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
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/ Q1 2017
Canadian Utilities Ltd TSX: CU OTC: CDUAF www.canadian-utilities.com Fiscal Yr: Dec 31
Year 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 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 Value Description #Y Item
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
$5,247 <-12 mths 54.37%
Revenue* $2,515.8 $2,430.4 $2,404.9 $2,778.9 $2,584.0 $2,657.2 $2,999 $3,139 $3,381 $3,600 $3,264 $3,399 $3,459 $3,642 $3,760 39.85% <-Total Growth 10 Revenue
Increase -18.57% -3.39% -1.05% 15.55% -7.01% 2.83% 12.86% 4.67% 7.71% 6.48% -9.33% 4.14% 1.77% 5.29% 3.24% 3.41% <-IRR #YR-> 10 Revenue 39.85%
5 year Running Average $3,167 $2,951 $2,837 $2,644 $2,543 $2,571 $2,685 $2,832 $2,952 $3,155 $3,277 $3,357 $3,421 $3,473 $3,505 2.54% <-IRR #YR-> 5 Revenue 13.34%
Revenue per Share $9.91 $9.69 $9.60 $11.07 $10.27 $10.55 $11.75 $12.21 $12.95 $13.64 $12.23 $12.66 $12.84 $13.52 $13.96 1.30% <-IRR #YR-> 10 5 yr Running Average 13.75%
Increase -18.64% -2.24% -0.98% 15.35% -7.27% 2.78% 11.37% 3.90% 6.09% 5.32% -10.35% 3.49% 1.44% 5.29% 3.24% 4.57% <-IRR #YR-> 5 5 yr Running Average 25.02%
5 year Running Average $12.49 $11.66 $11.23 $10.49 $10.11 $10.23 $10.65 $11.17 $11.55 $12.22 $12.56 $12.74 $12.86 $12.98 $13.04 2.71% <-IRR #YR-> 10 Revenue per Share 30.60%
P/S (Price/Sales) Med 1.91 2.17 2.52 1.93 1.93 2.29 2.41 2.69 2.90 2.82 3.02 2.81 1.50% <-IRR #YR-> 5 Revenue per Share 7.72%
P/S (Price/Sales) Close 2.22 2.46 2.42 1.83 2.13 2.58 2.62 2.95 2.75 3.00 2.61 2.86 3.11 2.96 2.86 0.89% <-IRR #YR-> 10 5 yr Running Average 9.28%
*Revenue in M CDN $  P/S Med 10 yr  2.61 5 yr  2.82 19.39% Diff M/C 3.65% <-IRR #YR-> 5 5 yr Running Average 19.64%
-$2,430 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3,399
-$2,999.0 $0.0 $0.0 $0.0 $0.0 $3,399
-$2,951 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3,357
-$2,684.8 $0.0 $0.0 $0.0 $0.0 $3,357
-$9.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.66
-$11.75 $0.00 $0.00 $0.00 $0.00 $12.66
-$11.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.74
-$10.65 $0.00 $0.00 $0.00 $0.00 $12.74
$0.14 <-12 mths -93.20%
Split pre '13 $3.46 $3.65 $4.12
EPS Basic $1.04 $1.28 $1.54 $1.65 $1.86 $1.73 $1.83 $2.06 $2.10 $2.52 $1.12 $2.07 61.72% <-Total Growth 10 EPS Basic
EPS Diluted* $1.04 $1.28 $1.54 $1.64 $1.86 $1.73 $1.83 $2.06 $2.09 $2.52 $1.11 $2.06 $1.77 $3.10 $2.37 60.94% <-Total Growth 10 EPS Diluted
Increase -14.40% 23.08% 19.92% 6.84% 13.11% -7.01% 5.80% 12.60% 1.70% 20.57% -55.95% 85.59% -14.08% 75.14% -23.55% 4.87% <-IRR #YR-> 10 Earnings per Share 60.94%
Earnings Yield 4.7% 5.4% 6.6% 8.1% 8.5% 6.3% 5.9% 5.7% 5.9% 6.2% 3.5% 5.7% 4.4% 7.8% 5.9% 2.45% <-IRR #YR-> 5 Earnings per Share 12.88%
5 year Running Average $1.08 $1.15 $1.22 $1.34 $1.47 $1.61 $1.72 $1.82 $1.91 $2.04 $1.92 $1.97 $1.91 $2.11 $2.08 5.51% <-IRR #YR-> 10 5 yr Running Average 71.04%
10 year Running Average $0.92 $0.98 $1.06 $1.15 $1.26 $1.34 $1.43 $1.52 $1.63 $1.76 $1.76 $1.84 $1.87 $2.01 $2.06 2.77% <-IRR #YR-> 5 5 yr Running Average 14.63%
* Diluted ESP per share  E/P 10 Yrs 6.05% 5Yrs 5.71%
-$1.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.06
-$1.83 $0.00 $0.00 $0.00 $0.00 $2.06
-$1.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.97
-$1.72 $0.00 $0.00 $0.00 $0.00 $1.97
Split pre '13 $0.25
Special Dividend $0.00 $0.13 $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 $1.10 $1.15 $1.25 $1.33 $1.41 $1.51 $1.61
Dividend* $0.55 $0.58 $0.63 $0.67 $0.71 $0.76 $0.81 $0.89 $0.97 $1.07 $1.18 $1.30 $1.43 $1.43 $1.43 126.09% <-Total Growth 10 Dividends
Increase 3.77% 4.55% 8.70% 6.40% 6.02% 7.09% 6.62% 9.94% 9.60% 10.31% 10.28% 10.17% 10.00% 0.00% 0.00% Count 27 Years of data
Dividends 5 Yr Running $0.51 $0.56 $0.58 $0.61 $0.65 $0.69 $0.71 $0.76 $0.82 $0.90 $0.98 $1.08 $1.19 $1.28 $1.35 94.42% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 2.90% 2.74% 2.58% 3.12% 3.56% 3.12% 2.84% 2.69% 2.58% 2.78% 3.20% 3.66% 2.98% <-Median-> 10 Yield H/L Price
Yield on High  Price 2.38% 2.35% 2.30% 2.65% 3.12% 2.77% 2.51% 2.47% 2.34% 2.59% 2.68% 3.23% 2.62% <-Median-> 10 Yield on High  Price
Yield on Low Price 3.72% 3.27% 2.94% 3.80% 4.13% 3.57% 3.28% 2.96% 2.88% 3.00% 3.96% 4.23% 3.43% <-Median-> 10 Yield on Low Price
Yield on Close Price 2.50% 2.41% 2.69% 3.28% 3.22% 2.78% 2.62% 2.46% 2.72% 2.62% 3.69% 3.59% 3.58% 3.58% 3.58% 2.75% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 52.88% 44.92% 40.72% 40.55% 38.01% 43.77% 44.11% 43.07% 46.41% 42.46% 106.31% 63.11% 80.79% 46.13% 60.34% 43.42% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 47.22% 48.35% 47.89% 45.75% 44.15% 42.94% 41.43% 41.92% 43.14% 43.91% 51.15% 54.96% 62.30% 60.70% 65.03% 44.03% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 18.62% 28.41% 22.16% 21.08% 24.04% 24.88% 15.20% 16.44% 14.06% 18.34% 19.49% 21.52% 22.73% 21.57% 19.59% 20.29% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 21.91% 24.93% 23.08% 22.06% 22.65% 23.95% 20.62% 19.27% 17.50% 16.96% 16.66% 17.89% 19.12% 20.78% 20.95% 19.94% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 21.17% 26.70% 21.58% 20.75% 22.37% 25.76% 15.58% 14.43% 14.37% 16.52% 19.96% 19.64% 22.73% 21.57% 19.59% 19.80% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 23.72% 24.41% 23.67% 22.83% 22.42% 23.30% 20.49% 18.53% 17.07% 16.33% 16.13% 16.95% 18.57% 20.08% 20.67% 19.51% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values Yield  2.78% 2.72% Payout 46.41% 18.34% 16.52% 8.50% <-IRR #YR-> 10 Dividends 126.09%
* Dividends per share  Curr diff 28.56% Last Div Inc ---> $0.3250 $0.3575 10.0% 10.06% <-IRR #YR-> 5 Dividends 61.49%
-$0.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.30
-$0.81 $0.00 $0.00 $0.00 $0.00 $1.30
Historical Dividends Historical High Div 7.31% Low Div 2.35% Ave Div 4.83% Med Div 3.67% Close Div 3.53% Historical Dividends
High/Ave/Median Values Curr diff Exp. -51.05%     52.28% Exp. -25.91% Exp. -2.49% Cheap 1.39% High/Ave/Median 
Future Dividend Yield Div Yd 5.76% earning in 5 Years at IRR of 10.00% Div Inc. 61.05% Future Dividend Yield
Future Dividend Yield Div Yd 9.28% earning in 10 Years at IRR of 10.00% Div Inc. 159.37% Future Dividend Yield
Future Dividend Yield Div Yd 14.95% earning in 15 Years at IRR of 10.00% Div Inc. 317.72% Future Dividend Yield
Yield if held 5 yrs 4.28% 4.10% 4.16% 4.46% 4.41% 3.27% 3.29% 3.26% 3.86% 4.74% 4.33% 4.05% 3.99% 3.45% 3.46% 4.10% <-Median-> 10 Paid High Price
Yield if held 5 yrs 7.10% 5.17% 5.12% 5.90% 5.48% 5.11% 4.58% 4.17% 5.54% 6.28% 5.58% 5.30% 4.78% 4.25% 4.02% 5.39% <-Median-> 10 Paid Low Price
Yield if held 15 yrs 10.00% 10.76% 10.87% 9.90% 10.44% 11.50% 9.33% 8.58% 7.94% 8.67% 9.17% 9.28% 9.52% 9.60% 8.94% 9.31% <-Median-> 10 Paid High Price
Yield if held 15 yrs 11.73% 12.35% 13.33% 13.14% 12.89% 13.80% 12.81% 11.64% 10.21% 13.23% 15.23% 11.69% 11.72% 12.68% 11.12% 13.01% <-Median-> 10 Paid Low Price
Yield if held 5 yrs 5.34% 4.57% 4.59% 5.08% 4.89% 3.99% 3.83% 3.66% 4.55% 5.40% 4.88% 4.59% 4.35% 3.81% 3.72% 4.59% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 9.14% 7.71% 6.98% 6.13% 6.90% 7.33% 6.40% 6.50% 7.41% 7.42% 6.23% 6.18% 5.91% 6.71% 7.22% 6.70% <-Median-> 10 Paid Median Price
Yield if held 15 yrs 10.80% 11.50% 11.98% 11.29% 11.54% 12.55% 10.80% 9.88% 8.93% 10.48% 11.45% 10.34% 10.51% 10.93% 9.91% 11.04% <-Median-> 10 Paid Median Price
Yield if held 20 yrs 14.82% 16.10% 16.96% 16.47% 17.51% 19.61% 17.44% 15.97% 13.17% 14.00% 16.96% <-Median-> 7 Paid Median Price
Yield if held 25 yrs 23.17% 25.99% 27.40% 24.27% 23.40% 24.58% <-Median-> 2 Paid Median Price
Cost covered if held 5 years 19.83% 19.84% 19.40% 20.60% 20.28% 14.94% 14.53% 14.04% 16.40% 19.87% 18.02% 16.84% 16.62% 15.46% 16.40% 17.43% <-Median-> 10 Paid High Price
Cost covered if held 5 years 32.90% 24.99% 23.89% 27.23% 25.24% 23.35% 20.23% 17.97% 23.52% 26.30% 23.24% 22.02% 19.88% 19.03% 19.01% 23.44% <-Median-> 10 Paid Low Price
Cost covered if held 15 years 115.91% 125.91% 121.83% 108.85% 113.48% 122.67% 98.38% 87.08% 78.12% 82.51% 84.82% 83.78% 84.39% 91.28% 90.63% 92.73% <-Median-> 10 Paid High Price
Cost covered if held 15 years 136.00% 144.50% 149.44% 144.49% 140.04% 147.17% 135.06% 118.16% 100.42% 125.87% 140.77% 105.53% 103.93% 120.62% 112.80% 137.55% <-Median-> 10 Paid Low Price
Cost covered if held 5 years 24.74% 22.12% 21.41% 23.46% 22.49% 18.22% 16.91% 15.76% 19.33% 22.64% 20.30% 19.08% 18.10% 17.06% 17.61% 19.81% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 76.46% 66.14% 57.67% 49.93% 55.76% 58.22% 50.40% 49.44% 54.94% 53.58% 44.15% 42.62% 40.34% 49.40% 56.81% 51.99% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 125.15% 134.57% 134.23% 124.17% 125.37% 133.80% 113.84% 100.27% 87.88% 99.68% 105.86% 93.41% 93.15% 103.92% 100.50% 109.85% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 192.88% 205.65% 207.33% 194.10% 198.77% 215.42% 186.35% 166.70% 146.92% 165.97% 198.77% <-Median-> 7 Paid Median Price
Cost covered if held 25 years 289.28% 313.72% 321.34% 302.91% 309.57% 301.50% <-Median-> 2 Paid Median Price
Graham No. $14.32 $16.34 $18.64 $20.11 $22.47 $22.47 $22.40 $24.37 $26.63 $30.41 $20.57 $29.19 $27.32 $36.15 $31.61 78.65% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.32 1.29 1.30 1.06 0.88 1.08 1.26 1.35 1.41 1.26 1.79 1.22 1.39 1.26 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.61 1.50 1.46 1.25 1.00 1.21 1.43 1.47 1.56 1.36 2.14 1.38 1.46 1.41 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.03 1.08 1.14 0.87 0.76 0.94 1.10 1.23 1.26 1.17 1.45 1.05 1.31 1.12 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.54 1.46 1.24 1.01 0.97 1.21 1.37 1.48 1.34 1.35 1.55 1.24 1.46 1.11 1.26 1.29 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 53.58% 46.06% 24.44% 0.69% -2.66% 21.07% 37.36% 47.59% 33.95% 34.52% 55.25% 23.98% 46.29% 10.54% 26.42% 29.20% <-Median-> 10 Graham Price
Split pre '05
Split pre '13 $43.98 $47.73 $46.40 $40.50 $43.75 $54.40 $61.54
Price Close $21.99 $23.87 $23.20 $20.25 $21.88 $27.20 $30.77 $35.97 $35.67 $40.91 $31.94 $36.19 $39.96 $39.96 $39.96 51.64% <-Total Growth 10 Stock Price
Increase 45.82% 8.53% -2.79% -12.72% 8.02% 24.34% 13.13% 16.90% -0.83% 14.69% -21.93% 13.31% 10.42% 0.00% 0.00% 4.25% <-IRR #YR-> 10 Stock Price 51.64%
P/E 21.14 18.64 15.11 12.35 11.79 15.77 16.86 17.50 17.07 16.23 28.77 17.57 22.58 12.89 16.86 3.30% <-IRR #YR-> 5 Stock Price 17.61%
Trailing P/E 18.10 22.95 18.13 13.19 13.34 14.66 17.84 19.71 17.36 19.57 12.67 32.60 19.40 22.58 12.89 7.27% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D.  per yr 3.02% 3.26% % Tot Ret 41.52% 49.73% Price Inc 13.31% P/E:  16.55 17.50 6.56% <-IRR #YR-> 5 Price & Dividend
-$23.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $36.19
-$30.77 $0.00 $0.00 $0.00 $0.00 $36.19
-$23.87 $0.63 $0.67 $0.71 $0.76 $0.81 $0.89 $0.97 $1.07 $1.18 $37.49
-$30.77 $0.89 $0.97 $1.07 $1.18 $37.49
Price Median H/L $18.94 $21.02 $24.21 $21.32 $19.81 $24.19 $28.33 $32.87 $37.57 $38.44 $36.93 $35.51 $37.86 68.89% <-Total Growth 10 Stock Price
Increase 31.26% 11.01% 15.14% -11.94% -7.05% 22.08% 17.12% 16.02% 14.32% 2.32% -3.94% -3.85% 6.63% 5.38% <-IRR #YR-> 10 Stock Price 68.89%
P/E 18.21 16.42 15.77 13.00 10.68 14.02 15.52 15.99 17.98 15.25 33.27 17.24 21.39 4.62% <-IRR #YR-> 5 Stock Price 25.34%
Trailing P/E 15.59 20.21 18.91 13.89 12.08 13.04 16.42 18.01 18.28 18.39 14.65 31.99 18.38 8.64% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 17.53 18.28 19.88 15.88 13.48 15.05 16.51 18.06 19.67 18.82 19.23 18.05 19.82 8.07% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 20.57 21.41 22.75 18.49 15.72 18.00 19.77 21.64 23.11 21.88 20.94 19.28 20.30 13.51 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 3.26% 3.45% % Tot Ret 37.73% 42.76% Price Inc 2.32% P/E:  15.65 17.24 Count 27 Years of data
-$21.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.51
-$28.33 $0.00 $0.00 $0.00 $0.00 $35.51
-$21.02 $0.63 $0.67 $0.71 $0.76 $0.81 $0.89 $0.97 $1.07 $1.18 $36.81
-$28.33 $0.89 $0.97 $1.07 $1.18 $36.81
High Months Nov Feb Dec Dec Oct May Apr Apr Jan Aug May
Split pre '05
Split pre '13 $46.20 $48.94 $54.36 $50.23 $45.15 $54.49 $64.21
Price High $23.10 $24.47 $27.18 $25.12 $22.58 $27.25 $32.11 $35.80 $41.46 $41.27 $44.04 $40.29 $39.98 64.65% <-Total Growth 10 Stock Price
Increase 44.38% 5.93% 11.07% -7.60% -10.11% 20.69% 17.84% 11.51% 15.81% -0.46% 6.71% -8.51% -0.77% 5.11% <-IRR #YR-> 10 Stock Price 64.65%
P/E 22.21 19.12 17.71 15.31 12.17 15.79 17.59 17.42 19.84 16.38 39.68 19.56 22.59 4.65% <-IRR #YR-> 5 Stock Price 25.49%
Trailing P/E 19.01 23.53 21.23 16.36 13.77 14.69 18.61 19.62 20.18 19.75 17.48 36.30 19.41 15.79 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 6.71% P/E:  17.51 19.56 19.21 P/E Ratio Historical High
-$24.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $40.29
-$32.11 $0.00 $0.00 $0.00 $0.00 $40.29
Low Months Mar Oct Apr May Mar Jan Aug Jan Dec Jan Feb
Price Low $14.78 $17.58 $21.23 $17.52 $17.05 $21.13 $24.55 $29.93 $33.68 $35.61 $29.81 $30.72 $35.74 74.79% <-Total Growth 10 Stock Price
Increase 14.94% 18.95% 20.80% -17.50% -2.65% 23.93% 16.19% 21.91% 12.53% 5.73% -16.29% 3.05% 16.34% 5.74% <-IRR #YR-> 10 Stock Price 74.79%
P/E 14.21 13.73 13.83 10.68 9.19 12.25 13.45 14.56 16.11 14.13 26.86 14.91 20.19 4.59% <-IRR #YR-> 5 Stock Price 25.13%
Trailing P/E 12.16 16.90 16.59 11.41 10.40 11.39 14.23 16.40 16.39 17.04 11.83 27.68 17.35 10.78 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 5.73% P/E:  13.98 14.91 9.62 P/E Ratio Historical Low
-$17.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.72
Long Term Debt $7,315 $7,991 $8,235 $8,349 Debt
Change 9.24% 3.05% 1.39% 6.15% <-Median-> 2 Change
Debt/Market Cap Ratio 0.68 0.94 0.85 0.78 0.85 <-Median-> 3 Debt/Market Cap Ratio
Goodwill & Intangibles $330 $370 $396 $484 $526 $530 Intangibles Goodwill
Change 12.12% 7.03% 22.22% 8.68% 0.76% 10.40% <-Median-> 4 Change
Intangible/Market Cap Ratio 0.04 0.04 0.04 0.06 0.05 0.05 0.04 <-Median-> 5 Intangible/Market Cap Ratio
Market Cap  $5,581 $5,985 $5,814 $5,083 $5,506 $6,851 $7,854 $9,248 $9,311 $10,796 $8,525 $9,719 $10,766 $10,766 $10,766 62.39% <-Total Growth 10 Market Cap
Diluted 251.55 251.94 255.36 256.02 259.30 262.82 265.35 267.78 268.97 6.45% <-Total Growth 7 Diluted
Change 0.16% 1.36% 0.26% 1.28% 1.36% 0.96% 0.91% 0.45% 0.01 <-Median-> 7 Change
Basic # of Shares in Millions 253.80 252.44 250.82 250.82 251.27 251.79 255.05 255.33 258.43 262.01 264.65 267.17 268.36 5.84% <-Total Growth 10 Basic
Change 0.11% -0.54% -0.64% 0.00% 0.18% 0.20% 1.30% 0.11% 1.22% 1.39% 1.01% 0.95% 0.44% 0.58% <-Median-> 10 Change
Difference 0.0% -0.7% -0.1% 0.1% 0.2% 0.0% 0.1% 0.7% 1.0% 0.7% 0.8% 0.5% 0.4% 0.35% <-Median-> 10 Difference
$1,601 <-12 mths -0.93%
Class A - Non-Voting 165.75 162.91 163.02 167.05 168.28 171.93 174.50 176.54 185.74 188.72 191.83 194.26 195.18 195.18 195.18 19.24% <-Total Growth 10 Class A - Non-Voting
Class B - Common 88.03 87.86 87.57 83.97 83.44 79.93 80.73 80.57 75.29 75.19 75.06 74.29 74.24 74.24 74.24 -15.44% <-Total Growth 10 Class B - Common
# of Share in Millions 253.78 250.78 250.59 251.02 251.72 251.86 255.23 257.11 261.03 263.91 266.90 268.55 269.42 269.42 269.42 0.69% <-IRR #YR-> 10 Shares 7.09%
Change 0.09% -1.19% -0.07% 0.17% 0.28% 0.06% 1.34% 0.74% 1.52% 1.10% 1.13% 0.62% 0.32% 0.00% 0.00% 1.02% <-IRR #YR-> 5 Shares 5.22%
CF fr Op $M $749.50 $617.90 $706.90 $791.80 $738.30 $764.30 $1,352.0 $1,384 $1,801 $1,540 $1,616 $1,622 $1,695 $1,786 $1,967 162.50% <-Total Growth 10 Cash Flow
Increase 17.00% -17.56% 14.40% 12.01% -6.76% 3.52% 76.89% 2.37% 30.13% -14.49% 4.94% 0.37% 4.48% 5.41% 10.11% SO,  S. Issued,  Buy Backs
5 year Running Average $590 $564 $638 $701 $721 $724 $871 $1,006 $1,208 $1,368 $1,539 $1,593 $1,655 $1,652 $1,737 182.25% <-Total Growth 10 CF 5 Yr Running
CFPS $2.95 $2.46 $2.82 $3.15 $2.93 $3.03 $5.30 $5.38 $6.90 $5.84 $6.05 $6.04 $6.29 $6.63 $7.30 145.13% <-Total Growth 10 Cash Flow per Share
Increase 16.90% -16.57% 14.49% 11.82% -7.02% 3.46% 74.56% 1.62% 28.18% -15.42% 3.76% -0.25% 4.14% 5.41% 10.11% 10.13% <-IRR #YR-> 10 Cash Flow 162.50%
5 year Running Average $2.33 $2.23 $2.53 $2.78 $2.87 $2.88 $3.45 $3.96 $4.71 $5.29 $5.89 $6.04 $6.22 $6.17 $6.46 3.71% <-IRR #YR-> 5 Cash Flow 19.97%
P/CF on Med Price 6.41 8.53 8.58 6.76 6.75 7.97 5.35 6.11 5.45 6.59 6.10 5.88 9.38% <-IRR #YR-> 10 Cash Flow per Share 145.13%
P/CF on Closing Price 7.45 9.69 8.22 6.42 7.46 8.96 5.81 6.68 5.17 7.01 5.28 5.99 6.35 6.03 5.47 2.66% <-IRR #YR-> 5 Cash Flow per Share 14.02%
0.10% Diff M/C 10.48% <-IRR #YR-> 10 CFPS 5 yr Running 170.94%
Excl.Working Capital CF -$90.20 $39.60 $19.00 $12.80 $55.10 -$26.10 -$33.00 $193 -$39 $169 -$38 $156 $0 $0 $0 11.87% <-IRR #YR-> 5 CFPS 5 yr Running 75.25%
CF fr Op $M WC $659.3 $657.5 $725.9 $804.6 $793.4 $738.2 $1,319.0 $1,577 $1,762 $1,709 $1,578 $1,778 $1,695 $1,786 $1,967 170.42% <-Total Growth 10 Cash Flow less WC
Increase 22.48% -0.27% 10.40% 10.84% -1.39% -6.96% 78.68% 19.56% 11.73% -3.01% -7.67% 12.67% -4.69% 5.41% 10.11% 10.46% <-IRR #YR-> 10 Cash Flow less WC 170.42%
5 year Running Average $545 $576 $621 $677 $728 $744 $876 $1,046 $1,238 $1,421 $1,589 $1,681 $1,704 $1,709 $1,761 6.15% <-IRR #YR-> 5 Cash Flow less WC 34.80%
CFPS Excl. WC $2.60 $2.62 $2.90 $3.21 $3.15 $2.93 $5.17 $6.13 $6.75 $6.48 $5.91 $6.62 $6.29 $6.63 $7.30 11.30% <-IRR #YR-> 10 CF less WC 5 Yr Run 191.68%
Increase 22.37% 0.92% 10.49% 10.65% -1.67% -7.01% 76.32% 18.69% 10.05% -4.07% -8.70% 11.98% -4.99% 5.41% 10.11% 13.91% <-IRR #YR-> 5 CF less WC 5 Yr Run 91.82%
5 year Running Average $2.15 $2.28 $2.46 $2.69 $2.89 $2.96 $3.47 $4.12 $4.83 $5.49 $6.09 $6.38 $6.41 $6.39 $6.55 9.71% <-IRR #YR-> 10 CFPS - Less WC 152.52%
P/CF on Med Price 7.29 8.02 8.36 6.65 6.29 8.25 5.48 5.36 5.57 5.94 6.25 5.36 5.08% <-IRR #YR-> 5 CFPS - Less WC 28.11%
P/CF on Closing Price 8.46 9.10 8.01 6.32 6.94 9.28 5.95 5.86 5.28 6.32 5.40 5.47 6.35 6.03 5.47 10.85% <-IRR #YR-> 10 CFPS 5 yr Running 180.03%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 6.35 5 yr  6.10 P/CF Med 10 yr 6.09 5 yr  5.57 4.31% Diff M/C 12.94% <-IRR #YR-> 5 CFPS 5 yr Running 83.79%
-$2.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.04 Cash Flow per Share
-$5.30 $0.00 $0.00 $0.00 $0.00 $6.04 Cash Flow per Share
-$2.23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.04 CFPS 5 yr Running
-$3.45 $0.00 $0.00 $0.00 $0.00 $6.04 CFPS 5 yr Running
-$658 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,778 Cash Flow less WC
-$1,319 $0 $0 $0 $0 $1,778 Cash Flow less WC
-$576 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,681 CF less WC 5 Yr Run
-$876 $0 $0 $0 $0 $1,681 CF less WC 5 Yr Run
-$2.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.62 CFPS - Less WC
-$5.17 $0.00 $0.00 $0.00 $0.00 $6.62 CFPS - Less WC
-$2.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.38 CFPS 5 yr Running
-$3.47 $0.00 $0.00 $0.00 $0.00 $6.38 CFPS 5 yr Running
Changes in non-cash working capital $33 -$99 $114 -$103 $84 -$104
Income taxes paid (In Notes) -$77 -$94 -$75 -$66 -$46 -$52 See notes
OPM 29.8% 25.4% 29.4% 28.5% 28.6% 28.8% 45.1% 44.1% 53.3% 42.8% 49.5% 47.7% 87.70% <-Total Growth 10 OPM
Increase 43.68% -14.66% 15.62% -3.06% 0.28% 0.67% 56.73% -2.20% 20.82% -19.69% 15.74% -3.62% Should increase  or be stable.
Diff from Ave -17.4% -29.5% -18.5% -21.0% -20.8% -20.3% 24.9% 22.2% 47.6% 18.5% 37.2% 32.2% 0.20 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 36.09% 5 Yrs 45.08% should be  zero, it is a   check on calculations
Current Assets $1,305.0 $1,294.5 $1,263.7 $1,335.1 $1,327.9 $1,082.0 $1,182.0 $1,084 $1,105 $1,004 $1,057 $985 $1,143 Liquidity ratio of 1.5 and up, best
Current Liabilities $437.0 $421.6 $445.9 $603.6 $462.9 $467.0 $802.0 $902 $1,024 $980 $799 $892 $959 1.40 <-Median-> 10 Ratio
Liquidity 2.99 3.07 2.83 2.21 2.87 2.32 1.47 1.20 1.08 1.02 1.32 1.10 1.19 1.10 <-Median-> 5 Ratio
Liq. with CF aft div 4.38 4.12 4.07 3.25 4.08 3.55 2.90 2.48 2.59 2.31 2.95 2.53 2.56 2.53 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  2.11 1.83 1.67 1.38 1.44 1.33 0.98 0.77 0.77 0.76 0.91 0.96 2.56 0.77 <-Median-> 5 Ratio
Curr Long Term Debt $34 $48 $138 $83 $5 $169 $169
Liquidity Less CLTD 1.54 1.27 1.25 1.12 1.33 1.36 1.45 1.27 <-Median-> 5 Ratio
Liq. with CF aft div 3.03 2.62 2.99 2.52 2.97 3.12 3.10 2.97 <-Median-> 5 Ratio
Assets $6,818 $6,994 $7,285 $7,864 $9,084 $9,415 $11,696 $13,398 $15,051 $16,702 $18,069 $18,781 $19,115 Debt Ratio of 1.5 and up, best
Liabilities $3,958 $4,032 $4,139 $4,488 $5,253 $5,280 $7,510 $9,029 $9,657 $11,095 $11,876 $12,361 $12,584 1.56 <-Median-> 10 Ratio
Debt Ratio 1.72 1.73 1.76 1.75 1.73 1.78 1.56 1.48 1.56 1.51 1.52 1.52 1.52 1.52 <-Median-> 5 Ratio
Total Equity $2,860 $2,961 $3,147 $3,377 $3,831 $4,135 $4,186 $4,369 $5,394 $5,607 $6,193 $6,420 $6,531 $6,531 $6,531 116.80% <-Total Growth 10 Book Value
Pref Shares Subsidary Corp $0 $0 $0 $0 $270 $343 $343 $343 $343 $187 $187 $0 $0 $0 $0
Net Equity $2,860 $2,961 $3,147 $3,377 $3,561 $3,792 $3,843 $4,026 $5,051 $5,420 $6,006 $6,420 $6,531 $6,531 $6,531 116.80% <-Total Growth 10 Book Value
Pref Shares * $637 $637 $625 $625 $515 $517 $724 $723 $1,115 $1,115 $1,483 $1,483 $1,483 $1,483 $1,483 132.99% <-Total Growth 10 Pref Shares *
Book Value $2,224 $2,325 $2,522 $2,752 $3,046 $3,275 $3,119 $3,303 $3,936 $4,305 $4,523 $4,937 $5,048 $5,048 $5,048 112.37% <-Total Growth 10 Book Value
Book Value per share $8.76 $9.27 $10.06 $10.96 $12.10 $13.00 $12.22 $12.85 $15.08 $16.31 $16.95 $18.38 $18.74 $18.74 $18.74 98.31% <-Total Growth 10 Book Value per Share
Change 4.91% 5.81% 8.56% 8.93% 10.39% 7.46% -6.03% 5.13% 17.38% 8.18% 3.89% 8.48% 1.92% 0.00% 0.00% 10.28% P/B Ratio Current/Historical Median
P/B Ratio (Median) 2.16 2.27 2.41 1.94 1.64 1.86 2.32 2.56 2.49 2.36 2.18 1.93 2.02 1.93 P/B Ratio Historical Median
P/B Ratio (Close) 2.51 2.57 2.31 1.85 1.81 2.09 2.52 2.80 2.37 2.51 1.88 1.97 2.13 2.13 2.13 7.09% <-IRR #YR-> 10 Book Value per Share 98.31%
Change 39.00% 2.57% -10.45% -19.87% -2.14% 15.71% 20.38% 11.20% -15.51% 6.02% -24.85% 4.45% 8.34% 0.00% 0.00% 8.51% <-IRR #YR-> 5 Book Value per Share 50.44%
Leverage (A/BK) 2.38 2.36 2.32 2.33 2.37 2.28 2.79 3.07 2.79 2.98 2.92 2.93 2.93 2.79 <-Median-> 10 A/BV
Debt/Equity Ratio 1.38 1.36 1.32 1.33 1.37 1.28 1.79 2.07 1.79 1.98 1.92 1.93 1.93 1.79 <-Median-> 10 Debt/Eq Ratio
Medians P/BV 10 yr Med 2.25 5 yr Med 2.36 -5.15% Diff M/C 2.71 Historical A/BV
-$9.27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.38
-$12.22 $0.00 $0.00 $0.00 $0.00 $18.38
$683.00 <-12 mths 19.61%
Comprehensive Income $415 $412 $787 $610 $491 $580
Pref Shares Subsidary Corp $19 $19 $19 $13 $8 $9
Shareholders $345.20 $357.80 $391.10 $468.80 $422.20 $396 $393 $768 $597 $483 $571 65.41% <-Total Growth 10 Comprehensive Income
Increase 3.65% 9.31% 19.87% -9.94% -6.21% -0.76% 95.42% -22.27% -19.10% 18.22% -0.76% <-Median-> 5 Comprehensive Income
5 Yr Running Average $397 $407 $414 $490 $515 $527 $562 5.16% <-IRR #YR-> 10 Comprehensive Income 65.41%
ROE 14.8% 14.2% 14.2% 15.4% 12.9% 12.7% 11.9% 19.5% 13.9% 10.7% 11.6% 7.59% <-IRR #YR-> 5 Comprehensive Income 44.19%
5Yr Median 14.2% 14.2% 12.9% 12.9% 12.9% 12.7% 11.9% 5.98% <-IRR #YR-> 6 5 Yr Running Average #DIV/0!
% Difference from NI 6.6% -7.5% -5.3% 0.5% -2.9% -20.2% -29.9% 30.8% -16.0% 37.2% -7.9% 6.67% <-IRR #YR-> 5 5 Yr Running Average 38.12%
Median Values Diff 5, 10 yr -6.4% -7.9% 11.9% <-Median-> 5 Return on Equity
-$345.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $571.0
-$396.0 $0.0 $0.0 $0.0 $0.0 $571.0
-$397.0 $0.0 $0.0 $0.0 $0.0 $0.0 $562.4
-$407.2 $0.0 $0.0 $0.0 $0.0 $562.4
Current Liability Coverage Ratio 1.51 1.56 1.63 1.33 1.71 1.58 1.64 1.75 1.72 1.74 1.97 1.99 1.77   CFO / Current Liabilities
5 year Median 0.98 1.36 1.51 1.51 1.56 1.58 1.63 1.64 1.71 1.72 1.74 1.75 1.77 1.75 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 9.67% 9.40% 9.96% 10.23% 8.73% 7.84% 11.28% 11.77% 11.71% 10.23% 8.73% 9.47% 8.87% CFO / Total Assets
5 year Median 8.62% 8.62% 9.40% 9.67% 9.67% 9.40% 9.96% 10.23% 11.28% 11.28% 11.28% 10.23% 9.47% 10.2% <-Median-> 5 Return on Assets 
Return on Assets ROA 3.9% 4.6% 5.3% 5.3% 5.1% 4.6% 4.2% 4.2% 3.9% 4.3% 1.9% 3.3% 3.2% Net  Income/Assets Return on Assets
5Yr Median 4.4% 4.6% 4.6% 4.8% 5.1% 5.1% 5.1% 4.6% 4.2% 4.2% 4.2% 3.9% 3.3% 4.2% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 11.9% 13.9% 15.3% 15.0% 15.3% 13.3% 15.9% 17.0% 14.9% 16.5% 7.8% 12.6% 12.0% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 14.4% 13.9% 13.9% 14.6% 15.0% 15.0% 15.3% 15.3% 15.3% 15.9% 15.9% 14.9% 12.6% 15.2% <-Median-> 10 Return on Equity
<-12 mths -100.00%
Net Income $515 $580 $606 $724 $360 $629 $608 $627
Pref Shares Subsidary Corp $19 $19 $19 $13 $8 $9 $9 $9
Shareholders $265.60 $323.90 $386.70 $413.10 $466.60 $435.00 $496 $561 $587 $711 $352 $620 $605 $628 91.42% <-Total Growth 10 Net Income
Increase -14.05% 21.95% 19.39% 6.83% 12.95% -6.77% 14.02% 13.10% 4.63% 21.12% -50.49% 76.14% -2.42% 3.80% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $275 $293 $309 $340 $371 $405 $439 $474 $509 $558 $541 $566 $575 $583 6.71% <-IRR #YR-> 10 Net Income 91.42%
Operating Cash Flow $749.50 $617.90 $706.90 $791.80 $738.30 $764.30 $1,352 $1,384 $1,801 $1,540 $1,616 $1,622 4.56% <-IRR #YR-> 5 Net Income 25.00%
Investment Cash Flow -$470.40 -$527.50 -$642.10 -$813.10 -$852.10 -$777.50 -$1,570 -$1,992 -$2,418 -$1,977 -$1,806 -$1,456 6.83% <-IRR #YR-> 10 5 Yr Running Ave. 93.56%
Total Accruals -$13.50 $233.50 $321.90 $434.40 $580.40 $448.20 $714 $1,169 $1,204 $1,148 $542 $454 5.20% <-IRR #YR-> 5 5 Yr Running Ave. 28.83%
Total Assets $6,817.8 $6,993.5 $7,285.4 $7,864.4 $9,083.6 $9,415.3 $11,696 $13,398 $15,051 $16,702 $18,069 $18,781 Balance Sheet Assets
Accruals Ratio -0.20% 3.34% 4.42% 5.52% 6.39% 4.76% 6.10% 8.73% 8.00% 6.87% 3.00% 2.42% 6.87% <-Median-> 5 Ratio
EPS/CF Ratio 0.40 0.49 0.53 0.51 0.59 0.59 0.35 0.34 0.31 0.39 0.19 0.31 0.37 <-Median-> 10 EPS/CF Ratio
-$323.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $620.0
-$496.0 $0.0 $0.0 $0.0 $0.0 $620.0
-$292.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $566.2
-$439.5 $0.0 $0.0 $0.0 $0.0 $566.2
Change in Close 45.82% 8.53% -2.79% -12.72% 8.02% 24.34% 13.13% 16.90% -0.83% 14.69% -21.93% 13.31% 10.42% 0.00% 0.00% Count 23 Years of data
up/down down down down down down down Count 12 52.17%
Meet Prediction? % right Count 1 8.33%
Financial Cash Flow -$141.80 -$132.30 -$98.80 $12.00 $197.00 -$232.30 $280 $376 $770 $291 $353 -$341 C F Statement  Financial Cash Flow
Total Accruals $128.30 $365.80 $420.70 $422.40 $383.40 $680.50 $434 $793 $434 $857 $189 $795 Accruals
Accruals Ratio 1.88% 5.23% 5.77% 5.37% 4.22% 7.23% 3.71% 5.92% 2.88% 5.13% 1.05% 4.23% 4.23% <-Median-> 5 Ratio
Cash $798.8 $747.2 $726.6 $796.0 $539.6 $613 $382 $496 $347 $519 $340 $504 Cash
Cash per Share $3.19 $2.98 $2.89 $3.16 $2.14 $2.40 $1.49 $1.90 $1.31 $1.94 $1.27 $1.87 $1.49 <-Median-> 5 Cash per Share
Percentage of Stock Price 13.35% 12.85% 14.29% 14.46% 7.88% 7.81% 4.13% 5.33% 3.21% 6.09% 3.50% 4.68% 4.13% <-Median-> 5 % of Stock Price
Notes:
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.
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.
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.
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.
How they make their money.
Canadian Utilities Limited operates in four business segments: regulated natural gas operations; regulated electric operations; technologies; and power generation. These operations provide service to industrial, 
residential and commercial customers. Other businesses consist of natural gas gathering, processing, storage and natural gas supply management and technical facilities management.
ATCO (ACO.X) owns just over 88% of 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 Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Jul-21 2011 Aug 16 2012 Sep 21 2013 Sep 19 2014 Sep 27 2015 Sep 26 2016 May-14 2017
Southern, Nancy C. 0.405 0.16% 0.178 0.09% 0.206 0.11% 1.073 0.55% 77.036 39.47% A
Chair & CEO - Shares A- Amount $14.447 $7.278 $6.577 $38.846 $3,078.363 A
Shares B - percentage 0.050 0.07% 0.000 0.00% 0.290 0.39% 66.599 89.71% B
Shares B - amount $2.046 $0.000 $10.481 $2,661.290 B
Options - percentage 1.160 0.44% 1.700 0.64% 1.800 0.67% 1.565 0.58% 1.695 0.63% Priced options, RTS
Options - amount $41.377 $69.547 $57.492 $56.637 $67.732
Bale, Brian R. 0.049 0.02% 0.034 0.01% 0.044 0.02% 0.038 0.01% 0.037 0.01%
CFO - Shares - Amount $1.751 $1.394 $1.409 $1.367 $1.474
Options - percentage 0.112 0.04% 0.112 0.04% 0.176 0.07% 0.122 0.05% 0.152 0.06% Priced options, RTS
Options - amount $3.995 $4.582 $5.621 $4.415 $6.074
Cook, P. Derek 0.009 0.00% filed Mar 2017
Officer - Shares - Amount $0.359
Options - percentage 0.006 0.00%
Options - amount $0.240
Gareau, Chad l 0.012 0.00% 0.008 0.00% 0.006 0.00% 0.009 0.00% 0.009 0.00% Subsidiary Esecutive
Officer - Shares - Amount $0.433 $0.329 $0.181 $0.336 $0.362 File March 2016
Options - percentage 0.011 0.00% 0.013 0.00% 0.013 0.00% 0.016 0.01% 0.016 0.01% Priced options, RTS
Options - amount $0.392 $0.532 $0.415 $0.579 $0.639
Ackroyd, Carson J. 0.006 0.00% 0.006 0.00% 0.006 0.00% Was listed as Director
Officer - Shares - Amount $0.216 $0.193 $0.219 in 2015, now Officer
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% Ink says director, not site
Options - amount $0.000 $0.000 $0.000 filing date May 2010
Southern, Ronald D. 1.551 0.83% 1.551 0.82% 1.406 0.73% 0.850 0.44% A ceased to be insider Oct 2016
Officer - Class A $55.308 $63.433 $44.905 $30.756 A
Shares B - percentage 0.576 0.77% 0.576 0.77% 0.000 0.00% 0.000 0.00% B
Shares B - amount $20.553 $23.572 $0.001 $0.001 B
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% Priced options
Options - amount $0.000 $0.000 $0.000 $0.000
Charlton, Loraine M. 0.800 0.42% 0.030 0.02% 0.032 0.02% 0.034 0.02% A
Director - Shares - Amount $32.708 $0.949 $1.162 $1.342 A
Shares B - percentage 0.579 0.77% 0.002 0.00% 0.002 0.00% 0.002 0.00% B
Shares B - amount $23.696 $0.067 $0.076 $0.084 B
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% Priced options, RTS
Options - amount $0.000 $0.000 $0.000 $0.000
Simpson, James W. 0.030 0.01% 0.032 0.01% 0.035 0.01% 0.036 0.01%
Lead Director- Shares - Amt $1.221 $1.034 $1.278 $1.454
Options - percentage 0.008 0.00% 0.004 0.00% 0.004 0.00% 0.004 0.00% Priced options, RTS
Options - amount $0.327 $0.128 $0.145 $0.160
ATCO Ltd. 68.239 36.74% 71.671 38.59% 73.741 39.07% 75.118 39.16% 75.533 38.88% 75.964 38.92% A ATCO Sept 2013 says
10% Holder Class A $2,434.086 $2,556.501 $3,016.749 $2,399.270 $2,733.547 $3,035.526 A They own 88.1% 
Shares B - percentage 66.309 88.07% 66.309 88.07% 66.309 88.19% 66.309 88.34% 132.618 178.50% 132.618 178.63% B Still reporting they
Shares B - amount $2,365.251 $2,365.251 $2,712.711 $2,117.917 $4,799.463 $5,299.435 B hold more shares
than exists.132.618492/2
Increase in O/S Shares 0.123 0.05% 0.190 0.07% 0.178 0.07% 0.196 0.07% 0.174 0.06%
due to SO  $4.406 $6.763 $7.298 $6.254 $6.297
Book Value $2.000 $4.000 $3.000 $6.000 $5.000
Insider Buying -$0.026 -$0.017 -$0.017
Insider Selling $2.452 $6.409 $4.516
Net Insider Selling $5.882 $2.426 $6.392 $4.499
% of Market Cap 0.05% 0.03% 0.07% 0.05%
Directors 13 15 13 12 10 Web site says 15 directors, 
Women 4 31% 5 33% 5 38% 5 42% 4 40% but only show 10
Minorities 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 5 4.66% 159 23.07% 7 2.22% 154 17.32% 0 0.00% 4 2.18%
Total Shares Held 3.756 2.13% 42.382 22.82% 1.671 0.89% 32.926 17.16% 0.000 0.00% 1.619 0.83% Class A
Increase/Decrease 3 Mths -0.001 -0.03% 0.784 1.88% -0.012 -0.74% -1.500 -4.36% 0.000 #DIV/0! 0.000 0.00% makes no sense
Starting No. of Shares 3.757 41.598 1.683 34.426 0.000 1.619 Reuters
Institutions/Holdings 188
Total Shares Held 103.000 52.77% Class A
Increase/Decrease 3 Mths 36.000 53.73%
Starting No. of Shares 67.000 Morningstar
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