This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional. Estimates Estimates Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Q1 2024 <-Estimates
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ 3/31/24 <-Estimates
TC Energy Corp TSX: TRP NYSE TRP https://www.tcenergy.com/ Fiscal Yr: Dec 31
Year 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 12/31/26 Value Description #Y Item Total G
Accounting Rules C GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP Accounting Rules
$20,213 <-12 mths 1.40% Estimates last 12 months from Qtr.
Revenue* $9,139 $8,007 $8,797 $10,185 $11,300 $12,505 $13,449 $13,679 $13,255 $12,999 $13,387 $14,977 $19,934 $16,315 $17,184 $18,513 126.60% <-Total Growth 10 Revenue
Increase 13.33% -12.39% 9.87% 15.78% 10.95% 10.66% 7.55% 1.71% -3.10% -1.93% 2.98% 11.88% 33.10% -18.15% 5.33% 7.73% 8.52% <-IRR #YR-> 10 Revenue 52.34%
5 year Running Average $8,723 $8,559 $8,595 $8,838 $9,486 $10,159 $11,247 $12,224 $12,838 $13,177 $13,354 $13,659 $14,910 $15,522 $16,359 $17,385 7.82% <-IRR #YR-> 5 Revenue 67.97%
Revenue per Share $12.98 $11.35 $12.43 $14.37 $16.08 $14.48 $15.26 $14.90 $14.13 $13.83 $13.65 $14.71 $19.21 $15.73 $16.56 $17.84 5.66% <-IRR #YR-> 10 5 yr Running Average 70.74%
Increase 12.10% -12.59% 9.56% 15.58% 11.90% -9.98% 5.40% -2.36% -5.20% -2.10% -1.29% 7.79% 30.59% -18.15% 5.33% 7.73% 4.05% <-IRR #YR-> 5 5 yr Running Average 31.41%
5 year Running Average $13.60 $12.60 $12.29 $12.54 $13.44 $13.74 $14.53 $15.02 $14.97 $14.52 $14.35 $14.24 $15.11 $15.43 $15.97 $16.81 4.45% <-IRR #YR-> 10 Revenue per Share -6.70%
P/S (Price/Sales) Med 3.11 3.89 3.81 3.78 3.10 3.64 4.07 3.62 4.22 4.50 4.40 4.34 2.69 3.36 0.00 0.00 5.22% <-IRR #YR-> 5 Revenue per Share 34.44%
P/S (Price/Sales) Close 3.43 4.14 3.90 3.97 2.81 4.18 4.01 3.27 4.90 3.74 4.31 3.67 2.69 3.51 3.33 3.15 2.08% <-IRR #YR-> 10 5 yr Running Average 10.17%
*Revenue in M CDN $ (2001 got out of Gas Marketing, restated to '99) (revenue from different statements are different) P/S Med 20 yr  3.39 15 yr  3.78 10 yr  3.93 5 yr  4.34 -10.75% Diff M/C 0.12% <-IRR #YR-> 5 5 yr Running Average 15.28%
-$8,797 $0 $0 $0 $0 $0 $0 $0 $0 $0 $19,934
-$13,679 $0 $0 $0 $0 $19,934
-$8,595 $0 $0 $0 $0 $0 $0 $0 $0 $0 $14,910
-$12,224 $0 $0 $0 $0 $14,910
-$12.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.21
-$14.90 $0.00 $0.00 $0.00 $0.00 $19.21
-$12.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.11
-$15.02 $0.00 $0.00 $0.00 $0.00 $15.11
$7.38 <-12 mths 0.00%
Income Generated by Operations $3,451 $3,284 $4,000 $4,268 $4,815 $5,171 $5,641 $6,522 $7,117 $7,385 $7,406 $7,353 $7,980 99.50% <-Total Growth 10 FFO
Per Share $4.91 $4.65 $5.65 $6.01 $6.79 $6.80 $6.45 $7.22 $7.64 $7.86 $7.60 $7.38 $7.75 37.13% <-Total Growth 10 FFO
AFFO* to FFO $4.60 $4.01 $4.82 $5.18 $5.00 $4.83 $4.12 $6.52 $7.66 $7.86 $7.60 $7.38 $7.75 $7.46 $7.61 60.74% <-Total Growth 10 FFO From TD
Increase 0.70% -12.83% 20.20% 7.47% -3.47% -3.40% -14.70% 58.25% 17.48% 2.61% -3.26% -2.91% 4.94% -3.71% 2.01% 10 0 10 Years of Data, , P or N 100.00%
AFFO Yield 10.3% 8.5% 9.9% 9.1% 11.1% 8.0% 6.7% 13.4% 11.1% 15.2% 12.9% 13.7% 15.0% 13.5% 13.8% 4.86% <-IRR #YR-> 10 FFO 60.74%
5 year Running Average $4.82 $4.64 $4.54 $4.64 $4.72 $4.77 $4.79 $5.13 $5.63 $6.20 $6.75 $7.41 $7.65 $7.61 $7.56 3.51% <-IRR #YR-> 5 FFO 18.83%
Payout Ratio 36.09% 43.39% 37.76% 36.68% 40.80% 46.79% 59.22% 41.33% 38.38% 40.46% 44.98% 48.36% 47.63% 51.07% 50.46% 4.84% <-IRR #YR-> 10 5 year Running Average 50.74%
5 year Running Average 31.29% 34.16% 36.54% 37.54% 38.80% 40.94% 43.67% 44.19% 43.99% 43.61% 43.46% 42.69% 43.92% 46.43% 48.49% 9.92% <-IRR #YR-> 5 5 year Running Average 11.92%
Price/AFFO Median 8.78 11.01 9.83 10.50 9.97 10.92 15.08 8.27 7.77 7.92 7.90 8.65 6.67 7.07 0.00 8.46 <-Median-> 10 P/AFFO Med
Price/AFFO High 9.66 11.75 10.54 11.85 11.73 13.07 15.67 9.11 9.18 9.68 8.95 10.04 7.51 7.38 0.00 9.86 <-Median-> 10 P/AFFO High
Price/AFFO Low 7.90 10.27 9.13 9.14 8.20 8.77 14.50 7.42 6.36 6.16 6.86 7.27 5.84 6.77 0.00 7.35 <-Median-> 10 P/AFFO Low
Price/AFFO Close 9.68 11.73 10.07 11.02 9.04 12.53 14.85 7.48 9.03 6.58 7.74 7.31 6.68 7.39 7.24 8.38 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 9.75 10.22 12.10 11.85 8.72 12.11 12.67 11.83 10.61 6.76 7.48 7.10 7.01 7.12 7.39 9.67 <-Median-> 10 Trailing P/AFFO Close
Median Values DPR 10 Yrs 43.16% 5 Yrs   44.98% P/CF 5 Yrs   in order 7.90 9.18 6.36 7.31 7.31 7.31 -12.66% Diff M/C 10 DPR 75% to 95% best
*  Funds From Operations
-$4.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.75
-$6.52 $0.00 $0.00 $0.00 $0.00 $7.75
-$4.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.65
-$4.77 $0.00 $0.00 $0.00 $0.00 $7.65
Estimates Payout Ratio EPS
$4.44 <-12 mths -1.77% Estimates Last 12 months from Qtr
Comparble Earnings  $1,559 $1,330 $1,584 $1,715 $1,755 $2,108 $2,690 $3,480 $3,851 $3,939 $4,142 $4,279 $4,652 193.69% <-Total Growth 10 Comparable Earnings
Return on Equity ROE 9.68% 8.48% 9.48% 10.20% 12.59% 10.40% 12.77% 13.72% 14.38% 14.37% 13.91% 13.59% 17.20% 13.66% <-Median-> 10 Return on Equity ROE
5Yr Median 9.68% 10.20% 10.40% 12.59% 12.77% 13.72% 13.91% 13.91% 14.37% 12.77% <-Median-> 9 5Yr Median
Adjusted EPS From 2015 $2.17 $1.84 $2.42 $2.46 $2.48 $2.78 $3.08 $3.86 $4.15 $4.20 $4.27 $4.30 $4.52 $4.18 $4.41 $4.86 86.78% <-Total Growth 10 Adjusted EPS 2015 From TD
Increase 22.60% -15.21% 31.52% 1.65% 0.81% 12.10% 10.79% 25.32% 7.51% 1.20% 1.67% 0.70% 5.12% -7.52% 5.50% 10.20% 10 0 10 Years of Data, AFFP, P or N 100.00%
Adjusted EPS Yield 4.87% 3.91% 4.99% 4.31% 5.49% 4.59% 5.03% 7.92% 6.00% 8.12% 7.26% 7.97% 8.73% 7.58% 8.00% 8.65% 6.45% <-IRR #YR-> 10 AEPS 33.91%
5 year Running Average $2.17 $2.08 $2.06 $2.13 $2.27 $2.40 $2.64 $2.93 $3.27 $3.61 $3.91 $4.16 $4.29 $4.29 $4.34 $4.45 3.21% <-IRR #YR-> 5 AEPS 67.39%
Payout Ratio 76.50% 94.57% 75.21% 77.24% 82.26% 81.29% 79.22% 69.82% 70.84% 75.71% 80.09% 83.02% 81.64% 91.15% 87.07% 79.01% 7.60% <-IRR #YR-> 10 5 yr Running Average 107.95%
5 year Running Average 69.37% 76.08% 80.50% 81.61% 80.56% 81.47% 79.12% 77.32% 75.69% 74.79% 75.03% 76.06% 78.36% 82.30% 84.55% 84.19% 7.90% <-IRR #YR-> 5 5 yr Running Average 26.99%
Price/AEPS Median 18.61 23.99 19.58 22.10 20.10 18.97 20.18 13.96 14.35 14.82 14.08 14.86 11.44 12.62 0.00 0.00 14.84 <-Median-> 10 Price/AEPS Median
Price/AEPS High 20.48 25.60 20.99 24.95 23.66 22.71 20.97 15.39 16.95 18.11 15.93 17.23 12.87 13.17 0.00 0.00 17.67 <-Median-> 10 Price/AEPS High
Price/AEPS Low 16.74 22.39 18.18 19.25 16.54 15.24 19.39 12.54 11.75 11.54 12.22 12.49 10.01 12.08 0.00 0.00 12.51 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 20.52 25.55 20.06 23.21 18.22 21.78 19.86 12.63 16.67 12.32 13.78 12.55 11.45 13.19 12.50 11.56 15.22 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 25.16 21.67 26.38 23.60 18.37 24.41 22.01 15.83 17.92 12.47 14.01 12.64 12.04 12.20 13.19 12.74 16.87 <-Median-> 10 Trailing P/AEPS Close
Median Values DPR 10 Yrs 79.66% 5 Yrs   80.09% P/CF 5 Yrs   in order 14.35 16.95 11.75 12.55 -8.09% Diff M/C -11.13% Diff M/C 10 DPR 75% to 95% best
Comparble Earnings per Common Share - 2020
-$2.42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.52
-$3.86 $0.00 $0.00 $0.00 $0.00 $4.52
-$2.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.29
-$2.93 $0.00 $0.00 $0.00 $0.00 $4.29
$2.62 <-12 mths -4.65% Estimates Last 12 months from Qtr
Difference Basic and Diluted 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.29% 0.00% 0.23% 0.00% 0.53% 0.00% 0.00% 0.00% <-Median-> 10 Difference Basic and Diluted
EPS Basic $2.17 $1.84 $2.42 $2.46 -$1.75 $0.16 $3.44 $3.92 $4.28 $4.74 $1.87 $0.64 $2.75 13.64% <-Total Growth 10 EPS Basic
From 1996
EPS Diluted* $2.17 $1.84 $2.42 $2.46 -$1.75 $0.16 $3.43 $3.92 $4.27 $4.74 $1.86 $0.64 $2.75 $4.23 $4.46 $4.97 13.64% <-Total Growth 10 EPS Diluted
Increase 22.60% -15.21% 31.52% 1.65% -171.14% 109.14% 2043.75% 14.29% 8.93% 11.01% -60.76% -65.59% 329.69% 53.75% 5.39% 11.42% 9 1 10 Years of Data, EPS P or N 90.00%
Earnings Yield 4.9% 3.9% 5.0% 4.3% -3.9% 0.3% 5.6% 8.0% 6.2% 9.2% 3.2% 1.2% 5.3% 7.7% 8.1% 8.8% 1.29% <-IRR #YR-> 10 Earnings per Share 49.13%
5 year Running Average $2.17 $2.08 $2.06 $2.13 $1.43 $1.03 $1.34 $1.64 $2.01 $3.30 $3.64 $3.09 $2.85 $2.84 $2.79 $3.41 -6.84% <-IRR #YR-> 5 Earnings per Share 86.41%
10 year Running Average $2.10 $2.13 $2.19 $2.23 $1.80 $1.60 $1.71 $1.85 $2.07 $2.37 $2.34 $2.22 $2.25 $2.42 $3.05 $3.53 3.30% <-IRR #YR-> 10 5 yr Running Average -38.06%
* Diluted ESP per share  E/P 10 Yrs 4.81% 5Yrs 5.31% 11.65% <-IRR #YR-> 5 5 yr Running Average -35.45%
-$2.42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.75
-$3.92 $0.00 $0.00 $0.00 $0.00 $2.75
-$2.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.85
-$1.64 $0.00 $0.00 $0.00 $0.00 $2.85
Dividend* $3.84 $3.95 $4.05 Estimates Dividend*
Increase 4.07% 2.97% 2.50% Estimates Increase
Payout Ratio EPS 90.82% 88.73% 81.63% 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
From 1996
Dividend* $1.66 $1.74 $1.82 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $3.69 $3.81 $3.84 $3.84 102.75% <-Total Growth 10 Dividend*
Increase 5.06% 4.82% 4.60% 4.40% 7.37% 10.78% 7.96% 10.45% 9.09% 8.16% 7.55% 4.39% 3.36% 3.25% 0.79% 0.00% 32 2 35 Years of data, Count P, N 91.43%
Average Increases 5 Year Running 5.34% 5.05% 4.80% 4.84% 5.25% 6.39% 7.02% 8.19% 9.13% 9.29% 8.64% 7.93% 6.51% 5.34% 3.87% 2.36% 35.73% <-Total Growth 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.51 $1.58 $1.66 $1.74 $1.83 $1.95 $2.09 $2.27 $2.48 $2.70 $2.94 $3.16 $3.36 $3.53 $3.67 $3.75 102.41% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 4.11% 3.94% 3.84% 3.49% 4.09% 4.28% 3.93% 5.00% 4.94% 5.11% 5.69% 5.59% 7.14% 7.22% 4.97% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 3.73% 3.69% 3.58% 3.10% 3.48% 3.58% 3.78% 4.54% 4.18% 4.18% 5.03% 4.82% 6.34% 6.92% 4.18% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 4.57% 4.22% 4.14% 4.01% 4.97% 5.34% 4.09% 5.57% 6.03% 6.56% 6.55% 6.65% 8.15% 7.55% 5.80% <-Median-> 10 Yield on Low Price FFO
Yield on Close Price 3.73% 3.70% 3.75% 3.33% 4.51% 3.73% 3.99% 5.53% 4.25% 6.14% 5.81% 6.61% 7.13% 6.91% 6.97% 6.84% 5.02% <-Median-> 10 Yield on Close Price AEPS
Payout Ratio EPS 76.50% 94.57% 75.21% 77.24% 0.00% 1412.50% 71.14% 68.75% 68.85% 67.09% 183.87% 557.81% 134.18% 90.11% 86.18% 77.34% 74.19% <-Median-> 10 DPR EPS CFPS
DPR EPS 5 Yr Running 69.37% 76.08% 80.50% 81.61% 128.29% 190.25% 155.65% 137.90% 123.38% 81.81% 80.54% 102.43% 117.81% 124.28% 131.55% 110.04% 120.60% <-Median-> 10 DPR EPS 5 Yr Running FCF 1
Payout Ratio CFPS 29.41% 34.37% 35.04% 33.01% 34.83% 38.51% 41.12% 37.75% 38.96% 42.35% 48.68% 57.01% 134.30% 52.05% 50.33% 50.53% 40.04% <-Median-> 10 DPR CF FCF 2
DPR CF 5 Yr Running 31.03% 32.85% 33.61% 33.36% 33.29% 35.19% 36.56% 37.10% 38.26% 39.75% 41.75% 44.54% 47.53% 50.31% 52.01% 52.35% 37.68% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 31.90% 37.38% 32.19% 31.55% 31.76% 40.49% 39.08% 37.17% 40.64% 40.48% 46.74% 51.81% 54.22% 52.05% 50.33% 50.53% 40.49% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 31.56% 33.44% 33.96% 33.51% 32.76% 34.44% 34.95% 35.96% 37.81% 39.56% 40.87% 43.24% 46.53% 48.83% 50.97% 51.73% 36.88% <-Median-> 10 DPR CF WC 5 Yr Running
Median 5 Yrs 10 Yr Med 10 Yr Cl 4.97% 5.02% 5 Yr Med 5 Yr Cl 5.59% 6.14% 5 Yr Med Payout 134.18% 48.68% 46.74% 6.49% <-IRR #YR-> 5 Dividends 36.92%
* Dividends per share  10 Yr Med and Cur. 40.19% 38.72% 5 Yr Med and Cur. 24.66% 13.35% Last Div Inc ---> $0.900 $0.930 3.33% 7.32% <-IRR #YR-> 10 Dividends 102.75%
Dividends Growth 15 6.47% <-IRR #YR-> 15 Dividends 156.25%
Dividends Growth 20 6.34% <-IRR #YR-> 20 Dividends 241.67%
Dividends Growth 25 4.67% <-IRR #YR-> 25 Dividends 212.71%
Dividends Growth 30 4.97% <-IRR #YR-> 30 Dividends
Dividends Growth 35 4.95% <-IRR #YR-> 35 Dividends
Dividends Growth 5 -$2.70 $0.00 $0.00 $0.00 $0.00 $3.69
Dividends Growth 10 -$1.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.69
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 $3.69
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 $3.69
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 $3.69
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 $3.69
Dividends Growth 35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.69
Historical Dividends Historical High Div 7.10% Low Div 3.27% 10 Yr High 8.00% 10 Yr Low 3.13% Med Div 4.34% Close Div 4.31% Historical Dividends
High/Ave/Median Values Curr diff Exp. -1.90%     113.01% Exp. -12.93% 122.54% Cheap 60.49% Cheap 61.71% High/Ave/Median 
Future Dividend Yield Div Yd 8.21% earning in 5 Years at IRR of 3.33% Div Inc. 17.82% Future Dividend Yield
Future Dividend Yield Div Yd 9.67% earning in 10 Years at IRR of 3.33% Div Inc. 38.80% Future Dividend Yield
Future Dividend Yield Div Yd 11.39% earning in 15 Years at IRR of 3.33% Div Inc. 63.53% Future Dividend Yield
Future Dividend Yield Div Yd 9.54% earning in 5 Years at IRR of 6.49% Div Inc. 36.92% Future Dividend Yield
Future Dividend Yield Div Yd 13.06% earning in 10 Years at IRR of 6.49% Div Inc. 87.47% Future Dividend Yield
Future Dividend Yield Div Yd 17.88% earning in 15 Years at IRR of 6.49% Div Inc. 156.69% Future Dividend Yield
Future Dividend Paid Div Paid $5.26 earning in 5 Years at IRR of 6.49% Div Inc. 36.92% Future Dividend Paid
Future Dividend Paid Div Paid $7.20 earning in 10 Years at IRR of 6.49% Div Inc. 87.47% Future Dividend Paid
Future Dividend Paid Div Paid $9.86 earning in 15 Years at IRR of 6.49% Div Inc. 156.69% Future Dividend Paid
Dividend Covering Cost Total Div $21.86 over 5 Years at IRR of 6.49% Div Cov. 39.65% Dividend Covering Cost
Dividend Covering Cost Total Div $46.53 over 10 Years at IRR of 6.49% Div Cov. 84.40% Dividend Covering Cost
Dividend Covering Cost Total Div $80.31 over 15 Years at IRR of 6.49% Div Cov. 145.66% Dividend Covering Cost
I am earning GC Div Gr 376.25% 2/3/00 # yrs -> 23 2000 $12.01 Cap Gain 359.03% I am earning GC
I am earning Div org yield 6.66% 12/31/14 Trading Div G Yrly 11.03% Div start $0.80 -6.66% 31.72% I am earning Div
I am earning GC Div Gr 197.66% 6/12/06 # yrs -> 17 2006 $33.15 Cap Gain 66.30% I am earning GC
I am earning Div org yield 3.86% 12/31/14 Pension Div G Yrly 13.59% Div start $1.28 -3.86% 11.49% I am earning Div
I am earning GC Div Gr 197.66% 6/12/06 # yrs -> 17 2006 $32.99 Cap Gain 67.11% I am earning GC
I am earning Div org yield 3.88% 12/31/14 RRSP Div G Yrly 13.59% Div start $1.28 -3.88% 11.55% I am earning Div
Yield if held 5 years 4.63% 4.52% 5.10% 5.81% 5.58% 5.60% 5.53% 5.69% 5.41% 6.38% 6.48% 5.74% 6.85% 6.40% 6.17% 6.39% 5.72% <-Median-> 10 Paid Median Price Item
Yield if held 10 years 9.23% 8.10% 7.35% 6.81% 6.11% 6.31% 6.34% 7.55% 8.98% 8.70% 8.47% 8.09% 7.79% 7.01% 7.70% 7.28% 7.67% <-Median-> 10 Paid Median Price Revenue Growth 
Yield if held 15 years 7.71% 6.11% 6.47% 11.21% 15.08% 12.56% 11.36% 10.88% 10.54% 9.53% 9.54% 9.28% 10.34% 11.64% 10.51% 9.51% 10.71% <-Median-> 10 Paid Median Price AEPS Growth
Yield if held 20 years 9.76% 10.09% 9.39% 10.13% 11.49% 10.49% 8.57% 9.57% 17.35% 23.51% 19.01% 16.62% 14.90% 13.66% 11.50% 10.72% 13.20% <-Median-> 10 Paid Median Price Net Income Growth
Yield if held 25 years 12.50% 12.02% 12.60% 13.29% 14.14% 13.91% 15.68% 17.92% 15.88% 12.54% 13.11% 22.48% 28.39% 21.35% 13.60% <-Median-> 10 Paid Median Price Cash Flow Growth
Yield if held 30 years 18.50% 18.60% 19.64% 20.12% 20.70% 19.05% 20.32% 21.63% 17.83% 19.34% <-Median-> 6 Paid Median Price Dividend Growth
Yield if held 35 years 25.33% 24.10% 23.72% 22.59% 25.33% <-Median-> 1 Paid Median Price Stock Price Growth
Cost covered if held 5 years 21.04% 20.58% 23.26% 26.59% 25.06% 24.17% 23.69% 23.92% 22.76% 27.11% 27.82% 25.43% 31.17% 29.67% 29.44% 31.20% 25.25% <-Median-> 10 Paid Median Price Revenue Growth 
Cost covered if held 10 years 73.82% 65.27% 59.60% 55.58% 48.89% 48.28% 47.75% 55.02% 64.40% 62.04% 60.51% 59.50% 59.36% 55.26% 63.89% 63.36% 57.47% <-Median-> 10 Paid Median Price AEPS Growth
Cost covered if held 15 years 85.70% 66.80% 69.84% 120.59% 160.30% 128.07% 113.97% 105.37% 99.95% 89.38% 89.23% 88.82% 102.09% 118.40% 112.19% 106.93% 103.73% <-Median-> 10 Paid Median Price Net Income Growth
Cost covered if held 20 years 136.24% 139.83% 129.45% 138.88% 152.45% 131.01% 103.53% 110.11% 193.60% 260.22% 209.64% 187.55% 173.21% 163.30% 144.29% 141.55% 162.83% <-Median-> 10 Paid Median Price Cash Flow Growth
Cost covered if held 25 years 197.87% 190.01% 193.89% 193.65% 200.46% 187.95% 204.88% 228.59% 199.14% 159.03% 169.79% 297.85% 395.75% 313.87% 193.77% <-Median-> 10 Paid Median Price Dividend Growth
Cost covered if held 30 years 275.70% 268.28% 277.36% 279.97% 292.09% 274.66% 299.12% 331.86% 286.19% 276.53% <-Median-> 6 Paid Median Price Stock Price Growth
Cost covered if held 35 years 391.04% 380.04% 390.58% 390.26% 391.04% <-Median-> 1 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $13,679 $13,255 $12,999 $13,387 $14,977 $19,934 $20,213 <-12 mths 1.40% 45.73% <-Total Growth 5 Revenue Growth  45.73%
AEPS Growth $3.86 $4.15 $4.20 $4.27 $4.30 $4.52 $4.44 <-12 mths -1.77% 17.10% <-Total Growth 5 AEPS Growth 17.10%
Net Income Growth $3,539 $3,976 $4,457 $1,815 $641 $2,829 $2,730 <-12 mths -3.50% -20.06% <-Total Growth 5 Net Income Growth -20.06%
Cash Flow Growth $6,555 $7,082 $7,058 $6,890 $6,375 $7,268 10.88% <-Total Growth 5 Cash Flow Growth 10.88%
Dividend Growth $2.70 $2.94 $3.18 $3.42 $3.57 $3.69 $4.18 <-12 mths 13.28% 36.92% <-Total Growth 5 Dividend Growth 36.92%
Stock Price Growth $48.75 $69.16 $51.75 $58.83 $53.98 $51.76 $55.13 <-12 mths 6.51% 6.17% <-Total Growth 5 Stock Price Growth 6.17%
Revenue Growth  $8,797 $10,185 $11,300 $12,505 $13,449 $13,679 $13,255 $12,999 $13,387 $14,977 $19,934 $16,315 <-this year -18.15% 126.60% <-Total Growth 10 Revenue Growth  126.60%
AEPS Growth $2.42 $2.46 $2.48 $2.78 $3.08 $3.86 $4.15 $4.20 $4.27 $4.30 $4.52 $4.18 <-this year -7.52% 86.78% <-Total Growth 10 AEPS Growth 86.78%
Net Income Growth $1,712 $1,743 -$1,240 $124 $2,997 $3,539 $3,976 $4,457 $1,815 $641 $2,829 $4,418 <-this year 56.17% 65.25% <-Total Growth 10 Net Income Growth 65.25%
Cash Flow Growth $3,674 $4,079 $4,115 $5,069 $5,230 $6,555 $7,082 $7,058 $6,890 $6,375 $7,268 $7,594 <-this year 4.49% 97.82% <-Total Growth 10 Cash Flow Growth 97.82%
Dividend Growth $1.82 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $3.69 $3.84 <-this year 4.07% 102.75% <-Total Growth 10 Dividend Growth 102.75%
Stock Price Growth $48.54 $57.10 $45.19 $60.54 $61.18 $48.75 $69.16 $51.75 $58.83 $53.98 $51.76 $55.13 <-this year 6.51% 6.63% <-Total Growth 10 Stock Price Growth 6.63%
Dividends on Shares $39.90 $42.84 $47.46 $51.24 $56.60 $61.74 $66.78 $71.82 $74.97 $77.49 $80.01 $80.64 $80.64 $590.84 No of Years 10 Total Dividends 12/31/13
Paid  $1,019.34 $1,199.10 $948.99 $1,271.34 $1,284.78 $1,023.75 $1,452.36 $1,086.75 $1,235.43 $1,133.58 $1,086.96 $1,157.73 $1,157.73 $1,179.57 $1,086.96 No of Years 10 Worth $48.54
Total    $1,677.80 Total   
Dividends on Shares $102.92 $107.88 $112.84 $117.80 $126.48 $140.12 $151.28 $167.09 $182.28 $197.16 $212.04 $221.34 $228.78 $236.22 $238.08 $238.08 $2,844.25 No of Years 23 Total Dividends 12/31/99
Paid  $2,760.86 $2,915.24 $3,009.48 $3,540.20 $2,801.78 $3,753.48 $3,793.16 $3,022.50 $4,287.92 $3,208.50 $3,647.46 $3,346.76 $3,209.12 $3,418.06 $3,418.06 $3,482.54 $3,209.12 No of Years 23 Worth $16.30
Total    $6,053.37 Total    #NUM!
$102.92 $107.88 $112.84 $117.80 $126.48 $140.12 $151.28 $167.09 $182.28 $197.16 $212.04 $221.34 $228.78 $236.22 $238.08 $3,720.62
Graham Price AEPS $33.42 $30.34 $35.86 $36.24 $33.27 $38.32 $40.69 $48.98 $51.62 $52.50 $54.01 $54.71 $51.50 $49.52 $50.87 $53.40 24.93% <-Total Growth 10 Graham Price AEPS
Price/GP Ratio Med 1.21 1.45 1.32 1.50 1.50 1.38 1.53 1.10 1.15 1.19 1.11 1.17 1.00 1.07 1.18 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.33 1.55 1.42 1.69 1.76 1.65 1.59 1.21 1.36 1.45 1.26 1.35 1.13 1.11 1.41 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.09 1.36 1.23 1.31 1.23 1.11 1.47 0.99 0.94 0.92 0.97 0.98 0.88 1.02 0.98 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.33 1.55 1.35 1.58 1.36 1.58 1.50 1.00 1.34 0.99 1.09 0.99 1.01 1.11 1.08 1.05 1.21 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 33.25% 54.97% 35.34% 57.56% 35.82% 57.99% 50.35% -0.46% 33.97% -1.43% 8.92% -1.33% 0.51% 11.32% 8.38% 5.19% 21.44% <-Median-> 10 Graham Price
Graham Price EPS $33.42 $30.34 $35.86 $36.24 $33.14 $9.19 $42.94 $49.36 $52.36 $55.77 $35.65 $21.11 $40.17 $49.81 $51.13 $53.97 24.93% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 1.21 1.45 1.32 1.50 1.50 5.74 1.45 1.09 1.14 1.12 1.69 3.03 1.29 1.06 1.47 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.33 1.55 1.42 1.69 1.77 6.87 1.50 1.20 1.34 1.36 1.91 3.51 1.45 1.11 1.60 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.09 1.36 1.23 1.31 1.24 4.61 1.39 0.98 0.93 0.87 1.46 2.54 1.13 1.01 1.27 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.33 1.55 1.35 1.58 1.36 6.59 1.42 0.99 1.32 0.93 1.65 2.56 1.29 1.11 1.08 1.04 1.39 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 33.25% 54.97% 35.34% 57.56% 36.37% 558.55% 42.47% -1.23% 32.07% -7.21% 65.03% 155.76% 28.86% 10.69% 7.82% 4.07% 39.42% <-Median-> 10 Graham Price
Price Close $44.53 $47.02 $48.54 $57.10 $45.19 $60.54 $61.18 $48.75 $69.16 $51.75 $58.83 $53.98 $51.76 $55.13 $55.13 $56.17 82.91% <-Total Growth 10 Stock Price
Increase 17.22% 5.59% 3.23% 17.63% -20.86% 33.97% 1.06% -20.32% 41.87% -25.17% 13.68% -8.24% -4.11% 6.51% 0.00% 1.89% 23.60 <-Median-> 10 CAPE (10 Yr P/E)
P/E 20.52 25.55 20.06 23.21 -25.82 378.38 17.84 12.44 16.20 10.92 31.63 84.34 18.82 13.04 12.37 11.31 1.21% <-IRR #YR-> 5 Stock Price 6.17%
Trailing P/E 25.16 21.67 26.38 23.60 18.37 -34.59 382.38 14.21 17.64 12.12 12.41 29.02 80.88 20.05 13.04 12.61 0.64% <-IRR #YR-> 10 Stock Price 6.63%
CAPE (10 Yr P/E) 16.70 17.61 18.02 18.97 23.88 28.18 27.52 26.28 25.13 22.56 23.47 25.06 24.83 22.94 18.59 15.93 7.89% <-IRR #YR-> 5 Price & Dividend 40.64%
Median 10, 5 Yrs D.  per yr 5.44% 6.68% % Tot Ret 89.41% 84.72% T P/E $18.01 $17.64 P/E:  $18.33 $18.82 6.09% <-IRR #YR-> 10 Price & Dividend 64.60%
Price 15 D.  per yr 5.55% % Tot Ret 64.83% CAPE Diff -44.75% 3.01% <-IRR #YR-> 15 Stock Price 56.04%
Price  20 D.  per yr 5.17% % Tot Ret 62.22% 3.14% <-IRR #YR-> 20 Stock Price 85.65%
Price  25 D.  per yr 4.92% % Tot Ret 59.59% 3.33% <-IRR #YR-> 25 Stock Price 127.02%
Price  30 D.  per yr 4.88% % Tot Ret 60.42% 3.20% <-IRR #YR-> 30 Stock Price
Price  35 D.  per yr 5.35% % Tot Ret 58.10% 3.86% <-IRR #YR-> 35 Stock Price
Price & Dividend 15 8.56% <-IRR #YR-> 15 Price & Dividend 165.89%
Price & Dividend 20 8.32% <-IRR #YR-> 20 Price & Dividend 239.51%
Price & Dividend 25 8.25% <-IRR #YR-> 25 Price & Dividend 336.64%
Price & Dividend 30 8.08% <-IRR #YR-> 30 Price & Dividend
Price & Dividend 35 9.21% <-IRR #YR-> 35 Price & Dividend
Price  5 -$48.75 $0.00 $0.00 $0.00 $0.00 $51.76 Price  5
Price 10 -$48.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $51.76 Price 10
Price & Dividend 5 -$48.75 $2.94 $3.18 $3.42 $3.57 $55.45 Price & Dividend 5
Price & Dividend 10 -$48.54 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $55.45 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 $51.76 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 $51.76 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 $51.76 Price  25 61.47%
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 $51.76 Price  30 40.79%
Price  35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $51.76 Price  35
Price & Dividend 15 $1.66 $1.74 $1.82 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $55.45 Price & Dividend 15 112.76%
Price & Dividend 20 $1.66 $1.74 $1.82 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $55.45 Price & Dividend 20 68.42%
Price & Dividend 25 $1.66 $1.74 $1.82 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $55.45 Price & Dividend 25
Price & Dividend 30 $1.66 $1.74 $1.82 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $55.45 Price & Dividend 30
Price & Dividend 35 $1.66 $1.74 $1.82 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $55.45 Price & Dividend 35
Price H/L Median $40.39 $44.15 $47.40 $54.37 $49.85 $52.75 $62.15 $53.90 $59.55 $62.26 $60.11 $63.90 $51.72 $52.76 1.89% 9.11% <-Total Growth 10 Stock Price
Increase 10.49% 9.31% 7.36% 14.72% -8.32% 5.83% 17.82% -13.27% 10.48% 4.54% -3.45% 6.31% -19.06% 2.02% 6.97% -0.82% <-IRR #YR-> 5 Stock Price
P/E 18.61 23.99 19.58 22.10 -28.48 329.69 18.12 13.75 13.95 13.13 32.31 99.84 18.81 12.48 8.85% 0.88% <-IRR #YR-> 10 Stock Price
Trailing P/E 22.82 20.34 25.76 22.47 20.26 -30.14 388.44 15.71 15.19 14.58 12.68 34.35 80.80 19.19 5.47% <-IRR #YR-> 5 Price & Dividend
P/E on Running 5 yr Average 18.58 21.20 22.98 25.50 34.91 51.41 46.24 32.79 29.69 18.84 16.49 20.70 18.13 18.55 6.39% <-IRR #YR-> 10 Price & Dividend
P/E on Running 10 yr Average 19.26 20.76 21.62 24.42 27.63 32.97 36.28 29.09 28.78 26.31 25.74 28.85 23.00 21.76 14.06 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 6.29% 5.51% % Tot Ret 115.07% 86.28% T P/E 17.99 15.19 P/E:  18.46 18.81 Count 35 Years of data
-$53.90 $0.00 $0.00 $0.00 $0.00 $51.72
-$47.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $51.72
-$53.90 $2.94 $3.18 $3.42 $3.57 $55.41
-$47.40 $1.90 $2.04 $2.26 $2.44 $2.70 $2.94 $3.18 $3.42 $3.57 $55.41
Dec Dec May Sep May Sep Jul Jul Dec Feb Oct Jun Jan Mar
Price High $44.45 $47.10 $50.79 $61.38 $58.67 $63.14 $64.58 $59.41 $70.35 $76.06 $68.02 $74.09 $58.18 $55.04 14.55% <-Total Growth 10 Stock Price
Increase 13.68% 5.96% 7.83% 20.85% -4.42% 7.62% 2.28% -8.01% 18.41% 8.12% -10.57% 8.92% -21.47% -5.40% -0.42% <-IRR #YR-> 5 Stock Price
P/E 20.48 25.60 20.99 24.95 -33.53 394.63 18.83 15.16 16.48 16.05 36.57 115.77 21.16 13.02 1.37% <-IRR #YR-> 10 Stock Price
Trailing P/E 25.11 21.71 27.60 25.36 23.85 -36.08 403.63 17.32 17.95 17.81 14.35 39.83 90.91 20.01 16.15 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 20.90 17.95 P/E:  19.99 21.16 38.71 P/E Ratio Historical High
-$59.41 $0.00 $0.00 $0.00 $0.00 $58.18
-$50.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $58.18
Feb Jan Oct Jan Dec Jan Nov Dec Jan Mar Jan Dec Jul Feb
Price Low $36.32 $41.19 $44.00 $47.36 $41.02 $42.36 $59.72 $48.39 $48.75 $48.45 $52.19 $53.70 $45.25 $50.48 2.84% <-Total Growth 10 Stock Price
Increase 6.82% 13.41% 6.82% 7.64% -13.39% 3.27% 40.98% -18.97% 0.74% -0.62% 7.72% 2.89% -15.74% 11.56% -1.33% <-IRR #YR-> 5 Stock Price
P/E 16.74 22.39 18.18 19.25 -23.44 264.75 17.41 12.34 11.42 10.22 28.06 83.91 16.45 11.94 0.28% <-IRR #YR-> 10 Stock Price
Trailing P/E 20.52 18.98 23.91 19.57 16.67 -24.21 373.25 14.11 12.44 11.35 11.01 28.87 70.70 18.36 12.33 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 15.39 12.44 P/E:  16.93 16.45 9.18 P/E Ratio Historical Low
-$48.39 $0.00 $0.00 $0.00 $0.00 $45.25
-$44.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.25
Free Cash Flow MS $1,173 $973 -$1,078 -$111 -$45 -$233 -$2,299 -$3,359 -$1,100 -$1,077 $966 -$352 -$881 -$588 $2,361 $3,009 18.27% <-Total Growth 10 Free Cash Flow MS
Change 178.20% -17.05% -210.79% 89.70% 59.46% -417.78% -886.70% -46.11% 67.25% 2.09% 189.69% -136.44% -150.28% 33.26% 501.53% 27.45% 11.69% <-IRR #YR-> 5 Free Cash Flow MS 73.77%
FCF/CF from Op Ratio 0.30 0.27 -0.29 -0.03 -0.01 -0.05 -0.44 -0.51 -0.16 -0.15 0.14 -0.06 -0.12 -0.08 0.30 0.38 -2.00% <-IRR #YR-> 10 Free Cash Flow MS 18.27%
Dividends paid $1,168 $1,228 $1,288 $1,345 $1,445 $1,436 $1,339 $1,571 $1,798 $2,987 $3,317 $3,192 $3,192 $3,953 $3,984 $3,984 147.91% <-Total Growth 10 Dividends paid
Percentage paid -1211.71% -3211.11% -616.31% -58.24% -46.77% -163.45% -277.34% 343.37% -906.82% -362.32% -672.25% 168.74% 132.40% -$3.20 <-Median-> 10 Percentage paid
5 Year Coverage -118.01% -107.86% -113.18% -160.31% -261.38% -592.72% -861.33% 1171.17% 515.77% 5 Year Coverage
Dividend Coverage Ratio -0.03 -0.16 -1.72 -2.14 -0.61 -0.36 0.29 -0.11 -0.28 -0.15 0.59 0.76 -0.28 <-Median-> 9 Dividend Coverage Ratio
5 Year of Coverage -0.93 -0.88 -0.62 -0.38 -0.17 -0.12 0.09 0.19 5 Year of Coverage
$3,359 $0 $0 $0 $0 -$881
$1,078 $0 $0 $0 $0 $0 $0 $0 $0 $0 -$881
Free Cash Flow WSJ $197 $789 -$1,791 -$2,742 -$207 -$955 $1,039 $2,329 -$716 -$588 $2,361 $3,009 -463.45% <-Total Growth 8 Free Cash Flow WSJ
Change 300.51% -327.00% -53.10% 92.45% -361.35% 208.80% 124.16% -130.74% 17.88% 501.53% 27.45% 11.70% <-IRR #YR-> 5 Free Cash Flow WSJ 73.89%
FCF/CF from Op Ratio 0.05 0.16 -0.34 -0.42 -0.03 -0.14 0.15 0.37 -0.10 -0.08 0.30 0.38 #NUM! <-IRR #YR-> 8 Free Cash Flow WSJ #DIV/0!
Dividends paid $1,445 $1,436 $1,339 $1,571 $1,798 $2,987 $3,317 $3,192 $3,192 $3,953 $3,984 $3,984 122.28% <-Total Growth 8 Dividends paid
Percentage paid 733.50% 182.00% -74.76% -57.29% -868.60% -312.77% 319.25% 137.05% -445.81% -672.25% 168.74% 132.40% -$0.57 <-Median-> 9 Percentage paid
5 Year Coverage 733.50% 292.19% -524.22% -163.26% -202.16% -186.12% -236.51% -2400.19% 972.21% 1500.53% 398.59% 286.24% 5 Year Coverage
Dividend Coverage Ratio 0.14 0.55 -1.34 -1.75 -0.12 -0.32 0.31 0.73 -0.22 -0.15 0.59 0.76 -0.12 <-Median-> 9 Dividend Coverage Ratio
5 Year of Coverage 0.14 0.34 -0.19 -0.61 -0.49 -0.54 -0.42 -0.04 0.10 0.07 0.25 0.35 5 Year of Coverage
$2,742 $0 $0 $0 $0 -$716
-$197 $0 $0 $0 $0 $0 $0 $0 -$716
Market Cap $31,343 $33,171 $34,339 $40,465 $31,751 $52,292 $53,923 $44,757 $64,900 $48,648 $57,701 $54,950 $53,700 $57,197 $57,197 $58,276 56.38% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 703 706 708 710 709 760 874 903 931 940 974 996 1,030 1,030 45.48% <-Total Growth 10 Diluted
Change 1.59% 0.43% 0.28% 0.28% -0.14% 7.19% 15.00% 3.32% 3.10% 0.97% 3.62% 2.26% 3.41% 0.00% 3.21% <-Median-> 9 Change
Difference Diluted/Basic -0.2% -0.1% -0.2% -0.3% 0.0% -0.1% -0.2% -0.1% -0.2% 0.0% 0.0% -0.1% 0.0% 0.0% -0.11% <-Median-> 9 Difference Diluted/Basic
Basic # of Shares in Millions 701.6 705.0 706.7 708.0 709 759 872 902 929 940 974 995 1,030 1,030 45.75% <-Total Growth 10 Basic
Change 1.61% 0.48% 0.24% 0.18% 0.14% 7.05% 14.89% 3.44% 2.99% 1.18% 3.62% 2.16% 3.52% 0.00% 3.22% <-Median-> 9 Change
Difference Basic/Outstanding 0.3% 0.1% 0.1% 0.1% -0.9% 13.8% 1.1% 1.8% 1.0% 0.0% 0.7% 2.3% 0.7% 0.7% 0.87% <-Median-> 9 Difference
excluding Nova
# of Shares (incl.Nova) 703.86 705.46 707.44 708.66 702.61 863.76 881.38 918.10 938.40 940.06 980.82 1,017.96 1,037.49 1,037.49 1,037.49 1,037.49 3.90% <-IRR #YR-> 10 Shares 46.65%
Change 1.10% 0.23% 0.28% 0.17% -0.85% 22.94% 2.04% 4.17% 2.21% 0.18% 4.34% 3.79% 1.92% 0.00% 0.00% 0.00% 2.48% <-IRR #YR-> 5 Shares 13.00%
CF fr Op $M $3,973 $3,571 $3,674 $4,079 $4,115 $5,069 $5,230 $6,555 $7,082 $7,058 $6,890 $6,375 $7,268 $7,594 $7,916 $7,885 97.82% <-Total Growth 10 Cash Flow
Increase 28.91% -10.12% 2.88% 11.02% 0.88% 23.18% 3.18% 25.33% 8.04% -0.34% -2.38% -7.47% 14.01% 4.49% 4.23% -0.39% DRIP SO
5 year Running Average $3,144 $3,291 $3,458 $3,676 $3,882 $4,102 $4,433 $5,010 $5,610 $6,199 $6,563 $6,792 $6,935 $7,037 $7,209 $7,408 100.54% <-Total Growth 10 CF 5 Yr Running
CFPS $5.64 $5.06 $5.19 $5.76 $5.86 $5.87 $5.93 $7.14 $7.55 $7.51 $7.02 $6.26 $7.01 $7.32 $7.63 $7.60 34.89% <-Total Growth 10 Cash Flow per Share
Increase 27.51% -10.32% 2.60% 10.83% 1.75% 0.20% 1.11% 20.32% 5.70% -0.52% -6.44% -10.85% 11.86% 4.49% 4.23% -0.39% 7.06% <-IRR #YR-> 10 Cash Flow 97.82%
5 year Running Average $4.86 $4.82 $4.94 $5.22 $5.50 $5.55 $5.72 $6.11 $6.47 $6.80 $7.03 $7.10 $7.07 $7.02 $7.05 $7.16 2.09% <-IRR #YR-> 5 Cash Flow 10.88%
P/CF on Med Price 7.15 8.72 9.13 9.45 8.51 8.99 10.47 7.55 7.89 8.29 8.56 10.20 7.38 7.21 0.00 0.00 3.04% <-IRR #YR-> 10 Cash Flow per Share 34.89%
P/CF on Closing Price 7.89 9.29 9.35 9.92 7.72 10.32 10.31 6.83 9.16 6.89 8.37 8.62 7.39 7.53 7.23 7.39 -0.38% <-IRR #YR-> 5 Cash Flow per Share -1.88%
-11.74% Diff M/C 3.65% <-IRR #YR-> 10 CFPS 5 yr Running 43.13%
Excl.Working Capital CF -$310.0 -$287.0 $326.0 $189.0 $398.0 -$248 $273 $102 -$293 $327 $287 $639 -$207 $0.0 $0.0 $0.0 2.96% <-IRR #YR-> 5 CFPS 5 yr Running 15.69%
CF fr Op $M WC $3,663 $3,284 $4,000 $4,268 $4,513 $4,821 $5,503 $6,657 $6,789 $7,385 $7,177 $7,014 $7,061 $7,594 $7,916 $7,885 76.53% <-Total Growth 10 Cash Flow less WC
Increase 18.84% -10.35% 21.80% 6.70% 5.74% 6.82% 14.15% 20.97% 1.98% 8.78% -2.82% -2.27% 0.67% 7.55% 4.23% -0.39% 5.85% <-IRR #YR-> 10 Cash Flow less WC 76.53%
5 year Running Average $3,093 $3,226 $3,422 $3,659 $3,946 $4,177 $4,621 $5,152 $5,657 $6,231 $6,702 $7,004 $7,085 $7,246 $7,352 $7,494 1.19% <-IRR #YR-> 5 Cash Flow less WC 6.07%
CFPS Excl. WC $5.20 $4.66 $5.65 $6.02 $6.42 $5.58 $6.24 $7.25 $7.23 $7.86 $7.32 $6.89 $6.81 $7.32 $7.63 $7.60 7.55% <-IRR #YR-> 10 CF less WC 5 Yr Run 107.06%
Increase 17.55% -10.55% 21.46% 6.52% 6.65% -13.10% 11.86% 16.13% -0.22% 8.59% -6.85% -5.84% -1.22% 7.55% 4.23% -0.39% 6.58% <-IRR #YR-> 5 CF less WC 5 Yr Run 37.51%
5 year Running Average $4.78 $4.74 $4.89 $5.19 $5.59 $5.67 $5.99 $6.30 $6.55 $6.83 $7.18 $7.31 $7.22 $7.24 $7.19 $7.25 1.87% <-IRR #YR-> 10 CFPS - Less WC 20.37%
P/CF on Med Price 7.76 9.48 8.38 9.03 7.76 9.45 9.95 7.43 8.23 7.92 8.21 9.27 7.60 7.21 0.00 0.00 1.74% <-IRR #YR-> 5 CFPS - Less WC -6.14%
P/CF on Closing Price 8.56 10.10 8.58 9.48 7.04 10.85 9.80 6.72 9.56 6.59 8.04 7.83 7.61 7.53 7.23 7.39 3.98% <-IRR #YR-> 10 CFPS 5 yr Running 47.72%
Median Values CF/-WC P/CF Med 10 yr 8.53 5 yr  8.29 P/CF Med 10 yr 8.22 5 yr  8.21 -8.41% Diff M/C 2.75% <-IRR #YR-> 5 CFPS 5 yr Running 14.54%
*Operational Cash Flow per share 
-$5.19 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.01 Cash Flow per Share
-$7.14 $0.00 $0.00 $0.00 $0.00 $7.01 Cash Flow per Share
-$4.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.07 CFPS 5 yr Running
-$6.11 $0.00 $0.00 $0.00 $0.00 $7.07 CFPS 5 yr Running
-$4,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $7,061 Cash Flow less WC
-$6,657 $0 $0 $0 $0 $7,061 Cash Flow less WC
-$3,422 $0 $0 $0 $0 $0 $0 $0 $0 $0 $7,085 CF less WC 5 Yr Run
-$5,152 $0 $0 $0 $0 $7,085 CF less WC 5 Yr Run
-$5.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.81 CFPS - Less WC
-$6.24 $0.00 $0.00 $0.00 $0.00 $6.81 CFPS - Less WC
-$4.89 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.22 CFPS 5 yr Running
-$6.30 $0.00 $0.00 $0.00 $0.00 $7.22 CFPS 5 yr Running
Distributions frec from operating act equity invest $276 $793 $844 $970 $985 $1,213 $1,123
Distributions frec from operating act equity invest
Decrease/(increase) in operating working capital -$326 -$189 -$398
Inc in Accts Rec -$482 -$576 -$69 $31 $129 -$925 -$575 -$394
Inc in Inventories -$87 -$38 -$49 -$42 -$55 -$93 -$190 -$56
Change in Assets held for Sale -$13 $14 $0 $0
Change in Other current Assets $328 $189 $45 -$15 -$221 -$141 $118 $618
Chge in Accts Payable and other $424 $151 -$70 $352 -$162 $890 -$83 -$206
Increase in Accrued Interest $62 $12 $41 -$33 -$18 -$18 $91 $245
Chge in Liab $16 -$25 $0
                     
Sum -$326 -$189 -$398 $248 -$273 -$102 $293 -$327 -$287 -$639 $207
Morningstar -$326 -$189 -$398 $248 -$273 -$102 $1,506 $796 -$287 -$639 $207
Difference $0 $0 $0 $0 $0 $0 -$1,213 -$1,123 $0 $0 $0
TD in 2020 -$398 $1,092 $697 $883
Difference 0.00 -844.00 -970.00 -985.00
TD in 2022 -$273 -$102 $293 -$327 -$287
Difference 0.00 0.00 0.00
OPM 43.47% 44.60% 41.76% 40.05% 36.42% 40.54% 38.89% 47.92% 53.43% 54.30% 51.47% 42.57% 36.46% 46.55% -12.70% <-Total Growth 10 OPM
Increase 13.75% 2.59% -6.36% -4.11% -9.07% 11.31% -4.07% 23.23% 11.50% 1.62% -5.21% -17.30% -14.34% 27.67% should be zero, it is a check on calculations
Diff from Ave 4.6% 7.3% 0.5% -3.6% -12.4% -2.4% -6.4% 15.3% 28.6% 30.7% 23.9% 2.4% -12.3% 12.0% 0.00% <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 41.55% 5 Yrs 51.47% Should increase or be stable.
$11,135 <-12 mths 1.34%
Adjusted EBITDA $4,544 $4,245 $4,859 $5,521 $5,908 $6,647 $7,377 $8,563 $9,366 $9,351 $9,382 $9,901 $10,988 $11,274 $11,772 $12,644 126.14% <-Total Growth 10 Adjusted EBITDA
Change #DIV/0! -6.58% 14.46% 13.62% 7.01% 12.51% 10.98% 16.08% 9.38% -0.16% 0.33% 5.53% 10.98% 2.60% 4.42% 7.41% 10.18% <-Median-> 10 Change
Margin 49.72% 53.02% 55.23% 54.21% 52.28% 53.15% 54.85% 62.60% 70.66% 71.94% 70.08% 66.11% 55.12% 69.10% 68.51% 68.30% 58.86% <-Median-> 10 Margin
Long Term Debt $17,724 $18,019 $21,892 $22,960 $30,169 $39,495 $32,602 $36,509 $34,280 $34,280 $37,341 $39,645 $49,976 $49,976 128.28% <-Total Growth 10 Debt Type
Change 1.66% 21.49% 4.88% 31.40% 30.91% -17.45% 11.98% -6.11% 0.00% 8.93% 6.17% 26.06% 0.00% 7.55% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 0.57 0.54 0.64 0.57 0.95 0.76 0.60 0.82 0.53 0.70 0.65 0.72 0.93 0.87 0.71 <-Median-> 10 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 8.33 8.22 10.06 7.77 8.83 11.46 8.72 7.64 7.70 8.37 7.99 6.76 10.58 10.87 8.18 <-Median-> 10 Assets/Current Liab. Ratio Liquidity
Debt to Cash Flow (Years) 4.46 5.05 5.96 5.63 7.33 7.79 6.23 5.57 4.84 4.86 5.42 6.22 6.88 6.58 5.92 <-Median-> 10 Debt to Cash Flow (Years) Liq. + CF
Liq. + CF + D
Intangibles $0 $0 $1,955 $2,704 $0 $3,191 $1,484 $1,921 $2,168 $0 $0 $0 $0 0 -100.00% <-Total Growth 10 Intangibles Debt Ratio
Goodwill $3,650 $3,458 $3,696 $4,034 $4,812 $4,812 $13,084 $14,178 $12,887 $12,679 $12,582 $12,843 $12,532 $12,532 239.07% <-Total Growth 10 Goodwill Leverage
Total $3,650 $3,458 $5,651 $6,738 $4,812 $8,003 $14,568 $16,099 $15,055 $12,679 $12,582 $12,843 $12,532 $12,532 121.77% <-Total Growth 10 Total D/E Ratio
Change -5.26% 63.42% 19.24% -28.58% 66.31% 82.03% 10.51% -6.48% -15.78% -0.77% 2.07% -2.42% 0.00% $0.01 <-Median-> 10 Change
% of Market Cap 0.12 0.10 0.16 0.17 0.15 0.15 0.27 0.36 0.23 0.26 0.22 0.23 0.23 0.22 0.23 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $3,640 $2,824 $3,147 $3,540 $3,914 $8,084 $4,680 $5,135 $7,651 $5,201 $7,423 $7,332 $11,372 $11,372 Liquidity ratio of 1.5 and up, best
Current Liabilities $5,880 $5,881 $5,358 $7,584 $7,306 $7,680 $9,877 $12,946 $12,899 $11,987 $13,041 $16,907 $11,817 $11,817 0.50 <-Median-> 10 Ratio
Liquidity Ratio 0.62 0.48 0.59 0.47 0.54 1.05 0.47 0.40 0.59 0.43 0.57 0.43 0.96 0.96 0.57 <-Median-> 5 Ratio
Liq. with CF aft div 1.10 0.88 1.03 0.83 0.90 1.46 0.79 0.71 0.93 0.77 0.84 0.60 0.75 1.27 0.77 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.70 0.57 0.53 0.53 0.55 0.42 0.57 0.40 0.61 0.51 0.53 0.42 0.37 1.27 0.51 <-Median-> 5 Ratio
Excl.current portion of Lg Term Db $968 $894 $973 $1,797 $2,547 $2,547 $2,866 $3,462 $2,705 $1,972 $1,320 $1,989 $2,938 $2,938 $1,989 <-Median-> 5 Excl.debt handled
Notes Payable $1,880 $2,275 $1,842 $2,467 $1,218 $774 $1,763 $2,762 $4,034 $4,034 $5,166 $6,262 $6,262 $4,176 $5,166 <-Median-> 5 Notes Payable
Liquidity Ratio 0.74 0.57 0.72 0.61 0.82 1.57 0.67 0.54 1.24 0.87 1.13 0.85 4.35 2.42 1.13 <-Median-> 5 Liquidity Ratio
Liq. with CF aft div 2.13 1.91 2.18 1.89 1.86 2.57 1.48 1.37 1.94 1.55 1.67 1.16 3.39 3.19 1.67 <-Median-> 5 Liq. with CF aft div
Ratio Under 1.50             yes yes No     yes   6 <-Yes #YR-> 24 Ratio  Under 1.50
Assets $48,995 $48,333 $53,898 $58,947 $64,483 $88,051 $86,101 $98,920 $99,279 $100,300 $104,218 $114,348 $125,034 $128,413 $127,556 Debt Ratio of 1.5 and up, best
Liability $30,206 $29,997 $33,762 $38,294 $46,328 $62,068 $59,210 $67,927 $66,882 $67,220 $70,822 $80,232 $86,026 $100,355 $98,480 1.46 <-Median-> 10 Ratio
Debt Ratio 1.62 1.61 1.60 1.54 1.39 1.42 1.45 1.46 1.48 1.49 1.47 1.43 1.45 1.28 1.30 1.47 <-Median-> 5 Ratio
Estimates BVPS $26.90 $28.00 $28.60 Estimates Estimates BVPS
Estimate Book Value $27,908.4 $29,049.7 $29,672.2 Estimates Estimate Book Value
P/B Ratio (Close) 2.05 1.97 1.96 Estimates P/B Ratio (Close)
Difference from 10 year median 9.53% Diff M/C Estimates Difference from 10 yr med.
Total Book Value $18,789 $18,336 $20,136 $20,653 $18,155 $25,983 $26,891 $30,993 $32,397 $33,080 $33,396 $34,116 $39,008 $28,058 93.72% <-Total Growth 10 Total Book Value
Non-Control Int. $1,465 $1,425 $1,611 $1,583 $1,717 $1,726 $1,852 $1,655 $1,634 $1,682 $125 $126 $9,455 $1,655 486.90% <-Total Growth 10 Non-Control Int.
Net Book Value $17,324 $16,911 $18,525 $19,070 $16,438 $24,257 $25,039 $29,338 $30,763 $31,398 $33,271 $33,990 $29,553 $29,553 59.53% <-Total Growth 10 Net Book Value
Net Book Value per share $24.61 $23.97 $26.19 $26.91 $23.40 $28.08 $28.41 $31.96 $32.78 $33.40 $33.92 $33.39 $28.49 $28.49 8.78% <-Total Growth 10 Net Book Value per share
P/B Ratio (Median) 1.64 1.84 1.81 2.02 2.13 1.88 2.19 1.69 1.82 1.86 1.77 1.91 1.82 1.85 1.87 <-Median-> 10 P/B Ratio (Median)
Preferred Shares $1,224 $1,224 $1,813 $2,255 $2,499 $3,980 $3,980 $3,980 $3,980 $3,980 $3,487 $2,499 $2,499 $2,499 37.84% <-Total Growth 10 Preferred Shares
Net Book Value  $16,100 $15,687 $16,712 $16,815 $13,939 $20,277 $21,059 $25,358 $26,783 $27,418 $29,784 $31,491 $27,054 $27,054 $27,054 $27,054 61.88% <-Total Growth 10 Book Value
Book Value per share $22.87 $22.24 $23.62 $23.73 $19.84 $23.48 $23.89 $27.62 $28.54 $29.17 $30.37 $30.94 $26.08 $26.08 $26.08 $26.08 10.39% <-Total Growth 10 Book Value per Share
Change 2.72% -2.79% 6.24% 0.44% -16.39% 18.33% 1.78% 15.60% 3.33% 2.19% 4.12% 1.87% -15.71% 0.00% 0.00% 0.00% 4.61% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.77 1.99 2.01 2.29 2.51 2.25 2.60 1.95 2.09 2.13 1.98 2.07 1.98 2.02 0.00 0.00 2.02 P/B Ratio Historical Median
P/B Ratio (Close) 1.95 2.11 2.05 2.41 2.28 2.58 2.56 1.77 2.42 1.77 1.94 1.74 1.98 2.11 2.11 2.15 0.99% <-IRR #YR-> 10 Book Value per Share 10.39%
Change 14.11% 8.62% -2.83% 17.12% -5.34% 13.21% -0.71% -31.07% 37.29% -26.78% 9.19% -9.93% 13.75% 6.51% -1.14% <-IRR #YR-> 5 Book Value per Share -5.59%
Leverage (A/BK) 2.61 2.64 2.68 2.85 3.55 3.39 3.20 3.19 3.06 3.03 3.12 3.35 3.21 4.58 3.20 <-Median-> 10 A/BV
Debt/Equity Ratio 1.61 1.64 1.68 1.85 2.55 2.39 2.20 2.19 2.06 2.03 2.12 2.35 2.21 3.58 2.20 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 2.11 5 yr Med 2.07 0.17% Diff M/C
-$23.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.08 114.86%
-$27.62 $0.00 $0.00 $0.00 $0.00 $26.08 71.23%
Comprehensive Income $1,675 $1,452 $2,491 $1,822 -$538 $453 $2,469 $4,831 $3,381 $3,995 $2,688 $3,182 $1,796 -27.90% <-Total Growth 10 Comprehensive Income
NCI $140 $97 $191 $283 $312 $241 $83 -$13 $194 $259 $81 $45 -$220 -215.18% <-Total Growth 10 NCI
Preferred Shares $55 $55 $74 $97 $94 $109 $160 $163 $164 $159 $140 $107 $93 25.68% <-Total Growth 10 Preferred Shares
Shareholders $1,480 $1,300 $2,226 $1,442 -$944 $103 $2,226 $4,681 $3,023 $3,577 $2,467 $3,030 $1,923 -13.61% <-Total Growth 10 Comprehensive Income
Increase 50.71% -12.16% 71.23% -35.22% -165.46% 110.91% 2061.17% 110.29% -35.42% 18.33% -31.03% 22.82% -36.53% -31.03% <-Median-> 5 Comprehensive Income
5 Yr Running Average $1,211 $1,263 $1,440 $1,486 $1,101 $825 $1,011 $1,502 $1,818 $2,722 $3,195 $3,356 $2,804 -1.45% <-IRR #YR-> 10 Comprehensive Income -13.61%
ROE 8.5% 7.7% 12.0% 7.6% -5.7% 0.4% 8.9% 16.0% 9.8% 11.4% 7.4% 8.9% 6.5% -16.30% <-IRR #YR-> 5 Comprehensive Income -58.92%
5 year Median 8.5% 7.7% 7.7% 7.7% 7.7% 7.6% 7.6% 7.6% 8.9% 9.8% 9.8% 9.8% 8.9% 6.89% <-IRR #YR-> 10 5 Yr Running Average 94.67%
% Difference from NI 5.1% 8.5% 41.3% -10.4% -15.9% -11.0% -20.2% 39.7% -19.9% -15.4% 36.4% 374.5% -10.3% 13.30% <-IRR #YR-> 5 5 Yr Running Average 86.73%
Median Values Diff 5, 10 yr -10.7% -10.3% 8.9% <-Median-> 5 Return on Equity
-$2,226 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,923
-$4,681 $0 $0 $0 $0 $1,923
-$1,440 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,804
-$1,502 $0 $0 $0 $0 $2,804
Current Liability Coverage Ratio 0.62 0.56 0.75 0.56 0.62 0.63 0.56 0.51 0.53 0.62 0.55 0.41 0.60 0.64   CFO / Current Liabilities
5 year Median 0.62 0.61 0.62 0.56 0.62 0.62 0.62 0.56 0.56 0.56 0.55 0.53 0.55 0.60 56.0% <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 7.48% 6.79% 7.42% 7.24% 7.00% 5.48% 6.39% 6.73% 6.84% 7.36% 6.89% 6.13% 5.65% 5.91% CFO / Total Assets
5 year Median 7.48% 7.03% 7.03% 7.24% 7.24% 7.00% 7.00% 6.73% 6.73% 6.73% 6.84% 6.84% 6.84% 6.13% 6.8% <-Median-> 10 Return on Assets 
Return on Assets ROA 3.12% 2.69% 3.18% 2.96% -1.92% 0.14% 3.48% 3.58% 4.00% 4.44% 1.74% 0.56% 2.26% 3.44% Net  Income/Assets Return on Assets
5Yr Median 3.13% 3.12% 3.12% 2.96% 2.96% 2.69% 2.96% 2.96% 3.48% 3.58% 3.58% 3.58% 2.26% 2.26% 2.6% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 8.13% 7.08% 8.50% 8.44% -6.83% 0.48% 11.14% 11.42% 12.27% 13.47% 5.43% 1.88% 7.25% 15.75% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 8.13% 8.11% 8.11% 8.13% 8.13% 7.08% 8.44% 8.44% 11.14% 11.42% 11.42% 11.42% 7.25% 7.25% 7.8% <-Median-> 10 Return on Equity
$2,730 <-12 mths -3.50%
Net Income $1,711 $1,472 $1,911 $1,993 -$1,140 $485 $3,395 $3,517 $4,433 $4,913 $2,046 $785 $3,068 60.54% <-Total Growth 10 Net Income
NCI $129 $118 $125 $153 $6 $252 $238 -$185 $293 $297 $91 $37 $146 16.80% <-Total Growth 10 NCI
Preferred Shares $55 $55 $74 $97 $94 $109 $160 $163 $164 $159 $140 $107 $93 25.68% <-Total Growth 10 Preferred Shares
Shareholders $1,527 $1,299 $1,712 $1,743 -$1,240 $124 $2,997 $3,539 $3,976 $4,457 $1,815 $641 $2,829 $4,418 $4,673 $5,150 65.25% <-Total Growth 10 Shareholders
Increase 24.45% -14.93% 31.79% 1.81% -171.14% 110.00% 2316.94% 18.08% 12.35% 12.10% -59.28% -64.68% 341.34% 56.17% 5.77% 10.21% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $1,360 $1,373 $1,428 $1,502 $1,008 $728 $1,067 $1,433 $1,879 $3,019 $3,357 $2,886 $2,744 $2,832 $2,875 $3,542 5.15% <-IRR #YR-> 10 Net Income 65.25%
Operating Cash Flow $3,973 $3,571 $3,674 $4,079 $4,115 $5,069 $5,230 $6,555 $7,082 $7,058 $6,890 $6,375 $7,268 -4.38% <-IRR #YR-> 5 Net Income -20.06%
Investment Cash Flow -$3,288 -$3,256 -$5,120 -$4,144 -$4,610 -$18,783 -$3,699 -$10,019 -$6,872 -$6,052 -$7,712 -$7,009 -$12,287 6.75% <-IRR #YR-> 10 5 Yr Running Average 92.16%
Total Accruals $842 $984 $3,158 $1,808 -$745 $13,838 $1,466 $7,003 $3,766 $3,451 $2,637 $1,275 $7,848 13.88% <-IRR #YR-> 5 5 Yr Running Average 91.51%
Total Assets $48,995 $48,333 $53,898 $58,947 $64,483 $88,051 $86,101 $98,920 $99,279 $100,300 $104,218 $114,348 $125,034 Balance Sheet Assets
Accruals Ratio 1.72% 2.04% 5.86% 3.07% -1.16% 15.72% 1.70% 7.08% 3.79% 3.44% 2.53% 1.12% 6.28% 3.44% <-Median-> 5 Ratio
EPS/CF Ratio 0.42 0.40 0.43 0.41 -0.27 0.03 0.55 0.54 0.59 0.60 0.25 0.09 0.40 0.41 <-Median-> 10 EPS/CF Ratio
-$1,712 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,829
-$3,539 $0 $0 $0 $0 $2,829
-$1,428 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,744
-$1,433 $0 $0 $0 $0 $2,744
Change in Close 17.22% 5.59% 3.23% 17.63% -20.86% 33.97% 1.06% -20.32% 41.87% -25.17% 13.68% -8.24% -4.11% 6.51% 0.00% 1.89% Count 30 Years of data
up/down down down down down up Count 13 43.33%
Meet Prediction? % right Count 3 23.08%
Financial Cash Flow -$690 -$403 $1,794 -$373 $744 $14,007 -$1,419 $2,748 $693 -$800 -$88 $487 $8,093 C F Statement  Financial CF
Total Accurals $1,532 $1,387 $1,364 $2,181 -$1,489 -$169 $2,885 $4,255 $3,073 $4,251 $2,725 $788 -$245 Accruals
Accruals Ratio 3.13% 2.87% 2.53% 3.70% -2.31% -0.19% 3.35% 4.30% 3.10% 4.24% 2.61% 0.69% -0.20% 2.61% <-Median-> 5 Ratio
CF net -$5 -$88 $348 -$438 $249 $293 $112 -$716 $903 $206 -$910 -$147 $3,074
Foreign cur  etc $6 -$15 $28 $0 $112 -$127 -$39 $73 -$6 -$19 $53 $94 -$16
Inc/Dec in Cash $1 -$103 $376 -$438 $361 $166 $73 -$643 $897 $187 -$857 -$53 $3,058
Cash $765 $551 $927 $489 $850 $1,016 $1,089 $446 $1,343 $1,530 $673 $620 $3,678 $3,678 Cash
Cash per Share $1.09 $0.78 $1.31 $0.69 $1.21 $1.18 $1.24 $0.49 $1.43 $1.63 $0.69 $0.61 $3.55 $3.55 $1.43 <-Median-> 5 Cash per Share
Percentage of Stock Price 2.44% 1.66% 2.70% 1.21% 2.68% 1.94% 2.02% 1.00% 2.07% 3.15% 1.17% 1.13% 6.85% 6.43% 2.07% <-Median-> 5 % of Stock Price
Used the Investment Reporter figures to fill in missing ones, but they certainly did not agree with company statements
* D = Decrease, I = Increase, U = Unchanged
Notes:
March 17, 2024.  Last estimates were for 2023, 2024 and 2025 of $15659M, $16122M and $17344M for Revenue, $4.30, $4.29 and $4.42 for AEPS, $4.25, $4.29 and $4.71 for EPS, 
$3.72, $3.82 and $3.95 for Dividends, -1231M, $2147M and $2361M for FCF, 7.15, $7.19 and $7.60 for CFPS, $32.60, $33.80 and $32.50 for BVPS, $4,319M, $4407M and $4791M Net Income.
March 19, 2023.  Last estimates were for 2022, 2023 and 2024 of $14722M, $15043M and $15385M for Revenue, $4.28, $4.33 for AEPS, $4.34, $4.54 and $4.94 for EPS, $3.61, 
$3.73 and $3.83 for Dividends, $2608M, $4348M and $5321M for FCF, $7.12, $7.56 and $7.60 for CFPS, $30.80, $32.40 and $32.30 for BVPS, and $4260M, $4557M and $4808M for Net Income.
March 20, 2021.  Last estimates were for 2021, 2022 and 2023 of |414149M, $14808M and $15385M for Revenue, Re7.64, and $7.68 for AFFO 2021-22, $4.18, $4.25 for Adj EPS 2021-22,
$4.09, $4.36 and $4.68 for EPS, $3.46, $3.65 and $3.83 for Dividends, $2883M, $3479M and $5244M for FCF, $7.42, $7.55 and 47.60 for CFPS and $3820M, $4303M and $4613M for Net Income
March 17, 2021.  Last estimates were for 2020, 2021 and 2022 or 14191M, $14732M and $15249M for Revenue, $7.73, and $7.93 for AFFO for 2020 and 2021, 
$3.97 for Adj EPS for 2020, $4.10. $3.93 ad $4.23 for EPS, $2916M, $-2392M and $5546M for FCF and $4175M and $3916M for Net Income for 2020 and 2021.
March 15, 2020.  Last estimates were for 2019, 2020 and 2021 of $14799M, $15462M and $14882M for Revenue, $6.90 and 7.09 for 2019 and 2020 for AFFO, 
$3.94 and 143.97 for Adj EPS for 2019 and 2020, $3.82, $3.92 and $4.05 for EPS, $6.72, $6.92 and $6.87 for CFPS, and $3601M, $3739M and $3966M for Net Income.
TransCanada Corp has changed its name to TC Energy Corp.  The symbols have remained the same so it is now TC Energy Corp (TSX-TRP, NYSE-TRP).  This is effective May 3, 2019.
March 24, 2019.  Last estimates were for 2018, 2019 and 2020 of $11712M, $13988M and $14481M for Revenue, $4.21 abd $5.10 for 2018 and 2019 for AFFO,
 $3.15 and $3.43 for Adj EPS for 2018 and 2019, $3.30, $3.64 and $4.06 for EPS, $5.57, $6.29 and $6.53 for CFPS and $3011M, $3357M and $3945M for Net Income.
March 17, 2018.  Last estimates were for 2017, 2018 and 2019 of $12357M, $14132M and $13253M for Revenue, $4.18 and $5.08 for AFFO for 2017 and 2018, 
$2.86, $3.08 and $3.21 for Adj EPS, $3.00, $3.20 and $3.09 for EPS, $5.54, $5.94 and $7.18 for CFPS, $2597M, $2817M and $2778M for Net Income.
March 12, 2017.  Last estimates were for 2016, 2017 and 2018 of $11774M, $12367M and $12021M for Revenue, $4.73 and 5.51 for AFFO for 2016 and 2017, 
$2.54, $2.85 and $2.61 for EPS, $5.48, $6.05 and $6.09 for CFPS and $1776M, $2003M and $1813M for Net Income.
March 20, 2016.  Last estimates were for 2015, 2016 and 2017 with $10705M, $11218M and $12728M for Revenue, $5.18 and $5.52 for AFFO for 2015 and 2016, 
$2.39, $2.56 and $3.31 for EPS, $5.84, $6.10 and $6.98 for CFPS and $1698M, $1866M and $2316M for Net Income.
March 28, 2015.  Last estimates were for 2014 and 2015 of $9721M and $10013M for Revenue, $5.12 and $5.29 AFFO, $2.48 and $2.58 for EPS, $5.60 and $5.73 for EPS, $1741M and $1777M for Net Income.
March 23, 2014.  Last estimates were for 2013 and 2014 of $9495M and $10193M for Revenue, $4.72 for AFFO 2013, $2.29, 2.51 and (2.97 (2015) for EPS, and $5.37 and $5.91 for CFPS.
Feb 17, 2013.  Last estimates were for 2012 and 2013 of $9476M and $10021M for revenue and $2.37, $2.55 and $2.67 for 2014 and $5.17 and $5.30 for CFPS.
I started AFFO section to build up info.
Mar 10, 2012.  Last estimates were for 2011 and 2012 with EPS of $2.27 and $2.44 and CF or $5.00 and $5.00
Mar 23, 2011.  Last I looked I got estimates for 2010 and 2011 of $2.03 and $2.44 for earnings and $3.90 and $5.00 for Cash Flow.
Jul 9, 2010.  When I last looked I got 2010 and 2011 earnings of $2.12 and 2.44 and CF of $4.58 and $5.12.
Apr 10, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $2.00 and $2.20 and cash Flow of $3.60 and $4.65
Dec 9, 2009.  when I last looked at this stock in April 2009, I got earnings for 2009 and 2010 of $2.28 and $2.55.  I also got CF for $4.69 and $5.14.
AP 2008.  In July 2008 EPS estimate was $2.25.  In Annual report Basic is $2.53 and Diluted $2.52.  They erred on the downside.
AP2007.  This stock has not done badly over last 5 years.  A number of people like it.  Keep for now. TD rates it as a buy, with low risk.
AP 2006.  I have only made money on this stock.  This is because I bought it at a great time when it had decreased it's dividend. It is on TD's action buy list.  Keep for now.
2005.  This stock is doing ok and I will keep at present.  Some think this is a long term stock to keep.  I will keep an eye on it.  Earnings are up and Dividends are higher than when they first cut them.
2004. My IRR since Feb 2000 is 25%, but then I bought at an opportune time. Doing fine since problems of 2000.  TD has it at buy rating.  Keep eye on. 
2003. 8% return is not bad.  Has good dividend.  Should see if I want to keep through.  2003
2000.  Bought because stock was depressed after the dividend cut.
Most of the increase each year is because of DRIP plans and stock options.  But they do issue new shares occasionally.
Sector:
Infrastructure. Utility
What should this stock accomplish?
Would I buy this company and Why.
They are a dividend growth utility so I think they are a good stock to buy. 
Why am I following this stock. 
When I bought this stock it was on Mike Higgs' Canadian Dividend Growth Stock list and the other dividend lists that I followed.
Why I bought this stock.
I bought the stock in 2000 at an opportune time.  The company had been cutting their dividend payments in order to re-organize and get the company into shape for long term profitability.  This 
company’s stock fell hard because of this.  People who depend on dividends for their income can be an unforgiving lot and can get really upset at company when a trusted company cuts its dividends.  
Dividends
Dividends are paid in cycle 1,  so they are paid in January, April, July and October.  Payments are made near the end of the month. 
Dividends are declared for shareholders at the end of one month and are paid at the end of the following month.
For example, the dividend declared for shareholders of record on December 31, 2013 was payable on January 31, 2014.
How they make their money
TC Energy operates natural gas, oil, and power generation assets in Canada and the United States. The firm operates more than 60,000 miles of oil and gas pipelines, 
more than 650 billion cubic feet of natural gas storage, and about 4,300 megawatts of electric power.
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 Options are mostly priced Change
Date 2016 Mar 17 2017 Mar 17 2018 Mar 24 2019 Mar 15 2020 Mar 17 2021 Mar 19 2022 Mar 19 2023 Mar 17 2024
Poirier, Francois 0.043 0.00% 0.067 0.01% 0.087 $0.000 0.099 0.01% 0.113 0.01% Was officer 14.26%
Officer- Shares - Amount $2.224 $3.94 $4.72 $5.11 $6.22 CEO 2021
Options - percentage 0.481 0.05% 0.818 0.08% 1.123 $0.001 1.590 0.15% 1.627 0.16% 2.36%
Options - amount $24.898 $48.13 $60.63 $82.28 $89.71
Girling, Russell 0.02% 0.246 0.03% 0.281 0.03% 0.319 0.03% 0.319 0.03% was CEO in 2021
CEO - Shares - Amount $8.987 $15.046 $13.715 $22.089 $16.529
Options - percentage 0.31% 3.276 0.37% 3.589 0.39% 3.735 0.40% 3.811 0.41%
Options - amount $159.878 $200.403 $174.975 $258.325 $197.233
Hunter, Joel 0.015 0.00% 0.026 $0.000 0.030 0.00% 0.035 0.00% was Subsidiary Executive '21 14.88%
CFO - Shares - Amount $0.89 $1.39 $1.58 $1.93
Options - percentage 0.148 0.02% 0.160 $0.000 0.431 0.04% 0.534 0.05% 23.98%
Options - amount $8.72 $8.66 $22.31 $29.46
Marchand, Donald R. 0.00% 0.022 0.00% 0.023 0.00% 0.024 0.00% 0.021 0.00% 0.025 0.00%
CFO - Shares - Amount $0.545 $1.326 $1.106 $1.653 $1.091 $1.49
Options - percentage 0.08% 1.213 0.14% 1.106 0.12% 1.178 0.13% 0.693 0.07% 0.755 0.08%
Options - amount $41.487 $74.191 $53.917 $81.480 $35.882 $44.40
Chapman, Stanley G. 0.040 0.00% 0.040 $0.000 0.040 0.00% 0.054 0.01% 34.40%
Officer - Shares - Amount $2.34 $2.15 $2.06 $2.95
Options - percentage 0.498 0.05% 0.568 $0.001 0.798 0.08% 0.871 0.08% 9.09%
Options - amount $29.30 $30.68 $41.32 $48.01
Hanrahan, Wendy 0.019 0.00% 0.026 0.00% 0.026 0.00% eased insider Apr 2021
Officer - Shares - Amount $1.325 $1.323 $1.55
Options - percentage 0.731 0.08% 0.564 0.06% 0.539 0.05%
Options - amount $50.545 $29.174 $31.73
De Lima, Dawn 0.00% 0.009 0.00%
Officer - Shares - Amount $0.133 $0.558
Options - percentage 0.01% 0.157 0.02%
Options - amount $7.752 $9.612
Culbert, Michael Robert 0.006 $0.000 0.006 0.00% 0.011 0.00% 90.91%
Director - Shares - Amount $0.30 $0.28 $0.58
Options - percentage 0.003 $0.000 0.013 0.00% 0.021 0.00% 61.95%
Options - amount $0.18 $0.67 $1.15
Cretier, Stephan 0.027 0.00% 0.027 0.00% 0.027 0.00% 0.027 $0.000 Ceased insider April 2022
Director - Shares - Amount $1.886 $1.411 $1.60 $1.47
Options - percentage 0.003 0.00% 0.008 0.00% 0.012 0.00% 0.019 $0.000
Options - amount $0.241 $0.432 $0.73 $1.05
Jones, Susan 0.007 0.00% 0.014 0.00% 112.51%
Director - Shares - Amt $0.35 $0.78
Options - percentage 0.016 0.00% 0.025 0.00% 50.22%
Options - amount $0.85 $1.36
Vanaselja, Siim A. 0.012 0.00% 0.012 0.00% 0.012 0.00% 0.012 0.00% 0.012 0.00% 0.012 0.00% 0.052 0.01% Was Chair until 2024 333.33%
Director - Shares - Amt $0.585 $0.830 $0.621 $0.71 $0.65 $0.62 $2.87
Options - percentage 0.020 0.00% 0.069 0.01% 0.031 0.00% 0.040 0.00% 0.054 0.01% 0.082 0.01% 0.102 0.01% 23.55%
Options - amount $0.976 $4.757 $1.590 $2.35 $2.91 $4.27 $5.61
Lowe, John Edward 0.025 0.00% 0.030 0.00% Named as chair 2024 20.00%
Chairman - Shares - Amt $1.29 $1.65
Options - percentage 0.082 0.01% 0.038 0.00% -53.76%
Options - amount $4.27 $2.10
Increase in O/S Shares 0.10% 1.683 0.19% 1.331 0.15% 0.734 0.08% 5.138 0.55% 1.664 0.18% 2.797 0.29% 2.860 0.28% 0.062 0.01%
due to SO 2013 $33.305 $101.889 $81.431 $35.783 $355.344 $86.112 $164.548 $154.383 $3.209
Book Value $30.000 $74.000 $62.000 $34.000 $282.000 $101.000 $165.000 $183.000 $4.000
Insider Buying -$2.769 -$0.104 -$6.062 -$1.079 -$4.226 -$3.054 -$2.249 -$3.678 -$8.073
Insider Selling $9.284 $35.057 $27.973 $37.063 $113.498 $3.207 $21.142 $5.605 $0.140
Net Insider Selling $6.515 $34.954 $21.912 $35.984 $109.273 $0.153 $18.893 $1.927 -$7.933 Not keeping Stock Options
% of Market Cap 0.01% 0.06% 0.05% 0.06% 0.22% 0.00% 0.03% 0.00% -0.01%
Directors 13 13 12 12 14 14 13 13
Women 25% 3 23% 3 23% 3 25% 3 25% 4 29% 4 29% 5 38% 5 38%
Minorities 0% 1 8% 1 8% 1 8% 1 8% 1 7% 1 7% 2 15% 2 15%
Institutions/Holdings 60.02% 409 58.63% 482 60.47% 471 63.33% 20 49.48% 20 67.87% 20 71.56% 20 70.48% 20 79.55%
Total Shares Held 48.80% 508.333 57.67% 535.060 58.28% 584.683 62.31% 459.629 48.89% 637.991 65.05% 701.999 68.96% 704.818 67.94% 825.365 16.78%
Increase/Decrease -5.34% 57.062 12.64% 21.988 4.29% 0.385 0.07% 4.126 0.91% 6.917 1.10% 28.489 4.23% -53.524 -7.06% -53.524 -6.09%
Starting No. of Shares 451.271 Nasdaq 513.072 Nasdaq 584.298 Nasdaq 455.504 Top 20 MS 631.074 Top 20 MS 673.510 Top 20 MS 758.342 Top 20 MS 878.889 Top 20 MS
Institutions/Holdings 717 63.29% 1,098 166.70% Data for 2018 from
Amount $34,127 $74,609 ? morningstar makes no sense
Total Shares Held 613.000 66.77% 958.000 104.35% ?
Amount $37,503 $58,610
Increase/Decrease 9.000 1.49% 21.000 2.24%
Starting No. of Shares 604.000 Morningstar 937.000 Morningstar
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