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.														Q1 2026
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
South Bow Corp					TSX	SOBO	NYSE	SOBO	https://www.southbow.com/			Fiscal Yr:	Dec-31
Year	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27	12/31/28		Value	Description	#Y	Item	Total G	Currency
Accounting Rules					IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Currency
USD - CDN$	1.0636	1.1601	1.3847	1.3427	1.2545	1.3642	1.2988	1.2732	1.2678	1.3544	1.3226	1.4389	1.3706	1.3706	1.3706	1.3706		1.49%	<-IRR #YR->	4	USD - CDN$
Change	6.91%	9.07%	19.36%	-3.04%	-6.57%	8.74%	-4.79%	-1.97%	-0.42%	6.83%	-2.35%	8.79%	-4.75%	0.00%	0.00%	0.00%		-0.10%	<-IRR #YR->	9	USD - CDN$
Exchange 5 years								-1.2732	0.0000	0.0000	0.0000	0.0000	1.3706
Exchange 10 years			-1.3847	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	1.3706
														$1,971	<-12 mths	-0.77%			Estimates		last 12 months from Qtr.
Revenue* US$											$2,005	$2,120	$1,986	$1,996	$2,043	$2,081		-6.32%	<-Total Growth	2	Revenue
Increase												5.74%	-6.32%	0.50%	2.35%	1.86%		#NUM!	<-IRR #YR->	10	Revenue	#DIV/0!	US$
5 year Running Average													$1,222	$1,621.4	$2,030.0	$2,045.2		-0.47%	<-IRR #YR->	2	Revenue	-6.32%	US$
Revenue per Share											$9.66	$10.19	$9.54	$9.58	$9.81	$9.99		#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	US$
Increase												5.50%	-6.41%	0.50%	2.35%	1.86%		#NUM!	<-IRR #YR->	1	5 yr Running Average	#DIV/0!	US$
5 year Running Average													$5.88	$7.79	$9.76	$9.82		#NUM!	<-IRR #YR->	10	Revenue per Share	#DIV/0!	US$
P/S (Price/Sales) Med											0.00	2.39	2.67	3.15	0.00	0.00		-0.64%	<-IRR #YR->	2	Revenue per Share	#DIV/0!	US$
P/S (Price/Sales) Close											2.31	2.31	2.88	3.65	3.57	3.50		#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	US$
*Sales in M US $					P/S Med	20 yr	2.39	15 yr	2.39	10 yr	2.39	5 yr	2.39		52.74%	Diff M/C		#NUM!	<-IRR #YR->	1	5 yr Running Average	#DIV/0!	US$
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,986
											-$2,005	$0	$1,986
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,222
												$0	$1,222
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.54
											-$9.66	$0.00	$9.54
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.88
												$0.00	$5.88
														$2,836	<-12 mths	4.18%
Revenue* CDN$											$2,652	$3,050	$2,722	$2,736	$2,800	$2,852		-10.77%	<-Total Growth	2	Revenue
Increase												15.03%	-10.77%	0.50%	2.35%	1.86%		#NUM!	<-IRR #YR->	10	Revenue	#DIV/0!	CDN$
5 year Running Average													$1,684.9	$2,232.0	$2,792.0	$2,832.1		1.31%	<-IRR #YR->	2	Revenue	-10.77%	CDN$
Revenue per Share											$12.78	$14.66	$13.07	$13.14	$13.45	$13.70		#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	CDN$
Increase												14.77%	-10.86%	0.50%	2.35%	1.86%		#NUM!	<-IRR #YR->	2	5 yr Running Average	#DIV/0!	CDN$
5 year Running Average											$2.56	$5.49	$8.10	$10.73	$13.42	$13.60		#NUM!	<-IRR #YR->	10	Revenue per Share	#DIV/0!	CDN$
P/S (Price/Sales) Med											0.00	2.26	2.74	3.19	0.00	0.00		1.15%	<-IRR #YR->	2	Revenue per Share	#DIV/0!	CDN$
P/S (Price/Sales) Close											2.35	2.31	2.89	3.63	3.55	3.48		#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	CDN$
*Sales in M CDN $					P/S Med	20 yr	2.26	15 yr	2.26	10 yr	2.26	5 yr	2.26		60.35%	Diff M/C		47.64%	<-IRR #YR->	1	5 yr Running Average	#DIV/0!	CDN$
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,722
											-$2,652	$0	$2,722
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,685
											$0	$0	$1,685
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.07
											-$12.78	$0.00	$13.07
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.10
												-$5.49	$8.10
														$1.95	<-12 mths	-1.02%
Adjusted Net Income US$											$504.0	$383.0	$411.0					-18.45%	<-Total Growth	2	AEPS
Basic											$2.43	$1.84	$1.97					-18.69%	<-Total Growth	2	AEPS
AEPS* Dilued											$2.43	$1.84	$1.97	$1.82	$2.03	$2.13		-18.93%	<-Total Growth	2	AEPS
Increase												-24.28%	7.07%	-7.61%	11.54%	4.93%		3	0	3	Years of Data, EPS P or N	100.00%	US$
5 year Running Average												$0.85	$1.25	$1.61	$2.02	$1.96		#NUM!	<-IRR #YR->	10	AEPS	#DIV/0!	US$
AEPS Yield												7.81%	7.17%	5.20%	5.80%	6.08%		-9.96%	<-IRR #YR->	2	AEPS	#DIV/0!	US$
Payout Ratio													101.52%	109.89%	98.52%	93.90%		#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	US$
5 year Running Average												0.00%	20.30%	42.28%	61.99%	80.77%		46.14%	<-IRR #YR->	1	5 yr Running Average	#DIV/0!	US$
Price/AEPS Median												13.24	12.91	16.56	0.00	0.00		13.08	<-Median->	2	Price/AEPS Median		US$
Price/AEPS High												14.49	14.75	18.80	0.00	0.00		14.62	<-Median->	2	Price/AEPS High		US$
Price/AEPS Low												12.00	11.08	14.33	0.00	0.00		11.54	<-Median->	2	Price/AEPS Low		US$
Price/AEPS Close												12.81	13.94	19.24	17.25	16.44		13.38	<-Median->	2	Price/AEPS Close		US$
Trailing P/AEPS Close												9.70	14.93	17.77	19.24	17.25		12.31	<-Median->	2	Trailing P/AEPS Close		US$
Median Values		DPR	10 Yrs	101.52%	5 Yrs	101.52%	P/CF	5 Yrs	in order	13.08	14.62	11.54	13.38		47.08%	Diff M/C					DPR 75% to 95% best		US$
* Adjusted Earnings per Share
Normalized Net Income			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.97
											-$2.43	$0.00	$1.97
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.25
												-$0.85	$1.25
														$2.81	<-12 mths	3.92%
Adjusted Net Income CDN$											$666.6	$551.1	$563.3					-15.49%	<-Total Growth	2	AEPS
Basic											$3.21	$2.65	$2.71					-15.74%	<-Total Growth	2	AEPS
AEPS* Dilued											$3.21	$2.65	$2.70	$2.62	$2.78	$2.92		-15.99%	<-Total Growth	2	AEPS
Increase												-17.62%	1.98%	-3.01%	6.24%	4.93%		3	0	3	Years of Data, EPS P or N	100.00%	CDN$
5 year Running Average												$1.17	$1.71	$2.24	$2.79	$2.73		#NUM!	<-IRR #YR->	10	AEPS	#DIV/0!	CDN$
AEPS Yield												7.81%	7.15%	5.49%	5.84%	6.12%		-8.34%	<-IRR #YR->	2	AEPS	#DIV/0!	CDN$
Payout Ratio													101.52%	104.67%	98.52%	93.90%		#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	CDN$
5 year Running Average													20.30%	41.24%	60.94%	79.72%		46.06%	<-IRR #YR->	1	5 yr Running Average	#DIV/0!	CDN$
Price/AEPS Median												12.54	13.26	16.02	0.00	0.00		12.90	<-Median->	2	Price/AEPS Median		CDN$
Price/AEPS High												14.09	15.01	18.22	0.00	0.00		14.55	<-Median->	2	Price/AEPS High		CDN$
Price/AEPS Low												10.98	11.52	13.83	0.00	0.00		11.25	<-Median->	2	Price/AEPS Low		CDN$
Price/AEPS Close												12.81	13.98	18.21	17.14	16.33		13.40	<-Median->	2	Price/AEPS Close		CDN$
Trailing P/AEPS Close												10.55	14.26	17.66	18.21	17.14		12.41	<-Median->	2	Trailing P/AEPS Close		CDN$
Median Values		DPR	10 Yrs	101.52%	5 Yrs	101.52%	P/CF	5 Yrs	in order	12.90	14.55	11.25	13.40		41.15%	Diff M/C					DPR 75% to 95% best		CDN$
* Adjusted Earnings per Share
Normalized Net Income			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.70
											-$3.21	$0.00	$2.70
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.71
												-$1.17	$1.71
													$2.74	<-12 mths	-3.86%
Adjusted Funds from Operations US$
AFFO* Dilued												$2.85	$3.61	$3.29	$3.49			26.67%	<-Total Growth	1	AFFO	From TD Cowen
Increase													26.67%	-8.86%	6.08%			2	0	2	Years of Data, EPS P or N	100.00%	US$
5 year Running Average												$0.57	$1.29	$1.95	$2.65			#NUM!	<-IRR #YR->	10	AFFO	#DIV/0!	US$
AFFO Yield												12.09%	13.14%	9.40%	9.97%			26.67%	<-IRR #YR->	1	AFFO	#DIV/0!	US$
Payout Ratio													0.00%	60.85%	57.56%			#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	US$
5 year Running Average													55.40%	60.79%	57.31%			126.67%	<-IRR #YR->	1	5 yr Running Average	#DIV/0!	US$
Price/AFFO Median												8.55	7.05	9.16				7.80	<-Median->	2	P/AFFO Med		US$
Price/AFFO High												9.35	8.05	10.40				8.70	<-Median->	2	P/AFFO High		US$
Price/AFFO Low												7.75	6.05	7.93				6.90	<-Median->	2	P/AFFO Low		US$
Price/AFFO Close												8.27	7.61	10.64	10.03			7.94	<-Median->	2	P/AFFO Close		US$
Trailing P/AFFO Close													9.64	9.70	10.64			9.64	<-Median->	1	Trailing P/AFFO Close		US$
Median Values		DPR	10 Yrs	0.00%	5 Yrs	0.00%	P/CF	5 Yrs	in order	7.80	8.70	6.90	7.94		36.45%	Diff M/C					DPR 75% to 95% best		US$
* Adjusted Funds From Operations
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.61
												-$2.85	$3.61
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.29
												-$0.57	$1.29
														$2.03	<-12 mths	-1.93%
EPS Basic US$											$2.13	$1.52	$2.08					-2.35%	<-Total Growth	2	EPS Basic
EPS Diluted*											$2.13	$1.52	$2.07	$1.90	$2.18	$2.40		-2.82%	<-Total Growth	2	EPS Diluted
Increase												-28.64%	36.18%	-8.16%	14.89%	9.71%		3	0	3	Years of Data, EPS P or N	100.00%	US$
Earnings Yield												6.45%	7.54%	5.43%	6.24%	6.84%		#NUM!	<-IRR #YR->	10	Earnings per Share	#DIV/0!	US$
5 year Running Average													$1.14	$1.52	$1.96	$2.01		-1.42%	<-IRR #YR->	2	Earnings per Share	#DIV/0!	US$
10 year Running Average													$0.57	$0.76	$0.98	$1.22		#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	US$
* Diluted ESP per share									E/P	10 Yrs	6.99%	5Yrs	6.99%					#NUM!	<-IRR #YR->	1	5 yr Running Average	#DIV/0!	US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.07
											-$2.13	$0.00	$2.07
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.14
												$0.00	$1.14
														$2.92	<-12 mths	2.95%
EPS Basic CDN$											$2.82	$2.19	$2.85					1.20%	<-Total Growth	2	EPS Basic
EPS Diluted*											$2.82	$2.19	$2.84	$2.61	$2.99	$3.28		0.71%	<-Total Growth	2	EPS Diluted
Increase												-22.36%	29.72%	-8.16%	14.89%	9.71%		3	0	3	Years of Data, EPS P or N	100.00%	CDN$
Earnings Yield												6.45%	7.52%	5.46%	6.28%	6.89%		#NUM!	<-IRR #YR->	10	Earnings per Share	#DIV/0!	CDN$
5 year Running Average													$1.57	$2.09	$2.69	$2.78		0.35%	<-IRR #YR->	2	Earnings per Share	#DIV/0!	CDN$
10 year Running Average													$0.78	$1.04	$1.34	$1.67		#NUM!	<-IRR #YR->	10	5 yr Running Average	#DIV/0!	CDN$
* Diluted ESP per share									E/P	10 Yrs	6.98%	5Yrs	6.98%					#NUM!	<-IRR #YR->	5	5 yr Running Average	#DIV/0!	CDN$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.84
											-$2.82	$0.00	$2.84
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.57
								$0.00	$0.00	$0.00	$0.00	$0.00	$1.57
Dividend* US$														$2.00	$2.01	$2.03			Estimates		Dividend*		US$
Increase														0.10%	0.35%	0.90%			Estimates		Increase		US$
Payout Ratio EPS														105.31%	91.99%	84.60%			Estimates		Payout Ratio EPS		US$
Special Dividends													$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	1	Special Dividends		US$
Dividend*													$2.00	$2.00	$2.00	$2.00		#DIV/0!	<-Total Growth	0	Dividends		US$
Increase													0.00%	0.00%	0.00%	0.00%		0	0	0	Years of data, Count P, N	#DIV/0!	US$
Average Increases 5 Year Running													0.00%	0.00%	0.00%	0.00%		0.00%	<-Median->	1	Average Incr 5 Year Running		US$
Dividends 5 Yr Running													$0.40	$0.80	$1.20	$1.60		#DIV/0!	<-Total Growth	0	Dividends 5 Yr Running		US$
Yield H/L Price													7.86%	6.63%				7.86%	<-Median->	1	Yield H/L Price		US$
Yield on High  Price													6.88%	5.85%				6.88%	<-Median->	1	Yield on High  Price		US$
Yield on Low Price													9.16%	7.67%				9.16%	<-Median->	1	Yield on Low Price		US$
Yield on Close Price													7.28%	5.71%	5.71%	5.71%		7.28%	<-Median->	1	Yield on Close Price		US$
Payout Ratio EPS													96.62%	105.21%	91.58%	83.47%		96.62%	<-Median->	1	DPR EPS		US$
DPR EPS 5 Yr Running													34.97%	52.49%	61.19%	79.44%		34.97%	<-Median->	1	DPR EPS 5 Yr Running		US$
Payout Ratio CFPS													58.09%	62.31%	60.24%	59.26%		58.09%	<-Median->	1	DPR CF		US$
DPR CF 5 Yr Running													20.54%	30.89%	36.88%	50.34%		20.54%	<-Median->	1	DPR CF 5 Yr Running		US$
Payout Ratio CFPS WC													61.43%	62.31%	60.24%	59.26%		61.43%	<-Median->	1	DPR CF WC		US$
DPR CF WC 5 Yr Running													21.43%	31.89%	37.82%	51.07%		21.43%	<-Median->	1	DPR CF WC 5 Yr Running		US$
Median Values	10 Yr Med	10 Yr Cl	7.86%	7.28%	5 Yr Med	5 Yr Cl	7.86%	7.28%	5 Yr Med	Payout	96.62%	58.09%	61.43%					0.00%	<-IRR #YR->	1	Dividends	#DIV/0!	US$
* Dividends per share	10 Yr Med	and Cur.	-27.34%	-21.54%	5 Yr Med	and Cur.	-27.34%	-21.54%	Last Div Inc --->		$0.850	$1.000	17.65%					#NUM!	<-IRR #YR->	10	Dividends	#DIV/0!	US$
Dividends Growth 15																		#NUM!	<-IRR #YR->	15	Dividends	#DIV/0!	US$
Dividends Growth 20																		#NUM!	<-IRR #YR->	17	Dividends	#REF!	US$
Dividends Growth 5												-$2.00	$2.00								Dividends Growth 5
Dividends Growth 10			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.00								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	$2.00								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	$2.00								Dividends Growth 20
Historical Dividends	Historical	High Div	9.16%	Low Div	6.88%	10 Yr High	9.16%	10 Yr Low	6.88%	Med Div	7.86%	Close Div	7.28%								Historical Dividends		US$
High/Ave/Median Values	Curr diff	Exp.	-37.63%		-16.97%	Exp.	-37.63%		-16.97%	Exp.	-27.32%	Exp.	-21.54%								High/Ave/Median		US$
Future Dividend Yield					Div Yield	5.71%	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield		US$
Future Dividend Yield					Div Yield	5.71%	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield		US$
Future Dividend Yield					Div Yield	5.71%	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield		US$
Future Dividend Paid					Div Paid	$2.00	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid		US$
Future Dividend Paid					Div Paid	$2.00	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid		US$
Future Dividend Paid					Div Paid	$2.00	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid		US$
Dividend Covering Cost					Total Div	$10.00	over	5	Years	at IRR of	0.00%	Div Cov.	28.56%								Dividend Covering Cost		US$
Dividend Covering Cost					Total Div	$18.00	over	10	Years	at IRR of	0.00%	Div Cov.	51.41%								Dividend Covering Cost		US$
Dividend Covering Cost					Total Div	$26.00	over	15	Years	at IRR of	0.00%	Div Cov.	74.26%								Dividend Covering Cost		US$
Dividend* CDN$														$2.74	$2.75	$2.78			Estimates		Dividend*		CDN$
Increase														0.10%	0.35%	0.90%			Estimates		Increase		CDN$
Payout Ratio EPS														105.31%	91.99%	84.60%			Estimates		Payout Ratio EPS		CDN$
Dividends I received
Special Dividends													$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	1	Special Dividends		CDN$
Dividend*													$2.74	$2.74	$2.74	$2.74		#DIV/0!	<-Total Growth	0	Dividends		CDN$
Increase													0.00%	0.00%	0.00%	0.00%		0	0	0	Years of data, Count P, N	#DIV/0!	CDN$
Average Increases 5 Year Running													0.00%	0.00%	0.00%	0.00%		0.00%	<-Median->	1	Average Incr 5 Year Running		CDN$
Dividends 5 Yr Running													$0.55	$1.10	$1.64	$2.19		#DIV/0!	<-Total Growth	0	Dividends 5 Yr Running		CDN$
Yield H/L Price													7.65%	6.53%				7.65%	<-Median->	1	Yield H/L Price		CDN$
Yield on High  Price													6.77%	5.75%				6.77%	<-Median->	1	Yield on High  Price		CDN$
Yield on Low Price													8.81%	7.57%				8.81%	<-Median->	1	Yield on Low Price		CDN$
Yield on Close Price													7.26%	5.75%	5.75%	5.75%		7.26%	<-Median->	1	Yield on Close Price		CDN$
Payout Ratio EPS													96.62%	105.21%	91.58%	83.47%		96.62%	<-Median->	1	DPR EPS		CDN$
DPR EPS 5 Yr Running													34.96%	52.48%	61.19%	78.84%		34.96%	<-Median->	1	DPR EPS 5 Yr Running		CDN$
Payout Ratio CFPS													58.09%	62.31%	60.24%	59.26%		58.09%	<-Median->	1	DPR CF		CDN$
DPR CF 5 Yr Running													20.55%	30.90%	36.89%	49.95%		20.55%	<-Median->	1	DPR CF 5 Yr Running		CDN$
Payout Ratio CFPS WC													61.43%	62.31%	60.24%	59.26%		61.43%	<-Median->	1	DPR CF WC		CDN$
DPR CF WC 5 Yr Running													21.43%	31.89%	37.82%	50.67%		21.43%	<-Median->	1	DPR CF WC 5 Yr Running		CDN$
Median Values	10 Yr Med	10 Yr Cl	7.65%	7.26%	5 Yr Med	5 Yr Cl	7.65%	7.26%	5 Yr Med	Payout	96.62%	58.09%	61.43%					0.04%	<-IRR #YR->	1	Dividends	#DIV/0!	CDN$
* Dividends per share	10 Yr Med	and Cur.	-24.90%	-20.83%	5 Yr Med	and Cur.	-24.90%	-20.83%	Last Div Inc --->		$0.100	$0.120	20.00%					#NUM!	<-IRR #YR->	10	Dividends	#DIV/0!	CDN$
Dividends Growth 15																		#NUM!	<-IRR #YR->	15	Dividends	#DIV/0!	CDN$
Dividends Growth 20																		#NUM!	<-IRR #YR->	17	Dividends	#REF!	CDN$
Dividends Growth 5												-$2.74	$2.74								Dividends Growth 5
Dividends Growth 10			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.74								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	$2.74								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	$2.74								Dividends Growth 20
Historical Dividends	Historical	High Div	8.81%	Low Div	6.77%	10 Yr High	8.81%	10 Yr Low	6.77%	Med Div	7.65%	Close Div	7.26%								Historical Dividends		CDN$
High/Ave/Median Values	Curr diff	Exp.	-34.74%		-15.08%	Exp.	-34.74%		-15.08%	Exp.	-24.85%	Exp.	-20.83%								High/Ave/Median		CDN$
Future Dividend Yield					Div Yield	5.76%	earning in	5	Years	at IRR of	0.04%	Div Inc.	0.22%								Future Dividend Yield		CDN$
Future Dividend Yield					Div Yield	5.77%	earning in	10	Years	at IRR of	0.04%	Div Inc.	0.44%								Future Dividend Yield		CDN$
Future Dividend Yield					Div Yield	5.79%	earning in	15	Years	at IRR of	0.04%	Div Inc.	0.66%								Future Dividend Yield		CDN$
Future Dividend Paid					Div Paid	$2.75	earning in	5	Years	at IRR of	0.04%	Div Inc.	0.22%								Future Dividend Paid		CDN$
Future Dividend Paid					Div Paid	$2.75	earning in	10	Years	at IRR of	0.04%	Div Inc.	0.44%								Future Dividend Paid		CDN$
Future Dividend Paid					Div Paid	$2.76	earning in	15	Years	at IRR of	0.04%	Div Inc.	0.66%								Future Dividend Paid		CDN$
Dividend Covering Cost					Total Div	$13.72	over	5	Years	at IRR of	0.04%	Div Cov.	28.77%								Dividend Covering Cost		CDN$
Dividend Covering Cost					Total Div	$24.72	over	10	Years	at IRR of	0.04%	Div Cov.	51.84%								Dividend Covering Cost		CDN$
Dividend Covering Cost					Total Div	$35.74	over	15	Years	at IRR of	0.04%	Div Cov.	74.97%								Dividend Covering Cost		CDN$
Historical Dividends	Historical	High Div	0.00%	Low Div	0.00%	10 Yr High	0.00%	10 Yr Low	0.00%	Med Div	0.06%	Close Div	0.00%								Historical Dividends		US$
High/Ave/Median Values	Curr diff	Exp.	#DIV/0!	Cheap		Exp.	#DIV/0!		#DIV/0!	Exp.	-100.00%	Exp.	#DIV/0!								High/Ave/Median		US$
Yield if held 5 years													#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		#DIV/0!	<-Median->	0	Paid Median Price		CDN$
Yield if held 10 years													#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		#DIV/0!	<-Median->	0	Paid Median Price		CDN$
Yield if held 15 years													#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		#DIV/0!	<-Median->	0	Paid Median Price		CDN$
Yield if held 20 years															#DIV/0!	#DIV/0!		#NUM!	<-Median->	0	Paid Median Price		CDN$
Cost covered if held 5 years													#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		#DIV/0!	<-Median->	0	Paid Median Price		CDN$
Cost covered if held 10 years													#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		#DIV/0!	<-Median->	0	Paid Median Price		CDN$
Cost covered if held 15 years													#DIV/0!	#DIV/0!	#DIV/0!	#DIV/0!		#DIV/0!	<-Median->	0	Paid Median Price		CDN$
Cost covered if held 20 years															#DIV/0!	#DIV/0!		#NUM!	<-Median->	0	Paid Median Price		CDN$
I am earning GC				Div Gr	706.24%	2-Jun-20	# yrs ->	4	2020	$14.85	Cap Gain	154.21%									I am earning GC
I am earning Div				org yield	2.29%	12/31/22	Trading	Div G Yrly	124.51%	Div start	$0.34	-2.29%	18.46%								I am earning Div
																				Yr	Item	Tot. Growth	Per Year
Revenue Growth US$											$2,005.0	$2,120.0	$1,986.0	$1,971	<-12 mths	-0.77%		-0.95%	<-Total Growth	2	Revenue Growth US$	-0.95%	-0.47%
AEPS Growth											$2.43	$1.84	$1.97	$1.95	<-12 mths	-1.02%		-18.93%	<-Total Growth	2	AEPS Growth	-18.93%	-9.96%
Net Income Growth											$584.6	$454.7	$593.5	$619	<-12 mths	4.26%		1.52%	<-Total Growth	2	Net Income Growth	1.52%	0.76%
Cash Flow Growth											$779.0	$529.0	$717.0	$0	<-12 mths	-100.00%		-7.96%	<-Total Growth	2	Cash Flow Growth	-7.96%	-4.06%
Dividend Growth											$0.00	$0.00	$2.00	$2.00	<-12 mths	0.00%		#DIV/0!	<-Total Growth	2	Dividend Growth	#DIV/0!	#DIV/0!
Stock Price Growth											$22.29	$23.57	$27.47	$35.01	<-12 mths	27.45%		23.24%	<-Total Growth	2	Stock Price Growth	23.24%	11.01%
Revenue Growth US$											$2,005.0	$2,120.0	$1,986.0	$1,996	<-this year	0.50%		-0.95%	<-Total Growth	2	Revenue Growth US$	-0.95%	-0.47%
AEPS Growth											$2.43	$1.84	$1.97	$1.82	<-this year	-7.61%		-18.93%	<-Total Growth	2	AEPS Growth	-18.93%	-9.96%
Net Income Growth											$584.6	$454.7	$593.5	$558	<-this year	-5.94%		1.52%	<-Total Growth	2	Net Income Growth	1.52%	0.76%
Cash Flow Growth											$779.0	$529.0	$717.0	$668	<-this year	-6.77%		-7.96%	<-Total Growth	2	Cash Flow Growth	-7.96%	-4.06%
Dividend Growth											$0.00	$0.00	$2.00	$2.00	<-this year	0.10%		#DIV/0!	<-Total Growth	2	Dividend Growth	#DIV/0!	#DIV/0!
Stock Price Growth											$22.29	$23.57	$27.47	$35.01	<-this year	27.45%		23.24%	<-Total Growth	2	Stock Price Growth	23.24%	11.01%
																				Yr	Item	Tot. Growth	Per Year
Revenue Growth CDN$											$2,651.8	$3,050.5	$2,722.0	$2,836	<-12 mths	4.18%		2.65%	<-Total Growth	2	Revenue Growth CDN$	2.65%	1.31%
AEPS Growth											$3.21	$2.65	$2.70	$2.81	<-12 mths	3.92%		-15.99%	<-Total Growth	2	AEPS Growth	-15.99%	-8.34%
Net Income Growth											$584.6	$454.7	$593.5	$619	<-12 mths	4.26%		1.52%	<-Total Growth	2	Net Income Growth	1.52%	0.76%
Cash Flow Growth											$1,030.3	$761.2	$982.7	$0	<-12 mths	-100.00%		-4.62%	<-Total Growth	2	Cash Flow Growth	-4.62%	-2.34%
Dividend Growth											$0.00	$0.00	$2.74	$2.74	<-12 mths	0.00%		#DIV/0!	<-Total Growth	2	Dividend Growth	#DIV/0!	#DIV/0!
Stock Price Growth											$30.00	$33.92	$37.75	$47.68	<-12 mths	26.30%		25.83%	<-Total Growth	2	Stock Price Growth	25.83%	12.18%
Revenue Growth CDN$											$2,651.8	$3,050.5	$2,722.0	$2,736	<-this year	0.50%		2.65%	<-Total Growth	2	Revenue Growth CDN$	2.65%	1.31%
AEPS Growth											$3.21	$2.65	$2.70	$2.62	<-this year	-3.01%		-15.99%	<-Total Growth	2	AEPS Growth	-15.99%	-8.34%
Net Income Growth											$584.6	$454.7	$593.5	$558	<-this year	-5.94%		1.52%	<-Total Growth	2	Net Income Growth	1.52%	0.76%
Cash Flow Growth											$1,030.3	$761.2	$982.7	$916	<-this year	-6.77%		-4.62%	<-Total Growth	2	Cash Flow Growth	-4.62%	-2.34%
Dividend Growth											$0.00	$0.00	$2.74	$2.74	<-this year	0.10%		#DIV/0!	<-Total Growth	2	Dividend Growth	#DIV/0!	#DIV/0!
Stock Price Growth											$30.00	$33.92	$37.75	$47.68	<-this year	26.30%		25.83%	<-Total Growth	2	Stock Price Growth	25.83%	12.18%
Dividends on Shares US$												$0.00	$90.00	$90.00	$90.00	$90.00		$90.00	No of Years	2	Total Divs	12/31/25
Paid											$1,003.05	$1,060.65	$1,236.15	$1,575.45	$1,575.45	$1,575.45		$1,236.15	No of Years	2	Worth	$22.29	44.86
Total																		$1,326.15
											-$1,003.05	$0.00	$1,326.15					14.98%
Dividends on Shares CDN$												$0.00	$93.20	$93.20	$93.20	$93.20		$93.20	No of Years	2	Total Divs	12/31/25
Paid								See below also.			$1,020.00	$1,153.28	$1,283.50	$1,621.12	$1,621.12	$1,621.12		$1,283.50	No of Years	2	Worth	$30.00	33.33
Total																		$1,376.70
											-$1,020.00	$0.00	$1,376.70					16.18%
Graham Number CDN$ AEPS											$36.17	$32.79	$32.91	$32.41	$33.41	$34.22		-9.02%	<-Total Growth	2	Graham Number AEPS		CDN$
Increase												-9.35%	0.36%	-1.52%	3.07%	2.43%		-4.49%	<-Median->	2	Graham Price		CDN$
Price/GP Ratio Med												1.01	1.09	1.29				1.05	<-Median->	2	Price/GP Ratio Med		CDN$
Price/GP Ratio High												1.14	1.23	1.47				1.18	<-Median->	2	Price/GP Ratio High		CDN$
Price/GP Ratio Low												0.89	0.94	1.12				0.92	<-Median->	2	Price/GP Ratio Low		CDN$
Price/GP Ratio Close												1.03	1.15	1.47	1.43	1.39		1.09	<-Median->	2	Price/GP Ratio Close		CDN$
Prem/Disc Close												3.44%	14.70%	47.10%	42.72%	39.33%		9.07%	<-Median->	2	Graham Price		CDN$
Graham Number CDN$ EPS											$33.87	$29.81	$33.74	$32.33	$34.65	$36.30		-0.39%	<-Total Growth	2	Graham Number ESP		CDN$
Increase												-12.00%	13.19%	-4.17%	7.19%	4.74%		0.60%	<-Median->	2	Graham Price		CDN$
Price/GP Ratio Med												1.11	1.06	1.30				1.09	<-Median->	2	Price/GP Ratio Med		CDN$
Price/GP Ratio High												1.25	1.20	1.48				1.23	<-Median->	2	Price/GP Ratio High		CDN$
Price/GP Ratio Low												0.98	0.92	1.12				0.95	<-Median->	2	Price/GP Ratio Low		CDN$
Price/GP Ratio Close												1.14	1.12	1.47	1.38	1.31		1.13	<-Median->	2	Price/GP Ratio Close		CDN$
Prem/Disc Close													11.90%	47.48%	37.59%	31.36%		11.90%	<-Median->	1	Graham Price		CDN$
Month, Year CDN$	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28		15.00	<Count Years>		Month, Year		CDN$
Price Close											$30.00	$33.92	$37.75	$47.68	$47.68	$47.68		25.83%	<-Total Growth	2	Stock Price		CDN$
Increase												13.07%	11.29%	26.30%	0.00%	0.00%		12.97	<-Median->	2	CAPE (10 Yr P/E)		CDN$
P/E Ratio												15.51	13.31	18.30	15.93	14.52		12.18%	<-IRR #YR->	2	Stock Price	#DIV/0!	CDN$
Trailing P/E Ratio												12.04	17.26	16.81	18.30	15.93		#NUM!	<-IRR #YR->	10	Stock Price	#DIV/0!	CDN$
CAPE (10 Yr P/E)													12.97	14.30	14.66	14.63		16.18%	<-IRR #YR->	2	Price & Dividend	#DIV/0!	CDN$
Median 10, 5 Yrs		D.  per yr	#NUM!	4.00%	% Tot Ret	#NUM!	24.74%	T P/E	$14.65	$14.65	P/E:	14.41	14.41					#NUM!	<-IRR #YR->	10	Price & Dividend	#DIV/0!	CDN$
Price 15		D.  per yr	#NUM!		% Tot Ret	#NUM!						CAPE Diff	41.14%					#NUM!	<-IRR #YR->	15	Stock Price	#DIV/0!	CDN$
Price & Dividend 15																		#NUM!	<-IRR #YR->	15	Price & Dividend	#DIV/0!	CDN$
Price  5											-$30.00	$0.00	$37.75								Price  5
Price 10			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$37.75								Price 10
Price & Dividend 5											-$30.00	$0.00	$40.49								Price & Dividend 5
Price & Dividend 10			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.49								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	$37.75								Price 15
Price & Dividend 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	$40.49								Price & Dividend 15
Price H/L Median CDN$												$33.19	$35.81	$41.96				7.89%	<-Total Growth	1	Stock Price		CDN$
Increase													7.89%	17.17%				#NUM!	<-IRR #YR->	10	Stock Price	#DIV/0!	CDN$
P/E Ratio												15.18	12.62	16.10				7.89%	<-IRR #YR->	1	Stock Price	#DIV/0!	CDN$
Trailing P/E Ratio												11.78	16.37	14.79				#NUM!	<-IRR #YR->	10	Price & Dividend	#DIV/0!	CDN$
P/E on Running 5 yr Average													22.83	20.08				16.15%	<-IRR #YR->	1	Price & Dividend	#DIV/0!	CDN$
P/E on Running 10 yr Average													45.67	40.16				13.90	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs		D.  per yr	#NUM!	8.26%	% Tot Ret	#NUM!	51.13%	T P/E	14.08	14.08	P/E:	13.90	13.90						Count	1	Years of data		CDN$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$35.81
												-$33.19	$35.81
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.55
												-$33.19	$38.55
High Months CDN$												Nov	Oct	Mar
Price High												$37.31	$40.52	$47.71				8.60%	<-Total Growth	1	Stock Price		CDN$
Increase													8.60%	17.74%				#NUM!	<-IRR #YR->	10	Stock Price	#DIV/0!	CDN$
P/E Ratio												17.06	14.28	18.31				8.60%	<-IRR #YR->	1	Stock Price	#DIV/0!	CDN$
Trailing P/E Ratio												13.24	18.53	16.82				15.67	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs								T P/E	15.89	15.89	P/E:	15.67	15.67					#NUM!	P/E Ratio		Historical High		CDN$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.52
												-$37.31	$40.52
Low Months CDN$												Oct	Apr	Jan
Price Low												$29.07	$31.10	$36.21				6.98%	<-Total Growth	1	Stock Price		CDN$
Increase													6.98%	16.43%				#NUM!	<-IRR #YR->	10	Stock Price	#DIV/0!	CDN$
P/E Ratio												13.29	10.96	13.90				6.98%	<-IRR #YR->	1	Stock Price	#DIV/0!	CDN$
Trailing P/E Ratio												10.32	14.22	12.76				12.13	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs								T P/E	12.27	12.27	P/E:	12.13	12.13					#NUM!	P/E Ratio		Historical Low		CDN$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.10
												-$29.07	$31.10
Value using exchange rate	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.68	$23.57	$27.54	$34.79	$34.79	$34.79
Month, Year US$	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28		11.00	<Count Years>		Month, Year		US$
Price Close											$22.29	$23.57	$27.47	$35.01	$35.01	$35.01		23.24%	<-Total Growth	2	Stock Price		US$
Increase												5.74%	16.55%	27.45%	0.00%	0.00%		12.82	<-Median->	2	CAPE (10 Yr P/E)		US$
P/E Ratio												15.51	13.27	18.42	16.03	14.61		11.01%	<-IRR #YR->	2	Stock Price	#DIV/0!	US$
Trailing P/E Ratio												11.07	18.07	16.91	18.42	16.03		#NUM!	<-IRR #YR->	10	Stock Price	#DIV/0!	US$
CAPE (10 Yr P/E)													12.82	14.22	14.62	14.62		14.98%	<-IRR #YR->	2	Price & Dividend	#DIV/0!	US$
Median 10, 5 Yrs		D.  per yr	#NUM!	3.97%	% Tot Ret	#NUM!	26.50%	T P/E	$14.57	$14.57	P/E:	$14.39	$14.39					#NUM!	<-IRR #YR->	10	Price & Dividend	#DIV/0!	US$
Price 15		D.  per yr	#NUM!		% Tot Ret	#NUM!						CAPE Diff	43.66%					#NUM!	<-IRR #YR->	15	Stock Price	#DIV/0!	US$
Price & Dividend 15																		#NUM!	<-IRR #YR->	15	Price & Dividend	#DIV/0!	US$
Price  5											-$22.29	$0.00	$27.47								Price  5
Price 10			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.47								Price 10
Price & Dividend 5											-$22.29	$0.00	$29.47								Price & Dividend 5
Price & Dividend 10			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.47								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	$27.47								Price 15
Price & Dividend 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	$29.47								Price & Dividend 15
Value using exchange rate												$23.07	$26.13	$30.61
Price H/L Median US$												$24.37	$25.44	$30.15				4.39%	<-Total Growth	1	Stock Price		US$
Increase													4.39%	18.49%				#NUM!	<-IRR #YR->	10	Stock Price	#DIV/0!	US$
P/E Ratio												16.03	12.29	15.86				4.39%	<-IRR #YR->	1	Stock Price	#DIV/0!	US$
Trailing P/E Ratio												11.44	16.74	14.56				#NUM!	<-IRR #YR->	10	Price & Dividend	#DIV/0!	US$
P/E on Running 5 yr Average													22.24	19.78				4.39%	<-IRR #YR->	1	Price & Dividend	#DIV/0!	US$
P/E on Running 10 yr Average													44.48	39.56				14.16	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs		D.  per yr	#NUM!	0.00%	% Tot Ret	#NUM!	0.00%	T P/E	14.09	14.09	P/E:	14.16	14.16						Count	1	Years of data		US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.44
												-$24.37	$25.44
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.44
												-$24.37	$25.44
												$25.93	$29.56	$34.81
High Months US$												Nov	Oct	Mar
Price High												$26.66	$29.05	$34.21				8.96%	<-Total Growth	1	Stock Price		US$
Increase													8.96%	17.76%				#NUM!	<-IRR #YR->	10	Stock Price	#DIV/0!	US$
P/E Ratio												17.54	14.03	18.00				8.96%	<-IRR #YR->	1	Stock Price	#DIV/0!	US$
Trailing P/E Ratio												12.52	19.11	16.53				15.79	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs								T P/E	15.81	15.81	P/E:	15.79	15.79					#NUM!	P/E Ratio		Historical High		US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.05
												-$26.66	$29.05
												$20.20	$22.69	$26.42
Low Months US$												Oct	Apr	Jan
Price Low												$22.08	$21.83	$26.08				-1.13%	<-Total Growth	1	Stock Price		US$
Increase													-1.13%	19.47%				#NUM!	<-IRR #YR->	10	Stock Price	#DIV/0!	US$
P/E Ratio												14.53	10.55	13.72				-1.13%	<-IRR #YR->	1	Stock Price	#DIV/0!	US$
Trailing P/E Ratio												10.37	14.36	12.60				12.54	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs								T P/E	12.36	12.36	P/E:	12.54	12.54					#NUM!	P/E Ratio		Historical Low		US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$21.83
												-$22.08	$21.83
Free Cash Flow US$ Skt Scr												$407	$596	$605	$645	$664		46.44%	<-Total Growth	1	Free Cash Flow US$ Skt Scr		US$
Change													46.44%	1.44%	6.68%	2.88%		46.44%	<-Median->	1	Change		US$
Free Cash Flow US$ WSJ											$1,001	$558	$753					-24.78%	<-Total Growth	2	Free Cash Flow US$ WSJ		US$
Change												-44.26%	34.95%					-4.65%	<-Median->	2	Change		US$
Free Cash Flow US$ MS											$780	$470	$570	$605	$645	$664		-26.92%	<-Total Growth	2	Free Cash Flow		US$
Change												-39.74%	21.28%	6.07%	6.68%	2.88%		-14.51%	<-IRR #YR->	2	Free Cash Flow MS	#DIV/0!	US$
FCF/CF from Op Ratio												0.89	0.79	0.90	0.93	0.94		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	#DIV/0!	US$
Dividends paid												$104.00	$416.00	$416.50	$416.50	$416.50		#DIV/0!	<-Total Growth	1	Dividends paid		US$
Percentage paid												22.13%	72.98%	68.89%	64.57%	62.76%		47.56%	<-Median->	2	Percentage paid		US$
5 Year Coverage												8.32%	28.57%	38.62%	44.08%	59.92%					5 Year Coverage		US$
Dividend Coverage Ratio												4.52	1.37	1.45	1.55	1.59		2.94	<-Median->	2	Dividend Coverage Ratio		US$
5 Year of Coverage													3.50	2.59	2.27	1.67					5 Year of Caogerage		US$
											-$780	$0	$570
		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$570
Free Cash Flow CDN$ MS											$1,032	$676	$781	$829	$884	$910		-24.27%	<-Total Growth	2	Free Cash Flow		CDN$
Change												-34.45%	15.52%	6.07%	6.68%	2.88%		-3.25%	<-IRR #YR->	2	Free Cash Flow MS	#DIV/0!	CDN$
FCF/CF from Op Ratio											1.00	0.89	0.79	0.90	0.93	0.94		-3.25%	<-IRR #YR->	2	Free Cash Flow MS	#DIV/0!	CDN$
Dividends paid												$149.65	$570.17	$570.86	$570.86	$570.86		#DIV/0!	<-Total Growth	1	Dividends paid		CDN$
Percentage paid												22.13%	72.98%	68.89%	64.57%	62.76%		47.56%	<-Median->	2	Percentage paid		CDN$
5 Year Coverage												8.76%	28.92%	38.90%	44.30%	59.62%					5 Year Coverage		CDN$
Dividend Coverage Ratio												4.52	1.37	1.45	1.55	1.59		2.94	<-Median->	2	Dividend Coverage Ratio		CDN$
5 Year of Coverage												11.41	3.46	2.57	2.26	1.68					5 Year of Caogerage		CDN$
											-$1,038	$0	$972
											-$1,038	$0	$972
Distributed Cash Flow Company US$											$785	$608	$709	$660	$657	$675		-9.68%	<-Total Growth	2	Free Cash Flow		US$
Change												-22.55%	16.61%	-6.91%	-0.45%	2.74%		-4.96%	<-IRR #YR->	2	Free Cash Flow MS	#DIV/0!	US$
DCF/CF from Op Ratio											0.76	0.80	0.72	#DIV/0!	#DIV/0!	#DIV/0!		-4.96%	<-IRR #YR->	2	Free Cash Flow MS	#DIV/0!	US$
Dividends paid												$104.00	$416.00	$416.50	$416.50	$416.50		#DIV/0!	<-Total Growth	1	Dividends paid		US$
Percentage paid												17.11%	58.67%	58.74%	63.11%	63.39%		$0.38	<-Median->	2	Percentage paid		US$
5 Year Coverage												7.47%	24.74%	33.91%	39.57%	53.48%					5 Year Coverage		US$
Dividend Coverage Ratio												5.85	1.70	1.70	1.58	1.58		3.78	<-Median->	2	Dividend Coverage Ratio		US$
5 Year of Coverage												13.39	4.04	2.95	2.53	1.87					5 Year of Caogerage		US$
Distributable Cash Flow
											-$785	$0	$709
											-$785	$0	$709
Distributed Cash Flow Company CDN$											$1,038	$875	$972	$972	$905	$900		-6.40%	<-Total Growth	2	Free Cash Flow		CDN$
Change												-15.74%	11.08%	0.00%	-6.91%	-0.45%		-3.25%	<-IRR #YR->	2	Free Cash Flow MS	#DIV/0!	CDN$
DCF/CF from Op Ratio											1.01	1.15	0.99	1.06	0.95	0.93		-3.25%	<-IRR #YR->	2	Free Cash Flow MS	#DIV/0!	CDN$
Dividends paid												$149.65	$570.17	$570.86	$570.86	$570.86		#DIV/0!	<-Total Growth	1	Dividends paid		CDN$
Percentage paid												17.11%	58.67%	58.74%	63.11%	63.39%		$0.38	<-Median->	2	Percentage paid		CDN$
5 Year Coverage												7.82%	24.95%	33.47%	39.10%	52.61%					5 Year Coverage		CDN$
Dividend Coverage Ratio												5.85	1.70	1.70	1.58	1.58		3.78	<-Median->	2	Dividend Coverage Ratio		CDN$
5 Year of Coverage													4.01	2.99	2.56	1.90					5 Year of Caogerage		CDN$
Distributable Cash Flow
											-$1,038	$0	$972
											-$1,038	$0	$972
Market Cap in $M US$											$4,626.7	$4,903.5	$5,720.6	$7,290.9	$7,290.9	$7,290.9		23.64%	<-Total Growth	2	Market Cap	#DIV/0!	US$
Market Cap in $M CDN$											$6,227.1	$7,056.8	$7,861.5	$9,929.4	$9,929.4	$9,929.4		26.25%	<-Total Growth	2	Market Cap	#DIV/0!	CDN$
Diluted # of Shares in Million											207.60	208.20	208.80	208.80				0.58%	<-Total Growth	2	Diluted
Change												0.29%	0.29%	0.00%				#NUM!	<-IRR #YR->	10	Diluted
Difference Diluted/Basic											0.00%	-0.29%	-0.29%	-100.00%				0.29%	<-IRR #YR->	2	Diluted
Change in Diluted Shares per Year
			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	208.8
											-207.6	0.0	208.8
Basic # of Shares in Millions											207.60	207.60	208.20					0.29%	<-Total Growth	2	Basic
Change												0.00%	0.29%					0.14%	<-Median->	2	Change
Difference											-0.01%	0.21%	0.02%					0.02%	<-Median->	3	Difference
# of Share in Millions											207.570	208.041	208.251	208.251	208.251	208.251		#NUM!	<-IRR #YR->	10	Shares	#DIV/0!
Change												0.23%	0.10%	0.00%	0.00%	0.00%		0.16%	<-IRR #YR->	2	Shares	#DIV/0!
Cash Flow from Operations $M US$											$779	$529	$717	$668.5	$691.4	$702.8		#DIV/0!	<-Total Growth	2	Cash Flow		US$
Increase												-32.09%	35.54%	-6.77%	3.43%	1.66%		Share Iss	SO, Buybacks		Cl B Shares Conv.		US$
5 year Running Average											$155.8	$261.6	$405.0	$538.7	$677.0	$661.7		159.95%	<-Total Growth	2	CF 5 Yr Running		US$
CFPS											$3.75	$2.54	$3.44	$3.21	$3.32	$3.38		-8.26%	<-Total Growth	2	Cash Flow per Share		US$
Increase												-32.25%	35.40%	$272.2	$407.6	$508.8		#NUM!	<-IRR #YR->	10	Cash Flow	#DIV/0!	US$
5 year Running Average											$0.75	$1.26	$1.95	$2.59	$3.25	$3.18		-4.06%	<-IRR #YR->	2	Cash Flow	#DIV/0!	US$
P/CF on Med Price												9.58	7.39	9.39	0.00	0.00		#NUM!	<-IRR #YR->	10	Cash Flow per Share	#DIV/0!	US$
P/CF on Closing Price												9.27	7.98	10.91	10.55	10.37		-4.22%	<-IRR #YR->	2	Cash Flow per Share	#DIV/0!	US$
															28.52%	Diff M/C		#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	#DIV/0!	US$
													$581.45	<-12 mths	11.60%								US$
Excl.Working Capital CF US$											-$37.00	-$8.00	-$39.00	$0.00	$0.00	$0.00		61.09%	<-IRR #YR->	2	CFPS 5 yr Running	#DIV/0!	US$
Cash Flow from Operations $M WC											$742.00	$521.00	$678.00	$668.48	$691.39	$702.85		-8.63%	<-Total Growth	2	Cash Flow less WC		US$
Increase												-29.78%	30.13%	-1.40%	3.43%	1.66%		#NUM!	<-IRR #YR->	10	Cash Flow less WC	#DIV/0!	US$
5 year Running Average											$148.4	$252.6	$388.2	$521.9	$660.2	$652.3		-4.41%	<-IRR #YR->	2	Cash Flow less WC	#DIV/0!	US$
CFPS Excl. WC											$3.57	$2.50	$3.26	$3.21	$3.32	$3.38		#NUM!	<-IRR #YR->	10	CF less WC 5 Yr Run	#DIV/0!	US$
Increase												-29.94%	30.00%	-1.40%	3.43%	1.66%		61.74%	<-IRR #YR->	2	CF less WC 5 Yr Run	#DIV/0!	US$
5 year Running Average											$0.71	$1.22	$1.87	$2.51	$3.17	$3.13		#NUM!	<-IRR #YR->	10	CFPS - Less WC	#DIV/0!	US$
P/CF on Median Price												9.73	7.81	9.39	0.00	0.00		-4.57%	<-IRR #YR->	2	CFPS - Less WC	#DIV/0!	US$
P/CF on Closing Price												9.41	8.44	10.91	10.55	10.37		#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	#DIV/0!	US$
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	8.49	5 yr	8.49	P/CF Med	10 yr	8.77	5 yr	8.77		24.32%	Diff M/C		61.60%	<-IRR #YR->	2	CFPS 5 yr Running	#DIV/0!	US$
Cash Flow from Operations $M CDN$											$1,030.31	$761.18	$982.72	$916.22	$947.62	$963.32		-4.62%	<-Total Growth	2	Cash Flow		CDN$
Increase												-26.12%	29.11%	-6.77%	3.43%	1.66%		Share Iss	SO, Buybacks		Cl B Shares Conv.		CDN$
5 year Running Average											$206.1	$358.3	$554.8	$738.1	$927.6	$914.2		169.26%	<-Total Growth	2	CF 5 Yr Running		CDN$
CFPS											$4.96	$3.66	$4.72	$4.40	$4.55	$4.63		-4.93%	<-Total Growth	2	Cash Flow per Share		CDN$
Increase												-26.29%	28.98%	-6.77%	3.43%	1.66%		#NUM!	<-IRR #YR->	10	Cash Flow	#DIV/0!	CDN$
5 year Running Average											$0.99	$1.72	$2.67	$3.55	$4.46	$4.39		-2.34%	<-IRR #YR->	2	Cash Flow	#DIV/0!	CDN$
P/CF on Med Price												9.07	7.59	9.54	0.00	0.00		#NUM!	<-IRR #YR->	10	Cash Flow per Share	#DIV/0!	CDN$
P/CF on Closing Price												9.27	8.00	10.84	10.48	10.31		-2.50%	<-IRR #YR->	2	Cash Flow per Share	#DIV/0!	CDN$
															30.10%	Diff M/C		#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	#DIV/0!	CDN$
																							CDN$
Excl.Working Capital CF CDN$											-$48.94	-$11.51	-$53.45	$0.00	$0.00	$0.00		63.95%	<-IRR #YR->	2	CFPS 5 yr Running	#DIV/0!	CDN$
Cash Flow from Operations $M WC											$981.37	$749.67	$929.27	$916.22	$947.62	$963.32		-5.31%	<-Total Growth	2	Cash Flow less WC		CDN$
Increase												-23.61%	23.96%	-1.40%	3.43%	1.66%		#NUM!	<-IRR #YR->	10	Cash Flow less WC	#DIV/0!	CDN$
5 year Running Average													$532.1	$715.3	$904.8	$901.2		-2.69%	<-IRR #YR->	2	Cash Flow less WC	#DIV/0!	CDN$
CFPS Excl. WC											$4.73	$3.60	$4.46	$4.40	$4.55	$4.63		#NUM!	<-IRR #YR->	10	CF less WC 5 Yr Run	#DIV/0!	CDN$
Increase												-23.78%	23.83%	-1.40%	3.43%	1.66%		#NUM!	<-IRR #YR->	1	CF less WC 5 Yr Run	#DIV/0!	CDN$
5 year Running Average													$2.56	$3.44	$4.35	$4.33		#NUM!	<-IRR #YR->	10	CFPS - Less WC	#DIV/0!	CDN$
P/CF on Median Price												9.21	8.03	9.54	0.00	0.00		-2.85%	<-IRR #YR->	2	CFPS - Less WC	#DIV/0!	CDN$
P/CF on Closing Price												9.41	8.46	10.84	10.48	10.31		#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	#DIV/0!	CDN$
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	8.33	5 yr	8.33	P/CF Med	10 yr	8.62	5 yr	8.62		25.75%	Diff M/C		#NUM!	<-IRR #YR->	1	CFPS 5 yr Running	#DIV/0!	CDN$
			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	208.3								Shares
											-207.6	0.0	208.3								Shares
			$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$717.00								Cash Flow		US$
											-$779.0	$0.0	$717.00								Cash Flow		US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.44								Cash Flow per Share		US$
											-$3.75	$0.00	$3.44								Cash Flow per Share		US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.95								CFPS 5 yr Running		US$
											-$0.75	$0.00	$1.95								CFPS 5 yr Running		US$
			$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$678.0								Cash Flow less WC		US$
											-$742.0	$0.0	$678.0								Cash Flow less WC		US$
			$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$388.2								CF less WC 5 Yr Run		US$
											-$148.4	$0.0	$388.2								CF less WC 5 Yr Run		US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.26								CFPS - Less WC		US$
											-$3.57	$0.00	$3.26								CFPS - Less WC		US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.87								CFPS 5 yr Running		US$
											-$0.71	$0.00	$1.87								CFPS 5 yr Running		US$
			$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$982.72								Cash Flow		CDN$
											-$1,030.3	$0.0	$982.72								Cash Flow		CDN$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.72								Cash Flow per Share		CDN$
											-$4.96	$0.00	$4.72								Cash Flow per Share		CDN$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.67								CFPS 5 yr Running		CDN$
											-$0.99	$0.00	$2.67								CFPS 5 yr Running		CDN$
			$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$929.3								Cash Flow less WC		CDN$
											-$981.4	$0.0	$929.3								Cash Flow less WC		CDN$
			$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$532.1								CF less WC 5 Yr Run		CDN$
												$0.0	$532.1								CF less WC 5 Yr Run		CDN$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.46								CFPS - Less WC		CDN$
											-$4.73	$0.00	$4.46								CFPS - Less WC		CDN$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.56								CFPS 5 yr Running		CDN$
												$0.00	$2.56								CFPS 5 yr Running		CDN$
changes in Operating Working Capital
Accts Rec											-$251	$101	$83
Inventories											$63	-$50	$107
Other Current Assets											$274	-$32	-$22
Accts Payable											-$120	-$81	-$203
Distribution rec from op Activivies											$71	$70	$74
											$0	$0
											$0	$0
																					Generally not part of WC
											$0	$0	$0
Sum											$37	$8	$39
Google --> TD 2017											$37	$8	$39
Difference											$0	$0	$0
OPM Ratio CDN$											38.85%	24.95%	36.10%	33.49%				44.68%	<-Total Growth	2	OPM		CDN$
Increase												-35.78%	44.68%	-7.23%					Should increase		or be stable.		CDN$
Diff from Median											7.6%	-30.9%	0.0%	-7.2%				0.00	<-Median->	3	OPM		CDN$
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	36.10%	5 Yrs	36.10%					should be	zero, it is a		check on calculations		CDN$
														$1,012	<-12 mths	-0.97%
Normalized EBITDA US$											$1,074	$1,091	$1,022	$1,037	$1,092	$1,118		-4.84%	<-Total Growth	2	Adjusted EBITDA		US$
Change												1.58%	-6.32%	1.47%	5.30%	2.38%		-2.37%	<-Median->	2	Change		US$
EBITDA Margin											53.57%	51.46%	51.46%	51.95%	53.45%	53.72%		51.46%	<-Median->	3	EBITDA Margin		US$
														$1,387	<-12 mths	-0.97%
Normalized EBITDA CDN$											$1,420	$1,570	$1,401	$1,421	$1,497	$1,532		-1.39%	<-Total Growth	2	Adjusted EBITDA		CDN$
Change												10.52%	-10.77%	1.47%	5.30%	2.38%		-0.13%	<-Median->	2	Change		CDN$
EBITDA Margin											53.57%	51.46%	51.46%	51.95%	53.45%	53.72%		51.46%	<-Median->	3	EBITDA Margin		CDN$
														$765	<-12 mths	-1.34%
EBIT US$												$845.0	$775.0	$787.2	$841.9	$867.8		-8.28%	<-Total Growth	1	EBIT US$		US$
Change													-8.28%	1.57%	6.95%	3.08%		-8.28%	<-Median->	1	Change		US$
EBIT Margin												39.86%	39.02%	39.44%	41.21%	41.70%		39.44%	<-Median->	2	EBIT Margin		US$
Long Term Debt US$											$5,967	$5,716	$5,768	$5,768				-3.34%	<-Total Growth	2	Long Term Debt US$		US$
Change												-4.21%	0.91%	0.00%				-1.65%	<-Median->	2	Change		US$
Debt/Market Cap Ratio												1.17	1.01	0.79				1.09	<-Median->	2	Debt/Market Cap Ratio		US$
Assets/Current Liabilities Ratio											5.80	6.43	8.35	8.35				6.43	<-Median->	3	Assets/Current Liabilities Ratio		US$
Debt to Cash Flow (Years)											7.66	10.81	8.04	8.63				8.04	<-Median->	3	Debt to Cash Flow (Years)		US$
Long Term Debt CDN$											$7,892	$8,225	$7,906	$7,906				0.17%	<-Total Growth	2	Long Term Debt CDN$		CDN$
Change												4.22%	-3.88%	0.00%				0.17%	<-Median->	2	Change		CDN$
Debt/Market Cap Ratio												1.17	1.01	0.80				1.09	<-Median->	2	Debt/Market Cap Ratio		CDN$
Assets/Current Liabilities Ratio											5.80	6.43	8.35	8.35				6.43	<-Median->	3	Assets/Current Liabilities Ratio		CDN$
Debt to Cash Flow (Years)											7.66	10.81	8.04	8.63				8.04	<-Median->	3	Debt to Cash Flow (Years)		CDN$
Intangibles US$											$0	$0	$0.00					#DIV/0!	<-Total Growth	2	Intangibles		US$
Goodwill											$0	$0	$0.00					#DIV/0!	<-Total Growth	2	Goodwill		US$
Total											$0	$0	$0.00					#DIV/0!	<-Total Growth	2	Total		US$
Change											0.00%	0.00%	0.00%					0%	<-Median->	3	Change		US$
Intangible/Market Cap Ratio											0.00	0.00	0.00					0%	<-Median->	3	Intangible/Market Cap Ratio		US$
Intangibles CDN$											$0	$0	$0.00					#DIV/0!	<-Total Growth	2	Intangibles		CDN$
Goodwill											$0	$0	$0.00					#DIV/0!	<-Total Growth	2	Goodwill		CDN$
Total											$0	$0	$0.00					#DIV/0!	<-Total Growth	2	Total		CDN$
Change											0.00%	0.00%	0.00%					0.00%	<-Median->	3	Change		CDN$
Intangible/Market Cap Ratio											0.00	0.00	0.00					0.00	<-Median->	3	Intangible/Market Cap Ratio		CDN$
Current Assets US$											$2,614	$2,198	$2,015	$2,015				-22.92%	<-Total Growth	2	Assets		US$
Current Liabilities											$2,075	$1,761	$1,341	$1,341				-35.37%	<-Total Growth	2	Liabilities		US$
Liquidity Ratio											1.26	1.25	1.50	1.50				1.26	<-Median->	3	Ratio		US$
Assets US$											$12,032	$11,329	$11,193	$11,193				-6.97%	<-Total Growth	2	Current Ratio		US$
Liabilities											$9,192	$8,719	$8,484	$8,484				-7.70%	<-Total Growth	2	Ratio		US$
Debt Ratio											1.31	1.30	1.32	1.32				1.31	<-Median->	3	Ratio		US$
Estimates BVPS														$13.18	$13.09	$13.33			Estimates		Estimates BVPS		US$
Estimate Book Value														$2,745	$2,726	$2,776			Estimates		Estimate Book Value		US$
P/B Ratio (Close)														2.66	2.67	2.63			Estimates		P/B Ratio (Close)		US$
Difference from 10 year median															36.28%	Diff M/C			Estimates		Difference from 10 yr med.		US$
Book Value US$											$2,840	$2,610	$2,709	$2,709							Book Value		US$
NCI											$0	$0	$0	$0							NCI		US$
Book Value											$2,840	$2,610	$2,709	$2,709	$2,709	$2,709		-4.61%	<-Total Growth	2	Book Value		US$
Book Value per share											$13.68	$12.55	$13.01	$13.01	$4.75	$4.75		-4.92%	<-Total Growth	2	Book Value per Share		US$
Increase												-8.31%	3.69%	0.00%	-63.52%	0.00%		38.08%	P/B Ratio		Current/Historical Median		US$
P/B Ratio (Median)												1.94	1.96	2.32				1.95	P/B Ratio		Historical Median		US$
P/B Ratio (Close)												1.88	2.11	2.69	7.38	7.38		#NUM!	<-IRR #YR->	10	Book Value per Share	#DIV/0!	US$
Change														27.45%	174.12%	0.00%		-2.49%	<-IRR #YR->	2	Book Value per Share	#DIV/0!	US$
Leverage (A/BK)											4.24	4.34	4.13	4.13				4.24	<-Median->	3	A/BV		US$
Debt/Equity Ratio											3.24	3.34	3.13	3.13				3.24	<-Median->	3	Debt/Eq Ratio		US$
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	1.95	5 yr Med	1.95		38.08%	Diff M/C		4.24	Historical		Leverage (A/BK)		US$
			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.01
											-$13.68	$0.00	$13.01
Current Assets CDN$											$3,457	$3,163	$2,762	$2,762				-20.12%	<-Total Growth	2	Current Assets		CDN$
Current Liabilities											$2,744	$2,534	$1,838	$1,838				-33.03%	<-Total Growth	2	Current Liabilities		CDN$
Liquidity Ratio											1.26	1.25	1.50	1.50				1.26	<-Median->	3	Ratio		CDN$
Liq. with CF aft div											1.64	1.55	1.52	1.48				1.55	<-Median->	3	Ratio	If Div = 0	CDN$
Liq. CF re  Inv+Div											1.64	1.50	1.86	2.00				1.64	<-Median->	3	Ratio		CDN$
Assets CDN$											$15,914	$16,301	$15,341	$15,341				-3.60%	<-Total Growth	2	Assets		CDN$
Liabilities											$12,157	$12,546	$11,628	$11,628				-4.35%	<-Total Growth	2	Liabilities		CDN$
Debt Ratio											1.31	1.30	1.32	1.32				1.31	<-Median->	3	Ratio		CDN$
Book Value CDN$											$3,756	$3,756	$3,713	$3,713							Book Value		CDN$
NCI											$0	$0	$0	$0							NCI		CDN$
Book Value											$3,756	$3,756	$3,713	$3,713	$3,713	$3,713		-1.15%	<-Total Growth	2	Book Value		CDN$
Book Value per share											$18.10	$18.05	$17.83	$17.83	$17.83	$17.83		-1.47%	<-Total Growth	2	Book Value per Share		CDN$
Increase												-0.24%	-1.23%	0.00%	0.00%	0.00%		39.03%	P/B Ratio		Current/Historical Median		CDN$
P/B Ratio (Median)												1.84	2.01	2.35				1.92	P/B Ratio		Historical Median		CDN$
P/B Ratio (Close)												1.88	2.12	2.67	2.67	2.67		#NUM!	<-IRR #YR->	10	Book Value per Share	#DIV/0!	CDN$
Change														26.30%	0.00%	0.00%		-0.74%	<-IRR #YR->	2	Book Value per Share	#DIV/0!	CDN$
Leverage (A/BK)											4.24	4.34	4.13	4.13				4.24	<-Median->	3	A/BV		CDN$
Debt/Equity Ratio											3.24	3.34	3.13	3.13				3.24	<-Median->	3	Debt/Eq Ratio		CDN$
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	1.92	5 yr Med	1.92		39.03%	Diff M/C		4.24	Historical		Leverage (A/BK)		CDN$
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$18
											-$18	$0	$18
Comprehensive Income US$											$439	$246	$510					16.17%	<-Total Growth	2	Comprehensive Income		US$
Increase												-43.96%	107.32%					31.68%	<-Median->	2	Comprehensive Income		US$
5 Yr Running Average													$239.00					#NUM!	<-IRR #YR->	10	Comprehensive Income	#DIV/0!	US$
ROE											15.5%	9.4%	18.8%					7.78%	<-IRR #YR->	2	Comprehensive Income	#DIV/0!	US$
5Yr Median											15.5%	12.4%	15.5%					#NUM!	<-IRR #YR->	10	5 Yr Running Average	#DIV/0!	US$
% Difference from Net Income											-0.68%	-22.15%	17.78%					#NUM!	<-IRR #YR->	1	5 Yr Running Average	#DIV/0!	US$
Median Values										Diff	5, 10 yr	-0.7%	-0.7%					15.5%	<-Median->	3	Return on Equity
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$510
											-$439	$0	$510
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$239
												$0.0	$239.0
Current Liability Coverage Ratio											0.36	0.30	0.51	0.50							CFO / Current Liabilities		US$
5 year Median											0.36	0.33	0.36	0.43				0.36	<-Median->	3	Current Liability Cov Ratio		US$
Asset Efficiency Ratio											6.17%	4.60%	6.06%	5.97%							CFO / Total Assets		US$
5 year Median											6.17%	5.38%	6.06%	6.01%				6.1%	<-Median->	3	Return on Assets		US$
Return on Assets ROA											3.67%	2.79%	3.87%	3.64%				Net	Income/Assets		Return on Assets		US$
5Yr Median											3.67%	3.23%	3.67%	3.66%				3.7%	<-Median->	3	Asset Efficiency Ratio		US$
Return on Equity ROE											15.56%	12.11%	15.98%	15.04%				Net Inc/	Shareholders' equity		Return on Equity		US$
5Yr Median											15.56%	13.84%	15.56%	15.30%				15.6%	<-Median->	3	Return on Equity		US$
														$430.00	<-12 mths	-0.69%
Net Income US$											$442	$316	$433					-2.04%	<-Total Growth	2	Net Income		US$
NCI											$0	$0	$0										US$
Net Income											$442	$316	$433	$407.3	$455.2	$540.8		-2.04%	<-Total Growth	2	Net Income		US$
Increase												-28.51%	37.03%	-5.94%	11.76%	18.80%		EPS/CF Ratio should not be higher than 1.00					US$
5 Yr Running Average													$238	$320	$411	$430		#NUM!	<-IRR #YR->	10	Net Income	#DIV/0!	US$
Operating Cash Flow											$779.0	$529.0	$717.0					-1.02%	<-IRR #YR->	2	Net Income	#DIV/0!	US$
Investment Cash Flow											$62.0	-$80.0	-$175.0					#NUM!	<-IRR #YR->	10	5 Yr Running Average	#DIV/0!	US$
Total Accruals											-$399.0	-$133.0	-$109.0					#NUM!	<-IRR #YR->	1	5 Yr Running Average	#DIV/0!	US$
Total Assets											$12,032.0	$11,329.0	$11,193.0						Balance Sheet		Assets		US$
Accruals Ratio											-3.32%	-1.17%	-0.97%					-1.17%	<-Median->	3	Ratio		US$
EPS/CF Ratio (WC)											0.60	0.61	0.64					0.61	<-Median->	3	EPS/CF Ratio		US$
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$433
											-$442	$0	$433
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$238
												$0	$238
Financial Cash Flow US$											-$577	-$307	-$411					28.77%	<-Total Growth	2	Financial Cash Flow		CDN$
Total Accruals											$178	$174	$302								Accruals		CDN$
Accruals Ratio											1.48%	1.54%	2.70%					1.54%	<-Median->	3	Ratio		CDN$
Comprehensive Income CDN$											$581	$354	$699					20.39%	<-Total Growth	2	Comprehensive Income		CDN$
Increase												-39.04%	97.48%					29.22%	<-Median->	2	Comprehensive Income		CDN$
5 Yr Running Average													$327					#NUM!	<-IRR #YR->	10	Comprehensive Income	#DIV/0!	CDN$
ROE											15.5%	9.4%	18.8%					9.72%	<-IRR #YR->	2	Comprehensive Income	#DIV/0!	CDN$
5Yr Median											15.5%	12.4%	15.5%					#NUM!	<-IRR #YR->	10	5 Yr Running Average	#DIV/0!	CDN$
% Difference from Net Income											-0.68%	-22.15%	17.78%					#NUM!	<-IRR #YR->	1	5 Yr Running Average	#DIV/0!	CDN$
Median Values										Diff	5, 10 yr	-0.7%	-0.7%					15.5%	<-Median->	3	Return on Equity
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$699
											-$581	$0	$699
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$327
												$0	$327
Current Liability Coverage Ratio											0.36	0.30	0.51	0.50							CFO / Current Liabilities		CDN$
5 year Median											0.36	0.33	0.36	0.43				0.36	<-Median->	3	Current Liability Cov Ratio		CDN$
Asset Efficiency Ratio											6.17%	4.60%	6.06%	5.97%							CFO / Total Assets		CDN$
5 year Median											6.17%	5.38%	6.06%	6.01%				6.1%	<-Median->	3	Return on Assets		CDN$
Return on Assets ROA											3.67%	2.79%	3.87%	3.64%				Net	Income/Assets		Return on Assets		CDN$
5Yr Median											3.67%	3.23%	3.67%	3.66%				3.7%	<-Median->	3	Asset Efficiency Ratio		CDN$
Return on Equity ROE											15.56%	12.11%	15.98%	15.04%				Net Inc/	Shareholders' equity		Return on Equity		CDN$
5Yr Median											15.56%	13.84%	15.56%	15.30%				15.6%	<-Median->	3	Return on Equity		CDN$
														$618.73	<-12 mths	4.26%
Net Income CDN$											$585	$455	$593					1.52%	<-Total Growth	2	Net Income		CDN$
NCI											$0	$0	$0										CDN$
Net Income											$585	$455	$593	$558.25	$623.90	$741.22		1.52%	<-Total Growth	2	Net Income		CDN$
Increase												-22.22%	30.52%	-5.94%	11.76%	18.80%		EPS/CF Ratio should not be higher than 1.00					CDN$
5 Yr Running Average											$117	$208	$327	$438	$563	$594		#NUM!	<-IRR #YR->	10	Net Income	#DIV/0!	CDN$
Operating Cash Flow											$1,030.3	$761.2	$982.7					0.76%	<-IRR #YR->	2	Net Income	#DIV/0!	CDN$
Investment Cash Flow											$82.0	-$115.1	-$239.9					#NUM!	<-IRR #YR->	10	5 Yr Running Average	#DIV/0!	CDN$
Total Accruals											-$527.7	-$191.4	-$149.4					57.10%	<-IRR #YR->	1	5 Yr Running Average	#DIV/0!	CDN$
Total Assets											$15,913.5	$16,301.3	$15,341.1						Balance Sheet		Assets		CDN$
Accruals Ratio											-3.32%	-1.17%	-0.97%					-1.17%	<-Median->	3	Ratio		CDN$
EPS/CF Ratio (WC)											0.60	0.61	0.64					0.61	<-Median->	3	EPS/CF Ratio		CDN$
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$593
											-$585	$0	$593
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$327
												-$208	$327
Change in Close											0.00%	13.07%	11.29%	26.30%	0.00%	0.00%			Count	4	Years of data		CDN$
up/down																			Count	0	0.00%		CDN$
Meet Prediction?																		% right	Count	0	#DIV/0!		CDN$
Financial Cash Flow CDN$											-$763	-$442	-$563						C F Statement		Financial Cash Flow		CDN$
Total Accruals											$235	$250	$414								Accruals		CDN$
Accruals Ratio											1.48%	1.54%	2.70%					1.54%	<-Median->	3	Ratio		CDN$
Cash US$											$262	$397	$549	$549							Cash		US$
Cash per Share											$1.26	$1.91	$2.64	$2.64				$1.91	<-Median->	3	Cash per Share		US$
Percentage of Stock Price												8.10%	9.60%	7.53%				8.85%	<-Median->	3	% of Stock Price		US$
Cash CDN$											$347	$571	$752	$752							Cash		CDN$
Cash per Share											$1.67	$2.75	$3.61	$3.61				$2.75	<-Median->	3	Cash per Share		CDN$
Percentage of Stock Price												8.09%	9.57%	7.58%				8.83%	<-Median->	3	% of Stock Price		CDN$
Notes:
April 25, 2026.  Last year the estimates were for 2025, 2026 and 2027 in US$ of $2061M, $2156M, $2163M Revenue, $1.56, $1.80, $1.89 AEPS, $2.83, $3.41, $1.99 AFFO,
$1.65, $1.86, $2.00 EPS, $2.00, $2.00, $2.00 Dividends, $3.75, $2.54 CFPS, $1017M, $1081M, $1119M EBITDA, $12.11, $12.65, $11.97 BVPS, $344M, $382.3M, $422M Net Income.
Spreadsheet started April 2025
October 3, 2024.  I received spin-off stock for South Bow
October 3, 2024.  South Bow started trading on the NYSE
September 25, 2024.  South Bow was added to the TSX and started trading.
Sector:
Infrastructure. Utility
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
Why I bought this stock.
I got this stock because it was a spin-off of TC Energy on October 3, 2024.
Note:
Dividends
Dividends are paid quarterly in Cycle 3 of March, June, September, December.  Dividends are declared in one month for shareholders of record of that month and paid in the next month.
For example, the dividends declared on March 5, 2025 was for shareholders of record of March 31, 2025 and paid on April 15, 2025
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.
South Bow Corp is a energy infrastructure company. The company is engaged in constructing pipelines system safely transports liquids like
crude oil, across Canadian provinces, U.S. states, and Gulf coasts.
Shares; '%, Value $M				From	Years	Div. Gth	Tot Ret	Cap Gain	Div.	CDN$		Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date			2019	2019	1	7.85%	16.66%	13.77%	2.88%	16.66%		May 30	2024	May 30	2025			25-Apr	2026
Wirzba, Bevin Mark														0.090	0.04%			0.139	0.07%			54.26%
CEO - Shares - Amount															$3.390				$6.605
Options - percentage				From	Years	Div. Gth	Tot Ret	Cap Gain	Div.	US$				0.560	0.27%			0.475	0.23%			-15.22%
Options - amount				2020	2	0.00%	16.18%	12.18%	4.00%	16.18%					$21.132				$22.628
Dafoe, Van														0.028	0.01%			0.036	0.02%			30.92%
CFO - Shares - Amount															$1.047				$1.731
Options - percentage														0.113	0.05%			0.170	0.08%			50.23%
Options - amount															$4.267				$8.097
Engel, Kevin B														0.000	0.00%						Ceased insider Feb 2026
Officer - Shares - Amount															$0.009
Options - percentage														0.257	0.12%
Options - amount															$9.684
Muratta, Lori														0.016	0.01%			0.035	0.02%			122.58%
Officer - Shares - Amount															$0.585				$1.645
Options - percentage														0.083	0.04%			0.127	0.06%			53.91%
Options - amount															$3.118				$6.062
Geggie, Jennifer M														0.002	0.00%						Ceased insider Oct 2025
Officer - Shares - Amount															$0.057
Options - percentage														0.063	0.03%
Options - amount															$2.360
Prior, Richard														0.039	0.02%			0.041	0.02%			4.28%
Officer - Shares - Amount															$1.488				$1.959
Options - percentage														0.390	0.19%			0.346	0.17%			-11.21%
Options - amount															$14.704				$16.489
Salomone, Mary Pat												0.001	0.00%	0.001	0.00%			0.001	0.00%			0.00%
Director - Shares - Amount													$0.031		$0.034				$0.043
Options - percentage												0.000	0.00%	0.002	0.00%			0.007	0.00%			184.23%
Options - amount													$0.000		$0.092				$0.329
Lewis, Melville George												0.007	0.00%	0.037	0.02%			0.044	0.02%			19.00%
Director - Shares - Amount													$0.232		$1.391				$2.090
Options - percentage												0.000	0.00%	0.004	0.00%			0.011	0.01%			175.08%
Options - amount													$0.000		$0.153				$0.531
Wishart, Donald M.												0.020	0.01%	0.020	0.01%			0.020	0.01%			0.00%
Director - Shares - Amount													$0.686		$0.763				$0.964
Options - percentage												0.000	0.00%	0.003	0.00%			0.009	0.00%			215.22%
Options - amount													$0.000		$0.103				$0.411
Kvisle, Hal														0.023	0.01%			0.030	0.01%			30.43%
Chairman - Shares - Amt															$0.868				$1.430
Options - percentage														0.010	0.00%			0.023	0.01%			132.50%
Options - amount															$0.379				$1.112
Increase in O/S Shares												0.000	0.00%	0.471	0.23%			0.209	0.10%
Due to Stock Options													$0.000		$11.094				$7.905
Book Value													$0.000		$9.000				$5.000
Insider Buying													$0.000		-$6.501				-$5.031
Insider Selling													$0.000		$12.826				$12.150
Net Insider Selling													$0.000		$6.325				$7.120
Net Selling % of Market Cap													0.00%		0.08%				0.07%
Directors														11				11
Women														4	36%			4	36%
Minorities														1	9%			1	9%
Institutions/Holdings														20	90.11%			20	115.53%
Total Shares Held														187.637	90.10%			240.598	115.53%
Increase/Decrease 3 Mths														151.706	422.21%			19.753	8.94%
Starting No. of Shares														35.931	MS Top 20			220.845	MS Top 20
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