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
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/24	<estimates
Emera Inc						TSX:	EMA	OTC:	EMRAF	https://www.emera.com/		Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP	USGAAP					Accounting Rules
USD - CDN$			1.0636	1.1601	1.3847	1.3427	1.2545	1.3642	1.2988	1.2732	1.2678	1.3544	1.3226	1.3564	1.3564	1.3564					USD - CDN$
Comments														$7,069	<-12 mths	-6.53%
Revenue*	$2,064.4	$2,058.6	$2,230.2	$2,971.9	$2,789.3	$4,277	$6,226	$6,524	$6,111	$5,506	$5,765	$7,588	$7,563	$7,774	$8,154	$8,698		239.12%	<-Total Growth	10	Revenue
Increase	32.87%	-0.28%	8.34%	33.26%	-6.14%	53.34%	45.57%	4.79%	-6.33%	-9.90%	4.70%	31.62%	-0.33%	2.79%	4.89%	6.67%		12.99%	<-IRR #YR->	10	Revenue	239.12%
5 year Running Average	$1,551	$1,695	$1,874	$2,176	$2,423	$2,865	$3,699	$4,558	$5,185	$5,729	$6,026	$6,299	$6,507	$6,839	$7,369	$7,955		3.00%	<-IRR #YR->	5	Revenue	15.93%
Revenue per Share	$16.81	$15.72	$16.78	$20.67	$18.95	$20.36	$27.22	$27.87	$25.20	$21.90	$22.08	$28.11	$26.62	$27.36	$28.70	$30.61		13.25%	<-IRR #YR->	10	5 yr Running Average	247.11%
Increase	23.99%	-6.49%	6.78%	23.16%	-8.33%	7.48%	33.64%	2.39%	-9.56%	-13.11%	0.84%	27.29%	-5.30%	2.79%	4.89%	6.67%		7.38%	<-IRR #YR->	5	5 yr Running Average	42.76%
5 year Running Average	$13.44	$14.18	$15.17	$16.71	$17.78	$18.50	$20.80	$23.01	$23.92	$24.51	$24.85	$25.03	$24.78	$25.21	$26.57	$28.28		4.72%	<-IRR #YR->	10	Revenue per Share	58.61%
P/S (Price/Sales) Med	1.84	2.16	1.97	1.69	2.27	2.25	1.55	1.54	2.01	2.36	2.57	2.18	1.94	1.79	0.00	0.00		-0.91%	<-IRR #YR->	5	Revenue per Share	-4.48%
P/S (Price/Sales) Close	1.97	2.21	1.82	1.87	2.28	2.23	1.73	1.57	2.21	2.47	2.86	1.84	1.89	1.78	1.70	1.59		5.03%	<-IRR #YR->	10	5 yr Running Average	63.40%
*Revenue in M CDN $					P/S Med	20 yr	1.93	15 yr	2.01	10 yr	2.09	5 yr	2.18		-14.98%	Diff M/C		1.49%	<-IRR #YR->	5	5 yr Running Average	7.69%
			-$2,230	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,563
								-$6,524	$0	$0	$0	$0	$7,563
			-$1,874	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,507
								-$4,558	$0	$0	$0	$0	$6,507
			-$16.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.62
								-$27.87	$0.00	$0.00	$0.00	$0.00	$26.62
			-$15.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.78
								-$23.01	$0.00	$0.00	$0.00	$0.00	$24.78
AFFO*	$2.06	$1.73	$2.72	$3.29	$3.30	$2.43	$2.61	$4.50	$3.45	$2.60	$2.22	$1.35	$5.61	$5.78	$4.80			106.25%	<-Total Growth	10	AFFO
Increase		-16.02%	57.23%	20.96%	0.30%	-26.36%	7.41%	72.41%	-23.33%	-24.64%	-14.62%	-39.19%	315.56%	3.03%	-16.96%			7.51%	<-IRR #YR->	10	AFFO	106.25%
AFFO Yield	6.2%	5.0%	8.9%	8.5%	7.6%	5.4%	5.6%	10.3%	6.2%	4.8%	3.5%	2.6%	11.2%	11.9%	9.9%			4.51%	<-IRR #YR->	5	AFFO	24.67%
5 year Running Average					$2.62	$2.69	$2.87	$3.23	$3.26	$3.12	$3.08	$2.82	$3.05	$3.51	$3.95			1.90%	<-IRR #YR->	8	5 yr Running Average	#DIV/0!
Payout Ratio	63.71%	78.76%	51.93%	44.83%	50.38%	82.10%	81.70%	50.72%	68.84%	95.19%	115.99%	198.33%	49.69%	49.65%	59.79%			-1.14%	<-IRR #YR->	5	5 yr Running Average	-5.58%
5 year Running Average					55.15%	58.70%	60.47%	59.19%	64.13%	72.23%	76.98%	87.71%	84.64%	76.22%	69.74%			64.13%	<-Median->	9	Payout 5 yr Running Average
Price/AFFO Median	15.00	19.59	12.14	10.63	13.04	18.86	16.14	9.51	14.69	19.84	25.52	45.35	9.21	8.47	0.00			15.41	<-Median->	10	P/AFFO Med
Price/AFFO High	16.33	20.42	13.63	11.98	14.31	20.40	15.08	10.49	16.94	23.31	28.54	47.95	10.52	8.92	0.00			16.01	<-Median->	10	P/AFFO High
Price/AFFO Low	13.66	18.76	10.65	9.29	11.77	17.32	17.20	8.54	12.45	16.37	22.50	42.75	7.90	8.02	0.00			14.41	<-Median->	10	P/AFFO Low
Price/AFFO Close	16.04	20.08	11.24	11.74	13.10	18.68	18.00	9.71	16.17	20.81	28.48	38.33	8.97	8.43	10.15			17.09	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close		16.86	17.67	14.21	13.14	13.75	19.33	16.75	12.40	15.68	24.32	23.31	37.26	8.69	8.43			16.21	<-Median->	10	Trailing P/AFFO Close
Median Values		DPR	10 Yrs	75.27%	5 Yrs	95.19%	P/CF	5 Yrs	in order	19.84	23.31	16.37	20.81		-57.51%	Diff M/C		-45.31%	Diff M/C	10	DPR 75% to 95% best
* Adjusted Funds From Operations
			-$2.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.61
								-$4.50	$0.00	$0.00	$0.00	$0.00	$5.61
					-$2.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.05
								-$3.23	$0.00	$0.00	$0.00	$0.00	$3.05
														$3.07	<-12 mths	3.72%
Adjusted Net Income		$231	$259	$319	$330	$475	$524	$671	$621	$665	$723	$850	$809					211.87%	<-Total Growth	10	Adjusted Net Income
Return on Equity ROE		13.90%	12.39%	11.87%	9.45%	7.92%	8.21%	9.21%	8.22%	8.11%	8.32%	8.50%	7.59%					8.27%	<-Median->	10	Return on Equity ROE
5Yr Median						11.87%	9.45%	9.21%	8.22%	8.21%	8.22%	8.32%	8.22%					8.27%	<-Median->	8	5Yr Median
Adjusted EPS Diluted	$1.97	$1.84	$1.95	$2.17	$2.25	$2.76	$2.45	$2.88	$2.58	$2.68	$2.81	$3.20	$2.95					51.38%	<-Total Growth	10	Adjusted EPS Diluted
Adjusted EPS basic	$1.99	$1.85	$1.96	$2.23	$2.26	$2.77	$2.46	$2.88	$2.59	$2.68	$2.81	$3.20	$2.96	$3.21	$3.41	$3.61		51.02%	<-Total Growth	10	Adjusted EPS	Excludes
Increase	19.16%	-7.04%	5.95%	13.78%	1.35%	22.57%	-11.19%	17.07%	-10.07%	3.47%	4.85%	13.88%	-7.50%	8.45%	6.23%	5.87%		4.21%	<-IRR #YR->	10	Adjusted EPS	MTM
Earnings Yield	6.0%	5.3%	6.4%	5.8%	5.2%	6.1%	5.2%	6.6%	4.6%	5.0%	4.4%	6.2%	5.9%	6.6%	7.0%	7.4%		0.55%	<-IRR #YR->	5	Adjusted EPS	Special Items
5 year Running Average		$1.67	$1.81	$1.94	$2.06	$2.21	$2.34	$2.52	$2.59	$2.68	$2.68	$2.83	$2.85	$2.97	$3.12	$3.28		4.66%	<-IRR #YR->	10	5 yr Running Average
Payout Ratio	65.95%	73.65%	72.07%	66.14%	73.56%	72.02%	86.69%	79.25%	91.70%	92.35%	91.64%	83.67%	94.17%	89.41%	84.16%	79.50%		2.48%	<-IRR #YR->	5	5 yr Running Average
5 year Running Average		69.77%	69.55%	69.33%	70.21%	71.43%	74.29%	75.77%	80.61%	84.16%	88.23%	87.46%	90.52%	0.00%	0.00%	0.00%		78.19%	<-Median->	10	Payout 5 yr Running Average
Price/Adj EPS Median	15.53	18.32	16.84	15.69	19.04	16.54	17.12	14.86	19.57	19.25	20.16	19.13	17.45	15.25	0.00	0.00		18.08	<-Median->	10	P/AFFO Med
Price/Adj EPS High	16.91	19.09	18.91	17.67	20.89	17.89	16.00	16.39	22.56	22.61	22.54	20.23	19.93	16.06	0.00	0.00		19.57	<-Median->	10	P/AFFO High
Price/Adj EPS Low	14.14	17.54	14.78	13.71	17.19	15.19	18.24	13.34	16.58	15.88	17.78	18.03	14.97	14.44	0.00	0.00		16.23	<-Median->	10	P/AFFO Low
Price/AFFO Close	16.60	18.78	15.60	17.33	19.13	16.39	19.10	15.18	21.54	20.19	22.50	16.17	16.99	15.18	14.29	13.50		18.21	<-Median->	10	P/AFFO Close
Trailing Price/AFFO Close	19.78	17.46	16.52	19.71	19.39	20.08	16.96	17.77	19.37	20.89	23.59	18.42	15.72	16.46	15.18	14.29		19.38	<-Median->	10	Trailing P/AFFO Close
Median Values		DPR	10 Yrs	85.18%	5 Yrs	91.70%	P/CF	5 Yrs	in order	19.25	22.54	16.58	20.19		-21.13%	Diff M/C		-16.04%	Diff M/C	10	DPR 75% to 95% best
* Adjusted Earnings per Common Share - basic
			-$1.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.96
								-$2.88	$0.00	$0.00	$0.00	$0.00	$2.96
			-$1.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.85
								-$2.52	$0.00	$0.00	$0.00	$0.00	$2.85
														$1.86	<-12 mths	-47.81%
Difference Basic and Diluted	1.01%	0.56%	0.00%	0.70%	0.37%	0.75%	0.80%	0.33%	0.00%	0.00%	0.00%	0.28%	0.00%					0.00	<-Median->	10	Difference Basic and Diluted
EPS Basic	$1.99	$1.77	$1.64	$2.84	$2.72	$1.33	$1.25	$3.05	$2.76	$3.78	$1.98	$3.56	$3.57					117.68%	<-Total Growth	10	Earnings
EPS Diluted*	$1.97	$1.76	$1.64	$2.82	$2.71	$1.32	$1.24	$3.04	$2.76	$3.78	$1.98	$3.55	$3.57	$3.23	$3.40	$3.70		117.68%	<-Total Growth	10	Earnings
Increase	19.39%	-10.66%	-6.82%	71.95%	-3.90%	-51.29%	-6.06%	145.16%	-9.21%	36.96%	-47.62%	79.29%	0.56%	-9.58%	5.42%	8.58%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	6.0%	5.1%	5.4%	7.3%	6.3%	2.9%	2.6%	7.0%	4.9%	7.0%	3.1%	6.9%	7.1%	6.6%	7.0%	7.6%		8.09%	<-IRR #YR->	10	Earnings	117.68%
5 year Running Average	$1.54	$1.63	$1.71	$1.97	$2.18	$2.05	$1.95	$2.23	$2.21	$2.43	$2.56	$3.02	$3.13	$3.22	$3.15	$3.49		3.27%	<-IRR #YR->	5	Earnings	17.43%
10 year Running Average	$1.31	$1.40	$1.45	$1.62	$1.78	$1.80	$1.79	$1.97	$2.09	$2.30	$2.31	$2.48	$2.68	$2.72	$2.79	$3.02		6.24%	<-IRR #YR->	10	5 yr Running Average	83.14%
* Diluted ESP per share									E/P	10 Yrs	6.56%	5Yrs	6.86%					7.04%	<-IRR #YR->	5	5 yr Running Average	40.52%
			-$1.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.57
								-$3.04	$0.00	$0.00	$0.00	$0.00	$3.57
			-$1.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.13
								-$2.23	$0.00	$0.00	$0.00	$0.00	$3.13
Dividend*														$2.88	$2.99	$3.10			Estimates		Dividend*
Increase														3.35%	3.78%	3.61%			Estimates		Increase
Payout Ratio EPS														89.25%	87.86%	83.84%			Estimates		Payout Ratio EPS
Dividend US$ New Qrtly			$0.329	$0.312	$0.280	$0.389	$0.450	$0.431	$0.472	$0.501	$0.523	$0.509	$0.542								Dividend US$ New Qrtly
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
Dividend*	$1.31	$1.36	$1.41	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.6775	$2.7875	$2.8700	$2.8700	$2.8700		97.35%	<-Total Growth	10	Dividends
Increase	12.90%	3.81%	3.67%	4.42%	12.71%	20.00%	6.89%	7.03%	4.05%	4.21%	4.04%	3.98%	4.11%	2.96%	0.00%	0.00%		28	0	30	Years of data, Count P, N	93.33%
Average Increases 5 Year Running	8.17%	8.71%	8.00%	7.53%	7.50%	8.92%	9.54%	10.21%	10.14%	8.44%	5.25%	4.66%	4.08%	3.86%	3.02%	2.21%		7.99%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.07	$1.17	$1.26	$1.35	$1.45	$1.58	$1.74	$1.91	$2.09	$2.25	$2.37	$2.48	$2.58	$2.68	$2.76	$2.82		105.25%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.25%	4.02%	4.28%	4.22%	3.86%	4.35%	5.06%	5.33%	4.69%	4.80%	4.55%	4.37%	5.40%	5.86%				4.62%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.90%	3.86%	3.81%	3.74%	3.52%	4.03%	5.42%	4.84%	4.06%	4.08%	4.06%	4.14%	4.73%	5.57%				4.07%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.66%	4.20%	4.88%	4.82%	4.28%	4.74%	4.75%	5.94%	5.53%	5.81%	5.15%	4.64%	6.29%	6.19%				4.99%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.97%	3.92%	4.62%	3.82%	3.85%	4.40%	4.54%	5.22%	4.26%	4.57%	4.07%	5.17%	5.54%	5.89%	5.89%	5.89%		4.47%	<-Median->	10	Yield on Close Price	Div Pd Cash
Payout Ratio EPS	66.62%	77.41%	86.13%	52.30%	61.35%	151.14%	171.98%	75.08%	86.05%	65.48%	130.05%	75.42%	78.08%	88.91%	84.34%	77.67%		76.75%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	69.56%	71.48%	73.54%	68.34%	66.28%	77.15%	89.18%	85.78%	94.38%	92.75%	92.50%	81.97%	82.42%	83.10%	87.60%	80.68%		84.10%	<-Median->	10	DPR EPS 5 Yr Running	FCF 1
Payout Ratio CFPS	40.35%	44.88%	33.27%	27.81%	36.30%	39.79%	40.89%	44.79%	37.76%	38.01%	56.73%	79.17%	35.34%	35.04%	35.13%	34.13%		38.90%	<-Median->	10	DPR CF	FCF 2
DPR CF 5 Yr Running	36.21%	39.64%	37.28%	34.54%	35.39%	35.65%	35.63%	37.88%	39.89%	40.04%	42.82%	47.97%	45.06%	43.87%	42.84%	39.05%		38.88%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	36.66%	43.40%	32.49%	29.16%	31.55%	45.59%	37.61%	40.82%	36.04%	43.82%	50.28%	63.02%	33.90%	35.04%	35.13%	34.13%		39.22%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	34.66%	37.84%	37.09%	35.29%	33.77%	35.63%	35.10%	36.77%	38.00%	40.40%	41.37%	45.53%	43.21%	42.59%	40.59%	37.79%		37.38%	<-Median->	10	DPR CF WC 5 Yr Running
Median 5 Yrs	10 Yr Med	10 Yr Cl	4.62%	4.47%	5 Yr Med	5 Yr Cl	4.69%	4.57%	5 Yr Med	Payout	78.08%	38.01%	43.82%					4.08%	<-IRR #YR->	5	Dividends	22.12%
* Dividends per share	10 Yr Med	and Cur.	27.61%	31.84%	5 Yr Med	and Cur.	25.70%	28.74%	Last Div Inc --->		$0.6900	$0.7275	5.4%					7.03%	<-IRR #YR->	10	Dividends	97.35%
Dividends Growth 15																		7.33%	<-IRR #YR->	15	Dividends	188.86%
Dividends Growth 20																		6.06%	<-IRR #YR->	20	Dividends	224.13%
Dividends Growth 25																		5.02%	<-IRR #YR->	25	Dividends	239.94%
Dividends Growth 30																		4.47%	<-IRR #YR->	30	Dividends
Dividends Growth 5								-$2.28	$0.00	$0.00	$0.00	$0.00	$2.79								Dividends Growth 5
Dividends Growth 10			-$1.41	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.79								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.79								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.79								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.79								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.79								Dividends Growth 30
Historical Dividends	Historical	High Div	7.14%	Low Div	3.76%	10 Yr High	6.26%	10 Yr Low	3.54%	Med Div	4.77%	Close Div	4.57%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-17.51%		56.64%	Exp.	-5.92%		66.37%	Cheap	23.47%	Cheap	28.74%								High/Ave/Median
Future Dividend Yield					Div Yd	7.19%	earning in	5	Years	at IRR of	4.08%	Div Inc.	22.12%								Future Dividend Yield
Future Dividend Yield					Div Yd	8.78%	earning in	10	Years	at IRR of	4.08%	Div Inc.	49.14%								Future Dividend Yield
Future Dividend Yield					Div Yd	10.73%	earning in	15	Years	at IRR of	4.08%	Div Inc.	82.14%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.50	earning in	5	Years	at IRR of	4.08%	Div Inc.	22.12%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.28	earning in	10	Years	at IRR of	4.08%	Div Inc.	49.14%								Future Dividend Paid
Future Dividend Paid					Div Paid	$5.23	earning in	15	Years	at IRR of	4.08%	Div Inc.	82.14%								Future Dividend Paid
Dividend Covering Cost					Total Div	$15.57	over	5	Years	at IRR of	4.08%	Div Cov.	31.95%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$31.08	over	10	Years	at IRR of	4.08%	Div Cov.	63.78%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$50.02	over	15	Years	at IRR of	4.08%	Div Cov.	102.64%								Dividend Covering Cost
I am earning GC					Div Gr	120.77%	09/08/11	# yrs ->	13	2011	$28.87	Cap Gain	68.79%								I am earning GC
I am earning Div					org yield	4.50%	1/31/15	Pension	Div G Yrly	25.54%	Div start	$1.30	-4.50%	9.94%							I am earning Div
I am earning GC					Div Gr	222.47%	15/07/05	# yrs ->	19	2005	$18.65	Cap Gain	161.29%								I am earning GC
I am earning Div					org yield	4.77%	1/31/15	Pension	Div G Yrly	13.04%	Div start	$0.89	-4.77%	15.39%							I am earning Div
Yield if held 5 years	6.47%	6.72%	6.74%	6.68%	6.01%	6.46%	6.29%	6.91%	6.79%	5.75%	5.62%	6.36%	6.51%	5.66%	5.56%	5.07%		6.41%	<-Median->	10	Paid Median Price
Yield if held 10 years	8.78%	8.13%	8.37%	8.62%	8.88%	9.84%	10.52%	10.89%	10.75%	8.95%	8.33%	7.90%	8.44%	8.20%	6.67%	6.26%		8.91%	<-Median->	10	Paid Median Price
Yield if held 15 years	10.00%	9.35%	8.22%	8.66%	10.76%	13.34%	12.73%	13.53%	13.88%	13.22%	12.70%	13.21%	13.30%	12.99%	10.37%	9.29%		13.22%	<-Median->	10	Paid Median Price
Yield if held 20 years						15.20%	14.64%	13.29%	13.95%	16.02%	17.22%	15.99%	16.52%	16.77%	15.33%	14.16%		15.59%	<-Median->	8	Paid Median Price
Yield if held 25 years											19.62%	18.38%	16.23%	16.86%	18.58%	19.20%		18.38%	<-Median->	3	Paid Median Price
Cost covered if held 5 years	26.49%	28.77%	29.97%	30.44%	26.12%	25.59%	25.61%	28.92%	29.86%	26.16%	25.84%	29.41%	30.11%	26.41%	26.71%	24.84%		27.54%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	65.22%	61.21%	64.05%	66.63%	65.02%	65.49%	71.58%	75.53%	77.72%	66.82%	63.92%	62.16%	67.96%	68.12%	58.19%	56.56%		66.72%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	105.90%	99.23%	87.60%	92.16%	106.88%	118.11%	113.01%	120.64%	127.69%	125.17%	123.88%	132.68%	137.04%	138.30%	116.63%	109.48%		122.26%	<-Median->	10	Paid Median Price
Cost covered if held 20 years						166.15%	158.81%	143.19%	153.52%	179.76%	197.31%	186.96%	197.05%	205.92%	198.78%	193.30%		172.95%	<-Median->	8	Paid Median Price
Cost covered if held 25 years											256.36%	243.84%	218.24%	232.14%	268.95%	291.45%		243.84%	<-Median->	3	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$6,524.0	$6,111.0	$5,506.0	$5,765.0	$7,588.0	$7,563.0	$7,069	<-12 mths	-6.53%		15.93%	<-Total Growth	5	Revenue Growth	15.93%
AEPS Growth								$2.88	$2.59	$2.68	$2.81	$3.20	$2.96	$3.07	<-12 mths	3.72%		2.78%	<-Total Growth	5	AEPS Growth	2.78%
Net Income Growth								$710.0	$663.0	$938.0	$510.0	$945.0	$978.0	$700	<-12 mths	-28.40%		37.75%	<-Total Growth	5	Net Income Growth	37.75%
Cash Flow Growth								$1,193.0	$1,525.0	$1,637.0	$1,185.0	$913.0	$2,241.0					87.85%	<-Total Growth	5	Cash Flow Growth	87.85%
Dividend Growth								$2.28	$2.38	$2.48	$2.58	$2.68	$2.79	$2.87	<-12 mths	2.96%		22.12%	<-Total Growth	5	Dividend Growth	22.12%
Stock Price Growth								$43.71	$55.79	$54.10	$63.22	$51.75	$50.30	$52.04	<-12 mths	3.45%		15.08%	<-Total Growth	5	Stock Price Growth	15.08%
Revenue Growth			$2,230.2	$2,971.9	$2,789.3	$4,277.0	$6,226.0	$6,524.0	$6,111.0	$5,506.0	$5,765.0	$7,588.0	$7,563.0	$7,774	<-this year	2.79%		239.12%	<-Total Growth	10	Revenue Growth	239.12%
AEPS Growth			$1.96	$2.23	$2.26	$2.77	$2.46	$2.88	$2.59	$2.68	$2.81	$3.20	$2.96	$3.21	<-this year	8.45%		51.02%	<-Total Growth	10	AEPS Growth	51.02%
Net Income Growth			$217.5	$406.7	$397.2	$227.0	$266.0	$710.0	$663.0	$938.0	$510.0	$945.0	$978.0	$920	<-this year	-5.95%		349.66%	<-Total Growth	10	Net Income Growth	349.66%
Cash Flow Growth			$564.2	$762.5	$674.2	$1,053.0	$1,193.0	$1,193.0	$1,525.0	$1,637.0	$1,185.0	$913.0	$2,241.0	$2,327	<-this year	3.84%		297.20%	<-Total Growth	10	Cash Flow Growth	297.20%
Dividend Growth			$1.41	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.68	$2.79	$2.88	<-this year	3.35%		97.35%	<-Total Growth	10	Dividend Growth	97.35%
Stock Price Growth			$30.57	$38.64	$43.23	$45.39	$46.98	$43.71	$55.79	$54.10	$63.22	$51.75	$50.30	$52.18	<-this year	3.74%		64.54%	<-Total Growth	10	Stock Price Growth	64.54%
Dividends on Shares				$48.68	$54.86	$65.84	$70.37	$75.32	$78.38	$81.68	$84.98	$88.36	$91.99	$94.71	$94.71	$94.71		$740.44	No of Years	10	Total Divs	12/31/13
Paid			$1,008.81	$1,275.12	$1,426.59	$1,497.87	$1,550.34	$1,442.43	$1,841.07	$1,785.30	$2,086.26	$1,707.75	$1,659.90	$1,608.09	$1,608.09	$1,608.09		$1,659.90	No of Years	10	Worth	$30.57
Total																		$2,400.34			Total
Graham No. AEPS	$23.01	$22.96	$26.36	$30.63	$34.72	$42.18	$39.29	$44.90	$42.61	$44.35	$45.89	$51.66	$49.97	$52.04	$53.63	$55.18		89.55%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.34	1.48	1.25	1.14	1.24	1.09	1.07	0.95	1.19	1.16	1.23	1.19	1.03	0.94				1.15	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.46	1.54	1.41	1.29	1.36	1.17	1.00	1.05	1.37	1.37	1.38	1.25	1.18	0.99				1.27	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.22	1.41	1.10	1.00	1.12	1.00	1.14	0.86	1.01	0.96	1.09	1.12	0.89	0.89				1.00	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.44	1.51	1.16	1.26	1.24	1.08	1.20	0.97	1.31	1.22	1.38	1.00	1.01	0.94	0.91	0.88		1.21	<-Median->	10	Price/GP Ratio
Prem/Disc Close	43.59%	51.31%	15.96%	26.13%	24.50%	7.61%	19.58%	-2.65%	30.92%	21.99%	37.78%	0.18%	0.66%	-6.35%	-9.14%	-11.69%		20.79%	<-Median->	10	Graham Price
Graham No. EPS	$22.89	$22.39	$24.11	$34.45	$38.02	$29.12	$27.89	$46.13	$43.99	$52.67	$38.52	$54.41	$54.88	$52.18	$53.58	$55.83		127.57%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.35	1.51	1.37	1.02	1.13	1.57	1.51	0.93	1.15	0.98	1.47	1.13	0.94	0.94				1.13	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.47	1.58	1.54	1.14	1.24	1.70	1.41	1.02	1.33	1.15	1.64	1.19	1.07	0.99				1.22	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.23	1.45	1.20	0.89	1.02	1.45	1.61	0.83	0.98	0.81	1.30	1.06	0.81	0.89				1.00	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.44	1.55	1.27	1.12	1.14	1.56	1.68	0.95	1.27	1.03	1.64	0.95	0.92	0.93	0.91	0.87		1.13	<-Median->	10	Price/GP Ratio
Prem/Disc Close	44.31%	55.13%	26.77%	12.16%	13.69%	55.89%	68.42%	-5.24%	26.82%	2.72%	64.13%	-4.89%	-8.34%	-6.62%	-9.05%	-12.72%		12.93%	<-Median->	10	Graham Price
Price Close	$33.04	$34.74	$30.57	$38.64	$43.23	$45.39	$46.98	$43.71	$55.79	$54.10	$63.22	$51.75	$50.30	$48.73	$48.73	$48.73		64.54%	<-Total Growth	10	Stock Price
Increase	5.39%	5.15%	-12.00%	26.40%	11.88%	5.00%	3.50%	-6.96%	27.64%	-3.03%	16.86%	-18.14%	-2.80%	-3.12%	0.00%	0.00%		18.72	<-Median->	10	CAPE (10 Yr P/E)
P/E	16.77	19.74	18.64	13.70	15.95	34.39	37.89	14.38	20.21	14.31	31.93	14.58	14.09	15.10	14.32	13.19		2.85%	<-IRR #YR->	5	Stock Price	15.08%
Trailing P/E	20.02	17.63	17.37	23.56	15.33	16.75	35.59	35.25	18.35	19.60	16.72	26.14	14.17	13.65	15.10	14.32		5.11%	<-IRR #YR->	10	Stock Price	64.54%
CAPE (10 Yr P/E)	17.60	17.79	18.06	17.41	17.07	18.15	19.63	18.95	19.29	18.50	19.80	19.06	18.42	18.51	18.25	16.93		8.41%	<-IRR #YR->	5	Price & Dividend	49.79%
Median 10, 5 Yrs		D.  per yr	5.73%	5.56%	% Tot Ret	52.90%	66.13%	T P/E	18.98	18.35	P/E:	15.26	14.58					10.84%	<-IRR #YR->	10	Price & Dividend	142.56%
Price 15		D.  per yr	5.53%		% Tot Ret	49.68%						CAPE Diff	-19.37%					5.60%	<-IRR #YR->	15	Stock Price	126.58%
Price  20		D.  per yr	5.13%		% Tot Ret	49.09%												5.32%	<-IRR #YR->	20	Stock Price	181.95%
Price  25		D.  per yr	4.49%		% Tot Ret	51.84%												4.17%	<-IRR #YR->	25	Stock Price	177.90%
Price  30		D.  per yr	4.99%		% Tot Ret	51.98%												4.61%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	5.57%		% Tot Ret	52.17%												5.10%	<-IRR #YR->	31	Stock Price
Price & Dividend 15																		11.14%	<-IRR #YR->	15	Price & Dividend	260.28%
Price & Dividend 20																		10.45%	<-IRR #YR->	20	Price & Dividend	373.11%
Price & Dividend 25																		8.66%	<-IRR #YR->	25	Price & Dividend	389.52%
Price & Dividend 30																		9.61%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		10.67%	<-IRR #YR->	31	Price & Dividend
Price  5								-$43.71	$0.00	$0.00	$0.00	$0.00	$50.30								Price  5
Price 10			-$30.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$50.30								Price 10
Price & Dividend 5								-$43.71	$2.38	$2.48	$2.58	$2.68	$53.09								Price & Dividend 5
Price & Dividend 10			-$30.57	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.68	$53.09								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	$50.30								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	$50.30								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	$50.30								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	$50.30								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	$50.30								Price  35
Price & Dividend 15	$1.31	$1.36	$1.41	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.68	$53.09								Price & Dividend 15
Price & Dividend 20	$1.31	$1.36	$1.41	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.68	$53.09								Price & Dividend 20
Price & Dividend 25	$1.31	$1.36	$1.41	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.68	$53.09								Price & Dividend 25
Price & Dividend 30	$1.31	$1.36	$1.41	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.68	$53.09								Price & Dividend 30
Price & Dividend 35	$1.31	$1.36	$1.41	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.68	$53.09								Price & Dividend 35
Price H/L Median	$30.90	$33.89	$33.02	$34.99	$43.04	$45.82	$42.12	$42.81	$50.69	$51.59	$56.66	$61.22	$51.65	$48.94				56.43%	<-Total Growth	10	Stock Price
Increase	11.68%	9.68%	-2.57%	5.97%	23.01%	6.47%	-8.09%	1.64%	18.42%	1.77%	9.83%	8.06%	-15.64%	-5.24%				4.58%	<-IRR #YR->	10	Stock Price	56.43%
P/E	15.68	19.25	20.13	12.41	15.88	34.71	33.96	14.08	18.37	13.65	28.61	17.25	14.47	15.16				3.83%	<-IRR #YR->	5	Stock Price	20.65%
Trailing P/E	18.72	17.20	18.76	21.33	15.26	16.91	31.91	34.52	16.67	18.69	14.99	30.92	14.55	13.71				10.00%	<-IRR #YR->	10	Price & Dividend	128.67%
P/E on Running 5 yr Aveage	20.01	20.76	19.33	17.78	19.74	22.35	21.64	19.23	22.90	21.25	22.13	20.26	16.51	15.19				9.40%	<-IRR #YR->	5	Price & Dividend	56.10%
P/E on Running 10 yr Aveage	23.62	24.20	22.78	21.66	24.22	25.50	23.54	21.76	24.24	22.39	24.58	24.65	19.29	18.01				15.36	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.43%	5.58%	% Tot Ret	54.25%	59.31%	T P/E	17.80	16.67	P/E:	16.56	17.25						Count	31	Years of data
			-$33.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.65
								-$42.81	$0.00	$0.00	$0.00	$0.00	$51.65
			-$33.02	$1.48	$1.66	$2.00	$2.13	$2.28	$2.38	$2.48	$2.58	$2.68	$54.43
								-$42.81	$2.38	$2.48	$2.58	$2.68	$54.43
High Months	Oct	Jul	Apr	Nov	Aug	Jul	Oct	Jan	Sep	Jan	Dec	Apr	May	Jan
Price High	$33.65	$35.32	$37.06	$39.40	$47.22	$49.56	$39.35	$47.19	$58.44	$60.60	$63.35	$64.73	$58.99	$51.54				59.17%	<-Total Growth	10	Stock Price
Increase	-7.88%	4.96%	4.93%	6.31%	19.85%	4.96%	-20.60%	19.92%	23.84%	3.70%	4.54%	2.18%	-8.87%	-12.63%				4.76%	<-IRR #YR->	10	Stock Price	59.17%
P/E	17.08	20.07	22.60	13.97	17.42	37.55	31.73	15.52	21.17	16.03	31.99	18.23	16.52	15.97				4.56%	<-IRR #YR->	5	Stock Price	25.01%
Trailing P/E	20.39	17.93	21.06	24.02	16.74	18.29	29.81	38.06	19.22	21.96	16.76	32.69	16.62	14.44				17.08	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	20.59	19.22	P/E:	17.83	18.23					21.13	P/E Ratio		Historical High
			-$37.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$58.99
								-$47.19	$0.00	$0.00	$0.00	$0.00	$58.99
Low Months	Aug	Jun	Sep	Jan	Jan	Jan	Feb	Dec	Jan	Mar	Feb	Feb	Oct	Feb
Price Low	$28.14	$32.45	$28.97	$30.57	$38.85	$42.08	$44.88	$38.42	$42.94	$42.57	$49.96	$57.71	$44.30	$46.34				52.92%	<-Total Growth	10	Stock Price
Increase	49.68%	15.32%	-10.72%	5.52%	27.09%	8.31%	6.65%	-14.39%	11.76%	-0.86%	17.36%	15.51%	-23.24%	4.60%				4.34%	<-IRR #YR->	10	Stock Price	52.92%
P/E	14.28	18.44	17.66	10.84	14.34	31.88	36.19	12.64	15.56	11.26	25.23	16.26	12.41	14.36				2.89%	<-IRR #YR->	5	Stock Price	15.30%
Trailing P/E	17.05	16.47	16.46	18.64	13.78	15.53	34.00	30.98	14.13	15.42	13.22	29.15	12.48	12.98				13.41	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	15.48	14.13	P/E:	14.95	15.56					10.85	P/E Ratio		Historical Low
			-$28.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.30
								-$38.42	$0.00	$0.00	$0.00	$0.00	$44.30
Free Cash Flow MS	-$73	-$36	$247	$312	$247	-$27	-$336	-$472	-$970	-$986	-$1,174	-$1,683	-$696	-$340.6	-$405	$467		-381.78%	<-Total Growth	10	Free Cash Flow	MS, WSJ
Change	31.13%	50.68%	786.11%	26.32%	-20.83%	-110.93%	-1144.44%	-40.48%	-105.51%	-1.65%	-19.07%	-43.36%	58.65%	51.06%	-18.88%	215.34%		8.08%	<-IRR #YR->	5	Free Cash Flow MS	-47.46%
FCF/CF from Op Ratio	-0.18	-0.09	0.44	0.41	0.37	-0.03	-0.28	-0.40	-0.64	-0.60	-0.99	-1.84	-0.31	-0.15	-0.17	0.20		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	-381.78%
Dividends paid	$161	$178	$186	$210	$240	$221	$287	$346	$378	$409	$443	$472	$488	$815	$815	$815		162.93%	<-Total Growth	10	Dividends paid
Percentage paid					97.17%	-818.52%	-85.42%	-73.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	174.61%		0.00%	<-Median->	9	Percentage paid
5 Year Coverage									-94.48%	-58.80%	-47.31%	-38.75%	-39.75%	-53.85%	-70.58%	-128.18%		-47.31%	<-Median->	5	5 Year Coverage
Dividend Coverage Ratio					1.03	-0.12	-1.17	-1.36	-2.57	-2.41	-2.65	-3.57	-1.43	-0.42	-0.50	0.57		-1.43	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									-1.06	-1.70	-2.11	-2.58	-2.52	-1.86	-1.42	-0.78		-2.11	<-Median->	5	5 Year of Coverage
								$472	$0	$0	$0	$0	-$696
			-$247	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$696
Free Cash Flow TD											$571	$359	$1,535	$1,671	$1,434			168.83%	<-Total Growth	2	Free Cash Flow
Change												-37.13%	327.58%	8.86%	-14.18%			63.96%	<-IRR #YR->	2	Free Cash Flow MS	from TD
FCF/CF from Op Ratio											0.48	0.39	0.68	0.72	0.62			63.96%	<-IRR #YR->	2	Free Cash Flow MS	Morning Action
Dividends paid											443.00	472.00	488.00	815.42	815.42			10.16%	<-Total Growth	2	Dividends paid	Notes
Percentage paid											77.58%	131.48%	31.79%	48.80%	56.86%			77.58%	<-Median->	3	Percentage paid
5 Year Coverage											77.58%	98.39%	56.92%	53.64%	54.47%			77.58%	<-Median->	3	5 Year Coverage
Dividend Coverage Ratio											1.29	0.76	3.15	2.05	1.76			1.29	<-Median->	3	Dividend Coverage Ratio
5 Year of Coverage											1.29	1.02	1.76	1.86	1.84			1.29	<-Median->	3	5 Year of Coverage
											-$571	0.00	$1,535
											-$571	0.00	$1,535
Dividends paid (Calc)			$187.71	$212.08	$244.74	$418.99	$487.85	$534.38	$575.89	$622.29	$672.26	$722.79	$791.98	$818.55				321.93%	<-Total Growth	10	Dividends paid (Calc)
Change				12.98%	15.40%	71.20%	16.44%	9.54%	7.77%	8.06%	8.03%	7.52%	9.57%	3.35%				9.56%	<-Median->	10	Change
Dividend Paid in Cash			$185.60	$210.00	$240.00	$221.00	$287.00	$346.00	$378.00	$409.00	$443.00	$472.00	$488.00					162.93%	<-Total Growth	10	Dividend Paid in Cash
Change				13.15%	14.29%	-7.92%	29.86%	20.56%	9.25%	9.25%	9.25%	9.25%	9.25%					9.25%	<-Median->	10	Change
Covered by Net Income			72.70%	46.38%	53.05%	83.08%	95.99%	46.32%	53.24%	41.57%	78.97%	46.78%	46.70%					49.91%	<-Median->	10	Covered by Net Income
5 year average									66.34%	64.04%	63.22%	53.37%	53.45%					63.22%	<-Median->	5	5 year average
Dividends Paid in Cash per Share			$1.40	$1.46	$1.63	$1.05	$1.25	$1.48	$1.56	$1.63	$1.70	$1.75	$1.72					22.98%	<-Total Growth	10	Dividends Paid in Cash per Share
Covered by EPS			85.16%	51.79%	60.16%	79.72%	101.17%	48.61%	56.48%	43.03%	85.70%	49.25%	48.11%					54.14%	<-Median->	10	Covered by EPS
5 year average									69.23%	65.80%	67.00%	56.62%	56.52%					65.80%	<-Median->	5	5 year average
Market Cap	$4,058	$4,550	$4,062	$5,556	$6,364	$9,533	$10,748	$10,233	$13,528	$13,602	$16,505	$13,970	$14,291	$13,845	$13,845	$13,845		251.79%	<-Total Growth	10	Market Cap
Market Cap/Assets Ratio	0.59	0.60	0.46	0.56	0.53	0.33	0.37	0.32	0.42	0.44	0.48	0.35	0.36	0.35	#DIV/0!	#DIV/0!		0.40	<-Median->	10	MC/Assets Ratio
Diluted # of Shares in Million	126.20	125.30	132.90	147.00	146.40	172.20	214	233.0	240.5	248.2	257.6	265.9	273.8	273.8				106.02%	<-Total Growth	10	Diluted
Change	4.90%	-0.71%	6.07%	10.61%	-0.41%	17.62%	24.27%	8.88%	3.22%	3.20%	3.79%	3.22%	2.97%	0.00%				3.50%	<-Median->	10	Change
Difference Diluted/Basic	-4.1%	-0.3%	-0.2%	-2.6%	-0.4%	-0.5%	-0.5%	0.2%	-0.2%	-0.2%	-0.2%	-0.2%	0.3%	0.3%				-0.21%	<-Median->	10	Difference Diluted/Basic
Average # of Shares in Million	121.00	124.90	132.60	143.20	145.80	171.40	213	233.5	239.9	247.8	257.2	265.5	274.6	274.6				107.09%	<-Total Growth	10	Average
Change	6.42%	3.22%	6.16%	7.99%	1.82%	17.56%	24.27%	9.62%	2.74%	3.29%	3.79%	3.23%	3.43%	0.00%				3.61%	<-Median->	10	Change
Difference Basic/Outstanding	1.5%	4.9%	0.2%	0.4%	1.0%	22.5%	7.4%	0.3%	1.1%	1.5%	1.5%	1.7%	3.5%	3.5%				1.48%	<-Median->	10	Difference Basic/Outstanding
# of Share in M	122.83	130.98	132.89	143.78	147.21	210.02	228.77	234.12	242.48	251.43	261.07	269.95	284.12	284.12	284.12	284.12		7.89%	<-IRR #YR->	10	Shares	113.80%
Increase	7.16%	6.64%	1.46%	8.19%	2.39%	42.67%	8.93%	2.34%	3.57%	3.69%	3.83%	3.40%	5.25%	0.00%	0.00%	0.00%		3.95%	<-IRR #YR->	5	Shares	21.36%
CF fr Op $Millon	$399.5	$397.6	$564.2	$762.5	$674.2	$1,053.0	$1,193.0	$1,193.0	$1,525.0	$1,637.0	$1,185.0	$913.0	$2,241.0	$2,326.9	$2,321.3	$2,389.4		297.20%	<-Total Growth	10	Cash Flow
Change	-4.06%	-0.48%	41.90%	35.15%	-11.58%	56.19%	13.30%	0.00%	27.83%	7.34%	-27.61%	-22.95%	145.45%	3.84%	-0.24%	2.94%		SO, DRIP	E PP, S. Issues
5 year Running Average	$341.5	$350.7	$416.1	$508.0	$559.6	$690.3	$849.4	$975.1	$1,127.6	$1,320.2	$1,346.6	$1,290.6	$1,500.2	$1,660.6	$1,797.4	$2,038.3		260.54%	<-Total Growth	10	CF 5 Yr Running
CFPS	$3.25	$3.04	$4.25	$5.30	$4.58	$5.01	$5.21	$5.10	$6.29	$6.51	$4.54	$3.38	$7.89	$8.19	$8.17	$8.41		85.78%	<-Total Growth	10	Cash Flow per Share
Increase	-10.47%	-6.67%	39.86%	24.91%	-13.64%	9.48%	4.01%	-2.29%	23.42%	3.52%	-30.28%	-25.49%	133.21%	3.84%	-0.24%	2.94%		14.79%	<-IRR #YR->	10	Cash Flow	297.20%
5 year Running Average	$2.97	$2.94	$3.37	$3.89	$4.08	$4.44	$4.87	$5.04	$5.24	$5.62	$5.53	$5.16	$5.72	$6.10	$6.43	$7.21		13.44%	<-IRR #YR->	5	Cash Flow	87.85%
P/CF on Med Price	9.50	11.16	7.78	6.60	9.40	9.14	8.08	8.40	8.06	7.92	12.48	18.10	6.55	5.98	0.00	0.00		6.39%	<-IRR #YR->	10	Cash Flow per Share	85.78%
P/CF on Closing Price	10.16	11.44	7.20	7.29	9.44	9.05	9.01	8.58	8.87	8.31	13.93	15.30	6.38	5.95	5.96	5.79		9.13%	<-IRR #YR->	5	Cash Flow per Share	54.79%
															-27.78%	Diff M/C		5.44%	<-IRR #YR->	10	CFPS 5 yr Running	69.82%
Excl.Working Capital CF	$40.3	$13.6	$13.6	-$35.2	$101.6	-$134.0	$104.0	$116.0	$73.0	-$217.0	$152.0	$234.0	$95.0	$0.0	$0.0	$0.0		2.56%	<-IRR #YR->	5	CFPS 5 yr Running	13.49%
CF fr Op $M WC	$439.8	$411.2	$577.8	$727.3	$775.8	$919.0	$1,297.0	$1,309.0	$1,598.0	$1,420.0	$1,337.0	$1,147.0	$2,336.0	$2,326.9	$2,321.3	$2,389.4		304.29%	<-Total Growth	10	Cash Flow less WC
Increase	30.85%	-6.50%	40.52%	25.87%	6.67%	18.46%	41.13%	0.93%	22.08%	-11.14%	-5.85%	-14.21%	103.66%	-0.39%	-0.24%	2.94%		14.99%	<-IRR #YR->	10	Cash Flow less WC	304.29%
5 year Running Average	$356.7	$367.2	$419.2	$498.4	$586.4	$682.2	$859.4	$1,005.6	$1,179.8	$1,308.6	$1,392.2	$1,362.2	$1,567.6	$1,713.4	$1,893.6	$2,104.1		12.28%	<-IRR #YR->	5	Cash Flow less WC	78.46%
CFPS Excl. WC	$3.58	$3.14	$4.35	$5.06	$5.27	$4.38	$5.67	$5.59	$6.59	$5.65	$5.12	$4.25	$8.22	$8.19	$8.17	$8.41		14.10%	<-IRR #YR->	10	CF less WC 5 Yr Run	273.91%
Increase	22.11%	-12.32%	38.50%	16.34%	4.18%	-16.97%	29.56%	-1.38%	17.87%	-14.30%	-9.32%	-17.03%	93.50%	-0.39%	-0.24%	2.94%		9.28%	<-IRR #YR->	5	CF less WC 5 Yr Run	55.88%
5 year Running Average	$3.10	$3.08	$3.39	$3.81	$4.28	$4.44	$4.94	$5.19	$5.50	$5.57	$5.72	$5.44	$5.97	$6.29	$6.79	$7.45		6.58%	<-IRR #YR->	10	CFPS - Less WC	89.10%
P/CF on Med Price	8.63	10.79	7.59	6.92	8.17	10.47	7.43	7.66	7.69	9.13	11.06	14.41	6.28	5.98	0.00	0.00		8.02%	<-IRR #YR->	5	CFPS - Less WC	47.05%
P/CF on Closing Price	9.23	11.07	7.03	7.64	8.20	10.37	8.29	7.82	8.47	9.58	12.34	12.18	6.12	5.95	5.96	5.79		5.83%	<-IRR #YR->	10	CFPS 5 yr Running	76.17%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	8.24	5 yr	8.06	P/CF Med	10 yr	7.93	5 yr	9.13		-24.96%	Diff M/C		2.81%	<-IRR #YR->	5	CFPS 5 yr Running	14.89%
			-132.89	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	284.12								Shares
								-234.12	0.00	0.00	0.00	0.00	284.12								Shares
			-$564.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,241.0								Cash Flow
								-$1,193.0	$0.0	$0.0	$0.0	$0.0	$2,241.0								Cash Flow
			-$4.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.89								Cash Flow per Share
								-$5.10	$0.00	$0.00	$0.00	$0.00	$7.89								Cash Flow per Share
			-$3.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.72								CFPS 5 yr Running
								-$5.04	$0.00	$0.00	$0.00	$0.00	$5.72								CFPS 5 yr Running
			-$577.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,336.0								Cash Flow less WC
								-$1,309.0	$0.0	$0.0	$0.0	$0.0	$2,336.0								Cash Flow less WC
			-$419.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,567.6								CF less WC 5 Yr Run
								-$1,005.6	$0.0	$0.0	$0.0	$0.0	$1,567.6								CF less WC 5 Yr Run
			-$4.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.22								CFPS - Less WC
								-$5.59	$0.00	$0.00	$0.00	$0.00	$8.22								CFPS - Less WC
			-$3.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.97								CFPS 5 yr Running
								-$5.19	$0.00	$0.00	$0.00	$0.00	$5.97								CFPS 5 yr Running
Changes in WC
Receivables, net			-$109.3	$43.2	-$19.0	-$104.0	-$176.0	-$144.0	$154	$187	-$364	-$636	$653
Income taxes receivable			$26.1	-$2.9	-$21.6	-$23.0	$8.0
Inventory			-$26.9	-$41.8	-$2.1	$88.0	$31.0	-$44.0	-$19	$6	-$84	-$214	-$31
Prepaid expenses			-$6.7	$0.9	$8.4	-$18.0	$14.0
Due from related party				-$3.5	$1.9
Other current assets			-$4.1	-$0.8	-$1.6			$13.0
Accounts payable			$68.9	-$0.1	-$44.9	$162.0	$3.0	$59.0	-$137	$55	$289	$423	-$538
Income taxes payable			$29.4	$0.1	-$31.7	$14.0	-$17.0
Other current liabilities			$9.0	$40.1	$9.0	$15.0	$33.0		-$71	-$31	$7	$193	-$179
Othere opteration Activities
Sum			-$13.6	$35.2	-$101.6	$134.0	-$104.0	-$116.0	-$73	$217	-$152	-$234	-$95
Google --> TD						$180.0	-$72.0	-$72	-$38	$217	-$152	-$234	-$95
Difference						-$46.0	-$32.0	-$44	-$35	$0	$0	$0	$0
TD				$3	-$120	$134	-$104	-$116	-$73
Difference				$32	$18	$0	$0	$0	$0
Now now counting Other Oper Act							2021	2021	2021	2021
OPM	19.35%	19.31%	25.30%	25.66%	24.17%	24.62%	19.16%	18.29%	24.95%	29.73%	20.56%	12.03%	29.63%	29.93%				17.13%	<-Total Growth	10	OPM
Increase	-27.79%	-0.20%	30.98%	1.42%	-5.79%	1.86%	-22.17%	-4.57%	36.47%	19.14%	-30.86%	-41.46%	146.27%	1.02%					Should increase		or be stable.
Diff from Median	-20.7%	-20.8%	3.7%	5.2%	-0.9%	0.9%	-21.5%	-25.0%	2.3%	21.9%	-15.7%	-50.7%	21.5%	22.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	24.40%	5 Yrs	24.95%					should be	zero, it is a		check on calculations
														$2,982	<-12 mths	2.49%
Adjusted EBITDA		$693.2	$829.5	$946.5	$1,031	$1,744	$2,295	$2,387	$2,339	$2,343	$2,367	$2,687	$2,910	$3,273	$3,430	$3,626		250.81%	<-Total Growth	10	Adjusted EBITDA
Change			19.66%	14.10%	8.93%	69.16%	31.59%	4.01%	-2.01%	0.17%	1.02%	13.52%	8.30%	12.47%	4.80%	5.71%		8.61%	<-Median->	10	Change
Margin		33.67%	37.19%	31.85%	36.96%	40.78%	36.86%	36.59%	38.28%	42.55%	41.06%	35.41%	38.48%	42.10%	42.07%	41.69%		37.62%	<-Median->	10	Margin
Long Term Debt	$3,309	$3,638	$3,692	$3,755	$4,009	$14,744	$13,140	$14,292	$13,679	$12,339	$14,196	$15,744	$17,807	$17,807				382.31%	<-Total Growth	10	Debt	Type
Change		9.94%	1.48%	1.70%	6.77%	267.77%	-10.88%	8.77%	-4.29%	-9.80%	15.05%	10.90%	13.10%	0.00%				106.91%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.82	0.80	0.91	0.68	0.63	1.55	1.22	1.40	1.01	0.91	0.86	1.13	1.25	1.29				1.07	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	8.64	7.53	5.80	8.59	5.77	7.85	7.29	7.05	7.64	6.41	7.02	5.45	8.69	8.69				49.74%	<-Total Growth	10	Assets/Current Liabilities Ratio	Liquidity
Current Liabilities/Asset Ratio	0.12	0.13	0.17	0.12	0.17	0.13	0.14	0.14	0.13	0.16	0.14	0.18	0.12	0.12				-33.22%	<-Total Growth	10	Current Liabilities/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	8.28	9.15	6.54	4.92	5.95	14.00	11.01	11.98	8.97	7.54	11.98	17.24	7.95	7.65				21.43%	<-Total Growth	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles		$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				#DIV/0!	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill		$193.50	$324.90	$355.80	$456.00	$6,213	$5,805	$6,313	$5,835	$5,720	$5,696	$6,012	$5,871	$5,871				1707.02%	<-Total Growth	10	Goodwill
Total		$193.50	$324.90	$355.80	$456.00	$6,213	$5,805	$6,313	$5,835	$5,720	$5,696	$6,012	$5,871	$5,871				1707.02%	<-Total Growth	10	Total
Change			67.91%	9.51%	28.16%	1262.50%	-6.57%	8.75%	-7.57%	-1.97%	-0.42%	5.55%	-2.35%	0.00%							Change
Intangible/Market Cap Ratio		0.04	0.08	0.06	0.07	0.65	0.54	0.62	0.43	0.42	0.35	0.43	0.41	0.42				0.43	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$993.30	$931.00	$1,161.30	$1,458.60	$2,595.6	$2,511	$2,526	$2,832	$2,486	$2,178	$3,136	$4,896	$3,708	$3,708				Liquidity ratio of 1.5 and up, best
Current Liabilities	$801.70	$999.00	$1,529.90	$1,146.60	$2,081.3	$3,724	$3,946	$4,583	$4,166	$4,875	$4,878	$7,287	$4,544	$4,544				0.66	<-Median->	10	Ratio
Liquidity Ratio	1.24	0.93	0.76	1.27	1.25	0.67	0.64	0.62	0.60	0.45	0.64	0.67	0.82	0.82				0.64	<-Median->	5	Ratio
Liq. with CF aft div	1.54	1.15	1.01	1.75	1.45	0.84	0.82	0.76	0.82	0.65	0.75	0.70	1.13	1.15				0.75	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.84	0.60	0.63	1.08	1.37	0.25	0.57	0.52	0.59	0.52	0.51	0.52	0.69	1.15				0.52	<-Median->	5	Ratio
Curr Long Term Debt			$328.30	$94.50	$274.0	$476	$476	$1,119	$501	$1,382	$462	$2,726	$1,062	$501
Liquidity Less CLTD			0.97	1.39	1.44	0.77	0.73	0.82	0.68	0.62	0.71	1.07	1.06	0.92				0.71	<-Median->	5	Ratio
Liq. with CF aft div			1.28	1.91	1.67	0.97	0.93	1.01	0.94	0.91	0.83	1.12	1.48	1.29				0.94	<-Median->	5	Ratio
Assets	$6,923.6	$7,527.2	$8,876.8	$9,844.4	$12,012.3	$29,221	$28,771	$32,314	$31,842	$31,234	$34,244	$39,742	$39,480	$39,480				Debt Ratio of 1.5 and up, best
Liabilities	$5,099.9	$5,249.4	$5,979.6	$6,139.0	$7,678.2	$22,405	$21,590	$23,986	$23,241	$21,996	$24,094	$28,301	$27,392	$27,392				1.41	<-Median->	10	Ratio
Debt Ratio	1.36	1.43	1.48	1.60	1.56	1.30	1.33	1.35	1.37	1.42	1.42	1.40	1.44	1.44				1.42	<-Median->	5	Ratio
Estimates BVPS														$38.20	$39.10	$40.80			Estimates		Estimates BVPS
Estimate Book Value														$10,853.4	$11,109.1	$11,592.1			Estimates		Estimate Book Value
P/B Ratio (Close)														1.28	1.25	1.19			Estimates		P/B Ratio (Close)
Difference from 10 year median															-11.15%	Diff M/C			Estimates		Difference from 10 yr med.
Total Equity	$1,824	$2,278	$2,897	$3,705	$4,334	$6,816	$7,181	$8,328	$8,601	$9,238	$10,150	$11,441	$12,088	$12,088				317.23%	<-Total Growth	10	Total Equity
NCI	$224.5	$227	$289	$307	$134	$112	$92	$41	$41	$34	$34	$14	$14	$14				-95.16%	<-Total Growth	10	Non-Control Int
Emera' Equity	$1,599	$2,050	$2,608	$3,399	$4,200	$6,704	$7,089	$8,287	$8,560	$9,204	$10,116	$11,427	$12,074	$12,074				362.92%	<-Total Growth	10	Book Value
Book Value per Share	$13.02	$15.65	$19.63	$23.64	$28.53	$31.92	$30.99	$35.40	$35.30	$36.61	$38.75	$42.33	$42.50					116.52%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	2.37	2.16	1.68	1.48	1.51	1.44	1.36	1.21	1.44	1.41	1.46	1.45	1.22					1.44	<-Median->	10	P/B Ratio (Median)
Preferred Shares	$147	$392	$514	$710	$710	$709	$709	$1,004	$1,004	$1,004	$1,422	$1,422	$1,422	$1,422				176.65%	<-Total Growth	10	Preferred Shares
Book Value	$1,453	$1,659	$2,094	$2,689	$3,491	$5,995	$6,380	$7,283	$7,556	$8,200	$8,694	$10,005	$10,652	$10,652	$10,652	$10,652		408.64%	<-Total Growth	10	Book Value
Book Value per Share	$11.83	$12.66	$15.76	$18.70	$23.71	$28.54	$27.89	$31.11	$31.16	$32.61	$33.30	$37.06	$37.49	$37.49	$37.49	$37.49		137.90%	<-Total Growth	10	Book Value per Share
Change	-16.69%	7.10%	24.43%	18.69%	26.77%	20.38%	-2.30%	11.55%	0.17%	4.66%	2.11%	11.29%	1.16%	0.00%	0.00%	0.00%		-14.53%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.61	2.68	2.10	1.87	1.81	1.61	1.51	1.38	1.63	1.58	1.70	1.65	1.38	1.31	0.00	0.00		1.52	P/B Ratio		Historical Median
P/B Ratio (Close)	2.79	2.74	1.94	2.07	1.82	1.59	1.68	1.41	1.79	1.66	1.90	1.40	1.34	1.30	1.30	1.30		9.05%	<-IRR #YR->	10	Book Value per Share	137.90%
Change	26.50%	-1.82%	-29.28%	6.49%	-11.75%	-12.78%	5.94%	-16.59%	27.42%	-7.35%	14.44%	-26.45%	-3.91%	-3.12%	0.00%	0.00%		3.80%	<-IRR #YR->	5	Book Value per Share	20.52%
Leverage (A/BK)	4.77	4.54	4.24	3.66	3.44	4.87	4.51	4.44	4.21	3.81	3.94	3.97	3.71	3.71				3.96	<-Median->	10	A/BV
Debt/Equity Ratio	3.51	3.16	2.86	2.28	2.20	3.74	3.38	3.29	3.08	2.68	2.77	2.83	2.57	2.57				2.80	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)/td>									P/BV	10 yr Med	1.62	5 yr Med	1.63		-19.57%	Diff M/C		3.44	Historical	29	A/BV
			-$15.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$37.49
								-$31.11	$0.00	$0.00	$0.00	$0.00	$37.49
Comprehensive Income	$151.90	$141.50	$609.40	$542.8	$964.5	$236	-$6	$1,253	$465	$810	$665	$1,562	$772					26.68%	<-Total Growth	10	Comprehensive Income
NCI	$11.70	$12.20	$26.80	$31.6	$52.8	$8	$0	$4	$1	$1	$1	$1	$1								NCI
Preferred	$6.60	$11.10	$19.80	$26.2	$30.3	$0	$0	$0	$0	$0	$0	$0	$0								Preferred
Shareholders	$133.60	$118.20	$562.80	$485.0	$881.4	$228	-$6	$1,249	$464	$809	$664	$1,561	$771					36.99%	<-Total Growth	10	Comprehensive Income
Increase	-37.31%	-11.53%	376.14%	-13.82%	81.73%	-74.13%	-102.63%	20916.67%	-62.85%	74.35%	-17.92%	135.09%	-50.61%					-17.92%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$147.32	$161.40	$217.18	$302.54	$436.20	$455.08	$430.24	$567.48	$563.28	$548.80	$636.00	$949.40	$853.80					3.20%	<-IRR #YR->	10	Comprehensive Income	36.99%
ROE	9.2%	7.1%	26.9%	18.0%	25.3%	3.8%	-0.1%	17.1%	6.1%	9.9%	7.6%	15.6%	7.2%					-9.20%	<-IRR #YR->	5	Comprehensive Income	-38.27%
5Yr Median	9.20%	9.20%	9.20%	13.10%	18.03%	18.03%	18.03%	17.15%	6.14%	6.14%	7.64%	9.87%	7.64%					14.67%	<-IRR #YR->	10	5 Yr Running Average	293.13%
% Difference from NI	-44.6%	-46.5%	158.8%	19.3%	121.9%	0.4%	-102.3%	75.9%	-30.0%	-13.8%	30.2%	65.2%	-21.2%					8.51%	<-IRR #YR->	5	5 Yr Running Average	50.45%
Median Values										Diff	5, 10 yr	9.8%	-13.8%					7.6%	<-Median->	5	Return on Equity
			-$563	$0	$0	$0	$0	$0	$0	$0	$0	$0	$771
								-$1,249	$0	$0	$0	$0	$771
			-$217	$0	$0	$0	$0	$0	$0	$0	$0	$0	$854
								-$567	$0	$0	$0	$0	$854
Current Liability Coverage Ratio	0.55	0.41	0.38	0.63	0.37	0.25	0.33	0.29	0.38	0.29	0.27	0.16	0.51	0.51							CFO / Current Liabilities
5 year Median	0.49	0.41	0.41	0.49	0.41	0.38	0.37	0.33	0.33	0.29	0.29	0.29	0.29	0.29				31.0%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	6.35%	5.46%	6.51%	7.39%	6.46%	3.14%	4.51%	4.05%	5.02%	4.55%	3.90%	2.89%	5.92%	5.89%							CFO / Total Assets
5 year Median	6.26%	6.03%	6.26%	6.35%	6.46%	6.46%	6.46%	4.51%	4.51%	4.51%	4.51%	4.05%	4.55%	4.55%				4.5%	<-Median->	10	Return on Assets
Return on Assets ROA	3.5%	2.9%	2.5%	4.1%	3.3%	0.8%	0.9%	2.2%	2.1%	3.0%	1.5%	2.4%	2.5%	2.3%				Net	Income/Assets		Return on Assets
5Yr Median	3.3%	3.0%	3.0%	3.0%	3.3%	2.9%	2.5%	2.2%	2.1%	2.1%	2.1%	2.2%	2.4%	2.4%				2.3%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	16.6%	13.3%	10.4%	15.1%	11.4%	3.8%	4.2%	9.7%	8.8%	11.4%	5.9%	9.4%	9.2%	8.6%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	11.7%	11.7%	11.7%	13.3%	13.3%	11.4%	10.4%	9.7%	8.8%	8.8%	8.8%	9.4%	9.2%	9.2%				9.3%	<-Median->	10	Return on Equity
														$700.22	<-12 mths	-28.40%
Net Income	$259.40	$245.60	$255.30	$452.8	$452.4	$266	$299	$747	$710	$984	$561	$1,009	$1,045
NCI	$11.70	$13.70	$18.50	$19.9	$24.9	$11	$5	$1	$2	$1	$1	$1	$1
Preferred	$6.60	$11.10	$19.30	$26.2	$30.3	$28	$28	$36	$45	$45	$50	$63	$66
Shareholders	$241.10	$220.80	$217.50	$406.7	$397.2	$227	$266	$710	$663	$938	$510	$945	$978	$920	$1,005	$1,106		349.66%	<-Total Growth	10	Net Income
Increase	26.16%	-8.42%	-1.49%	86.99%	-2.34%	-42.85%	17.18%	166.92%	-6.62%	41.48%	-45.63%	85.29%	3.49%	-5.95%	9.26%	10.05%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$180.8	$194.7	$209.2	$255.4	$296.7	$293.8	$302.9	$401.4	$452.6	$560.8	$617.4	$753.2	$806.8	$858.2	$871.6	$990.8		16.22%	<-IRR #YR->	10	Net Income	349.66%
Operating Cash Flow	$399.50	$397.60	$564.20	$762.50	$674.20	$1,053	$1,193	$1,193	$1,525	$1,637	$1,185	$913	$2,241					6.61%	<-IRR #YR->	5	Net Income	37.75%
Investment Cash Flow	-$660.80	-$919.40	-$921.60	-$710.90	-$123.70	-$9,105	-$1,761	-$2,190	-$1,617	-$1,224	-$2,332	-$2,569	-$2,917					14.45%	<-IRR #YR->	10	5 Yr Running Ave.	285.59%
Total Accruals	$502.40	$742.60	$574.90	$355.10	-$153.30	$8,279	$834	$1,707	$755	$525	$1,657	$2,601	$1,654					14.99%	<-IRR #YR->	5	5 Yr Running Ave.	101.01%
Total Assets	$6,923.6	$7,527.2	$8,876.8	$9,844.4	$12,012.3	$29,221	$28,771	$32,314	$31,842	$31,234	$34,244	$39,742	$39,480						Balance Sheet		Assets
Accruals Ratio	7.26%	9.87%	6.48%	3.61%	-1.28%	28.33%	2.90%	5.28%	2.37%	1.68%	4.84%	6.54%	4.19%					4.19%	<-Median->	5	Ratio
EPS/CF Ratio	0.55	0.56	0.38	0.56	0.51	0.30	0.22	0.54	0.42	0.67	0.39	0.84	0.43					0.47	<-Median->	10	EPS/CF Ratio
			-$218	$0	$0	$0	$0	$0	$0	$0	$0	$0	$978
								-$710	$0	$0	$0	$0	$978
			-$209	$0	$0	$0	$0	$0	$0	$0	$0	$0	$807
								-$401	$0	$0	$0	$0	$807
Change in Close	5.39%	5.15%	-12.00%	26.40%	11.88%	5.00%	3.50%	-6.96%	27.64%	-3.03%	16.86%	-18.14%	-2.80%	-3.12%	0.00%	0.00%			Count	29	Years of data
up/down	down	down	down	down			down		down				down						Count	9	31.03%
Meet Prediction?			yes										yes					% right	Count	3	33.33%
Financial Cash Flow	$331.4	$525.0	$362.1	$58.2	$221.1	$7,448	-$13	$344	$14	-$372	$1,311	$1,555	$939						C F Statement		Financial CF
Total Accruals	$171.00	$217.60	$212.80	$296.90	-$374.40	$831	$847	$1,363	$741	$897	$346	$1,046	$715								Accruals
Accruals Ratio	2.47%	2.89%	2.40%	3.02%	-3.12%	2.84%	2.94%	4.22%	2.33%	2.87%	1.01%	2.63%	1.81%					2.33%	<-Median->	5	Ratio
Cash	$76.90	$77.50	$100.80	$221.10	$1,073.40	$404	$503	$372	$274	$254	$417	$332	$588	$588							Cash
Cash per Share	$0.63	$0.59	$0.76	$1.54	$7.29	$1.92	$2.20	$1.59	$1.13	$1.01	$1.60	$1.23	$2.07	$2.07				$1.23	<-Median->	5	Cash per Share
Percentage of Stock Price	1.89%	1.70%	2.48%	3.98%	16.87%	4.24%	4.68%	3.64%	2.03%	1.87%	2.53%	2.38%	4.11%	4.25%				2.38%	<-Median->	5	% of Stock Price
Notes:
March 2, 2024.  Last estimates were for 2023, 2024 and 2025 of $7092M, $7394M and $7690M for Revenue, $4.86, $5.35 2023/4 for AFFO, $3.21, $3.34 and $3.57 for AEPS, $$3.19,
$3.36 and $3.58 for EPS, $2.78, $2.89 and $3.01 for Dividends, -$457 and 35.3 2023/4 for FCF, $7.78, $8.38 and $8.20 for CFPS, $38.90, $37.40 and $41.10 for BVPS, $872M, $940M and $1006M for Net Income.
February 26, 2023.  Last estimates were for 2022, 2023 and 2024 of $6843M, $6718M and $6711M for Revenue, $4.28 and 4.64 for AFFO 2022/23, $3.09 and $3.22 for AEPS 2022/23,
$3.05, $3.26 and $3.52 for EPS, $2.67, $2.78 and $2.89 for Dividends, -$865M,-$521M and -$516M for FCF, $7.32, $7.50 and $8.00 for CFPS, $34.40, $56.60 and $36.80 for BVPS, $807M, $878M and $960M for Net Income.
March 6, 2022.  Last estimates were for 2021, 2022 and 2023 of $6247M, $6281M and $5996M for Revenue, $3.69 and $4.07 for AFFO for 2021-22, $2.85, $3.11 and $3.40 for EPS,
$2.58, $2.68 and $2.78 for Dividends, $895M, $474M and $645M for FCF, $6.97 and $7.41 for CFPS for 2021-22 and $729M, $812M and $855M for Net Income.
February 28, 2021.  Last estimates were for 2020, 2021 and 2022 of $6307M, $6379M and $6721M for Revenue, $3.60 and $3.94 for AFFO for 2020 and 2021,
$2.81, $3.01 and $3.22 for EPS, $2.48, $2.58 and $2.69 for Dividends, $828M, $614M and $667M for FCF and $685M, $750M and $846M for Net Income.
February 22, 2020.  Last estimates were for 2019, 2020 and 2021 of $6710M, $6824M and $7216M for Revenue,
$3.87 and $3.68 for AFFO for 2019 and 2020, $2.85, $2.93 and $2.97 for EPS and $674M, $729M and $801M for Net Income.
February 16, 2019.  Last estimates were for 2018, 2019 and 2020  of $7254M, $7.89M and $7360M for Revenue, $3.02 and $.46 for AFFO for 2018 and 2019,
$6.89, $7.15 and $6.67 for CFPS and $626M, $673M and $7.25M for Net Income.
February 16, 2018.  Last estimates were for 2017, 2018 smnf 2019 og $7047M, $7342M and $7657M for Revenue, $2.98, $3.85 FFO for 2017 and 2018,
$2.77, $3.04 and $3.05 for EPS, $6.12, $6.64 and $7.45 for CFPS and $531M, $599M and $659M for Net Income.
February 14, 2017.  Last estimates were for 2016, 2017 and 2018 of $5411M, $7103M and $5275M for revenue, $2.62 and $3.23 for AFFO for 2016 and 2017, $2.42, $2.80 and $3.10 for EPS,
$5.89 and $8.08 for CFPS for 2016 and 2017 and $393M and $561M for Net Income for 2016 and 2017.
February 12, 2016.  Last estimaes were for 2015 and 2016 of $2960M and $3123M for Revenue, $2.27 and $2.29 for AFFO, $2.11, $2.20 and $2.40 for EPS fore 2015, 2016 and 2017, $4.18 and $4.35 for CFPS.
Sept 2015.  Emera issues Debentures EMA.IR to pay for the purchase of TECO Energy Inc.  A Florida and New Mexico regulated electric and gas utility holding company.
http://www.marketwired.com/press-release/emera-inc-announces-19-billion-bought-deal-offering-convertible-debentures-represented-tsx-ema-2053243.htm
February 11, 2015. Last estimates were for 2014 and 2015 of $2449M and $2581.7M for Revenue, $2.00 and $1.16 for AFFO, $1.86 and $1.99 for EPS,
$4.08 and $4.29 for CFPS, $261M and $282M for Net Income.
February 12, 2014.  Last estimates were for 2013 and 2014 of $2078M and $2218M for Revenue, $1.97 and $1.96 for AFFO, $1.77 and $1.90 for EPS and $3.65 (2013) for CFPS.
March 2013.  Good Utility.  Debt Ratios a bit off.
Feb 24, 2013.  Last estimates were fore 2012 and 2013 and were $2538M and $2722M for revenue, $1.67 and $1.80 for EPS and $3.55 and $3.65 for CFPS.
Mar 17, 2012.  Last I looked I got estimates for 2011 and 2012 of $4600 and $1634 for revenue, $1.79 and $1.88 for EPS and $3.11 and $3.38 for CF.
LOOK AT COMMENTS ON EMERA DATED DECEMBER 31, 2011.  TALK ABOUT.  COST OF WIND MILL PRODUCED ELELECTRICY WHICH NS POWER HAS TO PRODUCE.
June 6, 2011.  when I last looked I got 2010 and 2011 earnings of $1.55 amd $1.58 and Cash Flow of $3.13 and $3.17
Mar 9, 2010.  In Aug 2009, I picked up for 2009 and 2010 earnings of $1.43 and $1.45 and cash flow of $3.05 and $3.08.
What you look for in a utilities stock is that you get a total return of about 8% per year, 4% in dividends and 4% in Capital Gains.  My return since Jul 2005 is 10.5%.  Very good.
Aug 17,2009.  In April 2009, I picked up earnings for 2009 and 2010 of $1.39 and $1.45.  Earnings for 2009 has increased slightly to $1.43
April 30, 2009 AR 2008.  In Sep 2008, I picked up an earnings estiamte of $1.35, but it came in at $1.29, Diluted $1.26.  This company is expected to do well over the next couple of years.
The Book Value is not increasing by much, but then this company pays a high dividend.  When taken into consideration the dividend, the full return on this stock is fine.
None of the values are increasing by much.  I good return on this sort of stock is 8%, including dividends.
AP 2007.  It seems solid, but slow. Recommend keeping  for now, but not buying more.  Dividends have finally started to increase, But revenue is not growing over last 5 yrs.
AR 2006.  Revenus and EPS growth suck.  However, dividend yield is high as is ROE and OPM. For last 5 years, Price plus dividend growth is IRR of 10% which is good.
In April 2007, re Mike, yield is below historical high and average, which means the price is high, therefore price will probably come down.
AR 2005.  I have lost so far 25% on this stock, but only invested some 4,000, so not too bad.  I guess I invested at wrong time in Jan.  Apparently I bought it at the top. TD recommends as a hold since May 2005???
AR 2005  I am also annoyed at this stock as the annual report was hard to find and they seem to have restate values, especially revenues without saying so.
AR 2004.  The dividend is good, and it increases slightly each year.  However, I do not know if that is a good enough reason to buy this sock.
Half the money made on this stock is from dividends.  Low risk stock.  10 to 11 IRR not bad. AR 2004
Emera was created out of the privatization of the provincial Crown corporation Nova Scotia Power Incorporated (NSPI).
Common shares in NS Power Holdings Inc. began trading on the Toronto Stock Exchange and Montreal Stock Exchange on January 6, 1999.
The NS Power Holdings Inc. name was changed to Emera Incorporated on July 17, 2000.
Sector:
Power, Utilities (Regulated)
What should this stock accomplish?
You would expect that the stock onver the long term will provide for a good dividend and moderate increases.
Would I buy this company and Why.
Yes I do like this utility.
Why am I following this stock.
I found this company in Mike Higg’s site. Mike’s site has a spreadsheet showing Dividend Paying Canadian Growth stocks.
Why I bought this stock.
I first bought this stock in 2005, as I wanted to buy something for my Locked in RRSP.  I think that this was an appropriate stock and has good value. I was using up excess cash in my account.
Dividends
Dividend are paid quarterly in cycle 2, that is February, May, August and November.  They are paid near the middle of the month.  Dividend are paid to shareholders of record of the first of the month or last of previous month for the current month.
For example, the dividend payable on August 15, 2013 was for shareholders of record for July 31, 2013.  However, the dividend payabale on May 15, 2013 was for shareholders of record of May 1, 2013.
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.
Emera says they are working to create cleaner energy and deliver it to market. Our success comes from integrating our diverse investments to get solid results for shareholders, partners and customers.
They also say they maintain high standards in safety, reliability, customer service and environmental care.
How they make their money
Emera is a geographically diverse energy and services company investing in electricity generation, transmission, and distribution as well as gas transmission
and utility energy services. Emera has operations throughout North America and the Caribbean countries.
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	2016	Feb 18	2017	Feb 16	2018	Feb 16	2019	Feb 22	2020	Feb 28	2021	Mar 6	2022	Feb 26	2023			Mar 2	2024
Balfour, Scott Carlyle	0.01%	0.033	0.01%	0.045	0.02%	0.045	0.02%	0.051	0.02%	0.058	0.02%	0.060	0.02%	0.069	0.02%			0.107	0.04%			54.85%
COO - Shares - Amount	$0.895		$1.537		$1.976		$2.523		$2.743		$3.672		$3.125		$3.480				$5.221
Options - percentage	0.12%	0.332	0.15%	0.410	0.18%	0.624	0.26%	0.813	0.32%	1.385	0.53%	1.540	0.57%	1.540	0.54%			1.729	0.61%		Used to be CFO, now COO	12.25%
Options - amount	$11.058		$15.590		$17.928		$34.815		$44.005		$87.560		$79.688		$77.455				$84.232		CEO from Mar 2018
Huskilson, Christopher	0.01%	0.082	0.04%	0.093	0.04%
CEO - Shares - Amount	$1.159		$3.832		$4.046
Options - percentage	0.85%	1.756	0.77%	2.195	0.94%
Options - amount	$80.882		$82.512		$95.948
Blunden, Gregory		0.001	0.00%	0.000	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%	0.002	0.00%			0.002	0.00%			27.01%
CFO - Shares - Amount			$0.056		$0.019		$0.038		$0.051		$0.072		$0.074		$0.091				$0.112
Options - percentage		0.074	0.03%	0.121	0.05%	0.183	0.08%	0.228	0.09%	0.260	0.10%	0.311	0.12%	0.311	0.11%			0.368	0.13%			18.32%
Options - amount			$3.461		$5.306		$10.227		$12.358		$16.453		$16.084		$15.633				$17.920
Gregg, Peter Holden										0.002	0.00%	0.006	0.00%	0.007	0.00%			0.007	0.00%			5.05%
Officer - Shares - Amount											$0.126		$0.311		$0.336				$0.342
Options - percentage										0.228	0.09%	0.054	0.02%	0.058	0.02%			0.098	0.03%			68.19%
Options - amount											$14.416		$2.779		$2.931				$4.776
Hanf, Robert John Scott						0.008	0.00%	0.008	0.00%	0.008	0.00%										Last report Feb 2020
Officer - Shares - Amount							$0.421		$0.437		$0.511
Options - percentage						0.120	0.05%	0.078	0.03%	0.068	0.03%
Options - amount							$6.698		$4.228		$4.282
Bennett, Robert Ross	0.00%	0.005	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%			0.003	0.00%			2.84%
Officer - Shares - Amount	$0.097		$0.223		$0.113		$0.145		$0.140		$0.164		$0.137		$0.137				$0.136
Options - percentage	0.10%	0.146	0.06%	0.186	0.08%	0.232	0.10%	0.191	0.08%	0.180	0.07%	0.180	0.07%	0.180	0.06%			0.086	0.03%			-52.19%
Options - amount	$9.734		$6.871		$8.137		$12.953		$10.331		$11.396		$9.328		$9.067				$4.200
Bertram, James Vance										0.000	0.00%	0.006	0.00%	0.014	0.00%			0.014	0.00%			0.00%
Director - Shares - Amount											$0.000		$0.335		$0.713				$0.691
Options - percentage										0.013	0.00%	0.019	0.01%	0.024	0.01%			0.031	0.01%			29.38%
Options - amount											$0.809		$0.969		$1.224				$1.534
Demone, Henry														0.009	0.00%			0.009	0.00%			0.00%
Director - Shares - Amount															$0.456				$0.442
Options - percentage														0.038	0.01%			0.043	0.02%			13.74%
Options - amount															$1.908				$2.102
Sheppard, Mary Jacqueline	0.00%	0.012	0.01%	0.012	0.01%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%			0.012	0.00%			0.00%
Chairman - Shares - Amt	$0.000		$0.561		$0.522		$0.667		$0.646		$0.755		$0.618		$0.601				$0.582
Options - percentage	0.02%	0.044	0.02%	0.055	0.02%	0.066	0.03%	0.079	0.03%	0.090	0.03%	0.103	0.04%	0.115	0.04%			0.130	0.05%			13.31%
Options - amount	$1.608		$2.046		$2.384		$3.699		$4.258		$5.694		$5.315		$5.781				$6.346
Increase in O/S Shares	0.05%	0.620	0.30%	0.100	0.04%	0.020	0.01%	2.570	1.06%	0.420	0.17%	0.330	0.13%	0.034	0.01%			0.620	0.22%		Average	0.32%
due to SO	$3.458		$28.142		$4.698		$0.874		$143.380		$22.722		$20.863		$1.760				$31.186
Book Value	$2.300		$17.000		$3.000		$1.000		$104.000		$20.000		$14.000		$2.000				$31.000
Insider Buying	-$0.132		-$1.005		-$1.866		-$0.063		-$0.163		-$0.535		-$0.391		-$0.970				-$3.173
Insider Selling	$0.199		$26.168		$1.823		$0.329		$34.518		$2.430		$4.297		$2.198				$2.097
Net Insider Selling	$0.067		$25.163		-$0.043		$0.267		$34.355		$1.896		$3.906		$1.228				-$1.076
% of Market Cap	0.00%		0.23%		0.00%		0.00%		0.25%		0.01%		0.03%		0.01%				-0.01%
Directors		12		13		14		12		12		13		12				11
Women	33%	4	33%	4	31%	4	29%	4	33%	5	42%	5	38%	5	42%			5	45%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	8%	1	8%			1	9%
Institutions/Holdings	19.88%	10	22.08%	13	27.63%	12	36.52%
Total Shares Held	0.37%	0.853	0.37%	2.763	1.18%	1.411	0.60%
Increase/Decrease	-11.31%	-0.011	-1.32%	0.071	2.63%	0.004	0.26%
Starting No. of Shares	Rueters	0.865	Rueters	2.692	Rueters	1.408	Rueters
Institutions/Holdings	19.00%	4	38.00%	8	1.59%	6	0.08%	20	19.37%	20	27.43%	20	22.54%	20	20.85%			20	21.12%
Total Shares Held	0.13%	0.800	0.35%	3.643	1.56%	0.179	0.08%	43.211	18.46%	68.973	26.42%	58.868	21.81%	56.293	19.81%			60.374	21.25%
Increase/Decrease	-26.09%	0.531	197.58%	1.651	82.85%	-0.326	-64.51%	-2.660	-5.80%	-1.246	-1.77%	0.041	0.07%	0.755	1.36%			-2.392	-3.81%
Starting No. of Shares	NASDAQ	0.269	NASDAQ	1.992	NASDAQ	0.505	NASDAQ	45.870	Top 20 MS	70.219	Top 20 MS	58.827	Top 20 MS	55.537	Top 20 MS			62.766	Top 20 MS
Institutions/Holdings		179		203	30.26%	288	25.62%
In M$					$3,251.85		$3,484.64
Total Shares Held		61.000	26.66%	72.000	30.75%	48.000	20.50%
In M$					$3,382.56		$2,255.04
Increase/Decrease		5.000	8.93%	6.000	9.09%	-11.000	-18.64%
Starting No. of Shares		56.000	Morningstar	66.000	Morningstar	59.000	Morningstar
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