and $5.29 for CFPS and $1020M, $1075M and $1093M for Ne Income.
April 21, 2017.  Last estimates were for 2016, 2017 and 2018 of $7128M, $7847M and $9181M for Revenue, $3.10 fpr AFFO for 2016, $2.16, $2.43 and $2.66 for EPS,
$5.36, $5.13 and $5.48 for CFPS and $608M and $820M for 2016 and 2017 for Net Income.
April 30, 2016.  Last estimates were for 2015 and 2016 of $6765M, $6757M for Revenue, $2.69 and $3.00 for AFFO, $2.05 and $2.13 for EPS, $5.26 and $5.57 for CFPS and $566M and $587M for Net Income.
May 16, 2015.  Last estimates were for 2014, 2015 and 2016 of $4539M $5990M and $5704M for Revenue, $2.95 and $3.56 for AFFO for 2014 and 2015,
$1.66, $1.99 and $2.04 for EPS, $4.58 and $5.05 for CFPS for 2014 and 2015, and $293M and $505M for 2014 and 2015 for Net Income.
May 8, 2014.  Last estimates were for 2013, 2014 and 2015 of $4127M, $4512M and $4792M for Revenue, $2.58, $2.78 and $3.05 for EPS, $1.51, 1.98 and $2.04 for EPS, $4.56, $4.70 and $4.97 for CFPS.
Fortis has raised their dividends for 41 consecutive years since 1972.
May 2013.  Last estimates were for 2012 and 2013 of $3855M and $4378M for Revenue, $1.72 and $1.80 for EPS and $4.57 and $4.64 for CFPS.
This company got permission to use US GAAP accounting until 2014.  They are using US GAAP as it is closer to CDN GAAP for a regulated company.  By 2014 they will have to be a SEC Issuer or go to IFRS.
The company feels that a transition to IFRS would likely have resulted in the derecognition of some, or perhaps all, of the Corporation’s regulatory assets and liabilities
and caused significant volatility in the Corporation’s consolidated earnings.
Feb 24, 2013. Unaudited Statements were in a press release of February 2013.  So Far no audited statements
Mar 3, 2012.  Last estimates were for 2011 and 2012 with $3804M and $4009M for revenue, $1.74 and $1.82 for EPS and $4.40 and $4.66 for CF.
May 1, 2011.  Last I looked I got estimates for 2010 and 2011 of $1.65 and $1.79 for earnings and $3.80 for 2010 cash flow. Undiluted earnings were $1.65.
Apr 1, 2010.  Since I reviewed this stock in last March, earnings estimates have increased from $1.61 and $1.71.  They have raised their dividends every year since 1973
Mar 24, 2010.  In Aug 2009, I picked up 2009, 2010 and 2011 earnings of $1.50, $1.61 and $1.71 and cash Flow $3.61 and $3.80.
Aug 19, 2009.  In May 2009, I picked up 2009 and 2010 earnings estimates of $1.53 and 1.65 and cash flow estimates of 3.79 and 3.98.
May 3, 2009 AR 2008.  In Jul 2008, I picked up earnings estimates of $1.53. Earnings came in at $1.56, diluted $1.53.  This was a good estimate.
Looking at quicken, I have made a return of 12.8% on this stock between my two accts. For the last 5 years about 11%.   This has been a great stock. About 4% of my return is in dividends.
AP 2007.  Dividends have increased for last 35 yrs. Tracking well with other utilities, but diverging lower than general TSX
AP 2006. This stock continues to do what I bought it for.  It slowly plots ahead and pays a good dividend.
AR 2005.  Return has really shot up lately.  High debt, but debt has always been high. TDNewCrest is negative on stock.  They think it will move sideways over next few years.
Apr 2004.  Revenue and stock price increaseing (but P/E a little high).  Does not do well re Accrual Ratio. Sold some stock.
AR 2004.  Debt is high but company has just sold stock worth 129.9M$ to reduce debt. My IRR since 1987 is 13.2%. Not bad, but should watch stock.
May 2003.  Not the time to buy more.
2003.  This continues to plot along.  I have gotten a 12.02 IRR on this stock since purchasing.  Held in both RRSP and Cdn Trading accounts.
2003 This stock has not done as well over the last 5 yrs - averagering 8% return.  However, we are in a stock downturn.
This company has increased their dividend annually since about 1973, and raised it in 2009 and 2010.
In 1987 shareholders of Newfoundland Light & Power Co. form Fortis Inc. as a holding company with 100% ownership of the regulated electrical utility.
Sector:
Power, Utility
What should this stock accomplish?
Would I buy this company and Why.
I made most of my money from banks and utilities.  This has been a very good long term one.
Why am I following this stock.
I am following this company as I own the stock.  It was also on Mike’s site showing Dividend Paying Canadian Growth stocks.  It was also on the Dividend Growth stock lists that I follow.
Why I bought this stock.
I bought this stock as Newfoundland Light and Power Co. Ltd. Class A shares in 1987.   I bought more in 1995, 1998 and 2005.
In 2005 I sold some Fortis from my RRSP account as I needed to get $20,000 in this account and I was concerned about the debt liquidity of this stock.   However, this stock continues to be one of my big stock holdings.
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are declared for one month and paid near the first of the following month.
For example on December 9, 2013 the company annouced the dividend payable on March 1, 2014 for shareholders of record of February 14, 2014.
How they make their money
Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States. The company
has smaller stakes in electricity generation and several Caribbean utilities.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2018	April 23	2019	April 19	2020	April 25	2021	April 25	2022	April 28	2023	April 23	2024	April 26	2025			May 9	2026
Hutchens, David G.						0.084	0.02%	0.084	0.02%	0.103	0.02%	0.128	0.03%	0.140	0.03%			0.140	0.03%			0.32%
CEO - Shares - Amount							$5.120		$4.546		$5.611		$7.642		$9.988				$10.836
Options - percentage						0.226	0.05%	0.276	0.06%	0.373	0.08%	0.442	0.09%	0.512	0.10%			0.515	0.10%			0.56%
Options - amount							$13.780		$14.976		$20.336		$26.410		$36.564				$39.761
Perry, Jocelyn H.		0.000	0.00%	0.000	0.00%	0.048	0.01%	0.050	0.01%	0.052	0.01%	0.054	0.01%	0.059	0.01%			0.061	0.01%		ceased as insider Jan 2011	3.15%
CFO- Shares - Amount			$0.000		$0.000		$2.943		$2.703		$2.818		$3.212		$4.241				$4.731		Last filing Mar 2020
Options - percentage		0.000	0.00%	0.000	0.00%	0.000	0.00%	0.747	0.15%	0.324	0.07%	0.311	0.06%	0.232	0.05%			0.158	0.03%		Shown in CFO slot from 2020	-32.10%
Options - amount			$0.000		$0.000		$0.000		$40.478		$17.658		$18.596		$16.580				$12.174
Smith, Karl W.	0.03%
CFO- Shares - Amount	$5.698
Options - percentage	0.12%
Options - amount	$23.593
Smith, Gary Joseph												0.042	0.01%	0.044	0.01%			0.046	0.01%			5.57%
Officer - Shares - Amount													$2.494		$3.137				$3.581
Options - percentage												0.306	0.06%	0.250	0.05%			0.172	0.03%			-31.06%
Options - amount													$18.258		$17.805				$13.274
Gosse, Karen J.	0.01%	0.026	0.01%	0.028	0.01%	0.032	0.01%	0.034	0.01%	0.036	0.01%	0.038	0.01%	0.049	0.01%						Last filing Mar 2020	-100.00%
Officer - Shares - Amount	$1.133		$1.400		$1.434		$1.951		$1.838		$1.964		$2.296		$3.503						Ceased insider May 2026
Options - percentage	0.01%	0.060	0.01%	0.067	0.01%	0.058	0.01%	0.058	0.01%	0.059	0.01%	0.060	0.01%	0.052	0.01%							-100.00%
Options - amount	$2.331		$3.217		$3.462		$3.512		$3.128		$3.206		$3.584		$3.721
Martin, Kealey Dariene														0.007	0.00%			0.007	0.00%			11.98%
Officer - Shares - Amount															$0.474				$0.574
Options - percentage														0.004	0.00%			0.007	0.00%			53.52%
Options - amount															$0.303				$0.503
Blouin, Pierre J.								0.002	0.00%	0.002	0.00%	0.003	0.00%	0.004	0.00%			0.004	0.00%			18.25%
Director - Shares - Amount									$0.129		$0.130		$0.168		$0.256				$0.327
Options - percentage								0.023	0.00%	0.027	0.01%	0.030	0.01%	0.032	0.01%			0.034	0.01%			5.82%
Options - amount									$1.257		$1.453		$1.788		$2.286				$2.616
Amaimo, Stephanie A.				0.004	0.00%	0.008	0.00%	0.008	0.00%	0.009	0.00%	0.009	0.00%	0.011	0.00%			0.012	0.00%		Now VP Investor Relations	1.79%
Officer- Shares - Amount					$0.223		$0.469		$0.423		$0.468		$0.524		$0.815				$0.897		in 2023, was Director in 2021
Options - percentage				0.012	0.00%	0.012	0.00%	0.011	0.00%	0.012	0.00%	0.013	0.00%	0.014	0.00%			0.013	0.00%			-3.60%
Options - amount					$0.606		$0.726		$0.600		$0.645		$0.764		$0.992				$1.035
Ball, Tracey Colleen	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.006	0.00%			0.007	0.00%		Listed as Director 2019	11.59%
Director - Shares - Amount	$0.225		$0.267		$0.257		$0.302		$0.268		$0.270		$0.324		$0.449				$0.542		Listed 2020 as officer
Options - percentage	0.00%	0.017	0.00%	0.020	0.00%	0.024	0.00%	0.027	0.01%	0.030	0.01%	0.034	0.01%	0.036	0.01%			0.038	0.01%		Last File Apr 2001	5.56%
Options - amount	$0.638		$0.935		$1.058		$0.000		$1.454		$1.660		$2.024		$2.580				$2.945		Listed as Director 2021
Clark, Maura												0.002	0.00%	0.002	0.00%			0.002	0.00%			0.00%
Director - Shares - Amount													$0.119		$0.143				$0.154
Options - percentage												0.028	0.01%	0.031	0.01%			0.034	0.01%			8.32%
Options - amount													$1.652		$2.237				$2.621
Borgard, Lawrence														0.011	0.00%			0.011	0.00%			0.00%
Director - Shares - Amount															$0.803				$0.868
Options - percentage														0.024	0.00%			0.028	0.01%			15.16%
Options - amount															$1.728				$2.151
Dilley, Mararita														0.004	0.00%			0.005	0.00%			28.17%
Director - Shares - Amount															$0.253				$0.351
Options - percentage														0.026	0.01%			0.027	0.01%			6.42%
Options - amount															$1.840				$2.117
Zurel, Jo Mark								0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%			0.010	0.00%			0.00%
Chairman - Shares - Amt									$0.542		$0.545		$0.597		$0.714				$0.772
Options - percentage								0.017	0.00%	0.021	0.00%	0.025	0.01%	0.028	0.01%			0.030	0.01%			8.45%
Options - amount									$0.918		$1.145		$1.494		$1.966				$2.306
Haughey, Douglas J.	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%
Chairman - Shares - Amt	$0.455		$0.539		$0.520		$0.610		$0.542
Options - percentage	0.01%	0.032	0.01%	0.038	0.01%	0.044	0.01%	0.050	0.01%
Options - amount	$1.209		$1.741		$1.982		$2.702		$2.719
Increase in O/S Shares	0.29%	0.357	0.08%	1.449	0.31%	1.490	0.32%	1.428	0.30%	1.500	0.31%	1.600	0.33%	1.400	0.28%			0.900	0.18%		Average	0.28%
due to SO	$56.117		$16.253		$78.072		$58.706		$61.061		$81.270		$86.688		$83.622				$64.224		Search for Stock Options
Book Value	$0.000		$11.960		$48.339		$58.706		$56.263		$67.290		$75.504		$68.418				$45.864		Options Vested, end of year
Insider Buying	-$0.015		-$0.243		-$2.237		-$2.102		-$0.023		-$1.875		-$1.874		-$1.515				-$0.381
Insider Selling	$6.262		$14.251		$38.054		$3.468		$7.989		$0.299		$0.206		$9.661				$10.650
Net Insider Selling	$6.247		$14.008		$35.817		$1.366		$7.966		-$1.576		-$1.668		$8.146				$10.269
% of Market Cap	0.03%		0.06%		0.15%		0.00%		0.03%		-0.01%		-0.01%		0.02%				0.03%
Directors		12		12		12		12		12		12		12				12
Women	33%	4	33%	4	33%	4	33%	5	42%	7	58%	7	58%	6	50%			6	50%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	8%	1	8%			1	8%
Institutions/Holdings	58.27%	17	27.43%	20	49.82%			20	44.68%	20	49.95%	20	50.59%	20	48.47%			20	51.85%
Total Shares Held	57.53%	2.194	0.47%	217.514	46.60%			213.047	44.18%	241.928	49.31%	249.416	50.84%	241.993	47.70%			263.976	51.85%
Increase/Decrease	0.14%	-0.023	-1.05%	16.874	8.41%			3.788	1.81%	3.342	1.40%	-5.383	-2.11%	-3.967	-1.61%			5.338	2.06%
Starting No. of Shares	reuters	2.217	reuters	200.640	Top 20 MS			209.259	Top 20 MS	238.586	Top 20 MS	254.799	Top 20 MS	245.960	Top 20 MS			258.638	Top 20 MS
Institutions/Holdings			686	90.90%
Value				#########
Total Shares Held			330.000	77.01%
Value				#########
Increase/Decrease 3 Mths			-1.000	-0.30%
Starting No. of Shares			331.000	Moringstar
Copyright © 2008 Website of SPBrunner. All rights reserved.
My stock
																		13/11/87	-$9,305.00	All		2000
																		05/12/19	-$5,472.00	Tr		100
																		05/12/25	-$7,150.00	Tr
																		15/11/95	-$8,228.50			1200
																		13/03/98	-$9,697.00			800
																		20/04/05	$21,106.00			-1200
																		05/12/19	$5,472.00
																		05/12/25	$7,150.00
																		31/03/26	$217,504.00			4000
																		7.71%	XIRR
																		12.69%
																		4.98%	39.27%
																		% from	$363,631.00		Total Value	Gain
																			-$26,578.00		Less Sale of Stock
																			-$217,504.00		Less Stock Value
																		36.13%	$119,549.00		Dividends Paid	299.98%
																			$39,852.50		Cost of Stock
																			$33,728.00		Sale of Stock
																		63.87%	$211,379.50		Capital Gains/Loss	530.40%
																		100.00%	$330,928.50		Total Return	830.38%
																		Start Date	13-Nov-87		Shares	2,800
																		End date	31-Mar-26		Dividends pd per Share	$42.70
																		Years	38.38		Div less cost	$35.89
																					Cost	$6.81
																					% paid by div	626.96%
																		% from	$251,145.25		Total Value	Gain
																			$0.00		Less Sale of Stock
																			-$170,896.00		Less Stock Value
																		33.95%	$80,249.25		Dividends Paid	543.07%
																			$14,777.00		Cost of Stock
																			$0.00		Sale of Stock
																		66.05%	$156,119.00		Capital Gains/Loss	1056.50%
																		100.00%	$236,368.25		Total Return	1599.57%
																		Start Date	13-Nov-87		Shares	2,100
																		End date	31-Mar-26		Dividends pd per Share	$38.21
																		Years	38.38		Div less cost	$33.56
																					Cost	$4.65
																					% paid by div	821.80%
																		% from	$112,485.75		Total Value	Gain
																			-$26,578.00		Less Sale of Stock
																			-$46,608.00		Less Stock Value
																		38.64%	$39,299.75		Dividends Paid	219.24%
																			$17,925.50		Cost of Stock
																			$33,728.00		Sale of Stock
																		61.36%	$62,410.50		Capital Gains/Loss	348.17%
																		100.00%	$101,710.25		Total Return	567.41%
																		Start Date	15-Nov-95		Shares	700
																		End date	31-Mar-26		Dividends pd per Share	$56.14
																		Years	30.37		Div less cost	$47.18
																					Cost	$8.96
																					% paid by div	626.59%