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/
Linamar Corporation						TSX:	LNR	OTC:	LIMAF	https://www.linamar.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
Split																		Use Google to find annaul report
														$8,699.6	<-12 mths	-4.17%
														$602.5	<-12 mths	-1.45%
Cost of Sales		$3,089.4	$3,507.2	$4,309.7	$5,003.0	$5,467.2	$6,383.6	$6,350.8	$5,027.2	$5,598.9	$6,942.1	$8,410.7	$9,078.0	$8,699.6	<-12 mths	-4.17%		158.84%	<-Total Growth	10	Cost of Sales
Change							16.76%	-0.51%	-20.84%	11.37%	23.99%	21.15%	7.93%	-4.17%	<-12 mths	-152.54%		11.37%	<-Median->	7	Change
Ratio		0.86	0.84	0.83	0.83	0.84	0.84	0.86	0.86	0.86	0.88	0.86	0.86	0.85	<-12 mths	-0.44%		0.86	<-Median->	10	Ratio
Selling & Admin , other		$183.2	$218.5	$266.0	$325.4	$332.9	$465.8	$387.6	$343.0	$362.9	$442.4	$526.6	$611.3	$602.5	<-12 mths	-1.45%		179.81%	<-Total Growth	10	Selling & Admin , other
Change							39.92%	-16.80%	-11.49%	5.79%	21.91%	19.05%	16.08%	-1.45%	<-12 mths	-108.99%		16.08%	<-Median->	7	Change
Ratio		0.05	0.05	0.05	0.05	0.05	0.06	0.05	0.06	0.06	0.06	0.05	0.06	0.06	<-12 mths	2.38%		0.05	<-Median->	10	Ratio
Total		$3,272.6	$3,725.7	$4,575.7	$5,328.4	$5,800.1	$6,849.4	$6,738.3	$5,370.2	$5,961.8	$7,384.5	$8,937.3	$9,689.3	$9,302.1	<-12 mths	-4.00%		160.07%	<-Total Growth	10	Total
Change							18.09%	-1.62%	-20.30%	11.02%	23.86%	21.03%	8.41%	-4.00%	<-12 mths	-147.50%		11.02%	<-Median->	7	Change
Ratio		0.91	0.89	0.89	0.89	0.89	0.90	0.91	0.92	0.91	0.93	0.92	0.92	0.91	<-12 mths	-0.27%		0.91	<-Median->	10	Ratio
														$10,186.2	<-12 mths	-3.74%
Sales*	$3,221.9	$3,595.5	$4,171.6	$5,162.5	$6,005.6	$6,546.5	$7,620.6	$7,416.6	$5,815.6	$6,536.6	$7,917.9	$9,733.5	$10,582.0	$10,033	$10,376	$10,595		153.67%	<-Total Growth	10	Revenue
Increase	12.60%	11.59%	16.02%	23.75%	16.33%	9.01%	16.41%	-2.68%	-21.59%	12.40%	21.13%	22.93%	8.72%	-5.19%	3.42%	2.11%		9.76%	<-IRR #YR->	10	Revenue	153.67%
5 year Running Average	$2,449.1	$2,716.8	$3,215.9	$3,802.6	$4,431.4	$5,096.3	$5,901.3	$6,550.3	$6,681.0	$6,787.2	$7,061.5	$7,484.0	$8,117.1	$8,960.6	$9,728.5	$10,263.9		7.37%	<-IRR #YR->	5	Revenue	42.68%
Revenue per Share	$49.79	$55.52	$64.10	$79.21	$92.03	$100.17	$116.60	$113.68	$88.85	$99.87	$128.69	$158.07	$173.78	$164.76	$170.39	$173.99		9.70%	<-IRR #YR->	10	5 yr Running Average	152.40%
Increase	12.59%	11.50%	15.45%	23.58%	16.18%	8.85%	16.41%	-2.50%	-21.84%	12.40%	28.85%	22.83%	9.94%	-5.19%	3.42%	2.11%		4.38%	<-IRR #YR->	5	5 yr Running Average	23.92%
5 year Running Average	$37.85	$41.98	$49.62	$58.57	$68.13	$78.20	$90.42	$100.34	$102.27	$103.84	$109.54	$117.83	$129.85	$145.03	$159.14	$168.20		10.49%	<-IRR #YR->	10	Revenue per Share	171.12%
P/S (Price/Sales) Med	0.38	0.60	0.89	0.96	0.63	0.68	0.51	0.40	0.54	0.77	0.50	0.43	0.37	0.37	0.00	0.00		8.86%	<-IRR #YR->	5	Revenue per Share	52.86%
P/S (Price/Sales) Close	0.47	0.80	1.11	0.94	0.63	0.73	0.39	0.43	0.76	0.75	0.48	0.41	0.33	0.46	0.45	0.44		10.10%	<-IRR #YR->	10	5 yr Running Average	161.71%
P/S (Price/Sales) Close 10 year run.	0.45	0.45	0.45	0.48	0.57	0.57	0.57	0.57	0.57	0.62	0.62	0.59	0.53	0.51	0.46	0.41		5.29%	<-IRR #YR->	5	5 yr Running Average	29.41%
*Revenue in M CDN $					P/S Med	20 yr	0.51	15 yr	0.53	10 yr	0.53	5 yr	0.50		-12.23%	Diff M/C
			-$4,171.6	$0.0	$0.0	$0.0	$0.0	$0	$0	$0	$0	$0	$10,582
								-$7,417	$0	$0	$0	$0	$10,582
			-$3,215.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$8,117.1
								-$6,550.3	$0.0	$0.0	$0.0	$0.0	$8,117.1
			-$64.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$173.78
								-$113.68	$0.00	$0.00	$0.00	$0.00	$173.78
			-$49.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$129.85
								-$100.34	$0.00	$0.00	$0.00	$0.00	$129.85
														$592.00	<-12 mths	-2.05%
														$9.73	<-12 mths	-0.82%
Adjusted Profit CDN$	$146.1	$229.8	$320.6	$436.7	$522.5	$551.5	$583.8	$464.4	$314.6	$428.4	$400.5	$541.1	$604.4
Basic	$2.26	$3.55	$4.95	$6.71	$8.01	$8.45	$8.93	$7.11	$4.82	$6.55	$6.27	$8.79	$9.82					98.48%	<-Total Growth	10	AEPS
AEPS* Dilued	$2.25	$3.52	$4.90	$6.63	$7.92	$8.35	$8.82	$7.08	$4.81	$6.53	$6.26	$8.78	$9.81	$10.07	$10.82	$13.20		100.20%	<-Total Growth	10	AEPS
Increase	44.23%	56.44%	39.20%	35.31%	19.46%	5.43%	5.63%	-19.73%	-32.06%	35.76%	-4.13%	40.26%	11.73%	2.65%	7.45%	22.00%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$1.10	$1.59	$2.72	$3.77	$5.04	$6.26	$7.32	$7.76	$7.40	$7.12	$6.70	$6.69	$7.24	$8.29	$9.15	$10.54		7.19%	<-IRR #YR->	10	AEPS	100.20%
AEPS Yield	9.70%	7.97%	6.91%	8.87%	13.73%	11.41%	19.47%	14.41%	7.13%	8.71%	10.21%	13.71%	17.27%	13.25%	14.24%	17.37%		6.74%	<-IRR #YR->	5	AEPS	38.56%
Payout Ratio	14.22%	9.09%	8.16%	6.03%	5.05%	5.75%	5.44%	6.78%	7.48%	10.41%	12.78%	10.02%	10.19%	11.12%	10.72%	8.79%		10.29%	<-IRR #YR->	10	5 yr Running Average	166.30%
5 year Running Average	11.76%	9.01%	13.93%	11.60%	8.51%	6.82%	6.09%	5.81%	6.10%	7.17%	8.58%	9.50%	10.18%	10.91%	10.97%	10.17%		-1.38%	<-IRR #YR->	5	5 yr Running Average	-6.73%
Price/AEPS Median	8.36	9.50	11.61	11.50	7.37	8.13	6.79	6.35	9.93	11.79	10.21	7.68	6.53	6.06	0.00	0.00		7.90	<-Median->	10	Price/AEPS Median
Price/AEPS High	10.32	12.55	14.70	13.38	9.33	9.64	8.59	7.51	14.67	13.58	12.96	8.89	7.35	7.73	0.00	0.00		9.48	<-Median->	10	Price/AEPS High
Price/AEPS Low	6.40	6.45	8.53	9.62	5.41	6.62	4.99	5.19	5.19	10.00	7.46	6.47	5.71	4.39	0.00	0.00		6.09	<-Median->	10	Price/AEPS Low
Price/AEPS Close	10.31	12.55	14.48	11.27	7.28	8.77	5.14	6.94	14.02	11.47	9.79	7.29	5.79	7.55	7.02	5.76		8.03	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	14.87	19.64	20.16	15.25	8.70	9.24	5.43	5.57	9.52	15.58	9.39	10.23	6.47	7.75	7.55	7.02		9.32	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	9.85	12.55	6.47	9.79	P/AEPS	5 Yrs	in order	9.93	12.96	6.47	9.79		-24.00%	Diff M/C					DPR 75% to 95% best
* Normalized Earnings per Share
			-$4.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.81
								-$7.08	$0.00	$0.00	$0.00	$0.00	$9.81
			-$2.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.24
								-$7.76	$0.00	$0.00	$0.00	$0.00	$7.24
														$3.53	<-12 mths	-15.75%
EPS Basic	$2.26	$3.55	$4.95	$6.71	$8.01	$8.41	$9.05	$6.59	$4.27	$6.43	$6.67	$8.18	$4.20					-15.15%	<-Total Growth	10	EPS Basic
Pre-split '93
Pre-split '98
EPS Diluted*	$2.25	$3.52	$4.90	$6.63	$7.92	$8.32	$8.94	$6.56	$4.27	$6.41	$6.67	$8.17	$4.19	$9.86	$10.82			-14.49%	<-Total Growth	10	EPS Diluted	G&M Est.
Increase	44.23%	56.44%	39.20%	35.31%	19.46%	5.05%	7.45%	-26.62%	-34.91%	50.12%	4.06%	22.49%	-48.71%	135.32%	9.74%			10	0	10	Years of Data, EPS P or N	WSJ Est.
Earnings Yield	9.7%	8.0%	6.9%	8.9%	13.7%	11.4%	19.7%	13.4%	6.3%	8.6%	10.9%	12.8%	7.4%	13.0%	14.2%			-1.55%	<-IRR #YR->	10	Earnings per Share	-14.49%
5 year Running Average	$1.10	$1.59	$2.72	$3.77	$5.04	$6.26	$7.34	$7.67	$7.20	$6.90	$6.57	$6.42	$5.94	$7.06	$7.94			-8.58%	<-IRR #YR->	5	Earnings per Share	-36.13%
10 year Running Average	$1.18	$1.47	$1.83	$2.35	$3.00	$3.68	$4.47	$5.20	$5.49	$5.97	$6.41	$6.88	$6.81	$7.13	$7.42			8.14%	<-IRR #YR->	10	5 yr Running Average	118.62%
* ESP per share (Cdn GAAP)									E/P	10 Yrs	11.12%	5Yrs	8.55%					-4.99%	<-IRR #YR->	5	5 yr Running Average	-22.57%
			-$4.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.19
								-$6.56	$0.00	$0.00	$0.00	$0.00	$4.19
			-$2.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.94
								-$7.67	$0.00	$0.00	$0.00	$0.00	$5.94
Comment
Dividend*														$1.12	$1.28				Estimates		Dividend*
Increase														12.00%	14.29%				Estimates		Increase
Payout Ratio EPS														11.36%	11.83%				Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-split '98
Dividend*	$0.32	$0.32	$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$1.00	$1.12	$1.16	$1.16		150.00%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	25.00%	0.00%	0.00%	20.00%	0.00%	0.00%	-25.00%	88.89%	17.65%	10.00%	13.64%	12.00%	3.57%	0.00%		13	2	29	Years of data, Count P, N	44.83%
Average Increases 5 Year Running	16.67%	16.67%	31.67%	11.67%	5.00%	9.00%	9.00%	4.00%	-1.00%	16.78%	16.31%	18.31%	21.03%	28.43%	11.37%	7.84%		10.33%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.25	$0.26	$0.32	$0.35	$0.37	$0.40	$0.43	$0.45	$0.44	$0.50	$0.56	$0.64	$0.74	$0.90	$0.99	$1.06		132.50%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.70%	0.96%	0.70%	0.52%	0.69%	0.71%	0.80%	1.07%	0.75%	0.88%	1.25%	1.30%	1.56%	1.83%				0.84%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.38%	0.72%	0.56%	0.45%	0.54%	0.60%	0.63%	0.90%	0.51%	0.77%	0.99%	1.13%	1.39%	1.44%				0.70%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	2.22%	1.41%	0.96%	0.63%	0.93%	0.87%	1.09%	1.31%	1.44%	1.04%	1.71%	1.55%	1.79%	2.53%				1.20%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.38%	0.72%	0.56%	0.54%	0.69%	0.66%	1.06%	0.98%	0.53%	0.91%	1.31%	1.37%	1.76%	1.47%	1.53%	1.53%		0.94%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	14.22%	9.09%	8.16%	6.03%	5.05%	5.77%	5.37%	7.32%	8.43%	10.61%	11.99%	10.77%	23.87%	11.36%	10.72%	#DIV/0!		7.87%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	22.59%	16.58%	11.77%	9.33%	7.30%	6.39%	5.88%	5.84%	6.11%	7.19%	8.52%	9.98%	12.52%	12.69%	12.49%	#DIV/0!		7.24%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	5.87%	3.55%	4.76%	3.77%	2.91%	3.99%	4.54%	2.68%	1.64%	4.90%	10.51%	6.83%	4.86%	5.96%	5.33%	#DIV/0!		4.26%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	6.02%	5.15%	5.44%	4.76%	3.90%	3.72%	3.90%	3.45%	2.89%	3.25%	3.90%	4.31%	4.84%	6.07%	6.07%	#DIV/0!		3.90%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	6.08%	4.37%	4.45%	3.58%	2.91%	3.54%	3.12%	3.49%	3.05%	5.16%	5.69%	5.41%	4.16%	8.59%	8.90%	#DIV/0!		3.56%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	6.13%	5.64%	5.38%	4.69%	3.96%	3.65%	3.44%	3.31%	3.22%	3.67%	4.11%	4.63%	4.69%	5.56%	6.16%	#DIV/0!		3.81%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	0.84%	0.94%	5 Yr Med	5 Yr Cl	1.25%	1.31%	5 Yr Med	Payout	10.77%	4.90%	5.16%					15.81%	<-IRR #YR->	5	Dividends	108.33%
* Dividends per share	10 Yr Med	and Cur.	81.15%	61.99%	5 Yr Med	and Cur.	21.95%	16.95%	Last Div Inc --->		$0.25	$0.29	16.00%					9.60%	<-IRR #YR->	10	Dividends	150.00%
Dividends Growth 15																		15.18%	<-IRR #YR->	15	Dividends	733.33%
Dividends Growth 20																		9.60%	<-IRR #YR->	20	Dividends	525.00%
Dividends Growth 25																		7.61%	<-IRR #YR->	25	Dividends	525.00%
Dividends Growth 30																		8.52%	<-IRR #YR->	29	Dividends
Dividends Growth 5								-$0.48	$0.00	$0.00	$0.00	$0.00	$1.00								Dividends Growth 5
Dividends Growth 10			-$0.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.00								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.00								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.00								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.00								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.00								Dividends Growth 30
Historical Dividends	Historical	High Div	2.45%	Low Div	0.46%	10 Yr High	1.78%	10 Yr Low	0.46%	Med Div	1.21%	Close Div	1.18%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-37.70%		231.81%	Exp.	-14.25%		231.81%	Cheap	26.14%	Cheap	29.00%								High/Ave/Median
Future Dividend Yield					Div Yd	3.18%	earning in	5	Years	at IRR of	15.81%	Div Inc.	108.33%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.62%	earning in	10	Years	at IRR of	15.81%	Div Inc.	334.03%								Future Dividend Yield
Future Dividend Yield					Div Yd	13.80%	earning in	15	Years	at IRR of	15.81%	Div Inc.	804.22%								Future Dividend Yield
					Div Paid	$2.42	earning in	5	Years	at IRR of	15.81%	Div Inc.	108.33%								Future Dividend Paid	Div Pd
					Div Paid	$5.03	earning in	10	Years	at IRR of	15.81%	Div Inc.	334.03%								Future Dividend Paid	$2.42
					Div Paid	$10.49	earning in	15	Years	at IRR of	15.81%	Div Inc.	804.22%								Future Dividend Paid	$5.03
																						$10.49
					Total Div	$7.95	over	5	Years	at IRR of	15.81%	Div Cov.	10.46%								Dividend Covering Cost
					Total Div	$22.09	over	10	Years	at IRR of	15.81%	Div Cov.	29.06%								Dividend Covering Cost	Yr
					Total Div	$51.55	over	15	Years	at IRR of	15.81%	Div Cov.	67.83%								Dividend Covering Cost	5
																						5
Yield if held 5 years	1.61%	3.09%	4.53%	2.18%	2.21%	2.55%	1.44%	0.84%	0.47%	1.17%	1.18%	1.47%	2.22%	2.34%	1.51%	1.81%		1.45%	<-Median->	10	Paid Median Price	5
Yield if held 10 years	2.87%	2.95%	3.06%	2.86%	2.86%	2.41%	4.64%	5.44%	1.96%	3.76%	4.25%	2.63%	1.76%	1.47%	1.99%	1.71%		2.86%	<-Median->	10	Paid Median Price	5
Yield if held 15 years	1.42%	1.21%	1.96%	2.93%	3.12%	4.30%	4.43%	3.67%	2.57%	4.86%	4.02%	8.51%	11.33%	6.10%	6.41%	6.17%		4.16%	<-Median->	10	Paid Median Price	5
Yield if held 20 years		8.48%	5.91%	6.58%	3.72%	2.14%	1.82%	2.36%	2.63%	5.30%	7.17%	8.12%	7.65%	8.01%	8.29%	5.82%		4.51%	<-Median->	10	Paid Median Price	5
Yield if held 25 years							12.72%	7.09%	5.93%	6.33%	3.56%	3.34%	4.91%	8.19%	9.04%	10.39%		5.93%	<-Median->	7	Paid Median Price
Yield if held 30 years												23.31%	14.77%	18.44%	10.79%	5.16%		19.04%	<-Median->	2	Paid Median Price	10
																						10
Cost covered if held 5 years	6.22%	12.76%	18.13%	9.59%	10.17%	10.63%	6.46%	3.94%	2.89%	4.25%	4.13%	5.34%	8.27%	9.38%	6.44%	8.32%		5.90%	<-Median->	10	Paid Median Price	10
Cost covered if held 10 years	20.42%	22.52%	20.50%	20.31%	21.45%	16.26%	33.64%	43.51%	21.57%	23.89%	25.52%	16.03%	10.47%	8.76%	12.75%	11.97%		21.51%	<-Median->	10	Paid Median Price	10
Cost covered if held 15 years	13.60%	12.28%	17.08%	27.20%	30.88%	38.33%	42.46%	37.64%	36.04%	39.18%	30.31%	64.57%	85.67%	45.98%	51.31%	53.80%		37.99%	<-Median->	10	Paid Median Price	10
Cost covered if held 20 years		98.28%	60.71%	72.70%	43.81%	22.50%	20.47%	28.07%	43.29%	50.21%	63.41%	71.99%	66.11%	68.07%	74.65%	57.01%		47.01%	<-Median->	10	Paid Median Price	10
Cost covered if held 25 years							155.50%	93.80%	108.92%	66.88%	34.97%	32.61%	46.33%	76.05%	88.89%	111.06%		66.88%	<-Median->	7	Paid Median Price
Cost covered if held 30 years												240.26%	148.74%	182.66%	113.02%	58.64%		194.50%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth											$7,917.9	$9,733.5	$10,582.0					33.65%	<-Total Growth	2	Revenue Growth	33.65%
AEPS Growth											$6.26	$8.78	$9.81					56.71%	<-Total Growth	2	AEPS Growth	56.71%
Net Income Growth											$426.2	$503.1	$258.3					-39.40%	<-Total Growth	2	Net Income Growth	-39.40%
Cash Flow Growth											$468.1	$793.6	$1,254.0					167.88%	<-Total Growth	2	Cash Flow Growth	167.88%
Dividend Growth											$0.80	$0.88	$1.00					25.00%	<-Total Growth	2	Dividend Growth	25.00%
Stock Price Growth											$61.30	$64.02	$56.79					-7.36%	<-Total Growth	2	Stock Price Growth	-7.36%
Revenue Growth								$7,416.6	$5,815.6	$6,536.6	$7,917.9	$9,733.5	$10,582.0	$10,186	<-12 mths	-3.74%		42.68%	<-Total Growth	5	Revenue Growth	42.68%
AEPS Growth								$7.08	$4.81	$6.53	$6.26	$8.78	$9.81	$9.73	<-12 mths	-0.82%		38.56%	<-Total Growth	5	AEPS Growth	38.56%
Net Income Growth								$430.4	$279.1	$420.6	$426.2	$503.1	$258.3	$210	<-12 mths	-18.59%		-40.00%	<-Total Growth	5	Net Income Growth	-40.00%
Cash Flow Growth								$1,167.7	$1,434.1	$908.8	$468.1	$793.6	$1,254.0	$1,338	<-12 mths	6.67%		7.40%	<-Total Growth	5	Cash Flow Growth	7.40%
Dividend Growth								$0.48	$0.36	$0.68	$0.80	$0.88	$1.00	$1.12	<-12 mths	12.00%		108.33%	<-Total Growth	5	Dividend Growth	108.33%
Stock Price Growth								$49.13	$67.42	$74.93	$61.30	$64.02	$56.79	$76.00	<-12 mths	33.83%		15.59%	<-Total Growth	5	Stock Price Growth	15.59%
Revenue Growth			$4,171.6	$5,162.5	$6,005.6	$6,546.5	$7,620.6	$7,416.6	$5,815.6	$6,536.6	$7,917.9	$9,733.5	$10,582.0	$10,033	<-this year	-5.19%		153.67%	<-Total Growth	10	Revenue Growth	153.67%
AEPS Growth			$4.90	$6.63	$7.92	$8.35	$8.82	$7.08	$4.81	$6.53	$6.26	$8.78	$9.81	$10.07	<-this year	2.65%		100.20%	<-Total Growth	10	AEPS Growth	100.20%
Net Income Growth			$320.6	$436.7	$522.1	$549.4	$591.5	$430.4	$279.1	$420.6	$426.2	$503.1	$258.3	$600	<-this year	132.49%		-19.44%	<-Total Growth	10	Net Income Growth	-19.44%
Cash Flow Growth			$546.5	$691.9	$896.1	$785.9	$691.2	$1,167.7	$1,434.1	$908.8	$468.1	$793.6	$1,254.0	$794	<-this year	-36.68%		129.45%	<-Total Growth	10	Cash Flow Growth	129.45%
Dividend Growth			$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$1.00	$1.12	<-this year	12.00%		150.00%	<-Total Growth	10	Dividend Growth	150.00%
Stock Price Growth			$70.95	$74.73	$57.69	$73.21	$45.30	$49.13	$67.42	$74.93	$61.30	$64.02	$56.79	$76.00	<-this year	33.83%		-19.96%	<-Total Growth	10	Stock Price Growth	-19.96%
Dividends on Shares				$6.00	$6.00	$7.20	$7.20	$7.20	$5.40	$10.20	$12.00	$13.20	$15.00	$16.80	$17.40	$17.40		$89.40	No of Years	10	Total Divs	12/31/14
Paid			$1,064.25	$1,120.95	$865.35	$1,098.15	$679.50	$736.95	$1,011.30	$1,123.95	$919.50	$960.30	$851.85	$1,140.00	$1,140.00	$1,140.00		$851.85	No of Years	10	Worth	$70.95
Total																		$941.25
Graham No. AEPS	$29.34	$40.67	$53.20	$71.90	$84.10	$94.60	$107.46	$99.20	$84.84	$101.60	$104.95	$130.67	$140.27	$146.96	$152.33	$168.26		163.67%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.64	0.82	1.07	1.06	0.69	0.72	0.56	0.45	0.56	0.76	0.61	0.52	0.46	0.42				0.59	<-Median->	10	Price/GP Ratio
Price/GP Ratio Hi	0.79	1.09	1.35	1.23	0.88	0.85	0.70	0.54	0.83	0.87	0.77	0.60	0.51	0.53				0.80	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.49	0.56	0.79	0.89	0.51	0.58	0.41	0.37	0.29	0.64	0.44	0.43	0.40	0.30				0.44	<-Median->	10	Price/GP Ratio
Price/GP Ratio Cl	0.79	1.09	1.33	1.04	0.69	0.77	0.42	0.50	0.79	0.74	0.58	0.49	0.40	0.52	0.50	0.45		0.64	<-Median->	10	Price/GP Ratio
Prem/Disc CL	-20.94%	8.66%	33.37%	3.93%	-31.40%	-22.61%	-57.85%	-50.47%	-20.54%	-26.25%	-41.59%	-51.01%	-59.51%	-48.29%	-50.11%	-54.83%		-36.50%	<-Median->	10	Graham Price
Graham No. EPS	$29.34	$40.67	$53.20	$71.90	$84.10	$94.43	$108.19	$95.48	$79.94	$100.67	$108.33	$126.05	$91.67	$145.42	$152.33	$0.00		72.32%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.64	0.82	1.07	1.06	0.69	0.72	0.55	0.47	0.60	0.76	0.59	0.54	0.70	0.42				0.65	<-Median->	10	Price/GP Ratio
Price/GP Ratio Hi	0.79	1.09	1.35	1.23	0.88	0.85	0.70	0.56	0.88	0.88	0.75	0.62	0.79	0.54				0.82	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.49	0.56	0.79	0.89	0.51	0.59	0.41	0.38	0.31	0.65	0.43	0.45	0.61	0.30				0.48	<-Median->	10	Price/GP Ratio
Price/GP Ratio Cl	0.79	1.09	1.33	1.04	0.69	0.78	0.42	0.51	0.84	0.74	0.57	0.51	0.62	0.52	0.50	#DIV/0!		0.65	<-Median->	10	Price/GP Ratio
Prem/Disc CL	-20.94%	8.66%	33.37%	3.93%	-31.40%	-22.47%	-58.13%	-48.55%	-15.66%	-25.57%	-43.42%	-49.21%	-38.05%	-47.74%	-50.11%	#DIV/0!		-34.73%	<-Median->	10	Graham Price
Price Close	$23.20	$44.19	$70.95	$74.73	$57.69	$73.21	$45.30	$49.13	$67.42	$74.93	$61.30	$64.02	$56.79	$76.00	$76.00	$76.00		-19.96%	<-Total Growth	10	Stock Price
Increase	65.71%	90.47%	60.56%	5.33%	-22.80%	26.90%	-38.12%	8.45%	37.23%	11.14%	-18.19%	4.44%	-11.29%	33.83%	0.00%	0.00%		9.69	<-Median->	10	CAPE (10 Yr P/E)
P/E	10.31	12.55	14.48	11.27	7.28	8.80	5.07	7.49	15.79	11.69	9.19	7.84	13.55	7.71	7.02	#DIV/0!		2.94%	<-IRR #YR->	5	Stock Price	15.59%
Trailing P/E	14.87	19.64	20.16	15.25	8.70	9.24	5.44	5.50	10.28	17.55	9.56	9.60	6.95	18.14	7.71	7.02		-2.20%	<-IRR #YR->	10	Stock Price	-19.96%
CAPE (10 Yr P/E)	12.59	12.29	12.91	12.73	11.42	10.77	9.80	9.10	9.47	9.72	9.65	9.28	9.17	8.78	8.68	#DIV/0!		4.35%	<-IRR #YR->	5	Price & Dividend	23.16%
Median 10, 5 Yrs		D.  per yr	0.94%	1.41%	% Tot Ret	0.00%	32.37%	T P/E	9.40	9.60	P/E:	8.99	11.69					-1.26%	<-IRR #YR->	10	Price & Dividend	-11.56%
Price 15		D.  per yr	1.75%		% Tot Ret	15.12%						CAPE Diff	-20.43%					9.82%	<-IRR #YR->	15	Stock Price	307.68%
Price  20		D.  per yr	1.35%		% Tot Ret	16.71%												6.74%	<-IRR #YR->	20	Stock Price	268.77%
Price  25		D.  per yr	1.22%		% Tot Ret	16.89%												6.01%	<-IRR #YR->	25	Stock Price	330.23%
Price  30		D.  per yr	1.51%		% Tot Ret	16.71%												7.51%	<-IRR #YR->	30	Stock Price	777.74%
Price  35		D.  per yr	3.22%		% Tot Ret	19.77%												13.07%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	2.53%		% Tot Ret	17.43%												12.00%	<-IRR #YR->	36	Stock Price
Price & Dividend 15																		11.57%	<-IRR #YR->	15	Price & Dividend	361.95%
Price & Dividend 20																		8.10%	<-IRR #YR->	20	Price & Dividend	324.87%
Price & Dividend 25																		7.23%	<-IRR #YR->	25	Price & Dividend	401.74%
Price & Dividend 30																		9.02%	<-IRR #YR->	30	Price & Dividend	401.74%
Price & Dividend 35																		16.30%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		14.53%	<-IRR #YR->	36	Price & Dividend
Price  5								-$49.13	$0.00	$0.00	$0.00	$0.00	$56.79								Price  5
Price 10			-$70.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.79								Price 10
Price & Dividend 5								-$49.13	$0.36	$0.68	$0.80	$0.88	$57.79								Price & Dividend 5
Price & Dividend 10			-$70.95	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$57.79								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	$56.79								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	$56.79								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	$56.79								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	$56.79								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	$56.79								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	$56.79								Price  40
Price & Dividend 15	$0.32	$0.32	$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$57.79								Price & Dividend 15
Price & Dividend 20	$0.32	$0.32	$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$57.79								Price & Dividend 20
Price & Dividend 25	$0.32	$0.32	$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$57.79								Price & Dividend 25
Price & Dividend 30	$0.32	$0.32	$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$57.79								Price & Dividend 30
Price & Dividend 35	$0.32	$0.32	$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$57.79								Price & Dividend 35
Price & Dividend 40	$0.32	$0.32	$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$57.79								Price & Dividend 40
Price Close	$23.20	$44.19	$70.95	$74.73	$57.69	$73.21	$45.30	$49.13	$67.42	$74.93	$61.30	$64.02	$56.79	$76.00	$76.00	$76.00		777.74%	<-Total Growth	30	Stock Price
5 yr Period ending	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		9.02%	<-IRR #YR->	30	5 year periods, Price & Div
5 year IRR Price & Dividends	3.94%	66.95%	39.73%	30.78%	34.30%	26.95%	1.46%	-6.35%	-1.42%	6.14%	-2.66%	8.36%	4.35%	3.68%				4.10%	<-Median->	27	5 year IRR, Price & Div
Div Yield Beg. of period	1.19%	6.49%	0.86%	1.18%	2.29%	1.38%	0.72%	0.56%	0.54%	0.69%	0.66%	1.06%	0.98%	0.53%
P/S Beginning of period	0.61	0.11	0.54	0.59	0.32	0.47	0.80	1.11	0.94	0.63	0.73	0.39	0.43	0.76
P/E Beginning of Period	12.88	3.52	-19.08	14.96	8.97	10.31	12.55	14.48	11.27	7.28	8.80	5.07	7.49	15.79
Dividend Yield end of period	1.38%	0.72%	0.56%	0.54%	0.69%	0.66%	1.06%	0.98%	0.53%	0.91%	1.31%	1.37%	1.76%	1.47%
P/S End of period	0.47	0.80	1.11	0.94	0.63	0.73	0.39	0.43	0.76	0.75	0.48	0.41	0.33	0.46
P/E End of Period	10.31	12.55	14.48	11.27	7.28	8.80	5.07	7.49	15.79	11.69	9.19	7.84	13.55	7.71
																			Dates		Price & Dividend
	$0.32	$0.32	$0.40	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$57.79
									-$67.42	$0.68	$0.80	$0.88	$1.00	$77.12					12/31/25		Price & Dividend
								-$49.13	$0.36	$0.68	$0.80	$0.88	$57.79						12/31/24		Price & Dividend
							-$45.30	$0.48	$0.36	$0.68	$0.80	$64.90							12/31/23		Price & Dividend
						-$73.21	$0.48	$0.48	$0.36	$0.68	$62.10								12/31/22		Price & Dividend
					-$57.69	$0.48	$0.48	$0.48	$0.36	$75.61									12/31/21		Price & Dividend
				-$74.73	$0.40	$0.48	$0.48	$0.48	$67.78										12/31/20		Price & Dividend
			-$70.95	$0.40	$0.40	$0.48	$0.48	$49.61											12/31/19		Price & Dividend
		-$44.19	$0.40	$0.40	$0.40	$0.48	$45.78												12/31/18		Price & Dividend
	-$23.20	$0.32	$0.40	$0.40	$0.40	$73.69													12/31/17		Price & Dividend
	$0.32	$0.32	$0.40	$0.40	$58.09														12/31/16		Price & Dividend
	$0.32	$0.32	$0.40	$75.13															12/31/15		Price & Dividend
	$0.32	$0.32	$71.35																12/31/14		Price & Dividend
	$0.32	$44.51																	12/31/13		Price & Dividend
	$23.52																		12/31/12		Price & Dividend
																			12/31/11		Price & Dividend
																			12/31/10		Price & Dividend
																			12/31/09		Price & Dividend
																			12/31/08		Price & Dividend
																			12/31/07		Price & Dividend
																			12/31/06		Price & Dividend
																			12/31/05		Price & Dividend
																			12/31/04		Price & Dividend
																			12/31/03		Price & Dividend
																			12/31/02		Price & Dividend
																			12/31/01		Price & Dividend
																			12/31/00		Price & Dividend
																			12/31/99		Price & Dividend
Price Median H/L	$18.81	$33.45	$56.91	$76.25	$58.35	$67.86	$59.88	$44.96	$47.77	$76.97	$63.92	$67.46	$64.07	$61.05				12.58%	<-Total Growth	10	Stock Price
Increase	4.01%	77.80%	70.15%	33.99%	-23.47%	16.30%	-11.76%	-24.92%	6.25%	61.13%	-16.95%	5.53%	-5.03%	-4.71%				1.19%	<-IRR #YR->	10	Stock Price	12.58%
P/E	8.36	9.50	11.61	11.50	7.37	8.16	6.70	6.85	11.19	12.01	9.58	8.26	15.29	6.19				7.34%	<-IRR #YR->	5	Stock Price	42.51%
Trailing P/E	12.06	14.86	16.17	15.56	8.80	8.57	7.20	5.03	7.28	18.02	9.97	10.11	7.84	14.57				2.17%	<-IRR #YR->	10	Price & Dividend
P/E on Run. 5 yr Ave	17.13	21.01	20.94	20.21	11.57	10.84	8.16	5.86	6.63	11.15	9.73	10.51	10.78	8.65				8.74%	<-IRR #YR->	5	Price & Dividend
P/E on Run. 10 yr Ave	16.01	22.75	31.11	32.43	19.43	18.45	13.40	8.65	8.71	12.89	9.97	9.81	9.41	8.56				11.59	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	0.98%	1.40%	% Tot Ret	45.00%	15.99%	T P/E	8.68	9.97	P/E:	8.92	11.19						Count	37	Years of data
			-$56.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$64.07
								-$44.96	$0.00	$0.00	$0.00	$0.00	$64.07
			-$56.91	$0.40	$0.40	$0.48	$0.48	$0.48	$0.36	$0.68	$0.80	$0.88	$65.07
								-$44.96	$0.36	$0.68	$0.80	$0.88	$65.07
High Months	Dec	Dec	Dec	Jun	Jan	Nov	Jan	Mar	Dec	Mar	Jan	Aug	Mar	Sep
Pre-split 1993
Pre-split 1998
Price High	$23.22	$44.19	$72.01	$88.73	$73.89	$80.46	$75.73	$53.17	$70.55	$88.65	$81.16	$78.07	$72.14	$77.88				0.18%	<-Total Growth	10	Stock Price
Increase	0.09%	90.31%	62.96%	23.22%	-16.72%	8.89%	-5.88%	-29.79%	32.69%	25.66%	-8.45%	-3.81%	-7.60%	7.96%				0.02%	<-IRR #YR->	10	Stock Price	0.18%
P/E	10.32	12.55	14.70	13.38	9.33	9.67	8.47	8.11	16.52	13.83	12.17	9.56	17.22	7.90				6.29%	<-IRR #YR->	5	Stock Price	35.68%
Trailing P/E	14.88	19.64	20.46	18.11	11.14	10.16	9.10	5.95	10.75	20.76	12.66	11.70	8.83	18.59				15.18	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	10.95	11.70	P/E:	10.92	13.83					18.71	P/E Ratio		Historical High
			-$72.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$72.14
								-$53.17	$0.00	$0.00	$0.00	$0.00	$72.14
Low Months	Jan	Apr	Jan	Aug	Jul	Apr	Dec	Oct	Mar	Jan	May	Nov	Dec	Apr
Pre-split 1993
Pre-split 1998
Price Low	$14.40	$22.70	$41.80	$63.76	$42.81	$55.26	$44.03	$36.74	$24.98	$65.28	$46.68	$56.84	$55.99	$44.21				33.95%	<-Total Growth	10	Stock Price
Increase	11.03%	57.64%	84.14%	52.54%	-32.86%	29.08%	-20.32%	-16.56%	-32.01%	161.33%	-28.49%	21.77%	-1.50%	-21.04%				2.97%	<-IRR #YR->	10	Stock Price	33.95%
P/E	6.40	6.45	8.53	9.62	5.41	6.64	4.93	5.60	5.85	10.18	7.00	6.96	13.36	4.48				8.79%	<-IRR #YR->	5	Stock Price	52.40%
Trailing P/E	9.23	10.09	11.88	13.01	6.46	6.98	5.29	4.11	3.81	15.29	7.28	8.52	6.85	10.55				8.31	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	6.92	7.28	P/E:	6.80	7.00					6.34	P/E Ratio		Historical Low
			-$41.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$55.99
								-$36.74	$0.00	$0.00	$0.00	$0.00	$55.99
Free Cash Flow Mtk Sc									$1,170.00	$665.70	$93.65	$7.04	$690.30	$672.10	$647.50				<-Total Growth	4	Free Cash Flow Mtk Sc
Change										-43.10%	-85.93%	-92.49%	9709.58%	-2.64%	-3.66%			-64.52%	<-Median->	4	Change
														$625	<-12 mths	-18.83%
Free Cash Flow WSJ		$324	$277	$335.80	$533.89	$367.67	$117.57	$599.93	$1,146.77	$666.40	$37.06	-$17.34	$594.00	$672.10	$647.50			114.44%	<-Total Growth	10	Free Cash Flow WSJ	All disagree
Change			-14.51%	21.23%	58.99%	-31.13%	-68.02%	410.26%	91.15%	-41.89%	-94.44%	-146.77%	3526.59%	13.15%	-3.66%			-0.05	<-Median->	10	Change
Free Cash Flow MS old				$347	$544	$206	$133	$609	$1,142	$654	$45
Change					56.77%	-62.13%	-35.44%	357.89%	87.52%	-42.73%	-93.12%
Free Cash Flow MS	-$15	$324	$277	$370	$530	$450	$410	$300	$460	$610	$420	$160	$770	$672.1	$647.5			177.98%	<-Total Growth	10	Free Cash Flow
Change	87.70%	2260.00%	-14.51%	33.57%	43.24%	-15.09%	-8.89%	-26.83%	53.33%	32.61%	-31.15%	-61.90%	381.25%	-12.71%	-3.66%			20.75%	<-IRR #YR->	5	Free Cash Flow MS	156.67%
FCF/CF from Op Ratio	-0.04	0.56	0.51	0.53	0.59	0.57	0.59	0.26	0.32	0.67	0.90	0.20	0.61	-1832.11	#DIV/0!			10.76%	<-IRR #YR->	10	Free Cash Flow MS	177.98%
Dividends paid	$20.71	$20.71	$25.94	$26.05	$26.08	$31.34	$31.37	$31.33	$23.50	$44.51	$51.15	$54.15	$61.54	$68.20	$70.64			137.24%	<-Total Growth	10	Dividends paid	MS chge
Percentage paid				7.04%	4.92%	6.96%	7.65%	10.44%	5.11%	7.30%	12.18%	33.84%	7.99%	10.15%	10.91%			$0.07	<-Median->	10	Percentage paid	all val
5 Year Coverage								7.10%	6.68%	7.27%	8.27%	10.49%	9.70%	10.62%	11.45%						5 Year Coverage	2024
Dividend Coverage Ratio				14.21	20.33	14.36	13.07	9.58	19.58	13.71	8.21	2.96	12.51	9.85	9.17			13.39	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								14.09	14.97	13.76	12.10	9.53	10.30	9.42	8.73						5 Year of Coverage
								-$300.00	0.00	0.00	0.00	0.00	770.00
			-$277.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	770.00
Market Cap	$1,501	$2,862	$4,618	$4,870	$3,765	$4,785	$2,961	$3,205	$4,413	$4,904	$3,772	$3,942	$3,458	$4,628	$4,628	$4,628		-25.11%	<-Total Growth	10	Market Cap
Diluted earnings calc							$8.94	$6.56	$4.27	$6.41	$6.67	$8.17	$4.19	$4.09							Diluted earnings calc
Diluted calc			65.42	65.86	65.93	66.03	66.16	65.62	65.37	65.61	63.90	61.57	61.64	61.61							Diluted calc
Diluted # of Shares in Million	64.90	65.21	65.42	65.84	65.91	66.06	66.18	65.59	65.33	65.57	63.93	61.60	61.59	61.61				-5.85%	<-Total Growth	10	Diluted
Change	0.13%	0.47%	0.33%	0.65%	0.10%	0.23%	0.18%	-0.89%	-0.40%	0.36%	-2.49%	-3.65%	-0.01%	0.03%				0.04%	<-Median->	10	Change
Difference Diluted/Basic	-0.3%	-0.7%	-0.9%	-1.1%	-1.1%	-1.2%	-1.3%	-0.5%	0.0%	-0.2%	-0.1%	-0.1%	-0.1%	-0.2%				-0.33%	<-Median->	10	Difference Diluted/Basic
Ave Cal NI/EPS	64.65																				Ave Cal NI/EPS
Basic # of Shares in Millions	64.70	64.72	64.82	65.11	65.19	65.30	65.35	65.28	65.31	65.45	63.88	61.53	61.52	61.46				-5.10%	<-Total Growth	10	Basic
Change	0.00%	0.03%	0.15%	0.44%	0.12%	0.16%	0.09%	-0.11%	0.04%	0.22%	-2.40%	-3.67%	-0.02%	-0.09%				0.06%	<-Median->	10	Change
Difference Basic/Outstanding	0.0%	0.1%	0.4%	0.1%	0.1%	0.1%	0.0%	-0.1%	0.2%	0.0%	-3.7%	0.1%	-1.0%	-0.9%				0.04%	<-Median->	10	Difference Basic/Outstanding
														$1,337.63	<-12 mths	6.67%
pre-split '98
# of Share in Millions	64.71	64.76	65.08	65.17	65.26	65.35	65.35	65.24	65.45	65.45	61.53	61.58	60.89	60.89	60.89	60.89		-0.66%	<-IRR #YR->	10	Shares	-6.44%
Change	0.01%	0.09%	0.49%	0.14%	0.13%	0.15%	0.00%	-0.18%	0.32%	0.00%	-5.99%	0.08%	-1.11%	0.00%	0.00%	0.00%		-1.37%	<-IRR #YR->	5	Shares	-6.66%
CF fr Op $M	$352.8	$583.7	$546.5	$691.9	$896.1	$785.9	$691.2	$1,167.7	$1,434.1	$908.8	$468.1	$793.6	$1,254.0	$794.0	$794.0			129.45%	<-Total Growth	10	Cash Flow
Increase	55.51%	65.48%	-6.37%	26.59%	29.52%	-12.29%	-12.05%	68.93%	22.81%	-36.63%	-48.49%	69.51%	58.03%	-36.68%	0.00%			SO	Buy Backs
5 year Running Average	$266.6	$331.6	$381.3	$480.3	$614.2	$700.8	$722.3	$846.6	$995.0	$997.5	$934.0	$954.4	$971.7	$843.7	$820.7			154.86%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.45	$9.01	$8.40	$10.62	$13.73	$12.03	$10.58	$17.90	$21.91	$13.88	$7.61	$12.89	$20.59	$18.80	$21.78			145.23%	<-Total Growth	10	Cash Flow per Share
Increase	55.50%	65.33%	-6.83%	26.41%	29.35%	-12.42%	-12.05%	69.22%	22.42%	-36.63%	-45.20%	69.38%	59.80%	-8.71%	15.85%			8.66%	<-IRR #YR->	10	Cash Flow	129.45%
5 year Running Average	$4.12	$5.12	$5.88	$7.40	$9.44	$10.76	$11.07	$12.97	$15.23	$15.26	$14.38	$14.84	$15.38	$14.75	$16.33			1.44%	<-IRR #YR->	5	Cash Flow	7.40%
P/CF on Med Price	3.45	3.71	6.78	7.18	4.25	5.64	5.66	2.51	2.18	5.54	8.40	5.23	3.11	3.25	0.00			9.38%	<-IRR #YR->	10	Cash Flow per Share	145.23%
P/CF on Closing Price	4.26	4.90	8.45	7.04	4.20	6.09	4.28	2.74	3.08	5.40	8.06	4.97	2.76	4.04	3.49			2.85%	<-IRR #YR->	5	Cash Flow per Share	15.06%
															-35.25%	Diff M/C
														$1,435.5	<-12 mths	-2.00%		10.09%	<-IRR #YR->	10	CFPS 5 yr Running	161.46%
Excl.Working Capital CF	-$12.1	-$109.4	$38.7	$35.9	$2.0	$100.0	$313.9	-$270.3	-$662.5	-$46.4	$397.1	$208.5	$210.8	$0.0	$0.0			3.46%	<-IRR #YR->	5	CFPS 5 yr Running	18.56%
CF fr Op $M WC	$340.6	$474.4	$585.2	$727.8	$898.1	$885.9	$1,005.2	$897.4	$771.6	$862.4	$865.3	$1,002.1	$1,464.9	$794.0	$794.0			150.32%	<-Total Growth	10	Cash Flow less WC
Increase	9.72%	39.27%	23.36%	24.37%	23.40%	-1.36%	13.46%	-10.72%	-14.02%	11.77%	0.34%	15.81%	46.18%	-45.80%	0.00%			9.61%	<-IRR #YR->	10	Cash Flow less WC	150.32%
5 year Running Average	$261.8	$303.0	$385.9	$487.7	$605.2	$714.3	$820.4	$882.9	$891.6	$884.5	$880.4	$879.8	$993.2	$997.7	$984.1			10.30%	<-IRR #YR->	5	Cash Flow less WC	63.23%
CFPS Excl. WC	$5.26	$7.32	$8.99	$11.17	$13.76	$13.56	$15.38	$13.76	$11.79	$13.18	$14.06	$16.27	$24.06	$13.04	$13.04			9.91%	<-IRR #YR->	10	CF less WC 5 Yr Run	157.35%
Increase	9.71%	39.15%	22.76%	24.19%	23.24%	-1.50%	13.46%	-10.56%	-14.30%	11.77%	6.73%	15.72%	47.82%	-45.80%	0.00%			2.38%	<-IRR #YR->	5	CF less WC 5 Yr Run	12.50%
5 year Running Average	$4.05	$4.68	$5.95	$7.51	$9.30	$10.96	$12.57	$13.52	$13.65	$13.53	$13.63	$13.81	$15.87	$16.12	$16.09			10.34%	<-IRR #YR->	10	CFPS - Less WC	167.54%
P/CF on Med Price	3.57	4.57	6.33	6.83	4.24	5.01	3.89	3.27	4.05	5.84	4.55	4.15	2.66	4.68	0.00			11.83%	<-IRR #YR->	5	CFPS - Less WC	74.88%
P/CF on Closing Price	4.41	6.03	7.89	6.69	4.19	5.40	2.95	3.57	5.72	5.69	4.36	3.93	2.36	5.83	5.83			10.30%	<-IRR #YR->	10	CFPS 5 yr Running	166.61%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	5.39	5 yr	5.23	P/CF Med	10 yr	4.19	5 yr	4.15		39.03%	Diff M/C		3.25%	<-IRR #YR->	5	CFPS 5 yr Running	17.36%
			-65.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	60.9								Shares
								-65.2	0.0	0.0	0.0	0.0	60.9								Shares
			-$546.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,254.0								Cash Flow
								-$1,167.7	$0.0	$0.0	$0.0	$0.0	$1,254.0								Cash Flow
			-$8.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.59								Cash Flow per Share
								-$17.90	$0.00	$0.00	$0.00	$0.00	$20.59								Cash Flow per Share
			-$5.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.38								CFPS 5 yr Running
								-$12.97	$0.00	$0.00	$0.00	$0.00	$15.38								CFPS 5 yr Running
			-$585.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,464.9								Cash Flow less WC
								-$897.4	$0.0	$0.0	$0.0	$0.0	$1,464.9								Cash Flow less WC
			-$385.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$993.2								CF less WC 5 Yr Run
								-$882.9	$0.0	$0.0	$0.0	$0.0	$993.2								CF less WC 5 Yr Run
			-$8.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.06								CFPS - Less WC
								-$13.76	$0.00	$0.00	$0.00	$0.00	$24.06								CFPS - Less WC
			-$5.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.87								CFPS 5 yr Running
								-$13.52	$0.00	$0.00	$0.00	$0.00	$15.87								CFPS 5 yr Running
Accts and other receivables	$18.76	$1.65	-$15.68	$30.04	-$91.386	-$184.216	-$14.267	$255.909	$95.427	$24.815	-$215.353	-$120.033	$202.175
Inventories	-$37.46	$60.03	-$59.27	-$9.72	-$81.304	-$89.878	-$236.810	$192.148	$139.514	-$227.446	-$351.132	-$239.837	-$37.022
Current assets	-$1.33	$1.00	-$2.12	-$1.02	-$2.761	-$8.191	-$2.507	-$10.386	$6.490	-$6.853	-$4.777	-$3.656	-$10.864
Long Term Rec							-$82.292	-$26.078	$130.237	$110.758	$19.230	$4.165	$11.387
Income Taxes	$23.44	$12.64	$0.28	$8.58	$11.315	-$43.383	$15.478	-$44.206	$89.050	-$19.360	-$82.870	$72.839	-$81.927
Accounts Paybable and Accrued Lia	$8.73	$34.04	$38.12	-$63.83	$156.753	$225.463	$12.734	-$105.652	$203.964	$166.240	$239.287	$74.792	-$313.830
Provisions					$5.345	$0.237	-$6.253	$8.525	-$2.196	-$1.769	-$1.531	$3.183	$19.232
Sum	$12.14	$109.36	-$38.66	-$35.94	-$2.038	-$99.968	-$313.917	$270.260	$662.486	$46.385	-$397.146	-$208.547	-$210.849
Google-->Morningstar	-$15.05	$109.36	-$38.66	-$35.94	-$2.04	-$100	-$314	$270	$662	$46	-$397	-$209	-$211
Differnce		$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0	$0
in 2017 says including provisions		$111.11	-$37.95	-$40.24
>Morningstar - TD same but 2017		$111	-$38	-$40	-$2	-$252
Differnce		-$2	-$1	$4	$0
OPM	10.95%	16.24%	13.10%	13.40%	14.92%	12.01%	9.07%	15.74%	24.66%	13.90%	5.91%	8.15%	11.85%	7.91%				-9.55%	<-Total Growth	10	OPM
Increase	38.11%	48.28%	-19.30%	2.29%	11.33%	-19.54%	-24.44%	73.57%	56.63%	-43.62%	-57.47%	37.89%	45.36%	-33.22%					Should increase		or be stable.
Diff from Ave	-17.4%	22.5%	-1.1%	1.1%	12.6%	-9.4%	-31.6%	18.8%	86.1%	4.9%	-55.4%	-38.5%	-10.6%	-40.3%				-0.04	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	13.25%	5 Yrs	13.90%					should be	zero, it is a		check on calculations
														$1,555.3	<-12 mths	-0.60%
Adjusted EBITDA (Normalized)						$1,058.6	$1,176.9	$1,082.3	$919.8	$1,045.4	$1,014.0	$1,312.3	$1,564.7	$1,547.0	$1,578.0	$1,691.0		47.81%	<-Total Growth	7	Adjusted EBITDA	Normalized
Change							11.18%	-8.04%	-15.01%	13.66%	-3.00%	29.42%	19.23%	-1.13%	2.00%	7.16%		$0.1	<-Median->	7	Change
Margin						16.17%	15.44%	14.59%	15.82%	15.99%	12.81%	13.48%	14.79%	15.42%	15.21%	15.96%		15.12%	<-Median->	8	Margin
EBIT									$424.2	$605.4	$565.1	$798.9	$943.9	$920.2	$953.1	$1,051.0			<-Total Growth	4	EBIT
Change										42.72%	-6.66%	41.37%	18.15%	-2.51%	3.58%	10.27%		29.76%	<-Median->	4	Change
Margin									7.29%	9.26%	7.14%	8.21%	8.92%	9.17%	9.19%	9.92%		8.21%	<-Median->	5	Margin
Long Term Debt	$717.7	$487.2	$434.5	$537.4	$1,228.0	$1,288.8	$2,462.8	$1,865.9	$725.9	$770.9	$1,281.6	$1,732.0	$2,255.9	$2,577.0				419.19%	<-Total Growth	10	Debt	Type
Change	9.61%	-32.11%	-10.83%	23.68%	128.51%	4.95%	91.09%	-24.23%	-61.10%	6.21%	66.24%	35.14%	30.25%	14.24%				26.97%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.48	0.17	0.09	0.11	0.33	0.27	0.83	0.58	0.16	0.16	0.34	0.44	0.65	0.56				0.33	<-Median->	10	% of Market C.	Intang/GW
Assets/Current Liabilities Ratio	4.22	3.70	3.84	4.10	4.13	4.51	5.14	5.54	3.44	4.23	3.98	3.91	4.22	3.98				4.17	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Debt to Cash Flow (Years)	2.69	1.47	1.14	1.12	2.00	1.84	3.41	2.20	0.73	0.77	1.37	1.81	2.32	3.05				1.83	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$13.81	$24.56	$24.1	$29.8	$279.6	$287.8	$900.6	$873.6	$864.5	$806.5	$902.9	$942.3	$1,135.0	$1,113.4				4614.22%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$23.35	$28.11	$26.9	$23.6	$456.8	$485.6	$891.8	$858.5	$890.1	$853.3	$948.9	$1,033.4	$832.6	$841.1				2989.44%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$37.2	$52.7	$51.0	$53.4	$736.4	$773.4	$1,792.4	$1,732.2	$1,754.6	$1,659.8	$1,851.8	$1,975.7	$1,967.6	$1,954.5				3756.10%	<-Total Growth	10	Total
Change	5.51%	41.74%	-3.12%	4.65%	1279.06%	5.03%	131.74%	-3.36%	1.29%	-5.40%	11.57%	6.69%	-0.41%	-0.67%				4.84%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.02	0.02	0.01	0.01	0.20	0.16	0.61	0.54	0.40	0.34	0.49	0.50	0.57	0.42				0.44	<-Median->	10	% of Market C.
Current Assets	$1,027.2	$1,135.1	$1,318.9	$1,741.0	$2,142.9	$2,477.2	$3,180.3	$2,530.8	$2,749.8	$2,982.2	$3,693.3	$3,997.0	$4,605.6	$4,878.7				Liquidity ratio of 1.5 and up, best
Current Liabilities	$571.4	$709.6	$768.2	$926.1	$1,266.3	$1,296.0	$1,582.5	$1,367.1	$2,197.2	$1,745.1	$2,156.4	$2,518.9	$2,487.0	$2,709.0				1.78	<-Median->	10	Ratio
Liquidity	1.80	1.60	1.72	1.88	1.69	1.91	2.01	1.85	1.25	1.71	1.71	1.59	1.85	1.80				1.71	<-Median->	5	Ratio
Liq. with CF aft div	2.38	2.39	2.39	2.60	2.38	2.49	2.43	2.68	1.89	2.20	1.91	1.88	2.33	2.08				1.91	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.45	1.73	1.73	1.75	1.06	1.73	1.16	1.92	1.67	1.91	1.43	1.28	1.61	2.08				1.61	<-Median->	5	Ratio
Assets	$2,411.8	$2,629.1	$2,948.4	$3,799.9	$5,227.2	$5,851.2	$8,133.4	$7,578.8	$7,556.7	$7,390.4	$8,576.4	$9,850.5	$10,499.8	$10,779.8				Debt Ratio of 1.5 and up, best
Liabilities	$1,311.3	$1,276.8	$1,277.8	$1,541.2	$2,636.9	$2,738.4	$4,330.3	$3,549.1	$3,203.2	$2,791.6	$3,764.7	$4,528.4	$5,071.9	$4,975.4				2.16	<-Median->	10	Ratio
Debt Ratio	1.84	2.06	2.31	2.47	1.98	2.14	1.88	2.14	2.36	2.65	2.28	2.18	2.07	2.17				2.28	<-Median->	5	Ratio
Book Value	$1,100.5	$1,352.3	$1,670.7	$2,258.7	$2,590.3	$3,112.8	$3,803.1	$4,029.8	$4,353.5	$4,598.8	$4,811.7	$5,322.1	$5,427.9	$5,804.5	$5,804.5	$5,804.5		224.90%	<-Total Growth	10	Book Value
NCI	$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
Net Book Value	$1,100.5	$1,352.3	$1,670.7	$2,258.7	$2,590.3	$3,112.8	$3,803.1	$4,029.8	$4,353.5	$4,598.8	$4,811.7	$5,322.1	$5,427.9	$5,804.5	$5,804.5	$5,804.5		224.90%	<-Total Growth	10	Book Value
Book Value per Share	$17.01	$20.88	$25.67	$34.66	$39.69	$47.63	$58.19	$61.77	$66.52	$70.26	$78.20	$86.43	$89.14	$95.32	$95.32	$95.32		247.25%	<-Total Growth	10	Book Value per Share
Change	20.94%	22.78%	22.93%	35.01%	14.53%	20.00%	22.18%	6.15%	7.69%	5.63%	11.30%	10.52%	3.13%	6.94%	0.00%	0.00%		-41.42%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.11	1.60	2.22	2.20	1.47	1.42	1.03	0.73	0.72	1.10	0.82	0.78	0.72	0.64				1.36	P/B Ratio		Historical Median
P/B Ratio (Close)	1.36	2.12	2.76	2.16	1.45	1.54	0.78	0.80	1.01	1.07	0.78	0.74	0.64	0.80	0.80	0.80		13.26%	<-IRR #YR->	10	Book Value per Share	247.25%
Change	37.02%	55.14%	30.61%	-21.98%	-32.60%	5.75%	-49.35%	2.18%	27.43%	5.21%	-26.50%	-5.50%	-13.99%	25.15%				7.61%	<-IRR #YR->	5	Book Value per Share	44.31%
Leverage (A/BK)	2.19	1.94	1.76	1.68	2.02	1.88	2.14	1.88	1.74	1.61	1.78	1.85	1.93	1.86				1.87	<-Median->	10	A/BV
Debt/Equity Ratio	1.19	0.94	0.76	0.68	1.02	0.88	1.14	0.88	0.74	0.61	0.78	0.85	0.93	0.86				0.87	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	0.92	5 yr Med	0.78		-13.63%	Diff M/C		1.88	Historical		A/BV
			-$25.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$89.14
								-$61.77	$0.00	$0.00	$0.00	$0.00	$89.14
														$365	<-12 mths	76.43%
Comprehensive Income	$159.04	$319.89	$337.54	$610.25	$354.06	$550.22	$723.06	$277.15	$348.14	$286.81	$503.39	$556.41	$206.76					-38.75%	<-Total Growth	10	Comprehensive Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								NCI
Shareholders	$159.04	$319.89	$337.54	$610.25	$353.66	$550.22	$723.06	$277.15	$348.14	$286.81	$503.39	$556.41	$206.76					-38.75%	<-Total Growth	10	Comprehensive Inc.
Increase	115.98%	101.13%	5.52%	80.79%	-42.05%	55.58%	31.41%	-61.67%	25.61%	-17.62%	75.52%	10.53%	-62.84%					10.53%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$59.66	$109.82	$190.30	$300.07	$356.07	$434.31	$514.94	$502.87	$450.44	$437.07	$427.71	$394.38	$380.30					-4.78%	<-IRR #YR->	10	Comprehensive Income	-38.75%
ROE	14.5%	23.7%	20.2%	27.0%	13.7%	17.7%	19.0%	6.9%	8.0%	6.2%	10.5%	10.5%	3.8%					-5.69%	<-IRR #YR->	5	Comprehensive Income	-25.40%
5Yr Median	7.9%	8.1%	14.5%	20.2%	20.2%	20.2%	19.0%	17.7%	13.7%	8.0%	8.0%	8.0%	8.0%					7.17%	<-IRR #YR->	10	5 Yr Running Average	99.85%
% Difference from Net Income	8.9%	39.2%	5.3%	39.7%	-32.3%	0.2%	22.2%	-35.6%	24.7%	-31.8%	18.1%	10.6%	-19.9%					-5.43%	<-IRR #YR->	5	5 Yr Running Average	-24.37%
Median Values										Diff	5, 10 yr	5.4%	10.6%					8.0%	<-Median->	5	Return on Equity
			-$337.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$206.8
								-$277.1	$0.0	$0.0	$0.0	$0.0	$206.8
			-$190.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$380.3
								-$502.9	$0.0	$0.0	$0.0	$0.0	$380.3
Current Liability Coverage Ratio	0.60	0.67	0.76	0.79	0.71	0.68	0.64	0.66	0.35	0.49	0.40	0.40	0.59	0.29							CFO / Current Liabilities
5 year Median	0.44	0.52	0.60	0.67	0.71	0.71	0.71	0.68	0.66	0.64	0.49	0.40	0.40	0.40				0.40	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	14.12%	18.04%	19.85%	19.15%	17.18%	15.14%	12.36%	11.84%	10.21%	11.67%	10.09%	10.17%	13.95%	7.37%							CFO / Total Assets
5 year Median	13.98%	13.98%	14.12%	18.04%	18.04%	18.04%	17.18%	15.14%	12.36%	11.84%	11.67%	10.21%	10.21%	10.17%				10.2%	<-Median->	5	Return on Assets
Return on Assets ROA	6.06%	8.74%	10.87%	11.49%	9.99%	9.39%	7.27%	5.68%	3.69%	5.69%	4.97%	5.11%	2.46%	5.57%				Net	Income/Assets		Return on Assets
5Yr Median	4.57%	4.89%	6.06%	8.74%	9.99%	9.99%	9.99%	9.39%	7.27%	5.69%	5.68%	5.11%	4.97%	5.11%				5.0%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	13.28%	16.99%	19.19%	19.33%	20.16%	17.65%	15.55%	10.68%	6.41%	9.14%	8.86%	9.45%	4.76%	10.34%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	10.34%	11.15%	13.28%	16.99%	19.19%	19.19%	19.19%	17.65%	15.55%	10.68%	9.14%	9.14%	8.86%	9.14%				8.9%	<-Median->	5	Return on Equity
														$210.25	<-12 mths	-18.59%
Net Income	$146.10	$229.79	$320.56	$436.67	$522.53	$549.37	$591.48	$430.44	$279.13	$420.56	$426.19	$503.05	$258.26					-19.44%	<-Total Growth	10	Net Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								NCI
Shareholders Net Income	$146.10	$229.79	$320.56	$436.67	$522.13	$549.37	$591.48	$430.44	$279.13	$420.56	$426.19	$503.05	$258.26	$600	$659			-19.44%	<-Total Growth	10	Shareholders
Increase	44.05%	57.28%	39.50%	36.22%	19.57%	5.22%	7.67%	-27.23%	-35.15%	50.67%	1.34%	18.03%	-48.66%	-6.15%	-6.15%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$71.9	$103.8	$177.3	$246.9	$331.0	$411.7	$484.0	$506.0	$474.5	$454.2	$429.6	$411.9	$377.4	$399.8	$399.8			-2.14%	<-IRR #YR->	10	Net Income	-19.44%
Operating Cash Flow	$352.76	$583.74	$546.55	$691.86	$896.07	$785.93	$691.24	$1,167.68	$1,434.09	$908.76	$468.13	$793.55	$1,254.04					-9.71%	<-IRR #YR->	5	Net Income	-40.00%
Investing Cash Flow	-$364.59	-$270.87	-$295.48	-$449.08	-$1,574.92	-$576.96	-$1,726.07	-$547.20	-$290.31	-$267.32	-$715.74	-$1,194.01	-$1,117.44					7.85%	<-IRR #YR->	10	5 Yr Running Average	112.94%
Total Accruals	$157.93	-$83.08	$69.49	$193.90	$1,200.98	$340.40	$1,626.31	-$190.04	-$864.64	-$220.89	$673.81	$903.52	$121.67					-5.69%	<-IRR #YR->	5	5 Yr Running Average	-25.41%
Total Assets	$2,411.8	$2,629.1	$2,948.4	$3,799.9	$5,227.2	$5,851.2	$8,133.4	$7,578.8	$7,556.7	$7,390.4	$8,576.4	$9,850.5	$10,499.8						Balance Sheet		Assets
Accruals Ratio	6.55%	-3.16%	2.36%	5.10%	22.98%	5.82%	20.00%	-2.51%	-11.44%	-2.99%	7.86%	9.17%	1.16%					1.16%	<-Median->	5	Ratio
EPS/CF Ratio	0.43	0.48	0.54	0.59	0.58	0.61	0.58	0.48	0.36	0.49	0.47	0.50	0.17					0.49	<-Median->	10	EPS/CF Ratio
			-$320.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$258.3
								-$430.4	$0.0	$0.0	$0.0	$0.0	$258.3
			-$177.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$377.4
								-$506.0	$0.0	$0.0	$0.0	$0.0	$377.4
Change in Close	65.71%	90.47%	60.56%	5.33%	-22.80%	26.90%	-38.12%	8.45%	37.23%	11.14%	-18.19%	4.44%	-11.29%	33.83%	0.00%	0.00%			Count	30	Change in Close
up/down	down				down	down	down	down		up		down	down						Count	18
Meet Prediction?					Yes		Yes			Yes			Yes					% right	Count	11	61.11%
Financial Cash Flow	-$6.19	-$272.25	-$193.04	-$130.69	$789.93	-$170.97	$1,053.18	-$724.08	-$616.41	-$572.08	$156.39	$207.40	$235.92						C F Statement		Financial CF
Total Accruals	$164.12	$189.17	$262.53	$324.58	$411.05	$511.37	$573.13	$534.04	-$248.23	$351.19	$517.42	$696.12	-$114.26								Accruals
Accruals Ratio	6.80%	7.20%	8.90%	8.54%	7.86%	8.74%	7.05%	7.05%	-3.28%	4.75%	6.03%	7.07%	-1.09%					4.75%	<-Median->	5	Ratio
Cash	$81.57	$129.84	$194.05	$339.08	$404.97	$439.06	$471.98	$338.23	$861.00	$928.43	$928.43	$653.33	$1,054.60	$1,004.27							Cash
Cash per Share	$1.26	$2.00	$2.98	$5.20	$6.21	$6.72	$7.22	$5.18	$13.15	$14.19	$15.09	$10.61	$17.32	$16.49				$14.19	<-Median->	5	Cash per Share
Percentage of Stock Price	5.43%	4.54%	4.20%	6.96%	10.76%	9.18%	15.94%	10.55%	19.51%	18.93%	24.62%	16.57%	30.50%	21.70%				19.51%	<-Median->	5	% of Stock Price
Notes:
September 26, 2025.  Last estimates were for 2024, 2025, 2025 of $10870M, $11150M, $11703M Revenue, $10.22, $10.62 $12.49 AEPS, $9.50, $10.65, $12.48 EPS,
$1.00, $1.08, $0.92 Dividends, $365.6M, $413.9M 2024/5 FCF, $17.11, $18.62 2024/5 CFPS, $1559M, $1602M, $1743M EBITDA, $585M, $656M, $768M Net Income.
September 22, 2024.  Last estimates were for 2023, 2024, 2025 of $9523M, $10392M, $11459M Revenue, $8.59, $9.88, $11.22 AEPS,
$8.42, $9.13, $11.22 EPS, $1.13, $0.92, $0.92 Dividends, $249M, $317M,$449M FCF, $15.30, $19.00, $21.10 CFPS, $518M, $562M, $690M Net Income.
September 23, 2023.  Last estimates were for 2022 and 2023 of $7830M, $8556M and $9,000M 2022/24 for Revenue, $6.73 and $8.75 for AEPS,
$6.73 and $8.75 for EPS, $0.81, $0.80 for Dividends, $213M, and $318M for FCF, $8.74, $11.43 and $12.49 2022/4 for CFPS, $400M, $543M and $614M 2022/4 for Net Income.
September 25, 2022.  Last estimate were for 2021 and 2022 of $6792M and $7785M for Revenue, $7.45 and $8.34 for EPS, $0.64 and $0.64 for Dividends,
$361M and $338M for FCF, $14.90 for CFPS (2021) and $332 for 2021 for Net Income.
September 20, 2021.  Last estimates were for 2020, 2021 and 2022 of $5625M, $6558M and $6990M for Revenue, $2.77, 5.05 and $5.95 for EPS,
$0.24, $0.36 and $0.48 for Dividends, $362M, $271M for 2020 and 21 for FCF, $14.90 for 2020 for CFPS and $182M and $332M for Net Income 2020-21.
September 27, 2020.  Last estimates were for 2019 and 2020 of $7633M and $7833M for Revenue, $7.75 and $8.12 for EPS,
$0.48 and $0.48 for Dividends, $15.60 and $14.90 for CFPS and $507M, and $533M for Net Income.
September 27, 2019.  Last estimates were for 2018, 2019 and 2020 of 7671M, $8185M and $8613M for Revenue, $9.17, $10.30 and $11.50 for EPS,
$14.70, $16.10 and $17.30 for CFPS nd $607M, $678M and $758M for Net Income.
October 6, 2018.  Last estimates were for 2017, 2018 and 2019 of $6443M, $6949M and $7256M for Revenue, $8.32, $8.73 and $9.16 for EPS,
$13.70, $14.70 and $15.60 for CFPS, $551M, $581M and $604M for Net Income
October 7, 2017.  Last estimates were for 2016, 2017 and 2018 of $6148M, $6576M and $6993M for Revenue, $7.66, $8.18 and $8.94 for EPS,
$9.35 for 2016 for CFPS and $453 and $490 for Net Income for 2016 and 2017,
October 7, 2016.  Last estimates were for 2015, 2016 and 2017 of $5132M, $5665M and $5999M for Revenue, $6.51, $6.95 and $7.03 for EPS,
$9.35 and $10.10 for CFPS for 2015 and 2016 and $420M, $453M and $490M for Net Income.
October 11, 2015.  Last estimates were for 2014, 2015 and 2016 of $4140M, $4366M and $4722M for Revenue, $4.42, $4.70 and $5.07 for EPS,
$8.40, $9.35 and $10.10 for CFPS, $285M, $307M and $330M for Net Income.
October 5, 2014.  Last estimates were for 2013, 2014 and 2015 of $3457M, $3771M and $4086M for Revenue, $2.99, $3.23 and $3.51 for EPS, $6.40 $6.58 and $7.37 for CFPS.
Sept 15, 2013.  Last estimates were for 2012 and 2013 of $3200M and $3700M for Revenue, $2.33 and $2.78 for EPS.
July 22, 2012.  Last I got estimates for EPS were for 2010 to 2012 at $1.35, $1.80 and $2.33 for for CF were for 2010 and 2011 of $3.77 and $4.56
Feb 7, 2011.  The last time I looked I got estiamtes for 2009 and 2010 of $-.07 and .75 for earnings and $2.54 and $3.15 for cash flow.
Nov 29, 2009.  When I last looked at this stock I got earnings of $1.33 and $1.28 for 2008 and 2009.
2000.  I started to track this stock in 2000 as it had been recommended by a number of analysts as good value.  However, it did not fit into my concept of a buy and hold stock.
Initial view: Their progress is uneven.  They are sometimes heavily loaded with debt.  The stock was worth more 10 years ago than it is today.
Incorporated in 1966 as Linamar Machine Limited
Sector:
Consumer Discretionary
What should this stock accomplish?
Would I buy this company and Why.
This is a good company, but dividend yield is generally too low.  I would consider it at times when the dividend yield pokes above 1%.
Why am I following this stock.
I looked at this stock back in 2000 and it was not a stock I thought fit my investment philosophy.  In 2008 I read an article that recommended this company as a dividend stock with good value.
This stock used to be on the Investment reporter portfolio stock list as an average risk stock.  However, it has now been taken off this list.
It is on the Money Saving list of Top 100 Canadian Dividend stocks.
Dividends
Dividends are paid quarterly in cycle 3, that is April, June, September and December.  Dividends are declared in one month and payable in the following month.
For example, the dividend declared for shareholders of record of August 26, 2013 was payable on September13, 2013.
Note first dividends is generally paid in April, not cycle 3's March.
How they make their money.
Linamar Corp is a diversified world-wide manufacturing company of highly engineered products. The company's Industrial
segment operates the Skyjack and MacDon brands.  It manufactures products for the Aerial Work Platform and Agricultural industries, respectively.
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		See annual report	Change
Date	2017	Oct 06	2018	Sep 27	2019	Sep 27	2020	Sep 20	2021	Sep 25	2022	Sep 23	2023	Sep 22	2024			Sep 26	2025
Jarrell, James												0.169	0.27%	0.223	0.37%			0.219	0.36%		CEO 2024	-1.64%
CEO - Shares - Amount													$10.834		$12.655				$16.659
Options - percentage												1.150	1.87%	1.250	2.05%			1.302	2.14%			4.16%
Options - amount													$73.623		$70.988				$98.951
Schneider, Dale	0.03%	0.018	0.03%	0.019	0.03%	0.019	0.03%	0.020	0.03%	0.020	0.03%	0.021	0.03%	0.021	0.04%			0.022	0.04%			2.43%
CFO - Shares - Amount	$1.297		$0.816		$0.914		$1.309		$1.499		$1.255		$1.340		$1.216				$1.666
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.001	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.100
Chaves, Jose Manuel												0.013	0.02%	0.013	0.02%			0.013	0.02%			0.00%
Officer - Shares - Amount													$0.819		$0.727				$0.973
Options - percentage												0.006	0.01%	0.008	0.01%			0.008	0.01%			0.00%
Options - amount													$0.384		$0.437				$0.585
Burger, Elliot																		0.003	0.01%			#DIV/0!
Officer - Shares - Amount																			$0.232
Options - percentage																		0.001	0.00%			#DIV/0!
Options - amount																			$0.086
Huang, Henry (Whenhang)														0.004	0.01%			0.002	0.00%			-54.84%
Officer - Shares - Amount															$0.239				$0.144
Options - percentage														0.003	0.00%			0.004	0.01%			44.18%
Options - amount															$0.162				$0.312
Stoddart, Mark	1.16%	0.732	1.12%	0.685	1.05%	0.820	1.25%	0.709	1.08%	0.610	0.99%	0.571	0.93%	0.560	0.92%			0.543	0.89%		Officer & Director	-3.04%
Officer - Shares - Amount	$55.695		$33.180		$33.660		$55.256		$53.130		$37.376		$36.559		$31.802				$41.264
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.001	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.094
Reidel, Terry										0.001	0.00%	0.001	0.00%	0.004	0.01%			0.004	0.01%			0.00%
Director - Shares - Amount											$0.046		$0.048		$0.227				$0.304
Options - percentage										0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount											$0.000		$0.000		$0.000				$0.000
Grimm, Dennis								0.004	0.01%	0.004	0.01%	0.004	0.01%	0.004	0.01%			0.004	0.01%			0.00%
Director - Shares - Amount									$0.313		$0.256		$0.268		$0.237				$0.318
Options - percentage								0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount									$0.000		$0.000		$0.000		$0.000				$0.000
Forwell, Lisa						0.001	0.00%	0.001	0.00%	0.002	0.00%	0.002	0.00%	0.002	0.00%			0.003	0.01%			84.66%
Director - Shares - Amount							$0.034		$0.082		$0.092		$0.096		$0.106				$0.262
Options - percentage						0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount							$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Hasenfratz, Linda	6.06%	4.032	6.17%	4.336	6.65%	4.591	7.01%	4.641	7.09%	4.691	7.62%	20.308	32.98%	20.355	33.43%			20.402	33.50%		Was Chair, CEO to 2024	0.23%
Chair - Shares - Amount	$290.100		$182.657		$213.035		$309.518		$347.742		$287.552		$1,300.143		$1,155.934				$1,550.565
Options - percentage	0.69%	0.447	0.68%	0.197	0.30%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.002	0.00%			#DIV/0!
Options - amount	$32.853		$20.238		$9.666		$0.000		$0.000		$0.000		$0.000		$0.000				$0.189
Hasenfratz, Frank	23.38%	15.282	23.38%	15.515	23.78%	15.712	24.01%	15.690	23.97%												Ceased insider Jan 2022
Chairman - Shares - Amount	$1,118.818		$692.289		$762.258		$1,059.294		$1,175.655
Options - percentage	0.00%	0.447	0.68%	0.197	0.30%	0.000	0.00%	0.000	0.00%
Options - amount	$0.000		$20.238		$9.666		$0.000		$0.000
Increase in O/S Shares	0.13%	0.096	0.15%	0.000	0.00%	0.600	0.92%	0.492	0.75%	0.000	0.00%	0.050	0.08%	0.050	0.08%			0.000	0.00%		0% right for 2019, 21,24
due to SO	$4.904		$7.033		$0.000		$29.478		$33.162		$0.000		$3.065		$3.201				$0.000
Book Value	$1.776		$2.008		$0.000		$11.382		$14.417		$0.000		$1.595		$3.175				$3.492
Insider Buying	-$2.835		-$5.591		-$2.686		-$8.989		-$3.562		-$3.877		-$3.467		$3.023				-$3.001
Insider Selling	$6.020		$3.310		$7.117		$1.407		$9.978		$6.592		$2.623		$1.005				$2.721
Net Insider Selling	$3.185		-$2.281		$4.431		-$7.582		$6.416		$2.715		-$0.844		$4.028				-$0.279
% of Market Cap	0.07%		-0.08%		0.14%		-0.17%		0.13%		0.07%		-0.02%		0.12%				-0.01%
Directors		6		6		6		6		6		6		6				6
Women	17%	1	17%	1	17%	2	33%	2	33%	2	33%	2	33%	2	33%			2	33%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	22.24%	205	22.24%	20		20	40.53%	20	41.20%	20	36.40%	20	18.41%	20	15.64%			20	15.64%
Total Shares Held	22.22%	14.700	22.49%	11.362	17.42%	26.329	40.23%	26.964	41.20%	23.145	37.62%	11.327	18.39%	9.632	15.82%			10.306	16.92%
Increase/Decrease	-0.29%	0.248	1.72%	1.255	12.42%	0.542	2.10%	0.639	2.43%	-0.931	-3.87%	2.388	26.72%	-0.451	-4.48%			0.356	3.58%
Starting No. of Shares		14.452		10.107	Top 20	25.787	Top 20	26.326	Top 20	24.076	Top 20	8.938	Top 20	10.083	Top 20			9.950	Top 20
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