This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024								ACD_2024_01_23.pdf
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/											https://leede.ca/wp-content/uploads/ACD_2024_01_23.pdf
Accord Financial Corp					TSX	ACD	OTC	ACCFF	https://www.accordfinancial.com/en/			Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules				IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date
Split
																		Q1 2023	Q1 2024
Interest	$1.9	$1.9	$2.5	$2.3	$2.3	$3.8	$9.4	$17.09	$14.6	$15.9	$24.1	$35.3	$36.0	$32.0	<-12 mths	-11.01%		1327.19%	<-Total Growth	10	Interest
Change	-6.65%	0.12%	31.88%	-10.51%	1.04%	68.66%	144.52%	81.67%	-14.59%	8.84%	51.62%	46.55%	2.00%	-11.01%	<-12 mths	-649.53%		27.70%	<-Median->	10	Change
Ratio re Revenue	0.07	0.07	0.08	0.07	0.08	0.12	0.25	0.30	0.30	0.25	0.36	0.44	0.43	0.44	<-12 mths	0.72%		0.28	<-Median->	10	Ratio re Revenue
General And Administrative	$13.6	$13.8	$16.2	$17.5	$17.4	$16.9	$23.5	$26.15	$26.7	$31.5	$29.6	$34.5	$33.3	$29.8	<-12 mths	-10.56%		106.12%	<-Total Growth	10	General And Administrative
Change	0.41%	1.69%	16.68%	8.24%	-0.33%	-2.77%	38.83%	11.17%	1.94%	18.00%	-5.90%	16.71%	-3.62%	-10.56%	<-12 mths	-191.98%		5.09%	<-Median->	10	Change
Ratio re Revenue	0.53	0.53	0.53	0.55	0.61	0.54	0.62	0.47	0.55	0.50	0.44	0.43	0.40	0.41	<-12 mths	1.23%		0.52	<-Median->	10	Ratio re Revenue
Total	15.53	15.76	18.68	19.74	19.71	20.79	32.93	43.24	41.25	47.34	53.69	69.84	69.30	61.82	<-12 mths	-10.79%		271.06%	<-Total Growth	10	Total
Change	-0.51%	1.50%	18.52%	5.70%	-0.17%	5.50%	58.39%	31.31%	-4.59%	14.76%	13.40%	30.10%	-0.78%	-10.79%	<-12 mths	-1290.50%		9.55%	<-Median->	10	Change
Total of Ratios	0.60	0.60	0.62	0.63	0.69	0.66	0.87	0.77	0.85	0.75	0.80	0.88	0.83	0.84	<-12 mths	0.96%		0.78	<-Median->	10	Total of Ratios
														$73.39	<-12 mths	-11.64%		$18.4	$20.7		Revenue*
Revenue*	$25.9	$26.1	$30.2	$31.6	$28.5	$31.4	$37.8	$56.2	$48.5	$63.5	$67.5	$79.7	$83.1	$73.4	<-12 mths			174.70%	<-Total Growth	10	Revenue
Increase	-8.86%	0.71%	15.96%	4.44%	-9.67%	10.12%	20.48%	48.44%	-13.66%	30.89%	6.32%	18.10%	4.20%	-11.64%	<-12 mths			10.63%	<-IRR #YR->	10	Revenue	174.70%
5 year Running Average	$27.6	$27.2	$28.4	$28	$28	$30	$32	$37	$40	$47	$55	$63	$68	$73	<-12 mths			8.13%	<-IRR #YR->	5	Revenue	47.85%
Revenue per Share	$3.15	$3.17	$3.64	$3.80	$3.43	$3.78	$4.49	$6.54	$5.67	$7.42	$7.89	$9.31	$9.70	$8.57	<-12 mths			9.19%	<-IRR #YR->	10	5 yr Running Average	140.99%
Increase	-3.35%	0.71%	14.76%	4.44%	-9.67%	10.09%	18.78%	45.67%	-13.36%	30.89%	6.32%	18.10%	4.20%	-11.64%	<-12 mths			13.03%	<-IRR #YR->	5	5 yr Running Average	84.47%
5 year Running Average	$3.08	$3.12	$3.34	$3.40	$3.44	$3.56	$3.83	$4.41	$4.78	$5.58	$6.40	$7.36	$8.00	$8.58	<-12 mths			10.30%	<-IRR #YR->	10	Revenue per Share	166.64%
P/S (Price/Sales) Med	2.17	2.54	2.56	2.77	2.69	2.37	2.08	1.43	1.17	1.06	1.07	0.63	0.46	0.42	<-12 mths			8.21%	<-IRR #YR->	5	Revenue per Share	48.37%
P/S (Price/Sales) Close	2.22	2.48	2.57	2.53	2.62	2.43	2.02	1.54	1.18	1.13	0.98	0.50	0.40	0.41	<-12 mths			9.14%	<-IRR #YR->	10	5 yr Running Average	139.69%
*Revenue in M CDN $					P/S Med	20 yr	2.24	15 yr	2.08	10 yr	1.30	5 yr	1.06		-68.69%	Diff M/C		12.65%	<-IRR #YR->	5	5 yr Running Average	81.39%
																		10.63%	<-IRR #YR->	10	Revenue from 2000
			-$30.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$83.1
								-$56.2	$0.0	$0.0	$0.0	$0.0	$83.1
			-$28.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$68.4
								-$37.1	$0.0	$0.0	$0.0	$0.0	$68.4
			-$3.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.70
								-$6.54	$0.00	$0.00	$0.00	$0.00	$9.70
			-$3.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.00
								-$4.41	$0.00	$0.00	$0.00	$0.00	$8.00
			-$30.2	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$83.1
														-$4,064.0	<-12 mths	200.37%
														-$0.48	<-12 mths	-200.00%
Adjusted Profit CDN$	$6.4	$6.8	$8.1	$9.3	$7.7	$7.0	$10.8	$4.9	$2.0	$13.1	$2.1	$5.8	-$1,353.0
Basic	$0.77	$0.83	$0.98	$1.12	$0.92	$0.84	$1.30	$0.58	$0.24	$1.53	$0.24	$0.68	-$0.16					-116.33%	<-Total Growth	10	AEPS
AEPS* Dilued	$0.77	$0.83	$0.98	$1.12	$0.92	$0.84	$1.30	$0.58	$0.24	$1.53	$0.24	$0.68	-$0.16	-$0.48	<-12 mths			-116.33%	<-Total Growth	10	AEPS
Increase	-9.41%	7.79%	18.07%	14.29%	-17.86%	-8.70%	54.76%	-55.38%	-58.62%	537.50%	-84.31%	183.33%	-123.53%	-200.00%	<-12 mths			9	1	10	Years of Data, EPS P or N	90.00%
5 year Running Average	$0.67	$0.73	$0.86	$0.91	$0.92	$0.94	$1.03	$0.95	$0.78	$0.90	$0.78	$0.65	$0.51	$0.36	<-12 mths			#NUM!	<-IRR #YR->	10	AEPS	-116.33%
AEPS Yield	11.00%	10.56%	10.48%	11.67%	10.23%	9.13%	14.30%	5.76%	3.58%	18.21%	3.12%	14.75%	-4.15%	-13.71%	<-12 mths			#NUM!	<-IRR #YR->	5	AEPS	-127.59%
Payout Ratio	40.26%	38.55%	33.67%	31.25%	39.13%	42.86%	27.69%	62.07%	100.00%	13.07%	125.00%	33.09%	0.00%	0.00%	<-12 mths			-5.19%	<-IRR #YR->	10	5 yr Running Average	-41.30%
5 year Running Average	46.29%	44.94%	35.92%	35.81%	36.57%	37.09%	34.92%	40.60%	54.35%	49.14%	65.57%	66.65%	54.23%	34.23%	<-12 mths			-11.87%	<-IRR #YR->	5	5 yr Running Average	-46.85%
Price/AEPS Median	8.86	9.69	9.49	9.40	10.03	10.65	7.18	16.16	27.73	5.11	35.31	8.61	-27.97	-7.45	<-12 mths			9.71	<-Median->	10	Price/AEPS Median
Price/AEPS High	9.29	11.14	10.97	10.76	10.60	11.31	8.03	17.84	40.00	5.92	39.38	11.32	-32.81	-8.33	<-12 mths			11.03	<-Median->	10	Price/AEPS High
Price/AEPS Low	8.44	8.24	8.01	8.04	9.47	10.00	6.32	14.48	15.46	4.31	31.25	5.90	-23.13	-6.56	<-12 mths			8.75	<-Median->	10	Price/AEPS Low
Price/AEPS Close	9.09	9.47	9.54	8.57	9.77	10.95	6.99	17.36	27.92	5.49	32.08	6.78	-24.13	-7.29	<-12 mths			9.17	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	8.24	10.21	11.27	9.80	8.03	10.00	10.82	7.75	11.55	35.00	5.03	19.21	5.68	-21.88	<-12 mths			9.90	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	9.69	11.14	8.44	9.54	P/AEPS	5 Yrs	in order	8.61	11.32	5.90	6.78		-184.69%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$0.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.16
								-$0.58	$0.00	$0.00	$0.00	$0.00	-$0.16
			-$0.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.51
								-$0.95	$0.00	$0.00	$0.00	$0.00	$0.51
														-$0.57	<-12 mths	-54.05%
EPS Basic	$0.76	$0.80	$0.83	$1.05	$0.79	$0.72	$1.24	$0.76	$0.05	$1.39	$0.17	-$1.71	-$0.37					-144.58%	<-Total Growth	10	EPS Basic
EPS Diluted*	$0.76	$0.80	$0.83	$1.05	$0.79	$0.72	$1.24	$0.76	$0.05	$1.39	$0.17	-$1.71	-$0.37	-$0.57	<-12 mths			-144.58%	<-Total Growth	10	EPS Diluted
Increase	-10.59%	5.26%	3.75%	26.51%	-24.76%	-8.86%	72.22%	-38.71%	-93.42%	2680.00%	-87.77%	-1105.88%	78.36%	-54.05%				8	2	10	Years of Data, EPS P or N
Earnings Yield	10.86%	10.18%	8.88%	10.94%	8.79%	7.83%	13.64%	7.55%	0.75%	16.55%	2.21%	-37.09%	-9.59%	-16.29%				#NUM!	<-IRR #YR->	10	Earnings per Share	-144.58%
5 year Running Average	$0.67	$0.72	$0.82	$0.86	$0.85	$0.84	$0.93	$0.91	$0.71	$0.83	$0.72	$0.13	-$0.09	-$0.22				-19.99%	<-IRR #YR->	5	Earnings per Share	-148.68%
10 year Running Average	$0.67	$0.69	$0.70	$0.74	$0.75	$0.75	$0.83	$0.87	$0.79	$0.84	$0.78	$0.53	$0.41	$0.25				#NUM!	<-IRR #YR->	10	5 yr Running Average	-111.41%
* Diluted ESP per share									E/P	10 Yrs	7.69%	5Yrs	0.75%					#NUM!	<-IRR #YR->	5	5 yr Running Average	-110.31%
			-$0.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.37
								-$0.76	$0.00	$0.00	$0.00	$0.00	-$0.37
			-$0.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.09
								-$0.91	$0.00	$0.00	$0.00	$0.00	-$0.09
Dividend*														$0.00					Estimates		Dividend*
Increase														#DIV/0!					Estimates		Increase
Payout Ratio EPS														0.00%					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
Dividend*	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$0.00	$0.00	$0.00	$0.00		-100.00%	<-Total Growth	10	Dividends
Increase	3.33%	3.23%	3.13%	6.06%	2.86%	0.00%	0.00%	0.00%	-33.33%	-16.67%	50.00%	-25.00%	-100.00%	#DIV/0!	#DIV/0!	#DIV/0!		23	4	37	Years of data, Count P, N
Average Increases 5 Year Running	7.12%	5.95%	4.90%	4.58%	3.72%	3.05%	2.41%	1.78%	-6.10%	-10.00%	0.00%	-5.00%	-25.00%	#DIV/0!	#DIV/0!	#DIV/0!		0.89%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.28	$0.29	$0.31	$0.32	$0.33	$0.34	$0.35	$0.36	$0.34	$0.30	$0.29	$0.27	$0.19	$0.15	$0.11	$0.05		-37.34%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.54%	3.98%	3.55%	3.33%	3.90%	4.02%	3.86%	3.84%	3.61%	2.56%	3.54%	3.84%	0.00%	0.00%				3.72%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.34%	3.46%	3.07%	2.90%	3.69%	3.79%	3.45%	3.48%	2.50%	2.21%	3.17%	2.92%	0.00%	0.00%				3.05%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.77%	4.68%	4.20%	3.89%	4.13%	4.29%	4.38%	4.29%	6.47%	3.03%	4.00%	5.61%	0.00%	0.00%				4.21%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	4.43%	4.07%	3.53%	3.65%	4.00%	3.91%	3.96%	3.57%	3.58%	2.38%	3.90%	4.88%	0.00%	0.00%	0.00%	0.00%		3.77%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	40.79%	40.00%	39.76%	33.33%	45.57%	50.00%	29.03%	47.37%	480.00%	14.39%	176.47%	-13.16%	0.00%	0.00%	#VALUE!	#DIV/0!		39.45%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	41.49%	40.61%	37.38%	37.53%	39.48%	41.05%	38.01%	39.25%	47.19%	36.54%	40.44%	200.76%	-205.32%	-66.51%	#DIV/0!	#DIV/0!		39.37%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	17.88%	31.33%	-41.93%	11.19%	11.51%	-3.97%	-3.22%	-6.50%	8.79%	-1.69%	8.15%	-3.77%	0.00%	0.00%				-0.84%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	25.46%	29.43%	39.54%	22.09%	20.30%	-67.06%	-11.91%	-9.17%	-8.43%	-4.35%	-6.58%	-7.82%	-22.24%	-4.29%				-8.12%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	6.72%	26.44%	19.52%	22.96%	7.96%	33.69%	22.65%	32.91%	185.63%	10.71%	17.51%	17.91%	0.00%	0.00%				20.28%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	17.69%	17.46%	15.72%	15.64%	12.31%	17.17%	16.93%	18.26%	19.99%	26.44%	22.84%	21.87%	14.93%	9.46%				17.72%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.72%	3.77%	5 Yr Med	5 Yr Cl	3.54%	3.58%	5 Yr Med	Payout	14.39%	0.00%	17.51%					#NUM!	<-IRR #YR->	5	Dividends	-100.00%
* Dividends per share	10 Yr Med	and Cur.	-100.00%	-100.00%	5 Yr Med	and Cur.	-100.00%	-100.00%	Last Div Inc --->		$0.0500	$0.0750	50.00%					#NUM!	<-IRR #YR->	10	Dividends	-100.00%
Dividends Growth 15																		#NUM!	<-IRR #YR->	15	Dividends	-100.00%
Dividends Growth 20																		#NUM!	<-IRR #YR->	20	Dividends	-100.00%
Dividends Growth 25																		#NUM!	<-IRR #YR->	25	Dividends	-100.00%
Dividends Growth 30																		#NUM!	<-IRR #YR->	30	Dividends	-100.00%
Dividends Growth 35																		#NUM!	<-IRR #YR->	35	Dividends
Dividends Growth 40																		#NUM!	<-IRR #YR->	37	Dividends
Dividends Growth 5								-$0.36	$0.00	$0.00	$0.00	$0.00	$0.00								Dividends Growth 5
Dividends Growth 10			-$0.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								Dividends Growth30
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	$0.00								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	$0.00								Dividends Growth 40
Historical Dividends	Historical	High Div	5.22%	Low Div	1.51%	10 Yr High	6.38%	10 Yr Low	0.22%	Med Div	2.63%	Close Div	2.75%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-100.00%	Exp	-100.00%	Exp.	-100.00%		-100.00%	Exp.	-100.00%	Exp.	-100.00%								High/Ave/Median
Future Dividend Yield					Div Yield	#NUM!	earning in	5	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield
Future Dividend Yield					Div Yield	#NUM!	earning in	10	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield
Future Dividend Yield					Div Yield	#NUM!	earning in	15	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Yield
Future Dividend Paid					Div Paid	#NUM!	earning in	5	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Future Dividend Paid					Div Paid	#NUM!	earning in	10	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Future Dividend Paid					Div Paid	#NUM!	earning in	15	Years	at IRR of	#NUM!	Div Inc.	#NUM!								Future Dividend Paid
Dividend Covering Cost					Total Div	#NUM!	over	5	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Dividend Covering Cost					Total Div	#NUM!	over	10	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Dividend Covering Cost					Total Div	#NUM!	over	15	Years	at IRR of	#NUM!	Div Cov.	#NUM!								Dividend Covering Cost
Yield if held 5 years	3.61%	4.87%	5.52%	5.23%	4.88%	5.27%	4.47%	3.87%	2.28%	2.17%	3.35%	2.41%	0.00%	0.00%	0.00%	0.00%		3.61%	<-Median->	10	Paid Median Price
Yield if held 10 years	5.82%	5.12%	3.72%	4.52%	4.72%	4.19%	5.48%	6.03%	3.58%	2.71%	4.40%	2.80%	0.00%	0.00%	0.00%	0.00%		4.29%	<-Median->	10	Paid Median Price
Yield if held 15 years	8.27%	6.56%	6.60%	6.03%	6.42%	6.76%	5.76%	4.06%	3.10%	2.62%	3.49%	3.42%	0.00%	0.00%	0.00%	0.00%		3.78%	<-Median->	10	Paid Median Price
Yield if held 20 years	14.76%	12.31%	14.67%	14.00%	10.59%	9.60%	7.38%	7.20%	4.14%	3.57%	5.63%	3.60%	0.00%	0.00%	0.00%	0.00%		6.42%	<-Median->	10	Paid Median Price
Yield if held 25 years						17.14%	13.85%	16.00%	9.60%	5.88%	8.00%	4.62%	0.00%	0.00%	0.00%	0.00%		8.80%	<-Median->	8	Paid Median Price
Yield if held 30 years											14.29%	8.65%	0.00%	0.00%	0.00%	0.00%		8.65%	<-Median->	3	Paid Median Price
Yield if held 35 years															0.00%	0.00%
Cost covered if held 5 years	16.19%	22.37%	25.77%	24.05%	22.64%	25.20%	21.88%	19.25%	15.96%	16.47%	16.31%	14.20%	10.29%	10.89%	6.71%	2.65%		17.86%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	71.92%	63.84%	29.75%	36.26%	38.95%	36.23%	49.16%	55.73%	49.14%	43.25%	46.59%	38.35%	29.62%	22.85%	22.16%	18.83%		41.10%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	119.20%	96.21%	98.00%	88.10%	95.09%	104.23%	92.00%	49.92%	57.94%	58.89%	53.23%	69.33%	71.88%	59.97%	50.37%	49.89%		70.61%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	227.86%	194.81%	238.00%	225.40%	173.97%	165.07%	132.31%	133.80%	117.07%	122.21%	131.64%	113.20%	60.79%	67.29%	65.77%	55.85%		131.98%	<-Median->	10	Paid Median Price
Cost covered if held 25 years						309.76%	262.50%	317.56%	292.60%	218.68%	204.00%	159.49%	153.10%	129.57%	131.58%	135.87%		240.59%	<-Median->	8	Paid Median Price
Cost covered if held 30 years											379.29%	313.46%	360.44%	321.60%	234.12%	210.00%		360.44%	<-Median->	3	Paid Median Price
Cost covered if held 35 years															391.90%	315.00%
																				Yr	Item	Tot. Growth
Revenue Growth							$37.8	$56.2	$48.5	$63.5	$67.5	$79.7	$83.1	$73	<-12 mths	-11.64%		47.85%	<-Total Growth	6	Revenue Growth	47.85%
AEPS Growth							$1.30	$0.58	$0.24	$1.53	$0.24	$0.68	-$0.16	-$0.48	<-12 mths	-200.00%		-127.59%	<-Total Growth	6	AEPS Growth	-127.59%
Net Income Growth							$10.4	$6.4	$0.4	$11.9	$1.4	-$14.6	-$2.4	-$4	<-12 mths	-71.91%		-136.80%	<-Total Growth	6	Net Income Growth	-136.80%
Cash Flow Growth							-$94.3	-$47.6	$23.4	-$101.5	$31.5	-$51.1	$60.6	-$84	<-12 mths	-238.91%		227.34%	<-Total Growth	6	Cash Flow Growth	227.34%
Cash Flow Gth w/o WC							$13.4	$9.4	$1.1	$16.0	$14.7	$10.8	$12.8	$11	<-12 mths	-11.22%		36.57%	<-Total Growth	6	Cash Flow Gth w/o WC	36.57%
Dividend Growth							$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$0.00	$0.00	<-12 mths	#DIV/0!		-100.00%	<-Total Growth	6	Dividend Growth	-100.00%
Stock Price Growth							$9.09	$10.07	$6.70	$8.40	$7.70	$4.61	$3.86	$3.50	<-12 mths	-9.33%		-61.67%	<-Total Growth	6	Stock Price Growth	-61.67%
Revenue Growth			$30.2	$31.6	$28.5	$31.4	$37.8	$56.2	$48.5	$63.5	$67.5	$79.7	$83.1	$73	<-this year	-11.64%		174.70%	<-Total Growth	10	Revenue Growth	174.70%
AEPS Growth			$0.98	$1.12	$0.92	$0.84	$1.30	$0.58	$0.24	$1.53	$0.24	$0.68	-$0.16	-$0.48	<-this year	-200.00%		-116.33%	<-Total Growth	10	AEPS Growth	-116.33%
Net Income Growth			$6.9	$8.8	$6.6	$6.2	$10.4	$6.4	$0.4	$11.9	$1.4	-$14.6	-$2.4	-$4	<-this year	-71.91%		-134.47%	<-Total Growth	10	Net Income Growth	-134.47%
Cash Flow Growth			-$6.5	$26.0	$26.0	-$75.3	-$94.3	-$47.6	$23.4	-$101.5	$31.5	-$51.1	$60.6	-$84	<-this year	-238.91%		1026.33%	<-Total Growth	10	Cash Flow Growth	1026.33%
Cash Flow Gth w/o WC			$14.0	$12.7	$37.6	$8.9	$13.4	$9.4	$1.1	$16.0	$14.7	$10.8	$12.8	$11	<-this year	-11.22%		-8.63%	<-Total Growth	10	Cash Flow Gth w/o WC	-8.63%
Dividend Growth			$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$0.00	$0.00	<-this year	#DIV/0!		-100.00%	<-Total Growth	10	Dividend Growth	-100.00%
Stock Price Growth			$9.35	$9.60	$8.99	$9.20	$9.09	$10.07	$6.70	$8.40	$7.70	$4.61	$3.86	$3.50	<-this year	-9.33%		-58.72%	<-Total Growth	10	Stock Price Growth	-58.72%
Dividends on Shares				$37.45	$38.52	$38.52	$38.52	$38.52	$25.68	$21.40	$32.10	$24.08	$0.00	$0.00	$0.00	$0.00		$294.79	No of Years	10	Total Divs	12/31/14
Paid			$1,000.45	$1,027.20	$961.93	$984.40	$972.63	$1,077.49	$716.90	$898.80	$823.90	$493.27	$413.02	$374.50	$374.50	$920.20		$413.02	No of Years	10	Worth	$9.35
Total																		$707.81
Graham Number AEPS	$10.00	$11.02	$12.76	$14.89	$13.73	$13.19	$16.29	$11.86	$7.53	$20.05	$7.98	$12.25	$7.14	$7.04				-44.03%	<-Total Growth	10	Graham Number AEPS
Increase	-2.44%	10.21%	15.81%	16.68%	-7.76%	-3.98%	23.52%	-27.21%	-36.50%	166.32%	-60.20%	53.44%	-41.69%	-1.37%				-5.87%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.68	0.73	0.73	0.71	0.67	0.68	0.57	0.79	0.88	0.39	1.06	0.48	0.63	0.51				0.68	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.72	0.84	0.84	0.81	0.71	0.72	0.64	0.87	1.28	0.45	1.18	0.63	0.74	0.57				0.73	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.65	0.62	0.62	0.60	0.63	0.64	0.50	0.71	0.49	0.33	0.94	0.33	0.52	0.45				0.56	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.70	0.71	0.73	0.64	0.65	0.70	0.56	0.85	0.89	0.42	0.96	0.38	0.54	0.50				0.65	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-29.97%	-28.65%	-26.72%	-35.52%	-34.53%	-30.23%	-44.19%	-15.06%	-11.01%	-58.11%	-3.53%	-62.36%	-45.95%	-50.30%				-35.02%	<-Median->	10	Graham Price
Graham Number EPS	$9.93	$10.82	$11.74	$14.41	$12.73	$12.21	$15.91	$13.57	$3.44	$19.11	$6.72	$6.12	$6.01	$5.93				-48.81%	<-Total Growth	10	Graham Number EPS
Increase	-3.07%	8.91%	8.56%	22.76%	-11.72%	-4.06%	30.30%	-14.69%	-74.68%	456.15%	-64.85%	-8.84%	-1.85%	-1.37%				-6.45%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.69	0.74	0.79	0.73	0.73	0.73	0.59	0.69	1.94	0.41	1.26	0.96	0.74	0.60				0.73	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.72	0.86	0.92	0.84	0.77	0.78	0.66	0.76	2.79	0.47	1.41	1.26	0.87	0.67				0.81	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.65	0.63	0.67	0.62	0.68	0.69	0.52	0.62	1.08	0.35	1.12	0.65	0.62	0.53				0.64	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.70	0.73	0.80	0.67	0.71	0.75	0.57	0.74	1.95	0.44	1.15	0.75	0.64	0.59				0.72	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-29.51%	-27.33%	-20.37%	-33.40%	-29.35%	-24.64%	-42.86%	-25.80%	94.96%	-56.05%	14.63%	-24.72%	-35.78%	-40.95%				-27.58%	<-Median->	10	Graham Price
Month, Year	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26	Dec-27
Price Close	$7.00	$7.86	$9.35	$9.60	$8.99	$9.20	$9.09	$10.07	$6.70	$8.40	$7.70	$4.61	$3.86	$3.50	$3.50	$8.60		-58.72%	<-Total Growth	10	Stock Price
Increase	1.89%	12.29%	18.96%	2.67%	-6.35%	2.34%	-1.20%	10.78%	-33.47%	25.37%	-8.33%	-40.13%	-16.27%	-9.33%	0.00%	145.71%		9.94	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	9.21	9.83	11.27	9.14	11.38	12.78	7.33	13.25	134.00	6.04	45.29	-2.70	-10.43	-6.14	#VALUE!	#DIV/0!		-17.45%	<-IRR #YR->	5	Stock Price	-61.67%
Trailing P/E Ratio	8.24	10.34	11.69	11.57	8.56	11.65	12.63	8.12	8.82	168.00	5.54	27.12	-2.26	-9.46	-6.14	#VALUE!		-8.47%	<-IRR #YR->	10	Stock Price	-58.72%
CAPE (10 Yr P/E)	10.57	10.40	10.38	10.12	10.19	10.27	9.78	11.60	8.54	10.01	9.87	8.71	9.44	14.17	#DIV/0!	#DIV/0!		-14.81%	<-IRR #YR->	5	Price & Dividend	-52.09%
Median 10, 5 Yrs		D.  per yr	4.21%	2.65%	% Tot Ret	0.00%	0.00%	T P/E	10.19	8.82	P/E:	10.26	6.04					-4.26%	<-IRR #YR->	10	Price & Dividend	-29.25%
Price  15		D.  per yr	6.35%		% Tot Ret	147.03%						CAPE Diff	-161.76%					-2.03%	<-IRR #YR->	15	Stock Price	-26.48%
Price  20		D.  per yr	4.40%		% Tot Ret	1122.29%												-4.01%	<-IRR #YR->	20	Stock Price	-55.89%
Price  25		D.  per yr	6.54%		% Tot Ret	127.40%												-1.41%	<-IRR #YR->	25	Stock Price	-29.82%
Price  30		D.  per yr	8.45%		% Tot Ret	82.92%												1.74%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	8.43%		% Tot Ret	77.75%												2.41%	<-IRR #YR->	32	Stock Price
Price & Dividend 15																		4.32%	<-IRR #YR->	15	Price & Dividend	55.33%
Price & Dividend 20																		0.39%	<-IRR #YR->	20	Price & Dividend	5.77%
Price & Dividend 25																		5.13%	<-IRR #YR->	25	Price & Dividend	109.36%
Price & Dividend 30																		10.19%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		10.84%	<-IRR #YR->	32	Price & Dividend
Price  5								-$10.07	$0.00	$0.00	$0.00	$0.00	$3.86								Price  5
Price 10			-$9.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.86								Price 10
Price & Dividend 5								-$10.07	$0.24	$0.20	$0.30	$0.23	$3.86								Price & Dividend 5
Price & Dividend 10			-$9.35	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$3.86								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	$3.86								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	$3.86								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	$3.86								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	$3.86								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	$3.86								Price  35
Price & Dividend 15	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$3.86								Price & Dividend 15
Price & Dividend 20	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$3.86								Price & Dividend 20
Price & Dividend 25	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$3.86								Price & Dividend 25
Price & Dividend 30	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$3.86								Price & Dividend 30
Price & Dividend 35	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$3.86								Price & Dividend 35
5 year Total Return to Date	1.02%	10.71%	16.94%	8.95%	9.89%	10.03%	7.18%	5.21%	-2.92%	2.14%	-0.09%	-8.90%	-8.90%					per year	count	28	5 year Total Return
Start year	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
10 year Total Return to Date	10.74%	7.06%	3.54%	6.54%	5.02%	5.01%	9.11%	11.53%	3.47%	6.36%	5.38%	-0.26%	-0.26%					per year	count	23	10 year Total Return
Start year	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014									Cut and Paste
Total Return 2024								-$10.07	$0.24	$0.20	$0.30	$0.23	$3.86					-14.81%	<-IRR #YR->	5	Total Return	2024
Total Return 2023							-$9.09	$0.36	$0.24	$0.20	$0.30	$4.84						-8.90%	<-IRR #YR->	5	Total Return	2023
Total Return 2022						-$9.20	$0.36	$0.36	$0.24	$0.20	$8.00							-0.09%	<-IRR #YR->	5	Total Return	2022
Total Return 2021					-$8.99	$0.36	$0.36	$0.36	$0.24	$8.60								2.14%	<-IRR #YR->	5	Total Return	2021
Total Return 2020				-$9.60	$0.36	$0.36	$0.36	$0.36	$6.94									-2.92%	<-IRR #YR->	5	Total Return	2020
Total Return 2019			-$9.35	$0.35	$0.36	$0.36	$0.36	$10.43										5.21%	<-IRR #YR->	5	Total Return	2019
Total Return 2018		-$7.86	$0.33	$0.35	$0.36	$0.36	$9.45											7.18%	<-IRR #YR->	5	Total Return	2018
Total Return 2017	-$7.00	$0.32	$0.33	$0.35	$0.36	$9.56												10.03%	<-IRR #YR->	5	Total Return	2017
Total Return 2016	$0.31	$0.32	$0.33	$0.35	$9.35													9.89%	<-IRR #YR->	5	Total Return	2016
Total Return 2015	$0.31	$0.32	$0.33	$9.95														8.95%	<-IRR #YR->	5	Total Return	2015
Total Return 2014	$0.31	$0.32	$9.68															16.94%	<-IRR #YR->	5	Total Return	2014
Total Return 2013	$0.31	$8.18																10.71%	<-IRR #YR->	5	Total Return	2013
Total Return 2012	$7.31																	1.02%	<-IRR #YR->	5	Total Return	2012
Total Return 2011																		1.26%	<-IRR #YR->	5	Total Return	2011
Total Return 2010																		4.54%	<-IRR #YR->	5	Total Return	2010
Total Return 2009																		-6.58%	<-IRR #YR->	5	Total Return	2009
Total Return 2008																		4.26%	<-IRR #YR->	5	Total Return	2008
Total Return 2007																		18.55%	<-IRR #YR->	5	Total Return	2007
Total Return 2006																		16.51%	<-IRR #YR->	5	Total Return	2006
Total Return 2005																		11.65%	<-IRR #YR->	5	Total Return	2005
Total Return 2004																		15.42%	<-IRR #YR->	5	Total Return	2004
Total Return 2003																		13.07%	<-IRR #YR->	5	Total Return	2003
Total Return 2002																		6.84%	<-IRR #YR->	5	Total Return	2002
Total Return 2001																		12.38%	<-IRR #YR->	5	Total Return	2001
Total Return 2000																		17.21%	<-IRR #YR->	5	Total Return	2000
Total Return 1999																		21.80%	<-IRR #YR->	5	Total Return	1999
Total Return 1998																		11.32%	<-IRR #YR->	5	Total Return	1998
Total Return 1997																		20.58%	<-IRR #YR->	5	Total Return	1997
Total Return 2024			-$9.35	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$3.86					-4.26%	<-IRR #YR->	10	Total Return	2023
Total Return 2023		-$7.86	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$4.84						-0.26%	<-IRR #YR->	10	Total Return	2023
Total Return 2022	-$7.00	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$8.00							5.38%	<-IRR #YR->	10	Total Return	2022
Total Return 2021	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$8.60								6.36%	<-IRR #YR->	10	Total Return	2021
Total Return 2020	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$0.36	$6.94									3.47%	<-IRR #YR->	10	Total Return	2020
Total Return 2019	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$0.36	$10.43										11.53%	<-IRR #YR->	10	Total Return	2019
Total Return 2018	$0.31	$0.32	$0.33	$0.35	$0.36	$0.36	$9.45											9.11%	<-IRR #YR->	10	Total Return	2018
Total Return 2017	$0.31	$0.32	$0.33	$0.35	$0.36	$9.56												5.01%	<-IRR #YR->	10	Total Return	2017
Total Return 2016	$0.31	$0.32	$0.33	$0.35	$9.35													5.02%	<-IRR #YR->	10	Total Return	2016
Total Return 2015	$0.31	$0.32	$0.33	$9.95														6.54%	<-IRR #YR->	10	Total Return	2015
Total Return 2014	$0.31	$0.32	$9.68															3.54%	<-IRR #YR->	10	Total Return	2014
Total Return 2013	$0.31	$8.18																7.06%	<-IRR #YR->	10	Total Return	2013
Total Return 2012	$7.31																	10.74%	<-IRR #YR->	10	Total Return	2012
Total Return 2011																		9.83%	<-IRR #YR->	10	Total Return	2011
Total Return 2010																		8.61%	<-IRR #YR->	10	Total Return	2010
Total Return 2009																		5.69%	<-IRR #YR->	10	Total Return	2009
Total Return 2008																		9.30%	<-IRR #YR->	10	Total Return	2008
Total Return 2007																		11.79%	<-IRR #YR->	10	Total Return	2007
Total Return 2006																		14.22%	<-IRR #YR->	10	Total Return	2006
Total Return 2005																		14.62%	<-IRR #YR->	10	Total Return	2005
Total Return 2004																		18.75%	<-IRR #YR->	10	Total Return	2004
Total Return 2003																		12.14%	<-IRR #YR->	10	Total Return	2003
Total Return 2002																		13.93%	<-IRR #YR->	10	Total Return	2002
Price H/L Median	$6.83	$8.05	$9.30	$10.53	$9.23	$8.95	$9.33	$9.38	$6.66	$7.83	$8.48	$5.86	$4.48	$3.58				-51.88%	<-Total Growth	10	Stock Price
Increase	-7.46%	17.88%	15.60%	13.17%	-12.30%	-3.03%	4.25%	0.48%	-29.01%	17.58%	8.31%	-30.91%	-23.57%	-20.11%				-7.05%	<-IRR #YR->	10	Stock Price	-51.88%
P/E Ratio	8.98	10.06	11.20	10.02	11.68	12.43	7.52	12.34	133.10	5.63	49.85	-3.42	-12.09	-6.27				-13.75%	<-IRR #YR->	5	Stock Price	-52.27%
Trailing P/E Ratio	8.03	10.59	11.63	12.68	8.79	11.33	12.96	7.56	8.76	156.50	6.10	34.44	-2.62	-9.66				-3.07%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	10.19	11.11	11.29	12.27	10.91	10.68	10.08	10.28	9.35	9.41	11.74	44.36	-47.61	-16.40				-11.11%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	10.16	11.64	13.32	14.20	12.34	11.87	11.31	10.80	8.48	9.33	10.87	11.07	10.94	14.47				10.25	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.99%	2.64%	% Tot Ret	0.00%	0.00%	T P/E	10.06	8.76	P/E:	10.85	5.63						Count	33	Years of data
			-$9.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.48
								-$9.38	$0.00	$0.00	$0.00	$0.00	$4.48
			-$9.30	$0.35	$0.36	$0.36	$0.36	$0.36	$0.24	$0.20	$0.30	$0.23	$4.48
								-$9.38	$0.24	$0.20	$0.30	$0.23	$4.48
High Months			Jan	May	Jan	Dec	Nov	Apr	Jan	Jun	Jun	Jan	Feb	Jan
Price High	$7.15	$9.25	$10.75	$12.05	$9.75	$9.50	$10.44	$10.35	$9.60	$9.05	$9.45	$7.70	$5.25	$4.00				-51.16%	<-Total Growth	10	Stock Price
Increase	-13.33%	29.37%	16.22%	12.09%	-19.09%	-2.56%	9.89%	-0.86%	-7.25%	-5.73%	4.42%	-18.52%	-31.82%	-23.81%				-6.92%	<-IRR #YR->	10	Stock Price	-51.16%
P/E Ratio	9.41	11.56	12.95	11.48	12.34	13.19	8.42	13.62	192.00	6.51	55.59	-4.50	-14.19	-7.02				-12.69%	<-IRR #YR->	5	Stock Price	-49.28%
Trailing P/E Ratio	8.41	12.17	13.44	14.52	9.29	12.03	14.50	8.35	12.63	181.00	6.80	45.29	-3.07	-10.81				11.56	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.33	12.63	P/E:	11.91	6.51					16.72	P/E Ratio		Historical High
			-$10.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.25
								-$10.35	$0.00	$0.00	$0.00	$0.00	$5.25
Low Months			Jan	Oct	Oct	Aug	Feb	Sep	Apr	Mar	Nov	Dec	Dec	Apr
Price Low	$6.50	$6.84	$7.85	$9.00	$8.71	$8.40	$8.22	$8.40	$3.71	$6.60	$7.50	$4.01	$3.70	$3.15				-52.87%	<-Total Growth	10	Stock Price
Increase	0.00%	5.23%	14.77%	14.65%	-3.22%	-3.56%	-2.14%	2.19%	-55.83%	77.90%	13.64%	-46.53%	-7.73%	-14.86%				-7.25%	<-IRR #YR->	10	Stock Price	-52.87%
P/E Ratio	8.55	8.55	9.46	8.57	11.03	11.67	6.63	11.05	74.20	4.75	44.12	-2.35	-10.00	-5.53				-15.12%	<-IRR #YR->	5	Stock Price	-55.95%
Trailing P/E Ratio	7.65	9.00	9.81	10.84	8.30	10.63	11.42	6.77	4.88	132.00	5.40	23.59	-2.16	-8.51				8.55	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	9.46	5.40	P/E:	9.80	4.75					6.46	P/E Ratio		Historical Low
			-$7.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.70
								-$8.40	$0.00	$0.00	$0.00	$0.00	$3.70
														-$5	<-12 mths	-107.55%
Free Cash Flow WSJ			-$7	$25.90	$3.66	$75.67	$94.84	$47.74	$23.33	-$101.73	$31.33	-$51.35	$60.17					959.57%	<-Total Growth	10	Free Cash Flow
Change				469.94%	-85.88%	1969.20%	25.34%	-49.67%	-51.13%	-536.10%	130.80%	-263.90%	217.17%
														$16	<-12 mths	25.80%
Free Cash Flow MS old				$25.90	$3.66	$75.67	$94.84	$47.74	$23.33	-$101.73	$31.33										Free Cash Flow MS old
Change					-85.88%	1969.20%	25.34%	-49.67%	-51.13%	-536.05%	130.80%										Change
Free Cash Flow MS	-$14	$8	-$7	$11.14	$6.84	$6.54	$12.75	$9.16	$10.64	$15.35	$11.79	$7.21	$12.87	$16.19	<-12 mths			283.86%	<-Total Growth	10	Free Cash Flow MS	MS, WSJ
Change	-173.68%	157.14%	-187.50%	259.14%	-38.60%	-4.39%	94.95%	-28.16%	16.16%	44.27%	-23.19%	-38.85%	78.50%	25.80%	<-12 mths			7.04%	<-IRR #YR->	5	Free Cash Flow MS	40.50%
FCF/CF from Op Ratio	-0.98	0.95	1.07	0.43	0.26	-0.09	-0.14	-0.19	0.46	-0.15	0.37	-0.14	0.21	-0.19	<-12 mths			#NUM!	<-IRR #YR->	10	Free Cash Flow MS	283.86%
Dividends paid	$2.55	$2.63	$2.74	$2.91	$2.99	$2.99	$3.00	$3.05	$2.06	$2.06	$2.06	$1.93	$1.93	$0.00	<-12 mths			-29.75%	<-Total Growth	10	Dividends paid	All past vals
Percentage paid		32.89%	-39.16%	26.10%	43.73%	45.73%	23.54%	33.32%	19.32%	13.39%	17.43%	26.71%	14.97%	0.00%	<-12 mths			$0.25	<-Median->	10	Percentage paid	changed.
5 Year Coverage								32.18%	30.68%	24.16%	20.47%	20.58%	17.31%	12.56%	<-12 mths						5 Year Coverage
Dividend Coverage Ratio				3.83	2.29	2.19	4.25	3.00	5.18	7.47	5.74	3.74	6.68	0.00	<-12 mths			4.04	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								3.11	3.26	4.14	4.88	4.86	5.78	7.96	<-12 mths						5 Year of Coverage
								-$9.16	0.00	0.00	0.00	0.00	12.87
			$7.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.87
Market Cap	$57.6	$64.6	$77.7	$79.8	$74.7	$76.4	$76.6	$86.5	$57.3	$71.9	$65.9	$39.5	$33.0	$30.0	$30.0			-57.47%	<-Total Growth	10	Market Cap
Change	-3.92%	12.29%	20.20%	2.67%	-6.35%	2.36%	0.22%	12.89%	-33.70%	25.37%	-8.33%	-40.13%	-16.27%	-9.33%	0.00%			-3.07%	<-Median->	10	Change
10 year Market Cap Growth	1.82%	-0.51%	-1.06%	1.31%	0.20%	0.11%	3.40%	5.76%	-1.69%	1.84%	1.36%	-4.81%	-8.19%					count	21	10 year Market Cap Growth
Assume 3.27% Dividend	5.09%	2.76%	2.21%	4.58%	3.47%	3.38%	6.67%	9.03%	1.58%	5.11%	4.63%	-1.54%	-4.92%					Per year	count	21	Assumed Dividend	3.27%
Market Cap to 2023			-$77.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$33.0					-8.19%	<-IRR #YR->	10	Market Cap to 2019	-4.92%
Market Cap to 2023		-$64.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$39.5						-4.81%	<-IRR #YR->	10	Market Cap to 2019	-1.54%
Market Cap to 2022	-$57.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$65.9							1.36%	<-IRR #YR->	10	Market Cap to 2019	4.63%
Market Cap to 2021	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$71.9								1.84%	<-IRR #YR->	10	Market Cap to 2019	5.11%
Market Cap to 2020	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$57.3									-1.69%	<-IRR #YR->	10	Market Cap to 2019	1.58%
Market Cap to 2019	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$86.5										5.76%	<-IRR #YR->	10	Market Cap to 2019	9.03%
Market Cap to 2018	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$76.6											3.40%	<-IRR #YR->	10	Market Cap to 2018	6.67%
Market Cap to 2017	$0.0	$0.0	$0.0	$0.0	$0.0	$76.4												0.11%	<-IRR #YR->	10	Market Cap to 2017	3.38%
Market Cap to 2016	$0.0	$0.0	$0.0	$0.0	$74.7													0.20%	<-IRR #YR->	10	Market Cap to 2016	3.47%
Market Cap to 2015	$0.0	$0.0	$0.0	$79.8														1.31%	<-IRR #YR->	10	Market Cap to 2015	4.58%
Market Cap to 2014	$0.0	$0.0	$77.7															-1.06%	<-IRR #YR->	10	Market Cap to 2014	2.21%
Market Cap to 2013	$0.0	$64.6																-0.51%	<-IRR #YR->	10	Market Cap to 2013	2.76%
Market Cap to 2012	$57.6																	1.82%	<-IRR #YR->	10	Market Cap to 2012	5.09%
Market Cap to 2011																		2.14%	<-IRR #YR->	10	Market Cap to 2011	5.41%
Market Cap to 2010																		2.61%	<-IRR #YR->	10	Market Cap to 2010	5.88%
Market Cap to 2009																		-0.39%	<-IRR #YR->	10	Market Cap to 2009	2.88%
Market Cap to 2008																		3.17%	<-IRR #YR->	10	Market Cap to 2008	6.44%
Market Cap to 2007																		6.42%	<-IRR #YR->	10	Market Cap to 2007	9.69%
Market Cap to 2006																		8.21%	<-IRR #YR->	10	Market Cap to 2006	11.48%
Market Cap to 2005																		9.15%	<-IRR #YR->	10	Market Cap to 2005	12.42%
Market Cap to 2004																		13.89%	<-IRR #YR->	10	Market Cap to 2004	17.16%
Market Cap to 2003																		9.11%	<-IRR #YR->	10	Market Cap to 2003	12.38%
Market Cap to 2002																		10.39%	<-IRR #YR->	10	Market Cap to 2002	13.66%
Calc Diluted #
Average plus stock options
Diluted # of Shares in Million	8.40	8.22	8.30	8.31	8.31	8.310	8.331	8.467	8.563	8.559	8.560	8.559	8.559	8.559				3.11%	<-Total Growth	10	Diluted
Change	-5.52%	-2.17%	0.96%	0.09%	-0.01%	0.02%	0.26%	1.64%	1.13%	-0.05%	0.01%	-0.01%	0.00%	0.00%				0.02%	<-Median->	10	Change
Difference Diluted/Basic	0.00%	0.00%	0.00%	-0.01%	0.00%	0.00%	-0.03%	-0.04%	0.00%	0.00%	-0.01%	0.00%	0.00%	0.00%				0.00%	<-Median->	10	Difference Diluted/Basic
Calc Average #
Average
Basic # of Shares in Millions	8.40	8.22	8.30	8.31	8.31	8.310	8.329	8.464	8.563	8.559	8.559	8.559	8.559	8.559				3.11%	<-Total Growth	10	Average
Change	-5.52%	-2.17%	0.96%	0.08%	0.00%	0.02%	0.23%	1.62%	1.17%	-0.05%	0.00%	0.00%	0.00%	0.00%				0.01%	<-Median->	10	Change
Difference Basic/Outstanding	-2.17%	0.00%	0.08%	0.00%	0.00%	0.00%	1.20%	1.48%	-0.05%	0.00%	0.00%	0.00%	0.00%	0.00%				0.00%	<-Median->	10	Difference Basic/Outstanding
														-$84.13	<-12 mths	-238.91%
# of Share in Millions	8.221	8.221	8.308	8.308	8.308	8.310	8.429	8.589	8.559	8.559	8.559	8.559	8.559	8.559	8.559	8.559		0.30%	<-IRR #YR->	10	Shares	3.02%
Increase	-5.71%	0.00%	1.05%	0.00%	0.00%	0.02%	1.43%	1.90%	-0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		-0.07%	<-IRR #YR->	5	Shares	-0.35%
CF fr Op $Millon	$14.3	$8.4	-$6.5	$26.0	$26.0	-$75.3	-$94.3	-$47.6	$23.4	-$101.5	$31.5	-$51.1	$60.6	-$84.1	<-12 mths			1026.33%	<-Total Growth	10	Cash Flow
Increase	-25.41%	-41.07%	-178%	497.58%	0.00%	-389.53%	-25.35%	49.59%	149.14%	-534.15%	131.05%	-262.24%	218.49%	-238.91%	<-12 mths			Buy Backs	Share Issues		SO
5 year Running Average	$9.6	$8.5	$6.6	$12.2	$13.6	-$4.3	-$24.8	-$33.0	-$33.6	-$59.1	-$37.7	-$29.1	-$7.4	-$28.9	<-12 mths			-213.17%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.73	$1.02	-$0.79	$3.13	$3.13	-$9.06	-$11.19	-$5.54	$2.73	-$11.85	$3.68	-$5.97	$7.08	-$9.83	<-12 mths			999.14%	<-Total Growth	10	Cash Flow per Share
Increase	-20.90%	-41.07%	-177%	497.58%	0.00%	-389.46%	-23.58%	50.53%	149.31%	-534.15%	131.05%	-262.24%	218.49%	-238.91%	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow	1026.33%
5 year Running Average	$1.09	$1.00	$0.78	$1.46	$1.65	-$0.51	-$2.96	-$3.91	-$3.99	-$6.98	-$4.43	-$3.39	-$0.87	-$3.38	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow	144.44%
P/CF on Med Price	3.94	7.88	-11.82	3.36	2.95	-0.99	-0.83	-1.69	2.44	-0.66	2.30	-0.98	0.63	-0.36	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow per Share	999.14%
P/CF on Closing Price	4.04	7.69	-11.88	3.07	2.87	-1.02	-0.81	-1.82	2.45	-0.71	2.09	-0.77	0.55	-0.36	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow per Share	227.79%
															-2473.74%	Diff M/C		#NUM!	<-IRR #YR->	10	CFPS 5 yr Running	-211.42%
														$11.39	<-12 mths	-11.22%			Q1 2024
Excl.Working Capital CF	$23.67	$1.55	$20.58	-$13.33	$11.60	$84.14	$107.74	$56.95	-$22.26	$117.45	-$16.84	$61.87	-$47.74	$0.00	$0.00			-25.98%	<-IRR #YR->	5	CFPS 5 yr Running	77.78%
CF fr Op $M WC	$37.92	$9.95	$14.04	$12.66	$37.59	$8.88	$13.40	$9.39	$1.11	$15.98	$14.66	$10.75	$12.83	$11.39	<-12 mths			-8.63%	<-Total Growth	10	Cash Flow less WC
Increase	246.15%	-73.76%	41.13%	-9.82%	196.86%	-76.38%	50.91%	-29.89%	-88.22%	1344.14%	-8.25%	-26.68%	19.35%	-11.22%	<-12 mths			-0.90%	<-IRR #YR->	10	Cash Flow less WC	-8.63%
5 year Running Average	$13.5	$14.2	$16.4	$17.1	$22.4	$16.6	$17.3	$16.4	$14.1	$9.8	$10.9	$10.4	$11.1	$13.1	<-12 mths			6.43%	<-IRR #YR->	5	Cash Flow less WC	36.57%
CFPS Excl. WC	$4.61	$1.21	$1.69	$1.52	$4.52	$1.07	$1.59	$1.09	$0.13	$1.87	$1.71	$1.26	$1.50	$1.33	<-12 mths			-3.88%	<-IRR #YR->	10	CF less WC 5 Yr Run	-32.67%
Increase	267.10%	-73.76%	39.67%	-9.82%	196.86%	-76.39%	48.78%	-31.20%	-88.18%	1344.14%	-8.25%	-26.68%	19.35%	-11.22%	<-12 mths			-7.55%	<-IRR #YR->	5	CF less WC 5 Yr Run	-32.46%
5 year Running Average	$1.57	$1.68	$1.96	$2.06	$2.71	$2.00	$2.08	$1.96	$1.68	$1.15	$1.28	$1.21	$1.29	$1.53	<-12 mths			-1.19%	<-IRR #YR->	10	CFPS - Less WC	-11.31%
P/CF on Median Price	1.48	6.65	5.50	6.91	2.04	8.38	5.87	8.57	51.47	4.19	4.95	4.66	2.99	2.69	<-12 mths			6.51%	<-IRR #YR->	5	CFPS - Less WC	37.05%
P/CF on Closing Price	1.52	6.50	5.53	6.30	1.99	8.61	5.72	9.21	51.82	4.50	4.49	3.67	2.58	2.63	<-12 mths			-4.07%	<-IRR #YR->	10	CFPS 5 yr Running	-34.01%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	-0.01	5 yr	0.63	P/CF Med	10 yr	5.41	5 yr	4.66		-51.37%	Diff M/C		-7.99%	<-IRR #YR->	5	CFPS 5 yr Running	-34.04%
			-8.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.6								Shares
								-8.6	0.0	0.0	0.0	0.0	8.6								Shares
			$6.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$60.6								Cash Flow
								$47.6	$0.0	$0.0	$0.0	$0.0	$60.6								Cash Flow
			$0.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.08								Cash Flow per Share
								$5.54	$0.00	$0.00	$0.00	$0.00	$7.08								Cash Flow per Share
			-$0.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.87								CFPS 5 yr Running
								$3.91	$0.00	$0.00	$0.00	$0.00	-$0.87								CFPS 5 yr Running
			-$14.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$12.8								Cash Flow less WC
								-$9.4	$0.0	$0.0	$0.0	$0.0	$12.8								Cash Flow less WC
			-$16.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$11.1								CF less WC 5 Yr Run
								-$16.4	$0.0	$0.0	$0.0	$0.0	$11.1								CF less WC 5 Yr Run
			-$1.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.50								CFPS - Less WC
								-$1.09	$0.00	$0.00	$0.00	$0.00	$1.50								CFPS - Less WC
			-$1.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.29								CFPS 5 yr Running
								-$1.96	$0.00	$0.00	$0.00	$0.00	$1.29								CFPS 5 yr Running
Finance receivables and loans, gross	-$20.33	$1.031	-$17.347	$11.328	-$5.255	-$82.599	-$105.848	-$51.672	$7.632	-$118.831	$36.481	-$51.566	$48.569
Due to clients	$0.36	$1.158	$1.388	$2.545	-$5.338	$0.568	-$1.524	-$0.711	$0.491	$0.373	-$1.706	-$1.685	$0.027
Other assets	$0.03	-$0.257	-$1.570	$1.415	-$0.422	$0.087	-$0.490	-$1.347	$0.550	$0.022	-$3.164	-$6.658	-$1.715
Accounts payable and other liabilities	-$0.23	-$0.596	$0.559	-$0.530	$0.523	-$0.266	$0.273	-$3.168	$4.018	$1.355	-$12.073	$1.350	$0.423
Disposal of assets held for sale, net								$0.087	$7.238	$0.623	$1.342	$0.352	$0.462
Income tax paid, net	-$3.51	-$2.887	-$3.610	-$1.426	-$1.104	-$1.930	-$0.152	-$0.143	$2.335	-$0.987	-$4.035	-$3.659	-$0.031
Change from translation
Deferred Charges
Chge in non -cash net operating assets\
Sum	-$23.672	-$1.551	-$20.580	$13.332	-$11.596	-$84.140	-$107.741	-$56.954	$22.264	-$117.445	$16.845	-$61.866	$47.735
Google --> TD	-$23.67	-$1.55	-$20.58	$13.33	-$11.60	-$84	-$108	-$57	$22	-$117	$17	-$62	$48
Differnce	$0.00	$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0	$0
TD		-$2	-$21	$13	-$12
Differnce		$0	$0	$0	$0
OPM Ratio	55.05%	32.21%	-21.62%	82.32%	91.14%	-239.62%	-249.30%	-84.66%	48.19%	-159.84%	46.68%	-64.13%	72.92%	-114.64%				437.22%	<-Total Growth	10	OPM
Increase	-18.16%	-41.49%	-167%	480.69%	10.71%	-362.92%	-4.04%	66.04%	156.91%	-431.71%	129.21%	-237.37%	213.70%	-257.21%					Should increase		or be stable.
Diff from Median	-731.0%	-469.2%	147.9%	-1043.6%	-1144.7%	2646.7%	2757.7%	870.5%	-652.4%	1732.2%	-635.1%	635.1%	-935.9%	1214.1%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	-8.72%	5 Yrs	46.68%					should be	zero, it is a		check on calculations
Coveraging Assets	$118.38	$113.22	$143.45	$146.70	$138.12	$230.43	$352.00	$375.41	$359.57	$497.05	$462.71	$475.82	$374.23	$395.68				160.88%	<-Total Growth	10	Coveraging Assets	See cur Asset
Change	28.70%	-4.36%	26.70%	2.27%	-5.85%	66.84%	52.76%	6.65%	-4.22%	38.23%	-6.91%	2.83%	-21.35%	5.73%				0.71	<-Median->	10	Change	Type
Debt/Assets Coverage Ratio	0.58	0.51	0.56	0.46	0.53	0.67	0.70	0.73	0.69	0.75	0.74	0.81	0.76	0.77				261.35	<-Median->	10	Debt/Assets Coverage Ratio	Lg Term R
Long Term Debt	$69.06	$58.18	$80.80	$67.30	$73.85	$154.00	$246.64	$272.95	$249.75	$372.81	$341.70	$386.45	$285.70	$305.87				253.57%	<-Total Growth	10	Debt	Lg Term A
Change	65.09%	-15.76%	38.89%	-16.72%	9.75%	108.52%	60.15%	10.67%	-8.50%	49.27%	-8.35%	13.10%	-26.07%	7.06%				10.21%	<-Median->	10	Change	Intang/GW
Debt/Market Cap Ratio	1.20	0.90	1.04	0.84	0.99	2.01	3.22	3.16	4.36	5.19	5.18	9.79	8.65	10.21				3.79	<-Median->	10	% of Market C.	Liquidity
Assets/Current Liabilities Ratio	6.81	6.63	7.23	9.08	10.04	9.20	8.69	15.93	12.90	17.26	15.16	16.45	11.25	12.57				12.07	<-Median->	10	Assets/Current Liabilities	Liq. + CF
Debt to Cash Flow (Years)	4.85	6.93	-12.36	2.59	2.84	-2.05	-2.61	-5.74	10.69	-3.67	10.85	-7.56	4.72	-3.64				0.27	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
Long Term Debt/Curr Asset Ratio	0.58	0.51	0.56	0.46	0.50	0.67	0.70	0.73	0.69	0.75	0.74	0.81	0.76	0.77				0.71	<-Median->	10	Debt/Market Cap Ratio	Leverage
																						D/E Ratio
Intangibles			$2.07	$1.50	$0.99	$4.23	$4.12	$3.64	$3.28	$3.28	$3.20	$3.00	$0.00	$0.00				#DIV/0!	<-Total Growth	10	Intangibles
Goodwill	$0.96	$1.02	$3.00	$3.21	$3.17	$13.08	$14.03	$13.45	$13.22	$13.22	$12.07	$0.00	$0.00	$0.00				#DIV/0!	<-Total Growth	10	Goodwill
Total	$0.96	$1.02	$5.07	$4.71	$4.16	$17.31	$18.15	$17.09	$16.50	$16.50	$15.28	$3.00	$0.00	$0.00				#DIV/0!	<-Total Growth	10	Total
Change	-2.17%	6.91%	395.67%	-7.11%	-11.66%	316.02%	4.84%	-5.80%	-3.50%	0.00%	-7.40%	-80.39%	-100.00%	#DIV/0!				-6.45%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.02	0.02	0.07	0.06	0.06	0.23	0.24	0.20	0.29	0.23	0.23	0.08	0.00	0.00				0.21	<-Median->	10	% of Market C.
Current Assets	$118.4	$113.2	$143.4	$146.7	$147.2	$230.4	$352.0	$375.4	$359.6	$497.05	$462.71	$475.82	$374.23	$395.68				160.88%	<-Total Growth	10	Current Assets
Current Liabilities	$18.3	$18.2	$21.4	$17.0	$15.4	$27.3	$28.9	$25.5	$29.8	$30.1	$32.4	$31.2	$36.8	$34.2				72.07%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	6.47	6.22	6.71	8.62	9.54	8.45	12.18	14.73	12.05	16.49	14.26	15.25	10.17	11.59				12.11	<-Median->	10	Ratio
Liq. with CF aft div	7.11	6.53	5.95	9.98	11.03	7.61	11.02	13.13	12.76	15.60	15.15	14.36	11.82	9.12				14.36	<-Median->	5	Ratio
Liq. CF re  Inv+Div	7.09	6.52	5.04	1.47	10.92	7.29	10.85	13.05	12.74	15.56	15.07	14.26	11.82	9.12				14.26	<-Median->	5	Ratio
Assets	$124.6	$120.8	$154.6	$154.6	$154.9	$251.0	$251.0	$406.2	$384.9	$520.1	$491.8	$513.5	$413.9	$429.1				167.67%	<-Total Growth	10	Assets
Liabilities	$77.2	$67.4	$93.3	$81.5	$79.2	$170.9	$170.9	$309.8	$291.2	$416.1	$385.1	$424.8	$327.2	$345.1				250.73%	<-Total Growth	10	Liabilities
Debt Ratio	1.61	1.79	1.66	1.90	1.96	1.47	1.47	1.31	1.32	1.25	1.28	1.21	1.26	1.24				1.32	<-Median->	10	Ratio
Estimates BVPS														$0.00					Estimates		Estimates BVPS
Estimate Book Value														$0.0					Estimates		Estimate Book Value
P/B Ratio (Close)														#DIV/0!					Estimates		P/B Ratio (Close)
Difference from 10 year median															#DIV/0!	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	47.42	53.43	61.33	73.07	75.68	80.13	80.13	96.37	93.76	103.96	106.61	88.66	86.68	84.08
NCI	0.00	0.00	0.00	0.00	0.00	3.68	3.68	3.85	3.91	3.99	5.64	4.76	5.85	5.46
Book Value	$47.4	$53.4	$61.3	$73.1	$75.7	$76.4	$76.4	$92.5	$89.9	$100.0	$101.0	$83.9	$80.8	$78.6	$78.6	$78.6		31.79%	<-Total Growth	10	Book Value
Book Value per share	$5.77	$6.50	$7.38	$8.79	$9.11	$9.20	$9.07	$10.77	$10.50	$11.68	$11.80	$9.80	$9.44	$9.19	$9.19	$9.19		27.92%	<-Total Growth	10	Book Value per Share
Increase	5.08%	12.69%	13.60%	19.13%	3.58%	0.99%	-1.41%	18.76%	-2.54%	11.26%	1.00%	-16.90%	-3.67%	-2.73%	0.00%	0.00%		-70.62%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.18	1.24	1.26	1.20	1.01	0.97	1.03	0.87	0.63	0.67	0.72	0.60	0.47	0.39				1.30	P/B Ratio		Historical Median
P/B Ratio (Close)	1.21	1.21	1.27	1.09	0.99	1.00	1.00	0.93	0.64	0.72	0.65	0.47	0.41	0.38	0.38	0.94		2.49%	<-IRR #YR->	10	Book Value per Share	27.92%
Change	-3.03%	-0.35%	4.72%	-13.81%	-9.59%	1.33%	0.22%	-6.72%	-31.73%	12.68%	-9.25%	-27.95%	-13.08%	-6.78%	0.00%	145.71%		-2.60%	<-IRR #YR->	5	Book Value per Share	-12.33%
Leverage (A/BK)	2.63	2.26	2.52	2.12	2.05	3.28	3.28	4.39	4.28	5.20	4.87	6.12	5.12	5.46				5.12	<-Median->	5	A/BV
Debt/Equity Ratio	1.63	1.26	1.52	1.12	1.05	2.24	2.24	3.35	3.24	4.16	3.81	5.06	4.05	4.39				4.05	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	0.79	5 yr Med	0.63		-52.03%	Diff M/C		2.26	Historical		Leverage (A/BK)
			-$7.38	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.44
								-$10.77	$0.00	$0.00	$0.00	$0.00	$9.44
														-$5.13	<-12 mths	-63.11%
Comprehensive Income	$5.54	$8.67	$9.78	$14.62	$5.47	$3.66	$13.83	$4.09	-$0.22	$11.94	$2.96	-$15.21	-$3.15					-132.17%	<-Total Growth	10	Comprehensive Income
Increase	-34.12%	56.54%	12.90%	49.48%	-62.58%	-33.20%	278.50%	-70.45%	-105.49%	5424.55%	-75.26%	-614.70%	79.31%					-75.26%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$5.97	$5.38	$7.76	$9.40	$8.82	$8.44	$9.47	$8.33	$5.37	$6.66	$6.52	$0.71	-$0.74					#NUM!	<-IRR #YR->	10	Comprehensive Income	-132.17%
ROE	11.7%	16.2%	16.0%	20.0%	7.2%	4.8%	18.1%	4.4%	-0.2%	11.9%	2.9%	-18.1%	-3.9%					#NUM!	<-IRR #YR->	5	Comprehensive Income	-176.97%
5Yr Median	14.4%	14.4%	16.0%	16.2%	16.0%	16.0%	16.0%	7.2%	4.8%	4.8%	4.4%	2.9%	-0.2%					#NUM!	<-IRR #YR->	10	5 Yr Running Average	-109.49%
% Difference from NI	-13.19%	32.55%	42.22%	66.97%	-16.67%	-41.15%	33.59%	-36.55%	-153.83%	0.47%	107.11%	-4.00%	-32.73%					#NUM!	<-IRR #YR->	5	5 Yr Running Average	-108.84%
Median Values										Diff	5, 10 yr	-10.3%	-4.0%					-0.2%	<-Median->	5	Return on Equity
			-$9.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$3.1
								-$4.1	$0.0	$0.0	$0.0	$0.0	-$3.1
			-$7.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$0.7
								-$8.3	$0.0	$0.0	$0.0	$0.0	-$0.7
Current Liability Coverage Ratio	2.07	0.55	0.66	0.74	2.44	0.33	0.46	0.37	0.04	0.53	0.45	0.34	0.35	0.33							CFO / Current Liabilities
5 year Median	0.52	0.55	0.58	0.66	0.74	0.66	0.66	0.46	0.37	0.37	0.45	0.37	0.35	0.35				0.35	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	30.44%	8.24%	9.08%	8.19%	24.27%	3.54%	5.34%	2.31%	0.29%	3.07%	2.98%	2.09%	3.10%	2.65%							CFO / Total Assets
5 year Median	8.2%	8.2%	9.1%	9.08%	9.08%	8.24%	8.19%	5.34%	3.54%	3.07%	2.98%	2.31%	2.98%	2.98%				3.0%	<-Median->	5	Return on Assets
Return on Assets ROA	5.1%	5.4%	4.4%	5.7%	4.2%	2.5%	4.1%	1.6%	0.1%	2.3%	0.3%	-2.8%	-0.6%	-0.9%				Net	Income/Assets		Return on Assets
5Yr Median	5.1%	5.4%	5.4%	5.4%	5.1%	4.4%	4.2%	4.1%	2.5%	2.3%	1.6%	0.3%	0.1%	-0.6%				0.1%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	13.4%	12.2%	11.2%	12.0%	8.7%	8.1%	13.5%	7.0%	0.5%	11.9%	1.4%	-17.4%	-2.9%	-5.2%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	13.4%	13.4%	13.4%	12.2%	12.0%	11.2%	11.2%	8.7%	8.1%	8.1%	7.0%	1.4%	0.5%	-2.9%				0.5%	<-Median->	5	Return on Equity
														-$4.08	<-12 mths	-71.91%
Total Net Income	$6.38	$6.54	$6.88	$8.76	$6.57	$6.60	$11.23	$5.34	$0.61	$13.22	$1.64	-$15.39	-$3.14					-145.63%	<-Total Growth	10	Total Net Income
NCI	$0.0	$0.0	$0.0	$0.0	$0.0	$0.39	$0.87	-$1.10	$0.19	$1.34	$0.22	-$0.77	-$0.77								NCI
Net Income	$6.38	$6.54	$6.88	$8.76	$6.57	$6.21	$10.36	$6.44	$0.42	$11.89	$1.43	-$14.63	-$2.37	-$4.08	<-12 mths			-134.47%	<-Total Growth	10	Net Income
Increase	-15.93%	2.53%	5.22%	27.32%	-25.03%	-5.41%	66.73%	-37.78%	-93.53%	2753.14%	-88.00%	-1124.97%	83.79%	-71.91%	<-12 mths			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$6.07	$6.37	$7.13	$7.23	$7.02	$6.99	$7.75	$7.67	$6.00	$7.06	$6.11	$1.11	-$0.65	-$1.55	<-12 mths			#NUM!	<-IRR #YR->	10	Net Income	-134.47%
Operating Cash Flow	$14.25	$8.40	-$6.54	$25.99	$25.99	-$75.26	-$94.34	-$47.56	$23.37	-$101.46	$31.51	-$51.12	$60.57					#NUM!	<-IRR #YR->	5	Net Income	-136.80%
Investment Cash Flow	-$0.05	-$0.05	-$4.36	-$98.21	-$0.16	-$1.33	-$0.50	-$0.18	-$0.04	-$0.08	-$0.18	-$0.24	$60.25					#NUM!	<-IRR #YR->	10	5 Yr Running Average	-109.16%
Total Accruals	-$7.83	-$1.81	$17.78	$80.97	-$19.27	$82.80	$105.20	$54.18	-$22.91	$113.43	-$29.91	$36.73	-$123.19					#NUM!	<-IRR #YR->	5	5 Yr Running Average	-108.52%
Total Assets	$124.59	$120.81	$154.62	$154.56	$154.87	$251.02	$251.02	$406.21	$384.91	$520.11	$491.76	$513.48	$413.88						Balance Sheet		Assets
Accruals Ratio	-6.28%	-1.50%	11.50%	52.39%	-12.44%	32.99%	41.91%	13.34%	-5.95%	21.81%	-6.08%	7.15%	-29.76%					-5.95%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.16	0.66	0.49	0.69	0.17	0.67	0.78	0.69	0.39	0.74	0.10	-1.36	-0.25					0.53	<-Median->	10	EPS/CF Ratio
			-$6.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$2.4
								-$6.4	$0.0	$0.0	$0.0	$0.0	-$2.4
			-$7.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$0.7
								-$7.7	$0.0	$0.0	$0.0	$0.0	-$0.7
Change in Close	1.89%	12.29%	18.96%	2.67%	-6.35%	2.34%	-1.20%	10.78%	-33.47%	25.37%	-8.33%	-40.13%	-16.27%	-9.33%	0.00%	145.71%			Count	33	Years of data
up/down	up	up		down	down	up	down	up	down	up	down	up	down	up					Count	24	72.73%
Meet Prediction?	yes	yes			Yes	Yes	Yes	Yes		Yes	Yes		Yes					% right	Count	12	50.00%
Financial Cash Flow	$21.5	-$14.9	$14.1	-$22.4	$1.0	$75.6	$99.6	$37.9	-$21.9	$120.4	-$37.3	$43.2	-$108.2						C F Statement		Financial Cash Flow
Total Accruals	-$29.3	$13.1	$3.6	$103.4	-$20.2	$7.2	$5.6	$16.2	-$1.0	-$6.9	$7.4	-$6.5	-$15.0								Accruals
Accruals Ratio	-23.50%	10.82%	2.35%	66.88%	-13.07%	2.86%	2.22%	4.00%	-0.26%	-1.33%	1.50%	-1.26%	-3.63%					-1.26%	<-Median->	5	Ratio
Cash	$9.9	$3.4	$7.1	$12.4	$9.1	$3.7	$16.3	$6.8	$10.4	$10.2	$22.9	$33.0	$31.5	$7.5							Cash
Cash per Share	$1.20	$0.42	$0.86	$1.50	$1.09	$0.44	$1.94	$0.79	$1.22	$1.20	$2.67	$3.86	$3.68	$0.88				$2.67	<-Median->	5	Cash per Share
Percentage of Stock Price	17.20%	5.33%	9.14%	15.60%	12.15%	4.81%	21.33%	7.83%	18.17%	14.25%	34.72%	83.62%	95.42%	25.19%				34.72%	<-Median->	5	% of Stock Price
Notes
September 7, 2025.  Last estimates were for 2024 of $80M Revenue, $0.61 AEPS, $0.60 EPS, $0, $0 Dividends, $10.09, $13.00 204/5 BVPS, $5.23 Net Income.
August 31, 2024.  Last estimates were for 2023, 2024 of $76M, $89.8M Revenue, $0.56, $1.18 EPS, $0.30, $0.30 Dividends, $12.10, $13.00 BVPS, $4.79M, $10.1M Net Income.
September 1, 2023.  There were no estimates last year.
September 5, 2022.  There were no estimates last year.
August 29, 2021.  There was only one estimate and that was for EPS for 2020 of $0.72.
September 6, 2020.  There were no estimates last year.
September 8, 2019.  There were no estimates last year.
September 15, 2018.  There were not estimates last year, I used 12 month values to the end of the second quarrter.
September 16, 2017.  There were no estimates given last year.
Since 1978, Accord has provided financing services to a variety of small and medium-sized enterprises (SMEs) across Canada and the U.S
Accord Financial Corp. is a holding company, listed on the Toronto Stock Exchange (TSX:ACD). It has three operating companies: Accord Financial Ltd. operates our receivables management, credit
guarantee and collections business; Accord Financial Inc. operates our financing business in Canada; Accord Financial, Inc. operates our financing business in the U.S.
1992.  Company goes public on the TSX.
1987.  Dividends were started by the company according to their annual report.
1978.  Accord Financial commences operations in Toronto and Montreal
Among others, ACD seems to be a Beutel family investment  - from Peter Heinemann <hpheinemann@rogers.com>
Robert Jonathan Beutel is 10% holder
Sector:
Financial Service, Finance
What should this stock accomplish?
Would I buy this company and Why.
If I was looking for a small cap financial stock, I would consider this stock.  The dividend is good and it does raise the dividend regularly.
It has had some problems recently, but a lot of companies are with this long drawn out recover.  As with all small cap stocks there is low trading volume.
Why am I following this stock.
Fred Poulin from Stocktwits recommended this stock saying it was a small cap that pay dividends.  Also the stock has a solid background and would be a good filler stock.
Dividends
Dividends are paid in cycle 3 of March, June, September and December.   Dividends are declared in one month and paid in the following month.
For example, the dividend payable for shareholders of record of August 15, 2016 is payable on September 1, 2016.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
Accord Financial Corp is a provider of asset-based financial services to businesses. It is engaged in providing asset-based financing services, including factoring
and receivables financing, equipment and inventory financing, leasing, working capital financing, and media financing, to industrial and commercial enterprises,
principally in Canada and the United States.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Sep 15	2018	Sep 08	2019	Sep 06	2020	Aug 29	2021	Sep 5	2022	Sep 5	2023	Aug 31	2024			Sep 7	2025
Helderman, Matthew												0.000	0.00%	0.000	0.00%			0.000	0.00%		Last filing 2019	#DIV/0!
CEO - Co founder Shares - Amt													$0.000		$0.000				$0.000		has some debentures
Options - percentage												0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount													$0.000		$0.000				$0.000
Hitzig, Simon Jonathan				0.195	2.27%	0.198	2.31%	0.198	2.31%	0.200	2.34%	0.222	2.59%	0.222	2.59%			0.222	2.59%		Last Filing Sep 2024	0.00%
CEO & President- Shares - Amt					$1.964		$1.327		$1.663		$1.541		$1.024		$0.857				$0.777
Options - percentage				0.002	0.02%	0.000	0.00%	0.000	0.00%	0.012	0.14%	0.021	0.25%	0.036	0.42%			0.060	0.70%			66.67%
Options - amount					$0.019		$0.000		$0.000		$0.092		$0.097		$0.139				$0.210
Eddy, Irene										0.000	0.00%	0.004	0.05%	0.004	0.05%			0.004	0.05%		Last Filing Sept 2024	0.00%
CFO - Shares - Amount											$0.000		$0.018		$0.015				$0.014
Options - percentage										0.012	0.14%	0.024	0.28%	0.042	0.49%			0.066	0.77%			57.14%
Options - amount											$0.092		$0.111		$0.162				$0.231
Jang, James Chadwick										0.043	0.50%	0.044	0.51%	0.044	0.51%			0.044	0.51%		Subsidiary Executives	0.00%
Officer - Shares - Amount											$0.329		$0.201		$0.169				$0.153		Last filing Sept 2024
Options - percentage										0.015	0.18%	0.027	0.32%	0.050	0.58%			0.072	0.84%			45.45%
Options - amount											$0.116		$0.124		$0.191				$0.252
Rosenfeld, Jason										0.004	0.05%	0.004	0.05%	0.004	0.05%			0.004	0.05%		Subsidiary Executives	0.00%
Officer - Shares - Amount											$0.030		$0.018		$0.015				$0.014		Last filing Sept 2023
Options - percentage										0.006	0.07%	0.012	0.14%	0.027	0.32%			0.027	0.32%			0.00%
Options - amount											$0.046		$0.055		$0.104				$0.095
Prager, Gary												0.009	0.10%	0.009	0.10%			0.009	0.10%		Last Filed 2018	0.00%
Director - Shares - Amt													$0.041		$0.034				$0.031
Options - percentage												0.040	0.47%	0.040	0.47%			0.040	0.47%			0.00%
Options - amount													$0.184		$0.154				$0.140
Hitzig, Kenneth	24.07%	2.000	23.73%	2.000	23.29%	2.000	23.37%	2.000	23.37%	2.000	23.37%	2.000	23.37%	2.000	23.37%			2.000	23.37%		Last filing Dec 2018	0.00%
Director - Shares - Amt	$18.400		$18.180		$20.140		$13.400		$16.800		$15.400		$9.220		$7.720				$7.000		Now Director 2021, was Chair
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Beutel, David Michael	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Last filing Jul 2016	#DIV/0!
Chairman - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000		Now Chairman 2021
Options - percentage	0.48%	0.040	0.47%	0.040	0.47%	0.040	0.47%	0.040	0.47%	0.040	0.47%	0.040	0.47%	0.040	0.47%			0.040	0.47%			0.00%
Options - amount	$0.368		$0.364		$0.403		$0.268		$0.336		$0.308		$0.184		$0.154				$0.140
Beutel, Robert Jonathan														2.142	25.03%			2.142	25.03%		Last filing Oct 2021	0.00%
10% holder															$8.268				$7.497
Increase in O/S Shares	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.231	2.70%
Due to SO	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$1.065
Book Value	$0.000		$0.000		$0.020		$0.000		$0.000		$0.088		$0.190		$0.069				$0.070
Insider Buying	-$0.318		-$0.190		-$0.042		-$0.219		-$0.001		-$0.001		-$0.025		$0.000				$0.000
Insider Selling	$0.044		$0.000		$0.000		$0.196		$0.000		$0.000		$0.000		$0.000				$0.000
Net Insider Selling	-$0.274		-$0.190		-$0.042		-$0.024		-$0.001		-$0.001		-$0.025		$0.000				$0.000
Net Selling % of Market Cap	-0.36%		-0.25%		-0.05%		-0.04%		0.00%		0.00%		-0.06%		0.00%				0.00%
Directors		7		7		6		6		8		8		8				8
Women	0%	0	0%	0	0%	1	17%	1	17%	1	13%	1	13%	1	13%			1	13%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings								4	35.04%	3	0.47%							3	0.47%		none available in 2024/25
Total Shares Held								2.999	35.04%	0.040	0.47%							0.000	0.00%		Hitzig Bros., Hargreaves & Co. Inc	2.000
Increase/Decrease 3 Mths								-0.139	-4.43%	-1.487	-97.37%							-1.487	-100.00%		Oakwest Corporation Limited	1.926
Starting No. of Shares								3.139	Top 20 MS	1.527	Top 20 MS							1.487	Top 20 MS		3502236 Canada Inc	1.048
																					as if March 2017
Institutions/Holdings	0.00%	3	57.14%		no data on
Value	$45.020		$43.780		Morningstar																3502236 Canada Inc Diectors
Total Shares Held	59.85%	5.000	60.17%																		Howarnd Tom
Value	$44.712		$44.950																		Andy Tom
Increase/Decrease 3 Mths	0.00%	0.000	0.00%																		Tony Tom
Starting No. of Shares	Morningstar	5.000	Morningstar																		Robert Tom
																					5595 De Lamotte Street
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