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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First Capital REIT TSX: FCR.UN OTC: FCXXF https://www.fcr.ca Fiscal Yr: Dec 31 Q3 2022
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 12/31/25 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 Accounting Rules
Property Operating Costs $185.6 $211.6 $233.6 $241.5 $244.9 $254.3 $256.9 $274.8 $286.4 $273.9 $262.4 $267.6 26.49% <-Total Growth 10 Property Operating Costs
Change 13.96% 10.42% 3.40% 1.39% 3.83% 1.05% 6.96% 4.20% -4.37% -4.20% 2.00% 2.70% <-Median-> 10 Change
Ratio 0.35 0.36 0.37 0.37 0.37 0.38 0.37 0.38 0.38 0.41 0.39 0.39 0.38 <-Median-> 10 Ratio
Other Expenses $185.1 $190.5 $194.9 $204.5 $199.1 $193.6 $193.9 $190.3 $210.4 $190.9 $195.3 $100.2 -47.38% <-Total Growth 10 Other Expenses
Change 2.86% 2.32% 4.95% -2.63% -2.78% 0.13% -1.82% 10.54% -9.24% 2.27% -48.68% -0.84% <-Median-> 10 Change
Ratio 0.35 0.33 0.31 0.32 0.30 0.29 0.28 0.26 0.28 0.28 0.29 0.14 0.29 <-Median-> 10 Ratio
Total $370.8 $402.0 $428.5 $446.0 $444.0 $447.9 $450.8 $465.2 $496.8 $464.8 $457.6 $367.8 -8.51% <-Total Growth 10 Total
Change 8.42% 6.58% 4.10% -0.45% 0.87% 0.65% 3.18% 6.80% -6.43% -1.54% -19.63% 0.76% <-Median-> 10 Change
Ratio 0.70 0.69 0.68 0.69 0.68 0.66 0.65 0.64 0.67 0.69 0.68 0.53 0.67 <-Median-> 10 Ratio
$692.9 <-12 mths -0.03%
Revenue* $490.1 $526.7 $583.1 $631.6 $648.4 $656.6 $676.3 $694.5 $729.6 $746.8 $672.9 $674.9 $693.1 $698 $701 $721 18.86% <-Total Growth 10 Revenue
Increase 9.46% 7.48% 10.70% 8.32% 2.67% 1.26% 2.99% 2.69% 5.06% 2.35% -9.89% 0.30% 2.70% 0.71% 0.43% 2.85% 1.74% <-IRR #YR-> 10 Revenue 18.86%
5 year Running Average $414.7 $453.4 $493.5 $535.9 $576.0 $609.3 $639.2 $661.5 $681.1 $700.8 $704.0 $703.7 $703.4 $697.1 $688.0 $697.6 -0.04% <-IRR #YR-> 5 Revenue -0.20%
Revenue per Share $3.00 $2.96 $2.82 $3.03 $3.00 $2.91 $2.78 $2.84 $2.86 $3.43 $3.07 $3.07 $3.25 $3.27 $3.28 $3.38 3.61% <-IRR #YR-> 10 5 yr Running Average 42.56%
Increase 2.90% -1.43% -4.48% 7.38% -1.14% -2.85% -4.61% 2.30% 0.77% 19.67% -10.45% 0.19% 5.59% 0.71% 0.43% 2.85% 1.24% <-IRR #YR-> 5 5 yr Running Average 6.34%
5 year Running Average $2.92 $2.96 $2.92 $2.94 $2.96 $2.94 $2.91 $2.91 $2.88 $2.96 $3.00 $3.05 $3.14 $3.22 $3.19 $3.25 1.41% <-IRR #YR-> 10 Revenue per Share 14.98%
P/S (Price/Sales) Med 4.90 5.47 6.55 6.01 6.11 6.41 7.38 7.19 6.65 6.06 5.41 5.30 5.08 4.74 0.00 0.00 2.70% <-IRR #YR-> 5 Revenue per Share 14.25%
P/S (Price/Sales) Close 5.04 5.85 6.67 5.84 6.23 6.30 7.44 7.29 6.58 6.09 4.42 6.14 5.18 4.14 4.12 4.01 0.71% <-IRR #YR-> 10 5 yr Running Average 7.36%
*Property Rental Revenue in M CDN$  P/S Med 20 yr  5.53 15 yr  6.01 10 yr  6.09 5 yr  5.41 -31.93% Diff M/C 1.49% <-IRR #YR-> 5 5 yr Running Average 7.69%
-$583.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $693.1
-$694.5 $0.0 $0.0 $0.0 $0.0 $693.1
-$493.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $703.4
-$661.5 $0.0 $0.0 $0.0 $0.0 $703.4
-$2.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.25
-$2.84 $0.00 $0.00 $0.00 $0.00 $3.25
-$2.92 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.14
-$2.91 $0.00 $0.00 $0.00 $0.00 $3.14
$231.2 <-12 mths 2.22%
$1.08 <-12 mths 3.86%
ACFO --> AFFO $195.928 $225.210 $229.770 $243.592 $231.985 $243.645 $267.168 $252.416 $203.047 $223.512 $226.217 15.46% <-Total Growth 10 AFFO
ACFO per Share Calc $0.95 $0.98 $1.00 $1.03 $0.94 $0.98 $1.07 $1.09 $0.92 $1.01 $1.04 AFFO per Share
AFFO $0.87 $0.91 $0.92 $0.97 $1.01 $1.03 $0.99 $0.98 $1.07 $1.09 $0.92 $1.01 $1.04 $1.07 $1.08 $1.12 12.71% <-Total Growth 10 AFFO
Increase -5.95% 4.60% 1.10% 5.43% 4.12% 1.98% -3.88% -1.33% 9.05% 2.66% -15.80% 9.68% 2.67% 3.19% 0.93% 3.70% 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $0.89 $0.90 $0.91 $0.92 $0.94 $0.97 $0.98 $1.00 $1.01 $1.03 $1.01 $1.01 $1.03 $1.03 $1.02 $1.06 1.20% <-IRR #YR-> 10 AFFO 6.15%
AFFO Yield 5.8% 5.3% 4.9% 5.5% 5.4% 5.6% 4.8% 4.7% 5.7% 5.2% 6.8% 5.4% 6.2% 7.9% 8.0% 8.3% 1.20% <-IRR #YR-> 5 AFFO 12.98%
Payout Ratio 91.95% 87.91% 89.13% 86.60% 83.66% 83.50% 86.87% 88.04% 80.73% 78.64% 93.37% 46.31% 52.08% 80.75% 80.00% 77.14% 1.23% <-IRR #YR-> 10 5 yr Running Average 3.01%
5 year Running Average 95.16% 94.72% 94.77% 94.45% 87.71% 86.05% 85.87% 85.70% 84.48% 83.40% 85.20% 77.12% 69.98% 69.99% 70.25% 67.70% 0.59% <-IRR #YR-> 5 5 yr Running Average
Price/AFFO Median 16.87 17.77 20.09 18.79 18.12 18.13 20.70 20.91 17.88 18.99 18.02 16.12 15.90 14.47 0.00 0.00 18.12 <-Median-> 10 P/AFFO Med
Price/AFFO High 18.31 19.09 21.28 20.53 19.23 19.66 23.45 21.85 19.97 20.72 23.80 18.89 18.16 17.23 0.00 0.00 20.25 <-Median-> 10 P/AFFO High
Price/AFFO Low 15.44 16.45 18.90 17.05 17.02 16.59 17.94 19.98 15.80 17.26 12.23 13.35 13.65 11.71 0.00 0.00 16.81 <-Median-> 10 P/AFFO Low
Price/AFFO Close 17.37 19.01 20.46 18.26 18.48 17.82 20.88 21.21 17.70 19.08 14.71 18.67 16.21 12.65 12.54 12.09 18.37 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 16.34 19.89 20.68 19.25 19.24 18.17 20.07 20.93 19.30 19.59 12.39 20.48 16.64 12.65 12.54 12.09 19.27 <-Median-> 10 Trailing P/AFFO Close
Median Values DPR 10 Yrs 83.58% 5 Yrs   78.64% P/CF 5 Yrs   in order 17.88 19.97 13.65 17.70 -29.24% Diff M/C -30.18% Diff M/C 10 DPR 75% to 95% best
* Adjusted Funds From Operations
$226.3 <-12 mths -3.95%
ACFO  $195.928 $225.210 $229.770 $243.592 $231.985 $243.645 $267.168 $252.416 $203.047 $243.816 $235.588 20.24% <-Total Growth 10 ACFO
ACFO per Share Calc $0.95 $0.98 $1.00 $1.03 $0.94 $0.98 $1.07 $1.09 $0.92 $1.10 $1.08 ACFO per Share
AFFO $0.87 $0.91 $0.92 $0.97 $1.01 $1.03 $0.99 $0.98 $1.07 $1.09 $0.92 $1.10 $1.08 $1.03 <-12 mths 17.38% <-Total Growth 10 AFFO
Increase -5.95% 4.60% 1.10% 5.43% 4.12% 1.98% -3.88% -1.33% 9.05% 2.66% -15.80% 19.90% -2.19% -4.40% <-12 mths 10 0 10 Years of Data, EPS P or N 100.00%
5 year Running Average $0.89 $0.90 $0.91 $0.92 $0.94 $0.97 $0.98 $1.00 $1.01 $1.03 $1.01 $1.03 $1.05 $1.05 <-12 mths 1.62% <-IRR #YR-> 10 AFFO 10.54%
AFFO Yield 5.8% 5.3% 4.9% 5.5% 5.4% 5.6% 4.8% 4.7% 5.7% 5.2% 6.8% 5.9% 6.4% 7.6% <-12 mths 2.03% <-IRR #YR-> 5 AFFO 16.00%
Payout Ratio 91.95% 87.91% 89.13% 86.60% 83.66% 83.50% 86.87% 88.04% 80.73% 78.64% 93.37% 42.36% 50.01% 83.69% <-12 mths 1.50% <-IRR #YR-> 10 5 yr Running Average 5.76%
5 year Running Average 95.16% 94.72% 94.77% 94.45% 87.71% 86.05% 85.87% 85.70% 84.48% 83.40% 85.20% 75.72% 68.16% 68.66% <-12 mths 1.13% <-IRR #YR-> 5 5 yr Running Average
Price/AFFO Median 16.87 17.77 20.09 18.79 18.12 18.13 20.70 20.91 17.88 18.99 18.02 14.74 15.27 15.00 <-12 mths 18.12 <-Median-> 10 P/AFFO Med
Price/AFFO High 18.31 19.09 21.28 20.53 19.23 19.66 23.45 21.85 19.97 20.72 23.80 17.28 17.44 17.86 <-12 mths 20.25 <-Median-> 10 P/AFFO High
Price/AFFO Low 15.44 16.45 18.90 17.05 17.02 16.59 17.94 19.98 15.80 17.26 12.23 12.21 13.10 12.14 <-12 mths 16.81 <-Median-> 10 P/AFFO Low
Price/AFFO Close 17.37 19.01 20.46 18.26 18.48 17.82 20.88 21.21 17.70 19.08 14.71 17.08 15.57 13.12 <-12 mths 18.04 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 16.34 19.89 20.68 19.25 19.24 18.17 20.07 20.93 19.30 19.59 12.39 20.48 15.22 12.54 <-12 mths 19.27 <-Median-> 10 Trailing P/AFFO Close
Median Values DPR 10 Yrs 83.58% 5 Yrs   78.64% P/CF 5 Yrs   in order 17.88 19.97 13.10 17.08 -26.66% Diff M/C -27.64% Diff M/C 10 DPR 75% to 95% best
* Adjusted Cash Flow From Operations
$266.5 <-12 mths 1.26%
$1.25 <-12 mths 3.31%
$189.081 $218.543 $208.617 $221.265 $262.544 $284.110 $302.971 $284.920 $221.974 $250.989 $263.155 39.18% <-Total Growth 10
Distributable Cash --> FFO $0.98 $0.96 $1.00 $1.03 $0.98 $0.99 $1.11 $1.16 $1.21 $1.23 $1.01 $1.14 $1.21 $1.17 $1.21 $1.25 21.00% <-Total Growth 10 FFO
Increase -3.21% -2.04% 4.17% 3.00% -4.85% 1.02% 12.12% 4.50% 4.31% 1.65% -17.89% 12.87% 6.14% -3.31% 3.42% 3.31% 10 0 10 Years of Data, EPS P or N 100.00%
FFO Yield 6.5% 5.5% 5.3% 5.8% 5.3% 5.4% 5.4% 5.6% 6.4% 5.9% 7.5% 6.0% 7.2% 8.6% 8.9% 9.2% 1.92% <-IRR #YR-> 10 FFO 21.00%
5 year Running Average $1.00 $1.00 $1.00 $1.00 $0.99 $0.99 $1.02 $1.05 $1.09 $1.14 $1.14 $1.15 $1.16 $1.15 $1.15 $1.20 0.85% <-IRR #YR-> 5 FFO 4.31%
Payout Ratio 81.63% 83.33% 82.00% 81.55% 86.22% 86.87% 77.48% 74.14% 71.07% 69.92% 85.13% 41.03% 44.63% 73.85% 71.40% 69.12% 1.52% <-IRR #YR-> 10 5 yr Running Average 16.23%
5 year Running Average 84.18% 85.40% 86.17% 87.10% 82.93% 83.97% 82.68% 80.93% 78.62% 75.44% 75.17% 67.96% 61.85% 62.35% 62.64% 60.20% 1.94% <-IRR #YR-> 5 5 yr Running Average 10.06%
Price/FFO Median 14.98 16.84 18.49 17.69 18.68 18.86 18.46 17.61 15.74 16.89 16.43 14.28 13.63 13.24 0.00 0.00 17.25 <-Median-> 10 P/FFO Med
Price/FFO High 16.26 18.09 19.58 19.33 19.82 20.45 20.92 18.40 17.58 18.42 21.70 16.74 15.56 15.76 0.00 0.00 18.88 <-Median-> 10 P/FFO High
Price/FFO Low 13.71 15.59 17.39 16.06 17.54 17.26 16.00 16.83 13.91 15.35 11.15 11.82 11.69 10.71 0.00 0.00 15.67 <-Median-> 10 P/FFO Low
Price/FFO Close 15.42 18.02 18.82 17.19 19.04 18.54 18.62 17.86 15.58 16.97 13.42 16.54 13.89 11.57 11.19 10.83 17.08 <-Median-> 10 P/FFO Close
Trailing P/FFO Close 14.92 17.65 19.60 17.71 18.12 18.72 20.88 18.67 16.25 17.25 11.02 18.67 14.75 11.19 11.57 11.19 17.91 <-Median-> 10 Trailing P/FFO Close
Median Values DPR 10 Yrs 75.81% 5 Yrs   69.92% P/CF 5 Yrs   in order 15.74 17.58 11.82 15.58 -26.49% Diff M/C -32.91% Diff M/C 10 DPR 75% to 95% best
* Funds From Operations
-$1.25 <-12 mths 70.90% Search for
EPS Basic $0.26 $2.99 $2.08 $1.03 $0.93 $0.91 $1.62 $2.59 $1.38 $1.75 $0.01 $2.08 -$0.73 -135.26% <-Total Growth 10 EPS Basic Net Income
EPS Diluted $0.26 $2.75 $1.98 $1.01 $0.92 $0.91 $1.59 $2.55 $1.37 $1.74 $0.01 $2.08 -$0.73 -$1.16 $1.14 -137.04% <-Total Growth 10 EPS Diluted per unit
Increase -7.56% 957.69% -28.00% -48.99% -8.91% -1.09% 74.73% 60.38% -46.27% 27.01% -99.43% 20700.00% -135.26% 58.17% -198.28% 9 1 10 Years of Data, EPS P or N 90.00%
Earnings Yield 1.7% 15.9% 10.5% 5.7% 4.9% 5.0% 7.7% 12.3% 7.3% 8.3% 0.1% 11.0% -4.4% -8.6% 8.4% #NUM! <-IRR #YR-> 10 Earnings per Share -137.04%
5 year Running Average $0.29 $0.76 $1.11 $1.26 $1.38 $1.51 $1.28 $1.40 $1.47 $1.63 $1.45 $1.55 $0.89 $0.39 $0.27 #NUM! <-IRR #YR-> 5 Earnings per Share -128.76%
10 year Running Average $0.37 $0.58 $0.73 $0.78 $0.84 $0.90 $1.02 $1.25 $1.36 $1.51 $1.48 $1.42 $1.14 $0.93 $0.95 -2.13% <-IRR #YR-> 10 5 yr Running Average -19.38%
* ESP per share  E/P 10 Yrs 6.49% 5Yrs 7.27% -8.54% <-IRR #YR-> 5 5 yr Running Average -36.01%
-$1.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$0.73
-$2.55 $0.00 $0.00 $0.00 $0.00 -$0.73
-$1.11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.89
-$1.40 $0.00 $0.00 $0.00 $0.00 $0.89
Dividend* $0.86 $0.86 $0.86 Estimates Dividend*
Increase 59.26% 0.00% 0.00% Estimates Increase
Payout Ratio EPS -74.14% 75.44% #DIV/0! Estimates Payout Ratio EPS
Special Dividend $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% <-Median-> 10 Special Dividend
Pre-split 2010
Pre-split 2010
Dividend* $0.80 $0.80 $0.82 $0.84 $0.85 $0.86 $0.86 $0.86 $0.86 $0.86 $0.8598 $0.4677 $0.5400 $0.8640 $0.8640 $0.8640 -34.15% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 2.50% 2.44% 0.60% 1.78% 0.00% 0.00% 0.00% 0.00% -0.02% -45.60% 15.46% 60.00% 0.00% 0.00% 18 2 29 Years of data, Count P, N 62.07%
Average Increases 5 Year Running 1.31% 0.97% 0.98% 0.99% 1.11% 1.46% 1.46% 0.96% 0.47% 0.36% 0.00% -9.13% -6.03% 5.97% 5.97% 5.97% 0.72% <-Median-> 10 Average Incr 5 Year Running
5 year running Average $0.84 $0.85 $0.86 $0.87 $0.82 $0.83 $0.85 $0.85 $0.86 $0.86 $0.86 $0.78 $0.72 $0.72 $0.72 $0.72 -16.57% <-Total Growth 10 Dividends
Yield H/L Price 5.45% 4.95% 4.44% 4.61% 4.62% 4.61% 4.20% 4.21% 4.51% 4.14% 5.18% 2.87% 3.27% 5.58% 4.36% <-Median-> 10 Dividends Item
Yield on High  Price 5.02% 4.61% 4.19% 4.22% 4.35% 4.25% 3.70% 4.03% 4.04% 3.80% 3.92% 2.45% 2.87% 4.69% 3.98% <-Median-> 10 Dividends EPS
Yield on Low Price 5.96% 5.34% 4.72% 5.08% 4.92% 5.03% 4.84% 4.41% 5.11% 4.56% 7.64% 3.47% 3.82% 6.90% 4.88% <-Median-> 10 Dividends AFFO
Yield on Close Price 5.29% 4.62% 4.36% 4.74% 4.53% 4.69% 4.16% 4.15% 4.56% 4.12% 6.35% 2.48% 3.21% 6.38% 6.38% 6.38% 4.34% <-Median-> 10 Dividends FFO
Payout Ratio EPS 307.69% 29.09% 41.41% 83.17% 91.85% 94.51% 54.09% 33.73% 62.77% 49.43% 8598.00% 22.49% -73.63% -74.48% 75.79% #DIV/0! 58.43% <-Median-> 10 Payout Ratio EPS CFPS
DPR EPS 5 Yr Running 293.06% 112.03% 77.62% 69.09% 59.32% 55.02% 65.91% 61.10% 58.38% 52.70% 59.23% 50.42% 80.32% 185.45% 269.00% #DIV/0! 59.27% <-Median-> 10 DPR EPS 5 Yr Running FCF 
Payout Ratio CFPS 74.18% 84.06% 92.60% 82.32% 67.95% 79.35% 81.61% 77.81% 77.44% 69.64% 85.91% 41.14% 45.90% 86.02% 77.62% <-Median-> 10 Payout Ratio CFPS
DPR CF 5 Yr Running 83.50% 84.31% 87.82% 88.51% 79.25% 80.33% 79.91% 77.45% 76.56% 76.95% 78.10% 69.92% 63.38% 64.67% 77.78% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 81.10% 41.02% 47.86% 44.60% 42.62% 50.61% 51.57% 48.95% 49.74% 41.67% 49.37% 26.38% 28.08% 44.41% 46.77% <-Median-> 10 Payout Ratio CFPS WC
DPR CF WC 5 Yr Running 85.21% 71.52% 64.25% 57.53% 48.20% 45.13% 47.23% 47.44% 48.50% 48.23% 48.00% 43.11% 38.87% 38.02% 47.72% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 4.36% 4.34% 5 Yr Med 5 Yr Cl 4.14% 4.12% 5 Yr Med Payout 49.43% 69.64% 41.67% -8.89% <-IRR #YR-> 5 Dividends -37.21%
* Dividends per share  10 Yr Med and Cur. 46.29% 46.88% 5 Yr Med and Cur. 54.11% 54.85% Last Div Inc ---> $0.036 $0.072 100.00% -4.09% <-IRR #YR-> 10 Dividends -34.15%
Dividends Growth 15 -2.43% <-IRR #YR-> 15 Dividends -30.88%
Dividends Growth 20 -1.15% <-IRR #YR-> 20 Dividends -20.59%
Dividends Growth 25 0.15% <-IRR #YR-> 25 Dividends 3.85%
Dividends Growth 30 1.76% <-IRR #YR-> 28 Dividends
Dividends Growth 5 -$0.86 $0.00 $0.00 $0.00 $0.00 $0.54 Dividends Growth 5
Dividends Growth 10 -$0.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.54 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 $0.54 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 $0.54 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 $0.54 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 $0.54 Dividends Growth 30
Historical Dividends Historical High Div 10.09% Low Div 3.54% 10 Yr High 7.38% 10 Yr Low 2.49% Med Div 4.84% Close Div 5.20% Historical Dividends
High/Ave/Median Values Curr diff Exp. -36.76%     80.26% Exp. -13.54% 156.27% Cheap 31.84% Cheap 22.62% High/Ave/Median 
Future Dividend Yield Div Yield 4.01% earning in 5 Years at IRR of -8.89% Div Inc. -37.21% Future Dividend Yield
Future Dividend Yield Div Yield 2.52% earning in 10 Years at IRR of -8.89% Div Inc. -60.57% Future Dividend Yield
Future Dividend Yield Div Yield 1.58% earning in 15 Years at IRR of -8.89% Div Inc. -75.24% Future Dividend Yield
Future Dividend Paid Div Paid $0.04 earning in 5 Years at IRR of -8.89% Div Inc. -37.21% Future Dividend Paid
Future Dividend Paid Div Paid $0.03 earning in 10 Years at IRR of -8.89% Div Inc. -60.57% Future Dividend Paid
Future Dividend Paid Div Paid $0.02 earning in 15 Years at IRR of -8.89% Div Inc. -75.24% Future Dividend Paid
Dividend Covering Cost Total Div $0.27 over 5 Years at IRR of -8.89% Div Cov. 1.97% Dividend Covering Cost
Dividend Covering Cost Total Div $0.39 over 10 Years at IRR of -8.89% Div Cov. 2.92% Dividend Covering Cost
Dividend Covering Cost Total Div $0.48 over 15 Years at IRR of -8.89% Div Cov. 3.51% Dividend Covering Cost
Yield if held 5 years 6.08% 5.04% 4.94% 6.58% 7.50% 5.86% 5.32% 4.65% 4.72% 4.70% 4.61% 2.28% 2.64% 4.54% 4.16% 5.21% 4.71% <-Median-> 10 Paid Median Price
Yield if held 10 years 12.80% 11.74% 10.96% 9.60% 7.91% 6.54% 5.42% 5.18% 6.74% 7.64% 5.86% 2.89% 2.92% 4.74% 4.72% 4.63% 6.20% <-Median-> 10 Paid Median Price
Yield if held 15 years 10.36% 7.63% 7.54% 9.45% 13.76% 12.62% 11.49% 9.83% 8.05% 6.54% 2.95% 3.25% 6.77% 7.67% 5.89% 8.75% <-Median-> 10 Paid Median Price
Yield if held 20 years 11.14% 8.00% 7.72% 9.62% 13.76% 6.86% 7.22% 9.87% 8.08% 6.57% 8.00% <-Median-> 7 Paid Median Price
Yield if held 25 years 6.06% 5.02% 7.76% 9.66% 13.82% 5.54% <-Median-> 2 Paid Median Price
Cost covered if held 5 years 32.11% 26.85% 25.88% 33.99% 36.46% 28.37% 26.13% 23.07% 23.51% 23.49% 23.03% 19.07% 17.56% 18.85% 17.31% 21.70% 23.50% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 125.18% 117.74% 109.10% 94.67% 78.68% 63.78% 53.48% 51.56% 67.55% 74.65% 57.66% 50.29% 42.48% 43.22% 43.13% 42.31% 60.72% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 139.84% 103.20% 102.37% 130.75% 191.82% 179.73% 166.09% 143.64% 118.91% 96.47% 78.10% 73.15% 95.67% 106.58% 82.18% 124.83% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 194.57% 142.87% 140.83% 178.85% 260.62% 237.07% 214.03% 184.69% 152.55% 123.84% 194.57% <-Median-> 7 Paid Median Price
Cost covered if held 25 years 245.20% 176.24% 173.07% 219.06% 318.21% 210.72% <-Median-> 2 Paid Median Price
Yr Item Growth
Revenue Growth  $694.46 $729.60 $746.77 $672.89 $674.89 $693.10 $692.9 <-12 mths -0.03% -0.20% <-Total Growth 5 Revenue Growth  -0.20%
EPS Growth $2.55 $1.37 $1.74 $0.01 $2.08 -$0.73 -$1.25 <-12 mths 70.90% -128.76% <-Total Growth 5 EPS Growth -128.76%
FFO Growth $1.16 $1.21 $1.23 $1.01 $1.14 $1.21 $1.25 <-12 mths 3.31% 4.31% <-Total Growth 5 FFO Growth 4.31%
AFFO Growth $0.98 $1.07 $1.09 $0.92 $1.01 $1.04 $1.08 <-12 mths 3.86% 6.15% <-Total Growth 5 AFFO Growth 6.15%
Net Income Growth $633.09 $343.61 $401.35 $2.70 $460.13 -$160.00 -$265.49 <-12 mths 65.93% -125.27% <-Total Growth 5 Net Income Growth -125.27%
Cash Flow Growth $270.16 $283.01 $269.15 $219.51 $249.61 $251.22 $214.46 <-12 mths -14.63% -7.54% <-Total Growth 5 Cash Flow Growth -7.54%
Dividend Growth $0.86 $0.86 $0.86 $0.86 $0.47 $0.54 $0.86 <-12 mths 60.00% -59.26% <-Total Growth 5 Dividend Growth -59.26%
Stock Price Growth $20.72 $18.85 $20.87 $13.55 $18.86 $16.81 $13.54 <-12 mths -19.45% -23.26% <-Total Growth 5 Stock Price Growth -23.26%
Revenue Growth  $583.10 $631.61 $648.44 $656.64 $676.28 $694.46 $729.60 $746.77 $672.89 $674.89 $693.10 $692.9 <-12 mths -0.03% 18.86% <-Total Growth 10 Revenue Growth  18.86%
EPS Growth $1.98 $1.01 $0.92 $0.91 $1.59 $2.55 $1.37 $1.74 $0.01 $2.08 -$0.73 -$1.25 <-12 mths 70.90% -137.04% <-Total Growth 10 EPS Growth -137.04%
FFO Growth $1.00 $1.03 $0.98 $0.99 $1.11 $1.16 $1.21 $1.23 $1.01 $1.14 $1.21 $1.25 <-12 mths 3.31% 21.00% <-Total Growth 10 FFO Growth 21.00%
AFFO Growth $0.92 $0.97 $1.01 $1.03 $0.99 $0.98 $1.07 $1.09 $0.92 $1.01 $1.04 $1.08 <-12 mths 3.86% 12.71% <-Total Growth 10 AFFO Growth 12.71%
Net Income Growth $392.96 $214.86 $196.75 $203.87 $382.71 $633.09 $343.61 $401.35 $2.70 $460.13 -$160.00 -$265.5 <-12 mths 65.93% -140.72% <-Total Growth 10 Net Income Growth -140.72%
Cash Flow Growth $182.90 $212.62 $269.09 $244.43 $256.60 $270.16 $283.01 $269.15 $219.51 $249.61 $251.22 $214.46 <-12 mths -14.63% 37.35% <-Total Growth 10 Cash Flow Growth 37.35%
Dividend Growth $0.82 $0.84 $0.85 $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.47 $0.54 $0.86 <-12 mths 60.00% -51.85% <-Total Growth 10 Dividend Growth -51.85%
Stock Price Growth $18.82 $17.71 $18.66 $18.35 $20.67 $20.72 $18.85 $20.87 $13.55 $18.86 $16.81 $13.54 <-12 mths -19.45% -11.96% <-Total Growth 10 Stock Price Growth -11.96%
Dividends on Shares $45.36 $45.63 $46.44 $46.44 $46.44 $46.44 $46.44 $46.43 $25.26 $29.16 $46.66 $46.66 $46.66 $424.04 No of Years 10 Total Divs 12/31/12
Paid  $1,016.28 $956.34 $1,007.64 $990.90 $1,116.18 $1,118.88 $1,017.90 $1,126.98 $731.70 $1,018.44 $907.74 $731.16 $731.16 $731.16 $907.74 No of Years 10 Worth $18.82
Total $1,331.78
Graham No. FFO $12.37 $17.13 $18.80 $19.21 $18.81 $18.96 $20.74 $22.28 $23.06 $23.71 $20.93 $23.24 $23.36 $21.70 $22.07 $22.43 24.23% <-Total Growth 10 Graham Price FFO
Price/GP Ratio Med 1.19 0.94 0.98 0.95 0.97 0.98 0.99 0.92 0.83 0.88 0.79 0.70 0.71 0.71 0.90 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.29 1.01 1.04 1.04 1.03 1.07 1.12 0.96 0.92 0.96 1.05 0.82 0.81 0.85 1.00 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.09 0.87 0.92 0.86 0.91 0.90 0.86 0.88 0.73 0.80 0.54 0.58 0.61 0.58 0.83 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.22 1.01 1.00 0.92 0.99 0.97 1.00 0.93 0.82 0.88 0.65 0.81 0.72 0.62 0.61 0.60 0.90 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 22.17% 0.98% 0.09% -7.83% -0.77% -3.22% -0.35% -6.98% -18.26% -11.97% -35.26% -18.83% -28.04% -37.62% -38.65% -39.64% -9.90% <-Median-> 10 Graham Price
Graham No. EPS $6.37 $29.00 $26.46 $19.03 $18.22 $18.18 $24.83 $33.03 $24.54 $28.20 $2.08 $31.39 $22.67 $21.42 $21.42 $0.00 -14.31% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 2.30 0.56 0.70 0.96 1.00 1.03 0.83 0.62 0.78 0.74 7.97 0.52 0.73 0.72 0.80 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 2.50 0.60 0.74 1.05 1.07 1.11 0.94 0.65 0.87 0.80 10.53 0.61 0.83 0.86 0.90 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 2.11 0.52 0.66 0.87 0.94 0.94 0.72 0.59 0.69 0.67 5.41 0.43 0.62 0.58 0.70 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 2.37 0.60 0.71 0.93 1.02 1.01 0.83 0.63 0.77 0.74 6.51 0.60 0.74 0.63 0.63 #DIV/0! 0.80 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 137.19% -40.34% -28.87% -6.92% 2.41% 0.95% -16.74% -37.26% -23.19% -25.99% 550.67% -39.91% -25.86% -36.80% -36.80% #DIV/0! -19.96% <-Median-> 10 Graham Price
Pre-2010 split
Price Close $15.11 $17.30 $18.82 $17.71 $18.66 $18.35 $20.67 $20.72 $18.85 $20.87 $13.55 $18.86 $16.81 $13.54 $13.54 $13.54 -10.68% <-Total Growth 10 Stock Price
Increase 11.62% 14.49% 8.79% -5.90% 5.36% -1.66% 12.64% 0.24% -9.03% 10.72% -35.07% 39.19% -10.87% -19.45% 0.00% 0.00% 14.98 <-Median-> 10 CAPE (10 Yr P/E)
P/E 58.12 6.29 9.51 17.53 20.28 20.16 13.00 8.13 13.76 11.99 1355.00 9.07 -22.92 -11.67 11.88 #DIV/0! -4.10% <-IRR #YR-> 5 Stock Price -18.87%
Trailing P/E 53.72 66.54 6.84 8.94 18.48 19.95 22.71 13.03 7.39 15.23 7.79 1886.00 8.08 -18.46 -11.67 11.88 -1.12% <-IRR #YR-> 10 Stock Price -10.68%
CAPE (10 Yr P/E) 33.58 23.01 19.78 19.66 18.99 18.17 16.35 13.80 13.19 12.40 12.51 13.21 16.17 19.50 18.51 #DIV/0! -0.34% <-IRR #YR-> 5 Price & Dividend -1.56%
Median 10, 5 Yrs D.  per yr 4.42% 3.76% % Tot Ret 134.06% 0.00% T P/E 14.13 8.08 P/E:  13.38 11.99 3.30% <-IRR #YR-> 10 Price & Dividend 31.04%
Price 15 D.  per yr 5.27% % Tot Ret 87.44% CAPE Diff -177.91% 0.76% <-IRR #YR-> 15 Stock Price 11.97%
Price  20 D.  per yr 8.19% % Tot Ret 66.89% 4.05% <-IRR #YR-> 20 Stock Price 121.37%
Price  25 D.  per yr 5.38% % Tot Ret 79.74% 1.37% <-IRR #YR-> 25 Stock Price 40.43%
Price  30 D.  per yr 8.30% % Tot Ret 67.58% 3.98% <-IRR #YR-> 28 Stock Price
Price & Dividend 15 6.02% <-IRR #YR-> 15 Price & Dividend 92.92%
Price & Dividend 20 12.24% <-IRR #YR-> 20 Price & Dividend 332.28%
Price & Dividend 25 6.75% <-IRR #YR-> 25 Price & Dividend 198.72%
Price & Dividend 30 12.29% <-IRR #YR-> 28 Price & Dividend
Price  5 -$20.72 $0.00 $0.00 $0.00 $0.00 $16.81 Price  5
Price 10 -$18.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.81 Price 10
Price & Dividend 5 -$20.72 $0.86 $0.86 $0.86 $0.47 $17.35 Price & Dividend 5
Price & Dividend 10 -$18.82 $0.84 $0.85 $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.47 $17.35 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 $16.81 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 $16.81 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 $16.81 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 $16.81 Price  30
Price & Dividend 15 $0.80 $0.80 $0.82 $0.84 $0.85 $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.47 $17.35 Price & Dividend 15
Price & Dividend 20 $0.80 $0.80 $0.82 $0.84 $0.85 $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.47 $17.35 Price & Dividend 20
Price & Dividend 25 $0.80 $0.80 $0.82 $0.84 $0.85 $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.47 $17.35 Price & Dividend 25
Price & Dividend 30 $0.80 $0.80 $0.82 $0.84 $0.85 $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.47 $17.35 Price & Dividend 30
Price H/L Median $14.68 $16.17 $18.49 $18.23 $18.31 $18.67 $20.49 $20.43 $19.05 $20.77 $16.59 $16.28 $16.49 $15.49 -10.79% <-Total Growth 10 Stock Price
Increase 30.39% 10.15% 14.32% -1.41% 0.44% 1.99% 9.75% -0.29% -6.75% 9.03% -20.13% -1.87% 1.29% -6.09% -1.14% <-IRR #YR-> 10 Stock Price -10.79%
P/E 56.46 5.88 9.34 18.04 19.90 20.52 12.89 8.01 13.91 11.94 1659.00 7.83 -22.48 -13.35 -4.19% <-IRR #YR-> 5 Stock Price -19.29%
Trailing P/E 52.20 62.19 6.72 9.20 18.12 20.29 22.52 12.85 7.47 15.16 9.53 1628.00 7.93 -21.11 3.37% <-IRR #YR-> 10 Price & Dividend 36.12%
P/E on Run. 5 yr Ave 50.93 21.26 16.68 14.51 13.23 12.33 15.98 14.63 12.98 12.73 11.43 10.50 18.46 39.98 -0.38% <-IRR #YR-> 5 Price & Dividend 19.50%
P/E on Run. 10 yr Ave 39.50 27.80 25.21 23.44 21.76 20.72 20.06 16.32 13.99 13.77 11.19 11.50 14.41 16.69 17.11 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.50% 3.82% % Tot Ret 133.71% -1009.08% T P/E 14.00 9.53 P/E:  13.40 11.94 Count 28 Years of data
-$18.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.49
-$20.43 $0.00 $0.00 $0.00 $0.00 $16.49
-$18.49 $0.84 $0.85 $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.47 $17.03
-$20.43 $0.86 $0.86 $0.86 $0.47 $17.03
High Months Oct Sep Aug May Aug Apr Jul Feb May Oct Feb Nov Feb Feb Stock Price
Pre-2010 split
Price High $15.93 $17.37 $19.58 $19.91 $19.42 $20.25 $23.22 $21.34 $21.27 $22.66 $21.92 $19.08 $18.83 $18.44 -3.83% <-Total Growth 10 Stock Price
Increase 16.81% 9.04% 12.72% 1.69% -2.46% 4.27% 14.67% -8.10% -0.33% 6.54% -3.27% -12.96% -1.31% -2.07% -0.39% <-IRR #YR-> 10 Stock Price -3.83%
P/E 61.27 6.32 9.89 19.71 21.11 22.25 14.60 8.37 15.53 13.02 2192.00 9.17 -25.68 -15.90 -2.47% <-IRR #YR-> 5 Stock Price -11.76%
Trailing P/E 56.64 66.81 7.12 10.06 19.23 22.01 25.52 13.42 8.34 16.54 12.60 1908.00 9.05 -25.14 18.81 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 14.98 12.60 P/E:  15.06 13.02 48.59 P/E Ratio Historical High
-$19.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.83
-$21.34 $0.00 $0.00 $0.00 $0.00 $18.83
Low Mths May Aug Mar Sep Feb Aug Jan Oct  Dec Jan Mar Jan Jun Oct Stock Price
Price Low $13.43 $14.97 $17.39 $16.54 $17.19 $17.09 $17.76 $19.52 $16.83 $18.88 $11.26 $13.48 $14.15 $12.53 -18.63% <-Total Growth 10 Stock Price
Increase 51.23% 11.46% 16.17% -4.89% 3.93% -0.58% 3.92% 9.91% -13.78% 12.18% -40.36% 19.72% 4.97% -11.45% -2.04% <-IRR #YR-> 10 Stock Price -18.63%
P/E 51.66 5.44 8.78 16.38 18.68 18.78 11.17 7.65 12.28 10.85 1126.00 6.48 -19.29 -10.80 -6.23% <-IRR #YR-> 5 Stock Price -27.51%
Trailing P/E 47.76 57.58 6.32 8.35 17.02 18.58 19.52 12.28 6.60 13.78 6.47 1348.00 6.80 -17.09 15.40 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 13.03 6.80 P/E:  11.73 10.85 7.42 P/E Ratio Historical Low
-$17.39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.15
$79 <-12 mths -37.30%
Free Cash Flow MS MK Sc -$64 -$68 -$123 -$54 $18 -$32 $38 $38 $17 $41 $14 $96 $126 $57 $110 -$21 202.44% <-Total Growth 10 Free Cash Flow
Change -6.25% -80.88% 56.10% 133.33% -277.78% 218.75% 0.00% -55.26% 141.18% -65.85% 585.71% 31.25% -54.76% 92.98% -119.09% 27.09% <-IRR #YR-> 5 Free Cash Flow MS 231.58%
FCF/CF from Op Ratio -0.36 -0.40 -0.67 -0.25 0.07 -0.13 0.15 0.14 0.06 0.15 0.06 0.38 0.50 0.27 #VALUE! #DIV/0! #NUM! <-IRR #YR-> 10 Free Cash Flow MS 202.44%
Dividends paid $130.76 $142.58 $169.37 $175.02 $182.84 $190.21 $199.79 $209.62 $212.65 $203.83 $187.93 $102.62 $102.62 $102.62 $102.62 $102.62 -39.41% <-Total Growth 10 Dividends paid
Percentage paid -594.40% 525.76% 551.63% 1250.89% 497.15% 1342.35% 106.89% 81.44% 180.03% 93.29% -488.66% $5.11 <-Median-> 8 Percentage paid
5 Year Coverage 996.17% 685.01% 444.97% 275.39% 209.46% 148.49% 139.43% 5 Year Coverage
Dividend Coverage Ratio -0.17 0.19 0.18 0.08 0.20 0.07 0.94 1.23 0.56 1.07 -0.20 0.19 <-Median-> 8 Dividend Coverage Ratio
5 Year of Coverage 0.10 0.15 0.22 0.36 0.48 0.67 0.72 5 Year of Coverage
$219 <-12 mths -14.46%
Free Cash Flow WSJ $289.53 $308.55 $276.08 $393.94 $294.80 $222.49 $266.51 $255.88 $57.00 $110.00 -$21.00 -11.62% <-Total Growth 7 Free Cash Flow
Change 6.57% -10.52% 42.69% -25.17% -24.53% 19.79% -3.99% -77.72% 92.98% -119.09% -1.51% <-IRR #YR-> 5 Free Cash Flow MS -7.32%
FCF/CF from Op Ratio 1.18 1.20 1.02 1.39 1.10 1.01 1.07 1.02 0.27 #VALUE! #DIV/0! -1.75% <-IRR #YR-> 7 Free Cash Flow MS #DIV/0!
Dividends paid $190.21 $199.79 $209.62 $212.65 $203.83 $187.93 $102.62 $102.62 $102.62 $102.62 $102.62 -46.05% <-Total Growth 7 Dividends paid
Percentage paid 65.70% 64.75% 75.93% 53.98% 69.14% 84.47% 38.50% 40.10% 180.03% 93.29% -488.66% $0.65 <-Median-> 8 Percentage paid
5 Year Coverage 65.01% 67.78% 63.05% 56.48% 63.79% 65.62% 76.77% 5 Year Coverage
Dividend Coverage Ratio 1.52 1.54 1.32 1.85 1.45 1.18 2.60 2.49 0.56 1.07 -0.20 Dividend Coverage Ratio
5 Year of Coverage 1.54 1.48 1.59 1.77 1.57 1.52 1.30 5 Year of Coverage
Market Cap $2,470 $3,083 $3,887 $3,690 $4,038 $4,139 $5,033 $5,065 $4,804 $4,549 $2,972 $4,141 $3,589 $2,891 $2,891 $2,891 -7.67% <-Total Growth 10 Market Cap
Diluted # of Share in Million 160.03 189.13 206.57 229.95 230.53 235.87 246.43 249.41 250.80 230.81 220.50 220.83 218.16 219.20 5.61% <-Total Growth 10 Diluted
Change 6.55% 18.18% 9.22% 11.32% 0.25% 2.32% 4.48% 1.21% 0.56% -7.97% -4.47% 0.15% -1.21% 0.47% 0.41% <-Median-> 10 Change
Difference Diluted/Basic -0.6% -11.2% -8.5% -9.4% -8.0% -5.2% -4.4% -1.9% -0.6% 0.0% 0.0% 0.0% 0.0% 0.0% -1.22% <-Median-> 10 Difference Diluted/Basic
Average # of Share in Million 159.11 168.01 189.01 208.23 212.00 223.64 235.67 244.75 249.35 230.81 220.50 220.83 218.16 219.20 15.42% <-Total Growth 10 Average
Change 6.07% 5.59% 12.50% 10.17% 1.81% 5.49% 5.38% 3.85% 1.88% -7.43% -4.47% 0.15% -1.21% 0.47% 1.84% <-Median-> 10 Change
Difference Basic/Outstanding 2.7% 6.1% 9.3% 0.1% 2.1% 0.8% 3.3% -0.1% 2.2% -5.6% -0.5% -0.6% -2.1% -2.6% -0.04% <-Median-> 10 Difference Basic/Outstanding
$214.46 <-12 mths -14.63%
# of Share in Millions 163.456 178.225 206.546 208.356 216.374 225.538 243.507 244.431 254.828 217.954 219.315 219.541 213.518 213.518 213.518 213.518 0.33% <-IRR #YR-> 10 Shares 3.38%
Change 6.37% 9.04% 15.89% 0.88% 3.85% 4.24% 7.97% 0.38% 4.25% -14.47% 0.62% 0.10% -2.74% 0.00% 0.00% 0.00% -2.67% <-IRR #YR-> 5 Shares -12.65%
CF fr Op $M $176.3 $169.6 $182.9 $212.6 $269.1 $244.4 $256.6 $270.2 $283.0 $269.1 $219.5 $249.6 $251.2 $214.5 <-12 mths 37.35% <-Total Growth 10 Cash Flow
Increase 18.61% -3.78% 7.83% 16.25% 26.56% -9.16% 4.98% 5.28% 4.76% -4.90% -18.44% 13.72% 0.64% -14.63% <-12 mths Conv Deb SO, S Iss
5 year Running Average $143.8 $154.7 $164.7 $178.0 $202.1 $215.7 $233.1 $250.6 $264.7 $264.7 $259.7 $258.3 $254.5 $240.8 <-12 mths 54.54% <-Total Growth 10 CF 5 Yr Running
CFPS $1.08 $0.95 $0.89 $1.02 $1.24 $1.08 $1.05 $1.11 $1.11 $1.23 $1.00 $1.14 $1.18 $1.00 <-12 mths 32.87% <-Total Growth 10 Cash Flow per Share
Increase 11.51% -11.75% -6.96% 15.24% 21.87% -12.85% -2.77% 4.89% 0.48% 11.19% -18.95% 13.60% 3.48% -14.63% <-12 mths 3.22% <-IRR #YR-> 10 Cash Flow 37.35%
5 year Running Average $1.01 $1.01 $0.98 $0.98 $1.04 $1.04 $1.06 $1.10 $1.12 $1.12 $1.10 $1.12 $1.13 $1.11 <-12 mths -1.44% <-IRR #YR-> 5 Cash Flow -7.01%
P/CF on Med Price 13.61 16.99 20.87 17.86 14.72 17.23 19.44 18.48 17.15 16.82 16.58 14.32 14.02 15.42 <-12 mths 2.88% <-IRR #YR-> 10 Cash Flow per Share 32.87%
P/CF on Closing Price 14.01 18.18 21.25 17.35 15.00 16.93 19.62 18.75 16.97 16.90 13.54 16.59 14.29 13.48 <-12 mths 1.26% <-IRR #YR-> 5 Cash Flow per Share 6.45%
-20.64% Diff M/C 1.46% <-IRR #YR-> 10 CFPS 5 yr Running 15.60%
$415.41 <-12 mths 1.16%
Excl.Working Capital CF -$15.1 $178.0 $171.0 $179.8 $159.9 $138.8 $149.5 $159.3 $157.5 $180.6 $162.5 $139.6 $159.4 $0.0 <-12 mths 0.55% <-IRR #YR-> 5 CFPS 5 yr Running 2.78%
CF fr Op $M WC $161.2 $347.6 $353.9 $392.4 $428.9 $383.3 $406.1 $429.5 $440.6 $449.8 $382.0 $389.2 $410.7 $415.4 <-12 mths 16.05% <-Total Growth 10 Cash Flow less WC
Increase 3.87% 115.60% 1.80% 10.89% 9.31% -10.65% 5.95% 5.76% 2.59% 2.10% -15.08% 1.89% 5.52% 1.16% <-12 mths 1.50% <-IRR #YR-> 10 Cash Flow less WC 16.05%
5 year Running Average $140.9 $187.5 $233.3 $282.1 $336.8 $381.2 $392.9 $408.0 $417.7 $421.8 $421.6 $418.2 $414.4 $409.4 <-12 mths -0.89% <-IRR #YR-> 5 Cash Flow less WC -4.37%
CFPS Excl. WC $0.99 $1.95 $1.71 $1.88 $1.98 $1.70 $1.67 $1.76 $1.73 $2.06 $1.74 $1.77 $1.92 $1.95 <-12 mths 5.91% <-IRR #YR-> 10 CF less WC 5 Yr Run 77.62%
Increase -2.34% 97.74% -12.16% 9.93% 5.26% -14.28% -1.87% 5.36% -1.60% 19.37% -15.61% 1.78% 8.50% 1.16% <-12 mths 0.31% <-IRR #YR-> 5 CF less WC 5 Yr Run 1.57%
5 year Running Average $0.99 $1.19 $1.34 $1.51 $1.70 $1.85 $1.79 $1.80 $1.77 $1.78 $1.79 $1.81 $1.85 $1.89 <-12 mths 1.16% <-IRR #YR-> 10 CFPS - Less WC 12.26%
P/CF on Med Price 14.88 8.29 10.79 9.68 9.23 10.99 12.29 11.63 11.02 10.06 9.53 9.18 8.57 7.96 <-12 mths 1.83% <-IRR #YR-> 5 CFPS - Less WC 9.47%
P/CF on Closing Price 15.32 8.87 10.98 9.40 9.41 10.80 12.40 11.79 10.90 10.11 7.78 10.64 8.74 6.96 <-12 mths 3.27% <-IRR #YR-> 10 CFPS 5 yr Running 37.92%
*Operational Cash Flow per share CF/CF-WC P/CF Med 10 yr 16.99 5 yr  16.58 P/CF Med 10 yr 9.87 5 yr  9.53 -29.49% Diff M/C 0.53% <-IRR #YR-> 5 CFPS 5 yr Running 2.67%
-$0.89 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.18 Cash Flow per Share
-$1.11 $0.00 $0.00 $0.00 $0.00 $1.18 Cash Flow per Share
-$0.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.13 CFPS 5 yr Running
-$1.10 $0.00 $0.00 $0.00 $0.00 $1.13 CFPS 5 yr Running
-$353.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $410.7 Cash Flow less WC
-$429.5 $0.0 $0.0 $0.0 $0.0 $410.7 Cash Flow less WC
-$233.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $414.4 CF less WC 5 Yr Run
-$408.0 $0.0 $0.0 $0.0 $0.0 $414.4 CF less WC 5 Yr Run
-$1.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.92 CFPS - Less WC
-$1.76 $0.00 $0.00 $0.00 $0.00 $1.92 CFPS - Less WC
-$1.34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.85 CFPS 5 yr Running
-$1.80 $0.00 $0.00 $0.00 $0.00 $1.85 CFPS 5 yr Running
OPM 35.97% 32.20% 31.37% 33.66% 41.50% 37.22% 37.94% 38.90% 38.79% 36.04% 32.62% 36.99% 36.25% 30.72% 15.55% <-Total Growth 10 OPM
Increase 8.36% -10.48% -2.59% 7.32% 23.27% -10.30% 1.93% 2.53% -0.29% -7.09% -9.49% 13.38% -2.00% -15.23% Should increase or be stable.
Diff from Median -3.1% -13.2% -15.5% -9.3% 11.8% 0.3% 2.3% 4.8% 4.5% -2.9% -12.1% -0.3% -2.3% -17.2% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 37.11% 5 Yrs 36.25% should be zero, it is a check on calculations
$412 <-12 mths -0.21%
Adjusted EBITDA $444.00 $455.00 $388.01 $395.67 $413.03 $401.00 $410.00 $423.00 #DIV/0! <-Total Growth 4 Adjusted EBITDA
Change 2.48% -14.72% 1.98% 4.39% -2.91% 2.24% 3.17% 2.23% <-Median-> 4 Change
Margin 60.86% 60.93% 57.66% 58.63% 59.59% 57.45% 58.49% 58.67% 59.59% <-Median-> 5 Margin
Long Term Assets $5,861.88 $6,769.81 $7,246.50 $7,539.47 $8,093.90 $8,908.85 $9,633.64 $9,978.94 $9,811.20 $9,521.52 $9,540.04 $9,056.43 $8,448.20 33.78% <-Total Growth 10 Long Term Assets
Change 15.49% 7.04% 4.04% 7.35% 10.07% 8.14% 3.58% -1.68% -2.95% 0.19% -5.07% -6.72% 3.81% <-Median-> 10 Change
Debt/Assets Coverage Ratio 0.47 0.46 0.44 0.44 0.41 0.38 0.41 0.40 0.45 0.47 0.40 0.43 0.39 0.42 <-Median-> 10 Debt/Assets Coverage Ratio
Long Term Debt $2,781.06 $3,126.67 $3,206.29 $3,322.58 $3,338.95 $3,418.26 $3,908.65 $3,976.26 $4,433.53 $4,458.16 $3,852.97 $3,852.97 $3,270.18 23.23% <-Total Growth 10 Long Term Debt Type
Change 12.43% 2.55% 3.63% 0.49% 2.38% 14.35% 1.73% 11.50% 0.56% -13.57% 0.00% -15.13% 2.05% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 0.90 0.80 0.87 0.82 0.81 0.68 0.77 0.83 0.97 1.50 0.93 1.07 1.13 0.85 <-Median-> 10 Debt/Market Cap Ratio Lg Term A
Assets/Current Liabilities Ratio 12.34 15.66 12.34 16.01 18.49 12.49 17.63 15.97 20.29 18.18 12.78 12.22 7.70 15.99 <-Median-> 10 Assets/Current Liab Ratio Intang/GW
Current Liabilities/Asset Ratio 0.08 0.06 0.08 0.06 0.05 0.08 0.06 0.06 0.05 0.06 0.08 0.08 0.13 0.06 <-Median-> 10 Current LiabAsset Ratio Liquidity
Debt to Cash Flow (Years) 16.40 17.09 15.08 12.35 13.66 13.32 14.47 14.05 16.47 20.31 15.44 15.34 15.25 14.77 <-Median-> 10 Debt to Cash Flow (Years) Liq. + CF
Liq.  CF xDB
Intangibles $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Intangibles Debt Ratio
Goodwill $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Goodwill Leverage
Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Goodwill D/E Ratio
Change 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Change 10 Change
Intangible/Market Cap Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $133.90 $233.11 $238.42 $340.24 $349.30 $170.35 $173.71 $302.90 $443.75 $314.06 $482.39 $556.87 $473.37 $670.84 Liquidity ratio of 1.5 and up, best
Current Liabilities $100.05 $495.24 $467.50 $615.49 $493.98 $447.65 $729.08 $565.50 $654.58 $500.93 $551.95 $791.27 $784.40 $1,190.52 0.62 <-Median-> 10 Ratio
Liquidity Ratio 1.34 0.47 0.51 0.55 0.71 0.38 0.24 0.54 0.68 0.63 0.87 0.70 0.60 0.56 0.68 <-Median-> 5 Ratio
Liq. with CF aft div 1.79 0.53 0.54 0.61 0.88 0.49 0.30 0.64 0.78 0.79 0.93 0.89 0.78 0.59 0.79 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.36 0.26 0.28 0.39 0.53 0.28 0.17 0.41 0.52 0.79 0.93 0.89 0.78 0.59 0.79 <-Median-> 5 Ratio
Exclude current Debt $191.48 $242.95 $257.96 $210.31 $470.71 $322.20 $383.09 $289.06 $289.06 $570.60 $557.47 $969.51
Liquidity Ratio 0.77 1.06 1.48 0.72 0.67 1.24 1.63 1.48 1.83 2.52 2.09 3.04 1.83 <-Median-> 5 Ratio
Liq. with CF aft div 0.86 1.12 1.85 0.93 0.85 1.49 1.87 1.87 1.95 3.19 2.68 3.17 1.95 <-Median-> 5 Ratio
Assets $4,120.7 $6,111.1 $7,318.8 $7,596.3 $7,908.2 $8,278.5 $9,104.6 $9,968.6 $10,453.1 $10,161.4 $10,032.5 $10,109.1 $9,581.9 $9,163.9 Debt Ratio of 1.5 and up, best
Liabilities $2,986.8 $3,678.9 $4,055.2 $4,273.2 $4,410.3 $4,610.2 $4,871.5 $5,272.9 $5,445.0 $5,685.9 $5,776.0 $5,440.0 $5,246.6 $5,283.7 1.81 <-Median-> 10 Ratio
Debt Ratio 1.38 1.66 1.80 1.78 1.79 1.80 1.87 1.89 1.92 1.79 1.74 1.86 1.83 1.73 1.83 <-Median-> 5 Ratio
Total Book Value $1,137.8 $2,432.2 $3,263.6 $3,323.0 $3,497.8 $3,668.3 $4,233.1 $4,695.7 $5,008.1 $4,475.5 $4,256.4 $4,669.1 $4,335.3 $3,880.2 32.84% <-Total Growth 10 Book Value
NCI $3.9 $10.5 $18.0 $3.6 $27.5 $28.4 $37.8 $48.6 $29.8 $48.9 $29.3 $48.1 $55.9 $59.4 210.82% <-Total Growth 10 NCI
Net Book Value $1,133.9 $2,421.7 $3,245.6 $3,319.4 $3,470.3 $3,640.0 $4,195.3 $4,647.1 $4,978.2 $4,426.6 $4,227.2 $4,620.9 $4,279.4 $3,820.7 $3,820.7 $3,820.7 31.85% <-Total Growth 10 Book Value
Book Value per Share $6.94 $13.59 $15.71 $15.93 $16.04 $16.14 $17.23 $19.01 $19.54 $20.31 $19.27 $21.05 $20.04 $17.89 $17.89 $17.89 27.55% <-Total Growth 10 Book Value per Share
Change -2.72% 95.87% 15.64% 1.38% 0.67% 0.63% 6.75% 10.35% 2.76% 3.96% -5.10% 9.20% -4.78% -10.72% 0.00% 0.00% -27.84% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 2.12 1.19 1.18 1.14 1.14 1.16 1.19 1.07 0.98 1.02 0.86 0.77 0.82 0.87 1.07 P/B Ratio Historical Median
P/B Ratio (Close) 2.18 1.27 1.20 1.11 1.16 1.14 1.20 1.09 0.96 1.03 0.70 0.90 0.84 0.76 0.76 0.76 2.46% <-IRR #YR-> 10 Book Value per Share 27.55%
Change 14.74% -41.55% -5.93% -7.18% 4.66% -2.27% 5.52% -9.16% -11.46% 6.50% -31.59% 27.46% -6.40% -9.78% 0.00% 0.00% 1.06% <-IRR #YR-> 5 Book Value per Share 5.42%
Leverage (A/BK) 3.62 2.51 2.24 2.29 2.26 2.26 2.15 2.12 2.09 2.27 2.36 2.17 2.21 2.36 2.23 <-Median-> 10 A/BV
Debt/Equity Ratio 2.63 1.51 1.24 1.29 1.26 1.26 1.15 1.12 1.09 1.27 1.36 1.17 1.21 1.36 1.23 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.05 5 yr Med 0.86 -27.84% Diff M/C 2.38 Historical Leverage (A/BK)
-$15.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.04
-$19.01 $0.00 $0.00 $0.00 $0.00 $20.04
-$272.0 <-12 mths 114.70%
Comprehensive Income $42.66 $497.13 $391.10 $218.78 $189.55 $195.74 $391.16 $655.90 $347.31 $411.03 -$28.30 $498.40 -$126.45 -132.33% <-Total Growth 10 Comprehensive Income
NCI $0.00 $0.03 $0.04 $0.15 $1.46 -$0.14 $3.08 $11.07 $8.23 $13.00 $4.78 $13.51 $0.24
Shareholder $42.66 $497.10 $391.07 $218.64 $188.09 $195.87 $388.08 $644.83 $339.08 $398.03 -$33.08 $484.89 -$126.68 -132.39% <-Total Growth 10 Comprehensive Income
Increase -44.33% 1065.28% -21.33% -44.09% -13.97% 4.14% 98.13% 66.16% -47.42% 17.39% -108.31% 1566.00% -126.13% -47.42% <-Median-> 5 Comprehensive Income
5 Yr Running Average $42.68 $132.83 $207.41 $245.22 $267.51 $298.15 $276.35 $327.10 $351.19 $393.18 $347.39 $366.75 $212.45 #NUM! <-IRR #YR-> 10 Comprehensive Income -132.39%
ROE 3.7% 20.4% 12.0% 6.6% 5.4% 5.3% 9.2% 13.7% 6.8% 8.9% -0.8% 10.4% -2.9% #NUM! <-IRR #YR-> 5 Comprehensive Income -119.65%
5Yr Median 3.7% 3.7% 7.0% 7.0% 6.6% 6.6% 6.6% 6.6% 6.8% 8.9% 8.9% 8.9% 6.8% 0.24% <-IRR #YR-> 10 5 Yr Running Average 2.43%
% Difference from NI 3.2% -0.9% -0.5% 1.8% -4.4% -3.9% 1.4% 1.9% -1.3% -0.8% -1324.1% 5.4% -20.8% -8.27% <-IRR #YR-> 5 5 Yr Running Average -35.05%
Median Values Diff 5, 10 yr -1.1% -1.3% 6.8% <-Median-> 5 Return on Equity
-$391.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$126.7
-$644.8 $0.0 $0.0 $0.0 $0.0 -$126.7
-$207.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $212.4
-$327.1 $0.0 $0.0 $0.0 $0.0 $212.4
Current Liability Coverage Ratio 1.61 0.70 0.76 0.64 0.87 0.86 0.56 0.76 0.67 0.90 0.69 0.49 0.52 0.35   CFO / Current Liabilities
5 year Median 1.29 1.13 0.89 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.69 0.69 0.67 0.52 0.67 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 3.91% 5.69% 4.84% 5.17% 5.42% 4.63% 4.46% 4.31% 4.21% 4.43% 3.81% 3.85% 4.29% 4.53% CFO / Total Assets
5 year Median 3.91% 4.00% 4.20% 4.84% 5.17% 5.17% 4.84% 4.63% 4.46% 4.43% 4.31% 4.21% 4.21% 4.29% 4.2% <-Median-> 5 Return on Assets 
Return on Assets ROA 1.00% 8.21% 5.37% 2.83% 2.49% 2.46% 4.20% 6.35% 3.29% 3.95% 0.03% 4.55% -1.67% -2.70% Net  Income/Assets Return on Assets
5Yr Median 1.01% 1.01% 1.14% 2.83% 2.83% 2.83% 2.83% 2.83% 3.29% 3.95% 3.95% 3.95% 3.29% 0.03% 3.3% <-Median-> 5 Asset Efficiency Ratio
Return on Equity ROE 3.63% 20.62% 12.04% 6.47% 5.62% 5.56% 9.04% 13.48% 6.86% 8.97% 0.06% 9.85% -3.69% -6.38% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 3.63% 3.63% 3.82% 6.47% 6.47% 6.47% 6.47% 6.47% 6.86% 8.97% 8.97% 8.97% 6.86% 0.06% 6.9% <-Median-> 5 Return on Equity
-$265.5 <-12 mths 65.93%
Net Income $41.34 $501.65 $393.00 $215.01 $198.21 $203.73 $385.79 $644.160 $351.838 $414.345 $7.482 $473.636 -$159.761
NCI $0.00 $0.03 $0.04 $0.15 $1.46 -$0.14 $3.08 $11.071 $8.232 $12.995 $4.780 $13.505 $0.236
Shareholder $41.34 $501.62 $392.96 $214.86 $196.75 $203.87 $382.71 $633.089 $343.606 $401.350 $2.702 $460.131 -$159.997 -$248 $243 -140.72% <-Total Growth 10 Net Income Alpha Sp
Increase -1.37% 1113.46% -21.66% -45.32% -8.43% 3.62% 87.73% 65.42% -45.73% 16.81% -99.33% 16929.27% -134.77% 54.80% -198.28% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $39.4 $130.5 $203.1 $238.5 $269.5 $302.0 $278.2 $326.3 $352.0 $392.9 $352.7 $368.2 $209.6 $91.3 $59.7 #NUM! <-IRR #YR-> 10 Net Income -140.72%
Operating Cash Flow $176.29 $169.62 $182.90 $212.62 $269.09 $244.43 $256.60 $270.16 $283.01 $269.15 $219.51 $249.61 $251.22 #NUM! <-IRR #YR-> 5 Net Income -125.27%
Investment Cash Flow -$396.30 -$501.50 -$446.11 -$343.73 -$322.38 -$342.39 -$570.22 -$326.09 -$318.32 $332.62 $10.23 $154.89 $133.98 0.32% <-IRR #YR-> 10 5 Yr Running Average 3.20%
Total Accruals $261.35 $833.50 $656.17 $345.98 $250.04 $301.82 $696.33 $689.02 $378.91 -$200.42 -$227.03 $55.63 -$545.20 -8.47% <-IRR #YR-> 5 5 Yr Running Average -35.77%
Total Assets $4,120.7 $6,111.1 $7,318.8 $7,596.3 $7,908.2 $8,278.5 $9,104.6 $9,968.6 $10,453.1 $10,161.4 $10,032.5 $10,109.1 $9,581.9 Balance Sheet Assets
Accruals Ratio 6.34% 13.64% 8.97% 4.55% 3.16% 3.65% 7.65% 6.91% 3.62% -1.97% -2.26% 0.55% -5.69% -1.97% <-Median-> 5 Ratio
EPS/CF Ratio 0.26 1.41 1.16 0.54 0.46 0.54 0.95 1.45 0.79 0.84 0.01 1.17 -0.38 0.66 <-Median-> 10 EPS/CF Ratio
-$393.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$160.0
-$633.1 $0.0 $0.0 $0.0 $0.0 -$160.0
-$203.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $209.6
-$326.3 $0.0 $0.0 $0.0 $0.0 $209.6
Chge in Close 11.62% 14.49% 8.79% -5.90% 5.36% -1.66% 12.64% 0.24% -9.03% 10.72% -35.07% 39.19% -10.87% -19.45% 0.00% 0.00% Count 28 Years of data
up/down/neutral down down down Down Down Up Count 18 64.29%
Any Predictions? yes yes % right Count 8 44.44%
Financial Cash Flow $247.11 $303.14 $330.41 $72.07 $65.66 $63.57 $326.96 $67.99 $39.33 -$591.80 -$154.79 -$470.25 -$387.21 C F Statement  Financial Cash Flow
Total Accruals $14.25 $530.37 $325.76 $273.90 $184.37 $238.25 $369.38 $621.03 $339.58 $391.38 -$72.24 $525.88 -$157.99 Accruals
Accruals Ratio 0.35% 8.68% 4.45% 3.61% 2.33% 2.88% 4.06% 6.23% 3.25% 3.85% -0.72% 5.20% -1.65% 3.25% <-Median-> 5 Ratio
Cash $31.64 $3.08 $70.16 $4.98 $17.35 -$17.04 -$3.70 $8.36 $15.53 $25.50 $100.44 $34.70 $32.69 $193.49 Cash
Cash per Share $0.19 $0.02 $0.34 $0.02 $0.08 -$0.08 -$0.02 $0.03 $0.06 $0.12 $0.46 $0.16 $0.15 $0.91 $0.15 <-Median-> 5 Cash per Share
Percentage of Stock Price 1.28% 0.10% 1.80% 0.13% 0.43% -0.41% -0.07% 0.17% 0.32% 0.56% 3.38% 0.84% 0.91% 6.69% 0.84% <-Median-> 5 % of Stock Price
Notes:
November 12, 2023.  Last estimate were for 2022, 2023 and 2024 of $715M, $718M and $725M for Revenue, $1.06, $1.11 and $1.14 for AFFO, 
$1.14, $1.22 and $1.26 for FFO, -$0.66 and $1.10 for EPS for 2022/3, $0.58, $0.69 and $0.86 for Dividends, $30M for 2022 for FCF, $119M, $235M and $244M for Net Income.
November 19, 2022.  Last estimates were for 2021, 2022 and 2023, of $679M, R669M and $683M for Revenue, $0.92, $1.09 and $1.22 for AFFO, 
$1.13, $1.21 and $1.33 for FFO, $2.11, $1.08 and $1.14 for EPS, $0.43, $0.43 and $0.66 for Dividends, $47M and $30M for FCF for 2021-2.
November 20, 2021.  Last estimates were for 2020, 2021 and 2022 of $$675M, $666M and $651M for Revenue, $0.86, $1.03 and $1.15 for AFFO, 
$0.99, $1.16 and $1.26 for FFO, $0.27, $1.01 and $1.01 for EPS, $0.86, $0.86 and $0.86 for Dividend, $.23M, $47M and $30M for FCF.
November 29, 2020.  Last estimes were for 752M, $708M and $657M for revenue, $1.11, $1.11 and $1.20 for AFO, 
$1.28, $1.24 and $1.33 for FFO, $1.31 and $2.06 for EPS for 2019 and 2020.
December 30, 2019,  This company has become a REIT and has changed it sysbols from TSX-FCR. OTC-FCRGF) to TSX-FCR-UN. OTC-FCXXF.  
Name is changed from First Capital Reality to First Capital REIT.
December 8, 2018.  Last estimates were for 2017, 2018 and 2019 of $705M, $730M and 783M for Revenue, $1.08, $1.24 and $1.18 forr AFFO, 
$1.17, $1.24 and $1.30 for DC, $2.32 and $0.81 for EPS for 2017 and 2018, $0.87 for CFPS for 2017. 
December 10, 2017.  Last estimates were for 2016, 2017 and 2018 of $684M, $717M and $758M for Revenue, $1.00, $1.06 and $1.13 for AFFO, 
$1.12, $1.17 and $1.24 for FFO, $1.11 and $1.16 for 2016 and 2017 for EPS, $0.87 for CFPS for 2016.
December 11, 2016.  Last estimates were for 2015, 2016 and 2017 of $666M, $686M and $718M for Revenue, 
$0.93, $0.96 and $1.00 for AFFO, $0.98, $1.07 and $1.12 for FFO, $0.97 for CFPS for 2015.
December 12, 2015.  Last estimates were for 2014 and 2015 of $654.2M and $690M for Revenue, 
$0.97 for 2014 for AFFO, $1.08 for FFO for 2014, $0.81 and $0.87 for CFPS.
December 16, 2014.  Last estimates were for 2013, 2014 and 2015 of $631.6M, $654.2M and $690M for Revenue, $0.90 and $0.97 (2013 and 2014) 
for AFFO, $1.03 and $1.08 (2013 and 2014) for FFO, $1.37 for EPS for 2013, $0.92, $0.81 and $0.87 for CFPS.
Nov 28, 2012.  Last estimates I got were for 2011 and 2012 for Revenue of $525M and $567M, for FFO of $0.96 and $1.04 and for CFPS of $0.90 and $0.96.
The increase in shares includes lots of converted debentures and issuance of shares.
There was a stock split of 3.2:2.  This is an odd split.  I got values from different places, so some had accounted for split and some had not.
The stock hit a high in March 1998 that it did not match for 7 years, in Nov 2005.  They lost money in 1999 and 2000.
2017. Gazit Group (now Gazit-Globe) remains a significant shareholder in First Capital 
2001.  Gazit Group ended up acquiring the company, which was restructured and renamed First Capital Realty in 2001
1994.  First Capital Realty was founded in 1994 as Centrefund Realty through a 1994 IPO
Sector:
Real Estate
What should this stock accomplish?
This stock should give you diversification.  There will be volitility.  You should get good dividends, usually in the 4 to 5% range.  Dividend increases at the minimum should be at the rate of inflation over the long term.
Would I buy this company and Why.
As a Real Estate sector firm it provides a good dividend which is affordable.  Shareholders are making a reasonable return.  It would be nice if dividend growth was better, but dividends are growing.
Why am I following this stock. 
Myowneradvistor.com asked me to look into this stock.
In 2011 a reader asked me to review this real estate stock.  Also, the site Canadian Dividend Stock site mentions this company as a top Canadian REIT.  
Dividends
Since 2020, dividends are paid monthly.  
Dividends are paid in Cycle 1.  Dividends are paid in January, April, July and October.  
For example the dividend declared October 31, 2013 is payable January 9, 2014 for shareholders of record of December 31, 2013.
How they make their money.
First Capital REIT is a developer, owner, and operator of mixed-use urban real estate in Canada's populated centres. The company's 
focus is on creating thriving neighbourhoods that create value for businesses, residents, communities and investors.   
First Capital Realty Inc (TSE:FCR) operates as the bank holding company for First Harrison Bank that provides various banking services to individuals 
and business customers primarily Harrison, Floyd, Clark, and Washington counties in Indiana.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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.
According to Wikipedia it is Gazit-Globe that owns shares in First Capital Realty.
TAXE (Tel-Aviv SE)-GLOB, NYSE-GZT
http://en.wikipedia.org/wiki/Gazit-Globe 
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 Dec 11 2016 Dec 10 2017 Dec 8 2018 Dec 2 2019 Nov 29 2020 Nov 20 2021 Nov 19 2022 Nov 12 2023
Paul, Adam Elliot 0.02% 0.041 0.02% 0.041 0.02% 0.150 0.06% 0.172 0.08% 0.265 0.12% 0.283 0.13% 0.283 0.13% 0.283 0.13% 0.00%
CEO - Shares - Amount $0.751 $0.85 $0.85 $2.820 $3.587 $3.595 $5.344 $4.763 $3.836
Options - percentage 0.28% 1.141 0.47% 1.612 0.66% 2.135 0.84% 2.846 1.31% 3.894 1.78% 4.253 1.94% 4.215 1.97% 4.469 2.09% 6.02%
Options - amount $11.399 $23.59 $33.39 $40.235 $59.387 $52.769 $80.206 $70.851 $60.506
Downey, Neil William Edward 0.039 0.02% 0.039 0.02% 0.039 0.02% 0.00%
CFO - Shares - Amount $0.735 $0.655 $0.528
Options - percentage 0.054 0.02% 0.105 0.05% 0.105 0.05% 0.00%
Options - amount $1.025 $1.772 $1.428
Agourias, Elefheria 0.007 0.00% 0.012 0.01% 54.35%
Officer - Shares - Amount $0.125 $0.156
Options - percentage 0.016 0.01% 0.022 0.01% 38.21%
Options - amount $0.262 $0.291
Reuters Options Value
Francella, Carmine 0.009 0.00% 0.009 0.00% 0.019 0.01% 104.51%
Officer - Shares - Amount $0.176 $0.157 $0.259
Options - percentage 0.420 0.19% 0.448 0.21% 0.455 0.21% 1.71%
Options - amount $7.927 $7.524 $6.164
McDougald, Maryanne 0.01% 0.017 0.01% 0.024 0.01% 0.038 0.01% 0.039 0.02% 0.042 0.02% 0.044 0.02% Ceased insider Mar 2022
Officer - Shares - Amount $0.253 $0.357 $0.506 $0.717 $0.822 $0.567 $0.823
Options - percentage 0.10% 0.286 0.12% 0.346 0.14% 0.407 0.16% 0.467 0.21% 0.551 0.25% 0.512 0.23%
Options - amount $4.227 $5.918 $7.161 $7.680 $9.752 $7.462 $9.660
Abramsky, Leonard 0.053 0.02% 0.053 0.02% 0.073 0.03% 0.083 0.04% 13.67%
Director - Shares - Amount $0.720 $1.003 $1.230 $1.126
Options - percentage 0.007 0.00% 0.007 0.00% 0.013 0.01% 0.025 0.01% 94.22%
Options - amount $0.100 $0.130 $0.213 $0.334
Hagan, Jon 0.01% 0.020 0.01% 0.020 0.01% 0.020 0.01% 0.020 0.01% 0.020 0.01% Ceased insider June 2021
Director - Shares - Amount $0.376 $0.423 $0.424 $0.386 $0.427 $0.277
Options - percentage 0.03% 0.076 0.03% 0.082 0.03% 0.089 0.03% 0.096 0.04% 0.199 0.09%
Options - amount $1.287 $1.57 $1.701 $1.677 $2.008 $2.700
Reuters Options Value
Botting, Sheila 0.003 0.00% 0.013 0.01% 300.00%
Director - Shares - Amount $0.055 $0.179
Options - percentage 0.003 0.00% 0.022 0.01% 693.83%
Options - amount $0.047 $0.301
Douglas, Paul Campbell 0.060 0.03% 0.075 0.04% 25.00%
Chairman - Shares - Amt $1.009 $1.016
Options - percentage 0.021 0.01% 0.046 0.02% 118.23%
Options - amount $0.357 $0.627
McDonell, Bernard J. 0.003 0.00% 0.003 0.00% 0.003 0.00% 0.003 0.00%
Chairman - Shares - Amt $0.055 $0.035 $0.049 $0.044
Options - percentage 0.104 0.05% 0.217 0.10% 0.234 0.11% 0.243 0.11%
Options - amount $2.175 $2.945 $4.405 $4.089
Alony-Hetz Properties And Investments Ltd. 6.11% 12.802 5.26%
10% Holders $252.900 $264.618 Filed Jan 2016 last
TASE: ALHE
Gazit Canada Inc. 42.18% 88.637 36.40% 79.637 32.58%
10% Holders $1,745.759 $1,832.12 $1,650.073 Filed Mar 2017 last
Increase in O/S Shares 0.67% 1.577 0.70% 1.129 0.46% 0.796 0.33% 0.640 0.26% 0.336 0.15% 0.254 0.12% 0.226 0.10% 0.215 0.10%
due to SO $26.982 $28.938 $23.336 $16.493 $13.261 $7.012 $3.442 $4.262 $3.614
Book Value $22.747 $26.379 $20.924 $14.770 $11.556 $6.553 $5.468 $3.689 $3.761
Insider Buying -$0.038 -$0.080 -$0.696 -$0.392 -$0.174 -$2.622 -$2.308 -$0.573 -$0.556
Insider Selling $15.803 $8.578 $4.702 $2.540 $1.153 $1.248 $0.560 $0.165 $0.165
Net Insider Selling $15.765 $8.498 $4.006 $2.148 $0.979 -$1.374 -$1.748 -$0.408 -$0.391
% of Market Cap 0.38% 0.17% 0.08% 0.04% 0.02% -0.05% -0.04% -0.01% -0.01%
Directors 9 8 9 9 9 9 9 10
Women 22% 3 33% 3 38% 2 22% 2 22% 2 22% 3 33% 3 33% 3 30%
Minorities 0% 0 0% 0 0% 1 11% 1 11% 1 11% 2 22% 2 22% 2 20%
Institutions/Holdings 21.93% 163 24.58% 184 32.95% 209 29.80% 20 34.41% 20 30.35% No ownership data
Total Shares Held 21.91% 59.775 24.55% 80.386 32.89% 75.925 29.79% 75.541 34.41% 64.807 30.35% available in 2023
Increase/Decrease 2.55% -0.246 -0.41% -0.202 -0.25% 1.497 2.01% -0.760 -1.00% -0.240 -0.37%
Starting No. of Shares 60.022 80.588 74.428 76.301 65.047
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