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		https://www.annualreports.com/Company/telus-corporation
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q2 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Telus Corp					TSX:	T	NYSE:	TU	https://www.telus.com/en/			Fiscal Yr:	Dec 31
Year	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	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date		4/17/13							17-Mar-20												Split Date
Split		2							2												Split
														$20,372	<-12 mths	1.16%
Revenue*	$10,921	$11,404	$12,002	$12,502	$12,799	$13,304	$14,368	$14,658	$15,463	$16,838	$18,292	$20,005	$20,139					67.80%	<-Total Growth	10	Revenue	looks for Revenue, Other Revenue
Other Revenue										$420	$120	$111	$247
Revenue*	$10,921	$11,404	$12,002	$12,502	$12,799	$13,304	$14,368	$14,658	$15,463	$17,258	$18,412	$20,116	$20,386	$20,547	$21,411	$22,117		69.86%	<-Total Growth	10	Revenue
Increase	5.04%	4.42%	5.24%	4.17%	2.38%	3.95%	8.00%	2.02%	5.49%	11.61%	6.69%	9.25%	1.34%	0.79%	4.20%	3.30%		5.44%	<-IRR #YR->	10	Revenue	69.86%
5 year Running Average	$10,071	$10,421	$10,901	$11,445	$11,926	$12,402	$12,995	$13,526	$14,118	$15,010	$16,032	$17,181	$18,327	$19,344	$20,174	$20,915		6.82%	<-IRR #YR->	5	Revenue	39.08%
Revenue per Share	$8.38	$9.15	$9.85	$10.52	$10.85	$11.16	$11.99	$12.11	$11.98	$12.60	$12.87	$13.70	$13.55	$13.47	$14.04	#DIV/0!		5.33%	<-IRR #YR->	10	5 yr Running Average	68.13%
Increase	4.68%	9.20%	7.73%	6.75%	3.12%	2.90%	7.46%	1.01%	-1.13%	5.17%	2.14%	6.50%	-1.08%	-0.60%	4.20%	#DIV/0!		6.26%	<-IRR #YR->	5	5 yr Running Average	35.49%
5 year Running Average	$7.82	$8.13	$8.59	$9.18	$9.75	$10.31	$10.87	$11.33	$11.62	$11.97	$12.31	$12.65	$12.94	$13.24	$13.53	#DIV/0!		3.24%	<-IRR #YR->	10	Revenue per Share	37.56%
P/S (Price/Sales) Med	1.82	1.84	2.03	2.04	1.85	2.04	1.95	2.00	1.99	2.18	2.35	1.84	1.62	1.59	0.00	#DIV/0!		2.27%	<-IRR #YR->	5	Revenue per Share	11.89%
P/S (Price/Sales) Close	1.94	2.00	2.13	1.82	1.97	2.13	1.89	2.08	2.10	2.36	2.03	1.72	1.44	1.64	1.58	#DIV/0!		4.18%	<-IRR #YR->	10	5 yr Running Average	50.60%
*Revenue in M CDN $					P/S Med	20 yr	1.90	15 yr	1.95	10 yr	2.00	5 yr	1.99		-17.71%	Diff M/C		2.70%	<-IRR #YR->	5	5 yr Running Average	14.24%
			-$12,002	$0	$0	$0	$0	$0	$0	$0	$0	$0	$20,386
								-$14,658	$0	$0	$0	$0	$20,386
			-$10,901	$0	$0	$0	$0	$0	$0	$0	$0	$0	$18,327
								-$13,526	$0	$0	$0	$0	$18,327
			-$9.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.55
								-$12.11	$0.00	$0.00	$0.00	$0.00	$13.55
			-$8.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.94
								-$11.33	$0.00	$0.00	$0.00	$0.00	$12.94
														$1,523	<-12 mths	-1.68%
														$1.01	<-12 mths	-2.88%
Adjusted Net Income											$1,647	$1,373	$1,549
Pre-split 2013	$3.99
Pre-split 2020	$2.00	$2.16	$2.41	$2.58	$2.58	$2.63	$2.85	$2.86
AEPS* Basic	$1.00	$1.08	$1.21	$1.29	$1.29	$1.32	$1.43	$1.43	$1.06	$1.07	$1.17	$0.95	$1.04	$1.02	$1.12	$1.20		-13.69%	<-Total Growth	10	AEPS
Increase	9.02%	8.27%	11.57%	7.05%	0.00%	1.94%	8.37%	0.35%	-25.87%	0.94%	9.35%	-18.80%	9.47%	-1.92%	9.80%	7.14%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.86	$0.90	$1.00	$1.10	$1.17	$1.24	$1.31	$1.35	$1.30	$1.26	$1.23	$1.14	$1.06	$1.05	$1.06	$1.07		-1.46%	<-IRR #YR->	10	AEPS	-13.69%
AEPS Yield	6.13%	5.91%	5.75%	6.74%	6.04%	5.52%	6.30%	5.69%	4.20%	3.59%	4.48%	4.03%	5.34%	4.61%	5.06%	5.42%		-6.17%	<-IRR #YR->	5	AEPS	-27.27%
Payout Ratio	59.65%	61.11%	61.41%	63.57%	69.77%	73.95%	72.28%	77.45%	109.91%	117.27%	113.85%	150.46%	147.15%	160.51%	148.68%	138.77%		0.54%	<-IRR #YR->	10	5 yr Running Average	5.54%
5 year Running Average	59.64%	61.24%	60.15%	60.90%	63.10%	65.96%	68.20%	71.40%	80.67%	90.17%	98.15%	113.79%	127.73%	137.85%	144.13%	149.11%		-4.76%	<-IRR #YR->	5	5 yr Running Average	-21.63%
Price/AEPS Median	15.27	15.60	16.61	16.62	15.57	17.32	16.38	16.98	22.46	25.69	25.88	26.48	21.06	21.02	0.00	0.00		19.19	<-Median->	10	Price/AEPS Median
Price/AEPS High	16.53	17.39	18.17	17.43	17.06	18.55	17.23	17.96	26.11	27.98	29.42	30.46	23.56	22.75	0.00	0.00		21.05	<-Median->	10	Price/AEPS High
Price/AEPS Low	14.01	13.81	15.05	15.80	14.09	16.08	15.53	16.01	18.80	23.39	22.33	22.49	18.57	19.29	0.00	0.00		17.33	<-Median->	10	Price/AEPS Low
Price/AEPS Close	16.32	16.93	17.38	14.83	16.57	18.11	15.88	17.58	23.78	27.84	22.33	24.82	18.74	21.70	19.76	18.44		18.42	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	17.79	18.33	19.39	15.88	16.57	18.46	17.21	17.64	17.63	28.10	24.42	20.15	20.52	21.28	21.70	19.76		18.05	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	16.38	17.43	15.05	16.57	P/AEPS	5 Yrs	in order	25.69	27.98	22.33	23.78		-15.54%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$1.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.04
								-$1.43	$0.00	$0.00	$0.00	$0.00	$1.04
			-$1.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.06
								-$1.35	$0.00	$0.00	$0.00	$0.00	$1.06
														$0.65	<-12 mths	-2.99%
Pre-split 2013	$4.06
Pre-split 2020	$2.03	$2.02	$2.31	$2.29	$2.06	$2.46	$2.68	$2.90
EPS Basic	$1.02	$1.01	$1.16	$1.15	$1.03	$1.23	$1.34	$1.45	$0.95	$1.23	$1.16	$0.58	$0.67					-41.99%	<-Total Growth	10	EPS Basic
Pre-split 2013	$4.03
Pre-split 2020	$2.02	$2.01	$2.31	$2.29	$2.06	$2.46	$2.68	$2.90
EPS*	$1.01	$1.01	$1.16	$1.15	$1.03	$1.23	$1.34	$1.45	$0.94	$1.22	$1.15	$0.58	$0.67	$0.67	$0.94	$1.06		-41.99%	<-Total Growth	10	EPS Diluted
Increase	7.75%	-0.25%	14.93%	-0.87%	-10.04%	19.42%	8.94%	8.21%	-35.17%	29.79%	-5.74%	-49.57%	15.52%	-0.45%	40.66%	12.77%		10	0	10	Years of Data, EPS P or N
Earnings Yield	6.2%	5.5%	5.5%	6.0%	4.8%	5.2%	5.9%	5.8%	3.7%	4.1%	4.4%	2.5%	3.4%	3.0%	4.2%	4.8%		-5.30%	<-IRR #YR->	10	Earnings per Share	-41.99%
5 year Running Average	$0.88	$0.91	$0.98	$1.05	$1.07	$1.11	$1.18	$1.24	$1.20	$1.24	$1.22	$1.07	$0.91	$0.86	$0.80	$0.78		-14.31%	<-IRR #YR->	5	Earnings per Share	-53.79%
10 year Running Average	$0.73	$0.80	$0.88	$0.95	$0.97	$1.00	$1.04	$1.11	$1.12	$1.15	$1.17	$1.12	$1.08	$1.03	$1.02	$1.00		-0.73%	<-IRR #YR->	10	5 yr Running Average	-7.08%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	4.61%	5Yrs	3.73%					-5.94%	<-IRR #YR->	5	5 yr Running Average	-26.39%
			-$1.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.67
								-$1.45	$0.00	$0.00	$0.00	$0.00	$0.67
			-$0.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.91
								-$1.24	$0.00	$0.00	$0.00	$0.00	$0.91
Dividend*														$1.67	$1.74	$1.82			Estimates		Dividend*
Increase														8.86%	4.44%	4.43%			Estimates		Increase
Payout Ratio EPS														249.78%	185.46%	171.74%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-split 2013
Pre-split 2020	$1.19	$1.32	$1.48	$1.64	$1.80	$1.95	$2.06
Dividend*	$0.5950	$0.6600	$0.7400	$0.8200	$0.9000	$0.9725	$1.0300	$1.1075	$1.1650	$1.2548	$1.3320	$1.4294	$1.5304	$1.6372	$1.6652	$1.6652		106.81%	<-Total Growth	10	Dividends
Increase	10.70%	10.92%	12.12%	10.81%	9.76%	8.06%	5.91%	7.52%	5.19%	7.71%	6.15%	7.31%	7.07%	6.98%	1.71%	0.00%		29	2	34	Years of data, Count P, N
Average Increases 5 Year Running	9.83%	8.01%	9.33%	10.96%	10.86%	10.33%	9.33%	8.41%	7.29%	6.88%	6.50%	6.78%	6.69%	7.04%	5.84%	4.61%		7.85%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.51	$0.55	$0.60	$0.67	$0.74	$0.82	$0.89	$0.97	$1.04	$1.11	$1.18	$1.26	$1.34	$1.44	$1.52	$1.59		122.24%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.91%	3.92%	3.70%	3.83%	4.48%	4.27%	4.41%	4.56%	4.89%	4.57%	4.40%	5.68%	6.99%	7.64%				4.52%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.61%	3.51%	3.38%	3.65%	4.09%	3.99%	4.20%	4.31%	4.21%	4.19%	3.87%	4.94%	6.25%	7.06%				4.19%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.26%	4.43%	4.08%	4.02%	4.95%	4.60%	4.65%	4.84%	5.85%	5.01%	5.10%	6.69%	7.93%	8.32%				4.98%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.66%	3.61%	3.53%	4.29%	4.21%	4.08%	4.55%	4.41%	4.62%	4.21%	5.10%	6.06%	7.85%	7.40%	7.52%	7.52%		4.48%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	59.06%	65.67%	64.07%	71.62%	87.38%	79.07%	76.87%	76.38%	123.94%	102.85%	115.83%	246.45%	228.42%	245.46%	177.49%	157.39%		95.12%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	57.71%	60.72%	61.54%	63.89%	69.54%	73.54%	75.64%	77.97%	86.39%	89.48%	96.55%	117.77%	147.18%	167.57%	189.61%	202.58%		82.18%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	24.10%	25.35%	26.46%	27.52%	32.99%	29.37%	30.41%	34.12%	32.88%	39.18%	39.62%	46.64%	47.49%	42.52%	49.16%	#DIV/0!		33.56%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	23.33%	24.39%	25.58%	26.17%	27.36%	28.38%	29.35%	30.86%	31.91%	33.13%	35.18%	38.30%	40.94%	43.01%	44.97%	#DIV/0!		31.39%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	23.62%	26.96%	27.26%	27.61%	33.59%	28.99%	32.46%	31.46%	34.94%	38.46%	38.09%	42.31%	50.02%	42.52%	49.16%	#DIV/0!		34.27%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	22.85%	24.67%	25.51%	26.15%	27.87%	28.89%	29.97%	30.77%	32.22%	33.22%	35.08%	37.01%	40.60%	42.14%	44.22%	#DIV/0!		31.49%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.52%	4.48%	5 Yr Med	5 Yr Cl	4.89%	5.10%	5 Yr Med	Payout	123.94%	39.62%	38.46%					6.68%	<-IRR #YR->	5	Dividends	38.19%
* Dividends per share	10 Yr Med	and Cur.	66.47%	68.00%	5 Yr Med	and Cur.	53.75%	47.61%	Last Div Inc --->		$0.3891	$0.4163	6.99%					7.54%	<-IRR #YR->	10	Dividends	106.81%
Dividends Growth 15																		8.11%	<-IRR #YR->	15	Dividends	222.19%
Dividends Growth 20																		12.31%	<-IRR #YR->	20	Dividends	920.27%
Dividends Growth 25																		6.08%	<-IRR #YR->	25	Dividends	337.26%
Dividends Growth 30																		5.55%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		10.28%	<-IRR #YR->	34	Dividends
Dividends Growth 5								-$1.11	$0.00	$0.00	$0.00	$0.00	$1.53								Dividends Growth 5
Dividends Growth 10			-$0.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.53								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.53								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.53								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.53								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.53								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.53								Dividends Growth 35
Historical Dividends	Historical	High Div	6.98%	Low Div	1.68%	10 Yr High	7.80%	10 Yr Low	3.87%	Med Div	4.27%	Close Div	4.08%								Historical Dividends
High/Ave/Median Values	Curr diff	Cheap	7.80%		347.89%	Exp.	-3.53%		94.43%	Cheap	76.22%	Cheap	84.23%								High/Ave/Median
Future Dividend Yield					Div Yield	10.40%	earning in	5	Years	at IRR of	6.68%	Div Inc.	38.19%								Future Dividend Yield
Future Dividend Yield					Div Yield	14.37%	earning in	10	Years	at IRR of	6.68%	Div Inc.	90.95%								Future Dividend Yield
Future Dividend Yield					Div Yield	19.85%	earning in	15	Years	at IRR of	6.68%	Div Inc.	163.87%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.30	earning in	5	Years	at IRR of	6.68%	Div Inc.	38.19%								Future Dividend Paid
Future Dividend Paid					Div Paid	$3.18	earning in	10	Years	at IRR of	6.68%	Div Inc.	90.95%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.39	earning in	15	Years	at IRR of	6.68%	Div Inc.	163.87%								Future Dividend Paid
Dividend Covering Cost					Total Div	$9.52	over	5	Years	at IRR of	6.68%	Div Cov.	43.00%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$20.36	over	10	Years	at IRR of	6.68%	Div Cov.	92.02%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$35.35	over	15	Years	at IRR of	6.68%	Div Cov.	159.76%								Dividend Covering Cost
Yield if held 5 years	4.05%	6.48%	9.11%	8.18%	6.98%	6.39%	6.11%	5.53%	5.44%	6.25%	5.85%	6.12%	6.30%	6.88%	6.06%	5.50%		6.18%	<-Median->	10	Paid Median Price
Yield if held 10 years	15.73%	12.54%	10.17%	7.69%	6.67%	6.62%	10.12%	13.64%	11.62%	9.73%	8.75%	8.48%	7.65%	7.64%	8.29%	7.31%		8.62%	<-Median->	10	Paid Median Price
Yield if held 15 years	6.46%	5.83%	8.33%	8.18%	11.83%	25.70%	19.57%	15.22%	10.93%	9.30%	9.06%	14.04%	18.84%	16.33%	12.92%	10.93%		14.63%	<-Median->	10	Paid Median Price
Yield if held 20 years	16.20%	11.90%	11.98%	13.74%	12.85%	10.56%	9.09%	12.46%	11.63%	16.50%	35.20%	27.16%	21.03%	15.36%	12.34%	11.33%		14.11%	<-Median->	10	Paid Median Price
Yield if held 25 years				25.85%	25.15%	26.48%	18.58%	17.94%	19.51%	17.92%	14.47%	12.62%	17.22%	16.34%	21.89%	44.01%		17.93%	<-Median->	10	Paid Median Price
Yield if held 30 years									36.72%	35.06%	36.27%	25.78%	24.78%	27.42%	23.78%	18.09%		31.24%	<-Median->	6	Paid Median Price
Yield if held 35 years														51.61%	46.53%	45.34%
Cost covered if held 5 years	17.31%	27.07%	37.19%	33.43%	28.82%	26.87%	26.49%	24.13%	24.14%	27.53%	25.86%	26.94%	27.64%	30.18%	27.63%	26.18%		26.91%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	97.65%	79.90%	65.90%	50.80%	44.76%	45.15%	70.91%	96.66%	85.04%	71.71%	65.54%	63.81%	57.66%	57.66%	65.33%	60.67%		64.68%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	56.13%	48.61%	66.33%	63.53%	91.57%	205.81%	164.70%	132.28%	99.35%	85.74%	85.22%	132.69%	179.30%	156.68%	130.61%	117.59%		115.82%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	181.28%	127.46%	121.54%	134.30%	122.86%	100.58%	88.01%	120.68%	115.18%	164.27%	361.46%	284.20%	224.52%	166.75%	142.02%	139.14%		128.58%	<-Median->	10	Paid Median Price
Cost covered if held 25 years				294.09%	279.64%	292.72%	207.94%	199.76%	220.98%	201.82%	164.55%	143.54%	196.19%	186.89%	264.11%	570.97%		204.88%	<-Median->	10	Paid Median Price
Cost covered if held 30 years									457.21%	434.15%	453.08%	321.35%	308.45%	341.31%	310.25%	250.66%		387.73%	<-Median->	6	Paid Median Price
Cost covered if held 35 years														683.65%	646.36%	668.94%
																				Yr	Item	Tot. Growth
Revenue Growth								$14,658	$15,463	$17,258	$18,412	$20,116	$20,386	$20,372	<-12 mths	-0.07%		39.08%	<-Total Growth	5	Revenue Growth	39.08%
AEPS Growth								$1.43	$1.06	$1.07	$1.17	$0.95	$1.04	$1.01	<-12 mths	-2.88%		-27.27%	<-Total Growth	5	AEPS Growth	-27.27%
Net Income Growth								$1,746	$1,207	$1,655	$1,615	$841	$993	$966	<-12 mths	-2.72%		-43.13%	<-Total Growth	5	Net Income Growth	-43.13%
Cash Flow Growth								$3,927	$4,574	$4,388	$4,811	$4,499	$4,847	$4,752	<-12 mths	-1.96%		23.43%	<-Total Growth	5	Cash Flow Growth	23.43%
Dividend Growth								$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$1.64	<-12 mths	6.98%		38.19%	<-Total Growth	5	Dividend Growth	38.19%
Stock Price Growth								$25.14	$25.21	$29.79	$26.13	$23.58	$19.49	$22.13	<-12 mths	13.55%		-22.47%	<-Total Growth	5	Stock Price Growth	-22.47%
Revenue Growth			$12,002	$12,502	$12,799	$13,304	$14,368	$14,658	$15,463	$17,258	$18,412	$20,116	$20,386	$0	<-this year	-100.00%		69.86%	<-Total Growth	10	Revenue Growth	69.86%
AEPS Growth			$1.21	$1.29	$1.29	$1.32	$1.43	$1.43	$1.06	$1.07	$1.17	$0.95	$1.04	$1.02	<-this year	-1.92%		-13.69%	<-Total Growth	10	AEPS Growth	-13.69%
Net Income Growth			$1,425	$1,382	$1,223	$1,460	$1,600	$1,746	$1,207	$1,655	$1,615	$841	$993	$14,129	<-this year	1322.86%		-30.32%	<-Total Growth	10	Net Income Growth	-30.32%
Cash Flow Growth			$3,407	$3,542	$3,219	$3,947	$4,058	$3,927	$4,574	$4,388	$4,811	$4,499	$4,847	$5,871	<-this year	21.13%		42.27%	<-Total Growth	10	Cash Flow Growth	42.27%
Dividend Growth			$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$1.67	<-this year	8.86%		106.81%	<-Total Growth	10	Dividend Growth	106.81%
Stock Price Growth			$20.95	$19.13	$21.38	$23.81	$22.63	$25.14	$25.21	$29.79	$26.13	$23.58	$19.49	$24.79	<-this year	27.19%		-6.95%	<-Total Growth	10	Stock Price Growth	-6.95%
Dividends on Shares				$39.36	$43.20	$46.68	$49.44	$53.16	$55.92	$60.23	$63.94	$68.61	$73.46	$78.59	$79.93	$79.93		$554.00	No of Years	10	Total Divs	12/31/14
Paid			$1,005.36	$918.24	$1,026.00	$1,142.88	$1,086.00	$1,206.72	$1,210.08	$1,429.92	$1,254.24	$1,131.84	$935.52	$1,062.24	$1,062.24	$1,062.24		$935.52	No of Years	10	Worth	$20.95
Total																		$1,489.52
Graham No. AESP	$11.50	$12.50	$12.88	$13.69	$13.95	$14.28	$16.57	$16.75	$14.94	$16.30	$17.46	$15.32	$15.59	$15.13	$15.86	#DIV/0!		21.03%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.32	1.35	1.55	1.57	1.44	1.59	1.41	1.45	1.59	1.69	1.73	1.64	1.41	1.42	0.00	#DIV/0!		1.58	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.43	1.50	1.70	1.64	1.58	1.71	1.48	1.53	1.85	1.84	1.97	1.89	1.57	1.53	0.00	#DIV/0!		1.68	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.21	1.19	1.41	1.49	1.30	1.48	1.34	1.37	1.33	1.54	1.50	1.40	1.24	1.30	0.00	#DIV/0!		1.38	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.41	1.46	1.63	1.40	1.53	1.67	1.37	1.50	1.69	1.83	1.50	1.54	1.25	1.46	1.40	#DIV/0!		1.52	<-Median->	10	Price/GP Ratio
Prem/Disc Close	41.29%	47.96%	63.95%	42.21%	59.51%	68.94%	37.68%	49.76%	73.06%	77.52%	50.10%	69.05%	31.17%	57.16%	43.20%	#DIV/0!		54.80%	<-Median->	10	Graham Price
Graham No. EPS	$11.56	$12.06	$12.61	$12.90	$12.47	$13.82	$16.07	$16.86	$14.06	$17.40	$17.31	$11.97	$12.51	$12.24	$14.51	#DIV/0!		-0.78%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.32	1.40	1.59	1.66	1.61	1.65	1.45	1.44	1.69	1.58	1.75	2.10	1.75	1.75				1.66	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.43	1.56	1.74	1.74	1.76	1.77	1.53	1.52	1.97	1.72	1.99	2.42	1.96	1.90				1.77	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.21	1.24	1.44	1.58	1.46	1.53	1.38	1.36	1.42	1.44	1.51	1.79	1.54	1.61				1.48	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.41	1.52	1.66	1.48	1.71	1.72	1.41	1.49	1.79	1.71	1.51	1.97	1.56	1.81	1.52	#DIV/0!		1.63	<-Median->	10	Price/GP Ratio
Prem/Disc Close	40.79%	51.62%	66.09%	48.35%	71.42%	72.34%	40.81%	49.07%	79.25%	71.18%	50.96%	97.03%	55.76%	80.82%	52.46%	#DIV/0!		63.47%	<-Median->	10	Graham Price
Pre-split 2013
Pre-split 2020	$32.55	$36.56	$41.89	$38.26	$42.75	$47.62	$45.25
Price Close	$16.28	$18.28	$20.95	$19.13	$21.38	$23.81	$22.63	$25.14	$25.21	$29.79	$26.13	$23.58	$19.49	$22.13	$22.13	$22.13		-6.95%	<-Total Growth	10	Stock Price
Increase	12.94%	12.32%	14.58%	-8.67%	11.74%	11.39%	-4.98%	11.12%	0.28%	18.17%	-12.29%	-9.76%	-17.35%	13.55%	0.00%	0.00%		17.93	<-Median->	10	CAPE (10 Yr P/E)
P/E	16.15	18.19	18.13	16.71	20.75	19.36	16.88	17.34	26.82	24.42	22.72	40.66	29.09	33.18	23.59	20.92		-4.96%	<-IRR #YR->	5	Stock Price	-22.47%
Trailing P/E	17.41	18.14	20.84	16.56	18.67	23.12	18.39	18.76	17.39	31.69	21.42	20.50	33.60	33.03	33.18	23.59		-0.72%	<-IRR #YR->	10	Stock Price	-6.95%
CAPE (10 Yr P/E)	15.58	15.54	15.54	15.21	15.69	16.38	16.93	17.42	18.44	19.32	19.93	21.15	21.97	23.28	23.57	23.80		0.92%	<-IRR #YR->	5	Price & Dividend	4.22%
Median 10, 5 Yrs		D.  per yr	5.53%	5.88%	% Tot Ret	114.91%	639.60%	T P/E	19.63	21.42	P/E:	21.74	26.82					4.81%	<-IRR #YR->	10	Price & Dividend	48.16%
Price 15		D.  per yr	7.12%		% Tot Ret	55.70%						CAPE Diff	85.07%					5.67%	<-IRR #YR->	15	Stock Price	128.55%
Price  20		D.  per yr	5.29%		% Tot Ret	57.53%												3.91%	<-IRR #YR->	20	Stock Price	115.24%
Price  25		D.  per yr	4.29%		% Tot Ret	57.00%												3.24%	<-IRR #YR->	25	Stock Price	121.79%
Price  30		D.  per yr	4.74%		% Tot Ret	54.20%												4.01%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	4.88%		% Tot Ret	53.76%												4.20%	<-IRR #YR->	34	Stock Price
Price & Dividend 15																		12.79%	<-IRR #YR->	15	Price & Dividend	299.32%
Price & Dividend 20																		9.20%	<-IRR #YR->	20	Price & Dividend	295.66%
Price & Dividend 25																		7.53%	<-IRR #YR->	25	Price & Dividend	320.22%
Price & Dividend 30																		8.75%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		9.08%	<-IRR #YR->	34	Price & Dividend
Price  5								-$25.14	$0.00	$0.00	$0.00	$0.00	$19.49								Price  5
Price 10			-$20.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.49								Price 10
Price & Dividend 5								-$25.14	$1.17	$1.25	$1.33	$1.43	$21.02								Price & Dividend 5
Price & Dividend 10			-$20.95	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$21.02								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	$19.49								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	$19.49								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	$19.49								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	$19.49								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.49								Price  35
Price & Dividend 15	$0.60	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$21.02								Price & Dividend 15
Price & Dividend 20	$0.60	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$21.02								Price & Dividend 20
Price & Dividend 25	$0.60	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$21.02								Price & Dividend 25
Price & Dividend 30	$0.60	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$21.02								Price & Dividend 30
Price & Dividend 35	$0.60	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$21.02								Price & Dividend 35
Price H/L Median	$15.23	$16.85	$20.02	$21.44	$20.09	$22.77	$23.34	$24.29	$23.81	$27.49	$30.28	$25.16	$21.91	$21.44				9.44%	<-Total Growth	10	Stock Price
Increase	18.13%	10.62%	18.80%	7.09%	-6.27%	13.35%	2.50%	4.04%	-1.98%	15.46%	10.15%	-16.91%	-12.92%	-2.12%				0.91%	<-IRR #YR->	10	Stock Price	9.44%
P/E	15.12	16.76	17.33	18.72	19.50	18.51	17.42	16.75	25.32	22.53	26.33	43.37	32.69	32.14				-2.04%	<-IRR #YR->	5	Stock Price	-9.80%
Trailing P/E	16.29	16.72	19.92	18.56	17.55	22.11	18.98	18.12	16.42	29.24	24.82	21.87	37.77	32.00				6.28%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	17.27	18.56	20.39	20.42	18.80	20.46	19.78	19.60	19.87	22.24	24.82	23.55	24.02	25.01				3.68%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	20.97	20.95	22.74	22.65	20.74	22.83	22.36	21.87	21.18	23.85	25.95	22.38	20.37	20.86				17.37	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.38%	5.72%	% Tot Ret	85.57%	155.49%	T P/E	20.43	24.82	P/E:	21.02	26.33						Count	34	Years of data
			-$20.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$21.91
								-$24.29	$0.00	$0.00	$0.00	$0.00	$21.91
			-$20.02	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$23.44
								-$24.29	$1.17	$1.25	$1.33	$1.43	$23.44
High Months	Dec	May	Nov	Jul	Jul	Nov	Sep	Dec	Feb	Sep	Apr	Feb	Jan	Mar
Pre-split 2013
Pre-split 2020	$32.97	$37.57	$43.78	$44.97	$44.01	$48.79	$49.10
Price High	$16.49	$18.79	$21.89	$22.49	$22.01	$24.40	$24.55	$25.68	$27.68	$29.94	$34.42	$28.94	$24.50	$23.20				11.92%	<-Total Growth	10	Stock Price
Increase	14.40%	13.95%	16.53%	2.72%	-2.13%	10.86%	0.64%	4.60%	7.79%	8.16%	14.96%	-15.92%	-15.34%	-5.31%				1.13%	<-IRR #YR->	10	Stock Price	11.92%
P/E	16.36	18.69	18.95	19.64	21.36	19.83	18.32	17.71	29.45	24.54	29.93	49.90	36.57	34.78				-0.94%	<-IRR #YR->	5	Stock Price	-4.60%
Trailing P/E	17.63	18.65	21.78	19.47	19.22	23.68	19.96	19.16	19.09	31.85	28.21	25.17	42.24	34.63				19.64	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	21.82	28.21	P/E:	22.95	29.93					29.46	P/E Ratio		Historical High
			-$21.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.50
								-$25.68	$0.00	$0.00	$0.00	$0.00	$24.50
Low Months	Feb	Jun	Jan	Jun	Jan	Mar	Oct	Oct	Mar	Mar	Dec	Oct	Dec	Apr
Pre-split 2013
Pre-split 2020	$27.95	$29.82	$36.28	$40.77	$36.35	$42.30	$44.27
Price Low	$13.98	$14.91	$18.14	$20.39	$18.18	$21.15	$22.14	$22.89	$19.93	$25.03	$26.13	$21.37	$19.31	$19.68				6.45%	<-Total Growth	10	Stock Price
Increase	22.86%	6.69%	21.66%	12.38%	-10.84%	16.37%	4.66%	3.41%	-12.93%	25.59%	4.39%	-18.22%	-9.64%	1.92%				0.63%	<-IRR #YR->	10	Stock Price	6.45%
P/E	13.87	14.84	15.71	17.80	17.65	17.20	16.52	15.79	21.20	20.52	22.72	36.84	28.82	29.51				-3.34%	<-IRR #YR->	5	Stock Price	-15.64%
Trailing P/E	14.95	14.80	18.05	17.65	15.87	20.53	18.00	17.08	13.74	26.63	21.42	18.58	33.29	29.37				15.71	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	18.29	21.42	P/E:	19.16	22.72					11.76	P/E Ratio		Historical Low
			-$18.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.31
								-$22.89	$0.00	$0.00	$0.00	$0.00	$19.31
Free Cash Flow WSJ	$1,269	$1,144	-$137	-$1,014	$322	$856	$1,183	$33	$1,752	-$928	$1,164	$1,288	$1,460					1165.69%	<-Total Growth	10	Free Cash Flow WSJ
Change	85.80%	-9.85%	-111.98%	-640.15%	131.76%	165.84%	38.20%	-97.21%	5209.09%	-152.97%	225.43%	10.65%	13.35%					25.78%	<-Median->	10	Change
														$2,760	<-12 mths	91.67%
Free Cash Flow MS OLD			-$700	-$1,240	$390	$1,010	$930	$370	$1,480	-$850	$1,360	$1,610									Free Cash Flow MS, WSJ OLD
Change				-77.14%	131.45%	158.97%	-7.92%	-60.22%	300.00%	-157.43%	260.00%	18.38%									Change
Free Cash Flow MS	$1,269	$1,144	-$137	-$1,014	$322	$856	$1,183	$33	$1,752	-$928	$1,164	$1,288	$1,440	$2,923				1151.09%	<-Total Growth	10	Free Cash Flow	WSJ agree
Change	85.80%	-9.85%	-111.98%	-640.15%	131.76%	165.84%	38.20%	-97.21%	5209.09%	-152.97%	225.43%	10.65%	11.80%	102.99%				112.80%	<-IRR #YR->	5	Free Cash Flow MS	4263.64%
FCF/CF from Op Ratio	0.39	0.35	-0.04	-0.29	0.10	0.22	0.29	0.01	0.38	-0.21	0.24	0.29	0.30	0.50				#NUM!	<-IRR #YR->	10	Free Cash Flow MS	1151.09%
Dividends paid in Cash	$776	$823	$901	$992	$1,070	$1,082	$1,141	$1,149	$930	$1,719	$1,188	$1,315	$1,562	$2,497				73.29%	<-Total Growth	10	Dividends paid
Percentage paid				-97.83%	332.30%	126.40%	96.45%	3481.82%	53.08%	-185.25%	102.06%	102.10%	108.47%	85.42%				102.08%	<-Median->	10	Percentage paid
5 Year Coverage								393.77%	129.57%	207.91%	191.23%	190.42%	142.37%	140.66%				190.83%	<-Median->	6	5 Year Coverage
Dividend Coverage Ratio				-1.02	0.30	0.79	1.04	0.03	1.88	-0.54	0.98	0.98	0.92	1.17				0.86	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								0.25	0.77	0.48	0.52	0.53	0.70	0.71							5 Year of Coverage
								-$33	$0	$0	$0	$0	$1,440
			$137	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,440
Free Cash Flow Markt Sc			-$137	-$1,014	$322	$866	$1,197	$932	$1,435	$777	$1,274	$1,759	$2,212	$2,121	$2,492	$2,816		1714.60%	<-Total Growth	10	Free Cash Flow Markt Sc
Change				-640.15%	131.76%	168.94%	38.22%	-22.14%	53.97%	-45.85%	63.96%	38.07%	25.75%	-4.11%	17.49%	13.00%		18.87%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio			-0.04	-0.29	0.10	0.22	0.29	0.24	0.31	0.18	0.26	0.39	0.46	0.36	0.48	#DIV/0!		#NUM!	<-IRR #YR->	10	Free Cash Flow MS
Dividends paid in Cash			$901	$992	$1,070	$1,082	$1,141	$1,149	$930	$1,719	$1,188	$1,315	$1,562	$2,497	$0	$0		73.29%	<-Total Growth	10	Dividends paid
Dividends Percentage paid			-657.92%	-97.83%	332.30%	124.94%	95.32%	123.28%	64.81%	221.25%	93.25%	74.76%	70.61%	117.71%	0.00%	0.00%		94.29%	<-Median->	10	Percentage paid
5 Year Coverage							420.29%	235.95%	113.05%	115.63%	109.12%	102.01%	90.04%	101.69%	66.56%	47.14%		113.05%	<-Median->	7	5 Year Coverage
Dividend Coverage Ratio			-0.15	-1.02	0.30	0.80	1.05	0.81	1.54	0.45	1.07	1.34	1.42	0.85	0.00	0.00		0.93	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			-0.15	-0.61	-0.28	0.01	0.24	0.42	0.88	0.86	0.92	0.98	1.11	0.98	1.50	2.12					5 Year of Coverage
								-$932	$0	$0	$0	$0	$2,212
			$137	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,212
Market Cap	$21,220	$22,793	$25,512	$22,738	$25,223	$28,382	$27,105	$30,419	$32,546	$40,812	$37,392	$34,615	$29,313	$33,748	$33,748	$0		14.90%	<-Total Growth	10	Market Cap
Pre-split 2013	327
Pre-split 2020	654.0	643	618	604	593	593	597	602	602
Diluted # of Shares in Million	1308.0	1286	1236	1208	1186	1186	1194	1204	1278	1351	1403	1457	1493	1483	1483	1483		20.79%	<-Total Growth	10	Diluted
Change	0.31%	-1.68%	-3.89%	-2.27%	-1.82%	0.00%	0.67%	0.84%	6.15%	5.71%	3.85%	3.85%	2.47%	-0.67%	0.00%	0.00%		1.65%	<-Median->	10	Change
Difference Diluted/Basic	-0.3%	-0.5%	-0.3%	-0.2%	-0.2%	0.0%	0.0%	0.0%	-0.2%	-0.4%	-0.5%	-0.4%	-0.3%	-0.3%	-0.3%	-0.3%		-0.20%	<-Median->	10	Difference Diluted/Basic
Pre-split 2013	326
Pre-split 2020	652.00	640	616	603	592	593	597	602	602
Basic # of Shares in Millions	1,304.00	1280	1232	1206	1184	1186	1194	1204	1275	1346	1396	1451	1488	1479	1479	1479		20.78%	<-Total Growth	10	Basic
Change	0.62%	-1.84%	-3.75%	-2.11%	-1.82%	0.17%	0.67%	0.84%	5.90%	5.57%	3.71%	3.94%	2.55%	-0.60%	0.00%	0.00%		1.69%	<-Median->	10	Change
Difference Basic/Outstanding	0.0%	-2.6%	-1.1%	-1.4%	-0.3%	0.5%	0.3%	0.5%	1.3%	1.8%	2.5%	1.2%	1.1%	3.1%	3.1%	-100.0%		0.79%	<-Median->	10	Difference Basic/Outstanding
														$4,752	<-12 mths	-1.96%
BC Tel 1-1
Telus 1-.7773
Common Shares	174.91
Non-Voting Shares	151.05
Pre-slip 2013	325.96
Pre-split 2020
Common Shares	349.82
Non-Voting Shares	302.10
Pre-split 2020	651.93	623.43	609.02	594.30	590	596	599	605
# of Share in Millions	1,303.85	1,246.86	1,218.05	1,188.60	1,180	1,192	1,198	1,210	1,291	1,370	1,431	1,468	1,504	1,525	1,525			2.13%	<-IRR #YR->	10	Shares	23.48%
Change	0.34%	-4.37%	-2.31%	-2.42%	-0.72%	1.02%	0.50%	1.00%	6.69%	6.12%	4.45%	2.59%	2.45%	1.40%	0.00%			4.45%	<-IRR #YR->	5	Shares	24.30%
Cash Flow from Operations $M	$3,219	$3,246	$3,407	$3,542	$3,219	$3,947	$4,058	$3,927	$4,574	$4,388	$4,811	$4,499	$4,847	$5,871	$5,165			42.27%	<-Total Growth	10	Cash Flow
Increase	26.24%	0.84%	4.96%	3.96%	-9.12%	22.62%	2.81%	-3.23%	16.48%	-4.07%	9.64%	-6.49%	7.74%	21.13%	-12.03%				SO, Buy Backs
5 year Running Average	$2,808	$2,893	$2,994	$3,193	$3,327	$3,472	$3,635	$3,739	$3,945	$4,179	$4,352	$4,440	$4,624	$4,883	$5,039			54.46%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.47	$2.60	$2.80	$2.98	$2.73	$3.31	$3.39	$3.25	$3.54	$3.20	$3.36	$3.06	$3.22	$3.85	$3.39			15.22%	<-Total Growth	10	Cash Flow per Share
Increase	25.80%	5.45%	7.44%	6.54%	-8.46%	21.38%	2.30%	-4.19%	9.17%	-9.60%	4.97%	-8.84%	5.16%	19.46%	-12.03%			3.59%	<-IRR #YR->	10	Cash Flow	42.27%
5 year Running Average	$2.18	$2.26	$2.36	$2.56	$2.72	$2.88	$3.04	$3.13	$3.24	$3.34	$3.35	$3.28	$3.28	$3.34	$3.38			4.30%	<-IRR #YR->	5	Cash Flow	23.43%
P/CF on Med Price	6.17	6.47	7.16	7.19	7.36	6.88	6.89	7.48	6.72	8.58	9.01	8.21	6.80	5.57	0.00			1.43%	<-IRR #YR->	10	Cash Flow per Share	15.22%
P/CF on Closing Price	6.59	7.02	7.49	6.42	7.84	7.19	6.68	7.75	7.12	9.30	7.77	7.69	6.05	5.75	6.53			-0.14%	<-IRR #YR->	5	Cash Flow per Share	-0.70%
															-21.03%	Diff M/C		3.34%	<-IRR #YR->	10	CFPS 5 yr Running	38.87%
														$4,818	<-12 mths	4.69%
Excl.Working Capital CF	$66.00	-$194.00	-$101.00	-$12.00	-$57	$52	-$256	$332	-$270	$82	$193	$461	-$245	$0	$0			0.93%	<-IRR #YR->	5	CFPS 5 yr Running	4.75%
CF fr Op $M WC	$3,285	$3,052	$3,306	$3,530	$3,162	$3,999	$3,802	$4,259	$4,304	$4,470	$5,004	$4,960	$4,602	$5,871	$5,165			39.20%	<-Total Growth	10	Cash Flow less WC
Increase	16.57%	-7.09%	8.32%	6.78%	-10.42%	26.47%	-4.93%	12.02%	1.06%	3.86%	11.95%	-0.88%	-7.22%	27.58%	-12.03%			3.36%	<-IRR #YR->	10	Cash Flow less WC	39.20%
5 year Running Average	$2,867	$2,863	$3,005	$3,198	$3,267	$3,410	$3,560	$3,750	$3,905	$4,167	$4,368	$4,599	$4,668	$4,981	$5,120			1.56%	<-IRR #YR->	5	Cash Flow less WC	8.05%
CFPS Excl. WC	$2.52	$2.45	$2.71	$2.97	$2.68	$3.35	$3.17	$3.52	$3.33	$3.26	$3.50	$3.38	$3.06	$3.85	$3.39			4.50%	<-IRR #YR->	10	CF less WC 5 Yr Run	55.32%
Increase	16.17%	-2.85%	10.89%	9.42%	-9.77%	25.20%	-5.40%	10.91%	-5.28%	-2.13%	7.17%	-3.38%	-9.44%	25.82%	-12.03%			4.47%	<-IRR #YR->	5	CF less WC 5 Yr Run	24.47%
5 year Running Average	$2.23	$2.23	$2.37	$2.56	$2.67	$2.83	$2.98	$3.14	$3.21	$3.33	$3.36	$3.40	$3.31	$3.41	$3.43			1.21%	<-IRR #YR->	10	CFPS - Less WC	12.74%
P/CF on Med Price	6.17	6.47	7.37	7.22	7.50	6.79	7.36	6.90	7.14	8.42	8.66	7.45	7.16	5.57	0.00			-2.76%	<-IRR #YR->	5	CFPS - Less WC	-13.07%
P/CF on Closing Price	6.59	7.02	7.72	6.44	7.98	7.10	7.13	7.14	7.56	9.13	7.47	6.98	6.37	5.75	6.53			3.39%	<-IRR #YR->	10	CFPS 5 yr Running	39.63%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	7.28	5 yr	8.21	P/CF Med	10 yr	7.29	5 yr	7.45		-21.11%	Diff M/C		1.04%	<-IRR #YR->	5	CFPS 5 yr Running	5.31%
			-1,218.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1,504.0								Shares
								-1,210.0	0.0	0.0	0.0	0.0	1,504.0								Shares
			-$3,407.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,847.0								Cash Flow
								-$3,927.0	$0.0	$0.0	$0.0	$0.0	$4,847.0								Cash Flow
			-$2.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.22								Cash Flow per Share
								-$3.25	$0.00	$0.00	$0.00	$0.00	$3.22								Cash Flow per Share
			-$2.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.28								CFPS 5 yr Running
								-$3.13	$0.00	$0.00	$0.00	$0.00	$3.28								CFPS 5 yr Running
			-$3,306.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,602.0								Cash Flow less WC
								-$4,259.0	$0.0	$0.0	$0.0	$0.0	$4,602.0								Cash Flow less WC
			-$3,005.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,668.0								CF less WC 5 Yr Run
								-$3,750.4	$0.0	$0.0	$0.0	$0.0	$4,668.0								CF less WC 5 Yr Run
			-$2.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.06								CFPS - Less WC
								-$3.52	$0.00	$0.00	$0.00	$0.00	$3.06								CFPS - Less WC
			-$2.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.31								CFPS 5 yr Running
								-$3.14	$0.00	$0.00	$0.00	$0.00	$3.31								CFPS 5 yr Running
Net change in non-cash operating working capital	$52.0	$187.0	-$64.0
Accounts Receivable				$55	-$45	-$70	$74	-$329	-$231	-$290	-$312	-$184	-$54
Inventories				-$40	$42	-$60	$4	-$61	$30	-$41	-$89	$53	-$145
Contract Assets							-$103	$123	$298	-$4	$9	-$4	-$20
Prepaid Expenses				-$22	-$20	-$27	-$46	$0	$79	-$44	-$56	-$60	-$81
Unrealized gain Trading Derivatives
Accounts Payable and Accrued Liab.				-$60	$126	$126	-$11	$73	$189	$289	$173	-$268	$307
Income & other taxes rec & pay Net							$277	-$287	-$49	-$77	$50	-$72	$41
Advance Billings, customer Deposits				$7	-$28	$38	$12	-$10	$54	$62	-$12	$74	$46
Provisions				$72	-$18	-$59	$49	$159	-$100	$23	$44
Share based compensation													$151
Non-current contract Assets
Income and other taxes receivable	-$118.0	$7.0	$165.0
and payable, net
Net.	-$66.0	$194.0	$101.0	$12.0	$57.0	-$52.0	$256	-$332	$270	-$82	-$193	-$461	$245
Google --> TD 2017	-$66.0	$194.0	$101.0	$12.0	$57.0	-$52	$194	-$332	$270	-$82	-$237	-$461	$244
Difference	$0.0	$0.0	$0.0	$0.0	$0.0	$0	$62	$0	$0	$0	$44	$0	$1
TD		$194	$101	$12	$57
Difference		$0	$0	$0	$0
Changes found in Sep 2019			-$64	$214	-$71	-$263
Changes found in Sep 2020					-$71	-$219	$256
OPM	29.48%	28.46%	28.39%	28.33%	25.15%	29.67%	28.24%	26.79%	29.58%	25.43%	26.13%	22.37%	23.78%	28.57%				-16.24%	<-Total Growth	10	OPM
Increase	20.18%	-3.43%	-0.27%	-0.20%	-11.23%	17.96%	-4.80%	-5.14%	10.41%	-14.04%	2.77%	-14.41%	6.31%	20.18%					Should increase		or be stable.
Diff from Ave	11.39%	7.57%	7.28%	7.07%	-4.95%	12.12%	6.74%	1.25%	11.79%	-3.91%	-1.25%	-15.48%	-10.14%	7.99%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	26.46%	5 Yrs	25.43%					should be	zero, it is a		check on calculations
														$7,333	<-12 mths	0.00%
Adjusted EBITDA							$5,250	$5,693	$5,701	$6,069	$6,643	$7,149	$7,333	$7,499	$7,794	$8,058					Adjusted EBITDA
Change								8.44%	0.14%	6.46%	9.46%	7.62%	2.57%	2.26%	3.93%	3.39%					Change
Margin							36.54%	38.84%	36.87%	35.17%	36.08%	35.54%	35.97%	36.50%	36.40%	36.43%					Margin
Long Term Debt	$5,711	$7,493	$9,321	$12,038	$12,931	$12,256	$13,265	$17,142	$18,856	$17,925	$22,496	$23,355	$25,608	$27,729				174.73%	<-Total Growth	10	Debt	Type
Change	3.69%	31.20%	24.40%	29.15%	7.42%	-5.22%	8.23%	29.23%	10.00%	-4.94%	25.50%	3.82%	9.65%	8.28%				8.94%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.27	0.33	0.37	0.53	0.51	0.43	0.49	0.56	0.58	0.44	0.60	0.67	0.87	0.82				0.55	<-Median->	10	% of Market C.	Intang/GW
Assets/Current Liabilities Ratio	5.81	6.54	6.64	6.18	5.60	5.69	6.83	6.81	7.33	5.80	6.53	5.92	5.90	5.57				6.05	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)	1.77	2.31	2.74	3.40	4.02	3.11	3.27	4.37	4.12	4.09	4.68	5.19	5.28	4.72				4.10	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq, CF DB
Intangibles	$6,181	$6,531	$7,797	$7,797	$10,364	$10,668	$10,956	$12,812	$15,026	$17,485	$19,178	$19,721	$20,593	$20,523				164.11%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$3,702	$3,737	$3,757	$3,757	$3,787	$4,217	$4,733	$8,331	$7,235	$7,281	$9,169	$10,058	$10,544	$10,440				180.65%	<-Total Growth	10	Goodwill	Leverage
Total	$9,883	$10,268	$11,554	$11,554	$14,151	$14,885	$15,689	$21,143	$22,261	$24,766	$28,347	$29,779	$31,137	$30,963				169.49%	<-Total Growth	10	Total	D/E Ratio
Change	0.70%	3.90%	12.52%	0.00%	22.48%	5.19%	5.40%	34.76%	5.29%	11.25%	14.46%	5.05%	4.56%	-0.56%				5.34%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.47	0.45	0.45	0.51	0.56	0.52	0.58	0.70	0.68	0.61	0.76	0.86	1.06	0.92				0.65	<-Median->	10	% of Market C.
Current Assets	$2,210	$2,329	$2,186	$2,331	$2,474	$2,884	$3,841	$4,353	$4,683	$5,032	$6,092	$6,313	$6,647	$9,324				Liquidity ratio of 1.5 and up, best
Current Liabilities	$3,520	$3,299	$3,499	$4,276	$4,951	$5,190	$4,841	$5,574	$5,909	$8,273	$8,281	$9,478	$9,831	$10,889				0.67	<-Median->	10	Ratio
Liquidity	0.63	0.71	0.62	0.55	0.50	0.56	0.79	0.78	0.79	0.61	0.74	0.67	0.68	0.86				0.68	<-Median->	5	Ratio
Liq. with CF aft div	1.32	1.44	1.34	1.15	0.94	1.09	1.38	1.25	1.31	0.93	1.09	0.92	0.94	1.17				0.94	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.83	0.84	0.65	0.56	0.59	0.64	0.85	0.65	0.64	0.56	0.66	0.61	0.68	1.17				0.64	<-Median->	5	Ratio
Curr Long Term Debt	$545	$21	$255	$856	$1,327	$1,404	$836	$1,332	$1,432	$2,927	$2,541	$3,994	$3,246	$4,465
Liquidity Less CLTD	0.74	0.71	0.67	0.68	0.68	0.76	0.96	1.03	1.05	0.94	1.06	1.15	1.01	1.45				1.05	<-Median->	5	Ratio
Liq. with CF aft div	1.56	1.45	1.45	1.43	1.28	1.50	1.66	1.64	1.73	1.44	1.57	1.59	1.40	1.98				1.57	<-Median->	5	Ratio
Assets	$20,445	$21,566	$23,217	$26,406	$27,729	$29,548	$33,065	$37,975	$43,332	$47,994	$54,046	$56,136	$58,023	$60,628				Debt Ratio of 1.5 and up, best
Liabilities	$12,759	$13,551	$15,763	$18,734	$19,793	$21,285	$22,724	$27,316	$30,730	$31,935	$36,388	$38,834	$41,225	$44,526				1.41	<-Median->	10	Ratio
Debt Ratio	1.60	1.59	1.47	1.41	1.40	1.39	1.46	1.39	1.41	1.50	1.49	1.45	1.41	1.36				1.45	<-Median->	5	Ratio
Estimates BVPS														$9.69	$8.73	$7.85			Estimates		Estimates BVPS
Estimate Book Value														$14,772.7	$13,305.6	$0.0			Estimates		Estimate Book Value
P/B Ratio (Close)														2.28	2.54	2.82			Estimates		P/B Ratio (Close)
Difference from 10 year median															-14.45%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$7,686	$8,015	$7,454	$7,672	$7,936	$8,263	$10,341	$10,659	$12,602	$16,059	$17,658	$17,302	$16,798	$16,102				125.36%	<-Total Growth	10	Book Value
NCI	$0	$0	$0	$0	$19	$42	$82	$111	$528	$943	$1,089	$1,190	$1,178	$882							NCI
Preferred Shares	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0							Preferred Shares
Book Value	$7,686	$8,015	$7,454	$7,672	$7,917	$8,221	$10,259	$10,548	$12,074	$15,116	$16,569	$16,112	$15,620	$15,220	$15,220	$15,220		109.55%	<-Total Growth	10	Book Value
Book Value per Share	$5.89	$6.43	$6.12	$6.45	$6.71	$6.90	$8.56	$8.72	$9.35	$11.03	$11.58	$10.98	$10.39	$9.98	$9.98	#DIV/0!		69.71%	<-Total Growth	10	Book Value per Share
Change	1.95%	9.05%	-4.80%	5.47%	3.95%	2.79%	24.17%	1.80%	7.29%	17.98%	4.94%	-5.21%	-5.37%	-3.90%	0.00%	#DIV/0!		-1.92%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.58	2.62	3.27	3.32	2.99	3.30	2.73	2.79	2.55	2.49	2.61	2.29	2.11	2.15				2.26	P/B Ratio		Historical Median
P/B Ratio (Close)	2.76	2.84	3.42	2.96	3.19	3.45	2.64	2.88	2.70	2.70	2.26	2.15	1.88	2.22	2.22	#DIV/0!		5.43%	<-IRR #YR->	10	Book Value per Share	69.71%
Change	10.78%	3.00%	20.35%	-13.41%	7.49%	8.36%	-23.47%	9.15%	-6.53%	0.16%	-16.41%	-4.80%	-12.65%	18.16%	0.00%	#DIV/0!		3.56%	<-IRR #YR->	5	Book Value per Share	19.14%
Leverage (A/BK)	2.66	2.69	3.11	3.44	3.49	3.58	3.20	3.56	3.44	2.99	3.06	3.24	3.45	3.77				3.44	<-Median->	10	A/BV
Debt/Equity Ratio	1.66	1.69	2.11	2.44	2.49	2.58	2.20	2.56	2.44	1.99	2.06	2.24	2.45	2.77				2.44	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	2.67	5 yr Med	2.49		-16.96%	Diff M/C		2.67	Historical		A/BV
			-$6.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.39
								-$8.72	$0.00	$0.00	$0.00	$0.00	$10.39
														$865	<-12 mths	-7.68%
Total Comprehensive Income	$947	$2,283	$987	$1,846	$1,221	$1,320	$1,908	$1,554	$964	$2,349	$1,797	$689	$955					-3.24%	<-Total Growth	10	Total Comprehensive Income
NCI	$0	$0	$0	$0	$15	$23	$10	$38	$71	$8	$143	$1	$18								NCI
Shareholders	$947	$2,283	$987	$1,846	$1,206	$1,297	$1,898	$1,516	$893	$2,341	$1,654	$688	$937					-5.07%	<-Total Growth	10	Shareholders
Increase	153.21%	141.08%	-56.77%	87.03%	-34.67%	7.55%	46.34%	-20.13%	-41.09%	162.15%	-29.35%	-58.40%	36.19%					-29.35%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$915	$1,151	$1,137	$1,287	$1,454	$1,524	$1,447	$1,553	$1,362	$1,589	$1,660	$1,418	$1,303					-0.52%	<-IRR #YR->	10	Comprehensive Income	-5.07%
ROE	12.3%	28.5%	13.2%	24.1%	15.2%	15.8%	18.5%	14.4%	7.4%	15.5%	10.0%	4.3%	6.0%					-9.17%	<-IRR #YR->	5	Comprehensive Income	-38.19%
5Yr Median	13.4%	13.4%	13.2%	13.2%	15.2%	15.8%	15.8%	15.8%	15.2%	15.5%	14.4%	10.0%	7.4%					1.37%	<-IRR #YR->	10	5 Yr Running Average	14.60%
% Difference from NI	-28.1%	76.4%	-30.7%	33.6%	-1.4%	-11.2%	18.6%	-13.2%	-26.0%	41.5%	2.4%	-18.2%	-5.6%					-3.45%	<-IRR #YR->	5	5 Yr Running Average	-16.10%
Median Values										Diff	5, 10 yr	-3.5%	-5.6%					7.4%	<-Median->	5	Return on Equity
			-$987	$0	$0	$0	$0	$0	$0	$0	$0	$0	$937
								-$1,516	$0	$0	$0	$0	$937
			-$1,137	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,303
								-$1,553	$0	$0	$0	$0	$1,303
Current Liability Coverage Ratio	0.93	0.93	0.94	0.83	0.64	0.77	0.79	0.76	0.73	0.54	0.60	0.52	0.47	0.54							CFO / Current Liabilities
5 year Median	0.87	0.87	0.93	0.93	0.93	0.83	0.79	0.77	0.76	0.76	0.73	0.60	0.54	0.54				0.54	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	16.07%	14.15%	14.24%	13.37%	11.40%	13.53%	11.50%	11.22%	9.93%	9.31%	9.26%	8.84%	7.93%	9.68%							CFO / Total Assets
5 year Median	14.14%	14.14%	14.15%	14.15%	14.15%	13.53%	13.37%	11.50%	11.40%	11.22%	9.93%	9.31%	9.26%	9.26%				9.3%	<-Median->	5	Return on Assets
Return on Assets ROA	6.45%	6.00%	6.14%	5.23%	4.41%	4.94%	4.84%	4.60%	2.79%	3.45%	2.99%	1.50%	1.71%	23.30%				Net	Income/Assets		Return on Assets
5Yr Median	5.89%	6.00%	6.10%	6.10%	6.00%	5.23%	4.94%	4.84%	4.60%	4.60%	3.45%	2.99%	2.79%	2.99%				3.9%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	17.15%	16.14%	19.12%	18.01%	15.45%	17.76%	15.60%	16.55%	10.00%	10.95%	9.75%	5.22%	6.36%	92.83%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	15.71%	16.14%	16.17%	17.15%	17.15%	17.76%	17.76%	16.55%	15.60%	15.60%	10.95%	10.00%	9.75%	9.75%				13.2%	<-Median->	10	Return on Equity
														$966	<-12 mths	-2.72%
Total Net Income	$1,318	$1,294	$1,425	$1,382	$1,236	$1,479	$1,624	$1,776	$1,260	$1,698	$1,718	$867	$938					-34.18%	<-Total Growth	10	Total Net Income
NCI	$0	$0	$0	$0	$13	$19	$24	$30	$53	$43	$103	$26	-$55								NCI
Shareholders	$1,318	$1,294	$1,425	$1,382	$1,223	$1,460	$1,600	$1,746	$1,207	$1,655	$1,615	$841	$993	$14,129	$1,454	$1,694		-30.32%	<-Total Growth	10	Shareholders
Increase	8.48%	-1.82%	10.12%	-3.02%	-11.51%	19.38%	9.59%	9.13%	-30.87%	37.12%	-2.42%	-47.93%	18.07%	1322.86%	-89.71%	16.51%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,139	$1,173	$1,258	$1,327	$1,328	$1,357	$1,418	$1,482	$1,447	$1,534	$1,565	$1,413	$1,262	$3,847	$3,806	$3,822		-3.55%	<-IRR #YR->	10	Net Income	-30.32%
Operating Cash Flow	$3,219	$3,246	$3,407	$3,542	$3,219	$3,947	$4,058	$3,927	$4,574	$4,388	$4,811	$4,499	$4,847					-10.67%	<-IRR #YR->	5	Net Income	-43.13%
Investment Cash Flow	-$2,058	-$2,389	-$3,668	-$4,477	-$2,923	-$3,643	-$2,977	-$5,044	-$6,165	-$5,466	-$5,408	-$4,748	-$3,700					0.03%	<-IRR #YR->	10	5 Yr Running Ave.	0.33%
Total Accruals	$157	$437	$1,686	$2,317	$927	$1,156	$519	$2,863	$2,798	$2,733	$2,212	$1,090	-$154					-3.16%	<-IRR #YR->	5	5 Yr Running Ave.	-14.84%
Total Assets	$20,445	$21,566	$23,217	$26,406	$27,729	$29,548	$33,065	$37,975	$43,332	$47,994	$54,046	$56,136	$58,023						Balance Sheet		Assets
Accruals Ratio	0.77%	2.03%	7.26%	8.77%	3.34%	3.91%	1.57%	7.54%	6.46%	5.69%	4.09%	1.94%	-0.27%					4.09%	<-Median->	5	Ratio
EPS/CF Ratio	0.40	0.41	0.43	0.39	0.38	0.37	0.42	0.41	0.28	0.37	0.33	0.17	0.22					0.37	<-Median->	10	EPS/CF Ratio
			-$1,425	$0	$0	$0	$0	$0	$0	$0	$0	$0	$993
								-$1,746	$0	$0	$0	$0	$993
			-$1,258	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,262
								-$1,482	$0	$0	$0	$0	$1,262
Change in Close	12.94%	12.32%	14.58%	-8.67%	11.74%	11.39%	-4.98%	11.12%	0.28%	18.17%	-12.29%	-9.76%	-17.35%	13.55%	0.00%	0.00%			Count	29	Years of data
up/down				down	down				down	down	down								Count	8	27.59%
Meet Prediction?				Yes							Yes							% right	Count	4	50.00%
Financial Cash Flow	-$1,100	-$628	-$15	$1,098	-$87	-$227	-$1,176	$1,238	$1,904	$953	$848	$139	-$1,142						C F Statement		Financial Cash Flow
Total Accruals	$1,257	$1,065	$1,701	$1,219	$1,014	$1,383	$1,695	$1,625	$894	$1,780	$1,364	$951	$988								Accruals
Accruals Ratio	6.15%	4.94%	7.33%	4.62%	3.66%	4.68%	5.13%	4.28%	2.06%	3.71%	2.52%	1.69%	1.70%					2.06%	<-Median->	5	Ratio
Cash	$107	$336	$60	$223	$432	$509	$414	$535	$848	$723	$974	$864	$869	$3,682							Cash
Cash per Share	$0.08	$0.27	$0.05	$0.19	$0.37	$0.43	$0.35	$0.44	$0.66	$0.53	$0.68	$0.59	$0.58	$2.41				$0.59	<-Median->	5	Cash per Share
Percentage of Stock Price	0.50%	1.47%	0.24%	0.98%	1.71%	1.79%	1.53%	1.76%	2.61%	1.77%	2.60%	2.50%	2.96%	10.91%				2.60%	<-Median->	5	% of Stock Price
Notes:
September 10, 2025.  Last estimates were for 2024, 2025, 2026 of $20240M, $20927M, $22058M  Revenue, $0.99, $1.08, $1.25  AEPS, $0.70, $0.99 and $1.21 EPS,
$1.55, $1.65, $1.77 Dividends, $2532M, $2.449M, $2929M FCF, $3.92, $3.60 2024/5 CFPS, $7371M, $7748M, $8168M EBITDA, $10.57, $9.92, $9.38 BVPS, $10.38M, $1534M, $1815M Net Income.
September 2, 2024  Last estimates were for 2023, 2024, 2025 of $20369M, $21414M, $22570M Revenue, $0.95, $1.20, $1.39 AEPS, $0.54, $1.12, $1.36 EPS,
$1.45, $1.56, $1.67 Dividends, $1504, $2532M, $2923M FCF, $2.80, $4.10, $4.72 CFPS, $10.80, $10.20, $9.82 BVPS, $1.879M, $2,173M 2023/4 for Net Income.
September 8, 2023.  Last estimates were 2022, 2023 and 2024 of $18286M, $19962M and $21142M for Revenue, $1.27, $1.44 and $1.71 for AEPS, $1.21, $1.33 and $1.56 for EPS,
$1.36. $1.45 and $1.56 for Dividends, $1226M, $2735M and $3291M for FCF, $3.41, $3.93 and $4.69 for CFPS, $14.40, $11.00 and $11.10 for BVPS, $1705M, $1879M and $2173M for Net Income.
September 10, 2022.  Last estimates were for 2021, 2022 and 2023 of $16901M, $18044M and $18805M for Revenue, $1.03, $1.17 and $1.37 for EPS, $1.28, $1.37 and $1.46 for Dividends,
$937M, $1448M and $2693M for FCF, $3.31, $3.72 and $4.26 for CFPS, and $1418M, $1631M and $1876M for Net Income.
September 4, 2021.  Last estimates were for 2020, 2021, and $2022 of $15247M, $16063M and $16632M for Revenue, $1.07, $1.26 and $1.32 for EPS, $1.19, $1.28 and $1.36 for Div,
$1479M, $1904M and $2281M for FCF, $3.48 and $3.57 for CFPS for 2020-21, and $1389M, $1666M and $1769M for Net Income.
September 12, 2020.  Last estimates were for 2019, 2020 and 2021 of $14784, $15276 and $15712 for Revenue, $1.47, $1.48 and 1.57 for EPS, $6.85 and $7.36 for CFPS for 2020 and 2021 and $1794, $1798 and $1929 for Net Income.
September 8, 2019.  Last estimates were for 2018, 2019 and 2020 of $14111M, $14667M and $15217M for Revenue, $2.68, $2.85 and $3.08 for EPS, $7.02, $7.16 and $7.35 for CFPS and $1595M, $1714M and $1845M for Net Income.
September 16, 2018.  Last estimates were for 2017, 2018 and 2019 of $13288M, $13734M and $14019M for Revenue, $2.57, $2.80 and $3.09 for EPS, $6.54, $6.74 and $7.02 for CFPS, $1504M, $1635M and $1742M for Net Income.
September 17, 2017.  Last estimates were for 2016  and 2017 of $13007M and $13373M for Revenue, $2.78 and $2.94 for EPS, $5.49 and $6.11 for CFPSand $1708M and $1843M for Net Income.
September 18, 2016.  Last estimates were for 2015, 2016 and 2017 of $12524M, $13007M and $13373M for Revenue, $2.52, $2.78 and $2.94 for EPS, $5.49, $5.89 and $6.11 for CFPS and $1519M, $1708M and $1843M for Net Income.
September 23, 2015.  Last estimates were for 2014, 2015 and 2016 of $11901M, $12357M and $13669M for Revenue, $2.35, $2.60 and $2.79 for EPS, $4.90, $5.36 and $6.00 for CFPS and $1472M, $1602M and $1677M for Net Income.
September 15, 2014.  Last estimates were for 2013, 2014 and 2015 of $11421M, $11852M and $12224M for Revenue, $2.09, $2.30 and $2.62 for EPS, $4.86, $4.86, $4.86
In 2013 they got rid of non-voting shares and now only have common shares.
August 18, 2013.  Last estimates were for 2012 and 2013 of $10.383 (2012 only) Revenue, $4.05 and $4.44 EPS and $9.09 (2012 only) for CFPS.
In 2013, all the non-voting shares were changed into common shares, so now there is only one type of shares.
February 4 2013. Non-voting shares of Telus, with the ticker symbol T.A were converted one-for-one into voting shares, with the ticker symbol T. On February 11 all the shares began trading under the one ticker symbol.
Feb 6, 2012.  Last estimates I got were for 2010 and 2011 of $3.25 and $3.65 for EPS and $7.65 and $8.80 for CF
Telus non-voting shares are TSX-T.A and US shares on NYSE of TU.  I am following TSX-T, which are the voting shares.  Both shares get the same dividend amount per share.
BC Telecom and Telus joined 31 Jan1999
If federal foreign ownership restrictions were removed, non-voting shares may convert on a one-for-one basis to common shares.
Sector:
Telecom Service, Utilities
What should this stock accomplish?
Would I buy this company and Why.
If I was looking for a telecom stock, I would consider this one. It is a dividend growth stock.
Why am I following this stock.
I started to follow this stock because of a list of stock John Sartz talked about in 2008.
At the Toronto Money Shows in 2009 and 2010 Aaron Dunn from KeyStone Financial Publishing Corp talked about having recommended this stock.
Aaron Dunn says he likes companies with resilient business models, which are profitable and are growing their earnings.  He also like companies with strong management teams, health balance sheets and compelling valuations.
They look at the P/E and the Price/Cash Flow ratios.  Telus Corp (TSX-T) was one of three stocks he recommended in 2009.
Dividends
Dividends are paid in Cycle 1, that is January, April, July and October.  Dividends are declared for shareholders of record of one month and paid in the following month.
For example, the dividend declared for the shareholders of record of September 10, 2013 was paid on October 1, 2013.
How they make their money.
Telus is one of the Big Three wireless service providers in Canada.  It is the incumbent local exchange carrier in the western Canadian provinces of British Columbia and Alberta,
where it provides internet, television, and landline phone services. It also has a small wireline presence in eastern Quebec. More than 20% of Telus' sales now come from
non-telecom businesses, most notably in the international business services, health, security, and agriculture industries.
http://www.cantechletter.com/2014/01/europacific-canadas-rob-goff-reveals-top-tech-picks-2014/
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.
						Updated for	Split
	%, 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
On Sep 16 2014	2017	Sep 16	2018	Sep 8	2019	Sep 12	2020	Sep 4	2021	Sep 10	2022	Sep 8	2023	Sep 2	2024			Sep 10	2025
Entwistle, Darren	0.03%	0.394	0.03%	0.367	0.03%	0.758	0.06%	0.385	0.03%	0.392	0.03%	0.773	0.05%	0.799	0.05%			0.823	0.05%			3.04%
CEO - Shares - Amount	$8.798		$8.905		$9.222		$19.111		$11.454		$10.248		$18.233		$15.577				$18.224
Options - percentage	0.10%	1.205	0.10%	1.285	0.11%	2.350	0.18%	1.255	0.09%	1.281	0.09%	1.475	0.10%	1.647	0.11%			1.988	0.13%			20.68%
Options - amount	$29.049		$27.257		$32.305		$59.243		$37.382		$33.486		$34.779		$32.102				$43.988
Natale, Joe
CEO - Shares - Amount
Options - percentage
Options - amount
French, Douglas	0.00%	0.020	0.00%	0.039	0.00%	0.069	0.01%	0.086	0.01%	0.093	0.01%	0.121	0.01%	0.122	0.01%			0.125	0.01%			2.51%
CFO - Shares - Amount	$0.225		$0.448		$0.983		$1.747		$2.574		$2.418		$2.846		$2.374				$2.763
Options - percentage	0.01%	0.240	0.02%	-0.298	-0.02%	0.621	0.05%	0.328	0.02%	0.334	0.02%	0.359	0.02%	0.400	0.03%			0.473	0.03%			18.30%
Options - amount	$3.595		$5.425		-$7.494		$15.649		$9.759		$8.726		$8.468		$7.788				$10.461
Gossling, John Richard
CFO - Shares - Amount
Options - percentage
Options - amount
Arora, Navin				0.025	0.00%	0.079	0.01%	0.079	0.01%	0.114	0.01%	0.161	0.01%	0.194	0.01%			0.212	0.01%			9.23%
Officer - Shares - Amount					$0.628		$1.999		$2.351		$2.992		$3.807		$3.790				$4.700
Options - percentage				0.097	0.01%	0.304	0.02%	0.236	0.02%	0.290	0.02%	0.369	0.03%	0.541	0.04%			0.554	0.04%			2.43%
Options - amount					$2.447		$7.652		$7.036		$7.568		$8.706		$10.540				$12.258
Mawji, Zainul												0.095	0.01%	0.153	0.01%			0.208	0.01%			36.14%
Officer - Shares - Amount													$2.230		$2.975				$4.599
Options - percentage												0.317	0.02%	0.489	0.03%			0.521	0.03%			6.63%
Options - amount													$7.486		$9.527				$11.534
McIntosh, Sandy												0.101	0.01%	0.149	0.01%			0.163	0.01%			9.40%
Officer - Shares - Amount													$2.381		$2.907				$3.611
Options - percentage												0.246	0.02%	0.359	0.02%			0.334	0.02%			-6.88%
Options - amount													$5.803		$6.999				$7.400
Chan, Raymond Tatsun	0.00%	0.040	0.00%	0.040	0.00%	0.080	0.01%	0.080	0.01%	0.080	0.01%	0.092	0.01%	0.092	0.01%			0.092	0.01%			0.00%
Director - Shares - Amount	$0.952		$0.905		$1.006		$2.017		$2.383		$2.090		$2.169		$1.793				$2.036
Options - percentage	0.03%	0.040	0.00%	0.048	0.00%	0.057	0.00%	0.066	0.00%	0.075	0.01%	0.085	0.01%	0.100	0.01%			0.117	0.01%			17.16%
Options - amount	$7.828		$0.916		$1.209		$1.439		$1.978		$1.952		$2.009		$1.944				$2.586
Claxton, Hazel Cynthia										0.003	0.00%	0.003	0.00%	0.003	0.00%			0.005	0.00%			61.50%
Director - Shares - Amount											$0.078		$0.071		$0.058				$0.107
Options - percentage										0.012	0.00%	0.021	0.00%	0.033	0.00%			0.046	0.00%			42.99%
Options - amount											$0.324		$0.491		$0.634				$1.029
Flynn, Tomas Earl										0.010	0.00%	0.012	0.00%	0.012	0.00%			0.012	0.00%			0.00%
Director - Shares - Amount											$0.261		$0.273		$0.225				$0.256
Options - percentage										0.025	0.00%	0.036	0.00%	0.051	0.00%			0.075	0.00%			48.44%
Options - amount											$0.643		$0.841		$0.989				$1.667
Manley, John Paul										0.003	0.00%	0.005	0.00%	0.007	0.00%			0.007	0.00%			1.50%
Chairman. - Shares - Amt											$0.080		$0.114		$0.134				$0.154
Options - percentage										0.129	0.01%	0.147	0.01%	0.176	0.01%			0.216	0.01%			22.40%
Options - amount											$3.366		$3.468		$3.437				$4.776
Auchinleck, Richard H. (Dick)	0.00%	0.046	0.00%	0.053	0.00%	0.058	0.00%	0.062	0.00%	0.069	0.00%										Ceased insider May 2023
Chairman. - Shares - Amt	$0.944		$1.05		$1.332		$1.467		$1.845		$1.803
Options - percentage	0.03%	0.365	0.03%	0.395	0.03%	0.428	0.03%	0.462	0.03%	0.493	0.03%
Options - amount	$8.020		$8.27		$9.932		$10.795		$13.772		$12.893
Increase in O/S Shares	0.00%	2.000	0.17%	3.867	0.32%	4.101	0.34%	3.698	0.29%	4.000	0.29%	4.000	0.28%	4.000	0.27%			3.000	0.20%		Share-based compensation
due to SO	$0.000		$47.620		$87.493		$103.092		$93.229		$119.160		$104.520		$94.320				$58.470		settled in cash
Book Value	$2.000		$2.000		$86.000		$33.000		$97.000		$141.000		$133.000		$99.000				$88.000		Equity Accounted Share-based
Insider Buying	-$1.637		-$1.820		-$3.075		-$3.324		-$1.725		-$0.262		-$10.280		-$1.065				-$2.839		Compensation
Insider Selling	$0.416		$0.051		$1.425		$0.729		$2.648		$27.071		$32.933		$2.166				$0.000
Net Insider Selling	-$1.221		-$1.769		-$1.651		-$2.595		$0.923		$26.809		$22.652		$1.101				-$2.839
% of Market Cap	0.00%		-0.01%		-0.01%		-0.01%		0.00%		0.07%		0.07%		0.00%				-0.01%
Directors 2013		14		12		12		14		15		14		14				14
Women	23%	4	29%	5	42%	5	42%	5	36%	6	40%	6	43%	6	43%			6	43%
Minorities	15%	2	14%	1	8%	1	8%	1	7%	1	7%	1	7%	1	7%			1	7%
								Asian male
Institutions/Holdings	51.09%	596	51.09%	282	51.92%	20	45.27%	20	57.98%	20	43.40%	20	80.27%	20	47.62%			20	53.58%
Total Shares Held	25.46%	328.075	27.52%	312.581	25.83%	581.257	45.02%	789.089	61.12%	602.009	42.07%	1,161.577	79.13%	705.674	46.92%			817.117	53.58%
Increase/Decrease 3 Mths	-3.57%	6.236	0.52%	3.280	0.27%	31.143	2.60%	54.485	4.55%	-6.102	-0.51%	34.444	2.88%	16.191	1.35%			-43.921	-3.67%
Starting No. of Shares	Nasdaq	321.840	Nasdaq	309.301	Nasdaq	550.113	MS Top 20	734.605	MS Top 20	608.111	MS Top 20	1,127.133	MS Top 20	689.484	MS Top 20			861.037	MS Top 20
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