Investment Project
Shatna
BA303project.xlsxIncome Statment
| 2019 | 2018 | 2017 | 2016 | Time Series Analysis | Common Sized Analysis | ||||||||
| 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | 2019-2018 | 2018-2017 | 2017-2016 | 2019 | 2018 | 2017 | 2016 | |||
| NET SALES OR REVENUES | $280,522 | $232,887 | $177,866 | $135,987 | 20.45% | 30.93% | 30.80% | 100% | 100% | 100% | 100% | ||
| Cost of Goods Sold (Excl Depreciation) | 150,386 | 124,290 | 100,822 | 80,436 | 21.00% | 23.28% | 25.34% | 53.61% | 53.37% | 56.68% | 59.15% | ||
| Depreciation, Depletion And Amortization | 15,715 | 15,341 | 11,478 | 8,116 | 2.44% | 33.66% | 41.42% | 5.60% | 6.59% | 6.45% | 5.97% | ||
| Depreciation | 15,150 | 12,138 | 8,800 | 6,400 | 24.81% | 37.93% | 37.50% | 5.40% | 5.21% | 4.95% | 4.71% | ||
| Amortization of Intangibles | 565 | 475 | 366 | 287 | 18.95% | 29.78% | 27.53% | 0.20% | 0.20% | 0.21% | 0.21% | ||
| Amortization of Deferred Charges | 0 | 2,728 | 2,312 | 1,429 | -100.00% | 17.99% | 61.79% | 0.00% | 1.17% | 1.30% | 1.05% | ||
| GROSS INCOME | 114,421 | 93,256 | 65,566 | 47,435 | 22.70% | 42.23% | 38.22% | 40.79% | 40.04% | 36.86% | 34.88% | ||
| Selling, General & Admin Expenses | 100,244 | 81,014 | 61,612 | 43,369 | 23.74% | 31.49% | 42.06% | 35.73% | 34.79% | 34.64% | 31.89% | ||
| Research and Development Expense | 35,931 | 28,837 | 22,620 | 16,085 | 24.60% | 27.48% | 40.63% | 12.81% | 12.38% | 12.72% | 11.83% | ||
| OPERATING INCOME | 14,177 | 12,242 | 3,954 | 4,066 | 15.81% | 209.61% | -2.75% | 5.05% | 5.26% | 2.22% | 2.99% | ||
| Non-Operating Interest Income | 832 | 440 | 202 | 100 | 89.09% | 117.82% | 102.00% | 0.30% | 0.19% | 0.11% | 0.07% | ||
| Other Income/Expenses - Net | 1,262 | (4) | 498 | 210 | 31650.00% | -100.80% | 137.14% | 0.45% | -0.00% | 0.28% | 0.15% | ||
| Interest Expense On Debt | 2,295 | 1,417 | 848 | 484 | 61.96% | 67.10% | 75.21% | 0.82% | 0.61% | 0.48% | 0.36% | ||
| PRETAX INCOME | 13,976 | 11,261 | 3,806 | 3,892 | 24.11% | 195.87% | -2.21% | 4.98% | 4.84% | 2.14% | 2.86% | ||
| Income Taxes | (2,374) | (1,354) | (1,558) | (1,425) | 75.33% | 13.09% | 9.33% | -0.85% | -0.58% | -0.88% | -1.05% | ||
| Current Domestic Income Tax | 438 | 193 | 74 | 1,344 | 126.94% | 160.81% | -94.49% | 0.16% | 0.08% | 0.04% | 0.99% | ||
| Current Foreign Income Tax | 1,140 | 563 | 724 | 327 | 102.49% | -22.24% | 121.41% | 0.41% | 0.24% | 0.41% | 0.24% | ||
| Deferred Domestic Income Tax | 922 | 727 | 561 | 85 | 26.82% | 29.59% | 560.00% | 0.33% | 0.31% | 0.32% | 0.06% | ||
| Deferred Foreign Income Tax | (126) | (129) | 199 | (331) | 2.33% | -164.82% | 160.12% | -0.04% | -0.06% | 0.11% | -0.24% | ||
| Equity in Earnings | (14) | 9 | (4) | (96) | -255.56% | 325.00% | 95.83% | -0.00% | 0.00% | -0.00% | -0.07% | ||
| NET INCOME BEFORE EXTRA ITEMS/PREFERRED DIVIDENDS | 11,588 | 9,916 | 2,244 | 2,371 | 16.86% | 341.89% | -5.36% | 4.13% | 4.26% | 1.26% | 1.74% | ||
| Extra Items & Gain/Loss Sale of Assets | 0 | 157 | 789 | 0 | -100.00% | -80.10% | 78900.00% | 0.00% | 0.07% | 0.44% | 0.00% | ||
| NET INCOME USED TO CALCULATE BASIC EARNINGS PER SHARE | $11,588 | $9,916 | $2,244 | $2,371 | 16.86% | 341.89% | -5.36% | 4.13% | 4.26% | 1.26% | 1.74% | ||
| Shares used in computing earnings per share - Fully Diluted | 504 | 500 | 493 | 484 | |||||||||
| Earning per Common Share - Basic | $23.46 | $20.36 | $4.68 | $5.00 | |||||||||
| Earning per Common Share - Fully Diluted | $22.99 | $19.83 | $4.55 | $4.90 | |||||||||
| () = Negative Values | |||||||||||||
| In U.S. Dollars | |||||||||||||
| Values are displayed in Millions except for earnings per share and where noted | |||||||||||||
| Sources: CBNC.com |
Balance Sheet
| 2019 | 2018 | 2017 | 2016 | Time Series Analysis | Common Sized Analysis | ||||||||
| 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | 2019-2018 | 2018-2017 | 2017-2016 | 2019 | 2018 | 2017 | 2016 | |||
| ASSETS | |||||||||||||
| Cash & Short Term Investments | 55297 | 41250 | 30986 | 25981 | 34.05% | 33.12% | 19.26% | 33.89% | 34.64% | 29.91% | 40.52% | ||
| Receivables - Net | 20540 | 16677 | 13164 | 8339 | 23.16% | 26.69% | 57.86% | 12.59% | 14.00% | 12.71% | 13.01% | ||
| Inventories - Total | 20497 | 17174 | 16047 | 11461 | 19.35% | 7.02% | 40.01% | 12.56% | 14.42% | 15.49% | 17.88% | ||
| Prepaid Expenses | 0 | 0 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
| Other Current Assets | 0 | 0 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
| CURRENT ASSETS - TOTAL | 96334 | 75101 | 60197 | 45781 | 28.27% | 24.76% | 31.49% | 59.03% | 63.06% | 58.10% | 71.40% | ||
| Land | 39223 | 31741 | 23718 | 13998 | 23.57% | 33.83% | 69.44% | 24.04% | 26.65% | 22.89% | 21.83% | ||
| Machinery & Equipment | 71310 | 54591 | 0 | 0 | 30.63% | 5459100% | 0.00% | 43.70% | 45.84% | 0.00% | 0.00% | ||
| Other Property, Plant & Equipment | 28252 | 0 | 2390 | 649 | 2825200% | -100.00% | 268.26% | 17.31% | 0.00% | 2.31% | 1.01% | ||
| Property, Plant and Equipment - Gross | 144821 | 95770 | 68573 | 42441 | 51.22% | 39.66% | 61.57% | 88.74% | 80.41% | 66.19% | 66.19% | ||
| Accumulated Depreciation | (46975) | (33973) | (19707) | (13327) | 38.27% | 72.39% | 47.87% | -28.79% | -28.53% | -19.02% | -20.79% | ||
| Property, Plant and Equipment - Net | 97846 | 61797 | 48866 | 29114 | 58.33% | 26.46% | 67.84% | 59.96% | 51.89% | 47.17% | 45.41% | ||
| Investments in Associated Companies | 679 | 518 | 415 | 242 | 31.08% | 24.82% | 71.49% | 0.42% | 0.43% | 0.40% | 0.38% | ||
| Other Investments | 42 | 0 | 0 | 0 | 4200.00% | 0.00% | 0.00% | 0.03% | 0.00% | 0.00% | 0.00% | ||
| Other Tangible Assets | 11544 | 6574 | 5111 | 3627 | 75.60% | 28.62% | 40.92% | 7.07% | 5.52% | 4.93% | 5.66% | ||
| Total Intangible Other Assets - Net | 18803 | 18658 | 16721 | 4638 | 0.78% | 11.58% | 260.52% | 11.52% | 15.67% | 16.14% | 7.23% | ||
| Other Assets - Total | 30347 | 25232 | 21832 | 8265 | 20.27% | 15.57% | 164.15% | 18.60% | 21.19% | 21.07% | 12.89% | ||
| TOTAL ASSETS | 225248 | 162648 | 131310 | 83402 | 38.49% | 23.87% | 57.44% | 138.03% | 136.57% | 126.75% | 130.08% | ||
| LIABILITIES | |||||||||||||
| Accounts Payable | 47183 | 38192 | 34616 | 25309 | 23.54% | 10.33% | 36.77% | 28.91% | 32.07% | 33.41% | 39.47% | ||
| Short Term Debt & Current Portion of Long Term Debt | 11191 | 9502 | 6221 | 5197 | 17.78% | 52.74% | 19.70% | 6.86% | 7.98% | 6.00% | 8.11% | ||
| Accrued Payroll | 4300 | 3400 | 0 | 0 | 26.47% | 340000.00% | 0.00% | 2.63% | 2.85% | 0.00% | 0.00% | ||
| Other Current Liabilities | 25138 | 17297 | 17046 | 13310 | 45.33% | 1.47% | 28.07% | 15.40% | 14.52% | 16.45% | 20.76% | ||
| CURRENT LIABILITIES - TOTAL | 87812 | 68391 | 57883 | 43816 | 28.40% | 18.15% | 32.10% | 53.81% | 57.42% | 55.87% | 68.34% | ||
| Capitalized Lease Obligations | 17095 | 16292 | 13183 | 7519 | 4.93% | 23.58% | 75.33% | 10.48% | 13.68% | 12.72% | 11.73% | ||
| Long Term Debt | 40509 | 39787 | 37926 | 15213 | 1.81% | 4.91% | 149.30% | 24.82% | 33.41% | 36.61% | 23.73% | ||
| Deferred Income | 2000 | 0 | 0 | 0 | 200000.00% | 0.00% | 0.00% | 1.23% | 0.00% | 0.00% | 0.00% | ||
| Deferred Taxes - Credit | 0 | 1490 | 990 | 392 | -100.00% | 50.51% | 152.55% | 0.00% | 1.25% | 0.96% | 0.61% | ||
| DEFERRED TAXES | 0 | 1490 | 990 | 392 | -100.00% | 50.51% | 152.55% | 0.00% | 1.25% | 0.96% | 0.61% | ||
| Other Liabilities | 32867 | 9431 | 6802 | 4696 | 248.50% | 38.65% | 44.85% | 20.14% | 7.92% | 6.57% | 7.32% | ||
| TOTAL LIABILITIES | 163188 | 119099 | 103601 | 64117 | 37.02% | 14.96% | 61.58% | 100% | 100% | 100% | 100% | ||
| EQUITY | |||||||||||||
| Non-Equity Reserves | 0 | 0 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
| Minority Interest | 0 | 0 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
| Preferred Stock | 0 | 0 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
| Common Stock | 5 | 5 | 5 | 5 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.01% | ||
| Capital Surplus | 33658 | 26791 | 21389 | 17186 | 25.63% | 25.26% | 24.46% | 14.94% | 16.47% | 16.29% | 20.61% | ||
| Other Appropriated Reserves | (986) | (1035) | 0 | 0 | 4.73% | -103500.00% | 0.00% | -0.44% | -0.64% | 0.00% | 0.00% | ||
| Retained Earnings | 31220 | 19625 | 8636 | 4916 | 59.08% | 127.25% | 75.67% | 13.86% | 12.07% | 6.58% | 5.89% | ||
| Unrealized Foreign Exchange Gain/Loss | 0 | 0 | (468) | (1001) | 0.00% | -100.00% | -53.25% | 0.00% | 0.00% | -0.36% | -1.20% | ||
| Unrealized Gain/Loss on Marketable Securities | 0 | 0 | (16) | 16 | 0.00% | -100.00% | -200.00% | 0.00% | 0.00% | -0.01% | 0.02% | ||
| Treasury Stock | (1,837) | (1,837) | (1,837) | (1,837) | 0.00% | 0.00% | 0.00% | -0.82% | -1.13% | -1.40% | -2.20% | ||
| COMMON EQUITY | 62,060 | 43,549 | 27,709 | 19,285 | 42.51% | 57.17% | 43.68% | 27.55% | 26.77% | 21.10% | 23.12% | ||
| TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | 225,248 | 162,648 | 131,310 | 83,402 | 38.49% | 23.87% | 57.44% | 100% | 100% | 100% | 100% | ||
| SHARE INFORMATION | |||||||||||||
| Common Shares Outstanding | 498 | 491 | 484 | 477 | |||||||||
| () = Negative Values | |||||||||||||
| In U.S. Dollars | |||||||||||||
| Values are displayed in Millions except for earnings per share and where noted | |||||||||||||
| Source: CNBC.com |
Statment of Cash Flow
| 2019 | 2018 | 2017 | 2016 | |
| 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | |
| OPERATING ACTIVITIES | ||||
| Net Income / Starting Line | 11,588 | 10,073 | 3,033 | 2,371 |
| Depreciation and Depletion | 21,789 | 12,138 | 8,800 | 6,400 |
| Amoritization of Intangible Assets | 0 | 3,203 | 2,678 | 1,716 |
| Depreciation, Depletion and Amortization | 21,789 | 15,341 | 11,478 | 8,116 |
| Deferred Income Taxes | 796 | 441 | (29) | (246) |
| Deferred Income Taxes & Investment Tax Credit | 796 | 441 | (29) | (246) |
| Total Other Cash Flow | 6,779 | 5,911 | 4,125 | 3,115 |
| Funds From Operations | 40,952 | 31,766 | 18,607 | 13,356 |
| Extraordinary Items | 0 | 0 | 0 | 0 |
| Decrease/Increase In Receivables | (7,681) | (4,615) | (4,780) | (3,367) |
| Decrease/Increase In Inventories | (3,278) | (1,314) | (3,583) | (1,426) |
| Increase/Decrease In Accounts Payable | 8,193 | 3,263 | 7,100 | 5,030 |
| Increase/Decrease In Other Accruals | (1,383) | 472 | 283 | 1,724 |
| Decrease/Increase In Other Assets/Liability | 1,711 | 1,151 | 738 | 1,955 |
| Funds From/For Other Operating Activities | (2,438) | (1,043) | (242) | 3,916 |
| NET CASH FLOW - OPERATING ACTIVITIES | 38,514 | 30,723 | 18,365 | 17,272 |
| INVESTING | ||||
| Increase In Investments | (31,812) | (7,100) | (12,731) | (7,756) |
| Decrease In Investments | 22,681 | 8,240 | 9,677 | 4,733 |
| Capital Expenditures (Additions To Fixed Assets) | (16,861) | (13,427) | (11,955) | (7,804) |
| Disposal Of Fixed Assets | 4,172 | 2,104 | 1,897 | 1,067 |
| Net Assets From Acquisitions | (2,461) | (2,186) | (13,972) | (116) |
| NET CASH FLOW - INVESTING | (24,281) | (12,369) | (27,084) | (9,876) |
| FINANCING | ||||
| Long Term Borrowings | 2,273 | 768 | 16,228 | 621 |
| Reduction In Long Term Debt | (12,339) | (8,454) | (6,300) | (4,361) |
| NET CASH FLOW - FINANCING | (10,066) | (7,686) | 9,928 | (3,740) |
| EFFECT OF EXCHANGE RATE ON CASH | 70 | (351) | 713 | (212) |
| INCREASE/DECREASE IN CASH AND SHORT TERM INVESTMENTS | 4,237 | 10,317 | 1,922 | 3,444 |
| Taxes Paid | (881) | 1,184 | 957 | 412 |
| Interest Paid | 875 | 854 | 328 | 290 |
| () = Negative Values | ||||
| In U.S. Dollars | ||||
| Values are displayed in Millions except for earnings per share and where noted | ||||
| Source: CNBC.com |
Ratios
| 2019 | 2018 | 2017 | 2016 | 2019-2018 | 2018-2017 | 2017-2016 | Industry Average | Sector Average | S&P 500 | |||
| Short-term Liquidity Ratios | Sector Average | Sector Average | Sector Average | |||||||||
| Current Ratios | 1.10 | 1.10 | 1.04 | 1.04 | S&P 500 | S&P 500 | S&P 500 | |||||
| Working Capital | 8522 | 6710 | 2314 | 1965 | ||||||||
| Quick Ratios | 0.86 | 0.85 | 0.76 | 0.78 | ||||||||
| Cash Ratios | 0.63 | 0.60 | 0.54 | 0.59 | ||||||||
| Financial Leverage Ratios | ||||||||||||
| Total Debt Ratios | 0.72 | 0.73 | 0.79 | 0.77 | ||||||||
| Long-term Debt Ratios | 0.18 | 0.24 | 0.29 | 0.18 | ||||||||
| Times Interest Earned | 6.18 | 8.64 | 4.66 | 8.40 | ||||||||
| Cash Coverage Ratios | 13.02 | 19.47 | 18.20 | 25.17 | ||||||||
| Equity Multiplier | 3.63 | 3.73 | 4.74 | 4.32 | ||||||||
| Asset Management Ratios | ||||||||||||
| Inventory Turnover | 7.34 | 7.24 | 6.28 | 7.02 | 7.98 | 7.48 | 7.33 | |||||
| Day's Sales in Inventory | 49.75 | 50.43 | 58.09 | 52.01 | 45.72 | 48.78 | 49.79 | |||||
| Receivables Turnover | 13.66 | 13.96 | 13.51 | 16.31 | 15.07 | 15.61 | 16.54 | |||||
| Day's Sales in Receivables | 26.73 | 26.14 | 27.01 | 22.38 | 24.21 | 23.38 | 22.06 | |||||
| Accounts payable Turnover | 3.19 | 3.25 | 2.91 | 3.18 | 3.52 | 3.41 | 3.36 | |||||
| Day's Payable Outstanding | 114.52 | 112.16 | 125.32 | 114.85 | 103.61 | 106.91 | 108.47 | |||||
| Total Assets Turnover | 1.25 | 1.43 | 1.35 | 1.63 | 1.45 | 1.58 | 1.66 | |||||
| Profitability Ratios | ||||||||||||
| Net Profit Margin | 4.13% | 4.26% | 1.26% | 1.74% | 9.50% | 6.90% | 17.60% | |||||
| Gross Profit Margin | 40.79% | 40.04% | 36.86% | 34.88% | 36.80% | 37.80% | 51.60% | |||||
| Return on Assets | 5.14% | 6.10% | 1.71% | 2.84% | 8.95% | 8.82% | 10.71% | |||||
| Return on Equity | 18.67% | 22.77% | 8.10% | 12.29% | 1.00% | 1.00% | 1.00% | |||||
| EBITDA Margin/ Sales | 0.11 | 0.11 | 0.08 | 0.09 | $11.9B | $6.9B | $8.9B | |||||
| Market Value Ratios | ||||||||||||
| Earnings per Share (EPS) | $23.27 | $20.20 | $4.64 | $4.97 | $ 14.04 | $ 9.27 | $ 8.68 | |||||
| Stock Price | $ 2,952.54 | * as of July 17,2020 | ||||||||||
| Market Capitalization | $ 1,470,364,920,000 | |||||||||||
| Price-to-Earning Ratios | 126.89 | AVG | 29.82 | 33.73 | 32.86 | |||||||
| Earnings Growth Rate | 15% | 336% | -7% | 115% | ||||||||
| Price/ Earnings-to- Growth Ratio | 2,574.27 | |||||||||||
| Book Value Per Share | $ 124.62 | 82.9 | 49.25 | 2437.92 | ||||||||
| Market-to-Book Value | 23.69 |
Peers
| VALUATION | Industry Average | Sector Average | S&P 500 | |
| Price/Earnings (TTM) | 29.82 | 33.73 | 32.86 | |
| Price/Cash Flow | 32.54 | 27.51 | 20.1 | |
| Price/Sales (TTM) | 0.39 | 0.52 | 1.03 | |
| Price/Book | 16.16 | 14.95 | 10.43 | |
| PER SHARE DATA | ||||
| Dividend | 2.24 | 2.02 | 2.63 | |
| Book Value | 82.9 | 49.25 | 2,437.92 | |
| EPS (TTM) | 14.04 | 9.27 | 8.68 | |
| Revenue | 67.94 | 35.7 | 18.23 | |
| PROFITABILITY | ||||
| EBITDA | $11.9B | $6.9B | $8.9B | |
| Operating Margin | 9.00% | 8.70% | 22.10% | |
| Profit Margin | 9.50% | 6.90% | 17.60% | |
| Gross Profit Margin | 36.80% | 37.80% | 51.60% | |
| DIVIDEND | ||||
| Dividend Yield | 1.49% | 2.02% | 2.38% | |
| Payout Ratio | 37.4 | 36.19 | 36.45 | |
| Annual Dividend (TTM) | 0.57 | 1.05 | 1.93 | |
| Dividend Yield 5 Yr. Avg. | 0.09% | 0.16% | 0.32% | |
| GROWTH | ||||
| Net Income | 22.38% | 14.28% | 12.63% | |
| Earnings per Share | 21.37% | 16.26% | 14.27% | |
| Revenue | 24.86% | 17.66% | 9.43% | |
| PEG (MRFY) | 0 | -0.01 | -0.38 | |
| FINANCIAL STRENGTH | ||||
| Quick Ratio (MRQ) | -- | -- | -- | |
| Current Ratio (MRQ) | 1.19 | 1.34 | 1.81 | |
| LT Debt to Equity (MRQ) | 54.94 | 116.56 | 124.78 | |
| Total Debt to Capital (MRQ) | 31.5 | 48.04 | 44.59 | |
| Return On Equity | 1.00% | 1.00% | 1.00% | |
| Return On Assets | 8.95% | 8.82% | 10.71% | |
| Return On Invested Capital | 14.24% | 13.64% | 17.14% | |
| ASSETS | ||||
| Asset Turnover | 1.32 | 1.11 | 0.69 | |
| Assets per Employee | $552.2K | $765.9K | $2.8M | |
| Inventory Turnover | 11.07 | 23.1 | 18.22 |
