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.														Q3 2023				https://www.annualreports.com/Company/bird-construction
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			9/30/24
Bird Construction Inc						TSX:	BDT	OTC:	BIRDF	http://www.bird.ca/		Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Day																					Split Day
Split																					Split
Cost of Constructions	$1,311.91	$1,260.22	$1,252.85	$1,324.16	$1,498.21	$1,343.99	$1,324.33	$1,305.46	$1,378.13	$2,033.34	$2,175.79	$2,558.25	$3,068.59	$3,100.5	<-12 mths	1.04%		144.93%	<-Total Growth	10	Cost of Constructions
Increase	46.72%	-3.94%	-0.59%	5.69%	13.14%	-10.29%	-1.46%	-1.42%	5.57%	47.54%	7.01%	17.58%	19.95%	1.04%	<-12 mths	-94.79%		6.35%	<-Median->	10	Increase
Cost/Revenue Ratio	0.90	0.95	0.92	0.92	0.94	0.95	0.96	0.95	0.92	0.92	0.92	0.91	0.90	0.90	<-12 mths	-0.69%		0.92	<-Median->	10	Cost/Revenue Ratio
General & Admin	$41.9	$55.8	$64.0	$60.5	$58.8	$59.3	$58.9	$58.7	$78.8	$127.0	$132.4	$142.8	$185.2	$209.7	<-12 mths	13.22%		189.31%	<-Total Growth	10	General & Admin
Change	14.29%	33.22%	14.68%	-5.51%	-2.85%	0.91%	-0.63%	-0.36%	34.15%	61.23%	4.23%	7.85%	29.72%	13.22%	<-12 mths	-55.51%		2.57%	<-Median->	10	Change
Ratio	0.03	0.04	0.05	0.04	0.04	0.04	0.04	0.04	0.05	0.06	0.06	0.05	0.05	0.06	<-12 mths	11.29%		0.05	<-Median->	10	Ratio
Total	$1,353.8	$1,316.0	$1,316.9	$1,384.7	$1,557.0	$1,403.3	$1,383.3	$1,364.2	$1,456.9	$2,160.4	$2,308.2	$2,701.0	$3,253.8	$3,310.1	<-12 mths	1.73%		147.09%	<-Total Growth	10	Total
Change	45.44%	-2.79%	0.06%	5.15%	12.45%	-9.87%	-1.43%	-1.38%	6.80%	48.28%	6.84%	17.02%	20.47%	1.73%	<-12 mths	-91.54%		6.82%	<-Median->	10	Change
Ratio	0.93	0.99	0.97	0.96	0.98	0.99	1.00	0.99	0.97	0.97	0.97	0.97	0.96	0.96	<-12 mths	-0.01%		0.97	<-Median->	10	Ratio
														$3,456	<-12 mths
Revenue*	$1,454.9	$1,331.7	$1,364.5	$1,444.8	$1,589.9	$1,418.4	$1,381.8	$1,376.4	$1,504.4	$2,220.03	$2,377.55	$2,798.79	$3,397.35	$3,429	$3,881	$4,287		148.99%	<-Total Growth	10	Revenue
Increase	49.30%	-8.47%	2.46%	5.89%	10.04%	-10.78%	-2.58%	-0.39%	9.30%	47.57%	7.10%	17.72%	21.39%	0.93%	13.18%	10.46%		9.55%	<-IRR #YR->	10	Revenue	148.99%
5 year Running Average	$1,039.5	$1,098.0	$1,194	$1,314	$1,437	$1,430	$1,440	$1,442	$1,454	$1,580	$1,772	$2,055	$2,460	$2,844.5	$3,176.7	$3,558.6		19.81%	<-IRR #YR->	5	Revenue	146.83%
Revenue per Share	$34.51	$31.59	$32.09	$33.98	$37.39	$33.36	$32.50	$32.37	$28.36	$41.34	$44.28	$52.05	$61.34	$61.91	$70.08	$77.41		7.49%	<-IRR #YR->	10	5 yr Running Average	105.95%
Increase	49.30%	-8.47%	1.59%	5.89%	10.04%	-10.78%	-2.58%	-0.39%	-12.38%	45.76%	7.10%	17.54%	17.86%	0.93%	13.18%	10.46%		11.27%	<-IRR #YR->	5	5 yr Running Average	70.54%
5 year Running Average	$24.66	$26.05	$28.28	$31.06	$33.91	$33.68	$33.87	$33.92	$32.80	$33.59	$35.77	$39.68	$45.48	$52.19	$57.93	$64.56		6.69%	<-IRR #YR->	10	Revenue per Share	91.15%
P/S (Price/Sales) Med	0.40	0.42	0.42	0.35	0.31	0.28	0.24	0.20	0.21	0.22	0.18	0.22	0.38	0.40	0.00	0.00		13.64%	<-IRR #YR->	5	Revenue per Share	89.49%
P/S (Price/Sales) Close	0.38	0.42	0.37	0.38	0.24	0.30	0.19	0.22	0.28	0.24	0.18	0.28	0.42	0.46	0.41	0.37		4.87%	<-IRR #YR->	10	5 yr Running Average	60.83%
*Revenue in M CDN$ Construction Revenue					P/S Med	20 yr	0.36	15 yr	0.31	10 yr	0.23	5 yr	0.22		100.76%	Diff M/C		6.04%	<-IRR #YR->	5	5 yr Running Average	34.06%
			-$1,364.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,397.3
								-$1,376.4	$0.0	$0.0	$0.0	$0.0	$3,397.3
			-$1,194.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,459.6
								-$1,442.3	$0.0	$0.0	$0.0	$0.0	$2,459.6
			-$32.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$61.34
								-$32.37	$0.00	$0.00	$0.00	$0.00	$61.34
			-$28.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.48
								-$33.92	$0.00	$0.00	$0.00	$0.00	$45.48
														$116.1	<-12 mths	4.39%
														$2.10	<-12 mths	2.94%
Adjusted Earnings	$62.0	$14.6	$36.2	$41.8	$27.7	$8.8	-$1.0	$9.5	$41.6	$51.0	$46.0	$74.2	$111.3					207.01%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	32.34%	8.21%	19.96%	24.46%	16.96%	5.57%	-0.74%	7.43%	19.56%	20.93%	16.86%	23.02%	25.86%					18.26%	<-Median->	10	Return on Equity ROE
5Yr Median	32.34%	29.05%	19.96%	19.96%	19.96%	16.96%	16.96%	7.43%	7.43%	7.43%	16.86%	19.56%	20.93%					16.96%	<-Median->	10	5Yr Median
Basic	$1.47	$0.34	$0.85	$0.98	$0.65	$0.21	-$0.02	$0.22	$0.92	$0.96	$0.86	$1.38	$2.04					140.00%	<-Total Growth	10	AEPS
AEPS* Dilued	$1.47	$0.34	$0.85	$0.98	$0.65	$0.21	-$0.02	$0.22	$0.92	$0.96	$0.86	$1.38	$2.04	$1.90	$2.56	$3.26		140.00%	<-Total Growth	10	AEPS
Increase	93.42%	-76.87%	150.00%	15.29%	-33.67%	-67.69%	-109.52%	1200.00%	318.18%	4.35%	-10.42%	60.47%	47.83%	-6.86%	34.74%	27.34%		9	1	10	Years of Data, EPS P or N	90.00%
5 year Running Average	$1.23	$1.01	$0.91	$0.88	$0.86	$0.61	$0.53	$0.41	$0.40	$0.46	$0.59	$0.87	$1.23	$1.43	$1.75	$2.23		9.15%	<-IRR #YR->	10	AEPS	140.00%
AEPS Yield	11.12%	2.56%	7.12%	7.54%	7.17%	2.07%	-0.33%	3.08%	11.50%	9.78%	10.59%	9.58%	7.83%	6.65%	8.96%	11.41%		56.11%	<-IRR #YR->	5	AEPS	827.27%
Payout Ratio	47.96%	220.50%	89.36%	77.51%	116.86%	200.38%	0.00%	177.27%	42.39%	40.63%	45.35%	30.41%	27.01%	44.21%	32.81%	25.77%		3.09%	<-IRR #YR->	10	5 yr Running Average	35.58%
5 year Running Average	52.46%	89.64%	99.48%	104.30%	110.44%	140.92%	96.82%	114.41%	107.38%	92.13%	61.13%	67.21%	37.16%	37.52%	35.96%	32.04%		24.74%	<-IRR #YR->	5	5 yr Running Average	201.96%
Price/AEPS Median	9.33	38.65	15.71	12.19	17.58	43.79	-385.00	29.89	6.61	9.59	9.07	8.22	11.30	13.05	0.00	0.00		10.45	<-Median->	10	Price/AEPS Median
Price/AEPS High	10.53	44.35	18.05	14.81	21.63	50.57	-507.00	36.82	8.82	11.02	11.41	10.63	15.96	16.43	0.00	0.00		13.11	<-Median->	10	Price/AEPS High
Price/AEPS Low	8.12	32.94	13.36	9.57	13.54	37.00	-263.00	22.95	4.41	8.17	6.73	5.80	6.64	9.67	0.00	0.00		7.45	<-Median->	10	Price/AEPS Low
Price/AEPS Close	8.99	39.12	14.04	13.27	13.94	48.29	-305.50	32.50	8.70	10.23	9.44	10.43	12.77	15.04	11.16	8.76		11.60	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	17.39	9.05	35.09	15.29	9.24	15.60	29.10	-357.50	36.36	10.67	8.46	16.74	18.88	14.00	15.04	11.16		15.45	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	10.03	11.41	8.12	11.05	P/AEPS	5 Yrs	in order	9.07	11.02	6.64	10.23		65.79%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$0.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.04
								-$0.22	$0.00	$0.00	$0.00	$0.00	$2.04
			-$0.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.23
								-$0.41	$0.00	$0.00	$0.00	$0.00	$1.23
														$1.70	<-12 mths	-7.61%
Difference Basic and Diluted	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->	0	Difference Basic and Diluted
Comments
Pre-Split 2006									Yes --->	Same
Pre-Split 2011
EPS Basic	$1.38	$0.28	$0.85	$0.51	$0.59	$0.27	-$0.02	$0.22	$0.80	$0.80	$0.93	$1.33	$1.84					116.47%	<-Total Growth	10	EPS Basic
Pre-Split 2006
Pre-Split 2011
EPS Diluted*	$1.38	$0.28	$0.85	$0.51	$0.59	$0.27	-$0.02	$0.22	$0.80	$0.80	$0.93	$1.33	$1.84	$1.58	$2.45	$3.47		116.47%	<-Total Growth	10	EPS Diluted
Increase	97.14%	-79.71%	203.57%	-40.00%	15.69%	-54.24%	-107.41%	1200.00%	263.64%	0.00%	16.25%	43.01%	38.35%	-14.18%	55.16%	41.43%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	10.44%	2.11%	7.12%	3.92%	6.51%	2.66%	-0.33%	3.08%	10.00%	8.15%	11.45%	9.24%	7.06%	5.53%	8.58%	12.13%		8.03%	<-IRR #YR->	10	Earnings per Share	116.47%
5 year Running Average	$1.20	$0.97	$0.87	$0.74	$0.72	$0.50	$0.44	$0.31	$0.37	$0.41	$0.55	$0.82	$1.14	$1.30	$1.63	$2.13		52.93%	<-IRR #YR->	5	Earnings per Share	736.36%
10 year Running Average	$0.85	$0.85	$0.89	$0.90	$0.90	$0.85	$0.70	$0.59	$0.56	$0.57	$0.52	$0.63	$0.73	$0.83	$1.02	$1.34		2.78%	<-IRR #YR->	10	5 yr Running Average	31.54%
* Diluted ESP per share									E/P	10 Yrs	6.79%	5Yrs	9.24%					29.42%	<-IRR #YR->	5	5 yr Running Average	263.06%
			-$0.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.84
								-$0.22	$0.00	$0.00	$0.00	$0.00	$1.84
			-$0.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.14
								-$0.31	$0.00	$0.00	$0.00	$0.00	$1.14
														$43.94	<-12 mths	46.45%
Dividends paid Cash in M$	$29.72	$31.85	$32.30	$32.30	$32.30	$17.89	$16.58	$16.58	$17.61	$20.75	$20.94	$22.56	$30.00					-7.10%	<-Total Growth	10	Dividends paid in M$
Increase	7.63%	7.18%	1.39%	0.00%	0.00%	-44.60%	-7.32%	0.00%	6.18%	17.85%	0.93%	7.75%	32.97%					0.46%	<-Median->	10	Increase
Percentage of Net Income	51.02%	263.47%	89.13%	150.34%	129.18%	153.99%	-1636.92%	174.84%	48.77%	48.50%	48.95%	31.54%	29.97%					48.86%	<-Median->	10	Percentage of Net Income
Dividends Calc	$29.72	$31.60	$32.30	$32.30	$32.30	$17.89	$16.58	$16.58	$20.69	$20.94	$20.94	$22.57	$30.52					-5.51%	<-Total Growth	10	Dividends Calc
Difference from paid?	$0.00	-$0.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.08	$0.19	$0.00	$0.01	$0.51								Difference from paid?
Difference in %	0.00%	-0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.88%	0.92%	0.00%	0.02%	1.68%					0.00%	<-Median->	10	Difference in %
Dividend*														$0.84	$0.95	$1.05			Estimates		Dividend*
Increase														53.05%	13.04%	9.83%			Estimates		Increase
Payout Ratio EPS														53.41%	38.91%	30.22%			Estimates		Payout Ratio EPS
Pre-Split 2006
Pre-Split 2011
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-Split 2011
Dividend*	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.3900	$0.4197	$0.5510	$0.8400	$0.8400	$0.8400		-27.46%	<-Total Growth	10	Dividends
Increase	7.63%	6.34%	1.32%	0.00%	0.00%	-44.60%	-7.32%	0.00%	0.00%	0.00%	0.00%	7.62%	31.28%	52.45%	0.00%	0.00%		13	4	24	Years of data, Count P, N	54.17%
Average Increases 5 Year Running	12.9%	9.2%	7.0%	4.9%	3.1%	-7.4%	-10.1%	-10.4%	-10.4%	-10.4%	-1.5%	1.5%	7.8%	18.3%	18.3%	18.3%		-4.43%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.22	$0.98	$0.69	$0.73	$0.75	$0.69	$0.62	$0.54	$0.47	$0.40	$0.39	$0.40	$0.43	$0.52	$0.61	$0.70		-38.30%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.14%	5.71%	5.69%	6.36%	6.65%	4.58%	5.06%	5.93%	6.41%	4.23%	5.00%	3.70%	2.39%	3.39%				5.03%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.55%	4.97%	4.95%	5.24%	5.40%	3.96%	3.85%	4.81%	4.81%	3.69%	3.98%	2.86%	1.69%	2.69%				3.97%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.90%	6.69%	6.69%	8.10%	8.63%	5.42%	7.41%	7.72%	9.61%	4.97%	6.74%	5.24%	4.07%	4.57%				7.08%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	5.33%	5.64%	6.37%	5.84%	8.38%	4.15%	6.38%	5.45%	4.88%	3.97%	4.80%	2.91%	2.11%	2.94%	2.94%	2.94%		4.84%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	51.09%	267.75%	89.36%	148.94%	128.75%	155.85%	0.00%	177.27%	48.75%	48.75%	41.94%	31.56%	29.95%	53.20%	34.29%	24.24%		48.75%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	101.44%	101.41%	80.06%	97.55%	103.42%	84.16%	140.44%	173.25%	126.37%	95.69%	71.43%	48.52%	37.56%	39.99%	37.41%	32.73%		96.62%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	49.26%	192.71%	37.08%	43.19%	74.37%	0.00%	16.35%	0.00%	16.04%	58.45%	48.25%	29.77%	26.71%	33.55%	21.59%	17.98%		28.24%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	81.99%	81.98%	61.39%	60.42%	56.16%	112.20%	60.93%	127.86%	83.95%	81.00%	36.13%	44.78%	29.01%	34.77%	28.49%	24.01%		60.67%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	27.34%	97.80%	49.76%	42.89%	67.01%	60.40%	136.08%	54.90%	28.85%	20.41%	18.31%	15.63%	13.35%	33.55%	21.59%	17.98%		35.87%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	43.91%	52.24%	52.61%	48.31%	48.84%	35.70%	36.02%	42.41%	46.66%	39.34%	30.52%	23.88%	22.57%	31.45%	27.39%	23.49%		37.68%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.03%	4.84%	5 Yr Med	5 Yr Cl	4.23%	3.97%	5 Yr Med	Payout	41.94%	29.77%	18.31%					7.16%	<-IRR #YR->	5	Dividends
* Dividends per share	10 Yr Med	and Cur.	-41.58%	-39.24%	5 Yr Med	and Cur.	-30.57%	-25.97%	Last Div Inc --->		$0.0467	$0.0700	49.89%					-3.16%	<-IRR #YR->	10	Dividends
Dividends Growth 15																		0.11%	<-IRR #YR->	15	Dividends
Dividends Growth 20																		2.70%	<-IRR #YR->	20	Dividends
Dividends Growth 25																		7.21%	<-IRR #YR->	23	Dividends
Dividends Growth 5								-$0.39	$0.00	$0.00	$0.00	$0.00	$0.55								Dividends Growth 5
Dividends Growth 10			-$0.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.55								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	$0.55								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	$0.55								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	$0.55								Dividends Growth 25
Historical Dividends	Historical	High Div	18.91%	Low Div	2.96%	10 Yr High	9.51%	10 Yr Low	1.81%	Med Div	5.70%	Close Div	5.66%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-84.45%	Exp	-0.67%	Exp.	-69.08%		62.44%	Exp.	-48.42%	Exp.	-48.04%								High/Ave/Median
Future Dividend Yield					Div Yield	4.15%	earning in	5	Years	at IRR of	7.16%	Div Inc.	41.28%								Future Dividend Yield
Future Dividend Yield					Div Yield	5.87%	earning in	10	Years	at IRR of	7.16%	Div Inc.	99.61%								Future Dividend Yield
Future Dividend Yield					Div Yield	8.29%	earning in	15	Years	at IRR of	7.16%	Div Inc.	182.01%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.19	earning in	5	Years	at IRR of	7.16%	Div Inc.	41.28%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.68	earning in	10	Years	at IRR of	7.16%	Div Inc.	99.61%								Future Dividend Paid
Future Dividend Paid					Div Paid	$2.37	earning in	15	Years	at IRR of	7.16%	Div Inc.	182.01%								Future Dividend Paid
Dividend Covering Cost					Total Div	$4.85	over	5	Years	at IRR of	7.16%	Div Cov.	16.96%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$10.51	over	10	Years	at IRR of	7.16%	Div Cov.	36.77%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$18.50	over	15	Years	at IRR of	7.16%	Div Cov.	64.76%								Dividend Covering Cost
Yield if held 5 years	8.11%	7.76%	8.95%	6.74%	6.97%	3.07%	2.97%	2.92%	3.26%	3.41%	4.24%	5.45%	8.38%	13.80%	9.12%	10.77%		3.83%	<-Median->	10	Paid Median Price
Yield if held 10 years	45.00%	42.17%	33.76%	22.79%	16.02%	4.84%	4.04%	4.60%	3.46%	3.58%	2.84%	3.19%	4.13%	7.03%	7.35%	9.14%		4.08%	<-Median->	10	Paid Median Price
Yield if held 15 years	391.67%	319.02%	155.02%	128.85%	36.00%	26.86%	21.94%	17.33%	11.70%	8.22%	4.49%	4.35%	6.50%	7.46%	7.71%	6.13%		14.52%	<-Median->	10	Paid Median Price
Yield if held 20 years						233.78%	165.96%	79.59%	66.16%	18.48%	24.89%	23.61%	24.49%	25.20%	17.72%	9.67%		45.53%	<-Median->	8	Paid Median Price
Yield if held 25 years											216.67%	178.60%	112.45%	142.49%	39.81%	53.62%		178.60%	<-Median->	3	Paid Median Price
Cost covered if held 5 years	34.55%	33.67%	40.90%	32.21%	34.25%	25.16%	23.51%	20.37%	19.68%	17.33%	21.21%	25.71%	32.56%	42.58%	33.02%	44.75%		24.34%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	366.24%	349.29%	295.37%	208.36%	136.11%	74.24%	65.65%	72.96%	53.07%	52.42%	39.38%	38.58%	36.41%	41.37%	43.93%	59.17%		59.36%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	3341.93%	2878.79%	1535.67%	1394.01%	420.20%	586.40%	523.08%	416.26%	278.88%	177.89%	96.68%	86.15%	98.19%	76.07%	80.32%	64.84%		347.57%	<-Median->	10	Paid Median Price
Cost covered if held 20 years						5258.20%	4193.52%	2090.77%	1792.72%	514.08%	710.87%	634.44%	511.40%	356.60%	242.01%	136.85%		1251.80%	<-Median->	8	Paid Median Price
Cost covered if held 25 years											1315.04%	1039.67%	562.46%	556.50%	155.48%	215.78%		1039.67%	<-Median->	3	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth							$1,381.8	$1,376.4	$1,504.4	$2,220.0	$2,377.5	$2,798.8	$3,397.3	$3,456.4	<-12 mths	1.74%		146.83%	<-Total Growth	6	Revenue Growth	146.83%
AEPS Growth							-$0.02	$0.22	$0.92	$0.96	$0.86	$1.38	$2.04	$1.90	<-12 mths	-6.86%		827.27%	<-Total Growth	6	AEPS Growth	827.27%
Net Income Growth							-$1.0	$9.5	$36.1	$42.8	$42.8	$71.5	$100.1	$93.9	<-12 mths	-6.22%		955.45%	<-Total Growth	6	Net Income Growth	955.45%
Cash Flow Growth							$101.4	-$38.1	$128.9	$35.8	$43.4	$75.8	$114.2	$61.0	<-12 mths	-46.58%		400.03%	<-Total Growth	6	Cash Flow Growth	400.03%
Dividend Growth							$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$0.55	$0.84	<-12 mths	52.45%		41.28%	<-Total Growth	6	Dividend Growth	41.28%
Stock Price Growth							$6.11	$7.15	$8.00	$9.82	$8.12	$14.40	$26.06	$28.57	<-12 mths	9.63%		264.48%	<-Total Growth	6	Stock Price Growth	264.48%
Revenue Growth		$1,331.7	$1,364.5	$1,444.8	$1,589.9	$1,418.4	$1,381.8	$1,376.4	$1,504.4	$2,220.0	$2,377.5	$2,798.8	$3,397.3	$3,429.0	<-this year	0.93%		148.99%	<-Total Growth	10	Revenue Growth	148.99%
AEPS Growth		$0.34	$0.85	$0.98	$0.65	$0.21	-$0.02	$0.22	$0.92	$0.96	$0.86	$1.38	$2.04	$1.90	<-this year	-6.86%		140.00%	<-Total Growth	10	AEPS Growth	140.00%
Net Income Growth		$12.1	$36.2	$21.5	$25.0	$11.6	-$1.0	$9.5	$36.1	$42.8	$42.8	$71.5	$100.1	$86.9	<-this year	-13.15%		176.23%	<-Total Growth	10	Net Income Growth	176.23%
Cash Flow Growth		$16.4	$87.1	$74.8	$43.4	-$91.1	$101.4	-$38.1	$128.9	$35.8	$43.4	$75.8	$114.2	$138.7	<-this year	21.39%		31.18%	<-Total Growth	10	Cash Flow Growth	31.18%
Dividend Growth		$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$0.55	$0.8	<-this year	53.05%		-27.46%	<-Total Growth	10	Dividend Growth	-27.46%
Stock Price Growth		$13.30	$11.93	$13.00	$9.06	$10.14	$6.11	$7.15	$8.00	$9.82	$8.12	$14.40	$26.06	$28.57	<-this year	9.63%		118.44%	<-Total Growth	10	Stock Price Growth	118.44%
Dividends on Shares			$63.81	$63.81	$63.81	$35.35	$32.76	$32.76	$32.76	$32.76	$32.76	$35.25	$46.28	$70.56	$70.56	$70.56		$472.11	No of Years	11	Total Dividends	12/31/14
Paid		$1,117.20	$1,002.12	$1,092.00	$761.04	$851.76	$513.24	$600.60	$672.00	$824.88	$682.08	$1,209.60	$2,189.04	$2,399.88	$2,399.88	$2,399.88		$2,189.04	No of Years	11	Worth	$11.93
Total																		$2,661.15
Graham Number Based AEPS	$12.26	$5.67	$9.04	$9.41	$7.50	$4.20	$3.89	$3.86	$9.11	$9.90	$9.92	$13.65	$18.88	$18.79	$21.81	$24.61		108.95%	<-Total Growth	10	Graham Number AEPS
Price/GP Ratio Med	1.12	2.32	1.48	1.27	1.52	2.19	1.98	1.71	0.67	0.93	0.79	0.83	1.22	1.32	0.00	0.00		1.24	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.26	2.66	1.70	1.54	1.87	2.53	2.61	2.10	0.89	1.07	0.99	1.08	1.72	1.66	0.00	0.00		1.63	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.97	1.97	1.26	1.00	1.17	1.85	1.35	1.31	0.45	0.79	0.58	0.59	0.72	0.98	0.00	0.00		0.89	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.08	2.34	1.32	1.38	1.21	2.42	1.57	1.85	0.88	0.99	0.82	1.06	1.38	1.52	1.31	1.16		1.29	<-Median->	10	Price/GP Ratio
Prem/Disc Close	7.83%	134.47%	32.00%	38.09%	20.79%	141.51%	57.03%	85.42%	-12.18%	-0.78%	-18.13%	5.53%	38.00%	52.05%	30.99%	16.08%		29.39%	<-Median->	10	Graham Price
Graham Number Based EPS	$11.88	$5.15	$9.04	$6.79	$7.15	$4.76	$3.98	$3.86	$8.49	$9.03	$10.31	$13.40	$17.93	$17.13	$21.34	$25.37		98.44%	<-Total Growth	10	Graham Number
Price/GP Ratio Med	1.15	2.55	1.48	1.76	1.60	1.93	1.93	1.71	0.72	1.02	0.76	0.85	1.28	1.45				1.44	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.30	2.93	1.70	2.14	1.97	2.23	2.55	2.10	0.95	1.17	0.95	1.10	1.81	1.82				1.89	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.01	2.18	1.26	1.38	1.23	1.63	1.32	1.31	0.48	0.87	0.56	0.60	0.75	1.07				1.05	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.11	2.58	1.32	1.91	1.27	2.13	1.53	1.85	0.94	1.09	0.79	1.07	1.45	1.67	1.34	1.13		1.36	<-Median->	10	Price/GP Ratio
Prem/Disc Close	11.29%	158.38%	32.00%	91.42%	26.78%	112.99%	53.42%	85.42%	-5.82%	8.69%	-21.27%	7.49%	45.31%	66.79%	33.90%	12.59%		36.04%	<-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		27.00	<Count Years>		Month, Year
Pre-Split 2006
Pre-Split 2011
Price Close	$13.22	$13.30	$11.93	$13.00	$9.06	$10.14	$6.11	$7.15	$8.00	$9.82	$8.12	$14.40	$26.06	$28.57	$28.57	$28.57		118.44%	<-Total Growth	10	Stock Price
Increase	14.66%	0.61%	-10.30%	8.97%	-30.31%	11.92%	-39.74%	17.02%	11.89%	22.75%	-17.31%	77.34%	80.97%	9.63%	0.00%	0.00%		15.75	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	9.58	47.50	14.04	25.49	15.36	37.56	-305.50	32.50	10.00	12.28	8.73	10.83	14.16	18.09	11.66	8.25		29.52%	<-IRR #YR->	5	Stock Price	264.48%
Trailing P/E Ratio	18.89	9.64	42.61	15.29	17.76	17.19	22.63	-357.50	36.36	12.28	10.15	15.48	19.59	15.53	18.09	11.66		8.13%	<-IRR #YR->	10	Stock Price	118.44%
CAPE (10 Yr P/E)	9.58	10.89	11.46	12.34	12.75	13.26	15.95	18.27	18.54	17.91	18.48	15.56	15.39	15.28	14.41	12.35		33.23%	<-IRR #YR->	5	Price & Dividend	299.87%
Median 10, 5 Yrs		D.  per yr	3.16%	3.71%	% Tot Ret	28.02%	11.17%		Price Inc	22.75%	P/E:	13.22	10.83					11.29%	<-IRR #YR->	10	Price & Dividend	165.55%
Price 15		D.  per yr	3.77%		% Tot Ret	40.13%						CAPE Diff	14.84%					5.63%	<-IRR #YR->	15	Stock Price	127.27%
Price  20		D.  per yr	16.94%		% Tot Ret	56.91%												12.82%	<-IRR #YR->	20	Stock Price	1016.86%
Price  25		D.  per yr	20.80%		% Tot Ret	57.09%												15.63%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	29.36%		% Tot Ret	59.20%												20.23%	<-IRR #YR->	27	Stock Price
Price & Dividend 15																		9.40%	<-IRR #YR->	15	Price & Dividend	176.28%
Price & Dividend 20																		29.76%	<-IRR #YR->	20	Price & Dividend	774.38%
Price & Dividend 25																		36.44%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		49.59%	<-IRR #YR->	27	Price & Dividend
Price  5								-$7.15	$0.00	$0.00	$0.00	$0.00	$26.06								Price  5
Price 10			-$11.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.06								Price 10
Price & Dividend 5								-$7.15	$0.39	$0.39	$0.39	$0.42	$26.61								Price & Dividend 5
Price & Dividend 10			-$11.93	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$26.61								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	$26.06								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	$26.06								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	$26.06								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	$26.06
Price & Dividend 15	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$26.61								Price & Dividend 15
Price & Dividend 20	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$26.61								Price & Dividend 20
Price & Dividend 25	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$26.61								Price & Dividend 25
Price & Dividend 30	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$26.61
Price H/L Median	$13.71	$13.14	$13.35	$11.95	$11.43	$9.20	$7.70	$6.58	$6.09	$9.21	$7.80	$11.34	$23.05	$24.80				72.62%	<-Total Growth	10	Stock Price
Increase	25.78%	-4.16%	1.60%	-10.52%	-4.31%	-19.55%	-16.26%	-14.61%	-7.45%	51.36%	-15.31%	45.38%	103.22%	7.62%				5.61%	<-IRR #YR->	10	Stock Price	72.62%
P/E Ratio	9.93	46.93	15.71	23.42	19.37	34.06	-385.00	29.89	7.61	11.51	8.39	8.53	12.52	15.71				28.51%	<-IRR #YR->	5	Stock Price	250.49%
Trailing P/E Ratio	19.59	9.52	47.68	14.05	22.41	15.58	28.52	-328.75	27.66	11.51	9.75	12.19	17.33	13.48				8.66%	<-IRR #YR->	10	Price & Dividend	114.72%
P/E on Run. 5 yr Ave	11.43	13.59	15.40	16.06	15.83	18.39	17.50	20.94	16.36	22.25	14.29	13.90	20.21	19.14				32.60%	<-IRR #YR->	5	Price & Dividend	288.98%
P/E on Run. 10 yr Ave	16.08	15.42	14.94	13.28	12.65	10.82	10.95	11.14	10.91	16.21	14.91	18.06	31.70	29.74				9.98	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.04%	4.09%	% Tot Ret	35.18%	12.55%	T P/E	14.82	12.19	P/E:	12.02	8.53						Count	27	Years of data
			-$13.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.05
								-$6.58	$0.00	$0.00	$0.00	$0.00	$23.05
			-$13.35	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$23.60
								-$6.58	$0.39	$0.39	$0.39	$0.42	$23.60
High Months	May	Jan	Aug	Nov	Jun	Apr	Jan	Apr	Dec	Nov	Feb	Dec	Oct	Oct
Pre-Split 2006
Pre-Split 2011
Price High	$15.48	$15.08	$15.34	$14.51	$14.06	$10.62	$10.14	$8.10	$8.11	$10.58	$9.81	$14.67	$32.55	$31.22				112.19%	<-Total Growth	10	Stock Price
Increase	19.63%	-2.58%	1.72%	-5.41%	-3.10%	-24.47%	-4.52%	-20.12%	0.12%	30.46%	-7.28%	49.54%	121.88%	-4.09%				7.81%	<-IRR #YR->	10	Stock Price	112.19%
P/E Ratio	11.22	53.86	18.05	28.45	23.83	39.33	-507.00	36.82	10.14	13.23	10.55	11.03	17.69	19.77				32.07%	<-IRR #YR->	5	Stock Price	301.85%
Trailing P/E Ratio	22.11	10.93	54.79	17.07	27.57	18.00	37.56	-405.00	36.86	13.23	12.26	15.77	24.47	16.97				11.30	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.54	15.77	P/E:	15.46	11.03					23.83	P/E Ratio		Historical High
			-$15.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.55
								-$8.10	$0.00	$0.00	$0.00	$0.00	$32.55
Low Months	Jan	Aug	Dec	Apr	Nov	Jun	Dec	Aug	Apr	Jan	Oct	Jun	Jan	Apr
Pre-Split 2006
Pre-Split 2011
Price Low	$11.94	$11.20	$11.36	$9.38	$8.80	$7.77	$5.26	$5.05	$4.06	$7.84	$5.79	$8.01	$13.54	$18.38				19.19%	<-Total Growth	10	Stock Price
Increase	34.76%	-6.20%	1.43%	-17.43%	-6.18%	-11.70%	-32.30%	-3.99%	-19.60%	93.10%	-26.15%	38.34%	69.04%	35.75%				1.77%	<-IRR #YR->	10	Stock Price	19.19%
P/E Ratio	8.65	40.00	13.36	18.39	14.92	28.78	-263.00	22.95	5.08	9.80	6.23	6.02	7.36	11.64				21.81%	<-IRR #YR->	5	Stock Price	168.12%
Trailing P/E Ratio	17.06	8.12	40.57	11.04	17.25	13.17	19.48	-252.50	18.45	9.80	7.24	8.61	10.18	9.99				6.91	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	10.61	9.80	P/E:	8.58	6.23					4.62	P/E Ratio		Historical Low
			-$11.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.54
								-$5.05	$0.00	$0.00	$0.00	$0.00	$13.54
Free Cash Flow Mkt Sc									$123.90	$27.68	$22.08	$49.12	$84.14	$72.77	$120.30	$168.10			<-Total Growth	4	Free Cash Flow Mkt Sc
Change										-77.66%	-20.23%	122.46%	71.29%	-13.51%	65.32%	39.73%		25.53%	<-Median->	4	Change
														$170	<-12 mths	6.25%
Free Cash Flow MS old			$70.47	$69.21	$38.08	-$105.69	$86.83	-$52.51	$114.72	$24.07	$15.63
Change				-1.78%	-44.98%	-377.56%	182.15%	-160.47%	318.49%	-79.02%	-35.06%											Mk Sc
Free Cash Flow MS	$34.68	-$0.43	$50.00	$50.00	$40.00	-$10.00	-$10.00	$20.00	$50.00	$60.00	$70.00	$100.00	$160.00	$82.5	$119.0			220.00%	<-Total Growth	10	Free Cash Flow	Disagrees
Change	394.34%	-101.24%	11701%	0.00%	-20.00%	-125.00%	0.00%	300.00%	150.00%	20.00%	16.67%	42.86%	60.00%	-48.44%	44.24%			51.57%	<-IRR #YR->	5	Free Cash Flow MS	700.00%
FCF/CF from Op Ratio	0.57	-0.03	0.57	0.67	0.92	0.11	-0.10	-0.53	0.39	1.67	1.61	1.32	1.40	0.59	0.55			12.33%	<-IRR #YR->	10	Free Cash Flow MS	220.00%
Dividends paid	$29.72	$31.85	$32.30	$32.30	$32.30	$17.89	$16.58	$16.58	$17.61	$20.75	$20.94	$22.56	$30.00	$30.00	$30.00			-7.10%	<-Total Growth	10	Dividends paid
Percentage paid	85.68%	-7390%	64.59%	64.59%	80.74%	-178.91%	-165.82%	82.91%	35.21%	34.58%	29.92%	22.56%	18.75%	36.37%	25.21%			$0.32	<-Median->	10	Percentage paid
5 Year Coverage			99.59%	108.85%	90.94%	113.17%	109.47%	128.50%	112.18%	81.28%	48.66%	32.81%	25.42%	26.30%	25.12%			99.90%	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio	1.17	-0.01	1.55	1.55	1.24	-0.56	-0.60	1.21	2.84	2.89	3.34	4.43	5.33	2.75	3.97			2.19	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			1.00	0.92	1.10	0.88	0.91	0.78	0.89	1.23	2.05	3.05	3.93	3.80	3.98			1.01	<-Median->	10	5 Year of Coverage
								-$20	$0	$0	$0	$0	$160
			-$50	$0	$0	$0	$0	$0	$0	$0	$0	$0	$160
														$42	<-12 mths	-56.77%
Free Cash Flow WSJ			$71.06	$69.62	$38.41	-$104.63	$25.87	-$49.88	$120.24	$26.26	$27.50	$60.64	$96.21	$82.5	$119.0			35.39%	<-Total Growth	10	Free Cash Flow	Mk Sc
Change				-2.04%	-44.83%	-372.41%	124.72%	-292.84%	341.07%	-78.16%	4.73%	120.49%	58.66%	-14.25%	44.24%			#NUM!	<-IRR #YR->	5	Free Cash Flow MS	292.89%
FCF/CF from Op Ratio			0.82	0.93	0.88	1.15	0.25	1.31	0.93	0.73	0.63	0.80	0.84	0.59	0.55			3.08%	<-IRR #YR->	10	Free Cash Flow MS	35.39%
Dividends paid			$32.30	$32.30	$32.30	$17.89	$16.58	$16.58	$17.61	$20.75	$20.94	$22.56	$30.00	$30.00	$30.00			-7.10%	<-Total Growth	10	Dividends paid
Percentage paid			45.45%	46.39%	84.09%	-17.10%	64.11%	-33.24%	14.64%	79.00%	76.14%	37.21%	31.18%	36.37%	25.21%			41.80%	<-Median->	10	Percentage paid
5 Year Coverage							130.94%	-560.86%	336.44%	500.54%	61.64%	53.28%	33.81%	42.39%	34.60%			61.64%	<-Median->	7	5 Year Coverage
Dividend Coverage Ratio			2.20	2.16	1.19	-5.85	1.56	-3.01	6.83	1.27	1.31	2.69	3.21	2.75	3.97			1.44	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							0.76	-0.18	0.30	0.20	1.62	1.88	2.96	2.36	2.89			0.76	<-Median->	7	5 Year of Coverage
								$50	$0	$0	$0	$0	$96
			-$71	$0	$0	$0	$0	$0	$0	$0	$0	$0	$96
Market Cap	$557.3	$560.6	$507.2	$552.7	$385.2	$431.1	$259.8	$304.0	$424.3	$527.3	$436.0	$774.4	$1,443.3	$1,582.3	$1,582.3	$1,582.3		184.54%	<-Total Growth	10	Market Cap
Pre-Split 2011
Diluted # of Shares in Million	42.154	42.501	42.517	42.517	42.517	42.517	42.517	42.517	45.334	53.258	53.695	53.768	54.509	55.383				28.21%	<-Total Growth	10	Diluted
Change	0.00%	0.82%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	6.63%	17.48%	0.82%	0.14%	1.38%	1.60%				0.07%	<-Median->	10	Change
Difference Diluted/Basic	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	Difference Diluted/Basic
Pre-Split 2011
Basic # of Shares in Millions	42.154	42.501	42.517	42.517	42.517	42.517	42.517	42.517	45.334	53.258	53.695	53.768	54.509	55.383				28.21%	<-Total Growth	10	Average
Change	0.00%	0.82%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	6.63%	17.48%	0.82%	0.14%	1.38%	1.60%				0.07%	<-Median->	10	Change
Difference Basic/Outstanding	0.00%	-0.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.00%	0.82%	0.00%	0.01%	1.60%	0.00%				0.00%	<-Median->	10	Difference Basic/Outstanding
														$61.0	<-12 mths	-46.58%
Pre-Split 2006
Pre-Split 2011
# of Share in Millions	42.154	42.154	42.517	42.517	42.517	42.517	42.517	42.517	53.039	53.695	53.695	53.775	55.383	55.383	55.383	55.383		2.68%	<-IRR #YR->	10	Shares	30.26%
Change	0.00%	0.00%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	24.75%	1.24%	0.00%	0.15%	2.99%	0.00%	0.00%	0.00%		5.43%	<-IRR #YR->	5	Shares	30.26%
Cash Flow from Operations $Millon	$60.3	$16.4	$87.1	$74.8	$43.4	-$91.1	$101.4	-$38.1	$128.9	$35.8	$43.4	$75.8	$114.2	$138.7	$215.4	$258.7		31.18%	<-Total Growth	10	Cash Flow
Increase	277.98%	-72.82%	431.05%	-14.14%	-41.92%	-309.83%	211.33%	-137.54%	438.66%	-72.22%	21.14%	74.66%	50.71%	21.39%	55.35%	20.10%		Share Issue
5 year Running Average	$62.6	$50.4	$47.8	$50.9	$56.4	$26.1	$43.1	$18.1	$28.9	$27.4	$54.3	$49.2	$79.6	$81.6	$117.5	$160.6		84.69%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.43	$0.39	$2.05	$1.76	$1.02	-$2.14	$2.39	-$0.90	$2.43	$0.67	$0.81	$1.41	$2.06	$2.50	$3.89	$4.67		0.70%	<-Total Growth	10	Cash Flow per Share
Increase	277.98%	-72.82%	426.52%	-14.14%	-41.92%	-309.83%	211.33%	-137.54%	371.47%	-72.56%	21.14%	74.40%	46.33%	21.39%	55.35%	20.10%		2.75%	<-IRR #YR->	10	Cash Flow	31.18%
5 year Running Average	$1.48	$1.20	$1.13	$1.20	$1.33	$0.61	$1.01	$0.43	$0.56	$0.49	$1.08	$0.88	$1.48	$1.49	$2.13	$2.91		#NUM!	<-IRR #YR->	5	Cash Flow	400.03%
P/CF on Med Price	9.58	33.78	6.52	6.79	11.19	-4.29	3.23	-7.34	2.50	13.80	9.65	8.04	11.17	9.90	0.00	0.00		0.07%	<-IRR #YR->	10	Cash Flow per Share	0.70%
P/CF on Closing Price	9.24	34.19	5.82	7.39	8.87	-4.73	2.56	-7.98	3.29	14.72	10.05	10.22	12.63	11.41	7.34	6.12		#NUM!	<-IRR #YR->	5	Cash Flow per Share	330.33%
															53.80%	Diff M/C		2.70%	<-IRR #YR->	10	CFPS 5 yr Running	30.57%
														$240.2	<-12 mths	5.11%
Excl.Working Capital CF	$48.4	$15.9	-$22.2	$0.5	$4.8	$120.7	-$89.3	$68.3	-$57.3	$66.8	$71.0	$68.6	$114.3	$0.0	$0.0	$0.0		28.24%	<-IRR #YR->	5	CFPS 5 yr Running	246.87%
CF fr Op $M WC	$108.7	$32.3	$64.9	$75.3	$48.2	$29.6	$12.2	$30.2	$71.7	$102.6	$114.4	$144.4	$228.5	$138.7	$215.4	$258.7		252.09%	<-Total Growth	10	Cash Flow less WC
Increase	111.52%	-70.27%	100.84%	16.01%	-35.99%	-38.54%	-58.86%	147.85%	137.40%	43.14%	11.45%	26.26%	58.23%	-39.31%	55.35%	20.10%		13.41%	<-IRR #YR->	10	Cash Flow less WC	252.09%
5 year Running Average	$67.7	$60.5	$61.0	$66.5	$65.9	$50.1	$46.0	$39.1	$38.4	$49.3	$66.2	$92.7	$132.3	$145.7	$168.3	$197.2		49.89%	<-IRR #YR->	5	Cash Flow less WC	656.60%
CFPS Excl. WC	$2.58	$0.77	$1.53	$1.77	$1.13	$0.70	$0.29	$0.71	$1.35	$1.91	$2.13	$2.69	$4.13	$2.50	$3.89	$4.67		8.06%	<-IRR #YR->	10	CF less WC 5 Yr Run	117.00%
Increase	111.52%	-70.27%	99.12%	16.01%	-35.99%	-38.54%	-58.86%	147.85%	90.30%	41.39%	11.45%	26.08%	53.64%	-39.31%	55.35%	20.10%		27.61%	<-IRR #YR->	5	CF less WC 5 Yr Run	238.43%
5 year Running Average	$1.61	$1.43	$1.44	$1.57	$1.56	$1.18	$1.08	$0.92	$0.84	$0.99	$1.28	$1.76	$2.44	$2.67	$3.07	$3.58		10.45%	<-IRR #YR->	10	CFPS - Less WC	170.29%
P/CF on Median Price	5.32	17.14	8.75	6.75	10.08	13.20	26.87	9.26	4.50	4.82	3.66	4.22	5.59	9.90	0.00	0.00		42.17%	<-IRR #YR->	5	CFPS - Less WC	480.83%
P/CF on Closing Price	5.13	17.35	7.82	7.34	7.99	14.56	21.32	10.07	5.92	5.14	3.81	5.36	6.32	11.41	7.34	6.12		5.39%	<-IRR #YR->	10	CFPS 5 yr Running	69.04%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	7.42	5 yr	9.65	P/CF Med	10 yr	6.17	5 yr	4.50		85.06%	Diff M/C		21.56%	<-IRR #YR->	5	CFPS 5 yr Running	165.43%
			-42.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	55.4								Shares
								-42.5	0.0	0.0	0.0	0.0	55.4								Shares
			-$87.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$114.2								Cash Flow
								$38.1	$0.0	$0.0	$0.0	$0.0	$114.2								Cash Flow
			-$2.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.06								Cash Flow per Share
								$0.90	$0.00	$0.00	$0.00	$0.00	$2.06								Cash Flow per Share
			-$1.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.48								CFPS 5 yr Running
								-$0.43	$0.00	$0.00	$0.00	$0.00	$1.48								CFPS 5 yr Running
			-$64.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$228.5								Cash Flow less WC
								-$30.2	$0.0	$0.0	$0.0	$0.0	$228.5								Cash Flow less WC
			-$61.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$132.3								CF less WC 5 Yr Run
								-$39.1	$0.0	$0.0	$0.0	$0.0	$132.3								CF less WC 5 Yr Run
			-$1.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.13								CFPS - Less WC
								-$0.71	$0.00	$0.00	$0.00	$0.00	$4.13								CFPS - Less WC
			-$1.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.44								CFPS 5 yr Running
								-$0.92	$0.00	$0.00	$0.00	$0.00	$2.44								CFPS 5 yr Running
Changes in working capital relating to operating activities	-$40.001	$3.09	$23.63																		Chge in non-cash WC
Accts Rec				-$73.52	$10.452	$19.760	$18.902	-$75.911	$153.398	-$60.944	-$111.409	-$137.295	-$77.299
Contract Assets							$6.550	-$2.606	$4.521	$4.132	-$0.989	-$42.624	-$21.040
Contracts Assets Alternative F. P							$66.825	-$68.054	$75.067	$0.113	$0.000
Other Assets									$5.971	$0.053	-$0.092	$0.124	$0.318
Costs, estimates earnings in excess of billings				-$5.63	-$4.415	-$19.553
Costs, estimates earnings in excess of billings Alternative Fin projcts				$11.15	-$51.756	-$7.508
prepaid expenses and other assets				-$0.20	-$0.499	$0.169	-$0.047	-$0.065
Inventory				$0.09	-$0.158	$0.053	-$0.326	$0.291	-$1.260	-$1.294	-$0.979	-$1.446	-$2.240
Accts Pay				$43.81	$66.078	-$72.189	$10.346	$36.563	-$119.903	$21.444	$58.349	$66.160	$35.562
Deferred Contract Revenue				$50.63	-$16.427	-$18.890	-$2.373	$52.123
Contract Liab									-$48.388	$7.768	$16.671	$59.356	-$10.502
Provisions				-$2.64	-$0.035	$1.179	-$2.110	-$0.830	$1.173	-$0.253	-$8.773	-$3.853	$1.949
Medium Term Incentive Plan EIP				-$4.28	-$0.831	-$2.270	-$2.235	-$7.780	-$1.486	-$2.554	-$12.095	$4.024	-$4.660
Income Tax
OCF Discontinued Operations
Dividends and interest received	$2.539	$2.11	$1.54	$1.34	$1.374	$1.224	$1.349	$2.521	$2.037	$1.321	$4.559	$4.185	$7.841								Dividends & int rec
Interest paid	-$2.184	-$1.87	-$1.35	-$2.26	-$1.374	-$1.832	-$4.360	-$3.930	-$7.815	-$7.243	-$9.272	-$12.511	-$20.710								Interest paid
Income taxes paid	-$8.727	-$19.25	-$1.64	-$19.01	-$7.176	-$20.883	-$3.265	-$0.599	-$6.064	-$29.340	-$6.941	-$4.727	-$23.482								Inc tax Paid/refunds
Sum	-$48.37	-$15.92	$22.19	-$0.52	-$4.767	-$120.740	$89.256	-$68.277	$57.251	-$66.797	-$70.971	-$68.607	-$114.263
Google --TD Bank	-$48.37	-$15.91	$22.19	-$0.52	-$4.77	-$121	$89	-$68	$57	-$67	-$71	-$69	-$114
Difference	$0.00	-$0.01	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0	$0
TD Bank		-$16	$22	-$1	-$5		$89	-$68	$57	-$67
Difference		$0	$0	$0	$0
WSJ							$95.532	-$66.269	$69.093	-$31.535	-$59.317	excluded the last 3 items
							$95.532	-$66.269	$69.093	-$31.535
Difference
Year
OPM Ratio	4.15%	1.23%	6.38%	5.18%	2.73%	-6.42%	7.34%	-2.77%	8.57%	1.61%	1.83%	2.71%	3.36%	4.04%				-47.32%	<-Total Growth	10	OPM
Increase	153.17%	-70.30%	418.30%	-18.91%	-47.22%	-335.19%	214.28%	-137.68%	409.84%	-81.17%	13.11%	48.37%	24.16%	20.27%					Should increase		or be stable.
Diff from Median	52.5%	-54.7%	134.7%	90.3%	0.4%	-336.2%	169.9%	-201.7%	215.1%	-40.7%	-32.9%	-0.4%	23.6%	48.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	2.72%	5 Yrs	2.71%					should be	zero, it is a		check on calculations
														$228	<-12 mths	7.09%
Adjusted EBITDA						$25.68	$10.91	$32.29	$81.94	$108.14	$101.19	$138.75	$212.79	$217.9	$282.5	$341.1		728.76%	<-Total Growth	7	Adjusted EBITDA
Change							-57.49%	195.88%	153.74%	31.97%	-6.43%	37.12%	53.37%	2.40%	29.65%	20.74%		37.12%	<-Median->	7	Change
Margin						1.81%	0.79%	2.35%	5.45%	4.87%	4.26%	4.96%	6.26%	6.35%	7.28%	7.96%		4.56%	<-Median->	8	Margin
EBIT									$60.24	$63.86	$66.66	$101.20	$146.60	$131.20	$193.80	$254.90			<-Total Growth	4	EBIT
Change										6.01%	4.38%	51.82%	44.86%	-10.50%	47.71%	31.53%		25.44%	<-Median->	4	Change
Margin									4.00%	2.88%	2.80%	3.62%	4.32%	3.83%	4.99%	5.95%		3.62%	<-Median->	5	Margin
Accounts Payable.	369.037	$348.68	345.636	$390.76	$458.67	$388.53	$383.61	$419.92	$490.47	$514.33	$573.22	$639.96	$716.12	$714.01				107.19%	<-Total Growth	10	Debt
Change	17.75%	-5.52%	-0.87%	13.06%	17.38%	-15.29%	-1.27%	9.47%	16.80%	4.86%	11.45%	11.64%	11.90%	-0.29%				11.55%	<-Median->	10	Change
Debt/Market Cap Ratio	0.66	0.62	0.68	0.71	1.19	0.90	1.48	1.38	1.16	0.98	1.31	0.83	0.50	0.45				1.07	<-Median->	10	Debt/Market Cap Ratio
Long Term Debt	$34.22	$23.97	$11.99	$10.67	$8.62	$13.84	$24.75	$34.74	$64.90	$71.21	$68.01	$64.62	$136.78	$128.03				1041.23%	<-Total Growth	10	Debt	Type
Change				-11.01%	-19.15%	60.54%	78.81%	40.34%	86.84%	9.72%	-4.50%	-4.98%	111.66%	-6.39%				25.03%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.06	0.04	0.02	0.02	0.02	0.03	0.10	0.11	0.15	0.14	0.16	0.08	0.09	0.08				0.10	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	1.55	1.52	1.49	1.40	1.31	1.36	1.37	1.32	1.55	1.58	1.56	1.56	1.72	1.70				1.47	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.65	0.66	0.67	0.72	0.76	0.74	0.73	0.76	0.64	0.63	0.64	0.64	0.58	0.59				0.68	<-Median->	10	Current Liabilities/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	0.57	1.46	0.14	0.14	0.20	-0.15	0.24	-0.91	0.50	1.99	1.57	0.85	1.20	0.92				0.37	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
Debt to Cash Flow WC  (Years)	0.31	0.74	0.18	0.14	0.18	0.47	2.03	1.15	0.91	0.69	0.59	0.45	0.60	0.92								Leverage
																						D/E Ratio
Intangibles	$14.76	$12.83	$11.42	$2.08	$1.74	$1.53	$2.58	$2.48	$27.53	$27.53	$34.74	$46.39	$108.85	$95.62				853.13%	<-Total Growth	10	Intangibles
Goodwill	$23.45	$30.54	$30.54	$16.39	$16.39	$16.39	$16.39	$16.19	$33.05	$33.05	$55.74	$55.99	$128.75	$128.75				321.58%	<-Total Growth	10	Goodwill
Total	$38.21	$43.37	$41.96	$18.47	$18.12	$17.92	$18.96	$18.67	$60.58	$60.58	$90.48	$102.39	$237.60	$224.38				466.24%	<-Total Growth	10	Total
Change	-9.93%	13.51%	-3.24%	-55.99%	-1.85%	-1.13%	5.83%	-1.53%	224.43%	0.00%	49.36%	13.16%	132.06%	-5.57%				2.92%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.07	0.08	0.08	0.03	0.05	0.04	0.07	0.06	0.14	0.11	0.21	0.13	0.16	0.14				0.09	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$618.4	$546.7	$530.5	$652.9	$743.3	$621.0	$546.6	$729.4	$820.1	$873.1	$970.3	$1,148.5	$1,335.5	$1,404.8				Liquidity ratio of 1.5 and up, best
Current Liabilities	$464.0	$426.3	$426.5	$525.5	$625.3	$530.4	$476.3	$648.9	$684.6	$721.3	$785.7	$914.5	$1,048.6	$1,094.2				1.20	<-Median->	10	Ratio
Liquidity Ratio	1.33	1.28	1.24	1.24	1.19	1.17	1.15	1.12	1.20	1.21	1.23	1.26	1.27	1.28				1.23	<-Median->	5	Ratio
Liq. with CF after div	1.40	1.25	1.37	1.32	1.21	1.13	1.33	1.10	1.36	1.23	1.26	1.31	1.35	1.37				1.31	<-Median->	5	Ratio
Liq. with CF after div WC	1.45	1.21	1.34	1.32	1.21	1.13	1.17	1.10	1.29	1.27	1.31	1.37	1.43	1.37				1.31	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.33	1.25	1.32	1.32	1.20	1.09	1.28	1.08	1.26	1.19	1.24	1.28	1.20	1.37				1.24	<-Median->	5	Ratio
Curr Long Term Debt	$14.0	$15.4	$16.2	$8.7	$2.8	$4.8	$5.2	$5.9	$8.0	$7.5	$7.1	$8.3	$16.4	$111.6				$8.0	<-Median->	5	Ratio
Liquidity Less CLTD	1.37	1.33	1.29	1.26	1.19	1.18	1.16	1.13	1.21	1.22	1.25	1.27	1.29	1.43				1.25	<-Median->	5	Ratio
Liq. with CF after div	1.44	1.29	1.43	1.35	1.21	1.14	1.34	1.11	1.37	1.24	1.28	1.33	1.37	1.52				1.33	<-Median->	5	Ratio
Liq. with CF after div WC	1.50	1.26	1.39	1.35	1.21	1.14	1.18	1.11	1.30	1.28	1.32	1.38	1.46	1.52				1.32	<-Median->	5	Ratio
Assets	$718.1	$648.1	$637.3	$734.0	$817.4	$719.8	$652.0	$856.8	$1,061.8	$1,137.1	$1,229.3	$1,424.4	$1,806.6	$1,855.0				Debt Ratio of 1.5 and up, best
Liabilities	$526.6	$470.8	$455.7	$563.1	$653.8	$561.2	$515.8	$729.1	$849.2	$893.7	$956.3	$1,101.9	$1,376.4	$1,397.6				1.28	<-Median->	10	Ratio
Debt Ratio	1.36	1.38	1.40	1.30	1.25	1.28	1.26	1.18	1.25	1.27	1.29	1.29	1.31	1.33				1.29	<-Median->	5	Ratio
Book Value	$191.6	$177.3	$181.6	$170.9	$163.6	$158.6	$136.2	$127.7	$212.6	$243.5	$273.0	$322.5	$430.3	$457.4	$457.4	$457.4		136.96%	<-Total Growth	10	Book Value
Book Value per share	$4.54	$4.21	$4.27	$4.02	$3.85	$3.73	$3.20	$3.00	$4.01	$4.53	$5.08	$6.00	$7.77	$8.26	$8.26	$8.26		81.91%	<-Total Growth	10	Book Value per Share
Change	17.95%	-7.45%	1.55%	-5.89%	-4.29%	-3.02%	-14.12%	-6.25%	33.44%	13.12%	12.12%	17.96%	29.55%	6.30%	0.00%	0.00%		50.67%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	3.02	3.12	3.13	2.97	2.97	2.46	2.40	2.19	1.52	2.03	1.53	1.89	2.97	3.00	0.00	0.00		2.87	P/B Ratio		Historical Median
P/B Ratio (Close)	2.91	3.16	2.79	3.23	2.36	2.72	1.91	2.38	2.00	2.17	1.60	2.40	3.35	3.46	3.46	3.46		6.17%	<-IRR #YR->	10	Book Value per Share	81.91%
Change	-2.79%	8.70%	-11.67%	15.79%	-27.19%	15.41%	-29.84%	24.82%	-16.15%	8.51%	-26.25%	50.34%	39.69%	3.13%	0.00%	0.00%		20.93%	<-IRR #YR->	5	Book Value per Share	158.63%
Leverage (A/BK)	3.75	3.66	3.51	4.30	5.00	4.54	4.79	6.71	4.99	4.67	4.50	4.42	4.20	4.06				4.50	<-Median->	5	A/BV
Debt/Equity Ratio	2.75	2.66	2.51	3.30	4.00	3.54	3.79	5.71	3.99	3.67	3.50	3.42	3.20	3.06				3.50	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	2.30	5 yr Med	1.89		50.67%	Diff M/C		4.50	Historical		Leverage (A/BK)
			-$4.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.77
								-$3.00	$0.00	$0.00	$0.00	$0.00	$7.77
														$93.88	<-12 mths	-6.11%
Comprehensive Income	$58.25	$12.09	$36.24	$21.48	$25.00	$11.62	-$1.01	$9.52	$37.30	$45.13	$50.44	$71.57	$99.99					175.93%	<-Total Growth	10	Comprehensive Income
Increase	96.81%	-79.24%	199.73%	-40.72%	16.39%	-53.52%	-108.71%	1040.81%	291.79%	20.98%	11.77%	41.89%	39.71%					39.71%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$50.59	$40.83	$36.70	$31.53	$30.61	$21.29	$18.67	$13.32	$16.49	$20.51	$28.28	$42.79	$60.89					10.68%	<-IRR #YR->	10	Comprehensive Income	175.93%
ROE	30.4%	6.8%	20.0%	12.6%	15.3%	7.3%	-0.7%	7.5%	17.5%	18.5%	18.5%	22.2%	23.2%					60.05%	<-IRR #YR->	5	Comprehensive Income	950.17%
5Yr Median	30.4%	29.1%	20.0%	18.2%	15.3%	12.6%	12.6%	7.5%	7.5%	7.5%	17.5%	18.5%	18.5%					5.19%	<-IRR #YR->	10	5 Yr Running Average	65.91%
% Difference from NI	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.10%	0.39%	3.32%	5.48%	17.90%	0.04%	-0.11%					35.51%	<-IRR #YR->	5	5 Yr Running Average	357.01%
Median Values										Diff	5, 10 yr	0.1%	3.3%					18.5%	<-Median->	5	Return on Equity
			-$36.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$100.0
								-$9.5	$0.0	$0.0	$0.0	$0.0	$100.0
			-$36.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$60.9
								-$13.3	$0.0	$0.0	$0.0	$0.0	$60.9
Current Liability Coverage Ratio	0.23	0.08	0.15	0.14	0.08	0.06	0.03	0.05	0.10	0.14	0.15	0.16	0.22	0.13							CFO / Current Liabilities
5 year Median	0.16	0.15	0.15	0.14	0.14	0.08	0.08	0.06	0.06	0.06	0.10	0.14	0.15	0.15				0.15	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	15.14%	4.99%	10.18%	10.26%	5.90%	4.12%	1.87%	3.52%	6.75%	9.02%	9.30%	10.14%	12.65%	7.48%							CFO / Total Assets
5 year Median	12.93%	9.86%	9.86%	10.18%	10.18%	5.90%	5.90%	4.12%	4.12%	4.12%	6.75%	9.02%	9.30%	9.30%				9.3%	<-Median->	5	Return on Assets
Return on Assets ROA	8.11%	1.87%	5.69%	2.93%	3.06%	1.61%	-0.16%	1.11%	3.40%	3.76%	3.48%	5.02%	5.54%	4.69%				Net	Income/Assets		Return on Assets
5Yr Median	9.80%	8.11%	5.69%	4.68%	3.06%	2.93%	2.93%	1.61%	1.61%	1.61%	3.40%	3.48%	3.76%	4.69%				3.8%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	30.40%	6.82%	19.96%	12.57%	15.29%	7.32%	-0.74%	7.43%	16.98%	17.57%	15.67%	22.18%	23.26%	19.01%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	30.40%	29.05%	19.96%	18.22%	15.29%	12.57%	12.57%	7.43%	7.43%	7.43%	15.67%	16.98%	17.57%	19.01%				17.6%	<-Median->	5	Return on Equity
														$93.87	<-12 mths	-6.22%
Net Income	$58.2	$12.1	$36.2	$21.5	$25.0	$11.6	-$1.0	$9.5	$36.1	$42.8	$42.8	$71.5	$100.1	$86.9	$135.0	$185.8		176.23%	<-Total Growth	10	Net Income
Increase	96.81%	-79.24%	199.73%	-40.72%	16.39%	-53.53%	-108.72%	1036.23%	280.67%	18.50%	0.00%	67.21%	39.92%	-13.15%	55.28%	37.63%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$50.6	$40.8	$37	$32	$31	$21	$19	$13	$16	$20	$26	$41	$59	$68.8	$87.3	$115.9		10.69%	<-IRR #YR->	10	Net Income	176.23%
Operating Cash Flow	$60.3	$16.4	$87.1	$74.8	$43.4	-$91.1	$101.4	-$38.1	$128.9	$35.8	$43.4	$75.8	$114.2					60.21%	<-IRR #YR->	5	Net Income	955.45%
Investment Cash Flow	-$24.1	$0.0	-$17.4	$7.7	-$4.0	-$21.1	-$16.0	-$8.2	-$53.9	-$23.3	-$14.8	-$27.5	-$131.3					4.80%	<-IRR #YR->	10	5 Yr Running Average	59.85%
Total Accruals	$22.0	-$4.3	-$33.5	-$61.0	-$14.4	$123.8	-$86.4	$55.8	-$38.9	$30.3	$14.2	$23.2	$117.2					34.53%	<-IRR #YR->	5	5 Yr Running Average	340.58%
Total Assets	$718.1	$648.1	$637.3	$734.0	$817.4	$719.8	$652.0	$856.8	$1,061.8	$1,137.1	$1,229.3	$1,424.4	$1,806.6						Balance Sheet		Assets
Accruals Ratio	3.06%	-0.66%	-5.26%	-8.31%	-1.76%	17.20%	-13.26%	6.51%	-3.67%	2.66%	1.15%	1.63%	6.48%					1.63%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.54	0.37	0.56	0.29	0.52	0.39	-0.07	0.31	0.59	0.42	0.44	0.50	0.45					0.43	<-Median->	10	EPS/CF Ratio
			-$36.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$100.1
								-$9.5	$0.0	$0.0	$0.0	$0.0	$100.1
			-$36.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$58.7
								-$13.3	$0.0	$0.0	$0.0	$0.0	$58.7
Change in Close	14.66%	0.61%	-10.30%	8.97%	-30.31%	11.92%	-39.74%	17.02%	11.89%	22.75%	-17.31%	77.34%	80.97%	9.63%	0.00%	0.00%			Count	28	Years of data
up/down	down			up	up		down	up	down					down					Count	10	35.71%
Meet Prediction?				yes			yes	yes										% right	Count	5	50.00%
Financial Cash Flow	-$26.6	$0.0	$44.1	-$27.7	$3.5	-$15.4	-$60.8	$68.1	-$43.3	-$34.2	-$44.3	-$45.4	$16.8						C F Statement		Financial Cash Flow
Total Accruals	$48.6	-$4.3	-$77.6	-$33.2	-$17.9	$139.2	-$25.6	-$12.3	$4.3	$64.5	$58.5	$68.6	$100.3								Accruals
Accruals Ratio	6.76%	-0.66%	-12.17%	-4.53%	-2.19%	19.34%	-3.93%	-1.43%	0.41%	5.67%	4.76%	4.82%	5.55%					4.82%	<-Median->	5	Ratio
Cash	$183.1	$138.4	$164.0	$218.8	$261.9	$133.1	$158.9	$180.3	$212.1	$190.2	$174.6	$177.5	$177.4	$113.9							Cash
Change	5.58%	-24.43%	18.56%	33.36%	19.71%	-49.19%	19.44%	13.47%	17.60%	-10.32%	-8.19%	1.67%	-0.05%	-35.80%				-0.05%	<-Median->	5	Change
Cash per Share	$4.34	$3.28	$3.86	$5.15	$6.16	$3.13	$3.74	$4.24	$4.00	$3.54	$3.25	$3.30	$3.20	$2.06				330.14%	<-Median->	5	Cash per Share
Change	5.58%	-24.43%	17.55%	33.36%	19.71%	-49.19%	19.44%	13.47%	-5.73%	-11.41%	-8.19%	1.52%	-2.95%	-35.80%				-5.73%	<-Median->	5	Change
Percentage of Stock Price	32.85%	24.68%	32.34%	39.58%	67.98%	30.86%	61.18%	59.32%	49.98%	36.07%	40.05%	22.93%	12.29%	7.20%				36.07%	<-Median->	5	% of Stock Price
Notes
November 30, 2025.  Last estimates were for 2024, 2025, 2026 of $3404M, $3940M, $4319M Revenue,$1.99, $2.71, $3.28 AEPS, $1.90, $2.73, $3.38 EPS,
$76M, $82.5M, $119M FCF, $3.24, $4.04 2024/5, $208.7M, $273.6, $318.3M, $104.3M, $152M, $188.2M Net Income.
December 7, 2024.  Last estimates were for 2023, 2024 and 2025 of $2731M, $2923M, $3152M Revenue, $1.32, $1.60, $1.88 AEPS, $1.29, $1.61, $1.81 EPS,
$0.42, $0.53, $0.52 Dividends, $70M, $86M, $112M FCF, $93M, $108M 2023/4 CF, $134M, $162M, $180M EBITDA, $69M, $86M, $112M Net Income.
December 9, 2023.  Last estimates were for 2022, 2023 and 2024 of $2360M, $2501M and $2590M for Revenue, $0.81, $0.91 and $1.04 for AEPS,
$1.05, $1.24 and $1.24 for EPS, $0.39, $0.39 and $0.39 for dividends, $60.3M, $66.6M and $76.6M for FCF, $57.5M and $74.3M for CF 2022/3, and $47.3M, $49.8M and $56.3M for Net Income.
December 11, 2022.  Last estimates were for 2021, 2022 and 2023 of $2254M, $2528M and $2615M for Revenue, $0.86, $1.05 and $1.24 for EPS,
$0.39, $0.39 and $0.39 for dividends, $56.8M, $87.7M and $86.3M for FCF, $1.97, $1.92 and $1.98 for CFPS, $45.6M, $57.4M and $66.8M for Net Income.
December 18, 2021.  Last estimates were for 2020, 2021 and 2022 of $1520M, $2392M and $2646M, $057, $0.85 and $1.21 for EPS,
$0.39, $0.39 and $0.39 for Dividends, $40.9M, $62.2M and $84.4M for FCF and $26.9M, $47.3M and $75M for Net Income.
December 24, 2020.  Last estimates were for 2019, 2020 and 2021 of $1358M, $1484M and $1675M for Revenue, $0.21, $0.58 and $0.70 for EPS,
$0.14 and $1.53 for 2019 and 2020 for CFPS and $9.4M, $24.8M and $29.6M for Net Income.
December 21, 2019.  Last estimates were for 1374M, $1558M and $1635M for Revenue, -$0.04, $0.59 and $0.65 for EPS,
$0.22 and $1.62 for CFPS for 2018 and 2019 and -$14M, $25M and $27M for Net Income.
December 23, 2018.  Last estimates were for  for 2017, 2018 and 2019 1453M, $1546M and $1635M for Revene, $0.36, $0.60 and $0.74 for EPS,
$1.58 for CFPS for 2017 and $1.1M, $25.6M abd $31.5M for Net Income.
December 24, 2017.  Last estimates were for 2016, 2017 and 2018 of $1575M, $1455M and $1473M for Revenue, $0.60, $0.63 and $0.43 for EPS,
$1.58 and $1.62 for CFPS for 2016 and 2017 and $25.6M and $19.1M for Net Income for 2016 and 2017.
January 1, 2017.  Last estimates are for 2015, 2016 and 2017 of 1431M, $1641M and $1495M for Revemue, $0.80, $0.78 and $0.74 for EPS,
$1.58 and $1.41 for CFPS for 2015 and 2016 and $35.6, $31.7 amd $31 for Net Income.
On January 1, 2011 this stock changed from an income to a corporation.
The conversion from a corporation listed on the TSX Venture Exchange to an income trust listed on the TSX Bird Construction Income Fund  (symbol
BDT.UN) was completed on February 27, 2006.
Bird construction became an income trust in 2006, then changed back to a corporation on January 1, 2011.
Bird Construction was founded in 1920 and incorporated in 1930.  It issues stock on the Winnipeg Stock Exchange in 1949.
Sector:
Construction, Industrial
What should this stock accomplish?
You would buy this stock for diversification purposes.  Since this is an industrial stock, expect volatility in the short term, but expect to earn both capital gains and rising dividend income in the longer term.
You should expect volatility especially concerning Earnings and Cash Flow.
Would I buy this company and Why.
I did consider this company when looking at something to buy for 2016.    However, I preferred the companies I bought instead.
This dones not mean I think it is a poor investment choice, it is just not my choice at the period in time.
Why am I following this stock.
This was listed as a top stock in ETF of iShares S&P TSX Canadian Dividend Aristocrats Index.
I had not heard of it before, so I decided to do a spreadsheet on this stock in 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
Dividends
Dividends are paid monthly.  Dividends are declared in one month for shareholders of record of the following month and paid in the next month.
For example, the dividends declared on November 9, 2016  was for shareholders of record of January 31, 2016 and paid on February 17, 2017.
How they make their money.
Bird Construction Inc. is a construction company operating from coast to coast and servicing all Canada's markets.
It also provides vertical infrastructure, including electrical, mechanical, and specialty trades.
Industrial, commercial, and institutional sector is the ICI sector.
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	Dec 23	2018	Dec 21	2019	Dec 24	2020	Dec 18	2021	Dec 11	2022	Dec 9	2023	Dec 7	2024			Nov 30	2025
McKibbon, Terrance Lloyd				0.108	0.25%	0.152	0.29%	0.161	0.30%	0.216	0.40%	0.219	0.41%	0.223	0.40%			0.224	0.41%		Shown office 2019	0.77%
CEO - Shares - Amount					$0.774		$1.219		$1.585		$1.755		$3.159		$5.801				$6.409
Options - percentage				0.185	0.44%	0.318	0.60%	0.382	0.71%	0.403	0.75%	0.355	0.66%	0.304	0.55%			0.268	0.48%			-11.82%
Options - amount					$1.325		$2.543		$3.755		$3.272		$5.117		$7.917				$7.654
Boyd, Ian Jeffrey	0.16%	0.088	0.21%
CEO - Shares - Amount	$0.710		$0.536
Options - percentage	0.61%	0.310	0.73%
Options - amount	$2.630		$1.892
Gingrich, Wayne Richard	0.04%	0.024	0.06%	0.029	0.07%	0.044	0.08%	0.050	0.09%	0.053	0.10%	0.057	0.11%	0.060	0.11%			0.071	0.13%			19.47%
CFO - Shares - Amount	$0.183		$0.149		$0.204		$0.351		$0.487		$0.431		$0.816		$1.558				$2.041
Options - percentage	0.10%	0.000	0.00%	0.129	0.30%	0.167	0.31%	1.016	1.89%	0.174	0.32%	0.156	0.29%	0.132	0.24%			0.109	0.20%			-17.53%
Options - amount	$0.445		$0.000		$0.926		$1.335		$9.981		$1.415		$2.250		$3.435				$3.105
Entwistle, Stephen Robert																					Ink Still listed as CFO
CFO - Shares - Amount																					In 2016
Options - percentage																					Ceased to be insider Apr 2017
Options - amount
Bergman, J. Paul				0.055	0.13%	0.067	0.13%	0.077	0.14%	0.082	0.15%	0.087	0.16%	0.090	0.16%			0.092	0.17%			2.02%
Officer - Shares - Amount					$0.396		$0.539		$0.752		$0.662		$1.247		$2.356				$2.635
Options - percentage				0.110	0.26%	0.151	0.28%	0.157	0.29%	0.142	0.26%	0.119	0.22%	0.105	0.19%			0.105	0.19%			0.00%
Options - amount					$0.790		$1.207		$1.542		$1.151		$1.717		$2.726				$2.989
Boyd, Ian Jeffrey	0.16%	0.088	0.21%	0.092	0.22%	0.097	0.18%
Officer - Shares - Amount	$0.710		$0.536		$0.659		$0.779
Options - percentage	0.61%	0.310	0.73%	0.437	1.03%	0.375	0.71%
Options - amount	$2.630		$1.892		$3.124		$3.000
Royer, Gilles Gerald										0.429	0.80%	0.435	0.81%	0.437	0.79%							-100.00%
Officer - Shares - Amount											$3.487		$6.268		$11.385
Options - percentage										0.213	0.40%	0.219	0.41%	0.202	0.36%							-100.00%
Options - amount											$1.728		$3.159		$5.255
Caza, Charles Joseph										0.023	0.04%	0.029	0.05%	0.031	0.06%			0.032	0.06%			2.50%
Officer - Shares - Amount											$0.189		$0.417		$0.811				$0.912
Options - percentage										0.085	0.16%	0.075	0.14%	0.063	0.11%			0.050	0.09%			-21.23%
Options - amount											$0.687		$1.076		$1.643				$1.419
Bird, John Richard	1.93%	0.821	1.93%	0.821	1.93%	0.821	1.55%	0.821	1.53%	1.100	2.05%	1.100	2.05%	1.100	1.99%			1.200	2.17%			9.09%
Director - Shares - Amount	$8.325		$5.016		$5.870		$6.568		$8.062		$8.932		$15.840		$28.666				$34.284
Options - percentage	0.00%	0.005	0.01%	0.017	0.04%	0.031	0.06%	0.040	0.07%	0.054	0.10%	0.068	0.13%	0.075	0.14%			0.082	0.15%			9.02%
Options - amount	$0.000		$0.032		$0.122		$0.246		$0.395		$0.439		$0.979		$1.952				$2.334
Brooks, Karyn Anne										0.020	0.04%	0.020	0.04%								Ceased insider Jul 24
Director - Shares - Amt											$0.162		$0.288
Options - percentage										0.095	0.18%	0.112	0.21%
Options - amount											$0.774		$1.609
Edwards, Steve												0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Director - Shares - Amt													$0.000		$0.000				$0.000
Options - percentage												0.026	0.05%	0.036	0.06%			0.044	0.08%			23.36%
Options - amount													$0.371		$0.932				$1.260
Raboud, Paul Robert						0.211	0.40%	0.211	0.39%	0.211	0.39%	0.211	0.39%	0.211	0.38%			0.211	0.38%			0.00%
Chairman - Shares - Amt							$1.685		$2.069		$1.710		$3.033		$5.489				$6.018
Options - percentage						0.028	0.05%	0.039	0.07%	0.058	0.11%	0.076	0.14%	0.085	0.15%			0.093	0.17%			10.02%
Options - amount							$0.222		$0.381		$0.467		$1.088		$2.207				$2.662
Increase in O/S Shares	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.294	0.55%	1.171	2.18%	1.070	1.99%	1.031	1.92%			0.982	1.77%		Yes 0, but there are sometimes
due to SO	$0.000		$0.000		$0.000		$0.000		$2.349		$11.495		$8.687		$14.841				$25.585		o/s stock options
Book Value	$0.000		$1.726		$0.917		$0.000		$1.795		$10.630		$8.181		$9.729				$28.255		Stock Based expense
Insider Buying	-$0.063		-$0.602		-$1.918		-$0.440	Yes	$0.000		-$2.470		-$0.109		-$0.570				-$2.299		Share-based compensation
Insider Selling	$0.000		$0.000		$0.000		$0.000	Yes	$0.000		$0.057		$0.000		$0.099				$0.000
Net Insider Selling	-$0.063		-$0.602		-$1.918		-$0.440		$0.000		-$2.413		-$0.109		-$0.470				-$2.299
Net Selling % of Market Cap	-0.01%		-0.23%		-0.63%		-0.10%		0.00%		-0.55%		-0.01%		-0.03%				-0.15%
Directors		10		10		10		10		12		10		10				10
Women	20%	2	20%	2	20%	2	20%	2	20%	3	25%	3	30%	3	30%			3	30%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	35.42%	25	41.77%	20	28.61%	20	31.96%	20	27.09%	20	20.95%	20	20.95%	20	22.76%			20	21.53%
Total Shares Held	35.42%	17.761	41.77%	12.166	28.61%	16.952	39.87%	14.545	27.09%	11.249	20.95%	12.127	22.55%	12.607	22.76%			11.926	21.53%
Increase/Decrease 3 Mths	-3.77%	0.133	0.76%	-0.388	-3.09%	3.688	27.80%	0.023	0.16%	-0.374	-3.22%	-0.145	-1.18%	-222.163	-94.63%			0.311	2.67%
Starting No. of Shares		17.627		12.554		13.264		14.522		11.623		12.272		234.770				11.615
Copyright © 2008 Website of SPBrunner. All rights reserved.