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.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/
BCE Inc TSX: BCE NYSE BCE http://www.bce.ca/ Fiscal Yr: Dec-31
Year 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Value Description #Y Item Total G
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
comments comments
comments comments
Revenue* $18,069 $19,497 $19,975 $20,400 $21,042 $21,514 $21,719 $22,719 $23,468 $23,964 $22,883 $23,449 $24,174 $24,792 $25,400 $26,215 21.02% <-Total Growth 10 Revenue
Increase 1.88% 7.90% 2.45% 2.13% 3.15% 2.24% 0.95% 4.60% 3.30% 2.11% -4.51% 2.47% 3.09% 2.56% 2.45% 3.21% 1.93% <-IRR #YR-> 10 Revenue 21.02%
5 year Running Average $17,816 $18,173 $18,595 $19,135 $19,797 $20,486 $20,930 $21,479 $22,092 $22,677 $22,951 $23,297 $23,588 $23,852 $24,140 $24,806 1.25% <-IRR #YR-> 5 Revenue 6.40%
Revenue per Share $24.02 $25.14 $25.76 $26.29 $25.04 $24.85 $24.94 $25.22 $26.13 $26.51 $25.30 $25.80 $26.51 $27.18 $27.85 $28.75 2.41% <-IRR #YR-> 10 5 yr Running Average 26.85%
Increase 6.76% 4.68% 2.46% 2.06% -4.76% -0.74% 0.36% 1.09% 3.62% 1.47% -4.56% 1.95% 2.76% 2.56% 2.45% 3.21% 1.89% <-IRR #YR-> 5 5 yr Running Average 9.82%
5 year Running Average $22.53 $23.18 $23.89 $24.74 $25.25 $25.42 $25.38 $25.27 $25.24 $25.53 $25.62 $25.79 $26.05 $26.26 $26.53 $27.22 0.29% <-IRR #YR-> 10 Revenue per Share 2.89%
P/S (Price/Sales) Med 1.32 1.53 1.64 1.71 1.99 2.23 2.34 2.38 2.13 2.23 2.29 2.35 2.45 2.25 0.00 0.00 1.00% <-IRR #YR-> 5 Revenue per Share 5.12%
P/S (Price/Sales) Close 1.47 1.69 1.65 1.75 2.13 2.15 2.33 2.39 2.06 2.27 2.15 2.57 2.24 2.24 2.18 2.11 0.87% <-IRR #YR-> 10 5 yr Running Average 9.03%
* Operating Revenue in M CDN $  P/S Med 20 yr  1.68 15 yr  2.13 10 yr  2.26 5 yr  2.29 -1.18% Diff M/C 0.61% <-IRR #YR-> 5 5 yr Running Average 3.09%
-$19,975 $0 $0 $0 $0 $0 $0 $0 $0 $0 $24,174
-$22,719 $0 $0 $0 $0 $24,174
-$18,595 $0 $0 $0 $0 $0 $0 $0 $0 $0 $23,588
-$21,479 $0 $0 $0 $0 $23,588
-$25.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.51
-$25.22 $0.00 $0.00 $0.00 $0.00 $26.51
Payout Ratio 120.31% 116.81% 109.42% Payout Ratio
Adjusted Earnings $2,119 $2,414 $2,294 $2,317 $2,524 $2,845 $3,009 $3,033 $3,151 $3,153 $2,699 $2,895 $3,057 AEPS
Adjusted EPS $2.79 $3.13 $2.96 $2.99 $3.18 $3.36 $3.46 $3.39 $3.51 $3.50 $3.02 $3.19 $3.35 $3.20 $3.45 $3.82 13.18% <-Total Growth 10 AEPS
Increase 11.60% 12.19% -5.43% 1.01% 6.35% 5.66% 2.98% -2.02% 3.54% -0.28% -13.71% 5.63% 5.02% -4.48% 7.81% 10.72% 10 0 10 Years of Data, EPS P or N
Adj EPS Yield 7.89% 7.37% 6.94% 6.50% 5.97% 6.29% 5.96% 5.61% 6.51% 5.82% 5.55% 4.80% 5.63% 5.26% 5.68% 6.28% 1.25% <-IRR #YR-> 10 AEPS
5 year Running Average $2.60 $2.73 $2.87 $3.01 $3.12 $3.19 $3.28 $3.38 $3.44 $3.38 $3.32 $3.31 $3.25 $3.24 $3.40 -0.24% <-IRR #YR-> 5 AEPS
Payout Ratio 62.10% 65.34% 74.16% 77.42% 76.57% 76.41% 77.96% 83.63% 84.97% 89.50% 108.94% 108.39% 108.51% 119.45% 112.17% 101.31% 1.97% <-IRR #YR-> 10 5 yr Running Average
5 year Running Average 57.09% 59.45% 68.44% 71.12% 73.98% 76.51% 78.40% 79.91% 82.50% 89.00% 95.09% 100.06% 106.96% 111.49% 109.97% 0.23% <-IRR #YR-> 5 5 yr Running Average
P/E Ratio Median 11.39 12.30 14.28 15.05 15.66 16.51 16.85 17.69 15.85 16.92 19.20 19.00 19.42 19.13 0.00 0.00 16.89 <-Median-> 10 P/E Ratio Median
P/E Ratio High 12.89 13.57 15.22 16.20 17.05 17.55 18.26 18.50 17.20 18.59 21.59 20.99 22.02 19.76 0.00 0.00 18.38 <-Median-> 10 P/E Ratio High
P/E Ratio Low 9.90 11.02 13.33 13.91 14.27 15.47 15.45 16.88 14.50 15.26 16.81 17.00 16.82 18.49 0.00 0.00 15.46 <-Median-> 10 P/E Ratio Low
P/E Ratio Close 12.67 13.57 14.40 15.38 16.75 15.91 16.77 17.81 15.36 17.19 18.02 20.82 17.76 19.00 17.62 15.91 16.98 <-Median-> 10 P/E Ratio Close
Trailing P/E Close 14.14 15.22 13.62 15.54 17.82 16.81 17.27 17.45 15.91 17.14 15.55 21.99 18.65 18.15 19.00 17.62 17.21 <-Median-> 10 Trailing P/E Close
Median Values DPR 10 Yrs 84.30% 5 Yrs   108.39% P/CF 5 Yrs   in order 19.00 20.99 16.81 17.76 0.01% Diff M/C
* Adjusted Net Earnings
-$2.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.35
-$3.39 $0.00 $0.00 $0.00 $0.00 $3.35
-$2.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.31
-$3.28 $0.00 $0.00 $0.00 $0.00 $3.31
US GAAP
before split
Nortel
With Nortel
EPS Basic $2.85 $2.88 $3.39 $2.55 $2.98 $2.98 $3.33 $3.12 $3.10 $3.37 $2.76 $2.99 $2.98 -12.09% <-Total Growth 10 EPS Basic
Pre 1997
With Nortel
EPS Diluted* $2.85 $2.88 $3.39 $2.54 $2.97 $2.98 $3.33 $3.11 $3.10 $3.37 $2.76 $2.99 $2.98 $3.25 $3.61 $3.91 -12.09% <-Total Growth 10 EPS Diluted
Increase 35.07% 1.05% 17.71% -25.07% 16.93% 0.34% 11.74% -6.61% -0.32% 8.71% -18.10% 8.33% -0.33% 9.06% 11.08% 8.31% 10 0 10 Years of Data, EPS P or N 100.00%
Earnings Yield 8.1% 6.8% 8.0% 5.5% 5.6% 5.6% 5.7% 5.2% 5.7% 5.6% 5.1% 4.5% 5.0% 5.3% 5.9% 6.4% -1.28% <-IRR #YR-> 10 Earnings per Share -12.09%
5 year Running Average $2.62 $2.74 $2.45 $2.75 $2.93 $2.95 $3.04 $2.99 $3.10 $3.18 $3.13 $3.07 $3.04 $3.07 $3.12 $3.35 -0.85% <-IRR #YR-> 5 Earnings per Share -4.18%
10 year Running Average $2.18 $2.42 $2.49 $2.56 $2.69 $2.79 $2.89 $2.72 $2.93 $3.05 $3.04 $3.05 $3.01 $3.08 $3.15 $3.24 2.19% <-IRR #YR-> 10 5 yr Running Average 24.18%
* ESP per share (Cdn GAAP) E/P 10 Yrs 5.55% 5Yrs 5.07% 0.36% <-IRR #YR-> 5 5 yr Running Average 1.81%
-$3.39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.98
-$3.11 $0.00 $0.00 $0.00 $0.00 $2.98
-$2.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.04
-$2.99 $0.00 $0.00 $0.00 $0.00 $3.04
Act Div '08
Nortel
No Nortel
from state.
$1.46
Div I received
Increase
Split of 1997 $0.00 $0.00 $0.00
Nortel Spin off
Dividend* $3.85 $4.03 $4.18 Estimates Dividend*
Increase 5.91% 4.68% 3.72% Estimates Increase
Payout Ratio EPS 118.46% 111.63% 106.91% 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 $0.00 $0.00 <-Median-> 10 Special Dividends
Pre 1997
With Nortel
Dividend* $1.73 $2.05 $2.20 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $3.64 $3.82 $3.87 $3.87 65.60% <-Total Growth 10 Dividends
Increase 9.65% 18.04% 7.33% 5.47% 5.18% 5.44% 5.06% 5.10% 5.20% 5.03% 5.03% 5.09% 5.13% 5.16% 1.24% 0.00% 30 1 39 Years of data, Count P, N 76.92%
Average Increases 5 Year Running 17.34% 20.95% 20.29% 31.39% 9.13% 8.29% 5.70% 5.25% 5.20% 5.17% 5.08% 5.09% 5.10% 5.09% 4.33% 3.33% -74.88% <-Total Growth 10 Dividends 5 Yr Running
Dividends 5 Yr Running $1.36 $1.51 $1.66 $1.97 $2.14 $2.31 $2.44 $2.57 $2.70 $2.84 $2.99 $3.14 $3.30 $3.47 $3.62 $3.73 99.19% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 5.45% 5.31% 5.19% 5.14% 4.89% 4.63% 4.63% 4.73% 5.36% 5.29% 5.67% 5.71% 5.59% 6.25% 5.22% <-Median-> 10 Yield H/L Price
Yield on High  Price 4.82% 4.82% 4.87% 4.78% 4.49% 4.35% 4.27% 4.52% 4.94% 4.81% 5.05% 5.16% 4.93% 6.04% 4.80% <-Median-> 10 Yield on High  Price
Yield on Low Price 6.27% 5.93% 5.56% 5.57% 5.37% 4.94% 5.05% 4.95% 5.86% 5.87% 6.48% 6.37% 6.45% 6.46% 5.71% <-Median-> 10 Yield on Low Price
Yield on Close Price 4.90% 4.82% 5.15% 5.03% 4.57% 4.80% 4.65% 4.70% 5.53% 5.21% 6.04% 5.21% 6.11% 6.29% 6.37% 6.37% 5.12% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 60.79% 71.01% 64.75% 91.14% 81.99% 86.16% 81.01% 91.16% 96.21% 92.95% 119.20% 115.64% 121.98% 117.62% 107.20% 98.98% 92.06% <-Median-> 10 DPR EPS Co. aim is 
DPR EPS 5 Yr Running 52.12% 55.01% 67.67% 71.66% 73.29% 78.30% 80.28% 86.07% 87.27% 89.46% 95.33% 102.40% 108.54% 112.95% 115.94% 111.44% 86.67% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 27.59% 32.57% 30.65% 27.74% 32.79% 35.42% 35.36% 34.71% 36.28% 37.27% 38.37% 39.25% 39.63% 41.55% 41.88% #DIV/0! 35.85% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 20.31% 22.73% 24.89% 28.80% 30.21% 31.70% 32.29% 33.10% 34.94% 35.83% 36.44% 37.22% 38.20% 39.26% 40.17% #DIV/0! 34.02% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 28.76% 31.12% 29.58% 28.38% 34.82% 36.84% 36.95% 29.99% 30.99% 30.27% 32.21% 32.64% 33.46% 41.55% 41.88% #DIV/0! 32.42% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 21.02% 23.56% 25.21% 28.79% 30.49% 32.01% 33.14% 33.06% 33.51% 32.53% 31.82% 31.25% 31.95% 33.85% 36.07% #DIV/0! 31.98% <-Median-> 4 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 5.22% 5.12% 5 Yr Med 5 Yr Cl 5.59% 5.53% 5 Yr Med Payout 115.64% 38.37% 32.21% 5.10% <-IRR #YR-> 5 Dividends 28.22%
* Dividends per share  10 Yr Med and Cur. 22.06% 24.34% 5 Yr Med and Cur. 13.94% 15.11% Last Div Inc ---> $0.9200 $0.9675 5.16% 5.17% <-IRR #YR-> 10 Dividends 65.60%
Dividends Growth 15 6.27% <-IRR #YR-> 15 Dividends 148.97%
Dividends Growth 20 5.70% <-IRR #YR-> 20 Dividends 202.92%
Dividends Growth 25 9.03% <-IRR #YR-> 25 Dividends 768.07%
Dividends Growth 30 7.62% <-IRR #YR-> 30 Dividends 804.66%
Dividends Growth 35 6.75% <-IRR #YR-> 35 Dividends 883.82%
Dividends Growth 40 6.43% <-IRR #YR-> 39 Dividends
Dividends Growth 5 -$2.84 $0.00 $0.00 $0.00 $0.00 $3.64 Dividends Growth 5
Dividends Growth 10 -$2.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.64 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 $3.64 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 $3.64 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 $3.64 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 $3.64 Dividends Growth 30
Dividends Growth 35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.64 Dividends Growth 35
Dividends Growth 40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.64 Dividends Growth 40
Historical Dividends Historical High Div 6.46% Low Div 1.22% 10 Yr High 6.48% 10 Yr Low 4.28% Med Div 4.13% Close Div 3.51% Historical Dividends
High/Ave/Median Values Curr diff Exp. -1.45%     421.82% Exp. -1.76% 48.74% Cheap 54.14% Cheap 81.51% High/Ave/Median 
Future Dividend Yield Div Yd 8.16% earning in 5 Years at IRR of 5.10% Div Inc. 28.22% Future Dividend Yield
Future Dividend Yield Div Yd 10.47% earning in 10 Years at IRR of 5.10% Div Inc. 64.40% Future Dividend Yield
Future Dividend Yield Div Yd 13.42% earning in 15 Years at IRR of 5.10% Div Inc. 110.79% Future Dividend Yield
Future Dividend Paid Div Paid $4.96 earning in 5 Years at IRR of 5.10% Div Inc. 28.22% Future Dividend Paid
Future Dividend Paid Div Paid $6.36 earning in 10 Years at IRR of 5.10% Div Inc. 64.40% Future Dividend Paid
Future Dividend Paid Div Paid $8.16 earning in 15 Years at IRR of 5.10% Div Inc. 110.79% Future Dividend Paid
Dividend Covering Cost Total Div $21.43 over 5 Years at IRR of 5.10% Div Cov. 35.25% Dividend Covering Cost
Dividend Covering Cost Total Div $43.94 over 10 Years at IRR of 5.10% Div Cov. 72.27% Dividend Covering Cost
Dividend Covering Cost Total Div $72.80 over 15 Years at IRR of 5.10% Div Cov. 119.75% Dividend Covering Cost
I am earning GC Div Gr 703.38% 10/15/82 # yrs -> 41 1982 $9.09 Cap Gain -100.00% I am earning GC
I am earning Div org yield 5.23% 12/31/23 Trading Div G Yrly 5.18% Div start $0.48 -5.23% 42.04% I am earning Div
I am earning GC Div Gr 181.07% 5/26/99 # yrs -> 24 1999 $21.65 Cap Gain -100.00% I am earning GC
I am earning Div org yield 6.28% 12/31/23 RRSP Div G Yrly 4.29% Div start $1.36 -6.28% 17.66% I am earning Div
Yield if held 5 years 5.85% 9.13% 6.21% 7.53% 9.30% 8.08% 7.01% 6.71% 6.63% 6.29% 5.93% 5.93% 6.06% 6.87% 6.53% 6.67% 6.67% <-Median-> 10 Paid Median Price
Yield if held 10 years 4.39% 5.28% 7.33% 7.84% 8.74% 8.67% 12.04% 8.02% 9.71% 11.97% 10.35% 8.98% 8.60% 8.49% 7.77% 6.98% 8.86% <-Median-> 10 Paid Median Price
Yield if held 15 years 8.85% 8.00% 6.26% 4.87% 2.86% 6.50% 6.97% 9.47% 10.11% 11.24% 11.10% 15.44% 10.28% 12.44% 14.79% 12.18% 9.79% <-Median-> 10 Paid Median Price
Yield if held 20 years 13.12% 10.55% 8.08% 6.27% 3.68% 8.33% 8.93% 12.14% 12.95% 13.89% 13.06% 8.63% <-Median-> 8 Paid Median Price
Yield if held 25 years 16.81% 13.52% 10.36% 8.04% 4.55% 9.80% 13.52% <-Median-> 3 Paid Median Price
Cost covered if held 5 years 23.03% 33.69% 23.43% 32.11% 40.96% 36.36% 31.73% 30.40% 30.03% 28.55% 26.92% 26.92% 27.51% 31.17% 30.51% 32.17% 30.22% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 32.77% 35.62% 49.36% 53.86% 61.48% 62.04% 88.20% 59.77% 76.10% 95.27% 83.36% 72.52% 69.44% 68.55% 64.85% 60.55% 70.98% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 82.94% 69.84% 55.98% 45.28% 27.20% 62.03% 67.16% 92.26% 99.66% 112.50% 112.46% 158.28% 106.43% 132.52% 164.33% 142.05% 95.96% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 141.98% 117.58% 92.60% 73.70% 43.92% 99.84% 107.71% 147.35% 158.40% 177.36% 175.42% 103.78% <-Median-> 8 Paid Median Price
Cost covered if held 25 years 218.28% 178.95% 139.62% 110.15% 65.17% 147.07% 178.95% <-Median-> 3 Paid Median Price
Dividends on Shares $62.37 $73.62 $79.02 $83.34 $87.66 $92.43 $97.11 $102.06 $107.37 $112.77 $118.44 $124.47 $130.86 $137.61 $139.32 $139.32 $1,588.68 No of Years 20 Total Divs 12/31/02
Paid  $1,272.24 $1,528.92 $1,534.68 $1,656.00 $1,918.08 $1,924.56 $2,089.08 $2,173.68 $1,941.48 $2,165.76 $1,959.48 $2,390.40 $2,141.64 $2,188.44 $2,188.44 $2,188.44 $2,141.64 No of Years 20 Worth $28.50
$3,730.32
Dividends on Shares $55.56 $58.44 $61.62 $64.74 $68.04 $71.58 $75.18 $78.96 $82.98 $87.24 $91.74 $92.88 $92.88 $704.34 No of Years 10 Total Divs 12/31/12
Paid  $1,023.12 $1,104.00 $1,278.72 $1,283.04 $1,392.72 $1,449.12 $1,294.32 $1,443.84 $1,306.32 $1,593.60 $1,427.76 $1,458.96 $1,458.96 $1,458.96 $1,427.76 No of Years 10 Worth $42.63
$2,132.10
Graham Price AEPS $34.71 $31.12 $30.00 $31.74 $30.52 $33.72 $34.79 $35.82 $37.93 $38.56 $35.72 $38.36 $38.76 $37.88 $39.33 $41.39 29.18% <-Total Growth 10 Graham Price AEPS
Price/GP Ratio Med 0.92 1.24 1.41 1.42 1.63 1.65 1.68 1.67 1.47 1.54 1.62 1.58 1.68 1.62 1.63 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.04 1.36 1.50 1.53 1.78 1.75 1.82 1.75 1.59 1.69 1.82 1.75 1.90 1.67 1.75 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.80 1.11 1.32 1.31 1.49 1.54 1.54 1.60 1.34 1.38 1.42 1.41 1.45 1.56 1.44 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.02 1.36 1.42 1.45 1.75 1.59 1.67 1.69 1.42 1.56 1.52 1.73 1.53 1.60 1.55 1.47 1.57 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 1.82% 36.48% 42.09% 44.95% 74.56% 58.54% 66.81% 68.57% 42.20% 56.00% 52.36% 73.12% 53.49% 60.48% 54.56% 46.88% 57.27% <-Median-> 10 Graham Price
Graham Price EPS $35.08 $29.85 $32.11 $29.25 $29.50 $31.76 $34.13 $34.31 $35.64 $37.84 $34.15 $37.13 $36.55 $38.17 $40.23 $41.87 13.85% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 0.91 1.29 1.32 1.54 1.69 1.75 1.71 1.75 1.56 1.57 1.70 1.63 1.78 1.60 1.69 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.03 1.42 1.40 1.66 1.84 1.86 1.85 1.83 1.69 1.72 1.91 1.80 2.02 1.66 1.83 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.79 1.16 1.23 1.42 1.54 1.64 1.57 1.67 1.43 1.41 1.49 1.46 1.54 1.55 1.51 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.01 1.42 1.33 1.57 1.81 1.68 1.70 1.76 1.51 1.59 1.59 1.79 1.63 1.59 1.51 1.45 1.66 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 0.74% 42.28% 32.77% 57.26% 80.62% 68.35% 70.03% 75.99% 51.31% 58.98% 59.38% 78.81% 62.74% 59.24% 51.09% 45.18% 65.54% <-Median-> 10 Graham Price
Comments
Comments
Pre-Split 1997
Pre-Nortel Split re Div
Closing Price $35.34 $42.47 $42.63 $46.00 $53.28 $53.46 $58.03 $60.38 $53.93 $60.16 $54.43 $66.40 $59.49 $60.79 $60.79 $60.79 39.55% <-Total Growth 10 Stock Price
Increase 21.86% 20.18% 0.38% 7.91% 15.83% 0.34% 8.55% 4.05% -10.68% 11.55% -9.52% 21.99% -10.41% 2.19% 0.00% 0.00% 16.31 <-Median-> 10 CAPE (10 Yr P/E)
P/E 12.40 14.75 12.58 18.11 17.94 17.94 17.43 19.41 17.40 17.85 19.72 22.21 19.96 18.70 16.84 15.55 -0.30% <-IRR #YR-> 5 Stock Price -1.47%
Trailing P/E 16.75 14.90 14.80 13.57 20.98 18.00 19.47 18.13 17.34 19.41 16.15 24.06 19.90 20.40 18.70 16.84 3.39% <-IRR #YR-> 10 Stock Price 39.55%
CAPE (10 Yr P/E) 13.94 12.81 12.99 13.32 13.58 14.04 14.69 16.40 16.22 16.57 17.25 17.97 19.74 19.71 19.31 18.76 5.17% <-IRR #YR-> 5 Price & Dividend 30.54%
Median 10, 5 Yrs D.  per yr 5.83% 5.47% % Tot Ret 63.23% 0.00% T P/E $18.77 $19.41 P/E:  $18.02 $19.72 9.22% <-IRR #YR-> 10 Price & Dividend 113.54%
Price 15 D.  per yr 4.89% % Tot Ret 64.09% CAPE Diff 14.67% 2.74% <-IRR #YR-> 15 Stock Price 50.04%
Price  20 D.  per yr 4.93% % Tot Ret 56.80% 3.75% <-IRR #YR-> 20 Stock Price 108.74%
Price  25 D.  per yr 4.88% % Tot Ret 53.45% 4.25% <-IRR #YR-> 25 Stock Price 182.97%
Price  30 D.  per yr 4.09% % Tot Ret 50.49% 4.01% <-IRR #YR-> 30 Stock Price 224.91%
Price  35 D.  per yr 3.59% % Tot Ret 48.88% 3.75% <-IRR #YR-> 35 Stock Price 263.15%
Price  40 D.  per yr 4.16% % Tot Ret 45.90% 4.90% <-IRR #YR-> 40 Stock Price
Price & Dividend 15 7.64% <-IRR #YR-> 15 Price & Dividend 148.63%
Price & Dividend 20 8.68% <-IRR #YR-> 20 Price & Dividend 267.79%
Price & Dividend 25 9.13% <-IRR #YR-> 25 Price & Dividend 417.98%
Price & Dividend 30 8.09% <-IRR #YR-> 30 Price & Dividend 505.99%
Price & Dividend 35 7.34% <-IRR #YR-> 35 Price & Dividend 589.01%
Price & Dividend 40 9.06% <-IRR #YR-> 40 Price & Dividend
Price  5 -$60.38 $0.00 $0.00 $0.00 $0.00 $59.49 Price  5
Price 10 -$42.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.49 Price 10
Price & Dividend 5 -$60.38 $2.98 $3.13 $3.29 $3.46 $63.13 Price & Dividend 5
Price & Dividend 10 -$42.63 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $63.13 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 $59.49 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 $59.49 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 $59.49 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 $59.49 Price  30
Price  35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.49 Price  35
Price  40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.49 Price  40
Price & Dividend 15 $1.73 $2.05 $2.20 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $63.13 Price & Dividend 15
Price & Dividend 20 $1.73 $2.05 $2.20 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $63.13 Price & Dividend 20
Price & Dividend 25 $1.73 $2.05 $2.20 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $63.13 Price & Dividend 25
Price & Dividend 30 $1.73 $2.05 $2.20 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $63.13 Price & Dividend 30
Price & Dividend 35 $1.73 $2.05 $2.20 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $63.13 Price & Dividend 35
Price & Dividend 40 $1.73 $2.05 $2.20 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $63.13 Price & Dividend 40
Price H/L Median $31.79 $38.49 $42.27 $45.01 $49.79 $55.48 $58.32 $59.97 $55.63 $59.24 $57.98 $60.60 $65.06 $61.21 53.93% <-Total Growth 10 Stock Price
Increase 21.43% 21.08% 9.82% 6.49% 10.62% 11.43% 5.11% 2.84% -7.24% 6.48% -2.12% 4.51% 7.37% -5.93% 4.41% <-IRR #YR-> 10 Stock Price
P/E $11.15 $13.36 $12.47 $17.72 $16.76 $18.62 $17.51 $19.28 $17.95 $17.58 $21.01 $20.27 $21.83 $18.83 1.64% <-IRR #YR-> 5 Stock Price
Trailing P/E $15.06 $13.50 $14.68 $13.28 $19.60 $18.68 $19.57 $18.01 $17.89 $19.11 $17.20 $21.95 $21.76 $20.54 10.05% <-IRR #YR-> 10 Price & Dividend
P/E on Running 5 yr Average 12.14 14.03 17.27 16.34 17.02 18.79 19.17 20.08 17.96 18.64 18.50 19.76 21.40 19.94 6.94% <-IRR #YR-> 5 Price & Dividend
P/E on Running 10 yr Average 14.61 15.92 16.95 17.59 18.50 19.92 20.16 22.07 19.01 19.41 19.05 19.84 21.59 19.85 17.58 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 5.64% 5.30% % Tot Ret 56.15% 76.34% T P/E 18.89 19.11 P/E:  18.28 20.27 Count 34 Years of data
-$42.27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $65.06
-$59.97 $0.00 $0.00 $0.00 $0.00 $65.06
-$42.27 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $68.70
-$59.97 $2.98 $3.13 $3.29 $3.46 $68.70
High Months Dec Dec Aug May Nov Feb Aug Apr Jan Oct Feb Sep  Apr Feb
Pre-Split 1997
Pre-Nortel Split re Div
Price High $35.96 $42.47 $45.06 $48.43 $54.21 $58.97 $63.17 $62.70 $60.38 $65.06 $65.19 $66.95 $73.76 $63.24 63.69% <-Total Growth 10 Stock Price
Increase 24.00% 18.10% 6.10% 7.48% 11.93% 8.78% 7.12% -0.74% -3.70% 7.75% 0.20% 2.70% 10.17% -14.26% 5.05% <-IRR #YR-> 10 Stock Price
P/E $12.62 $14.75 $13.29 $19.07 $18.25 $19.79 $18.97 $20.16 $19.48 $19.31 $23.62 $22.39 $24.75 $19.46 3.30% <-IRR #YR-> 5 Stock Price
Trailing P/E $17.04 $14.90 $15.65 $14.29 $21.34 $19.86 $21.20 $18.83 $19.41 $20.99 $19.34 $24.26 $24.67 21.22 18.25 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 20.42 20.99 P/E:  19.63 22.39 27.22 P/E Ratio Historical High
-$45.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $73.76
-$62.70 $0.00 $0.00 $0.00 $0.00 $73.76
Low Months Feb Mar Apr Aug Feb Sep Jan Mar Oct Jan Mar Jan Oct Mar
Pre-Split 1997
Pre-Nortel Split re Div
Price Low $27.61 $34.50 $39.47 $41.59 $45.37 $51.99 $53.46 $57.24 $50.88 $53.41 $50.77 $54.24 $56.36 $59.17 42.79% <-Total Growth 10 Stock Price
Increase 18.24% 24.95% 14.41% 5.37% 9.09% 14.59% 2.83% 7.07% -11.11% 4.97% -4.94% 6.83% 3.91% 4.99% 4.63% <-IRR #YR-> 10 Stock Price
P/E $9.69 $11.98 $11.64 $16.37 $15.28 $17.45 $16.05 $18.41 $16.41 $15.85 $18.39 $18.14 $18.91 $18.21 0.29% <-IRR #YR-> 5 Stock Price
Trailing P/E $13.09 $12.11 $13.70 $12.27 $17.86 $17.51 $17.94 $17.19 $16.36 $17.23 $15.07 $19.65 $18.85 $19.86 15.64 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 17.21 $17.19 P/E:  16.39 18.14 8.96 P/E Ratio Historical Low
16.05 P/E Ratio Historical Median
-$34.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $54.24 Count 35 Years of data
-$53.46 $0.00 $0.00 $0.00 $0.00 $54.24
Free Cash Flow MS $1,370 $1,610 $2,050 $2,910 $1,958 $2,113 $2,871 $3,324 $3,357 $3,970 $3,348 $1,089 $3,229 $3,271 $3,734 $4,568 57.51% <-Total Growth 10 Free Cash Flow MS
Change 35.87% 15.78% 0.99% 18.26% -15.67% -67.47% 196.51% 1.30% 14.15% 22.34% -0.58% <-IRR #YR-> 5 Free Cash Flow MS -2.86%
FCF/CF from Op Ratio 0.34 0.43 0.45 0.45 0.52 0.43 0.14 0.39 0.39 0.44 #DIV/0! 4.65% <-IRR #YR-> 10 Free Cash Flow MS 57.51%
Dividends paid $1,318 $1,520 $1,683 $1,795 $1,893 $2,167 $2,294 $2,511 $2,679 $2,819 $2,975 $2,975 $3,312 $3,511 $3,675 $3,812 96.79% <-Total Growth 10 Dividends paid
Percentage paid 102.56% 79.90% 75.54% 79.80% 71.01% 88.86% 273.19% 102.57% 107.34% 98.43% 83.45% $0.84 <-Median-> 8 Percentage paid
5 Year Coverage 79.76% 78.71% 92.52% 98.45% 104.60% 112.12% 108.78% 5 Year Coverage
Dividend Coverage Ratio 0.98 1.25 1.32 1.25 1.41 1.13 0.37 0.97 0.93 1.02 1.20 1.19 <-Median-> 8 Dividend Coverage Ratio
5 Year of Coverage 1.25 1.27 1.08 1.02 0.96 0.89 0.92 5 Year of Coverage
-$3,324 $0 $0 $0 $0 $3,229
-$2,050 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,229
Free Cash Flow Mkt Scr $3,567 $3,818 $3,348 $2,995 $3,143 -11.89% <-Total Growth 4 Free Cash Flow Mkt Scr
Change 7.04% -12.31% -10.54% 4.94% -2.80% <-Median-> 4 Change
Free Cash Flow BCE $1,511 $1,670 $2,571 $2,744 $2,999 $3,226 $3,418 $3,567 $3,736 $3,348 $2,980 $3,067 $3,271 $3,734 $4,568 83.65% <-Total Growth 10 Free Cash Flow BCE
Change 10.52% 53.95% 6.73% 9.29% 7.57% 5.95% 4.36% 4.74% -10.39% -10.99% 2.92% 6.65% 14.15% 22.34% -2.14% <-IRR #YR-> 5 Free Cash Flow BCE -10.27%
FCF/CF from Op Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.48 0.50 0.43 0.37 0.38 0.00 0.00 #DIV/0! 6.27% <-IRR #YR-> 10 Free Cash Flow BCE 83.65%
Dividends paid $1,520 $1,683 $1,795 $1,893 $2,167 $2,294 $2,511 $2,679 $2,819 $2,975 $2,975 $3,312 $3,511 $3,675 $3,812 96.79% <-Total Growth 10 Dividends paid
Percentage paid 100.60% 100.78% 69.82% 68.99% 72.26% 71.11% 73.46% 75.11% 75.46% 88.86% 99.83% 107.99% 107.34% 98.43% 83.45% $0.74 <-Median-> 10 Percentage paid
5 Year Coverage 100.60% 100.69% 86.89% 81.11% 78.80% 74.43% 71.27% 72.36% 73.59% 76.77% 81.88% 88.39% 95.06% 100.30% 98.10% 5 Year Coverage
Dividend Coverage Ratio 0.99 0.99 1.43 1.45 1.38 1.41 1.36 1.33 1.33 1.13 1.00 0.93 0.93 1.02 1.20 1.35 <-Median-> 10 Dividend Coverage Ratio
5 Year of Coverage 0.99 0.99 1.15 1.23 1.27 1.34 1.40 1.38 1.36 1.30 1.22 1.13 1.05 1.00 1.02 5 Year of Coverage
-$3,418 $0 $0 $0 $0 $3,067
-$1,670 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,067
Free Cash Flow WSJ $2,872 $3,324 $3,413 $3,984 $3,552 $3,171 $3,232 $3,271 $3,734 $4,568 12.53% <-Total Growth 6 Free Cash Flow WSJ
Change 15.74% 2.68% 16.73% -10.84% -10.73% 1.92% 1.21% 14.15% 22.34% -0.56% <-IRR #YR-> 5 Free Cash Flow MS -2.77%
FCF/CF from Op Ratio 0.43 0.45 0.46 0.52 0.46 0.40 0.39 0.39 0.44 #DIV/0! 1.99% <-IRR #YR-> 6 Free Cash Flow MS #DIV/0!
Dividends paid $2,294 $2,511 $2,679 $2,819 $2,975 $2,975 $3,312 $3,511 $3,675 $3,812 44.38% <-Total Growth 6 Dividends paid
Percentage paid 79.87% 75.54% 78.49% 70.76% 83.76% 93.82% 102.48% 107.34% 98.43% 83.45% $0.80 <-Median-> 7 Percentage paid
5 Year Coverage 79.87% 77.55% 77.89% 75.80% 77.45% 80.02% 85.06% 90.60% 96.98% 96.16% 5 Year Coverage
Dividend Coverage Ratio 1.25 1.32 1.27 1.41 1.19 1.07 0.98 0.93 1.02 1.20 1.25 <-Median-> 7 Dividend Coverage Ratio
5 Year of Coverage 1.25 1.29 1.28 1.32 1.29 1.25 1.18 1.10 1.03 1.04 5 Year of Coverage
-$3,324 $0 $0 $0 $0 $3,232
-$2,872 $0 $0 $0 $0 $0 $3,232
Market Cap  $26,585 $32,933 $33,055 $35,691 $44,773 $46,276 $50,527 $54,402 $48,440 $54,379 $49,227 $60,359 $54,254 $55,439 $55,439 $55,439 64.13% <-Total Growth 10 Market Cap
Diluted # of Shares in Millions 759.5 771.8 774.6 776.4 794.6 848.3 870.3 894.9 898.9 901.4 904.3 906.7 911.5 911.5 17.67% <-Total Growth 10 Diluted
Change -1.73% 1.62% 0.36% 0.23% 2.34% 6.76% 2.59% 2.83% 0.45% 0.28% 0.32% 0.27% 0.53% 0.00% 0.49% <-Median-> 10 Change
Difference Diluted/Basic -0.1% -0.1% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0%
Average # of Shares in Millions 759.0 771.4 774.3 775.8 793.7 847.1 869.1 894.3 898.6 900.8 904.3 906.3 911.5 911.5 911.5 911.5 17.72% <-Total Growth 10 Basic
Change -1.80% 1.63% 0.38% 0.19% 2.31% 6.73% 2.60% 2.90% 0.48% 0.24% 0.39% 0.22% 0.57% 0.00% 0.00% 0.00% 0.53% <-Median-> 10 Change
Difference Basic/Outstanding -0.9% 0.5% 0.1% 0.0% 5.9% 2.2% 0.2% 0.7% 0.0% 0.3% 0.0% 0.3% 0.1% 0.1% 0.1% 0.1% 0.24% <-Median-> 10 Difference
# of Share in Millions 752.3 775.4 775.4 775.9 840.3 865.6 870.7 901.0 898.2 903.9 904.4 909.0 912.0 912.0 912.0 912.0 1.64% <-IRR #YR-> 10 Shares 17.62%
Increase -4.57% 3.08% -0.01% 0.07% 8.30% 3.01% 0.59% 3.48% -0.31% 0.64% 0.06% 0.51% 0.33% 0.00% 0.00% 0.00% 0.24% <-IRR #YR-> 5 Shares 1.22%
CF fr Op $Millions $4,724 $4,869 $5,552 $6,476 $6,241 $6,274 $6,643 $7,358 $7,384 $7,598 $7,754 $8,008 $8,365 $8,390 $8,427 50.67% <-Total Growth 10 Cash Flow
Increase -3.28% 3.07% 14.03% 16.64% -3.63% 0.53% 5.88% 10.76% 0.35% 2.90% 2.05% 3.28% 4.46% 0.30% 0.43% SO, S Iss decrease
5 year Running Average $5,323 $5,219 $5,188 $5,301 $5,572 $5,882 $6,237 $6,598 $6,780 $7,051 $7,347 $7,620 $7,822 $8,023 $8,189 50.76% <-Total Growth 10 CF 5 Yr Running
CFPS $6.28 $6.28 $7.16 $8.35 $7.43 $7.25 $7.63 $8.17 $8.22 $8.41 $8.57 $8.81 $9.17 $9.20 $9.24 28.10% <-Total Growth 10 Cash Flow per Share
Increase 1.36% -0.01% 14.04% 16.57% -11.02% -2.41% 5.26% 7.04% 0.67% 2.25% 2.00% 2.75% 4.12% 0.30% 0.43% 4.18% <-IRR #YR-> 10 Cash Flow 50.67%
5 year Running Average $6.72 $6.64 $6.66 $6.85 $7.10 $7.29 $7.56 $7.76 $7.74 $7.93 $8.20 $8.44 $8.64 $8.83 $9.00 2.60% <-IRR #YR-> 5 Cash Flow 13.69%
P/CF on Med Price 5.06 6.13 5.90 5.39 6.70 7.65 7.64 7.34 6.77 7.05 6.76 6.88 7.09 6.65 0.00 2.51% <-IRR #YR-> 10 Cash Flow per Share 28.10%
P/CF on Closing Price 5.63 6.76 5.95 5.51 7.17 7.38 7.61 7.39 6.56 7.16 6.35 7.54 6.49 6.61 6.58 2.35% <-IRR #YR-> 5 Cash Flow per Share 12.32%
-5.10% Diff M/C 2.64% <-IRR #YR-> 10 CFPS 5 yr Running 29.77%
Excl.Working Capital CF -$193.0 $226.0 $202 -$147 -$365 -$241 -$286 $1,160 $1,259 $1,755 $1,485 $1,621 $1,542 $0 $0 2.15% <-IRR #YR-> 5 CFPS 5 yr Running 11.24%
CF fr Op $M WC $4,531 $5,095 $5,754 $6,329 $5,876 $6,033 $6,357 $8,518 $8,643 $9,353 $9,239 $9,629 $9,907 $8,390 $8,427 72.18% <-Total Growth 10 Cash Flow less WC
Increase -5.78% 12.45% 12.93% 9.99% -7.16% 2.67% 5.37% 33.99% 1.47% 8.21% -1.22% 4.22% 2.89% -15.31% 0.43% 5.58% <-IRR #YR-> 10 Cash Flow less WC 72.18%
5 year Running Average $5,143 $5,032 $5,121 $5,304 $5,517 $5,817 $6,070 $6,623 $7,085 $7,781 $8,422 $9,076 $9,354 $9,304 $9,118 3.07% <-IRR #YR-> 5 Cash Flow less WC 16.31%
CFPS Excl. WC $6.02 $6.57 $7.42 $8.16 $6.99 $6.97 $7.30 $9.45 $9.62 $10.35 $10.22 $10.59 $10.86 $9.20 $9.24 6.21% <-IRR #YR-> 10 CF less WC 5 Yr Run 82.66%
Increase -1.27% 9.09% 12.94% 9.92% -14.28% -0.33% 4.75% 29.49% 1.78% 7.53% -1.27% 3.69% 2.55% -15.31% 0.43% 7.15% <-IRR #YR-> 5 CF less WC 5 Yr Run 41.25%
5 year Running Average $6.49 $6.41 $6.57 $6.85 $7.03 $7.22 $7.37 $7.77 $8.07 $8.74 $9.39 $10.05 $10.33 $10.24 $10.02 3.88% <-IRR #YR-> 10 CFPS - Less WC 46.39%
P/CF on Med Price 5.28 5.86 5.70 5.52 7.12 7.96 7.99 6.34 5.78 5.72 5.68 5.72 5.99 6.65 0.00 2.82% <-IRR #YR-> 5 CFPS - Less WC 14.91%
P/CF on Closing Price 5.87 6.46 5.74 5.64 7.62 7.67 7.95 6.39 5.60 5.81 5.33 6.27 5.48 6.61 6.58 4.62% <-IRR #YR-> 10 CFPS 5 yr Running 57.16%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 6.96 5 yr  6.88 P/CF Med 10 yr 5.89 5 yr  5.72 12.28% Diff M/C 5.84% <-IRR #YR-> 5 CFPS 5 yr Running 32.84%
Income taxes
Interest paid -$907 -$911 -$882 -$965 -$650 -$1,087 -$1,112 -$1,080 -$1,197
Income taxes paid (net of refunds) -$743 -$672 -$565 -$675 -$990 -$725 -$846 -$913 -$749
Net change in operating assets and liabilities $365 $241 $286 $480 $381 $57 $473 $372 $404
Sum -$1,285 -$1,342 -$1,161 -$1,160 -$1,259 -$1,755 -$1,485 -$1,621 -$1,542
Google -->Morningstar 2017 -$356 -$418 -$51 $480 -$1,259 -$1,755 -$1,485 -$1,621 -$1,542
Difference -$929 -$924 -$1,110 -$1,640 $0 $0 $0 $0 $0
TD $1,285 $1,342 -$1,161 -$1,264
Difference -$2,570 -$2,684 $0 $104
Morningstar says $147 $365 $241 $286 $480
OPM 26.14% 24.97% 27.79% 31.75% 29.66% 29.16% 30.59% 32.39% 31.46% 31.71% 33.89% 34.15% 34.60% 33.84% 24.50% <-Total Growth 10 OPM
Increase -5.06% -4.48% 11.30% 14.21% -6.57% -1.68% 4.88% 5.89% -2.85% 0.77% 6.87% 0.78% 1.33% -2.20% Should increase  or be stable.
Diff from Ave -17.6% -21.3% -12.4% 0.1% -6.5% -8.1% -3.6% 2.1% -0.8% -0.1% 6.8% 7.6% 9.1% 6.7% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 31.73% 5 Yrs 33.89% should be  zero, it is a   check on calculations
Long Term Debt $15,390 $16,572 $18,215 $19,760 $22,415 $23,906 $27,048 $27,783 $27,783 Debt
Change 7.68% 9.91% 8.48% 13.44% 6.65% 13.14% 2.72% 0.00% 8.48% <-Median-> 7 Change
Debt/Market Cap Ratio 0.33 0.33 0.33 0.41 0.41 0.49 0.45 0.51 0.50 0.41 <-Median-> 8 Debt/Market Cap Ratio
Assets/Current Liabilities Ratio 4.80 4.96 5.03 5.48 6.15 7.33 7.33 6.04 6.04 5.76 <-Median-> 8 Assets/Current Liabilities Ratio
Debt to Cash Flow (Years) 2.45 2.49 2.48 2.68 2.95 3.08 3.38 3.32 3.31 2.81 <-Median-> 8 Debt to Cash Flow (Years)
Intangibles $8,013 $8,087 $9,552 $10,224 $11,176 $11,989 $13,305 $13,205 $13,352 $13,102 $15,570 $16,183 $16,183 100.11% <-Total Growth 10 Intangibles
Goodwill $7,185 $7,185 $8,381 $8,385 $8,377 $8,958 $10,428 $10,658 $10,607 $10,604 $10,572 $10,906 $10,906 51.79% <-Total Growth 10 Goodwill
Total $15,198 $15,272 $17,933 $18,609 $19,553 $20,947 $23,733 $23,863 $23,959 $23,706 $26,142 $27,089 $27,089 77.38% <-Total Growth 10 Total
Change 0.49% 17.42% 3.77% 5.07% 7.13% 13.30% 0.55% 0.40% -1.06% 10.28% 3.62% 0.00% 4.42% <-Median-> 10 Change
Intangible/Market Cap Ratio 0.46 0.46 0.50 0.42 0.42 0.41 0.44 0.49 0.44 0.48 0.43 0.50 0.49 0.44 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $3,531 $4,178 $3,911 $5,070 $4,548 $4,808 $4,855 $4,639 $5,793 $5,520 $5,688 $6,198 $6,487 $6,487 Liquidity ratio of 1.5 and up, best
Current Liabilities $5,916 $6,758 $6,745 $7,890 $9,089 $9,992 $10,108 $10,787 $10,429 $9,777 $8,271 $9,113 $11,469 $11,469 0.56 <-Median-> 10 Ratio
Liquidity Ratio 0.60 0.62 0.58 0.64 0.50 0.48 0.48 0.43 0.56 0.56 0.69 0.68 0.57 0.57 0.57 <-Median-> 5 Ratio
Liq. with CF aft div 1.18 1.10 1.15 1.24 0.96 0.89 0.91 0.88 1.01 1.05 1.27 1.21 1.01 0.99 1.05 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.78 0.70 0.72 0.68 0.69 0.63 0.62 0.57 0.71 0.74 0.89 0.69 0.68 0.99 0.71 <-Median-> 5 Ratio
Curr. Portion on Lg T. $2,106 $2,136 $2,571 $3,743 $4,895 $4,887 $5,178 $4,645 $3,881 $2,417 $2,625 $4,137 $4,137 $3,881 <-Median-> 5 Ratio
Liquidity Ratio 0.90 0.85 0.95 0.85 0.94 0.93 0.83 1.00 0.94 0.97 0.96 0.88 0.88 0.96 <-Median-> 5 Ratio
Liq. with CF aft div 1.60 1.68 1.83 1.64 1.74 1.75 1.68 1.82 1.74 1.79 1.71 1.57 1.55 1.74 <-Median-> 5 Ratio
Assets $39,276 $39,426 $40,968 $45,384 $46,297 $47,993 $50,108 $54,263 $57,100 $60,146 $60,665 $66,764 $69,329 $69,329 Debt Ratio of 1.5 and up, best
Liabilities $21,083 $24,667 $26,243 $29,134 $31,058 $30,664 $32,254 $34,780 $36,411 $38,738 $39,336 $43,823 $46,814 $46,814 1.55 <-Median-> 10 Ratio
Debt Ratio 1.86 1.60 1.56 1.56 1.49 1.57 1.55 1.56 1.57 1.55 1.54 1.52 1.48 1.48 1.54 <-Median-> 5 Ratio
Estimates BVPS $21.60 $22.00 $20.50 Estimates Estimates BVPS
Estimate Book Value $19,698.8 $20,063.6 $18,695.6 Estimates Estimate Book Value
P/B Ratio (Close) 2.81 2.76 2.97 Estimates P/B Ratio (Close)
Difference from 10 year median -12.07% Diff M/C Estimates Difference from 10 yr med.
Check $10,663 $10,480 $16,250 $10,942 $13,019 $13,536 $15,156 $20,363 $21,074 $20,989 $22,635 $22,178
Total Book Value $18,193 $14,759 $14,725 $16,250 $15,239 $17,329 $17,854 $19,483 $20,689 $21,408 $21,329 $22,941 $22,515 $22,515 52.90% <-Total Growth 10 Total Book Value
Non-Controlling Int $986 $981 $850 $1,239 $293 $306 $314 $323 $326 $334 $340 $306 $337 $337 -60.35% <-Total Growth 10 Non-Controlling Int
Preferred Shares $2,770 $3,115 $3,395 $3,395 $4,004 $4,004 $4,004 $4,004 $4,004 $4,004 $4,003 $4,003 $4,003 $4,003 17.91% <-Total Growth 10 Preferred Shares
Book Value $14,437 $10,663 $10,480 $11,616 $10,942 $13,019 $13,536 $15,156 $16,359 $17,070 $16,986 $18,632 $18,175 $18,175 $18,175 $18,175 73.43% <-Total Growth 10 Book Value
BV per share $19.19 $13.75 $13.52 $14.97 $13.02 $15.04 $15.55 $16.82 $18.21 $18.88 $18.78 $20.50 $19.93 $19.93 $19.93 $19.93 47.45% <-Total Growth 10 Book Value per Share
Change 6.51% -28.35% -1.71% 10.77% -13.03% 15.51% 3.36% 8.20% 8.27% 3.69% -0.55% 9.13% -2.77% 0.00% 0.00% 0.00% 15.10% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.66 2.80 3.13 3.01 3.82 3.69 3.75 3.57 3.05 3.14 3.09 2.96 3.26 3.07 0.00 0.00 2.65 P/B Ratio Historical Median
P/B Ratio (Close) 1.84 3.09 3.15 3.07 4.09 3.55 3.73 3.59 2.96 3.19 2.90 3.24 2.99 3.05 3.05 3.05 3.96% <-IRR #YR-> 10 Book Value per Share 47.45%
Change 14.42% 67.72% 2.12% -2.58% 33.17% -13.13% 5.02% -3.84% -17.51% 7.58% -9.03% 11.78% -7.85% 2.19% 0.00% 0.00% 3.45% <-IRR #YR-> 5 Book Value per Share 18.47%
Leverage (A/BK) 2.16 2.67 2.78 2.79 3.04 2.77 2.81 2.79 2.76 2.81 2.84 2.91 3.08 3.08 1.81 <-Median-> 10 A/BV
Debt/Equity Ratio 1.16 1.67 1.78 1.79 2.04 1.77 1.81 1.79 1.76 1.81 1.84 1.91 2.08 2.08 3.14 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 3.20 5 yr Med 3.09 -4.70% Diff M/C Historical
-$13.52 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.93
-$16.82 $0.00 $0.00 $0.00 $0.00 $19.93
Comprehensive Income $2,155 $1,816 $1,815 $3,446 $2,125 $3,183 $2,821 $2,659 $3,150 $3,486 $3,153 $4,763 $3,108 71.24% <-Total Growth 10 Comprehensive Income
NCI $0 $255 $201 $443 $126 $54 $54 $54 $49 $58 $64 $54 $65 <-Total Growth 10 NCI
Preferred $0 $119 $139 $131 $137 $152 $137 $128 $144 $151 $136 $131 $152 <-Total Growth 10 Preferred
Shareholders $2,155 $1,442 $1,475 $2,872 $1,862 $2,977 $2,630 $2,477 $2,957 $3,277 $2,953 $4,578 $2,891 96.00% <-Total Growth 10 Shareholders
Increase 20.32% -33.09% 2.29% 94.71% -35.17% 59.88% -11.66% -5.82% 19.38% 10.82% -9.89% 55.03% -36.85% 10.82% <-Median-> 5 Comprehensive Income
5 Yr Running Average $2,212 $2,084 $1,555 $1,947 $1,961 $2,126 $2,363 $2,564 $2,581 $2,864 $2,859 $3,248 $3,331 6.96% <-IRR #YR-> 10 Comprehensive Income 96.00%
ROE 11.8% 9.8% 10.0% 17.7% 12.2% 17.2% 14.7% 12.7% 14.3% 15.3% 13.8% 20.0% 12.8% 3.14% <-IRR #YR-> 5 Comprehensive Income 16.71%
5Yr Median 11.8% 9.9% 9.9% 10.0% 11.8% 12.2% 14.7% 14.7% 14.3% 14.7% 14.3% 14.3% 14.3% 7.91% <-IRR #YR-> 10 5 Yr Running Average 114.17%
% Difference from Net Income -21.0% -53.1% -60.0% 3.9% -43.4% -11.5% -30.6% -30.8% -16.0% -14.0% -5.9% 37.3% -14.1% 5.38% <-IRR #YR-> 5 5 Yr Running Average 29.94%
Median Values Diff 5, 10 yr -14.1% -14.0% 14.3% <-Median-> 5 Return on Equity
-$1,475 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,891
-$2,477 $0 $0 $0 $0 $2,891
-$1,555 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,331
-$2,564 $0 $0 $0 $0 $3,331
Current Liability Coverage Ratio 0.77 0.75 0.85 0.80 0.65 0.60 0.63 0.79 0.83 0.96 1.12 1.06 0.86 0.73   CFO / Current Liabilities
5 year Median 1.00 0.87 0.85 0.80 0.77 0.75 0.65 0.65 0.65 0.79 0.83 0.96 0.96 0.96 81.5% <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 11.54% 12.92% 14.05% 13.95% 12.69% 12.57% 12.69% 15.70% 15.14% 15.55% 15.23% 14.42% 14.29% 12.10% CFO / Total Assets
5 year Median 13.66% 12.92% 12.92% 12.92% 12.92% 12.92% 12.69% 12.69% 12.69% 15.14% 15.23% 15.23% 15.14% 14.42% 14.4% <-Median-> 10 Return on Assets 
Return on Assets 5.5% 5.6% 6.4% 4.4% 5.1% 5.3% 5.7% 5.1% 4.9% 5.1% 4.1% 4.1% 3.9% 4.2% Net  Income/Assets Return on Assets
5Yr Median 5.4% 5.5% 5.5% 5.5% 5.5% 5.3% 5.3% 5.1% 5.1% 5.1% 5.1% 4.9% 4.1% 4.1% 5.0% <-Median-> 10 Asset Efficiency Ratio
ROE 15.0% 20.8% 25.0% 17.0% 21.6% 19.4% 21.2% 18.4% 17.0% 17.8% 14.7% 14.5% 14.9% 16.1% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 15.0% 15.0% 15.0% 17.0% 20.8% 20.8% 21.2% 19.4% 19.4% 18.4% 17.8% 17.0% 14.9% 14.9% 17.4% <-Median-> 10 Return on Equity
Net Income $2,277 $2,574 $3,053 $2,388 $2,718 $2,730 $3,067 $2,970 $2,973 $3,253 $2,699 $2,892 $2,926 -4.16% <-Total Growth 10 Net Income
NCI $0 $234 $290 $282 $218 $52 $56 $56 $44 $62 $65 $52 $58 NCI
Preferred $112 $119 $139 $131 $137 $152 $137 $128 $144 $151 $136 $131 $152 9.35% <-Total Growth 10 Preferred
Shareholders $2,165 $2,221 $2,624 $1,975 $2,363 $2,526 $2,874 $2,786 $2,785 $3,040 $2,498 $2,709 $2,716 $2,921 $3,173 $3,532 3.51% <-Total Growth 10 Shareholders
Increase 32.74% 2.59% 18.14% -24.73% 19.65% 6.90% 13.78% -3.06% -0.04% 9.16% -17.83% 8.45% 0.26% 7.55% 8.63% 11.31% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $2,161 $2,203 $1,917 $2,123 $2,270 $2,342 $2,472 $2,505 $2,667 $2,802 $2,797 $2,764 $2,750 $2,777 $2,803 $3,010 0.35% <-IRR #YR-> 10 Net Income 3.51%
Operating Cash Flow $4,724 $4,869 $5,552 $6,476 $6,241 $6,274 $6,643 $7,358 $7,384 $7,598 $7,754 $8,008 $8,365 -0.51% <-IRR #YR-> 5 Net Income -2.51%
Investment Cash Flow -$2,976 -$3,884 -$4,093 -$6,401 -$3,570 -$4,114 -$4,584 -$5,737 -$4,386 -$4,036 -$3,540 -$7,003 -$5,517 3.67% <-IRR #YR-> 10 5 Yr Running Ave. 43.45%
Total Accruals $417 $1,236 $1,165 $1,900 -$308 $366 $815 $1,165 -$213 -$522 -$1,716 $1,704 -$132 1.88% <-IRR #YR-> 5 5 Yr Running Ave. 9.77%
Total Assets $39,276 $39,426 $40,968 $45,384 $46,297 $47,993 $50,108 $54,263 $57,100 $60,146 $60,665 $66,764 $69,329 Balance Sheet Assets
Accruals Ratio 1.06% 3.13% 2.84% 4.19% -0.67% 0.76% 1.63% 2.15% -0.37% -0.87% -2.83% 2.55% -0.19% -0.37% <-Median-> 5 Ratio
EPS/CF Ratio 0.47 0.44 0.46 0.31 0.42 0.43 0.46 0.33 0.32 0.33 0.27 0.28 0.27 0.32 <-Median-> 10 EPS/CF Ratio
-$2,624 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,716
-$2,786 $0 $0 $0 $0 $2,716
-$1,917 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,750
-$2,505 $0 $0 $0 $0 $2,750
Change in Close 21.86% 20.18% 0.38% 7.91% 15.83% 0.34% 8.55% 4.05% -10.68% 11.55% -9.52% 21.99% -10.41% 2.19% 0.00% 0.00% Count 31 Years of data
up/down Count 7 22.58%
Meet Prediction? % right Count 1 14.29%
Financial Cash Flow -$1,662 -$1,581 -$1,507 $131 -$2,440 -$2,113 -$1,819 -$2,149 -$3,198 -$4,302 -$4,302 -$1,022 -$2,988 C F Statement  Financial CF
Total Accruals $2,079 $2,817 $2,672 $1,769 $2,132 $2,479 $2,634 $3,314 $2,985 $3,780 $2,586 $2,726 $2,856 Accruals
Accruals Ratio 5.29% 7.15% 6.52% 3.90% 4.61% 5.17% 5.26% 6.11% 5.23% 6.28% 4.26% 4.08% 4.12% 4.26% <-Median-> 5 Ratio
Cash $774 $45 $117 $115 $142 $100 $250 $442 $425 $141 $141 $207 $99 $99 Cash
Cash Per Share $1.03 $0.06 $0.15 $0.15 $0.17 $0.12 $0.29 $0.49 $0.47 $0.16 $0.16 $0.23 $0.11 $0.11 $0.16 <-Median-> 5 Cash per Share
Percentage of Stock Price 2.91% 0.14% 0.35% 0.32% 0.32% 0.22% 0.49% 0.81% 0.88% 0.26% 0.29% 0.34% 0.18% 0.18% 0.29% <-Median-> 5 % of Stock Price
Moved the following from further up and above the current section on stock prices.  I do not think I need this anymore, but I do not like distroying data.
Price Close re TD $35.34 $42.47 $42.63 $46.00 $53.28 $53.46 $58.03 $60.38 $53.93 $60.16 $54.43 $66.40 $59.49 39.55% <-Total Growth 10 Stock Price
Median 10, 5 Yrs D.  per yr 5.83% 5.47% % Tot Ret 63.23% 105.73% T P/E $18.77 $19.41 P/E:  $18.02 $19.72 $19.84 -100.00% Diff M/C 9.22% <-IRR #YR-> 10 Price & Dividend
Price 15 2.74% <-IRR #YR-> 15 Stock Price
Price  20 3.75% <-IRR #YR-> 20 Stock Price
Price  25 6.98% <-IRR #YR-> 25 Stock Price
Price  30 8.45% <-IRR #YR-> 30 Stock Price
Price  35 7.73% <-IRR #YR-> 35 Stock Price
Price  40 7.40% <-IRR #YR-> 39 Stock Price
Price & Dividend 15 8.87% <-IRR #YR-> 15 Price & Dividend
Price & Dividend 20 10.44% <-IRR #YR-> 20 Price & Dividend
Price & Dividend 25 26.10% <-IRR #YR-> 25 Price & Dividend
Price & Dividend 30 26.75% <-IRR #YR-> 30 Price & Dividend
Price & Dividend 35 17.56% <-IRR #YR-> 35 Price & Dividend
Price & Dividend 40 14.77% <-IRR #YR-> 39 Price & Dividend
Price  5 -$60.38 $0.00 $0.00 $0.00 $0.00 $59.49 Price  5
Price 10 -$42.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.49 Price 10
Price & Dividend 5 -$60.38 $2.98 $3.13 $3.29 $3.46 $63.13 Price & Dividend 5
Price & Dividend 10 -$42.63 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $63.13 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 $59.49 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 $59.49 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 $59.49 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 $59.49 Price  30
Price  35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.49 Price  35
Price  40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.49 Price  40
Price & Dividend 15 $1.99 $3.77 $3.18 $3.05 $4.42 $3.42 $3.78 $3.55 $2.79 $3.26 $2.81 $3.36 $62.40 Price & Dividend 15
Price & Dividend 20 $1.99 $3.77 $3.18 $3.05 $4.42 $3.42 $3.78 $3.55 $2.79 $3.26 $2.81 $3.36 $62.40 Price & Dividend 20
Price & Dividend 25 $1.99 $3.77 $3.18 $3.05 $4.42 $3.42 $3.78 $3.55 $2.79 $3.26 $2.81 $3.36 $62.40 Price & Dividend 25
Price & Dividend 30 $1.99 $3.77 $3.18 $3.05 $4.42 $3.42 $3.78 $3.55 $2.79 $3.26 $2.81 $3.36 $62.40 Price & Dividend 30
Price & Dividend 35 $1.99 $3.77 $3.18 $3.05 $4.42 $3.42 $3.78 $3.55 $2.79 $3.26 $2.81 $3.36 $62.40 Price & Dividend 35
Price & Dividend 40 $1.99 $3.77 $3.18 $3.05 $4.42 $3.42 $3.78 $3.55 $2.79 $3.26 $2.81 $3.36 $62.40 Price & Dividend 40
Price H/L Median $31.79 $38.49 $42.27 $45.01 $49.79 $55.48 $58.32 $59.97 $55.63 $59.24 $57.98 $60.60 $65.06 $61.21 53.93% <-Total Growth 10 Stock Price
Median 10, 5 Yrs D.  per yr 5.64% 5.30% % Tot Ret 56.15% 76.34% T P/E 18.89 19.11 P/E:  18.28 20.27 Count 42 Years of data
-$42.27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $65.06
-$59.97 $0.00 $0.00 $0.00 $0.00 $65.06
-$42.27 $2.32 $2.44 $2.57 $2.70 $2.84 $2.98 $3.13 $3.29 $3.46 $68.70
-$59.97 $2.98 $3.13 $3.29 $3.46 $68.70
Price high with Nortel
Split 1997
High Months Dec Dec Aug May Nov Feb Aug Mar Oct Jan Mar Jan Oct Mar
Price High $35.96 $42.47 $45.06 $48.43 $54.21 $58.97 $63.17 $62.70 $60.38 $65.06 $65.19 $66.95 $73.76 $63.24 63.69% <-Total Growth 10 Stock Price
Median 10, 5 Yrs Price Inc 2.70% P/E:  19.63 22.39 20.16 P/E Ratio Historical High
-$45.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $73.76
-$62.70 $0.00 $0.00 $0.00 $0.00 $73.76
No Nortel
Price Low
Low Months Feb Mar Apr Aug Feb Sep Jan Mar Oct Jan Mar Jan Oct Mar
Price Low $27.61 $34.50 $39.47 $41.59 $45.37 $51.99 $53.46 $57.24 $50.88 $53.41 $50.77 $54.24 $56.36 $59.17 42.79% <-Total Growth 10 Stock Price
Median 10, 5 Yrs Price Inc 3.91% P/E:  16.93 18.14 5.92 P/E Ratio Historical Low
-$39.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $56.36
-$57.24 $0.00 $0.00 $0.00 $0.00 $56.36
Notes:
March 26, 2023.  Last estimates were for 2022, 2023 and 2024 of $24211M, $24822M and $25481M for Revenue, $3.37, $3.58, $3.68 for AEPS, $3.27, $3.49 and $3.79 for EPS, 
$3.68 $3.86 and $4.06 for Dividends, $3143M, $3903M and $4700M for FCR, $9.11, $9.24 and $9.72 for CFPS, $22.20, $22.90 and $23.70 for BVPS, and $2951M, $3144M and $3450M for Net Income.
March 26, 2022.  Last estimates were for 2021, 2022 and 2023 of $23651M, $24349M and $24948M for Revenue, $3.10, $3.68 and $3.86 for EPS, 
$3.50, $3.68 and $3.86 for Dividends, $3164M, $3715M and $4409M for FCF, $8.70, $8.95 and $9.19 for CFPS and $2789M, $2955M and $3078M for Net Income.
March 26, 2021.  Last estimates were for 2020, 2021 and 2022 of $24372M, $24810M and $25346M for Revenue, $3.47, $3.65 and $3.72 for EPS, 
$3.33, $3.48 an $3.65 for Dividends, $4097M $4281M and $5409M for FCF, $9.04 and $9.15 for CFPS for 2020 and 2021 and $3094M, $3228M and $3366M for Net Income.
March 21, 2020.  Last estimates were for 2019, 2020 and 2021 of $23956M, $24430M and $24969M for Revenue, 
$3.34, $3.60 and $3.94 for EPS, $8.69, $8.96 and $9.17 for CFPS, $2988M and $3075M for 2019 and 2020 for Net Income.
March 26, 2019.  Last estimates were for 2018, 2019 and 2020 of $23371M, $23819M, and $24552M, $3.46, $3.66 and $3.72 for EPS, 
$8.39, $8.48 and $8.95 for CFPS and $3081M, $3237M and $3330M for Net Income.
Maybe check Total Return against my Total Return to see if I have this spreadsheet updated correctly.
March 24, 2018. Last estimates were for 2017, 2018 and 2019 of $22695M, $23063M and $23187M for Revenue, 
$3.46, $3.63 and $3.86 for EPS, $8.30, $8.67 and $8.64 for CFPS, $3097M, $3334M and $3456M for Net Income.
March 24, 2017.  Last estimates were for 2016, 2017 amd 2018 of $21951M, $22265M and $22594M for Revenue, 
$3.40, $3.50 and $3.82 for EPS, $7.91, $7.99 and $8.24 for CFPS and $2906M, $3022M and $3477M for Net Income.
March 27, 2015.  Last estimates were for 2015, 2016 and 2017 of $21483M, $21887M and $22336M for Revenue, 
$3.22, $3.51 and $3.64 for EPS, $7.49, $7.89 and $7.95 for CFPS and $2697M and $3006M and $3114M for Net Income.
March 23, 2014.  Last estimates were for 2013 and 2014 for $20201M and $20337M for Revenue, $3.10 and $3.22 EPS.
Febr 18, 2013.  Last estimates were for 2012 and 2013 of $20193M and $20756M for Revenue and $3.16, $3.25 and $3.43 (2014) for EPS and $7.79 and $8.13 for CFPS.
Mar 25, 2012.  Last estimates were for 2011 and 2012 and wer $2.96 and $3.07 for EPS and $7.59 and $7.66 for CF.
Apr 10, 2011.  I last got estimates for 2010 and 2011 of $2.68 and $2.71 for earnings and $7.13 and $7.39 for cash flow. The problem is that company keeps restating their financials.
Feb 2010 Unadited Report. When I looked at this in July 2009, I got for 2009 and 2010 earnings of $2.40 & $2.42, and cash flow of $6.37 and $7.03. Earnings for 2009 were $2.11 or $2.50 if other 
charges are included. Cash Flow came in as $6.20.
Jul 17, 2009.  when I looked at this in Feb 2009, I got earnings estimates for 2009 and 2010 of $2.35 and $2.36. New estimates up a bit.  I got OCF of $6.37 and $7.03 for these years. Keeping current Estimates.
Finally got the annual report and I have updated my spreadsheet.
2009 Feb.  Analysts still have a buy rating on this stock.
2008 AP.  They have put out statements for the end of 2008, but they are not typical statements.  It is hard to get the figures I need.  For example, they have no proper cash flow statement.
2008.  Stock is not being bought.
2007 AP. Stock is being bought out. Not done yet.
2005 AP.  NEED TO SELL?
I have had BCE for a long time.  Since the early 1980's.  Considering all, I think that I have had an IRR of almost 15% since 1987.
I will hold on to this stock for now.  I am hoping it will sort itself out again.
AP  2004. Not doing great. However BCE Earnings estimates for 2005 and 2006 are 2.15 and 2.32.  I have sold 1/2 of my stock and hold $15,000 still.  Keep eye on. 
May 2003. When looking for stock to buy, this stocks P/E at 12.7 is too high historically.  Stock has other problems too. 
Sector:
Telecom Service, Utility
What should this stock accomplish?
Would I buy this company and Why.
It is a dividend growth company and therefore should be considered for buying if one is looking for a Telecom.   I currently not too keen on Telecom Services companies because their might be a big fall at at some point in 
Canada.  Our rates are very high for cable, interenet and phone. Certainly cable and internet should not be separate service even now.
Why am I following this stock. 
I bought this stock in 1982 and have held it ever since.  Since I bought it both Nortel and Bell Aliant were spin off.  
The problem with BCE's spinning off part of the company was that I ended up with an odd number of shares.  It is annoying.
Why I bought this stock.
This is one of first stocks I bought, which was in 1982.  At that time, it was called an orphan and widow stock.
It is not easy to figure out what I have earned on this stock because it has spun off shares for Nortel and Bell Aliant.  
The annoying thing with their spin offs is you always end up with an odd number of shares.
In 2016 I sold Manitoba Telecom.  To keep the same in Telecom category, I bought some more BCE with the proceeds.
Dividends
Dividends are paid quarterly in cycle 1.  Payments are therefore made in January, April, July and October. Dfividends are declared in one month for shareholders of the following month and paid in the next month.
For example, the dividend declared onNovember 06, 2013 for shareholders of record of December 16, 2013 was payable on January 15, 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.
BCE provides wireless, broadband, television, and landline phone services in Canada. It is one of the big three national wireless carriers, with about 30% of the market. It is also    
has ILEC throughout much of the eastern half of Canada, including in the most populous Canadian provinces: Ontario and Quebec. Additionally, BCE has a media segment, which holds television, radio, and digital media assets.
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.
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Shares; '%, Value $M %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Change
Date 2015 Mar 27 2016 Mar 24 2017 Mar 24 2018 Mar 26 2019 Mar 21 2020 Mar 26 2021 Mar 26 2022 Mar 26 2023
Bibic, Mirko 0.001 0.00% 0.004 0.00% 0.022 0.00% 0.019 0.00% 0.042 0.00% Was officer before CEO '20 122.60%
CEO - Shares - Amount $0.080 $0.210 $1.173 $1.126 $0.000
Options - percentage 0.761 0.08% 1.166 0.13% 1.249 0.14% 1.186 0.13% 1.291 0.14% 8.84%
Options - amount $45.781 $63.472 $67.966 $70.549 $0.000
Cope, George 0.01% 0.062 0.01% 0.065 0.01% 0.068 0.01% 0.073 0.01%
CEO - Shares - Amount $3.114 $3.572 $3.921 $3.694 $4.418
Options - percentage 0.32% 1.438 0.17% 2.412 0.27% 2.982 0.33% 3.575 0.40%
Options - amount $146.100 $83.436 $145.653 $160.797 $215.067
LeBlanc, Glen 0.001 0.00% 0.002 0.00% 0.010 0.00% 0.004 0.00% 0.005 0.00% 0.004 0.00% 0.003 0.00% 0.008 0.00% 157.56%
CFO - Shares - Amount $0.086 $0.127 $0.546 $0.254 $0.277 $0.235 $0.182 $0.000
Options - percentage 0.309 0.04% 0.415 0.05% 0.537 0.06% 0.625 0.07% 0.624 0.07% 0.657 0.07% 0.590 0.06% 0.638 0.07% 8.05%
Options - amount $17.960 $25.040 $28.983 $37.591 $33.980 $35.736 $35.125 $0.000
Gillies, Claire 0.002 0.00% 0.010 0.00% 296.54%
Officer - Shares - Amount $0.148 $0.000
Options - percentage 0.162 0.02% 0.182 0.02% 12.68%
Options - amount $9.633 $0.000
Cole, Michael 0.037 0.00% 0.040 0.00%
Officer - Shares - Amount $2.035 $2.400
Options - percentage 0.595 0.07% 0.176 0.02%
Options - amount $32.390 $10.481
Le Duc, Bernard 0.00% 0.008 0.00% 0.010 0.00% 0.013 0.00% 0.008 0.00% 0.009 0.00% 0.019 0.00% ceased insider Jan 2022
Officer - Shares - Amount $0.363 $0.474 $0.577 $0.714 $0.468 $0.488 $1.049
Options - percentage 0.03% 0.296 0.03% 0.321 0.04% 0.421 0.05% 0.505 0.06% 0.472 0.05% 0.489 0.05%
Options - amount $15.783 $17.175 $19.403 $22.720 $30.368 $25.670 $26.603
Denison, David Francis 0.001 0.00% 0.001 0.00% 0.001 0.00% 5.58%
Director - Shares - Amount $0.068 $0.078 $0.000
Options - percentage 0.039 0.00% 0.047 0.01% 0.058 0.01% 23.38%
Options - amount $2.141 $2.797 $0.000
Allen, Barry Keith 0.00% 0.023 0.00% 0.023 0.00% 0.023 0.00% 0.023 0.00% 0.023 0.00% 0.023 0.00% Ceased insider 
Director - Shares - Amount $1.203 $1.306 $1.359 $1.213 $1.354 $1.225 $1.225
Options - percentage 0.00% 0.017 0.00% 0.019 0.00% 0.022 0.00% 0.026 0.00% 0.030 0.00% 0.035 0.00%
Options - amount $0.749 $0.963 $1.152 $1.180 $1.537 $1.648 $1.913
Nixon, Gordon Melbourne 0.020 0.00% 0.020 0.00% 0.020 0.00% 0.020 0.00% 0.020 0.00% 0.020 0.00% 0.020 0.00% 0.00%
Chairman - Shares - Amt $1.208 $1.079 $1.203 $1.089 $1.089 $1.190 $0.000
Options - percentage 0.011 0.00% 0.018 0.00% 0.028 0.00% 0.036 0.00% 0.044 0.00% 0.057 0.01% 0.075 0.01% 31.94%
Options - amount $0.642 $0.992 $1.669 $1.970 $2.418 $3.376 $0.000
Increase in O/S Shares 0.16% 2.290 0.26% 2.237 0.26% 2.556 0.28% 0.267 0.03% 4.476 0.50% 0.507 0.06% 4.604 0.51% 2.964 0.33%
due to SO  $73.100 $122.41 $129.807 $154.323 $14.396 $269.293 $27.587 $250.588 $176.328
Book Value $53.000 $96.000 $104.000 $122.000 $1.300 $252.000 $27.000 $272.000 $178.000
Insider Buying $0.000 -$0.226 -$0.306 -$0.178 -$0.266 -$0.101 -$0.059 -$0.144 -$1.089
Insider Selling $14.176 $51.284 $30.262 $3.055 $8.879 $83.495 $2.938 $37.665 $5.845
Net Insider Selling $14.176 $51.058 $29.957 $2.877 $8.612 $83.395 $2.879 $37.521 $4.756
% of Market Cap 0.03% 0.10% 0.06% 0.01% 0.02% 0.17% 0.00% 0.07% 0.01%
Directors 13 14 14 14 14 16 13 13
Women 15% 2 15% 3 21% 4 29% 4 29% 4 29% 4 25% 5 38% 5 38%
Minorities 0% 1 8% 1 7% 1 7% 1 7% 1 7% 1 6% 2 15% 2 15%
Institutions/Holdings 45.18% 470 43.19% 43.19% 520 45.80% 538 44.75% 20 36.05% 20 44.85% 20 40.06% 20 35.39%
Total Shares Held 43.92% 374.926 43.31% 385.540 42.79% 411.703 45.84% 402.108 44.77% 324.442 35.87% 405.605 44.62% 364.181 39.93% 322.756 35.39%
Increase/Decrease -0.07% 2.132 0.57% -4.570 -1.17% 6.464 1.60% 12.179 3.12% 17.486 5.70% 3.827 0.95% -4.692 -1.27% -15.943 -4.71%
Starting No. of Shares 372.794 390.109 NASDAQ 405.239 NASDAQ 389.928 NASDAQ 306.956 Top 20 MS 401.778 Top 20 MS 368.873 Top 20 MS 338.699 Top 20 MS
Institutions/Holdings 6 20.82% 787 721 0.00% 1,119 337.82%
Value $166,299.2
Total Shares Held 1.666 0.19% 429.000 47.61% 443.000 49.32% 619.000 68.92%
Value $23,891.0 $37,239.0
Increase/Decrease 0.009 0.57% -7.000 -1.61% 14.000 3.26% 22.000 3.69%
Starting No. of Shares 1.657 436.000 Morningstar 429.000 Morningstar 597.000 Morningstar
My Stock