This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024	<-Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/24	<-Estimates				https://www.annualreports.com/Company/fortis-inc
Fortis Inc					TSX:	FTS	NYSE	FTS	https://www.fortisinc.com/			Fiscal Yr:	Dec-31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	C GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
Comments																					Comments
Split																					Split
														$11,633	<-12 mths	1.01%			Estimates		last 12 months from Qtr.
Revenue*	$3,747	$3,654	$4,047	$5,401	$6,727	$6,838	$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$11,517	$11,992	$12,534	$12,912		184.58%	<-Total Growth	10	Revenue
Increase	2.3%	-2.5%	10.8%	33.5%	24.6%	1.7%	21.4%	1.1%	4.7%	1.7%	5.7%	16.9%	4.3%	4.1%	4.5%	3.0%		11.02%	<-IRR #YR->	10	Revenue	184.58%
5 year Running Average	$3,534	$3,721	$3,750	$4,103	$4,715	$5,333	$6,263	$7,131	$7,808	$8,249	$8,771	$9,320	$9,945	$10,587	$11,307	$12,000		6.54%	<-IRR #YR->	5	Revenue	37.27%
Revenue per share	$19.84	$19.07	$18.99	$19.57	$23.89	$17.03	$19.71	$19.58	$18.96	$19.14	$19.90	$22.90	$23.48	$24.44	$25.55	$26.32		10.25%	<-IRR #YR->	10	5 yr Running Average	165.22%
Increase	-5.55%	-3.88%	-0.47%	3.07%	22.09%	-28.71%	15.74%	-0.67%	-3.18%	0.97%	3.96%	15.09%	2.51%	4.12%	4.52%	3.02%		6.88%	<-IRR #YR->	5	5 yr Running Average	39.46%
5 year Running Average	$20.53	$20.85	$20.03	$19.70	$20.27	$19.71	$19.84	$19.96	$19.83	$18.88	$19.46	$20.10	$20.87	$21.97	$23.25	$24.54		2.15%	<-IRR #YR->	10	Revenue per Share	23.65%
P/S (Price/Sales) Med	1.62	1.74	1.71	1.80	1.59	2.37	2.27	2.22	2.67	2.74	2.77	2.49	2.39	2.19	0.00	0.00		3.70%	<-IRR #YR->	5	Revenue per Share	19.89%
P/S (Price/Sales) Close	1.68	1.79	1.60	1.99	1.57	2.43	2.34	2.32	2.84	2.72	3.07	2.37	2.32	2.21	2.12	2.12		0.41%	<-IRR #YR->	10	5 yr Running Average	4.22%
*Revenue in millions CDN $ (Operating Revenues), and Per Share					P/S Med	20 yr	1.76	15 yr	2.22	10 yr	2.38	5 yr	2.67		-6.99%	Diff M/C		0.90%	<-IRR #YR->	5	5 yr Running Average	4.60%
			-$4,047	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,517
								-$8,390	$0	$0	$0	$0	$11,517
			-$3,750	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,945
								-$7,131	$0	$0	$0	$0	$9,945
			-$18.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.48
								-$19.58	$0.00	$0.00	$0.00	$0.00	$23.48
			-$20.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.87
								-$19.96	$0.00	$0.00	$0.00	$0.00	$20.87
														$3.74	<-12 mths	2.19%
														69.10%	67.94%
TD								TD	TD	TD	TD	TD	TD	TD	TD
AFFO	$2.62	$2.70	$2.48	$2.12	$2.06	$2.28	$2.97	$2.52	$2.68	$3.09	$2.81	$3.71	$3.66	$3.98	$4.15			47.58%	<-Total Growth	10	AFFO
Increase		3.05%	-8.15%	-14.52%	-2.83%	10.68%	30.26%	-15.15%	6.35%	15.30%	-9.06%	32.03%	-1.35%	8.74%	4.27%			10	0	10	Years of Data, EPS P or N	100.00%
AFFO Yield			8.1%	5.4%	5.5%	5.5%	6.4%	5.5%	5.0%	5.9%	4.6%	6.8%	6.7%	7.4%	7.7%			3.97%	<-IRR #YR->	10	AFFO	47.58%
5 year Running Average					$2.40	$2.33	$2.38	$2.39	$2.50	$2.71	$2.81	$2.96	$3.19	$3.45	$3.66			7.75%	<-IRR #YR->	5	AFFO	45.24%
Payout Ratio	44.27%	44.44%	50.00%	60.38%	67.72%	66.89%	54.71%	68.45%	68.19%	62.70%	72.95%	58.49%	62.43%	59.30%	56.87%			3.72%	<-IRR #YR->	8	5 yr Running Average	#DIV/0!
5 year Running Average					52.38%	57.04%	59.32%	63.18%	64.73%	63.81%	65.14%	65.56%	64.39%	62.62%	61.31%			5.94%	<-IRR #YR->	5	5 yr Running Average	33.47%
Price/AFFO Med	12.26	12.28	13.06	16.63	18.49	17.70	15.06	17.21	18.85	16.95	19.60	15.37	15.33	13.48	0.01			17.08	<-Median->	10	Price/AFFO Med
Price/AFFO High	13.42	12.69	14.12	19.16	20.34	19.53	16.36	18.67	21.19	19.04	21.77	17.53	16.82	14.09	0.00			19.10	<-Median->	10	Price/AFFO High
Price/AFFO Low	11.11	11.87	12.00	14.09	16.63	15.88	13.76	15.75	16.52	14.85	17.44	13.21	13.83	12.86	0.00			15.30	<-Median->	10	Price/AFFO Low
Price/AFFO Close	12.74	12.67	12.28	18.38	18.16	18.18	15.53	18.06	20.10	16.83	21.72	14.60	14.89	13.59	13.04			18.11	<-Median->	10	P/FFO Close
Trailing P/AFFO		13.06	11.28	15.71	17.65	20.13	20.22	15.32	21.38	19.40	19.75	19.28	14.69	14.78	13.59			19.34	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	64.79%	5 Yrs	62.70%	P/CF	5 Yrs	in order	16.95	19.04	14.85	16.83		-19.79%	Diff M/C
Adjusted Funds From Operations
			-$2.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.66
								-$2.52	$0.00	$0.00	$0.00	$0.00	$3.66
					-$2.38	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.19
								-$2.39	$0.00	$0.00	$0.00	$0.00	$3.19
														$2.27	<-12 mths	-26.54%			Estimates		Last 12 months from Qtr
														71.81%	74.94%	74.89%			Estimates		Payout Ratio EPS
Adjusted Earnings		$329	$342	$394	$589	$715	$1,053	$1,066	$1,115	$1,195	$1,219	$1,329	$1,502					338.89%	<-Total Growth	10	Adjusted Profit CDN$
Adjusted Profit CDN$		8.23%	7.17%	5.73%	7.31%	5.51%	7.87%	7.15%	6.59%	7.00%	6.90%	6.85%	7.55%					6.95%	<-Median->	10	Return on Equity ROE
Return on Equity ROE						7.17%	7.17%	7.15%	7.15%	7.00%	7.00%	6.90%	6.90%					7.07%	<-Median->	8	5 Yr Median
Adjusted EPS Basic	$1.75	$1.73	$1.69	$1.75	$2.11	$2.33	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$3.09	$3.32	$3.32	$3.48		82.84%	<-Total Growth	10	AEPS
Increase	6.06%	-1.14%	-2.31%	3.55%	20.57%	10.43%	8.58%	-0.79%	1.59%	0.78%	0.78%	7.34%	11.15%	7.44%	0.00%	4.82%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	5.2%	5.1%	5.6%	4.5%	5.6%	5.6%	5.5%	5.5%	4.7%	4.9%	4.2%	5.1%	5.7%	6.1%	6.1%	6.2%		6.22%	<-IRR #YR->	10	AEPS	82.84%
5 year Running Average		$1.65	$1.67	$1.71	$1.81	$1.92	$2.08	$2.25	$2.41	$2.50	$2.55	$2.60	$2.72	$2.87	$3.02	$3.20		4.25%	<-IRR #YR->	5	AEPS	23.11%
Payout Ratio	66.29%	69.36%	73.37%	73.14%	66.11%	65.45%	64.23%	68.73%	71.67%	75.39%	79.15%	78.06%	73.95%	0.00%	0.00%	0.00%		4.97%	<-IRR #YR->	10	5 yr Running Average	62.44%
5 year Running Average		67.07%	68.90%	70.01%	69.49%	69.09%	67.87%	67.23%	67.31%	69.18%	71.88%	74.69%	75.63%	75.28%	74.34%	72.14%		3.87%	<-IRR #YR->	5	5 yr Running Average	20.93%
Price/AEPS Median	18.36	19.16	19.16	20.14	18.05	17.32	17.68	17.28	19.81	20.38	21.27	20.51	18.15	16.16	0.01	0.00		18.98	<-Median->	10	Price/AEPS Median
Price/AEPS High	20.09	19.80	20.72	23.21	19.86	19.11	19.21	18.75	22.27	22.89	23.61	23.40	19.92	16.89	0.00	0.00		21.09	<-Median->	10	Price/AEPS High
Price/AEPS Low	16.63	18.52	17.61	17.07	16.24	15.54	16.15	15.81	17.36	17.86	18.92	17.63	16.39	15.42	0.00	0.00		16.73	<-Median->	10	Price/AEPS Low
Price/AEPS Close	19.07	19.78	18.02	22.26	17.73	17.79	18.23	18.13	21.13	20.23	23.56	19.49	17.64	16.30	16.30	16.06		18.86	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	20.22	19.55	17.60	23.05	21.38	19.65	19.79	17.99	21.47	20.39	23.75	20.92	19.61	17.51	16.30	16.83		20.66	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	72.40%	5 Yrs	75.39%	P/CF	5 Yrs	in order	20.38	22.89	17.63	20.23
Adjusted Common Equity Earnings
			-$1.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.09
								-$2.51	$0.00	$0.00	$0.00	$0.00	$3.09
			-$1.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.72
								-$2.25	$0.00	$0.00	$0.00	$0.00	$2.72
														$3.09	<-12 mths	-0.21%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.57%	0.60%	0.57%	0.71%	0.77%	0.00%	0.43%	0.00%	0.36%	0.00%	0.00%	0.00%	0.00%					0.00%	<-Median->	0	Difference Basic and Diluted
pre-split 2005
EPS Basic	$1.75	$1.66	$1.74	$1.41	$2.61	$1.89	$2.32	$2.59	$2.79	$2.60	$2.61	$2.78	$3.10					78.16%	<-Total Growth	10	EPS Basic
pre-split 2005
EPS Diluted*	$1.74	$1.65	$1.73	$1.40	$2.59	$1.89	$2.31	$2.59	$2.78	$2.60	$2.61	$2.78	$3.10	$3.20	$3.35	$3.53		79.19%	<-Total Growth	10	EPS Diluted
Increase	7.41%	-5.17%	4.85%	-19.08%	85.00%	-27.03%	22.22%	12.12%	7.34%	-6.47%	0.38%	6.51%	11.51%	3.19%	4.69%	5.26%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	5.2%	4.8%	5.7%	3.6%	6.9%	4.6%	5.0%	5.7%	5.2%	5.0%	4.3%	5.1%	5.7%	5.9%	6.2%	6.3%		6.01%	<-IRR #YR->	10	Earnings per Share	79.19%
5 year Running Average	$1.54	$1.61	$1.65	$1.63	$1.82	$1.85	$1.98	$2.16	$2.43	$2.43	$2.58	$2.67	$2.77	$2.86	$3.01	$3.19		3.66%	<-IRR #YR->	5	Earnings per Share	19.69%
10 year Running Average	$1.33	$1.40	$1.47	$1.51	$1.65	$1.70	$1.80	$1.90	$2.03	$2.13	$2.22	$2.33	$2.47	$2.64	$2.72	$2.88		5.33%	<-IRR #YR->	10	5 yr Running Average	68.12%
* Diluted ESP per share									E/P	10 Yrs	5.07%	5Yrs	5.13%					5.17%	<-IRR #YR->	5	5 yr Running Average	28.66%
			-$1.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.10
								-$2.59	$0.00	$0.00	$0.00	$0.00	$3.10
			-$1.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.77
								-$2.16	$0.00	$0.00	$0.00	$0.00	$2.77
Dividend Estimate														$2.38	$2.49	$2.61			Estimates		Dividend Estimate
Increase														4.3%	4.4%	4.7%			Estimates		Increase
Payout Ratio EPS														74.52%	74.29%	73.93%			Estimates		Payout Ratio EPS
Special Dividend	$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 Dividend
per Quarter
pre-split 2005
Dividend*	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.36	$2.36	$2.36		84.27%	<-Total Growth	10	Dividends
Increase	3.57%	3.45%	3.33%	3.23%	8.98%	9.32%	6.56%	6.15%	5.94%	6.02%	5.81%	5.85%	5.30%	3.28%	0.00%	0.00%		42	0	42	Years of data, Count P, N
Average Increases 5 Year Running	11.92%	8.13%	4.41%	4.25%	4.51%	5.66%	6.28%	6.85%	7.39%	6.80%	6.10%	5.96%	5.78%	5.25%	4.05%	2.89%		6.03%	<-Median->	10	Average Incr 5 Year Running
5 year running Average	$1.03	$1.10	$1.15	$1.20	$1.26	$1.33	$1.41	$1.51	$1.62	$1.73	$1.83	$1.94	$2.05	$2.16	$2.25	$2.31		78.30%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.30%	3.50%	3.54%	3.15%	3.33%	3.42%	3.34%	3.67%	3.22%	3.29%	3.35%	3.34%	3.71%	4.21%				3.34%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.61%	3.62%	3.83%	3.63%	3.66%	3.78%	3.63%	3.98%	3.62%	3.70%	3.72%	3.81%	4.07%	4.40%				3.71%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.98%	3.75%	4.17%	4.28%	4.07%	4.21%	3.98%	4.35%	4.13%	4.22%	4.18%	4.43%	4.51%	4.61%				4.22%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.48%	3.51%	4.07%	3.29%	3.73%	3.68%	3.52%	3.79%	3.39%	3.73%	3.36%	4.01%	4.19%	4.36%	4.36%	4.22%		3.70%	<-Median->	10	Yield on Close Price	AFFO
Payout Ratio EPS	66.67%	72.73%	71.68%	91.43%	53.86%	80.69%	70.35%	66.60%	65.74%	74.52%	78.54%	78.06%	73.71%	73.77%	70.47%	66.95%		74.11%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	66.58%	68.57%	69.82%	73.71%	68.88%	71.71%	71.22%	70.04%	66.59%	70.99%	71.10%	72.68%	74.04%	75.60%	74.64%	72.31%		71.16%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	24.23%	23.55%	29.40%	35.98%	23.48%	32.50%	24.83%	28.39%	31.79%	33.48%	33.48%	34.04%	31.62%	31.68%	30.81%	30.65%		32.15%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	27.02%	25.42%	26.16%	27.45%	26.59%	28.25%	28.31%	28.16%	27.92%	29.95%	30.27%	32.25%	32.86%	32.77%	32.22%	31.68%		28.28%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	27.18%	25.60%	28.00%	31.94%	24.07%	32.88%	23.98%	27.32%	29.91%	28.85%	31.90%	29.45%	30.92%	31.68%	30.81%	30.65%		29.68%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	26.68%	26.54%	26.73%	27.78%	27.06%	28.19%	27.55%	27.42%	27.32%	28.28%	28.34%	29.48%	30.20%	30.56%	30.93%	30.70%		27.98%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.34%	3.70%	5 Yr Med	5 Yr Cl	3.34%	3.73%	5 Yr Med	Payout	74.52%	33.48%	29.91%					5.78%	<-IRR #YR->	5	Dividends	32.46%
* Dividends per share	10 Yr Med	and Cur.	30.60%	17.83%	5 Yr Med	and Cur.	30.77%	17.08%	Last Div Inc --->		$0.565	$0.590	4.42%					6.30%	<-IRR #YR->	10	Dividends	84.27%
Dividends Growth 15																		5.66%	<-IRR #YR->	15	Dividends	128.50%
Dividends Growth 20																		7.68%	<-IRR #YR->	20	Dividends	339.42%
Dividends Growth 25																		6.72%	<-IRR #YR->	25	Dividends	407.78%
Dividends Growth 30																		6.12%	<-IRR #YR->	30	Dividends	493.51%
Dividends Growth 35																		5.78%	<-IRR #YR->	35	Dividends	614.06%
Dividends Growth 40																		5.91%	<-IRR #YR->	40	Dividends	893.48%
Dividends Growth 45																		6.17%	<-IRR #YR->	42	Dividends
Dividends Growth 5								-$1.73	$0.00	$0.00	$0.00	$0.00	$2.29								Dividends Growth 5
Dividends Growth 10			-$1.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.29								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	$2.29								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	$2.29								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	$2.29								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	$2.29								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	$2.29								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.29								Dividends Growth 40
Dividends Growth 45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.29								Dividends Growth 45
Historical Dividends	Historical	High Div	7.56%	Low Div	3.47%	10 Yr High	4.50%	10 Yr Low	3.62%	Med Div	3.71%	Close Div	4.07%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-42.30%		25.71%	Exp.	-3.06%		20.51%	Cheap	17.58%	Cheap	7.12%								High/Ave/Median
Future Dividend Yield					Div Yield	$0.06	earning in	5	Years	at IRR of	5.78%	Div Inc.	32.46%								Future Dividend Yield
Future Dividend Yield					Div Yield	7.65%	earning in	10	Years	at IRR of	5.78%	Div Inc.	75.47%								Future Dividend Yield
Future Dividend Yield					Div Yield	10.14%	earning in	15	Years	at IRR of	5.78%	Div Inc.	132.43%								Future Dividend Yield
Future Dividend Paid					Div Yield	$3.13	earning in	5	Years	at IRR of	5.78%	Div Inc.	32.46%								Future Dividend Yield
Future Dividend Paid					Div Paid	$4.14	earning in	10	Years	at IRR of	5.78%	Div Inc.	75.47%								Future Dividend Paid
Future Dividend Paid					Div Paid	$5.49	earning in	15	Years	at IRR of	5.78%	Div Inc.	132.43%								Future Dividend Paid
Dividend Covering Cost					Total Div	$13.76	over	5	Years	at IRR of	7.68%	Div Cov.	25.43%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$30.26	over	10	Years	at IRR of	7.68%	Div Cov.	55.93%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$54.15	over	15	Years	at IRR of	7.68%	Div Cov.	100.10%								Dividend Covering Cost
I am earning GC					Div Gr	615.15%	11/13/87	# yrs ->	36	1987	$4.65	Cap Gain	1063.44%								I am earning GC
I am earning Div					org yield	7.10%	12/31/23	Trading	Div G Yrly	5.59%	Div start	$0.33	-7.10%	50.75%							I am earning Div
I am earning GC					Div Gr	448.84%	11/15/95	# yrs ->	28	1995	$6.86	Cap Gain	688.63%								I am earning GC
I am earning Div					org yield	6.27%	12/31/23	RRSP	Div G Yrly	6.24%	Div start	$0.43	-6.27%	34.40%							I am earning Div
Yield if held 5 years	4.58%	4.40%	4.92%	5.07%	4.66%	4.75%	4.90%	5.33%	5.19%	5.09%	5.08%	4.85%	5.27%	4.67%	4.51%	4.28%		5.07%	<-Median->	10	Paid Median Price
Yield if held 10 years	11.34%	9.88%	9.04%	8.00%	6.52%	6.03%	5.96%	6.85%	7.24%	6.47%	6.38%	6.55%	7.06%	6.70%	6.20%	5.85%		6.53%	<-Median->	10	Paid Median Price
Yield if held 15 years	15.04%	13.01%	11.95%	14.87%	17.37%	14.91%	13.38%	12.57%	11.42%	9.06%	8.10%	7.96%	9.07%	9.35%	7.88%	7.35%		11.99%	<-Median->	10	Paid Median Price
Yield if held 20 years	20.51%	20.65%	18.81%	19.05%	21.36%	19.77%	17.62%	16.63%	21.23%	24.12%	20.05%	17.87%	16.65%	14.74%	11.03%	9.33%		19.41%	<-Median->	10	Paid Median Price
Yield if held 25 years	25.42%	24.51%	26.19%	24.11%	26.49%	26.96%	27.96%	26.16%	27.20%	29.67%	26.58%	23.52%	22.02%	27.42%	29.39%	23.08%		26.53%	<-Median->	10	Paid Median Price
Yield if held 30 years	46.40%	46.83%	36.23%	34.78%	31.77%	33.42%	33.20%	36.43%	34.42%	36.79%	36.24%	37.33%	34.65%	35.13%	36.13%	30.60%		34.72%	<-Median->	10	Paid Median Price
Yield if held 35 years						61.00%	63.41%	50.40%	49.66%	44.12%	44.93%	44.33%	48.26%	44.44%	44.81%	41.72%		48.96%	<-Median->	8	Paid Median Price
Yield if held 40 years											82.00%	84.68%	66.76%	64.13%	53.74%	51.73%		82.00%	<-Median->	3	Paid Median Price
Yield if held 45 years																94.40%
Cost covered if held 5 years	20.32%	20.26%	22.88%	23.77%	20.94%	20.67%	21.31%	23.31%	22.97%	22.69%	22.71%	21.71%	23.68%	21.38%	21.44%	20.94%		22.70%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	77.68%	71.30%	68.34%	63.20%	51.08%	46.56%	46.18%	52.86%	55.85%	49.78%	49.19%	50.60%	55.03%	53.62%	52.16%	51.28%		50.84%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	132.42%	118.95%	113.38%	146.29%	168.41%	142.62%	129.47%	123.36%	113.78%	91.48%	82.79%	81.82%	93.65%	98.65%	87.25%	85.09%		118.57%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	216.19%	224.61%	210.96%	220.06%	241.27%	218.52%	195.53%	186.15%	240.38%	275.99%	232.25%	209.43%	198.20%	181.26%	143.96%	128.38%		219.29%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	305.22%	302.77%	332.43%	314.06%	336.35%	333.58%	346.16%	325.47%	340.58%	373.56%	337.35%	300.79%	285.14%	365.90%	415.76%	345.07%		334.96%	<-Median->	10	Paid Median Price
Cost covered if held 30 years	606.52%	630.46%	501.55%	494.51%	440.15%	450.75%	447.10%	491.88%	466.56%	500.41%	495.61%	513.21%	481.22%	501.37%	545.42%	486.91%		486.55%	<-Median->	10	Paid Median Price
Cost covered if held 35 years						872.12%	906.17%	722.15%	714.55%	636.90%	651.63%	645.46%	708.78%	670.00%	713.56%	699.54%		711.66%	<-Median->	8	Paid Median Price	Tot. Growth
Cost covered if held 40 years											1238.72%	1285.09%	1022.22%	1008.10%	892.52%	904.45%		1238.72%	<-Median->	3	Paid Median Price
Cost covered if held 45 years																1700.12%
																				Yr	Item
Revenue Growth								$8,390	$8,783	$8,935	$9,448	$11,043	$11,517	$11,633	<-12 mths	1.01%		37.27%	<-Total Growth	5	Revenue Growth	37.27%
AEPS Growth								$2.51	$2.55	$2.57	$2.59	$2.78	$3.09	$2.27	<-12 mths	-26.54%		23.11%	<-Total Growth	5	AEPS Growth	23.11%
Net Income Growth								$1,100	$1,655	$1,209	$1,231	$1,330	$1,506	$1,655	<-12 mths	9.90%		36.91%	<-Total Growth	5	Net Income Growth	36.91%
Cash Flow Growth								$2,604	$2,663	$2,701	$2,907	$3,074	$3,545					36.14%	<-Total Growth	5	Cash Flow Growth	36.14%
Dividend Growth								$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.36	<-12 mths	3.28%		32.46%	<-Total Growth	5	Dividend Growth	32.46%
Stock Price Growth								$45.51	$53.88	$52.00	$61.03	$54.18	$54.51	$54.10	<-12 mths	-0.75%		19.78%	<-Total Growth	5	Stock Price Growth	19.78%
Revenue Growth			$4,047	$5,401	$6,727	$6,838	$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$11,517	$11,992	<-this year	4.12%		184.58%	<-Total Growth	10	Revenue Growth	184.58%
AEPS Growth			$1.69	$1.75	$2.11	$2.33	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$3.09	$3.32	<-this year	7.44%		82.84%	<-Total Growth	10	AEPS Growth	82.84%
Net Income Growth			$353	$317	$728	$585	$963	$1,100	$1,655	$1,209	$1,231	$1,330	$1,506	$1,575	<-this year	4.58%		326.63%	<-Total Growth	10	Net Income Growth	326.63%
Cash Flow Growth			$899	$982	$1,673	$1,884	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545	$3,655	<-this year	3.10%		294.33%	<-Total Growth	10	Cash Flow Growth	294.33%
Dividend Growth			$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.38	<-this year	4.33%		84.27%	<-Total Growth	10	Dividend Growth	84.27%
Stock Price Growth			$30.45	$38.96	$37.41	$41.46	$46.11	$45.51	$53.88	$52.00	$61.03	$54.18	$54.51	$54.10	<-this year	-0.75%		79.01%	<-Total Growth	10	Stock Price Growth	79.01%
Dividends on Shares				$42.24	$46.04	$50.33	$53.63	$56.93	$60.31	$63.94	$67.65	$71.61	$75.41	$77.88	$77.88	$77.88		$588.06	No of Years	10	Total Divs	12/31/13
Paid			$1,004.85	$1,285.68	$1,234.53	$1,368.18	$1,521.63	$1,501.83	$1,778.04	$1,716.00	$2,013.99	$1,787.94	$1,798.83	$1,785.30	$1,785.30	$1,844.04		$1,798.83	No of Years	10	Worth	$30.45
Total																		$2,386.89
Graham Price AEPS	$27.23	$28.48	$29.18	$31.31	$36.86	$41.16	$42.53	$44.33	$45.76	$46.00	$46.56	$50.17	$53.08	$54.89	$54.89	$56.19		81.93%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.18	1.16	1.11	1.13	1.03	0.98	1.05	0.98	1.10	1.14	1.18	1.14	1.06	0.98				1.08	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.29	1.20	1.20	1.30	1.14	1.08	1.14	1.06	1.24	1.28	1.31	1.30	1.16	1.02				1.20	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.07	1.12	1.02	0.95	0.93	0.88	0.96	0.90	0.97	1.00	1.05	0.98	0.95	0.93				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.23	1.20	1.04	1.24	1.01	1.01	1.08	1.03	1.18	1.13	1.31	1.08	1.03	0.99	0.99	0.99		1.08	<-Median->	10	Price/GP Ratio
Prem/Disc Close	22.53%	20.15%	4.37%	24.44%	1.48%	0.73%	8.42%	2.66%	17.75%	13.05%	31.07%	7.98%	2.69%	-1.44%	-1.44%	-0.56%		8.20%	<-Median->	10	Graham Price
Graham Price EPS	$27.16	$27.81	$29.52	$28.00	$40.84	$37.07	$40.64	$45.03	$47.78	$46.26	$46.74	$50.17	$53.17	$53.88	$55.13	$56.56		80.11%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.18	1.19	1.10	1.26	0.93	1.09	1.10	0.96	1.06	1.13	1.18	1.14	1.05	1.00				1.09	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.29	1.23	1.19	1.45	1.03	1.20	1.20	1.04	1.19	1.27	1.31	1.30	1.16	1.04				1.20	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.07	1.15	1.01	1.07	0.84	0.98	1.01	0.88	0.93	0.99	1.05	0.98	0.95	0.95				0.98	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.23	1.23	1.03	1.39	0.92	1.12	1.13	1.01	1.13	1.12	1.31	1.08	1.03	1.00	0.98	0.99		1.12	<-Median->	10	Price/GP Ratio
Prem/Disc Close	22.88%	23.03%	3.15%	39.13%	-8.41%	11.84%	13.47%	1.07%	12.77%	12.40%	30.57%	7.98%	2.53%	0.41%	-1.86%	-1.20%		12.12%	<-Median->	10	Graham Price
pre-split 2005
Price Close	$33.37	$34.22	$30.45	$38.96	$37.41	$41.46	$46.11	$45.51	$53.88	$52.00	$61.03	$54.18	$54.51	$54.10	$54.10	$55.88		79.01%	<-Total Growth	10	Stock Price
Increase	-1.80%	2.55%	-11.02%	27.95%	-3.98%	10.83%	11.22%	-1.30%	18.39%	-3.49%	17.37%	-11.22%	0.61%	-0.75%	0.00%	3.29%		19.49	<-Median->	10	CAPE (10 Yr P/E)
P/E	19.18	20.74	17.60	27.83	14.44	21.94	19.96	17.57	19.38	20.00	23.38	19.49	18.71	18.71	18.71	18.71		3.67%	<-IRR #YR->	5	Stock Price	19.78%
Trailing P/E	20.60	19.67	18.45	22.52	26.72	16.01	24.40	19.70	20.80	18.71	23.47	20.76	20.42	20.42	20.42	20.42		6.00%	<-IRR #YR->	10	Stock Price	79.01%
CAPE (10 Yr P/E)	18.70	19.30	19.44	20.37	19.50	19.59	19.46	19.45	19.48	19.43	19.91	19.80	19.19	19.19	19.19	19.19		7.86%	<-IRR #YR->	5	Price & Dividend	46.13%
Median 10, 5 Yrs		D.  per yr	4.42%	4.18%	% Tot Ret	42.46%	53.22%	T P/E	$20.78	$20.76	P/E:	$19.73	$19.49					10.42%	<-IRR #YR->	10	Price & Dividend	141.61%
Price 15		D.  per yr	4.21%		% Tot Ret	44.22%						CAPE Diff	-3.98%					5.32%	<-IRR #YR->	15	Stock Price	117.52%
Price  20		D.  per yr	4.57%		% Tot Ret	40.33%												6.76%	<-IRR #YR->	20	Stock Price	270.19%
Price  25		D.  per yr	4.67%		% Tot Ret	39.31%												7.21%	<-IRR #YR->	25	Stock Price	470.04%
Price  30		D.  per yr	4.72%		% Tot Ret	40.31%												6.99%	<-IRR #YR->	30	Stock Price	658.40%
Price  35		D.  per yr	5.19%		% Tot Ret	42.42%												7.04%	<-IRR #YR->	35	Stock Price	983.16%
Price  40		D.  per yr	5.32%		% Tot Ret	43.69%												6.85%	<-IRR #YR->	40	Stock Price	1317.69%
Price  45		D.  per yr	6.05%		% Tot Ret	45.65%												7.20%	<-IRR #YR->	42	Stock Price
Price & Dividend 15																		9.53%	<-IRR #YR->	15	Price & Dividend	215.60%
Price & Dividend 20																		11.33%	<-IRR #YR->	20	Price & Dividend	458.42%
Price & Dividend 25																		11.88%	<-IRR #YR->	25	Price & Dividend	784.11%
Price & Dividend 30																		11.71%	<-IRR #YR->	30	Price & Dividend	1105.22%
Price & Dividend 35																		12.23%	<-IRR #YR->	35	Price & Dividend	1656.39%
Price & Dividend 40																		12.17%	<-IRR #YR->	40	Price & Dividend	2233.56%
Price & Dividend 45																		13.25%	<-IRR #YR->	42	Price & Dividend
Price  5								-$45.51	$0.00	$0.00	$0.00	$0.00	$54.51								Price  5
Price 10			-$30.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$54.51								Price 10
Price & Dividend 5								-$45.51	$1.83	$1.94	$2.05	$2.17	$56.80								Price & Dividend 5
Price & Dividend 10			-$30.45	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$56.80								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	$54.51								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	$54.51								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	$54.51								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	$54.51								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	$54.51								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$54.51								Price  40
Price  45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$54.51								Price  45
Price & Dividend 15	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$56.80								Price & Dividend 15
Price & Dividend 20	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$56.80								Price & Dividend 20
Price & Dividend 25	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$56.80								Price & Dividend 25
Price & Dividend 30	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$56.80								Price & Dividend 30
Price & Dividend 35	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$56.80								Price & Dividend 35
Price & Dividend 40	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$54.51								Price & Dividend 40
Price & Dividend 45	$1.16	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$54.51								Price & Dividend 45
Price Median H/L	$32.13	$33.15	$32.39	$35.25	$38.09	$40.37	$44.73	$43.37	$50.53	$52.37	$55.08	$57.03	$56.09	$53.64	3.29%			73.20%	<-Total Growth	10	Stock Price
Increase	7.24%	3.17%	-2.31%	8.83%	8.06%	5.99%	10.81%	-3.04%	16.50%	3.64%	5.18%	3.53%	-1.64%	-4.38%	4.36%			5.65%	<-IRR #YR->	10	Stock Price	73.20%
P/E	18.47	20.09	18.72	25.18	14.70	21.36	19.36	16.75	18.17	20.14	21.10	20.51	18.09	16.77	7.65%			5.28%	<-IRR #YR->	5	Stock Price	29.33%
Trailing P/E	19.83	19.05	19.63	20.37	27.20	15.58	23.67	18.77	19.51	18.84	21.18	21.85	20.18	17.30				9.87%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	20.81	20.59	19.63	21.65	20.90	21.80	22.55	20.12	20.78	21.51	21.37	21.34	20.22	18.77				9.54%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	24.09	23.65	22.00	23.33	23.14	23.77	24.89	22.79	24.89	24.61	24.87	24.50	22.75	20.28				15.37	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.22%	4.26%	% Tot Ret	42.77%	44.65%	T P/E	20.27	20.18	P/E:	19.75	20.14						Count	42	Years of data
			-$32.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.09
								-$43.37	$0.00	$0.00	$0.00	$0.00	$56.09
			-$32.39	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$58.38
								-$43.37	$1.83	$1.94	$2.05	$2.17	$58.38
Month	Jan	Apr	May	Nov	Feb	Jun	Nov	Dec	Oct	Feb	Dec	May	May	Jan
pre-split 2005
Price High	$35.15	$34.26	$35.01	$40.61	$41.91	$44.53	$48.59	$47.05	$56.78	$58.83	$61.16	$65.05	$61.55	$56.07				75.81%	<-Total Growth	10	Stock Price
Increase	2.90%	-2.53%	2.19%	16.00%	3.20%	6.25%	9.12%	-3.17%	20.68%	3.61%	3.96%	6.36%	-5.38%	-8.90%				5.80%	<-IRR #YR->	10	Stock Price	75.81%
P/E	20.20	20.76	20.24	29.01	16.18	23.56	21.03	18.17	20.42	22.63	23.43	23.40	19.85	17.53				5.52%	<-IRR #YR->	5	Stock Price	30.82%
Trailing P/E	21.70	19.69	21.22	23.47	29.94	17.19	25.71	20.37	21.92	21.16	23.52	24.92	22.14	18.09				17.47	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	22.81	22.14	P/E:	21.83	22.63					21.23	P/E Ratio		Historical High
From my 1985 Notes 81 to 85
			-$35.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.55
								-$47.05	$0.00	$0.00	$0.00	$0.00	$61.55
Month	Aug	Feb	Dec	Jan	Sep	Feb	Jan	Feb	Jan	Mar	Feb	Oct	Oct	Apr
pre-split 2005
Price Low	$29.11	$32.04	$29.76	$29.88	$34.26	$36.20	$40.87	$39.69	$44.27	$45.90	$49.00	$49.00	$50.63	$51.20				70.13%	<-Total Growth	10	Stock Price
Increase	13.00%	10.07%	-7.12%	0.40%	14.66%	5.66%	12.90%	-2.89%	11.54%	3.68%	6.75%	0.00%	3.33%	1.13%				5.46%	<-IRR #YR->	10	Stock Price	70.13%
P/E	16.73	19.42	17.20	21.34	13.23	19.15	17.69	15.32	15.92	17.65	18.77	17.63	16.33	16.01				4.99%	<-IRR #YR->	5	Stock Price	27.56%
Trailing P/E	17.97	18.41	18.04	17.27	24.47	13.98	21.62	17.18	17.09	16.51	18.85	18.77	18.21	16.52				13.15	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.74	18.21	P/E:	17.64	17.63					8.40	P/E Ratio		Historical Low
From my 1985 Notes 81 to 85
			-$29.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$50.63
								-$39.69	$0.00	$0.00	$0.00	$0.00	$50.63
Free Cash Flow WSJ				-$674	-$458	-$28	-$57	-$428	-$836	-$1,156	-$282	-$513	-$441					34.57%	<-Total Growth	9	Free Cash Flow	WSJ, Mkt Sc
Change					32.05%	93.89%	-103.57%	-650.88%	-95.33%	-38.28%	75.61%	-81.91%	14.04%					-$0.38	<-Median->	9	Change	Agree
Free Cash Flow MS	-$256	-$154	-$276	-$743	-$570	-$177	-$268	-$614	-$1,057	-$1,338	-$479	-$479	-$624	$1,967	$2,089	$361		-126.09%	<-Total Growth	10	Free Cash Flow	MS doesn't
Change	24.93%	39.84%	-79.22%	-169.20%	23.28%	68.95%	-51.41%	-129.10%	-72.15%	-26.58%	64.20%	0.00%	-30.27%	415.22%	6.20%	-82.70%		0.32%	<-IRR #YR->	5	Free Cash Flow MS	-1.63%
FCF/CF from Op Ratio	-0.28	-0.16	-0.31	-0.76	-0.34	-0.09	-0.10	-0.24	-0.40	-0.50	-0.16	-0.16	-0.18	0.54	0.56	0.10		8.50%	<-IRR #YR->	10	Free Cash Flow MS	-126.09%
Dividends paid	$151	$170	$181	$194	$232	$316	$419	$459	$494	$786	$608	$673	$673	$1,158	$1,158	$1,158		271.82%	<-Total Growth	10	Dividends paid
Percentage paid				-26.11%	-40.70%	-178.53%	-156.34%	-74.76%	-46.74%	-58.74%	-126.93%	-140.50%	-107.85%	58.86%	55.42%	320.46%		-$0.91	<-Median->	10	Percentage paid
5 Year Covrage								-146.42%	-139.90%	-139.61%	-135.79%	-131.36%	-122.97%	-24.45%	57.94%	68.77%					5 Year Covrage
Dividend Coverage Ratio				-3.83	-2.46	-0.56	-0.64	-1.34	-2.14	-1.70	-0.79	-0.71	-0.93	1.70	1.80	0.31		-1.13	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								-1.46	-1.40	-1.40	-1.36	-1.31	-1.23	-0.24	0.58	0.69					5 Year of Coverage
								$614	$0	$0	$0	$0	-$624
			$276	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$624
Market Cap	$6,301	$6,555	$6,491	$10,753	$10,533	$16,646	$19,417	$19,501	$24,963	$24,274	$28,977	$26,126	$26,743	$26,541	$26,541	$27,415		312.00%	<-Total Growth	10	Market Cap
pre-split 2005
Diluted # of Shares in Million	190	197.2	209.3	226.1	284.7	313.4	416.2	425.2	437.5	465.4	471.4	479	486.5	486.5				132.44%	<-Total Growth	10	Diluted
Change	1.55%	3.79%	6.14%	8.03%	25.92%	10.08%	32.80%	2.16%	2.89%	6.38%	1.29%	1.61%	1.57%	0.00%				4.63%	<-Median->	10	Change
Difference Diluted/Basic	-4.42%	-3.65%	-3.25%	-0.22%	-2.14%	-1.44%	-0.17%	-0.12%	-0.16%	-0.13%	-0.11%	-0.08%	-0.04%	-0.04%				-0.14%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	181.6	190.0	202.5	225.6	278.6	308.9	415.5	424.7	436.8	464.8	470.9	478.6	486.3	486.3				140.15%	<-Total Growth	10	Basic
Change	5.03%	4.63%	6.58%	11.41%	23.49%	10.88%	34.51%	2.21%	2.85%	6.41%	1.31%	1.64%	1.61%	0.00%				4.63%	<-Median->	10	Change
Difference Basic/Outstanding	4.0%	0.8%	5.3%	22.3%	1.1%	30.0%	1.3%	0.9%	6.1%	0.4%	0.8%	0.8%	0.9%	0.9%				0.98%	<-Median->	10	Difference Basic/Outstanding
Why increases?
pre-split 2005
# of Share in Millions	188.828	191.566	213.165	275.997	281.562	401.486	421.1	428.5	463.3	466.8	474.8	482.2	490.6	490.6	490.6	490.6		8.69%	<-IRR #YR->	10	Shares
Change	8.28%	1.45%	11.27%	29.48%	2.02%	42.59%	4.89%	1.76%	8.12%	0.76%	1.71%	1.56%	1.74%	0.00%	0.00%	0.00%		2.74%	<-IRR #YR->	5	Shares
CF fr Op $M	$904.0	$976.0	$899.0	$982.0	$1,673.0	$1,884.0	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545	$3,655	$3,758	$3,778		294.33%	<-Total Growth	10	Cash Flow
Increase	23.50%	7.96%	-7.89%	9.23%	70.37%	12.61%	46.28%	-5.52%	2.27%	1.43%	7.63%	5.74%	15.32%	3.10%	2.82%	0.52%		S. Issue, SO	DRIP, ESPP		Deb. Conv.
5 year Running Average	$662	$782	$830	$899	$1,087	$1,283	$1,639	$1,980	$2,316	$2,522	$2,726	$2,790	$2,978	$3,176	$3,388	$3,562		258.97%	<-Total Growth	10	CF 5 Yr Running
CFPS	$4.79	$5.09	$4.22	$3.56	$5.94	$4.69	$6.54	$6.08	$5.75	$5.79	$6.12	$6.37	$7.23	$7.45	$7.66	$7.70		71.33%	<-Total Growth	10	Cash Flow per Share
Increase	14.06%	6.42%	-17.22%	-15.63%	67.00%	-21.03%	39.47%	-7.15%	-5.42%	0.67%	5.81%	4.12%	13.35%	3.10%	2.82%	0.52%		14.71%	<-IRR #YR->	10	Cash Flow	294.33%
5 year Running Average	$3.80	$4.34	$4.40	$4.37	$4.72	$4.70	$4.99	$5.36	$5.80	$5.77	$6.06	$6.02	$6.25	$6.59	$6.97	$7.28		6.36%	<-IRR #YR->	5	Cash Flow	36.14%
P/CF on Med Price	6.71	6.51	7.68	9.91	6.41	8.60	6.83	7.14	8.79	9.05	9.00	8.95	7.76	7.20	0.00	0.00		5.53%	<-IRR #YR->	10	Cash Flow per Share	71.33%
P/CF on Closing Price	6.97	6.72	7.22	10.95	6.30	8.84	7.05	7.49	9.37	8.99	9.97	8.50	7.54	7.26	7.06	7.26		3.52%	<-IRR #YR->	5	Cash Flow per Share	18.90%
															-16.49%	Diff M/C		3.57%	<-IRR #YR->	10	CFPS 5 yr Running	41.97%
Excl.Working Capital CF	-$98.0	-$78.0	$45.0	$124.0	-$41.0	-$22.0	$97	$102	$168	$434	$144	$479	$81	$0.0	$0.0	$0.0		3.11%	<-IRR #YR->	5	CFPS 5 yr Running	16.57%
CF fr Op $M WC	$806.0	$898.0	$944.0	$1,106.0	$1,632.0	$1,862.0	$2,853	$2,706	$2,831	$3,135	$3,051	$3,553	$3,626	$3,655.0	$3,758.0	$3,777.6		284.11%	<-Total Growth	10	Cash Flow less WC
Increase	9.81%	11.41%	5.12%	17.16%	47.56%	14.09%	53.22%	-5.15%	4.62%	10.74%	-2.68%	16.45%	2.05%	0.80%	2.82%	0.52%		14.41%	<-IRR #YR->	10	Cash Flow less WC	284.11%
5 year Running Average	$666	$748	$812	$898	$1,077	$1,288	$1,679	$2,032	$2,377	$2,677	$2,915	$3,055	$3,239	$3,404	$3,529	$3,674		6.03%	<-IRR #YR->	5	Cash Flow less WC	34.00%
CFPS Excl. WC	$4.27	$4.69	$4.43	$4.01	$5.80	$4.64	$6.78	$6.32	$6.11	$6.72	$6.43	$7.37	$7.39	$7.45	$7.66	$7.70		14.84%	<-IRR #YR->	10	CF less WC 5 Yr Run	298.92%
Increase	1.41%	9.82%	-5.53%	-9.51%	44.64%	-19.99%	46.09%	-6.79%	-3.24%	9.91%	-4.32%	14.67%	0.31%	0.80%	2.82%	0.52%		9.78%	<-IRR #YR->	5	CF less WC 5 Yr Run	59.43%
5 year Running Average	$3.85	$4.16	$4.31	$4.32	$4.64	$4.71	$5.13	$5.51	$5.93	$6.11	$6.47	$6.59	$6.80	$7.07	$7.26	$7.51		5.26%	<-IRR #YR->	10	CFPS - Less WC	66.90%
P/CF on Med Price	7.53	7.07	7.31	8.80	6.57	8.70	6.60	6.87	8.27	7.80	8.57	7.74	7.59	7.20	0.00	0.00		3.20%	<-IRR #YR->	5	CFPS - Less WC	17.04%
P/CF on Closing Price	7.82	7.30	6.88	9.72	6.45	8.94	6.81	7.21	8.82	7.74	9.50	7.35	7.38	7.26	7.06	7.26		4.67%	<-IRR #YR->	10	CFPS 5 yr Running	57.81%
*Operational Cash Flow per share (Shares is average o/s)			CF/-WC	P/CF Med	10 yr	8.70	5 yr	8.95	P/CF Med	10 yr	7.77	5 yr	7.80		-6.52%	Diff M/C		4.32%	<-IRR #YR->	5	CFPS 5 yr Running	23.54%
			-213.165	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	490.600								Shares
								-428.500	0.000	0.000	0.000	0.000	490.600								Shares
			-$899	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,545								Cash Flow
								-$2,604	$0	$0	$0	$0	$3,545								Cash Flow
			-$4.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.23								Cash Flow per Share
								-$6.08	$0.00	$0.00	$0.00	$0.00	$7.23								Cash Flow per Share
			-$4.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.25								CFPS 5 yr Running
								-$5.36	$0.00	$0.00	$0.00	$0.00	$6.25								CFPS 5 yr Running
			-$944	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,626								Cash Flow less WC
								-$2,706	$0	$0	$0	$0	$3,626								Cash Flow less WC
			-$812.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,239.2								CF less WC 5 Yr Run
								-$2,031.8	$0.0	$0.0	$0.0	$0.0	$3,239.2								CF less WC 5 Yr Run
			-$4.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.39								CFPS - Less WC
								-$6.32	$0.00	$0.00	$0.00	$0.00	$7.39								CFPS - Less WC
			-$4.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.80								CFPS 5 yr Running
								-$5.51	$0.00	$0.00	$0.00	$0.00	$6.80								CFPS 5 yr Running
chge in non-cash Operating WC			-$45.0	-$124.0	$41.0	\
Accts Rec and other current assets						$43.0	-$74	-$204	$1	-$84	-$88	-$479	$142
Prepaid Expenses						-$4.0	-$3	$1	-$8	-$15	-$15	-$22	-$7
Inventories						$17.0	-$6	-$8	-$13	-$36	-$56	-$153	-$1
Regulatory Assets - current portion						-$58.0	$39	$16	-$75	-$49	-$99	-$307	$104
Accts Pay and other current Liab						$25.0	$119	$99	-$8	-$100	$164	$449	-$390
Regulatory Liab - current portion						-$1.0	-$172	-$6	-$65	-$150	-$50	$33	$71
Chge in long term reg. Assets, Liab
Sum			-$45	-$124	$41	$22	-$97	-$102	-$168	-$434	-$144	-$479	-$81								Statements says chge in WC
Google --TD			-$45.0	-$124.0	$41.0	$22	-$29	-$89	-$168.0	-$434	-$144	-$479	-$81
Difference			$0.0	$0.0	$0.0	$0	-$68	-$13	$0	$0	$0	$0	$0
Sum					$0.0	$22	-$97.0	-$102.0													I have not idea when TD gets
TD Bank 2020			-$31.0	-$204.0	$41.0	$22	-$97	-$102.0													Their figures from.
Difference						$0	$0.0	$0.0													Morningstar is same as TD
OPM	24.13%	26.71%	22.21%	18.18%	24.87%	27.55%	33.20%	31.04%	30.32%	30.23%	30.77%	27.84%	30.78%	30.48%				38.56%	<-Total Growth	10	OPM
Increase	20.76%	10.71%	-16.83%	-18.15%	36.78%	10.78%	20.50%	-6.52%	-2.31%	-0.30%	1.78%	-9.53%	10.58%	-0.98%					Should increase		or be stable.
Diff from Ave	-20.3%	-11.8%	-26.6%	-39.9%	-17.9%	-9.0%	9.7%	2.5%	0.1%	-0.1%	1.6%	-8.1%	1.7%	0.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	30.27%	5 Yrs	30.32%					should be zero,	it is a check		on calculations
														$7,026	<-12 mths	44.66%
EBITDA									$4,388	$3,936	$3,974	$4,408	$4,857	$5,326	$5,580	$6,079					EBITDA	From Mk Sc
Change										-10.30%	0.97%	10.92%	10.19%	9.66%	4.77%	8.94%		5.58%	<-Median->	4	Change
Margin									49.96%	44.05%	42.06%	39.92%	42.17%	44.41%	44.52%	47.08%		42.17%	<-Median->	5	Margin
Long Term Debt	$5,685	$5,783	$6,424	$9,996	$10,784	$20,817	$20,691	$23,159	$21,501	$23,113	$23,707	$25,931	$27,235	$27,235				323.96%	<-Total Growth	10	Long Term Debt	Type
Change	1.35%	1.72%	11.08%	55.60%	7.88%	93.04%	-0.61%	11.93%	-7.16%	7.50%	2.57%	9.38%	5.03%	0.00%				7.69%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.90	0.88	0.99	0.93	1.02	1.25	1.07	1.19	0.86	0.95	0.82	0.99	1.02	1.03				1.01	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	10.27	11.43	8.59	9.92	10.92	12.15	13.65	12.48	12.79	13.38	12.01	9.71	11.05	11.05				12.08	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)	6.29	5.93	7.15	10.18	6.45	11.05	7.51	8.89	8.07	8.56	8.16	8.44	7.68	7.45				8.30	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. +CF+D
Intangibles	$325	$325	$345	$488	$541	$1,011	$1,081	$1,200	$1,260	$1,291	$1,343	$1,548	$1,510	$1,510				337.68%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$1,565	$1,568	$2,075	$4,220	$4,173	$12,364	$11,644	$12,530	$12,004	$11,792	$11,720	$12,464	$12,184	$12,184				487.18%	<-Total Growth	10	Goodwill	Leverage
Total	$1,890	$1,893	$2,420	$4,708	$4,714	$13,375	$12,725	$13,730	$13,264	$13,083	$13,063	$14,012	$13,694	$13,694				465.87%	<-Total Growth	10	Total	D/E Ratio
Change	0.69%	0.16%	27.84%	94.55%	0.13%	183.73%	-4.86%	7.90%	-3.39%	-1.36%	-0.15%	7.26%	-2.27%	0.00%				-0.01%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.30	0.29	0.37	0.44	0.45	0.80	0.66	0.70	0.53	0.54	0.45	0.54	0.51	0.52				0.53	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,120	$1,093	$1,296	$1,963	$1,857	$2,166	$2,207	$3,261	$2,574	$2,612	$2,728	$4,269	$4,025	$4,025				Liquidity ratio of 1.5 and up, best
Current Liabilities	$1,320	$1,308	$2,084	$2,684	$2,638	$3,944	$3,504	$4,252	$4,176	$4,148	$4,802	$6,617	$5,964	$5,964				0.64	<-Median->	10	Ratio
Liquidity Ratio	0.85	0.84	0.62	0.73	0.70	0.55	0.63	0.77	0.62	0.63	0.57	0.65	0.67	0.67				0.63	<-Median->	5	Ratio
Liq. with CF aft div	1.37	1.41	0.93	0.97	1.19	0.87	1.22	1.21	1.05	1.06	0.97	0.95	1.08	1.09				1.05	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.74	0.77	0.45	0.38	0.78	0.32	0.66	0.68	0.63	0.53	0.56	0.59	0.66	1.09				0.59	<-Median->	5	Ratio
Portion of Lg Term	$106	$117	$780	$505	$384	$251	$705	$926	$690	$1,254	$1,628	$2,481	$2,296	$2,296
Liquidity Less CLTD	0.92	0.92	0.99	0.90	0.82	0.59	0.79	0.98	0.74	0.90	0.86	1.03	1.10	1.10				0.90	<-Median->	5	Ratio
Liq. with CF aft div	1.49	1.54	1.48	1.19	1.39	0.93	1.53	1.54	1.26	1.52	1.47	1.52	1.76	1.78				1.52	<-Median->	5	Ratio
Assets	13,562	14,950	17,908	26,628	28,804	47,904	47,822	53,051	53,404	55,481	57,659	64,252	65,920	$65,920				Debt Ratio of 1.5 and up, best
Liabilities	8,885	9,540	11,532	17,516	18,451	31,454	31,073	34,595	33,291	35,197	36,743	41,410	42,588	$42,588				1.55	<-Median->	10	Ratio
Debt Ratio	1.53	1.57	1.55	1.52	1.56	1.52	1.54	1.53	1.60	1.58	1.57	1.55	1.55	1.55				1.57	<-Median->	5	Ratio
Preferred Shares as Debt	320	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities do include any preferred share
Estimates BVPS														$43.70	$44.90	$46.30			Estimates		Estimates BVPS
Estimate Book Value														$21,439.2	$22,027.9	$22,714.8			Estimates		Estimate Book Value
P/B Ratio (Close)														1.24	1.20	1.21			Estimates		P/B Ratio (Close)
Difference from 10 year median															-1.69%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$4,677	$5,410	$6,376	$9,112	$10,353	$16,450	$16,749	$18,456	$20,113	$20,284	$20,916	$22,842	$23,332	$23,332				265.93%	<-Total Growth	10	Book Value
Non-Control. Int.	$208	$310	$375	$421	$473	$1,853	$1,746	$1,923	$1,582	$1,582	$1,628	$1,812	$1,827	$1,923				387.20%	<-Total Growth	10	Non-Control. Int.
Shareholders' Equity	$4,469	$5,100	$6,001	$8,691	$9,880	$14,597	$15,003	$16,533	$18,531	$18,702	$19,288	$21,030	$21,505	$21,409				258.36%	<-Total Growth	10	Shareholders' Equity
Book Value per Share	$23.67	$26.62	$28.15	$31.49	$35.09	$36.36	$35.63	$38.58	$40.00	$40.06	$40.62	$43.61	$43.83	$43.64				55.71%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	1.36	1.25	1.15	1.12	1.09	1.11	1.26	1.12	1.26	1.31	1.36	1.31	1.28	1.23				1.26	<-Median->	10	P/BV
Preferred Shares as Equity	$912	$1,108	$1,229	$1,820	$1,820	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623				32.06%	<-Total Growth	10	Preferred Shares as Eq
Book Value	$3,557	$3,992	$4,772	$6,871	$8,060	$12,974	$13,380	$14,910	$16,908	$17,079	$17,665	$19,407	$19,882	$19,786	$19,786	$19,786		316.64%	<-Total Growth	10	Book Value
Book Value per Share	$18.84	$20.84	$22.39	$24.90	$28.63	$32.31	$31.77	$34.80	$36.49	$36.59	$37.21	$40.25	$40.53	$40.33	$40.33	$40.33		81.03%	<-Total Growth	10	Book Value per Share
Change	-0.60%	10.63%	7.43%	11.21%	14.99%	12.89%	-1.67%	9.51%	4.88%	0.25%	1.69%	8.18%	0.69%	-0.48%	0.00%	0.00%		-3.08%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.71	1.59	1.45	1.42	1.33	1.25	1.41	1.25	1.38	1.43	1.48	1.42	1.38	1.33	0.00	0.00		1.38	P/B Ratio		Historical Median
P/B Ratio (Close)	1.77	1.64	1.36	1.56	1.31	1.28	1.45	1.31	1.48	1.42	1.64	1.35	1.35	1.34	1.34	1.39		6.11%	<-IRR #YR->	10	Book Value per Share	81.03%
Change	-1.20%	-7.30%	-17.17%	15.05%	-16.49%	-1.83%	13.11%	-9.87%	12.88%	-3.73%	15.42%	-17.93%	-0.08%	-0.27%	0.00%	3.29%		3.10%	<-IRR #YR->	5	Book Value per Share	16.47%
Leverage (A/BK)	2.90	2.76	2.81	2.92	2.78	2.91	2.86	2.87	2.66	2.74	2.76	2.81	2.83	2.83				2.82	<-Median->	10	A/BV
Debt/Equity Ratio	1.90	1.76	1.81	1.92	1.78	1.91	1.86	1.87	1.66	1.74	1.76	1.81	1.83	1.83				1.82	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.40	5 yr Med	1.42		-3.92%	Diff M/C		2.87	Historical	37	A/BV
			-$22.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.53
								-$34.80	$0.00	$0.00	$0.00	$0.00	$40.53
Comprehensive Income	$376	$370	$444	$591	$1,502	$667	$342	$2,277	$1,185	$1,051	$1,320	$2,687	$1,314					195.95%	<-Total Growth	10	Comprehensive Income
NCI	$9	$9	$10	$11	$35	$53	-$2	$244	$55	$79	$100	$245	$96					860.00%	<-Total Growth	10	NCI
Preference shareholders	$29	$47	$57	$62	$77	$75	$65	$66	$67	$65	$63	$64	$67					17.54%	<-Total Growth	10	Preference shareholders
Shareholders	$338	$314	$377	$518	$1,390	$539	$279	$1,967	$1,063	$907	$1,157	$2,378	$1,151					205.31%	<-Total Growth	10	Comprehensive Income
Increase	23.36%	-7.10%	20.06%	37.40%	168.34%	-61.22%	-48.24%	605.02%	-45.96%	-14.68%	27.56%	105.53%	-51.60%					-14.68%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$265	$294	$310	$364	$587	$628	$621	$939	$1,048	$951	$1,075	$1,494	$1,331					11.81%	<-IRR #YR->	10	Comprehensive Income	205.31%
ROE	7.2%	5.8%	5.9%	5.7%	13.4%	3.3%	1.7%	10.7%	5.3%	4.5%	5.5%	10.4%	4.9%					-10.16%	<-IRR #YR->	5	Comprehensive Income	-41.48%
5Yr Median	6.8%	6.8%	6.8%	5.9%	5.9%	5.8%	5.7%	5.7%	5.3%	4.5%	5.3%	5.5%	5.3%					15.67%	<-IRR #YR->	10	5 Yr Running Average	328.87%
% Difference from NI	6.3%	-26.4%	-20.1%	23.2%	48.6%	-27.3%	-76.9%	44.5%	-46.0%	-36.8%	-20.6%	51.9%	-34.9%					7.24%	<-IRR #YR->	5	5 Yr Running Average	41.83%
Median Values										Diff	5, 10 yr	-24.0%	-34.9%					5.3%	<-Median->	5	Return on Equity
			-$377	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,151
								-$1,967	$0	$0	$0	$0	$1,151
			-$310	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,331
								-$939	$0	$0	$0	$0	$1,331
Current Liability Coverage Ratio	0.61	0.69	0.45	0.41	0.62	0.47	0.81	0.64	0.68	0.76	0.64	0.54	0.61	0.61							CFO / Current Liabilities
5 year Median	0.43	0.48	0.48	0.48	0.61	0.47	0.47	0.62	0.64	0.68	0.68	0.64	0.64	0.61				62.7%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	5.94%	6.01%	5.27%	4.15%	5.67%	3.89%	5.97%	5.10%	5.30%	5.65%	5.29%	5.53%	5.50%	5.54%							CFO / Total Assets
5 year Median	5.58%	5.69%	5.69%	5.69%	5.67%	5.27%	5.27%	5.10%	5.30%	5.30%	5.30%	5.30%	5.50%	5.53%				5.3%	<-Median->	10	Return on Assets
Return on Assets ROA	2.34%	2.11%	1.97%	1.19%	2.53%	1.22%	2.01%	2.07%	3.10%	2.18%	2.13%	2.07%	2.28%	2.39%				Net	Income/Assets		Return on Assets
5Yr Median	2.19%	2.19%	2.15%	2.11%	2.11%	1.97%	1.97%	2.01%	2.07%	2.07%	2.13%	2.13%	2.18%	2.18%				2.1%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	6.80%	7.89%	7.40%	4.61%	9.03%	4.51%	7.20%	7.38%	9.79%	7.08%	6.97%	6.85%	7.57%	7.96%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	6.92%	7.02%	7.15%	7.02%	7.40%	7.40%	7.20%	7.20%	7.38%	7.20%	7.20%	7.08%	7.08%	7.08%				7.2%	<-Median->	10	Return on Equity
														$1,655	<-12 mths	9.90%			Estimates		last 12 months from Qtr.
Basic EPS x Basic Shares	$318	$315	$352	$318	$727	$584	$964	$1,100	$1,219	$1,208	$1,229	$1,331	$1,508					327.85%	<-Total Growth	10	Basic EPS x Basic Shares
Increase	11.40%	-0.76%	11.72%	-9.72%	128.59%	-19.71%	65.11%	14.11%	10.79%	-0.84%	1.70%	8.26%	13.30%
Net Income	$356	$371	$420	$390	$840	$713	$1,125	$1,286	$1,852	$1,389	$1,405	$1,514	$1,710					307.14%	<-Total Growth	10	Net Income
NCI	$9	$9	$10	$11	$35	$53	$97	$120	$130	$115	$111	$120	$137					1270.00%	<-Total Growth	10	NCI
Preference shareholders	$29	$47	$57	$62	$77	$75	$65	$66	$67	$65	$63	$64	$67					17.54%	<-Total Growth	10	Preference shareholders
Shareholders	$318	$315	$353	$317	$728	$585	$963	$1,100	$1,655	$1,209	$1,231	$1,330	$1,506	$1,575	$1,681	$1,818		326.63%	<-Total Growth	10	Net Income
Increase	11.58%	-0.94%	12.06%	-10.20%	129.65%	-19.64%	64.62%	14.23%	50.45%	-26.95%	1.82%	8.04%	13.23%	4.58%	6.73%	8.15%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$260.6	$285.0	$306.6	$317.6	$406.2	$459.6	$589.2	$738.6	$1,006.2	$1,102.4	$1,231.6	$1,305.0	$1,386.2	$1,370.2	$1,464.6	$1,582.0		15.61%	<-IRR #YR->	10	Net Income	326.63%
Operating Cash Flow	$904	$976	$899	$982	$1,673	$1,884	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545					6.48%	<-IRR #YR->	5	Net Income	36.91%
Investment Cash Flow	-$1,125	-$1,080	-$2,164	-$4,199	-$1,368	-$6,891	-$3,025	-$3,252	-$2,768	-$4,132	-$3,488	-$4,059	-$3,742					16.29%	<-IRR #YR->	10	5 Yr Running Ave.	352.12%
Total Accruals	$539	$419	$1,618	$3,534	$423	$5,592	$1,232	$1,748	$1,760	$2,640	$1,812	$2,315	$1,703					13.42%	<-IRR #YR->	5	5 Yr Running Ave.	87.68%
Total Assets	$13,562	$14,950	$17,908	$26,628	$28,804	$47,904	$47,822	$53,051	$53,404	$55,481	$57,659	$64,252	$65,920						Balance Sheet		Assets
Accruals Ratio	3.97%	2.80%	9.04%	13.27%	1.47%	11.67%	2.58%	3.29%	3.30%	4.76%	3.14%	3.60%	2.58%					3.30%	<-Median->	5	Ratio
EPS/CF Ratio	0.41	0.35	0.39	0.35	0.45	0.41	0.34	0.41	0.45	0.39	0.41	0.38	0.42					0.41	<-Median->	10	EPS/CF Ratio
			-$353	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,506
								-$1,100	$0	$0	$0	$0	$1,506
			-$307	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,386
								-$739	$0	$0	$0	$0	$1,386
Chge in Close	-1.80%	2.55%	-11.02%	27.95%	-3.98%	10.83%	11.22%	-1.30%	18.39%	-3.49%	17.37%	-11.22%	0.61%	-0.75%	0.00%	3.29%			count	30	Change in Close
Expected?				Down	Down		down												count	15
Happened?					Yes													% right	count	3	20.00%
Financial Cash Flow	$201	$171	$1,186	$3,361	-$346	$5,050	$339	$644	$154	$1,327	$451	$1,035	$613						C F Statement		Financial CF
Total Accruals	$338	$248	$432	$173	$769	$542	$893	$1,104	$1,606	$1,313	$1,361	$1,280	$1,090								Accruals
Accruals Ratio	2.5%	1.7%	2.4%	0.6%	2.7%	1.1%	1.9%	2.1%	3.0%	2.4%	2.4%	2.0%	1.7%					2.36%	<-Median->	5	Ratio
Cash	$89	$154	$72	$230	$242	$269	$327	$332	$370	$249	$131	$209	$625	$625							Cash
Cash per Share	$0.47	$0.80	$0.34	$0.83	$0.86	$0.67	$0.78	$0.77	$0.80	$0.53	$0.28	$0.43	$1.27	$1.27				$0.53	<-Median->	5	Cash per Share
Percentage of Stock Price	1.41%	2.35%	1.11%	2.14%	2.30%	1.62%	1.68%	1.70%	1.48%	1.03%	0.45%	0.80%	2.34%	2.35%				1.03%	<-Median->	5	% of Stock Price
Where 2016 report is available.
http://www.envisionreports.com/fortis2017
Notes:
April 23, 2024.  Last estimates were for 2023, 2024 and 2025 of 11274M, $11820M, and $12084M for Revenue, $374, $3.89 2023/4 for AFFO, $2.95, $3.12 and $3.29 AEPS, 2.96, $3.13 and $3.33 EPS,
$2.28, $2.40, $2.41 Dividend, $830M, $1293M, $905M FCF, $7.19, $7.42, $7.99 CFPS, $42.00, $43.20 $45.90 BVPS, $1444M, $1550M $1659M Net Income.
March 2024 noticed This stock was on NYSE not OTC.   When on NYSE in 2016.
April 28, 2023.  Last estimates were for 2022, 2023 and 2024 of $9815M, $10296M and $10409M for Revenue, $3.21 and $3.56 2022/3for AFFO, $2.81, 2.99 and $3.17 for AEPS, $2.80, $2.99 and $3.15 for EPS,
$2.17, $2.30 and $2.46 for Dividends, $1533M, $1694M and $1801M for FCF, $6.91, $6.98 and $7.67 for CFPS, $39.60, $38.40 and $41.70 for BVPS, and $1343M, $1447M and $1532M for Net Income.
April 25, 2022.  Last estimates were for 2021, 2022 and 2023 of $9353, $9639 and $9751 for Revenue, $3.12 and $3.52 for AFFO for 2021-22, $2.78, $2.95 and $3.11 for AEPS,
$2.78, $2.93 and $3.14 for EPS, $2.05, $2.17 and $2.30 for Dividends, $1492M, $966M and $827M for FCF, $1303M, $1389M and $1502M for Net Income.
April 25, 2021.  Last estimates were for 2020, 2021 and 2022 of $9278M, $9689M and $10098M for Revenue, $2.91 and $3.32 for AFFO for 2020 and 2021, $2.65, $2.87 and $3.06 for Adj EPS,
$2.65 $2.84 and $3.10 for EPS, $1.94, $2.05 and $2.18 for Dividends, $1,386M, $1195M and -$34M for FCF, $6.22, $6.38 and $7.40 for CF, and $1239M, $1343M and $1455M for Net Income.
April 19, 2020.  Last estimates were for 2019, 2020 and 2021 of $9246M, $9476M and $9669M for Revenue, $2.53 and $2.67 for AFFO for 2019 and 2020,
$2.66, $2.81 and 2.85 for EPS, $1.83m $1.93 and $2.05 for Div, $5.72, $6.47 and $6.18 for CFPS and $1125M, $1203M and $1290M for Net Income.
April 23, 2019.  Last estimates were for 2018, 2019 and 2020 of $9141M, $9499m and $9589M for Revenue, $2.28 and $2.32 for AFFO for 2018 and 2019,
$2.55, $2.67 and $2.53 for EPS, $2.55. $2.67 and $2.55 for CFPS and $1077M, $1149M and $1194M for Net Income.
April 22, 2018.  Last estimates were for 2017, 2018 and 2019 of $8922M, $9285M and $10001M for Revenue, AFFO for 2017 and 2018 of $2.62 and $2.86,
$2.47, 2.60 and $2.55 for EPS, $5.10, $5.31 and $5.29 for CFPS and $1020M, $1075M and $1093M for Ne Income.
April 21, 2017.  Last estimates were for 2016, 2017 and 2018 of $7128M, $7847M and $9181M for Revenue, $3.10 fpr AFFO for 2016, $2.16, $2.43 and $2.66 for EPS,
$5.36, $5.13 and $5.48 for CFPS and $608M and $820M for 2016 and 2017 for Net Income.
April 30, 2016.  Last estimates were for 2015 and 2016 of $6765M, $6757M for Revenue, $2.69 and $3.00 for AFFO, $2.05 and $2.13 for EPS, $5.26 and $5.57 for CFPS and $566M and $587M for Net Income.
May 16, 2015.  Last estimates were for 2014, 2015 and 2016 of $4539M $5990M and $5704M for Revenue, $2.95 and $3.56 for AFFO for 2014 and 2015,
$1.66, $1.99 and $2.04 for EPS, $4.58 and $5.05 for CFPS for 2014 and 2015, and $293M and $505M for 2014 and 2015 for Net Income.
May 8, 2014.  Last estimates were for 2013, 2014 and 2015 of $4127M, $4512M and $4792M for Revenue, $2.58, $2.78 and $3.05 for EPS, $1.51, 1.98 and $2.04 for EPS, $4.56, $4.70 and $4.97 for CFPS.
Fortis has raised their dividends for 41 consecutive years since 1972.
May 2013.  Last estimates were for 2012 and 2013 of $3855M and $4378M for Revenue, $1.72 and $1.80 for EPS and $4.57 and $4.64 for CFPS.
This company got permission to use US GAAP accounting until 2014.  They are using US GAAP as it is closer to CDN GAAP for a regulated company.  By 2014 they will have to be a SEC Issuer or go to IFRS.
The company feels that a transition to IFRS would likely have resulted in the derecognition of some, or perhaps all, of the Corporation’s regulatory assets and liabilities
and caused significant volatility in the Corporation’s consolidated earnings.
Feb 24, 2013. Unaudited Statements were in a press release of February 2013.  So Far no audited statements
Mar 3, 2012.  Last estimates were for 2011 and 2012 with $3804M and $4009M for revenue, $1.74 and $1.82 for EPS and $4.40 and $4.66 for CF.
May 1, 2011.  Last I looked I got estimates for 2010 and 2011 of $1.65 and $1.79 for earnings and $3.80 for 2010 cash flow. Undiluted earnings were $1.65.
Apr 1, 2010.  Since I reviewed this stock in last March, earnings estimates have increased from $1.61 and $1.71.  They have raised their dividends every year since 1973
Mar 24, 2010.  In Aug 2009, I picked up 2009, 2010 and 2011 earnings of $1.50, $1.61 and $1.71 and cash Flow $3.61 and $3.80.
Aug 19, 2009.  In May 2009, I picked up 2009 and 2010 earnings estimates of $1.53 and 1.65 and cash flow estimates of 3.79 and 3.98.
May 3, 2009 AR 2008.  In Jul 2008, I picked up earnings estimates of $1.53. Earnings came in at $1.56, diluted $1.53.  This was a good estimate.
Looking at quicken, I have made a return of 12.8% on this stock between my two accts. For the last 5 years about 11%.   This has been a great stock. About 4% of my return is in dividends.
AP 2007.  Dividends have increased for last 35 yrs. Tracking well with other utilities, but diverging lower than general TSX
AP 2006. This stock continues to do what I bought it for.  It slowly plots ahead and pays a good dividend.
AR 2005.  Return has really shot up lately.  High debt, but debt has always been high. TDNewCrest is negative on stock.  They think it will move sideways over next few years.
Apr 2004.  Revenue and stock price increaseing (but P/E a little high).  Does not do well re Accrual Ratio. Sold some stock.
AR 2004.  Debt is high but company has just sold stock worth 129.9M$ to reduce debt. My IRR since 1987 is 13.2%. Not bad, but should watch stock.
May 2003.  Not the time to buy more.
2003.  This continues to plot along.  I have gotten a 12.02 IRR on this stock since purchasing.  Held in both RRSP and Cdn Trading accounts.
2003 This stock has not done as well over the last 5 yrs - averagering 8% return.  However, we are in a stock downturn.
This company has increased their dividend annually since about 1973, and raised it in 2009 and 2010.
In 1987 shareholders of Newfoundland Light & Power Co. form Fortis Inc. as a holding company with 100% ownership of the regulated electrical utility.
Sector:
Power, Utility
What should this stock accomplish?
Would I buy this company and Why.
I made most of my money from banks and utilities.  This has been a very good long term one.
Why am I following this stock.
I am following this company as I own the stock.  It was also on Mike’s site showing Dividend Paying Canadian Growth stocks.  It was also on the Dividend Growth stock lists that I follow.
Why I bought this stock.
I bought this stock as Newfoundland Light and Power Co. Ltd. Class A shares in 1987.   I bought more in 1995, 1998 and 2005.
In 2005 I sold some Fortis from my RRSP account as I needed to get $20,000 in this account and I was concerned about the debt liquidity of this stock.   However, this stock continues to be one of my big stock holdings.
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are declared for one month and paid near the first of the following month.
For example on December 9, 2013 the company annouced the dividend payable on March 1, 2014 for shareholders of record of February 14, 2014.
How they make their money
Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States. The company has smaller stakes in
electricity generation and several Caribbean utilities.
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	April 22	2017	April 22	2018	April 23	2019	April 19	2020	April 25	2021	April 25	2022	April 28	2023			April 23	2024
Hutchens, David G.										0.084	0.02%	0.084	0.02%	0.103	0.02%			0.128	0.03%			24.31%
CEO - Shares - Amount											$5.120		$4.546		$5.611				$6.922
Options - percentage										0.226	0.05%	0.276	0.06%	0.373	0.08%			0.442	0.09%			18.52%
Options - amount											$13.780		$14.976		$20.336				$23.921
																					See below
Perry, Jocelyn H.						0.000	0.00%	0.000	0.00%	0.048	0.01%	0.050	0.01%	0.052	0.01%			0.054	0.01%		ceased as insider Jan 2011	4.03%
CFO- Shares - Amount							$0.000		$0.000		$2.943		$2.703		$2.818				$2.909		Last filing Mar 2020
Options - percentage						0.000	0.00%	0.000	0.00%	0.000	0.00%	0.747	0.15%	0.324	0.07%			0.311	0.06%		Shown in CFO slot from 2020	-3.89%
Options - amount							$0.000		$0.000		$0.000		$40.478		$17.658				$16.843
Smith, Karl W.	0.03%	0.119	0.03%	0.125	0.03%
CFO- Shares - Amount	$4.679		$5.48		$5.698
Options - percentage	0.11%	0.504	0.12%	0.518	0.12%
Options - amount	$18.763		$23.26		$23.593
Hynes, Madonna G.	0.00%	0.018	0.00%
Officer - Shares - Amount	$0.729		$0.81
Options - percentage	0.00%	0.016	0.00%
Options - amount	$0.680		$0.76
Gosse, Karen J.	0.00%	0.022	0.01%	0.025	0.01%	0.026	0.01%	0.028	0.01%	0.032	0.01%	0.034	0.01%	0.036	0.01%			0.038	0.01%		Last filing Mar 2020	6.70%
Officer - Shares - Amount	$0.000		$1.02		$1.133		$1.400		$1.434		$1.951		$1.838		$1.964				$2.080
Options - percentage	0.00%	0.043	0.01%	0.051	0.01%	0.060	0.01%	0.067	0.01%	0.058	0.01%	0.058	0.01%	0.059	0.01%			0.060	0.01%			2.01%
Options - amount	$0.000		$1.97		$2.331		$3.217		$3.462		$3.512		$3.128		$3.206				$3.246
Blouin, Pierre J.												0.002	0.00%	0.002	0.00%			0.003	0.00%			18.03%
Director - Shares - Amount													$0.129		$0.130				$0.152
Options - percentage												0.023	0.00%	0.027	0.01%			0.030	0.01%			12.32%
Options - amount													$1.257		$1.453				$1.620
Amaimo, Stephanie A.								0.004	0.00%	0.008	0.00%	0.008	0.00%	0.009	0.00%			0.009	0.00%		Now VP Investor Relations	2.21%
Officer- Shares - Amount									$0.223		$0.469		$0.423		$0.468				$0.474		in 2023, was Director in 2021
Options - percentage								0.012	0.00%	0.012	0.00%	0.011	0.00%	0.012	0.00%			0.013	0.00%			8.11%
Options - amount									$0.606		$0.726		$0.600		$0.645				$0.692
Ball, Tracey Colleen				0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%			0.005	0.00%		Listed as Director 2019	9.66%
Director - Shares - Amount					$0.225		$0.267		$0.257		$0.302		$0.268		$0.270				$0.294		Listed 2020 as officer
Options - percentage				0.014	0.00%	0.017	0.00%	0.020	0.00%	0.024	0.00%	0.027	0.01%	0.030	0.01%			0.034	0.01%		Last File Apr 2001	11.32%
Options - amount					$0.638		$0.935		$1.058		$0.000		$1.454		$1.660				$1.834		Listed as Director 2021
Blouin, Pierre J.
Director - Shares - Amount
Options - percentage
Options - amount
Zurel, Jo Mark												0.010	0.00%	0.010	0.00%			0.010	0.00%			0.00%
Chairman - Shares - Amt													$0.542		$0.545				$0.541
Options - percentage												0.017	0.00%	0.021	0.00%			0.025	0.01%			19.06%
Options - amount													$0.918		$1.145				$1.353
Haughey, Douglas J.		0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%
Chairman - Shares - Amt			$0.46		$0.455		$0.539		$0.520		$0.610		$0.542
Options - percentage		0.019	0.00%	0.027	0.01%	0.032	0.01%	0.038	0.01%	0.044	0.01%	0.050	0.01%
Options - amount			$0.89		$1.209		$1.741		$1.982		$2.702		$2.719
Increase in O/S Shares	0.31%	1.042	0.26%	1.217	0.29%	0.357	0.08%	1.449	0.31%	1.490	0.32%	1.428	0.30%	1.500	0.31%			1.600	0.33%		Average	0.32%
due to SO	$33.108		$43.201		$56.117		$16.253		$78.072		$58.706		$61.061		$81.270				$86.688		Search for Stock Options
Book Value	$28.000		$32.000		$0.000		$11.960		$48.339		$58.706		$56.263		$67.290				$75.504		Options Vested, end of year
Insider Buying	-$0.193		-$0.354		-$0.015		-$0.243		-$2.237		-$2.102		-$0.023		-$1.875				-$1.874
Insider Selling	$6.378		$5.111		$6.262		$14.251		$38.054		$3.468		$7.989		$0.299				$0.206
Net Insider Selling	$6.185		$4.757		$6.247		$14.008		$35.817		$1.366		$7.966		-$1.576				-$1.668
% of Market Cap	0.04%		0.02%		0.03%		0.06%		0.15%		0.00%		0.03%		-0.01%				-0.01%
Directors		12		12		12		12		12		12		12				12
Women	30%	3	25%	4	33%	4	33%	4	33%	4	33%	5	42%	7	58%			7	58%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			1	8%
Institutions/Holdings	18.59%	17	23.53%	445	58.27%	17	27.43%	20	49.82%			20	44.68%	20	49.95%			20	50.59%
Total Shares Held	0.37%	1.882	0.45%	246.512	57.53%	2.194	0.47%	217.514	46.60%			213.047	44.18%	241.928	49.31%			249.416	50.84%
Increase/Decrease	-0.57%	-0.004	-0.20%	0.344	0.14%	-0.023	-1.05%	16.874	8.41%			3.788	1.81%	3.342	1.40%			-5.383	-2.11%
Starting No. of Shares	reuters	1.886	reuters	246.168	reuters	2.217	reuters	200.640	Top 20 MS			209.259	Top 20 MS	238.586	Top 20 MS			254.799	Top 20 MS
Institutions/Holdings							686	90.90%
Value								$22,691.420
Total Shares Held							330.000	77.01%
Value								$15,018.300
Increase/Decrease 3 Mths							-1.000	-0.30%
Starting No. of Shares							331.000	Moringstar
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