This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q3 2024
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/				9/30/24
Stantec Inc					TSX:	STN	NYSE	STN	https://www.stantec.com/en			Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	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		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
Split Date				11/17/14															Split Date
Split				2															Split
Direct Costs	$304.9	$326.5	$404.0	$454.6	$503.6	$1,201.8	$854.9	$928.6	$1,116.0	$1,045.6	$940.7	$1,220.0	$1,413.4	$1,519.1	<-12 mths			249.82%	<-Total Growth	10	Direct Costs
Change	#DIV/0!	7.10%	23.74%	12.52%	10.77%	138.65%	-28.86%	8.62%	20.18%	-6.31%	-10.03%	29.69%	15.85%	7.48%	<-12 mths			11.64%	<-Median->	10	Change
Ratio	0.18	0.17	0.18	0.18	0.18	0.28	0.17	0.22	0.23	0.22	0.21	0.21	0.22	0.21	<-12 mths			0.22	<-Median->	10	Ratio
Payroll & Admin & Marketing	$1,180.3	$1,334.0	$1,576.1	$1,783.1	$2,069.7	$2,757.2	$2,819.6	$2,978.2	$3,136.5	$3,106.9	$3,096.4	$3,782.4	$4,267.3	$4,757.4	<-12 mths			170.76%	<-Total Growth	10	Payrool & Admin & Marketing
Change	#DIV/0!	13.02%	18.14%	13.13%	16.07%	33.22%	2.26%	5.62%	5.32%	-0.94%	-0.34%	22.15%	12.82%	11.49%	<-12 mths			9.22%	<-Median->	10	Change
Ratio	0.70	0.71	0.70	0.70	0.72	0.64	0.55	0.70	0.65	0.66	0.68	0.67	0.66	0.67	<-12 mths			0.66	<-Median->	10	Ratio
Total	$1,485.2	$1,660.5	$1,980.1	$2,237.7	$2,573.2	$3,958.9	$3,674.5	$3,906.8	$4,252.5	$4,152.5	$4,037.1	$5,002.4	$5,680.7	$6,276.5	<-12 mths			186.89%	<-Total Growth	10	Total
Change	#DIV/0!	11.81%	19.24%	13.01%	15.00%	53.85%	-7.18%	6.32%	8.85%	-2.35%	-2.78%	23.91%	13.56%	10.49%	<-12 mths			10.93%	<-Median->	10	Change
Ratio	0.88	0.88	0.89	0.88	0.89	0.92	0.71	0.91	0.88	0.88	0.88	0.88	0.88	0.88	<-12 mths			0.88	<-Median->	10	Ratio
														$5,580	<-12 mths	10.15%
Net Revenue	$1,378.5	$1,556.4	$1,832.4	$2,075.3	$2,373.7	$3,098.4	$3,417.3	$3,355.2	$3,711.3	$3,684.5	$3,636.1	$4,457.2	$5,066.2	$5,815	$6,356	$6,687		176.48%	<-Total Growth	10	Net Revenue
Increase	12.44%	12.90%	17.73%	13.26%	14.38%	30.53%	10.29%	-1.82%	10.61%	-0.72%	-1.31%	22.58%	13.66%	14.78%	9.30%	5.21%		10.70%	<-IRR #YR->	10	Net Revenue	176.48%
5 year Running Average	$1,161.7	$1,306.8	$1,447.3	$1,613.7	$1,843.3	$2,187.2	$2,559.4	$2,864.0	$3,191.2	$3,453.3	$3,560.9	$3,768.9	$4,111.1	$4,531.8	$5,066.1	$5,676.3		8.59%	<-IRR #YR->	5	Net Revenue	51.00%
Revenue per Share	$15.14	$17.01	$19.67	$22.12	$25.14	$27.16	$29.98	$29.99	$33.37	$33.19	$32.66	$40.22	$44.41	$50.98	$55.72	$58.62		11.00%	<-IRR #YR->	10	5 yr Running Average	184.06%
Increase	13.04%	12.34%	15.65%	12.43%	13.65%	8.05%	10.38%	0.05%	11.26%	-0.54%	-1.60%	23.16%	10.42%	14.78%	9.30%	5.21%		7.50%	<-IRR #YR->	5	5 yr Running Average	43.54%
5 year Running Average	$12.73	$14.31	$15.76	$17.47	$19.81	$22.22	$24.81	$26.88	$29.13	$30.74	$31.84	$33.89	$36.77	$40.29	$44.80	$49.99		8.49%	<-IRR #YR->	10	Net Revenue per Share	125.79%
P/S (Price/Sales) Med	0.86	0.99	1.41	1.30	1.33	1.19	1.12	1.10	0.97	1.14	1.74	1.53	1.93	2.22	0.00	0.00		8.17%	<-IRR #YR->	5	Net Revenue per Share	48.07%
P/S (Price/Sales) Close	0.91	1.17	1.67	1.44	1.37	1.25	1.17	1.00	1.10	1.24	2.18	1.61	2.40	2.38	2.18	2.24		8.84%	<-IRR #YR->	10	5 yr Running Average	133.30%
*Net Revenue in M CDN $					P/S Med	20 yr	1.16	15 yr	1.14	10 yr	1.24	5 yr	1.53		91.65%	Diff M/C		6.47%	<-IRR #YR->	5	5 yr Running Average	36.82%
			-$1,832	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,066
								-$3,355	$0	$0	$0	$0	$5,066
			-$1,447	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,111
								-$2,864	$0	$0	$0	$0	$4,111
			-$19.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.41
								-$29.99	$0.00	$0.00	$0.00	$0.00	$44.41
			-$15.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.77
								-$26.88	$0.00	$0.00	$0.00	$0.00	$36.77
														$7,150	<-12 mths	10.34%
restated re pur
Comments								Bus Sold
Revenue*	$1,683.4	$1,882.9	$2,236.4	$2,529.9	$2,877.2	$4,300.1	$5,140.1	$4,283.8	$4,827.3	$4,730.1	$4,576.8	$5,677.2	$6,479.6					189.73%	<-Total Growth	10	Revenue
Increase	11.26%	11.85%	18.77%	13.12%	13.73%	49.45%	19.53%	-16.66%	12.69%	-2.01%	-3.24%	24.04%	14.13%					11.22%	<-IRR #YR->	10	Revenue	189.73%
5 year Running Average	$1,404.6	$1,590.2	$1,767.1	$1,969.1	$2,242.0	$2,765.3	$3,416.8	$3,826.2	$4,285.7	$4,656.3	$4,711.6	$4,819.0	$5,258.2					8.63%	<-IRR #YR->	5	Revenue	51.26%
Revenue per Share	$18.49	$20.58	$24.01	$26.96	$30.47	$37.69	$45.09	$38.30	$43.41	$42.61	$41.11	$51.23	$56.81					11.52%	<-IRR #YR->	10	5 yr Running Average	197.56%
Increase	11.86%	11.29%	16.67%	12.30%	13.01%	23.72%	19.63%	-15.07%	13.34%	-1.83%	-3.53%	24.63%	10.87%					6.56%	<-IRR #YR->	5	5 yr Running Average	37.42%
5 year Running Average	$15.39	$17.42	$19.25	$21.31	$24.10	$27.94	$32.84	$35.70	$38.99	$41.42	$42.10	$43.33	$47.03					8.99%	<-IRR #YR->	10	Revenue per Share	136.61%
P/S (Price/Sales) Med	0.70	0.82	1.16	1.07	1.10	0.85	0.74	0.86	0.75	0.89	1.38	1.20	1.51					8.20%	<-IRR #YR->	5	Revenue per Share	48.33%
P/S (Price/Sales) Close	0.75	0.97	1.37	1.18	1.13	0.90	0.78	0.78	0.85	0.97	1.73	1.27	1.87					9.35%	<-IRR #YR->	10	5 yr Running Average	144.39%
*Revenue in M CDN $					P/S Med	20 yr	0.95	15 yr	0.86	10 yr	0.98	5 yr	1.20		-100.00%	Diff M/C		5.67%	<-IRR #YR->	5	5 yr Running Average	31.74%
			-$2,236	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,480
								-$4,284	$0	$0	$0	$0	$6,480
			-$1,767	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,258
								-$3,826	$0	$0	$0	$0	$5,258
			-$24.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.81
								-$38.30	$0.00	$0.00	$0.00	$0.00	$56.81
			-$19.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$47.03
								-$35.70	$0.00	$0.00	$0.00	$0.00	$47.03
														$469.5	<-12 mths	14.96%
														$4.12	<-12 mths	12.26%
Adjusted Net Income CDN$	$12.7	$120.9	$146.2	$174.8	$173.9	$159.5	$196.7	$206.6	$225.0	$248.9	$269.9	$347.1	$408.4					179.34%	<-Total Growth	10	Adjusted Net Income
Return on Equity ROE	2.02%	16.63%	16.38%	16.09%	13.14%	8.07%	10.37%	10.83%	12.00%	12.91%	13.48%	15.18%	14.82%					13.02%	<-Median->	10	Return on Equity ROE
5Yr Median	10.22%	10.22%	14.96%	16.09%	16.09%	16.09%	13.14%	10.83%	10.83%	10.83%	12.00%	12.91%	13.48%					13.02%	<-Median->	10	5 Yr Median
Basic Calc.	$0.14	$1.32	$1.32	$1.87	$1.85	$1.49	$1.73	$1.82	$2.02	$2.23	$2.43	$3.13	$3.67					178.16%	<-Total Growth	10	AEPS
AEPS* Dilued	$0.14	$1.32	$1.57	$1.85	$1.84	$1.49	$1.72	$1.82	$2.02	$2.22	$2.42	$3.13	$3.67	$4.31	$4.91	$5.46		133.76%	<-Total Growth	10	AEPS
Increase	-86.27%	842.86%	18.94%	17.83%	-0.54%	-19.02%	15.44%	5.81%	10.99%	9.90%	9.01%	29.34%	17.25%	17.44%	13.92%	11.20%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.57	$0.68	$0.93	$1.18	$1.34	$1.61	$1.69	$1.74	$1.78	$1.85	$2.04	$2.32	$2.69	$3.15	$3.69	$4.30		8.86%	<-IRR #YR->	10	AEPS	133.76%
AEPS Yield	1.02%	6.64%	4.77%	5.79%	5.36%	4.39%	4.89%	6.08%	5.50%	5.38%	3.41%	4.82%	3.45%	3.55%	4.05%	4.15%		15.06%	<-IRR #YR->	5	AEPS	101.65%
Payout Ratio	0.00%	22.73%	20.54%	19.46%	22.15%	29.70%	28.34%	28.85%	28.34%	27.48%	26.86%	22.52%	20.84%	19.14%	17.11%	15.38%		11.19%	<-IRR #YR->	10	5 yr Running Average	188.84%
5 year Running Average		4.55%	8.65%	12.55%	16.97%	22.91%	24.04%	25.70%	27.48%	28.54%	27.97%	26.81%	25.21%	23.37%	21.30%	19.00%		9.07%	<-IRR #YR->	5	5 yr Running Average	54.36%
Price/AEPS Median	92.71	12.78	17.66	15.52	18.18	21.62	19.52	18.16	16.07	16.99	23.44	19.67	23.35	26.21	0.02	0.00		18.85	<-Median->	10	Price/AEPS Median
Price/AEPS High	107.93	15.52	22.95	20.55	20.52	24.30	21.59	20.14	18.38	19.85	29.92	22.26	28.99	28.16	0.00	0.00		21.07	<-Median->	10	Price/AEPS High
Price/AEPS Low	77.50	10.04	12.38	10.50	15.84	18.94	17.45	16.18	13.77	14.14	16.95	17.09	17.71	24.26	0.00	0.00		16.57	<-Median->	10	Price/AEPS Low
Price/AEPS Close	98.46	15.06	20.97	17.26	18.65	22.77	20.45	16.43	18.17	18.60	29.37	20.73	28.99	28.16	24.72	24.09		19.55	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	13.51	141.96	24.95	20.34	18.55	18.43	23.61	17.39	20.16	20.44	32.01	26.81	33.99	33.07	28.16	26.79		20.39	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	27.17%	5 Yrs	26.86%	P/CF	5 Yrs	in order	19.67	22.26	16.95	20.73		43.14%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.67
								-$1.82	$0.00	$0.00	$0.00	$0.00	$3.67
			-$0.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.69
								-$1.74	$0.00	$0.00	$0.00	$0.00	$2.69
														$2.98	<-12 mths	0.00%
Difference Basic and Diluted	0.00%	0.00%	-18.94%	1.14%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%	0.00%					0.00%	<-Median->	0	Difference Basic and Diluted
pre split '14	$0.28	$2.64	$2.64
Comment								Loss Dis Op
EPS Basic	$0.14	$1.32	$1.32	$1.76	$1.66	$1.22	$0.85	$0.42	$1.74	$1.53	$1.80	$2.23	$2.98					125.76%	<-Total Growth	10	EPS Basic
pre split '02
pre split '06
pre split '14	$0.28	$2.64	$3.14
EPS Diluted	$0.14	$1.32	$1.57	$1.74	$1.65	$1.22	$0.85	$0.42	$1.74	$1.53	$1.80	$2.22	$2.98	$3.13	$4.32	$5.15		89.81%	<-Total Growth	10	EPS Diluted
Increase	-86.27%	842.86%	18.94%	10.83%	-5.17%	-26.06%	-30.33%	-50.59%	314.29%	-12.07%	17.65%	23.33%	34.23%	5.03%	37.96%	19.27%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	1.0%	6.6%	4.8%	5.4%	4.8%	3.6%	2.4%	1.4%	4.7%	3.7%	2.5%	3.4%	2.8%	2.6%	3.6%	3.9%		6.62%	<-IRR #YR->	10	Earnings per Share	89.81%
5 year Running Average	$0.57	$0.68	$0.93	$1.16	$1.28	$1.50	$1.41	$1.18	$1.18	$1.15	$1.27	$1.54	$2.05	$2.33	$2.89	$3.56		47.98%	<-IRR #YR->	5	Earnings per Share	609.52%
10 year Running Average	$0.50	$0.60	$0.73	$0.86	$0.98	$1.03	$1.04	$1.05	$1.17	$1.22	$1.38	$1.47	$1.62	$1.75	$2.02	$2.41		8.22%	<-IRR #YR->	10	5 yr Running Average	120.39%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	3.51%	5Yrs	3.42%					11.80%	<-IRR #YR->	5	5 yr Running Average	74.66%
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.98
								-$0.42	$0.00	$0.00	$0.00	$0.00	$2.98
			-$0.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.05
								-$1.18	$0.00	$0.00	$0.00	$0.00	$2.05
Dividend*														$0.84	$0.87	$0.92			Estimates		Dividend*
Increase														9.15%	4.43%	5.50%			Estimates		Increase
Payout Ratio EPS														26.68%	20.19%	17.86%			Estimates		Payout Ratio EPS
Special Dividend		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Comments	Div-->	$0.45																			Comments
pre split '14		$0.60	$0.65
Dividend*		$0.30	$0.32	$0.36	$0.41	$0.44	$0.49	$0.53	$0.57	$0.61	$0.65	$0.71	$0.77	$0.83	$0.84	$0.84		137.21%	<-Total Growth	10	Dividends
Increase			7.50%	11.63%	13.19%	8.59%	10.17%	7.69%	9.05%	6.55%	6.56%	8.46%	8.51%	7.84%	1.82%	0.00%		11	0	11	Years of data, Count P, N	100.00%
Average Increases 5 Year Running							10.22%	10.25%	9.74%	8.41%	8.00%	7.66%	7.83%	7.58%	6.64%	5.33%		8.41%	<-Median->	7	Average Incr 5 Year Running
Dividends 5 Yr Running						$0.62	$0.53	$0.44	$0.49	$0.53	$0.57	$0.61	$0.66	$0.71	$0.76	$0.80		48.59%	<-Total Growth	7	Dividends 5 Yr Running
Yield H/L Price		1.78%	1.16%	1.25%	1.22%	1.37%	1.45%	1.59%	1.76%	1.62%	1.15%	1.14%	0.89%	0.73%				1.31%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price		1.46%	0.90%	0.95%	1.08%	1.22%	1.31%	1.43%	1.54%	1.38%	0.90%	1.01%	0.72%	0.68%				1.15%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price		2.26%	1.66%	1.85%	1.40%	1.57%	1.62%	1.78%	2.06%	1.94%	1.58%	1.32%	1.18%	0.79%				1.60%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price		1.51%	0.98%	1.13%	1.19%	1.30%	1.39%	1.76%	1.56%	1.48%	0.91%	1.09%	0.72%	0.68%	0.69%	0.64%		1.25%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS		22.73%	20.54%	20.69%	24.70%	36.27%	57.35%	125.00%	32.90%	39.87%	36.11%	31.76%	25.67%	26.36%	19.45%	16.31%		34.51%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running						41.03%	37.91%	37.80%	41.41%	45.79%	44.87%	39.72%	32.16%	30.49%	26.20%	22.33%		40.38%	<-Median->	8	DPR EPS 5 Yr Running
Payout Ratio CFPS		15.21%	11.04%	16.30%	18.72%	17.67%	21.07%	34.02%	14.07%	11.21%	18.23%	25.70%	16.02%	13.57%	12.44%	10.69%		17.95%	<-Median->	10	DPR CF
DPR CF 5 Yr Running						26.12%	21.98%	20.68%	19.32%	16.62%	16.80%	17.64%	16.04%	15.73%	15.83%	14.09%		18.48%	<-Median->	8	DPR CF 5 Yr Running
Payout Ratio CFPS WC		2.22%	2.00%	2.06%	2.06%	2.04%	2.02%	2.28%	2.05%	12.99%	13.83%	14.00%	13.39%	13.57%	12.44%	10.69%		2.17%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running						3.47%	2.69%	2.09%	2.09%	2.60%	3.37%	4.68%	6.87%	13.55%	13.38%	12.64%		3.03%	<-Median->	8	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	1.31%	1.25%	5 Yr Med	5 Yr Cl	1.15%	1.09%	5 Yr Med	Payout	32.90%	16.02%	13.39%					7.82%	<-IRR #YR->	5	Dividends	45.71%
* Dividends per share	10 Yr Med	and Cur.	-47.31%	-44.46%	5 Yr Med	and Cur.	-39.62%	-36.31%	Last Div Inc --->		$0.1950	$0.2100	7.69%					9.02%	<-IRR #YR->	10	Dividends	137.21%
Dividends Growth 15																		8.88%	<-IRR #YR->	11	Dividends
Dividends Growth 5								-$0.53	$0.00	$0.00	$0.00	$0.00	$0.77								Dividends Growth 5
Dividends Growth 10			-$0.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.77								Dividends Growth 10
Dividends Growth 15		-$0.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.77								Dividends Growth 15
Historical Dividends	Historical	High Div	2.20%	Low Div	0.77%	10 Yr High	2.05%	10 Yr Low	0.74%	Med Div	1.31%	Close Div	1.25%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-68.54%	Exp	-10.12%	Exp.	-66.24%		-6.48%	Exp.	-47.17%	Exp.	-44.46%								High/Ave/Median
Future Dividend Yield					Div Yield	1.01%	earning in	5	Years	at IRR of	7.82%	Div Inc.	45.71%								Future Dividend Yield
Future Dividend Yield					Div Yield	1.47%	earning in	10	Years	at IRR of	7.82%	Div Inc.	112.33%								Future Dividend Yield
Future Dividend Yield					Div Yield	2.14%	earning in	15	Years	at IRR of	7.82%	Div Inc.	209.39%								Future Dividend Yield
Future Dividend Yield					Div Yield	3.12%	earning in	20	Years	at IRR of	7.82%	Div Inc.	350.83%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.55%	earning in	25	Years	at IRR of	7.82%	Div Inc.	556.92%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.22	earning in	5	Years	at IRR of	7.82%	Div Inc.	45.71%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.78	earning in	10	Years	at IRR of	7.82%	Div Inc.	112.33%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.60	earning in	15	Years	at IRR of	7.82%	Div Inc.	209.39%								Future Dividend Paid
Dividend Covering Cost					Total Div	$4.91	over	5	Years	at IRR of	7.82%	Div Cov.	4.05%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$10.84	over	10	Years	at IRR of	7.82%	Div Cov.	8.93%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$19.48	over	15	Years	at IRR of	7.82%	Div Cov.	16.05%								Dividend Covering Cost
Yield if held 5 years		1.91%	2.31%	2.89%	3.09%	3.41%	2.89%	1.89%	1.99%	1.82%	2.02%	2.10%	2.31%	2.54%	2.23%	1.48%		2.21%	<-Median->	10	Paid Median Price	Years
Yield if held 10 years		7.19%	6.79%	5.45%	5.02%	4.03%	3.10%	3.77%	4.60%	4.62%	5.01%	4.18%	2.76%	2.87%	2.51%	2.61%		4.39%	<-Median->	10	Paid Median Price	5
Yield if held 15 years		25.88%	21.28%	27.17%	24.60%	16.47%	11.68%	11.06%	8.67%	7.52%	5.93%	4.48%	5.49%	6.63%	6.36%	6.47%		9.86%	<-Median->	10	Paid Median Price	10
Yield if held 20 years				33.88%	52.37%	60.00%	42.05%	34.64%	43.21%	36.83%	24.19%	16.90%	16.11%	12.49%	10.36%	7.66%		35.73%	<-Median->	10	Paid Median Price	15
Yield if held 25 years									53.88%	78.39%	88.14%	60.81%	50.47%	62.26%	50.72%	31.26%		60.81%	<-Median->	5	Paid Median Price	20
																						25
Cost covered if held 5 years		1.91%	4.47%	7.89%	10.53%	14.12%	11.98%	8.01%	8.48%	7.88%	8.83%	9.12%	9.99%	10.95%	10.03%	7.01%		8.98%	<-Median->	10	Paid Median Price
Cost covered if held 10 years		7.19%	13.11%	14.88%	17.14%	16.70%	14.73%	20.41%	27.46%	30.51%	36.04%	30.13%	19.92%	20.86%	19.20%	21.17%		20.17%	<-Median->	10	Paid Median Price
Cost covered if held 15 years		25.88%	41.07%	74.15%	83.92%	68.19%	55.60%	59.93%	51.74%	49.66%	42.64%	34.18%	44.11%	56.03%	59.17%	66.66%		53.67%	<-Median->	10	Paid Median Price
Cost covered if held 20 years				92.47%	178.63%	248.47%	200.11%	187.71%	257.92%	243.17%	174.05%	129.00%	129.49%	105.56%	96.33%	78.87%		183.17%	<-Median->	10	Paid Median Price
Cost covered if held 25 years									321.65%	517.59%	634.24%	464.26%	405.61%	526.23%	471.70%	321.95%		464.26%	<-Median->	5	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$3,355.2	$3,711.3	$3,684.5	$3,636.1	$4,457.2	$5,066.2	$7,149.5	<-12 mths	41.12%		51.00%	<-Total Growth	5	Revenue Growth	51.00%
AEPS Growth								$1.82	$2.02	$2.22	$2.42	$3.13	$3.67	$4.12	<-12 mths	12.26%		101.65%	<-Total Growth	5	AEPS Growth	101.65%
Net Income Growth								$47.40	$194.40	$171.10	$200.70	$247.00	$331.20	$337.9	<-12 mths	2.02%		598.73%	<-Total Growth	5	Net Income Growth	598.73%
Cash Flow Growth								$172.6	$452.5	$603.8	$397.0	$304.0	$544.7	$559.9	<-12 mths	2.79%		215.59%	<-Total Growth	5	Cash Flow Growth	215.59%
Dividend Growth								$0.53	$0.57	$0.61	$0.65	$0.71	$0.77	$0.83	<-12 mths	7.84%		45.71%	<-Total Growth	5	Dividend Growth	45.71%
Stock Price Growth								$29.91	$36.70	$41.29	$71.07	$64.88	$106.38	$121.38	<-12 mths	14.10%		255.67%	<-Total Growth	5	Stock Price Growth	255.67%
Revenue Growth			$1,832.4	$2,075.3	$2,373.7	$3,098.4	$3,417.3	$3,355.2	$3,711.3	$3,684.5	$3,636.1	$4,457.2	$5,066.2	$5,815.0	<-this year	14.78%		176.48%	<-Total Growth	10	Revenue Growth	176.48%
AEPS Growth			$1.57	$1.85	$1.84	$1.49	$1.72	$1.82	$2.02	$2.22	$2.42	$3.13	$3.67	$4.31	<-this year	17.44%		133.76%	<-Total Growth	10	AEPS Growth	133.76%
Net Income Growth			$146.20	$164.50	$156.38	$130.55	$97.00	$47.40	$194.40	$171.10	$200.70	$247.00	$331.20	$377.3	<-this year	13.92%		126.54%	<-Total Growth	10	Net Income Growth	126.54%
Cash Flow Growth			$272.13	$207.22	$205.52	$285.69	$263.70	$172.60	$452.50	$603.80	$397.00	$304.00	$544.70	$693.5	<-this year	27.32%		100.16%	<-Total Growth	10	Cash Flow Growth	100.16%
Dividend Growth			$0.32	$0.36	$0.41	$0.44	$0.49	$0.53	$0.57	$0.61	$0.65	$0.71	$0.77	$0.84	<-this year	9.15%		137.21%	<-Total Growth	10	Dividend Growth	137.21%
Stock Price Growth			$32.93	$31.93	$34.32	$33.92	$35.18	$29.91	$36.70	$41.29	$71.07	$64.88	$106.38	$121.38	<-this year	14.10%		223.05%	<-Total Growth	10	Stock Price Growth	223.05%
Dividends on Shares				$11.16	$12.63	$13.72	$15.11	$16.28	$17.75	$18.91	$20.15	$21.86	$23.72	$25.58	$26.04	$26.04		$171.28	No of Years	10	Total Dividends	12/31/13
Paid			$1,020.83	$989.83	$1,063.92	$1,051.52	$1,090.58	$927.21	$1,137.70	$1,279.99	$2,203.17	$2,011.28	$3,297.78	$3,762.78	$3,762.78	$4,077.74		$3,297.78	No of Years	10	Worth	$32.93
Total																		$3,469.06
Graham No. AEPS	$4.66	$15.36	$18.40	$21.95	$24.09	$24.10	$25.37	$26.42	$27.69	$29.46	$31.29	$38.12	$44.67	$48.21	$51.45	$54.26		142.78%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	2.79	1.10	1.51	1.31	1.39	1.34	1.32	1.25	1.17	1.28	1.81	1.62	1.92	2.34				1.33	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	3.24	1.33	1.96	1.73	1.57	1.50	1.46	1.39	1.34	1.50	2.31	1.83	2.38	2.52				1.54	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	2.33	0.86	1.06	0.89	1.21	1.17	1.18	1.11	1.00	1.07	1.31	1.40	1.46	2.17				1.18	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.96	1.29	1.79	1.45	1.42	1.41	1.39	1.13	1.33	1.40	2.27	1.70	2.38	2.52	2.36	2.42		1.42	<-Median->	10	Price/GP Ratio
Prem/Disc Close	195.96%	29.38%	78.98%	45.46%	42.49%	40.77%	38.65%	13.20%	32.56%	40.16%	127.14%	70.21%	138.16%	151.80%	135.91%	142.44%		41.63%	<-Median->	10	Graham Price
Graham No. EPS	$4.66	$15.36	$18.40	$21.29	$22.81	$21.80	$17.84	$12.69	$25.69	$24.46	$26.98	$32.10	$40.25	$41.08	$48.25	$52.69		118.77%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	2.79	1.10	1.51	1.35	1.47	1.48	1.88	2.60	1.26	1.54	2.10	1.92	2.13	2.75				1.71	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	3.24	1.33	1.96	1.79	1.66	1.66	2.08	2.89	1.44	1.80	2.68	2.17	2.64	2.95				1.94	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	2.33	0.86	1.06	0.91	1.28	1.29	1.68	2.32	1.08	1.28	1.52	1.67	1.62	2.54				1.41	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.96	1.29	1.79	1.50	1.50	1.56	1.97	2.36	1.43	1.69	2.63	2.02	2.64	2.95	2.52	2.50		1.83	<-Median->	10	Price/GP Ratio
Prem/Disc Close	195.96%	29.38%	78.98%	49.99%	50.47%	55.57%	97.23%	135.65%	42.83%	68.84%	163.37%	102.11%	164.29%	195.47%	151.57%	149.63%		83.04%	<-Median->	10	Graham Price
pre split '02
pre split '06
pre split '14	$27.57	$39.75
Price Close	$13.79	$19.88	$32.93	$31.93	$34.32	$33.92	$35.18	$29.91	$36.70	$41.29	$71.07	$64.88	$106.38	$121.38	$121.38	$131.54		223.05%	<-Total Growth	10	Stock Price
Increase	-0.58%	44.18%	65.69%	-3.04%	7.49%	-1.17%	3.71%	-14.98%	22.70%	12.51%	72.12%	-8.71%	63.96%	14.10%	0.00%	8.37%		24.48	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	98.46	15.06	20.97	18.35	20.80	27.80	41.39	71.21	21.09	26.99	39.48	29.23	35.70	38.78	28.11	25.54		28.89%	<-IRR #YR->	5	Stock Price	255.67%
Trailing P/E Ratio	13.51	141.96	24.95	20.34	19.72	20.56	28.84	35.19	87.38	23.73	46.45	36.04	47.92	40.73	38.78	30.46		12.44%	<-IRR #YR->	10	Stock Price	223.05%
CAPE (10 Yr P/E)	23.25	21.85	21.89	21.41	21.38	22.29	23.58	24.75	24.20	25.44	26.53	27.96	30.07	32.78	32.76	31.47		30.26%	<-IRR #YR->	5	Price & Dividend	268.46%
Median 10, 5 Yrs		D.  per yr	0.97%	1.37%	% Tot Ret	7.25%	4.53%	T P/E	32.01	46.45	P/E:	28.51	29.23					13.41%	<-IRR #YR->	10	Price & Dividend	240.81%
Price 15		D.  per yr	0.87%		% Tot Ret	5.85%						CAPE Diff	58.43%					13.91%	<-IRR #YR->	15	Stock Price	605.67%
Price  20		D.  per yr	0.73%		% Tot Ret	4.36%												15.94%	<-IRR #YR->	20	Stock Price	1825.43%
Price  25		D.  per yr	0.71%		% Tot Ret	3.54%												19.34%	<-IRR #YR->	25	Stock Price	8202.83%
Price  30		D.  per yr	0.42%		% Tot Ret	3.38%												11.99%	<-IRR #YR->	29	Stock Price
Price & Dividend 15																		14.78%	<-IRR #YR->	15	Price & Dividend	646.45%
Price & Dividend 20																		16.66%	<-IRR #YR->	20	Price & Dividend	1936.70%
Price & Dividend 25																		20.05%	<-IRR #YR->	25	Price & Dividend	86.82634
Price & Dividend 30																		12.40%	<-IRR #YR->	29	Price & Dividend
Price  5								-$29.91	$0.00	$0.00	$0.00	$0.00	$106.38								Price  5
Price 10			-$32.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$106.38								Price 10
Price & Dividend 5								-$29.91	$0.57	$0.61	$0.65	$0.71	$107.15								Price & Dividend 5
Price & Dividend 10			-$32.93	$0.36	$0.41	$0.44	$0.49	$0.53	$0.57	$0.61	$0.65	$0.71	$107.15								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	$106.38								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	$106.38								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	$106.38								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$106.38								Price  30
Price & Dividend 15	$0.00	$0.30	$0.32	$0.36	$0.41	$0.44	$0.49	$0.53	$0.57	$0.61	$0.65	$0.71	$107.15								Price & Dividend 15
Price & Dividend 20	$0.00	$0.30	$0.32	$0.36	$0.41	$0.44	$0.49	$0.53	$0.57	$0.61	$0.65	$0.71	$107.15								Price & Dividend 20
Price & Dividend 25	$0.00	$0.30	$0.32	$0.36	$0.41	$0.44	$0.49	$0.53	$0.57	$0.61	$0.65	$0.71	$107.15								Price & Dividend 25
Price & Dividend 30	$0.00	$0.30	$0.32	$0.36	$0.41	$0.44	$0.49	$0.53	$0.57	$0.61	$0.65	$0.71	$107.15								Price & Dividend 30
Price H/L Median	$12.98	$16.87	$27.73	$28.72	$33.45	$32.22	$33.57	$33.05	$32.47	$37.72	$56.72	$61.58	$85.70	$112.96	8.37%			209.03%	<-Total Growth	10	Stock Price
Increase	-1.69%	29.95%	64.40%	3.57%	16.47%	-3.69%	4.21%	-1.55%	-1.77%	16.19%	50.36%	8.58%	39.16%	31.81%	0.69%			11.94%	<-IRR #YR->	10	Stock Price	209.03%
P/E Ratio	92.71	12.78	17.66	16.51	20.27	26.41	39.49	78.69	18.66	24.65	31.51	27.74	28.76	36.09	9.06%			20.99%	<-IRR #YR->	5	Stock Price	159.29%
Trailing P/E Ratio	12.73	120.48	21.01	18.29	19.22	19.52	27.52	38.88	77.30	21.68	37.07	34.21	38.60	37.90				13.12%	<-IRR #YR->	10	Price & Dividend	230.12%
P/E on Run. 5 yr Ave	22.89	24.77	29.75	24.80	26.05	21.48	23.88	28.10	27.61	32.74	44.73	39.94	41.72	48.44				22.37%	<-IRR #YR->	5	Price & Dividend	170.87%
P/E on Run. 10 yr Ave	26.03	27.97	38.13	33.34	34.24	31.17	32.17	31.36	27.82	30.97	40.98	41.78	53.06	64.40				16.68	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	1.18%	1.38%	% Tot Ret	8.96%	6.17%	T P/E	30.86	37.07	P/E:	27.07	27.74						Count	29	Years of data
			-$27.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$85.70
								-$33.05	$0.00	$0.00	$0.00	$0.00	$85.70
			-$27.73	$0.36	$0.41	$0.44	$0.49	$0.53	$0.57	$0.61	$0.65	$0.71	$86.46
								-$33.05	$0.57	$0.61	$0.65	$0.71	$86.46
High Months	Apr	Dec	Dec	Sep	Jul	Dec	Oct	Feb	Dec	Aug	Dec	Feb	Dec	Jul
pre split '02
pre split '06
pre split '14	$30.22	$40.97
Price High	$15.11	$20.49	$36.03	$38.01	$37.76	$36.21	$37.13	$36.65	$37.12	$44.06	$72.41	$69.67	$106.38	$121.37				195.25%	<-Total Growth	10	Stock Price
Increase	0.87%	35.57%	75.88%	5.50%	-0.66%	-4.10%	2.54%	-1.29%	1.28%	18.70%	64.34%	-3.78%	52.69%	14.09%				11.43%	<-IRR #YR->	10	Stock Price	195.25%
P/E Ratio	107.93	15.52	22.95	21.84	22.88	29.68	43.68	87.26	21.33	28.80	40.23	31.38	35.70	38.78				23.75%	<-IRR #YR->	5	Stock Price	190.26%
Trailing P/E Ratio	14.81	146.32	27.30	24.21	21.70	21.95	30.43	43.12	88.38	25.32	47.33	38.71	47.92	40.73				25.29	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	34.57	47.33	P/E:	30.53	31.38					34.84	P/E Ratio		Historical High
			-$36.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$106.38
								-$36.65	$0.00	$0.00	$0.00	$0.00	$106.38
Low Months	Sep	July	Feb	Feb	Jan	Jan	May	Dec	Oct	Mar	Jan	May	Jan	Sep
pre split '02
pre split '06
pre split '14	$21.70	$26.50
Price Low	$10.85	$13.25	$19.43	$19.43	$29.14	$28.22	$30.01	$29.45	$27.81	$31.38	$41.02	$53.49	$65.01	$104.54				234.59%	<-Total Growth	10	Stock Price
Increase	-5.03%	22.12%	46.64%	0.00%	49.97%	-3.16%	6.34%	-1.87%	-5.57%	12.84%	30.72%	30.40%	21.54%	60.81%				12.84%	<-IRR #YR->	10	Stock Price	234.59%
P/E Ratio	77.50	10.04	12.38	11.17	17.66	23.13	35.31	70.12	15.98	20.51	22.79	24.09	21.82	33.40				17.16%	<-IRR #YR->	5	Stock Price	120.75%
Trailing P/E Ratio	10.64	94.64	14.72	12.38	16.75	17.10	24.60	34.65	66.21	18.03	26.81	29.72	29.28	35.08				16.07	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	25.70	29.28	P/E:	22.30	21.82					8.44	P/E Ratio		Historical Low
			-$19.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$65.01
								-$29.45	$0.00	$0.00	$0.00	$0.00	$65.01
														$1,009	<-12 mths	83.45%
Free Cash Flow Market Screener									$395.8	$569.6	$218.0	$75.7	$319.1	$380.9	$487.9	$572.5
Change										43.91%	-61.73%	-65.28%	321.53%	19.37%	28.09%	17.34%
Free Cash Flow MS old				$161	$164	$220	$200	$38	$392	$570	$345	$299
Change					1.86%	34.15%	-9.09%	-81.00%	931.58%	45.41%	-39.47%	-13.33%
Free Cash Flow MS	$89	$149	$215	$190	$200	$220	$110	$70	$390	$570	$470	$480	$550	$381	$488	$573		155.81%	<-Total Growth	10	Free Cash Flow
Change	7.23%	67.42%	44.30%	-11.63%	5.26%	10.00%	-50.00%	-36.36%	457.14%	46.15%	-17.54%	2.13%	14.58%	-30.75%	28.09%	17.34%		51.03%	<-IRR #YR->	5	Free Cash Flow MS	685.71%
FCF/CF from Op Ratio	0.78	0.83	0.79	0.92	0.97	0.77	0.42	0.41	0.86	0.94	1.18	1.58	1.01	0.55	0.63	0.64		9.85%	<-IRR #YR->	10	Free Cash Flow MS	155.81%
Dividends paid		$20.60	$29.78	$33.64	$38.33	$46.11	$55.50	$61.30	$64.0	$68.0	$72.3	$78.2	$84.9	$94.11	$95.82	$95.82		185.07%	<-Total Growth	10	Dividends paid
Percentage paid					19.17%	20.96%	50.45%	87.57%	16.41%	11.93%	15.38%	16.29%	15.44%	24.71%	19.64%	16.74%		$0.16	<-Median->	9	Percentage paid
5 Year Covrage									26.79%	21.68%	19.94%	17.36%	14.93%	16.22%	17.96%	18.16%					5 Year Covrage
Dividend Coverage Ratio					5.22	4.77	1.98	1.14	6.09	8.38	6.50	6.14	6.48	4.05	5.09	5.97		6.09	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									3.73	4.61	5.01	5.76	6.70	6.17	5.57	5.51					5 Year of Coverage
								-$70	$0	$0	$0	$0	$550
			-$215	$0	$0	$0	$0	$0	$0	$0	$0	$0	$550
														$540	<-12 mths	-53.08%
Free Cash Flow WSJ,				$166.99	$170.37	$228.22	$204.80	$47.80	$396	$573	$351	$236	$444	$381	$488			165.95%	<-Total Growth	9	Free Cash Flow	WSJ
Change					2.02%	33.96%	-10.26%	-76.66%	728.03%	44.67%	-38.67%	-32.86%	88.34%	-14.23%	28.09%			56.17%	<-IRR #YR->	5	Free Cash Flow MS	829.08%
FCF/CF from Op Ratio				0.81	0.83	0.80	0.78	0.28	0.87	0.95	0.88	0.78	0.82	0.55	0.63			11.48%	<-IRR #YR->	9	Free Cash Flow MS	#DIV/0!
Dividends paid				$33.64	$38.33	$46.11	$55.50	$61.30	$64.0	$68.0	$72.3	$78.2	$84.9	$94.11	$95.82			152.37%	<-Total Growth	9	Dividends paid
Percentage paid				20.15%	22.50%	20.21%	27.10%	128.24%	16.17%	11.88%	20.59%	33.16%	19.12%	24.71%	19.64%			$0.20	<-Median->	10	Percentage paid
5 Year Coverage								28.71%	25.33%	20.35%	20.42%	21.44%	18.37%	20.03%	22.39%						5 Year Coverage
Dividend Coverage Ratio					4.44	4.95	3.69	0.78	6.18	8.42	4.86	3.02	5.23	4.05	5.09
5 Year of Coverage									3.95	4.91	4.90	4.66	5.44	4.99	4.47
								-$48	$0	$0	$0	$0	$444
				-$167	$0	$0	$0	$0	$0	$0	$0	$0	$444
Market Cap $M	$1,255	$1,819	$3,068	$2,996	$3,241	$3,870	$4,010	$3,346	$4,082	$4,583	$7,912	$7,189	$12,134	$13,845	$13,845	$15,004		295.58%	<-Total Growth	10	Market Cap
pre split '02
pre split '06
pre split '14	45.675	45.797	46.583
Diluted # of Shares in Million	91.350	91.594	93.166	94.328	94.594	107.326	114.353	113.822	111.550	111.949	111.617	111.070	111.228	114.067				19.39%	<-Total Growth	10	Diluted
Change	-0.47%	0.27%	1.72%	1.25%	0.28%	13.46%	6.55%	-0.46%	-2.00%	0.36%	-0.30%	-0.49%	0.14%	2.55%				0.21%	<-Median->	10	Change
Difference Diluted/Basic	-0.1%	-0.1%	-0.7%	-0.8%	-0.5%	-0.3%	-0.3%	-0.1%	0.0%	-0.4%	-0.3%	-0.1%	0.0%	0.0%				-0.31%	<-Median->	10	Difference Diluted/Basic
pre split '02
pre split '06
pre split '14	45.638	45.752	46.255
Basic # of Shares in Millions	91.277	91.504	92.510	93.540	94.143	107.006	113.992	113.733	111.550	111.554	111.243	110.936	111.228	114.067				20.23%	<-Total Growth	10	Basic
Change	-0.11%	0.25%	1.10%	1.11%	0.64%	13.66%	6.53%	-0.23%	-1.92%	0.00%	-0.28%	-0.28%	0.26%	2.55%				0.13%	<-Median->	10	Change
Difference Basic/Outstanding	-0.3%	0.0%	0.7%	0.3%	0.3%	6.6%	0.0%	-1.6%	-0.3%	-0.5%	0.1%	-0.1%	2.6%	0.0%				0.04%	<-Median->	10	Difference Basic/Outstanding
														$559.9	<-12 mths	2.79%
pre split '02
pre split '06
pre split '14	45.524	45.752	46.576
# of Share in Millions	91.047	91.504	93.152	93.836	94.436	114.081	113.992	111.860	111.213	111.005	111.333	110.809	114.067	114.067	114.067	114.067		2.05%	<-IRR #YR->	10	Shares	22.45%
Change	-0.53%	0.50%	1.80%	0.73%	0.64%	20.80%	-0.08%	-1.87%	-0.58%	-0.19%	0.30%	-0.47%	2.94%	0.00%	0.00%	0.00%		0.39%	<-IRR #YR->	5	Shares	1.97%
CF fr Op $M	$114.6	$180.5	$272.1	$207.2	$205.5	$285.7	$263.7	$172.6	$452.5	$603.8	$397.0	$304.0	$544.7	$693.5	$770.0	$896.6		100.16%	<-Total Growth	10	Cash Flow
Increase	-0.17%	57.56%	50.73%	-23.85%	-0.82%	39.01%	-7.70%	-34.55%	162.17%	33.44%	-34.25%	-23.43%	79.18%	27.32%	11.02%	16.44%		S. Issue	SO, Buy Backs
5 year Running Average	$115.4	$134.0	$156.4	$177.9	$196.0	$230.2	$246.9	$226.9	$276.0	$355.7	$377.9	$386.0	$460.4	$508.6	$541.8	$641.7		194.37%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.26	$1.97	$2.92	$2.21	$2.18	$2.50	$2.31	$1.54	$4.07	$5.44	$3.57	$2.74	$4.78	$6.08	$6.75	$7.86		63.46%	<-Total Growth	10	Cash Flow per Share
Increase	0.36%	56.77%	48.06%	-24.41%	-1.45%	15.07%	-7.62%	-33.30%	163.69%	33.69%	-34.44%	-23.06%	74.06%	27.32%	11.02%	16.44%		7.19%	<-IRR #YR->	10	Cash Flow	100.16%
5 year Running Average	$1.26	$1.47	$1.70	$1.92	$2.11	$2.36	$2.42	$2.15	$2.52	$3.17	$3.39	$3.47	$4.12	$4.52	$4.78	$5.64		25.84%	<-IRR #YR->	5	Cash Flow	215.59%
P/CF on Med Price	10.31	8.55	9.49	13.01	15.37	12.86	14.51	21.42	7.98	6.93	15.90	22.45	17.95	18.58	0.01	0.00		5.04%	<-IRR #YR->	10	Cash Flow per Share	63.46%
P/CF on Closing Price	10.95	10.07	11.27	14.46	15.77	13.54	15.21	19.38	9.02	7.59	19.93	23.65	22.28	19.96	17.98	16.74		25.35%	<-IRR #YR->	5	Cash Flow per Share	209.48%
															33.62%	Diff M/C		9.25%	<-IRR #YR->	10	CFPS 5 yr Running	142.26%
														$776.4	<-12 mths	19.12%
Excl.Working Capital CF	$931.7	$1,054.1	$1,233.6	$1,433.3	$1,662.2	$2,190.2	$2,482.0	$2,405.8	$2,652.1	-$82.5	$126.4	$254.0	$107.1	$0.0	$0.0	$0.0		13.89%	<-IRR #YR->	5	CFPS 5 yr Running	91.65%
CF fr Op $M WC	$1,046.3	$1,234.6	$1,505.7	$1,640.5	$1,867.7	$2,475.9	$2,745.7	$2,578.4	$3,104.6	$521.3	$523.4	$558.0	$651.8	$693.5	$770.0	$896.6		-56.71%	<-Total Growth	10	Cash Flow less WC
Increase	13.29%	18.00%	21.95%	8.95%	13.85%	32.56%	10.90%	-6.09%	20.41%	-83.21%	0.40%	6.61%	16.81%	6.40%	11.02%	16.44%		-8.03%	<-IRR #YR->	10	Cash Flow less WC	-56.71%
5 year Running Average	$888.8	$1,007.1	$1,130.4	$1,270.1	$1,459.0	$1,744.9	$2,047.1	$2,261.6	$2,554.5	$2,285.2	$1,894.7	$1,457.1	$1,071.8	$589.6	$639.3	$714.0		-24.05%	<-IRR #YR->	5	Cash Flow less WC	-74.72%
CFPS Excl. WC	$11.49	$13.49	$16.16	$17.48	$19.78	$21.70	$24.09	$23.05	$27.92	$4.70	$4.70	$5.04	$5.71	$6.08	$6.75	$7.86		-0.53%	<-IRR #YR->	10	CF less WC 5 Yr Run	-5.18%
Increase	13.90%	17.42%	19.80%	8.16%	13.13%	9.73%	10.99%	-4.30%	21.11%	-83.18%	0.11%	7.12%	13.47%	6.40%	11.02%	16.44%		-13.87%	<-IRR #YR->	5	CF less WC 5 Yr Run	-52.61%
5 year Running Average	$9.74	$11.03	$12.31	$13.74	$15.68	$17.72	$19.84	$21.22	$23.31	$20.29	$16.89	$13.08	$9.61	$5.25	$5.66	$6.29		-9.88%	<-IRR #YR->	10	CFPS - Less WC	-64.65%
P/CF on Med Price	1.13	1.25	1.72	1.64	1.69	1.48	1.39	1.43	1.16	8.03	12.06	12.23	15.00	18.58	0.01	0.00		-24.34%	<-IRR #YR->	5	CFPS - Less WC	-75.21%
P/CF on Closing Price	1.20	1.47	2.04	1.83	1.74	1.56	1.46	1.30	1.31	8.79	15.12	12.88	18.62	19.96	17.98	16.74		-2.44%	<-IRR #YR->	10	CFPS 5 yr Running	-21.90%
*Operational Cash Flow			CF/CF-WC	P/CF Med	10 yr	14.94	5 yr	15.90	P/CF Med	10 yr	1.67	5 yr	12.06		1097.56%	Diff M/C		-14.65%	<-IRR #YR->	5	CFPS 5 yr Running	-54.70%
Originally got WC from notes on CF from Op and
Change in non-cash working capital accounts			-93.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	114.1								Shares
								-111.9	0.0	0.0	0.0	0.0	114.1								Shares
			-$272.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$544.7								Cash Flow
								-$172.6	$0.0	$0.0	$0.0	$0.0	$544.7								Cash Flow
			-$2.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.78								Cash Flow per Share
								-$1.54	$0.00	$0.00	$0.00	$0.00	$4.78								Cash Flow per Share
			-$1.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.12								CFPS 5 yr Running
								-$2.15	$0.00	$0.00	$0.00	$0.00	$4.12								CFPS 5 yr Running
			-$1,505.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$651.8								Cash Flow less WC
								-$2,578.4	$0.0	$0.0	$0.0	$0.0	$651.8								Cash Flow less WC
			-$1,130.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,071.8								CF less WC 5 Yr Run
								-$2,261.6	$0.0	$0.0	$0.0	$0.0	$1,071.8								CF less WC 5 Yr Run
			-$16.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.71								CFPS - Less WC
								-$23.05	$0.00	$0.00	$0.00	$0.00	$5.71								CFPS - Less WC
			-$12.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.61								CFPS 5 yr Running
								-$21.22	$0.00	$0.00	$0.00	$0.00	$9.61								CFPS 5 yr Running
Interest received	$2.0	$1.9	$1.8	$2.42	$2.38	$4.72	$3.20			$3.9
Interest paid								-$30.50		-$51.9
Finance Costs paid									-$5.7	-$4.9
Income Taxes Paid
Income taxes recovered	$9.8	$7.2	$12.4						$12.2	-$77.9
Cash Rceived from clients
Cash paid to Suppliers
Cash paid to employees	-$943.4	-$1,063.3	-$1,247.7	-$1,438.42	-$1,664.56	-$2,194.88	-$2,485.20	-$2,375.30	-$2,658.6	-$2,715.7
Trade and other Rec										$103.3	-$8.4	-$211.7	-$26.5
Unbilled Rec										$32.4	-$46.4	-$134.9	-$71.1
Contract Assets										$0.8	-$3.5	-$13.7	-$4.9
Prepaid expenses										$4.3	$1.9	-$2.8	-$4.8
Income Taxes										-$16.9	-$39.1	$21.1	-$17.6
Trade and other Payables										-$42.5	-$65.8	$22.8	-$54.4
Deferred Revenue										$1.1	$34.9	$65.2	$72.2
Sum	-$931.686	-$1,054.107	-$1,233.562	-$1,435.995	-$1,662.19	-$2,190.17	-$2,482.00	-$2,405.80	-$2,652.10	$82.50	-$126.40	-$254.00	-$107.10
Google -->Morningstar-->TD	-$931.69	-$1,052.91	-$1,233.56	-$1,435.99	-$1,662.19	-$2,190.17	-$2,482	-$2,405	-$2,652	-$2,847	-$126	-$254	-$107
Difference	$0.00	-$1.20	$0.00	$0.00	$0.00	$0.00	$0	-$1	$0	$2,929	$0	$0	$0
			-$1,246	-$1,436	-$1,662	-$2,190	$264	$205	$450	$603
			$12	$0	$0	$0	-$2,746	-$2,611	-$3,102	-$521	-$126
							2022	2022	2022	2022	2022
OPM	8.31%	11.60%	14.85%	9.99%	8.66%	9.22%	7.72%	5.14%	12.19%	16.39%	10.92%	6.82%	10.75%	11.93%				-27.60%	<-Total Growth	10	OPM
Increase	-11.22%	39.55%	28.03%	-32.77%	-13.29%	6.50%	-16.31%	-33.34%	137.01%	34.41%	-33.37%	-37.53%	57.64%	10.93%					Should increase		or be stable.
Difference	-13.4%	20.8%	54.7%	4.0%	-9.8%	-4.0%	-19.6%	-46.4%	27.0%	70.7%	13.7%	-29.0%	12.0%	24.2%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	9.60%	5 Yrs	10.92%					should be	zero, it is a		check on calculations
														$928	<-12 mths	11.72%
Adjusted EBITDA		$225.0	$250.0	$295.6	$305.1	$352.3	$353.3	$392.5	$574.4	$578.9	$573.8	$723.9	$831.0	$968	$1,080	$1,163		232.40%	<-Total Growth	10	Adjusted EBITDA
Change			11.11%	18.24%	3.21%	15.47%	0.28%	11.10%	46.34%	0.78%	-0.88%	26.16%	14.79%	16.49%	11.57%	7.69%		12.95%	<-Median->	10	Change
Margin		16.32%	16.06%	16.13%	14.70%	14.84%	11.40%	11.49%	17.12%	15.60%	15.57%	19.91%	18.64%	19.11%	18.57%	18.30%		15.59%	<-Median->	10	Margin
Long Term Debt	$236.6	$256.4	$200.9	$256.1	$232.3	$928.6	$514.4	$885.2	$814.0	$634.2	$1,194.1	$1,183.6	$982.3	$1,475.8				388.85%	<-Total Growth	10	Debt	Type
Change		8.37%	-21.63%	27.45%	-9.29%	299.72%	-44.60%	72.08%	-8.04%	-22.09%	88.28%	-0.88%	-17.01%	50.24%				-4.46%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.19	0.14	0.07	0.09	0.07	0.24	0.13	0.26	0.20	0.14	0.15	0.16	0.08	0.11				0.14	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	4.05	4.25	4.10	4.23	3.71	3.99	3.37	4.67	4.53	4.45	4.43	4.01	3.76	3.75				4.12	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.25	0.24	0.24	0.24	0.27	0.25	0.30	0.21	0.22	0.22	0.23	0.25	0.27	0.27				0.24	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	2.06	1.42	0.74	1.24	1.13	3.25	1.95	5.13	1.80	1.05	3.01	3.89	1.80	2.13				1.88	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$72.0	$85.7	$78.9	$97.2	$138.1	$449.5	$262.4	$247.7	$219.6	$182.0	$373.3	$320.4	$265.7	$437.6				236.94%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$509.0	$566.8	$594.8	$760.6	$966.5	$1,828.1	$1,556.6	$1,621.2	$1,651.8	$1,673.8	$2,184.3	$2,346.4	$2,384.0	$2,636.7				300.79%	<-Total Growth	10	Goodwill
Total	$581.1	$652.5	$673.7	$857.9	$1,104.6	$2,277.6	$1,819.0	$1,868.9	$1,871.4	$1,855.8	$2,557.6	$2,666.8	$2,649.7	$3,074.3				293.32%	<-Total Growth	10	Total
Change		12.30%	3.24%	27.34%	28.76%	106.20%	-20.13%	2.74%	0.13%	-0.83%	37.82%	4.27%	-0.64%	16.02%				3.51%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.46	0.36	0.22	0.29	0.34	0.59	0.45	0.56	0.46	0.40	0.32	0.37	0.22	0.22				0.39	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$529.15	$589.19	$726.23	$844.42	$951.39	$1,582.52	$1,608.2	$1,635.5	$1,580.1	$1,565.1	$1,664.4	$1,937.8	$2,272.5	$2,621.8				Liquidity ratio of 1.5 and up, best
Current Liabilities	$327.52	$345.16	$406.98	$475.07	$632.05	$1,072.82	$1,153.3	$858.6	$1,006.3	$987.2	$1,179.4	$1,410.0	$1,615.7	$1,851.4				1.49	<-Median->	10	Ratio
Liquidity	1.62	1.71	1.78	1.78	1.51	1.48	1.39	1.90	1.57	1.59	1.41	1.37	1.41	1.42				1.41	<-Median->	5	Ratio
Liq. with CF aft div	1.97	2.15	2.38	2.14	1.77	1.69	1.57	2.04	1.96	2.13	1.69	1.53	1.69	1.74				1.69	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.51	1.52	1.85	1.57	1.26	0.82	1.57	1.56	1.72	1.93	1.02	1.46	1.50	1.74				1.50	<-Median->	5	Ratio
Assets	$1,327.4	$1,468.6	$1,668.2	$2,010.5	$2,341.9	$4,284.7	$3,880.9	$4,009.9	$4,561.5	$4,388.9	$5,226.4	$5,652.9	$6,076.7	$6,939.5				Debt Ratio of 1.5 and up, best
Liabilities	$700.2	$741.5	$775.5	$924.2	$1,018.6	$2,308.2	$1,981.6	$2,101.2	$2,684.4	$2,459.6	$3,224.2	$3,366.5	$3,320.1	$4,206.2				1.84	<-Median->	10	Ratio
Debt Ratio	1.90	1.98	2.15	2.18	2.30	1.86	1.96	1.91	1.70	1.78	1.62	1.68	1.83	1.65				1.70	<-Median->	5	Ratio
Total Book Value	$627.15	$727.16	$892.63	$1,086.2	$1,323.3	$1,976.5	$1,899.3	$1,908.7	$1,877.1	$1,929.3	$2,002.2	$2,286.4	$2,756.6	$2,733.3				208.82%	<-Total Growth	10	Book Value
Non-Cont Int.	$0.10	$0.10	$0.00	$0.00	$0.00	$0.77	$3.00	$1.80	$1.60	$0.80	$0.50	$0.40	$0.40	$0.00				63.60%	<-Median->	10	Ratio
Book Value	$627.05	$727.05	$892.63	$1,086.2	$1,323.3	$1,975.7	$1,896.3	$1,906.9	$1,875.5	$1,928.5	$2,001.7	$2,286.0	$2,756.2	$2,733.3	$2,733.30	$2,733.30		208.77%	<-Total Growth	10	Book Value
Book Value per Share	$6.89	$7.95	$9.58	$11.58	$14.01	$17.32	$16.64	$17.05	$16.86	$17.37	$17.98	$20.63	$24.16	$23.96	$23.96	$23.96		152.16%	<-Total Growth	10	Book Value per Share
Change	0.79%	15.37%	20.60%	20.80%	21.05%	23.60%	-3.94%	2.48%	-1.07%	3.02%	3.49%	14.74%	17.13%	-0.83%	0.00%	0.00%		151.02%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.88	2.12	2.89	2.48	2.39	1.86	2.02	1.94	1.93	2.17	3.15	2.98	3.55	4.71				2.02	P/B Ratio		Historical Median
P/B Ratio (Close)	2.00	2.50	3.44	2.76	2.45	1.96	2.11	1.75	2.18	2.38	3.95	3.14	4.40	5.07	5.07	5.49		9.69%	<-IRR #YR->	10	Book Value per Share	152.16%
Change	-1.36%	24.97%	37.38%	-19.73%	-11.20%	-20.03%	7.97%	-17.03%	24.03%	9.21%	66.32%	-20.44%	39.99%	15.06%	0.00%	8.37%		7.23%	<-IRR #YR->	5	Book Value per Share	41.74%
Leverage (A/BK)	2.12	2.02	1.87	1.85	1.77	2.17	2.04	2.10	2.43	2.27	2.61	2.47	2.20	2.54				2.19	<-Median->	10	A/BV
Debt/Equity Ratio	1.12	1.02	0.87	0.85	0.77	1.17	1.04	1.10	1.43	1.27	1.61	1.47	1.20	1.54				1.19	<-Median->	10	Debt/Equity Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	2.28	5 yr Med	2.98		122.25%	Diff M/C		2.03	Historical		Leverage (A/BK)
			-$9.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.16
								-$17.05	$0.00	$0.00	$0.00	$0.00	$24.16
														$329.40	<-12 mths	17.52%
Shareholders - Comprehensive Inc	$16.97	$114.49	$176.70	$213.00	$261.87	$132.21	$20.80	$161.90	$85.40	$141.80	$151.20	$412.30	$280.30					58.63%	<-Total Growth	10	Comprehensive Income
Increase	-78.25%	574.67%	54.33%	20.55%	22.94%	-49.51%	-84.27%	678.37%	-47.25%	66.04%	6.63%	172.69%	-32.02%					6.63%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$44.77	$62.34	$77.85	$119.84	$156.61	$179.65	$160.92	$157.96	$132.43	$108.42	$112.22	$190.52	$214.20					4.72%	<-IRR #YR->	10	Comprehensive Income	58.63%
ROE	2.7%	15.7%	19.8%	19.6%	19.8%	6.7%	1.1%	8.5%	4.5%	7.3%	7.6%	18.0%	10.2%					11.60%	<-IRR #YR->	5	Comprehensive Income	73.13%
5Yr Median	6.0%	12.5%	12.5%	15.7%	19.6%	19.6%	19.6%	8.5%	6.7%	6.7%	7.3%	7.6%	7.6%					10.65%	<-IRR #YR->	10	5 Yr Running Average	35.61%
% Difference from NI	34.0%	-5.3%	20.9%	29.5%	67.5%	1.3%	-78.6%	241.6%	-56.1%	-17.1%	-24.7%	66.9%	-15.4%					6.28%	<-IRR #YR->	5	5 Yr Running Average	35.61%
Median Values										Diff	5, 10 yr	-7.0%	-17.1%					7.6%	<-Median->	5	Return on Equity
			-$176.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$280.3
								-$161.9	$0.0	$0.0	$0.0	$0.0	$280.3
			-$77.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$214.2
								-$158.0	$0.0	$0.0	$0.0	$0.0	$214.2
Current Liability Coverage Ratio	3.19	3.58	3.70	3.45	2.95	2.31	2.38	3.00	3.09	0.53	0.44	0.40	0.40	0.37							CFO / Current Liabilities
5 year Median	2.96	3.19	3.32	3.45	3.45	3.45	2.95	2.95	2.95	2.38	2.38	0.53	0.44	0.40				0.44	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	78.82%	84.07%	90.26%	81.60%	79.75%	57.78%	70.75%	64.30%	68.06%	11.88%	10.01%	9.87%	10.73%	9.99%							CFO / Total Assets
5 year Median	78.82%	78.82%	83.83%	81.60%	81.60%	81.60%	79.75%	70.75%	68.06%	64.30%	64.30%	11.88%	10.73%	10.01%				10.7%	<-Median->	5	Return on Assets
Return on Assets ROA	1.0%	8.2%	8.8%	8.2%	6.7%	3.0%	2.5%	1.2%	4.3%	3.9%	3.8%	4.4%	5.5%	5.4%				Net	Income/Assets		Return on Assets	ROA
5Yr Median	5.0%	5.0%	7.1%	8.2%	8.2%	8.2%	6.7%	3.0%	3.0%	3.0%	3.8%	3.9%	4.3%	4.4%				4.3%	<-Median->	5	Asset Efficiency Ratio	ROA
Return on Equity ROE	2.0%	16.6%	16.4%	15.1%	11.8%	6.6%	5.1%	2.5%	10.4%	8.9%	10.0%	10.8%	12.0%	13.8%				Net Inc/	Shareholders' equity		Return on Equity	ROE
5Yr Median	10.2%	10.2%	15.0%	15.1%	15.1%	15.1%	11.8%	6.6%	6.6%	6.6%	8.9%	10.0%	10.4%	10.8%				10.4%	<-Median->	5	Return on Equity	ROE
														$337.9	<-12 mths	2.02%
Net Income	$12.66	$120.90	$146.20	$164.50	$156.38	$130.55	$97.0	$47.4	$194.4	$171.1	$200.7	$247.0	$331.2	$377.3	$494.8	$582.9		126.54%	<-Total Growth	10	Net Income
Increase	-86.47%	854.84%	20.93%	12.51%	-4.94%	-16.52%	-25.70%	-51.13%	310.13%	-11.99%	17.30%	23.07%	34.09%	13.92%	31.14%	17.81%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$52.1	$62.4	$85.9	$107.6	$120.1	$143.7	$138.9	$119.2	$125.1	$128.1	$142.1	$172.1	$228.9	$265.5	$330.2	$406.6		8.52%	<-IRR #YR->	10	Net Income	126.54%
Operating Cash Flow	$114.59	$180.54	$272.13	$207.22	$205.52	$285.69	$263.70	$172.60	$452.50	$603.80	$397.00	$304.00	$544.70					47.52%	<-IRR #YR->	5	Net Income	598.73%
Investment Cash Flow	-$99.38	-$143.34	-$117.43	-$174.32	-$252.39	-$1,136.58	$60.30	-$266.10	-$135.20	-$102.0	-$764.8	-$73.8	-$201.7					10.30%	<-IRR #YR->	10	5 Yr Running Ave.	166.57%
Total Accruals	-$2.54	$83.71	-$8.50	$131.60	$203.25	$981.44	-$227.00	$140.90	-$122.90	-$330.70	$568.50	$16.80	-$11.80					13.94%	<-IRR #YR->	5	5 Yr Running Ave.	92.07%
Total Assets	$1,327.4	$1,468.6	$1,668.2	$2,010.5	$2,341.9	$4,284.7	$3,880.9	$4,009.9	$4,561.5	$4,388.9	$5,226.4	$5,652.9	$6,076.7						Balance Sheet		Assets
Accruals Ratio	-0.19%	5.70%	-0.51%	6.55%	8.68%	22.91%	-5.85%	3.51%	-2.69%	-7.53%	10.88%	0.30%	-0.19%					-0.19%	<-Median->	5	Ratio
EPS/CF Ratio	0.01	0.10	0.10	0.10	0.08	0.06	0.04	0.02	0.06	0.33	0.38	0.44	0.52					0.09	<-Median->	10	EPS/CF Ratio
			-$146.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$331.2
								-$47.4	$0.0	$0.0	$0.0	$0.0	$331.2
			-$85.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$228.9
								-$119.2	$0.0	$0.0	$0.0	$0.0	$228.9
Change in Close	-0.58%	44.18%	65.69%	-3.04%	7.49%	-1.17%	3.71%	-14.98%	22.70%	12.51%	72.12%	-8.71%	63.96%	14.10%	0.00%	8.37%			count	30	Change in Close
up/down	down		down		down	down	down	up			up	down							count	10
Meet Prediction?	yes					Yes					Yes	Yes						% right	count	6	60.00%
Financial Cash Flow	-$41.873	-$31.274	-$54.154	-$24.731	-$44.296	$995.136	-$281.1	$18.0	-$286.0	-$412.6	$276.5	-$296.7	-$134.0						C F Statement		Financial Cash Flow
Total Accruals	$39.333	$114.979	$45.659	$156.326	$247.549	-$13.693	$54.100	$122.900	$163.100	$81.900	$292.000	$313.500	$122.200								Accruals
Accruals Ratio	2.96%	7.83%	2.74%	7.78%	10.57%	-0.32%	1.39%	3.06%	3.58%	1.87%	5.59%	5.55%	2.01%					3.58%	<-Median->	5	Ratio
Cash	$36.11	$41.75	$143.03	$153.70	$67.34	$210.90	$239.5	$185.2	$207.0	$284.8	$186.7	$148.3	$352.9	$262.5							Cash
Cash per shares	$0.40	$0.46	$1.54	$1.64	$0.71	$1.85	$2.10	$1.66	$1.86	$2.57	$1.68	$1.34	$3.09	$2.30				$1.86	<-Median->	5	Cash per Share
Percentage of Stock Price	2.88%	2.30%	4.66%	5.13%	2.08%	5.45%	5.97%	5.54%	5.07%	6.21%	2.36%	2.06%	2.91%	1.90%				2.91%	<-Median->	5	% of Stock Price
Notes:
November 23, 2024.  Last estimates were for 2023, 2024 and 2025 of $5050M, $5469M, $5743M Revenue, $3.72, $4.28, $4.85 AEPS, $3.15, $4.14, $4.68 EPS,
$0.77, $0.84, $0.88 Dividends, $271M, $422M, $$553M FCF, $6.19, $6.22 2023/4 CFPS, $373M, $459M, $519M Net Income.
November 25, 2023.  Last estimates were for 2022, 2023 and 2024 iof $4434M, $4756M and $4945M for Net Revenue, $3.01, $3.42 and $3.78 for AEPS, $2.11, $3.01 and $3.40 for EPS,
$0.71, $0.76 and $0.79 for Dividends, $157M, $362M and $418M for FCF, $3.41, $6.19 and $6.22 for CFPS and $249M, $336M and $373M for Net Income.
November 26, 2022.  Last estimates were for 2021, 2022 and 2023 of $3646M, $4306M and $4481M for Net Revenue, $2.17, $2.67 and $3.08 for EPS,
$0.66, $0.69 and $0.73 for Dividends, $209M, $321M and $360M for FCF, 3.37m $4.83 and $5.40 for CFPS, $245M, $293M and $340M for Net Income.
December 4, 2021.  Last estimates were for 2020, 2021 and 2022 of $3702M, $3786M and $3880M for Revenue, $1.67, $2.03 and $2.41 For EPS,
$0.62, $0.63 and $0.62 for Dividends, $285M, $243M and $300M for FCF, $188M, $225M and $270M for Net Income.
December 12, 2020.  Last estimates were for 2019, 2020 and 2021 of $3701M, $3889M and $3924M for Revenue, $0.58 $0.60 and  $62 for Dividends,
$1.75, $2.14 and 2.39 for EPS, $3.02, $3.48 and $3.72 for CFPS and $196M, $239M and $267M for Net Income.
December 13, 2019.  Last estimates were for $3533M, $3633M and $3735M for Net Revenue, $1.14, $1.92 and $2.19 for EPS, $0.55, $0.57 and $0.62 for Dividends,
$1.86, $2.96 and $3.50 for CFPS and $130M, $224M and $250M for Net Income.
December 16, 2018.  Last estimates were for 2017, 2018 and 2019 of $3484M, $3740M and $3749M for Net Revenue, $1.16, $1.98 and $2.28 for EPS,
$2.31 and $3.01 for CFPS fo 2017 and 2018 and $139M, $235M and $260M for Net Income.
December 17, 2017.  Last estimtes were for 2016, 2017 and 2018 of $3124M, $3738M and $3912M for Net Revenue, %1.36, $1.87 and $2.23 for EPS,
$1.77. $3.01 and $3.37 for CFPS and $147M, $219M and $255M for Net Income.
December 23, 2016.  Last estimates were for 2015, 2016 and 2017 of $2398M, $2618M and $3009M for Revenue, $1.84, $2.14 and 2.46 for EPS,
$2.14, $2.50 and $2.75 for CFPS and $175M, $202M and $232M for Net Income.
December 23, 2015.  Last estimates were for 2092M, $2393M and $2627M for Revenue, $1.79, $2.08 and $2.35 for EPS,
$2.44, $2.53 and $2.99 for CFPS, $169M, $198M and $225M for Net Income.
December 19, 2014.  Last estimates were for 2013, 2014 and 2015 of $1841.8M, $2030.2M and $2259M for revenue, $3.14, $3.53 and $3.98 for EPS,
$3.08, $3.53 and $4.03 CFPS and $146, $166 and $188 for net income.
December 15, 2013.  Last estimates were for 2012 and 2013 of $1558M and f$1660M for Revenue, $2.50 and $2.77 for EPS.
October 14, 2011.  Last estimates wee for 2011 and 2012 at $1,408M and $1,542M Revenue, $2.26 and $2.54 EPS and $3.20 and $3.41 CFPS.
They did a big write off of good will.  This depressed their EPS from $2.24 to $.028
August 7, 2011.  When I looked, I got estimates for 2010 and 2012 of $2.00 and $2.31 for Earning and $2.75 and $3.45 for CF.
April 2011.  In 2010, Stantec earned $95.3 million, or $2.08 a share, excluding one-time items (exclusions we agree with).
Stantec Inc. (TSX-STN) wrote, "Stantec announced today strong results for the full year of 2010." We disagree.
However, Stantec remains a buy for long-term share price gains, provided you need no dividends.
Jun 18, 2010.  Last estimates were for 2010 and 2011 at $210 and $2.45 for earnings and $3.00 and $2.64 for CF.
Apr 26, 2010.  When I last looked at this stock I got estimates for 2009 and 2010 of $2.03 amd $2.30 for EPS and $3.10 and $3.30 for Cash Flow.
They had a good year, however, the earnings of $1.22 where way off the estimate of $2.03.  Cash Flow was way off too.
April 2009 AR 2008.  When I last looked at this stock in November 2008, I got earning estimates for 2008 and 2009 of $.60 and $1.20. Earnings came in at $.64, diluted $.63.
The 2009 estimates have gone up to $2.03.
June 2008.  I had a look at the stock today.  There has been a lot of sales by directors, but when I looked closely, it was just one director selling.  It is hard to say why he would sell, perhaps he needed money.
Insider buying is more conclusive than insider selling.  People often sell for personal reasons, which have nothing to do with the stock. Stantec started rebuying their shares the first of May 2008
as they believe they are undervalued.
Sector:
Construction, Industrial
What should this stock accomplish?
You would buy this stock for diversification reasons.  There may be volatility in this stock, especially concerning Earnings and Cash Flow.
You should buy it for both rising dividends and capital gain appreciation.  Expect low dividend yield and moderate dividend growth.
Over the longer term this sort of stock should have total returns of around 10% per year with 1 to 2% from dividends and the rest from capital gains.
Would I buy this company and Why.
I still like this company and would consider it if I was looking for stock in connection with the construction industry.  It has a solid balance sheet and starting dividends is a very positive sign.
Why am I following this stock.
I bought this stock in April of 2008 to make some capital gains.  It was a non-dividend paying stock at that point.  A lot of people were recommending it as a great stock.
The reason it was recommend is that it is in the infrastructure business.  There are many that think this company will profit from government money promised for infrastructure building.
I did not profit from this but sold in 2011 because it was non-core stock with no dividends.
I bought and sold this stock between 2008 and 2011 and did not make any money.  It was a non-core holding. With their new policy of dividends, this stock has become more interesting.
Why I bought and sold this stock.
I bought this stock for capital gains in April 2008.  I sold in September 2011.  I wanted to get rid of non-core stocks and this stock had not produced capital gains.
I had a capital loss of 22.6%.
Dividends
Dividends are payable in cycle 1, which is January, April, July and October.
Stantec declared first dividend payable on April 17,2012 to shareholders of record of March 30, 2012.  only 3 dividends were paid in the first year.
How they make their money
Stantec Inc is a sustainable engineering, architecture, and environmental consulting company. The company is geographically diversified in three
regional operating units namely Canada, United States and Global offering similar services across all regions.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Dec 17	2017	Dec 16	2018	Dec 13	2019	Dec 12	2019	Dec 4	2021	Nov 26	2022	Nov 25	2023			Nov 23	2024
Johnston, Gordon Allan		0.037	0.03%	0.038	0.03%	0.041	0.04%	0.069	0.06%	0.096	0.09%	0.091	0.08%	0.093	0.08%			0.095	0.08%		Will be CEO Jan 1, 2018	1.82%
CEO - Shares - Amount			$1.299		$1.146		$1.503		$2.861		$6.799		$5.920		$9.908				$11.511
Options - percentage		0.038	0.03%	0.050	0.04%	0.169	0.15%	0.152	0.14%	0.154	0.14%	0.200	0.18%	0.184	0.16%			0.313	0.27%			69.81%
Options - amount			$1.341		$1.491		$6.214		$6.280		$10.944		$12.992		$19.602				$37.980
Culmone, Vito																		0.004	0.00%			#DIV/0!
CFO - Shares - Amount																			$0.425
Options - percentage																		0.011	0.01%			#DIV/0!
Options - amount																			$1.314
Jang, Theresa						0.009	0.01%	0.014	0.01%	0.016	0.01%	0.017	0.02%	0.017	0.01%						Ceased insider Sep 2024
CFO - Shares - Amount							$0.337		$0.577		$1.153		$1.082		$1.820
Options - percentage						0.000	0.00%	0.012	0.01%	0.033	0.03%	0.058	0.05%	0.052	0.05%
Options - amount							$0.000		$0.497		$2.344		$3.785		$5.495
Lerner, Stuart												0.018	0.02%	0.025	0.02%			0.027	0.02%			10.20%
Officer - Shares - Amount													$1.159		$2.650				$3.332
Options - percentage												0.050	0.04%	0.050	0.04%			0.068	0.06%			35.38%
Options - amount													$3.231		$5.347				$8.260
Fleck, Steve Marvin										0.017	0.01%	0.017	0.02%	0.018	0.02%			0.014	0.01%			-21.58%
Officer - Shares - Amount											$1.174		$1.116		$1.905				$1.705
Options - percentage										0.033	0.03%	0.026	0.02%	0.032	0.03%			0.037	0.03%			15.81%
Options - amount											$2.344		$1.668		$3.390				$4.480
Castro, Leonard de Oliveria				0.021	0.02%	0.022	0.02%	0.024	0.02%
Officer - Shares - Amount					$0.639		$0.825	0	$0.983
Options - percentage				0.043	0.04%	0.054	0.05%	0.015	0.01%
Options - amount					$1.273		$1.994		$0.616
Davert, Marshall						0.002	0.00%	0.006	0.01%	0.009	0.01%	0.010	0.01%	0.011	0.01%						Last report May 2023	-100.00%
Officer - Shares - Amount							$0.076		$0.256		$0.669		$0.640		$1.183
Options - percentage						0.048	0.04%	0.038	0.03%	0.013	0.01%	0.015	0.01%	0.017	0.01%							-100.00%
Options - amount							$1.769		$1.557		$0.925		$0.943		$1.812
Alpern, Paul Jeremy David	0.02%			0.020	0.02%	0.021	0.02%	0.021	0.02%	0.022	0.02%	0.023	0.02%	0.023	0.02%			0.024	0.02%		Last report Jun 2024	2.42%
Officer - Shares - Amount	$0.930				$0.585		$0.767		$0.879		$1.545		$1.463		$2.471				$2.888
Options - percentage	0.04%			0.032	0.03%	0.040	0.04%	0.023	0.02%	0.010	0.01%	0.009	0.01%	0.012	0.01%			0.014	0.01%			21.10%
Options - amount	$1.458				$0.963		$1.466		$0.947		$0.729		$0.569		$1.225				$1.692
Bradeen, Richard C.				0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%
Director - Shares - Amount					$0.030		$0.037		$0.041		$0.071		$0.065
Options - percentage				0.001	0.00%	0.005	0.00%	0.001	0.00%	0.016	0.01%	0.024	0.02%
Options - amount					$0.038		$0.196		$0.045		$1.149		$1.542
Brown, Shelley Ann Marie												0.005	0.00%	0.006	0.01%			0.006	0.01%			-2.08%
Director - Shares - Amount													$0.322		$0.649				$0.725
Options - percentage												0.013	0.01%	0.015	0.01%			0.015	0.01%			0.91%
Options - amount													$0.859		$1.605				$1.848
a Porta, Martin Anton												0.010	0.01%	0.010	0.01%			0.010	0.01%			0.00%
Director													$0.675		$1.106				$1.262
Options - percentage												0.009	0.01%	0.012	0.01%			0.015	0.01%			20.77%
Options - amount													$0.568		$1.303				$1.796
Ammerman, Douglas Keith	0.02%	0.028	0.02%	0.029	0.03%	0.031	0.03%	0.033	0.03%	0.033	0.03%	0.033	0.03%	0.033	0.03%			0.037	0.03%		Used to be director	12.88%
Chair - Shares - Amount	$0.902		$0.978		$0.878		$1.143		$1.349		$2.321		$2.119		$3.474				$4.475
Options - percentage	0.03%	0.033	0.03%	0.037	0.03%	0.041	0.04%	0.045	0.04%	0.049	0.04%	0.061	0.06%	0.068	0.06%			0.068	0.06%			0.91%
Options - amount	$0.979		$1.172		$1.108		$1.502		$1.854		$3.457		$3.965		$7.208				$8.300
Keith, Aram H.	0.46%	0.499	0.44%	0.328	0.29%																Ceased insider May 2019
Chairman - Shares - Amt	$17.615		$17.566		$9.820
Options - percentage	0.05%	0.060	0.05%	0.066	0.06%
Options - amount	$1.782		$2.095		$1.966
Increase in O/S Shares	0.63%	0.254	0.22%	0.376	0.33%	0.339	0.30%	0.754	0.68%	1.840	1.66%	1.268	1.14%	0.561	0.51%			0.279	0.24%
due to SO	$20.580		$8.621		$13.233		$10.139		$27.656		$75.987		$90.089		$36.412				$29.633
Book Value	$17.658		$5.022		$7.900		$6.900		$18.900		$58.500		$41.200		$18.000				$9.300
Insider Buying	-$0.259		-$0.593		-$0.693		-$0.474		-$1.383		-$1.266		-$0.767		-$0.272				-$2.147
Insider Selling	$0.292		$0.051		$0.948		$3.091		$12.752		$15.459		$11.231		$1.947				$0.504
Net Insider Selling	$0.033		-$0.542		$0.255		$2.616		$11.369		$14.193		$10.464		$1.675				-$1.644
% of Market Cap	0.00%		-0.01%		0.01%		0.06%		0.25%		0.18%		0.15%		0.01%				-0.01%
Directors		8		10		9		8		9		9		10				8
Women	33%	3	38%	4	40%	4	44%	3	38%	3	33%	3	33%	4	40%			4	50%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	2	20%			1	13%
Institutions/Holdings	71.28%	193	73.10%	170	80.22%	20	78.62%	20	60.96%	20	62.24%	20	77.03%	20	52.77%			20	55.24%
Total Shares Held	71.19%	83.296	73.07%	91.335	81.65%	87.817	78.51%	68.334	61.09%	69.116	62.08%	85.309	76.99%	58.558	52.85%			63.008	55.24%
Increase/Decrease	1.27%	-3.836	-4.40%	2.158	2.42%	2.447	2.87%	-3.362	-4.69%	-2.132	-2.99%	3.788	4.65%	-1.826	-3.02%			4.255	7.24%
Starting No. of Shares		87.132		89.177		85.370	Top 20	71.696	Top 20	71.249	Top 20	81.521	Top 20	60.383	Top 20			58.754	Top 20
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