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.														Q3 2025
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			9/30/25
Richards Packaging Income Fund				TSX	RPI.UN	OTC	RPKIF	https://www.richardspackaging.com/				Fiscal Yr:	Dec 31
Year	12/30/12	12/31/13	12/31/14	12/31/15	12/30/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Cost of Sales	$168.6	$175.5	$182.8	$211.1	$241.3	$247.1	$262.7	$276.7	$376.5	$363.0	$364.8	$347.8	$329.4	$345.7	<-12 mths	4.96%		80.17%	<-Total Growth	10	Cost of Sales
Change	4.47%	4.11%	4.15%	15.48%	14.30%	2.40%	6.31%	5.32%	36.08%	-3.56%	0.48%	-4.65%	-5.31%	4.96%	<-12 mths			4.73%	<-Median->	10	Change
Ratio	0.88	0.88	0.86	0.85	0.84	0.83	0.83	0.83	0.77	0.80	0.82	0.82	0.81	0.82	<-12 mths	0.92%		0.83	<-Median->	10	Ratio
Admin	$9.2	$9.1	$9.6	$11.4	$11.7	$12.4	$12.5	$13.5	$19.5	$21.5	$21.7	$22.4	$27.1	$36.9	<-12 mths	36.31%		180.83%	<-Total Growth	10	Selling & Admin
Change	1.65%	-0.49%	5.78%	18.22%	2.70%	5.55%	1.29%	7.54%	44.98%	10.02%	1.24%	2.89%	21.07%	36.31%	<-12 mths			5.67%	<-Median->	10	Change
Ratio	0.05	0.05	0.05	0.05	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.07	0.09	<-12 mths	31.06%		0.04	<-Median->	10	Ratio
Total	$177.8	$184.6	$192.4	$222.5	$253.0	$259.4	$275.2	$290.1	$396.0	$384.5	$386.5	$370.2	$356.4	$382.6	<-12 mths	7.34%		85.21%	<-Total Growth	10	Total
Change	4.32%	3.87%	4.23%	15.62%	13.71%	2.55%	6.07%	5.42%	36.49%	-2.90%	0.53%	-4.23%	-3.71%	7.34%	<-12 mths			4.83%	<-Median->	10	Change
Ratio	0.93	0.93	0.91	0.89	0.88	0.87	0.87	0.87	0.81	0.85	0.86	0.87	0.87	0.90	<-12 mths	3.21%		0.87	<-Median->	10	Ratio
														$424	<-12 mths	4.01%
Revenue*	$191.3	$198.5	$212.3	$249.4	$287.0	$296.6	$318.1	$334.1	$489.2	$451.4	$446.9	$425.9	$407.8	$431.2	$457.0	$467.8		92.09%	<-Total Growth	10	Revenue
Increase	4.98%	3.76%	6.93%	17.50%	15.05%	3.35%	7.24%	5.06%	46.41%	-7.73%	-1.01%	-4.69%	-4.26%	5.74%	5.98%	2.36%		6.75%	<-IRR #YR->	10	Revenue	92.09%
5 year Running Average	$185.8	$188.0	$192.7	$206.8	$227.7	$249	$273	$297	$345	$378	$408	$430	$444	$433	$434	$438		4.06%	<-IRR #YR->	5	Revenue	22.04%
Revenue per Share	$17.85	$18.55	$19.85	$22.96	$26.46	$27.23	$29.20	$29.75	$43.56	$41.21	$40.79	$38.88	$37.22	$39.36	$41.72	$42.70		7.78%	<-IRR #YR->	10	5 yr Running Average	130.56%
Increase	5.25%	3.89%	7.00%	15.69%	15.22%	2.91%	7.24%	1.91%	46.41%	-5.41%	-1.01%	-4.69%	-4.26%	5.74%	5.98%	2.36%		6.54%	<-IRR #YR->	5	5 yr Running Average	49.56%
5 year Running Average	$17.75	$17.75	$17.98	$19.24	$21.13	$23.01	$25.14	$27.12	$31.24	$34.19	$36.90	$38.84	$40.33	$39.49	$39.59	$39.98		7.55%	<-IRR #YR->	10	Revenue per Share	87.55%
P/S (Price/Sales) Med	0.48	0.52	0.60	0.71	0.81	1.01	1.23	1.37	1.29	1.62	1.25	0.97	0.85	0.77	0.00	0.00		6.54%	<-IRR #YR->	5	Revenue per Share	25.10%
P/S (Price/Sales) Close	0.48	0.57	0.67	0.84	0.94	1.14	1.20	1.53	1.76	1.50	1.06	0.89	0.78	0.71	0.67	0.66		8.42%	<-IRR #YR->	10	5 yr Running Average	124.38%
*Revenue in M CDN $					P/S Med	20 yr	0.68	15 yr	0.85	10 yr	1.12	5 yr	1.25		-36.11%	Diff M/C		8.26%	<-IRR #YR->	5	5 yr Running Average	48.73%
			-$212.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$407.78
								-$334.1	$0.0	$0.0	$0.0	$0.0	$407.8
			-$192.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$407.8
								-$297.0	$0.0	$0.0	$0.0	$0.0	$407.8
			-$17.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$37.2
								-$27.12	$0.00	$0.00	$0.00	$0.00	$37.2
			-$17.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.33
								-$27.12	$0.00	$0.00	$0.00	$0.00	$40.33
														$2.61	<-12 mths	-18.18%
Adjusted Net Income CDN$	$6.1	$5.0	$8.0	$10.5	$7.9	$16.6	$24.1	$21.7	$50.1	$36.4	$37.6	$35.6	$36.4					354.04%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	7.86%	6.36%	9.72%	10.49%	8.47%	18.11%	22.08%	17.15%	31.23%	27.84%	23.26%	19.77%	17.85%					18.94%	<-Median->	10	Return on Equity ROE
5Yr Median	9.99%	9.99%	9.72%	9.72%	8.47%	9.72%	10.49%	17.15%	18.11%	22.08%	23.26%	23.26%	23.26%					17.63%	<-Median->	10	5Yr Median
Basic	$0.56	$0.46	$0.75	$0.97	$0.73	$1.53	$2.21	$1.97	$4.47	$3.32	$3.43	$3.25	$3.32					343.31%	<-Total Growth	10	AEPS
AEPS* Dilued	$0.56	$0.46	$0.75	$0.97	$0.73	$1.53	$2.21	$1.97	$4.47	$3.19	$3.29	$3.12	$3.19	$2.17	$3.07	$3.51		325.33%	<-Total Growth	10	AEPS
Increase	-12.50%	-17.86%	63.04%	29.33%	-24.74%	109.59%	44.44%	-10.86%	126.90%	-28.64%	3.13%	-5.17%	2.24%	-31.97%	41.47%	14.33%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.66	$0.78	$0.66	$0.68	$0.69	$0.89	$1.24	$1.48	$2.18	$2.67	$3.03	$3.21	$3.45	$2.99	$2.97	$3.01		15.58%	<-IRR #YR->	10	AEPS	325.33%
AEPS Yield	6.56%	4.37%	5.64%	5.06%	2.94%	4.91%	6.31%	4.32%	5.82%	5.17%	7.58%	9.00%	10.92%	7.72%	10.92%	12.49%		10.12%	<-IRR #YR->	5	AEPS	61.93%
Payout Ratio	140.36%	170.87%	116.53%	90.93%	150.96%	85.20%	59.73%	67.01%	29.53%	41.38%	61.09%	54.49%	52.66%	60.83%	43.00%	37.61%		18.06%	<-IRR #YR->	10	5 yr Running Average	426.22%
5 year Running Average	74.94%	109.11%	128.18%	128.30%	133.93%	122.90%	100.67%	90.76%	78.48%	56.57%	51.75%	50.70%	47.83%	54.09%	54.41%	49.72%		18.43%	<-IRR #YR->	5	5 yr Running Average	132.93%
Price/AEPS Median	15.36	20.84	15.93	16.71	29.41	17.92	16.24	20.70	12.61	20.95	15.45	12.05	9.95	14.05	0.00	0.00		16.47	<-Median->	10	Price/AEPS Median
Price/AEPS High	16.96	22.87	18.00	19.77	36.22	20.37	18.38	24.14	18.99	24.61	17.85	14.26	11.16	15.90	0.00	0.00		19.38	<-Median->	10	Price/AEPS High
Price/AEPS Low	13.75	18.80	13.87	13.64	22.60	15.46	14.10	17.26	6.22	17.29	13.04	9.84	8.74	12.21	0.00	0.00		13.87	<-Median->	10	Price/AEPS Low
Price/AEPS Close	15.25	22.87	17.72	19.77	33.96	20.37	15.84	23.14	17.19	19.36	13.19	11.11	9.15	12.95	9.16	8.01		18.28	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	13.34	18.79	28.89	25.57	25.56	42.70	22.88	20.63	39.01	13.82	13.61	10.53	9.36	8.81	12.95	9.16		21.75	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	15.40	17.92	13.34	15.54	P/AEPS	5 Yrs	in order	12.61	17.85	9.84	13.19		2.76%	Diff M/C					DPR 75% to 95% best
* Adjusted Net Income per Unit
			-$0.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.19
								-$1.97	$0.00	$0.00	$0.00	$0.00	$3.19
			-$0.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.45
								-$1.48	$0.00	$0.00	$0.00	$0.00	$3.45
														$35.3	<-12 mths	-10.54%
														$3.09	<-12 mths	-10.69%
Distributable Cash Flow	$14.9	$12.8	$14.4	$17.8	$23.6	$23.7	$29.4	$32.0	$68.3	$46.6	$42.6	$37.2	$39.5	$35.3	<-12 mths			173.64%	<-Total Growth	10	Distributable Cash Flow
Basic	$1.38	$1.19	$1.35	$1.65	$2.18	$2.18	$2.70	$2.90	$6.08	$4.26	$3.89	$3.40	$3.60		<-12 mths			167.30%	<-Total Growth	10	DCF
DCF	$1.26	$1.09	$1.23	$1.52	$2.02	$2.03	$2.52	$2.73	$5.84	$4.01	$3.73	$3.26	$3.46	$3.09	<-12 mths			181.30%	<-Total Growth	10	DCF
Increase	-1.56%	-13.49%	12.84%	23.58%	32.89%	0.50%	24.14%	8.33%	113.92%	-31.34%	-6.98%	-12.60%	6.13%	-10.69%	<-12 mths			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$1.27	$1.24	$1.24	$1.28	$1.42	$1.58	$1.86	$2.16	$3.03	$3.43	$3.77	$3.91	$4.06	$3.51	<-12 mths			10.90%	<-IRR #YR->	10	DCF	181.30%
DCF Yield	14.75%	10.36%	9.26%	7.92%	8.15%	6.51%	7.20%	5.99%	7.60%	6.49%	8.59%	9.41%	11.85%	10.99%	<-12 mths			4.85%	<-IRR #YR->	5	DCF	26.74%
Payout Ratio	62.38%	72.11%	71.06%	58.03%	54.55%	64.21%	52.38%	48.35%	22.60%	32.92%	53.89%	52.15%	48.55%	42.72%	<-12 mths			12.63%	<-IRR #YR->	10	5 yr Running Average	228.48%
5 year Running Average	59.44%	55.77%	65.30%	65.00%	63.63%	63.99%	60.05%	55.51%	48.42%	44.09%	42.03%	41.98%	42.02%	46.05%	<-12 mths			13.41%	<-IRR #YR->	5	5 yr Running Average	87.62%
Price/DCF Median	6.83	8.79	9.72	10.66	10.63	13.50	14.24	14.94	9.65	16.67	13.62	11.53	9.17	9.87	<-12 mths			12.52	<-Median->	10	Price/DCF Median
Price/DCF High	7.54	9.65	10.98	12.62	13.09	15.35	16.12	17.42	14.54	19.58	15.74	13.65	10.29	11.17	<-12 mths			14.95	<-Median->	10	Price/DCF High
Price/DCF Low	6.11	7.94	8.46	8.70	8.17	11.65	12.36	12.45	4.76	13.75	11.50	9.42	8.05	8.57	<-12 mths			10.46	<-Median->	10	Price/DCF Low
Price/DCF Close	6.78	9.65	10.80	12.62	12.27	15.35	13.89	16.70	13.16	15.40	11.64	10.63	8.44	9.10	<-12 mths			12.89	<-Median->	10	Price/DCF Close
Trailing P/DCF Close	6.67	8.35	12.19	15.59	16.31	15.43	17.24	18.09	28.15	10.58	10.82	9.29	8.96	8.12	<-12 mths			15.51	<-Median->	10	Trailing P/DCF Close
Median Values	Historical	in order	9.72	12.62	8.17	10.80	P/DCF	5 Yrs	in order	11.53	14.54	9.42	11.64		-21.13%	Diff M/C					DPR 75% to 95% best
* Distributable Cash Flow
			-$1.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.46
								-$2.73	$0.00	$0.00	$0.00	$0.00	$3.46
			-$1.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.06
								-$2.16	$0.00	$0.00	$0.00	$0.00	$4.06
														$1.91	<-12 mths	-36.12%
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	294.74%	20.15%	12.11%	8.56%					0.00%	<-Median->	10	Difference Basic and Diluted
EPS Basic calculated							$2.21	$1.97	$4.47	$0.19	$4.12	$3.55	$3.27								EPS Basic calculated
EPS Basic	$0.56	$0.46	$0.75	$0.97	$0.73	$1.53	$2.21	$1.97	$4.47	$0.19	$4.12	$3.55	$3.27					336.00%	<-Total Growth	10	EPS Basic
EPS Diluted*	$0.56	$0.46	$0.75	$0.97	$0.73	$1.53	$2.21	$1.97	$4.47	-$0.37	$3.29	$3.12	$2.99	$2.02	$2.02			298.67%	<-Total Growth	10	EPS Diluted
Increase	-12.50%	-17.86%	63.04%	29.33%	-24.74%	109.59%	44.44%	-10.86%	126.90%	-108.28%	989.19%	-5.17%	-4.17%	-32.44%	0.00%			9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	6.56%	4.37%	5.64%	5.06%	2.94%	4.91%	6.31%	4.32%	5.82%	-0.60%	7.58%	9.00%	10.24%	7.19%	7.19%			14.83%	<-IRR #YR->	10	Earnings per Share	298.67%
5 year Running Average	$0.66	$0.78	$0.66	$0.68	$0.69	$0.89	$1.24	$1.48	$2.18	$1.96	$2.31	$2.50	$2.70	$2.21	$2.69			8.70%	<-IRR #YR->	5	Earnings per Share	51.78%
10 year Running Average		$0.69	$0.71	$0.74	$0.73	$0.77	$1.01	$1.07	$1.43	$1.33	$1.60	$1.87	$2.09	$2.20	$2.33			15.20%	<-IRR #YR->	10	5 yr Running Average	311.59%
* Diluted ESP per share									E/P	10 Yrs	5.44%	5Yrs	7.58%					12.75%	<-IRR #YR->	5	5 yr Running Average	82.19%
			-$0.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.99
								-$1.97	$0.00	$0.00	$0.00	$0.00	$2.99
			-$0.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.70
								-$1.48	$0.00	$0.00	$0.00	$0.00	$2.70
Special Dividends														$1.32							Special Dividends
Dividend*														0.00%							Dividend*
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.69	$0.38	$0.36	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividend*	$0.79	$0.79	$0.87	$0.88	$1.10	$1.30	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32		51.03%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	11.20%	0.92%	24.94%	18.28%	1.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		7	1	20	Years of data	Count P, N
Average Increases 5 Year Running	19.38%	19.38%	36.45%	2.42%	7.41%	11.07%	11.32%	9.08%	8.90%	3.91%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%		5.66%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.75	$0.69	$0.80	$0.82	$0.89	$0.99	$1.10	$1.19	$1.27	$1.32	$1.46	$1.53	$1.61	$1.61	$1.61	$1.47		99.85%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	9.14%	8.20%	7.31%	5.44%	5.13%	4.76%	3.68%	3.24%	2.34%	1.98%	2.60%	3.51%	4.16%	4.33%				3.59%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	8.27%	7.47%	6.47%	4.60%	4.17%	4.18%	3.25%	2.78%	1.55%	1.68%	2.25%	2.97%	3.71%	3.83%				3.11%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	10.21%	9.09%	8.40%	6.67%	6.68%	5.51%	4.24%	3.88%	4.75%	2.39%	3.08%	4.30%	4.74%	4.98%				4.52%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	9.20%	7.47%	6.58%	4.60%	4.45%	4.18%	3.77%	2.90%	1.72%	2.14%	3.04%	3.81%	4.52%	4.70%	4.70%	4.70%		3.79%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	140.36%	170.87%	116.53%	90.93%	150.96%	85.20%	59.73%	67.01%	29.53%	0.00%	61.09%	54.49%	56.19%	65.35%	65.35%	#DIV/0!		60.41%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	114.59%	88.05%	122.50%	121.72%	127.67%	111.43%	88.55%	79.99%	58.35%	67.11%	63.01%	61.46%	59.48%	72.67%	59.75%	#DIV/0!		73.55%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	63.61%	41.22%	63.77%	64.87%	34.53%	45.55%	57.85%	37.09%	19.94%	25.43%	51.03%	22.39%	35.94%	38.34%				36.51%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	53.72%	47.31%	57.73%	55.93%	48.87%	46.28%	49.54%	44.72%	34.38%	32.09%	33.76%	28.51%	28.66%	32.33%				39.55%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	44.95%	51.56%	52.57%	46.57%	42.16%	48.79%	45.22%	35.92%	18.33%	23.51%	37.60%	37.78%	37.40%	43.61%				37.69%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	48.96%	44.71%	51.35%	50.20%	46.91%	47.73%	46.61%	43.03%	33.36%	29.81%	29.45%	29.12%	29.57%	34.95%				38.20%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.59%	3.79%	5 Yr Med	5 Yr Cl	2.60%	3.04%	5 Yr Med	Payout	54.49%	25.43%	37.40%					0.00%	<-IRR #YR->	5	Dividends	0.00%
* Dividends per share	10 Yr Med	and Cur.	30.63%	23.89%	5 Yr Med	and Cur.	80.77%	54.39%	Last Div Inc --->		$0.11	$0.11	0.0%					4.21%	<-IRR #YR->	10	Dividends	51.03%
Dividends Growth 15																		10.63%	<-IRR #YR->	15	Dividends	355.17%
Dividends Growth 20																		3.52%	<-IRR #YR->	20	Dividends	99.88%
Dividends Growth 25																		#NUM!	<-IRR #YR->	25	Dividends	#DIV/0!
Dividends Growth 5								-$1.32	$0.00	$0.00	$0.00	$0.00	$1.32								Dividends Growth 5
Dividends Growth 10			-$0.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.32								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	$1.32								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	$1.32								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	$1.32								Dividends Growth 25
Historical Dividends	Historical	High Div	15.70%	Low Div	1.79%	10 Yr High	6.68%	10 Yr Low	1.57%	Med Div	5.94%	Close Div	4.60%					Med Div '11	4.46%		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-70.09%	Cheap	162.34%	Exp.	-29.70%		199.10%	Exp.	-20.95%	Cheap	2.12%						5.29%		High/Ave/Median
Adjusted Historical Dividends	Historical	High Div	10.88%	Low Div	1.62%	10 Yr High	6.68%	10 Yr Low	1.59%	Med Div	4.46%	Close Div	4.31%					From 2011			Adjusted Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-56.84%	Cheap	189.87%	Exp.	-29.70%		195.34%	Exp.	5.29%	Exp.	8.86%								High/Ave/Median Values
Future Dividend Yield					Div Yield	4.70%	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.70%	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.70%	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.32	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.32	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.32	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Dividend Covering Cost					Div Paid	$6.60	over	5	Years	at IRR of	0.00%	Div Cov.	23.48%								Dividend Covering Cost
Dividend Covering Cost					Div Paid	$11.88	over	10	Years	at IRR of	0.00%	Div Cov.	42.26%								Dividend Covering Cost
Dividend Covering Cost					Div Paid	$17.16	over	15	Years	at IRR of	0.00%	Div Cov.	61.05%								Dividend Covering Cost
Yield if held 5 years	8.69%	10.52%	17.91%	11.28%	13.44%	15.16%	13.77%	11.05%	8.15%	6.15%	4.82%	3.68%	3.24%	2.34%	1.98%	2.60%		9.60%	<-Median->	10	Paid Median Price
Yield if held 10 years			8.57%	8.38%	13.86%	14.40%	17.66%	27.05%	16.88%	16.10%	15.35%	13.77%	11.05%	8.15%	6.15%	4.82%		14.88%	<-Median->	10	Paid Median Price
Yield if held 15 years								12.94%	12.55%	16.60%	14.59%	17.66%	27.05%	16.88%	16.10%	15.35%		15.59%	<-Median->	6	Paid Median Price
Yield if held 20 years													12.94%	12.55%	16.60%	14.59%		12.94%	<-Median->	1	Paid Median Price
Yield if held 25 years															#DIV/0!	#DIV/0!		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	41.66%	45.94%	82.34%	52.61%	54.02%	57.53%	57.19%	49.60%	39.28%	30.66%	26.60%	21.38%	19.69%	14.25%	12.02%	14.44%		44.44%	<-Median->	10	Paid Median Price
Cost covered if held 10 years			86.24%	81.33%	107.37%	96.33%	119.27%	203.80%	134.01%	134.31%	142.30%	137.21%	116.80%	88.83%	68.06%	53.37%		126.64%	<-Median->	10	Paid Median Price
Cost covered if held 15 years								144.35%	141.84%	190.18%	176.88%	221.88%	368.35%	236.69%	232.24%	227.65%		183.53%	<-Median->	6	Paid Median Price
Cost covered if held 20 years													223.07%	218.17%	291.19%	257.98%		223.07%	<-Median->	1	Paid Median Price
Cost covered if held 25 years															#DIV/0!	#DIV/0!		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$334.15	$489.24	$451.44	$446.90	$425.93	$407.78	$424.1	<-12 mths	4.01%		22.04%	<-Total Growth	5	Revenue Growth	22.04%
AEPS Growth								$1.97	$4.47	$3.19	$3.29	$3.12	$3.19	$2.61	<-12 mths	-18.18%		61.93%	<-Total Growth	5	AEPS Growth	61.93%
Net Income Growth								$21.73	$50.14	$2.07	$45.17	$38.89	$35.85	$22.4	<-12 mths	-37.59%		64.93%	<-Total Growth	5	Net Income Growth	64.93%
Cash Flow Growth								$39.97	$74.34	$56.87	$43.15	$83.19	$51.21	$37.7	<-12 mths	-26.35%		28.13%	<-Total Growth	5	Cash Flow Growth	28.13%
Dividend Growth								$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	<-12 mths	0.00%		0.00%	<-Total Growth	5	Dividend Growth	0.00%
Stock Price Growth								$45.59	$76.85	$61.76	$43.40	$34.65	$29.20	$28.11	<-12 mths	-3.73%		-56.13%	<-Total Growth	5	Stock Price Growth	-56.13%
Revenue Growth			$212.29	$249.43	$286.96	$296.58	$318.06	$334.15	$489.24	$451.44	$446.90	$425.93	$407.78	$431.2	<-this year	5.74%		92.09%	<-Total Growth	10	Revenue Growth	92.09%
AEPS Growth			$0.75	$0.97	$0.73	$1.53	$2.21	$1.97	$4.47	$3.19	$3.29	$3.12	$3.19	$2.17	<-this year	-31.97%		325.33%	<-Total Growth	10	AEPS Growth	325.33%
Net Income Growth			$8.02	$10.51	$7.90	$16.64	$24.12	$21.73	$50.14	$2.07	$45.17	$38.89	$35.85	$22.1	<-this year	-38.26%		346.83%	<-Total Growth	10	Net Income Growth	346.83%
Cash Flow Growth			$14.66	$14.77	$34.62	$31.17	$24.86	$39.97	$74.34	$56.87	$43.15	$83.19	$51.21	$37.7	<-this year	-26.35%		249.32%	<-Total Growth	10	Cash Flow Growth	249.32%
Dividend Growth			$0.87	$0.88	$1.10	$1.30	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32	<-this year	0.00%		51.03%	<-Total Growth	10	Dividend Growth	51.03%
Stock Price Growth			$13.29	$19.18	$24.79	$31.17	$35.00	$45.59	$76.85	$61.76	$43.40	$34.65	$29.20	$46.50	<-this year	59.25%		119.71%	<-Total Growth	10	Stock Price Growth	119.71%
Dividends on Shares				$67.03	$83.75	$99.07	$100.32	$100.32	$100.32	$100.32	$152.76	$129.20	$127.68	$100.32	$100.32	$100.32		$1,060.77	No of Years	10	Total Dividends	12/31/14
Paid			$1,010.04	$1,457.68	$1,884.04	$2,368.92	$2,660.00	$3,464.84	$5,840.60	$4,693.76	$3,298.40	$2,633.40	$2,219.20	$2,136.36	$2,136.36	$2,136.36		$2,219.20	No of Years	10	Worth	$13.29
Total																		$3,279.97
Graham Number AEPS	$9.52	$8.68	$11.41	$14.19	$11.89	$17.04	$22.33	$22.37	$37.92	$29.28	$33.03	$33.98	$36.56	$30.25	$35.98	$38.48		220.38%	<-Total Growth	10	Graham Number AEPS
Increase	-8.63%	-8.84%	31.45%	24.30%	-16.18%	43.32%	31.05%	0.15%	69.56%	-22.79%	12.83%	2.85%	7.61%	-17.26%	18.94%	6.93%		10.22%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.90	1.10	1.05	1.14	1.81	1.61	1.61	1.82	1.49	2.28	1.54	1.11	0.87	1.01				1.57	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.00	1.21	1.18	1.35	2.22	1.83	1.82	2.13	2.24	2.68	1.78	1.31	0.97	1.14				1.82	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.81	1.00	0.91	0.93	1.39	1.39	1.39	1.52	0.73	1.88	1.30	0.90	0.76	0.88				1.34	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.90	1.21	1.16	1.35	2.08	1.83	1.57	2.04	2.03	2.11	1.31	1.02	0.80	0.93	0.78	0.73		1.70	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-10.33%	21.17%	16.45%	35.21%	108.50%	82.92%	56.73%	103.84%	102.65%	110.94%	31.38%	1.98%	-20.14%	-7.08%	-21.88%	-26.94%		69.83%	<-Median->	10	Graham Price
Graham Number	$9.52	$8.68	$11.41	$14.19	$11.89	$17.04	$22.33	$22.37	$37.92	$29.73	$33.03	$33.98	$35.40	$29.19	$29.19	$0.00		210.18%	<-Total Growth	10	Graham Number
Increase	-8.63%	-8.84%	31.45%	24.30%	-16.18%	43.32%	31.05%	0.15%	69.56%	-21.59%	11.10%	2.85%	4.19%	-17.54%	0.00%	-100.00%		7.64%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.90	1.10	1.05	1.14	1.81	1.61	1.61	1.82	1.49	2.25	1.54	1.11	0.90	1.04				1.57	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.00	1.21	1.18	1.35	2.22	1.83	1.82	2.13	2.24	2.64	1.78	1.31	1.01	1.18				1.82	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.81	1.00	0.91	0.93	1.39	1.39	1.39	1.52	0.73	1.85	1.30	0.90	0.79	0.91				1.34	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.90	1.21	1.16	1.35	2.08	1.83	1.57	2.04	2.03	2.08	1.31	1.02	0.82	0.96	0.96	#DIV/0!		1.70	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-10.33%	21.17%	16.45%	35.21%	108.50%	82.92%	56.73%	103.84%	102.65%	107.71%	31.38%	1.98%	-17.51%	-3.70%	-3.70%	#DIV/0!		69.83%	<-Median->	10	Graham Price
Based on EPS 3 Yrs EPS	$10.57	$9.52	$10.12	$12.28	$12.58	$14.29	$18.34	$21.98	$30.46	$23.32	$28.58	$27.29	$36.24	$33.81	$31.44	$23.83		258.00%	<-Total Growth	10	Based on EPS 3 Yrs EPS
Increase	-17.19%	-9.93%	6.30%	21.30%	2.43%	13.67%	28.28%	19.89%	38.54%	-23.44%	22.59%	-4.52%	32.77%	-6.70%	-7.01%	-24.19%		20.59%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.81	1.01	1.18	1.32	1.71	1.92	1.96	1.85	1.85	2.87	1.78	1.38	0.88	0.90				1.81	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.90	1.10	1.33	1.56	2.10	2.18	2.21	2.16	2.79	3.37	2.05	1.63	0.98	1.02				2.13	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.73	0.91	1.03	1.08	1.31	1.65	1.70	1.55	0.91	2.36	1.50	1.12	0.77	0.78				1.41	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.81	1.10	1.31	1.56	1.97	2.18	1.91	2.07	2.52	2.65	1.52	1.27	0.81	0.83	0.89	1.18		1.94	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-19.22%	10.48%	31.30%	56.22%	97.12%	118.06%	90.88%	107.38%	152.33%	164.87%	51.83%	26.95%	-19.42%	-16.85%	-10.59%	17.95%		94.00%	<-Median->	10	Graham Price
Month, Year	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	Dec-27		27.00	<Count Years>		Month, Year
Price Close	$8.54	$10.52	$13.29	$19.18	$24.79	$31.17	$35.00	$45.59	$76.85	$61.76	$43.40	$34.65	$29.20	$28.11	$28.11	$28.11		119.71%	<-Total Growth	10	Stock Price
Increase	13.87%	23.19%	26.33%	44.32%	29.25%	25.74%	12.29%	30.26%	68.57%	-19.64%	-29.73%	-20.16%	-15.73%	-3.73%	0.00%	0.00%		19.09	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	15.25	22.87	17.72	19.77	33.96	20.37	15.84	23.14	17.19	-166.92	13.19	11.11	9.77	13.92	13.92	#DIV/0!		-8.52%	<-IRR #YR->	5	Stock Price	-35.95%
Trailing P/E Ratio	13.34	18.79	28.89	25.57	25.56	42.70	22.88	20.63	39.01	13.82	-117.30	10.53	9.36	9.40	13.92	13.92		8.19%	<-IRR #YR->	10	Stock Price	119.71%
CAPE (10 Yr P/E)		12.52	12.47	13.35	15.79	17.70	16.44	19.11	19.06	24.60	22.58	20.66	19.21	18.69	17.80	#DIV/0!		-4.29%	<-IRR #YR->	5	Price & Dividend	-18.34%
Median 10, 5 Yrs		D.  per yr	7.28%	4.23%	% Tot Ret	47.07%	0.00%	T P/E	21.75	10.53	P/E:	16.51	11.11					15.47%	<-IRR #YR->	10	Price & Dividend	224.74%
Price 15		D.  per yr	8.69%		% Tot Ret	46.90%						CAPE Diff	-2.07%					9.83%	<-IRR #YR->	15	Stock Price	308.39%
Price  20		D.  per yr	6.69%		% Tot Ret	56.99%												5.05%	<-IRR #YR->	20	Stock Price	167.89%
Price  25		D.  per yr	#NUM!		% Tot Ret	#NUM!												#NUM!	<-IRR #YR->	25	Stock Price	#DIV/0!
Price & Dividend 15																		18.52%	<-IRR #YR->	15	Price & Dividend	559.80%
Price & Dividend 20																		11.74%	<-IRR #YR->	20	Price & Dividend	376.64%
Price & Dividend 25																		#NUM!	<-IRR #YR->	25	Price & Dividend	#DIV/0!
Price  5								-$45.59	$0.00	$0.00	$0.00	$0.00	$29.20								Price  5
Price 10			-$13.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.20								Price 10
Price & Dividend 5								-$45.59	$1.32	$1.32	$2.01	$1.70	$30.88								Price & Dividend 5
Price & Dividend 10			-$13.29	$0.88	$1.10	$1.30	$1.32	$1.32	$1.32	$1.32	$2.01	$1.70	$30.88								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	$29.20								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	$29.20								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	$29.20								Price  25
Price & Dividend 15	$0.79	$0.79	$0.87	$0.88	$1.10	$1.30	$1.32	$1.32	$1.32	$1.32	$2.01	$1.70	$30.88								Price & Dividend 15
Price & Dividend 20	$0.79	$0.79	$0.87	$0.88	$1.10	$1.30	$1.32	$1.32	$1.32	$1.32	$2.01	$1.70	$30.88								Price & Dividend 20
Price & Dividend 25	$0.79	$0.79	$0.87	$0.88	$1.10	$1.30	$1.32	$1.32	$1.32	$1.32	$2.01	$1.70	$30.88								Price & Dividend 25
Price H/L Median	$8.60	$9.59	$11.95	$16.21	$21.47	$27.41	$35.88	$40.78	$56.35	$66.83	$50.82	$37.60	$31.74	$30.50				165.56%	<-Total Growth	10	Stock Price
Increase	4.88%	11.45%	24.67%	35.61%	32.49%	27.67%	30.90%	13.64%	38.20%	18.60%	-23.96%	-26.01%	-15.60%	-3.91%				-4.89%	<-IRR #YR->	5	Stock Price	-22.17%
P/E Ratio	15.36	20.84	15.93	16.71	29.41	17.92	16.24	20.70	12.61	-180.62	15.45	12.05	10.61	15.10				10.26%	<-IRR #YR->	10	Stock Price	165.56%
Trailing P/E Ratio	13.44	17.12	25.98	21.61	22.13	37.55	23.45	18.45	28.60	14.95	-137.34	11.43	10.17	10.20				-0.54%	<-IRR #YR->	5	Price & Dividend	-2.48%
P/E on Running 5 yr Average	13.07	12.29	18.22	23.97	30.94	30.87	28.98	27.51	25.82	34.06	21.96	15.06	11.75	13.80				17.79%	<-IRR #YR->	10	Price & Dividend	282.36%
P/E on Running 10 yr Average		13.97	16.88	21.96	29.49	35.46	35.56	38.14	39.43	50.32	31.74	20.14	15.18	13.89				15.36	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.35%	7.53%	% Tot Ret	-804.28%	42.34%	T P/E	20.03	11.43	P/E:	15.84	12.05						Count	20	Years of data
								-$40.78	$0.00	$0.00	$0.00	$0.00	$31.74
			-$11.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.74
								-$40.78	$1.32	$1.32	$2.01	$1.70	$33.42
			-$11.95	$0.88	$1.10	$1.30	$1.32	$1.32	$1.32	$1.32	$2.01	$1.70	$33.42
High Months	Sep	Dec	Nov	Dec	Nov	Dec	Nov	Dec	Oct	Mar	Jan	Jan	Jan	Sep
Price High	$9.50	$10.52	$13.50	$19.18	$26.44	$31.17	$40.61	$47.55	$84.90	$78.52	$58.72	$44.50	$35.60	$34.50				163.70%	<-Total Growth	10	Stock Price
Increase	-1.04%	10.74%	28.33%	42.07%	37.85%	17.89%	30.29%	17.09%	78.55%	-7.51%	-25.22%	-24.22%	-20.00%	-3.09%				-5.62%	<-IRR #YR->	5	Stock Price	-25.13%
P/E Ratio	16.96	22.87	18.00	19.77	36.22	20.37	18.38	24.14	18.99	-212.22	17.85	14.26	11.91	17.08				10.18%	<-IRR #YR->	10	Stock Price	163.70%
Trailing P/E Ratio	14.84	18.79	29.35	25.57	27.26	42.70	26.54	21.52	43.10	17.57	-158.70	13.53	11.41	11.54				17.85	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	23.54	13.53	P/E:	18.68	14.26					23.88	P/E Ratio		Historical High
								-$47.55	$0.00	$0.00	$0.00	$0.00	$35.60
			-$13.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.60
Low Months	Jan	Jan	Jan	Jan	Jan	Jan	Dec	Jan	Mar	Nov	May	Aug	Jul	Apr
Price Low	$7.70	$8.65	$10.40	$13.23	$16.50	$23.65	$31.15	$34.00	$27.80	$55.14	$42.91	$30.70	$27.87	$26.49				167.98%	<-Total Growth	10	Stock Price
Increase	13.24%	12.34%	20.23%	27.21%	24.72%	43.33%	31.71%	9.15%	-18.24%	98.35%	-22.18%	-28.45%	-9.22%	-4.95%				-3.90%	<-IRR #YR->	5	Stock Price	-18.03%
P/E Ratio	13.75	18.80	13.87	13.64	22.60	15.46	14.10	17.26	6.22	-149.03	13.04	9.84	9.32	13.11				10.36%	<-IRR #YR->	10	Stock Price	167.98%
Trailing P/E Ratio	12.03	15.45	22.61	17.64	17.01	32.40	20.36	15.38	14.11	12.34	-115.97	9.33	8.93	8.86				12.76	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.75	9.33	P/E:	13.34	9.32					-30.03	P/E Ratio		Historical Low
								-$34.00	$0.00	$0.00	$0.00	$0.00	$27.87
			-$10.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.87
																					Company
																					MS
Free Cash Flow Mk Sc									$52.89	$31.24	$42.30	$81.71	$50.09	$22.80	$42.35	$53.60
Change										-40.93%	35.40%	93.17%	-38.70%	-54.48%	85.75%	26.56%
														$20	<-12 mths	-17.06%
Free Cash Flow Company	$5.6	$3.5	$4.2	$7.4	$11.1	$8.8	$13.9	$16.4	$52.9	$31.2	$27.5	$22.1	$24.4					474.36%	<-Total Growth	10	Free Cash Flow Company
Change	-4.25%	-36.98%	20.62%	74.76%	49.73%	-21.22%	58.32%	18.64%	221.61%	-40.92%	-11.85%	-19.68%	10.27%					14.45%	<-Median->	10	Change
Per Diluted Unit	$0.47	$0.30	$0.36	$0.63	$0.95	$0.75	$1.19	$1.41	$4.52	$2.74	$2.41	$1.94	$2.14					493.43%	<-Total Growth	10	Per Diluted Unit
														$43	<-12 mths	-7.52%
Free Cash Flow MS old			$14.42	$17.85	$23.65	$23.74	$29.43	$38	$72	$55	$42
Change				23.74%	32.52%	0.39%	23.94%	29.14%	89.47%	-23.61%	-23.64%
Free Cash Flow MS	$12	$19	$14.61	$16.57	$24.24	$25.27	$27.41	$37.29	$74.52	$55.48	$51.44	$43.52	$46.66	$22.8	$42.4	$53.6		219.37%	<-Total Growth	10	Free Cash Flow	Mrk Sceen
Change	-33.33%	58.33%	-23.11%	13.42%	46.29%	4.25%	8.47%	36.05%	99.84%	-25.55%	-7.28%	-15.40%	7.22%	-51.14%	85.75%	26.56%		4.59%	<-IRR #YR->	5	Free Cash Flow MS	25.13%
FCF/CF from Op Ratio	0.91	0.93	1.00	1.12	0.70	0.81	1.10	0.93	1.00	0.98	1.19	0.52	0.91	0.60	#VALUE!	#DIV/0!		12.31%	<-IRR #YR->	10	Free Cash Flow MS	219.37%
Dividends paid	$9.26	$9.22	$10.18	$10.42	$12.54	$14.99	$15.56	$15.53	$15.53	$15.38	$22.95	$22.95	$22.95	$15.07	$15.07	$15.07		125.56%	<-Total Growth	10	Dividends paid
Percentage paid				62.91%	51.72%	59.30%	56.78%	41.65%	20.84%	27.72%	44.62%	52.74%	49.19%	66.10%	35.59%	28.12%		$0.50	<-Median->	10	Percentage paid
5 Year Coverage								52.79%	39.29%	35.00%	34.52%	35.21%	36.73%	45.16%	47.88%	43.61%					5 Year Coverage
Dividend Coverage Ratio				1.59	1.93	1.69	1.76	2.40	4.80	3.61	2.24	1.90	2.03	1.51	2.81	3.56		1.98	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								1.89	2.55	2.86	2.90	2.84	2.72	2.21	2.09	2.29					5 Year of Coverage
								-$37	$0	$0	$0	$0	$47
			-$15	$0	$0	$0	$0	$0	$0	$0	$0	$0	$47
Market Cap in $M	$91.5	$112.6	$142.1	$208.3	$268.9	$339.5	$381.3	$512.0	$863.0	$676.6	$475.4	$379.6	$319.9	$307.9	$307.9	$307.9		1.25	<-Total Growth	10	Market Cap	125.04%
Exchangeable shares							0.800	0.463	0.463	0.463	0.463	0.463	0.463						<-Total Growth	6	Exchangeable shares
Diluted # of Shares in Million	11.775	11.727	11.720	11.709	11.693	11.693	11.693	11.693	11.693	11.418	11.418	11.418	11.418	11.418	11.418			-2.58%	<-Total Growth	10	Diluted # of Shares in Million
Change	-0.23%	-0.41%	-0.06%	-0.10%	-0.14%	0.00%	0.00%	0.00%	0.00%	-2.35%	0.00%	0.00%	0.00%	0.00%	0.00%			-0.26%	<-IRR #YR->	10	Change
Difference Diluted/Basic	-8.8%	-9.0%	-8.7%	-7.7%	-7.2%	-7.0%	-6.8%	-5.7%	-4.0%	-4.1%	-4.1%	-4.1%	-4.1%	-4.1%	-4.1%			-0.47%	<-IRR #YR->	5	Difference Diluted/Basic
Change in Diluted Shares per Year
			-11.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	11.4
								-11.7	0.0	0.0	0.0	0.0	11.4
Basic # of Shares in Millions	10.736	10.676	10.701	10.808	10.847	10.875	10.893	11.022	11.230	10.955	10.955	10.955	10.955	10.955	10.955			2.37%	<-Total Growth	10	Basic
Change	-0.07%	-0.55%	0.23%	1.00%	0.36%	0.26%	0.17%	1.18%	1.89%	-2.45%	0.00%	0.00%	0.00%	0.00%	0.00%			0.22%	<-Median->	10	Change
Difference Basic/Outstanding	-0.18%	0.25%	-0.05%	0.51%	0.00%	0.17%	0.00%	1.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%			0.00%	<-Median->	10	Difference Basic/Outstanding
														$37.72	<-12 mths	-26.35%
Exchange Shares (Liability)	1.06	1.024	1.024	0.846	0.846	0.800	0.800	0.463	0.463	0.463	0.463	0.463	0.463	0.463	0.463	0.463					Exchange Shares (Liability)
Basic Units	10.716	10.703	10.696	10.863	10.847	10.893	10.893	11.230	11.230	10.955	10.955	10.955	10.955	10.955	10.955	10.955					Basic Units
# of Units in Millions	10.716	10.703	10.696	10.863	10.847	10.893	10.893	11.230	11.230	10.955	10.955	10.955	10.955	10.955	10.955	10.955		0.24%	<-IRR #YR->	10	# of Units in Millions	2.42%
Change	-0.26%	-0.12%	-0.06%	1.56%	-0.15%	0.43%	0.00%	3.09%	0.00%	-2.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		0.00%	<-Median->	10	Change
Cash Flow from Operations $M	$13.2	$20.4	$14.7	$14.8	$34.6	$31.2	$24.9	$40.0	$74.3	$56.9	$43.2	$83.2	$51.2	$37.7	<-12 mths			249.32%	<-Total Growth	10	Cash Flow
Increase	-16.90%	54.13%	-28.17%	0.75%	134.40%	-9.96%	-20.26%	60.79%	86.02%	-23.50%	-24.12%	92.78%	-38.44%	-26.35%	<-12 mths			Share Issue	Buy Backs		Exchangeable shares exchged
5 year Running Average	$14.6	$15.4	$14.9	$15.8	$19.5	$23.1	$24.0	$29.1	$41.0	$45.4	$47.8	$59.5	$61.8	$54.4	<-12 mths			313.89%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.24	$1.91	$1.37	$1.36	$3.19	$2.86	$2.28	$3.56	$6.62	$5.19	$3.94	$7.59	$4.67	$3.44	<-12 mths			241.06%	<-Total Growth	10	Cash Flow per Share
Increase	-16.69%	54.32%	-28.13%	-0.80%	134.75%	-10.35%	-20.26%	55.97%	86.02%	-21.58%	-24.12%	92.78%	-38.44%	-26.35%	<-12 mths			13.32%	<-IRR #YR->	10	Cash Flow	249.32%
5 year Running Average	$1.40	$1.45	$1.39	$1.47	$1.81	$2.14	$2.21	$2.65	$3.70	$4.10	$4.32	$5.38	$5.60	$4.97	<-12 mths			5.08%	<-IRR #YR->	5	Cash Flow	28.13%
P/CF on Med Price	6.96	5.03	8.72	11.92	6.73	9.58	15.72	11.46	8.51	12.87	12.90	4.95	6.79	8.86	<-12 mths			13.05%	<-IRR #YR->	10	Cash Flow per Share	241.06%
P/CF on Closing Price	6.91	5.52	9.70	14.11	7.77	10.89	15.34	12.81	11.61	11.90	11.02	4.56	6.25	8.16	<-12 mths			5.61%	<-IRR #YR->	5	Cash Flow per Share	31.35%
															-22.37%	Diff M/C		14.94%	<-IRR #YR->	10	CFPS 5 yr Running	302.55%
														$33.16	<-12 mths	-32.62%
Excl.Working Capital CF	$5.5	-$4.1	$3.1	$5.8	-$6.3	-$2.1	$6.9	$1.3	$6.5	$4.6	$15.4	-$33.9	-$2.0	$0.0	<-12 mths			16.15%	<-IRR #YR->	5	CFPS 5 yr Running	111.40%
Cash Flow from Operations $M WC	$18.7	$16.3	$17.8	$20.6	$28.4	$29.1	$31.8	$41.3	$80.9	$61.5	$58.6	$49.3	$49.2	$33.2	<-12 mths			176.75%	<-Total Growth	10	Cash Flow less WC
Increase	27.76%	-12.94%	8.99%	15.71%	37.79%	2.66%	9.26%	29.78%	95.98%	-23.95%	-4.80%	-15.83%	-0.16%	-32.62%	<-12 mths			10.72%	<-IRR #YR->	10	Cash Flow less WC	176.75%
5 year Running Average	$16.1	$16.3	$16.8	$17.6	$20.4	$22.4	$25.5	$30.2	$42.3	$48.9	$54.8	$58.3	$59.9	$50.3	<-12 mths			3.58%	<-IRR #YR->	5	Cash Flow less WC	19.24%
CFPS Excl. WC	$1.75	$1.52	$1.66	$1.89	$2.61	$2.67	$2.92	$3.68	$7.20	$5.62	$5.35	$4.50	$4.49	$3.03	<-12 mths			13.57%	<-IRR #YR->	10	CF less WC 5 Yr Run	257.00%
Increase	28.09%	-12.83%	9.06%	13.93%	38.00%	2.22%	9.26%	25.89%	95.98%	-22.04%	-4.80%	-15.83%	-0.16%	-32.62%	<-12 mths			14.66%	<-IRR #YR->	5	CF less WC 5 Yr Run	98.18%
5 year Running Average	$1.54	$1.54	$1.57	$1.64	$1.89	$2.07	$2.35	$2.75	$3.82	$4.42	$4.95	$5.27	$5.43	$4.60	<-12 mths			10.45%	<-IRR #YR->	10	CFPS - Less WC	170.21%
P/CF on Median Price	4.92	6.29	7.19	8.56	8.21	10.26	12.29	11.10	7.82	11.90	9.51	8.36	7.06	10.07	<-12 mths			4.10%	<-IRR #YR->	5	CFPS - Less WC	22.23%
P/CF on Closing Price	4.88	6.90	7.99	10.13	9.48	11.67	11.99	12.41	10.67	11.00	8.12	7.70	6.50	9.29	<-12 mths			13.25%	<-IRR #YR->	10	CFPS 5 yr Running	247.00%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	10.52	5 yr	8.51	P/CF Med	10 yr	9.03	5 yr	8.36		2.84%	Diff M/C		14.54%	<-IRR #YR->	5	CFPS 5 yr Running	97.14%
			-10.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	11.0								Shares
								-11.2	0.0	0.0	0.0	0.0	11.0								Shares
			-$14.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$51.2								Cash Flow
								-$40.0	$0.0	$0.0	$0.0	$0.0	$51.2								Cash Flow
			-$1.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.67								Cash Flow per Share
								-$3.56	$0.00	$0.00	$0.00	$0.00	$4.67								Cash Flow per Share
			-$1.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.60								CFPS 5 yr Running
								-$2.65	$0.00	$0.00	$0.00	$0.00	$5.60								CFPS 5 yr Running
			-$17.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$49.2								Cash Flow less WC
								-$41.3	$0.0	$0.0	$0.0	$0.0	$49.2								Cash Flow less WC
			-$16.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$59.9								CF less WC 5 Yr Run
								-$30.2	$0.0	$0.0	$0.0	$0.0	$59.9								CF less WC 5 Yr Run
			-$1.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.49								CFPS - Less WC
								-$3.68	$0.00	$0.00	$0.00	$0.00	$4.49								CFPS - Less WC
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.43								CFPS 5 yr Running
								-$2.75	$0.00	$0.00	$0.00	$0.00	$5.43								CFPS 5 yr Running
Income Tax Payments	-$2.483	-$4.192	-$6.219	-$9.356	-$10.474	-$11.455	-$14.178	-$12.634	-$25.190	-$17.650	-$13.891	-$17.738	-$13.813								taken out in 2024
Change in Working Capital
Accts Rec	-$0.868	-$0.600	-$1.385	-$1.286	-$3.061	$2.510	-$3.851	$1.484	-$11.210	-$0.514	-$5.686	$2.816	$2.646
Inventory	-$3.612	$4.636	-$3.570	-$8.815	$10.537	-$2.957	-$8.870	$0.140	-$14.797	-$12.808	$6.934	$25.586	-$2.963
Prepaid Expenses and Deposits	-$0.209	$0.340	-$0.051	$0.254	-$0.924	-$0.591	-$1.617	$0.496	-$4.723	-$1.922	$3.355	$0.718	$3.373
Accts Pay & Accruals	-$0.808	-$0.281	$1.884	$4.042	-$0.282	$3.105	$7.393	-$3.425	$24.192	$10.600	-$20.010	$4.779	-$1.058
Income Tax Recoverable
Sum	-$5.497	$4.095	-$3.122	-$5.805	$6.270	$2.067	-$6.945	-$1.305	-$6.538	-$4.644	-$15.407	$33.899	$1.998
Morningstar		$0	-$9	-$15	$4	-$9	-$21	-$14	-$32	-$22	-$29	$34	$2
Difference		$4	$6	$9	$2	$11	$14	$13	$25	$17	$14	$0	$0
In 2024								-$1	-$6	-$5	-$15
Difference								$0	-$1	$0	$0
OPM Ratio	6.92%	10.28%	6.91%	5.92%	12.06%	10.51%	7.81%	11.96%	15.20%	12.60%	9.66%	19.53%	12.56%	8.75%				81.85%	<-Total Growth	10	OPM
Increase	-20.84%	48.54%	-32.83%	-14.25%	103.74%	-12.88%	-25.65%	53.05%	27.05%	-17.10%	-23.35%	102.27%	-35.70%	-30.35%					Should increase		or be stable.
Diff from Median	-42.4%	-14.4%	-42.5%	-50.7%	0.4%	-12.5%	-34.9%	-0.4%	26.5%	4.9%	-19.6%	62.6%	4.5%	-27.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	12.01%	5 Yrs	12.60%					should be	zero, it is a		check on calculations
														$55	<-12 mths	-2.75%
Adjusted EBITDA	$20.96	$21.61	$23.80	$29.88	$37.76	$40.56	$45.96	$48.06	$98.26	$71.24	$64.44	$57.95	$56.90	$53.90	$59.60	$63.00		139.11%	<-Total Growth	10	Adjusted EBITDA	EBITDA to Adjusted
Change	7.44%	3.11%	10.12%	25.57%	26.37%	7.41%	13.31%	4.57%	104.45%	-27.50%	-9.55%	-10.07%	-1.81%	-5.27%	10.58%	5.70%		5.99%	<-Median->	10	Change
Margin	10.95%	10.89%	11.21%	11.98%	13.16%	13.68%	14.45%	14.38%	20.08%	15.78%	14.42%	13.61%	13.95%	12.50%	13.04%	13.47%		0.14	<-Median->	10	EBITDA Margin
Long Term Debt	$41.50	$35.50	$32.43	$46.88	$41.85	$33.44	$27.44	$11.96	$23.56	$22.69	$64.82	$18.02	$0.99	$51.47				-96.96%	<-Total Growth	10	Debt	Type
Change	-6.74%	-14.46%	-8.65%	44.58%	-10.73%	-20.10%	-17.94%	-56.41%	96.95%	-3.70%	185.69%	-72.20%	-94.53%	5125.79%				-14.33%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.45	0.32	0.23	0.23	0.16	0.10	0.07	0.02	0.03	0.03	0.14	0.05	0.00	0.17				0.06	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	5.00	4.53	3.98	4.18	3.21	3.09	2.96	3.79	2.98	2.21	3.98	3.73	3.76	3.88				3.47	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.20	0.22	0.25	0.24	0.31	0.32	0.34	0.26	0.34	0.45	0.25	0.27	0.27	0.26				0.29	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	3.13	1.74	2.21	3.17	1.21	1.07	1.10	0.30	0.32	0.40	1.50	0.22	0.02	1.36				0.74	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$18.29	$12.49	$10.69	$20.38	$17.46	$14.92	$13.78	$11.64	$31.68	$29.49	$27.75	$26.52	$28.34	$58.92				165.15%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$70.37	$72.51	$75.51	$87.61	$86.33	$83.58	$87.00	$84.96	$110.65	$110.49	$110.49	$112.19	$116.92	$134.65				54.83%	<-Total Growth	10	Goodwill
Total	$88.65	$85.00	$86.20	$107.99	$103.79	$98.49	$100.77	$96.60	$142.33	$139.97	$138.24	$138.71	$145.25	$193.57				68.50%	<-Total Growth	10	Total
Change	-7.73%	-4.12%	1.42%	25.27%	-3.89%	-5.10%	2.31%	-4.14%	47.34%	-1.66%	-1.24%	0.34%	4.72%	33.26%				-0.45%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.97	0.75	0.61	0.52	0.39	0.29	0.26	0.19	0.16	0.21	0.29	0.37	0.45	0.63				0.29	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$63.371	$62.878	$69.492	$92.781	$97.047	$88.466	$106.679	$103.866	$156.715	$172.187	$170.526	$142.588	$143.249	$172.010				Liquidity ratio of 1.5 and up, best			Quick Ratio
Current Liabilities	$31.262	$33.535	$40.096	$49.041	$64.080	$62.001	$71.930	$65.357	$118.313	$161.821	$87.847	$85.332	$88.217	$107.168				1.55	<-Median->	10	Ratio
Liquidity Ratio	2.03	1.87	1.73	1.89	1.51	1.43	1.48	1.59	1.32	1.06	1.94	1.67	1.62	1.61				1.62	<-Median->	5	Ratio
Liq. with CF aft div	1.60	1.50	1.41	1.58	1.28	1.57	1.52	1.79	1.74	1.30	1.94	2.17	1.82	1.72				1.82	<-Median->	5	Ratio	If Div = 0
Liq. CF re  Inv+Div	3.22	3.11	2.72	17.31	3.27	13.61	3.59	3.55	56.31	12.79	53.00	4.88	7.90	1.72				12.79	<-Median->	5	Ratio
Assets	$156.259	$152.029	$159.512	$205.225	$205.481	$191.784	$212.973	$248.014	$352.885	$356.898	$349.891	$318.203	$331.257	$415.622				Debt Ratio of 1.5 and up, best			Current Ratio
Liabilities	$79.115	$74.087	$76.959	$105.073	$112.125	$99.902	$103.725	$121.284	$192.314	$226.065	$188.391	$138.055	$127.208	$210.267				1.94	<-Median->	10	Ratio
Debt Ratio	1.98	2.05	2.07	1.95	1.83	1.92	2.05	2.04	1.83	1.58	1.86	2.30	2.60	1.98				1.86	<-Median->	5	Ratio
Total Book Value	$77.144	$77.942	$82.553	$100.152	$93.356	$91.882	$109.248	$126.730	$160.571	$130.833	$161.500	$180.148	$204.049	$205.355				147.17%	<-Total Growth	10	Total Book Value
NCI	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							NCI
NetBook Value	$77.144	$77.942	$82.553	$100.152	$93.356	$91.882	$109.248	$126.730	$160.571	$130.833	$161.500	$180.148	$204.049	$205.355	$205.4	$205.4		147.17%	<-Total Growth	10	NetBook Value	Statement
Book Value per share	$7.20	$7.28	$7.72	$9.22	$8.61	$8.43	$10.03	$11.28	$14.30	$11.94	$14.74	$16.44	$18.63	$18.75	$18.75	$18.75		141.33%	<-Total Growth	10	Book Value per Share	$127.711
Increase	-4.59%	1.16%	5.98%	19.46%	-6.65%	-2.00%	18.90%	12.52%	26.70%	-16.47%	23.44%	11.55%	13.27%	0.64%	0.00%	0.00%		-3.15%	P/B Ratio		Current/Historical Median	wrong
P/B Ratio (Median)	1.19	1.32	1.55	1.76	2.49	3.25	3.58	3.61	3.94	5.60	3.45	2.29	1.70	1.63				1.55	P/B Ratio		Historical Median
P/B Ratio (Close)	1.19	1.44	1.72	2.08	2.88	3.70	3.49	4.04	5.37	5.17	2.94	2.11	1.57	1.50	1.50	1.50		9.21%	<-IRR #YR->	10	Book Value per Share	141.33%
Change	19.34%	21.77%	19.20%	20.81%	38.45%	28.30%	-5.56%	15.76%	33.04%	-3.78%	-43.07%	-28.43%	-25.60%	-4.35%	0.00%	0.00%		10.54%	<-IRR #YR->	5	Book Value per Share	65.05%
Leverage (A/BK)	2.03	1.95	1.93	2.05	2.20	2.09	1.95	1.96	2.20	2.73	2.17	1.77	1.62	2.02				2.17	<-Median->	5	A/BV
Debt/Equity Ratio	1.03	0.95	0.93	1.05	1.20	1.09	0.95	0.96	1.20	1.73	1.17	0.77	0.62	1.02				1.17	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	3.35	5 yr Med	3.45		-55.21%	Diff M/C		2.03	Historical		Leverage (A/BK)
			-$7.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.63
								-$11.28	$0.00	$0.00	$0.00	$0.00	$18.63
														$25.72	<-12 mths	-39.20%
Total Comprehensive Income	$4.768	$9.271	$13.965	$24.561	$5.230	$11.279	$31.741	$17.493	$48.665	$1.797	$52.687	$37.272	$42.305								Total Comprehensive Income
NCI	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000								NCI
Shareholders	$4.768	$9.271	$13.965	$24.561	$5.230	$11.279	$31.741	$17.493	$48.665	$1.797	$52.687	$37.272	$42.305					202.94%	<-Total Growth	10	Shareholders
Increase	-49.41%	94.44%	50.63%	75.88%	-78.71%	115.66%	181.42%	-44.89%	178.20%	-96.31%	2831.94%	-29.26%	13.50%					13.50%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$7.138	$6.965	$8.708	$12.398	$11.559	$12.861	$17.355	$18.061	$22.882	$22.195	$30.477	$31.583	$36.545					11.72%	<-IRR #YR->	10	Comprehensive Income	202.94%
ROE	6.2%	11.9%	16.9%	24.5%	5.6%	12.3%	29.1%	13.8%	30.3%	1.4%	32.6%	20.7%	20.7%					19.32%	<-IRR #YR->	5	Comprehensive Income	141.84%
5Yr Median	7.6%	7.6%	11.6%	11.9%	11.9%	12.3%	16.9%	13.8%	13.8%	13.8%	29.1%	20.7%	20.7%					15.42%	<-IRR #YR->	10	5 Yr Running Average	319.67%
% Difference from Net Income	-21.33%	87.03%	74.08%	133.80%	-33.83%	-32.22%	31.60%	-19.51%	-2.95%	-13.10%	16.64%	-4.17%	18.02%					15.14%	<-IRR #YR->	5	5 Yr Running Average	102.35%
Median Values										Diff	5, 10 yr	-3.6%	-2.9%					20.7%	<-Median->	5	Return on Equity
			-$14.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$42.3
								-$17.5	$0.0	$0.0	$0.0	$0.0	$42.3
			-$8.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$36.5
								-$18.1	$0.0	$0.0	$0.0	$0.0	$36.5
Current Liability Coverage Ratio	0.60	0.49	0.44	0.42	0.44	0.47	0.44	0.63	0.68	0.38	0.67	0.58	0.56	0.31							CFO / Current Liabilities
5 year Median	0.61	0.60	0.49	0.48	0.44	0.44	0.44	0.44	0.47	0.47	0.63	0.63	0.58	0.56				0.51	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	11.99%	10.73%	11.15%	10.03%	13.80%	15.18%	14.93%	16.64%	22.92%	17.24%	16.74%	15.49%	14.86%	7.98%							CFO / Total Assets
5 year Median	9.1%	10.0%	10.7%	10.7%	11.1%	11.15%	13.80%	14.93%	15.18%	16.64%	16.74%	16.74%	16.74%	15.49%				15.3%	<-Median->	10	Return on Assets
Return on Assets ROA	3.88%	3.26%	5.03%	5.12%	3.85%	8.68%	11.33%	8.76%	14.21%	0.58%	12.91%	12.22%	10.82%	5.32%				Net	Income/Assets		Return on Assets
5Yr Median	4.97%	4.97%	4.97%	4.97%	3.88%	5.03%	5.12%	8.68%	8.76%	8.76%	11.33%	12.22%	12.22%	10.82%				9.8%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	7.86%	6.36%	9.72%	10.49%	8.47%	18.11%	22.08%	17.15%	31.23%	1.58%	27.97%	21.59%	17.57%	10.78%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.99%	9.99%	9.72%	9.72%	8.47%	9.72%	10.49%	17.15%	18.11%	18.11%	22.08%	21.59%	21.59%	17.57%				17.8%	<-Median->	10	Return on Equity
														$22	<-12 mths	-37.59%
Net Income	$6.061	$4.957	$8.022	$10.505	$7.904	$16.640	$24.120	$21.734	$50.143	$2.068	$45.172	$38.893	$35.845								Net Income
NCI	$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								NCI
Shareholders	$6.061	$4.957	$8.022	$10.505	$7.904	$16.640	$24.120	$21.734	$50.143	$2.068	$45.172	$38.893	$35.845	$22.1	$22.1			346.83%	<-Total Growth	10	Shareholders
Increase	-25.15%	-18.21%	61.83%	30.95%	-24.76%	110.53%	44.95%	-9.89%	130.71%	-95.88%	2084.33%	-13.90%	-7.84%	-38.26%	0.00%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$7.057	$8.344	$7.181	$7.529	$7.490	$9.606	$13.438	$16.181	$24.108	$22.941	$28.647	$31.602	$34.424	$28.8	$32.8			16.15%	<-IRR #YR->	10	Net Income	346.83%
Operating Cash Flow	$13.242	$20.410	$14.660	$14.770	$34.621	$31.172	$24.856	$39.966	$74.343	$56.870	$43.152	$83.188	$51.210					10.52%	<-IRR #YR->	5	Net Income	64.93%
Investment Cash Flow	-$1.291	-$1.124	-$1.018	-$15.471	-$1.539	-$12.037	-$2.069	-$1.761	-$54.579	-$11.489	-$51.051	-$2.713	-$6.081					16.97%	<-IRR #YR->	10	5 Yr Running Average	379.39%
Total Accruals	-$5.890	-$14.329	-$5.620	$11.206	-$25.178	-$2.495	$1.333	-$16.471	$30.379	-$43.313	$53.071	-$41.582	-$9.284					16.30%	<-IRR #YR->	5	5 Yr Running Average	112.75%
Total Assets	$156.259	$152.029	$159.512	$205.225	$205.481	$191.784	$212.973	$248.014	$352.885	$356.898	$349.891	$318.203	$331.257						Balance Sheet		Assets
Accruals Ratio	-3.77%	-9.43%	-3.52%	5.46%	-12.25%	-1.30%	0.63%	-6.64%	8.61%	-12.14%	15.17%	-13.07%	-2.80%					-2.80%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.32	0.30	0.45	0.51	0.28	0.57	0.76	0.54	0.62	-0.07	0.62	0.69	0.67					0.59	<-Median->	10	EPS/CF Ratio
			-$8.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$35.8
								-$21.7	$0.0	$0.0	$0.0	$0.0	$35.8
			-$7.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$34.4
								-$16.2	$0.0	$0.0	$0.0	$0.0	$34.4
Change in Close	13.87%	23.19%	26.33%	44.32%	29.25%	25.74%	12.29%	30.26%	68.57%	-19.64%	-29.73%	-20.16%	-15.73%	-3.73%	0.00%	0.00%			Count	21	Years of data
up/down			up		down	up			up	down	up	down	up						Count	13	61.90%
Meet Prediction?			yes			yes			Yes	Yes		Yes						% right	Count	10	76.92%
Financial Cash Flow	-$15.012	-$17.728	-$15.333	$1.601	-$20.395	-$25.709	-$23.866	-$36.362	-$21.464	-$44.947	$4.754	-$78.178	-$46.971						C F Statement		Financial Cash Flow
Total Accruals	$9.1	$3.4	$9.7	$9.6	-$4.8	$23.2	$25.2	$19.9	$51.8	$1.6	$48.3	$36.6	$37.7								Accruals
Accruals Ratio	5.84%	2.24%	6.09%	4.68%	-2.33%	12.10%	11.83%	8.02%	14.69%	0.46%	13.81%	11.50%	11.38%					11.50%	<-Median->	5	Ratio
Cash	$0.893	$2.649	$1.127	$0.794	$13.257	$6.816	$6.168	$8.023	$7.720	$8.420	$5.445	$8.116	$6.187	$4.760							Cash
Cash per Share	$0.08	$0.25	$0.11	$0.07	$1.22	$0.63	$0.57	$0.71	$0.69	$0.77	$0.50	$0.74	$0.56	$0.43				$0.69	<-Median->	5	Cash per Share
Percentage of Stock Price	0.98%	2.35%	0.79%	0.38%	4.93%	2.01%	1.62%	1.57%	0.89%	1.24%	1.15%	2.14%	1.93%	1.55%				1.24%	<-Median->	5	% of Stock Price
Notes:
November 23, 2025.  Last estimates were for 2024, 2025 of $401.3M, $407.9M Revenue, $3.24, $3.30 AEPS, $3.24, $3.30 EPS,
$32.1M 2024 FCF, $54.7M, $56.1M EBITDA, $37M, $37.7M Net Income.
December 1, 2024.  Last estimates were 2023, 2024 of $417M, $428M Revenue, $2.96, $3.38 AEPS, $2.96, $3.38 EPS, $66.5M, $32.1M FCF, $57.4M, $60.1M EBITDA.
December 3, 2023.  Last estimates were for 2022 and 2023 of $448M and $454M for Revenue, $3.29 and $3.73 for AEPS, $3.31 and $3.73 for EPS, $32.9M and $54.1M for FCF.
December 4, 2022.  Last estimates were for 2021 and 2022 of $444M and $452M for Revenue, $3.70 and $4.09 for EPS, $41.5M and $43.9M for FCF.
December 11, 2021.  Last estimates were for  2020, 2021 and 2022 of $467M, $446M and $475M for Revenue, $4.78, $3.91 and $4.58 for EPS,  and $57M, $42M and $45M for FCF.
December 19, 2020.  Estimates for 2020 etc from different sources.
December 19, 2020.  Last estimates were for 2019 and 2020 of $339M, $352M for Revenue, $2.58 and $3.04 for EPS.
December 21, 2019.  There were no estimates for this company last year.
This company went public in 2004.
The company says that their dividends or distributions is taxed as return of capital for Canadians.
They have two boards, a Board of Trustees for the Income Fund and a Board of Directors for Richards Packaging
Sector:
Consumer Discretionary
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
A member of one of my investment clubs suggested this stock.
Dividends
Dividends are paid quarterly in Cycle xx of xxxxxx.  Dividends are declared in one month for shareholders of record of the following month and paid in the next month.
For example, the dividends declared on xxx15 was for shareholders of record of xxand paid on xxx
It would seem that all the distributions are non-rportable or Return of Capital
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
Richards Packaging Income Fund is involved in packaging distribution businesses. The company principally distributes plastic and glass containers and associated closures.
It is used in packaging for cosmetics, healthcare, food, beverage, and other products. Geographically, it derives a majority of its revenue from Canada.
Richards Packaging Income Fund is involved in packaging distribution businesses. The company principally distributes plastic and glass containers and																					In Notice of Annual Meeting
associated closures. It is used in packaging for cosmetics, healthcare, food, beverage, and other products. Majority of revenue is from Healthcare.																					of Unitholders and
Geographically, it derives a majority of its revenue from Canada.																					Management Information
																					Circular
																		On annual Statements
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Sep 14	2018	Dec 21	2019	Dec 19	2020	Dec 11	2021	Dec 4	2022	Dec 3	2023	Dec 1	2024			Nov 23	2025
Prupas, David				0.593	5.28%	0.594	5.29%	0.594	5.42%	0.594	5.42%	0.594	5.42%								Subsidiary Executive	#DIV/0!
COO - Shares - Amount					$27.029		$45.624		$36.678		$25.774		$20.578								President and COO
Special Voting - percentage				0.224	2.00%	0.235	2.09%	0.235	2.14%	0.235	2.14%	0.235	2.14%							S	Last report Oct 2021	#DIV/0!
Special Voting - amount					$10.225		$18.035		$14.494		$10.185		$8.132							S
Options - percentage				0.224	2.00%	0.235	2.09%	0.235	2.14%	0.235	2.14%	0.235	2.14%									#DIV/0!
Options - amount					$10.225		$18.035		$14.494		$10.185		$8.132
Di Gennaro, Enzio	0.84%	0.092	0.84%	0.092	0.82%	0.080	0.71%	0.083	0.75%	0.089	0.81%	0.073	0.66%	0.056	0.51%			0.092	0.84%			63.94%
CFO - Shares - Amount	$2.858		$3.210		$4.181		$6.163		$5.099		$3.848		$2.514		$1.644				$2.595
Special Voting - percentage						0.012	0.10%	0.012	0.10%	0.012	0.10%	0.012	0.10%	0.031	0.28%			0.000	0.00%	S		-100.00%
Special Voting - amount							$0.884		$0.710		$0.499		$0.398		$0.905				$0.000	S
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.012	0.10%	0.012	0.10%	0.012	0.10%	0.012	0.10%	0.031	0.28%			0.000	0.00%			-100.00%
Options - amount	$0.000		$0.000		$0.000		$0.884		$0.710		$0.499		$0.398		$0.905				$0.000
McKernan, Tomothy	7.05%	0.068	0.62%	0.000	0.00%																Sold all shares
Officer - Shares - Amount	$23.926		$2.366		$0.000
Options - percentage	0.01%	0.001	0.01%	0.000	0.00%
Options - amount	$0.021		$0.024		$0.000
Edwards, Terry	0.14%	0.010	0.09%	0.011	0.10%	0.008	0.07%	0.010	0.09%	0.010	0.09%	0.000	0.00%								Last report Jun 2023	#DIV/0!
Officer - Shares - Amount	$0.489		$0.350		$0.511		$0.630		$0.630		$0.449		$0.014
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%									#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Glynn, John James												0.011	0.10%	0.014	0.12%			0.019	0.17%			40.05%
President - Shares - Amount													$0.370		$0.398				$0.536
Special Voting - percentage												0.000	0.00%	0.010	0.09%			0.010	0.09%	S		0.00%
Special Voting - amount													$0.000		$0.283				$0.273	S
Options - percentage												0.000	0.00%	0.010	0.09%			0.010	0.09%			0.00%
Options - amount													$0.000		$0.283				$0.273
Younes, Rami	0.18%	0.020	0.18%	0.020	0.18%	0.020	0.18%	0.020	0.18%	0.020	0.18%	0.020	0.18%	0.020	0.18%			0.020	0.18%			0.00%
Director - Shares - Amount	$0.623		$0.700		$0.912		$1.537		$1.235		$0.868		$0.693		$0.584				$0.562
Options - percentage	0.00%	0.000	0.00%	0.001	0.00%	0.001	0.01%	0.002	0.02%	0.004	0.03%	0.006	0.05%	0.008	0.07%			0.011	0.10%			33.35%
Options - amount	$0.000		$0.000		$0.024		$0.109		$0.137		$0.155		$0.196		$0.238				$0.306
Glynn, Gerard Walter	19.91%	1.552	14.25%	2.169	19.31%	2.194	19.54%	2.194	20.03%	2.194	20.03%	2.194	20.03%	2.214	20.21%			2.214	20.21%		Was CEO, 2022 is Director	0.00%
Director - Shares - Amount	$67.604		$54.335		$98.883		$168.629		$135.517		$95.231		$76.031		$64.642				$62.229
Special Voting - percentage	0.75%	0.081	0.75%	0.081	0.73%	0.063	0.56%	0.063	0.58%	0.063	0.58%	0.063	0.58%	0.034	0.31%			0.000	0.00%	S		-100.00%
Special Voting - amount	$2.538		$2.850		$3.712		$4.858		$3.904		$2.743		$2.190		$0.993				$0.000	S
Options - percentage	0.75%	0.698	6.41%	0.081	0.73%	0.063	0.56%	0.063	0.58%	0.063	0.58%	0.063	0.58%	0.034	0.31%			0.000	0.00%			-100.00%
Options - amount	$2.538		$24.425		$3.712		$4.858		$3.904		$2.743		$2.190		$0.993				$0.000
Allen, Susan Lynn	0.00%	0.000	0.00%	0.001	0.01%	0.003	0.02%	0.004	0.04%	0.004	0.04%	0.004	0.04%	0.004	0.04%			0.004	0.04%		Cannot find 2017, 2018	0.00%
Director - Shares - Amount	$0.000		$0.000		$0.062		$0.208		$0.262		$0.184		$0.147		$0.124				$0.119
Options - percentage	0.00%	0.000	0.00%	0.001	0.01%	0.002	0.01%	0.002	0.02%	0.004	0.04%	0.006	0.06%	0.009	0.08%			0.012	0.11%			34.41%
Options - amount	$0.000		$0.000		$0.027		$0.121		$0.151		$0.169		$0.212		$0.258				$0.334
Wright, Donald	0.14%	0.005	0.05%	0.005	0.04%	0.005	0.04%	0.005	0.05%	0.005	0.05%	0.005	0.05%	0.000	0.00%			0.000	0.00%		There is no Chairman, But	0.00%
Chairman - Shares - Amount	$0.468		$0.175		$0.228		$0.384		$0.309		$0.217		$0.173		$0.006				$0.006		Morninstar says Wright is.
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.020	0.18%			0.000	0.00%		Founder Chairman 2019	-100.00%
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.584				$0.000
Increase in O/S Shares		0.047	0.43%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Exchangeable shares
Due to Stock Options			$1.458		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000		none for 2022
Book Value			$0.001		$0.001		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Insider Buying			-$0.232		-$0.080		-$2.912		-$0.410		-$0.350		-$0.127		-$0.162				-$0.225
Insider Selling			$27.959		$16.118		$2.823		$0.000		$0.010		$0.960		$0.154				$0.000
Net Insider Selling			$27.726		$16.039		-$0.088		$0.000		$0.000		$0.000		$0.000				$0.000
Net Selling % of Market Cap			7.27%		3.13%		-0.01%		0.00%		0.00%		0.00%		0.00%				0.00%
Directors		4		4		4		4		4		4		5				5			In Notice of Annual Meeting
Women		1	25%	1	25%	1	25%	1	25%	1	25%	1	25%	2	40%			2	40%		of Unitholders and
Minorities		0	0%	0	0%	0	0%	0	0%	0	0%	1	25%	1	20%			1	20%		Management Information
																					Circular
Institutions/Holdings		11	16.78%	19	19.41%	20	17.84%	20	14.86%	20	21.89%	20	17.45%	20	22.27%			20	25.53%
Total Shares Held		1.828	16.78%	2.270	20.84%	2.004	18.40%	1.662	15.17%	2.500	22.82%	1.912	17.45%	2.440	22.27%			2.896	26.43%
Increase/Decrease 3 Mths		0.273	17.52%	0.166	7.89%	0.117	6.20%	-0.004	-0.22%	0.126	5.29%	0.035	1.84%	0.533	27.98%			-0.068	-2.30%
Starting No. of Shares		1.555		2.104	Top 20	1.887	Top 20	1.666	Top 20	2.374	Top 20	1.877	Top 20	1.907	Top 20			2.964	Top 20