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.														Q2 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
North West Company					TSX:	NWC	OTC:	NWTUF	https://www.northwest.ca			Fiscal Yr:	Jan 31
Year	1/31/12	1/31/13	1/31/14	1/31/15	1/31/16	1/31/17	1/31/18	1/31/19	1/31/20	1/31/21	1/31/22	1/31/23	1/31/24	1/31/25	1/31/26	1/31/27		Value	Description	#Y	Item	Total G
Annual report	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Split Date
split
Cost of Sales	$1,067.15	$1,068.94	$1,088.07	$1,160.18	$1,273.42	$1,302.60	$1,367.66	$1,372.94	$1,430.00	$1,584.69	$1,511.05	$1,604.85	$1,662.26	$1,684.59	<-12 mths			52.77%	<-Total Growth	10	Cost of Sales
Change		0.17%	1.79%	6.63%	9.76%	2.29%	4.99%	0.39%	4.16%	10.82%	-4.65%	6.21%	3.58%	1.34%	<-12 mths			0.05	<-Median->	10	Change
Ratio	0.71	0.71	0.71	0.71	0.71	0.71	0.70	0.68	0.68	0.67	0.67	0.68	0.67	0.65	<-12 mths			0.68	<-Median->	10	Ratio
Selling, Operating & Admin Expenses	$338.67	$348.14	$354.99	$366.75	$415.29	$423.37	$472.12	$510.64	$534.05	$565.20	$517.33	$567.61	$613.52	$613.52	<-12 mths			72.83%	<-Total Growth	10	Selling, Operating & Admin Expenses
Change		2.79%	1.97%	3.31%	13.24%	1.94%	11.51%	8.16%	4.58%	5.83%	-8.47%	9.72%	8.09%	0.00%	<-12 mths			0.07	<-Median->	10	Change
Ratio	0.23	0.23	0.23	0.23	0.23	0.23	0.24	0.25	0.25	0.24	0.23	0.24	0.25	0.24	<-12 mths			0.24	<-Median->	10	Ratio
Total	$1,405.8	$1,417.1	$1,443.1	$1,526.9	$1,688.7	$1,726.0	$1,839.8	$1,883.6	$1,964.0	$2,149.9	$2,028.4	$2,172.5	$2,275.8	$2,298.1	<-12 mths			57.70%	<-Total Growth	10	Total
Change		0.80%	1.83%	5.81%	10.60%	2.21%	6.59%	2.38%	4.27%	9.46%	-5.65%	7.10%	4.76%	0.98%	<-12 mths			0.05	<-Median->	10	Change
Ratio	0.94	0.94	0.94	0.94	0.94	0.94	0.94	0.94	0.94	0.91	0.90	0.92	0.92	0.91	<-12 mths			0.94	<-Median->	10	Ratio
														$2,524.0	<-12 mths	2.12%
Revenue*	$1,495.1	$1,513.6	$1,543.1	$1,624.4	$1,796.0	$1,844.1	$1,953.7	$2,013.5	$2,094.4	$2,359.2	$2,248.8	$2,352.8	$2,471.7	$2,593	$2,711			60.17%	<-Total Growth	10	Revenue
Increase	3.25%	1.24%	1.95%	5.27%	10.57%	2.68%	5.95%	3.06%	4.02%	12.65%	-4.68%	4.62%	5.05%	4.91%	4.55%			4.82%	<-IRR #YR->	10	Revenue	60.17%
5 year Running Average	$1,368.9	$1,458.8	$1,488.9	$1,524.9	$1,594.5	$1,664.3	$1,752.3	$1,846.4	$1,940.4	$2,053.0	$2,133.9	$2,213.7	$2,305.4	$2,405.1	$2,475.4			4.19%	<-IRR #YR->	5	Revenue	22.76%
Revenue per Share	$30.91	$31.28	$31.87	$33.49	$37.01	$37.99	$40.13	$41.30	$42.96	$48.53	$46.97	$49.27	$51.80	$54.35	$56.82			4.47%	<-IRR #YR->	10	5 yr Running Average	54.84%
Increase	3.25%	1.22%	1.87%	5.11%	10.51%	2.64%	5.62%	2.93%	4.02%	12.96%	-3.22%	4.90%	5.14%	4.91%	4.55%			4.54%	<-IRR #YR->	5	5 yr Running Average	24.86%
5 year Running Average	$28.30	$30.15	$30.77	$31.50	$32.91	$34.33	$36.10	$37.99	$39.88	$42.18	$43.98	$45.81	$47.91	$50.18	$51.84			4.98%	<-IRR #YR->	10	Revenue per Share	62.57%
P/S (Price/Sales) Med	0.66	0.69	0.78	0.73	0.72	0.75	0.77	0.71	0.71	0.55	0.72	0.73	0.67	0.82	0.00			4.64%	<-IRR #YR->	5	Revenue per Share	25.43%
P/S High Price	0.73	0.75	0.86	0.79	0.80	0.86	0.83	0.78	0.77	0.76	0.79	0.81	0.77	0.96	0.00			0.79	<-Median->	10	P/S High Price	55.70%
P/S Low Price	0.59	0.63	0.71	0.66	0.63	0.64	0.71	0.65	0.64	0.34	0.64	0.65	0.58	0.69	0.00			0.64	<-Median->	10	P/S Low Price	26.12%
P/S (Price/Sales) Closing	0.63	0.74	0.80	0.79	0.82	0.77	0.73	0.75	0.64	0.73	0.75	0.74	0.75	0.95	0.91			4.53%	<-IRR #YR->	10	5 yr Running Average
*Sales in M CDN $				P/S Med	20 yr	0.63	15 yr	0.64	P/S Med	10 yr	0.72	5 yr	0.71		32.76%	Diff M/C		4.75%	<-IRR #YR->	5	5 yr Running Average
			-$1,543	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,472
								-$2,013	$0	$0	$0	$0	$2,472
			-$1,489	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,305
								-$1,846	$0	$0	$0	$0	$2,305
			-$31.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.80
								-$41.30	$0.00	$0.00	$0.00	$0.00	$51.80
			-$30.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$47.91
								-$37.99	$0.00	$0.00	$0.00	$0.00	$47.91
														$151.02	<-12 mths	2.72%
														$3.14	<-12 mths	3.43%
TD  says											$150.04	$132.33	$147.02
Adjusted Profit CDN$	$58.0	$65.1	$64.3	$62.9	$75.2	$79.6	$84.6	$81.7	$75.4	$144.8	$153.4	$136.0	$147.0
Basic	$1.20	$1.35	$1.33	$1.30	$1.55	$1.64	$1.72	$1.68	$1.55	$2.97	$3.18	$2.86	$3.08					131.51%	<-Total Growth	10	AEPS
AEPS* Dilued	$1.19	$1.34	$1.32	$1.29	$1.54	$1.63	$1.70	$1.66	$1.53	$2.92	$3.06	$2.72	$3.04	$3.08	$3.47	$4.03		129.97%	<-Total Growth	10	AEPS	Fm TD
Increase	-24.68%	12.61%	-1.49%	-2.27%	19.48%	5.46%	4.77%	-2.40%	-8.15%	91.57%	4.63%	-11.11%	11.60%	1.46%	12.66%	16.14%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$1.47	$1.47	$1.42	$1.34	$1.34	$1.42	$1.50	$1.56	$1.61	$1.89	$2.18	$2.38	$2.65	$2.96	$3.07	$3.27		8.68%	<-IRR #YR->	10	AEPS	129.97%
AEPS Yield	6.13%	5.79%	5.19%	4.86%	5.05%	5.55%	5.84%	5.33%	5.54%	8.27%	8.73%	7.51%	7.81%	5.95%	6.71%	7.79%		12.80%	<-IRR #YR->	5	AEPS	82.64%
Payout Ratio	80.67%	77.61%	84.85%	89.92%	77.86%	76.29%	75.17%	77.01%	86.47%	47.19%	47.71%	54.78%	50.73%	51.30%	46.11%	39.70%		6.42%	<-IRR #YR->	10	5 yr Running Average	86.33%
5 year Running Average	81.11%	80.90%	81.46%	83.83%	82.18%	81.31%	80.82%	79.25%	78.56%	72.42%	66.71%	62.63%	57.38%	50.34%	50.13%	48.52%		11.15%	<-IRR #YR->	5	5 yr Running Average	69.62%
Price/AEPS Median	17.18	16.12	18.89	18.92	17.20	17.51	18.22	17.68	19.86	9.14	11.02	13.21	11.45	14.53	0.00	0.00		17.36	<-Median->	10	Price/AEPS Median
Price/AEPS High	18.91	17.60	20.67	20.59	19.17	20.12	19.62	19.32	21.64	12.60	12.15	14.68	13.06	16.88	0.00	0.00		19.24	<-Median->	10	Price/AEPS High
Price/AEPS Low	15.45	14.63	17.12	17.26	15.24	14.89	16.83	16.05	18.09	5.68	9.90	11.74	9.85	12.18	0.00	0.00		15.06	<-Median->	10	Price/AEPS Low
Price/AEPS Close	16.30	17.27	19.26	20.59	19.81	18.01	17.11	18.75	18.07	12.09	11.45	13.32	12.81	16.80	14.91	12.84		17.56	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	12.28	19.45	18.97	20.12	23.67	19.00	17.93	18.30	16.59	23.17	11.99	11.84	14.30	17.05	16.80	14.91		18.12	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	75.73%	5 Yrs	50.73%	P/CF	5 Yrs	in order	11.45	13.06	9.90	12.81		46.69%	Diff M/C					DPR 75% to 95% best
* Adjusted Net Earnings
			-$1.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.04
								-$1.66	$0.00	$0.00	$0.00	$0.00	$3.04
			-$1.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.65
								-$1.56	$0.00	$0.00	$0.00	$0.00	$2.65
														$2.74	<-12 mths	2.62%
EPS Basic	$1.20	$1.35	$1.33	$1.30	$1.44	$1.59	$1.38	$1.78	$1.70	$2.87	$3.21	$2.55	$2.71					103.76%	<-Total Growth	10	EPS Basic	Est. WSJ
Pre-split 2006
EPS Diluted*	$1.19	$1.34	$1.32	$1.29	$1.43	$1.57	$1.36	$1.77	$1.68	$2.82	$3.16	$2.51	$2.67	$3.09	$3.47			102.27%	<-Total Growth	10	EPS Diluted
Increase	-24.68%	12.61%	-1.49%	-2.27%	10.85%	9.79%	-13.38%	30.15%	-5.08%	67.86%	12.06%	-20.57%	6.37%	15.73%	12.30%			10	0	10	Years of Data, EPS P or N
Earnings Yield	6.1%	5.8%	5.2%	4.9%	4.7%	5.4%	4.7%	5.7%	6.1%	8.0%	9.0%	6.9%	6.9%	6.0%	6.7%			7.30%	<-IRR #YR->	10	Earnings per Share	102.27%
5 year Running Average	$1.47	$1.47	$1.42	$1.34	$1.31	$1.39	$1.39	$1.48	$1.56	$1.84	$2.16	$2.39	$2.57	$2.85	$2.98			8.57%	<-IRR #YR->	5	Earnings per Share	50.85%
10 year Running Average	$1.16	$1.22	$1.28	$1.33	$1.38	$1.43	$1.43	$1.45	$1.45	$1.58	$1.77	$1.89	$2.03	$2.21	$2.41			6.07%	<-IRR #YR->	10	5 yr Running Average	80.34%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	5.88%	5Yrs	6.93%					11.59%	<-IRR #YR->	5	5 yr Running Average	73.05%
			-$1.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.67
								-$1.77	$0.00	$0.00	$0.00	$0.00	$2.67
			-$1.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.57
								-$1.48	$0.00	$0.00	$0.00	$0.00	$2.57
Dividend*														$1.60	$1.62				Estimates		Dividend*
Increase														3.90%	1.25%				Estimates		Increase
Payout Ratio EPS														51.78%	46.69%				Estimates		Payout Ratio EPS
Pre-split 2006
Special Dividend	$0.09	$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 2006
Dividend*	$0.96	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$1.54	$1.58	$1.60	$1.60		37.50%	<-Total Growth	10	Dividends
Increase	-29.41%	8.33%	7.69%	3.57%	3.45%	3.33%	3.23%	0.00%	3.13%	4.55%	5.80%	2.05%	3.36%	2.60%	1.27%	0.00%		26	1	35	Years of data, Count P, N	74.29%
Average Increases 5 Year Running	5.95%	1.87%	-1.45%	-1.36%	-1.27%	5.28%	4.25%	2.72%	2.63%	2.85%	3.34%	3.10%	3.78%	3.67%	3.01%	1.85%		2.98%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.26	$1.24	$1.19	$1.16	$1.11	$1.15	$1.20	$1.23	$1.26	$1.30	$1.34	$1.39	$1.44	$1.49	$1.53	$1.56		20.84%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.14%	4.82%	4.49%	4.75%	4.53%	4.36%	4.12%	4.36%	4.35%	5.16%	4.33%	4.15%	4.43%	3.53%				4.36%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.27%	4.41%	4.11%	4.37%	4.06%	3.79%	3.83%	3.99%	4.00%	3.75%	3.93%	3.73%	3.88%	3.04%				3.91%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.71%	5.31%	4.96%	5.21%	5.11%	5.12%	4.47%	4.80%	4.78%	8.31%	4.82%	4.66%	5.15%	4.21%				4.96%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	5.41%	4.49%	4.41%	4.37%	3.93%	4.23%	4.39%	4.11%	4.79%	3.90%	4.17%	4.11%	3.96%	3.05%	3.09%	3.09%		4.14%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	88.24%	77.61%	84.85%	89.92%	83.92%	78.98%	94.12%	72.32%	78.57%	48.94%	46.20%	59.36%	57.68%	51.13%	46.11%	#DIV/0!		75.44%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	85.83%	83.97%	83.57%	86.16%	84.78%	82.88%	86.08%	83.02%	80.92%	70.65%	62.28%	58.04%	56.00%	52.28%	51.48%	#DIV/0!		81.90%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	44.30%	39.01%	67.77%	48.48%	43.78%	47.76%	44.07%	49.09%	39.94%	19.81%	31.19%	38.91%	31.89%	28.57%	26.85%	#DIV/0!		41.86%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	58.84%	54.10%	53.06%	50.91%	47.12%	47.81%	48.83%	46.52%	44.65%	35.36%	32.84%	32.40%	30.45%	28.83%	30.89%	#DIV/0!		45.59%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	40.68%	37.65%	38.07%	40.27%	36.91%	34.94%	35.54%	35.79%	29.66%	23.41%	23.83%	25.31%	24.54%	28.57%	26.85%	#DIV/0!		32.30%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	55.23%	50.51%	45.94%	43.01%	38.63%	37.44%	36.98%	36.54%	34.30%	30.85%	28.42%	26.72%	25.11%	25.07%	25.76%	#DIV/0!		35.42%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.36%	4.14%	5 Yr Med	5 Yr Cl	4.35%	4.11%	5 Yr Med	Payout	57.68%	31.89%	24.54%					3.77%	<-IRR #YR->	5	Dividends	20.31%
* Dividends per share	10 Yr Med	and Cur.	-29.03%	-25.29%	5 Yr Med	and Cur.	-28.97%	-24.80%	Last Div Inc --->		$0.39	$0.40	2.56%					3.24%	<-IRR #YR->	10	Dividends	37.50%
Dividends Growth 15																		1.24%	<-IRR #YR->	15	Dividends	20.31%
Dividends Growth 20																		5.58%	<-IRR #YR->	20	Dividends	196.15%
Dividends Growth 25																		6.31%	<-IRR #YR->	25	Dividends	362.00%
Dividends Growth 30																		8.88%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		8.13%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$1.28	$0.00	$0.00	$0.00	$0.00	$1.54								Dividends Growth 5
Dividends Growth 10			-$1.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.54								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	$1.54								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	$1.54								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	$1.54								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	$1.54								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	$1.54								Dividends Growth 35
Historical Dividends	Historical	High Div	11.01%	Low Div	2.21%	10 Yr High	8.00%	10 Yr Low	3.73%	Med Div	4.64%	Close Div	4.49%					4.43%	Div since 2011		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-71.92%		39.90%	Exp.	-61.35%		-17.11%	Exp.	-33.37%	Exp.	-31.21%					-30.21%	Exp.		High/Ave/Median
Future Dividend Yield					Div Yield	3.72%	earning in	5	Years	at IRR of	3.77%	Div Inc.	20.31%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.48%	earning in	10	Years	at IRR of	3.77%	Div Inc.	44.75%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.38%	earning in	15	Years	at IRR of	3.77%	Div Inc.	74.15%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.93	earning in	5	Years	at IRR of	3.77%	Div Inc.	20.31%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.32	earning in	10	Years	at IRR of	3.77%	Div Inc.	44.75%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.79	earning in	15	Years	at IRR of	3.77%	Div Inc.	74.15%								Future Dividend Paid
Dividend Covering Cost					Total Div	$8.63	over	5	Years	at IRR of	3.77%	Div Cov.	16.67%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$17.08	over	10	Years	at IRR of	3.77%	Div Cov.	33.00%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$27.25	over	15	Years	at IRR of	3.77%	Div Cov.	52.66%								Dividend Covering Cost
Yield if held 5 years	6.59%	5.52%	6.79%	6.74%	5.99%	6.07%	5.93%	5.13%	5.41%	5.20%	5.13%	4.80%	5.24%	5.21%	5.99%	4.74%		5.32%	<-Median->	10	Paid Median Price
Yield if held 10 years	19.04%	16.43%	14.49%	12.95%	11.05%	8.51%	6.79%	7.76%	7.67%	6.89%	7.14%	6.90%	6.17%	6.47%	6.03%	5.62%		7.41%	<-Median->	10	Paid Median Price
Yield if held 15 years	31.56%	23.47%	23.98%	25.59%	31.58%	24.60%	20.22%	16.56%	14.73%	12.71%	10.02%	7.91%	9.34%	9.19%	7.99%	7.83%		15.65%	<-Median->	10	Paid Median Price
Yield if held 20 years	26.03%	21.24%	19.20%	25.08%	36.46%	40.77%	28.88%	27.41%	29.12%	36.32%	28.96%	23.54%	19.93%	17.63%	14.74%	10.98%		28.92%	<-Median->	10	Paid Median Price
Yield if held 25 years					40.56%	33.62%	26.14%	21.94%	28.54%	41.92%	48.00%	33.62%	32.98%	34.85%	42.11%	31.74%		33.62%	<-Median->	9	Paid Median Price
Yield if held 30 years										46.65%	39.58%	30.43%	26.40%	34.16%	48.61%	52.60%		35.01%	<-Median->	4	Paid Median Price
Yield if held 35 years															54.08%	43.38%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	43.18%	32.79%	36.07%	33.66%	27.82%	28.18%	27.78%	24.70%	25.89%	24.51%	23.62%	22.33%	24.46%	24.57%	28.70%	23.15%		25.30%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	189.85%	159.42%	136.88%	124.31%	107.89%	82.71%	64.63%	73.42%	70.41%	60.27%	61.06%	59.87%	53.53%	56.41%	53.44%	51.06%		67.52%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	2.82152	282.15%	282.15%	305.66%	383.59%	304.10%	254.21%	216.58%	194.85%	167.77%	128.84%	101.41%	117.01%	113.72%	98.58%	99.27%		205.71%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	330.77%	267.98%	242.05%	327.53%	492.65%	569.58%	416.84%	414.06%	445.07%	554.64%	437.39%	363.69%	309.62%	277.99%	238.43%	182.44%		427.11%	<-Median->	10	Paid Median Price
Cost covered if held 25 years					568.78%	486.94%	390.53%	347.65%	464.18%	690.12%	790.52%	573.22%	568.02%	609.41%	756.49%	592.29%		568.02%	<-Median->	9	Paid Median Price
Cost covered if held 30 years										788.50%	669.13%	532.08%	470.91%	625.26%	923.13%	1047.28%		600.61%	<-Median->	4	Paid Median Price
Cost covered if held 35 years															1051.37%	883.77%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$2,013.5	$2,094.4	$2,359.2	$2,248.8	$2,352.8	$2,471.7	$2,524.0	<-12 mths	2.12%		22.76%	<-Total Growth	5	Revenue Growth	22.76%
AEPS Growth								$1.66	$1.53	$2.92	$3.06	$2.72	$3.04	$3.14	<-12 mths	3.43%		82.64%	<-Total Growth	5	AEPS Growth	82.64%
Net Income Growth								$86.7	$82.7	$139.9	$154.8	$122.2	$129.4	$132.5	<-12 mths	2.44%		49.16%	<-Total Growth	5	Net Income Growth	49.16%
Cash Flow Growth								$127.1	$161.1	$338.7	$224.1	$182.8	$230.4	$258.3	<-12 mths	12.11%		81.27%	<-Total Growth	5	Cash Flow Growth	81.27%
Dividend Growth								$1.28	$1.32	$1.38	$1.46	$1.49	$1.54	$1.58	<-12 mths	2.60%		20.31%	<-Total Growth	5	Dividend Growth	20.31%
Stock Price Growth								$31.17	$27.58	$35.37	$35.05	$36.24	$38.89	$51.75	<-12 mths	33.07%		24.77%	<-Total Growth	5	Stock Price Growth	24.77%
Revenue Growth			$1,543.1	$1,624.4	$1,796.0	$1,844.1	$1,953.7	$2,013.5	$2,094.4	$2,359.2	$2,248.8	$2,352.8	$2,471.7	$2,593.0	<-this year	4.91%		60.17%	<-Total Growth	10	Revenue Growth	60.17%
AEPS Growth			$1.32	$1.29	$1.54	$1.63	$1.70	$1.66	$1.53	$2.92	$3.06	$2.72	$3.04	$3.14	<-this year	3.43%		129.97%	<-Total Growth	10	AEPS Growth	129.97%
Net Income Growth			$64.3	$62.9	$69.8	$77.1	$67.2	$86.7	$82.7	$139.9	$154.8	$122.2	$129.4	$149.7	<-this year	15.67%		101.35%	<-Total Growth	10	Net Income Growth	101.35%
Cash Flow Growth			$80.0	$116.0	$133.0	$126.0	$141.4	$127.1	$161.1	$338.7	$224.1	$182.8	$230.4	$263.8	<-this year	14.50%		187.90%	<-Total Growth	10	Cash Flow Growth	187.90%
Dividend Growth			$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$1.54	$1.60	<-this year	3.90%		37.50%	<-Total Growth	10	Dividend Growth	37.50%
Stock Price Growth			$25.42	$26.56	$30.53	$29.28	$29.14	$31.17	$27.58	$35.37	$35.05	$36.24	$38.89	$54.00	<-this year	38.85%		52.99%	<-Total Growth	10	Stock Price Growth	52.99%
Dividends on Shares				$45.24	$46.80	$48.36	$49.92	$49.92	$51.48	$53.82	$56.94	$58.11	$60.06	$61.62	$62.40	$62.40		$520.65	No of Years	10	Total Divs	12/31/13
Paid			$1,003.86	$1,021.80	$1,118.13	$1,073.28	$1,172.73	$1,225.38	$1,065.87	$1,265.16	$1,335.36	$1,387.23	$1,531.53	$2,018.25	$2,018.25	$2,018.25		$1,531.53	No of Years	10	Worth	$25.74
Total																		$2,052.18
Graham No. AEPS	$12.53	$13.59	$14.06	$14.04	$15.99	$16.65	$17.06	$17.70	$17.08	$25.79	$28.47	$28.40	$31.31	$32.25	$34.23	$36.89		122.63%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.63	1.59	1.77	1.74	1.66	1.71	1.82	1.66	1.78	1.04	1.18	1.27	1.11	1.39				1.66	<-Median->	10	Price/GP Ratio
Price/GP Ratio Hi	1.80	1.74	1.94	1.89	1.85	1.97	1.96	1.81	1.93	1.43	1.31	1.41	1.27	1.61				1.83	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.47	1.44	1.61	1.59	1.47	1.45	1.68	1.51	1.62	0.64	1.06	1.12	0.95	1.16				1.46	<-Median->	10	Price/GP Ratio
Price/GP Ratio Cl	1.55	1.70	1.81	1.89	1.91	1.76	1.71	1.76	1.62	1.37	1.23	1.28	1.24	1.60	1.51	1.40		1.66	<-Median->	10	Price/GP Ratio
Prem/Disc CL	54.82%	70.32%	80.76%	89.20%	90.97%	75.90%	70.79%	76.08%	61.50%	37.16%	23.11%	27.61%	24.22%	60.47%	51.19%	40.29%		66.14%	<-Median->	10	Graham Price
Graham No. ESP	$12.53	$13.59	$14.06	$14.04	$15.40	$16.36	$15.25	$18.27	$17.91	$25.32	$28.93	$27.28	$29.36	$32.30	$34.23	$0.00		108.79%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.63	1.59	1.77	1.74	1.72	1.74	2.04	1.61	1.69	1.06	1.17	1.32	1.18	1.39				1.65	<-Median->	10	Price/GP Ratio
Price/GP Ratio Hi	1.80	1.74	1.94	1.89	1.92	2.00	2.19	1.76	1.84	1.45	1.28	1.46	1.35	1.61				1.80	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.47	1.44	1.61	1.59	1.53	1.48	1.88	1.46	1.54	0.66	1.05	1.17	1.02	1.16				1.47	<-Median->	10	Price/GP Ratio
Price/GP Ratio Cl	1.55	1.70	1.81	1.89	1.98	1.79	1.91	1.71	1.54	1.40	1.21	1.33	1.32	1.60	1.51	#DIV/0!		1.62	<-Median->	10	Price/GP Ratio
Prem/Disc CL	54.82%	70.32%	80.76%	89.20%	98.26%	78.98%	91.11%	70.62%	53.95%	39.68%	21.15%	32.85%	32.45%	60.21%	51.19%	#DIV/0!		62.29%	<-Median->	10	Graham Price
Month, Year Dec	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26		33.00	<Count Years>		Month, Year Dec
pre-split '06
Price Close	$20.15	$22.39	$25.74	$26.20	$28.67	$27.52	$30.07	$31.42	$27.33	$32.44	$34.24	$35.57	$39.27	$51.75	$51.75	$51.75		52.56%	<-Total Growth	10	Stock Price
Increase	-2.28%	11.12%	14.96%	1.79%	9.43%	-4.01%	9.27%	4.49%	-13.02%	18.70%	5.55%	3.88%	10.40%	31.78%	0.00%	0.00%		17.28	<-Median->	10	CAPE (10 Yr P/E)
P/E	16.93	16.71	19.50	20.31	20.05	17.53	22.11	17.75	16.27	11.50	10.84	14.17	14.71	16.75	14.91	#DIV/0!		4.56%	<-IRR #YR->	5	Stock Price	24.98%
Trailing P/E	12.75	18.82	19.21	19.85	22.22	19.24	19.15	23.10	15.44	19.31	12.14	11.26	15.65	19.38	16.75	14.91		4.31%	<-IRR #YR->	10	Stock Price	52.56%
CAPE (10 Yr P/E)	12.97	13.57	14.32	15.01	15.63	15.97	16.56	17.32	17.90	17.24	19.30	18.81	19.38	23.46	21.47	#DIV/0!		8.74%	<-IRR #YR->	5	Price & Dividend	47.87%
Median 10, 5 Yrs		D.  per yr	4.29%	4.18%	% Tot Ret	49.85%	47.83%	T P/E	19.20	15.44	P/E:	16.90	14.17					8.60%	<-IRR #YR->	10	Price & Dividend	104.43%
Price 15		D.  per yr	5.41%		% Tot Ret	48.35%						CAPE Diff	-3.08%					5.78%	<-IRR #YR->	15	Stock Price	132.37%
Price  20		D.  per yr	7.76%		% Tot Ret	48.89%												8.11%	<-IRR #YR->	20	Stock Price	375.81%
Price  25		D.  per yr	8.90%		% Tot Ret	50.11%												8.86%	<-IRR #YR->	25	Stock Price	735.53%
Price  30		D.  per yr	5.18%		% Tot Ret	43.94%												6.61%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	7.99%		% Tot Ret	45.30%												9.65%	<-IRR #YR->	33	Stock Price
Price & Dividend 15																		11.19%	<-IRR #YR->	15	Price & Dividend	246.57%
Price & Dividend 20																		15.87%	<-IRR #YR->	20	Price & Dividend	665.73%
Price & Dividend 25																		17.76%	<-IRR #YR->	25	Price & Dividend	1299.93%
Price & Dividend 30																		11.80%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		17.64%	<-IRR #YR->	33	Price & Dividend
Price  5								-$31.42	$0.00	$0.00	$0.00	$0.00	$39.27								Price  5
Price 10			-$25.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.27								Price 10
Price & Dividend 5								-$31.42	$1.32	$1.38	$1.46	$1.49	$40.81								Price & Dividend 5
Price & Dividend 10			-$25.74	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.81								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	$39.27								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	$39.27								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	$39.27								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	$39.27								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	$39.27								Price  35
Price & Dividend 15	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.81								Price & Dividend 15
Price & Dividend 20	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.81								Price & Dividend 20
Price & Dividend 25	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.81								Price & Dividend 25
Price & Dividend 30	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.81								Price & Dividend 30
Price & Dividend 35	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.81								Price & Dividend 35
Month, Year Jan	Jan-12	Jan-13	Jan-14	Jan-15	Jan-16	Jan-17	Jan-18	Jan-19	Jan-20	Jan-21	Jan-22	Jan-23	Jan-24	Jan-25	Jan-26	Jan-27		32.00	<Count Years>		Month, Year Jan
pre-split '06
Price Close	$19.40	$23.14	$25.42	$26.56	$30.53	$29.28	$29.14	$31.17	$27.58	$35.37	$35.05	$36.24	$38.89	$51.75	$51.75	$51.75		52.99%	<-Total Growth	10	Stock Price
Increase	-8.01%	19.28%	9.85%	4.48%	14.95%	-4.09%	-0.48%	6.97%	-11.52%	28.25%	-0.90%	3.40%	7.31%	33.07%	0.00%	0.00%		4.53%	<-IRR #YR->	5	Stock Price	24.77%
P/E	16.30	17.27	19.26	20.59	21.35	18.65	21.43	17.61	16.42	12.54	11.09	14.44	14.57	16.75	14.91	#DIV/0!		4.34%	<-IRR #YR->	10	Stock Price	52.99%
Trailing P/E	12.28	19.45	18.97	20.12	23.67	20.48	18.56	22.92	15.58	21.05	12.43	11.47	15.49	19.38	16.75	14.91		8.74%	<-IRR #YR->	5	Price & Dividend	105.51%
Median 10, 5 Yrs		D.  per yr	4.34%	4.22%	% Tot Ret	49.97%	48.25%	T P/E	19.34	15.49	P/E:	17.01	14.44					8.68%	<-IRR #YR->	10	Price & Dividend	47.83%
Price 15		D.  per yr	5.60%		% Tot Ret	48.13%												6.04%	<-IRR #YR->	15	Stock Price	140.95%
Price  20		D.  per yr	8.06%		% Tot Ret	49.23%												8.31%	<-IRR #YR->	20	Stock Price	393.74%
Price  25		D.  per yr	9.45%		% Tot Ret	50.83%												9.14%	<-IRR #YR->	25	Stock Price	790.61%
Price  30		D.  per yr	7.21%		% Tot Ret	45.65%												8.58%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	5.09%		% Tot Ret	42.09%												7.00%	<-IRR #YR->	33	Stock Price
Price & Dividend 15																		11.64%	<-IRR #YR->	15	Price & Dividend	260.53%
Price & Dividend 20																		16.37%	<-IRR #YR->	20	Price & Dividend	697.52%
Price & Dividend 25																		18.59%	<-IRR #YR->	25	Price & Dividend	1398.09%
Price & Dividend 30																		15.78%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		12.09%	<-IRR #YR->	33	Price & Dividend
Price  5								-$31.17	$0.00	$0.00	$0.00	$0.00	$38.89								Price  5
Price 10			-$25.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.89								Price 10
Price & Dividend 5								-$31.17	$1.32	$1.38	$1.46	$1.49	$40.43								Price & Dividend 5
Price & Dividend 10			-$25.42	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.43								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.89								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.89								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.89								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.89								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.89								Price  35
Price & Dividend 15	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.43								Price & Dividend 15
Price & Dividend 20	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.43								Price & Dividend 20
Price & Dividend 25	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.43								Price & Dividend 25
Price & Dividend 30	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.43								Price & Dividend 30
Price & Dividend 35	$1.05	$1.04	$1.12	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$40.43								Price & Dividend 35
Price Median H/L	$20.44	$21.60	$24.94	$24.41	$26.52	$28.46	$31.04	$29.39	$30.33	$26.73	$33.73	$35.93	$34.77	$44.75				39.41%	<-Total Growth	10	Stock Price
Increase	2.07%	5.65%	15.49%	-2.13%	8.62%	7.32%	9.07%	-5.30%	3.18%	-11.87%	26.21%	6.52%	-3.23%	28.70%				3.38%	<-IRR #YR->	10	Stock Price	39.41%
P/E	17.18	16.12	18.89	18.92	18.54	18.12	22.82	16.60	18.05	9.48	10.67	14.31	13.02	14.48				3.42%	<-IRR #YR->	5	Stock Price	18.31%
Trailing P/E	12.94	18.15	18.61	18.49	20.55	19.90	19.77	21.61	17.13	15.91	11.96	11.37	13.85	16.76				7.97%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	13.94	14.67	17.51	18.16	20.18	20.47	22.26	19.80	19.41	14.52	15.63	15.05	13.54	15.70				7.99%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	17.67	17.71	19.53	18.37	19.17	19.93	21.66	20.21	20.87	16.95	19.01	19.00	17.16	20.29				12.97	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.59%	4.57%	% Tot Ret	57.63%	57.18%	T P/E	17.81	13.85	P/E:	17.33	13.02						Count	33	Years of data
			-$24.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$34.77
								-$29.39	$0.00	$0.00	$0.00	$0.00	$34.77
			-$24.94	$1.16	$1.20	$1.24	$1.28	$1.28	$1.32	$1.38	$1.46	$1.49	$36.31
								-$29.39	$1.32	$1.38	$1.46	$1.49	$36.31
High Months	Feb 11	Dec 12	Nov 13	Jan 15	Oct 15	Feb 16	May 17	Jan 18	Mar 19	Sep 20	Dec 21	Apr 22	Dec  23	Sep 24
pre-split '06
Price High	$22.50	$23.59	$27.28	$26.56	$29.54	$32.71	$33.41	$32.11	$33.03	$36.84	$37.17	$39.92	$39.65	$52.00				45.34%	<-Total Growth	10	Stock Price
Increase	0.09%	4.84%	15.64%	-2.64%	11.22%	10.73%	2.14%	-3.89%	2.87%	11.53%	0.90%	7.40%	-0.68%	31.15%				3.81%	<-IRR #YR->	10	Stock Price	45.34%
P/E	18.91	17.60	20.67	20.59	20.66	20.83	24.57	18.14	19.66	13.06	11.76	15.90	14.85	16.83				4.31%	<-IRR #YR->	5	Stock Price	23.48%
Trailing P/E	14.24	19.82	20.36	20.12	22.90	22.87	21.28	23.61	18.66	21.93	13.18	12.63	15.80	19.48				15.03	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	20.70	15.80	P/E:	18.90	14.85					19.22	P/E Ratio		Historical High
			-$27.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.65
								-$32.11	$0.00	$0.00	$0.00	$0.00	$39.65
Low Months	Oct 11	Feb12	Apr 13	Sep 14	Jun 15	Nov 16	Jan 18	Mar 18	Jan 20	Mar 20	Feb 21	Sep 22	Sep 23	May 24
pre-split '06
Price Low	$18.38	$19.60	$22.60	$22.26	$23.49	$24.20	$28.66	$26.67	$27.62	$16.61	$30.29	$31.94	$29.89	$37.50				32.26%	<-Total Growth	10	Stock Price
Increase	4.61%	6.64%	15.31%	-1.50%	5.53%	3.02%	18.43%	-6.94%	3.56%	-39.86%	82.36%	5.45%	-6.42%	25.46%				2.84%	<-IRR #YR->	10	Stock Price	32.26%
P/E	15.45	14.63	17.12	17.26	16.43	15.41	21.07	15.07	16.44	5.89	9.59	12.73	11.19	12.14				2.31%	<-IRR #YR->	5	Stock Price	12.07%
Trailing P/E	11.63	16.47	16.87	16.86	18.21	16.92	18.25	19.61	15.60	9.89	10.74	10.11	11.91	14.04				9.98	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	16.23	10.74	P/E:	15.24	11.19					6.44	P/E Ratio		Historical Low
			-$22.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.89
								-$26.67	$0.00	$0.00	$0.00	$0.00	$29.89
														$184	<-12 mths	84.00%
Free Cash Flow MS	$79	$69.00	$77.86	$36.83	$62.76	$57.00	$48.28	$19.38	$52.51	$39.51	$263.47	$130.00	$100	$132	$130			28.44%	<-Total Growth	10	Free Cash Flow
Change		-12.66%	12.84%	-52.70%	70.40%	-9.18%	-15.30%	-59.86%	170.95%	-24.76%	566.84%	-50.66%	-50.66%	32.00%	-1.52%			38.84%	<-IRR #YR->	5	Free Cash Flow MS	416.00%
FCF/CF from Op Ratio	0.69	0.53	0.97	0.32	0.47	0.45	0.34	0.15	0.33	0.12	1.18	0.71	0.71	0.50	0.46			11.74%	<-IRR #YR->	9	Free Cash Flow MS	28.44%
Dividends paid	$50.80	$50.32	$54.23	$56.18	$58.21	$60.17	$62.32	$62.33	$64.35	$67.28	$70.42	$71.81	$73.53	$75.38	$76.34			35.60%	<-Total Growth	10	Dividends paid
Percentage paid					92.75%	105.56%	129.07%	321.62%	122.55%	170.28%	26.73%	55.23%	51.75%	57.11%	58.72%			105.56%	<-Median->	9	Percentage paid
5 Year Covrage									128.11%	146.04%	77.20%	66.59%	65.07%	53.90%	48.64%			77.20%	<-Median->	5	5 Year Covrage
Dividend Coverage Ratio					1.08	0.95	0.77	0.31	0.82	0.59	3.74	1.81	1.93	1.75	1.70			0.95	<-Median->	9	Dividend Coverage Ratio
5 Year of Covereage									0.78	0.68	1.30	1.50	1.54	1.86	2.06			1.30	<-Median->	5	5 Year of Coverage
								-$19.38	$0.00	$0.00	$0.00	$0.00	$100.00
				-$36.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$100.00
Free Cash Flow WSJ					$64.65	$53.82	$20.29	$21.63	$34.73	$259.55	$127.85	$59.37	$107	$132	$130			65.51%	<-Total Growth	8	Free Cash Flow WSJ	All Disagree
Change						-16.76%	-62.30%	6.62%	60.56%	647.34%	-50.74%	-53.57%	80.24%	23.36%	-1.52%			37.68%	<-IRR #YR->	5	Free Cash Flow MS	394.66%
FCF/CF from Op Ratio					0.49	0.43	0.14	0.17	0.22	0.77	0.57	0.32	0.46	0.50	0.46			6.50%	<-IRR #YR->	8	Free Cash Flow MS	#DIV/0!
Dividends paid					$58.21	$60.17	$62.32	$62.33	$64.35	$67.28	$70.42	$71.81	$73.53	$75.38	$76.34			26.32%	<-Total Growth	8	Dividends paid
Percentage paid					90.04%	111.81%	307.15%	288.15%	185.29%	25.92%	55.08%	120.95%	68.72%	57.11%	58.72%			111.81%	<-Median->	9	Percentage paid
5 Year Covrage					90.04%	99.93%	130.23%	151.53%	157.54%	81.14%	70.40%	66.82%	59.03%	52.27%	66.07%			90.04%	<-Median->	9	5 Year Covrage
Dividend Coverage Ratio					1.11	0.89	0.33	0.35	0.54	3.86	1.82	0.83	1.46	1.75	1.70			0.89	<-Median->	9	Dividend Coverage Ratio
5 Year of Covereage					1.11	1.00	0.77	0.66	0.63	1.23	1.42	1.50	1.69	1.91	1.51			1.11	<-Median->	9	5 Year of Coverage
								-$21.63	$0.00	$0.00	$0.00	$0.00	$107.00
					-$64.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$107.00
Market Cap	$939	$1,120	$1,231	$1,288	$1,481	$1,421	$1,419	$1,520	$1,345	$1,719	$1,678	$1,730	$1,855	$2,469	$2,469	$2,469		50.73%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	48.53	48.58	48.66	48.71	48.78	48.96	49.68	49.14	49.38	49.53	49.03	48.65	48.43	48.43	48.43	48.43		-0.46%	<-Total Growth	10	Diluted
Change	0.03%	0.11%	0.16%	0.11%	0.15%	0.37%	1.46%	-1.08%	0.47%	0.31%	-0.99%	-0.79%	-0.45%	0.01%	0.00%	0.00%		0.13%	<-Median->	10	Change
Difference Diluted/Basic	-0.3%	-0.4%	-0.5%	-0.6%	-0.6%	-0.9%	-0.8%	-0.9%	-1.3%	-1.6%	-1.6%	-2.1%	-1.4%	-1.4%	-100.0%	-100.0%		-1.09%	<-Median->	10	Difference Diluted/Basic
																					Share based compensation
Pre-split 2006
Basic # of Shares in Millions	48.38	48.38	48.41	48.43	48.51	48.52	49.28	48.70	48.75	48.76	48.27	47.65	47.75	47.74				-1.38%	<-Total Growth	10	Average
Change	0.41%	0.01%	0.06%	0.04%	0.16%	0.03%	1.55%	-1.17%	0.11%	0.01%	-1.00%	-1.28%	0.21%	-0.02%				0.04%	<-Median->	10	Change
Difference Basic/Outstanding	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	-1.2%	0.1%	0.0%	-0.3%	-0.8%	0.2%	-0.1%	-0.1%				0.01%	<-Median->	10	Difference Basic/Outstanding
														$258.33	<-12 mths	12.11%
Pre-split 2006
Variable Voting shares							12.56	12.30	11.36	16.38	14.97	16.14	17.65	17.65	17.65	17.65		36.99%	Percent of		Variable Voting shares	Search for
Common Voting Shares							36.13	36.45	37.39	32.23	32.91	31.61	30.06	30.06	30.06	30.06		63.01%	Percent of		Common Voting Shares
# of Share in Millions	48.38	48.39	48.43	48.50	48.52	48.54	48.69	48.75	48.75	48.61	47.88	47.75	47.71	47.71	47.71	47.71		-0.15%	<-IRR #YR->	10	Shares	-1.48%
Change	0.00%	0.02%	0.08%	0.15%	0.05%	0.04%	0.30%	0.12%	0.00%	-0.28%	-1.51%	-0.27%	-0.08%	0.00%	0.00%	0.00%		-0.43%	<-IRR #YR->	5	Shares	-2.13%
Cash Flow from Operations $M	$114.7	$129.0	$80.0	$116.0	$133.0	$126.0	$141.4	$127.1	$161.1	$338.7	$224.1	$182.8	$230.4	$263.8	$284.4			187.90%	<-Total Growth	10	Cash Flow
Increase	3.38%	12.50%	-37.95%	44.98%	14.61%	-5.24%	12.22%	-10.11%	26.74%	110.23%	-33.83%	-18.43%	26.03%	14.50%	7.78%				SO
5 year Running Average	$103.5	$110.5	$108.5	$110.1	$114.5	$116.8	$119.3	$128.7	$137.7	$178.9	$198.5	$206.8	$227.4	$248.0	$237.1			109.60%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.37	$2.67	$1.65	$2.39	$2.74	$2.60	$2.90	$2.61	$3.30	$6.97	$4.68	$3.83	$4.83	$5.53	$5.96			192.21%	<-Total Growth	10	Cash Flow per Share
Increase	3.38%	12.48%	-38.00%	44.77%	14.54%	-5.27%	11.88%	-10.22%	26.74%	110.83%	-32.81%	-18.21%	26.13%	14.50%	7.78%			11.15%	<-IRR #YR->	10	Cash Flow	187.90%
5 year Running Average	$2.14	$2.28	$2.24	$2.27	$2.36	$2.41	$2.46	$2.65	$2.83	$3.68	$4.09	$4.28	$4.72	$5.17	$4.97			12.63%	<-IRR #YR->	5	Cash Flow	81.27%
P/CF on Med Price	8.62	8.10	15.09	10.20	9.67	10.96	10.69	11.27	9.18	3.84	7.21	9.38	7.20	8.09	0.00			11.32%	<-IRR #YR->	10	Cash Flow per Share	192.21%
P/CF on Closing Price	8.19	8.68	15.38	11.10	11.14	11.28	10.03	11.95	8.35	5.08	7.49	9.46	8.05	9.36	8.68			13.12%	<-IRR #YR->	5	Cash Flow per Share	85.22%
															-1.80%	Diff M/C		7.73%	<-IRR #YR->	10	CFPS 5 yr Running	110.58%
														$312.33	<-12 mths	4.29%
Excl.Working Capital CF	$10.22	$4.68	$62.44	$23.66	$24.76	$46.23	$33.94	$47.24	$55.82	-$52.17	$69.22	$98.24	$69.04	$0.00	$0.00			12.26%	<-IRR #YR->	5	CFPS 5 yr Running	78.32%
CF fr Op $M WC	$124.9	$133.7	$142.5	$139.7	$157.7	$172.3	$175.4	$174.4	$216.9	$286.5	$293.4	$281.1	$299.5	$263.8	$284.4			110.19%	<-Total Growth	10	Cash Flow less WC
Increase	12.50%	7.04%	6.58%	-1.95%	12.92%	9.20%	1.80%	-0.57%	24.42%	32.09%	2.38%	-4.18%	6.54%	-11.90%	7.78%			7.71%	<-IRR #YR->	10	Cash Flow less WC	110.19%
5 year Running Average	$110.2	$118.4	$125.3	$130.3	$139.7	$149.2	$157.5	$163.9	$179.3	$205.1	$229.3	$250.5	$275.5	$284.9	$284.4			11.42%	<-IRR #YR->	5	Cash Flow less WC	71.75%
CFPS Excl. WC	$2.58	$2.76	$2.94	$2.88	$3.25	$3.55	$3.60	$3.58	$4.45	$5.89	$6.13	$5.89	$6.28	$5.53	$5.96			8.19%	<-IRR #YR->	10	CF less WC 5 Yr Run	119.79%
Increase	12.50%	7.02%	6.50%	-2.10%	12.86%	9.16%	1.50%	-0.70%	24.42%	32.46%	3.95%	-3.93%	6.63%	-11.90%	7.78%			10.95%	<-IRR #YR->	5	CF less WC 5 Yr Run	68.09%
5 year Running Average	$2.28	$2.45	$2.59	$2.69	$2.88	$3.08	$3.24	$3.37	$3.69	$4.21	$4.73	$5.19	$5.73	$5.94	$5.96			7.87%	<-IRR #YR->	10	CFPS - Less WC	113.33%
P/CF on Med Price	7.92	7.82	8.48	8.47	8.16	8.02	8.62	8.22	6.81	4.53	5.51	6.10	5.54	8.09	0.00			11.91%	<-IRR #YR->	5	CFPS - Less WC	75.50%
P/CF on High Price	8.72	8.54	9.27	9.22	9.09	9.22	9.28	8.98	7.42	6.25	6.07	6.78	6.32	9.40	0.00			8.20	<-Median->	10	P/CF High Price
P/CF on Low Price	7.92	7.82	8.48	8.47	8.16	8.02	8.62	8.22	6.81	4.53	5.51	6.10	5.54	8.09	0.00			7.42	<-Median->	10	P/CF Low Price
P/CF on Closing Price	7.52	8.38	8.64	9.22	9.39	8.25	8.09	8.72	6.20	6.00	5.72	6.16	6.20	9.36	8.68			8.26%	<-IRR #YR->	10	CFPS 5 yr Running	121.10%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	9.53	5 yr	7.21	P/CF Med	10 yr	7.42	5 yr	5.54		26.17%	Diff M/C		11.18%	<-IRR #YR->	5	CFPS 5 yr Running	69.86%
			-48.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	47.7								Shares
								-48.8	0.0	0.0	0.0	0.0	47.7								Shares
			-$80.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$230.4								Cash Flow
								-$127.1	$0.0	$0.0	$0.0	$0.0	$230.4								Cash Flow
			-$1.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.83								Cash Flow per Share
								-$2.61	$0.00	$0.00	$0.00	$0.00	$4.83								Cash Flow per Share
			-$2.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.72								CFPS 5 yr Running
								-$2.65	$0.00	$0.00	$0.00	$0.00	$4.72								CFPS 5 yr Running
			-$142.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$299.5								Cash Flow less WC
								-$174.4	$0.0	$0.0	$0.0	$0.0	$299.5								Cash Flow less WC
			-$125.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$275.5								CF less WC 5 Yr Run
								-$163.9	$0.0	$0.0	$0.0	$0.0	$275.5								CF less WC 5 Yr Run
			-$2.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.28								CFPS - Less WC
								-$3.58	$0.00	$0.00	$0.00	$0.00	$6.28								CFPS - Less WC
			-$2.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.73								CFPS 5 yr Running
								-$3.37	$0.00	$0.00	$0.00	$0.00	$5.73								CFPS 5 yr Running
Change in non-cash working capital	-$4.0	$10.8	-$10.4	$9.2	$5.9	-$10.8	$2.3	-$20.8	-$28.670	$58.975	-$2.563	-$50.905	-$23.233
Change in other non-cash items									-$7.234	$8.091	-$3.084	-$0.373	-$2.742
Taxes paid	-$6.2	-$15.5	-$52.0	-$32.9	-$30.7	-$35.4	-$36.2	-$26.4	-$19.916	-$14.892	-$63.570	-$46.961	-$43.065
Sum	-$10.2	-$4.7	-$62.4	-$23.7	-$24.8	-$46.2	-$33.9	-$47.2	-$55.8	$52.2	-$69.2	-$98.2	-$69.0
Google --> TD Bank	-$9.2	-$4.7	-$62.4	-$23.7	-$24.8	-$46.2	-$34	-$47	-$49	$52	-$69	-$98	-$69
Difference	-$1.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0	$0	-$7	$0	$0	$0	$0
TD Bank			-$62	-$24	-$25	-$42	-$29	-$49.0	-$56.0
Difference			$0	$0	$0	-$4	-$5	$2	$0
						2021	2021	2021	2021	2021
OPM	7.67%	8.52%	5.19%	7.14%	7.40%	6.83%	7.24%	6.31%	7.69%	14.36%	9.97%	7.77%	9.32%	10.18%				79.75%	<-Total Growth	10	OPM
Increase	0.13%	11.13%	-39.14%	37.73%	3.65%	-7.71%	5.92%	-12.78%	21.85%	86.63%	-30.58%	-22.03%	19.96%	9.15%					Should increase		or be stable.
Diff from Median	1.6%	12.9%	-31.3%	-5.4%	-1.9%	-9.5%	-4.1%	-16.4%	1.9%	90.2%	32.0%	2.9%	23.5%	34.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	7.55%	5 Yrs	9.32%					should be	zero, it is a		check on calculations
														$330	<-12 mths	3.81%
Adjusted EBITDA					$156.76	$169.01	$178.85	$209.17	$204.96	$303.32	$305.11	$291.81	$318.03	$334.8	$359.2			77.82%	<-Total Growth	8	Adjusted EBITDA
Change						7.82%	5.83%	16.95%	-2.02%	47.99%	0.59%	-4.36%	8.99%	5.27%	7.29%			6.82%	<-Median->	8	Change
Margin					8.73%	9.16%	9.15%	10.39%	9.79%	12.86%	13.57%	12.40%	12.87%	12.91%	13.25%			10.39%	<-Median->	9	Margin
														$313	<-12 mths	4.07%
EBITDA	$125.88	$133.72	$138.34	$137.84	$151.35	$166.50	$169.62	$218.02	$219.58	$301.43	$311.38	$278.68	$301.17					117.71%	<-Total Growth	10	EBITDA
Change		6.22%	3.45%	-0.36%	9.80%	10.01%	1.88%	28.53%	0.71%	37.28%	3.30%	-10.50%	8.07%					5.69%	<-Median->	10	Change
Margin	8.42%	8.83%	8.96%	8.49%	8.43%	9.03%	8.68%	10.83%	10.48%	12.78%	13.85%	11.84%	12.18%					10.66%	<-Median->	10	Margin
Per Share Basic	$2.60	$2.76	$2.86	$2.85	$3.12	$3.43	$3.48	$4.47	$4.50	$6.18	$6.45	$5.82	$6.31					120.55%	<-Total Growth	10	Per Share Basic
Per Share Diluted	$2.60	$4.47	$4.47	$4.47	$4.47	$4.47	$4.47	$4.47	$4.50	$6.09	$6.35	$5.73	$6.22					39.15%	<-Total Growth	10	Per Share Diluted
Long Term Debt	$175.26	$122.94	$195.13	$195.13	$225.49	$229.27	$313.55	$365.86	$409.12	$190.97	$189.38	$289.78	$281.31	$319.48				44.17%	<-Total Growth	10	Debt	Type
Change		-29.86%	58.72%	0.00%	15.56%	1.68%	36.76%	16.68%	11.82%	-53.32%	-0.83%	53.02%	-2.92%	13.57%				6.75%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.19	0.11	0.16	0.15	0.15	0.16	0.22	0.24	0.30	0.11	0.11	0.17	0.15	0.13				0.16	<-Median->	10	% of Market C.	Intang/GW
Assets/Current Liabilities Ratio	4.90	3.43	3.20	4.82	5.10	5.29	5.44	5.78	6.26	3.78	4.14	5.38	5.57	5.95				5.34	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)	1.53	0.95	2.44	1.68	1.70	1.82	2.22	2.88	2.54	0.56	0.84	1.58	1.22	1.21				1.69	<-Median->	5	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$14.62	$20.14	$21.51	$22.49	$32.61	$35.39	$37.63	$39.20	$41.61	$84.41	$34.09	$30.69	$29.77	$27.28				38.37%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$26.32	$26.16	$29.42	$33.65	$37.26	$37.75	$41.23	$45.20	$49.57	$48.26	$48.50	$50.43	$50.52	$51.74				71.69%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$40.94	$46.30	$50.94	$56.14	$69.87	$73.15	$78.86	$84.40	$91.18	$132.68	$82.60	$81.13	$80.29	$79.02				57.62%	<-Total Growth	10	Total
Change		13.09%	10.02%	10.21%	24.46%	4.69%	7.81%	7.03%	8.03%	45.52%	-37.75%	-1.78%	-1.03%	-1.58%				7.42%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.04	0.04	0.04	0.04	0.05	0.05	0.06	0.06	0.07	0.08	0.05	0.05	0.04	0.03				0.05	<-Median->	10	% of Market C.
Current Assets	$295.84	$303.90	$299.07	$315.84	$335.58	$327.94	$335.00	$376.83	$399.59	$396.86	$403.36	$474.84	$502.91	$546.47				68.16%	<-Total Growth	10	Current Assets
Current Liabilities	$128.00	$190.18	$209.74	$150.23	$155.50	$152.24	$171.21	$176.88	$194.08	$315.14	$294.49	$248.61	$250.66	$245.93				19.51%	<-Total Growth	10	Current Liabilities
Liquidity	2.31	1.60	1.43	2.10	2.16	2.15	1.96	2.13	2.06	1.26	1.37	1.91	2.01	2.22				2.03	<-Median->	10	Ratio
Liq. with CF aft div	2.81	2.01	1.55	2.50	2.64	2.59	2.42	2.50	2.56	2.12	1.89	2.36	2.63	2.99				2.36	<-Median->	5	Ratio
Liq. CF re  Inv+Div	2.08	1.60	1.29	1.87	1.77	1.71	1.23	1.71	1.66	1.75	1.51	1.65	1.84	2.99				1.66	<-Median->	5	Ratio
Curr Long Term Debt			$77.80	$6.27	$0.00	$0.00	$0.00	$0.90	$1.85	$90.46	$46.26	$0.27	$0.27	$0.26
Liquidity Less CLTD			2.27	2.19	2.16	2.15	1.96	2.14	2.08	1.77	1.62	1.91	2.01	2.22
Assets	$626.92	$651.39	$670.51	$724.30	$793.80	$805.82	$930.95	$1,022.92	$1,215.54	$1,191.17	$1,219.27	$1,336.89	$1,396.01	$1,462.07				108.20%	<-Total Growth	10	Assets
Liabilities	$343.21	$355.14	$348.07	$395.02	$436.18	$438.04	$548.79	$601.82	$788.57	$685.94	$639.07	$688.99	$690.24	$721.08				98.30%	<-Total Growth	10	Liabilities
Debt Ratio	1.83	1.83	1.93	1.83	1.82	1.84	1.70	1.70	1.54	1.74	1.91	1.94	2.02	2.03				1.83	<-Median->	10	Ratio
Book Value	$283.7	$296.3	$322.4	$329.3	$357.6	$367.8	$382.2	$421.1	$427.0	$505.2	$580.2	$647.9	$705.8	$741.0				118.89%	<-Total Growth	10	Book Value
NCI	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$12.2	$12.6	$13.1	$13.9	$16.6	$18.7	$21.1	$25.0
Book Value	$283.7	$296.3	$322.4	$329.3	$357.6	$367.8	$370.0	$408.5	$413.9	$491.3	$563.6	$629.2	$684.7	$716.0	$716.0	$716.0		112.35%	<-Total Growth	10	Book Value
Book Value per share	$5.86	$6.12	$6.66	$6.79	$7.37	$7.58	$7.60	$8.38	$8.49	$10.11	$11.77	$13.18	$14.35	$15.01	$15.01	$15.01		115.53%	<-Total Growth	10	Book Value per Share
Change	-6.21%	4.40%	8.76%	1.97%	8.54%	2.80%	0.28%	10.29%	1.31%	19.04%	16.48%	11.94%	8.91%	4.57%	0.00%	0.00%		30.41%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.49	3.53	3.75	3.60	3.60	3.76	4.08	3.51	3.57	2.64	2.87	2.73	2.42	2.98				2.64	P/B Ratio		Historical Median
P/B Ratio (Close)	3.31	3.78	3.82	3.91	4.14	3.86	3.84	3.72	3.25	3.50	2.98	2.75	2.71	3.45	3.45	3.45		7.98%	<-IRR #YR->	10	Book Value per Share	115.53%
Change	-1.92%	14.25%	1.01%	2.46%	5.90%	-6.71%	-0.76%	-3.02%	-12.66%	7.74%	-14.93%	-7.63%	-1.46%	27.25%	0.00%	0.00%		11.36%	<-IRR #YR->	5	Book Value per Share	71.25%
Leverage (A/BK)	2.21	2.20	2.08	2.20	2.22	2.19	2.52	2.50	2.94	2.42	2.16	2.12	2.04	2.04				2.21	<-Median->	10	A/BV
Debt/Equity Ratio	1.21	1.20	1.08	1.20	1.22	1.19	1.48	1.47	1.91	1.40	1.13	1.09	1.01	1.01				1.21	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	3.54	5 yr Med	2.73		-2.57%	Diff M/C		2.20	Historical		Leverage (A/BK)
			-$6.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.35
								-$8.38	$0.00	$0.00	$0.00	$0.00	$14.35
														$157.02	<-12 mths	16.10%
Comprehensive Income	$42.99	$62.33	$79.67	$62.33	$86.30	$69.94	$62.76	$103.61	$78.61	$147.84	$172.56	$145.49	$140.24					76.04%	<-Total Growth	10	Comprehensive Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.54	$4.72	$3.93	$3.07	$2.64	$4.63	$5.00								NCI
Shareholders	$42.99	$62.33	$79.67	$62.33	$86.30	$69.94	$60.22	$98.89	$74.68	$144.77	$169.92	$140.86	$135.25					69.77%	<-Total Growth	10	Shareholders
Increase	-43.22%	45.00%	27.81%	-21.76%	38.46%	-18.95%	-13.90%	64.21%	-24.48%	93.84%	17.38%	-17.11%	-3.98%					-3.98%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$67.66	$68.07	$67.62	$64.60	$66.72	$72.11	$71.69	$75.54	$78.01	$89.70	$109.70	$125.82	$133.10					5.44%	<-IRR #YR->	10	Comprehensive Income	69.77%
ROE	15.2%	21.0%	24.7%	18.9%	24.1%	19.0%	16.3%	24.2%	18.0%	29.5%	30.1%	22.4%	19.8%					6.46%	<-IRR #YR->	5	Comprehensive Income	36.76%
5 Yr Median			24.7%	21.0%	21.0%	21.0%	19.0%	19.0%	19.0%	19.0%	24.2%	24.2%	22.4%					7.01%	<-IRR #YR->	10	5 Yr Running Average	96.83%
% Difference from NI	-25.8%	-4.3%	24.0%	-0.9%	23.7%	-9.3%	-10.3%	14.0%	-9.7%	3.5%	9.8%	15.3%	4.5%					12.00%	<-IRR #YR->	5	5 Yr Running Average	76.20%
Median Values										Diff	5, 10 yr	4.0%	4.5%					22.4%	<-Median->	5	Return on Equity
			-$79.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$135.2
								-$98.9	$0.0	$0.0	$0.0	$0.0	$135.2
			-$67.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$133.1
								-$75.5	$0.0	$0.0	$0.0	$0.0	$133.1
Current Liability Coverage Ratio	0.98	0.70	0.68	0.93	1.01	1.13	1.02	0.99	1.12	0.91	1.00	1.13	1.19	1.07							CFO / Current Liabilities
5 year Median	0.67	0.67	0.68	0.70	0.93	0.93	1.01	1.01	1.02	1.02	1.00	1.00	1.12	1.07				1.12	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	19.92%	20.52%	21.25%	19.29%	19.87%	21.38%	18.84%	17.05%	17.85%	24.06%	24.06%	21.02%	21.45%	18.05%							CFO / Total Assets
5 year Median	17.89%	18.38%	19.92%	19.92%	19.92%	20.52%	19.87%	19.29%	18.84%	18.84%	18.84%	21.02%	21.45%	21.45%				21.5%	<-Median->	5	Return on Assets
Return on Assets ROA	9.25%	10.00%	9.58%	8.68%	8.79%	9.56%	7.21%	8.48%	6.81%	11.74%	12.70%	9.14%	9.27%	10.24%				Net	Income/Assets		Return on Assets
5Yr Median	12.34%	12.34%	10.00%	9.58%	9.25%	9.56%	8.79%	8.68%	8.48%	8.48%	8.48%	9.14%	9.27%	10.24%				9.3%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	20.43%	21.99%	19.93%	19.10%	19.51%	20.96%	18.15%	21.23%	19.99%	28.47%	27.46%	19.42%	18.90%	20.90%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	25.32%	25.32%	21.99%	20.43%	19.93%	19.93%	19.51%	19.51%	19.99%	20.96%	21.23%	21.23%	19.99%	20.90%				20.0%	<-Median->	5	Return on Equity
														$132.55	<-12 mths	2.44%
Net Income	$57.96	$65.15	$64.26	$62.88	$69.78	$77.08	$69.69	$90.63	$86.27	$143.56	$157.45	$125.84	$134.29					108.97%	<-Total Growth	10	Net Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.54	$3.88	$3.55	$3.69	$2.65	$3.65	$4.90								NCI
Shareholders	$57.96	$65.15	$64.26	$62.88	$69.78	$77.08	$67.15	$86.75	$82.72	$139.87	$154.80	$122.19	$129.39	$150	$168			101.35%	<-Total Growth	10	Shareholders	Est. Alpha
Increase	-24.33%	12.40%	-1.36%	-2.15%	10.97%	10.46%	-12.87%	29.18%	-4.64%	69.09%	10.67%	-21.07%	5.89%	15.67%	12.30%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$70.95	$71.38	$69.16	$65.37	$64.01	$67.83	$68.23	$72.73	$76.70	$90.72	$106.26	$117.27	$125.80	$139.18	$144.82			7.25%	<-IRR #YR->	10	Net Income	101.35%
Operating Cash Flow	$114.66	$128.99	$80.04	$116.04	$132.99	$126.02	$141.42	$127.12	$161.12	$338.72	$224.14	$182.84	$230.43					8.33%	<-IRR #YR->	5	Net Income	49.16%
Investment Cash Flow	-$45.14	-$48.78	-$42.39	-$50.31	-$75.81	-$77.68	-$165.86	-$80.79	-$104.27	-$66.90	-$75.86	-$106.80	-$107.70					6.17%	<-IRR #YR->	10	5 Yr Running Average	81.90%
Total Accruals	-$11.56	-$15.06	$26.61	-$2.84	$12.61	$28.73	$91.60	$40.42	$25.88	-$131.94	$6.53	$46.15	$6.66					11.58%	<-IRR #YR->	5	5 Yr Running Average	72.97%
Total Assets	$626.92	$651.39	$670.51	$724.30	$793.80	$805.82	$930.95	$1,022.92	$1,215.54	$1,191.17	$1,219.27	$1,336.89	$1,396.01						Balance Sheet		Assets
Accruals Ratio	-1.84%	-2.31%	3.97%	-0.39%	1.59%	3.57%	9.84%	3.95%	2.13%	-11.08%	0.54%	3.45%	0.48%					0.54%	<-Median->	5	Ratio
EPS/CF Ratio	0.46	0.49	0.45	0.45	0.44	0.44	0.38	0.49	0.38	0.48	0.52	0.43	0.43					0.44	<-Median->	10	EPS/CF Ratio
			-$64.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$129.4
								-$86.7	$0.0	$0.0	$0.0	$0.0	$129.4
			-$69.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$125.8
								-$72.7	$0.0	$0.0	$0.0	$0.0	$125.8
Chge in Close	-8.01%	19.28%	9.85%	4.48%	14.95%	-4.09%	-0.48%	6.97%	-11.52%	28.25%	-0.90%	3.40%	7.31%	33.07%	0.00%	0.00%			Count	28	Years of data
up/down/neutral								down			up								Count	7	25.00%
Meet Prediction?																		% right	Count	2	28.57%
With Financial Cash Flow	down	down	down	down	down	down	down	down	down	down	down	down	down	down					Count	25	89.29%
Meet Prediction?	yes					Yes	Yes		Yes		Yes							% right	Count	8	32.00%
Financial Cash Flow	-$73.77	-$68.52	-$53.97	-$58.95	-$50.17	-$54.40	$19.93	-$33.75	-$67.24	-$227.06	-$170.20	-$68.30	-$128.27						C F Statement		Financial Cash Flow
Total Accruals	$62.21	$53.46	$80.59	$56.11	$62.78	$83.13	$71.67	$74.17	$93.12	$95.12	$176.72	$114.45	$134.94								Accruals
Accruals Ratio	9.92%	8.21%	12.02%	7.75%	7.91%	10.32%	7.70%	7.25%	7.66%	7.99%	14.49%	8.56%	9.67%					8.56%	<-Median->	5	Ratio
Cash	$26.98	$38.68	$22.35	$29.13	$37.24	$30.24	$25.16	$38.45	$28.19	$71.54	$49.43	$58.81	$53.36	$75.00							Cash
Cash per share	$0.56	$0.80	$0.46	$0.60	$0.77	$0.62	$0.52	$0.79	$0.58	$1.47	$1.03	$1.23	$1.12	$1.57				$1.12	<-Median->	5	Cash per Share
Percentage of Stock Price	2.88%	3.45%	1.82%	2.26%	2.51%	2.13%	1.77%	2.53%	2.10%	4.16%	2.95%	3.40%	2.88%	3.04%				2.95%	<-Median->	5	% of Stock Price
Taxes
Dividend
Cap Gain
Taxable Inc
Ret of Cap.
Total
For Tax Cr
Notes:
September 26, 2024.  Last estimates were for 2024, 2025,2026 of $2433.5M, $2506M, $2579M Revenue, $2.76, $2.85 2024/5 AEPS,
$271, $2.88, $3.13 EPS, $154, $1.57 2024/5 Dividends, $88M, $132M, $130M FCF, $5.57, $5.30 2024/5 CFPS, $129M, $138M, $154.
October 1, 2023.  Last estimates were for 2023, 2024 and 2025 of $2255M, $2314M and $2398M for Revenue, $2.51, $2.56 and $2.62 for AEPS,
$2.43, $2.54 and $2.66 for EPS, $1.51, $1.53 and $1.52 for dividends, $98M, $104M and $101M for FCF, $4.61, $4.74 and $3.99 for CFPS, $127M, $130M and $138M for Net Income.
October 2, 2022.  Last estimates were for 2021, 2022 and 2023 of $$2179M, $2192M and $2316M for Revenue, $2.81, $2.55 and $2.62 for EPS,
$1.47 and $1.49 for Dividends 2021/2, 118M, $117M and $113M for FCF, $4.43 and $4.73 for 2021/2 for CFPS.
September 26, 2021.  Last estimates were for 2020, 2021 and 2022 of $2347M, $2132M and $2303M for Revenue, $2.64, $2.19 and 2.60 for EPS,
$1.38 and $1.46 for dividends for 2020 and 21, $155M, $121M and $109M for FCF, $4.52 and $4.81 for CFPS for 2020 and 2021.
October 17, 2020.  Last estimates were for 2020, 2021 and 2022 of $2097M, $2175M and $2253M for Revenue,  $1.62, $1.81 and 2.03 for EPS, $4.04 and $3.93 for CFPS for 2020 and 2021.
October 13, 2019.  Last estimates were for 2019, 2020 and 2021 of $1992M, $2088M and $2137M for Revenue, $1.71, $1.99 and $2.26 for EPS, 3.09 and $3.32 for CFPS for 2019 and 2020.
October 20, 2018.  Last estimates were for 2018, 2019 and 2020 of $2020M, $2098M, $2154M for Revenue, $1.82, $1.98 and $2.17 for EPS, $2.73 and $3.37 for CFPS for 2018 and 2019 and $89.66 for Net Incoem for 2018.
October 28, 2017.  Last estimates were for 2017, 2018 and 2019 of $1846M, $1912M and $1975M for Revenue, $1.48, $1.61 and $1.66 for EPS, $2.45 and $2.90 for CPPS for 2017 and 2018.
October 29, 2016.  Last estimates were for 2016, 2017 and 2018 of $1788M, $1866M and $1955M for Revenue, $1.51, $1.63 and $1.78 for EPS, $1.97 and $1.94 for CFPS for 2016 and 2017.
October 28, 2015.  Last estimates were for 2015, 2016 and 2017 of $1592M, $1650M and $1678M for Revenue, $1.16, $1.22 and $1.32 for EPS, $1.94 and $1.87 for CFPS for 2015 and 2016.
October 21, 2014.  Last estimates were for 2014 and 2015 of $1529M and $1570M ($1646M for 2016) for Revenue, $1.39 and $1.50 for EPS and $1.58 and $1.87 for CFPS.
Sept 22, 2013.  Last estimates for the financial years ending in January 2013 and 2013 were $1563.6M and $1625.2M for Revenue, $1.35, $1.45 and ($1.58 for 2015) for EPS.
August 12, 2012.  Last estimates were for 2012 and 2013 of $1.26 and $1.39 for EPS and for 2011 and 2012 of $1.98 and $2.15 for CF.
Feb 4, 2011.  The last time I looked at this stock I got 2010 and 2011 estimates of $1.65 and $1.72 for earnings and $1.96 and $2.06 for cash flow.
May 2, 2011.  The common shares of North West will commence trading under the symbol "NWC", change from NWF
Company has changed to a stock company. From The North West Company Fund to The North West Company.  Symbol from NWF.UN to NWF.
Company does not use FFO or Distributable Cash.  It does its comparisons to Cash Flow.  Distributions are not expected to be decreased until after 2011 and by an amount of 30% or less.  The reduction will probably be in the low 20% range.
September 1990.  Listed on the TSE in September 1990.  Annual report of 1996 has symbol of NWF.UN.  This report says it is listed on The Toronto Stock Exchange and Winnipeg Stock Exchange.
1997.  The converted to an income trust in 1997.
1987.  The Northern Stores Division of Hudson's Bay Company, in April 1987, was acquired by a group of investors.
1987.  In their history they says their rebirth was in 1987.
1821.  The company traces its history back to the North West Company, a fur trading business.  It was merged into the Hudson's Bay Company in 1821.
On June 14, 2017, the Company’s Common Shares were replaced by Variable Voting Shares and Common Voting Shares. The two classes
of shares have equivalent rights except for voting rights. Holders of Variable Voting Shares are entitled to one vote per share except where
(i) the number of outstanding Variable Voting Shares exceeds 25% of the total number of all issued and outstanding Variable Voting Shares
and Common Voting Shares, or (ii) the total number of votes cast by or on behalf of the holders of Variable Voting Shares at any meeting on
any matter on which a vote is to be taken exceeds 25% of the total number of votes cast at such meeting. Variable Voting Shares may only
be held, beneficially owned or controlled, directly or indirectly, by persons who are not Canadians (within the meaning of the Canada Transportation Act).
Sector:
Consumer Staple, Consumer
What should this stock accomplish?
Would I buy this company and Why.
This is a dividend growth stock, so I would consider it.  Because it is in the retail sector there will be volitility.
Why am I following this stock.
I wanted to review all the income trust stocks touted in the Money Show of 2009.   There was a lot of talk at this show about some of the Income Trust being currently good buys with
very good yields.  This stock changed from an income trust to a corporation in 2011.
Dividends
Dividends are paid cycle 1, that is April, July, October and January.  The dividends are declared in one month and paid in the following month.
For example, the Dividend declared for Shareholders of record of March 31, 2014 was paid on April 15, 2014.
How they make their money.
The North West Co Inc is a Canada-based company that is principally engaged in retail business in underserved rural communities and urban neighborhoods.
Its geographical segment includes Canada and International. It generates maximum revenue from Canada.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Oct 28	2017	Oct 20	2018	Oct 13	2019	Oct 17	2020	Sep 26	2021	Oct 2	2022	Oct 1	2023			Oct 1	2024
McConnel, Daniel George								0.029	0.06%	0.031	0.07%	0.035	0.07%	0.038	0.08%			0.043	0.09%			13.76%
CEO - Shares - Amount									$1.029		$1.099		$1.274		$1.481				$2.242
Options - percentage								0.411	0.85%	0.239	0.50%	0.284	0.59%	0.353	0.74%			0.346	0.72%			-2.13%
Options - amount									$14.542		$8.377		$10.280		$13.735				$17.887
Kennedy, Edward Stephen	0.63%	0.304	0.62%	0.304	0.62%	0.411	0.84%	0.411	0.85%											C	Ceased insider Aug 2021
CEO - Shares - Amount	$8.902		$8.862		$9.482		$11.336		$14.542											C
Options - percentage	2.84%	1.604	3.29%	1.572	3.22%	1.440	2.95%	0.811	1.67%
Options - amount	$40.373		$46.741		$48.999		$39.720		$28.692
King, John D.	0.15%	0.077	0.16%	0.085	0.17%	0.088	0.18%	0.092	0.19%	0.097	0.20%	0.101	0.21%	0.105	0.22%			0.118	0.25%			12.08%
CFO - Shares - Amount	$2.164		$2.255		$2.634		$2.437		$3.265		$3.392		$3.656		$4.093				$6.105
Options - percentage	0.35%	0.205	0.42%	0.221	0.45%	0.227	0.47%	0.232	0.48%	0.186	0.39%	0.168	0.35%	0.149	0.31%			0.141	0.30%			-5.20%
Options - amount	$4.958		$5.964		$6.877		$6.254		$8.189		$6.528		$6.091		$5.785				$7.298
Beaulieu, Michael	0.01%	0.024	0.05%	0.025	0.05%	0.026	0.05%	0.027	0.06%	0.031	0.07%	0.035	0.07%	0.037	0.08%			0.048	0.10%			30.67%
Officer - Shares - Amount	$0.136		$0.696		$0.777		$0.718		$0.964		$1.094		$1.259		$1.426				$2.479
Options - percentage	0.05%	0.033	0.07%	0.022	0.05%	0.054	0.11%	0.055	0.11%	0.062	0.13%	0.068	0.14%	0.068	0.14%			0.046	0.10%			-31.46%
Options - amount	$0.751		$0.961		$0.684		$1.494		$1.936		$2.165		$2.481		$2.626				$2.396
Akerstream, Cole James Ashley												0.006	0.01%	0.007	0.01%			0.006	0.01%			-9.26%
Officer - Shares - Amount													$0.227		$0.269				$0.325
Options - percentage												0.023	0.05%	0.028	0.06%			0.033	0.07%			19.57%
Options - amount													$0.843		$1.076				$1.711
Coleman, Frank J.										0.025	0.05%	0.025	0.05%	0.025	0.05%
Director - Shares - Amount											$0.859		$0.888		$0.953
Options - percentage										0.046	0.10%	0.049	0.10%	0.057	0.12%
Options - amount											$1.619		$1.769		$2.208
Glendinning, Stewart														0.000	0.00%			0.000	0.00%			#DIV/0!
Director - Shares - Amount															$0.000				$0.000
Options - percentage														0.044	0.09%			0.048	0.10%			9.37%
Options - amount															$1.696				$2.468
Konkle, Violet												0.004	0.01%	0.004	0.01%			0.004	0.01%			0.00%
Director - Shares - Amount													$0.132		$0.142				$0.189
Options - percentage												0.027	0.06%	0.034	0.07%			0.034	0.07%			0.00%
Options - amount													$0.983		$1.319				$1.755
Bulbuck, W. Brock								0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%			0.002	0.00%		Chairman in 2022	0.00%
Chairman- Shares - Amount									$0.071		$0.070		$0.072		$0.078				$0.104		from Director
Options - percentage								0.012	0.02%	0.016	0.03%	0.018	0.04%	0.028	0.06%			0.033	0.07%			14.91%
Options - amount									$0.424		$0.561		$0.653		$1.106				$1.691
Riley, H. Sanford	0.02%	0.011	0.02%	0.011	0.02%	0.011	0.02%	0.011	0.02%	0.005	0.01%										must of forgotten to
Chairman - Shares - Amt	$0.322		$0.321		$0.343		$0.303		$0.389		$0.182										update in 2015
Options - percentage	0.13%	0.073	0.15%	0.083	0.17%	0.093	0.19%	0.105	0.22%	0.115	0.24%
Options - amount	$1.889		$2.121		$2.579		$2.570		$3.716		$4.047
Increase in O/S Shares	0.05%	0.019	0.04%	0.014	0.03%	0.061	0.12%	0.000	0.00%	0.043	0.09%	0.072	0.15%	0.108	0.23%			0.115	0.24%		Yes 0 2020
due to SO	$0.798		$0.561		$0.401		$1.893		$0.000		$1.527		$2.536		$3.915				$4.467
Book Value	$0.450		$0.373		$0.336		$1.062		$0.000		$1.180		$1.789		$4.067				$2.643
Insider Buying	-$0.179		-$0.441		-$0.325		-$0.010		$0.000		-$0.038		-$0.196		-$0.111				-$0.121
Insider Selling	$0.000		$0.393		$0.040		$0.000		$0.022		$5.144		$0.057		$0.667				$1.029
Net Insider Selling	-$0.179		-$0.048		-$0.285		-$0.010		$0.022		$5.106		-$0.140		$0.556				$0.908
% of Market Cap	-0.01%		0.00%		-0.02%		0.00%		0.00%		0.30%		-0.01%		0.03%				0.04%
Directors		11		12		13		13		10		11		11				9
Women	27%	3	27%	3	25%	4	31%	4	31%	3	30%	4	36%	4	36%			4	44%
Minorities	9%	1	9%	2	17%	3	23%	3	23%	3	30%	3	27%	3	27%			3	33%
Institutions/Holdings	30.93%	81	30.37%	88	38.03%	88	38.03%	20	31.31%	20	35.45%	20	28.05%	20	23.40%			20	30.75%
Total Shares Held	30.91%	14.787	30.37%	18.519	37.99%	0.000	0.00%	15.264	31.40%	17.106	35.19%	13.444	28.15%	11.190	23.45%			14.672	30.75%
Increase/Decrease	-5.78%	0.720	5.12%	0.308	1.69%	0.308	-100.00%	-0.322	-2.07%	1.091	6.81%	0.244	1.85%	0.621	5.87%			0.363	2.54%
Starting No. of Shares		14.067		18.211		-0.308		15.586		16.015		13.200		10.570				14.309
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