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		https://www.annualreports.com/Company/telus-corporation
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q2 2026
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Telus Corp					TSX:	T	NYSE:	TU	https://www.telus.com/en/			Fiscal Yr:	Dec 31
Year	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	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date	4/17/13							17-Mar-20													Split Date
Split	2							2													Split
														$20,149	<-12 mths	-0.97%
Revenue*	$11,404	$12,002	$12,502	$12,799	$13,304	$14,368	$14,658	$15,463	$16,838	$18,292	$20,005	$20,139	$20,346					62.74%	<-Total Growth	10	Revenue	looks for Revenue, Other Revenue
Other Revenue									$420	$120	$111	$247	$160
Revenue*	$11,404	$12,002	$12,502	$12,799	$13,304	$14,368	$14,658	$15,463	$17,258	$18,412	$20,116	$20,386	$20,506	$20,256	$20,506	$20,900		64.02%	<-Total Growth	10	Revenue
Increase	4.42%	5.24%	4.17%	2.38%	3.95%	8.00%	2.02%	5.49%	11.61%	6.69%	9.25%	1.34%	0.59%	-1.22%	1.23%	1.92%		5.07%	<-IRR #YR->	10	Revenue	64.02%
5 year Running Average	$10,421	$10,901	$11,445	$11,926	$12,402	$12,995	$13,526	$14,118	$15,010	$16,032	$17,181	$18,327	$19,336	$19,935	$20,354	$20,511		5.81%	<-IRR #YR->	5	Revenue	32.61%
Revenue per Share	$9.15	$9.85	$10.52	$10.85	$11.16	$11.99	$12.11	$11.98	$12.60	$12.87	$13.70	$13.55	$13.24	$12.86	$13.02	$13.27		5.38%	<-IRR #YR->	10	5 yr Running Average	68.94%
Increase	9.20%	7.73%	6.75%	3.12%	2.90%	7.46%	1.01%	-1.13%	5.17%	2.14%	6.50%	-1.08%	-2.33%	-2.85%	1.23%	1.92%		6.49%	<-IRR #YR->	5	5 yr Running Average	36.95%
5 year Running Average	$8.13	$8.59	$9.18	$9.75	$10.31	$10.87	$11.33	$11.62	$11.97	$12.31	$12.65	$12.94	$13.19	$13.24	$13.28	$13.19		2.33%	<-IRR #YR->	10	Revenue per Share	25.86%
P/S (Price/Sales) Med	1.84	2.03	2.04	1.85	2.04	1.95	2.00	1.99	2.18	2.35	1.84	1.62	1.53	1.27	0.00	0.00		2.02%	<-IRR #YR->	5	Revenue per Share	10.53%
P/S (Price/Sales) Close	2.00	2.13	1.82	1.97	2.13	1.89	2.08	2.10	2.36	2.03	1.72	1.44	1.37	1.02	1.01	0.99		3.69%	<-IRR #YR->	10	5 yr Running Average	43.72%
*Revenue in M CDN $					P/S Med	20 yr	1.90	15 yr	1.95	10 yr	1.97	5 yr	1.84		-47.94%	Diff M/C		2.57%	<-IRR #YR->	5	5 yr Running Average	13.54%
			-$12,502	$0	$0	$0	$0	$0	$0	$0	$0	$0	$20,506
								-$15,463	$0	$0	$0	$0	$20,506
			-$11,445	$0	$0	$0	$0	$0	$0	$0	$0	$0	$19,336
								-$14,118	$0	$0	$0	$0	$19,336
			-$10.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.24
								-$11.98	$0.00	$0.00	$0.00	$0.00	$13.24
			-$9.18	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.19
								-$11.62	$0.00	$0.00	$0.00	$0.00	$13.19
														$1,291	<-12 mths	-8.50%
														$0.83	<-12 mths	-9.78%
Adjusted Net Income										$1,647	$1,373	$1,549	$1,411
Pre-split 2013
Pre-split 2020	$2.16	$2.41	$2.58	$2.58	$2.63	$2.85	$2.86
AEPS* Basic	$1.08	$1.21	$1.29	$1.29	$1.32	$1.43	$1.43	$1.06	$1.07	$1.17	$0.95	$1.04	$0.92	$0.69	$0.79	$0.84		-28.68%	<-Total Growth	10	AEPS
Increase	8.27%	11.57%	7.05%	0.00%	1.94%	8.37%	0.35%	-25.87%	0.94%	9.35%	-18.80%	9.47%	-11.54%	-25.00%	14.49%	6.33%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.90	$1.00	$1.10	$1.17	$1.24	$1.31	$1.35	$1.30	$1.26	$1.23	$1.14	$1.06	$1.03	$0.95	$0.88	$0.86		-3.32%	<-IRR #YR->	10	AEPS	-28.68%
AEPS Yield	5.91%	5.75%	6.74%	6.04%	5.52%	6.30%	5.69%	4.20%	3.59%	4.48%	4.03%	5.34%	5.09%	5.24%	6.00%	6.38%		-2.79%	<-IRR #YR->	5	AEPS	-13.21%
Payout Ratio	61.11%	61.41%	63.57%	69.77%	73.95%	72.28%	77.45%	109.91%	117.27%	113.85%	150.46%	147.15%	177.96%	209.09%	94.94%	89.29%		-0.63%	<-IRR #YR->	10	5 yr Running Average	-6.15%
5 year Running Average	61.24%	60.15%	60.90%	63.10%	65.96%	68.20%	71.40%	80.67%	90.17%	98.15%	113.79%	127.73%	141.34%	159.70%	155.92%	143.68%		-4.61%	<-IRR #YR->	5	5 yr Running Average	-21.01%
Price/AEPS Median	15.60	16.61	16.62	15.57	17.32	16.38	16.98	22.46	25.69	25.88	26.48	21.06	22.08	23.73	0.00	0.00		21.57	<-Median->	10	Price/AEPS Median
Price/AEPS High	17.39	18.17	17.43	17.06	18.55	17.23	17.96	26.11	27.98	29.42	30.46	23.56	25.22	28.26	0.00	0.00		24.39	<-Median->	10	Price/AEPS High
Price/AEPS Low	13.81	15.05	15.80	14.09	16.08	15.53	16.01	18.80	23.39	22.33	22.49	18.57	18.93	19.20	0.00	0.00		18.68	<-Median->	10	Price/AEPS Low
Price/AEPS Close	16.93	17.38	14.83	16.57	18.11	15.88	17.58	23.78	27.84	22.33	24.82	18.74	19.66	19.09	16.67	15.68		19.20	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	18.33	19.39	15.88	16.57	18.46	17.21	17.64	17.63	28.10	24.42	20.15	20.52	17.39	14.32	19.09	16.67		18.05	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	16.50	17.69	15.29	16.75	P/AEPS	5 Yrs	in order	25.69	27.98	22.33	22.33		-25.69%	Diff M/C					DPR 75% to 95% best
* Adjusted Net Income
			-$1.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.92
								-$1.06	$0.00	$0.00	$0.00	$0.00	$0.92
			-$1.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.03
								-$1.30	$0.00	$0.00	$0.00	$0.00	$1.03
														-$0.59	<-12 mths	-181.94%
Difference Basic and Diluted	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.05%	0.81%	0.86%	0.00%	0.00%	1.37%
Pre-split 2013
Pre-split 2020	$2.02	$2.31	$2.29	$2.06	$2.46	$2.68	$2.90
EPS Basic	$1.01	$1.16	$1.15	$1.03	$1.23	$1.34	$1.45	$0.95	$1.23	$1.16	$0.58	$0.67	$0.73					-36.24%	<-Total Growth	10	EPS Basic
Pre-split 2013
Pre-split 2020	$2.01	$2.31	$2.29	$2.06	$2.46	$2.68	$2.90
EPS*	$1.01	$1.16	$1.15	$1.03	$1.23	$1.34	$1.45	$0.94	$1.22	$1.15	$0.58	$0.67	$0.72	-$0.88	$0.54	$0.66		-37.12%	<-Total Growth	10	EPS Diluted
Increase	-0.25%	14.93%	-0.87%	-10.04%	19.42%	8.94%	8.21%	-35.17%	29.79%	-5.74%	-49.57%	15.52%	7.46%	-222.22%	-161.81%	20.50%		10	0	10	Years of Data, EPS P or N
Earnings Yield	5.5%	5.5%	6.0%	4.8%	5.2%	5.9%	5.8%	3.7%	4.1%	4.4%	2.5%	3.4%	4.0%	-6.7%	4.1%	5.0%		-4.53%	<-IRR #YR->	10	Earnings per Share	-37.12%
5 year Running Average	$0.91	$0.98	$1.05	$1.07	$1.11	$1.18	$1.24	$1.20	$1.24	$1.22	$1.07	$0.91	$0.87	$0.45	$0.33	$0.34		-5.19%	<-IRR #YR->	5	Earnings per Share	-23.40%
10 year Running Average	$0.80	$0.88	$0.95	$0.97	$1.00	$1.04	$1.11	$1.12	$1.15	$1.17	$1.12	$1.08	$1.03	$0.84	$0.77	$0.70		-1.88%	<-IRR #YR->	10	5 yr Running Average	-17.29%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	4.25%	5Yrs	3.98%					-6.24%	<-IRR #YR->	5	5 yr Running Average	-27.55%
			-$1.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.72
								-$0.94	$0.00	$0.00	$0.00	$0.00	$0.72
			-$1.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.87
								-$1.20	$0.00	$0.00	$0.00	$0.00	$0.87
Dividend*														$1.21	$0.75	$0.75			Estimates		Dividend*
Increase														-26.09%	-38.02%	0.00%			Estimates		Increase
Payout Ratio EPS														-137.50%	137.89%	114.43%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-split 2013
Pre-split 2020	$1.32	$1.48	$1.64	$1.80	$1.95	$2.06
Dividend*	$0.6600	$0.7400	$0.8200	$0.9000	$0.9725	$1.0300	$1.1075	$1.1650	$1.2548	$1.3320	$1.4294	$1.5304	$1.6372	$1.4427	$0.7500	$0.7500		99.66%	<-Total Growth	10	Dividends
Increase	10.92%	12.12%	10.81%	9.76%	8.06%	5.91%	7.52%	5.19%	7.71%	6.15%	7.31%	7.07%	6.98%	-11.88%	-48.01%	0.00%		30	2	35	Years of data, Count P, N
Average Increases 5 Year Running	8.01%	9.33%	10.96%	10.86%	10.33%	9.33%	8.41%	7.29%	6.88%	6.50%	6.78%	6.69%	7.04%	3.13%	-7.71%	-9.17%		7.17%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.55	$0.60	$0.67	$0.74	$0.82	$0.89	$0.97	$1.04	$1.11	$1.18	$1.26	$1.34	$1.44	$1.47	$1.36	$1.22		114.28%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.92%	3.70%	3.83%	4.48%	4.27%	4.41%	4.56%	4.89%	4.57%	4.40%	5.68%	6.99%	8.06%	8.81%				4.56%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.51%	3.38%	3.65%	4.09%	3.99%	4.20%	4.31%	4.21%	4.19%	3.87%	4.94%	6.25%	7.06%	7.40%				4.20%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.43%	4.08%	4.02%	4.95%	4.60%	4.65%	4.84%	5.85%	5.01%	5.10%	6.69%	7.93%	9.40%	10.89%				5.06%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.61%	3.53%	4.29%	4.21%	4.08%	4.55%	4.41%	4.62%	4.21%	5.10%	6.06%	7.85%	9.05%	10.95%	5.69%	5.69%		4.59%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	65.67%	64.07%	71.62%	87.38%	79.07%	76.87%	76.38%	123.94%	102.85%	115.83%	246.45%	228.42%	227.39%	-163.94%	137.89%	114.43%		109.34%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	60.72%	61.54%	63.89%	69.54%	73.54%	75.64%	77.97%	86.39%	89.48%	96.55%	117.77%	147.18%	165.53%	329.09%	415.55%	357.47%		87.94%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	25.35%	26.46%	27.52%	32.99%	29.37%	30.41%	34.12%	32.88%	39.18%	39.62%	46.64%	47.49%	52.12%	47.02%	24.35%	#DIV/0!		36.65%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	24.39%	25.58%	26.17%	27.36%	28.38%	29.35%	30.86%	31.91%	33.13%	35.18%	38.30%	40.94%	44.92%	46.48%	43.59%	#DIV/0!		32.52%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	26.96%	27.26%	27.61%	33.59%	28.99%	32.46%	31.46%	34.94%	38.46%	38.09%	42.31%	50.02%	51.80%	47.02%	24.35%	#DIV/0!		36.52%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	24.67%	25.51%	26.15%	27.87%	28.89%	29.97%	30.77%	32.22%	33.22%	35.08%	37.01%	40.60%	43.91%	45.61%	43.12%	#DIV/0!		32.72%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.56%	4.59%	5 Yr Med	5 Yr Cl	5.68%	6.06%	5 Yr Med	Payout	227.39%	46.64%	42.31%					7.04%	<-IRR #YR->	5	Dividends	40.53%
* Dividends per share	10 Yr Med	and Cur.	24.81%	24.15%	5 Yr Med	and Cur.	0.22%	-6.06%	Last Div Inc --->		$0.4184	$0.1875	-55.19%					7.16%	<-IRR #YR->	10	Dividends	99.66%
Dividends Growth 15																		8.41%	<-IRR #YR->	15	Dividends	235.84%
Dividends Growth 20																		11.08%	<-IRR #YR->	20	Dividends	718.60%
Dividends Growth 25																		6.37%	<-IRR #YR->	25	Dividends	367.77%
Dividends Growth 30																		5.73%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		10.18%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$1.17	$0.00	$0.00	$0.00	$0.00	$1.64								Dividends Growth 5
Dividends Growth 10			-$0.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.64								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.64								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.64								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.64								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.64								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.64								Dividends Growth 35
Historical Dividends	Historical	High Div	7.33%	Low Div	1.69%	10 Yr High	9.25%	10 Yr Low	4.28%	Med Div	4.34%	Close Div	4.15%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-22.31%		236.97%	Exp.	-38.44%		33.06%	Cheap	31.22%	Cheap	37.31%								High/Ave/Median
Future Dividend Yield					Div Yield	$0.08	earning in	5	Years	at IRR of	7.04%	Div Inc.	40.53%								Future Dividend Yield
Future Dividend Yield					Div Yield	11.25%	earning in	10	Years	at IRR of	7.04%	Div Inc.	97.49%								Future Dividend Yield
Future Dividend Yield					Div Yield	15.81%	earning in	15	Years	at IRR of	7.04%	Div Inc.	177.54%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.05	earning in	5	Years	at IRR of	7.04%	Div Inc.	40.53%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.48	earning in	10	Years	at IRR of	7.04%	Div Inc.	97.49%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.08	earning in	15	Years	at IRR of	7.04%	Div Inc.	177.54%								Future Dividend Paid
Dividend Covering Cost					Total Div	$4.32	over	5	Years	at IRR of	7.04%	Div Cov.	32.78%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$9.33	over	10	Years	at IRR of	7.04%	Div Cov.	70.84%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$16.37	over	15	Years	at IRR of	7.04%	Div Cov.	124.32%								Dividend Covering Cost
Yield if held 5 years	6.48%	9.11%	8.18%	6.98%	6.39%	6.11%	5.53%	5.44%	6.25%	5.85%	6.12%	6.30%	6.88%	5.25%	2.48%	2.98%		6.12%	<-Median->	10	Paid Median Price
Yield if held 10 years	12.54%	10.17%	7.69%	6.67%	6.62%	10.12%	13.64%	11.62%	9.73%	8.75%	8.48%	7.65%	7.64%	7.18%	3.29%	3.21%		8.62%	<-Median->	10	Paid Median Price
Yield if held 15 years	5.83%	8.33%	8.18%	11.83%	25.70%	19.57%	15.22%	10.93%	9.30%	9.06%	14.04%	18.84%	16.33%	11.19%	4.92%	4.45%		14.63%	<-Median->	10	Paid Median Price
Yield if held 20 years	11.90%	11.98%	13.74%	12.85%	10.56%	9.09%	12.46%	11.63%	16.50%	35.20%	27.16%	21.03%	15.36%	10.69%	5.10%	7.37%		13.91%	<-Median->	10	Paid Median Price
Yield if held 25 years			25.85%	25.15%	26.48%	18.58%	17.94%	19.51%	17.92%	14.47%	12.62%	17.22%	16.34%	18.97%	19.82%	14.25%		17.93%	<-Median->	10	Paid Median Price
Yield if held 30 years								36.72%	35.06%	36.27%	25.78%	24.78%	27.42%	20.60%	8.15%	6.62%		27.42%	<-Median->	7	Paid Median Price
Yield if held 35 years													51.61%	40.31%	20.42%	13.53%
Cost covered if held 5 years	27.07%	37.19%	33.43%	28.82%	26.87%	26.49%	24.13%	24.14%	27.53%	25.86%	26.94%	27.64%	30.18%	26.82%	22.43%	24.29%		26.91%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	79.90%	65.90%	50.80%	44.76%	45.15%	70.91%	96.66%	85.04%	71.71%	65.54%	63.81%	57.66%	57.66%	64.22%	55.68%	53.12%		64.68%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	48.61%	66.33%	63.53%	91.57%	205.81%	164.70%	132.28%	99.35%	85.74%	85.22%	132.69%	179.30%	156.68%	128.89%	110.12%	100.08%		132.48%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	127.46%	121.54%	134.30%	122.86%	100.58%	88.01%	120.68%	115.18%	164.27%	361.46%	284.20%	224.52%	166.75%	140.37%	131.40%	192.72%		143.57%	<-Median->	10	Paid Median Price
Cost covered if held 25 years			294.09%	279.64%	292.72%	207.94%	199.76%	220.98%	201.82%	164.55%	143.54%	196.19%	186.89%	261.19%	540.91%	400.31%		200.79%	<-Median->	10	Paid Median Price
Cost covered if held 30 years								457.21%	434.15%	453.08%	321.35%	308.45%	341.31%	307.07%	238.31%	197.50%		341.31%	<-Median->	7	Paid Median Price
Cost covered if held 35 years													683.65%	640.14%	637.96%	431.54%
																				Yr	Item	Tot. Growth
Revenue Growth								$15,463	$17,258	$18,412	$20,116	$20,386	$20,506	$20,149	<-12 mths	-1.74%		32.61%	<-Total Growth	5	Revenue Growth	32.61%
AEPS Growth								$1.06	$1.07	$1.17	$0.95	$1.04	$0.92	$0.83	<-12 mths	-9.78%		-13.21%	<-Total Growth	5	AEPS Growth	-13.21%
Net Income Growth								$1,207	$1,655	$1,615	$841	$993	$1,113	-$919	<-12 mths	-182.57%		-7.79%	<-Total Growth	5	Net Income Growth	-7.79%
Cash Flow Growth								$4,574	$4,388	$4,811	$4,499	$4,847	$4,866	$5,015	<-12 mths	3.06%		6.38%	<-Total Growth	5	Cash Flow Growth	6.38%
Dividend Growth								$1.17	$1.25	$1.33	$1.43	$1.53	$1.64	$1.44	<-12 mths	-11.88%		40.53%	<-Total Growth	5	Dividend Growth	40.53%
Stock Price Growth								$25.21	$29.79	$26.13	$23.58	$19.49	$18.09	$13.17	<-12 mths	-27.20%		-28.24%	<-Total Growth	5	Stock Price Growth	-28.24%
Revenue Growth			$12,502	$12,799	$13,304	$14,368	$14,658	$15,463	$17,258	$18,412	$20,116	$20,386	$20,506	$0	<-this year	-100.00%		64.02%	<-Total Growth	10	Revenue Growth	64.02%
AEPS Growth			$1.29	$1.29	$1.32	$1.43	$1.43	$1.06	$1.07	$1.17	$0.95	$1.04	$0.92	$0.69	<-this year	-25.00%		-28.68%	<-Total Growth	10	AEPS Growth	-28.68%
Net Income Growth			$1,382	$1,223	$1,460	$1,600	$1,746	$1,207	$1,655	$1,615	$841	$993	$1,113	-$1,386	<-this year	-224.53%		-19.46%	<-Total Growth	10	Net Income Growth	-19.46%
Cash Flow Growth			$3,542	$3,219	$3,947	$4,058	$3,927	$4,574	$4,388	$4,811	$4,499	$4,847	$4,866	$4,832	<-this year	-0.70%		37.38%	<-Total Growth	10	Cash Flow Growth	37.38%
Dividend Growth			$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$1.64	$1.21	<-this year	-26.09%		99.66%	<-Total Growth	10	Dividend Growth	99.66%
Stock Price Growth			$19.13	$21.38	$23.81	$22.63	$25.14	$25.21	$29.79	$26.13	$23.58	$19.49	$18.09	$14.31	<-this year	-20.90%		-5.44%	<-Total Growth	10	Stock Price Growth	-5.44%
Dividends on Shares				$47.70	$51.54	$54.59	$58.70	$61.75	$66.50	$70.60	$75.76	$81.11	$86.77	$76.46	$39.75	$39.75		$655.02	No of Years	10	Total Divs	12/31/15
Paid			$1,013.89	$1,132.88	$1,261.93	$1,199.13	$1,332.42	$1,336.13	$1,578.87	$1,384.89	$1,249.74	$1,032.97	$958.77	$698.01	$698.01	$698.01		$958.77	No of Years	10	Worth	$19.13
Total																		$1,613.79
Graham No. AESP	$12.50	$12.88	$13.69	$13.95	$14.28	$16.57	$16.75	$14.94	$16.30	$17.46	$15.32	$15.59	$14.52	$12.25	$13.11	$13.51		6.08%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.35	1.55	1.57	1.44	1.59	1.41	1.45	1.59	1.69	1.73	1.64	1.41	1.40	1.34	0.00	0.00		1.52	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.50	1.70	1.64	1.58	1.71	1.48	1.53	1.85	1.84	1.97	1.89	1.57	1.60	1.59	0.00	0.00		1.65	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.19	1.41	1.49	1.30	1.48	1.34	1.37	1.33	1.54	1.50	1.40	1.24	1.20	1.08	0.00	0.00		1.35	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.46	1.63	1.40	1.53	1.67	1.37	1.50	1.69	1.83	1.50	1.54	1.25	1.25	1.08	1.00	0.97		1.52	<-Median->	10	Price/GP Ratio
Prem/Disc Close	47.96%	63.95%	42.21%	59.51%	68.94%	37.68%	49.76%	73.06%	77.52%	50.10%	69.05%	31.17%	27.80%	8.47%	0.59%	-2.89%		54.80%	<-Median->	10	Graham Price
Graham No. EPS	$12.06	$12.61	$12.90	$12.47	$13.82	$16.07	$16.86	$14.06	$17.40	$17.31	$11.97	$12.51	$12.84	$10.87	$10.87	$11.94		-0.39%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.40	1.59	1.66	1.61	1.65	1.45	1.44	1.69	1.58	1.75	2.10	1.75	1.58	1.51				1.63	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.56	1.74	1.74	1.76	1.77	1.53	1.52	1.97	1.72	1.99	2.42	1.96	1.81	1.79				1.79	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.24	1.44	1.58	1.46	1.53	1.38	1.36	1.42	1.44	1.51	1.79	1.54	1.36	1.22				1.45	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.52	1.66	1.48	1.71	1.72	1.41	1.49	1.79	1.71	1.51	1.97	1.56	1.41	1.21	1.21	1.10		1.63	<-Median->	10	Price/GP Ratio
Prem/Disc Close	51.62%	66.09%	48.35%	71.42%	72.34%	40.81%	49.07%	79.25%	71.18%	50.96%	97.03%	55.76%	40.84%	21.11%	21.11%	10.33%		63.47%	<-Median->	10	Graham Price
Pre-split 2013
Pre-split 2020	$36.56	$41.89	$38.26	$42.75	$47.62	$45.25
Price Close	$18.28	$20.95	$19.13	$21.38	$23.81	$22.63	$25.14	$25.21	$29.79	$26.13	$23.58	$19.49	$18.09	$13.17	$13.17	$13.17		-5.44%	<-Total Growth	10	Stock Price
Increase	12.32%	14.58%	-8.67%	11.74%	11.39%	-4.98%	11.12%	0.28%	18.17%	-12.29%	-9.76%	-17.35%	-7.18%	-27.20%	0.00%	0.00%		18.88	<-Median->	10	CAPE (10 Yr P/E)
P/E	18.19	18.13	16.71	20.75	19.36	16.88	17.34	26.82	24.42	22.72	40.66	29.09	25.13	-14.97	24.21	20.09		-6.42%	<-IRR #YR->	5	Stock Price	-28.24%
Trailing P/E	18.14	20.84	16.56	18.67	23.12	18.39	18.76	17.39	31.69	21.42	20.50	33.60	27.00	18.29	-14.97	24.21		-0.56%	<-IRR #YR->	10	Stock Price	-5.44%
CAPE (10 Yr P/E)	15.54	15.54	15.21	15.69	16.38	16.93	17.42	18.44	19.32	19.93	21.15	21.97	22.77	26.96	27.98	29.36		0.06%	<-IRR #YR->	5	Price & Dividend	0.25%
Median 10, 5 Yrs		D.  per yr	6.41%	6.48%	% Tot Ret	109.53%	11452.57%	T P/E	20.96	27.00	P/E:	23.57	25.13					5.85%	<-IRR #YR->	10	Price & Dividend	59.17%
Price 15		D.  per yr	6.79%		% Tot Ret	68.36%						CAPE Diff	-179.28%					3.14%	<-IRR #YR->	15	Stock Price	59.10%
Price  20		D.  per yr	5.25%		% Tot Ret	71.54%												2.09%	<-IRR #YR->	20	Stock Price	51.22%
Price  25		D.  per yr	4.36%		% Tot Ret	66.05%												2.24%	<-IRR #YR->	25	Stock Price	74.15%
Price  30		D.  per yr	5.12%		% Tot Ret	57.53%												3.78%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	5.14%		% Tot Ret	57.12%												3.86%	<-IRR #YR->	35	Stock Price
Price & Dividend 15																		9.94%	<-IRR #YR->	15	Price & Dividend	197.28%
Price & Dividend 20																		7.34%	<-IRR #YR->	20	Price & Dividend	199.80%
Price & Dividend 25																		6.61%	<-IRR #YR->	25	Price & Dividend	254.40%
Price & Dividend 30																		8.90%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		9.00%	<-IRR #YR->	35	Price & Dividend
Price  5								-$25.21	$0.00	$0.00	$0.00	$0.00	$18.09								Price  5
Price 10			-$19.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.09								Price 10
Price & Dividend 5								-$25.21	$1.25	$1.33	$1.43	$1.53	$19.73								Price & Dividend 5
Price & Dividend 10			-$19.13	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$19.73								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	$18.09								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	$18.09								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	$18.09								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	$18.09								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	$18.09								Price  35
Price & Dividend 15	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$19.73								Price & Dividend 15
Price & Dividend 20	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$19.73								Price & Dividend 20
Price & Dividend 25	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$19.73								Price & Dividend 25
Price & Dividend 30	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$19.73								Price & Dividend 30
Price & Dividend 35	$0.66	$0.74	$0.82	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$19.73								Price & Dividend 35
Price H/L Median	$16.85	$20.02	$21.44	$20.09	$22.77	$23.34	$24.29	$23.81	$27.49	$30.28	$25.16	$21.91	$20.31	$16.38				-5.25%	<-Total Growth	10	Stock Price
Increase	10.62%	18.80%	7.09%	-6.27%	13.35%	2.50%	4.04%	-1.98%	15.46%	10.15%	-16.91%	-12.92%	-7.28%	-19.37%				-0.54%	<-IRR #YR->	10	Stock Price	-5.25%
P/E	16.76	17.33	18.72	19.50	18.51	17.42	16.75	25.32	22.53	26.33	43.37	32.69	28.21	-18.61				-3.13%	<-IRR #YR->	5	Stock Price	-14.68%
Trailing P/E	16.72	19.92	18.56	17.55	22.11	18.98	18.12	16.42	29.24	24.82	21.87	37.77	30.31	22.74				5.20%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	18.56	20.39	20.42	18.80	20.46	19.78	19.60	19.87	22.24	24.82	23.55	24.02	23.40	36.55				3.26%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	20.95	22.74	22.65	20.74	22.83	22.36	21.87	21.18	23.85	25.95	22.38	20.37	19.66	19.45				17.42	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.73%	6.38%	% Tot Ret	110.35%	195.93%	T P/E	21.99	29.24	P/E:	23.93	28.21						Count	35	Years of data
			-$21.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.31
								-$23.81	$0.00	$0.00	$0.00	$0.00	$20.31
			-$21.44	$0.90	$0.97	$1.03	$1.11	$1.17	$1.25	$1.33	$1.43	$1.53	$21.95
								-$23.81	$1.25	$1.33	$1.43	$1.53	$21.95
High Months	May	Nov	Jul	Jul	Nov	Sep	Dec	Feb	Sep	Apr	Feb	Jan	Mar	Mar
Pre-split 2013
Pre-split 2020	$37.57	$43.78	$44.97	$44.01	$48.79	$49.10
Price High	$18.79	$21.89	$22.49	$22.01	$24.40	$24.55	$25.68	$27.68	$29.94	$34.42	$28.94	$24.50	$23.20	$19.50				3.18%	<-Total Growth	10	Stock Price
Increase	13.95%	16.53%	2.72%	-2.13%	10.86%	0.64%	4.60%	7.79%	8.16%	14.96%	-15.92%	-15.34%	-5.31%	-15.95%				0.31%	<-IRR #YR->	10	Stock Price	3.18%
P/E	18.69	18.95	19.64	21.36	19.83	18.32	17.71	29.45	24.54	29.93	49.90	36.57	32.22	-22.16				-3.47%	<-IRR #YR->	5	Stock Price	-16.18%
Trailing P/E	18.65	21.78	19.47	19.22	23.68	19.96	19.16	19.09	31.85	28.21	25.17	42.24	34.63	27.08				19.74	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	24.42	31.85	P/E:	26.99	32.22					29.51	P/E Ratio		Historical High
			-$22.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.20
								-$27.68	$0.00	$0.00	$0.00	$0.00	$23.20
Low Months	Jun	Jan	Jun	Jan	Mar	Oct	Oct	Mar	Mar	Dec	Oct	Dec	Dec	Aug
Pre-split 2013
Pre-split 2020	$29.82	$36.28	$40.77	$36.35	$42.30	$44.27
Price Low	$14.91	$18.14	$20.39	$18.18	$21.15	$22.14	$22.89	$19.93	$25.03	$26.13	$21.37	$19.31	$17.42	$13.25				-14.55%	<-Total Growth	10	Stock Price
Increase	6.69%	21.66%	12.38%	-10.84%	16.37%	4.66%	3.41%	-12.93%	25.59%	4.39%	-18.22%	-9.64%	-9.79%	-23.94%				-1.56%	<-IRR #YR->	10	Stock Price	-14.55%
P/E	14.84	15.71	17.80	17.65	17.20	16.52	15.79	21.20	20.52	22.72	36.84	28.82	24.19	-15.06				-2.66%	<-IRR #YR->	5	Stock Price	-12.59%
Trailing P/E	14.80	18.05	17.65	15.87	20.53	18.00	17.08	13.74	26.63	21.42	18.58	33.29	26.00	18.40				15.75	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	19.56	26.00	P/E:	20.86	24.19					11.76	P/E Ratio		Historical Low
			-$20.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.42
								-$19.93	$0.00	$0.00	$0.00	$0.00	$17.42
Free Cash Flow WSJ	$1,144	-$137	-$1,014	$322	$856	$1,183	$33	$1,752	-$928	$1,164	$1,288	$1,460	$2,351					331.85%	<-Total Growth	10	Free Cash Flow WSJ
Change	-9.85%	-111.98%	-640.15%	131.76%	165.84%	38.20%	-97.21%	5209.09%	-152.97%	225.43%	10.65%	13.35%	61.03%					49.61%	<-Median->	10	Change
														$2,313	<-12 mths	4.76%
Free Cash Flow company		$1,057	$1,078	$1,078	$141	$1,207	$932	$1,435	$777	$1,274	$1,759	$1,982	$2,208	$1,808	$2,008	$2,229		104.82%	<-Total Growth	10	Free Cash Flow
Change			1.99%	0.00%	-86.92%	756.03%	-22.78%	53.97%	-45.85%	63.96%	38.07%	12.68%	11.40%	-18.12%	11.06%	11.01%		9.00%	<-IRR #YR->	5	Free Cash Flow MS	53.87%
FCF/CF from Op Ratio		0.31	0.30	0.33	0.04	0.30	0.24	0.31	0.18	0.26	0.39	0.41	0.45	0.37	0.41	#DIV/0!		7.43%	<-IRR #YR->	10	Free Cash Flow MS	104.82%
Dividends paid in Cash		$901	$992	$1,070	$1,082	$1,141	$1,149	$930	$0	$1,188	$1,315	$1,562	$1,628	$1,628	$1,628	$1,628		64.11%	<-Total Growth	10	Dividends paid
Percentage paid			92.02%	99.26%	767.38%	94.53%	123.28%	64.81%	0.00%	93.25%	74.76%	78.81%	73.73%	90.04%	81.08%	73.04%		86.03%	<-Median->	10	Percentage paid
5 Year Coverage							122.50%	112.08%	95.77%	78.36%	74.18%	69.12%	71.16%	81.07%	79.48%	78.89%		78.36%	<-Median->	7	5 Year Coverage
Dividend Coverage Ratio			1.09	1.01	0.13	1.06	0.81	1.54	-704816.70	1.07	1.34	1.27	1.36	1.11	1.23	1.37		1.07	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							0.82	0.89	1.04	1.28	1.35	1.45	1.41	1.23	1.26	1.27					5 Year of Coverage
								-$1,435	$0	$0	$0	$0	$2,208
			-$1,078	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,208
														$1,680	<-12 mths	-31.71%
Free Cash Flow MS old	$1,144	-$137	-$1,014	$322	$856	$1,183	$33	$1,752	-$928	$1,164	$1,288	$1,440						100.00%	<-Total Growth	9	Free Cash Flow	WSJ agree
Change	-9.85%	-111.98%	-640.15%	131.76%	165.84%	38.20%	-97.21%	5209.09%	-152.97%	225.43%	10.65%	11.80%						38.20%	<-Median->	9	Change	-100.00%
Free Cash Flow MS OLD		-$700	-$1,240	$390	$1,010	$930	$370	$1,480	-$850	$1,360	$1,610										Free Cash Flow MS, WSJ OLD
Change			-77.14%	131.45%	158.97%	-7.92%	-60.22%	300.00%	-157.43%	260.00%	18.38%										Change
Free Cash Flow MS (went back to old)	$1,144	-$700	-$1,240	$390	$1,010	$930	$370	$1,480	-$850	$1,360	$1,610	$1,440	$2,460	$1,849	$2,079	$2,539		298.39%	<-Total Growth	10	Free Cash Flow	WSJ agree
Change	-9.85%	-161.19%	-77.14%	131.45%	158.97%	-7.92%	-60.22%	300.00%	-157.43%	260.00%	18.38%	-10.56%	70.83%	-24.84%	12.44%	22.13%		10.70%	<-IRR #YR->	5	Free Cash Flow MS	66.22%
FCF/CF from Op Ratio	0.35	-0.21	-0.35	0.12	0.26	0.23	0.09	0.32	-0.19	0.28	0.36	0.30	0.51	0.38	0.43	#DIV/0!		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	298.39%
Dividends paid in Cash	$823	$901	$992	$1,070	$1,082	$1,141	$1,149	$930	$1,719	$1,188	$1,315	$1,562	$1,628	$1,628	$1,628	$1,628		64.11%	<-Total Growth	10	Dividends paid
Percentage paid			-80.00%	274.36%	107.13%	122.69%	310.54%	62.84%	-202.24%	87.35%	81.68%	108.47%	66.18%	88.05%	78.31%	64.12%		97.24%	<-Median->	10	Percentage paid
5 Year Coverage							372.19%	128.52%	204.80%	186.23%	158.72%	133.22%	123.12%	83.97%	82.23%	77.88%		158.72%	<-Median->	7	5 Year Coverage
Dividend Coverage Ratio			-1.25	0.36	0.93	0.82	0.32	1.59	-0.49	1.14	1.22	0.92	1.51	1.14	1.28	1.56		0.93	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							0.27	0.78	0.49	0.54	0.63	0.75	0.81	1.19	1.22	1.28					5 Year of Coverage
								-$1,480	$0	$0	$0	$0	$2,460
			$1,240	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,460
Free Cash Flow Markt Sc		-$137	-$1,014	$322	$866	$1,197	$932	$1,435	$777	$1,274	$1,759	$2,212	$2,300	$1,849	$2,079	$2,539		326.82%	<-Total Growth	10	Free Cash Flow Markt Sc
Change			-640.15%	131.76%	168.94%	38.22%	-22.14%	53.97%	-45.85%	63.96%	38.07%	25.75%	3.98%	-19.61%	12.44%	22.13%		9.89%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio		-0.04	-0.29	0.10	0.22	0.29	0.24	0.31	0.18	0.26	0.39	0.46	0.47	0.38	0.43	#DIV/0!		#NUM!	<-IRR #YR->	10	Free Cash Flow MS
Dividends paid in Cash		$901	$992	$1,070	$1,082	$1,141	$1,149	$930	$1,719	$1,188	$1,315	$1,562	$1,628	$1,628	$1,628	$1,628		64.11%	<-Total Growth	10	Dividends paid
Dividends Percentage paid		-657.92%	-97.83%	332.30%	124.94%	95.32%	123.28%	64.81%	221.25%	93.25%	74.76%	70.61%	70.78%	88.05%	78.31%	64.12%		94.29%	<-Median->	10	Percentage paid
5 Year Coverage						420.29%	235.95%	113.05%	115.63%	109.12%	102.01%	90.04%	89.07%	77.93%	76.10%	73.54%		111.08%	<-Median->	8	5 Year Coverage
Dividend Coverage Ratio		-0.15	-1.02	0.30	0.80	1.05	0.81	1.54	0.45	1.07	1.34	1.42	1.41	1.14	1.28	1.56		1.06	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage		-0.15	-0.61	-0.28	0.01	0.24	0.42	0.88	0.86	0.92	0.98	1.11	1.12	1.28	1.31	1.36					5 Year of Coverage
								-$1,435	$0	$0	$0	$0	$2,300
			$1,014	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,300
Market Cap	$22,793	$25,512	$22,738	$25,223	$28,382	$27,105	$30,419	$32,546	$40,812	$37,392	$34,615	$29,313	$28,021	$20,743	$20,743	$20,743		23.24%	<-Total Growth	10	Market Cap
Pre-split 2013
Pre-split 2020	643	618	604	593	593	597	602	602
Diluted # of Shares in Million	1286	1236	1208	1186	1186	1194	1204	1278	1351	1403	1457	1493	1535	1535	1535			27.07%	<-Total Growth	10	Diluted
Change	-1.68%	-3.89%	-2.27%	-1.82%	0.00%	0.67%	0.84%	6.15%	5.71%	3.85%	3.85%	2.47%	2.81%	0.00%	0.00%			2.64%	<-Median->	10	Change
Difference Diluted/Basic	-0.5%	-0.3%	-0.2%	-0.2%	0.0%	0.0%	0.0%	-0.2%	-0.4%	-0.5%	-0.4%	-0.3%	-0.3%	-0.3%	-0.3%			-0.25%	<-Median->	10	Difference Diluted/Basic
Pre-split 2013
Pre-split 2020	640	616	603	592	593	597	602	602
Basic # of Shares in Millions	1280	1232	1206	1184	1186	1194	1204	1275	1346	1396	1451	1488	1531	1531	1531			26.95%	<-Total Growth	10	Basic
Change	-1.84%	-3.75%	-2.11%	-1.82%	0.17%	0.67%	0.84%	5.90%	5.57%	3.71%	3.94%	2.55%	2.89%	0.00%	0.00%			2.72%	<-Median->	10	Change
Difference Basic/Outstanding	-2.6%	-1.1%	-1.4%	-0.3%	0.5%	0.3%	0.5%	1.3%	1.8%	2.5%	1.2%	1.1%	1.2%	2.9%	2.9%			1.12%	<-Median->	10	Difference Basic/Outstanding
														$5,015	<-12 mths	3.06%
BC Tel 1-1
Telus 1-.7773
Common Shares
Non-Voting Shares
Pre-slip 2013
Pre-split 2020
Common Shares
Non-Voting Shares
Pre-split 2020	623.43	609.02	594.30	590	596	599	605
# of Share in Millions	1,246.86	1,218.05	1,188.60	1,180	1,192	1,198	1,210	1,291	1,370	1,431	1,468	1,504	1,549	1,575	1,575	1,575		2.68%	<-IRR #YR->	10	Shares	30.32%
Change	-4.37%	-2.31%	-2.42%	-0.72%	1.02%	0.50%	1.00%	6.69%	6.12%	4.45%	2.59%	2.45%	2.99%	1.68%	0.00%	0.00%		3.71%	<-IRR #YR->	5	Shares	19.98%
Cash Flow from Operations $M	$3,246	$3,407	$3,542	$3,219	$3,947	$4,058	$3,927	$4,574	$4,388	$4,811	$4,499	$4,847	$4,866	$4,832	$4,851			37.38%	<-Total Growth	10	Cash Flow
Increase	0.84%	4.96%	3.96%	-9.12%	22.62%	2.81%	-3.23%	16.48%	-4.07%	9.64%	-6.49%	7.74%	0.39%	-0.70%	0.39%				SO, Buy Backs
5 year Running Average	$2,893	$2,994	$3,193	$3,327	$3,472	$3,635	$3,739	$3,945	$4,179	$4,352	$4,440	$4,624	$4,682	$4,771	$4,779			46.65%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.60	$2.80	$2.98	$2.73	$3.31	$3.39	$3.25	$3.54	$3.20	$3.36	$3.06	$3.22	$3.14	$3.07	$3.08			5.42%	<-Total Growth	10	Cash Flow per Share
Increase	5.45%	7.44%	6.54%	-8.46%	21.38%	2.30%	-4.19%	9.17%	-9.60%	4.97%	-8.84%	5.16%	-2.52%	-2.34%	0.39%			3.23%	<-IRR #YR->	10	Cash Flow	37.38%
5 year Running Average	$2.26	$2.36	$2.56	$2.72	$2.88	$3.04	$3.13	$3.24	$3.34	$3.35	$3.28	$3.28	$3.20	$3.17	$3.12			1.25%	<-IRR #YR->	5	Cash Flow	6.38%
P/CF on Med Price	6.47	7.16	7.19	7.36	6.88	6.89	7.48	6.72	8.58	9.01	8.21	6.80	6.47	5.34	0.00			0.53%	<-IRR #YR->	10	Cash Flow per Share	5.42%
P/CF on Closing Price	7.02	7.49	6.42	7.84	7.19	6.68	7.75	7.12	9.30	7.77	7.69	6.05	5.76	4.29	4.28			-2.38%	<-IRR #YR->	5	Cash Flow per Share	-11.34%
															-39.78%	Diff M/C		2.24%	<-IRR #YR->	10	CFPS 5 yr Running	24.84%
														$4,732	<-12 mths	-3.35%
Excl.Working Capital CF	-$194.00	-$101.00	-$12.00	-$57	$52	-$256	$332	-$270	$82	$193	$461	-$245	$30	$0	$0			-0.27%	<-IRR #YR->	5	CFPS 5 yr Running	-1.36%
CF fr Op $M WC	$3,052	$3,306	$3,530	$3,162	$3,999	$3,802	$4,259	$4,304	$4,470	$5,004	$4,960	$4,602	$4,896	$4,832	$4,851			38.70%	<-Total Growth	10	Cash Flow less WC
Increase	-7.09%	8.32%	6.78%	-10.42%	26.47%	-4.93%	12.02%	1.06%	3.86%	11.95%	-0.88%	-7.22%	6.39%	-1.31%	0.39%			3.33%	<-IRR #YR->	10	Cash Flow less WC	38.70%
5 year Running Average	$2,863	$3,005	$3,198	$3,267	$3,410	$3,560	$3,750	$3,905	$4,167	$4,368	$4,599	$4,668	$4,786	$4,859	$4,828			2.61%	<-IRR #YR->	5	Cash Flow less WC	13.75%
CFPS Excl. WC	$2.45	$2.71	$2.97	$2.68	$3.35	$3.17	$3.52	$3.33	$3.26	$3.50	$3.38	$3.06	$3.16	$3.07	$3.08			4.11%	<-IRR #YR->	10	CF less WC 5 Yr Run	49.66%
Increase	-2.85%	10.89%	9.42%	-9.77%	25.20%	-5.40%	10.91%	-5.28%	-2.13%	7.17%	-3.38%	-9.44%	3.30%	-2.93%	0.39%			4.15%	<-IRR #YR->	5	CF less WC 5 Yr Run	22.56%
5 year Running Average	$2.23	$2.37	$2.56	$2.67	$2.83	$2.98	$3.14	$3.21	$3.33	$3.36	$3.40	$3.31	$3.27	$3.23	$3.15			0.62%	<-IRR #YR->	10	CFPS - Less WC	6.43%
P/CF on Med Price	6.47	7.37	7.22	7.50	6.79	7.36	6.90	7.14	8.42	8.66	7.45	7.16	6.43	5.34	0.00			-1.06%	<-IRR #YR->	5	CFPS - Less WC	-5.19%
P/CF on Closing Price	7.02	7.72	6.44	7.98	7.10	7.13	7.14	7.56	9.13	7.47	6.98	6.37	5.72	4.29	4.28			2.47%	<-IRR #YR->	10	CFPS 5 yr Running	27.61%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	7.13	5 yr	8.21	P/CF Med	10 yr	7.26	5 yr	7.45		-40.85%	Diff M/C		0.37%	<-IRR #YR->	5	CFPS 5 yr Running	1.85%
			-1,188.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1,549.0								Shares
								-1,291.0	0.0	0.0	0.0	0.0	1,549.0								Shares
			-$3,542.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,866.0								Cash Flow
								-$4,574.0	$0.0	$0.0	$0.0	$0.0	$4,866.0								Cash Flow
			-$2.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.14								Cash Flow per Share
								-$3.54	$0.00	$0.00	$0.00	$0.00	$3.14								Cash Flow per Share
			-$2.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.20								CFPS 5 yr Running
								-$3.24	$0.00	$0.00	$0.00	$0.00	$3.20								CFPS 5 yr Running
			-$3,530.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,896.0								Cash Flow less WC
								-$4,304.0	$0.0	$0.0	$0.0	$0.0	$4,896.0								Cash Flow less WC
			-$3,198.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,786.4								CF less WC 5 Yr Run
								-$3,905.2	$0.0	$0.0	$0.0	$0.0	$4,786.4								CF less WC 5 Yr Run
			-$2.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.16								CFPS - Less WC
								-$3.33	$0.00	$0.00	$0.00	$0.00	$3.16								CFPS - Less WC
			-$2.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.27								CFPS 5 yr Running
								-$3.21	$0.00	$0.00	$0.00	$0.00	$3.27								CFPS 5 yr Running
Net change in non-cash operating working capital	$187.0	-$64.0
Accounts Receivable			$55	-$45	-$70	$74	-$329	-$231	-$290	-$312	-$184	-$54	-$41
Inventories			-$40	$42	-$60	$4	-$61	$30	-$41	-$89	$53	-$145	$147
Contract Assets						-$103	$123	$298	-$4	$9	-$4	-$20	$8
Prepaid Expenses			-$22	-$20	-$27	-$46	$0	$79	-$44	-$56	-$60	-$81	-$55
Unrealized gain Trading Derivatives													-$2
Accounts Payable and Accrued Liab.			-$60	$126	$126	-$11	$73	$189	$289	$173	-$268	$307	-$113
Income & other taxes rec & pay Net						$277	-$287	-$49	-$77	$50	-$72	$41	-$39
Advance Billings, customer Deposits			$7	-$28	$38	$12	-$10	$54	$62	-$12	$74	$46	-$9
Provisions			$72	-$18	-$59	$49	$159	-$100	$23	$44			$35
															$138
Non-current													-$36
Share based compensation												$151	$144
Non-current contract Assets
Income and other taxes receivable	$7.0	$165.0
and payable, net
Net.	$194.0	$101.0	$12.0	$57.0	-$52.0	$256	-$332	$270	-$82	-$193	-$461	$245	$39
Google --> TD 2017	$194.0	$101.0	$12.0	$57.0	-$52	$194	-$332	$270	-$82	-$237	-$461	$244	-$30
Difference	$0.0	$0.0	$0.0	$0.0	$0	$62	$0	$0	$0	$44	$0	$1	$69
TD	$194	$101	$12	$57
Difference	$0	$0	$0	$0
Changes found in Sep 2019		-$64	$214	-$71	-$263
Changes found in Sep 2020				-$71	-$219	$256
OPM	28.46%	28.39%	28.33%	25.15%	29.67%	28.24%	26.79%	29.58%	25.43%	26.13%	22.37%	23.78%	23.73%	23.86%				-16.24%	<-Total Growth	10	OPM
Increase	-3.43%	-0.27%	-0.20%	-11.23%	17.96%	-4.80%	-5.14%	10.41%	-14.04%	2.77%	-14.41%	6.31%	-0.20%	0.53%					Should increase		or be stable.
Diff from Ave	7.57%	7.28%	7.07%	-4.95%	12.12%	6.74%	1.25%	11.79%	-3.91%	-1.25%	-15.48%	-10.14%	-10.32%	-9.85%				-0.03	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	26.46%	5 Yrs	25.43%					should be	zero, it is a		check on calculations
EBIT									$307	$2,954	$2,362	$2,804	$2,363	$1,436	$2,739	$2,873			<-Total Growth	4	EBIT
Change										862.21%	-20.04%	18.71%	-15.73%	-39.23%	90.74%	4.89%		1.49%	<-Median->	4	Change
Margin									1.78%	16.04%	11.74%	13.75%	11.52%	7.09%	13.36%	13.75%		11.74%	<-Median->	5	Margin
														$7,315	<-12 mths	-0.53%
Adjusted EBITDA		$4,291	$4,488	$4,667	$4,891	$5,250	$5,693	$5,701	$6,069	$6,643	$7,149	$7,333	$7,354	$7,109	$7,225	$7,432		63.86%	<-Total Growth	10	Adjusted EBITDA
Change			4.59%	3.99%	4.80%	7.34%	8.44%	0.14%	6.46%	9.46%	7.62%	2.57%	0.29%	-3.33%	1.63%	2.87%		5.63%	<-Median->	10	Change
Margin		35.75%	35.90%	36.46%	36.76%	36.54%	38.84%	36.87%	35.17%	36.08%	35.54%	35.97%	35.86%	35.10%	35.23%	35.56%		36.27%	<-Median->	10	Margin
Long Term Debt	$7,493	$9,321	$12,038	$12,931	$12,256	$13,265	$17,142	$18,856	$17,925	$22,496	$23,355	$25,608	$27,437	$26,429				127.92%	<-Total Growth	10	Debt	Type
Change	31.20%	24.40%	29.15%	7.42%	-5.22%	8.23%	29.23%	10.00%	-4.94%	25.50%	3.82%	9.65%	7.14%	-3.67%				7.83%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.33	0.37	0.53	0.51	0.43	0.49	0.56	0.58	0.44	0.60	0.67	0.87	0.98	1.27				0.57	<-Median->	10	% of Market C.	Intang/GW
Assets/Current Liabilities Ratio	6.54	6.64	6.18	5.60	5.69	6.83	6.81	7.33	5.80	6.53	5.92	5.90	6.15	5.57				6.04	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)	2.31	2.74	3.40	4.02	3.11	3.27	4.37	4.12	4.09	4.68	5.19	5.28	5.64	5.47				4.24	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq, CF DB
Intangibles	$6,531	$7,797	$7,797	$10,364	$10,668	$10,956	$12,812	$15,026	$17,485	$19,178	$19,721	$20,593	$20,328	$19,928				160.72%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$3,737	$3,757	$3,757	$3,787	$4,217	$4,733	$8,331	$7,235	$7,281	$9,169	$10,058	$10,544	$10,460	$8,897				178.41%	<-Total Growth	10	Goodwill	Leverage
Total	$10,268	$11,554	$11,554	$14,151	$14,885	$15,689	$21,143	$22,261	$24,766	$28,347	$29,779	$31,137	$30,788	$28,825				166.47%	<-Total Growth	10	Total	D/E Ratio
Change	3.90%	12.52%	0.00%	22.48%	5.19%	5.40%	34.76%	5.29%	11.25%	14.46%	5.05%	4.56%	-1.12%	-6.38%				5.34%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.45	0.45	0.51	0.56	0.52	0.58	0.70	0.68	0.61	0.76	0.86	1.06	1.10	1.39				0.69	<-Median->	10	% of Market C.
Current Assets	$2,329	$2,186	$2,331	$2,474	$2,884	$3,841	$4,353	$4,683	$5,032	$6,092	$6,313	$6,647	$8,372	$9,324				Liquidity ratio of 1.5 and up, best
Current Liabilities	$3,299	$3,499	$4,276	$4,951	$5,190	$4,841	$5,574	$5,909	$8,273	$8,281	$9,478	$9,831	$9,689	$10,889				0.71	<-Median->	10	Ratio
Liquidity	0.71	0.62	0.55	0.50	0.56	0.79	0.78	0.79	0.61	0.74	0.67	0.68	0.86	0.86				0.68	<-Median->	5	Ratio
Liq. with CF aft div	1.44	1.34	1.15	0.94	1.09	1.38	1.25	1.31	0.93	1.09	0.92	0.94	1.10	1.09				0.94	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.84	0.65	0.56	0.59	0.64	0.85	0.65	0.64	0.56	0.66	0.61	0.68	0.84	1.09				0.66	<-Median->	5	Ratio
Curr Long Term Debt	$21	$255	$856	$1,327	$1,404	$836	$1,332	$1,432	$2,927	$2,541	$3,994	$3,246	$3,102	$4,465
Liquidity Less CLTD	0.71	0.67	0.68	0.68	0.76	0.96	1.03	1.05	0.94	1.06	1.15	1.01	1.27	1.45				1.06	<-Median->	5	Ratio
Liq. with CF aft div	1.45	1.45	1.43	1.28	1.50	1.66	1.64	1.73	1.44	1.57	1.59	1.40	1.62	1.85				1.57	<-Median->	5	Ratio
Assets	$21,566	$23,217	$26,406	$27,729	$29,548	$33,065	$37,975	$43,332	$47,994	$54,046	$56,136	$58,023	$59,613	$60,628				Debt Ratio of 1.5 and up, best
Liabilities	$13,551	$15,763	$18,734	$19,793	$21,285	$22,724	$27,316	$30,730	$31,935	$36,388	$38,834	$41,225	$43,034	$44,526				1.41	<-Median->	10	Ratio
Debt Ratio	1.59	1.47	1.41	1.40	1.39	1.46	1.39	1.41	1.50	1.49	1.45	1.41	1.39	1.36				1.45	<-Median->	5	Ratio
Estimates BVPS														$7.80	$7.45	$7.23			Estimates		Estimates BVPS
Estimate Book Value														$12,291.3	$11,736.9	$11,388.8			Estimates		Estimate Book Value
P/B Ratio (Close)														1.69	1.77	1.82			Estimates		P/B Ratio (Close)
Difference from 10 year median															-34.59%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$8,015	$7,454	$7,672	$7,936	$8,263	$10,341	$10,659	$12,602	$16,059	$17,658	$17,302	$16,798	$16,579	$16,102				116.10%	<-Total Growth	10	Book Value
NCI	$0	$0	$0	$19	$42	$82	$111	$528	$943	$1,089	$1,190	$1,178	$804	$882							NCI
Preferred Shares	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0							Preferred Shares
Book Value	$8,015	$7,454	$7,672	$7,917	$8,221	$10,259	$10,548	$12,074	$15,116	$16,569	$16,112	$15,620	$15,775	$15,220	$15,220	$15,220		105.62%	<-Total Growth	10	Book Value
Book Value per Share	$6.43	$6.12	$6.45	$6.71	$6.90	$8.56	$8.72	$9.35	$11.03	$11.58	$10.98	$10.39	$10.18	$9.66	$9.66	$9.66		57.78%	<-Total Growth	10	Book Value per Share
Change	9.05%	-4.80%	5.47%	3.95%	2.79%	24.17%	1.80%	7.29%	17.98%	4.94%	-5.21%	-5.37%	-1.94%	-5.11%	0.00%	0.00%		-38.88%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.62	3.27	3.32	2.99	3.30	2.73	2.79	2.55	2.49	2.61	2.29	2.11	1.99	1.69				2.23	P/B Ratio		Historical Median
P/B Ratio (Close)	2.84	3.42	2.96	3.19	3.45	2.64	2.88	2.70	2.70	2.26	2.15	1.88	1.78	1.36	1.36	1.36		4.67%	<-IRR #YR->	10	Book Value per Share	57.78%
Change	3.00%	20.35%	-13.41%	7.49%	8.36%	-23.47%	9.15%	-6.53%	0.16%	-16.41%	-4.80%	-12.65%	-5.35%	-23.28%	0.00%	0.00%		1.72%	<-IRR #YR->	5	Book Value per Share	8.89%
Leverage (A/BK)	2.69	3.11	3.44	3.49	3.58	3.20	3.56	3.44	2.99	3.06	3.24	3.45	3.60	3.77				3.45	<-Median->	10	A/BV
Debt/Equity Ratio	1.69	2.11	2.44	2.49	2.58	2.20	2.56	2.44	1.99	2.06	2.24	2.45	2.60	2.77				2.45	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	2.58	5 yr Med	2.29		-47.18%	Diff M/C		2.68	Historical		A/BV
			-$6.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.18
								-$9.35	$0.00	$0.00	$0.00	$0.00	$10.18
														-$904	<-12 mths	-176.74%
Total Comprehensive Income	$2,283	$987	$1,846	$1,221	$1,320	$1,908	$1,554	$964	$2,349	$1,797	$689	$955	$831					-54.98%	<-Total Growth	10	Total Comprehensive Income
NCI	$0	$0	$0	$15	$23	$10	$38	$71	$8	$143	$1	$18	-$347								NCI
Shareholders	$2,283	$987	$1,846	$1,206	$1,297	$1,898	$1,516	$893	$2,341	$1,654	$688	$937	$1,178					-36.19%	<-Total Growth	10	Shareholders
Increase	141.08%	-56.77%	87.03%	-34.67%	7.55%	46.34%	-20.13%	-41.09%	162.15%	-29.35%	-58.40%	36.19%	25.72%					25.72%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$1,151	$1,137	$1,287	$1,454	$1,524	$1,447	$1,553	$1,362	$1,589	$1,660	$1,418	$1,303	$1,360					-4.39%	<-IRR #YR->	10	Comprehensive Income	-36.19%
ROE	28.5%	13.2%	24.1%	15.2%	15.8%	18.5%	14.4%	7.4%	15.5%	10.0%	4.3%	6.0%	7.5%					5.70%	<-IRR #YR->	5	Comprehensive Income	31.91%
5Yr Median	13.4%	13.2%	13.2%	15.2%	15.8%	15.8%	15.8%	15.2%	15.5%	14.4%	10.0%	7.4%	7.5%					0.55%	<-IRR #YR->	10	5 Yr Running Average	5.61%
% Difference from NI	76.4%	-30.7%	33.6%	-1.4%	-11.2%	18.6%	-13.2%	-26.0%	41.5%	2.4%	-18.2%	-5.6%	5.8%					-0.04%	<-IRR #YR->	5	5 Yr Running Average	-0.18%
Median Values										Diff	5, 10 yr	-3.5%	2.4%					7.5%	<-Median->	5	Return on Equity
			-$1,846	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,178
								-$893	$0	$0	$0	$0	$1,178
			-$1,287	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,360
								-$1,362	$0	$0	$0	$0	$1,360
Current Liability Coverage Ratio	0.93	0.94	0.83	0.64	0.77	0.79	0.76	0.73	0.54	0.60	0.52	0.47	0.51	0.44							CFO / Current Liabilities
5 year Median	0.87	0.93	0.93	0.93	0.83	0.79	0.77	0.76	0.76	0.73	0.60	0.54	0.52	0.51				0.52	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	14.15%	14.24%	13.37%	11.40%	13.53%	11.50%	11.22%	9.93%	9.31%	9.26%	8.84%	7.93%	8.21%	7.97%							CFO / Total Assets
5 year Median	14.14%	14.15%	14.15%	14.15%	13.53%	13.37%	11.50%	11.40%	11.22%	9.93%	9.31%	9.26%	8.84%	8.21%				8.8%	<-Median->	5	Return on Assets
Return on Assets ROA	6.00%	6.14%	5.23%	4.41%	4.94%	4.84%	4.60%	2.79%	3.45%	2.99%	1.50%	1.71%	1.87%	-2.29%				Net	Income/Assets		Return on Assets
5Yr Median	6.00%	6.10%	6.10%	6.00%	5.23%	4.94%	4.84%	4.60%	4.60%	3.45%	2.99%	2.79%	1.87%	1.71%				3.2%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	16.14%	19.12%	18.01%	15.45%	17.76%	15.60%	16.55%	10.00%	10.95%	9.75%	5.22%	6.36%	7.06%	-9.11%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	16.14%	16.17%	17.15%	17.15%	17.76%	17.76%	16.55%	15.60%	15.60%	10.95%	10.00%	9.75%	7.06%	6.36%				10.5%	<-Median->	10	Return on Equity
														-$919	<-12 mths	-182.57%
Total Net Income	$1,294	$1,425	$1,382	$1,236	$1,479	$1,624	$1,776	$1,260	$1,698	$1,718	$867	$938	$777					-43.78%	<-Total Growth	10	Total Net Income
NCI	$0	$0	$0	$13	$19	$24	$30	$53	$43	$103	$26	-$55	-$336								NCI
Shareholders	$1,294	$1,425	$1,382	$1,223	$1,460	$1,600	$1,746	$1,207	$1,655	$1,615	$841	$993	$1,113	-$1,386	$857	$1,032		-19.46%	<-Total Growth	10	Shareholders
Increase	-1.82%	10.12%	-3.02%	-11.51%	19.38%	9.59%	9.13%	-30.87%	37.12%	-2.42%	-47.93%	18.07%	12.08%	-224.53%	-161.81%	20.50%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,173	$1,258	$1,327	$1,328	$1,357	$1,418	$1,482	$1,447	$1,534	$1,565	$1,413	$1,262	$1,243	$635	$484	$522		-2.14%	<-IRR #YR->	10	Net Income	-19.46%
Operating Cash Flow	$3,246	$3,407	$3,542	$3,219	$3,947	$4,058	$3,927	$4,574	$4,388	$4,811	$4,499	$4,847	$4,866					-1.61%	<-IRR #YR->	5	Net Income	-7.79%
Investment Cash Flow	-$2,389	-$3,668	-$4,477	-$2,923	-$3,643	-$2,977	-$5,044	-$6,165	-$5,466	-$5,408	-$4,748	-$3,700	-$3,040					-0.65%	<-IRR #YR->	10	5 Yr Running Ave.	-6.29%
Total Accruals	$437	$1,686	$2,317	$927	$1,156	$519	$2,863	$2,798	$2,733	$2,212	$1,090	-$154	-$713					-2.99%	<-IRR #YR->	5	5 Yr Running Ave.	-14.08%
Total Assets	$21,566	$23,217	$26,406	$27,729	$29,548	$33,065	$37,975	$43,332	$47,994	$54,046	$56,136	$58,023	$59,613						Balance Sheet		Assets
Accruals Ratio	2.03%	7.26%	8.77%	3.34%	3.91%	1.57%	7.54%	6.46%	5.69%	4.09%	1.94%	-0.27%	-1.20%					1.94%	<-Median->	5	Ratio
EPS/CF Ratio	0.41	0.43	0.39	0.38	0.37	0.42	0.41	0.28	0.37	0.33	0.17	0.22	0.23					0.35	<-Median->	10	EPS/CF Ratio
			-$1,382	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,113
								-$1,207	$0	$0	$0	$0	$1,113
			-$1,327	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,243
								-$1,447	$0	$0	$0	$0	$1,243
Change in Close	12.32%	14.58%	-8.67%	11.74%	11.39%	-4.98%	11.12%	0.28%	18.17%	-12.29%	-9.76%	-17.35%	-7.18%	-27.20%	0.00%	0.00%			Count	30	Years of data
up/down			down	down				down	down	down									Count	8	26.67%
Meet Prediction?			Yes							Yes								% right	Count	4	50.00%
Financial Cash Flow	-$628	-$15	$1,098	-$87	-$227	-$1,176	$1,238	$1,904	$953	$848	$139	-$1,142	-$74						C F Statement		Financial Cash Flow
Total Accruals	$1,065	$1,701	$1,219	$1,014	$1,383	$1,695	$1,625	$894	$1,780	$1,364	$951	$988	-$639								Accruals
Accruals Ratio	4.94%	7.33%	4.62%	3.66%	4.68%	5.13%	4.28%	2.06%	3.71%	2.52%	1.69%	1.70%	-1.07%					1.70%	<-Median->	5	Ratio
Cash	$336	$60	$223	$432	$509	$414	$535	$848	$723	$974	$864	$869	$2,621	$1,387							Cash
Cash per Share	$0.27	$0.05	$0.19	$0.37	$0.43	$0.35	$0.44	$0.66	$0.53	$0.68	$0.59	$0.58	$1.69	$0.88				$0.59	<-Median->	5	Cash per Share
Percentage of Stock Price	1.47%	0.24%	0.98%	1.71%	1.79%	1.53%	1.76%	2.61%	1.77%	2.60%	2.50%	2.96%	9.35%	6.69%				2.60%	<-Median->	5	% of Stock Price
Notes:
August 31, 2026.  Last estimates were for 2025, 2026, 2027 $20547M, $21411M, $22117M Revenue, $1.02, $1.12, $1.20 AEPS, $0.67, $0.94, $1.06 EPS, $1.67, $1.74, $1.82 Dividends,
$2121M, $2492M, $2816M FCF, $3.85, $3.39 2025/6 CFPS $7499M, $7794M, $9.69, $8.73, $8.73, $7.65 BVPS, $14129M, $1454M, $1694M Net Income.
September 10, 2025.  Last estimates were for 2024, 2025, 2026 of $20240M, $20927M, $22058M  Revenue, $0.99, $1.08, $1.25  AEPS, $0.70, $0.99 and $1.21 EPS,
$1.55, $1.65, $1.77 Dividends, $2532M, $2.449M, $2929M FCF, $3.92, $3.60 2024/5 CFPS, $7371M, $7748M, $8168M EBITDA, $10.57, $9.92, $9.38 BVPS, $10.38M, $1534M, $1815M Net Income.
September 2, 2024  Last estimates were for 2023, 2024, 2025 of $20369M, $21414M, $22570M Revenue, $0.95, $1.20, $1.39 AEPS, $0.54, $1.12, $1.36 EPS,
$1.45, $1.56, $1.67 Dividends, $1504, $2532M, $2923M FCF, $2.80, $4.10, $4.72 CFPS, $10.80, $10.20, $9.82 BVPS, $1.879M, $2,173M 2023/4 for Net Income.
September 8, 2023.  Last estimates were 2022, 2023 and 2024 of $18286M, $19962M and $21142M for Revenue, $1.27, $1.44 and $1.71 for AEPS, $1.21, $1.33 and $1.56 for EPS,
$1.36. $1.45 and $1.56 for Dividends, $1226M, $2735M and $3291M for FCF, $3.41, $3.93 and $4.69 for CFPS, $14.40, $11.00 and $11.10 for BVPS, $1705M, $1879M and $2173M for Net Income.
September 10, 2022.  Last estimates were for 2021, 2022 and 2023 of $16901M, $18044M and $18805M for Revenue, $1.03, $1.17 and $1.37 for EPS, $1.28, $1.37 and $1.46 for Dividends,
$937M, $1448M and $2693M for FCF, $3.31, $3.72 and $4.26 for CFPS, and $1418M, $1631M and $1876M for Net Income.
September 4, 2021.  Last estimates were for 2020, 2021, and $2022 of $15247M, $16063M and $16632M for Revenue, $1.07, $1.26 and $1.32 for EPS, $1.19, $1.28 and $1.36 for Div,
$1479M, $1904M and $2281M for FCF, $3.48 and $3.57 for CFPS for 2020-21, and $1389M, $1666M and $1769M for Net Income.
September 12, 2020.  Last estimates were for 2019, 2020 and 2021 of $14784, $15276 and $15712 for Revenue, $1.47, $1.48 and 1.57 for EPS, $6.85 and $7.36 for CFPS for 2020 and 2021 and $1794, $1798 and $1929 for Net Income.
September 8, 2019.  Last estimates were for 2018, 2019 and 2020 of $14111M, $14667M and $15217M for Revenue, $2.68, $2.85 and $3.08 for EPS, $7.02, $7.16 and $7.35 for CFPS and $1595M, $1714M and $1845M for Net Income.
September 16, 2018.  Last estimates were for 2017, 2018 and 2019 of $13288M, $13734M and $14019M for Revenue, $2.57, $2.80 and $3.09 for EPS, $6.54, $6.74 and $7.02 for CFPS, $1504M, $1635M and $1742M for Net Income.
September 17, 2017.  Last estimates were for 2016  and 2017 of $13007M and $13373M for Revenue, $2.78 and $2.94 for EPS, $5.49 and $6.11 for CFPSand $1708M and $1843M for Net Income.
September 18, 2016.  Last estimates were for 2015, 2016 and 2017 of $12524M, $13007M and $13373M for Revenue, $2.52, $2.78 and $2.94 for EPS, $5.49, $5.89 and $6.11 for CFPS and $1519M, $1708M and $1843M for Net Income.
September 23, 2015.  Last estimates were for 2014, 2015 and 2016 of $11901M, $12357M and $13669M for Revenue, $2.35, $2.60 and $2.79 for EPS, $4.90, $5.36 and $6.00 for CFPS and $1472M, $1602M and $1677M for Net Income.
September 15, 2014.  Last estimates were for 2013, 2014 and 2015 of $11421M, $11852M and $12224M for Revenue, $2.09, $2.30 and $2.62 for EPS, $4.86, $4.86, $4.86
In 2013 they got rid of non-voting shares and now only have common shares.
August 18, 2013.  Last estimates were for 2012 and 2013 of $10.383 (2012 only) Revenue, $4.05 and $4.44 EPS and $9.09 (2012 only) for CFPS.
In 2013, all the non-voting shares were changed into common shares, so now there is only one type of shares.
February 4 2013. Non-voting shares of Telus, with the ticker symbol T.A were converted one-for-one into voting shares, with the ticker symbol T. On February 11 all the shares began trading under the one ticker symbol.
Feb 6, 2012.  Last estimates I got were for 2010 and 2011 of $3.25 and $3.65 for EPS and $7.65 and $8.80 for CF
Telus non-voting shares are TSX-T.A and US shares on NYSE of TU.  I am following TSX-T, which are the voting shares.  Both shares get the same dividend amount per share.
BC Telecom and Telus joined 31 Jan1999
If federal foreign ownership restrictions were removed, non-voting shares may convert on a one-for-one basis to common shares.
Sector:
Telecom Service, Utilities
What should this stock accomplish?
Would I buy this company and Why.
If I was looking for a telecom stock, I would consider this one. It is a dividend growth stock.
Why am I following this stock.
I started to follow this stock because of a list of stock John Sartz talked about in 2008.
At the Toronto Money Shows in 2009 and 2010 Aaron Dunn from KeyStone Financial Publishing Corp talked about having recommended this stock.
Aaron Dunn says he likes companies with resilient business models, which are profitable and are growing their earnings.  He also like companies with strong management teams, health balance sheets and compelling valuations.
They look at the P/E and the Price/Cash Flow ratios.  Telus Corp (TSX-T) was one of three stocks he recommended in 2009.
Dividends
Dividends are paid in Cycle 1, that is January, April, July and October.  Dividends are declared for shareholders of record of one month and paid in the following month.
For example, the dividend declared for the shareholders of record of September 10, 2013 was paid on October 1, 2013.
How they make their money.
Telus is one of Canada's Big Three telecom service providers, offering wireless and broadband services nationally,
but with strongholds in British Columbia and Alberta.  The firm operates two additional segments, Telus Health and Telus Digital.
http://www.cantechletter.com/2014/01/europacific-canadas-rob-goff-reveals-top-tech-picks-2014/
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.
				Updated for	Split
	%, 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
On Sep 16 2014	2018	Sep 8	2019	Sep 12	2020	Sep 4	2021	Sep 10	2022	Sep 8	2023	Sep 2	2024	Sep 10	2025			Aug 31	2026
Dodig, Victor George														0.100	0.01%			0.300	0.02%		2026	200.00%
CEO - Shares - Amount															$1.809				$3.951
Options - percentage														0.045	0.00%			1.060	0.07%			2238.84%
Options - amount															$0.820				$13.956
Entwistle, Darren	0.03%	0.367	0.03%	0.758	0.06%	0.385	0.03%	0.392	0.03%	0.773	0.05%	0.799	0.05%	0.823	0.05%
CEO - Shares - Amount	$8.905		$9.222		$19.111		$11.454		$10.248		$18.233		$15.577		$14.897
Options - percentage	0.10%	1.285	0.11%	2.350	0.18%	1.255	0.09%	1.281	0.09%	1.475	0.10%	1.647	0.11%	1.988	0.13%
Options - amount	$27.257		$32.305		$59.243		$37.382		$33.486		$34.779		$32.102		$35.958
Natale, Joe
CEO - Shares - Amount
Options - percentage
Options - amount
Chande, Gopi																		0.017	0.00%		2026	#DIV/0!
CFO - Shares - Amount																			$0.217
Options - percentage																		0.325	0.02%			#DIV/0!
Options - amount																			$4.277
French, Douglas	0.00%	0.039	0.00%	0.069	0.01%	0.086	0.01%	0.093	0.01%	0.121	0.01%	0.122	0.01%	0.125	0.01%						ceased insider July 2026
CFO - Shares - Amount	$0.448		$0.983		$1.747		$2.574		$2.418		$2.846		$2.374		$2.258
Options - percentage	0.02%	-0.298	-0.02%	0.621	0.05%	0.328	0.02%	0.334	0.02%	0.359	0.02%	0.400	0.03%	0.473	0.03%
Options - amount	$5.425		-$7.494		$15.649		$9.759		$8.726		$8.468		$7.788		$8.551
Gossling, John Richard
CFO - Shares - Amount
Options - percentage
Options - amount
Arora, Navin		0.025	0.00%	0.079	0.01%	0.079	0.01%	0.114	0.01%	0.161	0.01%	0.194	0.01%	0.212	0.01%			0.234	0.01%			10.37%
Officer - Shares - Amount			$0.628		$1.999		$2.351		$2.992		$3.807		$3.790		$3.842				$3.087
Options - percentage		0.097	0.01%	0.304	0.02%	0.236	0.02%	0.290	0.02%	0.369	0.03%	0.541	0.04%	0.554	0.04%			0.690	0.04%			24.57%
Options - amount			$2.447		$7.652		$7.036		$7.568		$8.706		$10.540		$10.020				$9.087
Mawji, Zainul										0.095	0.01%	0.153	0.01%	0.208	0.01%			0.277	0.02%			33.27%
Officer - Shares - Amount											$2.230		$2.975		$3.760				$3.648
Options - percentage										0.317	0.02%	0.489	0.03%	0.521	0.03%			0.069	0.00%			-86.84%
Options - amount											$7.486		$9.527		$9.429				$0.903
McIntosh, Sandy										0.101	0.01%	0.149	0.01%	0.163	0.01%			0.180	0.01%			10.56%
Officer - Shares - Amount											$2.381		$2.907		$2.952				$2.376
Options - percentage										0.246	0.02%	0.359	0.02%	0.334	0.02%			0.404	0.03%			20.72%
Options - amount											$5.803		$6.999		$6.049				$5.316
Chan, Raymond Tatsun	0.00%	0.040	0.00%	0.080	0.01%	0.080	0.01%	0.080	0.01%	0.092	0.01%	0.092	0.01%	0.092	0.01%			0.093	0.01%			1.11%
Director - Shares - Amount	$0.905		$1.006		$2.017		$2.383		$2.090		$2.169		$1.793		$1.664				$1.225
Options - percentage	0.00%	0.048	0.00%	0.057	0.00%	0.066	0.00%	0.075	0.01%	0.085	0.01%	0.100	0.01%	0.117	0.01%			0.138	0.01%			18.47%
Options - amount	$0.916		$1.209		$1.439		$1.978		$1.952		$2.009		$1.944		$2.114				$1.823
Claxton, Hazel Cynthia								0.003	0.00%	0.003	0.00%	0.003	0.00%	0.005	0.00%			0.008	0.00%			73.44%
Director - Shares - Amount									$0.078		$0.071		$0.058		$0.088				$0.111
Options - percentage								0.012	0.00%	0.021	0.00%	0.033	0.00%	0.046	0.00%			0.066	0.00%			42.34%
Options - amount									$0.324		$0.491		$0.634		$0.841				$0.872
Flynn, Tomas Earl								0.010	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%			0.015	0.00%			28.30%
Director - Shares - Amount									$0.261		$0.273		$0.225		$0.209				$0.195
Options - percentage								0.025	0.00%	0.036	0.00%	0.051	0.00%	0.075	0.00%			0.098	0.01%			30.10%
Options - amount									$0.643		$0.841		$0.989		$1.363				$1.291
Manley, John Paul								0.003	0.00%	0.005	0.00%	0.007	0.00%	0.007	0.00%			0.008	0.00%			21.47%
Chairman. - Shares - Amt									$0.080		$0.114		$0.134		$0.126				$0.111
Options - percentage								0.129	0.01%	0.147	0.01%	0.176	0.01%	0.216	0.01%			0.266	0.02%			23.32%
Options - amount									$3.366		$3.468		$3.437		$3.904				$3.505
Auchinleck, Richard H. (Dick)	0.00%	0.053	0.00%	0.058	0.00%	0.062	0.00%	0.069	0.00%												Ceased insider May 2023
Chairman. - Shares - Amt	$1.05		$1.332		$1.467		$1.845		$1.803
Options - percentage	0.03%	0.395	0.03%	0.428	0.03%	0.462	0.03%	0.493	0.03%
Options - amount	$8.27		$9.932		$10.795		$13.772		$12.893
Increase in O/S Shares	0.17%	3.867	0.32%	4.101	0.34%	3.698	0.29%	4.000	0.29%	4.000	0.28%	4.000	0.27%	3.000	0.20%			3.000	0.19%		Share-based compensation
due to SO	$47.620		$87.493		$103.092		$93.229		$119.160		$104.520		$94.320		$58.470				$54.270		settled in cash
Book Value	$2.000		$86.000		$33.000		$97.000		$141.000		$133.000		$99.000		$88.000				$89.000		Equity Accounted Share-based
Insider Buying	-$1.820		-$3.075		-$3.324		-$1.725		-$0.262		-$10.280		-$1.065		-$2.839				-$9.800		Compensation
Insider Selling	$0.051		$1.425		$0.729		$2.648		$27.071		$32.933		$2.166		$0.000				$0.000
Net Insider Selling	-$1.769		-$1.651		-$2.595		$0.923		$26.809		$22.652		$1.101		-$2.839				-$9.800
% of Market Cap	-0.01%		-0.01%		-0.01%		0.00%		0.07%		0.07%		0.00%		-0.01%				-0.05%
Directors 2013		12		12		14		15		14		14		14				13
Women	29%	5	42%	5	42%	5	36%	6	40%	6	43%	6	43%	6	43%			6	46%
Minorities	14%	1	8%	1	8%	1	7%	1	7%	1	7%	1	7%	1	7%			1	8%
						Asian male
Institutions/Holdings	51.09%	282	51.92%	20	45.27%	20	57.98%	20	43.40%	20	80.27%	20	47.62%	20	53.58%			20	41.88%
Total Shares Held	27.52%	312.581	25.83%	581.257	45.02%	789.089	61.12%	602.009	42.07%	1,161.577	79.13%	705.674	46.92%	817.117	52.75%			659.534	41.88%
Increase/Decrease 3 Mths	0.52%	3.280	0.27%	31.143	2.60%	54.485	4.55%	-6.102	-0.51%	34.444	2.88%	16.191	1.35%	-43.921	-3.67%			-8.740	-0.73%
Starting No. of Shares	Nasdaq	309.301	Nasdaq	550.113	MS Top 20	734.605	MS Top 20	608.111	MS Top 20	1,127.133	MS Top 20	689.484	MS Top 20	861.037	MS Top 20			668.273	MS Top 20
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