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FINANCIAL STATEMENTS and RATIOS

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					                                      FINANCIAL STATEMENTS and RATIOS

                                               STOCKVAL and SV CONNECT

Open StockVal program and use Data menu to choose the appropriate reports. Examples
are provided below. You can save these reports from File/Export/ to text file (open it in
Excel later) or to Clipboard to paste.

SV Connect is an Excel version of StockVal. Load up SV Connect to see StockVal menu
in the menu bar in Excel. From StockVal/SV Connect Templates, choose the appropriate
ones. In general, Excel templates contain more detailed data than StockVal program
reports.


StockVal / Data / Company Profile

                                  Company Profile
 WAL-MART STORES INCORPORATED (WMT)                                                                                                         StockVal ®
 Price 51.330 08/06/04 FYE Jan
 Business Description:
 Wal-Mart Stores, Inc. operates retail stores in various formats around the world. It organizes its business into three segments: Wal-Mart Stores,
 SAM'S CLUB and International. The Wal-Mart Stores segment consists of three different retail formats, Discount Stores, Supercenters and
 Neighborhood Markets, all of which operate in the United States. The SAM'S CLUB segment consists of membership warehouse clubs. As of
 January 31, 2004, the Company operated 1,478 Discount Stores, 1,471 Supercenters, 538 SAM'S CLUBs and 64 Neighborhood Markets in the
 United States. The International segment consists of retail operations in eight countries and Puerto Rico. The International segment includes
 several different formats of retail stores and restaurants, including Discount Stores, Supercenters and SAM'S CLUBs that operate outside the
 United States. Additionally, the Company owns an unconsolidated 37.8% minority interest in The Seiyu, Ltd., a retailer in Japan.




 Price Change:                 Diff    Fundamentals:              YTY        Valuation:                    5-yr     Other Current Stats:
                   %          SP5                            $    %Chg                        Current    Median
 1-Week           -3.17        0.26    EPS T4Q (op)         2.14   17.6      P/E T4Q            24.0       34.7     Market Value               219150
 4-Weeks          -0.83        3.56    EPS F12M             2.53-  14.0      P/E F12M           20.3       30.9     Avg. Volume (thou)           9762
 8-Weeks         -10.26       -3.88    EPS Est. FY1         2.38   16.1      P/E FY1            21.6        NA      Beta (60 mo.)                 0.72
 13-Weeks         -8.11       -2.98    EPS Est. FY2         2.70-  13.4      P/E FY2            19.0        NA      Pre-Tax Margin T4Q             6%
 52-Weeks         -9.95      -19.17    Revs T4Q          264374    12.7      P/Sales            0.84       1.19     Net Profit Margin T4Q          4%
 QTD              -2.71        4.03    Cash Flw T4Q         3.02   17.2      P/Cash Flw        16.99      24.08     Return on Equity T4Q         22%
 YTD              -3.24        1.07    Book Value           9.85    7.7      P/Book             5.21       6.92     LT Debt/Capital              31%
 2003              5.03      -21.35    Dividend Est.        0.52    NA       Div. Yld         1.01%      0.57%      GRE Median                   14%

 Contact: Investor Relations
 Address: 702 Southwest 8th Street
          Bentonville, AR 72716
          479-273-4000

 Internet: www.walmart.com/                                                                                 Exchange:                        NYSE
 Country: USA                                   SV Industry I:      117 Retail Stores: Drug                 Options Exchange:                CO
 Employees:   1500000                           SV Industry II:                                             S&P 500 %:                       2.2081%
 Cusip:       931142103                         SV Sector:          06 Consumer Staples
                                                Universe:                                                   Analyst:
 Expected Report Date:      08/12/04            Equity Type:                                                Rating:




Notice that Wal-Mart’s industry code is 117. You can use this code, 117 or 117A, as a
ticker symbol to run many report for the industry.




Dr. A. Tezel                                                               1
StockVal / Data / Financial Statements (Annual) / Income Statement



                                      Income Statement
 WAL-MART STORES INCORPORATED (WMT)                                                      StockVal ®
 FYE Jan

                                  2004    % Chg      2003    % Chg      2002    % Chg       2001

Revenues ($ Mil)               256329.0      12   229616.0      13   204011.0      13   180787.0
Cost of Goods & Services       198747.0      11   178299.0      12   159097.0      13   140720.0
  Gross Profit                  57582.0      12    51317.0      14    44914.0      12    40067.0
S G & A Expense                 44909.0      12    39983.0      14    35147.0      14    30822.0
R&D Expense
Interest Expense                 1140.0      -4     1183.0     -20     1484.0       1     1476.0
  Pre-Tax Income                14193.0      15    12368.0      19    10396.0       3    10116.0
Taxes                            5118.0      17     4357.0      16     3765.0       2     3692.0

Net Income Reported ($ Mil)      9054.0      14     7955.0      21     6592.0       6     6235.0
Net Income Adjusted              9012.0      15     7818.0      17     6683.0       6     6322.0
EPS Reported                       2.07      16       1.79      22       1.47       6       1.39
EPS Adjusted                       2.06      17       1.76      18       1.49       6       1.41

Shares Outstanding (Thou)      4373000       -2   4446000       -1   4481000        0   4484000
Dividends Common (Per Shr)         0.36      20       0.30       7       0.28      17       0.24
Dividends Preferred ($ Mil)         0.0                0.0                0.0                0.0




Dr. A. Tezel                                 2
StockVal / Data / Financial Statements (Annual) / Income Statement Ratios



                                  Income Statement Ratios
 WAL-MART STORES INCORPORATED (WMT)                                                StockVal ®
 FYE Jan

                                          2004    2003    2002    2001    2000    1999

Gross Profit Margin (%)                   22.46   22.35   22.02   22.16   22.03   21.48
Operating Profit Margin EBITDA (%)         7.48    7.37    7.41    8.00    8.02    7.69
Operating Profit Margin EBIT (%)           5.98    5.90    5.82    6.41    6.50    6.25
Pre-Tax Profit Margin (%)                  5.54    5.39    5.10    5.60    5.81    5.61
Tax Rate (%)                              36.06   35.23   36.22   36.50   36.75   37.42
Net Profit Margin Adjusted (%)             3.52    3.40    3.28    3.50    3.66    3.25

Return   on    Avg Common Equity (%)      21.69   20.94   20.07   22.07   24.36   21.38
Return   on    Average Total Equity (%)   21.69   20.94   20.07   22.07   24.36   21.38
Return   on    Average Capital (%)        14.35   13.53   12.94   13.76   15.02   13.54
Return   on    Average Assets (%)          9.02    8.77    8.27    8.52    9.52    8.89

Times Interest Earned                     13.45   11.45    8.01    7.85    9.42    9.74




Dr. A. Tezel                                      3
StockVal / Data / Financial Statements (Annual) / Balance Sheet


                                           Balance Sheet
 WAL-MART STORES INCORPORATED (WMT)                                                         StockVal ®
 FYE Jan

                                   2004     % Chg          2003   % Chg     2002    % Chg      2001

Cash & Equivalents ($ Mil)        5199.0        90     2736.0        27    2161.0       5    2054.0
Accounts Receivable               1254.0       -20     1569.0       -22    2000.0      13    1768.0
Inventories                      26612.0         9    24401.0        11   22053.0       5   20987.0
Other Current Assets              1356.0       -33     2016.0        21    1664.0      -5    1746.0
  Total Current Assets           34421.0        12    30722.0        10   27878.0       5   26555.0
Plant & Equipment Gross          75887.0        15    66100.0        14   58116.0      12   51960.0
Accumulated Depreciation         17357.0        18    14726.0        14   12868.0      12   11499.0
  Plant & Equipment Net          58530.0        14    51374.0        14   45248.0      12   40461.0
Other Long-Term Assets           11961.0        -6    12712.0        22   10401.0      -6   11114.0
  Total Long-Term Assets         70491.0        10    64086.0        15   55649.0       8   51575.0
Total Assets                    104912.0        11    94808.0        14   83527.0       7   78130.0

Accounts Payable                 19332.0        15    16829.0         8   15617.0       3   15092.0
Short-Term Debt                   6367.0        10     5791.0        84    3148.0     -53    6661.0
Other Current Liabilities        11719.0        18     9899.0        16    8517.0      18    7196.0
  Total Current Liabilities      37418.0        15    32519.0        19   27282.0      -6   28949.0
Long-Term Debt                   20099.0         3    19597.0         5   18720.0      20   15641.0
Deferred Income Taxes             2288.0        23     1859.0        65    1126.0      13     993.0
Other Long-Term Liabilities          0.0                 10.0                 0.0               0.0
  Total Long-Term Liabilities    22387.0         4    21466.0         8   19846.0      19   16634.0
  Total Liabilities              59805.0        11    53985.0        15   47128.0       3   45583.0
Minority Interest                 1484.0         9     1362.0        13    1207.0       6    1140.0
Preferred Equity
Common Equity                    43623.0        11    39461.0        12   35192.0      12   31407.0
  Total Equity                   43623.0        11    39461.0        12   35192.0      12   31407.0
Total Liab & Equity             104912.0        11    94808.0        14   83527.0       7   78130.0




Dr. A. Tezel                                    4
StockVal / Data / Financial Statements (Annual) / Balance Sheet Ratios



                                      Balance Sheet Ratios
 WAL-MART STORES INCORPORATED (WMT)                                                    StockVal ®
 FYE Jan

                                  2004         2003          2002   2001     2000     1999

Cash Items/Total Capital (%)       7.97         4.53      3.92        4.26     4.25    5.78
Quick Ratio                        0.17         0.13      0.15        0.13     0.12    0.18
Current Ratio                      0.92         0.94      1.02        0.92     0.94    1.26
Net Working Capital ($000)       -2997        -1797       596       -2394    -1447    4370
Long-Term Debt/Equity (%)        46.07        49.66      53.19      49.80    64.00    45.33
Long-Term Debt / Capital (%)     30.82        32.43      33.96      32.46    37.88    29.47
Total Debt/Common Equity (%)     60.67        64.34      62.14      71.01    84.90    50.09
Total Debt/Capital (%)           40.59        42.02      39.67      46.28    50.25    32.56
Total Debt/Total Assets (%)      25.23        26.78      26.18      28.54    31.23    21.18

Days Inventory                   48.87        49.95      50.59      54.44    57.81    58.27
Days Receivable                   1.79         2.49       3.58       3.57     3.13     3.13
Days Payable                     35.50        34.45      35.83      39.15    39.26    36.53

Asset Turnover                    2.57         2.58          2.52    2.44     2.60     2.74
Plant & Equipment Turnover        4.66         4.75          4.76    4.76     5.11     5.35




Dr. A. Tezel                                   5
StockVal / Data / Financial Statements (Annual) / Cash Flow Analysis



                                      Cash Flow Analysis
 WAL-MART STORES INCORPORATED (WMT)                                                     StockVal ®
 FYE Jan

                                   2004    % Chg      2003    % Chg     2002    % Chg      2001

Net Income Reported ($ Mil)       9054.0      14     7955.0      21    6592.0       6    6235.0
  Accounting Adjustment            -42.0      69     -137.0              91.0       5      87.0
Net Income Adjusted               9012.0      15     7818.0      17    6683.0       6    6322.0
  Depreciation & Amort            3852.0      15     3364.0       4    3228.0      13    2868.0
Cash Flow Adjusted               12864.0      15    11182.0      13    9911.0       8    9190.0
  Capital Expenditures           10308.0      11     9245.0      12    8285.0       3    8042.0
Free Cash Flow Adjusted           2556.0      32     1937.0      19    1626.0      42    1148.0
  Dividends Common ($ Mil)        1574.3      18     1333.8       6    1254.7      17    1076.2
Free Cash Flow After Dividends     981.7      63      603.2      62     371.3     417      71.8

Net Cash From Operations         15946.0      23    12923.0      23   10483.0       9    9604.0
Net Cash From Investing          -8287.0      15    -9756.0     -37   -7134.0      18   -8714.0
Net Cash From Financing          -5563.0    -135    -2370.0      20   -2978.0    -574    -442.0
Other Cash Flows                   345.0             -200.0      24    -264.0      -6    -250.0
Change In Cash & Equiv            2441.0     309      597.0     458     107.0     -46     198.0




Dr. A. Tezel                                  6
StockVal / Data / Financial Statements (Annual) / Dupont Analytics


ROE= (EBIT/SALES) (EBT/EBIT) (1-Tax Rate) (SALES/ASSETS) (ASSETS/EQUITY)

                                       DuPont Analytics
 WAL-MART STORES INCORPORATED (WMT)                                                       StockVal ®
 Price 51.330 08/06/04 FYE Jan
                                 INT    TAX            ASSET
               MARGIN%        BURDEN BURDEN%            TURN        LEVERAGE


                EBIT        EBT               T          Sales         Assets
                -------      -------     1 - ----         -------       -------   ROE
               Sales        EBIT           EBT          Assets         Equity     Rpt%


    2004          5.98         0.93       63.94             2.57          2.40    21.79
    2003          5.90         0.91       64.77             2.58          2.39    21.31
    2002          5.82         0.88       63.78             2.52          2.43    19.80
    2001          6.41         0.87       63.50             2.44          2.59    21.77
    2000          6.50         0.89       63.25             2.60          2.56    22.65

    1999          6.25         0.90       62.58             2.74          2.40    22.17
    1998          5.84         0.88       63.02             2.64          2.38    19.65
    1997          5.76         0.85       63.01             2.58          2.42    19.07
    1996          5.93         0.82       63.05             2.53          2.56    19.92
    1995          6.43         0.85       62.90             2.64          2.52    22.84

    1994          6.74         0.86       63.21             2.70          2.41    23.92
    1993          6.43         0.89       63.00             3.08          2.29    25.33
    1992          6.53         0.89       63.00             3.27          2.17    26.04
    1991          6.88         0.91       63.20             3.33          2.10    27.67
    1990          7.15         0.93       63.01             3.55          2.09    30.86

    1989          7.08         0.91       63.17             3.59          2.18    31.80




Dr. A. Tezel                                        7
StockVal / Data / Industry Analysis includes reports on every company in the industry.
Overview, Performance, Growth and Momentum, Profitability, Valuation, and Financial
Strength. Here is an example of Industry Profitability report. You may export the report
to a text file to open it later in Excel.
                           Net Prof Net Prof     Pre-Tax Pre-Tax       Gross    Gross    EBITDA EBITDA
                           Marg Adj Marg Adj     Margin    Margin     Margin    Margin    Margin    Margin      ROE
Stock Name          Symbol   T4Q      5yr Avg      T4Q     5yr Avg    5yr Avg    LFY     5yr Avg      LFY       T4Q
RENAISSANCE LEARNI RLRN         22.87     22.89      36.04       36.9     81.96   83.85      40.92      41.71     27.67
JACK HENRY & ASSOC JKHY         13.37     14.12      21.34     21.85       40.6     37.9     28.66      23.13     15.07
AVID TECHNOLOGY INC AVID        11.38       1.74     17.11       -4.7     52.45   55.63        5.76     11.47     24.94
INTERNATIONAL BUSINIBM           8.65       8.89     12.45     12.42      37.54   37.04        19.8     18.22      28.6
DOT HILL SYSTEMS COHILL          8.46    -16.87       6.74    -23.61      23.54   23.95     -24.57       7.67      10.5
DELL INCORPORATED DELL           6.44        6.6      8.94       8.66     18.94   18.22        9.33      9.65     47.06
HEWLETT-PACKARD CO  HPQ          4.65       5.24      4.66       4.53     27.34   26.57        8.23      7.95      9.42
SCIENTIFIC LEARNING SCIL         3.98    -61.98        5.7        -67     77.86     78.8    -65.29       8.66 NMN
APPLE COMPUTER INCAAPL           2.82       3.09      3.81       5.12     26.65   27.52         7.3      3.43      4.84
PAR TECHNOLOGY CO PTC            2.69      -0.61      4.24      -1.73     20.19   20.74        1.18      5.54      7.67
NEC CORPORATION AD  NIPNY        1.24      -0.14      3.86      -0.65     25.73   26.45        3.98      5.27      10.4
CRAY INCORPORATED CRAY              0    -21.32     -30.03    -25.58      44.38   41.71       -15.6     15.67         0
PALMONE INCORPORAPLMO           -1.31      -3.58     -0.92    -14.21      33.78   31.59       -7.67     -18.5     -2.97
SILICON GRAPHICS INCSGI         -4.79      -12.9    -11.71    -13.38      38.58   40.44       -1.52     -3.73 NMN
CONCURRENT COMPU CCUR           -5.44       -5.8     -4.59    -13.88      48.12   48.27       -6.78    -25.38     -9.82
GATEWAY INCORPORAGTW            -6.82      -1.83    -21.22      -7.77     16.94   13.62       -3.95     -9.58    -34.14
EVANS & SUTHERLANDESCC         -18.55    -19.22     -15.59    -24.69      29.58   37.19     -15.23     -33.96    -98.95
STORAGE COMPUTER SOS            -99.9    -81.58      -99.9    -87.91      27.95             -82.44   -2689.9      -99.9
Median                           2.82      -0.61      4.24       -4.7     33.78   37.04        1.18      7.67      9.42
Mean                            -2.79      -9.07     -3.28    -10.87      37.34   38.21       -5.44    -145.7     -3.73
Mean Mkt-Cap Wtd                 6.71       6.83      9.19        8.8     29.82     29.3     13.36      12.49     27.75




Dr. A. Tezel                                              8
SV Connect is an Excel version of StockVal. Load up SV Connect to see StockVal menu
in the menu bar in Excel.
From StockVal/SV Connect Templates, choose the appropriate ones.
SV Connect Templates / Company Financial Statements / Financial Statements
(Industrial)

               WMT         ATEMENT
                           WAL-MA --                                              FYE        1



                                       1999         2000         2001         2002         2003


Revenue                                137634.0     165013.0     191329.0     217799.0     244524.0
Cost Of Goods & Services               108725.0     129664.0     150255.0     171562.0     191838.0
Gross Profit                            28909.0      35349.0      41074.0      46237.0      52686.0
SG & A Expense                          22363.0      27040.0      31550.0      36173.0      41043.0
R & D Expense
Interest Expense                          838.0       1079.0       1476.0       1487.0       1187.0
Pretax Income                            7323.0       9083.0      10116.0      10751.0      12719.0
Taxes                                    2740.0       3338.0       3692.0       3897.0       4487.0
Net Income Reported                      4430.0       5377.0       6295.0       6671.0       8039.0
EPS Reported                               0.99         1.20         1.40         1.49           1.81
Net Income Adjusted                      4430.0       5709.0       6530.0       6906.0       8039.0
EPS Adjusted                               0.99         1.28         1.46         1.54           1.81
Shares                                 4485000      4474000      4484000      4481000      4446000


Dividends Common                           0.16         0.20         0.24         0.28           0.30
Dividends Preferred                           0.0          0.0          0.0          0.0          0.0
Depreciation & Amort                     1872.0       2375.0       2868.0       3290.0       3432.0
Capital Expenditures                     3734.0       6183.0       8042.0       8383.0       9355.0


Employees                               910000      1140000      1244000      1383000      1400000


This file has many sheets: Income Statements (above), IS Common Size, Balance Sheet,
BS Common Size, Cash Flows and Ratios, Quarterly Data, IS Trends, and BS Trends.

SV Connect / StockVal / SV Connect Templates has many other reports available for
financial analysis. Company Fundamental Data Analysis includes reports such as
Company Credit Analysis, Company Liquidity Analysis, Dupont Analysis, Free Cash
Flow Analysis, Fundamental Data Analysis, and Fundamental Ratio Analysis (Annual).




Dr. A. Tezel                                  9
Here is an example of Fundamental Ratio Analysis (Annual):

                                                                     GILLETTE COMP
Short-Term Liquidity               2003           2002      2001        2000     1999

Current Ratio                       1.00          1.09      0.92        0.86     1.93
Quick Ratio                         0.44          0.57      0.50        0.40     0.76
Cash Ratio                          0.19          0.23      0.20        0.01     0.03

Capital Structure

Total Debt to Capital             69.8%          76.8%    112.6%      123.8%    78.4%
LT Debt to Equity                110.3%         108.7%     77.4%       85.8%    95.8%
Times Interest Earned              37.4x          21.9x     10.3x        6.8x    15.1x

Return on Investment

Return on Equity                  61.3%          53.8%     52.6%       51.4%    34.0%
Return on Capital                 28.9%          27.5%     28.7%       26.6%    20.1%
Return on Assets                  13.9%          11.9%     10.6%       12.3%    11.5%

Operating Measures

Operating Income to Sales         28.1%          27.6%     24.7%       24.6%    30.2%
Gross Margin                      59.9%          58.5%     57.9%       58.3%    58.1%
Pretax Margin                     21.2%          20.7%     16.6%       15.5%    23.0%
Net Income Cont. Ops to Sales     14.9%          14.0%     13.2%       15.4%    15.5%

Efficiency Ratios

Receivables Turnover                 8.7            6.3        4.5       3.8      3.4
Days Receivables                     36              52        67         93       97
Inventory Turnover                   3.7            3.6        3.1       2.7      2.3
Days Inventory                      108              96       108       122      146
Sales to Cash                       12.5            9.7      16.0      117.0     91.5
Working Capital Turnover            61.5         -228.5     -13.8        8.3      3.5
Fixed Assets Turnover                2.6            2.4        2.3       2.4      2.5
Total Assets Turnover                0.9            0.9        0.8       0.8      0.7

Valuation

Price / Earnings (T4Q)              27.7           26.6      32.9        30.4     36.1
Price / Earnings (F12M)             22.4           22.9      29.7        35.4     34.0
Enterprise Value / EBITDA           15.8           15.8      23.2        17.4     19.7
Price / Sales                        4.1            3.8       4.3         4.6      5.5
Price / Book Value                  16.8           12.5      15.8        16.1     14.6
Dividend Yield                     1.8%           2.2%      1.9%        1.8%     1.5%
Earnings Yield                     3.7%           3.7%      3.0%        3.3%     2.8%
Payout Ratio                      48.7%          58.2%     64.6%       52.6%    50.2%




Dr. A. Tezel                               10
This report (most reports in SV Connect) may be run for an industry or an index.

SV Connect / StockVal / SV Connect Templates / Fundamental Ratio Analysis (Annual)
contains “Enter New Company Symbol and Update Template”. Click there and type 098
or 098A and click okay to see the Fundamental Ratios for Personal Care Products (098A)
to which Gillette belongs. The easiest way to find out you company’s industry is to run
Company Profile report from Data in the StockVal program. This report contains the
number for the industry code for the company. For Gillette, SV Industry I is 098
Personal Care Products.
                                              PERSONAL CARE PRODUCTS (098A)
Short-Term Liquidity              2003      2002       2001      2000       1999      1998      1997

Current Ratio                     1.79      1.61       1.78      1.71        1.57     1.65      1.67
Quick Ratio                       0.94      0.84       0.94      0.92        0.77     0.89      0.90
Cash Ratio                        0.42      0.37       0.44      0.39        0.19     0.18      0.21

Capital Structure

Total Debt to Capital            86.1%     94.2%      92.5%     96.0%      97.0%     89.6%     91.5%
LT Debt to Equity               537.6%    881.1%     768.9%    996.4%    1261.3%    629.6%    718.6%
Times Interest Earned              3.1x      2.4x       2.3x      2.2x       1.8x      2.9x      3.2x

Return on Investment

Return on Equity                 78.6%     71.8%      81.6%     95.2%      21.3%     75.8%    129.8%
Return on Capital                10.3%      7.7%       8.4%      7.7%       2.2%      9.8%     11.9%
Return on Assets                  6.4%      4.8%       5.4%      5.0%       1.4%      6.1%      7.0%

Operating Measures

Operating Income to Sales        15.3%     13.0%      14.0%     15.2%      12.5%     15.3%     15.4%
Gross Margin                     59.1%     61.0%      61.5%     61.5%      61.2%     63.0%     64.8%
Pretax Margin                     7.9%      5.3%       5.5%      6.0%       3.6%      7.6%      8.4%
Net Income Cont. Ops to Sales     5.1%      4.0%       4.5%      4.4%       1.3%      4.9%      5.3%

Efficiency Ratios

Receivables Turnover               9.4       9.4        8.9       7.6         6.5      6.5       6.7
Days Receivables                    43       40         38        44          51       59        56
Inventory Turnover                 3.0       2.8        2.8       2.6         2.6      2.8       2.7
Days Inventory                    137       130        135       130         144      136       138
Sales to Cash                     11.5      11.1       11.0      14.8        23.3     24.0      21.4
Working Capital Turnover           6.5       6.5        6.1       6.6         6.9      6.9       7.2
Fixed Assets Turnover              7.6       7.1        6.8       6.5         6.4      7.1       7.5
Total Assets Turnover              1.3       1.2        1.2       1.1         1.1      1.2       1.3

Valuation

Price / Earnings (T4Q)             36.8      26.1       31.9      31.1       89.8      27.2      29.0
Price / Earnings (F12M)            18.9      28.8       24.8      30.4       28.4      51.2      26.3
Enterprise Value / EBITDA          14.4      10.8       12.3      11.0       14.2      12.4      12.7
Price / Sales                       1.4       1.2        1.2       1.1        1.2       1.5       1.5
Price / Book Value                 13.2      18.2       20.0      26.0       44.8      18.1      51.8
Dividend Yield                    0.8%      1.0%       1.0%      0.9%       0.8%      0.7%      0.6%
Earnings Yield                    3.5%      3.3%       3.8%      3.8%       1.1%      3.4%      3.6%
Payout Ratio                     21.6%     27.7%      24.3%     24.0%      70.5%     18.7%     16.1%




Dr. A. Tezel                                    11
                            FINANCIAL STATEMENTS and RATIOS

                                          BASELINE

Baseline program has the financial statements and ratios under DUE DIL (Due Diligence)
menu. Click on Due Dil and enter a ticker symbol in Due Diligence box and click View.
Upper left corner of your screen will have the options available:

Balance               Yearly      $
Income                Quarterly   % of total
Cash Flow             Ratios      Yr to Yr %

Click on the desired combinations to see the reports. Ratios look like the following
report: You can print this report or save it as an Excel file by clicking Go To and
Tools/Export.




Int'l Business Mach (IBM)
Ratios


                                                    4 QTRS      DEC            DEC            DEC            DEC
                                                    JUN 04      2003           2002           2001           2000
  EARNING POWER
  Asset Turnover                                        0.940          0.890          0.880          0.970          1.010
  (Sales / Assets)
x Pretax Margins                                        0.125          0.122          0.093          0.128          0.130
  (EBT / Sales)
x Leverage                                              3.550          3.970          3.980          3.990          4.270
  (Assets / Equity)
= PRETAX RETURN ON EQUITY                               0.417          0.429          0.324          0.495          0.561
x Tax Rate Complement                                   0.700          0.700          0.710          0.710          0.700
= RETURN ON EQUITY                                      0.292          0.301          0.230          0.349          0.393
x Earnings Retention                                    0.860          0.850          0.850          0.880          0.890
  (1 - Payout Ratio)
= REINVESTMENT RATE                                     0.251          0.257          0.196          0.307          0.348
  PRETAX RETURN ON ASSETS                               0.118          0.108          0.081          0.124          0.131
  (Pretax ROE / Leverage)
  LIQUIDITY
  Quick Ratio                                           0.960       0.960          0.960          0.950          0.950
  Current Ratio                                         1.210       1.190          1.210          1.210          1.210
  Average Days to Collect                              95.000     116.000        121.000        113.000        125.000
  Inventory Turnover                                   16.400      17.500         14.800         11.400         10.700
  Times Interest Earned                                88.600      76.000         52.900         47.000         17.100
  LEVERAGE
  Assets To Equity                                      3.500          4.000          4.000          4.000          4.300
  % LT Debt To Total Capital                            0.333          0.379          0.467          0.403          0.471
  (Total Debt-Cash)/EBITDA                              3.800          4.400          5.700          3.600          3.700
  MARGINS & PROFITABILITY
  Gross Margin                                          0.421          0.423          0.427          0.426          0.423
  Operating Margin                                      0.114          0.113          0.084          0.108          0.132
  EBITDA Margin                                         0.177          0.176          0.148          0.186          0.195
  Earnings Before Taxes                                 0.125          0.122          0.093          0.128          0.130
  Earnings After Taxes                                  0.087          0.085          0.066          0.090          0.092




Dr. A. Tezel                                   12
Many reports in Baseline are available from Excel Baseline menu.

When you load up Excel, Baseline menu should be available. From this menu, click on
Template Library and then Single Company Studies. All financial statements and ratios
are available here.


Annual Balance Sheet file has two sheets:
      Balance Sheet (available in $ and %) and
      Key Ratios and Trend Analysis as shown below:

                BALANCE SHEET ANALYSIS: KEY RATIOS AND MEASUREMENTS
                                                                         LTM     5 Yr Avg.
          Liquidity Analysis:                 Current Ratio               1.4        1.3
                                              Quick Ratio                 0.7        0.7
                                              Working Capital           2027.0    1343.6
                                              Sales/Working Capital      11.2       -3.1
          Accts Receivable Analysis:          A/R Turnover                8.7        7.3
                                              DSO                        52.9       49.8
          Inventory Analysis:                 Inventory Turns             6.7        6.9
          Debt Analysis:                      LT Debt/Total Capital      34.0       35.8


               GRAPH HISTORICAL DATA
                     Inventories                               TREND ANALYSIS
                                                 Inventories

  3,000
  2,500
  2,000
  1,500
  1,000
    500
       0
       1994         1995    1996       1997   1998     1999      2000   2001     2002        2003



You can graph other variables by changing inventories to another ratio from a drop menu.




Dr. A. Tezel                                     13
Annual Income Statements file has two sheets:
      Income Statement and
      Return and Profitability Analysis as shown below:

                                    10 Year Profitability Trend Analysis

                            Operating Margin    PreTax Margin      Net Profit Margin     EBITDA Margin     Gross Margin

        1.000

        0.900

        0.800

        0.700

        0.600

        0.500

        0.400

        0.300

        0.200

        0.100

        0.000
                 1994       1995        1996      1997          1998        1999        2000       2001        2002       2003


                                          Key Return Measurements

                                     LTM 5 Yr Avg Rel to Ind Rel to SPX                                           LTM 5 Yr Avg
        EBITDA Margin              0.46272 31.2%     1.14        2.14                  Return on Assets          19.9% 23.8%
        Net Profit Margin           28.8%  18.7%     1.30        3.38                  Return on Capital         28.2% 34.7%
        Return on Equity            36.1%  44.4%     1.17        2.04                  Reinvestment Rate         18.2% 23.8%




Annual Cash Flow Statement file has a single sheet.

Basestat file includes 7 sections: Stock Valuation, Profitability Margins, Growth History,
Liquidity and Debt, Price Performance, each section with 3, 5, and 10 year averages.
In addition, Earnings Surprise and Earnings Estimate are reported. The next 2 pages
provide an example:




Dr. A. Tezel                                                      14
  IBM                        INT'L BUSINESS MACH
                             Prvds computer/IT products/services



                                            LTM                     DEC      DEC       DEC      DEC       DEC       DEC      DEC      DEC       DEC
                                           Jun-04                   2003     2002      2001     2000      1999      1998     1997     1996      1995
  1. Stock Valuation
  P/E Ratio                  High             21.5                  21.8     32.0      27.2     30.4      37.4      28.9     18.9     15.2      10.4
         18.2                Low              17.2                  16.9     13.7      18.2     18.0      21.7      14.5     10.6      7.6       6.4

  Dividend Yield             High            0.8%                    0.9      1.1       0.7      0.7        0.6      1.0      1.3      1.7        1.5
         0.008               Low             0.7%                    0.7        -         -        -          -        -      0.7      0.8        0.9

  Price/Book                 High              0.0                   5.5      7.7       9.4      9.8      11.9       8.4      5.4      4.1        2.7
         4.9                 Low               0.0                   4.3      3.3       6.3      5.8       6.9       4.2      3.0      2.0        1.7

  Price/Cash Flow            High             13.5                  13.4     19.3      16.9     18.5      18.9      15.9     10.2      8.0        5.4
         11.4                Low              10.8                  10.3      8.3      11.3     11.0      11.0       8.0      5.7      4.0        3.3

  Price/Sales                High              1.8                   1.8      2.7       2.5      2.7        2.8      2.1      1.4      1.1        0.9
         1.54                Low               1.5                   1.4      1.1       1.7      1.6        1.6      1.1      0.8      0.6        0.5

  2. Profitability Margins
  EBITDA Margin                             17.7%                  17.6%   14.8%     18.6%    19.5%     21.8%     18.1%    18.8%    18.8%      19.7%
  Earnings Before Taxes                     12.5%                  12.2%    9.3%     12.8%    13.0%     13.4%     11.1%    11.5%    11.3%      10.9%
  Net Profit Margin                          8.7%                   8.5%    6.6%      9.0%     9.2%      8.8%      7.7%     7.8%     7.1%       5.8%

  Pretax Return on Equity                   41.7%                  42.9%   32.4%     49.5%    56.1%     58.9%     46.1%    43.6%    39.0%      34.1%
  Return on Equity                          29.2%                  30.1%   23.0%     34.9%    39.3%     38.6%     32.2%    29.4%    24.6%      18.2%
  Pretax Return on Assets                   11.8%                  10.8%    8.1%     12.4%    13.1%     13.5%     10.8%    11.1%    10.6%       9.7%
  Return on Capital                         17.7%      *           17.0%   12.5%     19.5%    20.8%     22.3%     18.1%    18.2%    17.2%      12.9%

  3. Growth History

  Revenue (Millions)                      92,838               89,131      81,186    85,866   88,396    87,548    81,667   78,508   75,947    71,940
  % Change from 12 Months Ago               9.0%                 9.8%       -5.5%     -2.9%     1.0%      7.2%      4.0%     3.4%     5.6%     12.3%

  EPS                                         4.67                  4.34      3.95     4.59     4.44       3.72     3.29     3.01      2.73      2.76
  % Change from 12 Months Ago               14.2%                  9.9%    -13.9%     3.4%    19.4%      13.1%     9.3%    10.3%     -1.1%    124.4%

  Dividends Paid                              0.68                  0.64     0.58      0.56     0.53       0.49     0.46     0.41     0.35       0.27
  % Change from 12 Months Ago                7.6%                  9.7%     4.1%      5.2%     8.2%       8.2%    11.4%    17.6%    28.8%      -4.2%
  Indicated Rate                             0.72


  Book Value Per Share                      17.11                  17.21    16.44     13.23    13.70     11.69     11.36    10.47    10.21     10.52
  % Change from 12 Months Ago               9.1%                   4.7%    24.3%      -3.4%   17.2%      2.9%      8.5%     2.5%     -2.9%     4.0%

  Cash Flow Per Share                         7.46                  7.07      6.54     7.39      7.29      7.37     5.97     5.59      5.20      5.31
  % Change from 12 Months Ago               21.0%                  8.1%    -11.5%     1.4%     -1.1%     23.5%     6.8%     7.5%     -2.1%    143.8%




and




Dr. A. Tezel                                                                 15
  IBM                      INT'L BUSINESS MACH
                           Prvds computer/IT products/services


                                          LTM                     DEC      DEC        DEC        DEC        DEC        DEC        DEC          DEC           DEC
                                         Jun-04                   2003     2002       2001       2000       1999       1998       1997         1996          1995
  4. Liquidity & Debt
  Current Ratio                              1.2                    1.2      1.2        1.2        1.2        1.1        1.2        1.2          1.2          1.3
  Quick Ratio                                1.0                    1.0      1.0        1.0        0.9        0.8        0.9        0.9          0.9          1.0
  Cash & Equiv % Current Assets           14.8%                  16.2%    12.9%      14.9%       8.1%      11.7%      12.7%      17.6%        18.9%        17.8%

  Receivables Turnover - Days                3.7                    3.2      3.0        2.9        3.0        3.2        3.2        3.3          3.3          3.2
  Inventory Turnover - Days                 16.4                   17.5     14.8       11.4       10.7       10.1        8.8        8.3          6.9          5.7
  Assets to Equity                           3.5                    4.0      4.0        4.0        4.3        4.3        4.3        3.9          3.7          3.5
  LT Debt to Capitalization %Aug 03       33.3%                  37.9%    46.7%      40.3%      47.1%      40.8%      44.4%      40.9%        31.3%        31.0%
  5. Price Performance                     LTM                   2003      2002       2001      2000         1999     1998        1997         1996         1995
  High                                   100.43                  94.54    126.39    124.70     134.94      139.19     94.97       56.75       41.50         28.66
  Low                                     80.28                  73.17     54.01     83.75      80.06       80.88     47.81       31.78       20.78         17.56
  Close                      Aug-04       84.99                  92.68     77.50    120.96      85.00      107.88     92.19       52.31       37.88         22.84
  (All Prices Calendar Year)

  % Change from 12 Months Ago              4.9%                  19.6%    -35.9%     42.3%     -21.2%      17.0%      76.2%      38.1%        65.8%        24.3%
  Relative to SPX                         -5.1%                  -6.8%    -12.6%     55.3%     -11.1%      -2.5%      49.6%       7.1%        45.5%        -9.8%

                                       6. Earnings Surprise Analysis                   SEP        JUN        MAR        DEC        SEP           JUN        MAR
                                                                                       2004      2004        2004      2003        2003         2003        2003
                                       Earnings Estimate Mean                      1.14 (E)       1.12        0.93      1.50        1.02         0.98        0.80
                                       Reported EPS                                               1.16        0.93      1.56        1.02         0.97        0.79
                                       Surprise                                                   0.04        0.00      0.06        0.00        -0.01       -0.01
                                       Date Reported / Expected                    10/15/04    7/15/04    4/15/04    1/15/04   10/15/03      7/16/03      4/14/03
                                       Price Impact                                              0.1%       -1.3%      4.6%       -4.7%        -0.2%        2.6%



                                       7. Earnings Estimate Analysis                          Annual                                       Quarterly
                                                                                      2005        2004       2003               Dec-04       Sep-04        Jun-04
                                                                                   5.51 (E)    4.97 (E)   4.34 (A)             1.74 (E)     1.14 (E)      1.16 (A)
                                       % Change From 12 M Ago                          11%         15%       9.9%                 12%           12%          20%
                                                           High ($)                   5.85        5.10                                         1.18
                                                           Low ($)                    5.25        4.90                                         1.11
                                                           # Analyst                     23          23                                           23
                                                           # Up Rev.                      5          12
                                                           # Down Rev.                    4           1
                                       Trend in EPS Revision (next yr):
                                                           1 Month                      0%         0%                                            0%
                                                           3 Month                      0%         0%                                            0%
                                                           6 Month                      0%         1%                                           -3%
                                       Long Term Future Growth Rate: 10 %


  8. Capitalization                                        9. Proprietary Rankings                      10.Classifications                              11. Compa
  Shares Outstanding          1,685,371,000                Baseline Decile        '=Baseline("IBM","BAS In the S&P 500 ? YES                            Address: N
  Market Cap ($billion)           143.24                   Baseline Std Deviation '=Baseline("IBM","BAS Industry: Computer Hardware                     Phone Num
  LT Debt to Total Cap             33 %                    Earnings Momentum              26            Sector: Information Tech                        Number of
  Preferred Convert:                NO                     Price Momentum                 22            SIC Code: 7371                                  Shareholde
  Bond Convert:                     NO                     S&P Quality Ranking            B+            CUSIP: 459200101
  Institutions own about           57 %                    Relative Strength              34            Primary Exchange Traded: NYSE                   Investor Co
  Insider Activity:                  3                     Beta SPX                     0.98            Options Traded: CBOE & AMEX




Industrial Common Size Financial Statements includes common size statements for 5
companies annually or quarterly.


Quarterly Balance Sheet Statement, Quarterly Income Statement, Quarterly Cumulative
Cash Flow Statement and Quarterly Non-Cumulative Cash Flow Statement contain
quarterly results.




Dr. A. Tezel                                                               16
                      FINANCIAL STATEMENTS and RATIOS

                                     BLOOMBERG

Enter a ticker followed by <Equity> in the keyboard and type FA and <GO>.

Ticker <Equity> FA <GO>

You will see the following screen:




Click on your choice to see the report on the screen.

In addition to Financial Analysis (FA) above, you may want to directly open the
following statements as:

Ticker <Equity> CH1 <GO>                     Financial Summary
Ticker <Equity> CH2 <GO>                     Income Statement
Ticker <Equity> CH3 <GO>                     Balance Sheet
Ticker <Equity> CH4 <GO>                     Fundamental Graph
Ticker <Equity> CH5 <GO>                     Cash Flow Statement




Dr. A. Tezel                                17

				
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