t-2 4.4% 3 1 1 49.9%
TRANSCRIPT
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8/14/2019 T-2 4.4% 3 1 1 49.9%
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amzn
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8/14/2019 T-2 4.4% 3 1 1 49.9%
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T+1 T+0 TTM T-1 T-2 T-3 T-4 T-5
FundamentalsOperating Margin 4.0% 4.4% 4.4% 3.6% 5.1% 6.4%
Sales/Assets 3 3 3 3 2
Debt/Equity 1 3 6 -8
Cash Ratio 1 1 1 1 1 1
ROIC 46.93% 55.6% 49.9% 59.0% 57.4% 43.8%
ROIC - CoC 38.08%
GrowthSales Growth 19.0% 18.4% 29.2% 38.5% 26.2% 22.7%
Earnings Growth 25.7% 17.4% 33.0% 148.9% -42.3% -43.9%
ValuationEV/IC / ROIC/CoC 2
Earnings Estimate TrendPast Month Net Upgrades 19 21 40
Total Estimates Current & Forward 58
Net Upgrades as % of Total Estimates 69%
Overall Grade
Bear Market = minimum "B" for Fundamentals and Valuation Only
Bull Market = minimum "B" for Overall Grade
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8/14/2019 T-2 4.4% 3 1 1 49.9%
3/22
-Yr Average Grade
C4.8%
3
1
53.12%
D29.1%
23.9%
D
A
C
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Annual Income Statement2008 2007 2006 2005 2004
Period End Date ### ### ### ### ###
Period Length 12 Months 12 Months 12 Months 12 Months 12 MonthsStmt Source 10-K 10-K 10-K 10-K 10-K
Stmt Source Date ### ### ### ### ###
Stmt Update Type Updated Updated Updated Updated Updated
Revenue $19,166.0 $14,835.0 $10,711.0 $8,490.0 $6,921.1
Total Revenue $19,166.0 $14,835.0 $10,711.0 $8,490.0 $6,921.1
Cost of Revenue, Total $14,896.0 $11,482.0 $8,255.0 $6,451.0 $5,319.1
Gross Profit $4,270.0 $3,353.0 $2,456.0 $2,039.0 $1,602.0
Selling/General/Administrative Expenses, Total $2,419.0 $1,871.0 $1,395.0 $1,109.0 $918.3Research & Development $1,033.0 $818.0 $662.0 $451.0 $251.2
Depreciation/Amortization $0.0 $0.0 $0.0 $0.0 $0.0
Interest Expense (Income), Net Operating $0.0 $0.0 $0.0 $0.0 $0.0
Unusual Expense (Income) $0.0 $0.0 $0.0 $0.0 $0.0Other Operating Expenses, Total -$24.0 $9.0 $10.0 $47.0 -$8.0
Operating Income $842.0 $655.0 $389.0 $432.0 $440.4
Interest Income (Expense), Net Non-Operating $0.0 $0.0 $0.0 $0.0 $0.0
Gain (Loss) on Sale of Assets $0.0 $0.0 $0.0 $0.0 $0.0
Other, Net $9.0 -$7.0 -$6.0 $2.0 -$4.7
Income Before Tax $901.0 $660.0 $377.0 $428.0 $355.9
Income Tax - Total $247.0 $184.0 $187.0 $95.0 -$232.6
Income After Tax $654.0 $476.0 $190.0 $333.0 $588.5
Minority Interest $0.0 $0.0 $0.0 $0.0 $0.0
Equity In Affiliates -$9.0 $0.0 $0.0 $0.0 $0.0
U.S. GAAP Adjustment $0.0 $0.0 $0.0 $0.0 $0.0
Net Income Before Extra. Items $645.0 $476.0 $190.0 $333.0 $588.5
Total Extraordinary Items $0.0 $0.0 $0.0 $26.0 $0.0
Accounting Change $0.0 $0.0 $0.0 $26.0 $0.0
Discontinued Operations Error Error Error Error Error
Net Income $645.0 $476.0 $190.0 $359.0 $588.5
Total Adjustments to Net Income $0.0 $0.0 $0.0 $0.0 $0.0
Preferred Dividends $0.0 $0.0 $0.0 $0.0 $0.0
General Partners' Distributions $0.0 $0.0 $0.0 $0.0 $0.0
Basic Weighted Average Shares 423.00 413.00 416.00 412.00 405.93
Basic EPS Excluding Extraordinary Items $1.52 $1.15 $0.46 $0.81 $1.45
Basic EPS Including Extraordinary Items $1.52 $1.15 $0.46 $0.87 $1.45
Diluted Weighted Average Shares 432.00 424.00 424.00 426.00 424.76
Diluted EPS Excluding Extrordinary Items $1.49 $1.12 $0.45 $0.78 $1.39
Diluted EPS Including Extraordinary Items $1.49 $1.12 $0.45 $0.84 $1.39
Dividends per Share - Common Stock Primary Is $0.00 $0.00 $0.00 $0.00 $0.00
Gross Dividends - Common Stock $0.0 $0.0 $0.0 $0.0 $0.0
Interest Expense, Supplemental $71.0 $77.0 $78.0 $92.0 $107.2
Depreciation, Supplemental $311.0 $258.0 $200.0 $113.0 $74.7
Normalized EBITDA $1,182.0 $926.0 $599.0 $550.0 $516.1
Normalized EBIT $842.0 $655.0 $389.0 $432.0 $440.4
Normalized Income Before Tax $901.0 $660.0 $377.0 $428.0 $355.9
Financial data in U.S. DollarsValues in Millions (Except for per share items)
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8/14/2019 T-2 4.4% 3 1 1 49.9%
5/22
Normalized Income After Taxes $654.0 $476.0 $190.0 $333.0 $588.5
Normalized Income Available to Common $645.0 $476.0 $190.0 $333.0 $588.5
Basic Normalized EPS $1.52 $1.15 $0.46 $0.81 $1.45
Diluted Normalized EPS $1.49 $1.12 $0.45 $0.78 $1.39
Amortization of Intangibles $29.0 $13.0 $10.0 $5.0 $1.0
Annual Balance Sheet2008 2007 2006 2005 2004
Period End Date ### ### ### ### ###
Stmt Source 10-K 10-K 10-K 10-K 10-K
Stmt Source Date ### ### ### ### ###
Stmt Update Type Updated eclassified Updated eclassified Updated
Assets
Cash and Short Term Investments $3,727.0 $3,112.0 $2,019.0 $2,000.0 $1,779.2
Cash & Equivalents $2,769.0 $2,539.0 $1,022.0 $1,013.0 $1,302.6
Short Term Investments $958.0 $573.0 $997.0 $987.0 $476.6
Total Receivables, Net $827.0 $682.0 $382.0 $259.0 $187.1
Accounts Receivable - Trade, Net $827.0 $682.0 $382.0 $259.0 $187.1
Receivables - Other Error Error Error Error Error
Total Inventory $1,399.0 $1,200.0 $877.0 $566.0 $479.7
Prepaid Expenses $0.0 $23.0 $17.0 $15.0 $12.0
Other Current Assets, Total $204.0 $147.0 $78.0 $89.0 $81.4
Total Current Assets $6,157.0 $5,164.0 $3,373.0 $2,929.0 $2,539.4
Property/Plant/Equipment, Total - Net $854.0 $543.0 $457.0 $348.0 $246.2
Goodwill, Net $438.0 $222.0 $195.0 $159.0 $139.0
Intangibles, Net $160.0 $27.0 $0.0 $0.0 $5.4
Long Term Investments $0.0 $0.0 $0.0 $0.0 $0.0
Note Receivable - Long Term $0.0 $0.0 $0.0 $0.0 $0.0
Other Long Term Assets, Total $705.0 $529.0 $338.0 $260.0 $318.6
Other Assets, Total $0.0 $0.0 $0.0 $0.0 $0.0
Total Assets $8,314.0 $6,485.0 $4,363.0 $3,696.0 $3,248.5Liabilities and Shareholders' Equity
Accounts Payable $3,594.0 $2,795.0 $1,816.0 $1,366.0 $1,141.7
Payable/Accrued $0.0 $0.0 $0.0 $0.0 $0.0
Accrued Expenses $1,093.0 $902.0 $716.0 $533.0 $435.2
Notes Payable/Short Term Debt $0.0 $0.0 $0.0 $0.0 $0.0
Current Port. of LT Debt/Capital Leases $59.0 $17.0 $0.0 $0.0 $2.4
Other Current Liabilities, Total $0.0 $0.0 $0.0 $0.0 $41.1
Total Current Liabilities $4,746.0 $3,714.0 $2,532.0 $1,899.0 $1,620.4
Total Long Term Debt $409.0 $1,282.0 $1,247.0 $1,480.0 $1,855.3
Long Term Debt $409.0 $1,282.0 $1,247.0 $1,480.0 $1,855.3
Deferred Income Tax $0.0 $0.0 $0.0 $0.0 $0.0
Minority Interest $0.0 $0.0 $0.0 $0.0 $0.0Other Liabilities, Total $487.0 $292.0 $153.0 $71.0 $0.0
Total Liabilities $5,642.0 $5,288.0 $3,932.0 $3,450.0 $3,475.7
Redeemable Preferred Stock $0.0 $0.0 $0.0 $0.0 $0.0
Preferred Stock - Non Redeemable, Net $0.0 $0.0 $0.0 $0.0 $0.0
Common Stock $4.0 $4.0 $4.0 $4.0 $4.1
Retained Earnings (Accumulated Deficit) -$730.0 -$1,375.0 -$1,837.0 -$2,027.0 -$2,386.0
Treasury Stock - Common -$600.0 -$500.0 -$252.0 $0.0 $0.0
Unrealized Gain (Loss) Error Error Error Error Error
Other Equity, Total -$123.0 $5.0 -$1.0 $6.0 $30.1
Financial data in U.S. Dollars
Values in Millions (Except for per share items)
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8/14/2019 T-2 4.4% 3 1 1 49.9%
6/22
Total Equity $2,672.0 $1,197.0 $431.0 $246.0 -$227.2
Total Liabilities & Shareholders Equity $8,314.0 $6,485.0 $4,363.0 $3,696.0 $3,248.5
Total Common Shares Outstanding 428.0 416.0 414.0 416.0 409.7
Total Preferred Shares Outstanding 0.0 0.0 0.0 0.0 0.0
Annual Cash Flow Statement2008 2007 2006 2005 2004
Period End Date ### ### ### ### ###
Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
Stmt Source 10-K 10-K 10-K 10-K 10-K
Stmt Source Date ### ### ### ### ###
Stmt Update Type Updated Updated Updated Updated Updated
Net Income/Starting Line $645.0 $476.0 $190.0 $359.0 $588.5
Depreciation/Depletion $287.0 $246.0 $205.0 $121.0 $75.7
Amortization $0.0 $0.0 $0.0 $0.0 $0.0
Deferred Taxes -$5.0 -$99.0 $22.0 $70.0 -$256.7
Non-Cash Items $56.0 -$50.0 $1.0 $30.0 $54.7
Discontinued Operations Error Error Error Error Error
Unusual Items Error Error Error Error Error
Other Non-Cash Items $56.0 -$50.0 $1.0 $56.0 $54.7
Changes in Working Capital $714.0 $832.0 $284.0 $153.0 $104.4
Accounts Receivable -$218.0 -$255.0 -$103.0 -$84.0 -$1.8
Inventories -$232.0 -$303.0 -$282.0 -$104.0 -$168.9
Other Assets Error Error Error Error Error
Accounts Payable $812.0 $928.0 $402.0 $274.0 $286.1
Other Liabilities $105.0 $33.0 $26.0 $7.0 $4.0
Cash from Operating Activities $1,697.0 $1,405.0 $702.0 $733.0 $566.6
Capital Expenditures -$333.0 -$224.0 -$216.0 -$204.0 -$89.1
Purchase of Fixed Assets -$333.0 -$224.0 -$216.0 -$204.0 -$89.1
Other Investing Cash Flow Items, Total -$866.0 $266.0 -$117.0 -$574.0 -$228.5
Acquisition of Business -$494.0 -$75.0 -$32.0 -$24.0 -$71.2Sale of Business Error Error Error Error Error
Sale of Fixed Assets Error Error Error Error Error
Sale/Maturity of Investment $1,305.0 $1,271.0 $1,845.0 $836.0 $1,426.8
Investment, Net Error Error Error Error Error
Purchase of Investments -$1,677.0 -$930.0 -$1,930.0 -$1,386.0 -$1,584.1
Other Investing Cash Flow Error Error Error Error Error
Cash from Investing Activities -$1,199.0 $42.0 -$333.0 -$778.0 -$317.6
Financing Cash Flow Items $159.0 $257.0 $102.0 $0.0 $0.0Other Financing Cash Flow $159.0 $257.0 $102.0 $0.0 $0.0
Total Cash Dividends Paid $0.0 $0.0 $0.0 $0.0 $0.0
Issuance (Retirement) of Stock, Net -$89.0 -$157.0 -$217.0 $66.0 $60.1
Issuance (Retirement) of Debt, Net -$268.0 -$50.0 -$285.0 -$259.0 -$157.4Cash from Financing Activities -$198.0 $50.0 -$400.0 -$193.0 -$97.3
Foreign Exchange Effects -$70.0 $20.0 $40.0 -$52.0 $48.7
Net Change in Cash $230.0 $1,517.0 $9.0 -$290.0 $200.3
Net Cash - Beginning Balance $2,539.0 $1,022.0 $1,013.0 $1,303.0 $1,102.3
Net Cash - Ending Balance $2,769.0 $2,539.0 $1,022.0 $1,013.0 $1,302.6
Financial data in U.S. DollarsValues in Millions (Except for per share items)
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8/14/2019 T-2 4.4% 3 1 1 49.9%
7/22
Quarterly Income Statement2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
### ### ### ### 06/30/2008
3 Months 3 Months 3 Months 3 Months 3 Months10-Q 10-Q 10-K 10-Q 10-Q
### ### ### ### 07/25/2008
Updated Calculated Updated Updated Updated
$4,651.0 $4,890.0 $6,704.0 $4,264.0 $4,063.0
$4,651.0 $4,890.0 $6,704.0 $4,264.0 $4,063.0
$3,518.0 $3,742.0 $5,356.0 $3,265.0 $3,096.0
$1,133.0 $1,148.0 $1,348.0 $999.0 $967.0
$615.0 $618.0 $790.0 $574.0 $537.0$299.0 $276.0 $278.0 $264.0 $258.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0$60.0 $11.0 $8.0 $7.0 -$45.0
$159.0 $243.0 $272.0 $154.0 $217.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
$3.0 $5.0 $7.0 $0.0 -$1.0
$179.0 $248.0 $303.0 $182.0 $208.0
$39.0 $69.0 $79.0 $59.0 $46.0
$140.0 $179.0 $224.0 $123.0 $162.0
$0.0 $0.0 $0.0 $0.0 $0.0
$2.0 -$2.0 $2.0 -$5.0 -$4.0
$0.0 $0.0 $0.0 $0.0 $0.0
$142.0 $177.0 $226.0 $118.0 $158.0
$0.0 $0.0 $0.0 $0.0 $0.0
Error Error Error Error Error
Error Error Error Error Error
$142.0 $177.0 $226.0 $118.0 $158.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
431.00 429.00 428.00 427.00 420.00
$0.33 $0.41 $0.53 $0.28 $0.38
$0.33 $0.41 $0.53 $0.28 $0.38
440.00 429.00 436.00 436.00 430.00
$0.32 $0.41 $0.52 $0.27 $0.37
$0.32 $0.41 $0.52 $0.27 $0.37
$0.00 $0.00 $0.00 $0.00 $0.00
$0.0 $0.0 $0.0 $0.0 $0.0
$7.0 $12.0 $12.0 $17.0 $21.0
$91.0 $89.0 $86.0 $80.0 $74.0
$250.0 $332.0 $358.0 $234.0 $291.0
$159.0 $243.0 $272.0 $154.0 $217.0
$179.0 $248.0 $303.0 $182.0 $208.0
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8/22
$140.0 $179.0 $224.0 $123.0 $162.0
$142.0 $177.0 $226.0 $118.0 $158.0
$0.33 $0.41 $0.53 $0.28 $0.38
$0.32 $0.41 $0.52 $0.27 $0.37
Error Error Error Error Error
Quarterly Balance Sheet2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
### ### ### ### 06/30/2008
10-Q 10-Q 10-K 10-Q 10-Q
### ### ### ### 07/25/2008
Updated Updated Updated Updated Updated
$3,212.0 $2,730.0 $3,727.0 $2,324.0 $2,380.0
$1,936.0 $1,701.0 $2,769.0 $1,650.0 $1,548.0
$1,276.0 $1,029.0 $958.0 $674.0 $832.0
$584.0 $587.0 $827.0 $597.0 $586.0
$584.0 $587.0 $827.0 $597.0 $586.0
Error Error Error Error Error
$1,325.0 $1,266.0 $1,399.0 $1,315.0 $1,107.0
$0.0 $0.0 $0.0 $0.0 $0.0
$183.0 $192.0 $204.0 $194.0 $163.0
$5,304.0 $4,775.0 $6,157.0 $4,430.0 $4,236.0
$981.0 $889.0 $854.0 $731.0 $651.0
$451.0 $433.0 $438.0 $405.0 $400.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
$939.0 $883.0 $865.0 $1,000.0 $1,035.0
$0.0 $0.0 $0.0 $0.0 $0.0
$7,675.0 $6,980.0 $8,314.0 $6,566.0 $6,322.0
$2,508.0 $2,380.0 $3,594.0 $2,242.0 $1,963.0
$0.0 $0.0 $0.0 $0.0 $0.0
$808.0 $1,030.0 $902.0 $860.0 $812.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $59.0 $42.0 $441.0
$320.0 $0.0 $191.0 $0.0 $0.0
$3,636.0 $3,410.0 $4,746.0 $3,144.0 $3,216.0
$109.0 $74.0 $409.0 $393.0 $433.0
$109.0 $74.0 $409.0 $393.0 $433.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0$674.0 $578.0 $487.0 $502.0 $443.0
$4,419.0 $4,062.0 $5,642.0 $4,039.0 $4,092.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
$4.0 $4.0 $4.0 $4.0 $4.0
-$411.0 -$553.0 -$730.0 -$955.0 -$1,074.0
-$600.0 -$600.0 -$600.0 -$500.0 -$500.0
Error Error Error Error Error
-$58.0 -$143.0 -$123.0 -$73.0 $6.0
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9/22
$3,256.0 $2,918.0 $2,672.0 $2,527.0 $2,230.0
$7,675.0 $6,980.0 $8,314.0 $6,566.0 $6,322.0
432.0 429.0 428.0 429.0 426.0
0.0 0.0 0.0 0.0 0.0
Quarterly Cash Flow Statement2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
### ### ### ### 06/30/2008
6 Months 3 Months 12 Months 9 Months 6 Months
10-Q 10-Q 10-K 10-Q 10-Q
### ### ### ### 07/25/2008
Updated Updated Updated Updated Updated
$319.0 $177.0 $645.0 $420.0 $301.0
$171.0 $87.0 $287.0 $210.0 $134.0
$0.0 $0.0 $0.0 $0.0 $0.0
$7.0 $0.0 -$5.0 -$47.0 -$29.0
$139.0 $29.0 $56.0 -$14.0 -$14.0
Error Error Error Error Error
-$12.0 $2.0 -$34.0 -$17.0 $7.0
$151.0 $27.0 $90.0 $3.0 -$21.0
-$753.0 -$878.0 $714.0 -$443.0 -$690.0
$183.0 $167.0 -$218.0 $106.0 $115.0
$84.0 $107.0 -$232.0 -$130.0 $113.0
Error Error Error Error Error
-$1,073.0 -$1,129.0 $812.0 -$524.0 -$886.0
$181.0 $99.0 $105.0 $66.0 $31.0
-$117.0 -$585.0 $1,697.0 $126.0 -$298.0
-$133.0 -$55.0 -$333.0 -$231.0 -$130.0
-$133.0 -$55.0 -$333.0 -$231.0 -$130.0
-$294.0 -$92.0 -$866.0 -$604.0 -$698.0
-$35.0 -$15.0 -$494.0 -$408.0 -$400.0Error Error Error Error Error
Error Error Error Error Error
$692.0 $314.0 $1,305.0 $1,033.0 $452.0
Error Error Error Error Error
-$951.0 -$391.0 -$1,677.0 -$1,229.0 -$750.0
Error Error Error Error Error
-$427.0 -$147.0 -$1,199.0 -$835.0 -$828.0
$70.0 $49.0 $159.0 $160.0 $106.0$70.0 $49.0 $159.0 $160.0 $106.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $3.0 -$89.0 $10.0 $8.0
-$362.0 -$343.0 -$268.0 -$303.0 -$8.0-$292.0 -$291.0 -$198.0 -$133.0 $106.0
$3.0 -$45.0 -$70.0 -$47.0 $29.0
-$833.0 -$1,068.0 $230.0 -$889.0 -$991.0
$2,769.0 $2,769.0 $2,539.0 $2,539.0 $2,539.0
$1,936.0 $1,701.0 $2,769.0 $1,650.0 $1,548.0
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8/14/2019 T-2 4.4% 3 1 1 49.9%
10/22
Consensus Estimates Analysis
Period # of Ests. Mean Est. High Est. Low Est. 1 Year Ago
Sales Current Year 29 $22,689 $23,289 $22,130 $24,756Next Year 29 $27,006 $30,214 $25,500 $30,930
Period # of Ests. Mean Est. High Est. Low Est. 1 Year Ago
EPSCurrent Year 29 $1.75 $2.38 $1.57 $2.11
Next Year 29 $2.20 $2.75 $1.97 $2.81
Consensus Estimates Trend and Revisions Summary
Period Current1 Week Ago Month Ago Months Ago1 Year Ago
SalesCurrent Year ### $22,688.60 $22,348.30 $22,322.30 $24,755.60
Next Year ### $27,005.80 $26,430.10 $26,431.10 $30,929.50
EPSCurrent Year $1.75 $1.73 $1.62 $1.62 $2.11
Next Year $2.20 $2.20 $2.08 $2.06 $2.81
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8/14/2019 T-2 4.4% 3 1 1 49.9%
11/22
Last Week Last 4 Weeks
Up Down Up Down
0 0 22 6
0 0 18 81 0 24 3
0 0 22 3
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8/14/2019 T-2 4.4% 3 1 1 49.9%
12/22
10-year Bond Yield
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8/14/2019 T-2 4.4% 3 1 1 49.9%
13/22
T+1 T+0 T-.25 T-.5 T-.75 T-1
Gross Operating Cashflow to Firm
Net Income 142.00 177.00 226.00 118.00
Add: Interest Expense x (1-TR) - - - -
Add: Depreciation - - - -
Add: Other Adjustments - - - -
Add: R&D 299.00 276.00 278.00 264.00
Add: Rental ExpenseTotal 441.00 453.00 504.00 382.00
Invested Capital
Total Assets 7,675.00 6,980.00 8,314.00 6,566.00 6,322.00
Less: Current Liabilities ex- short-term debt 3,636.00 3,410.00 4,687.00 3,102.00 2,775.00
Total 4,965.11 4,039.00 3,570.00 3,627.00 3,464.00 3,547.00
Growth 22.9% 13.9%
ROIC - Current 46.93%
EV/IC - Current 8.67
ROIC/CoC - Current 5.30ROIC - Assumed Forward 62.43%
EV/IC - Forward 7.05
ROIC/CoC - Forward 7.05
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8/14/2019 T-2 4.4% 3 1 1 49.9%
14/22
TTM Ave
663.00
-
-
-
1,117.00
-1,780.00
6,998.50
3,205.50
3,793.00
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8/14/2019 T-2 4.4% 3 1 1 49.9%
15/22
2008 2007 2006 2005 2004
Gross Operating Cashflow to Firm
Net Income 645.00 476.00 190.00 359.00 588.45
Add: Interest Expense x (1-TR) - - - - -
Add: Depreciation 287.00 246.00 205.00 121.00 75.72
Add: Other Adjustments 51.00 ### 23.00 100.00 ###
Add: R&D 1,033.00 818.00 662.00 451.00 251.20
Add: Rental ExpenseTotal 2,016.00 ### ### ### 713.40
Invested Capital
Total Assets 8,314.00 ### ### ### ###
Less: Current Liabilities ex- short-term de4,687.00 ### ### ### ###
Total 3,627.00 ### ### ### ###
Growth 30.09% 52.27% 1.89% 10.21% #DIV/0!
ROIC 55.58% 49.89% 58.98% 57.37% 43.75%
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8/14/2019 T-2 4.4% 3 1 1 49.9%
16/22
Piotroski 1 (Positive Net Income) 1
Piotroski 2 (Positive Operating Cash Flow) 1
Piotroski 3 (Increasing Net Income) 1
Piotroski 4 (Operating Cash flow exceeds Net Income) 1
Piotroski 5 (Decreasing ratio of long-term debt to asse 1
Piotroski 6 (Increasing Current Ratio) 1
Piotroski 7 (No increase in outstanding shares) 0
Piotroski 8 (Increasing Gross Margins) 1Piotroski 9 (Increasing Asset Turnover) 1
Piotroski F-Score 8 Strongest com
Altman Z-Score 8.27
Z Score Bankrup
Zones of Discrim
Z > 2.99 -Safe Z
1.8 < Z < 2.99 -G
Z < 1.80 -Distres
1. Net Income:
2. Operating C
3. Return On A
4. Quality of E
5. Long-Term
6. Current Rati
7. Shares Outs
8. Gross Margi 9. Asset Turno
T1
= Working Capi
T2
= Retained Ear
T3
= Earnings Bef
T4
= Market Value
T5
= Sales/ Total
Z = 1.2T1
+ 1.4T2
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8/14/2019 T-2 4.4% 3 1 1 49.9%
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panies - 8 to 9; Likely to go bankrupt - 2 or lower.
cy Model:
ination:
ne
ey Zone
Zone
Bottom line. Score 1 if last year net income is positive.
sh Flow: A better earnings gauge. Score 1 if last year cash flow is positive.
ssets: Measures Profitability. Score 1 if last year ROA exceeds prior-year ROA.
rnings: Warns of Accounting Tricks. Score 1 if last year operating cash flow exceeds net income.
ebt vs. Assets: Is Debt decreasing? Score 1 if the ratio of long-term debt to assets is down from the year-ago
: Measures increasing working capital. Score 1 if CR has increased from the prior year.
anding: A Measure of potential dilution. Score 1 if the number of shares outstanding is no greater than the yea
: A measure of improving competitive position. Score 1 if full-year GM exceeds the prior-year GM.er: Measures productivity. Score 1 if the percentage increase in sales exceeds the percentage increase in tota
tal / Total Assets
ings / Total Assets
re Interest and Taxes / Total Assets
of Equity / Book Value of Total Liabilities
ssets
3.3T3
+ .6T4
+ .999T5
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8/14/2019 T-2 4.4% 3 1 1 49.9%
18/22
value. (If LTD is zero but assets are increasing, score 1 anyway.)
r-ago figure.
l assets.
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8/14/2019 T-2 4.4% 3 1 1 49.9%
19/22
Quarterly Cash Flow Statement Annual Cash Fl30-Jun-09 31-Mar-09 ### ### ### ###
Net Income $142,000 $177,000 $225,000 $119,000 $645,000 $476,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation $84,000 $87,000 $77,000 $76,000 $287,000 $246,000
Adjustments To Net Income $117,000 $29,000 $112,000 -$18,000 $51,000 -$149,000
Changes In Accounts Receivables $16,000 $167,000 -$324,000 -$9,000 -$218,000 -$255,000
Changes In Liabilities -$49,000 ### ### $433,000 ### ###
Changes In Inventories -$23,000 $107,000 -$102,000 -$243,000 -$232,000 -$303,000
Changes In Other Operating Activities $181,000 - -$66,000 $66,000 - $33,000
Total Cash Flow From Operating Activities $468,000 -$585,000 ### $424,000 ### ###
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures -$78,000 -$55,000 -$102,000 -$101,000 -$333,000 -$224,000
Investments -$182,000 -$77,000 -$176,000 $102,000 -$372,000 $341,000Other Cashflows from Investing Activities -$20,000 -$15,000 -$86,000 -$8,000 -$494,000 -$75,000
Total Cash Flows From Investing Activities -$280,000 -$147,000 -$364,000 -$7,000 ### $42,000
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid - - - - - -
Sale Purchase of Stock -$3,000 $3,000 -$99,000 $2,000 -$89,000 -$157,000
Net Borrowings -$19,000 -$343,000 $35,000 -$295,000 -$268,000 -$50,000
Other Cash Flows from Financing Activities $21,000 $49,000 -$1,000 $54,000 $159,000 $257,000
Total Cash Flows From Financing Activiti -$1,000 -$291,000 -$65,000 -$239,000 -$198,000 $50,000
Effect Of Exchange Rate Changes $48,000 -$45,000 -$23,000 -$76,000 -$70,000 $20,000
Change In Cash and Cash Equivalents $235,000 ### ### $102,000 $230,000 ###
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8/14/2019 T-2 4.4% 3 1 1 49.9%
20/22
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8/14/2019 T-2 4.4% 3 1 1 49.9%
21/22
Earnings Surprises
(6/08) (9/08) (12/08) (3/09) (6/09) Error
-- -- -- -- -- 28
-- -- -- -- -- 0.27
-- -- -- -- 0.37Actual 0.37 0.27 0.52 0.41 0.32 0.27
Estimate 0.26 0.25 0.40 0.30 0.31 0.32
Difference 0.11 0.02 0.12 0.11 0.01 --
% Change 42.3% 8.0% 30.0% 36.7% 3.2% 20.2%
Qtr(9/09)
Earnings Growth Rates 0.32
Last 5 Years FY 2009 FY 2010 Next 5 Years 09 P/E 0.33
Company 20.9% 12.5% 28.7% 26.8% 50.4 0.31
Industry 21.5% 6.2% 19.9% 20.8% 36.5 0.31
S&P 500 -2.7% 8.8% 25.3% NA 18.5 0.31
Current 1 Month Ago Months Ag Months Ago
Mean Recommendation 2.6 2.5 2.4 2.6
Strong Buy 4 4 4 4
Moderate Buy 2 2 2 2
Hold 14 13 12 13
Moderate Sell 0 0 0 0
Strong Sell 1 0 0 1
Current Consensus Hold
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22/22
Error Error ErrorEarnings Estimates
27 30 29 Number of Analysts
0.52 1.52 1.88 Low Estimate
0.71 1.77 2.50 High Estimate
0.52 1.49 1.68 Year Ago EPS
0.61 1.68 2.16 Average Estimate
-- -- --
17.9% 12.5% 28.7% Growth Rate
tr(12/09) Y(12/09)FY(12/10) Consensus EPS Trend
0.61 1.68 2.16 Current Estimate
0.62 1.68 2.16 7 Days Ago
0.60 1.62 2.08 30 Days Ago
0.60 1.62 2.07 60 Days Ago
0.59 1.61 2.05 90 Days Ago