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					Company Name                  Spotless Group Limited
                                               Provides commercial services, facilities
ASX Code                             SPT       management, food services & laundry services                  900                               Price
                                                                                                             800
Date Listed:                     01-Jan-74
                                                                                                             700
Current Price                       $2.38                                                                    600
Dividend Yield                       5%                                                                      500
Current PE                           14.5                                                                    400
                                                                                                             300
Average PE                           21.2
                                                                                                             200
Current EV/EBIT                      9.5                                                                     100
Average EV/EBIT                      11.9                                                                      -
ROICE                               6.9%
Average ROE                        11.2%
Shareholder Return                  -6.0%

Financial Summary                  CAGR              2001         2002        2003           2004      2005         2006        2007                    2008          2009         2010
Revenues                             3%            1918.1       2187.1      2354.7         2452.4    2218.3        2525.8      2573.1                  2445.9       2388.6        2515.9
EBIT                                 1%               80.5         93.4      109.7            73.8    138.7         113.5        85.2                    62.6          90.1         85.6
Net Profit                           2%               36.0         32.4        51.6           22.7      85.3         61.8        47.3                    26.0          42.7         43.0
EPS (cents)                         -1%               19.4         15.9        25.0           10.9      40.6         29.0        22.0                    12.0          19.5         17.1
DPS (cents)                         -7%               21.0         22.0        23.0           23.0      24.0         23.0        21.0                    21.0          11.0         11.0
Cash Flow Per Share (cents)         -6%               31.5         32.1        35.9           29.6      -2.6         17.0        40.5                    17.9          29.8         17.8
BVPS ($)                            -3%               2.33         2.42        2.46           2.23      1.74         1.70        1.71                    1.63          1.66         1.77
NTAPS ($)                          -164%             -1.11        -0.55       -0.32          -0.35     -0.09        -0.08       -0.08                   -0.20         -0.14         0.02
Franking                                            100%         100%        100%           100%      100%           80%         45%                     50%         100%           60%
Average price                      -11%               7.45         4.38        3.51           4.72      5.20         4.80        4.86                    2.59          2.26         2.60
No of Shares (m)                    3%              185.5        203.4       205.9          208.8     210.2         213.1       215.1                   217.1        218.7         251.6


Margins                           Average            2001        2002         2003           2004     2005          2006            2007                2008          2009            2010
EBIT Margin                         4%                4%          4%           5%             3%       6%            4%              3%                  3%            4%              3%
Net Profit Margin                   2%                2%          1%           2%             1%       4%            2%              2%                  1%            2%              2%


Balance Sheet                      CAGR             2001         2002        2003           2004      2005          2006           2007                 2008         2009          2010
Cash                                 1%              45.0         49.5        39.7           70.3      44.7          42.8           64.8                 46.6         56.0          48.9
PPE                                  5%             138.2        144.5       180.8          210.3     199.3         178.1          171.7                152.2        205.4         221.6
Intangibles                         -4%             637.7        602.1       572.5          538.3     383.2         379.1          385.2                396.7        393.3         440.8
Debt                                -9%             478.4        401.7       350.8          396.2     346.6         319.7          266.5                240.4        269.5         210.6
Equity                               0%             432.7        491.2       506.5          465.5     364.8         362.2          368.2                354.0        363.7         445.9
Capital Employed                    -4%             911.1        892.9       857.3          861.7     711.4         681.9          634.7                594.4        633.2         656.5


Cash Flow                          CAGR             2001         2002         2003          2004      2005          2006        2007                    2008          2009         2010
Operating Cash Flow                  4%            93.10        97.40       117.00        120.50     60.30         86.70      141.10                   92.10        136.30       127.90
Capital Expense                     10%        -   34.70 -      32.10 -      43.10 -       58.60 -   65.80 -       50.50 -     54.00 -                 53.30 -       71.20 -      83.20
Free Cash Flow                      -3%            58.40        65.30        73.90         61.90 -    5.50         36.20       87.10                   38.80         65.10        44.70
                                   Total
Equity Raised                      184.0              -         72.50        11.15         12.19       -             -              2.00                 -             -          86.20

Ratios                            Average            2001        2002        2003           2004      2005          2006           2007                 2008         2009          2010
PE                                  22.3            38.35        27.50       14.01          43.50     12.82         16.55          22.10                21.63        11.58         15.21
EV/EBIT                             12.9            22.54        13.30        9.42          17.78     10.06         11.45          14.64                12.08         7.86          9.53
ROE                                11%               10%           7%         10%             5%       21%           17%            13%                   7%          12%           11%
ROA                                 8%                8%           7%          9%             6%       11%           10%             8%                   6%           9%            8%
ROCE                               13%               11%          10%         13%             9%       18%           16%            13%                  10%          15%           13%
Dividend Yield                      0%                0%           0%          0%             0%        0%            0%             0%                   0%           0%            0%
Cash Flow Yield                     7%                4%           7%         10%             6%       -1%            4%             8%                   7%          13%            7%
Tax Rate                           35%               34%          46%         37%            50%       21%           26%            27%                  39%          33%           31%
Debt/Equity                        67%              100%          72%         61%            70%       83%           76%            55%                  55%          59%           36%
Interest Cover                      3.5                3.5         3.4         4.2            2.6       4.8           4.0            3.2                  2.6          3.3           3.6
FCF/Operating Cash Flow            46%               63%          67%         63%            51%       -9%           42%            62%                  42%          48%           35%

Quant Scores                      Average            2001        2002         2003           2004     2005          2006            2007                2008          2009            2010
Z-Score                             2.9                2.8         2.7          2.9            2.7      3.2           3.2             3.4                 2.8           2.7             2.8
Piotroski Score                     5.3                5.0         7.0          7.0            3.0      5.0           6.0             7.0                 4.0           5.0             4.0

  Analysis of companies performance over last 10 years.




  Company Outlook. What are the risks, what's good about this company that will       Valuations       Margin of safety
                                                                                                                             4.00
  allow it profit in years to come.                                                   MikeVal         1.21        -49%                                                         3.14
                                                                                                                                                                     2.85
                                                                                      BrianVal        1.22        -49%       3.00
                                                                                      Buffetology     2.85         20%       2.00
                                                                                      WarrenVal       3.14         32%                      1.21             1.22
                                                                                                                             1.00

                                                                                                                               -
                                                                                                                                       MikeVal          BrianVal Buffetology WarrenVal
                                                                                      Average         2.10          -12%
                                                                                      Median          2.03          -15%




Last Row
CompanyCode          SPT
Company Name         Spotless Group Limited
Date Listed                           1-Jan-74

Company Rating       2.08 / 10

Details              Current                     CAGR
Price                 $                  2.38                -3%
BVPS                                     1.71                 2%
NTAPS                -                   0.11              -189%
EPS                                     16.40                -1%
DPS                                     11.00                -2%
CFPS                 -                   3.03              -184%
Shares                                 260.93                 5%
MarketCap ($m)                         621.02
Dividend Yield                             5%
Cash flow Yield                           -1%
Net Debt / Equity                         45%
Cash ($m)                              106.90
Debt ($m)                              306.30
Shareholder Return                      -6.0%
ROICE                                    6.9%
GBI                                     17.1%

Ratios               Current                     Average
PE                                        14.5               21.2
ROE                                      9.6%              11.7%
ROA                                      7.3%               9.2%
ROCE                                    12.8%              14.9%
EBIT Margin                              3.2%               4.3%
NPAT Margin                              1.5%               2.0%

                     Current                     Average
Zscore                                     2.7                3.1
Piotroski Score                            4.0                5.2
Company Description
Provides commercial services, facilities management, food services & laundry services




Annual Performance Commentary
2010.
EPS has gone backward since 1998. No wonder the price is lower today than it was in
1998. Lowest MikeRating score ever of 2.1 equal with Vision Group (VGH).
2011.
ROICE is 6.9% - woeful. ROE is currently 10.6%, NPAT margin is 1.7% and seems to
be falling each year. MikeRating still 2.1.
June Year End                                       Average
Income Statement ($m)
Revenues
Cost of Sales (For Spotless I use employee costs)
Gross Profit
Other Income
Total Revenues
Expenses
EBITDA
Depreciation & Amortisation
EBIT
Interest Expense
Interest Income
Abnormals pre tax
Profit before tax
Tax
Minority Interests
Preferred Dividends
Net Profit (adjusted to exclude abnormals)
Abnormal Items (after tax)
Net Profit (reported, including abnormals)



Per Share Data (cents)
Earnings per share (EPS - Reported, basic)
Earnings per share (EPS - Adjusted, Diluted)
Ordinary dividend per share (DPS - cents)
Special dividend or capital return (cents)
Book value per share (BVPS)
Net tangible assets per share (NTAPS)
Cash flow per share (CFPS)
Shares used to calc Basic EPS (m)
Shares used to calc Diluted EPS(m)
Period End Shares (m)
Average Annual Share Price ($)
Franking

Total Return from 1998 to current                   $   1.47
Balance Sheet
Current Assets ($m)
Cash and cash equivalents
Trade and other receivables
Other financial assets
Inventories
Other assets
Intangible assets
Total current assets

Non-Current Assets ($m)
Trade and other receivables
Investments accounted for using equity method
Other financial assets
Property, plant and equipment
Intangible assets
Deferred income tax assets
Other non-current assets
Total non-current assets
Total Assets

Current Liabilities ($m)
Trade and other payables
Interest–bearing loans and borrowings
Income tax payable
Other liabilities
Provisions
Total current liabilities

Non-Current Liabilities ($m)
Trade and other payables
Interest-bearing loans and borrowings
Provisions
Deferred income tax liabilities
Other liabilities
Total non-current liabilities
Total Liabilities
NET ASSETS

Equity ($m)
Contributed equity
Other reserves
Retained profits
Parent entity interest
Minority interest
TOTAL EQUITY

check

Other Balance Sheet data
Invested Capital (Debt + Equity-cash)
Capital Employed (Shareholders Equity + Short & Long Term Debt)
Working Capital
Total Debt
Net Debt/(cash)
Net Tangible Assets

Cash Flow ($m)
Cash flow from operating activities
Payments for property, plant & equipment (i.e. capital expenditure)
proceeds from sale of property, plant and equipment
Free Cash flow

Dividends paid
New Share capital (from shares issued)
Share buybacks (cost of buybacks)
Other Payments (e.g. acquisition of investments in associates)
Proceeds from Borrowings
Repayment of Borrowings

Cash flow from investing activities
Cash flow from financing activities
Net change in cash

Cash profit & Owner's earnings calculations
Company Cash Profit ($m) (From Roger Montgomery blog)
Cash
Total Debt
Contributed Equity
Total

Difference
+ dividends (from cash flow)
Company Cash profit

Company Cash Profit (version 2) ($m) (from Roger's book)
Change in Cash
Change in borrowings
Change in contributed equity
Dividends paid
Total Entity Cashflow
Change in PPE
Total cashflow excluding PPE

Owner's Earnings (From Warren Buffett)
Net profit
Depreciation & Amortisation
Capital Expenditure
Owner's Earnings

Enterprise Value ($m)
Net Debt/(cash)
Market Capital
Enterprise Value

NROE calculation (From Brian McNiven books)
Abnormals (+ve for gains, -ve for losses)          A
Net Profit                                         B
Dividends ($)                                      C
Franking
Grossed up dividends (at 30%)                      D
Opening Equity                                     E
Retained profits (B - C)                           F
New share capital                                  G
share buybacks                                     H
Change in Reserves (H + J - E - F - G)             I
Closing Equity                                     J
Normalised IRR (D - G + H)
Normalised Earnings (D + F + I -A)                 K
Normalised NROE (K / (E + ((G-H)/2))               %

Ratios                                           Average
Profitability Ratios
Cost of Doing Business                            56.3%
Gross Margin                                      60.3%
Net Profit Margin                                  2.0%
EBIT Margin                                        4.3%
Return on Assets (ROA)                             9.2%
Return on Invested Capital (ROIC)                  8.2%
Return on Capital Employed (ROCE)                 14.9%
Return on Equity (ROE - reported)                 11.7%
Tax Rate                                            35%
Short form Dupont ROE (adjusted net profit)
ROE (adjusted)                                    11.7%
Extended form Dupont ROE (adjusted net profit)
ROE (adjusted)                                    12.8%

Valuation Ratios
Price/Earnings ratio (PE)                           21.2
Price/Sales (per share) ratio                        0.4
Dividend Yield (Dividend / Price)                  4.8%
Price/Book Value (price / BVPS)                      2.2
Price/Cash Flow Ratio (Cash Flow Yield)            6.0%
Price/Earnings to Growth Ratio (PEG)                -1.4

EV Ratios
EV/EBIT                                             11.9
EV/EBITDA                                            7.1
Liquidity Measurement Ratios
Current Ratio                                                      1.07
Quick Ratio                                                        0.79

Debt Ratios
Debt/Equity Ratio                                                59.3%
Debt/Market Capital Ratio
Debt Ratio (Total Liabilities / Total Assets)                    63.3%
Equity Ratio (Equity / Total Assets)                             34.4%
Cash Flow to Debt Ratio (Free Cash Flow / Total Debt)               0.2
Interest Cover (EBIT/Interest Expense)                              5.1

Cash flow ratios
DPS Payout Ratio                                                   99%
Operating Cash Flow/Sales Ratio                                     4%
Free Cash Flow/Operating Cash Flow Ratio                           46%
Asset Turnover                                                    208%

Growth Ratios                                                   Average
Revenue Growth                                                     9.3%
Net Profit Growth                                                 22.1%
EPS Growth                                                        17.0%
Equity Growth                                                      9.5%
DPS Growth                                                         0.2%
BVPS Growth                                                        3.4%
Shares Growth                                                      6.0%
EBIT Margin Growth                                                 0.9%

Z-scores                                                        Average
T1 = Working Capital / Total Assets
T2 = Retained Earnings / Total Assets
T3 = Earnings Before Interest and Taxes / Total Assets
T4 = Market Value of Equity / Book Value of Total Liabilities
T5 = Sales/ Total Assets

T1 = Working Capital / Total Assets
T2 = Retained Earnings / Total Assets
T3 = Earnings Before Interest and Taxes / Total Assets
T4 = Market Value of Equity / Book Value of Total Liabilities
T5 = Sales/ Total Assets
Z-score                                                             3.1

Piotroski Score                                                 Average
  1. Net Income: Bottom line.
  2. Operating Cash Flow: A better earnings gauge.
  3. Return On Assets: Measures Profitability.
  4. Quality of Earnings: Warns of Accounting Tricks.
 5. Long-Term Debt vs. Assets: Is Debt decreasing?
 6. Current Ratio: Measures increasing working capital.
 7. Shares Outstanding: A Measure of potential dilution.
 8. Gross Margin: A measure of improving competitive position.
 9. Asset Turnover: Measures productivity.
Total Score (maximum is 9)                                        5.2

Valuations
MikeVal
EPS
Payout Ratio
DPS
Earnings Growth
Forecast PE
Expected Price
Total Dividends Received
Total Return
Discount Rate (or Required Return)
Valuation

WarrenVal
ROE
Interest Rate
BVPS
Valuation

Brian McNiven Valuation (APC/RR*reinvestment+dividends)/RR*BVPS
BVPS
Adjusted Performance Criteria (APC)
Dividends
Retained
Required Return (RR)
Valuation

Buffettology Valuation (earnings / interest rate)
Earnings Per Share (EPS)
Bond Rate
Valuation
           Compound Growth (CAGR)
 Median      5 year 10 year     Full          1998      1999      2000       2001
                                            Actual    Actual    Actual     Actual
               2.0%      3.8%      8.5%      963.2   1,077.5   1,586.2    1,918.1
               6.0%      2.9%    #DIV/0!                        -729.1     -878.6
              -0.4%      4.5%      4.1%      963.2   1,077.5     857.2    1,039.5
                                               2.9       4.7        0.3        0.2
               2.0%      3.8%       8.5%     966.1   1,082.2   1,586.6    1,918.3
              -0.2%      4.8%       3.8%    -890.8    -990.9    -747.1     -913.0
              -2.1%      2.7%       6.2%      75.3      91.3     110.5      126.7
                                             -20.0     -21.1     -31.4      -46.2
              -4.5%      1.1%       3.8%      55.3      70.1       79.0       80.5
                                              -5.1      -4.7     -12.1      -22.8



              -5.4%      1.1%       2.0%      50.2      65.4      66.9       57.7
                                             -19.2     -24.5     -27.7      -19.9
                                              -7.8      -9.4      -6.4       -1.8

              -7.1%      1.7%       4.8%      23.2     31.5       32.8       36.0

              -7.1%      1.7%       4.8%      23.2     31.5       32.8       36.0

                                              17.6     23.8       23.1       19.4

             -10.8%     -1.7%      -0.5%      17.6     23.8       23.1       19.4
             -10.8%     -1.7%      -0.5%      17.6     23.8       23.1       19.4
             -13.7%     -6.3%      -1.6%      13.5     17.5       20.0       21.0

               0.1%     -3.1%       2.4%       1.3      1.6       2.2        2.3
               7.6%    -20.3%    -189.1%       0.5      0.9      -0.1       -1.1
            -170.8%    #NUM!     -184.5%      27.1     25.2      23.5       31.5
               4.1%      3.5%       5.4%     131.9    132.5     142.0      185.5
               4.1%      3.5%       5.4%     131.9    132.5     142.0      185.5
             #DIV/0!   #DIV/0!    #DIV/0!
             -14.8%    -11.7%      -3.2%     3.30      4.05      5.60       7.45
                                            100%      100%      100%       100%

0 bagger                           -6.0%



                                              14.4     28.1      14.6       45.0
                                              97.9    108.6     200.7      246.8
                                                                  0.1        0.1
                                              70.9     71.7      82.3      111.8
                                               9.0      9.0      12.1       10.2
  4.0%    2.6%    8.2%    192.2   217.4   309.8    414.0



                           14.1    16.8
                                            0.3       0.6
                                    1.5    30.2      33.6
                          103.3    98.4   124.2     138.2
                           97.8    97.4   328.8     637.7
                                           28.1      21.5
                           19.0    21.1    13.6      16.0
  3.1%    -0.9%   9.7%    234.2   235.3   525.1     847.7
  3.4%     0.4%   9.0%    426.5   452.6   834.9   1,261.6



                          116.4   118.1   189.7    247.7
                            3.5     3.3    16.2     46.5
                                           20.0     14.7

                           36.7    40.3    54.5     61.4
  -1.0%   1.9%    8.4%    156.7   161.7   280.5    370.3




                           80.1    48.6   206.6    431.9
                           24.1    25.5     9.6     11.0
                                           19.6     15.7

  8.8%    -1.0%   11.2%   104.2    74.0   235.8    458.6
  3.0%     0.4%    9.7%   260.9   235.7   516.3    828.9
  4.2%     0.3%    7.9%   165.6   216.9   318.6    432.7



                           66.0    98.3   263.4    371.8
                           13.3     5.3     3.7      9.3
                           39.8    47.6    48.5     46.9
  4.7%    0.4%    10.7%   119.1   151.2   315.6    428.0
                           46.5    65.7     3.1      4.7
  4.2%    0.3%    7.9%    165.6   216.9   318.6    432.7

                           -       -       -         -



   0.2%   -2.9%    8.1%   234.8   240.7   527.0    866.1
   2.0%   -1.9%    8.9%   249.3   268.8   541.5    911.1
-220.8%    6.9%    6.9%    35.6    55.7    29.3     43.7
  -0.9%   -4.4%   10.5%    83.7    51.9   222.9    478.4
                           69.3    23.8   208.3    433.4
 12.0%    -17.5%     -193.9%    67.7   119.5    -10.1   -205.0



                    1,320.40    56.3    46.8     65.5     93.1
                   - 699.90    -20.6   -13.4    -32.1    -34.7

-173.8%   #NUM! -      1.89     35.7    33.4    33.4     58.4

                      513.07    22.7    26.6    39.6     37.6
                      227.70            43.7
                         -
                         -
                    6,296.32    93.6   102.0   306.6    639.2
                    5,928.41    54.6   131.0   152.5    378.4

                   - 260.70
                      115.40
                    1,175.10    56.3    46.8    65.5     93.1




                               -14.4   -28.1   -14.6    -45.0
                                83.7    51.9   222.9    478.4
                                66.0    98.3   263.4    371.8
                               135.3   122.1   471.7    805.2

                   - 678.74             13.2   -349.6   -333.5
                     490.32             26.6     39.6     37.6
                   - 188.42             39.8   -310.1   -295.9



                                        13.7    -13.5     30.5
                                       -31.8    171.0    255.5
                                        32.3    165.1    108.4
                                        26.6     39.6     37.6
                   - 188.42             39.8   -310.1   -295.9
                   - 66.70               7.2    -18.7     -2.6
                   - 255.12             47.0   -328.8   -298.5



                     579.05     23.2    31.5     32.8     36.0
                     863.41     20.0    21.1     31.4     46.2
                   - 699.90    -20.6   -13.4    -32.1    -34.7
                     742.56     22.6    39.3     32.1     47.5

 CAGR     CAGR
                                69.3    23.8   208.3    433.4
          -11.3%     -8.6%     2.0%    435.3    536.8      795.2   1,382.0
          -10.2%     -8.3%     3.2%    504.5    560.6    1,003.5   1,815.4

          5yr Avg 10yr Avg
                                -                  0.0       0.0       0.0
                             555.85               31.5      32.8      36.0
                             490.32               26.6      39.6      37.6
                                                100%      100%      100%
                               669.9              38.0      56.5      53.7
                               119.1             119.1     151.2     315.6
                                65.5               5.0      -6.8      -1.6
                               227.7              43.7       0.0       0.0
                                 0.0               0.0       0.0       0.0
                                33.3             -16.5     171.2     114.0
                               445.9             151.2     315.6     428.0
                              32.8%    -119.1     -5.7      56.5      53.7
                               768.7              26.4     220.9     166.2
           11.9%    13.0%     23.6%             18.7%    146.1%     52.6%

Median    5yr Avg 10yr Avg

 54.9%   60.1%      57.0%                                 49.1%     50.0%
 59.7%   63.6%      60.9%                                 54.0%     54.2%
  1.9%    1.7%       1.9%               2.4%     2.9%      2.1%      1.9%
  4.2%    3.5%       3.9%               5.7%     6.5%      5.0%      4.2%
  8.2%                                 13.0%    16.0%     12.3%      7.7%
  7.4% -322.0%      -3.1%      4.8%    19.8%    13.3%      8.5%      5.2%
 13.1%  -33.4%      -6.0%      6.9%    22.2%    27.1%     19.5%     11.1%
 11.3%  -22.8%      52.5%      7.0%    14.0%    16.5%     12.2%      9.6%
   36%                                   38%      37%       41%       34%

 11.3%                                 14.0%    16.5%     12.2%      9.6%

 11.5%                                 18.7%    21.4%     14.6%     10.1%



   17.9      16.7     21.5               18.8     17.0      24.3      38.3
    0.4       0.3      0.4                0.5      0.5       0.5       0.7
  4.7%      5.2%     5.0%               4.1%     4.3%      3.6%      2.8%
    2.3       1.9      2.1                2.6      2.5       2.5       3.2
  6.6%      6.2%     5.9%               8.2%     6.2%      4.2%      4.2%
   -0.8      -1.0     -1.0                         0.5      -8.1      -2.4



  10.8       10.7     12.5                9.1      8.0     12.7      22.5
   6.7        6.0      7.0                6.7      6.1      9.1      14.3
  1.04       1.00     1.03              1.23     1.34      1.10     1.12
  0.78       0.82     0.80              0.72     0.85      0.77     0.79



 60.1%     54.3%    64.7%              41.8%    11.0%    65.4%    100.2%
                                         16%       4%      26%       31%
 65.5%     65.4%    64.7%              61.2%    52.1%    61.8%     65.7%
 33.7%     34.1%    34.8%              27.9%    33.4%    37.8%     33.9%
    0.2       0.2      0.2                0.4      0.6      0.1       0.1
    3.6       3.4      3.5               10.8     14.9      6.5       3.5



  83%        90%     104%               77%      74%       87%     108%
   5%         4%       4%                6%       4%        4%       5%
  51%        36%      41%               63%      71%       51%      63%
 216%       226%     205%              226%     238%      190%     152%

Median    5yr Avg 10yr Avg   Std Dev
  8.9%       3.8%     5.6%     13.9%            12.0%     46.6%    20.9%
  0.7%      -5.3%   22.5%      84.5%            35.9%      3.9%    10.0%
-12.4%      -8.6%   17.2%      85.2%            35.2%     -3.0%   -15.8%
  2.7%       3.7%     4.1%     19.5%            31.0%     46.9%    35.8%
  0.0%     -10.1%    -3.8%     17.1%            29.6%     14.3%     5.0%
  1.8%      -0.2%    -2.1%     15.4%            30.4%     37.1%     4.0%
  1.4%       3.8%     6.0%      8.7%             0.5%      7.1%    30.6%
 -9.7%      -7.3%     1.9%     38.5%            13.3%    -23.1%   -15.7%

Median    5yr Avg 10yr Avg
                               1.20      8%      12%        4%       3%
                               1.40      9%      11%        6%       4%
                               3.30     13%      15%        9%       6%
                               0.60    167%     228%      154%     167%
                               1.00    227%     239%      190%     152%

                                        10%      15%        4%       4%
                                        13%      15%        8%       5%
                                        43%      51%       31%      21%
                                       100%     137%       92%     100%
                                       226%     239%      190%     152%
    2.8       3.0      2.9               3.9      4.6       3.3      2.8

Median    5yr Avg 10yr Avg
                                                    1        1         1
                                                    1        1         1
                                                    1        0         0
                                                    1        1         1
                                                     1            0             0
                                                     1            0             1
                                                     0            0             0
                                                     0            1             1
                                                     1            0             0
5.0      5.0      5.2                                7            4             5

      CAGR     CAGR      Full

                                    17.59        23.78        23.07         19.43
                                    76.8%        73.6%        86.7%        108.1%
                                    13.50        17.50        20.00         21.00
                                     3.0%         3.0%         3.0%          3.0%
                                      15.0         15.0         15.0          15.0
                                $    3.55    $    4.79    $    4.65    $     3.92
                                $    1.55    $    2.01    $    2.29    $     2.41
                                $    5.09    $    6.80    $    6.94    $     6.32
                                    12.0%        12.0%        12.0%         12.0%
      -11.6%    -3.2%   -0.8% $      1.31    $    1.75    $    1.78    $     1.62



                                    14.0%        16.5%        12.2%          9.6%
                                     6.0%         6.0%         6.0%          6.0%
                                      1.26         1.64         2.24          2.33
      -10.7%    -3.1%   -0.5% $      2.93 $       4.50 $       4.57 $        3.73



                                      1.26         1.64         2.24          2.33
                                    23.6%        18.7%        23.6%         52.6%
                                    18.2%        13.8%        20.5%         56.9%
                                     5.5%         4.9%         3.1%         -4.3%
                                    12.0%        12.0%        12.0%         12.0%
      -15.5%   -18.8%   -8.8% $      3.03 $       2.93 $       4.99 $        7.43


                                    17.59        23.78        23.07         19.43
                                    6.0%         6.0%         6.0%          6.0%
      -10.8%    -1.7%   -0.5% $     2.93 $       3.96 $       3.84 $        3.24
    2002        2003        2004        2005        2006        2007        2008        2009
  Actual      Actual      Actual      Actual      Actual      Actual      Actual      Actual
 2,187.1     2,354.7     2,452.4     2,218.3     2,525.8     2,573.1     2,445.9     2,388.6
  -938.6      -986.8    -1,036.4      -856.5      -875.6      -883.3      -844.1      -845.4
 1,248.5     1,367.9     1,416.0     1,361.8     1,650.2     1,689.8     1,601.8     1,543.2
      0.3        26.9        15.7        36.0         4.4        15.8         4.7         8.1
 2,187.4     2,381.6     2,468.1     2,254.3     2,530.2     2,588.9     2,450.6     2,396.7
-1,089.9    -1,190.7    -1,253.3    -1,189.6    -1,471.1    -1,553.5    -1,485.0    -1,390.4
   158.9       204.1       178.3       208.2       183.5       152.1       121.5       160.9
   -65.5       -94.3      -104.6       -69.5       -70.0       -66.9       -58.9       -70.8
     93.4      109.7         73.8      138.7       113.5         85.2        62.6        90.1
   -27.3       -25.9       -28.0       -29.2       -28.1       -26.8       -24.5       -26.9
                                                                  7.6         5.6         1.9

    66.2        83.9        45.7      109.5         85.4        66.0        43.7        65.1
   -30.5       -31.4       -23.0      -23.2        -22.6       -17.6       -17.1       -21.2
    -3.3        -0.9        -0.1       -1.0         -1.0        -1.1        -0.6        -1.2

    32.4        51.6        22.7        85.3        61.8        47.3        26.0        42.7

    32.4        51.6        22.7        85.3        61.8        47.3        26.0        42.7

    15.9        25.0        10.8        40.6        29.0        22.0        12.0        19.5

    15.9        25.0        10.9        40.6        29.0        22.0        12.0        19.5
    15.9        25.0        10.9        40.6        29.0        22.0        12.0        19.5
    22.0        23.0        23.0        24.0        23.0        21.0        21.0        11.0

    2.4         2.5         2.2         1.7         1.7         1.7         1.6         1.7
   -0.5        -0.3        -0.3        -0.1        -0.1        -0.1        -0.2        -0.1
   32.1        35.9        29.6        -2.6        17.0        40.5        17.9        29.8
  203.4       205.9       208.8       210.2       213.1       215.1       217.1       218.7
  203.4       205.9       208.8       210.2       213.1       215.1       217.1       218.7

   4.38        3.51        4.72        5.20        4.80        4.86        2.59        2.26
  100%        100%        100%        100%          80%         45%         50%       100%




   49.5        39.7        70.3        44.7        42.8        64.8        46.6        56.0
  259.8       268.9       295.2       258.8       285.7       276.0       272.7       279.9
    0.4         0.4         0.4         0.4         0.4         0.2         0.1         2.7
  121.5        86.0       103.9        82.9        88.3        65.5        60.0        51.1
    8.1        12.9        25.8        30.8        21.2        20.6        23.6        12.8
 439.4     408.0     495.6     417.6     438.4     427.1     403.0     402.5




    0.8       0.8       0.7                           0.3       5.4       5.0
   44.3      47.8      51.3      51.0      37.3      30.1      28.6      23.5
  144.5     180.8     210.3     199.3     178.1     171.7     152.2     205.4
  602.1     572.5     538.3     383.2     379.1     385.2     396.7     393.3
   21.9      27.3      29.3      33.9      39.0      37.9      35.5      37.1
   16.2      16.6      21.1      22.4      34.2      18.8      17.0       6.5
  829.8     845.8     851.1     689.8     667.7     644.0     635.4     670.8
1,269.2   1,253.7   1,346.7   1,107.4   1,106.1   1,071.1   1,038.4   1,073.3



 265.7     294.2     361.4     276.7     289.2     282.5     293.9     303.4
  34.2      25.2      51.2      77.8     116.0      68.1      58.3      10.1
  10.7      12.7       9.6      14.8       5.0       4.5       7.0       3.3
   5.1       5.5       5.0       9.6       1.9       1.7       1.5       4.4
  64.8      52.1      53.2      55.9      59.4      69.9      71.5      73.9
 380.5     389.7     480.4     434.8     471.5     426.7     432.2     395.1




 367.5     325.6     345.0     268.8     203.7     198.4     182.1     259.4
  11.4      11.3      13.4      22.5      17.6      16.8      11.0       5.4
  14.8      17.9      40.3      12.7      15.1      11.9      12.1      14.6
   3.8       2.7       2.2       3.8      36.0      49.1      47.0      35.1
 397.5     357.6     400.8     307.8     272.4     276.2     252.2     314.5
 778.0     747.3     881.2     742.6     743.9     702.9     684.4     709.6
 491.2     506.5     465.5     364.8     362.2     368.2     354.0     363.7



 454.9     469.4     481.6      490.1     501.5     510.1     519.6     521.5
  -5.9     -30.8     -36.1       -8.2     -17.8     -19.5     -22.5     -24.1
  34.3      60.1      12.3     -124.7    -129.2    -131.2    -150.7    -141.8
 483.4     498.7     457.9      357.2     354.5     359.4     346.4     355.6
   7.8       7.8       7.7        7.6       7.7       8.8       7.6       8.1
 491.2     506.5     465.5      364.8     362.2     368.2     354.0     363.7

   -         -         -         -         -         -         -         -



 843.4     817.6     791.4     666.7     639.1     569.9     547.8     577.2
 892.9     857.3     861.7     711.4     681.9     634.7     594.4     633.2
  58.9      18.3      15.3     -17.2     -33.1       0.4     -29.2       7.4
 401.7     350.8     396.2     346.6     319.7     266.5     240.4     269.5
 352.2     311.1     325.9     301.9     276.9     201.7     193.8     213.5
-110.9   -66.1   -72.7   -18.4   -16.9   -17.0   -42.7   -29.6



  97.4   117.0   120.5    60.3    86.7   141.1    92.1   136.3
 -32.1   -43.1   -58.6   -65.8   -50.5   -54.0   -53.3   -71.2

 65.3     73.9    61.9    -5.5    36.2    87.1    38.8    65.1

 44.6     47.6    47.9    41.1    40.5    43.6    36.7    32.7
 72.5     11.2    12.2                     2.0



183.7    121.5   341.4   571.7   710.1   847.5   831.4   351.6
254.9    159.9   298.7   614.5   708.1   878.5   839.0   344.0




 97.4    117.0   120.5    60.3    86.7   141.1    92.1   136.3




-49.5    -39.7   -70.3   -44.7   -42.8   -64.8   -46.6   -56.0
401.7    350.8   396.2   346.6   319.7   266.5   240.4   269.5
454.9    469.4   481.6   490.1   501.5   510.1   519.6   521.5
807.1    780.5   807.5   792.0   778.4   711.8   713.4   735.0

 -1.9     26.6   -27.0    15.5    13.6    66.6    -1.6   -21.6
 44.6     47.6    47.9    41.1    40.5    43.6    36.7    32.7
 42.7     74.2    20.9    56.6    54.1   110.2    35.1    11.1



   4.5    -9.8    30.6   -25.6    -1.9    22.0   -18.2     9.4
 -76.7   -50.9    45.4   -49.6   -26.9   -53.2   -26.1    29.1
  83.1    14.4    12.2     8.5    11.4     8.6     9.5     1.9
  44.6    47.6    47.9    41.1    40.5    43.6    36.7    32.7
  42.7    74.2    20.9    56.6    54.1   110.2    35.1    11.1
   2.6   -11.0   -15.5    -7.2    15.3    -3.5     0.7   -17.9
  45.3    63.2     5.4    49.4    69.4   106.7    35.8    -6.8



  32.4    51.6    22.7    85.3    61.8    47.3    26.0    42.7
  65.5    94.3   104.6    69.5    70.0    66.9    58.9    70.8
 -32.1   -43.1   -58.6   -65.8   -50.5   -54.0   -53.3   -71.2
  65.8   102.8    68.7    89.0    81.3    60.2    31.6    42.3



352.2    311.1   325.9   301.9   276.9   201.7   193.8   213.5
  890.9     722.7     985.7   1,093.3    1,023.0   1,045.6    562.4    494.3
1,243.1   1,033.8   1,311.6   1,395.2    1,299.9   1,247.3    756.2    707.8


    0.0       0.0       0.0        0.0       0.0        0.0      0.0      0.0
   32.4      51.6      22.7       85.3      61.8      47.3     26.0      42.7
   44.6      47.6      47.9       41.1      40.5      43.6     36.7      32.7
 100%      100%      100%       100%        80%       45%      50%     100%
   63.7      68.0      68.4       58.7      54.4      52.0     44.6      46.7
  428.0     483.4    498.7      457.9      357.2     354.5    359.4     346.4
  -12.2       4.0     -25.2       44.2      21.3        3.7   -10.7      10.0
   72.5      11.2      12.2        0.0       0.0        2.0      0.0      0.0
    0.0       0.0       0.0        0.0       0.0        0.0      0.0      0.0
   -4.9       0.1     -27.8    -144.9      -24.0       -0.8     -2.3     -0.8
  483.4     498.7    457.9      357.2      354.5     359.4    346.4     355.6
   -8.8      56.8      56.2       58.7      54.4      50.0     44.6      46.7
   46.6      72.1      15.4      -41.9      51.7      54.9     31.6      55.9
 10.0%     14.7%      3.1%      -9.2%     14.5%     15.4%     8.8%     16.1%




 52.8%     53.4%     54.7%     55.1%      60.8%     62.4%     62.9%    60.8%
 57.1%     58.1%     57.7%     61.4%      65.3%     65.7%     65.5%    64.6%
  1.5%      2.2%      0.9%      3.8%       2.4%      1.8%      1.1%     1.8%
  4.3%      4.6%      3.0%      6.2%       4.5%      3.3%      2.6%     3.8%
  7.4%      8.7%      5.7%     11.3%      10.3%      7.8%      5.9%     8.5%
  3.8%      6.2%      2.8%     11.7%       9.5%      7.8%      4.7%     7.6%
 10.4%     12.5%      8.6%     17.6%      16.3%     12.9%     10.2%    14.7%
  7.0%     10.3%      4.7%     20.5%      17.0%     13.0%      7.2%    11.9%
   46%       37%       50%       21%        26%       27%       39%      33%

  7.0%     10.3%      4.7%     20.5%      17.0%     13.0%     7.2%     11.9%

  7.7%     10.5%      4.7%     20.8%      17.3%     13.3%     7.4%     12.2%



   27.5      14.0      43.5      12.8       16.6      22.1     21.6      11.6
    0.4       0.3       0.4       0.5        0.4       0.4      0.2       0.2
  5.0%      6.6%      4.9%      4.6%       4.8%      4.3%     8.1%      4.9%
    1.8       1.4       2.1       3.0        2.8       2.8      1.6       1.4
  7.3%     10.2%      6.3%     -0.5%       3.5%      8.3%     6.9%     13.2%
   -1.5       0.2      -0.8       0.0       -0.6      -0.9     -0.5       0.2



  13.3        9.4     17.8       10.1      11.5       14.6     12.1       7.9
   7.8        5.1      7.4        6.7       7.1        8.2      6.2       4.4
  1.15    1.05      1.03     0.96     0.93     1.00     0.93     1.02
  0.81    0.79      0.76     0.70     0.70     0.80     0.74     0.86



71.7%    61.4%    70.0%    82.8%    76.4%    54.8%    54.7%    58.7%
  40%      43%      33%      28%      27%      19%      34%      43%
61.3%    59.6%    65.4%    67.1%    67.3%    65.6%    65.9%    66.1%
38.1%    39.8%    34.0%    32.3%    32.0%    33.6%    33.4%    33.1%
   0.2      0.2      0.2      0.0      0.1      0.3      0.2      0.2
   3.4      4.2      2.6      4.8      4.0      3.2      2.6      3.3



 138%     92%      212%      59%      79%      96%     175%      56%
   4%      5%        5%       3%       3%       5%       4%       6%
  67%     63%       51%      -9%      42%      62%      42%      48%
 172%    188%      182%     200%     228%     240%     236%     223%



 14.0%    8.9%      3.6%    -8.7%    12.2%     2.3%    -5.3%    -2.2%
-10.1%   59.2%    -56.1%   276.4%   -27.5%   -23.5%   -45.0%    64.2%
-18.0%   57.3%    -56.7%   273.9%   -28.5%   -24.2%   -45.5%    63.0%
 13.5%    3.1%     -8.1%   -21.6%    -0.7%     1.7%    -3.9%     2.7%
  4.8%    4.5%      0.0%     4.3%    -4.2%    -8.7%     0.0%   -47.6%
  3.5%    1.8%     -9.4%   -22.2%    -2.1%     0.7%    -4.7%     2.0%
  9.6%    1.2%      1.4%     0.7%     1.4%     0.9%     0.9%     0.7%
  1.8%    7.9%    -35.1%   105.9%   -27.1%   -26.6%   -22.4%    47.2%


   5%      1%        1%      -2%      -3%       0%      -3%       1%
   3%      5%        1%     -11%     -12%     -12%     -15%     -13%
   7%      9%        5%      13%      10%       8%       6%       8%
 115%     97%      112%     147%     138%     149%      82%      70%
 172%    190%      183%     204%     229%     242%     236%     223%

   6%      2%        1%      -2%      -4%       0%      -3%       1%
   4%      7%        1%     -16%     -16%     -17%     -20%     -18%
  24%     29%       18%      41%      34%      26%      20%      28%
  69%     58%       67%      88%      83%      89%      49%      42%
 172%    190%      183%     203%     229%     241%     236%     223%
   2.7     2.9       2.7      3.2      3.2      3.4      2.8      2.7



    1        1        1        1        1        1        1        1
    1        1        1        1        1        1        1        1
    0        1        0        1        0        0        0        1
    1        1        1        0        1        1        1        1
         1            1             0            0            1            1             1            0
         1            0             0            0            0            1             0            1
         0            0             0            0            0            0             0            0
         1            1             0            1            1            1             0            0
         1            1             0            1            1            1             0            0
         7            7             3            5            6            7             4            5




     15.93        25.05         10.85        40.57        29.00        21.99         11.97        19.52
    138.1%        91.8%        212.0%        59.2%        79.3%        95.5%        175.4%        56.3%
     22.00        23.00         23.00        24.00        23.00        21.00         21.00        11.00
      3.0%         3.0%          3.0%         3.0%         3.0%         3.0%          3.0%         3.0%
       15.0         15.0          15.0         15.0         15.0         15.0          15.0         15.0
$     3.21    $    5.05    $     2.19    $    8.18    $    5.85    $    4.43    $     2.41    $    3.94
$     2.52    $    2.64    $     2.64    $    2.75    $    2.64    $    2.41    $     2.41    $    1.26
$     5.73    $    7.69    $     4.82    $   10.93    $    8.48    $    6.84    $     4.82    $    5.20
     12.0%        12.0%         12.0%        12.0%        12.0%        12.0%         12.0%        12.0%
$     1.47    $    1.97    $     1.24    $    2.81    $    2.18    $    1.76    $     1.24    $    1.33



      7.0%        10.3%          4.7%        20.5%        17.0%        13.0%          7.2%        11.9%
      6.0%         6.0%          6.0%         6.0%         6.0%         6.0%          6.0%         6.0%
       2.42         2.46          2.23         1.74         1.70         1.71          1.63         1.66
$     2.82 $       4.24 $        1.73 $       5.94 $       4.82 $       3.69 $        1.96 $       3.30



       2.42         2.46          2.23         1.74         1.70         1.71          1.63         1.66
     10.0%        14.7%          3.1%        -9.2%        14.5%        15.4%          8.8%        16.1%
     13.9%        13.5%          6.5%        -5.4%        11.5%        14.8%         15.4%         9.1%
     -3.8%         1.2%         -3.4%        -3.7%         3.0%         0.7%         -6.6%         7.0%
     12.0%        12.0%         12.0%        12.0%        12.0%        12.0%         12.0%        12.0%
$     2.15 $       3.08 $        1.04 -$      0.37 $       2.14 $       2.23 $        1.43 $       2.57


     15.93        25.05         10.85        40.57        29.00        21.99         11.97        19.52
     6.0%         6.0%          6.0%         6.0%         6.0%         6.0%          6.0%         6.0%
$    2.65 $       4.17 $        1.81 $       6.76 $       4.83 $       3.66 $        2.00 $       3.25
    2010        2011        2012       2013       2014       2015
  Actual      Actual    Forecast   Forecast   Forecast   Forecast
 2,515.9     2,789.2
  -945.9    -1,174.3
 1,570.0     1,614.9
      5.1         3.3
 2,521.0     2,792.5
-1,419.9    -1,453.5
   155.2       164.7
   -69.6       -74.6
     85.6        90.1
   -23.5       -26.6
      0.9         1.1

    63.0        64.6
   -19.5       -21.8
    -0.5

    43.0        42.8

    43.0        42.8

    17.1        16.4

    17.1        16.4
    17.1        16.4
    11.0        11.0

    1.8         1.7
    0.0        -0.1
   17.8        -3.0
  251.6       260.9
  251.6       260.9

   2.60        2.15
    60%         60%




   48.9       106.9
  297.1       363.4
    1.6         3.5
   50.1        42.7
   12.1        16.7
 409.8     533.2




    4.8       4.0
   34.0      34.4
  221.6     220.4
  440.8     475.4
   37.5      39.7
    3.5       2.7
  742.2     776.6
1,152.0   1,309.8



 346.3     354.5
  14.1       0.1
   2.9      10.6
   4.8       0.5
  78.8      82.4
 446.9     448.1




 196.5     306.2
   6.1       6.6
  19.1      19.6
  37.5      83.7
 259.2     416.1
 706.1     864.2
 445.9     445.6



  607.0     614.6
  -36.2     -58.2
 -124.9    -110.8
  445.9     445.6

 445.9     445.6

   -         -



 607.6     645.0
 656.5     751.9
 -37.1      85.1
 210.6     306.3
 161.7     199.4
   5.1    -29.8



127.9      79.4
-83.2     -87.3

 44.7      -7.9

 25.4     26.5
 86.2



561.8    634.3
612.1    502.2

-139.3   -121.4
   8.0    107.4
  -3.4     65.4




-48.9    -106.9
210.6     306.3
607.0     614.6
768.7     814.0

 -33.7    -45.3
  25.4     26.5
  -8.3    -18.8



  -7.1     58.0
 -58.9     95.7
  85.5      7.6
  25.4     26.5
  -8.3    -18.8
 -12.0     -4.1
 -20.3    -22.9



  43.0     42.8
  69.6     74.6
 -83.2    -87.3
  29.4     30.1



161.7    199.4
654.1   561.0
815.8   760.4


  0.0     0.0
 43.0    42.8
 25.4    26.5
 60%     60%
 31.9    33.3
355.6   445.9
 17.6    16.3
 86.2     0.0
  0.0     0.0
-13.5   -16.6
445.9   445.6
391.6   478.9
 36.0    33.0
9.0%    7.4%




59.0%   54.7%
62.4%   57.9%
 1.7%    1.5%
 3.4%    3.2%
 7.7%    7.3%
 7.3%    6.8%
13.3%   12.8%
10.6%    9.6%
  31%     34%

10.6%   9.6%

10.7%   9.6%



 15.2     13.1
  0.3      0.2
4.2%     5.1%
  1.5      1.3
6.8%    -1.4%
 -1.2     -3.2



  9.5     8.4
  5.3     4.6
  0.92    1.19
  0.78    1.06



36.3%    44.7%
  25%      36%
61.3%    66.0%
38.7%    34.0%
   0.2      0.0
   3.6      3.4



  64%     67%
   5%      3%
  35%    -10%
 218%    213%



  5.2%   10.8%
  0.7%   -0.5%
-12.4%   -4.0%
 22.6%   -0.1%
  0.0%    0.0%
  6.6%   -3.7%
 15.0%    3.7%
 -9.7%   -5.0%


  -3%      6%
 -11%     -8%
   7%      7%
  93%     65%
 219%    213%

  -4%      8%
 -15%    -12%
  25%     23%
  56%     39%
 219%    213%
   2.8     2.7



    1        1
    1        1
    0        0
    1        1
        1            0
        0            1
        0            0
        0            0
        0            0
        4            4




    17.09        16.40
    64.4%        67.1%
    11.00        11.00
     3.0%         3.0%
      15.0         15.0
$    3.45    $    3.31
$    1.26    $    1.26
$    4.71    $    4.57
    12.0%        12.0%
$    1.21    $    1.17



    10.6%         9.6%
     6.0%         6.0%
      1.77         1.71
$    3.14 $       2.73



      1.77         1.71
     9.0%         7.4%
     5.8%         5.0%
     3.2%         2.4%
    12.0%        12.0%
$    1.22 $       0.92


    17.09        16.40
    6.0%         6.0%
$   2.85 $       2.73
Tenets
Business Tenets
   Is the company simple for you to understand?
   Does the company have a consistent operating history?
   Does the company have favourable long-term prospects?
Management Tenets
   Is management rational?
   Is management candid with its shareholders?
   Does management resist the institutional imperative?
   Have any long-term directors, with a good track record, left the company recently?
Financial Tenets
   Is Return on Equity (ROE) good, average or bad?
   How does "owner earnings (per share)" compare to reported earnings (EPS)
   Does the company have high profit margins?
   Has the company created $1 of market value for each $1 it has retained?
Market Tenets
   What is your calculation of the value of the company's shares?
   Can the company be purchased at a discount to its intrinsic value?
Mikes Tenets
   How much debt does the company have?
   Does the company have a competitive advantage / economic moat?
   Do directors own significant numbers of shares in the company?




Give the company a score out of 10 for the above


Classification
Is the company Cyclical/Non-cyclical?
Which Cycle (economic, housing, commodity supply & demand etc)?
Fast Grower / Stalwart / Slow Grower / Cyclical / Turnaround / Asset Play?

Which of the following factors affect the company, and how much?
Interest Rates
Exchange Rates
Unemployment
Housing demand
GDP
Commodity prices
Raw material prices (e.g. steel)
Stock Market movements
Industry / Sector Growth


Is the company a potential takeover target?
The presence of a strategic shareholding on its register.
Industry consolidation taking place.
Substantial changes to the legislative or regulatory environment.
The occurrence of a previous (and unsuccessful) bid for the company in question.
Monopolistic and/or duopolistic industry structures.
Underutilised balance sheets and strong cash flows.
               Answers




ny recently?




                         0
       8.00
                                                                       Valuations
       7.00

       6.00

       5.00

       4.00

       3.00

       2.00

       1.00

        -
               1998     1999     2000     2001      2002      2003       2004         2005   2006      2007      2008        2009
      -1.00

               Year
                                    Price                  WarrenVal                   MikeVal                Buffettology



      30.0%
                                                                     Profitability

      25.0%



      20.0%



      15.0%



      10.0%



       5.0%



       0.0%
               1998     1999     2000     2001      2002      2003      2004      2005       2006     2007      2008         2009
               Year
                                                                                                              ROCE              ROE




100
                                                      Net Profit versus Cashflow
                                                                               85.3

80

                                                                                         61.8
60
                                                       51.6
                                                                                                    47.3
                                                                                                                        42.7        43.0
40                                 36.0
                 31.5     32.8               32.4
                                                                                                              26.0
        23.2                                                      22.7
20
  -
         1998       1999     2000     2001     2002     2003     2004      2005    2006   2007     2008       2009       2010

(20)

         Year                                                                                    Net Profit             Cashflow




                                                      Debt vs Equity vs Revenues
3,000.0


2,500.0


2,000.0


1,500.0


1,000.0


  500.0


       0.0
             1998     1999     2000     2001    2002      2003   2004      2005    2006   2007     2008       2009      2010

                                                                    Year                   Revenues            Equity
                      7.0%
                                                                              Margins

                      6.0%


                      5.0%


                      4.0%


                      3.0%


                      2.0%


                      1.0%

      2010            0.0%
                                  1998   1999   2000   2001   2002    2003    2004   2005   2006   2007   2008   2009
                                                                       Year
                                                                                                     Net Profit Margin
         BrianVal



                      45
                                                                      Revenues vs EPS
                      40

                      35

                      30

                      25

                      20

                      15

                      10

                      5

                      -
      2010    2011

ROE             ROA          Year                                                                           Revenues




                                                                     PE versus EV/EBIT


                           50.0
                           45.0
                           40.0
                           35.0
 43.0        42.8          30.0
                           25.0
                           20.0
                           15.0
                           10.0
                   10.0
                    5.0
 2010       2011    0.0



                          Year   PE
Cashflow




2010       2011

        Debt
            2009    2010   2011

Net Profit Margin      EBIT Margin




                                 3,000


                                 2,500


                                 2,000


                                 1,500


                                 1,000


                                 500


                                 -



       Revenues            EPS
PE   EV/EBIT
Ratio                   Description
ROE                     Average ROE
ROA                     Average ROA
Debt / Equity           Current Debt to Equity ratio
FCF / Op Cash Flow      Current Free Cash Flow to Operating Cash Flow
Shares Growth           Average Shares Growth
Interest Cover          Current Interest Cover
EBIT Margin             Current EBIT Margin (differs by industry)
ROICE                   Return on Incremental Capital Employed
EPS Growth              CAGR EPS Growth
DPS Growth              CAGR DPS Growth
                        Standard Deviation in EPS Growth - defines
Stability in EPS Growth stability in earnings growth
EBIT Margin Growth      Growth in EBIT Margin
Ranking Method                                                  Score
> 20% 10 points, Between 10% and 20% 5 points, < 10% 0 points             5
> 10% 10 points, Between 5% and 10% 5 points, < 5% 0 points               5
< 20% 10 points, Between 20% and 50% 5 points, > 50% 0 points             5
> 75% 10 points, Between 50% and 75% 5 points, < 50% 0 points             0
< 0% 10 points, Between 0% and 5% 5 points, > 5% 0 points                 0
> 5 10 points, Between 3 and 5 5 points, < 3 0 points                     5
> 10% 10 points, Between 5% and 10% 5 points, < 5% 0 points               0
> 15% 10 points, Between 10% and 15% 5 points, < 10% 0 points             0
> 15% 10 points, Between 10% and 15% 5 points, < 10% 0 points             0
> 15% 10 points, Between 10% and 15% 5 points, < 10% 0 points             0

<50 10 points, Between 50 and 100 5 points, > 100 0 points                 5
> 5% 10 points, Between 3% and 5% 5 points, < 3% 0 points                  0
Total                                                                   2.08
SPT   31-Jan-98    338.54          closing price ($)
      28-Feb-98    353.47                      3.53
      31-Mar-98    325.59                      3.26
      30-Apr-98    368.41                      3.68
      ########     363.43                      3.63
      30-Jun-98    328.58   3.46               3.29
       31-Jul-98   328.58                      3.29
      31-Aug-98    303.69                      3.04
      30-Sep-98    343.52                      3.44
      31-Oct-98    353.47                      3.53
      30-Nov-98    363.43                      3.63
      31-Dec-98    375.38                      3.75
      31-Jan-99    433.13                      4.33
      28-Feb-99    443.09                      4.43
      31-Mar-99    464.00                      4.64
      30-Apr-99    435.00                      4.35
      ########     400.00                      4.00
      30-Jun-99    405.00   3.87               4.05
       31-Jul-99   448.00                      4.48
      31-Aug-99    465.00                      4.65
      30-Sep-99    465.00                      4.65
      31-Oct-99    505.00                      5.05
      30-Nov-99    551.30                      5.51
      31-Dec-99    500.00                      5.00
      31-Jan-00    485.00                      4.85
      29-Feb-00    574.00                      5.74
      31-Mar-00    468.00                      4.68
      30-Apr-00    480.00                      4.80
      ########     475.00                      4.75
      30-Jun-00    559.60   4.98               5.60
       31-Jul-00   590.00                      5.90
      31-Aug-00    629.00                      6.29
      30-Sep-00    630.00                      6.30
      31-Oct-00    667.00                      6.67
      30-Nov-00    710.00                      7.10
      31-Dec-00    719.60                      7.20
      31-Jan-01    766.00                      7.66
      28-Feb-01    680.00                      6.80
      31-Mar-01    629.90                      6.30
      30-Apr-01    700.00                      7.00
      ########     679.90                      6.80
      30-Jun-01    745.00   6.79               7.45
       31-Jul-01   740.00                      7.40
      31-Aug-01    786.80                      7.87
      30-Sep-01    618.00                      6.18
      31-Oct-01    610.00                      6.10
      30-Nov-01    509.00                      5.09
      31-Dec-01    520.00                      5.20
      31-Jan-02    490.00                      4.90
      28-Feb-02    491.00                      4.91
      31-Mar-02    456.00                      4.56
      30-Apr-02    472.00                      4.72
########     438.00          4.38
30-Jun-02    438.00   5.47   4.38
 31-Jul-02   451.00          4.51
31-Aug-02    495.00          4.95
30-Sep-02    534.00          5.34
31-Oct-02    498.00          4.98
30-Nov-02    506.00          5.06
31-Dec-02    468.00          4.68
31-Jan-03    450.00          4.50
28-Feb-03    445.00          4.45
31-Mar-03    407.00          4.07
30-Apr-03    390.00          3.90
########     335.00          3.35
30-Jun-03    351.00   4.44   3.51
 31-Jul-03   388.00          3.88
31-Aug-03    506.00          5.06
30-Sep-03    517.00          5.17
31-Oct-03    515.00          5.15
30-Nov-03    475.00          4.75
31-Dec-03    475.00          4.75
31-Jan-04    435.00          4.35
29-Feb-04    445.00          4.45
31-Mar-04    460.00          4.60
30-Apr-04    485.00          4.85
########     505.00          5.05
30-Jun-04    472.00   4.73   4.72
 31-Jul-04   470.00          4.70
31-Aug-04    491.00          4.91
30-Sep-04    464.00          4.64
31-Oct-04    490.00          4.90
30-Nov-04    495.00          4.95
31-Dec-04    518.00          5.18
31-Jan-05    490.00          4.90
28-Feb-05    497.00          4.97
31-Mar-05    510.00          5.10
30-Apr-05    490.00          4.90
########     490.00          4.90
30-Jun-05    520.00   4.94   5.20
 31-Jul-05   550.00          5.50
31-Aug-05    514.00          5.14
30-Sep-05    505.00          5.05
31-Oct-05    499.00          4.99
30-Nov-05    483.00          4.83
31-Dec-05    483.00          4.83
31-Jan-06    477.00          4.77
28-Feb-06    515.00          5.15
31-Mar-06    506.00          5.06
30-Apr-06    495.00          4.95
########     485.00          4.85
30-Jun-06    480.00   4.99   4.80
 31-Jul-06   447.00          4.47
31-Aug-06    430.00          4.30
30-Sep-06    462.00          4.62
31-Oct-06    452.00          4.52
30-Nov-06    447.00          4.47
31-Dec-06    464.00          4.64
31-Jan-07    475.00          4.75
28-Feb-07    476.00          4.76
31-Mar-07    463.00          4.63
30-Apr-07    504.00          5.04
########     486.00          4.86
30-Jun-07    485.00   4.66   4.85
 31-Jul-07   452.00          4.52
31-Aug-07    430.00          4.30
30-Sep-07    434.00          4.34
31-Oct-07    447.00          4.47
30-Nov-07    455.00          4.55
31-Dec-07    415.00          4.15
31-Jan-08    376.00          3.76
29-Feb-08    405.00          4.05
31-Mar-08    331.00          3.31
30-Apr-08    315.00          3.15
########     304.00          3.04
30-Jun-08    259.00   3.85   2.59
 31-Jul-08   283.00          2.83
31-Aug-08    365.00          3.65
30-Sep-08    328.00          3.28
31-Oct-08    250.00          2.50
30-Nov-08    244.00          2.44
31-Dec-08    282.00          2.82
31-Jan-09    255.00          2.55
28-Feb-09    157.00          1.57
31-Mar-09    186.50          1.87
30-Apr-09    205.00          2.05
########     190.00          1.90
30-Jun-09    226.00   2.48   2.26
 31-Jul-09   253.00          2.53
31-Aug-09    250.00          2.50
30-Sep-09    251.00          2.51
31-Oct-09    254.00          2.54
30-Nov-09    245.00          2.45
31-Dec-09    295.00          2.95
31-Jan-10    271.00          2.71
28-Feb-10    291.00          2.91
31-Mar-10    285.00          2.85
30-Apr-10    283.00          2.83
########     222.00          2.22
30-Jun-10    214.00   2.60   2.14
 31-Jul-10   205.00          2.05
31-Aug-10    201.00          2.01
30-Sep-10    240.00          2.40
31-Oct-10       228          2.28
30-Nov-10       210          2.10
31-Dec-10       210          2.10
31-Jan-11    224          2.24
28-Feb-11    203          2.03
31-Mar-11    194          1.94
30-Apr-11    196          1.96
########     240          2.40
30-Jun-11    233   2.15   2.33
 31-Jul-11   205          2.05
31-Aug-11    190          1.90

				
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