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	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024	<-Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/24	<-Estimates
Canadian Natural Resources						TSX	CNQ	NYSE	CNQ	https://www.cnrl.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
Split Dates																						Alpha
Split																					Split	Spread
														$35,610	<-12 mths	-1.00%			Estimates		last 12 months from Qtr.
Revenue less Royalities	$13,792	$14,589	$16,145	$18,863	$12,363	$10,523	$16,651	$21,027	$22,871	$16,893	$30,057	$42,298	$35,968	$34,971	$36,519	$36,833		122.78%	<-Total Growth	10	Revenue less Royalities
Increase	6.91%	5.78%	10.67%	16.83%	-34.46%	-14.88%	58.23%	26.28%	8.77%	-26.14%	77.93%	40.73%	-14.97%	-2.77%	4.43%	0.86%		12.80%	<-Median->	10	Increase
Royalities	$1,715	$1,606	$1,800	$2,438	$804	$575	$1,018	$1,255	$1,523	$598	$2,797	$7,232	$4,867	$1,238	$1,293	$1,304		170.39%	<-Total Growth	10	Royalities
% Roylities to Rev less Royalities	12.43%	11.01%	11.15%	12.92%	6.50%	5.46%	6.11%	5.97%	6.66%	3.54%	3.54%	3.54%	3.54%	3.54%	3.54%	3.54%		5.72%	<-Median->	10	% Roylities to Rev less Royalities
Revenue*	$15,507	$16,195	$17,945	$21,301	$13,167	$11,098	$17,669	$22,282	$24,394	$17,491	$32,854	$49,530	$40,835	$36,209	$37,812	$38,137		127.56%	<-Total Growth	10	Revenue
Increase	8.27%	4.44%	10.81%	18.70%	-38.19%	-15.71%	59.21%	26.11%	9.48%	-28.30%	87.83%	50.76%	-17.56%	-11.33%	4.43%	0.86%		8.57%	<-IRR #YR->	10	Revenue	127.56%
5 year Running Average	$13,925	$14,655	$15,009	$17,054	$16,823	$15,941	$16,236	$17,103	$17,722	$18,587	$22,938	$29,310	$33,021	$35,384	$39,448	$40,505		12.88%	<-IRR #YR->	5	Revenue	83.26%
Revenue per Share	$14.14	$14.83	$16.50	$19.51	$12.03	$9.99	$14.45	$18.54	$20.55	$14.77	$28.12	$44.92	$38.08	$33.76	$35.26	$35.56		8.20%	<-IRR #YR->	10	5 yr Running Average	120.00%
Increase	7.72%	4.86%	11.29%	18.21%	-38.35%	-16.95%	44.65%	28.30%	10.86%	-28.12%	90.33%	59.75%	-15.23%	-11.33%	4.43%	0.86%		14.06%	<-IRR #YR->	5	5 yr Running Average	93.07%
5 year Running Average	$12.81	$13.45	$13.76	$15.62	$15.40	$14.57	$14.50	$14.90	$15.11	$15.66	$19.29	$25.38	$29.29	$31.93	$36.03	$37.52		8.72%	<-IRR #YR->	10	Revenue per Share	130.72%
P/S (Price/Sales) Med	2.78	2.24	1.96	2.08	2.81	3.44	2.87	2.14	1.76	1.80	1.46	1.66	2.13	2.86	0.00	0.00		15.48%	<-IRR #YR->	5	Revenue per Share	105.39%
P/S (Price/Sales) Close	2.70	1.93	2.18	1.84	2.51	4.28	3.11	1.78	2.04	2.07	1.90	1.67	2.13	3.13	3.00	3.10		7.84%	<-IRR #YR->	10	5 yr Running Average	112.80%
*Product sales before Royalties in M CDN $					P/S Med	20 yr	2.19	15 yr	2.14	10 yr	2.10	5 yr	1.76		49.15%	Diff M/C		14.47%	<-IRR #YR->	5	5 yr Running Average	96.53%
			-$17,945	$0	$0	$0	$0	$0	$0	$0	$0	$0	$40,835
								-$22,282	$0	$0	$0	$0	$40,835
			-$15,009	$0	$0	$0	$0	$0	$0	$0	$0	$0	$33,021
								-$17,103	$0	$0	$0	$0	$33,021
			-$16.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.08
								-$18.54	$0.00	$0.00	$0.00	$0.00	$38.08
			-$13.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$29.29
								-$14.90	$0.00	$0.00	$0.00	$0.00	$29.29
														$14,032.0	<-12 mths	-8.13%
														$14.48	<-12 mths	4.48%			Estimates		Last 12 months from Qtr
														30.33%	32.05%				Estimates		Payout Ratio EPS
Adjusted Cash Flow	$6,547	$6,013	$7,477	$9,587	$5,785	$4,293	$7,347	$9,088	$10,267	$5,200	$13,733	$19,791	$15,274	$14,808	$14,513			104.28%	<-Total Growth	10	Adjusted Cash Flow
Presplit '10																					Presplit '10
AFFO basic	$5.98	$5.48	$6.87	$8.78	$5.29	$3.90	$6.25	$7.46	$8.62	$4.40	$11.63	$17.44	$14.00	$17.44	$17.44			103.78%	<-Total Growth	10	AFFO basic
Presplit '10																					Presplit '10
AFFO Diluted	$5.94	$5.47	$6.86	$8.74	$5.28	$3.89	$6.21	$7.43	$8.61	$4.40	$11.57	$17.22	$13.86	$13.81	$13.53			102.04%	<-Total Growth	10	AFFO Diluted
Increase	2.24%	-7.91%	25.41%	27.41%	-39.59%	-26.33%	59.64%	19.65%	15.88%	-48.90%	162.95%	48.83%	-19.51%	-0.37%	-1.99%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	15.6%	19.1%	19.1%	24.3%	17.5%	9.1%	13.8%	22.6%	20.5%	14.4%	21.6%	22.9%	17.1%	13.0%	12.8%			7.29%	<-IRR #YR->	10	Earnings per Share	102.04%
5 year Running Average	$5.71	$5.66	$5.94	$6.56	$6.46	$6.05	$6.20	$6.31	$6.28	$6.11	$7.64	$9.85	$11.13	$12.17	$14.00			13.28%	<-IRR #YR->	5	Earnings per Share	86.54%
Payout Ratio	5.81%	7.40%	7.00%	10.01%	17.33%	23.65%	17.71%	18.03%	16.96%	37.50%	15.86%	16.48%	25.61%	30.05%	31.04%			6.48%	<-IRR #YR->	10	5 yr Running Average	87.41%
5 year Running Average	9.43%	-5.01%	3.52%	10.99%	-17.99%	11.12%	188.58%	0.70%	18.17%	-17.71%	241.49%	4.81%	-1.93%	0.14%	0.98%			12.02%	<-IRR #YR->	5	5 yr Running Average	76.42%
P/AFFO Med	6.62	6.06	4.71	4.64	6.41	8.84	6.69	5.33	4.20	6.05	3.56	4.34	5.84	7.00	0.00			5.59	<-Median->	10	P/AFFO Med
P/AFFO High	8.37	7.40	5.24	5.63	7.95	11.79	7.53	6.59	4.90	9.55	4.62	5.05	6.73	8.16	0.00			6.66	<-Median->	10	P/AFFO High
P/AFFO Low	4.87	4.72	4.19	3.64	4.86	5.89	5.85	4.07	3.50	2.55	2.50	3.62	4.95	5.84	0.00			3.86	<-Median->	10	P/AFFO Low
P/AFFO Close	6.42	5.24	5.24	4.11	5.72	11.00	7.23	4.43	4.88	6.95	4.62	4.37	5.84	7.67	7.82			5.30	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	6.57	4.82	6.57	5.24	3.46	8.10	11.55	5.30	5.65	3.55	12.15	6.50	4.70	7.64	7.67			5.48	<-Median->	10	Trailing P/AFFO Close
5 Year Median Values		DPR	10 Yrs	17.52%	5 Yrs	16.96%	P/CF	5 Yrs	in order	4.34	5.05	3.50	4.88		76.77%	Diff M/C		37.21%	Diff M/C	10
Funds Flow to Adjusted funds flow from operations
			-$6.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.86
								-$7.43	$0.00	$0.00	$0.00	$0.00	$13.86
			-$5.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.13
								-$6.31	$0.00	$0.00	$0.00	$0.00	$11.13
														$7.59	<-12 mths	-1.94%			Estimates		Last 12 months from Qtr
														54.89%	45.66%				Estimates		Payout Ratio EPS
Adjusted net earnings from operations	$2,540	$1,618	$2,435	$3,811	$263	-$669	$1,403	$3,263	$3,795	-$756	$7,420	$12,863	$8,533					250.43%	<-Total Growth	10	Adjusted net earnings from operations
Adjusted Profit CDN$	11.09%	6.66%	9.45%	13.19%	0.96%	-2.55%	4.43%	10.21%	10.85%	-2.33%	20.08%	33.69%	21.42%					10.53%	<-Median->	10	Return on Equity ROE
Return on Equity ROE		12.25%	11.09%	11.09%	9.45%	6.66%	4.43%	4.43%	4.43%	4.43%	10.21%	10.85%	20.08%					8.06%	<-Median->	10	5 Yr Median
Adjusted EPS Basic	$2.32	$1.48	$2.24	$3.49	$0.24	-$0.61	$1.19	$2.68	$3.19	-$0.64	$6.28	$11.33	$7.82					249.11%	<-Total Growth	10	Adjusted EPS Basic	TD Web
Adjusted EPS Diluted	$2.30	$1.47	$2.23	$3.47	$0.24	-$0.61	$1.19	$2.67	$3.18	-$0.64	$6.25	$11.19	$7.74	$7.63	$9.50	$9.82		247.09%	<-Total Growth	10	Adjusted EPS Diluted
Increase	-2.54%	-36.09%	51.70%	55.61%	-93.08%	-354.17%	295.08%	124.37%	19.10%	-120.13%	1076.56%	79.04%	-30.83%	-1.42%	24.51%	3.37%		8	2	10	Years of Data, EPS P or N	80.00%
Earnings Yield	6.03%	5.13%	6.20%	9.66%	0.79%	-1.43%	2.65%	8.11%	7.57%	-2.09%	11.69%	14.88%	9.56%	7.21%	8.98%	8.91%		13.25%	<-IRR #YR->	10	Earnings per Share	247.09%
5 year Running Average	$2.97	$2.37	$2.17	$2.37	$1.94	$1.36	$1.30	$1.39	$1.33	$1.16	$2.53	$4.53	$5.54	$6.43	$8.46	$9.18		23.72%	<-IRR #YR->	5	Earnings per Share	189.89%
Payout Ratio	15.00%	27.55%	21.52%	25.22%	381.25%	-150.82%	92.44%	50.19%	45.91%	-257.81%	29.36%	25.36%	45.87%	54.39%	44.21%	42.77%		9.84%	<-IRR #YR->	10	5 yr Running Average	155.72%
5 year Running Average	8.01%	12.06%	15.82%	20.14%	31.10%	52.87%	65.80%	73.99%	85.98%	111.74%	58.38%	46.90%	46.29%	48.25%	42.71%	44.55%		31.84%	<-IRR #YR->	5	5 yr Running Average	298.28%
Price/AEPS Median	17.09	22.56	14.50	11.68	140.98	-56.35	34.90	14.83	11.37	-41.56	6.59	6.67	10.46	12.66	0.00	0.00		10.91	<-Median->	10	Price/AEPS Median
Price/AEPS High	21.61	27.54	16.12	14.18	175.00	-75.16	39.28	18.34	13.26	-65.63	8.55	7.78	12.05	14.76	0.00	0.00		12.66	<-Median->	10	Price/AEPS High
Price/AEPS Low	12.57	17.58	12.89	9.18	106.96	-37.54	30.53	11.33	9.47	-17.50	4.62	5.57	8.87	10.56	0.00	0.00		9.02	<-Median->	10	Price/AEPS Low
Price/AEPS Close	16.59	19.48	16.12	10.35	125.92	-70.15	37.75	12.34	13.21	-47.80	8.55	6.72	10.46	13.87	11.14	11.22		10.41	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	19.28	25.95	12.84	10.36	149.67	-49.54	35.96	16.82	10.36	-65.63	4.89	4.78	9.71	10.61	11.14	10.78		10.04	<-Median->	10	Trailing P/AEPS Close
5 Year Median Values		DPR	10 Yrs	37.61%	5 Yrs	29.36%	P/CF	5 Yrs	in order	6.67	8.55	5.57	8.55		107.88%	Diff M/C		27.10%	Diff M/C	10
Adjusted net earnings from operations
			-$2.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.74
								-$2.67	$0.00	$0.00	$0.00	$0.00	$7.74
			-$2.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.54
								-$1.39	$0.00	$0.00	$0.00	$0.00	$5.54
														$7.36	<-12 mths	-1.49%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.41%	0.00%	0.00%	0.56%	0.00%	0.00%	0.49%	0.47%	0.22%	0.00%	0.46%	1.24%	0.93%					0.47%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$2.41	$1.72	$2.08	$3.60	-$0.58	-$0.19	$2.04	$2.13	$4.55	-$0.37	$6.49	$9.64	$7.54					262.50%	<-Total Growth	10	EPS Basic
Presplit '04
Presplit '05
Presplit '10
EPS Diluted*	$2.40	$1.72	$2.08	$3.58	-$0.58	-$0.19	$2.03	$2.12	$4.54	-$0.37	$6.46	$9.52	$7.47	$7.60	$8.64	$8.34		259.13%	<-Total Growth	10	EPS Diluted
Increase	53.85%	-28.33%	20.93%	72.12%	-116.20%	67.24%	1168.42%	4.43%	114.15%	-108.15%	1845.95%	47.37%	-21.53%	1.67%	13.73%	-3.47%		7	3	10	Years of Data, EPS P or N	70.00%
Earnings Yield	6.3%	6.0%	5.8%	10.0%	-1.9%	-0.4%	4.5%	6.4%	10.8%	-1.2%	12.1%	12.7%	9.2%	7.2%	8.2%	7.6%		13.64%	<-IRR #YR->	10	Earnings per Share	259.13%
5 year Running Average	$2.49	$2.35	$1.84	$2.27	$1.84	$1.32	$1.38	$1.39	$1.58	$1.63	$2.96	$4.45	$5.52	$6.14	$7.94	$8.31		28.65%	<-IRR #YR->	5	Earnings per Share	252.36%
10 year Running Average	$1.89	$2.01	$2.09	$2.32	$2.16	$1.91	$1.87	$1.62	$1.93	$1.73	$2.14	$2.92	$3.46	$3.86	$4.78	$5.63		11.60%	<-IRR #YR->	10	5 yr Running Average	199.57%
* ESP per share and Earnings from Operations									E/P	10 Yrs	7.83%	5Yrs	10.81%					31.74%	<-IRR #YR->	5	5 yr Running Average	296.84%
			-$2.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.47
								-$2.12	$0.00	$0.00	$0.00	$0.00	$7.47
			-$1.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.52
								-$1.39	$0.00	$0.00	$0.00	$0.00	$5.52
Comment
Dividend*														$4.19	$4.34	$4.74			Estimates		Dividend*
Increase														17.97%	3.58%	9.22%			Estimates		Increase
Payout Ratio EPS														55.14%	50.22%	56.82%			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	$1.50	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividend*	$0.35	$0.41	$0.48	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$2.84	$3.55	$4.15	$4.20	$4.20		639.58%	<-Total Growth	10	Dividends
Increase	24.32%	17.39%	18.52%	82.29%	4.57%	0.55%	19.57%	21.82%	8.96%	13.01%	11.21%	54.63%	25.11%	16.90%	1.20%	0.00%		22	0	22	Years of data, Count P, N
Average Increases 5 Year Running	19.66%	19.98%	20.35%	35.25%	29.42%	24.66%	25.10%	25.76%	11.09%	12.78%	14.91%	21.93%	22.58%	24.17%	21.81%	19.57%		23.62%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.24	$0.29	$0.34	$0.48	$0.60	$0.72	$0.86	$1.03	$1.15	$1.29	$1.48	$2.12	$2.57	$3.10	$3.61	$4.09		648.25%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	0.88%	1.22%	1.48%	2.16%	2.70%	2.68%	2.65%	3.38%	4.04%	6.20%	4.46%	3.80%	4.38%	4.30%				3.59%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	0.69%	1.00%	1.34%	1.78%	2.18%	2.01%	2.35%	2.74%	3.46%	3.93%	3.43%	3.26%	3.81%	3.69%				3.00%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	1.19%	1.57%	1.67%	2.75%	3.56%	4.02%	3.03%	4.43%	4.85%	14.73%	6.35%	4.55%	5.17%	5.15%				4.49%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	0.90%	1.41%	1.34%	2.44%	3.03%	2.15%	2.45%	4.07%	3.48%	5.39%	3.43%	3.77%	4.38%	3.92%	3.97%	3.81%		3.45%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	14.38%	23.55%	23.08%	24.44%	-157.76%	-484.21%	54.19%	63.21%	32.16%	-445.95%	28.41%	29.81%	47.52%	54.64%	48.62%	50.37%		29.11%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	9.54%	12.15%	18.60%	21.01%	32.83%	54.39%	61.99%	73.99%	72.41%	79.58%	49.97%	47.70%	46.46%	50.60%	45.54%	49.17%		52.18%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	6.06%	7.12%	7.23%	11.29%	17.78%	29.61%	18.52%	15.91%	19.63%	41.44%	14.81%	16.13%	30.82%	30.07%	27.10%	27.63%		18.15%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	4.17%	4.96%	5.89%	7.56%	9.77%	12.69%	15.01%	16.96%	19.08%	22.40%	19.35%	21.32%	24.25%	26.19%	25.53%	27.77%		18.02%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	6.02%	7.68%	7.20%	10.38%	18.57%	25.59%	19.32%	18.35%	17.57%	40.03%	15.86%	16.20%	25.78%	30.07%	27.10%	27.63%		18.46%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	4.09%	4.99%	5.94%	7.51%	9.73%	12.44%	14.63%	17.20%	19.23%	22.29%	19.96%	21.76%	23.21%	25.54%	25.05%	26.97%		18.21%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.59%	3.45%	5 Yr Med	5 Yr Cl	4.38%	3.77%	5 Yr Med	Payout	29.81%	19.63%	17.57%					21.51%	<-IRR #YR->	5	Dividends
* Dividends per share	10 Yr Med	and Cur.	10.48%	14.87%	5 Yr Med	and Cur.	-9.49%	5.15%	Last Div Inc --->		$1.0000	$1.0500	5.00%					22.15%	<-IRR #YR->	10	Dividends
Dividends Growth 15																		21.45%	<-IRR #YR->	15	Dividends
Dividends Growth 20																		21.53%	<-IRR #YR->	20	Dividends
Dividends Growth 25																		22.62%	<-IRR #YR->	22	Dividends
Dividends Growth 5								-$1.34	$0.00	$0.00	$0.00	$0.00	$3.55								Dividends Growth 5
Dividends Growth 10			-$0.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.55								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	$3.55								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	$3.55								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.55								Dividends Growth 25
Historical Dividends	Historical	High Div	5.88%	Low Div	0.39%	10 Yr High	13.89%	10 Yr Low	1.80%	Med Div	1.22%	Close Div	1.34%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-32.51%		917.50%	Exp.	-71.43%		120.46%	Cheap	225.27%	Cheap	197.12%								High/Ave/Median
Future Div Yield					Div Yd	10.51%	earning in	5	Years	at IRR of	21.51%	Div Inc.	164.93%								Future Div Yield
Future Div Yield					Div Yd	27.85%	earning in	10	Years	at IRR of	21.51%	Div Inc.	601.85%								Future Div Yield
					Div Yield	73.79%	earning in	15	Years	at IRR of	21.51%	Div Inc.	1759.39%								Future Dividend Yield
					Div Paid	$11.13	earning in	5	Years	at IRR of	21.51%	Div Inc.	164.93%								Future Dividend Paid
					Div Paid	$29.48	earning in	10	Years	at IRR of	21.51%	Div Inc.	601.85%								Future Dividend Paid
					Div Paid	$78.09	earning in	15	Years	at IRR of	21.51%	Div Inc.	1759.39%								Future Dividend Paid
					Total Div	$32.20	over	5	Years	at IRR of	21.51%	Div Cov.	30.42%								Dividend Covering Cost
					Total Div	$106.37	over	10	Years	at IRR of	21.51%	Div Cov.	100.50%								Dividend Covering Cost
					Total Div	$302.87	over	15	Years	at IRR of	21.51%	Div Cov.	286.16%								Dividend Covering Cost
I am earning GC					Div Gr	900.00%	9/21/12	# yrs ->	11	2012	$31.82	Cap Gain	232.62%								I am earning GC
I am earning Div					org yield	1.32%	12/31/15	Traading	Div G Yrly	101.92%	Div start	$0.42	-1.32%	13.20%							I am earning Div
Yield if held 5 years	1.16%	1.23%	1.29%	3.04%	2.36%	2.34%	3.32%	4.14%	3.60%	4.88%	5.34%	6.83%	8.96%	11.48%	15.79%	10.20%		3.87%	<-Median->	10	Paid Median Price	Years
Yield if held 10 years	6.25%	7.03%	6.50%	8.04%	4.34%	3.09%	3.35%	3.60%	5.08%	4.25%	4.67%	8.56%	10.98%	10.24%	12.41%	12.22%		4.51%	<-Median->	10	Paid Median Price	5
Yield if held 15 years	9.41%	9.11%	15.44%	23.97%	17.02%	16.68%	19.10%	18.14%	13.42%	7.83%	6.16%	8.65%	9.53%	14.43%	10.82%	10.69%		15.05%	<-Median->	10	Paid Median Price	10
Yield if held 20 years			21.40%	38.75%	47.23%	25.10%	24.74%	43.10%	40.00%	30.70%	33.27%	49.27%	48.05%	38.13%	19.93%	14.09%		39.37%	<-Median->	10	Paid Median Price	15
Yield if held 25 years								59.75%	64.66%	85.16%	50.06%	63.81%	114.17%	113.70%	78.14%	76.15%		64.23%	<-Median->	6	Paid Median Price	20
Yield if held 30 years													158.31%	183.78%	216.77%	114.58%		158.31%	<-Median->	1	Paid Median Price	25
Cost covered if held 5 years	3.98%	4.35%	4.60%	8.29%	7.78%	9.15%	12.94%	15.92%	14.15%	19.12%	21.48%	25.57%	32.40%	42.95%	67.94%	49.64%		15.04%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	30.24%	34.97%	32.78%	29.43%	19.00%	16.04%	17.43%	18.43%	28.23%	24.44%	27.94%	44.97%	55.60%	52.46%	72.54%	80.94%		26.19%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	46.60%	47.52%	83.40%	95.02%	81.55%	95.42%	109.46%	102.48%	82.13%	49.70%	40.82%	49.80%	52.87%	82.21%	70.98%	79.94%		81.84%	<-Median->	10	Paid Median Price
Cost covered if held 20 years			115.64%	153.58%	226.23%	144.67%	143.99%	249.03%	252.14%	201.92%	229.31%	293.92%	276.15%	224.77%	135.44%	109.39%		227.77%	<-Median->	10	Paid Median Price
Cost covered if held 25 years								345.29%	407.56%	560.16%	346.14%	382.87%	661.73%	677.41%	538.15%	599.85%		395.21%	<-Median->	6	Paid Median Price
Cost covered if held 30 years													917.53%	1094.96%	1492.94%	903.68%		917.53%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$22,282	$24,394	$17,491	$32,854	$49,530	$40,835	$35,610	<-12 mths	-12.80%		83.26%	<-Total Growth	5	Revenue Growth	83.26%
AEPS Growth								$2.67	$3.18	-$0.64	$6.25	$11.19	$7.74	$7.59	<-12 mths	-1.94%		189.89%	<-Total Growth	5	AEPS Growth	189.89%
Net Income Growth								$2,591	$5,416	-$435	$7,664	$10,937	$8,233	$7,942	<-12 mths	-3.53%		217.75%	<-Total Growth	5	Net Income Growth	217.75%
Cash Flow Growth								$10,121	$8,829	$4,714	$14,478	$19,391	$12,353					22.05%	<-Total Growth	5	Cash Flow Growth	22.05%
Dividend Growth								$1.34	$1.46	$1.65	$1.84	$2.84	$3.55	$7.60	<-12 mths	113.94%		164.93%	<-Total Growth	5	Dividend Growth	164.93%
Stock Price Growth								$32.94	$42.00	$30.59	$53.45	$75.19	$80.99	$105.84	<-12 mths	30.68%		145.87%	<-Total Growth	5	Stock Price Growth	145.87%
Revenue Growth			$17,945	$21,301	$13,167	$11,098	$17,669	$22,282	$24,394	$17,491	$32,854	$49,530	$40,835	$34,971	<-this year	-14.36%		127.56%	<-Total Growth	10	Revenue Growth	127.56%
AEPS Growth			$2.23	$3.47	$0.24	-$0.61	$1.19	$2.67	$3.18	-$0.64	$6.25	$11.19	$7.74	$7.63	<-this year	-1.42%		247.09%	<-Total Growth	10	AEPS Growth	247.09%
Net Income Growth			$2,270	$3,929	-$637	-$204	$2,397	$2,591	$5,416	-$435	$7,664	$10,937	$8,233	$8,483	<-this year	79.76%		262.69%	<-Total Growth	10	Net Income Growth	262.69%
Cash Flow Growth			$7,218	$8,459	$5,632	$3,452	$7,262	$10,121	$8,829	$4,714	$14,478	$19,391	$12,353	$14,799	<-this year	-99.97%		71.14%	<-Total Growth	10	Cash Flow Growth	71.14%
Dividend Growth			$0.48	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$2.84	$3.55	$4.19	<-this year	17.97%		639.58%	<-Total Growth	10	Dividend Growth	639.58%
Stock Price Growth			$35.94	$35.92	$30.22	$42.79	$44.92	$32.94	$42.00	$30.59	$53.45	$75.19	$80.99	$105.84	<-this year	30.68%		125.35%	<-Total Growth	10	Stock Price Growth	125.35%
Dividends on Shares				$24.50	$25.62	$25.76	$30.80	$37.52	$40.88	$46.20	$51.38	$121.45	$99.40	$116.20	$117.60	$117.60		$503.51	No of Years	10	Total Divs	12/31/13
Paid			$1,006.32	$1,005.76	$846.16	$1,198.12	$1,257.76	$922.32	$1,176.00	$856.52	$1,496.60	$2,105.32	$2,267.72	$2,963.52	$2,963.52	$3,085.60		$2,267.72	No of Years	10	Worth	$35.94
Total																		$2,771.23
Graham No. AEPS	$32.87	$27.12	$34.49	$45.45	$11.60	$11.30	$26.33	$39.98	$45.93	$44.24	$66.68	$93.36	$80.43	$79.85	$89.10	$90.59		133.22%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.20	1.22	0.94	0.89	2.92	3.04	1.58	0.99	0.79	0.60	0.62	0.80	1.01	1.21				0.94	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.51	1.49	1.04	1.08	3.62	4.06	1.78	1.22	0.92	0.95	0.80	0.93	1.16	1.41				1.12	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.88	0.95	0.83	0.70	2.21	2.03	1.38	0.76	0.66	0.25	0.43	0.67	0.85	1.01				0.73	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.16	1.06	1.04	0.79	2.60	3.79	1.71	0.82	0.91	0.69	0.80	0.81	1.01	1.33	1.19	1.22		0.87	<-Median->	10	Price/GP Ratio
Prem/Disc Close	16.05%	5.61%	4.22%	-20.97%	160.45%	278.69%	70.62%	-17.60%	-8.55%	-30.85%	-19.85%	-19.47%	0.70%	32.54%	18.78%	21.65%		-13.08%	<-Median->	10	Graham Price
Graham No. EPS	$33.58	$29.33	$33.31	$46.17	$33.74	$32.86	$34.39	$35.62	$54.88	$63.05	$67.79	$86.12	$79.01	$79.67	$84.96	$83.48		137.23%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.17	1.13	0.97	0.88	1.00	1.05	1.21	1.11	0.66	0.42	0.61	0.87	1.02	1.21				0.94	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.48	1.38	1.08	1.07	1.24	1.40	1.36	1.37	0.77	0.67	0.79	1.01	1.18	1.41				1.12	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.86	0.88	0.86	0.69	0.76	0.70	1.06	0.85	0.55	0.18	0.43	0.72	0.87	1.01				0.71	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.14	0.98	1.08	0.78	0.90	1.30	1.31	0.92	0.77	0.49	0.79	0.87	1.03	1.33	1.25	1.32		0.88	<-Median->	10	Price/GP Ratio
Prem/Disc Close	13.60%	-2.37%	7.91%	-22.20%	-10.45%	30.21%	30.64%	-7.53%	-23.47%	-51.48%	-21.16%	-12.69%	2.50%	32.85%	24.57%	32.02%		-11.57%	<-Median->	10	Graham Price
presplit '04
presplit '05
presplit '10
Price Close	$38.15	$28.64	$35.94	$35.92	$30.22	$42.79	$44.92	$32.94	$42.00	$30.59	$53.45	$75.19	$80.99	$105.84	$105.84	$110.20		125.35%	<-Total Growth	10	Stock Price
Increase	-13.98%	-24.93%	25.49%	-0.06%	-15.87%	41.59%	4.98%	-26.67%	27.50%	-27.17%	74.73%	40.67%	7.71%	30.68%	0.00%	4.12%		18.13	<-Median->	10	CAPE (10 Yr P/E)
P/E	15.90	16.65	17.28	10.03	-52.10	-225.21	22.13	15.54	9.25	-82.68	8.27	7.90	10.84	13.94	12.25	13.22		19.71%	<-IRR #YR->	5	Stock Price	145.87%
Trailing P/E	24.46	11.93	20.90	17.27	8.44	-73.78	-236.42	16.23	19.81	6.74	-144.46	11.64	8.51	14.17	13.94	12.76		8.46%	<-IRR #YR->	10	Stock Price	125.35%
CAPE (10 Yr P/E)	14.20	14.50	15.27	14.76	15.88	18.61	19.46	22.98	19.52	20.89	17.64	14.52	13.56	13.96	12.85	12.10		24.76%	<-IRR #YR->	5	Price & Dividend	188.90%
Median 10, 5 Yrs		D.  per yr	3.08%	5.04%	% Tot Ret	26.67%	20.37%	T P/E	$8.47	$8.51	P/E:	$8.76	$8.27					11.54%	<-IRR #YR->	10	Price & Dividend	176.72%
Price 15		D.  per yr	2.37%		% Tot Ret	22.13%						CAPE Diff	-23.12%					8.33%	<-IRR #YR->	15	Stock Price	232.27%
Price  20		D.  per yr	2.49%		% Tot Ret	17.03%												12.15%	<-IRR #YR->	20	Stock Price	891.01%
Price  25		D.  per yr	2.42%		% Tot Ret	14.49%												14.29%	<-IRR #YR->	25	Stock Price	2717.04%
Price 30		D.  per yr	1.73%		% Tot Ret	12.00%												12.69%	<-IRR #YR->	30	Stock Price
Price 35		D.  per yr	2.74%		% Tot Ret	12.28%												19.61%	<-IRR #YR->	33	Stock Price
Price & Dividend 15																		10.70%	<-IRR #YR->	15	Price & Dividend	313.87%
Price & Dividend 20																		14.64%	<-IRR #YR->	20	Price & Dividend	1141.56%
Price & Dividend 25																		16.71%	<-IRR #YR->	25	Price & Dividend	3432.72%
Price & Dividend 30																		14.42%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		22.35%	<-IRR #YR->	33	Stock Price
Price  5								-$32.94	$0.00	$0.00	$0.00	$0.00	$80.99								Price  5
Price 10			-$35.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$80.99								Price 10
Price & Dividend 5								-$32.94	$1.46	$1.65	$1.84	$4.34	$84.54								Price & Dividend 5
Price & Dividend 10			-$35.94	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$4.34	$84.54								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	$80.99								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	$80.99								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	$80.99								Price  25
Price 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$80.99								Price 30
Price 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$80.99								Price 35
Price & Dividend 15	$0.35	$0.41	$0.48	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$4.34	$84.54								Price & Dividend 15
Price & Dividend 20	$0.35	$0.41	$0.48	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$4.34	$84.54								Price & Dividend 20
Price & Dividend 25	$0.35	$0.41	$0.48	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$4.34	$84.54								Price & Dividend 25
Price & Dividend 30	$0.35	$0.41	$0.48	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$4.34	$84.54								Price & Dividend 30
Price & Dividend 35	$0.35	$0.41	$0.48	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$4.34	$84.54								Price & Dividend 35
Price H/L Med.	$39.30	$33.16	$32.34	$40.52	$33.84	$34.38	$41.54	$39.61	$36.15	$26.60	$41.17	$74.67	$80.97	$96.61				150.37%	<-Total Growth	10	Stock Price
Increase	1.21%	-15.62%	-2.47%	25.29%	-16.50%	1.60%	20.83%	-4.65%	-8.74%	-26.41%	54.77%	81.37%	8.44%	19.31%				9.61%	<-IRR #YR->	10	Stock Price	150.37%
P/E	16.38	19.28	15.55	11.32	-58.34	-180.92	20.46	18.68	7.96	-71.89	6.37	7.84	10.84	12.72				15.38%	<-IRR #YR->	5	Stock Price	104.44%
Trailing P/E	25.19	13.82	18.80	19.48	9.45	-59.27	-218.61	19.51	17.05	5.86	-111.27	11.56	8.51	12.93				12.85%	<-IRR #YR->	10	Price & Dividend	207.46%
Forward P/E	22.85	15.94	9.03	-69.86	-178.08	16.93	19.59	8.72	-97.69	4.12	4.32	10.00	10.66	11.18				19.92%	<-IRR #YR->	5	Price & Dividend	140.23%
P/E on Running 5 yr Average	15.78	14.11	17.54	17.87	18.39	26.00	30.01	28.45	22.82	16.36	13.93	16.76	14.66	15.75				6.52	<-Median->	10	Forward P/E
P/E on Running 10 yr Average	20.81	16.53	15.49	17.50	15.66	18.04	22.25	24.48	18.77	15.35	19.25	25.58	23.42	25.03				13.56	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.24%	4.55%	% Tot Ret	25.22%	22.82%	T P/E	8.98	8.51	P/E:	7.90	7.84						Count	29	Years of data
			-$32.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$80.97
								-$39.61	$0.00	$0.00	$0.00	$0.00	$80.97
			-$32.34	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$4.34	$84.52
								-$39.61	$1.46	$1.65	$1.84	$4.34	$84.52
High Months	Mar	Feb	Dec	Jul	Apr	Dec	Nov	Jul	Apr	Jan	Dec	May	Nov	Apr
presplit '04
presplit '05
presplit '10
Price High	$49.70	$40.48	$35.94	$49.19	$42.00	$45.85	$46.74	$48.97	$42.17	$42.00	$53.45	$87.04	$93.29	$112.61				159.57%	<-Total Growth	10	Stock Price
Increase	11.19%	-18.55%	-11.22%	36.87%	-14.62%	9.17%	1.94%	4.77%	-13.89%	-0.40%	27.26%	62.84%	7.18%	20.71%				10.01%	<-IRR #YR->	10	Stock Price	159.57%
P/E	20.71	23.53	17.28	13.74	-72.41	-241.32	23.02	23.10	9.29	-113.51	8.27	9.14	12.49	14.83				13.76%	<-IRR #YR->	5	Stock Price	90.50%
Trailing P/E	31.86	16.87	20.90	23.65	11.73	-79.05	-246.00	24.12	19.89	9.25	-144.46	13.47	9.80	15.07				15.70	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	10.77	9.80	P/E:	9.22	9.14					28.30	P/E Ratio		Historical High
			-$35.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$93.29
								-$48.97	$0.00	$0.00	$0.00	$0.00	$93.29
Low Months	Oct	Jul	Jan	Dec	Oct	Jan	Jul	Dec	Aug	Mar	Jan	Jan	Mar	Feb
presplit '04
presplit '05
presplit '10
Price Low	$28.90	$25.84	$28.74	$31.85	$25.67	$22.90	$36.33	$30.24	$30.12	$11.20	$28.89	$62.30	$68.65	$80.60				138.87%	<-Total Growth	10	Stock Price
Increase	-12.32%	-10.59%	11.22%	10.82%	-19.40%	-10.79%	58.65%	-16.76%	-0.40%	-62.82%	157.95%	115.65%	10.19%	17.41%				9.10%	<-IRR #YR->	10	Stock Price	138.87%
P/E	12.04	15.02	13.82	8.90	-44.26	-120.53	17.90	14.26	6.63	-30.27	4.47	6.54	9.19	10.61				17.82%	<-IRR #YR->	5	Stock Price	127.02%
Trailing P/E	18.53	10.77	16.71	15.31	7.17	-39.48	-191.21	14.90	14.21	2.47	-78.08	9.64	7.21	10.79				10.23	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	7.19	7.21	P/E:	6.59	6.54					4.46	P/E Ratio		Historical Low
			-$28.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$68.65
								-$30.24	$0.00	$0.00	$0.00	$0.00	$68.65
Free Cash Flow WSJ					$514	-$700	$2,688	$5,946	$5,294	$2,159	$9,986	$14,288	$7,488					1356.81%	<-Total Growth	8	Free Cash Flow	WSJ, Mkt Scn
Change						-236.19%	484.00%	121.21%	-10.97%	-59.22%	362.53%	43.08%	-47.59%					$0.16	<-Median->	8	Change	MS
Free Cash Flow MS	$42	$105	$151	-$2,939	$1,164	-$345	$2,564	$5,680	$5,221	$2,154	$9,985	$14,290	$7,440	$8,571	$9,456	$9,486		4827.15%	<-Total Growth	10	Free Cash Flow	Disagree
Change	-95.56%	150.00%	43.81%	-2046%	139.61%	-129.64%	843.19%	121.53%	-8.08%	-58.74%	363.56%	43.11%	-47.94%	15.20%	10.33%	0.32%		5.55%	<-IRR #YR->	5	Free Cash Flow MS	30.99%
FCF/CF from Op Ratio	0.01	0.02	0.02	-0.35	0.21	-0.10	0.35	0.56	0.59	0.46	0.69	0.74	0.60	0.58	0.57	0.58		47.66%	<-IRR #YR->	10	Free Cash Flow MS	4827.15%
Dividends paid	$378	$444	$523	$955	$1,251	$758	$1,252	$1,562	$1,743	$1,950	$2,170	$4,926	$3,891	$4,450	$4,504	$4,504		643.98%	<-Total Growth	10	Dividends paid
Percentage paid					107.47%	-219.71%	48.83%	27.50%	33.38%	90.53%	21.73%	34.47%	52.30%	51.93%	47.63%	47.48%		$0.34	<-Median->	9	Percentage paid
5 Year Coverage									45.97%	47.56%	33.89%	33.09%	37.55%	40.97%	40.09%	45.24%					5 Year Coverage
Dividend Coverage Ratio					0.93	-0.46	2.05	3.64	3.00	1.10	4.60	2.90	1.91	1.93	2.10	2.11		2.05	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									2.18	2.10	2.95	3.02	2.66	2.44	2.49	2.21					5 Year of Coverage
								-$5,680	$0	$0	$0	$0	$7,440
			-$151	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,440
Market Cap $M	$41,830	$31,277	$39,078	$39,219	$33,081	$47,538	$54,927	$39,590	$49,848	$36,214	$62,449	$82,907	$86,854	$113,504	$113,504	$118,179		122.26%	<-Total Growth	10	Market Cap	122.26%
Diluted # of Shares in Million	1,102.58	1,099.52	1,090.54	1,096.82	1,093.86	1,100.47	1,182.82	1,223.76	1,193.11	1,181.77	1,186.56	1,149.18	1,102.12	1,102.12				1.06%	<-Total Growth	10	Diluted
Change	0.63%	-0.28%	-0.82%	0.58%	-0.27%	0.60%	7.48%	3.46%	-2.50%	-0.95%	0.41%	-3.15%	-4.09%	0.00%				0.07%	<-Median->	10	Change
Difference Diluted/Basic	-0.6%	-0.2%	-0.2%	-0.5%	0.0%	0.0%	-0.7%	-0.4%	-0.2%	0.0%	-0.4%	-1.2%	-1.0%	-1.0%				-0.43%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	1,095.58	1,097.08	1,088.68	1,091.75	1,093.86	1,100.47	1,175.09	1,218.80	1,190.98	1,181.77	1,181.25	1,134.96	1,091.31	1,091.31				0.24%	<-Total Growth	10	Basic
Change	0.69%	0.14%	-0.77%	0.28%	0.19%	0.60%	6.78%	3.72%	-2.28%	-0.77%	-0.04%	-3.92%	-3.85%	0.00%				0.07%	<-Median->	10	Change
Difference Basic/Outstanding	0.1%	-0.5%	-0.1%	0.0%	0.1%	1.0%	4.1%	-1.4%	-0.3%	0.2%	-1.1%	-2.8%	-1.7%	-1.7%				-0.17%	<-Median->	10	Difference Basic/Outstanding
Purchases
presplit '04
presplit '05
presplit '10
# of Share in Millions	1,096.46	1,092.07	1,087.32	1,091.84	1,094.67	1,110.95	1,222.77	1,201.89	1,186.86	1,183.87	1,168.37	1,102.64	1,072.41	1,072.41	1,072.41	1,072.41		-0.14%	<-IRR #YR->	10	Shares	-1.37%
Change	0.51%	-0.40%	-0.43%	0.42%	0.26%	1.49%	10.06%	-1.71%	-1.25%	-0.25%	-1.31%	-5.63%	-2.74%	0.00%	0.00%	0.00%		-2.25%	<-IRR #YR->	5	Shares	-10.77%
CF from Operations $Million	$6,243	$6,209	$7,218	$8,459	$5,632	$3,452	$7,262	$10,121	$8,829	$4,714	$14,478	$19,391	$12,353	$14,799	$16,622	$16,301		71.14%	<-Total Growth	10	Cash Flow
Increase	-0.65%	-0.54%	16.25%	17.19%	-33.42%	-38.71%	110.37%	39.37%	-12.77%	-46.61%	207.13%	33.93%	-36.30%	19.80%	12.32%	-1.94%		SO	Buy Backs		S. Issues (Purchases)
5 year Running Average	$6,185	$6,263	$6,353	$6,883	$6,752	$6,194	$6,405	$6,985	$7,059	$6,876	$9,081	$11,507	$11,953	$13,147	$15,529	$15,893		88.14%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.69	$5.69	$6.64	$7.75	$5.14	$3.11	$5.94	$8.42	$7.44	$3.98	$12.39	$17.59	$11.52	$13.80	$15.50	$15.20		73.52%	<-Total Growth	10	Cash Flow per Share
Increase	-1.16%	-0.14%	16.76%	16.71%	-33.59%	-39.61%	91.13%	41.79%	-11.66%	-46.47%	211.20%	41.92%	-34.50%	19.80%	12.32%	-1.94%		5.52%	<-IRR #YR->	10	Cash Flow	71.14%
5 year Running Average	$5.69	$5.75	$5.83	$6.31	$6.18	$5.66	$5.72	$6.07	$6.01	$5.78	$7.63	$9.96	$10.58	$11.86	$14.16	$14.72		4.07%	<-IRR #YR->	5	Cash Flow	22.05%
P/CF on Med Price	6.90	5.83	4.87	5.23	6.58	11.06	6.99	4.70	4.86	6.68	3.32	4.25	7.03	7.00	0.00	0.00		5.67%	<-IRR #YR->	10	Cash Flow per Share	73.52%
P/CF on Closing Price	6.70	5.04	5.41	4.64	5.87	13.77	7.56	3.91	5.65	7.68	4.31	4.28	7.03	7.67	6.83	7.25		6.47%	<-IRR #YR->	5	Cash Flow per Share	36.79%
															29.92%	Diff M/C		6.15%	<-IRR #YR->	10	CFPS 5 yr Running	81.62%
Excl.Working Capital CF	$36.0	-$447.0	$33.0	$744.0	-$239.0	$542.0	-$299	-$1,346	$1,033	$166	-$964	-$79	$2,417	0.00%	0.00%	0.00%		11.75%	<-IRR #YR->	5	CFPS 5 yr Running	74.30%
CF fr Op $M WC	$6,279	$5,762	$7,251	$9,203	$5,393	$3,994	$6,963	$8,775	$9,862	$4,880	$13,514	$19,312	$14,770	$14,799	$16,622	$16,301		103.70%	<-Total Growth	10	Cash Flow less WC
Increase	2.35%	-8.23%	25.84%	26.92%	-41.40%	-25.94%	74.34%	26.02%	12.39%	-50.52%	176.93%	42.90%	-23.52%	0.20%	12.32%	-1.94%		7.37%	<-IRR #YR->	10	Cash Flow less WC	103.70%
5 year Running Average	$6,316	$6,236	$6,295	$6,926	$6,778	$6,321	$6,561	$6,866	$6,997	$6,895	$8,799	$11,269	$12,468	$13,455	$15,804	$16,361		10.98%	<-IRR #YR->	5	Cash Flow less WC	68.32%
CFPS Excl. WC	$5.73	$5.28	$6.67	$8.43	$4.93	$3.60	$5.69	$7.30	$8.31	$4.12	$11.57	$17.51	$13.77	$13.80	$15.50	$15.20		7.07%	<-IRR #YR->	10	CF less WC 5 Yr Run	98.06%
Increase	1.82%	-7.87%	26.39%	26.40%	-41.55%	-27.03%	58.39%	28.21%	13.81%	-50.39%	180.60%	51.42%	-21.36%	0.20%	12.32%	-1.94%		12.67%	<-IRR #YR->	5	CF less WC 5 Yr Run	81.60%
5 year Running Average	$5.81	$5.73	$5.77	$6.34	$6.21	$5.78	$5.86	$5.99	$5.97	$5.80	$7.40	$9.76	$11.06	$12.16	$14.43	$15.16		7.52%	<-IRR #YR->	10	CFPS - Less WC	106.53%
P/CF on Med Price	6.86	6.28	4.85	4.81	6.87	9.56	7.29	5.42	4.35	6.45	3.56	4.26	5.88	7.00	0.00	0.00		13.53%	<-IRR #YR->	5	CFPS - Less WC	88.64%
P/CF on Closing Price	6.66	5.43	5.39	4.26	6.13	11.90	7.89	4.51	5.05	7.42	4.62	4.29	5.88	7.67	6.83	7.25		6.71%	<-IRR #YR->	10	CFPS 5 yr Running	91.49%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	5.90	5 yr	4.86	P/CF Med	10 yr	5.65	5 yr	4.35		35.70%	Diff M/C		13.05%	<-IRR #YR->	5	CFPS 5 yr Running	84.62%
Google also uses net change in Non-cash WC.
			-1,087.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1,072.4								Shares
								-1,201.9	0.0	0.0	0.0	0.0	1,072.4								Shares
			-$7,218	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,353								Cash Flow
								-$10,121	$0	$0	$0	$0	$12,353								Cash Flow
			-$6.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.52								Cash Flow per Share
								-$8.42	$0.00	$0.00	$0.00	$0.00	$11.52								Cash Flow per Share
			-$5.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.58								CFPS 5 yr Running
								-$6.07	$0.00	$0.00	$0.00	$0.00	$10.58								CFPS 5 yr Running
			-$7,251	$0	$0	$0	$0	$0	$0	$0	$0	$0	$14,770								Cash Flow less WC
								-$8,775	$0	$0	$0	$0	$14,770								Cash Flow less WC
			-$6,295	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,468								CF less WC 5 Yr Run
								-$6,866	$0	$0	$0	$0	$12,468								CF less WC 5 Yr Run
			-$6.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.77								CFPS - Less WC
								-$7.30	$0.00	$0.00	$0.00	$0.00	$13.77								CFPS - Less WC
			-$5.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.06								CFPS 5 yr Running
								-$5.99	$0.00	$0.00	$0.00	$0.00	$11.06								CFPS 5 yr Running
Used to include
Other			-$19.0	-$38.0	-$22.0	-$32.0	-$110	-$23	-$109	-$71	$13	-$144	$5
Abandonment Expenditures			-$207.0	-$346.0	-$370.0	-$267.0	-$274	-$290	-$296	-$249	-$307	-$449	-$509
Net change in non-cash working capital			-$33.0	-$744.0	$239.0	-$542.0	$299	$1,346	-$1,033	-$166	$964	$79	-$2,417
Other
Abandonment Expenditures
Sum			-$33.0	-$744.0	$239.0	-$542.0	$299	$1,346	-$1,033	-$166	$964	$79	-$2,417
Google			-$33.0	-$744.0	$239.0	-$542.0	$299	$1,033	-$1,438	-$486	$964	$79	-$2,417
Difference			$0.0	$0.0	$0.0	$0.0	$0	$313	$405	$320	$0	$0	$0
TD				-$1,128.0	-$153.0	-$841.0	-$85	$1,346	-$1,033	-$166
Difference				$384	$392	$299	$384
Year							2022	2022	2022	2022	2022
Amt							$299	$1,346	-$1,033	-$166	$964
OPM	40.26%	38.34%	40.22%	39.71%	42.77%	31.10%	41.10%	45.42%	36.19%	26.95%	44.07%	39.15%	30.25%	40.87%				-24.79%	<-Total Growth	10	OPM
Increase	-8.24%	-4.77%	4.91%	-1.27%	7.71%	-27.28%	32.14%	10.52%	-20.32%	-25.54%	63.51%	-11.16%	-22.73%	35.11%					Should increase		or be stable.
Diff from Median	2.10%	-2.77%	2.01%	0.71%	8.48%	-21.12%	4.23%	15.19%	-8.21%	-31.65%	11.76%	-0.71%	-23.28%	3.65%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	39.43%	5 Yrs	36.19%					should be	zero, it is a		check on calculations
														$16,919	<-12 mths	0.25%
EBITDA									$11,361	$5,519	$15,750	$22,113	$16,877	$17,412	$19,281	$19,061				4	EBITDA	From
Change										-51.42%	185.38%	40.40%	-23.68%	3.17%	10.73%	-1.14%		8.36%	<-Median->	4	Change	Mkt Sc
Margin									49.67%	32.67%	52.40%	52.28%	46.92%	49.79%	52.80%	51.75%		49.67%	<-Median->	5	Margin
Long Term Debt	$8,212	$7,938	$8,217	$13,022	$15,065	$14,993	$20,581	$19,482	$18,591	$20,110	$13,694	$11,041	$9,819	$9,819				19.50%	<-Total Growth	10	Debt	Type
Change	-3.38%	-3.34%	3.51%	58.48%	15.69%	-0.48%	37.27%	-5.34%	-4.57%	8.17%	-31.90%	-19.37%	-11.07%	0.00%				-2.53%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.20	0.25	0.21	0.33	0.46	0.32	0.37	0.49	0.37	0.56	0.22	0.13	0.11	0.09				0.35	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	11.72	12.32	9.89	11.71	12.90	11.52	11.80	15.03	11.77	14.82	10.33	8.80	10.22	10.22				11.74	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)	1.32	1.28	1.14	1.54	2.67	4.34	2.83	1.92	2.11	4.27	0.95	0.57	0.79	0.66				2.02	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0				0.00%	<-Total Growth	10	Intangibles	Leverage
Goodwill		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0				0.00%	<-Total Growth	10	Goodwill	D/E Ratio
Total		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0				0.00%	<-Total Growth	10	Total
Change			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	Change
Intangible/Market Cap Ratio		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	Intangible/Market Cap Ratio
Current Assets	$2,781	$1,914	$2,216	$3,489	$4,059	$4,336	$4,897	$3,020	$4,487	$4,361	$5,942	$7,057	$7,167	$7,167				Liquidity ratio of 1.5 and up, best
Current Liabilities	$4,034	$3,976	$5,234	$5,142	$4,595	$5,092	$6,261	$4,762	$6,637	$5,078	$7,422	$8,651	$7,435	$7,435				0.81	<-Median->	10	Ratio
Liquidity	0.69	0.48	0.42	0.68	0.88	0.85	0.78	0.63	0.68	0.86	0.80	0.82	0.96	0.96				0.82	<-Median->	5	Ratio
Liq. with CF aft div	2.14	1.93	1.70	2.14	1.89	1.33	1.73	2.42	1.75	1.40	2.46	2.70	2.11	2.36				2.11	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.86	0.78	0.73	0.67	0.86	0.76	0.56	1.20	0.83	0.90	1.64	1.71	1.28	2.36				1.28	<-Median->	5	Ratio
Current portion L T D.	$814	$953	$1,719	$980	$1,729	$1,812	$1,877	$1,141	$2,391	$1,343	$1,000	$404	$980	$980
Liquidity	0.86	0.63	0.63	0.84	1.42	1.32	1.12	0.83	1.06	1.17	0.93	0.86	1.11	1.11				1.06	<-Median->	5	Ratio
Liq. with CF aft div	2.69	2.54	2.54	2.64	3.03	2.06	2.47	3.18	2.73	1.91	2.85	2.83	2.43	2.71				2.73	<-Median->	5	Ratio
Assets	$47,278	$48,980	$51,754	$60,200	$59,275	$58,648	$73,867	$71,559	$78,121	$75,276	$76,665	$76,142	$75,955	$75,955				Debt Ratio of 1.5 and up, best
Liabilities	$24,380	$24,697	$25,982	$31,309	$31,984	$32,381	$42,214	$39,585	$43,130	$42,896	$39,720	$37,967	$36,123	$36,123				1.83	<-Median->	10	Ratio
Debt Ratio	1.94	1.98	1.99	1.92	1.85	1.81	1.75	1.81	1.81	1.75	1.93	2.01	2.10	2.10				1.93	<-Median->	5	Ratio
Estimates BVPS														$38.20	$40.00	$41.30			Estimates		Estimates BVPS
Estimate Book Value														$40,966.0	$42,896.3	$44,290.5			Estimates		Estimate Book Value
P/B Ratio (Close)														2.77	2.65	2.67			Estimates		P/B Ratio (Close)
Difference from 10 year median															88.31%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$22,898	$24,283	$25,772	$28,891	$27,291	$26,267	$31,653	$31,974	$34,991	$32,380	$36,945	$38,175	$39,832	$39,832	$39,832	$39,832		54.56%	<-Total Growth	10	Book Value
Book Value per share	$20.88	$22.24	$23.70	$26.46	$24.93	$23.64	$25.89	$26.60	$29.48	$27.35	$31.62	$34.62	$37.14	$37.14	$37.14	$37.14		56.70%	<-Total Growth	10	Book Value per Share
Change	8.56%	6.47%	6.60%	11.64%	-5.78%	-5.16%	9.49%	2.77%	10.82%	-7.23%	15.61%	9.49%	7.28%	0.00%	0.00%	0.00%		77.54%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.88	1.49	1.36	1.53	1.36	1.45	1.60	1.49	1.23	0.97	1.30	2.16	2.18	2.60	0.00	0.00		1.61	P/B Ratio		Historical Median
P/B Ratio (Close)	1.83	1.29	1.52	1.36	1.21	1.81	1.74	1.24	1.42	1.12	1.69	2.17	2.18	2.85	2.85	2.97		4.59%	<-IRR #YR->	10	Book Value per Share	56.70%
Change	-20.76%	-29.49%	17.72%	-10.48%	-10.71%	49.30%	-4.12%	-28.65%	15.05%	-21.49%	51.14%	28.48%	0.40%	30.68%	0.00%	4.12%		6.90%	<-IRR #YR->	5	Book Value per Share	39.62%
Median 10 year P/B Ratio	1.95	1.95	1.95	1.95	1.74	1.57	1.57	1.51	1.49	1.47	1.41	1.41	1.47	1.47				1.47	<-Median->	5	Median 10 year P/B Ratio
Leverage (A/BK)	2.06	2.02	2.01	2.08	2.17	2.23	2.33	2.24	2.23	2.32	2.08	1.99	1.91	1.91				2.20	<-Median->	10	A/BV
Debt/Equity Ratio	1.06	1.02	1.01	1.08	1.17	1.23	1.33	1.24	1.23	1.32	1.08	0.99	0.91	0.91				1.20	<-Median->	10	Debt/Eq Ratio
Sharerholders' Equity									P/BV	10 yr Med	1.47	5 yr Med	1.30		93.68%	Diff M/C		2.28	Historical	28	A/BV
			-$23.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$37.14
								-$26.60	$0.00	$0.00	$0.00	$0.00	$37.14
Comprehensive Income	$2,660	$1,924	$2,254	$3,938	-$613	-$209	$2,259	$2,781	$5,328	-$461	$7,655	$11,147	$8,196					263.62%	<-Total Growth	10	Comprehensive Income
Increase	62.79%	-27.67%	17.15%	74.71%	-115.57%	65.91%	1180.86%	23.11%	91.59%	-108.65%	1760.52%	45.62%	-26.47%					45.62%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$2,643	$2,521	$1,937	$2,482	$2,033	$1,459	$1,526	$1,631	$1,909	$1,940	$3,512	$5,290	$6,373					13.78%	<-IRR #YR->	10	Comprehensive Income	263.62%
ROE	11.6%	7.9%	8.7%	13.6%	-2.2%	-0.8%	7.1%	8.7%	15.2%	-1.4%	20.7%	29.2%	20.6%					24.13%	<-IRR #YR->	5	Comprehensive Income	194.71%
5Yr Median	11.6%	7.9%	7.9%	8.7%	8.7%	7.9%	7.1%	7.1%	7.1%	7.1%	8.7%	15.2%	20.6%					12.65%	<-IRR #YR->	10	5 Yr Running Average	228.98%
% Difference from NI	0.6%	1.7%	-0.7%	0.2%	-3.8%	2.5%	-5.8%	7.3%	-1.6%	6.0%	-0.1%	1.9%	-0.4%					31.33%	<-IRR #YR->	5	5 Yr Running Average	290.69%
Median Values										Diff	5, 10 yr	0.1%	-0.1%					20.6%	<-Median->	5	Return on Equity
			-$2,254	$0	$0	$0	$0	$0	$0	$0	$0	$0	$8,196
								-$2,781	$0	$0	$0	$0	$8,196
			-$1,937	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,373
								-$1,631	$0	$0	$0	$0	$6,373
Current Liability Coverage Ratio	1.56	1.45	1.39	1.79	1.17	0.78	1.11	1.84	1.49	0.96	1.82	2.23	1.99	1.99							CFO / Current Liabilities
5 year Median	1.94	1.94	1.56	1.56	1.45	1.39	1.17	1.17	1.17	1.11	1.49	1.82	1.82	1.99				163.8%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	13.28%	11.76%	14.01%	15.29%	9.10%	6.81%	9.43%	12.26%	12.62%	6.48%	17.63%	25.36%	19.45%	19.48%							CFO / Total Assets
5 year Median	14.74%	14.38%	14.01%	14.01%	13.28%	11.76%	9.43%	9.43%	9.43%	9.43%	12.26%	12.62%	17.63%	19.45%				12.4%	<-Median->	10	Return on Assets
Return on Assets ROA	5.59%	3.86%	4.39%	6.53%	-1.07%	-0.35%	3.25%	3.62%	6.93%	-0.58%	10.00%	14.36%	10.84%	11.17%				Net	Income/Assets		Return on Assets	ROA
5Yr Median	5.59%	3.98%	3.98%	4.39%	4.39%	3.86%	3.25%	3.25%	3.25%	3.25%	3.62%	6.93%	10.00%	10.84%				5.1%	<-Median->	10	Asset Efficiency Ratio	ROA
Return on Equity ROE	11.54%	7.79%	8.81%	13.60%	-2.33%	-0.78%	7.57%	8.10%	15.48%	-1.34%	20.74%	28.65%	20.67%	21.30%				Net Inc/	Shareholders' equity		Return on Equity	ROE
5Yr Median	11.54%	8.13%	8.13%	8.81%	8.81%	7.79%	7.57%	7.57%	7.57%	7.57%	8.10%	15.48%	20.67%	20.74%				10.9%	<-Median->	10	Return on Equity	ROE
														$7,942	<-12 mths	-3.53%			Estimates		Last 12 months from Qtr
Net Income	$2,643	$1,892	$2,270	$3,929	-$637	-$204	$2,397	$2,591	$5,416	-$435	$7,664	$10,937	$8,233	$8,483	$9,380	$8,729		262.69%	<-Total Growth	10	Net Income
Increase	55.75%	-28.41%	19.98%	73.08%	-116.21%	67.97%	1275.00%	8.09%	109.03%	-108.03%	1861.84%	42.71%	-24.72%	3.04%	10.57%	-6.94%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$2,703	$2,559	$2,016	$2,486	$2,019	$1,450	$1,551	$1,615	$1,913	$1,953	$3,527	$5,235	$6,363	$6,976	$8,939	$9,152		13.75%	<-IRR #YR->	10	Net Income	262.69%
Operating Cash Flow	$6,243	$6,209	$7,218	$8,459	$5,632	$3,452	$7,262	$10,121	$8,829	$4,714	$14,478	$19,391	$12,353					26.01%	<-IRR #YR->	5	Net Income	217.75%
Investment Cash Flow	-$5,963	-$5,927	-$7,006	-$11,177	-$5,465	-$3,811	-$13,102	-$4,814	-$7,255	-$2,819	-$3,703	-$4,987	-$4,858					12.18%	<-IRR #YR->	10	5 Yr Running Average	215.56%
Total Accruals	$2,363	$1,610	$2,058	$6,647	-$804	$155	$8,237	-$2,716	$3,842	-$2,330	-$3,111	-$3,467	$738					31.55%	<-IRR #YR->	5	5 Yr Running Average	293.95%
Total Assets	$47,278	$48,980	$51,754	$60,200	$59,275	$58,648	$73,867	$71,559	$78,121	$75,276	$76,665	$76,142	$75,955						Balance Sheet		Assets
Accruals Ratio	5.00%	3.29%	3.98%	11.04%	-1.36%	0.26%	11.15%	-3.80%	4.92%	-3.10%	-4.06%	-4.55%	0.97%					-3.10%	<-Median->	5	Ratio
EPS/CF Ratio	0.42	0.33	0.31	0.42	-0.12	-0.05	0.36	0.29	0.55	-0.09	0.56	0.54	0.54					0.39	<-Median->	10	EPS/CF Ratio
			-$2,270	$0	$0	$0	$0	$0	$0	$0	$0	$0	$8,233
								-$2,591	$0	$0	$0	$0	$8,233
			-$2,016	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,363
								-$1,615	$0	$0	$0	$0	$6,363
Change in Close	-13.98%	-24.93%	25.49%	-0.06%	-15.87%	41.59%	4.98%	-26.67%	27.50%	-27.17%	74.73%	40.67%	7.71%	30.68%	0.00%	4.12%			Count	29	Years of data
up/down		down			down	down		down											Count	16	55.17%
Meet Prediction?		Yes			Yes			Yes										% right	Count	6	37.50%
Financial Cash Flow	-$268	-$297	-$233	$2,727	-$123	$307	$5,960	-$5,343	-$1,536	-$1,850	-$10,215	-$14,228	-$7,538						C F Statement		Financial Cash Flow
Total Accruals	$2,631	$1,907	$2,291	$3,920	-$681	-$152	$2,277	$2,627	$5,378	-$480	$7,104	$10,761	$8,276								Accruals
Accruals Ratio	5.56%	3.89%	4.43%	6.51%	-1.15%	-0.26%	3.08%	3.67%	6.88%	-0.64%	9.27%	14.13%	10.90%					9.27%	<-Median->	5	Ratio
Cash	$34	$37	$16	$25	$69	$17	$137	$101	$139	$184	$744	$920	$877	$877							Cash
Cash per Share	$0.03	$0.03	$0.01	$0.02	$0.06	$0.02	$0.11	$0.08	$0.12	$0.16	$0.64	$0.83	$0.82	$0.82				$0.64	<-Median->	5	Cash per Share
Percentage of Stock Price	0.08%	0.12%	0.04%	0.06%	0.21%	0.04%	0.25%	0.26%	0.28%	0.51%	1.19%	1.11%	1.01%	0.77%				1.01%	<-Median->	5	% of Stock Price
Notes:
April 17, 2024.  Last estimates were for 35915M, AFFO, $7.75, $8.81 and $9.43 for AEPS, $6.82, $87.50 and $8.56 for EPS,
$3.65, $3.68 and $4.29 for Dividends, $11085m, $11817M and $9024M for FCF, R14.20, $16.00 and $16.70 for CFPS, $36.50, $38.50 and $40.40 for BVPS, $8629M, $6299M 2023/4 for net Income.
April 23, 2023.  Last estimates were for 2022, 2023 and 2024 of $37712M, $32877M and $33600M for Revenue, $11.97 and $11.35 for 2022/3 for AFFO, $9.99, $8.10 and $7.39 for AEPS,  $11.30, $8.16 and $6.02 for EPS,
$2.81, $3.06 and $3.55 for Dividends, $14184M, $12999M and $9043M for FCF, $16.10 and $14.90 for CFPS 2022/3, $34.20 and $37.10 for BVPS 2022/3 and $12365M, $8629M and $6299M for Net Income.
April 17, 2022.  Last estimates were for 2021, 2022 and 2023 of $23862M, $24106M and $22636M for Revenue, $3.20, $3.08 and $2.77 for AEPS, $3.14, $3.00 and $2.69 for EPS,
$1.84, $1.89 and $1.96 for Dividends, $7441M, $7087M and $5907M for FCF, $9.47, $9.43 and $9.16 for CFPS and $3513M, $3454M and $3178M for Net Income.
April 17, 2021.  Last estimates were for 2020, 2021 and 2022 of $16082M, $18834M, $21447M for Revenue, -$0.75, $0.87 and $2.20 for Adj EPS, -$1.05, $0.85 and $1.85 for EPS,
$1.68, $1.72 and $1.76 for Dividends, $4.21M, $4628M and $6807M for FCF, $3.42, $5.29 and $8.18 for CFPS.-$2304M, -$129M and $2524M for Net Income.
December 31, 2020.  There was an earnings loss because of much lower Revenue for 2020.
April 11, 2020.  Last estimates were for 2019, 2020 and 2021 of $20707M, $22171M and $22554M for Revenue, $2.55, $3.02 and $2.99 for Adj EPS,
$2.18, $2.90 and $3.91 for EPS, $7.27, $6.57 and $9.10 for CFPS and $2617M, $3483M and $3554M for Net Income.
April 14, 2019.  Last estimates were for 2018, 2019 and 2020 of $20752M, $21404M and $22612M for Revenue, $2.74, $2.54 and $2.75 for Adj EPS,
$2.15, $1.99 and $2.53 for EPS, $8.10, $8.14 and $8.94 for CFPS, $3655m, $2319M and $2976M for Net Income.
April 14, 2018.  Last estimates were for 2017, 2018 and 2019 of $16520M, $20728M and $21785M for Revenue, $1.66, $2.79 and $3.29 for Adj EPS,
$1.49, 2.59 and $3.27 for EPS, $6.90, $8.72 and $9.44 for CFPS and $1904M, $3153M and $4352M.
April 14, 2017.  Last estimates were for 2016, 2017 and 2018 of $10273M, $13691M and $15956M for Revenue, -$1.46, $0.22 and $1.57 for Adj EPS,
-$1.70, $0.18 and $1.35 for EPS, $3.34, $5.53 and $7.49 for CFPS, -$1668M, $164M and $1080M for Net Income.
April 23, 2016.  Last estimates were for 2015, 2016 and 2017 of $14322M, $17221M and $21228M for Revenue, $3.29 and $2.87 for Adjusted EPS for 2015 and 2016, $0.19. 1.69 and $3.07 for EPS,
$5.41, $6.62 and $6.11 for CFPS and $415M, $2019M and $3401M for Net Income.
May 3, 2015.  Last estimates were for 2014, 2015 and 2016 of $20058M, $20632M and $21390M for Revenue, $3.37. $3.29 and $2.87 amd Adjusted EPS, $3.37, $3.29 and $2.87 for EPS,
$9.05, $9.36 and $9.65 for CFPS, and $3497M, $3800M and $3361M for Net Income.
May 1, 2014.  Last estimates were for 2013 and 2014 of $162420M and $18099M for Revenue, $2.43 amd $3.01 for Adjusted EPS, $2.43 and $3.01 for EPS, $6.20 and $6.77 for CFPS.
April 1, 2013.  Last estimates were for 2012 and 2013 and were $14400M and $16200M for Revenue, $3.61 for adjusted EPS for 2012, $1.76 and $2.68 for EPS and $5.14 and $6.57 for CFPS.
I got proxy notice on 28 March 2013, but audited financial statements did not appear on their site until April 1, 2013.
Sept 10, 2012.  Last estimates were for 2011 and 2012 and were for Revenue of $13.285M and $16.73M and EPS of $1.65 and 2.60 and Adjusted EPS of $2.22 and $3.61 and CF of$5.84 and $7.48
July 3, 2011.  When I last looked at the stock, I got estimates for 2010 and 2011 of $2.56 and $3.19 for EPS and $6.00 and $7.00 for CF
Aug 9. 2010.  The last time I looked, I got earnings of for 2009 and 2010 of $5.00 and $6.10 and cash flow of $11 and $12.50
Oct 7, 2009.  When I looked at this stock in June 2009, I picked up 2009 and 2010 earnings of $5.00 and $5.40. Estimates for 2009 remain, but for 2010 they have increased.
Jun 21, 2009 AR 2008.  When I last looked at the stock in Oct 2008, I got a earnings estimate of $5.98 and Cash Flow of $13.19 for 2008. Earnings was $l9.22 and Cash flow came in at $12.71
The company was founded on November 7, 1973 as AEX Minerals Corporation and adopted the present name in 1975.
Adjusted net earnings from operations is a non-GAAP measure that represents net earnings adjusted for certain items of a non-operational nature. The Company evaluates its performance based on adjusted net earnings from operations.
Sector:
Energy, Resources
What should this stock accomplish?
This stock should give you a window on the oil and gas business.  Expect a lot of volitility in the stock and its earnings, cash flow etc.
Since the give a low dividend expect decent dividend increases.
Would I buy this company and Why.
If you want an good oil and gas stock, this would be a good one to look at.
Why am I following this stock.
I started to follow this stock in 2008 because it was on the dividend growth lists that I followed.
Why I bought this stock.
I first bought CNQ in September 2012 because the dividend yield was relatively high.  The 5 and 10 year median dividend yields were 0.73% and 0.75%.  The current one was at 1.31% and I got it with a yield of 1.32%.
I sold some TransAlta  to buy this stock.  TransAlta is not doing well lately.
In April 2013 I bought more shares of this stock because the yield is now at 1.54%.
I bought another 100 shares in 2020 because the yield was 11.63%
Dividends
Dividends are paid quarterly, in cylce 1, which is in January, April July and October  The dividends are paid at the beginning of the month.  Dividends are declared for shareholders of one month and paid in following month.
For example, the a dividend was declared on March 6, 2014 for shareholders of record of March 17, 2014 and is payable on April 1, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
Canadian Natural Resources Ltd is an independent crude oil and natural gas exploration, development, and production company. The Company's exploration
and production operations are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea, and Cote d'Ivoire
and South Africa in Offshore Africa. It derives a majority of its revenue from North America.
Industry: Oil and Gas (Oil and Gas Producers).  Widely held.
If you do not want to sign into their site, they publish complete annual statements with the news of their results.
*Adjusted net earnings from operations is a non-GAAP method to evalute the company's performance.  And, just to confuse you, a lot of earnings estimates seem to be for the Adjusted EPS, not EPS.
Also, sites are mixing the two EPS methods without quailifing what they are using.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	April 14	2017	April 14	2018	April 14	2019	April 11	2020	April 17	2021	April 17	2022	April 17	2022			April 17	2022
Stauth, Scott Gerald														0.170	0.02%			0.172	0.02%			1.25%
President - Shares - Amount															$13.785				$18.241
Options - percentage														0.836	0.08%			0.930	0.09%			11.19%
Options - amount															$67.718				$98.398
McKay, Timothy Shawn								1.172	0.10%	1.174	0.10%	1.193	0.11%	1.204	0.11%			0.000	0.00%		Site says Mark CFO	-100.00%
Vice-Chair - Shares - Amount									$35.854		$62.754		$89.717		$97.495				$0.000		Was president, not V-Chair
Options - percentage								1.747	0.15%	0.498	0.04%	1.960	0.18%	3.072	0.29%			0.000	0.00%		Ceased insider April 2024	-100.00%
Options - amount									$53.433		$26.601		$147.361		$248.828				$0.000
Stainthrope, Mark Allen						0.025	0.00%	0.027	0.00%	0.393	0.03%	0.032	0.00%	0.033	0.00%			0.035	0.00%		Filed last April 2019	4.54%
CFO - Shares - Amount							$1.033		$0.825		$21.007		$2.394		$2.690				$3.676
Options - percentage						0.075	0.01%	0.000	0.00%	0.414	0.04%	0.491	0.04%	0.544	0.05%			0.609	0.06%			11.85%
Options - amount							$3.142		$0.000		$22.106		$36.898		$44.089				$64.443
Bieber, Corey B.	0.02%	0.181	0.01%	0.187	0.02%	0.192	0.02%
CFO - Shares - Amount	$7.578		$8.135		$6.150		$8.075
Options - percentage	0.04%	0.480	0.04%	0.033	0.00%	0.355	0.03%
Options - amount	$19.897		$21.551		$1.097		$14.907
Andersen, Troy John Peter						0.015	0.00%	0.017	0.00%	0.017	0.00%	0.023	0.00%	0.026	0.00%			0.028	0.00%			8.92%
Officer - Shares - Amount							$0.610		$0.519		$0.906		$1.739		$2.087				$2.970
Options - percentage						0.305	0.03%	0.378	0.03%	0.462	0.04%	0.313	0.03%	0.297	0.03%			0.271	0.03%			-8.78%
Options - amount							$12.801		$11.577		$24.712		$23.518		$24.063				$28.684
Balog, Brenda Gayle														0.028	0.00%			0.025	0.00%
Officer - Shares - Amount															$2.296				$2.665
Options - percentage														0.027	0.00%			0.042	0.00%
Options - amount															$2.186				$4.410
Bast, Calvin John														0.037	0.00%			0.030	0.00%		Executive vice-chairman 2019	-19.15%
Officer - Shares - Amount															$2.967				$3.135		Director 2021
Options - percentage														0.100	0.01%			0.144	0.01%			43.22%
Options - amount															$8.127				$15.211
Laut, Stephen W.	0.22%	2.425	0.20%	2.376	0.20%	2.376	0.20%	2.393	0.20%	2.554	0.22%	1.839	0.17%	1.430	0.13%			0.457	0.04%		Last updated April 2022	-68.06%
Director - Shares - Amount	$103.610		$108.943		$78.281		$99.812		$73.190		$136.490		$138.284		$115.823				$48.341
Options - percentage	0.19%	2.079	0.17%	1.799	0.15%	1.642	0.14%	0.000	0.00%	0.621	0.05%	3.048	0.28%	3.137	0.29%			3.137	0.29%			0.00%
Options - amount	$89.859		$93.385		$59.272		$68.982		$0.000		$33.179		$229.214		$254.057				$332.009
Best, Catherine May	0.00%	0.036	0.00%	0.040	0.00%	0.044	0.00%	0.048	0.00%	0.053	0.00%	0.056	0.01%	0.059	0.01%			0.061	0.01%			3.43%
Director - Shares - Amt	$1.390		$1.639		$1.334		$1.868		$1.483		$2.831		$4.228		$4.753				$6.424
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
Edwards, Norman Murray	1.97%	21.522	1.76%	22.014	1.83%	21.954	1.85%	21.938	1.85%	21.939	1.88%	21.502	1.95%	21.259	1.98%			21.318	1.99%			0.28%
Chairman - Shares - Amt	$937.945		$966.778		$725.142		$922.069		$671.070		$1,172.650		$1,616.712		$1,721.794				$2,256.301
Options - percentage	0.18%	2.298	0.19%	1.798	0.15%	2.348	0.20%	2.528	0.21%	3.020	0.26%	2.840	0.26%	2.505	0.23%			1.690	0.16%			-32.54%
Options - amount	$87.720		$103.237		$59.231		$98.635		$77.338		$161.403		$213.507		$202.857				$178.835
Increase in O/S Shares	0.26%	16.284	1.47%	14.256	1.17%	9.975	0.83%	10.871	0.92%	3.979	0.34%	18.147	1.55%	11.605	1.05%			9.882	0.92%		Average	0.96%
due to SO 2013	$85.553		$696.792		$640.380		$328.577		$456.582		$121.718		$969.957		$872.580				$800.343		seems to be not accepting
Book Value	$91.000		$559.000		$466.000		$332.000		$360.000		$108.000		$707.000		$442.000				$372.000		Options
Previous Lia. for SO	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Insider Buying	-$1.173		-$8.018		-$3.966		-$4.805		-$2.443		-$2.093		-$1.691		-$0.164				$285.321
Insider Selling	$11.682		$98.356		$83.132		$52.309		$60.697		$32.583		$172.877		$145.077				$0.000
Net Insider Selling	$10.509		$90.337		$79.166		$47.504		$58.254		$30.490		$171.185		$144.913				$285.321
% of Market Cap	0.02%		0.16%		0.20%		0.10%		0.16%		0.05%		0.21%		0.17%				0.25%
Directors		11		12		11		12		11		12		11				12
Women	18%	2	18%	2	17%	2	18%	2	17%	2	18%	4	33%	3	27%			4	33%
Minorities	9%	1	9%	1	8%	1	9%	1	8%	1	9%	1	8%	1	9%			1	8%
Institutions/Holdings	68.01%	370	69.60%			431	67.01%	20	68.60%			20	52.66%	20	59.77%			20	59.77%
Total Shares Held	67.02%	774.913	69.75%			803.661	67.71%	754.250	63.71%			612.150	55.52%	657.098	61.27%			988.181	92.15%
Increase/Decrease 3 Mths	-2.74%	5.233	0.68%			-7.979	-0.98%	28.375	3.91%			13.064	2.18%	21.762	3.43%			-32.858	-3.22%
Starting No. of Shares	Nasdaq	769.681	Nasdaq			811.640	Nasdaq	725.874	MS Top			599.085	MS Top	635.336	MS Top			1,021.038	MS Top
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