This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional. Estimates Estimates Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Q1 2024 https://www.annualreports.com/Company/ci-financial-corp
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CI Financial Corp TSX CIX OTC CIXXF https://www.cifinancial.com/ Fiscal Yr: Dec 31
Year 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 12/31/27 Value Description #Y Item Total G
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
Split Dates
Split
$137,854 <-12 mths 0.03%
Assets Under Management $75,723 $91,090 $102,886 $111,124 $117,889 $143,028 $124,360 $132,130 $135,052 $152,130 $117,753 $125,000.0 $137,819.0 33.95% <-Total Growth 10 Assets Under Mge From Td
Increase 8.86% 20.29% 12.95% 8.01% 6.09% 21.32% -13.05% 6.25% 2.21% 12.65% -22.60% 6.15% 10.26% 2.97% <-IRR #YR-> 10 Assets Under Mge 33.95%
5 year Running Average $67,378 $74,679 $82,416 $90,076 $99,742 $113,203 $119,857 $125,706 $130,492 $137,340 $132,285 $132,413 $133,551 0.85% <-IRR #YR-> 5 Assets Under Mge 4.31%
Price /AUM Ratio 0.09 0.11 0.09 0.08 0.06 0.06 0.03 0.04 0.02 0.03 0.02 0.02 0.03 4.95% <-IRR #YR-> 10 5 year Running Average -63.60%
Assets Under Management in Millions P/AUM 10 yr  0.03 5 yr  0.02 1.22% <-IRR #YR-> 5 5 year Running Average -11.70%
Total Assets under Admin $601,341 <-12 mths 13.59%
Assets Under Advisement (Wealth Mge) $458,660 <-12 mths 17.12% Found in 
Assets Under Advisement (Wealth Mge) $24,586 $28,766 $31,874 $34,552 $38,235 $42,699 $41,813 $49,759 $96,487 $231,972 $258,000 $319,900.0 $391,600.0 News Rel
Total Assets Under Admin $98,922 $118,050 $132,581 $145,676 $156,124 $185,727 $166,173 $181,889 $231,539 $384,102 $375,753 $444,900.0 $529,419.0 299.32% <-Total Growth 10 Assets Under Admin
Increase 8.58% 19.34% 12.31% 9.88% 7.17% 18.96% -10.53% 9.46% 27.30% 65.89% -2.17% 18.40% 19.00% 14.85% <-IRR #YR-> 10 Assets Under Admin 299.32%
5 year Running Average $90,261 $97,819 $107,195 $117,266 $130,271 $147,632 $157,256 $167,118 $184,290 $229,886 $267,891 $323,637 $393,143 23.82% <-IRR #YR-> 5 Assets Under Admin 191.07%
Price /AUM Ratio 0.07 0.09 0.07 0.06 0.05 0.04 0.03 0.03 0.01 0.01 0.01 0.01 0.01 13.88% <-IRR #YR-> 10 5 year Running Average -87.79%
Total Assets under Administration in Millions P/AUM 10 yr  0.02 5 yr  0.01 18.66% <-IRR #YR-> 5 5 year Running Average -68.36%
$3,344 <-12 mths -0.12%
Expenses $954 $1,034 $1,158 $1,240 $1,258.3 $1,370.8 $1,393.1 $1,392.4 $1,410.0 $2,140.9 $1,858.1 $2,596.3 $3,347.9 189.10% <-Total Growth 10 Expenses
Change 8.41% 11.98% 7.09% 1.47% 8.94% 1.63% -0.05% 1.27% 51.83% -13.21% 39.73% 28.95% 4.36% <-Median-> 10 Change
As a Ratio 0.65 0.64 0.62 0.62 0.65 0.65 0.62 0.66 0.69 0.79 0.80 0.95 1.08 0.67 <-Median-> 10 As a Ratio
SG&A, plus Fess $1,810.0 $2,263.6 $1,158.8 <-12 mths -48.81% SG&A, plus Fess
Change 25.06% -48.81% <-12 mths -294.76% Change
Ratio 0.66 0.73 0.36 <-12 mths -51.05% Ratio
Interest & Lease Finance $177.0 $222.3 $236.7 <-12 mths 6.48% Interest & Lease Finance
Change 25.60% 6.48% <-12 mths -74.68% Change
Ratio 0.06 0.07 0.07 <-12 mths 1.81% Ratio
Total $1,987.0 $2,485.9 $1,395.5 <-12 mths -43.86% Total
Change 25.11% -43.86% <-12 mths -274.69% Change
Ratio 0.72 0.80 0.43 <-12 mths -46.33% Ratio
$3,237 <-12 mths 4.59%
Revenue* $1,457.7 $1,616.7 $1,875.9 $1,997.6 $1,948.3 $2,111.3 $2,236.4 $2,119.2 $2,050.5 $2,727.0 $2,334.3 $2,746.0 $3,094.9 $3,210 $3,454 $3,035 64.98% <-Total Growth 10 Revenue
Increase -2.58% 10.90% 16.04% 6.49% -2.47% 8.37% 5.92% -5.24% -3.25% 33.00% -14.40% 17.64% 12.71% 3.72% 7.60% -12.13% 5.13% <-IRR #YR-> 10 Revenue 64.98%
5 year Running Average $1,412.6 $1,433.5 $1,565.0 $1,688.9 $1,779.3 $1,910.0 $2,033.9 $2,082.6 $2,093.1 $2,248.9 $2,293.5 $2,395.4 $2,590.5 $2,822.4 $2,967.8 $3,108.0 7.87% <-IRR #YR-> 5 Revenue 46.04%
Revenue per Share $5.15 $5.68 $6.66 $7.24 $7.34 $7.77 $9.18 $9.56 $9.75 $13.81 $12.65 $17.85 $21.59 $22.40 $24.10 $21.17 5.17% <-IRR #YR-> 10 5 yr Running Average 65.53%
Increase -2.35% 10.32% 17.14% 8.68% 1.47% 5.74% 18.16% 4.13% 2.01% 41.71% -8.41% 41.11% 20.95% 3.72% 7.60% -12.13% 4.46% <-IRR #YR-> 5 5 yr Running Average 24.39%
5 year Running Average $4.91 $5.02 $5.51 $6.00 $6.42 $6.94 $7.64 $8.22 $8.72 $10.01 $10.99 $12.72 $15.13 $17.66 $19.72 $21.42 12.48% <-IRR #YR-> 10 Revenue per Share 224.25%
P/S (Price/Sales) Med 4.42 5.30 5.09 4.52 3.71 3.59 2.56 2.04 1.88 1.65 1.56 0.83 1.05 1.04 0.00 0.00 17.71% <-IRR #YR-> 5 Revenue per Share 125.98%
P/S (Price/Sales) Close 4.84 6.22 4.85 4.23 3.93 3.83 1.88 2.27 1.62 1.91 1.07 0.83 1.43 1.41 1.31 1.49 10.62% <-IRR #YR-> 10 5 yr Running Average 174.43%
*Revenue in M CDN $  P/S Med 20 yr  3.91 15 yr  3.59 10 yr  1.96 5 yr  1.56 -28.07% Diff M/C 12.99% <-IRR #YR-> 5 5 yr Running Average 84.18%
-$1,875.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3,095
-$2,119.2 $0.0 $0.0 $0.0 $0.0 $3,095
-$1,565.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $2,590.5
-$2,082.6 $0.0 $0.0 $0.0 $0.0 $2,590.5
-$6.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.59
-$9.56 $0.00 $0.00 $0.00 $0.00 $21.59
-$5.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.13
-$8.22 $0.00 $0.00 $0.00 $0.00 $15.13
$3.87 <-12 mths 2.65%
Adjusted Profit CDN$ $352.2 $426.4 $520.0 $563.7 $532.1 $579.2 $617.5 $565.0 $528.7 $634.8 $587.7 $533.8 $563.3 8.33% <-Total Growth 10 Adjusted Profit CDN$
Basic $1.24 $1.50 $1.83 $2.02 $1.96 $2.19 $2.38 $2.41 $2.47 $3.15 $3.11 $3.13 $3.82 108.37% <-Total Growth 10 Basic
AEPS* Dilued $1.24 $1.50 $1.83 $2.02 $1.96 $2.19 $2.38 $2.41 $2.45 $3.14 $3.10 $3.11 $3.77 $3.98 $4.36 $4.31 106.01% <-Total Growth 10 AEPS
Increase -5.34% 20.97% 22.00% 10.38% -2.97% 11.73% 8.68% 1.26% 1.66% 28.16% -1.27% 0.32% 21.22% 5.57% 9.55% -1.15% 10 0 10 Years of Data, EPS P or N 100.00%
AEPS Yield 4.97% 4.24% 5.67% 6.60% 6.79% 7.36% 13.77% 11.10% 15.53% 11.88% 22.95% 20.93% 12.18% 12.60% 13.81% 13.65% 7.50% <-IRR #YR-> 10 AEPS 106.01%
5 year Running Average $1.25 $1.23 $1.40 $1.58 $1.71 $1.90 $2.08 $2.19 $2.28 $2.51 $2.70 $2.84 $3.11 $3.42 $3.66 $3.91 9.36% <-IRR #YR-> 5 AEPS 56.43%
Payout Ratio 75.74% 93.72% 50.59% 37.14% 37.99% 30.13% -1.06% 6.86% 29.39% 22.93% 23.23% 23.15% 21.22% 20.10% 18.35% 18.56% 8.29% <-IRR #YR-> 10 5 yr Running Average 121.79%
5 year Running Average 61.16% 79.46% 69.06% 60.99% 59.03% 49.91% 30.96% 22.21% 20.66% 17.65% 16.27% 21.11% 23.98% 22.13% 21.21% 20.28% 7.27% <-IRR #YR-> 5 5 yr Running Average 42.06%
Price/AEPS Median 18.36 20.07 18.52 16.21 13.91 12.72 9.87 8.10 7.48 7.25 6.37 4.77 6.00 7.82 0.00 0.00 7.79 <-Median-> 10 Price/AEPS Median
Price/AEPS High 20.10 23.57 20.10 17.91 15.79 13.59 12.64 9.08 10.39 9.68 8.76 5.65 8.28 7.94 0.00 0.00 10.04 <-Median-> 10 Price/AEPS High
Price/AEPS Low 16.61 16.57 16.94 14.50 12.03 11.84 7.11 7.11 4.56 4.81 3.98 3.88 3.72 7.71 0.00 0.00 5.96 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 20.10 23.57 17.64 15.15 14.73 13.59 7.26 9.01 6.44 8.42 4.36 4.78 8.21 7.93 7.24 7.33 8.31 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 19.03 28.51 21.53 16.72 14.29 15.19 7.89 9.12 6.55 10.79 4.30 4.79 9.95 8.38 7.93 7.24 9.54 <-Median-> 10 Trailing P/AEPS Close
Median Values Historical   in order 12.70 15.00 11.49 13.32 P/CF 5 Yrs   in order 6.37 8.76 3.98 6.44 24.54% Diff M/C DPR 75% to 95% best
* Adjusted Earnings per Share
-$1.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.77
-$2.41 $0.00 $0.00 $0.00 $0.00 $3.77
-$1.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.11
-$2.19 $0.00 $0.00 $0.00 $0.00 $3.11
-$1.85 <-12 mths 33.69%
Difference Basic and Diluted 0.00% 0.00% 0.00% 0.50% 0.54% 0.00% 0.00% 0.43% 0.45% 0.49% 0.63% 0.00% 0.00% 0.44% <-Median-> 0 Difference Basic and Diluted
pre-split '98
pre-split Jan 00
pre-split 00
EPS Basic $1.24 $1.50 $1.85 $1.99 $1.86 $1.89 $2.38 $2.30 $2.22 $2.03 $1.59 $0.03 -$2.79 -250.81% <-Total Growth 10 EPS Basic
pre-split '98
pre-split Jan 00
pre-split 00
EPS Diluted* $1.24 $1.50 $1.85 $1.98 $1.85 $1.89 $2.38 $2.29 $2.21 $2.02 $1.58 $0.03 -$2.79 $1.34 $1.52 $1.46 -250.81% <-Total Growth 10 EPS Diluted
Increase -5.34% 20.97% 23.33% 7.03% -6.57% 2.16% 25.93% -3.78% -3.49% -8.60% -21.78% -98.10% -9400.00% -148.03% 13.43% -3.95% 9 1 10 Years of Data, EPS P or N
Average Increases 5 Year Running -8.41% 1.39% 13.35% 12.38% 7.88% 9.38% 10.38% 4.95% 2.85% 2.44% -2.35% -27.15% -1906.39% -1935.30% -1930.90% -1927.33% 3.90% <-Median-> 10 Average Incr 5 Year Running
Earnings Yield 5.0% 4.2% 5.7% 6.5% 6.4% 6.3% 13.8% 10.5% 14.0% 7.6% 11.7% 0.2% -9.0% 4.2% 4.8% 4.6% #NUM! <-IRR #YR-> 10 Earnings per Share -250.81%
5 year Running Average $1.26 $1.24 $1.41 $1.58 $1.68 $1.81 $1.99 $2.08 $2.12 $2.16 $2.10 $1.63 $0.61 $0.44 $0.34 $0.31 -26.34% <-IRR #YR-> 5 Earnings per Share -221.83%
10 year Running Average $1.17 $1.29 $1.39 $1.49 $1.57 $1.54 $1.61 $1.74 $1.85 $1.92 $1.96 $1.81 $1.34 $1.28 $1.25 $1.20 -8.01% <-IRR #YR-> 10 5 yr Running Average -56.61%
* Diluted ESP per share  E/P 10 Yrs 7.06% 5Yrs 7.64% -21.74% <-IRR #YR-> 5 5 yr Running Average -70.64%
-$1.85 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$2.79
-$2.29 $0.00 $0.00 $0.00 $0.00 -$2.79
-$1.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.61
-$2.08 $0.00 $0.00 $0.00 $0.00 $0.61
Dividend* $0.64 $0.88 $0.96 Dividend*
Increase -20.00% 37.50% 9.09% Increase
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-split '98
pre-split Jan 00
pre-split 00
Dividend* $0.95 $1.05 $1.18 $1.30 $1.36 $1.40 $1.12 $0.72 $0.72 $0.72 $0.72 $0.72 $0.80 $0.80 $0.80 $0.80 -32.20% <-Total Growth 10 Dividends
Increase 7.95% 10.00% 12.92% 9.75% 4.63% 3.14% -19.86% -35.71% 0.00% 0.00% 0.00% 0.00% 11.11% 0.00% 0.00% 0.00% 17 4 29 Years of data, Count P, N
Average Increases 5 Year Running -3.52% -0.53% -5.00% 11.59% 9.05% 8.09% 2.12% -7.61% -9.56% -10.49% -11.11% -7.14% 2.22% 2.22% 2.22% 2.22% -2.51% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.49 $1.29 $0.96 $1.07 $1.17 $1.25 $1.27 $1.18 $1.06 $0.94 $0.80 $0.72 $0.74 $0.75 $0.77 $0.78 -23.41% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 4.17% 3.47% 3.48% 3.96% 4.97% 5.02% 4.77% 3.69% 3.93% 3.16% 3.65% 4.86% 3.54% 2.57% 3.94% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 3.81% 2.96% 3.21% 3.58% 4.38% 4.69% 3.72% 3.29% 2.83% 2.37% 2.65% 4.10% 2.56% 2.53% 3.43% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 4.61% 4.20% 3.81% 4.42% 5.75% 5.39% 6.62% 4.20% 6.45% 4.77% 5.83% 5.97% 5.71% 2.61% 5.73% <-Median-> 10 Yield on Low Price AEPS
Yield on Close Price 3.81% 2.96% 3.65% 4.23% 4.69% 4.69% 6.48% 3.32% 4.56% 2.72% 5.33% 4.85% 2.59% 2.53% 2.53% 2.53% 4.63% <-Median-> 10 Yield on Close Price CFPS
Payout Ratio EPS 76.61% 69.67% 63.78% 65.40% 73.24% 73.94% 47.06% 31.44% 32.58% 35.64% 45.57% 2400.00% -28.67% 59.70% 52.63% 54.79% 46.31% <-Median-> 10 DPR EPS FCF 
DPR EPS 5 Yr Running 118.63% 103.80% 68.35% 67.89% 69.18% 69.16% 63.79% 56.67% 50.02% 43.35% 38.17% 44.28% 120.66% 172.48% 228.57% 251.28% 60.23% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 49.64% 47.82% 47.31% 55.21% 54.91% 62.04% 44.88% 28.62% 27.95% 21.34% 27.74% 24.64% 20.44% 28.17% 85.11% #DIV/0! 28.28% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 77.50% 65.54% 46.20% 49.81% 51.07% 53.41% 52.65% 48.75% 43.16% 35.40% 29.51% 25.75% 23.93% 24.03% 29.07% #DIV/0! 45.96% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 49.03% 50.11% 49.07% 51.98% 58.01% 62.70% 41.64% 27.48% 28.94% 21.86% 23.53% 19.69% 32.55% 28.17% 85.11% #DIV/0! 30.74% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 86.67% 74.17% 51.36% 52.99% 51.76% 54.33% 52.24% 47.61% 42.97% 35.11% 28.27% 23.81% 24.61% 24.56% 29.64% #DIV/0! 45.29% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 3.94% 4.63% 5 Yr Med 5 Yr Cl 3.65% 4.56% 5 Yr Med Payout 35.64% 24.64% 23.53% 2.13% <-IRR #YR-> 5 Dividends 11.11%
* Dividends per share  10 Yr Med and Cur. -35.76% -45.26% 5 Yr Med and Cur. -30.51% -44.48% Last Div Inc ---> $0.1800 $0.2000 11.11% -3.81% <-IRR #YR-> 10 Dividends -32.20%
Dividends Growth 15 -8.01% <-IRR #YR-> 15 Dividends -71.01%
Dividends Growth 20 3.46% <-IRR #YR-> 20 Dividends 97.53%
Dividends Growth 25 14.87% <-IRR #YR-> 25 Dividends
Dividends Growth 30 16.31% <-IRR #YR-> 29 Dividends
Dividends Growth 5 -$0.72 $0.00 $0.00 $0.00 $0.00 $0.80 Dividends Growth 5
Dividends Growth 10 -$1.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.80 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.80 Dividends Growth 15
Dividends Growth 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.80 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.80 Dividends Growth 25
Dividends Growth 30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.80 Dividends Growth 30
Historical Dividends Historical High Div 9.10% Low Div 0.41% 10 Yr High 6.61% 10 Yr Low 2.39% Med Div 3.65% Close Div 3.32% Historical Dividends
High/Ave/Median Values Curr diff Exp. -72.16%     518% Cheap 3357.96% 9463.66% Exp. -30.60% Exp. -23.81% High/Ave/Median 
Future Dividend Yield Div Yield 2.81% earning in 5.00 Years at IRR of 2.13% Div Inc. 11.11% Future Dividend Yield
Future Dividend Yield Div Yield 3.13% earning in 10.00 Years at IRR of 2.13% Div Inc. 23.46% Future Dividend Yield
Future Dividend Yield Div Yield 3.47% earning in 15.00 Years at IRR of 2.13% Div Inc. 37.17% Future Dividend Paid
Div Paid $0.89 earning in 5 Years at IRR of 2.13% Div Inc. 11.11% Future Dividend Paid
Div Paid $0.99 earning in 10 Years at IRR of 2.13% Div Inc. 23.46% Future Dividend Paid
Div Paid $1.10 earning in 15 Years at IRR of 2.13% Div Inc. 37.17% Future Dividend Paid
Total Div $4.17 over 5 Years at IRR of 2.13% Div Cov. 13.22% Dividend Covering Cost
Total Div $7.92 over 10 Years at IRR of 2.13% Div Cov. 25.09% Dividend Covering Cost
Total Div $12.09 over 15 Years at IRR of 2.13% Div Cov. 38.28% Dividend Covering Cost
Yield if held 5 years 3.49% 5.26% 7.09% 6.43% 6.32% 6.14% 3.72% 2.12% 2.20% 2.64% 2.58% 3.06% 4.10% 4.37% 3.52% 4.05% 3.39% <-Median-> 10 Paid Median Price
Yield if held 10 years 8.24% 10.56% 8.50% 7.73% 5.42% 5.13% 5.64% 4.32% 3.57% 3.36% 3.16% 2.39% 2.36% 2.44% 2.93% 2.87% 3.95% <-Median-> 10 Paid Median Price
Yield if held 15 years 48.41% 29.40% 31.62% 15.60% 9.83% 12.13% 11.31% 5.19% 4.30% 2.88% 2.64% 3.63% 4.80% 3.97% 3.73% 3.51% 5.00% <-Median-> 10 Paid Median Price
Yield if held 20 years 88.39% 81.45% 90.79% 71.21% 31.51% 19.30% 8.67% 5.22% 6.25% 7.27% 5.77% 4.78% 3.20% 2.94% 13.98% <-Median-> 10 Paid Median Price
Yield if held 25 years 53.93% 45.28% 48.24% 36.69% 20.26% 21.44% 9.64% 5.80% 6.94% 40.99% <-Median-> 6 Paid Median Price
Yield if held 30 years 59.93% 50.31% 53.60% 40.76% 59.93% <-Median-> 1 Paid Median Price
Cost covered if held 5 years 27.34% 32.36% 28.86% 26.55% 27.18% 27.55% 21.08% 17.37% 16.23% 17.16% 14.36% 15.32% 18.86% 20.53% 16.88% 19.85% 18.12% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 100.98% 125.18% 94.90% 82.64% 58.04% 50.37% 64.33% 64.22% 52.92% 49.01% 45.12% 33.04% 28.23% 27.71% 31.25% 28.43% 51.64% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 600.89% 360.65% 374.45% 183.64% 120.18% 155.40% 189.29% 137.33% 114.36% 76.77% 65.05% 82.46% 86.32% 71.58% 66.93% 62.34% 117.27% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 1053.75% 965.57% 1118.09% 920.51% 539.25% 532.23% 247.65% 154.10% 190.11% 225.66% 163.86% 136.82% 92.14% 79.44% 389.94% <-Median-> 10 Paid Median Price
Cost covered if held 25 years 1494.76% 1299.69% 1431.49% 1124.33% 640.55% 630.85% 292.95% 181.94% 224.12% 1212.01% <-Median-> 6 Paid Median Price
Cost covered if held 30 years 1770.41% 1536.16% 1688.78% 1324.08% 1770.41% <-Median-> 1 Paid Median Price
Yr  Item Tot. Grth
Revenue Growth  $2,119.2 $2,050.5 $2,727.0 $2,334.3 $2,746.0 $3,094.9 $3,237 <-12 mths 4.59% 46.04% <-Total Growth 5 Revenue Growth  46.04%
AEPS Growth $2.41 $2.45 $3.14 $3.10 $3.11 $3.77 $3.87 <-12 mths 2.65% 56.43% <-Total Growth 5 AEPS Growth 56.43%
Net Income Growth $538.4 $476.0 $409.3 $299.8 $5.0 -$411.0 -$265 <-12 mths 35.50% 0.00% <-Total Growth 5 Net Income Growth 0.00%
Cash Flow Growth $558.0 $542.0 $666.0 $478.9 $449.4 $561.1 $590 <-12 mths 5.11% 0.55% <-Total Growth 5 Cash Flow Growth 0.55%
Dividend Growth $0.72 $0.72 $0.72 $0.72 $0.72 $0.80 $0.80 <-12 mths 0.00% 11.11% <-Total Growth 5 Dividend Growth 11.11%
Stock Price Growth $21.71 $15.78 $26.44 $13.51 $14.86 $30.94 $31.58 <-12 mths 2.07% 42.51% <-Total Growth 5 Stock Price Growth 42.51%
Revenue Growth  $1,875.9 $1,997.6 $1,948.3 $2,111.3 $2,236.4 $2,119.2 $2,050.5 $2,727.0 $2,334.3 $2,746.0 $3,094.9 $3,210 <-this year 3.72% 64.98% <-Total Growth 10 Revenue Growth  64.98%
AEPS Growth $1.83 $2.02 $1.96 $2.19 $2.38 $2.41 $2.45 $3.14 $3.10 $3.11 $3.77 $3.98 <-this year 5.57% 106.01% <-Total Growth 10 AEPS Growth 106.01%
Net Income Growth $525.0 $553.5 $503.0 $499.9 $617.5 $538.4 $476.0 $409.3 $299.8 $5.0 -$411.0 $197 <-this year 147.93% 0.00% <-Total Growth 10 Net Income Growth 0.00%
Cash Flow Growth $702.6 $647.4 $654.7 $612.4 $608.2 $558.0 $542.0 $666.0 $478.9 $449.4 $561.1 $407 <-this year -27.44% -20.15% <-Total Growth 10 Cash Flow Growth -20.15%
Dividend Growth $1.18 $1.30 $1.36 $1.40 $1.12 $0.72 $0.72 $0.72 $0.72 $0.72 $0.80 $0.64 <-this year -20.00% -32.20% <-Total Growth 10 Dividend Growth -32.20%
Stock Price Growth $32.29 $30.60 $28.87 $29.77 $17.28 $21.71 $15.78 $26.44 $13.51 $14.86 $30.94 $31.58 <-this year 2.07% -4.18% <-Total Growth 10 Stock Price Growth -4.18%
Dividends on Shares $40.15 $42.01 $43.32 $34.72 $22.32 $22.32 $22.32 $22.32 $22.32 $24.80 $24.80 $24.80 $24.80 $296.59 No of Years 10 Total Divs 12/31/14
Paid  $1,000.99 $948.60 $894.97 $922.87 $535.68 $673.01 $489.18 $819.64 $418.81 $460.66 $959.14 $978.98 $978.98 $978.98 $959.14 No of Years 10 Worth $32.29
Total $1,255.73
Graham No. AEPS $12.86 $14.69 $16.68 $17.66 $17.03 $19.31 $17.73 $19.11 $20.36 $23.84 $24.67 $21.62 $15.35 $15.88 $16.62 $16.53 -7.94% <-Total Growth 10 Graham Price AEPS
Price/GP Ratio Med 1.77 2.05 2.03 1.85 1.60 1.44 1.33 1.02 0.90 0.95 0.80 0.69 1.47 1.96 1.17 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.94 2.41 2.21 2.05 1.82 1.54 1.70 1.15 1.25 1.28 1.10 0.81 2.03 1.99 1.41 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.60 1.69 1.86 1.66 1.38 1.34 0.95 0.90 0.55 0.63 0.50 0.56 0.91 1.93 0.90 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.94 2.41 1.94 1.73 1.69 1.54 0.97 1.14 0.77 1.11 0.55 0.69 2.02 1.99 1.90 1.91 1.12 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 93.92% 140.58% 93.63% 73.27% 69.49% 54.19% -2.52% 13.60% -22.51% 10.89% -45.23% -31.28% 101.54% 98.84% 89.98% 91.08% 12.24% <-Median-> 10 Graham Price
Graham No. EPS $12.86 $14.69 $16.77 $17.48 $16.55 $17.94 $17.73 $18.63 $19.34 $19.12 $17.61 $2.12 $9.15 $9.22 $9.81 $9.62 -45.41% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 1.77 2.05 2.02 1.87 1.65 1.55 1.33 1.05 0.95 1.19 1.12 6.98 2.47 3.38 1.44 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.94 2.41 2.19 2.07 1.87 1.66 1.70 1.17 1.32 1.59 1.54 8.28 3.41 3.43 1.68 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.60 1.69 1.85 1.68 1.42 1.45 0.95 0.92 0.58 0.79 0.70 5.68 1.53 3.33 1.19 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.94 2.41 1.93 1.75 1.74 1.66 0.97 1.17 0.82 1.38 0.77 7.00 3.38 3.43 3.22 3.28 1.52 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 93.92% 140.58% 92.58% 75.01% 74.46% 65.98% -2.52% 16.53% -18.41% 38.26% -23.29% 599.73% 238.05% 242.69% 221.76% 228.30% 52.12% <-Median-> 10 Graham Price
Price Close $24.93 $35.35 $32.29 $30.60 $28.87 $29.77 $17.28 $21.71 $15.78 $26.44 $13.51 $14.86 $30.94 $31.58 $31.58 $31.58 -4.18% <-Total Growth 10 Stock Price
Increase 18.15% 41.80% -8.66% -5.23% -5.65% 3.12% -41.95% 25.64% -27.31% 67.55% -48.90% 9.99% 108.21% 2.07% 0.00% 0.00% 15.79 <-Median-> 10 CAPE (10 Yr P/E)
P/E 20.10 23.57 17.45 15.45 15.61 15.75 7.26 9.48 7.14 13.09 8.55 495.33 -11.09 23.57 20.78 21.63 7.34% <-IRR #YR-> 5 Stock Price 42.51%
Trailing P/E 19.03 28.51 21.53 16.54 14.58 16.09 9.14 9.12 6.89 11.96 6.69 9.41 1031.33 -11.32 23.57 20.78 -0.43% <-IRR #YR-> 10 Stock Price -4.18%
CAPE (10 Yr P/E) 18.01 18.16 17.96 17.61 16.61 17.06 16.40 15.18 13.93 13.69 12.87 12.78 17.10 18.03 18.72 19.54 10.30% <-IRR #YR-> 5 Price & Dividend 59.47%
Median 10, 5 Yrs D.  per yr 3.07% 2.96% % Tot Ret 116.10% 28.71% T P/E 10.68 9.41 P/E:  11.28 8.55 2.65% <-IRR #YR-> 10 Price & Dividend 25.45%
Price 15 D.  per yr 3.86% % Tot Ret 62.69% CAPE Diff 49.27% 2.30% <-IRR #YR-> 15 Stock Price 40.64%
Price  20 D.  per yr 5.99% % Tot Ret 65.08% 3.21% <-IRR #YR-> 20 Stock Price 88.20%
Price  25 D.  per yr 8.18% % Tot Ret 51.48% 7.70% <-IRR #YR-> 25 Stock Price
Price  30 D.  per yr 8.66% % Tot Ret 44.64% 10.74% <-IRR #YR-> 30 Stock Price
Price & Dividend 15 6.16% <-IRR #YR-> 15 Price & Dividend 105.97%
Price & Dividend 20 9.20% <-IRR #YR-> 20 Price & Dividend 226.49%
Price & Dividend 25 15.88% <-IRR #YR-> 25 Price & Dividend
Price & Dividend 30 19.40% <-IRR #YR-> 30 Price & Dividend
Price  5 -$32.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.94 Price  5
Price 10 -$21.71 $0.00 $0.00 $0.00 $0.00 $30.94 Price 10
Price & Dividend 5 -$32.29 $1.30 $1.36 $1.40 $1.12 $0.72 $0.72 $0.72 $0.72 $0.72 $31.74 Price & Dividend 5
Price & Dividend 10 -$21.71 $0.72 $0.72 $0.72 $0.72 $31.74 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 $30.94 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 $30.94 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 $30.94 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 $30.94 Price  30
Price & Dividend 15 $0.95 $1.05 $1.18 $1.30 $1.36 $1.40 $1.12 $0.72 $0.72 $0.72 $0.72 $0.72 $31.74 Price & Dividend 15
Price & Dividend 20 $0.95 $1.05 $1.18 $1.30 $1.36 $1.40 $1.12 $0.72 $0.72 $0.72 $0.72 $0.72 $31.74 Price & Dividend 20
Price & Dividend 25 $0.95 $1.05 $1.18 $1.30 $1.36 $1.40 $1.12 $0.72 $0.72 $0.72 $0.72 $0.72 $31.74 Price & Dividend 25
Price & Dividend 30 $0.95 $1.05 $1.18 $1.30 $1.36 $1.40 $1.12 $0.72 $0.72 $0.72 $0.72 $0.72 $31.74 Price & Dividend 30
Price H/L Median $22.77 $30.11 $33.90 $32.74 $27.26 $27.86 $23.50 $19.51 $18.32 $22.76 $19.75 $14.82 $22.62 $31.14 -33.28% <-Total Growth 10 Stock Price
Increase 6.23% 32.24% 12.59% -3.42% -16.73% 2.18% -15.65% -16.96% -6.13% 24.24% -13.21% -24.96% 52.60% 37.67% -3.97% <-IRR #YR-> 10 Stock Price -33.28%
P/E 18.36 20.07 18.32 16.53 14.74 14.74 9.87 8.52 8.29 11.26 12.50 494.00 -8.11 23.24 3.00% <-IRR #YR-> 5 Stock Price 15.91%
Trailing P/E 17.38 24.28 22.60 17.69 13.77 15.06 12.43 8.20 8.00 10.30 9.78 9.38 753.83 -11.16 -0.61% <-IRR #YR-> 10 Price & Dividend -5.05%
P/E on Run. 5 yr Ave 18.13 24.32 24.11 20.77 16.19 15.36 11.81 9.39 8.62 10.54 9.42 9.11 37.07 71.41 6.55% <-IRR #YR-> 5 Price & Dividend 34.78%
P/E on Run. 10 yr Ave 19.51 23.41 24.40 21.97 17.40 18.15 14.56 11.20 9.90 11.85 10.10 8.20 16.83 24.32 16.92 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 3.36% 3.56% % Tot Ret -550.45% 54.26% T P/E 11.36 9.78 P/E:  11.88 11.26 Count 30 Years of data
-$33.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.62
-$19.51 $0.00 $0.00 $0.00 $0.00 $22.62
-$33.90 $1.30 $1.36 $1.40 $1.12 $0.72 $0.72 $0.72 $0.72 $0.72 $23.42
-$19.51 $0.72 $0.72 $0.72 $0.72 $23.42
High Months Dec Dec May May Jan Dec Jan Jul Feb Nov Jan Aug Nov May
Price High $24.93 $35.35 $36.79 $36.17 $30.94 $29.77 $30.08 $21.89 $25.46 $30.40 $27.15 $17.58 $31.22 $31.59 -15.14% <-Total Growth 10 Stock Price
Increase 4.57% 41.80% 4.07% -1.69% -14.46% -3.78% 1.04% -27.23% 16.31% 19.40% -10.69% -35.25% 77.59% 1.19% -1.63% <-IRR #YR-> 10 Stock Price -15.14%
P/E 20.10 23.57 19.89 18.27 16.72 15.75 12.64 9.56 11.52 15.05 17.18 586.00 -11.19 23.57 7.36% <-IRR #YR-> 5 Stock Price 42.62%
Trailing P/E 19.03 28.51 24.53 19.55 15.63 16.09 15.92 9.20 11.12 13.76 13.44 11.13 1040.67 -11.32 19.89 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 14.69 13.44 P/E:  15.40 15.05 36.27 P/E Ratio Historical High
-$36.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.22
-$21.89 $0.00 $0.00 $0.00 $0.00 $31.22
Low Months Jan Jan Oct Sep Nov Aug Dec Jan Apr Jan Oct May May Apr
Price Low $20.60 $24.86 $31.00 $29.30 $23.58 $25.94 $16.91 $17.13 $11.17 $15.11 $12.35 $12.06 $14.01 $30.68 -54.81% <-Total Growth 10 Stock Price
Increase 8.31% 20.68% 24.70% -5.48% -19.52% 10.01% -34.81% 1.30% -34.79% 35.27% -18.27% -2.35% 16.17% 118.99% -7.63% <-IRR #YR-> 10 Stock Price -54.81%
P/E 16.61 16.57 16.76 14.80 12.75 13.72 7.11 7.48 5.05 7.48 7.82 402.00 -5.02 22.90 -3.94% <-IRR #YR-> 5 Stock Price -18.21%
Trailing P/E 15.73 20.05 20.67 15.84 11.91 14.02 8.95 7.20 4.88 6.84 6.11 7.63 467.00 -11.00 14.80 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 8.29 6.84 P/E:  7.65 7.48 7.43 P/E Ratio Historical Low
-$31.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.01
-$17.13 $0.00 $0.00 $0.00 $0.00 $14.01
$515 <-12 mths 10.59%
Free Cash Flow WSJ $596.50 $545.66 $529.98 $658.16 $461.44 $410.28 $465.47 $588 $84 -21.97% <-Total Growth 6 Free Cash Flow WSJ
Change -8.52% -2.87% 24.19% -29.89% -11.09% 13.45% -5.70% <-Median-> 6 Change
Free Cash Flow Mkt Sc $530.0 $658.1 $461.4 $410.3 $465.5
Change 24.17% -29.89% -11.07% 13.45%
$533 <-12 mths 113.20%
Free Cash Flow MS old $643.33 $642.52 $561.18 $592.14 $541.23 $513 $645 $450 $398 Free Cash Flow MS old
Change -0.13% -12.66% 5.52% -8.60% -5.22% 25.73% -30.23% -11.56% Change
Free Cash Flow MS $534.16 $616.03 $697.27 $680.00 $610.00 $590.00 $640.00 $560.00 $490 $630 $540 $510 $250 $0 $0 -64.15% <-Total Growth 10 Free Cash Flow
Change 9.54% 15.33% 13.19% -2.48% -10.29% -3.28% 8.47% -12.50% -12.50% 28.57% -14.29% -5.56% -50.98% -7.92% <-Median-> 10 Change
$515 <-12 mths 11.38%
Free Cash Flow MS --> WSJ 2018 $534.16 $616.03 $697.27 $643.33 $642.52 $561.18 $596.50 $545.66 $529.98 $658.16 $461.44 $410.28 $465.47 $588 $84 -33.24% <-Total Growth 10 Free Cash Flow
Change 9.54% 15.33% 13.19% -7.74% -0.13% -12.66% 6.29% -8.52% -2.87% 24.19% -29.89% -11.09% 13.45% 26.22% -85.70% -3.13% <-IRR #YR-> 5 Free Cash Flow MS -14.70%
FCF/CF from Op Ratio 0.99 0.99 0.99 0.99 0.98 0.92 0.98 0.98 0.98 0.99 0.96 0.91 0.83 1.44 0.62 -3.96% <-IRR #YR-> 10 Free Cash Flow MS -33.24%
Dividends paid $268.77 $297.73 $335.51 $362.18 $368.66 $368.00 $295.41 $170.75 $155.31 $146.45 $137.38 $125.54 $120.05 $114.67 $114.67 -64.22% <-Total Growth 10 Dividends paid
Percentage paid 50.32% 48.33% 48.12% 56.30% 57.38% 65.58% 49.52% 31.29% 29.31% 22.25% 29.77% 30.60% 25.79% 19.52% 136.51% 30.95% <-Median-> 10 Percentage paid
5 Year Coverage 47.70% 50.98% 52.11% 54.81% 55.07% 52.35% 47.23% 39.28% 32.43% 28.23% 27.11% 24.94% 30.48% 49.10% <-Median-> 10 5 Year Coverage
Dividend Coverage Ratio 1.99 2.07 2.08 1.78 1.74 1.52 2.02 3.20 3.41 4.49 3.36 3.27 3.88 5.12 0.73 3.23 <-Median-> 10 Dividend Coverage Ratio
5 Year of Coverage 2.10 1.96 1.92 1.82 1.82 1.91 2.12 2.55 3.08 3.54 3.69 4.01 3.28 2.04 <-Median-> 10 5 Year of Coverage
-$546 $0 $0 $0 $0 $465
-$697 $0 $0 $0 $0 $0 $0 $0 $0 $0 $465
Market Cap $7,053 $10,053 $9,096 $8,446 $7,659 $8,094 $4,211 $4,815 $3,319 $5,220 $2,493 $2,286 $4,435 $4,527 $4,527 $4,527 -51.25% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 284.030 284.891 284.649 279.422 271.230 264.592 259.582 235.249 215.619 202.466 189.758 171.503 147.361 153.821 -48.23% <-Total Growth 10 Diluted
Change 0.30% -0.08% -1.84% -2.93% -2.45% -1.89% -9.37% -8.34% -6.10% -6.28% -9.62% -14.08% 4.38% -6.19% <-Median-> 10 Change
Difference Diluted/Basic -0.2% -0.4% -0.4% -0.2% 0.0% -0.1% -0.1% -0.4% -0.7% -0.4% -0.4% -0.5% 0.0% 0.0%
Basic # of Shares in Millions 283.390 283.640 283.640 278.832 271.133 264.435 259.253 234.273 214.092 201.628 189.089 170.671 147.361 153.821 -48.05% <-Total Growth 10 Basic
Change -1.26% 0.09% 0.00% -1.70% -2.76% -2.47% -1.96% -9.64% -8.61% -5.82% -6.22% -9.74% -13.66% 4.38% -6.02% <-Median-> 10 Change
Difference Basic/Outstanding -0.2% 0.3% -0.7% -1.0% -2.2% 2.8% -6.0% -5.3% -1.7% -2.1% -2.4% -9.9% -2.7% -6.8% -2.28% <-Median-> 10 Difference
Share buybacks Number of Shares 1.37 0.36 3.18 7.40 10.81 14.91 28.52 22.64 13.99 17.45 14.12 32.25 13.90 190.46 No of Years 15 Share buybacks # of Shares
Share buybacks cost $9.5 $12.5 $22.2 $51.7 $76.8 $108.2 $243.2 $193.6 $120.2 $147.6 $121.3 $291.3 $142.6 $1,606.92 No of Years 15 Share buybacks cost
Share buybacks Decrease in Shares 282.19 282.56 281.22 274.31 265.22 250.39 243.36 221.08 207.80 192.91 183.31 152.27 139.92 Share buybacks Decin Shares
Percentage -0.48% -0.13% -1.12% -2.63% -3.91% -5.62% -10.49% -9.29% -6.31% -8.29% -7.15% -17.48% -9.04% -7.72% <-Median-> 10 Percentage
Cash flow used 1.76% 2.01% 3.16% 7.99% 11.74% 17.68% 39.98% 34.69% 22.19% 22.16% 25.34% 64.82% 25.41% 23.76% <-Median-> 10 Cash flow used
$589.71 <-12 mths 5.11%
pre-split '98
pre-split Jan 00
pre-split 00
# of Share in Millions 282.92 284.40 281.71 276.03 265.30 271.88 243.72 221.79 210.36 197.42 184.52 153.82 143.34 143.34 143.34 143.34 -6.53% <-IRR #YR-> 10 Shares -49.12%
Change -0.23% 0.52% -0.95% -2.02% -3.89% 2.48% -10.36% -9.00% -5.16% -6.15% -6.54% -16.64% -6.82% 0.00% 0.00% 0.00% -8.36% <-IRR #YR-> 5 Shares -35.37%
Cash Flow from Operations $M $541.4 $621.4 $702.6 $647.4 $654.7 $612.4 $608.2 $558.0 $542.0 $666.0 $478.9 $449.4 $561.1 $407.1 $134.7 -20.15% <-Total Growth 10 Cash Flow
Increase 5.95% 14.78% 13.06% -7.85% 1.12% -6.46% -0.68% -8.25% -2.87% 22.88% -28.09% -6.16% 24.84% -27.44% -66.90% SO, Buy Backs S. Issue
5 year Running Average $553.1 $560.8 $590.6 $604.8 $633.5 $647.7 $645.1 $616.2 $595.1 $597.3 $570.6 $538.9 $539.5 $512.5 $406.2 -8.66% <-Total Growth 10 CF 5 Yr Running
CFPS $1.91 $2.19 $2.49 $2.35 $2.47 $2.25 $2.50 $2.52 $2.58 $3.37 $2.60 $2.92 $3.91 $2.84 $0.94 56.94% <-Total Growth 10 Cash Flow per Share
Increase 6.19% 14.18% 14.14% -5.95% 5.21% -8.73% 10.79% 0.82% 2.40% 30.93% -23.06% 12.57% 33.98% -27.44% -66.90% -2.22% <-IRR #YR-> 10 Cash Flow -20.15%
5 year Running Average $1.92 $1.96 $2.08 $2.15 $2.28 $2.35 $2.41 $2.42 $2.46 $2.64 $2.71 $2.80 $3.08 $3.13 $2.64 0.11% <-IRR #YR-> 5 Cash Flow 0.55%
P/CF on Med Price 11.90 13.78 13.59 13.96 11.05 12.37 9.41 7.75 7.11 6.75 7.61 5.07 5.78 10.96 0.00 4.61% <-IRR #YR-> 10 Cash Flow per Share 56.94%
P/CF on Closing Price 13.03 16.18 12.95 13.05 11.70 13.22 6.92 8.63 6.12 7.84 5.21 5.09 7.90 11.12 33.60 9.24% <-IRR #YR-> 5 Cash Flow per Share 55.58%
44.75% Diff M/C 3.99% <-IRR #YR-> 10 CFPS 5 yr Running 47.87%
$446.23 <-12 mths 26.66%
Excl.Working Capital CF $6.7 -$28.4 -$25.2 $40.2 -$35.1 -$6.4 $47.3 $23.2 -$18.6 -$15.7 $85.6 $113.1 -$208.8 $0.0 $0.0 4.96% <-IRR #YR-> 5 CFPS 5 yr Running 27.36%
CF fr Op $M WC $548.1 $593.1 $677.4 $687.7 $619.6 $606.0 $655.5 $581.2 $523.4 $650.2 $564.5 $562.5 $352.3 $407.1 $134.7 -47.99% <-Total Growth 10 Cash Flow less WC
Increase 64.16% 8.20% 14.22% 1.52% -9.89% -2.20% 8.17% -11.34% -9.95% 24.24% -13.18% -0.36% -37.37% 15.55% -66.90% -6.33% <-IRR #YR-> 10 Cash Flow less WC -47.99%
5 year Running Average $495.0 $495.6 $531.1 $568.0 $625.2 $636.8 $649.3 $630.0 $597.2 $603.3 $595.0 $576.4 $530.6 $507.3 $404.2 -9.53% <-IRR #YR-> 5 Cash Flow less WC -39.39%
CFPS Excl. WC $1.94 $2.09 $2.40 $2.49 $2.34 $2.23 $2.69 $2.62 $2.49 $3.29 $3.06 $3.66 $2.46 $2.84 $0.94 -0.01% <-IRR #YR-> 10 CF less WC 5 Yr Run -0.10%
Increase 64.54% 7.63% 15.31% 3.61% -6.25% -4.57% 20.67% -2.57% -5.06% 32.38% -7.10% 19.53% -32.79% 15.55% -66.90% -3.38% <-IRR #YR-> 5 CF less WC 5 Yr Run -15.78%
5 year Running Average $1.72 $1.73 $1.87 $2.02 $2.25 $2.31 $2.43 $2.47 $2.47 $2.66 $2.83 $3.02 $2.99 $3.06 $2.59 0.22% <-IRR #YR-> 10 CFPS - Less WC 2.22%
P/CF on Med Price 11.75 14.44 14.10 13.14 11.67 12.50 8.74 7.44 7.36 6.91 6.46 4.05 9.20 10.96 0.00 -1.27% <-IRR #YR-> 5 CFPS - Less WC -6.21%
P/CF on Closing Price 12.87 16.95 13.43 12.28 12.36 13.36 6.42 8.28 6.34 8.03 4.42 4.06 12.59 11.12 33.60 4.80% <-IRR #YR-> 10 CFPS 5 yr Running 59.86%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 7.68 5 yr  6.75 P/CF Med 10 yr 8.09 5 yr  6.91 37.45% Diff M/C 3.88% <-IRR #YR-> 5 CFPS 5 yr Running 20.94%
-281.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 143.3 Shares
-221.8 0.0 0.0 0.0 0.0 143.3 Shares
-$702.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $561.1 Cash Flow
-$558.0 $0.0 $0.0 $0.0 $0.0 $561.1 Cash Flow
-$2.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.91 Cash Flow per Share
-$2.52 $0.00 $0.00 $0.00 $0.00 $3.91 Cash Flow per Share
-$2.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.08 CFPS 5 yr Running
-$2.42 $0.00 $0.00 $0.00 $0.00 $3.08 CFPS 5 yr Running
-$677.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $352.3 Cash Flow less WC
-$581.2 $0.0 $0.0 $0.0 $0.0 $352.3 Cash Flow less WC
-$531.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $530.6 CF less WC 5 Yr Run
-$630.0 $0.0 $0.0 $0.0 $0.0 $530.6 CF less WC 5 Yr Run
-$2.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.46 CFPS - Less WC
-$2.62 $0.00 $0.00 $0.00 $0.00 $2.46 CFPS - Less WC
-$1.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.99 CFPS 5 yr Running
-$2.47 $0.00 $0.00 $0.00 $0.00 $2.99 CFPS 5 yr Running
Net change in operating assets and liabilities $28.37 $25.19 -$40.25 $35.07 $6.38 -$47.34 -$23.21 $18.60 $15.74 -$85.63 -$113.13 $208.75
                       
Sum $28.37 $25.19 -$40.25 $35.07 $6.38 -$47.34 -$23.21 $18.60 $15.74 -$85.63 -$113.13 $208.75
Google -->TD 2017->WSJ $28.37 $25.19 -$40.25 $35.07 $6 -$47 -$23 $19 $16 -$86 -$113 $209
Difference $0.00 $0.00 $0.00 $0.00 $0 $0 $0 $0 $0 $0 $0 $0
OPM 37.14% 38.44% 37.45% 32.41% 33.60% 29.01% 27.20% 26.33% 26.43% 24.42% 20.52% 16.37% 18.13% 12.68% -51.60% <-Total Growth 10 OPM
Increase 8.75% 3.49% -2.57% -13.46% 3.68% -13.68% -6.24% -3.18% 0.38% -7.61% -15.99% -20.23% 10.77% -30.05% Should increase  or be stable.
Diff from Ave 40.8% 45.7% 42.0% 22.9% 27.4% 9.9% 3.1% -0.2% 0.2% -7.4% -22.2% -38.0% -31.3% -51.9% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 26.38% 5 Yrs 20.52% should be zero,  it is a check  on calculations
$1,224 <-12 mths -1.26%
Adjusted EBITDA $579.4 $632.7 $774.8 $849.3 $835.0 $891.8 $906.2 $850.5 $807.0 $1,013.9 $1,053.8 $1,095.8 $1,240.0 $1,040 $1,120 $1,193 60.04% <-Total Growth 10 Adjusted EBITDA Got years 2010 to 2019 form 2019 report
Changed -0.94% 9.20% 22.46% 9.62% -1.68% 6.80% 1.61% -6.15% -5.11% 25.64% 3.94% 3.99% 13.16% -16.13% 7.69% 6.52% 3.96% <-Median-> 10 Changed
Margin 39.75% 39.14% 41.30% 42.52% 42.86% 42.24% 40.52% 40.13% 39.36% 37.18% 45.14% 39.91% 40.07% 32.40% 32.43% 39.31% 40.33% <-Median-> 10 Margin
Long Term Debt $305.39 $557.35 $758.66 $896.12 $1,593.73 $1,154.99 $2,252.31 $3,331.55 $3,896.21 $3,070.15 $3,157.26 $3,161.74 Debt Type
Change 82.50% 36.12% 18.12% 77.85% -27.53% 95.01% 47.92% 16.95% -21.20% 2.84% 0.14% 27.12% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 0.03 0.07 0.10 0.11 0.38 0.24 0.68 0.64 1.56 1.34 0.71 0.70 0.51 <-Median-> 10 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 7.49 7.77 6.74 4.45 5.27 3.74 3.44 3.21 2.95 1.99 1.70 1.67 3.59 <-Median-> 10 Assets/Current Liab Ratio Liquidity
Debt to Cash Flow (Years) 0.43 0.86 1.16 1.46 2.62 2.07 4.16 5.00 8.14 6.83 5.63 7.77 3.39 <-Median-> 10 Debt to Cash Flow (Years) Liq. + CF
Liq CF DB
Intangibles $1,041 $1,054 $1,052 $1,133 $1,218 $1,855 $1,849 $1,857 $2,237 $2,929 $3,455 $3,209 #DIV/0! <-Total Growth 9 Intangibles Debt Ratio
Goodwill $1,120 $1,137 $1,137 $1,163 $1,190 $1,521 $1,521 $1,531 $2,054 $3,256 $4,068 $4,367 #DIV/0! <-Total Growth 9 Goodwill Leverage Rep
Total $2,161 $2,191 $2,189 $2,296 $2,408 $3,376 $3,370 $3,388 $4,291 $6,185 $7,523 $7,576 $8,086 $8,390 269.39% <-Total Growth 10 Total Leverage
Change 0.23% 1.38% -0.10% 4.88% 4.88% 40.19% -0.16% 0.54% 26.63% 44.14% 21.63% 0.71% 6.74% 3.75% 5.81% <-Median-> 10 Change D/E Ratio
Intangible/Market Cap Ratio 0.31 0.22 0.24 0.27 0.31 0.42 0.80 0.70 1.29 1.18 3.02 3.31 1.82 1.85 0.99 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $288.60 $405.47 $364.51 $416.65 $536.55 $889.58 $836.49 $817.73 $1,838.65 $1,839.02 $1,833.43 $1,675.45 $1,768.92 $1,965.88 385.29% <-Total Growth 10 Current Assets
Current Liabilities $322.45 $555.27 $402.78 $424.38 $512.99 $1,023.58 $814.16 $1,168.96 $1,849.91 $2,698.40 $3,288.06 $5,010.26 $6,317.21 $6,749.89 1468.39% <-Total Growth 10 Current Liabilities
Liquidity Ratio 0.90 0.73 0.90 0.98 1.05 0.87 1.03 0.70 0.99 0.68 0.56 0.33 0.28 0.29 0.78 <-Median-> 10 Ratio
Liq. with CF aft div 1.74 1.31 1.82 1.67 1.62 1.10 1.44 1.04 1.21 0.88 0.66 0.40 0.35 0.33 0.66 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.18 1.06 1.37 1.00 1.29 0.93 1.39 1.00 0.91 0.58 0.57 0.36 0.32 0.33 0.57 <-Median-> 5 Ratio
Curr Long Term Debt $24.00 $199.77 $2.00 $2.00 $0.00 $222.00 $0.00 $449.51 $203.81 $444.49 $320.00 $437.26 $889.98 $1,083.29
Liquidity Less CLTD 0.97 1.14 0.91 0.99 1.05 1.11 1.03 1.14 1.12 0.82 0.62 0.37 0.33 0.35 0.62 <-Median-> 5 Ratio
Liq. with CF aft div 1.88 2.05 1.83 1.67 1.62 1.40 1.44 1.69 1.35 1.05 0.73 0.44 0.41 0.40 0.73 <-Median-> 5 Ratio
Assets $2,971.6 $3,094.0 $3,016.0 $3,297.4 $3,458.7 $4,550.7 $4,292.2 $4,367.8 $6,359.8 $8,659.6 $9,708.4 $9,981.6 $10,764.8 $11,292.3 256.93% <-Total Growth 10 Assets
Liabilities $1,295.6 $1,270.3 $1,109.5 $1,400.4 $1,710.7 $2,491.5 $2,859.3 $2,868.5 $4,742.1 $7,043.9 $8,084.7 $8,941.6 $10,354.2 $10,887.3 833.21% <-Total Growth 10 Liabilities
Debt Ratio 2.29 2.44 2.72 2.35 2.02 1.83 1.50 1.52 1.34 1.23 1.20 1.12 1.04 1.04 1.42 <-Median-> 10 Ratio
$0.00 Estimates Estimates BVPS
$0.0 Estimates Estimate Book Value
#DIV/0! Estimates P/B Ratio (Close)
#DIV/0! Diff M/C Estimates Difference from 10 yr med.
Book Value $1,676.0 $1,823.6 $1,906.4 $1,897.0 $1,748.0 $2,059.2 $1,432.9 $1,499.4 $1,617.7 $1,615.6 $1,623.7 $1,040.0 $410.5 $405.0 -78.47% <-Total Growth 10 Book Value
Non-Controlling Interest $0.0 $4.3 $3.7 $2.9 $2.6 $2.5 $2.8 $5.4 $35.3 $27.1 $13.9 $12.3 $12.3 $1.3
Net Book Value $1,676.0 $1,819.3 $1,902.7 $1,894.1 $1,745.4 $2,056.7 $1,430.1 $1,494.0 $1,582.4 $1,588.5 $1,609.8 $1,027.8 $398.3 $403.7 $403.7 $403.7 -79.07% <-Total Growth 10 Book Value
Book Value per share $5.92 $6.40 $6.75 $6.86 $6.58 $7.56 $5.87 $6.74 $7.52 $8.05 $8.72 $6.68 $2.78 $2.82 $2.82 $2.82 -58.86% <-Total Growth 10 Book Value per Share
Change 3.68% 7.99% 5.58% 1.60% -4.13% 14.98% -22.43% 14.80% 11.68% 6.96% 8.42% -23.41% -58.42% 1.38% 0.00% 0.00% 191.76% P/B Ratio Current/Historical Median
P/B Ratio (Median) 3.84 4.71 5.02 4.77 4.14 3.68 4.00 2.90 2.43 2.83 2.26 2.22 8.14 11.05 0.00 0.00 3.84 P/B Ratio Historical Median
P/B Ratio (Close) 4.21 5.53 4.78 4.46 4.39 3.94 2.94 3.22 2.10 3.29 1.55 2.22 11.14 11.21 11.21 11.21 -8.50% <-IRR #YR-> 10 Book Value per Share -58.86%
Change 13.96% 31.31% -13.48% -6.72% -1.59% -10.32% -25.17% 9.44% -34.92% 56.65% -52.87% 43.62% 400.70% 0.68% 0.00% 0.00% -11.71% <-IRR #YR-> 5 Book Value per Share -58.75%
Financial Leverage 3.5 3.5 3.5
Leverage (A/BK) 1.77 1.70 1.58 1.74 1.98 2.21 3.00 2.91 3.93 5.36 5.98 9.60 26.22 27.88 3.46 <-Median-> 5 A/BV
Debt/Equity Ratio 0.77 0.70 0.58 0.74 0.98 1.21 2.00 1.91 2.93 4.36 4.98 8.60 25.22 26.88 2.46 <-Median-> 5 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 3.29 5 yr Med 2.43 240.86% Diff M/C 1.87 Historical 29 A/BV
-$6.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.78
-$5.87 $0.00 $0.00 $0.00 $0.00 $0.00 $2.78
-$177.97 <-12 mths -39.64%
Comprehensive Income $354.16 $433.10 $526.98 $551.00 $505.23 $504.93 $618.66 $537.50 $451.20 $409.70 $361.05 -$16.87 -$287.81
NCI $0.00 $0.19 $0.31 -$0.88 -$0.23 -$0.16 $0.37 -$0.87 -$3.78 $2.91 $4.85 $0.66 $7.04
Shareholders $354.16 $432.91 $526.67 $551.87 $505.46 $505.08 $618.28 $538.37 $454.98 $406.79 $356.19 -$17.52 -$294.85 -155.98% <-Total Growth 10 Comprehensive Income
Increase -5.54% 22.23% 21.66% 4.79% -8.41% -0.08% 22.41% -12.92% -15.49% -10.59% -12.44% -104.92% -1582.65% -15.49% <-Median-> 5 Comprehensive Income
5 Yr Running Average $349.88 $347.69 $403.98 $448.11 $474.22 $504.40 $541.47 $543.81 $524.44 $504.70 $474.92 $347.76 $181.12 #NUM! <-IRR #YR-> 10 Comprehensive Income -155.98%
ROE 21.1% 23.8% 27.7% 29.1% 29.0% 24.6% 43.2% 36.0% 28.8% 25.6% 22.1% -1.7% -74.0% #NUM! <-IRR #YR-> 5 Comprehensive Income -154.77%
5Yr Median 21.1% 21.1% 23.1% 23.8% 27.7% 27.7% 29.0% 29.1% 29.0% 28.8% 28.8% 25.6% 22.1% -7.71% <-IRR #YR-> 10 5 Yr Running Average -55.17%
% Difference from NI 0.6% 1.5% 0.3% -0.3% 0.5% 1.0% 0.1% 0.0% -4.4% -0.6% 18.8% -449.2% -28.3% -19.74% <-IRR #YR-> 5 5 Yr Running Average -66.70%
Median Values Diff 5, 10 yr -0.1% -4.4% 22.1% <-Median-> 5 Return on Equity
-$526.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$294.9
-$538.4 $0.0 $0.0 $0.0 $0.0 -$294.9
-$404.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $181.1
-$543.8 $0.0 $0.0 $0.0 $0.0 $181.1
Current Liability Coverage Ratio 1.68 1.12 1.74 1.53 1.28 0.60 0.75 0.48 0.29 0.25 0.15 0.09 0.09 0.06   CFO / Current Liabilities
5 year Median 1.14 1.14 1.14 1.53 1.53 1.28 1.28 0.75 0.60 0.48 0.29 0.25 0.15 0.09 0.15 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 18.22% 20.09% 23.30% 19.64% 18.93% 13.46% 14.17% 12.78% 8.52% 7.69% 4.93% 4.50% 5.21% 3.60% CFO / Total Assets
5 year Median 17.66% 18.22% 18.22% 19.64% 19.64% 19.64% 18.93% 14.17% 13.46% 12.78% 8.52% 7.69% 5.21% 4.93% 5.2% <-Median-> 5 Return on Assets 
Return on Assets ROA 11.85% 13.78% 17.41% 16.79% 14.54% 10.99% 14.39% 12.33% 7.48% 4.73% 3.09% 0.05% -3.82% 1.74% Net  Income/Assets Return on Assets
5Yr Median 11.85% 11.85% 12.22% 13.78% 14.54% 14.54% 14.54% 14.39% 12.33% 10.99% 7.48% 4.73% 3.09% 1.74% 9.2% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 21.01% 23.44% 27.59% 29.22% 28.82% 24.31% 43.18% 36.04% 30.08% 25.77% 18.62% 0.49% -103.21% 48.80% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 21.01% 21.01% 23.26% 23.44% 27.59% 27.59% 28.82% 29.22% 30.08% 30.08% 30.08% 25.77% 18.62% 18.62% 27.3% <-Median-> 10 Return on Equity
-$265.15 <-12 mths -35.50%
Net Income $352.16 $426.59 $525.36 $552.62 $502.77 $499.77 $617.85 $537.52 $475.55 $412.37 $301.83 $6.09 -$405.13
NCI $0.00 $0.19 $0.31 -$0.88 -$0.23 -$0.16 $0.37 -$0.87 -$0.43 $3.05 $2.07 $1.07 $5.92
Shareholders $352.16 $426.40 $525.04 $553.49 $503.00 $499.93 $617.48 $538.40 $475.98 $409.33 $299.76 $5.02 -$411.05 $197 $234 $225 -178.29% <-Total Growth 10 Net Income
Increase -6.56% 21.08% 23.14% 5.42% -9.12% -0.61% 23.51% -12.81% -11.59% -14.00% -26.77% -98.33% -8291.49% -147.93% 18.78% -3.85% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $350.0 $346.2 $402.3 $446.8 $472.0 $501.6 $539.8 $542.5 $527.0 $508.2 $468.2 $345.7 $155.8 $100.0 $64.9 $50.0 #NUM! <-IRR #YR-> 10 Net Income -178.29%
Operating Cash Flow $541.4 $621.4 $702.6 $647.4 $654.7 $612.4 $608.2 $558.0 $542.0 $666.0 $478.9 $449.4 $561.1 #NUM! <-IRR #YR-> 5 Net Income -176.35%
Investment Cash Flow -$153.3 -$133.1 -$134.2 -$285.7 -$132.8 -$183.1 -$28.4 -$46.3 -$598.1 -$1,401.9 -$508.5 -$524.3 -$662.3 -9.05% <-IRR #YR-> 10 5 Yr Running Ave. -61.27%
Total Accruals -$35.94 -$61.89 -$43.31 $191.79 -$18.95 $70.62 $37.66 $26.70 $532.12 $1,145.24 $329.37 $79.91 -$309.79 -22.08% <-IRR #YR-> 5 5 Yr Running Ave. -71.28%
Total Assets $2,971.6 $3,094.0 $3,016.0 $3,297.4 $3,458.7 $4,550.7 $4,292.2 $4,367.8 $6,359.8 $8,659.6 $9,708.4 $9,981.6 $10,764.8 Balance Sheet Assets
Accruals Ratio -1.21% -2.00% -1.44% 5.82% -0.55% 1.55% 0.88% 0.61% 8.37% 13.23% 3.39% 0.80% -2.88% 3.39% <-Median-> 5 Ratio
EPS/CF Ratio 0.64 0.72 0.77 0.79 0.79 0.85 0.88 0.87 0.89 0.61 0.52 0.01 -1.14 0.79 <-Median-> 10 EPS/CF Ratio
-$525 $0 $0 $0 $0 $0 $0 $0 $0 $0 -$411
-$538 $0 $0 $0 $0 -$411
-$402 $0 $0 $0 $0 $0 $0 $0 $0 $0 $156
-$542 $0 $0 $0 $0 $156
Change in Close 18.15% 41.80% -8.66% -5.23% -5.65% 3.12% -41.95% 25.64% -27.31% 67.55% -48.90% 9.99% 108.21% 2.07% 0.00% 0.00% Count 30 Years of data
up/down down down down Count 13 43.33%
Meet Prediction? yes yes % right Count 6 46.15%
Financial Cash Flow -$486.52 -$393.61 -$635.92 -$356.35 -$460.65 -$422.62 -$567.24 -$530.50 $421.38 $483.10 -$47.54 $58.30 $131.85 C F Statement  Financial CF
Total Accruals $450.58 $331.72 $592.61 $548.14 $441.70 $493.24 $604.90 $557.20 $110.74 $662.15 $376.92 $21.61 -$441.63 Accruals
Accruals Ratio 15.16% 10.72% 19.65% 16.62% 12.77% 10.84% 14.09% 12.76% 1.74% 7.65% 3.88% 0.22% -4.10% 1.74% <-Median-> 5 Ratio
Cash $24.14 $118.81 $51.25 $56.60 $117.90 $124.58 $137.16 $118.36 $483.60 $230.78 $153.62 $137.03 $167.61 $146.70 Cash
Cash per Share $0.09 $0.42 $0.18 $0.21 $0.44 $0.46 $0.56 $0.53 $2.30 $1.17 $0.83 $0.89 $1.17 $1.02 $1.17 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.34% 1.18% 0.56% 0.67% 1.54% 1.54% 3.26% 2.46% 14.57% 4.42% 6.16% 5.99% 3.78% 3.24% 5.99% <-Median-> 5 % of Stock Price
Notes:
June 13, 2025.  Last estimates were for 2024, 2025, 2026 of $2967M, $3185M, $3142M Revenue, $3.58, $3.92, $3.95 AEPS, $1.26, $3.01, $1.90 EPS, 
$0.80, $0.85, $0.88 Dividends, $721, $588M, $84M FCF, $4.10, $2.84 and $0.94 CFPS, $193M, $454M, $246M Net Income.
June 16, 2024.  Last estimates were for 2023, 2024 and 2025 of $2629M, $2820M $2741M Revenue, $3.23, $3.55 and $3.51 AEPS, $2.40, $2.98, $3.10 EPS, 
$0.72, $0.73 and $0.72 Dividends, $646M, $517M 2023/4 FCF, $3.82, $2.66 and $0.45 CVPS, $442, $542, $509 Net Income.
June 16, 2023.  Last estimates were for 2022 and 2023 of $3011M, $3158M for Revenue, $3.36, $3.63 and $3.78 2022/4 for AEPS, $2.85 and $3.24 for EPS, 
$0.73 and $0.74 for dividends, $697M and $726M for FCF, $2.23, $2.12 for CFPS, and $553M, $599M for Net Income.
November 10, 2022.  CIX deleted from NYSE-CIXX and on to OTC-CIXXF
June 18, 2022.  Last estimates were for 2021, 2022 and 2023 of $2697M, 2759M and $2252M for Revenue, $2.73, $3.00 and $2.54 for EPS, 
$0.72, $0.73 amd $0.72 for Dividends, $614M, $527M and $380M for FCF, $0.76, $2.23 and $2.12 for CFPS and $564M, $608M and $482M for Net Income.
June 19, 2021.  Last estimates were for 2020 and 2021 of $136300M for AUM for 2020, $1913M and $1843M for Revenue, $2.12 and $2.09 for EPS, 
$0.72 and $0.72 for Dividends, $491M and $419M for FCF, $2.81 for CFPS for 2020 and $554M and $562M for Net Income.
17 November 2020, this company was listed on the NYSE as CIXX. It used to be OTC-CIFAF.
June 19, 2020.  Last estimates were for 2019, 2020 and 2021 of $132700M for AUM for 2019 and 2020, $2133M, $2142M and $2242M for Revenue, 
$2.37, $2.52 and $2.57 for EPS, $0.72, $0.73 and $0.84 for div, $2.53 and $2.81 for CFPS for 2019 and 2020, $557M, $554M and $562M for Net Income.
June 22, 2019.  Last estimates were for 2018 and 2019 of $144800M and $153600M for AUM, $2286M, $2327M and 2578M for evenue for 2018, 2019 and 2020,
 $2.40 and $2.56 for EPS, $2.53 and $2.66 for CFPS and $635M and $652M for Net Income.
June 17, 2018.  Last estimates were for 2017, 2018 and 2019 of $128500M and $138500M for AUM, $2060M, $2159M and $1435M for Revenue, $2.14, $2.25 and $2.75 for EPS, 
$2.45 and $2.48 for CFPS for 2017 and 2018 and $556M, $380M and $702M for Net Income.
June 15, 2017.  Last estimates were for 2016 and 2017 of 110B and 118B for Assets Under Mge, $1932M, $2058M and $2242M for Revenuie for 2016, 2017 and 2018, 
$2.00 and $2.21 and $2.43 for EPS for 2016, 2017 and 2018, $2.11 and 2.10 for CFPS and $535M and $591M for Net Income.
June 12, 2016.  Last estimates were for 2015, 2016 and 2017 of $111,058M, 121,237M for AUM for 2015 and 2016, $2077M, $2240M and $2491M for Revenue, 
$2.16, $2.39 and $2.64 for EPS, $2.13 and $1.59 for CFPS for 2015 and 2016 and $608M, $670M and $718M for Net Income.
June 21, 2015.  Last estimates were for 2014, 2015 and 2016 of AUM at 99600M, $111000M for 2014 and 2015, Revenues at $1904.6M, $21124.8M and $2332M for Revenue, 
$1.89m $2.20 and $2.48 for EPS, $$2.01 and $2.19 for CFPS for 2014 and 2015 and $537M, $623M and $688M for Net Income.
June 21, 2014.  Last estimates were for 2013, 2014 and 2015 of $1607M, 1761M and $1949M for Revenue, $1.53 and $1.74 ('13, '14) for EPS and $1.85 and 2.14 ('13, '14) for CFPS.
Jun 19, 2013.  Last estimates were for 2011 and 2012 of $1460.6M and $1542.7M for Revenue, $1.30 and $1.37 (and $1.51) for Earnings and $1.41 and $1.69 for CFPS.
Jan 1, 2012.  Last estimates I got for 2010 and 2011 were $1.12 and $1.30 for EPS and $1.19 and $1.67 for CF. Name change from CI Funds Management to CI Financial.
Sep 5, 2010.  Last I looked I got estimates for 2009 and 2010 of $.85 and $1.11 for earnings and $1.52 and $1.62 for CF. On Jan 1, 2009, company changed from an Income Trust to a corporation.
Oct 27, 2009.  when I last looked at this stock in May 2009, I got 2009 earnings of $.90 and cash flow of $1.21.
May 2009.  Note that company because a unit trust in 2006 and then switched back to a corporation in January 1. 2009.
AP 2007.  Note that there is a change in the annual report date from a May date to a December date.  Because there is not 12 month period to December 2006 to cover, I used the 12 mth period to May 2006 and then the 
12 month period to Dec 2007.  There is no good way to handle the change of annual report date.
AP 2003, 2004. Stock has done very well in 2003 and 2004.  You have to wonder if it will continue to increase as much.  The hugh increase from 2001 may be over.
2006.  When they became a Unit Trust in 2006, dividends were significantly increased, but these dividends proved to be unsustainable, so dividends where decreased.  
They changed back to a corporation in 2009 and since that time, they have been increasing their dividends.
June 1994.  This company has been publicly traded on the Toronto Stock Exchange since June 1994.
1956.   It was founded in 1965 as Universal Savings Fund Management Ltd
See old_research_portfolio file for CIX's unit price and distributions.
Sector:
Financial Services, Financial
What should this stock accomplish?
Would I buy this company and Why.
If I was looking for a mutual fund company, I would consider this stock.  It is a dividend growut stock.
Why am I following this stock. 
I started to follow this stock originally because it was a Mutual Fund company.  People talked about it being easier to make money from buying a Mutual Fund company than buying Mutual Funds.
When they became a Unit Trust in 2006, dividends were significantly increased, but these dividends proved to be unsustainable.  They changed back to a corporation in 2009 and dividends were decreased in 2010.
Since that time, they have been increasing their dividends since 2011.  In June 2014, MPL communications called this stock a Buy and advised that they were adding it to their list of Key Stock for the Investment reporter.
I started to follow this stock in 2009.
Dividends
Dividends are paid quarter in Cycle 1 of January, April,  July and October.
Dividends are paid monthly.  The dividends are declared in one month for payment in the following month.
For example, the dividend declared for shareholders of record of November 30, 2013 was payable on December 13, 2013.
How they make their money.
CI Financial is a provider of asset- and wealth management products and services.   
This is a widely held company.  It was 37% owned by Sun Life, but they sold their interest in this company in October 2008.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Change
Date 2017 Jun 17 2018 Jun 22 2019 Jun 20 2020 Jun 19 2021 Jun 18 2022 Jun 16 2023 Jun 16 2024 Jun 14 2025
MacAlphine, Kurt 0.007 0.00% 0.075 0.04% 0.209 0.11% 0.349 0.23% 0.500 0.35% 0.500 0.35% 0.00%
Officer - Shares - Amount $0.117 $1.990 $2.825 $5.180 $15.470 $15.790
Options - percentage 0.243 0.12% 0.403 0.20% 0.519 0.28% 0.710 0.46% 0.756 0.53% 0.747 0.52% -1.07%
Options - amount $3.839 $10.645 $7.010 $10.549 $23.377 $23.605
Anderson, Peter W. 0.16% 0.458 0.19% 0.000 0.00% Ceased insider 2014
Officer - Shares - Amount $13.176 $7.907 $0.000 but report from company
Options - percentage 0.11% 0.339 0.14% 0.000 0.00% says it will be in 2020
Options - amount $8.676 $5.859 $0.000
MacPhail, Stephen A. Web site shows 
CEO - Shares - Amount Anderson as CEO
Options - percentage INK Shows MacPhail
Options - amount in 2018
Muni, Amit 0.000 0.00% 0.010 0.01% 0.036 0.02% 0.068 0.05% 0.068 0.05% 0.00%
CFO - Shares - Amount $0.000 $0.142 $0.537 $2.104 $2.147
Options - percentage 0.054 0.03% 0.072 0.04% 0.107 0.07% 0.087 0.06% 0.080 0.06% -7.71%
Options - amount $1.437 $0.973 $1.584 $2.688 $2.532
Jamieson, Douglas J.R. 0.02% 0.062 0.03% 0.065 0.03% 0.075 0.04% ceased insider Feb 2021
CFO - Shares - Amount $1.971 $1.075 $1.421 $1.179
Options - percentage 0.07% 0.232 0.10% 0.241 0.11% 0.194 0.09%
Options - amount $6.047 $4.016 $5.237 $3.063
Kelterborn, Edward Douglas 0.005 0.00% 0.013 0.01% 0.022 0.01% 0.027 0.02% 0.011 0.01% -59.44%
Officer - Shares - Amount $0.143 $0.174 $0.331 $0.833 $0.345
Options - percentage 0.054 0.03% 0.062 0.03% 0.074 0.05% 0.050 0.03% 0.037 0.03% -25.27%
Options - amount $1.415 $0.831 $1.104 $1.549 $1.182
Blair, Lorraine 0.018 0.01% 0.020 0.01% 0.020 0.01% Ceased Insider Jun 2022
Officer - Shares - Amount $0.393 $0.318 $0.533
Options - percentage 0.069 0.03% 0.051 0.02% 0.036 0.02%
Options - amount $1.501 $0.801 $0.955
Lewis, Marc-Andre 0.005 0.00% 0.030 0.02% 0.030 0.02% 0.00%
Officer - Shares - Amount $0.075 $0.927 $0.946
Options - percentage 0.142 0.09% 0.176 0.12% 0.157 0.11% -10.55%
Options - amount $2.111 $5.445 $4.972
Murray, Sheila A. 0.03% 0.072 0.03% 0.072 0.03% 0.086 0.04% 0.086 0.04% 0.086 0.05% Was officer, now Director
Director - Shares - Amount $2.129 $1.236 $1.553 $1.352 $2.265 $1.158 2019
Options - percentage 0.08% 0.149 0.06% 0.226 0.10% 0.050 0.02% 0.000 0.00% 0.000 0.00%
Options - amount $6.344 $2.572 $4.913 $0.789 $0.000 $0.000
Chang-Addorisio, Brigette Elizabeth 10.277 4.63% 10.257 4.88% 10.257 5.20% 10.258 5.56% 10.448 6.79% 10.259 7.16% 9.000 6.28% -12.27%
Director - Shares - Amount $223.124 $161.863 $271.208 $138.591 $155.258 $317.408 $284.224
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Butt, William 0.252 0.16% 0.252 0.18% 0.252 0.18% 0.00%
Director - Shares - Amount $3.737 $7.781 $7.942
Options - percentage 0.043 0.03% 0.058 0.04% 0.076 0.05% 29.66%
Options - amount $0.636 $1.807 $2.392
Holland, William T. 2.91% 7.905 3.24% 8.271 3.73% 8.107 3.85% 8.707 4.41% 9.282 5.03% 10.162 6.61% 10.949 7.64% 12.018 8.38% 9.76%
Chairman - Shares - Amt $235.18 $136.593 $179.570 $127.928 $230.212 $125.399 $151.008 $338.776 $379.537
Options - percentage 0.01% 0.018 0.01% 0.013 0.01% 0.000 0.00% 0.010 0.00% 0.010 0.01% 0.010 0.01% 0.011 0.01% 0.011 0.01% 4.89%
Options - amount $0.407 $0.307 $0.291 $0.000 $0.253 $0.134 $0.154 $0.337 $0.360
CI Income Fund
Amount of Trust Units
Increase in O/S Shares 0.03% 0.216 0.08% 0.341 0.14% 0.711 0.32% 0.522 0.25% 0.799 0.40% 1.138 0.62% 1.548 1.01% 1.574 1.10%
due to SO  $2.310 $6.430 $5.892 $15.436 $8.237 $21.126 $15.374 $23.003 $48.700
Book Value $1.280 $4.254 $7.519 $12.751 $8.488 $10.825 $16.117 $21.114 $27.954
Insider Buying -$0.259 -$0.489 -$6.278 -$6.935 -$15.408 -$14.044 -$12.625 -$14.420 -$5.439
Insider Selling $34.997 $0.453 $0.436 $11.812 $0.633 $1.802 $1.831 $3.006 $44.994
Net Insider Selling $34.738 -$0.036 -$5.842 $4.877 -$14.776 -$12.242 -$10.794 -$11.414 $39.555
% of Market Cap 0.43% 0.00% -0.12% 0.15% -0.28% -0.49% -0.47% -0.26% 0.87%
Directors  7 9 8 8 9 8 7 6
Women 14% 1 14% 2 22% 2 25% 2 25% 3 33% 2 25% 2 29% 2 33%
Minorities 0% 0 0% 1 11% 1 13% 1 13% 1 11% 1 13% 1 14% 1 17%
Institutions/Holdings $3,383.38 222 47.40% 392 91.29%  makes no sense 2019
Value $1,996.34 $4,395.56
Total Shares Held 46.34% 79.000 32.41% 140.000 63.12%
Amount $3,751.02 $1,365.120 $3,039.40
Increase/Decrease -5.97% 1.000 1.28% -16.000 -10.26%
Starting No. of Shares Moringstar 78.000 Moringstar 156.000 Moringstar
Institutions/Holdings 232 51.54% 20 29.67% 20 51.18% 20 38.58% 20 20.39% 20 18.98% 20 14.83%
Total Shares Held 122.986 55.45% 69.731 33.15% 105.686 53.53% 75.528 40.93% 37.627 24.46% 28.733 18.68% 21.259 14.83%
Increase/Decrease 3 Mths 2.479 2.06% -4.362 -5.89% 33.343 46.09% -10.200 -11.90% 2.493 7.10% 0.446 1.58% -1.687 -7.35%
Starting No. of Shares 120.507 74.093 Top 20 MS 72.343 Top 20 MS 85.728 Top 20 MS 35.134 Top 20 MS 28.287 Top 20 MS 22.946 Top 20 MS
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