Dividend Discount Model:
Use the analysts annual estimates from 2018 -2023.
Use the firms cost of capital from the WACC estimation (WACC = 2.19%) as your discount rate. After year 2022 select a constant growth rate (should be a low number). Explain why you choose your growth rate.
- Solve for the PV of the stock price.
- Compare your answer to current stock price. Does the company appear to be a good investment?
If there is any more information necessary please assume them, note the assumptions, and show calculations.
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Mean FY-Dec.16 FY-Dec 17 FY-Dec 18 FY-Dec-19 FY-Dec-20 2,863.89 2,954.58 2,407.78 NA 1,394.45 NA NA NA 1,850.69 1,406.10 1,166.26 1,162.66 1,442.53 2,405.83 A 72.19 A 1,374.50 A 1,376.64 1,807.81 A 1,460.44 A 1,183.88 A 1,183.88 A 1,460.44 A 2,668.53 A 73.47 A 1,423.14 A 1,429.64 1,877.67 A 1,448.47 A 1,171.61 A 1,171.61 A 1,448.47 A 2,754.28 A 55.58 A 1,412.19 A 1,415.57 1,895.84 A 1,565.61 A 1,337.28 A 1,488.90 A 1,717.22 A 1,511.61 1,471.48 2,019.77 1,525.27 1,373.93 1,373.93 1,582.30 1,522.52 1,488.55 2,055.71 1,537.54 1,393.62 1,393.62 1,598.45 ncome Statement Revenue Gross Margin (%) EBIT Operating Profit EBITDA Pre-tax Profit Net Income Reported Net Profit Reported Pre-tax Profit Per Share Data EPS Funds From Operations Adjusted Funds From Operations EPS - Fully Reported EBITDA per Share Dividend per Share ash Flow Capital Expenditure Per Share Data Cash Flow per Share alance Sheet Net Asset Value Net Debt Per Share Data Book Value per Share aluation ROA (%) ROE (%) Enterprise Value 6.69 9.60 9.77 6.68 11.54 7.32 6.81 A 9.70 A 9.79 A 6.81 A 10.40 A 7.30 A 6.73 10.23 10.23 6.73 10.78 8.00 A A A A A A 7.67 A 10.56 A 10.56 A 8.54 A 10.88 A 8.00 A 7.53 10.76 10.78 7.54 12.24 8.07 7.72 11.03 11.06 7.72 12.50 8.25 76.22 351.35 A 745.96 A 659.89 A 176.39 215.00 9.41 11.19 A 11.34 A 11.83 A 6.19 12.33 9,293.63 270.00 9,441.65 207.06 A A 8,964.37 997.95 A A 9,144.73 A 1,051.07 A 8,882.73 2,459.44 8,717.83 2,602.60 54.19 54.31 A 51.42 A 52.37 A 50.13 49.22 11.75 23.09 41,754.91 11.89 A 12.74 A 38,966.90 A 11.23 A 12.77 A 41,382.66 A 12.35 14.81 36,322.15 A A A 12.10 25.44 47,952.71 12.30 23.29 47,900.28 Important Notices 10-Apr-06 DEC18 Majority Estimates reflect adoption of FAS123(R) Mean FY-Dec.16 FY-Dec.17 CURRENT FY-Dec. 19 FY-Dec. 18 FY-Dec-20 2,407.78 NA 1,394.45 NA 1,850.69 1,406.10 1,166.26 1,162.66 1,442.53 2,405.83 A 72.19 A 1,374.50 A 1,376.64 1,807.81 A 1,460.44 A 1,183.88 A 1,183.88 A 1,460.44 A 2,668.53 A 73.47 A 1,423.14 A 1,429.64 1,877.67 A 1,448.47 A 1,171.61 A 1,171.61 A 1,448.47 A 2,754.28 A 55.58 A 1,412.19 A 1,415.57 1,895.84 A 1,565.61 A 1,337.28 A 1,488.90 A 1,717.22 A 2,863.89 NA 1,511.61 1,471.48 2,019.77 1,525.27 1,373.93 1,373.93 1,582.30 2,954.58 NA 1,522.52 1,488.55 2,055.71 1,537.54 1,393.62 1,393.62 1,598.45 6.69 9.60 9.77 6.68 11.54 7.32 6.81 A 9.70A 9.79 A 6.81 A 10.40 A 7.30 A 6.73 10.23 10.23 6.73 10.78 8.00 A A A A A A 7.67 10.56 10.56 8.54 10.88 8.00 A A A A A A 7.53 10.76 10.78 7.54 12.24 8.07 7.72 11.03 11.06 7.72 12.50 8.25 76.22 351.35 A 745.96 A 659.89 A 176.39 215.00 Income Statement Revenue Gross Margin (%) EBIT Operating Profit EBITDA Pre-tax Profit Net Income Reported Net Profit Reported Pre-tax Profit Per Share Data EPS Funds From Operations Adjusted Funds From Operations EPS - Fully Reported EBITDA per Share Dividend per Share Cash Flow Capital Expenditure Per Share Data Cash Flow per Share Balance Sheet Net Asset Value Net Debt Per Share Data Book Value per Share Valuation ROA (%) ROE (%) Enterprise Value Recommendations # of Brokers Recommendations Strong Buy Buy Hold Underperform Sell Total 9.41 11.19 A 11.34 A 11.83 A 6.19 12.33 9,293.63 270.00 9,441.65 A 207.06 A 8,964.37 997.95 A A 9,144.73 1,051.07 A A 8,882.73 2,459.44 8,717.83 2,602.60 54.19 54.31 A 51.42 A 52.37 A 50.13 49.22 11.75 23.09 41,754.91 11.89 A 12.74 A 38,966.90 A P/E Ratios 11.23 A 12.77 A 41,382.66 A 12.35 A 12.10 14.81 A 25.44 36,322.15 A 47,952.71 More Ratios Target Price and Long Term Growth 12.30 23.29 47,900.28 Month Ago Current LTG(%) Period FYO FY1 Howoww P/E Ratio 27.252 27.756 27.064 26.406 PEG Ratio NA Mean -15.279 Median 10.589 High 10.597 Low Standard Dev Total# Target Price 237.08 235.00 266.00 214.00 18.84 NA NA Fr3 NA 20-Feb-18 DEC20 Majority Estimates reflect adoption of FAS123(R) Mean FY-Dec. 18 CURRENT FY-Dec 19 FY-Dec-20 FY-Dec.21 FY-Dec. 22 2,755.53 2,954.58 3,043.09 3,255.69 NA NA NA NA NA NA 1,441.47 NA 1,949.03 1,452.19 1,360.00 1,379.00 1,533.00 2,754.28 A 55.58 A 1,412.19 A 1,415.57 1,895.84 A 1,565.61 A 1,337.28 A 1,488.90 A 1,717.22 A 2,863.89 NA 1,511.61 1,471.48 2,019.77 1,525.27 1,373.93 1,373.93 1,582.30 1,522.52 1,488.55 2,055.71 1,537.54 1,393.62 1,393.62 1,598.45 1,545.25 NA 2,090.11 1,583.35 1,426.77 1,426.77 1,566.70 2,223.89 1,635.80 1,540.73 1,540.73 1,635.80 Income Statement Revenue Gross Margin (%) EBIT Operating Profit EBITDA Pre-tax Profit Net Income Reported Net Profit Reported Pre-tax Profit Per Share Data EPS Funds From Operations Adjusted Funds From Operations EPS - Fully Reported EBITDA per Share Dividend per Share Cash Flow Capital Expenditure Per Share Data Cash Flow per Share Balance Sheet Net Asset Value Net Debt Per Share Data Book Value per Share Valuation ROA (%) ROE (%) Enterprise Value Recommendations # of Brokers Recommendations 7.55 10.52 10.52 7.55 12.12 8.02 7.67 10.56 10.56 8.54 10.88 8.00 A A A A A A 7.53 10.76 10.78 7.54 12.24 8.07 7.72 11.03 11.06 7.72 12.50 8.25 7.92 11.34 11.39 7.94 12.83 8.49 8.16 11.92 11.92 8.16 13.27 8.64 143.53 659.89 A 176.39 215.00 181.28 NA 3.13 11.83 A 6.19 12.33 12.69 NA 8,856.43 1,212.74 9,144.73 A 1,051.07 A 8,882.73 2,459.44 8,717.83 2,602.60 8,411.33 2,723.73 NA 51.17 52.37 A 50.13 49.22 38.29 NA 11.85 25.88 39,031.92 12.35 A 14.81 A 36,322.15 A P/E Ratios 12.10 25.44 47,952.71 12.30 12.10 23.29 21.62 47,900.28 48,166.06 More Ratios Target Price and Long Term Growth NA Month Ago Current 2 3 Perind P/F Ratin PEG Ratin Tamet Price ITG0%) Mean FY-Dec.16 FY-Dec 17 FY-Dec 18 FY-Dec-19 FY-Dec-20 2,863.89 2,954.58 2,407.78 NA 1,394.45 NA NA NA 1,850.69 1,406.10 1,166.26 1,162.66 1,442.53 2,405.83 A 72.19 A 1,374.50 A 1,376.64 1,807.81 A 1,460.44 A 1,183.88 A 1,183.88 A 1,460.44 A 2,668.53 A 73.47 A 1,423.14 A 1,429.64 1,877.67 A 1,448.47 A 1,171.61 A 1,171.61 A 1,448.47 A 2,754.28 A 55.58 A 1,412.19 A 1,415.57 1,895.84 A 1,565.61 A 1,337.28 A 1,488.90 A 1,717.22 A 1,511.61 1,471.48 2,019.77 1,525.27 1,373.93 1,373.93 1,582.30 1,522.52 1,488.55 2,055.71 1,537.54 1,393.62 1,393.62 1,598.45 ncome Statement Revenue Gross Margin (%) EBIT Operating Profit EBITDA Pre-tax Profit Net Income Reported Net Profit Reported Pre-tax Profit Per Share Data EPS Funds From Operations Adjusted Funds From Operations EPS - Fully Reported EBITDA per Share Dividend per Share ash Flow Capital Expenditure Per Share Data Cash Flow per Share alance Sheet Net Asset Value Net Debt Per Share Data Book Value per Share aluation ROA (%) ROE (%) Enterprise Value 6.69 9.60 9.77 6.68 11.54 7.32 6.81 A 9.70 A 9.79 A 6.81 A 10.40 A 7.30 A 6.73 10.23 10.23 6.73 10.78 8.00 A A A A A A 7.67 A 10.56 A 10.56 A 8.54 A 10.88 A 8.00 A 7.53 10.76 10.78 7.54 12.24 8.07 7.72 11.03 11.06 7.72 12.50 8.25 76.22 351.35 A 745.96 A 659.89 A 176.39 215.00 9.41 11.19 A 11.34 A 11.83 A 6.19 12.33 9,293.63 270.00 9,441.65 207.06 A A 8,964.37 997.95 A A 9,144.73 A 1,051.07 A 8,882.73 2,459.44 8,717.83 2,602.60 54.19 54.31 A 51.42 A 52.37 A 50.13 49.22 11.75 23.09 41,754.91 11.89 A 12.74 A 38,966.90 A 11.23 A 12.77 A 41,382.66 A 12.35 14.81 36,322.15 A A A 12.10 25.44 47,952.71 12.30 23.29 47,900.28 Important Notices 10-Apr-06 DEC18 Majority Estimates reflect adoption of FAS123(R) Mean FY-Dec.16 FY-Dec.17 CURRENT FY-Dec. 19 FY-Dec. 18 FY-Dec-20 2,407.78 NA 1,394.45 NA 1,850.69 1,406.10 1,166.26 1,162.66 1,442.53 2,405.83 A 72.19 A 1,374.50 A 1,376.64 1,807.81 A 1,460.44 A 1,183.88 A 1,183.88 A 1,460.44 A 2,668.53 A 73.47 A 1,423.14 A 1,429.64 1,877.67 A 1,448.47 A 1,171.61 A 1,171.61 A 1,448.47 A 2,754.28 A 55.58 A 1,412.19 A 1,415.57 1,895.84 A 1,565.61 A 1,337.28 A 1,488.90 A 1,717.22 A 2,863.89 NA 1,511.61 1,471.48 2,019.77 1,525.27 1,373.93 1,373.93 1,582.30 2,954.58 NA 1,522.52 1,488.55 2,055.71 1,537.54 1,393.62 1,393.62 1,598.45 6.69 9.60 9.77 6.68 11.54 7.32 6.81 A 9.70A 9.79 A 6.81 A 10.40 A 7.30 A 6.73 10.23 10.23 6.73 10.78 8.00 A A A A A A 7.67 10.56 10.56 8.54 10.88 8.00 A A A A A A 7.53 10.76 10.78 7.54 12.24 8.07 7.72 11.03 11.06 7.72 12.50 8.25 76.22 351.35 A 745.96 A 659.89 A 176.39 215.00 Income Statement Revenue Gross Margin (%) EBIT Operating Profit EBITDA Pre-tax Profit Net Income Reported Net Profit Reported Pre-tax Profit Per Share Data EPS Funds From Operations Adjusted Funds From Operations EPS - Fully Reported EBITDA per Share Dividend per Share Cash Flow Capital Expenditure Per Share Data Cash Flow per Share Balance Sheet Net Asset Value Net Debt Per Share Data Book Value per Share Valuation ROA (%) ROE (%) Enterprise Value Recommendations # of Brokers Recommendations Strong Buy Buy Hold Underperform Sell Total 9.41 11.19 A 11.34 A 11.83 A 6.19 12.33 9,293.63 270.00 9,441.65 A 207.06 A 8,964.37 997.95 A A 9,144.73 1,051.07 A A 8,882.73 2,459.44 8,717.83 2,602.60 54.19 54.31 A 51.42 A 52.37 A 50.13 49.22 11.75 23.09 41,754.91 11.89 A 12.74 A 38,966.90 A P/E Ratios 11.23 A 12.77 A 41,382.66 A 12.35 A 12.10 14.81 A 25.44 36,322.15 A 47,952.71 More Ratios Target Price and Long Term Growth 12.30 23.29 47,900.28 Month Ago Current LTG(%) Period FYO FY1 Howoww P/E Ratio 27.252 27.756 27.064 26.406 PEG Ratio NA Mean -15.279 Median 10.589 High 10.597 Low Standard Dev Total# Target Price 237.08 235.00 266.00 214.00 18.84 NA NA Fr3 NA 20-Feb-18 DEC20 Majority Estimates reflect adoption of FAS123(R) Mean FY-Dec. 18 CURRENT FY-Dec 19 FY-Dec-20 FY-Dec.21 FY-Dec. 22 2,755.53 2,954.58 3,043.09 3,255.69 NA NA NA NA NA NA 1,441.47 NA 1,949.03 1,452.19 1,360.00 1,379.00 1,533.00 2,754.28 A 55.58 A 1,412.19 A 1,415.57 1,895.84 A 1,565.61 A 1,337.28 A 1,488.90 A 1,717.22 A 2,863.89 NA 1,511.61 1,471.48 2,019.77 1,525.27 1,373.93 1,373.93 1,582.30 1,522.52 1,488.55 2,055.71 1,537.54 1,393.62 1,393.62 1,598.45 1,545.25 NA 2,090.11 1,583.35 1,426.77 1,426.77 1,566.70 2,223.89 1,635.80 1,540.73 1,540.73 1,635.80 Income Statement Revenue Gross Margin (%) EBIT Operating Profit EBITDA Pre-tax Profit Net Income Reported Net Profit Reported Pre-tax Profit Per Share Data EPS Funds From Operations Adjusted Funds From Operations EPS - Fully Reported EBITDA per Share Dividend per Share Cash Flow Capital Expenditure Per Share Data Cash Flow per Share Balance Sheet Net Asset Value Net Debt Per Share Data Book Value per Share Valuation ROA (%) ROE (%) Enterprise Value Recommendations # of Brokers Recommendations 7.55 10.52 10.52 7.55 12.12 8.02 7.67 10.56 10.56 8.54 10.88 8.00 A A A A A A 7.53 10.76 10.78 7.54 12.24 8.07 7.72 11.03 11.06 7.72 12.50 8.25 7.92 11.34 11.39 7.94 12.83 8.49 8.16 11.92 11.92 8.16 13.27 8.64 143.53 659.89 A 176.39 215.00 181.28 NA 3.13 11.83 A 6.19 12.33 12.69 NA 8,856.43 1,212.74 9,144.73 A 1,051.07 A 8,882.73 2,459.44 8,717.83 2,602.60 8,411.33 2,723.73 NA 51.17 52.37 A 50.13 49.22 38.29 NA 11.85 25.88 39,031.92 12.35 A 14.81 A 36,322.15 A P/E Ratios 12.10 25.44 47,952.71 12.30 12.10 23.29 21.62 47,900.28 48,166.06 More Ratios Target Price and Long Term Growth NA Month Ago Current 2 3 Perind P/F Ratin PEG Ratin Tamet Price ITG0%)
