Professional Documents
Culture Documents
NAME
2007-02-0325
2007-02-0224
2007-02-0322
TABLE OF CONTENTS
INDUSTRY MODEL
INCOME STATEMENT
BALANCE SHEET
CASH FLOWS
VALUATION
GRAPHS
COMPETITOR ANALYSIS
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
ORTHOPAEDICS MARKET
4704
5200
5200
5900
6500
7%
7.67%
9.04%
8.91%
9.06%
329.3
398.8
470.2
525.4
588.7
7516
8%
601.25
8624
8%
689.89
9833
8%
786.63
11153
8%
892.21
12592
8%
1007.37
14162
8%
1132.99
15875
8%
1269.96
17740
8%
1419.17
19770
8%
1581.60
21979
8%
1758.31
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
1.13%
1.12%
1.12%
1.11%
1.10%
1.09%
1.09%
1.08%
1.08%
1.08%
0.966
430.62
431.54
433.20
434.75
435.81
436.92
437.58
436.43
433.75
429.62
3932.95
4359.74
4821.10
5319.78
5858.62
6440.86
7069.85
7748.86
8481.50
9271.67
ENDOSCOPY
3000
3500
3000
3538
3538
7.20%
7.20%
9.70%
8.40%
8.59%
216.4
252.8
291.8
300
304.8
9%
353.97
9.50%
414.18
10%
482.11
10%
531.98
10%
585.86
10%
644.09
10%
706.99
10%
774.89
10%
848.15
10%
927.17
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
1.13%
1.12%
1.12%
1.11%
1.10%
1.09%
1.09%
1.08%
1.08%
1.08%
0.612
111.91
112.15
112.58
112.98
113.26
113.55
113.72
113.42
112.73
111.65
2243.07
2610.60
3004.67
3427.08
3879.58
4364.30
4883.26
5437.99
6030.25
6661.95
WOUND MANAGEMENT
1004
1300
1500
1600
1900
21%
22%
21.44%
22%
18.68%
210.9
285.6
321.7
353.5
355
448.61
20%
522.12
20%
600.93
20%
685.42
20%
775.92
20%
872.86
20%
976.65
20%
1087.60
20%
1206.05
20%
1332.39
7%
7%
7.00%
7%
7%
7%
7%
7%
7%
7%
1.13%
1.12%
1.12%
1.11%
1.10%
1.09%
1.09%
1.08%
1.08%
1.08%
0.988
20%
756.6
937.2
1083.7
1178.9
1248.5
210.07
210.52
211.33
212.08
212.60
213.14
213.46
212.90
211.60
209.58
1,403.8
1,626.2
1,869.7
2,109.6
2,369.1
2,649.9
2,953.6
3,281.7
3,635.8
4,017.9
Orthopaedics
% share
9%
11%
11%
17%
18%
21%
13%
Smith &
Nephew, 9%
Synthes, 11%
Others, 13%
Zimmer, 21%
Biomet, 11%
Depuy, 17%
Stryker, 18%
% Share
29%
14%
14%
17%
12%
7%
7%
Endoscopy
Arthrocare, 7%
% share
19%
21%
9%
12%
8%
31%
Others, 7%
Smith &
Nephew,
29%
Stryker, 12%
Mitek, 17%
Arthrex, 14%
Linvatec, 14%
Wound Management
Smith &
Nephew, 19%
Others, 31%
KCI, 21%
3M, 8%
Convatec, 12%
Johnson &
Johnson, 9%
Year
Population
Average
Average annual
annual
growth
population
Correlation with orthopeadic industry sales
rate (%)
change
0.96574404
1.21
74,198,390
1.18
73,131,957
1.16
72,829,487
1.15
73,034,337
1.14
73,333,658 Correlation with Endoscopy industry sales
1.13
73,513,683
0.611746778
1.12
73,671,901
1.12
73,955,357
1.11
74,218,880
1.1
74,400,969
1.09
74,590,249 Correlation with Wound management sales
1.08
74,702,291
1.06
74,506,473
0.988351098
1.05
74,049,210
1.03
73,343,850
1
72,593,761
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
6,079,603,571
6,153,801,961
6,226,933,918
6,299,763,405
6,372,797,742
6,446,131,400
6,519,645,083
6,593,316,984
6,667,272,341
6,741,491,221
6,815,892,190
6,890,482,439
6,965,184,730
7,039,691,203
7,113,740,413
7,187,084,263
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
7,259,678,024
7,331,553,922
7,402,601,692
7,472,711,767
7,541,773,753
7,609,796,922
7,676,807,894
7,742,728,067
7,807,511,491
7,871,143,446
7,933,735,688
7,995,416,937
8,056,200,750
8,116,088,998
8,175,075,482
8,233,237,965
8,290,662,683
8,347,339,662
8,403,243,316
8,458,343,864
8,512,681,617
8,566,305,168
8,619,193,326
8,671,319,503
0.99
0.96
0.94
0.92
0.9
0.88
0.86
0.83
0.81
0.79
0.77
0.76
0.74
0.72
0.71
0.7
0.68
0.67
0.65
0.64
0.63
0.62
0.6
0.59
71,875,898
71,047,770
70,110,075
69,061,986
68,023,169
67,010,972
65,920,173
64,783,424
63,631,955
62,592,242
61,681,249
60,783,813
59,888,248
58,986,484
58,162,483
57,424,718
56,676,979
55,903,654
55,100,548
54,337,753
53,623,551
52,888,158
52,126,177
51,326,750
2040
2041
2042
2043
2044
8,722,646,253
8,773,194,981
8,822,987,862
8,871,973,889
8,920,103,785
0.58
0.57
0.55
0.54
0.53
50,548,728
49,792,881
48,986,027
48,129,896
47,232,506
2045
2046
2047
2048
2049
8,967,336,291
9,013,687,554
9,059,176,816
9,103,776,620
9,147,470,346
0.52
0.5
0.49
0.48
0.47
46,351,263
45,489,262
44,599,804
43,693,726
42,782,186
Sales Orthopaedics
4704
5200
5200
5900
6500
Sales Endoscopy
3000
3500
3000
3538
3538
ORTHOPAEDICS
SUMMARY OUTPUT
Regression Statistics population and sales
Multiple R
0.96574404
R Square
0.932661551
Adjusted R Square
0.910215402
Standard Error
210.4513945
Observations
5
ANOVA
df
Regression
Residual
Total
SS
1840288.183
132869.3684
1973157.551
MS
1840288.183
44289.78946
F
41.55107091
Coefficients
Standard Error
-30972.12559
5659.007136
5.85763E-06
9.08721E-07
t Stat
-5.473067067
6.446012016
P-value
0.011992211
0.007571708
1
3
4
Intercept
X Variable 1
Significance F
0.007571708
Lower 95%
Upper 95% Lower 95.0%
-48981.62884 -12962.6223 -48981.6288
2.96567E-06 8.74959E-06 2.9657E-06
5.858
Sales Orthopaedics
sales
7000
6000
5000
4000
3000
2000
1000
0
6,000
6,100
6,200
Population
6,300
6,400
Millions
Upper 95.0%
-12962.62234
8.74959E-06
ENDOSCOPY
SUMMARY OUTPUT
Regression Statistics population and sales
Multiple R
0.611746778
R Square
0.374234121
Adjusted R Square
0.165645494
Standard Error
263.209279
Observations
5
ANOVA
df
Regression
Residual
Total
SS
124295.4263
207837.3737
332132.8
MS
124295.4263
69279.12455
F
1.794125246
Coefficients
Standard Error
-6163.656238
7077.658913
1.52232E-06
1.13653E-06
t Stat
-0.870860876
1.339449605
P-value
0.447915003
0.272858371
1
3
4
Intercept
X Variable 1
Significance F
0.272858371
Lower 95%
Upper 95% Lower 95.0%
-28687.94683 16360.63435 -28687.9468
-2.09462E-06 5.13926E-06 -2.0946E-06
1.522
Sales
Sales Endoscopy
3600
3500
3400
3300
3200
3100
3000
2900
6,000
6,100
6,200
Population
WOUND MANAGEMENT
6,300
6,400
Millions
Upper 95.0%
16360.63435
5.13926E-06
SUMMARY OUTPUT
Regression Statistics population and sales
Multiple R
0.988351098
R Square
0.976837894
Adjusted R Square
0.969117191
Standard Error
58.83403788
Observations
5
ANOVA
df
Regression
Residual
Total
Intercept
X Variable 1
SS
437948.468
10384.33204
448332.8
MS
437948.468
3461.444013
F
126.5218984
Coefficients
Standard Error
-16331.81855
1582.038651
2.85753E-06
2.54043E-07
t Stat
-10.32327405
11.24819534
P-value
0.001938826
0.001506611
1
3
4
Significance F
0.001506611
Lower 95%
Upper 95% Lower 95.0%
-21366.57633 -11297.0608 -21366.5763
2.04905E-06 3.66601E-06
2.049E-06
2.858
Population growth
7,400
7,200
7,000
Population
2000
1800
1600
1400
1200
1000
800
600
400
Millions
6,800
6,600
6,400
Upper 95.0%
-11297.06076
3.66601E-06
Administration as a % of Sales
Research & development
Other as a % of Sales
EBITDA
EBITDA Margin
Depreciation and Amortisation
Depreciation Rate
Operating profit
Share of Operating profit of joint venture
Net profit on disposals
EBIT
Interest recievable
interest expense/ payable
Interest rate
EBT
Tax expense
Tax Rate
Net profit
Net Margin
Unappropriated profit brought forward
1999
2000
2001
2002
479.6
42.83%
640.3
57.17%
(304.7)
27.21%
(112.2)
10.02%
(40.4)
3.60%
(11.2)
1.00%
171.9
15.35%
(56.1)
20.74%
115.8
0
62.9
178.7
10.3
(6.9)
5.94%
182.1
77.3
42.44%
104.8
9.36%
259.5
0.0
29.5
393.8
1,134.7
1.32%
456.8
40.26%
677.9
59.74%
(314.3)
27.70%
(100.0)
8.81%
(40.7)
3.59%
2.2
-0.19%
225.0
19.83%
(62.9)
25.05%
162.1
0
106.3
268.4
4.4
(11.4)
3.60%
261.4
56.2
21.50%
205.2
18.08%
321.3
0.0
21.9
548.4
1,081.7
-4.67%
350.2
32.37%
731.5
67.63%
(357.6)
33.06%
(112.2)
10.37%
(46.4)
4.29%
(1.0)
0.09%
214.3
19.81%
(60.3)
24.61%
154.0
7.8
49.2
211.0
2.5
(19.9)
5.55%
193.6
64.0
33.06%
129.6
11.98%
91.5
(61.6)
38.8
198.3
1,109.9
2.61%
329.9
29.72%
780.0
70.28%
(375.7)
33.85%
(115.3)
10.39%
(55.6)
5.01%
(8.4)
0.76%
224.9
20.26%
(74.2)
29.01%
150.7
21.9
18.0
190.6
6.6
(19.3)
4.70%
177.9
65.8
36.99%
112.1
10.10%
155.4
0.0
36.8
304.3
72.5
0.0
72.5
69.17%
321.3
1,117,814
0.09
0.06
41.3
415.6
456.9
222.66%
91.5
919,458
0.22
0.50
42.9
0.0
42.9
33.10%
155.4
925,081
0.14
0.05
44.6
0.0
44.6
39.79%
259.7
929,029
0.12
0.05
1,119.9
2003
2004
2005
2006
2007
2008
2009
2010
2011
1,178.9
6.22%
345.1
29.27%
833.8
70.73%
(387.4)
32.86%
(110.5)
9.37%
(58.8)
4.99%
(19.0)
1.61%
258.1
21.89%
(78.3)
30.40%
179.8
24.8
31.5
236.1
11.0
(17.0)
5.75%
230.1
82.0
35.64%
148.1
12.56%
259.7
2.8
12.3
422.9
1,248.5
5.90%
334.8
26.82%
913.7
73.18%
(435.6)
34.89%
(122.4)
9.81%
(60.7)
4.86%
(59.4)
4.76%
235.6
18.87%
(84.6)
29.95%
151.0
23.8
0.0
174.8
13.9
(10.8)
3.43%
177.9
52.7
29.62%
125.2
10.03%
376.8
0.0
2.9
504.9
1,403.8
12.44%
376.45
26.82%
1,027.4
73.18%
(489.82)
34.89%
(137.50)
9.79%
(84.23)
6.00%
(9.18)
0.65%
306.7
21.84%
(75.2)
26.63%
231.4
23.8
0.0
255.2
9.8
(14.3)
4.70%
250.7
75.2
30.00%
175.5
12.50%
457.1
0.0
0.0
632.7
1,626.2
15.84%
436.08
26.82%
1,190.1
73.18%
(567.40)
34.89%
(159.27)
9.79%
(97.57)
6.00%
(10.63)
0.65%
355.2
21.84%
(93.6)
26.63%
261.7
23.8
0.0
285.5
11.3
(16.5)
4.70%
280.3
84.1
30.00%
196.2
12.06%
557.2
0.0
0.0
753.4
1,869.7
14.97%
501.38
26.82%
1,368.3
73.18%
(652.36)
34.89%
(183.12)
9.79%
(112.18)
6.00%
(12.22)
0.65%
408.4
21.84%
(111.0)
26.63%
297.4
23.8
0.0
321.2
13.0
(19.0)
4.70%
315.3
94.6
30.00%
220.7
11.80%
669.0
0.0
0.0
889.7
2,109.6
12.83%
565.71
26.82%
1,543.9
73.18%
(736.07)
34.89%
(206.62)
9.79%
(126.58)
6.00%
(13.79)
0.65%
460.8
21.84%
(128.1)
26.63%
332.7
23.8
0.0
356.5
14.7
(21.4)
4.70%
349.8
104.9
30.00%
244.8
11.61%
794.8
0.0
0.0
1,039.6
2,369.1
12.30%
635.32
26.82%
1,733.8
73.18%
(826.63)
34.89%
(232.04)
9.79%
(142.15)
6.00%
(15.49)
0.65%
517.5
21.84%
(145.0)
26.63%
372.6
23.8
0.0
396.4
16.5
(24.1)
4.70%
388.8
116.6
30.00%
272.2
11.49%
934.4
0.0
0.0
1,206.5
2,649.9
2,953.6
11.85%
11.46%
710.61
792.04
26.82%
26.82%
1,939.3
2,161.6
73.18%
73.18%
(924.60) (1,030.56)
34.89%
34.89%
(259.54) (289.29)
9.79%
9.79%
(159.00) (177.22)
6.00%
6.00%
(17.32)
(19.31)
0.65%
0.65%
578.9
645.2
21.84%
21.84%
(161.9)
(179.4)
26.63%
26.63%
416.9
465.8
23.8
23.8
0.0
0.0
440.7
489.6
18.4
20.5
(26.9)
(30.0)
4.70%
4.70%
432.2
480.1
129.7
144.0
30.00%
30.00%
302.6
336.1
11.42%
11.38%
1,089.5
1,261.9
0.0
0.0
0.0
0.0
1,392.1
1,598.0
46.1
0.0
46.1
31.13%
376.8
933,526
0.16
0.05
47.8
0.0
47.8
38.18%
457.1
937,136
0.13
0.05
75.5
0.0
75.5
43.00%
557.2
937,674
0.19
0.08
84.4
0.0
84.4
43.00%
669.0
937,674
0.21
0.09
94.9
0.0
94.9
43.00%
794.8
937,674
0.24
0.10
105.3
0.0
105.3
43.00%
934.4
937,674
0.26
0.11
117.0
0.0
117.0
43.00%
1,089.5
937,674
0.29
0.12
130.1
0.0
130.1
43.00%
1,261.9
937,674
0.32
0.14
144.5
0.0
144.5
43.00%
1,453.5
937,674
0.36
0.15
2012
2013
2014
3,281.7
3,635.8
4,017.9
11.11%
10.79%
10.51%
880.02
974.98 1,077.44
26.82%
26.82%
26.82%
2,401.6
2,660.8
2,940.4
73.18%
73.18%
73.18%
(1,145.02) (1,268.59) (1,401.90)
34.89%
34.89%
34.89%
(321.42) (356.10) (393.52)
9.79%
9.79%
9.79%
(196.90) (218.15) (241.07)
6.00%
6.00%
6.00%
(21.45)
(23.77)
(26.27)
0.65%
0.65%
0.65%
716.9
794.2
877.7
21.84%
21.84%
21.84%
(197.7)
(216.9)
(237.3)
26.63%
26.63%
26.63%
519.2
577.3
640.3
23.8
23.8
23.8
0.0
0.0
0.0
543.0
601.1
664.1
22.8
25.3
27.9
(33.3)
(36.9)
(40.8)
4.70%
4.70%
4.70%
532.5
589.5
651.3
159.7
176.8
195.4
30.00%
30.00%
30.00%
372.7
412.6
455.9
11.36%
11.35%
11.35%
1,453.5
1,666.0
1,901.2
0.0
0.0
0.0
0.0
0.0
0.0
1,826.3
2,078.6
2,357.1
160.3
0.0
160.3
43.00%
1,666.0
937,674
0.40
0.17
177.4
0.0
177.4
43.00%
1,901.2
937,674
0.44
0.19
196.0
0.0
196.0
43.00%
2,161.0
937,674
0.49
0.21
1998
1999
2000
2001
2002
2003
28.3
291.7
14.4
334.4
74
270.5
16.6
361.1
163
251.1
24
438.1
187.8
245
139.7
572.5
317.2
255.8
131.7
704.7
269.4
257.6
126.6
653.6
Current assets
Stocks
Debtors
Cash and bank
Total current assets
242.4
278.6
49.9
570.9
237.6
281.1
100.5
619.2
228.2
277.8
24.6
530.6
232.2
266.8
26.4
525.4
229.5
280.7
22.5
532.7
230.6
334.5
26
591.1
Total Assets
905.3
980.3
968.7
1097.9
1237.4
1244.7
289
86.6
44.2
419.8
312.4
58
58.2
428.6
322
82
235.1
639.1
334.5
94
264.8
693.3
309.6
151.9
258.6
720.1
308.4
96.9
198.6
603.9
111.4
0.3
259.5
114.3
485.5
111.8
0.3
321.3
118.3
551.7
112.4
0.3
91.5
125.4
329.6
113.1
0.3
155.4
135.8
404.6
113.5
0.3
259.7
143.8
517.3
114.1
(2.10)
376.8
152
640.8
905.3
0
980.3
0
968.7
0
1097.9
0
1237.4
0
1244.7
0
Liabilities
Trade creditors
Short term loans
Long term loans
Total liabilities
Equity
Equity share capital
non equity share capital
Retained earnings
Reserves
Total equity
Total liabilities and equity
Balancing
2004
2005
2006
2007
2008
2009
2010
2011
2012
332.2
282.5
125.9
740.6
308.2
351.4
160.0
819.6
357.0
416.8
185.4
959.2
410.5
481.1
213.2
1,104.7
463.1
544.4
240.5
1,248.0
520.1
608.2
270.1
1,398.4
581.7
673.9
302.1
1,557.7
648.4
742.4
336.7
1,727.6
720.4
814.7
374.1
1,909.2
284.9
361.8
32.6
679.3
293.7
365.4
72.1
731.2
340.3
423.3
108.1
871.6
391.2
486.6
157.5
1,035.3
441.4
549.1
222.0
1,212.5
495.7
616.6
299.8
1,412.2
554.5
689.7
391.5
1,635.7
618.0
768.8
497.5
1,884.2
686.7
854.1
618.6
2,159.4
1,550.8
1,830.8
2,140.1
2,460.5
2,810.7
3,193.4
3,611.8
4,068.7
377.9
31.9
283.1
692.9
400.1
7.8
303.3
711.2
463.4
56.7
351.3
871.4
532.8
110.1
403.9
1,046.9
601.2
162.8
455.8
1,219.7
675.2
219.8
511.8
1,406.8
755.2
281.4
572.5
1,609.1
841.7
348.1
638.1
1,827.9
935.2
420.1
709.0
2,064.3
114.5
(4.20)
457.1
159.6
727
114.5
0.3
557.2
167.6
839.6
114.5
0.3
669.0
175.6
959.4
114.5
0.3
794.8
183.6
1,093.2
114.5
0.3
934.4
191.6
1,240.8
114.5
0.3
1,089.5
199.6
1,403.9
114.5
0.3
1,261.9
207.6
1,584.3
114.5
0.3
1,453.5
215.6
1,783.9
114.5
0.3
1,666.0
223.6
2,004.4
2,140.1
0
2,460.5
0
2,810.7
0
3,193.4
0
3,611.8
0
4,068.7
0
1,419.9
1,419.9
0
1,550.8
0
1,830.8
0
2013
2014
798.2
891.4
414.5
2,104.1
882.0
973.4
458.1
2,313.5
760.8
946.3
755.8
2,462.9
840.7
1,045.8
910.2
2,796.7
4,567.0
5,110.2
1,036.1
497.8
785.5
2,319.5
1,145.0
581.7
868.0
2,594.8
114.5
0.3
1,901.2
231.6
2,247.6
114.5
0.3
2,161.0
239.6
2,515.4
4,567.0
0
5,110.2
0
2005
2006
2007
2008
175.5
75.2
0.0
0.0
(8.8)
(3.6)
22.2
9.7
260.5
196.2
93.6
0.0
0.0
(46.5)
(57.9)
63.4
(41.0)
248.7
220.7
111.0
0.0
0.0
(50.9)
(63.4)
69.4
(44.9)
286.7
244.8
128.1
0.0
0.0
(50.2)
(62.4)
68.4
(44.3)
328.7
(94.1)
(50.0)
(34.1)
(178.2)
(109.0)
(50.0)
(25.4)
(184.3)
(125.3)
(50.0)
(27.8)
(203.1)
(141.4)
(50.0)
(27.4)
(218.7)
0.0
20.2
(75.5)
8
4.5
(42.8)
0.0
48.0
(84.4)
8
0
(28.3)
0.0
52.6
(94.9)
8
0
(34.3)
0.0
51.8
(105.3)
8
0
(45.4)
39.5
36.0
49.4
64.5
2009
2010
2011
2012
2013
2014
272.2
145.0
0.0
0.0
(54.3)
(67.6)
74.0
(47.9)
369.2
302.6
161.9
0.0
0.0
(58.8)
(73.1)
80.0
(51.8)
412.7
336.1
179.4
0.0
0.0
(63.5)
(79.0)
86.5
(56.0)
459.5
372.7
197.7
0.0
0.0
(68.6)
(85.4)
93.5
(60.5)
509.9
412.6
216.9
0.0
0.0
(74.1)
(92.2)
100.9
(65.4)
564.2
455.9
237.3
0.0
0.0
(79.9)
(99.4)
108.9
(70.5)
622.7
(158.8)
(50.0)
(29.6)
(238.4)
(177.6)
(50.0)
(32.0)
(259.6)
(197.9)
(50.0)
(34.6)
(282.6)
(219.9)
(50.0)
(37.4)
(307.3)
(243.7)
(50.0)
(40.4)
(334.0)
(269.3)
(50.0)
(43.6)
(362.8)
0.0
56.1
(117.0)
8
0
(53.0)
0.0
60.7
(130.1)
8
0
(61.4)
0.0
65.6
(144.5)
8
0
(70.9)
0.0
70.9
(160.3)
8
0
(81.4)
0.0
76.5
(177.4)
8
0
(92.9)
0.0
82.5
(196.0)
8
0
(105.5)
77.9
91.6
106.0
121.1
137.2
154.4
1999
2000
2001
2002
2003
57.17%
15.96%
9.36%
59.7%
23.7%
18.1%
67.6%
19.5%
12.0%
70.3%
17.2%
10.1%
70.7%
20.0%
12.6%
1.67
1.03
248.8
0.40
0.27
1.31
0.75
126.6
0.24
0.06
1.23
0.68
96.9
0.18
0.06
1.15
0.66
71.2
0.13
0.05
1.46
0.89
185.8
0.31
0.06
4.71
76.4
3.98
90.4
3.58
100.4
166.7
66.3
4.97
72.4
4.08
88.1
3.52
102.2
160.5
58.4
4.66
77.3
4.05
88.8
3.23
111.3
166.1
54.7
4.84
74.4
3.95
91.0
3.58
100.4
165.5
65.1
5.11
70.4
3.52
102.1
3.82
94.2
172.6
78.4
Profitability Ratios
Return on Assets(ROA)
Return on Investment(ROI)
Return on Equity(ROE)
10.3%
27.4%
19.0%
21.9%
38.1%
62.3%
13.4%
24.5%
32.0%
10.1%
22.0%
21.7%
12.4%
30.4%
23.1%
16.0%
57.6%
1.02
1.14
1.78
19.0%
23.7%
78.5%
0.97
1.17
2.94
62.3%
19.5%
66.9%
0.92
0.99
2.71
32.0%
17.2%
63.0%
0.93
0.90
2.39
21.7%
20.0%
64.4%
0.97
0.95
1.94
23.1%
0.12
0.06
0.90
0.10
0.11
(52.6)
0.33
0.24
0.58
0.42
0.71
38.3
0.33
0.24
0.60
0.40
0.65
12.1
0.33
0.21
0.67
0.33
0.50
15.0
0.24
0.16
0.76
0.24
0.31
39.4
Other Ratios
Degree of Operating Leverage(DOL)
Degree of Financial Leverage(DFL)
Plowback Ratio
CAPEX/Sales Ratio
16.0%
58.7%
30.8%
6.0%
19.5%
61.4%
66.9%
6.7%
17.2%
58.8%
60.2%
7.7%
20.0%
62.7%
68.9%
6.1%
Profitability Ratios
Gross Margin
Operating Margin
Net Margin
Liquidity Ratios
Current Ratio
Quick Acid Ratio
Net Working Capital
Net working Capital to Asset
Cash ratio
Activity Ratios
Inventory Turnover
Inventory Days
Receivables Turnover
Average Collection Period
Payables Turnover
Average Payable Period
Operating Cycle
Net Operating Cycle
23.7%
76.5%
-122.7%
5.6%
0.09
22.18
1.00
(0.00)
(0.01)
0.69
0.06
0.49
0.05
0.22
13.89
1.23
0.01
0.01
2.23
0.50
0.36
0.21
2.1%
14.37%
0.14
29.61
1.17
0.02
0.03
0.33
0.05
0.44
0.24
12.9%
17.36%
0.12
31.53
1.19
0.01
0.02
0.40
0.05
0.56
0.23
11.9%
28.58%
0.16
29.47
1.26
0.01
0.01
0.31
0.05
0.69
0.17
10.7%
22.85%
2004
2005
2006
2007
2008
2009
2010
2011
2012
73.2%
14.0%
10.0%
73.2%
18.2%
12.5%
73.2%
17.6%
12.1%
73.2%
17.2%
11.8%
73.2%
16.9%
11.6%
73.2%
16.7%
11.5%
73.2%
16.6%
11.4%
73.2%
16.6%
11.4%
73.2%
16.5%
11.4%
1.66
0.96
269.5
0.40
0.08
1.79
1.07
323.3
0.44
0.18
1.68
1.02
351.5
0.40
0.21
1.61
1.00
392.4
0.38
0.24
1.59
1.01
448.5
0.37
0.29
1.58
1.02
517.3
0.37
0.34
1.58
1.04
599.1
0.37
0.38
1.58
1.06
694.5
0.37
0.42
1.59
1.09
804.1
0.37
0.46
4.38
82.1
3.45
104.3
3.30
109.0
186.5
77.5
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
8.6%
18.5%
17.2%
11.6%
25.6%
20.9%
11.0%
24.7%
20.4%
10.6%
24.2%
20.2%
10.2%
23.8%
19.7%
10.0%
23.6%
19.4%
9.7%
23.4%
19.1%
9.6%
23.3%
18.8%
9.4%
23.3%
18.6%
14.0%
70.4%
1.02
0.88
1.95
17.2%
18.2%
70.0%
0.98
0.91
1.85
20.9%
17.6%
70.0%
0.98
0.89
1.91
20.4%
17.2%
70.0%
0.98
0.87
1.96
20.2%
16.9%
70.0%
0.98
0.86
1.98
19.7%
16.7%
70.0%
0.98
0.84
2.00
19.4%
16.6%
70.0%
0.98
0.83
2.02
19.1%
16.6%
70.0%
0.98
0.82
2.02
18.8%
16.5%
70.0%
0.98
0.81
2.03
18.6%
0.22
0.20
0.72
0.28
0.39
(56.4)
0.20
0.20
0.73
0.27
0.36
56.8
0.22
0.19
0.73
0.27
0.37
54.9
0.24
0.19
0.73
0.27
0.37
53.7
0.25
0.19
0.73
0.27
0.37
52.8
0.26
0.18
0.73
0.27
0.36
52.3
0.27
0.18
0.73
0.27
0.36
52.0
0.27
0.18
0.74
0.26
0.36
51.8
0.28
0.17
0.74
0.26
0.35
51.7
14.0%
71.6%
61.8%
8.1%
18.2%
68.8%
57.0%
6.7%
17.6%
68.7%
57.0%
6.7%
17.2%
68.7%
57.0%
6.7%
16.9%
68.7%
57.0%
6.7%
16.7%
68.7%
57.0%
6.7%
16.6%
68.7%
57.0%
6.7%
16.6%
68.6%
57.0%
6.7%
16.5%
68.6%
57.0%
6.7%
0.13
39.67
1.33
(0.00)
(0.00)
0.38
0.05
0.78
0.23
10.1%
26.61%
0.19
29.00
1.50
0.00
0.01
0.43
0.08
0.90
0.22
11.4%
21.95%
0.21
0.24
0.26
0.29
0.32
0.36
0.40
1.73
0.00
0.01
0.43
0.09
1.02
0.22
11.4%
22.0%
1.99
0.00
0.01
0.43
0.10
1.17
0.22
11.4%
22.0%
2.25
0.00
0.01
0.43
0.11
1.32
0.22
11.4%
22.0%
2.53
0.00
0.01
0.43
0.12
1.50
0.22
11.4%
22.0%
2.83
0.00
0.01
0.43
0.14
1.69
0.22
11.4%
22.0%
3.15
0.00
0.01
0.43
0.15
1.90
0.22
11.4%
22.0%
3.50
0.00
0.01
0.43
0.17
2.14
0.22
11.4%
22.0%
2013
2014
73.2%
16.5%
11.3%
73.2%
16.5%
11.3%
1.61
1.11
928.9
0.38
0.49
1.62
1.13
1,070.0
0.38
0.53
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
4.78
75.3
3.84
93.7
3.51
102.6
169.0
66.4
9.3%
23.3%
18.4%
9.2%
23.3%
18.1%
16.5%
70.0%
0.98
0.80
2.03
18.4%
16.5%
70.0%
0.98
0.79
2.03
18.1%
0.28
0.17
0.74
0.26
0.35
51.7
0.28
0.17
0.74
0.26
0.35
51.7
16.5%
68.6%
57.0%
6.7%
16.5%
68.6%
57.0%
6.7%
0.44
0.49
3.88
0.00
0.01
0.43
0.19
2.40
0.22
11.4%
22.0%
4.28
0.00
0.01
0.43
0.21
2.68
0.22
11.4%
22.0%
2005
2006
2007
5.0%
6%
0.7
9.2%
5.0%
6%
0.7
9.2%
5.0%
6%
0.7
9.2%
75.5
69.1
4852.1
5.175
84.4
83.7
94.9
94.8
186.6
170.9
10841.8
11.562
187.8
186.2
214.0
213.9
3.3%
7.60%
166.6
154.8
13598.4
311.1
14.170
3.3%
7.44%
139.9
139.2
3.3%
7.31%
161.6
161.6
EV
EV/EBITDA
Daily market rate
5.429
2000
3,142.82
13.97
(1+x)^365 =
0.024115%
5.344
FCFE
Share price as on 18th May in per share
11.942
FCFF
Share price as on 18th May in per share
14.636
EV/EBITDA
18.683
2001
2002
4,194.52 3,964.49
19.57
17.63
1+ re
EV as in 2005
Enterprise Value per share
5729.314
6.110
2008
2009
2010
2011
2012
2013
2014
5.0%
6%
0.7
9.2%
5.0%
6%
0.7
9.2%
5.0%
6%
0.7
9.2%
5.0%
6%
0.7
9.2%
5.0%
6%
0.7
9.2%
5.0%
6%
0.7
9.2%
5.0%
6%
0.7
9.2%
4.0%
105.3
105.3
117.0
117.0
130.1
130.1
144.5
144.5
160.3
160.3
177.4
177.4
196.0
3769.9
239.1
239.1
266.5
266.5
295.8
295.8
327.1
327.1
360.8
360.8
397.0
397.0
436.0
8384.6
3.3%
7.23%
187.5
187.5
3.3%
7.18%
210.6
210.6
3.3%
7.13%
235.3
235.3
3.3%
7.10%
261.7
261.7
3.3%
7.07%
290.1
290.1
3.3%
7.05%
320.7
320.7
3.3%
7.04%
353.7
11636.8
2003
4,663.23
18.07
2004
5,300.76
22.50
18.35
Open
High
Low
Close
Avg Vol
Adj Close*
9-May-05
4,918.90
4,929.10
4,868.20
4,893.20 ##########
4,893.20
3-May-05
4,801.70
4,924.60
4,801.70
4,918.90 ##########
4,918.90
25-Apr-05
4,849.30
4,879.60
4,773.70
4,801.70 ##########
4,801.70
18-Apr-05
4,891.60
4,891.60
4,794.80
4,849.30 ##########
4,849.30
11-Apr-05
4,983.60
4,983.60
4,891.60
4,891.60 ##########
4,891.60
4-Apr-05
4,914.00
4,994.10
4,877.00
4,983.60 ##########
4,983.60
29-Mar-05
4,922.50
4,942.00
4,886.50
4,914.00 ##########
4,914.00
21-Mar-05
4,923.30
4,952.20
4,887.20
4,922.50 ##########
4,922.50
14-Mar-05
4,982.00
5,006.10
4,920.00
4,923.30 ##########
4,923.30
7-Mar-05
5,036.30
5,041.30
4,956.80
4,982.00 ##########
4,982.00
28-Feb-05
5,006.80
5,042.00
4,965.90
5,036.30 ##########
5,036.30
21-Feb-05
5,057.20
5,077.80
4,970.80
5,006.80 ##########
5,006.80
14-Feb-05
5,044.20
5,077.60
5,030.50
5,057.20 ##########
5,057.20
7-Feb-05
4,941.50
5,045.00
4,941.50
5,044.20 ##########
5,044.20
31-Jan-05
4,832.80
4,947.40
4,832.80
4,941.50 ##########
4,941.50
24-Jan-05
4,803.30
4,860.40
4,770.10
4,832.80 ##########
4,832.80
17-Jan-05
4,820.80
4,852.80
4,783.30
4,803.30 ##########
4,803.30
10-Jan-05
4,854.10
4,858.90
4,765.40
4,820.80 ##########
4,820.80
4-Jan-05
4,814.30
4,863.50
4,806.00
4,854.10 ##########
4,854.10
29-Dec-04
4,798.10
4,826.20
4,787.40
4,814.30 529,168,138
4,814.30
20-Dec-04
4,696.80
4,807.80
4,696.80
4,798.10 ##########
4,798.10
13-Dec-04
4,694.00
4,755.00
4,688.70
4,696.80 ##########
4,696.80
6-Dec-04
4,747.90
4,747.90
4,675.00
4,694.00 ##########
4,694.00
29-Nov-04
4,741.50
4,791.00
4,696.80
4,747.90 ##########
4,747.90
22-Nov-04
4,760.80
4,767.70
4,713.60
4,741.50 ##########
4,741.50
15-Nov-04
4,793.90
4,823.80
4,756.50
4,760.80 ##########
4,760.80
8-Nov-04
4,739.80
4,798.70
4,706.40
4,793.90 ##########
4,793.90
1-Nov-04
4,624.20
4,761.90
4,624.20
4,739.80 ##########
4,739.80
25-Oct-04
4,615.40
4,663.40
4,551.60
4,624.20 ##########
4,624.20
18-Oct-04
4,622.70
4,675.80
4,592.20
4,615.40 ##########
4,615.40
11-Oct-04
4,698.90
4,706.90
4,605.80
4,622.70 ##########
4,622.70
4-Oct-04
4,659.60
4,732.90
4,659.60
4,698.90 ##########
4,698.90
27-Sep-04
4,578.10
4,663.90
4,528.10
4,659.60 ##########
4,659.60
20-Sep-04
4,591.00
4,630.70
4,557.20
4,578.10 ##########
4,578.10
13-Sep-04
4,545.00
4,602.10
4,539.00
4,591.00 ##########
4,591.00
6-Sep-04
4,550.80
4,574.00
4,529.60
4,545.00 ##########
4,545.00
31-Aug-04
4,490.10
4,553.40
4,458.80
4,550.80 ##########
4,550.80
23-Aug-04
4,369.20
4,490.10
4,369.20
4,490.10 ##########
4,490.10
16-Aug-04
4,301.50
4,381.40
4,283.00
4,369.20 ##########
4,369.20
9-Aug-04
4,337.90
4,356.90
4,289.60
4,301.50 ##########
4,301.50
2-Aug-04
4,413.10
4,432.50
4,337.90
4,337.90 ##########
4,337.90
26-Jul-04
4,326.30
4,425.30
4,283.20
4,413.10 ##########
4,413.10
19-Jul-04
4,339.20
4,391.50
4,297.50
4,326.30 ##########
4,326.30
x - axis
-0.00522
0.024408
-0.00982
-0.00865
-0.01846
0.014164
-0.00173
-0.00016
-0.01178
-0.01078
0.005892
-0.00997
0.002577
0.020783
0.022492
0.006142
-0.00363
-0.00686
0.008267
0.003376
0.021568
0.000597
-0.01135
0.00135
-0.00405
-0.0069
0.011414
0.024999
0.001907
-0.00158
-0.01622
0.008434
0.017802
-0.00281
0.010121
-0.00127
0.013519
0.027671
0.015739
-0.00839
-0.01704
0.020063
-0.00297
12-Jul-04
4,393.20
4,395.60
4,324.50
4,339.20 ##########
4,339.20
5-Jul-04
4,407.40
4,423.30
4,324.10
4,393.20 ##########
4,393.20
28-Jun-04
4,494.10
4,535.10
4,398.30
4,407.40 ##########
4,407.40
21-Jun-04
4,505.80
4,516.70
4,459.80
4,494.10 ##########
4,494.10
14-Jun-04
4,484.00
4,510.50
4,430.30
4,505.80 ##########
4,505.80
7-Jun-04
4,454.40
4,515.20
4,454.40
4,484.00 ##########
4,484.00
1-Jun-04
4,430.70
4,462.10
4,400.70
4,454.40 ##########
4,454.40
24-May-04
4,431.40
4,471.30
4,396.60
4,430.70 ##########
4,430.70
17-May-04
4,441.80
4,471.80
4,363.00
4,431.40 ##########
4,431.40
10-May-04
4,498.40
4,498.40
4,395.20
4,441.80 ##########
4,441.80
4-May-04
4,489.70
4,573.70
4,463.20
4,498.40 ##########
4,498.40
26-Apr-04
4,570.00
4,586.90
4,489.70
4,489.70 ##########
4,489.70
19-Apr-04
4,537.30
4,601.60
4,519.80
4,570.00 ##########
4,570.00
13-Apr-04
4,489.70
4,540.20
4,456.20
4,537.30 ##########
4,537.30
5-Apr-04
4,465.60
4,504.70
4,451.40
4,489.70 ##########
4,489.70
29-Mar-04
4,357.50
4,471.30
4,357.50
4,465.60 ##########
4,465.60
22-Mar-04
4,417.70
4,417.70
4,291.30
4,357.50 ##########
4,357.50
15-Mar-04
4,467.40
4,471.20
4,394.60
4,417.70 ##########
4,417.70
8-Mar-04
4,547.10
4,562.00
4,374.50
4,467.40 ##########
4,467.40
1-Mar-04
4,492.20
4,566.20
4,492.20
4,547.10 ##########
4,547.10
23-Feb-04
4,515.00
4,556.90
4,476.70
4,492.20 ##########
4,492.20
16-Feb-04
4,412.00
4,549.60
4,389.90
4,515.00 ##########
4,515.00
9-Feb-04
4,402.70
4,436.80
4,370.20
4,412.00 ##########
4,412.00
6-Feb-04
4,384.40
4,407.50
4,384.10
4,402.70 ##########
4,402.70
2-Feb-04
4,390.70
4,411.60
4,357.40
4,402.70 ##########
4,402.70
26-Jan-04
4,460.80
4,482.50
4,390.70
4,390.70 ##########
4,390.70
19-Jan-04
4,487.90
4,531.40
4,438.60
4,460.80 ##########
4,460.80
12-Jan-04
4,466.30
4,491.70
4,431.10
4,487.90 ##########
4,487.90
5-Jan-04
4,510.20
4,522.90
4,445.10
4,466.30 ##########
4,466.30
29-Dec-03
4,444.70
4,518.00
4,432.80
4,510.20 498,931,852
4,510.20
22-Dec-03
4,412.30
4,457.40
4,392.40
4,444.70 799,346,549
4,444.70
15-Dec-03
4,347.60
4,427.80
4,329.00
4,412.30 ##########
4,412.30
8-Dec-03
4,367.00
4,407.50
4,312.50
4,347.60 ##########
4,347.60
1-Dec-03
4,342.60
4,416.50
4,337.70
4,367.00 ##########
4,367.00
24-Nov-03
4,319.00
4,423.60
4,319.00
4,342.60 ##########
4,342.60
17-Nov-03
4,397.00
4,397.00
4,270.50
4,319.00 ##########
4,319.00
10-Nov-03
4,376.90
4,412.90
4,313.50
4,397.00 ##########
4,397.00
3-Nov-03
4,287.60
4,389.20
4,283.40
4,376.90 ##########
4,376.90
27-Oct-03
4,239.00
4,332.90
4,238.10
4,287.60 ##########
4,287.60
20-Oct-03
4,344.00
4,377.60
4,212.50
4,239.00 ##########
4,239.00
13-Oct-03
4,311.00
4,393.80
4,310.10
4,344.00 ##########
4,344.00
6-Oct-03
4,274.00
4,327.00
4,241.70
4,311.00 ##########
4,311.00
29-Sep-03
4,157.10
4,285.40
4,081.80
4,274.00 ##########
4,274.00
22-Sep-03
4,257.00
4,265.30
4,146.40
4,157.10 ##########
4,157.10
15-Sep-03
4,237.80
4,329.60
4,237.80
4,257.00 ##########
4,257.00
8-Sep-03
4,257.20
4,298.00
4,227.20
4,237.80 ##########
4,237.80
1-Sep-03
4,161.10
4,279.10
4,161.10
4,257.20 ##########
4,257.20
26-Aug-03
4,225.90
4,229.00
4,161.10
4,161.10 ##########
4,161.10
18-Aug-03
4,247.30
4,286.90
4,196.50
4,225.90 ##########
4,225.90
11-Aug-03
4,147.80
4,266.40
4,147.80
4,247.30 ##########
4,247.30
4-Aug-03
4,098.40
4,160.70
4,044.90
4,147.80 ##########
4,147.80
-0.01229
-0.00322
-0.01929
-0.0026
0.004862
0.006645
0.005349
-0.00016
-0.00234
-0.01258
0.001938
-0.01757
0.007207
0.010602
0.005397
0.024808
-0.01363
-0.01113
-0.01753
0.012221
-0.00505
0.023345
0.002112
0
0.002733
-0.01571
-0.00604
0.004836
-0.00973
0.014737
0.007343
0.014882
-0.00444
0.005619
0.005464
-0.01774
0.004592
0.020828
0.011465
-0.02417
0.007655
0.008657
0.028121
-0.02347
0.004531
-0.00456
0.023095
-0.01533
-0.00504
0.023989
0.012053
28-Jul-03
4,131.20
4,183.00
4,096.70
4,098.40 ##########
4,098.40
21-Jul-03
4,073.20
4,155.20
4,043.50
4,131.20 ##########
4,131.20
14-Jul-03
4,058.10
4,135.90
4,031.90
4,073.20 ##########
4,073.20
7-Jul-03
4,021.50
4,088.20
4,013.70
4,058.10 ##########
4,058.10
30-Jun-03
4,067.80
4,099.00
3,951.50
4,021.50 ##########
4,021.50
23-Jun-03
4,160.10
4,160.10
4,029.20
4,067.80 ##########
4,067.80
16-Jun-03
4,134.10
4,218.80
4,112.40
4,160.10 ##########
4,160.10
9-Jun-03
4,150.80
4,193.60
4,101.10
4,134.10 ##########
4,134.10
2-Jun-03
4,048.10
4,178.50
4,048.10
4,150.80 ##########
4,150.80
27-May-03
3,979.80
4,096.00
3,920.20
4,048.10 ##########
4,048.10
19-May-03
4,049.00
4,049.00
3,907.80
3,979.80 ##########
3,979.80
12-May-03
3,969.40
4,080.80
3,941.10
4,049.00 ##########
4,049.00
6-May-03
3,952.60
4,038.50
3,912.80
3,969.40 ##########
3,969.40
28-Apr-03
3,870.20
3,976.20
3,855.50
3,952.60 ##########
3,952.60
22-Apr-03
3,889.20
3,997.30
3,859.90
3,870.20 ##########
3,870.20
14-Apr-03
3,808.10
3,967.80
3,800.70
3,889.20 ##########
3,889.20
7-Apr-03
3,814.40
3,962.20
3,803.20
3,808.10 ##########
3,808.10
31-Mar-03
3,708.50
3,841.70
3,580.90
3,814.40 ##########
3,814.40
24-Mar-03
3,861.10
3,861.10
3,660.40
3,708.50 ##########
3,708.50
17-Mar-03
3,601.80
3,881.70
3,525.30
3,861.10 ##########
3,861.10
10-Mar-03
3,491.60
3,612.90
3,277.50
3,601.80 ##########
3,601.80
3-Mar-03
3,655.60
3,714.90
3,467.20
3,491.60 ##########
3,491.60
24-Feb-03
3,727.10
3,746.50
3,535.10
3,655.60 ##########
3,655.60
17-Feb-03
3,611.90
3,747.00
3,611.90
3,727.10 ##########
3,727.10
10-Feb-03
3,599.20
3,683.60
3,568.10
3,611.90 ##########
3,611.90
3-Feb-03
3,567.40
3,698.90
3,563.90
3,599.20 ##########
3,599.20
27-Jan-03
3,603.70
3,603.70
3,391.50
3,567.40 ##########
3,567.40
20-Jan-03
3,820.60
3,853.40
3,583.70
3,603.70 ##########
3,603.70
13-Jan-03
3,974.10
4,020.20
3,820.60
3,820.60 ##########
3,820.60
6-Jan-03
4,004.90
4,025.50
3,865.80
3,974.10 ##########
3,974.10
30-Dec-02
3,829.40
4,027.60
3,805.10
4,004.90 567,070,496
4,004.90
23-Dec-02
3,889.90
3,957.70
3,822.20
3,829.40 350,310,997
3,829.40
16-Dec-02
3,878.10
3,999.80
3,803.40
3,889.90 ##########
3,889.90
9-Dec-02
4,013.50
4,039.80
3,839.40
3,878.10 ##########
3,878.10
2-Dec-02
4,169.40
4,218.60
3,931.90
4,013.50 ##########
4,013.50
25-Nov-02
4,175.20
4,206.80
4,058.30
4,169.40
4,169.40
18-Nov-02
4,091.60
4,224.80
4,069.30
4,175.20
4,175.20
11-Nov-02
4,034.60
4,117.40
3,961.00
4,091.60
4,091.60
4-Nov-02
3,997.00
4,192.40
3,997.00
4,034.60
4,034.60
1-Nov-02
4,039.70
4,039.70
3,953.30
3,997.00
3,997.00
28-Oct-02
4,051.10
4,147.90
3,919.40
3,997.00 ##########
3,997.00
21-Oct-02
4,130.50
4,184.60
4,006.90
4,051.10
4,051.10
14-Oct-02
3,953.40
4,197.50
3,908.10
4,130.50
4,130.50
7-Oct-02
3,813.80
3,953.40
3,663.40
3,953.40
3,953.40
30-Sep-02
3,907.20
3,961.50
3,669.70
3,813.80
3,813.80
23-Sep-02
3,860.10
3,925.20
3,609.90
3,907.20
3,907.20
16-Sep-02
4,008.00
4,150.20
3,755.60
3,860.10
3,860.10
9-Sep-02
4,107.20
4,246.40
3,927.80
4,008.00
4,008.00
2-Sep-02
4,227.30
4,227.30
3,918.60
4,107.20
4,107.20
27-Aug-02
4,389.80
4,464.00
4,173.50
4,227.30
4,227.30
19-Aug-02
4,330.00
4,466.40
4,307.70
4,389.80
4,389.80
-0.00794
0.014239
0.003721
0.009101
-0.01138
-0.02219
0.006289
-0.00402
0.02537
0.017162
-0.01709
0.020053
0.00425
0.021291
-0.00489
0.021297
-0.00165
0.028556
-0.03952
0.071992
0.031561
-0.04486
-0.01918
0.031895
0.003529
0.008914
-0.01007
-0.05677
-0.03863
-0.00769
0.04583
-0.01555
0.003043
-0.03374
-0.03739
-0.00139
0.020432
0.014128
0.009407
0
-0.01335
-0.01922
0.044797
0.036604
-0.0239
0.012202
-0.0369
-0.02415
-0.02841
-0.03702
0.013811
12-Aug-02
4,322.40
4,382.30
4,158.30
4,330.00
4,330.00
5-Aug-02
4,075.50
4,322.40
3,900.70
4,322.40
4,322.40
29-Jul-02
4,016.60
4,306.10
4,016.60
4,075.50
4,075.50
22-Jul-02
4,098.30
4,098.30
3,625.90
4,016.60
4,016.60
15-Jul-02
4,224.10
4,301.20
3,860.30
4,098.30
4,098.30
8-Jul-02
4,615.60
4,636.10
4,171.00
4,224.10
4,224.10
1-Jul-02
4,656.40
4,708.70
4,392.60
4,615.60
4,615.60
24-Jun-02
4,605.30
4,657.10
4,442.90
4,656.40
4,656.40
17-Jun-02
4,630.80
4,775.10
4,506.30
4,605.30
4,605.30
10-Jun-02
4,920.40
4,948.30
4,565.40
4,630.80
4,630.80
5-Jun-02
5,085.10
5,085.10
4,851.20
4,920.40
4,920.40
27-May-02
5,169.10
5,187.90
5,016.90
5,085.10
5,085.10
20-May-02
5,218.00
5,246.50
5,129.40
5,169.10
5,169.10
13-May-02
5,171.20
5,282.20
5,147.50
5,218.00
5,218.00
7-May-02
5,203.10
5,216.60
5,082.70
5,171.20
5,171.20
29-Apr-02
5,159.00
5,236.00
5,123.70
5,203.10
5,203.10
22-Apr-02
5,243.60
5,243.60
5,116.00
5,159.00
5,159.00
15-Apr-02
5,161.00
5,292.30
5,153.20
5,243.60
5,243.60
8-Apr-02
5,233.60
5,243.70
5,136.30
5,161.00
5,161.00
2-Apr-02
5,271.80
5,271.80
5,187.70
5,233.60
5,233.60
y = 0.6986x + 0.0019
0.6986
Beta
0.001758
0.060582
0.014664
-0.01994
-0.02978
-0.08482
-0.00876
0.011096
-0.00551
-0.05886
-0.03239
-0.01625
-0.00937
0.00905
-0.00613
0.008548
-0.01613
0.016005
-0.01387
0.15
0.1
0.05
0
-0.08
-0.06
-0.04
-0.02
-0.05
-0.1
-0.15
% age change in index
-0.00218
-0.00329
0.025165
0.002925
-0.01505
0.062511
-0.07282
-0.00462
0.01215
-0.00794
0.009755
-0.02
-0.01184
0.009149
0.054816
-0.0084
0.022485
-0.01902
-0.02725
0.013245
0.016346
-0.03256
0.011289
-0.01391
0.016981
0.015442
0.01842
0.098889
-0.02939
0.010515
-0.05842
-0.01584
0.05691
-0.01949
-0.03604
0.014216
0.031739
0.015726
0.007106
-0.02067
-0.11712
-0.00735
-0.02053
Date
Open
High
Low
Close
Avg Vol
Adj Close*
9-May-05
538.5
542
528.5
534.79
6,536,170
531.59
3-May-05
543
549.45
528.5
535.96
8,687,257
532.76
25-Apr-05
525.5
543
520
537.73
8,111,408
534.51
18-Apr-05
514
529.17
513.06
524.53
5,603,070
521.39
11-Apr-05
528
561.16
519.45
523
6,201,258
519.87
4-Apr-05
497
535.5
493.5
530.99
12,448,892
527.81
29-Mar-05
528
549.5
490.5
499.75
14,431,155
496.76
21-Mar-05
540
544.5
527
539
7,789,392
535.77
14-Mar-05
534
547.5
528
541.5
8,330,094
538.26
7-Mar-05
539.5
541.15
523
535
6,090,996
531.8
28-Feb-05
539
547
533.5
539.28
7,442,232
536.05
21-Feb-05
547.77
547.77
532.25
534.07
6,110,284
530.88
14-Feb-05
552.5
557
536
544.97
6,286,006
541.71
7-Feb-05
549.5
561.5
543
551.5
9,535,250
548.2
31-Jan-05
514
555.45
514
546.5
16,962,330
543.23
24-Jan-05
517.5
527.18
513.47
518.1
10,264,930
515
17-Jan-05
510.5
528.13
510
522.49
8,305,832
519.36
11-Jan-05
523
529.5
508
511
10,669,335
507.94
4-Jan-05
535
539.5
508.45
520.91
6,617,212
517.8
29-Dec-04
527.5
535.5
525.5
535.5
2,790,195
532.3
20-Dec-04
525
539.5
510.05
528.5
5,568,532
525.34
13-Dec-04
536.5
559.13
519
520
8,682,932
516.89
6-Dec-04
530
546.5
526
537.5
4,739,120
534.28
29-Nov-04
536
548
530
531.5
4,653,940
528.32
22-Nov-04
526.5
539
520.5
539
6,092,760
535.77
15-Nov-04
522
550
519.95
530
6,377,406
526.83
8-Nov-04
514.5
527
503
521.94
7,822,760
518.82
1-Nov-04
466
528.13
458.13
512.5
19,542,872
507.56
25-Oct-04
476
476
450
466.38
14,652,362
461.88
18-Oct-04
477.5
499.88
475
480.5
6,789,768
475.87
11-Oct-04
501
511
468.5
475.5
11,232,026
470.91
4-Oct-04
521
525.5
502
505
7,673,232
500.13
27-Sep-04
482.5
520
482.5
513.13
9,806,682
508.18
20-Sep-04
496
497
482
485.5
8,725,754
480.82
13-Sep-04
510.5
517
474.5
495.15
10,191,964
490.37
6-Sep-04
512.5
522.75
503
513.66
4,966,078
508.71
31-Aug-04
489
516.25
488.5
506.46
8,009,202
501.58
23-Aug-04
490
502.51
479.5
490.88
7,114,848
486.15
16-Aug-04
473.45
487.5
464
483.28
7,178,312
478.62
9-Aug-04
487
523.56
471.5
479.87
7,027,802
475.24
2-Aug-04
556.5
557.5
450
490
27,941,631
485.27
26-Jul-04
559
561.5
533.5
555
7,483,418
549.65
19-Jul-04
560
577.5
547
559.11
8,377,538
553.72
-0.06452
0.030743
-0.00328
0.011668
0.015885
-0.01207
0.022692
0.009513
-0.01721
0.00179
0.004363
-0.03778
0.033495
0.009991
0.035935
0.037119
-0.00188
0.012369
-0.03578
0.061861
0.004069
-0.00454
0.024439
0
0.046451
0.00569
0.021249
0.024448
-0.03274
0.031064
0.006571
-0.03115
-0.00302
0.051512
-0.02869
-0.0101
-0.03329
0.011646
0.05258
0.012093
0.006753
0.050391
0.068685
-0.02192
-0.02505
-0.0105
0.027027
0.027077
-0.01597
-0.02257
0.102312
12-Jul-04
609
613
566.5
570.83
8,688,352
565.33
5-Jul-04
600.5
617.5
586
610.2
4,257,000
604.32
28-Jun-04
591.5
603.5
586
592
4,016,604
586.29
21-Jun-04
588
607.5
582
593.95
5,485,830
588.22
14-Jun-04
580
591
570.5
587.1
4,077,122
581.44
7-Jun-04
582
592.81
574.5
577.92
4,232,085
572.35
1-Jun-04
580.5
595
566
584.98
5,711,172
579.34
24-May-04
570
587
566.5
572
5,451,492
566.48
17-May-04
566.35
577.13
556.5
566.61
4,735,010
561.15
10-May-04
587.5
587.5
564.12
576.53
6,565,296
570.97
4-May-04
573
599.2
560.5
575.5
11,682,365
566.86
26-Apr-04
599
599
563.62
573
7,402,284
564.4
19-Apr-04
570.62
600.5
566
595.5
7,024,638
586.56
13-Apr-04
575
584.5
548
576.2
6,938,072
567.55
5-Apr-04
559
577
547.5
570.5
9,207,840
561.93
29-Mar-04
530.5
562
525.5
550.71
8,282,050
542.44
22-Mar-04
527
538.5
521
531
8,285,964
523.03
15-Mar-04
527
540.25
510
532
7,041,166
524.01
8-Mar-04
542.5
542.73
508.25
525.5
10,667,008
517.61
1-Mar-04
514
549
514
545
9,059,468
536.82
23-Feb-04
504.28
537
504
513.25
5,597,306
505.54
16-Feb-04
503.93
529
503.75
511.17
5,597,486
503.5
9-Feb-04
503.75
522
498.75
513.5
6,264,476
505.79
6-Feb-04
493.5
503.17
493.25
501.25
10,111,000
493.72
2-Feb-04
483
504
469.25
501.25
8,146,273
493.72
26-Jan-04
475.81
491
465.66
479
7,440,128
471.81
19-Jan-04
466.28
485
456
476.29
8,889,956
469.14
12-Jan-04
454.75
470
437.5
466.38
8,758,736
459.38
5-Jan-04
464.75
473.71
453.5
455.25
4,098,938
448.42
29-Dec-03
456.75
474.5
452.25
470.66
1,274,253
463.59
22-Dec-03
449
469
449
456.48
3,117,140
449.62
15-Dec-03
480.5
480.5
450.06
453.5
8,173,204
446.69
8-Dec-03
469.17
480
455.68
468.08
4,531,088
461.05
1-Dec-03
446.39
475
446
469.5
6,155,912
462.45
24-Nov-03
453.1
464
440
446.5
4,313,844
439.8
17-Nov-03
457.25
465.25
442.25
459.69
7,426,734
452.79
10-Nov-03
472
481.84
457.25
464.38
5,302,332
457.41
3-Nov-03
469.71
489.75
460
480.37
5,805,846
473.16
27-Oct-03
458.5
484.5
451
474.84
7,001,416
467.71
20-Oct-03
444.5
455.75
435
451.12
6,088,766
444.35
13-Oct-03
440.3
450.75
438.4
445.73
7,563,062
439.04
6-Oct-03
418.35
454.5
416
442.74
12,442,806
436.09
29-Sep-03
393.37
423
391.59
421.5
7,486,998
415.17
22-Sep-03
403
429.84
391
394.41
5,768,648
388.49
15-Sep-03
411.6
415
392
403.25
13,410,338
397.2
8-Sep-03
373.1
420
369.41
413.61
7,188,168
407.4
1-Sep-03
406.98
418
400
418
9,170,632
411.72
26-Aug-03
393.5
413
380.87
407
10,888,955
400.89
18-Aug-03
405.85
413.97
392
396.27
7,059,136
390.32
11-Aug-03
418
424
394.5
402.7
8,370,704
396.65
4-Aug-03
367.21
420.78
365.13
412
15,083,088
405.81
0.034716
-0.01282
0.000301
0.045232
-0.028
0.003176
-0.04482
0.006267
0.009053
-0.01906
-0.09708
0.009447
-0.02382
0.011064
0.005009
0.010951
0.041062
0.002427
0.055397
0.071878
-0.02341
-0.02186
0.045953
0.002492
0.016601
-0.00766
-0.05583
-0.0154
-0.03076
-0.00903
0.014
0.007859
-0.02276
0.038822
-0.00432
-0.01543
0.016
0.05042
-0.03433
0
-0.04692
0.021408
-0.02187
-0.00873
0.025314
0.002283
0.026419
-0.0087
0.005368
-0.0004
-0.02122
28-Jul-03
367.13
388.31
355
373.76
6,559,290
21-Jul-03
376.25
376.25
353.25
361.22
3,862,778
368.15
355.8
14-Jul-03
366
375
350
365.91
4,070,464
360.42
7-Jul-03
350.12
385.14
343.62
365.8
6,444,310
360.3
30-Jun-03
355.11
359.65
340.5
349.97
5,444,598
344.72
23-Jun-03
380.17
380.17
347
360.05
7,743,630
354.64
16-Jun-03
371.81
395
358.91
358.91
7,921,774
353.52
9-Jun-03
368.5
380.5
357.25
375.75
7,561,586
370.11
367.8
2-Jun-03
369.87
375
350.77
373.41
9,995,650
27-May-03
374.63
382
364.5
370.06
8,822,650
364.5
19-May-03
418.39
419.5
361.04
377.25
29,378,342
371.59
12-May-03
418.75
419.5
392
417.81
6,957,382
411.54
6-May-03
422.71
427
405
413.9
6,645,180
404.66
28-Apr-03
414.03
433
405
424
8,652,680
414.54
22-Apr-03
428
432.25
411
419.36
6,903,740
410
14-Apr-03
414.75
422.25
396
417.27
8,553,830
407.96
7-Apr-03
400
416.5
397.41
412.75
8,489,216
403.54
31-Mar-03
400
404
383
396.47
8,281,926
387.62
24-Mar-03
374
402.5
355.5
395.51
8,888,162
386.68
17-Mar-03
366.98
401
336.37
374.75
17,038,624
366.39
10-Mar-03
358
374
332.75
349.62
6,860,214
341.82
3-Mar-03
370
372.5
342.5
358
5,441,344
350.01
24-Feb-03
352.35
372
338.5
366
5,298,964
357.83
17-Feb-03
350.59
361.88
330
349.92
6,086,256
342.11
10-Feb-03
358.5
358.5
340
349.05
4,515,858
341.26
3-Feb-03
349.91
369.75
331
343.35
5,880,992
335.69
27-Jan-03
350
355
325
346
8,682,820
338.28
20-Jan-03
380.98
380.98
361
366.46
7,581,220
358.28
13-Jan-03
378.4
384.25
362.75
372.19
5,782,148
363.88
6-Jan-03
390
395
377.45
384
4,829,486
375.43
30-Dec-02
382.72
390
373
387.5
2,341,707
378.85
23-Dec-02
380
395.87
373
382.15
2,483,813
373.63
16-Dec-02
388.09
400.5
373.5
379.17
7,564,722
370.71
9-Dec-02
381.5
394.25
371
388
5,262,744
379.34
2-Dec-02
387.03
387.03
361
373.5
4,270,742
365.17
25-Nov-02
386.5
386.5
365
375.12
4,380,048
366.75
18-Nov-02
360
395
359.76
381
7,575,940
372.5
11-Nov-02
371.25
380
349
375
6,031,350
366.63
4-Nov-02
379.19
395.25
351
357
7,876,508
347.36
1-Nov-02
380.08
382.87
366
369.69
8,687,860
359.71
28-Oct-02
400
400
366
369.69
7,788,083
359.71
21-Oct-02
386.92
404.5
379.5
387.89
4,931,600
377.42
14-Oct-02
405
410
374.6
379.76
5,920,126
369.5
7-Oct-02
391
405
368.68
388.25
5,088,960
377.77
30-Sep-02
374.86
415
369.96
391.67
6,614,996
381.1
23-Sep-02
382.75
383
360.25
382
5,864,984
371.69
16-Sep-02
364.93
390
350
381.13
7,899,436
370.84
9-Sep-02
359
392
359
371.32
3,146,010
361.29
2-Sep-02
365.5
380
336.92
374.58
4,041,232
364.46
27-Aug-02
377.5
391.5
350
372.58
4,555,257
362.52
19-Aug-02
390
396.48
364.25
372.73
3,723,050
362.67
0.011448
0.123746
0.019909
0.003053
0.005496
-0.06405
-0.0424
0.0133
0.004594
-0.01599
-0.06735
-0.02628
0.005031
-0.02728
0.00834
0.005633
0.061924
-0.06757
-0.00732
12-Aug-02
376.58
399
361.25
380.81
5,194,180
370.53
5-Aug-02
342.07
381.75
332.25
376.5
9,998,754
366.33
29-Jul-02
328.57
360
325.5
335.04
4,692,966
325.99
22-Jul-02
327.43
335
292
328.5
6,585,510
319.63
15-Jul-02
337.75
347.75
297
327.5
8,443,830
318.66
8-Jul-02
344.07
350
307.94
325.71
9,667,062
316.92
1-Jul-02
364.81
370.25
334
348
7,692,244
338.6
24-Jun-02
345.52
379.75
333.03
363.41
8,774,404
353.6
17-Jun-02
354.18
370
332.25
358.64
13,588,778
348.95
10-Jun-02
363.33
379.4
346.75
357
5,553,628
347.36
5-Jun-02
383
388
362
362.8
4,016,526
353.01
27-May-02
396.42
399.8
381
389
3,643,104
378.5
20-May-02
400
410
385.75
399.5
4,075,286
388.71
13-May-02
407.42
424
395
397.5
4,325,724
386.77
7-May-02
400.58
426
391.5
408.65
4,169,897
394.72
29-Apr-02
403.56
416.75
387.5
405.27
5,399,612
391.46
22-Apr-02
377
406.25
377
403
6,885,352
389.26
15-Apr-02
424
424
377.4
379.5
9,240,774
366.56
8-Apr-02
424
424
395.25
407
2,669,746
393.12
2-Apr-02
410
422.5
401
410
2,698,882
396.02
0.15
0.1
0.05
0
0
0.02
-0.05
-0.1
-0.15
0.04
0.06
0.08
Dupont analysis
120.0%
100.0%
years
80.0%
60.0%
40.0%
20.0%
0.0%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
3.50
3.00
2.50
Asset turnover
2.00
earning retention
ROE
operating margin
1.50
intrest burden
leverage
1.00
0.50
0.00
2010
2011
2012
2013
2014
ROE
2003
1.30
0.78
0.62
0.60
0.16
2004
1.53
1.19
0.63
0.69
0.13
2002
28.11%
70.00%
27.06%
20.64%
21.67%
2003
29.04%
6.80%
24.83%
23.28%
23.11%
2004
29.00%
13.74%
18.98%
23.82%
17.22%
Competitor EPS
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
EPS
J&J
Zimmer
Stryker
Biomet
Smith & Nephew
EPS
2002
1.17
0.71
0.47
0.48
0.12
2002
2003
2004
Years
Competitor ROE
ROE
company
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
2002
2003
Years
2004
J&J
Zimmer
Stryker
Biomet
Smith & Nephew
J&J
Zimmer
Stryker
Biomet
Smith & Nephew