This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														9/30/23
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/				3Q 2023
Veren Inc					TSX:	VRN	NYSE:	VRN	https://vrn.com/			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
Conversion																					Conversion
														$4,773.8	<-12 mths	16.10%
Revenue Net of Roy. Other Income					$3,242.9	$1,939.9	$2,796.3	$2,824.1	$2,656.2	$2,003.6	$2,439.9	$3,578.4	$3,367.1					73.57%	<-Total Growth	8	Revenue Net of Roy. Other Income
Revenue Net of Royalties			$2,882.2	$3,459.9	$2,364.3	$2,184.6	$2,860.9	$3,320.5	$2,877.1	$1,488.0	$2,829.4	$3,993.0	$3,189.9					-7.80%	<-Total Growth	10	Revenue Net of Royalties
Revenue*	$2,191.2	$2,695.0	$3,526.4	$4,210.1	$2,800.2	$2,548.5	$3,303.1	$3,887.5	$3,336.0	$1,692.2	$3,206.5	$4,493.1	$4,111.9	$4,224	$4,163	$4,056		16.60%	<-Total Growth	10	Revenue
Increase	42.68%	22.99%	30.85%	19.39%	-33.49%	-8.99%	29.61%	17.69%	-14.19%	-49.27%	89.49%	40.12%	-8.48%	2.73%	-1.44%	-2.57%		1.55%	<-IRR #YR->	10	Revenue	16.60%
5 year Running Average	$1,314.9	$1,723.5	$2,186.1	$2,831.7	$3,084.6	$3,156.1	$3,277.7	$3,349.9	$3,175.1	$2,953.5	$3,085.1	$3,323.1	$3,367.9	$3,546	$4,040	$4,210		1.13%	<-IRR #YR->	5	Revenue	5.77%
Revenue per Share	$7.58	$7.16	$8.93	$9.43	$5.55	$4.70	$6.05	$7.07	$6.30	$3.19	$5.53	$8.16	$6.63	$6.81	$6.72	$6.54		4.42%	<-IRR #YR->	10	5 yr Running Average	54.06%
Increase	31.79%	-5.57%	24.67%	5.61%	-41.18%	-15.17%	28.65%	16.76%	-10.82%	-49.34%	73.32%	47.40%	-18.68%	2.73%	-1.44%	-2.57%		0.11%	<-IRR #YR->	5	5 yr Running Average	0.54%
5 year Running Average	$6.68	$6.97	$6.82	$7.77	$7.73	$7.15	$6.93	$6.56	$5.93	$5.46	$5.63	$6.05	$5.96	$6.07	$6.77	$6.97		-2.93%	<-IRR #YR->	10	Revenue per Share	-25.71%
P/S (Price/Sales) Med	5.65	5.80	4.28	1.92	4.13	3.80	2.19	1.10	0.76	1.12	0.88	1.27	1.47	1.44	0.09	0.00		-1.26%	<-IRR #YR->	5	Revenue per Share	-6.13%
P/S (Price/Sales) Close	5.92	5.25	4.62	2.85	2.91	3.88	1.58	0.59	0.92	0.93	1.22	1.18	1.39	1.09	1.11	1.81		-1.34%	<-IRR #YR->	10	5 yr Running Average	-12.60%
*Oil and gas sales in M CDN $					P/S Med	20 yr	3.16	15 yr	2.19	10 yr	1.37	5 yr	1.12		-20.22%	Diff M/C		-1.89%	<-IRR #YR->	5	5 yr Running Average	-9.09%
			-$3,526.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,111.9
								-$3,887.5	$0.0	$0.0	$0.0	$0.0	$4,111.9
			-$2,186.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,367.9
								-$3,349.9	$0.0	$0.0	$0.0	$0.0	$3,367.9
			-$8.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.63
								-$7.07	$0.00	$0.00	$0.00	$0.00	$6.63
			-$6.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.96
								-$6.56	$0.00	$0.00	$0.00	$0.00	$5.96
														$948.6	<-12 mths	1.72%
														$1.59	<-12 mths	-6.47%
Adjusted Profit CDN$	$0.0	$0.0	$0.0	$546.7	$342.0	$88.5	$100.0	$234.6	$366.8	$177.4	$515.3	$965.7	$932.6
AEPS Basic	$0.73	$0.58	$0.38	$1.31	$0.72	$0.17	$0.18	$0.43	$0.71	$0.34	$0.91	$1.70	$1.71					349.78%	<-Total Growth	10	AEPS
AEPS* Dilued	$0.72	$0.57	$0.37	$1.30	$0.71	$0.17	$0.18	$0.43	$0.71	$0.33	$0.90	$1.69	$1.70	$1.54	$1.74			359.46%	<-Total Growth	10	AEPS
Increase	800.00%	-20.83%	-35.09%	251.35%	-45.38%	-76.06%	5.88%	138.89%	65.12%	-53.52%	172.73%	87.78%	0.59%	-9.41%	12.99%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.80	$0.98	$0.31	$0.61	$0.73	$0.62	$0.55	$0.56	$0.44	$0.36	$0.51	$0.81	$1.07	$1.23	$1.51			16.47%	<-IRR #YR->	10	AEPS	359.46%
AEPS Yield	1.60%	1.52%	0.90%	4.83%	4.40%	0.93%	1.88%	10.39%	12.26%	11.11%	13.33%	17.49%	18.50%	20.67%	23.36%			31.64%	<-IRR #YR->	5	AEPS	295.35%
Payout Ratio	383.33%	484.21%	745.95%	212.31%	315.49%	335.29%	200.00%	83.72%	5.63%	7.58%	0.83%	15.09%	27.47%	28.90%	26.44%			13.15%	<-IRR #YR->	10	5 yr Running Average	243.87%
5 year Running Average	780.58%	877.42%	1012.70%	1055.16%	428.26%	418.65%	361.81%	229.36%	188.03%	126.44%	59.55%	22.57%	11.32%	15.97%	19.75%			13.82%	<-IRR #YR->	5	5 yr Running Average	91.04%
Price/AEPS Median	59.49	72.91	103.22	13.93	32.23	105.26	73.78	18.02	6.71	10.85	5.43	6.11	5.75	6.35	0.34			12.39	<-Median->	10	Price/AEPS Median
Price/AEPS High	66.92	82.33	111.81	10.99	46.63	135.35	101.50	27.02	8.83	18.97	7.49	7.96	6.81	8.19	0.00			14.98	<-Median->	10	Price/AEPS High
Price/AEPS Low	52.07	63.49	94.62	16.87	17.82	75.18	46.06	9.02	4.59	2.73	3.37	4.26	4.69	4.51	0.00			6.86	<-Median->	10	Price/AEPS Low
Price/AEPS Close	62.36	66.00	111.49	20.70	22.70	107.35	53.22	9.63	8.15	9.00	7.50	5.72	5.41	4.84	4.28			9.31	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	561.25	52.25	72.37	72.73	12.40	25.70	56.35	23.00	13.47	4.18	20.45	10.73	5.44	4.38	4.84			16.96	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	55.60%	5 Yrs	7.58%	P/CF	5 Yrs	in order	6.11	7.96	4.26	7.50		-20.86%	Diff M/C					DPR 75% to 95% best
* Adjusted Net Earnings per Share
			-$0.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.70
								-$0.43	$0.00	$0.00	$0.00	$0.00	$1.70
			-$0.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.07
								-$0.56	$0.00	$0.00	$0.00	$0.00	$1.07
														$2,303	<-12 mths	-1.56%
														$5.69	<-12 mths	33.46%
Adjusted Funds flow from Operations		$1,543.9	$1,973.3	$2,408.0	$1,938.0	$1,572.5	$1,728.8	$1,741.2	$1,825.4	$874.4	$1,476.8	$2,232.4	$2,339.1	$2,242.2	$2,313.6	$2,250.1		18.54%	<-Total Growth	10	AFFO
FFO pre 2003
AFFO per Share Diluted	$4.65	$4.65	$5.09	$5.72	$4.05	$3.05	$3.17	$3.17	$3.35	$1.65	$2.57	$3.91	$4.27	$3.62	$3.80	$3.86		-16.18%	<-Total Growth	10	AFFO
Increase	25.68%	0.08%	9.37%	12.37%	-29.15%	-24.84%	4.13%	-0.01%	5.50%	-50.62%	55.45%	52.26%	9.10%	-15.14%	4.97%	1.58%		10	0	10	Years of Data, AFFP, P or N	100.00%
5 year Running Average	$4.15	$4.38	$4.45	$4.76	$4.83	$4.51	$4.22	$3.83	$3.36	$2.88	$2.78	$2.93	$3.15	$3.20	$3.63	$3.89		-1.75%	<-IRR #YR->	10	AFFO
AFFO Yield	10.36%	12.37%	12.34%	21.25%	25.14%	16.69%	33.10%	76.59%	57.78%	55.62%	38.04%	40.48%	46.42%	48.59%	51.01%	32.66%		6.11%	<-IRR #YR->	5	AFFO
Payout Ratio AFFO	59.35%	59.31%	54.23%	48.26%	55.28%	18.72%	11.35%	11.35%	1.20%	1.51%	0.29%	5.63%	8.91%	12.29%	12.11%	11.92%		-16.53%	<-IRR #YR->	10	5 yr Running Average
5 year Running Average	63.93%	62.24%	62.04%	57.95%	54.96%	49.16%	41.23%	32.83%	21.27%	9.42%	5.70%	4.69%	5.05%	7.49%	9.00%	10.73%		-4.74%	<-IRR #YR->	5	5 yr Running Average
Price/AFFO Median	9.21	8.93	7.50	3.17	5.65	5.88	4.19	2.44	1.42	2.17	1.90	2.64	2.29	2.70	0.15	0.00		2.54	<-Median->	10	Price/AFFO Median
Price/AFFO High	10.36	10.08	8.13	2.50	8.17	7.56	5.76	3.66	1.87	3.79	2.62	3.44	2.71	3.49	0.00	0.00		3.55	<-Median->	10	Price/AFFO High
Price/AFFO Low	8.06	7.78	6.88	3.83	3.12	4.20	2.61	1.22	0.97	0.54	1.18	1.84	1.87	1.92	0.00	0.00		1.86	<-Median->	10	Price/AFFO Low
Price/AFFO Close	9.66	8.08	8.11	4.71	3.98	5.99	3.02	1.31	1.73	1.80	2.63	2.47	2.15	2.06	1.96	3.06		2.55	<-Median->	10	Price/AFFO Close
Trailing P/AFFO Close	12.14	8.09	8.86	5.29	2.82	4.50	3.15	1.31	1.83	0.89	4.09	3.76	2.35	1.75	2.06	3.11		2.98	<-Median->	10	Trailing P/AFFO Close
Median 5 Yrs		DPR	10 Yrs	10.13%	5 Yrs	1.51%	P/CF	5 Yrs	in order	2.17	2.71	1.18	2.15		-5.04%	Diff M/C		-19.07%	Diff M/C	10	DPR 75% to 95% best
Adjusted Funds flow from Operations per share
			-$5.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.27
								-$3.17	$0.00	$0.00	$0.00	$0.00	$4.27
			-$0.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.09
								-$0.11	$0.00	$0.00	$0.00	$0.00	$0.09
														$1.94	<-12 mths	86.54%
EPS Basic pre 2003
EPS Basic	$0.73	$0.58	$0.38	$1.22	-$1.82	-$1.81	-$0.23	-$4.77	-$1.89	-$4.76	$4.15	$2.62	$1.05					176.32%	<-Total Growth	10	EPS Basic
EPS Diluted pre 2003
EPS Diluted	$0.72	$0.57	$0.37	$1.21	-$1.82	-$1.81	-$0.23	-$4.77	-$1.89	-$4.76	$4.11	$2.60	$1.04	$0.38	$1.12	$0.88		181.08%	<-Total Growth	10	EPS Diluted
Increase	800.00%	-20.83%	-35.09%	227.03%	-250.41%	-0.55%	-87.29%	1973.91%	-60.38%	151.85%	-186.34%	-36.74%	-60.00%	-63.27%	193.72%	-21.86%		4	6	10	Years of Data, EPS P or N	40.00%
Earnings Yield	1.6%	1.5%	0.9%	4.5%	-11.3%	-9.9%	-2.4%	-115.2%	-32.6%	-160.3%	60.9%	26.9%	11.3%	5.1%	15.1%	7.4%		10.89%	<-IRR #YR->	10	Earnings per Share	181.08%
5 year Running Average	$0.80	$0.98	$0.31	$0.59	$0.21	-$0.30	-$0.46	-$1.48	-$2.10	-$2.69	-$1.51	-$0.94	$0.22	$0.67	$1.85	$1.20		17.27%	<-IRR #YR->	5	Earnings per Share	121.80%
10 year Running Average	$0.89	$0.83	$0.82	$0.83	$0.54	$0.25	$0.26	-$0.59	-$0.76	-$1.24	-$0.90	-$0.70	-$0.63	-$0.71	-$0.42	-$0.15		-3.37%	<-IRR #YR->	10	5 yr Running Average	-62.71%
* ESP per share									E/P	10 Yrs	-6.16%	5Yrs	11.32%					#NUM!	<-IRR #YR->	5	5 yr Running Average	114.82%
			-$0.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.04
								$4.77	$0.00	$0.00	$0.00	$0.00	$1.04
			-$0.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.22
								$1.48	$0.00	$0.00	$0.00	$0.00	$0.22
														$282.20	<-12 mths	33.18%
Actual dividends Paid (Cash)	$314.2	$349.2	$422.4	$834.7	$750.3	$260.3	$197.7	$198.5	$22.0	$9.4	$47.8	$200.6	$211.9	$282.2	<-12 mths			-49.84%	<-Total Growth	10	Actual dividend
DPR Net Income	156.22%	183.13%	291.57%	164.03%	-86.22%	-27.91%	-159.44%	-7.59%	-2.13%	-0.37%	2.02%	13.52%	37.16%	119.37%	<-12 mths						DPR Net Income
DPR Cash Flow	23.75%	22.61%	21.41%	33.99%	38.34%	17.08%	11.50%	11.36%	1.26%	1.09%	3.20%	9.15%	9.65%	12.19%	<-12 mths						DPR Cash Flow
DPR Cash Flow WC	24.42%	22.19%	20.80%	35.43%	39.32%	16.75%	11.63%	11.60%	1.23%	1.10%	3.31%	9.09%	9.42%	12.19%	<-12 mths						DPR Cash Flow WC
Dividend*														$0.42	$0.46	$0.46			Estimates		Dividend*
Increase														10.53%	9.76%	0.04%			Estimates		Increase
Payout Ratio EPS														109.95%	41.09%	52.61%			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	$0.0350	$0.0870	$0.0000	$0.0000	$0.0000		$0.00	<-Median->	10	Special Dividends
Dividend*	$2.76	$2.76	$2.76	$2.76	$2.24	$0.57	$0.36	$0.36	$0.04	$0.0250	$0.0075	$0.2200	$0.3800	$0.4450	$0.4600	$0.4600		-86.23%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	0.00%	-18.84%	-74.55%	-36.84%	0.00%	-88.89%	-37.50%	-70.00%	2833.33%	72.73%	17.11%	3.37%	0.00%		7	6	21	Years of data	Count P, N
Average Increases 5 Year Running	2.90%	2.90%	1.40%	0.00%	-3.77%	-18.68%	-26.05%	-26.05%	-43.83%	-47.56%	-46.65%	527.39%	541.93%	563.13%	571.31%	585.31%		-22.36%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$2.65	$2.72	$2.76	$2.76	$2.66	$2.22	$1.74	$1.26	$0.71	$0.27	$0.16	$0.14	$0.16	$0.24	$0.33	$0.42		-94.24%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	6.44%	6.64%	7.23%	15.24%	9.79%	3.19%	2.71%	4.65%	0.84%	0.70%	0.15%	2.13%	3.89%	4.55%				2.95%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	5.73%	5.88%	6.67%	19.31%	6.77%	2.48%	1.97%	3.10%	0.64%	0.40%	0.11%	1.63%	3.28%	3.53%				2.22%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	7.36%	7.63%	7.88%	12.59%	17.71%	4.46%	4.34%	9.28%	1.23%	2.78%	0.25%	3.06%	4.76%	6.41%				4.40%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	6.15%	7.34%	6.69%	10.26%	13.90%	3.12%	3.76%	8.70%	0.69%	0.84%	0.11%	2.28%	4.13%	5.97%	6.17%	3.89%		3.44%	<-Median->	10	Yield on Close Price	AFFO
Payout Ratio EPS	383.33%	484.21%	745.95%	228.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.18%	9.81%	44.90%	116.49%	41.00%	52.47%		0.00%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	331.50%	278.53%	890.32%	467.80%	1264.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	72.23%	35.57%	17.66%	34.66%		0.00%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	60.28%	67.28%	55.25%	50.19%	57.80%	20.26%	11.43%	11.33%	1.21%	1.54%	0.29%	6.41%	13.19%	11.91%	12.08%	12.57%		11.38%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	72.34%	69.82%	69.52%	62.06%	57.61%	52.10%	42.74%	33.97%	21.89%	9.64%	5.73%	4.69%	5.29%	7.76%	9.26%	11.15%		27.93%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	61.97%	66.02%	53.69%	52.30%	59.28%	19.87%	11.56%	11.58%	1.18%	1.55%	0.30%	6.36%	12.86%	11.91%	12.08%	12.57%		11.57%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	70.81%	68.81%	68.17%	61.84%	58.17%	52.20%	43.06%	34.66%	21.96%	9.62%	5.78%	4.71%	5.25%	7.75%	9.25%	11.08%		28.31%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	2.95%	3.44%	5 Yr Med	5 Yr Cl	0.84%	0.84%	5 Yr Med	Payout	0.18%	1.54%	1.55%					1.09%	<-IRR #YR->	5	Dividends	5.56%
* Dividends per share	10 Yr Med	and Cur.	109.44%	79.46%	5 Yr Med	and Cur.	635.54%	633.53%	Last Div Inc --->		$0.100	$0.115	15.00%					-17.99%	<-IRR #YR->	10	Dividends	-86.23%
Dividends Growth 15																		-11.99%	<-IRR #YR->	15	Dividends	-85.27%
Dividends Growth 20																		-2.87%	<-IRR #YR->	20	Dividends
Dividends Growth 5								-$0.36	$0.00	$0.00	$0.00	$0.00	$0.38								Dividends Growth 5
Dividends Growth 10			-$2.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.38								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	$0.38								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	$0.38								Dividends Growth 20
Historical Dividends	Historical	High Div	15.45%	Low Div	0.45%	10 Yr High	17.20%	10 Yr Low	0.14%	Med Div	6.96%	Close Div	6.69%					From 2009	4.65%		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-60.04%		1272.11%	Exp.	-64.10%		4310.35%	Exp.	-11.29%	Exp.	-7.72%						32.78%		High/Ave/Median
Adjusted Historical Dividends			Historical	High Div	14.99%	Low Div	0.28%	Ave Div	7.64%	Med Div	4.65%	Close Div	6.15%					From 2009			Adjusted Historical Dividends
High/Ave/Median Values			Curr diff	Exp.	-58.81%		2105.18%	Exp.	-19.13%	Cheap	32.78%	Cheap	0.45%								High/Ave/Median
Future Dividend Yield					Div Yd	6.52%	earning in	5	Years	at IRR of	1.09%	Div Inc.	5.56%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.88%	earning in	10	Years	at IRR of	1.09%	Div Inc.	11.42%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.26%	earning in	15	Years	at IRR of	1.09%	Div Inc.	17.61%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.49	earning in	5	Years	at IRR of	1.09%	Div Inc.	5.56%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.51	earning in	10	Years	at IRR of	1.09%	Div Inc.	11.42%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.54	earning in	15	Years	at IRR of	1.09%	Div Inc.	17.61%								Future Dividend Paid
Dividend Covering Cost					Total Div	$2.35	over	5	Years	at IRR of	1.09%	Div Cov.	31.55%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$4.35	over	10	Years	at IRR of	1.09%	Div Cov.	58.34%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$6.45	over	15	Years	at IRR of	1.09%	Div Cov.	86.61%								Dividend Covering Cost
Yield if held 5 yrs	14.10%	15.02%	9.17%	9.13%	5.65%	1.33%	0.87%	0.94%	0.22%	0.11%	0.04%	1.66%	4.90%	9.34%	12.85%	9.42%		1.14%	<-Median->	10	Paid Median Price
Yield if held 10 yrs	85.03%	39.55%	30.02%	17.55%	11.54%	2.91%	1.96%	1.20%	0.13%	0.06%	0.02%	0.53%	1.00%	2.46%	2.01%	2.57%		1.10%	<-Median->	10	Paid Median Price
Yield if held 15 yrs						17.56%	5.16%	3.92%	0.25%	0.13%	0.04%	1.20%	1.26%	1.47%	1.16%	1.07%		1.23%	<-Median->	8	Paid Median Price
Yield if held 20 yrs											0.23%	3.15%	4.13%	2.83%	2.37%	2.35%		3.15%	<-Median->	3	Paid Median Price
Cost covered if held 5 years	67.74%	74.10%	45.85%	45.63%	33.48%	25.89%	20.91%	16.47%	19.71%	5.92%	4.43%	5.18%	10.25%	25.17%	45.66%	42.72%		18.09%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	631.28%	333.17%	275.48%	165.66%	134.91%	124.39%	121.38%	66.74%	57.44%	36.89%	27.74%	22.56%	18.55%	26.34%	13.07%	16.09%		62.09%	<-Median->	10	Paid Median Price
Cost covered if held 15 years						972.95%	457.70%	343.88%	188.36%	141.90%	128.44%	125.12%	69.38%	61.41%	41.01%	32.61%		165.13%	<-Median->	8	Paid Median Price
Cost covered if held 20 years											997.37%	467.55%	352.52%	195.99%	150.32%	139.10%		467.55%	<-Median->	3	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$3,887.5	$3,336.0	$1,692.2	$3,206.5	$4,493.1	$4,111.9	$4,773.8	<-12 mths	16.10%		5.77%	<-Total Growth	5	Revenue Growth	5.77%
AEPS Growth								$0.43	$0.71	$0.33	$0.90	$1.69	$1.70	$1.59	<-12 mths	-6.47%		295.35%	<-Total Growth	5	AEPS Growth	295.35%
AFFO Growth								$3.17	$3.35	$1.65	$2.57	$3.91	$4.27	$5.69	<-12 mths	33.46%		34.53%	<-Total Growth	5	AFFO Growth	34.53%
Net Income Growth								-$2,616.9	-$1,033.3	-$2,519.9	$2,365.1	$1,483.4	$570.3	$1,077.7	<-12 mths	88.97%		121.79%	<-Total Growth	5	Net Income Growth	121.79%
Cash Flow Growth								$1,748.0	$1,742.9	$860.5	$1,495.8	$2,192.2	$2,195.7	$2,210.0	<-12 mths	0.65%		25.61%	<-Total Growth	5	Cash Flow Growth	25.61%
Dividend Growth								$0.36	$0.04	$0.03	$0.01	$0.22	$0.38	$0.45	<-12 mths	17.11%		5.56%	<-Total Growth	5	Dividend Growth	5.56%
Stock Price Growth								$4.14	$5.79	$2.97	$6.75	$9.66	$9.19	$7.45	<-12 mths	-18.93%		121.98%	<-Total Growth	5	Stock Price Growth	121.98%
Revenue Growth			$3,526.4	$4,210.1	$2,800.2	$2,548.5	$3,303.1	$3,887.5	$3,336.0	$1,692.2	$3,206.5	$4,493.1	$4,111.9	$4,224.0	<-this year	2.73%		16.60%	<-Total Growth	10	Revenue Growth	16.60%
AEPS Growth			$0.37	$1.30	$0.71	$0.17	$0.18	$0.43	$0.71	$0.33	$0.90	$1.69	$1.70	$1.54	<-this year	-9.41%		359.46%	<-Total Growth	10	AEPS Growth	359.46%
AFFO Growth			$5.09	$5.72	$4.05	$3.05	$3.17	$3.17	$3.35	$1.65	$2.57	$3.91	$4.27	$3.62	<-this year	-15.14%		-16.18%	<-Total Growth	10	AFFO Growth	-16.18%
Net Income Growth			$144.9	$508.9	-$870.2	-$932.7	-$124.0	-$2,616.9	-$1,033.3	-$2,519.9	$2,365.1	$1,483.4	$570.3	$1,077.7	<-this year	88.97%		293.65%	<-Total Growth	10	Net Income Growth	293.65%
Cash Flow Growth			$1,973.3	$2,455.6	$1,956.9	$1,524.3	$1,718.7	$1,748.0	$1,742.9	$860.5	$1,495.8	$2,192.2	$2,195.7	$2,315.4	<-this year	5.45%		11.27%	<-Total Growth	10	Cash Flow Growth	11.27%
Dividend Growth			$2.76	$2.76	$2.24	$0.57	$0.36	$0.36	$0.04	$0.03	$0.01	$0.22	$0.38	$0.42	<-this year	10.53%		-86.23%	<-Total Growth	10	Dividend Growth	-86.23%
Stock Price Growth			$41.25	$26.91	$16.12	$18.25	$9.58	$4.14	$5.79	$2.97	$6.75	$9.66	$9.19	$7.45	<-this year	-18.93%		-77.72%	<-Total Growth	10	Stock Price Growth	-77.72%
Dividends on Shares									$9.68	$6.05	$1.82	$61.71	$113.01	$107.69	$111.32	$111.32		$192.27	No of Years	5	Total Dividends	12/31/18
Paid								$1,001.88	$1,401.18	$718.74	$1,633.50	$2,337.72	$2,223.98	$1,802.90	$1,802.90	$2,860.44		$2,223.98	No of Years	5	Share Value	$4.14
Total																		$2,416.25			Total Return
Dividends on Shares				$69.00	$56.00	$14.25	$9.00	$9.00	$1.00	$0.63	$0.19	$6.38	$11.68	$11.13	$11.50	$11.50		$177.11	No of Years	10	Total Dividends	12/31/13
Paid			$1,031.25	$672.75	$403.00	$456.25	$239.50	$103.50	$144.75	$74.25	$168.75	$241.50	$229.75	$186.25	$186.25	$295.50		$229.75	No of Years	10	Share Value	$41.25
Total																		$406.86			Total Return
Graham No. AEPS	$18.10	$17.17	$13.38	$25.80	$17.90	$8.23	$8.25	$10.78	$12.70	$6.29	$13.74	$21.17	$20.58	$17.87	$18.99	$0.00		53.79%	<-Total Growth	10	Graham Number AEPS
Price/GP Ratio Med	2.37	2.42	2.85	0.70	1.28	2.17	1.61	0.72	0.38	0.57	0.36	0.49	0.48	0.55				0.64	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.66	2.73	3.09	0.55	1.85	2.80	2.22	1.08	0.49	1.00	0.49	0.64	0.56	0.71				0.82	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	2.07	2.11	2.62	0.85	0.71	1.55	1.01	0.36	0.26	0.14	0.22	0.34	0.39	0.39				0.37	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.48	2.19	3.08	1.04	0.90	2.22	1.16	0.38	0.46	0.47	0.49	0.46	0.45	0.42	0.39	#DIV/0!		0.48	<-Median->	10	Price/GP Ratio
Prem/Disc Close	148.00%	119.08%	208.19%	4.30%	-9.93%	121.77%	16.18%	-61.61%	-54.40%	-52.77%	-50.89%	-54.37%	-55.36%	-58.30%	-60.77%	#DIV/0!		-51.83%	<-Median->	10	Graham Price
Graham No. AFFO	$46.01	$49.07	$49.64	$54.11	$42.76	$34.83	$34.61	$29.28	$27.56	$14.07	$23.22	$32.20	$32.61	$27.39	$28.06	$28.28		-34.31%	<-Total Growth	10	Graham Number AFFO
Price/GP Ratio Med	0.93	0.85	0.77	0.33	0.54	0.51	0.38	0.26	0.17	0.25	0.21	0.32	0.30	0.36				0.31	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.05	0.96	0.83	0.26	0.77	0.66	0.53	0.40	0.23	0.44	0.29	0.42	0.36	0.46				0.41	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.81	0.74	0.71	0.41	0.30	0.37	0.24	0.13	0.12	0.06	0.13	0.22	0.24	0.25				0.23	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.98	0.77	0.83	0.50	0.38	0.52	0.28	0.14	0.21	0.21	0.29	0.30	0.28	0.27				0.29	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-2.41%	-23.33%	-16.90%	-50.27%	-62.30%	-47.60%	-72.32%	-85.86%	-78.99%	-78.89%	-70.92%	-70.00%	-71.82%	-72.80%	-73.45%	-58.21%		-71.37%	<-Median->	10	Graham Price
Graham No. EPS	$18.10	$17.17	$13.38	$24.89	$17.98	$21.95	$21.38	$26.52	$24.30	$17.65	$14.77	$26.26	$16.10	$8.90	$15.25	$13.48		20.29%	<-Total Growth	10	Graham Number EPS
Price/GP Ratio Med	2.37	2.42	2.85	0.73	1.27	0.82	0.62	0.29	0.20	0.20	0.33	0.39	0.61	1.10				0.50	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.66	2.73	3.09	0.57	1.84	1.05	0.85	0.44	0.26	0.35	0.46	0.51	0.72	1.42				0.54	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	2.07	2.11	2.62	0.88	0.70	0.58	0.39	0.15	0.13	0.05	0.21	0.27	0.50	0.78				0.33	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.48	2.19	3.08	1.08	0.90	0.83	0.45	0.16	0.24	0.17	0.46	0.37	0.57	0.84	0.49	0.88		0.45	<-Median->	10	Price/GP Ratio
Prem/Disc Close	148.00%	119.08%	208.19%	8.11%	-10.35%	-16.87%	-55.19%	-84.39%	-76.17%	-83.17%	-54.31%	-63.21%	-42.92%	-16.27%	-51.15%	-12.31%		-54.75%	<-Median->	10	Graham Price
Price pre 2003
Price Close	$44.90	$37.62	$41.25	$26.91	$16.12	$18.25	$9.58	$4.14	$5.79	$2.97	$6.75	$9.66	$9.19	$7.45	$7.45	$11.82		-77.72%	<-Total Growth	10	Stock Price
Increase	1.61%	-16.21%	9.65%	-34.76%	-40.10%	13.21%	-47.51%	-56.78%	39.86%	-48.70%	127.27%	43.11%	-4.87%	-18.93%	0.00%	58.66%		-17.01	<-Median->	10	CAPE (10 Yr P/E)
P/E	62.36	66.00	111.49	22.24	-8.86	-10.08	-41.65	-0.87	-3.06	-0.62	1.64	3.72	8.84	19.50	6.64	13.48		17.29%	<-IRR #YR->	5	Stock Price	121.98%
Trailing P/E	561.25	52.25	72.37	72.73	13.32	-10.03	-5.29	-18.00	-1.21	-1.57	-1.42	2.35	3.53	7.16	19.50	10.53		-13.94%	<-IRR #YR->	10	Stock Price	-77.72%
CAPE (10 Yr P/E)	28.91	34.07	37.99	38.65	58.92	126.04	115.86	-48.12	-32.86	-16.72	-18.78	-20.23	-17.30	-12.58	-19.31	-49.23		19.52%	<-IRR #YR->	5	Price & Dividend	141.17%
Median 15, 10, 5 Yrs		D.  per yr	2.57%	2.23%	% Tot Ret	0.00%	11.42%	T P/E	-1.32	-1.21	P/E:	-0.75	1.64					-11.38%	<-IRR #YR->	10	Price & Dividend	-60.55%
Price  15		D.  per yr	9.28%		% Tot Ret	303.46%						CAPE Diff	-214.63%					-6.22%	<-IRR #YR->	15	Stock Price	-61.85%
Price  20		D.  per yr	17.92%		% Tot Ret	111.25%												-1.81%	<-IRR #YR->	20	Stock Price	-30.64%
Price  25		D.  per yr	33.14%		% Tot Ret	88.30%												4.39%	<-IRR #YR->	22	Stock Price	#DIV/0!
Price & Dividend 15																		3.06%	<-IRR #YR->	15	Price & Dividend	24.84%
Price & Dividend 20																		16.11%	<-IRR #YR->	20	Price & Dividend	2.13996226
Price & Dividend 25																		37.53%	<-IRR #YR->	22	Price & Dividend	#DIV/0!
Price  5								-$4.14	$0.00	$0.00	$0.00	$0.00	$9.19								Price  5
Price 10			-$41.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.19								Price 10
Price & Dividend 5								-$4.14	$0.04	$0.03	$0.01	$0.26	$9.66								Price & Dividend 5
Price & Dividend 10			-$41.25	$2.76	$2.24	$0.57	$0.36	$0.36	$0.04	$0.03	$0.01	$0.26	$9.66								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	$9.19								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	$9.19								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	$9.19								Price  25
Price & Dividend 15	$2.76	$2.76	$2.76	$2.76	$2.24	$0.57	$0.36	$0.36	$0.04	$0.03	$0.01	$0.26	$9.66								Price & Dividend 15
Price & Dividend 20	$2.76	$2.76	$2.76	$2.76	$2.24	$0.57	$0.36	$0.36	$0.04	$0.03	$0.01	$0.26	$9.66								Price & Dividend 20
Price & Dividend 25	$2.76	$2.76	$2.76	$2.76	$2.24	$0.57	$0.36	$0.36	$0.04	$0.03	$0.01	$0.26	$9.66								Price & Dividend 25
Price H/L Median	$42.84	$41.56	$38.19	$18.11	$22.88	$17.90	$13.28	$7.75	$4.77	$3.58	$4.89	$10.33	$9.78	$9.78	58.66%			-74.39%	<-Total Growth	10	Stock Price
Increase	7.98%	-2.98%	-8.11%	-52.58%	26.34%	-21.79%	-25.79%	-41.64%	-38.52%	-24.87%	36.45%	111.46%	-5.32%	0.00%	6.17%			-12.74%	<-IRR #YR->	10	Stock Price	-74.39%
P/E	59.49	72.91	103.22	14.97	-12.57	-9.89	-57.74	-1.62	-2.52	-0.75	1.19	3.97	9.40	25.60	64.83%			4.76%	<-IRR #YR->	5	Stock Price	26.19%
Trailing P/E	535.44	57.72	67.00	48.95	18.91	-9.83	-7.34	-33.70	-1.00	-1.89	-1.03	2.51	3.76	9.40				-10.02%	<-IRR #YR->	10	Price & Dividend	36.45%
P/E on Run. 5 yr Ave	53.54	42.49	123.19	30.69	108.95	-60.46	-29.12	-5.22	-2.26	-1.33	-3.24	-10.97	44.45	14.50				6.48%	<-IRR #YR->	5	Price & Dividend	-55.84%
P/E on Run. 10 yr Ave	48.26	49.95	46.57	21.77	42.53	71.01	50.88	-13.20	-6.29	-2.88	-5.42	-14.78	-15.47	-13.68				6.20	P/E Ratio		Historical Median
Median 15, 10, 5 Yrs		D.  per yr	2.72%	1.72%	% Tot Ret	0.00%	26.51%	T P/E	-1.01	-1.00	P/E:	-1.19	1.19						Count	22	Years of data
			-$38.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.78
								-$7.75	$0.00	$0.00	$0.00	$0.00	$9.78
			-$38.19	$2.76	$2.24	$0.57	$0.36	$0.36	$0.08	$0.11	$0.01	$0.22	$10.25
								-$7.75	$0.04	$0.03	$0.01	$0.26	$10.25
High Months	Mar	Mar	Dec	Jun	Feb	Jun	Jan	Apr	Sep	Jan	Dec	Jun	Nov	Apr
Price pre 2003
Price High	$48.18	$46.93	$41.37	$14.29	$33.11	$23.01	$18.27	$11.62	$6.27	$6.26	$6.74	$13.46	$11.58	$12.62				-72.01%	<-Total Growth	10	Stock Price
Increase	10.78%	-2.59%	-11.85%	-65.46%	131.70%	-30.50%	-20.60%	-36.40%	-46.04%	-0.16%	7.67%	99.70%	-13.97%	8.98%				-11.96%	<-IRR #YR->	10	Stock Price	-72.01%
P/E	66.92	82.33	111.81	11.81	-18.19	-12.71	-79.43	-2.44	-3.32	-1.32	1.64	5.18	11.13	33.04				-0.07%	<-IRR #YR->	5	Stock Price	-0.34%
Trailing P/E	602.25	65.18	72.58	38.62	27.36	-12.64	-10.09	-50.52	-1.31	-3.31	-1.42	3.27	4.45	12.13				9.52	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	-1.37	-1.31	P/E:	-1.88	1.64					35.83	P/E Ratio		Historical High
			-$41.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.58
								-$11.62	$0.00	$0.00	$0.00	$0.00	$11.58
Low Months	Oct	Jun	Apr	Dec	Aug	Jan	Dec	Dec	Feb	Mar	Mar	Jan	Mar	Nov
Price pre 2003
Price Low	$37.49	$36.19	$35.01	$21.93	$12.65	$12.78	$8.29	$3.88	$3.26	$0.90	$3.03	$7.20	$7.98	$6.94				-77.21%	<-Total Growth	10	Stock Price
Increase	4.57%	-3.47%	-3.26%	-37.36%	-42.32%	1.03%	-35.13%	-53.20%	-15.98%	-72.39%	236.67%	137.62%	10.83%	-13.03%				-13.75%	<-IRR #YR->	10	Stock Price	-77.21%
P/E	52.07	63.49	94.62	18.12	-6.95	-7.06	-36.04	-0.81	-1.72	-0.19	0.74	2.77	7.67	18.17				15.51%	<-IRR #YR->	5	Stock Price	105.67%
Trailing P/E	468.63	50.26	61.42	59.27	10.45	-7.02	-4.58	-16.87	-0.68	-0.48	-0.64	1.75	3.07	6.67				2.88	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	-0.56	-0.48	P/E:	-0.50	0.74					-12.86	P/E Ratio		Historical Low
			-$35.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.98
								-$3.88	$0.00	$0.00	$0.00	$0.00	$7.98
														$1,004	<-12 mths	3.01%
Free Cash Flow  WSJ	$70	$35	$226	$287	$352	$351	-$136	-$70	$437	$162	$820	$1,165	$975	$745	$697	$519		331.42%	<-Total Growth	10	Free Cash Flow
Change	108.79%	-50.00%	545.71%	26.99%	22.65%	-0.28%	-138.75%	48.53%	724.29%	-62.93%	406.17%	42.07%	-16.31%	-23.56%	-6.51%	-25.49%		#NUM!	<-IRR #YR->	5	Free Cash Flow MS	1492.86%
FCF/CF from Op Ratio	0.05	0.02	0.11	0.12	0.18	0.23	-0.08	-0.04	0.25	0.19	0.55	0.53	0.44	0.32	0.30	0.23		15.74%	<-IRR #YR->	10	Free Cash Flow MS	331.42%
Dividends paid	$314.21	$349.15	$422.41	$834.75	$750.30	$260.30	$197.70	$198.50	$22.00	$9.40	$47.80	$200.60	$211.90	$275.87	$285.17	$285.17		-49.84%	<-Total Growth	10	Dividends paid	MS, WSJ Ag
Percentage paid	448.87%	997.58%	186.91%	290.85%	213.15%	74.16%	-145.37%	-283.57%	5.03%	5.80%	5.83%	17.22%	21.73%	37.01%	40.93%	54.92%		$0.12	<-Median->	10	Percentage paid	Mk S does not
5 Year Coverage				-1237%	275.34%	209.19%	228.28%	285.91%	152.98%	92.46%	39.19%	19.03%	13.82%	19.28%	23.20%	30.69%					5 Year Coverage
Dividend Coverage Ratio	0.22	0.10	0.54	0.34	0.47	1.35	-0.69	-0.35	19.86	17.23	17.15	5.81	4.60	2.70	2.44	1.82		2.97	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				-0.08	0.36	0.48	0.44	0.35	0.65	1.08	2.55	5.26	7.24	5.19	4.31	3.26					5 Year of Coverage
								$70.00	$0.00	$0.00	$0.00	$0.00	$975.00
			-$226.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$975.00
Market Cap	$12,974	$14,158	$16,293	$12,016	$8,140	$9,887	$5,229	$2,278	$3,065	$1,574	$3,912	$5,322	$5,697	$4,618	$4,618	$7,328		-65.03%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million		331.781	387.731	421.060	478.259	516.336	545.163	549.110	545.674	529.340	575.099	571.068	548.329	620.016				41.42%	<-Total Growth	10	Diluted
Change			16.86%	8.60%	13.58%	7.96%	5.58%	0.72%	-0.63%	-2.99%	8.64%	-0.70%	-3.98%	13.07%				3.15%	<-Median->	10	Change
Difference Diluted/Basic		-0.7%	-0.4%	-0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-1.0%	-0.8%	-0.5%	-0.3%				0.00%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	275.375	329.411	386.254	418.688	478.259	516.336	545.163	549.110	545.674	529.340	569.203	566.711	545.644	618.386				41.27%	<-Total Growth	10	Basic
Change	17.26%	19.62%	17.26%	8.40%	14.23%	7.96%	5.58%	0.72%	-0.63%	-2.99%	7.53%	-0.44%	-3.72%	13.33%				3.15%	<-Median->	10	Change
Difference Basic/Outstanding	4.9%	14.2%	2.3%	6.6%	5.6%	4.9%	0.1%	0.2%	-3.0%	0.1%	1.8%	-2.8%	13.6%	0.2%				1.00%	<-Median->	10	Difference Basic/Outstanding
														$2,210.0	<-12 mths	0.65%
Class A
Class A Exchangeable
Class B
Class B Exchangeable
Total shares per 2003
Class A
Class B
Exchangeable Shares
Total shares
Other Shares issued
Units
Units - Exchangeable
# of Share in Millions	288.952	376.341	394.994	446.510	504.936	541.743	545.794	550.152	529.400	530.036	579.484	550.889	619.929	619.929	619.929	619.929		4.61%	<-IRR #YR->	10	Shares	56.95%
Change	8.26%	30.24%	4.96%	13.04%	13.08%	7.29%	0.75%	0.80%	-3.77%	0.12%	9.33%	-4.93%	12.53%	0.00%	0.00%	0.00%		2.42%	<-IRR #YR->	5	Shares	12.68%
Cash Flow from Operations $M	$1,323.0	$1,543.9	$1,973.3	$2,455.6	$1,956.9	$1,524.3	$1,718.7	$1,748.0	$1,742.9	$860.5	$1,495.8	$2,192.2	$2,195.7	$2,315.4	$2,360.7	$2,268.9		11.27%	<-Total Growth	10	Cash Flow
Increase	62.04%	16.70%	27.81%	24.44%	-20.31%	-22.11%	12.75%	1.70%	-0.29%	-50.63%	73.83%	46.56%	0.16%	5.45%	1.95%	-3.89%		DRIP, SO	S. Issue
5 year Running Average	$741.8	$984.1	$1,261.7	$1,622.5	$1,850.5	$1,890.8	$1,925.8	$1,880.7	$1,738.2	$1,518.9	$1,513.2	$1,607.9	$1,697.4	$1,811.9	$2,112.0	$2,266.6		4.62%	<-Total Growth	10	CF 5 Yr Running
CFPS	$4.58	$4.10	$5.00	$5.50	$3.88	$2.81	$3.15	$3.18	$3.29	$1.62	$2.58	$3.98	$3.54	$3.74	$3.81	$3.66		-29.10%	<-Total Growth	10	Cash Flow per Share
Increase	49.68%	-10.40%	21.78%	10.08%	-29.53%	-27.40%	11.92%	0.90%	3.62%	-50.69%	59.00%	54.16%	-10.99%	5.45%	1.95%	-3.89%		1.07%	<-IRR #YR->	10	Cash Flow	11.27%
5 year Running Average	$3.67	$3.90	$3.97	$4.45	$4.61	$4.26	$4.07	$3.70	$3.26	$2.81	$2.76	$2.93	$3.00	$3.09	$3.53	$3.74		4.67%	<-IRR #YR->	5	Cash Flow	25.61%
P/CF on Med Price	9.36	10.13	7.64	3.29	5.90	6.36	4.22	2.44	1.45	2.21	1.89	2.60	2.76	2.62	0.15	0.00		-3.38%	<-IRR #YR->	10	Cash Flow per Share	-29.10%
P/CF on Closing Price	9.81	9.17	8.26	4.89	4.16	6.49	3.04	1.30	1.76	1.83	2.62	2.43	2.59	1.99	1.96	3.23		2.20%	<-IRR #YR->	5	Cash Flow per Share	11.47%
															-25.53%	Diff M/C		-2.75%	<-IRR #YR->	10	CFPS 5 yr Running	-24.34%
														$16,597.8	<-12 mths	637.48%
Excl.Working Capital CF	-$36.1	$29.4	$57.3	-$99.4	-$48.9	$29.9	-$18.7	-$37.2	$47.5	-$6.2	-$51.6	$15.0	$54.9	$0.0	$0.0	$0.0		-4.10%	<-IRR #YR->	5	CFPS 5 yr Running	-18.89%
Cash Flow from Operations $M WC	$1,286.9	$1,573.3	$2,030.7	$2,356.2	$1,908.0	$1,554.2	$1,700.0	$1,710.8	$1,790.4	$854.3	$1,444.2	$2,207.2	$2,250.6	$2,315.4	$2,360.7	$2,268.9		10.83%	<-Total Growth	10	Cash Flow less WC
Increase	47.78%	22.26%	29.07%	16.03%	-19.02%	-18.54%	9.38%	0.64%	4.65%	-52.28%	69.05%	52.83%	1.97%	2.88%	1.95%	-3.89%		1.03%	<-IRR #YR->	10	Cash Flow less WC	10.83%
5 year Running Average	$754.5	$998.4	$1,286.6	$1,623.6	$1,831.0	$1,884.5	$1,909.8	$1,845.8	$1,732.7	$1,521.9	$1,499.9	$1,601.4	$1,709.3	$1,814.3	$2,115.6	$2,280.6		5.64%	<-IRR #YR->	5	Cash Flow less WC	31.55%
CFPS Excl. WC	$4.45	$4.18	$5.14	$5.28	$3.78	$2.87	$3.11	$3.11	$3.38	$1.61	$2.49	$4.01	$3.63	$3.74	$3.81	$3.66		2.88%	<-IRR #YR->	10	CF less WC 5 Yr Run	32.86%
Increase	36.51%	-6.13%	22.98%	2.64%	-28.39%	-24.08%	8.57%	-0.16%	8.76%	-52.34%	54.63%	60.77%	-9.39%	2.88%	1.95%	-3.89%		-1.52%	<-IRR #YR->	5	CF less WC 5 Yr Run	-7.39%
5 year Running Average	$3.75	$3.96	$4.05	$4.46	$4.57	$4.25	$4.04	$3.63	$3.25	$2.82	$2.74	$2.92	$3.02	$3.10	$3.53	$3.77		-3.42%	<-IRR #YR->	10	CFPS - Less WC	-29.38%
P/CF on Med Price	9.62	9.94	7.43	3.43	6.05	6.24	4.26	2.49	1.41	2.22	1.96	2.58	2.69	2.62	0.15	0.00		3.14%	<-IRR #YR->	5	CFPS - Less WC	16.75%
P/CF on Closing Price	10.08	9.00	8.02	5.10	4.27	6.36	3.08	1.33	1.71	1.84	2.71	2.41	2.53	1.99	1.96	3.23		-2.87%	<-IRR #YR->	10	CFPS 5 yr Running	-25.29%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	2.68	5 yr	2.21	P/CF Med	10 yr	2.64	5 yr	2.22		-24.33%	Diff M/C		-3.58%	<-IRR #YR->	5	CFPS 5 yr Running	-16.67%
			-395.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	619.9								Shares
								-550.2	0.0	0.0	0.0	0.0	619.9								Shares
			-$1,973.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,195.7								Cash Flow
								-$1,748.0	$0.0	$0.0	$0.0	$0.0	$2,195.7								Cash Flow
			-$5.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.54								Cash Flow per Share
								-$3.18	$0.00	$0.00	$0.00	$0.00	$3.54								Cash Flow per Share
			-$3.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.00								CFPS 5 yr Running
								-$3.70	$0.00	$0.00	$0.00	$0.00	$3.00								CFPS 5 yr Running
			-$2,030.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,250.6								Cash Flow less WC
								-$1,710.8	$0.0	$0.0	$0.0	$0.0	$2,250.6								Cash Flow less WC
			-$1,286.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,709.3								CF less WC 5 Yr Run
								-$1,845.8	$0.0	$0.0	$0.0	$0.0	$1,709.3								CF less WC 5 Yr Run
			-$5.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.63								CFPS - Less WC
								-$3.11	$0.00	$0.00	$0.00	$0.00	$3.63								CFPS - Less WC
			-$4.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.02								CFPS 5 yr Running
								-$3.63	$0.00	$0.00	$0.00	$0.00	$3.02								CFPS 5 yr Running
Change in non-cash working capital		-$29.38	-$57.35	$99.37
Acct. Receiv					$145.6	-$9.7	-$21.6	$89.8	-$31.8	$86.7	-$111.8	-$11.3	$66.7
Prepaids and Deposits					$1.6	-$0.3	$0.9	$0.0	-$2.4	-$15.7	$15.3	-$13.9	-$2.2
Accounts Pay and Accrued Liab.					-$99.1	-$19.9	$13.9	-$39.6	-$16.5	-$79.0	$99.0	-$3.5	-$97.8
Other  current liab							$24.0	-$11.5	-$4.1	$7.7	$30.6	$8.6	-$11.8
Other Long Term Liab					$0.8		$1.5	-$1.5	$7.3	$6.5	$18.5	$5.1	-$9.8
Total		-$29.4	-$57.3	$99.4	$48.9	-$29.9	$18.7	$37.2	-$47.5	$6.2	$51.6	-$15.0	-$54.9
Google --Morningstar		-$29.38	-$57.35	$99.37	$48.9	-$29.9	$19	$37	-$48	$6	$52	-$15	-$55
Difference		$0.00	$0.00	$0.00	$0.0	$0.0	$0	$0	$0	$0	$0	$0	$0
Morningstar			-$57	$99	$49	-$30
Difference			$0	$0	$0	$0
OPM	60.38%	57.29%	55.96%	58.33%	69.88%	59.81%	52.03%	44.96%	52.25%	50.85%	46.65%	48.79%	53.40%	54.82%				-4.57%	<-Total Growth	10	OPM
Increase	13.57%	-5.11%	-2.32%	4.23%	19.82%	-14.41%	-13.01%	-13.58%	16.19%	-2.67%	-8.26%	4.59%	9.45%	2.65%					Should increase		or be stable.
Diff from Median	15.8%	9.9%	7.3%	11.9%	34.0%	14.7%	-0.2%	-13.8%	0.2%	-2.5%	-10.5%	-6.4%	2.4%	5.1%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	52.14%	5 Yrs	48.79%					should be	zero, it is a		check on calculations
EBITDA									$2,348.0	$1,228.0	$1,522.0	$2,477.0	$2,331.0	$2,449.0	$2,439.0	$2,290.0			EBITDA		Fr Mkt Screener
Change										-47.70%	23.94%	62.75%	-5.89%	5.06%	-0.41%	-6.11%			Change
Margin									70.38%	72.57%	47.47%	55.13%	56.69%	57.98%	58.59%	56.46%			Margin
Long Term Debt		$1,760.32	$2,077.08	$2,849.6	$4,380.0	$3,730.1	$4,047.2	$4,176.9	$2,704.1	$3,003.3	$2,576.7	$1,536.7	$3,752.7	$2,559.3				80.67%	<-Total Growth	10	Debt	Type
Change			17.99%	37.19%	53.71%	-14.84%	8.50%	3.20%	-35.26%	11.06%	-14.20%	-40.36%	144.21%	-31.80%				5.85%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio		0.12	0.13	0.24	0.54	0.38	0.77	1.83	0.88	1.91	0.66	0.29	0.66	0.55				0.66	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio		17.37	12.76	15.09	21.07	19.19	18.54	18.49	13.02	9.93	8.89	7.66	9.29	8.27				14.05	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)		1.14	1.05	1.16	2.24	2.45	2.35	2.39	1.55	3.49	1.72	0.70	1.71	1.11				1.98	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq.  CF. DB
Intangibles	$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				#DIV/0!	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$207.67	$251.92	$251.92	$251.92	$251.90	$251.90	$251.90	$244.00	$230.90	$230.90	$211.50	$203.90	$275.90	$203.60				9.52%	<-Total Growth	10	Goodwill	Leverage
Total	$207.67	$251.92	$251.92	$251.92	$251.90	$251.90	$251.90	$244.00	$230.90	$230.90	$211.50	$203.90	$275.90	$203.60				9.52%	<-Total Growth	10	Total	D/E Ratio
Change	1.43%	21.31%	0.00%	0.00%	-0.01%	0.00%	0.00%	-3.14%	-5.37%	0.00%	-8.40%	-3.59%	35.31%	-26.21%				0.00%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.02	0.02	0.02	0.02	0.03	0.03	0.05	0.11	0.08	0.15	0.05	0.04	0.05	0.04				0.05	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$308.52	$329.71	$377.12	$949.76	$847.3	$403.5	$509.3	$586.6	$631.5	$278.7	$410.9	$989.2	$1,050.0	$1,618.8				178.43%	<-Total Growth	10	Current Assets
Current Liabilities	$681.28	$698.42	$998.01	$1,091.10	$836.1	$842.5	$863.5	$688.6	$775.3	$669.2	$1,032.2	$1,239.0	$1,375.5	$1,254.3				37.82%	<-Total Growth	10	Current Liabilities
Liquidity	0.45	0.47	0.38	0.87	1.01	0.48	0.59	0.85	0.81	0.42	0.40	0.80	0.76	1.29				0.78	<-Median->	10	Ratio
Liq. with CF aft div	1.22	1.20	1.26	1.99	2.00	1.92	2.35	3.10	3.04	1.68	1.84	2.45	2.15	2.92				2.15	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.39	0.21	0.46	0.52	0.64	0.73	0.72	0.97	2.10	1.20	0.85	1.45	0.53	2.92				1.20	<-Median->	5	Ratio
Bank Debt (not yet due) Cur Por D				93.50	72.00	0.00	0.00	99.80	201.00	221.60	278.10	538.70	380.00	380.90
Liquidity				0.95	1.11	0.48	0.59	1.00	1.10	0.62	0.54	1.41	1.05	1.85				1.05	<-Median->	5	Ratio
Liq. with CF aft div				2.18	2.19	1.92	2.35	3.63	4.10	2.52	2.52	4.34	2.97	4.19				2.97	<-Median->	5	Ratio
Assets	$8,734	$12,132	$12,737	$16,467	$17,616.0	$16,163.6	$16,005.3	$12,730.4	$10,091.8	$6,645.9	$9,171.2	$9,486.4	$12,775.7	$10,371.0				0.31%	<-Total Growth	10	Assets
Liabilities	$2,888	$3,479	$4,237	$6,306	$7,491.0	$6,572.4	$6,842.4	$6,117.6	$4,749.1	$3,823.1	$3,765.9	$2,993.0	$5,908.2	$4,660.6				39.45%	<-Total Growth	10	Liabilities
Debt Ratio	3.02	3.49	3.01	2.61	2.35	2.46	2.34	2.08	2.12	1.74	2.44	3.17	2.16	2.23				2.35	<-Median->	10	Ratio
Book Value	$5,847	$8,653	$8,500	$10,161	$10,125.0	$9,591.2	$9,162.9	$6,612.8	$5,342.7	$2,822.8	$5,405.3	$6,493.4	$6,867.5	$5,710.4	$5,710	$5,710		-19.21%	<-Total Growth	10	Book Value
NCI	$0.00	$0.00	$0.00	$0.00	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.00	$0.00
Net Book Valeu	$5,847	$8,653	$8,500	$10,161	$10,125.0	$9,591.2	$9,162.9	$6,612.8	$5,342.7	$2,822.8	$5,405.3	$6,493.4	$6,867.5	$5,710.4	$5,710	$5,710		-19.21%	<-Total Growth	10	Book Value
BV per share	$20.23	$22.99	$21.52	$22.76	$20.05	$17.70	$16.79	$12.02	$10.09	$5.33	$9.33	$11.79	$11.08	$9.21	$9.21	$9.21		-48.52%	<-Total Growth	10	Book Value per Share
Change	-2.22%	13.64%	-6.41%	5.75%	-11.88%	-11.71%	-5.17%	-28.40%	-16.04%	-47.23%	75.15%	26.37%	-6.02%	-16.85%	0.00%	0.00%		-46.14%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.12	1.81	1.77	0.80	1.14	1.01	0.79	0.64	0.47	0.67	0.52	0.88	0.88	1.06	0.06	0.00		1.50	P/B Ratio		Historical Median
P/B Ratio (Close)	2.22	1.64	1.92	1.18	0.80	1.03	0.57	0.34	0.57	0.56	0.72	0.82	0.83	0.81	0.81	1.28		-6.42%	<-IRR #YR->	10	Book Value	-48.52%
Change	3.92%	-26.27%	17.16%	-38.31%	-32.02%	28.23%	-44.64%	-39.64%	66.57%	-2.80%	29.76%	13.25%	1.23%	-2.51%	0.00%	58.66%		-1.62%	<-IRR #YR->	5	Book Value	-7.84%
Leverage (A/BK)	1.49	1.40	1.50	1.62	1.74	1.69	1.75	1.93	1.89	2.35	1.70	1.46	1.86	1.82				1.74	<-Median->	10	A/BV
Debt/Equity Ratio	0.49	0.40	0.50	0.62	0.74	0.69	0.75	0.93	0.89	1.35	0.70	0.46	0.86	0.82				0.74	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	0.79	5 yr Med	0.67		1.94%	Diff M/C		1.74	Historical		Leverage (A/BK)
			-$21.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.08
								-$12.02	$0.00	$0.00	$0.00	$0.00	$11.08
														$457.1	<-12 mths	1012.38%
Comprehensive Income	$211.64	$181.51	$238.80	$658.63	-$540.80	-$992.0	-$284.3	-$2,377.4	-$1,129.5	-$2,497.7	$2,376.0	$1,574.1	-$50.1					-120.98%	<-Total Growth	10	Comprehensive Income
Increase	1108.80%	-14.24%	31.56%	175.81%	-182.11%	-83.43%	71.34%	-736.23%	52.49%	-121.13%	195.13%	-33.75%	-103.18%					-33.75%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$126	$169	$124	$262	$150	-$91	-$184	-$707	-$1,065	-$1,456	-$783	-$411	$55					#NUM!	<-IRR #YR->	10	Comprehensive Income	-120.98%
ROE	3.6%	2.1%	2.8%	6.5%	-5.3%	-10.3%	-3.1%	-36.0%	-21.1%	-88.5%	44.0%	24.2%	-0.7%					-53.79%	<-IRR #YR->	5	Comprehensive Income	97.89%
5Yr Median	0.3%	2.1%	2.1%	2.8%	2.8%	2.1%	-3.1%	-5.3%	-10.3%	-21.1%	-21.1%	-21.1%	-0.7%					3.01%	<-IRR #YR->	10	5 Yr Running Average	129.66%
% Difference from NI	5.2%	-4.8%	64.8%	29.4%	-37.9%	6.4%	129.3%	-9.2%	9.3%	-0.9%	0.5%	6.1%	-108.8%					#NUM!	<-IRR #YR->	5	5 Yr Running Average	107.72%
Median Values										Diff	5, 10 yr	3.3%	0.5%					-0.7%	<-Median->	5	Return on Equity
			-$238.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$50.1
								$2,377.4	$0.0	$0.0	$0.0	$0.0	-$50.1
			-$123.6	$0.0	$0.0	$90.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$54.6
								$707.2	$0.0	$0.0	$0.0	$0.0	$54.6
Current Liability Coverage Ratio	1.89	2.25	2.03	2.16	2.28	1.84	1.97	2.48	2.31	1.28	1.40	1.78	1.64	1.85							CFO / Current Liabilities
5 year Median	1.94	2.25	2.03	2.03	2.16	2.16	2.03	2.16	2.28	1.97	1.97	1.78	1.64	1.64				1.64	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	14.73%	12.97%	15.94%	14.31%	10.83%	9.62%	10.62%	13.44%	17.74%	12.85%	15.75%	23.27%	17.62%	22.33%							CFO / Total Assets
5 year Median	13.55%	12.97%	12.97%	14.31%	14.31%	12.97%	10.83%	10.83%	10.83%	12.85%	13.44%	15.75%	17.62%	17.62%				17.6%	<-Median->	5	Return on Assets
Return on Assets ROA	2.30%	1.57%	1.14%	3.09%	-4.94%	-5.77%	-0.77%	-20.56%	-10.24%	-37.92%	25.79%	15.64%	4.46%	2.28%				Net	Income/Assets		Return on Assets
5Yr Median	0.25%	1.57%	1.14%	1.57%	1.57%	1.14%	-0.77%	-4.94%	-5.77%	-10.24%	-10.24%	-10.24%	4.46%	4.46%				4.5%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	3.44%	2.20%	1.70%	5.01%	-8.59%	-9.72%	-1.35%	-39.57%	-19.34%	-89.27%	43.76%	22.84%	8.30%	4.14%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	0.36%	2.20%	1.70%	2.20%	2.20%	1.70%	-1.35%	-8.59%	-9.72%	-19.34%	-19.34%	-19.34%	8.30%	8.30%				8.3%	<-Median->	5	Return on Equity
														$1,077.7	<-12 mths	88.97%
Net Income	$201.1	$190.7	$144.9	$508.9	-$870.2	-$932.7	-$124.0	-$2,616.9	-$1,033.3	-$2,519.9	$2,365.1	$1,483.4	$570.3	$236.4	$670.3	$453.8		293.65%	<-Total Growth	10	Net Income
Increase	904.62%	-5.21%	-24.01%	251.26%	-271.00%	7.18%	-86.71%	2010.40%	-60.51%	143.87%	-193.86%	-37.28%	-61.55%	-58.55%	183.54%	-32.30%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$124.4	$169.0	$105.1	$213.1	$35.1	-$191.7	-$254.6	-$807.0	-$1,115.4	-$1,445.4	-$785.8	-$464.3	$173.1	$427	$1,065	$683		14.69%	<-IRR #YR->	10	Net Income	12.07%
Operating Cash Flow	$1,323.0	$1,543.9	$1,973.3	$2,455.6	$1,956.9	$1,524.3	$1,718.7	$1,748.0	$1,742.9	$860.5	$1,495.8	$2,192.2	$2,195.7					#NUM!	<-IRR #YR->	5	Net Income	121.79%
Investment Cash Flow	-$1,458.3	-$3,290.8	-$1,737.8	-$3,117.3	-$1,793.5	-$1,360.4	-$1,960.2	-$1,509.4	-$345.0	-$269.0	-$1,193.4	-$860.6	-$4,237.2					5.12%	<-IRR #YR->	10	5 Yr Running Ave.	-18.77%
Total Accruals	$336.5	$1,937.5	-$90.6	$1,170.7	-$1,033.6	-$1,096.6	$117.5	-$2,855.5	-$2,431.2	-$3,111.4	$2,062.7	$151.8	$2,611.8					#NUM!	<-IRR #YR->	5	5 Yr Running Ave.	121.45%
Total Assets	$8,734	$12,132	$12,737	$16,467	$17,616	$16,164	$16,005	$12,730	$10,092	$6,646	$9,171	$9,486	$12,776						Balance Sheet		Assets
Accruals Ratio	3.85%	15.97%	-0.71%	7.11%	-5.87%	-6.78%	0.73%	-22.43%	-24.09%	-46.82%	22.49%	1.60%	20.44%					1.60%	<-Median->	5	Ratio
EPS/CF Ratio	0.16	0.14	0.07	0.23	-0.48	-0.63	-0.07	-1.53	-0.56	-2.95	1.65	0.65	0.29					-0.28	<-Median->	10	EPS/CF Ratio
			-$144.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$570.3
								$2,616.9	$0.0	$0.0	$0.0	$0.0	$570.3
			-$105.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$173.1
								$807.0	$0.0	$0.0	$0.0	$0.0	$173.1
Change in Close	1.61%	-16.21%	9.65%	-34.76%	-40.10%	13.21%	-47.51%	-56.78%	39.86%	-48.70%	127.27%	43.11%	-4.87%	-18.93%	0.00%	58.66%			Count	23	Years of data
up/down	down		down		down	up	up		up	up	up	Down		Down					Count	17	73.91%
Meet Prediction?					Yes	Yes			Yes		Yes							% right	Count	6	35.29%
Financial Cash Flow	$135.3	$1,747.7	-$220.2	$648.3	-$147.1	-$175.6	$291.2	-$287.9	-$1,355.7	-$639.5	-$297.2	-$1,056.0	$1,768.9						C F Statement		Financial Cash Flow
Total Accruals	$201.1	$189.8	$129.6	$522.4	-$886.5	-$921.0	-$173.7	-$2,567.6	-$1,075.5	-$2,471.9	$2,359.9	$1,207.8	$842.9								Accruals
Accruals Ratio	2.30%	1.56%	1.02%	3.17%	-5.03%	-5.70%	-1.09%	-20.17%	-10.66%	-37.19%	25.73%	12.73%	6.60%					6.60%	<-Median->	5	Ratio
Cash	$0.00	$0.00	$15.94	$3.95	$24.70	$13.40	$62.40	$15.30	$56.90	$8.80	$13.50	$289.90	$17.30	$8.20				Yes, 0			Cash
Cash per Share	$0.00	$0.00	$0.04	$0.01	$0.05	$0.02	$0.11	$0.03	$0.11	$0.02	$0.02	$0.53	$0.03	$0.01				$0.03	<-Median->	5	Cash per Share
Percentage of Stock Price	0.00%	0.00%	0.10%	0.03%	0.30%	0.14%	1.19%	0.67%	1.86%	0.56%	0.35%	5.45%	0.30%	0.18%				0.56%	<-Median->	5	% of Stock Price
Notes:
November 1, 2024.  Last estimates were for 2023, 2024 and 2025 of $3958M, $3718M, $3436M Revenue, $1.35, $1.54 and $1.74 AEPS,
$4.18, $4.40 2023/4 AFFO, $0.77, $1.63, $2.01 EPS, $0.42, $0.45, $0.47 Dividends, $1108M, $974M, $870M FCF, $4.27, $4.30, $4.18 CFPS, $412M, $1015M, $702M Net Income.
Crescent Point Energy Corp (TSX-CPG, NYSE-CPG) has changed its name and symbols to Veren Inc (TSX-VRN, NYSE-VRN) effective May 15.
See news item on <a href="https://www.newswire.ca/news-releases/crescent-point-plans-name-change-to-veren-819092328.html" target="_top" >Newswire</a>.
May 15, 2024.  Company is changing name to Veren Inc and symbol to VRN on both TSX and NYSE.
October 30, 2023.  Last estimates were for 2022, 2023 and 2024 of $4354M, $3928M and $4800M, $3.91M, $4.29M and $390M for AFFO, $3.88, $2.22 and $2.55 for EPS,
$0.28, $0.36, $0.32, $1246M, $1353M and $701M for FCF, $4.02, $4.80 and $4.81 for CFPS, and $2225M, $1194M and $1300M for Net Income.
November 3, 2022.  Last estimates are for 2021, 2022 and 2023 of $3,128M, $3127M for Revenue 2021/22, $4.13, $1.28 and $1.13 for EPS,
$0.05, $0.12 and $0.14 for Dividends, $790M, $952M and $853M for FCF, $2.57, $3.22 and $3.16 for CFPS, and $2373M and $677M for Net Income for 2021/22.
November 7, 2021.  Last estimates were for 2020 and 2021, 2022 of $1739M, $1532M for 2020-21, -$5.49, -$0.11 and 0.01 for EPS,
$0.02, $0.01 and $0.01 for dividends, $525M, $100M an $217M for FCF, $1.59, $1.22 and $1.40 for CFPS and -$2442M, and -$89.5M for Net Income for 2020 and 2021.
November 15, 2020.  Last estimates were for 2019, 2020 and 2021 of $3312M, $2878M nd $2825M for Revenue,
-$0.13, $0.19 and -$0.56 for EPS, $3.27, $2.78 and $2.70 for CFPS and -$594.6M and $267M for Net Income for 2019 and 2020.
November 17, 2019.  Last estimates were for 2018, 2019 and 2020 of $3829M, $4046M, $4350M for Revenue,
-$0.29, $0.88 and $1.05 for EPS, $3.33, $3.75 and $4.18 for CFPS and -$112M, $555M for Net Income for 2018 and 2019.
November 23, 2018.  Last estimates were for 2017, 2018 and 2019 of $3219M, $3215M and $3607M for Revenue,
-$0.02, -$0.23, -$0.19 for EPS. $3.06, $3.09 amd $3.24 for CFPS, -$159M, -$204M and -$118M.
November 25, 2017.  Last estimates were for 2016, 2017 and 2018 of R2549M, $3354M and $3701M for Revenue,
-$0.84, -$0.12 and $0.33 for EPS, $3.00, $3.22 and $3.68 for CFPS and $-$478M, -$58.5M and $49M for Net Income.
November 27, 2016.  Last estimates were fpr 2015, 2016 and 2017 of $3042M, $3329M and $3783M for Revenue,
-$0.73, -$0.01 amd $0.12 fr EPS, $4.04, $3.78 and $4.19 for CFPS, -$480M, -$57.8M and $35.5M for Net Income.
November 29, 2015.  Last estimates were for 2014, 2015 and 2016 at $4272M, $4543M and $4679M for Revenue,
$1.22, $1.16 and $0.89 for EPS, $5.89, $5.83 and $6.07 for CFPS and $497M, $448M and $413M for Net Income.
November 30, 2014.  The last estimates were for 2013, 2014 and 2015 of $3265M, $3503M and $3515M for Revenue,
$1.07, $1.60 and $0.86 for EPS, $5.25, $5.45 and $5.60 for CFPS, $274, $391 and $342 for Net Income.
December 1, 2013.  The last estimates were for 2012 and 2013 of $2615M and $2933M for Revenue and $.99 and $.65 for EPS and $4.88 and $5.11 for CFPS.
Jul 2009.  Company switched to a Corporation.
2004 they bought out Tappit Resources Ltd.
Sep 5, 2003.  Converted to an Oil and Gas income Trust on September 5, 2003 as CPG.UN
2002.  In 2002 company was Crescent Point Energy Ltd. as a Junior oil and gas company engaged in exploration for and development of oil and gas in western Canada.  Symbols of CPG.A and CPG.B
2001.  Financial period only from June 20 to December 31, 2001.
2001.  Crescent Point begins trading on the TSX.
Sector:
Energy, Resources
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
I got this idea to look into this stock from another blogger, My Own Advisor and his November 2012 blog entry on great Canadian dividend paying stocks.
I also noticed that several people at the Toronto Money Show of 2013 mentioned this stock.
Dividends
Dividends are now paid quarterly in Cycle 1 of January, April, July, and October
Dividends are paid monthly.
The cash dividend to be paid on December 16, 2013 is for shareholders of record on November 30, 2013.
How they make their money.
Veren Inc is an oil producer company. It is engaged in acquiring, developing, and holding interests in petroleum assets operations across western Canada.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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	Nov 25	2017	Nov 23	2018	Nov 17	2019	Nov 15	2020	Nov 07	2021	Nov 03	2022	Oct 30	2023			Nov 01	2024
Bryksa, Craig Stephen				0.068	0.01%	0.105	0.02%	0.243	0.05%	0.366	0.06%	0.714	0.13%	0.975	0.16%			1.246	0.20%			27.90%
CEO - Shares - Amount					$0.282		$0.606		$0.721		$2.469		$6.893		$8.956				$9.286
Options - percentage				0.474	0.09%	1.091	0.21%	2.276	0.34%	2.662	0.46%	1.993	0.36%	1.551	0.25%			1.012	0.16%			-34.74%
Options - amount					$1.961		$6.317		$6.760		$17.966		$19.256		$14.251				$7.540
Saxberg, Scott	0.12%	0.855	0.16%
CEO - Shares - Amount	$12.039		$8.188
Options - percentage	0.08%	1.486	0.27%
Options - amount	$8.289		$14.237
Lamont, Kenneth	0.03%	0.221	0.04%	0.212	0.04%	0.236	0.04%	0.251	0.05%	0.293	0.05%	0.409	0.07%	0.476	0.08%			0.728	0.12%			52.78%
CFO - Shares - Amount	$3.176		$2.120		$0.879		$1.368		$0.747		$1.980		$3.954		$4.377				$5.421
Options - percentage	0.02%	0.373	0.07%	0.516	0.09%	0.730	0.14%	1.182	0.22%	1.372	0.24%	1.123	0.20%	1.014	0.16%			0.469	0.08%			-53.71%
Options - amount	$2.192		$3.570		$2.135		$4.226		$3.511		$9.262		$10.844		$9.319				$3.497
Gritzfeldt, Ryan Chad Raymond												0.438	0.08%	0.506	0.08%			0.699	0.11%			38.28%
Officer - Shares - Amount													$4.234		$4.646				$5.208
Options - percentage												0.995	0.18%	0.889	0.14%			0.451	0.07%			-49.24%
Options - amount													$9.613		$8.167				$3.361
Eade, Mark Gordon										0.082	1.08%	0.176	0.03%	0.216	0.03%			0.256	0.04%			18.11%
Officer - Shares - Amount											$0.555		$1.698		$1.990				$1.905
Options - percentage										1.027	0.18%	0.740	0.13%	0.600	0.10%			0.396	0.06%			-34.01%
Options - amount											$6.932		$7.148		$5.512				$2.949
Borggard, Bradley Harlan	0.01%	0.064	0.01%	0.092	0.02%	0.108	0.02%	0.122	0.02%	0.171	0.03%										Ceased insider Dec 2021
Officer - Shares - Amount	$0.887		$0.611		$0.382		$0.627		$0.362		$1.154
Options - percentage	0.01%	0.283	0.05%	0.426	0.08%	0.627	0.12%	1.037	0.20%	0.780	0.13%
Options - amount	$1.408		$2.709		$1.763		$3.630		$3.080		$5.264
Christie, Derek Wayne	0.05%	0.326	0.06%	0.345	0.06%
Officer - Shares - Amount	$5.215		$3.124		$1.427
Options - percentage	0.02%	0.321	0.06%	0.465	0.08%
Options - amount	$1.640		$3.073		$1.927
Dielwart, John Patrick										0.000	0.00%	0.175	0.03%	0.175	0.03%			0.175	0.03%			0.00%
Director - Shares - Amt											$0.000		$1.691		$1.608				$1.304
Options - percentage										0.221	0.04%	0.247	0.04%	0.275	0.04%			0.311	0.05%			13.30%
Options - amount											$1.495		$2.385		$2.524				$2.318
Cillis, Laura Ann						0.028	0.01%	0.037	0.01%	0.064	0.01%										Ceased insider Apr 2022
Director - Shares - Amt							$0.160		$0.110		$0.430
Options - percentage						0.053	0.01%	0.146	0.03%	0.122	0.02%
Options - amount							$0.305		$0.435		$0.821
Jackson, Michael Sidney												0.077	0.01%	0.080	0.01%			0.086	0.01%			6.60%
Director - Shares - Amt													$0.749		$0.738				$0.638
Options - percentage												0.220	0.04%	0.234	0.04%			0.250	0.04%			6.58%
Options - amount													$2.126		$2.154				$1.861
Munrose, Barbara Elaine						0.007	0.00%	0.008	0.00%	0.029	0.00%	0.054	0.01%	0.083	0.01%			0.094	0.02%			13.15%
Chairman - Shares - Amt							$0.040		$0.024		$0.192		$0.521		$0.765				$0.702
Options - percentage						0.086	0.02%	0.299	0.06%	0.326	0.06%	0.310	0.06%	0.287	0.05%			0.309	0.05%			7.71%
Options - amount							$0.499		$0.888		$2.198		$2.992		$2.634				$2.300
Heinemann, Robert Frederick				0.015	0.00%
Chairman - Shares - Amt					$0.062
Options - percentage				0.045	0.01%
Options - amount					$0.186
Bannister, Peter	0.10%	0.571	0.10%
Chairman - Shares - Amt	$10.321		$5.469
Options - percentage	0.01%	0.062	0.01%
Options - amount	$0.950		$0.593
Balutis, David
Subsidiary Executive Shares - Amount
Options - percentage
Options - amount
Increase in O/S Shares	0.49%	2.216	0.41%	4.052	0.74%	4.357	0.79%	3.321	0.63%	2.802	0.53%	2.265	0.39%	2.752	0.50%			0.464	0.07%
due to SO	$39.653		$40.442		$38.816		$18.039		$19.231		$8.321		$15.289		$26.585				$4.265
Book Value	$92.500		$58.300		$89.600		$57.300		$24.700		$15.200		$8.800		$2.265				$4.900
Insider Buying	-$0.262		-$0.356		-$0.876		-$0.192		-$0.261		-$0.114		-$1.077		-$1.077				-$1.120
Insider Selling	$5.582		$1.258		$0.375		$0.000		$0.000		$0.075		$0.504		$0.580				$1.003
Net Insider Selling	$5.320		$0.903		-$0.501		-$0.192		-$0.261		-$0.039		-$0.573		-$0.497				-$0.117
% of Market Cap	0.05%		0.02%		-0.02%		-0.01%		-0.02%		0.00%		-0.01%		-0.01%				0.00%
Directors		10		10		9		10		10		10		9				9
Women	20%	2	20%	2	20%	3	33%	3	30%	3	30%	3	30%	3	33%			3	33%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	48.82%	340	46.98%	321	46.22%	20		20	40.84%	20	54.67%	20	51.02%	20	39.31%			20	45.00%
Total Shares Held	48.79%	256.252	46.95%	254.141	46.19%	184.857	33.60%	216.489	40.84%	318.305	54.93%	283.932	51.54%	210.729	33.99%			276.983	44.68%
Increase/Decrease	3.58%	3.349	1.32%	7.731	3.14%	4.995	2.78%	3.770	1.77%	-20.502	-6.05%	46.361	19.51%	-4.495	-2.09%			17.828	6.88%
Starting No. of Shares	Reuters	252.902	Reuters	246.410	Reuters	179.862	Top 20 MS	212.719	Top 20 MS	338.807	Top 20 MS	237.570	Top 20 MS	215.224	Top 20 MS			259.156	Top 20 MS
TD waterhouse good report on this stock.
https://www.tdwaterhouse.ca/video/index.jsp?language=english&playlist=1&portal=1&id=501
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