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.														Q2 2025
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Keyera Corp					TSX:	KEY	OTC:	KEYUF	http://www.keyera.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	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Start Date/ Split Date				4/6/15										6900M, $6960M, $7419M
Split				2
														$7,269.4	<-12 mths	1.84%
Revenue*	$2,942.28	$3,277.2	$3,623.7	$2,521.1	$2,509.0	$3,413.4	$4,465.2	$3,616.9	$3,012.5	$4,984.9	$7,060.2	$7,053.1	$7,138.4	$6,279	$8,373	$8,768		96.99%	<-Total Growth	10	Revenue
Increase	14.52%	11.38%	10.57%	-30.43%	-0.48%	36.05%	30.82%	-19.00%	-16.71%	65.47%	41.63%	-0.10%	1.21%	-12.04%	33.35%	4.72%		7.02%	<-IRR #YR->	10	Revenue	96.99%
5 year Running Average	$2,234.9	$2,455.2	$2,871.0	$2,986.7	$2,974.6	$3,068.9	$3,306.5	$3,305.1	$3,403.4	$3,898.6	$4,628.0	$5,145.5	$5,849.8	$6,503	$7,181	$7,522		14.57%	<-IRR #YR->	5	Revenue	97.36%
Revenue per Share	$18.94	$20.69	$21.48	$14.68	$13.51	$16.69	$21.21	$16.60	$13.63	$22.55	$30.81	$30.78	$31.15	$27.40	$36.54	$38.26		7.38%	<-IRR #YR->	10	5 yr Running Average	103.76%
Increase	5.58%	9.24%	3.82%	-31.65%	-7.97%	23.50%	27.13%	-21.76%	-17.88%	65.47%	36.61%	-0.10%	1.21%	-12.04%	33.35%	4.72%		12.10%	<-IRR #YR->	5	5 yr Running Average	76.99%
5 year Running Average	$15.96	$16.64	$18.59	$18.75	$17.86	$17.41	$17.52	$16.54	$16.33	$18.14	$20.96	$22.87	$25.78	$28.54	$31.34	$32.83		3.79%	<-IRR #YR->	10	Revenue per Share	45.00%
P/S (Price/Sales) Med	1.17	1.37	1.90	2.77	2.83	2.33	1.50	1.87	1.71	1.31	1.02	1.02	1.26	1.56	0.00	0.00		13.42%	<-IRR #YR->	5	Revenue per Share	87.68%
P/S (Price/Sales) Close	1.30	1.54	1.89	2.74	2.99	2.12	1.22	2.05	1.66	1.26	0.96	1.04	1.41	1.53	1.15	1.09		3.33%	<-IRR #YR->	10	5 yr Running Average	38.69%
*Revenue in M CDN $					P/S Med	20 yr	1.22	15 yr	1.37	10 yr	1.60	5 yr	1.26		-4.79%	Diff M/C		9.29%	<-IRR #YR->	5	5 yr Running Average	55.90%
			-$3,623.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$7,138.4
								-$3,616.9	$0.0	$0.0	$0.0	$0.0	$7,138.4
			-$2,871.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5,849.8
								-$3,305.1	$0.0	$0.0	$0.0	$0.0	$5,849.8
			-$21.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.15
								-$16.60	$0.00	$0.00	$0.00	$0.00	$31.15
			-$18.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.78
								-$16.54	$0.00	$0.00	$0.00	$0.00	$25.78
AFFO from TD												$4.48	$4.20	$3.85	$5.18						used to be same as DC
Increase													-6.25%	-8.33%	34.55%
														$711.7	<-12 mths	-7.68%
														$3.10	<-12 mths	-7.74%
Distributable Cash (AFFO)	$199.9	$288.1	$389.0	$482.1	$459.6	$510.4	$638.1	$593.6	$718.2	$668.6	$653.5	$854.6	$770.9	$1,133	$1,161			98.20%	<-Total Growth	10	Distributable Cash (AFFO)	now Distributable Cash Flow by Cowen
Increase	-1.14%	44.12%	35.03%	23.95%	-4.67%	11.06%	25.02%	-6.98%	20.99%	-6.90%	-2.25%	30.77%	-9.79%					4.41%	<-Median->	10	Increase
Actual Dis 2003
Pre-split 2015	$2.62	$3.68	$4.73
Distributable Cash per Share	$1.31	$1.84	$2.37	$2.84	$2.56	$2.70	$3.08	$2.77	$3.26	$3.03	$2.95	$3.73	$3.36	$4.11	$4.12			42.07%	<-Total Growth	10	Distributable Cash
Increase	-8.07%	40.46%	28.53%	20.08%	-9.86%	5.47%	14.07%	-10.06%	17.69%	-7.06%	-2.64%	26.44%	-9.92%	22.32%	0.24%			3.57%	<-IRR #YR->	10	Distributable Cash	42.07%
AFFO Yield	5.3%	5.8%	5.8%	7.1%	6.3%	7.6%	11.9%	8.1%	14.4%	10.6%	10.0%	11.6%	7.6%	9.8%	9.8%			3.94%	<-IRR #YR->	5	Distributable Cash	21.30%
5 year Running Average	$1.48	$1.63	$1.69	$1.96	$2.18	$2.46	$2.71	$2.79	$2.87	$2.97	$3.02	$3.15	$3.27	$3.44	$3.65			6.79%	<-IRR #YR->	10	5 yr Running Average	92.91%
Payout Ratio	78.24%	60.87%	52.96%	49.21%	59.77%	60.83%	55.84%	66.43%	58.90%	63.37%	65.08%	52.55%	60.71%	51.58%	52.43%			3.20%	<-IRR #YR->	5	5 yr Running Average	17.06%
Payout Ratio 5 year Running	65.27%	62.90%	61.99%	58.74%	57.95%	56.42%	55.68%	58.28%	60.21%	60.93%	61.76%	60.74%	59.77%	57.97%	55.83%			59.25%	<-Median->	10	Payout 5 yr Running Average
Price/DC Median	16.95	15.38	17.29	14.32	14.94	14.40	10.31	11.19	7.16	9.76	10.62	8.39	11.72	10.43	0.00			10.90	<-Median->	10	Price/DC Median
Price/DC High	19.55	17.37	21.07	15.98	16.71	15.63	12.33	12.87	11.10	11.61	11.95	9.16	14.10	11.42	0.00			12.60	<-Median->	10	Price/DC High
Price/DC Low	14.35	13.40	13.51	12.67	13.17	13.18	8.30	9.50	3.21	7.91	9.29	7.62	9.35	9.45	0.00			9.39	<-Median->	10	Price/DC Low
Price/DC Close	18.79	17.37	17.14	14.18	15.80	13.12	8.38	12.28	6.94	9.42	10.03	8.59	13.08	10.18	10.16			11.16	<-Median->	10	Price/DC Close
Trailing P/DC Close	19.08	13.38	13.52	14.27	15.73	14.99	11.50	9.32	10.44	7.47	9.67	7.93	9.53	10.70	10.16			10.05	<-Median->	10	Trailing P/DC Close
Median Values	Historical	in order	11.27	13.41	9.32	11.90	P/AFFO	5 Yrs	in order	9.76	11.61	7.91	9.42		4.35%	Diff M/C		-6.58%	Diff M/C	10	DPR 75% to 95% best
* Distributable Cash Flow per share (Cdn GAAP)
			-$2.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.36
								-$2.77	$0.00	$0.00	$0.00	$0.00	$3.36
			-$1.69	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.27
								-$2.79	$0.00	$0.00	$0.00	$0.00	$3.27
														$860.9	<-12 mths	-7.08%
														$3.76	<-12 mths	-7.08%
Funds From Operations (FFO)		$358.1	$540.1	$582.5	$542.2	$567.6	$696.3	$754.3	$810.4	$765.9	$818.8	$1,027.5	$926.4	$881.0	$1,427.0	$1,471.0		71.53%	<-Total Growth	10	Distributable Cash (FFO)
Increase		#DIV/0!	50.83%	7.85%	-6.92%	4.70%	22.67%	8.32%	7.45%	-5.50%	6.92%	25.48%	-9.84%					7.18%	<-Median->	10	Increase
Actual Dis 2003
Pre-split 2015		$3.68	$4.73
Distributable Cash per Share		$2.27	$3.29	$3.43	$3.02	$3.00	$3.36	$3.52	$3.68	$3.47	$3.70	$4.48	$4.04	$3.84	$6.23	$6.42		23.04%	<-Total Growth	10	Distributable Cash
Increase			44.49%	4.31%	-11.98%	-0.46%	11.79%	4.89%	4.40%	-5.75%	6.79%	21.17%	-9.84%	-4.90%	61.98%	3.08%		2.09%	<-IRR #YR->	10	Distributable Cash	23.04%
AFFO Yield		7.1%	8.1%	8.5%	7.5%	8.5%	13.0%	10.4%	16.3%	12.1%	12.5%	14.0%	9.2%	9.2%	14.9%	15.3%		2.80%	<-IRR #YR->	5	Distributable Cash	14.81%
5 year Running Average						$3.00	$3.22	$3.27	$3.32	$3.40	$3.54	$3.77	$3.87	$3.91	$4.46	$5.00		3.14%	<-IRR #YR->	6	5 yr Running Average	#DIV/0!
Payout Ratio		49.25%	38.12%	40.77%	50.71%	54.69%	51.23%	52.25%	52.22%	55.41%	51.89%	43.71%	50.46%	55.14%	34.69%	33.65%		3.48%	<-IRR #YR->	5	5 yr Running Average	18.63%
Payout Ratio 5 year Running						46.26%	46.87%	49.79%	52.20%	53.12%	52.59%	50.72%	50.39%	50.98%	45.74%	41.73%		50.56%	<-Median->	8	Payout 5 yr Running Average
Price/DC Median		12.45	12.44	11.87	12.67	12.95	9.46	8.80	6.35	8.54	8.47	6.98	9.74	11.15	0.00	0.00		9.13	<-Median->	10	Price/DC Median
Price/DC High		14.06	15.16	13.24	14.18	14.05	11.31	10.12	9.84	10.15	9.53	7.62	11.72	12.21	0.00	0.00		10.73	<-Median->	10	Price/DC High
Price/DC Low		10.84	9.73	10.49	11.17	11.85	7.61	7.47	2.85	6.92	7.40	6.34	7.77	10.10	0.00	0.00		7.54	<-Median->	10	Price/DC Low
Price/DC Close		14.06	12.33	11.75	13.41	11.79	7.69	9.66	6.15	8.23	8.00	7.14	10.87	10.89	6.72	6.52		8.95	<-Median->	10	Price/DC Close
Trailing P/DC Close		10.82	9.73	11.82	13.34	13.47	10.55	7.33	9.25	6.53	7.71	6.60	7.92	11.43	6.72	6.52		8.59	<-Median->	10	Trailing P/DC Close
Median Values	Historical	in order	9.60	11.52	7.69	10.27	P/FFO	5 Yrs	in order	8.47	9.84	6.92	8.00		28.62%	Diff M/C		19.25%	Diff M/C	10	DPR 75% to 95% best
Funds From Operations (FFO)
			-$3.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.04
								-$3.52	$0.00	$0.00	$0.00	$0.00	$4.04
							-$3.22	$0.00	$0.00	$0.00	$0.00	$0.00	$3.87
								-$3.27	$0.00	$0.00	$0.00	$0.00	$3.87
														$2.31	<-12 mths	8.96%
Pre-split 2015	$1.71	$1.87
EPS Basic	$0.86	$0.94	$1.40	$1.19	$1.21	$1.53	$1.90	$2.07	$0.28	$1.47	$1.48	$1.85	$2.12					51.43%	<-Total Growth	10	EPS Basic
Actual EPS 2003
Pre-split 2015	$1.71	$1.87
EPS Diluted*	$0.86	$0.94	$1.40	$1.19	$1.21	$1.53	$1.90	$2.07	$0.28	$1.47	$1.48	$1.85	$2.12	$2.26	$2.85	$2.91		51.43%	<-Total Growth	10	EPS Diluted
Increase	-10.00%	9.36%	49.73%	-15.00%	1.68%	26.45%	24.18%	8.95%	-86.47%	425.00%	0.68%	25.00%	14.59%	6.75%	25.81%	2.04%		10	0	10	Years of Data, EPS P or N
Earnings Yield	3.5%	2.9%	3.5%	3.0%	3.0%	4.3%	7.4%	6.1%	1.2%	5.2%	5.0%	5.8%	4.8%	5.4%	6.8%	6.9%		4.24%	<-IRR #YR->	10	Earnings per Share	51.43%
5 year Running Average	$1.03	$0.96	$1.01	$1.07	$1.12	$1.25	$1.45	$1.58	$1.40	$1.45	$1.44	$1.43	$1.44	$1.84	$2.11	$2.40		0.48%	<-IRR #YR->	5	Earnings per Share	2.42%
10 year Running Average	$0.70	$0.75	$0.87	$0.94	$1.00	$1.14	$1.20	$1.29	$1.23	$1.28	$1.35	$1.44	$1.51	$1.62	$1.78	$1.92		3.62%	<-IRR #YR->	10	5 yr Running Average	42.72%
* Diluted ESP per share									E/P	10 Yrs	4.91%	5Yrs	5.00%					-1.84%	<-IRR #YR->	5	5 yr Running Average	-8.86%
			-$1.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.12
								-$2.07	$0.00	$0.00	$0.00	$0.00	$2.12
			-$1.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.44
								-$1.58	$0.00	$0.00	$0.00	$0.00	$1.44
Dividend*														$2.12	$2.21	$2.30			Estimates		Dividend*
Increase														3.82%	4.11%	4.40%			Estimates		Increase
Payout Ratio EPS														93.59%	77.45%	79.24%			Estimates		Payout Ratio EPS
Pre-split 2015	$0.00	$0.00
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 Dividends
Pre-split 2015	$2.05	$2.24	$2.51
Dividend*	$1.03	$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$2.04	$2.12	$2.16	$2.16		62.87%	<-Total Growth	10	Dividends
Increase	7.89%	9.27%	11.83%	11.58%	9.48%	7.35%	4.72%	6.98%	4.35%	0.00%	0.00%	2.08%	4.08%	3.92%	1.89%	0.00%		18	0	21	Years of data, Count P, N	85.71%
Average Increases 5 Year Running	6.96%	6.23%	6.91%	9.23%	10.01%	9.90%	8.99%	8.02%	6.58%	4.68%	3.21%	2.68%	2.10%	2.02%	2.39%	2.39%		7.30%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.97	$1.02	$1.05	$1.15	$1.27	$1.39	$1.51	$1.63	$1.73	$1.81	$1.86	$1.91	$1.95	$1.99	$2.04	$2.09		85.99%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.62%	3.96%	3.06%	3.44%	4.00%	4.22%	5.41%	5.94%	8.23%	6.49%	6.13%	6.26%	5.18%	4.94%				5.68%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.00%	3.50%	2.51%	3.08%	3.58%	3.89%	4.53%	5.16%	5.31%	5.46%	5.45%	5.74%	4.30%	4.52%				4.84%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.45%	4.54%	3.92%	3.89%	4.54%	4.62%	6.73%	6.99%	18.32%	8.01%	7.01%	6.90%	6.50%	5.46%				6.82%	<-Median->	10	Yield on Low Price	AFFO
Yield on Close Price	4.16%	3.50%	3.09%	3.47%	3.78%	4.64%	6.66%	5.41%	8.49%	6.73%	6.49%	6.12%	4.64%	5.06%	5.16%	5.16%		5.76%	<-Median->	10	Yield on Close Price	FFO
Payout Ratio EPS	119.88%	119.79%	89.46%	117.44%	126.45%	107.35%	90.53%	88.89%	685.71%	130.61%	129.73%	105.95%	96.23%	93.68%	75.87%	74.35%		112.39%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	93.51%	106.89%	104.01%	107.79%	113.15%	110.81%	104.32%	102.91%	123.78%	124.72%	129.44%	133.71%	135.56%	108.46%	96.59%	87.11%		118.47%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	66.90%	46.06%	45.87%	37.02%	68.80%	65.40%	59.91%	45.16%	61.67%	72.69%	47.55%	46.04%	36.93%	56.23%	43.20%	40.45%		53.73%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	69.18%	58.94%	58.06%	49.05%	49.83%	50.78%	53.45%	52.60%	58.48%	59.44%	55.68%	52.75%	49.86%	49.23%	45.16%	43.70%		52.67%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	59.48%	49.54%	39.12%	41.19%	52.40%	59.19%	50.95%	53.16%	52.36%	55.41%	53.73%	43.71%	48.57%	56.23%	43.20%	40.45%		52.38%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	57.52%	53.69%	49.24%	46.48%	46.86%	47.71%	48.15%	51.05%	53.41%	54.00%	53.13%	51.26%	50.34%	51.10%	48.51%	45.80%		50.70%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.68%	5.76%	5 Yr Med	5 Yr Cl	6.26%	6.49%	5 Yr Med	Payout	129.73%	47.55%	52.36%					2.09%	<-IRR #YR->	5	Dividends	10.87%
* Dividends per share	10 Yr Med	and Cur.	-9.10%	-10.48%	5 Yr Med	and Cur.	-17.62%	-20.48%	Last Div Inc --->		$0.520	$0.540	3.85%					5.00%	<-IRR #YR->	10	Dividends	62.87%
Dividends Growth 15																		5.61%	<-IRR #YR->	15	Dividends	126.67%
Dividends Growth 20																		6.82%	<-IRR #YR->	20	Dividends
Dividends Growth 25																		10.06%	<-IRR #YR->	21	Dividends
Dividends Growth 5								-$1.84	$0.00	$0.00	$0.00	$0.00	$2.04								Dividends Growth 5
Dividends Growth 10			-$1.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.04								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	$2.04								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	$2.04								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	$2.04								Dividends Growth 25
Historical Dividends	Historical	High Div	12.17%	Low Div	3.21%	10 Yr High	17.29%	10 Yr Low	3.13%	Med Div	5.98%	Close Div	5.69%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-57.60%		60.75%	Exp.	-70.16%		64.86%	Exp.	-13.71%	Exp.	-9.35%					5.18%	Since 2010		High/Ave/Median
																		-0.38%	Exp.
Future Dividend Yield					Div Yd	5.72%	earning in	5	Years	at IRR of	2.09%	Div Inc.	10.87%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.34%	earning in	10	Years	at IRR of	2.09%	Div Inc.	22.92%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.03%	earning in	15	Years	at IRR of	2.09%	Div Inc.	36.28%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.39	earning in	5	Years	at IRR of	2.09%	Div Inc.	10.87%								Future Dividend Paid	Div Pd
Future Dividend Paid					Div Paid	$2.66	earning in	10	Years	at IRR of	2.09%	Div Inc.	22.92%								Future Dividend Paid	$2.39
Future Dividend Paid					Div Paid	$2.94	earning in	15	Years	at IRR of	2.09%	Div Inc.	36.28%								Future Dividend Paid	$2.66
																						$2.94
Dividend Covering Cost					Total Div	$11.26	over	5	Years	at IRR of	2.09%	Div Cov.	26.90%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$21.35	over	10	Years	at IRR of	2.09%	Div Cov.	51.00%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$32.53	over	15	Years	at IRR of	2.09%	Div Cov.	77.72%								Dividend Covering Cost
																						Div Yd
Yield if held 5 years	11.57%	11.61%	12.94%	9.35%	7.26%	7.40%	6.08%	4.50%	4.72%	5.02%	4.94%	6.17%	6.58%	9.09%	7.30%	6.90%		6.12%	<-Median->	10	Paid Median Price	9.09%
Yield if held 10 years		19.54%	19.82%	14.75%	15.14%	18.53%	17.83%	19.01%	12.84%	9.11%	8.65%	6.92%	4.99%	5.21%	5.65%	5.55%		13.80%	<-Median->	10	Paid Median Price	5.21%
Yield if held 15 years							30.00%	29.11%	20.27%	19.01%	21.66%	20.32%	21.07%	14.18%	10.25%	9.73%		21.07%	<-Median->	7	Paid Median Price	14.18%
Yield if held 20 years												34.19%	32.28%	22.38%	21.38%	24.37%		33.23%	<-Median->	2	Paid Median Price	22.38%
Cost covered if held 5 years	54.50%	53.08%	54.21%	38.43%	30.02%	31.26%	26.64%	19.88%	21.27%	23.65%	23.97%	30.10%	31.50%	42.69%	34.49%	33.33%		28.33%	<-Median->	10	Paid Median Price
Cost covered if held 10 years		149.91%	147.17%	106.09%	107.55%	132.83%	131.29%	138.20%	96.30%	72.94%	73.23%	60.42%	43.75%	45.75%	50.32%	50.81%		101.20%	<-Median->	10	Paid Median Price
Cost covered if held 15 years							281.49%	275.81%	197.43%	197.06%	238.00%	230.40%	239.02%	162.93%	121.35%	120.24%		238.00%	<-Median->	7	Paid Median Price
Cost covered if held 20 years												448.25%	430.24%	302.58%	298.02%	355.80%		439.25%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$3,616.9	$3,012.5	$4,984.9	$7,060.2	$7,053.1	$7,138.4	$7,269.4	<-12 mths	1.84%		97.36%	<-Total Growth	5	Revenue Growth	97.36%
AFFO Growth								$2.77	$3.26	$3.03	$2.95	$3.73	$3.36	$3.10	<-12 mths	-7.74%		21.30%	<-Total Growth	5	AFFO Growth	21.30%
Net Income Growth								$443.6	$62.0	$324.2	$328.3	$424.0	$424.0	$447.0	<-12 mths	5.42%		-4.41%	<-Total Growth	5	Net Income Growth	-4.41%
Cash Flow Growth								$887.9	$688.2	$583.8	$925.3	$975.5	$1,265.8	$906.0	<-12 mths	-28.42%		42.55%	<-Total Growth	5	Cash Flow Growth	42.55%
Dividend Growth								$1.84	$1.92	$1.92	$1.92	$1.96	$2.04	$2.12	<-12 mths	3.92%		10.87%	<-Total Growth	5	Dividend Growth	10.87%
Stock Price Growth								$34.02	$22.62	$28.53	$29.59	$32.03	$43.96	$41.86	<-12 mths	-4.78%		29.22%	<-Total Growth	5	Stock Price Growth	29.22%
Revenue Growth			$3,623.7	$2,521.1	$2,509.0	$3,413.4	$4,465.2	$3,616.9	$3,012.5	$4,984.9	$7,060.2	$7,053.1	$7,138.4	$6,279.0	<-this year	-12.04%		96.99%	<-Total Growth	10	Revenue Growth	96.99%
AFFO Growth			$2.37	$2.84	$2.56	$2.70	$3.08	$2.77	$3.26	$3.03	$2.95	$3.73	$3.36	$4.11	<-this year	22.32%		42.07%	<-Total Growth	10	AFFO Growth	42.07%
Net Income Growth			$230.0	$201.9	$216.9	$289.9	$394.2	$443.6	$62.0	$324.2	$328.3	$424.0	$424.0	$498.3	<-this year	17.51%		84.37%	<-Total Growth	10	Net Income Growth	84.37%
Cash Flow Growth			$460.6	$648.2	$412.9	$513.7	$604.3	$887.9	$688.2	$583.8	$925.3	$975.5	$1,265.8	$863.9	<-this year	-31.75%		174.82%	<-Total Growth	10	Cash Flow Growth	174.82%
Dividend Growth			$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$2.04	$2.12	<-this year	3.82%		62.87%	<-Total Growth	10	Dividend Growth	62.87%
Stock Price Growth			$40.53	$40.26	$40.46	$35.42	$25.81	$34.02	$22.62	$28.53	$29.59	$32.03	$43.96	$41.86	<-this year	-4.78%		8.46%	<-Total Growth	10	Stock Price Growth	8.46%
Dividends on Shares				$34.94	$38.25	$41.06	$43.00	$46.00	$48.00	$48.00	$48.00	$49.00	$51.00	$53.00	$54.00	$54.00		$447.25	No of Years	10	Total Divs	12/31/14
Paid			$1,013.25	$1,006.50	$1,011.50	$885.50	$645.25	$850.50	$565.50	$713.25	$739.75	$800.75	$1,099.00	$1,046.50	$1,046.50	$1,046.50		$1,099.00	No of Years	10	Worth	$40.53
Total																		$1,546.25
Graham No. EPS	$10.50	$11.08	$15.69	$14.77	$16.43	$20.43	$23.55	$25.55	$8.87	$19.94	$20.24	$22.47	$24.28	$25.07	$28.12	$28.41		54.73%	<-Total Growth	10	Graham Number EPS
Price/GP Ratio Med	2.11	2.56	2.61	2.75	2.33	1.90	1.35	1.21	2.63	1.48	1.55	1.39	1.62	1.71				1.59	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.44	2.89	3.18	3.07	2.60	2.07	1.61	1.40	4.08	1.76	1.74	1.52	1.95	1.87				1.86	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.79	2.23	2.04	2.44	2.05	1.74	1.09	1.03	1.18	1.20	1.35	1.26	1.29	1.55				1.28	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.34	2.89	2.58	2.73	2.46	1.73	1.10	1.33	2.55	1.43	1.46	1.43	1.81	1.67	1.49	1.47		1.60	<-Median->	10	Price/GP Ratio
Prem/Disc Close	134.34%	188.57%	158.32%	172.65%	146.23%	73.40%	9.61%	33.16%	154.97%	43.06%	46.20%	42.55%	81.08%	66.96%	48.85%	47.36%		59.80%	<-Median->	10	Graham Price
Pre-split 2015	$49.23	$63.93
Price Close	$24.62	$31.97	$40.53	$40.26	$40.46	$35.42	$25.81	$34.02	$22.62	$28.53	$29.59	$32.03	$43.96	$41.86	$41.86	$41.86		8.46%	<-Total Growth	10	Stock Price
Increase	-1.54%	29.86%	26.79%	-0.67%	0.50%	-12.46%	-27.13%	31.81%	-33.51%	26.13%	3.72%	8.25%	37.25%	-4.78%	0.00%	0.00%		24.42	<-Median->	10	CAPE (10 Yr P/E)
P/E	28.79	34.19	28.95	33.83	33.44	23.15	13.58	16.43	80.79	19.41	19.99	17.31	20.74	18.50	14.70	14.41		5.26%	<-IRR #YR->	5	Stock Price	29.22%
Trailing P/E	25.91	37.39	43.35	28.76	34.00	29.27	16.87	17.91	10.93	101.89	20.13	21.64	23.76	19.75	18.50	14.70		0.82%	<-IRR #YR->	10	Stock Price	8.46%
CAPE (10 Yr P/E)	18.76	20.79	21.94	23.42	25.08	24.22	24.45	24.38	26.03	25.25	24.45	22.90	22.03	20.67	18.85	17.83		10.46%	<-IRR #YR->	5	Price & Dividend	57.91%
Median 10, 5 Yrs		D.  per yr	4.20%	5.20%	% Tot Ret	83.75%	49.73%	T P/E	22.70	21.64	P/E:	20.36	19.99					5.02%	<-IRR #YR->	10	Price & Dividend	52.60%
Price  15		D.  per yr	6.90%		% Tot Ret	43.66%						CAPE Diff	-24.24%					8.90%	<-IRR #YR->	15	Stock Price	259.30%
Price  20		D.  per yr	8.04%		% Tot Ret	45.91%												9.47%	<-IRR #YR->	20	Stock Price	510.98%
Price  25		D.  per yr	8.79%		% Tot Ret	45.84%												10.39%	<-IRR #YR->	22	Stock Price
Price & Dividend 15																		15.80%	<-IRR #YR->	15	Price & Dividend	448.41%
Price & Dividend 20																		17.51%	<-IRR #YR->	20	Price & Dividend	8.8890063
Price & Dividend 25																		19.18%	<-IRR #YR->	22	Price & Dividend
Price  5								-$34.02	$0.00	$0.00	$0.00	$0.00	$43.96								Price  5
Price 10			-$40.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$43.96								Price 10
Price & Dividend 5								-$34.02	$1.92	$1.92	$1.92	$1.96	$46.00								Price & Dividend 5
Price & Dividend 10			-$40.53	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$46.00								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	$43.96								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	$43.96								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	$43.96								Price  25
Price & Dividend 15	$1.03	$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$46.00								Price & Dividend 15
Price & Dividend 20	$1.03	$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$46.00								Price & Dividend 20
Price & Dividend 25	$1.03	$1.12	$1.25	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$46.00								Price & Dividend 25
Price H/L Median	$22.21	$28.31	$40.89	$40.68	$38.24	$38.89	$31.77	$30.99	$23.33	$29.58	$31.33	$31.29	$39.40	$42.88				-3.66%	<-Total Growth	10	Stock Price
Increase	5.40%	27.47%	44.45%	-0.51%	-6.00%	1.70%	-18.32%	-2.46%	-24.71%	26.77%	5.92%	-0.11%	25.90%	8.83%				-0.37%	<-IRR #YR->	10	Stock Price	-3.66%
P/E	25.97	30.28	29.21	34.18	31.60	25.42	16.72	14.97	83.32	20.12	21.17	16.91	18.58	18.95				4.92%	<-IRR #YR->	5	Stock Price	27.14%
Trailing P/E	23.38	33.11	43.73	29.06	32.13	32.14	20.76	16.31	11.27	105.63	21.31	21.14	21.29	20.22				4.02%	<-IRR #YR->	10	Price & Dividend	58.64%
P/E on Run. 5 yr Ave	18.94	20.69	21.48	14.68	13.51	16.69	21.21	16.60	13.63	22.55	30.81	30.78	31.15	27.40				10.67%	<-IRR #YR->	5	Price & Dividend	40.10%
P/E on Run. 10 yr Ave		18.33	21.67	14.84	12.77	18.32	26.11	15.12	14.06	23.38	32.62	30.07	27.92	28.07				20.64	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.39%	5.75%	% Tot Ret	109.25%	53.89%	T P/E	21.30	21.29	P/E:	20.64	20.12						Count	21	Years of data
			-$40.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.40
								-$30.99	$0.00	$0.00	$0.00	$0.00	$39.40
			-$40.89	$1.40	$1.53	$1.64	$1.72	$1.84	$1.92	$1.92	$1.92	$1.96	$41.44
								-$30.99	$1.92	$1.92	$1.92	$1.96	$41.44
High Months	Jan	Dec	Sep	Apr	Sep	Jun	Aug	Jul	Feb	Jun	Jun	Nov	Nov	Oct
Pre-split 2015	$51.23	$63.93		$99.33
Price High	$25.62	$31.97	$49.82	$45.39	$42.77	$42.19	$37.98	$35.65	$36.18	$35.17	$35.25	$34.17	$47.39	$46.93				-4.88%	<-Total Growth	10	Stock Price
Increase	2.46%	24.79%	55.86%	-8.89%	-5.77%	-1.36%	-9.98%	-6.13%	1.49%	-2.79%	0.23%	-3.06%	38.69%	-0.97%				-0.50%	<-IRR #YR->	10	Stock Price	-4.88%
P/E	29.96	34.19	35.59	38.14	35.35	27.58	19.99	17.22	129.21	23.93	23.82	18.47	22.35	20.74				5.86%	<-IRR #YR->	5	Stock Price	32.93%
Trailing P/E	26.96	37.39	53.28	32.42	35.94	34.87	24.82	18.76	17.48	125.61	23.98	23.09	25.62	22.14				24.09	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	25.22	23.98	P/E:	23.87	23.82					35.44	P/E Ratio		Historical High
			-$49.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$47.39
								-$35.65	$0.00	$0.00	$0.00	$0.00	$47.39
Low Months	Apr	Jan	Jan	Oct	Feb	Sep	Dec	Jan	Mar	Jan	Jan	Mar	Feb	Apr
Pre-split 2015	$37.60	$49.30
Price Low	$18.80	$24.65	$31.96	$35.97	$33.71	$35.59	$25.55	$26.32	$10.48	$23.98	$27.40	$28.41	$31.40	$38.82				-1.75%	<-Total Growth	10	Stock Price
Increase	9.68%	31.12%	29.66%	12.55%	-6.28%	5.58%	-28.21%	3.01%	-60.18%	128.82%	14.26%	3.69%	10.52%	23.63%				-0.18%	<-IRR #YR->	10	Stock Price	-1.75%
P/E	21.99	26.36	22.83	30.23	27.86	23.26	13.45	12.71	37.43	16.31	18.51	15.36	14.81	17.15				3.59%	<-IRR #YR->	5	Stock Price	19.30%
Trailing P/E	19.79	28.83	34.18	25.69	28.33	29.41	16.70	13.85	5.06	85.64	18.64	19.20	16.97	18.31				17.18	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	18.92	18.64	P/E:	17.41	16.31					13.33	P/E Ratio		Historical Low
			-$31.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.40
								-$26.32	$0.00	$0.00	$0.00	$0.00	$31.40
Free Cash Flow Mkt Scn								-$203.3	$155.0	$213.2	$29.0	$639.3	$1,013.0	$504.2	-$888.1	$1,032.0		#DIV/0!	<-Total Growth	5	Free Cash Flow Mkt Scn
Change									176.24%	37.55%	-86.40%	2104.48%	58.45%	-50.23%	-276.14%	216.20%		58.45%	<-Median->	5	Change
														$710	<-12 mths	0.00%
Free Cash Flow MS		$45.58	-$470.00	-$150	-$220	-$190	-$610	-$340	$150	$250	-$80	$320	$710					251.06%	<-Total Growth	10	Free Cash Flow MS
Change			-1131.15%	68.09%	-46.67%	13.64%	-221.05%	44.26%	144.12%	66.67%	-132.00%	500.00%	121.88%					55.46%	<-Median->	10	Change
														$652	<-12 mths	-35.65%
Free Cash Flow WSJ	$72.00	$45.58	-$326.20	-$58.10	-$154.12	-$185.30	-$382.99	-$203.27	$94	$67	$29	$273	$1,013	$504	-$888	$1,032		410.55%	<-Total Growth	10	Free Cash Flow WSJ
Change	63.64%	-36.69%	-815.66%	82.19%	-165.27%	-20.23%	-106.69%	46.93%	146.24%	-28.72%	-56.72%	841.38%	271.06%	-50.23%	-276.14%	216.20%		#NUM!	<-IRR #YR->	5	Free Cash Flow MS	598.36%
FCF/CF from Op Ratio	0.30	0.12	-0.71	-0.09	-0.37	-0.36	-0.63	-0.23	0.14	0.11	0.03	0.28	0.80	0.58	-0.78	0.84		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	410.55%
Dividends paid	$155.29	$175.31	$205.00	$237.00	$274.00	$309.00	$356.33	$393.57	$422.99	$422.99	$424.36	$485.81	$467.47	$485.81	$494.97	$494.97		128.04%	<-Total Growth	10	Dividends paid
Percentage paid	215.68%	384.61%	-62.84%	-407.92%	-177.78%	-166.76%	-93.04%	-193.62%	449.99%	631.33%	1463.32%	177.95%	46.15%	96.35%	-55.73%	47.96%		-$0.23	<-Median->	10	Percentage paid
5 Year Coverage			-601.98%	-407.27%	-248.69%	-177.00%	-124.81%	-159.58%	-211.13%	-311.99%	-509.83%	827.66%	150.65%	121.22%	253.29%	125.59%					5 Year Coverage
Dividend Coverage Ratio	0.46	0.26	-1.59	-0.25	-0.56	-0.60	-1.07	-0.52	0.22	0.16	0.07	0.56	2.17	1.04	-1.79	2.08		-0.09	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			-0.17	-0.25	-0.40	-0.56	-0.80	-0.63	-0.47	-0.32	-0.20	0.12	0.66	0.82	0.39	0.80					5 Year of Coverage
								$203.27	$0.00	$0.00	$0.00	$0.00	$1,013.00
			$326.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1,013.00
Market Cap	$3,823	$5,062	$6,836	$6,913	$7,513	$7,245	$5,432	$7,413	$5,000	$6,306	$6,781	$7,340	$10,074	$9,592	$9,592	$9,592		47.35%	<-Total Growth	10	Market Cap	See Rev
Long Term Incentive Plan Exp	$10.23	$28.30	$38.51	$32.15	$16.84	$13.91	$14.26	$26.13	-$1.12	$27.03	$33.28	$50.91	$62.45					non-operating expense				Statement
Increase	-61.27%	176.53%	36.10%	-16.53%	-47.61%	-17.42%	2.55%	83.24%	-104.29%	-2509.00%	23.14%	52.95%	22.67%					Affects	EPS & CF			Long-term
Percent of Market Cap	0.27%	0.56%	0.56%	0.47%	0.22%	0.19%	0.26%	0.35%	-0.02%	0.43%	0.49%	0.69%	0.62%					0.39%	<-Median->	10	Percent of Market Cap	Incentive Plan expense
Percent of Income	7.84%	19.27%	16.75%	15.92%	7.77%	4.80%	3.62%	5.89%	-1.81%	8.34%	10.14%	12.01%	14.73%					8.05%	<-Median->	10	Percent of Income
Pre-split 2015	76.884	78.728	82.183
Diluted # of Shares in Million	153.768	157.456	164.366	169.936	179.688	189.002	207.397	214.186	220.442	221.023	221.290	229.153	229.153	229.153	229.153	229.153		39.42%	<-Total Growth	10	Diluted
Change	6.75%	2.40%	4.39%	3.39%	5.74%	5.18%	9.73%	3.27%	2.92%	0.26%	0.12%	3.55%	0.00%	0.00%	0.00%	0.00%		3.33%	<-Median->	10	Change
Difference Diluted/Basic	-0.9%	-0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.1%	-100.0%	-100.0%		0.00%	<-Median->	10	Difference Diluted/Basic
Pre-split 2015	76.186	78.316	82.183
Basic # of Shares in Millions	152.372	156.632	164.366	169.936	179.688	189.002	207.397	214.186	220.442	221.023	221.290	229.153	229.153	256.853				39.42%	<-Total Growth	10	Average
Change	7.54%	2.80%	4.94%	3.39%	5.74%	5.18%	9.73%	3.27%	2.92%	0.26%	0.12%	3.55%	0.00%	12.09%				3.33%	<-Median->	10	Change
Difference Basic/Outstanding	1.9%	1.1%	2.6%	1.0%	3.3%	8.2%	1.5%	1.7%	0.3%	0.0%	3.6%	0.0%	0.0%	-10.8%				1.26%	<-Median->	10	Difference Basic/Outstanding
														$906.04	<-12 mths	-28.42%
Pre-split 2015	77.663	79.187	84.339
# of Share in Millions	155.325	158.373	168.677	171.702	185.683	204.547	210.479	217.916	221.023	221.023	229.153	229.153	229.153	229.153	229.153	229.153		3.11%	<-IRR #YR->	10	Shares	35.85%
Change	8.47%	1.96%	6.51%	1.79%	8.14%	10.16%	2.90%	3.53%	1.43%	0.00%	3.68%	0.00%	0.00%	0.00%	0.00%	0.00%		1.01%	<-IRR #YR->	5	Shares	5.16%
Actual CF 2003
CF fr Op $M	$238.0	$385.1	$460.6	$648.2	$412.9	$513.7	$604.3	$887.9	$688.2	$583.8	$925.3	$975.5	$1,265.8	$863.9	$1,145.8	$1,223.7		174.82%	<-Total Growth	10	Cash Flow
Increase	33.53%	61.82%	19.61%	40.72%	-36.29%	24.40%	17.64%	46.93%	-22.50%	-15.16%	58.49%	5.42%	29.76%	-31.75%	32.63%	6.80%		Deb. Conv	DRIP, S. Issue
5 year Running Average	$194.9	$253.6	$283.1	$382.0	$428.9	$484.1	$527.9	$613.4	$621.4	$655.6	$737.9	$812.2	$887.7	$922.9	$1,035.3	$1,094.9		213.55%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.53	$2.43	$2.73	$3.77	$2.22	$2.51	$2.87	$4.07	$3.11	$2.64	$4.04	$4.26	$5.52	$3.77	$5.00	$5.34		46.33%	<-Total Growth	10	Cash Flow per Share
Increase	23.11%	58.70%	12.30%	38.24%	-41.09%	12.93%	14.33%	41.91%	-23.59%	-15.16%	52.87%	5.42%	29.76%	-31.75%	32.63%	6.80%		10.64%	<-IRR #YR->	10	Cash Flow	174.82%
5 year Running Average	$1.40	$1.74	$1.81	$2.34	$2.54	$2.73	$2.82	$3.09	$2.96	$3.04	$3.35	$3.62	$3.91	$4.05	$4.52	$4.78		7.35%	<-IRR #YR->	5	Cash Flow	42.55%
P/CF on Median H/L	14.49	11.64	14.97	10.78	17.20	15.49	11.06	7.60	7.49	11.20	7.76	7.35	7.13	11.37	0.00	0.00		7.30%	<-IRR #YR->	10	Cash Flow per Share	102.29%
P/CF on Close Price	16.07	13.15	14.84	10.67	18.19	14.10	8.99	8.35	7.26	10.80	7.33	7.52	7.96	11.10	8.37	7.84		6.27%	<-IRR #YR->	5	Cash Flow per Share	35.56%
															19.82%	Diff M/C		8.03%	<-IRR #YR->	10	CFPS 5 yr Running	116.56%
														$896.87	<-12 mths	-6.81%
Excl.Working Capital CF	$29.7	-$27.0	$79.5	-$65.7	$129.2	$53.9	$106.2	-$133.7	$122.3	$182.0	-$106.5	$52.0	-$303.4	$0.0	$0.0	$0.0		4.84%	<-IRR #YR->	5	CFPS 5 yr Running	26.64%
CF fr Op $M WC	$267.7	$358.1	$540.1	$582.5	$542.2	$567.6	$710.6	$754.3	$810.4	$765.9	$818.8	$1,027.5	$962.4	$863.9	$1,145.8	$1,223.7		78.20%	<-Total Growth	10	Cash Flow less WC
Increase	4.98%	33.77%	50.83%	7.85%	-6.92%	4.70%	25.18%	6.15%	7.45%	-5.50%	6.92%	25.48%	-6.33%	-10.24%	32.63%	6.80%		5.95%	<-IRR #YR->	10	Cash Flow less WC	78.20%
5 year Running Average	$234.8	$278.2	$331.4	$400.7	$458.1	$518.1	$588.6	$631.4	$677.0	$721.8	$772.0	$835.4	$877.0	$887.7	$963.7	$1,044.7		5.00%	<-IRR #YR->	5	Cash Flow less WC	27.60%
CFPS Excl. WC	$1.72	$2.26	$3.20	$3.39	$2.92	$2.78	$3.38	$3.46	$3.67	$3.47	$3.57	$4.48	$4.20	$3.77	$5.00	$5.34		10.22%	<-IRR #YR->	10	CF less WC 5 Yr Run	164.64%
Increase	-3.22%	31.19%	41.62%	5.95%	-13.93%	-4.95%	21.65%	2.53%	5.94%	-5.50%	3.12%	25.48%	-6.33%	-10.24%	32.63%	6.80%		6.79%	<-IRR #YR->	5	CF less WC 5 Yr Run	38.90%
5 year Running Average	$1.68	$1.91	$2.13	$2.47	$2.70	$2.91	$3.13	$3.18	$3.24	$3.35	$3.51	$3.73	$3.88	$3.90	$4.21	$4.56		2.75%	<-IRR #YR->	10	CFPS - Less WC	31.17%
P/CF on Median H/L	12.89	12.52	12.77	11.99	13.10	14.01	9.41	8.95	6.36	8.54	8.77	6.98	9.38	11.37	0.00	0.00		3.94%	<-IRR #YR->	5	CFPS - Less WC	21.34%
P/CF on High Price	14.86	14.14	15.56	13.38	14.65	15.20	11.25	10.30	9.87	10.15	9.86	7.62	11.28	12.45	0.00	0.00		9.87	<-Median->	5	P/CF High Price
P/CF on Low Price	10.91	10.90	9.98	10.60	11.55	12.82	7.57	7.60	2.86	6.92	7.67	6.34	7.48	10.30	0.00	0.00		6.92	<-Median->	5	P/CF Low Price
P/CF on Close Price	14.28	14.14	12.66	11.87	13.86	12.76	7.65	9.83	6.17	8.23	8.28	7.14	10.47	11.10	8.37	7.84		6.17%	<-IRR #YR->	10	CFPS 5 yr Running	81.95%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	9.27	5 yr	7.49	P/CF Med	10 yr	9.17	5 yr	8.54		21.14%	Diff M/C		4.02%	<-IRR #YR->	5	CFPS 5 yr Running	21.76%
			-168.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	229.2								Shares
								-217.9	0.0	0.0	0.0	0.0	229.2								Shares
			-$460.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,265.8								Cash Flow
								-$887.9	$0.0	$0.0	$0.0	$0.0	$1,265.8								Cash Flow
			-$2.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.52								Cash Flow per Share
								-$4.07	$0.00	$0.00	$0.00	$0.00	$5.52								Cash Flow per Share
			-$1.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.91								CFPS 5 yr Running
								-$3.09	$0.00	$0.00	$0.00	$0.00	$3.91								CFPS 5 yr Running
			-$540.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$962.4								Cash Flow less WC
								-$754.3	$0.0	$0.0	$0.0	$0.0	$962.4								Cash Flow less WC
			-$331.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$877.0								CF less WC 5 Yr Run
								-$631.4	$0.0	$0.0	$0.0	$0.0	$877.0								CF less WC 5 Yr Run
			-$3.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.20								CFPS - Less WC
								-$3.46	$0.00	$0.00	$0.00	$0.00	$4.20								CFPS - Less WC
			-$2.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.88								CFPS 5 yr Running
								-$3.18	$0.00	$0.00	$0.00	$0.00	$3.88								CFPS 5 yr Running
Changes in non-cash working capital	-$29.7	$27.0	-$79.5
Inventory				$43.915	-$30.887	-$39.955	-$81.457	$134.543	-$82.413	-$117.427	-$21.427	$67.651	-$33.604
Trade and Other Receivables				$63.112	-$49.548	-$71.540	$11.639	-$66.572	$68.531	-$302.670	$48.088	$12.704	$106.860
Other Assets				-$5.231	-$54.640	$2.860	-$3.461	-$0.780	-$2.131	-$10.527	$3.764	$6.605	$0.231
Trade and other Payables.				-$36.124	$5.851	$54.693	-$32.952	$66.490	-$106.250	$248.591	$76.055	-$138.967	$229.863
Sum	-29.71	27.01	-79.50	$65.672	-$129.224	-$53.942	-$106.231	$133.681	-$122.263	-$182.033	$106.480	-$52.007	$303.350
Google -->TD	-29.71	27.01	-79.50	65.67	-129.22	-54	-106	134	-122	-182	106	-52	303
Difference	0.00	0.00	0.00	0.00	0.00	0	0	0	0	0	0	0	0
TD (+Moringstar)		27	-80	66	-129
Difference		0	1	0	0
OPM	8.09%	11.75%	12.71%	25.71%	16.46%	15.05%	13.53%	24.55%	22.84%	11.71%	13.11%	13.83%	17.73%	13.76%				39.51%	<-Total Growth	10	OPM
Increase	16.60%	45.28%	8.17%	102.27%	-35.98%	-8.56%	-10.07%	81.39%	-6.95%	-48.73%	11.90%	5.53%	28.21%	-22.41%					Should increase		or be stable.
Diff from Median	-48.7%	-25.4%	-19.3%	63.2%	4.5%	-4.5%	-14.1%	55.8%	45.0%	-25.7%	-16.8%	-12.2%	12.6%	-12.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	15.75%	5 Yrs	13.83%					should be	zero, it is a		check on calculations
														$1,185	<-12 mths	-7.08%
Adjusted EBITDA	$297.0	$379.3	$530.1	$704.6	$605.1	$617.0	$807.4	$944.1	$873.6	$955.8	$1,032.5	$1,211.8	$1,275.3	$1,168	$1,864	$2,005		140.59%	<-Total Growth	10	Adjusted EBITDA
Change	16.43%	27.72%	39.74%	32.94%	-14.12%	1.96%	30.85%	16.94%	-7.47%	9.42%	8.02%	17.37%	5.24%	-8.41%	59.59%	7.56%		8.72%	<-Median->	10	Change
Margin	10.09%	11.57%	14.63%	27.95%	24.12%	18.08%	18.08%	26.10%	29.00%	19.17%	14.62%	17.18%	17.86%	18.60%	22.26%	22.87%		18.63%	<-Median->	10	Margin
EBIT									$583.2	$698.2	$774.2	$889.3	$922.9	$841.0	$1,278.0	$1,410.0			<-Total Growth	4	EBIT	from Mkt Sc
Change										19.72%	10.89%	14.87%	3.78%	-8.87%	51.96%	10.33%		12.88%	<-Median->	4	Change
Margin									19.36%	14.01%	10.97%	12.61%	12.93%	13.39%	15.26%	16.08%		12.93%	<-Median->	5	Margin
Long Term Debt			$1,152.1	$1,156.5	$1,437.4	$1,795.5	$2,117.3	$2,548.5	$3,220.7	$3,456.4	$3,622.7	$3,897.0	$3,385.6	$3,340.7							Debt	Type
Change				0.38%	24.29%	24.91%	17.92%	20.37%	26.38%	7.32%	4.81%	7.57%	-13.12%	-1.33%				12.74%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio			0.17	0.17	0.19	0.25	0.39	0.34	0.64	0.55	0.53	0.53	0.34	0.35				0.37	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	5.95	6.35	7.12	7.62	9.30	9.77	9.20	9.20	15.15	8.91	8.57	11.04	7.34	3.42				9.20	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)			4.07	3.03	3.35	3.71	4.01	4.15	5.18	5.27	4.91	4.80	3.81	3.62				4.08	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$3.26	$1.79	$1.06	$0.58	$0.00	$0.00	$92.41	$80.15	$71.32	$63.29	$59.69	$50.44	$46.52	$39.97				4288.87%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$53.62	$53.62	$53.62	$53.62	$53.62	$53.62	$53.62	$55.76	$55.76	$40.81	$32.02	$32.02	$32.02	$32.02				-40.30%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$56.88	$55.41	$54.68	$54.21	$53.62	$53.62	$146.04	$135.91	$127.08	$104.11	$91.71	$82.46	$78.54	$71.99				43.62%	<-Total Growth	10	Total
Change	6.08%	-2.59%	-1.31%	-0.87%	-1.08%	0.00%	172.34%	-6.93%	-6.50%	-18.08%	-11.91%	-10.08%	-4.76%	-8.34%				-5.63%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.01	0.01	0.01	0.01	0.01	0.01	0.03	0.02	0.03	0.02	0.01	0.01	0.01	0.01				0.01	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$611.10	$787.12	$621.71	$490.16	$579.05	$938.00	$738.70	$656.28	$646.85	$1,099.13	$1,108.13	$1,068.01	$1,132.17	$3,105.83				82.11%	<-Total Growth	10	Current Assets
Current Liabilities	$450.26	$480.31	$540.98	$563.79	$532.73	$601.49	$737.45	$816.96	$499.03	$912.96	$1,000.00	$795.22	$1,193.10	$3,107.87				120.54%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	1.36	1.64	1.15	0.87	1.09	1.56	1.00	0.80	1.30	1.20	1.11	1.34	0.95	1.00				1.10	<-Median->	10	Ratio
Liq. with CF aft div	1.53	2.07	1.61	1.59	1.33	1.85	1.33	1.40	1.82	1.38	1.59	2.00	1.62	1.12				1.62	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.77	1.24	0.58	0.68	0.55	0.89	0.49	0.59	0.73	0.96	0.86	0.99	1.35	1.12				0.96	<-Median->	5	Ratio
Curr. Port. Lg T. Db	$11.08	$0.00	$47.40	$104.20	$60.00	$0.00	$126.09	$135.54	$0.00	$60.00	$30.00	$186.02	$321.66	$340.70				578.59%	<-Total Growth	10	Curr. Port. Lg T. Db
Liquidity	1.39	1.64	1.26	1.07	1.22	1.56	1.21	0.96	1.30	1.29	1.14	1.75	1.30	1.12				1.30	<-Median->	5	Ratio
Liq. with CF aft div	1.57	2.07	1.76	1.95	1.50	1.85	1.60	1.68	1.82	1.48	1.64	2.62	2.22	1.26				1.82	<-Median->	5	Ratio
Assets	$2,678.3	$3,051.1	$3,850.8	$4,296.6	$4,957.0	$5,874.1	$6,782.7	$7,514.2	$7,562.6	$8,130.3	$8,568.2	$8,780.0	$8,755.9	$10,636.2				127.38%	<-Total Growth	10	Assets
Liabilities	$1,787.5	$2,127.4	$2,532.6	$2,898.3	$3,115.5	$3,394.8	$4,053.0	$4,460.3	$4,801.4	$5,472.7	$5,749.5	$6,000.5	$5,924.5	$7,807.1				133.92%	<-Total Growth	10	Liabilities
Debt Ratio	1.50	1.43	1.52	1.48	1.59	1.73	1.67	1.68	1.58	1.49	1.49	1.46	1.48	1.36				1.53	<-Median->	10	Ratio
Estimates BVPS													$12.30	$12.10					Estimates		Estimates BVPS	none give in 2025
Estimate Book Value													$2,818.6	$2,772.8					Estimates		Estimate Book Value
P/B Ratio (Close)													3.57	3.46					Estimates		P/B Ratio (Close)
Difference from 10 year median														#VALUE!	Diff M/C				Estimates		Difference from 10 yr med.
Total Book Value	$890.8	$923.7	$1,318.2	$1,398.3	$1,841.5	$2,479.3	$2,729.7	$3,053.9	$2,761.2	$2,657.6	$2,818.7	$2,779.5	$2,831.4	$2,829.2				114.80%	<-Total Growth	10	Book Value
Non-Cont Int.	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0							Non-Cont Int.
Book Value	$890.8	$923.7	$1,318.2	$1,398.3	$1,841.5	$2,479.3	$2,729.7	$3,053.9	$2,761.2	$2,657.6	$2,818.7	$2,779.5	$2,831.4	$2,829.2	$2,829.2	$2,829.2		114.80%	<-Total Growth	10	Book Value
Book Value per Share	$5.74	$5.83	$7.81	$8.14	$9.92	$12.12	$12.97	$14.01	$12.49	$12.02	$12.30	$12.13	$12.36	$12.35	$12.35	$12.35		58.11%	<-Total Growth	10	Book Value per Share
Change	22.91%	1.70%	33.99%	4.21%	21.78%	22.22%	7.00%	8.06%	-10.85%	-3.75%	2.30%	-1.39%	1.87%	-0.08%	0.00%	0.00%		35.45%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	3.87	4.85	5.23	5.00	3.86	3.21	2.45	2.21	1.87	2.46	2.55	2.58	3.19	3.47	0.00	0.00		2.50	P/B Ratio		Historical Median
P/B Ratio (Close)	4.29	5.48	5.19	4.94	4.08	2.92	1.99	2.43	1.81	2.37	2.41	2.64	3.56	3.39	3.39	3.39		4.69%	<-IRR #YR->	10	Book Value per Share	58.11%
Change	-19.89%	27.69%	-5.37%	-4.68%	-17.48%	-28.37%	-31.90%	21.98%	-25.41%	31.04%	1.39%	9.77%	34.73%	-4.70%	0.00%	0.00%		-2.49%	<-IRR #YR->	5	Book Value per Share	-11.83%
Leverage (A/BK)	3.01	3.30	2.92	3.07	2.69	2.37	2.48	2.46	2.74	3.06	3.04	3.16	3.09	3.76	#DIV/0!	#DIV/0!		2.89	<-Median->	10	A/BV
Debt/Equity Ratio	2.01	2.30	1.92	2.07	1.69	1.37	1.48	1.46	1.74	2.06	2.04	2.16	2.09	2.76	#DIV/0!	#DIV/0!		1.89	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/B Ratios	10 yr Med	2.56	5 yr Med	2.55		32.28%	Diff M/C		2.68	Historical		Leverage (A/BK)
			-$7.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.36
								-$14.01	$0.00	$0.00	$0.00	$0.00	$12.36
														$528.49	<-12 mths	1.75%
Comprehensive Income	$130.60	$146.84	$229.99	$201.92	$216.85	$289.92	$407.00	$422.80	$53.94	$320.79	$364.11	$410.08	$519.40					125.84%	<-Total Growth	10	Comprehensive Income
Increase	-3.41%	12.43%	56.63%	-12.20%	7.39%	33.70%	40.38%	3.88%	-87.24%	494.74%	13.51%	12.62%	26.66%					13.51%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$141	$138	$154	$169	$185	$217	$269	$308	$278	$299	$314	$314	$334					8.49%	<-IRR #YR->	10	Comprehensive Income	125.84%
ROE	14.66%	15.90%	17.45%	14.44%	11.78%	11.69%	14.91%	13.84%	1.95%	12.07%	12.92%	14.75%	18.34%					4.20%	<-IRR #YR->	5	Comprehensive Income	22.85%
5Yr Median	20.24%	15.93%	15.93%	15.90%	14.66%	14.44%	14.44%	13.84%	11.78%	12.07%	12.92%	12.92%	12.92%					8.07%	<-IRR #YR->	10	5 Yr Running Average	117.32%
% Difference from NI	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.24%	-4.69%	-13.05%	-1.05%	10.91%	-3.29%	22.49%					1.63%	<-IRR #YR->	5	5 Yr Running Average	8.44%
Median Values										Diff	5, 10 yr	0.00%	-1.05%					12.9%	<-Median->	5	Return on Equity
			-$230.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$519.4
								-$422.8	$0.0	$0.0	$0.0	$0.0	$519.4
			-$153.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$333.7
								-$307.7	$0.0	$0.0	$0.0	$0.0	$333.7
Current Liability Coverage Ratio	0.59	0.75	1.00	1.03	1.02	0.94	0.96	0.92	1.62	0.84	0.82	1.29	0.81	0.28							CFO / Current Liabilities
5 year Median	0.59	0.65	0.70	0.75	1.00	1.00	1.00	0.96	0.96	0.94	0.92	0.92	0.84	0.82				0.84	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	9.99%	11.74%	14.03%	13.56%	10.94%	9.66%	10.48%	10.04%	10.72%	9.42%	9.56%	11.70%	10.99%	8.12%							CFO / Total Assets
5 year Median	11.42%	11.74%	11.74%	11.74%	11.74%	11.74%	10.94%	10.48%	10.48%	10.04%	10.04%	10.04%	10.72%	9.56%				10.7%	<-Median->	5	Return on Assets
Return on Assets ROA	4.88%	4.81%	5.97%	4.70%	4.37%	4.94%	5.81%	5.90%	0.82%	3.99%	3.83%	4.83%	4.84%	4.68%				Net	Income/Assets		Return on Assets
5Yr Median	6.34%	6.05%	5.97%	4.88%	4.81%	4.81%	4.94%	4.94%	4.94%	4.94%	3.99%	3.99%	3.99%	4.68%				4.0%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	14.66%	15.90%	17.45%	14.44%	11.78%	11.69%	14.44%	14.53%	2.25%	12.20%	11.65%	15.26%	14.98%	17.61%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	20.24%	15.93%	15.93%	15.90%	14.66%	14.44%	14.44%	14.44%	11.78%	12.20%	12.20%	12.20%	12.20%	14.98%				12.2%	<-Median->	5	Return on Equity
														$447.02	<-12 mths	5.42%
Net Income	$130.60	$146.84	$229.99	$201.92	$216.85	$289.92	$394.22	$443.61	$62.03	$324.21	$328.29	$424.03	$424.03	$498	$697	$781		84.37%	<-Total Growth	10	Net Income
Increase	-3.41%	12.43%	56.63%	-12.20%	7.39%	33.70%	35.98%	12.53%	-86.02%	422.66%	1.26%	29.16%	0.00%	17.51%	39.88%	12.11%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$141.3	$137.6	$153.5	$168.9	$185.2	$217.1	$266.6	$309.3	$281.3	$302.8	$310.5	$316.4	$312.5	$399.8	$474.3	$565.0		6.31%	<-IRR #YR->	10	Net Income	84.37%
Operating Cash Flow	$237.98	$385.09	$460.59	$648.16	$412.93	$513.70	$604.33	$887.94	$688.17	$583.84	$925.33	$975.49	$1,265.79					-0.90%	<-IRR #YR->	5	Net Income	-4.41%
Investment Cash Flow	-$440.20	-$321.19	-$966.84	-$757.42	-$760.97	-$646.94	-$1,258.97	-$1,125.33	-$748.31	-$397.12	-$843.92	-$819.71	-$235.31					7.37%	<-IRR #YR->	10	5 Yr Running Average	103.54%
Total Accruals	$332.82	$82.93	$736.23	$311.18	$564.90	$423.16	$1,048.86	$681.00	$122.16	$137.49	$246.89	$268.26	-$606.44					0.21%	<-IRR #YR->	5	5 Yr Running Average	1.04%
Total Assets	$2,678.34	$3,051.07	$3,850.83	$4,296.57	$4,956.96	$5,874.13	$6,782.70	$7,514.19	$7,562.59	$8,130.31	$8,568.19	$8,780.01	$8,755.86						Balance Sheet		Assets
Accruals Ratio	12.43%	2.72%	19.12%	7.24%	11.40%	7.20%	15.46%	9.06%	1.62%	1.69%	2.88%	3.06%	-6.93%					1.69%	<-Median->	5	Ratio
EPS/CF Ratio	0.50	0.41	0.44	0.35	0.41	0.55	0.56	0.60	0.08	0.42	0.41	0.41	0.50					0.42	<-Median->	10	EPS/CF Ratio
			-$230.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$424.0
								-$443.6	$0.0	$0.0	$0.0	$0.0	$424.0
			-$153.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$312.5
								-$309.3	$0.0	$0.0	$0.0	$0.0	$312.5
Change in Close	-1.54%	29.86%	26.79%	-0.67%	0.50%	-12.46%	-27.13%	31.81%	-33.51%	26.13%	3.72%	8.25%	37.25%	-4.78%	0.00%	0.00%			Count	22	Years of data
up/down	down	down		down	down	down	down	down	down					up					Count	14	63.64%
Meet Prediction?	Yes			Yes		Yes	Yes		Yes									% right	Count	5	35.71%
Financial Cash Flow	$181.32	$121.42	$326.55	$109.69	$350.52	$445.85	$314.91	$259.01	$53.80	-$173.85	-$100.65	-$134.26	-$935.65						C F Statement		Financial Cash Flow
Total Accruals	$151.50	-$38.49	$409.68	$201.49	$214.38	-$22.69	$733.95	$421.99	$68.36	$311.35	$347.54	$402.52	$329.21								Accruals
Accruals Ratio	5.66%	-1.26%	10.64%	4.69%	4.32%	-0.39%	10.82%	5.62%	0.90%	3.83%	4.06%	4.58%	3.76%					3.83%	<-Median->	5	Ratio
Cash	$0.52	$186.65	$11.31	$13.45	$16.48	$326.38	-$10.86	$9.31	$2.90	$15.94	-$1.80	$20.09	$118.44	$44.96							Cash
Cash per Share	$0.00	$1.18	$0.07	$0.08	$0.09	$1.60	-$0.05	$0.04	$0.01	$0.07	-$0.01	$0.09	$0.52	$0.20				$0.07	<-Median->	5	Cash per Share
Percentage of Stock Price	0.01%	3.69%	0.17%	0.19%	0.22%	4.50%	-0.20%	0.13%	0.06%	0.25%	-0.03%	0.27%	1.18%	0.47%				0.25%	<-Median->	5	% of Stock Price
Notes
October 23, 2025.  Last estimates were for 2024, 2025, 2026 of $6900M, $6960M, $7419M Revenue, $3.53, $3.58 2024/5 AFFO, $4.18, $4.17 2024/5 FFO, $2.20, $2.14, $2.24 EPS,
$2.05, $2.14, $2.24, $694.8M, $756.7M, $763.8M FCF, $3.65, $3.87, $4.15 CFPS, $1255, $1234, $1274 EBITDA, $12.30, $12.10 2024/5 BVPS, $340.4M, $536M, $552M Net Income
October 19, 2024.  Last estimates were for 2023, 2024 and 2025 of $6752M, $6275M, $6229M for Revenue, $3.59, $3.44, $3.58 AFFO, $2.07, $1.91, $2.15 EPS,
1.96, $2.04, $2.13 Dividend, $665M, $678M, $750M FCF, $4.16, $3.72, $3.68 CFPS, $1114M, $1109M, $1172M EBITDA, $13.30, $12.30, $12.10 BVPS, $481M, $436M, $494M Net Income.
October 22, 2023.  Last estimates were for 2022, 2023 and 2024 of $6635M, $5363M and $5874M for Revenue. $2.91, $3.08 and $3.35 for FFO, $2.26, $2.06 and $2.02 for EPS,
$1.92, $2.00 and $2.03 for Dividends, -$25M, $628M and $614M for FCF, $3.73, $3.46 and $3.43 for CPFS, $13.30, $13.30 and $14.30 for BVPS, and $500M, $450M and $461M for Net Income.
October 23, 2022.  Last estimates were for 2021, 2022 and 2023 of $4468M, $4451M and $4931M for Revenue, $3.05, $2.91 and $3.17 for DC, $1.72, $1.76 and $1.85 for EPS,
$1.92, $1.95 and $1.99 for Dividends, $405M, $429M and $460M for FCF, $3.86, $3.98 and $4.35 for CFPS, and $380M, $390M and $410M for Net Income.
October 24, 2021.  Last estimates were for 2020, 2021 and 2022 of 3343M, $3653M and $4106M for Revenue, $3.35, $2.91 and 2.74 for AFFO, $1.06, $1.57 and 1.68 for EPS,
$1.92, $1394 and $1.99 for Dividends, $240M, $352M and $388M for FCF, $3.79, $3.13 and $3.50 for CFPS, $246M, $338M and $375M for Net Income.
November 1, 2020.  Last estimates were for 2019, 2020 and 2021 of $3867M, $5426M and $6295M for Revenue, $3.08 and 3.12 for Distributable Cash for 2019 and 2020,
$2.54, $1.80 and $1.81 for EPS, $3.45, $3.66 and $3.42 for CFPS and $513M, $596M and $439M for Net Income.
November 3, 2019.  Last estimates were for 2018, 2019 and 2020 of $4421M, $4637M and $4629M for Revenue, $2.99 and $3.00 for DC for 2018 and 2019,
$1.81, $1.93 and $1.86 for EPS, $3.04, $3.39 and $3.39 for CFPS, and $372M, $413M and $410M for Net Income.
November 5, 2018.  Last estimates were for 2017, 2018 and 2019 of $3180M, $3334M and $3408M for Revenue, $2.58, $2.30 and $2.87 for Dis Cash,
$1.46, $1.79 and $1.91 for EPS, $2.81, $3.32 and $3.53 for CFPS and $292M, $338M and $393M for Net Income.
November 12, 2017.  Last estimates were for 2016, 2017 and 2018 of $2461M, $3070M and $3259M for Revenue, $2.55, $3.22 and $3.43 for DC, $1.47, $1.71and $1.89 for EPS,
$2.90, $3.36 and $3.53 for CFPS and $265M, $321M and $364M for Net Income.
November 13, 2016.  Last estimates were for 2015, 2016 and 2017 of $2988M, $3957M and $4196M for Revenue, $2.80, $2.86 and $3.08 for DC, $1.50, $1.87 and $1.78 for EPS,
$3.36, $3.65 and $3.54 for CFPS and $243M, $338M and $324M for Net Income.
Movember 21, 2015.  Last estimates were for 2014, 2015 and 2016 of $3790M,$3986M and $3975M for Revenue, $3.12, $3.62 and $396 for EPS, $5.74, $6.17 and $6.87 for CFPS and $235M $307M and $337M for net income.
November 23, 2014.  Last estimates were for 2013, 2014 and 2015 of $3216M, $3476M and $3387M for Revenue, $3.50 for DC for 2014, $2.04, $2.32 and $2.56 for EPS, $4.30, $4.54 and $5.21 for CFPS.
November 9, 2013.  Last Estimates were for 2012 and 2013 of $2918M asnd $3224M for Revenue, DI of $2.78 and 3.50 and EPS of $1.79 and $2.01.
October 5, 2012.  Most of the new shares issued in the first half of 2012 is an equity offering (for an acquisition), there were some re DRIP and debentures conversion.
Sep 30, 2012.  Estimates for 2011 and 2012 were $2,222M and $2,287M for revenue, $3.13, $3.08 for DI, $2.50 and $2.16 for EPS, $3.30 and $3.42 for CF.
When analysts are quoting earnings, they are sometimes giving EPS and sometimes Distributable Cash or things like AFFO).
Company says that it expects to retain the current dividend payout,as they feel it is sustainable.  However dividends are not guaranteed and can fluctuate.
TD site says there was a 1.01:1 split in 2009, but I cannot find this.
The stock started out as KeySpan Facilities Income Fund (TSX-KEY.UN).  Names change in 2004 to Keyera Facilities Income Fund (TSX-JKEY.UN) and in 2010 to Keyera Corp (TSX-KEY)
KeyeraCorp. owns, directly indirectly, 100% of Keyera Partnership.
The company would founded in 1998.  It began trading on the TSX May 30, 2003 as an Income Trust.
Formerly KeySpan Facilities Income Fund
Keyera Energy Partnership was formerly KeySpan Energy Canada Partnership.
Sector
Infrastructure, Utilitiy
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
I started to review some of the stock recommended by Jennifer Dowty from a column she wrote and I reviewed in February 2010 on Dividends and Special Dividends.  The title of the article in Investor’s
Digest was Dividend Stocks: Buy, Hold and Collect. Jennifer is now works for the Globe and Mail.
Jennifer worked as a Portfolio Manager for Manulife Asset Management Limited after working for Investor's digest.
Dividends
Dividends are paid quarterly from 2023 in Cycle 3 of Mar, Jun, Sep, and December.
Generally, dividends are declared in one month for shareholders of record of the next month and paid in the that month.
Dividends are paid in Mar, Jun, Sep and Dec.
For example, Dividend declared on 09 August 2023, was for Shareholders of record for September 15, 2023 and paid September 29, 2023
Dividends are paid monthly.  The dividends are declared for the record date of prior month.
For example, in May 2013, dividends were declared on May 18, 2013 for shareholders of record of May 23, 2013 for payment June 15, 2013.
How they make their money.
Keyera is a midstream energy business that operates primarily out of Alberta.  The firm currently has interests in about
a dozen active gas plants and operates over 4,000 kilometers of pipelines.
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	Nov 5	2018	Nov 3	2019	Nov 1	2020	Oct 24	2021	Oct 23	2022	Oct 22	2023	Oct 19	2024			Oct 23	2025
Setoguchi, Curtis Dean						0.220	0.10%	0.233	0.11%	0.233	0.10%	0.233	0.10%	0.233	0.10%			0.233	0.10%			0.00%
CEO - Shares - Amount							$4.969		$6.646		$6.893		$7.461		$10.240				$9.751
Options - percentage						0.211	0.10%	0.277	0.13%	0.348	0.15%	0.356	0.16%	0.357	0.16%			0.352	0.15%			-1.53%
Options - amount							$4.776		$7.900		$10.288		$11.397		$15.702				$14.724
Smith, David G.	0.30%	0.591	0.28%	0.604	0.28%	0.647	0.29%														was officer until 2014
CEO - Shares - Amount	$21.512		$15.245		$20.557		$14.624														Listed Officer 16-18 INK
Options - percentage	0.14%	0.302	0.14%	0.336	0.15%	0.423	0.19%														Last updated Aug 2019
Options - amount	$10.113		$7.803		$11.419		$9.566														Ceased Insider Dec 2020
Marikar, Eileen				0.008	0.00%	0.012	0.01%	0.014	0.01%	0.017	0.01%	0.032	0.01%	0.031	0.01%			0.042	0.02%			36.54%
CFO - Shares - Amount					$0.282		$0.277		$0.407		$0.493		$1.040		$1.344				$1.747
Options - percentage				0.026	0.01%	0.058	0.03%	0.000	0.00%	0.100	0.04%	0.090	0.04%	0.095	0.04%			0.097	0.04%			2.36%
Options - amount					$0.894		$1.320	0	$0.000		$2.950		$2.884		$4.181				$4.076
Beztilny, Jarrod										0.061	0.03%	0.079	0.03%	0.079	0.03%			0.106	0.05%			34.07%
Officer - Shares - Amount											$1.817		$2.543		$3.490				$4.456
Options - percentage										0.065	0.03%	0.061	0.03%	0.066	0.03%			0.066	0.03%			0.62%
Options - amount											$1.913		$1.959		$2.897				$2.775
Brennan, Nancy Louise												0.011	0.00%	0.011	0.00%
Officer - Shares - Amount													$0.345		$0.474
Options - percentage												0.074	0.03%	0.074	0.03%
Options - amount													$2.371		$3.254
Chan, Bryan Dwayne														0.002	0.00%			0.002	0.00%			0.00%
Officer - Shares - Amount															$0.088				$0.084
Options - percentage														0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount															$0.000				$0.000
Elliott, Christy														0.000	0.00%			0.014	0.01%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.601
Options - percentage														0.066	0.03%			0.071	0.03%			8.30%
Options - amount															$2.896				$2.987
Urquhart, Kenneth James										0.015	0.01%	0.035	0.02%	0.035	0.02%			0.039	0.02%			12.92%
Officer - Shares - Amount											$0.456		$1.116		$1.531				$1.646
Options - percentage										0.092	0.04%	0.079	0.03%	0.084	0.04%			0.085	0.04%			0.73%
Options - amount											$2.710		$2.540		$3.713				$3.561
Crothers, Michael John										0.002	0.00%	0.002	0.00%	0.003	0.00%			0.003	0.00%			0.00%
Director - Shares - Amount											$0.059		$0.064		$0.110				$0.105
Options - percentage										0.002	0.00%	0.006	0.00%	0.014	0.01%			0.022	0.01%			53.45%
Options - amount											$0.064		$0.203		$0.628				$0.918
Haughey, Douglas J.	0.01%	0.011	0.01%	0.011	0.01%	0.011	0.01%	0.011	0.01%	0.011	0.00%	0.011	0.00%	0.011	0.00%						Was lead director, now	-100.00%
Director - Shares - Amount	$0.395		$0.288		$0.379		$0.252		$0.318		$0.330		$0.357		$0.490						Director 2019
Options - percentage	0.00%	0.006	0.00%	0.011	0.00%	0.015	0.01%	0.022	0.01%	0.032	0.01%	0.043	0.02%	0.060	0.03%							-100.00%
Options - amount	$0.118		$0.164		$0.364		$0.335		$0.622		$0.944		$1.375		$2.652
O'Connor, Thomas C														0.009	0.00%			0.009	0.00%			0.00%
Director - Shares - Amount															$0.374				$0.356
Options - percentage														0.058	0.03%			0.069	0.03%			17.75%
Options - amount															$2.562				$2.873
Bertram, James Vance	0.45%	0.919	0.44%	0.819	0.38%	0.719	0.33%	0.644	0.29%	0.644	0.28%	0.600	0.26%	0.600	0.26%			0.550	0.24%		was CEO to 2014	-8.33%
Chairman - Shares - Amt	$32.282		$23.730		$27.876		$16.273		$18.385		$19.068		$19.218		$26.376				$23.023		listed CEO 16-18
Options - percentage	0.11%	0.188	0.09%	0.188	0.09%	0.188	0.09%	0.188	0.09%	0.188	0.08%	0.188	0.08%	0.188	0.08%			0.191	0.08%		Last updated Sep 2021	1.55%
Options - amount	$7.941		$4.852		$6.395		$4.252		$5.363		$5.562		$6.021		$8.263				$7.991
Salary (salary, share rewards and bonus)
Stock sales
In September 23  2013
LTIP Awards			$13.907		$14.262
			0.19%		0.26%
Increase in O/S Shares	0.00%	0.339	0.17%	0.460	0.22%	0.643	0.30%	0.981	0.44%	0.000	0.00%	0.062	0.03%	0.068	0.03%			0.060	0.03%		Yes 0
due to SO	$0.000		$12.013		$11.866		$21.881		$22.183		$0.000		$1.824		$2.177				$2.633		See Share-based
Book Value	$0.000		$13.907		$14.262		$26.134		-$1.122		$62.450		$33.284		$50.909				$62.450		compensation
Insider Buying	-$0.066		$0.000		-$0.079		-$0.881		-$0.001		-$0.045		$0.000		-$0.017				-$0.049
Insider Selling	$0.686		$0.138		$3.456		$2.406		$3.268		$0.000		$1.463		$0.075				$2.512
Net Insider Selling	$0.620		$0.138		$3.377		$1.525		$3.267		-$0.045		$1.463		$0.058				$2.463
% of Market Cap	0.01%		0.00%		0.05%		0.03%		0.05%		0.00%		0.02%		0.00%				0.03%
Directors		10		10		10		10		11		11		11				11
Women	36%	3	30%	3	30%	3	30%	3	30%	4	36%	4	36%	4	36%			4	36%
Minorities	0%	0	0%	0	0%	0	0%	1	10%	1	9%	1	9%	1	9%			1	9%
Institutions/Holdings	52.05%	207	52.05%	20				20	34.89%	20	32.89%	20	30.14%	20	28.08%			20	28.19%
Total Shares Held	48.16%	114.022	54.17%	60.207	28.60%			77.113	34.89%	72.698	31.72%	69.058	30.14%	64.336	28.08%			64.596	28.19%
Increase/Decrease	11.55%	2.298	2.06%	-2.353	-3.76%			-9.189	-10.65%	-1.351	-1.82%	-1.340	-1.90%	0.691	1.09%			-1.211	-1.84%
Starting No. of Shares		111.724		62.560	Top 20			86.302	Top 20	74.049	Top 20	70.397	Top 20	63.645	Top 20			65.807	Top 20
Copyright © 2008 Website of SPBrunner. All rights reserved.