FIN 4596

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Homebuilders

Homebuilders
	DEC '17	DEC '16	DEC '15	DEC '14	DEC '13	Industry Analysis
Gross Margin	20.25	20.30	20.86	21.63	19.77
Operating Margin	9.83	9.71	9.67	9.83	8.14
Net Margin	6.58	6.74	8.24	8.01	14.50
EBIT Margin	9.83	9.71	9.67	9.83	8.14
EBITDA Margin	10.28	10.21	10.23	10.35	8.65
Return on Assets	5.73	5.52	5.92	5.26	9.18
Return on Equity	12.37	12.18	13.95	12.53	22.95
Return on Invested Capital	7.00	6.86	7.45	6.39	11.56
Free Cash Flow Margin	5.17	2.07	(3.67)	(7.29)	(9.33)
	DEC '17	DEC '16	DEC '15	DEC '14	DEC '13
Sales/Revenue Growth	13.00	24.36	23.08	22.45	38.88
COGS Growth	13.00	24.93	17.50	19.04	34.62
Gross Income Growth	13.01	22.01	50.46	36.30	59.56
SG&A Growth	12.25	17.48	13.64	24.71	19.39
EBIT Growth	14.60	25.56	137.94	54.65	209.59
EBITDA Growth	13.99	25.49	127.42	52.91	176.66
Pretax Income Growth	12.27	9.24	225.41	69.02	278.96
Net Income Growth	13.00	24.36	23.08	22.45	38.88
Dividend Growth	15.94	25.46	47.16	101.85	(31.06)
	DEC '17	DEC '16	DEC '15	DEC '14	DEC '13
Net Debt/EBITDA	3.41	3.91	4.53	4.81	5.08
Net Debt/(EBITDA-Capex)	3.58	4.11	4.75	5.12	5.37
Total Debt/EBITDA	4.19	4.72	5.67	6.24	7.71
Total Debt/EBIT	4.37	4.96	5.99	6.57	8.19
EBIT/Interest Expense (Int. Coverage)	5.14	4.50	3.59	3.86	2.75
EBITDA/Interest Expense	5.37	4.73	3.79	4.06	2.92
CFO/Interest Expense	(58.22)	26.27	(12.32)	(37.92)	(65.52)
LT Debt/EBITDA	3.92	4.19	5.03	5.97	7.15
Net Debt/FFO	376.82	439.87	518.47	520.28	552.52
LT Debt/FFO	433.59	470.72	575.49	646.19	778.44
FCF/Total Debt	11.95	4.18	(5.86)	(11.42)	(13.70)
CFO/Total Debt	13.10	5.20	(5.04)	(10.45)	(12.99)
	DEC '17	DEC '16	DEC '15	DEC '14	DEC '13
LT Debt/Total Equity	76.96	78.40	88.10	97.42	99.25
LT Debt/Total Capital	41.09	41.46	43.97	47.85	47.22
LT Debt/Total Assets	35.53	35.33	37.20	40.65	39.55
Total Debt/Total Assets	37.95	39.83	41.93	42.50	42.64
Total Debt/Total Equity	82.20	88.38	99.30	101.86	106.99
Net Debt/Total Capital	36.71	38.89	39.83	38.86	34.03
Total Debt/Total Capital	45.12	46.92	49.83	50.46	51.69
	DEC '17	DEC '16	DEC '15	DEC '14	DEC '13
Price/Earnings	17.06	11.30	12.14	14.26	8.97
Price/Earnings (excl negatives)	16.13	11.03	12.01	14.01	8.68
Price/Sales	1.12	0.76	1.00	1.14	1.30
Price/Book Value	2.11	1.38	1.69	1.79	2.06
Price/Cash Flow	19.81	29.77	(31.34)	(17.13)	(14.70)
Price/Cash Flow (excl negatives)	15.78	13.38	--	--	--
Price/Free Cash Flow	21.72	36.81	(27.27)	(15.67)	(13.95)
Enterprise Value/EBIT	15.00	11.99	15.19	16.80	21.48
Enterprise Value/EBITDA	14.36	11.41	14.38	15.96	20.23
Enterprise Value/Sales	1.49	1.17	1.47	1.65	1.76

Eng & Const

North America / Engineering & Construction
	DEC '17	DEC '16	DEC '15	DEC '14	DEC '13	Industry Analysis
Gross Margin	11.23	11.16	11.31	12.84	11.58
Operating Margin	4.01	3.88	4.26	5.20	5.27
Net Margin	2.91	1.56	2.26	2.96	2.77
EBIT Margin	4.01	3.88	4.26	5.20	5.27
EBITDA Margin	6.00	6.04	6.45	7.19	7.13
Return on Assets	3.62	1.91	2.85	3.37	3.60
Return on Equity	9.54	5.43	7.91	9.28	9.21
Return on Invested Capital	6.34	3.37	4.92	6.27	6.09
Free Cash Flow Margin	2.02	2.88	2.30	0.48	2.07
Sales/Revenue Growth	2.07	(2.18)	7.33	(2.51)	4.20
COGS Growth	2.89	(2.31)	8.29	(3.28)	4.22
Gross Income Growth	(5.38)	(0.99)	(0.94)	4.73	3.23
SG&A Growth	5.45	(0.82)	4.98	9.29	8.35
EBIT Growth	(19.65)	(1.45)	(8.54)	(0.78)	0.00
EBITDA Growth	(15.53)	(3.41)	3.78	2.02	2.45
Pretax Income Growth	(20.88)	10.25	(44.22)	(2.62)	24.35
Net Income Growth	(19.11)	78.99	(53.49)	4.87	(2.32)
Dividend Growth	28.72	0.75	0.52	19.37	14.76
Price/Earnings	22.97	39.76	22.32	21.88	24.60
Price/Earnings (excl negatives)	19.23	24.29	13.43	18.90	22.27
Price/Sales	0.67	0.62	0.50	0.65	0.68
Price/Book Value	2.19	2.16	1.76	2.03	2.26
Price/Cash Flow	18.72	14.00	12.33	17.37	14.93
Price/Cash Flow (excl negatives)	13.53	12.50	9.78	15.59	12.83
Price/Free Cash Flow	33.04	21.50	21.92	135.75	32.87
Enterprise Value/EBIT	19.55	19.68	14.80	14.68	14.53
Enterprise Value/EBITDA	13.07	12.64	9.78	10.63	10.76
Enterprise Value/Sales	0.78	0.76	0.63	0.77	0.77
Net Debt/EBITDA	1.81	2.22	1.81	1.51	1.10
Net Debt/(EBITDA-Capex)	2.72	3.27	2.79	4.07	2.20
Total Debt/EBITDA	3.07	3.45	2.95	2.77	2.40
Total Debt/EBIT	4.59	5.37	4.46	3.82	3.24
EBIT/Interest Expense (Int. Coverage)	4.76	3.24	3.89	5.16	5.61
EBITDA/Interest Expense	7.14	5.04	5.90	7.14	7.57
CFO/Interest Expense	4.20	3.80	3.72	3.88	4.97
LT Debt/EBITDA	2.56	2.91	2.68	2.12	2.15
Net Debt/FFO	255.96	318.41	286.68	236.77	149.22
LT Debt/FFO	362.57	417.54	426.23	334.01	290.70
FCF/Total Debt	11.00	13.84	12.02	2.23	12.21
CFO/Total Debt	19.41	21.27	21.35	18.59	26.80
LT Debt/Total Equity	50.45	61.34	60.94	48.52	51.78
LT Debt/Total Capital	31.47	35.54	36.49	29.72	32.82
LT Debt/Total Assets	19.13	21.55	22.00	17.54	20.13
Total Debt/Total Assets	22.88	25.51	24.19	22.87	22.47
Total Debt/Total Equity	60.32	72.58	66.99	63.27	57.78
Net Debt/Total Capital	22.22	27.10	24.54	21.06	16.84
Total Debt/Total Capital	37.63	42.05	40.11	38.75	36.62

Company analysis

D.R. Horton, Inc.
DHI 23331A109 2250687 NYSE Common stock
Source: FactSet Fundamentals
	SEP '17	SEP '16	SEP '15	SEP '14	SEP '13	SEP '12	SEP '11	SEP '10	SEP '09	SEP '08	Company Analysis
	365 Days	366 Days	365 Days	365 Days	365 Days	366 Days	365 Days	365 Days	365 Days	366 Days
Asset Turnover (x)	1.19	1.07	1.01	0.84	0.77	0.69	0.64	0.69	0.51	0.69
x Pretax Margin (%)	11.37	11.13	10.38	10.15	10.51	5.58	0.33	2.26	(15.10)	(39.60)
= Pretax Return on Assets (%)	13.49	11.91	10.50	8.51	8.13	3.83	0.21	1.56	(7.63)	(27.29)
x Tax Rate Complement (1-Tax Rate)	64.81	65.48	66.82	65.52	70.34	393.70	593.39	246.33	--	--
= Return on Assets (%)	8.74	7.80	7.02	5.58	5.72	15.07	1.26	3.84	(7.53)	(27.31)
x Equity Multiplier (Assets/Equity)	1.63	1.79	1.94	2.08	2.12	2.04	2.18	2.62	2.84	2.29
= Return on Equity (%)	14.28	13.97	13.64	11.63	12.10	30.79	2.74	10.06	(21.41)	(62.55)
x Earnings Retention (1-Payout)	85.40	86.44	87.68	90.83	97.18	94.58	34.78	80.52	--	--
= Reinvestment Rate (%)	12.23	12.10	11.97	10.57	10.52	29.25	0.92	8.10	(23.27)	(65.92)
Note: EBIT Return on Assets (%)	14.02	12.18	10.71	8.47	7.90	3.90	1.00	2.72	(6.66)	(26.21)
Note: Interest as % Assets	0.00	0.00	0.00	0.00	0.06	0.37	0.96	1.47	1.44	0.55
Jacobs Engineering Group Inc.
JEC 469814107 2469052 NYSE Common stock
Source: FactSet Fundamentals
	SEP '17	SEP '16	SEP '15	SEP '14	SEP '13	SEP '12	SEP '11	SEP '10	SEP '09	SEP '08
	364 Days	364 Days	371 Days	364 Days	364 Days	364 Days	364 Days	364 Days	367 Days	366 Days
Asset Turnover (x)	1.36	1.45	1.49	1.61	1.67	1.69	1.93	2.18	2.63	2.93
x Pretax Margin (%)	3.92	2.62	3.55	4.27	5.60	5.45	4.98	3.95	5.45	5.84
= Pretax Return on Assets (%)	5.34	3.79	5.30	6.89	9.37	9.21	9.63	8.60	14.35	17.15
x Tax Rate Complement (1-Tax Rate)	73.08	74.82	76.46	64.95	66.54	65.89	64.88	62.84	64.00	64.00
= Return on Assets (%)	3.94	2.78	3.73	4.17	6.00	5.88	6.17	5.40	9.18	10.97
x Equity Multiplier (Assets/Equity)	1.70	1.77	1.85	1.81	1.78	1.83	1.74	1.66	1.79	1.88
= Return on Equity (%)	6.69	4.92	6.92	7.56	10.66	10.77	10.73	8.97	16.42	20.58
x Earnings Retention (1-Payout)	75.21	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
= Reinvestment Rate (%)	5.44	4.92	6.92	7.56	10.66	10.77	10.73	8.97	16.42	20.58
Note: EBIT Return on Assets (%)	6.66	6.95	7.42	8.02	9.48	9.34	9.95	8.78	14.25	16.77
Note: Interest as % Assets	0.16	0.21	0.25	0.14	0.18	0.17	0.15	0.21	0.07	0.10

FINA 4596 001

Student Name	Industry	Factset Ref	Industry	Factset Ref
	Internet software/services	FI3320US	building products	FI1230US
	hotels/resorts/cruise lines	FI3440US	metal fabrication	FI1205US
	restaurants	FI3435US	aerospace and defense.	FI1330US
	apparel/footwear	FI2440US	Internet software/services	FI3320US
	trucking	FI4615US	hotels/resorts/cruise lines	FI3440US
	electric utilities	FI4705US	restaurants	FI3435US
	Oilfield Services/Equipment	FI3110US	apparel/footwear	FI2440US
	household/personal care	FI2435US	trucking	FI4615US
	diversified foods	FI2405US	electric utilities	FI4705US
	oil + gas production	FI2105US	Oilfield Services/Equipment	FI3110US
	packaging	FI2235US	household/personal care	FI2435US
	Chemicals: agriculture	FI2215US	diversified foods	FI2405US
	biotechnology	FI2320US	oil + gas production	FI2105US
	major pharmaceuticals	FI2305US	packaging	FI2235US
	hospitals/nursing/management	FI3360US	Chemicals: agriculture	FI2215US
	construction materials	FI1135US	biotechnology	FI2320US
	Automotive Aftermarket	FI1410US	major pharmaceuticals	FI2305US
	building products	FI1230US	hospitals/nursing/management	FI3360US
	metal fabrication	FI1205US	construction materials	FI1135US
	aerospace and defense.	FI1330US	Automotive Aftermarket	FI1410US

FINA 4596 004

Student Name	Industry	Factset Ref	Industry	Factset Ref
	Internet software/services	FI3320US	biotechnology	FI2320US
	hotels/resorts/cruise lines	FI3440US	major pharmaceuticals	FI2305US
	restaurants	FI3435US	hospitals/nursing/management	FI3360US
	apparel/footwear	FI2440US	construction materials	FI1135US
	trucking	FI4615US	Automotive Aftermarket	FI1410US
	electric utilities	FI4705US	building products	FI1230US
	Oilfield Services/Equipment	FI3110US	metal fabrication	FI1205US
	household/personal care	FI2435US	aerospace and defense.	FI1330US
	diversified foods	FI2405US	Internet software/services	FI3320US
	oil + gas production	FI2105US	hotels/resorts/cruise lines	FI3440US
	packaging	FI2235US	restaurants	FI3435US
	Chemicals: agriculture	FI2215US	apparel/footwear	FI2440US
	biotechnology	FI2320US	trucking	FI4615US
	major pharmaceuticals	FI2305US	electric utilities	FI4705US
	hospitals/nursing/management	FI3360US	Oilfield Services/Equipment	FI3110US
	construction materials	FI1135US	household/personal care	FI2435US
	Automotive Aftermarket	FI1410US	diversified foods	FI2405US
	building products	FI1230US	oil + gas production	FI2105US
	metal fabrication	FI1205US	packaging	FI2235US
	aerospace and defense.	FI1330US	Chemicals: agriculture	FI2215US

FINA 4596 005

Student Name	Industry	Factset Ref	Industry	Factset Ref
	Internet software/services	FI3320US	restaurants	FI3435US
	hotels/resorts/cruise lines	FI3440US	apparel/footwear	FI2440US
	restaurants	FI3435US	trucking	FI4615US
	apparel/footwear	FI2440US	electric utilities	FI4705US
	trucking	FI4615US	Oilfield Services/Equipment	FI3110US
	electric utilities	FI4705US	household/personal care	FI2435US
	Oilfield Services/Equipment	FI3110US	diversified foods	FI2405US
	household/personal care	FI2435US	oil + gas production	FI2105US
	diversified foods	FI2405US	packaging	FI2235US
	oil + gas production	FI2105US	Chemicals: agriculture	FI2215US
	packaging	FI2235US	biotechnology	FI2320US
	Chemicals: agriculture	FI2215US	major pharmaceuticals	FI2305US
	biotechnology	FI2320US	hospitals/nursing/management	FI3360US
	major pharmaceuticals	FI2305US	construction materials	FI1135US
	hospitals/nursing/management	FI3360US	Automotive Aftermarket	FI1410US
	construction materials	FI1135US	building products	FI1230US
	Automotive Aftermarket	FI1410US	metal fabrication	FI1205US
	building products	FI1230US	aerospace and defense.	FI1330US
	metal fabrication	FI1205US	Internet software/services	FI3320US
	aerospace and defense.	FI1330US	hotels/resorts/cruise lines	FI3440US