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 https://www.annualreports.com/Company/loblaw-companies-limited
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ 14-Jun-25
Loblaw Companies Ltd TSX: L OTC: LBLCF http://www.loblaw.ca/en.html Fiscal Yr Dec 31 (or nearest)
Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Financial Year End 31-Dec-11 29-Dec-12 28-Dec-13 3-Jan-15 2-Jan-16 31-Dec-16 30-Dec-17 29-Dec-18 28-Dec-19 2-Jan-21 1-Jan-22 31-Dec-22 30-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-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 IFRS
Statements
Split Date
Split   
Cost of Sales $40,492.0 $41,288.0 $42,179.0 <-12 mths 2.16% #DIV/0! <-Total Growth 1 Cost of Sales
Change #DIV/0! 1.97% 2.16% <-12 mths 9.78% #DIV/0! <-Median-> 0 Change
Ratio 0.68 0.68 0.68 <-12 mths 0.06% 0.68 <-Median-> 1 Ratio
Selling & Admin & Finance $16,136.0 $16,645.0 $16,643.0 <-12 mths -0.01% #DIV/0! <-Total Growth 1 Selling & Admin
Change #DIV/0! 3.15% -0.01% <-12 mths -100.38% #DIV/0! <-Median-> 0 Change
Ratio 0.27 0.27 0.27 <-12 mths -2.06% 0.27 <-Median-> 1 Ratio
Total $56,628.0 $57,933.0 $58,822.0 <-12 mths 1.53% #DIV/0! <-Total Growth 1 Total
Change #DIV/0! 2.30% 1.53% <-12 mths -33.41% #DIV/0! <-Median-> 0 Change
Ratio 0.95 0.95 0.94 <-12 mths -0.55% 0.95 <-Median-> 1 Ratio
$62,293 <-12 mths 2.10%
Revenue* $31,250 $31,604 $32,371 $42,611 $45,394 $46,385 $46,702 $46,693 $48,037 $52,714 $53,170 $56,504 $59,529 $61,014 $64,777 $66,419 $68,875 43.19% <-Total Growth 10 Revenue
Increase 0.82% 1.13% 2.43% 31.63% 6.53% 2.18% 0.68% -0.02% 2.88% 9.74% 0.87% 6.27% 5.35% 2.49% 6.2% 2.5% 3.7% 3.66% <-IRR #YR-> 10 Revenue 43.19%
5 year Running Average $30,634 $31,078 $31,391 $33,767 $36,646 $39,673 $42,693 $45,557 $46,642 $48,106 $49,463 $51,424 $53,991 $56,586 $58,999 $61,649 $64,123 4.90% <-IRR #YR-> 5 Revenue 27.01%
Revenue per Share $111.06 $112.20 $114.66 $103.30 $110.72 $115.72 $120.90 $125.59 $133.41 $151.76 $159.42 $174.36 $191.70 $202.21 $217.52 $223.04 $231.29 5.30% <-IRR #YR-> 10 5 yr Running Average 67.58%
Increase 0.53% 1.03% 2.20% -9.91% 7.18% 4.52% 4.47% 3.88% 6.23% 13.75% 5.05% 9.37% 9.95% 5.48% 7.57% 2.53% 3.70% 3.94% <-IRR #YR-> 5 5 yr Running Average 21.32%
5 year Running Average $110.47 $111.47 $111.94 $110.34 $110.39 $111.32 $113.06 $115.25 $121.27 $129.48 $138.21 $148.91 $162.13 $175.89 $189.04 $201.77 $213.15 6.95% <-IRR #YR-> 10 Revenue per Share 95.74%
P/S (Price/Sales) Med 0.35 0.33 0.39 0.50 0.59 0.59 0.60 0.45 0.51 0.44 0.52 0.63 0.62 0.79 0.94 0.00 0.00 8.67% <-IRR #YR-> 5 Revenue per Share 51.57%
P/S (Price/Sales) Close 0.35 0.37 0.37 0.60 0.59 0.61 0.56 0.49 0.50 0.41 0.65 0.69 0.67 0.94 1.03 1.00 0.97 4.77% <-IRR #YR-> 10 5 yr Running Average 59.41%
*Sales in M CDN $  P/S Med 20 yr  0.50 15 yr  0.51 10 yr  0.59 5 yr  0.62 74.11% Diff M/C 7.72% <-IRR #YR-> 5 5 yr Running Average 45.04%
-$42,611 $0 $0 $0 $0 $0 $0 $0 $0 $0 $61,014
-$48,037 $0 $0 $0 $0 $61,014
-$33,767 $0 $0 $0 $0 $0 $0 $0 $0 $0 $56,586
-$46,642 $0 $0 $0 $0 $56,586
-$103.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $202.21
-$133.41 $0.00 $0.00 $0.00 $0.00 $202.21
-$110.34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $175.89
-$121.27 $0.00 $0.00 $0.00 $0.00 $175.89
$2,727 <-12 mths 3.41%
$8.96 <-12 mths 4.80%
Adjusted Profit CDN$ $811 $710 $731 $1,217 $1,422 $1,655 $1,799 $1,746 $1,516 $1,499 $1,911 $2,263 $2,480 $2,637 116.68% <-Total Growth 10 Adjusted Profit CDN$
Return on Equity ROE 13.50% 11.06% 10.42% 9.52% 11.00% 12.95% 14.07% 14.68% 13.77% 13.93% 16.84% 20.44% 21.63% 23.78% 14.37% <-Median-> 10 Return on Equity ROE
5Yr Median 10.46% 10.46% 10.46% 10.42% 11.00% 11.00% 11.00% 12.95% 13.77% 13.93% 14.07% 14.68% 16.84% 20.44% 13.85% <-Median-> 10 5Yr Median
Basic $2.88 $2.52 $2.60 $3.20 $3.46 $4.09 $4.57 $4.63 $4.12 $4.22 $5.64 $6.90 $7.83 $8.64 170.26% <-Total Growth 10 AEPS Lob has been
AEPS* Dilued $2.80 $2.51 $2.57 $3.20 $3.46 $4.05 $4.53 $4.60 $4.12 $4.18 $5.59 $6.82 $7.75 $8.55 $9.51 $10.29 $11.22 167.19% <-Total Growth 10 AEPS inconsistent
Increase 14.85% -10.54% 2.63% 24.37% 8.12% 17.05% 11.85% 1.55% -10.43% 1.46% 33.73% 22.00% 13.64% 10.32% 11.23% 8.20% 9.04% 10 0 10 Years of Data, EPS P or N on this data.
AEPS Yield 7.28% 5.98% 6.07% 5.15% 5.30% 5.72% 6.64% 7.53% 6.15% 6.65% 5.39% 5.70% 6.04% 4.52% 4.25% 4.60% 5.02% 10.33% <-IRR #YR-> 10 AEPS Sometimes
5 year Running Average $2.47 $2.42 $2.54 $2.70 $2.91 $3.16 $3.56 $3.97 $4.15 $4.30 $4.60 $5.06 $5.69 $6.58 $7.64 $8.58 $9.46 15.72% <-IRR #YR-> 5 AEPS give basic
Payout Ratio 29.97% 33.90% 36.53% 30.47% 28.76% 25.43% 23.62% 25.11% 30.10% 30.62% 25.04% 23.17% 22.49% 23.22% 23.20% 21.94% 20.12% 9.30% <-IRR #YR-> 10 5 yr Running Average and some-
5 year Running Average 34.56% 35.16% 34.03% 33.06% 31.93% 31.02% 28.96% 26.68% 26.60% 26.98% 26.90% 26.81% 26.28% 24.91% 23.42% 22.80% 22.19% 9.64% <-IRR #YR-> 5 5 yr Running Average times Diluted
Price/AEPS Median 13.71 14.66 17.59 16.30 18.92 16.86 16.07 12.25 16.56 16.14 14.78 15.98 15.41 18.80 21.50 0.00 0.00 16.10 <-Median-> 10 Price/AEPS Median and some-
Price/AEPS High 14.95 16.77 19.68 19.54 20.88 18.33 17.22 13.55 18.39 18.05 18.68 18.41 16.55 22.80 24.62 0.00 0.00 18.36 <-Median-> 10 Price/AEPS High times neither
Price/AEPS Low 12.47 12.54 15.49 13.06 16.97 15.38 14.91 10.95 14.73 14.23 10.89 13.56 14.27 14.81 18.38 0.00 0.00 14.50 <-Median-> 10 Price/AEPS Low
Price/AEPS Close 13.73 16.72 16.47 19.43 18.88 17.49 15.06 13.28 16.26 15.03 18.54 17.55 16.55 22.13 23.52 21.74 19.94 17.02 <-Median-> 10 Price/AEPS Close
Trailing P/AEPS Close 15.77 14.96 16.90 24.16 20.42 20.47 16.84 13.49 14.57 15.25 24.79 21.42 18.81 24.41 26.16 23.52 21.74 19.61 <-Median-> 10 Trailing P/AEPS Close
Median Values P/CF Historical   in order 15.99 18.33 13.71 16.55 P/CF 5 Yrs   in order 15.98 18.41 14.23 17.55 47.16% Diff M/C DPR 75% to 95% best
* Adjusted Earnings per Share
-$3.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.55
-$4.12 $0.00 $0.00 $0.00 $0.00 $8.55
-$2.70 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.58
-$4.15 $0.00 $0.00 $0.00 $0.00 $6.58
$8.07 <-12 mths 15.45%
Difference Basic and Diluted 0.73% 1.30% 0.89% 0.00% 0.66% 1.25% 0.79% 1.50% 1.02% 0.65% 0.73% 1.20% 1.06% 0.99%
Split 1996
EPS Basic $2.73 $2.31 $2.24 $0.14 $1.52 $2.40 $3.78 $2.00 $2.93 $3.08 $5.49 $5.82 $6.59 $7.06 4942.86% <-Total Growth 10 EPS Basic
Comments Ones in purple are adjusted EPS ( EPS prior to Write-offs)
Split 1996
EPS Diluted* $2.71 $2.28 $2.22 $0.14 $1.51 $2.37 $3.75 $1.97 $2.90 $3.06 $5.45 $5.75 $6.52 $6.99 $7.26 $7.63 $8.10 4892.86% <-Total Growth 10 EPS Diluted
Increase 11.1% -15.9% -2.6% -93.7% 978.6% 57.0% 58.2% -47.5% 47.2% 5.5% 78.1% 5.5% 13.4% 7.2% 3.9% 5.1% 6.2% 10 0 10 Years of Data, EPS P or N
Earnings Yield 7.0% 5.4% 5.2% 0.2% 2.3% 3.3% 5.5% 3.2% 4.3% 4.9% 5.3% 4.8% 5.1% 3.7% 3.2% 3.4% 3.6% 47.85% <-IRR #YR-> 10 Earnings per Share 4892.86%
5 year Running Average $2.14 $2.36 $2.41 $1.96 $1.77 $1.70 $2.00 $1.95 $2.50 $2.81 $3.43 $3.83 $4.74 $5.55 $6.39 $6.83 $7.30 19.24% <-IRR #YR-> 5 Earnings per Share 141.03%
10 year Running Average $2.18 $2.15 $2.06 $1.73 $1.61 $1.92 $2.18 $2.18 $2.23 $2.29 $2.57 $2.91 $3.34 $4.03 $4.60 $5.13 $5.56 10.99% <-IRR #YR-> 10 5 yr Running Average 183.66%
* Diluted ESP per share  E/P 10 Yrs 4.57% 5Yrs 4.87% 17.31% <-IRR #YR-> 5 5 yr Running Average 122.16%
-$0.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.99
-$2.90 $0.00 $0.00 $0.00 $0.00 $6.99
-$1.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.55
-$2.50 $0.00 $0.00 $0.00 $0.00 $5.55
Dividend* $2.24 $2.39 $2.50 Estimate Dividend*
Increase 12.6% 7.0% 4.4% Estimate Increase
Payout Ratio EPS 30.79% 31.34% 30.81% Estimate 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 $0.00 <-Median-> 10 Special Dividends
Split 1996
Dividend* $0.84 $0.85 $0.94 $0.98 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.580 $1.743 $1.9850 $2.2059 $2.2572 $2.2572 103.59% <-Total Growth 10 Dividends
Increase 0.00% 1.19% 10.59% 3.72% 2.05% 3.52% 3.88% 7.94% 7.36% 3.23% 9.37% 12.86% 10.32% 13.88% 11.13% 2.33% 0.00% 26 0 36 Years of data, Count P, N
Average Increases 5 Year Running 0.00% 0.24% 2.36% 3.10% 3.51% 4.21% 4.75% 4.22% 4.95% 5.19% 6.36% 8.15% 8.63% 9.93% 11.51% 10.10% 7.53% 5.07% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Year Running $0.84 $0.84 $0.86 $0.89 $0.92 $0.96 $1.00 $1.05 $1.10 $1.16 $1.23 $1.33 $1.45 $1.60 $1.78 $1.95 $2.09 79.71% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 2.19% 2.31% 2.08% 1.87% 1.52% 1.51% 1.47% 2.05% 1.82% 1.90% 1.69% 1.45% 1.46% 1.23% 1.08% 1.51% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 2.00% 2.02% 1.86% 1.56% 1.38% 1.39% 1.37% 1.85% 1.64% 1.70% 1.34% 1.26% 1.36% 1.02% 0.94% 1.37% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 2.40% 2.70% 2.36% 2.33% 1.70% 1.65% 1.58% 2.29% 2.04% 2.15% 2.30% 1.71% 1.58% 1.57% 1.26% 1.70% <-Median-> 10 Yield on Low Price AEPS
Yield on Close Price 2.18% 2.03% 2.22% 1.57% 1.52% 1.45% 1.57% 1.89% 1.85% 2.04% 1.35% 1.32% 1.36% 1.05% 0.99% 1.01% 1.01% 1.49% <-Median-> 10 Yield on Close Price CFPS
Payout Ratio EPS 31.00% 37.28% 42.34% 696.43% 65.89% 43.46% 28.53% 58.63% 42.76% 41.83% 25.69% 27.48% 26.73% 28.40% 30.38% 29.58% 27.87% 35.18% <-Median-> 10 DPR EPS FCF 
DPR EPS 5 Yr Running 39.18% 35.68% 35.83% 45.40% 51.92% 56.22% 50.15% 53.64% 43.92% 41.10% 35.87% 34.79% 30.59% 28.76% 27.88% 28.61% 28.63% 42.51% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 13.03% 14.63% 17.80% 26.97% 13.25% 13.41% 12.88% 17.17% 11.27% 8.57% 9.67% 10.61% 9.57% 10.32% 12.90% #DIV/0! #DIV/0! 10.94% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 15.37% 14.73% 14.24% 16.56% 16.05% 16.02% 15.47% 15.44% 13.32% 11.87% 11.08% 10.73% 9.85% 9.77% 10.62% #DIV/0! #DIV/0! 12.59% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 14.15% 13.48% 13.56% 40.91% 13.15% 12.91% 10.58% 12.00% 9.88% 8.05% 8.76% 8.95% 8.36% 8.58% 12.90% #DIV/0! #DIV/0! 9.41% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 16.85% 15.70% 14.81% 16.46% 15.80% 15.37% 14.33% 13.87% 11.48% 10.28% 9.58% 9.28% 8.73% 8.54% 9.41% #DIV/0! #DIV/0! 10.88% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 1.51% 1.49% 5 Yr Med 5 Yr Cl 1.46% 1.35% 5 Yr Med Payout 27.48% 9.67% 8.58% 9.87% <-IRR #YR-> 5 Dividends 60.08%
* Dividends per share  10 Yr Med and Cur. -33.36% -32.20% 5 Yr Med and Cur. -30.85% -25.30% Last Div Inc ---> $0.5130 $0.5643 10.00% 7.37% <-IRR #YR-> 10 Dividends 103.59%
Dividends Growth 15 5.90% <-IRR #YR-> 15 Dividends 136.31%
Dividends Growth 20 4.92% <-IRR #YR-> 20 Dividends 161.18%
Dividends Growth 25 8.82% <-IRR #YR-> 25 Dividends 727.08%
Dividends Growth 30 10.86% <-IRR #YR-> 30 Dividends
Dividends Growth 35 10.18% <-IRR #YR-> 35 Dividends
Dividends Growth 40 9.89% <-IRR #YR-> 36 Dividends
Dividends Growth 5 -$1.24 $0.00 $0.00 $0.00 $0.00 $1.99 Dividends Growth 5
Dividends Growth 10 -$0.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.99 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.99 Dividends Growth 15
Dividends Growth 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.99 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.99 Dividends Growth 25
Dividends Growth 30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.99 Dividends Growth 30
Dividends Growth 35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.99 Dividends Growth 35
Dividends Growth 40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.99 Dividends Growth 40
Historical Dividends Historical High Div 2.70% Low Div 0.70% 10 Yr High 2.30% 10 Yr Low 1.04% Med Div 1.46% Close Div 1.39% Historical Dividends
High/Ave/Median Values Curr diff Exp. -62.63%     44.16% Exp. -56.13% -2.97% Exp. -30.88% Exp. -27.47% High/Ave/Median 
Future Dividend Yield Div Yield $0.02 earning in 5 Years at IRR of 9.87% Div Inc. 60.08% Future Dividend Yield
Future Dividend Yield Div Yield 2.59% earning in 10 Years at IRR of 9.87% Div Inc. 156.26% Future Dividend Yield
Future Dividend Yield Div Yield 4.14% earning in 15 Years at IRR of 9.87% Div Inc. 310.22% Future Dividend Yield
Future Dividend Paid Div Paid $3.61 earning in 5 Years at IRR of 9.87% Div Inc. 60.08% Future Dividend Paid Div Pd
Future Dividend Paid Div Paid $5.78 earning in 10 Years at IRR of 9.87% Div Inc. 156.26% Future Dividend Paid $3.61
Future Dividend Paid Div Paid $9.26 earning in 15 Years at IRR of 9.87% Div Inc. 310.22% Future Dividend Paid $5.78
$9.26
Dividend Covering Cost Total Div $13.74 over 5 Years at IRR of 9.87% Div Cov. 6.14% Dividend Covering Cost
Dividend Covering Cost Total Div $32.13 over 10 Years at IRR of 9.87% Div Cov. 14.37% Dividend Covering Cost
Dividend Covering Cost Total Div $61.57 over 15 Years at IRR of 9.87% Div Cov. 27.53% Dividend Covering Cost
Yield if held 5 years 1.63% 2.03% 3.05% 2.93% 2.55% 2.68% 2.91% 2.55% 2.38% 1.96% 2.05% 2.17% 3.09% 2.91% 3.27% 2.73% 2.07% 2.55% <-Median-> 10 Paid Median Price
Yield if held 10 years 1.68% 1.49% 1.59% 1.50% 1.52% 2.00% 2.55% 3.75% 3.73% 3.28% 3.64% 4.30% 3.85% 3.81% 3.37% 3.31% 3.10% 3.69% <-Median-> 10 Paid Median Price
Yield if held 15 years 6.74% 4.11% 2.98% 2.60% 2.34% 2.06% 1.87% 1.95% 1.90% 1.96% 2.72% 3.77% 5.65% 5.97% 5.65% 5.88% 6.14% 2.20% <-Median-> 10 Paid Median Price
Yield if held 20 years 12.96% 13.83% 13.27% 12.85% 10.90% 8.27% 5.18% 3.67% 3.31% 3.01% 2.80% 2.77% 2.94% 3.04% 3.38% 4.38% 5.38% 3.18% <-Median-> 10 Paid Median Price
Yield if held 25 years 24.52% 23.06% 18.36% 15.90% 17.41% 16.30% 16.35% 14.03% 11.24% 7.64% 5.53% 5.29% 5.19% 4.51% 3.95% 14.96% <-Median-> 10 Paid Median Price
Yield if held 30 years 30.13% 29.33% 23.62% 21.60% 25.70% 24.60% 26.17% 24.17% 18.12% 10.92% 25.70% <-Median-> 7 Paid Median Price
Yield if held 35 years 45.47% 46.95% 40.71% 34.83% 36.72% 46.21% <-Median-> 2 Paid Median Price
Cost cover if held 5 years 8.15% 10.04% 13.98% 13.36% 11.79% 12.47% 13.63% 11.55% 10.53% 8.82% 9.00% 9.14% 12.85% 11.71% 13.21% 11.82% 9.59% 11.63% <-Median-> 10 Paid Median Price
Cost cover if held 10 years 15.44% 14.16% 14.22% 13.26% 13.48% 17.44% 21.99% 30.93% 29.86% 26.59% 28.46% 31.74% 27.55% 25.84% 22.44% 23.32% 23.50% 27.07% <-Median-> 10 Paid Median Price
Cost cover if held 15 years 73.19% 47.45% 33.49% 30.09% 27.95% 25.02% 22.93% 23.03% 21.68% 22.32% 29.37% 37.87% 54.42% 53.86% 49.43% 53.89% 60.17% 26.49% <-Median-> 10 Paid Median Price
Cost cover if held 20 years 148.15% 168.71% 158.50% 159.72% 142.47% 111.64% 71.68% 50.08% 44.73% 41.54% 37.31% 34.58% 35.24% 33.93% 35.97% 48.33% 62.79% 43.14% <-Median-> 10 Paid Median Price
Cost cover if held 25 years 302.78% 295.98% 248.05% 222.07% 250.22% 232.25% 232.10% 205.75% 160.96% 103.87% 73.07% 66.03% 62.52% 56.85% 52.87% 213.91% <-Median-> 10 Paid Median Price
Cost cover if held 30 years 439.09% 425.82% 354.63% 316.90% 358.49% 334.48% 337.42% 303.44% 239.37% 154.41% 354.63% <-Median-> 7 Paid Median Price
Cost cover if held 35 years 628.03% 614.73% 519.14% 467.69% 528.47% 621.38% <-Median-> 2 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $48,037 $52,714 $53,170 $56,504 $59,529 $61,014 $62,293 <-12 mths 2.10% 27.01% <-Total Growth 5 Revenue Growth  27.01%
AEPS Growth $4.12 $4.18 $5.59 $6.82 $7.75 $8.55 $8.96 <-12 mths 4.80% 107.52% <-Total Growth 5 AEPS Growth 107.52%
Net Income Growth $1,097 $1,108 $1,875 $1,921 $2,100 $2,171 $2,463 <-12 mths 13.45% 97.90% <-Total Growth 5 Net Income Growth 97.90%
Cash Flow Growth $3,960 $5,191 $4,827 $4,827 $5,654 $5,802 $5,861 <-12 mths 1.02% 46.52% <-Total Growth 5 Cash Flow Growth 46.52%
Dividend Growth $1.24 $1.28 $1.40 $1.58 $1.74 $1.99 $2.21 <-12 mths 11.13% 60.08% <-Total Growth 5 Dividend Growth 60.08%
Stock Price Growth $67.00 $62.81 $103.64 $119.72 $128.28 $189.17 $223.68 <-12 mths 18.24% 182.34% <-Total Growth 5 Stock Price Growth 182.34%
Revenue Growth  $42,611 $45,394 $46,385 $46,702 $46,693 $48,037 $52,714 $53,170 $56,504 $59,529 $61,014 $64,777 <-this year 6.17% 43.19% <-Total Growth 10 Revenue Growth  43.19%
AEPS Growth $3.20 $3.46 $4.05 $4.53 $4.60 $4.12 $4.18 $5.59 $6.82 $7.75 $8.55 $9.51 <-this year 11.23% 167.19% <-Total Growth 10 AEPS Growth 167.19%
Net Income Growth $53 $632 $983 $1,502 $766 $1,097 $1,108 $1,875 $1,921 $2,100 $2,171 $2,164 <-this year -0.32% 3996.23% <-Total Growth 10 Net Income Growth 3996.23%
Cash Flow Growth $1,491 $3,079 $3,079 $3,209 $2,501 $3,960 $5,191 $4,827 $4,827 $5,654 $5,802 $5,092 <-this year -12.23% 289.13% <-Total Growth 10 Cash Flow Growth 289.13%
Dividend Growth $0.98 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $1.99 $2.24 <-this year 12.59% 103.59% <-Total Growth 10 Dividend Growth 103.59%
Stock Price Growth $62.17 $65.34 $70.84 $68.22 $61.11 $67.00 $62.81 $103.64 $119.72 $128.28 $189.17 $174.50 <-this year -7.75% 204.28% <-Total Growth 10 Stock Price Growth 204.28%
Dividends on Shares $16.92 $17.51 $18.19 $19.64 $21.08 $21.76 $23.80 $26.86 $29.63 $33.75 $37.50 $38.37 $38.37 $229.13 No of Years 10 Total Divs 12/31/14
Paid  $1,056.89 $1,110.78 $1,204.28 $1,159.74 $1,038.87 $1,139.00 $1,067.77 $1,761.88 $2,035.24 $2,180.76 $3,215.89 $3,802.56 $3,802.56 $3,802.56 $3,215.89 No of Years 10 Worth $62.17
Total $3,445.02
Graham No. AEPS $36.69 $35.85 $37.94 $47.23 $49.55 $53.90 $58.09 $57.54 $53.24 $53.98 $65.42 $72.41 $80.23 $84.09 $89.03 $92.61 $96.70 78.05% <-Total Growth 10 Graham Price AEPS
Price/GP Ratio Med 1.05 1.03 1.19 1.10 1.32 1.27 1.25 0.98 1.28 1.25 1.26 1.51 1.49 1.91 2.30 1.27 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.14 1.17 1.33 1.32 1.46 1.38 1.34 1.08 1.42 1.40 1.60 1.73 1.60 2.32 2.63 1.44 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.95 0.88 1.05 0.88 1.18 1.16 1.16 0.88 1.14 1.10 0.93 1.28 1.38 1.51 1.96 1.16 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.05 1.17 1.12 1.32 1.32 1.31 1.17 1.06 1.26 1.16 1.58 1.65 1.60 2.25 2.51 2.42 2.31 1.32 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 4.88% 16.97% 11.71% 31.63% 31.87% 31.42% 17.45% 6.20% 25.85% 16.35% 58.43% 65.33% 59.88% 124.96% 151.24% 141.53% 131.31% 31.64% <-Median-> 10 Graham Price
Graham No. EPS $36.08 $34.19 $35.24 $9.88 $32.73 $41.24 $52.85 $37.66 $44.67 $46.19 $64.59 $66.49 $73.59 $76.03 $77.79 $79.75 $82.16 669.66% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 1.06 1.08 1.28 5.28 2.00 1.66 1.38 1.50 1.53 1.46 1.28 1.64 1.62 2.11 2.63 1.58 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.16 1.23 1.44 6.33 2.21 1.80 1.48 1.66 1.70 1.63 1.62 1.89 1.74 2.56 3.01 1.72 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.97 0.92 1.13 4.23 1.79 1.51 1.28 1.34 1.36 1.29 0.94 1.39 1.50 1.66 2.25 1.37 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.07 1.23 1.20 6.29 2.00 1.72 1.29 1.62 1.50 1.36 1.60 1.80 1.74 2.49 2.88 2.80 2.72 1.67 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 6.65% 22.65% 20.27% 529.33% 99.61% 71.80% 29.09% 62.28% 50.00% 35.99% 60.45% 80.05% 74.31% 148.80% 187.55% 180.49% 172.23% 67.04% <-Median-> 10 Graham Price
Month, Year Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 36.00 <Count Years> Month, Year
Price Close $38.48 $41.93 $42.38 $62.17 $65.34 $70.84 $68.22 $61.11 $67.00 $62.81 $103.64 $119.72 $128.28 $189.17 $223.68 $223.68 $223.68 204.28% <-Total Growth 10 Stock Price
Increase -4.68% 8.97% 1.07% 46.70% 5.10% 8.42% -3.70% -10.42% 9.64% -6.25% 65.01% 15.52% 7.15% 47.47% 18.24% 0.00% 0.00% 37.60 <-Median-> 10 CAPE (10 Yr P/E)
P/E 14.20 18.39 19.09 444.07 43.27 29.89 18.19 31.02 23.10 20.53 19.02 20.82 19.67 27.06 30.81 29.32 27.61 23.07% <-IRR #YR-> 5 Stock Price 182.34%
Trailing P/E 15.77 15.47 18.59 28.00 466.71 46.91 28.78 16.30 34.01 21.66 33.87 21.97 22.31 29.01 32.00 30.81 29.32 11.77% <-IRR #YR-> 10 Stock Price 204.28%
CAPE (10 Yr P/E) 17.64 19.53 20.53 36.00 40.66 36.82 31.31 28.07 30.06 27.42 40.41 41.11 38.38 46.98 48.60 43.62 40.21 24.65% <-IRR #YR-> 5 Price & Dividend 194.27%
Median 10, 5 Yrs D.  per yr 1.29% 1.57% % Tot Ret 5% 12.05% Price Inc 15.52% P/E:  21.96 20.53 13.06% <-IRR #YR-> 10 Price & Dividend 225.96%
Price 15 D.  per yr 1.60% % Tot Ret 11.63% CAPE Diff 29.26% 12.15% <-IRR #YR-> 15 Stock Price 458.35%
Price  20 D.  per yr 0.94% % Tot Ret 15.99% 4.95% <-IRR #YR-> 20 Stock Price 162.66%
Price  25 D.  per yr 1.19% % Tot Ret 14.67% 6.95% <-IRR #YR-> 25 Stock Price 436.65%
Price  30 D.  per yr 2.08% % Tot Ret 15.71% 11.14% <-IRR #YR-> 30 Stock Price
Price  35 D.  per yr 2.18% % Tot Ret 15.65% 11.75% <-IRR #YR-> 35 Stock Price
Price  40 D.  per yr 2.47% % Tot Ret 16.60% 12.40% <-IRR #YR-> 36 Stock Price
Price & Dividend 15 13.75% <-IRR #YR-> 15 Price & Dividend 511.25%
Price & Dividend 20 5.89% <-IRR #YR-> 20 Price & Dividend 193.38%
Price & Dividend 25 8.15% <-IRR #YR-> 25 Price & Dividend 506.90%
Price & Dividend 30 13.22% <-IRR #YR-> 30 Price & Dividend
Price & Dividend 35 13.92% <-IRR #YR-> 35 Price & Dividend
Price & Dividend 40 14.87% <-IRR #YR-> 36 Price & Dividend
Price  5 -$67.00 $0.00 $0.00 $0.00 $0.00 $189.17 Price  5
Price 10 -$62.17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $189.17 Price 10
Price & Dividend 5 -$67.00 $1.28 $1.40 $1.58 $1.74 $191.16 Price & Dividend 5
Price & Dividend 10 -$62.17 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $191.16 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 $0.00 $189.17 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 $0.00 $189.17 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 $0.00 $189.17 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 $0.00 $189.17 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 $0.00 $189.17 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 $0.00 $189.17
Price & Dividend 15 $0.84 $0.85 $0.94 $0.98 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $191.16 Price & Dividend 15
Price & Dividend 20 $0.84 $0.85 $0.94 $0.98 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $191.16 Price & Dividend 20
Price & Dividend 25 $0.84 $0.85 $0.94 $0.98 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $191.16 Price & Dividend 25
Price & Dividend 30 $0.84 $0.85 $0.94 $0.98 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $191.16 Price & Dividend 30
Price & Dividend 35 $0.84 $0.85 $0.94 $0.98 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $191.16 Price & Dividend 35
Price & Dividend 40 $0.84 $0.85 $0.94 $0.98 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $191.16
Price H/L Median $38.42 $36.75 $45.25 $52.16 $65.47 $68.27 $72.78 $56.35 $68.22 $67.46 $82.64 $109.01 $119.45 $160.75 $204.43 208.19% <-Total Growth 10 Stock Price
Increase -1.54% -4.35% 23.13% 15.27% 25.52% 4.27% 6.61% -22.58% 21.08% -1.12% 22.51% 31.90% 9.58% 34.58% 27.17% 11.91% <-IRR #YR-> 10 Stock Price 208.19%
P/E 14.18 16.12 20.38 372.57 43.36 28.80 19.41 28.60 23.52 22.04 15.16 18.96 18.32 23.00 28.16 18.70% <-IRR #YR-> 5 Stock Price 135.63%
Trailing P/E 15.75 13.56 19.85 23.50 467.64 45.21 30.71 15.03 34.63 23.26 27.01 20.00 20.77 24.65 29.25 13.45% <-IRR #YR-> 10 Price & Dividend 147.34%
P/E on Run. 5 yr Ave 17.92 15.57 18.81 26.64 36.95 40.06 36.42 28.92 27.29 24.01 24.12 28.49 25.22 28.94 31.97 20.35% <-IRR #YR-> 5 Price & Dividend 234.03%
P/E on Run. 10 yr Ave 17.62 17.12 21.92 30.20 40.74 35.48 33.40 25.88 30.61 29.44 32.22 37.43 35.74 39.92 44.42 19.41 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 1.54% 1.65% % Tot Ret 11% 8.11% T P/E 25.83 23.26 P/E:  22.52 18.96 Count 37 Years of data
-$52.16 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $160.75
-$68.22 $0.00 $0.00 $0.00 $0.00 $160.75
-$52.16 $1.00 $1.03 $1.07 $1.16 $1.24 $1.28 $1.40 $1.58 $1.74 $162.74
-$68.22 $1.28 $1.40 $1.58 $1.74 $162.74
High Months May Dec Jun Dec Aug Mar May Dec Sep Apr Dec Dec Dec Dec Jun
Split 1996
Price High $41.90 $42.05 $50.64 $62.53 $72.24 $74.24 $77.99 $62.34 $75.77 $75.44 $104.42 $125.55 $128.28 $194.91 $234.11 211.71% <-Total Growth 10 Stock Price
Increase -6.01% 0.36% 20.43% 23.48% 15.53% 2.77% 5.05% -20.07% 21.54% -0.44% 38.41% 20.24% 2.17% 51.94% 20.11% 12.04% <-IRR #YR-> 10 Stock Price 211.71%
P/E 15.46 18.44 22.81 446.64 47.84 31.32 20.80 31.64 26.13 24.65 19.16 21.83 19.67 27.88 32.25 20.80% <-IRR #YR-> 5 Stock Price 157.24%
Trailing P/E 17.17 15.52 22.21 28.17 516.00 49.17 32.91 16.62 38.46 26.01 34.12 23.04 22.31 29.89 33.49 21.83 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 31.40 26.01 P/E:  25.39 21.83 31.49 P/E Ratio Historical High
-$62.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $194.91
-$75.77 $0.00 $0.00 $0.00 $0.00 $194.91
Low Months Aug Jul Feb Jan Jan Jan Feb  Oct Jan Mar Feb Jan Oct Jan Feb
Split 1996
Price Low $34.94 $31.45 $39.86 $41.79 $58.70 $62.29 $67.56 $50.35 $60.67 $59.47 $60.86 $92.46 $110.61 $126.59 $174.75 202.92% <-Total Growth 10 Stock Price
Increase 4.42% -9.99% 26.74% 4.84% 40.46% 6.12% 8.46% -25.47% 20.50% -1.98% 2.34% 51.92% 19.63% 14.45% 38.04% 11.72% <-IRR #YR-> 10 Stock Price 202.92%
P/E 12.89 13.79 17.95 298.50 38.87 26.28 18.02 25.56 20.92 19.43 11.17 16.08 16.96 18.11 24.07 15.85% <-IRR #YR-> 5 Stock Price 108.65%
Trailing P/E 14.32 11.61 17.48 18.82 419.29 41.25 28.51 13.43 30.80 20.51 19.89 16.97 19.24 19.42 25.00 17.03 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 20.20 19.42 P/E:  18.77 16.96 12.97 P/E Ratio Historical Low
-$41.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $126.59
-$60.67 $0.00 $0.00 $0.00 $0.00 $126.59
$1,915 <-12 mths 14.60%
Free Cash Flow Company $551 $468 $489 $977 $1,347 $1,821 $1,479 $366 $1,210 $2,247 $1,959 $1,528 $1,700 $1,671 $2,306 $2,395 $2,597 71.03% <-Total Growth 10
Change -15.06% 4.49% 99.80% 37.87% 35.19% -18.78% -75.25% 230.60% 85.70% -12.82% -22.00% 11.26% -1.71% 38.00% 3.86% 8.43% 6.67% <-IRR #YR-> 5 Free Cash Flow MS
FCF/CF from Op Ratio 0.30 0.29 0.33 0.66 0.44 0.59 0.46 0.15 0.31 0.43 0.41 0.32 0.30 0.29 0.45 #DIV/0! #DIV/0! 5.51% <-IRR #YR-> 10 Free Cash Flow MS
Dividends paid $236 $177 $259 $496 $416 $425 $327 $440 $460 $580 $484 $529 $562 $562 $657 $672 $672 13.31% <-Total Growth 10 Dividends paid
Percentage paid 42.90% 37.82% 52.97% 50.77% 30.88% 23.34% 22.11% 120.22% 38.02% 25.81% 24.71% 34.62% 33.06% 33.63% 28.49% 28.07% 25.88% $0.32 <-Median-> 10 Percentage paid
5 Year Coverage 75.02% 57.94% 56.32% 49.63% 41.35% 34.75% 31.46% 35.13% 33.23% 31.34% 31.55% 34.10% 30.25% 29.84% 30.49% 31.06% 29.29% 5 Year Coverage
Dividend Coverage Ratio 2.33 2.64 1.89 1.97 3.24 4.28 4.52 0.83 2.63 3.87 4.05 2.89 3.02 2.97 3.51 3.56 3.86 3.13 <-Median-> 10 Dividend Coverage Ratio
5 Year of Coverage 1.33 1.73 1.78 2.01 2.42 2.88 3.18 2.85 3.01 3.19 3.17 2.93 3.31 3.35 3.28 3.22 3.41 5 Year of Coverage
-$1,210 $0 $0 $0 $0 $1,671
-$977 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,671
$3,757 <-12 mths 6.25%
Free Cash Flow WSJ $1,580 $2,149 $1,759 $690 $2,794 $4,035 $3,685 $3,259 $3,568 $3,536 $2,306 $2,395 $2,597 123.80% <-Total Growth 9 Free Cash Flow WSJ
Change 36.01% -18.15% -60.77% 304.93% 44.42% -8.67% -11.56% 9.48% -0.90% -34.79% 3.86% 8.43% -$0.01 <-Median-> 9 Change
Free Cash Flow Mkt Sc $2,247 $1,959 $1,528 $3,582 $1,671 $2,306 $2,395 $2,597
Change -12.82% -22.00% 134.42% -53.35% 38.00% 3.86% 8.43%
$4,550 <-12 mths 53.72%
Free Cash Flow MS Old $1,838 $2,295 $1,950 $1,167 $2,767 $4,033 $3,645 $3,184 $2,960
Change 24.86% -15.03% -40.15% 137.10% 45.75% -9.62% -12.65% -7.04%
Free Cash Flow MS $813 $577 $614 $1,483 $1,270 $1,820 $1,520 $1,310 $2 $2,780 $3,180 $3,510 $2,960 $2,610 $2,306 $2,395 $2,597 75.99% <-Total Growth 10 Free Cash Flow Market Sc
Change -3.10% -29.03% 6.41% 141.53% -14.36% 43.31% -16.48% -13.82% -99.82% 119213.30% 14.39% 10.38% -15.67% -11.82% -11.65% 3.86% 8.43% 307.25% <-IRR #YR-> 5 Free Cash Flow MS Disagrees
FCF/CF from Op Ratio 0.45 0.35 0.41 0.99 0.41 0.59 0.47 0.52 0.00 0.54 0.66 0.73 0.52 0.45 0.45 #DIV/0! #DIV/0! 5.82% <-IRR #YR-> 10 Free Cash Flow MS
Dividends paid $236 $177 $259 $496 $416 $425 $327 $440 $460 $580 $484 $529 $562 $459 $657 $672 $672 -7.46% <-Total Growth 10 Dividends paid
Percentage paid 32.76% 23.35% 21.51% 33.59% 19742.49% 20.86% 15.22% 15.07% 18.99% 17.59% 28.49% 28.07% 25.88% $0.21 <-Median-> 10 Percentage paid
5 Year Coverage 34.92% 30.03% 26.06% 23.12% 21.03% 17.38% 18.47% 20.89% 23.49% 5 Year Coverage
Dividend Coverage Ratio 3.05 4.28 4.65 2.98 0.01 4.79 6.57 6.64 5.27 5.69 3.51 3.56 3.86 4.72 <-Median-> 10 Dividend Coverage Ratio
5 Year of Coverage 2.86 3.33 3.84 4.33 4.75 5.75 5.41 4.79 4.26 5 Year of Coverage
-$2 $0 $0 $0 $0 $2,610
-$1,483 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,610
Market Cap $10,828 $11,811 $11,964 $25,644 $26,788 $28,395 $26,353 $22,720 $24,124 $21,818 $34,567 $38,797 $39,834 $57,079 $66,610 $66,610 $66,610 122.58% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 289.40 283.2 284.1 384.4 415.2 409.1 397.3 379.3 368.4 358.2 341.8 331.7 320.0 308.5 301.8 301.8 -19.75% <-Total Growth 10 Diluted
Change 1.44% -2.14% 0.32% 35.30% 8.01% -1.47% -2.88% -4.53% -2.87% -2.77% -4.58% -2.95% -3.53% -3.59% -2.17% 0.00% -0.03 <-Median-> 10 Change
Difference Diluted/Basic -2.7% -0.6% -1.0% -1.0% -0.9% -1.0% -0.9% -0.7% 0.0% -0.8% -0.8% -1.1% -1.0% -1.1% -0.9% -100.0% -0.88% <-Median-> 10 Difference Diluted/Basic
Basic # of Shares in Millions 281.601 281.439 281.123 380.541 411.5 405.1 393.8 376.7 368.4 355.5 339.1 328.1 316.7 305.1 299.1 -19.82% <-Total Growth 10 Basic
Change 1.33% -0.06% -0.11% 35.36% 8.15% -1.58% -2.78% -4.34% -2.20% -3.50% -4.61% -3.24% -3.47% -3.66% -1.97% -3.36% <-Median-> 10 Change
Difference Basic/Outstanding -0.1% 0.1% 0.4% 8.4% -0.4% -1.0% -1.9% -1.3% -2.3% -2.3% -1.6% -1.2% -1.9% -1.1% -0.4% -1.47% <-Median-> 10 Difference Basic/Outstanding
$5,861 <-12 mths 1.02%
Comment
# of Share in Millions 281.4 281.7 282.3 412.5 410.0 400.8 386.3 371.8 360.1 347.4 333.5 324.1 310.5 301.7 297.8 297.8 297.8 -3.08% <-IRR #YR-> 10 Shares -26.85%
Increase 0.29% 0.10% 0.22% 46.11% -0.61% -2.23% -3.63% -3.75% -3.15% -3.53% -3.98% -2.84% -4.18% -2.83% -1.31% 0.00% 0.00% -3.47% <-IRR #YR-> 5 Shares -16.20%
Cash Flow from Operations $M $1,814 $1,637 $1,491 $1,491 $3,079 $3,079 $3,209 $2,501 $3,960 $5,191 $4,827 $4,827 $5,654 $5,802 $5,092 289.13% <-Total Growth 10 Cash Flow
Increase 13.80% -9.76% -8.92% 0.00% 106.51% 0.00% 4.22% -22.06% 58.34% 31.09% -7.01% 0.00% 17.13% 2.62% -12.23% S. Issue DRIP, SO Buy Backs
5 year Running Average $1,517 $1,596 $1,696 $1,605 $1,902 $2,155 $2,470 $2,672 $3,166 $3,588 $3,938 $4,261 $4,892 $5,260 $5,240 227.66% <-Total Growth 10 CF 5 Yr Running
CFPS $6.45 $5.81 $5.28 $3.61 $7.51 $7.68 $8.31 $6.73 $11.00 $14.94 $14.47 $14.90 $18.21 $19.23 $17.10 431.96% <-Total Growth 10 Cash Flow per Share
Increase 13.48% -9.85% -9.12% -31.56% 107.76% 2.28% 8.14% -19.02% 63.49% 35.88% -3.16% 2.92% 22.24% 5.61% -11.07% 14.55% <-IRR #YR-> 10 Cash Flow 289.13%
5 year Running Average $5.46 $5.72 $6.05 $5.37 $5.73 $5.98 $6.48 $6.77 $8.24 $9.73 $11.09 $12.41 $14.70 $16.35 $16.78 7.94% <-IRR #YR-> 5 Cash Flow 46.52%
P/CF on Med Price 5.96 6.32 8.57 14.43 8.72 8.89 8.76 8.38 6.20 4.51 5.71 7.32 6.56 8.36 11.95 18.19% <-IRR #YR-> 10 Cash Flow per Share 431.96%
P/CF on Closing Price 5.97 7.21 8.02 17.20 8.70 9.22 8.21 9.08 6.09 4.20 7.16 8.04 7.05 9.84 13.08 11.82% <-IRR #YR-> 5 Cash Flow per Share 74.84%
66.87% Diff M/C 11.78% <-IRR #YR-> 10 CFPS 5 yr Running 204.63%
Excl.Working Capital CF -$143.0 $139.0 $466.0 -$508.0 $22.0 $119.0 $697.0 $1,078.0 $560.0 $331.0 $504.0 $893.0 $823.0 $1,176.0 $0.0 14.67% <-IRR #YR-> 5 CFPS 5 yr Running 98.30%
CF fr Op $M WC $1,671 $1,776 $1,957 $983 $3,101 $3,198 $3,906 $3,579 $4,520 $5,522 $5,331 $5,720 $6,477 $6,978 $5,092 609.87% <-Total Growth 10 Cash Flow less WC
Increase 9.36% 6.28% 10.19% -49.77% 215.46% 3.13% 22.14% -8.37% 26.29% 22.17% -3.46% 7.30% 13.23% 7.74% -27.02% 21.65% <-IRR #YR-> 10 Cash Flow less WC 609.87%
5 year Running Average $1,384 $1,497 $1,634 $1,583 $1,898 $2,203 $2,629 $2,953 $3,661 $4,145 $4,572 $4,934 $5,514 $6,006 $5,920 9.07% <-IRR #YR-> 5 Cash Flow less WC 54.38%
CFPS Excl. WC $5.94 $6.31 $6.93 $2.38 $7.56 $7.98 $10.11 $9.63 $12.55 $15.90 $15.98 $17.65 $20.86 $23.13 $17.10 14.26% <-IRR #YR-> 10 CF less WC 5 Yr Run 279.38%
Increase 9.04% 6.17% 9.94% -65.62% 217.38% 5.48% 26.73% -4.80% 30.41% 26.64% 0.55% 10.43% 18.17% 10.87% -26.06% 10.41% <-IRR #YR-> 5 CF less WC 5 Yr Run 64.05%
5 year Running Average $4.98 $5.36 $5.82 $5.40 $5.82 $6.23 $6.99 $7.53 $9.57 $11.23 $12.83 $14.34 $16.59 $18.70 $18.94 25.51% <-IRR #YR-> 10 CFPS - Less WC 870.41%
P/CF on Med Price 6.47 5.83 6.53 21.89 8.66 8.56 7.20 5.85 5.43 4.24 5.17 6.18 5.73 6.95 11.95 13.00% <-IRR #YR-> 5 CFPS - Less WC 84.22%
P/CF on Closing Price 6.48 6.65 6.11 26.09 8.64 8.88 6.75 6.35 5.34 3.95 6.48 6.78 6.15 8.18 13.08 13.23% <-IRR #YR-> 10 CFPS 5 yr Running 246.30%
*Cash Flow per share CF/-WC P/CF Med 10 yr 7.84 5 yr  6.56 P/CF Med 10 yr 6.01 5 yr  5.73 117.49% Diff M/C 14.35% <-IRR #YR-> 5 CFPS 5 yr Running 95.50%
OPM 5.80% 5.18% 4.61% 3.50% 6.78% 6.64% 6.87% 5.36% 8.24% 9.85% 9.08% 8.54% 9.50% 9.51% 7.86% 171.76% <-Total Growth 10 OPM
Increase 12.88% -10.77% -11.08% -24.03% 93.85% -2.14% 3.51% -22.05% 53.91% 19.46% -7.81% -5.90% 11.18% 0.12% -17.33% Should increase  or be stable.
Diff from Ave -30.8% -38.3% -45.1% -58.3% -19.2% -20.9% -18.1% -36.2% -1.8% 17.3% 8.2% 1.8% 13.2% 13.3% -6.3% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 8.39% 5 Yrs 9.50% should be  zero, it is a   check on calculations
$4,691 <-12 mths 2.94%
EBIT $2,954 $3,429 $3,883 $4,240 $4,557 $4,912 $5,151 $5,418 EBIT
Change 16.08% 13.24% 9.19% 7.48% 7.79% 4.87% 5.18% Change
Margin 5.60% 6.45% 6.87% 7.12% 7.47% 7.58% 7.76% 7.87% Margin
$7,198 <-12 mths 2.48%
Adjusted EBITDA $2,041 $2,106 $3,236 $3,549 $3,852 $3,521 $3,528 $4,775 $4,937 $5,587 $6,181 $6,647 $7,024 $7,519 $7,803 $8,187 117.06% <-Total Growth 10 Adjusted EBITDA
Change 3.18% 53.66% 9.67% 8.54% -8.59% 0.20% 35.35% 3.39% 13.17% 10.63% 7.54% 5.67% 7.05% 3.78% 4.92% 8.04% <-Median-> 10 Change
Margin 6.46% 6.51% 7.59% 7.82% 8.30% 7.54% 7.56% 9.94% 9.37% 10.51% 10.94% 11.17% 11.51% 11.61% 11.75% 11.89% 9.65% <-Median-> 10 Margin
Long Term Debt $11,462 $11,011 $10,870 $9,542 $6,379 $5,971 $6,449 $6,244 $7,056 $6,661 $7,570 $8,099 Debt Type
Change -3.93% -1.28% -12.22% -33.15% -6.40% 8.01% -3.18% 13.00% -5.60% 13.65% 6.99% -3.56% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 0.45 0.41 0.38 0.36 0.28 0.25 0.30 0.18 0.18 0.17 0.13 0.12 0.26 <-Median-> 10 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 5.27 4.70 4.96 4.04 3.46 3.94 4.10 3.98 3.78 3.59 3.47 3.74 3.96 <-Median-> 10 Assets/Current Liabilities Liquidity
Debt to Cash Flow (Years) 7.69 3.58 3.53 2.97 2.55 1.51 1.24 1.29 1.46 1.18 1.30 1.59 1.48 <-Median-> 10 Debt to Cash Flow (Years) Liq. + CF
Debt Ratio
Intangibles $158 $51 $1,054 $9,177 $9,164 $8,745 $8,251 $7,798 $7,322 $6,870 $6,402 $6,505 $5,994 $5,446 $5,265 -68.51% <-Total Growth 10 Intangibles Leverage
Goodwill $1,932 $989 $943 $3,243 $3,362 $3,895 $3,922 $3,942 $3,946 $3,948 $3,949 $4,323 $4,349 $4,372 $4,377 34.81% <-Total Growth 10 Goodwill D/E Ratio
Total $2,090 $1,040 $1,997 $12,420 $12,526 $12,640 $12,173 $11,740 $11,268 $10,818 $10,351 $10,828 $10,343 $9,818 $9,642 26.50% <-Total Growth 10 Total
Change 0.00% -50.24% 92.02% 521.93% 0.85% 0.91% -3.69% -3.56% -4.02% -3.99% -4.32% 4.61% -4.48% -5.08% -1.79% -3.84% <-Median-> 10 Change
Intangible/Market Cap Ratio 0.19 0.09 0.17 0.48 0.47 0.45 0.46 0.52 0.47 0.50 0.30 0.28 0.26 0.17 0.14 0.45 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $6,462 $6,667 $7,887 $9,405 $9,855 $10,204 $11,327 $11,637 $11,310 $11,551 $12,637 $13,376 $13,578 $14,548 $14,439 54.68% <-Total Growth 10 Current Assets
Current Liabilities $4,718 $5,396 $5,513 $6,395 $7,222 $6,942 $8,694 $8,704 $9,227 $8,759 $9,196 $10,098 $10,847 $11,768 $10,810 84.02% <-Total Growth 10 Current Liabilities
Liquidity Ratio 1.37 1.24 1.43 1.47 1.36 1.47 1.30 1.34 1.23 1.32 1.37 1.32 1.25 1.24 1.34 1.32 <-Median-> 10 Ratio
Liq. with CF aft div 1.70 1.49 1.65 1.64 1.73 1.85 1.62 1.57 1.61 1.86 1.85 1.75 1.72 1.68 1.75 1.75 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.44 1.26 1.24 0.87 1.48 1.54 1.45 1.14 1.56 1.61 1.62 1.42 1.47 1.43 1.75 1.47 <-Median-> 5 Ratio
Assets $17,428 $17,961 $20,759 $33,684 $33,939 $34,436 $35,106 $30,153 $36,309 $35,870 $36,614 $38,147 $38,979 $40,880 $40,450 21.36% <-Total Growth 10 Assets
Liabilities $11,421 $11,544 $13,741 $20,897 $20,775 $21,408 $22,054 $17,975 $24,988 $24,751 $24,877 $26,691 $27,360 $29,614 $29,246 41.71% <-Total Growth 10 Liabilities
Debt Ratio 1.53 1.56 1.51 1.61 1.63 1.61 1.59 1.68 1.45 1.45 1.47 1.43 1.42 1.38 1.38 1.46 <-Median-> 10 Ratio
Estimates BVPS $38.18 $40.61 $43.38 Estimates Estimates BVPS
Estimate Book Value $11,369.7 $12,093.3 $12,918.2 Estimates Estimate Book Value
P/B Ratio (Close) 5.86 5.51 5.16 Estimates P/B Ratio (Close)
Difference from 10 year median 164.51% Diff M/C Estimates Difference from 10 yr med.
Total Book Value $6,007 $6,417 $7,018 $12,787 $13,164 $13,028 $13,052 $12,178 $11,321 $11,119 $11,737 $11,456 $11,619 $11,266 $11,204 -11.89% <-Total Growth 10 Book Value
Preferred Shares $0 $0 $0 $0 $221 $221 $225 $225 $225 $225 $225 $225 $0 $0 $0 Preferred Shares None outstanding 2023/4
Minority Int $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Minority Int
NCI $0 $0 $0 $8 $13 $26 $40 $59 $87 $131 $164 $157 $155 $175 $173 NCI
Book Value $6,007 $6,417 $7,018 $12,779 $12,930 $12,781 $12,787 $11,894 $11,009 $10,763 $11,348 $11,074 $11,464 $11,091 $11,031 $11,031 $11,031 -13.21% <-Total Growth 10 Book Value
Book Value per share $21.35 $22.78 $24.86 $30.98 $31.54 $31.89 $33.10 $31.99 $30.58 $30.99 $34.02 $34.17 $36.92 $36.76 $37.04 $37.04 $37.04 18.65% <-Total Growth 10 Book Value per Share
Change -12.94% 6.71% 9.12% 24.63% 1.80% 1.11% 3.81% -3.36% -4.43% 1.34% 9.81% 0.44% 8.03% -0.44% 0.78% 0.00% 0.00% 172.63% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.80 1.61 1.82 1.68 2.08 2.14 2.20 1.76 2.23 2.18 2.43 3.19 3.24 4.37 5.52 2.21 P/B Ratio Historical Median
P/B Ratio (Close) 1.80 1.84 1.70 2.01 2.07 2.22 2.06 1.91 2.19 2.03 3.05 3.50 3.47 5.15 6.04 6.04 6.04 1.72% <-IRR #YR-> 10 Book Value per Share
Change 9.49% 2.11% -7.38% 17.71% 3.24% 7.23% -7.23% -7.31% 14.72% -7.49% 50.27% 15.01% -0.82% 48.11% 17.33% 0.00% 0.00% 3.75% <-IRR #YR-> 5 Book Value per Share
Leverage (A/BK) 2.90 2.80 2.96 2.63 2.58 2.64 2.69 2.48 3.21 3.23 3.12 3.33 3.35 3.63 3.61 3.16 <-Median-> 10 A/BV
Debt/Equity Ratio 1.90 1.80 1.96 1.63 1.58 1.64 1.69 1.48 2.21 2.23 2.12 2.33 2.35 2.63 2.61 2.16 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 2.21 5 yr Med 3.19 172.63% Diff M/C 2.72 Historical 32 A/BV
$2,396 <-12 mths 6.77%
Comprehensive Income $15 $781 $1,033 $1,512 $907 $1,126 $1,125 $2,263 $1,783 $2,391 $2,348
NCI $0 -$9 $7 $24 $24 $24 $84 $101 $101 $101 $104
Shareholders $561 $629 $859 $15 $790 $1,026 $1,488 $883 $1,102 $1,041 $2,162 $1,682 $2,290 $2,244 14860.00% <-Total Growth 10 Comprehensive Income
Increase -16.77% 12.12% 36.57% -98.25% 5166.67% 29.87% 45.03% -40.66% 24.80% -5.54% 107.68% -22.20% 36.15% -2.01% -2.01% <-Median-> 5 Comprehensive Income
5 Yr Running Average $554 $613 $674 $548 $571 $664 $836 $840 $1,058 $1,108 $1,335 $1,374 $1,655 $1,884 65.00% <-IRR #YR-> 10 Comprehensive Income 14860.00%
ROE 9.3% 9.8% 12.2% 0.1% 6.0% 7.9% 11.4% 7.3% 9.7% 9.4% 18.4% 14.7% 19.7% 19.9% 15.28% <-IRR #YR-> 5 Comprehensive Income 103.63%
5Yr Median 9.5% 9.7% 9.8% 9.7% 9.3% 7.9% 7.9% 7.3% 7.9% 9.4% 9.7% 9.7% 14.7% 18.4% 13.15% <-IRR #YR-> 10 5 Yr Running Average 244.01%
% Difference from NI -27.0% -3.2% 36.3% -71.7% 25.0% 4.4% -0.9% 15.3% 0.5% -6.0% 15.3% -12.4% 9.0% 3.4% 12.23% <-IRR #YR-> 5 5 Yr Running Average 78.09%
Median Values Diff 5, 10 yr 3.9% 3.4% 18.4% <-Median-> 5 Return on Equity
Current Liability Coverage Ratio 0.35 0.33 0.35 0.15 0.43 0.46 0.45 0.41 0.49 0.63 0.58 0.57 0.60 0.59 0.47   CFO / Current Liabilities
5 year Median 0.35 0.35 0.35 0.35 0.35 0.35 0.43 0.43 0.45 0.46 0.49 0.57 0.58 0.59 0.58 0.59 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 9.59% 9.89% 9.43% 2.92% 9.14% 9.29% 11.13% 11.87% 12.45% 15.39% 14.56% 14.99% 16.62% 17.07% 12.59% CFO / Total Assets
5 year Median 9.10% 9.59% 9.59% 9.59% 9.43% 9.29% 9.29% 9.29% 11.13% 11.87% 12.45% 14.56% 14.99% 15.39% 14.99% 15.4% <-Median-> 5 Return on Assets 
Return on Assets ROA 4.41% 3.62% 3.03% 0.16% 1.86% 2.85% 4.28% 2.54% 3.02% 3.09% 5.12% 5.04% 5.39% 5.31% 5.35% Net  Income/Assets Return on Assets
5Yr Median 4.28% 4.28% 4.28% 3.62% 3.03% 2.85% 2.85% 2.54% 2.85% 3.02% 3.09% 3.09% 5.04% 5.12% 5.31% 3.7% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 12.80% 10.13% 8.98% 0.41% 4.80% 7.55% 11.51% 6.29% 9.69% 9.96% 15.98% 16.77% 18.07% 19.27% 19.31% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 9.84% 10.13% 10.13% 9.84% 8.98% 7.55% 7.55% 6.29% 7.55% 9.69% 9.96% 9.96% 15.98% 16.77% 18.07% 10.7% <-Median-> 10 Return on Equity
$2,463 <-12 mths 13.45%
Net Income $53 $623 $990 $1,526 $800 $1,131 $1,192 $1,976 $1,994 $2,187 $2,275
NCI $0 -$9 $7 $24 $34 $34 $84 $101 $73 $87 $104
Shareholders $769 $650 $630 $53 $632 $983 $1,502 $766 $1,097 $1,108 $1,875 $1,921 $2,100 $2,171 $2,164 $2,236 $2,333 3996.23% <-Total Growth 10 Net Income
Increase 12.92% -15.47% -3.08% -91.59% 1092.45% 55.54% 52.80% -49.00% 43.21% 1.00% 69.22% 2.45% 9.32% 3.38% -0.32% 3.33% 4.34% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $596 $660 $677 $557 $547 $590 $760 $787 $996 $1,091 $1,270 $1,353 $1,620 $1,835 $2,046 $2,118 $2,201 44.96% <-IRR #YR-> 10 Net Income 3996.23%
Operating Cash Flow $1,814 $1,637 $1,491 $1,491 $3,079 $3,079 $3,209 $2,501 $3,960 $5,191 $4,827 $4,827 $5,654 $5,802 14.63% <-IRR #YR-> 5 Net Income 97.90%
Investment Cash Flow -$856 -$989 -$1,839 -$5,684 -$1,238 -$1,437 -$1,034 -$3,296 -$289 -$1,376 -$1,271 -$2,368 -$1,845 -$2,021 12.67% <-IRR #YR-> 10 5 Yr Running Average 229.68%
Total Accrual -$189 $2 $978 $4,246 -$1,209 -$659 -$673 $1,561 -$2,574 -$2,707 -$1,681 -$538 -$1,709 -$1,610 13.00% <-IRR #YR-> 5 5 Yr Running Average 84.24%
Total Assets $17,428 $17,961 $20,759 $33,684 $33,939 $34,436 $35,106 $30,153 $36,309 $35,870 $36,614 $38,147 $38,979 $40,880 Balance Sheet Assets
Accruals Ratio -1.08% 0.01% 4.71% 12.61% -3.56% -1.91% -1.92% 5.18% -7.09% -7.55% -4.59% -1.41% -4.38% -3.94% -4.38% <-Median-> 5 Ratio
EPS/CF Ratio 0.46 0.36 0.32 0.06 0.20 0.30 0.37 0.20 0.23 0.19 0.34 0.33 0.31 0.30 0.30 <-Median-> 10 EPS/CF Ratio
-$53.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $2,171.0
-$1,097.0 $0.0 $0.0 $0.0 $0.0 $2,171.0
-$556.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,835.0
-$996.0 $0.0 $0.0 $0.0 $0.0 $1,835.0
Change in Close -4.68% 8.97% 1.07% 46.70% 5.10% 8.42% -3.70% -10.42% 9.64% -6.25% 65.01% 15.52% 7.15% 47.47% 18.24% 0.00% 0.00% Count 32 Years of data
up/down down down up up Count 14 43.75%
Meet Prediction? Yes Yes % right Count 5 35.71%
Financial Cash Flow -$853 -$531 $1,521 $1,845 -$1,839 -$1,782 $1,685 $68 -$3,606 -$3,282 -$3,249 -$2,751 -$3,932 -$3,816 C F Statement  Financial Cash Flow
Total Accruals $664 $533 -$543 $2,401 $630 $1,123 -$2,358 $1,493 $1,032 $575 $1,568 $2,213 $2,223 $2,206 Accruals
Accruals Ratio 3.81% 2.97% -2.62% 7.13% 1.86% 3.26% -6.72% 4.95% 2.84% 1.60% 4.28% 5.80% 5.70% 5.40% 5.40% <-Median-> 5 Ratio
Cash $966 $1,079 $2,260 $999 $1,018 $1,314 $1,798 $1,065 $1,133 $1,668 $1,976 $1,608 $1,488 $1,462 $950 Cash
Cash per Share $3.43 $3.83 $8.01 $2.42 $2.48 $3.28 $4.65 $2.86 $3.15 $4.80 $5.92 $4.96 $4.79 $4.85 $3.19 $4.85 <-Median-> 5 Cash per Share
Percentage of Stock Price 8.92% 9.14% 18.89% 3.90% 3.80% 4.63% 6.82% 4.69% 4.70% 7.65% 5.72% 4.14% 3.74% 2.56% 1.43% % of Stock Price
Notes:
July 22, 2025.  Last estimates were for 2024, 2025, 2026 of $61653M, $63926M, $65846M for Revenue, $8.51, $9.36, $9.97 for AEPS, $7.86, $8.45, $7.54 EPS, 
$1.99, $2.16, $2.28 Dividends, $2014M, $2676M 2024/5 FCF, $17.60, $17.10 2024/5 CFPS, $7026M, $7321M, $7066M EBITDA, $2245M, $2261M, $2188M for Net Income.
July 22, 2024.  Last estimates were for 2023, 2024, 2025 of $59294M, $61202M, $62860M Revenue, $7.61, $8.35, $924 AEPS, $6.33, $6.58, $7.08 EPS, 
$1.73, $1.89, $2.01 Dividends, $1857M, $2014M, $2767M FCF, $17.60, $17.60, $17.10 CFPS, $2073M, $2087M, $2144M Net Income.
July 20, 2023.  Last estimates were for $54919M, $56443M and $57975M for Revenue, $6.40, $7.06 and $7.65 for AEPS, $5.47, $5.63 and $5.21 for EPS, 
$1.54, $1.64 and $1.64 for Dividends, $1900M, $2183M and $2902M for FCF, $14.70 and $15.80 2022/3 for CFPS and $1825M, $1878M 2022/3 for Net Income.
July 23, 2022.  Last estimates were for 2021 2022 and 2023 of $52126M, $53227M and $54579M for Revenue, $3.57, $4.02 and $4.36 for EPS, 
$1.33, $1.37 and $1.40 for dividends, $1889M, $1884M and $2345M for FCF, $12.00, $13.10 and $13.00 for CFPS, and $1236M, $1339M and $1400M for Net Income.
July 24, 2021.  Last estimates were for 2020, and 2021 of $52143M, $51107M and $52836M for 2020 to 22, $3.42 and $3.82 for EPS, $1.27 and $1.34 for Dividends, 
$1597M, $1854M and $2022M for FCF for 2020-22, $11.80 and $12.50 for CFPS and $1082M and $1271M for Net Income. 
July 25, 2020.  Last estimates were for 2019, and 2020 of $48076M, $49718M and $50301M for Revenue for 2019 to 2021, $3.05 and $3.04 for EPS,
 $8.00 and $6.59 for CFPS and $1106M , and $1047M for Net Income.
August 4, 2019.  Last estimates were for 2018, 2019 and 2020 of $47076M, $48277M and $49716M for Revenue, $3.31, $2.74 and 5.83 for EPS, 
$8.47, $6.68 and $10.70 for CFPS and $1256M and $991M for Net Income for 2018 and 2019.
July 31, 2018.  Last estimates were for 2017, 2018 and 2019 of $46927M, $47583M and $48582M for Revenue, $4.41, $4.62 and $5.09 for EPS, $7.62, and $9.31 for CFPS for 2017 and 2018.
August 5, 2017.  Last estimates were for 2016, 2017 and 2018 of $46420M, $47614M and $48852M for Revenue, $2.93, $3.67 and $5.31 for EPS,
 $8.10, $8.65 and $9.77 for CFPS and $1222M and $1403M for Net Income.
August 6, 2016.  Last estimates were for 2015, 2016 and 2017 of $45449M, $43542M and $47745M for Revenue, $2.67, $3.55 and $4.31 for EPS, 
$7.09, $7.65 and $8.49 for CFPS and $1046M, $1296M and $1539M for Net Income.
August 9, 2015.  Last estimates I got for 2014, 2015 and 2016 of $42276M, $45387M and $46546M for Revenue, $0.82, 2.99 and $4.44 for EPS, 
$6.33. $7.97 and $8.22 for CFPS and $233M, $1128M and $1259M for Net Income.
August 10, 2014.  The last estimates I got were for 2013, 2014 and 2015 of $32471M, $33340M and $34259M for Revenue, $2.59, $2.87 and $3.44 for EPS, $6.26 and $6.43 for CFPS (2013 and 2014).
Jan 24, 2012.  Last estimates I got were for 2010 and 2011 with EPS at $2.65 and $2.87 and CF of $5.03 and $5.38.
Feb 10, 2011.  Last time I looked, I got 2009 and 2010 estimates for earnings of $2.23 and $2.48 and Cash Flow of $4.26 and $4.62
Jun 1, 2009 AR 2008. Estimates from Sep 2008 give EPS $1.82 and it came in at $1.99. I do not think I want to invest until they up dividends.
AP 2006.  There is now a reduce rating on this stock. Expect -2.7 return. According to Mike, yield is higher than historical highs so has room to move up.  However, this company is still in deep trouble.
Good news is that accruals a now negative.  Since I have bought it, I have a return of IRR of 11%, but not making any money last 2 years.  EPS has turn negative
AP 2005.  Loblaws is having earnings problem due to spending on Supply Chain.  When this clears up, it should go back to being the great stock it has been. Not followed by TD.
AP 2004.  Am I the only one worried about their income raising a lot faster than revenue?  Accrual Ratio is a lot better in 2004 than it has been. 
2002.  Still a good company.  However, the EPS is increasing faster than revenue and price fast that EPS and revenue. 2002
For loss in 2014 2nd Q.   Basic net loss per common share (3) of $1.13 in the second quarter of 2014 included the recognition of a portion of the Shoppers Drug Mart purchase-related fair value
adjustments for inventory sold ($1.14 per share), the amortization of intangible assets ($0.23 per share), a charge related to inventory measurement and other
conversion differences associated with the implementation of a perpetual inventory system ($0.35 per share), the costs associated with the acquisition of Shoppers
Drug Mart ($0.11 per share) and certain other adjustments ($0.05 per share).
Annual Report out in Late February.
Loblaw did indeed suffer a big tumble on Nov. 2 – it fell 20.1 per cent. But let me assure you that you didn’t actually lose any money in the process.
To understand what happened here, let’s back up to September, when the grocery chain announced that it would spin out its interest in Choice Properties Real Estate Investment Trust (CHP.UN). 
Under the complex transaction, Loblaw parent George Weston Ltd. (WN) acquired Loblaw’s 61.6-per-cent stake in Choice REIT. In return, Loblaw minority shareholders received 0.135 
of a George Weston share for each Loblaw share as compensation – a swap that was economically neutral for Loblaw investors.
So why did Loblaw’s shares fall? Well, the spinout was completed on Nov. 1, which meant that an investor buying Loblaw stock after that date was not entitled to receive any George Weston shares. 
As a result, on Nov. 2, Loblaw’s share price fell by $13.10, which, not coincidentally, was very close to the market value of 0.135 of a George Weston share at the time.
A Loblaw shareholder who held the stock through the spinoff closing date, however, was entitled to receive the 0.135 of a George Weston share. So, although the price of Loblaw dropped, 
the investor would have been made whole by receiving George Weston shares.
The way data providers depicted the price action in Loblaw’s stock only added to the confusion.
The reason the drop doesn’t show up on GlobeInvestor’s charts is that the data provider retroactively adjusted Loblaw’s stock price prior to Nov. 2 to effectively remove the value of 0.135 
of a George Weston share. Presumably, the rationale for smoothing out the chart in this way is that the spinoff did not create or destroy any value for Loblaw shareholders, 
so it could be misleading to depict a large drop in the share price.
GlobeInvestor wasn’t the only website to adjust the data this way. Stock charts on Bloomberg also don’t show the big decline in Loblaw’s share price, while on Yahoo Finance – 
depending on the type of chart you create – some charts show the drop and others don’t. The TMX website does show the drop, both on its stock charts and in Loblaw’s price history data.
Where all of the charts agree is that Loblaw’s shares have rallied strongly in recent days, which ought to provide comfort to all Loblaw investors – not just those who were confused by the spinout.
Sector:
Consumer Staple, Consumer
What should this stock accomplish?
Would I buy this company and Why.
I would consider this stock as it is again a dividend growth stock.
Why am I following this stock. 
I have followed this stock for some time.  I got the stock from Mike Higgs' list of dividend growth companies
Why I bought this stock.
I owned it from 1996 to 2007.   It was originally a great stock.  I sold it in 2007 because it was having problems with its tech upgrade to its supply system and it did not seem that it would be fixed anytime soon.
The stock started to do well again in 2014, but I had bought Metro and it has done well for me and it is a pure grocery stock.
Dividends
Dividends are paid in cycle 1 sort of.  Dividend payments are in April, July, October and the end of December.  Dividends are declared for shareholders of one month and paid in the following month 
except for December and they are declared for shareholders in December and paid in December.
For example, the dividend declared for shareholders of June 15, 2010 was paid on July 1, 210.  The dividend declared for shareholders on Decemeber 15, 2010 was paid on Decmber 30, 2010.
Both eligible and ineligible have gross up and dividend tax credits.  However, the ineligible dividends are taxed at a higher rate than the eligible dividends.>
For example, the dividend payable on October 1, 2015 some 3.2% of the dividend is ineligible.
How they make their money
Loblaw is Canada's largest retailer, operating approximately 2,500 food retail and pharmacy stores across the country. Beyond retail, Loblaw runs the PC Optimum 
loyalty program and also offers credit cards and insurance brokerage, which are collectively referred to as financial services. George Weston is Loblaw's controlling shareholder with a 53% stake. 
The firm's controlling shareholder is George Weston Limited, which owns 52% of the equity.
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 Shares %, 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 Aug 06 2017 Aug 07 2018 Aug 04 2019 Jul 25 2020 Jul 24 2021 Jul 23 2022 Jul 20 2023 Jul 22 2024 Jul 22 2025
Per Bank 0.000 0.00% 0.001 0.00% not found #DIV/0!
CEO - Shares - Amount $0.000 $0.157
Options - percentage 0.188 0.06% 0.256 0.09% 36.14%
Options - amount $35.617 $57.335
Myers, Darren 0.000 0.00% 0.794 0.22% 0.002 0.00%
CEO - Shares - Amount $0.000 $53.198 $0.096
Options - percentage 0.151 0.04% 0.428 0.12% 0.000 0.00%
Options - amount $9.242 $28.704 $0.000
Dufresne, Richard 0.001 0.00% 0.001 0.00% 0.006 0.00% 0.007 0.00% 0.007 0.00% 0.007 0.00% 0.011 0.00% 0.012 0.00% Last report Mar 2020 3.43%
CFO - Shares - Amount $0.065 $0.087 $0.400 $0.765 $0.887 $0.950 $2.165 $2.648 brought back as CFO, '21
Options - percentage 0.140 0.04% 0.131 0.04% 0.124 0.04% 0.000 0.00% 0.162 0.05% 0.162 0.05% 0.292 0.10% 0.352 0.12% 20.63%
Options - amount $9.580 $8.006 $7.778 $0.000 $19.439 $20.829 $55.255 $78.811
Bourdeau, Jocyanne 0.003 0.00% 0.004 0.00% 0.005 0.00%
CAO - Shares - Amount $0.211 $0.410 $0.552
Options - percentage 0.228 0.07% 0.265 0.08% 0.275 0.08%
Options - amount $14.306 $27.506 $32.913
Davis, Sarah Ruth 0.009 0.00% 0.010 0.00% 0.011 0.00% 0.012 0.00% Ceased insider May 2021
CAO - Shares - Amount $0.590 $0.585 $0.710 $0.731
Options - percentage 0.408 0.11% 0.516 0.14% 0.664 0.18% 0.562 0.16%
Options - amount $27.833 $31.516 $44.469 $35.321
Henn, Nicholas 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% 29.49%
Officer - Shares - Amount $0.182 $0.236 $0.348 $0.532
Options - percentage 0.076 0.02% 0.083 0.03% 0.083 0.03% 0.078 0.03% -5.99%
Options - amount $9.109 $10.613 $15.715 $17.468
Gambioli, Frank 0.007 0.00% 0.000 0.00% -97.45%
Officer - Shares - Amount $1.231 $0.037
Options - percentage 0.105 0.03% 0.116 0.04% 10.14%
Options - amount $19.844 $25.844
Bonham, Scott Barclay 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
Director - Shares - Amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Options - percentage 0.002 0.00% 0.005 0.00% 0.009 0.00% 0.013 0.00% 0.017 0.00% 0.019 0.01% 0.022 0.01% 0.022 0.01% 0.026 0.01% 17.85%
Options - amount $0.132 $0.287 $0.614 $0.806 $1.718 $2.305 $2.794 $4.121 $5.742
Clark, Christie James Beckett 0.017 0.01% 0.017 0.01% 0.017 0.01% 0.017 0.01% 0.014 0.00% -14.56%
Director - Shares - Amount $1.778 $2.004 $2.148 $3.167 $3.200
Options - percentage 0.011 0.00% 0.013 0.00% 0.014 0.00% 0.014 0.00% 0.016 0.01% 16.34%
Options - amount $1.148 $1.510 $1.804 $2.661 $3.660
Binning, Paviter S. 0.002 0.00% 0.003 0.00%
Director - Shares - Amount $0.111 $0.304
Options - percentage 0.006 0.00% 0.007 0.00%
Options - amount $0.361 $0.777
Downe, William  0.020 0.01% 0.020 0.01% 0.020 0.01% 0.025 0.01% 25.00%
Director - Shares - Amount $2.394 $2.566 $3.783 $5.592
Options - percentage 0.017 0.01% 0.020 0.01% 0.020 0.01% 0.025 0.01% 23.70%
Options - amount $2.014 $2.554 $3.766 $5.509
Fukakusa, Janice Rose 0.003 0.00% 0.003 0.00% 0.003 0.00% 0.00%
Director - Shares - Amount $0.372 $0.549 $0.649
Options - percentage 0.012 0.00% 0.015 0.00% 0.016 0.01% 11.57%
Options - amount $1.588 $2.765 $3.648
Weston, Willard Galen Garfield 1.705 0.44% 0.358 0.10% 0.461 0.13% 0.467 0.13% 0.474 0.14% 0.474 0.15% 0.474 0.15% 0.474 0.16% 0.474 0.16% 0.00%
Executive Chairman and CEO $116.349 $21.858 $30.876 $29.334 $49.088 $56.704 $60.758 $89.598 $105.943
Options - percentage 0.111 0.03% 1.144 0.31% 0.928 0.26% 0.551 0.16% 0.637 0.19% 0.709 0.22% 0.709 0.23% 0.732 0.24% 0.478 0.16% -34.63%
Options - amount $7.585 $69.937 $62.159 $34.616 $66.050 $84.862 $90.930 $138.395 $106.980
Loblaw Employee Benefit Plan Trust 1.104 0.29% 1.104 0.30% 1.104 0.31% 1.104 0.31% 1.104 0.33% 1.104 0.34% 1.104 0.36% 1.104 0.37% 1.104 0.37% last updated Jan 2013 0.00%
10% Holder $75.281 $67.435 $73.935 $73.935 $114.367 $132.111 $141.557 $208.749 $246.831
George Weston Limited 187.815 48.62% 187.815 52.16% 186.460 51.79% 177.937 53.35% 172.319 53.17% 166.848 53.73% 160.767 53.28% 156.316 52.49% Last report May 2023 -2.77%
10% Holder $12,813 ######### $12,492.824 $18,441.423 $20,630.059 $21,403.315 $30,412.210 $34,964.773
Weston, W. Galen 5.096 1.37% 5.096 1.42% 5.280 1.47%
10% Holder $311.428 $341.445 $353.774
Morningstar says Loblaws owns 282.424 73.11% August 2018
This amount in Choice Properties. $19,267
Increase in O/S Shares 1.132 0.28% 1.020 0.26% 2.081 0.56% 1.887 0.52% 0.602 0.17% 1.829 0.55% 1.487 0.46% 0.985 0.32% 2.178 0.72%
due to SO  $80.187 $69.558 $127.184 $126.411 $37.796 $189.575 $178.069 $126.346 $412.037
Book Value $50.000 $48.000 $98.000 $94.000 $35.000 $116.000 $100.000 $69.000 $174.000
Insider Buying $0.000 $0.000 -$0.365 -$0.202 -$0.255 $0.000 -$0.016 -$0.016 $0.000
Insider Selling $12.687 $34.995 $33.255 $22.964 $11.097 $20.334 $55.755 $55.739 $66.231
Net Insider Selling $12.687 $34.995 $32.890 $22.763 $10.841 $20.334 $55.739 $55.723 $66.231
% of Market Cap 0.05% 0.15% 0.14% 0.09% 0.03% 0.05% 0.14% 0.10% 0.10%
Directors 12 12 12 12 12 10 12 12 13
Women 5 42% 5 42% 5 42% 5 42% 5 42% 4 40% 6 50% 5 42% 5 38%
Minorities 0 0% 0 0% 0 0% 1 8% 1 8% 1 10% 1 8% 1 8% 1 8%
Institutions/Holdings 234 26.19% 239 26.56% 280 25.43% 20 62.28% 20 12.10% 20 10.86% 20 11.92% 20 12.22% 20 11.97%
Total Shares Held 103.535 26.80% 99.516 26.77% 93.442 25.95% 228.000 65.64% 41.411 11.92% 36.167 11.16% 38.265 11.81% 37.488 11.57% 35.780 12.01%
Increase/Decrease -0.115 -0.11% -0.071 -0.07% 0.649 0.70% -2.217 -0.96% -0.842 -1.99% 2.409 7.14% -0.435 -1.12% -1.517 -3.89% 1.906 5.63%
Starting No. of Shares 103.649 99.587 92.793 230.217 Top 20 MS 42.253 Top 20 MS 33.758 Top 20 MS 38.700 Top 20 MS 39.004 Top 20 MS 33.873 Top 20 MS
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