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.														6/30/25
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/				Q2 2025
Finning International Inc				TSX:	FTT	OTC:	FINGF	https://www.finning.com/en_CA.html				Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date
Split value																					Split
														$9,651	<-12 mths	-4.41%
Revenue*	$6,622	$6,756	$6,918	$6,190	$5,628	$6,265	$6,996	$7,817	$6,196	$7,294	$9,279	$10,527	$11,206
Increase	12.34%	2.02%	2.40%	-10.52%	-9.08%	11.32%	11.67%	11.74%	-20.74%	17.72%	27.21%	13.45%	6.45%
Net Revenue*	$6,622	$6,756	$6,918	$6,190	$5,628	$6,265	$6,996	$7,290	$5,768	$6,696	$8,215	$9,543	$10,096	$10,278	$10,546	$11,054		45.94%	<-Total Growth	10	Revenue
Increase	12.34%	2.02%	2.40%	-10.52%	-9.08%	11.32%	11.67%	4.20%	-20.88%	16.09%	22.69%	16.17%	5.79%	1.80%	2.61%	4.82%		3.85%	<-IRR #YR->	10	Revenue	45.94%
5 year Running Average	$5,577	$5,730	$6,166	$6,476	$6,423	$6,351	$6,399	$6,474	$6,389	$6,603	$6,993	$7,502	$8,064	$8,966	$9,736	$10,303		6.73%	<-IRR #YR->	5	Revenue	38.49%
Revenue per Share	$38.52	$39.28	$40.13	$36.84	$33.47	$37.23	$42.56	$44.64	$35.58	$42.43	$54.39	$66.27	$74.25	$75.59	$77.56	$81.30		2.72%	<-IRR #YR->	10	5 yr Running Average	30.77%
Increase	12.12%	1.96%	2.18%	-8.21%	-9.15%	11.25%	14.31%	4.88%	-20.29%	19.25%	28.18%	21.84%	12.05%	1.80%	2.61%	4.82%		4.49%	<-IRR #YR->	5	5 yr Running Average	24.56%
5 year Running Average	$32.57	$33.39	$35.87	$37.83	$37.65	$37.39	$38.05	$38.95	$38.70	$40.49	$43.92	$48.66	$54.58	$62.59	$69.61	$74.99		6.35%	<-IRR #YR->	10	Revenue per Share	85.01%
P/S (Price/Sales) Med	0.67	0.61	0.71	0.59	0.66	0.75	0.67	0.65	0.55	0.76	0.58	0.59	0.53	0.74	0.00	0.00		10.71%	<-IRR #YR->	5	Revenue per Share	66.35%
P/S (Price/Sales) Close	0.64	0.69	0.63	0.51	0.79	0.85	0.56	0.57	0.76	0.75	0.62	0.58	0.51	0.95	0.93	0.89		4.29%	<-IRR #YR->	10	5 yr Running Average	52.16%
*Revenue in M CDN $					P/S Med	20 yr	0.67	15 yr	0.66	10 yr	0.62	5 yr	0.58		53.81%	Diff M/C		6.98%	<-IRR #YR->	5	5 yr Running Average	40.15%
			-$6,918	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,096
								-$7,290	$0	$0	$0	$0	$10,096
			-$6,166	$0	$0	$0	$0	$0	$0	$0	$0	$0	$8,064
								-$6,474	$0	$0	$0	$0	$8,064
			-$40.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$74.25
								-$44.64	$0.00	$0.00	$0.00	$0.00	$74.25
			-$35.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$54.58
								-$38.95	$0.00	$0.00	$0.00	$0.00	$54.58
														$368	<-12 mths	-31.20%
														$3.91	<-12 mths	2.89%
Calculated									$185	$352	$504	$578	$534
Adjusted Net Earnings	$338	$335	$318	$221	$147	$224	$277	$269	$186	$352	$504	$578	$534
AEPS* Basic	$1.96	$1.95	$1.85	$1.29	$0.88	$1.36	$1.65	$1.65	$1.14	$2.18	$3.25	$3.91	$3.80	$4.09	$4.51	$5.07		105.41%	<-Total Growth	10	AEPS
Increase	29.80%	-0.51%	-5.13%	-30.27%	-31.78%	54.55%	21.32%	0.00%	-30.91%	91.23%	49.08%	20.31%	-2.81%	7.63%	10.27%	12.42%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.87	$1.15	$1.36	$1.71	$1.59	$1.47	$1.41	$1.37	$1.34	$1.60	$1.97	$2.43	$2.86	$3.45	$3.91	$4.28		7.46%	<-IRR #YR->	10	AEPS	105.41%
AEPS Yield	7.98%	7.18%	7.33%	6.91%	3.35%	4.29%	6.93%	6.52%	4.22%	6.84%	9.66%	10.20%	9.98%	5.67%	6.26%	7.03%		18.16%	<-IRR #YR->	5	AEPS	130.30%
Payout Ratio	28.06%	30.64%	37.03%	56.20%	82.95%	54.78%	47.88%	49.39%	71.93%	39.45%	28.71%	25.22%	28.29%	28.91%	26.83%	23.87%		7.69%	<-IRR #YR->	10	5 yr Running Average	109.69%
5 year Running Average	39.15%	29.92%	25.90%	37.14%	46.98%	52.32%	55.77%	58.24%	61.39%	52.69%	47.47%	42.94%	38.72%	30.12%	27.59%	26.62%		15.89%	<-IRR #YR->	5	5 yr Running Average	109.08%
Price/AEPS Median	13.17	12.29	15.46	16.96	25.13	20.65	17.39	17.49	17.23	14.84	9.76	10.02	10.43	13.63	0.00	0.00		17.09	<-Median->	10	Price/AEPS Median
Price/AEPS High	15.20	13.97	18.32	19.90	31.25	23.75	21.09	15.99	24.56	17.44	12.20	11.74	11.76	18.55	0.00	0.00		18.67	<-Median->	10	Price/AEPS High
Price/AEPS Low	11.13	10.61	12.59	14.02	19.01	17.55	13.69	18.99	9.89	12.25	7.32	8.29	9.11	8.72	0.00	0.00		12.97	<-Median->	10	Price/AEPS Low
Price/AEPS Close	12.54	13.92	13.64	14.48	29.88	23.32	14.42	15.33	23.71	14.62	10.36	9.80	10.02	17.63	15.99	14.22		14.55	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	16.27	13.85	12.94	10.10	20.38	36.05	17.50	15.33	16.38	27.96	15.44	11.79	9.74	18.97	17.63	15.99		15.91	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	16.96	19.90	12.59	14.62	P/AEPS	5 Yrs	in order	10.43	12.20	9.11	10.36		68.95%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
Adjusted Net Income			-$1.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.80
								-$1.65	$0.00	$0.00	$0.00	$0.00	$3.80
			-$1.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.86
								-$1.37	$0.00	$0.00	$0.00	$0.00	$2.86
														$4.58	<-12 mths	29.38%
Difference Basic and Diluted	0.00%	0.51%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.44%	0.00%	0.28%	2.21%					0.00%	<-Median->	1	Difference Basic and Diluted
Pre Split 97			$1.84	$1.36
Pre Split '07				-26.07%
EPS Basic	$1.96	$1.95	$1.85	-$0.94	$0.38	$1.31	$1.38	$1.48	$1.43	$2.26	$3.25	$3.55	$3.62					95.68%	<-Total Growth	10	Earnings
Pre Split 97
Pre Split '07
EPS Diluted*	$1.96	$1.94	$1.84	-$0.94	$0.38	$1.31	$1.38	$1.48	$1.43	$2.25	$3.25	$3.54	$3.54	$3.75	$4.61	$5.08		92.39%	<-Total Growth	10	Earnings
Increase	29.80%	-1.02%	-5.15%	-151.09%	140.43%	244.74%	5.34%	7.25%	-3.38%	57.34%	44.44%	8.92%	0.00%	5.93%	22.80%	10.31%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	8.0%	7.1%	7.3%	-5.0%	1.4%	4.1%	5.8%	5.8%	5.3%	7.1%	9.7%	9.2%	9.3%	5.2%	6.4%	7.0%		6.76%	<-IRR #YR->	10	Earnings per Share	92.39%
5 year Running Average	$0.87	$1.14	$1.36	$1.26	$1.04	$0.91	$0.79	$0.72	$1.20	$1.57	$1.96	$2.39	$2.80	$3.27	$3.74	$4.10		19.06%	<-IRR #YR->	5	Earnings per Share	139.19%
10 year Running Average	$0.95	$1.06	$1.17	$0.98	$0.91	$0.89	$0.97	$1.04	$1.23	$1.30	$1.43	$1.59	$1.76	$2.23	$2.65	$3.03		7.51%	<-IRR #YR->	10	5 yr Running Average	106.33%
* Diluted ESP per share									E/P	10 Yrs	5.82%	5Yrs	9.24%					31.16%	<-IRR #YR->	5	5 yr Running Average	288.09%
			-$1.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.54
								-$1.48	$0.00	$0.00	$0.00	$0.00	$3.54
			-$1.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.80
								-$0.72	$0.00	$0.00	$0.00	$0.00	$2.80
Dividend*														$1.18	$1.24				Estimates		Dividend*
Increase														9.95%	5.08%				Estimates		Increase
Payout Ratio EPS														31.52%	26.97%				Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre Split 97
Pre Split '07
Dividend*	$0.55	$0.60	$0.69	$0.73	$0.73	$0.75	$0.79	$0.82	$0.8200	$0.8600	$0.9330	$0.9860	$1.0750	$1.1825	$1.2100	$1.2100		56.93%	<-Total Growth	10	Dividends
Increase	7.84%	8.64%	14.64%	5.84%	0.69%	2.05%	6.04%	3.16%	0.61%	4.88%	8.49%	5.68%	9.03%	10.00%	2.33%	0.00%		28	2	37	Years of data, Count P, N	75.68%
Average Increases 5 Year Running	9.0%	6.8%	9.3%	9.1%	7.5%	6.4%	5.9%	3.6%	2.5%	3.4%	4.6%	4.6%	5.7%	7.6%	7.1%	5.4%		5.19%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.48	$0.51	$0.56	$0.61	$0.66	$0.70	$0.74	$0.76	$0.78	$0.81	$0.84	$0.88	$0.93	$1.01	$1.08	$1.13		66.19%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.13%	2.49%	2.40%	3.31%	3.30%	2.65%	2.75%	2.82%	4.18%	2.66%	2.94%	2.52%	2.71%	2.12%				2.79%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.85%	2.19%	2.02%	2.82%	2.65%	2.31%	2.27%	3.09%	2.93%	2.26%	2.35%	2.15%	2.40%	1.56%				2.38%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.52%	2.89%	2.94%	4.01%	4.36%	3.12%	3.50%	2.60%	7.27%	3.22%	3.92%	3.04%	3.11%	3.31%				3.36%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	2.24%	2.20%	2.72%	3.88%	2.78%	2.35%	3.32%	3.22%	3.03%	2.70%	2.77%	2.57%	2.82%	1.64%	1.68%	1.68%		2.80%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	28.06%	30.80%	37.23%	-77.13%	192.11%	56.87%	57.25%	55.07%	57.34%	38.22%	28.71%	27.85%	30.37%	31.53%	26.28%	23.82%		46.64%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	55.43%	44.89%	41.42%	48.61%	63.47%	76.88%	92.57%	105.40%	65.22%	51.34%	43.08%	36.94%	33.36%	30.84%	28.83%	27.61%		57.40%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	71.08%	19.97%	21.64%	32.14%	27.90%	44.30%	49.95%	69.69%	13.82%	31.93%	14092.15%	62.28%	14.46%	21.52%	17.07%	#DIV/0!		38.22%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	40.65%	30.32%	33.72%	35.20%	27.85%	27.40%	32.52%	40.89%	30.04%	30.86%	37.05%	38.76%	26.48%	29.26%	24.93%	#DIV/0!		31.69%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	12.35%	10.70%	12.48%	18.24%	30.61%	20.38%	20.04%	18.06%	17.89%	14.80%	12.24%	11.17%	11.77%	21.52%	17.07%	#DIV/0!		17.98%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	15.30%	14.35%	13.33%	13.36%	15.02%	16.51%	18.90%	20.60%	20.44%	17.91%	15.94%	14.08%	12.99%	13.65%	14.11%	#DIV/0!		16.23%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	2.79%	2.80%	5 Yr Med	5 Yr Cl	2.71%	2.77%	5 Yr Med	Payout	30.37%	31.93%	12.24%					5.69%	<-IRR #YR->	5	Dividends	31.90%
* Dividends per share	10 Yr Med	and Cur.	-39.82%	-40.05%	5 Yr Med	and Cur.	-38.10%	-39.45%	Last Div Inc --->		$0.2750	$0.3025	10.00%					4.61%	<-IRR #YR->	10	Dividends	56.93%
Yield if held 15 years																		6.14%	<-IRR #YR->	15	Dividends	144.32%
Yield if held 20 years																		12.61%	<-IRR #YR->	20	Dividends	437.50%
Yield if held 25 years																		9.97%	<-IRR #YR->	25	Dividends	975.00%
Yield if held 30 years																		9.80%	<-IRR #YR->	30	Dividends	1553.85%
Yield if held 35 years																		7.02%	<-IRR #YR->	35	Dividends
Yield if held 40 years																		8.11%	<-IRR #YR->	37	Dividends
Yield if held 5 years								-$0.82	$0.00	$0.00	$0.00	$0.00	$1.08								Yield if held 5 years
Yield if held 10 years			-$0.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.08								Yield if held 10 years
Yield if held 15 years	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.08								Yield if held 15 years
Yield if held 20 years	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.08								Yield if held 20 years
Yield if held 25 years	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.08								Yield if held 25 years
Yield if held 30 years	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.08								Yield if held 30 years
Yield if held 35 years	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.08								Yield if held 35 years
Yield if held 40 years	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.08								Yield if held 40 years
Historical Dividends	Historical	High Div	4.34%	Low Div	1.02%	10 Yr High	6.98%	10 Yr Low	2.03%	Med Div	2.03%	Close Div	2.12%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-62.21%		60.79%	Exp.	-76.50%		-19.21%	Exp.	-19.21%	Exp.	-22.82%								High/Ave/Median
Future Dividend Yield					Div Yield	2.21%	earning in	5	Years	at IRR of	5.69%	Div Inc.	31.90%								Future Dividend Yield
Future Dividend Yield					Div Yield	2.92%	earning in	10	Years	at IRR of	5.69%	Div Inc.	73.98%								Future Dividend Yield
Future Dividend Yield					Div Yield	3.85%	earning in	15	Years	at IRR of	5.69%	Div Inc.	129.48%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.60	earning in	5	Years	at IRR of	5.69%	Div Inc.	31.90%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.11	earning in	10	Years	at IRR of	5.69%	Div Inc.	73.98%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.78	earning in	15	Years	at IRR of	5.69%	Div Inc.	129.48%								Future Dividend Paid
Dividend Covering Cost					Total Div	$6.78	over	5	Years	at IRR of	5.69%	Div Cov.	9.40%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$14.13	over	10	Years	at IRR of	5.69%	Div Cov.	19.59%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$23.81	over	15	Years	at IRR of	5.69%	Div Cov.	33.03%								Dividend Covering Cost
																						Years
Yield if held 5 years	1.94%	2.75%	4.71%	3.29%	2.99%	2.89%	3.30%	2.85%	3.75%	3.89%	3.32%	3.44%	3.73%	6.02%	3.74%	3.81%		3.31%	<-Median->	10	Paid Median Price	5
Yield if held 10 years	4.53%	4.25%	4.26%	3.94%	3.48%	2.63%	3.64%	5.60%	3.72%	3.52%	3.62%	4.11%	3.76%	5.41%	5.47%	4.31%		3.68%	<-Median->	10	Paid Median Price	10
Yield if held 15 years	6.30%	8.31%	11.23%	12.23%	9.00%	6.14%	5.62%	5.07%	4.45%	4.10%	3.30%	4.54%	7.39%	5.36%	4.96%	4.69%		5.35%	<-Median->	10	Paid Median Price	15
Yield if held 20 years	17.60%	14.26%	12.89%	14.31%	12.00%	8.53%	10.99%	13.36%	13.83%	10.60%	7.69%	7.02%	6.69%	6.42%	5.77%	4.28%		10.79%	<-Median->	10	Paid Median Price	20
Yield if held 25 years		22.62%	21.27%	21.28%	21.31%	23.84%	18.85%	15.34%	16.19%	14.14%	10.68%	13.71%	17.62%	19.94%	14.91%	9.98%		16.91%	<-Median->	10	Paid Median Price	25
Yield if held 30 years							29.91%	25.31%	24.06%	25.11%	29.86%	23.53%	20.24%	23.35%	19.89%	13.86%		25.11%	<-Median->	7	Paid Median Price	30
Yield if held 35 years												37.33%	33.39%	34.70%	35.33%	38.72%		35.36%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	8.48%	11.82%	19.34%	13.90%	13.47%	13.50%	15.33%	13.30%	17.83%	18.22%	15.02%	15.38%	16.20%	25.64%	16.65%	17.85%		15.18%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	29.97%	28.84%	28.24%	27.38%	26.21%	20.79%	28.73%	45.50%	31.57%	29.99%	29.84%	33.75%	29.65%	40.85%	42.58%	35.18%		29.74%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	47.92%	65.13%	86.35%	99.37%	80.38%	58.68%	55.00%	51.93%	48.56%	45.42%	35.69%	49.05%	77.63%	54.39%	52.07%	51.79%		53.46%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	147.04%	122.85%	108.56%	126.21%	115.45%	87.80%	116.24%	148.73%	165.13%	130.04%	93.45%	86.42%	81.02%	75.91%	71.10%	55.70%		115.85%	<-Median->	10	Paid Median Price
Cost covered if held 25 years		208.14%	188.90%	196.40%	215.26%	258.48%	210.56%	180.19%	203.21%	181.71%	136.11%	177.63%	225.35%	250.07%	196.41%	140.14%		199.81%	<-Median->	10	Paid Median Price
Cost covered if held 30 years							347.28%	307.07%	310.86%	332.92%	393.46%	315.91%	268.17%	302.65%	270.27%	200.96%		315.91%	<-Median->	7	Paid Median Price
Cost covered if held 35 years												514.40%	452.22%	458.66%	490.19%	574.69%		483.31%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$7,290	$5,768	$6,696	$8,215	$9,543	$10,096	$9,651	<-12 mths	-4.41%		38.49%	<-Total Growth	5	Revenue Growth	38.49%
AEPS Growth								$1.65	$1.14	$2.18	$3.25	$3.91	$3.80	$3.91	<-12 mths	2.89%		130.30%	<-Total Growth	5	AEPS Growth	130.30%
Net Income Growth								$242	$232	$364	$503	$523	$509	$618	<-12 mths	21.41%		110.33%	<-Total Growth	5	Net Income Growth	110.33%
Cash Flow Growth								$191	$962	$425	$1	$228	$1,011	$846	<-12 mths	-16.32%		429.32%	<-Total Growth	5	Cash Flow Growth	429.32%
Dividend Growth								$0.82	$0.82	$0.86	$0.93	$0.99	$1.08	$1.18	<-12 mths	10.00%		31.90%	<-Total Growth	5	Dividend Growth	31.90%
Stock Price Growth								$25.30	$27.03	$31.88	$33.66	$38.32	$38.09	$72.10	<-12 mths	89.29%		50.55%	<-Total Growth	5	Stock Price Growth	50.55%
Revenue Growth			$6,918	$6,190	$5,628	$6,265	$6,996	$7,290	$5,768	$6,696	$8,215	$9,543	$10,096	$10,278	<-this year	1.80%		45.94%	<-Total Growth	10	Revenue Growth	45.94%
AEPS Growth			$1.85	$1.29	$0.88	$1.36	$1.65	$1.65	$1.14	$2.18	$3.25	$3.91	$3.80	$4.09	<-this year	7.63%		105.41%	<-Total Growth	10	AEPS Growth	105.41%
Net Income Growth			$318	-$161	$65	$221	$232	$242	$232	$364	$503	$523	$509	$521	<-this year	2.36%		59.94%	<-Total Growth	10	Net Income Growth	59.94%
Cash Flow Growth			$546	$379	$440	$283	$260	$191	$962	$425	$1	$228	$1,011	$747	<-this year	-26.10%		85.29%	<-Total Growth	10	Cash Flow Growth	85.29%
Dividend Growth			$0.69	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$1.08	$1.2	<-this year	9.95%		56.93%	<-Total Growth	10	Dividend Growth	56.93%
Stock Price Growth			$25.23	$18.68	$26.29	$31.72	$23.80	$25.30	$27.03	$31.88	$33.66	$38.32	$38.09	$72.10	<-this year	89.29%		50.97%	<-Total Growth	10	Stock Price Growth	50.97%
Dividends on Shares				$29.00	$29.20	$29.80	$31.60	$32.60	$32.80	$34.40	$37.32	$39.44	$43.00	$47.30	$48.40	$48.40		$339.16	No of Years	10	Total Divs	12/31/14
Paid			$1,009.20	$747.20	$1,051.60	$1,268.80	$952.00	$1,012.00	$1,081.20	$1,275.20	$1,346.40	$1,532.80	$1,523.60	$2,884.00	$2,884.00	$2,884.00		$1,523.60	No of Years	10	Worth	$25.23
Total																		$1,862.76
Graham No. AEPS	$20.05	$21.77	$22.68	$18.82	$14.96	$18.89	$21.82	$21.93	$18.68	$26.87	$34.39	$39.19	$40.66	$42.57	$44.70	$47.39		79.25%	<-Total Growth	10	Graham Number AEPS	Item
Price/GP Ratio Med	1.29	1.10	1.26	1.16	1.48	1.49	1.31	1.32	1.05	1.20	0.92	1.00	0.98	1.31				1.18	<-Median->	10	Price/GP Ratio	Revenue Growth
Price/GP Ratio High	1.49	1.25	1.49	1.36	1.84	1.71	1.59	1.20	1.50	1.41	1.15	1.17	1.10	1.78				1.39	<-Median->	10	Price/GP Ratio	AEPS Growth
Price/GP Ratio Low	1.09	0.95	1.03	0.96	1.12	1.26	1.04	1.43	0.60	0.99	0.69	0.83	0.85	0.84				0.98	<-Median->	10	Price/GP Ratio	Net Income Growth
Price/GP Ratio Close	1.23	1.25	1.11	0.99	1.76	1.68	1.09	1.15	1.45	1.19	0.98	0.98	0.94	1.69	1.61	1.52		1.12	<-Median->	10	Price/GP Ratio	Cash Flow Growth
Prem/Disc Close	22.56%	24.72%	11.23%	-0.73%	75.73%	67.88%	9.05%	15.39%	44.68%	18.64%	-2.13%	-2.22%	-6.32%	69.39%	61.31%	52.14%		12.22%	<-Median->	10	Graham Price	Dividend Growth
																						Stock Price Growth
Graham No. EPS	$20.05	$21.71	$22.62	$10.21	$9.83	$18.54	$19.96	$20.77	$20.92	$27.30	$34.39	$37.29	$39.24	$40.76	$45.17	$47.44		73.47%	<-Total Growth	10	Graham Number EPS
Price/GP Ratio Med	1.29	1.10	1.26	2.14	2.25	1.51	1.44	1.39	0.94	1.19	0.92	1.05	1.01	1.37				1.29	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.49	1.26	1.50	2.51	2.80	1.74	1.74	1.27	1.34	1.39	1.15	1.23	1.14	1.86				1.37	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.09	0.95	1.03	1.77	1.70	1.29	1.13	1.51	0.54	0.98	0.69	0.87	0.88	0.88				1.05	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.23	1.25	1.12	1.83	2.67	1.71	1.19	1.22	1.29	1.17	0.98	1.03	0.97	1.77	1.60	1.52		1.21	<-Median->	10	Price/GP Ratio
Prem/Disc Close	22.56%	25.04%	11.53%	82.90%	167.42%	71.06%	19.24%	21.83%	29.18%	16.78%	-2.13%	2.76%	-2.94%	76.90%	59.63%	51.99%		20.54%	<-Median->	10	Graham Price
Pre Split '07
Price Close	$24.57	$27.15	$25.23	$18.68	$26.29	$31.72	$23.80	$25.30	$27.03	$31.88	$33.66	$38.32	$38.09	$72.10	$72.10	$72.10		50.97%	<-Total Growth	10	Stock Price
Increase	10.63%	10.50%	-7.07%	-25.96%	40.74%	20.65%	-24.97%	6.30%	6.84%	17.94%	5.58%	13.84%	-0.60%	89.29%	0.00%	0.00%		21.87	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.54	13.99	13.71	-19.87	69.18	24.21	17.25	17.09	18.90	14.17	10.36	10.82	10.76	19.23	15.66	14.19		8.53%	<-IRR #YR->	5	Stock Price	50.55%
Trailing P/E	16.27	13.85	13.01	10.15	-27.97	83.47	18.17	18.33	18.26	22.29	14.96	11.79	10.76	20.37	19.23	15.66		4.21%	<-IRR #YR->	10	Stock Price	50.97%
CAPE (10 Yr P/E)	22.03	20.89	19.54	23.24	25.42	26.40	25.12	24.23	20.50	20.08	18.91	17.71	16.73	15.61	14.85	14.33		11.65%	<-IRR #YR->	5	Price & Dividend	482.05%
Median 10, 5 Yrs		D.  per yr	2.77%	3.13%	% Tot Ret	39.71%	26.82%	T P/E	16.56	14.96	P/E:	15.63	10.82					6.98%	<-IRR #YR->	10	Price & Dividend	329.30%
Price 15		D.  per yr	3.00%		% Tot Ret	34.63%						CAPE Diff	-12.09%					5.66%	<-IRR #YR->	15	Stock Price	128.36%
Price  20		D.  per yr	2.38%		% Tot Ret	37.48%												3.97%	<-IRR #YR->	20	Stock Price	117.66%
Price  25		D.  per yr	2.92%		% Tot Ret	28.93%												7.17%	<-IRR #YR->	25	Stock Price	464.30%
Price  30		D.  per yr	2.63%		% Tot Ret	27.25%												7.02%	<-IRR #YR->	30	Stock Price	666.40%
Price  35		D.  per yr	2.48%		% Tot Ret	25.82%												7.14%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	2.91%		% Tot Ret	26.79%												7.95%	<-IRR #YR->	37	Stock Price
Price & Dividend 15																		8.66%	<-IRR #YR->	15	Price & Dividend	334.29%
Price & Dividend 20																		6.34%	<-IRR #YR->	20	Price & Dividend	313.94%
Price & Dividend 25																		10.08%	<-IRR #YR->	25	Price & Dividend	973.18%
Price & Dividend 30																		9.66%	<-IRR #YR->	30	Price & Dividend	954.36%
Price & Dividend 35																		9.62%	<-IRR #YR->	35	Stock Price
Price & Dividend 40																		10.85%	<-IRR #YR->	37	Stock Price
Price  5								-$25.30	$0.00	$0.00	$0.00	$0.00	$38.09								Price  5
Price 10			-$25.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.09								Price 10
Price & Dividend 5								-$25.30	$0.82	$0.86	$0.93	$0.99	$39.17								Price & Dividend 5
Price & Dividend 10			-$25.23	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$39.17								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	$38.09								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	$38.09								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	$38.09								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	$38.09								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	$38.09								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	$38.09								Price  40
Price & Dividend 15	$0.55	$0.60	$0.69	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$39.17								Price & Dividend 15
Price & Dividend 20	$0.55	$0.60	$0.69	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$39.17								Price & Dividend 20
Price & Dividend 25	$0.55	$0.60	$0.69	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$39.17								Price & Dividend 25
Price & Dividend 30	$0.55	$0.60	$0.69	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$39.17								Price & Dividend 30
Price & Dividend 35	$0.55	$0.60	$0.69	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$39.17								Price & Dividend 35
Price & Dividend 40	$0.55	$0.60	$0.69	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$39.17								Price & Dividend 40
Price H/L Median	$25.81	$23.97	$28.60	$21.88	$22.12	$28.09	$28.70	$28.86	$19.64	$32.36	$31.72	$39.16	$39.65	$55.77				38.64%	<-Total Growth	10	Stock Price
Increase	5.76%	-7.11%	19.32%	-23.51%	1.10%	27.00%	2.17%	0.56%	-31.94%	64.77%	-1.98%	23.46%	1.25%	40.64%				3.32%	<-IRR #YR->	10	Stock Price	38.64%
P/E	13.17	12.36	15.54	-23.27	58.20	21.44	20.79	19.50	13.73	14.38	9.76	11.06	11.20	14.87				6.56%	<-IRR #YR->	5	Stock Price	37.41%
Trailing P/E	17.09	12.23	14.74	11.89	-23.53	73.91	21.90	20.91	13.27	22.63	14.10	12.05	11.20	15.75				5.86%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	29.80	20.95	21.06	17.33	21.35	31.00	36.14	39.97	16.42	20.61	16.20	16.38	14.15	17.07				9.40%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	27.28	22.70	24.48	22.25	24.36	31.70	29.61	27.75	15.98	24.83	22.15	24.60	22.50	25.00				15.54	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.54%	2.84%	% Tot Ret	43.30%	30.20%	T P/E	13.68	13.27	P/E:	14.06	11.20						Count	37	Years of data
			-$28.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.65
								-$28.86	$0.00	$0.00	$0.00	$0.00	$39.65
			-$28.60	$0.73	$0.73	$0.75	$0.79	$0.82	$0.82	$0.86	$0.93	$0.99	$40.73
								-$28.86	$0.82	$0.86	$0.93	$0.99	$40.73
High Months	Mar	Feb	Aug	May	Dec	Nov	Jun	Feb	Dec	Nov	Apr	Aug	Oct	Oct
Pre-Split 97
Pre Split '07
Price High	$29.80	$27.25	$33.90	$25.67	$27.50	$32.30	$34.80	$26.38	$28.00	$38.02	$39.66	$45.89	$44.70	$75.85				31.86%	<-Total Growth	10	Stock Price
Increase	-1.49%	-8.56%	24.40%	-24.28%	7.13%	17.45%	7.74%	-24.20%	6.14%	35.79%	4.31%	15.71%	-2.59%	69.69%				2.80%	<-IRR #YR->	10	Stock Price	31.86%
P/E	15.20	14.05	18.42	-27.31	72.37	24.66	25.22	17.82	19.58	16.90	12.20	12.96	12.63	20.23				11.12%	<-IRR #YR->	5	Stock Price	69.45%
Trailing P/E	19.74	13.90	17.47	13.95	-29.26	85.00	26.56	19.12	18.92	26.59	17.63	14.12	12.63	21.43				18.42	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	18.27	17.63	P/E:	17.36	12.96					24.94	P/E Ratio		Historical High
			-$33.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.70
								-$26.38	$0.00	$0.00	$0.00	$0.00	$44.70
Low Months	Mar	Aug	Dec	Dec	Feb	Apr	Dec	Oct	Mar	Jan	Sep	Mar	Feb	Feb
Pre-Split 97
Pre Split '07
Price Low	$21.81	$20.69	$23.30	$18.08	$16.73	$23.87	$22.59	$31.33	$11.28	$26.70	$23.78	$32.43	$34.60	$35.68				48.50%	<-Total Growth	10	Stock Price
Increase	17.57%	-5.14%	12.61%	-22.40%	-7.47%	42.68%	-5.36%	38.69%	-64.00%	136.70%	-10.94%	36.38%	6.69%	3.12%				4.03%	<-IRR #YR->	10	Stock Price	48.50%
P/E	11.13	10.66	12.66	-19.23	44.03	18.22	16.37	21.17	7.89	11.87	7.32	9.16	9.77	9.51				2.01%	<-IRR #YR->	5	Stock Price	10.44%
Trailing P/E	14.44	10.56	12.01	9.83	-17.80	62.82	17.24	22.70	7.62	18.67	10.57	9.98	9.77	10.08				11.93	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	10.27	9.98	P/E:	10.82	9.16					8.89	P/E Ratio		Historical Low
			-$23.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$34.60
								-$31.33	$0.00	$0.00	$0.00	$0.00	$34.60
Free Cash Flow Mkt Sc									$847	$300	-$170	$66	$865	$374.0	$627.2	$622.5			<-Total Growth	4	Free Cash Flow Mkt Sc
Change										-64.58%	-156.67%	138.82%	1210.61%	-56.76%	67.70%	-0.75%		37.12%	<-Median->	4	Change
														$945	<-12 mths	9.25%					Free Cash Flow Company
Free Cash Flow Company		$441	$483	$325	$370	$165	$78	$42	$870	$300	-$170	$66	$865	$631	$697			79.09%	<-Total Growth	10	Free Cash Flow Company
Change			9.52%	-32.71%	13.85%	-55.41%	-52.73%	-46.15%	1971.43%	-65.52%	-156.67%	138.82%	1210.61%	-27.03%	10.42%			-39.43%	<-Median->	10	Change
														$830	<-12 mths	12.16%
Free Cash Flow MS Old			$465	$303	$348	$162	$59	$37	$847	$292	-$170										Free Cash Flow MS Old
Change				-34.84%	14.85%	-53.45%	-63.58%	-37.29%	2189.19%	-65.53%	-158.22%										Change
Free Cash Flow MS	-$61	$416	$480	$230	$150	$230	$160	$260	$430	$570	$570	$360	$740	$631	$697			54.17%	<-Total Growth	10	Free Cash Flow MS
Change	73.48%	781.97%	15.38%	-52.08%	-34.78%	53.33%	-30.43%	62.50%	65.38%	32.56%	0.00%	-36.84%	105.56%	-14.70%	10.42%			23.27%	<-IRR #YR->	5	Free Cash Flow MS	184.62%
FCF/CF from Op Ratio	-0.46	0.81	0.88	0.61	0.34	0.81	0.62	1.36	0.45	1.34	570.00	1.58	0.73	0.84	0.72			4.42%	<-IRR #YR->	10	Free Cash Flow MS	54.17%
Dividends paid	$94.53	$102.76	$117.99	$124	$123	$125	$133	$133	$133	$139	$144	$146	$151	$161	$165			27.98%	<-Total Growth	10	Dividends paid	Sites disag
Percentage paid				53.91%	82.00%	54.35%	83.13%	51.15%	30.93%	24.46%	25.26%	40.56%	20.41%	25.47%	23.60%			45.85%	<-Median->	10	Percentage paid
5 Year Coverage								61.94%	52.60%	40.21%	34.29%	31.75%	26.72%	25.81%	25.56%						5 Year Coverage
Dividend Coverage Ratio				1.85	1.22	1.84	1.20	1.95	3.23	4.09	3.96	2.47	4.90	3.93	4.24			221.03%	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								1.61	1.90	2.49	2.92	3.15	3.74	3.87	3.91						5 Year of Coverage
								-$260.00	$0.00	$0.00	$0.00	$0.00	$740.00
			-$480.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$740.00
														$706.0	<-12 mths	-17.52%
Free Cash Flow WSJ			$464.37	$116	$247	-$30	-$103	$89	$847	$292	-$170	$8	$856	$631	$697			84.34%	<-Total Growth	10	Free Cash Flow
Change				-75.02%	112.93%	-112.15%	-243.33%	186.41%	851.69%	-65.53%	-158.22%	104.71%	10600.00%	-26.26%	10.42%			57.26%	<-IRR #YR->	5	Free Cash Flow WSJ	861.80%
FCF/CF from Op Ratio			0.85	0.31	0.56	-0.11	-0.40	0.47	0.88	0.69	-170.00	0.04	0.85	0.84	0.72			6.31%	<-IRR #YR->	10	Free Cash Flow WSJ	84.34%
Dividends paid			$118	$124	$123	$125	$133	$133	$133	$139	$144	$146	$151	$161	$165			27.98%	<-Total Growth	10	Dividends paid
Percentage paid			25.41%	106.90%	49.80%	-416.67%	-129.13%	149.44%	15.70%	47.74%	-84.71%	1825.00%	17.64%	25.47%	23.60%			32.69%	<-Median->	10	Percentage paid
5 Year Coverage							89.72%	200.00%	61.62%	60.59%	71.46%	65.24%	38.92%	45.83%	37.89%			65.24%	<-Median->	7	5 Year Coverage
Dividend Coverage Ratio			3.94	0.94	2.01	-0.24	-0.77	0.67	6.37	2.09	-1.18	0.05	5.67	3.93	4.24			0.80	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								0.50	1.62	1.65	1.40	1.53	2.57	2.18	2.64			1.58	<-Median->	6	5 Year of Coverage
								-$89.00	$0.00	$0.00	$0.00	$0.00	$856.00
			-$464.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$856.00
Market Cap $M	$4,224	$4,670	$4,349	$3,139	$4,421	$5,337	$3,912	$4,132	$4,382	$5,031	$5,084	$5,518	$5,179	$9,803	$9,803	$9,803		19.09%	<-Total Growth	10	Market Cap
Pre Split '07
Diluted # of Shares in Million	172.391	172.403	172.968	171.285	168.140	168.354	168.544	163.499	162.336	161.643	155.072	147.727	140.645	134.305	134.305	134.305		-18.69%	<-Total Growth	10	Diluted
Change	0.06%	0.01%	0.33%	-0.97%	-1.84%	0.13%	0.11%	-2.99%	-0.71%	-0.43%	-4.07%	-4.74%	-4.79%	-4.51%	0.00%	0.00%		-1.40%	<-Median->	10	Change
Difference Diluted/Basic	-0.3%	-0.2%	-0.4%	-0.1%	0.0%	-0.1%	-0.3%	0.0%	0.0%	-0.3%	-0.2%	-0.2%	-0.1%	-0.2%	-100.0%	-100.0%		-0.14%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	171.837	171.981	172.216	171.142	168.095	168.132	167.998	163.427	162.290	161.088	154.740	147.473	140.448	134.047				-18.45%	<-Total Growth	10	Average
Change	0.17%	0.08%	0.14%	-0.62%	-1.78%	0.02%	-0.08%	-2.72%	-0.70%	-0.74%	-3.94%	-4.70%	-4.76%	-4.56%				-1.26%	<-Median->	10	Change
Difference Basic/Outstanding	0.0%	0.0%	0.1%	-1.8%	0.0%	0.1%	-2.2%	-0.1%	-0.1%	-2.0%	-2.4%	-2.4%	-3.2%	1.4%				-1.93%	<-Median->	10	Difference Basic/Outstanding
														$846	<-12 mths	-16.32%
Pre Split '07																		Share Capital
# of Share in Millions	171.91	172.01	172.37	168.03	168.17	168.27	164.38	163.32	162.11	157.81	151.04	144.00	135.97	135.97	135.97	135.97		-2.34%	<-IRR #YR->	10	Shares	-21.12%
Change	0.20%	0.06%	0.21%	-2.52%	0.08%	0.06%	-2.31%	-0.65%	-0.74%	-2.65%	-4.29%	-4.66%	-5.58%	0.00%	0.00%	0.00%		-3.60%	<-IRR #YR->	5	Shares	-16.75%
Cash Flow from Operations $M	$133.03	$514.70	$545.63	$379	$440	$283	$260	$191	$962	$425	$1	$228	$1,011	$747	$964			85.29%	<-Total Growth	10	Cash Flow
Increase	264.40%	286.92%	6.01%	-30.54%	16.09%	-35.68%	-8.13%	-26.54%	403.66%	-55.82%	-99.76%	22700.00%	343.42%	-26.10%	29.03%			SO; S. Iss	Buy Backs
5 year Running Average	$202	$290	$287	$298	$402	$432	$382	$311	$427	$424	$368	$361	$525	$482	$590			83.07%	<-Total Growth	10	CF 5 Yr Running
CFPS	$0.77	$2.99	$3.17	$2.26	$2.62	$1.68	$1.58	$1.17	$5.93	$2.69	$0.01	$1.58	$7.44	$5.50	$7.09			134.89%	<-Total Growth	10	Cash Flow per Share
Increase	264.08%	286.68%	5.79%	-28.75%	16.00%	-35.72%	-5.96%	-26.06%	407.43%	-54.62%	-99.75%	23814.16%	369.62%	-26.10%	29.03%			6.36%	<-IRR #YR->	10	Cash Flow	85.29%
5 year Running Average	$1.18	$1.69	$1.67	$1.74	$2.36	$2.54	$2.26	$1.86	$2.60	$2.61	$2.28	$2.28	$3.53	$3.44	$4.32			39.55%	<-IRR #YR->	5	Cash Flow	429.32%
P/CF on Med Price	33.35	8.01	9.04	9.70	8.45	16.70	18.14	24.67	3.31	12.02	4791.03	24.73	5.33	10.15	0.00			8.91%	<-IRR #YR->	10	Cash Flow per Share	134.89%
P/CF on Closing Price	31.75	9.07	7.97	8.28	10.05	18.86	15.05	21.63	4.55	11.84	5084.05	24.20	5.12	13.12	10.17			44.76%	<-IRR #YR->	5	Cash Flow per Share	535.78%
															-8.61%	Diff M/C		7.78%	<-IRR #YR->	10	CFPS 5 yr Running	111.63%
Excl.Working Capital CF	$632.50	$445.80	$400.38	$289	-$39	$332	$388	$546	-$219	$492	$1,150	$1,043	$231	$0.00	$0.00			13.66%	<-IRR #YR->	5	CFPS 5 yr Running	89.71%
Cash Flow from Operations $M WC	$765.5	$960.5	$946.0	$668	$401	$615	$648	$737	$743	$917	$1,151	$1,271	$1,242	$747.2	$964.0			31.29%	<-Total Growth	10	Cash Flow less WC
Increase	28.91%	25.47%	-1.51%	-29.39%	-39.97%	53.37%	5.37%	13.73%	0.81%	23.42%	25.52%	10.43%	-2.28%	-39.84%	29.03%			2.76%	<-IRR #YR->	10	Cash Flow less WC	31.29%
5 year Running Average	$538	$614	$726	$787	$748	$718	$656	$614	$629	$732	$839	$964	$1,065	$1,066	$1,075			11.00%	<-IRR #YR->	5	Cash Flow less WC	68.52%
CFPS Excl. WC	$4.45	$5.58	$5.49	$3.98	$2.38	$3.65	$3.94	$4.51	$4.58	$5.81	$7.62	$8.83	$9.13	$5.50	$7.09			3.91%	<-IRR #YR->	10	CF less WC 5 Yr Run	46.71%
Increase	28.66%	25.39%	-1.71%	-27.56%	-40.02%	53.28%	7.86%	14.47%	1.57%	26.78%	31.14%	15.82%	3.49%	-39.84%	29.03%			11.65%	<-IRR #YR->	5	CF less WC 5 Yr Run	73.48%
5 year Running Average	$3.14	$3.58	$4.22	$4.59	$4.38	$4.22	$3.89	$3.69	$3.82	$4.50	$5.29	$6.27	$7.20	$7.38	$7.63			5.23%	<-IRR #YR->	10	CFPS - Less WC	66.43%
P/CF on Med Price	5.79	4.29	5.21	5.50	9.27	7.68	7.28	6.39	4.29	5.57	4.16	4.44	4.34	10.15	0.00			15.15%	<-IRR #YR->	5	CFPS - Less WC	102.42%
P/CF on Closing Price	5.52	4.86	4.60	4.70	11.03	8.68	6.04	5.61	5.90	5.49	4.42	4.34	4.17	13.1	10.2			5.48%	<-IRR #YR->	10	CFPS 5 yr Running	70.46%
*Operational Cash Flow.			CF-WC	P/CF Med	10 yr	14.36	5 yr	12.02	P/CF Med	10 yr	5.54	5 yr	4.34		137.03%	Diff M/C		14.26%	<-IRR #YR->	5	CFPS 5 yr Running	94.78%
			-172.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	136.0								Shares
								-163.3	0.0	0.0	0.0	0.0	136.0								Shares
			-$545.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,011.0								Cash Flow
								-$191.0	$0.0	$0.0	$0.0	$0.0	$1,011.0								Cash Flow
			-$3.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.44								Cash Flow per Share
								-$1.17	$0.00	$0.00	$0.00	$0.00	$7.44								Cash Flow per Share
			-$1.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3.5								CFPS 5 yr Running
								-$1.9	$0.0	$0.0	$0.0	$0.0	$3.5								CFPS 5 yr Running
			-$946.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,242.0								Cash Flow less WC
								-$737.0	$0.0	$0.0	$0.0	$0.0	$1,242.0								Cash Flow less WC
			-$725.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,064.8								CF less WC 5 Yr Run
								-$613.8	$0.0	$0.0	$0.0	$0.0	$1,064.8								CF less WC 5 Yr Run
			-$5.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.13								CFPS - Less WC
								-$4.51	$0.00	$0.00	$0.00	$0.00	$9.13								CFPS - Less WC
			-$4.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.20								CFPS 5 yr Running
								-$3.69	$0.00	$0.00	$0.00	$0.00	$7.20								CFPS 5 yr Running
Changes in operating assets and liabilities (Note 23)	-$194.823	-$24.991	-$17.944
Accts Recei and other assets				$341	-$76	-$111	-$39	$89	$188	-$105	-$265	$112	-$170
Service work in progress/unbilled Rec				$15	-$6	-$24	$14	-$98	$15	-$41	-$139	-$78	$30
Inventories - on hand Equipment				-$17	$145	-$148	-$291	$29	$508	-$210	-$715	-$408	$308
Inventories  parts and supplies				$89	-$11
Other assets						-$52	$3	$68	$3	-$70	-$161	$70	-$84
Instalment Notes Received				$15	$2
Accts Pay and Accurals and other liab				-$382	$139	$234	$46	-$127	-$276	$145	$408	$14	$40
Other Liabilites						$30	$164	-$180	-$16	$4	$134	-$59	-$7
Income Tax Rec/Payable				$15	$3
Additions to rental equipment	-$330.204	-$291.396	-$264.147	-$231	-$170	-$307	-$306	-$215	-$189	-$137	-$151	-$182	-$164
Additions to rental equip. net Pur Op										-$91	-$90	-$229	-$146
Equipment leased to customers, net of disposals	$0.053	$0.168
Proceeds on Rental Equip					$147	$183	$162	$126	$115	$62	$39	$57	$91
Proceeds on Rental Equip net Pur Op										$66	$57	$89	$221
Interest paid	-$66.050	-$86.403	-$71.015	-$73	-$77	-$81	-$73	-$105	-$92	-$74	-$96	-$165	-$167
Income tax paid	-$41.479	-$43.173	-$47.276	-$61	-$57	-$56	-$68	-$133	-$37	-$41	-$171	-$264	-$183
Total	-$632.503	-$445.795	-$400.382	-$289	$39	-$332	-$388	-$546	$219	-$492	-$1,150	-$1,043	-$231
Google --> TD		-$445.80	-$400.38	-$289	-$108	-$515	-$388	-$546	$219	-$492	-$1,150	-$1,043	-$231
Difference		$0.00	$0.00	$0	$147	$183	$0	$0	$0	$0	$0	$0	$0
TD		-$446	-$400	-$289	-$108
Difference		$0	$0	$0	$147
In 2019, TD says, CF same			-$171	-$82	$39	-$328	-$388
Difference			-$229	-$207	$0	-$4
OPM	11.56%	14.22%	13.67%	10.79%	7.13%	9.82%	9.26%	10.11%	12.88%	13.69%	14.01%	13.32%	12.30%	7.27%				-10.04%	<-Total Growth	10	OPM
Increase	14.76%	22.98%	-3.81%	-21.08%	-33.98%	37.77%	-5.64%	9.15%	27.42%	6.31%	2.31%	-4.94%	-7.63%	-40.91%					Should increase		or be stable.
Diff from Ave	0.1%	23.1%	18.4%	-6.5%	-38.3%	-15.0%	-19.8%	-12.4%	11.6%	18.6%	21.3%	15.3%	6.5%	-37.0%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	11.55%	5 Yrs	13.32%					should be	zero, it is a		check on calculations
														$1,244	<-12 mths	-0.32%
EBITDA	$701	$737	$720	$604	$465	$577	$633	$750	$636	$856	$1,101	$1,321	$1,248	$1,260	$1,306	$1,406		73.33%	<-Total Growth	10	EBITDA
Change	27.92%	5.14%	-2.31%	-16.11%	-23.01%	24.09%	9.71%	18.48%	-15.20%	34.59%	28.62%	19.98%	-5.53%	0.96%	3.65%	7.66%		14.09%	<-Median->	10	Change
Margin	10.59%	10.91%	10.41%	9.76%	8.26%	9.21%	9.05%	10.29%	11.03%	12.78%	13.40%	13.84%	12.36%	12.26%	12.38%	12.72%		10.66%	<-Median->	10	Margin
														$961	<-12 mths	0.52%
Adjusted EBIT			$504	-$105	$273	$400	$446	$457	$328	$537	$768	$942	$956	$869.5	$920.9	$993.5		89.68%	<-Total Growth	10	Adjusted EBIT
Change				-120.83%	360.00%	46.52%	11.50%	2.47%	-28.23%	63.72%	43.02%	22.66%	1.49%	-9.05%	5.91%	7.88%		17.08%	<-Median->	10	Change
Margin			7.29%	-1.70%	4.85%	6.38%	6.38%	6.27%	5.69%	8.02%	9.35%	9.87%	9.47%	8.46%	8.73%	8.99%		6.38%	<-Median->	10	Margin
Long Term Debt	$1,367	$1,418	$1,418	$1,548	$1,487	$1,296	$1,354	$1,318	$1,107	$921	$815	$949	$1,390	$1,378				-1.97%	<-Total Growth	10	Debt	Type
Change		3.77%	0.00%	9.17%	-3.94%	-12.84%	4.48%	-2.66%	-16.01%	-16.80%	-11.51%	16.44%	46.47%	-0.86%				-3.30%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.32	0.30	0.33	0.49	0.34	0.24	0.35	0.32	0.25	0.18	0.16	0.17	0.27	0.14				0.26	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	2.27	3.26	3.84	4.11	3.98	3.31	2.86	2.96	3.36	2.77	2.14	2.17	2.45	2.39				2.91	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)	10.27	2.76	2.60	4.08	3.38	4.58	5.21	6.90	1.15	2.17	815.00	4.16	1.37	1.84				4.12	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$94.80	$75.88	$55.78	$56	$71	$117	$176	$321	$322	$322	$333	$309	$245	$137				339.20%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$109.48	$114.13	$132.14	$178	$118	$119	$120	$204	$205	$205	$325	$329	$339	$213				156.54%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$204.28	$190.01	$187.93	$234	$189	$236	$296	$525	$527	$527	$658	$638	$584	$350				210.76%	<-Total Growth	10	Total
Change	41.34%	-6.98%	-1.10%	24.40%	-19.16%	24.87%	25.42%	77.36%	0.38%	0.00%	24.86%	-3.04%	-8.46%	-40.07%				12.39%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.05	0.04	0.04	0.07	0.04	0.04	0.08	0.13	0.12	0.10	0.13	0.12	0.11	0.04				0.11	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,317.2	$3,248.6	$3,477.7	$3,460	$3,378	$3,513	$3,924	$3,659	$3,214	$3,619	$4,781	$4,930	$5,206	$5,551				49.70%	<-Total Growth	10	Current Assets
Current Liabilities	$2,250.2	$1,549.3	$1,372.3	$1,243	$1,233	$1,540	$1,992	$2,026	$1,623	$2,155	$3,401	$3,485	$3,150	$3,284				129.54%	<-Total Growth	10	Current Liabilities
Liquidity	1.47	2.10	2.53	2.78	2.74	2.28	1.97	1.81	1.98	1.68	1.41	1.41	1.65	1.69				1.89	<-Median->	10	Ratio
Liq. with CF aft div	1.49	2.36	2.85	2.99	3.00	2.38	2.04	1.83	2.49	1.81	1.36	1.44	1.93	1.87				1.81	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.17	2.25	2.69	2.40	2.90	2.22	1.86	1.55	2.35	1.69	1.26	1.35	1.85	1.87				1.69	<-Median->	5	Ratio
Assets	$5,118.0	$5,057.6	$5,272.7	$5,108	$4,910	$5,092	$5,696	$5,990	$5,458	$5,971	$7,269	$7,557	$7,731	$7,844				46.62%	<-Total Growth	10	Assets
Liabilities	$3,551.5	$3,199.8	$3,142.0	$3,058	$3,009	$3,129	$3,587	$3,875	$3,252	$3,628	$4,808	$5,027	$5,089	$5,152				61.97%	<-Total Growth	10	Liabilities
Debt Ratio	1.44	1.58	1.68	1.67	1.63	1.63	1.59	1.55	1.68	1.65	1.51	1.50	1.52	1.52				1.61	<-Median->	10	Ratio
Book Value	$1,567	$1,858	$2,131	$2,050	$1,901	$1,963	$2,109	$2,115	$2,206	$2,343	$2,461	$2,530	$2,642	$2,692				24.00%	<-Total Growth	10	Book Value
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	$20	$18	$16	$13	$15							NCI
Book Value Net	$1,567	$1,858	$2,131	$2,050	$1,901	$1,963	$2,109	$2,115	$2,206	$2,323	$2,443	$2,514	$2,629	$2,677	$2,677	$2,677		23.39%	<-Total Growth	10	Book Value
Book Value per Share	$9.11	$10.80	$12.36	$12.20	$11.30	$11.67	$12.83	$12.95	$13.61	$14.72	$16.17	$17.46	$19.34	$19.69	$19.69	$19.69		56.42%	<-Total Growth	10	Book Value per Share
Change	16.25%	18.52%	14.45%	-1.30%	-7.34%	3.20%	9.98%	0.94%	5.08%	8.17%	9.88%	7.93%	10.75%	1.83%	0.00%	0.00%		72.38%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	2.83	2.22	2.31	1.79	1.96	2.41	2.24	2.23	1.44	2.20	1.96	2.24	2.05	2.83				2.17	P/B Ratio		Historical Median
P/B Ratio (Close)	2.70	2.51	2.04	1.53	2.33	2.72	1.86	1.95	1.99	2.17	2.08	2.20	1.97	3.66	3.66	3.66		4.58%	<-IRR #YR->	10	Book Value per Share	56.42%
Change	-4.84%	-6.76%	-18.81%	-24.98%	51.89%	16.91%	-31.77%	5.32%	1.67%	9.03%	-3.91%	5.47%	-10.25%	85.89%	0.00%	0.00%		8.35%	<-IRR #YR->	5	Book Value per Share	49.30%
Leverage (A/BK)	3.27	2.72	2.47	2.49	2.58	2.59	2.70	2.83	2.47	2.57	2.98	3.01	2.94	2.93				2.65	<-Median->	10	A/BV
Debt/Equity Ratio	2.27	1.72	1.47	1.49	1.58	1.59	1.70	1.83	1.47	1.56	1.97	2.00	1.94	1.92				1.65	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	2.12	5 yr Med	2.05		72.38%	Diff M/C		2.70	Historical		Leverage (A/BK)
			-$12.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.34
								-$12.95	$0.00	$0.00	$0.00	$0.00	$19.34
														$608.0	<-12 mths	-0.65%
Comprehensive Income	$311.25	$387.66	$382.17	$117	-$31	$186	$374	$165	$247	$408	$510	$472	$609					59.35%	<-Total Growth	10	Comprehensive Income
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$1	-$2	-$2	-$3								NCI
Comprehensive Income Net	$311.25	$387.66	$382.17	$117	-$31	$186	$374	$165	$247	$409	$512	$474	$612					60.14%	<-Total Growth	10	Comprehensive Income Net
Increase	38.15%	24.55%	-1.42%	-69.39%	-126.50%	700.00%	101.08%	-55.88%	49.70%	65.59%	25.18%	-7.42%	29.11%					29.11%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$128.57	$175.75	$249.50	$284.67	$233.41	$208.37	$205.63	$162.20	$188.20	$276.20	$341.40	$361.40	$450.80					4.82%	<-IRR #YR->	10	Comprehensive Income	60.14%
ROE	19.9%	20.9%	17.9%	5.7%	-1.6%	9.5%	17.7%	7.8%	11.2%	17.6%	21.0%	18.9%	23.3%					29.97%	<-IRR #YR->	5	Comprehensive Income	270.91%
5Yr Median	9.7%	16.8%	17.9%	17.9%	17.9%	9.5%	9.5%	7.8%	9.5%	11.2%	17.6%	17.6%	18.9%					6.09%	<-IRR #YR->	10	5 Yr Running Average	177.93%
% Difference from NI	-7.8%	15.6%	20.1%	-172.7%	-147.7%	-15.8%	61.2%	-31.8%	6.5%	12.4%	1.8%	-9.4%	20.2%					22.68%	<-IRR #YR->	5	5 Yr Running Average	177.93%
Median Values										Diff	5, 10 yr	-3.8%	6.5%					18.9%	<-Median->	5	Return on Equity
			-$382.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$612.0
								-$165.0	$0.0	$0.0	$0.0	$0.0	$612.0
			-$249.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$450.8
								-$162.2	$0.0	$0.0	$0.0	$0.0	$450.8
Current Liability Coverage Ratio	0.34	0.62	0.69	0.54	0.33	0.40	0.33	0.36	0.46	0.43	0.34	0.36	0.39	0.23							CFO / Current Liabilities
5 year Median	0.34	0.34	0.34	0.54	0.54	0.54	0.40	0.36	0.36	0.40	0.36	0.36	0.39	0.36				0.39	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	14.96%	18.99%	17.94%	13.08%	8.17%	12.08%	11.38%	12.30%	13.61%	15.36%	15.83%	16.82%	16.07%	9.53%							CFO / Total Assets
5 year Median	12.20%	14.54%	14.96%	14.96%	14.96%	13.08%	12.08%	12.08%	12.08%	12.30%	13.61%	15.36%	15.83%	15.83%				15.8%	<-Median->	5	Return on Assets
Return on Assets ROA	6.60%	6.63%	6.04%	-3.15%	1.32%	4.34%	4.07%	4.04%	4.25%	6.10%	6.92%	6.92%	6.58%	6.64%				Net	Income/Assets		Return on Assets
5Yr Median	4.72%	6.35%	6.35%	6.35%	6.04%	4.34%	4.07%	4.04%	4.07%	4.25%	4.25%	6.10%	6.58%	6.64%				6.6%	<-Median->	5	Asset Efficiency Ratio
Comments																					Comments
Return on Equity ROE	21.55%	18.05%	14.94%	-7.85%	3.42%	11.26%	11.00%	11.44%	10.52%	15.67%	20.59%	20.80%	19.36%	19.46%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	12.31%	18.05%	18.05%	18.05%	14.94%	11.26%	11.00%	11.00%	11.00%	11.26%	11.44%	15.67%	19.36%	19.46%				19.4%	<-Median->	5	Return on Equity
														$618	<-12 mths	21.41%
Comments																					Comments
Comments	$1.96																				Comments
Net Income	$337.62	$335.26	$318.24	-$161	$65	$221	$232	$242	$232	$363	$501	$521	$506					59.00%	<-Total Growth	10	Net Income
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$1	-$2	-$2	-$3								NCI
Net Income Shareholders	$337.62	$335.26	$318.24	-$161	$65	$221	$232	$242	$232	$364	$503	$523	$509	$521	$619	$674		59.94%	<-Total Growth	10	Net Income
Increase	30.17%	-0.70%	-5.07%	-150.59%	-140.37%	240.00%	4.98%	4.31%	-4.13%	56.90%	38.19%	3.98%	-2.68%	2.36%	18.81%	8.89%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$198.9	$246.8	$284.2	$218	$179	$156	$135	$120	$198	$258	$315	$373	$426	$484.0	$535.0	$569.2		4.81%	<-IRR #YR->	10	Net Income	59.94%
Operating Cash Flow	$133.03	$514.70	$545.63	$379	$440	$283	$260	$191	$962	$425	$1	$228	$1,011					16.03%	<-IRR #YR->	5	Net Income	110.33%
Investment Cash Flow	-$625.65	-$78.78	-$81.26	-$306	-$40	-$116	-$184	-$378	-$99	-$151	-$268	-$229	-$128					4.13%	<-IRR #YR->	10	5 Yr Running Average	49.94%
Total Accruals	$830.24	-$100.67	-$146.13	-$234	-$335	$54	$156	$429	-$631	$90	$770	$524	-$374					28.89%	<-IRR #YR->	5	5 Yr Running Average	255.76%
Total Assets	$5,118.0	$5,057.6	$5,272.7	$5,108	$4,910	$5,092	$5,696	$5,990	$5,458	$5,971	$7,269	$7,557	$7,731						Balance Sheet		Assets
Accruals Ratio	16.22%	-1.99%	-2.77%	-4.58%	-6.82%	1.06%	2.74%	7.16%	-11.56%	1.51%	10.59%	6.93%	-4.84%					1.51%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.44	0.35	0.34	-0.24	0.16	0.36	0.35	0.33	0.31	0.39	0.43	0.40	0.39					0.35	<-Median->	10	EPS/CF Ratio
			-$318.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$509.0
								-$242.0	$0.0	$0.0	$0.0	$0.0	$509.0
			-$284.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$426.2
								-$119.8	$0.0	$0.0	$0.0	$0.0	$426.2
Change in Close	10.63%	10.50%	-7.07%	-25.96%	40.74%	20.65%	-24.97%	6.30%	6.84%	17.94%	5.58%	13.84%	-0.60%	89.29%	0.00%	0.00%			Count	30	Years of data
up/down	down	down				up			down	up		down	down						Count	15	50.00%
Meet Prediction?						Yes				Yes			Yes					% right	Count	5	33.33%
Financial Cash Flow	$488.83	-$386.96	-$202.84	-$107	-$255	-$276	-$107	$23	-$573	-$300	-$13	-$71	-$818						C F Statement		Financial Cash Flow
Total Accruals	$341.41	$286.29	$56.72	-$127	-$80	$330	$263	$406	-$58	$390	$783	$595	$444								Accruals
Accruals Ratio	6.67%	5.66%	1.08%	-2.49%	-1.63%	6.48%	4.62%	6.78%	-1.06%	6.53%	10.77%	7.87%	5.74%					6.53%	<-Median->	5	Ratio
Cash	$114.92	$176.27	$450.67	$475	$593	$458	$454	$268	$539	$502	$288	$152	$316	$431							Cash
Cash per Share	$0.67	$1.02	$2.61	$2.83	$3.53	$2.72	$2.76	$1.64	$3.32	$3.18	$1.91	$1.06	$2.32	$3.17				$2.32	<-Median->	5	Cash per Share
Percentage of Stock Price	2.72%	3.77%	10.36%	15.13%	13.41%	8.58%	11.60%	6.49%	12.30%	9.98%	5.66%	2.75%	6.10%	4.40%				6.10%	<-Median->	5	% of Stock Price
Notes:
November 1, 2024.  Last estimates were for 2024, 2025 and 2026 of $10,075M, $10386M, $10862M Revenue, $3.92, $4.21, $4.70 AEPS, $3.94, $4.39 and $4.70 EPS,
$1.08, $1.11 2024/5 Dividends, $466M, $631M, $697M FCF, $5.66, $7.05 2024/5 CFPS, $1294M, $1326M, $1413M EBITDA, $562M, $614M, $763M Net Income.
November 3, 2024.  Last estimates were for 9659M, $9862M, $10032M Revenue, $3.88, $4.03, $4.36 AEPS, $3.92, $4.15, $4.41 EPS, $0.99, $1.02, $1.02 Dividends,
$405M, $535M, $605M FCF, $2.10, $3.31 2023/4 CFPS, $1303M, $1313M, $1393M EBITDA, $571M, $583M, $630M Net Income.
November 4, 2023.  Last estimates were for 2022, 2023 and 2024 of $7791M, $8044M and $7730M for Revenue, $2.86, $2.87 and $2.82 for AEPS, $2.91, $3.18 and $3.05 for EPS,
$0.93 and $0.96 2022/3 for Dividends, $38M, $479M and $769M for FCF, $3.54, $4.97 and $5.42 for CFPS, $455M, $477M and $438M for Net Income.
November 5, 2022.  Last estimates were for $6762M, $7402M and $7737M for Revenue, $2.13, $2.35 and $2.61 for EPS, $0.86 and $0.90 for Dividend,
$235M, $319M and $366M for FCF, $3.65 and $4.10 for CFPS and $348M, $381M and $425M for Net Income.
November 7, 2021.  Last estimates were for 2020, 2021 and 2022 of $5824M, $6400M and $6740M for Revenue, $1.33, $1.54 and $1.83 for EPS,
$0.82 and $0.84 for Dividends for 2020-21, $570M, 186M, and $276M for FCF, $4.06, $3.18 and $3.97 for CFPS, and $232M, $267M and $297M for Net Income.
November 21, 2020.  Last estimates were for 7393M, $7441M and $7602M for Revenue, $1.64, $2.04 and $2.15 for EPS,
$1.66, $2.15 and $2.53 for CFPS and $278M, $334M and $350M for Net Income.
November 21, 2019.  Last estmate were for 2018, 2019 and 2020 of $7053M, $73524M and $7947M for Revenue, $1.62, $2.20 and $2.43 for EPS,
$2.35, $2.84 and $2.67 for CFPS and $259M, $370M and $402M for Net Income.
November 25, 2018.  Last estimates were for 2017, 2018 and 2019 of $6123M, $6585M and $6997M for Revenue, $1.32, $1.70 and $2.00 for EPS,
$2.14 and $2.68 for CFPS for 2017 and 2018 and $223M and $274M for Net Income for 2017 and 2018.
November 27, 2017.  Last estimates were for 2016, 2017 and 2018 of $5524M, $5593M and $5971M for Revenue, $0.68, $1.25 and $1.60 for EPS,
$2.12, $2.42 and $3.01 for CFPS and $119M, $214M and $268M for Net Income.
November 29, 2016.  Last estimates were for 2015, 2016 and 2017 of $6254M, $6147M and $6448M for Revenue, $1.34, $1.58 and $1.75 for EPS,
$2.12 and $2.60 for 2015 and 2016 for CFPS , $221M, $258M and $294M for Net Income.
December 5, 2015.  Last estimates were for 2014, 2015 and 2016 of $6878M, $6995M and $7354M for Revenue, $1.89, $2.12 and $2.30 for EPS,
$3.04, $3.28 and $3.33 for CFPS and $317M, $367M and $390M for Net Income.
December 5, 2014.  The last estimaytes were for 2013, 2014 and 2014 of $6752M, $6824M and $7013M for Revenue, $1.94, $2.16 and $2.37 for EPS, $3.04, $3.06 and $3.61 for CFPS.
November 27, 2013.  Last estimates were for 2012 and 2013 of $6689M and $7172M for Revenue and $1.91 and $2.34 for earnings and $3.30 for CFPS (2012 only)
Nov 28, 2012.  Last estimates were fo 2011 and 2012 of $5533M and $6069M for revenue, $1.50 and $2.04 for EPS and $2.26 and $3.30 for CFPS.
Nov 7, 2011.  Last I looked I got estimates for 2010 and 2011 of $.95 and $1.40 for earnings and $1.84 and $2.26 for cash flow.  Used earnings from continuing operations for Net Income, Graham Price.
Admin expense down in 2009.
Sep 25, 2010.  Earning estimates for 2009 and 2010 were $1.40 and $1.53 when I last looked.
AR 2007.  This is in the same industry as Toromont. Company does not look bad, but do I want to have 2 companies in this business? Lack of Cash Flow a problem.
1969 Finning went publich.
1933.  Company founded by Earl B. Finning
***Payout Ratio of Dividends to Cash Flow is using CF excluding Non-Cash Items (i.e. Working Capital changes)
Sector:
Industrial, Industrial
What should this stock accomplish?
Would I buy this company and Why.
Now, the only reason I would not buy this company is because I own Toromont Industries Ltd.  They are both involved with Caterpillar equipment, although the companies are often classified in different sectors.
I classify these companies as industrials, but Stock Channel classifies Finning as Construction and Finning as Industrial.
Why am I following this stock.
When I was in the market to buy an industrial stock in this area in 2007, I look at this stock was well as Toromont Industries (TSX-TIH).   At the time I liked Toromont better, so that is what I bought.
Dividends
Dividends are paid in Cycle 3, that is in March, June, September and December.  Dividends declared for shareholders of record in one month are paid in the following month.
For example, the dividend declared November 13 2013 for Shareholders of record of November 28 2013, is payable on December 12, 2013.
How they make their money.
Finning International Inc is a dealer and distributor of heavy-duty machinery and parts of the Caterpillar brand.
The company operates in Canada, Chile, UK, Argentina, and Others.
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	2017	Nov 25	22018	Nov 21	2019	Nov 21	2020	Nov 7	2021	Nov 5	2022	Nov 4	2023	Nov 3	2024			Nov 1	2025
Parkes, Kevin										0.020	0.01%	0.031	0.02%	0.044	0.03%			0.052	0.04%			18.69%
CEO - Shares - Amount											$0.662		$1.198		$1.682				$3.778
Options - percentage										0.234	0.15%	0.333	0.23%	0.436	0.32%			0.537	0.39%			23.02%
Options - amount											$7.866		$12.762		$16.626				$38.717
Thomson, Scott	0.10%	0.167	0.10%	0.173	0.11%	0.197	0.12%	0.225	0.14%	0.231	0.15%	0.231	0.16%								Last updated Nov 2022
CEO - Shares - Amount	$5.087		$3.972		$4.376		$5.328		$7.160		$7.790		$8.868
Options - percentage	0.78%	1.415	0.86%	1.544	0.95%	1.617	1.00%	0.786	0.50%	0.845	0.56%	0.713	0.49%
Options - amount	$41.619		$33.676		$39.068		$43.699		$25.045		$28.428		$27.311
Primrose, David Francis Neil	0.01%	0.024	0.01%	0.027	0.02%	0.030	0.02%	0.031	0.02%	0.032	0.02%	0.034	0.02%	0.027	0.02%			0.030	0.02%		Last Rep Jun 2020	10.12%
CFO - Shares - Amount	$0.701		$0.576		$0.687		$0.807		$0.979		$1.064		$1.318		$1.035				$2.157		Used to be officer
Options - percentage	0.11%	0.159	0.10%	0.190	0.12%	0.204	0.13%	0.167	0.11%	0.214	0.14%	0.142	0.10%	0.117	0.09%			0.145	0.11%			23.50%
Options - amount	$5.808		$3.785		$4.808		$5.501		$5.338		$7.209		$5.424		$4.469				$10.446
Palaschuk, Gregory				0.018	0.01%	0.023	0.01%	0.031	0.02%	0.034	0.02%	0.043	0.03%	0.046	0.03%						Used to be officer	-100.00%
CFO - Shares - Amount					$0.446		$0.633		$0.996		$1.136		$1.643		$1.750						Ceased insider July 31, 2025
Options - percentage				0.100	0.06%	0.141	0.09%	0.162	0.10%	0.178	0.12%	0.196	0.14%	0.211	0.16%							-100.00%
Options - amount					$2.528		$3.818		$5.180		$5.979		$7.510		$8.050
Nielsen, Steven Mathew	0.00%	0.014	0.01%	0.019	0.01%	0.025	0.02%														Last Rep Dated Mar 2020
Officer- Shares - Amount	$0.247		$0.325		$0.477		$0.677														Used to be CFO
Options - percentage	0.16%	0.305	0.19%	0.336	0.21%	0.318	0.20%
Options - amount	$8.368		$7.261		$8.508		$8.583
Holm, Kieran Colfquhoun												0.017	0.01%	0.018	0.01%			0.009	0.01%		Last report May 2025	-51.45%
Officer- Shares - Amount													$0.649		$0.704				$0.647
Options - percentage												0.051	0.04%	0.071	0.05%			0.064	0.05%			-9.87%
Options - amount													$1.950		$2.705				$4.615
Amar, Juan Pablo	0.01%			0.021	0.01%	0.024	0.01%	0.027	0.02%	0.029	0.02%	0.032	0.02%	0.034	0.02%			0.036	0.03%			5.90%
Officer - Shares - Amount	$0.533				$0.532		$0.642		$0.873		$0.992		$1.216		$1.289				$2.585
Options - percentage	0.02%			0.053	0.03%	0.106	0.07%	0.104	0.07%	0.124	0.08%	0.101	0.07%	0.096	0.07%			0.076	0.06%			-20.37%
Options - amount	$1.319				$1.352		$2.874		$3.327		$4.183		$3.866		$3.640				$5.487
Cummings, David William	0.02%	0.003	0.00%	0.033	0.02%	0.084	0.05%	0.088	0.06%	0.098	0.06%										Last Rep Nov 2020
Officer - Shares - Amount	$0.910		$0.063		$0.830		$2.275		$2.815		$3.285										Ceased insdier Dec 2022
Options - percentage	0.10%	0.047	0.03%	0.223	0.14%	0.256	0.16%	0.259	0.16%	0.223	0.15%
Options - amount	$5.234		$1.122		$5.631		$6.924		$8.247		$7.503
Ferwerda, Tim arne														0.013	0.01%			0.014	0.01%			0.97%
Officer - Shares - Amount															$0.513				$0.981
Options - percentage														0.091	0.07%			0.088	0.06%			-3.31%
Options - amount															$3.462				$6.337
Seraphim, Edward R.												0.001	0.00%	0.001	0.00%			0.000	0.00%			-100.00%
Director - Shares - Amount													$0.054		$0.053				$0.000
Options - percentage												0.040	0.03%	0.047	0.03%			0.000	0.00%			-100.00%
Options - amount													$1.516		$1.793				$0.000
Avril-Groves, Vicki L.		0.000	0.00%	0.005	0.00%	0.015	0.01%	0.015	0.01%	0.015	0.01%	0.015	0.01%								Ceased insider Aug 2024
Director - Shares - Amount			$0.000		$0.127		$0.405		$0.478		$0.505		$0.575
Options - percentage		0.011	0.01%	0.019	0.01%	0.029	0.02%	0.037	0.02%	0.044	0.03%	0.049	0.03%
Options - amount			$0.256		$0.476		$0.795		$1.194		$1.475		$1.880
Carter, James Edward Clark										0.010	0.01%	0.010	0.01%	0.010	0.01%						Chairman 2024	-100.00%
Chariman - Shares - Amount											$0.337		$0.383		$0.381
Options - percentage										0.101	0.07%	0.108	0.08%	0.116	0.09%							-100.00%
Options - amount											$3.413		$4.150		$4.422
Kvisle, Harold		0.013	0.01%	0.020	0.01%	0.035	0.02%	0.035	0.02%	0.050	0.03%	0.050	0.03%	0.045	0.03%						was Chairman before 2024	-100.00%
Director - Shares - Amount			$0.300		$0.506		$0.946		$1.116		$1.683		$1.916		$1.714
Options - percentage		0.008	0.01%	0.023	0.01%	0.045	0.03%	0.059	0.04%	0.073	0.05%	0.073	0.05%	0.097	0.07%							-100.00%
Options - amount			$0.197		$0.585		$1.210		$1.874		$2.474		$2.816		$3.705
Tower, Nancy Gail														0.001	0.00%			0.001	0.00%			0.00%
Director - Shares - Amount															$0.027				$0.050
Options - percentage														0.017	0.01%			0.023	0.02%			36.50%
Options - amount															$0.655				$1.693
Seraphim, Edward R.														0.001	0.00%			0.001	0.00%			0.00%
Chariman - Shares - Amount															$0.053				$0.101
Options - percentage														0.047	0.03%			0.054	0.04%			15.15%
Options - amount															$1.793				$3.908
Whitehead, Douglas William Geoffrey	0.09%	0.153	0.09%																		was chairman to 2016
Chariman - Shares - Amount	$4.847		$3.637																		sites says chairman 2018
Options - percentage	0.05%	0.087	0.05%
Options - amount	$2.505		$2.076
Wilson, Michael M	0.01%
Chairman - Shares - Amt	$0.317
Options - percentage	0.02%
Options - amount	$1.183
Increase in O/S Shares	0.08%	0.189	0.11%	0.243	0.15%	0.011	0.01%	0.004	0.00%	0.480	0.30%	0.174	0.12%	0.183	0.13%			0.091	0.07%
due to SO	$3.569		$6.004		$5.794		$0.266		$0.108		$15.301		$5.863		$7.004				$3.457
Book Value	$3.000		$7.000		$7.000		$3.000		$1.000		$3.981		$2.000		$3.000				$2.000
Insider Buying	-$0.463		-$0.063		-$0.842		-$1.401		-$0.651		-$0.685		-$0.450		-$2.156				$0.000
Insider Selling	$1.447		$4.198		$0.194		$0.249		$8.615		$1.392		$4.144		$4.663				$4.856
Net Insider Selling	$0.985		$4.134		-$0.648		-$1.152		$7.964		$0.707		$3.694		$2.507				$4.856
% of Market Cap	0.02%		0.11%		-0.02%		-0.03%		0.16%		0.01%		0.07%		0.05%				0.05%
Directors		12		13		12		12		13		14		12				10
Women	23%	4	33%	4	31%	4	33%	4	33%	5	38%	5	36%	3	25%			3	30%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	7%	1	8%			1	10%
Institutions/Holdings	33.19%	193	33.41%					20	28.11%	20	26.16%	20	24.50%	20	29.51%			20	26.99%
Total Shares Held	33.16%	56.185	34.18%					45.369	28.75%	40.209	26.62%	35.775	24.84%	41.162	30.27%			35.774	26.31%
Increase/Decrease	-5.85%	0.157	0.28%					-1.394	-2.98%	-4.404	-9.87%	-1.178	-3.19%	-0.784	-1.87%			-0.053	-0.15%
Starting No. of Shares	Reuters	56.028	Reuters					46.764	MS Top 20	44.613	MS Top 20	36.953	MS Top 20	41.946	MS Top 20			35.826	MS Top 20
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