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Author: BenGrahamMan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 402  
Subject: Re: Value Line 9/09 compared to 3/07 Date: 10/22/2009 12:05 PM
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Isn't the majority of the increase in shares a result of a stock split? There has been the dilution but not as much as the increase in shares in the table makes it look like.

I apologize for my inadvertent and sloppy error. The following I hope is correct.

You can find the following below at my BAM notes (search October 21, 2009) http://rbcpa.com/companies/BAM_notes.html


This was corrected on 10/22/09 as I inadvertently missed a 3 for 2 Stock Split on June 4, 2007.

Observations:

Greater maturities in 5 years. Greater Maturities to Capital. Increased Debt Levels. Lower coverage ratios. Greater Debt to Capital. Greater underfunded pension. Greater preferred stock. Share count has decreased. Revenues have increased 60%. Revenues Per Share have increased 67%. EPS has decreased 60% . Book Value has increased by 15%. Cash Flow per share has increased by 8%. Decrease in tax rate, which leads to higher NI. Yet, that could be a sign that higher NI is not sustainable. Negative Working Capital now. Lower returns on equity and capital. Higher ratio of Dividends to Profits. Increased Institutional Holders. Fitch IDR was BBB+ in 3/07, now BBB.

Data Gathered:


 
                                    Sept 2009          March 2007 (12/06)  Split Adjusted

Price 22.54 35.43

Total Debt 31,063 22,808

Debt Due in 5 Years 17,500 2,308

Total Interest Expense 1,770 1,100

Interest Coverage Ratio 1.1X 2.0X

Debt to Capital 82% 71%

Pension Assets 983 75

Pension Obligations 1,156 100

Common Stock O/S 571.91 598.98

Preferred Stock 1,144 689

Market Cap 12.9B 21.2B

Annual Revenues 11,000 est 6,897

EPS 0.75 est 1.90

Revs per share 19.20 est 11.51

Cash Flow Share 3.20 est 2.95

Book Value per Share 10.40 est 9.01

Operating Margin 36.0% est 54.8%

Depreciation 1,400 est 600

Net Profit 430 est 1,170

Tax Rate 8.0% est 24.2%

Working Capital (2,000) est 1,500

Shareholder Equity 7,000 est 6,084

Return on Total Capital 3.5% est 6.5%

Return on Share Equity 6.0% est 19.2%

Retained to Common Equity 2.5% est 17.2%

All Dividends to Net Profit 69% est 21%

Analyst S. Abdou S. Abdou

5 Year Price Projection High 50 47

5 Year Price Projection Low 35 33

Institutional Holders Shares 318,487 312,020
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