are an analyst at a Chicago based financial advisory firm. Your company has started doing equity analysis and wants to start covering a public company that it has not covered previously. You are asked to do a detailed analysis of the company using only the last three years of financial statements (included below). The Financial Statements are below. Evaluate the company and define what it is worth on an absolute (Enterprise, Market Cap, etc.) basis as well as on a per share basis. Show all your work. Explain the methods you used to conduct your analysis. In addition to the financials here is some added info.

Consumer goods industry

575 million shares outstanding

Company pays a quarterly dividend of $0.50 per share

Over 70% of the shares are owned by institutional investors

The stock of the company has been relatively stable

The industry is slow growth 2%

The company is a mid-tier player in a very competitive market

Company is US based

Total employees are 35,000

Income Statement

Income Statement
All numbers in thousands	12/31/2016	12/31/2015	12/31/2014
Revenue
Total Revenue	15,619,800	16,563,100	17,630,300
Cost of Revenue	10,056,000	10,733,600	11,681,100
Gross Profit	5,563,800	5,829,500	5,949,200
Operating Expenses
Research Development	-	-	-
Selling General and Administrative	2,801,300	3,118,900	3,328,000
Non Recurring	182,600	151,400	543,900
Others	-	-	-
Total Operating Expenses	-	-	-
Operating Income or Loss	2,566,400	2,707,400	2,077,300
Income from Continuing Operations
Total Other Income/Expenses Net	-13,500	148,200	148,200
Earnings Before Interest and Taxes	2,257,800	2,551,800	1,761,900
Interest Expense	-	-	-
Income Before Tax	2,257,800	2,551,800	1,761,900
Income Tax Expense	655,200	755,200	586,800
Minority Interest	357,600	376,900	396,000
Net Income From Continuing Ops	1,644,000	1,845,600	1,221,300
Net Income	1,657,500	1,697,400	1,221,300
Preferred Stock And Other Adjustments	-	-	-
Net Income Applicable To Common Shares	1,657,500	1,697,400	1,221,300

Balance sheet

Balance Sheet
All numbers in thousands
Period Ending	12/31/2016	12/31/2015	12/31/2014
Current Assets
Cash And Cash Equivalents	766,100	763,700	334,200
Short Term Investments	-	-	-
Net Receivables	1,430,100	1,360,800	1,386,700
Inventory	1,483,600	1,413,700	1,540,900
Other Current Assets	381,600	399,000	423,800
Total Current Assets	4,061,400	3,937,200	3,685,600
Long Term Investments	-	-	-
Property Plant and Equipment	3,687,700	3,743,600	3,783,300
Goodwill	8,747,200	8,741,200	8,874,900
Intangible Assets	4,530,400	4,538,600	4,677,000
Accumulated Amortization	-	-	-
Other Assets	785,900	751,700	811,200
Deferred Long Term Asset Charges	-	-	-
Total Assets	21,812,600	21,712,300	21,832,000
Current Liabilities
Accounts Payable	2,119,800	2,046,500	1,684,000
Short/Current Long Term Debt	1,838,800	1,373,200	1,616,200
Other Current Liabilities	1,372,200	1,595,000	1,589,900
Total Current Liabilities	5,330,800	5,014,700	4,890,100
Long Term Debt	7,642,900	7,057,700	7,575,300
Other Liabilities	1,523,100	2,087,600	1,744,800
Deferred Long Term Liability Charges	1,719,400	1,399,600	1,450,200
Minority Interest	357,600	376,900	396,000
Negative Goodwill	-	-	-
Total Liabilities	16,573,800	15,936,500	16,056,400
Stockholders' Equity
Misc. Stocks Options Warrants	910,900	845,600	778,900
Redeemable Preferred Stock	-	-	-
Preferred Stock	-	-	-
Common Stock	75,500	75,500	75,500
Retained Earnings	13,138,900	12,616,500	11,990,800
Treasury Stock	-7,762,900	-6,326,600	-6,055,600
Capital Surplus	1,120,900	1,177,000	1,296,700
Other Stockholder Equity	-2,244,500	-2,612,200	-2,310,700
Total Stockholder Equity	4,327,900	4,930,200	4,996,700
Net Tangible Assets	-8,949,700	-8,349,600	-8,555,200

Cash flow

Cash Flow
All numbers in thousands	12/31/2016	12/31/2015	12/31/2014
Period Ending
Net Income	1,657,500	1,697,400	1,221,300
Operating Activities, Cash Flows Provided By or Used In
Depreciation	603,600	608,100	588,300
Adjustments To Net Income	326,900	132,300	618,300
Changes In Accounts Receivables	69,200	6,900	-6,800
Changes In Liabilities	-117,900	411,300	282,600
Changes In Inventories	61,500	146,100	24,200
Changes In Other Operating Activities	-334,900	152,700	127,300
Total Cash Flow From Operating Activities	2,313,300	2,629,800	2,542,800
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures	-684,400	-729,300	-712,400
Investments	16,300	85,000	-74,500
Other Cash flows from Investing Activities	21,200	737,700	-815,300
Total Cash Flows From Investing Activities	-646,900	93,400	-1,602,200
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid	-1,196,100	-1,156,000	-1,042,700
Sale Purchase of Stock	-1,538,900	-434,800	-998,200
Net Borrowings	72,100	-457,900	1,107,400
Other Cash Flows from Financing Activities	-9,100	-7,200	-16,100
Total Cash Flows From Financing Activities	-1,645,500	-2,285,600	-1,384,800
Effect Of Exchange Rate Changes	-18,500	-8,100	-88,900
Change In Cash and Cash Equivalents	2,400	429,500	-533,100