table 1: free cash flow

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Table 1: Free Cash Flow Name Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 TTM 5 yr avg 10 yr avg Becton Dickinson FCF 407.9 576.3 644.7 834.6 906.3 617.1 679.7 348.9 636.1 700.8 596.52 635.24 Sales 3754.3 4033.1 4527.9 4934.8 5414.7 5834.8 6359.7 7155.9 7160.9 7160.9 6734.4 4 5633.7 FCF/Sales 10.86% 14.29% 14.24% 16.91% 16.74% 10.58% 10.69% 4.88% 8.88% 9.79% 8.96% 11.79% Johnson and Johnson FCF 4917 7133 6077 8333 8956 9245 11582 12307 11906 12636 11535. 2 9309.2 Sales 29139 33004 36298 41862 47348 50514 53324 61095 63747 60528 57841. 6 47685.9 FCF/Sales 16.87% 21.61% 16.74% 19.91% 18.92% 18.30% 21.72% 20.14% 18.68% 20.88% 19.94% 19.38% Stryker FCF 251.1 306.4 364.9 504 405.5 592.1 649.8 840.6 1020.7 1204.2 861.48 613.93 Sales 2289.4 2602.3 3011.6 3625.3 4262.3 4871.5 5405.6 6000.5 6718.2 6607.1 5920.5 8 4539.38 FCF/Sales 10.97% 11.77% 12.12% 13.90% 9.51% 12.15% 12.02% 14.01% 15.19% 18.23% 14.32% 12.99%

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Table 1: Free Cash Flow. Table 2: ROE. Table 3: Dividend Analysis. Table 4: Free Cash Flow Forecast. - PowerPoint PPT Presentation

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Page 1: Table 1: Free Cash Flow

Table 1: Free Cash Flow

Name Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 TTM 5 yr avg 10 yr avg

Becton Dickinson FCF 407.9 576.3 644.7 834.6 906.3 617.1 679.7 348.9 636.1 700.8 596.52 635.24

Sales 3754.3 4033.1 4527.9 4934.8 5414.7 5834.8 6359.7 7155.9 7160.9 7160.9 6734.44 5633.7

FCF/Sales 10.86% 14.29% 14.24% 16.91% 16.74% 10.58% 10.69% 4.88% 8.88% 9.79% 8.96% 11.79%

Johnson and Johnson FCF 4917 7133 6077 8333 8956 9245 11582 12307 11906 12636 11535.2 9309.2

Sales 29139 33004 36298 41862 47348 50514 53324 61095 63747 60528 57841.6 47685.9

FCF/Sales 16.87% 21.61% 16.74% 19.91% 18.92% 18.30% 21.72% 20.14% 18.68% 20.88% 19.94% 19.38%

Stryker FCF 251.1 306.4 364.9 504 405.5 592.1 649.8 840.6 1020.7 1204.2 861.48 613.93

Sales 2289.4 2602.3 3011.6 3625.3 4262.3 4871.5 5405.6 6000.5 6718.2 6607.1 5920.58 4539.38

FCF/Sales 10.97% 11.77% 12.12% 13.90% 9.51% 12.15% 12.02% 14.01% 15.19% 18.23% 14.32% 12.99%

Page 2: Table 1: Free Cash Flow

Table 2: ROE

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 TTM 5 yr avg 10 yr avg

Net Margin 10.70% 11.90% 12.08% 9.47% 13.34% 12.89% 13.99% 15.75% 17.20% 17.20% 15.41% 13.45%

ROA 8.63% 9.75% 10.31% 8.25% 12.22% 11.67% 12.58% 14.79% 14.31% 14.31% 13.53% 11.68%

ROE 19.12% 20.26% 20.59% 15.85% 22.85% 21.13% 21.71% 24.24% 24.44% 24.44% 23.19% 21.46%

Financial Leverage 2.23 2.67 3.05 3.05 3.03 3.61 4.16 4.09 3.71 3.6 3.83 3.32

Net Margin 16.47% 17.17% 18.17% 17.19% 17.97% 20.61% 20.73% 17.31% 20.31% 21.10% 20.01% 18.71%

ROA 15.87% 0.00% 16.69% 16.21% 16.75% 18.70% 17.19% 13.96% 15.61% 14.25% 15.94% 14.52%

ROE 27.41% 26.34% 28.11% 29.04% 29.00% 29.88% 28.64% 25.60% 30.17% 26.58% 28.17% 28.08%

Financial Leverage 1.67 1.59 1.79 1.8 1.68 1.53 1.79 1.87 2 1.82 1.80 1.75

Net Margin 9.65% 10.26% 11.48% 12.51% 10.93% 13.86% 14.39% 16.96% 17.08% 16.33% 15.72% 13.34%

ROA 8.82% 11.00% 13.19% 15.18% 12.86% 14.96% 14.38% 15.38% 15.35% 13.46% 14.71% 13.46%

ROE 28.96% 27.94% 27.06% 24.83% 18.98% 22.49% 20.90% 21.26% 21.28% 17.71% 20.73% 23.14%

Financial Leverage 2.84 2.29 1.88 1.47 1.48 1.52 1.4 1.37 1.41 1.31 1.40 1.70

Page 3: Table 1: Free Cash Flow

Table 3: Dividend Analysis

Name Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 5 yr avg 10 yr avg

Becton Dickinson Yearly Dividend 0.37 0.38 0.39 0.4 0.6 0.72 0.86 0.98 1.14 1.32

Dividend Increase 8.82% 2.70% 2.63% 2.56% 50.00% 20.00% 19.44% 13.95% 16.33% 15.79% 17.10% 15.22%

Payout Ratio 22.70% 21.23% 18.57% 18.10% 21.98% 22.64% 26.06% 22.17% 23.17% 26.14% 24.04% 22.28%

Johnson and Johnson Yearly Dividend 0.62 0.7 0.795 0.925 1.095 1.275 1.455 1.62 1.795 1.96

Dividend Increase 13.76% 12.90% 13.57% 16.35% 18.38% 16.44% 14.12% 11.34% 10.80% 9.19% 12.38% 13.69%

Payout Ratio 38.51% 38.04% 36.81% 38.54% 39.96% 38.06% 39.01% 44.63% 39.28% 42.42% 40.68% 39.53%

Stryker Yearly Dividend 0.04 0.05 0.06 0.07 0.09 0.11 0.22 0.33 0.4 0.6

Dividend Increase 23.08% 25.00% 20.00% 16.67% 28.57% 22.22% 100.00% 50.00% 21.21% 50.00% 48.69% 35.67%

Payout Ratio 7.27% 7.46% 7.06% 6.80% 8.41% 7.14% 11.76% 13.92% 14.39% 20.76% 13.60% 10.50%

Page 4: Table 1: Free Cash Flow

Table 4: Free Cash Flow Forecast

Name Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Becton Dickinson FCF $1,125.70 $1,254.03 $1,396.99 $1,556.25 $1,733.66 $1,931.30 $2,151.46 $2,396.73 $2,669.96 $2,974.33

Discount Factor 1.09 1.19 1.30 1.41 1.54 1.68 1.83 1.99 2.17 2.37

Discounted FCF $1,032.75 $1,055.49 $1,078.73 $1,102.48 $1,126.76 $1,151.57 $1,176.92 $1,202.84 $1,229.32 $1,256.39

Johnson & Johnson FCF $14,609.99 $14,609.99$15,709.77 $16,892.35 $18,163.94$19,531.26

$21,001.50 $22,582.42 $24,282.34

$26,110.23

Discount Factor 1.19 1.19 1.30 1.41 1.54 1.68 1.83 1.99 2.17 2.37

Discounted FCF $12,296.93 $12,296.93$12,130.83 $11,966.97 $11,805.32$11,645.85$11,488.5

4 $11,333.35 $11,180.26$11,029.2

4

Stryker FCF $1,345.09 $1,502.47 $1,678.26 $1,874.61 $2,093.94 $2,338.93 $2,612.59 $2,918.26 $3,259.70 $3,641.08

Discount Factor 1.10 1.20 1.31 1.44 1.57 1.72 1.89 2.07 2.26 2.48

Discounted FCF $1,228.39 $1,253.07 $1,278.25 $1,303.93 $1,330.13 $1,356.85 $1,384.11 $1,411.92 $1,440.29 $1,469.23