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assignment_1_financial_statement.xlsx
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IS

Fiscal year is January-December. All values GBP Millions. 2015 2014 2013 2012 2011 5-year trend
Sales/Revenue 23,923 23,006 26,505 26,431 27,387
Sales Growth 3.99% -13.20% 0.28% -3.49% -
Cost of Goods Sold (COGS) incl. D&A 8,916 7,446 8,198 7,787 7,866
COGS excluding D&A 7,286 5,962 6,784 6,342 6,443
Depreciation & Amortization Expense 1,630 1,484 1,414 1,445 1,423
Depreciation 892 780 732 871 893
Amortization of Intangibles 738 704 682 574 530
COGS Growth 19.74% -9.17% 5.28% -1.00% -
Gross Income 15,007 15,560 18,307 18,644 19,521
Gross Income Growth -3.55% -15.01% -1.81% -4.49% -
Gross Profit Margin 62.73% - - - -
SG&A Expense 10,593 10,643 11,152 12,152 11,902
Research & Development 3,420 3,335 3,436 3,487 3,685
Other SG&A 7,173 7,308 7,716 8,665 8,217
SGA Growth -0.47% -4.56% -8.23% 2.10% -
EBIT 4,414 - 7,155 - -
Unusual Expense 4,713 2,069 2,010 223 509
Non Operating Income/Expense 11,405 703 2,126 974 1,206
Non-Operating Interest Income 75 66 59 73 85
Interest Expense 669 679 726 745 718
Interest Expense Growth -1.47% -6.47% -2.55% 3.76% -
Gross Interest Expense 669 679 726 745 718
Pretax Income 10,512 2,938 6,604 6,571 7,683
Pretax Income Growth 257.79% -55.51% 0.50% -14.47% -
Pretax Margin 43.94% - - - -
Income Tax 2,154 137 1,019 1,922 2,240
Income Tax - Current Domestic -352 -350 265 170 483
Income Tax - Current Foreign 2,924 1,092 1,284 1,510 1,603
Income Tax - Deferred Domestic -418 -605 -530 242 154
Equity in Affiliates 14 30 43 29 15
Consolidated Net Income 8,372 2,831 5,628 4,678 5,458
Minority Interest Expense -50 75 192 179 197
Net Income 8,422 2,756 5,436 4,499 5,261
Net Income Growth 205.59% -49.30% 20.83% -14.48% -
Net Margin 35.20% - - - -
Net Income After Extraordinaries 8,422 2,756 5,436 4,499 5,261
Net Income Available to Common 8,422 2,756 5,436 4,499 5,261
EPS (Basic) 1.74 0.57 1.13 0.92 1.05
EPS (Basic) Growth 204.19% -49.07% 22.82% -12.43% -
Basic Shares Outstanding 4,831 4,808 4,831 4,912 5,028
EPS (Diluted) 1.72 0.57 1.11 0.9 1.03
EPS (Diluted) Growth 204.15% -48.74% 22.55% -12.60% -
Diluted Shares Outstanding 4,888 4,865 4,919 4,989 5,099
EBITDA 6,044 6,401 8,569 7,937 9,042
EBITDA Growth -5.58% -25.30% 7.96% -12.22% -
EBITDA Margin 25.26% - - - -
EBIT 4,414 - 7,155 - -

FIVE YEAR SHARE RATIOS

RATIO ANALYSIS OF STOCK EARNINGS
2015 2014 2013 2012 2011
EPS (Basic) 1.74 0.57 1.13 0.92 1.05
EPS (Basic) Growth 2.0419 -0.4907 0.2282 -0.1243 -
Basic Shares Outstanding 4831 4808 4831 4912 5028
EPS (Diluted) 1.72 0.57 1.11 0.9 1.03
EPS (Diluted) Growth 2.0415 -0.4874 0.2255 -0.126 -
Diluted Shares Outstanding 4888 4865 4919 4989 5099
Price Earnings Growth 204.19 -49.07 22.82 -12.43 22.53
P/E Ratio (TTM) 329.83 -79.26 36.86 -20.08 53.57 1.6153092708
P/E Ratio (including extraordinary items) 265.05 -63.70 29.62 -16.13 24.25 0.8035957918
Price to Sales Ratio 2.81 -0.68 0.31 -0.17 1.92 0.0106017733
Price to Book Ratio 12.99 11.95 12.02 11.45 11.76
Price to Cash Flow Ratio 35.12 33.27 34.19 31.26 30.88

RATIOS AND MARGINS

Ratios & Margins GlaxoSmithKline PLC ADR
All values updated annually at fiscal year end
Valuation
P/E Ratio (TTM) 329.83
P/E Ratio (including extraordinary items) 265.05
Price to Sales Ratio 2.81
Price to Book Ratio 12.99
Price to Cash Flow Ratio 35.12
Enterprise Value to EBITDA 14.88
Enterprise Value to Sales 3.38
Total Debt to Enterprise Value 0.2
Total Debt to EBITDA 2.75
EPS (recurring) 2.4
EPS (basic) 1.74
EPS (diluted) 1.72
Efficiency
Revenue/Employee 236,265
Income Per Employee 83,176
Receivables Turnover 4.84
Total Asset Turnover 0.51
Liquidity
Current Ratio 1.24
Quick Ratio 0.88
Cash Ratio 0.45
Profitability
Gross Margin 62.73
Operating Margin 18.45
Pretax Margin 43.94
Net Margin 35.2
Return on Assets 17.9
Return on Equity 179.63
Return on Total Capital 37.6
Return on Invested Capital 41.55
Capital Structure
Total Debt to Total Equity 325.22
Total Debt to Total Capital 76.48
Total Debt to Total Assets 31.12
Interest Coverage 6.6
Long-Term Debt to Equity 299.65
Long-Term Debt to Total Capital 70.47
Long-Term Debt to Assets 0.29

STOCK PRICES

Stock Price Target GSK
High $52.24
Median $46.10
Low $35.10
Average $45.43
Current Price $40.14

Analysis

Ratios & Margins Novartis AG ADR
All values updated annually at fiscal year end
Valuation
P/E Ratio (TTM) 25.24
P/E Ratio (including extraordinary items) 25.53
Price to Sales Ratio 4.45
Price to Book Ratio 2.67
Price to Cash Flow Ratio 18.47
Enterprise Value to EBITDA 15.8
Enterprise Value to Sales 3.8
Total Debt to Enterprise Value 0.1
Total Debt to EBITDA 1.91
EPS (recurring) 7.24
EPS (basic) 7.13
EPS (diluted) 7.02
Efficiency
Revenue/Employee 401,051
Income Per Employee 56,921
Receivables Turnover 4.59
Total Asset Turnover 0.37
Liquidity
Current Ratio 0.96
Quick Ratio 0.7
Cash Ratio 0.23
Profitability
Gross Margin 64.8
Operating Margin 13.59
Pretax Margin 15.91
Net Margin 14.19
Return on Assets 5.26
Return on Equity 9.17
Return on Total Capital 7.13
Return on Invested Capital 7.61
Capital Structure
Total Debt to Total Equity 28.46
Total Debt to Total Capital 22.16
Total Debt to Total Assets 16.63
Interest Coverage 9.43
Long-Term Debt to Equity 21.19
Long-Term Debt to Total Capital 16.5
Long-Term Debt to Assets 0.12