Company Valuation Project Question

Description

MBA 646, Company Valuation Project
Dr. Spohn
The project is designed to be worked step-by-step along with the course progress. The project guide describes the detailed instructions. 
Upon completing all the steps, you should have all the components necessary to complete the final paper. Now, you can extend the work into a final paper. 
The final paper should include:
Background study (step 1 & 2)
DCF valuation (step 2 & 3)
Relative valuation (step 3 & 4)
APV valuation (step 5) 

Discussion
The rubric below explains the detailed requirements for the paper.  
MBA 646, Measuring and Managing Value
Critical Assignment

The critical assignment for MBA 646, Measuring and Managing Value, is one of a series of assignments designed to demonstrate that students have achieved the learning outcomes established for the Financial Valuation and Investment Management specialization of the MBA program in the College of Business and Management. This, like the other checkpoint critical assignments, is an integral component of the business plan, which is measured   in the capstone course MBA 690, Strategic Management Seminar. These critical and capstone assignments indicate whether or not the College is successful in achieving the overall learning outcomes for the program.

The specific objective of this critical assignment is to assure that students of business have sufficient skills to effectively determine value, particularly for financial securities and businesses. This exercise will provide students with the opportunity to integrate and implement theory to practice by determining a valuation of an existing business. The intent of the exercise is to prepare an exhaustive valuation of a company so that the student can recommend whether or not the company’s current value is appropriate. This assignment will assist students in developing the financial components of a comprehensive business plan in the capstone course during the final term of study. 
This exercise involves selecting an existing organization and determining whether its market price per share is appropriate. The student will develop an environmental scanning analysis to establish the context for determining for the company, its cash flow, growth rate, and discount rate. The student will use a discounted cash flow technique as well as relative valuation for determining the value of the company’s common stock.       
The specific components of the assignment should include:
1. A description of the company and why the company was selected.
2. An environmental scan and risk analysis in the context of the selected company.
3. A discussion of how the cash flow, growth rate, and discount rate were determined.
4. Implementation of the discounted cash flow valuation method.
5. A description of why the comparable companies were selected for implementation of the relative valuation method.
6. Implementation of the relative valuation method.
7. Recommendation of whether or not the company’s stock should be bought. 

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Financial Data McDonald’s
Income Statement
Year
Revenue
Cost of Revenue
Gross Profit
Selling, General & Admin
Other Operating Expenses
Operating Expenses
Operating Income
Interest Expense / Income
Other Expense / Income
Pretax Income
Income Tax
Net Income
Net Income Common
Shares Outstanding (Basic)
Shares Outstanding (Diluted)
EPS (Basic)
EPS (Diluted)
Free Cash Flow Per Share
Dividend Per Share
EBITDA
EBIT
Dec-2017
22,820.40
12,199.60
10,620.80
2,231.30
-1,163.20
1,068.10
9,552.70
921.3
57.9
8,573.50
3,381.20
5,192.30
5,192.30
807
816
6.43
6.37
4.79
3.83
10,858.20
9,494.80
Dec-2018
21,257.90
10,239.20
11,018.70
1,985.40
210.7
2,196.10
8,822.60
981.2
25.3
7,816.10
1,891.80
5,924.30
5,924.30
778
786
7.61
7.54
5.63
4.19
10,279.30
8,797.30
Dec-2019
21,364.40
9,961.20
11,403.20
1,966.90
366.5
2,333.40
9,069.80
1,121.90
-70.2
8,018.10
1,992.70
6,025.40
6,025.40
758
765
7.95
7.88
7.76
4.73
10,757.90
9,140
Dec-2017
2,463.80
2,463.80
101.39%
1,976.20
58.8
828.4
5,327.20
22,448.30
1,085.70
2,379.70
2,562.80
28,476.50
33,803.70
Dec-2018
866
866
-64.85%
2,441.50
51.1
694.6
4,053.20
22,842.70
1,202.80
2,331.50
2,381
28,758
32,811.20
Dec-2019
898.5
898.5
3.75%
2,224.20
50.2
385
3,557.90
37,421.20
1,270.30
2,677.40
2,584
43,952.90
47,510.80
Balance Sheet
Year
Cash & Equivalents
Cash & Cash Equivalents
Cash Growth
Receivables
Inventory
Other Current Assets
Total Current Assets
Property, Plant & Equipment
Long-Term Investments
Goodwill and Intangibles
Other Long-Term Assets
Total Long-Term Assets
Total Assets
Accounts Payable
Deferred Revenue
Current Debt
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
Total Debt
Debt Growth
Common Stock
Retained Earnings
Comprehensive Income
Shareholders’ Equity
Total Liabilities and Equity
Net Cash / Debt
Net Cash Per Share
Working Capital
Book Value Per Share
924.8
0
0
1,965.80
2,890.60
29,536.40
4,644.70
34,181.10
37,071.70
29,536.40
13.80%
-49,415.40
48,325.80
-2,178.40
-3,268
33,803.70
-27,072.60
-33.53
2,436.60
-4.05
1,207.90
627.8
0
1,137.80
2,973.50
31,075.30
5,020.80
36,096.10
39,069.60
31,075.30
5.21%
-54,135.90
50,487
-2,609.50
-6,258.40
32,811.20
-30,209.30
-38.82
1,079.70
-8.04
988.2
660.6
680.1
1,292.10
3,621
46,875.90
5,224.20
52,100.10
55,721.10
47,556
53.03%
-58,658.10
52,930.50
-2,482.70
-8,210.30
47,510.80
-46,657.50
-61.55
-63.1
-10.83
Dec-2017
5192.3
1363.4
117.5
-1122
5551.2
-0.0839
-1686.9
2494.8
-245.9
562
-3089.2
-4228.9
2027.8
-20.5
-5310.8
1066.4
3864.3
-0.1058
0.1693
4.79
Dec-2018
5924.3
1482
125.1
-564.7
6966.7
0.255
-2581.3
429.1
-302.9
-2455.1
-3255.9
-4804.5
2130.8
-20
-5949.6
-1597.8
4385.4
0.1348
0.2063
5.63
Dec-2019
6025.4
1617.9
109.6
369.2
8122.1
0.1658
-2242.5
-200.1
-628.5
-3071.1
-3581.9
-4625.7
3236.3
-23.5
-4994.8
32.5
5879.6
0.3407
0.2752
7.76
Cash Flow Statement
Year
Net Income
Depreciation & Amortization
Share-Based Compensation
Other Operating Activities
Operating Cash Flow
Operating Cash Flow Growth
Capital Expenditures
Acquisitions
Other Investing Activities
Investing Cash Flow
Dividends Paid
Share Issuance / Repurchase
Debt Issued / Paid
Other Financing Activities
Financing Cash Flow
Net Cash Flow
Free Cash Flow
Free Cash Flow Growth
Free Cash Flow Margin
Free Cash Flow Per Share
Select Ratios
Dec-2020
19,207.80
9,188.70
10,019.10
2,245
450.1
2,695.10
7,324
1,218.10
-34.8
6,140.70
1,410.20
4,730.50
4,730.50
745
750
6.35
6.31
6.25
5.04
9,110.20
7,358.80
Dec-2021
23,222.90
10,382.30
12,840.60
2,377.80
106.8
2,484.60
10,356
1,185.80
42.3
9,127.90
1,582.70
7,545.20
7,545.20
746
752
10.11
10.04
9.66
5.25
12,181.80
10,313.70
Dec-2020
3,449.10
3,449.10
283.87%
2,110.30
51.1
632.7
6,243.20
38,785.90
1,297.20
2,773.10
3,527.40
46,383.60
52,626.80
Dec-2021
4,709.20
4,709.20
36.53%
1,872.40
55.6
511.3
7,148.50
38,272.60
1,201.20
2,782.50
4,449.50
46,705.80
53,854.30
Market cap in millions USD. Fiscal year is January – December.
Year
2017
2018
2019
Market Capitalization
137,212
136,891
148,819
Market Cap Growth
35.74%
-0.23%
8.71%
Enterprise Value
164,284
167,100
195,476
PE Ratio
26.43
23.11
24.7
PS Ratio
6.01
6.44
6.97
PB Ratio
-41.99
-21.87
-18.13
P/FCF Ratio
35.51
31.22
25.31
P/OCF Ratio
24.72
19.65
18.32
EV/Sales Ratio
7.15
7.82
9.04
EV/EBITDA Ratio
15.03
16.17
17.95
EV/EBIT Ratio
17.18
18.89
21.12
EV/FCF Ratio
42.22
37.9
32.84
Debt / Equity Ratio
-9.04
-4.97
-5.79
Debt / EBITDA Ratio
2.72
3.02
4.42
Debt / FCF Ratio
7.64
7.09
8.09
Current Ratio
1.84
1.36
0.98
Asset Turnover
0.7
0.64
0.46
Return on Equity (ROE)
-192.70% -100.30%
-79.90%
Return on Assets (ROA)
15.80%
17.80%
13.00%
Return on Capital (ROIC)
17.80%
15.40%
10.80%
Earnings Yield
3.78%
4.33%
4.05%
FCF Yield
2.82%
3.20%
3.95%
Dividend Yield
2.25%
2.38%
2.41%
Payout Ratio
59.60%
55.10%
59.50%
Buyback Yield / Dilution
5.31%
3.67%
2.63%
741.3
702
2,945.10
1,792.80
6,181.20
48,518.10
5,752.40
54,270.50
60,451.70
51,463.20
8.22%
-59,146.20
53,908.10
-2,586.80
-7,824.90
52,626.80
-48,014.10
-64.48
62
-10.51
1,006.80
738.3
705.5
1,569.40
4,020
48,643.60
5,791.70
54,435.30
58,455.30
49,349.10
-4.11%
-59,562
57,534.70
-2,573.70
-4,601
53,854.30
-44,639.90
-59.81
3,128.50
-6.17
Dec-2020
4730.5
1751.4
92.4
-309.1
6265.2
-0.2286
-1613.4
10.2
57.4
-1545.8
-3752.9
-612.3
2238.2
-122
-2249
2550.6
4651.8
-0.2088
0.2422
6.25
Dec-2021
7545.2
1868.1
139.2
-411
9141.5
0.4591
-1933.8
-178
-53.9
-2165.7
-3918.6
-559.8
-1070.5
-46.7
-5595.6
1260.1
7207.7
0.5494
0.3104
9.66
2020
159,886
7.44%
207,900
33.8
8.32
-20.43
34.37
25.52
10.8
22.78
28.2
44.6
-6.58
5.65
11.06
1.01
0.38
-54.00%
9.30%
8.20%
2.96%
2.91%
2.35%
79.40%
1.93%
2021
200,314
25.29%
244,954
26.55
8.63
-43.54
27.79
21.91
10.54
20.1
23.74
33.97
-10.73
4.05
6.85
1.78
0.44
-129.40%
14.40%
11.40%
3.77%
3.60%
1.96%
51.90%
-0.23%
Current
178,736
223,375
23.94
7.7
24.8
19.55
9.62
18.34
21.66
30.99
-10.73
4.05
6.85
1.78
0.44
-129.40%
14.40%
11.40%
4.22%
4.03%
2.22%
51.90%
-0.23%
Financial Data McDonald’s
Income Statement
Year
Revenue
Cost of Revenue
Gross Profit
Selling, General & Admin
Other Operating Expenses
Operating Expenses
Operating Income
Interest Expense / Income
Other Expense / Income
Pretax Income
Income Tax
Net Income
Net Income Common
Shares Outstanding (Basic)
Shares Outstanding (Diluted)
EPS (Basic)
EPS (Diluted)
Free Cash Flow Per Share
Dividend Per Share
EBITDA
EBIT
Dec-2017
22,820.40
12,199.60
10,620.80
2,231.30
-1,163.20
1,068.10
9,552.70
921.3
57.9
8,573.50
3,381.20
5,192.30
5,192.30
807
816
6.43
6.37
4.79
3.83
10,858.20
9,494.80
Dec-2018
21,257.90
10,239.20
11,018.70
1,985.40
210.7
2,196.10
8,822.60
981.2
25.3
7,816.10
1,891.80
5,924.30
5,924.30
778
786
7.61
7.54
5.63
4.19
10,279.30
8,797.30
Dec-2019
21,364.40
9,961.20
11,403.20
1,966.90
366.5
2,333.40
9,069.80
1,121.90
-70.2
8,018.10
1,992.70
6,025.40
6,025.40
758
765
7.95
7.88
7.76
4.73
10,757.90
9,140
Dec-2017
2,463.80
2,463.80
101.39%
1,976.20
58.8
828.4
5,327.20
22,448.30
1,085.70
2,379.70
2,562.80
28,476.50
33,803.70
Dec-2018
866
866
-64.85%
2,441.50
51.1
694.6
4,053.20
22,842.70
1,202.80
2,331.50
2,381
28,758
32,811.20
Dec-2019
898.5
898.5
3.75%
2,224.20
50.2
385
3,557.90
37,421.20
1,270.30
2,677.40
2,584
43,952.90
47,510.80
Balance Sheet
Year
Cash & Equivalents
Cash & Cash Equivalents
Cash Growth
Receivables
Inventory
Other Current Assets
Total Current Assets
Property, Plant & Equipment
Long-Term Investments
Goodwill and Intangibles
Other Long-Term Assets
Total Long-Term Assets
Total Assets
Accounts Payable
Deferred Revenue
Current Debt
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
Total Debt
Debt Growth
Common Stock
Retained Earnings
Comprehensive Income
Shareholders’ Equity
Total Liabilities and Equity
Net Cash / Debt
Net Cash Per Share
Working Capital
Book Value Per Share
924.8
0
0
1,965.80
2,890.60
29,536.40
4,644.70
34,181.10
37,071.70
29,536.40
13.80%
-49,415.40
48,325.80
-2,178.40
-3,268
33,803.70
-27,072.60
-33.53
2,436.60
-4.05
1,207.90
627.8
0
1,137.80
2,973.50
31,075.30
5,020.80
36,096.10
39,069.60
31,075.30
5.21%
-54,135.90
50,487
-2,609.50
-6,258.40
32,811.20
-30,209.30
-38.82
1,079.70
-8.04
988.2
660.6
680.1
1,292.10
3,621
46,875.90
5,224.20
52,100.10
55,721.10
47,556
53.03%
-58,658.10
52,930.50
-2,482.70
-8,210.30
47,510.80
-46,657.50
-61.55
-63.1
-10.83
Dec-2017
5192.3
1363.4
117.5
-1122
5551.2
-0.0839
-1686.9
2494.8
-245.9
562
-3089.2
-4228.9
2027.8
-20.5
-5310.8
1066.4
3864.3
-0.1058
0.1693
4.79
Dec-2018
5924.3
1482
125.1
-564.7
6966.7
0.255
-2581.3
429.1
-302.9
-2455.1
-3255.9
-4804.5
2130.8
-20
-5949.6
-1597.8
4385.4
0.1348
0.2063
5.63
Dec-2019
6025.4
1617.9
109.6
369.2
8122.1
0.1658
-2242.5
-200.1
-628.5
-3071.1
-3581.9
-4625.7
3236.3
-23.5
-4994.8
32.5
5879.6
0.3407
0.2752
7.76
Cash Flow Statement
Year
Net Income
Depreciation & Amortization
Share-Based Compensation
Other Operating Activities
Operating Cash Flow
Operating Cash Flow Growth
Capital Expenditures
Acquisitions
Other Investing Activities
Investing Cash Flow
Dividends Paid
Share Issuance / Repurchase
Debt Issued / Paid
Other Financing Activities
Financing Cash Flow
Net Cash Flow
Free Cash Flow
Free Cash Flow Growth
Free Cash Flow Margin
Free Cash Flow Per Share
Select Ratios
Dec-2020
19,207.80
9,188.70
10,019.10
2,245
450.1
2,695.10
7,324
1,218.10
-34.8
6,140.70
1,410.20
4,730.50
4,730.50
745
750
6.35
6.31
6.25
5.04
9,110.20
7,358.80
Dec-2021
23,222.90
10,382.30
12,840.60
2,377.80
106.8
2,484.60
10,356
1,185.80
42.3
9,127.90
1,582.70
7,545.20
7,545.20
746
752
10.11
10.04
9.66
5.25
12,181.80
10,313.70
Dec-2020
3,449.10
3,449.10
283.87%
2,110.30
51.1
632.7
6,243.20
38,785.90
1,297.20
2,773.10
3,527.40
46,383.60
52,626.80
Dec-2021
4,709.20
4,709.20
36.53%
1,872.40
55.6
511.3
7,148.50
38,272.60
1,201.20
2,782.50
4,449.50
46,705.80
53,854.30
Market cap in millions USD. Fiscal year is January – December.
Year
2017
2018
2019
Market Capitalization
137,212
136,891
148,819
Market Cap Growth
35.74%
-0.23%
8.71%
Enterprise Value
164,284
167,100
195,476
PE Ratio
26.43
23.11
24.7
PS Ratio
6.01
6.44
6.97
PB Ratio
-41.99
-21.87
-18.13
P/FCF Ratio
35.51
31.22
25.31
P/OCF Ratio
24.72
19.65
18.32
EV/Sales Ratio
7.15
7.82
9.04
EV/EBITDA Ratio
15.03
16.17
17.95
EV/EBIT Ratio
17.18
18.89
21.12
EV/FCF Ratio
42.22
37.9
32.84
Debt / Equity Ratio
-9.04
-4.97
-5.79
Debt / EBITDA Ratio
2.72
3.02
4.42
Debt / FCF Ratio
7.64
7.09
8.09
Current Ratio
1.84
1.36
0.98
Asset Turnover
0.7
0.64
0.46
Return on Equity (ROE)
-192.70% -100.30%
-79.90%
Return on Assets (ROA)
15.80%
17.80%
13.00%
Return on Capital (ROIC)
17.80%
15.40%
10.80%
Earnings Yield
3.78%
4.33%
4.05%
FCF Yield
2.82%
3.20%
3.95%
Dividend Yield
2.25%
2.38%
2.41%
Payout Ratio
59.60%
55.10%
59.50%
Buyback Yield / Dilution
5.31%
3.67%
2.63%
741.3
702
2,945.10
1,792.80
6,181.20
48,518.10
5,752.40
54,270.50
60,451.70
51,463.20
8.22%
-59,146.20
53,908.10
-2,586.80
-7,824.90
52,626.80
-48,014.10
-64.48
62
-10.51
1,006.80
738.3
705.5
1,569.40
4,020
48,643.60
5,791.70
54,435.30
58,455.30
49,349.10
-4.11%
-59,562
57,534.70
-2,573.70
-4,601
53,854.30
-44,639.90
-59.81
3,128.50
-6.17
Dec-2020
4730.5
1751.4
92.4
-309.1
6265.2
-0.2286
-1613.4
10.2
57.4
-1545.8
-3752.9
-612.3
2238.2
-122
-2249
2550.6
4651.8
-0.2088
0.2422
6.25
Dec-2021
7545.2
1868.1
139.2
-411
9141.5
0.4591
-1933.8
-178
-53.9
-2165.7
-3918.6
-559.8
-1070.5
-46.7
-5595.6
1260.1
7207.7
0.5494
0.3104
9.66
2020
159,886
7.44%
207,900
33.8
8.32
-20.43
34.37
25.52
10.8
22.78
28.2
44.6
-6.58
5.65
11.06
1.01
0.38
-54.00%
9.30%
8.20%
2.96%
2.91%
2.35%
79.40%
1.93%
2021
200,314
25.29%
244,954
26.55
8.63
-43.54
27.79
21.91
10.54
20.1
23.74
33.97
-10.73
4.05
6.85
1.78
0.44
-129.40%
14.40%
11.40%
3.77%
3.60%
1.96%
51.90%
-0.23%
Current
178,736
223,375
23.94
7.7
24.8
19.55
9.62
18.34
21.66
30.99
-10.73
4.05
6.85
1.78
0.44
-129.40%
14.40%
11.40%
4.22%
4.03%
2.22%
51.90%
-0.23%
Q2-3
Hint:
This is the first step of your final project.
There is no need to include long paragraph analysis in the excel, but you need to have the data collected
Organize the financial data
Copy and past the data in the following format
income statement + balance sheet + cash flow statement
from left to right in the ascending order of date, the latest on the right column
5-10 years of data
some line items could vary.
Sales
Cost of Goods
Gross Profit
Operating Expenses
Operating Income
Interest Expense
Dec-16
Dec-17
Dec-18
3,904,384
3,406,170
498,214
463,817
34,567
0
4,476,412
3,720,196
756,216
485,618
270,794
0
4,864,985
3,953,993
910,992
653,617
258,368
0
Other Income
Pre-tax Income
Income Tax
Net Income Continuous
Net Income
EPS Basic Total Ops
EPS Basic Continuous Ops
EPS Diluted Total Ops
EPS Diluted Continuous Ops
EPS Diluted Before Non-Recurring Items
Ebitda
Cash Flows From Operating Activities
Net Income
Depreciation Amortization
Income taxes – deferred
Accounts receivable
Accounts payable and accrued liabilities
Other Working Capital
Other Operating Activity
Operating Cash Flow
Cash Flows From Investing Activities
PPE Investments
Net Acquisitions
Purchase Of Investment
Sale Of Investment
Investing Cash Flow
Cash Flows From Financing Activities
Change In Short Term Borrowing
Debt Issued
Debt Repayment
Common Stock Issued
Common Stock Repurchased
Other Financing Activity
Financing Cash Flow
Exchange Rate Effect
Beginning Cash Position
End Cash Position
Change In Cash
Free Cash Flow
4,172
38,739
15,801
22,938
$22,938
4,949
275,743
99,490
176,253
$176,253
10,068
268,436
91,883
176,553
$176,553
0.78
0.78
0.77
0.77
0.77
$180,935
6.19
6.19
6.17
6.17
6.6
$434,142
6.35
6.35
6.31
6.31
9.06
$460,347
Dec-16
Dec-17
Dec-18
22,938
146,368
-14,207
-1,923
-6,734
114,204
94,514
$355,160
176,253
163,348
-18,026
-140
10,908
68,045
67,828
$468,216
176,553
201,979
10,585
-8,298
32,080
104,077
104,576
$621,552
-258,842
-216,777
-287,390
N/A
N/A
N/A
585,648
$326,806
N/A
N/A
N/A
N/A
N/A
-199,801
330,000
($86,578)
N/A
N/A
N/A
N/A
-485,188
385,000
($387,578)
N/A
N/A
N/A
N/A
-836,760
477
($836,283)
-285,218
-676
($285,894)
-160,937
-5,598
($166,535)
110
270,577
116,370
($154,207)
2,056
116,370
214,170
$97,800
-1,457
214,170
280,152
$65,982
Operating Cash Flow
355,160
Capital Expenditure
-258,842
Free Cash Flow
96,318
Downloaded from Barchart.com as of 09-16-2021 10:44pm CDT
468,216
-216,777
251,439
621,552
-287,390
334,162
Dec-16
Dec-17
Dec-18
87,880
329,836
45,559
15,019
184,569
324,382
49,806
19,860
249,953
426,845
62,312
21,555
Assets
Current Assets
Cash & Cash Equivalents
Marketable Securities
Receivables
Inventories
Income taxes – deferred
Total
Non-Current Assets
PPE Net
Investments And Advances
Intangibles
Other Non-Current Assets
Total
Total Assets
Liabilities
Current Liabilities
Short Term Debt
Accounts payable and accrued liabilities
Accrued Expenses
Deferred Revenues
Total
Non-Current Liabilities
Deferred Revenues
Other Non-Current Liabilities
Total
Total Liabilities
Shareholders’ Equity
N/A
N/A
N/A
$522,374
$629,535
$814,794
1,303,558
125,055
21,939
53,177
$1,503,729
$2,026,103
1,338,366
0
21,939
55,852
$1,416,157
$2,045,692
1,379,254
0
21,939
49,531
$1,450,724
$2,265,518
N/A
N/A
78,363
127,129
N/A
$281,793
82,028
95,679
63,645
$323,893
113,071
147,849
70,474
$449,990
33,946
$341,817
$623,610
63,645
40,042
$357,354
$681,247
70,474
31,638
$374,189
$824,179
27,930
359
2,397,064
-4,068
$1,364,445
$2,045,692
27,659
360
2,573,617
-5,792
$1,441,339
$2,265,518
N/A
N/A
Shares Outstanding, K
28,773
Common Shares
358
Retained earnings
2,220,811
Other shareholders’ equity
-8,551
Total
$1,402,493
Total Liabilities And Equity
$2,026,103
Downloaded from Barchart.com as of 09-16-2021 10:44pm CDT
ave the data collected.
Dec-19
5,586,369
4,443,879
1,142,490
699,411
443,958
0
Dec-20 average
5,984,634 ########
4,943,553 ########
1,041,081
751,470
290,164
0
0.00%
14,327
458,285
108,127
350,158
$350,158
3,617
293,781
-61,985
355,766
$355,766
12.62
12.62
12.38
12.38
14.05
$656,736
12.74
12.74
12.52
12.52
10.73
$528,698
Dec-19
Dec-20
350,158
212,778
29,962
-2,630
-973
-131,457
263,794
$721,632
355,766
238,534
108,350
3,010
-3,859
-338,648
300,694
$663,847
-319,943
-373,352
-10,025
-468,418
419,078
($432,717)
N/A
-448,754
476,723
($291,974)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-190,617
-11,118
($201,735)
-54,401
-50,450
($104,851)
406
280,152
508,481
$228,329
1,076
508,481
635,836
$127,355
721,632
-333,912
387,720
663,847
-373,352
290,495
Dec-19
Dec-20
480,626
400,156
108,250
26,096
607,987
343,616
387,283
26,445
N/A
N/A
$1,072,204
$1,420,237
1,458,690
0
21,939
2,551,771
$4,032,400
$5,104,604
1,584,311
102,328
21,939
2,854,081
$4,562,659
$5,982,896
N/A
N/A
115,816
155,843
95,195
$666,593
121,990
164,649
127,750
$822,199
95,195
2,717,171
$2,754,985
$3,421,578
127,750
2,991,140
$3,140,562
$3,962,761
27,768
363
2,921,448
-5,482
$1,683,026
$5,104,604
28,144
367
3,276,163
-4,304
$2,020,135
$5,982,896
Dec-20
Dec-19
Sales
5,984,634 5,586,369
Cost of Goods
4,943,553 4,443,879
Gross Profit 1,041,081 1,142,490
Operating Expenses
751,470 699,411
Operating Income
290,164 443,958
Interest Expense
0
0
Other Income 3,617
14,327
Pre-tax Income293,781 458,285
Income Tax -61,985 108,127
Net Income Continuous
355,766 350,158
Net Income $355,766 $350,158
EPS Basic Total Ops
12.74
12.62
EPS Basic Continuous
12.74Ops 12.62
EPS Diluted Total12.52
Ops
12.38
EPS Diluted Continuous
12.52 Ops 12.38
EPS Diluted Before
10.73
Non-Recurring
14.05 Items
Ebitda
$528,698 $656,736
Dec-20
Dec-19
Cash Flows From Operating Activities
Net Income 355,766 350,158
Depreciation Amortization
238,534 212,778
Income taxes -108,350
deferred 29,962
Accounts receivable
3,010
-2,630
Accounts payable
-3,859
and accrued-973
liabilities
Other Working
-338,648
Capital -131,457
Other Operating
300,694
Activity 263,794
Operating Cash
$663,847
Flow $721,632
Cash Flows From Investing Activities
PPE Investments
-373,352 -319,943
Net Acquisitions
-10,025 N/A
Purchase Of Investment
-468,418 -448,754
Sale Of Investment
419,078 476,723
Investing Cash
########
Flow
########
Cash Flows From Financing Activities
Change In Short
N/A Term Borrowing
N/A
Debt IssuedN/A
N/A
Debt Repayment
N/A
N/A
Common Stock
N/A Issued N/A
Common Stock-54,401
Repurchased
-190,617
Other Financing
-50,450
Activity -11,118
Financing Cash
########
Flow ########
Exchange Rate Effect
1,076
406
Beginning Cash508,481
Position 280,152
End Cash Position
635,836 508,481
Change In Cash
$127,355 $228,329
Free Cash Flow
Operating Cash
663,847
Flow
721,632
Capital Expenditure
-373,352 -333,912
Free Cash Flow290,495 387,720
Downloaded from Barchart.com as of 09-16-2021 10:
Dec-20
Dec-19
Assets
Current Assets
Cash & Cash Equivalents
607,987 480,626
Marketable Securities
343,616 400,156
Receivables 387,283 108,250
Inventories
26,445
26,096
Income taxes
N/A
– deferredN/A
Total
######## ########
Non-Current Assets
PPE Net
1,584,311 1,458,690
Investments And
102,328
Advances
0
Intangibles
21,939
21,939
Other Non-Current
2,854,081
Assets
2,551,771
Total
######## ########
Total Assets######## ########
Liabilities
Current Liabilities
Short Term N/A
Debt
N/A
Accounts payable
121,990
and accrued
115,816
liabilities
Accrued Expenses
164,649 155,843
Deferred Revenues
127,750
95,195
Total
$822,199 $666,593
Non-Current Liabilities
Deferred Revenues
127,750
95,195
Other Non-Current
2,991,140
Liabilities
2,717,171
Total
######## ########
Total Liabilities
######## ########
Shareholders’ Equity
Shares Outstanding,
28,144
K
27,768
Common Shares 367
363
Retained earnings
3,276,163 2,921,448
Other shareholders’
-4,304
equity -5,482
Total
######## ########
Total Liabilities
########
And Equity
########
Downloaded from Barchart.com as of 09-16-2021 10:
Dec-18
Dec-17
Dec-16
Dec-15
Dec-14
4,864,985 4,476,412 3,904,384 4,501,223 4,108,269
3,953,993 3,720,196 3,406,170 3,326,936 2,990,513
910,992 756,216 498,214 1,174,287 1,117,756
653,617 485,618 463,817 411,634 407,469
258,368 270,794
34,567 763,589 710,800
0
0
0
0
0
10,068
4,949
268,436 275,743
91,883
99,490
176,553 176,253
$176,553 $176,253
4,172
6,278
3,503
38,739 769,867 714,303
15,801 294,265 268,929
22,938 475,602 445,374
$22,938 $475,602 $445,374
6.35
6.19
0.78
15.3
14.35
6.35
6.19
0.78
15.3
14.35
6.31
6.17
0.77
15.1
14.13
6.31
6.17
0.77
15.1
14.13
9.06
6.6
0.77
15.1 N/A
$460,347 $434,142 $180,935 $893,957 $821,274
Dec-18
ating Activities
176,553
201,979
10,585
-8,298
32,080
104,077
104,576
$621,552
ting Activities
-287,390
N/A
-485,188
385,000
########
ncing Activities
N/A
N/A
N/A
N/A
-160,937
-5,598
########
-1,457
214,170
280,152
$65,982
Dec-17
Dec-16
Dec-15
Dec-14
176,253
22,938 475,602 445,374
163,348 146,368 130,368 110,474
-18,026
-14,207
11,666
-20,671
-140
-1,923
-3,504
-10,966
10,908
-6,734
19,525
2,168
68,045 114,204
68,458
65,028
67,828
94,514
-18,799
90,660
$468,216 $355,160 $683,316 $682,067
-216,777 -258,842 -257,418 -252,590
N/A
N/A
N/A
N/A
-199,801 N/A
-559,372 -521,004
330,000 585,648 352,650 254,750
($86,578) $326,806 ######## ########
N/A
N/A
N/A
N/A
-285,218
-676
########
N/A
N/A
N/A
N/A
-836,760
477
########
N/A
N/A
N/A
N/A
-460,675
74,235
########
N/A
N/A
N/A
N/A
-88,338
21,601
($66,737)
2,056
110
-4,196
116,370 270,577 419,465
214,170 116,370 248,005
$97,800 ######## ########
-224
323,203
419,465
$96,262
621,552 468,216 355,160
-287,390 -216,777 -258,842
334,162 251,439
96,318
chart.com as of 09-16-2021 10:44pm CDT
Dec-18
Dec-17
Dec-16
683,316
-257,418
425,898
682,067
-252,590
429,477
Dec-15
Dec-14
249,953 184,569
87,880 248,005 419,465
426,845 324,382 329,836 415,199 338,592
62,312
49,806
45,559
96,435
51,327
21,555
19,860
15,019
15,043
15,332
N/A
N/A
N/A
N/A
N/A
$814,794 $629,535 $522,374 $814,647 $859,511
1,379,254 1,338,366 1,303,558 1,217,220 1,106,984
0
0 125,055 622,939 496,106
21,939
21,939
21,939
21,939
21,939
49,531
55,852
53,177
48,321
42,777
######## ######## ######## ######## ########
######## ######## ######## ######## ########
N/A
N/A
N/A
N/A
N/A
113,071
82,028
78,363
85,709
69,613
147,849
95,679 127,129 129,275 102,203
70,474
63,645 N/A
N/A
N/A
$449,990 $323,893 $281,793 $279,942 $245,710
70,474
63,645 N/A
N/A
N/A
31,638
40,042
33,946
32,883
28,263
$374,189 $357,354 $341,817 $317,150 $269,238
$824,179 $681,247 $623,610 $597,092 $514,948
27,659
27,930
28,773
30,044
31,022
360
359
358
358
354
2,573,617 2,397,064 2,220,811 2,197,873 1,722,271
-5,792
-4,068
-8,551
-7,885
-188
######## ######## ######## ######## ########
######## ######## ######## ######## ########
chart.com as of 09-16-2021 10:44pm CDT
Dec-13
3,214,591
2,359,822
854,769
322,871
532,720
0
Dec-12
Dec-11
Dec-10
2,731,224 2,269,548 1,835,922
1,990,884 1,680,321 1,346,517
740,340 589,227 489,405
285,359 238,986 202,091
455,865 350,562 287,831
0
0
0
1,751
534,471
207,033
327,438
$327,438
10.58
10.58
10.47
10.47
N/A
1,820
-857
1,230
457,685 349,705 289,061
179,685 134,760 110,080
278,000 214,945 178,981
$278,000 $214,945 $178,981
8.82
8.82
8.75
8.75
6.89
6.89
6.76
6.76
5.73
5.73
5.64
5.64
N/A
N/A
N/A
$628,775
$539,995 $425,500 $356,752
Dec-13
327,438
96,054
2,103
-7,238
2,052
70,630
37,741
$528,780
Dec-12
Dec-11
Dec-10
278,000 214,945 178,981
84,130
74,938
68,921
-18,057
11,935
10,479
-9,438
-2,970
-743
7,849
9,432
6,989
78,229
98,136
17,810
-750
4,680
6,754
$419,963 $411,096 $289,191
-199,926
N/A
N/A
N/A
N/A
N/A
-197,037 -151,147 -113,215
N/A
-586
-1,900
-387,639
-213,462 -183,251 -125,000
159,250
55,000 124,766
50,234
($428,315) ($355,499) ######## ########
N/A
N/A
N/A
N/A
-138,903
-217,092
38,552
73,558
($100,351) ($143,534)
536
322,553
323,203
$650
N/A
N/A
N/A
N/A
-63,508
39,240
($24,268)
380
-205
401,243 224,838
322,553 401,243
($78,690) $176,405
N/A
N/A
-96
N/A
-126,602
32,176
($94,522)
484
219,566
224,838
$5,272
528,780
-199,926
328,854
419,963
-197,037
222,926
411,096
-151,147
259,949
289,191
-113,215
175,976
Dec-13
Dec-12
Dec-11
Dec-10
323,203
254,971
27,673
13,044
13,212
$666,307
322,553 401,243 224,838
150,306
55,005 124,766
26,412
8,389
29,186
11,096
8,913
7,098
8,862
6,238
4,317
$546,607 $501,192 $406,221
963,238
866,703 751,951 676,881
313,863
190,868 128,241
0
21,939
21,939
21,939
21,939
43,933
42,550
21,985
16,564
$1,342,973 $1,122,060 $924,116 $715,384
$2,009,280 $1,668,667 ######## ########
N/A
N/A
N/A
133
121
59,022
58,700
46,382
33,705
73,011
56,421
46,456
38,892
N/A
N/A
N/A
$199,228
$186,852 $157,453 $123,054
N/A
N/A
23,591
$271,764
$470,992
N/A
N/A
19,885
12,435
9,825
$235,889 $223,629 $187,678
$422,741 $381,082 $310,732
31,024
31,032
31,262
31,038
352
349
344
340
1,276,897
949,459 671,459 456,514
1,199
1,506
-229
688
$1,538,288 $1,245,926 ######## $810,873
$2,009,280 $1,668,667 ######## ########
Dec-09
Dec-08
Dec-07
Dec-06
Dec-05
Dec-04
Dec-03
1,518,417 1,331,968 1,085,782
1,139,898 1,045,041 843,213
378,519 286,927 242,569
175,712 162,929 134,599
203,705 124,039 108,183
405
302
296
822,930
650,681
172,249
110,978
61,952
271
627,695
511,621
116,074
85,701
30,994
790
470,721
394,106
76,615
70,615
6,106
191
315,520
268,041
47,479
55,455
-7,935
28
Sales
Cost of Goods
Gross Profit
Operating Expenses
Operating Income
Interest Expense
925
204,225
77,380
126,845
$126,845
3,469
127,206
49,004
78,202
$78,202
6,115
114,002
43,439
70,563
$70,563
6,574
68,255
26,832
41,423
$41,423
3.99
3.99
3.95
3.95
2.39
2.39
2.36
2.36
2.16
2.16
2.13
2.13
1.29
1.29
1.28
1.28
36
211
249
30,240
6,126
-7,714
-7,456 N/A
N/A
37,696
6,126
-7,714
$37,696
$6,126
($7,714)
1.43
1.43
1.43
1.43
0.24
0.24
0.24
0.24
-0.34
-0.34
-0.34
-0.34
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$265,013 $176,809 $151,778 $96,205 $59,020 $27,908
$7,155
Dec-09
Dec-08
Dec-07
Dec-06
Dec-05
Dec-04
Dec-03
126,845
78,202
70,563
41,423
61,308
52,770
43,595
34,253
8,282
13,165
-3,545
-1,857
-875
1,290
-508
-2,873
1,435
3,635
2,065
912
53,607
33,638
21,805
20,985
10,071
15,807
12,948
10,754
$260,673 $198,507 $146,923 $103,597
37,696
28,026
-2,654
916
5,553
30,521
-22,627
$77,431
6,126
21,802
11,485
-689
-2,345
196
3,097
$39,672
-7,714
15,090
7,968
-1,929
5,040
-420
4,034
$22,069
-83,036
N/A
N/A
N/A
($83,036)
-95,615
N/A
N/A
N/A
($95,615)
-86,107
N/A
N/A
N/A
($86,107)
-117,198 -152,101 -140,545
N/A
N/A
-5,668
-50,000
-99,990
-20,000
99,990
20,000 N/A
($67,208) ######## ########
-97,312
N/A
N/A
N/A
($97,312)
N/A
N/A
2,248
33,474
57,020
62,070
635
3,549 N/A
N/A
-61
-16 N/A
N/A
136,085 N/A
64,923
37,968
N/A
N/A
N/A
N/A
8,389
-31,341
-66,000
-36,000
$147,296
$5,666 $55,943 $64,038
N/A
N/A
N/A
N/A
-82
-76
-71
11,793
471
3,863
-84,089
-30,227 N/A
10,435
284
13,032
($61,943) ($29,548) $16,824
N/A
N/A
N/A
N/A
N/A
N/A
88,044 151,176 153,642
61 N/A
N/A
219,566
88,044 151,176 153,642
61 N/A
$131,522 ($63,132) ($2,466) $153,581
$61
N/A
N/A
N/A
$0 $N/A
Other Income
Pre-tax Income
Income Tax
Net Income Continuous
Net Income
EPS Basic Total Ops
EPS Basic Continuous Ops
EPS Diluted Total Ops
EPS Diluted Continuous Ops
EPS Diluted Before Non-Recurrin
Ebitda
Cash Flows From Operating Activ
Net Income
Depreciation Amortization
Income taxes – deferred
Accounts receivable
Accounts payable and accrued lia
Other Working Capital
Other Operating Activity
Operating Cash Flow
Cash Flows From Investing Activit
PPE Investments
Net Acquisitions
Purchase Of Investment
Sale Of Investment
Investing Cash Flow
Cash Flows From Financing Activi
Change In Short Term Borrowing
Debt Issued
Debt Repayment
Common Stock Issued
Common Stock Repurchased
Other Financing Activity
Financing Cash Flow
Exchange Rate Effect
Beginning Cash Position
End Cash Position
Change In Cash
Free Cash Flow
260,673
-117,198
143,475
198,507
-152,101
46,406
146,923
-140,545
6,378
103,597
-97,312
6,285
77,431
-83,036
-5,605
39,672
-95,615
-55,943
22,069
-86,107
-64,038
Dec-09
Dec-08
Dec-07
Dec-06
Dec-05
Dec-04
Dec-03
219,566
88,044 151,176 153,642
61 N/A
50,000
99,990
20,000 N/A
N/A
N/A
4,763
3,928
14,908
13,648
4,181
3,222
5,614
4,789
4,332
3,505
2,625
2,256
3,134
2,557
2,431
930
2,346 N/A
$297,454 $211,072 $201,844 $178,837 $17,824 $10,332
N/A
N/A
N/A
N/A
N/A
$N/A
636,411 585,899 494,930 404,740 340,694 289,873 N/A
0
0
0
0
0
0
21,939
21,939
21,939
17,738
17,738
26,243
5,701
6,075
3,402
2,893
16,239
3,205
$664,051 $613,913 $520,271 $425,371 $374,671 $319,321 $N/A
$961,505 $824,985 $722,115 $604,208 $392,495 $329,653 $N/A
96
82
76
71
57 N/A
N/A
25,230
23,890
19,880
19,567
13,188
13,494
31,216
28,347
27,135
23,277
19,014
9,430 N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$102,153 $76,788 $73,301 $61,201 $41,982 $38,663 $N/A
N/A
N/A
N/A
N/A
6,851
4,857
3,069
111
$155,891 $125,607 $86,704 $69,050
$258,044 $202,395 $160,005 $130,251
N/A
577
$41,159
$83,141
N/A
0
N/A
193
$28,424 $N/A
$67,087 $N/A
31,559
32,103
32,979
32,646 N/A
N/A
335
329
328
325
263
263
277,533 150,688
72,486
2,972
-38,451
-76,147
-287
-420
0
7
-28,186
-45,976
$703,461 $622,590 $562,110 $473,957 $309,354 $262,566
$961,505 $824,985 $722,115 $604,208 $392,495 $329,653
0
0
0
0
N/A
N/A
N/A
0
$N/A
$0
Operating Cash Flow
Capital Expenditure
Free Cash Flow
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Assets
Current Assets
Cash & Cash Equivalents
Marketable Securities
Receivables
Inventories
Income taxes – deferred
Total
Non-Current Assets
PPE Net
Investments And Advances
Intangibles
Other Non-Current Assets
Total
Total Assets
Liabilities
Current Liabilities
Short Term Debt
Accounts payable and accrued lia
Accrued Expenses
Deferred Revenues
Total
Non-Current Liabilities
Deferred Revenues
Other Non-Current Liabilities
Total
Total Liabilities
Shareholders’ Equity
Shares Outstanding, K
Common Shares
Retained earnings
Other shareholders’ equity
Total
Total Liabilities And Equity
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Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
3,904,384 4,4