FINANCIAL STATEMENTS and RATIOS. STOCKVAL and SV CONNECT

Transcription

1 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) Price /06/04 FYE Jan StockVal 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 EPS T4Q (op) P/E T4Q Market Value 4-Weeks EPS F12M P/E F12M Avg. Volume (thou) 8-Weeks EPS Est. FY P/E FY NA Beta (60 mo.) 13-Weeks EPS Est. FY P/E FY NA Pre-Tax Margin T4Q 52-Weeks Revs T4Q P/Sales Net Profit Margin T4Q QTD Cash Flw T4Q P/Cash Flw Return on Equity T4Q YTD Book Value P/Book LT Debt/Capital Dividend Est NA Div. Yld 1.01% 0.57% GRE Median % 4% 22% 31% 14% Contact: Address: Investor Relations 702 Southwest 8th Street Bentonville, AR Internet: Country: USA Employees: Cusip: Expected Report Date: 08/12/04 SV Industry I: SV Industry II: SV Sector: Universe: Equity Type: 117 Retail Stores: Drug 06 Consumer Staples Exchange: Options Exchange: S&P 500 %: Analyst: Rating: NYSE CO % 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. 1

2 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) Cost of Goods & Services Gross Profit S G & A Expense R&D Expense Interest Expense Pre-Tax Income Taxes Net Income Reported ($ Mil) Net Income Adjusted EPS Reported EPS Adjusted Shares Outstanding (Thou) Dividends Common (Per Shr) Dividends Preferred ($ Mil)

3 StockVal / Data / Financial Statements (Annual) / Income Statement Ratios Income Statement Ratios WAL-MART STORES INCORPORATED (WMT) StockVal FYE Jan Gross Profit Margin (%) Operating Profit Margin EBITDA (%) Operating Profit Margin EBIT (%) Pre-Tax Profit Margin (%) Tax Rate (%) Net Profit Margin Adjusted (%) Return on Avg Common Equity (%) Return on Average Total Equity (%) Return on Average Capital (%) Return on Average Assets (%) Times Interest Earned

4 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) Accounts Receivable Inventories Other Current Assets Total Current Assets Plant & Equipment Gross Accumulated Depreciation Plant & Equipment Net Other Long-Term Assets Total Long-Term Assets Total Assets Accounts Payable Short-Term Debt Other Current Liabilities Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Long-Term Liabilities Total Long-Term Liabilities Total Liabilities Minority Interest Preferred Equity Common Equity Total Equity Total Liab & Equity

5 StockVal / Data / Financial Statements (Annual) / Balance Sheet Ratios Balance Sheet Ratios WAL-MART STORES INCORPORATED (WMT) StockVal FYE Jan Cash Items/Total Capital (%) Quick Ratio Current Ratio Net Working Capital ($000) Long-Term Debt/Equity (%) Long-Term Debt / Capital (%) Total Debt/Common Equity (%) Total Debt/Capital (%) Total Debt/Total Assets (%) Days Inventory Days Receivable Days Payable Asset Turnover Plant & Equipment Turnover

6 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) Accounting Adjustment Net Income Adjusted Depreciation & Amort Cash Flow Adjusted Capital Expenditures Free Cash Flow Adjusted Dividends Common ($ Mil) Free Cash Flow After Dividends Net Cash From Operations Net Cash From Investing Net Cash From Financing Other Cash Flows Change In Cash & Equiv

7 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 /06/04 FYE Jan INT TAX ASSET MARGIN% BURDEN BURDEN% TURN LEVERAGE EBIT EBT T Sales Assets ROE Sales EBIT EBT Assets Equity Rpt%

8 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 JACK HENRY & ASSOC JKHY AVID TECHNOLOGY INCAVID INTERNATIONAL BUSINIBM DOT HILL SYSTEMS COHILL DELL INCORPORATED DELL HEWLETT-PACKARD COHPQ SCIENTIFIC LEARNING SCIL NMN APPLE COMPUTER INCAAPL PAR TECHNOLOGY CO PTC NEC CORPORATION ADNIPNY CRAY INCORPORATED CRAY PALMONE INCORPORAPLMO SILICON GRAPHICS INCSGI NMN CONCURRENT COMPU CCUR GATEWAY INCORPORAGTW EVANS & SUTHERLANDESCC STORAGE COMPUTER SOS Median Mean Mean Mkt-Cap Wtd

9 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 WAL-MA ATEMENT -- FYE Revenue Cost Of Goods & Services Gross Profit SG & A Expense R & D Expense Interest Expense Pretax Income Taxes Net Income Reported EPS Reported Net Income Adjusted EPS Adjusted Shares Dividends Common Dividends Preferred Depreciation & Amort Capital Expenditures Employees 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). 9

10 Here is an example of Fundamental Ratio Analysis (Annual): GILLETTE COMP Short-Term Liquidity Current Ratio Quick Ratio Cash Ratio 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 Days Receivables Inventory Turnover Days Inventory Sales to Cash Working Capital Turnover Fixed Assets Turnover Total Assets Turnover Valuation Price / Earnings (T4Q) Price / Earnings (F12M) Enterprise Value / EBITDA Price / Sales Price / Book Value 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% 10

11 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 Current Ratio Quick Ratio Cash Ratio 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% % 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 Days Receivables Inventory Turnover Days Inventory Sales to Cash Working Capital Turnover Fixed Assets Turnover Total Assets Turnover Valuation Price / Earnings (T4Q) Price / Earnings (F12M) Enterprise Value / EBITDA Price / Sales Price / Book Value 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% 11

12 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 EARNING POWER Asset Turnover (Sales / Assets) x Pretax Margins (EBT / Sales) x Leverage (Assets / Equity) = PRETAX RETURN ON EQUITY x Tax Rate Complement = RETURN ON EQUITY x Earnings Retention (1 - Payout Ratio) = REINVESTMENT RATE PRETAX RETURN ON ASSETS (Pretax ROE / Leverage) LIQUIDITY Quick Ratio Current Ratio Average Days to Collect Inventory Turnover Times Interest Earned LEVERAGE Assets To Equity % LT Debt To Total Capital (Total Debt-Cash)/EBITDA MARGINS & PROFITABILITY Gross Margin Operating Margin EBITDA Margin Earnings Before Taxes Earnings After Taxes

13 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 Quick Ratio Working Capital Sales/Working Capital Accts Receivable Analysis: A/R Turnover DSO Inventory Analysis: Inventory Turns Debt Analysis: LT Debt/Total Capital GRAPH HISTORICAL DATA Inventories TREND ANALYSIS Inventories 3,000 2,500 2,000 1,500 1, You can graph other variables by changing inventories to another ratio from a drop menu. 13

14 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 Key Return Measurements LTM 5 Yr Avg Rel to Ind Rel to SPX LTM 5 Yr Avg EBITDA Margin % Return on Assets 19.9% 23.8% Net Profit Margin 28.8% 18.7% Return on Capital 28.2% 34.7% Return on Equity 36.1% 44.4% 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: 14

15 IBM INT'L BUSINESS MACH Prvds computer/it products/services LTM DEC DEC DEC DEC DEC DEC DEC DEC DEC Jun Stock Valuation P/E Ratio High Low Dividend Yield High 0.8% Low 0.7% Price/Book High Low Price/Cash Flow High Low Price/Sales High Low 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 % 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 % 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 % 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 % 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 15

16 IBM INT'L BUSINESS MACH Prvds computer/it products/services LTM DEC DEC DEC DEC DEC DEC DEC DEC DEC Jun Liquidity & Debt Current Ratio Quick Ratio 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 Inventory Turnover - Days Assets to Equity LT Debt to Capitalization % Aug % 37.9% 46.7% 40.3% 47.1% 40.8% 44.4% 40.9% 31.3% 31.0% 5. Price Performance LTM High Low Close Aug (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 Earnings Estimate Mean 1.14 (E) Reported EPS Surprise 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 Dec-04 Sep-04 Jun (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 ($) Low ($) # Analyst # Up Rev # 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","BASIn the S&P 500? YES Address: N Market Cap ($billion) Baseline Std Deviation '=Baseline("IBM","BASIndustry: 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: 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. 16

17 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> Ticker <Equity> CH2 <GO> Ticker <Equity> CH3 <GO> Ticker <Equity> CH4 <GO> Ticker <Equity> CH5 <GO> Financial Summary Income Statement Balance Sheet Fundamental Graph Cash Flow Statement 17