This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2026	<-Estimates				https://www.annualreports.com/Company/Pembina-Pipeline
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/26	<-Estimates
Pembina Pipeline Corp						TSX:	PPL	NYSE	PBA	www.pembina.com		Fiscal Yr:	Dec 31
Year	12/30/13	12/30/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
														$7,388	<-12 mths	-5.01%			Estimates		last 12 months from Qtr.
Revenue*	$5,025	$6,069	$4,635	$4,265	$5,408	$7,351	$7,230	$6,202	$8,627	$11,611	$9,125	$7,384	$7,778	$7,967	$8,695	$9,150		67.81%	<-Total Growth	10	Revenue
Increase	46.61%	20.78%	-23.63%	-7.98%	26.80%	35.93%	-1.65%	-14.22%	39.10%	34.59%	-21.41%	-19.08%	5.34%	2.43%	9.14%	5.23%		5.31%	<-IRR #YR->	10	Revenue	67.81%
5 year Running Average	$2,439	$3,491	$4,167	$4,684	$5,080	$5,546	$5,778	$6,091	$6,964	$8,204	$8,559	$8,590	$8,905	$8,773	$8,190	$8,195		4.63%	<-IRR #YR->	5	Revenue	25.41%
Revenue per Share	$15.95	$17.96	$12.43	$10.74	$10.75	$14.47	$13.19	$11.28	$15.69	$21.11	$16.62	$12.73	$13.39	$13.71	$14.97	$15.75		7.89%	<-IRR #YR->	10	5 yr Running Average	113.72%
Increase	36.42%	12.63%	-30.81%	-13.55%	0.08%	34.59%	-8.83%	-14.53%	39.10%	34.59%	-21.27%	-23.42%	5.17%	2.43%	9.14%	5.23%		7.89%	<-IRR #YR->	5	5 yr Running Average	46.19%
5 year Running Average	$10.05	$12.62	$13.60	$13.75	$13.57	$13.27	$12.32	$12.09	$13.08	$15.15	$15.58	$15.48	$15.91	$15.51	$14.28	$14.11		0.75%	<-IRR #YR->	10	Revenue per Share	7.73%
P/S (Price/Sales) Med	2.07	2.50	2.88	3.25	3.98	2.97	3.45	3.09	2.34	2.17	2.64	4.14	4.02	4.16	0.00	0.00		3.49%	<-IRR #YR->	5	Revenue per Share	18.72%
P/S (Price/Sales) Close	2.35	2.36	2.43	3.91	4.23	2.80	3.65	2.67	2.38	2.18	2.74	4.17	3.91	4.61	4.22	4.01		1.58%	<-IRR #YR->	10	5 yr Running Average	16.95%
*Revenue in M CDN $					P/S Med	20 yr	2.93	15 yr	2.88	10 yr	3.17	5 yr	2.64		45.22%	Diff M/C		5.65%	<-IRR #YR->	5	5 yr Running Average	31.60%
			-$4,635	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,778
								-$6,202	$0	$0	$0	$0	$7,778
			-$4,167	$0	$0	$0	$0	$0	$0	$0	$0	$0	$8,905
								-$6,091	$0	$0	$0	$0	$8,905
			-$12.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.39
								-$11.28	$0.00	$0.00	$0.00	$0.00	$13.39
			-$13.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.91
								-$12.09	$0.00	$0.00	$0.00	$0.00	$15.91
Adjusted Earnings			$355	$394	$811	$1,157	$1,361	-$476	$1,098	$1,258	$1,722	$1,874	$1,694	$1,746	$1,804	$1,839		377.18%	<-Total Growth	10	Adjusted Earnings
Cal using Diluted Shares										$2.27											Cal using Diluted Shares
Adjusted EPS			$1.02	$1.01	$1.88	$2.28	$2.65	-$0.86	$1.99	$2.27	$3.13	$3.26	$2.91	$3.00	$3.10	$3.16		185.36%	<-Total Growth	10	Adjusted EPS
Increase				-0.98%	86.14%	21.28%	16.23%	-132.45%	-331.40%	14.07%	37.89%	4.31%	-10.85%	3.07%	3.33%	1.94%		9	1	10	Increase	90.00%
5 year Running Average							$1.77	$1.39	$1.59	$1.67	$1.84	$1.96	$2.71	$2.92	$3.08	$3.09		11.06%	<-IRR #YR->	10	5 year Running Average	185.36%
AEPS Yield			3.38%	2.41%	4.13%	5.63%	5.51%	-2.86%	5.33%	4.94%	6.86%	6.15%	5.57%	4.75%	4.91%	5.00%		#NUM!	<-IRR #YR->	5	AEPS Yield	438.45%
Payout Ratio			175.74%	187.13%	107.45%	97.81%	88.68%	N/C	126.63%	112.33%	84.82%	83.85%	96.89%	94.67%	91.61%	89.87%		7.40%	<-IRR #YR->	6	Payout Ratio	#DIV/0!
5 year Running Average							116.32%	158.05%	146.47%	145.98%	137.09%	132.44%	97.91%	93.32%	90.18%	91.20%		14.28%	<-IRR #YR->	5	5 year Running Average	94.91%
Price/AEPS Median			35.12	34.56	22.78	18.86	17.16	-40.57	18.45	20.17	14.03	16.13	18.50	19.02	0.00	0.00		18.48	<-Median->	10	Price/AEPS Median
Price/AEPS High			42.35	42.20	24.54	20.84	19.04	-61.88	21.55	23.38	15.52	18.47	20.19	21.19	0.00	0.00		20.52	<-Median->	10	Price/AEPS High
Price/AEPS Low			27.89	26.93	21.02	16.88	15.29	-19.26	15.36	16.96	12.53	13.80	16.80	16.85	0.00	0.00		16.08	<-Median->	10	Price/AEPS Low
Price/AEPS Close			29.56	41.54	24.19	17.77	18.16	-35.00	18.77	20.25	14.58	16.27	17.97	21.05	20.37	19.99		18.06	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close				41.14	45.03	21.55	21.11	11.36	-43.44	23.10	20.10	16.97	16.02	21.70	21.05	20.37		20.60	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	18.50	20.84	16.80	18.16	P/AEPS	5 Yrs	in order	18.45	20.19	15.36	17.97		14.08%	Diff M/C					Median Values
* Adjusted Earnings per Share																					* Adjusted Earnings per Share
			-$1.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.91
								$0.86	$0.00	$0.00	$0.00	$0.00	$2.91
							-$1.77	$0.00	$0.00	$0.00	$0.00	$0.00	$2.71
								-$1.39	$0.00	$0.00	$0.00	$0.00	$2.71
Per Share														$4.34	<-12 mths	-11.61%			Estimates		Last 12 months from Qtr
Payout Ratio Adj EPS														58.88%	58.57%
Adjusted FFO Total	$720	$777	$878	$986	$1,396	$2,154	$2,234	$2,289	$2,661	$2,640	$2,646	$3,265	$2,854	$2,867	$2,972	$3,024			Estimates		Payout Ratio EPS
AFFO per share	$2.34	$2.38	$2.53	$2.54	$3.27	$4.27	$4.36	$4.16	$4.80	$4.82	$4.81	$5.70	$4.91	$4.93	$5.11	$5.20		94.07%	<-Total Growth	10	AFFO
Increase	22.51%	1.71%	6.30%	0.40%	28.74%	30.58%	2.11%	-4.59%	15.38%	0.42%	-0.21%	18.50%	-13.86%	0.41%	3.65%	1.76%		10	0	10	Years of Data, AFFP, P or N	100.00%
AFFO Yield	6.3%	5.6%	8.4%	6.1%	7.2%	10.5%	9.1%	13.8%	12.8%	10.5%	10.5%	10.7%	9.4%	7.8%	8.1%	8.2%		6.86%	<-IRR #YR->	10	AFFO	94.07%
5 year Running Average	$1.83	$1.99	$2.19	$2.34	$2.61	$3.00	$3.39	$3.72	$4.17	$4.48	$4.59	$4.86	$5.01	$5.03	$5.09	$5.17		3.37%	<-IRR #YR->	5	AFFO	18.03%
Payout Ratio	70.09%	72.06%	70.85%	74.41%	61.77%	52.22%	53.90%	60.34%	52.50%	52.90%	55.20%	48.03%	57.43%	57.61%	55.58%	54.62%		8.63%	<-IRR #YR->	10	5 yr Running Average	128.88%
5 year Running Average	87.66%	81.82%	76.32%	73.91%	69.35%	64.36%	60.59%	59.14%	55.75%	54.26%	54.84%	53.41%	53.05%	54.04%	54.57%	54.46%		6.13%	<-IRR #YR->	5	5 yr Running Average	34.62%
Price/AFFO Median	14.10	18.85	14.16	13.74	13.10	10.07	10.43	8.39	7.65	9.50	9.13	9.24	10.96	11.58	0.00	0.00		9.79	<-Median->	10	P/AFFO Med
Price/AFFO High	15.99	22.21	17.08	16.78	14.11	11.13	11.57	12.79	8.94	11.01	10.10	10.58	11.97	12.89	0.00	0.00		11.35	<-Median->	10	P/AFFO High
Price/AFFO Low	12.21	15.49	11.25	10.71	12.09	9.01	9.29	3.98	6.37	7.99	8.16	7.90	9.96	10.26	0.00	0.00		8.58	<-Median->	10	P/AFFO Low
Price/AFFO Close	15.99	17.79	11.92	16.52	13.91	9.49	11.04	7.24	7.78	9.54	9.48	9.32	10.65	12.81	12.36	12.15		9.51	<-Median->	10	P/AFFO Close
Trailing P/AFFO	19.59	18.09	12.67	16.58	17.91	12.39	11.27	6.90	8.98	9.58	9.46	11.04	9.17	12.86	12.81	12.36		10.31	<-Median->	10	Trailing P/AFFO Close
Median Values	Historical	in order	11.79	13.45	10.33	11.48	P/CF	5 Yrs	in order	9.24	10.58	7.99	9.48		38.63%	Diff M/C		30.93%	Diff M/C	10	DPR 75% to 95% best
* Adjusted Cash Flow From Operating Activities
			-$2.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.91
								-$4.16	$0.00	$0.00	$0.00	$0.00	$4.91
			-$2.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.01
								-$3.72	$0.00	$0.00	$0.00	$0.00	$5.01
Accting chge '05
Distributable Cash to FFO	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,650	$2,252	$2,929	$2,635	$3,214	$3,301	$3,024	$3,163	$3,311		312.11%	<-Total Growth	10	FFO
Distributable Cash per Share	$2.12	$2.45	$2.31	$2.78	$3.55	$4.47	$4.94	$4.10	$4.82	$5.30	$4.79	$5.61	$5.68	$5.20	$5.44	$5.70		145.89%	<-Total Growth	10	FFO
Increase	52.52%	15.57%	-5.71%	20.35%	27.70%	25.92%	10.51%	-17.00%	17.56%	9.96%	-9.62%	17.12%	1.25%	-8.45%	4.62%	4.78%		10	0	10	Years of Data, AFFP, P or N	100.00%
FFO Yield	5.7%	5.8%	7.7%	6.6%	7.8%	11.0%	10.3%	13.6%	12.9%	11.5%	10.5%	10.6%	10.9%	8.2%	8.6%	9.0%		9.41%	<-IRR #YR->	10	FFO	145.89%
5 year Running Average	$1.65	$1.85	$2.00	$2.21	$2.64	$3.11	$3.61	$3.97	$4.38	$4.73	$4.79	$4.92	$5.24	$5.32	$5.34	$5.53		6.74%	<-IRR #YR->	5	FFO	38.54%
Payout Ratio	77.36%	70.00%	77.60%	67.99%	56.90%	49.89%	47.57%	61.22%	52.28%	48.11%	55.43%	48.80%	49.65%	54.62%	52.21%	49.82%		10.13%	<-IRR #YR->	10	5 yr Running Average	162.53%
5 year Running Average	97.03%	88.18%	83.66%	78.26%	68.57%	62.00%	56.97%	55.44%	53.15%	51.46%	52.55%	52.69%	50.70%	51.18%	51.99%	50.95%		5.72%	<-IRR #YR->	5	5 yr Running Average	32.06%
Price/FFO Median	15.56	18.31	15.51	12.56	12.06	9.62	9.21	8.51	7.62	8.64	9.17	9.39	9.48	10.97	0.00	0.00		9.30	<-Median->	10	P/FFO Med
Price/FFO High	17.65	21.58	18.70	15.33	13.00	10.63	10.21	12.98	8.90	10.01	10.14	10.75	10.35	12.23	0.00	0.00		10.49	<-Median->	10	P/FFO High
Price/FFO Low	13.48	15.05	12.32	9.78	11.13	8.61	8.20	4.04	6.34	7.26	8.19	8.03	8.61	9.72	0.00	0.00		8.20	<-Median->	10	P/FFO Low
Price/FFO Close	17.65	17.28	13.05	15.09	12.81	9.06	9.74	7.34	7.75	8.67	9.52	9.47	9.21	12.15	11.61	11.08		9.34	<-Median->	10	P/FFO Close
Trailing P/FFO Close	26.92	19.97	12.31	18.16	16.36	11.41	10.77	6.09	9.11	9.54	8.61	11.09	9.32	11.12	12.15	11.61		10.15	<-Median->	10	Trailing P/FFO Close
Median Values	Historical	in order	10.84	12.99	9.20	11.28	P/CF	5 Yrs	in order	9.17	10.14	8.03	9.21		32.50%	Diff M/C		30.63%	Diff M/C	10	DPR 75% to 95% best
* Cash Flow From Operating Activities
			-$2.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.68
								-$4.10	$0.00	$0.00	$0.00	$0.00	$5.68
			-$2.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.24
								-$3.97	$0.00	$0.00	$0.00	$0.00	$5.24
														$2.59	<-12 mths	-2.63%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.93%	0.00%	0.98%	0.53%	0.00%	0.38%	0.00%	0.50%	0.39%	0.33%	0.00%	0.37%					0.38%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$1.12	$1.07	$1.02	$1.02	$1.89	$2.28	$2.66	-$0.86	$2.00	$5.14	$3.00	$3.00	$2.67					161.76%	<-Total Growth	10	EPS Basic
EPS Diluted*	$1.12	$1.06	$1.02	$1.01	$1.88	$2.28	$2.65	-$0.86	$1.99	$5.12	$2.99	$3.00	$2.66	$2.86	$3.06	$3.34		160.78%	<-Total Growth	10	EPS Diluted
Increase	28.74%	-5.36%	-3.77%	-0.98%	86.14%	21.28%	16.23%	-132.45%	331.40%	157.29%	-41.60%	0.33%	-11.33%	7.52%	6.99%	9.15%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	3.0%	2.5%	3.4%	2.4%	4.1%	5.6%	5.5%	-2.9%	5.3%	11.1%	6.6%	5.6%	5.1%	4.5%	4.8%	5.3%		10.06%	<-IRR #YR->	10	Earnings per Share	160.78%
5 year Running Average	$1.04	$1.04	$1.01	$1.02	$1.22	$1.45	$1.77	$1.39	$1.59	$2.24	$2.38	$2.45	$3.15	$3.33	$2.91	$2.98		38.48%	<-IRR #YR->	5	Earnings per Share	409.30%
10 year Running Average	$0.94	$0.99	$1.03	$1.05	$1.14	$1.24	$1.40	$1.20	$1.30	$1.73	$1.91	$2.11	$2.27	$2.46	$2.58	$2.68		12.03%	<-IRR #YR->	10	5 yr Running Average	211.46%
* Diluted ESP per share									E/P	10 Yrs	5.42%	5Yrs	5.65%					17.76%	<-IRR #YR->	5	5 yr Running Average	126.44%
			-$1.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.66
								$0.86	$0.00	$0.00	$0.00	$0.00	$2.66
			-$1.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.15
								-$1.39	$0.00	$0.00	$0.00	$0.00	$3.15
Dividend*														$2.90	$2.99	$3.09			Estimates		Dividend*
Increase														2.94%	3.10%	3.11%			Estimates		Increase
Payout Ratio EPS														101.50%	97.81%	92.40%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00				$0.00	<-Median->	10	Special Dividends
last 3 mths of 1997
Dividend*	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$2.82	$2.84	$2.84	$2.84		57.32%	<-Total Growth	10	Dividends
Increase	1.84%	4.57%	4.52%	5.44%	6.88%	10.40%	5.38%	6.81%	0.40%	1.19%	4.12%	3.11%	3.01%	0.71%	0.00%	0.00%		23	1	28	Years of data, Count P, N	82.14%
Average Increases 5 Year Running	1.86%	1.52%	2.43%	3.52%	4.65%	6.36%	6.52%	6.98%	5.97%	4.83%	3.58%	3.12%	2.37%	2.43%	2.19%	1.37%		4.74%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.60	$1.63	$1.67	$1.73	$1.81	$1.93	$2.06	$2.20	$2.33	$2.43	$2.52	$2.59	$2.66	$2.72	$2.78	$2.82		59.09%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.97%	3.82%	5.00%	5.41%	4.72%	5.19%	5.17%	7.19%	6.86%	5.57%	6.05%	5.20%	5.24%	4.98%				5.33%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.38%	3.24%	4.15%	4.43%	4.38%	4.69%	4.66%	4.72%	5.88%	4.80%	5.46%	4.54%	4.80%	4.47%				4.70%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.74%	4.65%	6.30%	6.95%	5.11%	5.79%	5.80%	15.16%	8.25%	6.62%	6.77%	6.08%	5.77%	5.62%				6.35%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.38%	4.05%	5.95%	4.50%	4.44%	5.50%	4.88%	8.34%	6.75%	5.55%	5.82%	5.15%	5.39%	4.50%	4.50%	4.50%		5.45%	<-Median->	10	Yield on Close Price	AFFO
Payout Ratio EPS	146.43%	161.79%	175.74%	187.13%	107.45%	97.81%	88.68%	-291.86%	126.63%	49.80%	88.80%	91.25%	106.02%	99.30%	92.81%	85.03%		94.53%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	154.61%	157.29%	165.00%	170.23%	148.73%	133.07%	116.32%	158.05%	146.47%	108.77%	105.85%	105.98%	84.28%	81.79%	95.35%	94.35%		124.69%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	79.39%	72.44%	83.47%	69.67%	67.16%	50.21%	50.86%	61.30%	52.30%	47.88%	55.32%	49.41%	49.63%	53.99%	52.99%	51.64%		51.58%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	100.96%	91.56%	87.72%	82.20%	73.63%	65.73%	60.74%	58.27%	55.43%	52.19%	53.19%	52.78%	50.76%	51.12%	52.15%	51.49%		56.85%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	62.50%	58.54%	67.06%	62.27%	59.28%	43.17%	45.41%	45.67%	39.34%	39.70%	40.93%	38.12%	40.63%	53.99%	52.99%	51.64%		42.05%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	81.13%	71.59%	66.63%	65.18%	61.74%	56.06%	52.85%	49.37%	45.34%	42.42%	41.97%	40.55%	39.72%	42.12%	44.49%	46.55%		47.36%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.33%	5.45%	5 Yr Med	5 Yr Cl	5.57%	5.55%	5 Yr Med	Payout	91.25%	49.63%	39.70%					2.36%	<-IRR #YR->	5	Dividends	12.35%
* Dividends per share	10 Yr Med	and Cur.	-15.58%	-17.48%	5 Yr Med	and Cur.	-19.27%	-18.96%	Last Div Inc --->		$0.6900	$0.7100	2.90%					4.64%	<-IRR #YR->	10	Dividends	57.32%
Dividends Growth 15																		3.89%	<-IRR #YR->	15	Dividends	77.22%
Dividends Growth 20																		5.00%	<-IRR #YR->	20	Dividends	165.27%
Dividends Growth 25																		4.40%	<-IRR #YR->	25	Dividends
Dividends Growth 30																		5.94%	<-IRR #YR->	28	Dividends
Dividends Growth 5								-$2.51	$0.00	$0.00	$0.00	$0.00	$2.82								Dividends Growth 5
Dividends Growth 10			-$1.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.82								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	$2.82								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	$2.82								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	$2.82								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	$2.82
Historical Dividends	Historical	High Div	15.16%	Low Div	4.38%	10 Yr High	14.47%	10 Yr Low	4.38%	Med Div	6.86%	Close Div	6.75%					5.33%	Median Div		Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-70.34%	Exp	2.66%	Exp.	-68.93%		2.66%	Exp.	-34.45%	Exp.	-33.34%					-15.64%	after Income T		High/Ave/Median
Future Dividend Yield					Div Yd	5.05%	earning in	5	Years	at IRR of	2.36%	Div Inc.	12.35%								Future Dividend Yield
Future Dividend Yield					Div Yd	5.68%	earning in	10	Years	at IRR of	2.36%	Div Inc.	26.23%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.38%	earning in	15	Years	at IRR of	2.36%	Div Inc.	41.82%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.19	earning in	5	Years	at IRR of	2.36%	Div Inc.	12.35%								Future Dividend Paid
Future Dividend Paid					Div Paid	$3.58	earning in	10	Years	at IRR of	2.36%	Div Inc.	26.23%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.03	earning in	15	Years	at IRR of	2.36%	Div Inc.	41.82%								Future Dividend Paid
Dividend Covering Cost					Total Div	$14.89	over	5	Years	at IRR of	2.36%	Div Cov.	23.57%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$28.42	over	10	Years	at IRR of	2.36%	Div Cov.	44.99%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$43.62	over	15	Years	at IRR of	2.36%	Div Cov.	69.07%								Dividend Covering Cost
I am earning GC					Div Gr	170.48%	12/21/01	# yrs ->	24	2001	$11.02	Cap Gain	473.14%								I am earning GC
I am earning Div					org yield	9.53%	12/31/26	Trading	Div G Yrly	4.05%	Div start	$1.05	-9.53%	25.77%							I am earning Div
I am earning GC					Div Gr	170.48%	12/21/01	# yrs ->	24	2001	$11.20	Cap Gain	463.93%								I am earning GC
I am earning Div					org yield	9.38%	12/31/26	RRSP	Div G Yrly	4.05%	Div start	$1.05	-9.38%	25.36%							I am earning Div
Yield if held 5 years	10.44%	11.65%	9.17%	7.25%	7.19%	6.76%	5.24%	7.01%	7.22%	5.95%	6.17%	6.02%	8.08%	7.73%	6.20%	6.47%		6.88%	<-Median->	10	Paid Median Price
Yield if held 10 years	13.69%	14.04%	11.97%	11.49%	12.89%	14.19%	15.97%	12.84%	9.66%	9.07%	8.05%	6.10%	7.87%	8.14%	6.63%	6.60%		10.58%	<-Median->	10	Paid Median Price
Yield if held 15 years	19.82%	22.22%	24.90%	18.58%	17.92%	18.61%	19.24%	16.76%	15.32%	16.27%	16.89%	18.60%	14.43%	10.89%	10.11%	8.61%		17.41%	<-Median->	10	Paid Median Price
Yield if held 20 years					25.90%	26.95%	30.44%	34.86%	24.78%	22.62%	22.16%	22.41%	18.83%	17.26%	18.12%	18.07%		24.78%	<-Median->	9	Paid Median Price
Yield if held 25 years										32.69%	32.08%	35.46%	39.17%	27.93%	25.19%	23.71%		34.08%	<-Median->	4	Paid Median Price
Yield if held 30 years															36.41%	34.32%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	51.06%	55.37%	42.72%	33.17%	32.23%	29.24%	22.92%	30.70%	33.31%	28.39%	29.26%	28.52%	38.07%	37.04%	30.34%	32.06%		29.98%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	117.83%	120.91%	103.50%	99.09%	108.07%	112.45%	125.25%	99.00%	77.77%	75.51%	67.38%	51.83%	67.78%	72.28%	60.83%	62.00%		88.38%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	231.95%	258.53%	288.77%	212.70%	200.45%	198.36%	205.09%	176.95%	169.79%	185.64%	192.53%	213.41%	166.96%	129.93%	124.95%	110.05%		195.45%	<-Median->	10	Paid Median Price
Cost covered if held 20 years					353.35%	348.53%	391.73%	441.54%	327.05%	308.30%	303.41%	311.29%	265.65%	252.48%	274.27%	282.11%		327.05%	<-Median->	9	Paid Median Price
Cost covered if held 25 years										509.25%	500.62%	559.76%	626.02%	460.80%	431.52%	420.92%		534.50%	<-Median->	4	Paid Median Price
Cost covered if held 30 years															687.36%	670.74%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$6,202.0	$8,627.0	$11,611.0	$9,125.0	$7,384.0	$7,778.0	$7,388	<-12 mths	-5.01%		25.41%	<-Total Growth	5	Revenue Growth	25.41%
AFFO Growth								$4.16	$4.80	$4.82	$4.81	$5.70	$4.91	$4.34	<-12 mths	-11.61%		18.03%	<-Total Growth	5	AFFO Growth	18.03%
Net Income Growth								-$476.0	$1,098.0	$2,842.0	$1,648.0	$1,721.0	$1,550.0	$1,488	<-12 mths	-4.00%		425.63%	<-Total Growth	5	Net Income Growth	425.63%
Cash Flow Growth								$2,252.0	$2,650.0	$2,929.0	$2,635.0	$3,214.0	$3,301.0					46.58%	<-Total Growth	5	Cash Flow Growth	46.58%
Dividend Growth								$2.51	$2.52	$2.55	$2.66	$2.74	$2.82	$2.84	<-12 mths	0.71%		12.35%	<-Total Growth	5	Dividend Growth	12.35%
Stock Price Growth								$30.10	$37.36	$45.96	$45.62	$53.11	$52.29	$63.16	<-12 mths	20.79%		73.72%	<-Total Growth	5	Stock Price Growth	73.72%
Revenue Growth			$4,635.0	$4,265.0	$5,408.0	$7,351.0	$7,230.0	$6,202.0	$8,627.0	$11,611.0	$9,125.0	$7,384.0	$7,778.0	$7,967	<-this year	2.43%		67.81%	<-Total Growth	10	Revenue Growth	67.81%
AFFO Growth			$2.53	$2.54	$3.27	$4.27	$4.36	$4.16	$4.80	$4.82	$4.81	$5.70	$4.91	$4.93	<-this year	0.41%		94.07%	<-Total Growth	10	AFFO Growth	94.07%
Net Income Growth			$355.0	$394.0	$811.0	$1,157.0	$1,361.0	-$476.0	$1,098.0	$2,842.0	$1,648.0	$1,721.0	$1,550.0	$1,661	<-this year	7.16%		336.62%	<-Total Growth	10	Net Income Growth	336.62%
Cash Flow Growth			$801.0	$1,077.0	$1,513.0	$2,256.0	$2,532.0	$2,252.0	$2,650.0	$2,929.0	$2,635.0	$3,214.0	$3,301.0	$3,056	<-this year	-7.42%		312.11%	<-Total Growth	10	Cash Flow Growth	312.11%
Dividend Growth			$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$2.82	$2.90	<-this year	2.94%		57.32%	<-Total Growth	10	Dividend Growth	57.32%
Stock Price Growth			$30.15	$41.96	$45.48	$40.51	$48.13	$30.10	$37.36	$45.96	$45.62	$53.11	$52.29	$62.94	<-this year	20.37%		73.43%	<-Total Growth	10	Stock Price Growth	73.43%
Dividends on Shares				$64.26	$68.68	$75.82	$79.90	$85.34	$85.68	$86.70	$90.27	$93.08	$95.88	$96.56	$96.56	$96.56		$825.61	No of Years	10	Total Divs	12/31/15
Paid			$1,025.10	$1,426.64	$1,546.32	$1,377.34	$1,636.42	$1,023.40	$1,270.24	$1,562.64	$1,551.08	$1,805.74	$1,777.86	$2,147.44	$2,147.44	$2,147.44		$1,777.86	No of Years	10	Worth	$30.15
Total																		$2,603.47
Gra Pr (FFO (->AFFO)	$28.24	$29.40	$31.07	$31.26	$40.77	$47.48	$49.62	$45.21	$48.11	$51.63	$51.80	$58.25	$53.48	$53.59	$54.56	$55.04		72.15%	<-Total Growth	10	Gra Pr (FFO (->AFFO)
Change	12.90%	4.11%	5.65%	0.61%	30.44%	16.45%	4.51%	-8.89%	6.42%	7.33%	0.33%	12.44%	-8.18%	0.20%	1.81%	0.88%		0.05	<-Median->	10	Change
Price/GP Ratio Med	1.17	1.53	1.15	1.12	1.05	0.91	0.92	0.77	0.76	0.89	0.85	0.90	1.01	1.06				0.91	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.32	1.80	1.39	1.36	1.13	1.00	1.02	1.18	0.89	1.03	0.94	1.04	1.10	1.19				1.03	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	1.01	1.25	0.92	0.87	0.97	0.81	0.82	0.37	0.64	0.75	0.76	0.77	0.91	0.94				0.79	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	1.32	1.44	0.97	1.34	1.12	0.85	0.97	0.67	0.78	0.89	0.88	0.91	0.98	1.18	1.16	1.15		90.10%	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	32.49%	43.99%	-2.95%	34.24%	11.55%	-14.68%	-3.00%	-33.42%	-22.34%	-10.99%	-11.94%	-8.82%	-2.23%	17.86%	15.76%	14.76%		-9.90%	<-Median->	10	Prem/Disc Close
Graham Price AEPS			$19.73	$19.71	$30.92	$34.69	$38.68	$31.27	$30.98	$35.43	$41.79	$44.08	$41.18	$41.80	$42.49	$42.90		108.75%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med			1.82	1.77	1.39	1.24	1.18	1.12	1.19	1.29	1.05	1.19	1.31	1.37				1.22	<-Median->	10	Price/GP Ratio
Price/GP Ratio High			2.19	2.16	1.49	1.37	1.30	1.70	1.38	1.50	1.16	1.37	1.43	1.52				1.41	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low			1.44	1.38	1.28	1.11	1.05	0.53	0.99	1.09	0.94	1.02	1.19	1.21				1.07	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close			1.53	2.13	1.47	1.17	1.24	0.96	1.21	1.30	1.09	1.20	1.27	1.51	1.49	1.47		1.23	<-Median->	10	Price/GP Ratio
Prem/Disc Close			52.85%	112.88%	47.11%	16.76%	24.42%	-3.73%	20.61%	29.70%	9.17%	20.48%	26.99%	51.09%	48.63%	47.21%		22.51%	<-Median->	10	Graham Price
Graham Pr BV	$19.54	$19.62	$19.73	$19.71	$30.92	$34.69	$38.68	$31.27	$30.98	$53.22	$40.84	$42.26	$39.36	$40.82	$42.22	$44.11		99.56%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	1.69	2.29	1.82	1.77	1.39	1.24	1.18	1.12	1.19	0.86	1.08	1.25	1.37	1.40				1.21	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.92	2.69	2.19	2.16	1.49	1.37	1.30	1.70	1.38	1.00	1.19	1.43	1.49	1.56				1.41	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.46	1.88	1.44	1.38	1.28	1.11	1.05	0.53	0.99	0.72	0.96	1.07	1.24	1.24				1.06	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.92	2.16	1.53	2.13	1.47	1.17	1.24	0.96	1.21	0.86	1.12	1.26	1.33	1.55	1.50	1.43		1.23	<-Median->	10	Price/GP Ratio
Prem/Disc Close	91.50%	115.76%	52.85%	112.88%	47.11%	16.76%	24.42%	-3.73%	20.61%	-13.64%	11.69%	25.68%	32.84%	54.74%	49.60%	43.19%		22.51%	<-Median->	10	Graham Price
Price Close	$37.42	$42.34	$30.15	$41.96	$45.48	$40.51	$48.13	$30.10	$37.36	$45.96	$45.62	$53.11	$52.29	$63.16	$63.16	$63.16		73.43%	<-Total Growth	10	Stock Price
Increase	31.48%	13.15%	-28.79%	39.17%	8.39%	-10.93%	18.81%	-37.46%	24.12%	23.02%	-0.74%	16.42%	-1.54%	20.79%	0.00%	0.00%		26.43	<-Median->	10	CAPE (10 Yr P/E)
P/E	33.41	39.94	29.56	41.54	24.19	17.77	18.16	-35.00	18.77	8.98	15.26	17.70	19.66	22.08	20.64	18.91		11.68%	<-IRR #YR->	5	Stock Price	73.72%
Trailing P/E	43.01	37.80	28.44	41.14	45.03	21.55	21.11	11.36	-43.44	23.10	8.91	17.76	17.43	23.74	22.08	20.64		5.66%	<-IRR #YR->	10	Stock Price	73.43%
CAPE (10 Yr P/E)	22.42	24.28	24.79	26.77	27.30	26.94	26.08	31.13	29.33	23.13	21.30	19.85	19.39	18.79	18.62	18.73		18.87%	<-IRR #YR->	5	Price & Dividend	126.19%
Median 10, 5 Yrs		D.  per yr	6.29%	7.19%	% Tot Ret	52.61%	38.10%	T P/E	$19.44	$17.43	P/E:	$17.96	$17.70					11.95%	<-IRR #YR->	10	Price & Dividend	159.92%
Price  15		D.  per yr	6.64%		% Tot Ret	52.23%						CAPE Diff	-16.44%					6.07%	<-IRR #YR->	15	Stock Price	142.08%
Price  20		D.  per yr	7.13%		% Tot Ret	53.83%												6.12%	<-IRR #YR->	20	Stock Price	227.84%
Price  25		D.  per yr	9.46%		% Tot Ret	55.82%												7.49%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	11.90%		% Tot Ret	59.58%												8.07%	<-IRR #YR->	28	Stock Price
Price & Dividend 15																		12.71%	<-IRR #YR->	15	Price & Dividend	300.52%
Price & Dividend 20																		13.25%	<-IRR #YR->	20	Price & Dividend	483.91%
Price & Dividend 25																		16.95%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		19.97%	<-IRR #YR->	28	Price & Dividend
Price  5								-$30.10	$0.00	$0.00	$0.00	$0.00	$52.29								Price  5
Price 10			-$30.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$52.29								Price 10
Price & Dividend 5								-$30.10	$2.52	$2.55	$2.66	$2.74	$55.11								Price & Dividend 5
Price & Dividend 10			-$30.15	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$55.11								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	$52.29								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	$52.29								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	$52.29								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	$52.29								Price  30
Price & Dividend 15	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$55.11								Price & Dividend 15
Price & Dividend 20	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$55.11								Price & Dividend 20
Price & Dividend 25	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$55.11								Price & Dividend 25
Price & Dividend 30	$1.64	$1.72	$1.79	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$55.11								Price & Dividend 30
Price H/L Median	$33.00	$44.87	$35.83	$34.91	$42.83	$43.01	$45.49	$34.89	$36.73	$45.79	$43.91	$52.68	$53.84	$57.07				50.27%	<-Total Growth	10	Stock Price
Increase	17.42%	35.99%	-20.16%	-2.55%	22.69%	0.41%	5.77%	-23.29%	5.26%	24.67%	-4.10%	19.96%	2.20%	6.00%				4.16%	<-IRR #YR->	10	Stock Price	50.27%
P/E	29.46	42.33	35.12	34.56	22.78	18.86	17.16	-40.57	18.45	8.94	14.69	17.56	20.24	19.95				9.06%	<-IRR #YR->	5	Stock Price	54.30%
Trailing P/E	37.93	40.06	33.80	34.23	42.41	22.88	19.95	13.17	-42.70	23.01	8.58	17.62	17.95	21.45				9.76%	<-IRR #YR->	10	Price & Dividend	123.06%
P/E on Running 5 yr Average	31.79	43.31	35.40	34.36	35.16	29.66	25.73	25.06	23.13	20.48	18.47	21.52	17.08	17.16				15.52%	<-IRR #YR->	5	Price & Dividend	99.56%
P/E on Running 10 yr Average	35.03	45.41	34.95	33.15	37.74	34.57	32.44	29.03	28.21	26.51	22.94	24.99	23.69	23.23				20.36	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.60%	6.46%	% Tot Ret	57.40%	41.61%	T P/E	18.95	17.62	P/E:	18.01	17.56						Count	28	Years of data
			-$35.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$53.84
								-$34.89	$0.00	$0.00	$0.00	$0.00	$53.84
			-$35.83	$1.89	$2.02	$2.23	$2.35	$2.51	$2.52	$2.55	$2.66	$2.74	$56.66
								-$34.89	$2.52	$2.55	$2.66	$2.74	$56.66
	Dec	Sep	Apr	Dec	Nov	Aug	Apr	Feb	Nov	Jun	Jan	Nov	Oct	Mar
Price High	$37.42	$52.87	$43.20	$42.62	$46.14	$47.52	$50.46	$53.22	$42.89	$53.07	$48.59	$60.31	$58.77	$63.57				36.04%	<-Total Growth	10	Stock Price
Increase	21.93%	41.29%	-18.29%	-1.34%	8.26%	2.99%	6.19%	5.47%	-19.41%	23.74%	-8.44%	24.12%	-2.55%	8.17%				3.13%	<-IRR #YR->	10	Stock Price	36.04%
P/E	33.41	49.88	42.35	42.20	24.54	20.84	19.04	-61.88	21.55	10.37	16.25	20.10	22.09	22.23				2.00%	<-IRR #YR->	5	Stock Price	10.43%
Trailing P/E	43.01	47.21	40.75	41.78	45.68	25.28	22.13	20.08	-49.87	26.67	9.49	20.17	19.59	23.90				23.05	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	21.15	19.59	P/E:	20.47	20.10					33.41	P/E Ratio		Historical High
			-$43.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$58.77
								-$53.22	$0.00	$0.00	$0.00	$0.00	$58.77
	Feb	Jan	Dec	Jan	Aug	Apr	Jan	Mar	Jan	Jan	Oct	Feb	Aug	Jan
Price Low	$28.57	$36.87	$28.45	$27.20	$39.52	$38.49	$40.51	$16.56	$30.56	$38.50	$39.23	$45.04	$48.90	$50.56				71.88%	<-Total Growth	10	Stock Price
Increase	12.00%	29.05%	-22.84%	-4.39%	45.29%	-2.61%	5.25%	-59.12%	84.54%	25.98%	1.90%	14.81%	8.57%	3.39%				5.57%	<-IRR #YR->	10	Stock Price	71.88%
P/E	25.51	34.78	27.89	26.93	21.02	16.88	15.29	-19.26	15.36	7.52	13.12	15.01	18.38	17.68				24.18%	<-IRR #YR->	5	Stock Price	195.29%
Trailing P/E	32.84	32.92	26.84	26.67	39.13	20.47	17.77	6.25	-35.53	19.35	7.66	15.06	16.30	19.01				18.38	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.03	15.06	P/E:	15.32	15.01					12.60	P/E Ratio		Historical Low
			-$28.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$48.90
								-$16.56	$0.00	$0.00	$0.00	$0.00	$48.90
Free Cash Flow Mkt Sc			-$1,010	-$668	-$326	$1,030	$887	$1,223	$1,992	$2,324	$2,029	$2,259	$2,517	$1,675	$2,123	$2,647		349.21%	<-Total Growth	10	Free Cash Flow Mkt Sc
Change				33.86%	51.20%	415.95%	-13.88%	37.88%	62.88%	16.67%	-12.69%	11.34%	11.42%	-33.45%	26.75%	24.68%		$0.25	<-Median->	10	Change
Free Cash Flow WSJ			-$1,078	-$740	-$389	$995	$845	$1,177	$1,967	$2,303	$2,014	$2,233	$2,489	$1,675	$2,123	$2,647		330.89%	<-Total Growth	10	Free Cash Flow WSJ
Change				31.35%	47.43%	355.78%	-15.08%	39.29%	67.12%	17.08%	-12.55%	10.87%	11.46%	-32.70%	26.75%	24.68%		$0.24	<-Median->	10	Change
Free Cash Flow old			-$1,010	-$668	-$326	$1,030	$887	$1,223	$1,992	$2,324	$2,029										Free Cash Flow old
Change				33.86%	51.20%	415.95%	-13.88%	37.88%	62.88%	16.67%	-12.69%										Change
Free Cash Flow MS	-$195	-$612	-$1,000	-$630	-$310	$1,110	$780	$1,320	$2,090	$2,150	$2,240	$2,300	$2,300	$1,675	$2,123	$2,647		330.00%	<-Total Growth	10	Free Cash Flow MS	MS agrees
Change	12.95%	-213.85%	-63.40%	37.00%	50.79%	458.06%	-29.73%	69.23%	58.33%	2.87%	4.19%	2.68%	0.00%	-27.17%	26.75%	24.68%		11.75%	<-IRR #YR->	5	Free Cash Flow MS	74.24%
FCF/CF from Op Ratio	-0.30	-0.77	-1.25	-0.58	-0.20	0.49	0.31	0.59	0.79	0.73	0.85	0.72	0.70	0.55	0.68	0.83		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	330.00%
Dividends paid	$221	$269	$294	$351	$781	$1,247	$1,323	$1,530	$1,386	$1,525	$1,459	$1,569	$1,638	$1,650	$1,650	$1,650		457.14%	<-Total Growth	10	Dividends paid
Percentage paid			-29.40%	-55.71%	-251.94%	112.34%	169.62%	115.91%	66.32%	70.93%	65.13%	68.22%	71.22%	98.51%	77.72%	62.34%		$0.70	<-Median->	10	Percentage paid
5 Year Coverage							-7992.00%	230.48%	125.59%	94.11%	84.18%	73.95%	68.38%	73.52%	74.88%	73.85%					5 Year Coverage
Dividend Coverage Ratio			-3.40	-1.79	-0.40	0.89	0.59	0.86	1.51	1.41	1.54	1.47	1.40	1.02	1.29	1.60		1.15	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							-0.01	0.43	0.80	1.06	1.19	1.35	1.46	1.36	1.34	1.35					5 Year of Coverage
								-$1,320	$0	$0	$0	$0	$2,300
			$1,000	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,300
Market Cap $M	$11,793	$14,308	$11,246	$16,658	$22,876	$20,579	$26,375	$16,555	$20,548	$25,278	$25,045	$30,809	$30,380	$36,696	$36,696	$36,696		170.15%	<-Total Growth	10	Market Cap	170.15%
Diluted # of Shares in Million	308.081	327.656	348	389	432	509	514	550	550	554	550	574	582	582	582	582		67.24%	<-Total Growth	10	Basic
Change	18.73%	6.35%	6.21%	11.78%	11.05%	17.82%	0.98%	7.00%	0.00%	0.73%	-0.72%	4.36%	1.39%	0.00%	0.00%	0.00%		2.88%	<-Median->	10	Change
Difference Diluted/Basic	-0.3%	-0.4%	-0.3%	-0.3%	-1.4%	-0.8%	-0.4%	0.0%	0.2%	-0.2%	0.0%	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%
Basic # of Shares in Millions	307.211	326.266	347	388	426	505	512	550	551	553	550	573	581	581	581	581		67.44%	<-Total Growth	10	Basic
Change	18.39%	6.20%	6.35%	11.82%	9.79%	18.54%	1.39%	7.42%	0.18%	0.36%	-0.54%	4.18%	1.40%	0.00%	0.00%	0.00%		2.79%	<-Median->	10	Change
Difference	2.6%	3.6%	7.5%	2.3%	18.1%	0.6%	7.0%	0.0%	-0.2%	-0.5%	-0.2%	1.2%	0.0%	0.0%	0.0%	0.0%		0.30%	<-Median->	10	Difference
Units at '97
Inc '000
acct OCF chge '05
# of Share in Millions	315.144	337.924	373	397	503	508	548	550	550	550	549	580	581	581	581	581		4.53%	<-IRR #YR->	10	Shares	55.76%
Change	7.47%	7.23%	10.38%	6.43%	26.70%	0.99%	7.87%	0.36%	0.00%	0.00%	-0.18%	5.66%	0.16%	0.00%	0.00%	0.00%		1.10%	<-IRR #YR->	5	Shares	5.64%
CF fr Op $M (OCF)	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,252	$2,650	$2,929	$2,635	$3,214	$3,301	$3,056	$3,114	$3,196		312.11%	<-Total Growth	10	Cash Flow
Increase	80.93%	22.89%	0.13%	34.46%	40.48%	49.11%	12.23%	-11.06%	17.67%	10.53%	-10.04%	21.97%	2.71%	-7.42%	1.90%	2.61%		S Iss	SO DRIP		Deb. Conv.
5 year Running Average	$356	$471	$580	$738	$968	$1,289	$1,636	$1,926	$2,241	$2,524	$2,600	$2,736	$2,946	$3,027	$3,064	$3,176		408.09%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.07	$2.37	$2.15	$2.71	$3.01	$4.44	$4.62	$4.09	$4.82	$5.33	$4.80	$5.54	$5.68	$5.26	$5.36	$5.50		164.57%	<-Total Growth	10	Cash Flow per Share
Increase	68.35%	14.60%	-9.29%	26.33%	10.88%	47.64%	4.04%	-11.38%	17.67%	10.53%	-9.87%	15.43%	2.55%	-7.42%	1.90%	2.61%		15.21%	<-IRR #YR->	10	Cash Flow	312.11%
5 year Running Average	$1.59	$1.78	$1.90	$2.10	$2.46	$2.94	$3.39	$3.78	$4.20	$4.66	$4.73	$4.92	$5.23	$5.32	$5.33	$5.47		7.95%	<-IRR #YR->	5	Cash Flow	46.58%
P/CF on Med Price	15.97	18.95	16.68	12.87	14.24	9.68	9.84	8.52	7.62	8.60	9.15	9.51	9.48	10.85	0.00	0.00		10.22%	<-IRR #YR->	10	Cash Flow per Share	164.57%
P/CF on Closing Price	18.11	17.88	14.04	15.47	15.12	9.12	10.42	7.35	7.75	8.63	9.50	9.59	9.20	12.01	11.78	11.48		6.77%	<-IRR #YR->	5	Cash Flow per Share	38.76%
															26.51%	Diff M/C		10.64%	<-IRR #YR->	10	CFPS 5 yr Running	174.92%
Excl.Working Capital CF	$176.0	$190.0	$196.0	$128.0	$201.0	$368.0	$304.0	$771.0	$873.0	$604.0	$926.0	$952.0	$732.0	$0.0	$0.0	$0.0		6.75%	<-IRR #YR->	5	CFPS 5 yr Running	38.61%
CF fr Op $M WC	$827	$990	$997	$1,205	$1,714	$2,624	$2,836	$3,023	$3,523	$3,533	$3,561	$4,166	$4,033	$3,056	$3,114	$3,196		304.51%	<-Total Growth	10	Cash Flow less WC
Increase	40.65%	19.71%	0.71%	20.86%	42.24%	53.09%	8.08%	6.59%	16.54%	0.28%	0.79%	16.99%	-3.19%	-24.22%	1.90%	2.61%		15.00%	<-IRR #YR->	10	Cash Flow less WC	304.51%
5 year Running Average	$456.68	$609.02	$757.59	$921.4	$1,146.6	$1,506.0	$1,875.2	$2,280.4	$2,744.0	$3,107.8	$3,295.2	$3,561.2	$3,763.2	$3,669.81	$3,586.04	$3,512.94		5.93%	<-IRR #YR->	5	Cash Flow less WC	33.41%
CFPS Excl. WC	$2.62	$2.93	$2.67	$3.04	$3.41	$5.17	$5.18	$5.50	$6.41	$6.42	$6.49	$7.18	$6.94	$5.26	$5.36	$5.50		17.38%	<-IRR #YR->	10	CF less WC 5 Yr Run	396.74%
Increase	30.87%	11.64%	-8.76%	13.56%	12.27%	51.59%	0.19%	6.21%	16.54%	0.28%	0.98%	10.72%	-3.34%	-24.22%	1.90%	2.61%		10.54%	<-IRR #YR->	5	CF less WC 5 Yr Run	65.02%
5 year Running Average	$1.98	$2.28	$2.51	$2.65	$2.93	$3.44	$3.89	$4.46	$5.13	$5.73	$6.00	$6.40	$6.69	$6.46	$6.25	$6.05		10.01%	<-IRR #YR->	10	CFPS - Less WC	159.70%
P/CF on Med Price	12.57	15.32	13.40	11.50	12.57	8.33	8.79	6.35	5.73	7.13	6.77	7.33	7.76	10.85	0.00	0.00		4.78%	<-IRR #YR->	5	CFPS - Less WC	26.29%
P/CF on Closing Price	14.26	14.45	11.28	13.82	13.35	7.84	9.30	5.48	5.83	7.15	7.03	7.40	7.53	12.01	11.78	11.48		10.31%	<-IRR #YR->	10	CFPS 5 yr Running	166.86%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	9.49	5 yr	9.15	P/CF Med	10 yr	7.55	5 yr	7.13		59.14%	Diff M/C		8.46%	<-IRR #YR->	5	CFPS 5 yr Running	50.08%
According to Google, I am not adding back in CF enough re WC.
I cannot figure out past WC as CF from operations keeps changing			-$373	$0	$0	$0	$0	$0	$0	$0	$0	$0	$581								Shares
Fixed 2014 only. Updated 2015 re Google Fin.								-$550	$0	$0	$0	$0	$581								Shares
Updated WC for 2010-2015 in			-$801	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,301								Cash Flow
2017.								-$2,252	$0	$0	$0	$0	$3,301								Cash Flow
			-$2.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.68								Cash Flow per Share
								-$4.09	$0.00	$0.00	$0.00	$0.00	$5.68								Cash Flow per Share
			-$1.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.23								CFPS 5 yr Running
								-$3.78	$0.00	$0.00	$0.00	$0.00	$5.23								CFPS 5 yr Running
			-$997	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,033								Cash Flow less WC
								-$3,023	$0	$0	$0	$0	$4,033								Cash Flow less WC
			-$757.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,763.2								CF less WC 5 Yr Run
								-$2,280.4	$0.0	$0.0	$0.0	$0.0	$3,763.2								CF less WC 5 Yr Run
			-$2.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.94								CFPS - Less WC
								-$5.50	$0.00	$0.00	$0.00	$0.00	$6.94								CFPS - Less WC
			-$2.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.69								CFPS 5 yr Running
								-$4.46	$0.00	$0.00	$0.00	$0.00	$6.69								CFPS 5 yr Running
Change in non-cash operating working capital	-$96.00	-$33.00	-$11.00	-$36.00	-$18.00	-$83.00	$106.00	-$93	-$100	$177	-$210	-$43	$221
Net interest paid	-$80.00	-$76.00	-$79.00	-$91.00	-$153.00	-$259.00	-$269.00	-$383	-$418	-$447	-$447	-$502	-$583
Interest Received
Taxes paid	$0.00	-$81.00	-$137.00	-$3.00	-$30.00	-$26.00	-$141.00	-$295	-$355	-$334	-$236	-$404	-$346
Payments received & deferred			$31.00	$2.00
Net Change in Contract Liab											-$33.00	-$3.00	-$24.00
																					td bank 2016 was -128
Sum	-$176.00	-$190.00	-$196.00	-$128.00	-$201.00	-$368.00	-$304.00	-$771	-$873	-$604	-$926	-$952	-$732
Google/ Webbroker	-$176.00	-$190.00	-$196.00	-$128.00	-$152	-$357	-$334	-$771	-$873	-$604	-$926	-$952	-$732								2017 Morningstar says -18
Difference		$0.00	$0.00	$0.00	-$49	-$11	$30	$0	$0	$0	$0	$0	$0								and in 2016 -36
TD		-$190.00	-$196.00	-$128.00	-$201	-$368	-$304
Difference		$0	$0	$0	$0	$0	$0
					2021	2021	2021
OPM	12.96%	13.18%	17.28%	25.25%	27.98%	30.69%	35.02%	36.31%	30.72%	25.23%	28.88%	43.53%	42.44%	38.36%				145.58%	<-Total Growth	10	OPM
Increase	23.41%	1.75%	31.10%	46.12%	10.79%	9.70%	14.11%	3.68%	-15.40%	-17.88%	14.47%	50.73%	-2.50%	-9.62%					Should increase		or be stable.
Diff from Median	-56.5%	-55.7%	-42.0%	-15.2%	-6.1%	3.0%	17.6%	21.9%	3.1%	-15.3%	-3.0%	46.1%	42.5%	28.8%				0.03	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	29.78%	5 Yrs	30.72%					should be	zero, it is a		check on calculations
														$4,201	<-12 mths	-2.05%
Adjusted EBITDA	$831	$920	$955	$1,189	$1,705	$2,835	$3,061	$3,281	$3,433	$3,746	$3,824	$4,408	$4,289	$4,368	$4,552	$4,787		349.11%	<-Total Growth	10	Adjusted EBITDA
Change	40.85%	10.71%	3.80%	24.50%	43.40%	66.28%	7.97%	7.19%	4.63%	9.12%	2.08%	15.27%	-2.70%	1.84%	4.21%	5.16%		8.54%	<-Median->	10	Change
Margin	16.54%	15.16%	20.60%	27.88%	31.53%	38.57%	42.34%	52.90%	39.79%	32.26%	41.91%	59.70%	55.14%	54.83%	52.35%	52.32%		40.85%	<-Median->	10	Margin
Per Common Share	$2.70	$2.82	$2.75	$3.06	$4.00	$5.61	$5.98	$5.97	$6.23	$6.78	$6.95	$7.69	$7.38					168.15%	<-Total Growth	10	Per Common Share
														$3,185	<-12 mths	-3.53%
EBIT									$2,710	$3,063	$3,161	$3,546	$3,302	$3,067	$3,268	$3,502			<-Total Growth	4	EBIT
Change										13.03%	3.20%	12.18%	-6.88%	-7.12%	6.55%	7.16%		7.69%	<-Median->	4	Change
Margin									31.41%	26.38%	34.64%	48.02%	42.45%	38.50%	37.58%	38.27%		34.64%	<-Median->	5	Margin
Long Term Debt	$1,409	$2,466	$3,175	$4,002	$7,300	$7,057	$10,078	$10,276	$10,239	$10,000	$9,849	$11,241	$12,204	$12,204							Debt	Type
Change	-27.11%	75.02%	28.75%	26.05%	82.41%	-3.33%	42.81%	1.96%	-0.36%	-2.33%	-1.51%	14.13%	8.57%	0.00%				5.27%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.12	0.17	0.28	0.24	0.32	0.34	0.38	0.62	0.50	0.40	0.39	0.36	0.40	0.33				0.39	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	11.81	15.97	20.24	19.13	22.39	17.90	22.75	17.64	13.16	15.38	10.13	12.37	17.22	17.22				17.43	<-Median->	10	Assets/Current Liab.Ratio	Liquidity
Debt to Cash Flow (Years)	2.16	3.08	3.96	3.72	4.82	3.13	3.98	4.56	3.86	3.41	3.74	3.50	3.70	3.99				3.73	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$751	$725	$737	$843	$531	$1,745	$1,646	$1,646	$1,545	$1,574	$1,514	$1,504	$1,357	$1,357				84.12%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$1,966	$2,090	$2,097	$2,097	$3,871	$3,878	$4,684	$4,694	$4,693	$4,557	$4,551	$5,024	$4,988	$4,988				137.86%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$2,717	$2,815	$2,834	$4,714	$4,714	$5,623	$6,330	$6,340	$6,238	$6,131	$6,065	$6,528	$6,345	$6,345				123.89%	<-Total Growth	10	Total
Change	3.60%	3.61%	0.67%	66.34%	0.00%	19.28%	12.57%	0.16%	-1.61%	-1.72%	-1.08%	7.63%	-2.80%	0.00%				0.08%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.23	0.20	0.25	0.28	0.21	0.27	0.24	0.38	0.30	0.24	0.24	0.21	0.21	0.17				0.24	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$648	$688	$676	$676	$1,022	$1,013	$987	$989	$1,245	$1,362	$2,633	$1,573	$1,259	$1,259				86.24%	<-Total Growth	10	Current Assets
Current Liabilities	$774	$705	$639	$785	$1,142	$1,490	$1,457	$1,781	$2,390	$2,046	$3,221	$2,908	$2,065	$2,065				223.16%	<-Total Growth	10	Current Liabilities
Liquidity	0.84	0.98	1.06	0.86	0.89	0.68	0.68	0.56	0.52	0.67	0.82	0.54	0.61	0.61				0.67	<-Median->	10	Ratio
Liq. with CF aft div	1.01	1.29	1.27	1.28	1.33	1.43	1.53	1.04	1.05	1.41	1.18	1.10	1.41	1.29				1.18	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.48	0.36	0.32	0.33	0.34	0.76	0.42	0.57	0.73	1.31	0.95	0.47	0.93	1.29				0.93	<-Median->	5	Ratio
Curr Long Term Db	$0	$0	$0	$6	$163	$480	$34	$600	$1,000	$600	$650	$1,525	$622	$622
Liquidity Less CLTD	0.84	0.98	1.06	0.87	1.04	1.00	0.69	0.84	0.90	0.94	1.02	1.14	0.87	0.87				0.94	<-Median->	5	Ratio
Liq. with CF aft div	1.01	1.29	1.27	1.29	1.55	2.12	1.57	1.58	1.81	2.00	1.48	2.31	2.02	1.85				2.00	<-Median->	5	Ratio
Assets	$9,142	$11,262	$12,936	$15,017	$25,566	$26,664	$33,153	$31,416	$31,456	$31,475	$32,618	$35,967	$35,555	$35,555				174.85%	<-Total Growth	10	Assets
Liabilities	$3,971	$4,926	$5,512	$6,721	$11,717	$12,260	$16,383	$16,401	$17,093	$15,686	$16,805	$18,457	$18,784	$18,784				240.78%	<-Total Growth	10	Liabilities
Debt Ratio	2.30	2.29	2.35	2.23	2.18	2.17	2.02	1.92	1.84	2.01	1.94	1.95	1.89	1.89				1.98	<-Median->	10	Ratio
Estimates BVPS														$25.75	$25.64	$25.66			Estimates		Estimates BVPS
Estimate Book Value														$14,960.8	$14,896.8	$14,908.5			Estimates		Estimate Book Value
P/B Ratio (Close)														2.45	2.46	2.46			Estimates		P/B Ratio (Close)
Difference from 10 year median															58.92%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$5,171	$6,336	$7,424	$8,296	$13,849	$14,404	$16,770	$15,015	$14,363	$15,789	$15,813	$17,510	$16,771	$16,771	$16,771	$16,771		125.90%	<-Total Growth	10	Book Value
NCI	$5	$0	$0	$0	$60	$60	$60	$60	$60	$60	$0	$0	$0	$0	$0	$0					NCI
Net Book Value	$5,166	$6,336	$7,424	$8,296	$13,789	$14,344	$16,710	$14,955	$14,303	$15,729	$15,813	$17,510	$16,771	$16,771	$16,771	$16,771		125.90%	<-Total Growth	10	Net Book Value
Book Value per share	$16.39	$18.75	$19.90	$20.90	$27.41	$28.24	$30.49	$27.19	$26.01	$28.60	$28.80	$30.18	$28.87	$28.87	$28.87	$28.87		45.03%	<-Total Growth	10	Book Value per share
P/B Ratio (Median)	2.01	2.39	1.80	1.67	1.56	1.52	1.49	1.28	1.41	1.60	1.52	1.75	1.87	1.98	0.00	0.00					P/B Ratio (Median)
Median									P/BV	10 yr Med	1.54	5 yr Med	1.60
Preferred Shares	$391	$880	$1,100	$1,509	$2,424	$2,424	$2,956	$2,946	$2,517	$2,208	$2,199	$2,164	$1,729	$1,729				57.18%	<-Total Growth	10	Preferred Shares
Net Book Value	$4,775	$5,456	$6,324	$6,787	$11,365	$11,920	$13,754	$12,009	$11,786	$13,521	$13,614	$15,346	$15,042	$15,042	$15,042	$15,042		137.86%	<-Total Growth	10	Book Value
Book Value per share	$15.15	$16.15	$16.95	$17.10	$22.59	$23.46	$25.10	$21.83	$21.43	$24.58	$24.80	$26.45	$25.89	$25.89	$25.89	$25.89		52.70%	<-Total Growth	10	Book Value per Share
Change	4.04%	6.56%	5.01%	0.83%	32.16%	3.85%	6.96%	-13.00%	-1.86%	14.72%	0.87%	6.68%	-2.13%	0.00%	0.00%	0.00%		2.36%	<-Median->	10	Change
Plus Payout	$16.79	$17.86	$18.75	$18.99	$24.61	$25.69	$27.45	$24.34	$23.95	$27.13	$27.45	$29.19	$28.71	$28.73	$28.73	$28.73		53.14%	<-Total Growth	10	Book Value plus
Change	3.82%	6.37%	4.96%	1.27%	29.65%	4.39%	6.83%	-11.31%	-1.62%	13.30%	1.18%	6.33%	-1.65%	0.07%	0.00%	0.00%		44.44%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.97	2.51	1.91	1.84	1.74	1.67	1.66	1.43	1.53	1.69	1.60	1.80	1.88	1.99	0.00	0.00		1.69	P/B Ratio		Historical Median
P/B Ratio (Close)	2.47	2.62	1.78	2.45	2.01	1.73	1.92	1.38	1.74	1.87	1.84	2.01	2.02	2.44	2.44	2.44		4.32%	<-IRR #YR->	10	Book Value per Share	53.14%
Change	26.38%	6.18%	-32.19%	38.02%	-17.99%	-14.23%	11.08%	-28.11%	26.47%	7.23%	-1.60%	9.13%	0.60%	20.79%	0.00%	0.00%		3.47%	<-IRR #YR->	5	Book Value per Share	17.93%
Leverage (A/BK)	1.77	1.78	1.74	1.81	1.85	1.85	1.98	2.09	2.19	1.99	2.06	2.05	2.12	2.12				2.02	<-Median->	10	A/BV
Debt/Equity Ratio	0.77	0.78	0.74	0.81	0.85	0.85	0.98	1.09	1.19	0.99	1.06	1.05	1.12	1.12				1.02	<-Median->	10	Debt/Eq Ratio
Median									P/BV	10 yr Med	1.68	5 yr Med	1.69		45.17%	Diff M/C		1.99	Historical		Leverage (A/BK)
			-$16.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.89
								-$21.83	$0.00	$0.00	$0.00	$0.00	$25.89
Comprehensive Income	$369	$371	$429	$452	$895	$1,157	$1,273	-$412	$1,268	$3,284	$1,656	$2,294	$1,460					240.33%	<-Total Growth	10	Comprehensive Income
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10	$0								NCI
Comprehensive Income	$369	$371	$429	$452	$895	$1,157	$1,273	-$412	$1,268	$3,284	$1,656	$2,284	$1,460					240.33%	<-Total Growth	10	Comprehensive Income
Increase	72.41%	0.54%	15.63%	5.36%	98.01%	29.27%	10.03%	-132.36%	407.77%	158.99%	-49.57%	37.92%	-36.08%					37.92%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$218	$259	$308	$367	$503	$661	$841	$673	$836	$1,314	$1,414	$1,616	$1,990					13.03%	<-IRR #YR->	10	Comprehensive Income	240.33%
ROE	7.1%	5.9%	5.8%	5.4%	6.5%	8.0%	7.6%	-2.7%	8.8%	20.8%	10.5%	13.0%	8.7%					#NUM!	<-IRR #YR->	5	Comprehensive Income	454.37%
5Yr Median	14.9%	7.1%	5.9%	5.8%	5.9%	5.9%	6.5%	6.5%	7.6%	8.0%	8.8%	10.5%	10.5%					20.53%	<-IRR #YR->	10	5 Yr Running Average	547.04%
% Difference from NI	-1.0%	-8.2%	2.9%	-6.1%	-9.4%	-17.2%	-23.3%	-30.8%	-5.2%	-1.0%	-13.5%	16.3%	-15.5%					24.22%	<-IRR #YR->	5	5 Yr Running Average	195.75%
										Diff	5, 10 yr	-11.5%	-5.2%					10.5%	<-Median->	5	Return on Equity
			-$429	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,460
								$412	$0	$0	$0	$0	$1,460
			-$307.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,990.4
								-$673.0	$0.0	$0.0	$0.0	$0.0	$1,990.4
Current Liability Coverage Ratio	1.07	1.40	1.56	1.54	1.50	1.76	1.95	1.70	1.47	1.73	1.11	1.43	1.95	1.48							CFO / Current Liabilities
5 year Median	1.07	1.40	1.40	1.54	1.50	1.54	1.56	1.70	1.70	1.73	1.70	1.47	1.47	1.48				161.6%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	9.05%	8.79%	7.71%	8.02%	6.70%	9.84%	8.55%	9.62%	11.20%	11.22%	10.92%	11.58%	11.34%	8.60%							CFO / Total Assets
5 year Median	9.05%	9.05%	8.79%	8.02%	8.02%	8.02%	8.02%	8.55%	9.62%	9.84%	10.92%	11.20%	11.22%	11.22%				10.4%	<-Median->	10	Return on Assets
Return on Assets ROA	3.76%	3.09%	2.74%	2.62%	3.17%	4.34%	4.11%	-1.52%	3.49%	9.03%	5.05%	4.78%	4.36%	4.67%				Net	Income/Assets		Return on Assets
5Yr Median	4.96%	3.76%	3.09%	2.74%	3.09%	3.09%	3.17%	3.17%	3.49%	4.11%	4.11%	4.78%	4.78%	4.78%				4.2%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	7.20%	6.38%	5.61%	5.81%	7.14%	9.71%	9.90%	-3.96%	9.32%	21.02%	12.11%	11.21%	10.30%	11.04%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	14.35%	7.20%	6.38%	5.81%	6.38%	6.38%	7.14%	7.14%	9.32%	9.71%	9.90%	11.21%	11.21%	11.21%				9.8%	<-Median->	10	Return on Equity
														$1,488	<-12 mths	-4.00%			Estimates		Last 12 months from Qtr
Net Income	$351	$383	$406	$466	$891	$1,278	$1,492	-$316	$1,242	$2,971	$1,776	$1,874	$1,694					317.24%	<-Total Growth	10	Net Income
Preferred Dividend	$7	$35	$51	$72	$86	$125	$131	$160	$144	$129	$128	$143	$144					182.35%	<-Total Growth	10	Preferred Dividend
NCI	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10	$0								NCI
Debentures	$0	$0	$0	$0	$6	$4	$0	$0	$0	$0	$0	$0	$0								Debentures
Shareholders	$344	$348	$355	$394	$811	$1,157	$1,361	-$476	$1,098	$2,842	$1,648	$1,721	$1,550	$1,661	$1,772	$1,932		336.62%	<-Total Growth	10	Shareholders
Increase	52.92%	1.16%	2.01%	10.99%	105.84%	42.66%	17.63%	-134.97%	-330.67%	158.83%	-42.01%	4.43%	-9.94%	7.16%	6.68%	9.03%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$216.7	$253.9	$287.5	$333.2	$450.4	$613.0	$815.6	$649	$790	$1,196	$1,295	$1,367	$1,772	$1,884	$1,670	$1,727		15.88%	<-IRR #YR->	10	Net Income	336.62%
Operating Cash Flow	$651	$800	$801	$1,077	$1,513	$2,256	$2,532	$2,252	$2,650	$2,929	$2,635	$3,214	$3,301					#NUM!	<-IRR #YR->	5	Net Income	425.63%
Investment Cash Flow	-$860	-$1,837	-$1,898	-$2,286	-$3,332	-$1,311	-$3,910	-$1,483	-$1,039	-$154	-$789	-$3,913	-$1,090					19.94%	<-IRR #YR->	10	5 Yr Running Average	516.23%
Total Accruals	$553	$1,385	$1,452	$1,603	$2,630	$212	$2,739	-$1,245	-$513	$67	-$198	$2,420	-$661					22.23%	<-IRR #YR->	5	5 Yr Running Average	172.84%
Total Assets	$9,142	$11,262	$12,936	$15,017	$25,566	$26,664	$33,153	$31,416	$31,456	$31,475	$32,618	$35,967	$35,555						Balance Sheet		Assets
Accruals Ratio	6.05%	12.30%	11.22%	10.67%	10.29%	0.80%	8.26%	-3.96%	-1.63%	0.21%	-0.61%	6.73%	-1.86%					-0.61%	<-Median->	5	Ratio
EPS/CF Ratio	0.43	0.36	0.38	0.33	0.55	0.44	0.51	-0.16	0.31	0.80	0.46	0.42	0.38					0.43	<-Median->	10	EPS/CF Ratio
			-$355	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,550
								$476	$0	$0	$0	$0	$1,550
			-$288	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,772
								-$649	$0	$0	$0	$0	$1,772
Change in Close	31.48%	13.15%	-28.79%	39.17%	8.39%	-10.93%	18.81%	-37.46%	24.12%	23.02%	-0.74%	16.42%	-1.54%	20.79%	0.00%	0.00%			Count	29	Years of data
up/down		down	down	down	down	down		up					down						Count	17	58.62%
Meet Prediction?			yes			yes							yes					% right	Count	5	29.41%
Financial Cash Flow	$214	$1,039	$1,072	$1,216	$2,105	-$1,126	$1,351	-$809	-$1,665	-$2,720	-$1,800	$678	-$2,243						C F Statement		Financial Cash Flow
Total Accruals	$339	$346	$380	$387	$525	$1,338	$1,388	-$436	$1,152	$2,787	$1,602	$1,742	$1,582								Accruals
Accruals Ratio	3.70%	3.07%	2.94%	2.58%	2.05%	5.02%	4.19%	-1.39%	3.66%	8.85%	4.91%	4.84%	4.45%					4.84%	<-Median->	5	Ratio
Cash	$51	$53	$28	$35	$321	$157	$129	$81	$43	$94	$137	$141	$106	$106							Cash
Cash per Share	$0.16	$0.16	$0.08	$0.09	$0.64	$0.31	$0.24	$0.15	$0.08	$0.17	$0.25	$0.24	$0.18	$0.18				$0.18	<-Median->	5	Cash per Share
Percentage of Stock Price	0.43%	0.37%	0.25%	0.21%	1.40%	0.76%	0.49%	0.49%	0.21%	0.37%	0.55%	0.46%	0.35%	0.29%				0.37%	<-Median->	5	% of Stock Price
Taxes
Other Income
Ret of Cap.
Total
Total
check
Notes:
April 25, 2026.  Last estimates were for 2025, 2026, 2027 of $8298M, $8350M, $8341M Revenue, $5.19, $5.27, $5.38 AFFO, $3.08, $3.27, $3.50 EPS, $2.84, $2.93, $2.84 Dividends,
$2180M, $2319M, $2456M FCF, $5.29, $5.41, $5.38 CFPS, $4421M, $4562M, $4696M EBITDA, $26.76, $26.99, $27.35 BVPS, $1788M, $1920M, $2017M Net Income.
April 12, 2025.  Last estimates were for 2024, 2025, 2026 of $9778M, $10051M, $10392M Revenue, $5.04, $5.22 2024/5 AFFO, $3.15, $3.40, $3.62 EPS, $2.73, $2.82, $2.87 Dividends,
$2102M, $2458M, $2636M FCF, $5.34, $5.45, $5.40 CFPS, $4130M, $4350M, $4494M EBITDA, $25.80, $25.30, $25.30 BVPS, $1787M, $1950M, $2075M Net Income.
April 14, 2024.  Last estimates were for 2023, 2024 and 2025 of $10108M, $8861M,$9536M for Revenue, $4.73, $4.80 2023/4 for AFFO, $2.89, $3.01 and 3.00 for EPS,
$2.65, $2.74 and $2.78 for Dividends, $2068M, $2314M, $2291M for FCF, $4.65, $5.06 and $5.04 for CFPS, $28.20, $27.60 and $26.80 for BVPS, $1574M, $1645M and $1650M for Net Income.
April 16, 2023.  Last estimates were for 2022, 2023 and 2024 of $8490M, $8295M and $7288M for Revenue, $4.45,and $4.76 2022/3 for AFFO, $2.83, $2.94 and $3.14 for EPS,
$2.58, $2.67 and $2.78 for Dividends, $2223M, $2317M and $2138M for FCF, $4.67, $4.81 and $5.39 for CFPS, $23.40, $23.20 and $25.40 for BVPS, and $1477M, $1515M and $1535M for Net Income.
April 16, 2022.  Last estimates were for 2021 and 2022 of $6787M, $6967M for Revenue, $4.40 and $4.45 for AFFO, $2.29, $2.46 and $2.35 2021-23 for EPS,
$2.51, $2.58 and $2.64 for Dividends 2021-23, $2039M, $2095M and $2446M for FCF 2022-23, $4.47 and $4.32 for CFPS, and $1239M, $1279M and $1295M for Net Income for 2021-23.
April 17, 2021.  Last estimates were for 2020, 2021 and 2022 of $7473M, $7515M and $8185M for Reenue, $4.47 and $4.97 for AFFO for 2020 and 2021, $2.24, $2.45 and 42.57 for EPS,
$2.50, $2.59 and 2.76 for Dividends, $1609M, $1859M and $2245M for FCF, $3.82, $4.12 and $5.10 for CFPS and $1278M, $1401M and $1564M for Net Income.
December 2020.  There is an EPS loss in 2020 because of write offs of properties and investments.
April 11, 2020.  Last estiamtes were for 2019, 2020 and 2021 of $8211M, $8426M, $9091M for Revenue, $4.42 and $4.72 for AFFO for 2019 and 2020,
$2.23, $2.51 and $2.65 for EPS, $4.46, $4.73 and $4.89 for CFPS and $1383M, $1530M and $1727M for Net Income.
April 14, 2019.  Last estimates were for 2018, 2019 and 2020 of 7772M, $8025 and $8284M for Revenue, $3.86 and $4.04 for FFO for 2018 and 2019,
$2.19, $2.43 and $2.88 for EPS, $3.75, $4.11 and $3.57 for CFPS and $1132M, $1238M and $1417M for Net Income.
April 10, 2018.  Last estimates were for 2017, 2018 and 2019 of $6466M, $7409M and $7717M for Revenue, $2.80 and 3.26 for FFO for 2017 and 2018, $1.68, $2.07 and $2.31 for EPS,
$3.02, $3.59 and 3.87 for CPFS and $717M, $890M and $1026M for Net Income.
April 8, 2017.  Last estimates were for 2016, 2017 and 2018 of $5687M, $6760M and $7356M for Revenue, $2.43 and $2.92 for AFFO for 2016 and 2017, $1.28, $1.60 and $1.89 for EPS,
2.54, $2.97 and 3.21 for CFPS, $528, $687 amd $8.55 for Net Income.
April 17, 2016.  Last estimates were for 2015, 2016 and 2017 of $4975M, $6203M, and $6991M for Revenue, $2.04 and $2.35 AFFO for 2015 and 2016,
$1.15, $1.44 and $1.66 for EPS, $2.16, 2.62 and $3.05 for CFPS, $411M, $521M and $528M for Net Income.
May 3, 2015.  Last estimates were for 2014, 2015 and 2016 of $5101M, $5209M and $4866M for Revenue, $2.22, $2.43 for AFFO,
$1.27, $1.34 and $1.37 for EPS, $2.25, $2.39 and $2.47 for CFPS and $389M, $439M and $479M for Net Income.
April 20, 2014.  Last estimates were for 2013, 2014 and 2015 of $4199M, $4309M and $4549M for Revenue, $2.15, $2.10 and $2.24 for AFFO,
$1.03, $1.13 and $1.32 for EPS, $2.09, $2.15 and $2.19 for CFPS and $260M, $315M and $372M for net income.
May 10th, 2013.  Last Estimates were for 2012 and 2013 at $1784M and $1827M for Revenue, $1.72 for FFO, $0.79, $0.89 and $0.97 (2014) for EPS and $1.86 and $1.89 for CFPS.
Feb 27, 2013 The company says they are paying dividends of $0.135, but I am getting dividends of $0.1377.  I also did some updating on the spreadsheet.
Feb 25, 2012.  Purchases of Provident Energy Ltd by Pembina for 130M shares.
Feb 18, 2012.  Last estimates were for 2011 and 2012 for $1208M and $1272M for revenues, $1.71 and $1.72 FFO, $.96 and $1.03 for EPS and $1.65 and $1.75 for CF.
May 11, 2011.  Last time I review this stock, I got estimates for 2010, 2011 and 2012 for earnings of $1.08, $0.82 and $0.88.  I also got CF estimates of  $1.56 and $1.61 for 2010 and 2011.
Last time I review this stock, I got estimates for 2010, 2011 and 2012 for FFO of $1.50, $1.54 and $1.61.  By 2014/2015 they will have to earn more to cover pay dividends.
Pembina expected their tax pool to off set taxes until 2014/2015.   After that they will have to pay taxes.
Old symbol was PIF.UN (Pembina Pipeline Income Fund) and new one is PPL (Pembina Pipeline Corp), on conversion to a corporation in October 2010.
There will be no capital gain or loss on conversion to Corporation, probably 1 July 2010.  Distributions then will be taxed as dividends.   Div from $.1326 mthly to $.13, or $1.59 to $1.56.
Apr 17, 2010.  When I last looked at this stock, I got estimates for 2009 and 2010 for earnings of $1.09 and 1.13 and cash flow of $1.65 and $1.62 and FFO of $1.79 and $1.72.
Stock did not meet these estimates.  The closes was in earnings, but was way off for FFO and Cash Flow.  Half increase in units for Reinvestment plan and rest for purchase.
It seems to me that they raised enough money with bank loans, debt instruments and selling units to pay for debt, distributions and investments in additional assets. Most of the cash flow is used in distributions.
They will do no more distribution increases for about 3 years.  They say that they remain on track to maintain our current level of cash distributions of $1.56 per unit per year through to 2013.
Markets did not really punish this stock for not meeting estimates.  Ones with Sell or reduce recommendations feel stock is overpriced.
Mar 29, 2009.  All estimates have been lowered from the last time I looked at this stock.
Mar 6, 2009 AP 2008.  This company expects to switch to a Corporation in the later part of 2010.  It expects to maintain its distribution of $1.56 for the next 5 years.
AP 2007. Still problem of Units increasing and Bookvalue. But Bookvalue went up slightly this year.  However, last 5 years, make 19% IRR and since buying in 2001 make 16% IRR.
TD currently rates it as a hold and does not expect stock price to increase much over next year (to $17).
AR 2006.  Still has problem that #  of units increasing and bookvalue going down. 2006 is second year it has gone up 7 years of downs. Yield is good. Drop in Nov re Gov Tax changes.
TD rates as hold as do others.
AP 2005.  Stock is doing what it is supposed to be doing.  However, shareholder value is going down, see Book Value.
AP 2003.  Because of yield, I get a very good return.  This is what this stock is to do.  Revenue increasing, Earnings increasing, but so are # of units. At the moment it is a keeper.
May 2003.  This is an income trust fund.  It is to provide me with income and with a utility stocks.  I think it can do this. This is an income trust fund.  This stock is also a pipeline
and I should watch it re chge to a hydrogen economy, although I think it will adjust to this.  Purchase price is a little to high to purchase more at the moment.
Issued Oct '97 at $10 (previous company was Pembina Pipeline Corporation - PPC)
Company was started in 1954.  Their IPO was done in October 1997 and was publicly traded from 1998 as PIF.UN.
Sector:
Infrastructure, Utility
What should this stock accomplish?
Would I buy this company and Why.
This is a dividend growth utility Stocks.
Why I bought this stock.
In December 2001 I thought it would be a good time to purchase this stock as the market was relatively low. Pipeline stocks are conservative and the return on this one was good at 9.7%.
When I purchased this stock it was an Income Trust company.
Dividends
2023 dividends are changing to Quarterly in March, June, September and December.
Dividends are paid monthly near the middle of the month.  Dividends declared for shareholders of record for one month are paid in following month.
For example, the dividend declared on January 7, 2014 for shareholders of record of January 25, 2014 was paid on February 14, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money
Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio.
Its operations include transmission pipelines, oil and gas gathering, fractionation, storage, and natural gas liquid exports. It also has a joint venture
through the Cedar LNG export terminal.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2018	April 14	2019	April 11	2020	April 17	2021	April 16	2022	April 16	2023	April 14	2024	April 12	2025			April 25	2026
Burrows, J. Scott	0.00%	0.011	0.00%	0.012	0.00%	0.015	0.00%	0.020	0.00%	0.031	0.01%	0.039	0.01%	0.055	0.01%			0.062	0.01%		Was  CFO 2021	13.36%
CEO - Shares - Amount	$0.367		$0.514		$0.371		$0.567		$0.920		$1.433		$2.058		$2.858				$3.914
Options - percentage	0.04%	0.193	0.04%	0.263	0.05%	0.701	0.13%	0.809	0.15%	1.179	0.21%	1.254	0.22%	0.702	0.12%			0.726	0.12%			3.34%
Options - amount	$8.337		$9.290		$7.916		$26.186		$37.188		$53.784		$66.594		$36.725				$45.842
Dilger, Michael H.	0.05%	0.250	0.05%	0.200	0.04%	0.200	0.04%														Ceased insider Nov 2021
CEO - Shares - Amount	$10.128		$12.033		$6.020		$7.472
Options - percentage	0.22%	1.283	0.23%	1.665	0.30%	2.343	0.43%
Options - amount	$45.872		$61.733		$50.113		$87.535
Goldade, Cameron						0.021	0.00%	0.022	0.00%	0.023	0.00%	0.026	0.00%	0.027	0.00%			0.036	0.01%		Interium CFO 2022	33.16%
CFO - Shares - Amount							$0.773		$1.000		$1.054		$1.365		$1.426				$2.293
Options - percentage						0.133	0.02%	0.157	0.03%	0.194	0.04%	0.219	0.04%	0.206	0.04%			0.197	0.03%			-4.59%
Options - amount							$4.952		$7.229		$8.844		$11.654		$10.777				$12.420
Sprott, Jaret						0.012	0.00%	0.020	0.00%	0.026	0.00%	0.033	0.01%	0.049	0.01%			0.055	0.01%			12.79%
Officer - Shares - Amount							$0.444		$0.916		$1.178		$1.734		$2.567				$3.497
Options - percentage						0.493	0.09%	0.520	0.09%	0.569	0.10%	0.563	0.10%	0.512	0.09%			0.408	0.07%			-20.20%
Options - amount							$18.427		$23.891		$25.938		$29.922		$26.764				$25.797
Luduca, Janet C.										0.003	0.00%	0.006	0.00%	0.012	0.00%
Officer - Shares - Amount											$0.133		$0.298		$0.602
Options - percentage										0.219	0.04%	0.222	0.04%	0.215	0.04%
Options - amount											$9.980		$11.816		$11.253
Schwann, Sarah														0.000	0.00%			0.001	0.00%			1209.68%
Officer - Shares - Amount															$0.003				$0.051
Options - percentage														0.036	0.01%			0.057	0.01%			60.60%
Options - amount															$1.867				$3.622
Howe, Maureen								0.025	0.00%	0.026	0.00%	0.027	0.00%	0.027	0.00%			0.027	0.00%			0.00%
Director - Shares - Amount									$1.149		$1.186		$1.434		$1.412				$1.705
Options - percentage								0.013	0.00%	0.014	0.00%	0.015	0.00%	0.015	0.00%			0.016	0.00%			5.33%
Options - amount									$0.591		$0.623		$0.771		$0.800				$1.018
Ainsworth, Anne-Marie		0.020	0.00%	0.020	0.00%	0.023	0.00%	0.024	0.00%	0.025	0.00%	0.026	0.00%	0.027	0.00%
Director - Shares - Amount			$0.954		$0.597		$0.850		$1.095		$1.137		$1.371		$1.405
Options - percentage		0.014	0.00%	0.000	0.00%	0.022	0.00%	0.028	0.01%	0.032	0.01%	0.038	0.01%	0.044	0.01%
Options - amount			$0.681		$0.000		$0.821		$1.305		$1.480		$2.027		$2.312
Kerr, Gordon J.										0.010	0.00%	0.010	0.00%	0.010	0.00%						Ceased insider May 2025
Director - Shares - Amount											$0.474		$0.552		$0.544
Options - percentage										0.043	0.01%	0.049	0.01%	0.054	0.01%
Options - amount											$1.969		$2.584		$2.840
Conv. Deb/Preferred
Cowan, Alister														0.012	0.00%			0.012	0.00%			0.00%
Director - Shares - Amount															$0.610				$0.737
Options - percentage														0.003	0.00%			0.005	0.00%			107.16%
Options - amount															$0.136				$0.340
Sykes, Henry William								0.013	0.00%	0.015	0.00%	0.017	0.00%	0.018	0.00%			0.018	0.00%			0.00%
Chairman - Shares - Amt									$0.612		$0.698		$0.918		$0.962				$1.162
Options - percentage								0.016	0.00%	0.021	0.00%	0.027	0.00%	0.033	0.01%			0.040	0.01%			19.04%
Options - amount									$0.729		$0.962		$1.446		$1.741				$2.504
Findlay, Randall J.	0.03%	0.141	0.03%	0.141	0.03%	0.141	0.03%	0.138	0.03%	0.138	0.03%										No longer chair 2023
Chairman - Shares - Amt	$5.430		$6.778		$4.239		$5.261		$6.357		$6.283
Options - percentage	0.00%	0.022	0.00%	0.025	0.00%	0.032	0.01%	0.047	0.01%	0.000	0.00%
Options - amount	$0.612		$1.050		$0.757		$1.210		$2.167		$0.000
Increase in 2013
Increase in O/S Shares	0.28%	1.729	0.34%	3.979	0.73%	2.000	0.36%	1.258	0.23%	7.000	1.27%	1.412	0.26%	6.519	1.12%			1.481	0.26%		Average	0.63%
due to SO	$63.899		$70.042		$191.509		$60.200		$47.000		$321.720		$64.415		$346.224				$78.656		See under
Book Value	$62.000		$75.000		$167.000		$105.000		$47.000		$319.000		$6.000		$13.000				$8.000		Share-based Payments
Part of debenture conversion and other line	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000		and options exercised
Insider Buying	-$1.477		-$3.020		$2.237		-$1.122		-$0.595		-$0.784		-$1.036		-$1.290				-$1.729		See cost in common share
Insider Selling	$0.030		$28.769		$18.548		$0.681		$8.808		$5.866		$2.829		$22.417				$7.659		capital
Net Insider Selling	-$1.448		$25.749		$20.785		-$0.440		$8.213		$5.083		$1.792		$21.128				$5.931
% of Market Cap	-0.01%		0.10%		0.13%		0.00%		0.03%		0.02%		0.01%		0.07%				0.02%
Increase in O/S Shares
due to SO 2012
Book Value
Debenture conv & other
Directors		11		11		11		11		13		11		12				11
Women	23%	3	27%	3	27%	4	36%	4	36%	5	38%	5	45%	5	42%			5	45%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	1	8%	1	9%	1	8%			1	9%
Institutions/Holdings	48.15%	369	51.79%
Total Shares Held	47.71%	263.979	48.17%
Increase/Decrease	12.61%	14.003	5.60%
Starting No. of Shares	Nasdaq PBA	249.976	Nasdaq PBA
Institutions/Holdings	30.90%	15	38.46%	20	43.06%	20	40.59%	20	43.84%	20	45.46%	20	67.91%	20	44.24%			20	44.60%
Total Shares Held	0.61%	3.846	0.70%	220.266	40.19%	222.244	40.41%	241.279	43.87%	250.211	45.58%	373.152	64.33%	256.841	44.21%			259.152	44.60%
Increase/Decrease	-1.98%	0.216	5.95%	0.216	2.08%	-5.567	-53.77%	13.535	130.72%	-2.107	-20.35%	122.137	1179.62%	10.154	98.07%			-19.966	-192.84%
Starting No. of Shares	Reuters	3.630	Reuters	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20	10.354	MS Top 20			10.354	MS Top 20
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