This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2025	<-Estimates
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/				3/31/25	<-Estimates
WSP Global Inc					TSX:	WSP	OTC:	WSPOF	https://www.wsp.com/en-CA			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
														$12,773	<-12 mths	4.94%			Estimates		last 12 months from Qtr.
Less. Subconsultants and direct costs							$1,887.5	$2,029.8	$1,944.8	$2,409.5	$2,975.7	$3,540.2	$3,994.6
Net Revenue							$6,020.6	$6,886.3	$6,859.1	$7,869.6	$8,957.2	$10,897.0	$12,172.2
Net Revenue	$1,020.1	$1,677.2	$2,349.9	$4,486.8	$4,895.1	$5,356.6	$6,020.6	$6,886.3	$6,859.1	$7,869.6	$8,957.2	$10,897.0	$12,172.2	$13,939	$14,847	$16,018		417.99%	<-Total Growth	10	Net Revenue
Increase	92.83%	64.42%	40.11%	90.94%	9.10%	9.43%	12.40%	14.38%	-0.39%	14.73%	13.82%	21.66%	11.70%	14.52%	6.51%	7.89%		17.88%	<-IRR #YR->	10	Net Revenue	417.99%
5 year Running Average	$547	$818	$1,209	$2,013	$2,886	$3,753	$4,622	$5,529	$6,004	$6,598	$7,319	$8,294	$9,351	$10,767	$12,162	$13,575		12.07%	<-IRR #YR->	5	Net Revenue	76.76%
Revenue per Share	$19.98	$32.02	$26.53	$45.20	$48.29	$51.92	$57.65	$65.01	$60.41	$66.81	$71.97	$87.41	$93.29	$106.83	$113.79	$122.76		22.70%	<-IRR #YR->	10	5 yr Running Average	673.36%
Increase	23.27%	60.26%	-17.16%	70.42%	6.82%	7.53%	11.02%	12.77%	-7.06%	10.59%	7.72%	21.45%	6.72%	14.52%	6.51%	7.89%		11.08%	<-IRR #YR->	5	5 yr Running Average	69.12%
5 year Running Average	$21.28	$23.20	$24.13	$27.99	$34.40	$40.79	$45.92	$53.61	$56.66	$60.36	$64.37	$70.32	$75.98	$85.26	$94.66	$104.82		13.40%	<-IRR #YR->	10	Net Revenue per Share	251.69%
P/S (Price/Sales) Med	1.19	0.80	1.31	0.88	0.87	1.00	1.15	1.13	1.55	2.23	2.17	2.02	2.36	2.28	0.00	0.00		7.49%	<-IRR #YR->	5	Net Revenue per Share	43.51%
P/S (Price/Sales) Close	0.96	0.99	1.31	0.94	0.93	1.15	1.02	1.36	2.00	2.75	2.18	2.12	2.71	2.31	2.17	2.01		12.15%	<-IRR #YR->	10	5 yr Running Average	214.83%
*Revenue in M CDN $					P/S Med	20 yr	1.15	15 yr	1.19	10 yr	1.35	5 yr	2.17		71.00%	Diff M/C		7.22%	<-IRR #YR->	5	5 yr Running Average	41.72%
Less. Subconsultants and direct costs
			-$2,349.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$12,172.2
								-$6,886.3	$0.0	$0.0	$0.0	$0.0	$12,172.2
			-$1,209	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,351
								-$5,529	$0	$0	$0	$0	$9,351
			-$26.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$93.29
								-$65.01	$0.00	$0.00	$0.00	$0.00	$93.29
			-$24.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$75.98
								-$53.61	$0.00	$0.00	$0.00	$0.00	$75.98
Revenue*	$1,257.5	$2,016.0	$2,902.4	$6,064.0	$6,379.6	$6,942.2	$7,908.1	$8,916.1	$8,803.9	$10,279.1	$11,932.9	$14,437.2	$16,166.8	$17,933.6	$18,841.6			457.01%	<-Total Growth	10	Revenue
Increase	92.90%	60.32%	43.97%	108.93%	5.20%	8.82%	13.91%	12.75%	-1.26%	16.76%	16.09%	20.99%	11.98%	10.93%	5.06%			18.74%	<-IRR #YR->	10	Revenue	457.01%
5 year Running Average	$671	$997	$1,482	$2,578	$3,724	$4,861	$6,039	$7,242	$7,790	$8,570	$9,568	$10,874	$12,324	$14,150	$15,862			12.64%	<-IRR #YR->	5	Revenue	81.32%
Revenue per Share	$24.63	$38.49	$32.76	$61.09	$62.93	$67.30	$75.72	$84.17	$77.54	$87.27	$95.88	$115.81	$123.90	$137.44	$144.40			23.59%	<-IRR #YR->	10	5 yr Running Average	731.78%
Increase	23.31%	56.26%	-14.87%	86.48%	3.01%	6.93%	12.52%	11.16%	-7.87%	12.54%	9.87%	20.78%	6.99%	10.93%	5.06%			11.22%	<-IRR #YR->	5	5 yr Running Average	70.17%
5 year Running Average	$26.05	$28.31	$29.58	$35.39	$43.98	$52.51	$59.96	$70.24	$73.53	$78.40	$84.12	$92.13	$100.08	$112.06	$123.49			14.23%	<-IRR #YR->	10	Revenue per Share	278.18%
P/S (Price/Sales) Med	0.96	0.67	1.06	0.65	0.67	0.77	0.87	0.87	1.21	1.71	1.63	1.52	1.78	1.77	0.00			8.04%	<-IRR #YR->	5	Revenue per Share	47.21%
P/S (Price/Sales) Close	0.78	0.82	1.06	0.70	0.71	0.89	0.77	1.05	1.56	2.10	1.64	1.60	2.04	1.80	1.71			12.96%	<-IRR #YR->	10	5 yr Running Average	238.31%
*Revenue in M CDN $					P/S Med	20 yr	0.92	15 yr	0.96	10 yr	1.04	5 yr	1.63		72.27%	Diff M/C		7.34%	<-IRR #YR->	5	5 yr Running Average	42.48%
			-$2,902.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$16,166.8
								-$8,916.1	$0.0	$0.0	$0.0	$0.0	$16,166.8
			-$1,482	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,324
								-$7,242	$0	$0	$0	$0	$12,324
			-$32.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$123.90
								-$84.17	$0.00	$0.00	$0.00	$0.00	$123.90
			-$29.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$100.08
								-$70.24	$0.00	$0.00	$0.00	$0.00	$100.08
														$8.23	<-12 mths	2.24%			Estimates		Last 12 months from Qtr
														16.04%	14.11%	11.97%			Estimates		Payout Ratio EPS
Adjusted Net Earnings	$46.3	$71.7	$62.2	$172.8	$223.7	$233.9	$295.2	$306.4	$338.9	$592.9	$692.6	$860.0	$1,014.9					1531.67%	<-Total Growth	10	Adjusted Net Earnings
Return on Equity ROE	5.05%	7.36%	2.89%	5.93%	7.82%	7.91%	9.06%	9.20%	8.31%	12.71%	11.53%	13.59%	12.27%					9.13%	<-Median->	10	Return on Equity ROE
5Yr Median	18.05%	9.99%	7.36%	5.93%	5.93%	7.36%	7.82%	7.91%	8.31%	9.06%	9.20%	11.53%	12.27%					8.11%	<-Median->	10	5 Yr Median
AEPS* (EPS to AEPS)	$1.15	$1.38	$0.98	$1.87	$2.22	$2.28	$2.83	$3.10	$3.59	$5.09	$5.75	$6.90	$8.05	$9.35	$10.63	$12.52		721.43%	<-Total Growth	10	AEPS
Increase	-39.79%	20.00%	-28.99%	90.82%	18.72%	2.70%	24.12%	10%	15.81%	41.78%	12.97%	20.00%	16.67%	16.15%	13.69%	17.78%		10	0	10	Years of Data, AFFP, P or N	100.00%
AEPS Yield	6.0%	4.4%	2.8%	4.4%	5.0%	3.8%	4.8%	3.5%	3.0%	2.8%	3.7%	3.7%	3.2%	3.8%	4.3%	5.1%		23.44%	<-IRR #YR->	10	AEPS	721.43%
5 year Running Average	$1.75	$1.64	$1.42	$1.46	$1.52	$1.75	$2.04	$2.46	$2.80	$3.38	$4.07	$4.89	$5.88	$7.03	$8.14	$9.49		21.03%	<-IRR #YR->	5	AEPS	159.68%
Payout Ratio	130.43%	108.70%	153.06%	80.21%	67.57%	65.79%	53.00%	48.39%	41.78%	29.47%	26.09%	21.74%	18.63%	16.04%	14.11%	11.98%		15.23%	<-IRR #YR->	10	5 yr Running Average	312.64%
5 year Running Average	86.37%	95.74%	111.79%	110.19%	107.99%	95.07%	83.93%	62.99%	55.31%	47.69%	39.75%	33.49%	27.54%	22.39%	19.32%	16.50%		19.02%	<-IRR #YR->	5	5 yr Running Average	138.86%
Price/AEPS Median	20.60	18.61	35.51	21.33	18.95	22.69	23.40	23.71	26.14	29.26	27.19	25.57	27.39	26.01	0.00	0.00		24.64	<-Median->	10	Price/AEPS Median
Price/AEPS High	24.68	22.91	40.00	25.67	21.79	26.25	26.59	29.17	35.11	36.86	31.42	28.45	32.08	27.97	0.00	0.00		28.81	<-Median->	10	Price/AEPS High
Price/AEPS Low	16.51	14.32	31.01	16.99	16.12	19.13	20.22	18.25	17.16	21.65	22.96	22.69	22.69	24.06	0.00	0.00		19.67	<-Median->	10	Price/AEPS Low
Price/AEPS Close	16.68	22.86	35.57	22.73	20.13	26.28	20.73	28.60	33.59	36.08	27.32	26.92	31.42	26.40	23.22	19.71		27.12	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	10.04	27.43	25.26	43.38	23.90	26.99	25.73	31.33	38.90	51.15	30.86	32.30	36.66	30.66	26.40	23.22		31.82	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	24.64	28.81	19.67	27.12	P/CF	5 Yrs	in order	27.19	32.08	22.69	31.42		-2.93%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per share
			-$0.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.05
								-$3.10	$0.00	$0.00	$0.00	$0.00	$8.05
			-$1.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.88
								-$2.46	$0.00	$0.00	$0.00	$0.00	$5.88
								-48.39%	0.00%	0.00%	0.00%	0.00%	18.63%
													$4.55	<-12 mths	3.34%				Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.37%	0.40%	0.49%	-12.81%	0.23%	0.37%					0.11%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$1.15	$1.38	$0.98	$2.05	$1.97	$2.08	$2.38	$2.72	$2.51	$4.07	$3.59	$4.41	$5.40					451.02%	<-Total Growth	10	EPS Basic
EPS Diluted*	$1.15	$1.38	$0.98	$2.05	$1.97	$2.08	$2.38	$2.71	$2.50	$4.05	$4.05	$4.40	$5.38	$6.88	$8.86	$10.84		448.98%	<-Total Growth	10	EPS Diluted
Increase	-39.79%	20.00%	-28.99%	109.18%	-3.90%	5.58%	14.42%	13.87%	-7.75%	62.00%	0.00%	8.64%	22.27%	27.90%	28.80%	22.31%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	6.0%	4.4%	2.8%	4.8%	4.4%	3.5%	4.1%	3.1%	2.1%	2.2%	2.6%	2.4%	2.1%	2.8%	3.6%	4.4%		18.56%	<-IRR #YR->	10	Earnings per Share	448.98%
5 year Running Average	$1.75	$1.64	$1.42	$1.49	$1.51	$1.69	$1.89	$2.24	$2.33	$2.74	$3.14	$3.54	$4.08	$4.95	$5.91	$7.27		14.70%	<-IRR #YR->	5	Earnings per Share	98.52%
10 year Running Average				$1.51	$1.65	$1.72	$1.77	$1.83	$1.91	$2.13	$2.42	$2.72	$3.16	$3.64	$4.33	$5.21		11.09%	<-IRR #YR->	10	5 yr Running Average	186.24%
* Diluted ESP per share									E/P	10 Yrs	2.82%	5Yrs	2.21%					12.74%	<-IRR #YR->	5	5 yr Running Average	82.13%
			-$0.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.38
								-$2.71	$0.00	$0.00	$0.00	$0.00	$5.38
			-$1.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.08
								-$2.24	$0.00	$0.00	$0.00	$0.00	$4.08
Dividend*														$1.50	$1.50	$1.50					Dividend*
Increase														0.00%	0.00%	-0.07%					Increase
Payout Ratio EPS														21.80%	16.92%	13.83%			Estimates		Payout Ratio EPS
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	10	Dividends
Dividend*	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50		0.00%	<-Total Growth	10	Dividends
Increase	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%		3	0	18	Years of data, Count P, N	16.67%
Average Increases 5 Year Running	9.09%	4.88%	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	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.59	$1.65	$1.56	$1.56	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50		0.00%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	6.33%	5.84%	4.31%	3.76%	3.56%	2.90%	2.26%	2.04%	1.60%	1.01%	0.96%	0.85%	0.68%	0.62%				1.82%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	5.29%	4.75%	3.83%	3.12%	3.10%	2.51%	1.99%	1.66%	1.19%	0.80%	0.83%	0.76%	0.58%	0.57%				1.42%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	7.90%	7.59%	4.94%	4.72%	4.19%	3.44%	2.62%	2.65%	2.43%	1.36%	1.14%	0.96%	0.82%	0.67%				2.53%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	7.82%	4.76%	4.30%	3.53%	3.36%	2.50%	2.56%	1.69%	1.24%	0.82%	0.95%	0.81%	0.59%	0.61%	0.61%	0.61%		1.47%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	130.43%	108.70%	153.06%	73.17%	76.14%	72.12%	63.03%	55.35%	60.00%	37.04%	37.04%	34.09%	27.88%	21.80%	16.92%	13.84%		57.68%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	90.72%	100.61%	109.55%	104.42%	99.60%	88.65%	79.28%	67.02%	64.43%	54.66%	47.80%	42.35%	36.80%	30.29%	25.36%	20.62%		65.73%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	79.78%	65.70%	59.14%	73.05%	39.31%	40.01%	23.39%	19.51%	15.14%	16.67%	22.91%	18.96%	14.16%	12.50%	11.03%	#DIV/0!		21.21%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	60.89%	65.14%	63.43%	71.07%	59.67%	51.95%	40.39%	31.62%	23.75%	20.40%	18.96%	18.27%	17.06%	16.29%	14.81%	#DIV/0!		27.69%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	73.50%	89.49%	83.26%	42.14%	34.86%	32.01%	27.52%	17.21%	19.44%	15.21%	14.53%	11.64%	10.50%	12.50%	11.03%	#DIV/0!		18.33%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	44.78%	54.97%	61.04%	65.97%	56.05%	46.80%	37.88%	28.08%	24.30%	20.59%	17.83%	15.15%	13.62%	12.64%	11.89%	#DIV/0!		26.19%	<-Median->	10	DPR CF WC 5 Yr Running
Median 5 Yrs	10 Yr Med	10 Yr Cl	1.82%	1.47%	5 Yr Med	5 Yr Cl	0.96%	0.82%	5 Yr Med	Payout	37.04%	16.67%	14.53%					0.00%	<-IRR #YR->	5	Dividends	0.00%
* Dividends per share	10 Yr Med	and Cur.	-66.60%	-58.59%	5 Yr Med	and Cur.	-36.65%	-25.60%	Last Div Inc --->		$0.38	$0.38	0.0%					0.00%	<-IRR #YR->	10	Dividends	0.00%
Dividends Growth 15																		0.00%	<-IRR #YR->	15	Dividends
Dividends Growth 20																		6.10%	<-IRR #YR->	18	Dividends
Dividends Growth 5								-$1.50	$0.00	$0.00	$0.00	$0.00	$1.50								Dividends Growth 5
Dividends Growth 10			-$1.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.50								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	$1.50								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	$1.50								Dividends Growth 20
Historical Dividends	Historical	High Div	7.59%	Low Div	0.76%	10 Yr High	4.67%	10 Yr Low	0.60%	Med Div	3.76%	Close Div	3.53%					2.58%	After Income T.		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-91.99%	Exp	-20.03%	Exp.	-86.99%		1.30%	Exp.	-83.84%	Exp.	-82.78%					-76.44%	Change		High/Ave/Median
Future Dividend Yield					Div Yd	0.61%	earning in	5.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	0.61%	earning in	10.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Yield					Div Yd	0.61%	earning in	15.00	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.50	earning in	5	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.50	earning in	10	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.50	earning in	15	Years	at IRR of	0.00%	Div Inc.	0.00%								Future Dividend Paid
Dividend Covering Cost					Total Div	$7.50	over	5	Years	at IRR of	0.00%	Div Cov.	3.04%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$13.50	over	10	Years	at IRR of	0.00%	Div Cov.	5.47%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$19.50	over	15	Years	at IRR of	0.00%	Div Cov.	7.90%								Dividend Covering Cost
I am earning GC					Div Gr	0.00%	9/22/11	# yrs ->	13	2011	$24.70	Cap Gain	884.76%								I am earning GC
I am earning Div					org yield	6.07%	12/31/14	Pension	Div G Yrly	0.00%	Div start	$1.50	-6.07%	6.07%							I am earning Div
Yield if held 5 years	7.14%	6.43%	6.20%	5.41%	5.47%	6.33%	5.84%	4.31%	3.76%	3.56%	2.90%	2.26%	2.04%	1.60%	1.01%	0.96%		4.04%	<-Median->	10	Paid Median Price
Yield if held 10 years					12.96%	7.14%	6.43%	6.20%	5.41%	5.47%	6.33%	5.84%	4.31%	3.76%	3.56%	2.90%		6.20%	<-Median->	9	Paid Median Price
Yield if held 15 years										12.96%	7.14%	6.43%	6.20%	5.41%	5.47%	6.33%		6.79%	<-Median->	4	Paid Median Price
Cost covered if held 5 years	37.89%	35.35%	32.26%	28.15%	27.37%	31.67%	29.20%	21.55%	18.80%	17.82%	14.50%	11.32%	10.20%	7.99%	5.04%	4.80%		20.18%	<-Median->	10	Paid Median Price
Cost covered if held 10 years					129.23%	73.62%	67.50%	63.29%	55.21%	54.73%	63.33%	58.40%	43.11%	37.60%	35.65%	29.00%		63.29%	<-Median->	9	Paid Median Price
Cost covered if held 15 years									#DIV/0!	194.05%	109.34%	99.64%	94.31%	82.28%	82.10%	95.00%		#DIV/0!	<-Median->	4	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$6,886.3	$6,859.1	$7,869.6	$8,957.2	$10,897.0	$12,172.2	$12,773	<-12 mths	4.94%		76.76%	<-Total Growth	5	Revenue Growth	76.76%
AEPS Growth								$3.10	$3.59	$5.09	$5.75	$6.90	$8.05	$8.23	<-12 mths	2.24%		159.68%	<-Total Growth	5	AEPS Growth	159.68%
Net Income Growth								$286.5	$276.0	$473.6	$431.8	$550.0	$681.4	$709	<-12 mths	4.09%		137.84%	<-Total Growth	5	Net Income Growth	137.84%
Cash Flow Growth								$814.3	$1,125.1	$1,060.1	$814.8	$986.3	$1,381.9					69.70%	<-Total Growth	5	Cash Flow Growth	69.70%
Dividend Growth								$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	<-12 mths	0.00%		0.00%	<-Total Growth	5	Dividend Growth	0.00%
Stock Price Growth								$88.67	$120.59	$183.63	$157.09	$185.74	$252.96	$246.80	<-12 mths	-2.44%		185.28%	<-Total Growth	5	Stock Price Growth	185.28%
Revenue Growth			$2,349.9	$4,486.8	$4,895.1	$5,356.6	$6,020.6	$6,886.3	$6,859.1	$7,869.6	$8,957.2	$10,897.0	$12,172.2	$13,939	<-this year	14.52%		417.99%	<-Total Growth	10	Revenue Growth	417.99%
AEPS Growth			$0.98	$1.87	$2.22	$2.28	$2.83	$3.10	$3.59	$5.09	$5.75	$6.90	$8.05	$6.88	<-this year	-14.52%		721.43%	<-Total Growth	10	AEPS Growth	721.43%
Net Income Growth			$62.8	$188.8	$199.1	$213.3	$248.1	$286.5	$276.0	$473.6	$431.8	$550.0	$681.4	$937	<-this year	37.48%		985.03%	<-Total Growth	10	Net Income Growth	985.03%
Cash Flow Growth			$224.7	$203.8	$386.8	$386.8	$669.7	$814.3	$1,125.1	$1,060.1	$814.8	$986.3	$1,381.9	$1,566	<-this year	13.30%		515.00%	<-Total Growth	10	Cash Flow Growth	515.00%
Dividend Growth			$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	<-this year	0.00%		0.00%	<-Total Growth	10	Dividend Growth	0.00%
Stock Price Growth			$34.86	$42.51	$44.69	$59.91	$58.67	$88.67	$120.59	$183.63	$157.09	$185.74	$252.96	$291.43	<-this year	15.21%		625.65%	<-Total Growth	10	Stock Price Growth	625.65%
Dividends on Shares	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00	$150.00		$2,475.00	No of Years	19	Total Divs	12/31/05
Paid	$1,918.00	$3,154.00	$3,486.00	$4,251.00	$4,469.00	$5,991.00	$5,867.00	$8,867.00	$12,059.00	$18,363.00	$15,709.00	$18,574.00	$25,296.00	$24,680.00	$24,680.00	$24,680.00		$25,296.00	No of Years	19	Worth	$10.00
Total																		$27,771.00
Dividends on Shares				$43.50	$43.50	$43.50	$43.50	$43.50	$43.50	$43.50	$43.50	$43.50	$43.50	$43.50	$43.50	$43.50		$435.00	No of Years	10	Total Divs	12/31/14
Paid			$1,010.94	$1,232.79	$1,296.01	$1,737.39	$1,701.43	$2,571.43	$3,497.11	$5,325.27	$4,555.61	$5,386.46	$7,335.84	$7,157.20	$7,157.20	$7,157.20		$7,335.84	No of Years	10	Worth	$34.86
Total																		$7,770.84
Graham No. AEPS	$21.56	$24.02	$23.14	$35.16	$37.54	$38.35	$44.57	$46.83	$53.88	$67.35	$79.02	$88.78	$107.16	$115.49	$123.14	$133.64		363.04%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.10	1.07	1.50	1.13	1.12	1.35	1.49	1.57	1.74	2.21	1.98	1.99	2.06	2.11	0.00	0.00		1.66	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.32	1.32	1.69	1.37	1.29	1.56	1.69	1.93	2.34	2.79	2.29	2.21	2.41	2.26	0.00	0.00		2.07	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.88	0.82	1.31	0.90	0.95	1.14	1.28	1.21	1.14	1.64	1.67	1.76	1.70	1.95	0.00	0.00		1.25	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.89	1.31	1.51	1.21	1.19	1.56	1.32	1.89	2.24	2.73	1.99	2.09	2.36	2.14	2.00	1.85		1.94	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-11.03%	31.29%	50.63%	20.90%	19.05%	56.20%	31.62%	89.34%	123.83%	172.67%	98.81%	109.22%	136.06%	113.70%	100.42%	84.67%		94.07%	<-Median->	10	Graham Price
Graham No. EPS	$21.56	$24.02	$23.14	$36.81	$35.36	$36.63	$40.88	$43.79	$44.96	$60.07	$66.31	$70.89	$87.61	$99.08	$112.44	$124.35		278.54%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.10	1.07	1.50	1.08	1.19	1.41	1.62	1.68	2.09	2.48	2.36	2.49	2.52	2.46	0.00	0.00		1.88	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.32	1.32	1.69	1.30	1.37	1.63	1.84	2.07	2.80	3.12	2.72	2.77	2.95	2.64	0.00	0.00		2.39	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.88	0.82	1.31	0.86	1.01	1.19	1.40	1.29	1.37	1.83	1.99	2.21	2.09	2.27	0.00	0.00		1.39	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.89	1.31	1.51	1.15	1.26	1.64	1.44	2.03	2.68	3.06	2.37	2.62	2.89	2.49	2.19	1.98		2.20	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-11.03%	31.29%	50.63%	15.47%	26.38%	63.54%	43.53%	102.51%	168.22%	205.68%	136.89%	162.00%	188.75%	149.10%	119.49%	98.47%		119.70%	<-Median->	10	Graham Price
Price Close	$19.18	$31.54	$34.86	$42.51	$44.69	$59.91	$58.67	$88.67	$120.59	$183.63	$157.09	$185.74	$252.96	$246.80	$246.80	$246.80		625.65%	<-Total Growth	10	Stock Price
Increase	-27.13%	64.44%	10.53%	21.94%	5.13%	34.06%	-2.07%	51.13%	36.00%	52.28%	-14.45%	18.24%	36.19%	-2.44%	0.00%	0.00%		25.71	<-Median->	10	CAPE (10 Yr P/E)
P/E	16.68	22.86	35.57	20.74	22.69	28.80	24.65	32.72	48.24	45.34	38.79	42.21	47.02	35.87	27.85	22.77		23.33%	<-IRR #YR->	5	Stock Price	185.28%
Trailing P/E	10.04	27.43	25.26	43.38	21.80	30.41	28.21	37.26	44.50	73.45	38.79	45.86	57.49	45.87	35.87	27.85		21.92%	<-IRR #YR->	10	Stock Price	625.65%
CAPE (10 Yr P/E)				18.37	18.71	19.83	21.24	23.85	27.57	32.20	34.04	35.94	37.84	38.43	36.98	34.34		24.49%	<-IRR #YR->	5	Price & Dividend	195.43%
Median 10, 5 Yrs		D.  per yr	2.12%	1.17%	% Tot Ret	8.81%	4.76%	T P/E	$41.08	$45.86	P/E:	$35.75	$45.34					24.04%	<-IRR #YR->	10	Price & Dividend	672.98%
Price 15		D.  per yr	2.55%		% Tot Ret	13.70%						CAPE Diff	39.48%					16.07%	<-IRR #YR->	15	Stock Price
Price 20		D.  per yr	4.78%		% Tot Ret	20.50%												18.53%	<-IRR #YR->	19	Stock Price
Price & Dividend 15																		18.62%	<-IRR #YR->	15	Stock Price
Price & Dividend 20																		23.31%	<-IRR #YR->	19	Stock Price
Price  5								-$88.67	$0.00	$0.00	$0.00	$0.00	$252.96								Price  5
Price 10			-$34.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$252.96								Price 10
Price & Dividend 5								-$88.67	$1.50	$1.50	$1.50	$1.50	$254.46								Price & Dividend 5
Price & Dividend 10			-$34.86	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$254.46								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	$252.96								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	$252.96								Price 20
Price & Dividend 15	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$252.96								Price & Dividend 15
Price & Dividend 20	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$252.96								Price & Dividend 20
Price H/L Median	$23.69	$25.69	$34.80	$39.90	$42.08	$51.73	$66.24	$73.50	$93.83	$148.92	$156.36	$176.43	$220.47	$243.24				533.63%	<-Total Growth	10	Stock Price
Increase	-13.57%	8.44%	35.47%	14.66%	5.48%	22.93%	28.04%	10.97%	27.65%	58.72%	5.00%	12.84%	24.96%	10.33%				20.28%	<-IRR #YR->	10	Stock Price	533.63%
P/E	20.60	18.61	35.51	19.46	21.36	24.87	27.83	27.12	37.53	36.77	38.61	40.10	40.98	35.35				24.57%	<-IRR #YR->	5	Stock Price	199.96%
Trailing P/E	12.40	22.33	25.21	40.71	20.53	26.26	31.84	30.88	34.62	59.57	38.61	43.56	50.11	45.21				22.49%	<-IRR #YR->	10	Price & Dividend	581.05%
P/E on Running 5 yr Average	13.50	15.66	24.43	26.70	27.94	30.57	35.01	32.84	40.30	54.27	49.83	49.81	54.09	49.12				25.96%	<-IRR #YR->	5	Price & Dividend	212.20%
P/E on Running 10 yr Average				26.46	25.55	30.02	37.51	40.14	49.10	70.08	64.74	64.94	69.84	66.82				21.36	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.21%	1.39%	% Tot Ret	9.83%	5.34%	T P/E	36.61	43.56	P/E:	32.30	38.61						Count	19	Years of data
			-$34.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$220.47
								-$73.50	$0.00	$0.00	$0.00	$0.00	$220.47
			-$34.80	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$1.50	$221.97
								-$73.50	$1.50	$1.50	$1.50	$1.50	$221.97
High Months	May	Dec	Jun	Oct	Nov	Nov	Jun	Dec	Dec	Nov	Jan	Oct	Dec	Jan
Price High	$28.38	$31.61	$39.20	$48.01	$48.37	$59.85	$75.26	$90.44	$126.03	$187.61	$180.67	$196.31	$258.28	$261.48				558.88%	<-Total Growth	10	Stock Price
Increase	-17.86%	11.38%	24.01%	22.47%	0.75%	23.73%	25.75%	20.17%	39.35%	48.86%	-3.70%	8.66%	31.57%	1.24%				20.75%	<-IRR #YR->	10	Stock Price	558.88%
P/E	24.68	22.91	40.00	23.42	24.55	28.77	31.62	33.37	50.41	46.32	44.61	44.62	48.01	38.00				23.35%	<-IRR #YR->	5	Stock Price	185.58%
Trailing P/E	14.86	27.49	28.41	48.99	23.60	30.38	36.18	38.00	46.51	75.04	44.61	48.47	58.70	48.60				24.68	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	45.56	48.47	P/E:	38.99	46.32					44.62	P/E Ratio		Historical High
			-$39.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$258.28
								-$90.44	$0.00	$0.00	$0.00	$0.00	$258.28
Low Months	Dec	Jan	Jan	Jan	Mar	Jan	Apr	Jan	Mar	Feb	May	Jan	Jan	Apr
Price Low	$18.99	$19.76	$30.39	$31.78	$35.79	$43.61	$57.21	$56.56	$61.62	$110.22	$132.04	$156.55	$182.66	$224.99				501.05%	<-Total Growth	10	Stock Price
Increase	-6.27%	4.05%	53.80%	4.57%	12.62%	21.85%	31.19%	-1.14%	8.95%	78.87%	19.80%	18.56%	16.68%	23.17%				19.64%	<-IRR #YR->	10	Stock Price	501.05%
P/E	16.51	14.32	31.01	15.50	18.17	20.97	24.04	20.87	24.65	27.21	32.60	35.58	33.95	32.70				26.42%	<-IRR #YR->	5	Stock Price	222.95%
Trailing P/E	9.94	17.18	22.02	32.43	17.46	22.14	27.50	23.76	22.74	44.09	32.60	38.65	41.51	41.82				18.17	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	29.97	38.65	P/E:	24.34	32.60					10.61	P/E Ratio		Historical Low
			-$30.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$182.66
								-$56.56	$0.00	$0.00	$0.00	$0.00	$182.66
Free Cash Flow Mkt Sc									$1,032.0	$635.7	$309.0	$433.1	$884.5	$952.0	$1,240.0	$1,213.0
Change										-38.40%	-51.39%	40.16%	104.23%	7.63%	30.25%	-2.18%
Free Cash Flow WSJ				$95.5	$241.9	$279.2	$512.5	$633.7	$1,022.6	$926.0	$627.0	$652.0	$1,030.9					979.48%	<-Total Growth	9	Free Cash Flow
Change					153.30%	15.42%	83.56%	23.65%	61.37%	-9.45%	-32.29%	3.99%	58.11%					$0.24	<-Median->	9	Change
Free Cash Flow MS				$99.1	$242.4	$291.3	$542.9	$665.3	$1,032	$939	$648	$806
Change					144.60%	20.17%	86.37%	22.55%	55.12%	-9.01%	-30.99%	24.38%
Free Cash Flow MS	$76.4	$91.1	$178.9	$180.0	$210.0	$290.0	$310.0	$630.0	$630	$860	$850	$900	$1,180	$952	$1,240	$1,213		555.56%	<-Total Growth	10	Free Cash Flow
Change	27.33%	19.24%	96.38%	0.61%	16.67%	38.10%	6.90%	103.23%	0.00%	36.51%	-1.16%	5.88%	31.11%	-19.32%	30.25%	-2.18%		13.37%	<-IRR #YR->	5	Free Cash Flow MS	87.30%
FCF/CF from Op Ratio	0.80	0.76	0.80	0.88	0.54	0.75	0.46	0.77	0.56	0.81	1.04	0.91	0.85	0.61	0.70	#DIV/0!		20.76%	<-IRR #YR->	10	Free Cash Flow MS	559.59%
Dividends paid	$42.70	$46.20	$52.40	$67.00	$68.00	$70.40	$78.10	$77.60	$88.30	$80.60	$90.10	$162.20	$187.10	$195.72	$195.72	$195.72		257.06%	<-Total Growth	10	Dividends paid
Percentage paid				37.22%	32.38%	24.28%	25.19%	12.32%	14.02%	9.37%	10.60%	18.02%	15.86%	20.56%	15.78%	16.14%		$0.17	<-Median->	10	Percentage paid
5 Year Covrage								22.29%	18.47%	14.52%	12.64%	12.89%	13.76%	15.09%	16.22%	17.07%					5 Year Coverage
Dividend Coverage Ratio				2.69	3.09	4.12	3.97	8.12	7.13	10.67	9.43	5.55	6.31	4.86	6.34	6.20		5.93	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								4.49	5.41	6.89	7.91	7.76	7.27	6.63	6.16	5.86					5 Year of Coverage
								-$630	$0	$0	$0	$0	$1,180
			-$179	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,180
Free Cash Flow WSP	$89.5	$91.1	$178.9	$197.0	$244.9	$296.1	$547.4	$441.6	$735.3	$646.1	$309.0	$433.1	$884.5	$952	$1,240	$1,213		394.41%	<-Total Growth	10	Free Cash Flow	Company
Change	49.17%	1.79%	96.38%	10.12%	24.31%	20.91%	84.87%	-19.33%	66.51%	-12.13%	-52.17%	40.16%	104.23%	7.63%	30.25%	-2.18%		14.90%	<-IRR #YR->	5	Free Cash Flow WSP	Mkt Sc
FCF per Share	$2.22	$1.76	$2.79	$2.13	$2.43	$2.89	$5.26	$4.20	$6.68	$5.55	$2.57	$3.48	$7.01	$7.55	$9.83	#DIV/0!		17.33%	<-IRR #YR->	10	Free Cash Flow WSP	goes with
FCF/CF from Op Ratio	93.23%	76.17%	79.62%	96.66%	63.31%	76.55%	81.74%	54.23%	65.35%	60.95%	37.92%	43.91%	64.01%	60.80%	69.88%	#DIV/0!		151.01%	<-Total Growth	10	FCF per Share	Company
Dividends paid	$42.70	$46.20	$52.40	$67.00	$68.00	$70.40	$78.10	$77.60	$88.30	$80.60	$90.10	$162.20	$187.10	$195.72	$195.72	$195.72		257.06%	<-Total Growth	10	Dividends paid
Percentage paid	47.71%	50.71%	29.29%	34.01%	27.77%	23.78%	14.27%	17.57%	12.01%	12.47%	29.16%	37.45%	21.15%	20.56%	15.78%	16.14%		$0.22	<-Median->	10	Percentage paid
5 Year Covrage				40.54%	34.48%	30.16%	22.94%	20.91%	16.88%	14.81%	15.48%	19.45%	20.22%	22.19%	21.76%	19.83%					5 Year Coverage
Dividend Coverage Ratio	2.10	1.97	3.41	2.94	3.60	4.21	7.01	5.69	8.33	8.02	3.43	2.67	4.73	4.86	6.34	6.20		4.47	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				2.47	2.90	3.32	4.36	4.78	5.92	6.75	6.46	5.14	4.94	4.51	4.60	5.04					5 Year of Coverage
								-$442	$0	$0	$0	$0	$885
			-$179	$0	$0	$0	$0	$0	$0	$0	$0	$0	$885
Market Cap	$979	$1,652	$3,088	$4,219	$4,530	$6,180	$6,128	$9,393	$13,691	$21,628	$19,550	$23,155	$33,006	$32,202	$32,202	$32,202		682.25%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	40.312	51.843	64.024	92.325	100.920	102.576	104.392	105.614	110.263	116.902	120.709	124.952	126.539	126.539	126.539			97.64%	<-Total Growth	10	Diluted
Change	53.67%	28.60%	23.49%	44.20%	9.31%	1.64%	1.77%	1.17%	4.40%	6.02%	3.26%	3.51%	1.27%	0.00%	0.00%			3.39%	<-Median->	10	Change
Difference Diluted/Basic	0.00%	0.00%	0.00%	-0.05%	-0.04%	-0.12%	-0.23%	-0.36%	-0.22%	-0.36%	-0.26%	-0.28%	-0.34%	-0.34%	-0.34%			-0.24%	<-Median->	10	Difference Diluted/Basic
Average # of Sh in Million	40.312	51.843	64.024	92.280	100.884	102.449	104.150	105.235	110.021	116.480	120.400	124.604	126.105	126.105	126.105			96.97%	<-Total Growth	10	Basic
Increase	53.67%	28.60%	23.49%	44.13%	9.32%	1.55%	1.66%	1.04%	4.55%	5.87%	3.37%	3.49%	1.20%	0.00%	0.00%			3.43%	<-Median->	10	Change
Difference	26.7%	1.0%	38.4%	7.6%	0.5%	0.7%	0.3%	0.7%	3.2%	1.1%	3.4%	0.0%	3.5%	3.5%	3.5%			0.91%	<-Median->	10	Difference
# of Share in Millions	51.056	52.381	88.589	99.256	101.371	103.161	104.441	105.933	113.534	117.783	124.454	124.664	130.479	130.479	130.479	130.479		3.95%	<-IRR #YR->	10	Shares	47.29%
Change	56.43%	2.59%	69.12%	12.04%	2.13%	1.77%	1.24%	1.43%	7.18%	3.74%	5.66%	0.17%	4.66%	0.00%	0.00%	0.00%		4.26%	<-IRR #YR->	5	Shares	23.17%
CF from Operations $Million	$96.0	$119.6	$224.7	$203.8	$386.8	$386.8	$669.7	$814.3	$1,125.1	$1,060.1	$814.8	$986.3	$1,381.9	$1,565.8	$1,774.5			515.00%	<-Total Growth	10	Cash Flow
Increase	32.35%	24.58%	87.88%	-9.30%	89.79%	0.00%	73.14%	21.59%	38.17%	-5.78%	-23.14%	21.05%	40.11%	13.30%	13.33%			S. Iss	DRIP
5 year Running Average	$64.1	$80.4	$114.8	$143.3	$206.2	$264.3	$374.4	$492.3	$676.5	$811.2	$896.8	$960.1	$1,073.6	$1,161.8	$1,304.7			835.33%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.88	$2.28	$2.54	$2.05	$3.82	$3.75	$6.41	$7.69	$9.91	$9.00	$6.55	$7.91	$10.59	$12.00	$13.60			317.55%	<-Total Growth	10	Cash Flow per Share
Increase	-15.40%	21.43%	11.09%	-19.05%	85.83%	-1.73%	71.02%	19.88%	28.92%	-9.18%	-27.26%	20.84%	33.86%	13.30%	13.33%			19.92%	<-IRR #YR->	10	Cash Flow	515.00%
5 year Running Average	$2.61	$2.53	$2.46	$2.20	$2.51	$2.89	$3.71	$4.74	$6.31	$7.35	$7.91	$8.21	$8.79	$9.21	$10.13			11.16%	<-IRR #YR->	5	Cash Flow	69.70%
P/CF on Med Price	12.60	11.25	13.72	19.43	11.03	13.80	10.33	9.56	9.47	16.55	23.88	22.30	20.82	20.27	0.00			15.36%	<-IRR #YR->	10	Cash Flow per Share	317.55%
P/CF on Closing Price	10.20	13.81	13.74	20.70	11.71	15.98	9.15	11.54	12.17	20.40	23.99	23.48	23.88	20.57	18.15			6.62%	<-IRR #YR->	5	Cash Flow per Share	37.78%
															35.57%	Diff M/C		13.59%	<-IRR #YR->	10	CFPS 5 yr Running	257.47%
Excl.Working Capital CF	$8.2	-$31.8	-$65.1	$149.5	$49.4	$96.6	-$100.5	$108.9	-$249.0	$101.1	$470.4	$620.1	$481.3	$0.0	$0.0			13.14%	<-IRR #YR->	5	CFPS 5 yr Running	85.35%
CF fr Op $M WC	$104.2	$87.8	$159.6	$353.3	$436.2	$483.4	$569.2	$923.2	$876.1	$1,161.2	$1,285.2	$1,606.4	$1,863.2	$1,565.8	$1,774.5			1067.42%	<-Total Growth	10	Cash Flow less WC
Increase	16.32%	-15.74%	81.78%	121.37%	23.46%	10.82%	17.75%	62.19%	-5.10%	32.54%	10.68%	24.99%	15.99%	-15.96%	13.33%			27.86%	<-IRR #YR->	10	Cash Flow less WC	1067.42%
5 year Running Average	$82.4	$87.3	$104.6	$158.9	$228.2	$304.1	$400.3	$553.1	$657.6	$802.6	$963.0	$1,170.4	$1,358.4	$1,496.4	$1,619.0			15.08%	<-IRR #YR->	5	Cash Flow less WC	101.82%
CFPS Excl. WC	$2.04	$1.68	$1.80	$3.56	$4.30	$4.69	$5.45	$8.71	$7.72	$9.86	$10.33	$12.89	$14.28	$12.00	$13.60			29.23%	<-IRR #YR->	10	CF less WC 5 Yr Run	1198.88%
Increase	-25.64%	-17.87%	7.48%	97.58%	20.89%	8.90%	16.31%	59.91%	-11.46%	27.76%	4.75%	24.78%	10.82%	-15.96%	13.33%			19.69%	<-IRR #YR->	5	CF less WC 5 Yr Run	145.62%
5 year Running Average	$3.55	$3.00	$2.56	$2.36	$2.68	$3.21	$3.96	$5.34	$6.17	$7.29	$8.41	$9.90	$11.01	$11.87	$12.62			23.00%	<-IRR #YR->	10	CFPS - Less WC	692.62%
P/CF on Med Price	11.61	15.32	19.31	11.21	9.78	11.04	12.15	8.43	12.16	15.10	15.14	13.69	15.44	20.27	0.00			10.38%	<-IRR #YR->	5	CFPS - Less WC	63.85%
P/CF on Closing Price	9.40	18.82	19.35	11.94	10.39	12.79	10.77	10.17	15.63	18.63	15.21	14.41	17.71	20.57	18.15			15.73%	<-IRR #YR->	10	CFPS 5 yr Running	330.95%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	15.17	5 yr	20.82	P/CF Med	10 yr	12.16	5 yr	15.10		69.19%	Diff M/C		15.57%	<-IRR #YR->	5	CFPS 5 yr Running	106.14%
			-88.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	130.5								Shares
								-105.9	0.0	0.0	0.0	0.0	130.5								Shares
			-$224.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,381.9								Cash Flow
								-$814.3	$0.0	$0.0	$0.0	$0.0	$1,381.9								Cash Flow
			-$2.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.59								Cash Flow per Share
								-$7.69	$0.00	$0.00	$0.00	$0.00	$10.59								Cash Flow per Share
			-$2.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.79								CFPS 5 yr Running
								-$4.74	$0.00	$0.00	$0.00	$0.00	$8.79								CFPS 5 yr Running
			-$159.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,863.2								Cash Flow less WC
								-$923.2	$0.0	$0.0	$0.0	$0.0	$1,863.2								Cash Flow less WC
			-$104.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,358.4								CF less WC 5 Yr Run
								-$553.1	$0.0	$0.0	$0.0	$0.0	$1,358.4								CF less WC 5 Yr Run
			-$1.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.28								CFPS - Less WC
								-$8.71	$0.00	$0.00	$0.00	$0.00	$14.28								CFPS - Less WC
			-$2.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.01								CFPS 5 yr Running
								-$5.34	$0.00	$0.00	$0.00	$0.00	$11.01								CFPS 5 yr Running
Change in non-cash working capital items			$90.5	-$117.3
Change inTrade, prepaid and other rec					$93.1	-$59.4	-$7.1	-$11.0	$141.0	-$142.1	-$291.9	-$119.9	-$441.0
Chge in Costs & Anticipated profits excess of billing					-$16.4	-$48.2	$94.9	$33.0	$37.0	-$107.8	-$299.7	-$291.7	-$255.8
Change in Accts Pay and accrued liab					-$43.9	$86.4	$26.0	$9.3	$98.5	$275.2	$179.2	-$46.2	$110.4
Change in Billings in costs & anticipated profits					-$35.6	-$16.6	$60.6	-$60.4	$77.0	$7.6	$127.7	$172.1	$390.5
Income taxes paid			-$25.4	-$32.2	-$46.6	-$58.8	-$73.9	-$79.8	-$104.5	-$134.0	-$185.7	-$334.4	-$285.4
Sum		$31.8	$65.1	-$149.5	-$49.4	-$96.6	$100.5	-$108.9	$249.0	-$101.1	-$470.4	-$620.1	-$481.3
Google -> TD Bank		$31.8	$65.1	-$149.5	-$49.4	-$97	$101	-$109	$249	-$101	-$470	-$620	-$481					TD agrees with google other years.
Difference		$0.0	$0.0	$0.0	$0.0	$0	-$1	$0	$0	$0	$0	$0	$0
OPM	7.63%	5.93%	7.74%	3.36%	6.06%	5.57%	8.47%	9.13%	12.78%	10.31%	6.83%	6.83%	8.55%	8.73%				10.41%	<-Total Growth	10	OPM
Increase	-31.39%	-22.29%	30.50%	-56.59%	80.40%	-8.10%	51.99%	7.85%	39.93%	-19.30%	-33.79%	0.05%	25.12%	2.14%					Should increase		or be stable.
Diff from Median	-0.2%	-22.5%	1.2%	-56.1%	-20.7%	-27.2%	10.7%	19.4%	67.1%	34.8%	-10.7%	-10.7%	11.7%	14.1%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	7.65%	5 Yrs	8.55%					should be zero,	it is a check		on calculations
														$2,265	<-12 mths	3.61%
Adjusted EBITDA	$125.4	$180.6	$253.5	$441.5	$499.0	$555.2	$660.0	$1,036.8	$1,053.7	$1,322.5	$1,530.2	$1,921.3	$2,185.7	$2,544	$2,789	$3,093		762.21%	<-Total Growth	10	Adjusted EBITDA
Change	39.80%	44.02%	40.37%	74.16%	13.02%	11.26%	18.88%	57.09%	1.63%	25.51%	15.71%	25.56%	13.76%	16.39%	9.63%	10.90%		17.29%	<-Median->	10	Change
Margin	9.97%	8.96%	8.73%	7.28%	7.82%	8.00%	8.35%	11.63%	11.97%	12.87%	12.82%	13.31%	13.52%	14.19%	14.80%	#DIV/0!		11.80%	<-Median->	10	Margin
Long Term Debt				$846.8	$914.2	$882.4	$1,461.2	$1,091.9	$227.3	$1,479.3	$2,781.1	$3,058.3	$3,894.5	$3,894.5				359.91%	<-Total Growth	9	Debt	Type
Change					7.96%	-3.48%	65.59%	-25.27%	-79.18%	550.81%	88.00%	9.97%	27.34%	0.00%				9.97%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio				0.20	0.20	0.14	0.24	0.12	0.02	0.07	0.14	0.13	0.12	0.12				0.14	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities				3.00	3.09	2.89	2.97	2.86	2.80	2.97	3.22	3.31	3.22	3.22				2.99	<-Median->	10	Assets/Current Liabilities	Liquidity
Debt to Cash Flow (Years)				4.16	2.36	2.28	2.18	1.34	0.20	1.40	3.41	3.10	2.82	2.49				2.32	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$157.10	$146.40	$375.0	$406.6	$355.7	$355.2	$355.2	$355.4	$275.5	$549.9	$1,102.6	$1,104.1	$1,539.3	$1,539.3				310.48%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$697.80	$734.60	$1,985.1	$2,734.3	$2,783.6	$2,979.0	$2,979.0	$3,568.8	$3,731.9	$4,762.3	$6,792.2	$7,155.8	$9,451.5	$9,451.5				376.12%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$854.9	$881.0	$2,360.1	$3,140.9	$3,139.3	$3,334.2	$3,334.2	$3,924.2	$4,007.4	$5,312.2	$7,894.8	$8,259.9	$10,990.8	$10,990.8				365.69%	<-Total Growth	10	Total
Change	210.08%	3.05%	167.89%	33.08%	-0.05%	6.21%	0.00%	17.70%	2.12%	32.56%	48.62%	4.62%	33.06%	0.00%				11.95%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.87	0.53	0.76	0.74	0.69	0.54	0.54	0.42	0.29	0.25	0.40	0.36	0.33	0.34				0.41	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$807.2	$825.4	$2,128.0	$2,592.5	$2,506.0	$2,669.6	$3,247.0	$3,256.6	$3,300.7	$4,340.8	$5,034.2	$5,417.1	$7,008.9	$7,008.9				Liquidity ratio of 1.5 and up, best
Current Liabilities	$522.1	$546.6	$1,633.9	$2,052.4	$1,981.6	$2,254.4	$2,613.9	$3,036.0	$3,159.7	$3,791.5	$4,615.2	$4,710.6	$6,280.4	$6,280.4				1.15	<-Median->	10	Ratio
Liquidity	1.55	1.51	1.30	1.26	1.26	1.18	1.24	1.07	1.04	1.14	1.09	1.15	1.12	1.12				1.12	<-Median->	5	Ratio
Liq. with CF aft div	1.58	1.59	1.36	1.29	1.38	1.29	1.44	1.29	1.35	1.38	1.23	1.32	1.30	1.33				1.32	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.84	1.51	0.64	1.06	1.20	1.10	1.14	1.16	1.27	1.02	0.78	1.19	0.94	1.33				1.02	<-Median->	5	Ratio
Curr Long Term Debt							$56.8	$307.8	$296.9	$297.4	$173.4	$204.2	$704.9	$704.9
Liquidity Less CLTD							1.27	1.19	1.15	1.24	1.13	1.20	1.26	1.26
Liq. with CF aft div							1.44	1.41	1.46	1.47	1.26	1.36	1.45	1.49
Assets	$1,812.0	$1,859.9	$4,943.1	$6,167.1	$6,128.7	$6,523.6	$7,766.6	$8,676.1	$8,837.4	$11,250.4	$14,841.7	$15,583.1	$20,199.2	$20,199.2				Debt Ratio of 1.5 and up, best
Liabilities	$892.9	$886.3	$2,794.1	$3,255.4	$3,268.2	$3,564.6	$4,506.9	$5,344.2	$4,756.6	$6,585.2	$8,832.6	$9,249.7	$11,926.7	$11,926.7				1.72	<-Median->	10	Ratio
Debt Ratio	2.03	2.10	1.77	1.89	1.88	1.83	1.72	1.62	1.86	1.71	1.68	1.68	1.69	1.69				1.69	<-Median->	5	Ratio
Estimates BVPS														$68.92	$77.19	$86.21			Estimates		Estimates BVPS
Estimate Book Value														$8,992.6	$10,071.7	$11,248.6			Estimates		Estimate Book Value
P/B Ratio (Close)														3.58	3.20	2.86			Estimates		P/B Ratio (Close)
Difference from 10 year median															44.73%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$919.1	$973.7	$2,149.0	$2,911.7	$2,860.5	$2,959.0	$3,259.7	$3,331.9	$4,080.8	$4,665.2	$6,009.1	$6,333.4	$8,272.5	$8,272.5				284.95%	<-Total Growth	10	Total Book Value
NCI	$2.0	$0.1	-$2.8	-$4.7	$0.9	$0.9	$0.7	$1.1	$1.0	$0.7	$3.1	$4.5	$0.0	$0.0							NCI
Book Value	$917.1	$973.6	$2,151.8	$2,916.4	$2,859.6	$2,958.1	$3,259.0	$3,330.8	$4,079.8	$4,664.5	$6,006.0	$6,328.9	$8,272.5	$8,272.5	$8,272.50	$8,272.50		284.45%	<-Total Growth	10	Book Value
Book Value per share	$17.96	$18.59	$24.29	$29.38	$28.21	$28.67	$31.20	$31.44	$35.93	$39.60	$48.26	$50.77	$63.40	$63.40	$63.40	$63.40		161.02%	<-Total Growth	10	Book Value per Share
Change	16.95%	3.47%	30.69%	20.97%	-3.99%	1.65%	8.82%	0.76%	14.29%	10.21%	21.86%	5.20%	24.88%	0.00%	0.00%	0.00%		112.52%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.32	1.38	1.43	1.36	1.49	1.80	2.12	2.34	2.61	3.76	3.24	3.48	3.48	3.84	0.00	0.00		1.83	P/B Ratio		Historical Median
P/B Ratio (Close)	1.07	1.70	1.44	1.45	1.58	2.09	1.88	2.82	3.36	4.64	3.26	3.66	3.99	3.89	3.89	3.89		10.07%	<-IRR #YR->	10	Book Value per Share	161.02%
Change	-37.69%	58.92%	-15.43%	0.81%	9.50%	31.88%	-10.01%	49.99%	19.00%	38.17%	-29.80%	12.40%	9.05%	-2.44%	0.00%	0.00%		15.06%	<-IRR #YR->	5	Book Value per Share	101.64%
Leverage (A/BK)	1.97	1.91	2.30	2.12	2.14	2.20	2.38	2.60	2.17	2.41	2.47	2.46	2.44	2.44				2.40	<-Median->	10	A/BV
Debt/Equity Ratio	0.97	0.91	1.30	1.12	1.14	1.20	1.38	1.60	1.17	1.41	1.47	1.46	1.44	1.44				1.40	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	2.47	5 yr Med	3.48		57.33%	Diff M/C		2.14	Historical	19	A/BV
			-$24.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$63.40
								-$31.44	$0.00	$0.00	$0.00	$0.00	$63.40
Comprehensive Income	$59.60	$103.90	$47.10	$472.80	$18.3	$166.5	$378.1	$140.0	$273.5	$352.9	$538.9	$478.0	$997.5					2017.83%	<-Total Growth	10	Comprehensive Income
NCI	$0.20	$2.70	-$0.60	$1.00	-$0.4	$0.0	$0.7	-$0.8	$1.4	$0.5	$2.9	$3.0	$0.0					100.00%	<-Total Growth	10	NCI
Shareholders	$59.40	$101.20	$47.70	$471.80	$18.7	$166.5	$377.4	$140.8	$272.1	$352.4	$536.0	$475.0	$997.5					1991.19%	<-Total Growth	10	Comprehensive Income
Increase	18.51%	70.37%	-52.87%	889.10%	-96.04%	790.37%	126.67%	-62.69%	93.25%	29.51%	52.10%	-11.38%	110.00%					52.10%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$40.05	$54.53	$57.85	$146.04	$139.8	$161.2	$216.4	$235.0	$195.1	$261.8	$335.7	$355.3	$526.6					35.53%	<-IRR #YR->	10	Comprehensive Income	1991.19%
ROE	6.5%	10.4%	2.2%	16.2%	0.7%	5.6%	11.6%	4.2%	6.7%	7.6%	8.9%	7.5%	12.1%					47.93%	<-IRR #YR->	5	Comprehensive Income	608.45%
5Yr Median	11.2%	10.4%	10.0%	10.0%	6.5%	5.6%	5.6%	5.6%	5.6%	6.7%	7.6%	7.5%	7.6%					24.71%	<-IRR #YR->	10	5 Yr Running Average	810.25%
% Difference from NI	28.3%	44.2%	-24.0%	149.9%	-90.6%	-21.9%	52.1%	-50.9%	-1.4%	-25.6%	24.1%	-13.6%	46.4%					17.51%	<-IRR #YR->	5	5 Yr Running Average	124.05%
Median Values										Diff	5, 10 yr	-7.5%	-1.4%					7.6%	<-Median->	5	Return on Equity
			-$47.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$997.5
								-$140.8	$0.0	$0.0	$0.0	$0.0	$997.5
			-$57.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$526.6
								-$235.0	$0.0	$0.0	$0.0	$0.0	$526.6
Current Liability Coverage Ratio	0.20	0.16	0.10	0.17	0.22	0.21	0.22	0.30	0.28	0.31	0.28	0.34	0.30	0.25							CFO / Current Liabilities
5 year Median	0.56	0.56	0.20	0.17	0.17	0.17	0.21	0.22	0.22	0.28	0.28	0.30	0.30	0.30				0.28	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	5.75%	4.72%	3.23%	5.73%	7.12%	7.41%	7.33%	10.64%	9.91%	10.32%	8.66%	10.31%	9.22%	7.75%							CFO / Total Assets
5 year Median	13.31%	12.34%	5.75%	5.73%	5.73%	5.73%	7.12%	7.33%	7.41%	9.91%	9.91%	10.31%	9.91%	9.22%				8.9%	<-Median->	10	Return on Assets
Return on Assets ROA	2.6%	3.8%	1.3%	3.1%	3.2%	3.3%	3.2%	3.3%	3.1%	4.2%	2.9%	3.5%	3.4%	4.6%				Net	Income/Assets		Return on Assets
5Yr Median	5.8%	5.0%	3.8%	3.1%	3.1%	3.2%	3.2%	3.2%	3.2%	3.3%	3.2%	3.3%	3.4%	3.5%				3.3%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	5.0%	7.2%	2.9%	6.5%	7.0%	7.2%	7.6%	8.6%	6.8%	10.2%	7.2%	8.7%	8.2%	11.3%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	11.2%	10.0%	7.2%	6.5%	6.5%	7.0%	7.0%	7.2%	7.2%	7.6%	7.6%	8.6%	8.2%	8.7%				7.4%	<-Median->	10	Return on Equity
														$709	<-12 mths	4.09%			Estimates		Last 12 months from Qtr
Net Income	$46.30	$71.70	$62.2	$188.6	$198.7	$213.3	$248.8	$285.7	$277.4	$474.1	$434.7	$553.0	$681.4					995.50%	<-Total Growth	10	Earnings
NCI	$0.00	$1.50	-$0.6	-$0.2	-$0.4	$0.0	$0.7	-$0.8	$1.4	$0.5	$2.9	$3.0	$0.0					100.00%	<-Total Growth	10	NCI
Shareholders	$46.30	$70.20	$62.8	$188.8	$199.1	$213.3	$248.1	$286.5	$276.0	$473.6	$431.8	$550.0	$681.4	$937	$1,133	$1,428		985.03%	<-Total Growth	10	Net Income
Increase	-7.50%	51.62%	-10.54%	200.64%	5.46%	7.13%	16.32%	15.48%	-3.66%	71.59%	-8.83%	27.37%	23.89%	37.48%	20.94%	26.04%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$36.8	$45.7	$52.0	$83.6	$113.4	$146.8	$182.4	$227.2	$244.6	$299.5	$343.2	$403.6	$482.6	$614.7	$746.6	$945.8		26.92%	<-IRR #YR->	10	Net Income
Operating Cash Flow	$96.00	$119.60	$224.7	$203.8	$386.8	$386.8	$669.7	$814.3	$1,125.1	$1,060.1	$814.8	$986.3	$1,381.9					18.92%	<-IRR #YR->	5	Net Income
Investment Cash Flow	-$459.80	-$26.80	-$1,838.6	-$436.2	-$309.1	-$394.5	-$678.1	-$322.1	-$185.3	-$1,344.9	-$2,682.7	-$510.4	-$2,436.6					24.95%	<-IRR #YR->	10	5 Yr Running Ave.
Total Accruals	$410.10	-$22.60	$1,676.7	$421.2	$121.4	$221.0	$256.5	-$205.7	-$663.8	$758.4	$2,299.7	$74.1	$1,736.1					16.26%	<-IRR #YR->	5	5 Yr Running Ave.
Total Assets	$1,812.00	$1,859.90	$4,943.1	$6,167.1	$6,128.7	$6,523.6	$7,766.6	$8,676.1	$8,837.4	$11,250.4	$14,841.7	$15,583.1	$20,199.2						Balance Sheet		Assets
Accruals Ratio	22.63%	-1.22%	33.92%	6.83%	1.98%	3.39%	3.30%	-2.37%	-7.51%	6.74%	15.49%	0.48%	8.59%					6.74%	<-Median->	5	Ratio
EPS/CF Ratio	0.56	0.82	0.54	0.58	0.46	0.44	0.44	0.31	0.32	0.41	0.39	0.34	0.38					0.40	<-Median->	10	EPS/CF Ratio
			-$62.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$681.4
								-$286.5	$0.0	$0.0	$0.0	$0.0	$681.4
			-$52.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$482.6
								-$227.2	$0.0	$0.0	$0.0	$0.0	$482.6
Change in Close	-27.13%	64.44%	10.53%	21.94%	5.13%	34.06%	-2.07%	51.13%	36.00%	52.28%	-14.45%	18.24%	36.19%	-2.44%	0.00%	0.00%			Count	19	Years of data
up/down		down		down	down					up	Down	Down		Down					Count	11	57.89%
Meet Prediction?										Yes	Yes							% right	Count	3	27.27%
Financial. Cash Flow	$339.50	-$119.00	$1,689.0	$742.8	-$26.5	-$52.6	$77.7	-$496.3	-$746.3	$790.2	$1,420.7	-$597.4	$1,307.8						C F Statement		Financial CF
Total Accruals	$70.60	$96.40	-$12.3	-$321.6	$147.9	$273.6	$178.8	$290.6	$82.5	-$31.8	$879.0	$671.5	$428.3								Accruals
Accruals Ratio	3.90%	5.18%	-0.25%	-5.21%	2.41%	4.19%	2.30%	3.35%	0.93%	-0.28%	5.92%	4.31%	2.12%					2.12%	<-Median->	5	Ratio
Cash	$121.30	$100.10	$176.3	$202.2	$230.5	$178.6	$253.9	$237.3	$237.3	$926.3	$491.0	$361.9	$619.3	$619.3							Cash
Cash per Share	$2.38	$1.91	$1.99	$2.04	$2.27	$1.73	$2.43	$2.24	$2.09	$7.86	$3.95	$2.90	$4.75	$4.75				$3.95	<-Median->	5	Cash per Share
Percentage of Stock Price	12.39%	6.06%	5.71%	4.79%	5.09%	2.89%	4.14%	2.53%	1.73%	4.28%	2.51%	1.56%	1.88%	1.92%				1.88%	<-Median->	5	% of Stock Price
Notes:
April 26, 2025.  Last estimates were for 2024, 2025, 2026 of $11616M, $12422M, $12877MNet Revenue, $14591, $15397M 2024/5 Revenue, $7.86, $9.02, $10.23 AEPS,
$6.32, $7.66 2024/5 EPS, $1.50, $1.50 2024/5 Dividends, $809M, $997M, $1179M FCF, $10.50, $11.70 2024/5 CFPS, $2115M, $2307M, $2448M EBITDA, $804M, $986M 2024/5 Net Income.
April 28, 2024.  Last estimates were for $10518M, $11197M, 11233M for Revenue, R13493M, $14172M and $14208M for Revenue, $6.50, $7.49, $8.49 for AEPS,
$5.09, $6.32 2023/4 for EPS,  $1.50, $1.50 2024/5 Dividends, $672M, $853M , $1123M for FCF, $9.80, $7.55 2024/5 for CFPS, $655M, $795M 2024/5 Net Income.
April 30, 2023.  Last estimates were for 2022, 2023 and 2024 of $8620M, $9240M and $9516M for Revenue, $5.67, $6.43 and $7.49 for AEPS,
$4.61, $5.38 and $6.48 for EPS, $1.50, $1.50 and $1.50 for Dividends, $559M, $717M and $822M for FCF, $9.43, $11.30 and $12.50 for CFPS, and $559M, $651M and $778M for Net Income.
April 30, 2022.  Last estimates were for 7813M, $8598M and $8609M for Revenue, $3.98, $4.78 and $4.33 for EPS, $1.50, $1.50 and $1.50 for dividends,
$370M, $647M and $600M for FCF, $6.04 and $9.48 for CFPS for 2021-22, $462M, $561M and $512M for Net Income.
April 27, 2021.  Last estimates were for 2020, 2021 and 2022 of $7244M, $7725M and $7378M for Revenue, $3.63, $4.17 and $4.99 for EPS,
$1.50, $1.50 and $1.50 for Dividends, $364M, $443M and $452M for FCF, $7.26 and $9.13 for CFPS for 2020, 2021 and $42M, $480M for Net Income for 2020 and 2021.
April 24, 2020.  Last estimates were for 2019, 2020 and 2021 for 6872M, $7276M and $7237M for Revenue, $3.37, $3.82 and $4.41 for EPS,
$1.50, $1.50 and $1.50 for Div, $4.98 for CFPS for 2019 and $362M and $396M for Net Income for 2019 and 2020.
April 27. 2019.  Last estimates were for 2018, 2019 and 2020 of $5988M, $6320M and $6390M for Net Revenue, $3.02, $3.34 and $3.86 for EPS,
$4.60 and $4.98 for CFPS for 2018 and 2019 and $310M, $362M and $396M Net Income.
April 22, 2018.  Last estimates were for 2017 and 2018 of $5211M and $5637M for Net Revenue, $2.44 and $2.83 for EPS, $3.95 and $4.61 for CFPS and $250M and $287M for Net Income.
April 26, 2017.  Last estimates were for 2016, 2017 and 2018 of $4943M, $5230M and $5574M for Net Revenue, $2.22, $2.60 and $3.39 for EPS, $1.21 and $1.93 for CFPS for 2016 and 2017 and
$239M and $278M for Net Income for 2016 and 2017.
Difference in Comprehensive Income and Net Income is mostly Currency Translation Adjustment for Subsidiaries functioning in non CDN$ and translated at statement time.
May 7, 2016.  Last estimates were for 2015 and 2016 of $4381M, $4659M and $5970M for 2015, 2016 and 2017 for Net Revenue, $2.05 and $2.57 for EPS, $3.32 and $3.89 for CFPS and $183M and $253M for Net Income.
June 1, 2015.  Last estimates were for 2014 and 2015 of $2010.6M, $2263.5M for Revenue, $1.77 and $2.16 for EPS, $2.69 and $3.18 for CFPS and Net Income of $108M and $132M for Net Income.
May 24, 2014.  Last estimates were for 2013 and 2014 of $1668M and $1755M for Revenue, $1.54 and $1.83 for EPS, $2.67 and 2.91 for CFPS.
There is a name changed from Genivar Inc to WSP Global Inc.  TSX symbol change also from GNV to WSP.  Seems to be effective Tuesday December 31, 2013 that shareholders  received one share of WSP Global for each Genivar share.
May 25, 2013.  Last estimates were for 2012 and 2013 of $1000M and $1691M for Revenue, $1.63 and $1.89 for EPS and $2.90 for 2012 CFPS.
The company bought WSP Group last year and now wants to rename to the company to WSP Global.
May 12, 2012.  Last estimates I got were for 2011 and 2012 of $533.9M and $591.6M for revenues, $1.71 and $2.05 for EPS and $2.50 and $2.90 for CF.
Shares increased in 2011 for two reasons: 1. to buy out non-controling interest and to raise money.
Earnings in 2011 included one-time deferred income tax recovery in 2011 resulting from a change in legal structure.  Without it earnings would have been $1.63
Jan 1, 2011.  Genivar Income Fund (GNV.UN) becomes Genivar Inc. (GNV)
Genvar Income Trust was started 25 May 2006
Negative report August 22, 2024
https://www.sprucepointcap.com/research/wsp-global
Sector:
Construction, Industrial
What should this stock accomplish?
Solid dividend and hopefully future growth in dividends.  Expect volitility because of the industry this company is in.
Would I buy this company and Why.
I have this company and will continue to hold it.  I expect that it will become a dividend growth company again.
Why am I following this stock.
This company used to be called Genivar. Genivar was in an article I read so I investigated it and decided to buy.
Why I bought this stock.
In Sept 2011 I rationalized my portfolio.  I sold stocks that did not make it into my core and bought stocks that could of the same type.  In this case selling Stantec and buying Genivar.
In October 2011 I wanted to sell Enerflex because it is not a company I bought but a distribution from Toromont.  I bought more Genivar, now called WSP Global.
Dividends
Dividends are paid in Cycle 1, that is in January, April, July and October.  Dividends are declared in one month and paid around mid-month of the following month.
For example, the dividedn paid on October 15, 2013 was declared for shareholders of record of September 30, 2013.
How they make their money.
WSP Global Inc provides a professional services consulting firm offering technical expertise and advice to clients in the Transportation & Infrastructure,
Earth & Environment, Property & Buildings, and Power & Energy sectors. The firm operates through four reportable segments namely, Canada, Americas
( United States and Latin America), EMEIA (Europe, Middle East, India and Africa), and APAC (Asia Pacific, comprising Australia, New Zealand, and Asia).
KEEP EYE ON DIVIDENDS.  THEY MAY NOT DO FUTURE INCREASES.
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.
http://www.theglobeandmail.com/globe-investor/personal-finance/ted-rechtshaffen/an-opportune-time-to-create-a-great-portfolio/article2167685/
Build your own pension with top dividend stocks
So where are we today? Can we find some examples of great stocks to build a pension portfolio?
As an example, below are six profitable, growing companies that have a dividend payout ratio of less than 80 per cent and whose dividend yield has grown over 25 per cent from six months ago:
Not true for Genivar, but they did pay a special dividend in 2011, which brought the dividend paid this year to 20% more than paid last year.
Company Name, Dividend Yield
• Canfor Pulp Products (CFX-T15.40-0.09-0.58%), 10.5 per cent
• Genivar (GNV-T24.70-0.44-1.75%), 5.9 per cent
• Just Energy (JE-T11.89-0.06-0.50%), 10.3 per cent/td>
• Cellcom Israel (CEL-N21.750.301.40%) (U.S.) 12.8 per cent
• Greif Inc. (GEF-N48.08-0.59-1.21%) (U.S.) 5.4 per cent
• First Niagara Financial Group(FNFG-Q10.46-0.29-2.70%) (U.S.) 6.1 per cent
All Canadian companies mentioned above have a market capitalization of at least $500-million, and the U.S. companies have a market capitalization of at least $1-billion.
As of December 31, 2010, the shareholders of GENIVAR Inc. (the "Shareholders") hold a 33.35% indirect interest in the Fund and the unitholders (the "Unitholders")
hold a 66.65% direct interest in the Fund. Under the Arrangement, Unitholders will receive, for each unit of the Fund held, one common share of New GENIVAR for
an aggregate of 18,103,589 common shares in New GENIVAR and the Shareholders will receive an aggregate of 7,908,294 common shares of New GENIVAR in
exchange for their 33.35% indirect interest in the Fund. As of January 1st, 2011, there will be 26,011,883 common shares of New GENIVAR outstanding and the
former Shareholders and the former Unitholders will respectively hold a 30.40% and 69.60% interest in New GENIVAR.
A much better write up on this company is at this link.
http://canadiandividendstock.com/genivar-gnv/
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	April 22	2018	April 27	2019	April 24	2020	April 27	2021	April 30	2022	April 30	2023	April 28	2024			April 26	2025		Global Team
L'Heureux, Alexandre	0.02%	0.024	0.02%	0.027	0.03%	0.031	0.03%	0.035	0.03%	0.037	0.03%	0.039	0.03%	0.041	0.03%			0.040	0.03%			-2.06%
CEO - Shares - Amount	$1.221		$1.405		$2.369		$3.746		$6.359		$5.786		$7.213		$10.282				$9.825
Options - percentage	0.29%	0.669	0.64%	0.476	0.45%	0.585	0.52%	0.667	0.57%	0.610	0.49%	0.714	0.57%	0.765	0.59%			0.704	0.54%			-7.97%
Options - amount	$18.062		$39.238		$42.196		$70.552		$122.566		$95.790		$132.534		$193.526				$173.771
Michaud, Alain						0.001	0.00%	0.003	0.00%	0.004	0.00%	0.005	0.00%	0.006	0.00%			0.006	0.00%			13.85%
CFO - Shares - Amount							$0.155		$0.481		$0.587		$0.887		$1.443				$1.602
Options - percentage						0.048	0.04%	0.075	0.06%	0.076	0.06%	0.108	0.09%	0.153	0.12%			0.108	0.08%			-29.26%
Options - amount							$5.820		$13.804		$12.004		$20.110		$38.690				$26.703
Roy, Bruno	0.00%	0.003	0.00%	0.005	0.00%	0.005	0.00%														Last updated Oct 2019
CFO - Shares - Amount	$0.045		$0.196		$0.439		$0.598
Options - percentage	0.03%	0.063	0.06%	0.104	0.10%	0.109	0.10%
Options - amount	$2.158		$3.680		$9.191		$13.143
Dumas, Marie-Claude								0.000	0.00%	0.000	0.00%	0.000	0.00%	0.001	0.00%			0.001	0.00%		Not in 2020	19.06%
Officer - Shares - Amount									$0.028		$0.044		$0.076		$0.134				$0.156
Options - percentage								0.017	0.01%	0.033	0.03%	0.048	0.04%	0.054	0.04%			0.049	0.04%			-8.57%
Options - amount									$3.173		$5.258		$8.831		$13.595				$12.128
Fortier, Philippe												0.004	0.00%	0.004	0.00%			0.005	0.00%			14.21%
Officer - Shares - Amount													$0.651		$1.081				$1.204
Options - percentage												0.069	0.06%	0.074	0.06%			0.068	0.05%			-7.67%
Options - amount													$12.824		$18.688				$16.834
Shoiry, Pierre								0.632	0.54%	0.500	0.40%	0.500	0.40%	0.500	0.38%						Shown as Director in 2022	-100.00%
Director- Shares - Amount									$116.105		$78.556		$92.884		$126.480						Ceased insider May 2024
Options - percentage								0.017	0.01%	0.019	0.02%	0.022	0.02%	0.024	0.02%							-100.00%
Options - amount									$3.132		$3.024		$4.059		$6.166
Carriere, Louis-Phillippe		0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%			0.00%
Director - Shares - Amount			$0.182		$0.275		$0.374		$0.569		$0.487		$0.576		$0.784				$0.765
Options - percentage		0.003	0.00%	0.006	0.01%	0.009	0.01%	0.011	0.01%	0.013	0.01%	0.014	0.01%	0.016	0.01%			0.017	0.01%			5.35%
Options - amount			$0.185		$0.550		$1.098		$2.045		$1.990		$2.691		$4.074				$4.187
Rancourt, Suzanne												0.005	0.00%	0.005	0.00%			0.005	0.00%			0.00%
Director - Shares - Amount													$0.915		$1.247				$1.216
Options - percentage												0.006	0.01%	0.007	0.01%			0.008	0.01%			10.50%
Options - amount													$1.200		$1.863				$2.008
Norgaard, Birgit												0.005	0.00%	0.005	0.00%			0.005	0.00%			0.00%
Director - Shares - Amount													$0.947		$1.290				$1.259
Options - percentage												0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount													$0.000		$0.000				$0.000
Cole, Christopher	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%	0.023	0.02%			0.023	0.02%			0.00%
Chairman - Shares - Amt	$1.368		$1.340		$2.025		$2.754		$4.193		$3.587		$4.241		$5.776				$5.636
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Caisse de dépôt et placement du Québec	18.12%	19.238	18.42%	19.703	18.60%	19.703	17.35%	21.022	17.85%	21.238	17.07%	22.580	18.11%	22.582	17.31%			20.586	15.78%		Filed 2025	-8.84%
10% holder	$1,119.818		$1,128.696		$1,747.083		$2,376.009		$3,860.266		$3,336.340		$4,193.933		$5,712.369				$5,080.557
Canada Pension Plan Investment Board	19.18%	20.337	19.47%	20.806	19.64%	20.806	18.33%	21.671	18.40%	17.840	14.33%	17.701	14.20%	15.221	11.67%			13.403	10.27%		Filed Apr 2025	-11.95%
10% holder	$1,185.630		$1,193.178		$1,844.881		$2,509.013		$3,979.431		$2,802.526		$3,287.856		$3,850.403				$3,307.895
Increase in O/S Shares	0.00%	0.073	0.07%	0.036	0.03%	0.330	0.31%	0.046	0.04%	0.218	0.18%	0.022	0.02%	0.062	0.05%			0.191	0.15%		Average	6.98%
due to SO	$0.000		$4.372		$2.097		$29.289		$5.597		$39.990		$4.094		$11.585				$48.208		Yes, 0 until 2017
Book Value	$0.000		$3.100		$1.700		$15.800		$2.700		$13.300		$2.000		$6.300				$15.600
Insider Buying	$0.146		-$0.212		$0.000		-$0.159		-$0.042		$0.000		-$0.096		$0.000				-$0.502
Insider Selling	$0.000		$0.000		$0.215		$24.271		$2.995		$49.014		$0.000		$6.247				$28.079
Net Insider Selling	$0.146		-$0.212		$0.215		$24.113		$2.952		$49.014		-$0.096		$6.247				$27.578
% of Market Cap	0.00%		0.00%		0.00%		0.18%		0.01%		0.25%		0.00%		0.02%				0.09%
Directors		8		7		8		7		8		8		10				9
Women	38%	3	38%	3	43%	3	38%	3	43%	3	38%	3	38%	3	30%			4	44%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	10%			1	11%
Institutions/Holdings	54.05%	100	50.92%	180	54.42%	20	11.96%	20	16.90%	20	4.48%	20	14.90%	20	17.12%			20	19.79%
Total Shares Held	53.37%	52.705	50.46%	57.013	53.82%	12.561	11.06%	19.187	16.29%	17.050	13.70%	18.564	14.89%	21.346	16.36%			25.826	19.79%
Increase/Decrease	-0.44%	0.418	0.80%	0.846	1.51%	0.846	-812.74%	0.419	-402.07%	-0.411	394.65%	-0.422	405.33%	0.333	-319.65%			0.333	-319.65%
Starting No. of Shares		52.287		56.167		-0.104	Top 20 MS	-0.104	Top 20 MS	-0.104	Top 20 MS	-0.104	Top 20 MS	-0.104	Top 20 MS			-0.104	Top 20 MS
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My stock
																		Trading & Pension
																		02/12/21	-$16,778.00	AD	$167.78	100
																		29/11/22	-$16,460.00	AD	$164.60	100
																		22/09/11	-$2,469.99		$24.70	100
																		31/10/11	-$4,621.99		$23.11	200
																		13/05/16	-$4,006.99		$40.07	100
																		13/05/16	-$16,016.00		$40.04	400
																		02/12/21	$16,778.00	RE	$167.78	-100
																		29/11/22	$16,460.00	RE	$164.60	-100
																		31/03/25	$195,368.00		$75.44	800
																		20.67%	XIRR		$244.21	800
																		23.32%	Total Return
																		2.65%	11.35%
																		% from	$241,168.50		Total Value	Gain
																			-$33,238.00		Less Sale of Stock
																			-$195,368.00		Less Stock Value
																		6.95%	$12,562.50		Dividends Paid	46.33%
																			$27,114.97		Cost of Stock
																			$0.00		Sale of Stock
																		93.05%	$168,253.03		Capital Gains/Loss	620.52%
																		100.00%	$180,815.53		Total Return	666.85%
																		Start Date	22-Sep-11		Shares	800
																		End date	31-Mar-25		Dividends pd per Share	$15.70
																		Years	13.52		Div less cost	-$18.19
																					Cost	$33.89
																					% paid by div	46.34%
																		Trading.
																		02/12/21	-$16,778.00	AD	$167.78	100
																		29/11/22	-$16,460.00	AD	$164.60	100
																		31/03/25	$48,842.00		$166.19	200
																		14.44%	XIRR		$244.21	200
																		15.27%	Total Return
																		0.83%	5.46%
																		% from	$49,667.00		Total Value	Gain
																			$0.00		Less Sale of Stock
																			-$48,842.00		Less Stock Value
																		5.02%	$825.00		Dividends Paid	2.48%
																			$33,238.00		Cost of Stock
																			$0.00		Sale of Stock
																		94.98%	$15,604.00		Capital Gains/Loss	46.95%
																		100.00%	$16,429.00		Total Return	49.43%
																		Start Date	2-Dec-21		Shares	200
																		End date	31-Mar-25		Dividends pd per Share	$4.13
																		Years	3.33		Div less cost	-$29.77
																					Cost	$33.89
																					% paid by div	12.17%