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.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
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Canadian Utilities Ltd TSX: CU OTC: CDUAF https://www.canadianutilities.com/en-ca.html Fiscal Yr: Dec 31
Year 12/31/10 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 1/1/26 Value Description #Y Item Total G
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
Split Date Jun-13
Split 2
$59 <-12 mths 1.72%
Other Income $36 $47 $46 $211 $168 $31 $76 $58 61.11% <-Total Growth 7 Other Income
Change 30.56% -2.13% 358.70% -20.38% -81.55% 145.16% -23.68% -2.13% <-Median-> 7 Change
Ratio 0.03 0.04 0.04 0.16 0.11 0.03 0.08 0.05 0.05 <-Median-> 8 Ratio
Operating Profit $1,114 $1,114 $1,114 $1,335 $1,473 $972 $940 $1,209 8.53% <-Total Growth 7 Operating Profit
Change 0.00% 0.00% 19.84% 10.34% -34.01% -3.29% 28.62% 0.00 <-Median-> 7 Change
$2,860 <-12 mths -1.89%
Costs and Expenses $2,446 $2,199 $3,017 $3,253 $2,627 $2,292 $2,633 $2,915 19.17% <-Total Growth 7 Costs and Expenses
Change -10.10% 37.20% 7.82% -19.24% -12.75% 14.88% 10.71% 7.82% <-Median-> 7 Change
Ratio 0.75 0.65 0.75 0.74 0.67 0.71 0.75 0.72 0.73 <-Median-> 8 Ratio
$4,069 <-12 mths 0.52%
Revenue* $2,657.2 $2,999 $3,139 $3,381 $3,600 $3,264 $3,399 $4,027 $4,377 $3,905 $3,233 $3,515 $4,048 $3,994 $4,060 $4,266 28.96% <-Total Growth 10 Revenue
Increase 2.83% 12.86% 4.67% 7.71% 6.48% -9.33% 4.14% 18.48% 8.69% -10.78% -17.21% 8.72% 15.16% -1.33% 1.65% 5.07% 2.58% <-IRR #YR-> 10 Revenue 28.96%
5 year Running Average $2,571 $2,685 $2,832 $2,952 $3,155 $3,277 $3,357 $3,534 $3,733 $3,794 $3,788 $3,811 $3,816 $3,739 $3,770 $3,977 0.10% <-IRR #YR-> 5 Revenue 0.52%
Revenue per Share $10.55 $11.75 $12.21 $12.95 $13.64 $12.23 $12.66 $14.85 $16.02 $14.29 $11.85 $13.05 $15.00 $14.79 $15.03 $15.80 3.03% <-IRR #YR-> 10 5 yr Running Average 34.75%
Increase 2.78% 11.37% 3.90% 6.09% 5.32% -10.35% 3.49% 17.36% 7.88% -10.82% -17.09% 10.14% 14.93% -1.39% 1.65% 5.07% 1.54% <-IRR #YR-> 5 5 yr Running Average 7.96%
5 year Running Average $10.23 $10.65 $11.17 $11.55 $12.22 $12.56 $12.74 $13.27 $13.88 $14.01 $13.94 $14.01 $14.04 $13.80 $13.94 $14.73 2.08% <-IRR #YR-> 10 Revenue per Share 22.85%
P/S (Price/Sales) Med 2.29 2.41 2.69 2.90 2.82 3.02 2.81 2.63 2.08 2.49 2.88 2.55 2.50 2.52 0.00 0.00 0.19% <-IRR #YR-> 5 Revenue per Share 0.97%
P/S (Price/Sales) Close 2.58 2.62 2.95 2.75 3.00 2.61 2.86 2.52 1.95 2.74 2.62 2.81 2.44 2.47 2.43 2.31 2.32% <-IRR #YR-> 10 5 yr Running Average 25.73%
*Revenue in M CDN $  P/S Med 20 yr  2.49 15 yr  2.55 10 yr  2.72 5 yr  2.50 -9.16% Diff M/C 1.14% <-IRR #YR-> 5 5 yr Running Average 5.85%
-$3,139 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $4,048
-$4,027.0 $0.0 $0.0 $0.0 $0.0 $4,048
-$2,832 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3,816
-$3,534.2 $0.0 $0.0 $0.0 $0.0 $3,816
-$12.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.00
-$14.85 $0.00 $0.00 $0.00 $0.00 $15.00
-$11.17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.04
-$13.27 $0.00 $0.00 $0.00 $0.00 $14.04
$2.43 <-12 mths 0.00%
Adjusted Net Income $575 $483 $590 $602 $607 $608 $535 $586 $655 35.61% <-Total Growth 8 Adjusted Net Income
Calc $2.19 $1.83 $2.21 $2.23 $2.24 $2.23 $1.96 $2.17 $2.43
AEPS* (EPS-AEPS) $1.73 $1.83 $2.06 $2.09 $2.19 $1.83 $2.21 $2.23 $2.24 $2.23 $1.96 $2.17 $2.43 $2.32 $2.37 $2.47 18.25% <-Total Growth 10 AEPS
Increase -7.01% 5.80% 12.60% 1.70% 5.00% -16.61% 20.77% 0.90% 0.45% -0.45% -12.11% 10.71% 11.98% -4.53% 2.16% 4.22% 10 0 10 Years of Data, EPS P or N 100.00%
AEPS Yield 6.34% 5.93% 5.71% 5.86% 5.36% 5.73% 6.11% 5.96% 7.15% 5.69% 6.30% 5.91% 6.63% 6.36% 6.50% 6.77% 1.69% <-IRR #YR-> 10 AEPS 18.25%
5 year Running Average $1.61 $1.72 $1.82 $1.91 $1.98 $2.00 $2.08 $2.11 $2.14 $2.15 $2.17 $2.17 $2.21 $2.22 $2.25 $2.35 1.73% <-IRR #YR-> 5 AEPS 8.97%
Payout Ratio 43.77% 44.11% 43.07% 46.41% 48.76% 64.48% 58.82% 64.13% 70.23% 75.82% 88.86% 81.07% 73.12% 77.34% 75.71% 72.65% 1.94% <-IRR #YR-> 10 5 yr Running Average 21.21%
5 year Running Average 8.75% 17.58% 26.19% 35.47% 45.22% 49.36% 52.31% 56.52% 61.28% 66.70% 71.57% 76.02% 77.82% 79.24% 79.22% 75.98% 0.89% <-IRR #YR-> 5 5 yr Running Average 4.50%
Price/AEPS Median 14.02 15.52 15.99 17.98 17.52 20.18 16.07 17.49 14.85 15.93 17.41 15.34 15.44 16.08 0.00 0.00 16.74 <-Median-> 10 Price/AEPS Median
Price/AEPS High 15.79 17.59 17.42 19.84 18.81 24.07 18.23 18.95 16.66 17.90 21.78 16.84 17.06 17.10 0.00 0.00 18.52 <-Median-> 10 Price/AEPS High
Price/AEPS Low 12.25 13.45 14.56 16.11 16.23 16.29 13.90 16.03 13.05 13.96 13.04 13.83 13.82 15.07 0.00 0.00 13.93 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 15.77 16.86 17.50 17.07 18.64 17.45 16.38 16.78 13.98 17.57 15.86 16.91 15.08 15.72 15.39 14.77 16.84 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 14.66 17.84 19.71 17.36 19.57 14.55 19.78 16.93 14.04 17.49 13.94 18.72 16.89 15.01 15.72 15.39 17.14 <-Median-> 10 Trailing P/AEPS Close
Median Values DPR 10 Yrs 67.36% 5 Yrs   75.82% P/CF 5 Yrs   in order 15.44 17.06 13.82 15.86 1.84% Diff M/C
* Adjusted Earnings per Share
-$2.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.43
-$2.23 $0.00 $0.00 $0.00 $0.00 $2.43
-$1.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.21
-$2.11 $0.00 $0.00 $0.00 $0.00 $2.21
$2.15 <-12 mths 4.37%
Split pre '13 $3.46 $3.65 $4.12
EPS Basic $1.73 $1.83 $2.06 $2.10 $2.52 $1.12 $2.07 $1.54 $2.08 $3.24 $1.32 $1.21 $2.07 0.49% <-Total Growth 10 EPS Basic
EPS Diluted* $1.73 $1.83 $2.06 $2.09 $2.52 $1.11 $2.06 $1.54 $2.08 $3.24 $1.32 $1.21 $2.06 $2.26 $2.38 $2.47 0.24% <-Total Growth 10 EPS Diluted
Increase -7.01% 5.80% 12.60% 1.70% 20.57% -55.95% 85.59% -25.24% 35.06% 55.77% -59.26% -8.33% 70.25% 9.71% 5.31% 3.78% 10 0 10 Years of Data, EPS P or N 100.00%
Earnings Yield 6.3% 5.9% 5.7% 5.9% 6.2% 3.5% 5.7% 4.1% 6.6% 8.3% 4.2% 3.3% 5.6% 6.2% 6.5% 6.8% 0.02% <-IRR #YR-> 10 Earnings per Share 0.24%
5 year Running Average $1.61 $1.72 $1.82 $1.91 $2.04 $1.92 $1.97 $1.86 $1.86 $2.01 $2.05 $1.88 $1.98 $2.02 $1.85 $2.08 5.99% <-IRR #YR-> 5 Earnings per Share 33.77%
10 year Running Average $1.34 $1.43 $1.52 $1.63 $1.76 $1.76 $1.84 $1.84 $1.89 $2.02 $1.98 $1.92 $1.92 $1.94 $1.93 $2.06 0.86% <-IRR #YR-> 10 5 yr Running Average 8.90%
* Diluted ESP per share  E/P 10 Yrs 5.66% 5Yrs 5.62% 1.24% <-IRR #YR-> 5 5 yr Running Average 6.33%
-$2.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.06
-$1.54 $0.00 $0.00 $0.00 $0.00 $2.06
-$1.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.98
-$1.86 $0.00 $0.00 $0.00 $0.00 $1.98
Dividend* $1.79 $1.82 $1.85 Estimates Dividend*
Increase 0.74% 1.68% 1.65% Estimates Increase
Payout Ratio EPS 79.20% 76.47% 74.90% Estimates Payout Ratio EPS
Split pre '13
Special Dividend $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Split pre '05
Split pre '13 $1.51 $1.61
Dividend* $0.7550 $0.8050 $0.8850 $0.9700 $1.0700 $1.1800 $1.3000 $1.4300 $1.5732 $1.6908 $1.7416 $1.7592 $1.7768 $1.7944 $1.7944 $1.7944 100.77% <-Total Growth 10 Dividends
Increase 7.09% 6.62% 9.94% 9.60% 10.31% 10.28% 10.17% 10.00% 10.01% 7.48% 3.00% 1.01% 1.00% 0.99% 0.00% 0.00% 34 0 34 Years of data, Count P, N 100.00%
Average Increases 5 Year Running 6.55% 6.97% 7.21% 7.85% 8.71% 9.35% 10.06% 10.07% 10.15% 9.59% 8.13% 6.30% 4.50% 2.70% 1.20% 0.60% 9.03% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $0.69 $0.71 $0.76 $0.82 $0.90 $0.98 $1.08 $1.19 $1.31 $1.43 $1.55 $1.64 $1.71 $1.75 $1.77 $1.78 123.90% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 3.12% 2.84% 2.69% 2.58% 2.78% 3.20% 3.66% 3.67% 4.73% 4.76% 5.10% 5.29% 4.74% 4.81% 4.20% <-Median-> 10 Yield H/L Price
Yield on High  Price 2.77% 2.51% 2.47% 2.34% 2.59% 2.68% 3.23% 3.38% 4.22% 4.24% 4.08% 4.81% 4.29% 4.52% 3.73% <-Median-> 10 Yield on High  Price
Yield on Low Price 3.57% 3.28% 2.96% 2.88% 3.00% 3.96% 4.23% 4.00% 5.38% 5.43% 6.82% 5.86% 5.29% 5.13% 4.76% <-Median-> 10 Yield on Low Price
Yield on Close Price 2.78% 2.62% 2.46% 2.72% 2.62% 3.69% 3.59% 3.82% 5.02% 4.32% 5.60% 4.79% 4.85% 4.92% 4.92% 4.92% 4.07% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 43.77% 44.11% 43.07% 46.41% 42.46% 106.31% 63.11% 92.86% 75.63% 52.19% 131.94% 145.39% 86.25% 79.40% 75.39% 72.65% 80.94% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 42.94% 41.43% 41.92% 43.14% 43.91% 51.15% 54.96% 63.84% 70.39% 71.53% 75.54% 87.27% 86.19% 86.85% 96.06% 85.93% 67.12% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 24.88% 15.20% 16.44% 14.06% 18.34% 19.49% 21.52% 29.55% 49.39% 34.02% 29.14% 27.58% 22.41% 26.66% 27.56% 24.72% 25.00% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 23.95% 20.62% 19.27% 17.50% 16.96% 16.66% 17.89% 20.05% 25.25% 28.59% 30.93% 32.33% 30.03% 27.40% 26.45% 25.62% 22.65% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 25.76% 15.58% 14.43% 14.37% 16.52% 19.96% 18.82% 21.23% 24.14% 25.74% 29.19% 29.16% 24.81% 26.66% 27.56% 24.72% 22.69% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 23.30% 20.49% 18.53% 17.07% 16.33% 16.13% 16.80% 18.15% 20.13% 21.98% 23.66% 25.75% 26.49% 27.00% 27.36% 26.47% 19.14% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 4.20% 4.07% 5 Yr Med 5 Yr Cl 4.76% 4.85% 5 Yr Med Payout 86.25% 29.14% 25.74% 4.44% <-IRR #YR-> 5 Dividends 24.25%
* Dividends per share  10 Yr Med and Cur. 17.19% 20.87% 5 Yr Med and Cur. 3.33% 1.46% Last Div Inc ---> $0.4442 $0.4486 0.99% 7.22% <-IRR #YR-> 10 Dividends 100.77%
Dividends Growth 15 7.21% <-IRR #YR-> 15 Dividends 184.29%
Dividends Growth 20 6.65% <-IRR #YR-> 20 Dividends 262.61%
Dividends Growth 25 6.25% <-IRR #YR-> 25 Dividends 355.59%
Dividends Growth 30 5.56% <-IRR #YR-> 30 Dividends 407.66%
Dividends Growth 35 5.08% <-IRR #YR-> 34 Dividends
Dividends Growth 5 -$1.43 $0.00 $0.00 $0.00 $0.00 $1.78 Dividends Growth 5
Dividends Growth 10 -$0.89 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.78 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.78 Dividends Growth 15
Dividends Growth 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.78 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.78 Dividends Growth 25
Dividends Growth 30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.78 Dividends Growth 30
Dividends Growth 35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.78 Dividends Growth 35
Historical Dividends Historical High Div 7.17% Low Div 2.36% 10 Yr High 6.72% 10 Yr Low 2.60% Med Div 3.78% Close Div 3.78% Historical Dividends
High/Ave/Median Values Curr diff Exp. -31.40%     108.43% Exp. -26.80% 89.19% Cheap 30.13% Cheap 30.17% High/Ave/Median 
Future Dividend Yield Div Yd 6.11% earning in 5 Years at IRR of 4.44% Div Inc. 24.25% Future Dividend Yield
Future Dividend Yield Div Yd 7.59% earning in 10 Years at IRR of 4.44% Div Inc. 54.38% Future Dividend Yield
Future Dividend Yield Div Yd 9.44% earning in 15 Years at IRR of 4.44% Div Inc. 91.83% Future Dividend Yield
Future Dividend Paid Div Paid $2.23 earning in 5 Years at IRR of 4.44% Div Inc. 24.25% Future Dividend Paid
Future Dividend Paid Div Paid $2.77 earning in 10 Years at IRR of 4.44% Div Inc. 54.38% Future Dividend Paid
Future Dividend Paid Div Paid $3.44 earning in 15 Years at IRR of 4.44% Div Inc. 91.83% Future Dividend Paid
Dividend Covering Cost Total Div $9.80 over 5 Years at IRR of 4.44% Div Cov. 26.88% Dividend Covering Cost
Dividend Covering Cost Total Div $19.76 over 10 Years at IRR of 4.44% Div Cov. 54.16% Dividend Covering Cost
Dividend Covering Cost Total Div $32.12 over 15 Years at IRR of 4.44% Div Cov. 88.06% Dividend Covering Cost
I am earning GC Div Gr 34.69% 01/25/17 # yrs -> 7 2017 $37.51 Cap Gain -2.75% I am earning GC
I am earning Div org yield 3.81% 12/31/24 Pension Div G Yrly 3.82% Div start $1.43 -3.81% 5.13% I am earning Div
I am earning GC Div Gr 14.06% 11/20/17 # yrs -> 7 2017 $38.12 Cap Gain -4.30% I am earning GC
I am earning Div org yield 4.13% 12/31/24 Trading Div G Yrly 1.87% Div start $1.57 -4.13% 4.71% I am earning Div
Yield if held 5 years 3.27% 3.29% 3.26% 3.86% 4.74% 4.33% 4.05% 3.99% 3.79% 4.10% 3.95% 4.37% 4.20% 4.81% 4.50% 4.20% 4.07% <-Median-> 10 Paid High Price
Yield if held 5 years 5.11% 4.58% 4.17% 5.54% 6.28% 5.58% 5.30% 4.78% 4.67% 4.75% 5.84% 5.73% 4.97% 6.14% 5.76% 7.02% 5.42% <-Median-> 10 Paid Low Price
Difference 1.84% 1.29% 0.91% 1.68% 1.54% 1.25% 1.25% 0.78% 0.88% 0.65% 1.89% 1.36% 0.77% 1.33% 1.27% 2.82%
Yield if held 15 years 11.50% 9.33% 8.58% 7.94% 8.67% 9.17% 9.28% 9.52% 10.56% 10.57% 7.54% 7.19% 6.54% 7.14% 7.95% 6.59% 8.92% <-Median-> 10 Paid High Price
Yield if held 15 years 13.80% 12.81% 11.64% 10.21% 13.23% 15.23% 11.69% 11.72% 13.95% 13.15% 11.79% 10.01% 8.37% 10.24% 10.52% 8.49% 11.75% <-Median-> 10 Paid Low Price
Difference 2.30% 3.48% 3.06% 2.27% 4.56% 6.05% 2.41% 2.20% 3.39% 2.59% 4.25% 2.82% 1.83% 3.10% 2.58% 1.91%
Yield if held 5 years 3.99% 3.83% 3.66% 4.55% 5.40% 4.88% 4.59% 4.35% 4.19% 4.40% 4.72% 4.95% 4.56% 5.39% 5.05% 5.26% 4.57% <-Median-> 10 Paid Median Price
Yield if held 10 years 7.33% 6.40% 6.50% 7.41% 7.42% 6.23% 6.18% 5.91% 7.38% 8.53% 7.20% 6.21% 5.41% 4.78% 4.67% 4.86% 6.72% <-Median-> 10 Paid Median Price
Yield if held 15 years 12.55% 10.80% 9.88% 8.93% 10.48% 11.45% 10.34% 10.51% 12.02% 11.72% 9.20% 8.37% 7.34% 8.42% 9.06% 7.42% 10.41% <-Median-> 10 Paid Median Price
Yield if held 20 years 14.82% 16.10% 16.96% 16.47% 17.51% 19.61% 17.44% 15.97% 14.49% 16.56% 16.90% 14.00% 13.05% 13.71% 12.44% 9.48% 16.51% <-Median-> 10 Paid Median Price
Yield if held 25 years 20.22% 20.81% 23.17% 25.99% 27.40% 26.70% 27.67% 28.95% 23.60% 19.84% 16.53% 17.57% 17.41% 24.80% <-Median-> 10 Paid Median Price
Yield if held 30 years 32.79% 32.89% 34.19% 35.18% 34.05% 30.46% 29.37% 29.83% 34.05% <-Median-> 5 Paid Median Price
Yield if held 35 years 37.40% 34.90% 35.23% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 14.94% 14.53% 14.04% 16.40% 19.87% 18.02% 16.84% 16.62% 15.81% 17.38% 17.56% 20.34% 20.21% 23.49% 22.22% 20.89% 17.47% <-Median-> 10 Paid High Price
Cost covered if held 5 years 23.35% 20.23% 17.97% 23.52% 26.30% 23.24% 22.02% 19.88% 19.46% 20.15% 25.95% 26.68% 23.90% 29.97% 28.48% 34.91% 23.38% <-Median-> 10 Paid Low Price
Cost covered if held 15 years 122.67% 98.38% 87.08% 78.12% 82.51% 84.82% 83.78% 84.39% 92.24% 93.15% 69.68% 70.11% 67.35% 77.39% 90.92% 79.15% 83.15% <-Median-> 10 Paid High Price
Cost covered if held 15 years 147.17% 135.06% 118.16% 100.42% 125.87% 140.77% 105.53% 103.93% 121.89% 115.94% 108.94% 97.61% 86.23% 110.97% 120.38% 102.06% 107.23% <-Median-> 10 Paid Low Price
Cost covered if held 5 years 18.22% 16.91% 15.76% 19.33% 22.64% 20.30% 19.08% 18.10% 17.44% 18.66% 20.95% 23.08% 21.90% 26.33% 24.96% 26.14% 19.81% <-Median-> 10 Paid Median Price Item
Cost covered if held 10 years 58.22% 50.40% 49.44% 54.94% 53.58% 44.15% 42.62% 40.34% 50.07% 58.85% 52.28% 48.01% 44.09% 40.77% 41.73% 45.10% 49.04% <-Median-> 10 Paid Median Price EPS
Cost covered if held 15 years 133.80% 113.84% 100.27% 87.88% 99.68% 105.86% 93.41% 93.15% 105.01% 103.30% 84.99% 81.60% 75.63% 91.18% 103.60% 89.16% 93.28% <-Median-> 10 Paid Median Price AEPS
Cost covered if held 20 years 192.88% 205.65% 207.33% 194.10% 198.77% 215.42% 186.35% 166.70% 148.24% 169.93% 180.92% 158.61% 155.90% 171.97% 164.76% 132.09% 175.42% <-Median-> 10 Paid Median Price CFPS
Cost covered if held 25 years 274.34% 270.29% 289.28% 313.72% 321.34% 305.34% 316.19% 344.00% 296.29% 262.07% 228.96% 256.75% 267.46% 300.81% <-Median-> 10 Paid Median Price FCF 
Cost covered if held 30 years 410.93% 409.83% 441.14% 477.58% 485.01% 454.08% 461.30% 492.25% 441.14% <-Median-> 5 Paid Median Price
Cost covered if held 35 years 593.59% 582.28% 616.24% #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $4,027.0 $4,377.0 $3,905.0 $3,233.0 $3,515.0 $4,048.0 $23,105.0 0.52% <-Total Growth 5 Revenue Growth  0.52%
AEPS Growth $2.23 $2.24 $2.23 $1.96 $2.17 $2.43 $13.26 8.97% <-Total Growth 5 AEPS Growth 8.97%
Net Income Growth $483.0 $634.0 $951.0 $427.0 $393.0 $393.0 $3,281.0 -18.63% <-Total Growth 5 Net Income Growth -18.63%
Cash Flow Growth $1,312.0 $870.0 $1,358.0 $1,631.0 $1,718.0 $2,140.0 $9,029.0 63.11% <-Total Growth 5 Cash Flow Growth 63.11%
Dividend Growth $1.43 $1.57 $1.69 $1.74 $1.76 $1.78 $9.97 24.25% <-Total Growth 5 Dividend Growth 24.25%
Stock Price Growth $37.41 $31.32 $39.17 $31.09 $36.69 $36.65 -2.03% <-Total Growth 5 Stock Price Growth -2.03%
Revenue Growth  $3,139.0 $3,381.0 $3,600.0 $3,264.0 $3,399.0 $4,027.0 $4,377.0 $3,905.0 $3,233.0 $3,515.0 $4,048.0 $39,888.0 28.96% <-Total Growth 10 Revenue Growth  28.96%
AEPS Growth $2.06 $2.09 $2.19 $1.83 $2.21 $2.23 $2.24 $2.23 $1.96 $2.17 $2.43 $23.64 18.25% <-Total Growth 10 AEPS Growth 18.25%
Net Income Growth $561.0 $587.0 $711.0 $352.0 $620.0 $483.0 $634.0 $951.0 $427.0 $393.0 $393.0 $6,112.0 -29.95% <-Total Growth 10 Net Income Growth -29.95%
Cash Flow Growth $1,384.0 $1,801.0 $1,540.0 $1,616.0 $1,622.0 $1,312.0 $870.0 $1,358.0 $1,631.0 $1,718.0 $2,140.0 $16,992.0 54.62% <-Total Growth 10 Cash Flow Growth 54.62%
Dividend Growth $0.89 $0.97 $1.07 $1.18 $1.30 $1.43 $1.57 $1.69 $1.74 $1.76 $1.78 100.77% <-Total Growth 10 Dividend Growth 100.77%
Stock Price Growth $35.97 $35.67 $40.91 $31.94 $36.19 $37.41 $31.32 $39.17 $31.09 $36.69 $36.65 1.89% <-Total Growth 10 Stock Price Growth 1.89%
Dividends on Shares $27.16 $29.96 $33.04 $36.40 $40.04 $44.05 $47.34 $48.76 $49.26 $49.75 $50.24 $50.24 $50.24 $405.76 No of Years 10 Total Divs 12/31/12
Paid  $1,007.16 $998.76 $1,145.48 $894.32 $1,013.32 $1,047.48 $876.96 $1,096.76 $870.52 $1,027.32 $1,026.20 $1,021.44 $1,021.44 $1,021.44 $1,026.20 No of Years 10 Worth $35.97
Total $1,431.96
Graham No. AEPS $22.47 $22.40 $24.37 $26.63 $28.38 $26.42 $29.61 $29.78 $30.04 $31.05 $28.82 $30.30 $32.79 $31.73 $32.07 $32.74 34.54% <-Total Growth 10 Graham Price AEPS
Price/GP Ratio Med 1.08 1.26 1.35 1.41 1.35 1.40 1.20 1.31 1.11 1.14 1.18 1.10 1.14 1.18 1.19 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.21 1.43 1.47 1.56 1.45 1.67 1.36 1.42 1.24 1.29 1.48 1.21 1.26 1.25 1.39 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.94 1.10 1.23 1.26 1.25 1.13 1.04 1.20 0.97 1.00 0.89 0.99 1.02 1.10 1.03 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.21 1.37 1.48 1.34 1.44 1.21 1.22 1.26 1.04 1.26 1.08 1.21 1.12 1.15 1.14 1.11 1.22 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 21.07% 37.36% 47.59% 33.95% 44.15% 20.91% 22.22% 25.62% 4.25% 26.14% 7.89% 21.10% 11.77% 14.98% 13.76% 11.43% 21.66% <-Median-> 10 Graham Price
Graham No. EPS $22.47 $22.40 $24.37 $26.63 $30.41 $20.57 $28.59 $24.75 $28.95 $37.43 $23.65 $22.62 $30.19 $31.31 $32.13 $32.74 23.88% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 1.08 1.26 1.35 1.41 1.26 1.79 1.24 1.58 1.15 0.95 1.44 1.47 1.24 1.19 1.34 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.21 1.43 1.47 1.56 1.36 2.14 1.41 1.71 1.29 1.07 1.81 1.62 1.37 1.27 1.48 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.94 1.10 1.23 1.26 1.17 1.45 1.07 1.44 1.01 0.83 1.08 1.33 1.11 1.12 1.14 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.21 1.37 1.48 1.34 1.35 1.55 1.27 1.51 1.08 1.05 1.31 1.62 1.21 1.16 1.14 1.11 1.33 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 21.07% 37.36% 47.59% 33.95% 34.52% 55.25% 26.60% 51.16% 8.18% 4.65% 31.47% 62.17% 21.39% 16.50% 13.52% 11.43% 32.71% <-Median-> 10 Graham Price
Split pre '05
Split pre '13 $54.40 $61.54
Price Close $27.20 $30.77 $35.97 $35.67 $40.91 $31.94 $36.19 $37.41 $31.32 $39.17 $31.09 $36.69 $36.65 $36.48 $36.48 $36.48 1.89% <-Total Growth 10 Stock Price
Increase 24.34% 13.13% 16.90% -0.83% 14.69% -21.93% 13.31% 3.37% -16.28% 25.06% -20.63% 18.01% -0.11% -0.46% 0.00% 0.00% 17.20 <-Median-> 10 CAPE (10 Yr P/E)
P/E 15.77 16.86 17.50 17.07 16.23 28.77 17.57 24.29 15.06 12.09 23.55 30.32 17.79 16.14 15.33 14.77 -0.41% <-IRR #YR-> 5 Stock Price -2.03%
Trailing P/E 14.66 17.84 19.71 17.36 19.57 12.67 32.60 18.16 20.34 18.83 9.60 27.80 30.29 17.71 16.14 15.33 0.19% <-IRR #YR-> 10 Stock Price 1.89%
CAPE (10 Yr P/E) 14.38 14.76 15.45 15.74 16.04 16.54 16.51 17.27 17.46 17.12 17.66 18.54 18.57 18.45 18.35 17.36 4.18% <-IRR #YR-> 5 Price & Dividend 24.62%
Median 10, 5 Yrs D.  per yr 3.91% 4.59% % Tot Ret 95.42% 109.79% T P/E 19.20 20.34 P/E:  17.68 17.79 4.09% <-IRR #YR-> 10 Price & Dividend 44.64%
Price 15 D.  per yr 3.97% % Tot Ret 56.17% CAPE Diff 7.27% 3.10% <-IRR #YR-> 15 Stock Price 57.97%
Price  20 D.  per yr 4.51% % Tot Ret 45.50% 5.40% <-IRR #YR-> 20 Stock Price 186.27%
Price  25 D.  per yr 4.32% % Tot Ret 45.06% 5.26% <-IRR #YR-> 25 Stock Price 260.64%
Price  30 D.  per yr 5.61% % Tot Ret 45.31% 6.78% <-IRR #YR-> 30 Stock Price 615.12%
Price  35 D.  per yr 5.27% % Tot Ret 46.39% 6.09% <-IRR #YR-> 34 Stock Price
Price & Dividend 15 7.06% <-IRR #YR-> 15 Price & Dividend 139.58%
Price & Dividend 20 9.91% <-IRR #YR-> 20 Price & Dividend 355.86%
Price & Dividend 25 9.58% <-IRR #YR-> 25 Price & Dividend 495.44%
Price & Dividend 30 12.39% <-IRR #YR-> 30 Price & Dividend 1940.03%
Price & Dividend 35 11.36% <-IRR #YR-> 34 Price & Dividend
Price  5 -$37.41 $0.00 $0.00 $0.00 $0.00 $36.65 Price  5
Price 10 -$35.97 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $36.65 Price 10
Price & Dividend 5 -$37.41 $1.57 $1.69 $1.74 $1.76 $38.43 Price & Dividend 5
Price & Dividend 10 -$35.97 $0.97 $1.07 $1.18 $1.30 $1.43 $1.57 $1.69 $1.74 $1.76 $38.43 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 $36.65 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 $36.65 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 $36.65 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 $36.65 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 $36.65 Price  35
Price & Dividend 15 $0.76 $0.81 $0.89 $0.97 $1.07 $1.18 $1.30 $1.43 $1.57 $1.69 $1.74 $1.76 $38.43 Price & Dividend 15
Price & Dividend 20 $0.76 $0.81 $0.89 $0.97 $1.07 $1.18 $1.30 $1.43 $1.57 $1.69 $1.74 $1.76 $38.43 Price & Dividend 20
Price & Dividend 25 $0.76 $0.81 $0.89 $0.97 $1.07 $1.18 $1.30 $1.43 $1.57 $1.69 $1.74 $1.76 $38.43 Price & Dividend 25
Price & Dividend 30 $0.76 $0.81 $0.89 $0.97 $1.07 $1.18 $1.30 $1.43 $1.57 $1.69 $1.74 $1.76 $38.43 Price & Dividend 30
Price & Dividend 35 $0.76 $0.81 $0.89 $0.97 $1.07 $1.18 $1.30 $1.43 $1.57 $1.69 $1.74 $1.76 $38.43 Price & Dividend 35
Price Median H/L $24.19 $28.33 $32.87 $37.57 $38.44 $36.93 $35.51 $39.00 $33.28 $35.52 $34.12 $33.29 $37.52 $37.32 14.16% <-Total Growth 10 Stock Price
Increase 22.08% 17.12% 16.02% 14.32% 2.32% -3.94% -3.85% 9.84% -14.68% 6.75% -3.94% -2.45% 12.72% -0.55% 1.33% <-IRR #YR-> 10 Stock Price 14.16%
P/E 14.02 15.52 15.99 17.98 15.25 33.27 17.24 25.32 16.00 10.96 25.85 27.51 18.21 16.51 -0.77% <-IRR #YR-> 5 Stock Price -3.79%
Trailing P/E 13.04 16.42 18.01 18.28 18.39 14.65 31.99 18.93 21.61 17.08 10.53 25.22 31.01 18.11 5.39% <-IRR #YR-> 10 Price & Dividend 60.95%
P/E on Run. 5 yr Ave 15.05 16.51 18.06 19.67 18.82 19.23 18.05 20.92 17.87 17.71 16.66 17.72 18.93 18.49 3.67% <-IRR #YR-> 5 Price & Dividend 1.13%
P/E on Run. 10 yr Ave 18.00 19.77 21.64 23.11 21.88 20.94 19.28 21.17 17.64 17.55 17.20 17.31 19.51 19.23 13.09 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.05% 4.44% % Tot Ret 75.24% 121.02% Price Inc -2.45% P/E:  18.09 18.21 Count 34 Years of data
-$32.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37.52
-$39.00 $0.00 $0.00 $0.00 $0.00 $37.52
-$32.87 $0.97 $1.07 $1.18 $1.30 $1.43 $1.57 $1.69 $1.74 $1.76 $39.30
-$39.00 $1.57 $1.69 $1.74 $1.76 $39.30
High Months Dec Oct May Apr Apr Jan Aug Jun Jan Dec Mar Jul Jul Apr
Split pre '05
Split pre '13 $54.49 $64.21
Price High $27.25 $32.11 $35.80 $41.46 $41.27 $44.04 $40.29 $42.26 $37.31 $39.91 $42.69 $36.55 $41.45 $39.67 15.78% <-Total Growth 10 Stock Price
Increase 20.69% 17.84% 11.51% 15.81% -0.46% 6.71% -8.51% 4.89% -11.71% 6.97% 6.97% -14.38% 13.41% -4.29% 1.48% <-IRR #YR-> 10 Stock Price 15.78%
P/E 15.79 17.59 17.42 19.84 16.38 39.68 19.56 27.44 17.94 12.32 32.34 30.21 20.12 17.55 -0.39% <-IRR #YR-> 5 Stock Price -1.92%
Trailing P/E 14.69 18.61 19.62 20.18 19.75 17.48 36.30 20.51 24.23 19.19 13.18 27.69 34.26 19.26 15.31 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 6.97% P/E:  19.98 20.12 19.78 P/E Ratio Historical High
-$35.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $41.45
-$42.26 $0.00 $0.00 $0.00 $0.00 $41.45
Low Months May Mar Jan Aug Jan Dec Jan Feb Oct Jan Mar Mar Oct Mar
Price Low $21.13 $24.55 $29.93 $33.68 $35.61 $29.81 $30.72 $35.74 $29.24 $31.13 $25.55 $30.02 $33.59 $34.96 12.23% <-Total Growth 10 Stock Price
Increase 23.93% 16.19% 21.91% 12.53% 5.73% -16.29% 3.05% 16.34% -18.19% 6.46% -17.92% 17.50% 11.89% 4.08% 1.16% <-IRR #YR-> 10 Stock Price 12.23%
P/E 12.25 13.45 14.56 16.11 14.13 26.86 14.91 23.21 14.06 9.61 19.36 24.81 16.31 15.47 -1.23% <-IRR #YR-> 5 Stock Price -6.02%
Trailing P/E 11.39 14.23 16.40 16.39 17.04 11.83 27.68 17.35 18.99 14.97 7.89 22.74 27.76 16.97 11.08 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 6.46% P/E:  16.21 16.31 9.64 P/E Ratio Historical Low
-$29.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $33.59
$586 <-12 mths 17.91%
Free Cash Flow WSJ -$294 $24 -$228 -$643 -$164 $435 $255 $515 2045.83% <-Total Growth 7 Free Cash Flow WSJ, MS
Change 108.16% -1050.00% -182.02% 74.49% 365.24% -41.38% 101.96% $0.74 <-Median-> 7 Change Mrk Sc
Free Cash Flow MS $252 $14 -$870 -$532 -$358 -$55 $329 $95 -$66 $246 $741 $497 $771 $96 $809 $1,043 188.62% <-Total Growth 10 Free Cash Flow Disagree
Change 698.18% -71.12% -169.47% 472.73% 201.22% -32.93% 55.13% -87.55% 742.71% 28.92% 52.01% <-IRR #YR-> 5 Free Cash Flow MS 711.58%
FCF/CF from Op Ratio -0.21 1.23 0.35 -0.24 0.90 2.72 1.85 2.86 0.36 3.00 3.86 #NUM! <-IRR #YR-> 10 Free Cash Flow MS 188.62%
Dividends paid $190 $205 $228 $253 $282 $213 $296 $296 $365 $462 $477 $477 $477 $485 $485 $485 109.63% <-Total Growth 10 Dividends paid
Percentage paid -387.27% 89.97% 311.58% -553.03% 187.80% 64.37% 95.98% 61.87% 504.80% 59.90% 46.46% $0.77 <-Median-> 8 Percentage paid
5 Year Covrage 297.27% 140.97% 137.28% 103.15% 101.13% 82.37% 74.87% 5 Year Coverage
Dividend Coverage Ratio -0.26 1.11 0.32 -0.18 0.53 1.55 1.04 1.62 0.20 1.67 2.15 0.79 <-Median-> 8 Dividend Coverage Ratio
5 Year of Coverage 0.34 0.71 0.73 0.97 0.99 1.21 1.34 5 Year of Coverage
Market Cap  $6,851 $7,854 $9,248 $9,311 $10,796 $8,525 $9,719 $10,142 $8,555 $10,703 $8,483 $9,882 $9,892 $9,852 $9,852 $9,852 6.96% <-Total Growth 10 Market Cap
Diluted 251.94 255.36 256.02 259.30 262.82 265.35 267.78 270.05 272.07 273.21 273.27 270.32 269.67 272.46 5.33% <-Total Growth 10 Diluted
Change 0.16% 1.36% 0.26% 1.28% 1.36% 0.96% 0.91% 0.85% 0.74% 0.42% 0.02% -1.08% -0.24% 1.03% 0.01 <-Median-> 10 Change
Difference Diluted/Basic -0.1% -0.1% -0.3% -0.3% -0.3% -0.3% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% 0.00 <-Median-> 10 Difference Diluted/Basic
Basic # of Shares in Millions 251.79 255.05 255.33 258.43 262.01 264.65 267.17 269.44 271.46 272.63 272.76 269.86 269.13 272.01 5.41% <-Total Growth 10 Basic
Change 0.20% 1.30% 0.11% 1.22% 1.39% 1.01% 0.95% 0.85% 0.75% 0.43% 0.05% -1.06% -0.27% 1.07% 0.80% <-Median-> 10 Change
Difference Basic/Outstanding 0.0% 0.1% 0.7% 1.0% 0.7% 0.8% 0.5% 0.6% 0.6% 0.2% 0.0% -0.2% 0.3% -0.7% 0.57% <-Median-> 10 Difference Basic/Outstanding
$2,041 <-12 mths -4.63%
Class A - Non-Voting 171.93 174.50 176.54 185.74 188.72 191.83 194.26 196.99 199.37 199.70 199.41 196.96 201.36 201.59 201.59 201.59 14.05% <-Total Growth 10 Class A - Non-Voting Class A and
Class B - Common 79.93 80.73 80.57 75.29 75.19 75.06 74.29 74.11 73.77 73.55 73.45 72.39 68.55 68.48 68.48 68.48 -14.92% <-Total Growth 10 Class B - Common Class B 
# of Share in Millions 251.86 255.23 257.11 261.03 263.91 266.90 268.55 271.10 273.14 273.25 272.86 269.35 269.90 270.07 270.07 270.07 0.49% <-IRR #YR-> 10 Shares 4.98%
Change 0.06% 1.34% 0.74% 1.52% 1.10% 1.13% 0.62% 0.95% 0.75% 0.04% -0.14% -1.29% 0.21% 0.06% 0.00% 0.00% -0.09% <-IRR #YR-> 5 Shares -0.44%
CF fr Op $M $764.30 $1,352.0 $1,384 $1,801 $1,540 $1,616 $1,622 $1,312 $870 $1,358 $1,631 $1,718 $2,140 $1,818 $1,758 $1,961 54.62% <-Total Growth 10 Cash Flow
Increase 3.52% 76.89% 2.37% 30.13% -14.49% 4.94% 0.37% -19.11% -33.69% 56.09% 20.10% 5.33% 24.56% -15.07% -3.27% 11.52% SO,  S. Issued,  Buy Backs
5 year Running Average $724 $871 $1,006 $1,208 $1,368 $1,539 $1,593 $1,578 $1,392 $1,356 $1,359 $1,378 $1,543 $1,733 $1,813 $1,879 53.41% <-Total Growth 10 CF 5 Yr Running
CFPS $3.03 $5.30 $5.38 $6.90 $5.84 $6.05 $6.04 $4.84 $3.19 $4.97 $5.98 $6.38 $7.93 $6.73 $6.51 $7.26 47.30% <-Total Growth 10 Cash Flow per Share
Increase 3.46% 74.56% 1.62% 28.18% -15.42% 3.76% -0.25% -19.87% -34.18% 56.03% 20.27% 6.71% 24.31% -15.12% -3.27% 11.52% 4.45% <-IRR #YR-> 10 Cash Flow 54.62%
5 year Running Average $2.88 $3.45 $3.96 $4.71 $5.29 $5.89 $6.04 $5.93 $5.19 $5.02 $5.00 $5.07 $5.69 $6.40 $6.70 $6.96 10.28% <-IRR #YR-> 5 Cash Flow 63.11%
P/CF on Med Price 7.97 5.35 6.11 5.45 6.59 6.10 5.88 8.06 10.45 7.15 5.71 5.22 4.73 5.54 0.00 0.00 3.95% <-IRR #YR-> 10 Cash Flow per Share 47.30%
P/CF on Closing Price 8.96 5.81 6.68 5.17 7.01 5.28 5.99 7.73 9.83 7.88 5.20 5.75 4.62 5.42 5.60 5.02 10.38% <-IRR #YR-> 5 Cash Flow per Share 63.83%
-9.48% Diff M/C 3.69% <-IRR #YR-> 10 CFPS 5 yr Running 43.62%
$1,960 <-12 mths 1.40%
Excl.Working Capital CF -$26.10 -$33.00 $193 -$39 $169 -$38 $233 $514 $910 $437 -$3 -$93 -$207 $0 $0 $0 -0.84% <-IRR #YR-> 5 CFPS 5 yr Running -4.14%
CF fr Op $M WC $738.2 $1,319.0 $1,577 $1,762 $1,709 $1,578 $1,855 $1,826 $1,780 $1,795 $1,628 $1,625 $1,933 $1,818 $1,758 $1,961 22.57% <-Total Growth 10 Cash Flow less WC
Increase -6.96% 78.68% 19.56% 11.73% -3.01% -7.67% 17.55% -1.56% -2.52% 0.84% -9.30% -0.18% 18.95% -5.97% -3.27% 11.52% 2.06% <-IRR #YR-> 10 Cash Flow less WC 22.57%
5 year Running Average $744 $876 $1,046 $1,238 $1,421 $1,589 $1,696 $1,746 $1,750 $1,767 $1,777 $1,731 $1,752 $1,760 $1,752 $1,819 1.15% <-IRR #YR-> 5 Cash Flow less WC 5.86%
CFPS Excl. WC $2.93 $5.17 $6.13 $6.75 $6.48 $5.91 $6.91 $6.74 $6.52 $6.57 $5.97 $6.03 $7.16 $6.73 $6.51 $7.26 5.29% <-IRR #YR-> 10 CF less WC 5 Yr Run 67.44%
Increase -7.01% 76.32% 18.69% 10.05% -4.07% -8.70% 16.83% -2.49% -3.25% 0.80% -9.18% 1.12% 18.71% -6.03% -3.27% 11.52% 0.07% <-IRR #YR-> 5 CF less WC 5 Yr Run 0.36%
5 year Running Average $2.96 $3.47 $4.12 $4.83 $5.49 $6.09 $6.44 $6.56 $6.51 $6.53 $6.54 $6.36 $6.45 $6.49 $6.48 $6.74 1.56% <-IRR #YR-> 10 CFPS - Less WC 16.77%
P/CF on Med Price 8.25 5.48 5.36 5.57 5.94 6.25 5.14 5.79 5.11 5.41 5.72 5.52 5.24 5.54 0.00 0.00 1.23% <-IRR #YR-> 5 CFPS - Less WC 6.33%
P/CF on Closing Price 9.28 5.95 5.86 5.28 6.32 5.40 5.24 5.55 4.81 5.96 5.21 6.08 5.12 5.42 5.60 5.02 4.59% <-IRR #YR-> 10 CFPS 5 yr Running 56.62%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 5.99 5 yr  5.71 P/CF Med 10 yr 5.54 5 yr  5.41 -2.18% Diff M/C -0.33% <-IRR #YR-> 5 CFPS 5 yr Running -1.63%
-$5.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.93 Cash Flow per Share
-$4.84 $0.00 $0.00 $0.00 $0.00 $7.93 Cash Flow per Share
-$3.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.69 CFPS 5 yr Running
-$5.93 $0.00 $0.00 $0.00 $0.00 $5.69 CFPS 5 yr Running
-$1,577 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,933 Cash Flow less WC
-$1,826 $0 $0 $0 $0 $1,933 Cash Flow less WC
-$1,046 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,752 CF less WC 5 Yr Run
-$1,746 $0 $0 $0 $0 $1,752 CF less WC 5 Yr Run
-$6.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.16 CFPS - Less WC
-$6.74 $0.00 $0.00 $0.00 $0.00 $7.16 CFPS - Less WC
-$4.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.45 CFPS 5 yr Running
-$6.56 $0.00 $0.00 $0.00 $0.00 $6.45 CFPS 5 yr Running
Changes in non-cash working capital $33 -$99 $114 -$103 $84
Accts Rec -$101 -$108 -$86 $108 -$13 -$105 -$155
Inventories $3 $7 -$3 $2 $7 -$3
Prepaid Expenses & other curr Assets -$4 -$15 -$139 -$56 $0 -$7 $5
Accts Payable & accrued Liab $29 $151 $142 -$284 $14 $153 $264
Provisons and Other Curr liab -$31 $39 -$33 -$24 $0 $0 -$5
Distribut rece Invest Joing $45 $69
Interest received $32
Div and Dis Rec  $2 $2 $0
Income taxes paid (In Notes) -$77 -$94 -$75 -$66 -$46 -$52 -$65 See notes
Chge In rec under service concession -$77 -$516 -$803 -$180 $0
OPM 28.76% 45.08% 44.09% 53.27% 42.78% 49.51% 47.72% 32.58% 19.88% 34.78% 50.45% 48.88% 52.87% 45.51% 19.90% <-Total Growth 10 OPM
Increase 0.67% 56.73% -2.20% 20.82% -19.69% 15.74% -3.62% -31.73% -38.99% 74.96% 45.07% -3.12% 8.16% -13.92% Should increase  or be stable.
Diff from Ave -37.3% -1.8% -4.0% 16.0% -6.8% 7.9% 4.0% -29.0% -56.7% -24.2% 9.9% 6.5% 15.2% -0.9% 0.05 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 45.91% 5 Yrs 34.78% should be  zero, it is a   check on calculations
Long Term Debt $7,217 $7,971 $8,066 $9,895 $9,800 $8,808 $8,887 $8,977 $9,434 $8,990 Debt Type
Change 10.45% 1.19% 22.68% -0.96% -10.12% 0.90% 1.01% 5.09% -4.71% 1.10% <-Median-> 8 Change Lg Term
Debt/Market Cap Ratio 0.67 0.94 0.83 0.98 1.15 0.82 1.05 0.91 0.95 0.91 0.94 <-Median-> 9 Debt/Market Cap Ratio Intan/GW
Assets/Current Liabilities 17.04 22.61 21.05 21.97 13.26 27.12 23.71 14.86 16.68 16.09 21.05 <-Median-> 9 Assets/Current Liabilities Liquidity
Debt to Cash Flow (Years) 4.69 4.93 4.97 7.54 11.26 6.49 5.45 5.23 4.41 4.95 5.23 <-Median-> 9 Debt to Cash Flow (Years) Liq. + CF
Total Debt Ratio 0.66 0.66 0.66 0.69 0.70 0.65 0.66 0.68 0.68  
 
Debt Ratio
Intangibles $330 $370 $396 $484 $526 $563 $630 $629 $656 $726 $819 $743 148.18% <-Total Growth 10 Intangibles Leverage
Goodwill $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0! <-Total Growth 10 Goodwill D/E Ratio
Total $330 $370 $396 $484 $526 $563 $630 $629 $656 $726 $819 $743 148.18% <-Total Growth 10 Total
Change 12.12% 7.03% 22.22% 8.68% 7.03% 11.90% -0.16% 4.29% 10.67% 12.81% -9.28% 9.67% <-Median-> 10 Change
Intangible/Market Cap Ratio 0.04 0.04 0.04 0.06 0.05 0.06 0.07 0.06 0.08 0.07 0.08 0.08 0.06 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $1,082.0 $1,182.0 $1,084 $1,105 $1,004 $1,057 $985 $2,040 $1,856 $1,714 $1,559 $1,731 $1,867 $1,705 72.23% <-Total Growth 10 Current Assets
Current Liabilities $467.0 $802.0 $902 $1,024 $980 $799 $892 $948 $1,645 $739 $856 $1,418 $1,317 $1,317 46.01% <-Total Growth 10 Current Liabilities
Liquidity 2.32 1.47 1.20 1.08 1.02 1.32 1.10 2.15 1.13 2.32 1.82 1.22 1.42 1.29 1.27 <-Median-> 10 Ratio
Liq. with CF aft div 3.55 2.90 2.48 2.59 2.31 2.95 2.53 3.13 1.40 3.53 3.17 2.10 2.68 2.31 2.68 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.33 0.98 0.77 0.77 0.76 0.91 0.96 1.51 0.85 2.86 1.54 1.11 1.37 2.31 1.37 <-Median-> 5 Ratio
Curr Long Term Debt $34 $48 $138 $83 $5 $169 $5 $485 $485 $166 $331 $106 $167
Liquidity Less CLTD 1.54 1.27 1.25 1.12 1.33 1.36 2.16 1.60 6.75 2.26 1.59 1.54 1.48 1.60 <-Median-> 5 Ratio
Liq. with CF aft div 3.03 2.62 2.99 2.52 2.97 3.12 3.14 1.98 10.28 3.93 2.74 2.91 2.64 2.91 <-Median-> 5 Ratio
Assets $9,415 $11,696 $13,398 $15,051 $16,702 $18,069 $18,781 $20,825 $21,819 $20,044 $20,296 $21,075 $21,974 $21,184 64.01% <-Total Growth 10 Assets
Liabilities $5,280 $7,510 $9,029 $9,657 $11,095 $11,876 $12,361 $14,363 $15,257 $13,123 $13,488 $14,253 $14,908 $14,218 65.11% <-Total Growth 10 Liabilities
Debt Ratio 1.78 1.56 1.48 1.56 1.51 1.52 1.52 1.45 1.43 1.53 1.50 1.48 1.47 1.49 1.51 <-Median-> 10 Ratio
Estimates BVPS $19.80 $20.40 $21.00 Estimates Estimates BVPS
Estimate Book Value $5,347.4 $5,509.4 $5,671.4 Estimates Estimate Book Value
P/B Ratio (Close) 1.84 1.79 1.74 Estimates P/B Ratio (Close)
Difference from 10 year median 22.60% Diff M/C Estimates Difference from 10 yr med.
Total Equity $4,135 $4,186 $4,369 $5,394 $5,607 $6,193 $6,420 $6,462 $6,562 $6,921 $6,808 $6,822 $7,066 $6,966 61.73% <-Total Growth 10 Book Value
Pref Shares Subsidary Corp/NCI $343 $343 $343 $343 $187 $187 $202 $187 $187 $187 $187 $187 $187 $187 -45.48% <-Total Growth 10 Pref Shares Subsidary /NCI
Net Equity $3,792 $3,843 $4,026 $5,051 $5,420 $6,006 $6,218 $6,275 $6,375 $6,734 $6,621 $6,635 $6,879 $6,779 70.86% <-Total Growth 10 Book Value
Book Value per share $15.06 $15.06 $15.66 $19.35 $20.54 $22.50 $23.15 $23.15 $23.34 $24.64 $24.27 $24.63 $25.49 $25.10 62.77% <-Total Growth 10 Book Value per share
P/B Ratio (Median) $1.61 $1.88 $2.10 $1.94 $1.87 $1.64 $1.53 $1.68 $1.43 $1.44 $1.41 $1.35 $1.47 $1.49 1.50 <-Median-> 10
Pref Shares * $517 $724 $723 $1,115 $1,115 $1,483 $1,483 $1,483 $1,483 $1,483 $1,483 $1,571 $1,571 $1,571 117.29% <-Total Growth 10 Pref Shares *
Book Value $3,275 $3,119 $3,303 $3,936 $4,305 $4,523 $4,735 $4,792 $4,892 $5,251 $5,138 $5,064 $5,308 $5,208 $5,208 $5,208 60.70% <-Total Growth 10 Book Value
Book Value per share $13.00 $12.22 $12.85 $15.08 $16.31 $16.95 $17.63 $17.68 $17.91 $19.22 $18.83 $18.80 $19.67 $19.28 $19.28 $19.28 53.09% <-Total Growth 10 Book Value per Share
Change 7.46% -6.03% 5.13% 17.38% 8.18% 3.89% 4.04% 0.25% 1.32% 7.30% -2.01% -0.15% 4.60% -1.94% 0.00% 0.00% -0.29% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.86 2.32 2.56 2.49 2.36 2.18 2.01 2.21 1.86 1.85 1.81 1.77 1.91 1.94 0.00 0.00 1.90 P/B Ratio Historical Median
P/B Ratio (Close) 2.09 2.52 2.80 2.37 2.51 1.88 2.05 2.12 1.75 2.04 1.65 1.95 1.86 1.89 1.89 1.89 4.35% <-IRR #YR-> 10 Book Value per Share 53.09%
Change 15.71% 20.38% 11.20% -15.51% 6.02% -24.85% 8.91% 3.11% -17.37% 16.56% -19.00% 18.19% -4.50% 1.51% 0.00% 0.00% 2.16% <-IRR #YR-> 5 Book Value per Share 11.26%
Leverage (A/BK) 2.28 2.79 3.07 2.79 2.98 2.92 2.93 3.22 3.33 2.90 2.98 3.09 3.11 3.04 2.98 <-Median-> 10 A/BV
Debt/Equity Ratio 1.28 1.79 2.07 1.79 1.98 1.92 1.93 2.22 2.33 1.90 1.98 2.09 2.11 2.04 1.98 <-Median-> 10 Debt/Eq Ratio
Medians P/BV 10 yr Med 1.96 5 yr Med 1.85 -3.52% Diff M/C 2.84 Historical A/BV
-$12.85 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.67
-$17.68 $0.00 $0.00 $0.00 $0.00 $19.67
$712 <-12 mths -8.37%
Comprehensive Income $422.20 $415 $412 $787 $610 $491 $580 $428 $657 $892 $451 $589 $784 90.29% <-Total Growth 10 Net Income
Pref Shares Subsidary Corp $0.00 $19 $19 $19 $13 $8 $9 $7 $7 $7 $7 $7 $7
Shareholders $422.20 $396 $393 $768 $597 $483 $571 $421 $650 $885 $444 $582 $777 97.71% <-Total Growth 10 Comprehensive Income
Increase -9.94% -6.21% -0.76% 95.42% -22.27% -19.10% 18.22% -26.27% 54.39% 36.15% -49.83% 31.08% 33.51% 33.51% <-Median-> 5 Comprehensive Income
5 Yr Running Average $397 $407 $414 $490 $515 $527 $562 $568 $544 $602 $594 $596 $668 7.05% <-IRR #YR-> 10 Comprehensive Income 97.71%
ROE 12.9% 12.7% 11.9% 19.5% 13.9% 10.7% 12.1% 8.8% 13.3% 16.9% 8.6% 11.5% 14.6% 13.04% <-IRR #YR-> 5 Comprehensive Income 84.56%
5Yr Median 14.2% 14.2% 12.9% 12.9% 12.9% 12.7% 12.1% 12.1% 12.1% 12.1% 12.1% 11.5% 13.3% 4.89% <-IRR #YR-> 10 5 Yr Running Average 61.17%
% Difference from NI -2.9% -20.2% -29.9% 30.8% -16.0% 37.2% -7.9% -12.8% 2.5% -6.9% 4.0% 48.1% 97.7% 3.28% <-IRR #YR-> 5 5 Yr Running Average 17.54%
Median Values Diff 5, 10 yr 3.3% 4.0% 13.3% <-Median-> 5 Return on Equity
-$393 $0 $0 $0 $0 $0 $0 $0 $0 $0 $777
-$421 $0 $0 $0 $0 $777
-$414 $0 $0 $0 $0 $0 $0 $0 $0 $0 $668
-$568 $0 $0 $0 $0 $668
Current Liability Coverage Ratio 1.58 1.64 1.75 1.72 1.74 1.97 2.08 1.93 1.08 2.43 1.90 1.15 1.47 1.38   CFO / Current Liabilities
5 year Median 1.58 1.63 1.64 1.71 1.72 1.74 1.75 1.93 1.93 1.97 1.93 1.90 1.47 1.47 1.47 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 7.84% 11.28% 11.77% 11.71% 10.23% 8.73% 9.88% 8.77% 8.16% 8.96% 8.02% 7.71% 8.80% 8.58% CFO / Total Assets
5 year Median 9.40% 9.96% 10.23% 11.28% 11.28% 11.28% 10.23% 9.88% 8.77% 8.77% 8.77% 8.16% 8.16% 8.58% 8.2% <-Median-> 5 Return on Assets 
Return on Assets ROA 4.62% 4.24% 4.19% 3.90% 4.26% 1.95% 3.30% 2.32% 2.91% 4.74% 2.10% 1.86% 1.79% 2.69% Net  Income/Assets Return on Assets
5Yr Median 5.14% 5.14% 4.62% 4.24% 4.24% 4.19% 3.90% 3.30% 2.91% 2.91% 2.91% 2.32% 2.10% 2.10% 2.6% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 13.28% 15.90% 16.98% 14.91% 16.52% 7.78% 13.09% 10.08% 12.96% 18.11% 8.31% 7.76% 7.40% 10.93% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 15.01% 15.32% 15.32% 15.32% 15.90% 15.90% 14.91% 13.09% 12.96% 12.96% 12.96% 10.08% 8.31% 8.31% 11.5% <-Median-> 10 Return on Equity
$460 <-12 mths 17.05%
Net Income $435.00 $515 $580 $606 $724 $360 $629 $490 $641 $958 $434 $400 $400 $595 $595 -31.03% <-Total Growth 10 Net Income
Pref Shares Subsidary Corp $0.00 $19 $19 $19 $13 $8 $9 $7 $7 $7 $7 $7 $7 $7 $7
Shareholders $435.00 $496 $561 $587 $711 $352 $620 $483 $634 $951 $427 $393 $393 $569 $611 -29.95% <-Total Growth 10 Net Income
Increase -6.77% 14.02% 13.10% 4.63% 21.12% -50.49% 76.14% -22.10% 31.26% 50.00% -55.10% -7.96% 0.00% 44.78% 7.38% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $405 $439 $474 $509 $558 $541 $566 $551 $560 $608 $623 $578 $560 $547 $479 -3.50% <-IRR #YR-> 10 Net Income -29.95%
Operating Cash Flow $764.30 $1,352 $1,384 $1,801 $1,540 $1,616 $1,622 $1,312 $870 $1,358 $1,631 $1,718 $2,140 -4.04% <-IRR #YR-> 5 Net Income -18.63%
Investment Cash Flow -$777.50 -$1,570 -$1,992 -$2,418 -$1,977 -$1,806 -$1,456 -$1,018 -$1,065 -$172 -$905 -$1,262 -$1,256 1.67% <-IRR #YR-> 10 5 Yr Running Ave. 17.97%
Total Accruals $448.20 $714 $1,169 $1,204 $1,148 $542 $454 $189 $829 -$235 -$299 -$63 -$491 0.32% <-IRR #YR-> 5 5 Yr Running Ave. 1.63%
Total Assets $9,415.3 $11,696 $13,398 $15,051 $16,702 $18,069 $18,781 $20,825 $21,819 $20,044 $20,296 $21,075 $21,974 Balance Sheet Assets
Accruals Ratio 4.76% 6.10% 8.73% 8.00% 6.87% 3.00% 2.42% 0.91% 3.80% -1.17% -1.47% -0.30% -2.23% -1.17% <-Median-> 5 Ratio
EPS/CF Ratio 0.59 0.35 0.34 0.31 0.39 0.19 0.30 0.23 0.32 0.49 0.22 0.20 0.29 0.29 <-Median-> 10 EPS/CF Ratio
-$561 $0 $0 $0 $0 $0 $0 $0 $0 $0 $393
-$483 $0 $0 $0 $0 $393
-$474 $0 $0 $0 $0 $0 $0 $0 $0 $0 $560
-$551 $0 $0 $0 $0 $560
Change in Close 24.34% 13.13% 16.90% -0.83% 14.69% -21.93% 13.31% 3.37% -16.28% 25.06% -20.63% 18.01% -0.11% -0.46% 0.00% 0.00% Count 29 Years of data
up/down down down down down down Count 12 41.38%
Meet Prediction? % right Count 1 8.33%
Financial Cash Flow -$232.30 $280 $376 $770 $291 $353 -$341 -$217 $367 -$788 -$924 -$478 -$932 C F Statement  Financial Cash Flow
Total Accruals $680.50 $434 $793 $434 $857 $189 $795 $406 $462 $553 $625 $415 $441 Accruals
Accruals Ratio 7.23% 3.71% 5.92% 2.88% 5.13% 1.05% 4.23% 1.95% 2.12% 2.76% 3.08% 1.97% 2.01% 2.12% <-Median-> 5 Ratio
Cash $539.6 $613 $382 $496 $347 $519 $340 $418 $599 $977 $778 $750 $698 $830 Cash
Cash per Share $2.14 $2.40 $1.49 $1.90 $1.31 $1.94 $1.27 $1.54 $2.19 $3.58 $2.85 $2.78 $2.59 $3.07 $2.78 <-Median-> 5 Cash per Share
Percentage of Stock Price 7.88% 7.81% 4.13% 5.33% 3.21% 6.09% 3.50% 4.12% 7.00% 9.13% 9.17% 7.59% 7.06% 8.42% 7.59% <-Median-> 5 % of Stock Price
Notes:
May 17, 2023.  Last estimates were for 2022, 2023 and 2024 of $3693M, $3573M and 3350M for Revenue, $2.29, $2.24 and $2.22 for AEPS, $2.21, $2.21 and $2.22 for EPS, 
$1.78, $1.80 and $1.85 for Dividends, $441M, $420M and $696M for FCF, $5.92, $5.48 and $5.65 for CFPS, and $595M and $595M 2022/3 for Net Income.
May 15, 2022.  Last estimates were for 2021, 2022 and 2023 of $3430M, $3571M and $3658M for Revenue, $2.02, $2.13 and $2.17 for EPS, 
$1.76, $1.79 and $1.81 for Dividends, $409M, $612M and $940M for FCF, $6.10, $6.36 and $6.78 for CFPS, $520M, $580M and $569M for Net Income.
May 15, 2021.  Last estimates were for 2020, 2021 and 2022 of $3532M, $3665M and $3572M for Revenue, $1.97, $2.05 and $2.20 for EPS, $1.75, $1.80 and $1.85 for Dividends, 
$624M, $498M and $605M for FCF, $5.47 and $5.99 for FCPS for 2020 and 2021 and $526M, $554M and $592M for Net Income.
May 10, 2020.  Last estimates were for 2019, 2020 and 2021 of $4143M, $4299M and $4376M for Revenue, $2.18, $2.27 and $2.38 for EPS, $5.70, $5.90 and $6.31 for CFPS and $595M, $615M and $647M for Net Income.
May 10, 2018.  Last estimaes were for 2018, 2019 and 2020 of $3918M, $3589M and $4326M for Revenue, $2.20m $2.36 and $2.59 for EPS, $5.57, $5.97 ad $6.46 for CFPS and $612M, $638M and $679M for Net Income.
May 14, 2017.  Last estimates were for 2016, 2017 and 2018 of $3497M, 3713M and 3974M for Revenue, $2.01, $2.24 and $3.08 for EPS, $5.78, $6.22 and $6.60 for CPFS and $610M, $613M and $636M for Net Income.
September 23, 2016.  Last estimates were for 2015, 2016 and 2017 of $3574M, $3948M and $4133M for Revenue, $1.95, $2.35 and $2.56 for EPS, $4.02, $4.29 and $4.58 for CFPS and $524M, $639M and $672M for Net Income.
September 27, 2015.  Last estimates were for 2014, 2015 and 2016 of $3657M $3957M and $4097M for Revenue, $2.43, $2.58 and $2.62 for EPS, $5.52, $5.93 and $6.23 for CFPS and $656M, $673M and $719M for Net Income.
September 19, 2014.  Last estimates were for 2013, 2014 and 2015 of $3531M, $3989M and $4187M for revenue, $2.19, $2.23 and $1.88 for EPS, $5.09, 5.47 and $5.73 for CFPS.
September 21, 2013.  Last estimates were for 2012 and 2013 of $3383M and $3587M for Revenue, $4.05 and $4.30 (and $4.80) for EPS and $7.13 (2012) for CFPS.
August 16, 2012.  Last estimates I got were for 2011 and 2012 at $3.60 and $4.05 for earnings and $6.55 and $7.13 for CF.
Jul 23, 2011.  When I last looked I got estimates for 2010 and 2011 of $3.30 and $3.43 for EPS and $$6.30 and $6.70 for CF.
Aug 15, 2010.  When I last looked at this stock, the 2009 and 2010 earnings estimates were $2.95 (came in at $3.71) and $3.02 and Cash Flow $6.40 and $6.55.
Nov 19, 2009.  When I looked at this in July 2009, I picked up earnings for 2009 and 2010 of $2.93 and $3.02 and cash flow of $6.25 and $6.50.
Jul 7, 2009.  In Jan 2009 I picked up earnings estimates for 2009 and 2010 of  $2.94 and $2.89.  Earnings for 2009 were $3.28.
Have been increasing dividends since 1973.
July 2011.  Current thinking is that preferred shares are neither equity or liability.
Notes: * I looked at preferred shares for this company as there is some controvsy of whether these shares are a liability or equity.  Mostly it seems to be that they are a liability. 
However, I have separated them out.  Graham Price formula generally uses the book value, but really it is asset less liabilities divided by no. of shares.    However, if we exclude
preferred shares from the liabilities of this company, the Graham Price is higher.  See values below.  However, as in most valuations it is the relative values that count.
For example, not only do you look at the Graham Price, but on the past differnces between stock price and Graham Price.
Two shares classes, A and B.  
Class A non-voting is on TSX exchange.
Class B is voting and does not appear on the TSX.
Sector:
Power, Utility
What should this stock accomplish?
This is a utility stocks and you should expect a moderate dividend yield with moderate growth.
Would I buy this company and Why.
This is a dividend growth utility stocks.  
This stock is closely linked to ATCO Ltd. (TSX-ACO), so you would not buy both.
Why am I following this stock. 
I started to follow this stock in January of 2009 because it was on the Dividend Achievers list, the Dividend Aristocrats list and was also on Mike Higgs’ dividend growth list at that time.
The Dividend Aristocrats list is now an index on the TSX.  ATCO (TSX-ACO-X) owns 88% of this stock, so you would not buy both these stocks.
Dividends
Dividends are paid quarterly in cycle 3, that is in March, June, September and December.  Dividends are declared for one month and paid in the following month.
For example, the dividend declared for shareholders of record of Febuary 7, 2012 was paid on March 1, 2012.
How they make their money.
Canadian Utilities Ltd, a subsidiary of holding company Atco, offers gas and electricity services. The company's main divisions include electricity (generation, transmission, 
and distribution), pipelines & liquid (natural gas and water), and Retail Energy. Headquartered in Calgary, Alberta, the firm mainly operates in Canada and Australia, 
along with some operations in the United States and Mexico.
ATCO (ACO.X) owns 90.15% of of Class B shares in this company.
Class A - TSX-CU (non-voting) & B share -TSX-CU.X
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.
This stock (TSX-CU) is on the Dividend Achievers list at http://www.dividendachievers.com/, the Dividend Aristocrats list at http://www.tmxmoney.com/en/individual.html (see indices) and also 
on Mike Higgs’ list at http://www.dividendgrowth.org/Report.htm.  
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 2015 Sep 26 2016 May 14 2017 May 07 2018 May 10 2019 May 10 2020 May 15 2021 May 15 2022 May 20 2023
Kiefer, Siegfried W.  0.086 0.04% 0.098 0.05% 0.062 0.03% A ceased insider Feb 2022
Officer - Class A $3.373 $3.041 $2.284 A
Shares B - percentage 0.001 0.00% 0.001 0.00% 0.001 0.00% B
CFO - Shares - Amount $0.031 $0.025 $0.029 B
Options - percentage 0.177 0.06% 0.204 0.07% 0.333 0.12%
Options - amount $6.914 $6.342 $12.199
Shkrobot, Brian P. 0.009 0.00% 0.011 0.01% 14.61%
CFO - Shares - Amount $0.342 $0.332
Options - percentage 0.030 0.01% 0.092 0.05% 205.67%
Options - amount $1.100 $2.851
DeChamplain, Dennis 0.039 0.01% 0.037 0.01% 0.058 0.02% 0.026 0.01% A
CFO - Shares - Amount $1.236 $1.456 $1.816 $0.951 A
Options - percentage 0.059 0.02% 0.055 0.02% 0.084 0.03% 0.142 0.05%
Options - amount $1.848 $2.154 $2.612 $5.210
Bale, Brian R. 0.02% 0.038 0.01% 0.037 0.01% 0.014 0.01%
CFO - Shares - Amount $1.409 $1.367 $1.380 $0.434
Options - percentage 0.07% 0.122 0.05% 0.152 0.06% 0.098 0.04% Priced options, RTS
Options - amount $5.621 $4.415 $5.686 $3.069
Constantinescu, M. George 0.002 0.00% 0.004 0.00% 0.002 0.00% 0.004 0.00% 0.004 0.00% A 19.46%
Officer - Shares - Amount $0.081 $0.132 $0.066 $0.134 $0.136 A
Shares B - percentage 0.000 0.00% 0.000 0.00% 0.002 0.00% B 852.50%
Officer - Shares - Amount $0.000 $0.007 $0.059 B
Options - percentage 0.002 0.00% 0.004 0.00% 0.006 0.00% 0.008 0.00% 0.012 0.01% 50.00%
Options - amount $0.078 $0.124 $0.220 $0.293 $0.373
Cook, P. Derek 0.009 0.00% 0.004 0.00% 0.002 0.00% 0.007 0.00% 0.001 0.00% 0.002 0.00% 0.002 0.00% filed Jan 2023 23.84%
Officer - Shares - Amount $0.336 $0.141 $0.089 $0.207 $0.048 $0.065 $0.068
Options - percentage 0.006 0.00% 0.008 0.00% 0.004 0.00% 0.008 0.00% 0.012 0.00% 0.016 0.01% 0.020 0.01% 25.64%
Options - amount $0.224 $0.251 $0.141 $0.236 $0.426 $0.572 $0.609
Charlton, Loraine M. 0.02% 0.032 0.02% 0.034 0.02% 0.036 0.02% 0.039 0.02% 0.015 0.01% 0.043 0.02% 0.016 0.01% 0.047 0.02% A 201.21%
Director - Shares - Amount $0.949 $1.162 $1.256 $1.119 $1.510 $0.478 $1.561 $0.577 $1.473 A
Shares B - percentage 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% B 0.00%
Shares B - amount $0.067 $0.076 $0.079 $0.066 $0.082 $0.065 $0.077 $0.077 $0.065 B
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% Priced options, RTS #DIV/0!
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Urwin, Roger J. 0.020 0.01% 0.021 0.01% 0.034 0.02% 66.35%
Lead Director- Shares - Amt $0.725 $0.757 $1.069
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
Options - amount $0.000 $0.000 $0.000
Simpson, James W. 0.01% 0.035 0.01% 0.036 0.01% 0.038 0.01% 0.032 0.01% A
Lead Director- Shares - Amt $1.034 $1.278 $1.361 $1.180 $1.245 A
Options - percentage 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% Priced options, RTS
Options - amount $0.128 $0.145 $0.150 $0.125 $0.157
Southern, Nancy C. 0.11% 1.073 0.55% 77.036 39.11% 77.495 38.87% 77.504 38.81% 77.517 38.87% 77.515 0.68% 77.516 38.50% 77.581 38.90% A Was Chair & CEO 2018 0.08%
Chair - Shares A- Amount $6.577 $38.846 $2,881.921 $2,427.147 $3,035.841 $2,409.995 $2,844.007 $2,840.965 $2,411.982 A and again in 2023
Shares B - percentage 0.00% 0.290 0.39% 66.599 89.86% 66.599 90.27% 66.599 90.55% 66.599 90.67% 66.603 92.01% 66.599 97.16% 66.599 90.67% B 0.00%
Shares B - amount $0.000 $10.481 $2,491.463 $2,085.876 $2,608.677 $2,070.558 $2,443.666 $2,440.848 $2,070.558 B
Options - percentage 0.67% 1.565 0.58% 1.695 0.63% 1.442 0.53% 1.425 0.52% 1.705 0.62% 1.261 0.47% 1.245 0.62% 1.420 0.71% Priced options, RTS 14.06%
Options - amount $57.492 $56.637 $63.410 $45.175 $55.817 $53.008 $46.266 $45.629 $44.151
ATCO Ltd. 39.16% 75.533 38.88% 75.964 38.56% 76.396 27.97% 76.396 27.96% 76.396 28.00% 76.396 28.36% 76.396 37.94% A ATCO Sept 2013 says
10% Holder Class A $2,399.270 $2,733.547 $2,841.818 $2,392.724 $2,992.433 $2,375.153 $2,802.971 $2,799.915 A They own 88.1% 
Shares B - percentage 88.34% 132.618 178.50% 132.618 178.94% 132.618 48.55% 132.618 48.53% 132.618 48.60% 132.618 49.24% 132.618 65.86% B Last filing Jun 2017
Shares B - amount $2,117.917 $4,799.463 $4,961.258 $4,153.611 $5,194.666 $4,123.109 $4,865.772 $4,860.468 B
Increase in O/S Shares 0.07% 0.196 0.07% 0.174 0.06% 0.160 0.06% 0.039 0.01% 0.104 0.04% 0.035 0.01% 0.062 0.02% 0.030 0.02%
due to SO  $7.298 $6.254 $6.297 $5.967 $1.221 $4.091 $1.082 $2.289 $1.114
Book Value $3.000 $6.000 $5.000 $4.000 $1.000 $3.000 $1.000 $2.000 $1.000
Insider Buying -$0.026 -$0.017 -$0.017 -$0.887 $0.000 -$0.155 $0.000 -$0.075 -$0.065
Insider Selling $2.452 $6.409 $4.516 $6.077 $0.936 $3.458 $0.756 $1.906 $0.117
Net Insider Selling $2.426 $6.392 $4.499 $5.190 $0.936 $3.303 $0.756 $1.831 $0.051
% of Market Cap 0.03% 0.07% 0.04% 0.06% 0.01% 0.04% 0.01% 0.02% 0.00%
Directors 12 10 10 10 11 11 11 13
Women 38% 5 42% 4 40% 4 40% 4 40% 4 36% 4 36% 4 36% 5 38%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 17.32% 0 0.00% 4 2.18% 4 2.29% 177 21.96% 20 35.66% 20 11.06% 20 9.38% 20 6.86%
Total Shares Held 17.16% 0.000 0.00% 1.619 0.82% 1.695 0.62% 43.787 16.03% 97.409 35.70% 29.962 11.12% 25.280 12.55% 18.527 9.29%
Increase/Decrease 3 Mths -4.36% 0.000 #DIV/0! 0.000 0.00% 0.000 0.00% 0.176 0.40% -0.163 -0.17% -1.338 -4.27% -0.649 -2.50% 0.020 0.11%
Starting No. of Shares 0.000 1.619 Reuters 1.695 Reuters 43.611 Reuters 97.571 Reuters 31.299 MS 20 25.929 MS 20 18.508 MS 20
Institutions/Holdings 188 145 0.00% 285 20.63%
Value $0.000 $2,208.390
Total Shares Held 103.000 52.29% 30.000 10.98% 42.000 15.38% Class A
Value $0.000 $1,315.44
Increase/Decrease 3 Mths 36.000 53.73% 0.000 0.00% -4.000 -8.70%
Starting No. of Shares 67.000 Morningstar 30.000 Morningstar 46.000 Morningstar
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