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.														1/31/25	<-estimates				https://www.annualreports.com/Company/national-bank-canada
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National Bank of Canada						TSX:	NA	OTC:	NTIOF	https://www.nbc.ca/		Fiscal Yr:	Oct 31
Year	10/31/13	10/31/14	10/31/15	10/31/16	10/31/17	10/31/18	10/31/19	10/31/20	10/31/21	10/31/22	10/31/23	10/31/24	10/31/25	10/31/26	10/31/27	10/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Split Date		14-Feb-14
Split		2
														$14,473	<-12 mths	3.18%
Adjusted Revenue	$5,230	$5,638	$5,982	$6,279	$6,864	$7,411	$7,666	$8,216	$9,116	$9,934	$10,658	$11,628	$14,027	$15,020	$15,927	$16,881		134.49%	<-Total Growth	10	Revenue
Increase	6.41%	7.80%	6.10%	4.96%	9.32%	7.97%	3.44%	7.17%	10.95%	8.97%	7.29%	9.10%	20.63%	7.08%	6.04%	5.99%		8.90%	<-IRR #YR->	10	Revenue	134.49%
5 year Running Average	$4,705	$5,006	$5,284	$5,609	$5,999	$6,435	$6,840	$7,287	$7,855	$8,469	$9,118	$9,910	$11,073	$12,253	$13,452	$14,697		11.29%	<-IRR #YR->	5	Revenue	70.73%
Revenue per Share	$16.04	$17.12	$17.74	$18.57	$20.21	$22.12	$22.94	$24.45	$26.98	$29.51	$31.51	$34.13	$35.87	$38.41	$40.73	$43.17		7.68%	<-IRR #YR->	10	5 yr Running Average	109.53%
Increase	5.31%	6.72%	3.60%	4.71%	8.82%	9.43%	3.72%	6.59%	10.33%	9.40%	6.75%	8.31%	5.11%	7.08%	6.04%	5.99%		8.73%	<-IRR #YR->	5	5 yr Running Average	51.95%
5 year Running Average	$14.54	$15.40	$16.13	$16.94	$17.94	$19.15	$20.32	$21.66	$23.34	$25.20	$27.08	$29.32	$31.60	$33.88	$36.13	$38.46		7.30%	<-IRR #YR->	10	Revenue per Share	102.21%
P/S (Price/Sales) Med	2.54	2.79	2.70	2.27	2.44	2.82	2.68	2.32	3.15	3.19	3.32	3.24	3.87	4.33	0.00	0.00		7.96%	<-IRR #YR->	5	Revenue per Share	46.69%
P/S (Price/Sales) Close	2.82	3.08	2.44	2.58	3.10	2.70	2.97	2.61	3.80	3.14	2.74	3.89	4.37	4.39	4.14	3.90		6.96%	<-IRR #YR->	10	5 yr Running Average	95.90%
*Total Revenue in M CDN $					P/S Med	20 yr	2.68	15 yr	2.70	10 yr	3.03	5 yr	3.80		44.76%	Diff M/C		7.85%	<-IRR #YR->	5	5 yr Running Average	45.89%
			-$5,982	$0	$0	$0	$0	$0	$0	$0	$0	$0	$14,027
								-$8,216	$0	$0	$0	$0	$14,027
			-$5,284	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,073
								-$7,287	$0	$0	$0	$0	$11,073
			-$17.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.87
								-$24.45	$0.00	$0.00	$0.00	$0.00	$35.87
			-$16.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.60
								-$21.66	$0.00	$0.00	$0.00	$0.00	$31.60
Interest Income	$4,410	$4,596	$4,542	$4,875	$5,580	$6,935	$8,174	$7,578	$6,987	$9,545	$16,777	$19,971	$21,298					14.94%	<-IRR #YR->	10	Revenue	302.35%
Other Income	$2,714	$2,920	$3,103	$2,884	$3,377	$3,784	$3,836	$3,672	$4,144	$4,381	$6,584	$8,461	$9,462					22.28%	<-IRR #YR->	5	Revenue	173.42%
Total	$7,124	$7,516	$7,645	$7,759	$8,957	$10,719	$12,010	$11,250	$11,131	$13,926	$23,361	$28,432	$30,760					302.35%	<-Total Growth	10	Total
			-$7,645	$0	$0	$0	$0	$0	$0	$0	$0	$0	$30,760
								-$11,250	$0	$0	$0	$0	$30,760
														$14,473	<-12 mths	3.53%
Revenue*	$5,163	$5,464	$5,746	$5,840	$6,609	$7,166	$7,432	$7,927	$8,927	$9,652	$10,170	$11,400	$13,980	$15,020	$15,927	$16,881		143.30%	<-Total Growth	10	Revenue
Increase	-2.82%	5.83%	5.16%	1.64%	13.17%	8.43%	3.71%	6.66%	12.62%	8.12%	5.37%	12.09%	22.63%	7.44%	6.04%	5.99%		9.30%	<-IRR #YR->	10	Revenue	143.30%
5 year Running Average	$4,695	$4,962	$5,256	$5,505	$5,764	$6,165	$6,559	$6,995	$7,612	$8,221	$8,822	$9,615	$10,826	$12,044	$13,299	$14,642		12.02%	<-IRR #YR->	5	Revenue	76.36%
Revenue per Share	$15.84	$16.59	$17.04	$17.28	$19.46	$21.39	$22.24	$23.59	$26.42	$28.68	$30.06	$33.46	$35.75	$38.41	$40.73	$43.17		7.49%	<-IRR #YR->	10	5 yr Running Average	105.99%
Increase	-3.83%	4.76%	2.69%	1.39%	12.65%	9.89%	3.99%	6.08%	11.98%	8.55%	4.84%	11.29%	6.85%	7.44%	6.04%	5.99%		9.13%	<-IRR #YR->	5	5 yr Running Average	54.77%
5 year Running Average	$14.51	$15.27	$16.05	$16.64	$17.24	$18.35	$19.48	$20.79	$22.62	$24.46	$26.20	$28.44	$30.87	$33.27	$35.68	$38.30		7.69%	<-IRR #YR->	10	Revenue per Share	109.81%
P/S (Price/Sales) Med	2.57	2.88	2.81	2.44	2.53	2.92	2.77	2.41	3.21	3.29	3.47	3.31	3.89	4.33	0.00	0.00		8.67%	<-IRR #YR->	5	Revenue per Share	51.53%
P/S (Price/Sales) Close	2.86	3.17	2.54	2.77	3.22	2.79	3.06	2.71	3.88	3.23	2.87	3.97	4.38	4.39	4.14	3.90		6.76%	<-IRR #YR->	10	5 yr Running Average	92.36%
*Total Revenue in M CDN $					P/S Med	20 yr	2.64	15 yr	2.81	10 yr	3.14	5 yr	3.88		39.85%	Diff M/C		8.23%	<-IRR #YR->	5	5 yr Running Average	48.49%
			-$5,746	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13,980
								-$7,927	$0	$0	$0	$0	$13,980
			-$5,256	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,826
								-$6,995	$0	$0	$0	$0	$10,826
			-$17.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.75
								-$23.59	$0.00	$0.00	$0.00	$0.00	$35.75
			-$16.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$30.87
								-$20.79	$0.00	$0.00	$0.00	$0.00	$30.87
														$11.29	<-12 mths	0.09%
Dividends on Prefers	$40	$40	$45	$64	$85	$105	$116	$118	$123	$107	$141	$154	$165
Real Adjusted Profit	$1,320	$1,484	$1,567	$1,474	$1,964	$2,144	$2,212	$2,098	$2,901	$3,170	$3,129	$3,562	$4,314
Calc Basic	$4.19	$4.65	$4.89	$4.56	$6.01	$6.32	$5.60	$5.90	$8.97	$9.72	$9.68	$10.48	$11.40
Calc Diluted	$4.16	$4.60	$4.84	$4.52	$5.94	$6.55	$6.90	$6.21	$8.87	$9.61	$9.60	$10.39	$11.28
Adjusted Profit based on Diluted	$1,321	$1,483	$1,566	$1,479	$1,879	$2,056	$2,147	$2,046	$3,023	$3,275	$3,271	$3,562	$4,314
Adjusted Profit CDN$ Given	$1,360	$1,524	$1,612	$1,538	$2,049	$2,249	$2,328	$2,216	$3,024	$3,277	$3,270	$3,716	$4,479
Adjusted Profit CDN$ Real	$1,320	$1,484	$1,567	$1,474	$1,964	$2,144	$2,212	$2,098	$2,901	$3,170	$3,129	$3,562	$4,314					175.30%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	17.68%	17.49%	16.44%	15.29%	18.36%	18.60%	18.70%	15.62%	17.90%	17.05%	15.24%	15.90%	14.09%					16.48%	<-Median->	10	Return on Equity ROE
5Yr Median	18.01%	17.68%	17.49%	17.49%	17.49%	17.49%	18.36%	18.36%	18.36%	17.90%	17.05%	15.90%	15.90%					17.49%	<-Median->	10	5Yr Median
Pre-split 2014
Basic	$4.07	$4.53	$4.75	$4.38	$5.52	$6.06	$6.40	$6.10	$8.97	$9.72	$9.69	$10.48	$11.40					139.95%	<-Total Growth	10	AEPS
Pre-split 2014
AEPS* Dilued	$4.04	$4.48	$4.70	$4.35	$5.45	$5.99	$6.36	$6.06	$8.87	$9.61	$9.60	$10.39	$11.28	$12.07	$13.60	$14.61		140.00%	<-Total Growth	10	AEPS
Increase	2.80%	10.89%	4.91%	-7.45%	25.29%	9.91%	6.18%	-4.72%	46.37%	8.34%	-0.10%	8.23%	8.57%	7.00%	12.68%	7.43%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$3.40	$3.80	$4.15	$4.30	$4.60	$4.99	$5.37	$5.64	$6.55	$7.38	$8.10	$8.91	$9.95	$10.59	$11.39	$12.39		9.15%	<-IRR #YR->	10	AEPS	140.00%
AEPS Yield	8.93%	8.50%	10.85%	9.09%	8.70%	10.03%	9.35%	9.48%	8.66%	10.36%	11.13%	7.82%	7.20%	7.16%	8.07%	8.67%		13.23%	<-IRR #YR->	5	AEPS	86.14%
Payout Ratio	41.09%	40.96%	42.55%	49.43%	40.92%	40.07%	40.88%	46.37%	32.02%	35.07%	40.42%	40.81%	40.43%	40.60%	36.47%	33.95%		9.14%	<-IRR #YR->	10	5 yr Running Average	139.87%
5 year Running Average	41.62%	39.78%	39.94%	42.44%	42.99%	42.78%	42.77%	43.53%	40.05%	38.88%	38.95%	38.94%	37.75%	39.46%	39.74%	38.45%		12.02%	<-IRR #YR->	5	5 yr Running Average	76.36%
Price/AEPS Median	10.08	10.66	10.19	9.70	9.03	10.42	9.67	9.37	9.57	9.81	10.88	10.65	12.32	13.79	0.00	0.00		9.75	<-Median->	10	Price/AEPS Median
Price/AEPS High	11.20	12.03	11.71	10.94	11.49	10.96	10.69	12.34	11.76	10.97	10.98	12.92	13.89	14.59	0.00	0.00		11.24	<-Median->	10	Price/AEPS High
Price/AEPS Low	8.96	9.29	8.67	8.46	6.57	9.88	8.64	6.39	7.39	8.65	10.78	8.38	10.74	13.00	0.00	0.00		8.55	<-Median->	10	Price/AEPS Low
Price/AEPS Close	11.20	11.76	9.21	11.01	11.49	9.97	10.69	10.55	11.55	9.65	8.98	12.78	13.89	13.96	12.39	11.54		10.85	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	11.51	13.04	9.67	10.19	14.39	10.96	11.36	10.05	16.91	10.46	8.97	13.83	15.08	14.94	13.96	12.39		11.16	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	10.19	11.49	8.67	11.01	P/AEPS	5 Yrs	in order	10.65	11.76	8.65	11.55		31.09%	Diff M/C					DPR 75% to 95% best
* Earnings excluding Specified Items
			-$4.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.28
								-$6.06	$0.00	$0.00	$0.00	$0.00	$11.28
			-$4.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.95
								-$5.64	$0.00	$0.00	$0.00	$0.00	$9.95
														$10.10	<-12 mths	0.30%
Difference Basic and Diluted	0.79%	0.92%	1.10%	0.60%	1.10%	1.16%	0.78%	0.52%	1.10%	1.13%	0.95%	0.93%	1.08%					1.02%	<-Median->	0	Difference Basic and Diluted
Pre-split 2014	$8.87
EPS Basic	$4.44	$4.36	$4.56	$3.31	$5.44	$6.01	$6.39	$5.73	$9.06	$9.72	$9.47	$10.78	$10.18					123.25%	<-Total Growth	10	EPS Basic
Pre-split 2014	$8.80
EPS Diluted*	$4.40	$4.32	$4.51	$3.29	$5.38	$5.94	$6.34	$5.70	$8.96	$9.61	$9.38	$10.68	$10.07	$11.92	$13.50	$14.04		123.28%	<-Total Growth	10	EPS Diluted
Increase	-5.58%	-1.82%	4.40%	-27.05%	63.53%	10.41%	6.73%	-10.09%	57.19%	7.25%	-2.39%	13.86%	-5.71%	18.37%	13.26%	4.00%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	9.7%	8.2%	10.4%	6.9%	8.6%	9.9%	9.3%	8.9%	8.7%	10.4%	10.9%	8.0%	6.4%	7.1%	8.0%	8.3%		8.36%	<-IRR #YR->	10	Earnings per Share	123.28%
5 year Running Average	$3.59	$3.96	$4.26	$4.24	$4.38	$4.69	$5.09	$5.33	$6.46	$7.31	$8.00	$8.87	$9.74	$10.33	$11.11	$12.04		12.05%	<-IRR #YR->	5	Earnings per Share	76.67%
10 year Running Average	$2.89	$3.12	$3.33	$3.40	$3.78	$4.14	$4.52	$4.80	$5.35	$5.85	$6.34	$6.98	$7.54	$8.40	$9.21	$10.02		8.61%	<-IRR #YR->	10	5 yr Running Average	128.48%
* Diluted ESP per share									E/P	10 Yrs	8.83%	5Yrs	8.74%					12.81%	<-IRR #YR->	5	5 yr Running Average	82.74%
			-$4.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.07
								-$5.70	$0.00	$0.00	$0.00	$0.00	$10.07
			-$4.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.74
								-$5.33	$0.00	$0.00	$0.00	$0.00	$9.74
Dividend*														$5.01	$5.40	$5.41			Estimates		Dividend*
Increase														9.87%	7.76%	0.20%			Estimates		Increase
Payout Ratio EPS														42.03%	39.99%	38.53%			Estimates		Payout Ratio EPS
Pre-split 2014
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 2014	$3.32
Dividend*	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$4.56	$4.90	$4.96	$4.96		128.00%	<-Total Growth	10	Dividends
Increase	10.67%	10.54%	8.99%	7.50%	3.72%	7.62%	8.33%	8.08%	1.07%	18.66%	15.13%	9.28%	7.55%	7.46%	1.22%	0.00%		33	1	39	Years of data, Count P, N	84.62%
Average Increases 5 Year Running	6.31%	8.25%	10.05%	10.18%	8.28%	7.68%	7.23%	7.05%	5.76%	8.75%	10.25%	10.44%	10.34%	11.62%	8.13%	5.10%		2.84%	<-Total Growth	10	Dividends 5 Yr Running
Dividends 5 Yr Running	$1.39	$1.51	$1.66	$1.83	$1.98	$2.12	$2.28	$2.44	$2.58	$2.80	$3.10	$3.43	$3.78	$4.19	$4.51	$4.72		127.04%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.08%	3.84%	4.17%	5.10%	4.53%	3.85%	4.23%	4.95%	3.34%	3.57%	3.71%	3.83%	3.28%	2.94%				3.84%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.67%	3.41%	3.63%	4.52%	3.56%	3.66%	3.82%	3.76%	2.72%	3.20%	3.68%	3.16%	2.91%	2.78%				3.61%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.59%	4.41%	4.91%	5.84%	6.22%	4.05%	4.73%	7.26%	4.33%	4.05%	3.75%	4.87%	3.76%	3.12%				4.53%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.67%	3.48%	4.62%	4.49%	3.56%	4.02%	3.82%	4.39%	2.77%	3.63%	4.50%	3.19%	2.91%	2.91%	2.94%	2.94%		3.73%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	37.73%	42.48%	44.35%	65.35%	41.45%	40.40%	41.01%	49.30%	31.70%	35.07%	41.36%	39.70%	45.28%	41.11%	36.74%	35.33%		41.19%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	38.86%	38.23%	39.03%	43.18%	45.09%	45.29%	44.70%	45.74%	39.85%	38.36%	38.76%	38.66%	38.79%	40.55%	40.58%	39.23%		41.51%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	78.42%	14.57%	10.58%	13.37%	49.79%	13.71%	10.49%	4.73%	15.70%	-59.02%	25.41%	31.06%	38.47%	41.34%	#VALUE!	#DIV/0!		14.71%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	72.79%	32.44%	14.09%	16.20%	18.23%	15.26%	13.92%	9.97%	10.36%	12.28%	13.85%	17.01%	35.54%	44.65%	#VALUE!	#DIV/0!		14.59%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	29.86%	33.72%	46.55%	-39.06%	46.49%	-44.38%	34.68%	-6.72%	-35.45%	80.62%	-14.61%	-12.13%	-6.46%	-6.94%	#VALUE!	#DIV/0!		-9.42%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	35.54%	33.41%	34.65%	61.49%	67.69%	293.02%	200.46%	-30.14%	-29.99%	-32.18%	-23.95%	-15.99%	-13.89%	-10.55%	#VALUE!	#DIV/0!		-14.94%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.01%	3.92%	5 Yr Med	5 Yr Cl	3.71%	3.63%	5 Yr Med	Payout	39.70%	15.70%	-12.13%					10.17%	<-IRR #YR->	5	Dividends	62.28%
* Dividends per share	10 Yr Med	and Cur.	-27.50%	-25.85%	5 Yr	and Cur.	-21.74%	-19.98%	Last Div Inc --->		$1.18	$1.24	5.08%					8.59%	<-IRR #YR->	10	Dividends	128.00%
Dividends Growth 15																		9.07%	<-IRR #YR->	15	Dividends	267.74%
Dividends Growth 20																		8.89%	<-IRR #YR->	20	Dividends	449.40%
Dividends Growth 25																		10.57%	<-IRR #YR->	25	Dividends	1132.43%
Dividends Growth 30																		10.99%	<-IRR #YR->	30	Dividends	2180.00%
Dividends Growth 35																		7.20%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		7.79%	<-IRR #YR->	39	Dividends
Dividends Growth 5								-$2.81	$0.00	$0.00	$0.00	$0.00	$4.56								Dividends Growth 5
Dividends Growth 10			-$2.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.56								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.56								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.56								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.56								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.56								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.56								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.56								Dividends Growth 40
Historical Dividends	Historical	High Div	8.46%	Low Div	2.63%	10 Yr High	7.15%	10 Yr Low	2.78%	Med Div	3.85%	Close Div	3.77%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-65.21%		11.90%	Exp.	-58.84%		5.86%	Exp.	-23.56%	Exp.	-21.88%								High/Ave/Median
Historical Dividends 1988	Historical	High Div	8.82%	Low Div	2.62%	10 Yr High	7.15%	10 Yr Low	2.78%	Med Div	3.84%	Close Div	3.77%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-66.63%		12.33%	Exp.	-58.84%		5.86%	Exp.	-23.36%	Exp.	-21.88%
Future Dividend Yield					Div Yd	$0.05	earning in	5	Years	at IRR of	10.17%	Div Inc.	62.28%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.75%	earning in	10	Years	at IRR of	10.17%	Div Inc.	163.34%								Future Dividend Yield
Future Dividend Yield					Div Yd	12.58%	earning in	15	Years	at IRR of	10.17%	Div Inc.	327.34%								Future Dividend Yield
					Div Paid	$8.05	earning in	5	Years	at IRR of	10.17%	Div Inc.	62.28%								Future Dividend Paid
					Div Paid	$13.06	earning in	10	Years	at IRR of	10.17%	Div Inc.	163.34%								Future Dividend Paid
					Div Paid	$21.20	earning in	15	Years	at IRR of	10.17%	Div Inc.	327.34%								Future Dividend Paid
					Total Div	$30.38	over	5	Years	at IRR of	10.17%	Div Cov.	18.03%								Dividend Covering Cost
					Total Div	$71.64	over	10	Years	at IRR of	10.17%	Div Cov.	42.50%								Dividend Covering Cost
					Total Div	$138.58	over	15	Years	at IRR of	10.17%	Div Cov.	82.23%								Dividend Covering Cost
Yield if held 5 years	6.90%	8.11%	6.55%	5.88%	6.18%	5.89%	5.45%	5.87%	6.73%	6.85%	6.22%	6.89%	8.03%	5.77%	5.26%	4.75%		6.20%	<-Median->	10	Paid Median Price
Yield if held 10 years	9.31%	8.25%	7.41%	7.10%	7.59%	9.97%	11.48%	9.20%	7.76%	9.34%	9.53%	8.88%	9.52%	11.62%	10.08%	7.95%		9.27%	<-Median->	10	Paid Median Price
Yield if held 15 years	12.61%	16.91%	18.98%	16.09%	15.14%	13.45%	11.69%	10.41%	9.38%	11.46%	16.12%	18.73%	14.93%	13.40%	13.75%	12.18%		14.19%	<-Median->	10	Paid Median Price
Yield if held 20 years	36.89%	36.92%	39.39%	35.42%	26.63%	18.23%	23.96%	26.67%	21.25%	22.88%	21.75%	19.07%	16.89%	16.19%	16.87%	20.61%		22.32%	<-Median->	10	Paid Median Price
Yield if held 25 years	31.06%	28.09%	37.86%	46.79%	44.31%	53.33%	52.31%	55.34%	46.79%	40.24%	29.48%	39.08%	43.27%	36.67%	33.67%	27.81%		45.55%	<-Median->	10	Paid Median Price
Yield if held 30 years				33.81%	32.44%	44.90%	39.80%	53.19%	61.81%	66.96%	86.22%	85.31%	89.81%	80.72%	59.22%	37.68%		57.50%	<-Median->	10	Paid Median Price
Yield if held 35 years									44.65%	49.02%	72.59%	64.91%	86.32%	106.64%	98.56%	110.22%		64.91%	<-Median->	5	Paid Median Price
Yield if held 40 years														77.04%	72.15%	92.80%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	28.94%	33.39%	27.25%	25.00%	27.38%	26.07%	23.84%	25.45%	30.53%	28.48%	24.84%	27.87%	33.28%	24.67%	23.91%	22.61%		26.73%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	65.73%	58.01%	52.13%	50.44%	55.82%	73.04%	83.66%	67.17%	60.22%	66.26%	64.14%	59.74%	64.88%	80.19%	74.28%	62.68%		64.51%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	105.00%	141.11%	160.76%	139.87%	138.97%	125.24%	109.18%	97.29%	92.99%	103.50%	137.43%	159.36%	129.04%	117.50%	128.76%	122.15%		127.14%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	334.44%	335.71%	364.06%	336.12%	266.93%	185.64%	245.99%	276.44%	236.26%	234.15%	212.14%	186.26%	167.27%	162.19%	180.17%	235.56%		235.20%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	314.31%	279.91%	376.43%	470.84%	466.27%	570.33%	564.69%	604.14%	548.31%	434.33%	303.40%	403.96%	455.71%	393.04%	387.17%	344.56%		468.55%	<-Median->	10	Paid Median Price
Cost covered if held 30 years				367.41%	368.36%	512.91%	454.11%	607.19%	751.14%	744.86%	914.78%	909.56%	976.17%	893.45%	703.46%	482.85%		676.03%	<-Median->	10	Paid Median Price
Cost covered if held 35 years									569.93%	572.29%	802.90%	716.49%	964.79%	1207.07%	1192.75%	1439.67%		716.49%	<-Median->	5	Paid Median Price
Cost covered if held 40 years														899.33%	900.15%	1244.81%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$7,927	$8,927	$9,652	$10,170	$11,400	$13,980	$14,473	<-12 mths	3.53%		76.36%	<-Total Growth	5	Revenue Growth	76.36%
AEPS Growth								$6.06	$8.87	$9.61	$9.60	$10.39	$11.28	$11.29	<-12 mths	0.09%		86.14%	<-Total Growth	5	AEPS Growth	86.14%
Net Income Growth								$1,923	$3,054	$3,277	$3,196	$3,663	$3,852	$4,191	<-12 mths	8.80%		100.31%	<-Total Growth	5	Net Income Growth	100.31%
Cash Flow Growth								$19,981	$6,113	-$1,922	$5,166	$4,652	$4,635					-76.80%	<-Total Growth	5	Cash Flow Growth	-76.80%
Dividend Growth								$2.81	$2.84	$3.37	$3.88	$4.24	$4.56	$4.90	<-12 mths	7.46%		62.28%	<-Total Growth	5	Dividend Growth	62.28%
Stock Price Growth								$63.94	$102.46	$92.76	$86.22	$132.80	$156.70	$168.54	<-12 mths	7.56%		145.07%	<-Total Growth	5	Stock Price Growth	145.07%
Revenue Growth			$5,746	$5,840	$6,609	$7,166	$7,432	$7,927	$8,927	$9,652	$10,170	$11,400	$13,980	$15,020	<-this year	7.44%		143.30%	<-Total Growth	10	Revenue Growth	143.30%
AEPS Growth			$4.70	$4.35	$5.45	$5.99	$6.36	$6.06	$8.87	$9.61	$9.60	$10.39	$11.28	$12.07	<-this year	7.00%		140.00%	<-Total Growth	10	AEPS Growth	140.00%
Net Income Growth			$1,504	$1,117	$1,855	$2,040	$2,140	$1,923	$3,054	$3,277	$3,196	$3,663	$3,852	$4,547	<-this year	18.04%		156.12%	<-Total Growth	10	Net Income Growth	156.12%
Cash Flow Growth			$6,375	$5,438	$1,521	$5,864	$8,280	$19,981	$6,113	-$1,922	$5,166	$4,652	$4,635					-27.29%	<-Total Growth	10	Cash Flow Growth	-27.29%
Dividend Growth			$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$4.56	$5.01	<-this year	9.87%		128.00%	<-Total Growth	10	Dividend Growth	128.00%
Stock Price Growth			$43.31	$47.88	$62.61	$59.71	$68.02	$63.94	$102.46	$92.76	$86.22	$132.80	$156.70	$168.54	<-this year	7.56%		261.81%	<-Total Growth	10	Stock Price Growth	261.81%
Dividends on Shares				$53.75	$55.75	$60.00	$65.00	$70.25	$71.00	$84.25	$97.00	$106.00	$114.00	$122.50	$124.00	$124.00		$777.00	Sum	10	Total Divs	12/31/15
Paid			$1,007.75	$1,363.25	$1,568.00	$1,401.25	$1,802.00	$1,791.00	$2,411.00	$2,280.75	$2,525.00	$3,276.00	$4,315.25	$4,213.50	$4,213.50	$4,213.50		$4,315.25	Worth 2019	10	Stock Worth	$40.31
Total																		$5,092.25	Total Return
Dividends on Shares	$298.80	$330.30	$360.00	$387.00	$401.40	$432.00	$468.00	$505.80	$511.20	$606.60	$698.40	$763.20	$820.80	$882.00	$892.80	$892.80		$8,921.70	Sum	30	Total Divs	12/31/95
Paid	$7,955.10	$8,899.20	$7,255.80	$9,815.40	$11,289.60	$10,089.00	$12,974.40	$12,895.20	$17,359.20	$16,421.40	$18,180.00	$23,587.20	$31,069.80	$30,337.20	$30,337.20	$30,337.20		$31,069.80	Worth 2019	30	Stock Worth	$5.57
Total																		$39,991.50	Total Return
Graham No. AESP	$45.63	$50.96	$54.67	$52.84	$62.16	$68.09	$71.17	$73.82	$97.82	$109.29	$114.48	$123.97	$140.97	$145.82	$154.79	$160.43		157.85%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.89	0.94	0.88	0.80	0.79	0.92	0.86	0.77	0.87	0.86	0.91	0.89	0.99	1.14				0.87	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.99	1.06	1.01	0.90	1.01	0.96	0.96	1.01	1.07	0.96	0.92	1.08	1.11	1.21				0.99	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.79	0.82	0.75	0.70	0.58	0.87	0.77	0.52	0.67	0.76	0.90	0.70	0.86	1.08				0.73	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.99	1.03	0.79	0.91	1.01	0.88	0.96	0.87	1.05	0.85	0.75	1.07	1.11	1.16	1.09	1.05		0.93	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-0.85%	3.37%	-20.78%	-9.38%	0.73%	-12.31%	-4.43%	-13.39%	4.74%	-15.13%	-24.69%	7.12%	11.16%	15.58%	8.89%	5.05%		-6.90%	<-Median->	10	Graham Price
Graham No. ESP	$47.62	$50.04	$53.55	$45.95	$61.76	$67.80	$71.06	$71.60	$98.32	$109.29	$113.16	$125.69	$133.19	$144.91	$154.22	$157.27		148.71%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.86	0.95	0.89	0.92	0.80	0.92	0.87	0.79	0.86	0.86	0.92	0.88	1.04	1.15				0.87	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.95	1.08	1.03	1.04	1.01	0.97	0.96	1.04	1.06	0.96	0.93	1.07	1.18	1.22				1.02	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.76	0.83	0.76	0.80	0.58	0.87	0.77	0.54	0.67	0.76	0.91	0.69	0.91	1.08				0.77	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.95	1.05	0.81	1.04	1.01	0.88	0.96	0.89	1.04	0.85	0.76	1.06	1.18	1.16	1.09	1.07		0.99	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-4.99%	5.27%	-19.13%	4.20%	1.38%	-11.94%	-4.28%	-10.70%	4.21%	-15.13%	-23.81%	5.66%	17.65%	16.31%	9.29%	7.17%		-1.45%	<-Median->	10	Graham Price
Month, Year	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28		39.00	<Count Years>		Month, Year
Pre-split 2014	$88.39
Price Close	$44.20	$49.44	$40.31	$54.53	$62.72	$56.05	$72.08	$71.64	$96.44	$91.23	$101.00	$131.04	$172.61	$168.54	$168.54	$168.54		328.21%	<-Total Growth	10	Stock Price
Increase	14.44%	11.87%	-18.47%	35.28%	15.02%	-10.63%	28.60%	-0.61%	34.62%	-5.40%	10.71%	29.74%	31.72%	-2.36%	0.00%	0.00%		10.92	<-Median->	10	CAPE (10 Yr P/E)
P/E	10.04	11.44	8.94	16.57	11.66	9.44	11.37	12.57	10.76	9.49	10.77	12.27	17.14	14.14	12.48	12.00		19.23%	<-IRR #YR->	5	Stock Price	140.94%
Trailing P/E	9.48	11.24	9.33	12.09	19.06	10.42	12.13	11.30	16.92	10.18	10.51	13.97	16.16	16.74	14.14	12.48		15.66%	<-IRR #YR->	10	Stock Price	328.21%
CAPE (10 Yr P/E)	10.76	10.76	10.40	10.81	10.70	10.75	10.75	10.92	10.95	10.93	10.96	11.13	12.07	12.19	12.26	12.39		22.91%	<-IRR #YR->	5	Price & Dividend	171.23%
Median 10, 5 Yrs		D.  per yr	4.00%	3.68%	% Tot Ret	20.35%	16.08%	T P/E	12.11	13.97	P/E:	11.51	10.77					19.66%	<-IRR #YR->	10	Price & Dividend	410.27%
Price 15		D.  per yr	3.45%		% Tot Ret	23.24%						CAPE Diff	29.44%					11.38%	<-IRR #YR->	15	Stock Price	403.82%
Price  20		D.  per yr	2.97%		% Tot Ret	24.57%												9.11%	<-IRR #YR->	20	Stock Price	472.31%
Price  25		D.  per yr	3.53%		% Tot Ret	24.64%												10.80%	<-IRR #YR->	25	Stock Price	1197.82%
Price  30		D.  per yr	4.29%		% Tot Ret	26.12%												12.13%	<-IRR #YR->	30	Stock Price	3001.71%
Price  35		D.  per yr	4.32%		% Tot Ret	27.56%												11.36%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	2.68%		% Tot Ret	24.01%												8.49%	<-IRR #YR->	39	Stock Price
Price & Dividend 15																		14.83%	<-IRR #YR->	15	Price & Dividend	522.45%
Price & Dividend 20																		12.08%	<-IRR #YR->	20	Price & Dividend	624.77%
Price & Dividend 25																		14.33%	<-IRR #YR->	25	Price & Dividend	1561.65%
Price & Dividend 30																		16.42%	<-IRR #YR->	30	Price & Dividend	3895.96%
Price & Dividend 35																		15.68%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		11.17%	<-IRR #YR->	39	Price & Dividend
Price  5								-$71.64	$0.00	$0.00	$0.00	$0.00	$172.61								Price  5
Price 10			-$40.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$172.61								Price 10
Price & Dividend 5								-$71.64	$2.84	$3.37	$3.88	$4.24	$177.17								Price & Dividend 5
Price & Dividend 10			-$40.31	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$177.17								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	$172.61								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	$172.61								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	$172.61								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	$172.61								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	$172.61								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	$172.61								Price  40
Price & Dividend 15	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$177.17								Price & Dividend 15
Price & Dividend 20	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$177.17								Price & Dividend 20
Price & Dividend 25	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$177.17								Price & Dividend 25
Price & Dividend 30	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$177.17								Price & Dividend 30
Price & Dividend 35	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$177.17								Price & Dividend 35
Price & Dividend 40	$1.66	$1.84	$2.00	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$177.17								Price & Dividend 40
Month, Year	Oct-13	Oct-14	Oct-15	Oct-16	Oct-17	Oct-18	Oct-19	Oct-20	Oct-21	Oct-22	Oct-23	Oct-24	Oct-25	Oct-26	Oct-27	Oct-28		39.00	<Count Years>		Month, Year
Pre-split 2014	$90.48
Price Close	$45.24	$52.68	$43.31	$47.88	$62.61	$59.71	$68.02	$63.94	$102.46	$92.76	$86.22	$132.80	$156.70	$168.54	$168.54	$168.54		261.81%	<-Total Growth	10	Stock Price
Increase	17.23%	16.45%	-17.79%	10.55%	30.76%	-4.63%	13.92%	-6.00%	60.24%	-9.47%	-7.05%	54.02%	18.00%	7.56%	0.00%	0.00%		13.72%	<-IRR #YR->	10	Stock Price	5.91%
P/E	10.28	12.19	9.60	14.55	11.64	10.05	10.73	11.22	11.44	9.65	9.19	12.43	15.56	14.14	12.48	12.00		19.64%	<-IRR #YR->	5	Stock Price	145.07%
Trailing P/E	9.71	11.97	10.03	10.62	19.03	11.10	11.45	10.09	17.98	10.35	8.97	14.16	14.67	16.74	14.14	12.48		17.69%	<-IRR #YR->	10	Price & Dividend	338.19%
Median 10, 5 Yrs		D.  per yr	3.97%	4.10%	% Tot Ret	22.44%	17.29%	T P/E	11.27	14.16	P/E:	11.33	11.44					23.74%	<-IRR #YR->	5	Price & Dividend	179.01%
			-$43.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$156.70
								-$63.94	$0.00	$0.00	$0.00	$0.00	$156.70
			-$43.31	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$161.26
								-$63.94	$2.84	$3.37	$3.88	$4.24	$161.26
Price H/L Median	$40.72	$47.74	$47.91	$42.19	$49.22	$62.41	$61.50	$56.76	$84.93	$94.28	$104.45	$110.67	$138.93	$166.49				190.01%	<-Total Growth	10	Stock Price
Increase	12.91%	17.25%	0.35%	-11.94%	16.68%	26.80%	-1.47%	-7.70%	49.63%	11.01%	10.78%	5.96%	25.54%	19.84%				11.24%	<-IRR #YR->	10	Stock Price	190.01%
P/E	9.25	11.05	10.62	12.82	9.15	10.51	9.70	9.96	9.48	9.81	11.13	10.36	13.80	13.97				19.61%	<-IRR #YR->	5	Stock Price	144.77%
Trailing P/E	8.74	10.85	11.09	9.35	14.96	11.60	10.35	8.95	14.90	10.52	10.87	11.80	13.01	16.53				15.15%	<-IRR #YR->	10	Price & Dividend	259.06%
P/E on Run. 5 yr Ave	11.36	12.07	11.24	9.96	11.24	13.31	12.08	10.65	13.14	12.90	13.06	12.48	14.26	16.11				24.23%	<-IRR #YR->	5	Price & Dividend	183.00%
P/E on Run. 10 yr Ave	14.08	15.30	14.40	12.41	13.03	15.09	13.59	11.83	15.87	16.13	16.47	15.86	18.44	19.82				9.96	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.92%	4.63%	% Tot Ret	25.86%	19.10%	T P/E	11.23	11.80	P/E:	10.16	10.36
			-$47.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$138.93
								-$56.76	$0.00	$0.00	$0.00	$0.00	$138.93
			-$47.91	$2.15	$2.23	$2.40	$2.60	$2.81	$2.84	$3.37	$3.88	$4.24	$143.49
								-$56.76	$2.84	$3.37	$3.88	$4.24	$143.49
High Months	Oct 13	Sep 14	Nov 14	Aug 16	Oct 17	Aug 18	Oct 19	Feb 20	Oct 21	Nov 21	Nov 21	Oct 24	Oct 25	Dec 25
Pre-split 2014	$90.48
Price High	$45.24	$53.88	$55.06	$47.58	$62.61	$65.63	$68.02	$74.79	$104.32	$105.44	$105.44	$134.23	$156.70	$176.10				184.60%	<-Total Growth	10	Stock Price
Increase	12.50%	19.10%	2.19%	-13.59%	31.59%	4.82%	3.64%	9.95%	39.48%	1.07%	0.00%	27.30%	16.74%	12.38%				11.03%	<-IRR #YR->	10	Stock Price	184.60%
P/E	10.28	12.47	12.21	14.46	11.64	11.05	10.73	13.12	11.64	10.97	11.24	12.57	15.56	14.77				15.94%	<-IRR #YR->	5	Stock Price	109.52%
Trailing P/E	9.71	12.25	12.75	10.55	19.03	12.20	11.45	11.80	18.30	11.77	10.97	14.31	14.67	17.49				11.64	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.00	14.31	P/E:	11.64	11.64					12.95	P/E Ratio		Historical High
			-$55.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$156.70
								-$74.79	$0.00	$0.00	$0.00	$0.00	$156.70
Low Months	Apr 13	Feb 14	Aug 15	Jan 16	Jan 17	Apr 18	Dec 18	Mar 20	Nov 20	Oct 22	Mar 23	Nov 23	Apr 25	Nov 25
Pre-split 2014	$72.39
Price Low	$36.20	$41.60	$40.75	$36.79	$35.83	$59.19	$54.97	$38.73	$65.54	$83.12	$103.45	$87.11	$121.16	$156.88				197.33%	<-Total Growth	10	Stock Price
Increase	13.43%	14.93%	-2.04%	-9.72%	-2.61%	65.20%	-7.13%	-29.54%	69.22%	26.82%	24.46%	-15.80%	39.09%	29.48%				11.51%	<-IRR #YR->	10	Stock Price	197.33%
P/E	8.23	9.63	9.04	11.18	6.66	9.96	8.67	6.79	7.31	8.65	11.03	8.16	12.03	13.16				25.62%	<-IRR #YR->	5	Stock Price	212.83%
Trailing P/E	7.77	9.45	9.43	8.16	10.89	11.00	9.25	6.11	11.50	9.28	10.76	9.29	11.34	15.58				8.65	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	10.03	10.76	P/E:	8.66	8.65					6.81	P/E Ratio		Historical Low
			-$40.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$121.16
								-$38.73	$0.00	$0.00	$0.00	$0.00	$121.16
Free Cash Flow MS old			$4,588	$8,170	$1,253	$5,375	$7,777	$19,467	$5,550	-$2,590	$4,520								<-Total Growth	8	Free Cash Flow
Change				78.07%	-84.66%	328.97%	44.69%	150.32%	-71.49%	-146.67%	274.52%									5	Change	-100.00%
Free Cash Flow MS	$423	$3,805	$1,740	$1,850	$2,160	$2,370	$2,190	$2,690	$3,060	$3,330	$3,310	$3,750						-100.00%	<-Total Growth	9	Free Cash Flow
Change	-73.18%	799.53%	-54.27%	6.32%	16.76%	9.72%	-7.59%	22.83%	13.75%	8.82%	-0.60%	13.29%						#NUM!	<-IRR #YR->	5	Free Cash Flow MS	-100.00%
FCF/CF from Op Ratio	0.61	0.92	0.27	0.34	1.42	0.40	0.26	0.13	0.50	-1.73	0.64	0.81						#NUM!	<-IRR #YR->	10	Free Cash Flow MS	-100.00%
Dividends paid	$581	$795	$672	$600	$846	$918	$992	$1,300	$1,101	$1,325	$1,503	$1,640	$1,952					190.48%	<-Total Growth	10	Dividends paid
Percentage paid				32.43%	39.17%	38.73%	45.30%	48.33%	35.98%	39.79%	45.41%	43.73%	#DIV/0!					#DIV/0!	<-Median->	9	Percentage paid
5 Year Coverage							39.07%	41.35%	41.36%	41.32%	42.67%	42.56%	55.92%								5 Year Coverage
Dividend Coverage Ratio			2.59	3.08	2.55	2.58	2.21	2.07	2.78	2.51	2.20	2.29	0.00					2.40	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								2.42	2.42	2.42	2.34	2.35	1.79								5 Year of Coverage
								-$2,690	$0	$0	$0	$0	$0
			-$1,740	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
														$3,849	<-12 mths	0.66%
Free Cash Flow WSJ			$4,060	$8,647	$3,729	$3,213	$3,004	$4,925	$9,170	$2,832	-$5,481	$316	$3,824					-5.82%	<-Total Growth	10	Free Cash Flow
Change				112.97%	-56.88%	-13.82%	-6.51%	63.94%	86.19%	-69.12%	-293.54%	105.77%	1110.13%					-4.93%	<-IRR #YR->	5	Free Cash Flow WSJ	-22.36%
FCF/CF from Op Ratio			0.64	1.59	2.45	0.55	0.36	0.25	1.50	-1.47	-1.06	0.07	0.83					-0.60%	<-IRR #YR->	10	Free Cash Flow WSJ	-5.82%
FCF per Share			$12.04	$25.58	$10.98	$9.59	$8.99	$8.99	$8.99	$8.99	$8.99	$8.99	$8.99					-25.33%	<-Total Growth	10	FCF per Share
Dividends paid			$672	$600	$846	$918	$992	$1,300	$1,101	$1,325	$1,503	$1,640	$1,952					190.48%	<-Total Growth	10	Dividends paid
Percentage paid			16.55%	6.94%	22.69%	28.57%	33.02%	26.40%	12.01%	46.79%	-27.42%	518.99%	51.05%					$0.27	<-Median->	10	Percentage paid
5 Year Coverage							17.78%	19.80%	21.45%	24.35%	43.05%	58.40%	70.55%								5 Year Coverage
Dividend Coverage Ratio			6.04	14.41	4.41	3.50	3.03	3.79	8.33	2.14	-3.65	0.19	1.96					3.26	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage						6.47	5.62	5.05	4.66	4.11	2.32	1.71	1.42								5 Year of Coverage
								-$4,925	$0	$0	$0	$0	$3,824
			-$4,060	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,824
Market Cap	$14,747	$17,347	$14,606	$16,186	$21,262	$20,007	$22,730	$21,484	$34,622	$31,221	$29,167	$45,251	$61,280	$65,910	$65,910	$65,910		319.56%	<-Total Growth	10	Market Cap
Pre-split 2014	163.524
Diluted # of Shares in Million	327.048	331.086	333.139	339.895	344.771	343.240	337.630	337.580	340.861	340.837	340.768	342.839	382.478	382.478				14.81%	<-Total Growth	10	Diluted
Change	0.40%	1.23%	0.62%	2.03%	1.43%	-0.44%	-1.63%	-0.01%	0.97%	-0.01%	-0.02%	0.61%	11.56%	0.00%				1.39%	<-IRR #YR->	10	Diluted
Difference Diluted/Basic	-0.8%	-1.1%	-1.0%	-0.7%	-1.1%	-1.1%	17.0%	5.3%	-1.1%	-1.1%	-0.9%	-0.9%	-1.0%	-1.0%				2.53%	<-IRR #YR->	5	Diluted
			-333.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	382.5
								-337.6	0.0	0.0	0.0	0.0	382.5
Pre-split 2014	162.234
Average # of Shares in Million	324.468	327.463	329.709	337.460	340.809	339.372	395.104	355.508	337.212	337.099	337.660	339.733	378.495	378.495				14.80%	<-Total Growth	10	Average
Change	0.52%	0.92%	0.69%	2.35%	0.99%	-0.42%	16.42%	-10.02%	-5.15%	-0.03%	0.17%	0.61%	11.41%	0.00%				0.39%	<-Median->	10	Change
Difference Basic/Outstanding	0.5%	0.6%	2.3%	0.2%	-0.4%	-1.3%	-15.4%	-5.5%	0.2%	-0.2%	0.2%	0.3%	3.3%	3.3%				0.01%	<-Median->	10	Difference Basic/Outstanding
Pre-split 2014	162.991
# of Share in Millions	325.983	329.297	337.236	338.053	339.592	335.071	334.172	335.998	337.912	336.582	338.285	340.744	391.066	391.066	391.066	391.066		1.49%	<-IRR #YR->	10	Shares	15.96%
Change	1.04%	1.02%	2.41%	0.24%	0.46%	-1.33%	-0.27%	0.55%	0.57%	-0.39%	0.51%	0.73%	14.77%	0.00%	0.00%	0.00%		3.08%	<-IRR #YR->	5	Shares	16.39%
CF fr Op $M	$690	$4,147	$6,375	$5,438	$1,521	$5,864	$8,280	$19,981	$6,113	-$1,922	$5,166	$4,652	$4,635	$4,635	<-12 mths			-27.29%	<-Total Growth	10	Cash Flow
Increase	-68.31%	501.01%	53.73%	-14.70%	-72.03%	285.54%	41.20%	141.32%	-69.41%	-131.44%	368.78%	-9.95%	-0.37%	0.00%	<-12 mths			SO, S. Issues	Buy Backs
5 year Running Average	$602.8	$1,506.0	$3,876.4	$3,765.4	$3,634.2	$4,669.0	$5,495.6	$8,216.8	$8,351.8	$7,663.2	$7,523.6	$6,798.0	$3,728.8	$3,433.2	<-12 mths			-3.81%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.12	$12.59	$18.90	$16.09	$4.48	$17.50	$24.78	$59.47	$18.09	-$5.71	$15.27	$13.65	$11.85	$11.85	<-12 mths			-37.30%	<-Total Growth	10	Cash Flow per Share
Increase	-68.63%	494.96%	50.11%	-14.90%	-72.16%	290.74%	41.58%	140.01%	-69.58%	-131.57%	367.43%	-10.60%	-13.19%	0.00%	<-12 mths			-3.14%	<-IRR #YR->	10	Cash Flow	-27.29%
5 year Running Average	$1.91	$4.66	$11.81	$11.29	$10.84	$13.91	$16.35	$24.46	$24.86	$22.83	$22.38	$20.15	$10.63	$9.38	<-12 mths			-25.34%	<-IRR #YR->	5	Cash Flow	-76.80%
P/CF on Med Price	19.24	3.79	2.53	2.62	10.99	3.57	2.48	0.95	4.69	-16.51	6.84	8.11	11.72	14.05	<-12 mths			-4.56%	<-IRR #YR->	10	Cash Flow per Share	-37.30%
P/CF on Closing Price	21.37	4.18	2.29	2.98	13.98	3.41	2.75	1.08	5.66	-16.24	5.65	9.73	13.22	14.22	<-12 mths			-27.57%	<-IRR #YR->	5	Cash Flow per Share	-80.07%
															244.28%	Diff M/C		-1.04%	<-IRR #YR->	10	CFPS 5 yr Running	-9.96%
Excl.Working Capital CF	$1,122	-$2,355	-$4,926	-$7,299	$108	-$7,676	-$5,775	-$34,035	-$8,820	$3,329	-$14,151	-$16,562	-$32,248	-$32,248	<-12 mths			-15.35%	<-IRR #YR->	5	CFPS 5 yr Running	-56.54%
CF fr Op $M WC	$1,812	$1,792	$1,449	-$1,861	$1,629	-$1,812	$2,505	-$14,054	-$2,707	$1,407	-$8,985	-$11,910	-$27,613	-$27,613	<-12 mths			-2005.66%	<-Total Growth	10	Cash Flow less WC
Increase	10.56%	-1.10%	-19.14%	-228.43%	187.53%	-211.23%	238.25%	-661.04%	80.74%	151.98%	-738.59%	-32.55%	-131.85%	0.00%	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow less WC	-2005.66%
5 year Running Average	$1,268.8	$1,471.4	$1,571.8	$966.2	$964.2	$239.4	$382.0	-$2,718.6	-$2,887.8	-$2,932.2	-$4,366.8	-$7,249.8	-$9,961.6	-$14,942.8	<-12 mths			14.46%	<-IRR #YR->	5	Cash Flow less WC	-96.48%
CFPS Excl. WC	$5.56	$5.44	$4.30	-$5.51	$4.80	-$5.41	$7.50	-$41.83	-$8.01	$4.18	-$26.56	-$34.95	-$70.61	-$70.61	<-12 mths			#NUM!	<-IRR #YR->	10	CF less WC 5 Yr Run	-733.77%
Increase	9.41%	-2.10%	-21.04%	-228.12%	187.14%	-212.73%	238.62%	-657.99%	80.85%	152.18%	-735.38%	-31.60%	-102.01%	0.00%	<-12 mths			29.66%	<-IRR #YR->	5	CF less WC 5 Yr Run	-266.42%
5 year Running Average	$3.92	$4.53	$4.80	$2.97	$2.92	$0.72	$1.14	-$8.09	-$8.59	-$8.71	-$12.94	-$21.43	-$27.19	-$39.71	<-12 mths			#NUM!	<-IRR #YR->	10	CFPS - Less WC	-1743.35%
P/CF on Med Price	7.33	8.77	11.15	-7.66	10.26	-11.54	8.20	-1.36	-10.60	22.55	-3.93	-3.17	-1.97	-2.36	<-12 mths			-11.04%	<-IRR #YR->	5	CFPS - Less WC	-68.81%
P/CF on Closing Price	8.14	9.68	10.08	-8.70	13.05	-11.04	9.07	-1.53	-12.79	22.19	-3.25	-3.80	-2.22	-2.39	<-12 mths			#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	-666.15%
*Operational Cash Flow			CF/CF-WC	P/CF Med	10 yr	4.13	5 yr	6.84	P/CF Med	10 yr	-2.57	5 yr	-3.17		-7.01%	Diff M/C		27.44%	<-IRR #YR->	5	CFPS 5 yr Running	-236.12%
			-337.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	391.1								Shares
								-336.0	0.0	0.0	0.0	0.0	391.1								Shares
			-$6,375	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,635								Cash Flow
								-$19,981	$0	$0	$0	$0	$4,635								Cash Flow
			-$18.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.85								Cash Flow per Share
								-$59.47	$0.00	$0.00	$0.00	$0.00	$11.85								Cash Flow per Share
			-$11.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.63								CFPS 5 yr Running
								-$24.46	$0.00	$0.00	$0.00	$0.00	$10.63								CFPS 5 yr Running
			-$1,449	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$27,613								Cash Flow less WC
								$14,054	$0	$0	$0	$0	-$27,613								Cash Flow less WC
			-$1,572	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$9,962								CF less WC 5 Yr Run
								$2,719	$0	$0	$0	$0	-$9,962								CF less WC 5 Yr Run
			-$4.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$70.61								CFPS - Less WC
								$41.83	$0.00	$0.00	$0.00	$0.00	-$70.61								CFPS - Less WC
			-$4.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$27.19								CFPS 5 yr Running
								$8.09	$0.00	$0.00	$0.00	$0.00	-$27.19								CFPS 5 yr Running
																		For banks, use Net Income, not CF
Securities at fair value through profit or loss	$524	$800	$1,203	-$3,967	-$1,572	-$3,589	-$6,006	-$16,503	-$6,485	-$2,564	-$12,619	-$15,941	-$32,183
Change in operating assets and liabilities	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Securities purchased under reverse repurchase agreements and securities borrowed	-$5,920	-$3,076	$6,823	$3,754	-$6,841	$2,630	$436	$3,211	$6,996	-$18,970	$15,226	-$5,005	-$10,826
Loans, net of securitization	-$5,893	-$7,240	-$6,156	-$13,263	-$8,982	-$9,160	-$6,221	-$10,883	-$15,661	-$23,354	-$20,252	-$21,442	-$20,817
Investments in associates and joint ventures	-$59	-$13	-$72
Deposits	$8,637	$16,392	$8,947	$10,108	$14,605	$14,159	$18,736	$26,312	$25,060	$25,456	$21,779	$45,372	$61,136
Obligations related to securities sold short	$785	-$742	-$834	-$3,126	$1,156	$2,417	-$4,931	$3,519	$3,898	$1,551	-$8,157	-$2,787	-$185
Obligations related to securities sold under repurchase agreements and securities loaned	$207	-$2,966	-$3,001	$8,857	-$869	-$1,769	$1,902	$11,959	-$16,566	$16,180	$4,874	-$170	$3,163
Derivative financial instruments, net	$124						$1,295	$778	$3,382	-$1,798	$1,287	$1,079	$105
Due from and to clients, dealers and brokers, net	$1,043	$131	$321	$400
Securitization - credit cards							$1	-$846	$49	-$37	-$29	$0	-$49
Purchased receivables	-$75		-$648	-$420	-$156
Interest and dividends receivable and interest payable	$97	-$25	-$42	$6	$19	$53	-$41	-$156	-$186	$150	$407	$128	$86
Current tax assets and liabilities	-$183	$87	-$179	$245	-$73	-$127	-$7	-$167	$272	-$437	-$313	$175	-$88
Other items	-$479	-$662	-$353	$333	$929	-$777	$421	-$445	$1,725	-$2,102	-$998	-$1,213	-$1,395
Contributions in excess of the employee pension plans expense
Provisions for credit losses	$181	$208	$228	$484	$244	$327	$347	$846	$2	$145	$397	$569	$1,246
Losses (gains) on sales of available-for-sale securities, net	-$111	-$110	-$108	-$79	-$140	$0
Losses (gains) on sales of non-trading secuirties, net						-$77	-$77	-$93	-$151	-$113	-$70	-$144	-$128
gains on deposals of investments in asso							-$79
gains on disposal of premises & eq							-$50
Sum	-$1,646	$1,984	$4,926	$7,299	-$108	$7,676	$11,732	$34,035	$8,820	-$3,329	$14,151	$16,562	$32,248
Google - TD Bank		$2,304	$4,414	$3,727	-$800	$4,087	$5,775	$17,532	$2,335	-$5,893	$14,151	$16,562	$32,248
Difference			$512	$3,572	$692	$3,589	$5,957	$16,503	$6,485	$2,564	$0	$0	$0
TD Bank (diff again in 2020		$2,629	$6,129	$3,332	-$1,680	$3,326		$34,035	$8,820	-$3,329	$14,151
Difference		-$645	-$1,203	$3,967	$1,572	$4,350		$0.0	$0.0	$0.0	$0.0
						2020	2020	2024	2024	2024
OPM	27.87%	26.15%	26.17%	19.13%	28.07%	28.47%	28.79%	24.26%	34.21%	33.95%	31.43%	32.13%	27.55%	30.27%				5.27%	<-Total Growth	10	OPM
Increase	-2.45%	-6.17%	0.08%	-26.93%	46.75%	1.43%	1.15%	-15.75%	41.02%	-0.76%	-7.44%	2.25%	-14.25%	9.87%				Should increase or be stable.
Diff from Median	-2.7%	-8.7%	-8.6%	-33.2%	-2.0%	-0.6%	0.6%	-15.3%	19.5%	18.6%	9.8%	12.2%	-3.8%	5.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	28.63%	5 Yrs	32.13%					should be zero, it is a check on calculations
														$7,092	<-12 mths	3.50%
EBIT								$3,382	$4,074	$4,704	$5,018	$5,592	$6,852	$7,363	$7,865
Change									20.46%	15.46%	6.68%	11.44%	22.53%	7.46%	6.82%
Margin								41.16%	44.69%	47.35%	47.08%	48.09%	48.85%	49.02%	49.38%
Covering Assets	$146,302	$158,886	$170,014	$210,612	$210,560	$228,621	$236,732	$296,018	$330,388	$374,819	$393,755	$436,011	$546,377	$546,377				$393,755	<-Median->	5	Covering Assets	Type
Change	3.47%	8.60%	7.00%	23.88%	-0.02%	8.58%	3.55%	25.04%	11.61%	13.45%	5.05%	10.73%	25.31%	0.00%				11.61%	<-Median->	5	Change	Lg Term R A
Debt/Covering Assets Ratio	0.70	0.75	0.76	0.66	0.74	0.75	0.80	0.73	0.73	0.71	0.73	0.76	0.78	0.78				0.73	<-Median->	5	Ratio	Lg Term R
Deposits/Total Debt Ratio	0.57	0.62	0.63	0.64	0.67	0.69	0.71	0.68	0.72	0.70	0.72	0.76	0.79	0.79				0.72	<-Median->	5	Deposits/Total Debt	Intang/GW
Long Term Debt	$101,886	$119,883	$128,830	$139,907	$156,671	$170,830	$189,566	$215,878	$240,938	$266,394	$288,173	$333,545	$428,003	$428,003					Deposits		Long Term Debt	Liquidity
Change	9.26%	17.66%	7.46%	8.60%	11.98%	9.04%	10.97%	13.88%	11.61%	10.57%	8.18%	15.74%	28.32%	0.00%				11.61%	<-Median->	5	Change	Liq. + CF
Debt/Market Cap Ratio	6.91	6.91	8.82	8.64	7.37	8.54	8.34	10.05	6.96	8.53	9.88	7.37	6.98	6.49				7.37	<-Median->	5	Debt/Market Cap Ratio	Debt Ratio
Assets/Current Liabilities Ratio	99.68	45.71	48.30	43.44	86.83	91.29	91.00	121.25	101.39	108.36	113.68	124.05	154.84	154.84				104.88	<-Median->	10	Assets/Current Liab Ratio	Leverage Bk
Current Liabilities/Asset Ratio	0.01	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01				0.01	<-Median->	10	Current Liab/Asset Ratio	Leverage
Debt to Cash Flow (Years)	147.66	28.91	20.21	25.73	103.01	29.13	22.89	10.80	39.41	0.00	55.78	71.70	92.34	92.34				34.27	<-Median->	10	Debt to Cash Flow (Years)	D/E Ratio
Intangibles	$898	$998	$1,059	$1,140	$1,239	$1,314	$1,406	$1,434	$1,504	$1,360	$1,256	$1,233	$1,748	$1,748				65.06%	<-Total Growth	10	Intangibles
Goodwill	$1,064	$1,272	$1,277	$1,412	$1,409	$1,412	$1,412	$1,414	$1,510	$1,519	$1,521	$1,522	$3,101	$3,101				142.83%	<-Total Growth	10	Goodwill
Total	$1,962	$2,270	$2,336	$2,552	$2,648	$2,726	$2,818	$2,848	$3,014	$2,879	$2,777	$2,755	$4,849	$4,849				107.58%	<-Total Growth	10	Total
Change	6.57%	15.70%	2.91%	9.25%	3.76%	2.95%	3.37%	1.06%	5.83%	-4.48%	-3.54%	-0.79%	76.01%	0.00%				3.16%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.13	0.13	0.16	0.16	0.12	0.14	0.12	0.13	0.09	0.09	0.10	0.06	0.08	0.07				0.11	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,596	$9,964	$8,908	$9,405	$10,012	$14,111	$15,050	$30,775	$35,831	$35,119	$39,979	$36,892	$31,548	$31,548				Liquidity ratio of 1.5 and up, best			See other Assets too
Current Liabilities	$1,888	$4,494	$4,474	$5,346	$2,831	$2,875	$3,093	$2,735	$3,509	$3,726	$3,726	$3,726	$3,726	$3,726				8.95	<-Median->	10	Ratio	(+ Other Assets)
Liquidity Ratio	1.90	2.22	1.99	1.76	3.54	4.91	4.87	11.25	10.21	9.43	10.73	9.90	8.47	8.47				9.90	<-Median->	5	Ratio	(Other Liab
Liq. with CF aft div	1.98	3.01	3.27	2.64	3.81	6.67	7.26	18.21	11.68	7.23	11.76	10.76	9.23	9.20				10.76	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.98	3.01	1.45	1.47	3.81	4.35	2.40	8.19	11.68	5.56	11.52	3.62	3.18	9.20				5.56	<-Median->	5	Ratio
Assets	$188,204	$205,429	$216,090	$232,206	$245,827	$262,471	$281,458	$331,625	$355,795	$403,740	$423,578	$462,226	$576,919	$576,919				Debt Ratio of 1.5 and up, best
Liabilities	$179,043	$194,927	$204,735	$220,104	$232,269	$248,116	$266,322	$315,242	$336,939	$381,994	$399,900	$436,676	$543,150	$543,150				1.06	<-Median->	10	Ratio
Debt Ratio	1.05	1.05	1.06	1.05	1.06	1.06	1.06	1.05	1.06	1.06	1.06	1.06	1.06	1.06				1.06	<-Median->	5	Ratio
Estimates BVPS														$83.79	$90.04	$92.31			Estimates		Estimates BVPS
Estimate Book Value														$32,767.4	$35,211.6	$36,099.3			Estimates		Estimate Book Value
P/B Ratio (Close)														2.01	1.87	1.83			Estimates		P/B Ratio (Close)
Difference from 10 year median															17.36%	Diff M/C			Estimates		Difference from 10 yr med.
Check Total BV	$9,161	$10,502	$11,355	$12,102	$13,558	$14,355	$15,136											-100.00%	<-Total Growth	4	Check Total BV
Total Book Value	$9,161	$10,502	$11,355	$12,102	$13,558	$14,355	$15,136	$16,383	$18,856	$21,746	$23,678	$25,550	$33,769	$33,769				197.39%	<-Total Growth	10	Total Book Value
NCI	$1,018	$795	$801	$810	$808	$379	$358	$3	$3	$2	$2	$0	$0	$0				-100.00%	<-Total Growth	10	NCI
Book Value & Pref	$8,143	$9,707	$10,554	$11,292	$12,750	$13,976	$14,778	$16,380	$18,853	$21,744	$23,676	$25,550	$33,769	$33,769	$33,769	$33,769		219.96%	<-Total Growth	10	Book Value & Pref
Preferred Shares	$677	$1,223	$1,023	$1,650	$2,050	$2,450	$2,949	$2,950	$2,650	$3,150	$3,150	$3,150	$3,150	$3,150	$3,150	$3,150		207.92%	<-Total Growth	10	Preferred Shares
Book Value	$7,466	$8,484	$9,531	$9,642	$10,700	$11,526	$11,829	$13,430	$16,203	$18,594	$20,526	$22,400	$30,619	$30,619	$30,619	$30,619		221.26%	<-Total Growth	10	Book Value
Pre-split 2014
Book Value per share	$22.90	$25.76	$28.26	$28.52	$31.51	$34.40	$35.40	$39.97	$47.95	$55.24	$60.68	$65.74	$78.30	$78.30	$78.30	$78.30		177.04%	<-Total Growth	10	Book Value per share
Change	14.41%	12.49%	9.70%	0.92%	10.47%	9.17%	2.90%	12.92%	19.96%	15.21%	9.83%	8.34%	19.10%	0.00%	0.00%	0.00%		25.59%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	1.78	1.85	1.70	1.48	1.56	1.81	1.74	1.42	1.77	1.71	1.72	1.68	1.77	2.13	0.00	0.00		1.62	P/B Ratio		Historical Median
P/B Ratio (Close)	1.98	2.04	1.53	1.68	1.99	1.74	1.92	1.60	2.14	1.68	1.42	2.02	2.00	2.15	2.15	2.15		10.73%	<-IRR #YR->	10	Book Value per share	177.04%
Change	2.46%	3.52%	-25.05%	9.54%	18.37%	-12.65%	10.70%	-16.75%	33.58%	-21.42%	-15.37%	42.16%	-0.93%	7.56%	0.00%	0.00%		14.39%	<-IRR #YR->	5	Book Value per share	95.89%
Leverage Bank			3.7%	3.7%	4.0%	4.0%	4.0%	4.4%	4.4%	4.5%	4.4%	4.4%	4.5%	4.4%
Leverage (A/BK)	20.54	19.56	19.03	19.19	18.13	18.28	18.60	20.24	18.87	18.57	17.89	18.09	17.08	17.08				18.43	<-Median->	10	A/BV
Debt/Equity Ratio	19.54	18.56	18.03	18.19	17.13	17.28	17.60	19.24	17.87	17.57	16.89	17.09	16.08	16.08				17.43	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.71	5 yr Med	1.72		25.59%	Diff M/C		19.32	Historical		Leverage (A/BK)
			-$28.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$78.30
								-$39.97	$0.00	$0.00	$0.00	$0.00	$78.30
Comprehensive Income	$1,566	$1,636	$1,538	$1,011	$2,046	$2,372	$2,011	$2,153	$3,777	$4,065	$3,295	$3,391	$3,916					154.62%	<-Total Growth	10	Comprehensive Income
NCI	$75	$69	$72	$80	$80	$88	$65	$54	-$13	-$1	-$2	-$1	$0					-100.00%	<-Total Growth	10	NCI
Shareholders	$1,491	$1,567	$1,466	$931	$1,966	$2,284	$1,946	$2,099	$3,790	$4,066	$3,297	$3,392	$3,916					167.12%	<-Total Growth	10	Comprehensive Income
Increase	19.66%	5.10%	-6.45%	-36.49%	111.17%	16.17%	-14.80%	7.86%	80.56%	7.28%	-18.91%	2.88%	15.45%					13.9%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$1,208	$1,319	$1,391	$1,340	$1,484	$1,643	$1,719	$1,845	$2,417	$2,837	$3,040	$3,329	$3,692					10.32%	<-IRR #YR->	10	Comprehensive Income	167.12%
ROE	16.3%	14.9%	12.9%	7.7%	14.5%	15.9%	12.9%	12.8%	20.1%	18.7%	13.9%	13.3%	11.6%					13.28%	<-IRR #YR->	5	Comprehensive Income	86.57%
5Yr Median	14.3%	14.9%	14.9%	14.9%	14.5%	14.5%	12.9%	12.9%	14.5%	15.9%	13.9%	13.9%	13.9%					10.25%	<-IRR #YR->	10	5 Yr Running Average	165.36%
% Difference from NI	-15.6%	-11.4%	-18.2%	-33.6%	-16.4%	-10.1%	-28.9%	-10.5%	6.6%	6.1%	-10.6%	-18.8%	-7.8%					14.88%	<-IRR #YR->	5	5 Yr Running Average	100.10%
Median Values										Diff	5, 10 yr	-10.5%	-7.8%					13.9%	<-Median->	5	Return on Equity
			-$1,466	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,916
								-$2,099	$0	$0	$0	$0	$3,916
			-$1,391	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,692
								-$1,845	$0	$0	$0	$0	$3,692
Current Liability Coverage Ratio	0.96	0.40	0.32	-0.35	0.58	-0.63	0.81	-5.14	-0.77	0.38	-2.41	-3.20	-7.41	-7.41							CFO / Current Liabilities
5 year Median	0.55	0.55	0.55	0.40	0.40	0.32	0.32	-0.35	-0.63	-0.63	-0.77	-2.41	-2.41	-3.20				-2.41	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	0.96%	0.87%	0.67%	-0.80%	0.66%	-0.69%	0.89%	-4.24%	-0.76%	0.35%	-2.12%	-2.58%	-4.79%	-4.79%							CFO / Total Assets
5 year Median	0.75%	0.87%	0.87%	0.87%	0.67%	0.66%	0.66%	-0.69%	-0.69%	-0.69%	-0.76%	-2.12%	-2.12%	-2.58%				-2.1%	<-Median->	5	Return on Assets
Return on Assets ROA	0.76%	0.70%	0.70%	0.48%	0.75%	0.78%	0.76%	0.58%	0.86%	0.81%	0.75%	0.79%	0.67%	0.79%				Net	Income/Assets		Return on Assets
5Yr Median	0.72%	0.72%	0.72%	0.70%	0.70%	0.70%	0.75%	0.75%	0.76%	0.78%	0.76%	0.79%	0.79%	0.79%				0.8%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	19.27%	16.84%	15.78%	11.58%	17.34%	17.70%	18.09%	14.32%	18.85%	17.62%	15.57%	16.35%	12.58%	14.85%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	17.13%	17.13%	17.13%	16.84%	16.84%	16.84%	17.34%	17.34%	17.70%	17.70%	17.62%	16.35%	16.35%	15.57%				16.4%	<-Median->	5	Return on Equity
														$4,191	<-12 mths	4.33%
Net Income	$1,554	$1,538	$1,619	$1,256	$2,024	$2,232	$2,322	$2,083	$3,177	$3,383	$3,335	$3,816	$4,017	$4,712	$5,180	$4,853
NCI	$75	$69	$70	$75	$84	$87	$66	$42	$0	-$1	-$2	-$1	$0	$0	$0	$0
Preferred	$40	$40	$45	$64	$85	$105	$116	$118	$123	$107	$141	$154	$165	$165	$165	$165
Shareholders	$1,439	$1,429	$1,504	$1,117	$1,855	$2,040	$2,140	$1,923	$3,054	$3,277	$3,196	$3,663	$3,852	$4,547	$5,015	$4,688		156.12%	<-Total Growth	10	Net Income
Increase	-5.20%	-0.69%	5.25%	-25.73%	66.07%	9.97%	4.90%	-10.14%	58.81%	7.30%	-2.47%	14.61%	5.16%	18.04%	10.29%	-6.52%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,170	$1,297	$1,403	$1,401	$1,469	$1,589	$1,731	$1,815	$2,202	$2,487	$2,718	$3,023	$3,408	$3,707	$4,055	$4,353		9.86%	<-IRR #YR->	10	Net Income	156.12%
Operating Cash Flow	$690	$4,147	$6,375	$5,438	$1,521	$5,864	$8,280	$19,981	$6,113	-$1,922	$5,166	$4,652	$4,635					14.91%	<-IRR #YR->	5	Net Income	100.31%
Investment Cash Flow	$370	$455	-$5,620	-$4,260	$840	-$1,531	-$6,253	-$3,349	$1,392	-$1,456	-$80	-$7,336	-$7,080					9.28%	<-IRR #YR->	10	5 Yr Running Average	142.90%
Total Accruals	$379	-$3,173	$749	-$61	-$506	-$2,293	$113	-$14,709	-$4,451	$6,655	-$1,890	$6,347	$6,297					13.43%	<-IRR #YR->	5	5 Yr Running Average	87.79%
Total Assets	$188,204	$205,429	$216,090	$232,206	$245,827	$262,471	$281,458	$331,625	$355,795	$403,740	$423,578	$462,226	$576,919						Balance Sheet		Assets
Accruals Ratio	0.20%	-1.54%	0.35%	-0.03%	-0.21%	-0.87%	0.04%	-4.44%	-1.25%	1.65%	-0.45%	1.37%	1.09%					1.09%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.79	0.79	1.05	-0.60	1.12	-1.10	0.85	-0.14	-1.12	2.30	-0.35	-0.31	-0.14					-0.22	<-Median->	10	EPS/CF Ratio
			-$1,504	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,852
								-$1,923	$0	$0	$0	$0	$3,852
			-$1,403	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,408
								-$1,815	$0	$0	$0	$0	$3,408
Chge in Close	17.23%	16.45%	-17.79%	10.55%	30.76%	-4.63%	13.92%	-6.00%	60.24%	-9.47%	-7.05%	54.02%	18.00%	7.56%	0.00%	0.00%			Count	39	Years of data
up/down																			Count	8	20.51%
Meet Prediction?																		% right	Count	2	25.00%
Financial Cash Flow	-$690	-$712	-$1,026	-$533	-$1,535	-$645	-$1,261	-$1,232	-$1,739	-$381	-$2,267	-$1,097	-$1,175						C F Statement		Financial CF
Total Accruals	$1,069	-$2,461	$1,775	$472	$1,029	-$1,648	$1,374	-$13,477	-$2,712	$7,036	$377	$7,444	$7,472								Accruals
Accruals Ratio	0.57%	-1.20%	0.82%	0.20%	0.42%	-0.63%	0.49%	-4.06%	-0.76%	1.74%	0.09%	1.61%	1.30%					1.30%	<-Median->	5	Ratio
Cash	$3,596	$8,086	$7,567	$8,183	$8,802	$12,756	$13,698	$29,142	$33,879	$31,870	$35,234	$31,549	$27,916	$27,916							Cash
Cash per Share	$11.03	$24.56	$22.44	$24.21	$25.92	$38.07	$40.99	$86.73	$100.26	$94.69	$104.15	$92.59	$71.38	$71.38				$94.69	<-Median->	5	Cash per Share
Percentage of Stock Price	24.38%	46.61%	51.81%	50.56%	41.40%	63.76%	60.26%	135.65%	97.85%	102.08%	120.80%	69.72%	45.55%	42.35%				97.85%	<-Median->	5	% of Stock Price
Notes:
January 11, 2026.  Last estimates were for 2025, 2026, 2027 of $12,291M, $14140M 2025/6 Re venue, $10.38, $10.96, $11.67 AEPS, $10.40, $11.03, $9.65 EPS,
$4.63, $4.93, $5.05 Dividends, $6294M, $7062M 2025/6 EBIT, $71.79, $76.86, $72.04 BVPS, $3225M, $3309M, $3288M Net Income.
January 11,  2025.  Last estimates were for 2024, 2025 and 2026 of $11024M, $11464M, $12750M Adj Revenue, Revenue, $9.57, $10.10, $11.56 AEPS,
$9.54, $10.15, $10.64 EPS, $4.32, $4.56, $4.76 Dividends, $65.50, $70.80, $73.60 BVPS, $3270M, $3461M, $3309M Net Income.
January 13, 2024.  Last estimates were for 2023, 2024 and 2025 of $10520M, $11077M and $1140M for Revenue, $9.63, $10.12 and $9.85 for AEPS,
$9.56, $10.00 and $9.85 for EPS, $3.97, $4.19 and $4.20 for Dividends, $60.70 and 66.70 2023/4 for BVPS, $3230M, $3384M and $3359M for Net Income.
January 12, 2023.  Last estimates were for 2022,  2023 and 2024 of $9499M, $10184M 2022/23 for Revenue, $9.02, $9.46 and $9.67 for EPS,
$3.63, $4.00 and 4.02, $52.70, 57.250 and 54.70 for CFPS, and $3060M, $3175M and $3297M for Net Income.
January 9, 2022.  Last estimates were for for 2021 and 2022 of $8240M and $8691M for Revenue, $6.58, $7.18 and $8.14 for EPS,
$2.84, $2.88 and $2.97 for Dividends and $2227M, and $2428M for Net Income.
January 10, 2021.  Last estimates were for 2020, 2021 and 2022 of $7881M, $8350M, and $8735M for Revenue,
$6.63, $6.95 and $7.96. for EPS, $6.62 for CFPS for 2020 and $2221M, $2360M and $2660M for Net Income.
January 11, 2020.  Last Estimates were for 2019, 2020 and 2021 of $7667M, $8024M and $8316M for Revenue, $6.29, $6.61 and $7.74 for EPS,
$13.01, And 6.62 for CFPS for 2019 and 2020 $2147M and $2273M for Net Income for 2019 and 2020.
January 15, 2019.  Last estimates were for 2018, 2019 and 2020 of $7190M, $7549M and $7844M for Revenue, $5.76, $6.13 and $6.84 for EPS,
$12.50,  $13.01 and $6.62 for CFPS and $1990M and $2114M for Net Income.
January 14, 2018.  Last estimates were for 2017, 2018 and 2019 of $6561M, $6804M and $7056M for Revenue, $5.05, $5.35 and $5.56 for EPS,
$11.30, $11.70 and $5.71 for CFPS, $1726m and $1845M for Net Income for 2017 and 2018.
January 21, 2017.  Last estimates were for 2016 and 2017 of $6143M, $6439M and $6700M for Revenue for 2016, 2017 and 2018, $4.78 and $5.03 for EPS,
$10.50 and $5.09 for CFPS and $1635M, $1699M for Net Income.
January 17, 2016.  Last estimates were for 2015, 2016 and 2017 of $5809M, $6148M and $6426M for Revenue, $4.64, $4.98 and $5.61 for EPS,
$10.50, $11.20 and $5.14 for CFPS, $1559M, $1679M and $1828M for Net Income.
January 17, 2015.  Last estimates were for 2014, 2015 and 2016 of $5441M, $5755M, and $6714M for Revenue, $8.78, $9.37 and $10.90 for EPS
and $1426M, $1524M and $1687M for Net Income
January 18, 2014.  Last estimates were for 2013 and 2014 of $5260M and $5493M for Revenue and $8.14 and $8.65 for EPS
Sector:
Bank, Financial Services
What should this stock accomplish?
I would expect dividends to be moderate to good with moderate dividend growth over the longer term.
Would I buy this company and Why.
If I was looking for another bank, I would certainly consider this one.  The only reason I do not own it is that I have enough bank stock with the 3 banks I own.
Why am I following this stock.
I thought I should follow one of the smaller Canadian Banks.  This seems like a good choice.
Dividends
Dividends are paid in Cycle 2, which is November, February, May, and August.   Dividends are declared for sharholders of one month for payment in two month's time.
For example, the dividend payable on February 1, 2014 was for shareholders of record of December 27, 2013.  (The ex-dividend date was December 23, 2014.)
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.
Really hard to find information on the points I wanted to hit.
Each subsidiaries seems to have its own mission to provide clients with sound advise and information.
As a key driver of social and economic development in Canada, National Bank provides significant support to the community by assisting several Canadian organizations that are particularly active with young people.
For employees it says that working together, succeeding together means joining a company that believes in the future and continuously adds value for its clients and community.
For why investor should invest in this bank, the bank says that National Bank of Canada is an integrated group that provides comprehensive financial services to consumers,
small and medium-sized enterprises and large corporations in its core market, while offering specialized services elsewhere in the world.
How they make their money.
National Bank of Canada is the sixth-largest bank in Canada. It is a diversified financial services company, offering personal and commercial banking,
wealth management, and capital markets services. The bank derives around 45% of its 2025 revenue from the province of Quebec, with additional
operations in the rest of Canada and the United States.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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		Used to be Sub. Executive	Change
Date	2018	Jan 15	2019	Jan 11	2020	Jan 10	2021	Jan 9	2022	Jan 12	2023	Jan 13	2024	Jan 11	2025			Jan 11	2026		Under directors
Ferreira, Laurent						0.046	0.01%	0.071	0.02%	0.086	0.03%	0.109	0.03%	0.133	0.03%			0.197	0.05%			47.58%
CEO - Shares - Amount							$4.754		$6.623		$7.449		$14.428		$20.894				$33.166		See "about us"
Options - percentage						0.513	0.15%	0.578	0.17%	0.730	0.22%	0.857	0.25%	0.936	0.24%			0.968	0.25%			3.40%
Options - amount							$52.550		$53.608		$62.964		$113.874		$146.667				$163.114
Vachon, Louis	0.05%	0.253	0.08%	0.284	0.08%	0.316	0.09%														Executives under Office of
CEO - Shares - Amount	$10.510		$17.183		$18.168		$32.360														the President
Options - percentage	0.86%	2.636	0.79%	2.508	0.75%	2.440	0.72%														Ceases insider Oct 2021
Options - amount	$172.851		$179.322		$160.352		$250.037
Gingras, Marie Chantal								0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%			0.004	0.00%		Shown after Directors	88.39%
CFO - Shares - Amount									$0.154		$0.156		$0.257		$0.328				$0.665
Options - percentage								0.125	0.04%	0.176	0.05%	0.205	0.06%	0.225	0.06%			0.235	0.06%			4.24%
Options - amount									$11.584		$15.167		$27.257		$35.289				$39.563
Parent, Ghislain	0.00%	0.006	0.00%	0.009	0.00%	0.006	0.00%	0.006	0.00%	0.006	0.00%										Was CFO, to 2022
Officer - Shares - Amount	$0.358		$0.408		$0.575		$0.615		$0.557		$0.517										now VP International
Options - percentage	0.09%	0.360	0.11%	0.348	0.10%	0.392	0.12%	0.399	0.12%	0.457	0.14%										Non insider June 2023
Options - amount	$18.938		$24.510		$22.280		$40.189		$36.994		$39.390
Blanchet, Lucie										0.002	0.00%	0.002	0.00%	0.002	0.00%			0.005	0.00%			109.43%
Officer - Shares - Amount											$0.145		$0.254		$0.341				$0.767
Options - percentage										0.342	0.10%	0.383	0.11%	0.376	0.10%			0.385	0.10%			2.40%
Options - amount											$29.493		$50.830		$58.898				$64.870
Bonnell, William	0.00%	0.005	0.00%	0.006	0.00%	0.008	0.00%	0.009	0.00%	0.008	0.00%	0.008	0.00%	0.015	0.00%						Last report Nov 2024	-100.00%
Officer - Shares - Amount	$0.314		$0.371		$0.360		$0.804		$0.807		$0.710		$1.121		$2.285
Options - percentage	0.18%	0.152	0.05%	0.399	0.12%	0.416	0.12%	0.417	0.12%	0.451	0.13%	0.476	0.14%	0.451	0.12%							-100.00%
Options - amount	$35.072		$10.359		$25.517		$42.604		$38.680		$38.859		$63.198		$70.645
Denham, Michael														0.002	0.00%			0.002	0.00%			0.00%
Officer - Shares - Amount															$0.276				$0.297
Options - percentage														0.052	0.01%			0.075	0.02%			43.84%
Options - amount															$8.158				$12.622
Curadeau-Grou, Patricia												0.022	0.01%	0.022	0.01%			0.022	0.01%			0.00%
Director - Shares - Amount													$2.857		$3.371				$3.626
Options - percentage												0.452	0.13%	0.364	0.09%			0.366	0.09%			0.76%
Options - amount													$60.000		$56.997				$61.768
Bertrand, Maryse	0.00%	0.011	0.00%	0.002	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%								Ceased insider Apr 2024	#DIV/0!
Director - Shares - Amount	$0.659		$0.761		$0.124		$1.182		$1.083		$1.021		$1.598
Options - percentage	0.00%	0.016	0.00%	0.010	0.00%	0.023	0.01%	0.026	0.01%	0.028	0.01%	0.031	0.01%									#DIV/0!
Options - amount	$0.779		$1.112		$0.671		$2.360		$2.375		$2.449		$4.173
Boivin, Pierre										0.018	0.01%	0.019	0.01%	0.020	0.01%			0.021	0.01%			3.58%
Director - Shares - Amount											$1.592		$2.551		$3.135				$3.493
Options - percentage										0.023	0.01%	0.026	0.01%	0.028	0.01%			0.030	0.01%			7.68%
Options - amount											$1.956		$3.397		$4.403				$5.099
Pare, Robert										0.008	0.00%	0.014	0.00%	0.014	0.00%			0.018	0.00%		new 2024 for Chairman	30.86%
Chairman - Shares - Amt											$0.730		$1.808		$2.133				$3.002
Options - percentage										0.010	0.00%	0.013	0.00%	0.017	0.00%			0.021	0.01%			23.46%
Options - amount											$0.858		$1.773		$2.691				$3.574
Houde, Jean	0.01%	0.025	0.01%	0.026	0.01%	0.026	0.01%	0.026	0.01%	0.026	0.01%
Chairman - Shares - Amt	$1.511		$1.732		$1.640		$2.648		$2.411		$2.257
Options - percentage	0.00%	0.005	0.00%	0.007	0.00%	0.009	0.00%	0.010	0.00%	0.011	0.00%
Options - amount	$0.197		$0.336		$0.428		$0.876		$0.923		$0.987
Increase in O/S Shares	1.25%	3.130	0.93%	2.951	0.88%	2.319	0.69%	1.930	0.57%	1.194	0.35%	1.678	0.50%	2.298	0.67%			1.509	0.44%		Issued pursuant to the Stock Option Plan
due to SO Price	$265.410		$186.887		$200.722		$148.272		$197.751		$110.724		$144.705		$305.121				$200.332
Book Value	$179.000		$128.000		$122.000		$111.000		$104.000		$61.000		$95.000		$146.000				$114.000		Issuances of common shares pursuant to the Stock Option Plan
Insider Buying	-$6.356		-$2.164		-$0.047		-$7.848		-$0.126		-$1.473		-$0.631		-$0.195				-$3.887
Insider Selling	$49.465		$39.824		$39.256		$21.884		$5.121		$3.285		$5.406		$4.962				$8.631
Net Insider Selling	$43.109		$37.660		$39.210		$14.036		$4.995		$1.811		$4.775		$4.767				$4.744
% of Market Cap	0.22%		0.17%		0.18%		0.04%		0.02%		0.01%		0.01%		0.01%				0.01%
Directors		13		14		15		15		15		14		14				16
Women	36%	4	31%	5	36%	5	33%	5	33%	6	40%	6	43%	6	43%			7	44%
Minorities	0%	0	0%	0	0%	0	0%	1	7%	1	7%	1	7%	1	7%			2	13%
Institutions/Holdings	29.19%	279	29.19%	20	18.44%	20	21.32%	20	22.11%	20	26.46%	20	43.71%	20	22.33%			20	22.53%
Total Shares Held	29.63%	92.310	27.62%	61.824	18.40%	71.628	21.20%	74.708	22.20%	89.088	26.34%	147.846	43.39%	76.042	19.44%			-3.883	-0.99%
Increase/Decrease	0.00%	0.595	0.65%	-1.236	-1.96%	2.143	3.08%	0.335	0.45%	2.747	3.18%	99.385	205.08%	-0.016	-0.02%			-0.016	0.40%
Starting No. of Shares		91.715		63.059	top 20 MS	69.485	top 20 MS	74.373	top 20 MS	86.341	top 20 MS	48.461	top 20 MS	76.058	top 20 MS			-3.868	top 20 MS
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