This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														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 Tire Corp					TSX:	CTC.A	OTC:	CDNAF	https://corp.canadiantire.ca/			Fiscal Yr:	Dec 31
Year	31-Dec-11	31-Dec-12	31-Dec-13	31-Dec-14	31-Dec-15	31-Dec-16	31-Dec-17	31-Dec-18	31-Dec-19	31-Dec-20	31-Dec-21	31-Dec-22	31-Dec-23	31-Dec-24	31-Dec-25	31-Dec-26
Year End Date	31-Dec-11	29-Dec-12	28-Dec-13	3-Jan-15	2-Jan-16	31-Dec-16	31-Dec-17	29-Dec-18	28-Dec-19	2-Jan-21	1-Jan-22	31-Dec-22	30-Dec-23	31-Dec-24	31-Dec-25	31-Dec-26		Value	Description	#Y	Item	Total G
Accounting Rules	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS	IRFS					Accounting Rules
Cost of Sales										$9,794.4	$10,456.9	$11,712.7	$10,952.9
Change											6.76%	12.01%	-6.49%
Ratio										0.66	0.64	0.66	0.66
Selling & Admin										$3,599.3	$3,934.3	$3,502.5	$3,675.7
Change											9.31%	-10.98%	4.95%
Ratio										0.24	0.24	0.20	0.22
Total										$13,393.7	$14,391.2	$15,215.2	$14,628.6
Change											7.45%	5.73%	-3.86%
Ratio										0.90	0.88	0.85	0.88
														$16,477	<-12 mths	-1.08%			Estimates		last 12 months from Qtr.
Revenue*	$10,387	$11,427	$11,786	$12,463	$12,280	$12,681	$13,435	$14,059	$14,534	$14,871	$16,292	$17,811	$16,657	$16,784	$17,414	$18,536		41.33%	<-Total Growth	10	Revenue
Increase	15.66%	10.01%	3.14%	5.75%	-1.47%	3.27%	5.95%	4.64%	3.38%	2.32%	9.56%	9.32%	-6.48%	0.77%	3.75%	6.44%		3.52%	<-IRR #YR->	10	Revenue	41.33%
5 year Running Average	$9,159	$9,721	$10,253	$11,009	$11,668	$12,127	$12,529	$12,983	$13,398	$13,916	$14,638	$15,513	$16,033	$16,483	$16,991	$17,440		3.45%	<-IRR #YR->	5	Revenue	18.48%
Revenue per Share	$127.54	$140.83	$147.35	$160.92	$165.80	$179.24	$202.06	$223.50	$236.25	$244.56	$270.87	$308.67	$299.46	$301.76	$313.08	$333.25		4.57%	<-IRR #YR->	10	5 yr Running Average	56.37%
Increase	15.66%	10.42%	4.63%	9.21%	3.03%	8.11%	12.73%	10.61%	5.71%	3.52%	10.76%	13.96%	-2.98%	0.77%	3.75%	6.44%		4.31%	<-IRR #YR->	5	5 yr Running Average	23.49%
5 year Running Average	$112.37	$119.37	$126.49	$137.38	$148.49	$158.83	$171.08	$186.31	$201.37	$217.12	$235.45	$256.77	$271.96	$285.06	$298.77	$311.25		7.35%	<-IRR #YR->	10	Revenue per Share	103.23%
P/S (Price/Sales) Med	0.47	0.48	0.57	0.69	0.74	0.67	0.76	0.72	0.61	0.46	0.69	0.54	0.54	0.47	0.00	0.00		6.03%	<-IRR #YR->	5	Revenue per Share	33.99%
P/S (Price/Sales) Close	0.52	0.49	0.68	0.76	0.71	0.78	0.81	0.64	0.59	0.68	0.67	0.46	0.47	0.45	0.44	0.41		7.96%	<-IRR #YR->	10	5 yr Running Average	115.01%
*Revenue in M CDN $					P/S Med	20 yr	0.59	15 yr	0.57	10 yr	0.68	5 yr	0.54		-33.69%	Diff M/C		7.86%	<-IRR #YR->	5	5 yr Running Average	45.98%
			-$11,786	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,657
								-$14,059	$0	$0	$0	$0	$16,657
			-$10,253	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,033
								-$12,983	$0	$0	$0	$0	$16,033
			-$147.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$299.46
								-$223.50	$0.00	$0.00	$0.00	$0.00	$299.46
			-$126.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$271.96
								-$186.31	$0.00	$0.00	$0.00	$0.00	$271.96
Payout Ratio Adj EPS														62.83%	50.48%				Estimates		Payout Ratio EPS
Per Share														$10.04	<-12 mths	-3.18%			Estimates		Last 12 months from Qtr
Normalized Net Income		$527.7	$570.0	$632.0	$659.4	$669.1	$735.0	$777.5	$923.30	$904.9	$1,290.8	$1,250.9	$716.1					25.63%	<-Total Growth	10	Normalized Net Income Less	NCI
Return on Equity ROE		11.08%	11.03%	13.02%	13.20%	13.55%	15.47%	17.81%	20.72%	20.11%	25.19%	22.26%	12.91%					16.64%	<-Median->	10	Return on Equity ROE
5Yr Median						13.02%	13.20%	13.55%	15.47%	17.81%	20.11%	20.72%	20.72%					16.64%	<-Median->	8	5Yr Median
Adjusted EPS	$5.65	$6.48	$7.07	$8.01	$8.66	$9.22	$10.67	$11.98	$14.94	$14.86	$21.25	$21.21	$12.74					80.13%	<-Total Growth	10	Adjusted EPS	same as
Adjusted EPS Diluted	$5.65	$6.45	$7.02	$7.94	$8.61	$9.25	$10.70	$11.95	$13.04	$13.00	$18.91	$18.75	$10.37	$11.20	$14.08			47.72%	<-Total Growth	10	Adjusted EPS Diluted
Increase	11.88%	14.16%	8.84%	13.11%	8.44%	7.43%	15.68%	11.68%	9.12%	-0.31%	45.46%	-0.85%	-44.69%	8.00%	25.71%			10	0	10	Years of Data, AFFP, P or N	100.00%
Earnings Yield	8.6%	9.3%	7.1%	6.5%	7.3%	6.6%	6.5%	8.4%	10.7%	8.9%	11.7%	15.0%	9.1%	8.2%	10.3%			3.98%	<-IRR #YR->	10	Adjusted EPS	$0.80
5 year Running Average	$4.97	$5.26	$5.70	$6.45	$7.17	$7.89	$8.73	$9.71	$11.09	$12.33	$14.74	$16.85	$17.00	$14.01	$11.04			-2.80%	<-IRR #YR->	5	Adjusted EPS	6.29%
Payout Ratio	19.47%	18.52%	19.80%	23.41%	24.25%	24.95%	24.37%	30.04%	27.78%	30.62%	22.12%	27.82%	54.18%	62.50%	49.72%			11.54%	<-IRR #YR->	10	5 yr Running Average	198.12%
5 year Running Average	17.55%	18.33%	18.87%	19.89%	21.40%	22.50%	23.55%	25.70%	26.59%	27.89%	26.59%	27.18%	30.83%	41.47%	57.07%			11.85%	<-IRR #YR->	5	5 yr Running Average	75.09%
Price/AEPS Median	10.69	10.51	11.96	14.02	14.27	13.00	14.28	13.43	11.04	8.64	9.93	8.91	15.52	12.67	0.00			13.21	<-Median->	10	Price/AEPS Median
Price/AEPS High	12.17	11.32	14.33	16.25	15.89	14.79	15.62	15.26	12.00	11.65	11.26	10.34	18.13	13.21	0.00			15.03	<-Median->	10	Price/AEPS High
Price/AEPS Low	9.21	9.71	9.58	11.80	12.65	11.21	12.93	11.59	10.08	5.63	8.61	7.49	12.90	12.13	0.00			11.40	<-Median->	10	Price/AEPS Low
Price/AEPS Close	11.66	10.76	14.17	15.46	13.72	15.06	15.32	11.94	10.73	12.87	9.56	7.55	13.57	12.17	9.68			13.22	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	13.05	12.28	15.42	17.48	14.88	16.18	17.72	13.34	11.71	12.83	13.91	7.48	7.51	13.15	12.17			13.63	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	26.36%	5 Yrs	27.82%	P/CF	5 Yrs	in order	9.93	11.65	8.61	10.73		22.57%	Diff M/C
* Adjusted Net Income/Adjusted EPS TD Waterhouse									E/P	10 Yrs	8.64%	5Yrs	10.68%
			-$7.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.37
								-$11.95	$0.00	$0.00	$0.00	$0.00	$10.37
			-$5.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.00
								-$9.71	$0.00	$0.00	$0.00	$0.00	$17.00
														$4.91	<-12 mths	29.89%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.35%	0.49%	0.72%	0.78%	0.58%	0.32%	0.28%	0.28%	0.16%	0.32%	0.97%	0.56%	0.26%					0.00	<-Median->	10	Difference Basic and Diluted
EPS Basic	$5.73	$6.13	$6.96	$7.65	$8.66	$9.25	$10.70	$10.67	$12.60	$12.35	$18.56	$17.70	$3.79					-45.55%	<-Total Growth	10	EPS Basic
EPS Diluted*	$5.71	$6.10	$6.91	$7.59	$8.61	$9.22	$10.67	$10.64	$12.58	$12.31	$18.38	$17.60	$3.78	$15.26	$20.08	$21.70		-45.30%	<-Total Growth	10	EPS Diluted
Change	2.70%	6.83%	13.28%	9.84%	13.44%	7.08%	15.73%	-0.28%	18.23%	-2.15%	49.31%	-4.24%	-78.52%	303.70%	31.59%	8.07%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	8.7%	8.8%	6.9%	6.2%	7.3%	6.6%	6.5%	7.5%	9.0%	7.4%	10.2%	12.4%	2.7%	11.2%	14.7%	15.9%		-5.85%	<-IRR #YR->	10	Earnings per Share	-45.30%
5 year Running Average	$5.02	$5.21	$5.68	$6.37	$6.98	$7.69	$8.60	$9.35	$10.34	$11.08	$12.92	$14.30	$12.93	$13.47	$15.02	$15.68		-18.70%	<-IRR #YR->	5	Earnings per Share	-64.47%
10 year Running Average	$4.24	$4.60	$4.99	$5.40	$5.86	$6.35	$6.91	$7.51	$8.36	$9.03	$10.30	$11.45	$11.14	$11.91	$13.05	$14.30		8.58%	<-IRR #YR->	10	5 yr Running Average	127.80%
* ESP per share (Cdn GAAP) (Adjusted earnings strip out non-operatinl items and used to determine dividends.)									E/P	10 Yrs	7.32%	5Yrs	8.99%					6.71%	<-IRR #YR->	5	5 yr Running Average	38.35%
			-$6.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.78
								-$10.64	$0.00	$0.00	$0.00	$0.00	$3.78
			-$5.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.93
								-$9.35	$0.00	$0.00	$0.00	$0.00	$12.93
Dividend*														$7.04	$7.11	$7.54			Estimates		Dividend*
Increase														1.99%	0.99%	6.11%			Estimates		Increase
Payout Ratio EPS														46.11%	35.39%	34.75%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividend*	$1.10	$1.20	$1.40	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$6.90	$7.00	$7.00	$7.00		392.86%	<-Total Growth	10	Dividends
Increase	30.95%	9.09%	16.67%	33.93%	12.00%	9.52%	13.04%	38.46%	15.28%	9.64%	3.30%	25.53%	16.95%	1.45%	0.00%	0.00%		21	0	35	Years of data	Count P, N
Average Increases 5 Year Running	11.32%	10.71%	11.34%	18.13%	20.53%	16.24%	17.03%	21.39%	17.66%	17.19%	15.94%	18.44%	14.14%	11.37%	9.45%	8.79%		17.43%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.87	$0.96	$1.08	$1.28	$1.54	$1.78	$2.06	$2.50	$2.95	$3.44	$3.92	$4.58	$5.24	$5.81	$6.30	$6.76		272.25%	<-Median->	10	Dividends 5 Yr Running
Yield H/L Price	1.82%	1.77%	1.67%	1.68%	1.71%	1.91%	1.70%	2.24%	2.88%	4.05%	2.50%	3.53%	4.29%	4.93%				2.37%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.60%	1.64%	1.39%	1.45%	1.53%	1.68%	1.56%	1.97%	2.65%	3.00%	2.21%	3.04%	3.67%	4.73%				2.09%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.11%	1.92%	2.08%	2.00%	1.93%	2.22%	1.88%	2.60%	3.16%	6.22%	2.89%	4.20%	5.16%	5.15%				2.74%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.67%	1.73%	1.41%	1.53%	1.78%	1.65%	1.59%	2.52%	2.97%	2.72%	2.60%	4.17%	4.90%	5.13%	5.13%	5.13%		2.56%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	19.26%	19.67%	20.26%	24.70%	24.39%	24.95%	24.37%	33.83%	32.99%	36.96%	25.57%	33.52%	182.54%	45.87%	34.86%	32.26%		29.28%	<-Median->	10	Payout Ratio EPS	FCF
DPR EPS 5 Yr Running	17.38%	18.50%	18.96%	20.13%	21.98%	23.09%	23.90%	26.70%	28.52%	31.04%	30.35%	32.02%	40.53%	43.15%	41.94%	43.10%		27.61%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	6.37%	13.11%	12.54%	25.26%	15.89%	16.50%	17.77%	28.05%	23.47%	11.33%	15.58%	60.15%	28.35%	23.81%	22.51%	21.08%		20.62%	<-Median->	10	Payout Ratio CFPS
DPR CF 5 Yr Running	11.20%	10.49%	9.80%	11.22%	13.18%	16.16%	17.02%	20.11%	20.40%	17.33%	16.97%	20.69%	21.45%	21.70%	25.24%	26.44%		17.17%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	6.40%	6.71%	9.35%	10.58%	34.63%	13.28%	13.68%	19.14%	14.10%	8.97%	13.30%	17.89%	21.42%	23.81%	22.51%	21.08%		13.89%	<-Median->	10	Payout Ratio CFPS WC
DPR CF WC 5 Yr Running	8.78%	7.92%	7.84%	8.24%	10.40%	12.00%	13.69%	15.81%	16.28%	12.71%	12.78%	13.69%	14.50%	16.08%	19.56%	21.27%		13.24%	<-Median->	10	DPR CF WC 5 Yr Running
Median Valus	10 Yr Med	10 Yr Cl	2.37%	2.56%	5 Yr Med	5 Yr Cl	3.53%	2.97%	5 Yr Med	Payout	33.52%	23.47%	14.10%					13.90%	<-IRR #YR->	5	Dividends	91.67%
* Dividends per share	10 Yr Med	and Cur.	116.35%	100.52%	5 Yr Med	and Cur.	45.44%	73.14%	Last Div Inc --->		$1.725	$1.750	1.45%					17.29%	<-IRR #YR->	10	Dividends	392.86%
Dividends Growth 15																		15.07%	<-IRR #YR->	15	Dividends	721.43%
Dividends Growth 20																		15.30%	<-IRR #YR->	20	Dividends	1625.00%
Dividends Growth 25																		12.07%	<-IRR #YR->	25	Dividends	1625.00%
Dividends Growth 30																		9.96%	<-IRR #YR->	30	Dividends	1625.00%
Dividends Growth 35																		10.07%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$3.60	$0.00	$0.00	$0.00	$0.00	$6.90								Dividends Growth 5
Dividends Growth 10			-$1.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.90								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	$6.90								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	$6.90								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	$6.90								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.90								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.90								Dividends Growth 35
Historical Dividends	Historical	High Div	4.06%	Low Div	0.88%	10 Yr High	6.11%	10 Yr Low	1.46%	Med Div	1.70%	Close Div	1.62%								Historical Dividends
High/Ave/Median Values	Curr diff	Cheap	26.46%		483.43%	Exp.	-15.97%		251.66%	Cheap	202.01%	Cheap	217.14%								High/Ave/Median
Future Dividend Yield					Div Yd	9.84%	earning in	5	Years	at IRR of	13.90%	Div Inc.	91.67%								Future Dividend Yield
Future Dividend Yield					Div Yd	18.86%	earning in	10	Years	at IRR of	13.90%	Div Inc.	267.36%								Future Dividend Yield
Future Dividend Yield					Div Yd	36.15%	earning in	15	Years	at IRR of	13.90%	Div Inc.	604.11%								Future Dividend Yield
Future Dividend Paid					Div Paid	$13.42	earning in	5	Years	at IRR of	13.90%	Div Inc.	91.67%								Future Dividend Paid
Future Dividend Paid					Div Paid	$25.72	earning in	10	Years	at IRR of	13.90%	Div Inc.	267.36%								Future Dividend Paid
Future Dividend Paid					Div Paid	$49.29	earning in	15	Years	at IRR of	13.90%	Div Inc.	604.11%								Future Dividend Paid
Dividend Covering Cost					Total Div	$46.18	over	5	Years	at IRR of	13.90%	Div Cov.	33.87%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$121.26	over	10	Years	at IRR of	13.90%	Div Cov.	88.94%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$265.18	over	15	Years	at IRR of	13.90%	Div Cov.	194.50%								Dividend Covering Cost
I am earning GC					Div Gr	1650.00%	02/11/00	# yrs ->	43657	2000	$22.32	Cap Gain	510.84%								I am earning GC
I am earning Div					org yield	1.79%	12/31/14	Pension	Div G Yrly	21.18%	Div start	$0.40	-1.79%	31.36%							I am earning Div
I am earning GC					Div Gr	733.33%	6/5/09	# yrs ->	43282	2009	$51.76	Cap Gain	163.41%								I am earning GC	Item
I am earning Div					org yield	1.62%	12/31/14	Trading	Div G Yrly	46.27%	Div start	$0.84	-1.62%	13.52%							I am earning Div	Revenue Growth
																						AEPS Growth
Yield if held 5 years	1.61%	1.54%	2.54%	3.91%	3.48%	3.81%	3.83%	4.29%	3.73%	3.70%	3.91%	3.86%	4.30%	4.86%	6.23%	3.73%		3.85%	<-Median->	10	Paid Median Price	Net Income Growth
Yield if held 10 years	4.67%	4.21%	3.96%	3.90%	3.20%	3.37%	3.34%	6.54%	8.66%	7.54%	7.78%	8.70%	8.22%	6.29%	5.70%	5.82%		7.04%	<-Median->	10	Paid Median Price	Cash Flow Growth
Yield if held 15 years	5.87%	4.53%	3.78%	4.78%	8.07%	9.77%	9.11%	10.19%	8.63%	6.93%	6.89%	7.57%	12.54%	14.62%	11.61%	11.59%		8.35%	<-Median->	10	Paid Median Price	CF Growth excl WC
Yield if held 20 years	4.61%	6.76%	9.18%	13.57%	14.73%	12.27%	9.81%	9.73%	10.57%	17.48%	19.96%	20.68%	19.53%	14.55%	10.67%	10.27%		14.15%	<-Median->	10	Paid Median Price	Dividend Growth
Yield if held 25 years			9.03%	8.69%	9.66%	9.63%	14.65%	23.60%	30.04%	31.92%	25.07%	22.26%	18.65%	17.83%	26.90%	29.72%		20.46%	<-Median->	10	Paid Median Price	Stock Price Growth
Yield if held 30 years								23.23%	19.24%	20.92%	19.69%	33.24%	45.23%	50.67%	49.11%	37.33%		22.07%	<-Median->	6	Paid Median Price
Yield if held 35 years														32.46%	32.18%	29.32%		#NUM!	<-Median->	0	Paid Median Price	Revenue Growth
																						AEPS Growth
Cost covered if held 5 years	6.39%	6.19%	9.77%	13.39%	12.73%	14.69%	15.15%	14.86%	13.25%	14.00%	16.30%	14.99%	16.33%	20.18%	28.05%	18.00%		14.78%	<-Median->	10	Paid Median Price	Net Income Growth
Cost covered if held 10 years	29.30%	26.99%	24.62%	20.95%	17.67%	19.41%	19.37%	32.44%	44.19%	41.25%	47.14%	48.92%	46.08%	39.34%	39.64%	44.41%		36.84%	<-Median->	10	Paid Median Price	Cash Flow Growth
Cost covered if held 15 years	47.47%	36.60%	28.92%	31.02%	53.31%	66.99%	63.01%	59.93%	51.61%	43.88%	48.15%	48.77%	80.04%	104.84%	93.48%	103.10%		52.46%	<-Median->	10	Paid Median Price	CF Growth excl WC
Cost covered if held 20 years	45.65%	65.92%	83.25%	102.61%	111.36%	94.80%	75.38%	62.64%	68.60%	119.40%	150.21%	143.30%	134.09%	112.01%	91.89%	97.72%		106.99%	<-Median->	10	Paid Median Price	Dividend Growth
Cost covered if held 25 years			94.06%	74.91%	82.18%	82.83%	123.80%	165.03%	209.37%	232.02%	199.33%	161.79%	133.45%	142.61%	240.44%	293.74%		147.62%	<-Median->	10	Paid Median Price	Stock Price Growth
Cost covered if held 30years								174.55%	143.31%	161.26%	164.92%	252.82%	336.77%	419.65%	453.00%	379.60%		169.73%	<-Median->	6	Paid Median Price
Cost covered if held 35 years														278.02%	306.09%	306.49%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$14,058.7	$14,534.4	$14,871.0	$16,292.1	$17,810.6	$16,656.5	$16,477	<-12 mths	-1.08%		18.48%	<-Total Growth	5	Revenue Growth	18.48%
AEPS Growth								$11.95	$13.04	$13.00	$18.91	$18.75	$10.37	$10.04	<-12 mths	-3.18%		-13.22%	<-Total Growth	5	AEPS Growth	-13.22%
Net Income Growth								$692.1	$778.4	$751.8	$1,127.6	$1,044.1	$213.3	$236	<-12 mths	10.85%		-69.18%	<-Total Growth	5	Net Income Growth	-69.18%
Cash Flow Growth								$807.4	$1,087.6	$2,442.8	$1,814.4	$566.0	$1,353.7					67.66%	<-Total Growth	5	Cash Flow Growth	67.66%
CF Growth excl WC								$1,182.8	$1,811.0	$3,083.8	$2,125.8	$1,903.0	$1,792.0					51.50%	<-Total Growth	5	CF Growth excl WC	51.50%
Dividend Growth								$3.60	$4.15	$4.55	$4.70	$5.90	$6.90	$7.00	<-12 mths	1.45%		91.67%	<-Total Growth	5	Dividend Growth	91.67%
Stock Price Growth								$142.74	$139.95	$167.33	$180.85	$141.50	$140.72	$136.34	<-12 mths	-3.11%		-1.42%	<-Total Growth	5	Stock Price Growth	-1.42%
Revenue Growth			$11,785.6	$12,462.9	$12,279.6	$12,681.0	$13,434.9	$14,058.7	$14,534.4	$14,871.0	$16,292.1	$17,810.6	$16,656.5	$16,784	<-this year	0.77%		41.33%	<-Total Growth	10	Revenue Growth	41.33%
AEPS Growth			$7.02	$7.94	$8.61	$9.25	$10.70	$11.95	$13.04	$13.00	$18.91	$18.75	$10.37	$11.20	<-this year	8.00%		47.72%	<-Total Growth	10	AEPS Growth	47.72%
Net Income Growth			$561.2	$604.0	$659.4	$669.1	$735.0	$692.1	$778.4	$751.8	$1,127.6	$1,044.1	$213.3	$723	<-this year	238.96%		-61.99%	<-Total Growth	10	Net Income Growth	-61.99%
Cash Flow Growth			$893.2	$574.8	$978.9	$986.4	$972.8	$807.4	$1,087.6	$2,442.8	$1,814.4	$566.0	$1,353.7	$1,635	<-this year	20.80%		51.56%	<-Total Growth	10	Cash Flow Growth	51.56%
CF Growth excl WC			$1,197.4	$1,372.4	$449.1	$1,225.0	$1,263.8	$1,182.8	$1,811.0	$3,083.8	$2,125.8	$1,903.0	$1,792.0	$1,635	<-this year	-8.75%		49.66%	<-Total Growth	10	CF Growth excl WC	49.66%
Dividend Growth			$1.40	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$6.90	$7.04	<-this year	1.99%		392.86%	<-Total Growth	10	Dividend Growth	392.86%
Stock Price Growth			$99.49	$122.74	$118.16	$139.27	$163.90	$142.74	$139.95	$167.33	$180.85	$141.50	$140.72	$136.34	<-this year	-3.11%		41.44%	<-Total Growth	10	Stock Price Growth	41.44%
Dividends on Shares				$20.63	$23.10	$25.30	$28.60	$39.60	$45.65	$50.05	$51.70	$64.90	$75.90	$77.00	$77.00	$77.00		$425.43	No of Years	10	Total Dividends	12/28/13
Paid			$1,094.39	$1,350.14	$1,299.76	$1,531.97	$1,802.90	$1,570.14	$1,539.45	$1,840.63	$1,989.35	$1,556.50	$1,547.92	$1,499.74	$1,499.74	$1,499.74		$1,547.92	No of Years	10	Worth	$99.49
Total																		$1,973.35			Total
Graham No. AEPS	$82.96	$92.30	$101.02	$105.83	$114.30	$120.53	$131.15	$136.61	$145.78	$147.11	$190.38	$202.68	$152.56	$158.54	$177.76	$0.00		51.02%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.73	0.73	0.83	1.05	1.08	1.00	1.16	1.17	0.99	0.76	0.99	0.82	1.05	0.90				1.02	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.83	0.79	1.00	1.22	1.20	1.14	1.27	1.34	1.07	1.03	1.12	0.96	1.23	0.93				1.17	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.63	0.68	0.67	0.89	0.95	0.86	1.06	1.01	0.90	0.50	0.85	0.69	0.88	0.86				0.88	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.79	0.75	0.98	1.16	1.03	1.16	1.25	1.04	0.96	1.14	0.95	0.70	0.92	0.86	0.77	#DIV/0!		1.04	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-20.56%	-24.83%	-1.51%	15.98%	3.38%	15.54%	24.97%	4.48%	-4.00%	13.74%	-5.01%	-30.19%	-7.76%	-14.00%	-23.30%	#DIV/0!		3.93%	<-Median->	10	Graham Price
Graham No. EPS	$83.40	$89.76	$100.22	$103.47	$114.30	$120.34	$130.97	$128.91	$143.18	$143.15	$187.69	$196.37	$92.11	$185.06	$212.29	$220.68		-8.10%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.72	0.76	0.84	1.08	1.08	1.00	1.17	1.24	1.01	0.78	1.00	0.85	1.75	0.77				1.04	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.82	0.81	1.00	1.25	1.20	1.14	1.28	1.41	1.09	1.06	1.13	0.99	2.04	0.80				1.17	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.62	0.70	0.67	0.91	0.95	0.86	1.06	1.07	0.92	0.51	0.87	0.71	1.45	0.73				0.91	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.79	0.77	0.99	1.19	1.03	1.16	1.25	1.11	0.98	1.17	0.96	0.72	1.53	0.74	0.64	0.62		1.13	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-20.98%	-22.71%	-0.73%	18.62%	3.38%	15.73%	25.15%	10.73%	-2.26%	16.89%	-3.65%	-27.94%	52.78%	-26.33%	-35.78%	-38.22%		13.23%	<-Median->	10	Graham Price
Date	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26		35.00	<Count Years>		Month, Year
Price Close	$65.90	$69.38	$99.49	$122.74	$118.16	$139.27	$163.90	$142.74	$139.95	$167.33	$180.85	$141.50	$140.72	$136.34	$136.34	$136.34		41.44%	<-Total Growth	10	Stock Price
Increase	-3.36%	5.28%	43.40%	23.37%	-3.73%	17.87%	17.69%	-12.91%	-1.95%	19.56%	8.08%	8.08%	-0.55%	-3.11%	0.00%	0.00%		13.51	<-Median->	10	CAPE (10 Yr P/E)
P/E	11.54	11.37	14.40	16.17	13.72	15.11	15.36	13.42	11.12	13.59	9.84	9.84	37.23	8.93	6.79	6.28		-0.28%	<-IRR #YR->	5	Stock Price	-1.42%
Trailing P/E	11.85	12.15	16.31	17.76	15.57	16.18	17.78	13.38	13.15	13.30	14.69	14.69	8.00	36.07	8.93	6.79		3.53%	<-IRR #YR->	10	Stock Price	41.44%
CAPE (10 Yr P/E)	13.63	13.38	13.52	13.73	13.48	13.51	13.73	13.94	13.52	13.60	13.05	13.05	13.08	12.35	11.41	10.39		3.37%	<-IRR #YR->	5	Price & Dividend	19.46%
Median 10, 5 Yrs		D.  per yr	3.12%	3.66%	% Tot Ret	46.95%	108.43%	T P/E	$14.69	$13.30	P/E:	$13.66	$11.12					6.65%	<-IRR #YR->	10	Price & Dividend	81.72%
Price 15		D.  per yr	3.19%		% Tot Ret	28.16%						CAPE Diff	-33.89%					8.15%	<-IRR #YR->	15	Stock Price	223.87%
Price  20		D.  per yr	2.48%		% Tot Ret	27.45%												6.57%	<-IRR #YR->	20	Stock Price	256.70%
Price  25		D.  per yr	1.91%		% Tot Ret	27.47%												5.06%	<-IRR #YR->	25	Stock Price	243.22%
Price  30		D.  per yr	2.71%		% Tot Ret	24.04%												8.55%	<-IRR #YR->	30	Stock Price	1072.67%
Price  35		D.  per yr	2.01%		% Tot Ret	24.33%												6.25%	<-IRR #YR->	35	Stock Price
Price & Dividend 15																		11.34%	<-IRR #YR->	15	Price & Dividend	327.19%
Price & Dividend 20																		9.05%	<-IRR #YR->	20	Price & Dividend	377.81%
Price & Dividend 25																		6.97%	<-IRR #YR->	25	Price & Dividend	364.62%
Price & Dividend 30																		11.26%	<-IRR #YR->	30	Price & Dividend	1504.13%
Price & Dividend 35																		8.25%	<-IRR #YR->	35	Price & Dividend
Price  5								-$142.74	$0.00	$0.00	$0.00	$0.00	$140.72								Price  5
Price 10			-$99.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$140.72								Price 10
Price & Dividend 5								-$142.74	$4.15	$4.55	$4.70	$5.90	$147.62								Price & Dividend 5
Price & Dividend 10			-$99.49	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$147.62								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	$140.72								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	$140.72								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	$140.72								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	$140.72								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	$140.72								Price  35
Price & Dividend 15	$1.10	$1.20	$1.40	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$147.62								Price & Dividend 15
Price & Dividend 20	$1.10	$1.20	$1.40	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$147.62								Price & Dividend 20
Price & Dividend 25	$1.10	$1.20	$1.40	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$147.62								Price & Dividend 25
Price & Dividend 30	$1.10	$1.20	$1.40	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$147.62								Price & Dividend 30
Price & Dividend 35	$1.10	$1.20	$1.40	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$147.62								Price & Dividend 35
Price H/L Med.	$60.40	$67.81	$83.93	$111.35	$122.87	$120.24	$152.78	$160.46	$143.99	$112.29	$187.80	$167.13	$160.91	$141.92				91.72%	<-Total Growth	10	Stock Price
Increase	0.15%	12.27%	23.76%	32.68%	10.35%	-2.14%	27.06%	5.02%	-10.26%	-22.01%	67.25%	-11.01%	-3.72%	-11.80%				6.73%	<-IRR #YR->	10	Stock Price
P/E	10.58	11.12	12.15	14.67	14.27	13.04	14.32	15.08	11.45	9.12	10.22	9.50	42.57	9.30				0.06%	<-IRR #YR->	5	Stock Price
Trailing P/E	10.86	11.88	13.76	16.11	16.19	13.97	16.57	15.04	13.53	8.93	15.26	9.09	9.14	37.54				9.90%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	12.04	13.01	14.79	17.47	17.59	15.64	17.77	17.17	13.92	10.13	14.54	11.69	12.44	10.54				3.29%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	14.25	14.76	16.82	20.63	20.97	18.93	22.12	21.36	17.23	12.43	18.23	14.60	14.45	11.92				13.06	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.18%	3.23%	% Tot Ret	32.07%	98.30%	T P/E	14.50	9.14	P/E:	13.66	10.22						Count	35	Years of data
			-$83.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$160.91
								-$160.46	$0.00	$0.00	$0.00	$0.00	$160.91
			-$83.93	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$167.81
								-$160.46	$4.15	$4.55	$4.70	$5.90	$167.81
High Months	Jan	Sep	Sep	Dec	Jun	Jun	May	Aug	Nov	Feb	May	Mar	Jul	Jan
Price High	$68.77	$73.00	$100.61	$128.99	$136.81	$136.81	$167.17	$182.40	$156.50	$151.44	$212.84	$193.87	$188.05	$148.00				86.91%	<-Total Growth	10	Stock Price
Increase	0.85%	6.15%	37.82%	28.21%	6.06%	0.00%	22.19%	9.11%	-14.20%	-3.23%	40.54%	-8.91%	-3.00%	-21.30%				6.45%	<-IRR #YR->	10	Stock Price
P/E	12.04	11.97	14.56	16.99	15.89	14.84	15.67	17.14	12.44	12.30	11.58	11.02	49.75	9.70				0.61%	<-IRR #YR->	5	Stock Price
Trailing P/E	12.37	12.78	16.49	18.67	18.03	15.89	18.13	17.09	14.71	12.04	17.29	10.55	10.68	39.15				14.84	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	16.49	12.04	P/E:	15.25	12.30					17.74	P/E Ratio		Historical High
			-$100.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$188.05
								-$182.40	$0.00	$0.00	$0.00	$0.00	$188.05
Low Months	Aug	Jan	Jan	Feb	Nov	Jan	Jan	Dec	Aug	Mar	Mar	Dec	Oct	Mar
Price Low	$52.03	$62.62	$67.24	$93.71	$108.93	$103.67	$138.39	$138.5	$131.5	$73.1	$162.76	$140.39	$133.76	$135.83				98.93%	<-Total Growth	10	Stock Price
Increase	-0.76%	20.35%	7.38%	39.37%	16.24%	-4.83%	33.49%	0.09%	-5.08%	-44.37%	122.53%	-13.74%	-4.72%	1.55%				7.12%	<-IRR #YR->	10	Stock Price
P/E	9.11	10.27	9.73	12.35	12.65	11.24	12.97	13.02	10.45	5.94	8.86	7.98	35.39	8.90				-0.70%	<-IRR #YR->	5	Stock Price
Trailing P/E	9.36	10.97	11.02	13.56	14.35	12.04	15.01	12.98	12.36	5.81	13.22	7.64	7.60	35.93				10.45	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.67	7.64	P/E:	11.80	8.86					8.68	P/E Ratio		Historical Low
			-$67.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$133.76
								-$138.51	$0.00	$0.00	$0.00	$0.00	$133.76
Premium for Voting S.	$6.61	$11.62	$24.91	$127.26	$81.84	$57.63	$67.21	$68.36	$36.30	$40.67	$161.38	$108.49	$119.28	$123.66	$123.66	$123.66		$75.10	<-Median->	10	Premium Versus Cl A
As percent of CTC.A	10.03%	16.75%	25.04%	103.68%	69.26%	41.38%	41.01%	47.89%	25.94%	24.31%	89.23%	76.67%	84.76%	90.70%	90.70%	90.70%		58.58%	<-Median->	10	Premium Versus Cl A
Date	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26		124.00	<Count Years>		Month, Year
Price Close Common	$72.51	$81.00	$124.40	$250.00	$200.00	$196.90	$231.11	$211.10	$176.25	$208.00	$342.23	$249.99	$260.00	$260.00	$260.00	$260.00		109.00%	<-Total Growth	10	Stock Price	Used to be
Increase	-2.34%	11.71%	53.58%	100.96%	-20.00%	-1.55%	17.37%	-8.66%	-16.51%	18.01%	64.53%	-26.95%	4.00%	0.00%	0.00%	0.00%		7.65%	<-IRR #YR->	10	Stock Price	Class C
P/E	12.70	13.28	18.00	32.94	23.23	21.36	21.66	19.84	14.01	16.90	18.62	14.20	68.78	17.04	12.95	11.98		4.26%	<-IRR #YR->	5	Stock Price
Trailing P/E	13.04	14.19	20.39	36.18	26.35	22.87	25.07	19.78	16.56	16.53	27.80	13.60	14.77	68.78	17.04	12.95		9.72%	<-IRR #YR->	10	Price & Dividend
Median 10, 5 Yrs		D.  per yr	2.07%	2.25%	% Tot Ret	21.27%	52.98%	T P/E	21.33	16.53	P/E:	20.60	16.90					6.51%	<-IRR #YR->	5	Price & Dividend
			-$124.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$260.00
								-$211.10	$0.00	$0.00	$0.00	$0.00	$260.00
			-$124.40	$1.88	$2.10	$2.30	$2.60	$3.60	$4.15	$4.55	$4.70	$5.90	$266.90
								-$211.10	$4.15	$4.55	$4.70	$5.90	$266.90
Free Cash Flow Market Watch					$463.0	$369.1	$501.8	$390.6	$652.4	$2,140	$1,180	-$146						-100.00%	<-Total Growth	7	Free Cash Flow	Mrkt Screen
Change						-20.28%	35.95%	-22.16%	67.03%	228.02%	-44.86%	-112.37%						-$0.20	<-Median->	7	Change	Diffs from
Free Cash Flow MS,	$1,046	$456	$383	-$114	$368	$206	$304	$261	$474	$2,006	$1,036	-$269	$685	$616	$670	$893		78.85%	<-Total Growth	10	Free Cash Flow
Change	148.46%	-56.41%	-16.01%	-129.77%	422.81%	-44.02%	47.57%	-14.14%	81.61%	323.21%	-48.35%	-125.97%	354.65%	-10.07%	8.81%	33.22%		21.29%	<-IRR #YR->	5	Free Cash Flow MS	162.45%
FCF/CF from Op Ratio	0.74	0.61	0.43	-0.20	0.38	0.21	0.31	0.32	0.44	0.82	0.57	-0.48	0.51	0.38	0.39	0.48		5.99%	<-IRR #YR->	10	Free Cash Flow MS	78.85%
Dividends paid	$89.6	$97.4	$112.0	$145.2	$152.0	$158.0	$170.0	$222.0	$242.5	$262.9	$271.1	$325.8	$360.8	$389.3	$389.3	$389.3		222.21%	<-Total Growth	10	Dividends paid
Percentage paid					41.30%	76.70%	55.92%	85.06%	51.16%	13.11%	26.17%	0.00%	52.67%	63.21%	58.09%	43.60%		$0.51	<-Median->	9	Percentage paid
5 Year Coverage									58.56%	32.46%	28.63%	37.75%	37.21%	39.52%	63.41%	71.46%					5 Year Coverage
Dividend Coverage Ratio					2.42	1.30	1.79	1.18	1.95	7.63	3.82	-0.83	1.90	1.58	1.72	2.29		1.90	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage								1.21	1.71	3.08	3.49	2.65	2.69	2.53	1.58	1.40					5 Year of Coverage
								-$261	$0	$0	$0	$0	$685
			-$383	$0	$0	$0	$0	$0	$0	$0	$0	$0	$685
Free Cash Flow WSJ					$463	$369	$502	$391	$652	$2,136	$1,184	-$146	$685	$616				47.95%	<-Total Growth	8	Free Cash Flow WSJ
Change						-20.30%	36.04%	-22.11%	66.75%	227.61%	-44.57%	-112.33%	569.18%	-10.07%				11.87%	<-IRR #YR->	5	Free Cash Flow WSJ
FCF/CF from Op Ratio					0.47	0.37	0.52	0.48	0.60	0.87	0.65	-0.26	0.51	0.38				5.02%	<-IRR #YR->	8	Free Cash Flow WSJ
Dividends paid					$152.0	$158.0	$170.0	$222.0	$242.5	$262.9	$271.1	$325.8	$360.8	$389.3				137.37%	<-Total Growth	8	Dividends paid
Percentage paid					32.83%	42.82%	33.86%	56.78%	37.19%	12.31%	22.90%	0.00%	52.67%	63.21%				$0.34	<-Median->	9	Percentage paid
5 Year Coverage					32.83%	37.26%	35.98%	40.70%	39.73%	26.06%	24.02%	31.40%	32.43%	35.98%							5 Year Coverage
Dividend Coverage Ratio					3.05	2.34	2.95	1.76	2.69	8.12	4.37	-0.45	1.90	1.58				2.69	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage					3.05	2.68	2.78	2.46	2.52	3.84	4.16	3.18	3.08	2.78							5 Year of Coverage
								-$391	$0	$0	$0	$0	$685
					-$463	$0	$0	$0	$0	$0	$0	$0	$685
Class A non-voting	$5,142	$5,392	$7,617	$9,086	$8,347	$9,376	$10,337	$8,490	$8,131	$9,602	$10,258	$7,680	$7,345	$7,117	$7,117	$7,117		-3.57%	<-Total Growth	10	Class A non-voting
Common Shares	$248	$277	$426	$856	$685	$674	$791	$723	$603	$712	$1,172	$856	$890	$890	$890	$890		109.00%	<-Total Growth	10	Common Shares
Market Cap	$5,390	$5,670	$8,043	$9,941	$9,031	$10,050	$11,128	$9,213	$8,734	$10,314	$11,430	$8,536	$8,235	$8,007	$8,007	$8,007		2.39%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	81.80	81.81	81.18	79.61	76.58	72.56	68.87	65.06	61.86	61.09	61.35	59.34	56.46	56.46	56.46			-30.45%	<-Total Growth	10	Diluted
Change		0.00%	-0.76%	-1.93%	-3.81%	-5.26%	-5.08%	-5.53%	-4.92%	-1.25%	0.42%	-3.27%	-4.85%	0.00%	0.00%			-4.33%	<-Median->	10	Change
Difference Diluted/Basic	-0.4%	-0.5%	-0.7%	-0.8%	-0.6%	-0.3%	-0.3%	-0.3%	-0.1%	-0.3%	-1.0%	-0.6%	-0.4%	-0.4%	-0.4%			-0.36%	<-Median->	10	Difference Diluted/Basic
Average # of Sh in M	81.45	81.44	80.65	78.96	76.15	72.36	68.68	64.89	61.79	60.90	60.74	58.98	56.23	56.23	56.23			-30.28%	<-Total Growth	10	Basic
Change	-0.15%	-0.01%	-0.96%	-2.10%	-3.56%	-4.98%	-5.09%	-5.52%	-4.77%	-1.45%	-0.25%	-2.90%	-4.67%	0.00%	0.00%			-4.11%	<-Median->	10	Change
Difference	0.0%	-0.4%	-0.8%	-1.9%	-2.7%	-2.2%	-3.2%	-3.1%	-0.4%	-0.1%	-1.0%	-2.2%	-1.1%	-1.1%	-1.1%			-2.05%	<-Median->	10	Difference
													$566	<-12 mths	0.00%
Class A non-voting	78.02	77.72	76.56	74.02	70.64	67.32	63.07	59.48	58.10	57.38	56.72	54.28	52.20	52.20	52.20	52.20			93.85%		Ratio of Shares
Common Shares	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42			6.15%		Ratio of Shares
# of Share in Millions	81.44	81.14	79.98	77.45	74.06	70.75	66.49	62.90	61.52	60.81	60.15	57.70	55.62	55.62	55.62	55.62		-3.57%	<-IRR #YR->	10	Shares	-30.46%
Change	0.00%	-0.37%	-1.43%	-3.17%	-4.37%	-4.47%	-6.02%	-5.40%	-2.20%	-1.16%	-1.09%	-4.07%	-3.60%	0.00%	0.00%	0.00%		-2.43%	<-IRR #YR->	5	Shares	-11.57%
CF fr Op $Millon	$1,405.5	$743.0	$893.2	$574.8	$978.9	$986.4	$972.8	$807.4	$1,087.6	$2,442.8	$1,814.4	$566.0	$1,353.7	$1,635.3	$1,729.8	$1,846.6		51.56%	<-Total Growth	10	Cash Flow
Increase	41.80%	-47.14%	20.22%	-35.65%	70.30%	0.77%	-1.38%	-17.00%	34.70%	124.60%	-25.72%	-68.81%	139.17%	20.80%	5.78%	6.75%			DRIP, SO		Buy Backs
5 year Running Average	$634.5	$748.2	$890.3	$921.5	$919.1	$835.3	$881.2	$864.1	$966.6	$1,259.4	$1,425.0	$1,343.6	$1,452.9	$1,562.4	$1,419.8	$1,426.3		63.18%	<-Total Growth	10	CF 5 Yr Running
Fr Statement
CFPS	$17.26	$9.16	$11.17	$7.42	$13.22	$13.94	$14.63	$12.84	$17.68	$40.17	$30.17	$9.81	$24.34	$29.40	$31.10	$33.20		117.94%	<-Total Growth	10	Cash Flow per Share
Increase	41.80%	-46.94%	21.96%	-33.54%	78.09%	5.49%	4.94%	-12.27%	37.73%	127.24%	-24.91%	-67.48%	148.11%	20.80%	5.78%	6.75%		4.25%	<-IRR #YR->	10	Cash Flow	51.56%
5 year Running Average	$7.79	$9.19	$10.98	$11.43	$11.64	$10.98	$12.08	$12.41	$14.46	$19.85	$23.10	$22.13	$24.43	$26.78	$24.96	$25.57		10.89%	<-IRR #YR->	5	Cash Flow	67.66%
P/CF on Med Price	3.50	7.41	7.52	15.00	9.30	8.62	10.44	12.50	8.14	2.80	6.23	17.04	6.61	4.83	0.00	0.00		8.10%	<-IRR #YR->	10	Cash Flow per Share	117.94%
P/CF on Closing Price	3.82	7.58	8.91	16.54	8.94	9.99	11.20	11.12	7.92	4.17	6.00	14.43	5.78	4.64	4.38	4.11		13.65%	<-IRR #YR->	5	Cash Flow per Share	89.61%
															-48.24%	Diff M/C		8.33%	<-IRR #YR->	10	CFPS 5 yr Running	122.59%
													$1,903	<-12 mths	0.00%
Excl.Working Capital CF	-$5.4	$708.0	$304.2	$797.6	-$529.8	$238.6	$291.0	$375.4	$723.4	$641.0	$311.4	$1,337.0	$438.3	$0.0	$0.0	$0.0		14.51%	<-IRR #YR->	5	CFPS 5 yr Running	96.89%
CF fr Op $M WC	$1,400	$1,451	$1,197	$1,372	$449	$1,225	$1,264	$1,183	$1,811	$3,084	$2,126	$1,903	$1,792	$1,635	$1,730	$1,847		49.66%	<-Total Growth	10	Cash Flow less WC
Increase	70.64%	3.64%	-17.48%	14.61%	-67.28%	172.77%	3.17%	-6.41%	53.11%	70.28%	-31.07%	-10.48%	-5.83%	-8.75%	5.78%	6.75%		4.11%	<-IRR #YR->	10	Cash Flow less WC	49.66%
5 year Running Average	$809.0	$991.1	$1,112.7	$1,248.3	$1,174.0	$1,139.0	$1,101.5	$1,098.6	$1,186.3	$1,713.3	$1,893.4	$2,021.3	$2,143.1	$2,108.0	$1,837.2	$1,781.3		8.66%	<-IRR #YR->	5	Cash Flow less WC	51.50%
CFPS Excl. WC	$17.19	$17.88	$14.97	$17.72	$6.06	$17.32	$19.01	$18.80	$29.44	$50.71	$35.34	$32.98	$32.22	$29.40	$31.10	$33.20		6.77%	<-IRR #YR->	10	CF less WC 5 Yr Run	92.60%
Increase	70.64%	4.02%	-16.28%	18.37%	-65.78%	185.55%	9.77%	-1.07%	56.55%	72.28%	-30.31%	-6.68%	-2.31%	-8.75%	5.78%	6.75%		14.30%	<-IRR #YR->	5	CF less WC 5 Yr Run	95.07%
5 year Running Average	$9.93	$12.18	$13.73	$15.57	$14.77	$14.79	$15.02	$15.78	$18.13	$27.06	$30.66	$33.46	$36.14	$36.13	$32.21	$31.78		7.97%	<-IRR #YR->	10	CFPS - Less WC	115.21%
P/CF on Med Price	3.51	3.79	5.61	6.28	20.26	6.94	8.04	8.53	4.89	2.21	5.31	5.07	4.99	4.83	0.00	0.00		11.37%	<-IRR #YR->	5	CFPS - Less WC	71.34%
P/CF on Closing Price	3.83	3.88	6.65	6.93	19.49	8.04	8.62	7.59	4.75	3.30	5.12	4.29	4.37	4.64	4.38	4.11		10.16%	<-IRR #YR->	10	CFPS 5 yr Running	163.28%
*Cash Generated from Operating Activities			CF/-WC	P/CF Med	10 yr	8.96	5 yr	6.61	P/CF Med	10 yr	5.80	5 yr	4.99		-20.03%	Diff M/C		18.02%	<-IRR #YR->	5	CFPS 5 yr Running	128.98%
Chges in WC from Google Finance for 2011 to 2016
			-80.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	55.6								Shares
								-62.9	0.0	0.0	0.0	0.0	55.6								Shares
			-$893.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,353.7								Cash Flow
								-$807.4	$0.0	$0.0	$0.0	$0.0	$1,353.7								Cash Flow
			-$11.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.34								Cash Flow per Share
								-$12.84	$0.00	$0.00	$0.00	$0.00	$24.34								Cash Flow per Share
			-$10.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.43								CFPS 5 yr Running
								-$12.41	$0.00	$0.00	$0.00	$0.00	$24.43								CFPS 5 yr Running
			-$1,197.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,792.0								Cash Flow less WC
								-$1,182.8	$0.0	$0.0	$0.0	$0.0	$1,792.0								Cash Flow less WC
			-$1,112.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,143.1								CF less WC 5 Yr Run
								-$1,098.6	$0.0	$0.0	$0.0	$0.0	$2,143.1								CF less WC 5 Yr Run
			-$14.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.22								CFPS - Less WC
								-$18.80	$0.00	$0.00	$0.00	$0.00	$32.22								CFPS - Less WC
			-$13.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.14								CFPS 5 yr Running
								-$15.78	$0.00	$0.00	$0.00	$0.00	$36.14								CFPS 5 yr Running
Change in loans receivable			-$274.10	-$332.4	-$25.20	-$306.10	-$430.40	-$491.5	-$270.4	$925.1	-$486.8	-$657.1	-$289.3								<--no longer part of WC re TD.
Change in operating working capital and other			$270.20	-$83.5	-$115.30	$126.10			-$105.50	-$183.7	$241.6	-$574.4	$99.50
Trade and other rec							-$50.80	$32.8
Merchandise Inventories							-$29.20	-$104.4
Income Taxes							-$1.00	-$6.5
Prepaid Expenses & deposits							-$8.00	-$24.5
Trande and other payables							$154.10	$76.2
Provisions			-$8.80	-$17.1			$31.60	$13.6
Long term Provisisons			$14.00	$3.2			-$1.30	$6.2
Other long Term liab							$11.60	-$38.0
Interest paid			-$126.50	-$122.0	-$101.40	-$114.00	-$125.90	-$148.5	-$297.3	-$272.6	-$233.0	-$254.6	-$366.1
Interest received			$12.00	$10.4	$8.40	$6.50	$8.70	$10.1	$27.3	$15.8	$13.9	$21.3	$38.8
Income taxes paid			-$191.20	-$256.5	-$284.00	-$262.80	-$294.30	-$204.4	-$347.9	-$200.5	-$333.9	-$529.3	-$210.5
Other					$14.60	$5.60	$13.50	$12.0
Sum			-$30.3	-$465.5	-$477.70	-$238.60	-$291.00	-$375.4	-$723.4	-$641.0	-$311.4	-$1,337.0	-$438.3
Googhle -->TD			-$304.2	-$797.6	-$502.90	-$544.70	-$721.40	-$867	-$994	$284	-$798	-$1,994	-$438
Difference			$273.9	$332.1	$25.20	$306.10	$430.40	$492	$271	-$925	$487	$657	$0
TD				-$759	-$503	-$545	-$721		-$723	-$641	-$311	-$1,337
Difference				$294	$25	$306	$430		$0	$0	$0	$0
Old					-$529.80	-$588.90
OPM	13.53%	6.50%	7.58%	4.61%	7.97%	7.78%	7.24%	5.74%	7.48%	16.43%	11.14%	3.18%	8.13%	9.74%				7.24%	<-Total Growth	10	OPM
Increase	22.60%	-51.95%	16.56%	-39.14%	72.84%	-2.42%	-6.91%	-20.69%	30.30%	119.52%	-32.20%	-71.46%	155.74%	19.88%					Should increase		or be stable.
Diff from Median	79.7%	-13.7%	0.6%	-38.8%	5.9%	3.3%	-3.9%	-23.7%	-0.6%	118.1%	47.9%	-57.8%	7.9%	29.4%				0.01	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	7.53%	5 Yrs	7.48%					should be	zero, it is a		check on calculations
														$2,056	<-12 mths	-1.68%
Adjusted EBITDA		$1,138.1	$1,235.7	$1,359.4	$1,518.8	$1,561.8	$1,693.8	$1,742.7	$2,146.3	$2,180.6	$2,666.8	$2,642.0	$2,090.7	$2,115	$2,326	$2,685		69.19%	<-Total Growth	10	Adjusted EBITDA	Also
Change			8.58%	10.01%	11.73%	2.83%	8.45%	2.89%	23.16%	1.60%	22.30%	-0.93%	-20.87%	1.16%	9.98%	15.43%		5.67%	<-Median->	10	Change	Normalized
Margin		9.96%	10.48%	10.91%	12.37%	12.32%	12.61%	12.40%	14.77%	14.66%	16.37%	14.83%	12.55%	12.60%	13.36%	14.49%		12.58%	<-Median->	10	Margin
Long Term Debt					$4,343.6	$3,897.9	$4,535.0	$5,507.0	$5,383.6	$4,115.7	$3,558.7	$3,217.5	$4,404.0	$4,404.0							Debt	Type
Change						-10.26%	16.34%	21.43%	-2.24%	-23.55%	-13.53%	-9.59%	36.88%	0.00%				-5.91%	<-Median->	8	Change	Lg Term R
Debt/Market Cap Ratio					0.52	0.42	0.44	0.65	0.66	0.43	0.35	0.42	0.60	0.62				0.44	<-Median->	9	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio					3.86	3.27	3.46	3.29	3.39	4.05	3.21	3.09	3.44	3.44				3.39	<-Median->	9	Assets/Current Liabilities Ratio	Liquidity
Debt to Cash Flow (Years)					4.44	3.95	4.66	6.82	4.95	1.68	1.96	5.68	3.25	2.69				4.44	<-Median->	9	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$801.6	$713.0	$752.6	$815.1	$809.8	$835.6	$848.2	$1,410.4	$1,523.2	$1,483.3	$1,495.4	$1,478.4	$1,409.9	$1,409.9				87.34%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$308.4	$376.9	$432.9	$436.6	$437.0	$444.7	$444.7	$861.6	$891.1	$889.5	$876.8	$863.2	$844.8	$844.8				95.15%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$1,110.0	$1,089.9	$1,185.5	$1,251.7	$1,246.8	$1,280.3	$1,292.9	$2,272.0	$2,414.3	$2,372.8	$2,372.2	$2,341.6	$2,254.7	$2,254.7				90.19%	<-Total Growth	10	Total
Change		-1.81%	8.77%	5.58%	-0.39%	2.69%	0.98%	75.73%	6.26%	-1.72%	-0.03%	-1.29%	-3.71%	0.00%				0.48%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.21	0.19	0.15	0.13	0.14	0.13	0.12	0.25	0.28	0.23	0.21	0.27	0.27	0.28				0.22	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$6,956.6	$7,748.6	$7,977.8	$8,510.2	$8,692.3	$8,637.7	$8,796.1	$9,255.8	$9,555.3	$10,546.8	$11,646.6	$11,530.4	$11,293.1	$11,293.1				Liquidity ratio of 1.5 and up, best
Current Liabilities	$4,153.0	$4,624.1	$4,322.1	$4,578.8	$3,883.8	$4,680.9	$4,519.3	$5,258.2	$5,751.4	$5,025.8	$6,790.0	$7,147.0	$6,389.0	$6,389.0				1.81	<-Median->	10	Ratio
Liquidity	1.68	1.68	1.85	1.86	2.24	1.85	1.95	1.76	1.66	2.10	1.72	1.61	1.77	1.77				1.72	<-Median->	5	Ratio
Liq. with CF aft div	1.99	1.82	2.03	1.95	2.45	2.02	2.12	1.87	1.81	2.53	1.94	1.64	1.92	1.96				1.92	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.56	1.82	1.71	1.73	2.27	1.73	1.86	1.50	1.60	2.16	1.75	1.57	1.72	1.96				1.72	<-Median->	5	Ratio
Assets	$12,338.8	$13,181.4	$13,630.0	$14,553.2	$14,987.8	$15,302.8	$15,624.2	$17,286.8	$19,518.3	$20,377.1	$21,802.2	$22,102.3	$21,978.3	$21,978.3				Debt Ratio of 1.5 and up, best
Liabilities	$7,929.8	$8,417.8	$8,180.1	$8,922.4	$9,198.1	$9,565.5	$10,050.5	$11,871.8	$14,013.6	$14,542.4	$15,291.4	$15,063.1	$15,533.5	$15,533.5				1.46	<-Median->	10	Ratio
Debt Ratio	1.56	1.57	1.67	1.63	1.63	1.60	1.55	1.46	1.39	1.40	1.43	1.47	1.41	1.41				1.41	<-Median->	5	Ratio
Estimates BVPS														$102.00	$108.00				Estimates		Estimates BVPS
Estimate Book Value														$5,673.4	$6,007.1				Estimates		Estimate Book Value
P/B Ratio (Close)														1.34	1.26				Estimates		P/B Ratio (Close)
Difference from 10 year median															-25.70%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$4,409.0	$4,763.6	$5,449.9	$5,630.8	$5,789.7	$5,737.3	$5,573.7	$5,415.0	$5,504.7	$5,834.7	$6,510.8	$7,039.2	$6,444.8	$6,444.8				18.26%	<-Total Growth	10	Book Value
NCI	$0.0	$0.0	$282.6	$775.3	$795.5	$798.7	$823.3	$1,048.8	$1,048.8	$1,335.6	$1,387.0	$1,420.7	$896.8	$896.8
Book Value	$4,409.0	$4,763.6	$5,167.3	$4,855.5	$4,994.2	$4,938.6	$4,750.4	$4,366.2	$4,455.9	$4,499.1	$5,123.8	$5,618.5	$5,548.0	$5,548.0	$5,548.0	$5,548.0		7.37%	<-Total Growth	10	Book Value
Book Value per Share	$54.14	$58.71	$64.60	$62.69	$67.43	$69.81	$71.45	$69.41	$72.43	$73.99	$85.19	$97.37	$99.75	$99.75	$99.75	$99.75		54.40%	<-Total Growth	10	Book Value per Share
Change	8.42%	8.44%	10.05%	-2.96%	7.56%	3.52%	2.35%	-2.84%	4.35%	2.15%	15.13%	14.30%	2.44%	0.00%	0.00%	0.00%		-11.49%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.12	1.16	1.30	1.78	1.82	1.72	2.14	2.31	1.99	1.52	2.20	1.72	1.61	1.42	0.00	0.00		1.54	P/B Ratio		Historical Median
P/B Ratio (Close)	1.22	1.18	1.54	1.96	1.75	2.00	2.29	2.06	1.93	2.26	2.12	1.45	1.41	1.37	1.37	1.37		4.44%	<-IRR #YR->	10	Book Value per Share	54.40%
Change	-10.86%	-2.92%	30.31%	27.13%	-10.50%	13.86%	14.99%	-10.36%	-6.04%	17.04%	-6.13%	-31.55%	-2.92%	-3.11%	0.00%	0.00%		7.52%	<-IRR #YR->	5	Book Value per Share	43.70%
Leverage (A/BK)	2.80	2.77	2.50	2.58	2.59	2.67	2.80	3.19	3.55	3.49	3.35	3.14	3.41	3.41				3.17	<-Median->	10	A/BV
Debt/Equity Ratio	1.80	1.77	1.50	1.58	1.59	1.67	1.80	2.19	2.55	2.49	2.35	2.14	2.41	2.41				2.17	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.80	5 yr Med	1.72		-24.02%	Diff M/C
			-$64.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$99.75
								-$69.41	$0.00	$0.00	$0.00	$0.00	$99.75
Comprehensive Income	$496.1	$477.0	$623.5	$660.9	$801.4	$634.4	$740.3	$795.1	$743.7	$765.1	$1,251.9	$1,450.8	$275.3					-55.85%	<-Total Growth	10	Comprehensive Income
NCI	$0.0	$0.0	$3.2	$35.4	$74.0	$79.6	$85.6	$89.4	$111.4	$101.7	$137.5	$157.5	$136.0					4150.00%	<-Total Growth	10	NCI
Shareholders	$496.1	$477.0	$620.3	$625.5	$727.4	$554.8	$654.7	$705.7	$632.3	$663.4	$1,114.4	$1,293.3	$139.3					-77.54%	<-Total Growth	10	Shareholders
Increase	11.66%	-3.85%	30.04%	0.84%	16.29%	-23.73%	18.01%	7.79%	-10.40%	4.92%	67.98%	16.06%	-89.23%					4.92%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$402.8	$426.4	$446.1	$532.6	$589.3	$601.0	$636.5	$653.6	$655.0	$642.2	$754.1	$881.8	$768.5					-13.87%	<-IRR #YR->	10	Comprehensive Income	-77.54%
ROE	11.3%	10.0%	11.4%	11.1%	12.6%	9.7%	11.7%	13.0%	11.5%	11.4%	17.1%	18.4%	2.2%					-27.71%	<-IRR #YR->	5	Comprehensive Income	-80.26%
5Yr Median	11.3%	10.9%	10.9%	11.1%	11.3%	11.1%	11.4%	11.7%	11.7%	11.5%	11.7%	13.0%	11.5%					-3.31%	<-IRR #YR->	10	5 Yr Running Average	72.26%
% Difference from NI	6.2%	-4.4%	10.5%	3.6%	10.3%	-17.1%	-10.9%	2.0%	-18.8%	-11.8%	-1.2%	23.9%	-34.7%					3.29%	<-IRR #YR->	5	5 Yr Running Average	17.58%
Median Values										Diff	5, 10 yr	-6.0%	-11.8%					11.5%	<-Median->	5	Return on Equity
			-$620.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$139.3
								-$705.7	$0.0	$0.0	$0.0	$0.0	$139.3
			-$446.1	$0.0	-$589.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$768.5
								-$653.6	$0.0	$0.0	$0.0	$0.0	$768.5
Current Liability Coverage Ratio	0.34	0.31	0.28	0.30	0.12	0.26	0.28	0.22	0.31	0.61	0.31	0.27	0.28	0.26							CFO / Current Liabilities
5 year Median	0.29	0.31	0.31	0.31	0.30	0.28	0.28	0.26	0.26	0.28	0.31	0.31	0.31	0.28				28.0%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	11.35%	11.01%	8.79%	9.43%	3.00%	8.01%	8.09%	6.84%	9.28%	15.13%	9.75%	8.61%	8.15%	7.44%							CFO / Total Assets
5 year Median	8.01%	9.36%	9.36%	9.43%	9.43%	8.79%	8.09%	8.01%	8.01%	8.09%	9.28%	9.28%	9.28%	8.61%				8.4%	<-Median->	10	Return on Assets
Return on Assets ROA	3.78%	3.79%	4.12%	4.15%	4.40%	4.37%	4.70%	4.00%	3.99%	3.69%	5.17%	4.72%	0.97%	3.29%				Net	Income/Assets		Return on Assets
5Yr Median	4.80%	3.81%	3.81%	4.12%	4.12%	4.15%	4.37%	4.37%	4.37%	4.00%	4.00%	4.00%	3.99%	3.69%				4.3%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	10.59%	10.48%	10.30%	10.73%	11.39%	11.66%	13.19%	12.78%	14.14%	12.88%	17.32%	14.83%	3.31%	11.22%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	10.59%	10.49%	10.48%	10.59%	10.59%	10.73%	11.39%	11.66%	12.78%	12.88%	13.19%	14.14%	14.14%	12.88%				12.8%	<-Median->	10	Return on Equity
														$236	<-12 mths	10.85%			Estimates		last 12 months from Qtr.
Net Income	$467.0	$499.2	$564.4	$639.3	$735.9	$747.5	$818.8	$783.0	$894.8	$862.6	$1,260.7	$1,182.8	$339.1					-39.92%	<-Total Growth	10	Net Income
NCI	$0.0	$0.0	$3.2	$35.3	$76.5	$78.4	$83.8	$90.9	$116.4	$110.8	$133.1	$138.7	$125.8					3831.25%	<-Total Growth	10	NCI
Shareholders	$467.0	$499.2	$561.2	$604.0	$659.4	$669.1	$735.0	$692.1	$778.4	$751.8	$1,127.6	$1,044.1	$213.3	$723	$877	$1,083		-61.99%	<-Total Growth	10	Shareholders
Increase	2.95%	6.90%	12.42%	7.63%	9.17%	1.47%	9.85%	-5.84%	12.47%	-3.42%	49.99%	-7.41%	-79.57%	238.96%	21.23%	23.56%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$409.5	$425.8	$463.2	$517.0	$558.2	$598.6	$645.7	$671.9	$706.8	$725.3	$817.0	$878.8	$783.0	$772.0	$796.9	$788.0		-9.22%	<-IRR #YR->	10	Net Income	-61.99%
Operating Cash Flow	$1,405.5	$743.0	$893.2	$574.8	$978.9	$986.4	$972.8	$807.4	$1,087.6	$2,442.8	$1,814.4	$566.0	$1,353.7					-20.98%	<-IRR #YR->	5	Net Income	-69.18%
Investment Cash Flow	-$1,161.4	$261.5	-$786.4	-$589.5	-$299.0	-$782.8	-$639.9	-$1,308.6	-$758.7	-$848.0	-$736.5	-$329.9	-$747.8					5.39%	<-IRR #YR->	10	5 Yr Running Ave.	69.05%
Total Accruals	$222.9	-$505.3	$454.4	$618.7	-$20.5	$465.5	$402.1	$1,193.3	$449.5	-$843.0	$49.7	$808.0	-$392.6					3.11%	<-IRR #YR->	5	5 Yr Running Ave.	16.54%
Total Assets	$12,339	$13,181	$13,630	$14,553	$14,988	$15,303	$15,624	$17,287	$19,518	$20,377	$21,802	$22,102	$21,978						Balance Sheet		Assets
Accruals Ratio	1.81%	-3.83%	3.33%	4.25%	-0.14%	3.04%	2.57%	6.90%	2.30%	-4.14%	0.23%	3.66%	-1.79%					0.23%	<-Median->	5	Ratio
EPS/CF Ratio	0.33	0.34	0.46	0.43	1.42	0.53	0.56	0.57	0.43	0.24	0.52	0.53	0.12					0.53	<-Median->	10	EPS/CF Ratio
			-$561	$0	$0	$0	$0	$0	$0	$0	$0	$0	$213
								-$692	$0	$0	$0	$0	$213
			-$463	$0	$0	$0	$0	$0	$0	$0	$0	$0	$783
								-$672	$0	$0	$0	$0	$783
Chge in Close	-3.36%	5.28%	43.40%	23.37%	-3.73%	17.87%	17.69%	-12.91%	-1.95%	19.56%	8.08%	8.08%	-0.55%	-3.11%	0.00%	0.00%			Count	31	Years of data
up/down					down				Down										Count	12	38.71%
Meet Prediction?					Yes				yes									% right	Count	3	25.00%
Financial Cash Flow	-$493.7	$247.0	-$365.5	$88.6	-$434.6	-$280.4	-$719.7	-$534.6	-$604.2	-$462.7	-$653.4	-$1,661.5	-$621.0						C F Statement		Financial CF
Total Accruals	$716.6	-$752.3	$819.9	$530.1	$414.1	$745.9	$1,121.8	$1,727.9	$1,053.7	-$380.3	$703.1	$2,469.5	$228.4								Accruals
Accruals Ratio	5.81%	-5.71%	6.02%	3.64%	2.76%	4.87%	7.18%	10.00%	5.40%	-1.87%	3.22%	11.17%	1.04%					3.22%	<-Median->	5	Ratio
Cash	$201.00	$929.50	$574.20	$647.80	$900.60	$823.80	$437.00	$470.40	$195.10	$1,327.20	$1,751.70	$326.30	$311.20	$311.20							Cash
Cash per Share	$2.47	$11.45	$7.18	$8.36	$12.16	$11.64	$6.57	$7.48	$3.17	$21.83	$29.12	$5.66	$5.59	$5.59				$5.66	<-Median->	5	Cash per Share
Percentage of Stock Price	3.75%	16.51%	7.22%	6.81%	10.29%	8.36%	4.01%	5.24%	2.27%	13.04%	16.10%	4.00%	3.98%	4.10%				4.00%	<-Median->	5	% of Stock Price
Notes:
March 10, 2024.  Last estimates were for 2023, 2024 and 2025 of $17830M, $18430M and $18987M for Revenue, $17.59, $19.52 and $20.27 for AEPS, $18.30, $19.60 and $20.90 for EPS,
$6.79, $6.80 and $6.84 for Dividends, $931M and $749M 2023/4 for FCF, $33.80 and $36.80 2023/4 for CFPS, $1030M, $1052M and $1090M for Net Income.
March 12, 2023.  Last estimates were for 2022, 2023 and 2024 of $16773M, $17188M and $17554M for Revenue, $17.93 and $15.56 for AEPS 2022/3, $17.90, $19.60 and $21.10 for EPS,
$5.35, $6.14 and $6.86 for Dividends, $673M, $994M, and $1018M for FCF, $28.20, $33.30 and $32.40 for CFPS, $92.20 and $103.00 for BVPS, and $1039M, $1083M and $1151M for Net Income.
March 15, 2021.  Last estimates were for 2021 and 2022 of $14946M, $15342M for Revenue, $13.68 and $15.06 for Adj EPS, $13.00 and $14.70 for EPS,
$4.67 and $4.93 for Dividends, $842M and $923M for FCF, $27.40 and $29.80 for CFPS, $828M and $888M for Net Income.
March 11, 2021, Last estimates were for 2020 and 2021 of $15322 and $15607M, $14.12 and $14.86 for Adj EPS,
$13.60 and $14.86 for EPS, $27.90 and $20.71 for CFPS and $790M and $831M for Net Income.
March 7, 2020.  Last estimates were for 2019, 2020 and 2021 of $14795M, $15292M and 16655M for Revenue, $12.91, $14.12 and $14.86 for Adjusted EPS,
$13.20, $14.50 and $14.86 for EPS, $19.10, $20.90 and $18.40 for CFPS and $813 and $865 for Net Income for 2019 and 2020.
March 09, 2019.  Last estimates were for 2018, 2019 and 2020 of $13873M, $14340M and $14875M for Revenue, $11.70, $13.50 and $13.19 fr Adj EPS,
$11.70, 13.30 and $13.19 for EPS, $18.20, $19.70 and $16.90 for CFPS and $774M and $866M for Net Income for 2018 and 2019.
March 04, 2018.  Last estimates were for 2017, 2018 smf 2019 of $13506M, $13777M and $14447M for Revenue, $10.00, $11.00 and $12.51 for Adjusted EPS,
$10.00, 11.00 and $12.51 for EPS, $17.50 and $18.80 for CFPS for 2017 and 2018 and $716M and $734M for Net Income for 2017 and 2018.
March 5, 2017.  Last estimates were for 2017, 2018 and 2019 of $12784M, $13116M and $13672M for Revenue, $8.71, $9.76 and $10.30 for EPS,
$15.90, $12.40 and $18.20 for CFPS, $633M and $678M for Net Income.
March 12, 2015.  Last estimates were for 2015, 2016 and 2017 of $12765M, $13275M and $13655M for Revenue, $8.25 and $9.42 Adjusted EPS for 2015 and 2016,
$7.93, $8.79 and $9.32 for EPS, $12.70, $13.90 and $14.90 for CFPS and $612, $656 and $735.9 for Net Income.
March 20, 2015.  Last estimates were for 2014, 2015 snf 2016 of $12153M, $12285M and $12687M for Revenue, $7.00 for Adjusted EPS for 2014,
$7.36, $7.85 and $8.17 for EPS, $13.70 and $12.70 for CFPS for 2014 and 2015 and $546M for Net Income for 2014.
February 22, 2014.  Last estimates were for 2013 and 2014 of $11512M and $11733M for Revenue, $6.80 and $7.00 for Adjusted EPS, $6.69 and $7.07 for EPS.
It would seem that for 2013 there is no adjusted EPS referred to my anyone as far as I can see.
Mar 23, 2013.  Last Estimates were for 2012 and 2013 of $11257M and $11564M for Revenue, $6.12 and f$6.67 for Earnings and f$12.32 and $14.63 for CFPS.
Feb 11, 2012.  Last estimates I got were for 2011 and 2012 for EPS of 5.36 and 5.70 and CF for $9.12 and $9.62.
Aug 19, 2011. Credit rating agency DBRS has downgraded Canadian Tire Corp. (CTC.A-T $52.21) debt to BBB from an A rating, a day after the retailer completed its acquisition of sporting goods
chain The Forzani Group Ltd. (FGL-T $26.47). The downgrade in the debentures and medium-term notes of Canadian Tire was mainly because of the increase in the size of the company’s debt, DBRS said Friday.
Jun 11, 2011.  Last estimates I got for 2011 and 2012 were $4.57 and $5.05 for earnings and $9.30 and $9.35 for cash flow.
Feb 2010, unaudited Jan 2010 statements.  In Jul 2009, I picked up Earnings and cash flow of $4.12 and $8.80 and they came in at $4.10 and $5.13.
April 2009 AR 2008. In August 2008, I picked up an earnings estimate of $5.20 and it came in at $4.59.
AP 2007. I have done well by this stock.  Am concerned with fall in OPM and slow revenue growth.  Accruals ratio does not look good neither, but they often have high numbers.
AP 2006.  Not followed TD or Mike. FP Card says hold but gives expected price of $81, Market Watch says buy and expected price at 80?  Keeper at present.
Revenue, Earnings and return are good. Dividend increases are good.  Accruals look shady, but do not seem to affect the price. Profit margin thin, but Roe is good.
AP  2005.  This stock seems to be doing well.  There are still a number of buy ratings on it.  TDNewCrest does not follow it. Made IRR since 2000 of 19%
Still of the opinion that this is not a good long term stock.  I bought only because the price when very low.  It is still a sell.
Controlling shareholder is Martha Billes.  She has 3.8%, but has 61.4% voting control.
AP 2004.  There is 6 buy ratings and 3 holds on this stock. Stock is doing much better and I will hold for now. From Big Chart.  TD does not follow this stock
2003.  I am still concerned about this stock.
Martha Gardner Billes owns controlling shares in this company.   There are voting shares (CTC)  and non-voting (CTC.A) shares.
Sector:
Consumer Discretionary
What should this stock accomplish?
You would buy this stock for diversification reasons.  There may be volatility in this stock, especially concerning Earnings and Cash Flow.
You should buy it for both rising dividends and capital gain appreciation.  You should expect low dividend yield and moderate dividend growth.
Would I buy this company and Why.
Yes, I think this is a good consumer discretionary stock.  It is a dividend growht stock.
Why am I following this stock.
I own this stock.
Why I bought this stock.
In 2000 when I first bought this stock, it was on the Investment Reporter's list of conservative Canadian stocks.
I bought stock for my trading account in 2009 because I have done well with it in my Pension Account and it was a consumer stock.
Dividends
Dividends are paid quarterly, in cylce 3, which is in March, June, September and December.  The dividends are paid near the first of the month.  Dividends declared for shareholders of one month are paid two months later.
For example, the dividend declared November 8, 2012 payable to shareholders of record of January 31, 2013 are paid on March 1, 2013.
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 more than 90 years, Canadian Tire Corporation (CTC) has been providing customers with everything they need for life in Canada.
For employees Canadian Tire is a place where you can truly make a difference in the lives of Canadians, perform at your best, and be recognized for your achievements.
For community  Like a good neighbour, helping Canadians with whatever life happens to throw at them is what we do.
For investors Reasons to invest in CTC: Strong competitive advantage. Extensive reach and scale. Investing in retail leadership. Consistent financial performance.
How they make their money
Canadian Tire sells home goods, sporting equipment, apparel, footwear, automotive parts and accessories, and vehicle fuel through a roughly 1,700-store network of company, dealer, and franchisee-operated
locations across Canada. Aside from the namesake banner, stores operate primarily under the Mark's, SportChek, Party City, Atmosphere, and PartSource monikers. Additionally, the company owns Helly Hansen,
a Norwegian sportswear and workwear brand, and also operates and holds majority ownership of a financing arm (Canadian Tire Financial Services; 20% owned by Scotiabank) and a REIT (CT REIT; Canadian Tire owns about 70%).
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	Mar 5	2017	Mar 4	2018	Mar 6	2019	Mar 7	2020	Mar 12	2021	Mar 15	2022	Mar 12	2023			Mar 12	2023
Hicks, Gregory Hubert										0.004	0.01%	0.007	0.01%	0.007	0.01%			0.011	0.02%			59.37%
CEO - Shares - Amount											$0.792		$0.964		$0.999				$1.543
Options - percentage										0.146	0.24%	0.154	0.27%	0.182	0.33%			0.183	0.33%			0.46%
Options - amount											$26.374		$21.844		$25.580				$24.897
Wetmore, Stephen Gerald	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%												CEO 2019, 2020
CEO- Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000												was CEO, now director
Options - percentage	0.18%	0.079	0.12%	0.105	0.17%	0.169	0.28%	0.140	0.23%												not found now
Options - amount	$17.542		$12.868		$14.972		$23.705		$23.438
Craig, Gregory George								0.007	0.01%	0.011	0.02%	0.012	0.02%	0.012	0.02%			1.26%	0.02%	A	Site says CFO 2020	8.10%
CFO - Shares - Amount									$1.226		$1.977		$1.649		$1.640				$1.718	A
Class C Shares								0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%	C		0.00%
Class C - amount									$0.000		$0.000		$0.000		$0.000				$0.000	C
Options - percentage								0.045	0.07%	0.080	0.13%	0.086	0.15%	0.100	0.18%			0.103	0.19%			3.07%
Options - amount									$7.463		$14.444		$12.211		$14.077				$14.056
McCann, Dean Charles	1.20%	0.810	1.28%	0.811	1.36%	0.806	1.39%	0.807	1.33%	0.779	1.30%									A	Listed as CFO 2020	#DIV/0!
CFO - Shares - Amount	$112.791		$132.736		$115.781		$112.742		$134.965		$140.952									A	Filed Feb 2021
Class C Shares	12.25%	0.419	12.25%	0.419	12.25%	0.419	12.25%	0.419	12.25%	0.419	12.25%									C	not found	#DIV/0!
Class C - amount	$82.552		$96.900		$88.510		$73.898		$87.210		$143.490									C
Options - percentage	0.10%	0.060	0.09%	0.085	0.14%	0.078	0.13%	0.105	0.17%	0.093	0.16%											#DIV/0!
Options - amount	$10.267		$9.755		$12.138		$10.940		$17.621		$16.899
Christie, James Robert	0.00%	0.006	0.01%	0.008	0.01%	0.008	0.01%	0.009	0.01%	0.010	0.02%	0.010	0.02%	0.010	0.02%			0.011	0.02%			8.29%
Officer - Shares - Amount	$0.472		$0.951		$1.075		$1.084		$1.426		$1.724		$1.445		$1.437				$1.508
Class C Shares	0.08%	0.079	0.12%	0.000	0.00%	0.098	0.16%	0.095	0.16%	0.127	0.21%	0.068	0.12%	0.078	0.14%			0.089	0.16%			13.42%
Class C - amount	$7.919		$12.868		$0.000		$13.694		$15.879		$22.987		$9.584		$11.022				$12.112
Collver, Robyn Anne	1.16%	0.783	1.18%	0.783	1.32%	0.779	1.34%					0.784	1.36%							A	ceased insider Sep 2022	#DIV/0!
Officer - Shares - Amount	$108.944		$128.366		$111.694		$109.081						$110.961							A
Class C Shares	12.25%	0.419	12.25%	0.419	12.25%	0.419	12.25%					0.419	12.25%							C		#DIV/0!
Class C - amount	$82.556		$96.900		$88.510		$73.898						$104.816							C
Options - percentage	0.05%	0.030	0.04%	0.036	0.06%	0.039	0.06%					0.039	0.07%
Options - amount	$4.445		$4.878		$5.191		$5.435						$5.476
Anderson, Robert James												0.003	0.00%	0.004	0.01%			0.002	0.00%			-50.00%
Officer - Shares - Amount													$0.396		$0.563				$0.273
Options - percentage												0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount													$0.000		$0.000				$0.000
Billes, Martha Gardiner	1.12%	0.756	1.20%	0.756	1.27%	0.756	1.30%	0.756	1.32%	0.756	1.26%	0.756	1.31%	75.58%	1.36%			75.58%	1.36%	A		0.00%
Director - Shares - Amount	$105.265		$123.881		$107.888		$105.779		$126.474		$136.693		$106.951		$106.361				$103.051	A
Class C Shares	61.38%	2.101	61.38%	2.101	61.38%	2.101	61.38%	2.101	61.38%	2.101	61.38%	2.101	61.38%	2.101	61.38%			2.101	61.38%	C		0.00%
Class C - amount	$413.716		$485.597		$443.549		$370.328		$437.039		$719.077		$525.266		$546.299				$546.299	C
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
Frazier, Steve														0.004	0.01%			0.004	0.01%			15.79%
Director - Shares - Amount															$0.535				$0.600
Options - percentage														0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount															$0.000				$0.000
Owens, J. Michael												0.002	0.00%	0.004	0.01%			0.004	0.01%		Chair in 2023	0.00%
Chairman - Shares - Amt													$0.218		$0.563				$0.545
Options - percentage												0.001	0.00%	0.002	0.00%			0.004	0.01%			82.80%
Options - amount													$0.089		$0.272				$0.481
Sabia, Maureen Joanne	0.01%	0.005	0.01%	0.005	0.01%	0.005	0.01%	0.005	0.01%	0.005	0.01%	0.005	0.01%	0.005	0.01%							-100.00%
Chairman - Shares - Amt	$0.696		$0.833		$0.725		$0.708		$0.850		$0.919		$0.719		$0.715
Options - percentage	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%							-100.00%
Options - amount	$0.326		$0.377		$0.334		$0.335		$0.412		$0.460		$0.369		$0.367
C.T.C. Dealer Holdings Limited	0.32%	0.213	0.34%	0.213	0.36%							0.213	0.37%	0.213	0.38%					A	Last updated in Jun 2014	-100.00%
10% Holder	$29.651		$34.894		$30.389								$30.125		$29.959					A
Class C Shares	20.56%	0.704	20.56%	0.704	20.56%							0.704	1.22%	0.704	20.56%					C		-100.00%
Class C - amount	$138.575		$162.652		$148.569								$99.585		$182.984					C
Lynar, Hugh	1.10%																			A	Not an isider after Dec 2016
10% Holder	$108.733																			A
Class C Shares	12.25%																			C
Class C - amount	$82.556																			C
Sun Life Assurance																				A	Filed 2012
Class A - Amount																				A	Not on MS ownership list '22
Sun Life Trust																				A	Probably same as above
Class A - Amount																				A	Not on MS ownership list '22
Increase in O/S Shares	0.00%	0.000	0.00%	0.000	0.00%	0.240	0.36%	0.135	0.22%	0.135	0.22%	0.768	1.28%	0.211	0.36%			0.337	0.61%		looked at stock options
due to SO	$0.000		$0.000		$0.000		$39.264		$18.883		$22.509		$138.972		$29.795				$87.515		exercised
Book Value	$0.000		$0.000		$0.000		$28.381		$16.336		$21.359		$98.783		$22.777				$34.541
Insider Buying	-$3.231		-$0.609		-$0.230		-$1.069		-$0.058		-$0.342		-$0.802		-$0.956				-$0.535
Insider Selling	$0.128		$1.189		$0.000		$0.355		$0.000		$0.000		$0.008		$0.000				$0.000
Net Insider Selling	-$3.103		$0.580		-$0.230		-$0.714		-$0.058		-$0.342		-$0.794		-$0.956				-$0.535
% of Market Cap	-0.03%		0.01%		0.00%		-0.01%		0.00%		0.00%		-0.01%		-0.01%				-0.01%
Directors		16		16		16		16		16		16		16				16
Women	19%	3	19%	3	19%	3	19%	4	25%	4	25%	4	25%	3	19%			6	38%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	2	13%			2	13%
Institutions/Holdings	14.23%	4	33.00%	235	23.51%	3	29.55%	20	18.62%	20	24.78%	20	18.58%	6	0.02%			5	0.01%
Total Shares Held	0.69%	1.130	1.70%	14.766	23.48%	0.000	0.00%	11.474	18.65%	15.067	25.05%	11.173	19.36%	0.009	0.02%			0.005	0.01%
Increase/Decrease	0.00%	0.000	0.00%	-0.185	-1.24%	-0.185	-100.00%	0.036	0.32%	-0.369	-2.39%	-0.009	-0.08%	-0.111	-92.67%			-0.002	-28.66%		Yes 0
Starting No. of Shares		1.130		14.951	Reuters	0.185		11.437	Top 20 MS	15.436	Top 20 MS	11.182	Top 20 MS	0.120	Top 20 MS			0.008	Top 20 MS
Institutions/Holdings						383	51.63%													A
Value							$4,197.850													A
Total Shares Held						16.000	27.54%													A
Value							$2,239.200													A
Increase/Decrease 3 Mths						-1.000	-5.88%													A
Starting No. of Shares						17.000	Moringstar
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