Could you help me to revise the company's forecasting value spreadsheet?
morningshy
CXO_valuation_Oct2018.xlsmfinancials
| NAME: | CONCHO RESOURCES INC | |||||||||||||||
| TICKER SYMBOL: | CXO | |||||||||||||||
| PRIMARY SIC CODE: | 1311 | |||||||||||||||
| STOCK EXCHANGE: | 11 | New York Stock Exchange | ||||||||||||||
| CUSIP: | 20605P | |||||||||||||||
| STATEMENT OF FINANCIAL POSITION | ||||||||||||||||
| Fiscal Year: | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
| (FYR Ending): | ( N/A ) | ( N/A ) | (31DEC2005 ) | (31DEC2006 ) | (31DEC2007 ) | (31DEC2008 ) | (31DEC2009 ) | (31DEC2010 ) | (31DEC2011 ) | (31DEC2012 ) | (31DEC2013 ) | (31DEC2014 ) | (31DEC2015 ) | (31DEC2016 ) | (31DEC2017 ) | |
| ASSETS | ||||||||||||||||
| Cash & Equivalents | 9.182 | 1.122 | 30.424 | 17.752 | 3.234 | .384 | .342 | 2.880 | .021 | .021 | 228.550 | 53.261 | .000 | |||
| Receivables - Total (Net) | 44.312 | 57.391 | 57.918 | 141.940 | 169.535 | 268.552 | 367.667 | 400.791 | 471.735 | 660.265 | 431.880 | 458.369 | 543.000 | |||
| Inventories - Total | 1.018 | 1.309 | 1.459 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 14.000 | |||
| Prepaid Expenses | ||||||||||||||||
| Current Assets - Other | 4.680 | 3.943 | 19.641 | 119.091 | 44.489 | 61.697 | 43.014 | 55.211 | 49.119 | 528.110 | 654.120 | 34.864 | 35.000 | |||
| Current Assets - Total | 59.192 | 63.765 | 109.442 | 278.783 | 217.258 | 330.633 | 411.023 | 458.882 | 520.875 | 1,188.396 | 1,314.550 | 546.494 | 592.000 | |||
| Plant, Property & Equip (Gross) | 184.919 | 1,404.753 | 1,562.103 | 2,708.394 | 3,373.710 | 5,644.296 | 7,406.663 | 9,558.740 | 11,330.156 | 13,996.967 | 16,079.157 | 18,765.977 | 21,591.000 | |||
| Accumulated Depreciation | 14.336 | 84.098 | 167.109 | 306.990 | 517.421 | 730.509 | 1,116.545 | 1,565.316 | 2,384.108 | 3,790.953 | 5,102.210 | 7,463.544 | 8,550.000 | |||
| Plant, Property & Equip (Net) | 170.583 | 1,320.655 | 1,394.994 | 2,401.404 | 2,856.289 | 4,913.787 | 6,290.118 | 7,993.424 | 8,946.048 | 10,206.014 | 10,976.947 | 11,302.433 | 13,041.000 | |||
| Investments at Equity | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 29.500 | 119.700 | 171.200 | 49.000 | |||
| Investments and Advances - Other | .289 | 1.199 | .367 | .406 | .444 | .100 | .100 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Intangibles | .000 | .000 | .000 | 37.768 | 36.522 | 34.973 | 33.425 | 30.076 | 28.615 | 27.154 | 25.693 | 24.232 | 26.000 | |||
| Deferred Charges | .411 | 4.417 | 3.426 | 15.701 | 20.676 | 52.828 | 65.641 | 77.609 | 73.048 | 68.443 | 15.585 | 10.909 | 13.000 | |||
| Assets - Other | 1.910 | .036 | .000 | 81.141 | 39.896 | 36.173 | 49.269 | 29.446 | 22.578 | 280.456 | 189.401 | 64.058 | 11.000 | |||
| TOTAL ASSETS | 232.385 | 1,390.072 | 1,508.229 | 2,815.203 | 3,171.085 | 5,368.494 | 6,849.576 | 8,589.437 | 9,591.164 | 11,799.963 | 12,641.876 | 12,119.326 | 13,732.000 | |||
| LIABILITIES | ||||||||||||||||
| Accounts Payable | 13.426 | 29.651 | 30.835 | 30.060 | 46.803 | 98.546 | 169.413 | 193.402 | 191.553 | 258.478 | 182.987 | 160.042 | 226.000 | |||
| Notes Payable | .000 | .000 | 5.651 | 9.434 | 3.415 | 12.314 | 39.241 | 24.275 | 36.718 | 92.541 | .000 | .000 | 116.000 | |||
| Accrued Expenses | 14.296 | 31.275 | 52.830 | 181.328 | 212.955 | 275.512 | 412.522 | 485.413 | 464.990 | 892.699 | 397.735 | 488.434 | 478.000 | |||
| Taxes Payable | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 1.000 | .000 | .000 | |||
| Debt (Long-Term) Due In One Year | .000 | .400 | 2.000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Other Current Liabilities | 12.624 | 9.175 | 37.326 | 49.996 | 73.841 | 120.617 | 80.301 | 36.996 | 63.607 | 183.475 | 14.698 | 104.710 | 345.000 | |||
| Total Current Liabilities | 40.346 | 70.501 | 128.642 | 270.818 | 337.014 | 506.989 | 701.477 | 740.086 | 756.868 | 1,427.193 | 596.420 | 753.186 | 1,165.000 | |||
| Long Term Debt | 72.000 | 495.100 | 325.404 | 630.000 | 845.836 | 1,668.521 | 2,080.141 | 3,101.103 | 3,630.421 | 3,517.320 | 3,332.188 | 2,740.580 | 2,691.000 | |||
| Deferred Taxes (Balance Sheet) | .000 | 241.752 | 259.070 | 573.763 | 603.286 | 720.889 | 1,002.295 | 1,186.621 | 1,334.653 | 1,438.185 | 1,630.373 | 766.032 | 687.000 | |||
| Investment Tax Credit | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Liabilities - Other | 10.369 | 7.563 | 19.715 | 15.468 | 49.521 | 88.221 | 84.924 | 95.431 | 111.273 | 136.477 | 140.344 | 236.835 | 274.000 | |||
| Noncontrolling Interest - Redeemable | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| TOTAL LIABILITIES | 122.715 | 814.916 | 732.831 | 1,490.049 | 1,835.657 | 2,984.620 | 3,868.837 | 5,123.241 | 5,833.215 | 6,519.175 | 5,699.325 | 4,496.633 | 4,817.000 | |||
| SHAREHOLDERS' EQUITY | ||||||||||||||||
| Preferred Stock | .130 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Common Stock | .008 | .059 | .076 | .085 | .086 | .103 | .104 | .105 | .105 | .113 | .129 | .146 | .000 | |||
| Capital Surplus | 126.864 | 562.531 | 752.050 | 1,009.025 | 1,029.392 | 1,874.649 | 1,925.757 | 1,982.714 | 2,027.162 | 3,027.412 | 4,628.390 | 6,782.914 | 7,142.000 | |||
| Retained Earnings (Net Other) | -17.332 | 12.566 | 23.272 | 316.169 | 306.367 | 510.737 | 1,058.874 | 1,490.563 | 1,741.566 | 2,279.741 | 2,345.641 | 883.195 | 1,840.000 | |||
| Less: Treasury Stock | .000 | .000 | .000 | .125 | .417 | 1.615 | 3.996 | 7.186 | 10.884 | 26.478 | 31.609 | 43.562 | 67.000 | |||
| Shareholders Equity - Parent | 109.670 | 575.156 | 775.398 | 1,325.154 | 1,335.428 | 2,383.874 | 2,980.739 | 3,466.196 | 3,757.949 | 5,280.788 | 6,942.551 | 7,622.693 | 8,915.000 | |||
| Noncontrolling Interest - Nonredeemable | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||||
| TOTAL SHAREHOLDERS EQUITY | 109.670 | 575.156 | 775.398 | 1,325.154 | 1,335.428 | 2,383.874 | 2,980.739 | 3,466.196 | 3,757.949 | 5,280.788 | 6,942.551 | 7,622.693 | 8,915.000 | |||
| TOTAL LIABILITIES AND EQUITY | 232.385 | 1,390.072 | 1,508.229 | 2,815.203 | 3,171.085 | 5,368.494 | 6,849.576 | 8,589.437 | 9,591.164 | 11,799.963 | 12,641.876 | 12,119.326 | 13,732.000 | |||
| INCOME STATEMENT | ||||||||||||||||
| Fiscal Year: | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
| (FYR Ending): | ( N/A ) | ( N/A ) | (31DEC2005 ) | (31DEC2006 ) | (31DEC2007 ) | (31DEC2008 ) | (31DEC2009 ) | (31DEC2010 ) | (31DEC2011 ) | (31DEC2012 ) | (31DEC2013 ) | (31DEC2014 ) | (31DEC2015 ) | (31DEC2016 ) | (31DEC2017 ) | |
| Sales (Net) | 54.936 | 198.290 | 294.333 | 533.789 | 544.447 | 972.576 | 1,739.967 | 1,819.814 | 2,319.919 | 2,660.147 | 1,803.573 | 1,634.988 | 2,586.000 | |||
| Cost of Goods Sold | 17.019 | 48.000 | 61.534 | 109.651 | 120.315 | 182.381 | 308.450 | 343.743 | 520.811 | 985.525 | 601.888 | 1,975.949 | 607.000 | |||
| COGS Growth Rate | 100% | 65% | 22% | 44% | 9% | 34% | 41% | 10% | 34% | 47% | -64% | 70% | -226% | |||
| Gross Profit | 37.917 | 150.290 | 232.799 | 424.138 | 424.132 | 790.195 | 1,431.517 | 1,476.071 | 1,799.108 | 1,674.622 | 1,201.685 | -340.961 | 1,979.000 | |||
| Selling, General, & Admin Expenses | 13.774 | 27.137 | 51.189 | 46.215 | 46.696 | 62.835 | 102.305 | 161.241 | 229.606 | 271.656 | 255.049 | 243.189 | 276.000 | |||
| Operating Income Before Depreciation | 24.143 | 123.153 | 181.610 | 377.923 | 377.436 | 727.360 | 1,329.212 | 1,314.830 | 1,569.502 | 1,402.966 | 946.636 | -584.150 | 1,703.000 | |||
| Depreciation, Depletion, & Amortiz | 11.684 | 60.918 | 80.309 | 156.407 | 212.257 | 258.928 | 437.077 | 591.710 | 828.413 | 1,204.138 | 1,265.385 | 1,234.171 | 1,181.000 | |||
| Operating Income After Depreciation | 12.459 | 62.235 | 101.301 | 221.516 | 165.179 | 468.432 | 892.135 | 723.120 | 741.089 | 198.828 | -318.749 | -1,818.321 | 522.000 | |||
| Interest Expense | 3.466 | 32.320 | 37.490 | 28.725 | 28.358 | 60.271 | 126.946 | 182.705 | 218.581 | 218.943 | 220.297 | 203.770 | 149.000 | |||
| Non-Operating Income/Expense | -5.000 | 4.508 | -16.964 | 253.871 | -157.205 | -97.419 | -27.251 | 118.856 | -136.733 | 880.391 | 636.317 | -260.009 | 574.000 | |||
| Special Items | .000 | -.376 | -5.468 | -5.875 | -10.150 | -5.059 | 8.513 | .000 | -28.616 | -4.316 | .000 | -56.436 | -66.000 | |||
| Pretax Income | 3.993 | 34.047 | 41.379 | 440.787 | -30.534 | 305.683 | 746.451 | 659.271 | 357.159 | 855.960 | 97.271 | -2,338.536 | 881.000 | |||
| Income Taxes - Total | 2.039 | 14.379 | 16.019 | 162.085 | -20.732 | 122.649 | 285.848 | 251.041 | 118.237 | 317.785 | 31.371 | -876.090 | -75.000 | |||
| Minority Interest | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Income Before EI&DO | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 183.034 | 460.603 | 408.230 | 238.922 | 538.175 | 65.900 | -1,462.446 | 956.000 | |||
| Extraordinary Items | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Discontinued Operations | .000 | .000 | .000 | .000 | .000 | 21.336 | 87.534 | 23.459 | 11.949 | .000 | .000 | .000 | .000 | |||
| Net Income (Loss) | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 204.370 | 548.137 | 431.689 | 250.871 | 538.175 | 65.900 | -1,462.446 | 956.000 | |||
| Income Before EI&DO | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 183.034 | 460.603 | 408.230 | 238.922 | 538.175 | 65.900 | -1,462.446 | 956.000 | |||
| Preferred Dividends | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Available for Common Before EI&DO | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 183.034 | 460.603 | 408.230 | 238.922 | 538.175 | 65.900 | -1,462.446 | 956.000 | |||
| Common Stock Equivalents - Savings | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | -2.610 | -5.961 | -.635 | .000 | -7.000 | |||
| Adjusted Available for Common | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 183.034 | 460.603 | 408.230 | 236.312 | 532.214 | 65.265 | -1,462.446 | 949.000 | |||
| EARNINGS PER SHARE | ||||||||||||||||
| EPS - Primary, Excluding EI&DO | .030 | .270 | .350 | 3.520 | -.120 | 1.980 | 4.490 | 3.960 | 2.280 | 4.890 | .540 | -10.850 | 6.440 | |||
| EPS - Primary, Including EI&DO | .030 | .270 | .350 | 3.520 | -.120 | 2.210 | 5.340 | 4.180 | 2.390 | 4.890 | .540 | -10.850 | 6.440 | |||
| EPS - Fully Diluted, Excluding EI&DO | .030 | .270 | .350 | 3.460 | -.120 | 1.950 | 4.440 | 3.930 | 2.280 | 4.880 | .540 | -10.850 | 6.410 | |||
| EPS - Fully Diluted, Including EI&DO | .030 | .270 | .350 | 3.460 | -.120 | 2.180 | 5.280 | 4.150 | 2.390 | 4.880 | .540 | -10.850 | 6.410 | |||
| COMMON SHARES | ||||||||||||||||
| Common Shares for Primary EPS Calculation | 72.426 | 72.426 | 72.280 | 79.206 | 84.912 | 92.542 | 102.581 | 103.190 | 103.744 | 108.844 | 119.926 | 134.755 | 147.320 | |||
| Common Shares for Fully Diluted EPS Calc. | 72.426 | 72.426 | 72.827 | 80.587 | 84.912 | 93.837 | 103.653 | 103.972 | 103.913 | 109.132 | 120.373 | 134.755 | 147.956 | |||
| Common Shares Outstanding at Fiscal Yr End | 8.142 | 59.093 | 75.832 | 84.826 | 85.804 | 102.810 | 103.700 | 104.582 | 105.095 | 113.005 | 129.138 | 146.059 | 148.727 | |||
| STATEMENT OF RETAINED EARNINGS | ||||||||||||||||
| Fiscal Year: | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
| (FYR Ending): | ( N/A ) | ( N/A ) | (31DEC2005 ) | (31DEC2006 ) | (31DEC2007 ) | (31DEC2008 ) | (31DEC2009 ) | (31DEC2010 ) | (31DEC2011 ) | (31DEC2012 ) | (31DEC2013 ) | (31DEC2014 ) | (31DEC2015 ) | (31DEC2016 ) | (31DEC2017 ) | |
| Retained Rearnings - Beginning Balance | -17.332 | 12.566 | 23.272 | 316.169 | 306.367 | 510.737 | 1,058.874 | 1,490.563 | 1,741.566 | 2,279.741 | 2,345.641 | 883.195 | ||||
| Net Income | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 204.370 | 548.137 | 431.689 | 250.871 | 538.175 | 65.900 | -1,462.446 | 956.000 | |||
| Cash Dividends | 4.160 | 2.567 | .132 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Retained Earnings After Dividends | -2.206 | -.231 | 37.794 | 301.974 | 306.367 | 510.737 | 1,058.874 | 1,490.563 | 1,741.434 | 2,279.741 | 2,345.641 | 883.195 | 1,839.195 | |||
| Change - Foreign Currency Translation | ||||||||||||||||
| Adj. to Long-Term Marketable Securities | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Other CMP Adj,(Stock Splits/Retirement) | -11.060 | .414 | -14.195 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Non-Compustat Adjustments (Plug Calculation) | -4.066 | 12.383 | -.327 | 14.195 | .000 | .000 | .000 | .000 | .132 | .000 | .000 | -.000 | .805 | |||
| Retained Earnings - Ending Balance | -17.332 | 12.566 | 23.272 | 316.169 | 306.367 | 510.737 | 1,058.874 | 1,490.563 | 1,741.566 | 2,279.741 | 2,345.641 | 883.195 | 1,840.000 | |||
| Retroactive Adjustments (Acct'g Chgs) | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Retained Earnings - After Adjustments | -17.332 | 12.566 | 23.272 | 316.169 | 306.367 | 510.737 | 1,058.874 | 1,490.563 | 1,741.566 | 2,279.741 | 2,345.641 | 883.195 | 1,840.000 | |||
| STATEMENT OF CASH FLOWS | ||||||||||||||||
| Fiscal Year: | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
| (FYR Ending): | ( N/A ) | ( N/A ) | (31DEC2005 ) | (31DEC2006 ) | (31DEC2007 ) | (31DEC2008 ) | (31DEC2009 ) | (31DEC2010 ) | (31DEC2011 ) | (31DEC2012 ) | (31DEC2013 ) | (31DEC2014 ) | (31DEC2015 ) | (31DEC2016 ) | (31DEC2017 ) | |
| INDIRECT OPERATING ACTIVITIES | ||||||||||||||||
| Income Before Extraordinary Items | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 183.034 | 460.603 | 408.230 | 238.922 | 538.175 | 65.900 | -1,462.446 | 956.000 | |||
| Depreciation and Amortizations | 11.619 | 62.216 | 80.786 | 124.801 | 207.201 | 251.353 | 431.342 | 579.315 | 778.655 | 986.812 | 1,230.853 | 1,174.341 | 1,154.000 | |||
| Extraordinary Items and Disc. Operations | .000 | .000 | .000 | .000 | .000 | 14.179 | 11.386 | 72.470 | -.169 | .000 | .000 | .000 | .000 | |||
| Deferred Taxes | 1.974 | 12.618 | 13.716 | 153.484 | -30.919 | 104.930 | 261.686 | 241.819 | 102.427 | 296.167 | 29.622 | -864.341 | -71.000 | |||
| Equity in Net Loss (Earnings) | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||||
| Sale of PPEq and Investments - Loss (Gain) | .021 | -.003 | -.368 | -.777 | .114 | .058 | 1.139 | .372 | 1.268 | 9.308 | -117.561 | -678.000 | ||||
| Funds from Operations - Other | 12.985 | 21.172 | 55.922 | -185.025 | 187.926 | 127.189 | 52.937 | -65.238 | 324.539 | -113.193 | -463.985 | 2,714.505 | 357.000 | |||
| Receivables - Decrease (Increase) | -15.621 | -27.683 | -5.759 | 42.514 | -26.217 | -92.957 | -117.561 | -23.091 | -40.009 | -104.988 | 117.716 | 21.958 | -126.000 | |||
| Inventory - Decrease (Increase) | -16.819 | 4.117 | -2.321 | 7.749 | -1.587 | .509 | 2.441 | -5.154 | 1.891 | .000 | ||||||
| Accounts/P and Accrued Liabs - Inc(Dec) | 13.686 | 26.646 | .431 | -18.160 | 16.078 | 50.710 | 59.469 | 20.177 | 10.124 | 62.047 | -86.000 | -22.342 | 66.000 | |||
| Income Taxes - Accrued - Increase(Decrease) | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | ||||||||
| Other Assets and Liabilities - Net Change | -1.548 | -2.453 | -.319 | 12.677 | 11.048 | 15.407 | 30.708 | 5.011 | -54.246 | -2.982 | 8.553 | -61.557 | 37.000 | |||
| Operating Actiities - Net Cash Flow | 25.070 | 112.181 | 169.769 | 391.397 | 359.546 | 651.582 | 1,199.458 | 1,237.478 | 1,362.020 | 1,673.787 | 897.505 | 1,384.448 | 1,695.000 | |||
| INVESTING ACTIVITIES | ||||||||||||||||
| Investments - Increase | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 30.050 | 91.342 | 55.750 | .000 | |||
| Sale of Investments | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Short term Investments - Change | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Capital Expenditures | 59.684 | 596.852 | 165.446 | 940.730 | 673.663 | 2,133.982 | 1,745.590 | 2,773.871 | 1,879.670 | 2,589.234 | 2,511.403 | 2,457.872 | 2,533.000 | |||
| Sale of Property Plant and Equipment | .000 | 3.255 | ||||||||||||||
| Acquisitions | .000 | .000 | .000 | .000 | .000 | .000 | ||||||||||
| Investing Activities - Other | -2.218 | .000 | 1.838 | -5.320 | 87.515 | 90.525 | 94.172 | 533.427 | -17.124 | 73.288 | 633.020 | 288.966 | 814.000 | |||
| Investing Activites - Net Cash Flow | -61.902 | -596.852 | -160.353 | -946.050 | -586.148 | -2,043.457 | -1,651.418 | -2,240.444 | -1,896.794 | -2,545.996 | -1,969.725 | -2,224.656 | -1,719.000 | |||
| FINANCING ACTIVITIES | ||||||||||||||||
| Sale of Common and Preferred Stock | 30.621 | 61.178 | 172.709 | 247.817 | 6.116 | 745.224 | 7.801 | 8.123 | 3.223 | 936.648 | 1,535.771 | 1,327.915 | .000 | |||
| Purchase of Common and Preferred Stock | .000 | .000 | .000 | .125 | .292 | 1.198 | 2.381 | 3.190 | 3.698 | 15.594 | 5.131 | 11.953 | 23.000 | |||
| Cash Dividends | 4.160 | 2.567 | .132 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Long Term Debt - Issuance | 63.400 | 664.993 | 300.200 | 767.800 | 1,158.650 | 2,946.748 | 2,809.300 | 4,262.000 | 3,257.575 | 2,081.000 | 1,490.900 | 600.000 | 2,795.000 | |||
| Long Term Debt - Reduction | 44.400 | 241.493 | 468.800 | 465.700 | 942.916 | 2,283.248 | 2,389.300 | 3,241.500 | 2,729.700 | 2,191.500 | 1,630.400 | 1,242.450 | 2,892.000 | |||
| Current Debt - Changes | 5.651 | 3.783 | -6.019 | 8.899 | 26.927 | -14.966 | 12.443 | 55.823 | -92.541 | .000 | 116.000 | |||||
| Financing Activities - Other | -.103 | -5.500 | 10.258 | -15.208 | -8.667 | -38.746 | -24.466 | -23.926 | -14.075 | -10.648 | .000 | -7.924 | -25.000 | |||
| Financing Activities - Net Cash Flow | 45.358 | 476.611 | 19.886 | 541.981 | 212.084 | 1,389.025 | 451.918 | 1,005.504 | 531.915 | 872.209 | 1,300.749 | 664.919 | -29.000 | |||
| Exchange Rate Effect | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Cash and Cash Equivalents - Change | 8.526 | -8.060 | 29.302 | -12.672 | -14.518 | -2.850 | -.042 | 2.538 | -2.859 | .000 | 228.529 | -175.289 | -53.000 | |||
| OTHER INFORMATION | ||||||||||||||||
| Interest Paid - Net< | 2.449 | 23.881 | 34.623 | 27.747 | 14.862 | 48.052 | 77.921 | 158.715 | 200.961 | 211.342 | 211.443 | 232.173 | 139.000 | |||
| Income Taxes Paid | .100 | 1.725 | 2.050 | 11.304 | 7.299 | 19.885 | 22.768 | 19.674 | 21.376 | 27.844 | 3.950 | .000 | 13.000 | |||
| ADDITIONAL SCHEDULES | ||||||||||||||||
| Fiscal Year: | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
| (FYR Ending): | ( N/A ) | ( N/A ) | (31DEC2005 ) | (31DEC2006 ) | (31DEC2007 ) | (31DEC2008 ) | (31DEC2009 ) | (31DEC2010 ) | (31DEC2011 ) | (31DEC2012 ) | (31DEC2013 ) | (31DEC2014 ) | (31DEC2015 ) | (31DEC2016 ) | (31DEC2017 ) | |
| Receivables - Trade | ||||||||||||||||
| Income Tax Refund | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 37.300 | 4.500 | 5.000 | |||
| Receivables - Other - Current | 44.312 | 57.391 | 57.918 | 141.940 | 169.535 | 268.552 | 367.667 | 400.791 | 471.735 | 660.265 | 394.580 | 453.869 | 538.000 | |||
| Receivables - Total (Net) | 44.312 | 57.391 | 57.918 | 141.940 | 169.535 | 268.552 | 367.667 | 400.791 | 471.735 | 660.265 | 431.880 | 458.369 | 543.000 | |||
| Inventories - Raw Materials | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||||
| Inventories - Work In Process | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||||
| Inventories - Finished Goods | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||||
| Inventories - Other | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||||
| Inventories - Total | 1.018 | 1.309 | 1.459 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 14.000 | |||
| LESS: Debt (Long Term) Due In One Year | .000 | -.400 | -2.000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Debt - Convertible Subordinated | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Debt - Senior Convertible | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Debt - Subordinated | .000 | .000 | .000 | .000 | 295.836 | 900.000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Debt - Notes | .000 | .000 | .000 | .000 | .000 | 150.000 | 1,500.000 | 2,800.000 | 3,350.000 | 3,350.000 | 3,332.188 | 2,740.580 | 2,375.000 | |||
| Debt - Debentures | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Debt - Long Term - Other | 72.000 | 495.100 | 325.404 | 630.000 | 550.000 | 613.500 | 583.500 | 304.000 | 250.000 | 139.500 | .000 | .000 | 322.000 | |||
| Debt - Capitalized Lease Obligations | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Long Term Debt Total | 72.000 | 495.100 | 325.404 | 630.000 | 845.836 | 1,668.521 | 2,080.141 | 3,101.103 | 3,630.421 | 3,517.320 | 3,332.188 | 2,740.580 | 2,691.000 | |||
| Property, Plant and Equipment (Cost) | ||||||||||||||||
| Beginning Balance | ||||||||||||||||
| Capital Expenditures | 59.684 | 596.852 | 165.446 | 940.730 | 673.663 | 2,133.982 | 1,745.590 | 2,773.871 | 1,879.670 | 2,589.234 | 2,511.403 | 2,457.872 | 2,533.000 | |||
| Retirements | ||||||||||||||||
| Other Changes | ||||||||||||||||
| Ending Balance | 184.919 | 1,404.753 | 1,562.103 | 2,708.394 | 3,373.710 | 5,644.296 | 7,406.663 | 9,558.740 | 11,330.156 | 13,996.967 | 16,079.157 | 18,765.977 | 21,591.000 | |||
| Accumulated Depreciation on PPE | ||||||||||||||||
| Beginning Balance | ||||||||||||||||
| Depreciation Expense | ||||||||||||||||
| Depletion Expense | ||||||||||||||||
| Retirements | ||||||||||||||||
| Other Changes | ||||||||||||||||
| Ending Balance | 14.336 | 84.098 | 167.109 | 306.990 | 517.421 | 730.509 | 1,116.545 | 1,565.316 | 2,384.108 | 3,790.953 | 5,102.210 | 7,463.544 | 8,550.000 | |||
| Deferred Taxes - Federal | 141.668 | -17.647 | 80.284 | 227.322 | 210.527 | 119.985 | 278.615 | 40.364 | -770.734 | -94.000 | ||||||
| Deferred Taxes - Foreign | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | ||||||
| Deferred Taxes - State | 11.816 | -13.272 | 24.646 | 34.364 | 31.292 | -17.558 | 17.552 | -10.742 | -93.607 | 23.000 | ||||||
| Income Taxes - Federal | 8.080 | 8.434 | 14.678 | 21.480 | 7.066 | 12.504 | 16.621 | .127 | -11.579 | -6.000 | ||||||
| Income Taxes - Foreign | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | ||||||
| Income Taxes - State | .521 | 1.753 | 3.041 | 2.682 | 2.156 | 3.306 | 4.997 | 1.622 | -.170 | 2.000 | ||||||
| Income Taxes - Other | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Income Taxes - Total | 2.039 | 14.379 | 16.019 | 162.085 | -20.732 | 122.649 | 285.848 | 251.041 | 118.237 | 317.785 | 31.371 | -876.090 | -75.000 | |||
| Common Shares Reserved For Conversion | ||||||||||||||||
| Convertible Debt | ||||||||||||||||
| Preferred Stock | ||||||||||||||||
| Stock Options | ||||||||||||||||
| Warrants and Other | ||||||||||||||||
| Total | ||||||||||||||||
| ADDITIONAL DATA | ||||||||||||||||
| Fiscal Year: | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
| (FYR Ending): | ( N/A ) | ( N/A ) | (31DEC2005 ) | (31DEC2006 ) | (31DEC2007 ) | (31DEC2008 ) | (31DEC2009 ) | (31DEC2010 ) | (31DEC2011 ) | (31DEC2012 ) | (31DEC2013 ) | (31DEC2014 ) | (31DEC2015 ) | (31DEC2016 ) | (31DEC2017 ) | |
| Acquisitions - Income Contribution | .000 | 21.818 | .000 | -32.786 | .000 | 8.909 | .000 | 31.454 | ||||||||
| Acquisitions - Sales Contribution | .000 | 119.678 | .000 | 95.425 | .000 | 212.851 | 150.035 | .000 | 172.783 | |||||||
| Adjustmnet Factor-Cum, Ex-Date | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | |||
| Advertising Expense | ||||||||||||||||
| Average Short Term Borrowing Rate | ||||||||||||||||
| Average Short term Borrowing | ||||||||||||||||
| Common Shareholders (# of) | .134 | 13.020 | .317 | .467 | .570 | .701 | .806 | .963 | 1.087 | 1.109 | 1.143 | |||||
| Common Shares Traded (Calendar Yr) | 35,595,258.000 | 187,899,486.000 | 201,850,112.000 | 253,929,128.000 | 249,978,174.000 | 257,355,592.000 | 289,723,157.000 | 334,248,690.000 | 420,505,886.000 | 448,978,486.000 | 315,539,930.000 | |||||
| Compensating Balance | ||||||||||||||||
| Convertible Debt and Preferred Stock | .130 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Debt (Long Term) Maturing Due in 2 Years | .400 | 2.000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | ||||
| Debt (Long Term) Maturing Due in 3 Years | .400 | 218.000 | .000 | .000 | 613.500 | .000 | .000 | 250.000 | .000 | .000 | .000 | .000 | ||||
| Debt (Long Term) Maturing Due in 4 Years Years | 456.100 | 2.000 | .000 | 550.000 | .000 | .000 | 304.000 | .000 | .000 | .000 | .000 | .000 | ||||
| Debt (Long Term) Maturing Due in 5 Years | 38.200 | 103.900 | 630.000 | .000 | 1,050.000 | 583.500 | 300.000 | .000 | 139.500 | .000 | .000 | 322.000 | ||||
| Debt - Long-Term Debt - Tied to Prime | 495.100 | 325.404 | 630.000 | 550.000 | 613.500 | 583.500 | 304.000 | 250.000 | 139.500 | .000 | .000 | 322.000 | ||||
| Debt - Martgages and Other Securities | .000 | 495.100 | 325.404 | 630.000 | 550.000 | 613.500 | 583.500 | 304.000 | 250.000 | 139.500 | .000 | .000 | 322.000 | |||
| Debt - Unamortized Debt Discount and Other | .000 | .000 | .000 | .000 | .000 | 5.021 | -3.359 | -2.897 | 30.421 | 27.820 | .000 | .000 | -6.000 | |||
| Dividends (Cash)per Share Ex-Date | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||
| Dividends (Cash) - Common | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Dividends (Cash) - Preferred | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Employees (# of) | .080 | .113 | .245 | .284 | .443 | .592 | .745 | .868 | 1.022 | 1.121 | 1.085 | 1.203 | ||||
| Equity in Earnings - Unconsolidated Subs | 232.385 | 1,390.072 | 1,508.229 | 2,815.203 | 3,171.085 | 5,368.494 | 6,849.576 | 8,589.437 | 9,591.164 | 11,799.963 | 12,641.876 | 12,119.326 | 13,732.000 | |||
| Foreign Currency Translation Adj - Bal. Sheet | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Foreign Currency Translation Adj - Inc. Stmnt. | ||||||||||||||||
| Interest Capitalized (in fiscal yr) | .370 | 2.129 | 2.647 | 1.233 | .066 | .184 | .073 | .000 | .000 | 2.282 | 4.913 | .252 | 3.000 | |||
| Interest Capitalized - Net Income Effect | ||||||||||||||||
| Interest Expense on Long Term Debt | ||||||||||||||||
| Investment Tax Credit | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Labor Related Expenses | ||||||||||||||||
| LIFO Reserve | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | ||||
| Order Backlog | ||||||||||||||||
| Preferred Stock - Dividends In Arrears | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | ||||
| Preferred Stock - Liquidation Value | .117 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Preferred Stock - Redemption Value | .117 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Present Value - Noncapitalized Leases | ||||||||||||||||
| Price - Calendar Year Close | 20.610 | 22.820 | 44.900 | 87.670 | 93.750 | 80.560 | 108.000 | 99.750 | 92.860 | 132.600 | 150.220 | |||||
| Price - Calendar Year High | 22.300 | 40.970 | 47.000 | 89.870 | 110.890 | 116.820 | 122.810 | 148.610 | 134.130 | 147.550 | 155.050 | |||||
| Price - Calendar Year Low | 11.600 | 14.710 | 17.290 | 42.600 | 63.200 | 76.170 | 78.580 | 77.220 | 85.870 | 69.940 | 106.730 | |||||
| Price - Fiscal Year Close | 20.610 | 22.820 | 44.900 | 87.670 | 93.750 | 80.560 | 108.000 | 99.750 | 92.860 | 132.600 | 150.220 | |||||
| Receivables - Estimated Doubtful | .000 | .000 | .000 | 2.900 | 1.900 | 1.300 | .700 | .700 | .700 | .700 | 1.200 | 1.200 | 1.000 | |||
| Rental Commitments - Minimum Year+1 | .438 | .497 | .970 | 2.291 | 3.471 | 3.772 | 4.445 | 5.922 | 7.245 | 7.941 | 8.988 | 10.000 | ||||
| Rental Commitments - Minimum Year+2 | .439 | .508 | .985 | 1.734 | 3.151 | 3.240 | 4.238 | 4.637 | 5.589 | 7.877 | 7.945 | 8.000 | ||||
| Rental Commitments - Minimum Year+3 | .449 | .519 | .989 | 1.299 | 2.558 | 2.581 | 3.247 | 3.009 | 5.577 | 7.087 | 6.419 | 7.000 | ||||
| Rental Commitments - Minimum Year+4 | .458 | .529 | .981 | 1.170 | 2.373 | 2.117 | 2.728 | .926 | 4.787 | 5.651 | 4.966 | 5.000 | ||||
| Rental Commitments - Minimum Year+5 | .468 | .538 | .818 | 1.480 | .477 | .469 | 4.112 | 4.738 | 4.088 | .000 | ||||||
| Rental Expense | .288 | .720 | 2.300 | 2.800 | 3.600 | 4.700 | 5.700 | 7.200 | 8.000 | 8.400 | 10.000 | |||||
| Rental Income | ||||||||||||||||
| Research and Development Expense | ||||||||||||||||
| Tax Loss Carry Forward | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 725.900 | 650.000 | ||||
| Treasury Stock ($) - Common | .000 | .000 | .000 | .125 | .417 | 1.615 | 3.996 | 7.186 | 10.884 | 26.478 | 31.609 | 43.562 | 67.000 | |||
| Treasury Stock ($) - Preferred | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Treasury Stock - # Shares | .000 | .000 | .000 | .003 | .012 | .032 | .056 | .087 | .128 | .260 | .306 | .430 | .598 | |||
| INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS | ||||||||||||||||
| Fiscal Year: | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
| (FYR Ending): | ( N/A ) | ( N/A ) | (31DEC2005 ) | (31DEC2006 ) | (31DEC2007 ) | (31DEC2008 ) | (31DEC2009 ) | (31DEC2010 ) | (31DEC2011 ) | (31DEC2012 ) | (31DEC2013 ) | (31DEC2014 ) | (31DEC2015 ) | (31DEC2016 ) | (31DEC2017 ) | |
| Cash & Equivalents | 9.182 | 1.122 | 30.424 | 17.752 | 3.234 | .384 | .342 | 2.880 | .021 | .021 | 228.550 | 53.261 | .000 | |||
| Receivables - Total (Net) | 44.312 | 57.391 | 57.918 | 141.940 | 169.535 | 268.552 | 367.667 | 400.791 | 471.735 | 660.265 | 431.880 | 458.369 | 543.000 | |||
| Inventories - Total | 1.018 | 1.309 | 1.459 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 14.000 | |||
| Prepaid Expenses | ||||||||||||||||
| Current Assets - Other | 4.680 | 3.943 | 19.641 | 119.091 | 44.489 | 61.697 | 43.014 | 55.211 | 49.119 | 528.110 | 654.120 | 34.864 | 35.000 | |||
| Current Assets - Total | 59.192 | 63.765 | 109.442 | 278.783 | 217.258 | 330.633 | 411.023 | 458.882 | 520.875 | 1,188.396 | 1,314.550 | 546.494 | 592.000 | |||
| Plant, Property & Equip (Gross) | 184.919 | 1,404.753 | 1,562.103 | 2,708.394 | 3,373.710 | 5,644.296 | 7,406.663 | 9,558.740 | 11,330.156 | 13,996.967 | 16,079.157 | 18,765.977 | 21,591.000 | |||
| Accumulated Depreciation | 14.336 | 84.098 | 167.109 | 306.990 | 517.421 | 730.509 | 1,116.545 | 1,565.316 | 2,384.108 | 3,790.953 | 5,102.210 | 7,463.544 | 8,550.000 | |||
| Plant, Property & Equip (Net) | 170.583 | 1,320.655 | 1,394.994 | 2,401.404 | 2,856.289 | 4,913.787 | 6,290.118 | 7,993.424 | 8,946.048 | 10,206.014 | 10,976.947 | 11,302.433 | 13,041.000 | |||
| Investments at Equity | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 29.500 | 119.700 | 171.200 | 49.000 | |||
| Investments and Advances - Other | .289 | 1.199 | .367 | .406 | .444 | .100 | .100 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Intangibles | .000 | .000 | .000 | 37.768 | 36.522 | 34.973 | 33.425 | 30.076 | 28.615 | 27.154 | 25.693 | 24.232 | 26.000 | |||
| Deferred Charges | .411 | 4.417 | 3.426 | 15.701 | 20.676 | 52.828 | 65.641 | 77.609 | 73.048 | 68.443 | 15.585 | 10.909 | 13.000 | |||
| Assets - Other | 1.910 | .036 | .000 | 81.141 | 39.896 | 36.173 | 49.269 | 29.446 | 22.578 | 280.456 | 189.401 | 64.058 | 11.000 | |||
| TOTAL ASSETS | 232.385 | 1,390.072 | 1,508.229 | 2,815.203 | 3,171.085 | 5,368.494 | 6,849.576 | 8,589.437 | 9,591.164 | 11,799.963 | 12,641.876 | 12,119.326 | 13,732.000 | |||
| Accounts Payable | 13.426 | 29.651 | 30.835 | 30.060 | 46.803 | 98.546 | 169.413 | 193.402 | 191.553 | 258.478 | 182.987 | 160.042 | 226.000 | |||
| Notes Payable | .000 | .000 | 5.651 | 9.434 | 3.415 | 12.314 | 39.241 | 24.275 | 36.718 | 92.541 | .000 | .000 | 116.000 | |||
| Accrued Expenses | 14.296 | 31.275 | 52.830 | 181.328 | 212.955 | 275.512 | 412.522 | 485.413 | 464.990 | 892.699 | 397.735 | 488.434 | 478.000 | |||
| Taxes Payable | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | 1.000 | .000 | .000 | |||
| Debt (Long-Term) Due In One Year | .000 | .400 | 2.000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Other Current Liabilities | 26.920 | 40.450 | 90.156 | 231.324 | 286.796 | 396.129 | 492.823 | 522.409 | 528.597 | 1,076.174 | 412.433 | 593.144 | 823.000 | |||
| Total Current Liabilities | 40.346 | 70.501 | 128.642 | 270.818 | 337.014 | 506.989 | 701.477 | 740.086 | 756.868 | 1,427.193 | 596.420 | 753.186 | 1,165.000 | |||
| Long Term Debt | 72.000 | 495.100 | 325.404 | 630.000 | 845.836 | 1,668.521 | 2,080.141 | 3,101.103 | 3,630.421 | 3,517.320 | 3,332.188 | 2,740.580 | 2,691.000 | |||
| Deferred Taxes (Balance Sheet) | .000 | 241.752 | 259.070 | 573.763 | 603.286 | 720.889 | 1,002.295 | 1,186.621 | 1,334.653 | 1,438.185 | 1,630.373 | 766.032 | 687.000 | |||
| Investment Tax Credit | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Liabilities - Other | 10.369 | 7.563 | 19.715 | 15.468 | 49.521 | 88.221 | 84.924 | 95.431 | 111.273 | 136.477 | 140.344 | 236.835 | 274.000 | |||
| TOTAL LIABILITIES | 122.715 | 814.916 | 732.831 | 1,490.049 | 1,835.657 | 2,984.620 | 3,868.837 | 5,123.241 | 5,833.215 | 6,519.175 | 5,699.325 | 4,496.633 | 4,817.000 | |||
| Noncontrolling Interest - Redeemable | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Preferred Stock | .130 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Common Stock | .008 | .059 | .076 | .085 | .086 | .103 | .104 | .105 | .105 | .113 | .129 | .146 | .000 | |||
| Capital Surplus | 126.864 | 562.531 | 752.050 | 1,009.025 | 1,029.392 | 1,874.649 | 1,925.757 | 1,982.714 | 2,027.162 | 3,027.412 | 4,628.390 | 6,782.914 | 7,142.000 | |||
| Retained Earnings (Net Other) | -17.332 | 12.566 | 23.272 | 316.169 | 306.367 | 510.737 | 1,058.874 | 1,490.563 | 1,741.566 | 2,279.741 | 2,345.641 | 883.195 | 1,840.000 | |||
| Less: Treasury Stock | .000 | .000 | .000 | .125 | .417 | 1.615 | 3.996 | 7.186 | 10.884 | 26.478 | 31.609 | 43.562 | 67.000 | |||
| Shareholders Equity - Parent | 109.670 | 575.156 | 775.398 | 1,325.154 | 1,335.428 | 2,383.874 | 2,980.739 | 3,466.196 | 3,757.949 | 5,280.788 | 6,942.551 | 7,622.693 | 8,915.000 | |||
| Noncontrolling Interest - Nonredeemable | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||||
| TOTAL SHAREHOLDERS EQUITY | 109.670 | 575.156 | 775.398 | 1,325.154 | 1,335.428 | 2,383.874 | 2,980.739 | 3,466.196 | 3,757.949 | 5,280.788 | 6,942.551 | 7,622.693 | 8,915.000 | |||
| Sales (Net) | 54.936 | 198.290 | 294.333 | 533.789 | 544.447 | 972.576 | 1,739.967 | 1,819.814 | 2,319.919 | 2,660.147 | 1,803.573 | 1,634.988 | 2,586.000 | |||
| Cost of Goods Sold | 17.019 | 48.000 | 61.534 | 109.651 | 120.315 | 182.381 | 308.450 | 343.743 | 520.811 | 985.525 | 601.888 | 1,975.949 | 607.000 | |||
| Gross Profit | 37.917 | 150.290 | 232.799 | 424.138 | 424.132 | 790.195 | 1,431.517 | 1,476.071 | 1,799.108 | 1,674.622 | 1,201.685 | -340.961 | 1,979.000 | |||
| Selling, General, & Admin Expenses | 13.774 | 27.137 | 51.189 | 46.215 | 46.696 | 62.835 | 102.305 | 161.241 | 229.606 | 271.656 | 255.049 | 243.189 | 276.000 | |||
| Operating Income Before Depreciation | 24.143 | 123.153 | 181.610 | 377.923 | 377.436 | 727.360 | 1,329.212 | 1,314.830 | 1,569.502 | 1,402.966 | 946.636 | -584.150 | 1,703.000 | |||
| Depreciation, Depletion, & Amortization | 11.684 | 60.918 | 80.309 | 156.407 | 212.257 | 258.928 | 437.077 | 591.710 | 828.413 | 1,204.138 | 1,265.385 | 1,234.171 | 1,181.000 | |||
| Operating Income After Depreciation | 12.459 | 62.235 | 101.301 | 221.516 | 165.179 | 468.432 | 892.135 | 723.120 | 741.089 | 198.828 | -318.749 | -1,818.321 | 522.000 | |||
| Interest Expense | 3.466 | 32.320 | 37.490 | 28.725 | 28.358 | 60.271 | 126.946 | 182.705 | 218.581 | 218.943 | 220.297 | 203.770 | 149.000 | |||
| Non-Operating Income/Expense | -5.000 | 4.508 | -16.964 | 253.871 | -157.205 | -97.419 | -27.251 | 118.856 | -136.733 | 880.391 | 636.317 | -260.009 | 574.000 | |||
| Special Items | .000 | -.376 | -5.468 | -5.875 | -10.150 | -5.059 | 8.513 | .000 | -28.616 | -4.316 | .000 | -56.436 | -66.000 | |||
| Pretax Income | 3.993 | 34.047 | 41.379 | 440.787 | -30.534 | 305.683 | 746.451 | 659.271 | 357.159 | 855.960 | 97.271 | -2,338.536 | 881.000 | |||
| Income Taxes - Total | 2.039 | 14.379 | 16.019 | 162.085 | -20.732 | 122.649 | 285.848 | 251.041 | 118.237 | 317.785 | 31.371 | -876.090 | -75.000 | |||
| Minority Interest | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| INCOME BEFORE EI&DO | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 183.034 | 460.603 | 408.230 | 238.922 | 538.175 | 65.900 | -1,462.446 | 956.000 | |||
| Extraordinary Items | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Discontinued Operations | .000 | .000 | .000 | .000 | .000 | 21.336 | 87.534 | 23.459 | 11.949 | .000 | .000 | .000 | .000 | |||
| Net Income (Loss) | 1.954 | 19.668 | 25.360 | 278.702 | -9.802 | 204.370 | 548.137 | 431.689 | 250.871 | 538.175 | 65.900 | -1,462.446 | 956.000 | |||
| Preferred Dividends | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| EPS - Primary - Excluding EI&DO | .030 | .270 | .350 | 3.520 | -.120 | 1.980 | 4.490 | 3.960 | 2.280 | 4.890 | .540 | -10.850 | 6.440 | |||
| EPS - Primary - Including EI&DO | .030 | .270 | .350 | 3.520 | -.120 | 2.210 | 5.340 | 4.180 | 2.390 | 4.890 | .540 | -10.850 | 6.440 | |||
| EPS - Fully Diluted - Excluding EI&DO | .030 | .270 | .350 | 3.460 | -.120 | 1.950 | 4.440 | 3.930 | 2.280 | 4.880 | .540 | -10.850 | 6.410 | |||
| EPS - Fully Diluted - Including EI&DO | .030 | .270 | .350 | 3.460 | -.120 | 2.180 | 5.280 | 4.150 | 2.390 | 4.880 | .540 | -10.850 | 6.410 | |||
| SHARES - for Primary EPS Calculation | 72.426 | 72.426 | 72.280 | 79.206 | 84.912 | 92.542 | 102.581 | 103.190 | 103.744 | 108.844 | 119.926 | 134.755 | 147.320 | |||
| STATEMENT OF CASH FLOWS | ||||||||||||||||
| SHARES - for Fully Diluted EPS Calculation | 72.426 | 72.426 | 72.827 | 80.587 | 84.912 | 93.837 | 103.653 | 103.972 | 103.913 | 109.132 | 120.373 | 134.755 | 147.956 | |||
| SHARES - Outstanding at Fiscal Year End | 8.142 | 59.093 | 75.832 | 84.826 | 85.804 | 102.810 | 103.700 | 104.582 | 105.095 | 113.005 | 129.138 | 146.059 | 148.727 | |||
| Operating Activities - Net Cash Flow | 25.070 | 112.181 | 169.769 | 391.397 | 359.546 | 651.582 | 1,199.458 | 1,237.478 | 1,362.020 | 1,673.787 | 897.505 | 1,384.448 | 1,695.000 | |||
| Capital Expenditures | 59.684 | 596.852 | 165.446 | 940.730 | 673.663 | 2,133.982 | 1,745.590 | 2,773.871 | 1,879.670 | 2,589.234 | 2,511.403 | 2,457.872 | 2,533.000 | |||
| Sale of Property Plant and Equipment | .000 | 3.255 | ||||||||||||||
| Acquisitions | .000 | .000 | .000 | .000 | .000 | .000 | ||||||||||
| Investing Activites - Net Cash Flow | -61.902 | -596.852 | -160.353 | -946.050 | -586.148 | -2,043.457 | -1,651.418 | -2,240.444 | -1,896.794 | -2,545.996 | -1,969.725 | -2,224.656 | -1,719.000 | |||
| Cash Dividends | 4.160 | 2.567 | .132 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| CASH STATEMENT - SOURCE & USE | ||||||||||||||||
| Interest Paid - Net | 2.449 | 23.881 | 34.623 | 27.747 | 14.862 | 48.052 | 77.921 | 158.715 | 200.961 | 211.342 | 211.443 | 232.173 | 139.000 | |||
| Income Taxes Paid | .100 | 1.725 | 2.050 | 11.304 | 7.299 | 19.885 | 22.768 | 19.674 | 21.376 | 27.844 | 3.950 | .000 | 13.000 | |||
| Funds From Operations - Total | ||||||||||||||||
| Current Debt - Changes | 5.651 | 3.783 | -6.019 | 8.899 | 26.927 | -14.966 | 12.443 | 55.823 | -92.541 | .000 | 116.000 | |||||
| Working Capital Changes - Other - Inc(Dec) | ||||||||||||||||
| Adjustmnet Factor-Cum, Ex-Date | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | |||
| Advertising Expense | ||||||||||||||||
| Dividends (Cash)per Share Ex-Date | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||||
| Dividends (Cash) - Common | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Dividends (Cash) - Preferred | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Preferred Stock - Liquidation Value | .117 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Preferred Stock - Redemption Value | .117 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | .000 | |||
| Price - Calendar Year Close | 20.610 | 22.820 | 44.900 | 87.670 | 93.750 | 80.560 | 108.000 | 99.750 | 92.860 | 132.600 | 150.220 | |||||
| Price - Fiscal Year Close | 20.610 | 22.820 | 44.900 | 87.670 | 93.750 | 80.560 | 108.000 | 99.750 | 92.860 | 132.600 | 150.220 | |||||
| Receivables - Estimated Doubtful | .000 | .000 | .000 | 2.900 | 1.900 | 1.300 | .700 | .700 | .700 | .700 | 1.200 | 1.200 | 1.000 | |||
| Rental Expense | .288 | .720 | 2.300 | 2.800 | 3.600 | 4.700 | 5.700 | 7.200 | 8.000 | 8.400 | 10.000 | |||||
| Research and Development Expense |
ratios_hist
| Ratios & Metrics - Historical | |||||||||||||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Avg | Median | Max | Min | |||
| Profitability: | |||||||||||||||||||||
| Gross margin | 69.02% | 75.79% | 79.09% | 79.46% | 77.90% | 81.25% | 82.27% | 81.11% | 77.55% | 62.95% | 66.63% | -20.85% | 76.53% | 68.36% | 77.55% | 82.27% | -20.85% | ||||
| Operating margin | 22.68% | 31.39% | 34.42% | 41.50% | 30.34% | 48.16% | 51.27% | 39.74% | 31.94% | 7.47% | -17.67% | -111.21% | 20.19% | 17.71% | 31.39% | 51.27% | -111.21% | ||||
| Net margin | 3.56% | 9.92% | 8.62% | 52.21% | -1.80% | 18.82% | 26.47% | 22.43% | 10.30% | 20.23% | 3.65% | -89.45% | 36.97% | 9.38% | 10.30% | 52.21% | -89.45% | ||||
| Asset turnover: | |||||||||||||||||||||
| TAT | 0.24 | 0.14 | 0.20 | 0.19 | 0.17 | 0.18 | 0.25 | 0.21 | 0.24 | 0.23 | 0.14 | 0.13 | 0.19 | 0.19 | 0.19 | 0.25 | 0.13 | ||||
| NPPE | 0.32 | 0.15 | 0.21 | 0.22 | 0.19 | 0.20 | 0.28 | 0.23 | 0.26 | 0.26 | 0.16 | 0.14 | 0.20 | 0.22 | 0.21 | 0.32 | 0.14 | ||||
| Inventory | 16.72 | 36.67 | 42.18 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 43.36 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| Receivables | 1.24 | 3.46 | 5.08 | 3.76 | 3.21 | 3.62 | 4.73 | 4.54 | 4.92 | 4.03 | 4.18 | 3.57 | 4.76 | 3.93 | 4.03 | 5.08 | 1.24 | ||||
| Leverage: | |||||||||||||||||||||
| Equity multiplier | 2.12 | 2.42 | 1.95 | 2.12 | 2.37 | 2.25 | 2.30 | 2.48 | 2.55 | 2.23 | 1.82 | 1.59 | 1.54 | 2.13 | 2.23 | 2.55 | 1.54 | ||||
| Debt-to-assets | 30.98% | 35.65% | 22.08% | 22.71% | 26.78% | 31.31% | 30.94% | 36.39% | 38.23% | 30.59% | 26.36% | 22.61% | 20.44% | 28.85% | 30.59% | 38.23% | 20.44% | ||||
| Interest coverage | 3.59 | 1.93 | 2.70 | 7.71 | 5.82 | 7.77 | 7.03 | 3.96 | 3.39 | 0.91 | -1.45 | -8.92 | 3.50 | 2.92 | 3.50 | 7.77 | -8.92 | ||||
| Net debt issued (% of assets) | 8.18% | 30.47% | -10.80% | 10.87% | 6.61% | 12.52% | 6.52% | 11.71% | 5.63% | -0.46% | -1.84% | -5.30% | 0.14% | 5.71% | 6.52% | 30.47% | -10.80% | ||||
| Investment: | |||||||||||||||||||||
| % chg in sales | 260.95% | 48.44% | 81.36% | 2.00% | 78.64% | 78.90% | 4.59% | 27.48% | 14.67% | -32.20% | -9.35% | 58.17% | 51.14% | 37.96% | 260.95% | -32.20% | |||||
| % chg in assets (less cash) | 522.28% | 6.40% | 89.30% | 13.24% | 69.46% | 27.59% | 25.37% | 11.70% | 23.03% | 5.20% | -2.80% | 13.81% | 67.05% | 18.42% | 522.28% | -2.80% | |||||
| % chg in noncash NWC | -177.17% | 462.79% | -99.16% | 33773.94% | 37.51% | 52.99% | 3.28% | -23.29% | -26.60% | -434.69% | -153.10% | 75.80% | 2791.02% | -10.01% | 33773.94% | -434.69% | |||||
| CAPX/trailing assets | 256.84% | 11.90% | 62.37% | 23.93% | 67.30% | 32.52% | 40.50% | 21.88% | 27.00% | 21.28% | 19.44% | 53.18% | 27.00% | 256.84% | 11.90% | ||||||
| FCFE & FCFF: | |||||||||||||||||||||
| Net income | $ 1.95 | $ 19.67 | $ 25.36 | $ 278.70 | $ (9.80) | $ 183.03 | $ 460.60 | $ 408.23 | $ 238.92 | $ 538.18 | $ 65.90 | $ (1,462.45) | $ 956.00 | $ 131.10 | $ 183.03 | $ 956.00 | $ (1,462.45) | ||||
| Net investment | $ 172.49 | $ 897.05 | $ 8.50 | $ 868.81 | $ 234.61 | $ 1,882.88 | $ 1,035.45 | $ 1,488.92 | $ 836.37 | $ 1,465.56 | $ 1,155.56 | $ 263.82 | $ 1,411.99 | $ 901.69 | $ 897.05 | $ 1,882.88 | $ 8.50 | ||||
| Net debt issued | $ 72.00 | $ 423.50 | $ (162.45) | $ 306.38 | $ 209.82 | $ 831.58 | $ 438.55 | $ 1,006.00 | $ 541.76 | $ (57.28) | $ (277.67) | $ (591.61) | $ 66.42 | $ 215.92 | $ 209.82 | $ 1,006.00 | $ (591.61) | ||||
| Equity reinvestment rate | 984.29% | 438.98% | 664.96% | 193.42% | -107.53% | 508.05% | 101.19% | 100.59% | 101.00% | 271.14% | 2075.89% | -1.97% | 103.17% | 417.94% | 193.42% | 2075.89% | -107.53% | ||||
| Dividends | $ 4.16 | $ 2.57 | $ 0.13 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ 0.53 | $ - 0 | $ 4.16 | $ - 0 | ||||
| Repurchases (net) | $ (30.62) | $ (61.18) | $ (172.71) | $ (247.69) | $ (5.82) | $ (744.03) | $ (5.42) | $ (4.93) | $ 0.48 | $ (921.05) | $ (1,530.64) | $ (1,315.96) | $ 23.00 | $ (385.89) | $ (61.18) | $ 23.00 | $ (1,530.64) | ||||
| Effective tax rate | 51.06% | 42.23% | 38.71% | 36.77% | 67.90% | 40.12% | 38.29% | 38.08% | 33.10% | 37.13% | 32.25% | 37.46% | -8.51% | 37.28% | 38.08% | 67.90% | -8.51% | ||||
| FCFE | $ (17.28) | $ (66.67) | $ (143.28) | $ (260.36) | $ (20.34) | $ (746.88) | $ (5.46) | $ (2.40) | $ (2.38) | $ (921.05) | $ (1,302.11) | $ (1,491.25) | $ (30.26) | $ (385.36) | $ (66.67) | $ (2.38) | $ (1,491.25) | ||||
| FCFF | $ (34.58) | $ (471.50) | $ 42.65 | $ (548.08) | $ (220.95) | $ (1,383.19) | $ (374.06) | $ (894.80) | $ (396.48) | $ (728.72) | $ (920.82) | $ (721.37) | $ 112.42 | $ (503.04) | $ (471.50) | $ 112.42 | $ (1,383.19) | ||||
| ROE & ROC: | |||||||||||||||||||||
| Equity capital | $ 109.67 | $ 575.16 | $ 775.40 | $ 1,325.15 | $ 1,335.43 | $ 2,383.87 | $ 2,980.74 | $ 3,466.20 | $ 3,757.95 | $ 5,280.79 | $ 6,942.55 | $ 7,622.69 | $ 8,915.00 | $ 3,497.74 | $ 2,980.74 | $ 8,915.00 | $ 109.67 | ||||
| Invested capital | $ 181.67 | $ 1,070.66 | $ 1,108.45 | $ 1,964.59 | $ 2,184.68 | $ 4,064.71 | $ 5,100.12 | $ 6,591.57 | $ 7,425.09 | $ 8,890.65 | $ 10,274.74 | $ 10,363.27 | $ 11,722.00 | $ 5,457.09 | $ 5,100.12 | $ 11,722.00 | $ 181.67 | ||||
| ROE | 17.93% | 4.41% | 35.94% | -0.74% | 13.71% | 19.32% | 13.70% | 6.89% | 14.32% | 1.25% | -21.06% | 12.54% | 9.85% | 13.12% | 35.94% | -21.06% | |||||
| ROC | 21.22% | 4.83% | 27.12% | 0.13% | 10.17% | 13.13% | 10.22% | 6.13% | 9.14% | 2.42% | -12.65% | 11.48% | 8.61% | 9.65% | 27.12% | -12.65% | |||||
base_assumptions
| Assumptions: | ||||||||||
| Revenue growth (by year): | ||||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||
| 7.00% | 17.00% | 22.00% | 25.00% | 14.00% | 10.00% | |||||
| Expense growth (by year): | ||||||||||
| Sales | -4.00% | -6% | -2.00% | -0.58% | 0.24% | 1.00% | ||||
| SGA | -6.00% | -6.00% | -2.00% | 0.30% | 0.93% | 1.02% | ||||
| Depre | 0.50% | 0.75% | 1% | 1% | 1% | 1% | ||||
| Interest rate | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | ||||
| Tax rate (by year): | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | ||||
| Dividend growth assumption (by year): | ||||||||||
| 0% | 0% | 0% | 0% | 0% | 0% | |||||
| Operating asset growth (by year): | ||||||||||
| 0.50% | 0.85% | 1.00% | 1.50% | 1.85% | 2.00% | |||||
| Operating liability growth (by year): | ||||||||||
| 0.50% | 0.85% | 1.00% | 1.50% | 1.85% | 2.00% | |||||
| Debt ratio assumption excluding balancing figure effect (by year): | ||||||||||
| 28.85% | 28.85% | 28.85% | 28.85% | 28.85% | 28.85% | |||||
| Balancing figures (by year): | ||||||||||
| Cash | 5% | 5% | 5% | 5% | 5% | 5% | 37% | 37% | 37% | 37% |
| Debt | 35% | 35% | 35% | 35% | 35% | 35% | 8% | 8% | 8% | 8% |
| Equity | 60% | 60% | 60% | 60% | 60% | 60% | 93% | 93% | 93% | 93% |
| Cost of equity = | 8.40% | |||||||||
| WACC = | 8.50% |
forecast
| Forecast & Valuation: | CONCHO RESOURCES INC | |||||||
| Income Statement Forecast: | BASE YEAR | FORECAST | FORECAST | FORECAST | FORECAST | FORECAST | FORECAST | |
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||
| Sales (Net) | $ 2,586.00 | $ 2,767.02 | $ 3,237.41 | $ 3,949.64 | $ 4,937.06 | $ 5,628.24 | $ 6,191.07 | |
| Cost of Goods Sold | $ 607.00 | $ 582.72 | $ 547.76 | $ 536.80 | $ 533.69 | $ 534.97 | $ 540.32 | |
| 60% | 38% | 32% | ||||||
| Gross Profit | $ 1,979.00 | $ 2,184.30 | $ 2,689.66 | $ 3,412.84 | $ 4,403.37 | $ 5,093.27 | $ 5,650.75 | |
| Selling, General, & Admin Expenses | $ 276.00 | $ 259.44 | $ 243.87 | $ 239.00 | $ 239.71 | $ 241.94 | $ 244.41 | |
| Operating Income Before Depreciation | $ 1,703.00 | $ 1,924.86 | $ 2,445.78 | $ 3,173.85 | $ 4,163.65 | $ 4,851.33 | $ 5,406.34 | |
| Depreciation, Depletion, & Amortiz | $ 1,181.00 | $ 1,186.91 | $ 1,195.81 | $ 1,207.76 | $ 1,219.84 | $ 1,232.04 | $ 1,244.36 | |
| Operating Income After Depreciation | $ 522.00 | $ 737.96 | $ 1,249.98 | $ 1,966.08 | $ 2,943.81 | $ 3,619.29 | $ 4,161.98 | |
| Interest Expense | $ 149.00 | $ 196.60 | $ 198.13 | $ 186.83 | $ 167.74 | $ 153.31 | $ 143.74 | |
| Non-Operating Income/Expense | $ 574.00 | $ 576.87 | $ 581.77 | $ 587.59 | $ 596.40 | $ 607.44 | $ 619.59 | |
| Special Items | $ (66.00) | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Pretax Income | $ 881.00 | $ 1,118.23 | $ 1,633.62 | $ 2,366.85 | $ 3,372.47 | $ 4,073.42 | $ 4,637.82 | |
| Income Taxes - Total | $ (75.00) | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Minority Interest | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Income Before EI&DO | $ 956.00 | $ 1,118.23 | $ 1,633.62 | $ 2,366.85 | $ 3,372.47 | $ 4,073.42 | $ 4,637.82 | |
| Extraordinary Items | $ - 0 | |||||||
| Discontinued Operations | $ - 0 | |||||||
| # of shares estimated for near-term EPS forecast | 117.81 | 86.04 | ||||||
| EPS guess | $ 9.49 | $ 18.99 | ||||||
| Net Income (Loss) | $ 956.00 | |||||||
| Preferred Dividends | $ - 0 | |||||||
| Available for Common Before EI&DO | $ 956.00 | |||||||
| Common dividends | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | ||
| Addition to Retained Earnings | $ 1,118.23 | $ 1,633.62 | $ 2,366.85 | $ 3,372.47 | $ 4,073.42 | $ 4,637.82 | ||
| Balance Sheet Forecast: | ||||||||
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||
| ASSETS | ||||||||
| Cash & Equivalents | $ - 0 | $ 113.05 | $ 232.17 | $ 389.93 | $ 610.06 | $ 886.14 | $ 1,209.83 | |
| Receivables - Total (Net) | $ 543.00 | $ 545.71 | $ 550.35 | $ 555.86 | $ 564.19 | $ 574.63 | $ 586.13 | |
| Inventories - Total | $ 14.00 | $ 14.07 | $ 14.19 | $ 14.33 | $ 14.55 | $ 14.82 | $ 15.11 | |
| Prepaid Expenses | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Current Assets - Other | $ 35.00 | $ 35.00 | $ 35.00 | $ 35.00 | $ 35.00 | $ 35.00 | $ 35.00 | |
| Current Assets - Total | $ 592.00 | $ 707.84 | $ 831.71 | $ 995.12 | $ 1,223.80 | $ 1,510.59 | $ 1,846.07 | |
| Plant, Property & Equip (Net) | $ 13,041.00 | $ 13,106.20 | $ 13,217.61 | $ 13,349.78 | $ 13,550.03 | $ 13,800.71 | $ 14,076.72 | |
| Investments at Equity | $ 49.00 | $ 49.00 | $ 49.00 | $ 49.00 | $ 49.00 | $ 49.00 | $ 49.00 | |
| Investments and Advances - Other | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Intangibles | $ 26.00 | $ 26.00 | $ 26.00 | $ 26.00 | $ 26.00 | $ 26.00 | $ 26.00 | |
| Deferred Charges | $ 13.00 | $ 13.00 | $ 13.00 | $ 13.00 | $ 13.00 | $ 13.00 | $ 13.00 | |
| Assets - Other | $ 11.00 | $ 11.00 | $ 11.00 | $ 11.00 | $ 11.00 | $ 11.00 | $ 11.00 | |
| TOTAL ASSETS | $ 13,732.00 | $ 13,913.04 | $ 14,148.32 | $ 14,443.90 | $ 14,872.83 | $ 15,410.29 | $ 16,021.79 | |
| LIABILITIES | ||||||||
| Accounts Payable | $ 226.00 | $ 227.13 | $ 229.06 | $ 231.35 | $ 234.82 | $ 239.17 | $ 243.95 | |
| Accrued Expenses | $ 478.00 | $ 480.39 | $ 484.47 | $ 489.32 | $ 496.66 | $ 505.85 | $ 515.96 | |
| Taxes Payable | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Other Current Liabilities | $ 345.00 | $ 345.00 | $ 345.00 | $ 345.00 | $ 345.00 | $ 345.00 | $ 345.00 | |
| Total Current Liabilities (non-debt) | $ 1,049.00 | $ 1,052.52 | $ 1,058.53 | $ 1,065.67 | $ 1,076.48 | $ 1,090.01 | $ 1,104.91 | |
| Long Term Debt | $ 2,807.00 | $ 3,222.91 | $ 3,247.96 | $ 3,062.72 | $ 2,749.91 | $ 2,513.34 | $ 2,356.43 | |
| Deferred Taxes (Balance Sheet) | $ 687.00 | $ 687.00 | $ 687.00 | $ 687.00 | $ 687.00 | $ 687.00 | $ 687.00 | |
| Investment Tax Credit | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Liabilities - Other | $ 274.00 | $ 274.00 | $ 274.00 | $ 274.00 | $ 274.00 | $ 274.00 | $ 274.00 | |
| Noncontrolling Interest - Redeemable | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| TOTAL LIABILITIES | $ 4,817.00 | $ 5,236.43 | $ 5,267.50 | $ 5,089.39 | $ 4,787.39 | $ 4,564.35 | $ 4,422.34 | |
| SHAREHOLDERS' EQUITY | ||||||||
| Preferred Stock | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Common Stock | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Capital Surplus | $ 7,142.00 | $ 7,142.00 | $ 7,142.00 | $ 7,142.00 | $ 7,142.00 | $ 7,142.00 | $ 7,142.00 | |
| Retained Earnings (Net Other) | $ 1,840.00 | $ 2,958.23 | $ 4,591.85 | $ 6,958.70 | $ 10,331.17 | $ 14,404.59 | $ 19,042.41 | |
| Less: Treasury Stock | $ 67.00 | $ 1,423.61 | $ 2,853.03 | $ 4,746.19 | $ 7,387.73 | $ 10,700.64 | $ 14,584.96 | |
| Shareholders Equity - Parent | $ 8,915.00 | $ 8,676.61 | $ 8,880.82 | $ 9,354.51 | $ 10,085.44 | $ 10,845.94 | $ 11,599.44 | |
| Noncontrolling Interest - Nonredeemable | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| TOTAL SHAREHOLDERS EQUITY | $ 8,915.00 | $ 8,676.61 | $ 8,880.82 | $ 9,354.51 | $ 10,085.44 | $ 10,845.94 | $ 11,599.44 | |
| TOTAL LIABILITIES AND EQUITY | $ 13,732.00 | $ 13,913.04 | $ 14,148.32 | $ 14,443.90 | $ 14,872.83 | $ 15,410.29 | $ 16,021.79 | |
| Forecasted Assets minus Forecasted L&E | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | ||
| AFN | $ (2,261.02) | $ (2,382.36) | $ (3,155.26) | $ (4,402.57) | $ (5,521.52) | $ (6,473.87) | ||
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||
| Free Cash Flow to Equity | $ 1,469.66 | $ 1,548.53 | $ 2,050.92 | $ 2,861.67 | $ 3,588.99 | $ 4,208.01 | ||
| Equity Reinvestment Rate | -31.43% | 5.21% | 13.35% | 15.15% | 11.89% | 9.27% | ||
| Return on equity | 12.54% | 18.83% | 26.65% | 36.05% | 40.39% | 42.76% | ||
| Sum of PVs of forecast horizon FCFE | $11,347.75 | 18692% | Terminal growth rate | |||||
| PV of terminal value | ERROR:#REF! | ERROR:#REF! | Terminal value | |||||
| Value of equity | ERROR:#REF! | ERROR:#REF! | Implied terminal P/B | |||||
| Value of equity per share (end of 2016) | ERROR:#REF! | ERROR:#REF! | Implied terminal trailing P/E | |||||
| Value estimate mid-year adjustment: | ||||||||
| PVs of forecast horizon FCFE | $ 10,831.29 | $ - 0 | $ 1,428.54 | $ 1,745.38 | $ 2,246.63 | $ 2,599.29 | $ 2,811.45 | |
| PV of terminal value | $0.00 | |||||||
| Value of equity (as of 6/30/2018) | $ 10,831.29 | |||||||
| # of shares outstanding on 6/30/2018) | 199.17 | |||||||
| Value of equity per share (as of Jun 2018) | $ 54.38 | $ 137.18 | is price on 6/30/2018 | |||||
| Change in operating assets | $ 67.99 | $ 116.16 | $ 137.82 | $ 208.80 | $ 261.38 | $ 287.80 | ||
| Change in operating liabilities | $ 3.52 | $ 6.01 | $ 7.14 | $ 10.81 | $ 13.53 | $ 14.90 | ||
| Net investment | $ 64.47 | $ 110.15 | $ 130.69 | $ 197.99 | $ 247.85 | $ 272.90 | ||
| EBIT | $ 1,314.83 | $ 1,831.75 | $ 2,553.67 | $ 3,540.22 | $ 4,226.73 | $ 4,781.56 | ||
| Tax rate | 0% | 0% | 0% | 0% | 0% | 0% | ||
| NOPAT | $ 1,314.83 | $ 1,831.75 | $ 2,553.67 | $ 3,540.22 | $ 4,226.73 | $ 4,781.56 | ||
| Free Cash Flow to Firm | $ 1,250.36 | $ 1,721.60 | $ 2,422.99 | $ 3,342.23 | $ 3,978.88 | $ 4,508.66 | ||
| Reinvestment Rate | 4.90% | 6.01% | 5.12% | 5.59% | 5.86% | 5.71% | ||
| Return on Capital | 11.22% | 15.39% | 21.05% | 28.51% | 32.93% | 35.79% | ||
| Sum of PVs of forecast horizon FCFF | $12,333.16 | |||||||
| PV of terminal value | $0.00 | |||||||
| Subtract value of debt | $ 2,807.00 | |||||||
| Value of equity | $9,526.16 | |||||||
| Value of equity per share (end of 2017) | $64.05 | |||||||
| Value estimate mid-year adjustment: | ||||||||
| PVs of forecast horizon FCFF | $ 12,131.13 | $ - 0 | $ 1,586.73 | $ 2,058.22 | $ 2,616.66 | $ 2,871.06 | $ 2,998.46 | |
| PV of terminal value | $0.00 | |||||||
| Subtract value of debt (as of 6/30/2018) | $ 2,371.00 | |||||||
| Value of equity (as of 6/30/2018) | $ 9,760.13 | |||||||
| Value of equity per share (as of Jun 2018) | $ 49.00 |
ratios_forecast
| Ratios & Metrics - Forecasted | |||||||||||||
| Profitability: | Average from history | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
| Gross margin | 68.36% | 76.53% | 78.94% | 83.08% | 86.41% | 89.19% | 90.49% | 91.27% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Operating margin | 17.71% | 20.19% | 26.67% | 38.61% | 49.78% | 59.63% | 64.31% | 67.23% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Net margin | 9.38% | 36.97% | 40.41% | 50.46% | 59.93% | 68.31% | 72.37% | 74.91% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Asset turnover: | |||||||||||||
| TAT | 0.19 | 0.19 | 0.20 | 0.23 | 0.27 | 0.33 | 0.37 | 0.39 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| NPPE | 0.22 | 0.20 | 0.21 | 0.24 | 0.30 | 0.36 | 0.41 | 0.44 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Inventory | 43.36 | 41.42 | 38.60 | 37.46 | 36.69 | 36.11 | 35.75 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||
| Receivables | 3.93 | 4.76 | 5.07 | 5.88 | 7.11 | 8.75 | 9.79 | 10.56 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Leverage: | |||||||||||||
| Equity multiplier | 2.13 | 1.54 | 1.60 | 1.59 | 1.54 | 1.47 | 1.42 | 1.38 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Debt-to-assets | 28.85% | 20.44% | 23.16% | 22.96% | 21.20% | 18.49% | 16.31% | 14.71% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Interest coverage | 2.92 | 3.50 | 3.75 | 6.31 | 10.52 | 17.55 | 23.61 | 28.95 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Net debt issued (% of assets) | 5.71% | 0.14% | 2.99% | 0.18% | -1.28% | -2.10% | -1.54% | -0.98% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Investment: | |||||||||||||
| % chg in sales | 51.14% | 58.17% | 7.00% | 17.00% | 22.00% | 25.00% | 14.00% | 10.00% | -100.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| % chg in assets (less cash) | 67.05% | 13.81% | 0.50% | 0.84% | 0.99% | 1.49% | 1.83% | 1.98% | -100.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| % chg in noncash NWC | 2791.02% | 75.80% | 0.16% | 0.27% | 0.32% | 0.49% | 0.61% | 0.67% | -100.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| CAPX/trailing assets | 53.18% | 19.44% | 9.12% | 9.40% | 9.47% | 9.83% | 9.97% | 9.87% | -87.86% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| FCFE & FCFF: | Average from history | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
| Net income | $ 131.10 | $ 956.00 | $ 1,118.23 | $ 1,633.62 | $ 2,366.85 | $ 3,372.47 | $ 4,073.42 | $ 4,637.82 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Net investment | $ 901.69 | $ 1,411.99 | $ 64.47 | $ 110.15 | $ 130.69 | $ 197.99 | $ 247.85 | $ 272.90 | $ (12,746.05) | $ - 0 | $ - 0 | $ - 0 | |
| Net debt issued | $ 215.92 | $ 66.42 | $ 415.91 | $ 25.06 | $ (185.24) | $ (312.81) | $ (236.58) | $ (156.90) | $ (2,356.43) | $ - 0 | $ - 0 | $ - 0 | |
| Equity reinvestment rate | 417.94% | 103.17% | -31.43% | 5.21% | 13.35% | 15.15% | 11.89% | 9.27% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| Dividends | $ 0.53 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Repurchases (net) | $ (385.89) | $ 23.00 | $ 1,356.61 | $ 1,429.42 | $ 1,893.16 | $ 2,641.54 | $ 3,312.91 | $ 3,884.32 | $ (14,584.96) | $ - 0 | $ - 0 | $ - 0 | |
| Effective tax rate | 37.28% | -8.51% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| FCFE | $ (385.36) | $ (30.26) | $ 1,469.66 | $ 1,548.53 | $ 2,050.92 | $ 2,861.67 | $ 3,588.99 | $ 4,208.01 | $ (15,794.79) | $ - 0 | $ - 0 | $ - 0 | |
| FCFF | $ (503.04) | $ 112.42 | $ 1,250.36 | $ 1,721.60 | $ 2,422.99 | $ 3,342.23 | $ 3,978.88 | $ 4,508.66 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| ROE & ROC: | |||||||||||||
| Equity capital | $ 3,497.74 | $ 8,915.00 | $ 8,676.61 | $ 8,880.82 | $ 9,354.51 | $ 10,085.44 | $ 10,845.94 | $ 11,599.44 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| Invested capital | $ 5,457.09 | $ 11,722.00 | $ 11,899.52 | $ 12,128.79 | $ 12,417.24 | $ 12,835.35 | $ 13,359.28 | $ 13,955.88 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |
| ROE | 9.85% | 12.54% | 12.54% | 18.83% | 26.65% | 36.05% | 40.39% | 42.76% | 0.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |
| ROC | 8.61% | 11.48% | 11.22% | 15.39% | 21.05% | 28.51% | 32.93% | 35.79% | 0.00% | 0.00% | 0.00% | 0.00% |
charts
Profitability: POR (2003 - 2017)
Profitability: Operating margin 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 0.2267911751856706 0.31385849009027184 0.34417139770260213 0.41498794467476846 0.30338857593117419 0.48164050932780578 0.51273098857622013 0.39735929056485991 0.31944606686698979 7.4743237873696453E-2 -0.17673196482759501 -1.1121310982098951 0.20185614849187936 Profitability: Net margin 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3.5568661715450707E-2 9.9188057895002263E-2 8.6160912979516391E-2 0.52212016358523683 -1.8003588962745683E-2 0.1881950613628138 0.26471938835621595 0.22432512333678056 0.10298721636401961 0.20231024826823479 3.6538582025789919E-2 -0.89446895023082729 0.36968290796597059
Growth rates: POR (2004 - 2017)
% chg in sales 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2.6094728411242172 0.48435624590246618 0.81355471523750289 1.9966690958412414E-2 0.78635569669775029 0.78902934063764696 4.5889950786422995E-2 0.27481105211851298 0.14665512028652739 -0.32200250587655488 -9.3472789845490012E-2 0.58166298468245636 % chg in assets (less cash) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 5.2228106253052147 6.3972785197451421E-2 0.89297708425671862 0.13240625126230987 0.69455886656285259 0.27591163370348237 0.25365216022696857 0.11699520541236708 0.23029570093991913 5.1981950419756506E-2 -2.7974855409420685E-2 0.13806779592186857
Free cash flows: POR (2004 - 2017)
FCFE 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -17.278999999999996 -66.670999999999992 -143.27500000000001 -260.36400000000003 -20.341999999999999 -746.87600000000009 -5.4619999999999997 -2.395 -2.3839999999999999 -921.05399999999997 -1302.1109999999999 -1491.251 -30.261000000000003 FCFF 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -34.5828908089156 -471.50063961582521 42.650543657410772 -548.08467908309467 -220.95353776118426 -1383.1864958502763 -374.0560505659447 -894.79545984731612 -396.48194203701996 -728.71910824688064 -920.82127941524186 -721.36972615174614 112.42344948921681
Forecasted free cash flows: POR (2017 - 2027)
FCFE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 -30.261000000000003 1469.664343168555 1548.5343133139529 2050.9208224769136 2861.6705706179268 3588.9893623247058 4208.0146621220683 -15794.794074024121 0 0 0 FCFF 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 112.42344948921681 1250.3550000000016 1721.6026125000008 2422.9866596249999 3342.2270487484511 3978.8793256306139 4508.6615646908958 0 0 0 0
Forecasted profitability: POR (2017 - 2027)
Profitability: Operating margin 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.20185614849187936 0.26669666283583066 0.38610336650240584 0.49778702267726305 0.59626869479103772 0.64305869994013309 0.67225517227125575 0 0 0 0 Profitability: Net margin 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.36968290796597059 0.4041270733231962 0.50460771970752916 0.59925563548953209 0.68309379238331447 0.72374550754311817 0.74911508749038525 0 0 0 0
Forecasted growth rates: POR (2017 - 2027)
% chg in sales 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.58166298468245636 7.0000000000000062E-2 0.16999999999999993 0.21999999999999997 0.25000000000000022 0.14000000000000012 0.10000000000000009 -1 0 0 0 % chg in assets (less cash) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.13806779592186857 4.9512088552285949E-3 8.4174637083069825E-3 9.9037090063061051E-3 1.4856979938529857E-2 1.8326190869616843E-2 1.9815479790011192E-2 -1 0 0 0
