This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2025
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
HLS Therapeutics Inc					TSXV	HLS	OTC	HLTRF	http://www.hlstherapeutics.com/			Fiscal Yr:	Dec-31
Year	31-Dec-13	31-Dec-14	31-Dec-15	31-Dec-16	31-Dec-17	31-Dec-18	31-Dec-19	31-Dec-20	31-Dec-21	31-Dec-22	31-Dec-23	31-Dec-24	31-Dec-25	31-Dec-26	31-Dec-27	31-Dec-28		Value	Description	#Y	Item	Total G	Currency
Accounting Rules				IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
USD - CDN$	1.0636	1.1601	1.3847	1.3427	1.2545	1.3642	1.2988	1.2732	1.2678	1.3544	1.3226	1.4389	1.3706	1.3809	1.3809	1.3809		24.03%	<-Total Growth	10	Currency
Change	6.91%	9.07%	19.36%	-3.04%	-6.57%	-6.57%	8.74%	-4.79%	-1.97%	-0.42%	6.83%	-2.35%	8.79%	-4.75%	0.75%	0.00%		2.18%	<-IRR #YR->	10	USD - CDN$
5 year Running Average	1.0555	1.0233	1.0460	1.1241	1.1892	1.2411	1.3012	1.3290	1.3067	1.2917	1.3117	1.3034	1.3314	1.3509	1.3735	1.3788		2.07%	<-IRR #YR->	5	USD - CDN$
			-1.1601	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	1.4389
								-1.2988	0.0000	0.0000	0.0000	0.0000	1.4389
Cost of Sales, Regulatory				$8.8	$11.6	$11.4	$13.5	$22.0	$24.3	$28.6	$33.1	$31.4	$27.2	$27.7	<-12 mths	1.88%		207.71%	<-Total Growth	9	Cost of Sales, Regulatory		US$
Change					30.91%	-1.79%	18.67%	63.21%	10.54%	17.45%	15.90%	-5.14%	-13.43%	1.88%	<-12 mths	113.97%		15.90%	<-Median->	9	Change		US$
Ratio				0.16	0.15	0.18	0.25	0.39	0.41	0.46	0.52	0.55	0.49	0.50	<-12 mths	1.44%		0.40	<-Median->	10	Ratio		US$
General & Admin				$7.0	$8.0	$10.0	$12.8	$13.0	$11.7	$12.0	$8.4	$10.2	$10.6	$10.7	<-12 mths	0.83%		52.54%	<-Total Growth	9	General & Admin		US$
Change					15.02%	25.29%	27.70%	1.68%	-9.99%	2.47%	-30.13%	21.51%	4.09%	0.83%	<-12 mths	-79.73%		4.09%	<-Median->	9	Change		US$
Ratio				0.13	0.11	0.16	0.24	0.23	0.20	0.20	0.13	0.18	0.19	0.19	<-12 mths	0.39%		0.19	<-Median->	10	Ratio		US$
Total				$15.8	$19.6	$21.4	$26.3	$35.0	$36.0	$40.6	$41.5	$41.6	$37.8	$38.4	<-12 mths	1.58%		139.34%	<-Total Growth	9	Total		US$
Change					23.91%	9.29%	22.90%	33.23%	2.91%	12.58%	2.27%	0.25%	-9.13%	1.58%	<-12 mths	117.32%		9.29%	<-Median->	9	Change		US$
Ratio				0.29	0.26	0.35	0.49	0.62	0.60	0.66	0.66	0.73	0.68	0.69	<-12 mths	1.14%		0.61	<-Median->	10	Ratio		US$
														$55.741	<-12 mths	0.43%
Revenue US$*			$19.956	$54.031	$75.082	$61.415	$54.160	$56.109	$60.009	$61.467	$63.074	$56.619	$55.500	$58.00	$64.31	$77.20		178.11%	<-Total Growth	10	Revenue		US$
Increase				170.75%	38.96%	-18.20%	-11.81%	3.60%	6.95%	2.43%	2.61%	-10.23%	-1.98%	4.50%	10.88%	20.04%		10.77%	<-IRR #YR->	10	Revenue	178.11%	US$
5 year Running Average							$52.929	$60.159	$61.355	$58.632	$58.964	$59.456	$59.334	$58.932	$59.501	$62.326		-0.22%	<-IRR #YR->	5	Revenue	-1.09%	US$
Revenue per Share			$0.86	$2.14	$2.97	$2.25	$1.74	$1.76	$1.85	$1.90	$1.97	$1.78	$1.77	$1.85	$2.06	$2.47		-0.28%	<-IRR #YR->	5	5 yr Running Average	#DIV/0!	US$
Increase					38.96%	-24.25%	-22.50%	1.11%	4.88%	2.73%	3.82%	-9.71%	-0.35%	4.50%	10.88%	20.04%		-0.28%	<-IRR #YR->	5	5 yr Running Average	-1.37%	US$
5 year Running Average							$1.99	$2.17	$2.12	$1.90	$1.85	$1.85	$1.86	$1.86	$1.89	$1.99		7.55%	<-IRR #YR->	10	Revenue per Share	107.01%	US$
P/S (Price/Sales) Med			10.66	4.12	2.97	4.12	8.79	8.29	7.41	4.80	2.60	1.75	1.87	1.74	0.00	0.00		0.13%	<-IRR #YR->	5	Revenue per Share	0.65%	US$
P/S (Price/Sales) Close			9.66	3.57	2.57	5.17	10.88	7.85	6.24	3.82	1.62	1.51	1.93	1.76	1.59	1.32		-1.18%	<-IRR #YR->	6	5 yr Running Average	#DIV/0!	US$
*Revenue in M US $									P/S Med	10 yr	4.12	5 yr	2.60		-57.36%	Diff M/C		-3.11%	<-IRR #YR->	5	5 yr Running Average	-14.62%	US$
			-$20	$0	$0	$0	$0	$0	$0	$0	$0	$0	$56
								-$56	$0	$0	$0	$0	$56
								-$60	$0	$0	$0	$0	$59
								-$60	$0	$0	$0	$0	$59
			-$0.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.77
								-$1.76	$0.00	$0.00	$0.00	$0.00	$1.77
							-$1.99	$0.00	$0.00	$0.00	$0.00	$0.00	$1.86
								-$2.17	$0.00	$0.00	$0.00	$0.00	$1.86
														$76.973	<-12 mths	1.19%
Revenue CDN $			$27.634	$72.547	$94.190	$83.782	$70.343	$71.438	$76.079	$83.251	$83.422	$81.469	$76.068	$80.09	$88.81	$106.61		175.27%	<-Total Growth	10	Revenue		CDN$
Increase					29.83%	-11.05%	-16.04%	1.56%	6.50%	9.43%	0.21%	-2.34%	-6.63%	5.29%	10.88%	20.04%		10.66%	<-IRR #YR->	10	Revenue	175.27%	CDN$
5 year Running Average							$69.699	$78.460	$79.167	$76.979	$76.907	$79.132	$80.058	$80.860	$81.971	$86.608		1.26%	<-IRR #YR->	5	Revenue	6.48%	CDN$
Revenue per Share			$1.19	$2.87	$3.73	$3.07	$2.26	$2.24	$2.34	$2.57	$2.61	$2.56	$2.43	$2.56	$2.84	$3.41		0.40%	<-IRR #YR->	5	5 yr Running Average	#DIV/0!	CDN$
Increase					29.83%	-17.62%	-26.22%	-0.88%	4.43%	9.75%	1.38%	-1.77%	-5.08%	5.29%	10.88%	20.04%		0.40%	<-IRR #YR->	5	5 yr Running Average	2.04%	CDN$
5 year Running Average							$2.62	$2.84	$2.73	$2.50	$2.41	$2.47	$2.50	$2.55	$2.60	$2.76		7.44%	<-IRR #YR->	10	Revenue per Share	104.89%	CDN$
P/S (Price/Sales) Med			10.66	4.12	2.97	3.97	8.50	8.25	7.51	4.71	2.65	1.60	1.95	1.79	0.00	0.00		1.62%	<-IRR #YR->	5	Revenue per Share	8.35%	CDN$
P/S (Price/Sales) Close			9.66	3.57	2.57	4.77	11.26	8.02	6.40	3.82	1.51	1.53	1.98	1.75	1.58	2.10		-0.77%	<-IRR #YR->	6	5 yr Running Average	#DIV/0!	CDN$
*Revenue in M CDN $									P/S Med	10 yr	4.04	5 yr	2.65		-56.75%	Diff M/C		-2.45%	<-IRR #YR->	5	5 yr Running Average	-11.67%	CDN$
			-$28	$0	$0	$0	$0	$0	$0	$0	$0	$0	$76
								-$71	$0	$0	$0	$0	$76
								-$78	$0	$0	$0	$0	$80
								-$78	$0	$0	$0	$0	$80
			-$1.19	$0	$0	$0	$0	$0	$0	$0	$0	$0.00	$2.43
								-$2.24	$0	$0	$0	$0.00	$2.43
							-$2.62	$0.00	$0.00	$0.00	$0.00	$0.00	$2.50
								-$2.84	$0.00	$0.00	$0.00	$0.00	$2.50
														-$0.36	<-12 mths	7.69%
EPS Basic US$			-$0.92	-$0.60	-$0.24	-$0.92	-$0.67	-$0.48	-$0.41	-$0.73	-$0.85	-$0.62	-$0.39					57.61%	<-Total Growth	10	EPS Basic
EPS Diluted* US$			-$0.92	-$0.60	-$0.24	-$0.92	-$0.67	-$0.48	-$0.41	-$0.73	-$0.85	-$0.62	-$0.39	-$0.20	-$0.03	$0.07		57.61%	<-Total Growth	10	EPS Diluted		US$
Increase				34.78%	60.00%	-283.33%	27.17%	28.36%	14.58%	-78.05%	-16.44%	27.06%	37.10%	48.72%	85.00%	333.33%		0	10	10	Years of Data, EPS P or N
Earnings Yield				-7.9%	-3.1%	-7.9%	-3.5%	-3.5%	-3.6%	-10.1%	-26.6%	-23.0%	-11.4%	-6.1%	-0.9%	2.1%		-8.22%	<-IRR #YR->	10	Earnings per Share	35.00%	US$
5 year Running Average							-$0.67	-$0.58	-$0.54	-$0.64	-$0.63	-$0.62	-$0.60	-$0.56	-$0.42	-$0.23		3.50%	<-IRR #YR->	5	Earnings per Share	18.75%	US$
10 year Running Average												-$0.64	-$0.59	-$0.55	-$0.53	-$0.43		-1.82%	<-IRR #YR->	6	5 yr Running Average	#DIV/0!	US$
* Diluted ESP per share US$									E/P	10 Yrs	-7.89%	5Yrs	-11.37%					0.61%	<-IRR #YR->	5	5 yr Running Average	-3.09%	US$
			$0.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.39
								$0.48	$0.00	$0.00	$0.00	$0.00	-$0.39
							$0.67	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.60
								$0.58	$0.00	$0.00	$0.00	$0.00	-$0.60
														-$0.49	<-12 mths	-7.69%
EPS Basic CDN$			-$1.27	-$0.81	-$0.30	-$1.26	-$0.87	-$0.61	-$0.52	-$0.99	-$1.12	-$0.89	-$0.53					58.04%	<-Total Growth	10	EPS Basic		CDN$
EPS Diluted			-$1.27	-$0.81	-$0.30	-$1.26	-$0.87	-$0.61	-$0.52	-$0.99	-$1.12	-$0.89	-$0.53	-$0.28	-$0.04	$0.10		58.04%	<-Total Growth	10	EPS Diluted		CDN$
Increase				36.76%	62.63%	-316.85%	30.67%	29.77%	14.95%	-90.21%	-13.70%	20.64%	40.08%	48.33%	85.00%	333.33%		0	10	10	Years of Data, EPS P or N
Earnings Yield				-7.9%	-3.1%	-8.6%	-3.4%	-3.4%	-3.5%	-10.1%	-28.5%	-22.7%	-11.1%	-6.2%	-0.9%	1.4%		-8.32%	<-IRR #YR->	10	Earnings per Share	-2.83%	CDN$
5 year Running Average							-$0.90	-$0.77	-$0.71	-$0.85	-$0.82	-$0.83	-$0.81	-$0.76	-$0.57	-$0.33		-2.64%	<-IRR #YR->	5	Earnings per Share	12.53%	CDN$
10 year Running Average												-$0.86	-$0.79	-$0.74	-$0.71	-$0.58		-1.72%	<-IRR #YR->	6	5 yr Running Average	#DIV/0!	CDN$
* Diluted ESP per share									E/P	10 Yrs	-8.22%	5Yrs	-11.09%					1.10%	<-IRR #YR->	5	5 yr Running Average	-5.63%	CDN$
			$1.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.53
								$0.61	$0.00	$0.00	$0.00	$0.00	-$0.53
							$0.90	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.81
								$0.77	$0.00	$0.00	$0.00	$0.00	-$0.81
Dividends* US$														$0.00					Estimates		Dividend*
Increase														#DIV/0!					Estimates		Increase
Payout Ratio EPS														0.00%					Estimates		Payout Ratio EPS
Real Dividend is						$0.04
Special Dividend US$						$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	8	Special Dividends		US$
Dividends* US$						$0.04	$0.15	$0.16	$0.16	$0.15	$0.08	$0.00	$0.00	$0.00	$0.00	$0.00		-100.00%	<-Total Growth	7	Dividends		US$
Increase							320.14%	2.01%	0.43%	-6.39%	-48.80%	-100.00%	#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		3	3	7	Years of data, Count P, N		US$
Average Increases 5 Year Running								64.4%	64.5%	63.2%	53.5%	-30.6%	#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		#DIV/0!	<-Median->	5	Average Incr 5 Year Running		US$
Dividends 5 Yr Running								$0.12	$0.13	$0.16	$0.14	$0.11	$0.08	$0.04	$0.02	$0.00		-39.70%	<-Total Growth	5	Dividends 5 Yr Running		US$
Yield H/L Price						0.40%	1.01%	1.07%	1.15%	1.62%	1.47%	0.00%	0.00%	0.00%				1.04%	<-Median->	8	Yield H/L Price		US$
Yield on High  Price						0.30%	0.77%	0.82%	0.93%	1.23%	0.99%	0.00%	0.00%	0.00%				0.80%	<-Median->	8	Yield on High  Price		US$
Yield on Low Price						0.58%	1.43%	1.55%	1.52%	2.37%	2.91%	0.00%	0.00%	0.00%				1.47%	<-Median->	8	Yield on Low Price		US$
Yield on Close Price						0.32%	0.81%	1.14%	1.37%	2.04%	2.37%	0.00%	0.00%	0.00%	0.00%	0.00%		0.97%	<-Median->	8	Yield on Close Price		US$
Payout Ratio EPS						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->	8	DPR EPS		US$
DPR EPS 5 Yr Running											0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		0.00%	<-Median->	0	DPR EPS 5 Yr Running		US$
Payout Ratio CFPS						3.05%	18.11%	53.50%	31.16%	28.20%	15.31%	0.00%	0.00%	0.00%	#VALUE!	#DIV/0!		16.71%	<-Median->	8	DPR CF		US$
DPR CF 5 Yr Running								13.54%	16.10%	24.20%	25.95%	26.01%	16.40%	9.10%	#VALUE!	#DIV/0!		20.30%	<-Median->	6	DPR CF 5 Yr Running		US$
Payout Ratio CFPS WC						3.81%	19.24%	29.39%	27.31%	31.04%	18.26%	0.00%	0.00%	0.00%	#VALUE!	#DIV/0!		18.75%	<-Median->	8	DPR CF WC		US$
DPR CF WC 5 Yr Running								13.54%	14.75%	24.36%	24.70%	23.29%	17.02%	10.35%	#VALUE!	#DIV/0!		20.15%	<-Median->	2	DPR CF WC 5 Yr Running		US$
Mediuan 5 Yrs	10 Yr Med	10 Yr Cl	1.04%	0.97%	5 Yr Med	5 Yr Cl	1.11%	1.20%	5 Yr Med	Payout	0.00%	24.64%	23.28%					#NUM!	<-IRR #YR->	5	Dividends	-100.00%	US$
* Dividends per share US$, paid in CDN$	10 Yr Med	and Cur.	-100.00%	-100.00%	5 Yr Med	and Cur.	26.74%	17.77%	Last Div Inc --->		$0.05	5.0%	0.0%					#NUM!	<-IRR #YR->	7	Dividends	#DIV/0!	US$
							$0.00	-$0.16	$0.00	$0.00	$0.00	$0.00	$0.00
						-$0.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Historical Dividends			Historical	High Div	FALSE	Low Div	0.21%	Ave Div	0.21%	Med Div	1.04%	Close Div	0.97%								Historical Dividends		US$
High/Ave/Median Values			Curr diff	Exp.	#DIV/0!	Exp	-100.00%	Exp.	-100.00%	Exp.	-100.00%	Exp.	-100.00%								High/Ave/Median		US$
Future Dividend Yield					Div Yd	#NUM!	earning in	5	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield		US$
Future Dividend Yield					Div Yd	#NUM!	earning in	10	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield		US$
Future Dividend Yield					Div Yd	#NUM!	earning in	15	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield		US$
Future Dividend Paid					Div Paid	#NUM!	earning in	5	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Future Dividend Paid					Div Paid	#NUM!	earning in	10	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Future Dividend Paid					Div Paid	#NUM!	earning in	15	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Dividend Covering Cost					Total Div	#NUM!	over	5	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Dividend Covering Cost					Total Div	#NUM!	over	10	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Dividend Covering Cost					Total Div	#NUM!	over	15	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Dividends CDN$														$0.00					Estimates		Dividend*
Increase														#DIV/0!					Estimates		Increase
Payout Ratio EPS														0.00%					Estimates		Payout Ratio EPS
Real Dividend is						$0.05
Special Dividends CDN$, Paid in CDN$						$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	8	Special Dividends CDN$		CDN$
Dividends per Share						$0.05	$0.20	$0.20	$0.20	$0.20	$0.10	$0.00	$0.00	$0.00	$0.00	$0.00		-100.00%	<-Total Growth	7	Dividends		CDN$
Increase							300.00%	0.00%	0.00%	0.00%	-50.00%	-100.00%	#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		1	2	7	Years of data, Count P, N		CDN$
Average Increases 5 Year Running						0.0%	60.0%	60.0%	60.0%	60.0%	50.0%	-30.0%	#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		#DIV/0!	<-Median->	7	Average Incr 5 Year Running		CDN$
Dividends 5 Yr Running								$0.15	$0.16	$0.17	$0.18	$0.14	$0.10	$0.06	$0.02	$0.00		-38.46%	<-Total Growth	5	Dividends 5 Yr Running		CDN$
Yield H/L Price						0.41%	1.04%	1.08%	1.14%	1.65%	1.45%	0.00%	0.00%	0.00%				1.06%	<-Median->	8	Yield H/L Price		CDN$
Yield on High  Price						0.31%	0.78%	0.85%	0.94%	1.26%	0.97%	0.00%	0.00%	0.00%				0.82%	<-Median->	8	Yield on High  Price		CDN$
Yield on Low Price						0.62%	1.54%	1.48%	1.44%	2.38%	2.87%	0.00%	0.00%	0.00%				1.46%	<-Median->	8	Yield on Low Price		CDN$
Yield on Close Price						0.34%	0.78%	1.11%	1.33%	2.03%	2.53%	0.00%	0.00%	0.00%	0.00%	0.00%		0.95%	<-Median->	8	Yield on Close Price		CDN$
Payout Ratio EPS						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->	8	DPR EPS		CDN$
DPR EPS 5 Yr Running											0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		0.00%	<-Median->	0	DPR EPS 5 Yr Running		CDN$
Payout Ratio CFPS						3.05%	18.11%	53.50%	31.16%	28.20%	15.31%	0.00%	0.00%	0.00%	#VALUE!	#DIV/0!		16.71%	<-Median->	8	DPR CF		CDN$
DPR CF 5 Yr Running										19.03%	25.85%	25.55%	16.04%	8.94%	#VALUE!	#DIV/0!		22.29%	<-Median->	4	DPR CF 5 Yr Running		CDN$
Payout Ratio CFPS WC						3.81%	19.24%	29.39%	27.31%	31.04%	18.26%	0.00%	0.00%	0.00%	#VALUE!	#DIV/0!		18.75%	<-Median->	8	DPR CF WC		CDN$
DPR CF WC 5 Yr Running										19.27%	24.70%	22.96%	16.65%	10.15%	#VALUE!	#DIV/0!		21.12%	<-Median->	0	DPR CF WC 5 Yr Running		CDN$
Mediuan 5 Yrs	10 Yr Med	10 Yr Cl	1.06%	0.95%	5 Yr Med	5 Yr Cl	1.14%	1.33%	5 Yr Med	Payout	0.00%	15.31%	18.26%					#NUM!	<-IRR #YR->	5	Dividends	-100.00%	CDN$
Div per share (Dividends paid in CDN$.)	10 Yr Med	and Cur.	-100.00%	-100.00%	5 Yr Med	and Cur.	-100.00%	-100.00%	Last Div Inc --->		$0.05	$0.05	0.0%					#NUM!	<-IRR #YR->	7	Dividends	#DIV/0!	CDN$
								-$0.20	$0.00	$0.00	$0.00	$0.00	$0.00
						-$0.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Historical Dividends	Historical	High Div	2.48%	Low Div	0.00%	10 Yr High	2.48%	10 Yr Low	0.00%	Med Div	1.06%	Close Div	0.95%								Historical Dividends		CDN$
High/Ave/Median Values	Curr diff	Exp.	-100.00%	#DIV/0!	#DIV/0!	Exp.	-100.00%		#DIV/0!	Exp.	-100.00%	Exp.	-100.00%								High/Ave/Median		CDN$
Future Dividend Yield					Div Yd	#NUM!	earning in	5.00	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield		CDN$
Future Dividend Yield					Div Yd	#NUM!	earning in	10.00	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield		CDN$
Future Dividend Yield					Div Yd	#NUM!	earning in	15.00	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield
Future Dividend Paid					Div Paid	#NUM!	earning in	5	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Future Dividend Paid					Div Paid	#NUM!	earning in	10	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Future Dividend Paid					Div Paid	#NUM!	earning in	15	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Dividend Covering Cost					Total Div	#NUM!	over	5	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Dividend Covering Cost					Total Div	#NUM!	over	10	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Dividend Covering Cost					Total Div	#NUM!	over	15	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Yield if held 5 years								1.58%	1.69%	1.81%	0.82%	0.00%	0.00%	0.00%	0.00%	0.00%		1.20%	<-Median->	6	Paid Median Price		CDN$
Yield if held 10 years													0.00%	0.00%	0.00%	0.00%		0.00%	<-Median->	1	Paid Median Price		CDN$
Cost covered if held 5 years								3.56%	5.49%	7.69%	7.39%	3.64%	2.70%	1.70%	0.82%	0.00%		4.56%	<-Median->	6	Paid Median Price		CDN$
Cost covered if held 10 years													7.51%	8.03%	8.59%	7.39%		7.51%	<-Median->	1	Paid Median Price		CDN$
																				Yr	Item	Tot. Growth	Per Year
Revenue Growth US$								$56.1	$60.0	$61.5	$63.1	$56.6	$55.5	$56	<-12 mths	0.43%		-1.09%	<-Total Growth	5	Revenue Growth US$	-1.09%	-0.22%
EPS Growth								-$0.48	-$0.41	-$0.73	-$0.85	-$0.62	-$0.39	-$0.20	<-12 mths	48.72%		18.75%	<-Total Growth	5	EPS Growth	18.75%	3.50%
Net Income Growth								-$15.3	-$13.1	-$23.6	-$27.5	-$19.7	-$12.4	-$14	<-12 mths	-13.47%		18.92%	<-Total Growth	5	Net Income Growth	18.92%	3.53%
Cash Flow Growth								$9.3	$16.4	$16.9	$15.8	$8.0	$17.1	$20	<-12 mths	16.49%		83.33%	<-Total Growth	5	Cash Flow Growth	83.33%	12.89%
Dividend Growth								$0.20	$0.20	$0.20	$0.10	$0.00	$0.00	$0.00	<-12 mths	#DIV/0!		0.00%	<-Total Growth	5	Dividend Growth	0.00%	0.00%
Stock Price Growth								$13.84	$11.54	$7.25	$3.19	$2.69	$3.43	$3.26	<-12 mths	-4.96%		-75.22%	<-Total Growth	5	Stock Price Growth	-75.22%	-24.35%
Revenue Growth US$			$20.0	$54.0	$75.1	$61.4	$54.2	$56.1	$60.0	$61.5	$63.1	$56.6	$55.5	$58	<-this year	4.50%		178.11%	<-Total Growth	10	Revenue Growth US$	178.11%	10.77%
EPS Growth			-$0.92	-$0.60	-$0.24	-$0.92	-$0.67	-$0.48	-$0.41	-$0.73	-$0.85	-$0.62	-$0.39	-$0.20	<-this year	48.72%		57.61%	<-Total Growth	10	EPS Growth	57.61%	4.65%
Net Income Growth			-$9.6	-$14.9	-$6.1	-$24.8	-$19.6	-$15.3	-$13.1	-$23.6	-$27.5	-$19.7	-$12.4	-$6	<-this year	49.61%		-28.97%	<-Total Growth	10	Net Income Growth	-28.97%	-3.36%
Cash Flow Growth				$21.8	$27.2	$32.7	$26.4	$9.3	$16.4	$16.9	$15.8	$8.0	$17.1	$20	<-this year	16.49%		-21.27%	<-Total Growth	9	Cash Flow Growth	-21.27%	-2.62%
Dividend Growth							$0.20	$0.20	$0.20	$0.20	$0.10	$0.00	$0.00	$0.00	<-this year	#DIV/0!		-100.00%	<-Total Growth	6	Dividend Growth	-100.00%	#NUM!
Stock Price Growth			$8.28	$7.62	$7.62	$11.63	$18.98	$13.84	$11.54	$7.25	$3.19	$2.69	$3.43	$3.26	<-this year	-4.96%		-58.58%	<-Total Growth	10	Stock Price Growth	-58.58%	-8.44%
Dividends on Shares					$0.00	$4.90	$19.60	$19.60	$19.60	$19.60	$9.80	$0.00	$0.00	$0.00	$0.00	$0.00		$93.10	No of Years	9	Total Divs	12/31/16
Paid				$1,003.32	$937.42	$1,435.70	$2,499.00	$1,764.00	$1,470.00	$963.34	$387.10	$385.14	$472.36	$439.04	$439.04	$701.00		$472.36	No of Years	9	Worth	$10.24	97.68
Total																		$565.46
Assumed EPS			$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01
Graham No.			$1.61	$1.45	$1.42	$1.34	$1.29	$1.23	$1.19	$1.09	$0.93	$0.85	$0.78	$0.76				-51.70%	<-Total Growth	10	Graham Price		CDN$
Price/GP Ratio Med			7.84	8.17	7.79	9.12	14.87	15.01	14.82	11.16	7.43	4.80	6.08	6.02				8.64	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio Hi			8.58	9.27	8.84	12.17	19.69	19.07	17.98	14.59	11.10	6.07	7.34	6.41				11.64	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio Low			7.10	7.07	6.74	6.07	10.05	10.95	11.66	7.73	3.76	3.53	4.83	5.62				6.90	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio Cl			7.10	7.07	6.74	10.97	19.69	14.58	12.62	9.05	4.25	4.61	6.18	5.87				8.06	<-Median->	10	Price/GP Ratio		CDN$
Prem /Disc. Close			610.12%	606.79%	573.99%	997.37%	1869.34%	1358.26%	1161.92%	804.81%	325.24%	361.09%	518.09%	487.30%				705.80%	<-Median->	10	Graham Price		CDN$
Close CDN$ re Exchange Rate			$11.47	$10.24	$9.57	$15.87	$24.65	$17.62	$14.63	$9.82	$4.22	$3.87	$4.70	$4.50				-59.00%	<-Total Growth	10	Close CDN$ re Exchange Rate		CDN$
Difference - amount			$0.00	$0.00	$0.00	$1.22	-$0.85	-$0.38	-$0.37	-$0.01	$0.27	-$0.06	-$0.12	$0.02							Differnce
Difference - percentage			0.00%	0.00%	0.00%	-7.66%	3.44%	2.15%	2.53%	0.11%	-6.38%	1.53%	2.53%	-0.48%
TD Bank says			$12.72	$15.08	$14.59
Discount .1658			$2.11	$2.50	$2.42	They are using AM values
Change				18.48%	-3.20%
Chnge to close			10.97%	47.25%	52.56%
					$1.59
Price Close CDN$			$11.47	$10.24	$9.57	$14.65	$25.50	$18.00	$15.00	$9.83	$3.95	$3.93	$4.82	$4.48	$4.48	$7.15		-57.96%	<-Total Growth	10	Stock Price		CDN$
Increase				-10.71%	-6.57%	53.15%	74.06%	-29.41%	-16.67%	-34.47%	-59.82%	-0.51%	22.65%	-7.05%	0.00%	59.67%		-14.37	<-Median->	10	CAPE (10 Yr P/E)		CDN$
P/E			-9.00	-12.71	-31.77	-11.67	-29.30	-29.45	-28.86	-9.94	-3.51	-4.41	-9.02	-16.22	-108.14	74.00		-23.17%	<-IRR #YR->	5	Stock Price	-73.22%	CDN$
Trailing P/E				-8.04	-11.87	-48.66	-20.32	-20.68	-24.54	-18.91	-4.00	-3.50	-5.40	-8.38	-16.22	-172.67		-8.30%	<-IRR #YR->	10	Stock Price	-57.96%	CDN$
CAPE (10 Yr P/E)												-14.13	-14.61	-14.88	-14.71	-16.86		-22.46%	<-IRR #YR->	5	Price & Dividend	#DIV/0!
Median 5 yrs		D.  per yr	1.24%	0.71%	% Tot Ret	0.00%	0.00%	T P/E	-15.39	-5.40	P/E:	-12.19	-9.02					-7.06%	<-IRR #YR->	10	Price & Dividend	#DIV/0!	CDN$
												CAPE Diff	12.86%
								-$18.00	$0.00	$0.00	$0.00	$0.00	$4.82
			-$11.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.82
								-$18.00	$0.20	$0.20	$0.10	$0.00	$4.82
			-$11.47	$0.00	$0.00	$0.05	$0.20	$0.20	$0.20	$0.20	$0.10	$0.00	$4.82
Price H/L Med. CDN$			$12.66	$11.83	$11.06	$12.18	$19.26	$18.53	$17.62	$12.13	$6.90	$4.09	$4.75	$4.59				-62.51%	<-Total Growth	10	Stock Price		CDN$
Increase				-6.51%	-6.57%	10.13%	58.15%	-3.77%	-4.94%	-31.17%	-43.09%	-40.72%	16.01%	-3.27%				-9.34%	<-IRR #YR->	10	Stock Price	-62.51%	CDN$
P/E			-9.93	-14.69	-36.72	-9.70	-22.13	-30.32	-33.89	-12.26	-6.14	-4.58	-8.88	-16.62				-23.85%	<-IRR #YR->	5	Stock Price	-74.39%	CDN$
Trailing P/E				-9.29	-13.72	-40.44	-15.34	-21.29	-28.82	-23.33	-6.98	-3.64	-5.32	-8.59				-9.34%	<-IRR #YR->	10	Price & Dividend		CDN$
P/E on Running 5 yr Average								-24.11	-24.76	-14.28	-8.39	-4.94	-5.84	-6.01				-23.63%	<-IRR #YR->	5	Price & Dividend		CDN$
P/E on Running 10 yr Average														-6.23				-12.26	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs		D.  per yr	0.00%	0.22%	% Tot Ret	0.00%	-0.92%	T P/E	-14.53	-6.98	P/E:	-13.48	-8.88						Count	11	Years of data
			-$12.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.75
								-$18.53	$0.00	$0.00	$0.00	$0.00	$4.75
			-$12.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.75
								-$18.53	$0.20	$0.00	$0.00	$0.00	$4.75
High Month			Aug			Nov	Dec	Jan	Mar	Mar	Jan	Apr	Sep	Jan
Price High CDN$			$13.85	$13.43	$12.55	$16.25	$25.50	$23.54	$21.37	$15.85	$10.31	$5.17	$5.72	$4.89				-58.69%	<-Total Growth	10	Stock Price		CDN$
Increase				-3.04%	-6.57%	29.53%	56.92%	-7.69%	-9.22%	-25.83%	-34.95%	-49.85%	10.64%	-14.51%				-8.46%	<-IRR #YR->	10	Stock Price	-58.69%	CDN$
P/E			-10.87	-16.67	-41.67	-12.95	-29.30	-38.52	-41.11	-16.03	-9.17	-5.80	-10.70	-17.71				-24.64%	<-IRR #YR->	5	Stock Price	-75.70%	CDN$
Trailing P/E				-10.54	-15.57	-53.97	-20.32	-27.05	-34.97	-30.49	-10.43	-4.60	-6.41	-9.15				-16.03	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs								T P/E	-17.94	-10.43	P/E:	-16.35	-10.70					-10.80	P/E Ratio		Historical High		CDN$
			-$13.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.72
								-$23.54	$0.00	$0.00	$0.00	$0.00	$5.72
Low Month			Jan	Oct	Sep	Sep	Jan	Sep	Dec	Dec	Dec	Aug	Jan	Mar
Price Low CDN$			$11.47	$10.24	$9.57	$8.10	$13.01	$13.52	$13.86	$8.40	$3.49	$3.01	$3.77	$4.29				-67.12%	<-Total Growth	10	Stock Price		CDN$
Increase				-10.71%	-6.57%	-15.32%	60.62%	3.92%	2.51%	-39.39%	-58.45%	-13.75%	25.25%	13.79%				-10.53%	<-IRR #YR->	10	Stock Price	-67.12%	CDN$
P/E			-9.00	-12.71	-31.77	-6.45	-14.95	-22.12	-26.66	-8.50	-3.10	-3.37	-7.05	-15.53				-22.54%	<-IRR #YR->	5	Stock Price	-72.12%	CDN$
Trailing P/E				-8.04	-11.87	-26.90	-10.37	-15.54	-22.68	-16.16	-3.53	-2.68	-4.23	-8.03				-9.00	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs								T P/E	-11.12	-4.23	P/E:	-10.60	-7.05					-17.82	P/E Ratio		Historical Low		CDN$
			-$11.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.77
								-$13.52	$0.00	$0.00	$0.00	$0.00	$3.77
Price Close CDN$ - US$			$8.28	$7.62	$7.62	$10.74	$19.63	$14.14	$11.83	$7.26	$2.99	$2.73	$3.52	$3.24	$3.24	$5.18		-57.53%	<-Total Growth	10
Difference				0.00%	0.00%	-7.66%	3.44%	2.15%	2.53%	0.11%	-6.38%	1.53%	2.53%	-0.48%	-0.48%	58.90%
Price Close US$			$8.28	$7.62	$7.62	$11.63	$18.98	$13.84	$11.54	$7.25	$3.19	$2.69	$3.43	$3.26	$3.26	$3.26		-58.58%	<-Total Growth	10	Stock Price		US$
Increase				-7.91%	0.00%	52.53%	63.20%	-27.08%	-16.62%	-37.18%	-56.00%	-15.67%	27.51%	-4.96%	0.00%	0.00%		-14.62	<-Median->	10	CAPE (10 Yr P/E)
P/E			-9.00	-12.71	-31.77	-12.64	-28.33	-28.83	-28.15	-9.93	-3.75	-4.34	-8.79	-16.30	-108.67	46.57		-24.35%	<-IRR #YR->	5	Stock Price	-75.22%	US$
Trailing P/E				-8.29	-12.71	-48.46	-20.63	-20.66	-24.04	-17.68	-4.37	-3.16	-5.53	-8.36	-16.30	-108.67		-8.49%	<-IRR #YR->	9	Stock Price	-58.58%	US$
CAPE (10 Yr P/E)												-14.39	-14.86	-15.14	-14.92	-16.40		-23.64%	<-IRR #YR->	5	Price & Dividend	-75.07%	US$
Median 10, 5 Yrs		D.  per yr	1.48%	0.71%	% Tot Ret	0.00%	0.00%	T P/E	-15.20	-5.53	P/E:	-12.67	-8.79					-7.01%	<-IRR #YR->	9	Price & Dividend	-57.73%	US$
								-$13.84	$0.00	$0.00	$0.00	$0.00	$3.43
				-$7.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.43
								-$13.84	$0.16	$0.15	$0.08	$0.00	$3.43
				-$7.62	$0.00	$0.04	$0.15	$0.16	$0.16	$0.15	$0.08	$0.00	$3.43
Price H/L Med. US$			$9.14	$8.81	$8.81	$9.28	$15.32	$14.63	$13.70	$9.12	$5.14	$3.11	$3.31	$3.22				-63.79%	<-Total Growth	10	Stock Price		US$
Increase				-3.58%	0.00%	5.25%	65.18%	-4.54%	-6.36%	-33.42%	-43.68%	-39.44%	6.43%	-2.72%				-9.66%	<-IRR #YR->	10	Stock Price	-63.79%	US$
P/E			-9.93	-14.69	-36.72	-10.08	-22.87	-30.47	-33.40	-12.49	-6.04	-5.02	-8.49	-16.10				-25.71%	<-IRR #YR->	5	Stock Price	-77.37%	US$
Trailing P/E				-9.58	-14.69	-38.65	-16.65	-21.83	-28.53	-22.24	-7.03	-3.66	-5.34	-8.26				-8.38%	<-IRR #YR->	10	Price & Dividend		US$
P/E on Running 5 yr Average								-25.13	-25.17	-14.20	-8.18	-5.03	-5.52	-5.77				-25.03%	<-IRR #YR->	5	Price & Dividend		US$
P/E on Running 10 yr Average												-4.83	-5.60	-5.84				-12.49	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	1.28%	0.68%	% Tot Ret	-15.30%	-2.72%	T P/E	-15.67	-7.03	P/E:	-13.59	-8.49
			-$9.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.31
								-$14.63	$0.00	$0.00	$0.00	$0.00	$3.31
			-$9.14	$0.00	$0.00	$0.04	$0.15	$0.16	$0.16	$0.15	$0.08	$0.00	$3.31
								-$14.63	$0.16	$0.15	$0.08	$0.00	$3.31
High Month						Nov	Dec	Jan	Apr	Feb	Jan	Apr	Oct	Apr
Price High US$			$10.00	$10.00	$10.00	$12.21	$19.89	$19.10	$16.99	$12.00	$7.67	$4.00	$4.02	$3.44				-59.80%	<-Total Growth	10	Stock Price		US$
Increase				0.00%	0.00%	22.10%	62.90%	-3.97%	-11.05%	-29.37%	-36.08%	-47.85%	0.50%	-14.43%				-8.71%	<-IRR #YR->	10	Stock Price	-59.80%	US$
P/E			-10.87	-16.67	-41.67	-13.27	-29.69	-39.79	-41.44	-16.44	-9.02	-6.45	-10.31	-17.20				-26.78%	<-IRR #YR->	5	Stock Price	-78.95%	US$
Trailing P/E				-10.87	-16.67	-50.88	-21.62	-28.51	-35.40	-29.27	-10.51	-4.71	-6.48	-8.82				-16.44	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs								T P/E	-19.14	-10.51	P/E:	-16.55	-10.31					-10.64	P/E Ratio		Historical High		US$
			-$10.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.02
								-$19.10	$0.00	$0.00	$0.00	$0.00	$4.02
Low Month							Feb	Sep	Dec	Nov	Nov	Aug	Jan	Mar
Price Low US$			$8.28	$7.62	$7.62	$6.34	$10.75	$10.15	$10.40	$6.24	$2.60	$2.22	$2.60	$3.00				-68.60%	<-Total Growth	10	Stock Price		US$
Increase				-7.91%	0.00%	-16.85%	69.56%	-5.58%	2.46%	-40.05%	-58.30%	-14.62%	17.12%	15.38%				-10.94%	<-IRR #YR->	10	Stock Price	-68.60%	US$
P/E			-9.00	-12.71	-31.77	-6.89	-16.04	-21.15	-25.37	-8.54	-3.06	-3.58	-6.67	-15.00				-23.84%	<-IRR #YR->	5	Stock Price	-74.38%	US$
Trailing P/E				-8.29	-12.71	-26.42	-11.68	-15.15	-21.67	-15.21	-3.56	-2.61	-4.19	-7.69				-9.00	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs								T P/E	-12.20	-4.19	P/E:	-10.62	-6.67					-18.09	P/E Ratio		Historical Low		US$
			-$8.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.60
								-$10.15	$0.00	$0.00	$0.00	$0.00	$2.60
Free Cash Flow  Mk Sc US$								$9.31	$12.56	$16.90	$15.75	$7.99	$16.92	$10.50							Free Cash Flow  Mk Sc US$		US$
Change									34.94%	34.55%	-6.80%	-49.28%	111.82%	-37.94%
Free Cash Flow WSJ CDN$				$28.41	$35.03	$27.47	$33.45	$12.48	$20.54	$22.00	$19.42	$9.31	$22.0					-22.57%	<-Total Growth	9	Free Cash Flow WSJ CDN$		CDN$
Change					23.32%	-21.57%	21.76%	-62.68%	64.51%	7.10%	-11.72%	-52.05%	136.22%					7.10%	<-Median->	9	Change		CDN$
Free Cash Flow WSJ US$ Calc				$21.16	$27.92	$20.14	$25.75	$9.81	$16.20	$16.24	$14.68	$6.47	$16.05					-24.14%	<-Total Growth	9	Free Cash Flow WSJ US$ Calc		US$
Change					31.99%	-27.88%	27.89%	-61.93%	65.21%	0.25%	-9.60%	-55.93%	147.99%					0.25%	<-Median->	9	Change		US$
Free Cash Flow MS Old			-$2.94	$21.48	$26.43	$31.97	$23.85	-$35.33	$11.92	$6.79	$15.60
Change
Free Cash Flow MS			-$9.30	$0.06	$35.43	$25.51	$22.30	-$27.67	$14.94	$5.25	$10.56	$6.85	$10.69	$10.5				214.95%	<-Total Growth	10	Free Cash Flow		US$
Change				100.65%	58950.00%	-28.00%	-12.58%	-224.08%	153.99%	-64.86%	101.14%	-35.13%	56.06%	-1.78%				#NUM!	<-IRR #YR->	5	Free Cash Flow MS	138.63%	US$
FCF/CF from Op Ratio				0.00	1.30	0.78	0.84	-2.96	0.91	0.31	0.67	0.86	0.62	0.53				#NUM!	<-IRR #YR->	10	Free Cash Flow MS	214.95%	US$
Dividends paid						$1.05	$4.33	$4.75	$5.12	$4.96	$2.40	$0.00	$0.00	$0.00				-100.00%	<-Total Growth	7	Dividends paid		US$
Percentage paid			0.00%	0.00%	0.00%	4.10%	19.43%	-17.16%	34.28%	94.51%	22.71%	0.00%	0.00%	0.00%				$0.02	<-Median->	10	Percentage paid		US$
5 Year Coverage							7.27%	18.21%	21.63%	50.12%	84.96%	173.52%	25.85%	16.78%							5 Year Coverage		US$
Dividend Coverage Ratio			0.00	0.00	0.00	24.36	5.15	-5.83	2.92	1.06	4.40	0.00	0.00	0.00				0.53	<-Median->	10	Dividend Coverage Ratio		US$
5 Year of Coverage							13.76	5.49	4.62	2.00	1.18	0.58	3.87	5.96							5 Year of Coverage		US$
								$28	$0	$0	$0	$0	$11
			$9	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11
Market Cap US$			$192.743	$192.743	$192.743	$317.444	$589.502	$440.422	$374.487	$234.578	$102.016	$85.523	$107.269	$101.952	$101.952	$101.952		-44.35%	<-Total Growth	10	Market Cap		US$
Market Cap CDN$			$266.900	$258.796	$241.796	$399.876	$792.008	$572.803	$486.768	$318.056	$126.321	$124.947	$150.739	$140.106	$140.106	$223.703		-43.52%	<-Total Growth	10	Market Cap		CDN$
Diluted # of Shares in Million			23.278	24.775	25.278	26.953	29.308	31.714	32.184	32.433	32.263	31.839	31.839	31.274				36.78%	<-Total Growth	10	Diluted
Change				6.43%	2.03%	6.62%	8.74%	8.21%	1.48%	0.77%	-0.52%	-1.31%	0.00%	-1.78%				1.76%	<-Median->	10	Change
Difference Diluted/Basic			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	Difference Diluted/Basic
Basic # of Shares in Millions			23.278	24.775	25.278	26.953	29.308	31.714	32.184	32.433	32.263	31.839	31.839	31.274				36.78%	<-Total Growth	10	Basic
Change				6.43%	2.03%	6.62%	8.74%	8.21%	1.48%	0.77%	-0.52%	-1.31%	0.00%	-1.78%				1.76%	<-Median->	10	Change
Difference Basic/Outstanding			0.00%	2.03%	0.00%	1.27%	5.97%	0.34%	0.83%	-0.24%	-0.88%	-0.15%	-1.78%	0.00%				0.17%	<-Median->	10	Difference Basic/Outstanding
														$19.954	<-12 mths	16.49%
# of Shares in Millions			23.278	25.278	25.278	27.295	31.059	31.822	32.451	32.356	31.980	31.793	31.274	31.274	31.274	31.274		-0.35%	<-IRR #YR->	5	Shares	34.35%
Change				8.59%	0.00%	7.98%	13.79%	2.46%	1.98%	-0.29%	-1.16%	-0.58%	-1.63%	0.00%	0.00%	0.00%		-0.35%	<-IRR #YR->	5	Shares	-1.72%
CF fr Op $M US$				$21.758	$27.166	$32.747	$26.408	$9.344	$16.429	$16.942	$15.789	$8.003	$17.130	$19.954	<-12 mths			-21.27%	<-Total Growth	9	Cash Flow		US$
Increase					24.86%	20.54%	-19.36%	-64.62%	75.82%	3.12%	-6.81%	-49.31%	114.04%	16.49%	<-12 mths			SO	Buy Back, DRIP		S Iss
5 year Running Average								$23	$22	$20	$17	$13	$15	$16	<-12 mths			-36.73%	<-Total Growth	5	CF 5 Yr Running		US$
CFPS US$				$0.86	$1.07	$1.20	$0.85	$0.29	$0.51	$0.52	$0.49	$0.25	$0.55	$0.64	<-12 mths			-36.36%	<-Total Growth	9	Cash Flow per Share		US$
Increase					24.86%	11.64%	-29.13%	-65.47%	72.42%	3.43%	-5.71%	-49.01%	117.60%	16.49%	<-12 mths			-2.62%	<-IRR #YR->	9	Cash Flow	#DIV/0!	US$
5 year Running Average								$0.86	$0.78	$0.67	$0.53	$0.41	$0.46	$0.49	<-12 mths			12.89%	<-IRR #YR->	5	Cash Flow	83.33%	US$
P/CF on Med Price				10.24	8.20	7.73	18.02	49.81	27.05	17.41	10.40	12.35	6.04	5.05	<-12 mths			-4.90%	<-IRR #YR->	9	Cash Flow per Share	#DIV/0!	US$
P/CF on Closing Price				8.86	7.10	9.69	22.32	47.13	22.79	13.85	6.46	10.69	6.26	5.11	<-12 mths			13.28%	<-IRR #YR->	5	Cash Flow per Share	86.54%	US$
															-55.09%	Diff M/C		-11.50%	<-IRR #YR->	5	CFPS 5 yr Running	#DIV/0!	US$
														$15.52	<-12 mths	7.12%
Excl.Working Capital CF				-$7.265	$8.443	-$6.455	-$1.549	$7.665	$2.313	-$1.547	-$2.547	$1.802	-$2.645	$15.516	<-12 mths			-11.50%	<-IRR #YR->	5	CFPS 5 yr Running	-45.71%	US$
CF fr Op $M WC US$				$14.493	$35.609	$26.292	$24.859	$17.009	$18.742	$15.395	$13.242	$9.805	$14.485	$15.516	<-12 mths			-0.06%	<-Total Growth	9	Cash Flow less WC		US$
Increase					145.70%	-26.16%	-5.45%	-31.58%	10.19%	-17.86%	-13.99%	-25.96%	47.73%	7.12%	<-12 mths			-0.01%	<-IRR #YR->	9	Cash Flow less WC	#DIV/0!	US$
5 year Running Average								$24	$25	$20	$18	$15	$14	$14	<-12 mths			-3.16%	<-IRR #YR->	5	Cash Flow less WC	-14.84%	US$
CFPS Excl. WC US$				$0.57	$1.41	$0.96	$0.80	$0.53	$0.58	$0.48	$0.41	$0.31	$0.46	$0.50	<-12 mths			-9.53%	<-IRR #YR->	5	CF less WC 5 Yr Run	#DIV/0!	US$
Increase					145.70%	-31.62%	-16.91%	-33.22%	8.05%	-17.62%	-12.97%	-25.52%	50.18%	7.12%	<-12 mths			-9.53%	<-IRR #YR->	5	CF less WC 5 Yr Run	-39.40%	US$
5 year Running Average								$0.86	$0.86	$0.67	$0.56	$0.46	$0.45	$0.43	<-12 mths			-2.34%	<-IRR #YR->	9	CFPS - Less WC	#DIV/0!	US$
P/CF on Med Price				15.37	6.26	9.63	19.14	27.36	23.71	19.16	12.40	10.08	7.15	6.49	<-12 mths			-2.82%	<-IRR #YR->	5	CFPS - Less WC	-13.34%	US$
P/CF on Closing Price				13.30	5.41	12.07	23.71	25.89	19.98	15.24	7.70	8.72	7.41	6.57	<-12 mths			-12.15%	<-IRR #YR->	5	CFPS 5 yr Running	#DIV/0!	US$
			CF/-WC	P/CF Med	10 yr	11.38	5 yr	12.35	P/CF Med	10 yr	13.89	5 yr	12.40		-52.68%	Diff M/C		-12.15%	<-IRR #YR->	5	CFPS 5 yr Running	-47.69%	US$
														$0.000	<-12 mths	-100.00%
CF fr Op $M CDN$				$29.214	$34.080	$44.673	$34.299	$11.897	$20.829	$22.946	$20.883	$11.516	$23.478	$27.554	<-12 mths			-19.63%	<-Total Growth	9	Cash Flow		CDN$
Increase					16.65%	31.09%	-23.22%	-65.31%	75.08%	10.17%	-8.99%	-44.86%	103.88%	17.36%	<-12 mths			SO	Buy Back, DRIP		S Iss
5 year Running Average								$31	$29	$27	$22	$18	$20	$21	<-12 mths			-31.64%	<-Total Growth	5	CF 5 Yr Running		CDN$
CFPS CDN$				$1.16	$1.35	$1.64	$1.10	$0.37	$0.64	$0.71	$0.65	$0.36	$0.75	$0.88	<-12 mths			-35.04%	<-Total Growth	9	Cash Flow per Share		CDN$
Increase					16.65%	21.40%	-32.53%	-66.15%	71.69%	10.49%	-7.92%	-44.53%	107.27%	17.36%	<-12 mths			-2.40%	<-IRR #YR->	9	Cash Flow	#DIV/0!	CDN$
5 year Running Average								$1.12	$1.02	$0.89	$0.70	$0.55	$0.62	$0.67	<-12 mths			14.56%	<-IRR #YR->	5	Cash Flow	97.35%	CDN$
P/CF on Med Price				10.24	8.20	7.44	17.44	49.57	27.44	17.10	10.57	11.29	6.32	5.21	<-12 mths			-4.68%	<-IRR #YR->	9	Cash Flow per Share	#DIV/0!	CDN$
P/CF on Closing Price				8.86	7.10	8.95	23.09	48.15	23.37	13.86	6.05	10.85	6.42	5.08	<-12 mths			14.96%	<-IRR #YR->	5	Cash Flow per Share	100.81%	CDN$
															-53.48%	Diff M/C		-11.12%	<-IRR #YR->	5	CFPS 5 yr Running	#DIV/0!	CDN$
														$21.43	<-12 mths	7.92%
Excl.Working Capital CF				-$9.755	$10.592	-$8.806	-$2.012	$9.759	$2.932	-$2.095	-$3.369	$2.593	-$3.625	$21.426	<-12 mths			-11.12%	<-IRR #YR->	5	CFPS 5 yr Running	-44.53%	CDN$
CF fr Op $M WC CDN$				$19.460	$44.671	$35.868	$32.287	$21.656	$23.761	$20.851	$17.514	$14.108	$19.853	$21.426	<-12 mths			2.02%	<-Total Growth	9	Cash Flow less WC		CDN$
Increase					129.56%	-19.71%	-9.98%	-32.93%	9.72%	-12.25%	-16.00%	-19.44%	40.72%	7.92%	<-12 mths			0.22%	<-IRR #YR->	9	Cash Flow less WC	#DIV/0!	CDN$
5 year Running Average								$31	$32	$27	$23	$20	$19	$19	<-12 mths			-1.72%	<-IRR #YR->	5	Cash Flow less WC	-8.32%	CDN$
CFPS Excl. WC CDN$				$0.77	$1.77	$1.31	$1.04	$0.68	$0.73	$0.64	$0.55	$0.44	$0.63	$0.69	<-12 mths			-9.00%	<-IRR #YR->	5	CF less WC 5 Yr Run	#DIV/0!	CDN$
Increase					129.56%	-25.64%	-20.89%	-34.54%	7.60%	-11.99%	-15.02%	-18.97%	43.06%	7.92%	<-12 mths			-9.00%	<-IRR #YR->	5	CF less WC 5 Yr Run	-37.58%	CDN$
5 year Running Average								$1.11	$1.11	$0.88	$0.73	$0.61	$0.60	$0.59	<-12 mths			-2.12%	<-IRR #YR->	9	CFPS - Less WC	#DIV/0!	CDN$
P/CF on Med Price				15.37	6.26	9.27	18.52	27.23	24.06	18.82	12.60	9.22	7.47	6.70	<-12 mths			-1.38%	<-IRR #YR->	5	CFPS - Less WC	-6.72%	CDN$
P/CF on Closing Price				13.30	5.41	11.15	24.53	26.45	20.49	15.25	7.21	8.86	7.59	6.54	<-12 mths			-11.63%	<-IRR #YR->	5	5 yr Running	#DIV/0!	CDN$
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	10.93	5 yr	11.29	P/CF Med	10 yr	13.98	5 yr	12.60		-53.24%	Diff M/C		-11.63%	<-IRR #YR->	5	5 yr Running	-46.10%	CDN$
G&M used Changed in WC and other items.
								-31.8	0.0	0.0	0.0	0.0	31.3								Shares
								-31.8	0.0	0.0	0.0	0.0	31.3								Shares
				-$22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17								Cash Flow		US$
								-$9	$0.00	$0.00	$0.00	$0.00	$17								Cash Flow		US$
				-$0.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.55								Cash Flow per Share		US$
								-$0.29	$0.00	$0.00	$0.00	$0.00	$0.55								Cash Flow per Share		US$
								-$0.86	$0.00	$0.00	$0.00	$0.00	$0.46								CFPS 5 yr Running		US$
								-$0.86	$0.00	$0.00	$0.00	$0.00	$0.46								CFPS 5 yr Running		US$
				-$14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14								Cash Flow less WC		US$
								-$17	$0.00	$0.00	$0.00	$0.00	$14								Cash Flow less WC		US$
								-$24	$0	$0	$0	$0	$14								CF less WC 5 Yr Run		US$
								-$24	$0	$0	$0	$0	$14								CF less WC 5 Yr Run		US$
				-$0.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.46								CFPS - Less WC		US$
								-$0.53	$0.00	$0.00	$0.00	$0.00	$0.46								CFPS - Less WC		US$
								-$0.86	$0.00	$0.00	$0.00	$0.00	$0.45								CFPS 5 yr Running		US$
								-$0.86	$0.00	$0.00	$0.00	$0.00	$0.45								CFPS 5 yr Running		US$
				-$29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23								Cash Flow		CDN$
								-$12	$0.00	$0.00	$0.00	$0.00	$23								Cash Flow		CDN$
				-$1.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.75								Cash Flow per Share		CDN$
								-$0.37	$0.00	$0.00	$0.00	$0.00	$0.75								Cash Flow per Share		CDN$
								-$1.12	$0.00	$0.00	$0.00	$0.00	$0.62								CFPS 5 yr Running		CDN$
								-$1.12	$0.00	$0.00	$0.00	$0.00	$0.62								CFPS 5 yr Running		CDN$
				-$19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20								Cash Flow less WC		CDN$
								-$22	$0.00	$0.00	$0.00	$0.00	$20								Cash Flow less WC		CDN$
								-$31	$0	$0	$0	$0	$19								CF less WC 5 Yr Run		CDN$
								-$31	$0	$0	$0	$0	$19								CF less WC 5 Yr Run		CDN$
				-$0.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.63								CFPS - Less WC		CDN$
								-$0.68	$0.00	$0.00	$0.00	$0.00	$0.63								CFPS - Less WC		CDN$
								-$1.11	$0.00	$0.00	$0.00	$0.00	$0.60								CFPS 5 yr Running		CDN$
								-$1.11	$0.00	$0.00	$0.00	$0.00	$0.60								CFPS 5 yr Running		CDN$
Net Chge in n-c Working Capital
Accts Rec				-$2.463	-$10.981	$7.288	$6.060	$1.520	$1.044	-$0.071	$0.629	$2.355	-$0.070
Inventories				-$1.088	-$0.142	-$0.236	-$0.501	-$8.077	$1.768	-$0.622	-$0.661	-$0.189	$1.278
Income Taxes Recoverable										-$0.195	$0.109	$0.015	$0.071
Pre-paid Expenses				-$0.571	-$0.677	$0.624	-$0.854	-$0.281	$0.013
Other current Assets										-$0.169	$0.199	$0.444	$0.265
Other Non-current Assets										$0.000
Accts Pay & Accrued Liab				$7.045	$3.051	-$0.318	-$2.031	-$0.070	-$3.646	$3.239	$1.990	-$4.298	$0.843
Provisions				$4.506	-$0.258	-$0.402	-$1.103	-$0.955	-$1.044	-$0.538
Income Taxes Payable				$0.140	$0.564	-$0.501	-$0.022	$0.198	-$0.448	-$0.097	$0.281	-$0.129	$0.258
Other				-$0.304
Sum				$7.265	-$8.443	$6.455	$1.549	-$7.665	-$2.313	$1.547	$2.547	-$1.802	$2.645
Change in WC Morningstar ->TD					-$8	$6	$2	-$8	-$2	$2	$3	-$2	$3
Diff					$0	$0	$0	$0	$0	$0	$0	$0	$0
TD					-$8
Difference					$0			-$10.281	-$3.788	$2.014	$6.798	$1.563
WSJ
OPM				40.27%	36.18%	53.32%	48.76%	16.65%	27.38%	27.56%	25.03%	14.13%	30.86%	34.40%				-23.35%	<-Total Growth	9	OPM		CDN$
Increase					-10.15%	47.37%	-8.56%	-65.85%	64.40%	0.68%	-9.18%	-43.53%	118.36%	11.46%					Should increase		or be stable.		CDN$
Diff from Median				37.8%	23.9%	82.5%	66.9%	-43.0%	-6.3%	-5.7%	-14.3%	-51.6%	5.7%	17.8%				0.00	<-Median->	10	OPM		CDN$
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	29.21%	5 Yrs	27.38%					should be	zero, it is a		check on calculations		CDN$
														$19.263	<-12 mths	-1.82%
Adjusted EBITDA				$38.536	$55.881	$41.096	$31.643	$24.139	$26.334	$23.827	$21.052	$16.648	$19.620	$19.340	$23.450	$32.650		-49.09%	<-Total Growth	9	Adjusted EBITDA		US$
Change					45.01%	-26.46%	-23.00%	-23.71%	9.09%	-9.52%	-11.65%	-20.92%	17.85%	-1.43%	21.25%	39.23%		-11.65%	<-Median->	9	Change		US$
Margin				71.32%	74.43%	66.92%	58.43%	43.02%	43.88%	38.76%	33.38%	29.40%	35.35%	33.34%	36.46%	42.29%		43.45%	<-Median->	10	Margin		US$
														-$4.130	<-12 mths	-0.58%
EBIT									-$6.28	-$13.50	-$10.35	-$7.69	-$4.11	-$4.20	$1.50	$7.00			<-Total Growth	4	EBIT
Change										-114.83%	23.33%	25.74%	46.58%	-2.29%	135.71%	366.67%		24.54%	<-Median->	4	Change
Margin									-10.47%	-21.96%	-16.41%	-13.57%	-7.40%	-7.24%	2.33%	9.07%		-13.57%	<-Median->	5	Margin
Long Term Debt US$			$166.499	$173.265	$158.114	$104.459	$91.822	$99.015	$86.844	$84.578	$82.045	$60.740	$46.678	$40.837				-71.96%	<-Total Growth	10	Debt		US$
Change				4.06%	-8.74%	-33.93%	-12.10%	7.83%	-12.29%	-2.61%	-2.99%	-25.97%	-23.15%	-12.51%				-10.42%	<-Median->	10	Change		US$
Debt/Market Cap Ratio			0.86	0.90	0.82	0.33	0.16	0.22	0.23	0.36	0.80	0.71	0.44	0.40				0.40	<-Median->	10	Debt/Market Cap Ratio		US$
Assets/Current Liabilities Ratio			17.40	14.48	11.12	8.01	6.78	8.53	9.97	7.75	7.83	7.09	5.27	4.55				7.92	<-Median->	10	Assets/Current Liabilities Ratio		US$
Debt to Cash Flow (Years)				7.96	5.82	3.19	3.48	10.60	5.29	4.99	5.20	7.59	2.72	2.05				5.24	<-Median->	10	Debt to Cash Flow (Years)		US$
Intangibles US$			$306.014	$327.983	$312.659	$271.153	$252.050	$253.404	$229.181	$195.018	$162.344	$122.122	$105.626	$99.633				-65.48%	<-Total Growth	10	Intangibles		US$
Goodwill			$8.299	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000				0.00%	<-Total Growth	10	Goodwill		US$
Total			$314.313	$327.983	$312.659	$271.153	$252.050	$253.404	$229.181	$195.018	$162.344	$122.122	$105.626	$99.633				-66.39%	<-Total Growth	10	Total		US$
Change				4.35%	-4.67%	-13.28%	-7.05%	0.54%	-9.56%	-14.91%	-16.75%	-24.78%	-13.51%	-5.67%				-11.42%	<-Median->	10	Change		US$
Intangible/Market Cap Ratio			1.63	1.70	1.62	0.85	0.43	0.58	0.61	0.83	1.59	1.43	0.98	0.98				0.92	<-Median->	10	Intangible/Market Cap Ratio
Current Assets US$			$57.112	$54.072	$65.036	$31.618	$63.100	$45.911	$43.751	$44.374	$44.095	$35.400	$29.094	$28.948				-49.06%	<-Total Growth	10	Current Assets		US$
Current Liabilities			$22.035	$26.568	$34.602	$38.268	$47.139	$35.642	$27.672	$31.190	$26.688	$22.545	$26.121	$28.822				18.54%	<-Total Growth	10	Current Liabilities		US$
Liquidity			2.59	2.04	1.88	0.83	1.34	1.29	1.58	1.42	1.65	1.57	1.11	1.00				1.50	<-Median->	10	Ratio		US$
Liq. with CF aft div			2.59	2.85	2.66	1.66	1.80	1.41	1.99	1.81	2.15	1.93	1.77	1.70				1.93	<-Median->	5	Ratio		US$
Liq. CF re  Inv+Div			2.59	1.64	2.04	1.30	1.36	0.63	1.71	1.37	2.14	1.93	1.66	1.70				1.71	<-Median->	5	Ratio		US$
Assets US$			$383.308	$384.628	$384.646	$306.425	$319.671	$303.906	$275.905	$241.652	$209.060	$159.904	$137.529	$131.087				-64.12%	<-Total Growth	10	Assets		US$
Liabilities			$188.534	$209.064	$204.264	$147.936	$141.472	$134.657	$115.169	$116.334	$116.334	$88.563	$75.859	$72.517				-59.76%	<-Total Growth	10	Liabilities		US$
Debt Ratio			2.03	1.84	1.88	2.07	2.26	2.26	2.40	2.08	1.80	1.81	1.81	1.81				1.98	<-Median->	10	Ratio	Same in US$	US$
Check			$194.774	$175.564	$180.382	$158.489	$178.199	$169.249	$160.736	$125.318	$92.726	$71.341	$61.670	$58.570									US$
Estimates BVPS														$1.84	$1.90				Estimates		Estimates BVPS
Estimate Book Value														$57.5	$59.4				Estimates		Estimate Book Value
P/B Ratio (Close)														1.77	1.72				Estimates		P/B Ratio (Close)
Difference from 10 year median															2.72%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value US$			$194.774	$175.564	$180.382	$158.489	$178.199	$169.249	$160.736	$125.318	$92.726	$71.341	$61.670	$58.570	$58.570	$58.570		-68.34%	<-Total Growth	10	Book Value		US$
Preference Shares  US$			$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000		0.00%	<-Total Growth	10	Preference Shares		US$
Net Book Value US$			$194.774	$175.564	$180.382	$158.489	$178.199	$169.249	$160.736	$125.318	$92.726	$71.341	$61.670	$58.570	$58.570	$58.570		-68.34%	<-Total Growth	10	Book Value		US$
Book Value per Share			$8.37	$6.95	$7.14	$5.81	$5.74	$5.32	$4.95	$3.87	$2.90	$2.24	$1.97	$1.87	$1.87	$1.87		-76.43%	<-Total Growth	10	Book Value per Share		US$
Change				-16.99%	2.74%	-18.63%	-1.19%	-7.30%	-6.87%	-21.80%	-25.14%	-22.61%	-12.12%	-5.03%	0.00%	0.00%		3.70%	P/B Ratio		Current/Historical Median		US$
P/B Ratio (Median)			1.09	1.27	1.23	1.60	2.67	2.75	2.76	2.35	1.77	1.39	1.68	1.72				1.68	P/B Ratio		Historical Median		US$
P/B Ratio (Close)			0.99	1.10	1.07	2.00	3.31	2.60	2.33	1.87	1.10	1.20	1.74	1.74	1.74	1.74		-13.46%	<-IRR #YR->	10	Book Value per Share	-76.43%	US$
Change				10.94%	-2.67%	87.45%	65.16%	-21.34%	-10.47%	-19.66%	-41.22%	8.96%	45.10%	0.07%	0.00%	0.00%		-18.00%	<-IRR #YR->	5	Book Value per Share	-62.92%	US$
Leverage (A/BK)			1.97	2.19	2.13	1.93	1.79	1.80	1.72	1.93	2.25	2.24	2.23	2.24	0.00	0.00		2.03	<-Median->	10	A/BV		US$
Debt/Equity Ratio			0.97	1.19	1.13	0.93	0.79	0.80	0.72	0.93	1.25	1.24	1.23	1.24	0.00	0.00		1.03	<-Median->	10	Debt/Eq Ratio		US$
Book Value is Asset less Liabilities									P/BV	10 yr Med	1.72	5 yr Med	1.77		0.92%	Diff M/C		1.97	Historical	11	A/BV		US$
			-$8.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.97
								-$5.32	$0.00	$0.00	$0.00	$0.00	$1.97
OPM Ratio CDN$				40.27%	36.18%	53.32%	48.76%	16.65%	27.38%	27.56%	25.03%	14.13%	30.86%	34.40%				-23.35%	<-Total Growth	9	OPM
Increase					-10.15%	47.37%	-8.56%	-65.85%	64.40%	0.68%	-9.18%	-43.53%	118.36%	11.46%					Should increase		or be stable.
Diff from Median				37.8%	23.9%	82.5%	66.9%	-43.0%	-6.3%	-5.7%	-14.3%	-51.6%	5.7%	17.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	29.21%	5 Yrs	27.38%					should be	zero, it is a		check on calculations
Long Term Debt CDN$			$230.558	$232.643	$198.354	$142.503	$119.258	$126.066	$110.101	$114.552	$108.513	$87.399	$63.977	$56.392				-72.25%	<-Total Growth	10	Debt		CDN$
Change				0.90%	-14.74%	-28.16%	-16.31%	5.71%	-12.66%	4.04%	-5.27%	-19.46%	-26.80%	-11.86%				-13.70%	<-Median->	10	Change		CDN$
Debt/Market Cap Ratio			0.86	0.90	0.82	0.36	0.15	0.22	0.23	0.36	0.86	0.70	0.42	0.40				0.39	<-Median->	10	Debt/Market Cap Ratio		CDN$
Assets/Current Liabilities Ratio			17.40	14.48	11.12	8.01	6.78	8.53	9.97	7.75	7.83	7.09	5.27	4.55				7.92	<-Median->	10	Assets/Current Liabilities Ratio
Debt to Cash Flow (Years)				7.96	5.82	3.19	3.48	10.60	5.29	4.99	5.20	7.59	2.72	2.05				5.24	<-Median->	10	Debt to Cash Flow (Years)
Intangibles CDN$			$423.751	$440.383	$392.231	$369.907	$327.363	$322.634	$290.556	$264.132	$214.716	$175.721	$144.771	$144.771				-65.84%	<-Total Growth	10	Intangibles		CDN$
Goodwill			$11.492	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000				0.00%	<-Total Growth	10	Goodwill		CDN$
Total			$435.243	$440.383	$392.231	$369.907	$327.363	$322.634	$290.556	$264.132	$214.716	$175.721	$144.771	$137.583				-66.74%	<-Total Growth	10	Total		CDN$
Change				1.18%	-10.93%	-5.69%	-11.50%	-1.44%	-9.94%	-9.09%	-18.71%	-18.16%	-17.61%	-4.96%				-10.44%	<-Median->	10	Change		CDN$
Intangible/Market Cap Ratio			1.63	1.70	1.62	0.93	0.41	0.56	0.60	0.83	1.70	1.41	0.96	0.98				0.94	<-Median->	10	Intangible/Market Cap Ratio		CDN$
Current Assets CDN$			$79.085	$72.602	$81.588	$43.133	$81.954	$58.454	$55.468	$60.100	$58.320	$50.937	$39.876	$39.974				-49.58%	<-Total Growth	10	Assets		CDN$
Current Liabilities			$30.513	$35.673	$43.408	$52.205	$61.224	$45.379	$35.083	$42.244	$35.298	$32.440	$35.801	$39.800				17.33%	<-Total Growth	10	Liabilities		CDN$
Liquidity			2.59	2.04	1.88	0.83	1.34	1.29	1.58	1.42	1.65	1.57	1.11	1.00				1.50	<-Median->	10	Ratio	Same in US$	CDN$
Liq. with CF aft div			2.59	2.85	2.66	1.66	1.80	1.41	1.99	1.81	2.15	1.93	1.77	1.70				Uses actual CDN dividends received				Same in US$	CDN$
Liq. CF re  Inv+Div			2.59	1.64	2.04	1.30	1.36	0.63	1.71	1.37	2.14	1.93	1.66	1.70				US$ one above more accurate				Same in US$	CDN$
Curr Long Term Debt				$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13.740								Same in US$	CDN$
Assets CDN$			$530.783	$516.440	$482.538	$418.025	$415.189	$386.933	$349.792	$327.293	$276.503	$230.086	$188.497	$181.018				-64.49%	<-Total Growth	10	Assets		CDN$
Liabilities			$261.071	$280.710	$256.249	$201.814	$183.744	$171.445	$146.011	$157.563	$153.863	$127.433	$103.972	$100.139				-60.17%	<-Total Growth	10	Liabilities		CDN$
Debt Ratio			2.03	1.84	1.88	2.07	2.26	2.26	2.40	2.08	1.80	1.81	1.81	1.81				1.98	<-Median->	10	Ratio		CDN$
Check			$270	$236	$226	$216	$231	$215	$204	$170	$123	$103	$85	$81
Estimates BVPS														$2.54	$2.62				Estimates		Estimates BVPS
Estimate Book Value														$79.5	$82.1				Estimates		Estimate Book Value
P/B Ratio (Close)														1.76	1.71				Estimates		P/B Ratio (Close)
Difference from 10 year median															-0.80%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value Check			$269.712	$235.730	$226.289	$216.211	$231.445	$215.488	$203.781	$169.731	$122.639	$102.653	$84.525	$80.879
Total Book Value CDN$			$269.712	$235.730	$226.289	$216.211	$231.445	$215.488	$203.781	$169.731	$122.639	$102.653	$84.525	$80.879	$80.879	$80.879		-68.66%	<-Total Growth	10	Book Value		CDN$
Preference Shares  CDN$			$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000		0.00%	<-Total Growth	10
Net Book Value CDN$			$269.712	$235.730	$226.289	$216.211	$231.445	$215.488	$203.781	$169.731	$122.639	$102.653	$84.525	$80.879	$80.879	$80.879		-68.66%	<-Total Growth	10	Book Value		CDN$
Book Value per Share			$11.59	$9.33	$8.95	$7.92	$7.45	$6.77	$6.28	$5.25	$3.83	$3.23	$2.70	$2.59	$2.59	$2.59		-76.67%	<-Total Growth	10	Book Value per Share		CDN$
Change				-19.51%	-4.00%	-11.52%	-5.93%	-9.13%	-7.27%	-16.46%	-26.90%	-15.81%	-16.29%	-4.31%	0.00%	0.00%		-1.33%	P/B Ratio		Current/Historical Median		CDN$
P/B Ratio (Median)			1.09	1.27	1.23	1.54	2.58	2.74	2.81	2.31	1.80	1.27	1.76	1.77				1.76	P/B Ratio		Historical Median		CDN$
P/B Ratio (Close)			0.99	1.10	1.07	1.85	3.42	2.66	2.39	1.87	1.03	1.22	1.78	1.73	1.73	2.77		-13.55%	<-IRR #YR->	10	Book Value per Share	-76.67%	CDN$
Change				10.94%	-2.67%	73.09%	85.03%	-22.32%	-10.14%	-21.55%	-45.03%	18.17%	46.52%	-2.86%	0.00%	59.67%		-16.78%	<-IRR #YR->	5	Book Value per Share	-60.09%	CDN$
Leverage (A/BK)			1.97	2.19	2.13	1.93	1.79	1.80	1.72	1.93	2.25	2.24	2.23	2.24				2.03	<-Median->	10	A/BV		CDN$
Debt/Equity Ratio			0.97	1.19	1.13	0.93	0.79	0.80	0.72	0.93	1.25	1.24	1.23	1.24				1.03	<-Median->	10	Debt/Eq Ratio		CDN$
Median Values									P/BV	10 yr Med	1.78	5 yr Med	1.80		-2.54%	Diff M/C		1.97	Historical	11	A/BV
			-$11.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.70
								-$6.77	$0.00	$0.00	$0.00	$0.00	$2.70
														-$8.104	<-12 mths	-8.94%
Comprehensive Income  US$				-$19.504	$4.455	-$38.202	-$12.634	-$12.774	-$12.178	-$31.817	-$25.109	-$27.027	-$8.900					54.37%	<-Total Growth	9	Comprehensive Income		US$
Increase					122.84%	-957.51%	66.93%	-1.11%	4.67%	-161.27%	21.08%	-7.64%	67.07%					4.7%	<-Median->	5	Comprehensive Income		US$
5 Yr Running Average				-$4	-$3	-$11	-$13	-$16	-$14	-$22	-$19	-$22	-$21					-8.35%	<-IRR #YR->	9	Comprehensive Income	#DIV/0!	US$
ROE US$				-11.1%	2.5%	-24.1%	-7.1%	-7.5%	-7.6%	-25.4%	-27.1%	-37.9%	-14.4%					-6.97%	<-IRR #YR->	5	Comprehensive Income	72.03%	US$
5Yr Median								-7.5%	-7.5%	-7.6%	-7.6%	-25.4%	-25.4%					208.25%	<-IRR #YR->	5	5 Yr Running Average	#DIV/0!	US$
% Difference from NI				31.0%	-173.1%	54.0%	-35.4%	-16.7%	-7.2%	34.8%	-8.8%	37.5%	-28.4%					208.25%	<-IRR #YR->	5	5 Yr Running Average	-33.53%	US$
Median Values										Diff	5, 10 yr	-8.0%	-7.2%					-25.4%	<-Median->	5	Return on Equity		US$
				$20	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$9
								$13	$0.0	$0.0	$0.0	$0.0	-$9
								$0.1	$0.0	$0.0	$0.0	$0.0	-$21.0
								$0.1	$0.0	$0.0	$0.0	$0.0	-$21.0
Current Liability Coverage Ratio US$				0.55	1.03	0.69	0.53	0.48	0.68	0.49	0.50	0.43	0.55	0.54							CFO / Current Liabilities		US$
5 year Median								0.55	0.68	0.53	0.50	0.49	0.50	0.50				0.50	<-Median->	5	Current Liability Cov Ratio		US$
Asset Efficiency Ratio US$				3.77%	9.26%	8.58%	7.78%	5.60%	6.79%	6.37%	6.33%	6.13%	10.53%	11.84%							CFO / Total Assets		US$
5 year Median								7.78%	7.78%	6.79%	6.37%	6.33%	6.37%	6.37%				6.4%	<-Median->	5	Return on Assets		US$
Return on Assets ROA US$			-2.51%	-3.87%	-1.59%	-8.10%	-6.12%	-5.04%	-4.75%	-9.77%	-13.17%	-12.29%	-9.04%	-4.78%				Net	Income/Assets		Return on Assets		US$
5Yr Median							-3.87%	-5.04%	-5.04%	-6.12%	-6.12%	-9.77%	-9.77%	-9.77%				-9.8%	<-Median->	5	Asset Efficiency Ratio		US$
Return on Equity ROE US$			-4.95%	-8.48%	-3.38%	-15.65%	-10.97%	-9.06%	-8.16%	-18.83%	-29.69%	-27.55%	-20.16%	-10.69%				Net Inc/	Shareholders' equity		Return on Equity		US$
5Yr Median							-8.48%	-9.06%	-9.06%	-10.97%	-10.97%	-18.83%	-20.16%	-20.16%				-20.2%	<-Median->	5	Return on Equity		US$
														-$10.291	<-12 mths	-17.21%
Net Income US$			-$9.638	-$14.893	-$6.097	-$24.806	-$19.552	-$15.331	-$13.117	-$23.598	-$27.531	-$19.655	-$12.430	-$6.26	-$1.05	$2.60		-28.97%	<-Total Growth	10	Net Income		US$
Increase				-54.52%	59.06%	-306.86%	21.18%	21.59%	14.44%	-79.90%	-16.67%	28.61%	36.76%	49.61%	83.24%	347.62%		EPS/CF Ratio should not be higher than 1.00					US$
5 Yr Running Average							-$14.997	-$16.136	-$15.781	-$19.281	-$19.826	-$19.846	-$19.266	-$17.896	-$13.386	-$7.360		2.58%	<-IRR #YR->	10	Net Income	-28.97%	US$
Operating Cash Flow				$21.758	$27.166	$32.747	$26.408	$9.344	$16.429	$16.942	$15.789	$8.003	$17.130					-4.11%	<-IRR #YR->	5	Net Income	18.92%	US$
Investment Cash Flow				-$19.693	-$10.533	-$10.533	-$15.359	-$44.677	-$4.510	-$10.148	-$0.189	$11.735	-$1.703					4.26%	<-IRR #YR->	6	5 Yr Running Ave.	#DIV/0!	US$
Total Accrual				-$16.958	-$22.730	-$47.020	-$30.601	$20.002	-$25.036	-$30.392	-$43.131	-$39.393	-$27.857					3.61%	<-IRR #YR->	5	5 Yr Running Ave.	-19.40%	US$
Total Assets				$384.628	$384.646	$306.425	$319.671	$303.906	$275.905	$241.652	$209.060	$159.904	$137.529						Balance Sheet		Assets		US$
Accruals Ratio				-4.41%	-5.91%	-15.34%	-9.57%	6.58%	-9.07%	-12.58%	-20.63%	-24.64%	-20.26%					-20.26%	<-Median->	5	Ratio		US$
EPS/CF Ratio				-1.05	-0.17	-0.96	-0.84	-0.90	-0.71	-1.53	-2.05	-2.01	-0.84					-0.93	<-Median->	10	EPS/CF Ratio		US$
			$10	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$12
								$15	$0	$0	$0	$0	-$12
							$15	$0	$0	$0	$0	$0	-$19
								$16	$0	$0	$0	$0	-$19
Chge in Close US$				-7.91%	0.00%	52.53%	63.20%	-27.08%	-16.62%	-37.18%	-56.00%	-15.67%	27.51%	-4.96%	0.00%	0.00%			Count	11	Years of data		US$
up/down						up	up	up	down	up	up	up							Count	7	63.64%		US$
Meet Prediction?						Yes	Yes		Yes									% right	Count	3	42.86%		US$
Financial Cash Flow US$				-$21.738	-$18.210	-$42.856	$23.947	$9.564	-$11.398	-$6.856	-$14.639	-$23.364	-$21.556						C F Statement		Financial Cash Flow		US$
Total Accruals				$4.780	-$4.520	-$4.164	-$54.548	$10.438	-$13.638	-$23.536	-$28.492	-$16.029	-$6.301								Accruals		US$
Accruals Ratio				1.24%	-1.18%	-1.36%	-17.06%	3.43%	-4.94%	-9.74%	-13.63%	-10.02%	-4.58%					-9.74%	<-Median->	5	Ratio		US$
Cash US$			$57.112	$37.763	$36.219	$10.930	$47.078	$20.612	$21.179	$20.723	$21.995	$17.456	$11.723	$17.734							Cash		US$
Cash per Share			$2.45	$1.49	$1.43	$0.40	$1.52	$0.65	$0.65	$0.64	$0.69	$0.55	$0.37	$0.57				$0.64	<-Median->	5	Cash per Share		US$
Percentage of Stock Price			29.63%	19.59%	18.79%	3.44%	7.99%	4.68%	5.66%	8.83%	21.56%	20.41%	10.93%	17.39%				10.93%	<-Median->	5	% of Stock Price
														-$11.11	<-12 mths	-13.27%
Comprehensive Income CDN$				-$27.008	$5.982	-$47.924	-$17.235	-$16.591	-$15.505	-$40.338	-$34.008	-$35.746	-$12.806					52.58%	<-Total Growth	9	Comprehensive Income		CDN$
Increase					122.15%	-901.18%	64.04%	3.74%	6.54%	-160.16%	15.69%	-5.11%	64.17%					6.5%	<-Median->	5	Comprehensive Income		CDN$
5 Yr Running Average								-$21	-$18	-$28	-$25	-$28	-$28					-7.96%	<-IRR #YR->	9	Comprehensive Income	#DIV/0!	CDN$
ROE CDN$				-11.5%	2.6%	-22.2%	-7.4%	-7.7%	-7.6%	-23.8%	-27.7%	-34.8%	-15.2%					-5.05%	<-IRR #YR->	5	Comprehensive Income	22.81%	CDN$
5Yr Median						-11.5%	-9.5%	-7.7%	-7.6%	-7.7%	-7.7%	-23.8%	-23.8%					6.13%	<-IRR #YR->	5	5 Yr Running Average	#DIV/0!	CDN$
% Difference from NI				35.1%	-178.2%	41.6%	-32.1%	-15.0%	-6.8%	26.2%	-6.6%	26.4%	-24.8%					6.13%	<-IRR #YR->	5	5 Yr Running Average	-34.66%	CDN$
Median Values										Diff	5, 10 yr	-6.7%	-6.6%					-23.8%	<-Median->	5	Return on Equity		CDN$
				$27	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$13
								$17	$0.0	$0.0	$0.0	$0.0	-$13
								$20.6	$0.0	$0.0	$0.0	$0.0	-$27.7
								$20.6	$0.0	$0.0	$0.0	$0.0	-$27.7
Current Liability Coverage Ratio CDN$				0.55	1.03	0.69	0.53	0.48	0.68	0.49	0.50	0.43	0.55	0.54							CFO / Current Liabilities		CDN$
5 year Median				0.55	0.79	0.69	0.62	0.55	0.68	0.53	0.50	0.49	0.50	0.50				0.50	<-Median->	5	Current Liability Cov Ratio		CDN$
Asset Efficiency Ratio CDN$				3.77%	9.26%	8.58%	7.78%	5.60%	6.79%	6.37%	6.33%	6.13%	10.53%	11.84%							CFO / Total Assets		CDN$
5 year Median				3.77%	6.51%	8.58%	8.18%	7.78%	7.78%	6.79%	6.37%	6.33%	6.37%	6.37%				6.4%	<-Median->	5	Return on Assets		CDN$
Return on Assets ROA CDN$			-2.51%	-3.87%	-1.59%	-8.10%	-6.12%	-5.04%	-4.75%	-9.77%	-13.17%	-12.29%	-9.04%	-4.78%				Net	Income/Assets		Return on Assets		CDN$
5Yr Median			-2.51%	-3.19%	-2.51%	-3.19%	-3.87%	-5.04%	-5.04%	-6.12%	-6.12%	-9.77%	-9.77%	-9.77%				-9.8%	<-Median->	5	Asset Efficiency Ratio		CDN$
Return on Equity ROE CDN$			-4.95%	-8.48%	-3.38%	-15.65%	-10.97%	-9.06%	-8.16%	-18.83%	-29.69%	-27.55%	-20.16%	-10.69%				Net Inc/	Shareholders' equity		Return on Equity		CDN$
5Yr Median			-4.95%	-6.72%	-4.95%	-6.72%	-8.48%	-9.06%	-9.06%	-10.97%	-10.97%	-18.83%	-20.16%	-20.16%				-20.2%	<-Median->	5	Return on Equity		CDN$
														-$14.10	<-12 mths	-17.21%
Net Income CDN$			-$13.346	-$19.997	-$7.649	-$33.840	-$25.394	-$19.519	-$16.630	-$31.961	-$36.413	-$28.282	-$17.037	-$8.650	-$1.450	$3.590		-27.65%	<-Total Growth	10	Net Income		CDN$
Increase				-49.83%	61.75%	-342.43%	24.96%	23.13%	14.80%	-92.19%	-13.93%	22.33%	39.76%	49.23%	83.24%	347.62%		EPS/CF Ratio should not be higher than 1.00					CDN$
5 Yr Running Average							-$20.045	-$21.280	-$20.606	-$25.469	-$25.983	-$26.561	-$26.064	-$24.468	-$18.366	-$10.366		2.47%	<-IRR #YR->	10	Net Income	-27.65%	CDN$
Operating Cash Flow				$29.214	$36.476	$41.081	$36.026	$12.136	$20.917	$21.479	$21.385	$10.585	$24.648					-2.68%	<-IRR #YR->	5	Net Income	12.72%	CDN$
Investment Cash Flow				-$26.442	-$13.214	-$14.369	-$19.948	-$56.883	-$5.718	-$13.744	-$0.250	$16.885	-$2.334					4.47%	<-IRR #YR->	6	5 Yr Running Ave.	#DIV/0!	CDN$
Total Accrual				-$22.770	-$30.911	-$60.552	-$41.472	$25.227	-$31.829	-$39.696	-$57.547	-$55.752	-$39.351					4.14%	<-IRR #YR->	5	5 Yr Running Ave.	-22.48%	CDN$
Total Assets				$516.440	$482.538	$418.025	$415.189	$386.933	$349.792	$327.293	$276.503	$230.086	$188.497						Balance Sheet		Assets		CDN$
Accruals Ratio				-4.41%	-6.41%	-14.49%	-9.99%	6.52%	-9.10%	-12.13%	-20.81%	-24.23%	-20.88%					-20.81%	<-Median->	5	Ratio		CDN$
EPS/CF Ratio				-1.05	-0.17	-0.96	-0.84	-0.90	-0.71	-1.53	-2.05	-2.01	-0.84					-0.93	<-Median->	10	EPS/CF Ratio		CDN$
																		Should not be higher than 1.00
			$13	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$17
								$20	$0	$0	$0	$0	-$17
							$20	$0	$0	$0	$0	$0	-$26
								$21	$0	$0	$0	$0	-$26
Change in Close			0.00%	-10.71%	-6.57%	53.15%	74.06%	-29.41%	-16.67%	-34.47%	-59.82%	-0.51%	22.65%	-7.05%	0.00%	59.67%			Count	12	Years of data		CDN$
up/down						up	up	up	down	up	up	up	up	up					Count	9	75.00%		CDN$
Meet Prediction?						Yes	Yes		Yes				Yes					% right	Count	4	44.44%		CDN$
Financial Cash Flow CDN$				-$29.188	-$22.844	-$58.464	$31.102	$12.177	-$14.450	-$9.286	-$19.362	-$33.618	-$29.545						C F Statement		Financial Cash Flow		CDN$
Total Accruals				$6.418	-$8.066	-$2.088	-$72.574	$13.050	-$17.379	-$30.410	-$38.186	-$22.133	-$9.806								Accruals		CDN$
Accruals Ratio				1.24%	-1.67%	-0.50%	-17.48%	3.37%	-4.97%	-9.29%	-13.81%	-9.62%	-5.20%					-9.29%	<-Median->	5	Ratio		CDN$
Cash CDN$			$79.085	$50.704	$45.437	$14.911	$61.145	$26.243	$26.851	$28.067	$29.091	$25.117	$16.068	$12.326							Cash		CDN$
Cash per Share			$3.40	$2.01	$1.80	$0.55	$1.97	$0.82	$0.83	$0.87	$0.91	$0.79	$0.51	$0.39				$0.83	<-Median->	5	Cash per Share		CDN$
Percentage of Stock Price			29.63%	19.59%	18.79%	3.73%	7.72%	4.58%	5.52%	8.82%	23.03%	20.10%	10.66%	8.80%				10.66%	<-Median->	5	% of Stock Price		CDN$
Notes:
May 29, 2029.  Last estimates were for 2025, 2026 and 2027 in US$ of $57.33M, $63.08M, $63.7M Revenue, -$0.32, -$0.18 2025/6,
$12M 2025 FCF, $19.030M, $22.260M, $23750M EBITDA, $2.00, $1.96 2025/6 BVPS, -$10.02M, -$4.85M, -$3.7M Net Income,
May 20, 2025.  Last estimates were for 2024, 2025, 2026 of $58M, $65M, $69M US$ Revenue, -$0.60, -$0.40, -$0.58 US$ EPS,
$9.6M, $9.6M 2024/5 US$ FCF, $2.54, $2.40 2014/5 US$ BVPS, -$18.3M, -$13.47M, -$18.62M US$ Net Income
May 19, 2024.  Last estimates were for 2023, 2024 and 2025 of $87M, $113M, $185M CDN$ Revenue, -$0.63, -$0.14, $0.05 CDN$ EPS,
$23.8, $47.7M, $66M CDN$ FCF, $4.39, $4.36 CDN$ 2023/4 BVPS, -$20.3M, -$12M, $1.3M CDN$ Net Income.
May 21, 2023.  Last estimates were in CDN$ for 2022, 2023 and 2024 of $99M, $182M and $275M, -$0.18, $0.80 and $0.92 for EPS,
$52.4M, $92.9M and $92.9M for FCF, $6.03 and $6.43 for BVPS, and -$9M, $14.4M and $37.3M for Net Income.
May 21, 2022.  Last estimates were for 2021, 2022 and 2023 of $69M, $150M and $242M US$ for Revenue, $0.50, $0.47 and $2.23 for EPS,
$24.5M, $52.4M and $92.9M US$ for FCF and $-12.5M, $17.7M and 74.7M US$ for Net Income.
May 22, 2021.  Last estimates were for 2020 and 2021 of $59.5M and $76.5M US$ for Revenue, $0.36, $0.29 and 0.29 US$ for EPS for 2020 to 2022 and $9.425M US$ for Net Income
May 16, 2020.  Last estimates were for 2019 and 2020 of $81.3M, $72.1 for Revenue CDN$, $0.05 and $0.34 for EPS CDN$ and $2.09M and $12M for Net Income CDN$.
May 19, 2019.  Last estimates were for 2018, 2019 and 2020 of $82.4M, $81.5M and $56M for Revenue CDN$, -$0.49, -$0.29 and $0.10  for EPS CDN$ and -$10.4M, $-3.96M and $2.86M for Net Income CDN$.
Automular Corp bought into this stock.  Stock values bfore 2015 are for automodular Corp.
August 10, 2018 started to trade on US exchange.
March 23, 2018.  I paid $10.20 for shares in HLS with Automodular Corp shares.
In March 2018 HLS Therapeutics Inc. was listed publicly on the TSXV by way of a Reverse Take-Over of Automodular Corporation.
August 11. 2015.  Privated plancement of 20,000,000 shares for $200,000,000 or $10 a share US$ Exchge 1.3148
Sector:
Health Care, Consumer
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
I got this stock because it did a reverse takeover of Automodular Corp (TSX-AM, OTC-AMZKF) on March 12, 2018.
There was a plan of arrangement whereby Automodular shareholders got 0.165834 HLS common shares and one HLS preferred share.
The HLS preferred shares were a form of contingent value right allowing AMD shareholders to have an equity stake linked to the
outcome of litigation that had been ongoing for several years between AMD and General Motors.
I bought some stock in 2018, 2020 and 2023 because this is a Health Care sector stock and there are few of them in the Canadian market.
Dividends
Dividends are paid quarterly in Cycle 1 of January,m April, July and October.  Dividends are declared in one month for shareholders of record of the that month and paid in the next month.
For example, the dividends declared on December 15, 2015 are for shareholders of Record of December 31, 2015 and was paid on January 15, 2016.
This company changed dividends from monthly to quarterly in 2016.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
Why I bought this stock.
How they make their money.
HLS Therapeutics Inc is a specialty pharmaceutical company. It is focused on the acquisition and commercialization of branded pharmaceutical
products in the North American markets.  The company operates in Canada, the United States, and the Rest of world, with the majority of its
revenue generated from Canada.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2018	May	2019	May 16	2020	May 22	2021	May 21	2022	May 21	2023	May 19	2024	May 20	2025			May 29	2026
Millian, Graig										0.005	0.02%	0.013	0.04%	0.013	0.04%			0.013	0.04%			0.00%
CEO - Shares - Amount											$0.020		$0.049		$0.060				$0.056
Options - percentage										0.600	1.88%	0.900	2.83%	1.185	3.79%			1.185	3.79%			0.00%
Options - amount											$2.370		$3.537		$5.712				$5.309
Godin, Bilbert				0.912	2.87%	0.920	2.84%	0.927	2.87%												Ceased insider May 2023
CEO - Shares - Amount					$16.416		$13.800		$9.112
Options - percentage				0.714	2.24%	0.839	2.59%	1.180	3.65%
Options - amount					$12.856		$12.589		$11.596
Hanna, John Gordon												0.004	0.01%	0.008	0.03%			0.008	0.03%		Interium CFO	0.00%
CFO - Shares - Amount													$0.016		$0.039				$0.036
Options - percentage												0.126	0.40%	0.226	0.72%			0.226	0.72%			0.00%
Options - amount													$0.496		$1.090				$1.013
Hendrickson, Tim	0.08%	0.022	0.07%	0.022	0.07%	0.030	0.09%	0.048	0.15%	0.058	0.18%										Among Other officers	#DIV/0!
CFO - Shares - Amount	$0.322		$0.561		$0.396		$0.450		$0.467		$0.227										Ceased Insider Jan 2024
Options - percentage	0.15%	0.410	1.32%	0.083	0.26%	0.128	0.40%	0.194	0.60%	0.273	0.85%											#DIV/0!
Options - amount	$0.600		$10.444		$1.501		$1.926		$1.911		$1.079
Gross, Jason A		0.050	0.16%	0.050	0.16%	0.050	0.15%	0.050	0.15%	0.050	0.16%	0.050	0.16%	0.050	0.16%			0.050	0.16%			0.00%
Officer - Shares - Amount			$1.262		$0.895		$0.746		$0.489		$0.196		$0.195		$0.240				$0.223
Options - percentage		0.093	0.30%	0.105	0.33%	0.133	0.41%	0.144	0.45%	0.159	0.50%	0.211	0.67%	0.236	0.76%			0.236	0.76%			0.00%
Options - amount			$2.365		$1.886		$1.992		$1.419		$0.630		$0.831		$1.140				$1.059
Lennox, Ryan Christopher										0.001	0.00%	0.001	0.00%	0.001	0.00%			0.001	0.00%			0.00%
Officer - Shares - Amount											$0.002		$0.002		$0.002				$0.002
Options - percentage										0.136	0.42%	0.268	0.84%	0.226	0.72%			0.343	1.10%			51.46%
Options - amount											$0.536		$1.052		$1.090				$1.535
Bastien, Yvon	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%
Director - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Options - percentage	0.24%	0.065	0.21%	0.079	0.25%	0.087	0.27%	0.100	0.31%	0.120	0.37%
Options - amount	$0.952		$1.657		$1.416		$1.300		$0.979		$0.473
Beaucham, Norma										0.001	0.00%	0.001	0.00%	0.001	0.00%			0.001	0.00%			0.00%
Director - Shares - Amount											$0.002		$0.002		$0.002				$0.002
Options - percentage										0.036	0.11%	0.095	0.30%	0.119	0.38%			0.138	0.44%			16.05%
Options - amount											$0.142		$0.372		$0.572				$0.617
Hill, Rodney										0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Chair 2024	#DIV/0!
Director - Shares - Amount											$0.000		$0.000		$0.000				$0.000
Options - percentage										0.063	0.20%	0.118	0.37%	0.136	0.43%			0.150	0.48%			10.58%
Options - amount											$0.250		$0.462		$0.655				$0.673
Welborn, John Lee										0.000	0.00%	0.097	0.31%	0.141	0.45%			0.141	0.45%		Among Other officers	0.00%
Chairman - Shares - Amt											$0.000		$0.381		$0.681				$0.633		Last filed Apr 2021
Options - percentage										0.046	0.14%	0.132	0.42%	0.195	0.62%			0.242	0.77%		No longer CEO 2021	24.35%
Options - amount											$0.180		$0.521		$0.939				$1.085		Dir in 2021, Chair 2023
Gubitz, Gregory David	2.44%	0.667	2.15%	0.912	2.87%	0.325	1.00%	0.225	0.70%	0.050	0.16%
Chairman - Shares - Amt	$9.772		$17.009		$16.416		$4.875		$2.212		$0.198
Options - percentage	2.23%	0.607	1.96%	0.654	2.06%	0.808	2.49%	0.821	2.54%	0.843	2.64%
Options - amount	$8.899		$15.489		$11.776		$12.120		$8.069		$3.329
Wells, William M.	4.59%	1.252	4.03%	0.962	3.02%	0.942	2.90%	0.839	2.59%												reported Jan 2020
Chairman - Shares - Amt	$18.345		$31.932		$17.321		$14.135		$8.243
Options - percentage	2.08%	0.569	1.83%	0.630	1.98%	0.710	2.19%	0.794	2.45%
Options - amount	$8.336		$14.511		$11.341		$10.651		$7.802												Ceased inisder Aug 2020
Athyrium Opportunities II Co-Invest 1LP	15.11%	4.125	13.28%	4.352	13.68%	4.352	13.41%	4.352	13.45%	4.352	13.61%
10% Holder	$60.431		$105.188		$78.332		$65.277		$42.778		$17.190										Zero in 2018; 2024
Polar Securities Inc												6.367	19.91%	6.367	20.36%			6.367	20.36%			0.00%
10% Holder													$25.150		$30.689				$28.525
Increase in O/S Shares	1.82%	0.000	0.00%	0.002	0.01%	0.006	0.02%	0.418	1.29%	0.022	0.07%	0.022	0.07%	0.000	0.00%			0.000	0.00%		Average	0.28%
Due to SO	$4.391		$0.000		$0.054		$0.111		$6.272		$0.215		$0.085		$0.000				$0.000		Zero 2025
Book Value	$4.446		$0.000		$0.014		$0.061		$5.332		$0.251		$0.178		$0.668				$0.918		Look for exercised options
Insider Buying	-$0.143		-$0.143		-$0.560		-$0.267		-$0.237		-$0.067		-$0.522		-$0.022				-$0.003
Insider Selling	$0.000		$0.000		$5.459		$6.238		$4.049		$2.100		$0.000		$0.002				$0.000
Net Insider Selling	-$0.143		-$0.143		$4.898		$5.971		$3.812		$2.033		-$0.522		-$0.020				-$0.003
Net Selling % of Market Cap	-0.04%		-0.02%		0.86%		1.23%		1.20%		1.61%		-0.42%		-0.01%				0.00%
Directors		7		7		8		10		10		8		7				8
Women	0%	1	14%	1	14%	1	13%	2	20%	2	20%	2	25%	1	14%			1	13%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	76.60%	9	87.61%	20	9.47%	20	24.08%	20	11.61%			20	0.42%					20	6.54%
Total Shares Held	76.65%	23.914	76.99%	2.912	9.15%	7.661	23.61%	3.771	11.65%			0.133	0.42%					0.000	0.00%
Increase/Decrease 3 Mths	0.00%	3.297	15.99%	-0.074	-2.48%	-0.059	-0.76%	0.000	0.01%			-0.373	-73.78%					-0.566	-100.00%
Starting No. of Shares		20.617		2.986		7.720	MS Major 20	3.770	MS Major 20			0.505	MS Major 20					0.566	MS Major 20
Copyright © 2008 Website of SPBrunner. All rights reserved.
My stock																							Div