This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2026	<-Estimates
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/				3/31/26	<-Estimates
TC Energy Corp					TSX:	TRP	NYSE	TRP	https://www.tcenergy.com/			Fiscal Yr:	Dec 31
Year	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	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP					Accounting Rules
																			Estimates		last 12 months from Qtr.
Spin-off of South Bow Valuation												91.09%
Spin-off of South Bow Dividends												85.68%
Date												2-Oct-24
														$15,762	<-12 mths	3.43%
From 1996											83.26%
From 1999										$14,977	$15,934
Revenue								According to TRP -->		$2,668	$2,667
Gas Maketing								91% reduction below		$12,309	$13,267
Revenue* before Spin-off	$8,797	$10,185	$11,300	$12,505	$13,449	$13,679	$13,255	$12,999	$13,387	$14,977	$15,934
Revenue*	$7,537	$8,727	$9,682	$10,714	$11,523	$11,720	$11,357	$11,138	$11,470	$12,832	$13,652	$13,771	$15,239	$16,206	$16,797	$17,418		57.40%	<-Total Growth	10	Revenue
Increase	9.87%	15.78%	10.95%	10.66%	7.55%	1.71%	-3.10%	-1.93%	2.98%	11.88%	6.39%	0.87%	10.66%	6.35%	3.65%	3.70%		4.64%	<-IRR #YR->	10	Revenue	52.34%
5 year Running Average	$7,364	$7,573	$8,127	$8,704	$9,637	$10,473	$10,999	$11,290	$11,442	$11,703	$12,090	$12,573	$13,393	$14,340	$15,133	$15,886		6.47%	<-IRR #YR->	5	Revenue	67.97%
Revenue per Share	$10.65	$12.31	$13.78	$12.40	$13.07	$12.77	$12.10	$11.85	$11.69	$12.61	$13.16	$13.25	$14.64	$15.57	$16.14	$16.73		5.12%	<-IRR #YR->	10	5 yr Running Average	70.74%
Increase	9.56%	15.58%	11.90%	-9.98%	5.40%	-2.36%	-5.20%	-2.10%	-1.29%	7.79%	4.39%	0.71%	10.48%	6.35%	3.65%	3.70%		3.47%	<-IRR #YR->	5	5 yr Running Average	31.41%
5 year Running Average	$10.53	$10.75	$11.52	$11.78	$12.45	$12.87	$12.83	$12.44	$12.30	$12.20	$12.28	$12.51	$13.07	$13.85	$14.55	$15.27		0.61%	<-IRR #YR->	10	Revenue per Share	-6.70%
P/S (Price/Sales) Med	4.05	4.02	3.29	3.87	4.33	3.85	4.48	4.79	4.68	4.62	3.58	4.31	4.80	4.90	0.00	0.00		4.33%	<-IRR #YR->	5	Revenue per Share	34.44%
P/S (Price/Sales) Close	4.15	4.22	2.99	4.45	4.26	3.48	5.21	3.98	4.58	3.90	3.58	5.05	5.16	5.66	5.46	5.27		1.27%	<-IRR #YR->	10	5 yr Running Average	10.17%
*Revenue in M CDN $ (2001 got out of Gas Marketing, restated to '99) (revenue from different statements are different)					P/S Med	20 yr	3.95	15 yr	4.14	10 yr	4.41	5 yr	4.62		28.49%	Diff M/C		1.00%	<-IRR #YR->	5	5 yr Running Average	15.28%
			-$9,682	$0	$0	$0	$0	$0	$0	$0	$0	$0	$15,239
								-$11,138	$0	$0	$0	$0	$15,239
			-$8,127	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13,393
								-$11,290	$0	$0	$0	$0	$13,393
			-$13.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.64
								-$11.85	$0.00	$0.00	$0.00	$0.00	$14.64
			-$11.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.07
								-$12.44	$0.00	$0.00	$0.00	$0.00	$13.07
AFFO Amount before split	$4,000	$4,268	$4,815	$5,171	$5,641	$6,522	$7,117	$7,385	$7,406	$7,353	$7,980
AFFO Amount	$3,427	$3,657	$4,125	$4,431	$4,833	$5,588	$6,098	$6,327	$6,345	$6,300	$6,837	$7,513	$7,858					90.48%	<-Total Growth	10	AFFO Amount before split
Increase	21.80%	6.70%	12.82%	7.39%	9.09%	15.62%	9.12%	3.77%	0.28%	-0.72%	8.53%	9.88%	4.60%					-64.10%	<-Total Growth	10	AFFO Amount
Basic Per Share before Spin-off	$4.85	$5.17	$5.82	$5.84	$5.54	$6.20	$6.56	$6.73	$6.51	$6.33	$6.64							-100.00%	<-Total Growth	8	Increase
AFFO per Share	$4.16	$4.43	$4.99	$5.00	$4.75	$5.31	$5.62	$5.77	$5.58	$5.43	$5.69	$7.23	$7.55	$7.67	$8.09	$8.63		51.44%	<-Total Growth	10	Basic Per Share before Spin-off
Increase	21.51%	6.50%	12.66%	0.32%	-5.05%	11.77%	5.95%	2.55%	-3.22%	-2.81%	4.84%	27.12%	4.43%	1.59%	5.48%	6.67%		10	0	10	Years of Data, , P or N
AFFO Yield	9.40%	8.51%	12.11%	9.07%	8.52%	11.95%	8.93%	12.23%	10.42%	11.03%	12.06%	10.79%	9.99%	8.70%	9.18%	9.79%		4.24%	<-IRR #YR->	10	AFFO
5 year Running Average	$3.60	$3.79	$4.12	$4.40	$4.66	$4.89	$5.13	$5.29	$5.41	$5.54	$5.62	$5.94	$6.29					5.53%	<-IRR #YR->	5	AFFO	30.91%
Payout Ratio	37.53%	36.79%	35.06%	38.72%	44.02%	43.50%	44.79%	47.24%	52.50%	56.38%	55.59%	45.15%	44.67%					2.82%	<-IRR #YR->	10	5 year Running Average	-17.52%
5 year Running Average	39.47%	39.29%	38.11%	38.03%	38.44%	39.69%	41.31%	43.78%	46.52%	48.88%	54.30%	53.87%	52.88%					5.71%	<-IRR #YR->	5	5 year Running Average	-18.35%
Price/AFFO Median	10.39	11.19	9.11	9.61	11.92	9.25	9.65	9.83	9.81	10.73	8.28	7.89	9.31					9.63	<-Median->	10	P/AFFO Med
Price/AFFO High	11.13	12.63	10.72	11.50	12.39	10.20	11.39	12.01	11.10	12.44	9.32	9.70	10.26					11.25	<-Median->	10	P/AFFO High
Price/AFFO Low	9.65	9.75	7.49	7.71	11.45	8.30	7.90	7.65	8.52	9.02	7.25	6.09	8.37					8.10	<-Median->	10	P/AFFO Low
Price/AFFO Close	10.64	11.75	8.26	11.03	11.73	8.37	11.20	8.17	9.60	9.06	8.29	9.27	10.01					9.43	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	12.93	12.52	9.30	11.06	11.14	9.35	11.87	8.38	9.29	8.81	8.69	11.78	10.45					9.90	<-Median->	10	Trailing P/AFFO Close
Median Values	Historical	in order	9.66	11.10	8.37	10.17	P/CF	5 Yrs	in order	9.31	10.26	8.37	9.27					-100.00%	Diff M/C	10	DPR 75% to 95% best
*  Adjusted Funds From Operations
AFFO			-$4.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.55
								-$5.77	$0.00	$0.00	$0.00	$0.00	$7.55
			-$4.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.29
								-$4.77	$0.00	$0.00	$0.00	$0.00	$6.29
											$5.43	<-12 mths	0.00%									AFFO* to FFO
Income Generated by Op before Sp	$4,000	$4,268	$4,815	$5,171	$5,641	$6,522	$7,117	$7,385	$7,406	$7,353	$7,980
Income Generated by Operations	$3,427	$3,657	$4,125	$4,431	$4,833	$5,588	$6,098	$6,327	$6,345	$6,300	$6,837	$7,890	$7,996					93.82%	<-Total Growth	10	FFO
Basic Per Share before Spin-off	$4.85	$5.17	$5.82	$5.84	$5.54	$6.20	$6.56	$6.73	$6.51	$6.33	$6.64
Basic Per Share	$4.16	$4.43	$4.99	$5.00	$4.75	$5.31	$5.62	$5.77	$5.58	$5.43	$5.69	$7.60	$7.69					54.22%	<-Total Growth	10	FFO
Diluted Per Share befor Spin-off	$4.82	$5.18	$5.00	$4.83	$4.12	$6.52	$7.66	$7.86	$6.51	$6.33	$6.64
Diluted Per Share	$4.82	$5.18	$5.00	$4.83	$4.12	$6.52	$7.66	$7.86	$5.58	$5.43	$5.69	$7.60	$7.69					53.77%	<-Total Growth	10	FFO	From TD
Increase	20.20%	7.47%	-3.47%	-3.40%	-14.70%	58.25%	17.48%	2.61%	-28.98%	-2.81%	4.84%	33.65%	1.15%					10	0	10	Years of Data, , P or N	100.00%
AFFO Yield	10.90%	9.96%	12.15%	8.76%	7.39%	14.68%	12.16%	16.67%	10.42%	11.03%	12.06%	11.35%	10.17%					4.40%	<-IRR #YR->	10	FFO	53.77%
5 year Running Average	$4.05	$4.39	$4.72	$4.77	$4.79	$5.13	$5.63	$6.20	$6.35	$6.61	$6.44	$6.43	$6.40					-0.44%	<-IRR #YR->	5	FFO	-2.18%
Payout Ratio	32.35%	31.43%	34.96%	40.09%	50.74%	35.42%	32.89%	34.66%	52.50%	56.38%	55.59%	42.95%	43.86%					2.98%	<-IRR #YR->	10	5 year Running Average	-16.25%
5 year Running Average	35.10%	33.93%	33.24%	35.08%	37.42%	37.86%	37.69%	37.37%	39.61%	40.98%	47.34%	49.75%	52.04%					6.05%	<-IRR #YR->	5	5 year Running Average	-38.99%
Price/AFFO Median	8.96	9.56	9.08	9.95	13.74	7.53	7.08	7.21	9.81	10.73	8.28	7.51	9.15					8.71	<-Median->	10	P/AFFO Med
Price/AFFO High	9.60	10.79	10.69	11.91	14.28	8.30	8.37	8.81	11.10	12.44	9.32	9.23	10.07					9.70	<-Median->	10	P/AFFO High
Price/AFFO Low	8.32	8.33	7.47	7.99	13.20	6.76	5.80	5.61	8.52	9.02	7.25	5.79	8.22					7.62	<-Median->	10	P/AFFO Low
Price/AFFO Close	9.17	10.04	8.23	11.42	13.53	6.81	8.22	6.00	9.60	9.06	8.29	8.81	9.83					8.94	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	11.03	10.79	7.95	11.03	11.54	10.78	9.66	6.15	6.82	8.81	8.69	11.78	9.94					9.80	<-Median->	10	Trailing P/AFFO Close
Median Values	Historical	in order	9.12	10.41	7.99	9.50	P/CF	5 Yrs	in order	9.15	10.07	8.22	9.06					-100.00%	Diff M/C	10	DPR 75% to 95% best
*  Funds From Operations
			-$5.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.69
								-$7.86	$0.00	$0.00	$0.00	$0.00	$7.69
			-$4.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.40
								-$4.77	$0.00	$0.00	$0.00	$0.00	$6.40
																			Estimates		Payout Ratio EPS
Estimates														$3.57	<-12 mths	1.71%			Estimates		Last 12 months from Qtr
CompEarnings before Spin-off TRP										84.55%	83.75%
CompEarnings before Spin-off TRP										$3,618	$3,896
Comparble Earnings before Spin-off	$1,584	$1,715	$1,755	$2,108	$2,690	$3,480	$3,851	$3,939	$4,142	$4,279	$4,652
Comparble Earnings	$1,357	$1,469	$1,504	$1,806	$2,305	$2,982	$3,300	$3,375	$3,549	$3,666	$3,986	$3,865	$3,654					143.00%	<-Total Growth	10	Comparable Earnings
Return on Equity ROE	8.12%	8.74%	10.79%	8.91%	10.94%	11.76%	12.32%	12.31%	11.92%	11.64%	14.73%	15.40%	14.74%					12.11%	<-Median->	10	Return on Equity ROE
5Yr Median			8.30%	8.74%	8.91%	10.79%	10.94%	11.76%	11.92%	11.92%	12.31%	12.31%	14.73%					11.84%	<-Median->	10	5Yr Median
Adj EPS From 2015 bef Spin TRP										$3.64	$3.78
Adjusted EPS From 2015 bef Spin	$2.42	$2.46	$2.48	$2.78	$3.08	$3.86	$4.15	$4.20	$4.27	$4.30	$4.52
Adjusted EPS From 2015	$2.07	$2.11	$2.12	$2.38	$2.64	$3.31	$3.56	$3.60	$3.66	$3.68	$3.87	$3.73	$3.51	$3.67	$3.85	$4.22		65.19%	<-Total Growth	10	Adjusted EPS 2015	From TD
Increase	31.52%	1.65%	0.81%	12.10%	10.79%	25.32%	7.51%	1.20%	1.67%	0.70%	5.12%	-3.69%	-5.90%	4.56%	4.90%	9.61%		10	0	10	Years of Data, AFFP, P or N	100.00%
Adjusted EPS Yield	4.69%	4.05%	5.16%	4.32%	4.74%	7.45%	5.64%	7.63%	6.83%	7.49%	8.21%	5.57%	4.64%	4.16%	4.37%	4.79%		5.15%	<-IRR #YR->	10	AEPS	33.91%
5 year Running Average	$1.77	$1.83	$1.95	$2.05	$2.27	$2.51	$2.80	$3.10	$3.35	$3.56	$3.67	$3.71	$3.69	$3.69	$3.73	$3.80		-0.50%	<-IRR #YR->	5	AEPS	67.39%
Payout Ratio	75.21%	77.24%	82.26%	81.29%	79.22%	69.82%	70.84%	75.71%	80.09%	83.02%	81.64%	87.52%	96.08%	94.89%	91.17%	83.18%		6.60%	<-IRR #YR->	10	5 yr Running Average	89.45%
5 year Running Average	80.50%	81.61%	80.56%	81.47%	79.12%	77.32%	75.69%	74.79%	75.03%	76.06%	83.02%	86.26%	90.19%	93.12%	94.71%	90.30%		3.58%	<-IRR #YR->	5	5 yr Running Average	26.99%
Price/AEPS Median	20.82	23.50	21.37	20.17	21.45	14.85	15.26	15.76	14.96	15.80	12.16	15.30	20.03	20.80	0.00	0.00		15.53	<-Median->	10	Price/AEPS Median
Price/AEPS High	22.31	26.53	25.15	24.15	22.29	16.36	18.02	19.25	16.94	18.32	13.68	18.80	22.07	24.25	0.00	0.00		18.56	<-Median->	10	Price/AEPS High
Price/AEPS Low	19.33	20.47	17.58	16.20	20.61	13.33	12.49	12.26	12.99	13.28	10.64	11.80	18.00	17.34	0.00	0.00		13.14	<-Median->	10	Price/AEPS Low
Price/AEPS Close	21.32	24.68	19.37	23.15	21.12	13.43	17.72	13.10	14.65	13.35	12.17	17.96	21.53	24.02	22.90	20.89		16.18	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	28.05	25.08	19.53	25.95	23.40	16.83	19.05	13.26	14.89	13.44	12.80	17.30	20.26	25.11	24.02	22.90		17.06	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	17.32	19.25	14.87	18.74	P/CF	5 Yrs	in order	15.30	18.32	12.99	14.65		56.98%	Diff M/C		54.66%	Diff M/C	10	DPR 75% to 95% best
Comparble Earnings per Common Share - 2020
			-$2.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.51
								-$3.60	$0.00	$0.00	$0.00	$0.00	$3.51
			-$1.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.69
								-$3.10	$0.00	$0.00	$0.00	$0.00	$3.69
														$3.52	<-12 mths	1.44%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.29%	0.00%	0.23%	0.00%	0.53%	0.00%	0.00%	0.00%	0.00%					0.00%	<-Median->	10	Difference Basic and Diluted
EPS Basic before Spin-off	$2.42	$2.46	-$1.75	$0.16	$3.44	$3.92	$4.28	$4.74	$1.87	$0.64	$2.75
EPS Basic	$2.07	$2.11	-$1.50	$0.14	$2.95	$3.36	$3.67	$4.06	$1.60	$0.55	$2.36	$4.05	$3.47					331.43%	<-Total Growth	10	EPS Basic	For 2024, EPS with Discontinue Operations is $4.43
From 1996										1.82%	91.25%
EPS Diluted* before Spin-off TRP										$0.01	$2.15
EPS Diluted* before Spin-off	$2.42	$2.46	-$1.75	$0.16	$3.43	$3.92	$4.27	$4.74	$1.86	$0.64	$2.75
EPS Diluted*	$2.07	$2.11	-$1.50	$0.14	$2.94	$3.36	$3.66	$4.06	$1.59	$0.55	$2.36	$4.05	$3.47	$3.93	$4.19	$4.55		331.43%	<-Total Growth	10	EPS Diluted
Increase	31.52%	1.65%	-171.14%	109.14%	2043.75%	14.29%	8.93%	11.01%	-60.76%	-65.59%	329.69%	71.89%	-14.32%	13.20%	6.72%	8.59%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	4.7%	4.1%	-3.6%	0.2%	5.3%	7.6%	5.8%	8.6%	3.0%	1.1%	5.0%	6.0%	4.6%	4.5%	4.8%	5.2%		#NUM!	<-IRR #YR->	10	Earnings per Share	49.13%
5 year Running Average	$1.77	$1.83	$1.22	$0.88	$1.15	$1.41	$1.72	$2.83	$3.12	$2.64	$2.44	$2.52	$2.40	$2.87	$3.60	$4.04		-3.10%	<-IRR #YR->	5	Earnings per Share	86.41%
10 year Running Average	$1.88	$1.91	$1.55	$1.37	$1.47	$1.59	$1.77	$2.03	$2.00	$1.90	$1.93	$2.12	$2.62	$3.00	$3.12	$3.24		6.99%	<-IRR #YR->	10	5 yr Running Average	-38.06%
* Diluted ESP per share									E/P	10 Yrs	5.14%	5Yrs	4.59%					-3.22%	<-IRR #YR->	5	5 yr Running Average	-35.45%
			$1.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.47
								-$4.06	$0.00	$0.00	$0.00	$0.00	$3.47
			-$1.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.40
								-$2.83	$0.00	$0.00	$0.00	$0.00	$2.40
Dividend*														$3.51	$3.62	$3.72			Estimates		Dividend*
Increase														4.02%	3.11%	2.71%			Estimates		Increase
Payout Ratio EPS														89.31%	86.28%	81.61%			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
From 1996											85.68%
Dividend*Before Spin-off	$1.82	$1.90	$2.04	$2.26	$2.44	$2.70	$2.94	$3.18	$3.42	$3.57	$3.69
Dividend*	$1.56	$1.63	$1.75	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$3.37	$3.48	$3.51	$3.51		92.95%	<-Total Growth	10	Dividend*
Increase	4.60%	4.40%	7.37%	10.78%	7.96%	10.45%	9.09%	8.16%	7.55%	4.39%	3.36%	3.25%	3.31%	3.26%	0.79%	0.00%		34	2	37	Years of data, Count P, N	91.89%
Average Increases 5 Year Running	4.80%	4.84%	5.25%	6.39%	7.02%	8.19%	9.13%	9.29%	8.64%	7.93%	6.51%	5.34%	4.37%	3.51%	2.80%	2.12%		-16.71%	<-Total Growth	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.42	$1.49	$1.57	$1.67	$1.79	$1.94	$2.12	$2.32	$2.51	$2.71	$3.05	$3.20	$3.33	$3.44	$3.53	$3.43		112.08%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.61%	3.29%	3.85%	4.03%	3.69%	4.70%	4.64%	4.80%	5.35%	5.26%	6.71%	5.72%	4.80%					4.80%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.37%	2.91%	3.27%	3.37%	3.55%	4.27%	3.93%	3.93%	4.73%	4.53%	5.97%	4.65%	4.35%					4.31%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.89%	3.77%	4.68%	5.02%	3.84%	5.24%	5.67%	6.17%	6.16%	6.25%	7.67%	7.42%	5.34%					5.92%	<-Median->	10	Yield on Low Price	FFO
Yield on Close Price	3.53%	3.13%	4.25%	3.51%	3.75%	5.20%	4.00%	5.78%	5.47%	6.22%	6.71%	4.87%	4.46%	3.95%	3.98%	3.98%		5.04%	<-Median->	10	Yield on Close Price	AEPS
Payout Ratio EPS	75.21%	77.24%	0.00%	1412.50%	71.14%	68.75%	68.85%	67.09%	183.87%	557.81%	134.18%	80.60%	97.19%	88.66%	83.73%	77.11%		88.90%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	80.50%	81.61%	128.29%	190.25%	155.65%	137.90%	123.38%	81.81%	80.54%	102.43%	124.82%	126.86%	138.49%	119.82%	98.06%	84.88%		125.84%	<-Median->	10	DPR EPS 5 Yr Running	FCF 1
Payout Ratio CFPS	30.03%	28.28%	29.84%	33.00%	35.23%	32.34%	33.38%	36.29%	41.71%	48.84%	45.13%	44.07%	47.78%	46.62%	43.69%	44.71%		39.00%	<-Median->	10	DPR CF	FCF 2
DPR CF 5 Yr Running	28.80%	28.58%	28.53%	30.15%	31.33%	31.78%	32.78%	34.06%	35.77%	38.17%	43.15%	45.44%	47.89%	48.85%	47.73%	45.32%		34.91%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	27.58%	27.03%	27.21%	34.69%	33.48%	31.85%	34.82%	34.68%	40.05%	44.39%	46.45%	45.24%	44.72%	46.62%	43.69%	44.71%		37.43%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	29.10%	28.71%	28.07%	29.51%	29.95%	30.81%	32.39%	33.89%	35.02%	37.05%	42.24%	44.33%	46.53%	47.87%	47.61%	44.97%		34.46%	<-Median->	10	DPR CF WC 5 Yr Running
Median 5 Yrs	10 Yr Med	10 Yr Cl	4.80%	5.04%	5 Yr Med	5 Yr Cl	5.35%	5.47%	5 Yr Med	Payout	134.18%	45.13%	44.72%					4.36%	<-IRR #YR->	5	Dividends	23.78%
* Dividends per share	10 Yr Med	and Cur.	-17.05%	-20.94%	5 Yr Med	and Cur.	-25.60%	-27.18%	Last Div Inc --->		$0.823	$0.850	3.34%					6.79%	<-IRR #YR->	10	Dividends	92.95%
Dividends Growth 15											$0.850	$0.878	3.24%					6.27%	<-IRR #YR->	15	Dividends	149.12%
Dividends Growth 20																		6.03%	<-IRR #YR->	20	Dividends	222.64%
Dividends Growth 25																		6.58%	<-IRR #YR->	25	Dividends	392.02%
Dividends Growth 30																		4.60%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		5.10%	<-IRR #YR->	35	Dividends
Dividends Growth 40																		4.86%	<-IRR #YR->	37	Dividends
Dividends Growth 5								-$2.72	$0.00	$0.00	$0.00	$0.00	$3.37								Dividends Growth 5
Dividends Growth 10			-$1.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.37								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	$3.37								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	$3.37								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	$3.37								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	$3.37								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	$3.37								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	$3.37								Dividends Growth 40
Historical Dividends	Historical	High Div	7.44%	Low Div	3.08%	10 Yr High	7.65%	10 Yr Low	3.39%	Med Div	4.14%	Close Div	4.09%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-46.48%		29.28%	Exp.	-47.95%		17.46%	Exp.	-3.82%	Exp.	-2.73%								High/Ave/Median
Future Dividend Yield					Div Yd	4.69%	earning in	5	Years	at IRR of	3.34%	Div Inc.	17.87%								Future Dividend Yield
Future Dividend Yield					Div Yd	5.53%	earning in	10	Years	at IRR of	3.34%	Div Inc.	38.94%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.52%	earning in	15	Years	at IRR of	3.34%	Div Inc.	63.77%								Future Dividend Yield
Future Dividend Yield					Div Yd	4.93%	earning in	5	Years	at IRR of	4.36%	Div Inc.	23.78%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.10%	earning in	10	Years	at IRR of	4.36%	Div Inc.	53.21%								Future Dividend Yield
Future Dividend Yield					Div Yd	7.55%	earning in	15	Years	at IRR of	4.36%	Div Inc.	89.64%								Future Dividend Yield
Future Dividend Paid					Div Paid	$4.34	earning in	5	Years	at IRR of	4.36%	Div Inc.	23.78%								Future Dividend Paid
Future Dividend Paid					Div Paid	$5.38	earning in	10	Years	at IRR of	4.36%	Div Inc.	53.21%								Future Dividend Paid
Future Dividend Paid					Div Paid	$6.66	earning in	15	Years	at IRR of	4.36%	Div Inc.	89.64%								Future Dividend Paid
Dividend Covering Cost					Total Div	$19.15	over	5	Years	at IRR of	4.36%	Div Cov.	21.72%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$38.50	over	10	Years	at IRR of	4.36%	Div Cov.	43.68%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$62.46	over	15	Years	at IRR of	4.36%	Div Cov.	70.86%								Dividend Covering Cost
I am earning GC					Div Gr	335.31%	2/3/00	# yrs ->	25	2000	$12.01	Cap Gain	633.97%								I am earning GC
I am earning Div					org yield	6.66%	12/31/14	Trading	Div G Yrly	10.36%	Div start	$0.80	-6.66%	29.00%							I am earning Div
I am earning GC					Div Gr	172.07%	6/12/06	# yrs ->	19	2006	$33.15	Cap Gain	165.91%								I am earning GC
I am earning Div					org yield	3.86%	12/31/14	Pension	Div G Yrly	12.41%	Div start	$1.28	-3.86%	10.51%							I am earning Div
I am earning GC					Div Gr	172.07%	6/12/06	# yrs ->	19	2006	$32.99	Cap Gain	167.20%								I am earning GC
I am earning Div					org yield	3.88%	12/31/14	RRSP	Div G Yrly	12.41%	Div start	$1.28	-3.88%	10.56%							I am earning Div
Yield if held 5 years	4.80%	5.46%	5.25%	5.26%	5.20%	5.35%	5.09%	6.00%	6.10%	5.40%	6.44%	6.02%	5.95%	6.36%	6.03%	7.45%		5.68%	<-Median->	10	Paid Median Price
Yield if held 10 years	6.91%	6.41%	5.75%	5.93%	5.96%	7.10%	8.45%	8.18%	7.97%	7.61%	7.32%	6.59%	7.43%	7.25%	6.20%	7.15%		7.38%	<-Median->	10	Paid Median Price
Yield if held 15 years	6.08%	10.54%	14.19%	11.82%	10.68%	10.24%	9.92%	8.96%	8.98%	8.72%	9.72%	10.95%	10.13%	9.47%	8.73%	8.13%		10.02%	<-Median->	10	Paid Median Price
Yield if held 20 years	8.84%	9.53%	10.81%	9.87%	8.06%	9.01%	16.31%	22.12%	17.88%	15.63%	14.02%	12.85%	11.09%	10.67%	10.01%	10.80%		13.43%	<-Median->	10	Paid Median Price
Yield if held 25 years	11.75%	11.30%	11.85%	12.50%	13.30%	13.08%	14.75%	16.85%	14.93%	11.79%	12.33%	21.14%	27.37%	21.25%	17.94%	15.56%		14.03%	<-Median->	10	Paid Median Price
Yield if held 30 years						17.40%	17.49%	18.48%	18.92%	19.47%	17.91%	19.11%	20.86%	17.75%	13.53%	13.69%		18.70%	<-Median->	8	Paid Median Price
Yield if held 35 years											23.83%	22.67%	22.87%	22.49%	22.34%	19.89%		22.87%	<-Median->	3	Paid Median Price
Yield if held 40 years																26.46%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	21.87%	25.01%	23.57%	22.73%	22.29%	22.50%	21.41%	25.50%	26.17%	23.92%	29.32%	27.91%	27.84%	29.84%	28.85%	36.38%		24.71%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	56.06%	52.27%	45.99%	45.41%	44.92%	51.75%	60.58%	58.35%	56.91%	55.96%	55.84%	51.98%	60.28%	60.17%	53.58%	64.23%		55.90%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	65.69%	113.43%	150.78%	120.46%	107.20%	99.11%	94.01%	84.07%	83.93%	83.54%	96.02%	111.36%	105.77%	101.33%	97.72%	95.54%		97.57%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	121.76%	130.63%	143.40%	123.23%	97.38%	103.57%	182.10%	244.77%	197.19%	176.41%	162.92%	153.60%	135.99%	133.99%	131.43%	148.74%		158.26%	<-Median->	10	Paid Median Price
Cost covered if held 25 years	186.12%	178.72%	182.37%	182.15%	188.56%	176.79%	192.71%	215.02%	187.31%	149.59%	159.70%	280.16%	372.91%	296.90%	262.22%	238.90%		187.94%	<-Median->	10	Paid Median Price
Cost covered if held 30 years						259.32%	252.35%	260.89%	263.34%	274.74%	258.35%	281.35%	312.66%	270.59%	214.32%	226.54%		262.12%	<-Median->	8	Paid Median Price
Cost covered if held 35 years											367.82%	357.47%	367.94%	368.86%	381.60%	355.46%		367.82%	<-Median->	3	Paid Median Price
Cost covered if held 40 years																497.00%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth							$11,357	$11,138	$11,470	$12,832	$13,652	$13,771	$15,239	$15,762	<-12 mths	3.43%		36.83%	<-Total Growth	6	Revenue Growth	36.83%
AEPS Growth							$3.56	$3.60	$3.66	$3.68	$3.87	$3.73	$3.51	$3.57	<-12 mths	1.71%		-2.46%	<-Total Growth	6	AEPS Growth	-2.46%
Net Income Growth							$3,976	$4,457	$1,815	$641	$2,829	$4,594	$3,400	$3,516	<-12 mths	3.41%		-23.72%	<-Total Growth	6	Net Income Growth	-23.72%
Cash Flow Growth							$7,082	$7,058	$6,890	$6,375	$7,268	$7,696	$7,346					4.08%	<-Total Growth	6	Cash Flow Growth	4.08%
Dividend Growth							$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$3.37	$3.67	<-12 mths	8.82%		23.78%	<-Total Growth	6	Dividend Growth	23.78%
Stock Price Growth							$63.00	$47.14	$53.59	$49.17	$47.15	$66.99	$75.58	$88.15	<-12 mths	16.63%		60.33%	<-Total Growth	6	Stock Price Growth	60.33%
Revenue Growth		$8,727	$9,682	$10,714	$11,523	$11,720	$11,357	$11,138	$11,470	$12,832	$13,652	$13,771	$15,239	$16,206	<-this year	6.35%		57.40%	<-Total Growth	10	Revenue Growth	57.40%
AEPS Growth		$2.11	$2.12	$2.38	$2.64	$3.31	$3.56	$3.60	$3.66	$3.68	$3.87	$3.73	$3.51	$3.67	<-this year	4.56%		65.19%	<-Total Growth	10	AEPS Growth	65.19%
Net Income Growth		$1,743	-$1,240	$124	$2,997	$3,539	$3,976	$4,457	$1,815	$641	$2,829	$4,594	$3,400	$4,333	<-this year	27.44%		374.19%	<-Total Growth	10	Net Income Growth	374.19%
Cash Flow Growth		$4,079	$4,115	$5,069	$5,230	$6,555	$7,082	$7,058	$6,890	$6,375	$7,268	$7,696	$7,346	$7,775	<-this year	5.84%		78.52%	<-Total Growth	10	Cash Flow Growth	78.52%
Dividend Growth		$1.63	$1.75	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$3.37	$3.51	<-this year	4.02%		92.95%	<-Total Growth	10	Dividend Growth	92.95%
Stock Price Growth		$52.01	$41.16	$55.15	$55.73	$44.41	$63.00	$47.14	$53.59	$49.17	$47.15	$66.99	$75.58	$88.15	<-this year	16.63%		83.61%	<-Total Growth	10	Stock Price Growth	83.61%
Dividends on Shares				$48.41	$52.26	$57.73	$62.97	$68.12	$73.26	$76.47	$79.04	$81.61	$84.31	$87.06	$87.75	$87.75		$684.18	No of Years	10	Total Dividends	12/31/15
Paid			$1,029.09	$1,378.65	$1,393.22	$1,110.16	$1,574.95	$1,178.48	$1,339.71	$1,229.26	$1,178.70	$1,674.75	$1,889.50	$2,203.75	$2,203.75	$2,203.75		$1,889.50	No of Years	10	Worth	$41.16
Total																		$2,573.68			Total
Dividends on Shares	$74.85	$78.14	$83.90	$92.95	$100.35	$110.84	$120.91	$130.78	$140.65	$146.82	$151.76	$156.69	$161.88	$167.16	$168.48	$168.48		$2,127.10	No of Years	23	Total Dividends	12/31/01
Paid	$2,122.32	$2,496.59	$1,975.85	$2,647.00	$2,674.99	$2,131.51	$3,023.90	$2,262.68	$2,572.24	$2,360.18	$2,263.11	$3,215.52	$3,627.84	$4,231.20	$4,231.20	$4,231.20		$3,627.84	No of Years	23	Worth	$20.88
Total																		$5,754.94			Total
	$74.85	$78.14	$83.90	$92.95	$100.35	$110.84	$120.91	$130.78	$140.65	$146.82	$151.76	$156.69	$3,789.72	$4,398.36	$4,399.68	$4,399.68		10.29%
Graham Price AEPS	$33.20	$33.54	$30.80	$35.47	$37.67	$45.34	$47.78	$48.60	$50.00	$50.64	$47.67	$45.02	$43.38	$44.35	$45.43	$47.56		24.93%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.30	1.48	1.47	1.35	1.50	1.08	1.14	1.17	1.10	1.15	0.99	1.27	1.62	1.72				1.16	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.39	1.67	1.74	1.62	1.56	1.19	1.34	1.43	1.24	1.33	1.11	1.56	1.79	2.01				1.38	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.21	1.29	1.21	1.09	1.44	0.97	0.93	0.91	0.95	0.97	0.86	0.98	1.46	1.43				0.97	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.33	1.55	1.34	1.55	1.48	0.98	1.32	0.97	1.07	0.97	0.99	1.49	1.74	1.99	1.94	1.85		1.20	<-Median->	10	Price/GP Ratio
Prem/Disc Close	33.19%	55.05%	33.66%	55.47%	47.96%	-2.05%	31.84%	-3.00%	7.18%	-2.90%	-1.09%	48.80%	74.25%	98.75%	94.04%	85.34%		19.51%	<-Median->	10	Graham Price
Graham Price EPS	$33.20	$33.54	$30.67	$8.51	$39.75	$45.69	$48.47	$51.62	$33.00	$19.54	$37.18	$46.91	$43.13	$45.89	$47.40	$49.40		24.93%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.30	1.48	1.48	5.65	1.42	1.07	1.12	1.10	1.66	2.98	1.27	1.22	1.63	1.66				1.35	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.39	1.67	1.74	6.76	1.48	1.18	1.32	1.34	1.88	3.45	1.43	1.50	1.80	1.94				1.49	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.21	1.29	1.22	4.53	1.37	0.96	0.92	0.85	1.44	2.50	1.11	0.94	1.47	1.39				1.24	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.33	1.55	1.34	6.48	1.40	0.97	1.30	0.91	1.62	2.52	1.27	1.43	1.75	1.92	1.86	1.78		1.42	<-Median->	10	Price/GP Ratio
Prem/Disc Close	33.19%	55.05%	34.20%	548.06%	40.21%	-2.80%	29.97%	-8.69%	62.40%	151.68%	26.81%	42.80%	75.25%	92.11%	85.96%	78.46%		41.50%	<-Median->	10	Graham Price
Price Close Before Spin-off	$48.54	$57.10	$45.19	$60.54	$61.18	$48.75	$69.16	$51.75	$58.83	$53.98	$51.76
Price Close	$44.22	$52.01	$41.16	$55.15	$55.73	$44.41	$63.00	$47.14	$53.59	$49.17	$47.15	$66.99	$75.58	$88.15	$88.15	$88.15		82.91%	<-Total Growth	10	Stock Price
Increase	3.23%	17.63%	-20.86%	33.97%	1.06%	-20.32%	41.87%	-25.17%	13.68%	-8.24%	-4.11%	42.08%	12.82%	16.63%	0.00%	0.00%		23.60	<-Median->	10	CAPE (10 Yr P/E)
P/E	21.32	24.68	-27.45	402.27	18.96	13.22	17.22	11.61	33.63	89.67	20.01	16.54	21.78	22.44	21.03	19.37		9.90%	<-IRR #YR->	5	Stock Price	60.33%
Trailing P/E	28.05	25.08	19.53	-36.78	406.52	15.11	18.76	12.88	13.20	30.85	85.98	28.43	18.66	25.40	22.44	21.03		6.26%	<-IRR #YR->	10	Stock Price	83.61%
CAPE (10 Yr P/E)	19.16	20.17	25.39	29.95	29.26	27.94	26.72	23.98	24.95	26.64	26.40	24.69	21.32	19.72	19.97	20.58		15.49%	<-IRR #YR->	5	Price & Dividend	93.83%
Median 10, 5 Yrs		D.  per yr	4.97%	5.59%	% Tot Ret	44.26%	36.09%	T P/E	$18.71	$28.43	P/E:	$19.49	$21.78					11.24%	<-IRR #YR->	10	Price & Dividend	150.09%
Price 15		D.  per yr	4.47%		% Tot Ret	45.52%						CAPE Diff	-4.91%					5.35%	<-IRR #YR->	15	Stock Price	118.41%
Price  20		D.  per yr	3.85%		% Tot Ret	48.02%												4.17%	<-IRR #YR->	20	Stock Price	126.39%
Price  25		D.  per yr	5.17%		% Tot Ret	43.47%												6.73%	<-IRR #YR->	25	Stock Price	409.04%
Price  30		D.  per yr	4.33%		% Tot Ret	45.99%												5.08%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	4.08%		% Tot Ret	46.83%												4.63%	<-IRR #YR->	35	Stock Price
Price  40		D.  per yr	4.41%		% Tot Ret	46.98%												4.98%	<-IRR #YR->	37	Stock Price
Price & Dividend 15																		9.81%	<-IRR #YR->	15	Price & Dividend	220.17%
Price & Dividend 20																		8.02%	<-IRR #YR->	20	Price & Dividend	250.25%
Price & Dividend 25																		11.90%	<-IRR #YR->	25	Price & Dividend	718.46%
Price & Dividend 30																		9.41%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		8.71%	<-IRR #YR->	35	Price & Dividend
Price & Dividend 40																		9.39%	<-IRR #YR->	37	Price & Dividend
Price  5								-$47.14	$0.00	$0.00	$0.00	$0.00	$75.58								Price  5
Price 10			-$41.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$75.58								Price 10
Price & Dividend 5								-$47.14	$2.93	$3.06	$3.16	$3.26	$78.95								Price & Dividend 5
Price & Dividend 10			-$41.16	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$78.95								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	$75.58								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	$75.58								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	$75.58								Price  25	61.47%
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	$75.58								Price  30	40.79%
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	$75.58								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	$75.58
Price & Dividend 15	$1.56	$1.63	$1.75	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$78.95								Price & Dividend 15	112.76%
Price & Dividend 20	$1.56	$1.63	$1.75	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$78.95								Price & Dividend 20	68.42%
Price & Dividend 25	$1.56	$1.63	$1.75	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$78.95								Price & Dividend 25
Price & Dividend 30	$1.56	$1.63	$1.75	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$78.95								Price & Dividend 30
Price & Dividend 35	$1.56	$1.63	$1.75	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$78.95								Price & Dividend 35
Price & Dividend 40	$1.56	$1.63	$1.75	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$78.95
Price H/L Median	$43.17	$49.53	$45.40	$48.05	$56.61	$49.10	$54.24	$56.71	$54.75	$58.20	$47.11	$57.07	$70.32	$76.32				54.88%	<-Total Growth	10	Stock Price
Increase	7.36%	14.72%	-8.32%	5.83%	17.82%	-13.27%	10.48%	4.54%	-3.45%	6.31%	-19.06%	21.16%	23.21%	8.53%				4.40%	<-IRR #YR->	5	Stock Price
P/E	20.82	23.50	-30.28	350.50	19.26	14.62	14.83	13.96	34.35	106.14	19.99	14.09	20.27	19.43				4.47%	<-IRR #YR->	10	Stock Price
Trailing P/E	27.38	23.89	21.54	-32.05	412.96	16.71	16.15	15.50	13.48	36.52	85.91	24.22	17.36	21.99				9.50%	<-IRR #YR->	5	Price & Dividend
P/E on Running 5 yr Average	24.44	27.11	37.11	54.66	49.16	34.86	31.56	20.03	17.54	22.01	19.28	22.63	29.26	26.59				9.32%	<-IRR #YR->	10	Price & Dividend
P/E on Running 10 yr Average	22.99	25.97	29.37	35.05	38.57	30.92	30.60	27.97	27.37	30.67	24.46	26.92	26.87	25.47				14.94	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	5.11%	4.85%	% Tot Ret	53.74%	52.01%	T P/E	17.03	24.22	P/E:	19.63	20.27						Count	37	Years of data
								-$56.71	$0.00	$0.00	$0.00	$0.00	$70.32
			-$45.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$70.32
								-$56.71	$2.93	$3.06	$3.16	$3.26	$73.69
			-$45.40	$1.94	$2.09	$2.31	$2.52	$2.72	$2.93	$3.06	$3.16	$3.26	$73.69
	May	Sep	May	Sep	Jul	Jul	Dec	Feb	Oct	Jun	Jan	Nov	Nov	Mar
Price High before Spin-off	$50.79	$61.38	$58.67	$63.14	$64.58	$59.41	$70.35	$76.06	$68.02	$74.09	$58.18
Price High	$46.26	$55.91	$53.44	$57.51	$58.83	$54.12	$64.08	$69.28	$61.96	$67.49	$53.00	$70.14	$77.45	$89.00				44.92%	<-Total Growth	10	Stock Price
Increase	7.83%	20.85%	-4.42%	7.62%	2.28%	-8.01%	18.41%	8.12%	-10.57%	8.92%	-21.47%	32.35%	10.42%	14.91%				2.25%	<-IRR #YR->	5	Stock Price
P/E	22.31	26.53	-35.64	419.54	20.02	16.11	17.52	17.06	38.88	123.08	22.49	17.32	22.32	22.66				3.78%	<-IRR #YR->	10	Stock Price
Trailing P/E	29.35	26.97	25.36	-38.36	429.11	18.41	19.08	18.94	15.26	42.35	96.65	29.77	19.12	25.65				17.30	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	19.10	29.77	P/E:	21.17	22.49					39.64	P/E Ratio		Historical High
								-$69.28	$0.00	$0.00	$0.00	$0.00	$77.45
			-$53.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$77.45
	Oct	Jan	Dec	Jan	Nov	Dec	Jan	Mar	Jan	Dec	Jul	Apr	Feb	Jan
Price Low Before Spin-off	$44.00	$47.36	$41.02	$42.36	$59.72	$48.39	$48.75	$48.45	$52.19	$53.70	$45.25
Price Low	$40.08	$43.14	$37.37	$38.59	$54.40	$44.08	$44.41	$44.13	$47.54	$48.92	$41.22	$44.01	$63.19	$63.64				69.11%	<-Total Growth	10	Stock Price
Increase	6.82%	7.64%	-13.39%	3.27%	40.98%	-18.97%	0.74%	-0.62%	7.72%	2.89%	-15.74%	6.76%	43.59%	0.71%				7.44%	<-IRR #YR->	5	Stock Price
P/E	19.33	20.47	-24.92	281.47	18.51	13.12	12.14	10.87	29.83	89.20	17.49	10.87	18.21	16.20				5.39%	<-IRR #YR->	10	Stock Price
Trailing P/E	25.42	20.81	17.73	-25.73	396.82	15.00	13.22	12.06	11.71	30.69	75.17	18.68	15.60	18.34				13.11	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	15.30	18.68	P/E:	17.85	18.21					10.50	P/E Ratio		Historical Low
								-$44.13	$0.00	$0.00	$0.00	$0.00	$63.19
			-$37.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$63.19
Free Cash Flow Mkt Sc			$197	$789	-$1,791	-$2,742	-$207	-$955	$966	-$303	-$739	-$208	$1,009	$1,990	$2,553	$5,951		412.18%	<-Total Growth	10	Free Cash Flow Mkt Sc
Change				300.51%	-327.00%	-53.10%	92.45%	-361.35%	201.15%	-131.37%	-143.89%	71.85%	585.10%	97.22%	28.29%	133.10%		9.38%	<-Median->	10	Change
Free Cash Flow MS old			-$45	-$233	-$2,299	-$3,359	-$1,100	-$1,077	$966	-$352	-$881										Free Cash Flow MS old
Change				-417.78%	-886.70%	-46.11%	67.25%	2.09%	189.69%	-136.44%	-150.28%										Change
Free Cash Flow MS	-$1,078	-$111	$80	-$480	-$2,030	-$3,260	-$1,390	-$750	$1,250	$290	-$1,090	$1,140	$2,560	$1,990	$2,553			3100.00%	<-Total Growth	10	Free Cash Flow MS
Change	-210.79%	89.70%	172.07%	-700.00%	-322.92%	-60.59%	57.36%	46.04%	266.67%	-76.80%	-475.86%	204.59%	124.56%	-22.27%	28.29%			40.18%	<-IRR #YR->	5	Free Cash Flow MS	441.33%
FCF/CF from Op Ratio	-0.29	-0.03	0.02	-0.09	-0.39	-0.50	-0.20	-0.11	0.18	0.05	-0.15	0.15	0.35	0.26	0.31			41.42%	<-IRR #YR->	10	Free Cash Flow MS	3100.00%
Dividends paid TRP										$3,192	$2,787
Dividends paid before Spin -off	$1,103	$1,345	$1,445	$1,436	$1,339	$1,571	$1,798	$2,987	$3,317	$3,192	$3,192
Dividends paid	$945	$1,152	$1,238	$1,230	$1,147	$1,346	$1,541	$2,559	$2,842	$2,735	$2,735	$3,953	$3,507	$3,625	$3,653			183.26%	<-Total Growth	10	Dividends paid
Percentage paid		-1038.19%	1547.60%	-256.33%	-56.52%	-41.29%	-110.83%	-341.23%	227.36%	943.07%	-250.91%	346.75%	136.99%	182.15%	143.10%			-48.90%	<-Median->	10	Percentage paid
5 Year Coverage						-105.40%	-91.84%	-98.91%	-152.67%	-285.56%	-734.41%	1764.77%	380.04%	338.54%	244.27%						5 Year Coverage
Dividend Coverage Ratio			0.06	-0.39	-1.77	-2.42	-0.90	-0.29	0.44	0.11	-0.40	0.29	0.73	0.55	0.70			-0.34	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							-1.09	-1.01	-0.66	-0.35	-0.14	0.06	0.26	0.30	0.41						5 Year of Coverage
								$750	$0	$0	$0	$0	$2,560
			-$80	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,560
Free Cash Flow WSJ			$197	$789	-$1,791	-$2,742	-$207	-$955	$1,039	$2,329	-$716	$5,074	$2,081	$1,990	$2,553			956.35%	<-Total Growth	10	Free Cash Flow WSJ
Change				300.51%	-327.00%	-53.10%	92.45%	-361.35%	208.80%	124.16%	-130.74%	808.66%	-58.99%	-4.37%	28.29%			33.11%	<-IRR #YR->	5	Free Cash Flow WSJ	317.91%
FCF/CF from Op Ratio			0.05	0.16	-0.34	-0.42	-0.03	-0.14	0.15	0.37	-0.10	0.66	0.28	0.26	0.31			26.58%	<-IRR #YR->	10	Free Cash Flow WSJ	956.35%
Dividends paid			$1,238	$1,230	$1,147	$1,346	$1,541	$2,559	$2,842	$2,735	$2,735	$3,953	$3,507	$3,625	$3,653			183.26%	<-Total Growth	10	Dividends paid	WSJ did not change values re spin-off
Percentage paid			628.46%	155.94%	-64.06%	-49.09%	-744.22%	-267.99%	273.53%	117.43%	-381.97%	77.91%	168.52%	182.15%	143.10%			$0.14	<-Median->	10	Percentage paid
5 Year Coverage			628.46%	250.35%	-449.15%	-139.89%	-173.21%	-159.47%	-202.64%	-2056.48%	832.99%	218.93%	160.82%	153.88%	159.11%						5 Year Coverage
Dividend Coverage Ratio			0.16	0.64	-1.56	-2.04	-0.13	-0.37	0.37	0.85	-0.26	1.28	0.59	0.55	0.70			0.12	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			0.16	0.40	-0.22	-0.71	-0.58	-0.63	-0.49	-0.05	0.12	0.46	0.62	0.65	0.63						5 Year of Coverage
								$955	$0	$0	$0	$0	$2,081
			-$197	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,081
Market Cap	$31,280	$36,859	$28,922	$47,633	$49,118	$40,769	$59,117	$44,314	$52,560	$50,054	$48,916	$69,609	$78,666	$91,750	$91,750	$91,750		171.99%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	708	710	709	760	874	903	931	940	974	996	1,030	1,038	1,040	1,040				46.69%	<-Total Growth	10	Diluted	TC Energy did not change Diluted or Basic shares
Change	0.28%	0.28%	-0.14%	7.19%	15.00%	3.32%	3.10%	0.97%	3.62%	2.26%	3.41%	0.78%	0.19%	0.00%				3.21%	<-Median->	9	Change
Difference Diluted/Basic	-0.2%	-0.3%	0.0%	-0.1%	-0.2%	-0.1%	-0.2%	0.0%	0.0%	-0.1%	0.0%	0.0%	0.0%	0.0%				-0.05%	<-Median->	9	Difference Diluted/Basic
Basic # of Shares in Millions	706.7	708.0	709	759	872	902	929	940	974	995	1,030	1,038	1,040	1,040				46.69%	<-Total Growth	10	Basic
Change	0.24%	0.18%	0.14%	7.05%	14.89%	3.44%	2.99%	1.18%	3.62%	2.16%	3.52%	0.78%	0.19%	0.00%				3.22%	<-Median->	9	Change
Difference Basic/Outstanding	0.1%	0.1%	-0.9%	13.8%	1.1%	1.8%	1.0%	0.0%	0.7%	2.3%	0.7%	0.1%	0.1%	0.1%				0.87%	<-Median->	9	Difference
excluding Nova
# of Shares (incl.Nova)	707.44	708.66	702.61	863.76	881.38	918.10	938.40	940.06	980.82	1,017.96	1,037.49	1,039.10	1,040.84	1,040.84	1,040.84	1,040.84		4.01%	<-IRR #YR->	10	Shares	48.14%
Change	0.28%	0.17%	-0.85%	22.94%	2.04%	4.17%	2.21%	0.18%	4.34%	3.79%	1.92%	0.15%	0.17%	0.00%	0.00%	0.00%		2.06%	<-IRR #YR->	5	Shares	10.72%
CF fr Op $M	$3,674	$4,079	$4,115	$5,069	$5,230	$6,555	$7,082	$7,058	$6,890	$6,375	$7,268	$7,696	$7,346	$7,775	$8,362	$8,171		78.52%	<-Total Growth	10	Cash Flow
Increase	2.88%	11.02%	0.88%	23.18%	3.18%	25.33%	8.04%	-0.34%	-2.38%	-7.47%	14.01%	5.89%	-4.55%	5.84%	7.55%	-2.29%		DRIP	SO
5 year Running Average	$3,458	$3,676	$3,882	$4,102	$4,433	$5,010	$5,610	$6,199	$6,563	$6,792	$6,935	$7,057	$7,115	$7,292	$7,689	$7,870		83.26%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.19	$5.76	$5.86	$5.87	$5.93	$7.14	$7.55	$7.51	$7.02	$6.26	$7.01	$7.41	$7.06	$7.47	$8.03	$7.85		20.51%	<-Total Growth	10	Cash Flow per Share
Increase	2.60%	10.83%	1.75%	0.20%	1.11%	20.32%	5.70%	-0.52%	-6.44%	-10.85%	11.86%	5.73%	-4.71%	5.84%	7.55%	-2.29%		5.97%	<-IRR #YR->	10	Cash Flow	78.52%
5 year Running Average	$4.94	$5.22	$5.50	$5.55	$5.72	$6.11	$6.47	$6.80	$7.03	$7.10	$7.07	$7.04	$6.95	$7.04	$7.39	$7.56		0.80%	<-IRR #YR->	5	Cash Flow	4.08%
P/CF on Med Price	8.31	8.60	7.75	8.19	9.54	6.88	7.19	7.55	7.79	9.29	6.72	7.71	9.96	10.22	0.00	0.00		1.88%	<-IRR #YR->	10	Cash Flow per Share	20.51%
P/CF on Closing Price	8.51	9.04	7.03	9.40	9.39	6.22	8.35	6.28	7.63	7.85	6.73	9.04	10.71	11.80	10.97	11.23		-1.23%	<-IRR #YR->	5	Cash Flow per Share	-6.00%
															52.27%	Diff M/C		2.36%	<-IRR #YR->	10	CFPS 5 yr Running	26.33%
Excl.Working Capital CF	$326.0	$189.0	$398.0	-$248	$273	$102	-$293	$327	$287	$639	-$207	-$199	$503	$0.0	$0.0	$0.0		0.44%	<-IRR #YR->	5	CFPS 5 yr Running	2.23%
CF fr Op $M WC	$4,000	$4,268	$4,513	$4,821	$5,503	$6,657	$6,789	$7,385	$7,177	$7,014	$7,061	$7,497	$7,849	$7,775	$8,362	$8,171		73.92%	<-Total Growth	10	Cash Flow less WC
Increase	21.80%	6.70%	5.74%	6.82%	14.15%	20.97%	1.98%	8.78%	-2.82%	-2.27%	0.67%	6.17%	4.70%	-0.94%	7.55%	-2.29%		5.69%	<-IRR #YR->	10	Cash Flow less WC	73.92%
5 year Running Average	$3,422	$3,659	$3,946	$4,177	$4,621	$5,152	$5,657	$6,231	$6,702	$7,004	$7,085	$7,227	$7,320	$7,439	$7,709	$7,931		1.23%	<-IRR #YR->	5	Cash Flow less WC	6.28%
CFPS Excl. WC	$5.65	$6.02	$6.42	$5.58	$6.24	$7.25	$7.23	$7.86	$7.32	$6.89	$6.81	$7.21	$7.54	$7.47	$8.03	$7.85		6.37%	<-IRR #YR->	10	CF less WC 5 Yr Run	85.51%
Increase	21.46%	6.52%	6.65%	-13.10%	11.86%	16.13%	-0.22%	8.59%	-6.85%	-5.84%	-1.22%	6.01%	4.52%	-0.94%	7.55%	-2.29%		3.27%	<-IRR #YR->	5	CF less WC 5 Yr Run	17.47%
5 year Running Average	$4.89	$5.19	$5.59	$5.67	$5.99	$6.30	$6.55	$6.83	$7.18	$7.31	$7.22	$7.22	$7.15	$7.18	$7.41	$7.62		1.62%	<-IRR #YR->	10	CFPS - Less WC	17.40%
P/CF on Med Price	7.64	8.22	7.07	8.61	9.07	6.77	7.50	7.22	7.48	8.45	6.92	7.91	9.32	10.22	0.00	0.00		0.83%	<-IRR #YR->	5	CFPS - Less WC	-4.01%
P/CF on Closing Price	7.82	8.64	6.41	9.88	8.93	6.12	8.71	6.00	7.32	7.14	6.93	9.28	10.02	11.80	10.97	11.23		2.49%	<-IRR #YR->	10	CFPS 5 yr Running	27.93%
Median Values			CF/-WC	P/CF Med	10 yr	7.75	5 yr	7.79	P/CF Med	10 yr	7.70	5 yr	7.91		53.17%	Diff M/C		0.92%	<-IRR #YR->	5	CFPS 5 yr Running	4.69%
*Operational Cash Flow per share
			-702.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,040.84								Shares
								-940.06	0.00	0.00	0.00	0.00	1,040.84								Shares
			-$4,115	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,346								Cash Flow
								-$7,058	$0	$0	$0	$0	$7,346								Cash Flow
			-$5.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.06								Cash Flow per Share
								-$7.51	$0.00	$0.00	$0.00	$0.00	$7.06								Cash Flow per Share
			-$5.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.95								CFPS 5 yr Running
								-$6.80	$0.00	$0.00	$0.00	$0.00	$6.95								CFPS 5 yr Running
			-$4,513	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,849								Cash Flow less WC
								-$7,385	$0	$0	$0	$0	$7,849								Cash Flow less WC
			-$3,946	$0	$0	$0	$0	$0	$0	$0	$0	$0	$7,320								CF less WC 5 Yr Run
								-$6,231	$0	$0	$0	$0	$7,320								CF less WC 5 Yr Run
			-$6.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.54								CFPS - Less WC
								-$7.23	$0.00	$0.00	$0.00	$0.00	$7.54								CFPS - Less WC
			-$5.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.15								CFPS 5 yr Running
								-$6.83	$0.00	$0.00	$0.00	$0.00	$7.15								CFPS 5 yr Running
Distributions frec from operating act equity invest		$276	$793	$844	$970	$985	$1,213	$1,123
Distributions frec from operating act equity invest
Decrease/(increase) in operating working capital	-$326	-$189	-$398
Inc in Accts Rec				-$482	-$576	-$69	$31	$129	-$925	-$575	-$394	-$13	-$332
Inc in Inventories				-$87	-$38	-$49	-$42	-$55	-$93	-$190	-$56	-$16	-$55
Change in Assets held for Sale				-$13	$14	$0	$0
Change in Other current Assets				$328	$189	$45	-$15	-$221	-$141	$118	$618	-$97	-$159
Chge in Accts Payable and other				$424	$151	-$70	$352	-$162	$890	-$83	-$206	$365	$13
Increase in Accrued Interest				$62	$12	$41	-$33	-$18	-$18	$91	$245	-$40	$30
Chge in Liab				$16	-$25	$0
Sum	-$326	-$189	-$398	$248	-$273	-$102	$293	-$327	-$287	-$639	$207	$199	-$503
Morningstar	-$326	-$189	-$398	$248	-$273	-$102	$1,506	$796	-$287	-$639	$207	$199	-$503
Difference	$0	$0	$0	$0	$0	$0	-$1,213	-$1,123	$0	$0	$0	$0	$0
TD in 2020			-$398	$1,092	$697	$883
Difference			0.00	-844.00	-970.00	-985.00
TD in 2022					-$273	-$102	$293	-$327	-$287
Difference							0.00	0.00	0.00
OPM	48.74%	46.74%	42.50%	47.31%	45.39%	55.93%	62.36%	63.37%	60.07%	49.68%	53.24%	55.89%	48.21%	47.98%				13.42%	<-Total Growth	10	OPM
Increase	-6.36%	-4.11%	-9.07%	11.31%	-4.07%	23.23%	11.50%	1.62%	-5.21%	-17.30%	7.16%	4.98%	-13.74%	-0.47%				should be zero, it is a check on calculations
Diff from Ave	-10.7%	-14.3%	-22.1%	-13.3%	-16.8%	2.5%	14.3%	16.1%	10.1%	-8.9%	-2.4%	2.4%	-11.6%	-12.1%				0.00%	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	54.56%	5 Yrs	53.24%					Should increase or be stable.
														$11,313	<-12 mths	3.30%
TRP says										$8,483	$9,472
Adjusted EBITDA before Spin off	$4,859	$5,521	$5,908	$6,647	$7,377	$8,563	$9,366	$9,351	$9,382	$9,901	$10,988	$11,194
Adjusted EBITDA	$4,163	$4,730	$5,062	$5,695	$6,321	$7,337	$8,025	$8,012	$8,038	$8,483	$9,415	$10,049	$10,952	$11,760	$12,216	$12,814		116.36%	<-Total Growth	10	Adjusted EBITDA
Change	14.46%	13.62%	7.01%	12.51%	10.98%	16.08%	9.38%	-0.16%	0.33%	5.53%	10.98%	6.74%	8.99%	7.38%	3.88%	4.90%		9.18%	<-Median->	10	Change
Margin	55.23%	54.21%	52.28%	53.15%	54.85%	62.60%	70.66%	71.94%	70.08%	66.11%	68.96%	72.97%	71.87%	72.57%	72.73%	73.57%		69.52%	<-Median->	10	Margin
Leverage													7.47
														$8,515	<-12 mths	4.06%
EBIT									$6,860	$7,317	$8,210	$8,406	$8,183	$8,887	$9,299	$9,886			<-Total Growth	4	EBIT
Change										6.66%	12.20%	2.39%	-2.65%	8.60%	4.64%	6.31%		4.52%	<-Median->	4	Change
Margin									59.81%	57.02%	60.14%	61.04%	53.70%	54.84%	55.36%	56.76%		59.81%	<-Median->	5	Margin
																						TC did not adjust Balance Sheet
Long Term Debt	$21,892	$22,960	$30,169	$39,495	$32,602	$36,509	$34,280	$34,280	$37,341	$39,645	$49,976	$44,976	$45,247	$45,247				49.98%	<-Total Growth	10	Debt	Type
Change	21.49%	4.88%	31.40%	30.91%	-17.45%	11.98%	-6.11%	0.00%	8.93%	6.17%	26.06%	-10.00%	0.60%	0.00%				3.39%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.70	0.62	1.04	0.83	0.66	0.90	0.58	0.77	0.71	0.79	1.02	0.65	0.58	0.49				0.74	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	10.06	7.77	8.83	11.46	8.72	7.64	7.70	8.37	7.99	6.76	10.58	11.25	11.92	11.92				8.54	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)	5.96	5.63	7.33	7.79	6.23	5.57	4.84	4.86	5.42	6.22	6.88	5.84	6.16	5.82				6.00	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. + CF + D
Intangibles	$1,955	$2,704	$0	$3,191	$1,484	$1,921	$2,168	$0	$0	$0	$0	$0	$0	0				#DIV/0!	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$3,696	$4,034	$4,812	$4,812	$13,084	$14,178	$12,887	$12,679	$12,582	$12,843	$12,532	$13,670	$13,016	$13,016				170.49%	<-Total Growth	10	Goodwill	Leverage
Total	$5,651	$6,738	$4,812	$8,003	$14,568	$16,099	$15,055	$12,679	$12,582	$12,843	$12,532	$13,670	$13,016	$13,016				170.49%	<-Total Growth	10	Total	D/E Ratio
Change	63.42%	19.24%	-28.58%	66.31%	82.03%	10.51%	-6.48%	-15.78%	-0.77%	2.07%	-2.42%	9.08%	-4.78%	0.00%				0.65%	<-Median->	10	Change
% of Market Cap	0.18	0.18	0.17	0.17	0.30	0.39	0.25	0.29	0.24	0.26	0.26	0.20	0.17	0.14				0.26	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$3,147	$3,540	$3,914	$8,084	$4,680	$5,135	$7,651	$5,201	$7,423	$7,332	$11,372	$5,733	$6,316	$6,316				Liquidity ratio of 1.5 and up, best
Current Liabilities	$5,358	$7,584	$7,306	$7,680	$9,877	$12,946	$12,899	$11,987	$13,041	$16,907	$11,817	$10,511	$9,959	$9,959				0.56	<-Median->	10	Ratio
Liquidity Ratio	0.59	0.47	0.54	1.05	0.47	0.40	0.59	0.43	0.57	0.43	0.96	0.55	0.63	0.63				0.57	<-Median->	5	Ratio
Liq. with CF aft div	1.07	0.85	0.93	1.49	0.82	0.74	0.96	0.81	0.88	0.63	1.30	0.95	1.02	1.05				0.95	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.55	0.55	0.57	0.43	0.59	0.42	0.63	0.54	0.55	0.44	0.64	0.58	0.62	1.05				0.58	<-Median->	5	Ratio
Excl.current portion of Lg Term Db	$973	$1,797	$2,547	$2,547	$2,866	$3,462	$2,705	$1,972	$1,320	$1,989	$2,938	$2,955	$1,545	$1,545				$1,989	<-Median->	5	Excl.debt handled
Notes Payable	$1,842	$2,467	$1,218	$774	$1,763	$2,762	$4,034	$4,034	$5,166	$6,262	$6,262	$6,262	$1,200	$1,200				$6,262	<-Median->	5	Notes Payable
Liquidity Ratio	0.72	0.61	0.82	1.57	0.67	0.54	1.24	0.87	1.13	0.85	4.35	4.43	0.88	0.88				1.13	<-Median->	5	Liquidity Ratio
Liq. with CF aft div	2.25	1.95	1.92	2.63	1.54	1.42	2.01	1.62	1.75	1.22	5.87	7.76	1.41	1.45				1.75	<-Median->	5	Liq. with CF aft div
Ratio Under 1.50						yes				yes			yes					6	<-Yes #YR->	26	Ratio  Under 1.50
Assets	$53,898	$58,947	$64,483	$88,051	$86,101	$98,920	$99,279	$100,300	$104,218	$114,348	$125,034	$118,243	$118,751	$118,751				Debt Ratio of 1.5 and up, best
Liability	$33,762	$38,294	$46,328	$62,068	$59,210	$67,927	$66,882	$67,220	$70,822	$80,232	$86,026	$79,883	$81,852	$81,852				1.46	<-Median->	10	Ratio
Debt Ratio	1.60	1.54	1.39	1.42	1.45	1.46	1.48	1.49	1.47	1.43	1.45	1.48	1.45	1.45				1.45	<-Median->	5	Ratio
Estimates BVPS														$24.78	$25.31	$26.53			Estimates		Estimates BVPS
Estimate Book Value														$25,791.9	$26,343.5	$27,613.4			Estimates		Estimate Book Value
P/B Ratio (Close)														3.56	3.48	3.32			Estimates		P/B Ratio (Close)
Difference from 10 year median															85.04%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value	$20,136	$20,653	$18,155	$25,983	$26,891	$30,993	$32,397	$33,080	$33,396	$34,116	$39,008	$38,360	$36,899	$36,899				103.24%	<-Total Growth	10	Total Book Value
Non-Control Int.	$1,611	$1,583	$1,717	$1,726	$1,852	$1,655	$1,634	$1,682	$125	$126	$9,455	$10,768	$9,604	$1,655				459.35%	<-Total Growth	10	Non-Control Int.
Net Book Value	$18,525	$19,070	$16,438	$24,257	$25,039	$29,338	$30,763	$31,398	$33,271	$33,990	$29,553	$27,592	$27,295	$27,295				66.05%	<-Total Growth	10	Net Book Value
Net Book Value per share	$26.19	$26.91	$23.40	$28.08	$28.41	$31.96	$32.78	$33.40	$33.92	$33.39	$28.49	$26.55	$26.22	$26.22				12.09%	<-Total Growth	10	Net Book Value per share
P/B Ratio (Median)	1.65	1.84	1.94	1.71	1.99	1.54	1.65	1.70	1.61	1.74	1.65	2.15	2.68	2.91				1.70	<-Median->	10	P/B Ratio (Median)
									P/BV	10 yr Med	1.70	5 yr Med	1.74
Preferred Shares	$1,813	$2,255	$2,499	$3,980	$3,980	$3,980	$3,980	$3,980	$3,487	$2,499	$2,499	$2,499	$2,499	$2,499				0.00%	<-Total Growth	10	Preferred Shares
Net Book Value	$16,712	$16,815	$13,939	$20,277	$21,059	$25,358	$26,783	$27,418	$29,784	$31,491	$27,054	$25,093	$24,796	$24,796	$24,796	$24,796		77.89%	<-Total Growth	10	Book Value
Book Value per share	$23.62	$23.73	$19.84	$23.48	$23.89	$27.62	$28.54	$29.17	$30.37	$30.94	$26.08	$24.15	$23.82	$23.82	$23.82	$23.82		20.08%	<-Total Growth	10	Book Value per Share
Change	6.24%	0.44%	-16.39%	18.33%	1.78%	15.60%	3.33%	2.19%	4.12%	1.87%	-15.71%	-7.39%	-1.35%	0.00%	0.00%	0.00%		98.35%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.83	2.09	2.29	2.05	2.37	1.78	1.90	1.94	1.80	1.88	1.81	2.36	2.95	3.20	0.00	0.00		1.87	P/B Ratio		Historical Median
P/B Ratio (Close)	1.87	2.19	2.07	2.35	2.33	1.61	2.21	1.62	1.76	1.59	1.81	2.77	3.17	3.70	3.70	3.70		1.85%	<-IRR #YR->	10	Book Value per Share	20.08%
Change	-2.83%	17.12%	-5.34%	13.21%	-0.71%	-31.07%	37.29%	-26.78%	9.19%	-9.93%	13.75%	53.42%	14.37%	16.63%				-3.97%	<-IRR #YR->	5	Book Value per Share	-18.32%
Leverage (A/BK)	2.68	2.85	3.55	3.39	3.20	3.19	3.06	3.03	3.12	3.35	3.21	3.08	3.22	3.22				3.20	<-Median->	10	A/BV
Debt/Equity Ratio	1.68	1.85	2.55	2.39	2.20	2.19	2.06	2.03	2.12	2.35	2.21	2.08	2.22	2.22				2.20	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.92	5 yr Med	1.88		92.47%	Diff M/C
			-$19.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.82									114.86%
								-$29.17	$0.00	$0.00	$0.00	$0.00	$23.82									71.23%
Comprehensive Income	$2,491	$1,822	-$538	$453	$2,469	$4,831	$3,381	$3,995	$2,688	$3,182	$1,796	$7,207	$3,207					696.10%	<-Total Growth	10	Comprehensive Income	TC did not adjusted Comprehensive Income.
NCI	$191	$283	$312	$241	$83	-$13	$194	$259	$81	$45	-$220	$1,584	$64					-79.49%	<-Total Growth	10	NCI
Preferred Shares	$74	$97	$94	$109	$160	$163	$164	$159	$140	$107	$93	$104	$119					26.60%	<-Total Growth	10	Preferred Shares
Shareholders	$2,226	$1,442	-$944	$103	$2,226	$4,681	$3,023	$3,577	$2,467	$3,030	$1,923	$5,519	$3,024					420.34%	<-Total Growth	10	Comprehensive Income
Increase	71.23%	-35.22%	-165.46%	110.91%	2061.17%	110.29%	-35.42%	18.33%	-31.03%	22.82%	-36.53%	187.00%	-45.21%					-31.03%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$1,440	$1,486	$1,101	$825	$1,011	$1,502	$1,818	$2,722	$3,195	$3,356	$2,804	$3,303	$3,193					#NUM!	<-IRR #YR->	10	Comprehensive Income	420.34%
ROE	12.0%	7.6%	-5.7%	0.4%	8.9%	16.0%	9.8%	11.4%	7.4%	8.9%	6.5%	20.0%	11.1%					-3.30%	<-IRR #YR->	5	Comprehensive Income	-15.46%
5 year Median	7.7%	7.7%	7.7%	7.6%	7.6%	7.6%	8.9%	9.8%	9.8%	9.8%	8.9%	8.9%	8.9%					11.24%	<-IRR #YR->	10	5 Yr Running Average	190.03%
% Difference from NI	41.3%	-10.4%	-15.9%	-11.0%	-20.2%	39.7%	-19.9%	-15.4%	36.4%	374.5%	-10.3%	67.0%	20.2%					3.24%	<-IRR #YR->	5	5 Yr Running Average	17.29%
Median Values										Diff	5, 10 yr	5.0%	36.4%					8.9%	<-Median->	5	Return on Equity
			$944	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,024
								-$3,577	$0	$0	$0	$0	$3,024
			-$1,101	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,193
								-$2,722	$0	$0	$0	$0	$3,193
Current Liability Coverage Ratio	0.75	0.56	0.62	0.63	0.56	0.51	0.53	0.62	0.55	0.41	0.60	0.71	0.79	0.78							CFO / Current Liabilities
5 year Median	0.62	0.56	0.62	0.62	0.62	0.56	0.56	0.56	0.55	0.53	0.55	0.60	0.60	0.71				57.7%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	7.42%	7.24%	7.00%	5.48%	6.39%	6.73%	6.84%	7.36%	6.89%	6.13%	5.65%	6.34%	6.61%	6.55%							CFO / Total Assets
5 year Median	7.03%	7.24%	7.24%	7.00%	7.00%	6.73%	6.73%	6.73%	6.84%	6.84%	6.84%	6.34%	6.34%	6.34%				6.5%	<-Median->	10	Return on Assets
Return on Assets ROA	3.18%	2.96%	-1.92%	0.14%	3.48%	3.58%	4.00%	4.44%	1.74%	0.56%	2.26%	3.89%	2.86%	3.65%				Net	Income/Assets		Return on Assets
5Yr Median	3.12%	2.96%	2.96%	2.69%	2.96%	2.96%	3.48%	3.58%	3.58%	3.58%	2.26%	2.26%	2.26%	2.86%				3.2%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	8.50%	8.44%	-6.83%	0.48%	11.14%	11.42%	12.27%	13.47%	5.43%	1.88%	7.25%	11.98%	9.21%	11.74%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	8.11%	8.13%	8.13%	7.08%	8.44%	8.44%	11.14%	11.42%	11.42%	11.42%	7.25%	7.25%	7.25%	9.21%				10.2%	<-Median->	10	Return on Equity
														$3,516	<-12 mths	3.41%
Net Income	$1,911	$1,993	-$1,140	$485	$3,395	$3,517	$4,433	$4,913	$2,046	$785	$3,068	$5,379	$4,094					459.12%	<-Total Growth	10	Net Income	TC did not adjusted net Income.
NCI	$125	$153	$6	$252	$238	-$185	$293	$297	$91	$37	$146	$681	$575					9483.33%	<-Total Growth	10	NCI	Although they 2 calculations, one with Discountinuing Operations and one without.
Preferred Shares	$74	$97	$94	$109	$160	$163	$164	$159	$140	$107	$93	$104	$119					26.60%	<-Total Growth	10	Preferred Shares
Shareholders	$1,712	$1,743	-$1,240	$124	$2,997	$3,539	$3,976	$4,457	$1,815	$641	$2,829	$4,594	$3,400	$4,333	$4,585	$5,010		374.19%	<-Total Growth	10	Shareholders
Increase	31.79%	1.81%	-171.14%	110.00%	2316.94%	18.08%	12.35%	12.10%	-59.28%	-64.68%	341.34%	62.39%	-25.99%	27.44%	5.82%	9.27%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,428	$1,502	$1,008	$728	$1,067	$1,433	$1,879	$3,019	$3,357	$2,886	$2,744	$2,867	$2,656	$3,159	$3,948	$4,384		#NUM!	<-IRR #YR->	10	Net Income	374.19%
Operating Cash Flow	$3,674	$4,079	$4,115	$5,069	$5,230	$6,555	$7,082	$7,058	$6,890	$6,375	$7,268	$7,696	$7,346					-5.27%	<-IRR #YR->	5	Net Income	-23.72%
Investment Cash Flow	-$5,120	-$4,144	-$4,610	-$18,783	-$3,699	-$10,019	-$6,872	-$6,052	-$7,712	-$7,009	-$12,287	-$6,909	-$6,458					10.17%	<-IRR #YR->	10	5 Yr Running Average	163.42%
Total Accruals	$3,158	$1,808	-$745	$13,838	$1,466	$7,003	$3,766	$3,451	$2,637	$1,275	$7,848	$3,807	$2,512					-2.53%	<-IRR #YR->	5	5 Yr Running Average	-12.02%
Total Assets	$53,898	$58,947	$64,483	$88,051	$86,101	$98,920	$99,279	$100,300	$104,218	$114,348	$125,034	$118,243	$118,751						Balance Sheet		Assets
Accruals Ratio	5.86%	3.07%	-1.16%	15.72%	1.70%	7.08%	3.79%	3.44%	2.53%	1.12%	6.28%	3.22%	2.12%					2.53%	<-Median->	5	Ratio
EPS/CF Ratio	0.37	0.35	-0.23	0.02	0.47	0.46	0.51	0.52	0.22	0.08	0.35	0.56	0.46					0.46	<-Median->	10	EPS/CF Ratio
			$1,240	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3,400
								-$4,457	$0	$0	$0	$0	$3,400
			-$1,008	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2,656
								-$3,019	$0	$0	$0	$0	$2,656
Change in Close	3.23%	17.63%	-20.86%	33.97%	1.06%	-20.32%	41.87%	-25.17%	13.68%	-8.24%	-4.11%	42.08%	12.82%	16.63%	0.00%	0.00%			Count	32	Years of data
up/down		down			down		down					up							Count	13	40.63%
Meet Prediction?																		% right	Count	3	23.08%
Financial Cash Flow	$1,794	-$373	$744	$14,007	-$1,419	$2,748	$693	-$800	-$88	$487	$8,093	-$3,874	-$1,516						C F Statement		Financial CF
Total Accurals	$1,364	$2,181	-$1,489	-$169	$2,885	$4,255	$3,073	$4,251	$2,725	$788	-$245	$7,681	$4,028								Accruals
Accruals Ratio	2.53%	3.70%	-2.31%	-0.19%	3.35%	4.30%	3.10%	4.24%	2.61%	0.69%	-0.20%	6.50%	3.39%					2.61%	<-Median->	5	Ratio
CF net	$348	-$438	$249	$293	$112	-$716	$903	$206	-$910	-$147	$3,074	-$3,087	-$628
Foreign cur  etc	$28	$0	$112	-$127	-$39	$73	-$6	-$19	$53	$94	-$16	$210	-$5
Inc/Dec in Cash	$376	-$438	$361	$166	$73	-$643	$897	$187	-$857	-$53	$3,058	-$2,877	-$633
Cash	$927	$489	$850	$1,016	$1,089	$446	$1,343	$1,530	$673	$620	$3,678	$801	$168	$168							Cash
Cash per Share	$1.31	$0.69	$1.21	$1.18	$1.24	$0.49	$1.43	$1.63	$0.69	$0.61	$3.55	$0.77	$0.16	$0.16				$0.69	<-Median->	5	Cash per Share
Percentage of Stock Price	2.96%	1.33%	2.94%	2.13%	2.22%	1.09%	2.27%	3.45%	1.28%	1.24%	7.52%	1.15%	0.21%	0.18%				1.24%	<-Median->	5	% of Stock Price
Used the Investment Reporter figures to fill in missing ones, but they certainly did not agree with company statements
* D = Decrease, I = Increase, U = Unchanged
Notes:
March 28, 2026.  Last estimates were for 2025, 2026, 2027 of $14987M, $15962M, $16405M Revenue, $7.61 2025 FFO, $3.84, $4.12, $4.22 AEPS, $3.44, $3.58, $3.70 EPS,
$3.44, $3.58, $3.70 Dividends, $1063M, $1470M, $1608M FCF, $7.53, $7.96, $8.10 CFPS, $10929M, $11682M, $12071M EDITDA, $24.97, $2594, $26.70 BVPS, $3846M, $4132M, $4262M Net Income.
March 11, 2025.  Last estimates were for 2024, 2025, 2026 of $16315M, $17184M, $18513M Revenue, Ar7.46, $7.61 2024/5 FFO, $4.18, $4.41, $4.86 AEPS, $4.23, $4.46, $4.97 EPS,
$3.84, $4.46, $4.97 Dividends, -$588M, $2361M, $3009M FCF, $7.32, $7.63, $7.60 CFPS, $11274M, $11772M, $12644M EBITDA, $26.90, $28.00, $28.60 BVPS, $4418M, $4673M, $5150M Net Income.
March 17, 2024.  Last estimates were for 2023, 2024 and 2025 of $15659M, $16122M and $17344M for Revenue, $4.30, $4.29 and $4.42 for AEPS, $4.25, $4.29 and $4.71 for EPS,
$3.72, $3.82 and $3.95 for Dividends, -1231M, $2147M and $2361M for FCF, 7.15, $7.19 and $7.60 for CFPS, $32.60, $33.80 and $32.50 for BVPS, $4,319M, $4407M and $4791M Net Income.
March 19, 2023.  Last estimates were for 2022, 2023 and 2024 of $14722M, $15043M and $15385M for Revenue, $4.28, $4.33 for AEPS, $4.34, $4.54 and $4.94 for EPS, $3.61,
$3.73 and $3.83 for Dividends, $2608M, $4348M and $5321M for FCF, $7.12, $7.56 and $7.60 for CFPS, $30.80, $32.40 and $32.30 for BVPS, and $4260M, $4557M and $4808M for Net Income.
March 20, 2021.  Last estimates were for 2021, 2022 and 2023 of |414149M, $14808M and $15385M for Revenue, Re7.64, and $7.68 for AFFO 2021-22, $4.18, $4.25 for Adj EPS 2021-22,
$4.09, $4.36 and $4.68 for EPS, $3.46, $3.65 and $3.83 for Dividends, $2883M, $3479M and $5244M for FCF, $7.42, $7.55 and 47.60 for CFPS and $3820M, $4303M and $4613M for Net Income
March 17, 2021.  Last estimates were for 2020, 2021 and 2022 or 14191M, $14732M and $15249M for Revenue, $7.73, and $7.93 for AFFO for 2020 and 2021,
$3.97 for Adj EPS for 2020, $4.10. $3.93 ad $4.23 for EPS, $2916M, $-2392M and $5546M for FCF and $4175M and $3916M for Net Income for 2020 and 2021.
March 15, 2020.  Last estimates were for 2019, 2020 and 2021 of $14799M, $15462M and $14882M for Revenue, $6.90 and 7.09 for 2019 and 2020 for AFFO,
$3.94 and 143.97 for Adj EPS for 2019 and 2020, $3.82, $3.92 and $4.05 for EPS, $6.72, $6.92 and $6.87 for CFPS, and $3601M, $3739M and $3966M for Net Income.
TransCanada Corp has changed its name to TC Energy Corp.  The symbols have remained the same so it is now TC Energy Corp (TSX-TRP, NYSE-TRP).  This is effective May 3, 2019.
March 24, 2019.  Last estimates were for 2018, 2019 and 2020 of $11712M, $13988M and $14481M for Revenue, $4.21 abd $5.10 for 2018 and 2019 for AFFO,
$3.15 and $3.43 for Adj EPS for 2018 and 2019, $3.30, $3.64 and $4.06 for EPS, $5.57, $6.29 and $6.53 for CFPS and $3011M, $3357M and $3945M for Net Income.
March 17, 2018.  Last estimates were for 2017, 2018 and 2019 of $12357M, $14132M and $13253M for Revenue, $4.18 and $5.08 for AFFO for 2017 and 2018,
$2.86, $3.08 and $3.21 for Adj EPS, $3.00, $3.20 and $3.09 for EPS, $5.54, $5.94 and $7.18 for CFPS, $2597M, $2817M and $2778M for Net Income.
March 12, 2017.  Last estimates were for 2016, 2017 and 2018 of $11774M, $12367M and $12021M for Revenue, $4.73 and 5.51 for AFFO for 2016 and 2017,
$2.54, $2.85 and $2.61 for EPS, $5.48, $6.05 and $6.09 for CFPS and $1776M, $2003M and $1813M for Net Income.
March 20, 2016.  Last estimates were for 2015, 2016 and 2017 with $10705M, $11218M and $12728M for Revenue, $5.18 and $5.52 for AFFO for 2015 and 2016,
$2.39, $2.56 and $3.31 for EPS, $5.84, $6.10 and $6.98 for CFPS and $1698M, $1866M and $2316M for Net Income.
March 28, 2015.  Last estimates were for 2014 and 2015 of $9721M and $10013M for Revenue, $5.12 and $5.29 AFFO, $2.48 and $2.58 for EPS, $5.60 and $5.73 for EPS, $1741M and $1777M for Net Income.
March 23, 2014.  Last estimates were for 2013 and 2014 of $9495M and $10193M for Revenue, $4.72 for AFFO 2013, $2.29, 2.51 and (2.97 (2015) for EPS, and $5.37 and $5.91 for CFPS.
Feb 17, 2013.  Last estimates were for 2012 and 2013 of $9476M and $10021M for revenue and $2.37, $2.55 and $2.67 for 2014 and $5.17 and $5.30 for CFPS.
I started AFFO section to build up info.
Mar 10, 2012.  Last estimates were for 2011 and 2012 with EPS of $2.27 and $2.44 and CF or $5.00 and $5.00
Mar 23, 2011.  Last I looked I got estimates for 2010 and 2011 of $2.03 and $2.44 for earnings and $3.90 and $5.00 for Cash Flow.
Jul 9, 2010.  When I last looked I got 2010 and 2011 earnings of $2.12 and 2.44 and CF of $4.58 and $5.12.
Apr 10, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $2.00 and $2.20 and cash Flow of $3.60 and $4.65
Dec 9, 2009.  when I last looked at this stock in April 2009, I got earnings for 2009 and 2010 of $2.28 and $2.55.  I also got CF for $4.69 and $5.14.
AP 2008.  In July 2008 EPS estimate was $2.25.  In Annual report Basic is $2.53 and Diluted $2.52.  They erred on the downside.
AP2007.  This stock has not done badly over last 5 years.  A number of people like it.  Keep for now. TD rates it as a buy, with low risk.
AP 2006.  I have only made money on this stock.  This is because I bought it at a great time when it had decreased it's dividend. It is on TD's action buy list.  Keep for now.
2005.  This stock is doing ok and I will keep at present.  Some think this is a long term stock to keep.  I will keep an eye on it.  Earnings are up and Dividends are higher than when they first cut them.
2004. My IRR since Feb 2000 is 25%, but then I bought at an opportune time. Doing fine since problems of 2000.  TD has it at buy rating.  Keep eye on.
2003. 8% return is not bad.  Has good dividend.  Should see if I want to keep through.  2003
2000.  Bought because stock was depressed after the dividend cut.
Most of the increase each year is because of DRIP plans and stock options.  But they do issue new shares occasionally.
Sector:
Infrastructure. Utility
What should this stock accomplish?
Would I buy this company and Why.
They are a dividend growth utility so I think they are a good stock to buy.
Why am I following this stock.
When I bought this stock, it was on Mike Higgs' Canadian Dividend Growth Stock list and the other dividend lists that I followed.
Why I bought this stock.
I bought the stock in 2000 at an opportune time.  The company had been cutting their dividend payments in order to re-organize and get the company into shape for long term profitability.  This
company’s stock fell hard because of this.  People who depend on dividends for their income can be an unforgiving lot and can get really upset at company when a trusted company cuts its dividends.
Dividends
Dividends are paid in cycle 1,  so they are paid in January, April, July and October.  Payments are made near the end of the month.
Dividends are declared for shareholders at the end of one month and are paid at the end of the following month.
For example, the dividend declared for shareholders of record on December 31, 2013 was payable on January 31, 2014.
How they make their money
TC Energy operates natural gas transmission assets across North America. Segments are determined by country of operation, but both Canadian and US operations are
interconnected. Mexican operations are disconnected from the US and only have one customer, the state utility CFE. They also operate power generation assets,
with the largest being the Bruce Power nuclear plant.
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		Options are mostly priced	Change
Date	2018	Mar 24	2019	Mar 15	2020	Mar 17	2021	Mar 19	2022	Mar 19	2023	Mar 17	2024	Mar 11	2025			Mar 28	2026
Poirier, Francois				0.043	0.00%	0.067	0.01%	0.087	$0.000	0.099	0.01%	0.113	0.01%	0.118	0.01%			0.119	0.01%		Was officer	1.23%
Officer- Shares - Amount					$2.026		$3.59		$4.30		$4.65		$7.56		$8.890				$10.495		CEO 2021
Options - percentage				0.481	0.05%	0.818	0.08%	1.123	$0.001	1.590	0.15%	1.627	0.16%	1.815	0.17%			1.583	0.15%			-12.77%
Options - amount					$22.680		$43.85		$55.23		$74.95		$109.01		$137.142				$139.518
Girling, Russell	0.03%	0.319	0.03%	0.319	0.03%																was CEO in 2021
CEO - Shares - Amount	$12.493		$20.121		$15.056
Options - percentage	0.39%	3.735	0.40%	3.811	0.41%
Options - amount	$159.385		$235.309		$179.660
O'Donnell, Sean												0.013	0.00%	0.014	0.00%			0.015	0.00%			3.00%
CFO - Shares - Amount													$0.89		$1.068				$1.283
Options - percentage												0.061	0.01%	0.140	0.01%			0.132	0.01%			-5.61%
Options - amount													$4.09		$10.604				$11.673
Grant, Greg														0.016	0.00%			0.017	0.00%			6.90%
Officer - Shares - Amount															$1.216				$1.516
Options - percentage														0.110	0.01%			0.061	0.01%			-45.00%
Options - amount															$8.317				$5.335
Chapman, Stanley G.						0.040	0.00%	0.040	$0.000	0.040	0.00%	0.054	0.01%	0.054	0.01%						Ceased insider Jun 2025	-100.00%
Officer - Shares - Amount							$2.13		$1.96		$1.88		$3.59		$4.102
Options - percentage						0.498	0.05%	0.568	$0.001	0.798	0.08%	0.871	0.08%	0.686	0.07%							-100.00%
Options - amount							$26.69		$27.95		$37.64		$58.34		$51.851
Faraca, Tina												0.005	0.00%	0.011	0.00%			0.018	0.00%			67.13%
Officer - Shares - Amount													$0.32		$0.798				$1.556
Options - percentage												0.128	0.01%	0.226	0.02%			0.129	0.01%			-43.00%
Options - amount													$8.59		$17.088				$11.360
De Lima, Dawn Elizabeth												0.023	0.00%	0.014	0.00%			0.023	0.00%			68.92%
Officer - Shares - Amount													$1.51		$1.027				$2.023
Options - percentage												0.240	0.02%	0.204	0.02%			0.104	0.01%			-48.82%
Options - amount													$16.09		$15.402				$9.194
Culbert, Michael Robert								0.006	$0.000	0.006	0.00%	0.011	0.00%
Director - Shares - Amount									$0.27		$0.26		$0.70
Options - percentage								0.003	$0.000	0.013	0.00%	0.021	0.00%
Options - amount									$0.16		$0.61		$1.40
Cretier, Stephan		0.027	0.00%	0.027	0.00%	0.027	0.00%	0.027	$0.000												Ceased insider April 2022
Director - Shares - Amount			$1.718		$1.286		$1.46		$1.34
Options - percentage		0.003	0.00%	0.008	0.00%	0.012	0.00%	0.019	$0.000
Options - amount			$0.220		$0.394		$0.67		$0.95
Jones, Susan										0.007	0.00%	0.014	0.00%	0.014	0.00%			0.035	0.00%			144.08%
Director - Shares - Amt											$0.31		$0.95		$1.071				$3.048
Options - percentage										0.016	0.00%	0.025	0.00%	0.033	0.00%			0.042	0.00%			28.98%
Options - amount											$0.78		$1.66		$2.485				$3.738
Vanaselja, Siim A.	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.012	0.00%	0.052	0.01%	0.052	0.00%			0.012	0.00%		Was Chair until 2024	-76.92%
Director - Shares - Amt	$0.533		$0.756		$0.566		$0.64		$0.59		$0.57		$3.48		$3.930				$1.058
Options - percentage	0.00%	0.069	0.01%	0.031	0.00%	0.040	0.00%	0.054	0.01%	0.082	0.01%	0.102	0.01%	0.118	0.01%			0.133	0.01%			12.90%
Options - amount	$0.889		$4.333		$1.448		$2.143		$2.655		$3.886		$6.822		$8.918				$11.742
Lowe, John Edward										0.025	0.00%	0.030	0.00%	0.030	0.00%			0.030	0.00%		Named as chair 2024	0.00%
Chairman - Shares - Amt											$1.18		$2.01		$2.267				$2.645
Options - percentage										0.082	0.01%	0.038	0.00%	0.048	0.00%			0.058	0.01%			22.17%
Options - amount											$3.89		$2.55		$3.604				$5.136
Increase in O/S Shares	0.15%	0.734	0.08%	5.138	0.55%	1.664	0.18%	2.797	0.29%	2.860	0.28%	0.062	0.01%	1.607	0.15%			1.740	0.17%
due to SO 2013	$74.175		$32.594		$323.683		$78.439		$149.886		$140.627		$2.923		$107.653				$131.509
Book Value	$62.000		$34.000		$282.000		$101.000		$165.000		$183.000		$4.000		$99.000				$117.000
Insider Buying	-$6.062		-$1.079		-$4.226		-$3.054		-$2.249		-$3.678		-$8.073		-$1.352				-$3.397
Insider Selling	$27.973		$37.063		$113.498		$3.207		$21.142		$5.605		$0.140		$38.504				$49.407
Net Insider Selling	$21.912		$35.984		$109.273		$0.153		$18.893		$1.927		-$7.933		$37.152				$46.009		Not keeping Stock Options
% of Market Cap	0.05%		0.06%		0.25%		0.00%		0.04%		0.00%		-0.01%		0.05%				0.05%
Directors		12		12		14		14		13		13		15				15
Women	23%	3	25%	3	25%	4	29%	4	29%	5	38%	5	38%	6	40%			5	33%
Minorities	8%	1	8%	1	8%	1	7%	1	7%	2	15%	2	15%	3	20%			2	13%
Institutions/Holdings	60.47%	471	63.33%	20	49.48%	20	67.87%	20	71.56%	20	70.48%	20	79.55%	20	53.19%			20	58.61%
Total Shares Held	58.28%	584.683	62.31%	459.629	48.89%	637.991	65.05%	701.999	68.96%	704.818	67.94%	825.365	16.78%	552.683	53.10%			610.026	58.61%
Increase/Decrease	4.29%	0.385	0.07%	4.126	0.91%	6.917	1.10%	28.489	4.23%	-53.524	-7.06%	-53.524	-6.09%	-55.860	-9.18%			-72.935	-10.68%
Starting No. of Shares	Nasdaq	584.298	Nasdaq	455.504	Top 20 MS	631.074	Top 20 MS	673.510	Top 20 MS	758.342	Top 20 MS	878.889	Top 20 MS	608.543	Top 20 MS			682.961	Top 20 MS
Institutions/Holdings	69.48%	1,098	183.00%																		Data for 2018 from
Amount	$34,127		$74,609																	?	morningstar makes no sense
Total Shares Held	66.77%	958.000	104.35%																	?
Amount	$34,162		$53,388
Increase/Decrease	1.49%	21.000	2.24%
Starting No. of Shares	Morningstar	937.000	Morningstar
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