This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2025	<-Estimates
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/25	<-Estimates				https://www.annualreports.com/Company/fortis-inc
Fortis Inc					TSX:	FTS	NYSE	FTS	https://www.fortisinc.com/			Fiscal Yr:	Dec-31
Year	12/31/12	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	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
Comments																					Comments
Split																					Split
														$11,808	<-12 mths	2.53%			Estimates		last 12 months from Qtr.
Revenue*	$3,654	$4,047	$5,401	$6,727	$6,838	$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$11,517	$11,517	$12,438	$12,901	$13,497		113.24%	<-Total Growth	10	Revenue
Increase	-2.5%	10.8%	33.5%	24.6%	1.7%	21.4%	1.1%	4.7%	1.7%	5.7%	16.9%	4.3%	0.0%	8.0%	3.7%	4.6%		7.87%	<-IRR #YR->	10	Revenue	113.24%
5 year Running Average	$3,721	$3,750	$4,103	$4,715	$5,333	$6,263	$7,131	$7,808	$8,249	$8,771	$9,320	$9,945	$10,492	$11,193	$11,883	$12,374		5.57%	<-IRR #YR->	5	Revenue	31.13%
Revenue per share	$19.07	$18.99	$19.57	$23.89	$17.03	$19.71	$19.58	$18.96	$19.14	$19.90	$22.90	$23.48	$23.07	$24.91	$25.84	$27.03		9.84%	<-IRR #YR->	10	5 yr Running Average	155.74%
Increase	-3.88%	-0.47%	3.07%	22.09%	-28.71%	15.74%	-0.67%	-3.18%	0.97%	3.96%	15.09%	2.51%	-1.74%	8.00%	3.72%	4.62%		6.09%	<-IRR #YR->	5	5 yr Running Average	34.38%
5 year Running Average	$20.85	$20.03	$19.70	$20.27	$19.71	$19.84	$19.96	$19.83	$18.88	$19.46	$20.10	$20.87	$21.70	$22.85	$24.04	$24.86		1.66%	<-IRR #YR->	10	Revenue per Share	17.87%
P/S (Price/Sales) Med	1.74	1.71	1.80	1.59	2.37	2.27	2.22	2.67	2.74	2.77	2.49	2.39	2.48	2.52	0.00	0.00		4.00%	<-IRR #YR->	5	Revenue per Share	21.67%
P/S (Price/Sales) Close	1.79	1.60	1.99	1.57	2.43	2.34	2.32	2.84	2.72	3.07	2.37	2.32	2.59	2.69	2.60	2.48		0.97%	<-IRR #YR->	10	5 yr Running Average	10.15%
*Revenue in millions CDN $ (Operating Revenues), and Per Share					P/S Med	20 yr	1.80	15 yr	2.27	10 yr	2.43	5 yr	2.49		10.66%	Diff M/C		1.81%	<-IRR #YR->	5	5 yr Running Average	9.39%
			-$5,401	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,517
								-$8,783	$0	$0	$0	$0	$11,517
			-$4,103	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,492
								-$7,808	$0	$0	$0	$0	$10,492
			-$19.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.07
								-$18.96	$0.00	$0.00	$0.00	$0.00	$23.07
			-$19.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$21.70
								-$19.83	$0.00	$0.00	$0.00	$0.00	$21.70
														$4.15	<-12 mths	5.33%
														68.05%	#DIV/0!
TD							TD	TD	TD	TD	TD	TD	TD	TD
AFFO	$2.70	$2.48	$2.12	$2.06	$2.28	$2.97	$2.52	$2.68	$3.09	$2.81	$3.71	$3.66	$3.94	$4.13				85.85%	<-Total Growth	10	AFFO
Increase	3.05%	-8.15%	-14.52%	-2.83%	10.68%	30.26%	-15.15%	6.35%	15.30%	-9.06%	32.03%	-1.35%	7.65%	4.82%				10	0	10	Years of Data, EPS P or N	100.00%
AFFO Yield		8.1%	5.4%	5.5%	5.5%	6.4%	5.5%	5.0%	5.9%	4.6%	6.8%	6.7%	6.6%	6.2%				6.39%	<-IRR #YR->	10	AFFO	85.85%
5 year Running Average				$2.40	$2.33	$2.38	$2.39	$2.50	$2.71	$2.81	$2.96	$3.19	$3.44	$3.65				8.01%	<-IRR #YR->	5	AFFO	47.01%
Payout Ratio	44.44%	50.00%	60.38%	67.72%	66.89%	54.71%	68.45%	68.19%	62.70%	72.95%	58.49%	62.43%	60.53%	59.56%				4.17%	<-IRR #YR->	9	5 yr Running Average	#DIV/0!
5 year Running Average				52.38%	57.04%	59.32%	63.18%	64.73%	63.81%	65.14%	65.56%	64.39%	62.91%	62.19%				6.59%	<-IRR #YR->	5	5 yr Running Average	37.57%
Price/AFFO Med	12.28	13.06	16.63	18.49	17.70	15.06	17.21	18.85	16.95	19.60	15.37	15.33	14.50	15.23				17.08	<-Median->	10	Price/AFFO Med
Price/AFFO High	12.69	14.12	19.16	20.34	19.53	16.36	18.67	21.19	19.04	21.77	17.53	16.82	16.00	16.38				18.85	<-Median->	10	Price/AFFO High
Price/AFFO Low	11.87	12.00	14.09	16.63	15.88	13.76	15.75	16.52	14.85	17.44	13.21	13.83	12.99	14.08				15.30	<-Median->	10	Price/AFFO Low
Price/AFFO Close	12.67	12.28	18.38	18.16	18.18	15.53	18.06	20.10	16.83	21.72	14.60	14.89	15.16	16.24				17.44	<-Median->	10	P/FFO Close
Trailing P/AFFO	13.06	11.28	15.71	17.65	20.13	20.22	15.32	21.38	19.40	19.75	19.28	14.69	16.32	17.02				19.34	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	64.79%	5 Yrs	62.43%	P/CF	5 Yrs	in order	15.37	17.53	13.83	15.16		5.65%	Diff M/C
Adjusted Funds From Operations
			-$2.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.94
								-$2.68	$0.00	$0.00	$0.00	$0.00	$3.94
				-$2.38	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.44
								-$2.50	$0.00	$0.00	$0.00	$0.00	$3.44
														$3.32	<-12 mths	1.22%			Estimates		Last 12 months from Qtr
														72.63%	72.99%	72.22%			Estimates		Payout Ratio EPS
Adjusted Earnings	$329	$342	$394	$589	$715	$1,053	$1,066	$1,115	$1,195	$1,219	$1,329	$1,502	$1,626					312.69%	<-Total Growth	10	Adjusted Profit CDN$
Adjusted Profit CDN$	8.23%	7.17%	5.73%	7.31%	5.51%	7.87%	7.15%	6.59%	7.00%	6.90%	6.85%	7.55%	7.33%					7.07%	<-Median->	10	Return on Equity ROE
Return on Equity ROE					7.17%	7.17%	7.15%	7.15%	7.00%	7.00%	6.90%	6.90%	7.00%					7.00%	<-Median->	9	5 Yr Median
Adjusted EPS Basic	$1.73	$1.69	$1.75	$2.11	$2.33	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$3.09	$3.28	$3.42	$3.55	$3.74		87.43%	<-Total Growth	10	AEPS
Increase	-1.14%	-2.31%	3.55%	20.57%	10.43%	8.58%	-0.79%	1.59%	0.78%	0.78%	7.34%	11.15%	6.15%	4.27%	3.80%	5.35%		10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	5.1%	5.6%	4.5%	5.6%	5.6%	5.5%	5.5%	4.7%	4.9%	4.2%	5.1%	5.7%	5.5%	5.1%	5.3%	5.6%		6.48%	<-IRR #YR->	10	AEPS	87.43%
5 year Running Average	$1.65	$1.67	$1.71	$1.81	$1.92	$2.08	$2.25	$2.41	$2.50	$2.55	$2.60	$2.72	$2.86	$3.03	$3.22	$3.42		5.16%	<-IRR #YR->	5	AEPS	28.63%
Payout Ratio	69.36%	73.37%	73.14%	66.11%	65.45%	64.23%	68.73%	71.67%	75.39%	79.15%	78.06%	73.95%	72.71%	0.00%	0.00%	0.00%		5.26%	<-IRR #YR->	10	5 yr Running Average	66.98%
5 year Running Average	67.07%	68.90%	70.01%	69.49%	69.09%	67.87%	67.23%	67.31%	69.18%	71.88%	74.69%	75.63%	75.66%	74.87%	72.95%	70.55%		3.53%	<-IRR #YR->	5	5 yr Running Average	18.95%
Price/AEPS Median	19.16	19.16	20.14	18.05	17.32	17.68	17.28	19.81	20.38	21.27	20.51	18.15	17.42	18.39	0.00	0.00		18.10	<-Median->	10	Price/AEPS Median
Price/AEPS High	19.80	20.72	23.21	19.86	19.11	19.21	18.75	22.27	22.89	23.61	23.40	19.92	19.22	19.78	0.00	0.00		19.89	<-Median->	10	Price/AEPS High
Price/AEPS Low	18.52	17.61	17.07	16.24	15.54	16.15	15.81	17.36	17.86	18.92	17.63	16.39	15.61	17.00	0.00	0.00		16.31	<-Median->	10	Price/AEPS Low
Price/AEPS Close	19.78	18.02	22.26	17.73	17.79	18.23	18.13	21.13	20.23	23.56	19.49	17.64	18.21	19.61	18.89	17.93		18.22	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	19.55	17.60	23.05	21.38	19.65	19.79	17.99	21.47	20.39	23.75	20.92	19.61	19.33	20.45	19.61	18.89		20.09	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	18.16	19.92	16.39	18.62	P/CF	5 Yrs	in order	20.38	22.89	17.63	19.49
Adjusted Common Equity Earnings
			-$1.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.28
								-$2.55	$0.00	$0.00	$0.00	$0.00	$3.28
			-$1.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.86
								-$2.41	$0.00	$0.00	$0.00	$0.00	$2.86
														$3.28	<-12 mths	1.23%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.60%	0.57%	0.71%	0.77%	0.00%	0.43%	0.00%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%					0.00%	<-Median->	0	Difference Basic and Diluted
pre-split 2005
EPS Basic	$1.66	$1.74	$1.41	$2.61	$1.89	$2.32	$2.59	$2.79	$2.60	$2.61	$2.78	$3.10	$3.24					129.79%	<-Total Growth	10	EPS Basic
pre-split 2005
EPS Diluted*	$1.65	$1.73	$1.40	$2.59	$1.89	$2.31	$2.59	$2.78	$2.60	$2.61	$2.78	$3.10	$3.24	$3.40	$3.54	$3.78		131.43%	<-Total Growth	10	EPS Diluted
Increase	-5.17%	4.85%	-19.08%	85.00%	-27.03%	22.22%	12.12%	7.34%	-6.47%	0.38%	6.51%	11.51%	4.52%	4.81%	4.27%	6.66%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	4.8%	5.7%	3.6%	6.9%	4.6%	5.0%	5.7%	5.2%	5.0%	4.3%	5.1%	5.7%	5.4%	5.1%	5.3%	5.6%		8.75%	<-IRR #YR->	10	Earnings per Share	131.43%
5 year Running Average	$1.61	$1.65	$1.63	$1.82	$1.85	$1.98	$2.16	$2.43	$2.43	$2.58	$2.67	$2.77	$2.87	$3.03	$3.21	$3.41		3.11%	<-IRR #YR->	5	Earnings per Share	16.55%
10 year Running Average	$1.40	$1.47	$1.51	$1.65	$1.70	$1.80	$1.90	$2.03	$2.13	$2.22	$2.33	$2.47	$2.65	$2.73	$2.89	$3.04		5.82%	<-IRR #YR->	10	5 yr Running Average	76.04%
* Diluted ESP per share									E/P	10 Yrs	5.15%	5Yrs	5.13%					3.34%	<-IRR #YR->	5	5 yr Running Average	17.85%
			-$1.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.24
								-$2.78	$0.00	$0.00	$0.00	$0.00	$3.24
			-$1.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.87
								-$2.43	$0.00	$0.00	$0.00	$0.00	$2.87
Dividend Estimate														$2.48	$2.59	$2.70			Estimates		Dividend Estimate
Increase														4.2%	4.3%	4.2%			Estimates		Increase
Payout Ratio EPS														73.14%	73.17%	71.51%			Estimates		Payout Ratio EPS
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	10	Special Dividend
per Quarter
pre-split 2005
Dividend*	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$2.46	$2.46	$2.46		86.33%	<-Total Growth	10	Dividends
Increase	3.45%	3.33%	3.23%	8.98%	9.32%	6.56%	6.15%	5.94%	6.02%	5.81%	5.85%	5.30%	4.38%	3.14%	0.00%	0.00%		43	0	43	Years of data, Count P, N
Average Increases 5 Year Running	8.13%	4.41%	4.25%	4.51%	5.66%	6.28%	6.85%	7.39%	6.80%	6.10%	5.96%	5.78%	5.47%	4.90%	3.73%	2.56%		6.03%	<-Median->	10	Average Incr 5 Year Running
5 year running Average	$1.10	$1.15	$1.20	$1.26	$1.33	$1.41	$1.51	$1.62	$1.73	$1.83	$1.94	$2.05	$2.17	$2.27	$2.35	$2.41		80.46%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.50%	3.54%	3.15%	3.33%	3.42%	3.34%	3.67%	3.22%	3.29%	3.35%	3.34%	3.71%	3.78%	3.64%				3.35%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.62%	3.83%	3.63%	3.66%	3.78%	3.63%	3.98%	3.62%	3.70%	3.72%	3.81%	4.07%	4.18%	3.91%				3.75%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.75%	4.17%	4.28%	4.07%	4.21%	3.98%	4.35%	4.13%	4.22%	4.18%	4.43%	4.51%	4.66%	4.23%				4.22%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.51%	4.07%	3.29%	3.73%	3.68%	3.52%	3.79%	3.39%	3.73%	3.36%	4.01%	4.19%	3.99%	3.67%	3.67%	3.67%		3.73%	<-Median->	10	Yield on Close Price	AFFO
Payout Ratio EPS	72.73%	71.68%	91.43%	53.86%	80.69%	70.35%	66.60%	65.74%	74.52%	78.54%	78.06%	73.71%	73.61%	72.44%	69.47%	65.13%		73.66%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	68.57%	69.82%	73.71%	68.88%	71.71%	71.22%	70.04%	66.59%	70.99%	71.10%	72.68%	74.04%	75.56%	75.04%	73.24%	70.66%		71.16%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	23.55%	29.40%	35.98%	23.48%	32.50%	24.83%	28.39%	31.79%	33.48%	33.48%	34.04%	31.62%	30.68%	31.23%	31.08%	29.50%		31.71%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	25.42%	26.16%	27.45%	26.59%	28.25%	28.31%	28.16%	27.92%	29.95%	30.27%	32.25%	32.86%	32.53%	32.08%	31.64%	30.79%		29.13%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	25.60%	28.00%	31.94%	24.07%	32.88%	23.98%	27.32%	29.91%	28.85%	31.90%	29.45%	30.92%	32.06%	31.23%	31.08%	29.50%		29.68%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	26.54%	26.73%	27.78%	27.06%	28.19%	27.55%	27.42%	27.32%	28.28%	28.34%	29.48%	30.20%	30.64%	31.10%	30.96%	30.93%		28.23%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.35%	3.73%	5 Yr Med	5 Yr Cl	3.35%	3.99%	5 Yr Med	Payout	74.52%	33.48%	30.92%					5.47%	<-IRR #YR->	5	Dividends	30.51%
* Dividends per share	10 Yr Med	and Cur.	9.55%	-1.60%	5 Yr Med	and Cur.	9.43%	-8.14%	Last Div Inc --->		$0.590	$0.615	4.24%					6.42%	<-IRR #YR->	10	Dividends	86.33%
Dividends Growth 15																		5.69%	<-IRR #YR->	15	Dividends	129.33%
Dividends Growth 20																		7.71%	<-IRR #YR->	20	Dividends	341.67%
Dividends Growth 25																		6.87%	<-IRR #YR->	25	Dividends	427.07%
Dividends Growth 30																		6.09%	<-IRR #YR->	30	Dividends	488.89%
Dividends Growth 35																		5.69%	<-IRR #YR->	35	Dividends	593.82%
Dividends Growth 40																		5.83%	<-IRR #YR->	40	Dividends	863.64%
Dividends Growth 45																		6.13%	<-IRR #YR->	43	Dividends
Dividends Growth 5								-$1.83	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 5
Dividends Growth 10			-$1.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 35
Dividends Growth 40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 40
Dividends Growth 45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.39								Dividends Growth 45
Historical Dividends	Historical	High Div	7.54%	Low Div	3.49%	10 Yr High	4.64%	10 Yr Low	3.62%	Med Div	3.73%	Close Div	4.04%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-51.36%	Exp	5.09%	Exp.	-20.95%		1.32%	Exp.	-1.67%	Exp.	-9.18%								High/Ave/Median
Future Dividend Yield					Div Yield	$0.05	earning in	5	Years	at IRR of	5.47%	Div Inc.	30.51%								Future Dividend Yield
Future Dividend Yield					Div Yield	6.25%	earning in	10	Years	at IRR of	5.47%	Div Inc.	70.32%								Future Dividend Yield
Future Dividend Yield					Div Yield	8.15%	earning in	15	Years	at IRR of	5.47%	Div Inc.	122.28%								Future Dividend Yield
Future Dividend Paid					Div Yield	$3.21	earning in	5	Years	at IRR of	5.47%	Div Inc.	30.51%								Future Dividend Yield
Future Dividend Paid					Div Paid	$4.19	earning in	10	Years	at IRR of	5.47%	Div Inc.	70.32%								Future Dividend Paid
Future Dividend Paid					Div Paid	$5.47	earning in	15	Years	at IRR of	5.47%	Div Inc.	122.28%								Future Dividend Paid
Dividend Covering Cost					Total Div	$14.35	over	5	Years	at IRR of	7.71%	Div Cov.	21.39%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$31.58	over	10	Years	at IRR of	7.71%	Div Cov.	47.09%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$56.57	over	15	Years	at IRR of	7.71%	Div Cov.	84.34%								Dividend Covering Cost
I am earning GC					Div Gr	645.45%	11/13/87	# yrs ->	37	1987	$4.65	Cap Gain	1342.37%								I am earning GC
I am earning Div					org yield	7.10%	12/31/24	Trading	Div G Yrly	5.55%	Div start	$0.33	-7.10%	52.90%							I am earning Div
I am earning GC					Div Gr	472.09%	11/15/95	# yrs ->	29	1995	$6.86	Cap Gain	877.70%								I am earning GC
I am earning Div					org yield	6.27%	12/31/24	RRSP	Div G Yrly	6.17%	Div start	$0.43	-6.27%	35.86%							I am earning Div
Yield if held 5 years	4.40%	4.92%	5.07%	4.66%	4.75%	4.90%	5.33%	5.19%	5.09%	5.08%	4.85%	5.27%	4.72%	4.70%	4.47%	4.31%		4.99%	<-Median->	10	Paid Median Price
Yield if held 10 years	9.88%	9.04%	8.00%	6.52%	6.03%	5.96%	6.85%	7.24%	6.47%	6.38%	6.55%	7.06%	6.77%	6.46%	6.09%	5.50%		6.53%	<-Median->	10	Paid Median Price
Yield if held 15 years	13.01%	11.95%	14.87%	17.37%	14.91%	13.38%	12.57%	11.42%	9.06%	8.10%	7.96%	9.07%	9.45%	8.21%	7.66%	7.42%		10.43%	<-Median->	10	Paid Median Price
Yield if held 20 years	20.65%	18.81%	19.05%	21.36%	19.77%	17.62%	16.63%	21.23%	24.12%	20.05%	17.87%	16.65%	14.90%	11.50%	9.72%	9.03%		18.82%	<-Median->	10	Paid Median Price
Yield if held 25 years	24.51%	26.19%	24.11%	26.49%	26.96%	27.96%	26.16%	27.20%	29.67%	26.58%	23.52%	22.02%	27.71%	30.63%	24.06%	20.26%		26.77%	<-Median->	10	Paid Median Price
Yield if held 30 years	46.83%	36.23%	34.78%	31.77%	33.42%	33.20%	36.43%	34.42%	36.79%	36.24%	37.33%	34.65%	35.50%	37.67%	31.90%	26.67%		35.08%	<-Median->	10	Paid Median Price
Yield if held 35 years					61.00%	63.41%	50.40%	49.66%	44.12%	44.93%	44.33%	48.26%	44.92%	46.71%	43.49%	42.32%		48.26%	<-Median->	9	Paid Median Price
Yield if held 40 years										82.00%	84.68%	66.76%	64.81%	56.02%	53.92%	50.26%		74.38%	<-Median->	4	Paid Median Price
Yield if held 45 years															98.40%	96.00%
Cost covered if held 5 years	20.26%	22.88%	23.77%	20.94%	20.67%	21.31%	23.31%	22.97%	22.69%	22.71%	21.71%	23.68%	21.43%	21.67%	21.35%	21.13%		22.20%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	71.30%	68.34%	63.20%	51.08%	46.56%	46.18%	52.86%	55.85%	49.78%	49.19%	50.60%	55.03%	53.70%	52.49%	51.84%	48.65%		50.84%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	118.95%	113.38%	146.29%	168.41%	142.62%	129.47%	123.36%	113.78%	91.48%	82.79%	81.82%	93.65%	98.75%	87.67%	85.79%	86.95%		106.27%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	224.61%	210.96%	220.06%	241.27%	218.52%	195.53%	186.15%	240.38%	275.99%	232.25%	209.43%	198.20%	181.42%	144.55%	129.27%	126.04%		213.97%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	302.77%	332.43%	314.06%	336.35%	333.58%	346.16%	325.47%	340.58%	373.56%	337.35%	300.79%	285.14%	366.19%	417.31%	347.27%	308.66%		336.85%	<-Median->	10	Paid Median Price
Cost covered if held 30 years	630.46%	501.55%	494.51%	440.15%	450.75%	447.10%	491.88%	466.56%	500.41%	495.61%	513.21%	481.22%	501.74%	547.34%	489.83%	431.41%		486.55%	<-Median->	10	Paid Median Price
Cost covered if held 35 years					872.12%	906.17%	722.15%	714.55%	636.90%	651.63%	645.46%	708.78%	670.47%	715.94%	703.52%	720.52%		708.78%	<-Median->	9	Paid Median Price	Tot. Growth
Cost covered if held 40 years										1238.72%	1285.09%	1022.22%	1008.78%	895.37%	909.38%	891.63%		1130.47%	<-Median->	4	Paid Median Price
Cost covered if held 45 years															1709.12%	1755.34%
																				Yr	Item
Revenue Growth								$8,783	$8,935	$9,448	$11,043	$11,517	$11,517	$11,808	<-12 mths	2.53%		31.13%	<-Total Growth	5	Revenue Growth	31.13%
AEPS Growth								$2.55	$2.57	$2.59	$2.78	$3.09	$3.28	$3.32	<-12 mths	1.22%		28.63%	<-Total Growth	5	AEPS Growth	28.63%
Net Income Growth								$1,655	$1,209	$1,231	$1,330	$1,506	$1,606	$1,639	<-12 mths	2.06%		-2.96%	<-Total Growth	5	Net Income Growth	-2.96%
Cash Flow Growth								$2,663	$2,701	$2,907	$3,074	$3,545	$3,882					45.78%	<-Total Growth	5	Cash Flow Growth	45.78%
Dividend Growth								$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$2.46	<-12 mths	3.14%		30.51%	<-Total Growth	5	Dividend Growth	30.51%
Stock Price Growth								$53.88	$52.00	$61.03	$54.18	$54.51	$59.73	$67.07	<-12 mths	12.29%		10.86%	<-Total Growth	5	Stock Price Growth	10.86%
Revenue Growth			$5,401	$6,727	$6,838	$8,301	$8,390	$8,783	$8,935	$9,448	$11,043	$11,517	$11,517	$12,438	<-this year	8.00%		113.24%	<-Total Growth	10	Revenue Growth	113.24%
AEPS Growth			$1.75	$2.11	$2.33	$2.53	$2.51	$2.55	$2.57	$2.59	$2.78	$3.09	$3.28	$3.42	<-this year	4.27%		87.43%	<-Total Growth	10	AEPS Growth	87.43%
Net Income Growth			$317	$728	$585	$963	$1,100	$1,655	$1,209	$1,231	$1,330	$1,506	$1,606	$1,722	<-this year	7.22%		406.62%	<-Total Growth	10	Net Income Growth	406.62%
Cash Flow Growth			$982	$1,673	$1,884	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545	$3,882	$3,933	<-this year	1.31%		295.32%	<-Total Growth	10	Cash Flow Growth	295.32%
Dividend Growth			$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$2.39	$2.48	<-this year	4.15%		86.33%	<-Total Growth	10	Dividend Growth	86.33%
Stock Price Growth			$38.96	$37.41	$41.46	$46.11	$45.51	$53.88	$52.00	$61.03	$54.18	$54.51	$59.73	$63.87	<-this year	6.93%		53.31%	<-Total Growth	10	Stock Price Growth	53.31%
Dividends on Shares				$36.27	$39.65	$42.25	$44.85	$47.52	$50.38	$53.30	$56.42	$59.41	$62.01	$63.96	$63.96	$63.96		$492.05	No of Years	10	Total Divs	12/31/14
Paid			$1,012.96	$972.66	$1,077.96	$1,198.86	$1,183.26	$1,400.88	$1,352.00	$1,586.78	$1,408.68	$1,417.26	$1,552.98	$1,743.82	$1,743.82	$1,743.82		$1,552.98	No of Years	10	Worth	$38.96
Total																		$2,045.03
Graham Price AEPS	$28.48	$29.18	$31.31	$36.86	$41.16	$42.53	$44.33	$45.76	$46.00	$46.56	$50.17	$53.08	$57.26	$58.63	$59.74	$61.32		82.90%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.16	1.11	1.13	1.03	0.98	1.05	0.98	1.10	1.14	1.18	1.14	1.06	1.00	1.07				1.05	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.20	1.20	1.30	1.14	1.08	1.14	1.06	1.24	1.28	1.31	1.30	1.16	1.10	1.15				1.15	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.12	1.02	0.95	0.93	0.88	0.96	0.90	0.97	1.00	1.05	0.98	0.95	0.89	0.99				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.20	1.04	1.24	1.01	1.01	1.08	1.03	1.18	1.13	1.31	1.08	1.03	1.04	1.14	1.12	1.09		1.06	<-Median->	10	Price/GP Ratio
Prem/Disc Close	20.15%	4.37%	24.44%	1.48%	0.73%	8.42%	2.66%	17.75%	13.05%	31.07%	7.98%	2.69%	4.31%	14.39%	12.28%	9.39%		6.15%	<-Median->	10	Graham Price
Graham Price EPS	$27.81	$29.52	$28.00	$40.84	$37.07	$40.64	$45.03	$47.78	$46.26	$46.74	$50.17	$53.17	$56.91	$58.43	$59.66	$61.62		103.24%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.19	1.10	1.26	0.93	1.09	1.10	0.96	1.06	1.13	1.18	1.14	1.05	1.00	1.08				1.07	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.23	1.19	1.45	1.03	1.20	1.20	1.04	1.19	1.27	1.31	1.30	1.16	1.11	1.16				1.19	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.15	1.01	1.07	0.84	0.98	1.01	0.88	0.93	0.99	1.05	0.98	0.95	0.90	1.00				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.23	1.03	1.39	0.92	1.12	1.13	1.01	1.13	1.12	1.31	1.08	1.03	1.05	1.15	1.12	1.09		1.10	<-Median->	10	Price/GP Ratio
Prem/Disc Close	23.03%	3.15%	39.13%	-8.41%	11.84%	13.47%	1.07%	12.77%	12.40%	30.57%	7.98%	2.53%	4.95%	14.79%	12.42%	8.85%		9.91%	<-Median->	10	Graham Price
pre-split 2005
Price Close	$34.22	$30.45	$38.96	$37.41	$41.46	$46.11	$45.51	$53.88	$52.00	$61.03	$54.18	$54.51	$59.73	$67.07	$67.07	$67.07		53.31%	<-Total Growth	10	Stock Price
Increase	2.55%	-11.02%	27.95%	-3.98%	10.83%	11.22%	-1.30%	18.39%	-3.49%	17.37%	-11.22%	0.61%	9.58%	12.29%	0.00%	0.00%		19.47	<-Median->	10	CAPE (10 Yr P/E)
P/E	20.74	17.60	27.83	14.44	21.94	19.96	17.57	19.38	20.00	23.38	19.49	18.71	18.71	18.71	18.71	18.71		2.08%	<-IRR #YR->	5	Stock Price	10.86%
Trailing P/E	19.67	18.45	22.52	26.72	16.01	24.40	19.70	20.80	18.71	23.47	20.76	20.42	20.42	20.42	20.42	20.42		4.37%	<-IRR #YR->	10	Stock Price	53.31%
CAPE (10 Yr P/E)	19.30	19.44	20.37	19.50	19.59	19.46	19.45	19.48	19.43	19.91	19.80	19.19	19.19	19.19	19.19	19.19		5.92%	<-IRR #YR->	5	Price & Dividend	34.34%
Median 10, 5 Yrs		D.  per yr	3.94%	3.84%	% Tot Ret	47.42%	64.84%	T P/E	$20.59	$20.42	P/E:	$19.44	$19.49					8.30%	<-IRR #YR->	10	Price & Dividend	105.17%
Price 15		D.  per yr	3.97%		% Tot Ret	44.17%						CAPE Diff	-3.89%					5.01%	<-IRR #YR->	15	Stock Price	108.26%
Price  20		D.  per yr	4.32%		% Tot Ret	40.43%												6.37%	<-IRR #YR->	20	Stock Price	243.77%
Price  25		D.  per yr	5.44%		% Tot Ret	39.16%												8.46%	<-IRR #YR->	25	Stock Price	660.89%
Price  30		D.  per yr	5.24%		% Tot Ret	40.26%												7.78%	<-IRR #YR->	30	Stock Price	846.22%
Price  35		D.  per yr	4.91%		% Tot Ret	41.21%												7.00%	<-IRR #YR->	35	Stock Price	967.56%
Price  40		D.  per yr	5.14%		% Tot Ret	42.76%												6.88%	<-IRR #YR->	40	Stock Price	1331.52%
Price  45		D.  per yr	6.00%		% Tot Ret	45.27%												7.26%	<-IRR #YR->	43	Stock Price
Price & Dividend 15																		8.98%	<-IRR #YR->	15	Price & Dividend	198.80%
Price & Dividend 20																		10.69%	<-IRR #YR->	20	Price & Dividend	414.03%
Price & Dividend 25																		13.90%	<-IRR #YR->	25	Price & Dividend	1068.13%
Price & Dividend 30																		13.02%	<-IRR #YR->	30	Price & Dividend	1386.66%
Price & Dividend 35																		11.91%	<-IRR #YR->	35	Price & Dividend	1610.02%
Price & Dividend 40																		12.02%	<-IRR #YR->	40	Price & Dividend	2227.15%
Price & Dividend 45																		13.26%	<-IRR #YR->	43	Price & Dividend
Price  5								-$53.88	$0.00	$0.00	$0.00	$0.00	$59.73								Price  5
Price 10			-$38.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$59.73								Price 10
Price & Dividend 5								-$53.88	$1.94	$2.05	$2.17	$2.29	$62.12								Price & Dividend 5
Price & Dividend 10			-$38.96	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$62.12								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	$59.73								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	$59.73								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	$59.73								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	$59.73								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	$59.73								Price  35
Price  40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$59.73								Price  40
Price  45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$59.73								Price  45
Price & Dividend 15	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$62.12								Price & Dividend 15
Price & Dividend 20	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$62.12								Price & Dividend 20
Price & Dividend 25	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$62.12								Price & Dividend 25
Price & Dividend 30	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$62.12								Price & Dividend 30
Price & Dividend 35	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$62.12								Price & Dividend 35
Price & Dividend 40	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$59.73								Price & Dividend 40
Price & Dividend 45	$1.20	$1.24	$1.28	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$59.73								Price & Dividend 45
Price Median H/L	$33.15	$32.39	$35.25	$38.09	$40.37	$44.73	$43.37	$50.53	$52.37	$55.08	$57.03	$56.09	$57.13	$62.90				62.08%	<-Total Growth	10	Stock Price
Increase	3.17%	-2.31%	8.83%	8.06%	5.99%	10.81%	-3.04%	16.50%	3.64%	5.18%	3.53%	-1.64%	1.85%	10.10%				4.95%	<-IRR #YR->	10	Stock Price	62.08%
P/E	20.09	18.72	25.18	14.70	21.36	19.36	16.75	18.17	20.14	21.10	20.51	18.09	17.63	18.52				2.49%	<-IRR #YR->	5	Stock Price	13.06%
Trailing P/E	19.05	19.63	20.37	27.20	15.58	23.67	18.77	19.51	18.84	21.18	21.85	20.18	18.43	19.41				9.20%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	20.59	19.63	21.65	20.90	21.80	22.55	20.12	20.78	21.51	21.37	21.34	20.22	19.93	20.79				6.55%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	23.65	22.00	23.33	23.14	23.77	24.89	22.79	24.89	24.61	24.87	24.50	22.75	21.56	23.04				15.44	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.25%	4.06%	% Tot Ret	46.20%	62.05%	T P/E	19.84	20.18	P/E:	18.77	20.14						Count	43	Years of data
			-$35.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$57.13
								-$50.53	$0.00	$0.00	$0.00	$0.00	$57.13
			-$35.25	$1.40	$1.53	$1.63	$1.73	$1.83	$1.94	$2.05	$2.17	$2.29	$59.51
								-$50.53	$1.94	$2.05	$2.17	$2.29	$59.51
Month	Apr	May	Nov	Feb	Jun	Nov	Dec	Oct	Feb	Dec	May	May	Dec	Apr
pre-split 2005
Price High	$34.26	$35.01	$40.61	$41.91	$44.53	$48.59	$47.05	$56.78	$58.83	$61.16	$65.05	$61.55	$63.05	$67.64				55.26%	<-Total Growth	10	Stock Price
Increase	-2.53%	2.19%	16.00%	3.20%	6.25%	9.12%	-3.17%	20.68%	3.61%	3.96%	6.36%	-5.38%	2.44%	7.28%				4.50%	<-IRR #YR->	10	Stock Price	55.26%
P/E	20.76	20.24	29.01	16.18	23.56	21.03	18.17	20.42	22.63	23.43	23.40	19.85	19.46	19.92				2.12%	<-IRR #YR->	5	Stock Price	11.04%
Trailing P/E	19.69	21.22	23.47	29.94	17.19	25.71	20.37	21.92	21.16	23.52	24.92	22.14	20.34	20.88				17.59	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	22.03	22.14	P/E:	20.73	22.63					21.09	P/E Ratio		Historical High
From my 1985 Notes 81 to 85
			-$40.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$63.05
								-$56.78	$0.00	$0.00	$0.00	$0.00	$63.05
Month	Feb	Dec	Jan	Sep	Feb	Jan	Feb	Jan	Mar	Feb	Oct	Oct	Apr	Jan
pre-split 2005
Price Low	$32.04	$29.76	$29.88	$34.26	$36.20	$40.87	$39.69	$44.27	$45.90	$49.00	$49.00	$50.63	$51.20	$58.15				71.35%	<-Total Growth	10	Stock Price
Increase	10.07%	-7.12%	0.40%	14.66%	5.66%	12.90%	-2.89%	11.54%	3.68%	6.75%	0.00%	3.33%	1.13%	13.57%				5.53%	<-IRR #YR->	10	Stock Price	71.35%
P/E	19.42	17.20	21.34	13.23	19.15	17.69	15.32	15.92	17.65	18.77	17.63	16.33	15.80	17.12				2.95%	<-IRR #YR->	5	Stock Price	15.65%
Trailing P/E	18.41	18.04	17.27	24.47	13.98	21.62	17.18	17.09	16.51	18.85	18.77	18.21	16.52	17.95				13.19	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.70	18.21	P/E:	16.98	17.63					8.48	P/E Ratio		Historical Low
From my 1985 Notes 81 to 85
			-$29.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$51.20
								-$44.27	$0.00	$0.00	$0.00	$0.00	$51.20
Free Cash Flow Mkt Sc									-$1,338	-$479	-$791	-$624	-$1,336	-$94	$214	$158
Change										64.20%	-65.14%	21.11%	-114.10%	93.00%	328.97%	-26.42%
Free Cash Flow WSJ			-$674	-$458	-$28	-$57	-$428	-$836	-$1,156	-$282	-$513	-$441	-$1,130					-67.66%	<-Total Growth	10	Free Cash Flow
Change				32.05%	93.89%	-103.57%	-650.88%	-95.33%	-38.28%	75.61%	-81.91%	14.04%	-156.24%					-$0.60	<-Median->	10	Change
Free Cash Flow MS Old				-$570	-$177	-$268	-$614	-$1,057	-$1,338	-$479	-$479	-$624
Change					68.95%	-51.41%	-129.10%	-72.15%	-26.58%	64.20%	0.00%	-30.27%
Free Cash Flow MS	-$154	-$276	-$743	-$520	-$180	-$240	-$530	-$780	-$910	-$340	-$470	-$440	-$1,410	-$94	$361	$361		-89.77%	<-Total Growth	10	Free Cash Flow
Change	39.84%	-79.22%	-169.20%	30.01%	65.38%	-33.33%	-120.83%	-47.17%	-16.67%	62.64%	-38.24%	6.38%	-220.45%	93.37%	486.21%	0.00%		12.57%	<-IRR #YR->	5	Free Cash Flow MS	-80.77%
FCF/CF from Op Ratio	-0.16	-0.31	-0.76	-0.31	-0.10	-0.09	-0.20	-0.29	-0.34	-0.12	-0.15	-0.12	-0.36	-0.02	0.09	0.09		6.62%	<-IRR #YR->	10	Free Cash Flow MS	-89.77%
Dividends paid	$170	$181	$194	$232	$316	$419	$459	$494	$786	$608	$673	$673	$1,191	$1,228	$1,228	$1,228		513.83%	<-Total Growth	10	Dividends paid
Percentage paid			-26.11%	-44.62%	-175.56%	-174.58%	-86.60%	-63.33%	-86.37%	-178.82%	-143.19%	-152.95%	-84.46%	-1312.96%	339.96%	339.96%		-$1.15	<-Median->	10	Percentage paid
5 Year Covrage							-136.60%	-117.19%	-106.71%	-101.23%	-100.33%	-90.91%	-90.82%	-62.97%	-41.10%	-22.00%					5 Year Covrage
Dividend Coverage Ratio			-3.83	-2.24	-0.57	-0.57	-1.15	-1.58	-1.16	-0.56	-0.70	-0.65	-1.18	-0.08	0.29	0.29		-0.93	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							-1.37	-1.17	-1.07	-1.01	-1.00	-0.91	-0.91	-0.63	-0.41	-0.22					5 Year of Coverage
								$780	$0	$0	$0	$0	-$1,410
			$743	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$1,410
Market Cap	$6,555	$6,491	$10,753	$10,533	$16,646	$19,417	$19,501	$24,963	$24,274	$28,977	$26,126	$26,743	$29,823	$33,488	$33,488	$33,488		177.35%	<-Total Growth	10	Market Cap
pre-split 2005
Diluted # of Shares in Million	197.2	209.3	226.1	284.7	313.4	416.2	425.2	437.5	465.4	471.4	479	486.5	495.2	495.2				119.02%	<-Total Growth	10	Diluted
Change	3.79%	6.14%	8.03%	25.92%	10.08%	32.80%	2.16%	2.89%	6.38%	1.29%	1.61%	1.57%	1.79%	0.00%				2.53%	<-Median->	10	Change
Difference Diluted/Basic	-3.65%	-3.25%	-0.22%	-2.14%	-1.44%	-0.17%	-0.12%	-0.16%	-0.13%	-0.11%	-0.08%	-0.04%	-0.04%	-0.04%				-0.12%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	190.0	202.5	225.6	278.6	308.9	415.5	424.7	436.8	464.8	470.9	478.6	486.3	495.0	495.0				119.41%	<-Total Growth	10	Basic
Change	4.63%	6.58%	11.41%	23.49%	10.88%	34.51%	2.21%	2.85%	6.41%	1.31%	1.64%	1.61%	1.79%	0.00%				2.53%	<-Median->	10	Change
Difference Basic/Outstanding	0.8%	5.3%	22.3%	1.1%	30.0%	1.3%	0.9%	6.1%	0.4%	0.8%	0.8%	0.9%	0.9%	0.9%				0.89%	<-Median->	10	Difference Basic/Outstanding
Why increases?
pre-split 2005
# of Share in Millions	191.566	213.165	275.997	281.562	401.486	421.1	428.5	463.3	466.8	474.8	482.2	490.6	499.3	499.3	499.3	499.3		6.11%	<-IRR #YR->	10	Shares	Common Shares
Change	1.45%	11.27%	29.48%	2.02%	42.59%	4.89%	1.76%	8.12%	0.76%	1.71%	1.56%	1.74%	1.77%	0.00%	0.00%	0.00%		1.51%	<-IRR #YR->	5	Shares
CF fr Op $M	$976.0	$899.0	$982.0	$1,673.0	$1,884.0	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545	$3,882	$3,933	$3,952	$4,164		295.32%	<-Total Growth	10	Cash Flow
Increase	7.96%	-7.89%	9.23%	70.37%	12.61%	46.28%	-5.52%	2.27%	1.43%	7.63%	5.74%	15.32%	9.51%	1.31%	0.48%	5.37%		S. Issue, SO	DRIP, ESPP		Deb. Conv.
5 year Running Average	$782	$830	$899	$1,087	$1,283	$1,639	$1,980	$2,316	$2,522	$2,726	$2,790	$2,978	$3,222	$3,468	$3,677	$3,895		258.54%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.09	$4.22	$3.56	$5.94	$4.69	$6.54	$6.08	$5.75	$5.79	$6.12	$6.37	$7.23	$7.77	$7.88	$7.92	$8.34		118.52%	<-Total Growth	10	Cash Flow per Share
Increase	6.42%	-17.22%	-15.63%	67.00%	-21.03%	39.47%	-7.15%	-5.42%	0.67%	5.81%	4.12%	13.35%	7.60%	1.31%	0.48%	5.37%		14.73%	<-IRR #YR->	10	Cash Flow	295.32%
5 year Running Average	$4.34	$4.40	$4.37	$4.72	$4.70	$4.99	$5.36	$5.80	$5.77	$6.06	$6.02	$6.25	$6.66	$7.08	$7.43	$7.83		7.83%	<-IRR #YR->	5	Cash Flow	45.78%
P/CF on Med Price	6.51	7.68	9.91	6.41	8.60	6.83	7.14	8.79	9.05	9.00	8.95	7.76	7.35	7.98	0.00	0.00		8.13%	<-IRR #YR->	10	Cash Flow per Share	118.52%
P/CF on Closing Price	6.72	7.22	10.95	6.30	8.84	7.05	7.49	9.37	8.99	9.97	8.50	7.54	7.68	8.51	8.47	8.04		6.23%	<-IRR #YR->	5	Cash Flow per Share	35.26%
															4.06%	Diff M/C		4.30%	<-IRR #YR->	10	CFPS 5 yr Running	52.30%
Excl.Working Capital CF	-$78.0	$45.0	$124.0	-$41.0	-$22.0	$97	$102	$168	$434	$144	$479	$81	-$168	$0.0	$0.0	$0.0		2.79%	<-IRR #YR->	5	CFPS 5 yr Running	14.76%
CF fr Op $M WC	$898.0	$944.0	$1,106.0	$1,632.0	$1,862.0	$2,853	$2,706	$2,831	$3,135	$3,051	$3,553	$3,626	$3,714	$3,933.0	$3,952.0	$4,164.2		235.80%	<-Total Growth	10	Cash Flow less WC
Increase	11.41%	5.12%	17.16%	47.56%	14.09%	53.22%	-5.15%	4.62%	10.74%	-2.68%	16.45%	2.05%	2.43%	5.90%	0.48%	5.37%		12.88%	<-IRR #YR->	10	Cash Flow less WC	235.80%
5 year Running Average	$748	$812	$898	$1,077	$1,288	$1,679	$2,032	$2,377	$2,677	$2,915	$3,055	$3,239	$3,416	$3,575	$3,756	$3,878		5.58%	<-IRR #YR->	5	Cash Flow less WC	31.19%
CFPS Excl. WC	$4.69	$4.43	$4.01	$5.80	$4.64	$6.78	$6.32	$6.11	$6.72	$6.43	$7.37	$7.39	$7.44	$7.88	$7.92	$8.34		14.30%	<-IRR #YR->	10	CF less WC 5 Yr Run	280.55%
Increase	9.82%	-5.53%	-9.51%	44.64%	-19.99%	46.09%	-6.79%	-3.24%	9.91%	-4.32%	14.67%	0.31%	0.64%	5.90%	0.48%	5.37%		7.52%	<-IRR #YR->	5	CF less WC 5 Yr Run	43.71%
5 year Running Average	$4.16	$4.31	$4.32	$4.64	$4.71	$5.13	$5.51	$5.93	$6.11	$6.47	$6.59	$6.80	$7.07	$7.30	$7.60	$7.79		6.38%	<-IRR #YR->	10	CFPS - Less WC	85.62%
P/CF on Med Price	7.07	7.31	8.80	6.57	8.70	6.60	6.87	8.27	7.80	8.57	7.74	7.59	7.68	7.98	0.00	0.00		4.01%	<-IRR #YR->	5	CFPS - Less WC	21.73%
P/CF on Closing Price	7.30	6.88	9.72	6.45	8.94	6.81	7.21	8.82	7.74	9.50	7.35	7.38	8.03	8.51	8.47	8.04		5.05%	<-IRR #YR->	10	CFPS 5 yr Running	63.60%
*Operational Cash Flow per share (Shares is average o/s)			CF/-WC	P/CF Med	10 yr	8.18	5 yr	8.95	P/CF Med	10 yr	7.71	5 yr	7.74		10.44%	Diff M/C		3.58%	<-IRR #YR->	5	CFPS 5 yr Running	19.25%
			-275.997	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	499.300								Shares
								-463.300	0.000	0.000	0.000	0.000	499.300								Shares
			-$982	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,882								Cash Flow
								-$2,663	$0	$0	$0	$0	$3,882								Cash Flow
			-$3.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.77								Cash Flow per Share
								-$5.75	$0.00	$0.00	$0.00	$0.00	$7.77								Cash Flow per Share
			-$4.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.66								CFPS 5 yr Running
								-$5.80	$0.00	$0.00	$0.00	$0.00	$6.66								CFPS 5 yr Running
			-$1,106	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,714								Cash Flow less WC
								-$2,831	$0	$0	$0	$0	$3,714								Cash Flow less WC
			-$897.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,415.8								CF less WC 5 Yr Run
								-$2,376.8	$0.0	$0.0	$0.0	$0.0	$3,415.8								CF less WC 5 Yr Run
			-$4.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.44								CFPS - Less WC
								-$6.11	$0.00	$0.00	$0.00	$0.00	$7.44								CFPS - Less WC
			-$4.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.07								CFPS 5 yr Running
								-$5.93	$0.00	$0.00	$0.00	$0.00	$7.07								CFPS 5 yr Running
chge in non-cash Operating WC		-$45.0	-$124.0	$41.0	\
Accts Rec and other current assets					$43.0	-$74	-$204	$1	-$84	-$88	-$479	$142	-$2
Prepaid Expenses					-$4.0	-$3	$1	-$8	-$15	-$15	-$22	-$7	-$21
Inventories					$17.0	-$6	-$8	-$13	-$36	-$56	-$153	-$1	-$73
Regulatory Assets - current portion					-$58.0	$39	$16	-$75	-$49	-$99	-$307	$104	$93
Accts Pay and other current Liab					$25.0	$119	$99	-$8	-$100	$164	$449	-$390	$115
Regulatory Liab - current portion					-$1.0	-$172	-$6	-$65	-$150	-$50	$33	$71	$56
Chge in long term reg. Assets, Liab
Sum		-$45	-$124	$41	$22	-$97	-$102	-$168	-$434	-$144	-$479	-$81	$168								Statements says chge in WC
Google --TD		-$45.0	-$124.0	$41.0	$22	-$29	-$89	-$168.0	-$434	-$144	-$479	-$81	$168
Difference		$0.0	$0.0	$0.0	$0	-$68	-$13	$0	$0	$0	$0	$0	$0
Sum				$0.0	$22	-$97.0	-$102.0														I have not idea when TD gets
TD Bank 2020		-$31.0	-$204.0	$41.0	$22	-$97	-$102.0														Their figures from.
Difference					$0	$0.0	$0.0														Morningstar is same as TD
OPM	26.71%	22.21%	18.18%	24.87%	27.55%	33.20%	31.04%	30.32%	30.23%	30.77%	27.84%	30.78%	33.71%	31.62%				85.39%	<-Total Growth	10	OPM
Increase	10.71%	-16.83%	-18.15%	36.78%	10.78%	20.50%	-6.52%	-2.31%	-0.30%	1.78%	-9.53%	10.58%	9.51%	-6.19%					Should increase		or be stable.
Diff from Ave	-12.6%	-27.3%	-40.5%	-18.6%	-9.8%	8.7%	1.6%	-0.7%	-1.0%	0.7%	-8.9%	0.8%	10.4%	3.5%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	30.54%	5 Yrs	30.77%					should be zero,	it is a check		on calculations
														$5,436	<-12 mths	4.16%
EBITDA								$4,388	$3,936	$3,974	$4,408	$4,857	$5,219	$5,778	$6,048	$6,619					EBITDA	From Mk Sc
Change									-10.30%	0.97%	10.92%	10.19%	7.45%	10.71%	4.67%	9.44%		7.45%	<-Median->	5	Change
Margin								49.96%	44.05%	42.06%	39.92%	42.17%	45.32%	46.45%	46.88%	49.04%		43.11%	<-Median->	6	Margin
Long Term Debt	$5,783	$6,424	$9,996	$10,784	$20,817	$20,691	$23,159	$21,501	$23,113	$23,707	$25,931	$27,235	$31,224	$31,224				212.36%	<-Total Growth	10	Long Term Debt	Type
Change	1.72%	11.08%	55.60%	7.88%	93.04%	-0.61%	11.93%	-7.16%	7.50%	2.57%	9.38%	5.03%	14.65%	0.00%				7.69%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.88	0.99	0.93	1.02	1.25	1.07	1.19	0.86	0.95	0.82	0.99	1.02	1.05	0.93				1.02	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	11.43	8.59	9.92	10.92	12.15	13.65	12.48	12.79	13.38	12.01	9.71	11.05	12.17	12.17				12.16	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)	5.93	7.15	10.18	6.45	11.05	7.51	8.89	8.07	8.56	8.16	8.44	7.68	8.04	7.94				8.11	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. +CF+D
Intangibles	$325	$345	$488	$541	$1,011	$1,081	$1,200	$1,260	$1,291	$1,343	$1,548	$1,510	$1,661	$1,661				240.37%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$1,568	$2,075	$4,220	$4,173	$12,364	$11,644	$12,530	$12,004	$11,792	$11,720	$12,464	$12,184	$13,112	$13,112				210.71%	<-Total Growth	10	Goodwill	Leverage
Total	$1,893	$2,420	$4,708	$4,714	$13,375	$12,725	$13,730	$13,264	$13,083	$13,063	$14,012	$13,694	$14,773	$14,773				213.79%	<-Total Growth	10	Total	D/E Ratio
Change	0.16%	27.84%	94.55%	0.13%	183.73%	-4.86%	7.90%	-3.39%	-1.36%	-0.15%	7.26%	-2.27%	7.88%	0.00%				-0.01%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.29	0.37	0.44	0.45	0.80	0.66	0.70	0.53	0.54	0.45	0.54	0.51	0.50	0.44				0.53	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$1,093	$1,296	$1,963	$1,857	$2,166	$2,207	$3,261	$2,574	$2,612	$2,728	$4,269	$4,025	$3,796	$3,796				Liquidity ratio of 1.5 and up, best
Current Liabilities	$1,308	$2,084	$2,684	$2,638	$3,944	$3,504	$4,252	$4,176	$4,148	$4,802	$6,617	$5,964	$6,036	$6,036				0.63	<-Median->	10	Ratio
Liquidity Ratio	0.84	0.62	0.73	0.70	0.55	0.63	0.77	0.62	0.63	0.57	0.65	0.67	0.63	0.63				0.63	<-Median->	5	Ratio
Liq. with CF aft div	1.41	0.93	0.97	1.19	0.87	1.22	1.21	1.05	1.06	0.97	0.95	1.08	1.07	1.08				1.06	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.77	0.45	0.38	0.78	0.32	0.66	0.68	0.63	0.53	0.56	0.59	0.66	0.57	1.08				0.57	<-Median->	5	Ratio
Portion of Lg Term	$117	$780	$505	$384	$251	$705	$926	$690	$1,254	$1,628	$2,481	$2,296	$1,990	$1,990
Liquidity Less CLTD	0.92	0.99	0.90	0.82	0.59	0.79	0.98	0.74	0.90	0.86	1.03	1.10	0.94	0.94				0.94	<-Median->	5	Ratio
Liq. with CF aft div	1.54	1.48	1.19	1.39	0.93	1.53	1.54	1.26	1.52	1.47	1.52	1.76	1.60	1.61				1.52	<-Median->	5	Ratio
Assets	14,950	17,908	26,628	28,804	47,904	47,822	53,051	53,404	55,481	57,659	64,252	65,920	73,486	$73,486				Debt Ratio of 1.5 and up, best
Liabilities	9,540	11,532	17,516	18,451	31,454	31,073	34,595	33,291	35,197	36,743	41,410	42,588	47,633	$47,633				1.55	<-Median->	10	Ratio
Debt Ratio	1.57	1.55	1.52	1.56	1.52	1.54	1.53	1.60	1.58	1.57	1.55	1.55	1.54	1.54				1.55	<-Median->	5	Ratio
Preferred Shares as Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities do include any preferred share
Estimates BVPS														$47.36	$48.82	$50.36			Estimates		Estimates BVPS
Estimate Book Value														$23,646.8	$24,375.8	$25,144.7			Estimates		Estimate Book Value
P/B Ratio (Close)														1.42	1.37	1.33			Estimates		P/B Ratio (Close)
Difference from 10 year median															12.45%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$5,410	$6,376	$9,112	$10,353	$16,450	$16,749	$18,456	$20,113	$20,284	$20,916	$22,842	$23,332	$25,853	$25,853				183.72%	<-Total Growth	10	Book Value
Non-Control. Int.	$310	$375	$421	$473	$1,853	$1,746	$1,923	$1,582	$1,582	$1,628	$1,812	$1,827	$2,045	$1,923				385.75%	<-Total Growth	10	Non-Control. Int.
Shareholders' Equity	$5,100	$6,001	$8,691	$9,880	$14,597	$15,003	$16,533	$18,531	$18,702	$19,288	$21,030	$21,505	$23,808	$23,930				173.94%	<-Total Growth	10	Shareholders' Equity
Book Value per Share	$26.62	$28.15	$31.49	$35.09	$36.36	$35.63	$38.58	$40.00	$40.06	$40.62	$43.61	$43.83	$47.68	$47.93				51.42%	<-Total Growth	10	Book Value per Share
P/B Ratio (Median)	1.25	1.15	1.12	1.09	1.11	1.26	1.12	1.26	1.31	1.36	1.31	1.28	1.20	1.31				1.26	<-Median->	10	P/B Ratio (Median)
P/B Ratios										10 yr Med	1.26	5 yr Med	1.31								P/B Ratios
Preferred Shares as Equity	$1,108	$1,229	$1,820	$1,820	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623	$1,623				-10.82%	<-Total Growth	10	Preferred Shares as Eq
Book Value	$3,992	$4,772	$6,871	$8,060	$12,974	$13,380	$14,910	$16,908	$17,079	$17,665	$19,407	$19,882	$22,185	$22,307	$22,307	$22,307		222.88%	<-Total Growth	10	Book Value
Book Value per Share	$20.84	$22.39	$24.90	$28.63	$32.31	$31.77	$34.80	$36.49	$36.59	$37.21	$40.25	$40.53	$44.43	$44.68	$44.68	$44.68		78.48%	<-Total Growth	10	Book Value per Share
Change	10.63%	7.43%	11.21%	14.99%	12.89%	-1.67%	9.51%	4.88%	0.25%	1.69%	8.18%	0.69%	9.64%	0.55%	0.00%	0.00%		9.60%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.59	1.45	1.42	1.33	1.25	1.41	1.25	1.38	1.43	1.48	1.42	1.38	1.29	1.41	0.00	0.00		1.37	P/B Ratio		Historical Median
P/B Ratio (Close)	1.64	1.36	1.56	1.31	1.28	1.45	1.31	1.48	1.42	1.64	1.35	1.35	1.34	1.50	1.50	1.50		5.96%	<-IRR #YR->	10	Book Value per Share	78.48%
Change	-7.30%	-17.17%	15.05%	-16.49%	-1.83%	13.11%	-9.87%	12.88%	-3.73%	15.42%	-17.93%	-0.08%	-0.06%	11.67%	0.00%	0.00%		4.01%	<-IRR #YR->	5	Book Value per Share	21.75%
Leverage (A/BK)	2.76	2.81	2.92	2.78	2.91	2.86	2.87	2.66	2.74	2.76	2.81	2.83	2.84	2.84				2.82	<-Median->	10	A/BV
Debt/Equity Ratio	1.76	1.81	1.92	1.78	1.91	1.86	1.87	1.66	1.74	1.76	1.81	1.83	1.84	1.84				1.82	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.38	5 yr Med	1.42		8.45%	Diff M/C		2.86	Historical	38	A/BV
			-$24.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.43
								-$36.49	$0.00	$0.00	$0.00	$0.00	$44.43
Comprehensive Income	$370	$444	$591	$1,502	$667	$342	$2,277	$1,185	$1,051	$1,320	$2,687	$1,314	$3,398					474.96%	<-Total Growth	10	Comprehensive Income
NCI	$9	$10	$11	$35	$53	-$2	$244	$55	$79	$100	$245	$96	$304					2663.64%	<-Total Growth	10	NCI
Preference shareholders	$47	$57	$62	$77	$75	$65	$66	$67	$65	$63	$64	$67	$74					19.35%	<-Total Growth	10	Preference shareholders
Shareholders	$314	$377	$518	$1,390	$539	$279	$1,967	$1,063	$907	$1,157	$2,378	$1,151	$3,020					483.01%	<-Total Growth	10	Comprehensive Income
Increase	-7.10%	20.06%	37.40%	168.34%	-61.22%	-48.24%	605.02%	-45.96%	-14.68%	27.56%	105.53%	-51.60%	162.38%					27.56%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$294	$310	$364	$587	$628	$621	$939	$1,048	$951	$1,075	$1,494	$1,331	$1,723					19.28%	<-IRR #YR->	10	Comprehensive Income	483.01%
ROE	5.8%	5.9%	5.7%	13.4%	3.3%	1.7%	10.7%	5.3%	4.5%	5.5%	10.4%	4.9%	11.7%					23.22%	<-IRR #YR->	5	Comprehensive Income	184.10%
5Yr Median	6.8%	6.8%	5.9%	5.9%	5.8%	5.7%	5.7%	5.3%	4.5%	5.3%	5.5%	5.3%	5.5%					16.81%	<-IRR #YR->	10	5 Yr Running Average	372.98%
% Difference from NI	-26.4%	-20.1%	23.2%	48.6%	-27.3%	-76.9%	44.5%	-46.0%	-36.8%	-20.6%	51.9%	-34.9%	61.4%					10.46%	<-IRR #YR->	5	5 Yr Running Average	64.43%
Median Values										Diff	5, 10 yr	-24.0%	-20.6%					5.5%	<-Median->	5	Return on Equity
			-$518	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,020
								-$1,063	$0	$0	$0	$0	$3,020
			-$364	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,723
								-$1,048	$0	$0	$0	$0	$1,723
Current Liability Coverage Ratio	0.69	0.45	0.41	0.62	0.47	0.81	0.64	0.68	0.76	0.64	0.54	0.61	0.62	0.65							CFO / Current Liabilities
5 year Median	0.48	0.48	0.48	0.61	0.47	0.47	0.62	0.64	0.68	0.68	0.64	0.64	0.62	0.62				62.7%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	6.01%	5.27%	4.15%	5.67%	3.89%	5.97%	5.10%	5.30%	5.65%	5.29%	5.53%	5.50%	5.05%	5.35%							CFO / Total Assets
5 year Median	5.69%	5.69%	5.69%	5.67%	5.27%	5.27%	5.10%	5.30%	5.30%	5.30%	5.30%	5.50%	5.50%	5.35%				5.3%	<-Median->	10	Return on Assets
Return on Assets ROA	2.11%	1.97%	1.19%	2.53%	1.22%	2.01%	2.07%	3.10%	2.18%	2.13%	2.07%	2.28%	2.19%	2.34%				Net	Income/Assets		Return on Assets
5Yr Median	2.19%	2.15%	2.11%	2.11%	1.97%	1.97%	2.01%	2.07%	2.07%	2.13%	2.13%	2.18%	2.18%	2.19%				2.1%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	7.89%	7.40%	4.61%	9.03%	4.51%	7.20%	7.38%	9.79%	7.08%	6.97%	6.85%	7.57%	7.24%	7.72%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	7.02%	7.15%	7.02%	7.40%	7.40%	7.20%	7.20%	7.38%	7.20%	7.20%	7.08%	7.08%	7.08%	7.24%				7.2%	<-Median->	10	Return on Equity
														$1,639	<-12 mths	2.06%			Estimates		last 12 months from Qtr.
Basic EPS x Basic Shares	$315	$352	$318	$727	$584	$964	$1,100	$1,219	$1,208	$1,229	$1,331	$1,508	$1,604					404.19%	<-Total Growth	10	Basic EPS x Basic Shares
Increase	-0.76%	11.72%	-9.72%	128.59%	-19.71%	65.11%	14.11%	10.79%	-0.84%	1.70%	8.26%	13.30%	6.39%
Net Income	$371	$420	$390	$840	$713	$1,125	$1,286	$1,852	$1,389	$1,405	$1,514	$1,710	$1,828					368.72%	<-Total Growth	10	Net Income
NCI	$9	$10	$11	$35	$53	$97	$120	$130	$115	$111	$120	$137	$148					1245.45%	<-Total Growth	10	NCI
Preference shareholders	$47	$57	$62	$77	$75	$65	$66	$67	$65	$63	$64	$67	$74					19.35%	<-Total Growth	10	Preference shareholders
Shareholders	$315	$353	$317	$728	$585	$963	$1,100	$1,655	$1,209	$1,231	$1,330	$1,506	$1,606	$1,722	$1,826	$1,975		406.62%	<-Total Growth	10	Net Income
Increase	-0.94%	12.06%	-10.20%	129.65%	-19.64%	64.62%	14.23%	50.45%	-26.95%	1.82%	8.04%	13.23%	6.64%	7.22%	6.04%	8.16%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$285.0	$306.6	$317.6	$406.2	$459.6	$589.2	$738.6	$1,006.2	$1,102.4	$1,231.6	$1,305.0	$1,386.2	$1,376.4	$1,479.0	$1,598.0	$1,727.0		17.62%	<-IRR #YR->	10	Net Income	406.62%
Operating Cash Flow	$976	$899	$982	$1,673	$1,884	$2,756	$2,604	$2,663	$2,701	$2,907	$3,074	$3,545	$3,882					-0.60%	<-IRR #YR->	5	Net Income	-2.96%
Investment Cash Flow	-$1,080	-$2,164	-$4,199	-$1,368	-$6,891	-$3,025	-$3,252	-$2,768	-$4,132	-$3,488	-$4,059	-$3,742	-$5,395					15.79%	<-IRR #YR->	10	5 Yr Running Ave.	333.38%
Total Accruals	$419	$1,618	$3,534	$423	$5,592	$1,232	$1,748	$1,760	$2,640	$1,812	$2,315	$1,703	$3,119					6.47%	<-IRR #YR->	5	5 Yr Running Ave.	36.79%
Total Assets	$14,950	$17,908	$26,628	$28,804	$47,904	$47,822	$53,051	$53,404	$55,481	$57,659	$64,252	$65,920	$73,486						Balance Sheet		Assets
Accruals Ratio	2.80%	9.04%	13.27%	1.47%	11.67%	2.58%	3.29%	3.30%	4.76%	3.14%	3.60%	2.58%	4.24%					3.60%	<-Median->	5	Ratio
EPS/CF Ratio	0.35	0.39	0.35	0.45	0.41	0.34	0.41	0.45	0.39	0.41	0.38	0.42	0.44					0.41	<-Median->	10	EPS/CF Ratio
			-$317	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,606
								-$1,655	$0	$0	$0	$0	$1,606
			-$318	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,376
								-$1,006	$0	$0	$0	$0	$1,376
Chge in Close	2.55%	-11.02%	27.95%	-3.98%	10.83%	11.22%	-1.30%	18.39%	-3.49%	17.37%	-11.22%	0.61%	9.58%	12.29%	0.00%	0.00%			count	31	Change in Close
Expected?			Down	Down		down													count	15
Happened?				Yes														% right	count	3	20.00%
Financial Cash Flow	$171	$1,186	$3,361	-$346	$5,050	$339	$644	$154	$1,327	$451	$1,035	$613	$1,064						C F Statement		Financial CF
Total Accruals	$248	$432	$173	$769	$542	$893	$1,104	$1,606	$1,313	$1,361	$1,280	$1,090	$2,055								Accruals
Accruals Ratio	1.7%	2.4%	0.6%	2.7%	1.1%	1.9%	2.1%	3.0%	2.4%	2.4%	2.0%	1.7%	2.8%					2.36%	<-Median->	5	Ratio
Cash	$154	$72	$230	$242	$269	$327	$332	$370	$249	$131	$209	$625	$220	$220							Cash
Cash per Share	$0.80	$0.34	$0.83	$0.86	$0.67	$0.78	$0.77	$0.80	$0.53	$0.28	$0.43	$1.27	$0.44	$0.44				$0.44	<-Median->	5	Cash per Share
Percentage of Stock Price	2.35%	1.11%	2.14%	2.30%	1.62%	1.68%	1.70%	1.48%	1.03%	0.45%	0.80%	2.34%	0.74%	0.66%				0.80%	<-Median->	5	% of Stock Price
Where 2016 report is available.
http://www.envisionreports.com/fortis2017
Notes:
April 26, 2025.  Last estimates were for 2024, 2025, 2026 of $11992M, $12534M, $12912M Revenue, $3.98, $4.15 2024/5 AFFO, $3.32, $3.32 $3.48 AEPS, $3.20, $3.35, $3.53 EPS,
$2.38, $2.49 and $2.61 Dividends, $1967M, $2089M, $361M for FCF, $7.45, $7.66, $7.70 CFPS, $5326M, $5580M, $6079M EBITDA, $43.70, $44.90, $46.30 BVPS, $1575M, $1681M, $1818M Net Income.
April 23, 2024.  Last estimates were for 2023, 2024 and 2025 of 11274M, $11820M, and $12084M for Revenue, $374, $3.89 2023/4 for AFFO, $2.95, $3.12 and $3.29 AEPS, 2.96, $3.13 and $3.33 EPS,
$2.28, $2.40, $2.41 Dividend, $830M, $1293M, $905M FCF, $7.19, $7.42, $7.99 CFPS, $42.00, $43.20 $45.90 BVPS, $1444M, $1550M $1659M Net Income.
March 2024 noticed This stock was on NYSE not OTC.   When on NYSE in 2016.
April 28, 2023.  Last estimates were for 2022, 2023 and 2024 of $9815M, $10296M and $10409M for Revenue, $3.21 and $3.56 2022/3for AFFO, $2.81, 2.99 and $3.17 for AEPS, $2.80, $2.99 and $3.15 for EPS,
$2.17, $2.30 and $2.46 for Dividends, $1533M, $1694M and $1801M for FCF, $6.91, $6.98 and $7.67 for CFPS, $39.60, $38.40 and $41.70 for BVPS, and $1343M, $1447M and $1532M for Net Income.
April 25, 2022.  Last estimates were for 2021, 2022 and 2023 of $9353, $9639 and $9751 for Revenue, $3.12 and $3.52 for AFFO for 2021-22, $2.78, $2.95 and $3.11 for AEPS,
$2.78, $2.93 and $3.14 for EPS, $2.05, $2.17 and $2.30 for Dividends, $1492M, $966M and $827M for FCF, $1303M, $1389M and $1502M for Net Income.
April 25, 2021.  Last estimates were for 2020, 2021 and 2022 of $9278M, $9689M and $10098M for Revenue, $2.91 and $3.32 for AFFO for 2020 and 2021, $2.65, $2.87 and $3.06 for Adj EPS,
$2.65 $2.84 and $3.10 for EPS, $1.94, $2.05 and $2.18 for Dividends, $1,386M, $1195M and -$34M for FCF, $6.22, $6.38 and $7.40 for CF, and $1239M, $1343M and $1455M for Net Income.
April 19, 2020.  Last estimates were for 2019, 2020 and 2021 of $9246M, $9476M and $9669M for Revenue, $2.53 and $2.67 for AFFO for 2019 and 2020,
$2.66, $2.81 and 2.85 for EPS, $1.83m $1.93 and $2.05 for Div, $5.72, $6.47 and $6.18 for CFPS and $1125M, $1203M and $1290M for Net Income.
April 23, 2019.  Last estimates were for 2018, 2019 and 2020 of $9141M, $9499m and $9589M for Revenue, $2.28 and $2.32 for AFFO for 2018 and 2019,
$2.55, $2.67 and $2.53 for EPS, $2.55. $2.67 and $2.55 for CFPS and $1077M, $1149M and $1194M for Net Income.
April 22, 2018.  Last estimates were for 2017, 2018 and 2019 of $8922M, $9285M and $10001M for Revenue, AFFO for 2017 and 2018 of $2.62 and $2.86,
$2.47, 2.60 and $2.55 for EPS, $5.10, $5.31 and $5.29 for CFPS and $1020M, $1075M and $1093M for Ne Income.
April 21, 2017.  Last estimates were for 2016, 2017 and 2018 of $7128M, $7847M and $9181M for Revenue, $3.10 fpr AFFO for 2016, $2.16, $2.43 and $2.66 for EPS,
$5.36, $5.13 and $5.48 for CFPS and $608M and $820M for 2016 and 2017 for Net Income.
April 30, 2016.  Last estimates were for 2015 and 2016 of $6765M, $6757M for Revenue, $2.69 and $3.00 for AFFO, $2.05 and $2.13 for EPS, $5.26 and $5.57 for CFPS and $566M and $587M for Net Income.
May 16, 2015.  Last estimates were for 2014, 2015 and 2016 of $4539M $5990M and $5704M for Revenue, $2.95 and $3.56 for AFFO for 2014 and 2015,
$1.66, $1.99 and $2.04 for EPS, $4.58 and $5.05 for CFPS for 2014 and 2015, and $293M and $505M for 2014 and 2015 for Net Income.
May 8, 2014.  Last estimates were for 2013, 2014 and 2015 of $4127M, $4512M and $4792M for Revenue, $2.58, $2.78 and $3.05 for EPS, $1.51, 1.98 and $2.04 for EPS, $4.56, $4.70 and $4.97 for CFPS.
Fortis has raised their dividends for 41 consecutive years since 1972.
May 2013.  Last estimates were for 2012 and 2013 of $3855M and $4378M for Revenue, $1.72 and $1.80 for EPS and $4.57 and $4.64 for CFPS.
This company got permission to use US GAAP accounting until 2014.  They are using US GAAP as it is closer to CDN GAAP for a regulated company.  By 2014 they will have to be a SEC Issuer or go to IFRS.
The company feels that a transition to IFRS would likely have resulted in the derecognition of some, or perhaps all, of the Corporation’s regulatory assets and liabilities
and caused significant volatility in the Corporation’s consolidated earnings.
Feb 24, 2013. Unaudited Statements were in a press release of February 2013.  So Far no audited statements
Mar 3, 2012.  Last estimates were for 2011 and 2012 with $3804M and $4009M for revenue, $1.74 and $1.82 for EPS and $4.40 and $4.66 for CF.
May 1, 2011.  Last I looked I got estimates for 2010 and 2011 of $1.65 and $1.79 for earnings and $3.80 for 2010 cash flow. Undiluted earnings were $1.65.
Apr 1, 2010.  Since I reviewed this stock in last March, earnings estimates have increased from $1.61 and $1.71.  They have raised their dividends every year since 1973
Mar 24, 2010.  In Aug 2009, I picked up 2009, 2010 and 2011 earnings of $1.50, $1.61 and $1.71 and cash Flow $3.61 and $3.80.
Aug 19, 2009.  In May 2009, I picked up 2009 and 2010 earnings estimates of $1.53 and 1.65 and cash flow estimates of 3.79 and 3.98.
May 3, 2009 AR 2008.  In Jul 2008, I picked up earnings estimates of $1.53. Earnings came in at $1.56, diluted $1.53.  This was a good estimate.
Looking at quicken, I have made a return of 12.8% on this stock between my two accts. For the last 5 years about 11%.   This has been a great stock. About 4% of my return is in dividends.
AP 2007.  Dividends have increased for last 35 yrs. Tracking well with other utilities, but diverging lower than general TSX
AP 2006. This stock continues to do what I bought it for.  It slowly plots ahead and pays a good dividend.
AR 2005.  Return has really shot up lately.  High debt, but debt has always been high. TDNewCrest is negative on stock.  They think it will move sideways over next few years.
Apr 2004.  Revenue and stock price increaseing (but P/E a little high).  Does not do well re Accrual Ratio. Sold some stock.
AR 2004.  Debt is high but company has just sold stock worth 129.9M$ to reduce debt. My IRR since 1987 is 13.2%. Not bad, but should watch stock.
May 2003.  Not the time to buy more.
2003.  This continues to plot along.  I have gotten a 12.02 IRR on this stock since purchasing.  Held in both RRSP and Cdn Trading accounts.
2003 This stock has not done as well over the last 5 yrs - averagering 8% return.  However, we are in a stock downturn.
This company has increased their dividend annually since about 1973, and raised it in 2009 and 2010.
In 1987 shareholders of Newfoundland Light & Power Co. form Fortis Inc. as a holding company with 100% ownership of the regulated electrical utility.
Sector:
Power, Utility
What should this stock accomplish?
Would I buy this company and Why.
I made most of my money from banks and utilities.  This has been a very good long term one.
Why am I following this stock.
I am following this company as I own the stock.  It was also on Mike’s site showing Dividend Paying Canadian Growth stocks.  It was also on the Dividend Growth stock lists that I follow.
Why I bought this stock.
I bought this stock as Newfoundland Light and Power Co. Ltd. Class A shares in 1987.   I bought more in 1995, 1998 and 2005.
In 2005 I sold some Fortis from my RRSP account as I needed to get $20,000 in this account and I was concerned about the debt liquidity of this stock.   However, this stock continues to be one of my big stock holdings.
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are declared for one month and paid near the first of the following month.
For example on December 9, 2013 the company annouced the dividend payable on March 1, 2014 for shareholders of record of February 14, 2014.
How they make their money
Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States. The company has smaller stakes in
electricity generation and several Caribbean utilities.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	April 22	2018	April 23	2019	April 19	2020	April 25	2021	April 25	2022	April 28	2023	April 23	2024			April 26	2025
Hutchens, David G.								0.084	0.02%	0.084	0.02%	0.103	0.02%	0.128	0.03%			0.140	0.03%			9.39%
CEO - Shares - Amount									$5.120		$4.546		$5.611		$7.642				$9.388
Options - percentage								0.226	0.05%	0.276	0.06%	0.373	0.08%	0.442	0.09%			0.512	0.10%			15.88%
Options - amount									$13.780		$14.976		$20.336		$26.410				$34.366
																					See below
Perry, Jocelyn H.				0.000	0.00%	0.000	0.00%	0.048	0.01%	0.050	0.01%	0.052	0.01%	0.054	0.01%			0.059	0.01%		ceased as insider Jan 2011	10.51%
CFO- Shares - Amount					$0.000		$0.000		$2.943		$2.703		$2.818		$3.212				$3.986		Last filing Mar 2020
Options - percentage				0.000	0.00%	0.000	0.00%	0.000	0.00%	0.747	0.15%	0.324	0.07%	0.311	0.06%			0.232	0.05%		Shown in CFO slot from 2020	-25.37%
Options - amount					$0.000		$0.000		$0.000		$40.478		$17.658		$18.596				$15.584
Smith, Karl W.	0.03%	0.125	0.03%
CFO- Shares - Amount	$5.48		$5.698
Options - percentage	0.12%	0.518	0.12%
Options - amount	$23.26		$23.593
Smith, Gary Joseph														0.042	0.01%			0.044	0.01%			5.27%
Officer - Shares - Amount															$2.494				$2.948
Options - percentage														0.306	0.06%			0.250	0.05%			-18.37%
Options - amount															$18.258				$16.734
Gosse, Karen J.	0.01%	0.025	0.01%	0.026	0.01%	0.028	0.01%	0.032	0.01%	0.034	0.01%	0.036	0.01%	0.038	0.01%			0.049	0.01%		Last filing Mar 2020	27.68%
Officer - Shares - Amount	$1.02		$1.133		$1.400		$1.434		$1.951		$1.838		$1.964		$2.296				$3.292
Options - percentage	0.01%	0.051	0.01%	0.060	0.01%	0.067	0.01%	0.058	0.01%	0.058	0.01%	0.059	0.01%	0.060	0.01%			0.052	0.01%			-13.09%
Options - amount	$1.97		$2.331		$3.217		$3.462		$3.512		$3.128		$3.206		$3.584				$3.497
Blouin, Pierre J.										0.002	0.00%	0.002	0.00%	0.003	0.00%			0.004	0.00%			27.55%
Director - Shares - Amount											$0.129		$0.130		$0.168				$0.240
Options - percentage										0.023	0.00%	0.027	0.01%	0.030	0.01%			0.032	0.01%			7.00%
Options - amount											$1.257		$1.453		$1.788				$2.148
Amaimo, Stephanie A.						0.004	0.00%	0.008	0.00%	0.008	0.00%	0.009	0.00%	0.009	0.00%						Now VP Investor Relations	-100.00%
Officer- Shares - Amount							$0.223		$0.469		$0.423		$0.468		$0.524						in 2023, was Director in 2021
Options - percentage						0.012	0.00%	0.012	0.00%	0.011	0.00%	0.012	0.00%	0.013	0.00%							-100.00%
Options - amount							$0.606		$0.726		$0.600		$0.645		$0.764
Ball, Tracey Colleen		0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%			0.006	0.00%		Listed as Director 2019	15.90%
Director - Shares - Amount			$0.225		$0.267		$0.257		$0.302		$0.268		$0.270		$0.324				$0.422		Listed 2020 as officer
Options - percentage		0.014	0.00%	0.017	0.00%	0.020	0.00%	0.024	0.00%	0.027	0.01%	0.030	0.01%	0.034	0.01%			0.036	0.01%		Last File Apr 2001	6.66%
Options - amount			$0.638		$0.935		$1.058		$0.000		$1.454		$1.660		$2.024				$2.425		Listed as Director 2021
Clark, Maura														0.002	0.00%			0.002	0.00%			0.00%
Director - Shares - Amount															$0.119				$0.134
Options - percentage														0.028	0.01%			0.031	0.01%			13.38%
Options - amount															$1.652				$2.103
Zurel, Jo Mark										0.010	0.00%	0.010	0.00%	0.010	0.00%			0.010	0.00%			0.00%
Chairman - Shares - Amt											$0.542		$0.545		$0.597				$0.671
Options - percentage										0.017	0.00%	0.021	0.00%	0.025	0.01%			0.028	0.01%			10.13%
Options - amount											$0.918		$1.145		$1.494				$1.848
Haughey, Douglas J.	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%	0.010	0.00%
Chairman - Shares - Amt	$0.46		$0.455		$0.539		$0.520		$0.610		$0.542
Options - percentage	0.00%	0.027	0.01%	0.032	0.01%	0.038	0.01%	0.044	0.01%	0.050	0.01%
Options - amount	$0.89		$1.209		$1.741		$1.982		$2.702		$2.719
Increase in O/S Shares	0.26%	1.217	0.29%	0.357	0.08%	1.449	0.31%	1.490	0.32%	1.428	0.30%	1.500	0.31%	1.600	0.33%			1.400	0.28%		Average	30.04%
due to SO	$43.201		$56.117		$16.253		$78.072		$58.706		$61.061		$81.270		$86.688				$83.622		Search for Stock Options
Book Value	$32.000		$0.000		$11.960		$48.339		$58.706		$56.263		$67.290		$75.504				$68.418		Options Vested, end of year
Insider Buying	-$0.354		-$0.015		-$0.243		-$2.237		-$2.102		-$0.023		-$1.875		-$1.874				-$1.515
Insider Selling	$5.111		$6.262		$14.251		$38.054		$3.468		$7.989		$0.299		$0.206				$9.661
Net Insider Selling	$4.757		$6.247		$14.008		$35.817		$1.366		$7.966		-$1.576		-$1.668				$8.146
% of Market Cap	0.02%		0.03%		0.06%		0.15%		0.00%		0.03%		-0.01%		-0.01%				0.02%
Directors		12		12		12		12		12		12		12				12
Women	25%	4	33%	4	33%	4	33%	4	33%	5	42%	7	58%	7	58%			6	50%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	1	8%			1	8%
Institutions/Holdings	23.53%	445	58.27%	17	27.43%	20	49.82%			20	44.68%	20	49.95%	20	50.59%			20	48.47%
Total Shares Held	0.45%	246.512	57.53%	2.194	0.47%	217.514	46.60%			213.047	44.18%	241.928	49.31%	249.416	50.84%			241.993	48.47%
Increase/Decrease	-0.20%	0.344	0.14%	-0.023	-1.05%	16.874	8.41%			3.788	1.81%	3.342	1.40%	-5.383	-2.11%			-3.967	-1.61%
Starting No. of Shares	reuters	246.168	reuters	2.217	reuters	200.640	Top 20 MS			209.259	Top 20 MS	238.586	Top 20 MS	254.799	Top 20 MS			245.960	Top 20 MS
Institutions/Holdings					686	90.90%
Value						$22,691.420
Total Shares Held					330.000	77.01%
Value						$15,018.300
Increase/Decrease 3 Mths					-1.000	-0.30%
Starting No. of Shares					331.000	Moringstar
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