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DIVIDEND ACHIEVERS Fall 2020
It ís why professional investment managers, analysts and knowledgeable investors worldwide consider this handbook the preeminent guide for sound investing. Inside, youíll f nd prof les of U.S. companies that have increased their regular cash dividends annually for ten or more consecutive years. With the help of Dividend Achievers, you can put together an extraordinary and diversif ed portfolio that includes large-, mid-and small-cap companies representing more than 40 dif erent industries, from consumer goods to real estate to utilities. Each full-page Dividend Achievers prof le provides in-depth investment criteria, including a stock performance chart, dividend record, business description, up to eight years of f nancial results and ratios, analysis of recent developments and much more. At a glance, you can determine how a company has performed in the past and if it warrants further investigation. This latest edition also includes valuable rankings, such as ten-year average annual dividend growth rates; one-, three-, and f ve-year total returns; top twenty returns on equity and assets; plus the top twenty ranking by revenue, net income, total assets, long- and short-term price scores, and highest and lowest P/E ratios. It ís all right here at your f ngertips – from one of the worldís most trusted and respected sources of global business and f nancial information for over a century. Use this handbook to get the comprehensive data and insight you need to make more informed stock decisions. www.mergentbusinesspress.com
Handbook Of Dividend Achievers
Helping you f nd the most consistent dividend-paying stocks year in and year out. With its wealth of precise, up-to-date information and distinguished track record of success, no other reference book does a better job of it than Dividend Achievers.
HANDBOOK OF
DIVIDEND ACHIEVERS (Includes Canadian Dividend Achiever Companies)
Normal Print Edition
ISBN NUMBER 978-1-64972-849-4
Spring 2022
Featuring
Year End results for
2020
Spring 2020
Mergent’s HANDBOOK OF DIVIDEND ACHIEVERS
S
Fall 2020ummer 2019
1a
Mergent’s Dividend Achievers John Pedernales Executive Managing Director
Charlot Volny Director of Print Products
Thomas Wecera Publisher/Mag ector of Print Products
Dividend Achievers Andrew J. Kalinski Davie ChristnaSpring Editor Fall 2020 Prod uction Coordinator
Wayne Arnold Production Manager
Davie Christna Production Coordinator
Mergent’s Dividend Achievers is published quarterly by Mergent Inc. Copyright@ 2020 by Mergent. All Information contained herein is copyrighted in the name of Mergent, Inc., and none of such information may be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any such purpose, in whole or in part, in any form or matter or by any means whatsoever, by any person without Mergent’s prior written consent .All information contained herein is obtained by Mergent, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, such information is provided ‘‘as is’’ without warranty of any kind. NO WARRANTY, EXPRESS OF IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY INFORMATION IS GIVEN OR MADE BY MERGENT IN ANYFORM OR MANNER WHATSOEVER. Under no circumstances shall Mergent have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, transmitting, communicating or delivering any such information, or (b) any direct, indirect, special, consequential or incidental damages whatsoever, even if Mergent is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, any such information.
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Table of Contents Page How to get the Best Use of this Book and What To Look For ………………………………………………...
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Dividend Achievers Ranked By Dividend Growth……………..
12a
Longest Record of Dividend Achievement……..……………….
13a
Dividend Achiever Arrivals, Departures .....................................
14a
Canadian Dividend Achievers Ranked By Dividend Growth......
16a
Top 20 By Return on Equity……………………………….........
17a
Top 20 By Return on Assets……………………………….. …..
17a
Top 20 By Current Yield………………………………………..
17a
Highest Price/Earnings Ratios …………………………………
18a
Lowest Price/Earnings Ratios ………………………….………
18a
Highest Price/Book Ratios …………………………………….
18a
Lowest Price/Book Ratios………………………………………
19a
Top 20 by Revenues …………………………………………..
19a
Top 20 by Net Income ………………………………………...
19a
Top 20 by Market Capitalization……………………………….
20a
Bottom 20 by Market Capitalization..….………...……………..
20a
Top 20 by Total Assets………….……………………………..
20a
About Total Return...……………..…………………………….
21a
Dividend Achievers Ranked by Total Returns……..…………..
22a
Web Site & Dividend Reinvestment Plan Information….……..
28a
Frequently Asked Questions…………………………………...
35a
How To Use This Book….…………………………………….
37a
About Ford Equity Research….……………………………….
43a
Ford Company Recommendations….………………………….
44a
U.S. Company Reports…….…………………….…………….
1-257
Canadian Companies……….…………….……………………
259-325
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HOW TO GET BEST USE OF THIS BOOK AND WHAT TO LOOK FOR IN DIVIDEND COMPANIES Some Dividend Basics To get the best use of this Handbook it is worthwhile reviewing some basics. It may seem apparent but the definition of a dividend is important. A dividend is, in its most rudimentary form, a payment a company makes to its shareholders i.e. distributions of a company’s cash to a shareholder. It’s important to consider the differences between the common meaning of the word and the definition under tax law. The reason is that what one person may think is not a dividend is in fact a dividend under tax law. According to the Internal Revenue Service, dividends are “distributions of money, stock, or other property paid to you by a corporation or by a mutual fund. You also may receive dividends through a partnership, an estate, a trust, or an association that is taxed as a corporation. However, some amounts you receive that are called dividends are actually interest income”1. The tax code creates its own category of dividends that are treated differently for taxation purposes. Qualified dividends are taxed at a lower long-term capital gains tax rate than an individual’s ordinary income tax rate. Under changes implemented by the Jobs and Growth Tax Relief Reconciliation Act of 2003, qualified dividends were taxed at the same rate as long-term capital gains, or 15% for most people. The law was changed again in 2005 with the Tax Increase Prevention and Reconciliation Act of 2005. The qualified dividends rate was further cut to 0% for individuals in the 10% and 15% income tax bracket. The provisions were extended further under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which expired on 31 December 2012 to be replaced by a new range of provisions that changed tax rates to 20% for those earning $400,000 or more ($450,000 for those filing jointly) and added a Medicare Tax of 3.8% thereby totalling 18.8% for those earning $200,000 or more ($250,000 for those filing jointly) and for the highest wage earners the tax on dividends is 23.8% (20% plus 3.8%). However, tax law is complicated. For example, the law currently treats dividends received from a regulated investment company or a real estate investment trust differently. The recent changes to the law regards dividends from those entities as qualified dividends for the purposes of the reduced tax rates. This could soon change. Overall, because tax law is complicated and because tax ramifications depend on a person’s personal circumstances, we don’t plan to discuss the taxation of dividends in detail. It’s best to consult a tax advisor or accountant for personalized advice on issues to do with taxation. 4a
The Benefits of Dividend Income A big benefit of dividend stocks for many investors is that they provide cash income while holding the investment — and not just occasional income but regular yearly income. As most dividends are paid on a yearly basis, they supplement many investors’ annual salaries or wages or retirement savings. Dividends provide a steady stream of income with a great degree of certainty. One of the indicators of dividend income is dividend yield. Of course dividends are just one component of total returns (capital appreciation + dividends) but over time returns can be greater by investing in dividend-yielding companies long term.
Top Dividend Achievers With Dividend Yield
Company
Ticker
HOLLY ENERGY
Div. Yield
HEP
12.1
VECTOR GROUP
VGR
11.9
WESTWOOD HOLDING
WHG
9.7
TANGER FACTORY
SKT
9.6
OCCIDENTAL PETR.
OXY
7.7
MEREDITH
MDP
7.1
MO
6.7
MAGELLAN
MMP
6.4
HELMERICH
HP
6.3
ALTRIA GROUP
ENTERPRISE PROD
EPD
6.2
TC PIPELINES
TCP
6.1
AT&T
T
5.3
UNIVERSAL CORP
UVV
5,3
MERCURY GENERAL
MCY
5.3
NATIONAL HEALTH
NHI
5.2
Note: Annual dividend yield (TTM) as of December 31, 2019 As of Publication Data there were investable entities (i.e. stocks and exchange traded funds) trading on US stock exchanges that had dividend yields above 5%. This Handbook carries a list of the stocks with the most consistent dividend history. To be included in the list a company must have raised its dividend every year without fail for ten years or more.
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Around two thirds of the companies listed have dividend yields above the Dow Jones Industrial Average’s current average yield. Here is a list of the 20 companies with the highest market cap in this Book.
The Top 20 Mergent Dividend Achievers with the Highest Market Cap
Market Cap as of December 31, 2019 (Mil)
Company
MICROSOFT JOHNSON JOHNSON WALMART PROCTER & GAMBLE EXXON MOBIL AT&T INC VERIZON COMMUNIC COCA-COLA CHEVRON PEPSICO NIKE B ABBOTT LABS MCDONALDS COSTCO WHOLESALE UNITED TECH UNION PACIFIC TEXAS INSTR IBM
$999,999 $383,915 $337,173 $311,476 $295,246 $285,479 $253,938 $237,147 $227,872 $190,573 $158,145 $153,612 $148,820 $129,854 $129,288 $125,504 $119,925 $118,706
Source: Mergent Dividend Achievers Handbook, December 31, 2019 The Value of Dividend Growth Our research suggests you can make greater returns if you invest over a longer period of time, such as ten years, in stable companies that pay consistent dividends and raise those dividends consistently. Investing in dividend achieving companies listed on major exchanges can deliver greater returns than following main market stocks such as those on the S&P 500. One reason for the focus on dividend growth is that it suggests a greater degree of consistency and planning and a lower level of volatility. If you are investing for the longer term, the preference is for a greater degree of certainty about future dividend issuances. Dividend growth obviously allows you to pay off your initial investment faster. 6a
Take for example a household name, Coca-Cola Co (NYSE: KO). It consistently raised its dividend every year for 49 years as of January 2012. If you had bought its stock on January 13, 2012 (when its stock was in a slight dip and priced at $66.99), you would have been able to benefit from the 0.51¢ per share dividend it declared on February 16 and that went ex-dividend on March 13 and paid on April 1. If you had bought, say 100 shares, the consideration would have cost you $6,699 (that is, without factoring in any brokerage fees). Assuming it continues to raises its dividend by about 7% a year, the dividends alone you receive would have paid off the consideration for the stock after about 17 and a half years. After that time you would be receiving a dividend, every year, of $644.40 per year, and yet you would have received your initial outlay of $6,699 back in the dividends you had received over the years. Plus you still own the stock. This is hypothetical and there are other variables. The point is that investing in dividend stocks that have a track record of dividend growth provide stability and certainty and this allows for better planning. The companies below are listed by the ten-year average annual compound growth of their dividends.
Top 10 Dividend Achievers by Ten-Year Compounded Annual Dividend Growth Rate (CAGR) Total Years of 10 Year Consistent Growth Rank Company Dividend (CAGR) Growth % 63.68% 10 1 UnitedHealth Group Inc 40.10% 10 2 MarketAxess Holdings Inc 31.10% 10 3 Celanese Corp (DE) 30.42% 27 4 Stryker Corp. 30.39% 43 5 Helmerich & Payne, Inc. 29.63% 32 6 Comerica, Inc. 25.31% 11 7 Visa Inc 25.01% 15 8 Westlake Chemical Corp 24.95% 25 9 Ross Stores, Inc. 22.98% 23 10 Church & Dwight Co., Inc. Source: Mergent Dividend Achievers Handbook, March 31, 2020 Another reason for placing importance on dividend growth is that it consolidates and compounds the returns. When considering any type of investing, one of the key ingredients in the recipe to achieving good returns is time. It is fundamental to determining the rate of return. The longer you compound anything, the greater your returns can augment. 7a
Most investments — in fact we don’t know of any — do not generate those sorts of returns. To put the example into financial terms, according to estimates by Credit Suisse, if you had invested $1 in US equities in 1900, with dividends reinvested, at an annualized rate of 9.2% a year, you would have had $14,276 by the end of 20082. A study in the Financial Analysts Journal in 2003 found that $100 invested in 1802 would have grown to $766 million by the end of 2000; that is, if no dividends were spent, if no taxes were taken out, and if market returns were earned without fees or expenses3. The Importance of Dividend Consistency In line with the quality of dividend growth is the importance of dividend consistency. Dividend consistency is not the same as dividend growth, as dividend payments do not have to progressively increase to be consistent, although in order to harness the power of compounding it is better if they do. Historically companies’ earnings have been more consistent than their dividend issuances. One study in 2004 found that company earnings were most volatile between about 1910 and 1940, with large earnings declines in 1921 and the early 1930s. After World War II, dividends became much more consistent, both in absolute terms and relative to earnings4. Today, however, there are hundreds of stocks on the market that have consistently — every year without fail — raised their dividend, sometimes for 60 years. Such records of consecutive yearly dividend increases require a high level of planning, quality management and a very solid product and revenue base. Raising a dividend every year suggests a company has built shareholder returns into its financial plan and has a commitment to make distributions to shareholders from its profits. Such companies offer a higher degree of certainty. There is no way to know whether a company will or will not issue a dividend in the future, but history can be the key to the future. Any company can issue a dividend but not any company can issue a dividend that is higher than the previous dividend for 60 years in a row as Proctor & Gamble (PG), American States Water Co (AWR) and Diebold (DBD) had done as of spring 2014, or as Dover Corp (DOV) and Northwest Natural Gas Co (NWN) had for 58 years. Here is a list of the top 20 US companies on Mergent’s current list of Dividend Achievers that have consistently raised their dividends every year without fail for the longest period of time.
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Top 20 Dividend Achievers with the Longest History of Consistent Yearly Dividend Increases
Rank Company
1 3 5
Years of Consistent Yearly Dividend Growth
TICKER
American States Water Co.
66
AWR
Procter & Gamble Co.
66
PG
Dover Corp
64
DOV
Northwest Natural Gas Co.
64
NWN
Emerson Electric Co.
63
EMR
Genuine Parts Co.
63
GPC
7
3M Co
61
MMM
8
Cincinnati Financial Corp.
59
CINF
9
Lowe's Companies Inc
58
LOW
Coca-Cola Co (The)
57
KO
10
Colgate-Palmolive Co.
57
CL
Illinois Tool Works, Inc.
57
ITW
13
Tootsie Roll Industries Inc
56
TR
14
ABM Industries, Inc.
55
ABM
Johnson & Johnson
55
JNJ
16
Altria Group Inc
54
MO
17
Hormel Foods Corp.
53
HRL CWT
18
California Water Service Group
52
Federal Realty Investment Trust
52
FRT
Fuller (H.B.) Company
52
FUL
Source: Mergent Dividend Achievers Handbook, March 2020 Stability and Cash Flow Investment portfolios that are more stable make it much easier to work out expected returns. Companies that have raised their dividends consistently every year over a long period of time provide a high degree of certainty in terms of their future income generating capacity. Generally speaking, solid dividend paying companies as a whole tend to be more stable. According to Mergent research, the risk and volatility of the companies on the NASDAQ Broad Dividend Achievers Index™ is lower. In one analysis from December 31, 1974, through to August 31, 2004, large capitalized dividend stocks generated an annualized return of 14.43% versus 12.28% for large capitalized growth stocks. Dividend stocks attracted a 14.90% volatility rate compared to 16.81% for the growth stocks as measured by standard deviation5. To raise a dividend every year over a ten-year period requires a high level of planning 9a
and an ability to ride through economic cycles. This effectively translates into lower levels of volatility. Some companies are able to generate higher levels of cash than others. These include for example banks, consumer staple companies, utilities and insurers — all of which sells lots of individual products to lots of people. In many cases, they sell the same product over an over again to the same customers. Such companies tend to have a reputation for generating positive cash flow. Companies that tend to sell few products of high value or that have many failed products but a few really successful ones tend to be a bit more erratic. It is the former category that tends to hold dividend achievers because they have the consistent, stable and more predictable cash flow to be able to plan for dividend payments, especially consistent dividend payments. A lack of cash flow can lead to business failures and as such is one of the indicators of a company’s state of health. Sources of cash flow can include sales, sale of assets, the proceeds of bank loans, the cash received from share issues, interest and other investment income. Cash outflows can include payments to employees in the form of wages and salaries, payments to suppliers, the purchase of capital equipment and interest repayments on loans, dividends of course and tax paid. Balancing cash flow is tricky but it’s what a good business must do well. A company’s cash flow statement is central. Analyzing a cash flow statement is an entire book in itself (some would say an art form!) but it’s sufficient to say here that cash flow is critical for a company. If the company cannot afford to pay a dividend, it shouldn’t. Some companies do borrow money to pay dividends and the merits of doing so are highly debatable. Some companies have particularly high dividend yields and payout ratios and this can be a warning sign that it might be trying to entice investors to invest when investing is in fact high risk. As a general rule, companies with high, solid and consistent cash flow tend to be in better positions to pay dividends than those that do not. Good Corporate Management Companies can raise dividends and even be consistent in their dividend issuances and they can even provide shareholders with great returns, but the best plans can come undone quickly without good corporate governance. This seems self-evident and it is often the case that dividend achievers — companies that generate solid value for shareholders in the form of dividends consistently over long periods of time — tend to have good corporate governance. As mentioned, consistent dividend issuances require careful planning and well-managed businesses. Indeed, there is strong evidence to support the notion that when a company is able to consistently issue a yearly dividend, and especially if it consistently raises it every year, it has good corporate governance.
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Conclusion In summary we would argue that investing in fair valued stocks with good corporate management that pay solid, consistent and growing dividends are better investments than main market stocks as a whole. Given that most investors invest in larger mainstream companies, e.g. the companies listed on the S&P 500 Index, most investors would have been better investing in dividend-paying companies. This also translates into more income over the longer term. The cash returns, either in the form of dividends or buy-backs, generated by many of the investments in particular companies, would have paid off much of the initial investment, leaving not only a portfolio of stock that is worth more, but a steady income stream you can keep for life. Generally speaking, in either a strong or weak market, companies that return cash to shareholders over the longer term are better bets than those companies that do not. They provide a greater degree of certainty and a reduction in the risk that you take when making any investment.
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Top 25 by 10 Year Compounded Annual Dividend Growth Rate (CAGR) Companies are listed by the 1-year average annual compound growth of their dividends. Also shown are the total number of years of consecutive annual dividend growth.
Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
CAGR %
Company
63.68% UnitedHealth Group Inc 40.10% MarketAxess Holdings Inc 31.10% Celanese Corp (DE) 30.42% Stryker Corp. 30.39% Helmerich & Payne, Inc. 29.63% Comerica, Inc. 25.31% Visa Inc 25.01% Westlake Chemical Corp 24.95% Ross Stores, Inc. 22.98% Church & Dwight Co., Inc. 22.37% TJX Companies, Inc. 21.88% Bank OZK Reinsurance Group of America, Inc 21.86% 21.82% Cohen & Steers Inc. 21.71% Texas Instruments Inc. 21.50% Smith (A.O.) Corp 21.49% Cummins, Inc. 21.48% Wendy's Co (The) 21.22% Union Pacific 20.89% AmerisourceBergen Corp. 20.47% Lauder (Estee) Cos., Inc. (The) Cracker Barrel Old Country Store, Inc. 20.35% 20.00% International Paper Co 19.99% Comcast Corp 19.71% Home Depot Inc
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Year of Increases
10 10 10 27 43 32 11 15 25 23 23 22 12 15 16 27 14 10 13 15 10 17 10 11 10
Longest Records of Dividend Achievement These Dividend Achievers boast 25 or more years of consecutive dividend increases as of March 31, 2020 Ticker Ticker Rank Years Company Rank Years Company 1
3 5 7 8 9 10
13 14 16 17 18
24 25 26 28
35
41
44
48
52
57
66 American States Water Co. AWR 66 Procter & Gamble Co. PG 64 Dover Corp DOV 64 Northwest Natural Gas Co NWN 63 Emerson Electric Co. EMR 63 Genuine Parts Co. GPC 61 3M Co MMM 59 Cincinnati Financial Corp. CINF 58 Lowe's Companies Inc LOW 57 Coca-Cola Co (The) KO 57 Colgate-Palmolive Co. CL 57 Illinois Tool Works, Inc. ITW 56 Tootsie Roll Industries Inc TR 55 ABM Industries, Inc. ABM 55 Johnson & Johnson JNJ 54 Altria Group Inc MO 53 Hormel Foods Corp. HRL 52 California Water Service Group (DE) CWT 52 Federal Realty Investment Trust (MD) FRT 52 Fuller (H.B.) Company FUL 52 SJW Group SJW 52 Stanley Black & Decker, Inc. SWK 52 Stepan Co. SCL 51 Commerce Bancshares, Inc. CBSH 50 Lancaster Colony Corp. LANC 49 MSA Safety Inc MSA 49 Universal Corp. UVV 48 Black Hills Corporation BKH 48 Grainger (W.W.) Inc. GWW 48 Leggett & Platt, Inc. LEG 48 National Fuel Gas Co. (NJ) NFG 48 PepsiCo Inc. PEP 48 PPG Industries, Inc. PPG 48 Target Corp TGT 47 Becton, Dickinson and Co. BDX 47 Gorman-Rupp Co. GRC 47 Middlesex Water Co. MSEX 47 Nucor Corp. NUE 47 Tennant Co. TNC 47 VF Corp. VFC 46 Abbott Laboratories ABT 46 RPM International Inc (DE) RPM 46 S&P Global Inc. SPGI 45 Archer Daniels Midland Co. ADM 45 Consolidated Edison, Inc. ED 45 Kimberly-Clark Corp. KMB 45 Telephone & Data Systems, Inc. TDS 44 Automatic Data Processing Inc. ADP 44 MGE Energy Inc MGEE 44 Walgreens Boots Alliance Inc WBA 44 Walmart Inc. WMT 43 Clorox Co. CLX 43 Helmerich & Payne, Inc. HP 43 McDonald's Corp MCD 43 RLI Corp. RLI 43 Sysco Corp. SYY 40 Sherwin-Williams Co.
58
62
66 67
71
74
79
83 85
91
97
108
SHW
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39 Nordson Corp. NDSN 38 Eaton Vance Corp EV 38 Old Republic International Corp. ORI 38 United Bankshares, Inc. UBSI 37 AFLAC Inc. AFL 37 Air Products & Chemicals, Inc. APD 37 Cintas Corporation CTAS 37 Exxon Mobil Corp. XOM 36 Sonoco Products Co. SON 35 AT&T Inc T 35 Brady Corp. BRC 35 Brown-Forman Corp. BF B 35 Carlisle Companies Inc. CSL 33 McCormick & Co., Inc. MKC 33 Mercury General Corp. MCY 33 T Rowe Price Group Inc. TROW 32 1st Source Corp. SRCE 32 Atmos Energy Corp. ATO 32 Chevron Corporation CVX 32 UGI Corp. UGI 32 Universal Health Realty Income Trust UHT 31 Community Trust Bancorp, Inc. CTBI 30 Franklin Resources, Inc. BEN 30 National Retail Properties Inc NNN 30 WestAmerica Bancorporation WABC 29 McGrath RentCorp MGRC 29 MDU Resources Group Inc. MDU 28 Community Bank System, Inc. CBU 28 Essential Utilities Inc WTRG 28 General Dynamics Corp. GD 28 Jack Henry & Associates, Inc. JKHY 28 SEI Investments Co. SEIC 28 UMB Financial Corp UMBF 27 Badger Meter, Inc. BMI 27 Ecolab, Inc. ECL 27 Roper Technologies Inc. ROP 27 Smith (A.O.) Corp AOS 27 Stryker Corp. SYK 27 West Pharmaceutical Services, Inc. WST 26 AptarGroup Inc. ATR 26 BancFirst Corp. (Oklahoma City, BANF Okla) 26 Brown & Brown, Inc. BRO 26 Caterpillar Inc. CAT 26 Cullen/Frost Bankers, Inc. CFR 26 Franklin Electric Co., Inc. FELE 26 Meredith Corp. MDP 26 People's United Financial, Inc. PBCT 26 Tanger Factory Outlet Centers, Inc. SKT 26 United Technologies Corp. UTX 26 Wiley (John) & Sons Inc. JW A 25 Albemarle Corp. ALB 25 Essex Property Trust, Inc. ESS 25 Expeditors International of Washington, EXPD Inc. 25 Matthews International Corp MATW 25 Realty Income Corp. O 25 Ross Stores, Inc. ROST
Dividend Achievers Arrivals The following companies are classified as new Dividend Achievers as they have recorded at least ten consecutive years of dividend increases as of the 2020 Spring Edition. American Electric Power Applied Industrial Technology Avista Corp American Water Works Co Assurant Inc Blackrock Inc. Bristol Myers Squibb Celanese Corp Comerica Inc. Cohen & Steers Disney Walt Corp DTE Energy Ensign Group Inc. Estee Lauder Eastman Chemical Eaton Corp First Financial Corp Home Depot Corp Horace Mann Educator Hershey Corp International Bancshares IDEX Corp
International Paper KLA Corp Lennox International Moodys Corp MarketAxess Holdings Marsh Mclennan Co Omnicom Group Petmed Express Reinsurance Group Rockwell Automation Scotts Miracle Grow Snap On Inc. Simon Property Group Stock Yards Bancorp UDR Inc. Unitedhealth Group United Parcel Service Ventas Inc WD 40 Co Wendy's Co. York Water Co
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Dividend Achievers Departures The following former Dividend Achievers did not increase their regular cash dividends as of March 31, 2020
Energy Transfer LP
Nacco Industries, Inc
General Mills
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Top 30 by 5 Year Compounded Annual Dividend Growth Rate (CAGR) (Canadian Companies) Companies are listed by the 5-year average annual compound growth of their dividends. Also shown are the total number of years of consecutive annual dividend growth.
Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
CAGR % Year of Increases
Company
CCL Industries Inc. 25.32% Aliment Couche Tard, Inc. 25.08% Gildan Activewear Inc. 18.75% Canadian Tire Corp., Ltd 17.22% Enghouse Systems Ltd 17.19% ONEX Corp 16.47% Enbridge Inc 16.09% Open Text Corp. 15.15% Metro Inc 14.87% Stella-Jones Inc. 14.87% Magna International Inc 13.95% Equitable Group Inc. 13.66% ATCO Ltd 13.49% Toromont Industries Ltd 12.47% Manulife Financial Corp. 11.90% Cogeco Communications Inc 11.51% Premium Brands Holdings Corp 10.93% Canadian Natural Resources Ltd. 10.76% IA Financial Corp Inc (formerly Industrial 10.74% Alliance) Dollarama Inc. 10.73% Suncor Energy Inc. 10.49% Imperial Oil Ltd. 10.33% TFI International Inc. 10.13% CAE Inc. 10.07% Emera Inc. 10.00% Algonquin Power & Utilities Corp 9.82% Intact Financial Corp 9.63% Canadian Utilities Limited 9.58% Toronto Dominion Bank 9.45% Stantec Inc. 9.41% 16a
18 10 8 9 12 7 24 6 24 15 10 8 26 30 6 15 7 17 6 8 17 25 9 12 13 10 14 37 9 7
Top 20 by Return on Equity Based on latest available year-end information. Ratios determined using net income. Rank 1 2 3 4 5 6 7 8 9 10
Company ILLINOIS TOOL QUALCOMM CLOROX LOWES COMPANIES CARDINAL HEALTH HERSHEY CO LAZARD PEPSICO OMNICOM TEXAS INSTR
R.O.E. Rank Company 99.3 11 KLA CORP 97.2 12 COHEN & STEERS 92.1 13 TJX 89.2 14 IBM 88.1 15 COCA-COLA 65.5 16 ROSS STORES 62.0 17 POLARIS 59.8 18 LAUDER ESTEE 58.5 19 BROWN-FORMAN B 58.1 20 HOLLY ENERGY LP
R.O.E. 55.1 52.2 50.4 49.8 49.5 48.5 48.0 47.8 46.3 45.9
Top 20 by Return on Assets Based on latest available year-end information. Ratios determined using net income. Rank 1 2 3 4 5 6 7 8 9 10
Company COHEN & STEERS TEXAS INSTR FACTSET RESEARCH SEI INVESTMENTS MARKETAXESS HLDG HOME DEPOT LENNOX INTL FASTENAL GRACO ROBERT HALF
R.O.A Rank Company 32.8 11 T ROWE PRICE 25.9 12 S&P GLOBAL 23.0 13 PHILIP MORRIS 22.6 14 WD-40 21.5 15 ROSS STORES 21.5 16 PETMED EXPRESS 20.9 17 KLA CORP 20.9 18 ILLINOIS TOOL 19.8 19 ROCKWELL AUTOMAT 19.4 20 COLGATE-PALMOLIV
R.O.A 18.9 18.9 18.9 18.3 17.6 17.0 16.8 16.6 16.5 16.5
Top 20 by Current Dividend Yields Based on latest available Prices Rank 1 2 3 4 5 6 7 8 9 10
Company WESTWOOD HLDGS ONEOK MAGELLAN M PN LP HOLLY ENERGY LP ENTERPRISE PROD EXXON MOBIL OMEGA HEALTHCARE ALTRIA GROUP VECTOR GROUP SIMON PROPERTY
C.D.Y Rank Company 15.4 11 UNIVERSAL CORP 14.4 12 NATL HEALTH INV 12.0 13 AT&T INC 11.5 14 CHEVRON 11.3 15 COMERICA 10.1 16 PEOPLES UTD FINL 9.0 17 PRUDENTIAL FINL 8.9 18 UNUM GROUP 8.3 19 HELMERICH PAYNE 8.0 20 UNITED BANKSHARE
17a
C.D.Y. 7.4 7.3 7.3 7.2 7.1 7.0 6.9 6.8 6.8 6.5
Highest Price/Earnings Ratios Based on latest available year-end information. Ratios determined using net income. Based on closing prices as of September 30, 2020 Rank 1 2 3 4 5 6 7 8 9 10
Company ROLLINSINC WEST PHARMACEUT MARKETAXESS HLDG ROYAL GOLD NIKE B HEICO MICROSOFT WD-40 JACK HENRY QUALCOMM
P/E Ratio Rank Company 77.4 11 LAUDER ESTEE 72.5 12 BADGER METER 69.8 13 COSTCO WHOLESALE 52.2 14 AMER WATER WORKS 50.2 15 CINTAS 47.6 16 TIFFANY 46.7 17 BROWN-FORMAN B 45.1 18 ERIE INDEMNITY 42.1 19 MCCORMICK & CO 42.0 20 VISA
P/E Ratio 42.0 40.9 39.4 39.2 38.9 38.6 37.5 37.3 36.6 36.4
Lowest Price/Earnings Ratios Based on latest available year-end information. Ratios determined using net income. Based on closing prices as of September 30, 2020 Rank 1 2 3 4 5 6 7 8 9 10
Company OCCIDENTAL PET UNUM GROUP MEREDITH AMERICAN EQUITY INVESCO LTD PRUDENTIAL FINL WALGREENS BOOTS TANGER FACTORY URSTADT BIDDLE PRINCIPAL FINL
P/E Ratio Rank Company 3.3 11 HOLLY ENERGY LP 4.2 12 MATTHEWS INTL 5.5 13 SIMON PROPERTY 5.5 14 MAGELLAN M PN LP 5.7 15 AT&T INC 6.0 16 ENTERPRISE PROD 6.7 17 AFLAC 6.7 18 AMER FINL GROUP 6.8 19 BANK OZK 7.1 20 REINSURANCE GRP
P/E Ratio 7.1 7.5 8.1 8.1 8.1 8.3 8.3 8.4 8.5 8.7
Highest Price/Book Ratios Based on latest available year-end information. Ratios determined using net income. Based on closing prices as of September 30, 2020 Rank 1 2 3 4 5 6 7 8 9 10
Company MOODY'S CORP QUALCOMM UNITED PARCEL SV ROCKWELL AUTOMAT SYSCO LOWES COMPANIES CLOROX ILLINOIS TOOL LOCKHEED MARTIN NIKE B
P/B Ratio Rank Company 41.0 11 MARKETAXESS HLDG 40.9 12 LAUDER ESTEE 31.7 13 ROLLINSINC 30.4 14 BROWN-FORMAN B 27.7 15 WD-40 26.4 16 TEXAS INSTR 26.3 17 HERSHEY CO 24.0 18 SHERWIN-WILLIAMS 23.3 19 PEPSICO 22.9 20 FACTSET RESEARCH
18a
P/B Ratio 20.4 20.1 20.0 17.4 17.3 16.6 16.2 15.2 15.1 14.5
Lowest Price/Book Ratios Based on latest available year-end information. Ratios determined using net income. Based on closing prices as of September 30, 2020 Rank 1 2 3 4 5 6 7 8 9 10
P/B Ratio 0.3 0.4 0.4 0.5 0.5 0.5 0.6 0.7 0.7 0.7
Company UNUM GROUP PRUDENTIAL FINL TELEPHONE & DATA HELMERICH PAYNE AMERICAN EQUITY REINSURANCE GRP PEOPLES UTD FINL UNITED BANKSHARE INVESCO LTD BANK OZK
Rank 11 12 13 14 15 16 17 18 19 20
Company OCCIDENTAL PET ANDERSONS BOK FINANCIAL WESTWOOD HLDGS COMERICA PRINCIPAL FINL FIRST FINL CORP OLD REPUBLIC INTL BANCSHARES AXIS CAPITAL HLD
P/B Ratio 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8
Top 20 by Revenues Based on latest available year-end information (US$ in millions) Rank 1 2 3 4 5 6 7 8 9 10
Company WALMART EXXON MOBIL UNITEDHEALTH GRP MCKESSON CORP AT&T INC AMERISOURCEBERGN CARDINAL HEALTH COSTCO WHOLESALE CHEVRON MICROSOFT
Revenues $523,964 $264,938 $242,155 $231,051 $181,193 $179,589 $152,922 $152,703 $146,516 $143,015
Rank 11 12 13 14 15 16 17 18 19 20
Company WALGREENS BOOTS VERIZON COMMUNIC KROGER HOME DEPOT COMCAST JOHNSON JOHNSON TARGET CORP IBM UNITED PARCEL SV LOWES COMPANIES
Revenues $136,866 $131,868 $122,286 $110,225 $108,942 $82,059 $78,112 $77,147 $74,094 $72,148
Top 20 by Net Income Based on latest available year-end information (US$ in millions) Rank 1 2 3 4 5 6 7 8 9 10
Company MICROSOFT VERIZON COMMUNIC JOHNSON JOHNSON WALMART EXXON MOBIL AT&T INC UNITEDHEALTH GRP COMCAST PROCTER & GAMBLE VISA
Net Income $44,281 $19,265 $15,119 $14,881 $14,340 $13,903 $13,839 $13,057 $13,027 $12,080
Rank 11 12 13 14 15 16 17 18 19 20
19a
Company HOME DEPOT DISNEY WALT IBM COCA-COLA PEPSICO PHILIP MORRIS LOCKHEED MARTIN CATERPILLAR MCDONALDS UNION PACIFIC
Net Income $11,242 $11,054 $9,295 $8,920 $7,314 $7,185 $6,230 $6,093 $6,025 $5,919
Top 20 by Market Capitalization Based on latest available year-end information (US$ in millions ) Based on closing prices as of September 30, 2020 Rank Company
1 2 3 4 5 6 7 8 9 10
Current Value Rank Company
MICROSOFT VISA WALMART JOHNSON JOHNSON PROCTER & GAMBLE HOME DEPOT UNITEDHEALTH GRP VERIZON COMMUNIC DISNEY WALT COCA-COLA
$999,999 $425,516 $396,477 $391,971 $345,543 $298,955 $296,275 $246,176 $224,225 $212,064
11 12 13 14 15 16 17 18 19 20
COMCAST AT&T INC NIKE B ABBOTT LABS PEPSICO MCDONALDS COSTCO WHOLESALE ACCENTURE PLC EXXON MOBIL UNITED PARCEL SV
Current Value
$211,320 $203,134 $195,830 $192,684 $191,906 $163,323 $156,733 $149,990 $145,147 $143,868
Bottom 20 by Market Capitalization Based on latest available year-end information (US$ in millions ) Based on closing prices as of September 30, 2020 Rank Company
1 2 3 4 5 6 7 8 9 10
Current Value Rank Company
WESTWOOD HLDGS VSE CORP FIRST LONG ISLAN URSTADT BIDDLE BANK OF MARIN BC FIRST FINL CORP HAWKINS INC COMMUNITY TRUST YORK WATER TANGER FACTORY
$94 $337 $354 $369 $394 $430 $493 $503 $550 $564
11 12 13 14 15 16 17 18 19 20
CASS INFORMATION MEREDITH ANDERSONS PETMED EXPRESS MATTHEWS INTL GORMAN-RUPP STOCK YARDS BNCP UNIV HEALTH RLTY FIRST SOURCE SOUTHSIDE BANCSH
Current Value
$579 $596 $633 $642 $700 $769 $773 $786 $790 $806
Top 20 by Total Assets Based on latest available year-end information (US$ in millions ) Rank Company
1 2 3 4 5 6 7 8 9 10
PRUDENTIAL FINL AT&T INC EXXON MOBIL MICROSOFT VERIZON COMMUNIC PRINCIPAL FINL COMCAST CHEVRON WALMART DISNEY WALT
Total Assets Rank Company
$896,552 $551,669 $362,597 $301,311 $291,727 $276,088 $263,414 $237,428 $236,495 $193,984
11 12 13 14 15 16 17 18 19 20
20a
CHUBB LTD UNITEDHEALTH GRP BLACKROCK DUKE ENERGY JOHNSON JOHNSON AFLAC IBM AMERIPRISE FINL BRISTOL-MYERS SQ PROCTER & GAMBLE
Total Assets
$176,943 $173,889 $168,622 $158,838 $157,728 $152,768 $152,186 $151,828 $129,944 $120,700
About Total Return
Total return represents one of the best measures of how well an investor of a given stock has fared as it reflects both dividend income and price appreciation. Mergent calculates total return for each Dividend Achievers company on the basis that cash dividends were reinvested on the ex-dividend date of each dividend payment. The following table demonstrates the effect of compounding as well as each stock’s performance and the level of dividends paid. Total returns have been adjusted for splits, stock dividends and spin-offs. In the case of a spin-off, shares in the spun-off company were assumed to be converted to cash and reinvested in the original company’s stock.
How to read the rankings: On the following pages, the Dividend Achievers companies are listed alphabetically with their respective total returns and rankings over trailing one, three and five year periods ending September 30, 2020. For example, an investor who purchased shares of Air Products and Chemicals on September 30, 2019 and sold them on September 30, 2020 would have realized a total return of 36.59% on their original investment. Following each company’s one-year total return are its three-year and five-year annualized total returns and their respective rankings for each period. The three-year annualized total return is based on an investment made on September 30, 2017, and the five-year annualized total return represents an investment made on September 30, 2015. Thus, an investment made in Air Products and Chemicals on September 30, 2017 would have generated an annualized total return of 27.42% during the three-year period ended September 30, 2020. If an investor had bought shares in Air Products and Chemicals on September 30, 2015, and sold them on September 30, 2020, their annualized total return would have been 20.84%.
21a
Ranking the Dividend Achievers by Total Return Based on the 1, 3, and 5 year periods ending September 30, 2020
Ticker
Name
SRCE
1st FIRST SOURCE
MMM
3M COMPANY
Tot Ret.
Rank
Tot Ret. Rank
1 Year
1 Year
3 Year 3 Year
Tot Ret.
Rank
5 Year 5 Year
-30.07
1
-12.57
266
2.83
224
0.99
251
-5.53
223
5.58
186
-11.59
125
9.36
110
9.67
144
31.74
180
28.26
13
23.31
21
196
8.02
161
AAN
AARONS
ABT
ABBOTT LABS
ABM
ABM INDUSTRIES
3.47
27
-2.22
ACN
ACCENTURE PLC
19.15
117
20.23
39
19.49
53
AFL
AFLAC
60 245
16
7.24 20.84
168
AIR PRODUCTS
-0.96 27.42
183
APD
-28.4 36.59
ALB
ALBEMARLE
30.61
18
-11.79
264
16.84
73
LNT
ALLIANT ENERGY
-1.46
29
10.35
104
14.78
93 259
MO
ALTRIA GROUP
AEP
AMER ELEC POWER
AFG
AMER FINL GROUP
36
2.74
136
-8.79
244
-0.55
-9.78
118
8.49
118
10.64
131
-34.56
171
-8.18
239
4.52
200 96
AWR
AMER STATES WATR
-15.2
267
16.75
56
14.15
AWK
AMER WATER WORKS
18.31
196
23.02
29
22.77
25
AEL
AMERICAN EQUITY
-7.89
61
-7.75
235
-0.02
252
AMP
AMERIPRISE FINL
ABC
AMERISOURCEBERGN
ADI
ANALOG DEVICES
ANDE
ANDERSONS
AIT ATR
7.5
158
3.64
157
9.44
145
19.74
101
7.12
128
1.93
237
6.63
58
12.63
85
17.54
71
-11.41
105
-14.76
272
-7.98
281
APPLIED IND TECH
-0.76
178
-3.69
204
9.86
142
APTARGROUP
-3.22
133
10.78
95
12.68
107
ADM
ARCHER-DANIELS
16.68
147
6
137
5.07
194
AIZ
ASSURANT
-1.58
64
10.38
102
10.91
127
T
AT&T INC
-19.19
140
-4.05
210
3.37
214
ATO
ATMOS ENERGY
-14.05
210
6.73
130
12.62
108
ATRI
ATRION
-18.84
190
-1.46
189
11.67
119
ADP
AUTO DATA PROC
-11.33
208
10.86
94
13.79
99
AVA
AVISTA CORP
-26.25
177
-9.22
248
4.54
199 260
AXS
AXIS CAPITAL HLD
-31.55
236
-5.21
221
-0.9
BMI
BADGER METER
23.02
255
11.11
93
18.59
60
BCPC
BALCHEM CORP
-1.05
47
6.8
129
10.42
138
BANF
BANCFIRST CORP
-23.96
134
-7.93
236
7.74
164
BMRC
BANK OF MARIN BC
-28.03
223
-3.03
200
6.11
178
-17.96
242
-20.61
284
-10.35
284
-6.77
206
7.28
125
13.28
102
-13.66
156
13.47
78
12.97
103
OZK
BANK OZK
BDX
BECTONDICKINSON
WRB
BERKLEY W R
BBY
BEST BUY
64.43
189
27.15
18
26.43
9
BKH
BLACK HILLS
-27.5
4
-4.73
215
8.78
152
BLK
BLACKROCK
29.64
240
10.43
101
15.86
84
BOKF
BOK FINANCIAL
-32.34
31
-13.63
271
-1.21
261
BRC
BRADY CORP
-22.92
260
3.9
156
17.59
69
BMY
BRISTOL-MYERS SQ
22.36
221
0.79
173
2.8
226
BR
BROADRIDGE FINL
7.85
50
19.46
40
20.45
42
BRO
BROWN & BROWN
26.48
100
24.26
25
24.73
18
BFB
BROWN-FORMAN B
21.09
34
21.71
33
15.43
86
BG
BUNGE LTD
-15.75
56
-9.44
249
-5.63
274
22a
Ticker CWT
Name CALIF WATER SVC
CAH
CARDINAL HEALTH
CSL
CARLISLE
CASY CASS CAT
CATERPILLAR
CE
CELANESE CORP
Tot Ret.
Rank
Tot Ret. Rank
1 Year -16.33
1 Year 198
3 Year 3 Year 6.29 132 -7.67 234
Tot Ret.
Rank
5 Year 5 Year 16.37 80
3.59
202
-14.53
116
-6.07
276
119
8.32
156
CASEYS GEN STORE
11.03
194
CASS INFORMATION
-23.47
86
18.3
47
12.21
115
-3.54
201
3.64
212
21.34
222
8.68
117
20.53
41
-10.11
54
3.09
161
14.65
94
8.36
CNP
CENTERPOINT
-32.98
174
-8.38
242
6.35
176
CHRW
CH ROBINSON
22.94
261
12.4
87
10.49
136
CHE
CHEMED CORP
15.35
48
33.8
8
29.5
7
CPK
CHESAPEAKE UTIL
-9.79
68
4.36
151
11.48
121
CVX
CHEVRON
-35.03
172
-9.81
252
3.74
209
CB
CHUBB LTD
-26.18
268
-4.28
212
4.77
195
CHD
CHURCH & DWIGHT
CINF
CINCINNATI FINL
CTAS CLX CMS
CMS ENERGY
KO
COCA-COLA
25.81
235
25.78
20
18.46
62
-31.15
37
3.6
158
10.71
129
CINTAS
25.1
254
32.95
9
31.83
6
CLOROX
41.21
39
18.78
44
14.5
95
-1.46
15
12.48
86
14.15
97
-6.32
137
6.34
131
7.26
167
CNS
COHEN & STEERS
7.9
155
18.34
45
20.1
45
CL
COLGATE-PALMOLIV
7.32
99
4.12
153
6.11
179
COLM
COLUMBIA SPORTS
-9.71
102
13.18
80
9.06
149
CMCSA
COMCAST
4.57
169
8.12
121
11.83
118
CMA
COMERICA
-37.93
109
-16.06
274
2.72
227
CBU
COMM BANK SYSTEM
-9.05
274
2.25
166
10.63
133
CBSH
COMMERCE BANCSH
-0.72
165
5.82
140
11.18
124
CTBI
COMMUNITY TRUST
-30.05
132
-11.17
261
-0.21
253
-14.43
250
2.39
165
6.6
175
24.15
193
30.16
10
20.86
35
-27.11
42
-3.75
205
0.51
249
ED
CONSOL EDISON
COST
COSTCO WHOLESALE
CBRL
CRACKER BARREL
CSX
CSX
CFR
CULLEN/FROST
CMI DLR DIS
13.6
237
14.05
73
24.96
16
-24.57
76
-8.79
245
3.74
210
CUMMINS INC
33.03
225
10.31
105
16.56
78
DIGITAL REALTY
16.48
25
10.44
100
20.59
40
DISNEY WALT
-4.11
65
9.21
111
5.15
192
D
DOMINION ENERGY
2.01
150
5.19
144
6.24
177
DCI
DONALDSON CO
-9.25
121
2.03
169
12.32
112
DOV
DOVER
10.79
167
12.74
83
18.65
58
DTE
DTE ENERGY
-10.43
87
5.59
141
10.54
135
DUK
DUKE ENERGY
EMN
EASTMAN CHEMICAL
ETN
EATON CORP PLC
EV
EATON VANCE
ECL
ECOLAB
EIX
EDISON INTL
EMR
EMERSON ELECTRIC
EPD
ENTERPRISE PROD
-3.65
176
5.91
138
8.16
158
9.39
149
-1.88
193
6.66
174
26.19
94
12.83
81
17.51
72
-11.75
36
-5.03
220
5.88
181
1.86
181
16.85
55
13.66
100
-29.21
122
-8.94
247
-0.23
254
1.06
246
4.38
149
11.26
123
-38.53
124
-6.93
229
-0.54
258 65
ELS
EQUITY LIFESTYLE
-6.24
275
15.12
67
17.88
ERIE
ERIE INDEMNITY
15.31
154
22.37
30
22.29
28
WTRG
ESSENTIAL UTILIT
-8.09
69
8.95
113
10.91
128
ESS
ESSEX PROPERTY
-36.03
160
-4.37
214
1.04
245
23a
Ticker EVR
Name EVERCORE
Tot Ret.
Rank
Tot Ret. Rank
1 Year -15.38
1 Year 270
3 Year 3 Year -3.67 203 4.38 150
Tot Ret.
Rank
5 Year 5 Year 8.15 159 9.12 148
EVRG
EVERGY
-20.61
197
ES
EVERSOURCE ENERG
-0.29
214
13.9
77
12.92
EXPD
EXPEDITORS INTL
23.22
130
15.97
60
15.07
90
XOM
EXXON MOBIL
-46.45
46
-18.51
281
-7.49
279
FDS
FACTSET RESEARCH
39.05
284
23.95
27
16.77
74
FAST
FASTENAL
40.99
17
27.86
14
21.7
31
FRT
FEDERAL RLTY INV
-42.96
16
-11.61
262
-7.28
278
FDX
FEDEX CORP
74.57
282
4.72
146
12.73
106
THFF
FIRST FINL CORP
-25.37
3
-8.9
246
3.26
218
-31.74
231
-17.97
280
-0.28
255
8.56
257
12.17
89
2.37
231
105
FLIC
FIRST LONG ISLAN
FLO
FLOWERS FOODS
FELE
FRANKLIN ELEC
24.33
96
10.46
99
17.61
68
BEN
FRANKLIN RES
-25.74
41
-15.99
273
-5.61
273
FUL
FULLER H B
GD
GEN DYNAMICS
-0.29
233
-6.36
224
7.53
165
-21.92
131
-9.95
254
2.52
230
GPC
GENUINE PARTS
-1.29
217
2.88
164
5.71
183
GL
GLOBE LIFE
-15.81
135
0.75
174
8.01
162 169
GRC
GORMAN-RUPP
-13.65
199
0.52
175
7.22
GGG
GRACO
34.74
188
15.2
66
23.4
20
GWW
GRAINGERW W
22.03
22
27.61
15
12.26
113
THG
HANOVER INSUR
-27.49
52
3.54
160
7.48
166
HAS
HASBRO
-28.01
239
-2.52
198
5.56
187
HWKN
HAWKINS INC
10.65
241
6.01
136
5.49
188
HCSG
HEALTHCARE SERV
-8.04
88
-23.79
285
-5.52
271
HEI
HEICO
-16.06
159
22.27
31
33.28
4
HP
HELMERICH PAYNE
-57.5
200
-24.22
286
-9.78
283
HSY
HERSHEY CO
-5.5
290
11.69
91
11.31
122
HI
HILLENBRAND
-5.41
153
-7.37
232
4.56
198
HEP
HOLLY ENERGY LP
-43.91
152
-16.48
275
-3.58
269
HD
HOME DEPOT
HMN
HORACE MANN
HRL
HORMEL FOODS
HUBB
HUBBELL
JBHT
HUNT JB TRANSP
IBM
IBM
IEX ITW IBOC
INTL BANCSHARES
IFF
INTL FLAV & FRAG
2.27
248
IP
INTL PAPER
1.84
120
22.22
283
21.4
34
20.93
34
-25.35
51
-2.15
195
3.26
219
13.87
230
16.9
54
10.67
130
6.91
75
8.19
120
12.38
110
15.18
104
5.23
143
12.94
104
-11.86
71
-1.02
185
0.94
247
IDEX CORP
12.53
182
15.65
63
21.73
30
ILLINOIS TOOL
26.24
83
11.48
92
20.6
39
-29.67
35
-10.28
258
3.84
208
-2.81
199
5.68
185
-6.47
225
5.8
182
IVZ
INVESCO LTD
-28.07
123
-25.34
287
-11.64
286
JJSF
J&J SNACK FOODS
-30.89
243
1.3
171
4.22
203
JKHY
JACK HENRY
12.54
253
17.62
52
19.49
54
JNJ
JOHNSON JOHNSON
18.1
82
7.16
127
12.25
114
K
KELLOGG
3.92
62
4.56
147
2.53
229
24a
Ticker KMB
Name KIMBERLY-CLARK
KLAC
KLA CORP
KR
KROGER
LHX
Tot Ret.
Rank
Tot Ret. Rank
1 Year 6.93
1 Year 115
23.67
103
3 Year 3 Year 10.77 96 24.16 26
Tot Ret.
Rank
5 Year 5 Year 8.96 151 32.88 5
34.1
45
20.99
36
0.21
251
L3HARRIS TECHNOL
-17.01
24
10.64
97
20.07
46
LANC
LANCASTER COLONY
30.98
203
15.82
62
14.97
91
EL
LAUDER ESTEE
10.42
28
27.39
17
22.82
24
LAZ
LAZARD
-0.2
89
-3.81
206
1.08
244 217
LEG
LEGGETT & PLATT
LII
LENNOX INTL
LECO
LINCOLN ELECTRIC
4.47
129
-1.36
188
3.3
13.47
113
16.2
58
20.19
44
8.34
77
2.05
168
13.81
98
LNN
LINDSAY
5.48
97
2.99
163
8.66
153
LMT
LOCKHEED MARTIN
0.72
106
9.7
108
15.36
87
LOW
LOWES COMPANIES
52.84
126
29.04
11
20.41
43
MMP
MAGELLAN M PN LP
-42.2
8
-13.49
270
-2.62
266
MKTX
MARKETAXESS HLDG
47.76
281
38.24
5
39.44
1
MMC
MARSH MCLENNAN
16.47
11
12.64
84
18.58
61
MATW
MATTHEWS INTL
-34.44
66
-26.46
289
-11.87
288
MXIM
MAXIM INTEGRATED
20.07
266
15.26
65
17.76
66
MKC
MCCORMICK & CO
25.74
57
25.07
22
19.98
48
MCD
MCDONALDS
4.55
38
14.17
72
19.54
51
MGRC
MCGRATH RENTCORP
-12.09
111
13.2
79
19.67
50
MCK
MCKESSON CORP
10.19
183
-0.01
177
-3.37
268
-17.24
91
-1.33
186
8.99
150
-2.26
205
12.31
88
11.15
125
-19.25
143
-4.97
219
0.77
248
MDU
MDU RESOURCES
MDT
MEDTRONIC PLC
MCY
MERCURY GENERAL
MDP
MEREDITH
-61.02
211
-30.4
291
-11.81
287
MGEE
MGE ENERGY
-19.76
292
1.1
172
10.93
126
MCHP
MICROCHIP TECH
12.18
213
6.07
135
20.62
38
MSFT
MICROSOFT
52.75
84
42.58
1
37.67
3
MSEX
MIDDLESEX WATER
-2.75
9
18.31
46
22.84
23
MNRO
MONRO
-47.54
146
-8.42
243
-8.05
282
MCO
MOODY'S CORP
42.57
285
28.54
12
24.91
17
MSA
MSA SAFETY
24.53
13
20.45
38
28.78
8
MSM
MSC INDUSTRIAL
-1.72
40
0.25
176
5.47
189
NFG
NATL FUEL GAS
NHI
NATL HEALTH INV
-9.74
141
-6.85
226
-0.4
257
-21.56
170
-2.01
194
6.84
172
NHC
NATL HEALTHCARE
-21.33
216
3.01
162
3.39
213
NNN
NATL RETAIL PROP
-35.15
215
-0.92
181
3.99
205
NJR
NEW JERSEY RES
-37.44
269
-10.13
257
1.66
238
NEE
NEXTERA ENERGY
21.47
272
25.86
19
25.14
14
NKE
NIKE B
34.71
53
35.22
6
16.08
83
NDSN
NORDSON
32.2
23
18.27
49
25.78
11
NOC
NORTHROP GRUMMAN
-14.34
26
4.74
145
15.27
89
NWE
NORTHWESTERN
-32.03
192
-0.87
180
2.03
234
NUS
NU SKIN ENTERPRS
21.29
259
-3.93
208
6.8
173
NUE
NUCOR
-8.72
55
-3.99
209
6.97
171
NWN
NWEST NAT HLD
-33.7
163
-7.43
233
3.65
211
OXY
OCCIDENTAL PET
-73.89
263
-34.76
292
-18.55
292
OGE
OGE ENERGY
ORI
OLD REPUBLIC
-30.5
293
-1.6
191
6.02
180
-33.94
252
-0.94
182
5.71
184
25a
Ticker OHI
Name OMEGA HEALTHCARE
OMC
OMNICOM
OKE
ONEOK
PBCT
PEOPLES UTD FINL
Tot Ret.
Rank
Tot Ret. Rank
1 Year -21.94
1 Year 264
-33.46
218
3 Year 3 Year 5.89 139 -8.33 241
Tot Ret.
Rank
5 Year 5 Year 3.97 206 -1.42 262
-59.7
262
-13.15
269
5.13
193
-29.49
291
-11.85
265
-2.61
265
PEP
PEPSICO
3.98
247
10.36
103
10.56
134
PRGO
PERRIGO CO PLC
-16.27
114
-17.04
277
-20.64
293
PETS
PETMED EXPRESS
81.58
201
1.6
170
17.65
67
PM
PHILIP MORRIS
4.97
2
-7.2
230
4.1
204
PII
POLARIS
10
107
-0.97
184
-2.41
263
POR
PORTLAND GEN ELE
-34.25
92
-4.33
213
2.84
223 155
PPG
PPG INDUSTRIES
PPL
PPL CORP
PFG
PRINCIPAL FINL
PG PB PRU KWR QCOM
QUALCOMM
4.76
265
5.59
142
8.38
-8.33
108
-5.39
222
1.38
241
-25.62
162
-10.12
256
1.14
243
PROCTER & GAMBLE
14.22
232
17.56
53
16.32
82
PROSPERITY BANCS
-24.01
74
-4.78
216
3.85
207
PRUDENTIAL FINL
-24.6
224
-10.91
259
1.21
242
QUAKER CHEM
14.61
226
7.5
123
19.33
55
57.6
72
34.12
7
19.2
56
-17.15
6
6.26
133
9.17
147
30.5
204
7.2
126
11.95
117
O
REALTY INCOME
RBC
REGAL BELOIT
RGA
REINSURANCE GRP
-38.71
30
-9.74
251
3.14
221
RNR
RENAISSANCERE
-11.54
276
8.75
116
10.64
132
RSG
REPUBLIC SERVICE
RLI
RLI
RHI
ROBERT HALF
ROK
ROCKWELL AUTOMAT
ROL
ROLLINSINC
ROP
ROPER TECHNOL
ROST
ROSS STORES
9.75
179
14.02
74
19.51
52
-7.79
93
16.28
57
12.34
111
-2.5
157
3.96
155
2.67
228
36.38
144
9.21
112
18.6
59
60.33
19
21.78
32
25.71
12
11.36
5
18.06
51
20.79
37
-14.56
85
14.01
75
14.84
92 32
RGLD
ROYAL GOLD
-1.57
195
12.75
82
21.61
RPM
RPM INTL
22.48
139
19.2
41
16.33
81
R
RYDER SYSTEM
-14.08
49
-16.8
276
-6.77
277
SMG
SCOTTS MIRACLE
57.41
191
19.15
42
22.62
26
SEIC
SEI INVESTMENTS
-13.22
7
-4.8
217
2.19
233 246
SXT
SENSIENT TECH
-13.62
184
-6.91
228
0.97
SHW
SHERWIN-WILLIAMS
27.65
187
25.61
21
26.31
10
SLGN
SILGAN HOLDINGS
23.99
32
8.95
114
8.29
157 285
SPG
SIMON PROPERTY
-54.91
43
-18.82
282
-11.54
SJW
SJW GROUP
-9.04
287
4.47
148
16.57
77
AOS
SMITH A O
12.68
164
-2.36
197
11.56
120
SJM
SMUCKER J M
8.22
81
6.2
134
2.88
222
SNA
SNAP-ON INC
-3.25
98
2.09
167
1.65
239
SON
SONOCO PRODUCTS
SJI
SOUTH JERSEY IND
-9.31
148
3.58
159
9.36
146
-37.86
168
-13.02
268
-0.31
256
SO
SOUTHERN CO
SBSI
SOUTHSIDE BANCSH
SWX
SOUTHWEST GAS HO
-28.24
227
-3.62
202
4.62
196
SR
SPIRE INC
-36.16
244
-6.86
227
3.37
215
-8.14
273
7.79
122
8.11
160
-24.66
161
-8.21
240
3.34
216
26a
Tot Ret.
Rank
Tot Ret. Rank
1 Year 14.24
1 Year 271
3 Year 3 Year 4.08 154 10.21 106
Tot Ret.
Rank
5 Year 5 Year 12.5 109 22.24 29
Ticker SWK
Name STANLEY BLACK&DE
SCL
STEPAN
13.43
73
SYBT
STOCK YARDS BNCP
-4.28
78
-0.83
179
9.72
SYK
STRYKER
-2.6
151
14.76
70
18.28
64
SYY
SYSCO
-19.45
145
7.43
124
12.15
116
TROW
T ROWE PRICE
SKT
TANGER FACTORY
TGT
TARGET CORP
TDS
TELEPHONE & DATA
143
15.26
212
14.85
69
15.32
88
-54.15
70
-26.01
288
-17.43
291
49.73
286
40.74
4
16.56
79
-25.91
10
-9.89
253
-2.85
267
TNC
TENNANT
-13.38
234
-1.66
192
2.83
225
TXN
TEXAS INSTR
13.27
186
19.03
43
25.59
13
ENSG
THE ENSIGN GROUP
35.97
80
42.13
3
25.05
15
TIF
TIFFANY
27.57
20
10.11
107
10.31
140
TJX
TJX
0.66
33
16.08
59
10.45
137
TMP
TOMPKINS FINL
-27.41
127
-10
255
4.46
201
-13.33
238
-3.83
207
3.23
220
15.89
185
11.77
90
20.05
47
-24.99
67
-1.33
187
4.33
202
TR
TOOTSIE ROLL
TTC
TORO
TRV
TRAVELERS COS
UDR
UDR
-29.84
229
-1.55
190
2.31
232
UGI
UGI
-31.79
249
-8.03
238
1.96
235 240
UMBF
UMB FINANCIAL
-22.19
258
-10.95
260
1.45
UNP
UNION PACIFIC
23.94
219
21.34
35
19.1
57
UBSI
UNITED BANKSHARE
-39.61
44
-11.68
263
-5.77
275 101
UPS
UNITED PARCEL SV
42.4
279
14.01
76
13.31
UNH
UNITEDHEALTH GRP
45.61
14
18.23
50
23.16
22
UHT
UNIV HEALTH RLTY
-41.89
12
-4.81
218
8.43
154
UVV
UNIVERSAL CORP
-18.03
280
-4.23
211
1.95
236
UNM
UNUM GROUP
-39.54
207
-26.88
290
-7.63
280
UBA
URSTADT BIDDLE
-57.36
278
-17.3
278
-5.52
272
VFC
V F CORP
-18.9
289
8.95
115
4.59
197
VGR
VECTOR GROUP
-10.24
209
-9.71
250
-2.53
264
VTR
VENTAS
-39.14
175
-7.96
237
0.26
250 139
VZ
VERIZON COMMUNIC
2.63
277
10.47
98
10.38
V
VISA
16.95
119
24.48
23
24
19
VSEC
VSE CORP
-9.06
63
-17.77
279
9.88
141
WPC
W P CAREY
-22.54
166
4.32
152
7.86
163
WBA
WALGREENS BOOTS
-31.73
220
-18.91
283
-11.88
289
WMT
WALMART
19.7
256
23.23
28
18.3
63
WM
WASTE MANAGEMENT
0.28
59
15.03
68
19.71
49
WDFC
WD-40
4.57
128
20.63
37
17.55
70
WEC
WEC ENERGY GROUP
4.51
110
18.28
48
15.62
85
WEN
WENDY'S
13.29
112
14.55
71
22.5
27
WST
WEST PHARMACEUT
94.29
79
42.19
2
38.69
2
WABC
WESTAMERICA BNCP
-9.95
173
-0.19
178
7
170
WLK
WESTLAKE CHEMICA
-1.9
142
-7.31
231
5.46
190
WHG
WESTWOOD HLDGS
-55.58
288
-35.69
293
-16.06
290
-24.73
228
-12.62
267
-5.28
270
35.86
21
24.33
24
5.29
191
8.96
95
15.97
61
16.67
76
JWA
WILEY JOHN
WSM
WILLIAMS-SONOMA
XEL
XCEL ENERGY
XLNX
XILINX
10.26
90
15.32
64
21.28
33
YORW
YORK WATER
-1.53
138
9.37
109
16.76
75
27a
Web Site And Dividend Reinvestment Plan Information Company
Ticker
Web Site
DRIP
1st Source Corp.
SRCE
www.1stsource.com
No
3M Co.
MMM
www.3m.com
Yes
Aaron's, Inc.
AAN
www.aarons.com
No
Abbott Laboratories
ABT
www.abbott.com
Yes
Accenture PLC
can
www.accenture.com
No
AFLAC Inc.
AFL
www.aflac.com
Yes
Air Products & Chemicals, Inc.
APD
www.airproducts.com
Yes
Albemarle Corp.
ALB
www.albemarle.com
Yes Yes
Alliant Energy Corp.
LNT
www.alliantenergy.com
Altria Group Inc.
MO
www.altriagroup.com
Yes
American Electric Power
AEP
www.aep.com
Yes
Amer. Equity Invest. Life Hold. Co American Financial Group Inc Ameriprise Financial Inc
AEL AFG AMP
www.american-equity.com www.afginc.com www.ameriprise.com
No Yes Yes
American States Water Co.
AWR
www.aswater.com
Yes
Amtrust Financial
AFSI
www.amtrustgroup.com
N/A
Analog Devices, Inc.
ADI
www.analog.com
No
Andersons, Inc.
ANDE
www.andersonsinc.com
No
AptarGroup Inc.
ATR
www.aptargroup.com
Yes
American Water Works
AWK
www.amwater.com
Yes
AmerisourceBergen Corp.
ABC
www.amerisourcebergen.com
Yes
Applied Industrial Technologies
AIT
www.applied.com
Yes
Archer Daniels Midland Co.
ADM
www.admworld.com
Yes
Arrow Financial Corp
GS
www.arrowfinancial.com
No
Assurant Inc.
AIZ
www.assurant.com
Yes
AT&T Inc.
T
www.att.com
Yes
Atmos Energy Corp.
ATO
www.atmosenergy.com
No
ATN International Inc.
ATNI
www.atni.com
No
Atrion Corp.
ATRI
www.atrioncorp.com
No
Automatic Data Processing Inc.
ADP
www.adp.com
No
Avista Corp
AVA
www,avistacorp.com
Yes No
AXIS Capital Holdings Ltd
AXS
www.axiscapital.com
Badger Meter, Inc.
BMI
www.badgermeter.com
No
BancFirst Corp.
BANF
www.bancfirst.com
Yes
Bank of Marin Bancorp
BMRC
www.bankofmarin.com
Yes
Bank OZK
OZRK
www.ozk.com
Yes
Becton, Dickinson and Co.
BDX
www.bd.com
Yes
Bemis Co Inc.
BMS
www.bemis.com
No
Berkley (WR) Corp.
WRB
www.wrberkley.com
Yes
Best Buy Inc
BBY
www.bestbuy.com
Yes
Black Hills Corporation
BKH
www.blackhillscorp.com
Yes
Blackrock Inc.
BLK
www.blackrock.com
Yes
28a
Company
Ticker
Web Site
DRIP
BOK Financial Corp.
BOKF
www.bokf.com
Yes
Brady Corp.
BRC
www.bradycorp.com
Yes
Bristol Myers
BMY
www.bristol.com
Yes
Broadridge Financial Solutions Inc.
BR
www.broadridge.com
No
Brown & Brown, Inc. Brown-Forman Corp.
BRO BF B
www.bbinsurance.com www.brown-forman.com
No No
Bunge Ltd
BG
www.bunge.com
No
California Water Service Group
CWT
www.calwatergroup.com
Yes
CARBO Ceramics Inc.
CRR
www.carboceramics.com
Yes
Cardinal Health, Inc.
CAH
www.cardinalhealth.com
No
Carlisle Companies Inc.
CSL
www.carlisle.com
Yes
Casey's General Stores Inc.
CASY
www.caseys.com
Yes
Cass Information Systems, Inc.
CASS
www.cassinfo.com
No
Caterpillar Inc.
CAT
www.cat.com
Yes
Celanese Corp
CE
www.celanese.com
Yes
CenterPoint Energy, Inc Chevron Corporation
CNP CVX
www.centerpointenergy.com www.chevron.com
Yes Yes
Chubb Corp.
CB
www.chubb.com
Yes
Chesapeake Utilities Corp.
CPK
www.chpk.com
Yes
Church & Dwight Co., Inc.
CHD
www.churchdwight.com
Yes
Cincinnati Financial Corp.
CINF
www.cinfin.com
Yes
Cintas Corporation
CTAS
www.cintas.com
No
Clarcor Inc.
CLC
www.clarcor.com
Yes
Clorox Co.
CLX
www.thecloroxcompany.com
Yes
CMS Energy Corp.
CMS
www.cmsenergy.com
Yes
Cohen & Steers
CNS
www.cohenandsteers.com
Yes
Colgate-Palmolive Co.
CL
www.colgate.com
Yes
Columbia Sportswear
COLM
www.columbia.com
Yes
Comerica Inc.
CMA
www.comerica.com
Yes
Commerce Bancshares, Inc.
CBSH
www.commercebank.com
No
Community Bank System, Inc.
CBU
www.communitybankna.com
Yes
Community Trust Bancorp, Inc.
CTBI
www.ctbi.com
No
Consolidated Edison Inc.
ED
www.conedison.com
Yes Yes
Costco Wholesale Corp
COST
www.costco.com
Cracker Barrel Old Country Store
CBRL
www.crackerbarrel.com
No
CSX Corp.
CSX
www.csx.com
Yes
Cullen/Frost Bankers, Inc.
CFR
www.frostbank.com
No
Cummins, Inc.
CMI
www.cummins.com
Yes
CVS Health Corporation
CVS
www.cvs.com
Yes
Darden Restaurants, Inc.
DRI
www.darden.com
Yes
Digital Realty Trust, Inc.
DLR
www.digitalrealty.com
No
Disney (Walt)
DIS
www.thewaltdisneycompany.com
Yes
Dominion Energy Inc
D
www.dom.com
Yes
Donaldson Co. Inc.
DCI
www.donaldson.com
Yes
29a
Company
Ticker
Web Site
DRIP
Dover Corp.
DOV
www.dovercorporation.com
Yes
DTE Energy Co
DTE
www.dteenergy.com
Yes
Duke Energy Corp
DUK
www.duke-energy.com
Yes
Eastman Chemical
EMN
www.eastman.com
Yes
Eaton Corp
ETN
www.eaton.com
Yes
Eaton Vance Corp.
EV
www.eatonvance.com
No
Ecolab, Inc.
ECL
www.ecolab.com
Yes
Edison International
EIX
www.edison.com
Yes
Emerson Electric Co.
EMR
www.gotoemerson.com
Yes
Energy Transfer LP
ETE
www.energytransfer.com
No
Enterprise Products Partners
EPD
www.epplp.com
Yes
Equity Lifestyle Properties Inc
ELS
www.equitylifestyle.com
No
Erie Indemnity Co.
ERIE
www.erieinsurance.com
No
Essential Utilities
WTRG
www.essential.co
Yes
Essex Property Trust, Inc.
ESS
www.essexpropertytrust.com
Yes
Estee Lauder
EL
www.esteelauder.com
Yes
Evercore Inc.
EVR
www.evercore.com
No
Eversource Energy
ES
www.eversource.com
Yes
Expeditors Int'l of Washington, Inc.
EXPD
www.expeditors.com
No
Exxon Mobil Corp.
XOM
www.exxonmobil.com
Yes
Factset Research Systems Inc.
FDS
www.factset.com
No
Fastenal Co.
FAST
www.fastenal.com
No
FedEx Corp
FDX
www.fedex.com
Yes
Federal Realty Investment Trust
FRT
www.federalrealty.com
Yes
First Financial Corp.
THFF
www.first-online.com
No
Flowers Foods, Inc.
FLO
www.flowersfoods.com
Yes
Franklin Electric Co., Inc.
FELE
www.franklin-electric.com
No
Franklin Resources, Inc.
BEN
www.franklintempleton.com
Yes
Fuller (H.B.) Company
FUL
www.hbfuller.com
Yes
General Dynamics Corp.
GD
www.generaldynamics.com
No
General Mills, Inc.
GIS
www.generalmills.com
Yes
Genuine Parts Co.
GPC
www.genuineparts.com
Yes Yes
Globe Life Inc
GL
www.globelifeinsurance.com
Gorman-Rupp Co.
GRC
www.gormanrupp.com
Yes
Graco Inc.
GGG
www.graco.com
No
Grainger (W.W.) Inc.
GWW
www.grainger.com
No
Hanover Insurance Group Inc
THG
www.hanover.com
No
Hasbro, Inc.
HAS
www.hasbro.com
Yes
Hawkins Inc
HWKN
No
Healthcare Services Group, Inc.
HCSG
www.hawkinsinc.com www.hcsgcorp.com
HEICO Corp
HEI
www.heico.com
No
Helmerich & Payne Inc.
HP
www.hpinc.com
No
Hershey Co
HSY
www.thehersheycompany.com
Yes Yes
No
Home Depot Inc
HD
www.homedepot.com
Hormel Foods Corp.
HRL
www.hormel.com
Yes
Holly Energy Partners LP
HEP
www.hollyenergy.com
No
30a
Company
Ticker
Web Site
DRIP
Horace Mann Educator
HMN
www.horacemann.com
Yes
Hubbell Inc.
HUBB
www.hubbell.com
No
Hunt (J.B.) Transport Services, Inc.
JBHT
www.jbhunt.com
No
IDEX Corp
IEX
www.idexcorp.com
Yes
Illinois Tool Works, Inc.
ITW
www.itw.com
Yes
International Bancshares
IBOC
www.ibc.com
Yes
International Business Machines Corp. IBM
www.ibm.com
Yes
International Flavor & Fragrances Inc. IFF
www.iff.com
Yes Yes
International Paper
IP
www.internationalpaper.com
Investco LTD
IVZ
www.invesco.com
No
Johnson & Johnson
JNJ
www.jnj.com
Yes
J&J Snack Foods Corp.
JJSF
www.jjsnack.com
No
Kellogg Co
K
www.kelloggs.com
Yes
Kimberly-Clark Corp.
KMB
www.kimberly-clark.com
Yes
KLA Corp
KLAC
www.kla-tencor.com
Yes
Kroger Co
KR
www.thekrogerco.com
Yes
L3Harris Technologies Inc.
LLL
www.l3harris.com
No
Laclede Group Inc
LG
www.thelacledegroup.com
Yes
Lancaster Colony Corp.
LANC
www.lancastercolony.com
Yes
Lazard Ltd
LAZ
www.lazard.com
No
Leggett & Platt, Inc.
LEG
www.leggett.com
No
Lennox International
LII
www.lennoxinternational.com
Yes
Lincoln Electric Holdings, Inc.
LECO
www.lincolnelectric.com
No
Lindsay Corp.
LNN
www.lindsay.com
No
Lockheed Martin Corp.
LMT
www.lockheedmartin.com
Yes
Lowe's Companies Inc.
LOW
www.lowes.com
Yes
Magellan Midstream Partners LP
MMP
www.magellanlp.com
No
Matthews International Corp
MATW
www.matw.com
No
Maxim Integrated Products, Inc.
MXM
www.maximintegrated.com
No
McCormick & Co., Inc.
MKC
www.mccormick.com
No
McDonald's Corp.
MCD
www.mcdonalds.com
Yes
McGrath RentCorp
MGRC
www.mgrc.com
No
McKesson Corp
MCK
www.mckesson.com
Yes
MDU Resources Group Inc.
MDU
www.mdu.com
Yes
Medtronic PLC
mdt
www.medtronic.com
No
Mercury General Corp.
MCY
www.mercuryinsurance.com
No
Meredith Corp.
MDP
www.meredith.com
No
MGE Energy Inc.
MGEE
www.mgeenergy.com
Yes
Microchip Technology, Inc. Microsoft Corporation
MCHP MSFT
www.microchip.com www.microsoft.com
No Yes
Yes
Middlesex Water Co.
MSEX
www.middlesexwater.com
Mine Safety Appliances Co.
MSA
www.msanet.com
No
Macon Inc.
MOCO
www.mocan.com
No
Marketaxess Holdings
MKTX
www.marketaxess.com
No
Marsh Mclennan Co
MMC
www.mmc.com
Yes
Monro, Inc.
MNRO
www.monro.com
No
Moodys Corp
MCO
www.moodys.com
Yes
MSC Industrial Direct Co., Inc.
MSM
www.mscdirect.com
No
National Fuel Gas Co.
NFG
www.nationalfuelgas.com
Yes
National Health Investors, Inc.
NHI
www.nhinvestors.com
No
National Healthcare Corp.
NHC
www.nhccare.com
No
National Retail Properties Inc.
NNN
www.nnnreit.com
Yes
31a
Company
Ticker
Web Site
DRIP
New Jersey Resources Corp.
NJR
www.njliving.com
Yes
Nextera Energy Inc.
NEE
www.nexteraenergy.com
N/A Yes
NIKE, Inc.
NKE
www.nikeinc.com
Nordson Corp.
NDSN
www.nordson.com
Yes
Northrop Grumman Corp
NOC
www.northropgrumman.com
Yes
Northwest Bancshares
NWBI
www.northwest.com
No
Northwest Natural Holding Co.
NWN
www.nwnatural.com
Yes
Northwestern Corp.
NWE
www.northwesternenergy.com
Yes
Nucor Corp.
NUE
www.nucor.com
Yes
NU Skin Enterprises, Inc.
NUS
www.nuskin.com
No
Occidental Petroleum Inc.
OXY
www.oxy.com
No
OGE Energy
OGE
www.oge.com
No
Old Republic International Corp.
ORI
www.oldrepublic.com
Yes
Omega Healthcare Investors, Inc.
OHI
www.omegahealthcare.com
Yes
Omnicom.com
OMC
www.onicomgroup.com
No
ONEOK Partners LP
OKS
www.oneokpartners.com
No
Peoples United Financial Inc.
PBCT
www.peoples.com
Yes
PepsiCo Inc.
PEP
www.pepsico.com
Yes
Perrigo Company plc
PRGO
www.perrigo.com
No
Petmed Express Inc
PETS
www.petmedexpress.com
No
Polaris Inc.
PII
www.polarisindustries.com
Yes
Portland General Electric
POR
www.portlandgeneral.com
Yes
PPG Industries, Inc.
PPG
www.ppg.com
Yes
PPL Corp
PPL
www.pplweb.com
Yes
Procter & Gamble Co.
PG
www.pg.com
Yes
Prosperity Bancshares Inc.
PRSP
www.prosperitybanktx.com
No
Quaker Chemical Corp
KWR
www.quakerchem.com
Yes
Qualcomm, Inc.
QCOM
www.qualcomm.com
Yes
Realty Income Corp.
O
www.realtyincome.com
No
Regal Beloit Corp.
RBC
www.regal-beloit.com
No
Reinsurance Group
RGA
www.rgare.com
No
Renaissancere LTD
RNR
www.renre.com
No
Republic Services, Inc.
RSG
www.republicservices.com
No
RLI Corp.
RLI
www.rlicorp.com
Yes
Robert Half International Inc.
RHI
www.roberthalf.com
No
Robinson (C.H.) Worldwide, Inc.
CHRW
www.chrobinson.com
Yes
Rockwell Automotive
ROK
www.rockwellautomation.com
Yes No
Rollins Inc.
ROL
www.rollins.com
Roper Technologies Inc.
ROP
www.roperind.com
No
Ross Stores, Inc.
ROST
www.rossstores.com
No
Royal Gold, Inc.
RGLD
www.royalgold.com
No
RPM International Inc.
RPM
www.rpminc.com
Yes
Ryder System, Inc.
R
www.ryder.com
Yes
Scotts Miracle Grow
SMG
www.scottsmiraclegrow.com
Yes
32a
Company
Ticker
Web Site
DRIP
SEI Investments Co.
SEIC
www.seic.com
No
Sherwin-Williams Co.
SHW
www.sherwin.com
Yes
Silgan Holdings Inc.
SLGN
www.silganholdings.com
No
Simon Property Group
SPG
www.simon.com
Yes
SJW Group
SJW
www.sjwater.com
No
Smith (A.O.) Corp
AOS
www.aosmith.com
Yes
Smucker (J.M.) Co.
SJM
www.smuckers.com
Yes
Snap On Inc.
SNA
www.snapon.com
No
Sonoco Products Co.
SON
www.sonoco.com
Yes
South Jersey Industries Inc.
SJI
www.sjindustries.com
Yes
Southwest Gas Holdings
SWX
www.swgas.com
Yes
Souhern Co (The)
SO
www.southerncompany.com
Yes
Southside Bancshares, Inc.
SBSI
www.southside.com
Yes
Spectra Energy Partners LP
SEP
www.spectraenergypartners.com
No
Spire Inc.
SR
www.spirenaturalgas.com
Yes
Sensient Technologies Corp.
SXT
www.sensient-tech.com
No
Smith (A.O.) Corp
AOS
www.aosmith.com
No
Stancorp Financial Group Inc.
SFG
www.stancorpfinancial.com
No
S&P Global Inc.
SPGI
www.spglobalinc.com
Yes
Stepan Co.
SCL
www.stepan.com
No
Stock Yards Bancorp
SYBT
www.syb.com
No
Stryker Corp.
SYK
www.stryker.com
No
Sysco Corp.
SYY
www.sysco.com
Yes
T Rowe Price Group Inc.
TROW
www.troweprice.com
No
Tanger Factory Outlet Centers, Inc.
SKT
www.tangeroutlet.com
Yes
Target Corp.
TGT
www.target.com
Yes
Telephone & Data Systems Inc.
TDS
www.teldta.com
Yes
Tennant Co.
TNC
www.tennantco.com
Yes
Texas Instruments Inc.
TXN
www.ti.com
Yes
Silgan Holdings Inc.
SLGN
www.silganholdings.com
No
Tiffany & Co.
TIF
www.Tiffany.com
No
TJX Companies, Inc.
TJX
www.tjx.com
No
Tompkins Financial Corp.
TMP
www.tompkinstrustco.com
Yes
Tootsie Roll Industries Inc.
TR
www.tootsie.com
No
The Gap, Inc.
GPS
www.gapinc.com
No
Toro Co. (The)
TTC
www.thetorocompany.com
Yes
Travelers Companies Inc (The)
TRV
www.travelers.com
Yes
UDR Inc.
UDR
www.udr.com
Yes
UGI Corp.
UGI
www.ugicorp.com
Yes
UMB Financial Corp.
UMBF
www.umb.com
Yes
Union Pacific
UNP
www.up.com
Yes
United Bankshares, Inc.
UBSI
www.ubsi-wv.com
Yes
United Healthgroup Inc.
UNH
www.unitedhealthgroup.com
No
United Parcel Services
UPS
www.ups.com
Yes
United Technologies Corp.
UTX
www.utc.com
Yes
Universal Corp.
UVV
www.universalcorp.com
Yes
Universal Health Realty Income Trust UHT
www.uhrit.com
Yes
Urstadt Biddle Properties Inc
www.ubproperties.com
Yes
UBA
33a
Company
Ticker
Web Site
DRIP
Vector Group Ltd
VGR
www.vectorgroupltd.com
Yes
Vectren Corp.
VVC
www.vectren.com
Yes
Verizon Communications Inc
VZ
www.verizon.com
Yes
VF Corp.
VFC
www.vfc.com
Yes
Yes
W.P. Carey Inc.
WPC
www.wpcarey.com
Walgreens Boots Alliance, Inc
WBA
www.walgreens.com
Yes
Wal-Mart Stores, Inc.
WMT
www.wal-mart.com
Yes
Waste Management, Inc. (DE)
WM
www.wm.com
Yes
WD 40 Company
WDFC
www.wd40company.com
No
WEC Energy Group Inc.
WEC
www.wecenergygroup.com
Yes
Wendys Company
WEN
www.wendys.com
Yes
West Pharmaceutical Services, Inc.
WST
www.westpharma.com
Yes
WestAmerica Bancorporation
WABC
www.westamerica.com
Yes
Westlake Chemical Corp
WLK
www.westlake.com
No
Westwood Holdings Group, Inc.
WHG
westwoodgroup.com
No
Wiley (John) & Sons Inc.
JW A
www.wiley.com
No
Williams Sonoma Inc
WSM
www.williams-sonomainc.com
No
Xcel Energy, Inc.
XEL
www.xcelenergy.com
Yes
Xilinx, Inc.
XLNX
www.xilinx.com
No
YorkWater Co
YORK
www.yorkwater.com
Yes
34a
Frequently Asked Questions Topics Questions: • •
•
• •
How does a dividend-paying company become a Dividend Achiever? What percentage of dividend-paying companies are classified as Dividend Achievers? How many economic sectors and industries are represented by Dividend Achievers? What distinguishes Dividend Achievers Co. from other U.S. listed companies? How are corporate actions handled?
Q: How does a dividend-paying company become a Dividend Achiever? A: In the United States a publicly-traded company that has increased its dividends for the last ten or more consecutive years and trade on a major exchange will be classified as a Dividend Achiever. In Canada a publicly traded company that has increased its dividends for the last five or more consecutive years will be classified as a Dividend Achiever. Q: What percentage of dividend-paying companies are classified as Dividend Achievers? A: Approximately 11.5% of the 2,400-plus United States-listed, dividend-paying common stocks are classified as Dividend Achievers. Q: How many economic sectors and industries are represented by Dividend Achievers? A: Dividend Achievers represent 9 industry sectors and more than 34 industries. Q: What distinguishes Dividend Achievers from other U.S. listed companies? A: Dividend Achievers have demonstrated the ability to consistently increase dividend payments over a substantial period of time, through volatile markets and challenging political climates.
35a
2
Q: How are corporate actions handled? A: If a Dividend Achiever constituent is acquired and is no longer actively traded, the company will cease classification as a Dividend Achiever. If a Dividend Achiever constituent spins off a portion of its business or merges with another company, it will be handled on a case by case basis.
3
36a
0
HOW TO USE THIS BOOK MERGENT'S Dividend Achievers is a compact, easy-to-use reference that provides basic financial and business information on companies that have increased their cash dividend payments for at least ten consecutive years, adjusting for splits. The presentation of background information plus current and historical data provides the answers to four basic questions for each company: 1. What does the company do? (See G.) 2. How has it done in the past? (See B, J.) 3. How is it doing now? (See C, D, H.) 4. How will it fare in the future? (See I.) A. CAPSULE STOCK INFORMATION shows where the stock is traded and its symbol, a recent price and price/earnings ratio, plus the yield afforded by the indicated dividend based on a recent price. The indicated dividend is the current annualized dividend based on the most recent regular cash payment. Also shown is the 52-week range of the Company's stock price. B. LONG-TERM PRICE CHART illustrates the pattern of monthly stock price movements, fully adjusted for stock dividends and splits. The chart points out the degree of volatility in the price movement of the company's stock and what its long-term trend has been. It also shows how it has performed long-term relative to an initial investment in the S&P 500 Index equal to the price of the company's stock at the beginning of the period shown in the price chart. It indicates areas of price support and resistance, plus other technical points to be considered by the investor. The bars at the base of the long-term price chart indicate the monthly trading volume. Monthly trading volume offers the individual an opportunity to recognize at what periods stock accumulation occurs and what percent of a company's outstanding shares are traded. PRICE SCORES − Above each company's price/volume chart are its Mergent's Price Scores. These are basic measures of the stock's performance. Each stock is measured against the New York Stock Exchange Composite Index.
A score of 100 indicates that the stock did as well as the New York Stock Exchange Composite Index during the time period. A score of less than 100 means that the stock did not do as well; a score of more than 100 means that the stock outperformed the NYSE Composite Index. All stock prices are adjusted for splits and stock dividends. The time periods measured for each company conclude with the date of the recent price shown in the top line of each company's profile. The 7 YEAR PRICE SCORE mirrors the common stock's price growth over the previous seven years. The higher the price score, the better the relative performance. It is based on the ratio of the latest 12-month average price to the current seven-year average. This ratio is then indexed against the same ratio for the market as a whole (the New York Stock Exchange Composite Index), which is taken as 100. The 12 MONTH PRICE SCORE is a similar measurement but for a shorter period of time. It is based on the ratio of the latest two-month average price to the current 12-month average. As was done for the Long-Term Price Score, this ratio is also indexed to the same ratio for the market as a whole. C. INTERIM EARNINGS (Per Share) − Figures are reported after the effect of extraordinary items, discontinued operations and cumulative effects of accounting changes. Each figure is for the quarterly period indicated. These figures are essentially as reported by the company, although all figures are adjusted for all stock dividends and splits. D. INTERIM DIVIDENDS (Per Share) − The cash dividends are the actual dollar amounts declared by the company. No adjustments have been made for stock dividends and splits. ExDividend Date: a stockholder must purchase the stock prior to this date in order to be entitled to the dividend. The Record Date indicates the date on which the shareholder had to have been a holder of record in order to qualify for the dividend. The Payable Date indicates the date the company paid or intends to pay the dividend. The cash amount shown in the first column is followed by a letter (example “Q” for quarterly) to indicate the frequency of the dividend. A notation of "Dividend
37a
Exchange NYS
Symbol OOO
ILLUSTRATIVE INC.
A
Price $154.11 (9/30/2020)
52Wk Range 179.72-82.88
Yield 2.70
P/E 8.06
*7 Year Price Score 103.00 *NYSE Composite Index=100 *12 Month Price Score 103.62 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 190 180 2017 2.52 2.50 3.24 1.20 170 2018 3.91 3.10 3.43 3.75 160 2019 2.82 3.57 4.04 3.52 150 2020 15.88 (4.31) ... ... 140 Interim Dividends (Per Share) 130 Amt Decl Ex Rec Pay 120 0.97Q 10/23/2019 11/01/2019 11/04/2019 11/15/2019 110 100 0.97Q 01/29/2020 02/13/2020 02/14/2020 02/28/2020 90 1.04Q 05/06/2020 05/15/2020 05/18/2020 05/29/2020 80 1.04Q 07/29/2020 08/07/2020 08/10/2020 08/21/2020 70 Indicated Div: $4.16 (Div. Reinv. Plan) 60 Valuation Analysis 50 Forecast EPS $16.28 (09/02/2020) 40 30 Market Cap $18.6 Billion Book Value $6.5 Billion TRADING VOLUME (thousand shares) Price/Book 2.86 Price/Sales 1.51 1500 1000 Dividend Achiever Status 500 10 Year Growth Rate 18.81% 0 Total Years of Dividend Growth 14 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
C
B
D
E
F
G
Business Summary: Wealth Management (MIC: 5.5.2 SIC: 6282 NAIC: 523930) Illustrative Inc. is a holding company. Through its subsidiaries, Co. provides a range of products and services to individual and institutional clients. Co.'s segments are: Advice and Wealth Management, which provides financial planning and advice, as well as brokerage services, to retail clients through its advisors; Asset Management, which provides investment management, advice and products to clients through the TestDrive Client Subsiduary® brand; Annuities, which provides variable and fixed annuity products to clients; and Protection, which provides products to address the protection and risk management needs of Co.'s retail clients including life, disability income insurance. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$539.0 million versus net income of US$492.0 million in the year-earlier quarter. Revenues were US$2.71 billion, down 16.4% from US$3.25 billion the year before. Direct operating expenses rose 36.3% to US$2.42 billion from US$1.78 billion in the comparable period the year before. Indirect operating expenses decreased 7.4% to US$817.0 million from US$882.0 million in the equivalent prior-year period. Prospects: Our evaluation of Illustrative Inc. as of March 27th, 2020 is the result of our s ystematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and AMP has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that ooo will perform well over the near term. Financial Data (US$ in Millions) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 19.13 27.01 13.92 14.20 9.44 7.81 8.48 8.30 Cash Flow Per Share 47.14 55.87 17.46 17.84 11.04 11.82 14.16 12.52 Tang Book Value Per Share 53.89 54.71 46.22 40.99 40.90 40.66 42.20 44.37 Dividends Per Share 3.950 3.880 3.810 3.530 3.240 2.920 2.590 2.260 Dividend Payout % 20.65 14.37 27.37 24.86 34.32 37.39 30.54 27.23 Income Statement Total Revenue 5,713 3,001 12,967 12,835 12,027 11,696 12,170 12,268 EBITDA 2,008 2,444 2,593 2,875 2,562 1,982 2,679 3,019 Depn & Amortn 96 47 147 146 141 149 150 144 Income Before Taxes 1,825 2,351 2,232 2,484 2,214 1,592 2,142 2,547 Income Taxes 328 315 339 386 734 278 455 545 Net Income 1,497 2,036 1,893 2,098 1,480 1,314 1,562 1,619 Average Shares 126 128 136 147 156 168 184 195 Balance Sheet Current Assets 7,703 8,829 11,037 9,282 8,405 7,796 8,133 8,055 Total Assets 154,902 145,682 151,828 137,216 147,470 139,821 145,342 148,810 Current Liabilities 17,920 18,637 16,515 13,608 12,463 11,963 10,440 9,387 Long-Term Obligations 4,324 3,720 4,725 4,610 5,099 5,236 10,246 9,929 Total Liabilities 148,402 138,989 146,099 131,628 141,472 133,529 138,125 140,686 Stockholders' Equity 6,500 6,693 5,729 5,588 5,998 6,292 7,217 8,124 Shares Outstanding 120 122 123 136 146 154 171 183 Statistical Record Return on Assets % 1.65 2.44 1.31 1.47 1.03 0.92 1.06 1.10 Return on Equity % 39.95 56.38 33.45 36.22 24.08 19.40 20.36 19.85 EBITDA Margin % 35.15 81.44 20.00 22.40 21.30 16.95 22.01 24.61 Net Margin % 26.20 67.84 14.60 16.35 12.31 11.23 12.83 13.20 Asset Turnover 0.08 0.09 0.09 0.09 0.08 0.08 0.08 0.08 Current Ratio 0.43 0.47 0.67 0.68 0.67 0.65 0.78 0.86 Debt to Equity 0.67 0.56 0.82 0.82 0.85 0.83 1.42 1.22 Price Range 179.72-82.88 179.72-82.88168.43-104.37 182.04-97.58171.70-111.55 118.90-76.27137.81-103.08136.76-101.47 P/E Ratio 9.39-4.33 6.65-3.07 12.10-7.50 12.82-6.87 18.19-11.82 15.22-9.77 16.25-12.16 16.48-12.23 Average Yield % 2.76 2.64 2.70 2.46 2.35 3.00 2.12 1.92 Address: 1099 TestDrive Road Officers: Tom Jones - Chairman, Chief Investor Contact:111-111-1111 Center, Minneapolis, MN 55474 No of Institutions: 1148 Executive Officer Jack Smith- Executive Telephone: 612-000-0000 Shares: 149,431,344 % Held: 73.79 Vice President, Chief Financial Officer Transfer Web Site: www.ameriprise.com Agents:Computershare Trust Company, N.A, Providence, RI
H
I
J
K
38a
HOW TO USE THIS BOOK payment suspended" indicates that dividend payments have been suspended within the most recent ten years. Indicated Dividend This is the annualized amount (fully adjusted for splits) of the latest regular cash dividend. Companies with Dividend Reinvestment Plans are indicated here. E. VALUATION ANALYSIS is a tool for evaluating a company's stock. Included are: Forecast Earnings Per Share (EPS), Market Capitalization, Book Value, Price/Book and Price/Sales. F. DIVIDEND ACHIEVER STATUS − Presents the company’s 10-year average annual compounded cash dividend growth rate, along with the total consecutive years of increases. G. BUSINESS SUMMARY explains what a company does in terms of the products or services it sells, its markets, and the position the company occupies in its industry. For a quick reference, included are the Company's Standard Industrial Classification (SIC), North American Industry Classification (NAIC) and Mergent's Industry Classification (MIC). H. RECENT DEVELOPMENTS − This section captures what has happened in the most recent quarter for which results are available. It includes recently released sales and earnings figures as well as expense trends. I. PROSPECTS − This section focuses on what is anticipated for the immediate future, as well as the outlook for the next few years, based on analysis by Mergent. J. FINANCIAL DATA (fully adjusted for stock dividends and splits) is provided for at least the past seven fiscal years preceded by the most recent three-, six- and nine-month results if available. Fiscal Years are the annual financial reporting periods as determined by each company. Annual prices and dividends are displayed based on the Company's fiscal year. Per Share Data: The Earnings Per Share figure is based on a trailing 12-month period. Earnings per share, and all per share figures, are adjusted for subsequent
stock dividends and splits. Earnings per share are presented on a diluted basis, as described by Financial Accounting Standards Board Statement 128. Cash Flow Per Share represents the annualized cash flow from operating activities (or for quarters, TTM cash flow from operating activities) divided by the average shares outstanding. Tangible Book Value Per Share is calculated as stockholders equity (the value of common shares, paid-in capital and retained earnings) minus preferred stock and intangibles such as goodwill, patents and excess acquisition costs, divided by shares outstanding. It demonstrates the underlying cash value of each common share if the company were to be liquidated as of that date. Dividends Per Share is the total of cash payments made per share to shareholders for the trailing 12-month period. Dividend Payout % is the proportion of earnings available for common stock that is paid to common shareholders in the form of cash dividends. It is significant because it indicates what percentage of earnings is being reinvested in the business for internal growth. EDITOR’S NOTE: TTM net income is net income for the last 365 days (normally four reported quarters) ended on the quarterly balance sheet date. Where that last 365 days does not exactly equate to the last four reported quarters the net income for any included partial quarter is adjusted on a pro-rata basis. INCOME STATEMENT, BALANCE SHEET AND STATISTICAL RECORD Includes pertinent earnings and balance sheet information essential to analyzing a corporation’s performance. The comparisons provide the necessary historical perspective to intelligently review the various operating and financial trends. Generic definitions follow. Income Statement: Total Revenues consists of all revenues from operations. EBITDA represents earnings before, interest, taxes, depreciation and amortization, and special items.
39a
HOW TO USE THIS BOOK Depreciation and Amortization includes all noncash charges such as depletion and amortization as well as depreciation. Income Before Taxes is the remaining income after deducting all costs, expenses, property charges, interest etc. but before deducting income taxes. Income Taxes includes the amount charged against earnings to provide for current and deferred income taxes. Net Income consists of all revenues less all expenses (operating and non-operating), and is presented before preference and common dividends. Average Shares Outstanding is the weighted average number of shares including common equivalent shares outstanding during the year, as reported by the corporation and fully adjusted for all stock dividends and splits. The use of average shares minimizes the distortion in earnings per share which could result from issuance of a large amount of stock or the company's purchase of a large amount of its own stock during the year. Balance Sheet: Current Assets includes the short-term assets expected to be realized or consumed within one year. Normally includes cash and cash equivalents, short term investments, receivables, prepayments and inventories. Total Assets represents all of the assets of the company, including tangible and intangible, and current and non-current. Current Liabilities are all of the obligations of the company normally expected to be paid within one year. Includes bank overdrafts, short-term debt, payables and accruals. Long-Term Obligations are the total long-term debts (due beyond one year) reported by the company, including bonds, capital lease obligations, notes, mortgages, debentures, etc. Total Liabilities represents all liabilities of the company, whether current or non-current. Stockholders’ Equity is the sum of all capital stock accounts − paid in capital (including additional premium), retained earnings, and all other capital balances. Shares Outstanding is the number of shares outstanding as of the date of the company's quarterly/annual report, exclusive of treasury stock and adjusted for subsequent stock dividends and splits.
Statistical Record: Return on Assets % represents the ratio of annualized net income (or for Mos., TTM net income) to average total assets. This ratio represents how effectively assets are being used to produce a profit. Return on Equity % is the ratio of annualized net income (or for Mos., TTM net income) to average stockholders’ equity, expressed as a percentage. This ratio illustrates how effectively the investment of the stockholders is being utilized to earn a profit. EBITDA Margin % represents earnings before interest, taxes, depreciation and amortization as a percentage of total revenue. Net Margin % is net income expressed as a percentage of total revenues. Asset Turnover is annualized total revenue (or for Mos., TTM total revenue) divided by average total assets. A measure of efficiency of the use of assets. Current Ratio represents current assets divided by current liabilities. The higher the figure the better the company is able to meet its current liabilities out of its current assets. A key measure of liquidity for industrial companies. Debt to Equity is the ratio of long-term obligations to stockholders’ equity. Price Ranges are based on each Company's fiscal year. Where actual stock sales did not take place, a range of lowest bid and highest asked prices is shown. Price/Earnings Ratio is shown as a range. The figures are calculated by dividing the stock's highest price for the year and its lowest price by the year's earnings per share. Growth stocks tend to command higher P/Es than cyclical stocks. Average Yield % is the ratio of annual dividends to the real average of the prices over the fiscal year. EDITOR'S NOTE: In order to preserve the historical relationships between prices, earnings and dividends, figures are not restated to reflect subsequent events. Figures are presented in U.S. dollars unless otherwise indicated. K. ADDITIONAL INFORMATION on each stock includes the officers of the company, address, telephone number, web site and transfer agent(s).
40a
HOW TO USE THIS BOOK L. INSTITUTIONAL HOLDINGS indicates the number of investment companies, insurance companies, mutual funds, bank trust and college endowment funds holding the stock and the total number of shares held as last reported.
OTHER DEFINITIONS Factors Pertaining Especially to Utilities PPE Turnover represents annualized total revenue (or for Mos., TTM total revenue) divided by average net property, plant and equipment.
Factors Pertaining Especially to Banks Interest Income is all interest income, including income from loans and leases, securities and deposits. Interest Expense is all interest expense, including from loans and leases, securities and deposits. Loans to Deposits are net loans and leases divided by total deposits. A key measure of bank liquidity.
Net Interest Income is interest income less interest expense. This figure is presented before provision for losses. Provision for Losses represents the amount charged against earnings to increase the provision made for losses on loans and leases. Non-Interest Income is any income that is not interest-related. Such income could include trading revenue and gains on the sale of assets. Non-Interest Expense is all expenses that are not interest-related, including employment costs, office costs, marketing costs, etc. Net Loans & Leases includes all loans and leases net of provisions for losses. May include commercial, agricultural, real estate, consumer and foreign loans. Total Deposits are all time and demand deposits entrusted to a bank. Net Interest Margin % is net interest income before provisions expressed as a percentage of total interest income. A key measure of bank profitability. Efficiency Ratio % is non-interest expense expressed as a percentage of total revenue. Loss Ratio % is benefits and claims expressed as a percentage of premium income. A key ratio of insurance company profitability.
Factors Pertaining Especially to Insurance Companies Premium Income is the amount of insurance premiums received from policyholders. This is the primary revenue source for insurance companies. Benefits and Claims represents the payments made to policyholders under the terms of insurance contracts.
Factors Pertaining Especially to Real Estate Investment Trusts Property Income is income from property rental and other associated activities. Non-Property Income includes interest income and other income not from property activities.
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HOW TO USE THIS BOOK
ABBREVIATIONS AND SYMBOLS A…………………………………….Annual ASE………..……American Stock Exchange ()……………………………..………Deficit (Div. Reinv. Plan)....Dividend Reinvestment Plan offered E……………………………………….Extra M…………………………………...Monthly N/A…………………………Not Applicable N.M.……………...…….…..Not Meaningful NMS…..……….. National MarketSystem NYS…..………..New York Stock Exchange Q……………………………….….Quarterly S………………………………Semi-Annual Sp………...……………….Special Dividend U…………………...…Frequency Unknown
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Ford Recommendations of the 2020 Fall Dividend Achievers Use this rating only as an Investment Research Tool Ratings Date
Ford Rating
Ticker
Company Name
SRCE MMM AAN ABT ABM ACN AFL APD ALB LNT MO AEL AFG AWR AWK AMP ABC ADI ANDE ATR ADM AIZ T ATO ATRI ADP AXS BMI BCPC BANF BMRC OZK BDX WRB BBY
1st Source Corp. 3M Co Aaron's, Inc. Abbott Laboratories ABM Industries, Inc. Accenture plc AFLAC Inc. Air Products & Chemicals, Inc. Albemarle Corp. Alliant Energy Corp. Altria Group Inc American Equity Investment Life 3ing Co American Financial Group Inc American States Water Co. American Water Works Co., Inc. Ameriprise Financial Inc AmerisourceBergen Corp. Analog Devices, Inc. Andersons, Inc. AptarGroup Inc. Archer Daniels Midland Co. Assurant Inc AT&T Inc Atmos Energy Corp. Atrion Corp. Automatic Data Processing Inc. AXIS Capital 3ings Ltd Badger Meter, Inc. Balchem Corp BancFirst Corp. (Oklahoma City, Okla) Bank of Marin Bancorp Bank OZK Becton, Dickinson and Co. Berkley (W. R.) Corp. Best 2 Inc
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3 3 1 3 2 3 2 3 3 3 2 3 3 3 3 3 2 1 3 3 2 2 3 3 3 3 4 3 3 3 3 3 3 4 1
9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020
Ticker
Name
Ford Ratings
Date
BKH BOKF BRC BR
Black Hills Corporation BOK Financial Corp. Brady Corp. Broadridge Financial Solutions Inc.
2 3 2 2
9/25/2020 9/25/2020 9/25/2020 9/25/2020
BIP BRO BF/B BG CWT CAH CSL CASY CASS CAT CNP CHE CPK CVX CB CHD CINF CTAS CLX CMS KO CL COLM CMCSA CBSH CBU CTBI ED COST CBRL CSX CFR CMI DLR D DCI DOV DUK
Brookfield Infrastructure Partners LP Brown & Brown, Inc. Brown-Forman Corp. Bungle Ltd California Water Service Group (DE) Cardinal Health, Inc. Carlisle Companies Inc. Casey's General Stores, Inc. Cass Information Systems Inc. Caterpillar Inc. CenterPoint Energy, Inc Chemed Corp Chesapeake Utilities Corp. Chevron Corporation Chubb Ltd Church & Dwight Co., Inc. Cincinnati Financial Corp. Cintas Corporation Clorox Co. CMS Energy Corp. Coca-Cola Co (The) Colgate-Palmolive Co. Columbia Sportswear Comcast Corp Commerce Bancshares, Inc. Community Bank System, Inc. Community Trust Bancorp, Inc. Consolidated Edison, Inc. Costco Wholesale Corp Cracker Barrel Old Country Store, Inc. CSX Corp. Cullen/Frost Bankers, Inc. Cummins, Inc. Digital Realty Trust, Inc. Dominion Energy Inc (New) Donaldson Co. Inc. Dover Corp Duke Energy Corp
4 2 2 3 3 2 3 1 3 3 3 3 1 3 3 3 3 3 2 3 3 3 3 3 3 3 2 3 3 4 3 3 3 3 3 3 3 3
9/25/2020
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9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020
Ticker
EV ECL EIX EMR ENSG EPD ELS ERIE WTRG ESS EVR EVRG ES EXPD XOM FDS FAST FRT FDX FLIC FLO FELE BEN FUL GD GPC GL GRC GGG GWW THG HAS HWKN HCSG HEI HP HI HEP HRL HUBB JBHT ITW IBM IFF
Name
Ford Ratings
Eaton Vance Corp Ecolab, Inc. Edison International Emerson Electric Co. Ensign Group Inc. Enterprise Products Partners L.P. Equity Lifestyle Properties Inc Erie Indemnity Co. Essential Utilities Inc Essex Property Trust, Inc. Evercore Inc. Evergy Inc Eversource Energy Expeditors International of Washington, Inc. Exxon Mobil Corp. FactSet Research Systems Inc. Fastenal Co. Federal Realty Investment Trust (MD) FedEx Corp First of Long Island Corp Flowers Foods, Inc. Franklin Electric Co., Inc. Franklin Resources, Inc. Fuller (H.B.) Company General Dynamics Corp. Genuine Parts Co. Globe Life Inc. Gorman-Rupp Co. Graco Inc. Grainger (W.W.) Inc. Hanover Insurance Group Inc Hasbro, Inc. Hawkins Inc Healthcare Services Group, Inc. HEICO Corp Helmerich & Payne, Inc. Hillenbrand Inc Holly Energy Partners LP Hormel Foods Corp. Hubbell Inc. Hunt (J.B.) Transport Services, Inc. Illinois Tool Works, Inc. International Business Machines Corp. International Flavors & Fragrances Inc.
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Date
3 3 3 2 2 3 3 3 3 3 3 3 3 2 3 2 2 4 2 2 2 3 2 3 3 2 3 3 3 3 1 3 1 2 3 3 2 1 3 3 2 3 3 3
9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020
Ticker
IVZ JJSF JKHY JNJ K KMB KR LANC LAZ LEG LECO LNN LMT LOW LHX MMP MATW MXIM MKC MCD MGRC MCK MDU MDT MCY MDP MGEE MCHP MSFT MSEX MNRO MSA MSM NFG NHI NHC NNN NJR NEE NKE NDSN NOC NWN NWE
Name
Ford Ratings
Invesco Ltd J&J Snack Foods Corp. Jack Henry & Associates, Inc. Johnson & Johnson Kellogg Co Kimberly-Clark Corp. Kroger Co Lancaster Colony Corp. Lazard Ltd Leggett & Platt, Inc. Lincoln Electric 3ings, Inc. Lindsay Corp Lockheed Martin Corp. Lowe's Companies Inc L3Harris Technologies Inc. Magellan Midstream Partners LP Matthews International Corp Maxim Integrated Products, Inc. McCormick & Co., Inc. McDonald's Corp McGrath RentCorp McKesson Corp MDU Resources Group Inc. Medtronic PLC Mercury General Corp. Meredith Corp. MGE Energy Inc Microchip Technology, Inc. Microsoft Corporation Middlesex Water Co. Monro Inc MSA Safety Inc MSC Industrial Direct Co., Inc. National Fuel Gas Co. (NJ) National Health Investors, Inc. National Healthcare Corp. National Retail Properties Inc New Jersey Resources Corp NextEra Energy Inc NIKE, Inc Nordson Corp. Northrop Grumman Corp Northwest Natural Gas Co Northwestern Corp.
47a
Date
3 4 3 3 2 2 1 3 2 3 3 3 3 2 2 3 2 3 3 3 3 2 2 3 2 3 3 3 3 3 3 3 3 3 3 3 3 3 2 3 3 3 3 3
9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020
Ticker
NUS NUE OXY OGE ORI OHI OKE PBCT PEP PRGO PM PII POR PPG PPL PFG PG PB PRU KWR QCOM O RBC RNR RSG RLI RHI CHRW ROL ROP ROST RGLD RPM R SPGI SEIC SXT SHW SLGN SJW AOS SJM SON SJI
Name
Ford Ratings
NU Skin Enterprises, Inc. Nucor Corp. Occidental Petroleum Corp OGE Energy Old Republic International Corp. Omega Healthcare Investors, Inc. Oneok Inc. People's United Financial, Inc. PepsiCo Inc. Perrigo Company plc Philip Morris International Inc Polaris Inc. Portland General Electric PPG Industries, Inc. PPL Corp Principal Financial Group Inc Procter & Gamble Co. Prosperity Bancshares Inc. Prudential Financial Inc Quaker Chemical Corp Qualcomm, Inc. Realty Income Corp. Regal Beloit Corp RenaissanceRe 3ings ltd Republic Services, Inc. RLI Corp. Robert Half International Inc. Robinson (C.H.) Worldwide, Inc. Rollins, Inc. Roper Technologies Inc. Ross Stores, Inc. Royal Gold, Inc. RPM International Inc (DE) Ryder System, Inc. S&P Global Inc. SEI Investments Co. Sensient Technologies Corp. Sherwin-Williams Co. Silgan 3ings Inc. SJW Group Smith (A.O.) Corp Smucker (J.M.) Co. Sonoco Products Co. South Jersey Industries, Inc.
48a
Date
3 2 4 3 2 2 3 3 3 3 2 2 3 3 3 2 3 1 3 3 2 3 3 3 3 3 3 2 2 2 3 3 2 3 2 3 3 2 1 3 3 1 3 1
9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020
Ticker
SO SBSI SWX SR SWK SCL SYK SYY TROW SKT TGT TDS TNC TXN TIF TJX TMP TR TTC TRV UGI UMBF UNP UBSI RTX UVV UHT UNM UBA VGR VZ VFC V VSEC WPC WBA WMT WM WEC WST WABC WLK WHG JW/A
Name
Ford Ratings
Southern Company (The) Southside Bancshares, Inc. Southwest Gas 3ings Spire Inc. Stanley Black & Decker, Inc. Stepan Co. Stryker Corp. Sysco Corp. T Rowe Price Group Inc. Tanger Factory Outlet Centers, Inc. Target Corp Telephone & Data Systems, Inc. Tennant Co. Texas Instruments Inc. Tiffany & Co. TJX Companies, Inc. Tompkins Financial Corp Tootsie Roll Industries Inc Toro Co. (The) Travelers Companies Inc (The) UGI Corp. UMB Financial Corp Union Pacific United Bankshares, Inc. United Technologies Corp. Universal Corp. Universal Health Realty Income Trust Unum Group Urstadt Biddle Properties Inc Vector Group Ltd Verizon Communications Inc VF Corp. Visa Inc VSE Corp W.P. Carey Inc Walgreens Boots Alliance Inc Walmart Inc. Waste Management, Inc. (DE) WEC Energy Group Inc West Pharmaceutical Services, Inc. WestAmerica Bancorporation Westlake Chemical Corp Westwood 3ings Group, Inc. Wiley (John) & Sons Inc.
49a
Date
3 2 2 3 3 3 3 3 1 3 2 1 3 3 2 4 2 3 3 3 3 3 3 3 2 2 3 3 4 3 3 3 3 3 2 3 2 3 3 2 3 3 4 3
9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020 9/25/2020
Ticker
WSM XEL XLNX
Name
Ford Ratings
Williams Sonoma Inc Xcel Energy, Inc. Xilinx, Inc.
Date
1 3 3
1 Significantly above average 2 Above average 3 Average 4 Below average 5 Significantly below average
50a
9/25/2020 9/25/2020 9/25/2020
AARON'S INC Exchange NYS
Symbol AAN
Price $56.65 (9/30/2020)
52Wk Range 78.14-15.00
Yield 0.28
*7 Year Price Score 116.22 *NYSE Composite Index=100 *12 Month Price Score 110.78 Interim Earnings (Per Share) Qtr. Mar Jun Sep 80 2017 0.74 0.51 0.35 75 2018 0.73 0.54 0.62 70 2019 0.82 0.62 0.58 65 2020 (4.19) 1.01 ... 60 Interim Dividends (Per Share) 55 Amt Decl Ex Rec 50 0.04Q 11/05/2019 12/18/2019 12/19/2019 45 0.04Q 02/25/2020 03/19/2020 03/20/2020 40 0.04Q 05/13/2020 06/17/2020 06/18/2020 35 0.04Q 08/06/2020 09/16/2020 09/17/2020 30 Indicated Div: $0.16 25 Valuation Analysis 20 Forecast EPS $4.63 (09/03/2020) 15 Market Cap $3.8 Billion Book Value TRADING VOLUME (thousand shares) 600 Price/Book 2.50 Price/Sales 400 Dividend Achiever Status 200 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E N/A Dec 2.46 0.89 (1.56) ...
Pay 01/06/2020 04/07/2020 07/07/2020 10/06/2020
$1.5 Billion 0.93
12.17% 16
Business Summary: Retail - Furniture & Home Furnishings (MIC: 2.1.6 SIC: 5712 NAIC: 442110) Aaron's is a provider of lease-purchase solutions. Co. primarily provides consumers with lease-purchase solutions for the products they need and want including furniture, appliances, electronics, jewelry and other products. Co. conducts its business through three operating segments: Progressive Leasing, a virtual lease-to-own company that provides lease-purchase solutions; Aaron's Business, which engages in the sales and lease ownership and retailing of furniture, home appliances, consumer electronics and accessories through its stores in several states, Canada and Puerto Rico, as well as its e-commerce platform, Aarons.com; and Dent-A-Med, Inc., which provides a variety of credit products. Recent Developments: For the quarter ended June 30 2020, net income increased 60.3% to US$68.4 million from US$42.7 million in the year-earlier quarter. Revenues were US$1.03 billion, up 6.4% from US$968.1 million the year before. Operating income was US$93.4 million versus US$59.8 million in the prior-year quarter, an increase of 56.1%. Direct operating expenses rose 10.9% to US$38.4 million from US$34.6 million in the comparable period the year before. Indirect operating expenses increased 2.8% to US$898.3 million from US$873.7 million in the equivalent prior-year period. Prospects: Our evaluation of Aaron's Inc as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while AAN has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that AAN will perform over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (4.16) (4.55) 0.46 2.78 4.06 1.91 1.86 1.08 Cash Flow Per Share 6.46 5.69 4.71 5.16 2.25 6.42 2.30 (0.68) Tang Book Value Per Share 15.73 14.53 12.14 11.89 12.42 9.90 7.59 5.45 Dividends Per Share 0.155 0.150 0.145 0.125 0.113 0.102 0.094 0.086 Dividend Payout % ... ... 31.52 4.50 2.77 5.37 5.05 7.96 Income Statement Total Revenue 2,131,393 1,101,274 3,947,656 3,828,923 3,383,708 3,207,716 3,179,756 2,725,239 EBITDA 829,275 186,561 177,465 329,390 313,080 292,713 286,274 191,698 Depn & Amortn 1,144,958 597,407 69,500 61,200 54,800 53,600 52,000 53,700 Income Before Taxes (321,916) (414,453) 92,788 252,204 239,577 218,422 213,120 121,704 Income Taxes (110,288) (134,448) 61,316 55,994 (52,959) 79,139 77,411 43,471 Net Income (211,628) (280,005) 31,472 196,210 292,536 139,283 135,709 78,233 Average Shares 67,523 66,822 68,631 70,597 72,121 73,013 73,043 72,723 Balance Sheet Current Assets 1,571,500 1,977,110 1,803,545 1,635,430 1,626,078 1,630,070 1,617,652 1,409,286 Total Assets 2,715,702 3,152,955 3,297,800 2,826,692 2,692,264 2,615,736 2,658,875 2,456,844 Current Liabilities 572,997 703,081 539,730 373,732 372,870 360,193 374,326 358,690 Long-Term Obligations 285,801 646,069 341,030 424,752 368,798 497,829 610,450 606,082 Total Liabilities 1,194,503 1,706,341 1,560,541 1,065,984 964,260 1,134,138 1,292,257 1,233,323 Stockholders' Equity 1,521,199 1,446,614 1,737,259 1,760,708 1,728,004 1,481,598 1,366,618 1,223,521 Shares Outstanding 67,139 67,086 66,718 67,184 70,019 71,448 72,600 72,488 Statistical Record Return on Assets % N.M. N.M. 1.03 7.11 11.02 5.27 5.31 3.65 Return on Equity % N.M. N.M. 1.80 11.25 18.23 9.75 10.48 6.62 EBITDA Margin % 38.91 16.94 4.50 8.60 9.25 9.13 9.00 7.03 Net Margin % N.M. N.M. 0.80 5.12 8.65 4.34 4.27 2.87 Asset Turnover 1.39 1.26 1.29 1.39 1.27 1.21 1.24 1.27 Current Ratio 2.74 2.81 3.34 4.38 4.36 4.53 4.32 3.93 Debt to Equity 0.19 0.45 0.20 0.24 0.21 0.34 0.45 0.50 Price Range 78.14-15.00 78.14-15.00 78.14-42.05 55.45-37.59 47.54-26.92 33.97-20.33 40.46-21.74 35.90-23.27 P/E Ratio ... ... 169.87-91.41 19.95-13.52 11.71-6.63 17.79-10.64 21.75-11.69 33.24-21.55 Average Yield % 0.30 0.26 0.25 0.27 0.31 0.41 0.29 0.30 Address: 400 Galleria Parkway S.E., Officers: Ray M. Robinson - Chairman, Division Investor Contact: 678-402-3116 Suite 300, Atlanta, GA 30339-3182 Officer John W. Robinson - President, Chief Executive No of Institutions: 404 Shares: 84,051,688 % Held: N/A Telephone: 678-402-3000 Officer, Executive Vice President, Division Officer Transfer Agents:Computershare Investor Services, Web Site: www.aarons.com Canton, MA
1
ABBOTT LABORATORIES Exchange NYS
Symbol ABT
Price $108.83 (9/30/2020)
52Wk Range 111.29-62.82
Yield 1.32
P/E 62.91
*7 Year Price Score 140.99 *NYSE Composite Index=100 *12 Month Price Score 114.88 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 120 2017 0.24 0.16 0.34 (0.47) 110 2018 0.23 0.41 0.32 0.37 100 2019 0.38 0.56 0.53 0.59 90 2020 0.31 0.30 ... ... Interim Dividends (Per Share) 80 Amt Decl Ex Rec Pay 70 0.36Q 12/13/2019 01/14/2020 01/15/2020 02/14/2020 60 0.36Q 02/21/2020 04/14/2020 04/15/2020 05/15/2020 50 0.36Q 06/12/2020 07/14/2020 07/15/2020 08/17/2020 0.36Q 09/17/2020 10/14/2020 10/15/2020 11/16/2020 40 Indicated Div: $1.44 (Div. Reinv. Plan) 30 Valuation Analysis 20 Forecast EPS $3.26 (09/03/2020) 10 Market Cap $192.7 Billion Book Value $30.6 Billion TRADING VOLUME (thousand shares) 4000 Price/Book 6.30 Price/Sales 6.13 3000 Dividend Achiever Status 2000 10 Year Growth Rate 12.21% 1000 0 Total Years of Dividend Growth 46 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Medical Instruments & Equipment (MIC: 4.3.1 SIC: 2834 NAIC: 325412) Abbott Laboratories is engaged in the discovery, development, manufacture, and sale of a range of health care products. Co.'s reportable segments are: established pharmaceutical products, which includes a range of generic pharmaceuticals; diagnostic products, which includes a range of diagnostic systems and tests; nutritional products, which includes a range of pediatric and adult nutritional products; and medical devices, which includes a range of rhythm management, electrophysiology, heart failure, vascular and structural heart devices for the treatment of cardiovascular diseases, and diabetes care products for people with diabetes, as well as neuromodulation devices. Recent Developments: For the quarter ended June 30 2020, income from continuing operations decreased 46.6% to US$537.0 million from US$1.01 billion in the year-earlier quarter. Net income decreased 46.6% to US$537.0 million from US$1.01 billion in the year-earlier quarter. Revenues were US$7.33 billion, down 8.2% from US$7.98 billion the year before. Operating income was US$672.0 million versus US$1.21 billion in the prior-year quarter, a decrease of 44.3%. Direct operating expenses declined 0.5% to US$3.26 billion from US$3.28 billion in the comparable period the year before. Indirect operating expenses decreased 2.9% to US$3.39 billion from US$3.49 billion in the equivalent prior-year period. Prospects: Our evaluation of Abbott Laboratories as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and ABT has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that ABT will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.73 1.99 2.06 1.33 0.27 0.94 2.92 1.49 Cash Flow Per Share 3.61 3.47 3.47 3.58 3.20 2.16 1.98 2.42 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. 5.65 4.08 3.49 Dividends Per Share 1.360 1.320 1.280 1.120 1.060 1.040 0.960 0.880 Dividend Payout % 78.61 66.33 62.14 84.21 392.59 110.64 32.88 59.06 Income Statement Total Revenue 15,054,000 7,726,000 31,904,000 30,578,000 27,390,000 20,853,000 20,405,000 20,247,000 EBITDA 3,058,000 1,582,000 7,667,000 6,872,000 6,032,000 3,098,000 4,713,000 4,139,000 Depn & Amortn 1,653,000 828,000 3,014,000 3,278,000 3,021,000 1,353,000 1,472,000 1,548,000 Income Before Taxes 1,159,000 633,000 4,077,000 2,873,000 2,231,000 1,413,000 3,183,000 2,518,000 Income Taxes 78,000 89,000 390,000 539,000 1,878,000 350,000 577,000 797,000 Net Income 1,101,000 564,000 3,687,000 2,368,000 477,000 1,400,000 4,423,000 2,284,000 Average Shares 1,785,040 1,780,578 1,781,000 1,770,000 1,749,000 1,483,000 1,506,000 1,527,000 Balance Sheet Current Assets 17,221,000 15,498,000 15,667,000 14,632,000 20,147,000 26,776,000 14,155,000 15,261,000 Total Assets 68,776,000 66,777,000 67,887,000 67,173,000 76,250,000 52,666,000 41,247,000 41,275,000 Current Liabilities 10,959,000 10,808,000 10,863,000 9,012,000 8,912,000 6,660,000 9,186,000 10,532,000 Long-Term Obligations 18,184,000 16,804,000 16,661,000 19,359,000 27,210,000 20,681,000 5,871,000 3,408,000 Total Liabilities 38,198,000 36,559,000 36,799,000 36,649,000 45,353,000 32,128,000 20,036,000 19,749,000 Stockholders' Equity 30,578,000 30,218,000 31,088,000 30,524,000 30,897,000 20,538,000 21,211,000 21,526,000 Shares Outstanding 1,770,529 1,768,845 1,762,503 1,755,619 1,743,602 1,472,869 1,472,665 1,508,035 Statistical Record Return on Assets % 4.53 5.33 5.46 3.30 0.74 2.97 10.72 5.42 Return on Equity % 9.99 11.71 11.97 7.71 1.85 6.69 20.70 9.78 EBITDA Margin % 20.31 20.48 24.03 22.47 22.02 14.86 23.10 20.44 Net Margin % 7.31 7.30 11.56 7.74 1.74 6.71 21.68 11.28 Asset Turnover 0.46 0.48 0.47 0.43 0.42 0.44 0.49 0.48 Current Ratio 1.57 1.43 1.44 1.62 2.26 4.02 1.54 1.45 Debt to Equity 0.59 0.56 0.54 0.63 0.88 1.01 0.28 0.16 Price Range 98.00-62.82 91.86-62.82 88.74-66.22 74.27-56.27 57.47-39.05 45.29-36.34 51.20-39.06 46.37-35.85 P/E Ratio 56.65-36.31 46.16-31.57 43.08-32.15 55.84-42.31212.85-144.63 48.18-38.66 17.53-13.38 31.12-24.06 Average Yield % 1.59 1.60 1.59 1.74 2.18 2.57 2.07 2.15 Address: 100 Abbott Park Road, Abbott Officers: Miles D. White - Executive Chairman, Investor Contact: 847-937-7300 No of Institutions: 3078 Park, IL 60064-6400 Chairman, Chief Executive Officer Robert B. Ford Shares: 1,619,871,744 % Held: 79.56 Telephone: 224-667-6100 President, Chief Executive Officer, Chief Operating Transfer Agents: Web Site: www.abbottinvestor.com Officer, Division Officer Computershare Trust Company, NA, Providence, RI
2
ABM INDUSTRIES, INC. Exchange NYS
Symbol ABM
Price $36.66 (9/30/2020)
52Wk Range 40.55-20.45
Yield 2.02
*7 Year Price Score 92.68 *NYSE Composite Index=100 *12 Month Price Score 104.25 Interim Earnings (Per Share) Qtr. Jan Apr Jul 75 2016-17 (1.00) 0.55 0.58 70 2017-18 0.42 0.40 0.51 65 2018-19 0.19 0.45 0.55 60 2019-20 0.42 (2.05) 0.83 55 Interim Dividends (Per Share) 50 Amt Decl Ex Rec 45 0.185Q 12/18/2019 12/31/2019 01/02/2020 0.185Q 03/04/2020 04/01/2020 04/02/2020 40 0.185Q 06/17/2020 07/01/2020 07/02/2020 35 0.185Q 09/08/2020 09/30/2020 10/01/2020 30 Indicated Div: $0.74 25 Valuation Analysis 20 Forecast EPS $2.44 (09/03/2020) 15 Market Cap $2.4 Billion Book Value TRADING VOLUME (thousand shares) 300 Price/Book 1.68 Price/Sales 200 Dividend Achiever Status 100 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E N/A Oct (0.06) 0.14 0.71 ...
Pay 02/03/2020 05/04/2020 08/03/2020 11/02/2020
$1.5 Billion 0.40
3.31% 55
Business Summary: Sanitation Services (MIC: 7.5.3 SIC: 7349 NAIC: 561720) ABM Industries is a provider of integrated facility solutions. Co.'s segments include: Business and Industry, which encompasses janitorial, facilities engineering, and parking services for commercial real estate properties, sports and entertainment venues, and hospitals and non-acute healthcare facilities; Aviation, which supports airlines and airports with services ranging from parking and janitorial to passenger assistance, catering logistics, air cabin maintenance, and transportation; and Education, which delivers janitorial, custodial, landscaping and grounds, facilities engineering, and parking services for public school districts, private schools, colleges, and universities. Recent Developments: For the quarter ended July 31 2020, income from continuing operations increased 53.4% to US$56.0 million from US$36.5 million in the year-earlier quarter. Net income increased 52.2% to US$56.0 million from US$36.8 million in the year-earlier quarter. Revenues were US$1.39 billion, down 15.4% from US$1.65 billion the year before. Operating income was US$93.6 million versus US$57.3 million in the prior-year quarter, an increase of 63.4%. Indirect operating expenses decreased 18.3% to US$1.30 billion from US$1.59 billion in the equivalent prior-year period. Prospects: Our evaluation of ABM Industries Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while ABM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that ABM will perform well over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share (0.09) (0.37) 2.13 1.90 1.47 0.07 1.01 1.33 Cash Flow Per Share 6.09 5.00 4.00 3.94 4.85 0.10 1.48 2.56 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. N.M. N.M. 0.51 Dividends Per Share 0.735 0.730 0.725 0.720 0.700 0.680 0.660 0.640 Dividend Payout % ... ... 34.04 37.89 47.62 971.43 65.35 48.12 Income Statement Total Revenue 4,503,000 3,109,000 1,612,900 6,498,600 6,442,200 5,453,600 5,144,700 4,897,800 EBITDA 17,800 (45,700) 58,400 315,700 251,100 172,000 112,300 130,600 Depn & Amortn (5,000) 25,100 12,600 107,400 112,500 70,100 57,600 57,000 Income Before Taxes (11,700) (91,500) 35,600 157,200 84,500 82,700 44,300 63,400 Income Taxes 43,200 19,200 8,600 32,700 (8,200) 8,800 (10,400) 18,300 Net Income (52,800) (108,800) 28,000 127,400 97,800 3,800 57,200 76,300 Average Shares 67,200 66,900 67,200 66,900 66,400 58,300 56,900 57,400 Balance Sheet Current Assets 1,312,200 1,715,000 1,284,900 1,275,400 1,171,000 1,235,500 993,700 947,200 Total Assets 3,668,300 4,079,200 3,847,100 3,692,600 3,627,500 3,812,600 2,281,200 2,149,800 Current Liabilities 877,400 941,200 871,100 902,400 792,500 757,800 599,200 568,200 Long-Term Obligations 664,200 1,105,700 786,300 744,200 902,000 1,161,300 268,300 158,000 Total Liabilities 2,217,000 2,684,000 2,287,400 2,150,600 2,172,900 2,436,900 1,307,200 1,142,300 Stockholders' Equity 1,451,300 1,395,200 1,559,700 1,542,000 1,454,600 1,375,700 974,000 1,007,500 Shares Outstanding 66,676 66,645 66,753 66,571 66,004 65,502 55,599 56,105 Statistical Record Return on Assets % N.M. N.M. 3.78 3.48 2.63 0.12 2.57 3.51 Return on Equity % N.M. N.M. 9.43 8.50 6.91 0.32 5.76 7.72 EBITDA Margin % 0.40 N.M. 3.62 4.86 3.90 3.15 2.18 2.67 Net Margin % N.M. N.M. 1.74 1.96 1.52 0.07 1.11 1.56 Asset Turnover 1.66 1.64 1.73 1.78 1.73 1.79 2.32 2.26 Current Ratio 1.50 1.82 1.48 1.41 1.48 1.63 1.66 1.67 Debt to Equity 0.46 0.79 0.50 0.48 0.62 0.84 0.28 0.16 Price Range 42.09-20.45 42.25-20.45 42.25-32.69 42.25-25.90 44.01-28.46 44.79-38.22 40.42-26.58 33.80-26.70 P/E Ratio ... ... 19.84-15.35 22.24-13.63 29.94-19.36639.86-546.00 40.02-26.32 25.41-20.08 Average Yield % 2.08 2.00 1.93 2.00 2.05 1.62 1.97 2.10
Address: One Liberty Plaza, 7th Floor, New York, NY 10006 Telephone: 212-297-0200 Web Site: www.abm.com
Investor Contact: 212-297-0200 Officers: Sudhakar Kesavan - Chairman Scott B. Salmirs - President, Chief Executive Officer, Executive No of Institutions: 320 Transfer Agents: Shares: 75,946,408 % Held: 93.95 Vice President Computershare, Providence, RI
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4
AFLAC INC Exchange NYS
Symbol AFL
Price $36.35 (9/30/2020)
52Wk Range 54.84-25.27
Yield 3.08
P/E 9.09
*12 Month Price Score 83.85 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.73 0.90 0.90 3.25 2018 0.91 1.07 1.09 0.69 2019 1.23 1.09 1.04 1.06 2020 0.78 1.12 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.27Q 10/24/2019 11/19/2019 11/20/2019 12/02/2019 0.28Q 02/04/2020 02/18/2020 02/19/2020 03/02/2020 0.28Q 04/29/2020 05/19/2020 05/20/2020 06/01/2020 0.28Q 07/28/2020 08/18/2020 08/19/2020 09/01/2020 Indicated Div: $1.12 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.68 (09/03/2020) Market Cap $26.0 Billion Book Value $29.4 Billion TRADING VOLUME (thousand shares) Price/Book 0.88 Price/Sales 1.20 Dividend Achiever Status 10 Year Growth Rate 6.79% Total Years of Dividend Growth 37 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 99.96 *NYSE Composite Index=100 80 75 70
100%
65 60 55 50 45 40 35 30 25 20 15 2000 1500 1000 500 0
2011
2012
2013
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6321 NAIC: 524113) Aflac, through its subsidiaries, provides financial protection to people worldwide. Co.'s principal business is supplemental health and life insurance products. Co.'s insurance business consists of two reporting segments: Aflac Japan, which are designed to help consumers pay for medical and nonmedical costs that are not reimbursed under Japan's national health insurance system; and Aflac U.S., which the insurance products to provide supplemental coverage for people who already have primary medical or primary insurance coverage. The Aflac Japan's insurance products includes of cancer insurance, and medical insurance; and Aflac U.S. products includes of accident insurance, among others. Recent Developments: For the quarter ended June 30 2020, net income decreased 1.5% to US$805.0 million from US$817.0 million in the year-earlier quarter. Revenues were US$5.41 billion, down 1.9% from US$5.51 billion the year before. Net premiums earned were US$4.66 billion versus US$4.68 billion in the prior-year quarter, a decrease of 0.4%. Net investment income fell 0.9% to US$870.0 million from US$878.0 million a year ago. Prospects: Our evaluation of AFLAC Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and AFL has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that AFL will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.00 3.97 4.43 3.77 5.77 3.21 2.92 3.25 Cash Flow Per Share 7.94 7.35 7.35 7.81 7.74 7.26 7.87 7.26 Tang Book Value Per Share 41.21 36.75 39.84 31.06 31.50 25.24 20.86 20.73 Dividends Per Share 1.100 1.090 1.080 1.040 0.870 0.830 0.790 0.750 Dividend Payout % 27.50 27.46 24.38 27.59 15.08 25.86 27.01 23.08 Income Statement Premium Income 9,346,000 4,681,000 18,780,000 18,677,000 18,531,000 19,225,000 17,570,000 19,072,000 Total Revenue 10,569,000 5,162,000 22,307,000 21,758,000 21,667,000 22,559,000 20,872,000 22,728,000 Benefits & Claims 5,837,000 2,939,000 11,942,000 12,000,000 12,181,000 12,919,000 11,746,000 12,937,000 Income Before Taxes 1,789,000 720,000 4,445,000 3,983,000 4,018,000 4,067,000 3,862,000 4,491,000 Income Taxes 419,000 154,000 1,141,000 1,063,000 (586,000) 1,408,000 1,329,000 1,540,000 Net Income 1,370,000 566,000 3,304,000 2,920,000 4,604,000 2,659,000 2,533,000 2,951,000 Average Shares 719,764 727,512 746,430 774,650 797,860 827,842 866,344 908,000 Balance Sheet Total Assets 157,087,000 151,616,000 152,768,000 140,406,000 137,217,000 129,819,000 118,296,000 119,767,000 Total Liabilities 127,667,000 125,214,000 123,809,000 116,944,000 112,619,000 109,337,000 100,588,000 101,420,000 Stockholders' Equity 29,420,000 26,402,000 28,959,000 23,462,000 24,598,000 20,482,000 17,708,000 18,347,000 Shares Outstanding 713,908 718,382 726,793 755,286 780,910 811,620 848,760 884,890 Statistical Record Return on Assets % 1.90 1.98 2.25 2.10 3.45 2.14 2.13 2.45 Return on Equity % 10.16 11.21 12.61 12.15 20.43 13.89 14.05 17.90 Loss Ratio % 62.45 62.79 63.59 64.25 65.73 67.20 66.85 67.83 Net Margin % 12.96 10.96 14.81 13.42 21.25 11.79 12.14 12.98 Price Range 56.89-25.27 56.89-25.27 56.89-44.37 48.04-41.63 44.63-33.57 37.14-27.77 32.99-27.61 33.40-27.90 P/E Ratio 14.22-6.32 14.33-6.37 12.84-10.02 12.74-11.04 7.73-5.82 11.57-8.65 11.30-9.46 10.28-8.58 Average Yield % 2.34 2.14 2.10 2.32 2.23 2.45 2.56 2.44
Address: 1932 Wynnton Road, Columbus, GA 31999 Telephone: 706-323-3431 Web Site: www.aflac.com
Officers: Daniel P. Amos - Chairman, President, Chief Executive Officer Frederick John Crawford President, Executive Vice President, Chief Operating Officer, Chief Financial Officer Transfer Agents: Aflac Incorporated Shareholder Services, Columbus, GA
5
Investor Contact: 706-596-3264 No of Institutions: 1486 Shares: 568,596,416 % Held: 66.65
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ALTRIA GROUP INC Exchange NYS
Symbol MO
Price $38.64 (9/30/2020)
52Wk Range 51.55-31.38
Yield 8.90
P/E N/A
*12 Month Price Score 95.19 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.72 1.03 0.97 2.59 2018 1.00 0.99 1.03 0.66 2019 0.60 1.07 (1.39) (0.97) 2020 0.83 1.04 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.84Q 12/11/2019 12/24/2019 12/26/2019 01/10/2020 0.84Q 02/27/2020 03/24/2020 03/25/2020 04/30/2020 0.84Q 05/14/2020 06/12/2020 06/15/2020 07/10/2020 0.86Q 07/27/2020 09/14/2020 09/15/2020 10/09/2020 Indicated Div: $3.44 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.32 (09/03/2020) Market Cap $71.8 Billion Book Value $5.7 Billion TRADING VOLUME (thousand shares) Price/Book 12.62 Price/Sales 2.81 Dividend Achiever Status 10 Year Growth Rate 9.53% Total Years of Dividend Growth 54 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 70.83 *NYSE Composite Index=100 80 75 70 65 60 55 50 45 40 35 30 25 20 6000 4000 2000 0
2011
2012
2013
Business Summary: Tobacco Products (MIC: 1.3.1 SIC: 2111 NAIC: 312221) Altria Group is a holding company. Co.'s subsidiaries include: Philip Morris USA Inc., which is engaged in the manufacture and sale of cigarettes; John Middleton Co., which is engaged in the manufacture and sale of machine-made cigars and pipe tobacco; Sherman Group Holdings, LLC and its subsidiaries, which are engaged in the manufacture and sale of cigarettes and the sale of cigars; and UST LLC, which through its subsidiaries, including U.S. Smokeless Tobacco Company LLC and Ste. Michelle Wine Estates Ltd., is engaged in the manufacture and sale of smokeless tobacco products and wine. The products of Co.'s tobacco subsidiaries include smokeable tobacco products and machine-made cigars. Recent Developments: For the quarter ended June 30 2020, net income decreased 3.0% to US$1.94 billion from US$2.00 billion in the year-earlier quarter. Revenues were US$6.37 billion, down 3.8% from US$6.62 billion the year before. Operating income was US$2.80 billion versus US$2.72 billion in the prior-year quarter, an increase of 2.9%. Direct operating expenses declined 6.7% to US$3.08 billion from US$3.30 billion in the comparable period the year before. Indirect operating expenses decreased 18.4% to US$491.0 million from US$602.0 million in the equivalent prior-year period. Prospects: Our evaluation of Altria Group Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and MO has posted results in line with analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that MO will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (0.49) (0.46) (0.70) 3.68 5.31 7.28 2.67 2.56 Cash Flow Per Share 5.59 4.67 4.19 4.45 2.56 1.94 2.96 2.36 Dividends Per Share 3.360 3.320 3.280 3.000 2.540 2.350 2.170 2.000 Dividend Payout % ... ... ... 81.52 47.83 32.28 81.27 78.13 Income Statement Total Revenue 12,726,000 6,359,000 25,110,000 25,364,000 25,576,000 25,744,000 25,434,000 24,522,000 EBITDA 5,220,000 2,291,000 503,000 9,305,000 10,189,000 21,987,000 8,342,000 7,764,000 Depn & Amortn 130,000 65,000 182,000 189,000 188,000 183,000 204,000 188,000 Income Before Taxes 4,507,000 1,951,000 (959,000) 8,451,000 9,296,000 21,057,000 7,321,000 6,768,000 Income Taxes 1,185,000 558,000 2,064,000 2,374,000 (399,000) 7,608,000 2,835,000 2,704,000 Net Income 3,495,000 1,552,000 (1,293,000) 6,963,000 10,222,000 14,239,000 5,241,000 5,070,000 Average Shares 1,859,000 1,858,000 1,869,000 1,888,000 1,921,000 1,952,000 1,961,000 1,978,000 Balance Sheet Current Assets 7,004,000 7,935,000 4,824,000 4,299,000 4,344,000 7,260,000 6,086,000 6,878,000 Total Assets 50,200,000 52,618,000 49,271,000 55,638,000 43,202,000 45,932,000 32,535,000 34,475,000 Current Liabilities 9,400,000 11,154,000 8,174,000 21,193,000 6,792,000 7,375,000 7,078,000 7,673,000 Long-Term Obligations 27,542,000 26,971,000 27,042,000 11,898,000 13,030,000 13,881,000 12,915,000 13,693,000 Total Liabilities 44,512,000 46,075,000 43,049,000 40,851,000 27,825,000 33,162,000 29,655,000 31,461,000 Stockholders' Equity 5,688,000 6,543,000 6,222,000 14,787,000 15,377,000 12,770,000 2,880,000 3,014,000 Shares Outstanding 1,858,387 1,858,368 1,857,981 1,874,057 1,901,259 1,943,272 1,960,059 1,971,474 Statistical Record Return on Assets % N.M. N.M. N.M. 14.09 22.94 36.19 15.64 14.62 Return on Equity % N.M. N.M. N.M. 46.17 72.63 181.47 177.84 142.16 EBITDA Margin % 41.02 36.03 2.00 36.69 39.84 85.41 32.80 31.66 Net Margin % 27.46 24.41 N.M. 27.45 39.97 55.31 20.61 20.68 Asset Turnover 0.48 0.46 0.48 0.51 0.57 0.65 0.76 0.71 Current Ratio 0.75 0.71 0.59 0.20 0.64 0.98 0.86 0.90 Debt to Equity 4.84 4.12 4.35 0.80 0.85 1.09 4.48 4.54 Price Range 51.55-31.38 57.73-31.38 57.73-40.12 71.56-47.56 77.71-61.22 69.87-57.20 61.53-47.54 51.27-34.00 P/E Ratio ... ... ... 19.45-12.92 14.63-11.53 9.60-7.86 23.04-17.81 20.03-13.28 Average Yield % 7.61 6.99 6.68 4.98 3.64 3.68 4.03 4.75 Address: 6601 West Broad Street, Officers: William F. Gifford - Vice-Chairman, Chief Investor Contact: 804-484-8222 No of Institutions: 2344 Richmond, VA 23230 Executive Officer, Executive Vice President, Chief Telephone: 804-274-2200 Financial Officer Murray R. Garnick - Executive Vice Shares: 1,587,172,864 % Held: 65.43 Web Site: www.altria.com President, General Counsel, Deputy General Counsel Transfer Agents:Computershare Trust Company, N.A., Providence, RI
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10
AMERICAN EQUITY INVESTMENT LIFE HOLDING CO Exchange NYS
Symbol AEL
Price $21.99 (9/30/2020)
52Wk Range 33.52-11.57
Yield 1.36
P/E 8.39
*12 Month Price Score 94.78 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.60 0.30 0.63 2018 1.55 1.03 1.85 2019 (0.33) 0.20 0.41 2020 2.57 (2.76) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.24A 11/17/2016 12/01/2016 12/05/2016 0.26A 11/16/2017 11/28/2017 11/29/2017 0.28A 11/15/2018 11/27/2018 11/28/2018 0.30A 11/22/2019 12/02/2019 12/03/2019 Indicated Div: $0.30 Valuation Analysis Forecast EPS $4.82 (09/03/2020) Market Cap $2.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.40 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 85.85 *NYSE Composite Index=100 40 37.5 35 32.5 30 27.5 25 22.5 20 17.5 15 12.5 10 7.5 400 300 200 100 0
2011
2012
2013
Dec 0.40 0.59 2.40 ...
Pay 12/20/2016 12/12/2017 12/12/2018 12/12/2019
$5.1 Billion 0.86
14.13% 16
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6311 NAIC: 524113) American Equity Investment Life Holding is a holding company. Co. is engaged in the development and sale of fixed index and fixed rate annuity products. Co. issues fixed annuity products through its subsidiaries, American Equity Investment Life Insurance Company, American Equity Investment Life Insurance Company of New York and Eagle Life Insurance Company. Co.'s products include: Fixed Index Annuities, which allow policyholders to earn index credits based on the performance of a particular index without the risk of loss of their account value; and Fixed Rate Annuities, which include annual reset and multi-year rate guaranteed products, and also sell single premium immediate annuities. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$247.4 million versus net income of US$18.6 million in the year-earlier quarter. Revenues were US$919.9 million, up 30.2% from US$706.4 million the year before. Net premiums earned were US$74.5 million versus US$64.8 million in the prior-year quarter, an increase of 14.9%. Net investment income fell 4.7% to US$543.7 million from US$570.6 million a year ago. Prospects: Our evaluation of American Equity Investment Life Holding Co as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while AEL has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that AEL will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Earnings Per Share
2.62
5.58
2.68
5.01
1.93
0.97
2.72
Cash Flow Per Share
12.55
11.73
36.77
0.48
21.60
16.63
6.40
1.58 9.51
Tang Book Value Per Share
55.27
38.50
50.16
26.55
31.91
26.04
23.90
28.13
Dividends Per Share
0.300
0.300
0.300
0.280
0.260
0.240
0.220
0.200
Dividend Payout %
11.45
5.38
11.19
5.59
13.47
24.74
8.09
12.66
Total Revenue
596,245
(323,703)
3,464,345
1,547,098
3,891,652
2,220,282
1,518,937
2,168,973
Income Before Taxes
(45,728)
270,175
315,565
565,742
316,271
130,247
337,314
196,064
Income Taxes
(41,246)
27,228
69,475
107,726
141,626
47,004
117,484
70,041
Net Income
(4,482)
242,947
246,090
458,016
174,645
83,243
219,830
126,023
Average Shares
92,026
92,021
91,782
91,422
90,311
85,605
80,961
79,893
Income Statement
Balance Sheet Total Assets
68,608,296
65,549,556
69,696,552
61,625,564
62,030,736
56,053,472
49,041,163
43,989,734
Total Liabilities
63,546,237
62,026,799
65,126,433
59,226,463
59,180,579
53,761,877
47,096,628
41,849,858
5,062,059
3,522,757
4,570,119
2,399,101
2,850,157
2,291,595
1,944,535
2,139,876
91,595
91,497
91,107
90,369
89,331
88,001
81,354
76,062
Stockholders' Equity Shares Outstanding Statistical Record Return on Assets %
0.37
0.80
0.37
0.74
0.30
0.16
0.47
0.30
Return on Equity %
5.91
16.06
7.06
17.45
6.79
3.92
10.76
7.15
Net Margin %
N.M.
...
7.10
29.60
4.49
3.75
14.47
5.81
Asset Turnover
0.03
0.03
0.05
0.03
0.07
0.04
0.03
0.05
Price Range P/E Ratio Average Yield %
33.52-11.57 33.52-11.57 32.89-20.70 37.57-25.73 32.22-22.34 24.03-12.81 29.67-22.76 29.46-20.43 12.79-4.42
6.01-2.07
12.27-7.72
1.23
1.14
1.09
Address: 6000 Westown Parkway, West Des Moines, IA 50266 Telephone: 515-221-0002 Web Site: www.american-equity.com
7.50-5.14 16.69-11.58 24.77-13.21 0.84
0.97
Officers: Anant Bhalla - President, Chief Executive Officer Ronald James Grensteiner - Executive Vice President Transfer Agents: Computershare Inc.
11
1.41
10.91-8.37 18.65-12.93 0.83
0.83
Investor Contact: 515-221-0002 No of Institutions: 371 Shares: 114,044,440 % Held: 99.67
AMERICAN FINANCIAL GROUP INC Exchange NYS
Symbol AFG
Price $66.98 (9/30/2020)
52Wk Range 114.53-46.98
Yield 2.99
P/E 26.27
*12 Month Price Score 77.39 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.72 1.61 0.13 1.84 2018 1.60 2.31 2.26 (0.32) 2019 3.63 2.31 1.62 2.30 2020 (3.34) 1.97 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.45Q 01/02/2020 01/14/2020 01/15/2020 01/27/2020 0.45Q 04/01/2020 04/14/2020 04/15/2020 04/27/2020 0.45Q 07/01/2020 07/14/2020 07/15/2020 07/27/2020 0.50Q 10/01/2020 10/14/2020 10/15/2020 10/26/2020 Indicated Div: $2.00 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $6.80 (09/01/2020) Market Cap $5.9 Billion Book Value $6.1 Billion TRADING VOLUME (thousand shares) Price/Book 0.97 Price/Sales 0.79 Dividend Achiever Status 10 Year Growth Rate 12.24% Total Years of Dividend Growth 14 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 90.21 *NYSE Composite Index=100 130 120 110 100 90 80 70 60 50 40 30 20 300 200 100 0
2011
2012
2013
Business Summary: General Insurance (MIC: 5.2.1 SIC: 6331 NAIC: 524126) American Financial Group is a holding company. Through its subsidiary, Great American Insurance Group, Co. is engaged primarily in property and casualty insurance, focusing on commercial products for businesses, and in the sale of fixed, fixed-indexed and variable-indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets. Co.'s property and casualty insurance segments consist of property and transportation, specialty casualty, and specialty financial. Co.'s annuity segment is focused on the sale of fixed and indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets . Recent Developments: For the quarter ended June 30 2020, net income decreased 20.1% to US$167.0 million from US$209.0 million in the year-earlier quarter. Revenues were US$1.95 billion, down 0.5% from US$1.96 billion the year before. Net premiums earned were US$1.18 billion versus US$1.20 billion in the prior-year quarter, a decrease of 1.3%. Prospects: Our evaluation of American Financial Group Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while AFG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that AFG will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.55 2.89 9.85 5.85 5.28 7.33 3.94 4.97
Cash Flow Per Share
29.72
28.06
27.32
23.40
20.55
13.20
15.49
Tang Book Value Per Share
66.76
53.88
67.13
53.34
58.12
54.27
50.22
53.34
Dividends Per Share
3.550
5.000
4.950
4.450
4.787
2.152
2.030
1.910
Dividend Payout %
139.22
173.01
50.25
76.07
90.67
29.37
51.52
38.43
Income Statement Premium Income
2,393,000
1,209,000
5,207,000
4,889,000
4,601,000
4,352,000
4,328,000
3,986,000
Total Revenue
3,226,000
1,275,000
8,237,000
7,150,000
6,865,000
6,498,000
6,145,000
5,713,000
Benefits & Claims
2,180,000
983,000
4,458,000
4,041,000
3,873,000
3,595,000
3,558,000
3,306,000
Income Before Taxes
(170,000)
(388,000)
1,108,000
639,000
724,000
787,000
565,000
626,000
(33,000)
(84,000)
239,000
122,000
247,000
119,000
195,000
220,000
(124,000)
(301,000)
897,000
530,000
475,000
649,000
352,000
452,000
90,000
90,300
91,000
90,600
89,800
88,500
89,400
91,000
Income Taxes Net Income Average Shares
13.73
Balance Sheet Total Assets
70,867,000
67,643,000
70,130,000
63,456,000
60,658,000
55,072,000
49,859,000
47,535,000
Total Liabilities
64,741,000
62,596,000
63,861,000
58,486,000
55,328,000
50,156,000
45,267,000
42,656,000
6,126,000
5,047,000
6,269,000
4,970,000
5,330,000
4,916,000
4,592,000
4,879,000
Shares Outstanding
88,659
89,827
90,303
89,291
88,275
86,924
87,474
87,708
Statistical Record Return on Assets %
0.34
0.40
1.34
0.85
0.82
1.23
0.72
1.01
Return on Equity %
3.83
4.99
15.96
10.29
9.27
13.61
7.43
9.54
91.10
81.31
85.62
82.65
84.18
82.61
82.21
82.94
(3.84)
(23.61)
10.89
7.41
6.92
9.99
5.73
7.91
Stockholders' Equity
Loss Ratio % Net Margin % Price Range P/E Ratio
114.53-46.98 114.53-46.98 111.58-89.10 120.49-85.28 109.06-85.86 88.12-65.14 75.17-58.04 62.36-52.93 44.91-18.42 39.63-16.26
Average Yield % Address: 301 East Fourth Street, Cincinnati, OH 45202 Telephone: 513-579-2121 Web Site: www.afginc.com
3.82
4.90
11.33-9.05 20.60-14.58 20.66-16.26 4.87
4.10
4.83
Officers: Carl H. Lindner - Co-President, Co-Chief Executive Officer S. Craig Lindner - Co-President, Co-Chief Executive Officer Transfer Agents: American Stock Transfer & Trust Company, New York, NY
12
12.02-8.89 19.08-14.73 12.55-10.65 2.93
3.03
3.28
Investor Contact: 513-579-6739 No of Institutions: 569 Shares: 77,931,176 % Held: 70.51
AMERICAN STATES WATER CO Exchange NYS
Symbol AWR
Price $74.95 (9/30/2020)
52Wk Range 95.13-65.41
Yield 1.79
P/E 32.87
*12 Month Price Score 89.95 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.34 0.62 0.57 0.35 2018 0.29 0.44 0.62 0.37 2019 0.35 0.72 0.76 0.45 2020 0.38 0.69 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.305Q 10/29/2019 11/14/2019 11/15/2019 12/02/2019 0.305Q 01/28/2020 02/13/2020 02/14/2020 03/02/2020 0.305Q 04/30/2020 05/14/2020 05/15/2020 06/01/2020 0.335Q 07/28/2020 08/14/2020 08/17/2020 09/01/2020 Indicated Div: $1.34 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.33 (09/03/2020) Market Cap $2.8 Billion Book Value $619.3 Million TRADING VOLUME (thousand shares) Price/Book 4.46 Price/Sales 5.79 Dividend Achiever Status 10 Year Growth Rate 8.67% Total Years of Dividend Growth 66 2014 2015 2016 2017 2018 2019 2020
100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 150 100 50 0
2-for-1
*7 Year Price Score 141.56 *NYSE Composite Index=100
2011
2012
2013
Business Summary: Water Utilities (MIC: 3.2.1 SIC: 4941 NAIC: 221310) American States Water is a holding company. Co. is the parent company of Golden State Water Company (GSWC) and American States Utility Services, Inc. (ASUS). Co. segments are: water, electric and contracted services. Within the segments, Co. has two principal business units: water and electric service utility operations conducted through GSWC, and contracted services conducted through ASUS and its subsidiaries. GSWC is engaged in the purchase, production, distribution and sale of water as well as distributes electricity in California. ASUS, through its subsidiaries has contracted with United States government to provide water and/or wastewater services at various military installations. Recent Developments: For the quarter ended June 30 2020, net income decreased 4.4% to US$25.6 million from US$26.8 million in the year-earlier quarter. Revenues were US$121.3 million, down 2.7% from US$124.6 million the year before. Operating income was US$35.7 million versus US$39.4 million in the prior-year quarter, a decrease of 9.4%. Direct operating expenses declined 5.1% to US$56.1 million from US$59.1 million in the comparable period the year before. Indirect operating expenses increased 12.9% to US$29.4 million from US$26.1 million in the equivalent prior-year period. Prospects: Our evaluation of American States Water Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while AWR has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that AWR will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.28 2.31 2.28 1.72 1.88 1.62 1.60 1.57 Cash Flow Per Share 3.21 2.80 3.17 3.72 3.95 2.65 2.54 4.22 Tang Book Value Per Share 16.76 16.36 16.29 15.16 14.42 13.49 12.73 13.21 Dividends Per Share 1.220 1.190 1.160 1.060 0.994 0.914 0.874 0.831 Dividend Payout % 53.51 51.52 50.88 61.63 52.87 56.42 54.63 52.93 Income Statement Total Revenue 230,355 109,077 473,869 436,816 440,603 436,087 458,641 465,791 EBITDA 80,198 32,357 165,991 142,406 168,406 154,822 161,519 161,547 Depn & Amortn 18,008 8,892 35,713 40,663 39,273 39,109 42,674 41,751 Income Before Taxes 51,866 17,973 108,941 81,888 108,341 94,478 98,215 99,106 Income Taxes 12,182 3,901 24,599 18,017 38,974 34,735 37,731 38,048 Net Income 39,684 14,072 84,342 63,871 69,367 59,743 60,484 61,058 Average Shares 37,000 36,969 36,964 36,936 36,844 36,750 37,614 38,880 Balance Sheet Current Assets 137,026 127,405 122,456 131,468 155,463 166,875 132,697 209,451 Total Assets 1,697,968 1,660,889 1,641,331 1,501,433 1,416,734 1,470,493 1,348,600 1,378,298 Current Liabilities 158,687 132,520 115,998 146,585 156,662 177,944 123,507 99,290 Long-Term Obligations 280,886 280,971 484,355 380,158 324,941 325,252 325,541 325,798 Total Liabilities 1,078,680 1,056,306 1,039,801 943,210 886,789 976,196 882,655 871,497 Stockholders' Equity 619,288 604,583 601,530 558,223 529,945 494,297 465,945 506,801 Shares Outstanding 36,883 36,883 36,846 36,757 36,680 36,571 36,501 38,286 Statistical Record Return on Assets % 5.17 5.37 5.37 4.38 4.81 4.23 4.44 4.54 Return on Equity % 14.09 14.68 14.54 11.74 13.55 12.41 12.44 12.22 EBITDA Margin % 34.81 29.66 35.03 32.60 38.22 35.50 35.22 34.68 Net Margin % 17.23 12.90 17.80 14.62 15.74 13.70 13.19 13.11 Asset Turnover 0.29 0.30 0.30 0.30 0.31 0.31 0.34 0.35 Current Ratio 0.86 0.96 1.06 0.90 0.99 0.94 1.07 2.11 Debt to Equity 0.45 0.46 0.81 0.68 0.61 0.66 0.70 0.64 Price Range 95.13-65.41 95.13-65.41 95.13-63.35 69.19-50.34 57.91-41.22 47.18-37.62 43.57-36.00 38.71-27.15 P/E Ratio 41.72-28.69 41.18-28.32 41.72-27.79 40.23-29.27 30.80-21.93 29.12-23.22 27.23-22.50 24.66-17.29 Average Yield % 1.44 1.44 1.48 1.81 2.05 2.21 2.21 2.64 Officers: Anne M. Holloway - Chair Robert J. Investor Contact: 909-394-3600 Address: 630 E. Foothill Boulevard, Sprowls - President, Chief Executive Officer Transfer No of Institutions: 430 San Dimas, CA 91773-1212 Agents:Computershare Shareowner Services, Jersey Telephone: 909-394-3600 Shares: 32,934,088 % Held: 74.81 Web Site: www.aswater.com City, NJ
13
AMERICAN WATER WORKS CO, INC. Exchange NYS
Symbol AWK
Price $144.88 (9/30/2020)
52Wk Range 149.79-97.07
Yield 1.52
*7 Year Price Score 143.14 *NYSE Composite Index=100 *12 Month Price Score 109.05 Interim Earnings (Per Share) Qtr. Mar Jun Sep 150 2017 0.52 0.73 1.13 140 2018 0.59 0.91 1.04 130 2019 0.62 0.94 1.33 120 2020 0.68 0.97 ... 110 Interim Dividends (Per Share) 100 Amt Decl Ex Rec 90 0.50Q 10/29/2019 11/08/2019 11/12/2019 80 0.50Q 12/06/2019 02/06/2020 02/07/2020 70 0.55Q 04/29/2020 05/11/2020 05/12/2020 60 0.55Q 07/29/2020 08/11/2020 08/12/2020 50 Indicated Div: $2.20 40 Valuation Analysis 30 Forecast EPS $3.84 (09/03/2020) 20 Market Cap $26.3 Billion Book Value TRADING VOLUME (thousand shares) 1200 Price/Book 4.14 Price/Sales 800 Dividend Achiever Status 400 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 41.16 Dec (0.01) 0.62 0.54 ...
Pay 12/04/2019 03/04/2020 06/02/2020 09/01/2020
$6.3 Billion 7.11
9.08% 11
Business Summary: Water Utilities (MIC: 3.2.1 SIC: 4941 NAIC: 221310) American Water Works is a holding company. Through its subsidiaries, Co. is a publicly-traded water and wastewater utility company. Co. provides drinking water, wastewater and other related services to people in various states. Co.'s Regulated Businesses provide water and wastewater services to residential, commercial, industrial, public authority, fire service and sale for resale customers. Co.'s Market-Based Businesses provide complementary home services primarily to residential and smaller commercial customers and water and wastewater services to the United States government on military installations, as well as municipalities, utilities and industrial customers. Recent Developments: For the quarter ended June 30 2020, net income increased 3.5% to US$176.0 million from US$170.0 million in the year-earlier quarter. Revenues were US$931.0 million, up 5.6% from US$882.0 million the year before. Operating income was US$313.0 million versus US$302.0 million in the prior-year quarter, an increase of 3.6%. Direct operating expenses rose 5.1% to US$391.0 million from US$372.0 million in the comparable period the year before. Indirect operating expenses increased 9.1% to US$227.0 million from US$208.0 million in the equivalent prior-year period. Prospects: Our evaluation of American Water Works Co. Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and AWK has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that AWK will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.52 3.49 3.43 3.15 2.38 2.62 2.64 2.35 Cash Flow Per Share 7.92 7.71 7.64 7.70 8.14 7.15 6.59 6.13 Tang Book Value Per Share 26.33 25.85 25.18 23.27 22.45 21.75 21.02 20.66 Dividends Per Share 2.050 2.000 1.955 1.780 1.620 1.465 1.330 1.210 Dividend Payout % 58.24 57.31 57.00 56.51 68.07 55.92 50.38 51.49 Income Statement Total Revenue 1,775,000 844,000 3,610,000 3,440,000 3,357,000 3,302,000 3,159,000 3,011,328 EBITDA 981,000 438,000 1,723,000 1,634,000 1,714,000 1,530,000 1,495,000 1,349,306 Depn & Amortn 393,000 183,000 508,000 497,000 460,000 435,000 405,000 356,952 Income Before Taxes 391,000 159,000 833,000 787,000 912,000 770,000 782,000 709,814 Income Taxes 91,000 35,000 212,000 222,000 486,000 302,000 306,000 279,973 Net Income 300,000 124,000 621,000 567,000 426,000 468,000 476,000 423,108 Average Shares 181,000 181,000 181,000 180,000 179,000 179,000 180,000 179,806 Balance Sheet Current Assets 1,896,000 1,801,000 1,285,000 781,000 720,000 784,000 657,000 661,369 Total Assets 24,009,000 23,546,000 22,682,000 21,223,000 19,482,000 18,482,000 17,241,000 16,130,956 Current Liabilities 2,113,000 2,767,000 2,045,000 2,094,000 2,325,000 2,392,000 1,533,000 1,240,998 Long-Term Obligations 9,589,000 8,621,000 8,639,000 7,569,000 6,490,000 5,749,000 5,862,000 5,432,744 Total Liabilities 17,671,000 17,303,000 16,561,000 15,359,000 14,097,000 13,264,000 12,192,000 11,215,365 Stockholders' Equity 6,338,000 6,243,000 6,121,000 5,864,000 5,385,000 5,218,000 5,049,000 4,915,591 Shares Outstanding 181,201 181,021 180,812 180,684 178,444 178,096 178,282 179,462 Statistical Record Return on Assets % 2.78 2.81 2.83 2.79 2.24 2.61 2.85 2.71 Return on Equity % 10.32 10.38 10.36 10.08 8.04 9.09 9.55 8.78 EBITDA Margin % 55.27 51.90 47.73 47.50 51.06 46.34 47.33 44.81 Net Margin % 16.90 14.69 17.20 16.48 12.69 14.17 15.07 14.05 Asset Turnover 0.16 0.16 0.16 0.17 0.18 0.18 0.19 0.19 Current Ratio 0.90 0.65 0.63 0.37 0.31 0.33 0.43 0.53 Debt to Equity 1.51 1.38 1.41 1.29 1.21 1.10 1.16 1.11 Price Range 141.00-97.07 141.00-97.07 129.50-88.77 97.80-76.06 92.25-70.57 84.76-59.44 60.61-48.63 55.86-41.16 P/E Ratio 40.06-27.58 40.40-27.81 37.76-25.88 31.05-24.15 38.76-29.65 32.35-22.69 22.96-18.42 23.77-17.51 Average Yield % 1.66 1.66 1.74 2.07 2.01 2.02 2.45 2.53 Address: 1 Water Street, Camden, NJ Officers: Karl F. Kurz - Chairman Walter J. Lynch Investor Contact: 856-566-4005 No of Institutions: 1112 08102-1658 President, Chief Executive Officer, Executive Vice Shares: 196,786,400 % Held: 89.51 Telephone: 856-955-4001 President, Chief Operating Officer, Division Officer Transfer Agents:American Stock Transfer & Trust Web Site: www.amwater.com Company, Brooklyn, NY
14
AMERIPRISE FINANCIAL INC Exchange NYS
Symbol AMP
Price $154.11 (9/30/2020)
52Wk Range 179.72-82.88
Yield 2.70
P/E 8.06
*7 Year Price Score 103.00 *NYSE Composite Index=100 *12 Month Price Score 103.62 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 190 180 2017 2.52 2.50 3.24 1.20 170 2018 3.91 3.10 3.43 3.75 160 2019 2.82 3.57 4.04 3.52 150 2020 15.88 (4.31) ... ... 140 Interim Dividends (Per Share) 130 Amt Decl Ex Rec Pay 120 110 0.97Q 10/23/2019 11/01/2019 11/04/2019 11/15/2019 100 0.97Q 01/29/2020 02/13/2020 02/14/2020 02/28/2020 90 1.04Q 05/06/2020 05/15/2020 05/18/2020 05/29/2020 80 1.04Q 07/29/2020 08/07/2020 08/10/2020 08/21/2020 70 Indicated Div: $4.16 (Div. Reinv. Plan) 60 Valuation Analysis 50 Forecast EPS $16.28 (09/02/2020) 40 30 Market Cap $18.6 Billion Book Value $6.5 Billion TRADING VOLUME (thousand shares) 1500 Price/Book 2.86 Price/Sales 1.51 1000 Dividend Achiever Status 500 10 Year Growth Rate 18.81% 0 Total Years of Dividend Growth 14 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Wealth Management (MIC: 5.5.2 SIC: 6282 NAIC: 523930) Ameriprise Financial is a holding company. Through its subsidiaries, Co. provides a range of products and services to individual and institutional clients. Co.'s segments are: Advice and Wealth Management, which provides financial planning and advice, as well as brokerage services, to retail clients through its advisors; Asset Management, which provides investment management, advice and products to clients through the Columbia Threadneedle Investments® brand; Annuities, which provides variable and fixed annuity products to clients; and Protection, which provides products to address the protection and risk management needs of Co.'s retail clients including life, disability income insurance. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$539.0 million versus net income of US$492.0 million in the year-earlier quarter. Revenues were US$2.71 billion, down 16.4% from US$3.25 billion the year before. Direct operating expenses rose 36.3% to US$2.42 billion from US$1.78 billion in the comparable period the year before. Indirect operating expenses decreased 7.4% to US$817.0 million from US$882.0 million in the equivalent prior-year period. Prospects: Our evaluation of Ameriprise Financial Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and AMP has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that AMP will perform well over the near term. Financial Data (US$ in Millions) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 19.13 27.01 13.92 14.20 9.44 7.81 8.48 8.30 Cash Flow Per Share 47.14 55.87 17.46 17.84 11.04 11.82 14.16 12.52 Tang Book Value Per Share 53.89 54.71 46.22 40.99 40.90 40.66 42.20 44.37 Dividends Per Share 3.950 3.880 3.810 3.530 3.240 2.920 2.590 2.260 Dividend Payout % 20.65 14.37 27.37 24.86 34.32 37.39 30.54 27.23 Income Statement Total Revenue 5,713 3,001 12,967 12,835 12,027 11,696 12,170 12,268 EBITDA 2,008 2,444 2,593 2,875 2,562 1,982 2,679 3,019 Depn & Amortn 96 47 147 146 141 149 150 144 Income Before Taxes 1,825 2,351 2,232 2,484 2,214 1,592 2,142 2,547 Income Taxes 328 315 339 386 734 278 455 545 Net Income 1,497 2,036 1,893 2,098 1,480 1,314 1,562 1,619 Average Shares 126 128 136 147 156 168 184 195 Balance Sheet Current Assets 7,703 8,829 11,037 9,282 8,405 7,796 8,133 8,055 Total Assets 154,902 145,682 151,828 137,216 147,470 139,821 145,342 148,810 Current Liabilities 17,920 18,637 16,515 13,608 12,463 11,963 10,440 9,387 Long-Term Obligations 4,324 3,720 4,725 4,610 5,099 5,236 10,246 9,929 Total Liabilities 148,402 138,989 146,099 131,628 141,472 133,529 138,125 140,686 Stockholders' Equity 6,500 6,693 5,729 5,588 5,998 6,292 7,217 8,124 Shares Outstanding 120 122 123 136 146 154 171 183 Statistical Record Return on Assets % 1.65 2.44 1.31 1.47 1.03 0.92 1.06 1.10 Return on Equity % 39.95 56.38 33.45 36.22 24.08 19.40 20.36 19.85 EBITDA Margin % 35.15 81.44 20.00 22.40 21.30 16.95 22.01 24.61 Net Margin % 26.20 67.84 14.60 16.35 12.31 11.23 12.83 13.20 Asset Turnover 0.08 0.09 0.09 0.09 0.08 0.08 0.08 0.08 Current Ratio 0.43 0.47 0.67 0.68 0.67 0.65 0.78 0.86 Debt to Equity 0.67 0.56 0.82 0.82 0.85 0.83 1.42 1.22 Price Range 179.72-82.88 179.72-82.88168.43-104.37 182.04-97.58171.70-111.55 118.90-76.27137.81-103.08136.76-101.47 P/E Ratio 9.39-4.33 6.65-3.07 12.10-7.50 12.82-6.87 18.19-11.82 15.22-9.77 16.25-12.16 16.48-12.23 Average Yield % 2.76 2.64 2.70 2.46 2.35 3.00 2.12 1.92 Address: 1099 Ameriprise Financial Officers: James M. Cracchiolo - Chairman, Chief Investor Contact: 612-671-2080 Center, Minneapolis, MN 55474 Executive Officer Walter Stanley Berman - Executive No of Institutions: 1148 Telephone: 612-671-3131 Shares: 149,431,344 % Held: 73.79 Vice President, Chief Financial Officer Transfer Agents:Computershare Trust Company, N.A, Web Site: www.ameriprise.com Providence, RI
15
AMERISOURCEBERGEN CORP. Exchange NYS
Symbol ABC
Price $96.92 (9/30/2020)
52Wk Range 104.70-73.93
Yield 1.73
*7 Year Price Score 94.06 *NYSE Composite Index=100 *12 Month Price Score 105.86 Interim Earnings (Per Share) Qtr. Dec Mar Jun 120 115 2016-17 1.11 1.86 0.23 110 2017-18 3.90 1.29 1.25 105 2018-19 1.84 0.13 1.43 100 2019-20 0.90 4.64 1.41 95 90 Interim Dividends (Per Share) 85 Amt Decl Ex Rec 80 75 0.40Q 11/07/2019 11/15/2019 11/18/2019 70 0.42Q 01/30/2020 02/13/2020 02/14/2020 65 0.42Q 05/07/2020 05/15/2020 05/18/2020 60 0.42Q 08/05/2020 08/14/2020 08/17/2020 55 50 Indicated Div: $1.68 45 Valuation Analysis 40 Forecast EPS $7.87 (09/02/2020) 35 30 Market Cap $19.8 Billion Book Value TRADING VOLUME (thousand shares) 1200 Price/Book 5.12 Price/Sales 800 Dividend Achiever Status 400 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 12.80 Sep (1.56) 1.09 0.62 ...
Pay 12/02/2019 03/02/2020 06/01/2020 09/01/2020
$3.9 Billion 0.11
20.89% 15
Business Summary: Pharmaceuticals (MIC: 4.1.1 SIC: 5122 NAIC: 424210) AmerisourceBergen is a pharmaceutical sourcing and distribution services company. Co.'s Pharmaceutical Distribution Services reportable segment provides pharmaceutical distribution and additional services to physicians who focus on a variety of disease states, especially oncology, and to other healthcare providers, including hospitals and dialysis clinics. Additionally, this segment provides data analytics, outcomes research, and additional services for biotechnology and pharmaceutical manufacturers. This segment also provides pharmacy management, staffing and additional consulting services, and supply management software to a variety of retail and institutional healthcare providers. Recent Developments: For the quarter ended June 30 2020, net income decreased 4.9% to US$287.3 million from US$302.0 million in the year-earlier quarter. Revenues were US$45.37 billion, up 0.3% from US$45.24 billion the year before. Operating income was US$404.8 million versus US$406.7 million in the prior-year quarter, a decrease of 0.5%. Direct operating expenses rose 0.3% to US$44.14 billion from US$44.01 billion in the comparable period the year before. Indirect operating expenses decreased 0.4% to US$820.9 million from US$824.5 million in the equivalent prior-year period. Prospects: Our evaluation of AmerisourceBergen Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and ABC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that ABC will perform very poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share 7.57 7.59 3.08 4.04 7.53 1.64 6.32 (0.62) Cash Flow Per Share 7.76 10.89 9.75 11.15 6.48 6.89 14.94 18.00 Dividends Per Share 1.640 1.620 1.600 1.600 1.520 1.460 1.360 1.160 Dividend Payout % 21.66 21.34 51.95 39.60 20.19 89.02 21.52 ... Income Statement Total Revenue 140,649,158 95,282,381 47,864,742 179,589,121 167,939,635 153,143,826 146,849,686 135,961,803 EBITDA 1,261,755 781,387 369,940 1,445,977 1,712,933 1,325,492 1,763,360 561,085 Depn & Amortn 308,953 210,168 109,345 321,102 318,483 262,420 232,538 187,935 Income Before Taxes 849,626 505,791 229,588 967,106 1,219,751 917,887 1,390,910 274,149 Income Taxes (595,321) (651,888) 43,020 112,971 (438,469) 553,403 (37,019) 409,036 Net Income 1,437,356 1,147,917 187,640 855,365 1,658,405 364,484 1,427,929 (134,887) Average Shares 205,544 207,062 207,517 211,840 220,336 221,602 225,959 217,786 Balance Sheet Current Assets 29,918,572 31,180,650 28,954,816 28,132,054 25,894,372 24,303,299 22,851,847 20,334,488 Total Assets 40,789,703 42,042,262 40,016,738 39,171,980 37,669,838 35,316,470 33,656,200 27,736,157 Current Liabilities 30,631,571 32,111,790 30,630,456 29,581,294 27,869,687 26,818,165 25,281,308 22,700,765 Long-Term Obligations 3,620,641 3,622,387 3,636,114 4,354,398 4,510,828 3,781,569 3,870,244 3,493,048 Total Liabilities 36,932,451 38,451,672 37,062,112 36,293,063 34,737,014 33,252,009 31,526,796 27,102,637 Stockholders' Equity 3,857,252 3,590,590 2,954,626 2,878,917 2,932,824 2,064,461 2,129,404 633,520 Shares Outstanding 203,961 203,351 205,778 206,760 213,217 217,993 220,050 206,891 Statistical Record Return on Assets % 3.96 3.91 1.64 2.23 4.54 1.06 4.64 N.M. Return on Equity % 45.86 48.60 21.63 29.44 66.37 17.38 103.08 N.M. EBITDA Margin % 0.90 0.82 0.77 0.81 1.02 0.87 1.20 0.41 Net Margin % 1.02 1.20 0.39 0.48 0.99 0.24 0.97 N.M. Asset Turnover 4.70 4.60 4.59 4.67 4.60 4.44 4.77 5.52 Current Ratio 0.98 0.97 0.95 0.95 0.93 0.91 0.90 0.90 Debt to Equity 0.94 1.01 1.23 1.51 1.54 1.83 1.82 5.51 Price Range 102.30-73.93 97.00-71.06 91.70-71.06 93.76-70.76 105.48-73.23 96.38-69.03 105.02-73.66 115.48-75.02 P/E Ratio 13.51-9.77 12.78-9.36 29.77-23.07 23.21-17.51 14.01-9.73 58.77-42.09 16.62-11.66 ... Average Yield % 1.86 1.91 1.93 1.93 1.72 1.72 1.54 1.15 Address: 1300 Morris Drive, Officers: Steven H. Collis - Chairman, President, Investor Contact: 610-727-3693 No of Institutions: 1115 Chesterbrook, PA 19087-5594 Chief Executive Officer John G. Chou - Executive Telephone: 610-727-7000 Shares: 189,511,184 % Held: 63.65 Vice President, Chief Legal Officer, Chief Business Web Site: www.amerisourcebergen.com Officer, Senior Vice President, General Counsel, Transfer Agents: Secretary Computershare, Louisville, KY
16
ANALOG DEVICES INC Exchange NMS
Symbol ADI
Price $116.74 (9/30/2020)
52Wk Range 124.59-82.23
Yield 2.12
*7 Year Price Score 127.99 *NYSE Composite Index=100 *12 Month Price Score 102.56 Interim Earnings (Per Share) Qtr. Jan Apr Jul 130 2016-17 0.69 0.27 0.18 120 2017-18 0.71 1.01 1.10 110 2018-19 0.95 0.98 0.97 2019-20 0.55 0.72 0.97 100 Interim Dividends (Per Share) 90 Amt Decl Ex Rec 80 0.54Q 11/26/2019 12/05/2019 12/06/2019 0.62Q 02/18/2020 02/27/2020 02/28/2020 70 0.62Q 05/20/2020 05/28/2020 05/29/2020 60 0.62Q 08/18/2020 08/27/2020 08/28/2020 Indicated Div: $2.48 50 Valuation Analysis 40 Forecast EPS $4.79 (08/30/2020) 30 Market Cap $43.1 Billion Book Value TRADING VOLUME (thousand shares) 2000 Price/Book 3.66 Price/Sales 1500 Dividend Achiever Status 1000 10 Year Growth Rate 500 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 39.04 Oct 0.97 1.15 0.75 ...
Pay 12/17/2019 03/10/2020 06/09/2020 09/09/2020
$11.8 Billion 7.81
10.44% 16
Business Summary: Semiconductors (MIC: 6.2.4 SIC: 3674 NAIC: 334413) Analog Devices is an analog technology company. Co. designs, manufactures, and markets a portfolio of solutions, including integrated circuits, algorithms, software, and subsystems. Co.'s analog products include data converter that translate real-world analog signals into digital data and also translate digital data into analog signals, amplifiers that condition analog signals, and power management and reference products that include functions such as power conversion, driver monitoring, sequencing and energy management. Co.'s digital signal processing products are designed to execute software programs, or algorithms, associated with processing digitized real-time, real-world data. Recent Developments: For the quarter ended Aug 1 2020, net income increased 0.1% to US$362.7 million from US$362.4 million in the year-earlier quarter. Revenues were US$1.46 billion, down 1.6% from US$1.48 billion the year before. Operating income was US$419.1 million versus US$446.7 million in the prior-year quarter, a decrease of 6.2%. Direct operating expenses rose 0.3% to US$483.6 million from US$482.3 million in the comparable period the year before. Indirect operating expenses increased 0.4% to US$553.5 million from US$551.1 million in the equivalent prior-year period. Prospects: Our evaluation of Analog Devices Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while ADI has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that ADI will perform poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 11/02/2019 11/03/2018 10/28/2017 10/29/2016 10/31/2015 Earnings Per Share 2.99 2.99 3.25 3.65 3.97 2.07 2.76 2.20 Cash Flow Per Share 5.41 5.40 6.06 6.12 6.49 3.22 4.16 2.91 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. N.M. 9.53 9.14 Dividends Per Share 2.320 2.240 2.160 2.100 1.890 1.770 1.660 1.570 Dividend Payout % 77.59 74.92 66.46 57.53 47.61 85.51 60.14 71.36 Income Statement Total Revenue 4,076,761 2,620,625 1,303,565 5,991,065 6,200,942 5,107,503 3,421,409 3,435,092 EBITDA 1,643,948 1,024,046 477,022 2,515,848 2,681,761 1,633,085 1,234,207 1,050,712 Depn & Amortn 608,707 407,244 203,932 811,274 799,038 584,093 209,750 222,193 Income Before Taxes 894,307 521,278 226,217 1,485,728 1,638,517 828,485 956,921 810,114 Income Taxes 60,072 49,708 22,343 122,717 143,085 101,226 95,257 113,236 Net Income 834,235 471,570 203,874 1,363,011 1,495,432 727,259 861,664 696,878 Average Shares 372,003 371,305 372,264 372,871 374,938 350,484 312,308 316,872 Balance Sheet Current Assets 2,485,237 2,051,293 1,911,179 1,985,126 2,112,126 2,351,338 4,974,863 4,079,548 Total Assets 21,599,568 21,350,938 21,376,827 21,392,641 20,449,779 21,141,294 7,970,278 7,062,178 Current Liabilities 1,687,776 1,582,002 1,770,542 1,508,632 1,406,138 1,596,332 782,934 1,113,830 Long-Term Obligations 5,143,653 5,142,223 4,745,302 5,192,252 6,265,674 7,551,084 1,732,177 498,497 Total Liabilities 9,822,008 9,760,080 9,687,310 9,683,453 9,461,239 10,979,754 2,804,660 1,989,219 Stockholders' Equity 11,777,560 11,590,858 11,689,517 11,709,188 10,988,540 10,161,540 5,165,618 5,072,959 Shares Outstanding 369,166 368,424 368,220 368,302 370,159 368,635 308,170 312,060 Statistical Record Return on Assets % 5.15 5.16 5.61 6.53 7.07 5.01 11.50 10.04 Return on Equity % 9.44 9.53 10.41 12.04 13.91 9.52 16.88 14.22 EBITDA Margin % 40.32 39.08 36.59 41.99 43.25 31.97 36.07 30.59 Net Margin % 20.46 17.99 15.64 22.75 24.12 14.24 25.18 20.29 Asset Turnover 0.26 0.26 0.27 0.29 0.29 0.35 0.46 0.49 Current Ratio 1.47 1.30 1.08 1.32 1.50 1.47 6.35 3.66 Debt to Equity 0.44 0.44 0.41 0.44 0.57 0.74 0.34 0.10 Price Range 124.59-82.23 124.64-82.23 124.64-96.07 124.64-80.42 102.10-77.82 91.21-63.43 65.27-48.84 68.75-49.45 P/E Ratio 41.67-27.50 41.69-27.50 38.35-29.56 34.15-22.03 25.72-19.60 44.06-30.64 23.65-17.70 31.25-22.48 Average Yield % 2.08 2.04 1.95 2.01 2.05 2.25 2.85 2.67
Address: One Technology Way, Norwood, MA 02062-9106 Telephone: 781-329-4700 Web Site: www.analog.com
Officers: Ray Stata - Chairman, President, Chief Executive Officer Vincent T. Roche - President, Chief Executive Officer Transfer Agents: Computershare Trust Company, N.A., Providence, RI
17
Investor Contact: 781-461-3282 No of Institutions: 1358 Shares: 383,988,128 % Held: 90.40
ANDERSONS INC Exchange NMS
Symbol ANDE
Price $19.17 (9/30/2020)
52Wk Range 25.80-11.32
Yield 3.65
P/E N/A
*12 Month Price Score 91.99 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 (0.11) (0.94) 0.09 2.46 2018 (0.06) 0.76 (0.07) 0.84 2019 (0.43) 0.91 (0.13) 0.20 2020 (1.15) 0.92 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.175Q 12/13/2019 12/31/2019 01/02/2020 01/23/2020 0.175Q 02/24/2020 03/31/2020 04/01/2020 04/22/2020 0.175Q 06/25/2020 07/02/2020 07/06/2020 07/22/2020 0.175Q 08/21/2020 09/30/2020 10/01/2020 10/22/2020 Indicated Div: $0.70 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $0.06 (08/25/2020) Market Cap $643.3 Million Book Value $939.4 Million TRADING VOLUME (thousand shares) Price/Book 0.68 Price/Sales 0.08 Dividend Achiever Status 10 Year Growth Rate 11.45% Total Years of Dividend Growth 17 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 45.18 *NYSE Composite Index=100 75 70 65 60 55 50 45
3-for-2
40 35 30 25 20 15 10 120 80 40 0
2011
2012
2013
Business Summary: Agricultural Crop Production (MIC: 1.1.1 SIC: 5159 NAIC: 424590) Andersons is engaged in agriculture. Co.'s segments are: Trade, which focuses on the movement of physical commodities such as whole grains, grain products, feed ingredients, frac sand, domestic fuel products and other agricultural commodities; Ethanol, which produces, purchases and sells ethanol, and provides facility operations, risk management and ethanol and corn oil marketing services to the ethanol plants it invests in and operates; Plant Nutrient, which manufactures, distributes and retails agricultural and related plant nutrients, corncob-based products and pelleted lime and gypsum products; and Rail, which leases, repairs and sells various types of railcars, locomotives and barges. Recent Developments: For the quarter ended June 30 2020, net income decreased 31.9% to US$20.0 million from US$29.4 million in the year-earlier quarter. Revenues were US$1.89 billion, down 18.7% from US$2.33 billion the year before. Direct operating expenses declined 17.6% to US$1.78 billion from US$2.16 billion in the comparable period the year before. Indirect operating expenses decreased 18.2% to US$98.4 million from US$120.3 million in the equivalent prior-year period. Prospects: Our evaluation of Andersons Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and ANDE has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that ANDE will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (0.16) (0.17) 0.55 1.46 1.50 0.41 (0.46) 3.84 Cash Flow Per Share 17.58 7.38 10.70 (1.26) 2.68 1.40 5.45 (0.36) Tang Book Value Per Share 19.18 18.18 19.88 25.45 24.55 21.41 20.75 25.23 Dividends Per Share 0.520 0.690 0.685 0.665 0.645 0.625 0.575 0.470 Dividend Payout % ... ... 124.55 45.55 43.00 152.44 ... 12.24 Income Statement Total Revenue 3,743,286 1,853,105 8,170,191 3,045,382 3,686,345 3,924,790 4,198,495 4,540,071 EBITDA 44,763 (6,117) 205,961 125,063 52,619 100,279 40,584 167,883 Depn & Amortn 62,300 31,000 110,800 71,200 68,300 67,500 64,000 58,500 Income Before Taxes (44,951) (52,704) 35,470 26,015 (37,248) 11,660 (43,488) 87,623 Income Taxes (13,664) (1,464) 13,051 11,931 (63,134) 6,911 (242) 61,501 Net Income (7,222) (37,662) 18,307 41,484 42,511 11,594 (13,067) 109,726 Average Shares 33,009 32,821 33,096 28,452 28,296 28,431 28,288 28,452 Balance Sheet Current Assets 1,398,189 1,821,882 1,945,342 1,023,198 999,211 1,058,126 1,129,522 1,254,447 Total Assets 3,303,989 3,752,691 3,900,741 2,392,003 2,162,354 2,232,849 2,359,101 2,364,692 Current Liabilities 926,782 1,385,488 1,439,919 833,350 738,716 799,776 888,037 1,027,706 Long-Term Obligations 975,973 987,526 1,016,248 496,187 418,339 397,065 436,208 298,638 Total Liabilities 2,364,601 2,840,434 2,927,131 1,561,681 1,347,152 1,458,488 1,594,847 1,561,589 Stockholders' Equity 939,388 912,257 973,610 830,322 815,202 774,361 764,254 803,103 Shares Outstanding 33,559 33,529 33,343 28,494 28,367 28,229 27,956 28,963 Statistical Record Return on Assets % N.M. N.M. 0.58 1.82 1.93 0.50 N.M. 4.73 Return on Equity % N.M. N.M. 2.03 5.04 5.35 1.50 N.M. 14.59 EBITDA Margin % 1.20 N.M. 2.52 4.11 1.43 2.56 0.97 3.70 Net Margin % N.M. N.M. 0.22 1.36 1.15 0.30 N.M. 2.42 Asset Turnover 2.21 2.17 2.60 1.34 1.68 1.70 1.78 1.96 Current Ratio 1.51 1.31 1.35 1.23 1.35 1.32 1.27 1.22 Debt to Equity 1.04 1.08 1.04 0.60 0.51 0.51 0.57 0.37 Price Range 28.19-11.32 33.22-14.63 37.58-17.84 41.45-27.68 43.30-29.85 44.80-24.01 53.33-30.70 69.38-45.18 P/E Ratio ... ... 68.33-32.44 28.39-18.96 28.87-19.90 109.27-58.56 ... 18.07-11.77 Average Yield % 2.51 2.81 2.46 1.93 1.83 1.83 1.46 0.82
Address: 1947 Briarfield Boulevard, Maumee, OH 43537 Telephone: 419-893-5050 Web Site: www.andersonsinc.com
Officers: Michael J. Anderson - Chairman, President, Chief Executive Officer Patrick E. Bowe - President, Chief Executive Officer Transfer Agents: Computershare Investor Services, LLC, Chicago IL
18
Investor Contact: 419-891-6415 No of Institutions: 251 Shares: 31,388,422 % Held: 89.71
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APTARGROUP INC. Exchange NYS
Symbol ATR
Price $113.20 (9/30/2020)
52Wk Range 122.26-83.93
Yield 1.27
*7 Year Price Score 117.01 *NYSE Composite Index=100 *12 Month Price Score 103.47 Interim Earnings (Per Share) Qtr. Mar Jun Sep 135 130 2017 0.81 1.01 0.83 125 2018 0.92 0.86 0.60 120 2019 0.96 1.12 0.85 115 110 2020 0.84 0.63 ... 105 Interim Dividends (Per Share) 100 95 Amt Decl Ex Rec 90 0.36Q 10/17/2019 10/29/2019 10/30/2019 85 0.36Q 01/16/2020 01/28/2020 01/29/2020 80 75 0.36Q 04/15/2020 04/28/2020 04/29/2020 70 0.36Q 07/16/2020 07/28/2020 07/29/2020 65 Indicated Div: $1.44 60 55 Valuation Analysis 50 Forecast EPS $3.33 (08/22/2020) 45 40 Market Cap $7.3 Billion Book Value TRADING VOLUME (thousand shares) 150 Price/Book 4.42 Price/Sales 100 Dividend Achiever Status 50 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 37.11 Dec 0.77 0.62 0.73 ...
Pay 11/20/2019 02/19/2020 05/20/2020 08/19/2020
$1.6 Billion 2.61
9.00% 26
Business Summary: Plastics (MIC: 8.4.2 SIC: 3089 NAIC: 326199) AptarGroup is a supplier of a range of dispensing, sealing and active packaging solutions for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food and beverage markets. Co.'s primary products are dispensing pumps, which dispense a spray or lotion from non-pressurized containers; closures, which are plastic caps that allow a product to be dispensed without removing the cap; aerosol valves, which dispense product from pressurized containers; and elastomeric primary packaging components, which include stoppers for infusion, antibiotic, lyophilization and diagnostic vials, pre-filled syringe components, as well as dropper bulbs and syringe plungers. Recent Developments: For the quarter ended June 30 2020, net income decreased 43.4% to US$41.9 million from US$73.9 million in the year-earlier quarter. Revenues were US$699.3 million, down 5.8% from US$742.7 million the year before. Operating income was US$70.5 million versus US$109.9 million in the prior-year quarter, a decrease of 35.8%. Direct operating expenses declined 5.9% to US$441.7 million from US$469.4 million in the comparable period the year before. Indirect operating expenses increased 14.6% to US$187.1 million from US$163.4 million in the equivalent prior-year period. Prospects: Our evaluation of AptarGroup Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while ATR has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that ATR will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.05 3.54 3.66 3.00 3.41 3.17 3.09 2.85 Cash Flow Per Share 8.11 8.15 8.09 5.02 5.20 5.20 5.19 4.84 Tang Book Value Per Share 6.70 8.52 8.11 7.24 12.49 10.81 12.89 11.85 Dividends Per Share 1.440 1.440 1.420 1.320 1.280 1.220 1.140 1.090 Dividend Payout % 47.21 40.68 38.80 44.00 37.54 38.49 36.89 38.25 Income Statement Total Revenue 1,420,858 721,553 2,859,732 2,764,761 2,469,283 2,330,934 2,317,149 2,597,809 EBITDA 263,838 137,854 540,193 448,111 472,936 458,767 458,955 451,343 Depn & Amortn 107,235 50,806 166,944 156,292 142,755 145,485 134,647 146,893 Income Before Taxes 139,831 78,835 341,934 266,249 295,054 280,688 295,289 288,218 Income Taxes 41,594 22,786 99,842 71,254 74,796 74,893 95,276 94,677 Net Income 97,092 55,253 242,202 194,745 220,030 205,590 199,348 191,658 Average Shares 66,384 66,111 66,150 64,958 64,596 64,849 64,492 67,292 Balance Sheet Current Assets 1,343,571 1,514,652 1,291,241 1,330,808 1,670,073 1,270,170 1,294,994 1,213,938 Total Assets 3,814,016 3,776,552 3,562,119 3,377,735 3,137,823 2,606,785 2,438,726 2,437,190 Current Liabilities 829,767 891,298 683,275 689,170 527,748 542,955 411,900 604,738 Long-Term Obligations 1,082,742 1,075,745 1,085,453 1,125,993 1,191,146 772,737 762,524 588,892 Total Liabilities 2,168,385 2,189,262 1,990,203 1,955,179 1,826,085 1,432,835 1,289,315 1,333,783 Stockholders' Equity 1,645,631 1,587,290 1,571,916 1,422,556 1,311,738 1,173,950 1,149,411 1,103,407 Shares Outstanding 64,300 64,200 63,800 62,916 61,860 62,146 62,516 61,931 Statistical Record Return on Assets % 5.47 6.52 6.98 5.98 7.66 8.13 8.18 7.77 Return on Equity % 12.54 15.35 16.18 14.24 17.70 17.65 17.70 14.84 EBITDA Margin % 18.57 19.11 18.89 16.21 19.15 19.68 19.81 17.37 Net Margin % 6.83 7.66 8.47 7.04 8.91 8.82 8.60 7.38 Asset Turnover 0.75 0.79 0.82 0.85 0.86 0.92 0.95 1.05 Current Ratio 1.62 1.70 1.89 1.93 3.16 2.34 3.14 2.01 Debt to Equity 0.66 0.68 0.69 0.79 0.91 0.66 0.66 0.53 Price Range 125.92-83.93 125.92-83.93 125.92-89.09 111.97-81.38 90.09-71.64 80.46-66.70 75.72-61.38 68.38-56.18 P/E Ratio 41.29-27.52 35.57-23.71 34.40-24.34 37.32-27.13 26.42-21.01 25.38-21.04 24.50-19.86 23.99-19.71 Average Yield % 1.28 1.26 1.27 1.37 1.55 1.61 1.71 1.69 Officers: George L. Fotiades - Chairman Stephan B. Investor Contact: 815-477-0424 Address: 265 Exchange Drive, Suite Tanda - President, Chief Executive Officer Transfer No of Institutions: 563 100, Crystal Lake, IL 60014 Agents:Wells Fargo Shareowner Services, South St. Telephone: 815-477-0424 Shares: 83,411,192 % Held: 91.31 Web Site: www.aptar.com Paul, MN
20
ARCHER DANIELS MIDLAND CO. Exchange NYS
Symbol ADM
Price $46.49 (9/30/2020)
52Wk Range 47.77-29.31
Yield 3.10
P/E 14.81
*7 Year Price Score 85.19 *NYSE Composite Index=100 *12 Month Price Score 107.17 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 90 2017 0.59 0.48 0.34 1.38 85 2018 0.70 1.00 0.94 0.55 80 2019 0.41 0.42 0.72 0.89 75 2020 0.69 0.84 ... ... 70 65 Interim Dividends (Per Share) 60 Amt Decl Ex Rec Pay 55 0.35Q 11/07/2019 11/20/2019 11/21/2019 12/12/2019 0.36Q 01/30/2020 02/12/2020 02/13/2020 03/05/2020 50 0.36Q 05/06/2020 05/19/2020 05/20/2020 06/10/2020 45 0.36Q 08/05/2020 08/18/2020 08/19/2020 09/09/2020 40 Indicated Div: $1.44 (Div. Reinv. Plan) 35 30 Valuation Analysis 25 Forecast EPS $3.08 (09/03/2020) 20 Market Cap $25.8 Billion Book Value $19.3 Billion TRADING VOLUME (thousand shares) 2000 Price/Book 1.34 Price/Sales 0.40 1500 Dividend Achiever Status 1000 10 Year Growth Rate 9.60% 500 0 Total Years of Dividend Growth 45 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Food (MIC: 1.2.1 SIC: 2041 NAIC: 311211) Archer Daniels Midland is a human and animal nutrition and an agricultural origination and processing company. Co. has three segments: Ag Services and Oilseeds, which includes activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds into vegetable oils and protein meals; Carbohydrate Solutions, which is engaged in corn and wheat wet and dry milling and other activities; and Nutrition, which engages in the manufacturing, sale, and distribution of an array of products including plant-based proteins, natural flavor ingredients, and flavor systems. Recent Developments: For the quarter ended June 30 2020, net income increased 98.3% to US$472.0 million from US$238.0 million in the year-earlier quarter. Revenues were US$16.28 billion, down 0.1% from US$16.30 billion the year before. Direct operating expenses declined 1.0% to US$15.17 billion from US$15.33 billion in the comparable period the year before. Indirect operating expenses decreased 11.4% to US$654.0 million from US$738.0 million in the equivalent prior-year period. Prospects: Our evaluation of Archer Daniels Midland Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while ADM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that ADM will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.14 2.72 2.44 3.19 2.79 2.16 2.98 3.43 Cash Flow Per Share (5.66) (7.23) (9.68) (8.48) 3.89 2.50 4.01 7.60 Tang Book Value Per Share 25.33 24.79 24.65 26.73 25.84 23.51 23.88 25.58 Dividends Per Share 1.420 1.410 1.400 1.340 1.280 1.200 1.120 0.960 Dividend Payout % 45.22 51.84 57.38 42.01 45.88 55.56 37.58 27.99 Income Statement Total Revenue 31,251,000 14,970,000 64,656,000 64,341,000 60,828,000 62,346,000 67,702,000 81,201,000 EBITDA 1,288,000 523,000 2,171,000 2,556,000 2,179,000 2,518,000 2,930,000 3,853,000 Depn & Amortn 489,000 245,000 827,000 812,000 802,000 787,000 799,000 850,000 Income Before Taxes 684,000 235,000 1,134,000 1,542,000 1,153,000 1,530,000 1,894,000 2,758,000 Income Taxes 64,000 (16,000) 209,000 245,000 7,000 534,000 438,000 877,000 Net Income 860,000 391,000 1,379,000 1,810,000 1,595,000 1,279,000 1,849,000 2,248,000 Average Shares 562,000 564,000 565,000 567,000 572,000 591,000 621,000 656,000 Balance Sheet Current Assets 22,011,000 26,146,000 21,347,000 20,588,000 19,925,000 21,045,000 21,829,000 26,028,000 Total Assets 44,341,000 48,395,000 43,997,000 40,833,000 39,963,000 39,769,000 40,157,000 44,027,000 Current Liabilities 12,809,000 17,317,000 13,734,000 11,776,000 12,570,000 13,173,000 13,505,000 15,602,000 Long-Term Obligations 8,632,000 8,613,000 7,672,000 7,698,000 6,623,000 6,504,000 5,779,000 5,558,000 Total Liabilities 25,048,000 29,443,000 24,789,000 21,852,000 21,650,000 22,596,000 22,258,000 24,452,000 Stockholders' Equity 19,293,000 18,952,000 19,208,000 18,981,000 18,313,000 17,173,000 17,899,000 19,575,000 Shares Outstanding 556,000 555,000 557,000 559,000 557,000 573,000 595,000 637,000 Statistical Record Return on Assets % 4.07 3.36 3.25 4.48 4.00 3.19 4.39 5.12 Return on Equity % 9.26 8.12 7.22 9.71 8.99 7.27 9.87 11.32 EBITDA Margin % 4.12 3.49 3.36 3.97 3.58 4.04 4.33 4.75 Net Margin % 2.75 2.61 2.13 2.81 2.62 2.05 2.73 2.77 Asset Turnover 1.48 1.41 1.52 1.59 1.53 1.56 1.61 1.85 Current Ratio 1.72 1.51 1.55 1.75 1.59 1.60 1.62 1.67 Debt to Equity 0.45 0.45 0.40 0.41 0.36 0.38 0.32 0.28 Price Range 46.35-29.31 46.35-29.31 46.35-36.76 51.79-39.62 46.97-38.96 47.72-30.51 53.17-34.18 53.71-38.23 P/E Ratio 14.76-9.33 17.04-10.78 19.00-15.07 16.24-12.42 16.84-13.96 22.09-14.12 17.84-11.47 15.66-11.15 Average Yield % 3.53 3.42 3.36 2.93 2.99 2.96 2.44 2.08 Address: 77 West Wacker Drive, Suite Officers: Juan R. Luciano - Chairman, President, Investor Contact: 217-424-5656 No of Institutions: 1219 4600, Chicago, IL 60601 Chief Executive Officer, Executive Vice President, Telephone: 312-634-8100 Shares: 606,406,016 % Held: 82.34 Chief Operating Officer Ray G. Young - Executive Web Site: www.adm.com Vice President, Senior Vice President, Chief Financial Transfer Agents: Officer Hickory Point Bank & Trust, fsb, Decatur, IL
21
ASSURANT INC Exchange NYS
Symbol AIZ
Price $121.31 (9/30/2020)
52Wk Range 142.52-80.41
Yield 2.08
P/E 19.38
*12 Month Price Score 98.97 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 2.53 2.16 (1.05) 2018 1.96 1.09 0.76 2019 2.52 2.21 (0.96) 2020 2.43 2.81 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.63Q 11/08/2019 11/22/2019 11/25/2019 0.63Q 01/14/2020 02/21/2020 02/24/2020 0.63Q 05/07/2020 05/22/2020 05/26/2020 0.63Q 07/09/2020 08/28/2020 08/31/2020 Indicated Div: $2.52 Valuation Analysis Forecast EPS $9.50 (08/23/2020) Market Cap $7.2 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.21 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 116.92 *NYSE Composite Index=100 150 140 130 120 110 100 90 80 70 60 50 40 30 400 300 200 100 0
2011
2012
2013
Dec 5.66 0.26 1.98 ...
Pay 12/16/2019 03/16/2020 06/16/2020 09/22/2020
$6.0 Billion 0.71
15.21% 15
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6321 NAIC: 524114) Assurant is a holding company. Through its subsidiaries, Co. is a provider of lifestyle and housing solutions. Co. operates in North America, Latin America, Europe and Asia Pacific through three segments: Global Lifestyle, which provides mobile device solutions and extended service products and related services for consumer electronics and appliances; Global Housing, which provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance; renters insurance and related products and voluntary manufactured housing insurance; and Global Preneed, which provides pre-funded funeral insurance, final need insurance and related services. Recent Developments: For the quarter ended June 30 2020, net income increased 25.1% to US$178.4 million from US$142.6 million in the year-earlier quarter. Revenues were US$2.47 billion, down 2.9% from US$2.55 billion the year before. Net premiums earned were US$2.04 billion versus US$2.03 billion in the prior-year quarter, an increase of 0.2%. Net investment income fell 11.0% to US$137.2 million from US$154.2 million a year ago. Prospects: Our evaluation of Assurant Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been unchanged, while AIZ has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that AIZ will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Earnings Per Share
6.26
5.66
5.84
3.98
9.39
9.13
2.05
Cash Flow Per Share
16.23
17.21
22.82
11.09
9.65
2.19
3.73
6.44 5.46
Tang Book Value Per Share
23.53
12.67
46.15
34.97
58.46
54.11
51.83
57.12
Dividends Per Share
2.490
2.460
2.430
2.280
2.150
2.030
1.370
1.060
Dividend Payout %
39.78
43.46
41.61
57.29
22.90
22.23
66.83
16.46
5,037,200
2,565,600
10,086,800
8,057,600
6,415,000
7,531,780
10,325,494
10,381,653
336,000
109,200
554,500
333,500
444,500
848,588
201,181
744,137
1,800
(46,600)
167,700
80,900
(75,100)
283,238
59,626
273,230
332,800
154,700
382,600
251,000
519,600
565,350
141,555
470,907
63,347
63,626
62,313
59,545
55,311
61,934
69,017
73,152
Income Statement Total Revenue Income Before Taxes Income Taxes Net Income Average Shares Balance Sheet Total Assets
44,233,200
43,423,300
44,291,200
41,089,300
31,843,000
29,709,128
30,043,128
31,562,466
Total Liabilities
38,265,400
38,053,300
38,638,400
35,977,300
27,572,400
25,611,028
25,519,161
26,381,159
5,967,800
5,370,000
5,652,800
5,112,000
4,270,600
4,098,100
4,523,967
5,181,307
59,571
59,707
59,945
61,908
52,417
55,941
65,850
69,299
Return on Assets %
0.93
0.87
0.90
0.69
1.69
1.89
0.46
1.54
Return on Equity %
6.93
6.87
7.11
5.35
12.42
13.08
2.92
9.40
Net Margin %
6.61
6.03
3.79
3.12
8.10
7.51
1.37
4.54
Asset Turnover
0.23
0.24
0.24
0.22
0.21
0.25
0.34
0.34
Stockholders' Equity Shares Outstanding Statistical Record
Price Range P/E Ratio Average Yield %
142.52-80.41 142.52-80.41 133.55-88.66 110.30-82.65 106.27-87.74 93.74-66.23 86.81-59.86 69.52-60.81 22.77-12.85 25.18-14.21 22.87-15.18 27.71-20.77 2.10
Address: 28 Liberty Street, 41st Floor, New York, NY 10005 Telephone: 212-859-7000 Web Site: www.assurant.com
2.10
2.19
2.34
11.32-9.34 2.18
10.27-7.25 42.35-29.20 2.42
1.92
10.80-9.44 1.60
Officers: Alan B. Colberg - President, Chief Investor Contact: 212-859-7197 Executive Officer, Executive Vice President Richard S. No of Institutions: 607 Shares: 75,008,360 % Held: 94.48 Dziadzio - Executive Vice President, Chief Financial Officer, Controller, Treasurer Transfer Agents: Computershare, Providence, RI
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ATMOS ENERGY CORP. Exchange NYS
Symbol ATO
Price $95.59 (9/30/2020)
52Wk Range 120.57-80.50
Yield 2.41
P/E 19.71
*12 Month Price Score 92.28 Interim Earnings (Per Share) Qtr. Dec Mar Jun Sep 2016-17 1.19 1.55 0.67 0.33 2017-18 2.89 1.60 0.64 0.34 2018-19 1.38 1.82 0.68 0.47 2019-20 1.47 1.95 0.96 ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.575Q 11/06/2019 11/22/2019 11/25/2019 12/09/2019 0.575Q 02/04/2020 02/21/2020 02/24/2020 03/09/2020 0.575Q 05/06/2020 05/22/2020 05/26/2020 06/08/2020 0.575Q 08/05/2020 08/21/2020 08/24/2020 09/08/2020 Indicated Div: $2.30 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.71 (09/01/2020) Market Cap $11.8 Billion Book Value $6.5 Billion TRADING VOLUME (thousand shares) Price/Book 1.82 Price/Sales 4.23 Dividend Achiever Status 10 Year Growth Rate 4.96% Total Years of Dividend Growth 32 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 120.56 *NYSE Composite Index=100 130 120 110 100 90 80 70 60 50 40 30 20 750 500 250 0
2011
2012
2013
Business Summary: Gas Utilities (MIC: 3.3.1 SIC: 4924 NAIC: 221210) Atmos Energy is engaged in the regulated natural gas distribution and pipeline and storage businesses. Co. delivers natural gas through regulated sales and transportation arrangements to residential, commercial, public-authority and industrial customers. Co.'s segments are: Distribution, which is comprised of its regulated natural gas distribution and related sales operations; and Pipeline and Storage, which consists of the pipeline and storage operations of its Atmos Pipeline-Texas Division (APT) and its natural gas transmission operations in Louisiana. APT has intrastate pipeline operations in Texas with a focus on the natural gas-producing areas of central, northern and eastern Texas. Recent Developments: For the quarter ended June 30 2020, net income increased 46.4% to US$117.8 million from US$80.5 million in the year-earlier quarter. Revenues were US$493.0 million, up 1.5% from US$485.7 million the year before. Operating income was US$139.0 million versus US$122.2 million in the prior-year quarter, an increase of 13.8%. Direct operating expenses declined 16.8% to US$26.1 million from US$31.3 million in the comparable period the year before. Indirect operating expenses decreased 1.3% to US$327.9 million from US$332.2 million in the equivalent prior-year period. Prospects: Our evaluation of Atmos Energy Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been unchanged, while ATO has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that ATO will perform very poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share 4.85 4.57 4.44 4.35 5.43 3.73 3.38 3.09 Cash Flow Per Share 8.58 8.48 8.06 8.27 10.13 8.17 7.66 8.21 Tang Book Value Per Share 46.46 45.57 44.14 42.06 36.30 29.86 26.17 24.16 Dividends Per Share 2.250 2.200 2.150 2.100 1.940 1.800 1.680 1.560 Dividend Payout % 46.39 48.14 48.42 48.28 35.73 48.26 49.70 50.49 Income Statement Total Revenue 2,346,223 1,853,228 875,563 2,901,848 3,115,546 2,759,735 3,349,949 4,142,136 EBITDA 1,050,469 797,095 362,730 1,154,382 1,078,873 1,043,909 959,521 903,011 Depn & Amortn 318,082 210,978 105,062 400,920 361,083 319,633 293,096 276,005 Income Before Taxes 663,407 536,717 230,439 650,309 611,144 604,094 550,477 510,765 Income Taxes 127,297 118,398 51,766 138,903 8,080 221,383 200,373 195,690 Net Income 536,110 418,319 178,673 511,406 603,064 396,421 350,104 315,075 Average Shares 123,032 122,997 121,359 117,461 111,012 106,100 103,524 101,892 Balance Sheet Current Assets 602,159 829,561 812,129 458,031 478,853 539,646 681,686 630,985 Total Assets 14,870,982 14,716,398 14,388,125 13,367,619 11,874,437 10,749,596 10,010,889 9,092,945 Current Liabilities 702,686 933,390 845,172 1,209,440 1,915,131 1,013,443 1,788,281 1,154,823 Long-Term Obligations 4,531,341 4,328,866 4,324,285 3,529,452 2,493,665 3,067,045 2,188,779 2,455,388 Total Liabilities 8,409,511 8,411,983 8,260,350 7,617,396 7,104,486 6,850,930 6,547,830 5,898,148 Stockholders' Equity 6,461,471 6,304,415 6,127,775 5,750,223 4,769,951 3,898,666 3,463,059 3,194,797 Shares Outstanding 123,351 122,308 122,262 119,338 111,273 106,104 103,930 101,478 Statistical Record Return on Assets % 4.28 4.07 3.94 4.05 5.33 3.82 3.66 3.56 Return on Equity % 9.82 9.43 9.28 9.72 13.91 10.77 10.49 10.03 EBITDA Margin % 44.77 43.01 41.43 39.78 34.63 37.83 28.64 21.80 Net Margin % 22.85 22.57 20.41 17.62 19.36 14.36 10.45 7.61 Asset Turnover 0.20 0.20 0.21 0.23 0.28 0.27 0.35 0.47 Current Ratio 0.86 0.89 0.96 0.38 0.25 0.53 0.38 0.55 Debt to Equity 0.70 0.69 0.71 0.61 0.52 0.79 0.63 0.77 Price Range 120.57-80.50 120.57-80.50 114.65-89.85 114.65-89.33 94.77-78.03 88.69-68.96 81.32-57.82 58.81-47.35 P/E Ratio 24.86-16.60 26.38-17.61 25.82-20.24 26.36-20.54 17.45-14.37 23.78-18.49 24.06-17.11 19.03-15.32 Average Yield % 2.09 2.04 2.05 2.07 2.23 2.27 2.39 2.89 Address: 1800 Three Lincoln Centre, Officers: Kim R. Cocklin - Executive Chairman, Investor Contact: 972-855-3729 No of Institutions: 771 5430 LBJ Freeway, Dallas, TX 75240 President, Chief Executive Officer John K. Akers Telephone: 972-934-9227 Shares: 132,211,400 % Held: 92.38 President, Chief Executive Officer, Executive Vice Web Site: www.atmosenergy.com President, Senior Vice President Transfer Agents: American Stock Transfer & Trust Company, New York, NY
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BADGER METER INC Exchange NYS
Symbol BMI
Price $65.37 (9/30/2020)
52Wk Range 70.64-43.00
Yield 1.10
P/E 40.86
100%
*7 Year Price Score 131.64 *NYSE Composite Index=100 *12 Month Price Score 102.97 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 75 2017 0.30 0.36 0.27 0.25 70 2018 0.26 0.21 0.10 0.38 65 2019 0.37 0.39 0.44 0.42 60 2020 0.41 0.33 ... ... 55 Interim Dividends (Per Share) 50 Amt Decl Ex Rec Pay 45 0.17Q 11/08/2019 11/27/2019 11/29/2019 12/13/2019 40 0.17Q 02/14/2020 02/27/2020 02/28/2020 03/13/2020 35 0.17Q 04/24/2020 05/28/2020 05/29/2020 06/12/2020 30 0.18Q 08/07/2020 08/27/2020 08/28/2020 09/11/2020 25 Indicated Div: $0.72 (Div. Reinv. Plan) 20 Valuation Analysis 15 Forecast EPS $1.48 (09/02/2020) 10 Market Cap $1.9 Billion Book Value $341.1 Million TRADING VOLUME (thousand shares) 75 Price/Book 5.58 Price/Sales 4.58 50 Dividend Achiever Status 25 10 Year Growth Rate 10.78% 0 Total Years of Dividend Growth 27 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Electronic Instruments & Related Products (MIC: 6.2.3 SIC: 3824 NAIC: 334514) Badger Meter is an innovator, manufacturer and marketer of products incorporating flow measurement, control and communication solutions serving markets worldwide. Co.'s product lines fall into following categories: sales of water meters, radios and related technologies to municipal water utilities and sales of meters, valves and other products for industrial applications in water, wastewater, and other industries. Co. provides flow measurement, control and communication portfolios in the market. This portfolio carries brand names including Recordall®, Hedland®, Dynasonics®, Blancett®, and Research Control®, and includes various primary flow meter technologies. Recent Developments: For the quarter ended June 30 2020, net income decreased 16.1% to US$9.5 million from US$11.4 million in the year-earlier quarter. Revenues were US$91.1 million, down 12.0% from US$103.5 million the year before. Operating income was US$12.7 million versus US$15.0 million in the prior-year quarter, a decrease of 15.8%. Direct operating expenses declined 12.6% to US$55.3 million from US$63.3 million in the comparable period the year before. Indirect operating expenses decreased 8.1% to US$23.2 million from US$25.2 million in the equivalent prior-year period. Prospects: Our evaluation of Badger Meter Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and BMI has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that BMI will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.60 1.66 1.61 0.95 1.19 1.11 0.90 1.03 Cash Flow Per Share 3.17 3.22 2.78 2.08 1.72 1.94 1.25 1.25 Tang Book Value Per Share 7.74 7.49 7.27 6.07 5.18 5.32 4.37 3.63 Dividends Per Share 0.680 0.660 0.640 0.560 0.490 0.430 0.390 0.370 Dividend Payout % 42.50 39.76 39.75 58.95 41.18 38.74 43.33 35.92 Income Statement Total Revenue 199,627 108,508 424,625 433,732 402,440 393,761 377,698 364,768 EBITDA 41,052 22,202 73,429 48,363 67,678 61,480 52,362 54,938 Depn & Amortn 12,461 6,231 11,569 11,354 12,056 10,715 9,993 8,891 Income Before Taxes 28,528 15,940 61,607 35,852 54,833 49,844 41,152 44,912 Income Taxes 7,140 4,086 14,430 8,062 20,262 17,549 15,214 15,234 Net Income 21,388 11,854 47,177 27,790 34,571 32,295 25,938 29,678 Average Shares 29,265 29,223 29,220 29,189 29,111 29,050 28,894 28,756 Balance Sheet Current Assets 223,407 211,429 200,094 164,659 158,623 151,012 149,328 141,105 Total Assets 439,533 430,956 421,893 392,691 391,727 349,699 355,480 341,158 Current Liabilities 62,701 60,456 57,247 60,015 93,109 75,838 104,544 107,075 Total Liabilities 98,390 95,235 90,825 89,188 114,275 93,490 123,205 126,827 Stockholders' Equity 341,143 335,721 331,068 303,503 277,452 256,209 232,275 214,331 Shares Outstanding 29,117 29,117 29,118 29,118 29,118 29,118 29,049 28,922 Statistical Record Return on Assets % 10.99 11.56 11.58 7.09 9.33 9.13 7.45 9.03 Return on Equity % 14.11 14.96 14.87 9.57 12.96 13.19 11.62 14.45 EBITDA Margin % 20.56 20.46 17.29 11.15 16.82 15.61 13.86 15.06 Net Margin % 10.71 10.92 11.11 6.41 8.59 8.20 6.87 8.14 Asset Turnover 0.98 1.03 1.04 1.11 1.09 1.11 1.08 1.11 Current Ratio 3.56 3.50 3.50 2.74 1.70 1.99 1.43 1.32 Price Range 70.64-43.00 70.64-43.00 66.08-47.88 56.97-41.50 51.60-34.60 38.55-26.61 32.79-27.66 30.02-23.79 P/E Ratio 44.15-26.88 42.55-25.90 41.04-29.74 59.97-43.68 43.36-29.08 34.73-23.97 36.43-30.73 29.15-23.10 Average Yield % 1.17 1.15 1.14 1.14 1.18 1.26 1.30 1.41 Investor Contact: 414-371-5702 Officers: Kenneth C. (Ken) Bockhorst - Chairman, Address: 4545 W. Brown Deer Road, No of Institutions: 315 President, Chief Executive Officer, Senior Vice Milwaukee, WI 53233 Shares: 32,585,472 % Held: 89.86 Telephone: 414-355-0400 President, Chief Operating Officer Robert A. Web Site: www.badgermeter.com Wrocklage - Senior Vice President, Vice President, Chief Financial Officer, Treasurer Transfer Agents: American Stock Transfer & Trust Company, LLC, New York, NY
29
BALCHEM CORP. Exchange NMS
Symbol BCPC
Price $97.63 (9/30/2020)
120 110 100 90 80 70 60 50 40 30 20 75 50 25 0
2011
2012
2013
52Wk Range 113.60-80.30
Yield 0.53
*12 Month Price Score 98.25 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.48 0.51 0.50 2018 0.60 0.61 0.59 2019 0.58 0.61 0.64 2020 0.61 0.65 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.38A 12/15/2016 12/22/2016 12/27/2016 0.42A 12/15/2017 12/26/2017 12/27/2017 0.47A 12/12/2018 12/24/2018 12/26/2018 0.52A 12/17/2019 12/27/2019 12/30/2019 Indicated Div: $0.52 Valuation Analysis Forecast EPS $3.25 (08/15/2020) Market Cap $3.2 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 3.98 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 114.76 *NYSE Composite Index=100
P/E 38.59 Dec 1.30 0.63 0.63 ...
Pay 01/20/2017 01/19/2018 01/18/2019 01/17/2020
$792.5 Million 4.69
16.80% 11
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 2899 NAIC: 325199) Balchem is engaged in the development, manufacture and marketing of specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical, medical sterilization and industrial markets. Co. has four reportable segments: Human Nutrition & Health, which provides human grade choline nutrients and mineral amino acid chelated products for nutrition wellness applications; Animal Nutrition & Health, which provides nutritional products in addition to basic choline chloride; Specialty Products, which provides ethylene oxide and propylene oxide; and Industrial Products, which provides certain derivatives of choline chloride, as well as manufactures and sells methylamines. Recent Developments: For the quarter ended June 30 2020, net income increased 6.5% to US$21.1 million from US$19.8 million in the year-earlier quarter. Revenues were US$173.4 million, up 7.3% from US$161.6 million the year before. Operating income was US$26.9 million versus US$26.4 million in the prior-year quarter, an increase of 2.0%. Direct operating expenses rose 9.6% to US$118.0 million from US$107.6 million in the comparable period the year before. Indirect operating expenses increased 3.4% to US$28.5 million from US$27.5 million in the equivalent prior-year period. Prospects: Our evaluation of Balchem Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and BCPC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that BCPC will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.53 2.49 2.45 2.42 2.79 1.75 1.89 1.69 Cash Flow Per Share 4.44 3.88 3.87 3.70 3.47 3.40 3.33 2.81 Tang Book Value Per Share 4.29 3.31 2.35 4.27 1.48 N.M. N.M. N.M. Dividends Per Share 0.520 0.520 0.520 0.470 0.420 0.380 0.340 0.300 Dividend Payout % 20.55 20.88 21.22 19.42 15.05 21.71 17.99 17.75 Income Statement Total Revenue 347,791 174,436 643,705 643,679 594,790 553,204 552,492 541,383 EBITDA 78,413 38,735 122,228 125,639 113,141 106,097 106,542 92,732 Depn & Amortn 25,294 12,549 19,791 18,998 17,121 15,907 12,895 10,599 Income Before Taxes 50,463 24,490 96,478 99,030 88,488 82,934 87,063 77,052 Income Taxes 9,570 4,722 16,807 20,457 (1,583) 26,962 27,341 24,226 Net Income 40,893 19,768 79,671 78,573 90,071 55,972 59,722 52,826 Average Shares 32,470 32,517 32,505 32,444 32,229 31,922 31,635 31,171 Balance Sheet Current Assets 263,862 270,681 254,946 226,314 199,336 188,442 198,829 181,302 Total Assets 1,151,256 1,162,112 1,155,682 981,355 963,636 948,626 881,223 861,271 Current Liabilities 67,960 71,720 92,258 82,056 108,396 101,008 81,120 95,522 Long-Term Obligations 218,569 253,569 248,569 156,000 183,964 245,490 262,500 297,500 Total Liabilities 358,733 395,841 412,015 289,737 346,755 427,593 417,518 469,373 Stockholders' Equity 792,523 766,271 743,667 691,618 616,881 521,033 463,705 391,898 Shares Outstanding 32,341 32,316 32,201 32,256 32,019 31,757 31,527 30,845 Statistical Record Return on Assets % 7.29 7.56 7.46 8.08 9.42 6.10 6.85 8.53 Return on Equity % 10.75 10.92 11.10 12.01 15.83 11.34 13.96 14.61 EBITDA Margin % 22.55 22.21 18.99 19.52 19.02 19.18 19.28 17.13 Net Margin % 11.76 11.33 12.38 12.21 15.14 10.12 10.81 9.76 Asset Turnover 0.60 0.62 0.60 0.66 0.62 0.60 0.63 0.87 Current Ratio 3.88 3.77 2.76 2.76 1.84 1.87 2.45 1.90 Debt to Equity 0.28 0.33 0.33 0.23 0.30 0.47 0.57 0.76 Price Range 113.60-80.30 113.60-81.49 105.34-76.21 116.69-70.84 89.23-73.12 87.56-53.34 69.65-52.42 68.46-49.08 P/E Ratio 44.90-31.74 45.62-32.73 43.00-31.11 48.22-29.27 31.98-26.21 50.03-30.48 36.85-27.74 40.51-29.04 Average Yield % 0.53 0.53 0.55 0.51 0.52 0.57 0.57 0.53 Address: 52 Sunrise Park Road, New Investor Contact: 845-326-5600 Officers: Theodore L. Harris - Chairman, President, No of Institutions: 335 Hampton, NY 10958 Chief Executive Officer Job van Gunsteren - Vice Telephone: 845-326-5600 President, General Counsel, Region Officer Transfer Shares: 33,626,368 % Held: 91.37 Agents:Registrar and Transfer Company, Cranford, NJ Web Site: www.balchem.com
30
BANCFIRST CORP. (OKLAHOMA CITY, OKLA) Exchange NMS
Symbol BANF
Price $40.84 (9/30/2020)
52Wk Range 63.45-27.22
65 60 55 50 45
100%
40 35 30 25 20 15 75 50 25 0
2011
2012
2013
Yield 3.33
*12 Month Price Score 88.36 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.68 0.71 0.67 2018 0.89 0.91 0.98 2019 0.96 1.02 1.00 2020 0.68 0.63 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.32Q 11/21/2019 12/30/2019 12/31/2019 0.32Q 02/27/2020 03/30/2020 03/31/2020 0.32Q 05/28/2020 06/29/2020 06/30/2020 0.34Q 08/27/2020 09/29/2020 09/30/2020 Indicated Div: $1.36 Valuation Analysis Forecast EPS $2.97 (09/02/2020) Market Cap $1.3 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.29 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 100.63 *NYSE Composite Index=100
P/E 12.08 Dec 0.59 0.98 1.07 ...
Pay 01/15/2020 04/15/2020 07/15/2020 10/15/2020
$1.0 Billion 2.80
10.67% 26
Business Summary: Banking (MIC: 5.1.1 SIC: 6021 NAIC: 522110) BancFirst conducts a majority of its operating activities through its subsidiary, BancFirst (BancFirst). Co. also conducts operating activities through its subsidiary, Pegasus Bank. BancFirst's main lending activity is the financing of business and industry in its market areas. Most forms of commercial lending are provided, including commercial mortgages, other forms of asset-based financing and working capital lines of credit. BancFirst's range of deposit services include checking accounts, negotiable order of withdrawal accounts, savings accounts, money market accounts, sweep accounts, club accounts, individual retirement accounts and certificates of deposit. Recent Developments: For the quarter ended June 30 2020, net income decreased 39.3% to US$20.7 million from US$34.2 million in the year-earlier quarter. Net interest income increased 12.2% to US$77.2 million from US$68.8 million in the year-earlier quarter. Provision for loan losses was US$19.3 million versus US$2.4 million in the prior-year quarter, an increase of 694.6%. Non-interest income fell 5.9% to US$32.1 million from US$34.1 million, while non-interest expense advanced 14.2% to US$64.7 million. Prospects: Our evaluation of BancFirst Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while BANF has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that BANF will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.38 3.77 4.05 3.76 2.65 2.22 2.09 2.02 Cash Flow Per Share 5.19 4.82 4.87 4.01 3.29 2.89 2.51 2.49 Tang Book Value Per Share 26.43 26.09 25.50 24.74 22.28 20.36 18.78 17.86 Dividends Per Share 1.280 1.260 1.240 1.020 0.800 0.740 0.700 0.650 Dividend Payout % 37.87 33.42 30.62 27.13 30.19 33.33 33.49 32.18 Income Statement Interest Income 165,422 83,971 336,657 303,204 248,068 218,569 201,045 194,153 Interest Expense 14,141 9,898 54,736 42,728 20,929 14,741 12,253 12,802 Net Interest Income 151,281 74,073 281,921 260,476 227,139 203,828 188,792 181,351 Provision for Losses 38,916 19,583 8,287 3,802 8,512 11,519 7,675 3,072 Non-Interest Income 67,227 35,145 137,229 125,199 118,070 107,032 105,808 96,413 Non-Interest Expense 126,036 61,385 241,301 222,121 200,392 191,404 185,715 183,521 Income Before Taxes 53,556 28,250 169,562 159,752 136,305 107,937 101,210 91,171 Income Taxes 10,218 5,642 34,683 33,938 49,866 37,263 35,040 27,284 Net Income 43,338 22,608 134,879 125,814 86,439 70,674 66,170 63,887 Average Shares 33,075 33,287 33,329 33,430 32,568 31,822 31,772 31,588 Balance Sheet Net Loans & Leases 6,607,356 5,935,985 5,188,201 4,932,761 4,676,502 4,360,857 4,204,107 3,819,942 Total Assets 9,612,453 8,669,096 8,565,758 7,574,258 7,253,156 7,018,952 6,692,829 6,574,972 Total Deposits 8,486,671 7,573,200 7,483,635 6,605,495 6,415,045 6,248,057 5,973,358 5,904,704 Total Liabilities 8,578,254 7,645,716 7,560,769 6,671,469 6,477,527 6,307,858 6,037,319 5,965,658 Stockholders' Equity 1,034,199 1,023,380 1,004,989 902,789 775,629 711,094 655,510 609,314 Shares Outstanding 32,662 32,646 32,694 32,603 31,894 31,621 31,194 31,009 Statistical Record Return on Assets % 1.30 1.53 1.67 1.70 1.21 1.03 1.00 1.01 Return on Equity % 11.27 12.88 14.14 14.99 11.63 10.31 10.46 10.96 Net Interest Margin % 94.79 88.21 83.74 85.91 91.56 93.26 93.91 93.41 Efficiency Ratio % 56.94 51.53 50.92 51.85 54.73 58.78 60.52 63.16 Loans to Deposits 0.78 0.78 0.69 0.75 0.73 0.70 0.70 0.65 Price Range 63.45-27.22 63.45-27.22 63.33-49.90 64.85-48.69 59.35-43.10 47.00-25.59 34.05-28.11 34.67-25.71 P/E Ratio 18.77-8.05 16.83-7.22 15.64-12.32 17.25-12.95 22.40-16.26 21.17-11.53 16.29-13.45 17.16-12.73 Average Yield % 2.52 2.27 2.21 1.76 1.59 2.25 2.28 2.15
Address: 101 N. Broadway, Oklahoma City, OK 73102-8405 Telephone: 405-270-1086 Web Site: www.bancfirst.com
Officers: David E. Rainbolt - Chairman, President, Chief Executive Officer Dennis L. Brand Vice-Chairman, Senior Executive Vice President Transfer Agents:BancFirst Trust and Investment Management, Oklahoma City, OK
31
Investor Contact: 405-270-1003 No of Institutions: 188 Shares: 13,023,552 % Held: 41.10
BANK OF MARIN BANCORP Exchange NAS
Symbol BMRC
Price $28.96 (9/30/2020)
52Wk Range 46.65-25.03
47.5 45 42.5 40 37.5
2-for-1
35 32.5 30 27.5 25 22.5 20 17.5 15 15 10 5 0
2011
2012
2013
Yield 3.18
*12 Month Price Score 82.97 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.37 0.42 0.41 2018 0.46 0.56 0.61 2019 0.54 0.60 0.69 2020 0.53 0.55 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.21Q 10/18/2019 10/31/2019 11/01/2019 0.23Q 01/24/2020 02/06/2020 02/07/2020 0.23Q 04/17/2020 04/30/2020 05/01/2020 0.23Q 07/17/2020 07/30/2020 07/31/2020 Indicated Div: $0.92 Valuation Analysis Forecast EPS $2.10 (08/30/2020) Market Cap $393.6 Million Book Value TRADING VOLUME (thousand shares) Price/Book 1.12 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 104.68 *NYSE Composite Index=100
P/E 11.92 Dec 0.07 0.69 0.66 ...
Pay 11/08/2019 02/14/2020 05/08/2020 08/07/2020
$352.2 Million 3.55
10.87% 14
Business Summary: Banking (MIC: 5.1.1 SIC: 6022 NAIC: 522110) Bank of Marin is a bank holding company. Through its subsidiary, Bank of Marin (the Bank), Co. provides a range of commercial and retail deposit and lending programs. Co.'s lending categories include commercial real estate loans, commercial and industrial loans, construction financing, consumer loans, and home equity lines of credit. Merchant card services are available for Co.'s business customers. Through third party vendors, Co. provides Visa® credit card programs for consumers and businesses, an American Express® credit card program, a leasing program for commercial equipment financing, prepaid business cards for handling expense reimbursements and a suite of cash management services. Recent Developments: For the quarter ended June 30 2020, net income decreased 10.1% to US$7.4 million from US$8.2 million in the year-earlier quarter. Net interest income increased 2.5% to US$24.4 million from US$23.8 million in the year-earlier quarter. Non-interest income fell 20.3% to US$1.8 million from US$2.3 million, while non-interest expense declined 5.2% to US$14.1 million. Prospects: Our evaluation of Bank of Marin Bancorp as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while BMRC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that BMRC will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.43 2.48 2.48 2.33 1.27 1.89 1.52 1.65 Cash Flow Per Share 3.97 2.95 3.01 3.04 2.17 2.09 1.98 1.60 Tang Book Value Per Share 23.38 22.95 22.24 20.28 18.81 18.08 16.88 15.98 Dividends Per Share 0.880 0.840 0.800 0.635 0.560 0.510 0.450 0.400 Dividend Payout % 36.21 33.87 32.26 27.25 43.92 26.98 29.61 24.32 Income Statement Interest Income 50,381 25,384 100,437 95,080 76,596 75,430 69,438 72,790 Interest Expense 1,887 1,265 4,757 3,536 1,744 2,269 2,251 2,349 Net Interest Income 48,494 24,119 95,680 91,544 74,852 73,161 67,187 70,441 Provision for Losses 4,200 2,200 900 ... 500 (1,850) 500 750 Non-Interest Income 4,933 3,120 9,084 10,139 8,268 9,161 9,193 9,041 Non-Interest Expense 29,610 15,469 57,970 58,266 53,782 47,692 46,949 47,263 Income Before Taxes 19,617 9,570 45,894 43,417 28,838 36,480 28,931 31,469 Income Taxes 4,983 2,342 11,653 10,795 12,862 13,346 10,490 11,698 Net Income 14,634 7,228 34,241 32,622 15,976 23,134 18,441 19,771 Average Shares 13,585 13,656 13,794 14,029 12,546 12,230 12,130 12,012 Balance Sheet Net Loans & Leases 2,089,333 1,824,976 1,826,609 1,748,043 1,663,246 1,471,174 1,436,229 1,348,252 Total Assets 3,181,540 2,697,738 2,707,280 2,520,892 2,468,154 2,023,493 2,031,134 1,787,130 Total Deposits 2,779,866 2,307,110 2,336,489 2,174,840 2,148,670 1,772,700 1,728,226 1,551,619 Total Liabilities 2,829,300 2,351,798 2,370,492 2,204,485 2,171,129 1,792,930 1,816,661 1,587,104 Stockholders' Equity 352,240 345,940 336,788 316,407 297,025 230,563 214,473 200,026 Shares Outstanding 13,591 13,565 13,577 13,844 13,843 12,254 12,137 11,878 Statistical Record Return on Assets % 1.17 1.30 1.31 1.31 0.71 1.14 0.97 1.10 Return on Equity % 9.75 10.20 10.48 10.64 6.06 10.37 8.90 10.38 Net Interest Margin % 97.51 95.02 95.26 96.28 97.72 96.99 96.76 96.77 Efficiency Ratio % 52.75 54.27 52.93 55.38 63.37 56.38 59.71 57.76 Loans to Deposits 0.75 0.79 0.78 0.80 0.77 0.83 0.83 0.87 Price Range 46.65-25.03 46.65-25.03 46.65-39.11 44.98-32.75 37.05-29.73 37.23-23.38 27.87-23.34 26.52-21.01 P/E Ratio 19.20-10.30 18.81-10.09 18.81-15.77 19.30-14.06 29.17-23.41 19.70-12.37 18.34-15.35 16.08-12.73 Average Yield % 2.24 2.00 1.87 1.62 1.69 1.95 1.78 1.73
Address: 504 Redwood Boulevard, Suite 100, Novato, CA 94947 Telephone: 415-763-4520 Web Site: www.bankofmarin.com
Officers: Brian M. Sobel - Chairman William H. McDevitt - Vice-Chairman Transfer Agents: Registrar & Transfer Company, Cranford, NJ
32
Investor Contact: 415-763-4523 No of Institutions: 128 Shares: 6,728,921 % Held: 49.29
BANK OZK Exchange NMS
Symbol OZK
Price $21.32 (9/30/2020)
60 55 50 45 40 35 30 25 20 15 10 5 750 500 250 0
2011
2012
2013
52Wk Range 31.54-15.55
Yield 5.16
*12 Month Price Score 91.09 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.73 0.73 0.75 2018 0.88 0.89 0.58 2019 0.86 0.86 0.81 2020 0.09 0.39 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.26Q 01/02/2020 01/16/2020 01/17/2020 0.27Q 04/01/2020 04/09/2020 04/13/2020 0.273Q 07/01/2020 07/10/2020 07/13/2020 0.275Q 10/01/2020 10/08/2020 10/12/2020 Indicated Div: $1.10 Valuation Analysis Forecast EPS $1.70 (09/02/2020) Market Cap $2.8 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.67 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 60.66 *NYSE Composite Index=100
P/E 10.30 Dec 1.14 0.89 0.78 ...
Pay 01/24/2020 04/20/2020 07/20/2020 10/19/2020
$4.1 Billion 2.27
21.88% 22
Business Summary: Banking (MIC: 5.1.1 SIC: 6022 NAIC: 522110) Bank OZK provides a range of retail and commercial banking services. Co. also provides, among other products and services, treasury management services for businesses, individuals and non-profit and governmental entities, including wholesale lock box services, remote deposit capture services, trust and wealth management services for businesses, individuals and non-profit and governmental entities, real estate appraisals, ATMs, telephone banking, online and mobile banking services, debit cards and safe deposit boxes. Through third party providers, Co. provides credit cards for consumers and businesses and processing of merchant debit and credit card transactions. Recent Developments: For the quarter ended June 30 2020, net income decreased 54.5% to US$50.3 million from US$110.5 million in the year-earlier quarter. Net interest income decreased 3.5% to US$216.6 million from US$224.5 million in the year-earlier quarter. Provision for loan losses was US$72.0 million versus US$6.8 million in the prior-year quarter, an increase of 964.1%. Non-interest income fell 18.8% to US$21.6 million from US$26.6 million, while non-interest expense advanced 1.8% to US$101.0 million. Prospects: Our evaluation of Bank OZK as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while OZK has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that OZK will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.07 2.54 3.30 3.24 3.35 2.58 2.09 1.52 Cash Flow Per Share 3.65 3.00 3.29 5.48 3.06 2.31 2.32 0.79 Tang Book Value Per Share 26.53 26.30 26.88 23.90 21.45 17.08 14.50 10.04 Dividends Per Share 1.020 0.980 0.940 0.795 0.365 0.630 0.550 0.470 Dividend Payout % 49.28 38.58 28.48 24.54 10.90 24.42 26.32 30.92 Income Statement Interest Income 539,106 271,973 1,162,541 1,100,820 932,593 662,555 409,719 291,449 Interest Expense 112,739 62,198 278,360 209,387 115,164 61,050 27,568 20,955 Net Interest Income 426,367 209,775 884,181 891,433 817,429 601,505 382,151 270,494 Provision for Losses 189,689 117,663 26,241 64,398 28,092 23,792 19,415 16,915 Non-Interest Income 49,271 27,680 107,527 107,775 123,858 102,399 105,015 84,883 Non-Interest Expense 204,378 103,425 401,130 380,752 332,672 255,754 190,982 166,015 Income Before Taxes 81,571 16,367 564,337 554,058 580,523 424,358 276,769 172,447 Income Taxes 19,456 4,509 138,429 136,977 158,586 154,278 94,455 53,859 Net Income 62,132 11,866 425,906 417,106 421,891 269,979 182,253 118,606 Average Shares 129,399 129,307 129,006 128,740 125,809 104,700 87,348 78,060 Balance Sheet Net Loans & Leases 19,004,882 17,989,467 17,423,518 17,015,559 15,948,909 14,486,574 8,273,817 5,074,899 Total Assets 26,380,409 24,565,810 23,555,728 22,388,030 21,275,647 18,890,142 9,879,459 6,766,499 Total Deposits 20,723,598 18,809,190 18,474,259 17,938,415 17,192,345 15,574,878 7,971,468 5,496,382 Total Liabilities 22,269,743 20,482,660 19,405,377 18,617,700 17,814,919 16,098,535 8,414,828 5,858,109 Stockholders' Equity 4,110,666 4,083,150 4,150,351 3,770,330 3,460,728 2,791,607 1,464,631 908,390 Shares Outstanding 129,350 129,324 128,951 128,611 128,287 121,267 90,478 79,924 Statistical Record Return on Assets % 1.08 1.38 1.85 1.91 2.10 1.87 2.19 2.05 Return on Equity % 6.59 8.21 10.75 11.54 13.50 12.65 15.36 15.47 Net Interest Margin % 81.08 77.13 76.06 80.98 87.65 90.79 93.27 92.81 Efficiency Ratio % 34.97 34.51 31.58 31.50 31.49 33.43 37.10 44.11 Loans to Deposits 0.92 0.96 0.94 0.95 0.93 0.93 1.04 0.92 Price Range 31.54-15.55 34.15-16.07 34.15-22.83 53.11-21.19 56.45-40.35 54.42-34.82 54.69-32.43 37.98-28.15 P/E Ratio 15.24-7.51 13.44-6.33 10.35-6.92 16.39-6.54 16.85-12.04 21.09-13.50 26.17-15.52 24.99-18.52 Average Yield % 3.91 3.44 3.18 1.91 0.76 1.54 1.28 1.45
Address: 18000 Cantrell Road, Little Rock, AR 72223 Telephone: 501-978-2265 Web Site: www.bankozarks.com
Investor Contact: 501-978-2265 Officers: George Gleason - Chairman, President, No of Institutions: 437 Chief Executive Officer Greg McKinney - Chief Shares: 129,325,272 % Held: N/A Transfer Financial Officer, Chief Accounting Officer Agents:Bank of the Ozarks, Little Rock, AR
33
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BEST BUY INC Exchange NYS
Symbol BBY
Price $111.29 (9/30/2020)
52Wk Range 117.37-50.69
Yield 1.98
P/E 18.10
*7 Year Price Score 141.86 *NYSE Composite Index=100 *12 Month Price Score 127.03 Interim Earnings (Per Share) Qtr. Apr Jul Oct Jan 120 2017-18 0.60 0.67 0.78 1.21 110 2018-19 0.72 0.86 0.99 2.63 100 2019-20 0.98 0.89 1.10 2.79 90 2020-21 0.61 1.65 ... ... Interim Dividends (Per Share) 80 Amt Decl Ex Rec Pay 70 0.50Q 11/27/2019 12/16/2019 12/17/2019 01/07/2020 60 0.55Q 02/27/2020 03/18/2020 03/19/2020 04/09/2020 50 0.55Q 05/21/2020 06/10/2020 06/11/2020 07/02/2020 0.55Q 08/25/2020 09/14/2020 09/15/2020 10/06/2020 40 Indicated Div: $2.20 (Div. Reinv. Plan) 30 Valuation Analysis 20 Forecast EPS $6.90 (08/30/2020) 10 Market Cap $28.7 Billion Book Value $3.8 Billion TRADING VOLUME (thousand shares) 4000 Price/Book 7.60 Price/Sales 0.66 3000 Dividend Achiever Status 2000 10 Year Growth Rate 13.58% 1000 0 Total Years of Dividend Growth 16 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Retail - Appliances and Electronics (MIC: 2.1.7 SIC: 5731 NAIC: 443112) Best Buy is a technology retailer. Co. has two reportable segments: Domestic and International. The Domestic segment is comprised of the operations in all states, districts and territories of the United States under various brand names including Best Buy, Best Buy Business, Best Buy Express, Best Buy Health, CST, Geek Squad, GreatCall, Lively, Magnolia and Pacific Kitchen and Home and the domain names bestbuy.com and greatcall.com. The International segment is comprised of all operations in Canada and Mexico under the brand names Best Buy, Best Buy Express, Best Buy Mobile and Geek Squad and the domain names bestbuy.ca and bestbuy.com.mx. Recent Developments: For the quarter ended Aug 1 2020, net income increased 81.5% to US$432.0 million from US$238.0 million in the year-earlier quarter. Revenues were US$9.91 billion, up 3.9% from US$9.54 billion the year before. Operating income was US$568.0 million versus US$313.0 million in the prior-year quarter, an increase of 81.5%. Direct operating expenses rose 5.3% to US$7.64 billion from US$7.25 billion in the comparable period the year before. Indirect operating expenses decreased 13.6% to US$1.70 billion from US$1.97 billion in the equivalent prior-year period. Prospects: Our evaluation of Best Buy Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while BBY has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that BBY will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 02/01/2020 02/02/2019 02/03/2018 01/28/2017 01/30/2016 01/31/2015 Earnings Per Share 6.15 5.39 5.75 5.20 3.26 3.81 2.56 3.49 Cash Flow Per Share 22.07 13.12 9.71 8.74 7.01 8.01 3.83 5.55 Tang Book Value Per Share 10.82 9.43 9.73 9.00 11.26 13.77 12.15 12.84 Dividends Per Share 2.100 2.050 2.000 1.800 1.360 1.570 1.430 0.720 Dividend Payout % 34.15 38.03 34.78 34.62 41.72 41.21 55.86 20.63 Income Statement Total Revenue 18,472,000 8,562,000 43,638,000 42,879,000 42,151,000 39,403,000 39,528,000 40,339,000 EBITDA 1,225,000 442,000 2,869,000 2,731,000 2,575,000 2,542,000 2,047,000 2,133,000 Depn & Amortn 414,000 207,000 812,000 770,000 683,000 654,000 657,000 656,000 Income Before Taxes 779,000 218,000 1,993,000 1,888,000 1,817,000 1,816,000 1,310,000 1,387,000 Income Taxes 188,000 59,000 452,000 424,000 818,000 609,000 503,000 141,000 Net Income 591,000 159,000 1,541,000 1,464,000 1,000,000 1,228,000 897,000 1,233,000 Average Shares 262,100 260,400 268,100 281,400 307,100 322,600 350,700 353,600 Balance Sheet Current Assets 10,683,000 8,996,000 8,857,000 8,870,000 9,829,000 10,516,000 9,886,000 11,729,000 Total Assets 17,412,000 15,605,000 15,591,000 12,901,000 13,049,000 13,856,000 13,519,000 15,256,000 Current Liabilities 10,080,000 8,804,000 8,060,000 7,513,000 7,817,000 7,122,000 6,925,000 7,777,000 Long-Term Obligations 632,000 621,000 1,257,000 1,332,000 811,000 1,321,000 1,339,000 1,580,000 Total Liabilities 13,634,000 12,195,000 12,112,000 9,595,000 9,437,000 9,147,000 9,141,000 10,261,000 Stockholders' Equity 3,778,000 3,410,000 3,479,000 3,306,000 3,612,000 4,709,000 4,378,000 4,995,000 Shares Outstanding 258,000 257,000 256,494 265,703 282,988 311,108 323,779 351,468 Statistical Record Return on Assets % 10.06 9.52 10.85 11.31 7.31 9.00 6.25 8.45 Return on Equity % 31.48 28.37 45.55 42.44 23.65 27.10 19.19 27.53 EBITDA Margin % 6.63 5.16 6.57 6.37 6.11 6.45 5.18 5.29 Net Margin % 3.20 1.86 3.53 3.41 2.37 3.12 2.27 3.06 Asset Turnover 2.68 2.86 3.07 3.31 3.08 2.89 2.75 2.76 Current Ratio 1.06 1.02 1.10 1.18 1.26 1.48 1.43 1.51 Debt to Equity 0.17 0.18 0.36 0.40 0.22 0.28 0.31 0.32 Price Range 100.03-50.69 91.93-50.69 91.26-58.45 82.60-48.24 78.06-42.14 49.31-26.93 41.77-25.87 39.91-22.78 P/E Ratio 16.27-8.24 17.06-9.40 15.87-10.17 15.88-9.28 23.94-12.93 12.94-7.07 16.32-10.11 11.44-6.53 Average Yield % 2.74 2.80 2.76 2.54 2.42 4.36 4.13 2.35
Address: 7601 Penn Avenue South, Richfield, MN 55423 Telephone: 612-291-1000 Web Site: www.investors.bestbuy.com
Officers: Richard M. Schulze - Chairman Emeritus, Chairman J. Patrick Doyle - Chairman Transfer Agents:Computershare, Providence, RI
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Investor Contact: 612-291-1000 No of Institutions: 1058 Shares: 261,142,320 % Held: 72.20
BLACK HILLS CORPORATION Exchange NYS
Symbol BKH
Price $53.49 (9/30/2020)
52Wk Range 85.53-50.93
Yield 4.00
P/E 16.93
*12 Month Price Score 80.77 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.39 0.40 0.50 0.92 2018 2.46 0.40 0.31 1.51 2019 1.73 0.24 0.19 1.13 2020 1.51 0.33 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.535Q 10/29/2019 11/15/2019 11/18/2019 12/01/2019 0.535Q 01/29/2020 02/13/2020 02/14/2020 03/01/2020 0.535Q 04/27/2020 05/15/2020 05/18/2020 06/01/2020 0.535Q 07/27/2020 08/17/2020 08/18/2020 09/01/2020 Indicated Div: $2.14 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $3.56 (08/18/2020) Market Cap $3.4 Billion Book Value $2.5 Billion TRADING VOLUME (thousand shares) Price/Book 1.34 Price/Sales 2.01 Dividend Achiever Status 10 Year Growth Rate 3.74% Total Years of Dividend Growth 48 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 100.83 *NYSE Composite Index=100 90 85 80 75 70 65 60 55 50 45 40 35 30 25 300 200 100 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221121) Black Hills is a utility holding company, which operates in four segments: Electric Utilities, which generates, transmits and distributes electricity to electric utility customers in Colorado, Montana, South Dakota and Wyoming; Gas Utilities, which serves natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; Power Generation, which produces electric power from its wind, natural gas and coal-fired generating plants and sells the electric capacity and energy primarily to its utilities under long-term contracts; and Mining, which produces coal at its mine near Gillette, WY, and sells it under long-term contracts to mine-mouth electric generation facilities. Recent Developments: For the quarter ended June 30 2020, net income increased 39.6% to US$24.7 million from US$17.7 million in the year-earlier quarter. Revenues were US$326.9 million, down 2.1% from US$333.9 million the year before. Operating income was US$66.9 million versus US$54.0 million in the prior-year quarter, an increase of 23.9%. Direct operating expenses declined 12.2% to US$188.9 million from US$215.2 million in the comparable period the year before. Indirect operating expenses increased 9.7% to US$71.0 million from US$64.7 million in the equivalent prior-year period. Prospects: Our evaluation of Black Hills Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and BKH has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that BKH will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.16 3.07 3.28 4.66 3.21 1.37 (0.71) 2.89 Cash Flow Per Share 8.39 8.44 8.33 8.98 8.05 6.16 9.45 7.29 Tang Book Value Per Share 19.15 19.29 17.07 14.46 7.51 5.75 21.54 22.82 Dividends Per Share 2.110 2.080 2.050 1.930 1.810 1.680 1.620 1.560 Dividend Payout % 66.77 67.75 62.50 41.42 56.39 122.63 ... 53.98 Income Statement Total Revenue 863,964 537,050 1,734,900 1,754,268 1,680,266 1,572,974 1,304,605 1,393,570 EBITDA 217,995 150,916 597,047 599,411 613,030 419,042 193,413 412,428 Depn & Amortn 4,246 2,237 216,958 204,173 196,507 195,223 161,734 150,210 Income Before Taxes 142,751 113,226 242,902 255,882 281,742 93,106 (49,522) 194,177 Income Taxes 20,833 16,002 29,580 (23,667) 73,367 10,475 (22,160) 65,395 Net Income 114,140 93,174 199,310 258,442 177,034 72,970 (32,111) 128,781 Average Shares 62,617 61,856 60,798 55,486 55,120 53,271 45,288 44,598 Balance Sheet Current Assets 414,105 489,673 473,184 503,833 570,782 466,814 822,151 454,036 Total Assets 7,689,932 7,648,814 7,558,457 6,963,327 6,658,902 6,515,444 4,655,501 4,279,806 Current Liabilities 384,965 719,854 811,294 648,230 649,101 527,932 422,029 651,281 Long-Term Obligations 3,532,887 3,136,887 3,140,096 2,950,835 3,109,400 3,211,189 1,866,866 1,267,589 Total Liabilities 5,176,640 5,125,646 5,196,334 4,781,739 4,949,928 4,900,805 3,189,634 2,903,782 Stockholders' Equity 2,513,292 2,523,168 2,362,123 2,181,588 1,708,974 1,614,639 1,465,867 1,376,024 Shares Outstanding 62,746 62,748 61,476 60,004 53,540 53,382 51,192 44,671 Statistical Record Return on Assets % 2.64 2.57 2.74 3.79 2.69 1.30 N.M. 3.16 Return on Equity % 8.08 7.86 8.77 13.29 10.65 4.72 N.M. 9.60 EBITDA Margin % 25.23 28.10 34.41 34.17 36.48 26.64 14.83 29.60 Net Margin % 13.21 17.35 11.49 14.73 10.54 4.64 N.M. 9.24 Asset Turnover 0.23 0.23 0.24 0.26 0.26 0.28 0.29 0.34 Current Ratio 1.08 0.68 0.58 0.78 0.88 0.88 1.95 0.70 Debt to Equity 1.41 1.24 1.33 1.35 1.82 1.99 1.27 0.92 Price Range 85.53-50.93 85.53-50.93 81.64-61.27 67.81-50.66 71.88-57.44 64.08-45.57 53.12-37.29 61.39-47.48 P/E Ratio 27.07-16.12 27.86-16.59 24.89-18.68 14.55-10.87 22.39-17.89 46.77-33.26 ... 21.24-16.43 Average Yield % 2.90 2.72 2.74 3.31 2.75 2.87 3.54 2.84 Address: 7001 Mount Rushmore Road, Officers: Linden R. Evans - President, Chief Investor Contact: 605-721-1171 No of Institutions: 436 Rapid City, SD 57702 Executive Officer, Chief Operating Officer, Division Shares: 69,573,392 % Held: 89.49 Telephone: 605-721-1700 Officer Scott A. Buchholz - Senior Vice President, Transfer Agents: Web Site: www.blackhillscorp.com Chief Information Officer Wells Fargo Shareowner Services, St. Paul, MN
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BOK FINANCIAL CORP Exchange NMS
Symbol BOKF
Price $51.51 (9/30/2020)
52Wk Range 88.05-35.40
Yield 3.96
P/E 9.61
*12 Month Price Score 84.29 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.35 1.35 1.31 1.11 2018 1.61 1.75 1.79 1.48 2019 1.54 1.93 2.00 1.56 2020 0.88 0.92 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.51Q 10/29/2019 11/08/2019 11/12/2019 11/27/2019 0.51Q 01/28/2020 02/11/2020 02/12/2020 02/27/2020 0.51Q 04/28/2020 05/08/2020 05/11/2020 05/27/2020 0.51Q 08/04/2020 08/14/2020 08/17/2020 08/26/2020 Indicated Div: $2.04 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.98 (08/30/2020) Market Cap $3.6 Billion Book Value $5.1 Billion TRADING VOLUME (thousand shares) Price/Book 0.71 Price/Sales 1.65 Dividend Achiever Status 10 Year Growth Rate 7.84% Total Years of Dividend Growth 14 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 79.43 *NYSE Composite Index=100 150 140 130 120 110 100 90 80 70 60 50 40 30 150 100 50 0
2011
2012
2013
Business Summary: Banking (MIC: 5.1.1 SIC: 6021 NAIC: 522110) BOK Financial is a financial holding company. Through its subsidiaries, Co. provides service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. Co.'s principal lines of business are: Commercial Banking, which includes lending, treasury and cash management services and customer commodity risk management products; Consumer Banking, which includes retail lending and deposit services, lending and deposit services; and Wealth Management, which engages in brokerage and trading activities and provides fiduciary services, private bank services, investment advisory services and insurance services in all markets. Recent Developments: For the quarter ended June 30 2020, net income decreased 53.3% to US$64.3 million from US$137.8 million in the year-earlier quarter. Net interest income decreased 2.6% to US$278.1 million from US$285.4 million in the year-earlier quarter. Provision for loan losses was US$135.3 million versus US$5.0 million in the prior-year quarter, an increase of. Non-interest income rose 35.2% to US$232.7 million from US$172.1 million, while non-interest expense advanced 6.6% to US$295.4 million. Prospects: Our evaluation of Bok Financial Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and BOKF has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that BOKF will perform over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 5.36 6.37 7.03 6.63 5.11 3.53 4.21 4.22 Cash Flow Per Share 14.17 (15.84) (6.69) (8.28) 3.32 (1.43) 4.36 (0.54) Tang Book Value Per Share 54.44 53.27 49.31 41.44 42.30 38.75 39.19 39.33 Dividends Per Share 2.030 2.020 2.010 1.900 1.770 1.730 1.690 1.620 Dividend Payout % 37.87 31.71 28.59 28.66 34.64 49.01 40.14 38.39 Income Statement Interest Income 655,321 348,937 1,531,958 1,228,426 972,751 829,117 766,828 732,239 Interest Expense 115,857 87,577 419,079 243,559 131,050 81,889 63,474 67,045 Net Interest Income 539,464 261,360 1,112,879 984,867 841,701 747,228 703,354 665,194 Provision for Losses 229,092 93,771 44,000 8,000 (7,000) 65,000 34,000 ... Non-Interest Income 413,012 180,319 694,370 616,784 695,094 674,020 666,853 612,659 Non-Interest Expense 564,011 268,624 1,132,381 1,028,166 1,025,517 1,017,590 904,564 847,522 Income Before Taxes 159,373 79,284 630,868 565,485 518,278 338,658 431,643 430,331 Income Taxes 33,103 17,300 130,183 119,061 182,593 106,377 139,384 134,852 Net Income 126,772 62,079 500,758 445,646 334,644 232,668 288,565 292,435 Average Shares 69,877 70,130 70,802 66,662 64,806 65,143 67,691 68,544 Balance Sheet Net Loans & Leases 23,720,293 22,148,659 21,540,228 21,449,273 16,922,742 16,743,501 15,715,630 14,018,981 Total Assets 45,819,874 47,119,162 42,172,021 38,020,504 32,272,160 32,772,281 31,476,128 29,089,698 Total Deposits 33,892,314 29,244,152 27,621,168 25,263,763 22,061,305 22,748,095 21,088,158 21,140,859 Total Liabilities 40,722,879 42,092,914 37,316,226 33,588,395 28,776,793 29,497,427 28,245,572 25,787,519 Stockholders' Equity 5,096,995 5,026,248 4,855,795 4,432,109 3,495,367 3,274,854 3,230,556 3,302,179 Shares Outstanding 70,306 70,308 70,579 72,122 65,394 65,337 65,894 69,113 Statistical Record Return on Assets % 0.86 1.04 1.25 1.27 1.03 0.72 0.95 1.04 Return on Equity % 7.74 9.47 10.78 11.24 9.89 7.13 8.83 9.25 Net Interest Margin % 90.77 74.90 72.64 80.17 86.53 90.12 91.72 90.84 Efficiency Ratio % 54.79 50.76 50.86 55.72 61.49 67.70 63.09 63.02 Loans to Deposits 0.70 0.76 0.78 0.85 0.77 0.74 0.75 0.66 Price Range 88.05-35.40 88.20-35.40 92.37-72.67 105.26-70.59 93.49-74.75 84.20-45.14 72.92-53.75 70.72-57.91 P/E Ratio 16.43-6.60 13.85-5.56 13.14-10.34 15.88-10.65 18.30-14.63 23.85-12.79 17.32-12.77 16.76-13.72 Average Yield % 2.88 2.59 2.48 1.99 2.12 2.71 2.66 2.47
Address: Bank of Oklahoma Tower, Boston Avenue at Second Street, Tulsa, OK 74192 Telephone: 918-588-6000 Web Site: www.bokf.com
Officers: George B. Kaiser - Chairman Steven G. Bradshaw - President, Chief Executive Officer Transfer Agents:Wells Fargo Shareowner Services, St. Paul, MN
39
Investor Contact: 918-588-6752 No of Institutions: 283 Shares: 34,828,024 % Held: 44.97
BRADY CORP Exchange NYS
Symbol BRC
Price $40.02 (9/30/2020)
52Wk Range 58.87-37.41
Yield 2.20
P/E 18.97
*12 Month Price Score 89.44 Interim Earnings (Per Share) Qtr. Oct Jan Apr Jul 2015-16 0.37 0.30 0.42 0.50 2016-17 0.44 0.49 0.43 0.48 2017-18 0.49 0.08 0.49 0.66 2018-19 0.58 0.55 0.65 0.68 2019-20 0.70 0.62 0.26 0.53 Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.218Q 11/19/2019 01/09/2020 01/10/2020 01/31/2020 0.218Q 02/19/2020 04/08/2020 04/09/2020 04/30/2020 0.218Q 05/20/2020 07/09/2020 07/10/2020 07/31/2020 0.22Q 09/14/2020 10/08/2020 10/09/2020 10/30/2020 Indicated Div: $0.88 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.52 (09/02/2020) Market Cap $2.1 Billion Book Value $863.1 Million TRADING VOLUME (thousand shares) Price/Book 2.41 Price/Sales 1.92 Dividend Achiever Status 10 Year Growth Rate 2.24% Total Years of Dividend Growth 35 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 124.73 *NYSE Composite Index=100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 200 150 100 50 0
2011
2012
2013
Business Summary: Manufacturing (MIC: 6.1.1 SIC: 3999 NAIC: 339950) Brady is a manufacturer and supplier of identification solutions and workplace safety products that identify and protect premises, products and people. Co. is organized within two segments: Identification Solutions, which includes industrial and healthcare identification products in several categories, including facility identification and protection, product identification, wire identification, people identification, patient identification, and custom wristbands; and Workplace Safety, which includes workplace safety and compliance products in several categories, including safety and compliance signs, tags, and labels, informational signage, asset tracking labels, and first aid products. Recent Developments: For the year ended July 31 2020, net income decreased 14.4% to US$112.4 million from US$131.3 million in the prior year. Revenues were US$1.08 billion, down 6.8% from US$1.16 billion the year before. Operating income was US$138.0 million versus US$162.4 million in the prior year, a decrease of 15.0%. Direct operating expenses declined 5.0% to US$552.7 million from US$582.0 million in the comparable period the year before. Indirect operating expenses decreased 6.2% to US$390.5 million from US$416.3 million in the equivalent prior-year period. Prospects: Our evaluation of Brady Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while BRC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that BRC will perform poorly over the near term. Financial Data (US$ in Thousands) 07/31/2020 07/31/2019 07/31/2018 07/31/2017 07/31/2016 07/31/2015 07/31/2014 07/31/2013 Earnings Per Share 2.11 2.46 1.73 1.84 1.58 0.06 (0.89) (3.02) Cash Flow Per Share 2.66 3.08 2.77 2.82 2.74 1.82 1.80 2.80 Tang Book Value Per Share 8.17 7.62 5.58 4.08 2.26 1.67 2.48 1.09 Dividends Per Share 0.870 0.850 0.830 0.820 0.810 0.800 0.780 0.760 Dividend Payout % 41.23 34.55 47.98 44.57 51.27 1,333.33 ... ... Income Statement Total Revenue 1,081,299 1,160,645 1,173,851 1,113,316 1,120,625 1,171,731 1,225,034 1,152,109 EBITDA 161,320 185,497 174,192 152,326 140,544 63,506 (12,082) (33,380) Depn & Amortn 18,218 18,023 19,009 20,190 23,375 27,355 26,727 48,725 Income Before Taxes 140,936 164,644 152,015 126,632 109,345 24,995 (53,109) (98,746) Income Taxes 28,321 33,386 60,955 30,987 29,235 20,093 (4,963) 42,070 Net Income 112,369 131,258 91,060 95,645 80,110 2,987 (45,968) (154,535) Average Shares 53,231 53,323 52,524 51,956 50,769 51,383 51,866 51,330 Balance Sheet Current Assets 509,448 573,279 471,339 407,814 407,424 408,582 463,842 512,490 Total Assets 1,142,466 1,157,308 1,056,931 1,050,223 1,043,964 1,062,897 1,253,665 1,438,683 Current Liabilities 185,888 241,945 190,927 187,198 166,727 209,247 291,945 323,497 Long-Term Obligations ... ... 52,618 104,536 211,982 200,774 159,296 201,150 Total Liabilities 279,394 306,534 304,819 350,083 440,366 475,209 520,589 607,886 Stockholders' Equity 863,072 850,774 752,112 700,140 603,598 587,688 733,076 830,797 Shares Outstanding 51,995 52,997 51,932 51,353 50,459 51,319 51,322 52,173 Statistical Record Return on Assets % 9.75 11.86 8.64 9.13 7.58 0.26 N.M. N.M. Return on Equity % 13.08 16.38 12.54 14.67 13.41 0.45 N.M. N.M. EBITDA Margin % 14.92 15.98 14.84 13.68 12.54 5.42 N.M. N.M. Net Margin % 10.39 11.31 7.76 8.59 7.15 0.25 N.M. N.M. Asset Turnover 0.94 1.05 1.11 1.06 1.06 1.01 0.91 0.76 Current Ratio 2.74 2.37 2.47 2.18 2.44 1.95 1.59 1.58 Debt to Equity ... ... 0.07 0.15 0.35 0.34 0.22 0.24 Price Range 58.87-37.41 51.73-36.85 40.65-31.95 39.80-31.86 32.64-19.52 28.91-21.19 35.54-24.26 36.33-26.34 P/E Ratio 27.90-17.73 21.03-14.98 23.50-18.47 21.63-17.32 20.66-12.35481.83-353.17 ... ... Average Yield % 1.72 1.90 2.21 2.27 3.20 3.12 2.69 2.38
Address: 6555 West Good Hope Road, Milwaukee, WI 53223 Telephone: 414-358-6600 Web Site: www.bradycorp.com
Officers: Conrad G. Goodkind - Chairman J. Michael Nauman - President, Chief Executive Officer Transfer Agents:Wells Fargo Bank Minnesota, N.A., St. Paul, MN
40
Investor Contact: 414-438-6940 No of Institutions: 289 Shares: 52,374,760 % Held: 84.47
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BROADRIDGE FINANCIAL SOLUTIONS INC Exchange NYS
Symbol BR
Price $132.00 (9/30/2020)
52Wk Range 143.13-84.26
Yield 1.74
*7 Year Price Score 135.26 *NYSE Composite Index=100 *12 Month Price Score 110.81 Interim Earnings (Per Share) Qtr. Sep Dec Mar 150 2015-16 0.28 0.33 0.52 140 2016-17 0.28 0.25 0.63 130 2017-18 0.42 0.52 0.90 120 2018-19 0.64 0.42 1.45 110 2019-20 0.48 0.09 1.43 100 Interim Dividends (Per Share) 90 Amt Decl Ex Rec 80 0.54Q 11/15/2019 12/12/2019 12/13/2019 70 0.54Q 02/04/2020 03/12/2020 03/13/2020 60 0.54Q 05/05/2020 06/11/2020 06/12/2020 50 0.575Q 08/10/2020 09/14/2020 09/15/2020 40 Indicated Div: $2.30 30 Valuation Analysis 20 Forecast EPS $5.45 (09/02/2020) 10 Market Cap $15.2 Billion Book Value TRADING VOLUME (thousand shares) 600 Price/Book 11.28 Price/Sales 400 Dividend Achiever Status 200 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 33.42 Jun 1.40 1.55 1.72 1.55 1.96
Pay 01/03/2020 04/03/2020 07/02/2020 10/05/2020
$1.3 Billion 3.35
17.18% 12
Business Summary: Finance Intermediaries & Services (MIC: 5.5.1 SIC: 7389 NAIC: 561499) Broadridge Financial Solutions is a holding company. Through its subsidiaries, Co. provides investor communications and technology-driven solutions to financial services clients. Co.'s services include investor communications, securities processing, data and analytics, and customer communications solutions. Co.'s segments are: Investor Communication Solutions, which involves the processing and distribution of proxy materials to investors in equity securities and mutual funds, as well as the facilitation of related vote processing; and Global Technology and Operations, which provides securities processing solutions for capital markets, wealth management, and asset management firms. Recent Developments: For the year ended June 30 2020, net income decreased 4.1% to US$462.5 million from US$482.1 million in the prior year. Revenues were US$4.53 billion, up 3.8% from US$4.36 billion the year before. Operating income was US$624.9 million versus US$652.7 million in the prior year, a decrease of 4.3%. Direct operating expenses rose 4.3% to US$3.27 billion from US$3.13 billion in the comparable period the year before. Indirect operating expenses increased 10.6% to US$639.0 million from US$577.5 million in the equivalent prior-year period. Prospects: Our evaluation of Broadridge Financial Solutions Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and BR has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that BR will perform poorly over the near term. Financial Data (US$ in Thousands) 06/30/2020 06/30/2019 06/30/2018 06/30/2017 06/30/2016 06/30/2015 06/30/2014 06/30/2013 Earnings Per Share 3.95 4.06 3.56 2.70 2.53 2.32 2.12 1.69 Cash Flow Per Share 5.20 5.32 5.94 4.37 3.69 3.60 3.24 2.22 Dividends Per Share 2.160 1.940 1.460 1.320 1.200 1.080 0.840 0.720 Dividend Payout % 54.68 47.78 41.01 48.89 47.43 46.55 39.62 42.60 Income Statement Total Revenue 4,529,000 4,362,200 4,329,900 4,142,600 2,897,000 2,694,200 2,558,000 2,430,800 EBITDA 811,800 802,300 747,100 662,100 570,300 530,300 475,500 392,400 Depn & Amortn 173,500 153,200 144,800 126,100 70,500 63,300 58,100 57,000 Income Before Taxes 579,500 607,300 563,700 493,300 474,000 444,400 395,500 323,200 Income Taxes 117,000 125,200 133,100 161,400 161,400 151,800 132,500 111,100 Net Income 462,500 482,100 427,900 326,800 307,500 287,100 263,000 212,100 Average Shares 117,000 118,800 120,400 120,800 121,600 124,000 124,100 125,400 Balance Sheet Current Assets 1,328,000 1,042,300 991,100 989,600 1,289,100 861,400 880,600 807,000 Total Assets 4,889,800 3,880,700 3,304,700 3,149,800 2,879,800 2,368,100 2,192,100 2,018,200 Current Liabilities 1,341,000 802,600 777,300 744,900 693,000 508,900 484,400 469,500 Long-Term Obligations 1,387,600 1,470,400 1,053,400 1,102,100 897,600 689,400 524,100 524,500 Total Liabilities 3,543,200 2,753,200 2,210,400 2,146,000 1,834,300 1,440,300 1,230,400 1,202,200 Stockholders' Equity 1,346,500 1,127,500 1,094,300 1,003,800 1,045,500 927,800 961,700 816,000 Shares Outstanding 115,100 114,300 116,300 116,500 118,300 118,200 119,500 119,000 Statistical Record Return on Assets % 10.52 13.42 13.26 10.84 11.69 12.59 12.49 10.59 Return on Equity % 37.29 43.40 40.79 31.89 31.08 30.39 29.59 25.45 EBITDA Margin % 17.92 18.39 17.25 15.98 19.69 19.68 18.59 16.14 Net Margin % 10.21 11.05 9.88 7.89 10.61 10.66 10.28 8.73 Asset Turnover 1.03 1.21 1.34 1.37 1.10 1.18 1.22 1.21 Current Ratio 0.99 1.30 1.28 1.33 1.86 1.69 1.82 1.72 Debt to Equity 1.03 1.30 0.96 1.10 0.86 0.74 0.54 0.64 Price Range 134.87-84.26 137.72-91.79 119.63-72.28 77.65-60.56 65.36-49.64 55.53-39.11 42.13-26.93 27.97-20.41 P/E Ratio 34.14-21.33 33.92-22.61 33.60-20.30 28.76-22.43 25.83-19.62 23.94-16.86 19.87-12.70 16.55-12.08 Average Yield % 1.80 1.70 1.55 1.93 2.12 2.29 2.36 3.04
Address: 5 Dakota Drive, Lake Success, NY 11042 Telephone: 516-472-5400 Web Site: www.broadridge.com
Investor Contact: 516-472-5400 Officers: Richard J. Daly - Executive Chairman, President, Chief Executive Officer Christopher J. Perry No of Institutions: 994 143,968,976 % Held: 89.51 Transfer Agents: Shares: - President, Senior Vice President Broadridge Corporate Issuer Solutions, Inc.
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BROWN & BROWN INC Exchange NYS
Symbol BRO
Price $45.27 (9/30/2020)
52Wk Range 48.51-31.66
Yield 0.75
2-for-1
*7 Year Price Score 151.64 *NYSE Composite Index=100 *12 Month Price Score 108.88 Interim Earnings (Per Share) Qtr. Mar Jun Sep 52 2017 0.25 0.23 0.27 48 2018 0.32 0.26 0.38 44 2019 0.40 0.33 0.41 40 2020 0.54 0.34 ... Interim Dividends (Per Share) 36 Amt Decl Ex Rec 32 0.085Q 10/24/2019 11/07/2019 11/08/2019 28 0.085Q 01/22/2020 02/04/2020 02/05/2020 24 0.085Q 04/23/2020 05/08/2020 05/11/2020 0.085Q 07/22/2020 08/04/2020 08/05/2020 20 Indicated Div: $0.34 16 Valuation Analysis 12 Forecast EPS $1.55 (09/01/2020) 8 Market Cap $12.8 Billion Book Value TRADING VOLUME (thousand shares) 1000 Price/Book 3.58 Price/Sales 750 Dividend Achiever Status 500 10 Year Growth Rate 250 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 29.21 Dec 0.70 0.26 0.26 ...
Pay 11/20/2019 02/19/2020 05/20/2020 08/12/2020
$3.6 Billion 5.15
7.95% 26
Business Summary: Brokers & Intermediaries (MIC: 5.2.3 SIC: 6411 NAIC: 524210) Brown & Brown is an insurance agency, wholesale brokerage, insurance programs and service organization. Co.'s segments are: Retail, which provides a range of insurance products and services, and non-insurance risk-mitigating products; National Programs, which provides professional liability and related package products, a range of insurance products, and flood coverage, and targeted products and services; Wholesale Brokerage, which markets and sells excess and surplus commercial and personal lines insurance; and Services, which provides insurance-related services, including third-party claims administration and medical utilization management services, as well as Medicare Set-aside services. Recent Developments: For the quarter ended June 30 2020, net income increased 4.5% to US$96.8 million from US$92.6 million in the year-earlier quarter. Revenues were US$598.8 million, up 4.1% from US$575.2 million the year before. Prospects: Our evaluation of Brown & Brown Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and BRO has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that BRO will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.55 1.54 1.40 1.22 1.45 0.91 0.85 0.70 Cash Flow Per Share 2.89 2.59 2.49 2.09 1.62 1.37 1.49 1.37 Dividends Per Share 0.335 0.330 0.325 0.305 0.278 0.251 0.226 0.205 Dividend Payout % 21.61 21.43 23.21 25.00 19.14 27.61 26.62 29.08 Income Statement Total Revenue 1,297,302 698,495 2,392,171 2,014,246 1,881,347 1,766,629 1,660,509 1,575,796 EBITDA 430,142 253,468 612,989 525,842 510,738 483,980 462,707 389,052 Depn & Amortn 66,387 32,924 23,400 22,800 22,700 21,000 20,900 20,895 Income Before Taxes 334,655 205,253 525,929 462,462 449,722 423,499 402,559 339,749 Income Taxes 85,471 52,853 127,415 118,207 50,092 166,008 159,241 132,853 Net Income 249,184 152,400 398,514 344,255 399,630 257,491 243,318 206,896 Average Shares 274,362 274,861 274,616 275,521 277,586 275,608 280,224 285,782 Balance Sheet Current Assets 2,704,977 2,283,837 2,494,802 2,167,311 2,242,156 1,760,737 1,537,389 1,570,108 Total Assets 8,201,058 7,582,345 7,622,821 6,688,668 5,747,550 5,287,343 5,012,739 4,956,458 Current Liabilities 2,258,276 1,890,619 2,045,361 1,782,986 1,987,474 1,445,157 1,328,547 1,269,153 Long-Term Obligations 1,566,409 1,483,355 1,500,343 1,456,990 856,141 1,018,372 1,079,878 1,152,846 Total Liabilities 4,617,540 4,102,504 4,272,542 3,688,100 3,164,851 2,927,132 2,862,963 2,842,713 Stockholders' Equity 3,583,518 3,479,841 3,350,279 3,000,568 2,582,699 2,360,211 2,149,776 2,113,745 Shares Outstanding 283,658 283,441 281,655 279,583 276,210 280,208 277,970 286,972 Statistical Record Return on Assets % 5.74 6.07 5.57 5.54 7.24 4.99 4.88 4.81 Return on Equity % 13.05 13.29 12.55 12.33 16.17 11.39 11.41 10.04 EBITDA Margin % 33.16 36.29 25.62 26.11 27.15 27.40 27.87 24.69 Net Margin % 19.21 21.82 16.66 17.09 21.24 14.58 14.65 13.13 Asset Turnover 0.32 0.34 0.33 0.32 0.34 0.34 0.33 0.37 Current Ratio 1.20 1.21 1.22 1.22 1.13 1.22 1.16 1.24 Debt to Equity 0.44 0.43 0.45 0.49 0.33 0.43 0.50 0.55 Price Range 48.51-31.66 48.51-29.66 40.25-26.73 31.34-24.84 25.97-20.66 22.56-14.44 17.23-15.37 16.63-14.14 P/E Ratio 31.30-20.43 31.50-19.26 28.75-19.09 25.69-20.36 17.91-14.25 24.79-15.86 20.28-18.08 23.76-20.20 Average Yield % 0.87 0.90 0.97 1.10 1.22 1.38 1.39 1.32
Address: 220 South Ridgewood Avenue, Daytona Beach, FL 32114 Telephone: 386-252-9601 Web Site: www.bbinsurance.com
Officers: J. Hyatt Brown - Chairman James C. Hays Vice-Chairman Transfer Agents: American Stock Transfer & Trust Co., Brooklyn, NY
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Investor Contact: 386-252-9601 No of Institutions: 580 Shares: 237,882,096 % Held: 77.99
BROWN-FORMAN CORP Exchange NYS
Symbol BF B
Price $75.32 (9/30/2020)
52Wk Range 81.14-46.48
Yield 0.93
50%
100%
25%
*7 Year Price Score 129.45 *NYSE Composite Index=100 *12 Month Price Score 109.33 Interim Earnings (Per Share) Qtr. Jul Oct Jan 85 2017-18 0.37 0.50 0.39 80 2018-19 0.41 0.52 0.47 75 2019-20 0.39 0.59 0.48 70 2020-21 0.67 ... ... 65 60 Interim Dividends (Per Share) 55 Amt Decl Ex Rec 50 0.174Q 11/21/2019 12/04/2019 12/05/2019 0.174Q 01/28/2020 03/06/2020 03/09/2020 45 0.174Q 05/21/2020 06/05/2020 06/08/2020 40 0.174Q 07/23/2020 09/03/2020 09/04/2020 35 Indicated Div: $0.70 30 25 Valuation Analysis 20 Forecast EPS $1.93 (09/01/2020) 15 Market Cap $36.0 Billion Book Value TRADING VOLUME (thousand shares) 750 Price/Book 16.76 Price/Sales 500 Dividend Achiever Status 250 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 37.47 Apr 0.23 0.33 0.27 ...
Pay 01/02/2020 04/01/2020 07/01/2020 10/01/2020
$2.2 Billion 10.76
8.05% 35
Business Summary: Beverages (MIC: 1.2.2 SIC: 2084 NAIC: 312130) Brown-Forman primarily manufactures, distill, bottle, imports, exports, markets, and sells a variety of alcoholic beverages. Co. has a portfolio of spirit, ready-to-drink cocktail, and wine brands.Co.'s principal brands include: Jack Daniel's Tennessee Whiskey, Jack Daniel's RTDs, Jack Daniel's Tennessee Honey, Gentleman Jack Rare Tennessee Whiskey, Jack Daniel's Tennessee Fire, Jack Daniel's Single Barrel Collection, Jack Daniel's Tennessee Rye, Jack Daniel's Sinatra Select, Jack Daniel's Winter Jack, Jack Daniel's Bottled-in-Bond, Jack Daniel's Tennessee Apple, Woodford Reserve Kentucky Bourbon, Woodford Reserve Double Oaked, and Woodford Reserve Kentucky Rye Whiskey. Recent Developments: For the quarter ended July 31 2020, net income increased 74.2% to US$324.0 million from US$186.0 million in the year-earlier quarter. Revenues were US$753.0 million, down 1.7% from US$766.0 million the year before. Operating income was US$387.0 million versus US$248.0 million in the prior-year quarter, an increase of 56.0%. Direct operating expenses rose 7.5% to US$288.0 million from US$268.0 million in the comparable period the year before. Indirect operating expenses decreased 68.8% to US$78.0 million from US$250.0 million in the equivalent prior-year period. Prospects: Our evaluation of Brown-Forman Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and BF.B has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that BF.B will perform poorly over the near term. Financial Data (US$ in Thousands) 3 Mos 04/30/2020 04/30/2019 04/30/2018 04/30/2017 04/30/2016 04/30/2015 04/30/2014 Earnings Per Share 2.01 1.72 1.73 1.48 1.37 2.09 1.28 1.22 Cash Flow Per Share 1.55 1.51 1.65 1.32 1.32 1.03 1.15 1.22 Tang Book Value Per Share 1.53 1.22 0.52 N.M. N.M. 0.76 1.32 1.38 Dividends Per Share 0.689 0.681 0.648 1.608 0.564 0.524 0.484 0.436 Dividend Payout % 34.27 39.57 37.46 108.65 41.23 25.10 37.69 35.62 Income Statement Total Revenue 753,000 3,363,000 3,324,000 3,248,000 2,994,000 3,089,000 3,134,000 2,991,000 EBITDA 405,000 1,160,000 1,194,000 1,103,000 1,047,000 1,589,000 1,078,000 1,021,000 Depn & Amortn 19,000 74,000 72,000 64,000 58,000 56,000 51,000 50,000 Income Before Taxes 366,000 1,009,000 1,042,000 977,000 933,000 1,489,000 1,002,000 947,000 Income Taxes 42,000 182,000 207,000 260,000 264,000 422,000 318,000 288,000 Net Income 324,000 827,000 835,000 717,000 669,000 1,067,000 684,000 659,000 Average Shares 480,429 480,409 488,077 484,248 488,076 510,700 532,707 537,705 Balance Sheet Current Assets 3,646,000 3,265,000 2,719,000 2,555,000 2,351,000 2,233,000 2,254,000 2,177,000 Total Assets 6,191,000 5,766,000 5,139,000 4,976,000 4,625,000 4,183,000 4,193,000 4,103,000 Current Liabilities 1,091,000 880,000 703,000 821,000 970,000 791,000 958,000 561,000 Long-Term Obligations 2,316,000 2,269,000 2,290,000 2,341,000 1,689,000 1,230,000 748,000 997,000 Total Liabilities 4,041,000 3,791,000 3,492,000 3,660,000 3,255,000 2,621,000 2,288,000 2,071,000 Stockholders' Equity 2,150,000 1,975,000 1,647,000 1,316,000 1,370,000 1,562,000 1,905,000 2,032,000 Shares Outstanding 478,443 478,209 477,172 481,001 480,107 494,355 521,750 533,637 Statistical Record Return on Assets % 16.76 15.13 16.51 14.94 15.19 25.41 16.49 17.05 Return on Equity % 50.62 45.54 56.36 53.39 45.63 61.38 34.75 36.01 EBITDA Margin % 53.78 34.49 35.92 33.96 34.97 51.44 34.40 34.14 Net Margin % 43.03 24.59 25.12 22.08 22.34 34.54 21.83 22.03 Asset Turnover 0.58 0.62 0.66 0.68 0.68 0.74 0.76 0.77 Current Ratio 3.34 3.71 3.87 3.11 2.42 2.82 2.35 3.88 Debt to Equity 1.08 1.15 1.39 1.78 1.23 0.79 0.39 0.49 Price Range 71.90-46.48 71.90-46.48 59.22-45.35 56.52-37.82 40.85-35.17 44.32-36.09 38.82-33.44 36.19-26.60 P/E Ratio 35.77-23.12 41.80-27.02 34.23-26.21 38.19-25.55 29.82-25.67 21.21-17.27 30.33-26.13 29.67-21.80 Average Yield % 1.08 1.12 1.28 3.43 1.50 1.31 1.33 1.45 Address: 850 Dixie Highway, Officers: Geo. Garvin Brown - Chairman, Executive No of Institutions: 236 Shares: 50,958,760 % Held: 11.94 Louisville, KY 40210 Vice President Lawson E. Whiting - President, Telephone: 502-585-1100 Executive Vice President, Senior Vice President, Chief Web Site: www.brown-forman.com Executive Officer, Chief Operating Officer, Chief Brands Officer, Chief Strategy Officer Transfer Agents:Computershare, Providence, RI
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CALIFORNIA WATER SERVICE GROUP (DE) Exchange NYS
Symbol CWT
Price $43.45 (9/30/2020)
52Wk Range 56.80-41.66
Yield 1.96
P/E 54.31
*12 Month Price Score 90.07 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.02 0.39 0.70 0.29 2018 (0.05) 0.27 0.72 0.43 2019 (0.16) 0.35 0.88 0.23 2020 (0.42) 0.11 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.198Q 10/30/2019 11/07/2019 11/11/2019 11/22/2019 0.212Q 01/29/2020 02/07/2020 02/10/2020 02/21/2020 0.212Q 04/29/2020 05/08/2020 05/11/2020 05/22/2020 0.212Q 07/29/2020 08/07/2020 08/10/2020 08/21/2020 Indicated Div: $0.85 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.48 (09/01/2020) Market Cap $2.1 Billion Book Value $782.0 Million TRADING VOLUME (thousand shares) Price/Book 2.74 Price/Sales 3.02 Dividend Achiever Status 10 Year Growth Rate 2.96% Total Years of Dividend Growth 52 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 124.21 *NYSE Composite Index=100 60 56 52 48 44 40
32 28
100%
36
24 20 16 200 150 100 50 0
2011
2012
2013
Business Summary: Water Utilities (MIC: 3.2.1 SIC: 4941 NAIC: 221310) California Water Service Group is a holding company. Through its subsidiaries, Co. is engaged in the production, purchase, storage, treatment, testing, distribution and sale of water for domestic, industrial, public and irrigation uses, and for fire protection. In some areas, Co. provides wastewater collections and treatment services. Co. also provides non-regulated water-related services under agreements with municipalities and other private companies. The non-regulated services include water system operation, billing and meter reading services. Non-regulated operations also include the lease of communication antenna sites, lab services and promotion of other non-regulated services. Recent Developments: For the quarter ended June 30 2020, net income decreased 68.9% to US$5.3 million from US$17.0 million in the year-earlier quarter. Revenues were US$175.5 million, down 2.0% from US$179.0 million the year before. Operating income was US$12.5 million versus US$27.0 million in the prior-year quarter, a decrease of 53.8%. Direct operating expenses rose 11.7% to US$103.8 million from US$92.9 million in the comparable period the year before. Indirect operating expenses increased 0.1% to US$59.2 million from US$59.1 million in the equivalent prior-year period. Prospects: Our evaluation of California Water Service Group as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and CWT has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that CWT will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.80 1.04 1.31 1.36 1.40 1.01 0.94 1.19 Cash Flow Per Share 2.97 3.14 3.50 3.72 3.08 3.32 3.02 2.68 Tang Book Value Per Share 15.20 15.45 16.02 15.14 14.39 13.69 13.36 13.05 Dividends Per Share 0.820 0.805 0.790 0.750 0.720 0.690 0.670 0.650 Dividend Payout % 102.50 77.40 60.31 55.15 51.43 68.32 71.28 54.62 Income Statement Total Revenue 301,047 125,563 714,557 698,196 666,890 609,370 588,368 597,499 EBITDA 52,245 10,703 212,557 208,700 209,481 170,036 160,783 174,346 Depn & Amortn 50,251 25,093 92,032 86,806 79,512 66,074 64,007 64,119 Income Before Taxes (18,341) (24,244) 79,396 84,173 96,109 73,479 69,545 83,465 Income Taxes (3,315) (3,937) 16,280 18,589 28,928 24,804 24,528 26,727 Net Income (15,026) (20,307) 63,116 65,584 67,181 48,675 45,017 56,738 Average Shares 48,936 48,583 48,168 48,060 48,009 47,956 47,880 47,829 Balance Sheet Current Assets 266,889 270,082 184,712 188,702 227,873 142,069 127,578 154,124 Total Assets 3,359,933 3,240,845 3,111,308 2,837,704 2,740,375 2,411,745 2,246,095 2,187,351 Current Liabilities 577,552 513,127 358,721 321,166 490,959 250,230 148,455 217,706 Long-Term Obligations 785,257 786,467 786,754 710,027 515,793 531,745 512,287 419,233 Total Liabilities 2,577,910 2,485,705 2,331,402 2,107,547 2,046,913 1,752,274 1,603,940 1,560,725 Stockholders' Equity 782,023 755,140 779,906 730,157 693,462 659,471 642,155 626,626 Shares Outstanding 49,398 48,714 48,532 48,064 48,012 47,964 47,875 47,806 Statistical Record Return on Assets % 1.22 1.64 2.12 2.35 2.61 2.08 2.03 2.74 Return on Equity % 5.15 6.87 8.36 9.21 9.93 7.46 7.10 9.26 EBITDA Margin % 17.35 8.52 29.75 29.89 31.41 27.90 27.33 29.18 Net Margin % N.M. N.M. 8.83 9.39 10.07 7.99 7.65 9.50 Asset Turnover 0.22 0.23 0.24 0.25 0.26 0.26 0.27 0.29 Current Ratio 0.46 0.53 0.51 0.59 0.46 0.57 0.86 0.71 Debt to Equity 1.00 1.04 1.01 0.97 0.74 0.81 0.80 0.67 Price Range 57.02-42.85 57.02-42.85 57.02-44.86 48.77-35.40 45.60-32.50 36.80-22.96 25.96-19.68 26.09-20.44 P/E Ratio 71.28-53.56 54.83-41.20 43.53-34.24 35.86-26.03 32.57-23.21 36.44-22.73 27.62-20.94 21.92-17.18 Average Yield % 1.60 1.55 1.53 1.83 1.90 2.31 2.87 2.78 Address: 1720 North First Street, San Officers: Peter C. Nelson - Chairman, President, Chief Investor Contact: 408-367-8200 No of Institutions: 372 Jose, CA 95112 Executive Officer Martin A. Kropelnicki - President, Telephone: 408-367-8200 Shares: 44,374,352 % Held: 79.54 Chief Executive Officer, Vice President, Chief Web Site: www.calwatergroup.com Financial Officer, Chief Operating Officer Transfer Agents:American Stock Transfer & Trust Company, Brooklyn, NY
47
CARDINAL HEALTH, INC. Exchange NYS
Symbol CAH
Price $46.95 (9/30/2020)
115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 1200 800 400 0
2011
2012
2013
52Wk Range 60.42-41.00
Yield 4.14
*12 Month Price Score 96.27 Interim Earnings (Per Share) Qtr. Sep Dec Mar 2015-16 1.15 0.98 1.17 2016-17 0.96 1.02 1.20 2017-18 0.36 3.33 0.81 2018-19 1.94 0.93 0.99 2019-20 (16.65) 0.75 1.19 Interim Dividends (Per Share) Amt Decl Ex Rec 0.481Q 11/07/2019 12/31/2019 01/02/2020 0.481Q 02/11/2020 03/31/2020 04/01/2020 0.486Q 05/11/2020 06/30/2020 07/01/2020 0.486Q 08/05/2020 09/30/2020 10/01/2020 Indicated Div: $1.94 Valuation Analysis Forecast EPS $5.47 (08/30/2020) Market Cap $13.8 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 7.69 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 69.49 *NYSE Composite Index=100
P/E N/A Jun 1.02 0.86 (3.69) 0.65 2.23
Pay 01/15/2020 04/15/2020 07/15/2020 10/15/2020
$1.8 Billion 0.09
11.76% 23
Business Summary: Pharmaceuticals (MIC: 4.1.1 SIC: 5122 NAIC: 424210) Cardinal Health is a healthcare services and products company providing customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician offices. Co.'s segments include: Pharmaceutical and Medical. Co.'s Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical and over-the-counter healthcare and consumer products in the United States. Co.'s Medical segment manufactures, sources and distributes Cardinal Health branded medical, surgical and laboratory products, which are sold in the United States, Canada, Europe, Asia and other markets. Recent Developments: For the year ended June 30 2020, net loss amounted to US$3.69 billion versus net income of US$1.37 billion in the prior year. Revenues were US$152.92 billion, up 5.1% from US$145.53 billion the year before. Operating loss was US$4.10 billion versus an income of US$2.06 billion in the prior year. Direct operating expenses rose 5.3% to US$146.05 billion from US$138.70 billion in the comparable period the year before. Indirect operating expenses increased 129.7% to US$10.97 billion from US$4.77 billion in the equivalent prior-year period. Prospects: Our evaluation of Cardinal Health Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while CAH has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that CAH will perform poorly over the near term. Financial Data (US$ in Thousands) 06/30/2020 06/30/2019 06/30/2018 06/30/2017 06/30/2016 06/30/2015 06/30/2014 06/30/2013 Earnings Per Share (12.61) 4.53 0.81 4.03 4.32 3.62 3.38 0.97 Cash Flow Per Share 6.67 9.07 8.84 3.74 9.06 7.65 7.40 5.06 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. 0.73 1.58 1.18 Dividends Per Share 1.929 1.910 1.863 1.809 1.610 1.415 1.250 1.090 Dividend Payout % ... 42.16 230.06 44.89 37.27 39.07 36.98 112.37 Income Statement Total Revenue 152,922,000 145,534,000 136,809,000 129,976,000 121,546,000 102,531,000 91,084,000 101,093,000 EBITDA (3,129,000) 2,500,000 547,000 2,439,000 2,731,000 2,362,000 2,196,000 1,270,000 Depn & Amortn 405,000 455,000 446,000 314,000 277,000 254,000 265,000 259,000 Income Before Taxes (3,772,000) 1,751,000 (228,000) 1,924,000 2,276,000 1,967,000 1,798,000 888,000 Income Taxes (79,000) 386,000 (487,000) 630,000 845,000 755,000 635,000 553,000 Net Income (3,696,000) 1,363,000 256,000 1,288,000 1,427,000 1,215,000 1,166,000 334,000 Average Shares 293,000 301,000 315,000 320,000 330,000 335,000 345,000 344,000 Balance Sheet Current Assets 25,940,000 25,747,000 24,553,000 28,345,000 21,956,000 21,752,000 17,939,000 17,770,000 Total Assets 40,766,000 40,963,000 39,951,000 40,112,000 34,122,000 30,142,000 26,033,000 25,819,000 Current Liabilities 23,615,000 24,109,000 22,893,000 21,221,000 19,701,000 17,243,000 15,115,000 14,590,000 Long-Term Obligations 6,765,000 7,579,000 8,012,000 9,068,000 4,952,000 5,211,000 3,171,000 3,686,000 Total Liabilities 38,977,000 34,635,000 33,892,000 33,304,000 27,568,000 23,886,000 19,632,000 19,844,000 Stockholders' Equity 1,789,000 6,328,000 6,059,000 6,808,000 6,554,000 6,256,000 6,401,000 5,975,000 Shares Outstanding 293,000 299,000 309,000 316,000 322,000 328,000 337,000 339,000 Statistical Record Return on Assets % N.M. 3.37 0.64 3.47 4.43 4.33 4.50 1.33 Return on Equity % N.M. 22.01 3.98 19.28 22.22 19.20 18.84 5.47 EBITDA Margin % N.M. 1.72 0.40 1.88 2.25 2.30 2.41 1.26 Net Margin % N.M. 0.94 0.19 0.99 1.17 1.19 1.28 0.33 Asset Turnover 3.73 3.60 3.42 3.50 3.77 3.65 3.51 4.04 Current Ratio 1.10 1.07 1.07 1.34 1.11 1.26 1.19 1.22 Debt to Equity 3.78 1.20 1.32 1.33 0.76 0.83 0.50 0.62 Price Range 60.42-41.00 57.63-42.07 78.69-48.83 84.92-65.17 90.85-73.69 91.50-68.56 73.54-47.02 48.76-37.75 P/E Ratio ... 12.72-9.29 97.15-60.28 21.07-16.17 21.03-17.06 25.28-18.94 21.76-13.91 50.27-38.92 Average Yield % 3.85 3.83 2.89 2.35 1.95 1.74 2.01 2.54 Address: 7000 Cardinal Place, Dublin, Officers: Gregory B. Kenny - Chairman Michael C. Investor Contact: 614-757-7115 OH 43017 Kaufmann - Chief Executive Officer, Chief Financial No of Institutions: 1160 Shares: 318,850,752 % Held: 82.29 Telephone: 614-757-5000 Officer, Interim Chief Financial Officer, Division Web Site: www.cardinalhealth.com Officer Transfer Agents: Computershare Trust Company, N.A., Canton, MA
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CENTERPOINT ENERGY, INC Exchange NYS
Symbol CNP
Price $19.35 (9/30/2020)
52Wk Range 30.18-12.10
Yield 3.10
P/E N/A
*12 Month Price Score 88.69 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.44 0.31 0.39 2.99 2018 0.38 (0.17) 0.35 0.18 2019 0.28 0.33 0.47 0.25 2020 (2.44) 0.11 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.287Q 10/17/2019 11/20/2019 11/21/2019 12/12/2019 0.29Q 02/03/2020 02/19/2020 02/20/2020 03/12/2020 0.15Q 04/24/2020 05/20/2020 05/21/2020 06/11/2020 0.15Q 07/29/2020 08/19/2020 08/20/2020 09/10/2020 Indicated Div: $0.60 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.28 (09/02/2020) Market Cap $10.5 Billion Book Value $8.4 Billion TRADING VOLUME (thousand shares) Price/Book 1.26 Price/Sales 1.09 Dividend Achiever Status 10 Year Growth Rate 4.23% Total Years of Dividend Growth 14 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 80.08 *NYSE Composite Index=100 45 42.5 40 37.5 35 32.5 30 27.5 25 22.5 20 17.5 15 12.5 10 3000 2000 1000 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221111) CenterPoint Energy owns interests in Enable Midstream Partners, LP. Co.'s subsidiaries own and operate electric transmission and distribution, electric generation and natural gas distribution facilities, supply natural gas to commercial and industrial customers and electric and natural gas utilities and provide underground pipeline construction and repair services, energy performance contracting and sustainable infrastructure services. Co.'s segments include: Houston Electric T&D, which consists of electric transmission and distribution services in the Texas Gulf Coast area; and Energy Services, which consists of non-rate regulated natural gas sales and services operations. Recent Developments: For the quarter ended June 30 2020, income from continuing operations decreased 10.6% to US$135.0 million from US$151.0 million in the year-earlier quarter. Net income decreased 46.2% to US$105.0 million from US$195.0 million in the year-earlier quarter. Revenues were US$1.58 billion, down 5.0% from US$1.66 billion the year before. Operating income was US$235.0 million versus US$229.0 million in the prior-year quarter, an increase of 2.6%. Direct operating expenses declined 8.0% to US$914.0 million from US$994.0 million in the comparable period the year before. Indirect operating expenses decreased 2.1% to US$426.0 million from US$435.0 million in the equivalent prior-year period. Prospects: Our evaluation of Centerpoint Energy Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while CNP has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that CNP will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (1.61) (1.39) 1.33 0.74 4.13 1.00 (1.61) 1.42 Cash Flow Per Share 4.25 4.04 3.26 4.76 3.30 4.46 4.34 3.25 Tang Book Value Per Share 2.30 1.06 2.26 10.88 8.86 6.03 6.10 8.62 Dividends Per Share 1.015 1.153 1.150 1.110 1.070 1.030 0.990 0.950 Dividend Payout % ... ... 86.47 150.00 25.91 103.00 ... 66.90 Income Statement Total Revenue 3,742,000 2,167,000 12,301,000 10,589,000 9,614,000 7,528,000 7,386,000 9,226,000 EBITDA 492,000 229,000 2,562,000 1,870,000 2,224,000 2,033,000 1,930,000 2,061,000 Depn & Amortn 16,000 8,000 1,296,000 1,243,000 1,036,000 1,126,000 970,000 1,013,000 Income Before Taxes 196,000 75,000 699,000 207,000 798,000 478,000 503,000 577,000 Income Taxes (318,000) (347,000) 138,000 146,000 (729,000) 254,000 (438,000) 274,000 Net Income (1,094,000) (1,199,000) 791,000 368,000 1,792,000 432,000 (692,000) 611,000 Average Shares 530,837 502,388 505,157 452,465 434,000 431,000 430,000 432,000 Balance Sheet Current Assets 2,501,000 4,164,000 3,847,000 7,025,000 3,395,000 2,923,000 2,689,000 3,268,000 Total Assets 32,148,000 33,395,000 35,439,000 27,009,000 22,736,000 21,829,000 21,334,000 23,200,000 Current Liabilities 4,309,000 4,042,000 3,888,000 3,302,000 3,069,000 3,080,000 2,467,000 3,475,000 Long-Term Obligations 10,937,000 13,830,000 14,244,000 8,682,000 8,195,000 7,532,000 7,901,000 8,009,000 Total Liabilities 23,756,000 26,425,000 27,080,000 18,951,000 18,048,000 18,369,000 17,873,000 18,652,000 Stockholders' Equity 8,392,000 6,970,000 8,359,000 8,058,000 4,688,000 3,460,000 3,461,000 4,548,000 Shares Outstanding 544,709 502,647 502,242 501,197 431,044 430,682 430,000 430,000 Statistical Record Return on Assets % N.M. N.M. 2.53 1.48 8.04 2.00 N.M. 2.71 Return on Equity % N.M. N.M. 9.64 5.77 43.99 12.45 N.M. 13.77 EBITDA Margin % 13.15 10.57 20.83 17.66 23.13 27.01 26.13 22.34 Net Margin % N.M. N.M. 6.43 3.48 18.64 5.74 N.M. 6.62 Asset Turnover 0.29 0.33 0.39 0.43 0.43 0.35 0.33 0.41 Current Ratio 0.58 1.03 0.99 2.13 1.11 0.95 1.09 0.94 Debt to Equity 1.30 1.98 1.70 1.08 1.75 2.18 2.28 1.76 Price Range 30.61-12.10 31.15-12.10 31.40-24.39 29.34-24.92 30.45-24.59 24.84-16.90 23.63-16.14 25.54-21.54 P/E Ratio ... ... 23.61-18.34 39.65-33.68 7.37-5.95 24.84-16.90 ... 17.99-15.17 Average Yield % 4.22 4.23 3.97 4.06 3.80 4.70 5.05 3.95 Investor Contact: 713-207-6500 Address: 1111 Louisiana, Houston, TX Officers: Milton Carroll - Executive Chairman, Chairman David J. Lesar - President, Chief Executive No of Institutions: 844 77002 Shares: 561,637,504 % Held: 90.50 Telephone: 713-207-1111 Officer Transfer Agents: Web Site: www.centerpointenergy.com CenterPoint Energy Investor Services
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CHESAPEAKE UTILITIES CORP. Exchange NYS
Symbol CPK
Price $84.30 (9/30/2020)
52Wk Range 100.41-72.35
Yield 2.09
P/E 20.41
*12 Month Price Score 91.13 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.17 0.37 0.42 1.59 2018 1.64 0.39 0.34 1.09 2019 1.74 0.50 0.34 1.37 2020 1.76 0.66 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.405Q 11/06/2019 12/13/2019 12/16/2019 01/06/2020 0.405Q 02/26/2020 03/12/2020 03/13/2020 04/06/2020 0.44Q 05/07/2020 06/12/2020 06/15/2020 07/06/2020 0.44Q 08/05/2020 09/14/2020 09/15/2020 10/05/2020 Indicated Div: $1.76 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.08 (08/29/2020) Market Cap $1.4 Billion Book Value $593.3 Million TRADING VOLUME (thousand shares) Price/Book 2.34 Price/Sales 2.93 Dividend Achiever Status 10 Year Growth Rate 6.64% Total Years of Dividend Growth 16 2014 2015 2016 2017 2018 2019 2020
105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 30 20 10 0
50%
*7 Year Price Score 115.88 *NYSE Composite Index=100
2011
2012
2013
Business Summary: Gas Utilities (MIC: 3.3.1 SIC: 4923 NAIC: 221210) Chesapeake Utilities is an energy delivery company. Co. operates in the Mid-Atlantic region, Florida and Ohio. Co.'s segments are: Regulated Energy and Unregulated Energy. Co.'s regulated energy businesses consist of: regulated natural gas distribution operations; regulated natural gas transmission operations; and regulated electric distribution operations. Co.'s unregulated energy businesses include: propane operations; its unregulated natural gas transmission/supply operation; its combined heat and power plant that generates electricity and steam; and its subsidiary that provides compressed natural gas and pipeline solutions, mainly to utilities and pipelines throughout the eastern U.S. Recent Developments: For the quarter ended June 30 2020, income from continuing operations increased 19.6% to US$10.7 million from US$8.9 million in the year-earlier quarter. Net income increased 31.9% to US$11.0 million from US$8.3 million in the year-earlier quarter. Revenues were US$97.1 million, up 2.7% from US$94.5 million the year before. Operating income was US$18.0 million versus US$18.2 million in the prior-year quarter, a decrease of 1.0%. Direct operating expenses rose 2.3% to US$61.7 million from US$60.3 million in the comparable period the year before. Indirect operating expenses increased 8.0% to US$17.4 million from US$16.1 million in the equivalent prior-year period. Prospects: Our evaluation of Chesapeake Utilities Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and CPK has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that CPK will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.13 3.97 3.96 3.45 3.55 2.86 2.72 2.47 Cash Flow Per Share 7.30 7.39 6.28 8.97 6.74 6.62 6.97 5.45 Tang Book Value Per Share 33.59 33.08 31.75 29.70 28.11 26.32 22.35 20.08 Dividends Per Share 1.655 1.620 1.585 1.435 1.280 1.202 1.133 1.067 Dividend Payout % 40.07 40.81 40.03 41.59 36.06 42.05 41.64 43.18 Income Statement Total Revenue 249,741 152,710 479,604 717,489 617,583 498,860 459,244 498,834 EBITDA 67,957 47,792 113,209 102,540 93,200 90,989 85,029 76,096 Depn & Amortn 4,807 2,361 8,752 8,535 8,122 7,334 6,978 6,577 Income Before Taxes 52,282 39,617 82,233 77,574 72,433 73,016 68,045 60,037 Income Taxes 12,580 10,591 21,091 20,994 14,309 28,341 26,905 23,945 Net Income 39,886 28,930 65,153 56,580 58,124 44,675 41,140 36,092 Average Shares 16,503 16,471 16,448 16,419 16,383 15,613 15,143 14,604 Balance Sheet Current Assets 98,558 111,927 134,826 191,537 178,587 141,151 112,538 122,373 Total Assets 1,822,175 1,788,219 1,783,198 1,693,671 1,417,434 1,229,219 1,068,586 904,469 Current Liabilities 429,823 402,496 423,324 528,234 413,000 334,051 279,593 194,235 Long-Term Obligations 430,106 440,183 440,168 316,020 197,395 136,954 149,340 158,486 Total Liabilities 1,228,898 1,204,090 1,221,621 1,175,232 931,140 783,133 710,448 604,147 Stockholders' Equity 593,277 584,129 561,577 518,439 486,294 446,086 358,138 300,322 Shares Outstanding 16,463 16,433 16,403 16,378 16,344 16,303 15,270 14,588 Statistical Record Return on Assets % 3.89 3.77 3.75 3.64 4.39 3.88 4.17 4.14 Return on Equity % 11.97 11.60 12.07 11.26 12.47 11.08 12.50 12.46 EBITDA Margin % 27.21 31.30 23.60 14.29 15.09 18.24 18.51 15.25 Net Margin % 15.97 18.94 13.58 7.89 9.41 8.96 8.96 7.24 Asset Turnover 0.27 0.29 0.28 0.46 0.47 0.43 0.47 0.57 Current Ratio 0.23 0.28 0.32 0.36 0.43 0.42 0.40 0.63 Debt to Equity 0.72 0.75 0.78 0.61 0.41 0.31 0.42 0.53 Price Range 100.41-72.35 100.41-72.35 97.50-79.59 93.12-66.65 85.55-63.40 70.00-53.54 60.31-45.54 52.60-37.78 P/E Ratio 24.31-17.52 25.29-18.22 24.62-20.10 26.99-19.32 24.10-17.86 24.48-18.72 22.17-16.74 21.30-15.30 Average Yield % 1.81 1.74 1.72 1.81 1.71 1.93 2.21 2.44 Address: 909 Silver Lake Boulevard, Officers: John R. Schimkaitis - Chairman, Investor Contact: 888-742-5275 No of Institutions: 267 Dover, DE 19904 Vice-Chairman, President, Chief Executive Officer Shares: 13,228,177 % Held: 75.59 Telephone: 302-734-6799 Jeffry M. Householder - President, Chief Executive Transfer Agents: Web Site: www.chpk.com Officer Computershare Trust Company, N.A., Providence, RI
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CHURCH & DWIGHT CO INC Exchange NYS
Symbol CHD
Price $93.71 (9/30/2020)
52Wk Range 98.16-60.30
Yield 1.02
P/E 32.77
100%
2-for-1
*7 Year Price Score 131.32 *NYSE Composite Index=100 *12 Month Price Score 120.42 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 100 95 2017 0.51 0.29 0.52 1.58 90 2018 0.63 0.49 0.58 0.57 85 2019 0.70 0.55 0.62 0.57 80 2020 0.92 0.75 ... ... 75 70 Interim Dividends (Per Share) 65 Amt Decl Ex Rec Pay 60 0.228Q 10/30/2019 11/14/2019 11/15/2019 12/02/2019 55 0.24Q 01/31/2020 02/13/2020 02/14/2020 03/02/2020 50 0.24Q 04/29/2020 05/14/2020 05/15/2020 06/01/2020 45 40 0.24Q 07/29/2020 08/13/2020 08/14/2020 09/01/2020 35 Indicated Div: $0.96 (Div. Reinv. Plan) 30 Valuation Analysis 25 Forecast EPS $2.80 (08/30/2020) 20 15 Market Cap $23.1 Billion Book Value $3.0 Billion TRADING VOLUME (thousand shares) 1200 Price/Book 7.72 Price/Sales 5.04 800 Dividend Achiever Status 400 10 Year Growth Rate 22.98% 0 Total Years of Dividend Growth 23 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Household & Personal Products (MIC: 1.7.1 SIC: 2841 NAIC: 325611) Church & Dwight develops, manufactures and markets a range of consumer products. Co.'s consumer products include: ARM & HAMMER® baking soda, cat litter, laundry detergent, carpet deodorizer and other baking soda based products; TROJAN® condoms, lubricants and vibrators; OXICLEAN® stain removers, cleaning solutions, laundry detergents and bleach alternatives; SPINBRUSH® battery-operated toothbrushes; FIRST RESPONSE® home pregnancy and ovulation test kits; NAIR® depilatories; ORAJEL® oral analgesic; XTRA® laundry detergent; L'IL CRITTERS® and VITAFUSION® gummy dietary supplements; BATISTE® dry shampoo; WATERPIK® water flossers and showerheads, and FLAWLESS® hair removal products. Recent Developments: For the quarter ended June 30 2020, net income increased 37.0% to US$189.7 million from US$138.5 million in the year-earlier quarter. Revenues were US$1.19 billion, up 10.6% from US$1.08 billion the year before. Operating income was US$250.7 million versus US$187.4 million in the prior-year quarter, an increase of 33.8%. Direct operating expenses rose 6.2% to US$634.7 million from US$597.9 million in the comparable period the year before. Indirect operating expenses increased 5.0% to US$308.9 million from US$294.1 million in the equivalent prior-year period. Prospects: Our evaluation of Church & Dwight Co. Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while CHD has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that CHD will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.86 2.66 2.44 2.27 2.90 1.75 1.53 1.50 Cash Flow Per Share 4.52 3.92 3.51 3.11 2.72 2.54 2.31 2.00 Dividends Per Share 0.935 0.922 0.910 0.870 0.760 0.710 0.670 0.620 Dividend Payout % 32.69 34.68 37.30 38.33 26.21 40.57 43.65 41.20 Income Statement Total Revenue 2,359,500 1,165,200 4,357,700 4,145,900 3,776,200 3,493,100 3,394,800 3,297,600 EBITDA 657,300 360,300 904,500 854,100 795,400 784,100 730,000 697,800 Depn & Amortn 92,400 46,200 63,800 64,400 60,900 59,700 58,300 57,100 Income Before Taxes 531,800 297,800 767,100 710,300 681,900 696,700 641,200 613,300 Income Taxes 115,900 69,600 157,800 150,900 (50,700) 246,900 225,000 211,000 Net Income 419,500 229,800 615,900 568,600 743,400 459,000 410,400 413,900 Average Shares 251,300 251,000 252,100 250,700 256,100 262,100 267,200 275,000 Balance Sheet Current Assets 1,276,700 1,828,800 956,400 1,078,200 1,000,200 756,800 906,000 1,032,500 Total Assets 6,919,000 7,485,900 6,657,400 6,069,200 6,014,800 4,354,100 4,256,900 4,381,300 Current Liabilities 996,600 1,769,000 1,092,300 1,326,300 935,000 1,001,900 872,700 905,300 Long-Term Obligations 1,811,400 1,810,800 1,810,200 1,508,800 2,103,400 693,400 692,800 698,600 Total Liabilities 3,920,200 4,668,100 3,989,600 3,615,400 3,796,800 2,376,200 2,233,700 2,279,400 Stockholders' Equity 2,998,800 2,817,800 2,667,800 2,453,800 2,218,000 1,977,900 2,023,200 2,101,900 Shares Outstanding 246,980 245,756 245,415 246,885 247,629 253,962 259,908 266,703 Statistical Record Return on Assets % 10.62 9.97 9.68 9.41 14.34 10.63 9.50 9.58 Return on Equity % 25.74 25.20 24.05 24.34 35.43 22.88 19.90 18.81 EBITDA Margin % 27.86 30.92 20.76 20.60 21.06 22.45 21.50 21.16 Net Margin % 17.78 19.72 14.13 13.71 19.69 13.14 12.09 12.55 Asset Turnover 0.68 0.67 0.68 0.69 0.73 0.81 0.79 0.76 Current Ratio 1.28 1.03 0.88 0.81 1.07 0.76 1.04 1.14 Debt to Equity 0.60 0.64 0.68 0.61 0.95 0.35 0.34 0.33 Price Range 80.28-60.30 80.28-60.30 80.28-60.46 69.18-45.41 53.80-43.32 51.67-39.12 45.28-38.78 40.27-31.03 P/E Ratio 28.07-21.08 30.18-22.67 32.90-24.78 30.48-20.00 18.55-14.94 29.53-22.35 29.60-25.35 26.84-20.69 Average Yield % 1.29 1.26 1.27 1.60 1.55 1.52 1.58 1.79 Address: 500 Charles Ewing Officers: James R. Craigie - Chairman, Chief Investor Contact: 609-497-7111 Boulevard, Ewing, NJ 08628 Executive Officer Matthew Thomas Farrell - President, No of Institutions: 1157 Shares: 246,742,048 % Held: 84.04 Telephone: 609-806-1200 Chief Executive Officer, Executive Vice President, Web Site: www.churchdwight.com Chief Financial Officer, Chief Operating Officer Transfer Agents:Computershare Inc., Canton, MA
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CMS ENERGY CORP Exchange NYS
Symbol CMS
Price $61.41 (9/30/2020)
70 65 60 55 50 45 40 35 30 25 20 15 1200 800 400 0
2011
2012
2013
52Wk Range 68.86-48.51
Yield 2.65
*12 Month Price Score 97.51 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.71 0.33 0.61 2018 0.86 0.49 0.59 2019 0.75 0.33 0.73 2020 0.85 0.48 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.383Q 10/17/2019 10/31/2019 11/01/2019 0.407Q 01/16/2020 02/06/2020 02/07/2020 0.407Q 04/30/2020 05/14/2020 05/15/2020 0.407Q 07/16/2020 08/06/2020 08/07/2020 Indicated Div: $1.63 Valuation Analysis Forecast EPS $2.66 (09/03/2020) Market Cap $17.6 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 3.37 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 123.70 *NYSE Composite Index=100
P/E 23.26 Dec (0.01) 0.38 0.58 ...
Pay 11/27/2019 02/28/2020 05/29/2020 08/31/2020
$5.2 Billion 2.64
11.83% 12
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4931 NAIC: 221119) CMS Energy is a holding company. Co. has several subsidiaries, including: Consumers Energy Company, an electric and gas utility that serves individuals and businesses operating in the alternative energy, automotive, chemical, food, and metal products industries, as well as a group of other industries; CMS Enterprises Company, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production; and EnerBank USA, an industrial bank located in Utah that provides unsecured consumer installment loans, primarily for financing home improvements. Recent Developments: For the quarter ended June 30 2020, net income increased 45.7% to US$137.0 million from US$94.0 million in the year-earlier quarter. Revenues were US$1.44 billion, down 0.1% from US$1.45 billion the year before. Operating income was US$273.0 million versus US$218.0 million in the prior-year quarter, an increase of 25.2%. Direct operating expenses declined 7.2% to US$872.0 million from US$940.0 million in the comparable period the year before. Indirect operating expenses increased 3.8% to US$298.0 million from US$287.0 million in the equivalent prior-year period. Prospects: Our evaluation of CMS Energy Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and CMS has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that CMS will perform very poorly over the near term. Financial Data (US$ in Millions) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.64 2.49 2.39 2.32 1.64 1.98 1.89 1.74 Cash Flow Per Share 4.91 4.85 6.33 6.03 6.09 5.85 5.95 5.35 Tang Book Value Per Share 18.21 18.12 17.68 16.78 15.77 15.23 14.21 13.34 Dividends Per Share 1.580 1.555 1.530 1.430 1.330 1.240 1.160 1.080 Dividend Payout % 59.85 62.45 64.02 61.64 81.10 62.63 61.38 62.07 Income Statement Total Revenue 3,307 1,864 6,845 6,873 6,583 6,399 6,456 7,179 EBITDA 1,242 713 2,173 1,990 2,178 2,053 1,916 1,801 Depn & Amortn 539 316 842 778 881 811 750 685 Income Before Taxes 433 267 819 765 871 813 782 714 Income Taxes 54 27 147 115 424 273 271 250 Net Income 379 243 680 657 460 551 523 477 Average Shares 286 285 284 282 280 278 276 274 Balance Sheet Current Assets 3,532 2,817 2,331 2,468 2,475 2,280 2,320 2,597 Total Assets 28,581 27,447 26,837 24,529 23,050 21,622 20,340 19,185 Current Liabilities 3,123 2,940 2,704 2,624 2,784 2,655 2,302 2,014 Long-Term Obligations 13,481 12,616 12,027 10,684 9,214 8,750 8,559 8,139 Total Liabilities 23,367 22,262 21,819 19,774 18,609 17,369 16,402 15,515 Stockholders' Equity 5,214 5,185 5,018 4,755 4,441 4,253 3,938 3,670 Shares Outstanding 286 286 283 283 281 279 277 275 Statistical Record Return on Assets % 2.80 2.72 2.65 2.76 2.06 2.62 2.65 2.61 Return on Equity % 14.96 14.14 13.92 14.29 10.58 13.42 13.75 13.39 EBITDA Margin % 37.56 38.25 31.75 28.95 33.09 32.08 29.68 25.09 Net Margin % 11.46 13.04 9.93 9.56 6.99 8.61 8.10 6.64 Asset Turnover 0.25 0.25 0.27 0.29 0.29 0.30 0.33 0.39 Current Ratio 1.13 0.96 0.86 0.94 0.89 0.86 1.01 1.29 Debt to Equity 2.59 2.43 2.40 2.25 2.07 2.06 2.17 2.22 Price Range 68.86-48.51 68.86-48.51 65.04-48.31 53.48-41.77 50.55-41.51 46.17-35.61 38.20-31.39 36.42-26.12 P/E Ratio 26.08-18.38 27.65-19.48 27.21-20.21 23.05-18.00 30.82-25.31 23.32-17.98 20.21-16.61 20.93-15.01 Average Yield % 2.58 2.56 2.64 3.04 2.87 2.99 3.35 3.60 Address: One Energy Plaza, Jackson, Officers: John G. Russell - Chairman, President, Chief Investor Contact: 517-788-1868 MI 49201 Executive Officer Patricia K. Poppe - President, Chief No of Institutions: 848 Shares: 341,597,440 % Held: 93.51 Telephone: 517-788-0550 Executive Officer, Division Officer, Principal Web Site: www.cmsenergy.com Executive Officer Transfer Agents: Investor Services Department, Jackson, MI
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COLGATE-PALMOLIVE CO. Exchange NYS
Symbol CL
Price $77.15 (9/30/2020)
52Wk Range 79.47-59.89
Yield 2.28
P/E 25.80
100%
*7 Year Price Score 93.17 *NYSE Composite Index=100 *12 Month Price Score 105.86 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 110 2017 0.64 0.59 0.68 0.37 105 100 2018 0.72 0.73 0.60 0.70 95 2019 0.65 0.68 0.67 0.75 90 2020 0.83 0.74 ... ... 85 Interim Dividends (Per Share) 80 Amt Decl Ex Rec Pay 75 0.43Q 01/09/2020 01/22/2020 01/23/2020 02/14/2020 70 0.44Q 03/11/2020 04/17/2020 04/20/2020 05/15/2020 65 0.44Q 06/11/2020 07/17/2020 07/20/2020 08/14/2020 60 0.44Q 09/10/2020 10/22/2020 10/23/2020 11/16/2020 55 Indicated Div: $1.76 (Div. Reinv. Plan) 50 Valuation Analysis 45 40 Forecast EPS $2.96 (08/23/2020) 35 Market Cap $66.1 Billion Book Value $268.0 Million TRADING VOLUME (thousand shares) 2000 Price/Book 246.82 Price/Sales 4.15 1500 Dividend Achiever Status 1000 10 Year Growth Rate 7.11% 500 0 Total Years of Dividend Growth 57 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Household & Personal Products (MIC: 1.7.1 SIC: 2844 NAIC: 325620) Colgate-Palmolive manufactures and markets a variety of products in the United States and around the world. Co. has two product segments: Oral, Personal and Home Care; and Pet Nutrition. Oral, Personal and Home Care products include toothpaste, toothbrushes and mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin care products, dishwashing detergents, fabric conditioners, household cleaners, and other similar items. Pet Nutrition products include specialty pet nutrition products manufactured and marketed by Hill's Pet Nutrition. Recent Developments: For the quarter ended June 30 2020, net income increased 9.2% to US$675.0 million from US$618.0 million in the year-earlier quarter. Revenues were US$3.90 billion, up 0.8% from US$3.87 billion the year before. Operating income was US$946.0 million versus US$888.0 million in the prior-year quarter, an increase of 6.5%. Direct operating expenses declined 1.9% to US$1.53 billion from US$1.56 billion in the comparable period the year before. Indirect operating expenses were unchanged at US$1.42 billion versus the equivalent prior-year period. Prospects: Our evaluation of Colgate-Palmolive Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while CL has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that CL will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.99 2.93 2.75 2.75 2.28 2.72 1.52 2.36 Cash Flow Per Share 4.29 3.85 3.65 3.51 3.46 3.51 3.27 3.60 Dividends Per Share 1.730 1.720 1.710 1.660 1.590 1.550 1.500 1.420 Dividend Payout % 57.86 58.70 62.18 60.36 69.74 56.99 98.68 60.17 Income Statement Total Revenue 7,994,000 4,097,000 15,693,000 15,544,000 15,454,000 15,195,000 16,034,000 17,277,000 EBITDA 2,123,000 1,064,000 3,499,000 3,656,000 3,613,000 3,860,000 2,814,000 3,582,000 Depn & Amortn 266,000 133,000 62,000 59,000 35,000 33,000 33,000 32,000 Income Before Taxes 1,786,000 895,000 3,292,000 3,454,000 3,476,000 3,728,000 2,755,000 3,526,000 Income Taxes 363,000 147,000 774,000 906,000 1,313,000 1,152,000 1,215,000 1,194,000 Net Income 1,350,000 715,000 2,367,000 2,400,000 2,024,000 2,441,000 1,384,000 2,180,000 Average Shares 858,900 858,400 861,100 873,000 887,800 898,400 909,700 924,300 Balance Sheet Current Assets 4,212,000 4,248,000 4,179,000 3,793,000 4,639,000 4,338,000 4,384,000 4,863,000 Total Assets 15,141,000 15,070,000 15,034,000 12,161,000 12,676,000 12,123,000 11,958,000 13,459,000 Current Liabilities 4,580,000 4,443,000 4,038,000 3,341,000 3,408,000 3,305,000 3,534,000 3,946,000 Long-Term Obligations 6,884,000 7,336,000 7,333,000 6,354,000 6,566,000 6,520,000 6,269,000 5,644,000 Total Liabilities 14,873,000 15,183,000 14,917,000 12,263,000 12,736,000 12,366,000 12,257,000 12,314,000 Stockholders' Equity 268,000 (113,000) 117,000 (102,000) (60,000) (243,000) (299,000) 1,145,000 Shares Outstanding 857,400 856,528 854,701 862,912 874,701 883,108 892,738 906,712 Statistical Record Return on Assets % 18.17 18.04 17.41 19.33 16.32 20.22 10.89 15.95 Return on Equity % ... ... 31,560.00 ... ... ... 327.19 126.38 EBITDA Margin % 26.56 25.97 22.30 23.52 23.38 25.40 17.55 20.73 Net Margin % 16.89 17.45 15.08 15.44 13.10 16.06 8.63 12.62 Asset Turnover 1.13 1.14 1.15 1.25 1.25 1.26 1.26 1.26 Current Ratio 0.92 0.96 1.03 1.14 1.36 1.31 1.24 1.23 Debt to Equity 25.69 ... 62.68 ... ... ... ... 4.93 Price Range 77.35-59.89 77.35-59.89 75.57-58.97 77.50-57.88 77.23-64.53 75.27-62.45 71.46-60.37 71.00-60.17 P/E Ratio 25.87-20.03 26.40-20.44 27.48-21.44 28.18-21.05 33.87-28.30 27.67-22.96 47.01-39.72 30.08-25.50 Average Yield % 2.45 2.44 2.48 2.49 2.20 2.21 2.23 2.15
Address: 300 Park Avenue, New York, NY 10022 Telephone: 212-310-2000 Web Site: www.colgatepalmolive.com
Officers: Noel R. Wallace - Chairman, President, Chief Executive Officer, Chief Operating Officer, Division Officer, Region Officer John J. Huston Senior Vice President, Chief of Staff Transfer Agents:Computershare, Providence, RI
66
Investor Contact: 212-310-2575 No of Institutions: 2199 Shares: 808,580,928 % Held: 79.88
COLUMBIA SPORTSWEAR CO. Exchange NMS
Symbol COLM
Price $86.98 (9/30/2020)
52Wk Range 101.37-56.23
2-for-1
110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 150 100 50 0
2011
2012
2013
Yield N/A
*12 Month Price Score 99.10 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.51 (0.17) 1.25 2018 0.64 0.14 1.42 2019 1.07 0.34 1.75 2020 0.00 (0.77) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.24Q 04/19/2019 05/15/2019 05/16/2019 0.24Q 07/19/2019 08/14/2019 08/15/2019 0.24Q 10/25/2019 11/20/2019 11/21/2019 0.26Q 02/03/2020 03/09/2020 03/10/2020 Valuation Analysis Forecast EPS $1.88 (08/23/2020) Market Cap $5.8 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 3.48 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 113.49 *NYSE Composite Index=100
P/E 32.70 Dec (0.10) 1.62 1.68 ...
Pay 05/30/2019 08/29/2019 12/05/2019 03/23/2020
$1.7 Billion 2.09
11.27% 13
Business Summary: Apparel, Footwear & Accessories (MIC: 1.4.2 SIC: 2389 NAIC: 448110) Columbia Sportswear is engaged in designing, sourcing, marketing, and distributing outdoor, active and everyday lifestyle apparel, footwear, accessories, and equipment products. Co.'s brands and products include: Columbia®, which is known for outdoor apparel, footwear, accessories and equipment products designed with function suited for all seasons, activities and locations; SOREL®, which provides footwear and accessories primarily to women, as well as to men and youth consumers; Mountain Hard Wear®, which provides apparel, accessories and equipment designed to meet the needs of climbing and climbers' everyday lifestyle; and prAna®, which focuses on clothing. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$50.7 million versus net income of US$23.0 million in the year-earlier quarter. Revenues were US$316.6 million, down 39.8% from US$526.2 million the year before. Operating loss was US$70.3 million versus an income of US$16.4 million in the prior-year quarter. Direct operating expenses declined 37.5% to US$170.4 million from US$272.6 million in the comparable period the year before. Indirect operating expenses decreased 8.7% to US$216.5 million from US$237.2 million in the equivalent prior-year period. Prospects: Our evaluation of Columbia Sportswear Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while COLM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that COLM will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.66 3.77 4.83 3.81 1.49 2.72 2.45 1.94 Cash Flow Per Share 3.71 3.58 4.21 4.16 4.89 3.94 1.36 2.66 Tang Book Value Per Share 22.10 22.77 24.53 21.67 20.34 19.45 17.22 16.20 Dividends Per Share 0.740 0.980 0.960 0.900 0.730 0.690 0.620 0.570 Dividend Payout % 27.82 25.99 19.88 23.62 48.99 25.37 25.31 29.38 Income Statement Total Revenue 884,839 568,228 3,042,478 2,802,326 2,466,105 2,377,045 2,326,180 2,100,590 EBITDA (3,690) 32,745 518,852 409,071 322,593 315,952 303,408 252,587 Depn & Amortn 65,924 32,994 121,725 58,230 59,945 60,016 56,521 54,017 Income Before Taxes (68,606) 1,564 405,429 360,717 266,734 256,898 247,319 198,521 Income Taxes (18,112) 1,351 74,940 85,769 154,419 58,459 67,468 56,662 Net Income (50,494) 213 330,489 268,256 105,123 191,898 174,337 137,173 Average Shares 66,135 67,412 68,493 70,401 70,453 70,632 71,064 70,681 Balance Sheet Current Assets 1,602,765 1,710,737 1,875,746 1,765,306 1,649,497 1,412,023 1,249,389 1,266,041 Total Assets 2,622,397 2,751,487 2,931,591 2,368,721 2,212,902 2,013,894 1,846,153 1,792,209 Current Liabilities 535,828 610,355 630,915 572,882 453,636 362,851 366,070 373,120 Total Liabilities 969,568 1,054,896 1,082,144 694,864 590,951 453,074 446,353 448,606 Stockholders' Equity 1,652,829 1,696,591 1,849,447 1,673,857 1,621,951 1,560,820 1,399,800 1,343,603 Shares Outstanding 66,148 66,116 67,561 68,246 69,995 69,873 69,277 69,828 Statistical Record Return on Assets % 6.92 9.56 12.47 11.71 4.97 9.92 9.58 8.07 Return on Equity % 11.05 15.01 18.76 16.28 6.61 12.93 12.71 10.60 EBITDA Margin % N.M. 5.76 17.05 14.60 13.08 13.29 13.04 12.02 Net Margin % N.M. 0.04 10.86 9.57 4.26 8.07 7.49 6.53 Asset Turnover 1.04 1.10 1.15 1.22 1.17 1.23 1.28 1.24 Current Ratio 2.99 2.80 2.97 3.08 3.64 3.89 3.41 3.39 Price Range 107.47-56.23 107.47-56.23 107.47-81.53 94.94-71.96 71.97-51.99 63.24-45.59 71.54-41.62 45.38-35.06 P/E Ratio 40.40-21.14 28.51-14.92 22.25-16.88 24.92-18.89 48.30-34.89 23.25-16.76 29.20-16.99 23.39-18.07 Average Yield % 0.84 1.04 0.99 1.06 1.24 1.21 1.11 1.42
Address: 14375 Northwest Science Park Drive, Portland, OR 97229 Telephone: 503-985-4000 Web Site: www.columbia.com
Officers: Gertrude Boyle - Chairman Peter Rauch Senior Vice President, Chief Transformation Officer Transfer Agents:Computershare, Canton, MA
67
Investor Contact: 503-985-4000 No of Institutions: 394 Shares: 31,640,400 % Held: 44.18
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COMMERCE BANCSHARES INC Exchange NMS
Symbol CBSH
Price $56.29 (9/30/2020)
52Wk Range 71.10-46.11
Yield 1.92
P/E 21.32
*12 Month Price Score 93.45 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.59 0.65 0.61 0.77 2018 0.83 0.92 0.93 0.92 2019 0.81 0.91 0.93 0.92 2020 0.44 0.34 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 5% 11/01/2019 12/02/2019 12/03/2019 12/18/2019 0.27Q 02/07/2020 03/05/2020 03/06/2020 03/23/2020 0.27Q 04/15/2020 06/04/2020 06/05/2020 06/22/2020 0.27Q 07/31/2020 09/03/2020 09/04/2020 09/21/2020 Indicated Div: $1.08 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.25 (08/30/2020) Market Cap $6.9 Billion Book Value $3.4 Billion TRADING VOLUME (thousand shares) Price/Book 2.04 Price/Sales 4.90 Dividend Achiever Status 10 Year Growth Rate 5.84% Total Years of Dividend Growth 51 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 116.93 *NYSE Composite Index=100 75 70
5%
65
5%
40
5%
45
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2012
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5%
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5%
50
5%
55
5%
5%
60
Business Summary: Banking (MIC: 5.1.1 SIC: 6022 NAIC: 522110) Commerce Bancshares is a bank holding company. Through its subsidiary, Co. provides a range of retail, mortgage banking, corporate, investment, trust, and asset management products and services. Co.'s operating segments are: Commercial, which provides a range of corporate lending, merchant and commercial bank card products, leasing, and international services; Consumer, which includes the retail branch network, consumer installment lending, personal mortgage banking, and consumer debit and credit bank card activities; and Wealth, which provides trust and estate planning services, brokerage services, and advisory and discretionary investment portfolio management services. Recent Developments: For the quarter ended June 30 2020, net income decreased 64.2% to US$38.7 million from US$108.3 million in the year-earlier quarter. Net interest income decreased 4.1% to US$203.1 million from US$211.6 million in the year-earlier quarter. Provision for loan losses was US$80.5 million versus US$11.8 million in the prior-year quarter, an increase of 582.2%. Non-interest income fell 10.8% to US$113.4 million from US$127.1 million, while non-interest expense declined 1.2% to US$187.5 million. Prospects: Our evaluation of Commerce Bancshares Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and CBSH has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that CBSH will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.64 3.21 3.58 3.60 2.62 2.25 2.11 2.04 Cash Flow Per Share 4.43 4.05 4.51 4.75 3.72 3.72 2.43 2.92 Tang Book Value Per Share 25.19 26.48 25.29 22.57 21.63 20.66 17.50 16.56 Dividends Per Share 1.035 1.013 0.990 0.853 0.777 0.740 0.705 0.672 Dividend Payout % 39.27 31.55 27.67 23.68 29.66 32.84 33.48 32.84 Income Statement Interest Income 434,808 221,485 924,685 889,201 777,407 713,052 662,416 648,292 Interest Expense 30,686 20,420 103,392 65,376 43,728 33,003 28,096 28,088 Net Interest Income 404,122 201,065 821,293 823,825 733,679 680,049 634,320 620,204 Provision for Losses 138,492 57,953 50,438 42,694 45,244 36,318 28,727 29,531 Non-Interest Income 223,748 110,362 528,329 500,853 511,655 474,339 453,875 450,102 Non-Interest Expense 381,210 193,698 767,398 737,821 769,684 717,065 675,903 657,775 Income Before Taxes 108,168 59,776 531,786 544,163 430,406 401,005 383,565 383,000 Income Taxes 19,834 10,173 109,074 105,949 110,506 124,151 116,590 120,216 Net Income 91,720 51,857 421,231 433,542 319,383 275,391 263,730 261,754 Average Shares 110,897 111,376 114,066 116,712 116,784 116,340 119,458 124,289 Balance Sheet Net Loans & Leases 16,167,095 14,908,373 14,590,944 14,001,060 13,845,540 13,271,260 12,292,767 11,312,706 Total Assets 30,496,121 26,793,017 26,065,789 25,463,842 24,833,415 25,641,424 24,604,962 23,994,280 Total Deposits 24,526,967 20,775,863 20,520,415 20,323,659 20,425,446 21,101,095 19,978,853 19,475,778 Total Liabilities 27,138,254 23,542,002 22,931,105 22,532,544 22,116,855 23,145,641 22,242,972 21,664,087 Stockholders' Equity 3,357,867 3,251,015 3,134,684 2,931,298 2,716,560 2,495,783 2,361,990 2,330,193 Shares Outstanding 121,754 111,755 112,349 116,897 112,144 106,720 118,353 123,114 Statistical Record Return on Assets % 1.09 1.45 1.63 1.72 1.27 1.09 1.09 1.11 Return on Equity % 9.43 11.96 13.89 15.35 12.25 11.31 11.24 11.53 Net Interest Margin % 95.19 90.78 88.82 92.65 94.38 95.37 95.76 95.67 Efficiency Ratio % 57.39 58.37 52.81 53.08 59.71 60.39 60.55 59.89 Loans to Deposits 0.66 0.72 0.71 0.69 0.68 0.63 0.62 0.58 Price Range 71.10-46.11 71.10-46.11 68.43-52.27 65.30-50.49 52.24-45.25 51.13-31.14 37.95-31.04 35.34-30.82 P/E Ratio 26.93-17.47 22.15-14.36 19.11-14.60 18.14-14.02 19.94-17.27 22.72-13.84 17.99-14.71 17.32-15.11 Average Yield % 1.72 1.70 1.71 1.47 1.59 1.87 2.02 2.00
Address: 1000 Walnut, Kansas City, MO 64106 Telephone: 816-234-2000 Web Site: www.commercebank.com
Officers: David W. Kemper - Chairman, President, Chief Executive Officer Jonathan M. Kemper Vice-Chairman Transfer Agents: Computershare Trust Company, Canton, MA
70
Investor Contact: 800-892-7100ext.20 No of Institutions: 519 Shares: 89,614,024 % Held: 74.37
COMMUNITY BANK SYSTEM INC Exchange NYS
Symbol CBU
Price $54.46 (9/30/2020)
52Wk Range 71.52-48.40
Yield 3.08
P/E 18.21
*12 Month Price Score 91.23 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.57 0.35 0.68 1.43 2018 0.78 0.86 0.83 0.78 2019 0.80 0.86 0.75 0.82 2020 0.76 0.66 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.41Q 11/20/2019 12/12/2019 12/13/2019 01/10/2020 0.41Q 02/21/2020 03/13/2020 03/16/2020 04/09/2020 0.41Q 05/20/2020 06/12/2020 06/15/2020 07/10/2020 0.42Q 08/19/2020 09/14/2020 09/15/2020 10/09/2020 Indicated Div: $1.68 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $3.02 (09/03/2020) Market Cap $2.9 Billion Book Value $2.1 Billion TRADING VOLUME (thousand shares) Price/Book 1.40 Price/Sales 4.71 Dividend Achiever Status 10 Year Growth Rate 5.82% Total Years of Dividend Growth 28 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 110.86 *NYSE Composite Index=100 75 70 65 60 55 50 45 40 35 30 25 20 120 80 40 0
2011
2012
2013
Business Summary: Banking (MIC: 5.1.1 SIC: 6021 NAIC: 522110) Community Bank System is a financial holding company. Through its subsidiary, Community Bank, N.A., Co. operates as a financial services enterprise providing banking and other financial services to retail, commercial and municipal customers. Co. has three reportable segments: Banking, which is focused on serving the financial needs of customers in local communities; Employee Benefit Services, which provides employee benefit trust, collective investment fund, retirement plan administration and fund administration; and All Other, which includes Wealth Management, which provides investment alternatives and Insurance Agency, which provides personal and commercial lines of insurance. Recent Developments: For the quarter ended June 30 2020, net income decreased 21.7% to US$35.2 million from US$45.0 million in the year-earlier quarter. Net interest income increased 4.1% to US$92.0 million from US$88.3 million in the year-earlier quarter. Provision for loan losses was US$9.8 million versus US$1.4 million in the prior-year quarter, an increase of 598.1%. Non-interest income fell 12.8% to US$52.9 million from US$60.7 million, while non-interest expense declined 0.3% to US$90.9 million. Prospects: Our evaluation of Community Bank System Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while CBU has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that CBU will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.99 3.19 3.23 3.24 3.03 2.32 2.19 2.22 Cash Flow Per Share 3.96 3.74 3.91 4.33 3.88 2.97 2.84 3.04 Tang Book Value Per Share 22.96 21.98 19.66 17.68 15.98 16.14 15.00 14.75 Dividends Per Share 1.640 1.610 1.580 1.440 1.320 1.260 1.220 1.160 Dividend Payout % 54.85 50.47 48.92 44.44 43.56 54.31 55.71 52.25 Income Statement Interest Income 194,187 96,995 385,727 362,733 329,455 285,187 259,622 256,220 Interest Expense 12,182 6,941 26,552 17,678 13,780 11,291 11,202 11,792 Net Interest Income 182,005 90,054 359,175 345,055 315,675 273,896 248,420 244,428 Provision for Losses 15,368 5,594 8,430 10,837 10,984 8,076 6,447 7,178 Non-Interest Income 111,560 58,622 230,619 224,059 202,423 155,625 123,299 119,020 Non-Interest Expense 184,566 93,663 372,026 345,289 347,149 266,848 233,055 226,580 Income Before Taxes 93,631 49,419 209,338 212,988 159,965 154,597 132,217 129,690 Income Taxes 18,249 9,285 40,275 44,347 9,248 50,785 40,987 38,337 Net Income 75,382 40,134 169,063 168,641 150,717 103,812 91,230 91,353 Average Shares 52,826 52,456 52,248 51,748 49,470 44,485 41,401 41,029 Balance Sheet Net Loans & Leases 7,469,119 6,813,712 6,840,632 6,231,920 6,209,635 4,903,745 4,756,906 4,191,907 Total Assets 13,444,217 11,808,983 11,410,295 10,607,295 10,746,198 8,666,437 8,552,669 7,489,440 Total Deposits 10,846,673 9,303,982 8,994,967 8,322,371 8,444,420 7,075,954 6,873,474 5,935,264 Total Liabilities 11,362,902 9,832,352 9,555,061 8,893,512 9,110,883 7,468,337 7,412,022 6,501,536 Stockholders' Equity 2,081,315 1,976,631 1,855,234 1,713,783 1,635,315 1,198,100 1,140,647 987,904 Shares Outstanding 53,514 52,031 51,793 51,257 50,696 44,437 43,774 40,747 Statistical Record Return on Assets % 1.30 1.47 1.54 1.58 1.55 1.20 1.14 1.25 Return on Equity % 8.10 8.96 9.47 10.07 10.64 8.85 8.57 9.80 Net Interest Margin % 94.61 92.84 93.12 95.13 95.82 96.04 95.69 95.40 Efficiency Ratio % 60.55 60.19 60.36 58.84 65.27 60.54 60.86 60.38 Loans to Deposits 0.69 0.73 0.76 0.75 0.74 0.69 0.69 0.71 Price Range 71.52-48.40 71.52-48.40 71.07-56.94 66.52-51.22 62.32-49.11 62.24-34.47 43.13-33.60 39.91-32.84 P/E Ratio 23.92-16.19 22.42-15.17 22.00-17.63 20.53-15.81 20.57-16.21 26.83-14.86 19.69-15.34 17.98-14.79 Average Yield % 2.58 2.49 2.47 2.43 2.38 2.87 3.27 3.18
Address: 5790 Widewaters Parkway, DeWitt, NY 13214-1883 Telephone: 315-445-2282 Web Site: www.communitybankna.com
Officers: Sally A. Steele - Chairman Mark E. Tryniski Investor Contact: 315-445-3121 - President, Chief Executive Officer Transfer Agents: No of Institutions: 316 Shares: 46,594,576 % Held: 78.06 American Stock Transfer & Trust Company LLC, Brooklyn, NY
71
COMMUNITY TRUST BANCORP, INC. Exchange NMS
Symbol CTBI
Price $28.26 (9/30/2020)
52Wk Range 47.07-28.05
75 70 65 60 55
10%
50 45 40 35 30 25 20 20 15 10 5 0
2011
2012
2013
Yield 5.45
*12 Month Price Score 82.56 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.64 0.65 0.78 2018 0.89 0.66 0.91 2019 0.84 1.03 0.86 2020 0.30 1.11 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.38Q 10/22/2019 12/12/2019 12/15/2019 0.38Q 01/28/2020 03/12/2020 03/15/2020 0.38Q 04/30/2020 06/12/2020 06/15/2020 0.385Q 07/28/2020 09/14/2020 09/15/2020 Indicated Div: $1.54 Valuation Analysis Forecast EPS $3.00 (09/01/2020) Market Cap $502.9 Million Book Value TRADING VOLUME (thousand shares) Price/Book 0.80 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 84.44 *NYSE Composite Index=100
P/E 8.91 Dec 0.85 0.89 0.90 ...
Pay 01/01/2020 04/01/2020 07/01/2020 10/01/2020
$631.8 Million 2.16
3.10% 31
Business Summary: Banking (MIC: 5.1.1 SIC: 6022 NAIC: 522110) Community Trust Bancorp is a bank holding company. Through its subsidiaries, Co. engages in a range of commercial and personal banking and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes; and providing funds transfer services. The lending activities of Co.'s subsidiary, Community Trust Bank, Inc., include making commercial, construction, mortgage, and personal loans. Lease-financing, lines of credit, term loans, and other loans are also available. Recent Developments: For the quarter ended June 30 2020, net income increased 7.2% to US$19.7 million from US$18.3 million in the year-earlier quarter. Net interest income increased 6.8% to US$38.5 million from US$36.0 million in the year-earlier quarter. Credit for loan losses was US$49,000 versus a provision for loan losses of US$1.6 million in the prior-year quarter. Non-interest income rose 5.1% to US$12.9 million from US$12.3 million, while non-interest expense declined 7.1% to US$27.9 million. Prospects: Our evaluation of Community Trust Bancorp Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and CTBI has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that CTBI will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.17 3.09 3.64 3.35 2.92 2.70 2.66 2.49 Cash Flow Per Share 4.87 4.79 4.71 3.70 3.54 3.49 3.15 3.32 Tang Book Value Per Share 31.69 30.64 30.69 27.92 26.10 24.48 23.18 21.70 Dividends Per Share 1.520 1.500 1.480 1.380 1.300 1.260 1.220 1.181 Dividend Payout % 47.95 48.54 40.66 41.19 44.52 46.67 45.86 47.43 Income Statement Interest Income 89,667 44,699 185,398 171,450 155,696 146,576 144,020 143,867 Interest Expense 14,961 8,455 40,513 29,295 18,294 13,555 11,773 11,797 Net Interest Income 74,706 36,244 144,885 142,155 137,402 133,021 132,247 132,070 Provision for Losses 12,658 12,707 4,819 6,167 7,521 7,872 8,650 8,755 Non-Interest Income 24,400 11,521 50,184 51,952 48,508 48,441 46,809 45,081 Non-Interest Expense 56,130 28,221 118,258 117,398 109,878 107,126 105,443 105,999 Income Before Taxes 30,318 6,837 71,992 70,542 68,511 66,464 64,963 62,397 Income Taxes 4,087 258 7,452 11,314 17,018 19,118 18,531 19,146 Net Income 26,231 6,579 64,540 59,228 51,493 47,346 46,432 43,251 Average Shares 17,742 17,763 17,740 17,703 17,653 17,566 17,483 17,397 Balance Sheet Net Loans & Leases 3,521,123 3,239,499 3,214,735 3,175,191 3,087,822 2,903,682 2,839,039 2,701,641 Total Assets 5,022,841 4,352,645 4,366,003 4,201,616 4,136,231 3,932,169 3,903,934 3,723,765 Total Deposits 3,972,309 3,395,108 3,405,572 3,305,950 3,263,863 3,081,308 2,980,782 2,874,257 Total Liabilities 4,390,994 3,739,723 3,751,117 3,637,466 3,605,532 3,431,554 3,428,351 3,275,888 Stockholders' Equity 631,847 612,922 614,886 564,150 530,699 500,615 475,583 447,877 Shares Outstanding 17,794 17,787 17,793 17,732 17,692 17,628 17,536 17,466 Statistical Record Return on Assets % 1.22 1.30 1.51 1.42 1.28 1.21 1.22 1.18 Return on Equity % 9.38 9.44 10.95 10.82 9.99 9.67 10.06 10.05 Net Interest Margin % 85.53 81.08 78.15 82.91 88.25 90.75 91.83 91.80 Efficiency Ratio % 48.25 50.20 50.20 52.55 53.81 54.93 55.26 56.10 Loans to Deposits 0.89 0.95 0.94 0.96 0.95 0.94 0.95 0.94 Price Range 47.07-28.15 47.07-29.19 47.07-38.13 52.60-37.42 51.65-40.50 49.60-31.42 36.83-31.58 41.05-32.69 P/E Ratio 14.85-8.88 15.23-9.45 12.93-10.48 15.70-11.17 17.69-13.87 18.37-11.64 13.85-11.87 16.49-13.13 Average Yield % 3.85 3.59 3.52 2.92 2.86 3.44 3.57 3.31
Address: 346 North Mayo Trail, P.O. Box 2947, Pikeville, KY 41502 Telephone: 606-432-1414 Web Site: www.ctbi.com
Officers: Jean R. Hale - Chairman, President, Chief Executive Officer Mark A. Gooch - Executive Vice President, Secretary Transfer Agents: Community Trust Bank, Inc., Pikeville, KY
72
Investor Contact: 606-437-3294 No of Institutions: 167 Shares: 12,322,158 % Held: 65.58
CONSOLIDATED EDISON INC Exchange NYS
Symbol ED
Price $77.80 (9/30/2020)
52Wk Range 94.74-65.35
Yield 3.93
P/E 19.45
*12 Month Price Score 87.96 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.27 0.57 1.48 1.63 2018 1.37 0.60 1.39 1.05 2019 1.31 0.46 1.42 0.89 2020 1.12 0.57 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.74Q 10/17/2019 11/12/2019 11/13/2019 12/16/2019 0.765Q 01/16/2020 02/18/2020 02/19/2020 03/16/2020 0.765Q 04/16/2020 05/12/2020 05/13/2020 06/15/2020 0.765Q 07/16/2020 08/18/2020 08/19/2020 09/15/2020 Indicated Div: $3.06 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.25 (08/26/2020) Market Cap $26.0 Billion Book Value $18.2 Billion TRADING VOLUME (thousand shares) Price/Book 1.43 Price/Sales 2.12 Dividend Achiever Status 10 Year Growth Rate 2.29% Total Years of Dividend Growth 45 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 99.80 *NYSE Composite Index=100 140 130 120 110 100 90 80 70 60 50 40 1200 800 400 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4931 NAIC: 221121) Consolidated Edison is a holding company. Through its subsidiaries, Co. is engaged in provision of energy services. Co.'s subsidiaries include: Consolidated Edison Company of New York, Inc.'s principal business operations are its regulated electric, gas and steam delivery businesses; Orange & Rockland Utilities, Inc.'s principal business operations are its regulated electric and gas delivery businesses; Con Edison Clean Energy Businesses, Inc. develops, owns and operates renewable and energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc. invests in electric and gas transmission projects. Recent Developments: For the quarter ended Mar 31 2020, net income decreased 11.9% to US$392.0 million from US$445.0 million in the year-earlier quarter. Revenues were US$3.23 billion, down 8.0% from US$3.51 billion the year before. Operating income was US$808.0 million versus US$786.0 million in the prior-year quarter, an increase of 2.8%. Direct operating expenses declined 22.9% to US$1.32 billion from US$1.71 billion in the comparable period the year before. Indirect operating expenses increased 8.8% to US$1.11 billion from US$1.02 billion in the equivalent prior-year period. Prospects: Our evaluation of Consolidated Edison Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while ED has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that ED will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.00 3.89 4.08 4.42 4.94 4.12 4.05 3.71 Cash Flow Per Share 8.31 9.24 9.54 8.65 10.96 11.48 11.18 9.67 Tang Book Value Per Share 48.71 48.75 48.11 45.58 47.93 45.07 43.08 41.46 Dividends Per Share 3.010 2.985 2.960 2.860 2.760 2.680 2.600 2.520 Dividend Payout % 75.25 76.74 72.55 64.71 55.87 65.05 64.20 67.92 Income Statement Total Revenue 5,953,000 3,234,000 12,574,000 12,337,000 12,033,000 12,075,000 12,554,000 12,919,000 EBITDA 1,208,000 758,000 4,295,000 3,923,000 3,943,000 3,645,000 3,529,000 3,424,000 Depn & Amortn (20,000) (11,000) 1,568,000 1,321,000 1,217,000 1,006,000 1,078,000 1,173,000 Income Before Taxes 658,000 447,000 1,736,000 1,783,000 1,997,000 1,943,000 1,798,000 1,660,000 Income Taxes 64,000 55,000 296,000 401,000 472,000 698,000 605,000 568,000 Net Income 565,000 375,000 1,343,000 1,382,000 1,525,000 1,245,000 1,193,000 1,092,000 Average Shares 335,000 334,600 329,500 312,900 308,800 301,900 294,400 294,000 Balance Sheet Current Assets 4,564,000 5,026,000 4,272,000 3,864,000 3,537,000 3,406,000 3,836,000 3,854,000 Total Assets 59,081,000 59,159,000 58,079,000 53,920,000 48,111,000 48,255,000 45,642,000 44,308,000 Current Liabilities 6,705,000 6,311,000 6,287,000 6,207,000 4,902,000 3,843,000 4,720,000 3,781,000 Long-Term Obligations 19,149,000 19,423,000 18,527,000 17,495,000 14,731,000 14,735,000 12,006,000 11,631,000 Total Liabilities 40,856,000 40,898,000 40,057,000 37,194,000 32,693,000 33,957,000 32,590,000 31,732,000 Stockholders' Equity 18,225,000 18,261,000 18,022,000 16,726,000 15,418,000 14,298,000 13,052,000 12,576,000 Shares Outstanding 334,000 334,000 333,000 321,000 310,000 305,000 293,000 292,876 Statistical Record Return on Assets % 2.32 2.27 2.40 2.71 3.17 2.64 2.65 2.57 Return on Equity % 7.42 7.27 7.73 8.60 10.26 9.08 9.31 8.80 EBITDA Margin % 20.29 23.44 34.16 31.80 32.77 30.19 28.11 26.50 Net Margin % 9.49 11.60 10.68 11.20 12.67 10.31 9.50 8.45 Asset Turnover 0.21 0.22 0.22 0.24 0.25 0.26 0.28 0.30 Current Ratio 0.68 0.80 0.68 0.62 0.72 0.89 0.81 1.02 Debt to Equity 1.05 1.06 1.03 1.05 0.96 1.03 0.92 0.92 Price Range 94.74-65.35 94.74-65.35 94.65-74.45 83.93-71.39 89.66-72.64 81.67-64.27 71.40-57.21 68.50-52.46 P/E Ratio 23.68-16.34 24.35-16.80 23.20-18.25 18.99-16.15 18.15-14.70 19.82-15.60 17.63-14.13 18.46-14.14 Average Yield % 3.51 3.39 3.44 3.68 3.40 3.62 4.11 4.39
Address: 4 Irving Place, New York, NY 10003 Telephone: 212-460-4600 Web Site: www.conedison.com
Officers: John McAvoy - Chairman, President, Chief Executive Officer Robert N. Hoglund - Senior Vice President, Chief Financial Officer Transfer Agents: Computershare, Pittsburgh, PA
73
Investor Contact: 212-460-6611 No of Institutions: 1339 Shares: 246,575,968 % Held: 67.82
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75
CSX CORP Exchange NMS
Symbol CSX
Price $77.67 (9/30/2020)
52Wk Range 80.45-47.66
Yield 1.34
P/E 20.88
3-for-1
*7 Year Price Score 131.33 *NYSE Composite Index=100 *12 Month Price Score 105.04 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 85 2017 0.39 0.55 0.51 4.54 80 2018 0.78 1.01 1.05 1.01 75 2019 1.02 1.08 1.08 0.99 70 2020 1.00 0.65 ... ... 65 60 Interim Dividends (Per Share) 55 Amt Decl Ex Rec Pay 50 0.24Q 10/03/2019 11/27/2019 11/29/2019 12/13/2019 0.26Q 02/12/2020 02/27/2020 02/28/2020 03/13/2020 45 0.26Q 05/07/2020 05/28/2020 05/29/2020 06/15/2020 40 0.26Q 07/08/2020 08/28/2020 08/31/2020 09/15/2020 35 Indicated Div: $1.04 (Div. Reinv. Plan) 30 25 Valuation Analysis 20 Forecast EPS $3.50 (09/03/2020) 15 Market Cap $59.4 Billion Book Value $12.2 Billion TRADING VOLUME (thousand shares) 4000 Price/Book 4.89 Price/Sales 5.42 3000 Dividend Achiever Status 2000 10 Year Growth Rate 12.59% 1000 0 Total Years of Dividend Growth 15 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Rail (MIC: 7.4.3 SIC: 4011 NAIC: 482111) CSX provides rail-based freight transportation services. Co.'s principal operating subsidiary, CSX Transportation, Inc., provides a link to the transportation supply chain through its rail network, which serves centers in states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. Co.'s CSX Intermodal Terminals, Inc. subsidiary owns and operates a system of intermodal terminals, primarily in the eastern United States and also performs drayage services (the pickup and delivery of intermodal shipments). Co.'s Total Distribution Services, Inc. subsidiary serves the automotive industry with distribution centers and storage locations. Recent Developments: For the quarter ended June 30 2020, net income decreased 42.6% to US$499.0 million from US$870.0 million in the year-earlier quarter. Revenues were US$2.26 billion, down 26.3% from US$3.06 billion the year before. Operating income was US$828.0 million versus US$1.31 billion in the prior-year quarter, a decrease of 36.6%. Direct operating expenses declined 23.7% to US$1.08 billion from US$1.42 billion in the comparable period the year before. Indirect operating expenses increased 2.1% to US$344.0 million from US$337.0 million in the equivalent prior-year period. Prospects: Our evaluation of CSX Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while CSX has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that CSX will perform poorly over the near term. Financial Data (US$ in Millions) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/30/2016 12/25/2015 12/26/2014 Earnings Per Share 3.72 4.15 4.17 3.84 5.99 1.81 2.00 1.92 Cash Flow Per Share 6.22 6.29 6.09 5.42 3.80 3.16 3.44 3.35 Tang Book Value Per Share 15.88 15.51 15.32 15.35 16.53 12.58 12.07 11.25 Dividends Per Share 1.000 0.980 0.960 0.880 0.780 0.720 0.700 0.630 Dividend Payout % 26.88 23.61 23.02 22.92 13.02 39.78 35.00 32.81 Income Statement Total Revenue 5,110 2,855 11,937 12,250 11,408 11,069 11,811 12,669 EBITDA 2,731 1,544 6,263 6,146 4,771 4,611 4,884 4,735 Depn & Amortn 688 344 1,349 1,331 1,315 1,301 1,208 1,151 Income Before Taxes 1,665 1,013 4,225 4,208 2,923 2,741 3,138 3,044 Income Taxes 396 243 985 995 (2,329) 1,027 1,170 1,117 Net Income 1,269 770 3,331 3,309 5,471 1,714 1,968 1,927 Average Shares 767 773 798 861 914 948 984 1,002 Balance Sheet Current Assets 3,791 3,821 3,278 2,565 1,915 2,487 2,966 2,572 Total Assets 38,904 38,834 38,257 36,729 35,739 35,414 35,039 33,053 Current Liabilities 2,347 2,211 2,151 1,915 1,894 2,040 1,952 2,107 Long-Term Obligations 16,609 16,966 15,993 14,739 11,790 10,962 10,683 9,514 Total Liabilities 26,754 26,963 26,409 24,166 21,034 23,735 23,387 21,901 Stockholders' Equity 12,150 11,871 11,848 12,563 14,705 11,679 11,652 11,152 Shares Outstanding 765 765 773 818 889 928 965 991 Statistical Record Return on Assets % 7.54 8.49 8.88 9.13 15.34 4.79 5.80 5.96 Return on Equity % 23.71 26.89 27.29 24.27 41.36 14.46 17.31 17.86 EBITDA Margin % 53.44 54.08 52.47 50.17 41.82 41.66 41.35 37.37 Net Margin % 24.83 26.97 27.90 27.01 47.96 15.48 16.66 15.21 Asset Turnover 0.29 0.31 0.32 0.34 0.32 0.31 0.35 0.39 Current Ratio 1.62 1.73 1.52 1.34 1.01 1.22 1.52 1.22 Debt to Equity 1.37 1.43 1.35 1.17 0.80 0.94 0.92 0.85 Price Range 80.45-47.66 80.52-47.66 80.52-60.98 75.50-50.47 57.69-35.89 37.27-21.97 37.46-24.70 37.91-26.02 P/E Ratio 21.63-12.81 19.40-11.48 19.31-14.62 19.66-13.14 9.63-5.99 20.59-12.14 18.73-12.35 19.74-13.55 Average Yield % 1.44 1.36 1.34 1.36 1.55 2.56 2.21 2.05
Address: 500 Water Street, 15th Floor, Jacksonville, FL 32202 Telephone: 904-359-3200 Web Site: www.csx.com
Officers: John J. Zillmer - Chairman Paul C. Hilal Vice-Chairman Transfer Agents: Broadridge Corporate Issuer Solutions, Inc, Brentwood, NY
76
Investor Contact: 800-521-5571 No of Institutions: 1680 Shares: 714,065,856 % Held: 68.29
CULLEN/FROST BANKERS, INC. Exchange NYS
Symbol CFR
Price $63.95 (9/30/2020)
170 160 150 140 130 120 110 100 90 80 70 60 50 40 400 300 200 100 0
2011
2012
2013
52Wk Range 99.05-49.22
Yield 4.44
*12 Month Price Score 86.95 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 1.28 1.29 1.41 2018 1.61 1.68 1.78 2019 1.79 1.72 1.73 2020 0.75 1.47 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.71Q 10/31/2019 11/27/2019 11/29/2019 0.71Q 01/29/2020 02/27/2020 02/28/2020 0.71Q 04/30/2020 05/28/2020 05/29/2020 0.71Q 07/30/2020 08/28/2020 08/31/2020 Indicated Div: $2.84 Valuation Analysis Forecast EPS $4.46 (09/02/2020) Market Cap $4.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.00 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 85.61 *NYSE Composite Index=100
P/E 11.52 Dec 1.53 1.82 1.60 ...
Pay 12/13/2019 03/13/2020 06/15/2020 09/15/2020
$4.0 Billion 2.57
5.05% 26
Business Summary: Banking (MIC: 5.1.1 SIC: 6021 NAIC: 522110) Cullen/Frost Bankers is a financial holding company and a bank holding company. Through its subsidiaries, Co. provides a range of products and services throughout various Texas markets. Co. provides commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services. Co. serves a variety of industries including, among others, energy, manufacturing, services, construction, retail, telecommunications, healthcare, military and transportation. Co.'s reportable operating segments are: Banking and Frost Wealth Advisors. Recent Developments: For the quarter ended June 30 2020, net income decreased 16.6% to US$93.1 million from US$111.6 million in the year-earlier quarter. Net interest income decreased 3.0% to US$245.8 million from US$253.4 million in the year-earlier quarter. Provision for loan losses was US$32.0 million versus US$6.4 million in the prior-year quarter, an increase of 399.6%. Non-interest income fell 6.1% to US$77.6 million from US$82.6 million, while non-interest expense declined 1.7% to US$199.7 million. Prospects: Our evaluation of Cullen/Frost Bankers Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while CFR has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that CFR will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 5.55 5.80 6.84 6.90 5.51 4.70 4.28 4.29 Cash Flow Per Share 8.77 11.76 10.11 8.83 8.45 7.00 6.27 4.62 Tang Book Value Per Share 53.48 50.67 49.62 40.74 39.28 34.60 33.60 32.32 Dividends Per Share 2.840 2.840 2.800 2.580 2.250 2.150 2.100 2.030 Dividend Payout % 51.17 48.97 40.94 37.39 40.83 45.74 49.07 47.32 Income Statement Interest Income 520,974 265,980 1,133,785 1,051,198 892,947 788,412 749,496 701,471 Interest Expense 30,642 21,459 129,780 93,306 26,525 12,076 12,864 14,537 Net Interest Income 490,332 244,521 1,004,005 957,892 866,422 776,336 736,632 686,934 Provision for Losses 207,172 175,197 33,759 21,613 35,460 51,673 51,845 16,314 Non-Interest Income 290,516 212,915 363,902 351,286 336,470 349,708 328,730 320,144 Non-Interest Expense 423,842 224,163 834,679 778,884 759,069 732,960 693,718 654,740 Income Before Taxes 149,834 58,076 499,469 508,681 408,363 341,411 319,799 336,024 Income Taxes 2,009 3,323 55,870 53,763 44,214 37,150 40,471 58,047 Net Income 147,825 54,753 443,599 454,918 364,149 304,261 279,328 277,977 Average Shares 62,801 63,049 63,441 64,686 64,662 62,968 63,473 62,973 Balance Sheet Net Loans & Leases 17,721,876 15,074,379 14,618,165 13,967,601 12,990,301 11,822,347 11,350,672 10,887,993 Total Assets 39,377,553 34,147,305 34,027,428 32,292,966 31,747,880 30,196,319 28,567,118 28,277,775 Total Deposits 32,679,096 28,140,867 27,639,564 27,149,204 26,872,389 25,811,575 24,343,595 24,135,930 Total Liabilities 35,368,752 30,320,639 30,115,760 28,924,049 28,450,017 27,193,791 25,676,775 25,426,372 Stockholders' Equity 4,008,801 3,826,666 3,911,668 3,368,917 3,297,863 3,002,528 2,890,343 2,851,403 Shares Outstanding 62,669 62,553 62,669 62,985 63,475 63,474 61,982 63,149 Statistical Record Return on Assets % 1.02 1.16 1.34 1.42 1.18 1.03 0.98 1.06 Return on Equity % 9.38 10.29 12.19 13.65 11.56 10.30 9.73 10.36 Net Interest Margin % 96.40 91.93 88.55 91.12 97.03 98.47 98.28 97.93 Efficiency Ratio % 60.04 46.81 55.73 55.54 61.74 64.40 64.34 64.09 Loans to Deposits 0.54 0.54 0.53 0.51 0.48 0.46 0.47 0.45 Price Range 99.05-49.22 104.13-49.22 105.70-80.32 120.77-82.72 101.40-81.59 88.77-42.55 80.10-59.40 81.67-68.06 P/E Ratio 17.85-8.87 17.95-8.49 15.45-11.74 17.50-11.99 18.40-14.81 18.89-9.05 18.71-13.88 19.04-15.86 Average Yield % 3.41 3.15 2.96 2.42 2.44 3.27 3.05 2.66 Officers: Phillip D. (Phil) Green - Chairman, Investor Contact: 210-220-5632 Address: 111 W. Houston Street, San 487 No of Institutions: President, Chief Executive Officer, Group Executive Antonio, TX 78205 Telephone: 210-220-4011 Vice President, Chief Financial Officer Jerry Salinas - Shares: 68,917,824 % Held: 88.40 Web Site: www.frostbank.com Group Executive Vice President, Chief Financial Officer, Principal Accounting Officer Transfer Agents:American Stock Transfer & Trust Company, LLC, Brooklyn, NY
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DONALDSON CO. INC. Exchange NYS
Symbol DCI
Price $46.42 (9/30/2020)
52Wk Range 58.17-33.19
Yield 1.81
P/E 23.21
*12 Month Price Score 99.29 Interim Earnings (Per Share) Qtr. Oct Jan Apr Jul 2015-16 0.29 0.28 0.41 0.45 2016-17 0.43 0.35 0.45 0.51 2017-18 0.46 (0.40) 0.53 0.77 2018-19 0.56 0.46 0.58 0.45 2019-20 0.51 0.50 0.50 0.50 Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.21Q 11/22/2019 12/09/2019 12/10/2019 12/27/2019 0.21Q 01/30/2020 02/13/2020 02/14/2020 02/28/2020 0.21Q 05/29/2020 06/12/2020 06/15/2020 06/30/2020 0.21Q 07/31/2020 08/14/2020 08/17/2020 08/31/2020 Indicated Div: $0.84 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.00 (09/03/2020) Market Cap $5.9 Billion Book Value $998.0 Million TRADING VOLUME (thousand shares) Price/Book 5.88 Price/Sales 2.27 Dividend Achiever Status 10 Year Growth Rate 13.56% Total Years of Dividend Growth 24 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 102.34 *NYSE Composite Index=100 85 80 75 70 65 60
100%
55 50 45 40 35 30 25 20 400 300 200 100 0
2011
2012
2013
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 3564 NAIC: 333411) Donaldson is a manufacturer of filtration systems and replacement parts. Co.'s operating segments are: Engine Products, which consist of replacement filters for both air and liquid filtration applications, air filtration systems, liquid filtration systems for fuel, lube and hydraulic applications, and exhaust and emissions systems and sensors, indicators and monitoring systems; and Industrial Products, which consist of dust, fume and mist collectors, compressed air purification systems, gas and liquid filtration for food, beverage and industrial processes, air filtration systems for gas turbines, polytetrafluoroethylene membrane-based products and air and gas filtration systems. Recent Developments: For the year ended July 31 2020, net income decreased 3.8% to US$257.0 million from US$267.2 million in the prior year. Revenues were US$2.58 billion, down 9.2% from US$2.84 billion the year before. Operating income was US$340.1 million versus US$388.2 million in the prior year, a decrease of 12.4%. Direct operating expenses declined 9.8% to US$1.71 billion from US$1.90 billion in the comparable period the year before. Indirect operating expenses decreased 5.1% to US$531.5 million from US$560.1 million in the equivalent prior-year period. Prospects: Our evaluation of Donaldson Co. Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while DCI has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that DCI will perform in line with the market over the near term. Financial Data (US$ in Thousands) 07/31/2020 07/31/2019 07/31/2018 07/31/2017 07/31/2016 07/31/2015 07/31/2014 07/31/2013 Earnings Per Share 2.00 2.05 1.36 1.74 1.42 1.49 1.76 1.64 Cash Flow Per Share 3.04 2.70 2.02 2.34 2.13 1.55 2.18 2.13 Tang Book Value Per Share 4.86 4.11 4.50 4.37 3.76 3.81 5.70 6.01 Dividends Per Share 0.840 0.780 0.730 0.700 0.685 0.665 0.575 0.410 Dividend Payout % 42.00 38.05 53.68 40.23 48.24 44.63 32.67 25.00 Income Statement Total Revenue 2,581,800 2,844,900 2,734,200 2,371,900 2,220,300 2,371,213 2,473,466 2,436,948 EBITDA 431,900 468,600 456,000 410,300 346,900 370,660 432,903 417,891 Depn & Amortn 79,300 73,500 71,100 68,800 68,800 66,900 62,000 58,800 Income Before Taxes 335,200 375,200 363,600 322,000 257,400 288,603 360,703 348,181 Income Taxes 78,200 108,000 183,300 89,200 66,600 80,492 100,479 100,804 Net Income 257,000 267,200 180,300 232,800 190,800 208,111 260,224 247,377 Average Shares 128,300 130,300 132,200 134,100 134,800 139,381 147,641 150,455 Balance Sheet Current Assets 1,096,700 1,122,600 1,125,700 1,151,000 1,009,700 1,030,716 1,225,277 1,055,662 Total Assets 2,244,600 2,142,600 1,976,600 1,979,700 1,788,600 1,809,534 1,942,411 1,743,556 Current Liabilities 406,800 482,900 469,400 484,100 543,800 560,647 609,580 476,435 Long-Term Obligations 617,400 584,400 499,600 537,300 351,800 389,218 243,726 102,774 Total Liabilities 1,246,600 1,245,300 1,123,600 1,129,600 1,021,200 1,034,765 939,928 658,369 Stockholders' Equity 998,000 897,300 853,000 850,100 767,400 774,769 1,002,483 1,085,187 Shares Outstanding 126,338 127,318 128,772 130,605 132,892 134,598 140,405 146,152 Statistical Record Return on Assets % 11.68 12.97 9.11 12.36 10.58 11.09 14.12 14.24 Return on Equity % 27.05 30.53 21.17 28.79 24.68 23.42 24.93 24.80 EBITDA Margin % 16.73 16.47 16.68 17.30 15.62 15.63 17.50 17.15 Net Margin % 9.95 9.39 6.59 9.81 8.59 8.78 10.52 10.15 Asset Turnover 1.17 1.38 1.38 1.26 1.23 1.26 1.34 1.40 Current Ratio 2.70 2.32 2.40 2.38 1.86 1.84 2.01 2.22 Debt to Equity 0.62 0.65 0.59 0.63 0.46 0.50 0.24 0.09 Price Range 58.17-33.19 59.18-40.71 52.18-43.40 47.96-35.64 36.88-26.17 42.91-31.93 43.58-35.15 39.26-32.02 P/E Ratio 29.09-16.59 28.87-19.86 38.37-31.91 27.56-20.48 25.97-18.43 28.80-21.43 24.76-19.97 23.94-19.52 Average Yield % 1.71 1.54 1.56 1.66 2.20 1.75 1.41 1.15 Address: 1400 West 94th Street, Officers: Tod E. Carpenter - Chairman, President, Investor Contact: 952-887-3753 No of Institutions: 536 Minneapolis, MN 55431 Chief Executive Officer, Chief Operating Officer, Telephone: 952-887-3131 Shares: 128,473,744 % Held: 80.87 Division Officer Scott J. Robinson - Senior Vice Web Site: www.donaldson.com President, Chief Financial Officer, Vice President Transfer Agents:Wells Fargo Shareowner Services, St. Paul, MN
82
DOVER CORP Exchange NYS
Symbol DOV
Price $108.34 (9/30/2020)
52Wk Range 119.92-65.37
Yield 1.83
P/E 23.50
*7 Year Price Score 126.13 *NYSE Composite Index=100 *12 Month Price Score 103.92 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 120 2017 1.09 1.04 1.14 1.88 110 2018 0.84 0.91 1.05 0.96 100 2019 0.72 1.35 1.40 1.14 2020 1.21 0.86 ... ... 90 Interim Dividends (Per Share) 80 Amt Decl Ex Rec Pay 70 0.49Q 11/07/2019 11/27/2019 11/29/2019 12/16/2019 0.49Q 02/14/2020 02/27/2020 02/28/2020 03/16/2020 60 0.49Q 05/07/2020 05/28/2020 05/29/2020 06/15/2020 50 0.495Q 08/06/2020 08/28/2020 08/31/2020 09/15/2020 Indicated Div: $1.98 (Div. Reinv. Plan) 40 Valuation Analysis 30 Forecast EPS $5.25 (08/29/2020) 20 Market Cap $15.6 Billion Book Value $3.1 Billion TRADING VOLUME (thousand shares) 1000 Price/Book 5.05 Price/Sales 2.31 750 Dividend Achiever Status 500 10 Year Growth Rate 6.64% 250 0 Total Years of Dividend Growth 64 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 3559 NAIC: 333319) Dover is a manufacturer and solutions provider. Co. provides services through five segments: Engineered Products, which provides a range of products, software and services; Fueling Solutions, which provides components, equipment and software and service solutions enabling transport of fuels and other hazardous fluids; Imaging and Identification, which includes supplying precision marking and coding; Pumps and Process Solutions, which includes manufacturing of pumps; and Refrigeration and Food Equipment, which provides equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets. Recent Developments: For the quarter ended June 30 2020, net income decreased 37.0% to US$124.8 million from US$198.1 million in the year-earlier quarter. Revenues were US$1.50 billion, down 17.2% from US$1.81 billion the year before. Operating income was US$184.9 million versus US$276.0 million in the prior-year quarter, a decrease of 33.0%. Direct operating expenses declined 16.7% to US$947.6 million from US$1.14 billion in the comparable period the year before. Indirect operating expenses decreased 7.5% to US$366.7 million from US$396.6 million in the equivalent prior-year period. Prospects: Our evaluation of Dover Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while DOV has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that DOV will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.61 5.10 4.61 3.75 5.15 3.25 5.46 4.59 Cash Flow Per Share 7.36 6.91 6.51 5.27 5.28 5.54 6.02 5.70 Dividends Per Share 1.960 1.950 1.940 1.900 1.820 1.720 1.640 1.550 Dividend Payout % 42.52 38.24 42.08 50.67 35.34 52.92 30.04 33.77 Income Statement Total Revenue 3,155,114 1,655,939 7,136,397 6,992,118 7,830,436 6,794,342 6,956,311 7,752,728 EBITDA 492,317 274,140 1,097,641 986,181 1,301,834 994,469 1,095,383 1,373,465 Depn & Amortn 67,920 34,555 133,340 138,712 191,285 175,495 167,516 152,079 Income Before Taxes 370,329 213,500 843,009 725,378 973,843 689,332 800,610 1,094,207 Income Taxes 69,284 37,221 165,091 134,233 162,178 180,440 204,729 316,067 Net Income 301,045 176,279 677,918 570,267 811,665 508,892 869,829 775,235 Average Shares 144,995 145,782 146,992 152,133 157,744 156,636 159,172 168,842 Balance Sheet Current Assets 2,799,445 2,706,000 2,548,430 2,503,754 3,207,120 2,589,191 2,420,779 2,896,822 Total Assets 9,114,133 8,944,253 8,669,477 8,365,771 10,657,653 10,115,991 8,619,763 9,090,385 Current Liabilities 2,113,761 2,094,361 1,749,891 1,827,421 2,298,193 1,940,318 1,367,182 2,039,354 Long-Term Obligations 3,000,870 2,963,018 2,985,716 2,943,660 2,986,702 3,206,637 2,617,342 2,253,041 Total Liabilities 6,024,606 5,963,572 5,636,817 5,597,105 6,274,473 6,316,245 4,975,188 5,389,660 Stockholders' Equity 3,089,527 2,980,681 3,032,660 2,768,666 4,383,180 3,799,746 3,644,575 3,700,725 Shares Outstanding 143,970 143,947 144,302 144,916 154,823 155,428 155,003 163,011 Statistical Record Return on Assets % 7.55 8.50 7.96 6.00 7.81 5.42 9.82 7.78 Return on Equity % 22.34 25.73 23.37 15.95 19.84 13.63 23.68 17.08 EBITDA Margin % 15.60 16.55 15.38 14.10 16.63 14.64 15.75 17.72 Net Margin % 9.54 10.65 9.50 8.16 10.37 7.49 12.50 10.00 Asset Turnover 0.76 0.80 0.84 0.74 0.75 0.72 0.79 0.78 Current Ratio 1.32 1.29 1.46 1.37 1.40 1.33 1.77 1.42 Debt to Equity 0.97 0.99 0.98 1.06 0.68 0.84 0.72 0.61 Price Range 119.92-65.37 119.92-65.37 115.85-69.79 89.36-66.53 81.88-61.62 62.26-42.50 62.77-45.19 73.51-54.69 P/E Ratio 26.01-14.18 23.51-12.82 25.13-15.14 23.83-17.74 15.90-11.97 19.16-13.08 11.50-8.28 16.02-11.92 Average Yield % 1.95 1.93 2.01 2.36 2.64 3.16 3.01 2.35
Address: 3005 Highland Parkway, Downers Grove, IL 60515 Telephone: 630-541-1540 Web Site: www.dovercorporation.com
Officers: Michael F. Johnston - Chairman Richard Joseph Tobin - President, Chief Executive Officer Transfer Agents:ComputerShare Investor Services, Providence, RI
83
Investor Contact: 212-922-1640 No of Institutions: 1134 Shares: 160,022,912 % Held: 81.64
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84
DUKE ENERGY CORP Exchange NYS
Symbol DUK
Price $88.56 (9/30/2020)
52Wk Range 102.43-64.15
Yield 4.36
P/E 31.52
*12 Month Price Score 93.12 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.02 0.98 1.36 1.00 2018 0.88 0.71 1.51 0.65 2019 1.24 1.12 1.82 0.88 2020 1.24 (1.13) ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.945Q 10/25/2019 11/14/2019 11/15/2019 12/16/2019 0.945Q 01/03/2020 02/13/2020 02/14/2020 03/16/2020 0.945Q 05/07/2020 05/14/2020 05/15/2020 06/16/2020 0.965Q 07/06/2020 08/13/2020 08/14/2020 09/16/2020 Indicated Div: $3.86 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $5.08 (09/03/2020) Market Cap $65.1 Billion Book Value $45.5 Billion TRADING VOLUME (thousand shares) Price/Book 1.43 Price/Sales 2.67 Dividend Achiever Status 10 Year Growth Rate 2.88% Total Years of Dividend Growth 15 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 97.40 *NYSE Composite Index=100 150 140 130 120 110 100 90 80 70 60 50 40 4000 3000 2000 1000 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4931 NAIC: 221122) Duke Energy is a holding company. Through its subsidiaries, Co. operates as an energy company. Co.'s segments include: Electric Utilities and Infrastructure, which provides retail electric service through the generation, transmission, distribution and sale of electricity to customers within the Southeast and Midwest regions of the United States; Gas Utilities and Infrastructure, which conducts natural gas operations, as well as owns, operates and has investments in various pipeline transmission and natural gas storage facilities; and Commercial Renewables, which acquires, develops, builds, operates and owns wind and solar renewable generation throughout the continental United States. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$892.0 million versus net income of US$748.0 million in the year-earlier quarter. Revenues were US$5.42 billion, down 7.7% from US$5.87 billion the year before. Operating income was US$1.18 billion versus US$1.30 billion in the prior-year quarter, a decrease of 9.3%. Direct operating expenses declined 12.4% to US$2.76 billion from US$3.15 billion in the comparable period the year before. Indirect operating expenses increased 4.1% to US$1.48 billion from US$1.42 billion in the equivalent prior-year period. Prospects: Our evaluation of Duke Energy Corp. Holding Co as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and DUK has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that DUK will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.81 5.06 5.06 3.76 4.36 3.11 4.05 2.66 Cash Flow Per Share 11.58 11.61 11.26 10.15 9.48 9.81 9.62 9.32 Tang Book Value Per Share 32.95 34.91 34.87 33.72 31.92 30.87 33.99 34.73 Dividends Per Share 3.780 3.763 3.745 3.635 3.490 3.360 3.240 3.150 Dividend Payout % 134.52 74.36 74.01 96.68 80.05 108.04 80.00 118.42 Income Statement Total Revenue 11,370,000 5,949,000 25,079,000 24,521,000 23,565,000 22,743,000 23,459,000 23,925,000 EBITDA 5,499,000 2,835,000 11,284,000 9,760,000 10,166,000 9,524,000 9,256,000 9,076,000 Depn & Amortn 2,651,000 1,301,000 5,176,000 4,696,000 4,046,000 3,880,000 3,613,000 3,507,000 Income Before Taxes 1,743,000 983,000 3,935,000 2,990,000 4,147,000 3,749,000 4,068,000 4,004,000 Income Taxes (179,000) 137,000 519,000 448,000 1,196,000 1,156,000 1,326,000 1,669,000 Net Income 136,000 938,000 3,748,000 2,666,000 3,059,000 2,152,000 2,816,000 1,883,000 Average Shares 735,000 736,000 729,000 708,000 700,000 691,000 694,000 707,000 Balance Sheet Current Assets 9,237,000 10,181,000 9,163,000 9,714,000 8,453,000 8,039,000 8,322,000 11,575,000 Total Assets 160,049,000 160,072,000 158,838,000 145,392,000 137,914,000 132,761,000 121,156,000 120,709,000 Current Liabilities 16,690,000 15,170,000 14,752,000 15,041,000 12,482,000 11,551,000 11,400,000 11,233,000 Long-Term Obligations 56,143,000 56,311,000 54,985,000 51,123,000 49,035,000 45,576,000 37,495,000 37,213,000 Total Liabilities 114,565,000 113,151,000 112,016,000 101,575,000 96,175,000 91,728,000 81,429,000 79,834,000 Stockholders' Equity 45,484,000 46,921,000 46,822,000 43,817,000 41,739,000 41,033,000 39,727,000 40,875,000 Shares Outstanding 735,000 735,000 733,000 727,000 700,000 700,000 688,000 707,000 Statistical Record Return on Assets % 1.37 2.43 2.46 1.88 2.26 1.69 2.33 1.60 Return on Equity % 4.75 8.21 8.27 6.23 7.39 5.31 6.99 4.58 EBITDA Margin % 48.36 47.66 44.99 39.80 43.14 41.88 39.46 37.94 Net Margin % 1.20 15.77 14.94 10.87 12.98 9.46 12.00 7.87 Asset Turnover 0.16 0.16 0.16 0.17 0.17 0.18 0.19 0.20 Current Ratio 0.55 0.67 0.62 0.65 0.68 0.70 0.73 1.03 Debt to Equity 1.23 1.20 1.17 1.17 1.17 1.11 0.94 0.91 Price Range 102.43-64.15 102.43-64.15 97.17-83.66 90.90-72.12 91.09-76.50 87.23-71.04 89.36-65.83 86.83-67.13 P/E Ratio 36.45-22.83 20.24-12.68 19.20-16.53 24.18-19.18 20.89-17.55 28.05-22.84 22.06-16.25 32.64-25.24 Average Yield % 4.21 4.15 4.17 4.54 4.15 4.27 4.33 4.27 Address: 550 South Tryon Street, Officers: Lynn J. Good - Chairman, Vice-Chairman, Investor Contact: 704-382-4070 Charlotte, NC 28202-1803 President, Chief Executive Officer, Group Executive, No of Institutions: 2132 Telephone: 704-382-3853 Chief Financial Officer Steven K. Young - Executive Shares: 614,884,992 % Held: N/A Web Site: www.duke-energy.com Vice President, Chief Financial Officer, Senior Vice President, Controller, Chief Accounting Officer Transfer Agents:Duke Energy, Charlotte, NC
85
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EATON VANCE CORP Exchange NYS
Symbol EV
Price $38.15 (9/30/2020)
85 80 75 70 65 60 55 50 45 40 35 30 25 20 600 400 200 0
2011
2012
2013
52Wk Range 51.68-23.76
Yield 3.93
*12 Month Price Score 93.23 Interim Earnings (Per Share) Qtr. Jan Apr Jul 2016-17 0.53 0.62 0.58 2017-18 0.63 0.78 0.83 2018-19 0.75 0.89 0.90 2019-20 0.91 0.65 (0.01) Interim Dividends (Per Share) Amt Decl Ex Rec 0.375Q 10/10/2019 10/30/2019 10/31/2019 0.375Q 01/09/2020 01/30/2020 01/31/2020 0.375Q 04/15/2020 04/29/2020 04/30/2020 0.375Q 07/15/2020 07/30/2020 07/31/2020 Indicated Div: $1.50 Valuation Analysis Forecast EPS $3.35 (09/02/2020) Market Cap $4.4 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 3.43 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 87.54 *NYSE Composite Index=100
P/E 15.20 Oct 0.69 0.87 0.96 ...
Pay 11/15/2019 02/14/2020 05/15/2020 08/14/2020
$1.3 Billion 2.55
8.59% 38
Business Summary: Wealth Management (MIC: 5.5.2 SIC: 6282 NAIC: 523930) Eaton Vance is engaged in managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. Through its investment affiliates, Co. manages active equity, income, alternative and blended strategies across a range of investment styles and asset classes, including United States, global and international equities, floating-rate bank loans, municipal bonds, global income, high-yield and investment grade bonds, and mortgage-backed securities, as well as a range of systematic investment strategies, including systematic equity, systematic alternatives and managed options strategies. Recent Developments: For the quarter ended July 31 2020, net income decreased 75.7% to US$26.4 million from US$108.5 million in the year-earlier quarter. Revenues were US$420.8 million, down 2.4% from US$431.2 million the year before. Operating income was US$131.2 million versus US$137.1 million in the prior-year quarter, a decrease of 4.3%. Direct operating expenses declined 15.4% to US$32.2 million from US$38.1 million in the comparable period the year before. Indirect operating expenses increased 0.5% to US$257.4 million from US$256.0 million in the equivalent prior-year period. Prospects: Our evaluation of Eaton Vance Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while EV has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that EV will perform in line with the market over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share 2.51 3.42 3.66 3.50 3.11 2.42 2.12 1.92 Cash Flow Per Share 3.54 6.31 4.53 4.65 1.16 0.59 3.09 1.94 Tang Book Value Per Share 8.22 8.25 7.94 7.47 6.56 5.58 3.59 2.82 Dividends Per Share 1.500 1.475 1.450 1.425 1.280 1.150 1.075 1.015 Dividend Payout % 59.76 43.13 39.62 40.71 41.16 47.52 50.71 52.86 Income Statement Total Revenue 1,279,284 858,465 452,554 1,683,252 1,702,249 1,529,010 1,342,860 1,403,563 EBITDA 427,956 242,916 175,005 535,269 542,287 483,264 432,158 416,908 Depn & Amortn 15,649 9,941 8,633 17,600 15,000 9,100 10,900 11,400 Income Before Taxes 355,212 191,680 143,088 559,038 543,235 469,169 408,052 369,384 Income Taxes 91,494 54,595 32,578 135,252 156,703 173,666 153,630 143,214 Net Income 174,450 176,043 103,985 400,035 381,938 282,131 241,307 230,299 Average Shares 111,694 111,610 114,688 114,388 122,932 116,418 113,982 118,155 Balance Sheet Current Assets 1,161,844 1,176,882 803,132 844,236 1,054,030 811,008 610,346 816,015 Total Assets 4,182,397 3,846,714 4,048,437 4,253,629 3,599,328 2,330,901 1,732,576 2,116,471 Current Liabilities 606,467 559,125 535,688 385,883 376,977 320,079 269,937 277,047 Long-Term Obligations 1,791,939 1,709,504 1,838,938 2,237,608 1,492,686 631,441 573,967 970,850 Total Liabilities 2,907,110 2,569,609 2,803,413 3,069,510 2,491,897 1,319,505 1,028,787 1,496,240 Stockholders' Equity 1,275,287 1,277,105 1,245,024 1,184,119 1,107,431 1,011,396 703,789 620,231 Shares Outstanding 114,637 114,408 114,735 113,566 116,950 118,520 113,987 115,885 Statistical Record Return on Assets % 6.75 10.36 11.30 10.19 12.88 13.89 12.50 11.58 Return on Equity % 23.60 32.75 36.08 34.91 36.05 32.90 36.35 36.11 EBITDA Margin % 33.45 28.30 38.67 31.80 31.86 31.61 32.18 29.70 Net Margin % 13.64 20.51 22.98 23.77 22.44 18.45 17.97 16.41 Asset Turnover 0.41 0.46 0.47 0.43 0.57 0.75 0.70 0.71 Current Ratio 1.92 2.10 1.50 2.19 2.80 2.53 2.26 2.95 Debt to Equity 1.41 1.34 1.48 1.89 1.35 0.62 0.82 1.57 Price Range 51.68-23.76 51.68-23.76 48.68-37.18 46.74-32.65 60.87-42.23 51.90-34.60 40.18-27.18 44.00-33.06 P/E Ratio 20.59-9.47 15.11-6.95 13.30-10.16 13.35-9.33 19.57-13.58 21.45-14.30 18.95-12.82 22.92-17.22 Average Yield % 3.61 3.47 3.35 3.45 2.37 2.54 3.09 2.56 Address: Two International Place, Officers: Thomas E. Faust - Chairman, President, Investor Contact: 617-482-8260 No of Institutions: 555 Boston, MA 02110 Chief Executive Officer Daniel C. Cataldo - Vice Telephone: 617-482-8260 Shares: 108,349,400 % Held: 70.38 President, Chief Administrative Officer Transfer Agents:ComputerShare Investor Services, Providence, Web Site: www.eatonvance.com RI
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EDISON INTERNATIONAL Exchange NYS
Symbol EIX
Price $50.84 (9/30/2020)
52Wk Range 78.20-44.47
Yield 5.02
P/E 16.67
*12 Month Price Score 81.51 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.10 0.85 1.43 (1.66) 2018 0.67 0.84 1.57 (4.38) 2019 0.85 1.20 1.35 0.35 2020 0.50 0.85 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.637Q 12/12/2019 12/30/2019 12/31/2019 01/31/2020 0.637Q 02/27/2020 03/30/2020 03/31/2020 04/30/2020 0.637Q 06/24/2020 07/02/2020 07/06/2020 07/31/2020 0.637Q 08/27/2020 09/29/2020 09/30/2020 10/31/2020 Indicated Div: $2.55 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.45 (09/03/2020) Market Cap $19.2 Billion Book Value $14.3 Billion TRADING VOLUME (thousand shares) Price/Book 1.35 Price/Sales 1.54 Dividend Achiever Status 10 Year Growth Rate 7.11% Total Years of Dividend Growth 15 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 86.37 *NYSE Composite Index=100 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 1500 1000 500 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221111) Edison International is a holding company. Through its subsidiary, Southern California Edison Company (SCE), which is an investor-owned public utility, Co. is primarily engaged in the business of supplying and delivering electricity to southern California. Co. is also the parent company of Edison Energy Group, Inc., a holding company for Edison Energy, LLC, which is engaged in the business of providing energy services to commercial and industrial customers. SCE supplies electricity to its customers through transmission and distribution networks. Its transmission facilities include sub-transmission facilities and are located primarily in California but also in Nevada and Arizona. Recent Developments: For the quarter ended June 30 2020, net income decreased 17.5% to US$348.0 million from US$422.0 million in the year-earlier quarter. Revenues were US$2.99 billion, up 6.2% from US$2.81 billion the year before. Operating income was unchanged at US$500.0 million versus the prior-year quarter. Direct operating expenses rose 5.8% to US$1.83 billion from US$1.73 billion in the comparable period the year before. Indirect operating expenses increased 12.9% to US$657.0 million from US$582.0 million in the equivalent prior-year period. Prospects: Our evaluation of Edison International as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and EIX has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that EIX will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.05 3.40 3.77 (1.30) 1.72 3.97 3.10 4.89 Cash Flow Per Share (0.75) (0.56) (0.90) 9.75 11.00 9.96 13.83 9.96 Tang Book Value Per Share 37.69 36.73 36.75 32.10 35.82 36.82 34.89 33.64 Dividends Per Share 2.500 2.500 2.475 2.428 2.232 1.982 1.732 1.482 Dividend Payout % 81.97 73.53 65.65 ... 129.80 49.94 55.89 30.32 Income Statement Total Revenue 5,777,000 2,790,000 12,347,000 12,657,000 12,320,000 11,869,000 11,524,000 13,413,000 EBITDA 2,091,000 930,000 3,631,000 1,271,000 3,191,000 3,688,000 3,539,000 4,349,000 Depn & Amortn 1,172,000 585,000 1,700,000 1,650,000 1,610,000 1,520,000 1,420,000 1,815,000 Income Before Taxes 481,000 129,000 1,127,000 (1,089,000) 949,000 1,590,000 1,568,000 1,979,000 Income Taxes (80,000) (84,000) (278,000) (739,000) 281,000 177,000 486,000 443,000 Net Income 501,000 183,000 1,284,000 (423,000) 565,000 1,311,000 1,020,000 1,612,000 Average Shares 376,000 364,000 341,000 326,000 328,000 330,000 329,000 329,000 Balance Sheet Current Assets 4,796,000 4,911,000 3,560,000 3,359,000 3,729,000 2,123,000 2,654,000 4,019,000 Total Assets 67,051,000 66,026,000 64,382,000 56,715,000 52,580,000 51,319,000 50,310,000 50,186,000 Current Liabilities 5,899,000 6,248,000 5,523,000 5,395,000 7,068,000 5,912,000 4,927,000 5,479,000 Long-Term Obligations 19,238,000 19,125,000 17,864,000 14,632,000 11,642,000 10,175,000 10,964,000 10,234,000 Total Liabilities 52,798,000 52,675,000 51,079,000 46,256,000 40,909,000 39,323,000 38,942,000 39,226,000 Stockholders' Equity 14,253,000 13,351,000 13,303,000 10,459,000 11,671,000 11,996,000 11,368,000 10,960,000 Shares Outstanding 378,207 363,476 361,985 325,811 325,811 325,811 325,811 325,811 Statistical Record Return on Assets % 1.76 1.91 2.12 N.M. 1.09 2.57 2.03 3.33 Return on Equity % 8.93 9.96 10.81 N.M. 4.77 11.19 9.14 15.43 EBITDA Margin % 36.20 33.33 29.41 10.04 25.90 31.07 30.71 32.42 Net Margin % 8.67 6.56 10.40 N.M. 4.59 11.05 8.85 12.02 Asset Turnover 0.20 0.20 0.20 0.23 0.24 0.23 0.23 0.28 Current Ratio 0.81 0.79 0.64 0.62 0.53 0.36 0.54 0.73 Debt to Equity 1.35 1.43 1.34 1.40 1.00 0.85 0.96 0.93 Price Range 78.20-44.47 78.20-44.47 76.36-53.51 70.54-47.19 82.64-63.24 78.55-58.28 69.05-55.58 68.27-45.07 P/E Ratio 25.64-14.58 23.00-13.08 20.25-14.19 ... 48.05-36.77 19.79-14.68 22.27-17.93 13.96-9.22 Average Yield % 3.71 3.65 3.74 3.84 2.87 2.81 2.82 2.63
Address: 2244 Walnut Grove Avenue, P.O. Box 976, Rosemead, CA 91770 Telephone: 626-302-2222 Web Site: www.edisoninvestor.com
Officers: William P. Sullivan - Chairman Pedro J. No of Institutions: 941 Pizarro - President, Chief Executive Officer Transfer Shares: 385,000,960 % Held: 91.92 Agents:Wells Fargo Shareowner Services, St. Paul, MN
90
EMERSON ELECTRIC CO. Exchange NYS
Symbol EMR
Price $65.57 (9/30/2020)
52Wk Range 77.87-38.08
Yield 3.05
P/E 20.49
*7 Year Price Score 94.59 *NYSE Composite Index=100 *12 Month Price Score 100.47 Interim Earnings (Per Share) Qtr. Dec Mar Jun Sep 160 2016-17 0.48 0.45 0.64 0.78 150 2017-18 0.61 0.76 1.12 0.97 140 2018-19 0.74 0.84 0.97 1.16 130 2019-20 0.53 0.84 0.67 ... 120 Interim Dividends (Per Share) 110 Amt Decl Ex Rec Pay 100 0.50Q 11/05/2019 11/14/2019 11/15/2019 12/10/2019 90 0.50Q 02/04/2020 02/13/2020 02/14/2020 03/10/2020 80 0.50Q 05/05/2020 05/14/2020 05/15/2020 06/10/2020 70 0.50Q 08/04/2020 08/13/2020 08/14/2020 09/10/2020 60 Indicated Div: $2.00 (Div. Reinv. Plan) 50 Valuation Analysis 40 Forecast EPS $3.30 (09/03/2020) 30 Market Cap $39.2 Billion Book Value $7.8 Billion TRADING VOLUME (thousand shares) 3000 Price/Book 5.00 Price/Sales 2.28 2000 Dividend Achiever Status 1000 10 Year Growth Rate 4.05% 0 Total Years of Dividend Growth 63 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Electrical Equipment (MIC: 7.3.1 SIC: 3679 NAIC: 334419) Emerson Electric is a company that brings technology and engineering together to provide solutions for customers in a range of industrial, commercial and consumer markets around the world. Co. 's segments are: Automation Solutions, which provides measurement and analytical instrumentation, valves, actuators and regulators, industrial solutions, and process control systems and solutions; Climate Technologies, which provides products and services for residential heating and cooling, commercial air conditioning, commercial and industrial refrigeration, and cold chain management; and Tools and Home Products, which provides tools for personnel and homeowners and appliance solutions. Recent Developments: For the quarter ended June 30 2020, net income decreased 33.5% to US$407.0 million from US$612.0 million in the year-earlier quarter. Revenues were US$3.91 billion, down 16.4% from US$4.68 billion the year before. Direct operating expenses declined 14.4% to US$2.30 billion from US$2.68 billion in the comparable period the year before. Indirect operating expenses decreased 17.1% to US$934.0 million from US$1.13 billion in the equivalent prior-year period. Prospects: Our evaluation of Emerson Electric Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and EMR has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that EMR will perform well over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share 3.20 3.50 3.50 3.71 3.46 2.35 2.52 3.99 Cash Flow Per Share 5.12 5.21 5.09 4.88 4.58 2.98 4.46 3.76 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. 2.36 4.29 N.M. Dividends Per Share 1.990 1.980 1.970 1.960 1.940 1.920 1.900 1.880 Dividend Payout % 62.19 56.57 56.29 52.83 56.07 81.70 75.40 47.12 Income Statement Total Revenue 12,227,000 8,313,000 4,151,000 18,372,000 17,408,000 15,264,000 14,522,000 22,304,000 EBITDA 2,139,000 1,487,000 610,000 3,734,000 3,481,000 3,050,000 2,979,000 5,053,000 Depn & Amortn 453,000 304,000 152,000 701,000 655,000 550,000 475,000 721,000 Income Before Taxes 1,570,000 1,112,000 423,000 2,859,000 2,667,000 2,335,000 2,316,000 4,161,000 Income Taxes 310,000 259,000 94,000 531,000 443,000 660,000 697,000 1,428,000 Net Income 1,242,000 843,000 326,000 2,306,000 2,203,000 1,518,000 1,635,000 2,710,000 Average Shares 600,000 611,000 614,100 620,600 635,300 643,400 646,800 676,500 Balance Sheet Current Assets 7,879,000 8,032,000 7,196,000 7,139,000 6,619,000 8,252,000 9,960,000 10,049,000 Total Assets 21,730,000 21,711,000 21,101,000 20,497,000 20,390,000 19,589,000 21,743,000 22,088,000 Current Liabilities 5,985,000 7,940,000 6,340,000 5,976,000 6,164,000 5,045,000 8,008,000 7,800,000 Long-Term Obligations 5,500,000 3,960,000 4,018,000 4,277,000 3,137,000 3,794,000 4,062,000 4,289,000 Total Liabilities 13,335,000 14,194,000 12,680,000 12,264,000 11,443,000 10,871,000 14,175,000 14,007,000 Stockholders' Equity 7,831,000 7,517,000 8,421,000 8,233,000 8,947,000 8,718,000 7,568,000 8,081,000 Shares Outstanding 597,600 597,500 611,000 611,000 629,200 641,691 642,796 654,608 Statistical Record Return on Assets % 9.10 10.12 10.44 11.28 11.02 7.35 7.44 11.72 Return on Equity % 23.62 26.98 26.02 26.85 24.94 18.64 20.84 29.78 EBITDA Margin % 17.49 17.89 14.70 20.32 20.00 19.98 20.51 22.66 Net Margin % 10.16 10.14 7.85 12.55 12.66 9.94 11.26 12.15 Asset Turnover 0.80 0.84 0.88 0.90 0.87 0.74 0.66 0.96 Current Ratio 1.32 1.01 1.14 1.19 1.07 1.64 1.24 1.29 Debt to Equity 0.70 0.53 0.48 0.52 0.35 0.44 0.54 0.53 Price Range 77.87-38.08 77.87-38.08 76.97-56.41 78.52-55.49 78.41-59.02 64.15-49.41 56.34-42.29 65.77-43.04 P/E Ratio 24.33-11.90 22.25-10.88 21.99-16.12 21.16-14.96 22.66-17.06 27.30-21.03 22.36-16.78 16.48-10.79 Average Yield % 3.09 2.96 2.94 2.98 2.77 3.30 3.75 3.29
Address: 8000 W. Florissant Avenue, P.O. Box 4100, St. Louis, MO 63136 Telephone: 314-553-2000 Web Site: www.emerson.com
Officers: David N. Farr - Chairman, President, Chief Investor Contact: 314-553-2197 Executive Officer Michael H. (Mike) Train - President, No of Institutions: 2117 Shares: 579,595,776 % Held: 72.71 Division Officer Transfer Agents: Computershare, Inc., Providence, RI
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ENTERPRISE PRODUCTS PARTNERS L.P. Exchange NYS
Symbol EPD
Price $15.79 (9/30/2020)
52Wk Range 29.02-12.27
Yield 11.27
P/E 7.74
*12 Month Price Score 78.68 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.36 0.30 0.28 0.36 2018 0.41 0.31 0.60 0.59 2019 0.57 0.55 0.46 0.50 2020 0.61 0.47 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.443Q 10/09/2019 10/30/2019 10/31/2019 11/12/2019 0.445Q 01/13/2020 01/30/2020 01/31/2020 02/12/2020 0.445Q 03/18/2020 04/29/2020 04/30/2020 05/12/2020 0.445Q 07/07/2020 07/30/2020 07/31/2020 08/12/2020 Indicated Div: $1.78 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.06 (09/03/2020) Market Cap $34.5 Billion Book Value N/A TRADING VOLUME (thousand shares) Price/Book N/A Price/Sales 1.18 Dividend Achiever Status 10 Year Growth Rate 4.95% Total Years of Dividend Growth 21 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 68.31 *NYSE Composite Index=100 2-for-1
60 55 50 45 40 35 30 25 20 15 10 6000 4000 2000 0
2011
2012
2013
Business Summary: Equipment & Services (MIC: 9.1.3 SIC: 4922 NAIC: 486210) Enterprise Products Partners is a provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals and refined products. Co.'s midstream energy operations include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and export and import terminals; crude oil gathering, transportation, storage, and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals, and related services; and a marine transportation business that operates primarily on the U.S. inland and Intracoastal Waterway systems. Recent Developments: For the quarter ended June 30 2020, net income decreased 14.2% to US$1.06 billion from US$1.24 billion in the year-earlier quarter. Revenues were US$5.75 billion, down 30.5% from US$8.28 billion the year before. Operating income was US$1.44 billion versus US$1.56 billion in the prior-year quarter, a decrease of 7.9%. Direct operating expenses declined 35.7% to US$4.37 billion from US$6.80 billion in the comparable period the year before. Indirect operating income amounted to US$56.3 million compared with an income of US$84.9 million in the equivalent prior-year period. Prospects: Our evaluation of Enterprise Products Partners L.P. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and EPD has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that EPD will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.04 2.12 2.09 1.91 1.30 1.20 1.26 1.47 Cash Flow Per Share 2.99 3.37 2.98 2.81 2.18 1.95 2.04 2.25 Dividends Per Share 1.773 1.765 1.755 1.715 1.668 1.590 1.510 1.430 Dividend Payout % 86.89 83.25 83.97 89.79 128.27 132.50 119.84 97.28 Income Statement Total Revenue 13,233,500 7,482,500 32,789,200 36,534,200 29,241,500 23,022,300 27,027,900 47,951,200 EBITDA 3,520,700 1,777,500 6,963,700 6,351,700 4,736,000 4,412,700 4,305,700 4,630,900 Depn & Amortn 830,900 412,200 1,562,600 1,436,200 1,296,100 1,215,700 1,161,600 1,114,100 Income Before Taxes 2,062,200 1,055,000 4,169,700 3,818,800 2,455,300 2,214,400 2,182,300 2,597,100 Income Taxes (119,500) (179,200) 45,600 60,300 25,700 23,400 (2,500) 23,100 Net Income 2,384,800 1,350,100 4,591,300 4,172,400 2,799,300 2,513,100 2,521,200 2,787,400 Average Shares 2,201,900 2,204,000 2,201,700 2,187,000 2,154,300 2,089,100 1,998,600 1,895,200 Balance Sheet Current Assets 7,116,300 7,719,100 7,862,900 6,060,700 6,506,400 6,528,200 4,313,000 5,490,700 Total Assets 61,944,500 62,265,300 61,733,200 56,969,800 54,418,100 52,194,000 48,952,000 47,100,700 Current Liabilities 7,482,400 6,915,400 9,129,700 7,167,500 9,295,100 8,250,500 7,166,600 7,873,700 Long-Term Obligations 27,285,200 27,855,900 25,643,200 24,678,100 21,713,700 21,120,900 20,826,700 19,157,400 Total Liabilities 37,067,800 37,214,900 36,969,200 33,116,300 31,870,900 30,147,000 28,656,900 29,037,500 Shares Outstanding 2,185,897 2,185,800 2,189,226 2,184,869 2,161,090 2,117,588 2,012,553 1,937,324 Statistical Record Return on Assets % 7.46 7.76 7.74 7.49 5.25 4.96 5.25 6.39 EBITDA Margin % 26.60 23.76 21.24 17.39 16.20 19.17 15.93 9.66 Net Margin % 18.02 18.04 14.00 11.42 9.57 10.92 9.33 5.81 Asset Turnover 0.48 0.53 0.55 0.66 0.55 0.45 0.56 1.10 Current Ratio 0.95 1.12 0.86 0.85 0.70 0.79 0.60 0.70 Price Range 30.68-12.27 30.68-12.27 30.68-24.59 29.91-23.51 29.86-23.89 29.93-19.79 36.83-21.86 41.11-31.84 P/E Ratio 15.04-6.01 14.47-5.79 14.68-11.77 15.66-12.31 22.97-18.38 24.94-16.49 29.23-17.35 27.97-21.66 Average Yield % 7.27 6.52 6.22 6.26 6.25 6.12 5.04 3.91
Address: 1100 Louisiana Street, 10th Floor, Houston, TX 77002 Telephone: 713-381-6500 Web Site: www.enterpriseproducts.com
Officers: Randa Duncan Williams - Chairman Richard Investor Contact: 866-230-0745 No of Institutions: 1422 H. Bachmann - Vice-Chairman Transfer Agents: Wells Fargo Shareowner Services, South St. Paul, MN Shares: 914,824,768 % Held: 37.80
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95
ESSENTIAL UTILITIES INC Exchange NYS
Symbol WTRG
Price $40.25 (9/30/2020)
52Wk Range 54.07-32.65
Yield 2.49
P/E 35.00
*12 Month Price Score 94.50 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.28 0.34 0.43 0.30 2018 0.29 0.37 0.44 (0.02) 2019 0.09 0.25 0.38 0.28 2020 0.20 0.29 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.234Q 10/31/2019 11/14/2019 11/15/2019 12/01/2019 0.234Q 01/31/2020 02/13/2020 02/14/2020 03/01/2020 0.234Q 04/02/2020 05/14/2020 05/15/2020 06/01/2020 0.251Q 08/04/2020 08/13/2020 08/14/2020 09/01/2020 Indicated Div: $1.00 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.55 (09/03/2020) Market Cap $9.9 Billion Book Value $4.6 Billion TRADING VOLUME (thousand shares) Price/Book 2.13 Price/Sales 8.89 Dividend Achiever Status 10 Year Growth Rate 7.50% Total Years of Dividend Growth 28 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 119.85 *NYSE Composite Index=100 56 52 48 44
5-for-4
40 36 32 28 24 20 16 12 750 500 250 0
2011
2012
2013
Business Summary: Water Utilities (MIC: 3.2.1 SIC: 4941 NAIC: 221310) Essential Utilities is the holding company for regulated utilities providing water or wastewater services in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, and Virginia. Co.'s operating subsidiary, Aqua Pennsylvania, Inc., provides water or wastewater services and its service territory is located in the suburban areas in counties north and west of the City of Philadelphia and in other counties in Pennsylvania. Co.'s other regulated utility subsidiaries provide similar services in other states. In addition, Co.'s market-based activities are conducted through Aqua Infrastructure, LLC and Aqua Resources Inc. Recent Developments: For the quarter ended June 30 2020, net income increased 35.9% to US$74.6 million from US$54.9 million in the year-earlier quarter. Revenues were US$384.5 million, up 75.6% from US$218.9 million the year before. Operating income was US$123.1 million versus US$80.9 million in the prior-year quarter, an increase of 52.1%. Direct operating expenses rose 99.0% to US$172.0 million from US$86.4 million in the comparable period the year before. Indirect operating expenses increased 73.5% to US$89.3 million from US$51.5 million in the equivalent prior-year period. Prospects: Our evaluation of Essential Utilities Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while WTRG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that WTRG will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.15 1.11 1.04 1.08 1.35 1.32 1.14 1.31 Cash Flow Per Share 1.95 1.50 1.57 2.07 2.15 2.23 2.10 2.06 Tang Book Value Per Share 9.35 9.23 17.29 10.99 10.78 10.19 9.58 9.19 Dividends Per Share 0.937 0.922 0.907 0.847 0.792 0.739 0.686 0.634 Dividend Payout % 81.50 83.05 87.17 78.46 58.67 55.95 60.18 48.40 Income Statement Total Revenue 640,053 255,585 889,692 838,091 809,525 819,875 814,204 779,903 EBITDA 314,453 120,437 467,472 421,172 480,964 465,765 453,755 442,543 Depn & Amortn 113,491 45,566 158,179 146,032 136,302 130,987 125,290 123,054 Income Before Taxes 119,405 44,784 209,316 176,238 256,321 254,184 251,929 243,092 Income Taxes (6,662) (7,124) (13,017) (13,669) 16,914 20,978 14,962 25,219 Net Income 126,410 51,781 224,543 191,988 239,738 234,182 201,790 233,239 Average Shares 254,434 255,054 215,931 178,399 178,175 177,846 177,517 177,763 Balance Sheet Current Assets 312,454 368,008 2,012,738 147,172 131,246 128,650 128,370 152,522 Total Assets 13,028,408 12,928,986 9,361,985 6,964,496 6,332,463 6,158,991 5,741,038 5,406,752 Current Liabilities 448,179 827,374 318,849 398,977 284,488 301,536 193,199 225,335 Long-Term Obligations 5,174,601 4,729,034 2,943,327 2,398,464 2,007,753 1,737,605 1,743,612 1,560,655 Total Liabilities 8,392,874 8,315,823 5,481,125 4,955,132 4,374,842 4,308,923 4,015,108 3,751,409 Stockholders' Equity 4,635,534 4,613,163 3,880,860 2,009,364 1,957,621 1,850,068 1,725,930 1,655,343 Shares Outstanding 245,150 245,040 220,758 178,091 177,713 177,394 176,544 176,753 Statistical Record Return on Assets % 2.51 2.59 2.75 2.89 3.84 3.93 3.62 4.46 Return on Equity % 6.60 7.85 7.62 9.68 12.59 13.06 11.94 14.62 EBITDA Margin % 49.13 47.12 52.54 50.25 59.41 56.81 55.73 56.74 Net Margin % 19.75 20.26 25.24 22.91 29.61 28.56 24.78 29.91 Asset Turnover 0.10 0.09 0.11 0.13 0.13 0.14 0.15 0.15 Current Ratio 0.70 0.44 6.31 0.37 0.46 0.43 0.66 0.68 Debt to Equity 1.12 1.03 0.76 1.19 1.03 0.94 1.01 0.94 Price Range 54.07-32.65 54.07-32.65 47.08-32.83 38.65-32.37 39.33-29.54 35.66-28.67 30.51-24.49 28.05-22.59 P/E Ratio 47.02-28.39 48.71-29.41 45.27-31.57 35.79-29.97 29.13-21.88 27.02-21.72 26.76-21.48 21.41-17.24 Average Yield % 2.11 2.12 2.23 2.41 2.37 2.35 2.56 2.55 Address: 762 W. Lancaster Avenue, Officers: Christopher H. Franklin - Chairman, Chief Investor Contact: 610-527-8000 Bryn Mawr, PA 19010-3489 Executive Officer, President, Executive Vice President, No of Institutions: 814 Telephone: 610-527-8000 Shares: 192,098,560 % Held: N/A Senior Vice President, Executive Vice President, Web Site: www.aquaamerica.com Region Officer, Senior Vice President, Division Officer, Chief Executive Officer, Division Officer, Region Officer Richard Scott (Rick) Fox - Executive Vice President, Chief Operating Officer Transfer Agents:Computershare Trust Company, N.A., Providence, RI
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97
EVERCORE INC Exchange NYS
Symbol EVR
Price $65.46 (9/30/2020)
120 110 100 90 80 70 60 50 40 30 20 200 150 100 50 0
2011
2012
2013
52Wk Range 82.26-35.75
Yield 3.54
*12 Month Price Score 93.70 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 1.76 0.41 1.04 2018 2.10 1.52 1.08 2019 1.52 1.88 1.01 2020 0.74 1.35 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.58Q 10/22/2019 11/27/2019 11/29/2019 0.58Q 01/28/2020 02/27/2020 02/28/2020 0.58Q 04/21/2020 05/28/2020 05/29/2020 0.58Q 07/21/2020 08/27/2020 08/28/2020 Indicated Div: $2.32 Valuation Analysis Forecast EPS $4.03 (09/03/2020) Market Cap $2.7 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 2.95 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 85.91 *NYSE Composite Index=100
P/E 11.77 Dec (0.43) 3.63 2.46 ...
Pay 12/13/2019 03/13/2020 06/12/2020 09/11/2020
$900.5 Million 1.33
15.95% 11
Business Summary: Finance Intermediaries & Services (MIC: 5.5.1 SIC: 6282 NAIC: 523930) Evercore is a holding company. Through its subsidiaries, Co. is an investment banking advisory firm. Co.'s segments include: Investment Banking, which includes the advisory business through which it provides advice to clients on mergers, acquisitions, divestitures, shareholder activism and other corporate transactions, and the Evercore International Strategy and Investment business through which it provides macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors; and Investment Management, which includes the wealth management business through which it provides investment advisory, wealth management and fiduciary services. Recent Developments: For the quarter ended June 30 2020, net income decreased 30.9% to US$67.2 million from US$97.3 million in the year-earlier quarter. Revenues were US$507.1 million, down 4.5% from US$531.0 million the year before. Operating income was US$86.7 million versus US$126.8 million in the prior-year quarter, a decrease of 31.6%. Indirect operating expenses increased 4.0% to US$420.3 million from US$404.2 million in the equivalent prior-year period. Prospects: Our evaluation of Evercore Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while EVR has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that EVR will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 5.56 6.09 6.89 8.33 2.80 2.43 0.98 2.08 Cash Flow Per Share 18.67 18.58 12.62 20.93 13.03 10.58 9.60 6.03 Tang Book Value Per Share 19.10 17.06 18.80 15.51 9.98 8.60 7.50 7.27 Dividends Per Share 2.320 2.320 2.240 1.900 1.420 1.270 1.150 1.030 Dividend Payout % 41.73 38.10 32.51 22.81 50.71 52.26 117.35 49.52 Income Statement Total Revenue 934,082 427,007 2,008,698 2,064,705 1,704,349 1,440,052 1,223,273 915,858 EBITDA 152,021 57,829 460,657 559,932 443,837 274,334 139,139 179,203 Depn & Amortn 15,989 8,526 22,946 17,855 15,026 13,160 10,469 8,256 Income Before Taxes 136,032 49,303 437,711 542,077 428,811 261,174 128,670 170,947 Income Taxes 35,365 13,551 95,046 108,520 258,442 119,303 77,030 68,756 Net Income 87,587 31,175 297,436 377,240 125,454 107,528 42,863 86,874 Average Shares 41,894 42,317 43,194 45,279 44,826 44,193 43,699 41,843 Balance Sheet Current Assets 1,515,807 1,225,557 1,690,422 1,481,617 1,000,205 925,633 749,464 682,956 Total Assets 2,499,589 2,221,552 2,598,613 2,125,667 1,584,886 1,662,346 1,479,171 1,446,556 Current Liabilities 564,715 389,969 668,653 749,691 464,052 463,421 408,049 385,080 Long-Term Obligations 335,208 335,173 375,062 168,612 175,146 184,647 141,800 127,776 Total Liabilities 1,599,061 1,404,981 1,728,897 1,367,547 1,040,922 1,135,048 974,619 895,275 Stockholders' Equity 900,528 816,571 869,716 758,120 543,964 527,298 504,552 551,281 Shares Outstanding 40,584 40,535 39,176 39,748 39,102 39,190 39,623 36,255 Statistical Record Return on Assets % 10.63 12.86 12.59 20.33 7.73 6.83 2.93 6.61 Return on Equity % 28.81 33.00 36.54 57.94 23.42 20.78 8.12 16.49 EBITDA Margin % 16.27 13.54 22.93 27.12 26.04 19.05 11.37 19.57 Net Margin % 9.38 7.30 14.81 18.27 7.36 7.47 3.50 9.49 Asset Turnover 0.90 0.99 0.85 1.11 1.05 0.91 0.84 0.70 Current Ratio 2.68 3.14 2.53 1.98 2.16 2.00 1.84 1.77 Debt to Equity 0.37 0.41 0.43 0.22 0.32 0.35 0.28 0.23 Price Range 90.91-35.75 98.02-35.75 98.02-71.56 114.95-64.90 92.20-67.80 71.55-40.61 59.15-46.88 63.14-45.29 P/E Ratio 16.35-6.43 16.10-5.87 14.23-10.39 13.80-7.79 32.93-24.21 29.44-16.71 60.36-47.84 30.36-21.77 Average Yield % 3.30 2.94 2.67 1.96 1.84 2.43 2.18 1.93 Address: 55 East 52nd Street, New Officers: John S. Weinberg - Co-Chairman, Executive Investor Contact: 212-857-3100 No of Institutions: 451 York, NY 10055 Chairman, Co-Chief Executive Officer, Chairman Shares: 44,519,072 % Held: N/A Telephone: 212-857-3100 Roger C. Altman - Senior Chairman, Co-Chairman, Transfer Agents: Web Site: www.evercore.com Co-Chief Executive Officer Computershare, College Station, TX
98
EVERGY INC Exchange NYS
Symbol EVRG
Price $50.82 (9/30/2020)
75 70 65 60 55 50 45 40 35 30 25 20 1500 1000 500 0
2011
2012
2013
52Wk Range 73.91-44.92
Yield 3.97
*12 Month Price Score 85.62 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2018 0.42 0.56 1.32 2019 0.39 0.57 1.56 2020 0.31 0.59 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.505Q 11/06/2019 11/26/2019 11/27/2019 0.505Q 03/02/2020 03/06/2020 03/09/2020 0.505Q 05/06/2020 05/19/2020 05/20/2020 0.505Q 08/05/2020 08/19/2020 08/20/2020 Indicated Div: $2.02 Valuation Analysis Forecast EPS $3.00 (09/02/2020) Market Cap $11.5 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.35 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 110.51 *NYSE Composite Index=100
P/E 18.41 Dec (0.11) 0.30 ...
Pay 12/20/2019 03/20/2020 06/19/2020 09/21/2020
$8.5 Billion 2.30
4.87% 16
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221122) Evergy is a public utility holding company. Through its subsidiary, Westar Energy, Inc., Co. is a regulated electric utility that provides electricity to customers in the state of Kansas. Co.'s Kansas City Power & Light Company (KCP&L) subsidiary, is a regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L's subsidiary, Greater Missouri Operations Company, is a regulated electric utility that provides electricity to customers in the state of Missouri. Co., through its subsidiary, GPE Transmission Holding Company, LLC, partially owns Transource Energy, LLC, which is focused on the development of electric transmission projects. Recent Developments: For the quarter ended June 30 2020, net income decreased 5.7% to US$136.3 million from US$144.6 million in the year-earlier quarter. Revenues were US$1.18 billion, down 3.0% from US$1.22 billion the year before. Operating income was unchanged at US$271.7 million versus the prior-year quarter. Direct operating expenses declined 6.6% to US$600.5 million from US$643.0 million in the comparable period the year before. Indirect operating expenses increased 1.8% to US$312.5 million from US$307.0 million in the equivalent prior-year period. Prospects: Our evaluation of Evergy Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while EVRG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that EVRG will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 Earnings Per Share 2.76 2.74 2.79 2.50 2.27 2.43 Cash Flow Per Share 7.21 7.52 7.30 7.00 6.40 5.64 Tang Book Value Per Share 27.38 27.31 27.51 30.12 27.50 ... Dividends Per Share 1.990 1.960 1.930 0.935 1.600 1.520 Dividend Payout % 72.10 71.53 69.18 37.40 70.48 62.55 Income Statement Total Revenue 2,301,400 1,116,700 5,147,800 4,275,900 2,571,000 2,562,100 EBITDA 494,100 203,500 1,933,100 1,447,100 1,002,000 1,017,600 Depn & Amortn 50,300 27,200 786,300 567,900 350,000 316,700 Income Before Taxes 248,100 80,100 772,800 599,600 481,000 539,200 Income Taxes 43,800 10,100 97,000 59,000 151,200 184,500 Net Income 202,800 69,400 669,900 535,800 323,900 346,600 Average Shares 227,600 227,500 239,900 214,100 142,600 142,500 Balance Sheet Current Assets 1,790,400 1,732,800 1,467,700 1,681,000 727,000 ... Total Assets 26,250,400 26,184,700 25,975,900 25,598,100 11,624,400 ... Current Liabilities 2,086,100 2,397,700 2,335,900 2,867,200 823,700 ... Long-Term Obligations 9,281,200 8,993,500 8,765,500 6,687,400 3,769,000 ... Total Liabilities 17,702,600 17,655,500 17,404,000 15,569,900 7,716,300 ... Stockholders' Equity 8,547,800 8,529,200 8,571,900 10,028,200 3,908,100 ... Shares Outstanding 226,825 226,738 226,641 255,326 142,094 141,791 Statistical Record Return on Assets % 2.44 2.45 2.60 2.88 2.80 ... Return on Equity % 7.27 7.13 7.20 7.69 8.40 ... EBITDA Margin % 21.47 18.22 37.55 33.84 38.97 39.72 Net Margin % 8.81 6.21 13.01 12.53 12.60 13.53 Asset Turnover 0.19 0.19 0.20 0.23 0.22 ... Current Ratio 0.86 0.72 0.63 0.59 0.88 ... Debt to Equity 1.09 1.05 1.02 0.67 0.96 ... Price Range 73.91-44.92 73.91-44.92 67.31-54.84 60.77-48.66 57.21-49.41 57.38-40.38 P/E Ratio 26.78-16.28 26.97-16.39 24.13-19.66 24.31-19.46 25.20-21.77 23.61-16.62 Average Yield % 3.16 3.12 3.18 1.71 3.02 2.90 Officers: Terry Bassham - President, Chief Executive No of Institutions: N/A Address: 1200 Main Street, Kansas Shares: N/A % Held: N/A Officer Kevin E. Bryant - Executive Vice President, City, MO 64105 Telephone: 816-556-2200 Chief Operating Officer Transfer Agents: Web Site: www.evergyinc.com Computershare Trust Company, N.A.
99
EVERSOURCE ENERGY Exchange NYS
Symbol ES
Price $83.55 (9/30/2020)
52Wk Range 98.54-62.23
Yield 2.72
P/E 23.87
*12 Month Price Score 97.96 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.82 0.72 0.82 0.75 2018 0.85 0.76 0.91 0.73 2019 0.97 0.10 0.98 0.76 2020 1.01 0.75 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.535Q 12/10/2019 12/19/2019 12/20/2019 12/31/2019 0.568Q 02/05/2020 03/03/2020 03/04/2020 03/31/2020 0.568Q 05/06/2020 05/19/2020 05/20/2020 06/30/2020 0.568Q 09/02/2020 09/16/2020 09/17/2020 09/30/2020 Indicated Div: $2.27 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $3.64 (09/02/2020) Market Cap $28.6 Billion Book Value $13.8 Billion TRADING VOLUME (thousand shares) Price/Book 2.07 Price/Sales 3.35 Dividend Achiever Status 10 Year Growth Rate 8.46% Total Years of Dividend Growth 20 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 125.09 *NYSE Composite Index=100 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 750 500 250 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221122) Eversource Energy is a public utility holding company. Through its subsidiaries, Co. has four segments: electric distribution, which is engaged in the distribution of electricity to retail customers in Connecticut, Massachusetts and New Hampshire; electric transmission, which owns and maintains transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout New England; natural gas distribution, which distributes natural gas to communities in Massachusetts and cities and towns in Connecticut; and water distribution, which provides water services in towns and cities in Connecticut, Massachusetts and New Hampshire. Recent Developments: For the quarter ended June 30 2020, net income increased 662.3% to US$254.1 million from US$33.3 million in the year-earlier quarter. Revenues were US$1.95 billion, up 3.6% from US$1.88 billion the year before. Operating income was US$433.7 million versus US$151.0 million in the prior-year quarter, an increase of 187.2%. Direct operating expenses rose 1.4% to US$962.2 million from US$948.9 million in the comparable period the year before. Indirect operating expenses decreased 29.0% to US$557.3 million from US$784.6 million in the equivalent prior-year period. Prospects: Our evaluation of Eversource Energy as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and ES has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that ES will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.50 2.85 2.81 3.25 3.11 2.96 2.76 2.58 Cash Flow Per Share 6.19 6.05 6.25 5.62 6.32 6.83 4.49 5.17 Tang Book Value Per Share 27.37 26.11 24.87 22.28 21.01 22.70 21.54 20.37 Dividends Per Share 2.205 2.172 2.140 2.020 1.900 1.780 1.670 1.570 Dividend Payout % 63.00 76.23 76.16 62.15 61.09 60.14 60.51 60.85 Income Statement Total Revenue 4,326,854 2,373,726 8,526,470 8,448,201 7,751,952 7,639,129 7,954,827 7,741,856 EBITDA 1,544,021 833,911 2,608,546 2,648,226 2,769,964 2,621,245 2,464,247 2,272,125 Depn & Amortn 549,899 285,987 885,278 819,930 773,802 715,466 665,856 614,657 Income Before Taxes 726,922 413,909 1,190,071 1,329,491 1,574,407 1,504,818 1,425,971 1,295,362 Income Taxes 167,379 91,876 273,499 288,972 578,892 554,997 539,967 468,297 Net Income 586,984 334,753 909,053 1,033,000 987,996 942,302 878,485 819,546 Average Shares 338,561 332,937 322,941 317,993 318,031 318,454 318,432 317,417 Balance Sheet Current Assets 2,405,413 2,562,670 2,414,539 2,292,224 2,487,099 2,477,672 2,618,786 2,692,465 Total Assets 42,038,718 41,648,986 41,123,915 38,241,256 36,220,386 32,053,173 30,580,309 29,777,975 Current Liabilities 3,326,058 3,395,628 3,605,563 4,112,882 3,589,045 3,638,605 2,989,790 3,134,381 Long-Term Obligations 13,697,762 13,898,581 14,310,922 12,832,031 23,551,689 17,658,754 17,611,074 17,212,017 Total Liabilities 28,233,460 28,439,030 28,493,893 26,754,396 36,909,944 30,170,839 29,033,594 28,407,160 Stockholders' Equity 13,805,258 13,209,956 12,629,994 11,486,817 11,086,242 10,711,734 10,352,215 9,976,815 Shares Outstanding 342,627 336,411 329,880 316,885 316,885 316,885 317,191 316,983 Statistical Record Return on Assets % 2.85 2.32 2.29 2.77 2.89 3.00 2.91 2.85 Return on Equity % 8.97 7.53 7.54 9.15 9.07 8.92 8.64 8.37 EBITDA Margin % 35.68 35.13 30.59 31.35 35.73 34.31 30.98 29.35 Net Margin % 13.57 14.10 10.66 12.23 12.75 12.34 11.04 10.59 Asset Turnover 0.21 0.21 0.21 0.23 0.23 0.24 0.26 0.27 Current Ratio 0.72 0.75 0.67 0.56 0.69 0.68 0.88 0.86 Debt to Equity 0.99 1.05 1.13 1.12 2.12 1.65 1.70 1.73 Price Range 98.54-62.23 98.54-62.23 86.20-63.45 70.23-52.87 65.81-54.25 60.25-50.58 56.40-45.41 56.15-41.52 P/E Ratio 28.15-17.78 34.58-21.84 30.68-22.58 21.61-16.27 21.16-17.44 20.35-17.09 20.43-16.45 21.76-16.09 Average Yield % 2.65 2.69 2.81 3.32 3.13 3.22 3.34 3.41 Address: 300 Cadwell Drive, Officers: James (Jim) J. Judge - Chairman, President, Investor Contact: 860-728-4650 No of Institutions: 129 Springfield, MA 01104 Chief Executive Officer, Executive Vice President, Telephone: 800-286-5000 Shares: 24,665,978 % Held: 0.02 Chief Financial Officer Philip J. Lembo - Executive Web Site: www.eversource.com Vice President, Chief Financial Officer, Treasurer, Transfer Agents: Senior Vice President ComputerShare Investor Services, Providence, RI
100
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. Exchange NMS
Symbol EXPD
Price $90.52 (9/30/2020)
52Wk Range 93.30-54.94
Yield 1.15
*7 Year Price Score 116.99 *NYSE Composite Index=100 *12 Month Price Score 113.22 Interim Earnings (Per Share) Qtr. Mar Jun Sep 150 2017 0.51 0.60 0.66 140 2018 0.76 0.79 0.92 130 2019 0.80 0.88 0.92 120 2020 0.71 1.09 ... 110 Interim Dividends (Per Share) 100 Amt Decl Ex Rec 90 0.45S 11/05/2018 11/30/2018 12/03/2018 0.50S 05/06/2019 05/31/2019 06/03/2019 80 0.50S 11/04/2019 11/29/2019 12/02/2019 70 0.52S 05/05/2020 05/29/2020 06/01/2020 60 Indicated Div: $1.04 50 Valuation Analysis 40 Forecast EPS $3.69 (08/25/2020) 30 Market Cap $15.1 Billion Book Value TRADING VOLUME (thousand shares) 750 Price/Book 6.99 Price/Sales 500 Dividend Achiever Status 250 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 25.79 Dec 0.92 1.02 0.79 ...
Pay 12/17/2018 06/17/2019 12/16/2019 06/15/2020
$2.2 Billion 1.76
10.16% 25
Business Summary: Airlines/Air Freight (MIC: 7.4.4 SIC: 4731 NAIC: 488510) Expeditors International of Washington provides global logistics services. As a third party logistics provider, Co. purchases cargo space from carriers (such as airlines, ocean shipping lines, and trucking lines) on a volume basis and resells that space to its customers. Co. provides a range of transportation services and customer solutions, such as customs brokerage, order management, transportation, warehousing and distribution, transit, cargo insurance, cargo monitoring and tracking, and other customized logistics and consulting solutions. Co.'s Project Cargo unit handles special project shipments that move via a single method or combination of air, ocean, and/or ground transportation. Recent Developments: For the quarter ended June 30 2020, net income increased 20.0% to US$184.2 million from US$153.5 million in the year-earlier quarter. Revenues were US$2.58 billion, up 26.8% from US$2.04 billion the year before. Operating income was US$247.6 million versus US$192.2 million in the prior-year quarter, an increase of 28.8%. Direct operating expenses rose 33.3% to US$1.83 billion from US$1.37 billion in the comparable period the year before. Indirect operating expenses increased 6.9% to US$502.0 million from US$469.5 million in the equivalent prior-year period. Prospects: Our evaluation of Expeditors International of Washington Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and EXPD has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that EXPD will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.51 3.30 3.39 3.48 2.69 2.36 2.40 1.92 Cash Flow Per Share 4.07 3.84 4.52 3.29 2.73 2.91 2.99 2.01 Tang Book Value Per Share 12.90 12.20 12.89 11.53 11.25 10.21 9.25 9.71 Dividends Per Share 1.020 1.000 1.000 0.900 0.840 0.800 0.720 0.640 Dividend Payout % 29.06 30.30 29.50 25.86 31.23 33.90 30.00 33.33 Income Statement Total Revenue 4,482,496 1,901,864 8,175,426 8,138,365 6,920,948 6,098,037 6,616,632 6,564,721 EBITDA 437,631 175,099 823,941 853,195 754,701 722,072 772,280 649,408 Depn & Amortn 26,769 12,660 50,950 54,019 49,310 46,796 46,012 49,292 Income Before Taxes 418,228 167,246 795,794 818,329 718,595 686,856 736,689 610,889 Income Taxes 111,258 44,464 203,778 198,539 228,212 254,323 277,192 231,429 Net Income 306,213 122,344 590,395 618,199 489,345 430,807 457,223 376,888 Average Shares 169,290 171,450 174,209 177,833 181,666 182,704 190,223 196,768 Balance Sheet Current Assets 2,858,271 2,618,817 2,769,923 2,734,816 2,541,452 2,218,579 1,993,370 2,289,250 Total Assets 3,810,177 3,509,967 3,691,884 3,314,559 3,117,008 2,790,871 2,582,438 2,890,905 Current Liabilities 1,288,069 1,159,178 1,168,318 1,326,839 1,093,119 929,931 861,373 983,783 Long-Term Obligations ... 313,644 ... ... ... ... ... ... Total Liabilities 1,651,059 1,475,161 1,496,856 1,327,721 1,125,150 946,233 890,445 1,022,497 Stockholders' Equity 2,159,118 2,034,806 2,195,028 1,986,838 1,991,858 1,844,638 1,691,993 1,868,408 Shares Outstanding 166,816 166,193 169,622 171,582 176,374 179,857 182,067 191,655 Statistical Record Return on Assets % 16.19 16.02 16.85 19.22 16.57 15.99 16.71 12.76 Return on Equity % 28.68 27.56 28.24 31.08 25.51 24.30 25.68 19.07 EBITDA Margin % 9.76 9.21 10.08 10.48 10.90 11.84 11.67 9.89 Net Margin % 6.83 6.43 7.22 7.60 7.07 7.06 6.91 5.74 Asset Turnover 2.31 2.25 2.33 2.53 2.34 2.26 2.42 2.22 Current Ratio 2.22 2.26 2.37 2.06 2.32 2.39 2.31 2.33 Debt to Equity ... 0.15 ... ... ... ... ... ... Price Range 81.34-54.94 81.34-54.94 80.50-64.98 78.03-60.36 65.36-52.08 56.35-42.20 51.66-42.55 46.82-38.21 P/E Ratio 23.17-15.65 24.65-16.65 23.75-19.17 22.42-17.34 24.30-19.36 23.88-17.88 21.52-17.73 24.39-19.90 Average Yield % 1.39 1.36 1.35 1.29 1.47 1.62 1.52 1.51 Address: 1015 Third Avenue, Seattle, Officers: Robert R. Wright - Chairman Jeffrey S. No of Institutions: 918 WA 98104 Musser - President, Chief Executive Officer, Executive Shares: 209,239,744 % Held: 91.37 Telephone: 206-674-3400 Vice President, Senior Vice President, Chief Web Site: www.expeditors.com Information Officer Transfer Agents: Computershare Trust Company, N.A., Canton, MA
101
EXXON MOBIL CORP Exchange NYS
Symbol XOM
Price $34.33 (9/30/2020)
52Wk Range 73.09-31.45
Yield 10.14
P/E 20.43
*12 Month Price Score 73.48 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.95 0.78 0.93 1.97 2018 1.09 0.92 1.46 1.41 2019 0.55 0.73 0.75 1.33 2020 (0.14) (0.26) ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.87Q 10/30/2019 11/08/2019 11/12/2019 12/10/2019 0.87Q 01/29/2020 02/10/2020 02/11/2020 03/10/2020 0.87Q 04/29/2020 05/12/2020 05/13/2020 06/10/2020 0.87Q 07/29/2020 08/12/2020 08/13/2020 09/10/2020 Indicated Div: $3.48 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $-0.31 (09/03/2020) Market Cap $145.1 Billion Book Value $180.2 Billion TRADING VOLUME (thousand shares) Price/Book 0.81 Price/Sales 0.66 Dividend Achiever Status 10 Year Growth Rate 7.53% Total Years of Dividend Growth 37 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 59.01 *NYSE Composite Index=100 220 200 180 160 140 120 100 80 60 40 20 15000 10000 5000 0
2011
2012
2013
Business Summary: Production & Extraction (MIC: 9.1.1 SIC: 1311 NAIC: 211111) Exxon Mobil operates or markets products in United States and other countries through its divisions and affiliated companies. Co.'s business involves exploration for, and production of, crude oil and natural gas and manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and other products. In United States, Co.'s development activities are focused on the onshore United States, in the Permian Basin of West Texas and New Mexico and the Bakken oil play in North Dakota. Gas development activities are also focused on the Marcellus Shale of Pennsylvania and West Virginia, the Utica Shale of Ohio and the Haynesville Shale of East Texas and Louisiana. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$1.17 billion versus net income of US$3.39 billion in the year-earlier quarter. Revenues were US$32.61 billion, down 52.8% from US$69.09 billion the year before. Direct operating expenses declined 56.7% to US$20.96 billion from US$48.46 billion in the comparable period the year before. Indirect operating expenses decreased 17.0% to US$13.28 billion from US$16.00 billion in the equivalent prior-year period. Prospects: Our evaluation of Exxon Mobil Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and XOM has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that XOM will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.68 2.67 3.36 4.88 4.63 1.88 3.85 7.60 Cash Flow Per Share 5.08 6.48 6.96 8.43 7.06 5.27 7.23 10.54 Tang Book Value Per Share 42.62 43.06 45.26 45.27 44.28 40.34 41.10 41.51 Dividends Per Share 3.480 3.480 3.430 3.230 3.060 2.980 2.880 2.700 Dividend Payout % 207.14 130.34 102.08 66.19 66.09 158.51 74.81 35.53 Income Statement Total Revenue 88,763,000 56,158,000 264,938,000 290,212,000 244,363,000 226,094,000 268,882,000 411,939,000 EBITDA 9,403,000 5,810,000 39,884,000 50,464,000 39,168,000 30,730,000 40,325,000 69,213,000 Depn & Amortn 10,735,000 5,819,000 18,998,000 18,745,000 19,893,000 22,308,000 18,048,000 17,297,000 Income Before Taxes (1,898,000) (258,000) 20,056,000 30,953,000 18,674,000 7,969,000 21,966,000 51,630,000 Income Taxes 41,000 512,000 5,282,000 9,532,000 (1,174,000) (406,000) 5,415,000 18,015,000 Net Income (1,690,000) (610,000) 14,340,000 20,840,000 19,710,000 7,840,000 16,150,000 32,520,000 Average Shares 4,271,000 4,270,000 4,270,000 4,270,000 4,256,000 4,177,000 4,196,000 4,282,000 Balance Sheet Current Assets 53,016,000 50,249,000 50,052,000 47,973,000 47,134,000 41,416,000 42,623,000 52,910,000 Total Assets 361,495,000 355,804,000 362,597,000 346,196,000 348,691,000 330,314,000 336,758,000 349,493,000 Current Liabilities 57,270,000 64,773,000 63,989,000 57,138,000 57,771,000 47,638,000 53,976,000 64,633,000 Long-Term Obligations 46,563,000 31,857,000 26,342,000 20,538,000 24,406,000 28,932,000 19,925,000 11,653,000 Total Liabilities 181,312,000 173,725,000 170,947,000 154,402,000 161,003,000 162,989,000 165,947,000 175,094,000 Stockholders' Equity 180,183,000 182,079,000 191,650,000 191,794,000 187,688,000 167,325,000 170,811,000 174,399,000 Shares Outstanding 4,228,000 4,228,211 4,234,000 4,237,000 4,239,000 4,148,000 4,156,000 4,201,000 Statistical Record Return on Assets % 1.99 3.20 4.05 6.00 5.81 2.34 4.71 9.34 Return on Equity % 3.86 6.10 7.48 10.98 11.10 4.62 9.36 18.67 EBITDA Margin % 10.59 10.35 15.05 17.39 16.03 13.59 15.00 16.80 Net Margin % N.M. N.M. 5.41 7.18 8.07 3.47 6.01 7.89 Asset Turnover 0.61 0.72 0.75 0.84 0.72 0.68 0.78 1.18 Current Ratio 0.93 0.78 0.78 0.84 0.82 0.87 0.79 0.82 Debt to Equity 0.26 0.17 0.14 0.11 0.13 0.17 0.12 0.07 Price Range 77.63-31.45 83.38-31.45 83.38-66.70 89.07-65.51 90.89-76.10 95.12-73.18 93.37-68.71 104.38-86.41 P/E Ratio 46.21-18.72 31.23-11.78 24.82-19.85 18.25-13.42 19.63-16.44 50.60-38.93 24.25-17.85 13.73-11.37 Average Yield % 5.75 5.07 4.65 4.04 3.74 3.46 3.48 2.78 Investor Contact: 180-025-21800 Address: 5959 Las Colinas Boulevard, Officers: Rex W. Tillerson - Chairman, President, 3611 No of Institutions: Chief Executive Officer Darren W. Woods - President, Irving, TX 75039-2298 Shares: 2,969,031,936 % Held: 56.11 Telephone: 972-940-6000 Chairman, Senior Vice President, President, Vice Web Site: www.exxonmobil.com President, Chief Executive Officer, Division Officer, Senior Vice President, Vice President, Division Officer Transfer Agents:ComputerShare, College Station, TX
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FASTENAL CO. Exchange NMS
Symbol FAST
Price $45.09 (9/30/2020)
52Wk Range 49.67-28.18
Yield 2.22
2-for-1
2-for-1
*7 Year Price Score 131.58 *NYSE Composite Index=100 *12 Month Price Score 119.47 Interim Earnings (Per Share) Qtr. Mar Jun Sep 52 2017 0.23 0.26 0.25 48 2018 0.30 0.37 0.34 44 2019 0.34 0.36 0.37 2020 0.35 0.42 ... 40 Interim Dividends (Per Share) 36 Amt Decl Ex Rec 32 0.22Q 10/10/2019 10/24/2019 10/25/2019 0.25Q 01/16/2020 01/30/2020 01/31/2020 28 0.25Q 04/13/2020 04/27/2020 04/28/2020 24 0.25Q 07/13/2020 07/27/2020 07/28/2020 Indicated Div: $1.00 20 Valuation Analysis 16 Forecast EPS $1.46 (08/22/2020) 12 Market Cap $25.9 Billion Book Value TRADING VOLUME (thousand shares) 2000 Price/Book 9.29 Price/Sales 1500 Dividend Achiever Status 1000 10 Year Growth Rate 500 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 31.10 Dec 0.27 0.29 0.31 ...
Pay 11/22/2019 02/28/2020 05/26/2020 08/25/2020
$2.8 Billion 4.68
17.06% 21
Business Summary: Retail - Hardware & Home Improvement (MIC: 2.1.8 SIC: 5251 NAIC: 444130) Fastenal is engaged in the wholesale distribution of industrial and construction supplies. Co. is a distributor of fasteners and related industrial and construction supplies. This includes threaded fasteners, bolts, nuts, screws, studs, and related washers, as well as miscellaneous supplies and hardware, such as pins, machinery keys, concrete anchors, metal framing systems, wire rope, strut, rivets, and related accessories. Co.'s fastener product line is primarily sold under the Fastenal product name. Recent Developments: For the quarter ended June 30 2020, net income increased 16.8% to US$238.9 million from US$204.6 million in the year-earlier quarter. Revenues were US$1.51 billion, up 10.3% from US$1.37 billion the year before. Operating income was US$316.0 million versus US$275.0 million in the prior-year quarter, an increase of 14.9%. Direct operating expenses rose 15.2% to US$837.4 million from US$727.2 million in the comparable period the year before. Indirect operating expenses decreased 2.9% to US$355.6 million from US$366.2 million in the equivalent prior-year period. Prospects: Our evaluation of Fastenal Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and FAST has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that FAST will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.45 1.39 1.38 1.31 1.00 0.86 0.89 0.83 Cash Flow Per Share 1.75 1.53 1.47 1.17 1.02 0.89 0.94 0.84 Tang Book Value Per Share 4.85 4.64 4.64 4.03 3.65 3.34 3.11 3.24 Dividends Per Share 0.940 0.905 0.870 0.770 0.640 0.600 0.560 0.500 Dividend Payout % 64.83 65.11 63.04 58.78 63.68 69.36 63.28 60.24 Income Statement Total Revenue 2,876,000 1,367,000 5,333,700 4,965,100 4,390,500 3,962,036 3,869,187 3,733,507 EBITDA 666,600 309,900 1,205,900 1,137,400 1,009,200 899,891 915,353 860,262 Depn & Amortn 79,300 38,600 148,700 138,200 127,400 104,052 86,598 72,672 Income Before Taxes 582,900 269,200 1,043,700 987,000 873,100 789,729 826,020 787,434 Income Taxes 141,400 66,600 252,800 235,100 294,500 290,251 309,659 293,284 Net Income 441,500 202,600 790,900 751,900 578,600 499,478 516,361 494,150 Average Shares 575,000 575,318 574,441 574,325 576,685 578,316 584,090 594,626 Balance Sheet Current Assets 2,606,300 2,464,300 2,457,200 2,316,200 1,935,700 1,720,770 1,664,776 1,583,265 Total Assets 4,085,200 3,934,700 3,799,900 3,321,500 2,910,500 2,668,884 2,532,462 2,359,102 Current Liabilities 631,300 580,400 544,700 437,400 351,000 275,644 373,166 375,353 Long-Term Obligations 405,000 450,100 342,000 497,000 412,000 379,518 302,950 ... Total Liabilities 1,302,200 1,278,100 1,134,300 1,018,800 813,600 735,790 731,173 443,885 Stockholders' Equity 2,783,000 2,656,600 2,665,600 2,302,700 2,096,900 1,933,094 1,801,289 1,915,217 Shares Outstanding 573,570 572,817 574,128 571,803 575,183 578,323 579,163 591,735 Statistical Record Return on Assets % 21.26 21.07 22.21 24.13 20.74 19.15 21.11 22.28 Return on Equity % 31.54 31.64 31.84 34.18 28.71 26.68 27.79 26.80 EBITDA Margin % 23.18 22.67 22.61 22.91 22.99 22.71 23.66 23.04 Net Margin % 15.35 14.82 14.83 15.14 13.18 12.61 13.35 13.24 Asset Turnover 1.41 1.42 1.50 1.59 1.57 1.52 1.58 1.68 Current Ratio 4.13 4.25 4.51 5.30 5.51 6.24 4.46 4.22 Debt to Equity 0.15 0.17 0.13 0.22 0.20 0.20 0.17 ... Price Range 42.88-28.18 39.02-28.18 37.66-24.98 30.43-23.84 27.57-19.98 24.93-18.27 23.78-17.75 25.60-20.39 P/E Ratio 29.57-19.43 28.07-20.27 27.29-18.10 23.23-18.20 27.57-19.98 28.99-21.24 26.72-19.94 30.84-24.57 Average Yield % 2.68 2.68 2.68 2.83 2.73 2.73 2.73 2.14 Address: 2001 Theurer Boulevard, Officers: Willard D. Oberton - Chairman, President, No of Institutions: 1184 Shares: 505,584,928 % Held: 82.27 Winona, MN 55987-1500 Chief Executive Officer Daniel L. (Dan) Florness Telephone: 507-454-5374 President, Chief Executive Officer, Executive Vice Web Site: www.fastenal.com President, Chief Financial Officer Transfer Agents: Wells Fargo Bank, National Association, Minneapolis, MN
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1ST SOURCE CORP Exchange NMS
Symbol SRCE
Price $30.84 (9/30/2020)
52Wk Range 53.16-27.25
60 56 52 48
10%
44 40 36 32 28 24 20 16 12 30 20 10 0
2011
2012
2013
Yield 3.63
*12 Month Price Score 81.02 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.62 0.64 0.66 2018 0.73 0.84 0.76 2019 0.86 0.91 0.95 2020 0.64 0.72 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.29Q 10/17/2019 11/04/2019 11/05/2019 0.29Q 01/23/2020 02/03/2020 02/04/2020 0.28Q 04/23/2020 05/04/2020 05/05/2020 0.28Q 07/23/2020 08/03/2020 08/04/2020 Indicated Div: $1.12 Valuation Analysis Forecast EPS $2.86 (08/25/2020) Market Cap $788.0 Million Book Value TRADING VOLUME (thousand shares) Price/Book 0.91 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 92.56 *NYSE Composite Index=100
P/E 9.76 Dec 0.68 0.83 0.85 ...
Pay 11/15/2019 02/14/2020 05/15/2020 08/14/2020
$865.0 Million 2.10
7.45% 32
Business Summary: Banking (MIC: 5.1.1 SIC: 6022 NAIC: 522110) 1st Source is a bank holding company. Through its subsidiaries, Co. provides a range of financial products and services. Co.'s banking subsidiary, 1st Source Bank (the Bank), provides range of consumer and commercial banking services through its lending operations, retail branches, and fee based businesses. The Bank's services include: commercial, agricultural, and real estate loans; consumer services; trust and wealth advisory services; and specialty finance group services, which include construction equipment; new and used aircraft; auto and light trucks; and medium and heavy duty trucks. Recent Developments: For the quarter ended June 30 2020, net income decreased 20.9% to US$18.5 million from US$23.4 million in the year-earlier quarter. Net interest income decreased 4.3% to US$54.0 million from US$56.4 million in the year-earlier quarter. Provision for loan losses was US$10.4 million versus US$4.2 million in the prior-year quarter, an increase of 144.3%. Non-interest income fell 1.6% to US$25.2 million from US$25.7 million, while non-interest expense declined 5.3% to US$44.8 million. Prospects: Our evaluation of 1st Source Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and SRCE has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that SRCE will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.16 3.35 3.57 3.16 2.60 2.22 2.17 2.17 Cash Flow Per Share 5.99 6.49 6.43 5.57 4.52 3.78 3.86 3.09 Tang Book Value Per Share 30.42 29.87 29.18 26.30 24.47 22.75 21.49 20.16 Dividends Per Share 1.130 1.120 1.100 0.960 0.760 0.720 0.671 0.645 Dividend Payout % 35.76 33.43 30.81 30.38 29.23 32.43 30.92 29.71 Income Statement Interest Income 131,536 67,686 282,877 257,316 212,385 191,760 184,684 178,554 Interest Expense 22,691 12,842 59,011 43,410 26,754 22,101 18,163 18,225 Net Interest Income 108,845 54,844 223,866 213,906 185,631 169,659 166,521 160,329 Provision for Losses 21,728 11,353 15,833 19,462 8,980 5,833 2,160 3,733 Non-Interest Income 49,863 24,622 101,130 97,050 98,706 88,945 83,316 77,887 Non-Interest Expense 91,360 46,535 189,009 186,467 173,997 163,645 159,114 150,040 Income Before Taxes 45,620 21,578 120,154 105,027 101,360 89,126 88,563 84,443 Income Taxes 10,676 5,160 28,139 22,613 33,309 31,340 31,077 26,374 Net Income 34,915 16,413 91,960 82,414 68,051 57,786 57,486 58,069 Average Shares 25,540 25,523 25,600 25,937 25,925 25,879 26,173 26,434 Balance Sheet Net Loans & Leases 5,561,039 5,008,716 4,974,273 4,734,995 4,432,795 4,099,528 3,906,580 3,603,506 Total Assets 7,365,146 6,735,118 6,622,776 6,293,745 5,887,284 5,486,268 5,187,916 4,829,958 Total Deposits 5,993,456 5,275,911 5,357,326 5,122,322 4,752,730 4,333,760 4,139,186 3,802,860 Total Liabilities 6,500,151 5,884,221 5,794,499 5,531,663 5,168,747 4,813,618 4,543,863 4,215,485 Stockholders' Equity 864,995 850,897 828,277 762,082 718,537 672,650 644,053 614,473 Shares Outstanding 25,550 25,535 25,509 25,783 25,936 25,875 26,027 26,248 Statistical Record Return on Assets % 1.16 1.31 1.42 1.35 1.20 1.08 1.15 1.22 Return on Equity % 9.80 10.58 11.56 11.13 9.78 8.75 9.14 9.68 Net Interest Margin % 84.57 81.03 79.14 83.13 87.40 88.47 90.17 89.79 Efficiency Ratio % 50.31 50.41 49.22 52.62 55.93 58.30 59.37 58.51 Loans to Deposits 0.93 0.95 0.93 0.92 0.93 0.95 0.94 0.95 Price Range 53.16-27.25 53.16-27.25 53.16-40.34 58.68-38.44 52.94-42.77 45.33-27.57 34.20-27.03 31.78-25.54 P/E Ratio 16.82-8.62 15.87-8.13 14.89-11.30 18.57-12.16 20.36-16.45 20.42-12.42 15.76-12.45 14.65-11.77 Average Yield % 2.63 2.42 2.35 1.85 1.59 2.11 2.22 2.32
Address: 100 North Michigan Street, South Bend, IN 46601 Telephone: 574-235-2000 Web Site: www.1stsource.com
Officers: Christopher J. Murphy - Chairman, President, Chief Executive Officer James R. Seitz President, Executive Vice President, Division Officer Transfer Agents:American Stock Transfer & Trust Company, LLC., Brooklyn, NY
109
No of Institutions: 175 Shares: 20,500,722 % Held: 76.39
FLOWERS FOODS, INC. Exchange NYS
Symbol FLO
Price $24.33 (9/30/2020)
52Wk Range 25.09-17.74
Yield 3.29
P/E 54.07
50%
50%
*7 Year Price Score 97.48 *NYSE Composite Index=100 *12 Month Price Score 105.17 Interim Earnings (Per Share) Qtr. Apr Jul Sep Dec 32 2017 0.29 0.21 (0.16) 0.37 30 2018 0.24 0.21 0.19 0.10 28 2019 0.31 0.25 0.20 0.01 26 2020 (0.03) 0.27 ... ... Interim Dividends (Per Share) 24 Amt Decl Ex Rec Pay 22 0.19Q 11/15/2019 11/27/2019 11/29/2019 12/13/2019 20 0.19Q 02/14/2020 02/27/2020 02/28/2020 03/13/2020 18 0.20Q 05/21/2020 06/04/2020 06/05/2020 06/19/2020 0.20Q 08/14/2020 08/27/2020 08/28/2020 09/11/2020 16 Indicated Div: $0.80 (Div. Reinv. Plan) 14 Valuation Analysis 12 Forecast EPS $1.22 (08/29/2020) 10 Market Cap $5.1 Billion Book Value $1.3 Billion TRADING VOLUME (thousand shares) 1200 Price/Book 3.85 Price/Sales 1.21 800 Dividend Achiever Status 400 10 Year Growth Rate 9.60% 0 Total Years of Dividend Growth 16 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Food (MIC: 1.2.1 SIC: 2053 NAIC: 311813) Flowers Foods produces a range of breads, buns, rolls, snack cakes, and tortillas and is a producer and marketer of packaged bakery foods in the United States. Co. also sells returned and surplus product through a system of thrift stores. Co. supplies national and regional restaurants, institutions and foodservice distributors, and retail in-store bakeries with breads and rolls; sells packaged bakery products to wholesale distributors for sale to a variety of food outlets; and sells packaged snack cakes primarily to customers who distribute them nationwide through various channels of distribution, including merchandisers, supermarkets, vending outlets and convenience stores. Recent Developments: For the quarter ended July 11 2020, net income increased 9.1% to US$57.9 million from US$53.1 million in the year-earlier quarter. Revenues were US$1.03 billion, up 5.1% from US$975.8 million the year before. Operating income was US$79.2 million versus US$72.3 million in the prior-year quarter, an increase of 9.5%. Direct operating expenses declined 0.5% to US$506.0 million from US$508.6 million in the comparable period the year before. Indirect operating expenses increased 11.6% to US$440.6 million from US$394.9 million in the equivalent prior-year period. Prospects: Our evaluation of Flowers Foods Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while FLO has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that FLO will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/28/2019 12/29/2018 12/30/2017 12/31/2016 01/02/2016 01/03/2015 Earnings Per Share 0.45 0.43 0.78 0.74 0.71 0.78 0.89 0.82 Cash Flow Per Share 2.05 1.78 1.74 1.41 0.71 1.66 1.54 1.47 Tang Book Value Per Share 0.29 0.16 N.M. N.M. 0.21 N.M. N.M. 0.93 Dividends Per Share 0.770 0.760 0.750 0.710 1.295 0.625 0.568 0.485 Dividend Payout % 171.11 176.74 96.15 95.95 182.39 80.13 63.76 59.15 Income Statement Total Revenue 2,375,305 1,349,444 4,123,974 3,951,852 3,920,733 3,926,885 3,778,505 3,748,973 EBITDA 152,647 40,186 331,071 323,324 282,357 380,257 414,679 392,595 Depn & Amortn 77,843 44,663 107,891 118,232 119,445 116,367 116,800 117,200 Income Before Taxes 68,621 (7,791) 212,083 197,161 149,293 249,537 293,031 268,054 Income Taxes 16,474 (2,019) 47,545 40,001 (827) 85,761 103,840 92,315 Net Income 52,147 (5,772) 164,538 157,160 150,120 163,776 189,191 175,739 Average Shares 212,284 211,754 211,974 211,632 210,435 210,354 213,356 213,092 Balance Sheet Current Assets 849,472 831,820 553,918 543,724 507,191 476,842 537,515 460,563 Total Assets 3,398,794 3,413,073 3,177,776 2,845,537 2,659,724 2,761,068 2,885,168 2,408,974 Current Liabilities 538,076 504,914 528,143 400,339 393,951 340,624 403,738 315,553 Long-Term Obligations 1,009,596 1,069,352 882,168 990,640 820,141 946,667 933,932 728,940 Total Liabilities 2,062,306 2,092,462 1,914,346 1,587,270 1,409,047 1,550,988 1,642,086 1,285,930 Stockholders' Equity 1,336,488 1,320,611 1,263,430 1,258,267 1,250,677 1,210,080 1,243,082 1,123,044 Shares Outstanding 211,602 211,562 211,514 210,895 210,526 208,422 212,266 209,347 Statistical Record Return on Assets % 2.95 2.79 5.48 5.73 2.77 5.82 7.17 7.04 Return on Equity % 7.43 7.18 13.09 12.56 6.10 13.39 16.04 15.72 EBITDA Margin % 6.43 2.98 8.03 8.18 7.20 9.68 10.97 10.47 Net Margin % 2.20 N.M. 3.99 3.98 3.83 4.17 5.01 4.69 Asset Turnover 1.29 1.27 1.37 1.44 0.72 1.39 1.43 1.50 Current Ratio 1.58 1.65 1.05 1.36 1.29 1.40 1.33 1.46 Debt to Equity 0.76 0.81 0.70 0.79 0.66 0.78 0.75 0.65 Price Range 24.28-17.74 24.28-17.74 24.24-18.36 22.71-17.96 20.84-17.00 21.85-14.60 27.09-18.85 22.19-17.67 P/E Ratio 53.96-39.42 56.47-41.26 31.08-23.54 30.69-24.27 29.35-23.94 28.01-18.72 30.44-21.18 27.06-21.55 Average Yield % 3.46 3.42 3.44 3.51 6.87 3.54 2.51 2.43 Address: 1919 Flowers Circle, Officers: A. Ryals McMullian - President, Chief Investor Contact: 229-227-2348 No of Institutions: 515 Thomasville, GA 31757 Executive Officer, Chief Operating Officer, Chief Telephone: 229-226-9110 Shares: 165,720,608 % Held: 69.89 Strategy Officer R. Steve Kinsey - Executive Vice Web Site: www.flowersfoods.com President, Chief Financial Officer, Chief Administrative Officer, Chief Accounting Officer Transfer Agents:Computershare, Providence, RI
110
FRANKLIN ELECTRIC CO., INC. Exchange NMS
Symbol FELE
Price $58.83 (9/30/2020)
52Wk Range 60.94-41.43
Yield 1.05
100%
*7 Year Price Score 114.85 *NYSE Composite Index=100 *12 Month Price Score 106.30 Interim Earnings (Per Share) Qtr. Mar Jun Sep 64 2017 0.33 0.64 0.52 60 2018 0.45 0.64 0.63 56 2019 0.19 0.70 0.72 52 2020 0.23 0.52 ... 48 Interim Dividends (Per Share) 44 Amt Decl Ex Rec 40 0.145Q 10/22/2019 10/31/2019 11/01/2019 0.155Q 01/27/2020 02/05/2020 02/06/2020 36 0.155Q 04/27/2020 05/06/2020 05/07/2020 32 0.155Q 07/27/2020 08/05/2020 08/06/2020 28 Indicated Div: $0.62 24 Valuation Analysis 20 Forecast EPS $1.90 (08/30/2020) 16 Market Cap $2.7 Billion Book Value TRADING VOLUME (thousand shares) 150 Price/Book 3.51 Price/Sales 100 Dividend Achiever Status 50 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 31.13 Dec 0.17 0.51 0.42 ...
Pay 11/15/2019 02/20/2020 05/21/2020 08/20/2020
$773.9 Million 2.18
8.78% 26
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 3621 NAIC: 335312) Franklin Electric Company designs, manufactures and distributes water and fuel pumping systems, composed primarily of submersible motors, pumps, electronic controls and related parts and equipment. Co.'s reportable segments include: Water Systems, which designs, manufactures and sells motors, pumps, drives, electronic controls, monitoring devices, and related parts and equipment; Fueling Systems, which designs, manufactures and sells pumps, pipe, sumps, fittings, vapor recovery components, electronic controls, monitoring devices and related parts and equipment; and Distribution, which operates as a collection of wholly owned groundwater distributors known as the Headwater Companies. Recent Developments: For the quarter ended June 30 2020, net income decreased 24.4% to US$24.8 million from US$32.8 million in the year-earlier quarter. Revenues were US$308.3 million, down 13.2% from US$355.3 million the year before. Operating income was US$33.9 million versus US$43.7 million in the prior-year quarter, a decrease of 22.3%. Direct operating expenses declined 14.6% to US$201.2 million from US$235.6 million in the comparable period the year before. Indirect operating expenses decreased 3.7% to US$73.2 million from US$76.0 million in the equivalent prior-year period. Prospects: Our evaluation of Franklin Electric Co. Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and FELE has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that FELE will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 01/02/2016 01/03/2015 Earnings Per Share 1.89 2.07 2.03 2.23 1.65 1.65 1.50 1.41 Cash Flow Per Share 4.77 3.79 3.83 2.76 1.44 2.50 (13.08) 0.98 Tang Book Value Per Share 8.57 8.04 8.82 7.56 7.13 6.02 4.68 4.78 Dividends Per Share 0.600 0.590 0.580 0.468 0.422 0.398 0.383 0.347 Dividend Payout % 31.75 28.50 28.57 20.96 25.61 24.09 25.50 24.65 Income Statement Total Revenue 575,035 266,754 1,314,578 1,298,129 1,124,909 949,856 924,923 1,047,777 EBITDA 65,201 23,780 152,680 159,946 144,809 139,945 123,155 128,538 Depn & Amortn 17,990 9,199 27,600 29,700 29,900 27,100 26,800 28,100 Income Before Taxes 44,845 13,347 116,835 120,407 104,587 104,113 86,316 89,703 Income Taxes 9,251 2,555 20,836 14,890 25,994 24,798 12,625 18,851 Net Income 35,294 10,643 95,483 105,877 78,180 78,745 72,945 69,806 Average Shares 46,500 46,800 46,800 47,000 47,000 46,700 47,600 48,200 Balance Sheet Current Assets 549,341 543,055 567,444 579,879 589,131 483,819 438,134 469,539 Total Assets 1,151,332 1,149,533 1,194,743 1,182,365 1,185,353 1,039,905 996,408 1,075,887 Current Liabilities 173,896 191,387 185,764 255,857 245,901 157,761 144,671 201,105 Long-Term Obligations 92,489 92,563 93,141 94,379 125,596 156,544 188,103 143,695 Total Liabilities 377,468 398,354 398,198 448,493 484,696 426,460 438,708 479,047 Stockholders' Equity 773,864 751,179 796,545 733,872 700,657 613,445 557,700 596,840 Shares Outstanding 46,185 46,144 46,391 46,326 46,630 46,376 46,219 47,594 Statistical Record Return on Assets % 7.35 8.16 8.03 8.94 7.03 7.76 N.M. 6.46 Return on Equity % 11.61 13.07 12.48 14.76 11.90 13.48 N.M. 11.52 EBITDA Margin % 11.34 8.91 11.61 12.32 12.87 14.73 13.32 12.27 Net Margin % 6.14 3.99 7.26 8.16 6.95 8.29 7.89 6.66 Asset Turnover 1.03 1.09 1.11 1.10 1.01 0.94 ... 0.97 Current Ratio 3.16 2.84 3.05 2.27 2.40 3.07 3.03 2.33 Debt to Equity 0.12 0.12 0.12 0.13 0.18 0.26 0.34 0.24 Price Range 60.94-41.43 60.94-41.43 57.32-42.05 51.05-39.15 47.10-36.55 44.50-23.93 39.56-26.75 44.21-33.93 P/E Ratio 32.24-21.92 29.44-20.01 28.24-20.71 22.89-17.56 28.55-22.15 26.97-14.50 26.37-17.83 31.35-24.06 Average Yield % 1.18 1.17 1.19 1.04 1.01 1.15 1.17 0.89 Address: 9255 Coverdale Road, Fort Officers: Gregg C. Sengstack - Chairman, President, Investor Contact: 260-824-2900 Wayne, IN 46809 Chief Executive Officer, Senior Vice President, Chief No of Institutions: 307 Telephone: 260-824-2900 Shares: 47,693,056 % Held: 82.09 Operating Officer, Division Officer John J. Haines Web Site: www.franklin-electric.com Vice President, Chief Financial Officer, Secretary Transfer Agents:LaSalle Bank National Association, Chicago, IL
111
FRANKLIN RESOURCES INC Exchange NYS
Symbol BEN
Price $20.35 (9/30/2020)
52Wk Range 28.99-15.30
Yield 5.31
P/E 9.93
*12 Month Price Score 91.41 Interim Earnings (Per Share) Qtr. Dec Mar Jun Sep 2016-17 0.77 0.74 0.73 0.76 2017-18 (1.06) 0.78 0.75 0.94 2018-19 0.54 0.72 0.48 0.61 2019-20 0.70 0.16 0.58 ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.27Q 12/10/2019 12/30/2019 12/31/2019 01/10/2020 0.27Q 02/11/2020 03/30/2020 03/31/2020 04/13/2020 0.27Q 06/30/2020 07/14/2020 07/15/2020 07/27/2020 0.27Q 08/28/2020 09/29/2020 09/30/2020 10/15/2020 Indicated Div: $1.08 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.66 (09/03/2020) Market Cap $10.1 Billion Book Value $10.1 Billion TRADING VOLUME (thousand shares) Price/Book 1.00 Price/Sales 1.87 Dividend Achiever Status 10 Year Growth Rate 14.00% Total Years of Dividend Growth 30 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 51.72 *NYSE Composite Index=100 110 100 90
200%
80 70 60 50 40 30 20 10 2000 1500 1000 500 0
2011
2012
2013
Business Summary: Wealth Management (MIC: 5.5.2 SIC: 6282 NAIC: 523930) Franklin Resources is a holding company that, together with its subsidiaries, operates as Franklin Templeton®. Co. is an investment management organization that provides investment management and related services to retail, institutional and investors in jurisdictions worldwide through its investment products. Co.'s investment products include its sponsored funds, as well as institutional and separate accounts, and sub-advised products. Co.'s funds include registered and unregistered funds. Co.'s services include fund administration, sales and distribution, and shareholder servicing. Co. also provides sub-advisory services to certain investment products sponsored by other companies. Recent Developments: For the quarter ended June 30 2020, net income decreased 0.4% to US$253.7 million from US$254.6 million in the year-earlier quarter. Revenues were US$1.19 billion, down 19.5% from US$1.48 billion the year before. Operating income was US$253.7 million versus US$374.9 million in the prior-year quarter, a decrease of 32.3%. Direct operating expenses declined 20.3% to US$368.6 million from US$462.4 million in the comparable period the year before. Indirect operating expenses decreased 11.5% to US$565.8 million from US$639.4 million in the equivalent prior-year period. Prospects: Our evaluation of Franklin Resources Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while BEN has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that BEN will perform poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share 2.05 1.95 2.51 2.35 1.39 3.01 2.94 3.29 Cash Flow Per Share 1.38 (0.21) (0.07) 0.40 4.15 2.03 2.95 3.66 Tang Book Value Per Share 14.17 13.90 14.17 13.84 14.57 18.73 17.05 15.88 Dividends Per Share 0.800 1.060 1.050 1.040 3.920 0.800 0.720 1.100 Dividend Payout % 39.02 54.36 41.83 44.26 282.01 26.58 24.49 33.43 Income Statement Total Revenue 3,939,100 2,751,000 1,412,700 5,774,500 6,319,100 6,392,200 6,618,000 7,948,700 EBITDA 995,000 712,100 428,100 1,735,100 2,221,900 2,499,300 2,537,500 3,202,000 Depn & Amortn 60,100 41,500 20,300 83,200 78,900 81,500 81,000 81,600 Income Before Taxes 928,600 668,800 406,500 1,658,200 2,170,800 2,441,200 2,443,100 3,091,600 Income Taxes 157,700 141,600 97,500 442,300 1,472,500 759,400 742,100 923,700 Net Income 720,000 429,600 350,500 1,195,700 764,400 1,696,700 1,726,700 2,035,300 Average Shares 490,700 491,800 495,300 504,300 538,000 559,100 583,800 614,900 Balance Sheet Current Assets 7,903,700 6,711,000 6,763,800 6,796,600 7,758,500 9,751,600 9,277,600 9,306,800 Total Assets 15,617,000 14,666,200 15,001,800 14,532,200 14,383,500 17,534,000 16,098,800 16,335,700 Current Liabilities 1,729,200 1,616,900 1,832,200 2,022,900 2,092,900 1,114,700 997,300 1,117,800 Long-Term Obligations 1,382,800 1,311,000 796,400 747,700 728,500 1,097,600 2,083,400 2,155,300 Total Liabilities 5,502,800 4,762,800 4,920,200 4,625,700 4,484,300 4,914,000 4,163,000 4,494,700 Stockholders' Equity 10,114,200 9,903,400 10,081,600 9,906,500 9,899,200 12,620,000 11,935,800 11,841,000 Shares Outstanding 495,369 495,284 497,599 499,303 519,122 554,865 570,345 603,517 Statistical Record Return on Assets % 6.82 6.79 8.78 8.27 4.79 10.09 10.62 12.45 Return on Equity % 10.25 9.92 12.81 12.07 6.79 13.82 14.48 17.38 EBITDA Margin % 25.26 25.89 30.30 30.05 35.16 39.10 38.34 40.28 Net Margin % 18.28 15.62 24.81 20.71 12.10 26.54 26.09 25.61 Asset Turnover 0.36 0.39 0.40 0.40 0.40 0.38 0.41 0.49 Current Ratio 4.57 4.15 3.69 3.36 3.71 8.75 9.30 8.33 Debt to Equity 0.14 0.13 0.08 0.08 0.07 0.09 0.17 0.18 Price Range 35.51-15.30 35.67-15.30 35.67-25.80 35.67-25.93 45.86-30.14 47.28-33.18 41.92-30.67 58.84-36.36 P/E Ratio 17.32-7.46 18.29-7.85 14.21-10.28 15.18-11.03 32.99-21.68 15.71-11.02 14.26-10.43 17.88-11.05 Average Yield % 3.21 3.69 3.41 3.28 10.49 1.93 1.97 2.17 Officers: Gregory E. Johnson - Executive Chairman, Investor Contact: 650-312-4091 Address: One Franklin Parkway, San No of Institutions: 835 Chairman, President, Chief Executive Officer Rupert Mateo, CA 94403 Shares: 296,186,112 % Held: 48.69 Telephone: 650-312-2000 H. Johnson - Vice-Chairman Transfer Agents: Web Site: www.franklinresources.com Computershare, Pittsburgh, PA
112
FULLER (HB) COMPANY Exchange NYS
Symbol FUL
Price $45.78 (9/30/2020)
52Wk Range 51.96-25.28
Yield 1.42
P/E 20.71
*7 Year Price Score 84.68 *NYSE Composite Index=100 *12 Month Price Score 107.40 Interim Earnings (Per Share) Qtr. Feb May Aug Nov 60 2016-17 0.29 0.50 0.49 (0.15) 56 2017-18 0.92 0.86 0.72 0.79 52 2018-19 0.24 0.70 0.97 0.62 48 2019-20 0.19 0.61 0.79 ... Interim Dividends (Per Share) 44 Amt Decl Ex Rec Pay 40 0.16Q 01/16/2020 01/29/2020 01/30/2020 02/13/2020 36 0.163Q 04/02/2020 04/15/2020 04/16/2020 04/30/2020 32 0.163Q 07/08/2020 07/21/2020 07/22/2020 08/06/2020 0.163Q 10/01/2020 10/14/2020 10/15/2020 10/29/2020 28 Indicated Div: $0.65 (Div. Reinv. Plan) 24 Valuation Analysis 20 Forecast EPS $2.63 (08/29/2020) 16 Market Cap $2.4 Billion Book Value $1.3 Billion TRADING VOLUME (thousand shares) 200 Price/Book 1.80 Price/Sales 0.86 150 Dividend Achiever Status 100 10 Year Growth Rate 8.93% 50 0 Total Years of Dividend Growth 52 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 2891 NAIC: 325520) Fuller (HB) is a formulator, manufacturer and marketer of adhesives, sealants and other chemical products. Co.'s principal product offering is industrial adhesives. Co.'s adhesives products are used in manufacturing common consumer and industrial goods, including food and beverage containers, disposable diapers, windows, doors, flooring, roofing, appliances, sportswear, footwear, multi-wall bags, water filtration products, insulation, textiles, automobiles, recreational vehicles, buses, trucks and trailers, marine products, solar energy systems, electronics and products for the aerospace and defense industries. Co. also provides its customers with technical support and solutions. Recent Developments: For the quarter ended Aug 29 2020, net income decreased 16.3% to US$41.6 million from US$49.7 million in the year-earlier quarter. Revenues were US$691.5 million, down 4.7% from US$725.4 million the year before. Direct operating expenses declined 2.8% to US$503.6 million from US$518.1 million in the comparable period the year before. Indirect operating expenses decreased 8.2% to US$129.1 million from US$140.6 million in the equivalent prior-year period. Prospects: Our evaluation of Fuller (H.B.) Company as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and FUL has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that FUL will perform well over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 11/30/2019 12/01/2018 12/02/2017 12/03/2016 11/28/2015 Earnings Per Share 2.21 2.39 2.48 2.52 3.29 1.13 2.42 1.69 Cash Flow Per Share 5.79 5.84 5.91 5.30 5.02 2.80 3.84 4.20 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. N.M. 7.30 6.11 Dividends Per Share 0.645 0.642 0.640 0.635 0.615 0.590 0.550 0.510 Dividend Payout % 29.19 26.88 25.81 25.20 18.69 52.21 22.73 30.18 Income Statement Total Revenue 2,012,629 1,321,166 646,564 2,897,000 3,041,002 2,306,043 2,094,605 2,083,660 EBITDA 259,628 162,330 68,307 331,052 324,582 149,545 241,928 211,161 Depn & Amortn 103,501 68,656 34,585 67,115 68,636 51,072 49,189 48,305 Income Before Taxes 100,291 55,089 13,883 172,828 156,726 58,699 167,425 138,345 Income Taxes 22,194 17,082 5,611 49,408 (6,356) 9,086 50,436 55,855 Net Income 83,115 41,508 9,895 130,817 171,208 58,242 124,128 86,680 Average Shares 52,591 52,029 52,580 51,983 51,975 51,619 51,270 51,393 Balance Sheet Current Assets 989,429 1,007,872 1,028,230 1,033,362 1,087,732 1,144,992 811,253 801,051 Total Assets 3,981,725 3,979,060 4,025,266 3,985,734 4,175,271 4,360,646 2,058,254 2,042,252 Current Liabilities 455,436 491,762 543,315 542,157 546,123 504,913 391,844 349,525 Long-Term Obligations 1,847,844 1,908,340 1,904,900 1,898,384 2,141,532 2,398,927 588,145 669,606 Total Liabilities 2,668,334 2,760,686 2,803,664 2,763,387 3,023,504 3,317,019 1,120,378 1,169,332 Stockholders' Equity 1,313,391 1,218,374 1,221,602 1,222,347 1,151,767 1,043,627 937,876 872,920 Shares Outstanding 51,725 51,550 51,407 51,241 50,732 50,388 50,141 50,074 Statistical Record Return on Assets % 2.88 3.04 3.14 3.21 4.02 1.81 5.96 4.44 Return on Equity % 9.27 10.37 10.73 11.05 15.64 5.88 13.49 9.86 EBITDA Margin % 12.90 12.29 10.56 11.43 10.67 6.48 11.55 10.13 Net Margin % 4.13 3.14 1.53 4.52 5.63 2.53 5.93 4.16 Asset Turnover 0.69 0.69 0.70 0.71 0.71 0.72 1.01 1.07 Current Ratio 2.17 2.05 1.89 1.91 1.99 2.27 2.07 2.29 Debt to Equity 1.41 1.57 1.56 1.55 1.86 2.30 0.63 0.77 Price Range 51.96-25.28 51.96-25.28 51.96-39.23 51.84-39.43 58.97-42.07 58.64-47.09 48.82-32.71 45.74-32.73 P/E Ratio 23.51-11.44 21.74-10.58 20.95-15.82 20.57-15.65 17.92-12.79 51.89-41.67 20.17-13.52 27.07-19.37 Average Yield % 1.48 1.47 1.35 1.36 1.18 1.14 1.28 1.25
Address: 1200 Willow Lake Boulevard, Officers: Lee R. Mitau - Chairman R. William Van Sant - Vice-Chairman Transfer Agents: St. Paul, MN 55110-5101 Telephone: 651-236-5900 Wells Fargo Shareholder Services, St. Paul, MN Web Site: www.hbfuller.com
113
Investor Contact: 651-236-5062 No of Institutions: 333 Shares: 70,554,832 % Held: 97.39
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GENUINE PARTS CO. Exchange NYS
Symbol GPC
Price $95.17 (9/30/2020)
52Wk Range 107.74-50.29
Yield 3.32
P/E N/A
*7 Year Price Score 87.75 *NYSE Composite Index=100 *12 Month Price Score 103.43 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 150 2017 1.08 1.29 1.08 0.74 140 2018 1.20 1.54 1.49 1.27 130 2019 1.09 1.53 1.56 0.06 120 2020 0.94 (3.91) ... ... Interim Dividends (Per Share) 110 Amt Decl Ex Rec Pay 100 0.762Q 11/18/2019 12/05/2019 12/06/2019 01/02/2020 90 0.79Q 02/17/2020 03/05/2020 03/06/2020 04/01/2020 80 0.79Q 04/06/2020 06/04/2020 06/05/2020 07/01/2020 0.79Q 08/17/2020 09/03/2020 09/04/2020 10/01/2020 70 Indicated Div: $3.16 (Div. Reinv. Plan) 60 Valuation Analysis 50 Forecast EPS $4.93 (09/03/2020) 40 Market Cap $13.7 Billion Book Value $2.8 Billion TRADING VOLUME (thousand shares) 600 Price/Book 4.82 Price/Sales 0.76 400 Dividend Achiever Status 200 10 Year Growth Rate 6.66% 0 Total Years of Dividend Growth 63 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Auto Parts (MIC: 1.8.2 SIC: 5013 NAIC: 423120) Genuine Parts is engaged in the distribution of automotive replacement parts, industrial parts, and business products. Co.'s reportable business segments are: Automotive, which distributes automotive parts and accessory items and provides inventory, cataloging, marketing, training and other programs to the automotive aftermarket; Industrial, which distributes industrial replacement parts and related supplies such as bearings, mechanical and electrical power transmission products, industrial automation, and hose, among others; and Business Products, which is engaged in the wholesale distribution of a line of office and other business-related products through a customer base of resellers. Recent Developments: For the quarter ended June 30 2020, loss from continuing operations was US$363.5 million compared with income of US$209.5 million in the year-earlier quarter. Net loss amounted to US$564.4 million versus net income of US$224.4 million in the year-earlier quarter. Revenues were US$3.82 billion, down 14.2% from US$4.46 billion the year before. Direct operating expenses declined 14.9% to US$2.53 billion from US$2.98 billion in the comparable period the year before. Indirect operating expenses increased 32.3% to US$1.58 billion from US$1.20 billion in the equivalent prior-year period. Prospects: Our evaluation of Genuine Parts Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while GPC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that GPC will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (1.35) 4.09 4.24 5.50 4.18 4.59 4.63 4.61 Cash Flow Per Share 10.48 6.23 6.12 7.81 5.54 6.33 7.64 5.15 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. 10.91 11.89 12.50 Dividends Per Share 3.105 3.078 3.050 2.880 2.700 2.630 2.460 2.300 Dividend Payout % ... 75.24 71.93 52.36 64.59 57.30 53.13 49.89 Income Statement Total Revenue 7,915,753 4,559,532 19,392,305 18,735,073 16,308,801 15,339,713 15,280,044 15,341,647 EBITDA 36,574 270,357 1,196,299 1,419,172 1,218,445 1,242,911 1,287,018 1,291,140 Depn & Amortn 133,987 70,443 270,288 241,635 167,691 147,487 141,675 148,313 Income Before Taxes (143,843) 178,945 830,300 1,075,612 1,009,268 1,074,340 1,123,681 1,117,739 Income Taxes 97,312 42,410 209,215 265,138 392,511 387,100 418,009 406,453 Net Income (427,837) 136,535 621,085 810,474 616,757 687,240 705,672 711,286 Average Shares 144,262 145,623 146,417 147,241 147,701 149,804 152,496 154,375 Balance Sheet Current Assets 7,291,328 7,993,050 7,938,616 7,575,690 7,312,893 5,948,431 5,555,316 5,592,525 Total Assets 13,263,962 14,451,355 14,645,629 12,683,040 12,412,381 8,859,400 8,144,771 8,246,238 Current Liabilities 5,968,730 6,581,220 6,394,120 5,900,733 5,474,025 4,244,150 3,940,654 3,584,115 Long-Term Obligations 2,727,929 2,726,391 2,802,056 2,432,133 2,605,713 589,221 287,642 540,040 Total Liabilities 10,414,687 11,048,653 10,970,922 9,232,589 9,000,229 5,665,672 4,998,204 4,944,990 Stockholders' Equity 2,849,275 3,402,702 3,674,707 3,450,451 3,412,152 3,193,728 3,146,567 3,301,248 Shares Outstanding 144,261 144,249 145,378 145,936 146,652 148,410 150,081 153,113 Statistical Record Return on Assets % N.M. 4.19 4.55 6.46 5.80 8.06 8.61 8.93 Return on Equity % N.M. 17.18 17.43 23.62 18.67 21.62 21.89 21.39 EBITDA Margin % 0.46 5.93 6.17 7.57 7.47 8.10 8.42 8.42 Net Margin % N.M. 2.99 3.20 4.33 3.78 4.48 4.62 4.64 Asset Turnover 1.30 1.35 1.42 1.49 1.53 1.80 1.86 1.93 Current Ratio 1.22 1.21 1.24 1.28 1.34 1.40 1.41 1.56 Debt to Equity 0.96 0.80 0.76 0.70 0.76 0.18 0.09 0.16 Price Range 107.74-50.29 115.14-50.29 115.14-87.73 107.58-86.52 100.67-80.48 105.24-77.40 106.57-79.53 108.31-77.75 P/E Ratio ... 28.15-12.30 27.16-20.69 19.56-15.73 24.08-19.25 22.93-16.86 23.02-17.18 23.49-16.87 Average Yield % 3.38 3.14 3.01 2.99 2.96 2.75 2.72 2.59 Address: 2999 Wildwood Parkway, Officers: Paul D. Donahue - Chairman, President, Investor Contact: 770-953-1700 No of Institutions: 1120 Atlanta, GA 30339 Executive Vice President, Chief Executive Officer, Telephone: 678-934-5000 Shares: 149,249,360 % Held: 79.92 Division Officer Carol B. Yancey - Executive Vice Web Site: www.genpt.com President, Chief Financial Officer, Vice President, Transfer Agents: Corporate Secretary Computershare, Providence, RI
115
GLOBE LIFE INC Exchange NYS
Symbol GL PRC
Price $79.90 (9/30/2020)
52Wk Range 111.16-58.15
Yield 1.92
P/E 12.02
*12 Month Price Score 90.92 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.11 1.18 1.29 8.64 2018 1.49 1.59 1.55 1.45 2019 1.65 1.67 1.82 1.69 2020 1.52 1.62 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.383Q 05/19/2020 08/31/2020 09/01/2020 09/15/2020 0.383Q 05/19/2020 05/29/2020 06/01/2020 06/15/2020 0.383Q 09/30/2020 02/26/2021 03/01/2021 03/15/2021 0.383Q 09/30/2020 11/30/2020 12/01/2020 12/15/2020 Indicated Div: $1.53 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $6.90 (08/22/2020) Market Cap $8.5 Billion Book Value $7.8 Billion TRADING VOLUME (thousand shares) Price/Book 1.08 Price/Sales 1.85 Dividend Achiever Status 10 Year Growth Rate 10.53% Total Years of Dividend Growth 14 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 105.60 *NYSE Composite Index=100 180 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 400 300 200 100 0
2011
2012
2013
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6311 NAIC: 524113) Globe Life is an insurance holding company. Through its wholly-owned subsidiaries, Co. provides a variety of life and supplemental health insurance products and annuities to customers. Co.'s segments are: life insurance, which writes a variety of nonparticipating ordinary life insurance products including whole-life, term life, and other life insurance; health insurance, which provides Medicare Supplement and limited-benefit supplemental health insurance products that include primarily critical illness and accident plans; annuities, which include single-premium and flexible-premium deferred annuities; and investments, which consist primarily of investment-grade securities. Recent Developments: For the quarter ended June 30 2020, income from continuing operations decreased 7.3% to US$173.0 million from US$186.6 million in the year-earlier quarter. Net income decreased 7.2% to US$173.0 million from US$186.6 million in the year-earlier quarter. Revenues were US$1.18 billion, up 4.5% from US$1.13 billion the year before. Net premiums earned were US$953.7 million versus US$897.5 million in the prior-year quarter, an increase of 6.3%. Net investment income rose 1.8% to US$231.6 million from US$227.4 million a year ago. Prospects: Our evaluation of Globe Life Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and GL has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that GL will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 6.65 6.70 6.83 6.09 12.22 4.49 4.16 4.09 Cash Flow Per Share 13.59 11.97 12.49 11.32 12.28 11.62 8.95 6.61 Tang Book Value Per Share 69.58 57.11 63.62 44.93 50.53 34.95 29.53 33.27 Dividends Per Share 0.705 0.690 0.677 0.630 0.590 0.555 0.405 0.507 Dividend Payout % 10.60 10.30 9.92 10.34 4.83 12.36 9.74 12.39 Income Statement Premium Income 1,883,537 929,835 3,595,134 3,421,906 3,282,935 3,137,034 2,998,720 3,209,420 Total Revenue 2,313,938 1,133,054 4,527,532 4,303,751 4,155,573 3,934,629 3,766,065 3,964,296 Benefits & Claims 1,258,785 607,969 2,357,349 2,275,242 2,227,875 2,128,748 2,016,212 2,219,200 Income Before Taxes 415,162 202,921 931,279 863,671 830,648 772,235 766,187 778,468 Income Taxes 76,574 37,381 170,397 162,161 (627,615) 232,645 249,894 235,529 Net Income 338,588 165,540 760,790 701,466 1,454,494 549,779 527,100 542,939 Average Shares 107,134 109,132 111,381 115,248 118,983 122,367 126,757 132,640 Balance Sheet Total Assets 27,534,180 25,351,914 25,977,460 23,095,722 23,474,985 21,436,087 19,853,213 20,214,730 Total Liabilities 19,685,811 18,831,632 18,683,153 17,680,545 17,243,564 16,869,226 15,797,661 15,517,264 Stockholders' Equity 7,848,369 6,520,282 7,294,307 5,415,177 6,231,421 4,566,861 4,055,552 4,697,466 Shares Outstanding 106,450 106,434 107,720 110,693 114,593 118,031 122,369 127,930 Statistical Record Return on Assets % 2.78 2.99 3.10 3.01 6.48 2.66 2.63 2.83 Return on Equity % 10.00 11.80 11.97 12.05 26.94 12.72 12.04 12.81 Loss Ratio % 66.83 65.38 65.57 66.49 67.86 67.86 67.24 69.15 Net Margin % 14.63 14.61 16.80 16.30 35.00 13.97 14.00 13.70 Price Range 111.16-58.15 111.16-58.15 106.63-74.53 93.32-70.61 91.16-73.00 74.83-48.58 63.12-50.07 82.61-50.32 P/E Ratio 16.72-8.74 16.59-8.68 15.61-10.91 15.32-11.59 7.46-5.97 16.67-10.82 15.17-12.04 20.20-12.30 Average Yield % 0.78 0.74 0.75 0.74 0.75 0.91 0.71 0.77
Address: 3700 South Stonebridge Drive, McKinney, TX 75070 Telephone: 972-569-4000 Web Site: www.torchmarkcorp.com
Officers: Gary L. Coleman - Co-Chairman, Co-Chief Investor Contact: 972-569-3627 No of Institutions: 705 Executive Officer, Executive Vice President, Chief Financial Officer Larry M. Hutchison - Co-Chairman, Shares: 105,401,864 % Held: N/A Co-Chief Executive Officer, Executive Vice President, General Counsel Transfer Agents: Wells Fargo Shareowner Services, St. Paul, MN
116
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117
GRACO INC Exchange NYS
Symbol GGG
Price $61.35 (9/30/2020)
52Wk Range 61.35-39.46
Yield 1.14
3-for-1
*7 Year Price Score 126.90 *NYSE Composite Index=100 *12 Month Price Score 112.11 Interim Earnings (Per Share) Qtr. Mar Jun Sep 65 2017 0.35 0.46 0.43 60 2018 0.49 0.51 0.54 55 2019 0.51 0.51 0.49 50 2020 0.42 0.17 ... Interim Dividends (Per Share) 45 Amt Decl Ex Rec 40 0.175Q 12/06/2019 01/17/2020 01/21/2020 35 0.175Q 02/14/2020 04/17/2020 04/20/2020 30 0.175Q 06/11/2020 07/17/2020 07/20/2020 0.175Q 09/18/2020 10/16/2020 10/19/2020 25 Indicated Div: $0.70 20 Valuation Analysis 15 Forecast EPS $1.58 (09/01/2020) 10 Market Cap $10.2 Billion Book Value TRADING VOLUME (thousand shares) 400 Price/Book 9.96 Price/Sales 300 Dividend Achiever Status 200 10 Year Growth Rate 100 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 39.08 Dec 0.21 0.43 0.49 ...
Pay 02/05/2020 05/06/2020 08/05/2020 11/04/2020
$1.0 Billion 6.58
9.71% 20
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 3561 NAIC: 333911) Graco is a manufacturing company. Co. designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. Co. classifies its business into three segments: Industrial, which includes its Industrial Products and Applied Fluid Technologies divisions and markets equipment and solutions for moving and applying paints, coatings, sealants, adhesives and other fluids; Process, which includes its Process, Oil and Natural Gas, and Lubrication divisions and markets pumps, valves, meters and accessories; and Contractor, which markets sprayers for architectural coatings for painting, corrosion control, texture and line striping. Recent Developments: For the quarter ended June 26 2020, net income decreased 67.3% to US$28.8 million from US$88.1 million in the year-earlier quarter. Revenues were US$366.9 million, down 14.3% from US$428.3 million the year before. Operating income was US$44.8 million versus US$112.4 million in the prior-year quarter, a decrease of 60.2%. Direct operating expenses declined 8.4% to US$184.4 million from US$201.4 million in the comparable period the year before. Indirect operating expenses increased 20.2% to US$137.8 million from US$114.6 million in the equivalent prior-year period. Prospects: Our evaluation of Graco Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while GGG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that GGG will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/27/2019 12/28/2018 12/29/2017 12/30/2016 12/25/2015 12/26/2014 Earnings Per Share 1.57 1.91 2.00 1.97 1.45 0.24 1.95 1.22 Cash Flow Per Share 2.38 2.51 2.52 2.20 2.02 1.59 1.10 1.34 Tang Book Value Per Share 3.15 3.32 3.30 1.75 1.53 0.80 0.06 0.70 Dividends Per Share 0.670 0.655 0.640 0.530 0.480 0.440 0.400 0.367 Dividend Payout % 42.68 34.29 32.00 26.90 33.10 185.89 20.48 30.14 Income Statement Total Revenue 740,459 373,567 1,646,045 1,653,292 1,474,744 1,329,293 1,286,485 1,221,130 EBITDA 156,838 97,651 451,187 456,251 392,796 143,045 518,056 357,906 Depn & Amortn 26,966 13,062 32,200 31,100 29,500 28,800 25,700 24,100 Income Before Taxes 124,128 82,103 405,877 410,766 347,094 96,655 474,713 315,073 Income Taxes 22,478 9,285 62,024 69,712 94,682 55,981 129,000 89,500 Net Income 101,650 72,818 343,853 341,054 252,412 40,674 345,713 225,573 Average Shares 170,549 172,642 171,624 173,213 174,318 170,880 177,021 185,235 Balance Sheet Current Assets 1,038,292 1,048,772 791,468 723,216 631,926 503,362 509,017 859,507 Total Assets 1,962,459 1,947,340 1,692,210 1,472,741 1,379,205 1,243,109 1,391,352 1,544,778 Current Liabilities 310,380 311,763 285,322 299,803 234,426 177,985 194,616 174,480 Long-Term Obligations 400,000 400,000 164,298 266,391 226,035 305,685 392,695 615,000 Total Liabilities 935,491 928,682 667,279 720,868 656,142 669,289 755,801 948,746 Stockholders' Equity 1,026,968 1,018,658 1,024,931 751,873 723,063 573,820 635,551 596,032 Shares Outstanding 166,710 166,598 167,286 165,170 169,318 167,503 167,297 177,595 Statistical Record Return on Assets % 15.02 18.87 21.79 23.98 19.36 3.04 23.61 15.75 Return on Equity % 27.71 35.42 38.81 46.37 39.14 6.62 56.30 36.77 EBITDA Margin % 21.18 26.14 27.41 27.60 26.63 10.76 40.27 29.31 Net Margin % 13.73 19.49 20.89 20.63 17.12 3.06 26.87 18.47 Asset Turnover 0.86 0.92 1.04 1.16 1.13 0.99 0.88 0.85 Current Ratio 3.35 3.36 2.77 2.41 2.70 2.83 2.62 4.93 Debt to Equity 0.39 0.39 0.16 0.35 0.31 0.53 0.62 1.03 Price Range 56.86-39.46 56.86-39.46 53.34-40.28 49.07-37.38 45.63-27.70 28.67-21.19 27.14-21.60 27.14-22.00 P/E Ratio 36.22-25.13 29.77-20.66 26.67-20.14 24.91-18.97 31.47-19.10 119.47-88.28 13.92-11.08 22.25-18.04 Average Yield % 1.39 1.33 1.34 1.18 1.31 1.71 1.66 1.46
Address: 88 - 11th Avenue Northeast, Minneapolis, MN 55413 Telephone: 612-623-6000 Web Site: www.graco.com
Officers: Lee R. Mitau - Chairman Patrick J. McHale No of Institutions: 630 - President, Chief Executive Officer Transfer Agents: Shares: 160,942,992 % Held: 86.58 Wells Fargo Bank, N.A., St. Paul, MN
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HASBRO, INC. Exchange NMS
Symbol HAS
Price $82.72 (9/30/2020)
52Wk Range 122.39-44.73
Yield 3.29
P/E 27.85
*12 Month Price Score 90.39 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.54 0.53 2.09 (0.04) 2018 (0.90) 0.48 2.06 0.07 2019 0.21 0.11 1.67 2.06 2020 (0.51) (0.25) ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.68Q 12/05/2019 01/30/2020 02/01/2020 02/18/2020 0.68Q 02/05/2020 04/30/2020 05/01/2020 05/15/2020 0.68Q 05/14/2020 07/31/2020 08/03/2020 08/17/2020 0.68Q 07/29/2020 10/30/2020 11/02/2020 11/16/2020 Indicated Div: $2.72 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $3.30 (09/01/2020) Market Cap $11.3 Billion Book Value $2.6 Billion TRADING VOLUME (thousand shares) Price/Book 4.35 Price/Sales 2.28 Dividend Achiever Status 10 Year Growth Rate 12.81% Total Years of Dividend Growth 16 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 93.66 *NYSE Composite Index=100 130 120 110 100 90 80 70 60 50 40 30 750 500 250 0
2011
2012
2013
Business Summary: Leisure Equipment (MIC: 1.6.1 SIC: 3944 NAIC: 339932) Hasbro is a global play and entertainment company. Co.'s segments are: United States and Canada, which includes the marketing and selling of action figures, electronic toys and related electronic interactive products, among others, primarily within the United States and Canada; International, which markets and sells both toy and game products primarily in the European, Asia Pacific, and Latin and South American regions; Entertainment, Licensing and Digital, which includes consumer products licensing, digital gaming, movie and television entertainment operations; and Global Operations, which sources finished products for Co.'s United States and Canada and International segments. Recent Developments: For the quarter ended June 28 2020, net loss amounted to US$32.9 million versus net income of US$13.4 million in the year-earlier quarter. Revenues were US$860.3 million, down 12.6% from US$984.5 million the year before. Operating income was US$2.2 million versus US$128.3 million in the prior-year quarter, a decrease of 98.3%. Direct operating expenses declined 26.3% to US$253.2 million from US$343.7 million in the comparable period the year before. Indirect operating expenses increased 18.0% to US$604.9 million from US$512.5 million in the equivalent prior-year period. Prospects: Our evaluation of Hasbro Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while HAS has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that HAS will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/29/2019 12/30/2018 12/31/2017 12/25/2016 12/27/2015 12/28/2014 Earnings Per Share 2.97 3.33 4.05 1.74 3.12 4.34 3.57 3.20 Cash Flow Per Share 4.19 4.96 5.13 5.14 5.70 6.22 4.43 3.55 Tang Book Value Per Share N.M. N.M. 13.55 4.56 8.35 8.40 6.33 4.40 Dividends Per Share 2.720 2.720 2.670 2.460 2.220 1.990 1.810 1.690 Dividend Payout % 91.58 81.68 65.93 141.38 71.15 45.85 50.70 52.81 Income Statement Total Revenue 1,965,849 1,105,570 4,720,227 4,579,646 5,209,782 5,019,822 4,447,509 4,277,207 EBITDA 293,915 170,799 846,768 506,829 1,034,099 934,997 853,219 787,293 Depn & Amortn 310,921 192,623 180,787 167,958 171,836 154,470 155,327 157,966 Income Before Taxes (115,610) (71,882) 594,210 270,402 786,150 692,489 603,915 539,988 Income Taxes (14,902) (4,072) 73,756 49,968 389,543 159,338 157,043 126,678 Net Income (103,552) (69,637) 520,454 220,434 396,607 551,380 451,838 415,930 Average Shares 137,238 137,147 128,499 126,890 127,031 126,699 126,688 129,886 Balance Sheet Current Assets 3,185,667 3,318,503 6,747,521 3,082,504 3,633,926 3,227,607 2,865,598 2,719,100 Total Assets 10,222,050 10,424,359 8,855,628 5,262,988 5,289,983 5,091,366 4,720,717 4,532,142 Current Liabilities 1,981,565 1,738,556 1,257,082 1,274,324 1,251,697 1,617,859 1,064,647 1,074,934 Long-Term Obligations 4,802,509 5,156,290 4,046,457 1,695,092 1,693,609 1,198,679 1,547,115 1,559,895 Total Liabilities 7,618,043 7,695,135 5,860,098 3,508,502 3,460,026 3,228,630 3,056,815 3,066,478 Stockholders' Equity 2,604,007 2,729,224 2,995,530 1,754,486 1,829,957 1,862,736 1,663,902 1,465,664 Shares Outstanding 137,022 137,007 136,862 126,129 124,449 124,486 124,795 124,526 Statistical Record Return on Assets % 4.94 5.52 7.41 4.19 7.52 11.27 9.79 9.34 Return on Equity % 17.44 19.35 22.03 12.33 21.13 31.36 28.95 26.50 EBITDA Margin % 14.95 15.45 17.94 11.07 19.85 18.63 19.18 18.41 Net Margin % N.M. N.M. 11.03 4.81 7.61 10.98 10.16 9.72 Asset Turnover 0.65 0.66 0.67 0.87 0.99 1.03 0.96 0.96 Current Ratio 1.61 1.91 5.37 2.42 2.90 1.99 2.69 2.53 Debt to Equity 1.84 1.89 1.35 0.97 0.93 0.64 0.93 1.06 Price Range 126.07-44.73 126.07-44.73 126.07-77.90 108.99-78.02 115.95-77.62 87.94-66.96 83.15-51.91 59.20-48.08 P/E Ratio 42.45-15.06 37.86-13.43 31.13-19.23 62.64-44.84 37.16-24.88 20.26-15.43 23.29-14.54 18.50-15.02 Average Yield % 2.88 2.69 2.64 2.63 2.28 2.47 2.58 3.13 Address: 1027 Newport Avenue, Officers: Brian D. Goldner - Chairman, President, No of Institutions: 870 Pawtucket, RI 02861 Chief Executive Officer, Chief Operating Officer John Shares: 147,491,520 % Held: 91.29 Telephone: 401-431-8697 A. Frascotti - President, President (frmr), Chief Web Site: www.hasbro.com Operating Officer, Division Officer Transfer Agents: Computershare Trust Company, N.A., Providence, RI
121
HAWKINS INC Exchange NMS
Symbol HWKN
Price $46.10 (9/30/2020)
52Wk Range 59.28-28.11
Yield 2.02
*7 Year Price Score 94.70 *NYSE Composite Index=100 *12 Month Price Score 118.42 Interim Earnings (Per Share) Qtr. Jun Sep Dec 120 115 2017-18 0.55 0.49 1.61 110 2018-19 0.85 0.69 0.39 105 2019-20 0.92 0.87 0.43 100 95 2020-21 1.11 ... ... 90 Interim Dividends (Per Share) 85 80 Amt Decl Ex Rec 75 0.23Q 10/31/2019 11/14/2019 11/15/2019 70 0.233Q 02/06/2020 02/20/2020 02/21/2020 65 60 0.233Q 05/20/2020 06/04/2020 06/05/2020 55 0.233Q 07/30/2020 08/13/2020 08/14/2020 50 Indicated Div: $0.93 45 40 Valuation Analysis 35 Forecast EPS $3.23 (08/15/2020) 30 25 Market Cap $484.8 Million Book Value TRADING VOLUME (thousand shares) 30 Price/Book 1.99 Price/Sales 20 Dividend Achiever Status 10 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 16.18 Mar (3.51) 0.35 0.44 ...
Pay 11/29/2019 03/06/2020 06/19/2020 08/28/2020
$243.4 Million 0.90
5.47% 14
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 5169 NAIC: 424690) Hawkins distributes, blends and manufactures chemicals and ingredients. Co. segments are: Industrial, which provides industrial chemicals, products and services such as acids, alkalis and industrial and food-grade salts; Water Treatment, which provides chemicals, equipment and solutions for potable water, municipal and industrial wastewater, industrial process water and non-residential swimming pool water; and Health and Nutrition, which provides ingredient distribution, processing and formulation solutions to manufacturers of nutraceutical, functional food and beverage, personal care, dietary supplement and other nutritional food, health and wellness products. Recent Developments: For the quarter ended June 28 2020, net income increased 20.2% to US$11.8 million from US$9.8 million in the year-earlier quarter. Revenues were US$143.2 million, down 2.8% from US$147.3 million the year before. Operating income was US$15.9 million versus US$14.0 million in the prior-year quarter, an increase of 14.2%. Direct operating expenses declined 5.4% to US$112.2 million from US$118.5 million in the comparable period the year before. Indirect operating expenses increased 1.4% to US$15.0 million from US$14.8 million in the equivalent prior-year period. Prospects: Our evaluation of Hawkins Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and HWKN has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that HWKN will perform poorly over the near term. Financial Data (US$ in Thousands) 3 Mos 03/29/2020 03/31/2019 04/01/2018 04/02/2017 04/03/2016 03/29/2015 03/30/2014 Earnings Per Share 2.85 2.66 2.28 (0.86) 2.13 1.72 1.81 1.71 Cash Flow Per Share 4.79 5.58 4.52 2.59 4.27 3.40 1.96 3.29 Tang Book Value Per Share 11.94 10.88 8.85 6.83 4.10 1.93 16.19 15.76 Dividends Per Share 0.925 0.922 0.680 0.880 0.840 0.800 0.760 0.720 Dividend Payout % 32.46 34.68 29.82 ... 39.44 46.51 41.99 42.11 Income Statement Total Revenue 143,172 540,198 556,326 504,169 483,593 413,976 364,023 348,263 EBITDA 21,899 63,144 58,769 10,767 59,703 46,716 43,431 40,695 Depn & Amortn 5,484 21,677 21,878 22,526 21,011 15,545 13,015 12,605 Income Before Taxes 16,035 38,956 33,530 (15,076) 36,048 30,366 30,454 28,061 Income Taxes 4,247 10,589 9,097 (5,899) 13,493 12,223 11,240 9,967 Net Income 11,788 28,367 24,433 (9,177) 22,555 18,143 19,214 18,094 Average Shares 10,642 10,654 10,726 10,643 10,596 10,578 10,633 10,599 Balance Sheet Current Assets 140,405 131,031 139,409 134,982 120,919 137,288 114,340 114,627 Total Assets 399,462 389,328 385,599 390,991 418,584 436,491 248,462 237,193 Current Liabilities 56,681 62,220 55,396 60,567 55,672 59,765 36,343 35,829 Long-Term Obligations 55,775 49,751 74,658 90,762 94,626 123,616 ... ... Total Liabilities 156,033 155,844 167,738 188,744 200,756 235,516 54,498 54,780 Stockholders' Equity 243,429 233,484 217,861 202,247 217,828 200,975 193,964 182,413 Shares Outstanding 10,515 10,512 10,592 10,631 10,582 10,512 10,564 10,562 Statistical Record Return on Assets % 7.60 7.34 6.31 N.M. 5.29 5.21 7.93 7.90 Return on Equity % 13.00 12.60 11.66 N.M. 10.80 9.04 10.24 10.29 EBITDA Margin % 15.30 11.69 10.56 2.14 12.35 11.28 11.93 11.69 Net Margin % 8.23 5.25 4.39 N.M. 4.66 4.38 5.28 5.20 Asset Turnover 1.34 1.40 1.44 1.25 1.13 1.19 1.50 1.52 Current Ratio 2.48 2.11 2.52 2.23 2.17 2.30 3.15 3.20 Debt to Equity 0.23 0.21 0.34 0.45 0.43 0.62 ... ... Price Range 46.91-28.11 46.91-28.11 43.64-31.10 52.65-32.15 54.70-36.21 42.95-30.70 44.29-33.32 43.80-33.68 P/E Ratio 16.46-9.86 17.64-10.57 19.14-13.64 ... 25.68-17.00 24.97-17.85 24.47-18.41 25.61-19.70 Average Yield % 2.26 2.24 1.78 2.16 1.86 2.10 2.03 1.91
Address: 2381 Rosegate, Roseville, MN Officers: John S. McKeon - Chairman Patrick H. Hawkins - President, Chief Executive Officer 55113 Transfer Agents:Wells Fargo Bank Minnesota, N.A. Telephone: 612-331-6910 Web Site: www.hawkinsinc.com
122
Investor Contact: 612-331-6910 No of Institutions: 183 Shares: 7,883,671 % Held: 64.92
HEALTHCARE SERVICES GROUP, INC. Exchange NMS
Symbol HCSG
Price $21.53 (9/30/2020)
60 56 52 48 44 40 36 32 28 24 20 16 12 400 300 200 100 0
2011
2012
2013
52Wk Range 31.01-17.80
Yield 3.79
*12 Month Price Score 90.63 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.30 0.30 0.31 2018 0.00 0.35 0.35 2019 0.12 0.24 0.25 2020 0.27 0.31 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.20Q 10/22/2019 11/21/2019 11/22/2019 0.201Q 02/11/2020 02/27/2020 02/28/2020 0.203Q 04/21/2020 05/21/2020 05/22/2020 0.204Q 07/21/2020 08/20/2020 08/21/2020 Indicated Div: $0.81 Valuation Analysis Forecast EPS $1.12 (09/02/2020) Market Cap $1.6 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 3.56 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 62.25 *NYSE Composite Index=100
P/E 19.75 Dec 0.27 0.42 0.26 ...
Pay 12/27/2019 03/27/2020 06/26/2020 09/25/2020
$449.7 Million 0.89
4.85% 16
Business Summary: Business Services (MIC: 7.5.2 SIC: 7349 NAIC: 561720) Healthcare Services Group provides management, administrative and operating capabilities and services to the housekeeping, laundry, linen, facility maintenance and dietary service departments of healthcare facilities. Co.'s segments are: housekeeping, laundry, linen and other services, which is responsible for the cleaning, disinfecting and sanitizing of resident rooms, as well as the laundering and processing of the bed linens, uniforms, resident personal clothing and other assorted linen items utilized at the clients' facilities; and dietary department services, which is responsible for food purchasing, meal preparation and professional dietitian services. Recent Developments: For the quarter ended June 30 2020, net income increased 27.0% to US$23.1 million from US$18.2 million in the year-earlier quarter. Revenues were US$452.0 million, down 2.2% from US$462.1 million the year before. Direct operating expenses declined 3.2% to US$387.5 million from US$400.5 million in the comparable period the year before. Indirect operating expenses increased 7.4% to US$41.5 million from US$38.6 million in the equivalent prior-year period. Prospects: Our evaluation of Healthcare Services Group Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and HCSG has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that HCSG will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.09 1.02 0.87 1.12 1.19 1.05 0.80 0.31 Cash Flow Per Share 2.22 1.19 1.26 1.08 0.10 0.57 0.88 0.82 Tang Book Value Per Share 5.08 4.92 5.22 4.92 4.33 3.86 3.26 2.97 Dividends Per Share 0.802 0.797 0.792 0.772 0.752 0.733 0.713 0.693 Dividend Payout % 73.62 78.19 91.09 68.97 63.24 69.76 89.06 223.39 Income Statement Total Revenue 901,179 449,150 1,840,778 2,008,821 1,866,131 1,562,662 1,436,849 1,293,183 EBITDA 63,992 34,927 87,579 105,137 131,889 122,553 93,471 34,026 Depn & Amortn 6,050 2,950 9,700 4,900 5,000 4,800 4,419 3,946 Income Before Taxes 57,194 26,782 85,096 99,910 132,965 120,387 89,764 31,708 Income Taxes 13,903 6,592 20,515 16,386 44,739 42,991 31,740 9,858 Net Income 43,291 20,190 64,581 83,524 88,226 77,396 58,024 21,850 Average Shares 74,761 74,767 74,590 74,612 74,348 73,474 72,512 71,341 Balance Sheet Current Assets 523,541 520,556 515,732 508,136 527,406 414,624 365,946 334,828 Total Assets 736,688 732,077 722,592 692,603 676,003 528,446 480,949 469,579 Current Liabilities 169,495 186,284 148,651 163,391 184,168 100,871 96,065 117,959 Total Liabilities 287,001 293,898 262,287 251,823 276,051 189,604 184,493 193,749 Stockholders' Equity 449,687 438,179 460,305 440,780 399,952 338,842 296,456 275,830 Shares Outstanding 74,421 74,416 74,149 73,877 73,436 72,601 72,034 71,057 Statistical Record Return on Assets % 11.13 10.39 9.13 12.21 14.65 15.29 12.21 4.88 Return on Equity % 17.91 17.17 14.33 19.87 23.88 24.30 20.28 7.79 EBITDA Margin % 7.10 7.78 4.76 5.23 7.07 7.84 6.51 2.63 Net Margin % 4.80 4.50 3.51 4.16 4.73 4.95 4.04 1.69 Asset Turnover 2.49 2.49 2.60 2.94 3.10 3.09 3.02 2.89 Current Ratio 3.09 2.79 3.47 3.11 2.86 4.11 3.81 2.84 Price Range 31.26-17.80 34.56-17.80 44.09-21.27 56.01-36.06 55.11-38.62 41.94-32.68 38.33-29.70 31.79-25.59 P/E Ratio 28.68-16.33 33.88-17.45 50.68-24.45 50.01-32.20 46.31-32.45 39.94-31.12 47.91-37.13 102.55-82.55 Average Yield % 3.23 2.93 2.62 1.79 1.57 1.95 2.13 2.42
Address: 3220 Tillman Drive, Suite 300, Bensalem, PA 19020 Telephone: 215-639-4274 Web Site: www.hcsgcorp.com
Officers: Jude Visconto - Chairman Andew W. Kush - Investor Contact: 215-639-4274 Executive Vice President, Chief Administrative Officer No of Institutions: 380 Transfer Agents:American Stock Transfer & Trust Shares: 103,981,416 % Held: 93.76 Company , New York, NY
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HELMERICH & PAYNE, INC. Exchange NYS
Symbol HP
Price $14.65 (9/30/2020)
150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 1200 800 400 0
2011
2012
2013
52Wk Range 47.15-12.80
Yield 6.83
*12 Month Price Score 57.08 Interim Earnings (Per Share) Qtr. Dec Mar Jun 2016-17 (0.33) (0.45) (0.21) 2017-18 4.55 (0.12) (0.08) 2018-19 0.17 0.55 (1.42) 2019-20 0.27 (3.88) (0.43) Interim Dividends (Per Share) Amt Decl Ex Rec 0.71Q 12/13/2019 02/07/2020 02/10/2020 0.71Q 03/04/2020 05/08/2020 05/11/2020 0.25Q 06/03/2020 08/14/2020 08/17/2020 0.25Q 09/09/2020 11/12/2020 11/13/2020 Indicated Div: $1.00 Valuation Analysis Forecast EPS $-1.28 (09/03/2020) Market Cap $1.6 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.46 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 41.43 *NYSE Composite Index=100
P/E N/A Sep (0.21) 0.02 0.37 ...
Pay 03/02/2020 06/01/2020 08/31/2020 12/01/2020
$3.4 Billion 0.71
30.39% 43
Business Summary: Equipment & Services (MIC: 9.1.3 SIC: 1381 NAIC: 213111) Helmerich & Payne provides drilling services and technologies for oil and gas exploration and production companies. Co.'s contract drilling business segments are: United States Land, which operates in Colorado, Louisiana, Ohio, Oklahoma, Montana, New Mexico, North Dakota, Pennsylvania, Texas, Utah, West Virginia and Wyoming; Offshore, which operates in United States federal waters in the Gulf of Mexico; and International Land, which has rigs in Argentina, Bahrain, Colombia and United Arab Emirates. Co.'s drilling technology-based business segment, Helmerich & Payne Technologies, is focused on developing, promoting and commercializing technologies designed to improve the drilling operations. Recent Developments: For the quarter ended June 30 2020, loss from continuing operations was US$46.0 million compared with a loss of US$154.6 million in the year-earlier quarter. Net loss amounted to US$45.6 million versus a net loss of US$154.7 million in the year-earlier quarter. Revenues were US$317.4 million, down 53.9% from US$688.0 million the year before. Operating loss was US$57.6 million versus a loss of US$167.9 million in the prior-year quarter. Direct operating expenses declined 53.5% to US$206.7 million from US$444.5 million in the comparable period the year before. Indirect operating expenses decreased 59.1% to US$168.2 million from US$411.3 million in the equivalent prior-year period. Prospects: Our evaluation of Helmerich & Payne Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and HP has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that HP will perform over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share (3.67) (4.66) (0.23) (0.34) 4.37 (1.20) (0.54) 3.87 Cash Flow Per Share 5.98 6.26 6.98 7.84 5.00 3.29 6.96 13.17 Tang Book Value Per Share 30.40 31.01 34.96 35.44 38.94 37.40 42.20 45.44 Dividends Per Share 2.840 2.840 2.840 2.840 2.810 2.800 2.763 2.750 Dividend Payout % ... ... ... ... 64.30 ... ... 71.06 Income Statement Total Revenue 1,565,660 1,248,296 614,657 2,798,490 2,487,268 1,804,741 1,624,232 3,165,441 EBITDA (172,672) (223,199) 177,397 521,398 615,891 414,777 545,667 1,281,841 Depn & Amortn 368,158 259,400 128,644 556,900 583,802 585,543 598,587 606,992 Income Before Taxes (552,599) (489,014) 44,867 (51,222) 15,841 (184,598) (72,667) 665,647 Income Taxes (116,853) (99,275) 14,138 (18,712) (477,169) (56,735) (19,677) 243,375 Net Income (435,534) (389,935) 30,605 (33,656) 482,672 (128,212) (56,828) 422,225 Average Shares 107,439 108,557 108,724 109,216 109,387 108,500 107,996 108,570 Balance Sheet Current Assets 990,544 1,120,116 1,154,644 1,115,086 1,115,550 1,235,267 1,572,686 1,439,007 Total Assets 4,962,326 5,176,754 5,841,510 5,839,515 6,214,867 6,439,988 6,832,019 7,152,012 Current Liabilities 242,167 377,419 419,347 410,238 377,168 344,385 330,120 351,228 Long-Term Obligations 480,269 479,811 479,355 479,356 493,968 492,902 491,847 492,443 Total Liabilities 1,566,269 1,715,748 1,865,973 1,827,292 1,832,132 2,275,397 2,271,094 2,254,560 Stockholders' Equity 3,396,057 3,461,006 3,975,537 4,012,223 4,382,735 4,164,591 4,560,925 4,897,452 Shares Outstanding 107,471 107,418 108,877 108,437 108,993 108,604 108,077 107,767 Statistical Record Return on Assets % N.M. N.M. N.M. N.M. 7.63 N.M. N.M. 6.09 Return on Equity % N.M. N.M. N.M. N.M. 11.29 N.M. N.M. 8.63 EBITDA Margin % N.M. N.M. 28.86 18.63 24.76 22.98 33.60 40.49 Net Margin % N.M. N.M. 4.98 N.M. 19.41 N.M. N.M. 13.34 Asset Turnover 0.41 0.46 0.45 0.46 0.39 0.27 0.23 0.46 Current Ratio 4.09 2.97 2.75 2.72 2.96 3.59 4.76 4.10 Debt to Equity 0.14 0.14 0.12 0.12 0.11 0.12 0.11 0.10 Price Range 52.15-12.80 64.51-12.80 64.51-36.36 72.94-36.36 74.33-50.02 83.46-42.34 69.77-42.85 97.87-46.50 P/E Ratio ... ... ... ... 17.01-11.45 ... ... 25.29-12.02 Average Yield % 8.16 6.51 5.88 5.29 4.40 4.48 4.75 4.01 Address: 1437 South Boulder Avenue, Officers: Hans Helmerich - Chairman, President, Investor Contact: 918-588-5207 Suite 1400, Tulsa, OK 74119 Chief Executive Officer John W. Lindsay - President, No of Institutions: 686 Shares: 129,222,944 % Held: 88.64 Telephone: 918-742-5531 Chief Executive Officer, Executive Vice President, Web Site: www.hpinc.com Chief Operating Officer Transfer Agents: Computershare Investor Services LLC, Providence, RI
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126
HILLENBRAND INC Exchange NYS
Symbol HI
Price $28.36 (9/30/2020)
52Wk Range 33.94-14.29
Yield 3.00
*7 Year Price Score 71.93 *NYSE Composite Index=100 *12 Month Price Score 109.19 Interim Earnings (Per Share) Qtr. Dec Mar Jun 60 2016-17 0.34 0.52 0.52 56 2017-18 0.28 (0.34) 0.56 52 2018-19 0.45 0.60 0.48 48 2019-20 (0.05) (0.99) 0.32 44 Interim Dividends (Per Share) 40 Amt Decl Ex Rec 36 0.212Q 12/05/2019 12/16/2019 12/17/2019 0.212Q 02/13/2020 03/16/2020 03/17/2020 32 0.212Q 05/04/2020 06/15/2020 06/16/2020 28 0.212Q 08/27/2020 09/15/2020 09/16/2020 24 Indicated Div: $0.85 20 Valuation Analysis 16 Forecast EPS $2.31 (08/22/2020) 12 Market Cap $2.1 Billion Book Value TRADING VOLUME (thousand shares) 300 Price/Book 2.04 Price/Sales 200 Dividend Achiever Status 100 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E N/A Sep 0.60 0.70 0.40 ...
Pay 12/31/2019 03/31/2020 06/30/2020 09/30/2020
$1.0 Billion 0.92
1.27% 11
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 3999 NAIC: 423830) Hillenbrand is a global industrial company with several brands that serve a variety of industries. Co.'s segments are: Process Equipment Group, which designs, engineers, manufactures, markets, and services process and material handling equipment and systems for a variety of industries, including plastics, food and pharmaceuticals, chemicals, fertilizers, minerals and mining, energy, wastewater treatment, forest products, and other general industrials; and Batesville®, which is engaged in the death care industry in North America, where it designs, manufactures, distributes, and sells funeral service products and solutions to funeral directors operating funeral homes. Recent Developments: For the quarter ended June 30 2020, net income decreased 21.1% to US$25.0 million from US$31.7 million in the year-earlier quarter. Revenues were US$607.5 million, up 36.0% from US$446.6 million the year before. Direct operating expenses rose 34.2% to US$400.2 million from US$298.2 million in the comparable period the year before. Indirect operating expenses increased 35.7% to US$134.9 million from US$99.4 million in the equivalent prior-year period. Prospects: Our evaluation of Hillenbrand Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while HI has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that HI will perform poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share (0.32) (0.16) 1.43 1.92 1.20 1.97 1.77 1.74 Cash Flow Per Share 2.52 2.37 2.36 2.84 3.94 3.87 3.75 1.66 Dividends Per Share 0.848 0.845 0.843 0.840 0.830 0.820 0.810 0.800 Dividend Payout % ... ... 58.92 43.75 69.17 41.62 45.76 45.98 Income Statement Total Revenue 1,823,300 1,215,800 566,900 1,807,300 1,770,100 1,590,200 1,538,400 1,596,800 EBITDA 25,000 (48,500) 700 227,300 193,200 239,300 214,700 214,400 Depn & Amortn 2,500 1,400 500 23,200 23,400 25,400 25,600 26,200 Income Before Taxes (30,300) (83,600) (13,200) 176,700 146,500 188,700 163,800 164,400 Income Taxes 17,700 (10,600) (12,400) 50,500 65,300 59,900 47,300 49,100 Net Income (53,100) (77,100) (3,100) 121,400 76,600 126,200 112,800 111,400 Average Shares 75,100 75,100 68,400 63,300 63,800 64,000 63,800 63,900 Balance Sheet Current Assets 1,244,500 1,364,100 1,222,100 1,023,200 610,600 593,600 600,300 604,100 Total Assets 4,029,900 4,190,700 4,420,700 2,228,600 1,864,600 1,956,500 1,960,900 1,808,100 Current Liabilities 769,000 805,200 879,800 589,300 531,700 511,700 433,700 404,200 Long-Term Obligations 1,674,800 1,826,600 1,822,600 619,500 344,600 446,900 596,300 518,700 Total Liabilities 2,993,300 3,181,700 3,293,600 1,474,500 1,133,500 1,205,100 1,328,600 1,214,000 Stockholders' Equity 1,036,600 1,009,000 1,127,100 754,100 731,100 751,400 632,300 594,100 Shares Outstanding 74,700 74,700 74,700 62,700 62,300 63,100 63,000 62,900 Statistical Record Return on Assets % N.M. N.M. 2.86 5.93 4.01 6.44 5.97 5.98 Return on Equity % N.M. N.M. 9.67 16.35 10.33 18.24 18.35 18.92 EBITDA Margin % 1.37 N.M. 0.12 12.58 10.91 15.05 13.96 13.43 Net Margin % N.M. N.M. N.M. 6.72 4.33 7.94 7.33 6.98 Asset Turnover 0.78 0.71 0.62 0.88 0.93 0.81 0.81 0.86 Current Ratio 1.62 1.69 1.39 1.74 1.15 1.16 1.38 1.49 Debt to Equity 1.62 1.81 1.62 0.82 0.47 0.59 0.94 0.87 Price Range 39.98-14.29 43.23-14.29 45.78-26.16 53.07-26.16 52.70-38.30 39.35-29.10 32.99-24.65 34.71-25.28 P/E Ratio ... ... 32.01-18.29 27.64-13.63 43.92-31.92 19.97-14.77 18.64-13.93 19.95-14.53 Average Yield % 3.02 2.61 2.32 2.11 1.80 2.29 2.72 2.61
Address: One Batesville Boulevard, Batesville, IN 47006 Telephone: 812-934-7500 Web Site: www.hillenbrand.com
Officers: F. Joseph Loughrey - Chairman Joe Anthony Investor Contact: 812-931-6000 No of Institutions: 335 Raver - President, Chief Executive Officer, Senior Shares: 76,873,784 % Held: 87.23 Vice President, Division Officer Transfer Agents: Computershare Trust Company, N. A., Providence, RI
127
HOLLY ENERGY PARTNERS LP Exchange NYS
Symbol HEP
Price $12.13 (9/30/2020)
2-for-1
75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 400 300 200 100 0
2011
2012
2013
52Wk Range 25.31-7.52
Yield 11.54
*12 Month Price Score 75.59 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.13 0.36 0.66 2018 0.44 0.38 0.43 2019 0.49 0.43 0.78 2020 0.24 0.73 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.672Q 10/17/2019 10/25/2019 10/28/2019 0.672Q 01/23/2020 01/31/2020 02/03/2020 0.35Q 04/23/2020 05/01/2020 05/04/2020 0.35Q 07/23/2020 07/31/2020 08/03/2020 Indicated Div: $1.40 Valuation Analysis Forecast EPS $1.82 (08/26/2020) Market Cap $1.3 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 25.05 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 53.81 *NYSE Composite Index=100
P/E 5.56 Dec 1.12 0.45 0.43 ...
Pay 11/12/2019 02/13/2020 05/14/2020 08/13/2020
$51.1 Million 2.51
5.57% 15
Business Summary: Equipment & Services (MIC: 9.1.3 SIC: 4612 NAIC: 486110) Holly Energy Partners operates a system of petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities and refinery processing units in Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Idaho and Washington. Co.'s segments include: Pipelines and Terminals, which transports and receives refined products from HollyFrontier Corporation's Navajo refinery in New Mexico and Delek US Holdings, Inc.'s Big Spring refinery in Texas; and Refinery Processing Units, which are used to support their daily operations that chemically transform crude oil into various petroleum products, including gasoline, diesel, liquefied petroleum gases, and asphalt. Recent Developments: For the quarter ended June 30 2020, net income increased 65.3% to US$78.0 million from US$47.2 million in the year-earlier quarter. Revenues were US$114.8 million, down 12.2% from US$130.8 million the year before. Operating income was US$52.5 million versus US$63.9 million in the prior-year quarter, a decrease of 17.9%. Direct operating expenses declined 14.4% to US$34.7 million from US$40.6 million in the comparable period the year before. Indirect operating expenses increased 5.1% to US$27.6 million from US$26.2 million in the equivalent prior-year period. Prospects: Our evaluation of Holly Energy Partners L.P. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and HEP has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that HEP will perform over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.18 1.88 2.13 1.70 2.28 1.69 1.60 1.20 Cash Flow Per Share 2.72 2.88 2.82 2.81 3.39 4.04 3.97 3.18 Dividends Per Share 2.368 2.688 2.683 2.630 2.505 2.320 2.168 2.045 Dividend Payout % 108.60 142.95 125.94 154.71 109.87 137.28 135.47 170.42 Income Statement Total Revenue 242,661 127,854 532,777 506,220 454,362 402,043 358,875 332,545 EBITDA 170,928 61,883 381,863 333,679 318,707 258,674 236,045 201,859 Depn & Amortn 43,341 21,099 82,600 83,300 71,100 62,900 55,400 54,700 Income Before Taxes 101,072 25,235 227,957 180,588 189,650 143,662 143,753 111,061 Income Taxes 76 37 41 26 249 285 228 235 Net Income 101,331 24,861 224,884 178,847 195,040 147,584 137,208 105,525 Average Shares 105,440 105,440 105,440 105,042 70,291 59,872 58,657 58,657 Balance Sheet Current Assets 91,594 80,874 89,363 66,474 74,391 56,953 61,142 47,342 Total Assets 2,221,783 2,188,284 2,199,232 2,102,540 2,154,114 1,884,237 1,534,456 1,401,555 Current Liabilities 56,617 54,692 68,605 57,897 55,485 64,735 48,924 44,202 Long-Term Obligations 1,486,648 1,502,154 1,532,506 1,418,900 1,507,308 1,243,912 1,008,752 867,579 Total Liabilities 1,789,998 1,799,898 1,818,129 1,675,105 1,760,155 1,506,003 1,245,784 1,081,193 Stockholders' Equity 51,062 50,227 ... ... ... ... ... ... Shares Outstanding 105,440 105,440 105,440 105,440 101,568 62,780 58,657 58,657 Statistical Record Return on Assets % 10.50 9.13 10.46 8.40 9.66 8.61 9.35 7.58 Return on Equity % 464.33 408.70 ... ... ... ... ... ... EBITDA Margin % 70.44 48.40 71.67 65.92 70.14 64.34 65.77 60.70 Net Margin % 41.76 19.44 42.21 35.33 42.93 36.71 38.23 31.73 Asset Turnover 0.23 0.24 0.25 0.24 0.23 0.23 0.24 0.24 Current Ratio 1.62 1.48 1.30 1.15 1.34 0.88 1.25 1.07 Debt to Equity 29.11 29.91 ... ... ... ... ... ... Price Range 30.58-7.52 30.58-7.52 30.74-21.26 33.67-26.50 37.84-30.32 36.83-22.50 36.30-26.62 37.18-28.79 P/E Ratio 14.03-3.45 16.27-4.00 14.43-9.98 19.81-15.59 16.60-13.30 21.79-13.31 22.69-16.64 30.98-23.99 Average Yield % 11.14 11.01 10.07 8.80 7.37 7.21 6.72 6.09 Address: 2828 N. Harwood, Suite 1300, Officers: Michael C. Jennings - Chairman, Chief Investor Contact: 214-954-6511 No of Institutions: 155 Dallas, TX 75201-1507 Executive Officer, Chief Executive Officer (frmr), Telephone: 214-871-3555 Holding/Parent Company Officer, Associate/Affiliate Shares: 44,920,756 % Held: 57.15 Web Site: www.hollyenergy.com Company Officer Richard L. Voliva - President, Executive Vice President, Chief Financial Officer, Holding/Parent Company Officer, Associate/Affiliate Company Officer Transfer Agents: Wells Fargo Shareowner Services, Saint Paul, MN
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HORMEL FOODS CORP. Exchange NYS
Symbol HRL
Price $48.89 (9/30/2020)
52Wk Range 52.71-40.08
Yield 1.90
P/E 28.59
2-for-1
2-for-1
*7 Year Price Score 117.78 *NYSE Composite Index=100 *12 Month Price Score 105.91 Interim Earnings (Per Share) Qtr. Jan Apr Jul Oct 56 2016-17 0.44 0.39 0.34 0.40 52 2017-18 0.56 0.44 0.39 0.48 48 2018-19 0.44 0.52 0.37 0.47 44 2019-20 0.45 0.42 0.37 ... 40 Interim Dividends (Per Share) 36 Amt Decl Ex Rec Pay 32 0.233Q 11/25/2019 01/10/2020 01/13/2020 02/18/2020 0.233Q 03/23/2020 04/09/2020 04/13/2020 05/15/2020 28 0.233Q 05/18/2020 07/10/2020 07/13/2020 08/17/2020 24 0.233Q 09/29/2020 10/16/2020 10/19/2020 11/16/2020 20 Indicated Div: $0.93 (Div. Reinv. Plan) 16 Valuation Analysis 12 Forecast EPS $1.67 (09/01/2020) 8 Market Cap $26.4 Billion Book Value $6.3 Billion TRADING VOLUME (thousand shares) 1200 Price/Book 4.21 Price/Sales 2.72 800 Dividend Achiever Status 400 10 Year Growth Rate 16.03% 0 Total Years of Dividend Growth 53 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Food (MIC: 1.2.1 SIC: 2011 NAIC: 311611) Hormel Foods is primarily engaged in the production of meat and food products and the marketing of those products throughout the United States and internationally. Co.'s segments are: Grocery Products, which consists of the processing, marketing, and sale of shelf-stable food products; Refrigerated Foods, which consists of the processing, marketing, and sale of branded and unbranded pork, beef, chicken, and turkey products; Jennie-O Turkey Store, which consists of the processing, marketing, and sale of branded and unbranded turkey products; and International and Other, which includes Hormel Foods International Corporation that manufactures, markets, and sells Co.'s products internationally. Recent Developments: For the quarter ended Apr 26 2020, net income decreased 19.5% to US$227.6 million from US$282.6 million in the year-earlier quarter. Revenues were US$2.42 billion, up 3.3% from US$2.34 billion the year before. Operating income was US$293.5 million versus US$312.4 million in the prior-year quarter, a decrease of 6.1%. Direct operating expenses rose 3.7% to US$1.95 billion from US$1.88 billion in the comparable period the year before. Indirect operating expenses increased 17.3% to US$183.9 million from US$156.8 million in the equivalent prior-year period. Prospects: Our evaluation of Hormel Foods Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and HRL has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that HRL will perform very poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 10/27/2019 10/28/2018 10/29/2017 10/30/2016 10/25/2015 Earnings Per Share 1.71 1.71 1.81 1.80 1.86 1.57 1.64 1.27 Cash Flow Per Share 2.28 2.05 1.73 1.73 2.35 1.91 1.85 1.88 Tang Book Value Per Share 4.77 4.56 4.79 4.50 3.14 3.39 3.24 2.78 Dividends Per Share 0.907 0.885 0.863 0.840 0.750 0.680 0.580 0.500 Dividend Payout % 53.07 51.75 47.65 46.67 40.32 43.31 35.37 39.37 Income Statement Total Revenue 7,188,357 4,806,899 2,384,434 9,497,317 9,545,700 9,167,519 9,523,224 9,263,863 EBITDA 947,454 656,257 322,229 1,322,274 1,314,460 1,380,239 1,425,565 1,185,009 Depn & Amortn 149,774 99,917 49,329 165,210 174,511 139,360 140,355 141,576 Income Before Taxes 810,171 559,043 282,574 1,170,514 1,122,312 1,239,055 1,278,530 1,033,256 Income Taxes 162,186 106,083 47,209 230,567 168,702 431,542 426,698 369,879 Net Income 673,726 470,606 242,872 978,806 1,012,140 846,735 890,052 686,088 Average Shares 547,149 546,373 544,815 545,232 543,869 539,116 542,473 541,002 Balance Sheet Current Assets 3,409,774 2,248,896 2,394,967 2,361,413 2,050,100 2,026,523 2,029,912 2,063,032 Total Assets 9,600,472 8,395,181 8,290,109 8,109,004 8,142,292 6,975,908 6,370,067 6,139,831 Current Liabilities 1,427,051 1,324,595 1,023,085 1,105,049 1,138,914 1,058,212 1,053,196 1,214,025 Long-Term Obligations 1,046,821 56,861 308,972 250,000 624,840 250,000 250,000 250,000 Total Liabilities 3,333,047 2,233,119 2,198,346 2,187,546 2,541,481 2,040,001 1,922,061 2,141,633 Stockholders' Equity 6,267,425 6,162,061 6,091,764 5,921,458 5,600,811 4,935,907 4,448,006 3,998,198 Shares Outstanding 539,387 538,949 537,414 534,488 534,135 528,423 528,483 528,411 Statistical Record Return on Assets % 10.59 11.34 11.92 12.08 13.43 12.69 14.00 11.87 Return on Equity % 15.29 15.35 16.62 17.04 19.26 18.05 20.73 18.10 EBITDA Margin % 13.18 13.65 13.51 13.92 13.77 15.06 14.97 12.79 Net Margin % 9.37 9.79 10.19 10.31 10.60 9.24 9.35 7.41 Asset Turnover 1.10 1.18 1.16 1.17 1.27 1.37 1.50 1.60 Current Ratio 2.39 1.70 2.34 2.14 1.80 1.92 1.93 1.70 Debt to Equity 0.17 0.01 0.05 0.04 0.11 0.05 0.06 0.06 Price Range 50.55-40.08 50.51-38.80 47.23-38.80 45.89-38.80 42.44-30.15 38.50-30.27 44.47-33.09 34.24-25.07 P/E Ratio 29.56-23.44 29.54-22.69 26.09-21.44 25.49-21.56 22.82-16.21 24.52-19.28 27.12-20.17 26.96-19.74 Average Yield % 2.01 2.05 2.04 1.99 2.07 1.99 1.52 1.75 Officers: James P. Snee - Chairman, President, Chief Investor Contact: 507-437-5248 Address: 1 Hormel Place, Austin, MN 888 No of Institutions: Executive Officer, Chief Operating Officer, Vice 55912-3680 Shares: 277,044,352 % Held: 47.77 Telephone: 507-437-5611 President, Group Vice President, Division Officer Web Site: www.hormel.com Glenn R. Leitch - Executive Vice President, Group Vice President, Division Officer Transfer Agents: Wells Fargo Shareowner Services, Mendota Heights, MN
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HUNT (J.B.) TRANSPORT SERVICES, INC. Exchange NMS
Symbol JBHT
Price $126.38 (9/30/2020)
52Wk Range 142.80-75.38
Yield 0.85
*7 Year Price Score 108.43 *NYSE Composite Index=100 *12 Month Price Score 115.42 Interim Earnings (Per Share) Qtr. Mar Jun Sep 150 2017 0.92 0.88 0.91 140 2018 1.07 1.37 1.19 130 2019 1.09 1.23 1.10 120 2020 0.98 1.14 ... 110 Interim Dividends (Per Share) 100 Amt Decl Ex Rec 90 0.26Q 10/14/2019 11/07/2019 11/08/2019 0.27Q 01/22/2020 02/06/2020 02/07/2020 80 0.27Q 04/23/2020 05/07/2020 05/08/2020 70 0.27Q 07/22/2020 08/06/2020 08/07/2020 60 Indicated Div: $1.08 50 Valuation Analysis 40 Forecast EPS $4.74 (09/03/2020) 30 Market Cap $13.3 Billion Book Value TRADING VOLUME (thousand shares) 400 Price/Book 5.58 Price/Sales 300 Dividend Achiever Status 200 10 Year Growth Rate 100 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 27.65 Dec 3.47 0.80 1.35 ...
Pay 11/22/2019 02/21/2020 05/22/2020 08/21/2020
$2.4 Billion 1.44
8.98% 15
Business Summary: Trucking (MIC: 7.4.1 SIC: 4213 NAIC: 484121) J.B. Hunt Transport Services is a holding company. Through its subsidiaries, Co. is a surface transportation, delivery, and logistics company. Co.'s service offerings include transportation of full-truckload containerized freight, which it directly transports utilizing its equipment and company drivers or independent contractors. Co. also provides customized freight movement, revenue equipment, labor, systems, and delivery services. Co.'s local and home delivery services typically are provided through a network of cross-dock service centers throughout the continental United States. Co.'s segments include Intermodal, Dedicated Contract Services®, Integrated Capacity Solutions, and Truckload. Recent Developments: For the quarter ended June 30 2020, net income decreased 8.9% to US$121.7 million from US$133.6 million in the year-earlier quarter. Revenues were US$2.15 billion, down 5.1% from US$2.26 billion the year before. Operating income was US$175.2 million versus US$193.1 million in the prior-year quarter, a decrease of 9.3%. Direct operating expenses declined 7.7% to US$1.19 billion from US$1.29 billion in the comparable period the year before. Indirect operating expenses increased 0.2% to US$781.5 million from US$779.8 million in the equivalent prior-year period. Prospects: Our evaluation of Hunt (J.B.) Transport Services Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and JBHT has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that JBHT will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.57 4.66 4.77 4.43 6.18 3.81 3.66 3.16 Cash Flow Per Share 10.73 10.35 10.23 9.95 7.78 7.57 7.55 5.53 Tang Book Value Per Share 20.80 19.75 19.43 18.36 15.73 12.70 11.41 10.33 Dividends Per Share 1.060 1.050 1.040 0.960 0.920 0.880 0.840 0.800 Dividend Payout % 23.19 22.53 21.80 21.67 14.89 23.10 22.95 25.32 Income Statement Total Revenue 4,426,398 2,280,826 9,165,258 8,614,874 7,189,568 6,555,459 6,187,646 6,165,441 EBITDA 590,317 284,836 746,225 689,621 627,989 1,082,530 1,055,307 926,038 Depn & Amortn 260,393 130,095 12,400 8,600 4,200 361,510 339,613 294,496 Income Before Taxes 305,070 142,705 680,895 640,818 595,239 695,797 690,203 604,601 Income Taxes 78,538 37,871 164,575 151,233 (91,024) 263,707 262,968 229,809 Net Income 226,532 104,834 516,320 489,585 686,263 432,090 427,235 374,792 Average Shares 106,580 106,950 108,307 110,428 111,049 113,361 116,728 118,445 Balance Sheet Current Assets 1,544,697 1,397,969 1,481,299 1,502,981 1,338,728 945,681 859,367 880,130 Total Assets 5,553,632 5,380,042 5,470,854 5,091,647 4,465,349 3,828,988 3,636,567 3,397,117 Current Liabilities 970,682 909,376 1,035,766 1,352,348 921,844 573,134 532,417 771,070 Long-Term Obligations 1,307,019 1,302,756 1,295,700 898,400 1,085,600 986,300 1,005,000 683,500 Total Liabilities 3,162,789 3,097,624 3,203,825 2,990,263 2,626,024 2,414,927 2,336,215 2,192,594 Stockholders' Equity 2,390,843 2,282,418 2,267,029 2,101,384 1,839,325 1,414,061 1,300,352 1,204,523 Shares Outstanding 105,507 105,460 106,212 108,710 109,753 111,305 113,947 116,575 Statistical Record Return on Assets % 8.92 9.37 9.78 10.25 16.55 11.54 12.15 12.06 Return on Equity % 21.63 22.36 23.64 24.85 42.19 31.75 34.11 33.81 EBITDA Margin % 13.34 12.49 8.14 8.01 8.73 16.51 17.06 15.02 Net Margin % 5.12 4.60 5.63 5.68 9.55 6.59 6.90 6.08 Asset Turnover 1.68 1.75 1.74 1.80 1.73 1.75 1.76 1.98 Current Ratio 1.59 1.54 1.43 1.11 1.45 1.65 1.61 1.14 Debt to Equity 0.55 0.57 0.57 0.43 0.59 0.70 0.77 0.57 Price Range 122.01-75.38 120.66-75.38 120.66-84.84 130.82-88.67 115.47-83.52 100.68-65.19 92.00-70.62 85.00-69.75 P/E Ratio 26.70-16.49 25.89-16.18 25.30-17.79 29.53-20.02 18.68-13.51 26.43-17.11 25.14-19.30 26.90-22.07 Average Yield % 0.99 1.01 1.00 0.82 0.94 1.07 1.03 1.05 Officers: James Kirk Thompson - Chairman John N. No of Institutions: 653 Address: 615 J.B. Hunt Corporate Roberts - President, Chief Executive Officer, Division Shares: 97,213,512 % Held: 75.61 Drive, Lowell, AR 72745 Telephone: 479-820-0000 Officer Transfer Agents: Web Site: www.jbhunt.com Computershare Trust Company, N.A., Canton, MA
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INVESCO LTD Exchange NYS
Symbol IVZ
Price $11.41 (9/30/2020)
52Wk Range 18.89-6.70
70 65 60 55 50 45 40 35 30 25 20 15 10 5 3000 2000 1000 0
2011
2012
2013
Yield 5.43
*12 Month Price Score 80.85 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.52 0.58 0.65 2018 0.62 0.59 0.65 2019 0.44 0.09 0.36 2020 0.18 0.09 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.31Q 10/23/2019 11/08/2019 11/12/2019 0.31Q 01/29/2020 02/12/2020 02/13/2020 0.155Q 04/23/2020 05/08/2020 05/11/2020 0.155Q 07/27/2020 08/13/2020 08/14/2020 Indicated Div: $0.62 Valuation Analysis Forecast EPS N/A Market Cap $6.5 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.47 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 40.59 *NYSE Composite Index=100
P/E 11.19 Dec 0.99 0.28 0.39 ...
Pay 12/02/2019 03/02/2020 06/03/2020 09/01/2020
$13.6 Billion 1.00
11.68% 11
Business Summary: Wealth Management (MIC: 5.5.2 SIC: 6282 NAIC: 523930) Invesco is an independent investment management firm. Co. provides a range of active, passive and alternative investment capabilities. Co. has presence in the retail and institutional markets within the investment management industry in North America, Europe, Middle East and Africa and Asia-Pacific. Co.'s asset classes include money market, balanced, equity, fixed income and alternatives. Co.'s distribution channels consist of: Retail, which provides retail products within all of the key asset classes; and Institutional, which provides a suite of domestic and global strategies, including conventional and quantitative equities, financial structures and absolute return strategies. Recent Developments: For the quarter ended June 30 2020, net income was unchanged at US$62.0 million versus US$62.0 million the year-earlier quarter. Revenues were US$1.42 billion, down 1.4% from US$1.44 billion the year before. Operating income was US$117.1 million versus US$18.3 million in the prior-year quarter, an increase of 539.9%. Indirect operating expenses decreased 8.4% to US$1.30 billion from US$1.42 billion in the equivalent prior-year period. Prospects: Our evaluation of Invesco Ltd as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and IVZ has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that IVZ will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.02 1.02 1.28 2.14 2.75 2.06 2.26 2.27 Cash Flow Per Share 2.24 2.55 2.55 2.07 3.35 0.31 2.46 2.76 Tang Book Value Per Share N.M. N.M. N.M. N.M. 1.34 N.M. 0.85 1.16 Dividends Per Share 1.085 1.240 1.230 1.190 1.150 1.110 1.060 0.975 Dividend Payout % 106.37 121.57 96.09 55.61 41.82 53.88 46.90 42.95 Income Statement Total Revenue 3,017,900 1,598,900 6,117,400 5,314,100 5,160,300 4,734,400 5,122,900 5,147,100 EBITDA 415,700 238,800 1,148,600 1,306,900 1,565,300 1,365,800 1,414,600 1,426,500 Depn & Amortn 98,700 48,400 124,900 112,400 99,400 87,300 83,000 76,800 Income Before Taxes 254,700 160,500 916,500 1,104,300 1,384,500 1,197,300 1,327,000 1,362,300 Income Taxes 100,800 57,400 235,100 255,000 268,200 338,300 398,000 390,600 Net Income 240,400 140,700 564,700 882,800 1,127,300 854,200 968,100 988,100 Average Shares 463,100 458,900 440,500 399,900 409,900 415,000 429,300 435,600 Balance Sheet Current Assets 18,602,200 20,073,700 22,365,500 20,923,300 22,842,600 17,529,100 16,888,400 12,009,700 Total Assets 35,579,100 37,010,700 39,420,300 30,978,400 31,668,800 25,734,300 25,073,200 20,462,500 Current Liabilities 10,593,400 11,747,900 2,934,700 1,733,700 1,591,800 1,466,700 1,524,400 3,852,600 Long-Term Obligations 8,654,600 8,761,500 8,314,900 7,634,800 6,875,600 6,505,500 7,509,800 6,738,900 Total Liabilities 21,977,100 23,511,400 25,557,800 22,399,600 22,972,700 18,230,500 17,187,900 12,136,500 Stockholders' Equity 13,602,000 13,499,300 13,862,500 8,578,800 8,696,100 7,503,800 7,885,300 8,326,000 Shares Outstanding 566,100 458,900 453,300 397,100 407,100 403,800 417,500 429,900 Statistical Record Return on Assets % 1.92 1.88 1.60 2.82 3.93 3.35 4.25 4.97 Return on Equity % 5.16 5.88 5.03 10.22 13.92 11.07 11.94 11.82 EBITDA Margin % 13.77 14.94 18.78 24.59 30.33 28.85 27.61 27.71 Net Margin % 7.97 8.80 9.23 16.61 21.85 18.04 18.90 19.20 Asset Turnover 0.17 0.19 0.17 0.17 0.18 0.19 0.23 0.26 Current Ratio 1.76 1.71 7.62 12.07 14.35 11.95 11.08 3.12 Debt to Equity 0.64 0.65 0.60 0.89 0.79 0.87 0.95 0.81 Price Range 20.97-6.70 21.97-7.61 21.97-15.20 38.40-15.71 37.67-28.92 33.48-23.16 41.85-30.39 41.28-31.77 P/E Ratio 20.56-6.57 21.54-7.46 17.16-11.88 17.94-7.34 13.70-10.52 16.25-11.24 18.52-13.45 18.19-14.00 Average Yield % 7.36 7.02 6.64 4.41 3.43 3.74 2.88 2.61
Address: 1555 Peachtree Street N.E., Suite 1800, Atlanta, GA 30309 Telephone: 404-892-0896 Web Site: www.invesco.com
Officers: G. Richard Wagoner - Chairman Loren M. Starr - Vice-Chairman, Senior Managing Director, Chief Financial Officer, Division Officer Transfer Agents:BNY Mellon Shareowner Services, Pittsburg, PA
140
Investor Contact: 404-439-4605 No of Institutions: 799 Shares: 402,739,200 % Held: N/A
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KELLOGG CO Exchange NYS
Symbol K
Price $64.59 (9/30/2020)
52Wk Range 70.94-53.56
Yield 3.53
P/E 20.38
*7 Year Price Score 88.28 *NYSE Composite Index=100 *12 Month Price Score 100.76 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 150 2017 0.74 0.80 0.85 1.23 140 2018 1.27 1.71 1.09 (0.24) 130 2019 0.82 0.84 0.72 0.42 120 2020 1.01 1.02 ... ... Interim Dividends (Per Share) 110 Amt Decl Ex Rec Pay 100 0.57Q 10/18/2019 11/29/2019 12/02/2019 12/16/2019 90 0.57Q 02/21/2020 03/02/2020 03/03/2020 03/16/2020 80 0.57Q 04/24/2020 05/29/2020 06/01/2020 06/15/2020 0.57Q 07/24/2020 08/31/2020 09/01/2020 09/15/2020 70 Indicated Div: $2.28 (Div. Reinv. Plan) 60 Valuation Analysis 50 Forecast EPS $3.92 (08/30/2020) 40 Market Cap $22.2 Billion Book Value $2.9 Billion TRADING VOLUME (thousand shares) 1200 Price/Book 7.72 Price/Sales 1.64 800 Dividend Achiever Status 400 10 Year Growth Rate 4.68% 0 Total Years of Dividend Growth 14 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Food (MIC: 1.2.1 SIC: 2043 NAIC: 311230) Kellogg is engaged in the manufacture and marketing of ready-to-eat cereal and convenience foods. Co.'s principal products are snacks, such as crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites; and convenience foods, such as, ready-to-eat cereals, frozen waffles, veggie foods and noodles. Co.'s snacks brands are marketed under brands such as Kellogg's, Cheez-It, Pringles, Austin, Parati, and RXBAR. Co.'s cereals and cereal bars are generally marketed under the Kellogg's name, with some under the Kashi and Bear Naked brands. Co.'s frozen foods are marketed under the Eggo and Morningstar Farms brands. Recent Developments: For the quarter ended June 27 2020, net income increased 21.2% to US$354.0 million from US$292.0 million in the year-earlier quarter. Revenues were US$3.47 billion, up 0.1% from US$3.46 billion the year before. Operating income was US$506.0 million versus US$397.0 million in the prior-year quarter, an increase of 27.5%. Direct operating expenses declined 0.3% to US$2.27 billion from US$2.28 billion in the comparable period the year before. Indirect operating expenses decreased 12.4% to US$691.0 million from US$789.0 million in the equivalent prior-year period. Prospects: Our evaluation of Kellogg Co as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and K has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that K will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/28/2019 12/29/2018 12/30/2017 12/31/2016 01/02/2016 01/03/2015 Earnings Per Share 3.17 2.99 2.80 3.83 3.62 1.96 1.72 1.75 Cash Flow Per Share 4.74 4.38 3.46 4.44 4.74 4.66 4.79 4.93 Dividends Per Share 2.280 2.270 2.260 2.200 2.120 2.040 1.980 1.900 Dividend Payout % 71.92 75.92 80.71 57.44 58.56 104.08 115.12 108.57 Income Statement Total Revenue 6,877,000 3,412,000 13,578,000 13,547,000 12,923,000 13,014,000 13,525,000 14,580,000 EBITDA 1,279,000 627,000 2,073,000 2,132,000 2,411,000 1,850,000 1,534,000 1,537,000 Depn & Amortn 234,000 117,000 484,000 516,000 481,000 517,000 534,000 503,000 Income Before Taxes 912,000 446,000 1,305,000 1,329,000 1,674,000 927,000 773,000 825,000 Income Taxes 203,000 94,000 321,000 181,000 412,000 233,000 159,000 186,000 Net Income 698,000 347,000 960,000 1,336,000 1,269,000 694,000 614,000 632,000 Average Shares 345,000 344,000 343,000 348,000 350,000 354,000 356,000 360,000 Balance Sheet Current Assets 4,492,000 4,290,000 3,431,000 3,157,000 3,036,000 2,940,000 3,236,000 3,340,000 Total Assets 18,551,000 18,240,000 17,564,000 17,780,000 16,350,000 15,111,000 15,265,000 15,153,000 Current Liabilities 5,856,000 5,595,000 4,778,000 4,529,000 4,479,000 4,474,000 5,739,000 4,364,000 Long-Term Obligations 6,929,000 7,163,000 7,195,000 8,207,000 7,836,000 6,698,000 5,289,000 5,935,000 Total Liabilities 15,681,000 15,566,000 14,817,000 15,179,000 14,138,000 13,201,000 13,137,000 12,364,000 Stockholders' Equity 2,870,000 2,674,000 2,747,000 2,601,000 2,212,000 1,910,000 2,128,000 2,789,000 Shares Outstanding 343,000 342,670 341,543 343,865 345,602 351,069 350,024 356,002 Statistical Record Return on Assets % 5.86 5.59 5.45 7.85 8.09 4.58 4.05 4.06 Return on Equity % 39.49 39.37 36.00 55.67 61.74 34.47 25.04 19.63 EBITDA Margin % 18.60 18.38 15.27 15.74 18.66 14.22 11.34 10.54 Net Margin % 10.15 10.17 7.07 9.86 9.82 5.33 4.54 4.33 Asset Turnover 0.72 0.73 0.77 0.80 0.82 0.86 0.89 0.94 Current Ratio 0.77 0.77 0.72 0.70 0.68 0.66 0.56 0.77 Debt to Equity 2.41 2.68 2.62 3.16 3.54 3.51 2.49 2.13 Price Range 70.88-53.19 70.88-52.09 69.16-52.09 74.84-55.82 76.44-58.87 86.98-69.96 73.51-61.31 69.39-56.90 P/E Ratio 22.36-16.78 23.71-17.42 24.70-18.60 19.54-14.57 21.12-16.26 44.38-35.69 42.74-35.65 39.65-32.51 Average Yield % 3.58 3.67 3.79 3.30 3.07 2.67 2.99 2.97 Address: One Kellogg Square, P.O. Officers: Steven A. (Steve) Cahillane - Chairman, Investor Contact: 269-961-2800 No of Institutions: 1153 Box 3599, Battle Creek, MI 49016-3599 Chief Executive Officer, President Gary H. Pilnick Telephone: 269-961-2000 Vice-Chairman, Corporate Development Officer, Chief Shares: 448,304,512 % Held: 89.91 Web Site: www.kelloggcompany.com Legal Officer, Senior Vice President, General Counsel, Secretary Transfer Agents: Wells Fargo Bank, N.A., St. Paul, MN
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LAZARD LTD Exchange NYS
Symbol LAZ
Price $33.05 (9/30/2020)
52Wk Range 44.55-21.06
120 110 100 90 80 70 60 50 40 30 20 10 300 200 100 0
2011
2012
2013
Yield 5.69
*12 Month Price Score 94.14 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.81 0.91 0.82 2018 1.21 1.13 0.82 2019 0.80 0.55 0.40 2020 0.56 0.66 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.47Q 10/30/2019 11/07/2019 11/11/2019 0.47Q 01/29/2020 02/14/2020 02/18/2020 0.47Q 04/29/2020 05/08/2020 05/11/2020 0.47Q 07/29/2020 08/07/2020 08/10/2020 Indicated Div: $1.88 Valuation Analysis Forecast EPS N/A Market Cap $3.5 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 5.78 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 69.51 *NYSE Composite Index=100
P/E 14.43 Dec (0.64) 0.90 0.67 ...
Pay 11/22/2019 02/28/2020 05/22/2020 08/21/2020
$600.6 Million 1.39
15.18% 12
Business Summary: Finance Intermediaries & Services (MIC: 5.5.1 SIC: 6282 NAIC: 523930) Lazard is a holding company. Via its subsidiaries, Co. is a financial advisory and asset management firm. Co. has two segments: Financial Advisory, which provides financial advisory services regarding mergers and acquisitions, capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising and other advisory matters; and Asset Management, which provides investment solutions and investment management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. Recent Developments: For the quarter ended June 30 2020, net income decreased 0.6% to US$73.1 million from US$73.5 million in the year-earlier quarter. Revenues were US$592.3 million, down 9.0% from US$650.8 million the year before. Operating income was US$95.9 million versus US$101.7 million in the prior-year quarter, a decrease of 5.7%. Direct operating expenses declined 0.7% to US$20.0 million from US$20.1 million in the comparable period the year before. Indirect operating expenses decreased 9.9% to US$476.4 million from US$529.0 million in the equivalent prior-year period. Prospects: Our evaluation of Lazard Ltd. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while LAZ has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that LAZ will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.29 2.18 2.44 4.06 1.91 2.92 7.40 3.20 Cash Flow Per Share 5.58 6.43 6.15 5.87 8.35 4.81 7.08 6.02 Tang Book Value Per Share 2.20 1.15 2.27 4.83 6.79 6.99 7.86 2.94 Dividends Per Share 1.880 1.880 2.350 3.030 2.810 2.690 2.350 1.200 Dividend Payout % 82.10 86.24 96.31 74.63 147.12 92.12 31.76 37.50 Income Statement Total Revenue 1,150,421 558,157 2,666,958 2,884,833 2,697,829 2,383,663 2,404,767 2,363,017 EBITDA 396,067 185,640 447,680 698,972 866,458 585,972 21,986 560,316 Depn & Amortn 216,105 101,543 54,982 18,206 41,012 68,511 38,606 40,851 Income Before Taxes 179,962 84,097 392,698 680,766 825,446 517,461 (16,620) 519,465 Income Taxes 48,555 25,766 94,982 148,317 565,599 123,769 (1,009,552) 85,402 Net Income 137,480 64,022 286,500 527,125 253,583 387,698 986,373 427,277 Average Shares 111,487 114,120 116,079 129,767 132,479 132,633 133,244 133,813 Balance Sheet Current Assets 2,744,777 2,504,265 3,118,697 2,977,419 3,026,422 2,245,765 2,054,105 1,875,226 Total Assets 5,312,118 5,095,123 5,639,581 4,997,241 4,928,677 4,556,508 4,486,766 3,332,236 Current Liabilities 1,596,909 1,483,905 1,987,340 1,869,952 1,709,667 1,113,149 1,186,512 942,468 Long-Term Obligations 1,680,845 1,680,204 1,679,562 1,434,260 1,190,383 1,195,805 1,007,378 1,060,365 Total Liabilities 4,711,521 4,608,690 5,029,590 4,080,390 3,728,874 3,320,521 3,173,311 2,625,492 Stockholders' Equity 600,597 486,433 609,991 916,851 1,199,803 1,235,987 1,313,455 706,744 Shares Outstanding 104,980 112,766 104,252 112,191 119,018 122,137 125,512 122,315 Statistical Record Return on Assets % 4.83 4.79 5.39 10.62 5.35 8.55 25.23 13.47 Return on Equity % 42.83 42.69 37.53 49.81 20.82 30.33 97.65 67.45 EBITDA Margin % 34.43 33.26 16.79 24.23 32.12 24.58 0.91 23.71 Net Margin % 11.95 11.47 10.74 18.27 9.40 16.26 41.02 18.08 Asset Turnover 0.46 0.48 0.50 0.58 0.57 0.53 0.62 0.75 Current Ratio 1.72 1.69 1.57 1.59 1.77 2.02 1.73 1.99 Debt to Equity 2.80 3.45 2.75 1.56 0.99 0.97 0.77 1.50 Price Range 44.55-21.06 44.55-21.06 41.16-31.16 59.40-33.98 52.50-40.61 45.01-27.00 58.78-41.47 54.96-41.37 P/E Ratio 19.45-9.20 20.44-9.66 16.87-12.77 14.63-8.37 27.49-21.26 15.41-9.25 7.94-5.60 17.18-12.93 Average Yield % 5.48 5.15 6.41 6.12 6.24 7.45 4.65 2.44
Address: Clarendon House, 2 Church Street, Hamilton, HM 11 Telephone: 441-295-1422 Web Site: www.lazard.com
Officers: Kenneth M. Jacobs - Chairman, Chief Executive Officer, Managing Director Ashish Bhutani - Vice-Chairman, Managing Director Transfer Agents:Computershare, Pittsburgh, PA
150
Investor Contact: 212-632-6637 No of Institutions: 392 Shares: 97,621,048 % Held: 71.32
LEGGETT & PLATT, INC. Exchange NYS
Symbol LEG
Price $41.17 (9/30/2020)
64 60 56 52 48 44 40 36 32 28 24 20 16 750 500 250 0
2011
2012
2013
52Wk Range 55.18-22.47
Yield 3.89
*12 Month Price Score 99.07 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.62 0.64 0.60 2018 0.57 0.63 0.67 2019 0.45 0.64 0.74 2020 0.34 (0.05) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.40Q 11/05/2019 12/12/2019 12/13/2019 0.40Q 02/19/2020 03/12/2020 03/13/2020 0.40Q 05/15/2020 06/12/2020 06/15/2020 0.40Q 08/03/2020 09/14/2020 09/15/2020 Indicated Div: $1.60 Valuation Analysis Forecast EPS $1.97 (09/01/2020) Market Cap $5.5 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 4.49 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 85.87 *NYSE Composite Index=100
P/E 24.65 Dec 0.27 0.39 0.64 ...
Pay 01/15/2020 04/15/2020 07/15/2020 10/15/2020
$1.2 Billion 1.28
4.47% 48
Business Summary: Furniture (MIC: 1.6.2 SIC: 2519 NAIC: 337121) Leggett & Platt designs and produces engineered components and products in homes and automobiles. Co.'s segments are: Residential Products, which supplies components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as producing private-label finished mattresses for bedding brands and retailers; Industrial Products, which supplies high-carbon drawn steel wire; Furniture Products, which supplies components used by home and work furniture manufacturers; and Specialized Products, which designs, manufactures and sells products including automotive seating components, tubing and fabricated assemblies, and hydraulic cylinders. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$6.1 million versus net income of US$86.3 million in the year-earlier quarter. Revenues were US$845.1 million, down 30.3% from US$1.21 billion the year before. Operating income was US$22.8 million versus US$136.0 million in the prior-year quarter, a decrease of 83.2%. Direct operating expenses declined 25.9% to US$698.8 million from US$943.5 million in the comparable period the year before. Indirect operating expenses decreased 7.6% to US$123.5 million from US$133.7 million in the equivalent prior-year period. Prospects: Our evaluation of Leggett & Platt Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been unchanged while LEG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that LEG will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.67 2.36 2.47 2.26 2.13 2.76 2.28 0.68 Cash Flow Per Share 4.32 4.78 4.96 3.28 3.26 4.00 2.55 2.70 Tang Book Value Per Share N.M. N.M. N.M. 1.11 1.51 1.01 0.64 0.89 Dividends Per Share 1.600 1.600 1.580 1.500 1.420 1.340 1.260 1.220 Dividend Payout % 95.81 67.80 63.97 66.37 66.67 48.55 55.26 179.41 Income Statement Total Revenue 1,890,600 1,045,500 4,752,500 4,269,500 3,943,800 3,749,900 3,917,200 3,782,300 EBITDA 197,500 128,200 694,200 561,700 583,900 628,700 590,800 441,100 Depn & Amortn 94,000 47,500 180,800 124,800 116,000 106,700 104,300 109,600 Income Before Taxes 63,100 60,700 430,100 384,400 432,000 487,100 449,800 295,500 Income Taxes 23,500 15,000 96,200 78,300 138,400 120,000 121,800 70,300 Net Income 39,600 45,700 333,800 305,900 292,600 385,800 325,100 98,000 Average Shares 135,700 135,600 135,400 135,200 137,300 140,000 142,900 143,200 Balance Sheet Current Assets 1,410,300 1,782,000 1,538,100 1,524,600 1,766,500 1,324,900 1,311,200 1,429,600 Total Assets 4,582,100 4,982,000 4,816,400 3,382,000 3,550,800 2,984,100 2,967,600 3,140,600 Current Liabilities 775,500 854,700 928,100 815,700 976,200 706,600 701,200 992,200 Long-Term Obligations 2,083,200 2,415,200 2,066,500 1,167,800 1,097,900 956,200 945,400 766,700 Total Liabilities 3,367,900 3,743,800 3,504,400 2,225,000 2,360,600 1,892,500 1,882,000 1,994,100 Stockholders' Equity 1,214,200 1,238,200 1,312,000 1,157,000 1,190,200 1,091,600 1,085,600 1,146,500 Shares Outstanding 132,392 132,276 131,800 130,500 131,900 133,500 135,600 137,800 Statistical Record Return on Assets % 4.72 6.41 8.14 8.82 8.95 12.93 10.64 3.14 Return on Equity % 18.44 26.17 27.04 26.07 25.65 35.34 29.13 7.72 EBITDA Margin % 10.45 12.26 14.61 13.16 14.81 16.77 15.08 11.66 Net Margin % 2.09 4.37 7.02 7.16 7.42 10.29 8.30 2.59 Asset Turnover 0.89 0.93 1.16 1.23 1.21 1.26 1.28 1.21 Current Ratio 1.82 2.08 1.66 1.87 1.81 1.88 1.87 1.44 Debt to Equity 1.72 1.95 1.58 1.01 0.92 0.88 0.87 0.67 Price Range 55.18-22.47 55.18-22.47 55.18-35.45 48.80-33.97 54.04-43.50 54.53-37.79 51.00-40.68 42.95-29.06 P/E Ratio 33.04-13.46 23.38-9.52 22.34-14.35 21.59-15.03 25.37-20.42 19.76-13.69 22.37-17.84 63.16-42.74 Average Yield % 3.98 3.78 3.72 3.49 2.89 2.80 2.76 3.53 Address: No. 1 Leggett Road, Carthage, Officers: Karl G. Glassman - Chairman, President, Investor Contact: 417-358-8131 No of Institutions: 707 MO 64836 Chief Executive Officer, Executive Vice President, Telephone: 417-358-8131 Chief Operating Officer J. Mitchell Dolloff - President, Shares: 132,069,384 % Held: 74.73 Web Site: www.leggett.com Executive Vice President, Chief Operating Officer, Division Officer Transfer Agents: Wells Fargo Shareowner Services, St. Paul, MN
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LINCOLN ELECTRIC HOLDINGS, INC. Exchange NMS
Symbol LECO
Price $92.04 (9/30/2020)
52Wk Range 98.45-59.99
Yield 2.13
100%
*7 Year Price Score 101.30 *NYSE Composite Index=100 *12 Month Price Score 105.59 Interim Earnings (Per Share) Qtr. Mar Jun Sep 105 100 2017 0.84 0.92 1.59 95 2018 0.92 1.04 1.07 90 2019 1.12 1.36 1.17 85 2020 0.91 0.45 ... 80 Interim Dividends (Per Share) 75 Amt Decl Ex Rec 70 65 0.49Q 10/22/2019 12/30/2019 12/31/2019 60 0.49Q 02/19/2020 03/30/2020 03/31/2020 55 0.49Q 04/21/2020 06/29/2020 06/30/2020 50 0.49Q 07/23/2020 09/29/2020 09/30/2020 45 Indicated Div: $1.96 40 Valuation Analysis 35 Forecast EPS $3.54 (09/03/2020) 30 25 Market Cap $5.5 Billion Book Value TRADING VOLUME (thousand shares) 200 Price/Book 8.29 Price/Sales 150 Dividend Achiever Status 100 10 Year Growth Rate 50 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 25.78 Dec 0.36 1.34 1.04 ...
Pay 01/15/2020 04/15/2020 07/15/2020 10/15/2020
$659.3 Million 1.98
13.30% 19
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 3548 NAIC: 333992) Lincoln Electric Holdings is a holding company. Through its subsidiaries, Co. is a manufacturer of welding, cutting and brazing products. Co.'s products include arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories and other welding consumables and fabrication. Co.'s product offering also includes computer numeric controlled plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. In addition, Co. is engaged in the brazing and soldering alloys. Recent Developments: For the quarter ended June 30 2020, net income decreased 68.4% to US$27.0 million from US$85.4 million in the year-earlier quarter. Revenues were US$590.7 million, down 24.0% from US$777.0 million the year before. Operating income was US$39.8 million versus US$105.2 million in the prior-year quarter, a decrease of 62.2%. Direct operating expenses declined 20.9% to US$401.3 million from US$507.1 million in the comparable period the year before. Indirect operating expenses decreased 9.2% to US$149.6 million from US$164.7 million in the equivalent prior-year period. Prospects: Our evaluation of Lincoln Electric Holdings Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while LECO has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that LECO will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.57 4.48 4.68 4.37 3.71 2.91 1.70 3.18 Cash Flow Per Share 6.36 6.63 6.51 5.07 5.09 4.49 4.19 5.07 Tang Book Value Per Share 5.57 5.73 5.01 7.20 8.67 5.32 8.82 12.61 Dividends Per Share 1.940 1.920 1.900 1.640 1.440 1.310 1.190 0.980 Dividend Payout % 54.34 42.86 40.60 37.53 38.81 45.02 70.00 30.82 Income Statement Total Revenue 1,292,718 701,991 3,003,272 3,028,674 2,624,431 2,274,614 2,535,791 2,813,324 EBITDA 161,779 102,249 473,395 453,090 451,041 356,520 249,889 447,349 Depn & Amortn 41,078 21,028 81,487 72,346 68,115 65,073 64,007 69,607 Income Before Taxes 109,362 75,763 368,493 363,179 363,494 274,460 166,772 370,401 Income Taxes 27,037 20,370 75,410 81,667 118,761 79,015 42,375 121,933 Net Income 82,558 55,562 293,109 287,066 247,503 198,399 127,478 254,686 Average Shares 59,831 60,799 62,658 65,682 66,643 68,156 74,854 80,096 Balance Sheet Current Assets 1,007,779 1,059,344 1,075,581 1,237,799 1,373,608 1,043,713 935,995 1,098,677 Total Assets 2,199,039 2,305,900 2,371,213 2,349,825 2,406,547 1,943,437 1,784,171 1,939,215 Current Liabilities 568,571 654,822 563,135 538,182 528,742 388,107 370,122 492,419 Long-Term Obligations 715,817 715,950 712,302 702,549 704,136 703,704 350,347 2,488 Total Liabilities 1,539,785 1,638,797 1,553,041 1,462,883 1,474,910 1,231,960 852,584 656,666 Stockholders' Equity 659,254 667,103 818,172 886,942 931,637 711,477 931,587 1,282,549 Shares Outstanding 59,366 59,386 60,592 63,545 65,662 65,674 70,693 76,997 Statistical Record Return on Assets % 9.52 11.89 12.42 12.07 11.38 10.62 6.85 12.45 Return on Equity % 29.07 36.21 34.38 31.57 30.13 24.08 11.51 18.13 EBITDA Margin % 12.51 14.57 15.76 14.96 17.19 15.67 9.85 15.90 Net Margin % 6.39 7.91 9.76 9.48 9.43 8.72 5.03 9.05 Asset Turnover 1.20 1.26 1.27 1.27 1.21 1.22 1.36 1.38 Current Ratio 1.77 1.62 1.91 2.30 2.60 2.69 2.53 2.23 Debt to Equity 1.09 1.07 0.87 0.79 0.76 0.99 0.38 N.M. Price Range 98.16-59.99 98.16-59.99 97.80-75.74 100.13-72.88 98.68-77.85 80.36-46.39 72.23-50.33 75.46-61.61 P/E Ratio 27.50-16.80 21.91-13.39 20.90-16.18 22.91-16.68 26.60-20.98 27.62-15.94 42.49-29.61 23.73-19.37 Average Yield % 2.28 2.23 2.21 1.83 1.62 2.11 1.92 1.41 Officers: Christopher L. Mapes - Chairman, President, No of Institutions: 465 Address: 22801 St. Clair Avenue, 56,915,152 72.62 Shares: % Held: Chief Executive Officer, Chief Operating Officer Cleveland, OH 44117 Telephone: 216-481-8100 Vincent K. Petrella - Executive Vice President, Senior Web Site: www.lincolnelectric.com Vice President, Chief Financial Officer, Chief Executive Officer (frmr), Treasurer, Treasurer, Principal Accounting Officer Transfer Agents: Wells Fargo Shareowner Services, St Paul, MN
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LOWE'S COMPANIES INC Exchange NYS
Symbol LOW
Price $165.86 (9/30/2020)
52Wk Range 170.49-65.02
Yield 1.45
P/E 21.97
*7 Year Price Score 131.60 *NYSE Composite Index=100 *12 Month Price Score 128.13 Interim Earnings (Per Share) Qtr. Apr Jul Oct Jan 180 170 2017-18 0.70 1.68 1.05 0.67 160 2018-19 1.19 1.86 0.78 (0.99) 150 2019-20 1.31 2.14 1.36 0.69 140 2020-21 1.76 3.74 ... ... 130 120 Interim Dividends (Per Share) 110 Amt Decl Ex Rec Pay 100 0.55Q 11/08/2019 01/21/2020 01/22/2020 02/05/2020 90 0.55Q 03/20/2020 04/21/2020 04/22/2020 05/06/2020 80 0.55Q 05/28/2020 07/21/2020 07/22/2020 08/05/2020 70 60 0.60Q 08/21/2020 10/20/2020 10/21/2020 11/04/2020 50 Indicated Div: $2.40 (Div. Reinv. Plan) 40 Valuation Analysis 30 Forecast EPS $8.52 (09/03/2020) 20 10 Market Cap $125.4 Billion Book Value $4.4 Billion TRADING VOLUME (thousand shares) 6000 Price/Book 28.79 Price/Sales 1.56 4000 Dividend Achiever Status 2000 10 Year Growth Rate 19.39% 0 Total Years of Dividend Growth 58 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Retail - Hardware & Home Improvement (MIC: 2.1.8 SIC: 5722 NAIC: 443111) Lowe's Companies is a home improvement retailer. Co. provides home improvement products in appliances, decor, paint, hardware, millwork, lawn and garden, lighting, lumber and building materials, flooring, kitchens and bath, rough plumbing and electrical, seasonal and outdoor living, and tools categories. Co. provides installation services through independent contractors in product categories, with appliances, flooring, kitchens and bath, lumber and building materials, and millwork. Co. also provides extended protection plans for products within the appliances, kitchens and bath, decor, millwork, rough plumbing and electrical, seasonal and outdoor living, tools, and hardware categories. Recent Developments: For the quarter ended July 31 2020, net income increased 68.7% to US$2.83 billion from US$1.68 billion in the year-earlier quarter. Revenues were US$27.30 billion, up 30.1% from US$20.99 billion the year before. Operating income was US$3.96 billion versus US$2.38 billion in the prior-year quarter, an increase of 66.2%. Direct operating expenses rose 26.3% to US$18.00 billion from US$14.25 billion in the comparable period the year before. Indirect operating expenses increased 22.7% to US$5.35 billion from US$4.36 billion in the equivalent prior-year period. Prospects: Our evaluation of Lowe's Companies Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while LOW has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that LOW will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 01/31/2020 02/01/2019 02/02/2018 02/03/2017 01/29/2016 01/30/2015 Earnings Per Share 7.55 5.95 5.49 2.84 4.09 3.47 2.73 2.71 Cash Flow Per Share 16.58 8.75 5.54 7.66 6.05 6.28 5.17 5.00 Tang Book Value Per Share 5.76 2.27 2.19 4.17 5.50 6.18 8.41 10.38 Dividends Per Share 2.200 2.200 2.130 1.850 1.580 1.330 1.070 0.870 Dividend Payout % 29.14 36.97 38.80 65.14 38.63 38.33 39.19 32.10 Income Statement Total Revenue 46,977,000 19,675,000 72,148,000 71,309,000 68,619,000 65,017,000 59,074,000 56,223,000 EBITDA 6,695,000 2,350,000 7,714,000 5,418,000 7,522,000 7,346,000 6,455,000 6,277,000 Depn & Amortn 747,000 359,000 1,400,000 1,400,000 1,400,000 1,500,000 1,484,000 1,485,000 Income Before Taxes 5,525,000 1,786,000 5,623,000 3,394,000 5,489,000 5,201,000 4,419,000 4,276,000 Income Taxes 1,360,000 449,000 1,342,000 1,080,000 2,042,000 2,108,000 1,873,000 1,578,000 Net Income 4,165,000 1,337,000 4,281,000 2,314,000 3,447,000 3,093,000 2,546,000 2,698,000 Average Shares 753,000 756,000 778,000 812,000 840,000 881,000 929,000 990,000 Balance Sheet Current Assets 27,717,000 21,926,000 15,318,000 14,228,000 12,772,000 12,000,000 10,561,000 10,080,000 Total Assets 51,763,000 45,832,000 39,471,000 34,508,000 35,291,000 34,408,000 31,266,000 31,827,000 Current Liabilities 21,370,000 18,325,000 15,182,000 14,497,000 12,096,000 11,974,000 10,492,000 9,348,000 Long-Term Obligations 20,197,000 20,200,000 16,768,000 14,391,000 15,564,000 14,394,000 11,545,000 10,815,000 Total Liabilities 47,407,000 44,116,000 37,499,000 30,864,000 29,418,000 27,974,000 23,612,000 21,859,000 Stockholders' Equity 4,356,000 1,716,000 1,972,000 3,644,000 5,873,000 6,434,000 7,654,000 9,968,000 Shares Outstanding 756,000 755,000 763,000 801,000 830,000 866,000 910,000 960,000 Statistical Record Return on Assets % 12.38 10.27 11.61 6.65 9.92 9.27 8.09 8.38 Return on Equity % 163.64 184.65 152.88 48.76 56.17 43.20 28.98 24.80 EBITDA Margin % 14.25 11.94 10.69 7.60 10.96 11.30 10.93 11.16 Net Margin % 8.87 6.80 5.93 3.25 5.02 4.76 4.31 4.80 Asset Turnover 1.74 1.66 1.96 2.05 1.97 1.95 1.88 1.75 Current Ratio 1.30 1.20 1.01 0.98 1.06 1.00 1.01 1.08 Debt to Equity 4.64 11.77 8.50 3.95 2.65 2.24 1.51 1.08 Price Range 149.20-65.02 126.57-65.02 122.71-91.87 116.84-81.48 107.40-72.24 82.94-63.40 77.61-66.25 70.44-44.63 P/E Ratio 19.76-8.61 21.27-10.93 22.35-16.73 41.14-28.69 26.26-17.66 23.90-18.27 28.43-24.27 25.99-16.47 Average Yield % 1.93 2.05 1.96 1.93 1.93 1.79 1.49 1.64
Address: 1000 Lowe's Blvd., Mooresville, NC 28117 Telephone: 704-758-1000 Web Site: www.lowes.com
Officers: Richard W. Dreiling - Chairman Marvin R. Ellison - President, Chief Executive Officer Transfer Agents:Computershare Trust Company N.A., Providence, RI
156
Investor Contact: 180-081-37613 No of Institutions: 2456 Shares: 783,318,080 % Held: 72.62
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MAGELLAN MIDSTREAM PARTNERS LP Exchange NYS
Symbol MMP
Price $34.20 (9/30/2020)
52Wk Range 66.27-27.78
2-for-1
90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 1000 750 500 250 0
2011
2012
2013
Yield 12.02
*12 Month Price Score 74.70 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.98 0.92 0.87 2018 0.92 0.94 2.60 2019 0.91 1.11 1.19 2020 1.26 0.59 ... Interim Dividends (Per Share) Amt Decl Ex Rec 1.02Q 10/24/2019 11/06/2019 11/07/2019 1.028Q 01/21/2020 02/06/2020 02/07/2020 1.028Q 04/23/2020 05/07/2020 05/08/2020 1.028Q 07/23/2020 08/06/2020 08/07/2020 Indicated Div: $4.11 Valuation Analysis Forecast EPS $3.67 (09/03/2020) Market Cap $7.7 Billion Book Value TRADING VOLUME (thousand shares) Price/Book N/A Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 66.20 *NYSE Composite Index=100
P/E 7.97 Dec 1.04 1.38 1.25 ...
Pay 11/14/2019 02/14/2020 05/15/2020 08/14/2020
N/A 2.91
11.01% 18
Business Summary: Equipment & Services (MIC: 9.1.3 SIC: 4613 NAIC: 486910) Magellan Midstream Partners is engaged in the transportation, storage and distribution of refined petroleum products and crude oil. Co.'s segments are: refined products, which consists of its refined products pipeline system, independent terminals and ammonia pipeline system; crude oil, which comprises crude oil pipelines, condensate splitter and storage facilities and ships crude oil as a common carrier for customers including crude oil producers, end users such as refiners, and marketing and trading companies; and marine storage, which owns and operates marine storage terminals located along coastal waterways. Recent Developments: For the quarter ended June 30 2020, net income decreased 47.2% to US$133.8 million from US$253.7 million in the year-earlier quarter. Revenues were US$460.4 million, down 34.4% from US$701.7 million the year before. Operating income was US$200.7 million versus US$300.7 million in the prior-year quarter, a decrease of 33.3%. Direct operating expenses declined 38.9% to US$196.6 million from US$321.8 million in the comparable period the year before. Indirect operating expenses decreased 20.3% to US$63.1 million from US$79.2 million in the equivalent prior-year period. Prospects: Our evaluation of Magellan Midstream Partners L.P. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while MMP has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that MMP will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.29 4.81 4.46 5.84 3.81 3.52 3.59 3.69 Cash Flow Per Share 5.83 6.59 5.78 5.92 4.86 4.22 4.70 4.87 Dividends Per Share 4.088 4.065 4.035 3.793 3.523 3.245 2.915 2.505 Dividend Payout % 95.28 84.51 90.47 64.94 92.45 92.19 81.20 67.89 Income Statement Total Revenue 1,243,214 782,806 2,727,912 2,826,573 2,507,661 2,205,410 2,188,453 2,303,723 EBITDA 473,633 296,302 1,294,779 1,567,793 1,142,385 1,069,403 1,062,252 1,102,931 Depn & Amortn 12,893 1,113 242,900 214,400 196,300 176,700 164,100 159,000 Income Before Taxes 345,403 244,660 853,325 1,152,879 752,367 727,293 754,975 824,745 Income Taxes 1,345 756 1,437 71 3,830 3,218 2,336 4,620 Net Income 421,407 287,564 1,020,849 1,333,925 869,531 802,771 819,122 839,519 Average Shares 225,351 227,571 228,842 228,573 228,338 228,057 227,888 227,626 Balance Sheet Current Assets 317,244 426,990 459,408 646,343 611,839 370,394 338,854 402,667 Total Assets 8,104,990 8,185,305 8,437,729 7,747,537 7,394,375 6,772,073 6,041,567 5,517,285 Current Liabilities 521,150 1,139,644 666,876 676,556 836,510 481,656 713,072 536,155 Long-Term Obligations 4,792,649 4,155,437 4,706,075 4,211,380 4,273,518 4,087,192 3,189,287 2,982,895 Total Liabilities 5,650,252 5,641,328 5,722,701 5,104,103 5,264,722 4,679,968 4,019,831 3,649,052 Shares Outstanding 225,056 225,056 228,403 228,195 228,024 227,783 227,427 227,068 Statistical Record Return on Assets % 12.18 13.73 12.61 17.62 12.28 12.50 14.17 16.24 EBITDA Margin % 38.10 37.85 47.46 55.47 45.56 48.49 48.54 47.88 Net Margin % 33.90 36.74 37.42 47.19 34.67 36.40 37.43 36.44 Asset Turnover 0.33 0.36 0.34 0.37 0.35 0.34 0.38 0.45 Current Ratio 0.61 0.37 0.69 0.96 0.73 0.77 0.48 0.75 Price Range 67.36-27.78 67.36-27.78 67.36-56.64 75.19-54.43 81.46-64.06 77.40-56.97 85.01-55.08 89.12-60.52 P/E Ratio 15.70-6.48 14.00-5.78 15.10-12.70 12.87-9.32 21.38-16.81 21.99-16.18 23.68-15.34 24.15-16.40 Average Yield % 7.29 6.66 6.44 5.71 4.89 4.67 3.98 3.23
Address: One Williams Center, P.O. Box 22186, Tulsa, OK 74121-2186 Telephone: 918-574-7000 Web Site: www.magellanlp.com
Officers: Michael N. Mears - Chairman, President, Chief Executive Officer Michael J. Aaronson - Senior Vice President Transfer Agents: Computershare Trust Company, N.A., Providence, RI
158
Investor Contact: 918-574-7650 No of Institutions: 821 Shares: 186,651,184 % Held: 65.60
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MATTHEWS INTERNATIONAL CORP Exchange NMS
Symbol MATW
Price $22.36 (9/30/2020)
52Wk Range 40.02-17.87
100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 75 50 25 0
2011
2012
2013
Yield 3.76
*12 Month Price Score 78.66 Interim Earnings (Per Share) Qtr. Dec Mar Jun 2016-17 0.28 0.46 0.91 2017-18 1.10 0.57 0.77 2018-19 0.10 0.48 0.46 2019-20 (0.34) (2.77) 0.07 Interim Dividends (Per Share) Amt Decl Ex Rec 0.21Q 11/13/2019 11/22/2019 11/25/2019 0.21Q 01/23/2020 01/31/2020 02/03/2020 0.21Q 04/22/2020 05/01/2020 05/04/2020 0.21Q 07/23/2020 07/31/2020 08/03/2020 Indicated Div: $0.84 Valuation Analysis Forecast EPS $2.75 (08/29/2020) Market Cap $699.1 Million Book Value TRADING VOLUME (thousand shares) Price/Book 1.16 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 52.84 *NYSE Composite Index=100
P/E N/A Sep 0.64 0.93 (2.26) ...
Pay 12/09/2019 02/17/2020 05/18/2020 08/17/2020
$601.1 Million 0.47
11.82% 25
Business Summary: Business Services (MIC: 7.5.2 SIC: 3995 NAIC: 339995) Matthews International is a provider of brand solutions, memorialization products and industrial technologies. Co.'s reporting segments are: SGK Brand Solutions, which includes brand development, deployment and delivery; Memorialization, which includes a line of memorialization products used primarily in cemeteries, funeral homes and crematories; and Industrial Technologies, which designs, manufactures and distributes a range of marking and coding equipment and consumables, industrial automation solutions, and warehouse automation systems, as well as manufactures and markets products and systems that employ different marking technologies, including laser and ink-jet printing. Recent Developments: For the quarter ended June 30 2020, net income decreased 87.2% to US$1.8 million from US$14.4 million in the year-earlier quarter. Revenues were US$359.4 million, down 5.2% from US$379.3 million the year before. Operating income was US$5.2 million versus US$29.7 million in the prior-year quarter, a decrease of 82.3%. Direct operating expenses declined 1.5% to US$238.5 million from US$242.1 million in the comparable period the year before. Indirect operating expenses increased 7.6% to US$115.7 million from US$107.5 million in the equivalent prior-year period. Prospects: Our evaluation of Matthews International Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and MATW has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that MATW will perform in line with the market over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share (5.30) (4.91) (1.66) (1.21) 3.37 2.28 2.03 1.91 Cash Flow Per Share 5.31 4.87 4.11 4.17 4.66 4.63 4.29 4.28 Dividends Per Share 0.830 0.820 0.810 0.800 0.760 0.680 0.600 0.520 Dividend Payout % ... ... ... ... 22.55 29.82 29.56 27.23 Income Statement Total Revenue 1,099,166 739,744 364,944 1,537,276 1,602,580 1,515,608 1,480,464 1,426,068 EBITDA (37,150) (58,697) 11,479 93,672 212,394 190,639 185,058 172,882 Depn & Amortn 53,639 35,814 17,942 90,793 76,974 67,981 65,480 62,620 Income Before Taxes (117,724) (113,364) (15,703) (38,083) 97,993 96,287 95,234 89,652 Income Taxes (22,672) (16,463) (5,397) 806 (9,118) 22,354 29,073 26,364 Net Income (94,561) (96,830) (10,466) (37,988) 107,371 74,368 66,749 63,449 Average Shares 31,232 31,150 31,136 31,416 31,861 32,570 32,904 33,196 Balance Sheet Current Assets 569,668 625,937 594,348 583,716 616,423 595,059 574,184 624,654 Total Assets 2,084,616 2,191,736 2,284,579 2,190,603 2,375,485 2,244,649 2,091,041 2,163,018 Current Liabilities 305,032 322,302 283,276 279,879 304,143 285,132 259,348 249,083 Long-Term Obligations 837,770 939,753 941,395 898,194 929,342 881,602 844,807 891,217 Total Liabilities 1,483,509 1,601,589 1,570,159 1,472,497 1,507,134 1,454,942 1,382,376 1,432,198 Stockholders' Equity 601,107 590,147 714,420 718,106 868,351 789,707 708,665 730,820 Shares Outstanding 31,264 31,269 31,290 31,348 32,074 32,148 32,141 32,875 Statistical Record Return on Assets % N.M. N.M. N.M. N.M. 4.65 3.43 3.13 3.03 Return on Equity % N.M. N.M. N.M. N.M. 12.95 9.93 9.25 8.41 EBITDA Margin % N.M. N.M. 3.15 6.09 13.25 12.58 12.50 12.12 Net Margin % N.M. N.M. N.M. N.M. 6.70 4.91 4.51 4.45 Asset Turnover 0.67 0.67 0.66 0.67 0.69 0.70 0.69 0.68 Current Ratio 1.87 1.94 2.10 2.09 2.03 2.09 2.21 2.51 Debt to Equity 1.39 1.59 1.32 1.25 1.07 1.12 1.19 1.22 Price Range 40.02-17.87 40.06-20.00 44.92-29.06 49.34-29.06 64.50-48.25 76.95-58.10 62.64-46.64 55.07-41.36 P/E Ratio ... ... ... ... 19.14-14.32 33.75-25.48 30.86-22.98 28.83-21.65 Average Yield % 2.70 2.38 2.21 2.10 1.39 1.03 1.10 1.06
Address: Two Northshore Center, Pittsburgh, PA 15212-5851 Telephone: 412-442-8200 Web Site: www.matw.com
Officers: John D. Turner - Chairman Joseph C. Bartolacci - President, Chief Executive Officer Transfer Agents:Computershare Investor Services LLC, Chicago Illinois
161
Investor Contact: 412-442-8200 No of Institutions: 237 Shares: 39,419,512 % Held: 84.01
MAXIM INTEGRATED PRODUCTS, INC. Exchange NMS
Symbol MXIM
Price $67.61 (9/30/2020)
52Wk Range 71.37-42.50
Yield N/A
*7 Year Price Score 118.10 *NYSE Composite Index=100 *12 Month Price Score 112.52 Interim Earnings (Per Share) Qtr. Sep Dec Mar 75 2015-16 (0.25) 0.23 0.48 70 2016-17 0.48 0.45 0.49 65 2017-18 0.54 (0.27) 0.68 60 2018-19 0.70 0.47 0.47 2019-20 0.51 0.53 0.59 55 Interim Dividends (Per Share) 50 Amt Decl Ex Rec 45 0.48Q 10/29/2019 11/26/2019 11/27/2019 40 0.48Q 01/28/2020 02/26/2020 02/27/2020 0.48Q 04/28/2020 05/27/2020 05/28/2020 35 0.48Q 07/28/2020 08/26/2020 08/27/2020 30 Valuation Analysis 25 Forecast EPS $2.45 (08/16/2020) 20 Market Cap $18.0 Billion Book Value TRADING VOLUME (thousand shares) 1500 Price/Book 10.88 Price/Sales 1000 Dividend Achiever Status 500 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 28.05 Jun 0.32 0.56 0.69 1.33 0.77
Pay 12/13/2019 03/13/2020 06/12/2020 09/11/2020
$1.7 Billion 8.23
8.92% 17
Business Summary: Semiconductors (MIC: 6.2.4 SIC: 3674 NAIC: 334413) Maxim Integrated Products designs, develops, manufactures and markets a range of linear and mixed-signal integrated circuits, referred to as analog circuits. The analog market is fragmented and characterized by various applications, product variations and, with respect to different circuit types. Co.'s linear and mixed signal products serve the Automotive, Communications & Data Center, Consumer, and Industrial end-markets. Co. primarily utilizes third party foundries as well as its own wafer fabrication facility for the production of its wafers. Co. markets its products through a direct-sales and applications organization and through its own and other unaffiliated distribution channels. Recent Developments: For the year ended June 27 2020, net income decreased 20.9% to US$654.7 million from US$827.5 million in the prior year. Revenues were US$2.19 billion, down 5.3% from US$2.31 billion the year before. Operating income was US$686.4 million versus US$747.1 million in the prior year, a decrease of 8.1%. Direct operating expenses declined 6.8% to US$758.7 million from US$813.8 million in the comparable period the year before. Indirect operating expenses decreased 0.9% to US$746.3 million from US$753.4 million in the equivalent prior-year period. Prospects: Our evaluation of Maxim Integrated Products Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while MXIM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that MXIM will perform poorly over the near term. Financial Data (US$ in Thousands) 06/27/2020 06/29/2019 06/30/2018 06/24/2017 06/25/2016 06/27/2015 06/28/2014 06/29/2013 Earnings Per Share 2.41 2.97 1.64 1.98 0.79 0.71 1.23 1.52 Cash Flow Per Share 2.98 3.19 2.92 2.74 2.54 2.45 2.75 2.81 Tang Book Value Per Share 3.77 4.62 4.74 5.73 5.18 5.33 5.18 6.71 Dividends Per Share 1.920 1.840 1.560 1.320 1.200 1.120 1.040 0.960 Dividend Payout % 79.67 61.95 95.12 66.67 151.90 157.75 84.55 63.16 Income Statement Total Revenue 2,191,395 2,314,329 2,480,066 2,295,615 2,194,719 2,306,864 2,453,663 2,441,459 EBITDA 782,072 836,539 932,315 812,466 503,254 462,357 600,681 760,044 Depn & Amortn 95,678 89,441 98,867 117,689 189,405 225,077 178,390 171,725 Income Before Taxes 678,096 754,421 824,885 679,589 285,054 246,170 409,226 570,279 Income Taxes 23,402 (73,065) 357,567 107,976 57,579 40,132 54,416 117,970 Net Income 654,694 827,486 467,318 571,613 227,475 206,038 354,810 454,912 Average Shares 272,028 278,777 285,674 287,974 289,479 288,949 289,108 298,596 Balance Sheet Current Assets 2,317,829 2,539,500 3,210,409 3,305,594 2,807,048 2,320,581 2,086,702 1,939,906 Total Assets 3,629,303 3,743,982 4,451,561 4,570,233 4,234,616 4,228,384 4,405,618 3,935,910 Current Liabilities 453,334 371,167 797,395 278,997 609,403 383,177 398,635 404,893 Long-Term Obligations 994,022 992,584 991,147 1,487,678 990,090 1,000,000 1,001,026 503,573 Total Liabilities 1,971,846 1,898,706 2,520,621 2,367,539 2,126,802 1,938,364 1,975,707 1,427,912 Stockholders' Equity 1,657,457 1,845,276 1,930,940 2,202,694 2,107,814 2,290,020 2,429,911 2,507,998 Shares Outstanding 266,797 271,852 278,664 282,912 283,909 284,823 284,441 287,620 Statistical Record Return on Assets % 17.81 20.25 10.36 13.02 5.39 4.79 8.53 11.89 Return on Equity % 37.48 43.95 22.61 26.59 10.37 8.75 14.41 18.08 EBITDA Margin % 35.69 36.15 37.59 35.39 22.93 20.04 24.48 31.13 Net Margin % 29.88 35.75 18.84 24.90 10.36 8.93 14.46 18.63 Asset Turnover 0.60 0.57 0.55 0.52 0.52 0.54 0.59 0.64 Current Ratio 5.11 6.84 4.03 11.85 4.61 6.06 5.23 4.79 Debt to Equity 0.60 0.54 0.51 0.68 0.47 0.44 0.41 0.20 Price Range 65.34-42.50 63.48-46.66 66.27-43.71 49.41-33.84 42.01-30.23 36.23-25.78 35.41-27.11 33.31-24.07 P/E Ratio 27.11-17.63 21.37-15.71 40.41-26.65 24.95-17.09 53.18-38.27 51.02-36.31 28.79-22.04 21.91-15.83 Average Yield % 3.35 3.30 2.91 3.15 3.39 3.47 3.43 3.29
Address: 160 Rio Robles, San Jose, CA 95134 Telephone: 408-601-1000 Web Site: www.maximintegrated.com
Investor Contact: 408-601-5293 Officers: William P. Sullivan - Chairman Tunc Doluca - President, Chief Executive Officer Transfer No of Institutions: 831 Shares: 299,318,656 % Held: 89.12 Agents:Computershare, Canton, MA
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MCGRATH RENTCORP Exchange NMS
Symbol MGRC
Price $59.59 (9/30/2020)
85 80 75 70 65 60 55 50 45 40 35 30 25 20 60 40 20 0
2011
2012
2013
52Wk Range 83.13-46.58
Yield 2.82
*12 Month Price Score 94.87 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.33 0.48 0.69 2018 0.59 0.65 1.01 2019 0.75 0.79 1.32 2020 0.81 0.92 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.375Q 12/04/2019 01/16/2020 01/17/2020 0.42Q 02/25/2020 04/14/2020 04/15/2020 0.42Q 06/03/2020 07/16/2020 07/17/2020 0.42Q 09/18/2020 10/15/2020 10/16/2020 Indicated Div: $1.68 Valuation Analysis Forecast EPS $3.74 (09/02/2020) Market Cap $1.4 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 2.23 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 132.74 *NYSE Composite Index=100
P/E 14.46 Dec 4.84 0.99 1.07 ...
Pay 01/31/2020 04/30/2020 07/31/2020 10/30/2020
$643.8 Million 2.44
5.47% 29
Business Summary: Business Services (MIC: 7.5.2 SIC: 7359 NAIC: 532490) McGrath RentCorp is a business-to-business rental company with the following rental divisions: relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. Although Co.'s primary focus is on equipment rentals, sales of equipment occur in the normal course of business. Co.'s reportable business segments include: its modular building and portable storage segment; its electronic test equipment segment; its containment solutions for the storage of hazardous and non-hazardous liquids and solids segment; and its classroom manufacturing business selling modular buildings used primarily as classrooms in California. Recent Developments: For the quarter ended June 30 2020, net income increased 15.7% to US$22.5 million from US$19.5 million in the year-earlier quarter. Revenues were US$137.7 million, up 8.0% from US$127.4 million the year before. Operating income was US$32.7 million versus US$29.1 million in the prior-year quarter, an increase of 12.5%. Direct operating expenses rose 10.2% to US$74.4 million from US$67.6 million in the comparable period the year before. Indirect operating expenses decreased 0.9% to US$30.5 million from US$30.8 million in the equivalent prior-year period. Prospects: Our evaluation of McGrath RentCorp as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and MGRC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that MGRC will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.12 3.99 3.93 3.24 6.34 1.60 1.59 1.75 Cash Flow Per Share 8.02 7.71 7.75 5.91 5.10 5.92 5.70 4.75 Tang Book Value Per Share 25.26 24.90 24.63 22.18 20.32 14.94 14.36 14.83 Dividends Per Share 1.545 1.500 1.465 1.280 1.035 1.015 0.995 0.975 Dividend Payout % 37.50 37.59 37.28 39.51 16.32 63.44 62.58 55.71 Income Statement Total Revenue 267,126 129,453 570,230 498,330 462,034 424,080 404,544 408,122 EBITDA 105,301 50,907 149,656 124,992 102,674 87,238 84,669 93,441 Depn & Amortn 43,226 21,641 8,200 8,000 7,600 8,100 8,200 7,600 Income Before Taxes 57,239 26,614 129,125 104,695 83,452 66,931 66,377 76,561 Income Taxes 14,531 6,455 32,319 25,289 (70,468) 28,680 25,907 30,852 Net Income 42,708 20,159 96,806 79,406 153,920 38,251 40,470 45,709 Average Shares 24,471 24,738 24,623 24,540 24,269 23,976 25,457 26,175 Balance Sheet Current Assets 126,634 126,176 130,441 122,524 108,373 97,729 107,366 102,461 Total Assets 1,312,342 1,314,429 1,309,875 1,217,316 1,147,854 1,128,276 1,152,709 1,116,407 Current Liabilities 449,753 457,456 109,174 90,844 86,408 78,205 71,942 71,357 Long-Term Obligations ... ... 293,431 298,564 303,414 326,266 381,441 322,478 Total Liabilities 668,506 676,825 675,839 645,781 623,670 733,989 773,022 691,876 Stockholders' Equity 643,836 637,604 634,036 571,535 524,184 394,287 379,687 424,531 Shares Outstanding 24,085 24,182 24,296 24,182 24,052 23,948 23,851 26,051 Statistical Record Return on Assets % 7.84 7.71 7.66 6.71 13.52 3.34 3.57 4.28 Return on Equity % 16.43 16.17 16.06 14.49 33.52 9.86 10.06 11.07 EBITDA Margin % 39.42 39.32 26.24 25.08 22.22 20.57 20.93 22.90 Net Margin % 15.99 15.57 16.98 15.93 33.31 9.02 10.00 11.20 Asset Turnover 0.45 0.45 0.45 0.42 0.41 0.37 0.36 0.38 Current Ratio 0.28 0.28 1.19 1.35 1.25 1.25 1.49 1.44 Debt to Equity ... ... 0.46 0.52 0.58 0.83 1.00 0.76 Price Range 83.13-46.58 83.13-46.58 78.46-48.61 67.81-46.36 49.13-32.61 39.76-22.42 35.86-23.96 39.80-30.26 P/E Ratio 20.18-11.31 20.83-11.67 19.96-12.37 20.93-14.31 7.75-5.14 24.85-14.01 22.55-15.07 22.74-17.29 Average Yield % 2.36 2.24 2.33 2.31 2.67 3.44 3.36 2.75 Address: 5700 Las Positas Road, Officers: Ronald H. Zech - Chairman Joseph F. Hanna Investor Contact: 925-606-9206 No of Institutions: 281 Livermore, CA 94551-7800 - President, Chief Executive Officer, Senior Vice Telephone: 925-606-9200 President, Chief Operating Officer Transfer Agents: Shares: 26,765,972 % Held: 89.13 Web Site: www.mgrc.com Computershare Investor Services, Providence, RI
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166
MDU RESOURCES GROUP INC Exchange NYS
Symbol MDU
Price $22.50 (9/30/2020)
52Wk Range 32.20-15.53
Yield 3.69
P/E 12.50
*12 Month Price Score 88.39 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.19 0.21 0.45 0.59 2018 0.22 0.22 0.55 0.40 2019 0.21 0.31 0.69 0.48 2020 0.13 0.50 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.207Q 11/14/2019 12/11/2019 12/12/2019 01/01/2020 0.207Q 02/13/2020 03/11/2020 03/12/2020 04/01/2020 0.207Q 05/13/2020 06/10/2020 06/11/2020 07/01/2020 0.207Q 08/13/2020 09/09/2020 09/10/2020 10/01/2020 Indicated Div: $0.83 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.74 (08/15/2020) Market Cap $4.5 Billion Book Value $2.9 Billion TRADING VOLUME (thousand shares) Price/Book 1.56 Price/Sales 0.82 Dividend Achiever Status 10 Year Growth Rate 2.73% Total Years of Dividend Growth 29 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 88.03 *NYSE Composite Index=100 60 56 52 48 44 40 36 32 28 24 20 16 12 600 400 200 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221122) MDU Resources Group is a holding company. Through its subsidiaries, Co. is organized into five reportable business segments: electric, which generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming; natural gas distribution, which distributes natural gas in Montana, North Dakota, South Dakota, Wyoming, Idaho, Minnesota, Oregon and Washington; pipeline and midstream, which provides natural gas transportation, underground storage and gathering services; construction materials and contracting, which mines, processes and sells construction aggregates; and construction services, which provides inside and outside specialty contracting services. Recent Developments: For the quarter ended June 30 2020, income from continuing operations increased 58.1% to US$99.8 million from US$63.1 million in the year-earlier quarter. Net income increased 61.3% to US$99.7 million from US$61.8 million in the year-earlier quarter. Revenues were US$1.36 billion, up 4.6% from US$1.30 billion the year before. Operating income was US$138.3 million versus US$97.3 million in the prior-year quarter, an increase of 42.1%. Direct operating expenses was unchanged at US$1.10 billion versus the comparable period the year before. Indirect operating expenses increased 11.8% to US$124.1 million from US$111.0 million in the equivalent prior-year period. Prospects: Our evaluation of MDU Resources Group Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and MDU has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that MDU will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.80 1.61 1.69 1.39 1.43 0.33 (3.20) 1.55 Cash Flow Per Share 4.12 3.09 2.73 2.55 2.29 2.36 3.29 3.20 Tang Book Value Per Share 10.76 10.42 10.73 9.65 9.18 8.52 8.91 12.74 Dividends Per Share 0.825 0.820 0.815 0.795 0.775 0.755 0.735 0.715 Dividend Payout % 45.83 50.93 48.22 57.19 54.20 228.79 ... 46.13 Income Statement Total Revenue 2,560,302 1,197,373 5,336,776 4,531,552 4,443,351 4,128,828 4,191,549 4,670,558 EBITDA 345,130 125,304 753,049 621,690 640,301 630,394 501,095 899,555 Depn & Amortn 140,747 69,239 256,017 220,205 207,486 216,318 227,730 401,368 Income Before Taxes 155,012 31,512 398,445 316,871 350,027 326,228 180,297 411,171 Income Taxes 29,631 5,973 63,279 47,485 65,041 93,132 65,603 119,969 Net Income 124,833 25,130 335,453 272,318 281,203 64,433 (622,435) 298,233 Average Shares 200,539 200,456 198,626 196,150 195,687 195,618 194,986 192,587 Balance Sheet Current Assets 1,396,770 1,373,388 1,297,701 1,184,132 1,069,995 977,475 1,021,042 1,194,973 Total Assets 7,911,132 7,850,516 7,683,059 6,988,110 6,334,666 6,284,467 6,627,608 7,809,978 Current Liabilities 999,719 824,479 866,427 986,050 812,858 669,659 947,639 968,694 Long-Term Obligations 2,265,316 2,438,675 2,226,567 1,856,841 1,566,354 1,746,561 1,627,443 1,825,278 Total Liabilities 5,013,445 5,013,924 4,835,813 4,421,335 3,905,623 3,968,223 4,231,103 4,675,937 Stockholders' Equity 2,897,687 2,836,592 2,847,246 2,566,775 2,429,043 2,316,244 2,396,505 3,134,041 Shares Outstanding 200,522 200,522 200,383 196,025 195,304 195,304 195,265 194,215 Statistical Record Return on Assets % 4.61 4.23 4.57 4.09 4.46 1.00 N.M. 4.01 Return on Equity % 12.87 11.75 12.39 10.90 11.85 2.73 N.M. 10.01 EBITDA Margin % 13.48 10.46 14.11 13.72 14.41 15.27 11.95 19.26 Net Margin % 4.88 2.10 6.29 6.01 6.33 1.56 N.M. 6.39 Asset Turnover 0.71 0.72 0.73 0.68 0.70 0.64 0.58 0.63 Current Ratio 1.40 1.67 1.50 1.20 1.32 1.46 1.08 1.23 Debt to Equity 0.78 0.86 0.78 0.72 0.64 0.75 0.68 0.58 Price Range 32.20-15.53 32.20-15.53 29.77-23.56 29.60-23.05 29.43-25.45 29.62-16.03 24.36-16.36 35.93-21.44 P/E Ratio 17.89-8.63 20.00-9.65 17.62-13.94 21.29-16.58 20.58-17.80 89.76-48.58 ... 23.18-13.83 Average Yield % 3.14 3.01 3.05 2.93 2.88 3.34 3.70 2.31 Investor Contact: 866-866-8919 Officers: Dennis W. Johnson - Chairman, Address: 1200 West Century Avenue, No of Institutions: 573 Vice-Chairman David L. Goodin - President, Chief P.O. Box 5650, Bismarck, ND Shares: 172,157,008 % Held: 72.88 Executive Officer Transfer Agents: 58506-5650 Telephone: 701-530-1000 Wells Fargo Bank, N.A., St. Paul, MN Web Site: www.mdu.com
167
MEDTRONIC PLC Exchange NYS
Symbol MDT
Price $103.92 (9/30/2020)
52Wk Range 121.30-72.92
Yield 2.16
P/E 31.88
*12 Month Price Score 98.43 Interim Earnings (Per Share) Qtr. Jul Oct Jan Apr 2017-18 0.74 1.48 (1.03) 1.07 2018-19 0.79 0.82 0.94 0.87 2019-20 0.64 1.01 1.42 0.47 2020-21 0.36 ... ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.54Q 12/06/2019 12/26/2019 12/27/2019 01/17/2020 0.54Q 03/06/2020 03/26/2020 03/27/2020 04/17/2020 0.58Q 05/20/2020 06/25/2020 06/26/2020 07/17/2020 0.58Q 08/21/2020 09/24/2020 09/25/2020 10/16/2020 Indicated Div: $2.24 (Div. Reinv. Plan) Valuation Analysis Forecast EPS N/A Market Cap $139.6 Billion Book Value $50.3 Billion TRADING VOLUME (thousand shares) Price/Book 2.78 Price/Sales 5.00 Dividend Achiever Status 10 Year Growth Rate 10.45% Total Years of Dividend Growth 11 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 111.96 *NYSE Composite Index=100 130 120 110 100 90 80 70 60 50 40 30 3000 2000 1000 0
2011
2012
2013
Business Summary: Medical Instruments & Equipment (MIC: 4.3.1 SIC: 3845 NAIC: 334510) Medtronic is a medical technology, services and solutions company. Co.'s four operating and reportable segments are: Cardiac and Vascular Group, which is made up of the cardiac rhythm and heart failure, coronary and structural heart, and aortic, peripheral and venous divisions; Minimally Invasive Therapies Group, which is made up of the surgical innovations and respiratory, gastrointestinal, and renal divisions; Restorative Therapies Group, which is made up of the brain therapies, spine, specialty therapies, and pain therapies divisions; and Diabetes Group, which develops, manufactures, and markets products and services for the management of Type 1 and Type 2 diabetes. Recent Developments: For the quarter ended July 31 2020, net income decreased 44.0% to US$491.0 million from US$877.0 million in the year-earlier quarter. Revenues were US$6.51 billion, down 13.2% from US$7.49 billion the year before. Operating income was US$673.0 million versus US$1.49 billion in the prior-year quarter, a decrease of 54.7%. Direct operating expenses rose 5.9% to US$2.51 billion from US$2.37 billion in the comparable period the year before. Indirect operating expenses decreased 8.6% to US$3.33 billion from US$3.64 billion in the equivalent prior-year period. Prospects: Our evaluation of Medtronic PLC as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while MDT has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that MDT will perform poorly over the near term. Financial Data (US$ in Thousands) 3 Mos 04/24/2020 04/26/2019 04/27/2018 04/28/2017 04/29/2016 04/24/2015 04/25/2014 Earnings Per Share 3.26 3.54 3.41 2.27 2.89 2.48 2.41 3.02 Cash Flow Per Share 4.47 5.41 5.22 3.45 4.99 3.64 4.49 4.96 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. N.M. N.M. 6.57 Dividends Per Share 2.200 2.160 2.000 1.840 1.720 1.520 1.220 1.120 Dividend Payout % 67.48 61.02 58.65 81.06 59.52 61.29 50.62 37.09 Income Statement Total Revenue 6,507,000 28,913,000 30,557,000 29,953,000 29,710,000 28,833,000 20,261,000 17,005,000 EBITDA 1,195,000 7,810,000 9,300,000 9,068,000 8,247,000 8,111,000 5,072,000 4,663,000 Depn & Amortn 440,000 2,663,000 2,659,000 2,644,000 2,917,000 2,820,000 1,306,000 850,000 Income Before Taxes 584,000 4,055,000 5,197,000 5,675,000 4,602,000 4,336,000 3,486,000 3,705,000 Income Taxes 93,000 (751,000) 547,000 2,580,000 578,000 798,000 811,000 640,000 Net Income 487,000 4,789,000 4,631,000 3,104,000 4,028,000 3,538,000 2,675,000 3,065,000 Average Shares 1,350,000 1,351,100 1,357,500 1,368,200 1,391,400 1,425,900 1,109,000 1,013,600 Balance Sheet Current Assets 24,509,000 22,031,000 21,967,000 22,980,000 24,873,000 23,600,000 30,844,000 21,210,000 Total Assets 93,906,000 90,689,000 89,694,000 91,393,000 99,816,000 99,782,000 106,685,000 37,943,000 Current Liabilities 13,086,000 10,366,000 8,472,000 10,084,000 14,220,000 7,165,000 9,173,000 5,559,000 Long-Term Obligations 22,867,000 22,021,000 24,486,000 23,699,000 25,921,000 30,247,000 33,752,000 10,315,000 Total Liabilities 43,610,000 39,952,000 39,603,000 40,673,000 49,522,000 47,719,000 53,455,000 18,500,000 Stockholders' Equity 50,296,000 50,737,000 50,091,000 50,720,000 50,294,000 52,063,000 53,230,000 19,443,000 Shares Outstanding 1,343,318 1,341,074 1,340,697 1,354,218 1,369,424 1,399,018 1,421,648 998,999 Statistical Record Return on Assets % 4.77 5.32 5.13 3.25 4.04 3.37 3.71 8.45 Return on Equity % 8.77 9.53 9.21 6.15 7.87 6.61 7.38 16.13 EBITDA Margin % 18.36 27.01 30.43 30.27 27.76 28.13 25.03 27.42 Net Margin % 7.48 16.56 15.16 10.36 13.56 12.27 13.20 18.02 Asset Turnover 0.30 0.32 0.34 0.31 0.30 0.27 0.28 0.47 Current Ratio 1.87 2.13 2.59 2.28 1.75 3.29 3.36 3.82 Debt to Equity 0.45 0.43 0.49 0.47 0.52 0.58 0.63 0.53 Price Range 121.30-72.92 121.30-72.92 99.49-79.58 89.30-76.55 88.92-70.61 79.78-64.52 79.25-58.21 62.31-46.36 P/E Ratio 37.21-22.37 34.27-20.60 29.18-23.34 39.34-33.72 30.77-24.43 32.17-26.02 32.88-24.15 20.63-15.35 Average Yield % 2.12 2.08 2.21 2.23 2.11 2.02 1.78 2.02 Address: 20 On Hatch, Lower Hatch Officers: Omar Ishrak - Executive Chairman, No of Institutions: 2071 Shares: 1,234,794,368 % Held: 84.55 Street, Dublin, 2 Chairman, Chief Executive Officer Gary Lee Ellis Telephone: 143-817-00 Executive Vice President, Executive Vice President Web Site: www.medtronic.com (frmr), Senior Vice President, Chief Financial Officer Transfer Agents:Wells Fargo Shareowner Services, Mendota Heights, MN
168
MERCURY GENERAL CORP. Exchange NYS
Symbol MCY
Price $41.37 (9/30/2020)
120 115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 150 100 50 0
2011
2012
2013
52Wk Range 55.88-34.15
Yield 6.09
*12 Month Price Score 96.32 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.49 0.93 0.84 2018 (0.77) 1.09 1.06 2019 2.45 1.50 1.25 2020 (2.51) 4.12 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.63Q 10/28/2019 12/11/2019 12/12/2019 0.63Q 02/10/2020 03/16/2020 03/17/2020 0.63Q 05/01/2020 06/10/2020 06/11/2020 0.63Q 08/03/2020 09/14/2020 09/15/2020 Indicated Div: $2.52 Valuation Analysis Forecast EPS $4.67 (08/19/2020) Market Cap $2.3 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.26 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 77.29 *NYSE Composite Index=100
P/E 12.06 Dec 0.36 (1.48) 0.57 ...
Pay 12/26/2019 03/31/2020 06/25/2020 09/29/2020
$1.8 Billion 0.62
0.76% 33
Business Summary: General Insurance (MIC: 5.2.1 SIC: 6331 NAIC: 524126) Mercury General is an insurance holding company. Through its insurance subsidiaries, Co. writes personal automobile insurance. Co. also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance. Co. provides the following types of automobile coverage: collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards. Co. provides the following types of homeowners coverage: dwelling, liability, personal property, fire, and other hazards. Co. sells its policies through a network of independent agents, its insurance agencies, and directly through internet sales portals. Recent Developments: For the quarter ended June 30 2020, net income increased 174.1% to US$228.2 million from US$83.3 million in the year-earlier quarter. Revenues were US$1.01 billion, up 2.7% from US$979.5 million the year before. Net premiums earned were US$811.9 million versus US$888.8 million in the prior-year quarter, a decrease of 8.6%. Net investment income fell 2.5% to US$34.2 million from US$35.0 million a year ago. Prospects: Our evaluation of Mercury General Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while MCY has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that MCY will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.43 0.81 5.78 (0.10) 2.62 1.32 1.35 3.23 Cash Flow Per Share 9.28 7.99 9.39 6.93 6.17 5.19 3.45 4.48 Tang Book Value Per Share 31.86 28.37 31.54 28.18 30.69 30.46 31.66 32.60 Dividends Per Share 2.518 2.515 2.513 2.502 2.493 2.482 2.473 2.462 Dividend Payout % 73.40 310.49 43.47 ... 95.13 188.07 183.15 76.24 Income Statement Premium Income 1,734,471 922,574 3,599,418 3,368,411 3,195,437 3,131,773 2,957,897 2,796,195 Total Revenue 1,714,153 708,311 3,972,518 3,380,004 3,415,962 3,227,683 3,009,300 3,011,773 Benefits & Claims 1,146,970 651,670 2,706,024 2,576,789 2,444,884 2,355,138 2,145,495 1,986,122 Income Before Taxes 104,760 (180,705) 378,069 (30,615) 167,085 70,724 70,567 247,425 Income Taxes 15,753 (41,501) 57,982 (24,887) 22,208 (2,320) (3,912) 69,476 Net Income 89,007 (139,204) 320,087 (5,728) 144,877 73,044 74,479 177,949 Average Shares 55,358 55,358 55,360 55,335 55,327 55,302 55,209 55,020 Balance Sheet Total Assets 5,916,737 5,716,898 5,889,157 5,433,729 5,101,323 4,788,718 4,628,645 4,600,289 Total Liabilities 4,099,922 4,093,454 4,089,655 3,816,045 3,339,936 3,036,316 2,807,760 2,724,843 Stockholders' Equity 1,816,815 1,623,444 1,799,502 1,617,684 1,761,387 1,752,402 1,820,885 1,875,446 Shares Outstanding 55,358 55,358 55,358 55,340 55,332 55,289 55,164 55,121 Statistical Record Return on Assets % 3.27 0.80 5.65 N.M. 2.93 1.55 1.61 3.99 Return on Equity % 10.60 2.69 18.73 N.M. 8.25 4.08 4.03 9.62 Loss Ratio % 66.13 70.64 75.18 76.50 76.51 75.20 72.53 71.03 Net Margin % 5.19 (19.65) 8.06 (0.17) 4.24 2.26 2.47 5.91 Price Range 64.81-34.15 64.81-34.31 64.81-47.29 61.37-42.31 64.15-51.87 60.87-43.06 60.20-45.64 58.86-42.97 P/E Ratio 18.90-9.96 80.01-42.36 11.21-8.18 ... 24.48-19.80 46.11-32.62 44.59-33.81 18.22-13.30 Average Yield % 5.20 4.81 4.67 5.03 4.37 4.66 4.56 5.03
Address: 4484 Wilshire Boulevard, Los Angeles, CA 90010 Telephone: 323-937-1060 Web Site: www.mercuryinsurance.com
Officers: George Joseph - Chairman Gabriel Tirador - No of Institutions: 365 President, Chief Executive Officer Transfer Agents: Shares: 33,575,336 % Held: 44.84 Computershare Trust Company, N.A., Canton, MA
169
MEREDITH CORP Exchange NYS
Symbol MDP
Price $13.12 (9/30/2020)
100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 600 400 200 0
2011
2012
2013
52Wk Range 39.33-10.81
Yield N/A
*12 Month Price Score 58.87 Interim Earnings (Per Share) Qtr. Sep Dec Mar 2015-16 0.24 0.72 1.79 2016-17 0.75 1.58 0.87 2017-18 0.73 3.49 (2.74) 2018-19 (0.06) (0.01) 0.10 2019-20 (0.30) 0.40 (6.65) Interim Dividends (Per Share) Amt Decl Ex Rec 0.575Q 05/09/2019 05/30/2019 05/31/2019 0.575Q 08/08/2019 08/29/2019 08/30/2019 0.575Q 11/13/2019 11/27/2019 11/29/2019 0.595Q 02/03/2020 02/27/2020 02/28/2020 Valuation Analysis Forecast EPS $1.93 (08/18/2020) Market Cap $595.6 Million Book Value TRADING VOLUME (thousand shares) Price/Book 1.53 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 42.94 *NYSE Composite Index=100
P/E N/A Jun (1.99) 0.96 (0.06) (0.71) (3.84)
Pay 06/14/2019 09/13/2019 12/13/2019 03/13/2020
$388.2 Million 0.21
9.84% 26
Business Summary: Publishing (MIC: 2.3.3 SIC: 2721 NAIC: 511120) Meredith is a media company. Co. is engaged in providing consumers with content and delivering the messages of its advertising and marketing partners. Co.'s business segments are: national media and local media. Co.'s national media segment includes national consumer media brands delivered via multiple media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services. Co.'s local media segment consists of television stations located across the U.S. in markets with related digital and mobile media assets. Recent Developments: For the year ended June 30 2020, loss from continuing operations was US$209.0 million compared with income of US$129.1 million a year earlier. Net loss amounted to US$234.3 million versus net income of US$46.3 million in the prior year. Revenues were US$2.85 billion, down 10.7% from US$3.19 billion the year before. Operating loss was US$94.1 million versus an income of US$287.0 million in the prior year. Direct operating expenses declined 9.8% to US$1.05 billion from US$1.16 billion in the comparable period the year before. Indirect operating expenses increased 8.9% to US$1.90 billion from US$1.74 billion in the equivalent prior-year period. Prospects: Our evaluation of Meredith Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and MDP has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that MDP will perform over the near term. Financial Data (US$ in Thousands) 06/30/2020 06/30/2019 06/30/2018 06/30/2017 06/30/2016 06/30/2015 06/30/2014 06/30/2013 Earnings Per Share (10.41) (0.70) 1.47 4.16 0.75 3.02 2.50 2.74 Cash Flow Per Share 6.69 5.42 3.37 4.92 5.07 4.32 3.99 4.25 Dividends Per Share 1.745 2.240 2.130 2.030 1.905 1.780 1.680 1.580 Dividend Payout % ... ... 144.90 48.80 254.00 58.94 67.20 57.66 Income Statement Total Revenue 2,848,600 3,188,500 2,247,400 1,713,361 1,649,628 1,594,176 1,468,708 1,471,340 EBITDA 600 423,700 160,700 361,473 186,774 297,606 230,927 254,101 Depn & Amortn 96,000 112,500 73,400 52,350 56,165 55,494 44,412 43,267 Income Before Taxes (241,200) 140,600 (9,600) 290,334 110,207 222,760 174,339 197,404 Income Taxes (32,200) 11,500 (123,600) 101,406 76,270 85,969 60,798 73,754 Net Income (234,300) 46,300 99,400 188,928 33,937 136,791 113,541 123,650 Average Shares 45,700 45,500 45,200 45,447 45,357 45,323 45,410 45,085 Balance Sheet Current Assets 884,800 1,350,100 1,979,100 505,253 481,156 482,531 470,012 407,692 Total Assets 5,510,100 6,136,900 6,727,200 2,729,623 2,628,285 2,843,282 2,543,800 2,140,059 Current Liabilities 731,700 1,260,800 1,190,300 459,670 477,892 531,001 483,103 456,671 Long-Term Obligations 2,981,800 2,333,300 3,117,900 635,737 620,000 732,500 627,500 300,000 Total Liabilities 5,121,900 4,622,100 5,107,100 1,733,651 1,739,242 1,891,432 1,652,148 1,285,763 Stockholders' Equity 388,200 1,514,800 1,620,100 995,972 889,043 951,850 891,652 854,296 Shares Outstanding 45,400 45,200 44,900 44,552 44,556 44,620 44,476 44,566 Statistical Record Return on Assets % N.M. 0.72 2.10 7.05 1.24 5.08 4.85 5.95 Return on Equity % N.M. 2.95 7.60 20.05 3.68 14.84 13.01 14.97 EBITDA Margin % 0.02 13.29 7.15 21.10 11.32 18.67 15.72 17.27 Net Margin % N.M. 1.45 4.42 11.03 2.06 8.58 7.73 8.40 Asset Turnover 0.49 0.50 0.48 0.64 0.60 0.59 0.63 0.71 Current Ratio 1.21 1.07 1.66 1.10 1.01 0.91 0.97 0.89 Debt to Equity 7.68 1.54 1.92 0.64 0.70 0.77 0.70 0.35 Price Range 56.50-10.81 60.44-47.99 71.80-47.85 65.70-44.15 52.76-36.46 56.96-42.33 53.34-42.96 48.04-29.68 P/E Ratio ... ... 48.84-32.55 15.79-10.61 70.35-48.61 18.86-14.02 21.34-17.18 17.53-10.83 Average Yield % 5.65 4.11 3.74 3.60 4.12 3.51 3.56 4.35
Address: 1716 Locust Street, Des Moines, IA 50309-3023 Telephone: 515-284-3000 Web Site: www.meredith.com
Investor Contact: 515-284-3622 Officers: D. Mell Meredith Frazier - Vice-Chairman Thomas H. Harty - President, Chief Executive Officer, No of Institutions: 384 Transfer Agents: Shares: 59,763,768 % Held: 92.52 Chief Operating Officer Wells Fargo Bank, N.A., St. Paul, MN
170
MGE ENERGY INC Exchange NMS
Symbol MGEE
Price $62.66 (9/30/2020)
52Wk Range 82.22-54.09
Yield 2.36
P/E 23.73
*12 Month Price Score 89.63 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.56 0.45 0.77 1.05 2018 0.58 0.53 0.85 0.47 2019 0.69 0.45 0.88 0.48 2020 0.75 0.53 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.352Q 10/18/2019 11/27/2019 12/01/2019 12/15/2019 0.352Q 01/17/2020 02/27/2020 03/01/2020 03/15/2020 0.352Q 05/19/2020 05/29/2020 06/01/2020 06/15/2020 0.37Q 07/17/2020 08/31/2020 09/01/2020 09/15/2020 Indicated Div: $1.48 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.62 (08/22/2020) Market Cap $2.3 Billion Book Value $955.2 Million TRADING VOLUME (thousand shares) Price/Book 2.37 Price/Sales 4.15 Dividend Achiever Status 10 Year Growth Rate 3.55% Total Years of Dividend Growth 44 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 112.20 *NYSE Composite Index=100 85 80 75 70 65
50%
60 55 50 45 40 35 30 25 20 75 50 25 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221122) MGE Energy is a public utility holding company. Operating through its subsidiaries, Co. has five business segments: regulated electric utility operations, which generates, purchases, and distributes electricity through its subsidiary, Madison Gas and Electric Company (MGE); regulated gas utility operations, which purchases and distributes natural gas through MGE; nonregulated energy operation, which owns and leases electric generating capacity that assists MGE through Co.'s wholly owned subsidiaries MGE Power Elm Road, LLC and MGE Power West Campus, LLC; and transmission investments, which represents Co.'s investment in American Transmission Company LLC and ATC Holdco, LLC. Recent Developments: For the quarter ended June 30 2020, net income increased 20.9% to US$18.8 million from US$15.5 million in the year-earlier quarter. Revenues were US$117.0 million, down 4.2% from US$122.1 million the year before. Operating income was US$21.5 million versus US$19.8 million in the prior-year quarter, an increase of 8.8%. Direct operating expenses declined 9.1% to US$72.1 million from US$79.3 million in the comparable period the year before. Indirect operating expenses increased 1.4% to US$23.4 million from US$23.1 million in the equivalent prior-year period. Prospects: Our evaluation of MGE Energy Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and MGEE has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that MGEE will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.64 2.56 2.51 2.43 2.82 2.18 2.06 2.32 Cash Flow Per Share 3.67 3.78 3.76 4.41 3.84 4.24 4.07 3.71 Tang Book Value Per Share 26.41 25.08 24.68 23.56 22.45 20.89 19.92 19.02 Dividends Per Share 1.410 1.395 1.380 1.320 1.260 1.205 1.155 1.108 Dividend Payout % 53.41 54.49 54.98 54.32 44.68 55.28 56.07 47.78 Income Statement Total Revenue 266,913 149,873 568,855 559,768 563,099 544,745 564,028 619,852 EBITDA 102,157 55,278 201,283 187,674 192,101 182,585 177,093 188,872 Depn & Amortn 36,601 18,167 71,562 56,412 53,077 44,646 44,225 40,695 Income Before Taxes 53,581 31,050 106,658 111,653 119,700 118,073 112,706 128,504 Income Taxes 8,753 5,013 19,784 27,434 22,094 42,513 41,363 48,185 Net Income 44,828 26,037 86,874 84,219 97,606 75,560 71,343 80,319 Average Shares 35,441 34,668 34,668 34,668 34,668 34,668 34,668 34,668 Balance Sheet Current Assets 217,750 162,193 181,641 240,560 290,631 275,515 254,751 253,959 Total Assets 2,163,719 2,072,697 2,081,664 1,988,618 1,855,182 1,801,060 1,730,673 1,697,666 Current Liabilities 109,623 111,006 128,820 120,628 126,514 103,505 84,146 89,996 Long-Term Obligations 521,456 522,614 541,120 493,343 398,161 382,791 391,014 395,256 Total Liabilities 1,208,548 1,203,205 1,225,988 1,171,974 1,076,995 1,076,972 1,040,215 1,038,265 Stockholders' Equity 955,171 869,492 855,676 816,644 778,187 724,088 690,458 659,401 Shares Outstanding 36,163 34,668 34,668 34,668 34,668 34,668 34,668 34,668 Statistical Record Return on Assets % 4.40 4.36 4.27 4.38 5.34 4.27 4.16 4.90 Return on Equity % 10.31 10.47 10.39 10.56 12.99 10.65 10.57 12.58 EBITDA Margin % 38.27 36.88 35.38 33.53 34.11 33.52 31.40 30.47 Net Margin % 16.79 17.37 15.27 15.05 17.33 13.87 12.65 12.96 Asset Turnover 0.26 0.27 0.28 0.29 0.31 0.31 0.33 0.38 Current Ratio 1.99 1.46 1.41 1.99 2.30 2.66 3.03 2.82 Debt to Equity 0.55 0.60 0.63 0.60 0.51 0.53 0.57 0.60 Price Range 82.22-54.09 82.22-54.09 79.88-57.91 67.95-52.50 68.50-60.60 65.50-45.34 47.76-37.00 47.95-36.47 P/E Ratio 31.14-20.49 32.12-21.13 31.82-23.07 27.96-21.60 24.29-21.49 30.05-20.80 23.18-17.96 20.67-15.72 Average Yield % 1.93 1.89 1.94 2.16 1.95 2.22 2.76 2.79 Address: 133 South Blair Street, Officers: Jeffrey M. Keebler - Chairman, President, Investor Contact: 608-252-7000 No of Institutions: 258 Madison, WI 53788 Chief Executive Officer Jeffrey C. Newman Telephone: 608-252-7000 Shares: 20,305,288 % Held: 53.33 Executive Vice President, Chief Financial Officer, Web Site: www.mgeenergy.com Chief Accounting Officer, Treasurer, Secretary Transfer Agents:Continental Stock Transfer & Trust Co., New York, NY
171
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173
MIDDLESEX WATER CO. Exchange NMS
Symbol MSEX
Price $62.15 (9/30/2020)
52Wk Range 70.56-49.45
Yield 1.65
P/E 29.45
*12 Month Price Score 99.56 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.27 0.33 0.46 0.32 2018 0.27 0.52 0.74 0.42 2019 0.39 0.49 0.66 0.46 2020 0.44 0.55 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.256Q 10/23/2019 11/14/2019 11/15/2019 12/02/2019 0.256Q 01/29/2020 02/13/2020 02/14/2020 03/02/2020 0.256Q 04/23/2020 05/14/2020 05/15/2020 06/01/2020 0.256Q 07/24/2020 08/13/2020 08/14/2020 09/01/2020 Indicated Div: $1.02 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.13 (08/29/2020) Market Cap $1.1 Billion Book Value $335.5 Million TRADING VOLUME (thousand shares) Price/Book 3.24 Price/Sales 7.89 Dividend Achiever Status 10 Year Growth Rate 3.20% Total Years of Dividend Growth 47 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 144.76 *NYSE Composite Index=100 75 70 65 60 55 50 45 40 35 30 25 20 15 30 20 10 0
2011
2012
2013
Business Summary: Water Utilities (MIC: 3.2.1 SIC: 4941 NAIC: 221310) Middlesex Water is a water utility company. Co. owns and operates regulated water utility and wastewater systems in New Jersey, Delaware and Pennsylvania. Co. also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey, Delaware and Maryland. The Middlesex System treats, stores and distributes water for residential, commercial, industrial and fire protection purposes. The Middlesex System also provides water treatment and pumping services under contract. Co.'s subsidiary, Tidewater Utilities, Inc., provides water services to retail customers for residential, commercial and fire protection purposes. Recent Developments: For the quarter ended June 30 2020, net income increased 19.2% to US$9.7 million from US$8.1 million in the year-earlier quarter. Revenues were US$35.3 million, up 5.6% from US$33.4 million the year before. Operating income was US$9.4 million versus US$9.0 million in the prior-year quarter, an increase of 4.9%. Direct operating expenses rose 5.0% to US$17.6 million from US$16.8 million in the comparable period the year before. Indirect operating expenses increased 8.0% to US$8.3 million from US$7.7 million in the equivalent prior-year period. Prospects: Our evaluation of Middlesex Water Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been raised, and MSEX has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that MSEX will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.11 2.05 2.01 1.96 1.38 1.38 1.22 1.13 Cash Flow Per Share 2.59 2.55 2.16 2.80 2.62 2.89 3.17 2.03 Tang Book Value Per Share 19.09 18.77 18.57 15.17 14.02 13.40 12.74 12.24 Dividends Per Share 1.009 0.993 0.976 0.911 0.858 0.808 0.776 0.762 Dividend Payout % 47.81 48.41 48.57 46.49 62.14 58.51 63.63 67.48 Income Statement Total Revenue 67,046 31,769 134,598 138,077 130,775 132,906 126,025 117,139 EBITDA 27,626 12,483 54,728 55,171 53,337 52,566 48,184 45,433 Depn & Amortn 9,077 4,448 16,716 15,037 13,922 12,796 12,051 11,444 Income Before Taxes 14,934 6,366 30,748 33,376 33,909 34,477 30,579 28,382 Income Taxes (2,447) (1,302) (3,140) 924 11,100 11,735 10,551 9,937 Net Income 17,381 7,668 33,888 32,452 22,809 22,742 20,028 18,445 Average Shares 17,577 17,552 16,829 16,540 16,486 16,426 16,331 16,226 Balance Sheet Current Assets 43,989 40,010 29,133 30,815 29,247 26,716 24,410 22,864 Total Assets 950,870 935,316 909,878 767,830 661,140 620,161 584,722 575,772 Current Liabilities 84,294 80,539 64,981 94,363 64,537 47,056 28,319 43,872 Long-Term Obligations 237,939 234,789 230,777 152,851 139,045 134,538 136,247 136,039 Total Liabilities 615,413 605,832 584,002 516,610 429,532 399,288 375,592 376,045 Stockholders' Equity 335,457 329,484 325,876 251,220 231,608 220,873 209,130 199,727 Shares Outstanding 17,464 17,439 17,434 16,403 16,352 16,296 16,225 16,124 Statistical Record Return on Assets % 4.16 4.07 4.04 4.54 3.56 3.76 3.45 3.34 Return on Equity % 12.17 11.95 11.74 13.44 10.08 10.55 9.80 9.43 EBITDA Margin % 41.20 39.29 40.66 39.96 40.79 39.55 38.23 38.79 Net Margin % 25.92 24.14 25.18 23.50 17.44 17.11 15.89 15.75 Asset Turnover 0.16 0.16 0.16 0.19 0.20 0.22 0.22 0.21 Current Ratio 0.52 0.50 0.45 0.33 0.45 0.57 0.86 0.52 Debt to Equity 0.71 0.71 0.71 0.61 0.60 0.61 0.65 0.68 Price Range 70.56-49.45 69.45-49.45 67.25-51.85 58.56-34.52 46.40-32.99 43.91-25.55 27.74-21.28 23.44-19.51 P/E Ratio 33.44-23.44 33.88-24.12 33.46-25.80 29.88-17.61 33.62-23.91 31.82-18.51 22.74-17.44 20.74-17.27 Average Yield % 1.61 1.62 1.64 2.10 2.19 2.28 3.33 3.66
Address: 485C Route One South, Iselin, NJ 08830 Telephone: 732-634-1500 Web Site: www.middlesexwater.com
Officers: Dennis W. Doll - President, Chief Executive Investor Contact: 732-634-1500 No of Institutions: 206 Officer A. Bruce O'Connor - Senior Vice President, Shares: 12,567,438 % Held: 68.06 Chief Financial Officer Transfer Agents: Registrar and Transfer Company, Cranford, NJ
174
MONRO INC Exchange NMS
Symbol MNRO
Price $40.57 (9/30/2020)
95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 150 100 50 0
2011
2012
2013
52Wk Range 81.37-40.01
Yield 2.17
*12 Month Price Score 78.31 Interim Earnings (Per Share) Qtr. Jun Sep Dec 2017-18 0.53 0.52 0.35 2018-19 0.62 0.65 0.61 2019-20 0.67 0.60 0.56 2020-21 0.09 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.22Q 11/27/2019 12/09/2019 12/10/2019 0.22Q 02/14/2020 03/12/2020 03/13/2020 0.22Q 05/21/2020 06/05/2020 06/08/2020 0.22Q 08/18/2020 08/21/2020 08/24/2020 Indicated Div: $0.88 Valuation Analysis Forecast EPS $1.28 (09/03/2020) Market Cap $1.4 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.85 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 87.72 *NYSE Composite Index=100
P/E 35.59 Mar 0.53 0.50 (0.11) ...
Pay 12/24/2019 03/24/2020 06/22/2020 09/08/2020
$730.7 Million 1.14
17.37% 14
Business Summary: Miscellaneous Consumer Services (MIC: 2.2.3 SIC: 7538 NAIC: 811111) Monro is engaged principally in providing automotive undercar repair and tire sales and services in the United States. Co. provides tire sales and services as well as a range of routine maintenance services, including state inspections, primarily on passenger cars, light trucks and vans. Co. also provides other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension and wheel alignment. Co. focuses on the repair and replacement of wear out parts. Co. does not perform under-the-hood repair services except for routine maintenance services, such as oil change services, various flush and fill services and some minor tune-up services. Recent Developments: For the quarter ended June 27 2020, net income decreased 86.8% to US$3.0 million from US$22.6 million in the year-earlier quarter. Revenues were US$247.1 million, down 22.1% from US$317.1 million the year before. Operating income was US$11.4 million versus US$36.4 million in the prior-year quarter, a decrease of 68.7%. Direct operating expenses declined 15.5% to US$159.6 million from US$188.9 million in the comparable period the year before. Indirect operating expenses decreased 17.1% to US$76.1 million from US$91.8 million in the equivalent prior-year period. Prospects: Our evaluation of Monro Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while MNRO has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that MNRO will perform in line with the market over the near term. Financial Data (US$ in Thousands) 3 Mos 03/28/2020 03/30/2019 03/31/2018 03/25/2017 03/26/2016 03/28/2015 03/29/2014 Earnings Per Share 1.14 1.71 2.37 1.92 1.85 2.00 1.88 1.67 Cash Flow Per Share 4.08 3.66 4.65 3.64 4.02 3.96 4.01 3.00 Tang Book Value Per Share 0.91 0.98 2.50 1.72 0.77 2.99 2.83 3.70 Dividends Per Share 0.880 0.880 0.800 0.720 0.680 0.600 0.520 0.440 Dividend Payout % 77.19 51.46 33.76 37.50 36.76 30.00 27.66 26.35 Income Statement Total Revenue 247,059 1,256,524 1,200,230 1,127,815 1,021,511 943,651 894,492 831,432 EBITDA 29,802 141,687 177,573 172,050 156,512 156,963 142,797 124,606 Depn & Amortn 18,410 39,200 50,200 44,300 39,500 36,000 32,100 28,600 Income Before Taxes 4,007 74,274 100,360 103,454 97,244 105,421 99,355 86,536 Income Taxes 1,020 16,250 20,608 39,519 35,718 38,616 37,556 32,077 Net Income 2,987 58,024 79,752 63,935 61,526 66,805 61,799 54,459 Average Shares 33,854 33,953 33,675 33,341 33,301 33,353 32,944 32,642 Balance Sheet Current Assets 381,256 596,020 239,907 207,256 199,230 170,075 175,284 168,116 Total Assets 1,898,842 2,049,457 1,312,288 1,218,432 1,185,264 999,438 907,794 759,956 Current Liabilities 281,776 254,936 218,447 194,005 185,893 167,571 155,793 136,741 Long-Term Obligations 676,412 864,773 375,771 375,288 395,503 269,045 255,688 187,040 Total Liabilities 1,168,122 1,315,017 612,778 589,956 604,010 463,243 434,183 343,972 Stockholders' Equity 730,720 734,440 699,510 628,476 581,254 536,195 473,611 415,984 Shares Outstanding 33,285 33,284 33,151 32,836 32,689 32,240 31,827 31,490 Statistical Record Return on Assets % 2.21 3.46 6.32 5.23 5.65 7.02 7.43 7.42 Return on Equity % 5.30 8.12 12.04 10.40 11.04 13.27 13.93 13.98 EBITDA Margin % 12.06 11.28 14.79 15.26 15.32 16.63 15.96 14.99 Net Margin % 1.21 4.62 6.64 5.67 6.02 7.08 6.91 6.55 Asset Turnover 0.68 0.75 0.95 0.92 0.94 0.99 1.08 1.13 Current Ratio 1.35 2.34 1.10 1.07 1.07 1.01 1.13 1.23 Debt to Equity 0.93 1.18 0.54 0.60 0.68 0.50 0.54 0.45 Price Range 87.46-40.01 89.33-40.01 86.52-52.15 64.10-39.90 73.18-52.15 75.99-58.57 67.09-48.14 61.81-38.11 P/E Ratio 76.72-35.10 52.24-23.40 36.51-22.00 33.39-20.78 39.56-28.19 37.99-29.29 35.69-25.61 37.01-22.82 Average Yield % 1.30 1.17 1.17 1.41 1.12 0.91 0.94 0.90
Address: 200 Holleder Parkway, Rochester, NY 14615 Telephone: 585-647-6400 Web Site: www.monro.com
Officers: Robert E. Mellor - Chairman Brett T. Ponton Investor Contact: 585-784-3324 - President, Chief Executive Officer Transfer Agents: No of Institutions: 318 Shares: 46,052,252 % Held: 104.01
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MSA SAFETY INC Exchange NYS
Symbol MSA
Price $134.17 (9/30/2020)
52Wk Range 141.27-87.03
Yield 1.28
*7 Year Price Score 140.73 *NYSE Composite Index=100 *12 Month Price Score 102.46 Interim Earnings (Per Share) Qtr. Mar Jun Sep 150 2017 0.37 0.32 0.83 140 2018 0.83 0.85 0.86 130 2019 0.59 1.01 1.08 120 2020 1.11 0.92 ... 110 Interim Dividends (Per Share) 100 Amt Decl Ex Rec 90 0.42Q 10/25/2019 11/06/2019 11/07/2019 80 0.42Q 01/14/2020 02/11/2020 02/12/2020 70 0.43Q 05/12/2020 05/21/2020 05/22/2020 60 0.43Q 08/04/2020 08/14/2020 08/17/2020 50 Indicated Div: $1.72 40 Valuation Analysis 30 Forecast EPS $4.57 (08/26/2020) 20 Market Cap $5.2 Billion Book Value TRADING VOLUME (thousand shares) 120 Price/Book 7.04 Price/Sales 80 Dividend Achiever Status 40 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 34.40 Dec (0.85) 0.63 0.79 ...
Pay 12/10/2019 03/10/2020 06/10/2020 09/10/2020
$741.5 Million 3.78
5.50% 49
Business Summary: Office Equipment & Furniture (MIC: 7.5.1 SIC: 3842 NAIC: 922160) MSA Safety is engaged in the development, manufacture and supply of safety products. Co. manufactures and sells a line of safety products to protect the health and safety of workers and facility infrastructures around the world in the oil, gas and petrochemical industry, fire service, construction, industrial manufacturing applications, utilities, mining and the military. Co.'s core products include fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel and fall protection devices. Co.'s non-core products include respirators, eye and face protection, ballistic helmets and gas masks. Recent Developments: For the quarter ended June 30 2020, net income decreased 9.2% to US$36.4 million from US$40.1 million in the year-earlier quarter. Revenues were US$314.4 million, down 10.1% from US$349.7 million the year before. Operating income was US$48.3 million versus US$54.5 million in the prior-year quarter, a decrease of 11.4%. Direct operating expenses declined 8.4% to US$172.8 million from US$188.6 million in the comparable period the year before. Indirect operating expenses decreased 12.5% to US$93.3 million from US$106.6 million in the equivalent prior-year period. Prospects: Our evaluation of MSA Safety Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and MSA has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that MSA will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.90 3.99 3.48 3.18 0.67 2.42 1.87 2.33 Cash Flow Per Share 5.42 4.57 4.27 6.88 6.06 3.59 1.48 2.88 Tang Book Value Per Share 3.71 2.91 2.94 1.22 N.M. 3.82 2.21 6.58 Dividends Per Share 1.690 1.680 1.640 1.490 1.380 1.310 1.270 1.230 Dividend Payout % 43.33 42.11 47.13 46.86 205.97 54.13 67.91 52.79 Income Statement Total Revenue 655,583 341,145 1,401,981 1,358,104 1,196,809 1,149,530 1,129,922 1,136,650 EBITDA 129,762 69,681 219,413 203,528 69,539 192,495 148,780 163,246 Depn & Amortn 19,428 9,640 26,500 26,900 28,000 27,000 26,900 26,200 Income Before Taxes 104,732 56,897 183,735 162,335 29,775 151,911 111,026 127,195 Income Taxes 24,523 13,095 46,086 37,220 2,819 57,804 44,407 41,044 Net Income 79,741 43,674 136,440 124,150 26,027 91,936 70,807 88,506 Average Shares 39,195 39,352 39,189 38,961 38,697 37,986 37,710 37,728 Balance Sheet Current Assets 721,550 703,780 693,363 656,623 622,297 472,806 505,027 497,869 Total Assets 1,752,935 1,730,926 1,739,693 1,608,012 1,684,826 1,353,920 1,424,818 1,264,792 Current Liabilities 293,358 264,218 277,509 282,060 289,279 221,410 251,905 234,057 Long-Term Obligations 314,500 351,592 328,394 341,311 447,832 363,836 459,959 245,000 Total Liabilities 1,011,425 1,018,330 1,013,893 974,130 1,087,225 795,755 908,322 730,983 Stockholders' Equity 741,510 712,596 725,800 633,882 597,601 558,165 516,496 533,809 Shares Outstanding 38,883 38,845 38,841 38,526 38,222 37,736 37,372 37,448 Statistical Record Return on Assets % 8.83 9.22 8.15 7.54 1.71 6.60 5.27 7.08 Return on Equity % 21.47 22.90 20.07 20.16 4.50 17.06 13.48 16.09 EBITDA Margin % 19.79 20.43 15.65 14.99 5.81 16.75 13.17 14.36 Net Margin % 12.16 12.80 9.73 9.14 2.17 8.00 6.27 7.79 Asset Turnover 0.80 0.83 0.84 0.82 0.79 0.83 0.84 0.91 Current Ratio 2.46 2.66 2.50 2.33 2.15 2.14 2.00 2.13 Debt to Equity 0.42 0.49 0.45 0.54 0.75 0.65 0.89 0.46 Price Range 141.27-87.03 141.27-87.03 127.39-92.35 110.60-72.77 86.00-66.16 70.97-38.31 53.09-38.69 61.02-47.29 P/E Ratio 36.22-22.32 35.41-21.81 36.61-26.54 34.78-22.88 128.36-98.75 29.33-15.83 28.39-20.69 26.19-20.30 Average Yield % 1.46 1.47 1.52 1.59 1.83 2.49 2.72 2.28 Investor Contact: 724-741-8534 Address: 1000 Cranberry Woods Drive, Officers: Nishan J. Vartanian - President, Chief 367 No of Institutions: Executive Officer, Senior Vice President, Chief Cranberry Township, PA 16066-5207 Telephone: 724-776-8600 Operating Officer, Division Officer Kenneth D. Krause Shares: 36,838,832 % Held: N/A Web Site: www.MSAsafety.com - Senior Vice President, Vice President, Chief Financial Officer, Vice President (frmr), Treasurer, Principal Accounting Officer Transfer Agents: Wells Fargo Shareowner Services, South St.Paul, MN
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178
NATIONAL FUEL GAS CO. (NJ) Exchange NYS
Symbol NFG
Price $40.59 (9/30/2020)
52Wk Range 47.42-33.10
Yield 4.39
P/E 51.38
*12 Month Price Score 99.31 Interim Earnings (Per Share) Qtr. Dec Mar Jun Sep 2016-17 1.04 1.04 0.69 0.53 2017-18 2.30 1.06 0.73 0.44 2018-19 1.18 1.04 0.73 0.55 2019-20 1.00 (1.23) 0.47 ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.435Q 12/10/2019 12/30/2019 12/31/2019 01/15/2020 0.435Q 03/11/2020 03/30/2020 03/31/2020 04/15/2020 0.445Q 06/11/2020 06/29/2020 06/30/2020 07/15/2020 0.445Q 09/10/2020 09/29/2020 09/30/2020 10/15/2020 Indicated Div: $1.78 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.80 (08/26/2020) Market Cap $3.7 Billion Book Value $2.2 Billion TRADING VOLUME (thousand shares) Price/Book 1.66 Price/Sales 2.38 Dividend Achiever Status 10 Year Growth Rate 2.66% Total Years of Dividend Growth 48 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 67.50 *NYSE Composite Index=100 190 180 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 300 200 100 0
2011
2012
2013
Business Summary: Gas Utilities (MIC: 3.3.1 SIC: 4924 NAIC: 221210) National Fuel Gas is a holding company. Through its subsidiaries, Co. is engaged principally in the production, gathering, transportation, distribution and marketing of natural gas. Co.'s segments are: Exploration and Production, which is engaged in the exploration for, and the development and production of, natural gas and oil reserves in California and in the Appalachian region; Pipeline and Storage, which provides interstate natural gas transportation and storage services, as well as transports and stores natural gas; Gathering, which builds, owns and operates natural gas processing and pipeline gathering facilities; and Utility, which provides natural gas utility services. Recent Developments: For the quarter ended June 30 2020, net income decreased 35.3% to US$41.3 million from US$63.8 million in the year-earlier quarter. Revenues were US$323.0 million, down 9.6% from US$357.2 million the year before. Operating income was US$80.4 million versus US$112.8 million in the prior-year quarter, a decrease of 28.7%. Direct operating expenses declined 14.5% to US$129.8 million from US$151.8 million in the comparable period the year before. Indirect operating expenses increased 21.9% to US$112.8 million from US$92.6 million in the equivalent prior-year period. Prospects: Our evaluation of National Fuel Gas Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and NFG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that NFG will perform very poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share 0.79 1.05 3.32 3.51 4.53 3.30 (3.43) (4.50) Cash Flow Per Share 8.50 8.60 8.77 8.05 7.15 8.02 6.92 10.11 Tang Book Value Per Share 24.41 23.97 25.15 24.72 22.47 19.85 17.88 23.88 Dividends Per Share 1.750 1.740 1.730 1.720 1.680 1.640 1.600 1.560 Dividend Payout % 221.52 165.71 52.11 49.00 37.09 49.70 ... ... Income Statement Total Revenue 1,258,301 935,283 444,188 1,693,332 1,592,668 1,579,881 1,452,416 1,760,913 EBITDA 411,927 255,750 219,898 771,927 732,744 784,083 (157,281) (266,856) Depn & Amortn 226,062 152,830 74,918 275,660 240,961 224,195 249,417 336,158 Income Before Taxes 103,149 48,764 117,986 389,511 384,027 444,164 (523,507) (698,563) Income Taxes 81,376 68,241 31,395 85,221 (7,494) 160,682 (232,549) (319,136) Net Income 21,773 (19,477) 86,591 304,290 391,521 283,482 (290,958) (379,427) Average Shares 88,323 86,561 86,883 86,773 86,439 86,021 84,847 84,387 Balance Sheet Current Assets 831,708 496,270 430,696 362,623 544,591 818,280 413,031 513,001 Total Assets 7,118,985 6,708,659 6,702,658 6,462,157 6,036,486 6,103,320 5,636,387 6,702,139 Current Liabilities 342,360 583,818 546,462 421,908 440,060 646,039 303,737 446,140 Long-Term Obligations 2,628,782 2,134,964 2,134,339 2,133,718 2,131,365 2,083,681 2,086,252 2,084,009 Total Liabilities 4,893,128 4,628,700 4,520,518 4,323,132 4,099,156 4,399,585 4,109,383 4,676,699 Stockholders' Equity 2,225,857 2,079,959 2,182,140 2,139,025 1,937,330 1,703,735 1,527,004 2,025,440 Shares Outstanding 90,943 86,561 86,551 86,315 85,956 85,543 85,118 84,594 Statistical Record Return on Assets % 1.03 1.41 4.47 4.87 6.45 4.83 N.M. N.M. Return on Equity % 3.16 4.39 13.63 14.93 21.51 17.55 N.M. N.M. EBITDA Margin % 32.74 27.34 49.51 45.59 46.01 49.63 N.M. N.M. Net Margin % 1.73 N.M. 19.49 17.97 24.58 17.94 N.M. N.M. Asset Turnover 0.23 0.24 0.26 0.27 0.26 0.27 0.23 0.26 Current Ratio 2.43 0.85 0.79 0.86 1.24 1.27 1.36 1.15 Debt to Equity 1.18 1.03 0.98 1.00 1.10 1.22 1.37 1.03 Price Range 53.91-33.10 61.01-33.10 61.26-43.31 61.26-45.58 59.16-49.10 60.91-50.68 59.45-37.90 71.90-48.82 P/E Ratio 68.24-41.90 58.10-31.52 18.45-13.05 17.45-12.99 13.06-10.84 18.46-15.36 ... ... Average Yield % 3.97 3.62 3.31 3.15 3.11 2.88 3.13 2.49 Address: 6363 Main Street, Officers: David F. Smith - Chairman, Chief Executive Investor Contact: 716-857-6987 No of Institutions: 552 Williamsville, NY 14221 Officer David P. Bauer - President, Chief Executive Shares: 82,935,952 % Held: 81.97 Telephone: 716-857-7000 Officer, Treasurer, Principal Financial Officer Transfer Agents:Wells Fargo Shareowner Services, Web Site: www.nationalfuelgas.com Saint Paul, MN
179
NATIONAL HEALTH INVESTORS, INC. Exchange NYS
Symbol NHI
Price $60.27 (9/30/2020)
52Wk Range 90.79-33.56
130 120 110 100 90 80 70 60 50 40 30 150 100 50 0
2011
2012
2013
Yield 7.32
*12 Month Price Score 88.88 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 1.10 0.93 0.94 2018 0.92 0.91 0.97 2019 0.83 0.92 0.97 2020 1.37 0.99 ... Interim Dividends (Per Share) Amt Decl Ex Rec 1.05Q 11/07/2019 12/30/2019 12/31/2019 1.103Q 02/19/2020 03/30/2020 03/31/2020 1.103Q 06/15/2020 06/29/2020 06/30/2020 1.103Q 09/15/2020 09/29/2020 09/30/2020 Indicated Div: $4.41 Valuation Analysis Forecast EPS $4.27 (09/03/2020) Market Cap $2.7 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.80 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 88.06 *NYSE Composite Index=100
P/E 14.08 Dec 0.90 0.87 0.95 ...
Pay 01/31/2020 05/08/2020 08/07/2020 11/06/2020
$1.5 Billion 8.13
6.68% 17
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) National Health Investors is a self-managed real estate investment trust, which focuses on sale-leaseback, joint-venture, mortgage and mezzanine financing of senior housing and medical facility investments. Co.'s portfolio consists of real estate investments in independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, nursing facilities, hospitals and medical office buildings. Co.'s investments are structured as acquisitions of properties through purchase-leaseback transactions, acquisitions of properties from other real estate investors, loans or operations. Recent Developments: For the quarter ended June 30 2020, net income increased 11.1% to US$44.4 million from US$40.0 million in the year-earlier quarter. Revenues were US$84.2 million, up 7.8% from US$78.1 million the year before. Revenues from property income rose 7.4% to US$77.9 million from US$72.6 million in the corresponding quarter a year earlier. Prospects: Our evaluation of National Health Investors Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and NHI has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that NHI will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.28 4.21 3.67 3.67 3.87 3.87 3.95 3.04 Cash Flow Per Share 5.17 5.03 5.55 4.96 4.83 4.53 4.37 3.78 Tang Book Value Per Share 33.42 33.50 33.59 32.55 31.83 30.36 29.52 27.74 Dividends Per Share 4.305 4.253 4.200 4.000 3.800 3.600 3.400 3.080 Dividend Payout % 100.58 101.01 114.44 108.99 98.19 93.02 86.08 101.32 Income Statement Total Revenue 167,271 83,076 318,081 294,612 278,659 248,500 228,988 177,509 EBITDA 150,468 83,227 237,265 225,682 226,538 214,244 204,537 141,201 Depn & Amortn 43,690 21,723 76,816 71,349 67,173 59,565 53,163 38,078 Income Before Taxes 106,778 61,504 160,449 154,333 159,365 154,679 151,374 103,123 Income Taxes ... ... ... ... ... 749 (707) ... Net Income 105,392 61,023 160,456 154,333 159,365 151,540 148,862 101,609 Average Shares 44,650 44,618 43,703 42,091 41,151 39,155 37,644 33,416 Balance Sheet Current Assets 89,090 131,678 104,925 121,913 105,609 86,367 73,063 42,259 Total Assets 3,166,971 3,167,835 3,042,235 2,750,570 2,545,821 2,403,633 2,146,349 1,982,960 Current Liabilities 92,890 94,565 73,130 62,590 56,932 55,866 52,784 47,582 Long-Term Obligations 1,554,241 1,548,904 1,440,465 1,281,675 1,145,497 1,115,981 926,257 862,726 Total Liabilities 1,674,612 1,672,277 1,544,604 1,360,857 1,223,704 1,194,043 1,013,057 943,035 Stockholders' Equity 1,492,359 1,495,558 1,497,631 1,389,713 1,322,117 1,209,590 1,133,292 1,039,925 Shares Outstanding 44,650 44,650 44,587 42,700 41,532 39,847 38,396 37,485 Statistical Record Return on Assets % 6.17 6.22 5.54 5.83 6.44 6.64 7.21 5.91 Return on Equity % 13.07 12.76 11.11 11.38 12.59 12.90 13.70 11.25 EBITDA Margin % 89.95 100.18 74.59 76.60 81.30 86.21 89.32 79.55 Net Margin % 63.01 73.45 50.45 52.39 57.19 60.98 65.01 57.24 Asset Turnover 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.10 Current Ratio 0.96 1.39 1.43 1.95 1.86 1.55 1.38 0.89 Debt to Equity 1.04 1.04 0.96 0.92 0.87 0.92 0.82 0.83 Price Range 90.79-33.56 90.79-33.56 86.54-74.03 80.86-63.33 80.81-69.30 82.39-55.73 76.46-54.10 71.19-55.13 P/E Ratio 21.21-7.84 21.57-7.97 23.58-20.17 22.03-17.26 20.88-17.91 21.29-14.40 19.36-13.70 23.42-18.13 Average Yield % 5.85 5.37 5.24 5.50 4.99 5.08 5.25 4.94
Address: 222 Robert Rose Drive, Murfreesboro, TN 37129 Telephone: 615-890-9100 Web Site: www.nhireit.com
Officers: W. Andrew Adams - Chairman, President, Chief Executive Officer Eric Mendelsohn - President, Interim President, Chief Executive Officer, Interim Chief Executive Officer Transfer Agents: Computershare Trust Company, N.A., Providence, RI
180
No of Institutions: 360 Shares: 39,405,620 % Held: 79.39
NATIONAL HEALTHCARE CORP. Exchange ASE
Symbol NHC
Price $62.31 (9/30/2020)
130 120 110 100 90 80 70 60 50 40 30 30 20 10 0
2011
2012
2013
52Wk Range 87.99-56.96
Yield 3.34
*12 Month Price Score 84.63 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.84 0.70 0.75 2018 (0.18) 1.47 1.39 2019 1.39 0.89 1.27 2020 (1.76) 1.84 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.52Q 11/05/2019 12/30/2019 12/31/2019 0.52Q 02/14/2020 03/30/2020 03/31/2020 0.52Q 05/11/2020 06/29/2020 06/30/2020 0.52Q 08/07/2020 09/29/2020 09/30/2020 Indicated Div: $2.08 Valuation Analysis Forecast EPS N/A Market Cap $956.9 Million Book Value TRADING VOLUME (thousand shares) Price/Book 1.25 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 97.47 *NYSE Composite Index=100
P/E 27.82 Dec 1.41 1.19 0.89 ...
Pay 02/03/2020 05/01/2020 08/03/2020 11/02/2020
$768.1 Million 0.94
7.28% 14
Business Summary: Hospitals & Health Care Facilities (MIC: 4.2.1 SIC: 8051 NAIC: 623110) National HealthCare is engaged in the operation of skilled nursing facilities, assisted living facilities, independent living facilities and homecare programs. Co.'s business activities include providing sub–acute and post–acute skilled nursing care, intermediate nursing care, rehabilitative care, memory and Alzheimer's care, senior living services, and home health care services. Co. has a non-controlling ownership interest in a hospice care business that services Co.-owned health care centers and others. In addition, Co. provides management services, accounting and financial services, as well as insurance services to third party operators of health care facilities. Recent Developments: For the quarter ended June 30 2020, net income increased 108.5% to US$28.5 million from US$13.7 million in the year-earlier quarter. Revenues were US$261.6 million, up 5.9% from US$247.2 million the year before. Operating income was US$12.5 million versus US$10.2 million in the prior-year quarter, an increase of 23.2%. Indirect operating expenses increased 5.1% to US$249.1 million from US$237.0 million in the equivalent prior-year period. Prospects: Our evaluation of National Healthcare Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and NHC has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that NHC will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.24 1.29 4.44 3.87 3.69 3.32 3.20 3.14 Cash Flow Per Share 14.09 6.29 6.56 6.47 6.22 5.99 5.33 5.48 Tang Book Value Per Share 48.62 47.00 49.41 46.69 45.04 43.00 40.89 38.70 Dividends Per Share 2.080 2.080 2.060 1.980 1.890 1.750 1.940 1.340 Dividend Payout % 92.86 161.24 46.40 51.16 51.22 52.71 60.63 42.68 Income Statement Total Revenue 517,766 256,124 996,383 980,349 966,996 926,638 906,622 871,683 EBITDA 15,483 (30,008) 116,637 113,272 108,685 110,830 113,657 110,517 Depn & Amortn 20,983 10,438 42,419 41,894 42,652 39,023 37,114 34,384 Income Before Taxes (3,314) (39,252) 78,271 73,864 67,617 73,571 79,429 78,518 Income Taxes 409 (9,625) 20,039 16,185 18,867 29,669 32,131 31,824 Net Income 1,472 (26,852) 68,211 58,964 56,205 50,538 53,143 53,369 Average Shares 15,372 15,294 15,360 15,236 15,218 15,206 14,491 14,222 Balance Sheet Current Assets 390,204 306,682 341,053 322,009 329,311 290,857 278,942 322,525 Total Assets 1,335,238 1,256,307 1,286,648 1,080,948 1,096,526 1,087,447 1,045,329 1,074,123 Current Liabilities 262,142 217,982 194,763 157,924 155,065 150,928 150,656 183,558 Long-Term Obligations 12,785 13,882 14,963 74,128 123,052 146,748 150,228 43,508 Total Liabilities 567,186 513,745 508,055 347,670 393,788 417,836 414,333 339,975 Stockholders' Equity 768,052 742,562 778,593 733,278 702,738 669,611 630,996 734,148 Shares Outstanding 15,357 15,346 15,332 15,255 15,212 15,162 15,000 14,110 Statistical Record Return on Assets % 2.62 1.56 5.76 5.42 5.15 4.73 5.01 5.19 Return on Equity % 4.54 2.69 9.02 8.21 8.19 7.75 7.79 7.50 EBITDA Margin % 2.99 N.M. 11.71 11.55 11.24 11.96 12.54 12.68 Net Margin % 0.28 N.M. 6.85 6.01 5.81 5.45 5.86 6.12 Asset Turnover 0.77 0.78 0.84 0.90 0.89 0.87 0.86 0.85 Current Ratio 1.49 1.41 1.75 2.04 2.12 1.93 1.85 1.76 Debt to Equity 0.02 0.02 0.02 0.10 0.18 0.22 0.24 0.06 Price Range 87.99-56.96 87.99-56.96 87.99-71.68 83.45-57.73 76.93-60.94 78.45-59.59 69.10-59.25 64.34-49.46 P/E Ratio 39.28-25.43 68.21-44.16 19.82-16.14 21.56-14.92 20.85-16.51 23.63-17.95 21.59-18.52 20.49-15.75 Average Yield % 2.66 2.58 2.55 2.84 2.76 2.69 3.05 2.40
Address: 100 E. Vine Street, Murfreesboro, TN 37130 Telephone: 615-890-2020 Web Site: www.nhccare.com
Officers: Stephen F. Flatt - President, Chief Executive Investor Contact: 615-890-2020 No of Institutions: 196 Officer, Senior Vice President B Anderson Flatt Shares: 8,258,130 % Held: 51.73 Senior Vice President, Chief Information Officer Transfer Agents:SunTrust Bank
181
NATIONAL RETAIL PROPERTIES INC Exchange NYS
Symbol NNN
Price $34.51 (9/30/2020)
52Wk Range 58.91-26.40
Yield 6.03
P/E 26.96
*12 Month Price Score 80.77 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.35 0.33 0.35 0.42 2018 0.62 0.40 0.47 0.17 2019 0.44 0.43 0.35 0.34 2020 0.35 0.24 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.515Q 10/15/2019 10/30/2019 10/31/2019 11/15/2019 0.515Q 01/15/2020 01/30/2020 01/31/2020 02/14/2020 0.515Q 04/15/2020 04/29/2020 04/30/2020 05/15/2020 0.52Q 07/15/2020 07/30/2020 07/31/2020 08/14/2020 Indicated Div: $2.08 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.34 (09/03/2020) Market Cap $6.0 Billion Book Value $4.3 Billion TRADING VOLUME (thousand shares) Price/Book 1.39 Price/Sales 8.79 Dividend Achiever Status 10 Year Growth Rate 3.07% Total Years of Dividend Growth 30 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 92.08 *NYSE Composite Index=100 75 70 65 60 55 50 45 40 35 30 25 20 750 500 250 0
2011
2012
2013
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) National Retail Properties is a real estate investment trust. Co.'s assets are primarily real estate assets. Co. acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment. Recent Developments: For the quarter ended June 30 2020, net income decreased 41.5% to US$46.3 million from US$79.1 million in the year-earlier quarter. Revenues were US$163.7 million, down 0.7% from US$164.8 million the year before. Revenues from property income fell 0.7% to US$163.5 million from US$164.6 million in the corresponding quarter a year earlier. Prospects: Our evaluation of National Retail Properties Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and NNN has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that NNN will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.28 1.47 1.56 1.65 1.45 1.38 1.20 1.24 Cash Flow Per Share 2.65 2.84 3.05 3.03 2.83 2.87 2.55 2.39 Tang Book Value Per Share 22.87 23.00 23.22 21.81 20.89 20.37 19.62 18.99 Dividends Per Share 2.060 2.045 2.030 1.950 1.860 1.780 1.710 1.650 Dividend Payout % 160.94 139.12 130.13 118.18 128.28 128.99 142.50 133.06 Income Statement Total Revenue 338,764 175,063 670,487 622,661 584,933 533,647 482,914 434,847 EBITDA 182,688 102,757 612,081 592,373 518,360 464,742 428,442 386,076 Depn & Amortn 6,095 4,075 195,562 185,851 180,857 156,236 140,714 121,221 Income Before Taxes 111,441 65,176 299,608 292,485 228,716 212,324 197,829 179,702 Income Taxes ... ... ... ... ... ... 10,318 (75) Net Income 111,443 65,178 299,180 292,447 264,973 239,500 197,836 190,601 Average Shares 171,485 171,231 165,083 156,295 149,432 144,660 134,489 124,710 Balance Sheet Current Assets 302,664 250,189 32,883 143,451 31,597 323,059 43,133 39,276 Total Assets 7,632,928 7,647,050 7,434,867 7,103,438 6,560,534 6,334,151 5,460,044 4,926,714 Current Liabilities 21,652 41,698 151,850 19,519 140,811 19,665 20,113 17,396 Long-Term Obligations 3,219,276 3,218,458 2,854,757 2,851,395 2,459,707 2,311,689 1,975,944 1,741,054 Total Liabilities 3,322,133 3,346,120 3,103,192 2,949,188 2,719,941 2,417,352 2,117,910 1,844,199 Stockholders' Equity 4,310,795 4,300,930 4,331,675 4,154,250 3,840,593 3,916,799 3,342,134 3,082,515 Shares Outstanding 173,407 171,963 171,694 161,503 153,577 147,149 141,007 132,010 Statistical Record Return on Assets % 3.38 3.85 4.12 4.28 4.11 4.05 3.81 4.06 Return on Equity % 5.90 6.73 7.05 7.32 6.83 6.58 6.16 6.51 EBITDA Margin % 53.93 58.70 91.29 95.14 88.62 87.09 88.72 88.78 Net Margin % 32.90 37.23 44.62 46.97 45.30 44.88 40.97 43.83 Asset Turnover 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 Current Ratio 13.98 6.00 0.22 7.35 0.22 16.43 2.14 2.26 Debt to Equity 0.75 0.75 0.66 0.69 0.64 0.59 0.59 0.56 Price Range 58.91-26.40 58.91-26.40 58.91-47.29 51.16-36.52 46.13-36.72 53.46-39.00 44.24-33.99 40.34-30.33 P/E Ratio 46.02-20.63 40.07-17.96 37.76-30.31 31.01-22.13 31.81-25.32 38.74-28.26 36.87-28.33 32.53-24.46 Average Yield % 4.27 3.83 3.77 4.53 4.44 3.85 4.44 4.62
Address: 450 South Orange Avenue, Suite 900, Orlando, FL 32801 Telephone: 407-265-7348 Web Site: www.nnnreit.com
Officers: Donald (Don) DeFosset - Chairman Julian Investor Contact: 407-650-1228 No of Institutions: 575 E. Whitehurst - President, Chief Executive Officer, Shares: 207,575,808 % Held: N/A Executive Vice President, Chief Operating Officer, Secretary, General Counsel Transfer Agents: American Stock Transfer & Trust Company, Brooklyn, NY
182
NEW JERSEY RESOURCES CORP Exchange NYS
Symbol NJR
Price $27.02 (9/30/2020)
52Wk Range 45.46-24.61
Yield 4.92
P/E 14.93
*12 Month Price Score 80.82 Interim Earnings (Per Share) Qtr. Dec Mar Jun Sep 2016-17 0.40 1.32 0.22 (0.42) 2017-18 1.42 1.59 (0.16) (0.20) 2018-19 0.97 0.82 (0.09) 0.20 2019-20 0.97 0.92 (0.28) ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.313Q 11/12/2019 12/18/2019 12/19/2019 01/02/2020 0.313Q 01/21/2020 03/16/2020 03/17/2020 04/01/2020 0.313Q 05/05/2020 06/15/2020 06/16/2020 07/01/2020 0.333Q 07/14/2020 09/21/2020 09/22/2020 10/01/2020 Indicated Div: $1.33 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.06 (08/25/2020) Market Cap $2.6 Billion Book Value $1.8 Billion TRADING VOLUME (thousand shares) Price/Book 1.41 Price/Sales 1.27 Dividend Achiever Status 10 Year Growth Rate 6.66% Total Years of Dividend Growth 24 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 89.59 *NYSE Composite Index=100 60 56 52
2-for-1
48 44 40 36 32 28 24 20 16 300 200 100 0
2011
2012
2013
Business Summary: Gas Utilities (MIC: 3.3.1 SIC: 4924 NAIC: 221210) New Jersey Resources is an energy services holding company whose principal business is the distribution of natural gas through a regulated utility, providing other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. Co.'s segments are: Natural Gas Distribution, which consists of regulated natural gas services, off-system sales, capacity and storage management operations; Clean Energy Ventures, which consists of capital investments in clean energy projects; Energy Services, which consists of unregulated wholesale and retail energy operations; and Midstream, which consists of investments in the midstream natural gas market. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$27.2 million versus a net loss of US$8.4 million in the year-earlier quarter. Revenues were US$299.0 million, down 31.3% from US$434.9 million the year before. Operating loss was US$20.2 million versus a loss of US$4.0 million in the prior-year quarter. Direct operating expenses declined 30.8% to US$287.9 million from US$415.8 million in the comparable period the year before. Indirect operating expenses increased 34.8% to US$31.2 million from US$23.1 million in the equivalent prior-year period. Prospects: Our evaluation of New Jersey Resources Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and NJR has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that NJR will perform very poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share 1.81 2.00 1.90 1.89 2.64 1.52 1.52 2.10 Cash Flow Per Share 2.15 2.06 2.73 2.12 4.54 2.87 1.66 4.55 Tang Book Value Per Share 19.07 19.63 18.97 17.08 15.81 13.81 13.55 12.94 Dividends Per Share 1.250 1.230 1.210 1.190 1.110 1.038 0.975 0.915 Dividend Payout % 69.06 61.50 63.68 62.96 42.05 68.26 64.14 43.57 Income Statement Total Revenue 1,553,624 1,254,650 615,036 2,592,045 2,915,109 2,268,617 1,880,905 2,733,987 EBITDA 191,137 208,212 101,917 256,908 298,629 263,281 249,431 316,395 Depn & Amortn 4,356 3,953 134 91,700 85,700 81,800 72,700 61,399 Income Before Taxes 136,364 168,986 85,713 118,126 166,643 136,595 145,687 227,275 Income Taxes (4,092) (1,902) (259) (37,751) (53,785) 18,343 23,530 59,724 Net Income 150,647 177,866 89,361 169,505 233,436 132,065 131,672 180,960 Average Shares 95,764 95,890 92,320 89,616 88,315 87,144 86,731 86,265 Balance Sheet Current Assets 521,078 500,874 692,611 511,606 770,080 579,444 607,264 544,511 Total Assets 5,282,084 5,155,199 5,095,166 4,372,985 4,143,664 3,928,507 3,727,082 3,339,038 Current Liabilities 902,259 824,349 805,543 446,377 750,976 802,918 571,608 436,100 Long-Term Obligations 1,664,517 1,576,708 1,537,549 1,537,177 1,180,619 997,080 1,063,550 843,595 Total Liabilities 3,443,157 3,266,092 3,267,363 2,821,268 2,724,686 2,691,864 2,560,491 2,232,082 Stockholders' Equity 1,838,927 1,889,107 1,827,803 1,551,717 1,418,978 1,236,643 1,166,591 1,106,956 Shares Outstanding 95,830 95,643 95,508 89,998 88,292 86,555 86,086 85,531 Statistical Record Return on Assets % 3.59 4.06 3.61 3.98 5.78 3.45 3.72 5.57 Return on Equity % 9.89 10.85 10.38 11.41 17.58 10.99 11.55 17.46 EBITDA Margin % 12.30 16.60 16.57 9.91 10.24 11.61 13.26 11.57 Net Margin % 9.70 14.18 14.53 6.54 8.01 5.82 7.00 6.62 Asset Turnover 0.43 0.47 0.50 0.61 0.72 0.59 0.53 0.84 Current Ratio 0.58 0.61 0.86 1.15 1.03 0.72 1.06 1.25 Debt to Equity 0.91 0.83 0.84 0.99 0.83 0.81 0.91 0.76 Price Range 50.36-24.61 51.13-24.61 51.13-40.61 51.13-43.82 47.55-36.25 44.25-31.07 38.71-28.14 33.48-24.81 P/E Ratio 27.82-13.60 25.57-12.31 26.91-21.37 27.05-23.19 18.01-13.73 29.11-20.44 25.47-18.51 15.94-11.81 Average Yield % 3.08 2.76 2.59 2.49 2.61 2.68 2.85 3.10 Address: 1415 Wyckoff Road, Wall, NJ Officers: Stephen D. Westhoven - President, Chief Investor Contact: 732-378-4967 No of Institutions: 392 07719 Executive Officer, Executive Vice President, Chief Shares: 86,369,200 % Held: 83.09 Telephone: 732-938-1480 Operating Officer Patrick J. Migliaccio - Senior Vice Transfer Agents: Web Site: www.njresources.com President, Chief Financial Officer Wells Fargo Shareowner Services, St. Paul, MN
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NORTHWESTERN CORP. Exchange NMS
Symbol NWE
Price $48.64 (9/30/2020)
85 80 75 70 65 60 55 50 45 40 35 30 25 200 150 100 50 0
2011
2012
2013
52Wk Range 80.22-48.01
Yield 4.93
*12 Month Price Score 80.79 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 1.17 0.44 0.75 2018 1.18 0.87 0.56 2019 1.44 0.94 0.42 2020 1.00 0.43 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.575Q 10/29/2019 12/12/2019 12/13/2019 0.60Q 02/12/2020 03/12/2020 03/13/2020 0.60Q 04/22/2020 06/12/2020 06/15/2020 0.60Q 07/28/2020 09/14/2020 09/15/2020 Indicated Div: $2.40 Valuation Analysis Forecast EPS $3.33 (09/02/2020) Market Cap $2.6 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.28 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 98.72 *NYSE Composite Index=100
P/E 16.05 Dec 0.97 1.31 1.18 ...
Pay 12/31/2019 03/31/2020 06/30/2020 09/30/2020
$2.1 Billion 2.18
5.55% 14
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4931 NAIC: 221121) Northwestern provides electricity and/or natural gas to customers in Montana, South Dakota and Nebraska. Co.'s segments are: electric operations; and natural gas operations. In Montana, Co.'s regulated electric utility business includes generation, transmission and distribution. Co. also transmits electricity for nonregulated entities owning generation, and utilities, cooperatives, and power marketers serving the electricity market. Co.'s regulated natural gas utility business includes production, storage, transmission and distribution. Co. transmits natural gas from production receipt points and storage facilities to distribution points and other nonaffiliated transmission systems. Recent Developments: For the quarter ended June 30 2020, net income decreased 54.9% to US$21.5 million from US$47.7 million in the year-earlier quarter. Revenues were US$269.4 million, down 0.5% from US$270.7 million the year before. Operating income was US$44.8 million versus US$48.8 million in the prior-year quarter, a decrease of 8.2%. Direct operating expenses rose 9.5% to US$61.0 million from US$55.7 million in the comparable period the year before. Indirect operating expenses decreased 1.6% to US$163.5 million from US$166.2 million in the equivalent prior-year period. Prospects: Our evaluation of Northwestern Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and NWE has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that NWE will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.03 3.54 3.98 3.92 3.34 3.39 3.17 2.99 Cash Flow Per Share 7.34 6.80 5.88 7.64 6.66 5.97 7.18 6.23 Tang Book Value Per Share 31.32 31.45 33.33 31.49 29.19 27.28 25.79 23.93 Dividends Per Share 2.350 2.325 2.300 2.200 2.100 2.000 1.920 1.600 Dividend Payout % 77.56 65.68 57.79 56.12 62.87 59.00 60.57 53.51 Income Statement Total Revenue 604,615 335,255 1,257,910 1,192,009 1,305,652 1,257,247 1,214,299 1,204,863 EBITDA 120,666 74,399 450,186 444,714 434,471 410,831 418,101 311,992 Depn & Amortn 2,371 1,167 172,923 174,476 166,137 159,336 144,702 123,776 Income Before Taxes 69,674 48,898 182,195 178,250 176,071 156,525 181,246 110,414 Income Taxes (2,524) (1,806) (19,925) (18,710) 13,368 (7,647) 30,037 (10,272) Net Income 72,198 50,704 202,120 196,960 162,703 164,172 151,209 120,686 Average Shares 50,570 50,705 50,751 50,237 48,655 48,475 47,642 40,431 Balance Sheet Current Assets 263,586 330,302 301,727 277,685 296,359 280,195 286,660 350,885 Total Assets 5,971,775 5,966,943 5,910,702 5,644,376 5,420,917 5,499,321 5,278,640 4,973,943 Current Liabilities 428,866 348,315 334,267 347,009 632,238 613,832 571,200 614,582 Long-Term Obligations 2,173,895 2,256,203 2,250,720 2,122,260 1,815,629 1,817,684 1,808,453 1,690,261 Total Liabilities 3,918,219 3,906,467 3,871,608 3,701,994 3,622,002 3,823,094 3,678,466 3,496,160 Stockholders' Equity 2,053,556 2,060,476 2,039,094 1,942,382 1,798,915 1,676,227 1,600,174 1,477,783 Shares Outstanding 54,144 54,144 50,452 50,323 49,372 48,331 48,172 46,914 Statistical Record Return on Assets % 2.63 3.09 3.50 3.56 2.98 3.04 2.95 2.78 Return on Equity % 7.57 8.89 10.15 10.53 9.36 9.99 9.83 9.62 EBITDA Margin % 19.96 22.19 35.79 37.31 33.28 32.68 34.43 25.89 Net Margin % 11.94 15.12 16.07 16.52 12.46 13.06 12.45 10.02 Asset Turnover 0.21 0.21 0.22 0.22 0.24 0.23 0.24 0.28 Current Ratio 0.61 0.95 0.90 0.80 0.47 0.46 0.50 0.57 Debt to Equity 1.06 1.09 1.10 1.09 1.01 1.08 1.13 1.14 Price Range 80.22-48.25 80.22-48.25 76.05-58.03 64.46-50.33 64.26-56.09 63.33-52.47 59.10-48.75 58.55-42.67 P/E Ratio 26.48-15.92 22.66-13.63 19.11-14.58 16.44-12.84 19.24-16.79 18.68-15.48 18.64-15.38 19.58-14.27 Average Yield % 3.44 3.25 3.28 3.86 3.52 3.44 3.60 3.31
Officers: Stephen P. Adik - Chairman Robert C. Rowe Investor Contact: 605-978-2900 Address: 3010 W. 69th Street, Sioux - President, Chief Executive Officer Transfer Agents: No of Institutions: 428 Falls, SD 57108 Shares: 64,388,080 % Held: 90.73 Telephone: 605-978-2900 Computershare College Station, TX Web Site: www.northwesternenergy.com
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190
NUCOR CORP. Exchange NYS
Symbol NUE
Price $44.86 (9/30/2020)
52Wk Range 58.12-28.42
Yield 3.59
P/E 26.54
*12 Month Price Score 97.31 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.11 1.00 0.79 1.20 2018 1.10 2.13 2.13 2.07 2019 1.63 1.26 0.90 0.36 2020 0.07 0.36 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.403Q 12/13/2019 12/30/2019 12/31/2019 02/11/2020 0.403Q 02/18/2020 03/30/2020 03/31/2020 05/11/2020 0.403Q 06/04/2020 06/29/2020 06/30/2020 08/11/2020 0.403Q 09/10/2020 09/29/2020 09/30/2020 11/10/2020 Indicated Div: $1.61 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.54 (09/03/2020) Market Cap $13.5 Billion Book Value $10.2 Billion TRADING VOLUME (thousand shares) Price/Book 1.33 Price/Sales 0.66 Dividend Achiever Status 10 Year Growth Rate 1.29% Total Years of Dividend Growth 47 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 78.56 *NYSE Composite Index=100 130 120 110 100 90 80 70 60 50 40 30 20 1500 1000 500 0
2011
2012
2013
Business Summary: Non-Precious Metals (MIC: 8.2.2 SIC: 3312 NAIC: 331111) Nucor manufactures steel and steel products. Co.'s operations include international trading and sales companies that buy and sell steel and steel products. Co.'s segments are: steel mills, which produces sheet steel, plate steel, structural steel, and bar steel; steel products, which produces hollow structural section steel tubing, electrical conduit, steel joists and joist girders, steel deck, cold finished steel, steel fasteners, metal building systems, and wire and wire mesh; and raw materials, which produces direct reduced iron (DRI), brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI, supplies ferro-alloys, and processes ferrous and nonferrous scrap metal. Recent Developments: For the quarter ended July 4 2020, net income decreased 67.7% to US$133.2 million from US$412.3 million in the year-earlier quarter. Revenues were US$4.33 billion, down 26.6% from US$5.90 billion the year before. Direct operating expenses declined 22.9% to US$3.95 billion from US$5.12 billion in the comparable period the year before. Indirect operating expenses decreased 22.5% to US$161.1 million from US$207.8 million in the equivalent prior-year period. Prospects: Our evaluation of Nucor Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while NUE has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that NUE will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.69 2.59 4.14 7.42 4.10 2.48 1.11 2.22 Cash Flow Per Share 9.81 7.79 9.21 7.58 3.29 5.42 6.73 4.20 Tang Book Value Per Share 24.20 24.13 24.57 22.18 17.70 15.56 14.58 15.18 Dividends Per Share 1.607 1.605 1.603 1.540 1.513 1.502 1.492 1.482 Dividend Payout % 95.12 61.97 38.71 20.75 36.89 60.58 134.46 66.78 Income Statement Total Revenue 9,951,643 5,624,337 22,588,858 25,067,279 20,252,393 16,208,122 16,439,276 21,105,141 EBITDA 810,828 385,305 2,549,832 3,955,565 2,517,709 2,042,338 1,503,197 2,012,328 Depn & Amortn 391,856 197,275 648,911 630,879 635,833 613,192 625,757 652,000 Income Before Taxes 342,255 147,120 1,779,496 3,189,151 1,708,296 1,259,902 703,909 1,191,072 Income Taxes 139,822 91,918 411,897 748,307 369,386 398,243 213,154 388,787 Net Income 129,212 20,331 1,271,143 2,360,767 1,318,688 796,271 357,659 713,946 Average Shares 302,933 302,932 305,503 316,733 320,773 319,822 320,693 320,127 Balance Sheet Current Assets 8,634,964 7,847,251 8,226,370 8,636,265 6,824,420 6,506,393 5,754,380 6,441,888 Total Assets 18,765,965 17,866,061 18,344,666 17,920,588 15,841,258 15,223,518 14,250,399 15,615,927 Current Liabilities 1,965,038 2,218,572 2,463,774 2,806,300 2,824,764 2,389,966 1,385,173 2,097,776 Long-Term Obligations 5,279,103 4,243,181 4,291,301 4,233,276 3,242,242 3,739,141 4,360,600 4,360,600 Total Liabilities 8,571,145 7,697,857 7,986,800 8,128,510 7,102,222 7,343,653 6,833,521 7,843,457 Stockholders' Equity 10,194,820 10,168,204 10,357,866 9,792,078 8,739,036 7,879,865 7,416,878 7,772,470 Shares Outstanding 301,895 301,135 301,812 305,592 317,969 318,737 317,962 319,033 Statistical Record Return on Assets % 2.78 4.39 7.01 13.98 8.49 5.39 2.40 4.63 Return on Equity % 5.00 7.79 12.62 25.48 15.87 10.38 4.71 9.26 EBITDA Margin % 8.15 6.85 11.29 15.78 12.43 12.60 9.14 9.53 Net Margin % 1.30 0.36 5.63 9.42 6.51 4.91 2.18 3.38 Asset Turnover 1.11 1.23 1.25 1.48 1.30 1.10 1.10 1.37 Current Ratio 4.39 3.54 3.34 3.08 2.42 2.72 4.15 3.07 Debt to Equity 0.52 0.42 0.41 0.43 0.37 0.47 0.59 0.56 Price Range 58.12-28.42 60.70-28.42 62.10-46.61 70.18-50.03 64.73-53.48 66.75-34.86 49.77-37.00 58.09-46.62 P/E Ratio 34.39-16.82 23.44-10.97 15.00-11.26 9.46-6.74 15.79-13.04 26.92-14.06 44.84-33.33 26.17-21.00 Average Yield % 3.36 3.13 2.91 2.43 2.58 3.06 3.34 2.87
Address: 1915 Rexford Road, Charlotte, NC 28211 Telephone: 704-366-7000 Web Site: www.nucor.com
Officers: Leon J. Topalian - President, Chief Executive Officer, Chief Operating Officer, Division Officer Allen C. Behr - Executive Vice President Transfer Agents:American Stock Transfer & Trust Company, LLC, New York, NY
191
No of Institutions: 1069 Shares: 316,244,704 % Held: 75.74
OCCIDENTAL PETROLEUM CORP Exchange NYS
Symbol OXY
Price $10.01 (9/30/2020)
52Wk Range 47.26-9.69
Yield 0.40
P/E N/A
*12 Month Price Score 48.23 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.15 0.66 0.25 0.64 2018 0.92 1.10 2.44 0.94 2019 0.84 0.84 (1.08) (1.67) 2020 (2.49) (9.12) ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.79Q 11/06/2019 12/09/2019 12/10/2019 01/15/2020 0.79Q 02/13/2020 03/09/2020 03/10/2020 04/15/2020 0.01Q 05/29/2020 06/12/2020 06/15/2020 07/15/2020 0.01Q 09/03/2020 09/14/2020 09/15/2020 10/15/2020 Indicated Div: $0.04 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $-3.38 (09/03/2020) Market Cap $9.2 Billion Book Value $23.3 Billion TRADING VOLUME (thousand shares) Price/Book 0.39 Price/Sales 0.42 Dividend Achiever Status 10 Year Growth Rate 9.14% Total Years of Dividend Growth 17 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 35.19 *NYSE Composite Index=100 275 250 225 200 175 150 125 100 75 50 25 0 15000 10000 5000 0
2011
2012
2013
Business Summary: Production & Extraction (MIC: 9.1.1 SIC: 1311 NAIC: 211111) Occidental Petroleum has three reporting segments: oil and gas, which explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas; chemical, which mainly manufactures and markets basic chemicals (chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates and calcium chloride) and vinyls (vinyl chloride monomer, polyvinyl chloride and ethylene); and marketing and midstream, which purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide and power. Recent Developments: For the quarter ended June 30 2020, loss from continuing operations was US$6.72 billion compared with income of US$635.0 million in the year-earlier quarter. Net loss amounted to US$8.13 billion versus net income of US$635.0 million in the year-earlier quarter. Revenues were US$2.98 billion, down 33.5% from US$4.48 billion the year before. Direct operating expenses rose 13.6% to US$1.58 billion from US$1.39 billion in the comparable period the year before. Indirect operating expenses increased 332.0% to US$9.70 billion from US$2.25 billion in the equivalent prior-year period. Prospects: Our evaluation of Occidental Petroleum Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has suffered a very negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and OXY has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that OXY will perform over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (14.36) (4.40) (1.22) 5.39 1.70 (0.75) (10.23) 0.79 Cash Flow Per Share 6.68 8.66 9.11 10.07 6.53 4.42 4.38 14.17 Tang Book Value Per Share 14.79 23.93 27.37 28.46 26.89 28.13 31.89 39.26 Dividends Per Share 2.380 3.150 3.140 3.100 3.060 3.020 2.970 2.880 Dividend Payout % ... ... ... 57.51 180.00 ... ... 364.56 Income Statement Total Revenue 9,630,000 6,451,000 21,232,000 18,934,000 13,274,000 10,398,000 12,699,000 21,947,000 EBITDA (4,531,000) 1,217,000 6,860,000 9,312,000 4,961,000 2,534,000 (5,201,000) 5,231,000 Depn & Amortn 4,428,000 2,242,000 5,981,000 3,977,000 4,002,000 4,268,000 4,544,000 4,261,000 Income Before Taxes (10,282,000) (1,962,000) (187,000) 4,946,000 614,000 (2,026,000) (9,892,000) 893,000 Income Taxes (1,493,000) (82,000) 693,000 1,477,000 17,000 (662,000) (1,330,000) 1,685,000 Net Income (10,144,000) (2,013,000) (667,000) 4,131,000 1,311,000 (574,000) (7,829,000) 616,000 Average Shares 915,500 896,700 809,500 763,300 765,900 763,800 765,600 781,100 Balance Sheet Current Assets 8,437,000 14,109,000 18,681,000 9,932,000 8,270,000 8,428,000 9,402,000 13,873,000 Total Assets 89,452,000 101,643,000 109,330,000 43,854,000 42,026,000 43,109,000 43,437,000 56,259,000 Current Liabilities 9,919,000 11,963,000 14,949,000 7,412,000 7,400,000 6,362,000 6,842,000 8,244,000 Long-Term Obligations 36,034,000 36,058,000 38,537,000 10,201,000 9,328,000 9,819,000 6,883,000 6,838,000 Total Liabilities 66,106,000 70,348,000 75,098,000 22,524,000 21,454,000 21,612,000 19,087,000 21,300,000 Stockholders' Equity 23,346,000 31,295,000 34,232,000 21,330,000 20,572,000 21,497,000 24,350,000 34,959,000 Shares Outstanding 918,202 900,014 894,111 749,389 765,104 764,237 763,678 890,557 Statistical Record Return on Assets % N.M. N.M. N.M. 9.62 3.08 N.M. N.M. 0.98 Return on Equity % N.M. N.M. N.M. 19.72 6.23 N.M. N.M. 1.58 EBITDA Margin % N.M. 18.87 32.31 49.18 37.37 24.37 N.M. 23.83 Net Margin % N.M. N.M. N.M. 21.82 9.88 N.M. N.M. 2.81 Asset Turnover 0.33 0.32 0.28 0.44 0.31 0.24 0.25 0.35 Current Ratio 0.85 1.18 1.25 1.34 1.12 1.32 1.37 1.68 Debt to Equity 1.54 1.15 1.13 0.48 0.45 0.46 0.28 0.20 Price Range 53.17-9.69 68.37-9.69 68.37-37.34 86.48-57.11 73.70-58.02 78.31-59.60 83.08-63.61 100.90-73.13 P/E Ratio ... ... ... 16.04-10.60 43.35-34.13 ... ... 127.73-92.57 Average Yield % 6.99 7.13 6.01 4.12 4.77 4.20 3.99 3.18 Address: 5 Greenway Plaza, Suite 110, Officers: Stephen I. Chazen - Executive Chairman, No of Institutions: 1424 Shares: 813,113,088 % Held: 88.25 Houston, TX 77046 President, Chief Executive Officer, Chief Operating Telephone: 713-215-7000 Officer Jack B. Moore - Vice-Chairman Transfer Agents:American Stock Transfer and Trust Company, Web Site: www.oxy.com LLC, Brooklyn, NY
192
OGE ENERGY CORP. Exchange NYS
Symbol OGE
Price $29.99 (9/30/2020)
52Wk Range 46.28-23.67
Yield 5.37
P/E N/A
*12 Month Price Score 84.78 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.18 0.52 0.92 1.48 2018 0.27 0.55 1.02 0.27 2019 0.24 0.50 1.25 0.18 2020 (2.46) 0.43 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.388Q 12/04/2019 01/09/2020 01/10/2020 01/30/2020 0.388Q 02/26/2020 04/08/2020 04/10/2020 04/30/2020 0.388Q 05/21/2020 07/09/2020 07/10/2020 07/30/2020 0.403Q 09/28/2020 10/09/2020 10/13/2020 10/30/2020 Indicated Div: $1.61 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.14 (08/29/2020) Market Cap $6.0 Billion Book Value $3.6 Billion TRADING VOLUME (thousand shares) Price/Book 1.68 Price/Sales 2.78 Dividend Achiever Status 10 Year Growth Rate 7.64% Total Years of Dividend Growth 13 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 93.76 *NYSE Composite Index=100 64 60 56
2-for-1
52 48 44 40 36 32 28 24 20 750 500 250 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221121) OGE Energy is a holding company. Through its subsidiaries, Co. is an energy and energy services provider providing physical delivery and related services for both electricity and natural gas primarily in the south central United States Co. conducts these activities through two business segments: electric utility, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas; and natural gas midstream operations, which consist of Co.'s investment in Enable Midstream Partners, LP, which is primarily engaged in the business of gathering, processing, transporting and storing natural gas. Recent Developments: For the quarter ended June 30 2020, net income decreased 14.3% to US$85.9 million from US$100.2 million in the year-earlier quarter. Revenues were US$503.5 million, down 2.0% from US$513.7 million the year before. Operating income was US$125.4 million versus US$110.0 million in the prior-year quarter, an increase of 14.0%. Direct operating expenses declined 8.0% to US$352.2 million from US$382.8 million in the comparable period the year before. Indirect operating expenses increased 23.9% to US$25.9 million from US$20.9 million in the equivalent prior-year period. Prospects: Our evaluation of OGE Energy Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and OGE has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that OGE will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (0.60) (0.53) 2.16 2.12 3.10 1.69 1.36 1.98 Cash Flow Per Share 4.08 3.78 3.41 4.76 3.93 3.22 4.34 3.62 Tang Book Value Per Share 17.81 17.75 20.69 20.06 19.28 17.24 16.65 16.27 Dividends Per Share 1.528 1.505 1.482 1.363 1.240 1.127 1.025 0.925 Dividend Payout % ... ... 68.63 64.27 40.00 66.72 75.37 46.72 Income Statement Total Revenue 934,800 431,300 2,231,600 2,270,300 2,261,100 2,259,200 2,196,900 2,453,100 EBITDA 377,500 152,800 852,400 822,500 865,800 849,200 810,100 825,800 Depn & Amortn 191,700 94,400 355,000 321,600 283,500 322,600 307,900 281,400 Income Before Taxes 106,700 20,100 349,500 344,900 438,500 384,500 353,200 396,000 Income Taxes (207,000) (234,600) 29,800 72,200 (49,300) 148,100 97,400 172,800 Net Income (405,900) (491,800) 433,600 425,500 619,000 338,200 271,300 395,800 Average Shares 200,500 200,200 200,700 200,500 200,000 199,900 199,600 199,900 Balance Sheet Current Assets 499,000 522,500 430,200 557,300 497,000 549,500 570,200 705,800 Total Assets 10,439,100 10,370,900 11,024,300 10,748,600 10,412,700 9,939,600 9,597,400 9,527,800 Current Liabilities 594,600 855,200 657,900 869,400 950,500 1,027,200 752,800 573,300 Long-Term Obligations 3,493,400 3,195,600 3,195,200 2,896,900 2,749,600 2,405,800 2,645,600 2,755,300 Total Liabilities 6,874,900 6,818,200 6,884,800 6,743,500 6,561,600 6,495,800 6,271,400 6,283,400 Stockholders' Equity 3,564,200 3,552,700 4,139,500 4,005,100 3,851,100 3,443,800 3,326,000 3,244,400 Shares Outstanding 200,169 200,169 200,100 199,700 199,700 199,700 199,700 199,400 Statistical Record Return on Assets % N.M. N.M. 3.98 4.02 6.08 3.45 2.84 4.24 Return on Equity % N.M. N.M. 10.65 10.83 16.97 9.96 8.26 12.60 EBITDA Margin % 40.38 35.43 38.20 36.23 38.29 37.59 36.87 33.66 Net Margin % N.M. N.M. 19.43 18.74 27.38 14.97 12.35 16.13 Asset Turnover 0.20 0.21 0.20 0.21 0.22 0.23 0.23 0.26 Current Ratio 0.84 0.61 0.65 0.64 0.52 0.53 0.76 1.23 Debt to Equity 0.98 0.90 0.77 0.72 0.71 0.70 0.80 0.85 Price Range 46.28-23.67 46.28-23.67 45.43-38.26 41.63-29.60 37.23-32.66 33.89-23.86 36.20-24.37 39.08-33.18 P/E Ratio ... ... 21.03-17.71 19.64-13.96 12.01-10.54 20.05-14.12 26.62-17.92 19.74-16.76 Average Yield % 3.87 3.55 3.48 3.89 3.52 3.77 3.42 2.56
Address: 321 North Harvey, P.O. Box 321, Oklahoma City, OK 73101-0321 Telephone: 405-553-3000 Web Site: www.ogeenergy.com
Officers: Sean Trauschke - Chairman, President, Chief Executive Officer Patricia D. Horn - Vice President, Corporate Secretary Transfer Agents: Computershare, Providence, RI
193
Investor Contact: 405-553-3966 No of Institutions: 646 Shares: 174,106,992 % Held: 68.98
OLD REPUBLIC INTERNATIONAL CORP. Exchange NYS
Symbol ORI
Price $14.74 (9/30/2020)
52Wk Range 24.07-12.33
Yield 5.70
P/E 16.02
*12 Month Price Score 82.67 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.39 0.35 0.17 1.01 2018 0.01 0.66 0.92 (0.35) 2019 1.37 0.55 0.67 0.92 2020 (2.01) 1.34 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.20Q 11/26/2019 12/05/2019 12/06/2019 12/16/2019 0.21Q 02/26/2020 03/06/2020 03/09/2020 03/16/2020 0.21Q 05/07/2020 06/04/2020 06/05/2020 06/15/2020 0.21Q 08/17/2020 09/03/2020 09/04/2020 09/15/2020 Indicated Div: $0.84 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.70 (09/03/2020) Market Cap $4.5 Billion Book Value $5.9 Billion TRADING VOLUME (thousand shares) Price/Book 0.76 Price/Sales 0.70 Dividend Achiever Status 10 Year Growth Rate 1.64% Total Years of Dividend Growth 38 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 90.29 *NYSE Composite Index=100 37.5 35 32.5 30 27.5 25 22.5 20 17.5 15 12.5 10 7.5 5 1200 800 400 0
2011
2012
2013
Business Summary: General Insurance (MIC: 5.2.1 SIC: 6351 NAIC: 524113) Old Republic International is a holding company engaged in the business of insurance underwriting and related services. Through its regulated insurance company subsidiaries, Co. conducts its operations in three main segments: General Insurance Group, which is a commercial lines insurance business focused on liability insurance coverages; Title Insurance Group, which consists mainly of the issuance of policies to real estate purchasers and investors based upon searches of the public records, which contain information concerning interests in real property; and the Republic Financial Indemnity Group Run-off Business, which consists of mortgage guaranty and consumer credit indemnity operations. Recent Developments: For the quarter ended June 30 2020, net income increased 140.3% to US$397.7 million from US$165.5 million in the year-earlier quarter. Revenues were US$1.97 billion, up 19.8% from US$1.64 billion the year before. Net premiums earned were US$1.35 billion versus US$1.33 billion in the prior-year quarter, an increase of 1.8%. Net investment income fell 3.9% to US$108.6 million from US$113.0 million a year ago. Prospects: Our evaluation of Old Republic International Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while ORI has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that ORI will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.92 0.13 3.51 1.24 1.92 1.62 1.48 1.44 Cash Flow Per Share 3.57 3.38 3.12 2.58 1.73 2.45 2.65 (0.70) Tang Book Value Per Share 19.27 16.92 19.76 17.00 17.58 17.02 14.81 15.04 Dividends Per Share 1.820 1.810 1.800 1.780 0.760 0.750 0.740 0.730 Dividend Payout % 197.83 1,392.31 51.28 143.55 39.58 46.30 50.00 50.69 Income Statement Premium Income 2,729,800 1,376,700 5,498,300 5,253,400 5,080,200 4,868,900 4,758,800 4,446,300 Total Revenue 2,672,200 701,500 7,213,700 6,021,800 6,263,100 5,900,500 5,766,100 5,530,700 Benefits & Claims ... ... 2,545,300 2,440,900 2,459,200 2,329,800 2,441,300 2,500,000 Income Before Taxes (270,800) (769,900) 1,322,400 438,100 725,400 686,000 631,800 ... Income Taxes (63,700) (165,100) 265,900 67,500 164,800 219,000 209,600 199,700 Net Income (207,000) (604,800) 1,056,400 370,500 560,500 466,900 422,100 409,700 Average Shares 297,776 300,280 301,227 301,016 299,387 296,379 296,088 295,073 Balance Sheet Total Assets 21,650,300 20,352,200 21,076,300 19,327,100 19,403,500 18,591,600 17,110,500 16,988,100 Total Liabilities 15,791,300 15,209,300 15,076,100 14,180,800 14,670,200 14,119,900 13,229,600 13,064,000 Stockholders' Equity 5,858,900 5,142,900 6,000,100 5,146,200 4,733,300 4,471,600 3,880,800 3,924,000 Shares Outstanding 304,035 303,992 303,652 302,714 269,238 262,719 261,968 260,946 Statistical Record Return on Assets % 1.27 0.19 5.23 1.91 2.95 2.61 2.48 2.44 Return on Equity % 4.62 0.73 18.96 7.50 12.18 11.15 10.82 10.64 Loss Ratio % ... ... 46.29 46.46 48.41 47.85 51.30 56.23 Net Margin % (7.75) (86.22) 14.64 6.15 8.95 7.91 7.32 7.41 Price Range 24.07-12.33 24.07-12.33 24.07-20.00 22.95-19.65 21.46-18.11 19.98-16.58 19.02-13.87 17.27-13.74 P/E Ratio 26.16-13.40 185.15-94.85 6.86-5.70 18.51-15.85 11.18-9.43 12.33-10.23 12.85-9.37 11.99-9.54 Average Yield % 8.88 8.21 8.14 8.41 3.80 4.07 4.61 4.67
Address: 307 North Michigan Avenue, Chicago, IL 60601 Telephone: 312-346-8100 Web Site: www.oldrepublic.com
Officers: Aldo C. Zucaro - Chairman, Chief Executive Investor Contact: 800-468-9716 Officer Craig R. Smiddy - President, Chief Executive No of Institutions: 644 Shares: 282,932,480 % Held: 89.77 Officer, Chief Operating Officer Transfer Agents: Wells Fargo Shareholder Services, St. Paul, MN
194
OMEGA HEALTHCARE INVESTORS, INC. Exchange NYS
Symbol OHI
Price $29.94 (9/30/2020)
52Wk Range 44.96-14.87
Yield 8.95
P/E 17.51
*12 Month Price Score 86.96 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.53 0.33 (0.67) 0.32 2018 0.42 0.39 0.28 0.30 2019 0.34 0.34 0.63 0.26 2020 0.39 0.43 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.67Q 10/14/2019 10/30/2019 10/31/2019 11/15/2019 0.67Q 01/15/2020 01/30/2020 01/31/2020 02/14/2020 0.67Q 04/13/2020 04/29/2020 04/30/2020 05/15/2020 0.67Q 07/15/2020 07/30/2020 07/31/2020 08/14/2020 Indicated Div: $2.68 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.59 (09/03/2020) Market Cap $6.8 Billion Book Value $4.0 Billion TRADING VOLUME (thousand shares) Price/Book 1.71 Price/Sales 6.87 Dividend Achiever Status 10 Year Growth Rate 8.24% Total Years of Dividend Growth 17 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 92.88 *NYSE Composite Index=100 65 60 55 50 45 40 35 30 25 20 15 10 1200 800 400 0
2011
2012
2013
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) Omega Healthcare Investors is a real estate investment trust. Co. has one reportable segment consisting of investments in healthcare-related real estate properties located in the United States and the United Kingdom. Co.'s main business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities, and assisted living facilities, and to a lesser extent, independent living facilities, and rehabilitation and acute care facilities and medical office buildings. Co.'s main portfolio consists of long-term leases and mortgage agreements. Recent Developments: For the quarter ended June 30 2020, net income increased 34.7% to US$102.0 million from US$75.7 million in the year-earlier quarter. Revenues were US$256.4 million, up 13.8% from US$225.3 million the year before. Revenues from property income rose 13.7% to US$221.5 million from US$194.8 million in the corresponding quarter a year earlier. Prospects: Our evaluation of Omega Healthcare Investors Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and OHI has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that OHI will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.71 1.62 1.58 1.40 0.51 1.90 1.29 1.74 Cash Flow Per Share 2.72 2.56 2.59 2.49 2.92 3.25 2.69 2.67 Tang Book Value Per Share 14.66 14.89 15.40 13.84 14.68 16.39 16.50 10.98 Dividends Per Share 2.670 2.660 2.650 2.640 2.540 2.360 2.180 2.020 Dividend Payout % 156.14 164.20 167.72 188.57 498.04 124.21 168.99 116.09 Income Statement Total Revenue 509,419 253,024 928,830 881,682 908,385 900,827 743,617 504,787 EBITDA 470,540 231,473 857,046 777,154 636,501 838,040 661,266 482,537 Depn & Amortn 166,353 83,813 305,343 279,532 310,604 278,319 243,817 134,363 Income Before Taxes 193,140 91,724 343,844 296,513 105,921 384,333 234,526 221,349 Income Taxes 1,863 1,005 2,844 3,010 3,248 1,405 1,211 ... Net Income 189,222 89,915 341,123 281,578 100,419 366,415 224,524 221,349 Average Shares 234,523 234,506 222,125 209,711 206,790 201,635 180,508 127,294 Balance Sheet Current Assets 472,457 778,072 441,593 359,048 376,142 347,311 223,893 201,741 Total Assets 9,687,584 10,037,231 9,796,124 8,590,877 8,773,305 8,949,260 8,019,009 3,921,645 Current Liabilities 796,349 796,523 11,350 13,599 17,747 9,906 15,352 ... Long-Term Obligations 4,429,209 4,723,126 5,136,140 4,540,622 4,572,158 4,366,854 3,569,086 2,378,503 Total Liabilities 5,717,351 6,015,656 5,660,696 5,146,436 5,218,214 5,090,515 4,281,023 2,520,318 Stockholders' Equity 3,970,233 4,021,575 4,135,428 3,444,441 3,555,091 3,858,745 3,737,986 1,401,327 Shares Outstanding 226,943 226,866 226,631 202,346 198,309 196,142 187,399 127,606 Statistical Record Return on Assets % 4.13 3.89 3.71 3.24 1.13 4.31 3.76 6.00 Return on Equity % 9.97 9.55 9.00 8.05 2.71 9.62 8.74 16.39 EBITDA Margin % 92.37 91.48 92.27 88.14 70.07 93.03 88.93 95.59 Net Margin % 37.14 35.54 36.73 31.94 11.05 40.68 30.19 43.85 Asset Turnover 0.11 0.10 0.10 0.10 0.10 0.11 0.12 0.14 Current Ratio 0.59 0.98 38.91 26.40 21.19 35.06 14.58 ... Debt to Equity 1.12 1.17 1.24 1.32 1.29 1.13 0.95 1.70 Price Range 44.96-14.87 44.96-14.87 44.96-33.95 38.21-25.36 34.98-26.78 38.02-27.46 45.16-32.08 40.29-29.56 P/E Ratio 26.29-8.70 27.75-9.18 28.46-21.49 27.29-18.11 68.59-52.51 20.01-14.45 35.01-24.87 23.16-16.99 Average Yield % 7.17 6.83 6.84 8.67 8.06 7.12 5.91 5.68
Address: 303 International Circle, Suite 200, Hunt Valley, MD 21030 Telephone: 410-427-1700 Web Site: www.omegahealthcare.com
Officers: C. Taylor Pickett - Chief Executive Officer Robert O. Stephenson - Chief Financial Officer Transfer Agents:Registrar and Transfer Company, Cranford , NJ
195
Investor Contact: 410-427-1700 No of Institutions: 688 Shares: 218,587,872 % Held: 87.10
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196
ONEOK INC Exchange NYS
Symbol OKE
Price $25.98 (9/30/2020)
52Wk Range 77.52-15.37
Yield 14.40
P/E 17.55
*12 Month Price Score 54.72 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.41 0.33 0.43 0.09 2018 0.64 0.68 0.75 0.71 2019 0.81 0.75 0.74 0.76 2020 (0.34) 0.32 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.915Q 10/23/2019 11/01/2019 11/04/2019 11/14/2019 0.935Q 01/15/2020 01/24/2020 01/27/2020 02/14/2020 0.935Q 04/16/2020 04/24/2020 04/27/2020 05/14/2020 0.935Q 07/22/2020 07/31/2020 08/03/2020 08/14/2020 Indicated Div: $3.74 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.45 (09/03/2020) Market Cap $11.5 Billion Book Value $6.2 Billion TRADING VOLUME (thousand shares) Price/Book 1.85 Price/Sales 1.32 Dividend Achiever Status 10 Year Growth Rate 15.72% Total Years of Dividend Growth 17 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 82.51 *NYSE Composite Index=100 80 75 70
2-for-1
65 60 55 50 45 40 35 30 25 20 15 3000 2000 1000 0
2011
2012
2013
Business Summary: Production & Extraction (MIC: 9.1.1 SIC: 4924 NAIC: 221210) Oneok is a midstream service provider. Co.'s segments include: Natural Gas Gathering and Processing, which provides midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma; natural gas liquids (NGLs), which owns and operates facilities that gather, fractionate, treat and distribute NGLs and store NGL products, primarily in Oklahoma, Kansas, Texas, New Mexico and the Rocky Mountain region; and Natural Gas Pipelines, which provides transportation and storage services to end users through its wholly owned assets and its ownership interests in Northern Border Pipeline Company and Roadrunner Gas Transmission, LLC. Recent Developments: For the quarter ended June 30 2020, net income decreased 56.9% to US$134.3 million from US$312.0 million in the year-earlier quarter. Revenues were US$1.66 billion, down 32.4% from US$2.46 billion the year before. Operating income was US$355.7 million versus US$476.1 million in the prior-year quarter, a decrease of 25.3%. Direct operating expenses declined 38.3% to US$1.13 billion from US$1.83 billion in the comparable period the year before. Indirect operating expenses increased 17.2% to US$174.4 million from US$148.9 million in the equivalent prior-year period. Prospects: Our evaluation of Oneok Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and OKE has posted results in line with analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that OKE will perform over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.48 1.91 3.07 2.78 1.29 1.66 1.16 1.49 Cash Flow Per Share 4.09 4.87 4.71 5.31 4.42 6.38 4.79 6.14 Tang Book Value Per Share 12.30 11.55 12.75 13.64 11.67 N.M. N.M. N.M. Dividends Per Share 3.675 3.605 3.530 3.245 2.720 2.460 2.430 2.125 Dividend Payout % 248.31 188.74 114.98 116.73 210.85 148.19 209.48 142.62 Income Statement Total Revenue 3,797,401 2,136,672 10,164,367 12,593,196 12,173,907 8,920,934 7,763,206 12,195,091 EBITDA 542,607 31,090 2,464,758 2,257,729 1,773,516 1,679,502 1,167,983 1,441,071 Depn & Amortn 272,769 132,353 476,535 428,557 406,335 391,585 354,620 306,038 Income Before Taxes (89,746) (241,879) 1,496,450 1,359,552 881,523 818,266 396,576 778,870 Income Taxes (12,255) (55,395) 372,414 362,903 447,282 212,406 136,600 151,158 Net Income (7,536) (141,857) 1,278,577 1,151,703 387,841 352,039 244,977 314,107 Average Shares 420,116 415,348 415,444 414,195 299,780 212,383 210,541 210,427 Balance Sheet Current Assets 2,179,859 1,488,282 1,470,334 1,398,632 1,764,458 1,429,684 975,210 1,307,244 Total Assets 22,992,467 21,969,440 21,812,121 18,231,671 16,845,937 16,138,751 15,446,111 15,304,560 Current Liabilities 1,273,102 1,091,392 2,020,298 2,108,436 2,667,335 2,836,701 1,638,266 2,392,345 Long-Term Obligations 14,276,232 14,146,650 12,479,757 8,873,334 8,091,629 7,919,996 8,323,582 7,192,929 Total Liabilities 16,751,815 16,408,799 15,586,170 11,652,128 11,318,070 15,950,006 15,110,313 14,712,445 Stockholders' Equity 6,240,652 5,560,641 6,225,951 6,579,543 5,527,867 188,745 335,798 592,115 Shares Outstanding 444,196 413,882 413,239 411,532 388,703 210,681 209,731 208,322 Statistical Record Return on Assets % 2.91 3.91 6.39 6.57 2.35 2.22 1.59 1.90 Return on Equity % 9.88 13.32 19.97 19.02 13.57 133.86 52.80 21.44 EBITDA Margin % 14.29 1.46 24.25 17.93 14.57 18.83 15.05 11.82 Net Margin % N.M. N.M. 12.58 9.15 3.19 3.95 3.16 2.58 Asset Turnover 0.41 0.47 0.51 0.72 0.74 0.56 0.50 0.74 Current Ratio 1.71 1.36 0.73 0.66 0.66 0.50 0.60 0.55 Debt to Equity 2.29 2.54 2.00 1.35 1.46 41.96 24.79 12.15 Price Range 77.52-15.37 77.52-15.37 76.50-53.95 71.40-50.79 58.83-47.41 59.03-19.62 51.07-18.93 70.98-44.30 P/E Ratio 52.38-10.39 40.59-8.05 24.92-17.57 25.68-18.27 45.60-36.75 35.56-11.82 44.03-16.32 47.64-29.73 Average Yield % 6.23 5.32 5.15 5.14 5.08 5.99 6.22 3.44 Officers: Terry K. Spencer - President, Chief Investor Contact: 918-588-7163 Address: 100 West Fifth Street, Tulsa, 1131 No of Institutions: Executive Officer Robert F. Martinovich - Executive OK 74103 Telephone: 918-588-7000 Shares: 353,772,448 % Held: 82.89 Vice President, Chief Administrative Officer, Web Site: www.oneok.com Executive Vice President (frmr), Senior Vice President, Chief Financial Officer, Treasurer Transfer Agents:Wells Fargo Shareowner Services, St Paul, MN
197
PEOPLE'S UNITED FINANCIAL INC Exchange NMS
Symbol PBCT
Price $10.31 (9/30/2020)
52Wk Range 17.19-9.51
Yield 6.98
P/E 8.97
*12 Month Price Score 78.16 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.22 0.19 0.26 0.30 2018 0.30 0.31 0.33 0.35 2019 0.30 0.33 0.33 0.31 2020 0.30 0.21 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.177Q 10/17/2019 10/30/2019 10/31/2019 11/15/2019 0.177Q 01/16/2020 01/30/2020 02/01/2020 02/15/2020 0.18Q 04/23/2020 04/30/2020 05/01/2020 05/15/2020 0.18Q 07/23/2020 07/31/2020 08/03/2020 08/15/2020 Indicated Div: $0.72 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.12 (09/02/2020) Market Cap $4.4 Billion Book Value $7.8 Billion TRADING VOLUME (thousand shares) Price/Book 0.56 Price/Sales 1.88 Dividend Achiever Status 10 Year Growth Rate 1.54% Total Years of Dividend Growth 26 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 75.65 *NYSE Composite Index=100 40 37.5 35 32.5 30 27.5 25 22.5 20 17.5 15 12.5 10 7.5 2000 1500 1000 500 0
2011
2012
2013
Business Summary: Banking (MIC: 5.1.1 SIC: 6035 NAIC: 522120) People's United Financial is a bank holding company and a financial holding company. The principal business of Co. is to provide, through its subsidiary, People's United Bank, National Association and its subsidiaries, commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. Co.'s segments are: Commercial Banking; which consists of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities; and Retail Banking, which includes, as its principal business lines, consumer lending (including residential mortgage and home equity lending) and consumer deposit gathering activities. Recent Developments: For the quarter ended June 30 2020, net income decreased 32.5% to US$89.9 million from US$133.2 million in the year-earlier quarter. Net interest income increased 16.5% to US$405.6 million from US$348.1 million in the year-earlier quarter. Provision for loan losses was US$80.8 million versus US$7.6 million in the prior-year quarter, an increase of 963.2%. Non-interest income fell 15.7% to US$89.6 million from US$106.3 million, while non-interest expense advanced 9.2% to US$304.0 million. Prospects: Our evaluation of People's United Financial Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while PBCT has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that PBCT will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.15 1.27 1.27 1.29 0.97 0.92 0.86 0.84 Cash Flow Per Share 1.47 1.12 0.61 1.69 1.82 1.10 1.09 1.17 Tang Book Value Per Share 10.05 9.93 9.96 9.08 8.70 8.72 8.53 8.22 Dividends Per Share 0.713 0.710 0.708 0.698 0.688 0.677 0.667 0.657 Dividend Payout % 61.96 55.91 55.71 54.07 70.88 73.64 77.62 78.27 Income Statement Interest Income 956,700 499,100 1,881,100 1,556,300 1,302,400 1,127,300 1,068,900 1,030,600 Interest Expense 155,100 103,100 468,800 320,300 201,900 155,100 136,800 118,700 Net Interest Income 801,600 396,000 1,412,300 1,236,000 1,100,500 972,200 932,100 911,900 Provision for Losses 114,300 33,500 28,300 30,000 26,000 36,600 33,400 40,600 Non-Interest Income 213,400 123,800 388,400 329,100 317,400 311,100 309,800 317,400 Non-Interest Expense 624,100 320,100 1,162,700 996,100 960,300 868,800 860,600 841,500 Income Before Taxes 276,600 166,200 652,400 576,300 467,100 409,500 390,500 380,600 Income Taxes 56,300 35,800 132,000 108,200 129,900 128,500 130,400 128,900 Net Income 220,300 130,400 520,400 468,100 337,200 281,000 260,100 251,700 Average Shares 420,100 429,800 397,200 351,700 332,900 304,000 300,400 298,300 Balance Sheet Net Loans & Leases 45,049,700 43,961,500 43,860,800 35,020,500 32,357,500 29,554,900 28,234,400 26,427,900 Total Assets 61,509,700 60,433,300 58,589,800 47,877,300 44,453,400 40,609,800 38,877,400 35,997,100 Total Deposits 49,934,300 44,741,100 43,589,500 36,159,000 33,056,300 29,860,800 28,417,400 26,138,200 Total Liabilities 53,746,700 52,707,800 50,642,600 41,343,400 38,633,500 35,467,900 34,145,800 31,364,000 Stockholders' Equity 7,763,000 7,725,500 7,947,200 6,533,900 5,819,900 5,141,900 4,731,600 4,633,100 Shares Outstanding 424,600 424,500 443,600 377,300 346,600 315,900 310,100 307,800 Statistical Record Return on Assets % 0.87 0.99 0.98 1.01 0.79 0.71 0.69 0.73 Return on Equity % 6.66 7.47 7.19 7.58 6.15 5.68 5.55 5.47 Net Interest Margin % 88.64 79.34 75.08 79.42 84.50 86.24 87.20 88.48 Efficiency Ratio % 55.56 51.39 51.23 52.83 59.29 60.40 62.42 62.43 Loans to Deposits 0.90 0.98 1.01 0.97 0.98 0.99 0.99 1.01 Price Range 17.19-9.51 17.60-10.70 17.90-13.94 20.15-13.80 19.69-16.07 20.00-13.64 16.85-13.99 15.59-13.82 P/E Ratio 14.95-8.27 13.86-8.43 14.09-10.98 15.62-10.70 20.30-16.57 21.74-14.83 19.59-16.27 18.56-16.45 Average Yield % 4.87 4.47 4.34 3.87 3.82 4.25 4.27 4.48
Address: 850 Main Street, Bridgeport, CT 06604 Telephone: 203-338-7171 Web Site: www.peoples.com
Officers: John P. Barnes - Chairman, President, Chief Investor Contact: 203-338-7228 No of Institutions: 735 Executive Officer Jeffrey J. (Jeff) Tengel - President, Shares: 383,832,800 % Held: 94.39 Senior Executive Vice President Transfer Agents: Computershare
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PHILIP MORRIS INTERNATIONAL INC Exchange NYS
Symbol PM
Price $74.99 (9/30/2020)
160 150 140 130 120 110 100 90 80 70 60 50 3000 2000 1000 0
2011
2012
2013
52Wk Range 89.64-59.98
Yield 6.40
*12 Month Price Score 97.39 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 1.02 1.14 1.27 2018 1.00 1.41 1.44 2019 0.87 1.49 1.22 2020 1.17 1.25 ... Interim Dividends (Per Share) Amt Decl Ex Rec 1.17Q 12/05/2019 12/18/2019 12/19/2019 1.17Q 03/05/2020 03/20/2020 03/23/2020 1.17Q 06/05/2020 06/19/2020 06/22/2020 1.20Q 09/09/2020 09/23/2020 09/24/2020 Indicated Div: $4.80 Valuation Analysis Forecast EPS $5.08 (09/03/2020) Market Cap $116.8 Billion Book Value TRADING VOLUME (thousand shares) Price/Book N/A Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 79.22 *NYSE Composite Index=100
P/E 16.02 Dec 0.45 1.23 1.04 ...
Pay 01/10/2020 04/09/2020 07/10/2020 10/13/2020
N/A 4.00
7.51% 11
Business Summary: Tobacco Products (MIC: 1.3.1 SIC: 2111 NAIC: 312221) Philip Morris International is a holding company. Through its subsidiaries, Co. is a tobacco company engaged in the manufacture and sale of cigarettes, smoke-free products and associated electronic devices and accessories, and other nicotine-containing products in markets outside the United States. Co.'s portfolio comprises international and local brands including Marlboro, which is complemented in the premium-price category by Parliament. Co.'s other international cigarette brands are Bond Street, Chesterfield, L&M, Lark and Philip Morris. Co. also owns various local cigarette brands, such as Dji Sam Soe, Sampoerna A and Sampoerna U in Indonesia, and Fortune and Jackpot in the Philippines. Recent Developments: For the quarter ended June 30 2020, net income decreased 15.9% to US$2.05 billion from US$2.44 billion in the year-earlier quarter. Revenues were US$6.65 billion, down 13.6% from US$7.70 billion the year before. Operating income was US$2.73 billion versus US$3.19 billion in the prior-year quarter, a decrease of 14.3%. Direct operating expenses declined 18.2% to US$2.18 billion from US$2.67 billion in the comparable period the year before. Indirect operating expenses decreased 5.7% to US$1.74 billion from US$1.85 billion in the equivalent prior-year period. Prospects: Our evaluation of Philip Morris International Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while PM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that PM will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.68 4.92 4.61 5.08 3.88 4.48 4.42 4.76 Cash Flow Per Share 5.42 6.40 6.49 6.10 5.74 5.19 5.08 4.94 Dividends Per Share 4.680 4.650 4.620 4.490 4.220 4.120 4.040 3.880 Dividend Payout % 100.00 94.51 100.22 88.39 108.76 91.96 91.40 81.51 Income Statement Total Revenue 13,804,000 7,153,000 29,805,000 29,625,000 28,748,000 26,685,000 26,794,000 29,767,000 EBITDA 5,512,000 2,784,000 11,406,000 12,325,000 12,378,000 11,558,000 11,377,000 12,591,000 Depn & Amortn 37,000 18,000 964,000 989,000 875,000 743,000 754,000 889,000 Income Before Taxes 5,184,000 2,637,000 9,872,000 10,671,000 10,589,000 9,924,000 9,615,000 10,650,000 Income Taxes 1,124,000 596,000 2,293,000 2,445,000 4,307,000 2,768,000 2,688,000 3,097,000 Net Income 3,773,000 1,826,000 7,185,000 7,911,000 6,035,000 6,967,000 6,873,000 7,493,000 Average Shares 1,558,000 1,558,000 1,556,000 1,555,000 1,553,000 1,551,000 1,549,000 1,566,000 Balance Sheet Current Assets 17,776,000 16,861,000 20,514,000 19,442,000 21,594,000 17,608,000 15,804,000 15,484,000 Total Assets 39,162,000 37,494,000 42,875,000 39,801,000 42,968,000 36,851,000 33,956,000 35,187,000 Current Liabilities 15,792,000 16,584,000 18,833,000 17,191,000 15,962,000 16,467,000 15,386,000 15,112,000 Long-Term Obligations 27,043,000 24,999,000 26,656,000 26,975,000 31,334,000 25,851,000 25,250,000 26,929,000 Total Liabilities 51,159,000 50,438,000 54,452,000 52,260,000 55,054,000 49,539,000 47,200,000 47,816,000 Stockholders' Equity (11,997,000) (12,944,000) (11,577,000) (12,459,000) (12,086,000) (12,688,000) (13,244,000) (12,629,000) Shares Outstanding 1,557,283 1,557,106 1,555,894 1,554,579 1,553,217 1,551,385 1,549,344 1,546,899 Statistical Record Return on Assets % 18.42 20.27 17.38 19.12 15.12 19.63 19.88 20.43 EBITDA Margin % 39.93 38.92 38.27 41.60 43.06 43.31 42.46 42.30 Net Margin % 27.33 25.53 24.11 26.70 20.99 26.11 25.65 25.17 Asset Turnover 0.74 0.80 0.72 0.72 0.72 0.75 0.78 0.81 Current Ratio 1.13 1.02 1.09 1.13 1.35 1.07 1.03 1.02 Price Range 89.64-59.98 89.64-59.98 91.91-66.44 110.60-65.97 122.90-90.40 103.63-85.80 90.15-75.33 91.34-75.39 P/E Ratio 19.15-12.82 18.22-12.19 19.94-14.41 21.77-12.99 31.68-23.30 23.13-19.15 20.40-17.04 19.19-15.84 Average Yield % 5.91 5.70 5.69 5.07 3.82 4.29 4.86 4.60
Address: 120 Park Avenue, New York, NY 10017 Telephone: 917-663-2000 Web Site: www.pmi.com
Investor Contact: 191-766-32233 Officers: Louis C. Camilleri - Chairman, Chairman (frmr), Chief Executive Officer Andre Calantzopoulos No of Institutions: 2362 Shares: 1,406,147,968 % Held: 78.70 - Chief Executive Officer, Chief Operating Officer Transfer Agents:ComputerShare LLC, Providence, RI
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PORTLAND GENERAL ELECTRIC CO. Exchange NYS
Symbol POR
Price $35.50 (9/30/2020)
64 60 56 52 48 44 40 36 32 28 24 20 16 400 300 200 100 0
2011
2012
2013
52Wk Range 62.46-33.69
Yield 4.59
*12 Month Price Score 75.53 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.82 0.36 0.44 2018 0.72 0.51 0.59 2019 0.82 0.28 0.61 2020 0.91 0.43 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.385Q 10/30/2019 12/24/2019 12/26/2019 0.385Q 02/12/2020 03/24/2020 03/25/2020 0.385Q 04/22/2020 06/24/2020 06/25/2020 0.407Q 07/29/2020 09/24/2020 09/25/2020 Indicated Div: $1.63 Valuation Analysis Forecast EPS $1.50 (08/24/2020) Market Cap $3.2 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.20 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 104.33 *NYSE Composite Index=100
P/E 13.45 Dec 0.48 0.55 0.69 ...
Pay 01/15/2020 04/15/2020 07/15/2020 10/15/2020
$2.6 Billion 1.49
4.16% 13
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221122) Portland General Electric is an electric utility engaged in the generation, purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. Co. also participates in the wholesale market by purchasing and selling electricity and natural gas. Co.'s generating facilities consist of thermal plants (natural gas- and coal-fired), wind farms, and hydroelectric. Co. owns or has contractual rights associated with transmission lines that deliver electricity from its generation facilities to its distribution system in its service territory and also to the Western Interconnection. Recent Developments: For the quarter ended June 30 2020, net income increased 56.0% to US$39.0 million from US$25.0 million in the year-earlier quarter. Revenues were US$469.0 million, up 2.0% from US$460.0 million the year before. Operating income was US$71.0 million versus US$57.0 million in the prior-year quarter, an increase of 24.6%. Direct operating expenses declined 2.6% to US$186.0 million from US$191.0 million in the comparable period the year before. Indirect operating expenses were unchanged at US$212.0 million versus the equivalent prior-year period. Prospects: Our evaluation of Portland General Electric Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and POR has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that POR will perform poorly over the near term. Financial Data (US$ in Millions) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.64 2.49 2.39 2.37 2.10 2.16 2.04 2.18 Cash Flow Per Share 6.57 6.09 6.11 7.06 6.70 6.20 6.14 6.63 Tang Book Value Per Share 29.56 29.49 28.99 28.07 27.11 26.35 25.43 24.43 Dividends Per Share 1.540 1.540 1.518 1.428 1.340 1.260 1.180 1.115 Dividend Payout % 58.33 61.85 63.49 60.23 63.81 58.33 57.84 51.15 Income Statement Total Revenue 1,042 573 2,123 1,991 2,009 1,923 1,898 1,900 EBITDA 199 240 433 412 439 399 369 356 Depn & Amortn (11) 108 64 59 46 44 38 25 Income Before Taxes 143 99 241 229 273 243 217 235 Income Taxes 23 18 27 17 86 50 45 61 Net Income 120 81 214 212 187 193 172 175 Average Shares 89 89 89 89 89 89 84 80 Balance Sheet Current Assets 736 505 500 643 526 463 557 699 Total Assets 8,805 8,470 8,394 8,110 7,838 7,527 7,221 7,042 Current Liabilities 769 632 519 791 432 577 626 873 Long-Term Obligations 2,808 2,611 2,732 2,178 2,426 2,200 2,071 2,126 Total Liabilities 6,159 5,832 5,803 5,604 5,422 5,183 4,963 5,131 Stockholders' Equity 2,646 2,638 2,591 2,506 2,416 2,344 2,258 1,911 Shares Outstanding 89 89 89 89 89 88 88 78 Statistical Record Return on Assets % 2.81 2.70 2.59 2.66 2.43 2.61 2.41 2.66 Return on Equity % 9.10 8.56 8.40 8.61 7.86 8.36 8.25 9.38 EBITDA Margin % 19.10 41.88 20.40 20.69 21.85 20.75 19.44 18.74 Net Margin % 11.52 14.14 10.08 10.65 9.31 10.04 9.06 9.21 Asset Turnover 0.25 0.26 0.26 0.25 0.26 0.26 0.27 0.29 Current Ratio 0.96 0.80 0.96 0.81 1.22 0.80 0.89 0.80 Debt to Equity 1.06 0.99 1.05 0.87 1.00 0.94 0.92 1.11 Price Range 62.46-39.72 62.46-39.72 58.09-44.42 49.98-39.11 49.72-42.83 45.04-35.80 40.79-33.16 40.09-29.07 P/E Ratio 23.66-15.05 25.08-15.95 24.31-18.59 21.09-16.50 23.68-20.40 20.85-16.57 20.00-16.25 18.39-13.33 Average Yield % 2.89 2.79 2.84 3.27 2.92 3.06 3.26 3.35 Address: 121 SW Salmon Street, Officers: Jack E. Davis - Chairman Maria M. Pope Investor Contact: 503-464-8586 No of Institutions: 472 Portland, OR 97204 President, Chief Executive Officer, Senior Vice Telephone: 503-464-8000 President, Chief Financial Officer, Treasurer Transfer Shares: 116,210,664 % Held: 95.29 Agents:American Stock Transfer & Trust Company, Web Site: www.portlandgeneral.com New York, NY
204
PPG INDUSTRIES INC Exchange NYS
Symbol PPG
Price $122.08 (9/30/2020)
52Wk Range 133.76-72.50
Yield 1.77
P/E 28.93
100%
*7 Year Price Score 94.61 *NYSE Composite Index=100 *12 Month Price Score 103.97 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 140 2017 1.29 1.94 2.36 0.59 130 2018 1.33 1.51 1.55 1.09 120 2019 1.31 1.14 1.54 1.23 110 2020 1.02 0.43 ... ... Interim Dividends (Per Share) 100 Amt Decl Ex Rec Pay 90 0.51Q 10/17/2019 11/08/2019 11/12/2019 12/12/2019 80 0.51Q 01/16/2020 02/20/2020 02/21/2020 03/12/2020 70 0.51Q 04/16/2020 05/08/2020 05/11/2020 06/12/2020 0.54Q 07/16/2020 08/07/2020 08/10/2020 09/11/2020 60 Indicated Div: $2.16 (Div. Reinv. Plan) 50 Valuation Analysis 40 Forecast EPS $4.90 (09/03/2020) 30 Market Cap $28.8 Billion Book Value $4.8 Billion TRADING VOLUME (thousand shares) 1500 Price/Book 5.96 Price/Sales 2.07 1000 Dividend Achiever Status 500 10 Year Growth Rate 6.40% 0 Total Years of Dividend Growth 48 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 2851 NAIC: 325510) PPG Industries manufactures and distributes a range of paints, coatings and specialty materials. Co.'s business is comprised of two reportable business segments: Performance Coatings, which primarily supplies a variety of protective and decorative coatings, sealants and finishes along with paint strippers, stains and related chemicals, as well as transparencies and transparent armor; and Industrial Coatings, which primarily supplies a variety of protective and decorative coatings and finishes along with adhesives, sealants, metal pretreatment products, optical monomers and coatings, precipitated silicas and other specialty materials. Recent Developments: For the quarter ended June 30 2020, income from continuing operations decreased 65.0% to US$97.0 million from US$277.0 million in the year-earlier quarter. Net income decreased 64.2% to US$100.0 million from US$279.0 million in the year-earlier quarter. Revenues were US$3.02 billion, down 25.1% from US$4.02 billion the year before. Direct operating expenses declined 25.6% to US$1.70 billion from US$2.29 billion in the comparable period the year before. Indirect operating expenses decreased 13.6% to US$1.19 billion from US$1.37 billion in the equivalent prior-year period. Prospects: Our evaluation of PPG Industries Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and PPG has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that PPG will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.22 4.93 5.22 5.47 6.17 3.28 5.14 7.51 Cash Flow Per Share 8.11 8.40 8.78 6.01 6.12 4.98 6.77 5.52 Dividends Per Share 2.040 2.010 1.980 1.860 1.700 1.560 1.415 1.310 Dividend Payout % 48.34 40.77 37.93 34.00 27.55 47.56 27.53 17.43 Income Statement Total Revenue 6,392,000 3,377,000 15,146,000 15,374,000 14,750,000 14,751,000 15,330,000 15,360,000 EBITDA 688,000 435,000 2,125,000 2,126,000 2,412,000 1,255,000 2,320,000 1,802,000 Depn & Amortn 184,000 93,000 375,000 354,000 331,000 341,000 363,000 350,000 Income Before Taxes 445,000 319,000 1,650,000 1,677,000 1,996,000 815,000 1,871,000 1,315,000 Income Taxes 100,000 71,000 392,000 353,000 616,000 241,000 456,000 259,000 Net Income 345,000 243,000 1,243,000 1,341,000 1,591,000 877,000 1,406,000 2,102,000 Average Shares 237,600 237,700 238,200 245,400 257,800 267,400 273,600 279,600 Balance Sheet Current Assets 7,077,000 7,066,000 6,170,000 5,961,000 6,477,000 6,452,000 6,554,000 6,850,000 Total Assets 18,170,000 18,064,000 17,708,000 16,015,000 16,538,000 15,769,000 17,076,000 17,583,000 Current Liabilities 5,234,000 5,195,000 4,375,000 4,373,000 3,894,000 4,240,000 4,656,000 4,876,000 Long-Term Obligations 4,613,000 4,751,000 4,539,000 4,365,000 4,134,000 3,787,000 4,042,000 3,544,000 Total Liabilities 13,338,000 13,341,000 12,424,000 11,385,000 10,980,000 10,943,000 12,093,000 12,403,000 Stockholders' Equity 4,832,000 4,723,000 5,284,000 4,630,000 5,558,000 4,826,000 4,983,000 5,180,000 Shares Outstanding 235,977 235,923 235,680 235,861 251,174 257,330 266,876 271,964 Statistical Record Return on Assets % 5.56 6.63 7.37 8.24 9.85 5.33 8.11 12.57 Return on Equity % 20.26 24.39 25.08 26.33 30.64 17.83 27.67 41.57 EBITDA Margin % 10.76 12.88 14.03 13.83 16.35 8.51 15.13 11.73 Net Margin % 5.40 7.20 8.21 8.72 10.79 5.95 9.17 13.68 Asset Turnover 0.77 0.84 0.90 0.94 0.91 0.90 0.88 0.92 Current Ratio 1.35 1.36 1.41 1.36 1.66 1.52 1.41 1.40 Debt to Equity 0.95 1.01 0.86 0.94 0.74 0.78 0.81 0.68 Price Range 133.76-72.50 133.76-72.50 133.76-97.97 121.47-95.09 118.67-95.25 116.55-89.27 118.85-84.51 116.23-88.30 P/E Ratio 31.70-17.18 27.13-14.71 25.62-18.77 22.21-17.38 19.23-15.44 35.53-27.22 23.12-16.44 15.48-11.76 Average Yield % 1.82 1.72 1.71 1.72 1.58 1.53 1.31 1.31 Address: One PPG Place, Pittsburgh, Officers: Michael H. McGarry - Chairman, Chief Investor Contact: 412-434-3740 PA 15272 Executive Officer, President, Executive Vice President, No of Institutions: 1261 Telephone: 412-434-3131 Shares: 226,545,168 % Held: 76.24 Senior Vice President, Chief Operating Officer Anne Web Site: www.ppg.com M. Foulkes - Senior Vice President, Secretary, General Transfer Agents: Counsel Computershare, Providence, R.I.
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206
PRINCIPAL FINANCIAL GROUP INC Exchange NMS
Symbol PFG
Price $40.27 (9/30/2020)
52Wk Range 57.40-24.16
95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 1200 800 400 0
2011
2012
2013
Yield 5.56
*12 Month Price Score 91.17 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 1.19 1.06 2.76 2018 1.36 1.58 1.59 2019 1.53 1.37 0.98 2020 1.04 1.45 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.55Q 10/24/2019 12/02/2019 12/03/2019 0.56Q 01/28/2020 02/28/2020 03/02/2020 0.56Q 04/27/2020 05/29/2020 06/01/2020 0.56Q 07/27/2020 08/31/2020 09/01/2020 Indicated Div: $2.24 Valuation Analysis Forecast EPS $5.35 (08/18/2020) Market Cap $11.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.72 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 78.22 *NYSE Composite Index=100
P/E 8.87 Dec 2.86 0.84 1.07 ...
Pay 12/27/2019 03/27/2020 06/26/2020 09/25/2020
$15.2 Billion 0.68
15.86% 11
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6321 NAIC: 524114) Principal Financial Group is an insurance holding company, engaged in investment management. Co. provides businesses, individuals and institutional clients a range of financial products and services, including retirement, asset management and insurance through its financial services companies. Co. provides long-term investment strategies to institutional, retirement, high net worth and retail clients by providing a range of capabilities including equity, fixed income, real estate and other alternative investments, as well as fund offerings. Co.'s segments include: retirement and income solutions; principal global investors; principal international; and United States insurance solutions. Recent Developments: For the quarter ended June 30 2020, net income increased 6.1% to US$416.1 million from US$392.1 million in the year-earlier quarter. Revenues were US$3.11 billion, down 21.6% from US$3.97 billion the year before. Net premiums earned were US$1.15 billion versus US$1.93 billion in the prior-year quarter, a decrease of 40.3%. Net investment income fell 8.9% to US$944.6 million from US$1.04 billion a year ago. Prospects: Our evaluation of Principal Financial Group Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while PFG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that PFG will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.54 4.46 4.96 5.36 7.88 4.50 4.06 3.65 Cash Flow Per Share 17.72 21.48 19.72 18.04 14.50 13.29 14.87 10.53 Tang Book Value Per Share 43.44 35.02 40.27 32.11 36.21 27.39 23.83 26.72 Dividends Per Share 2.220 2.200 2.180 2.100 1.870 1.610 1.500 1.280 Dividend Payout % 48.90 49.33 43.95 39.18 23.73 35.78 36.95 35.07 Income Statement Premium Income 3,444,100 2,291,000 7,866,600 6,409,600 6,217,400 5,299,100 5,310,300 3,722,900 Total Revenue 7,665,900 4,551,300 16,222,100 14,237,200 14,093,200 12,394,100 11,964,400 10,477,600 Benefits & Claims 4,460,000 2,858,700 9,905,800 8,192,500 7,822,600 6,913,200 6,697,700 5,231,000 Income Before Taxes 826,800 328,200 1,693,300 1,784,400 2,252,200 1,591,700 1,430,800 1,494,900 Income Taxes 125,700 43,200 249,200 230,700 (72,300) 229,900 177,600 318,500 Net Income 687,200 288,900 1,394,200 1,546,500 2,310,400 1,316,500 1,234,000 1,144,100 Average Shares 275,600 277,200 281,000 288,800 293,100 292,700 298,000 298,700 Balance Sheet Total Assets 271,309,400 246,903,900 276,087,800 243,036,100 253,941,200 228,014,300 218,685,900 219,087,000 Total Liabilities 256,066,300 233,996,400 261,469,800 231,646,100 241,091,900 217,787,000 209,374,300 208,903,000 Stockholders' Equity 15,243,100 12,907,500 14,618,000 11,390,000 12,849,300 10,227,300 9,311,600 10,184,000 Shares Outstanding 274,000 273,400 276,600 279,500 289,000 287,700 291,400 293,900 Statistical Record Return on Assets % 0.47 0.50 0.54 0.62 0.96 0.59 0.56 0.54 Return on Equity % 8.64 9.79 10.72 12.76 20.02 13.44 12.66 11.52 Loss Ratio % 129.50 124.78 125.92 127.82 125.82 130.46 126.13 140.51 Net Margin % 8.96 6.35 8.59 10.86 16.39 10.62 10.31 10.92 Price Range 60.68-24.16 60.68-24.16 60.68-43.39 75.04-41.08 71.76-57.09 60.86-34.34 57.98-43.82 54.62-41.71 P/E Ratio 13.37-5.32 13.61-5.42 12.23-8.75 14.00-7.66 9.11-7.24 13.52-7.63 14.28-10.79 14.96-11.43 Average Yield % 4.55 4.12 4.04 3.67 2.90 3.51 2.96 2.60
Address: 711 High Street, Des Moines, IA 50392 Telephone: 515-247-5111 Web Site: www.principal.com
Officers: Daniel J. Houston - Chairman, President, Chief Executive Officer, Chief Operating Officer, Division Officer Timothy Mark Dunbar - Executive Vice President, Chief Investment Officer, Division Officer Transfer Agents: ComputerShare Investor Services, Providence, RI
207
Investor Contact: 515-235-9500 No of Institutions: 847 Shares: 231,497,504 % Held: 71.51
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PROSPERITY BANCSHARES INC. Exchange NYS
Symbol PB
Price $51.83 (9/30/2020)
115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 300 200 100 0
2011
2012
2013
52Wk Range 74.87-43.07
Yield 3.55
*12 Month Price Score 85.21 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.99 0.99 0.98 2018 1.07 1.17 1.18 2019 1.18 1.18 1.19 2020 1.39 1.41 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.46Q 10/23/2019 12/13/2019 12/16/2019 0.46Q 01/21/2020 03/13/2020 03/16/2020 0.46Q 04/21/2020 06/12/2020 06/15/2020 0.46Q 07/29/2020 09/14/2020 09/15/2020 Indicated Div: $1.84 Valuation Analysis Forecast EPS $5.40 (09/01/2020) Market Cap $4.8 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.81 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 90.63 *NYSE Composite Index=100
P/E 10.45 Dec 0.97 1.19 0.97 ...
Pay 01/02/2020 04/01/2020 07/01/2020 10/01/2020
$5.9 Billion 4.11
11.53% 20
Business Summary: Banking (MIC: 5.1.1 SIC: 6022 NAIC: 522110) Prosperity Bancshares is a financial holding company, engaged in providing a variety of financial products and services to small and medium-sized businesses and consumers. Co. is a real estate lender with commercial real estate (including multifamily residential), one-to-four family residential and construction, land development and other land loans. Co. also provides commercial loans, agricultural loans, loans for automobiles and other consumer durables, home equity loans, debit and credit cards, internet banking and other cash management services, mobile banking, trust and wealth management, retail brokerage services, mortgage banking services and automated telephone banking. Recent Developments: For the quarter ended June 30 2020, net income increased 59.1% to US$130.9 million from US$82.3 million in the year-earlier quarter. Net interest income increased 67.2% to US$259.0 million from US$154.8 million in the year-earlier quarter. Provision for loan losses was US$10.0 million versus US$800,000 in the prior-year quarter, an increase of. Non-interest income fell 14.3% to US$25.7 million from US$30.0 million, while non-interest expense advanced 66.3% to US$134.4 million. Prospects: Our evaluation of Prosperity Bancshares Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while PB has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that PB will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.96 4.73 4.52 4.61 3.92 3.94 4.09 4.32 Cash Flow Per Share 6.84 5.08 5.48 4.59 5.62 4.79 4.44 5.06 Tang Book Value Per Share 28.45 27.52 28.08 30.34 27.12 24.40 22.06 18.80 Dividends Per Share 1.790 1.740 1.690 1.490 1.380 1.240 1.117 0.993 Dividend Payout % 36.09 36.79 37.39 32.32 35.20 31.47 27.32 22.97 Income Statement Interest Income 582,831 296,238 832,938 727,209 677,355 675,779 669,701 714,795 Interest Expense 67,845 40,207 137,169 97,616 60,492 43,159 39,191 43,641 Net Interest Income 514,986 256,031 695,769 629,593 616,863 632,620 630,510 671,154 Provision for Losses 10,000 ... 4,300 16,350 14,325 24,000 7,560 18,275 Non-Interest Income 60,063 34,388 124,281 116,012 116,633 118,425 120,781 120,832 Non-Interest Expense 259,109 124,741 396,542 326,220 313,101 318,387 313,536 327,962 Income Before Taxes 305,940 165,678 419,208 403,035 406,070 408,658 430,195 445,749 Income Taxes 44,191 34,830 86,656 81,223 133,905 134,192 143,549 148,308 Net Income 261,749 130,848 332,552 321,812 272,165 274,466 286,646 297,441 Average Shares 92,658 94,371 73,524 69,821 69,484 69,680 70,049 68,911 Balance Sheet Net Loans & Leases 20,700,968 18,799,989 18,757,877 10,283,873 9,936,732 9,536,734 9,357,205 9,163,421 Total Assets 32,966,649 31,743,499 32,185,708 22,693,402 22,587,292 22,331,072 22,037,216 21,507,733 Total Deposits 26,152,688 23,826,357 24,199,732 17,256,558 17,821,460 17,307,302 17,681,119 17,693,158 Total Liabilities 27,018,527 25,887,925 26,214,873 18,640,578 18,763,138 18,688,761 18,574,306 18,262,907 Stockholders' Equity 5,948,122 5,855,574 5,970,835 4,052,824 3,824,154 3,642,311 3,462,910 3,244,826 Shares Outstanding 92,660 92,651 94,746 69,846 69,490 69,491 70,021 69,779 Statistical Record Return on Assets % 1.55 1.41 1.21 1.42 1.21 1.23 1.32 1.48 Return on Equity % 8.53 7.65 6.64 8.17 7.29 7.70 8.55 9.86 Net Interest Margin % 90.36 86.43 83.53 86.58 91.07 93.61 94.15 93.89 Efficiency Ratio % 43.03 37.73 41.43 38.69 39.43 40.09 39.66 39.25 Loans to Deposits 0.79 0.79 0.78 0.60 0.56 0.55 0.53 0.52 Price Range 74.87-43.07 74.87-43.07 75.27-62.30 78.70-57.46 77.47-56.46 73.20-33.73 59.23-45.79 67.00-53.21 P/E Ratio 15.09-8.68 15.83-9.11 16.65-13.78 17.07-12.46 19.76-14.40 18.58-8.56 14.48-11.20 15.51-12.32 Average Yield % 2.75 2.56 2.43 2.09 2.06 2.38 2.13 1.65 Address: Prosperity Bank Plaza, 4295 Investor Contact: 713-693-9300 Officers: David Zalman - Senior Chairman, No of Institutions: 446 San Felipe, Houston, TX 77027 Chairman, President, Chief Executive Officer H. E. Shares: 87,957,720 % Held: 10.47 Telephone: 281-269-7199 Timanus - Chairman, Vice-Chairman Transfer Web Site: www.prosperitybankusa.com Agents:Computershare Investor Services, Golden, Co
209
PRUDENTIAL FINANCIAL INC Exchange NYS
Symbol PRU
Price $63.52 (9/30/2020)
170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 1500 1000 500 0
2011
2012
2013
52Wk Range 97.10-39.22
Yield 6.93
*12 Month Price Score 87.56 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 3.09 1.12 5.09 2018 3.14 0.46 3.90 2019 2.22 1.71 3.44 2020 (0.70) (6.12) ... Interim Dividends (Per Share) Amt Decl Ex Rec 1.00Q 11/11/2019 11/25/2019 11/26/2019 1.10Q 02/04/2020 02/14/2020 02/18/2020 1.10Q 05/12/2020 05/22/2020 05/26/2020 1.10Q 08/11/2020 08/24/2020 08/25/2020 Indicated Div: $4.40 Valuation Analysis Forecast EPS $9.37 (09/02/2020) Market Cap $25.1 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.38 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 74.52 *NYSE Composite Index=100
P/E N/A Dec 8.57 1.99 2.76 ...
Pay 12/12/2019 03/12/2020 06/18/2020 09/17/2020
$65.9 Billion 0.42
19.04% 11
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6311 NAIC: 524113) Prudential Financial is a holding company. Through its subsidiaries and affiliates, Co. provides a range of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. Co. provides these products and services to individual and institutional customers. Co.'s principal operations are comprised of PGIM (its global investment management business), its United States Businesses (consisting of its United States Workplace Solutions, United States Individual Solutions, and Assurance IQ divisions), its International Businesses, the Closed Block division and its Corporate and Other operations. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$2.41 billion versus net income of US$738.0 million in the year-earlier quarter. Revenues were US$12.12 billion, down 21.3% from US$15.39 billion the year before. Net premiums earned were US$7.69 billion versus US$8.14 billion in the prior-year quarter, a decrease of 5.4%. Net investment income fell 4.6% to US$4.19 billion from US$4.39 billion a year ago. Prospects: Our evaluation of Prudential Financial Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while PRU has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that PRU will perform well over the near term. Financial Data (US$ in Millions) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (0.62) 7.21 10.11 9.50 17.86 9.71 12.17 3.23 Cash Flow Per Share 62.80 78.86 48.48 51.88 31.49 33.63 30.76 42.30 Tang Book Value Per Share 166.99 153.48 158.25 118.37 127.96 106.76 93.69 91.84 Dividends Per Share 4.200 4.100 4.000 3.600 3.000 2.800 2.440 2.170 Dividend Payout % ... 56.87 39.56 37.89 16.80 28.84 20.05 67.18 Income Statement Premium Income 15,357 7,664 34,202 35,779 32,091 30,964 28,521 29,293 Total Revenue 25,579 13,464 64,807 62,992 59,689 58,779 57,119 54,105 Benefits & Claims 17,456 9,006 36,820 39,404 33,794 33,632 30,627 31,587 Income Before Taxes (2,670) (338) 5,085 4,834 6,487 5,705 7,769 1,759 Income Taxes 57 (58) 947 822 (1,438) 1,335 2,072 349 Net Income (2,680) (271) 4,186 4,074 7,863 4,368 5,642 1,381 Average Shares 394 397 410 426 436 446 460 467 Balance Sheet Total Assets 915,387 873,712 896,552 815,078 831,921 783,962 757,388 766,655 Total Liabilities 849,490 813,265 833,437 766,461 777,852 738,099 715,498 724,885 Stockholders' Equity 65,897 60,447 63,115 48,617 54,069 45,863 41,890 41,770 Shares Outstanding 394 393 398 410 422 429 447 454 Statistical Record Return on Assets % N.M. 0.35 0.49 0.49 0.97 0.57 0.74 0.18 Return on Equity % N.M. 5.17 7.49 7.93 15.74 9.93 13.49 3.58 Loss Ratio % 113.67 117.51 107.65 110.13 105.31 108.62 107.38 107.83 Net Margin % (10.48) (2.01) 6.46 6.47 13.17 7.43 9.88 2.55 Price Range 103.27-39.22 105.71-39.22 105.71-78.29 126.02-76.83 117.15-98.65 107.10-58.00 91.68-74.22 93.16-77.61 P/E Ratio ... 14.66-5.44 10.46-7.74 13.27-8.09 6.56-5.52 11.03-5.97 7.53-6.10 28.84-24.03 Average Yield % 5.23 4.53 4.28 3.56 2.77 3.53 2.93 2.51
Address: 751 Broad Street, Newark, NJ 07102 Telephone: 973-802-6000 Web Site: www.investor.prudential.com
Officers: Charles F. Lowrey - Executive Vice No of Institutions: 8 President, Division Officer, Executive Vice President Shares: 125,819 % Held: 61.22 (frmr), Co-Chief Operating Officer, Region Officer, Chairman, President, Chief Executive Officer Mark B. Grier - Vice-Chairman Transfer Agents: Computershare Trust Company, N.A., Providence, RI
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211
QUALCOMM INC Exchange NMS
Symbol QCOM
Price $117.68 (9/30/2020)
52Wk Range 123.18-60.91
Yield 2.21
P/E 49.65
*7 Year Price Score 117.92 *NYSE Composite Index=100 *12 Month Price Score 126.55 Interim Earnings (Per Share) Qtr. Dec Mar Jun Sep 150 2016-17 0.46 0.50 0.58 0.11 140 2017-18 (4.03) 0.24 0.82 (0.36) 130 2018-19 0.87 0.55 1.75 0.42 120 2019-20 0.80 0.41 0.74 ... Interim Dividends (Per Share) 110 Amt Decl Ex Rec Pay 100 0.62Q 10/15/2019 12/04/2019 12/05/2019 12/19/2019 90 0.62Q 01/17/2020 03/04/2020 03/05/2020 03/26/2020 80 0.65Q 04/21/2020 06/03/2020 06/04/2020 06/25/2020 0.65Q 07/15/2020 09/02/2020 09/03/2020 09/24/2020 70 Indicated Div: $2.60 (Div. Reinv. Plan) 60 Valuation Analysis 50 Forecast EPS $3.90 (09/03/2020) 40 Market Cap $132.7 Billion Book Value $3.3 Billion TRADING VOLUME (thousand shares) 7500 Price/Book 40.15 Price/Sales 6.64 5000 Dividend Achiever Status 2500 10 Year Growth Rate 13.98% 0 Total Years of Dividend Growth 16 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Manufacturing (MIC: 6.1.1 SIC: 3669 NAIC: 334290) Qualcomm is engaged in the development and commercialization of foundational technologies for the wireless industry. Co.'s segments include: Qualcomm CDMA Technologies, which is a developer and supplier of integrated circuits and system software based on code division multiple access, orthogonal frequency division multiple access and other technologies; Qualcomm Technology Licensing, which grants licenses or otherwise provides rights to use portions of its intellectual property portfolio, which, among other rights, include certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products; and Qualcomm Strategic Initiatives, which makes investments. Recent Developments: For the quarter ended June 28 2020, net income decreased 60.7% to US$845.0 million from US$2.15 billion in the year-earlier quarter. Revenues were US$4.89 billion, down 49.2% from US$9.64 billion the year before. Operating income was US$782.0 million versus US$5.32 billion in the prior-year quarter, a decrease of 85.3%. Direct operating expenses declined 1.6% to US$2.08 billion from US$2.11 billion in the comparable period the year before. Indirect operating expenses decreased 7.8% to US$2.03 billion from US$2.20 billion in the equivalent prior-year period. Prospects: Our evaluation of Qualcomm Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while QCOM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that QCOM will perform in line with the market over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/29/2019 09/30/2018 09/24/2017 09/25/2016 09/27/2015 Earnings Per Share 2.37 3.38 3.52 3.59 (3.32) 1.65 3.81 3.22 Cash Flow Per Share 4.70 7.32 7.03 6.04 2.62 3.19 5.00 3.41 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. 13.83 15.31 14.57 Dividends Per Share 2.510 2.480 2.480 2.480 2.380 2.200 2.020 1.800 Dividend Payout % 105.91 73.37 70.45 69.08 ... 133.33 53.02 55.90 Income Statement Total Revenue 15,185,000 10,292,000 5,077,000 24,273,000 22,732,000 22,291,000 23,554,000 25,281,000 EBITDA 3,789,000 2,439,000 1,387,000 8,559,000 1,577,000 3,653,000 7,227,000 6,721,000 Depn & Amortn 1,054,000 691,000 351,000 674,000 776,000 684,000 624,000 625,000 Income Before Taxes 2,434,000 1,561,000 957,000 7,574,000 658,000 3,094,000 6,917,000 6,519,000 Income Taxes 175,000 152,000 22,000 3,095,000 5,377,000 555,000 1,131,000 1,219,000 Net Income 2,238,000 1,393,000 925,000 4,386,000 (4,864,000) 2,466,000 5,705,000 5,271,000 Average Shares 1,139,000 1,151,000 1,159,000 1,220,000 1,463,000 1,490,000 1,498,000 1,639,000 Balance Sheet Current Assets 15,558,000 15,313,000 16,205,000 16,765,000 17,384,000 43,593,000 22,981,000 22,099,000 Total Assets 32,328,000 31,938,000 33,111,000 32,957,000 32,686,000 65,486,000 52,359,000 50,796,000 Current Liabilities 7,914,000 9,774,000 9,194,000 8,935,000 11,236,000 10,907,000 7,311,000 6,100,000 Long-Term Obligations 15,425,000 13,449,000 13,437,000 13,437,000 15,365,000 19,398,000 10,008,000 9,969,000 Total Liabilities 29,022,000 28,893,000 28,598,000 28,048,000 31,758,000 34,740,000 20,581,000 19,375,000 Stockholders' Equity 3,306,000 3,045,000 4,513,000 4,909,000 928,000 30,746,000 31,778,000 31,421,000 Shares Outstanding 1,128,000 1,127,000 1,143,000 1,145,000 1,219,000 1,474,000 1,476,000 1,524,000 Statistical Record Return on Assets % 8.26 12.27 12.60 13.40 N.M. 4.20 11.09 10.64 Return on Equity % 62.58 117.15 104.38 150.70 N.M. 7.91 18.10 14.98 EBITDA Margin % 24.95 23.70 27.32 35.26 6.94 16.39 30.68 26.59 Net Margin % 14.74 13.53 18.22 18.07 N.M. 11.06 24.22 20.85 Asset Turnover 0.60 0.75 0.73 0.74 0.46 0.38 0.46 0.51 Current Ratio 1.97 1.57 1.76 1.88 1.55 4.00 3.14 3.62 Debt to Equity 4.67 4.42 2.98 2.74 16.56 0.63 0.31 0.32 Price Range 95.91-60.91 95.91-55.90 94.03-49.40 89.29-49.40 75.09-49.75 70.09-49.64 63.57-42.96 78.51-53.22 P/E Ratio 40.47-25.70 28.38-16.54 26.71-14.03 24.87-13.76 ... 42.48-30.08 16.69-11.28 24.38-16.53 Average Yield % 3.13 3.16 3.47 3.76 3.89 3.74 3.76 2.65 Officers: Mark D. McLaughlin - Chairman Cristiano Investor Contact: 858-658-4813 Address: 5775 Morehouse Dr., San No of Institutions: 2620 R. Amon - President Transfer Agents: Diego, CA 92121-1714 Shares: 1,200,964,608 % Held: 61.98 Telephone: 858-587-1121 Computershare Investor Services LLC, Canton, MA Web Site: www.qualcomm.com
212
RAYTHEON TECHNOLOGIES CORP Exchange NYS
Symbol RTX
Price $57.54 (9/30/2020)
*7 Year Price Score 94.12 *NYSE Composite Index=100 140
52Wk Range 92.53-44.22
Yield N/A
P/E N/A
*12 Month Price Score 82.45 Interim Earnings (Per Share) Qtr. Mar Jun
Sep
Dec
130
2017
1.73
1.80
1.67
0.50
120
2018
1.62
2.56
1.54
0.78
110
2019
1.56
2.20
1.33
1.32
100
2020
(0.10)
(2.55)
...
...
90
Interim Dividends (Per Share)
80
No Dividends Paid
70
Valuation Analysis
60 50
Forecast EPS $2.91 (09/03/2020)
40
Market Cap
$87.9 Billion
Book Value
$67.2 Billion
Price/Book
1.31
Price/Sales
1.23
30 4000 3000 2000 1000 0
TRADING VOLUME (thousand shares)
2011
2012
2013
2014
2015
2016
2017
Dividend Achiever Status
2018
2019
2020
10 Year Growth Rate
6.68%
Total Years of Dividend Growth
26
Business Summary: Aerospace (MIC: 7.1.1 SIC: 3724 NAIC: 336412) Raytheon Technologies is an aerospace and defense company providing systems and services for commercial, military and government customers. Collins Aerospace Systems specializes in aerostructures, avionics, interiors, mechanical systems, mission systems and power controls that serve customers across the commercial, regional, business aviation and military sectors. Pratt & Whitney designs, manufactures and services aircraft engines and auxiliary power systems for commercial, military and business aircraft. Raytheon Intelligence & Space develops sensors, training, and cyber and software solutions. Raytheon Missiles & Defense provides end-to-end solutions to detect, track and engage threats. Recent Developments: For the quarter ended June 30 2020, loss from continuing operations was US$3.84 billion compared with income of US$1.18 billion in the year-earlier quarter. Revenues were US$14.06 billion, up 24.1% from US$11.33 billion the year before. Operating loss was US$3.76 billion versus an income of US$1.39 billion in the prior-year quarter. Direct operating expenses rose 42.8% to US$12.21 billion from US$8.55 billion in the comparable period the year before. Indirect operating expenses increased 303.7% to US$5.61 billion from US$1.39 billion in the equivalent prior-year period. Prospects: Our evaluation of United Technologies Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while UTX has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that UTX will perform in line with the market over the near term. Financial Data (US$ in Millions) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share ... 4.75 6.41 6.50 5.70 6.12 8.61 6.82 Cash Flow Per Share 4.41 9.37 10.39 7.90 7.13 7.82 7.68 8.17 Dividends Per Share 2.680 2.940 2.940 2.835 2.720 2.620 2.560 2.360 Dividend Payout % ... 61.89 45.87 43.62 47.72 42.81 29.73 34.60 Income Statement Total Revenue 25,421 18,210 77,046 66,501 59,837 57,244 56,098 65,100 EBITDA (221) 2,315 11,360 10,558 9,850 9,277 8,359 10,891 Depn & Amortn 1,839 980 1,506 1,240 1,178 1,105 1,068 1,122 Income Before Taxes (2,727) 955 8,243 8,280 7,763 7,133 6,467 8,887 Income Taxes 601 941 2,295 2,626 2,843 1,697 2,111 2,264 Net Income (3,918) (83) 5,537 5,269 4,552 5,055 7,608 6,220 Average Shares 1,501 858 863 810 799 826 883 911 Balance Sheet Current Assets 42,274 38,875 37,497 35,503 32,858 28,550 26,706 29,758 Total Assets 161,517 139,572 139,716 134,211 96,920 89,706 87,484 91,289 Current Liabilities 35,291 31,502 34,586 31,368 24,391 21,906 22,618 22,895 Long-Term Obligations 31,210 43,232 37,788 41,192 24,989 21,697 19,320 17,872 Total Liabilities 94,292 100,161 97,942 95,765 67,310 62,127 60,126 60,076 Stockholders' Equity 67,225 39,411 41,774 38,446 29,610 27,579 27,358 31,213 Shares Outstanding 1,527 866 864 861 799 808 838 909 Statistical Record Return on Assets % N.M. 2.76 4.04 4.56 4.88 5.69 8.51 6.84 Return on Equity % N.M. 9.66 13.80 15.48 15.92 18.35 25.98 19.72 EBITDA Margin % N.M. 12.71 14.74 15.88 16.46 16.21 14.90 16.73 Net Margin % N.M. N.M. 7.19 7.92 7.61 8.83 13.56 9.55 Asset Turnover 0.47 0.56 0.56 0.58 0.64 0.64 0.63 0.72 Current Ratio 1.20 1.23 1.08 1.13 1.35 1.30 1.18 1.30 Debt to Equity 0.46 1.10 0.90 1.07 0.84 0.79 0.71 0.57 Price Range 92.53-44.22 92.53-44.22 88.92-61.05 83.82-60.21 75.59-63.82 65.48-49.95 73.22-51.22 70.85-58.51 P/E Ratio N.M. 19.48-9.31 13.87-9.52 12.90-9.26 13.26-11.20 10.70-8.16 8.50-5.95 10.39-8.58 Average Yield % 3.52 3.67 3.76 3.74 3.93 4.39 4.05 3.57 Address: 870 Winter Street, Waltham, Officers: Thomas A. Kennedy - Executive Chairman No of Institutions: 2901 MA 02451 Gregory J. (Greg) Hayes - Chairman, President, Chief Shares: 1,321,843,456 % Held: N/A Telephone: 781-522-3000 Executive Officer, Senior Vice President, Chief Web Site: www.rtx.com Financial Officer Transfer Agents: Computershare Trust Company, N. A., Canton, MA
213
REALTY INCOME CORP Exchange NYS
Symbol O
Price $60.75 (9/30/2020)
95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 1500 1000 500 0
2011
2012
2013
52Wk Range 82.44-42.50
Yield 4.62
*12 Month Price Score 91.55 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.27 0.30 0.32 2018 0.29 0.34 0.34 2019 0.37 0.31 0.32 2020 0.44 0.31 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.234M 06/09/2020 06/30/2020 07/01/2020 0.234M 07/13/2020 07/31/2020 08/03/2020 0.234M 08/18/2020 08/31/2020 09/01/2020 0.234M 09/17/2020 09/30/2020 10/01/2020 Indicated Div: $2.81 Valuation Analysis Forecast EPS $1.44 (09/03/2020) Market Cap $21.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 2.03 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 104.74 *NYSE Composite Index=100
P/E 41.33 Dec 0.21 0.29 0.40 ...
Pay 07/15/2020 08/14/2020 09/15/2020 10/15/2020
$10.3 Billion 13.09
4.73% 25
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) Realty Income is a real estate investment trust. Co. invests in commercial real estate. Co. owns a portfolio of properties located in various states, Puerto Rico and United Kingdom. Recent Developments: For the quarter ended June 30 2020, net income increased 13.3% to US$108.1 million from US$95.4 million in the year-earlier quarter. Revenues were US$414.6 million, up 13.5% from US$365.5 million the year before. Revenues from property income rose 12.6% to US$410.2 million from US$364.3 million in the corresponding quarter a year earlier. Prospects: Our evaluation of Realty Income Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and O has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that O will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.47 1.47 1.38 1.26 1.10 1.13 1.09 1.04 Cash Flow Per Share 3.18 3.33 3.38 3.25 3.20 3.14 2.94 2.87 Tang Book Value Per Share 25.57 25.79 24.78 22.63 21.68 21.79 21.89 20.27 Dividends Per Share 2.759 2.738 2.717 2.639 2.537 2.403 2.279 2.193 Dividend Payout % 187.69 186.26 196.88 209.44 230.64 212.65 209.08 210.85 Income Statement Total Revenue 828,977 414,341 1,491,591 1,327,838 1,215,768 1,103,172 1,023,285 933,505 EBITDA 269,819 154,888 1,052,486 937,890 840,744 783,917 706,023 651,204 Depn & Amortn 14,606 7,745 615,008 573,292 521,426 467,440 421,168 382,064 Income Before Taxes 255,213 147,143 437,478 364,598 319,318 316,477 284,855 269,140 Net Income 254,651 146,827 436,482 363,614 318,798 315,571 283,766 270,635 Average Shares 343,685 336,976 316,159 289,923 273,936 255,624 236,208 218,767 Balance Sheet Current Assets 603,524 243,549 235,980 155,378 126,431 114,004 121,972 68,238 Total Assets 19,102,547 18,796,442 18,554,796 15,260,483 14,058,166 13,152,871 11,865,870 11,012,622 Current Liabilities 208,580 195,144 515,988 328,663 287,191 262,007 220,135 213,357 Long-Term Obligations 7,874,777 7,535,614 7,901,547 6,499,976 6,111,471 5,839,605 4,841,486 4,930,947 Total Liabilities 8,758,098 8,408,427 8,780,340 7,171,741 6,686,665 6,386,067 5,334,274 5,399,221 Stockholders' Equity 10,344,449 10,388,015 9,774,456 8,088,742 7,371,501 6,766,804 6,531,596 5,613,401 Shares Outstanding 345,023 343,402 333,619 303,742 284,213 260,168 250,416 224,881 Statistical Record Return on Assets % 2.71 2.73 2.58 2.48 2.34 2.52 2.48 2.59 Return on Equity % 5.06 5.14 4.89 4.70 4.51 4.73 4.67 4.92 EBITDA Margin % 32.55 37.38 70.56 70.63 69.15 71.06 69.00 69.76 Net Margin % 30.72 35.44 29.26 27.38 26.22 28.61 27.73 28.99 Asset Turnover 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 Current Ratio 2.89 1.25 0.46 0.47 0.44 0.44 0.55 0.32 Debt to Equity 0.76 0.73 0.81 0.80 0.83 0.86 0.74 0.88 Price Range 82.44-42.50 82.44-42.50 81.94-61.93 66.34-47.56 63.19-53.21 72.14-51.17 55.14-43.38 49.57-37.33 P/E Ratio 56.08-28.91 56.08-28.91 59.38-44.88 52.65-37.75 57.45-48.37 63.84-45.28 50.59-39.80 47.66-35.89 Average Yield % 4.00 3.76 3.77 4.75 4.41 3.90 4.68 5.05
Address: 11995 El Camino Real, San Diego, CA 92130 Telephone: 858-284-5000 Web Site: www.realtyincome.com
Investor Contact: 760-741-2111 Officers: Sumit Roy - President, Chief Investment No of Institutions: 1091 Officer, Chief Executive Officer, Chief Operating Officer, Executive Vice President Michael R. Pfeiffer - Shares: 305,843,872 % Held: 89.83 Executive Vice President, Chief Administrative Officer, Secretary, General Counsel Transfer Agents: Wells Fargo Shareowner Services, St. Paul, MN
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REPUBLIC SERVICES INC Exchange NYS
Symbol RSG
Price $93.35 (9/30/2020)
52Wk Range 100.43-66.26
Yield 1.82
*7 Year Price Score 130.59 *NYSE Composite Index=100 *12 Month Price Score 103.37 Interim Earnings (Per Share) Qtr. Mar Jun Sep 105 100 2017 0.55 0.60 0.66 95 2018 0.72 0.71 0.81 90 2019 0.72 0.78 0.93 85 2020 0.77 0.71 ... 80 75 Interim Dividends (Per Share) 70 Amt Decl Ex Rec 65 0.405Q 10/22/2019 12/31/2019 01/02/2020 60 0.405Q 02/13/2020 03/31/2020 04/01/2020 55 0.405Q 04/28/2020 06/30/2020 07/01/2020 50 45 0.425Q 07/29/2020 09/30/2020 10/01/2020 40 Indicated Div: $1.70 35 Valuation Analysis 30 Forecast EPS $3.15 (09/02/2020) 25 20 Market Cap $29.7 Billion Book Value TRADING VOLUME (thousand shares) 1500 Price/Book 3.61 Price/Sales 1000 Dividend Achiever Status 500 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 28.20 Dec 1.96 0.93 0.90 ...
Pay 01/15/2020 04/15/2020 07/15/2020 10/15/2020
$8.2 Billion 2.90
7.25% 16
Business Summary: Sanitation Services (MIC: 7.5.3 SIC: 4953 NAIC: 562219) Republic Services is a provider of non-hazardous solid waste collection, transfer, disposal, recycling, and environmental services in the United States. Co. operates through collection operations, transfer stations, active landfills, recycling processing centers, treatment, recovery and disposal facilities, salt water disposal wells, and deep injection wells. In addition, Co. is engaged in landfill gas-to-energy and renewable energy projects and had post-closure responsibility for closed landfills. Co.'s operations primarily consist of providing collection, transfer and disposal of non-hazardous solid waste, recovering and recycling of certain materials, and environmental services. Recent Developments: For the quarter ended June 30 2020, net income decreased 9.8% to US$226.3 million from US$250.9 million in the year-earlier quarter. Revenues were US$2.45 billion, down 5.8% from US$2.61 billion the year before. Operating income was US$395.2 million versus US$437.4 million in the prior-year quarter, a decrease of 9.6%. Direct operating expenses declined 9.2% to US$1.47 billion from US$1.62 billion in the comparable period the year before. Indirect operating expenses increased 7.3% to US$591.1 million from US$550.9 million in the equivalent prior-year period. Prospects: Our evaluation of Republic Services Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while RSG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that RSG will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.31 3.38 3.33 3.16 3.77 1.78 2.13 1.53 Cash Flow Per Share 7.99 7.41 7.33 6.86 5.67 5.37 4.80 4.29 Dividends Per Share 1.620 1.590 1.560 1.440 1.330 1.240 1.160 1.080 Dividend Payout % 48.94 47.04 46.85 45.57 35.28 69.66 54.46 70.59 Income Statement Total Revenue 5,008,300 2,553,900 10,299,400 10,040,900 10,041,500 9,387,700 9,115,000 8,788,300 EBITDA 1,409,300 685,900 2,772,900 2,712,100 2,635,700 2,261,100 2,458,700 2,071,900 Depn & Amortn 579,400 253,800 985,800 977,000 965,300 919,800 898,700 838,500 Income Before Taxes 645,300 335,800 1,401,500 1,352,900 1,309,500 970,900 1,195,900 885,300 Income Taxes 149,600 75,800 215,500 279,500 3,100 351,600 445,500 337,400 Net Income 471,800 246,300 1,073,300 1,036,900 1,278,400 612,600 749,900 547,600 Average Shares 319,562 320,231 322,000 328,383 339,000 344,400 351,400 358,100 Balance Sheet Current Assets 1,568,800 1,753,900 1,606,000 1,564,400 1,436,800 1,284,500 1,230,300 1,391,000 Total Assets 22,826,300 22,908,900 22,683,800 21,617,000 21,147,000 20,629,600 20,577,200 20,094,000 Current Liabilities 2,066,100 1,980,600 3,064,600 2,718,600 2,634,800 1,812,000 1,834,800 1,826,000 Long-Term Obligations 8,598,000 8,952,200 7,758,600 7,646,800 7,480,700 7,653,100 7,568,700 7,050,800 Total Liabilities 14,599,200 14,791,700 14,565,600 13,689,900 13,188,200 12,938,300 12,803,100 12,348,700 Stockholders' Equity 8,227,100 8,117,200 8,118,200 7,927,100 7,958,800 7,691,300 7,774,100 7,745,300 Shares Outstanding 318,200 318,100 318,800 322,500 331,700 339,400 345,600 352,700 Statistical Record Return on Assets % 4.73 4.86 4.85 4.85 6.12 2.97 3.69 2.74 Return on Equity % 13.10 13.54 13.38 13.05 16.34 7.90 9.66 7.00 EBITDA Margin % 28.14 26.86 26.92 27.01 26.25 24.09 26.97 23.58 Net Margin % 9.42 9.64 10.42 10.33 12.73 6.53 8.23 6.23 Asset Turnover 0.46 0.46 0.46 0.47 0.48 0.45 0.45 0.44 Current Ratio 0.76 0.89 0.52 0.58 0.55 0.71 0.67 0.76 Debt to Equity 1.05 1.10 0.96 0.96 0.94 1.00 0.97 0.91 Price Range 100.43-66.26 100.43-66.26 90.35-71.36 77.35-61.96 67.61-56.42 57.50-42.20 45.25-39.04 40.89-31.53 P/E Ratio 30.34-20.02 29.71-19.60 27.13-21.43 24.48-19.61 17.93-14.97 32.30-23.71 21.24-18.33 26.73-20.61 Average Yield % 1.87 1.82 1.86 2.06 2.11 2.50 2.80 2.95
Address: 18500 North Allied Way, Phoenix, AZ 85054 Telephone: 480-627-2700 Web Site: www.republicservices.com
Officers: Manuel Kadre - Chairman Jon Vander Ark - No of Institutions: 1043 President, Executive Vice President, Chief Operating Shares: 303,835,584 % Held: 59.14 Officer Transfer Agents: Wachovia Corp., Charlotte, NC
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ROBERT HALF INTERNATIONAL INC. Exchange NYS
Symbol RHI
Price $52.94 (9/30/2020)
90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 750 500 250 0
2011
2012
2013
52Wk Range 63.75-34.17
Yield 2.57
*12 Month Price Score 98.14 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.62 0.64 0.68 2018 0.78 0.89 0.95 2019 0.93 0.98 1.01 2020 0.79 0.41 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.31Q 11/06/2019 11/22/2019 11/25/2019 0.34Q 02/12/2020 02/24/2020 02/25/2020 0.34Q 04/30/2020 05/22/2020 05/26/2020 0.34Q 07/30/2020 08/24/2020 08/25/2020 Indicated Div: $1.36 Valuation Analysis Forecast EPS $2.40 (09/03/2020) Market Cap $6.1 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 5.25 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 91.65 *NYSE Composite Index=100
P/E 16.60 Dec 0.39 0.95 0.98 ...
Pay 12/13/2019 03/16/2020 06/15/2020 09/15/2020
$1.2 Billion 1.06
9.96% 15
Business Summary: Business Services (MIC: 7.5.2 SIC: 7363 NAIC: 561320) Robert Half International provides staffing and risk consulting services. Co., through its Accountemps, Robert Half Finance & Accounting, and Robert Half Management Resources divisions, is a provider of temporary, full-time, and project personnel in accounting and finance fields. Co.'s OfficeTeam division places office and administrative personnel, ranging from executive and administrative assistants to receptionists and customer service representatives. The Robert Half Technology division provides information technology contract consultants, places employees, and provides managed services in areas ranging from multiple platform systems integration to end-user technical and desktop support. Recent Developments: For the quarter ended June 30 2020, net income decreased 59.7% to US$46.2 million from US$114.6 million in the year-earlier quarter. Revenues were US$1.11 billion, down 26.9% from US$1.52 billion the year before. Direct operating expenses declined 22.0% to US$685.2 million from US$878.8 million in the comparable period the year before. Indirect operating expenses decreased 23.5% to US$365.1 million from US$477.4 million in the equivalent prior-year period. Prospects: Our evaluation of Robert Half International Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and RHI has posted results in line with analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that RHI will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.19 3.76 3.90 3.57 2.33 2.67 2.69 2.26 Cash Flow Per Share 6.18 4.57 4.49 4.75 3.65 3.44 3.33 2.54 Tang Book Value Per Share 8.25 8.02 8.09 7.14 7.16 6.83 6.03 5.77 Dividends Per Share 1.300 1.270 1.240 1.120 0.960 0.880 0.800 0.720 Dividend Payout % 40.75 33.78 31.79 31.37 41.20 32.96 29.74 31.86 Income Statement Total Revenue 2,615,017 1,506,691 6,074,432 5,800,271 5,266,789 5,250,399 5,094,933 4,695,014 EBITDA 228,471 150,345 686,015 653,169 581,210 617,537 633,945 546,306 Depn & Amortn 39,746 19,539 65,625 65,949 65,493 64,315 53,465 49,681 Income Before Taxes 189,787 131,763 625,515 591,602 517,516 554,110 581,030 497,349 Income Taxes 53,676 41,848 171,082 157,314 226,932 210,721 223,234 191,421 Net Income 136,111 89,915 454,433 434,288 290,584 343,389 357,796 305,928 Average Shares 113,121 113,858 116,411 121,602 124,892 128,766 132,930 135,541 Balance Sheet Current Assets 1,720,148 1,606,655 1,628,849 1,473,610 1,431,869 1,284,234 1,343,681 1,323,283 Total Assets 2,402,377 2,274,852 2,311,408 1,903,097 1,867,454 1,777,971 1,702,960 1,647,267 Current Liabilities 977,167 913,354 940,692 819,536 747,896 679,896 655,549 623,362 Long-Term Obligations 122 181 239 457 657 840 1,007 1,159 Total Liabilities 1,245,671 1,144,927 1,167,725 839,899 762,189 691,372 699,179 667,409 Stockholders' Equity 1,156,706 1,129,925 1,143,683 1,063,198 1,105,265 1,086,599 1,003,781 979,858 Shares Outstanding 114,635 114,602 115,120 119,078 124,261 127,796 131,156 135,134 Statistical Record Return on Assets % 15.78 19.40 21.57 23.04 15.94 19.68 21.36 19.50 Return on Equity % 32.32 39.38 41.18 40.05 26.51 32.76 36.07 32.21 EBITDA Margin % 8.74 9.98 11.29 11.26 11.04 11.76 12.44 11.64 Net Margin % 5.20 5.97 7.48 7.49 5.52 6.54 7.02 6.52 Asset Turnover 2.46 2.73 2.88 3.08 2.89 3.01 3.04 2.99 Current Ratio 1.76 1.76 1.73 1.80 1.91 1.89 2.05 2.12 Price Range 63.75-34.17 68.79-34.17 68.79-52.13 79.64-52.26 57.04-43.24 49.24-34.57 63.00-44.95 58.99-39.17 P/E Ratio 19.98-10.71 18.30-9.09 17.64-13.37 22.31-14.64 24.48-18.56 18.44-12.95 23.42-16.71 26.10-17.33 Average Yield % 2.41 2.22 2.09 1.75 1.97 2.15 1.45 1.52 Address: 2884 Sand Hill Road, Suite Officers: Harold M. Messmer - Executive Chairman, No of Institutions: 698 Shares: 141,657,664 % Held: 87.81 200, Menlo Park, CA 94025 Chairman, President, Chief Executive Officer, Telephone: 650-234-6000 Principal Executive Officer M. Keith Waddell Web Site: www.roberthalf.com Vice-Chairman, President, Chief Executive Officer, Chief Financial Officer, Treasurer Transfer Agents: Computershare Trust Company, N.A., Canton, MA
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ROBINSON (C.H.) WORLDWIDE, INC. Exchange NMS
Symbol CHRW
Price $102.19 (9/30/2020)
52Wk Range 104.06-60.11
Yield 2.00
P/E 29.71
*7 Year Price Score 95.55 *NYSE Composite Index=100 *12 Month Price Score 119.26 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 220 210 2017 0.86 0.78 0.85 1.08 200 2018 1.01 1.13 1.25 1.34 190 2019 1.16 1.22 1.07 0.74 180 2020 0.57 1.06 ... ... 170 160 Interim Dividends (Per Share) 150 Amt Decl Ex Rec Pay 140 0.51Q 12/05/2019 12/13/2019 12/16/2019 12/31/2019 130 0.51Q 02/06/2020 03/05/2020 03/06/2020 03/27/2020 120 0.51Q 05/07/2020 06/04/2020 06/05/2020 06/30/2020 110 100 0.51Q 08/06/2020 09/03/2020 09/04/2020 09/30/2020 90 Indicated Div: $2.04 (Div. Reinv. Plan) 80 Valuation Analysis 70 Forecast EPS $3.50 (09/03/2020) 60 50 Market Cap $13.8 Billion Book Value $1.7 Billion TRADING VOLUME (thousand shares) 750 Price/Book 8.08 Price/Sales 0.91 500 Dividend Achiever Status 250 10 Year Growth Rate 7.56% 0 Total Years of Dividend Growth 22 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Miscellaneous Transportation Services (MIC: 7.4.5 SIC: 4731 NAIC: 488510) Robinson (C.H.) Worldwide is a third party logistics company. Co. provides freight transportation services and logistics solutions to companies. Co.'s segments are: North American Surface Transportation, which provides freight transportation services across North America through a network of offices; and Global Forwarding, which provides global logistics services through an international network of offices and also contracts with independent agents; and All Other and Corporate, which includes Robinson Fresh® that provides sourcing services including the buying, selling, and marketing of fresh fruits, vegetables, and other perishable items, and managed services that provides Managed TMS®. Recent Developments: For the quarter ended June 30 2020, net income decreased 14.9% to US$143.9 million from US$169.2 million in the year-earlier quarter. Revenues were US$3.63 billion, down 7.2% from US$3.91 billion the year before. Operating income was US$188.8 million versus US$227.5 million in the prior-year quarter, a decrease of 17.0%. Direct operating expenses declined 6.2% to US$3.01 billion from US$3.21 billion in the comparable period the year before. Indirect operating expenses decreased 9.0% to US$425.7 million from US$467.7 million in the equivalent prior-year period. Prospects: Our evaluation of Robinson (C.H.) Worldwide Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and CHRW has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that CHRW will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.44 3.60 4.19 4.73 3.57 3.59 3.51 3.05 Cash Flow Per Share 6.55 4.70 6.10 5.70 2.73 3.70 4.96 3.49 Tang Book Value Per Share 0.83 0.03 2.14 1.66 N.M. N.M. N.M. 0.84 Dividends Per Share 2.030 2.020 2.010 1.880 1.810 1.740 1.570 1.430 Dividend Payout % 59.01 56.11 47.97 39.75 50.70 48.47 44.73 46.89 Income Statement Total Revenue 7,432,854 3,805,008 15,309,508 16,631,172 14,869,380 13,144,413 13,476,084 13,470,067 EBITDA 348,378 133,833 834,992 957,238 817,936 873,743 890,722 777,758 Depn & Amortn 50,151 24,393 45,016 45,155 42,817 36,212 32,412 29,340 Income Before Taxes 272,788 94,212 742,257 880,273 728,463 811,950 822,781 723,431 Income Taxes 50,703 16,066 165,289 215,768 223,570 298,566 313,082 273,720 Net Income 222,085 78,146 576,968 664,505 504,893 513,384 509,699 449,711 Average Shares 135,610 135,969 137,735 140,405 141,382 142,991 145,349 147,542 Balance Sheet Current Assets 2,603,926 2,606,639 2,640,118 2,753,074 2,510,936 2,008,102 1,730,698 2,105,459 Total Assets 4,825,689 4,848,320 4,641,060 4,427,412 4,235,834 3,687,758 3,184,358 3,214,338 Current Liabilities 1,673,380 1,804,725 1,556,038 1,433,323 1,987,449 1,845,718 1,448,597 1,575,860 Long-Term Obligations 1,092,873 1,092,660 1,092,448 1,341,352 750,000 500,000 500,000 500,000 Total Liabilities 3,121,361 3,261,202 2,970,330 2,832,325 2,810,089 2,429,911 2,033,908 2,167,323 Stockholders' Equity 1,704,328 1,587,118 1,670,730 1,595,087 1,425,745 1,257,847 1,150,450 1,047,015 Shares Outstanding 134,724 134,586 134,895 137,284 139,542 141,258 143,455 146,458 Statistical Record Return on Assets % 9.84 10.34 12.72 15.34 12.74 14.90 15.93 14.95 Return on Equity % 27.83 30.46 35.33 43.99 37.63 42.52 46.39 45.27 EBITDA Margin % 4.69 3.52 5.45 5.76 5.50 6.65 6.61 5.77 Net Margin % 2.99 2.05 3.77 4.00 3.40 3.91 3.78 3.34 Asset Turnover 3.17 3.22 3.38 3.84 3.75 3.81 4.21 4.48 Current Ratio 1.56 1.44 1.70 1.92 1.26 1.09 1.19 1.34 Debt to Equity 0.64 0.69 0.65 0.84 0.53 0.40 0.43 0.48 Price Range 90.52-60.11 91.42-60.11 92.18-74.60 100.18-79.06 89.50-64.98 77.47-61.75 75.74-60.51 77.16-50.54 P/E Ratio 26.31-17.47 25.39-16.70 22.00-17.80 21.18-16.71 25.07-18.20 21.58-17.20 21.58-17.24 25.30-16.57 Average Yield % 2.61 2.53 2.40 2.06 2.42 2.45 2.30 2.27 Address: 14701 Charlson Road, Eden Officers: Robert C. (Bob) Biesterfeld - President, Investor Contact: 952-937-7847 No of Institutions: 853 Prairie, MN 55347 Chief Executive Officer, Chief Operating Officer, Shares: 160,312,464 % Held: N/A Telephone: 952-937-8500 Division Officer Michael P. Zechmeister - Chief Transfer Agents: Web Site: www.chrobinson.com Financial Officer Wells Fargo Shareowner Services
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222
ROLLINS, INC. Exchange NYS
Symbol ROL
Price $54.19 (9/30/2020)
52Wk Range 56.98-31.57
Yield 0.59
3-for-2
3-for-2
*7 Year Price Score 139.83 *NYSE Composite Index=100 *12 Month Price Score 128.78 Interim Earnings (Per Share) Qtr. Mar Jun Sep 60 2017 0.12 0.17 0.16 55 2018 0.15 0.20 0.21 50 2019 0.14 0.20 0.13 45 2020 0.13 0.23 ... Interim Dividends (Per Share) 40 Amt Decl Ex Rec 35 0.105Q 10/22/2019 11/07/2019 11/11/2019 30 0.12Q 01/28/2020 02/07/2020 02/10/2020 25 0.08Q 04/28/2020 05/08/2020 05/11/2020 0.08Q 07/28/2020 08/07/2020 08/10/2020 20 Indicated Div: $0.32 15 Valuation Analysis 10 Forecast EPS $0.78 (09/03/2020) 5 Market Cap $17.8 Billion Book Value TRADING VOLUME (thousand shares) 750 Price/Book 20.58 Price/Sales 500 Dividend Achiever Status 250 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 84.67 Dec 0.10 0.16 0.15 ...
Pay 12/10/2019 03/10/2020 06/10/2020 09/10/2020
$862.8 Million 8.44
17.61% 17
Business Summary: Business Services (MIC: 7.5.2 SIC: 7342 NAIC: 561710) Rollins is an international service company providing pest and termite control services through its wholly-owned subsidiaries to both residential and commercial customers in the United States, Canada, Australia, Europe, and Asia. Co.'s subsidiary, Orkin, LLC provides pest control services and protection against termite damage, rodents and insects to homes and businesses. Co.'s other subsidiaries include Orkin Canada, a pest control provider in Canada; Western Pest Services, a commercial pest control service company; and The Industrial Fumigant Company, a provider of pest management and sanitation services and products. Recent Developments: For the quarter ended June 30 2020, net income increased 17.2% to US$75.4 million from US$64.3 million in the year-earlier quarter. Revenues were US$553.3 million, up 5.6% from US$524.0 million the year before. Direct operating expenses rose 0.9% to US$255.6 million from US$253.3 million in the comparable period the year before. Indirect operating expenses increased 5.7% to US$194.2 million from US$183.7 million in the equivalent prior-year period. Prospects: Our evaluation of Rollins Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and ROL has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that ROL will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.64 0.61 0.62 0.71 0.55 0.51 0.47 0.42 Cash Flow Per Share 1.24 1.05 0.94 0.87 0.72 0.69 0.60 0.59 Tang Book Value Per Share N.M. N.M. N.M. 0.31 0.28 0.46 0.41 0.22 Dividends Per Share 0.460 0.485 0.470 0.467 0.373 0.333 0.280 0.231 Dividend Payout % 71.88 79.51 75.81 65.73 68.29 64.94 60.00 55.32 Income Statement Total Revenue 1,041,230 487,901 2,015,477 1,821,565 1,673,957 1,573,477 1,485,305 1,411,566 EBITDA 206,067 79,162 304,723 340,913 321,643 285,176 262,418 235,857 Depn & Amortn 43,522 21,597 36,646 30,400 27,400 24,700 19,400 16,627 Income Before Taxes 158,920 55,400 261,160 310,733 294,502 260,636 243,178 219,484 Income Taxes 40,294 12,132 57,813 79,070 115,378 93,267 91,029 81,820 Net Income 118,626 43,268 203,347 231,663 179,124 167,369 152,149 137,664 Average Shares 327,763 327,682 327,477 327,291 326,982 327,366 327,874 328,041 Balance Sheet Current Assets 363,101 304,830 309,787 286,021 262,795 290,171 313,879 283,958 Total Assets 1,836,382 1,771,479 1,744,376 1,094,124 1,033,663 916,538 852,431 808,162 Current Liabilities 478,173 417,868 410,035 299,029 294,569 276,991 252,986 252,679 Long-Term Obligations 242,500 307,300 279,000 ... ... ... ... ... Total Liabilities 973,552 971,108 928,626 382,216 379,739 347,993 328,402 345,486 Stockholders' Equity 862,830 800,371 815,750 711,908 653,924 568,545 524,029 462,676 Shares Outstanding 327,758 327,767 327,430 327,308 326,988 326,687 328,129 327,724 Statistical Record Return on Assets % 11.97 13.30 14.33 21.78 18.37 18.87 18.32 17.79 Return on Equity % 26.43 26.64 26.62 33.92 29.31 30.55 30.84 30.56 EBITDA Margin % 19.79 16.23 15.12 18.72 19.21 18.12 17.67 16.71 Net Margin % 11.39 8.87 10.09 12.72 10.70 10.64 10.24 9.75 Asset Turnover 1.18 1.36 1.42 1.71 1.72 1.77 1.79 1.82 Current Ratio 0.76 0.73 0.76 0.96 0.89 1.05 1.24 1.12 Debt to Equity 0.28 0.38 0.34 ... ... ... ... ... Price Range 44.61-31.53 43.75-31.53 43.75-31.53 42.77-30.31 31.87-21.94 22.73-16.05 20.23-14.18 15.02-12.07 P/E Ratio 69.70-49.27 71.72-51.69 70.56-50.85 60.24-42.69 57.95-39.89 44.56-31.48 43.05-30.17 35.76-28.73 Average Yield % 1.25 1.33 1.27 1.29 1.35 1.75 1.62 1.72
Address: 2170 Piedmont Road, N.E., Atlanta, GA 30324 Telephone: 404-888-2000 Web Site: www.rollins.com
Officers: R. Randall Rollins - Chairman Gary W. Rollins - Vice-Chairman, President, Chief Executive Officer, Chief Operating Officer Transfer Agents: American Stock Transfer and Trust, Brooklyn, NY
223
Investor Contact: 404-888-2000 No of Institutions: 546 Shares: 152,219,184 % Held: 64.14
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224
ROSS STORES INC Exchange NMS
Symbol ROST
Price $93.32 (9/30/2020)
52Wk Range 123.81-59.97
130 120 110 100
100%
90 80 70
100%
60 50 40 30 20 10 1500 1000 500 0
2011
2012
2013
Yield N/A
*12 Month Price Score 89.71 Interim Earnings (Per Share) Qtr. Apr Jul Oct 2017-18 0.82 0.82 0.72 2018-19 1.11 1.04 0.91 2019-20 1.15 1.14 1.03 2020-21 (0.87) 0.06 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.255Q 05/22/2019 06/10/2019 06/11/2019 0.255Q 08/21/2019 09/11/2019 09/12/2019 0.255Q 11/20/2019 12/05/2019 12/06/2019 0.285Q 03/03/2020 03/16/2020 03/17/2020 Valuation Analysis Forecast EPS $0.88 (09/02/2020) Market Cap $33.2 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 11.59 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 130.74 *NYSE Composite Index=100
P/E 62.21 Jan 1.19 1.20 1.28 ...
Pay 06/28/2019 09/30/2019 12/31/2019 03/31/2020
$2.9 Billion 2.60
24.95% 25
Business Summary: Retail - Apparel and Accessories (MIC: 2.1.5 SIC: 5651 NAIC: 448140) Ross Stores and its subsidiaries operate two brands of off-price retail apparel and home fashion stores, which are Ross Dress for Less® (Ross) and dd's DISCOUNTS®. Ross provides name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. dd's DISCOUNTS provides name brand apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Both of Co.'s Ross and dd's DISCOUNTS brands target women and men between the ages of 18 and 54. Recent Developments: For the quarter ended Aug 1 2020, net income decreased 94.7% to US$22.0 million from US$412.7 million in the year-earlier quarter. Revenues were US$2.68 billion, down 32.5% from US$3.98 billion the year before. Direct operating expenses declined 26.9% to US$2.08 billion from US$2.84 billion in the comparable period the year before. Indirect operating expenses decreased 6.6% to US$548.4 million from US$587.2 million in the equivalent prior-year period. Prospects: Our evaluation of Ross Stores Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while ROST has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that ROST will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 02/01/2020 02/02/2019 02/03/2018 01/28/2017 01/30/2016 01/31/2015 Earnings Per Share 1.50 2.58 4.60 4.26 3.55 2.83 2.51 2.21 Cash Flow Per Share 3.58 1.72 6.07 5.61 4.34 3.99 3.30 3.33 Tang Book Value Per Share 8.05 7.92 9.42 8.98 8.03 7.01 6.14 5.49 Dividends Per Share 0.795 1.050 1.020 0.900 0.640 0.540 0.470 0.400 Dividend Payout % 53.00 40.70 22.17 21.13 18.03 19.08 18.73 18.10 Income Statement Total Revenue 4,527,385 1,842,673 16,039,073 14,983,541 14,134,732 12,866,757 11,939,999 11,041,677 EBITDA (197,900) (372,025) 2,497,082 2,371,114 2,361,596 2,105,144 1,899,171 1,721,350 Depn & Amortn 179,626 90,598 350,900 330,400 313,200 302,500 274,800 233,000 Income Before Taxes (413,047) (469,289) 2,164,288 2,050,876 2,040,720 1,786,156 1,611,759 1,485,366 Income Taxes (129,252) (163,447) 503,360 463,419 677,967 668,502 591,098 560,642 Net Income (283,795) (305,842) 1,660,928 1,587,457 1,362,753 1,117,654 1,020,661 924,724 Average Shares 354,232 352,202 361,182 372,678 384,329 394,958 406,405 418,078 Balance Sheet Current Assets 5,347,361 4,587,915 3,432,828 3,404,019 3,151,157 2,813,049 2,372,195 2,262,790 Total Assets 11,322,245 10,728,046 9,348,367 6,073,691 5,722,051 5,309,351 4,869,119 4,703,134 Current Liabilities 3,153,072 2,623,617 2,701,934 2,009,484 1,926,402 1,752,506 1,602,847 1,659,368 Long-Term Obligations 2,286,295 2,285,614 312,891 312,440 311,994 396,493 396,025 398,375 Total Liabilities 8,455,046 7,910,654 5,989,118 2,767,945 2,672,743 2,561,334 2,397,128 2,423,924 Stockholders' Equity 2,867,199 2,817,392 3,359,249 3,305,746 3,049,308 2,748,017 2,471,991 2,279,210 Shares Outstanding 356,006 355,922 356,775 368,242 379,618 391,893 402,339 414,940 Statistical Record Return on Assets % 5.31 9.44 21.60 26.99 24.31 22.02 21.38 21.56 Return on Equity % 17.63 30.70 49.98 50.10 46.25 42.94 43.08 43.26 EBITDA Margin % N.M. N.M. 15.57 15.82 16.71 16.36 15.91 15.59 Net Margin % N.M. N.M. 10.36 10.59 9.64 8.69 8.55 8.37 Asset Turnover 1.25 1.42 2.09 2.55 2.52 2.54 2.50 2.57 Current Ratio 1.70 1.75 1.27 1.69 1.64 1.61 1.48 1.36 Debt to Equity 0.80 0.81 0.09 0.09 0.10 0.14 0.16 0.17 Price Range 123.81-59.97 123.81-59.97 122.13-89.06 103.33-74.84 85.46-53.03 69.53-52.34 56.53-44.81 48.47-31.07 P/E Ratio 82.54-39.98 47.99-23.24 26.55-19.36 24.26-17.57 24.07-14.94 24.57-18.49 22.52-17.85 21.93-14.06 Average Yield % 0.78 1.00 0.98 1.04 0.97 0.89 0.92 1.06
Address: 5130 Hacienda Drive, Dublin, CA 94568-7579 Telephone: 925-965-4400 Web Site: www.rossstores.com
Officers: Michael Balmuth - Chairman, Executive Chairman, Vice-Chairman, Chief Executive Officer, Senior Advisor Michael Kobayashi - President, Group Executive Vice President, Senior Vice President Transfer Agents:Computershare, Pittsburgh, PA
225
Investor Contact: 800-989-8849 No of Institutions: 1235 Shares: 366,078,656 % Held: 84.00
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RPM INTERNATIONAL INC (DE) Exchange NYS
Symbol RPM
Price $82.84 (9/30/2020)
52Wk Range 86.98-46.81
Yield 1.74
P/E 35.40
*7 Year Price Score 121.00 *NYSE Composite Index=100 *12 Month Price Score 112.16 Interim Earnings (Per Share) Qtr. Aug Nov Feb May 90 2015-16 0.74 0.62 0.14 1.13 85 2016-17 0.83 (0.54) 0.09 0.95 80 2017-18 0.86 0.70 0.30 0.63 75 2018-19 0.52 0.37 0.11 1.01 70 2019-20 0.82 0.59 0.09 0.84 65 60 Interim Dividends (Per Share) 55 Amt Decl Ex Rec Pay 50 0.36Q 10/03/2019 10/11/2019 10/15/2019 10/31/2019 45 0.36Q 01/02/2020 01/15/2020 01/16/2020 01/31/2020 40 0.36Q 04/02/2020 04/15/2020 04/16/2020 04/30/2020 35 0.36Q 07/02/2020 07/15/2020 07/16/2020 07/31/2020 30 Indicated Div: $1.44 (Div. Reinv. Plan) 25 Valuation Analysis 20 Forecast EPS $3.67 (09/03/2020) 15 Market Cap $10.7 Billion Book Value $1.3 Billion TRADING VOLUME (thousand shares) 400 Price/Book 8.50 Price/Sales 1.95 300 Dividend Achiever Status 200 100 10 Year Growth Rate 5.77% 0 Total Years of Dividend Growth 46 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 2851 NAIC: 325510) RPM International manufactures, markets and sells various chemical product lines. Co.'s segments are: Construction Products Group, which includes construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixture and repair products, and building envelope solutions; Performance Coatings Group, which includes flooring solutions, corrosion control and fireproofing coatings, and infrastructure repair systems; Consumer Group; which includes rust-preventative, special purpose, and decorative paints, caulks, sealants, primers, and cement cleaners; and Specialty Products Group, which includes industrial cleaners, restoration services equipment, and colorants. Recent Developments: For the year ended May 31 2020, net income increased 14.0% to US$305.1 million from US$267.7 million in the prior year. Revenues were US$5.51 billion, down 1.0% from US$5.56 billion the year before. Direct operating expenses declined 1.8% to US$3.41 billion from US$3.48 billion in the comparable period the year before. Indirect operating expenses decreased 3.7% to US$1.58 billion from US$1.64 billion in the equivalent prior-year period. Prospects: Our evaluation of RPM Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while RPM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that RPM will perform poorly over the near term. Financial Data (US$ in Thousands) 05/31/2020 05/31/2019 05/31/2018 05/31/2017 05/31/2016 05/31/2015 05/31/2014 05/31/2013 Earnings Per Share 2.34 2.01 2.50 1.36 2.63 1.78 2.18 0.74 Cash Flow Per Share 4.27 2.24 2.98 2.96 3.66 2.54 2.15 2.86 Dividends Per Share 1.430 1.370 1.260 1.175 1.085 1.020 0.945 0.890 Dividend Payout % 61.11 68.16 50.40 86.40 41.25 57.30 43.35 120.27 Income Statement Total Revenue 5,506,994 5,564,551 5,321,643 4,958,175 4,813,649 4,594,550 4,376,353 4,078,655 EBITDA 548,889 576,163 640,766 449,424 674,326 625,629 582,966 378,009 Depn & Amortn 45,600 139,143 125,176 113,770 107,232 95,088 86,743 83,415 Income Before Taxes 407,599 339,513 416,046 243,320 481,386 451,230 421,599 221,562 Income Taxes 102,682 72,158 77,791 59,662 126,008 224,925 118,503 67,040 Net Income 304,385 266,558 337,770 181,823 354,725 239,484 291,660 98,603 Average Shares 129,974 134,333 137,171 135,165 136,716 134,893 132,288 128,956 Balance Sheet Current Assets 2,423,429 2,518,092 2,470,931 2,397,436 2,138,342 2,099,846 2,062,295 1,886,272 Total Assets 5,630,954 5,441,355 5,271,822 5,090,449 4,776,041 4,694,240 4,378,365 4,115,526 Current Liabilities 1,093,580 1,539,405 1,006,726 1,235,394 1,002,191 903,236 937,086 928,030 Long-Term Obligations 2,458,290 1,973,462 2,170,643 1,836,437 1,646,332 1,654,037 1,345,965 1,369,176 Total Liabilities 4,368,509 4,035,403 3,641,049 3,654,388 3,403,706 3,402,848 2,995,521 2,914,668 Stockholders' Equity 1,262,445 1,405,952 1,630,773 1,436,061 1,372,335 1,291,392 1,382,844 1,200,858 Shares Outstanding 129,511 130,995 133,647 133,563 132,944 133,203 133,273 132,596 Statistical Record Return on Assets % 5.48 4.98 6.52 3.69 7.47 5.28 6.87 2.57 Return on Equity % 22.75 17.56 22.03 12.95 26.56 17.91 22.58 8.27 EBITDA Margin % 9.97 10.35 12.04 9.06 14.01 13.62 13.32 9.27 Net Margin % 5.53 4.79 6.35 3.67 7.37 5.21 6.66 2.42 Asset Turnover 0.99 1.04 1.03 1.01 1.01 1.01 1.03 1.06 Current Ratio 2.22 1.64 2.45 1.94 2.13 2.32 2.20 2.03 Debt to Equity 1.95 1.40 1.33 1.28 1.20 1.28 0.97 1.14 Price Range 76.76-46.81 68.05-49.39 56.01-46.92 56.26-46.29 51.45-37.38 51.82-40.22 44.14-31.20 34.03-25.07 P/E Ratio 32.80-20.00 33.86-24.57 22.40-18.77 41.37-34.04 19.56-14.21 29.11-22.60 20.25-14.31 45.99-33.88 Average Yield % 2.11 2.30 2.45 2.25 2.38 2.17 2.46 3.06
Address: P.O. Box 777, 2628 Pearl Road, Medina, OH 44258 Telephone: 330-273-5090 Web Site: www.rpminc.com
Officers: Frank C. Sullivan - Chairman, President, Investor Contact: 800-776-4488 No of Institutions: 760 Chief Executive Officer Edward W. Moore - Senior Shares: 128,945,760 % Held: 79.87 Vice President, Vice President, Chief Compliance Transfer Agents: Officer, General Counsel, Secretary EQ Shareowner Services, St. Paul, MN
227
RYDER SYSTEM, INC. Exchange NYS
Symbol R
Price $42.24 (9/30/2020)
52Wk Range 56.00-22.93
Yield 5.30
P/E N/A
*12 Month Price Score 94.29 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.71 0.96 1.11 12.10 2018 0.63 0.80 1.68 2.06 2019 0.86 1.43 (1.75) (1.02) 2020 (2.10) (1.42) ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.56Q 02/07/2020 02/14/2020 02/18/2020 03/20/2020 0.56Q 05/01/2020 05/15/2020 05/18/2020 06/19/2020 0.56Q 07/09/2020 08/21/2020 08/24/2020 09/18/2020 0.56Q 10/01/2020 11/20/2020 11/23/2020 12/18/2020 Indicated Div: $2.24 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $-2.56 (08/25/2020) Market Cap $2.3 Billion Book Value $2.2 Billion TRADING VOLUME (thousand shares) Price/Book 1.05 Price/Sales 0.27 Dividend Achiever Status 10 Year Growth Rate 8.65% Total Years of Dividend Growth 15 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 54.96 *NYSE Composite Index=100 140 130 120 110 100 90 80 70 60 50 40 30 20 300 200 100 0
2011
2012
2013
Business Summary: Trucking (MIC: 7.4.1 SIC: 7513 NAIC: 532120) Ryder System is engaged in transportation and supply chain management solutions. Co.'s segments include: Fleet Management Solutions, which provides full service leasing and leasing with maintenance options, commercial rental, contract or transactional maintenance services, and fleet support services such as vehicle administration and fuel service; Supply Chain Solutions, which provides logistics management services, including distribution management, transportation management and other services; and Dedicated Transportation Solutions, which combines equipment, maintenance, drivers, administrative services and additional services to provide a dedicated transportation solution. Recent Developments: For the quarter ended June 30 2020, loss from continuing operations was US$73.7 million compared with income of US$75.5 million in the year-earlier quarter. Net loss amounted to US$74.1 million versus net income of US$75.2 million in the year-earlier quarter. Revenues were US$1.90 billion, down 15.6% from US$2.24 billion the year before. Direct operating expenses declined 9.1% to US$1.65 billion from US$1.81 billion in the comparable period the year before. Indirect operating expenses increased 4.2% to US$343.4 million from US$329.6 million in the equivalent prior-year period. Prospects: Our evaluation of Ryder System Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has suffered a very negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and R has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that R will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (6.29) (3.44) (0.47) 5.17 14.87 4.90 5.71 4.11 Cash Flow Per Share 41.91 40.05 40.89 31.21 29.42 30.12 27.30 26.08 Tang Book Value Per Share 30.43 32.01 36.61 44.73 45.26 30.25 28.84 25.64 Dividends Per Share 2.240 2.220 2.200 2.120 1.800 1.700 1.560 1.420 Dividend Payout % ... ... ... 41.01 12.10 34.69 27.32 34.55 Income Statement Total Revenue 4,056,588 2,161,306 8,925,801 8,409,215 7,329,599 6,786,984 6,571,893 6,638,774 EBITDA 977,611 514,853 317,110 653,421 548,136 642,224 703,649 1,520,883 Depn & Amortn 1,056,171 565,921 118,000 101,000 94,000 88,000 84,000 1,040,259 Income Before Taxes (208,411) (113,634) (42,271) 373,861 313,786 406,381 469,215 338,549 Income Taxes (25,577) (4,505) (18,999) 98,254 (477,229) 141,741 163,226 118,090 Net Income (183,712) (109,613) (24,410) 273,298 790,558 262,477 304,768 218,575 Average Shares 52,355 52,284 52,348 52,696 52,988 53,361 53,260 53,036 Balance Sheet Current Assets 2,132,709 1,856,566 1,562,051 1,568,391 1,322,282 1,101,557 1,098,302 1,076,197 Total Assets 14,208,751 14,364,224 14,475,334 13,051,084 11,452,231 10,902,454 10,967,809 9,675,986 Current Liabilities 2,755,605 2,196,396 2,625,353 2,292,321 2,012,778 1,744,069 1,680,255 1,093,591 Long-Term Obligations 6,687,096 7,320,843 6,770,224 5,693,646 4,583,582 4,599,864 4,883,326 4,500,275 Total Liabilities 12,049,659 12,121,488 11,999,024 10,140,757 8,617,215 8,850,179 8,980,698 7,856,512 Stockholders' Equity 2,159,092 2,242,736 2,476,310 2,910,327 2,835,016 2,052,275 1,987,111 1,819,474 Shares Outstanding 53,818 53,735 53,278 53,116 52,955 53,463 53,490 53,039 Statistical Record Return on Assets % N.M. N.M. N.M. 2.23 7.07 2.39 2.95 2.33 Return on Equity % N.M. N.M. N.M. 9.51 32.35 12.96 16.01 11.76 EBITDA Margin % 24.10 23.82 3.55 7.77 7.48 9.46 10.71 22.91 Net Margin % N.M. N.M. N.M. 3.25 10.79 3.87 4.64 3.29 Asset Turnover 0.60 0.63 0.65 0.69 0.66 0.62 0.64 0.71 Current Ratio 0.77 0.85 0.59 0.68 0.66 0.63 0.65 0.98 Debt to Equity 3.10 3.26 2.73 1.96 1.62 2.24 2.46 2.47 Price Range 60.09-22.93 67.19-25.07 67.19-45.12 89.82-45.15 85.02-63.04 84.69-47.79 99.58-54.03 95.52-68.76 P/E Ratio ... ... ... 17.37-8.73 5.72-4.24 17.28-9.75 17.44-9.46 23.24-16.73 Average Yield % 4.98 4.31 3.96 2.99 2.38 2.59 1.85 1.69 Address: 11690 N.W., 105th Street, Officers: Robert E. Sanchez - Chairman, President, Investor Contact: 305-500-4053 No of Institutions: 468 Miami, FL 33178 President (frmr), Chief Executive Officer, Chief Telephone: 305-500-3726 Operating Officer, Division Officer Robert D. Fatovic Shares: 66,750,844 % Held: 92.50 Web Site: www.ryder.com - Executive Vice President, Chief Legal Officer, Corporate Secretary Transfer Agents: Wells Fargo Bank, N.A., St. Paul, MN
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SEI INVESTMENTS CO Exchange NMS
Symbol SEIC
Price $50.72 (9/30/2020)
80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 400 300 200 100 0
2011
2012
2013
52Wk Range 69.24-36.59
Yield 1.38
*12 Month Price Score 89.91 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.55 0.57 0.63 2018 0.86 0.75 0.80 2019 0.73 0.82 0.86 2020 0.72 0.68 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.33S 12/11/2018 12/26/2018 12/27/2018 0.33S 05/29/2019 06/11/2019 06/12/2019 0.35S 12/09/2019 12/26/2019 12/27/2019 0.35S 06/03/2020 06/12/2020 06/15/2020 Indicated Div: $0.70 Valuation Analysis Forecast EPS $2.96 (09/02/2020) Market Cap $7.4 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 4.35 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 100.24 *NYSE Composite Index=100
P/E 16.36 Dec 0.75 0.73 0.84 ...
Pay 01/08/2019 06/20/2019 01/08/2020 06/23/2020
$1.7 Billion 4.49
15.57% 28
Business Summary: Finance Intermediaries & Services (MIC: 5.5.1 SIC: 6211 NAIC: 523120) SEI Investments is holding company. Through its subsidiaries, Co. provides investment processing, investment management and investment operations solutions. Co.'s segments are: private banks, which provides outsourced investment processing and investment management platforms; investment advisors, which provides investment management and investment processing platforms; institutional investors, which provides investment management and administrative outsourcing platforms; investment managers, which provides investment operations outsourcing solutions; and investments in new businesses, which focuses on providing investment management solutions to families residing in the United States. Recent Developments: For the quarter ended June 30 2020, net income decreased 20.1% to US$101.1 million from US$126.5 million in the year-earlier quarter. Revenues were US$400.6 million, down 2.2% from US$409.6 million the year before. Operating income was US$100.3 million versus US$120.1 million in the prior-year quarter, a decrease of 16.5%. Indirect operating expenses increased 3.8% to US$300.3 million from US$289.5 million in the equivalent prior-year period. Prospects: Our evaluation of SEI Investments Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and SEIC has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that SEIC will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.10 3.24 3.24 3.14 2.49 2.03 1.96 1.85 Cash Flow Per Share 4.01 3.91 3.60 3.76 2.91 2.63 2.36 2.23 Tang Book Value Per Share 9.11 9.14 9.02 7.73 6.91 6.33 6.10 5.63 Dividends Per Share 0.700 0.680 0.680 0.630 0.580 0.540 0.500 0.460 Dividend Payout % 22.58 20.99 20.99 20.06 23.29 26.60 25.51 24.86 Income Statement Total Revenue 815,408 414,762 1,649,885 1,624,167 1,526,552 1,401,545 1,334,208 1,266,005 EBITDA 249,784 114,633 493,034 470,455 425,524 405,037 384,592 381,428 Depn & Amortn 41,330 8,394 29,436 28,792 27,311 26,440 24,044 22,448 Income Before Taxes 212,724 109,290 479,550 454,415 404,489 382,382 363,423 361,876 Income Taxes 60,599 29,955 130,015 108,338 152,650 174,668 168,825 170,949 Net Income 210,308 109,242 501,426 505,868 404,389 333,817 331,655 318,713 Average Shares 149,598 152,368 154,901 161,232 162,269 164,431 169,598 172,565 Balance Sheet Current Assets 1,232,899 1,233,150 1,304,845 1,190,812 1,139,808 1,037,833 1,003,724 955,427 Total Assets 2,053,600 2,058,031 2,151,370 1,971,668 1,853,369 1,636,823 1,588,628 1,542,875 Current Liabilities 236,125 207,551 293,565 295,708 275,049 249,371 224,483 221,180 Long-Term Obligations ... ... ... ... 30,000 ... ... ... Total Liabilities 344,975 323,765 412,592 378,521 376,530 333,709 298,908 295,262 Stockholders' Equity 1,708,625 1,734,266 1,738,778 1,593,147 1,476,839 1,303,114 1,289,720 1,247,613 Shares Outstanding 146,445 147,903 149,745 153,634 157,069 159,031 163,733 166,688 Statistical Record Return on Assets % 23.52 24.77 24.32 26.45 23.17 20.64 21.18 21.38 Return on Equity % 28.19 29.47 30.10 32.96 29.09 25.68 26.14 26.52 EBITDA Margin % 30.63 27.64 29.88 28.97 27.87 28.90 28.83 30.13 Net Margin % 25.79 26.34 30.39 31.15 26.49 23.82 24.86 25.17 Asset Turnover 0.83 0.83 0.80 0.85 0.87 0.87 0.85 0.85 Current Ratio 5.22 5.94 4.44 4.03 4.14 4.16 4.47 4.32 Debt to Equity ... ... ... ... 0.02 ... ... ... Price Range 69.24-36.59 69.24-36.59 66.97-44.41 77.70-42.83 72.07-48.24 52.40-33.86 55.21-38.38 40.81-30.27 P/E Ratio 22.34-11.80 21.37-11.29 20.67-13.71 24.75-13.64 28.94-19.37 25.81-16.68 28.17-19.58 22.06-16.36 Average Yield % 1.21 1.17 1.21 0.99 1.03 1.18 1.04 1.31
Address: 1 Freedom Valley Drive, Oaks, PA 19456-1100 Telephone: 610-676-1000 Web Site: www.seic.com
Officers: Alfred P. West - Chairman, Chief Executive Investor Contact: 610-676-1000 No of Institutions: 646 Officer Kevin M. Barr - Executive Vice President Transfer Agents:American Stock Transfer & Trust Shares: 133,848,032 % Held: 69.60 Co., New York, NY
231
SENSIENT TECHNOLOGIES CORP. Exchange NYS
Symbol SXT
Price $57.74 (9/30/2020)
100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 200 150 100 50 0
2011
2012
2013
52Wk Range 68.65-38.80
Yield 2.70
*12 Month Price Score 98.43 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.30 0.69 0.73 2018 0.89 0.92 1.12 2019 0.78 0.81 0.75 2020 0.49 0.72 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.39Q 10/17/2019 11/01/2019 11/04/2019 0.39Q 01/24/2020 02/03/2020 02/04/2020 0.39Q 04/23/2020 05/07/2020 05/08/2020 0.39Q 07/16/2020 07/31/2020 08/03/2020 Indicated Div: $1.56 Valuation Analysis Forecast EPS $2.72 (09/02/2020) Market Cap $2.4 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 2.84 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 76.75 *NYSE Composite Index=100
P/E 37.01 Dec 0.31 0.78 (0.40) ...
Pay 12/02/2019 03/02/2020 06/01/2020 09/01/2020
$860.7 Million 1.87
6.82% 14
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 2819 NAIC: 325131) Sensient Technologies is a manufacturer and marketer of colors, flavors and fragrances. Co.'s three reportable segments are: Flavors & Fragrances Group, which develops, manufactures, and supplies flavor and fragrance systems for the food, beverage, personal care, and household-products industries; Color Group, which provides natural and synthetic color systems for use in foods, beverages, pharmaceuticals, and nutraceuticals, colors and other ingredients for cosmetics; and Asia Pacific Group, which provides a range of products from its Flavors & Fragrances Group and Color Group, as well as products developed by regional technical teams to appeal to local preferences. Recent Developments: For the quarter ended June 30 2020, net income decreased 10.8% to US$30.6 million from US$34.3 million in the year-earlier quarter. Revenues were US$323.1 million, down 4.7% from US$339.2 million the year before. Operating income was US$42.1 million versus US$47.4 million in the prior-year quarter, a decrease of 11.1%. Direct operating expenses declined 2.9% to US$220.9 million from US$227.4 million in the comparable period the year before. Indirect operating expenses decreased 6.7% to US$60.1 million from US$64.4 million in the equivalent prior-year period. Prospects: Our evaluation of Sensient Technologies Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and SXT has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that SXT will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.56 1.65 1.94 3.70 2.03 2.82 2.31 1.51 Cash Flow Per Share 4.93 4.51 4.19 1.97 4.12 4.98 2.79 3.90 Tang Book Value Per Share 10.52 10.17 10.95 10.06 10.10 10.04 9.74 12.95 Dividends Per Share 1.530 1.500 1.470 1.350 1.230 1.110 1.040 0.980 Dividend Payout % 98.08 90.91 75.77 36.49 60.59 39.36 45.02 64.90 Income Statement Total Revenue 673,767 350,677 1,322,934 1,386,815 1,362,265 1,383,210 1,375,964 1,447,821 EBITDA 101,208 46,965 173,269 254,328 214,762 231,323 213,035 180,890 Depn & Amortn 24,522 12,404 52,159 50,950 46,956 45,714 46,694 50,225 Income Before Taxes 68,771 30,254 101,003 181,525 148,423 167,285 149,396 114,598 Income Taxes 17,378 9,481 18,956 24,165 58,823 44,372 42,149 32,827 Net Income 51,393 20,773 82,047 157,360 89,600 126,256 106,785 73,646 Average Shares 42,322 42,307 42,294 42,499 44,031 44,843 46,204 48,819 Balance Sheet Current Assets 738,316 764,745 788,213 822,865 733,475 717,061 753,343 759,389 Total Assets 1,673,265 1,692,826 1,740,151 1,824,940 1,724,340 1,667,860 1,711,437 1,765,206 Current Liabilities 213,237 200,637 201,375 214,700 216,323 213,675 212,922 224,905 Long-Term Obligations 537,680 589,339 598,499 689,553 604,159 582,780 613,877 451,011 Total Liabilities 812,549 850,168 858,562 964,993 872,039 832,119 866,310 718,271 Stockholders' Equity 860,716 842,658 881,589 859,947 852,301 835,741 845,127 1,046,935 Shares Outstanding 42,357 42,357 42,272 42,223 43,195 44,238 44,780 47,424 Statistical Record Return on Assets % 3.79 3.96 4.60 8.87 5.28 7.45 6.14 4.05 Return on Equity % 7.54 8.14 9.42 18.38 10.62 14.98 11.29 6.43 EBITDA Margin % 15.02 13.39 13.10 18.34 15.77 16.72 15.48 12.49 Net Margin % 7.63 5.92 6.20 11.35 6.58 9.13 7.76 5.09 Asset Turnover 0.75 0.75 0.74 0.78 0.80 0.82 0.79 0.80 Current Ratio 3.46 3.81 3.91 3.83 3.39 3.36 3.54 3.38 Debt to Equity 0.62 0.70 0.68 0.80 0.71 0.70 0.73 0.43 Price Range 74.10-38.80 74.95-40.29 74.95-55.00 77.82-52.81 83.35-71.84 83.11-53.92 70.25-57.39 62.98-46.74 P/E Ratio 47.50-24.87 45.42-24.42 38.63-28.35 21.03-14.27 41.06-35.39 29.47-19.12 30.41-24.84 41.71-30.95 Average Yield % 2.61 2.33 2.21 1.94 1.58 1.61 1.60 1.80 Address: 777 East Wisconsin Avenue, Officers: Paul Manning - Chairman, President, Chief Investor Contact: 414-347-3779 Milwaukee, WI 53202-5304 Executive Officer, Division Officer Stephen J. Rolfs - No of Institutions: 380 Telephone: 414-271-6755 Senior Vice President, Vice President, Chief Financial Shares: 58,896,388 % Held: 89.78 Web Site: www.sensient.com Officer Transfer Agents: Wells Fargo Bank Minnesota, N.A., St. Paul, MN
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233
SILGAN HOLDINGS INC Exchange NMS
Symbol SLGN
Price $36.77 (9/30/2020)
52Wk Range 39.49-25.32
Yield 1.31
100%
*7 Year Price Score 104.95 *NYSE Composite Index=100 *12 Month Price Score 113.38 Interim Earnings (Per Share) Qtr. Mar Jun Sep 50 2017 0.21 0.25 0.65 47.5 2018 0.41 0.50 0.76 45 2019 0.42 0.28 0.73 42.5 2020 0.52 0.70 ... 40 37.5 Interim Dividends (Per Share) 35 Amt Decl Ex Rec 32.5 0.11Q 11/06/2019 11/29/2019 12/02/2019 0.12Q 02/27/2020 03/16/2020 03/17/2020 30 0.12Q 05/06/2020 05/29/2020 06/01/2020 27.5 0.12Q 08/05/2020 08/31/2020 09/01/2020 25 Indicated Div: $0.48 22.5 20 Valuation Analysis 17.5 Forecast EPS $2.84 (09/01/2020) 15 Market Cap $4.1 Billion Book Value TRADING VOLUME (thousand shares) 300 Price/Book 3.74 Price/Sales 200 Dividend Achiever Status 100 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 16.27 Dec 1.31 0.35 0.31 ...
Pay 12/16/2019 03/31/2020 06/15/2020 09/15/2020
$1.1 Billion 0.89
8.76% 15
Business Summary: Metal Products (MIC: 8.2.3 SIC: 3411 NAIC: 332431) Silgan Holdings is a holding company. Through its subsidiaries, Co. manufactures rigid packaging for consumer goods products. Co. operates three businesses; its metal container business, which is engaged in the manufacture and sale of steel and aluminum containers; its closures business, which manufactures metal and plastic closures and dispensing systems for food, beverage, health care, garden, personal care, home and beauty products; and its plastic container business, which manufactures custom designed and stock plastic containers for a variety of markets, including the personal care, food, health care and household and industrial chemical markets. Recent Developments: For the quarter ended June 30 2020, net income increased 152.5% to US$78.2 million from US$31.0 million in the year-earlier quarter. Revenues were US$1.18 billion, up 7.6% from US$1.09 billion the year before. Operating income was US$131.2 million versus US$68.6 million in the prior-year quarter, an increase of 91.3%. Direct operating expenses rose 4.7% to US$952.4 million from US$909.7 million in the comparable period the year before. Indirect operating expenses decreased 19.2% to US$92.9 million from US$114.9 million in the equivalent prior-year period. Prospects: Our evaluation of Silgan Holdings Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and SLGN has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that SLGN will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.26 1.84 1.74 2.01 2.42 1.27 1.41 1.43 Cash Flow Per Share 5.16 4.47 4.57 4.58 3.53 3.29 2.75 2.72 Dividends Per Share 0.460 0.450 0.440 0.400 0.360 0.340 0.320 0.300 Dividend Payout % 20.35 24.46 25.29 19.90 14.88 26.67 22.78 20.98 Income Statement Total Revenue 2,206,854 1,030,384 4,489,927 4,448,875 4,089,854 3,612,914 3,763,971 3,911,790 EBITDA 336,091 151,750 537,110 573,707 500,438 429,530 448,812 493,979 Depn & Amortn 104,197 51,090 179,300 164,100 150,500 129,800 129,000 134,600 Income Before Taxes 182,568 77,171 252,136 293,301 239,681 231,917 252,886 284,552 Income Taxes 46,796 19,571 58,322 69,307 (29,978) 78,566 80,473 102,161 Net Income 135,772 57,600 193,814 223,994 269,659 153,351 172,413 182,391 Average Shares 111,334 111,432 111,508 111,632 111,363 120,498 122,612 127,490 Balance Sheet Current Assets 1,827,723 1,982,345 1,406,808 1,290,134 1,291,922 962,178 1,045,258 1,157,832 Total Assets 6,373,056 5,528,538 4,931,059 4,579,294 4,645,449 3,149,390 3,192,679 3,303,924 Current Liabilities 1,363,128 1,643,834 1,018,529 1,079,068 958,277 861,825 781,213 664,562 Long-Term Obligations 3,106,425 2,174,571 2,214,608 2,134,400 2,438,502 1,344,456 1,361,149 1,473,833 Total Liabilities 5,283,362 4,507,963 3,907,737 3,698,029 3,879,384 2,679,975 2,553,495 2,593,968 Stockholders' Equity 1,089,694 1,020,575 1,023,322 881,265 766,065 469,415 639,184 709,956 Shares Outstanding 110,886 110,834 110,780 110,429 110,385 110,102 120,785 126,406 Statistical Record Return on Assets % 4.39 3.92 4.08 4.86 6.92 4.82 5.31 5.51 Return on Equity % 24.94 21.31 20.35 27.19 43.65 27.59 25.56 25.62 EBITDA Margin % 15.23 14.73 11.96 12.90 12.24 11.89 11.92 12.63 Net Margin % 6.15 5.59 4.32 5.03 6.59 4.24 4.58 4.66 Asset Turnover 0.80 0.86 0.94 0.96 1.05 1.14 1.16 1.18 Current Ratio 1.34 1.21 1.38 1.20 1.35 1.12 1.34 1.74 Debt to Equity 2.85 2.13 2.16 2.42 3.18 2.86 2.13 2.08 Price Range 35.41-25.32 32.57-25.32 31.61-23.03 30.02-22.41 32.47-25.76 27.16-23.83 29.37-24.98 27.45-22.27 P/E Ratio 15.67-11.20 17.70-13.76 18.17-13.24 14.94-11.15 13.42-10.64 21.39-18.76 20.83-17.72 19.19-15.58 Average Yield % 1.49 1.49 1.49 1.47 1.21 1.34 1.18 1.22
Address: 4 Landmark Square, Stamford, CT 06901 Telephone: 203-975-7110 Web Site: www.silganholdings.com
Investor Contact: 203-406-3160 Officers: Anthony J. Allott - Chairman, President, Chief Executive Officer Adam J. Greenlee - President, No of Institutions: 382 88,343,264 % Held: 72.36 Shares: Executive Vice President, Chief Operating Officer Transfer Agents:Computershare, Canton, MA
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SJW GROUP Exchange NYS
Symbol SJW
Price $60.86 (9/30/2020)
75 70 65 60 55 50 45 40 35 30 25 20 75 50 25 0
2011
2012
2013
52Wk Range 74.73-49.48
Yield 2.10
*12 Month Price Score 95.98 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.18 0.90 0.94 2018 0.06 0.62 0.76 2019 0.21 0.47 0.33 2020 0.08 0.69 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.30Q 10/30/2019 11/07/2019 11/11/2019 0.32Q 01/29/2020 02/07/2020 02/10/2020 0.32Q 04/29/2020 05/08/2020 05/11/2020 0.32Q 07/29/2020 08/07/2020 08/10/2020 Indicated Div: $1.28 Valuation Analysis Forecast EPS $1.99 (08/22/2020) Market Cap $1.7 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.94 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 122.57 *NYSE Composite Index=100
P/E 66.88 Dec 0.83 0.37 (0.19) ...
Pay 12/02/2019 03/02/2020 06/01/2020 09/01/2020
$895.1 Million 3.45
6.16% 52
Business Summary: Water Utilities (MIC: 3.2.1 SIC: 4941 NAIC: 221310) SJW is a holding company. Through its subsidiary, San Jose Water Company (SJWC), Co. is a public utility in the business of providing water service in the metropolitan San Jose, CA area. SJWTX, Inc., a subsidiary of Co., is doing business as Canyon Lake Water Service Company, which is a public utility in the business of providing water service in southern region of the Texas Hill Country in Blanco, Comal, Hays and Travis counties. SJW Land Company, another subsidiary of Co., owns undeveloped land and operates commercial buildings in Tennessee. SJWC also provides non-tariffed services including water system operations, maintenance agreements and antenna site leases. Recent Developments: For the quarter ended June 30 2020, net income increased 43.3% to US$19.7 million from US$13.8 million in the year-earlier quarter. Revenues were US$147.2 million, up 43.0% from US$103.0 million the year before. Operating income was US$36.1 million versus US$22.0 million in the prior-year quarter, an increase of 64.2%. Direct operating expenses rose 38.1% to US$58.2 million from US$42.1 million in the comparable period the year before. Indirect operating expenses increased 36.3% to US$53.0 million from US$38.9 million in the equivalent prior-year period. Prospects: Our evaluation of SJW Group as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and SJW has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that SJW will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.91 0.69 0.82 1.82 2.86 2.57 1.85 2.54 Cash Flow Per Share 3.95 3.96 4.57 4.31 4.93 5.57 4.78 3.26 Tang Book Value Per Share 9.36 8.96 9.20 31.31 22.57 20.61 18.83 17.75 Dividends Per Share 1.240 1.220 1.200 1.120 1.040 0.810 0.780 0.750 Dividend Payout % 136.26 176.81 146.34 61.54 36.36 31.52 42.16 29.53 Income Statement Total Revenue 262,963 115,754 420,482 397,699 389,225 339,706 305,082 319,668 EBITDA 98,858 38,621 121,126 126,722 165,878 150,878 121,573 132,989 Depn & Amortn 45,608 22,482 63,785 53,031 46,456 42,659 38,233 35,424 Income Before Taxes 26,786 2,855 32,081 49,359 96,493 86,381 61,154 76,777 Income Taxes 4,648 438 8,454 10,065 35,393 33,542 23,272 24,971 Net Income 22,138 2,417 23,403 38,767 59,204 52,839 37,882 51,806 Average Shares 28,683 28,674 28,562 21,332 20,685 20,588 20,515 20,416 Balance Sheet Current Assets 145,543 128,818 122,046 502,722 66,858 99,611 73,376 68,093 Total Assets 3,209,977 3,174,298 3,132,470 1,956,389 1,458,001 1,443,376 1,340,963 1,269,304 Current Liabilities 257,966 238,404 234,567 163,985 85,052 63,573 79,623 44,694 Long-Term Obligations 1,315,979 1,316,996 1,283,597 431,424 431,092 433,335 380,825 384,365 Total Liabilities 2,314,846 2,290,757 2,242,486 1,067,077 994,792 1,021,730 957,180 909,149 Stockholders' Equity 895,131 883,541 889,984 889,312 463,209 421,646 383,783 360,155 Shares Outstanding 28,516 28,497 28,456 28,404 20,520 20,456 20,381 20,286 Statistical Record Return on Assets % 1.00 0.78 0.92 2.27 4.08 3.79 2.90 4.35 Return on Equity % 2.92 2.25 2.63 5.73 13.38 13.08 10.18 15.21 EBITDA Margin % 37.59 33.36 28.81 31.86 42.62 44.41 39.85 41.60 Net Margin % 8.42 2.09 5.57 9.75 15.21 15.55 12.42 16.21 Asset Turnover 0.19 0.18 0.17 0.23 0.27 0.24 0.23 0.27 Current Ratio 0.56 0.54 0.52 3.07 0.79 1.57 0.92 1.52 Debt to Equity 1.47 1.49 1.44 0.49 0.93 1.03 0.99 1.07 Price Range 74.73-49.48 74.73-49.48 74.47-54.74 68.15-51.68 68.13-45.74 56.69-29.35 35.60-27.64 32.87-25.64 P/E Ratio 82.12-54.37 108.30-71.71 90.82-66.76 37.45-28.40 23.82-15.99 22.06-11.42 19.24-14.94 12.94-10.09 Average Yield % 1.88 1.84 1.86 1.88 1.93 2.01 2.53 2.65 Address: 110 West Taylor Street, San Officers: Eric W. Thornburg - Chairman, President, Investor Contact: 800-250-5147 No of Institutions: 237 Jose, CA 95110 Chief Executive Officer James P. Lynch - Chief Shares: 22,359,468 % Held: 75.04 Telephone: 408-279-7800 Financial Officer, Treasurer Transfer Agents: Web Site: www.sjwater.com American Stock Transfer & Trust Company, LLC, Brooklyn, NY
236
SMITH (A O) CORP Exchange NYS
Symbol AOS
Price $52.80 (9/30/2020)
52Wk Range 53.73-34.75
Yield 1.82
P/E 28.85
100%
100%
*7 Year Price Score 95.41 *NYSE Composite Index=100 *12 Month Price Score 105.43 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 70 2017 0.50 0.53 0.54 0.13 65 2018 0.57 0.66 0.61 0.74 60 2019 0.53 0.61 0.53 0.56 55 2020 0.32 0.42 ... ... 50 Interim Dividends (Per Share) 45 Amt Decl Ex Rec Pay 40 0.24Q 10/10/2019 10/30/2019 10/31/2019 11/15/2019 35 0.24Q 01/16/2020 01/30/2020 01/31/2020 02/18/2020 30 0.24Q 04/14/2020 04/29/2020 04/30/2020 05/15/2020 25 0.24Q 07/13/2020 07/30/2020 07/31/2020 08/17/2020 20 Indicated Div: $0.96 (Div. Reinv. Plan) 15 Valuation Analysis 10 Forecast EPS $1.82 (09/02/2020) 5 Market Cap $10.1 Billion Book Value $1.7 Billion TRADING VOLUME (thousand shares) 750 Price/Book 6.07 Price/Sales 3.62 500 Dividend Achiever Status 250 10 Year Growth Rate 21.50% 0 Total Years of Dividend Growth 27 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Household Appliances, Electronics & Goods (MIC: 1.5.1 SIC: 3639 NAIC: 335228) A.O. Smith is comprised of North America and Rest of World reporting segments. Co.'s Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market lines of residential and commercial gas and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world. Co.'s Rest of World segment also manufactures and markets in-home air purification products in China. Co. serves residential and commercial end markets in North America with a range of products including water heaters, boilers, water treatment products, and other. Recent Developments: For the quarter ended June 30 2020, net income decreased 33.6% to US$67.8 million from US$102.1 million in the year-earlier quarter. Revenues were US$663.9 million, down 13.3% from US$765.4 million the year before. Direct operating expenses declined 8.8% to US$416.4 million from US$456.7 million in the comparable period the year before. Indirect operating expenses decreased 9.1% to US$160.5 million from US$176.5 million in the equivalent prior-year period. Prospects: Our evaluation of Smith (A.O.) Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and AOS has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that AOS will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.83 2.02 2.22 2.58 1.70 1.85 1.58 1.14 Cash Flow Per Share 3.05 3.02 2.76 2.63 1.89 2.55 1.94 1.46 Tang Book Value Per Share 4.11 4.60 4.82 5.42 4.80 4.13 4.15 3.60 Dividends Per Share 0.940 0.920 0.900 0.760 0.560 0.480 0.380 0.300 Dividend Payout % 51.37 45.54 40.54 29.46 32.94 25.95 24.05 26.32 Income Statement Total Revenue 1,300,800 636,900 2,992,700 3,187,900 2,996,700 2,685,900 2,536,500 2,356,000 EBITDA 199,400 90,000 561,400 638,100 601,000 534,900 472,900 352,200 Depn & Amortn 40,000 20,100 78,300 71,900 70,100 65,100 63,000 59,800 Income Before Taxes 154,700 67,700 472,100 557,800 520,800 462,500 402,500 286,700 Income Taxes 35,200 16,000 102,100 113,600 224,300 136,000 119,600 78,900 Net Income 119,500 51,700 370,000 444,200 296,500 326,500 282,900 207,800 Average Shares 162,173 162,897 166,710 172,194 174,605 176,825 179,009 181,973 Balance Sheet Current Assets 1,444,400 1,442,500 1,500,400 1,638,500 1,766,800 1,562,000 1,455,300 1,319,000 Total Assets 2,984,200 2,983,000 3,058,000 3,071,500 3,197,300 2,891,000 2,646,500 2,515,300 Current Liabilities 735,400 699,100 766,500 785,300 788,500 765,600 653,200 605,200 Long-Term Obligations 274,300 335,600 277,200 221,400 402,900 316,400 236,100 210,100 Total Liabilities 1,326,100 1,366,700 1,391,200 1,354,500 1,548,500 1,375,700 1,204,200 1,134,000 Stockholders' Equity 1,658,100 1,616,300 1,666,800 1,717,000 1,648,800 1,515,300 1,442,300 1,381,300 Shares Outstanding 190,707 161,140 162,371 168,159 171,663 173,441 175,896 178,799 Statistical Record Return on Assets % 9.68 10.85 12.07 14.17 9.74 11.76 10.96 8.47 Return on Equity % 17.62 19.75 21.87 26.39 18.74 22.02 20.04 15.34 EBITDA Margin % 15.33 14.13 18.76 20.02 20.06 19.92 18.64 14.95 Net Margin % 9.19 8.12 12.36 13.93 9.89 12.16 11.15 8.82 Asset Turnover 0.90 0.94 0.98 1.02 0.98 0.97 0.98 0.96 Current Ratio 1.96 2.06 1.96 2.09 2.24 2.04 2.23 2.18 Debt to Equity 0.17 0.21 0.17 0.13 0.24 0.21 0.16 0.15 Price Range 52.08-34.75 56.49-34.75 56.49-40.50 67.84-41.41 63.42-47.19 51.41-31.03 40.43-27.11 28.40-22.34 P/E Ratio 28.46-18.99 27.97-17.20 25.45-18.24 26.29-16.05 37.31-27.76 27.79-16.77 25.59-17.16 24.91-19.60 Average Yield % 2.08 1.97 1.86 1.31 1.02 1.13 1.11 1.21 Address: 11270 West Park Place, Officers: Kevin J. Wheeler - Chairman, President, Investor Contact: 414-359-4130 No of Institutions: 676 Milwaukee, WI 53224-9508 Chief Executive Officer, Chief Operating Officer, Telephone: 414-359-4000 Senior Vice President, Region Officer James F. Stern - Shares: 163,806,480 % Held: 79.20 Web Site: www.aosmith.com Executive Vice President, General Counsel, Secretary, Vice President Transfer Agents: EQ Shareowner Services, St. Paul, MN
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239
SONOCO PRODUCTS CO. Exchange NYS
Symbol SON
Price $51.07 (9/30/2020)
52Wk Range 62.39-37.92
Yield 3.37
P/E 18.91
*12 Month Price Score 96.30 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.54 0.43 0.72 0.06 2018 0.73 0.88 0.72 0.76 2019 0.73 0.80 0.91 0.44 2020 0.80 0.55 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.43Q 10/14/2019 11/07/2019 11/08/2019 12/10/2019 0.43Q 02/12/2020 02/25/2020 02/26/2020 03/10/2020 0.43Q 04/15/2020 05/07/2020 05/08/2020 06/10/2020 0.43Q 07/15/2020 08/07/2020 08/10/2020 09/10/2020 Indicated Div: $1.72 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $3.26 (08/26/2020) Market Cap $5.1 Billion Book Value $1.8 Billion TRADING VOLUME (thousand shares) Price/Book 2.85 Price/Sales 0.98 Dividend Achiever Status 10 Year Growth Rate 4.64% Total Years of Dividend Growth 36 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 96.88 *NYSE Composite Index=100 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 200 150 100 50 0
2011
2012
2013
Business Summary: Containers & Packaging (MIC: 8.1.3 SIC: 2671 NAIC: 322221) Sonoco Products is a manufacturer of industrial and consumer packaging products and a provider of packaging services. Co.'s segments are: Consumer Packaging, which includes round composite cans, shaped rigid paperboard containers, fiber and plastic caulk/adhesive tubes, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; Paper and Industrial Converted Products, which include recycled paperboard, chipboard, tubeboard, lightweight corestock, boxboard, linerboard, corrugating medium, edgeboard, paper grades, and adhesives; Display and Packaging, which include point-of-purchase displays; and Protective Solutions, which include packaging and components. Recent Developments: For the quarter ended June 28 2020, net income decreased 32.3% to US$55.0 million from US$81.3 million in the year-earlier quarter. Revenues were US$1.25 billion, down 8.4% from US$1.36 billion the year before. Operating income was US$103.7 million versus US$129.8 million in the prior-year quarter, a decrease of 20.1%. Direct operating expenses declined 8.0% to US$997.5 million from US$1.08 billion in the comparable period the year before. Indirect operating expenses decreased 0.9% to US$144.3 million from US$145.6 million in the equivalent prior-year period. Prospects: Our evaluation of Sonoco Products Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and SON has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that SON will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.70 2.95 2.88 3.10 1.74 2.81 2.44 2.32 Cash Flow Per Share 6.61 4.18 4.23 5.87 3.49 3.93 4.46 4.09 Tang Book Value Per Share 0.13 N.M. N.M. 0.98 1.35 2.17 1.26 0.43 Dividends Per Share 1.720 1.720 1.700 1.620 1.540 1.460 1.370 1.270 Dividend Payout % 63.70 58.31 59.03 52.26 88.51 51.96 56.15 54.74 Income Statement Total Revenue 2,548,781 1,303,296 5,374,207 5,390,938 5,036,650 4,782,877 4,964,369 5,014,534 EBITDA 342,098 183,348 628,909 625,221 545,348 666,129 562,432 561,422 Depn & Amortn 123,447 60,824 186,540 188,533 178,049 173,295 179,888 169,911 Income Before Taxes 183,921 106,479 380,766 378,531 314,554 441,277 327,946 339,120 Income Taxes 49,986 26,756 93,269 75,008 146,589 164,631 87,738 108,922 Net Income 135,656 80,445 291,785 313,560 175,345 286,434 250,136 239,165 Average Shares 101,109 101,071 101,176 101,016 100,852 101,782 102,392 103,172 Balance Sheet Current Assets 2,238,662 1,513,828 1,521,196 1,519,272 1,563,636 1,348,768 1,307,378 1,390,283 Total Assets 5,738,860 5,012,137 5,126,289 4,583,465 4,557,721 3,923,203 4,020,269 4,209,996 Current Liabilities 1,576,272 1,363,804 1,404,492 1,082,930 999,970 802,616 922,516 905,445 Long-Term Obligations 1,618,640 1,187,904 1,193,135 1,189,717 1,288,002 1,020,698 1,021,854 1,200,885 Total Liabilities 3,941,522 3,267,873 3,323,607 2,824,379 2,850,655 2,390,845 2,507,340 2,702,873 Stockholders' Equity 1,797,338 1,744,264 1,802,682 1,759,086 1,707,066 1,532,358 1,512,929 1,507,123 Shares Outstanding 100,330 100,329 100,198 99,829 99,414 99,193 100,944 100,603 Statistical Record Return on Assets % 5.10 6.00 6.01 6.86 4.14 7.19 6.08 5.84 Return on Equity % 14.99 16.90 16.38 18.09 10.83 18.76 16.57 14.86 EBITDA Margin % 13.42 14.07 11.70 11.60 10.83 13.93 11.33 11.20 Net Margin % 5.32 6.17 5.43 5.82 3.48 5.99 5.04 4.77 Asset Turnover 0.98 1.07 1.11 1.18 1.19 1.20 1.21 1.22 Current Ratio 1.42 1.11 1.08 1.40 1.56 1.68 1.42 1.54 Debt to Equity 0.90 0.68 0.66 0.68 0.75 0.67 0.68 0.80 Price Range 66.38-37.92 66.38-37.92 66.38-51.51 58.38-46.60 55.45-47.15 55.25-37.01 47.44-37.26 44.50-37.55 P/E Ratio 24.59-14.04 22.50-12.85 23.05-17.89 18.83-15.03 31.87-27.10 19.66-13.17 19.44-15.27 19.18-16.19 Average Yield % 3.10 2.92 2.84 3.04 2.98 3.01 3.18 3.06 Address: 1 N. Second St., Hartsville, Officers: John R. Haley - Chairman, Vice-Chairman Investor Contact: 843-339-6018 No of Institutions: 604 SC 29550 Robert Howard Coker - President, Chief Executive Shares: 99,353,744 % Held: 78.63 Telephone: 843-383-7000 Officer, Group Vice President, Division Officer Transfer Agents:Continental Stock Transfer & Trust Web Site: www.sonoco.com Company, New York, NY
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241
SOUTHERN COMPANY (THE) Exchange NYS
Symbol SO
Price $54.22 (9/30/2020)
52Wk Range 70.85-43.23
Yield 4.72
P/E 17.78
*12 Month Price Score 89.04 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.66 (1.37) 1.06 0.49 2018 0.92 (0.15) 1.13 0.26 2019 1.99 0.85 1.25 0.41 2020 0.81 0.58 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.62Q 10/21/2019 11/15/2019 11/18/2019 12/06/2019 0.62Q 01/17/2020 02/14/2020 02/18/2020 03/06/2020 0.64Q 04/20/2020 05/15/2020 05/18/2020 06/08/2020 0.64Q 07/20/2020 08/14/2020 08/17/2020 09/08/2020 Indicated Div: $2.56 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $3.17 (09/03/2020) Market Cap $57.3 Billion Book Value $32.3 Billion TRADING VOLUME (thousand shares) Price/Book 1.78 Price/Sales 2.79 Dividend Achiever Status 10 Year Growth Rate 3.57% Total Years of Dividend Growth 18 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 106.51 *NYSE Composite Index=100 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 3000 2000 1000 0
2011
2012
2013
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221119) Southern is a holding company. Through its subsidiaries, Alabama Power Company, Georgia Power Company, and Mississippi Power Company, Co. is engaged in the generation, transmission, distribution, and purchase of electricity and the sale of electric service in Alabama, Georgia, and Mississippi. Co.'s Southern Power Company subsidiary develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. Co.'s Southern Company Gas subsidiary is an energy services holding company whose primary business is the distribution of natural gas in Illinois, Georgia, Virginia, and Tennessee. Recent Developments: For the quarter ended June 30 2020, net income decreased 33.3% to US$621.0 million from US$931.0 million in the year-earlier quarter. Revenues were US$4.62 billion, down 9.4% from US$5.10 billion the year before. Operating income was US$1.06 billion versus US$1.34 billion in the prior-year quarter, a decrease of 21.2%. Direct operating expenses declined 17.3% to US$2.24 billion from US$2.71 billion in the comparable period the year before. Indirect operating expenses increased 26.2% to US$1.32 billion from US$1.05 billion in the equivalent prior-year period. Prospects: Our evaluation of Southern Company as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and SO has posted results in line with analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that SO will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.05 3.32 4.50 2.17 0.84 2.55 2.59 2.18 Cash Flow Per Share 5.78 5.61 5.53 6.81 6.39 5.13 6.89 6.48 Tang Book Value Per Share 25.05 25.00 20.87 18.46 17.22 17.83 22.72 22.39 Dividends Per Share 2.500 2.480 2.460 2.380 2.300 2.223 2.152 2.083 Dividend Payout % 81.97 74.70 54.67 109.68 273.81 87.16 83.11 95.53 Income Statement Total Revenue 9,638,000 5,018,000 21,419,000 23,495,000 23,031,000 19,896,000 17,489,000 18,467,000 EBITDA 4,355,000 2,349,000 11,154,000 7,574,000 4,690,000 7,240,000 6,841,000 6,117,000 Depn & Amortn 1,916,000 949,000 3,038,000 3,131,000 2,034,000 2,502,000 2,395,000 2,293,000 Income Before Taxes 1,539,000 944,000 6,380,000 2,601,000 962,000 3,421,000 3,629,000 3,008,000 Income Taxes 150,000 145,000 1,798,000 449,000 142,000 951,000 1,194,000 977,000 Net Income 1,487,000 872,000 4,754,000 2,242,000 880,000 2,493,000 2,421,000 2,031,000 Average Shares 1,063,000 1,067,000 1,054,000 1,025,000 1,008,000 958,000 914,000 901,000 Balance Sheet Current Assets 9,069,000 9,430,000 9,817,000 9,583,000 10,072,000 9,722,000 6,526,000 6,370,000 Total Assets 119,731,000 118,852,000 118,700,000 116,914,000 111,005,000 109,697,000 78,318,000 70,923,000 Current Liabilities 9,334,000 9,553,000 12,546,000 14,286,000 13,594,000 12,917,000 9,129,000 8,967,000 Long-Term Obligations 45,138,000 44,235,000 41,798,000 40,736,000 44,462,000 42,629,000 24,688,000 20,841,000 Total Liabilities 87,479,000 86,645,000 90,904,000 91,900,000 86,514,000 84,212,000 56,999,000 49,622,000 Stockholders' Equity 32,252,000 32,207,000 27,796,000 25,014,000 24,491,000 25,485,000 21,319,000 21,301,000 Shares Outstanding 1,056,130 1,055,955 1,053,251 1,033,788 1,007,603 990,394 911,721 907,777 Statistical Record Return on Assets % 2.77 3.04 4.04 1.97 0.80 2.64 3.24 3.00 Return on Equity % 10.22 12.01 18.00 9.06 3.52 10.62 11.36 9.80 EBITDA Margin % 45.19 46.81 52.08 32.24 20.36 36.39 39.12 33.12 Net Margin % 15.43 17.38 22.20 9.54 3.82 12.53 13.84 11.00 Asset Turnover 0.18 0.18 0.18 0.21 0.21 0.21 0.23 0.27 Current Ratio 0.97 0.99 0.78 0.67 0.74 0.75 0.71 0.71 Debt to Equity 1.40 1.37 1.50 1.63 1.82 1.67 1.16 0.98 Price Range 70.85-43.23 70.85-43.23 63.86-43.72 49.08-42.66 53.25-46.78 54.54-46.45 52.79-41.61 50.88-40.40 P/E Ratio 23.23-14.17 21.34-13.02 14.19-9.72 22.62-19.66 63.39-55.69 21.39-18.22 20.38-16.07 23.34-18.53 Average Yield % 4.19 4.19 4.42 5.27 4.62 4.43 4.78 4.70 Address: 30 Ivan Allen Jr. Boulevard, Officers: Thomas A. Fanning - Chairman, President, No of Institutions: 1927 Shares: 738,171,456 % Held: 65.42 N.W., Atlanta, GA 30308 Chief Executive Officer, Executive Vice President, Telephone: 404-506-5000 Chief Operating Officer Andrew W. Evans - Executive Web Site: www.southerncompany.com Vice President, Chief Financial Officer Transfer Agents:ComputerShare, College Station, TX
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SPIRE INC Exchange NYS
Symbol SR
Price $53.20 (9/30/2020)
52Wk Range 87.60-51.52
105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 200 150 100 50 0
2011
2012
2013
Yield 4.68
*12 Month Price Score 76.84 Interim Earnings (Per Share) Qtr. Dec Mar Jun 2016-17 0.99 2.36 0.45 2017-18 2.39 2.03 0.52 2018-19 1.32 3.04 (0.09) 2019-20 1.24 2.54 (1.87) Interim Dividends (Per Share) Amt Decl Ex Rec 0.623Q 11/14/2019 12/10/2019 12/11/2019 0.623Q 02/05/2020 03/10/2020 03/11/2020 0.623Q 05/08/2020 06/10/2020 06/11/2020 0.623Q 08/05/2020 09/10/2020 09/11/2020 Indicated Div: $2.49 Valuation Analysis Forecast EPS $3.72 (09/01/2020) Market Cap $2.7 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.07 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 100.17 *NYSE Composite Index=100
P/E 45.86 Sep (0.32) (0.58) (0.75) ...
Pay 01/03/2020 04/02/2020 07/02/2020 10/02/2020
$2.6 Billion 1.50
4.47% 16
Business Summary: Gas Utilities (MIC: 3.3.1 SIC: 4924 NAIC: 221210) Spire is the holding company for Spire Missouri Inc. (Spire Missouri), Spire Alabama Inc. (Spire Alabama), other gas utilities, and gas-related businesses. Co.'s segments are: Gas Utility, which includes Spire Missouri, a natural gas distribution utility system in Missouri, and Spire Alabama, a public utility engaged in the purchase, retail distribution and sale of natural gas principally in central and northern Alabama; and Gas Marketing, which includes Co.'s subsidiary, Spire Marketing Inc. that is engaged in the marketing of natural gas and providing energy services to both on-system utility transportation customers and customers outside of the service areas. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$92.3 million versus a net loss of US$3.0 million in the year-earlier quarter. Revenues were US$321.1 million, down 0.1% from US$321.3 million the year before. Operating loss was US$106.5 million versus an income of US$13.3 million in the prior-year quarter. Direct operating expenses rose 44.5% to US$379.8 million from US$262.9 million in the comparable period the year before. Indirect operating expenses increased 6.0% to US$47.8 million from US$45.1 million in the equivalent prior-year period. Prospects: Our evaluation of Spire Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while SR has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that SR will perform very poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share 1.16 2.94 3.44 3.52 4.33 3.43 3.24 3.16 Cash Flow Per Share 9.06 9.32 8.74 8.89 9.30 6.15 7.42 7.46 Tang Book Value Per Share 22.24 24.44 22.94 22.22 21.39 16.98 13.22 14.48 Dividends Per Share 2.460 2.430 2.400 2.370 2.250 2.100 1.960 1.840 Dividend Payout % 212.07 82.65 69.77 67.33 51.96 61.22 60.49 58.23 Income Statement Total Revenue 1,603,500 1,282,400 566,900 1,952,400 1,965,000 1,740,700 1,537,300 1,976,400 EBITDA 352,300 395,700 155,500 505,200 454,500 482,400 428,200 404,300 Depn & Amortn 146,800 96,700 47,500 181,700 168,400 154,100 137,500 130,800 Income Before Taxes 125,200 245,100 81,300 219,100 187,700 239,200 213,500 198,900 Income Taxes 16,900 44,500 14,300 34,500 (26,500) 77,600 69,300 62,000 Net Income 108,300 200,600 67,000 184,600 214,200 161,600 144,200 136,900 Average Shares 51,200 51,100 51,100 50,800 49,300 47,000 44,300 43,300 Balance Sheet Current Assets 559,300 718,800 776,400 614,500 659,600 725,500 569,600 530,100 Total Assets 7,822,600 8,018,000 7,961,000 7,619,200 6,843,600 6,546,700 6,077,400 5,290,200 Current Liabilities 1,107,800 1,152,500 1,252,500 1,468,800 1,321,700 1,097,900 1,161,300 853,800 Long-Term Obligations 2,478,300 2,484,800 2,484,400 2,082,600 1,900,100 1,995,000 1,833,700 1,771,500 Total Liabilities 5,264,200 5,352,400 5,375,000 5,072,800 4,588,200 4,555,400 4,309,200 3,716,600 Stockholders' Equity 2,558,400 2,665,600 2,586,000 2,546,400 2,255,400 1,991,300 1,768,200 1,573,600 Shares Outstanding 51,477 51,229 51,100 50,973 50,671 48,263 45,650 43,335 Statistical Record Return on Assets % 0.98 2.14 2.43 2.55 3.20 2.56 2.53 2.64 Return on Equity % 2.86 6.44 7.57 7.69 10.09 8.60 8.61 8.88 EBITDA Margin % 21.97 30.86 27.43 25.88 23.13 27.71 27.85 20.46 Net Margin % 6.75 15.64 11.82 9.46 10.90 9.28 9.38 6.93 Asset Turnover 0.24 0.24 0.25 0.27 0.29 0.28 0.27 0.38 Current Ratio 0.50 0.62 0.62 0.42 0.50 0.66 0.49 0.62 Debt to Equity 0.97 0.93 0.96 0.82 0.84 1.00 1.04 1.13 Price Range 87.60-60.26 87.60-60.26 87.24-72.41 87.24-71.15 82.25-61.30 77.40-59.97 70.84-54.53 56.02-46.15 P/E Ratio 75.52-51.95 29.80-20.50 25.36-21.05 24.78-20.21 19.00-14.16 22.57-17.48 21.86-16.83 17.73-14.60 Average Yield % 3.10 2.94 2.93 2.95 3.10 3.09 3.09 3.54
Address: 700 Market Street, St. Louis, MO 63101 Telephone: 314-342-0500 Web Site:
Officers: Edward L. Glotzbach - Chairman Suzanne Sitherwood - President, Chief Executive Officer Transfer Agents:Computershare Trust Company, N.A., Providence, RI
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Investor Contact: 314-342-0878 No of Institutions: 392 Shares: 49,557,640 % Held: N/A
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STEPAN CO. Exchange NYS
Symbol SCL
Price $109.00 (9/30/2020)
52Wk Range 117.76-71.35
Yield 1.01
100%
*7 Year Price Score 122.42 *NYSE Composite Index=100 *12 Month Price Score 111.47 Interim Earnings (Per Share) Qtr. Mar Jun Sep 120 115 2017 1.37 1.19 0.94 110 2018 1.31 1.41 0.95 105 2019 1.07 1.30 1.11 100 2020 1.18 1.54 ... 95 90 Interim Dividends (Per Share) 85 Amt Decl Ex Rec 80 75 0.275Q 10/22/2019 11/27/2019 11/29/2019 70 0.275Q 02/19/2020 03/04/2020 03/05/2020 65 0.275Q 04/20/2020 05/28/2020 05/29/2020 60 0.275Q 07/21/2020 08/28/2020 08/31/2020 55 50 Indicated Div: $1.10 45 Valuation Analysis 40 Forecast EPS $5.20 (08/29/2020) 35 30 Market Cap $2.4 Billion Book Value TRADING VOLUME (thousand shares) 40 Price/Book 2.72 Price/Sales 30 Dividend Achiever Status 20 10 Year Growth Rate 10 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 22.85 Dec 0.42 1.15 0.94 ...
Pay 12/13/2019 03/13/2020 06/15/2020 09/15/2020
$897.4 Million 1.35
8.58% 52
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 2843 NAIC: 325613) Stepan is engaged in the production and sale of specialty and intermediate chemicals, which are sold to other manufacturers for use in a variety of end products. Co. has three reportable segments: Surfactants, which are used in a variety of consumer and industrial cleaning compounds as well as in agricultural products, lubricating ingredients, oil field chemicals and other applications; Polymers, which are used primarily in plastics, building materials, refrigeration systems and coatings, adhesives, sealants and elastomers applications; and Specialty Products, which are used in food, flavoring, nutritional supplement and pharmaceutical applications. Recent Developments: For the quarter ended June 30 2020, net income increased 18.6% to US$35.8 million from US$30.2 million in the year-earlier quarter. Revenues were US$460.5 million, down 2.6% from US$473.0 million the year before. Operating income was US$44.6 million versus US$41.1 million in the prior-year quarter, an increase of 8.7%. Direct operating expenses declined 4.7% to US$362.1 million from US$380.0 million in the comparable period the year before. Indirect operating expenses increased 3.8% to US$53.9 million from US$51.9 million in the equivalent prior-year period. Prospects: Our evaluation of Stepan Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been unchanged while SCL has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that SCL will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.77 4.53 4.42 4.83 3.92 3.73 3.32 2.49 Cash Flow Per Share 8.65 9.01 9.47 7.43 8.67 9.28 8.06 3.60 Tang Book Value Per Share 38.36 36.85 37.77 33.17 30.94 26.17 23.69 22.61 Dividends Per Share 1.075 1.050 1.025 0.925 0.840 0.775 0.730 0.690 Dividend Payout % 22.54 23.18 23.19 19.15 21.43 20.78 21.99 27.71 Income Statement Total Revenue 910,536 449,987 1,858,745 1,993,857 1,925,007 1,766,166 1,776,167 1,927,213 EBITDA 126,131 56,765 210,532 231,809 229,703 201,988 191,359 155,788 Depn & Amortn 40,329 20,023 78,701 81,115 79,022 74,967 66,985 63,804 Income Before Taxes 83,313 35,512 125,899 139,923 139,237 113,816 109,841 80,543 Income Taxes 19,931 7,973 22,798 27,173 47,690 27,618 26,819 18,454 Net Income 63,252 27,545 103,129 112,762 91,578 86,191 75,968 57,101 Average Shares 23,184 23,285 23,316 23,325 23,377 23,094 22,858 22,917 Balance Sheet Current Assets 796,376 768,544 818,789 802,530 788,736 685,541 619,573 575,556 Total Assets 1,543,408 1,506,300 1,579,367 1,484,666 1,470,861 1,353,890 1,239,661 1,162,014 Current Liabilities 319,172 310,158 339,114 338,582 320,253 297,265 243,244 249,513 Long-Term Obligations 212,309 226,526 198,532 239,022 268,299 288,859 313,817 246,897 Total Liabilities 645,979 639,522 687,584 700,900 730,765 719,286 682,677 626,468 Stockholders' Equity 897,429 866,778 891,783 783,766 740,096 634,604 556,984 535,546 Shares Outstanding 22,405 22,465 22,513 22,505 22,509 22,424 22,280 22,255 Statistical Record Return on Assets % 7.24 6.97 6.73 7.63 6.48 6.63 6.33 4.90 Return on Equity % 12.67 12.45 12.31 14.80 13.32 14.43 13.91 10.50 EBITDA Margin % 13.85 12.61 11.33 11.63 11.93 11.44 10.77 8.08 Net Margin % 6.95 6.12 5.55 5.66 4.76 4.88 4.28 2.96 Asset Turnover 1.18 1.20 1.21 1.35 1.36 1.36 1.48 1.65 Current Ratio 2.50 2.48 2.41 2.37 2.46 2.31 2.55 2.31 Debt to Equity 0.24 0.26 0.22 0.30 0.36 0.46 0.56 0.46 Price Range 105.48-71.35 105.48-71.35 102.44-72.71 90.10-68.42 91.52-70.75 86.38-41.88 55.18-37.74 66.47-37.02 P/E Ratio 22.11-14.96 23.28-15.75 23.18-16.45 18.65-14.17 23.35-18.05 23.16-11.23 16.62-11.37 26.69-14.87 Average Yield % 1.13 1.11 1.11 1.15 1.03 1.23 1.57 1.31 Address: 22 West Frontage Road, Officers: F. Quinn Stepan - Chairman, President, Investor Contact: 847-446-7500 No of Institutions: 288 Northfield, IL 60093 Chief Executive Officer Frank Pacholec - Vice Telephone: 847-446-7500 Shares: 20,999,504 % Held: 80.28 President, Vice President (frmr), Chief Sustainability Web Site: www.stepan.com Officer, Interim Chief Technology Officer Transfer Agents:Computershare Investor Services, LLC, Chicago, IL
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251
TANGER FACTORY OUTLET CENTERS, INC. Exchange NYS
Symbol SKT
Price $6.03 (9/30/2020)
52Wk Range 17.71-4.26
100%
70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 2000 1500 1000 500 0
2011
2012
2013
Yield N/A
*12 Month Price Score 57.75 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.23 0.31 (0.17) 2018 0.24 0.24 (0.24) 2019 0.66 0.15 0.25 2020 (0.30) (0.25) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.355Q 07/11/2019 07/30/2019 07/31/2019 0.355Q 10/10/2019 10/30/2019 10/31/2019 0.355Q 01/09/2020 01/30/2020 01/31/2020 0.357Q 01/27/2020 04/29/2020 04/30/2020 Valuation Analysis Forecast EPS $-0.58 (08/29/2020) Market Cap $563.6 Million Book Value TRADING VOLUME (thousand shares) Price/Book 1.80 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 34.19 *NYSE Composite Index=100
P/E N/A Dec 0.33 0.20 (0.13) ...
Pay 08/15/2019 11/15/2019 02/14/2020 05/15/2020
$313.5 Million 1.36
6.36% 26
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) Tanger Factory Outlet Centers is a self-administered and self-managed real estate investment trust, which focuses on developing, acquiring, owning, operating and managing outlet shopping centers. Co.'s outlet centers and other assets are held by, and all of its operations are conducted by, Tanger Properties Limited Partnership and subsidiaries (Operating Partnership). Co. owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$23.9 million versus net income of US$14.5 million in the year-earlier quarter. Revenues were US$64.0 million, down 44.7% from US$115.7 million the year before. Revenues from property income fell 44.6% to US$62.3 million from US$112.4 million in the corresponding quarter a year earlier. Prospects: Our evaluation of Tanger Factory Outlet Centers Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and SKT has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that SKT will perform very well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (0.43) (0.03) 0.93 0.45 0.71 2.01 2.20 0.77 Cash Flow Per Share 1.53 2.32 2.38 2.77 2.68 2.51 2.33 2.01 Tang Book Value Per Share 3.35 3.55 2.69 2.95 3.77 4.47 3.81 2.96 Dividends Per Share 1.423 1.420 1.415 1.393 1.353 1.260 1.305 0.945 Dividend Payout % ... ... 152.15 309.44 190.49 62.69 59.32 122.73 Income Statement Total Revenue 175,623 111,633 478,348 494,681 488,234 465,834 439,369 418,558 EBITDA (16,184) (13,213) 253,690 223,658 242,609 349,911 350,808 206,336 Depn & Amortn 2,238 1,237 107,129 114,198 107,845 96,813 85,900 80,100 Income Before Taxes (50,561) (29,646) 84,889 44,639 69,939 193,457 210,684 69,099 Net Income (49,570) (26,882) 87,855 43,655 68,002 193,744 211,200 74,011 Average Shares 92,632 92,500 92,808 93,310 94,522 95,345 94,759 93,839 Balance Sheet Current Assets 338,606 600,454 16,672 9,083 6,101 12,222 142,864 62,880 Total Assets 2,563,792 2,791,769 2,285,211 2,384,902 2,540,105 2,526,214 2,326,707 2,097,660 Current Liabilities 70,895 90,659 79,562 82,676 90,416 78,143 125,784 97,946 Long-Term Obligations 1,965,892 2,167,554 1,569,773 1,712,918 1,763,651 1,687,866 1,563,806 1,443,194 Total Liabilities 2,250,281 2,461,536 1,852,005 1,904,723 1,958,527 1,855,998 1,751,570 1,600,841 Stockholders' Equity 313,511 330,233 433,206 480,179 581,578 670,216 575,137 496,819 Shares Outstanding 93,472 93,076 92,892 93,941 94,560 96,095 95,880 95,509 Statistical Record Return on Assets % N.M. N.M. 3.76 1.77 2.68 7.96 9.55 3.61 Return on Equity % N.M. N.M. 19.24 8.22 10.86 31.03 39.40 14.53 EBITDA Margin % N.M. N.M. 53.03 45.21 49.69 75.11 79.84 49.30 Net Margin % N.M. N.M. 18.37 8.82 13.93 41.59 48.07 17.68 Asset Turnover 0.17 0.18 0.20 0.20 0.19 0.19 0.20 0.20 Current Ratio 4.78 6.62 0.21 0.11 0.07 0.16 1.14 0.64 Debt to Equity 6.27 6.56 3.62 3.57 3.03 2.52 2.72 2.90 Price Range 17.71-4.26 20.52-5.00 23.06-13.82 26.27-19.85 37.17-22.19 41.74-29.67 40.55-30.58 37.65-32.02 P/E Ratio ... ... 24.80-14.86 58.38-44.11 52.35-31.25 20.77-14.76 18.43-13.90 48.90-41.58 Average Yield % 11.33 9.22 8.01 6.08 4.82 3.47 3.79 2.70
Address: 3200 Northline Avenue, Suite 360, Greensboro, NC 27408 Telephone: 336-292-3010 Web Site: www.tangeroutlet.com
Officers: Stephen Yalof - President, Chief Operating Officer Steven B. Tanger - President, Chief Executive Officer Transfer Agents: Computershare Trust Company, NA, Providence, RI
252
Investor Contact: 336-834-6892 No of Institutions: 423 Shares: 100,302,088 % Held: 84.19
TARGET CORP Exchange NYS
Symbol TGT
Price $157.42 (9/30/2020)
52Wk Range 157.42-91.04
Yield 1.73
P/E 22.75
*7 Year Price Score 137.65 *NYSE Composite Index=100 *12 Month Price Score 118.98 Interim Earnings (Per Share) Qtr. Apr Jul Oct Jan 160 2017-18 1.23 1.22 0.88 2.01 150 2018-19 1.33 1.49 1.17 1.52 140 2019-20 1.53 1.82 1.39 1.62 130 2020-21 0.56 3.35 ... ... 120 Interim Dividends (Per Share) 110 Amt Decl Ex Rec Pay 100 0.66Q 01/08/2020 02/18/2020 02/19/2020 03/10/2020 0.66Q 03/12/2020 05/19/2020 05/20/2020 06/10/2020 90 0.68Q 06/11/2020 08/18/2020 08/19/2020 09/10/2020 80 0.68Q 09/24/2020 11/17/2020 11/18/2020 12/10/2020 70 Indicated Div: $2.72 (Div. Reinv. Plan) 60 Valuation Analysis 50 Forecast EPS $7.22 (09/03/2020) 40 Market Cap $78.7 Billion Book Value $12.6 Billion TRADING VOLUME (thousand shares) 3000 Price/Book 6.26 Price/Sales 0.93 2000 Dividend Achiever Status 1000 10 Year Growth Rate 14.69% 0 Total Years of Dividend Growth 48 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Retail - General Merchandise/Department Stores (MIC: 2.1.1 SIC: 5331 NAIC: 452990) Target provides its customers everyday essentials and merchandise. Co. sells an assortment of general merchandise and food. The majority of Co.'s general merchandise stores provide an edited food assortment, including perishables, dry grocery, dairy, and frozen items. Co.'s small format stores provide curated general merchandise and food assortments. Co.'s digital channels include merchandise assortment, including various items found in its stores, along with a complementary assortment. Co. also sells merchandise through periodic design and partnerships. Co.'s owned brands merchandise include: A New Day™, Archer Farms®, Art Class™, Ava & Viv®, Cat & Jack™, and Cloud Island™, among others. Recent Developments: For the quarter ended Aug 1 2020, income from continuing operations increased 80.2% to US$1.69 billion from US$938.0 million in the year-earlier quarter. Net income increased 80.2% to US$1.69 billion from US$938.0 million in the year-earlier quarter. Revenues were US$22.98 billion, up 24.7% from US$18.42 billion the year before. Operating income was US$2.30 billion versus US$1.32 billion in the prior-year quarter, an increase of 73.7%. Direct operating expenses rose 24.1% to US$15.67 billion from US$12.63 billion in the comparable period the year before. Indirect operating expenses increased 11.8% to US$5.00 billion from US$4.47 billion in the equivalent prior-year period. Prospects: Our evaluation of Target Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while TGT has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that TGT will perform in line with the market over the near term. Financial Data (US$ in Millions) 6 Mos 3 Mos 02/01/2020 02/02/2019 02/03/2018 01/28/2017 01/30/2016 01/31/2015 Earnings Per Share 6.92 5.39 6.36 5.51 5.33 4.70 5.31 (2.56) Cash Flow Per Share 18.84 16.12 13.97 11.33 12.46 9.44 9.34 7.01 Tang Book Value Per Share 25.14 22.34 22.11 20.47 20.17 19.23 21.06 21.39 Dividends Per Share 2.640 2.620 2.600 2.520 2.440 2.320 2.160 1.900 Dividend Payout % 38.15 48.61 40.88 45.74 45.78 49.36 40.68 ... Income Statement Total Revenue 42,590 19,615 78,112 75,356 71,879 69,495 73,785 72,618 EBITDA 4,002 1,087 7,258 6,597 6,741 7,249 7,721 6,643 Depn & Amortn 1,245 641 2,591 2,460 2,429 2,280 2,191 2,108 Income Before Taxes 2,518 329 4,190 3,676 3,646 3,965 4,923 3,653 Income Taxes 544 45 921 746 718 1,296 1,602 1,204 Net Income 1,974 284 3,281 2,937 2,934 2,737 3,363 (1,636) Average Shares 504 505 515 533 550 582 632 640 Balance Sheet Current Assets 17,623 14,615 12,902 12,519 12,564 11,990 14,130 14,087 Total Assets 48,000 44,806 42,779 41,290 38,999 37,431 40,262 41,404 Current Liabilities 15,892 14,412 14,487 15,014 13,201 12,708 12,622 11,736 Long-Term Obligations 14,188 14,073 11,338 10,223 11,317 11,031 11,945 12,705 Total Liabilities 35,422 33,637 30,946 29,993 27,290 26,478 27,305 27,407 Stockholders' Equity 12,578 11,169 11,833 11,297 11,709 10,953 12,957 13,997 Shares Outstanding 500 499 504 517 541 556 602 640 Statistical Record Return on Assets % 7.86 6.49 7.83 7.34 7.55 7.07 8.26 N.M. Return on Equity % 28.85 24.86 28.45 25.60 25.47 22.96 25.02 N.M. EBITDA Margin % 9.40 5.54 9.29 8.75 9.38 10.43 10.46 9.15 Net Margin % 4.63 1.45 4.20 3.90 4.08 3.94 4.56 N.M. Asset Turnover 1.89 1.88 1.86 1.88 1.85 1.79 1.81 1.69 Current Ratio 1.11 1.01 0.89 0.83 0.95 0.94 1.12 1.20 Debt to Equity 1.13 1.26 0.96 0.90 0.97 1.01 0.92 0.91 Price Range 129.21-80.79 129.21-70.78 129.21-70.15 89.26-61.13 78.58-50.18 83.98-63.70 85.01-67.59 77.13-55.07 P/E Ratio 18.67-11.67 23.97-13.13 20.32-11.03 16.20-11.09 14.74-9.41 17.87-13.55 16.01-12.73 ... Average Yield % 2.35 2.54 2.71 3.30 4.14 3.16 2.77 3.03 Address: 1000 Nicollet Mall, Officers: Brian C. Cornell - Chairman, Chief Investor Contact: 800-775-3110 Minneapolis, MN 55403 Executive Officer John J. Mulligan - Interim President, No of Institutions: 2253 Telephone: 612-304-6073 Shares: 544,675,904 % Held: 79.04 Interim Chief Executive Officer, Executive Vice Web Site: www.target.com President, Chief Operating Officer, Chief Financial Transfer Agents: Officer Mellon Investor Services, South Hackensack, N.J.
253
TELEPHONE & DATA SYSTEMS INC Exchange NYS
Symbol TDS
Price $18.44 (9/30/2020)
90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 300 200 100 0
2011
2012
2013
52Wk Range 26.68-15.26
Yield 3.69
*12 Month Price Score 96.96 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.33 0.09 (1.64) 2018 0.34 0.29 0.41 2019 0.50 0.28 0.15 2020 0.59 0.56 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.165Q 11/18/2019 12/13/2019 12/16/2019 0.17Q 02/20/2020 03/16/2020 03/17/2020 0.17Q 05/22/2020 06/15/2020 06/16/2020 0.17Q 08/12/2020 09/15/2020 09/16/2020 Indicated Div: $0.68 Valuation Analysis Forecast EPS $1.50 (08/30/2020) Market Cap $2.1 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.44 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 71.40 *NYSE Composite Index=100
P/E 13.17 Dec 2.58 0.13 0.10 ...
Pay 12/30/2019 03/31/2020 06/30/2020 09/30/2020
$4.7 Billion 0.41
4.38% 45
Business Summary: Services (MIC: 6.1.2 SIC: 4813 NAIC: 517110) Telephone and Data Systems provides communications services to customers with wireless connections and wireline and cable connections. Co. conducts its wireless operations through its majority-owned subsidiary, United States Cellular Corporation (U.S. Cellular). Co. has three business segments comprised of: U.S. Cellular, which provides service to postpaid and prepaid customers from a variety of demographic segments; and TDS Telecommunications LLC's Wireline and Cable, which provides a range of communications services to both residential and commercial customers. Recent Developments: For the quarter ended June 30 2020, net income increased 100.0% to US$78.0 million from US$39.0 million in the year-earlier quarter. Revenues were US$1.26 billion, unchanged from the year before. Operating income was US$78.0 million versus US$48.0 million in the prior-year quarter, an increase of 62.5%. Direct operating expenses declined 1.1% to US$547.0 million from US$553.0 million in the comparable period the year before. Indirect operating expenses decreased 3.3% to US$638.0 million from US$660.0 million in the equivalent prior-year period. Prospects: Our evaluation of Telephone and Data Systems Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and TDS has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that TDS will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.40 1.12 1.03 1.17 1.37 0.39 1.98 (1.26) Cash Flow Per Share 10.79 9.18 8.91 9.08 6.99 7.09 7.27 3.64 Tang Book Value Per Share 11.71 12.54 12.06 14.06 11.25 10.97 11.25 12.91 Dividends Per Share 0.670 0.665 0.660 0.640 0.620 0.592 0.564 0.536 Dividend Payout % 47.86 59.38 64.08 54.70 45.26 151.79 28.48 ... Income Statement Total Revenue 2,524,000 1,261,000 5,176,000 5,109,000 5,044,000 5,104,000 5,176,241 5,009,438 EBITDA 620,000 307,000 1,069,000 1,046,000 713,000 880,000 1,207,962 607,851 Depn & Amortn 470,000 235,000 890,000 839,000 817,000 820,000 810,500 797,600 Income Before Taxes 83,000 41,000 43,000 61,000 (259,000) (48,000) 294,526 (284,189) Income Taxes 12,000 3,000 64,000 46,000 (279,000) 40,000 171,992 (4,932) Net Income 135,000 69,000 121,000 135,000 153,000 43,000 219,037 (136,355) Average Shares 115,000 116,000 116,000 114,000 112,000 111,000 109,910 108,485 Balance Sheet Current Assets 2,086,000 1,950,000 1,921,000 2,330,000 1,966,000 2,059,000 2,158,343 1,766,955 Total Assets 11,161,000 10,895,000 10,781,000 9,783,000 9,295,000 9,446,000 9,422,462 8,906,939 Current Liabilities 882,000 900,000 962,000 879,000 918,000 887,000 944,384 1,063,256 Long-Term Obligations 2,487,000 2,365,000 2,316,000 2,418,000 2,437,000 2,433,000 2,439,827 1,993,586 Total Liabilities 6,423,000 6,175,000 6,128,000 5,223,000 5,026,000 5,301,000 5,296,088 4,979,837 Stockholders' Equity 4,738,000 4,720,000 4,653,000 4,560,000 4,269,000 4,145,000 4,126,374 3,927,102 Shares Outstanding 114,000 114,000 115,000 114,000 111,000 110,000 108,966 107,899 Statistical Record Return on Assets % 1.48 1.21 1.18 1.42 1.63 0.45 2.39 N.M. Return on Equity % 3.48 2.81 2.63 3.06 3.64 1.04 5.44 N.M. EBITDA Margin % 24.56 24.35 20.65 20.47 14.14 17.24 23.34 12.13 Net Margin % 5.35 5.47 2.34 2.64 3.03 0.84 4.23 N.M. Asset Turnover 0.47 0.48 0.50 0.54 0.54 0.54 0.56 0.56 Current Ratio 2.37 2.17 2.00 2.65 2.14 2.32 2.29 1.66 Debt to Equity 0.52 0.50 0.50 0.53 0.57 0.59 0.59 0.51 Price Range 33.44-15.26 33.68-15.26 36.81-21.93 35.97-24.13 32.75-24.81 31.75-20.99 30.56-23.25 27.84-22.23 P/E Ratio 23.89-10.90 30.07-13.62 35.74-21.29 30.74-20.62 23.91-18.11 81.41-53.82 15.43-11.74 ... Average Yield % 2.87 2.52 2.25 2.21 2.22 2.14 2.07 2.10
Address: 30 North LaSalle Street, Suite 4000, Chicago, IL 60602 Telephone: 312-630-1900 Web Site: www.teldta.com
Officers: Walter C.D. Carlson - Chairman LeRoy T. Investor Contact: 312-592-5341 Carlson - President, Chief Executive Officer Transfer No of Institutions: 389 Agents:Computershare Trust Company, N.A., Shares: 118,001,536 % Held: N/A Louisville, KY
254
TENNANT CO. Exchange NYS
Symbol TNC
Price $60.36 (9/30/2020)
52Wk Range 86.28-48.91
Yield 1.46
P/E 24.84
*12 Month Price Score 94.12 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 (0.22) (0.15) 0.20 (0.18) 2018 0.18 0.69 0.52 0.42 2019 0.29 0.81 0.79 0.59 2020 0.28 0.77 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.22Q 11/12/2019 11/27/2019 11/29/2019 12/16/2019 0.22Q 02/19/2020 02/28/2020 03/02/2020 03/16/2020 0.22Q 04/29/2020 05/28/2020 05/29/2020 06/15/2020 0.22Q 08/12/2020 08/28/2020 08/31/2020 09/15/2020 Indicated Div: $0.88 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.64 (08/19/2020) Market Cap $1.1 Billion Book Value $371.7 Million TRADING VOLUME (thousand shares) Price/Book 3.00 Price/Sales 1.07 Dividend Achiever Status 10 Year Growth Rate 5.20% Total Years of Dividend Growth 47 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 93.93 *NYSE Composite Index=100 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 75 50 25 0
2011
2012
2013
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 3589 NAIC: 333319) Tennant is a manufacturer of floor cleaning equipment. Co. provides products and solutions consisting of mechanized cleaning equipment, detergent-free and other cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions such as financing, rental and leasing programs, and machine-to-machine asset management solutions. Co.'s products are used in several types of environments including retail establishments, distribution centers, factories and warehouses, public venues such as arenas and stadiums, office buildings, schools and universities, hospitals and clinics, parking lots and streets. Recent Developments: For the quarter ended June 30 2020, net income decreased 3.4% to US$14.3 million from US$14.8 million in the year-earlier quarter. Revenues were US$214.0 million, down 28.6% from US$299.7 million the year before. Operating income was US$22.9 million versus US$19.9 million in the prior-year quarter, an increase of 15.1%. Direct operating expenses declined 31.0% to US$123.4 million from US$178.9 million in the comparable period the year before. Indirect operating expenses decreased 32.9% to US$67.7 million from US$100.9 million in the equivalent prior-year period. Prospects: Our evaluation of Tennant Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while TNC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that TNC will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.43 2.47 2.48 1.82 (0.35) 2.59 1.74 2.70 Cash Flow Per Share 5.97 5.04 3.97 4.46 3.06 3.29 2.51 3.26 Tang Book Value Per Share 2.77 1.98 1.48 N.M. N.M. 14.19 13.09 13.40 Dividends Per Share 0.880 0.880 0.880 0.850 0.840 0.810 0.800 0.780 Dividend Payout % 36.21 35.63 35.48 46.70 ... 31.27 45.98 28.89 Income Statement Total Revenue 466,100 252,100 1,137,600 1,123,511 1,003,066 808,572 811,799 821,983 EBITDA 59,600 24,000 126,200 110,569 64,950 85,331 68,115 88,652 Depn & Amortn 26,400 13,500 54,400 54,420 43,253 17,891 16,550 17,694 Income Before Taxes 24,200 6,300 54,000 35,842 (1,292) 66,491 50,424 69,538 Income Taxes 4,700 1,100 8,100 2,304 4,913 19,877 18,336 18,887 Net Income 19,500 5,200 45,800 33,412 (6,195) 46,614 32,088 50,651 Average Shares 18,584 18,666 18,453 18,338 17,695 17,976 18,493 18,740 Balance Sheet Current Assets 460,900 585,200 481,000 468,644 423,115 297,922 293,644 347,089 Total Assets 1,028,200 1,150,200 1,062,900 992,544 993,977 470,037 432,295 486,932 Current Liabilities 251,500 225,100 274,900 248,874 236,507 132,829 133,216 145,630 Long-Term Obligations 297,500 462,500 307,500 328,060 345,956 32,735 21,194 24,571 Total Liabilities 656,500 792,900 703,000 678,122 697,474 191,494 180,088 206,281 Stockholders' Equity 371,700 357,300 359,900 314,422 296,503 278,543 252,207 280,651 Shares Outstanding 18,455 18,434 18,336 18,125 17,881 17,688 17,744 18,415 Statistical Record Return on Assets % 4.30 4.16 4.46 3.36 N.M. 10.30 6.98 10.74 Return on Equity % 12.79 13.51 13.58 10.94 N.M. 17.52 12.04 18.60 EBITDA Margin % 12.79 9.52 11.09 9.84 6.48 10.55 8.39 10.79 Net Margin % 4.18 2.06 4.03 2.97 N.M. 5.76 3.95 6.16 Asset Turnover 0.99 1.03 1.11 1.13 1.37 1.79 1.77 1.74 Current Ratio 1.83 2.60 1.75 1.88 1.79 2.24 2.20 2.38 Debt to Equity 0.80 1.29 0.85 1.04 1.17 0.12 0.08 0.09 Price Range 86.28-48.91 86.28-48.91 79.23-51.19 83.45-49.34 76.30-60.40 76.50-46.54 72.17-54.49 76.52-58.21 P/E Ratio 35.51-20.13 34.93-19.80 31.95-20.64 45.85-27.11 ... 29.54-17.97 41.48-31.32 28.34-21.56 Average Yield % 1.27 1.27 1.33 1.21 1.21 1.37 1.28 1.15
Address: 701 North Lilac Drive, P.O. Box 1452, Minneapolis, MN 55440 Telephone: 763-540-1200 Web Site: www.tennantco.com
Officers: H. Chris Killingstad - President, Chief Executive Officer Richard H. Zay - Senior Vice President, Division Officer Transfer Agents: Equiniti Trust Company, St. Paul, MN
255
Investor Contact: 763-540-1204 No of Institutions: 252 Shares: 20,446,322 % Held: 96.09
TEXAS INSTRUMENTS INC. Exchange NMS
Symbol TXN
Price $142.79 (9/30/2020)
52Wk Range 147.64-93.50
Yield 2.52
P/E 26.79
*7 Year Price Score 135.18 *NYSE Composite Index=100 *12 Month Price Score 109.96 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 150 2017 0.97 1.03 1.26 0.35 140 2018 1.35 1.40 1.58 1.27 130 2019 1.26 1.36 1.49 1.12 120 2020 1.24 1.48 ... ... 110 Interim Dividends (Per Share) 100 Amt Decl Ex Rec Pay 90 0.90Q 10/17/2019 10/30/2019 10/31/2019 11/18/2019 80 0.90Q 01/16/2020 01/30/2020 01/31/2020 02/10/2020 70 0.90Q 04/23/2020 05/01/2020 05/04/2020 05/18/2020 60 0.90Q 07/16/2020 07/30/2020 07/31/2020 08/17/2020 50 Indicated Div: $3.60 (Div. Reinv. Plan) 40 Valuation Analysis 30 Forecast EPS $5.17 (09/03/2020) 20 Market Cap $130.7 Billion Book Value $7.6 Billion TRADING VOLUME (thousand shares) 4000 Price/Book 17.10 Price/Sales 9.55 3000 Dividend Achiever Status 2000 10 Year Growth Rate 21.71% 1000 0 Total Years of Dividend Growth 16 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Semiconductors (MIC: 6.2.4 SIC: 3674 NAIC: 334413) Texas Instruments designs and makes semiconductors that it sells to electronics designers and manufacturers. Co. has two reportable segments: Analog and Embedded Processing. Co.'s analog semiconductors change signals, such as sound, temperature, pressure or images to a stream of digital data. Co.'s analog segment primary product lines includes: power, signal chain, and high volume. Co.'s embedded processors are designed to handle specific tasks and can be optimized for various combinations of performance, power and cost, depending on the application. Co.'s embedded processing segment primary product lines includes: connected microcontrollers and processors. Recent Developments: For the quarter ended June 30 2020, net income increased 5.7% to US$1.38 billion from US$1.31 billion in the year-earlier quarter. Revenues were US$3.24 billion, down 11.7% from US$3.67 billion the year before. Operating income was US$1.23 billion versus US$1.51 billion in the prior-year quarter, a decrease of 18.5%. Direct operating expenses declined 11.5% to US$1.16 billion from US$1.31 billion in the comparable period the year before. Indirect operating expenses were unchanged at US$854.0 million versus the equivalent prior-year period. Prospects: Our evaluation of Texas Instruments Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while TXN has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that TXN will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 5.33 5.21 5.24 5.59 3.61 3.48 2.82 2.57 Cash Flow Per Share 6.90 6.87 7.10 7.41 5.41 4.59 4.14 3.65 Tang Book Value Per Share 3.17 3.19 4.44 4.14 5.00 4.81 3.91 3.86 Dividends Per Share 3.470 3.340 3.210 2.630 2.120 1.640 1.400 1.240 Dividend Payout % 65.10 64.11 61.26 47.05 58.73 47.13 49.65 48.25 Income Statement Total Revenue 6,568,000 3,329,000 14,383,000 15,784,000 14,961,000 13,370,000 13,000,000 13,045,000 EBITDA 3,095,000 1,519,000 6,660,000 7,447,000 6,744,000 5,635,000 5,114,000 4,870,000 Depn & Amortn 499,000 250,000 762,000 636,000 586,000 636,000 814,000 909,000 Income Before Taxes 2,503,000 1,224,000 5,728,000 6,686,000 6,080,000 4,930,000 4,216,000 3,874,000 Income Taxes (51,000) 50,000 711,000 1,106,000 2,398,000 1,335,000 1,230,000 1,053,000 Net Income 2,554,000 1,174,000 5,017,000 5,580,000 3,682,000 3,595,000 2,986,000 2,821,000 Average Shares 927,000 943,000 952,000 990,000 1,012,000 1,021,000 1,043,000 1,080,000 Balance Sheet Current Assets 8,488,000 8,310,000 8,761,000 8,097,000 8,734,000 7,457,000 7,074,000 7,768,000 Total Assets 17,445,000 17,283,000 18,018,000 17,137,000 17,642,000 16,431,000 16,230,000 17,722,000 Current Liabilities 2,163,000 2,381,000 2,123,000 2,474,000 2,258,000 2,264,000 2,555,000 2,662,000 Long-Term Obligations 6,245,000 5,499,000 5,303,000 4,319,000 3,577,000 2,978,000 3,120,000 3,641,000 Total Liabilities 9,801,000 9,549,000 9,111,000 8,143,000 7,305,000 5,958,000 6,284,000 7,332,000 Stockholders' Equity 7,644,000 7,734,000 8,907,000 8,994,000 10,337,000 10,473,000 9,946,000 10,390,000 Shares Outstanding 915,590 921,480 932,031 945,150 983,158 995,983 1,011,268 1,046,626 Statistical Record Return on Assets % 28.99 28.65 28.54 32.09 21.61 21.95 17.59 15.39 Return on Equity % 62.60 61.21 56.05 57.73 35.39 35.12 29.37 26.62 EBITDA Margin % 47.12 45.63 46.30 47.18 45.08 42.15 39.34 37.33 Net Margin % 38.89 35.27 34.88 35.35 24.61 26.89 22.97 21.63 Asset Turnover 0.79 0.81 0.82 0.91 0.88 0.82 0.77 0.71 Current Ratio 3.92 3.49 4.13 3.27 3.87 3.29 2.77 2.92 Debt to Equity 0.82 0.71 0.60 0.48 0.35 0.28 0.31 0.35 Price Range 134.25-93.50 134.25-93.50 131.69-88.88 119.89-87.80 104.82-72.92 74.87-48.03 59.94-43.52 55.62-40.89 P/E Ratio 25.19-17.54 25.77-17.95 25.13-16.96 21.45-15.71 29.04-20.20 21.51-13.80 21.26-15.43 21.64-15.91 Average Yield % 2.87 2.79 2.78 2.48 2.51 2.60 2.59 2.62 Investor Contact: 214-479-3773 Officers: Richard K. Templeton - Chairman, Address: 12500 TI Boulevard, Dallas, 2262 No of Institutions: President, President (frmr), Chief Executive Officer, TX 75243 Shares: 993,803,776 % Held: 81.93 Telephone: 214-479-3773 Chief Executive Officer (frmr), Executive Vice Web Site: www.ti.com President, Chief Operating Officer Rafael R. Lizardi Senior Vice President, Chief Financial Officer, Chief Accounting Officer Transfer Agents: Computershare Investor Services, LLC, Providence, RI
256
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257
TIFFANY & CO. Exchange NYS
Symbol TIF
Price $115.85 (9/30/2020)
52Wk Range 134.36-86.63
170 160 150 140 130 120 110 100 90 80 70 60 50 1200 800 400 0
2011
2012
2013
Yield 2.00
*12 Month Price Score 94.66 Interim Earnings (Per Share) Qtr. Apr Jul Oct 2017-18 0.74 0.92 0.80 2018-19 1.14 1.17 0.77 2019-20 1.03 1.12 0.65 2020-21 (0.53) 0.26 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.58Q 11/21/2019 12/19/2019 12/20/2019 0.58Q 02/20/2020 03/19/2020 03/20/2020 0.58Q 05/20/2020 06/19/2020 06/22/2020 0.58Q 08/20/2020 09/18/2020 09/21/2020 Indicated Div: $2.32 Valuation Analysis Forecast EPS $2.05 (08/30/2020) Market Cap $14.1 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 4.40 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 117.03 *NYSE Composite Index=100
P/E 57.07 Jan 0.50 1.67 1.65 ...
Pay 01/10/2020 04/10/2020 07/10/2020 10/13/2020
$3.2 Billion 3.83
12.91% 17
Business Summary: Retail - Specialty (MIC: 2.1.3 SIC: 5944 NAIC: 448310) Tiffany & Co. is a holding company that operates through its principal subsidiary, Tiffany and Company and Co.'s other subsidiary companies. Through its subsidiaries, Co. designs and manufactures products and operates TIFFANY & CO. retail stores worldwide, and also sells its products through Internet, catalog, business-to-business and wholesale distribution. Co.'s principal product category is jewelry. Co. provides a selection of TIFFANY & CO. brand jewelry at a range of prices. Co. also sells watches, home and accessories products and fragrances. Co. has four reportable segments: Americas, Asia-Pacific, Japan and Europe. Recent Developments: For the quarter ended July 31 2020, net income decreased 76.6% to US$31.9 million from US$136.3 million in the year-earlier quarter. Revenues were US$747.1 million, down 28.7% from US$1.05 billion the year before. Operating income was US$59.7 million versus US$184.3 million in the prior-year quarter, a decrease of 67.6%. Direct operating expenses declined 26.9% to US$285.5 million from US$390.8 million in the comparable period the year before. Indirect operating expenses decreased 15.1% to US$401.9 million from US$473.4 million in the equivalent prior-year period. Prospects: Our evaluation of Tiffany & Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while TIF has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that TIF will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 01/31/2020 01/31/2019 01/31/2018 01/31/2017 01/31/2016 01/31/2015 Earnings Per Share 2.03 2.89 4.45 4.75 2.96 3.55 3.59 3.73 Cash Flow Per Share 4.15 3.48 5.54 4.33 7.49 5.60 6.33 4.76 Tang Book Value Per Share 26.32 26.12 27.42 25.66 25.97 24.20 22.96 21.92 Dividends Per Share 2.320 2.320 2.290 2.150 1.950 1.750 1.580 1.480 Dividend Payout % 114.29 80.28 51.46 45.26 65.88 49.30 44.01 39.68 Income Statement Total Revenue 1,302,600 555,500 4,424,000 4,442,100 4,169,800 4,001,800 4,104,900 4,249,913 EBITDA 113,500 (15,300) 982,600 1,006,800 1,003,300 925,100 955,200 983,201 Depn & Amortn 133,000 64,700 253,800 223,600 200,800 202,500 196,300 182,761 Income Before Taxes (40,400) (89,800) 690,300 743,500 760,500 676,600 709,900 737,537 Income Taxes (7,700) (25,200) 149,200 157,100 390,400 230,500 246,000 253,358 Net Income (32,700) (64,600) 541,100 586,400 370,100 446,100 463,900 484,179 Average Shares 121,700 121,200 121,600 123,500 125,100 125,500 129,100 129,918 Balance Sheet Current Assets 4,065,100 4,031,600 3,875,500 3,759,500 3,983,300 3,573,600 3,508,400 3,611,387 Total Assets 6,856,300 6,743,800 6,660,100 5,333,000 5,468,100 5,097,600 5,129,700 5,180,603 Current Liabilities 1,277,600 1,256,400 970,400 718,100 724,800 632,800 729,900 658,033 Long-Term Obligations 887,700 886,100 884,100 883,400 882,900 878,400 798,100 882,535 Total Liabilities 3,660,500 3,574,900 3,337,200 2,215,600 2,234,700 2,084,100 2,218,300 2,345,544 Stockholders' Equity 3,195,800 3,168,900 3,322,900 3,117,400 3,233,400 3,013,500 2,911,400 2,835,059 Shares Outstanding 121,400 121,300 121,200 121,500 124,500 124,500 126,800 129,326 Statistical Record Return on Assets % 3.75 5.40 9.02 10.86 7.01 8.70 9.00 9.75 Return on Equity % 7.74 11.10 16.80 18.47 11.85 15.02 16.15 17.43 EBITDA Margin % 8.71 N.M. 22.21 22.66 24.06 23.12 23.27 23.13 Net Margin % N.M. N.M. 12.23 13.20 8.88 11.15 11.30 11.39 Asset Turnover 0.56 0.61 0.74 0.82 0.79 0.78 0.80 0.86 Current Ratio 3.18 3.21 3.99 5.24 5.50 5.65 4.81 5.49 Debt to Equity 0.28 0.28 0.27 0.28 0.27 0.29 0.27 0.31 Price Range 134.36-80.57 134.36-80.57 134.29-80.57 139.50-74.21 109.88-78.00 85.06-57.48 95.70-60.93 108.67-80.88 P/E Ratio 66.19-39.69 46.49-27.88 30.18-18.11 29.37-15.62 37.12-26.35 23.96-16.19 26.66-16.97 29.13-21.68 Average Yield % 1.96 2.08 2.20 1.94 2.09 2.49 1.88 1.54
Address: 200 Fifth Avenue, New York, NY 10010 Telephone: 212-755-8000 Web Site: www.tiffany.com
Officers: Roger N. Farah - Chairman Alessandro Bogliolo - Chief Executive Officer Transfer Agents: Computershare, Providence, RI
258
Investor Contact: 212-230-5301 No of Institutions: 879 Shares: 128,217,264 % Held: 80.85
TJX COMPANIES, INC. Exchange NYS
Symbol TJX
Price $55.65 (9/30/2020)
52Wk Range 63.99-36.76
65 60 55 50 45
100%
35
100%
40
30 25 20 15 10 6000 4000 2000 0
2011
2012
2013
Yield N/A
*12 Month Price Score 97.96 Interim Earnings (Per Share) Qtr. Apr Jul Oct 2017-18 0.41 0.42 0.50 2018-19 0.56 0.58 0.61 2019-20 0.57 0.62 0.68 2020-21 (0.74) (0.18) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.23Q 04/02/2019 05/15/2019 05/16/2019 0.23Q 06/04/2019 08/14/2019 08/15/2019 0.23Q 09/13/2019 11/13/2019 11/14/2019 0.23Q 12/03/2019 02/12/2020 02/13/2020 Valuation Analysis Forecast EPS $0.14 (09/03/2020) Market Cap $66.7 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 14.32 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 120.38 *NYSE Composite Index=100
P/E 97.63 Jan 0.69 0.68 0.81 ...
Pay 06/06/2019 09/05/2019 12/05/2019 03/05/2020
$4.7 Billion 1.98
22.37% 23
Business Summary: Retail - Apparel and Accessories (MIC: 2.1.5 SIC: 5651 NAIC: 448140) TJX Companies is an off-price apparel and home fashions retailer. Co.'s T.J. Maxx and Marshalls chains in the United States (Marmaxx) sell family apparel, home fashions and other merchandise. Co.'s HomeGoods segment is an off-price retailer of home fashions in the United States. Co.'s TJX Canada segment operates the Winners, HomeSense and Marshalls chains in Canada. Co.'s TJX International segment operates the T.K. Maxx and HomeSense chains in Europe and the T.K. Maxx chain in Australia. In addition to its four segments, Co. operates Sierra, an off-price retailer of brand name and quality outdoor gear, family apparel and footwear, sporting goods and home fashions. Recent Developments: For the quarter ended Aug 1 2020, net loss amounted to US$214.2 million versus net income of US$759.0 million in the year-earlier quarter. Revenues were US$6.67 billion, down 31.8% from US$9.78 billion the year before. Direct operating expenses declined 26.4% to US$5.17 billion from US$7.03 billion in the comparable period the year before. Indirect operating expenses decreased 11.8% to US$1.53 billion from US$1.73 billion in the equivalent prior-year period. Prospects: Our evaluation of TJX Companies Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while TJX has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that TJX will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 02/01/2020 02/02/2019 02/03/2018 01/28/2017 01/30/2016 01/31/2015 Earnings Per Share 0.57 1.37 2.67 2.43 2.02 1.73 1.67 1.58 Cash Flow Per Share 2.81 0.63 3.38 3.30 2.34 2.75 2.19 2.18 Tang Book Value Per Share 3.81 3.88 4.88 4.07 4.02 3.34 2.99 2.89 Dividends Per Share 0.690 0.920 0.885 0.741 0.599 0.495 0.403 0.335 Dividend Payout % 121.05 67.15 33.15 30.50 29.64 28.61 24.17 21.27 Income Statement Total Revenue 11,076,463 4,408,888 41,716,977 38,972,934 35,864,664 33,183,744 30,944,938 29,078,407 EBITDA (920,680) (1,102,497) 5,283,512 5,001,726 4,614,133 4,425,373 4,321,396 4,178,646 Depn & Amortn 433,500 217,000 867,303 819,655 725,957 658,796 616,696 588,975 Income Before Taxes (1,434,867) (1,342,848) 4,406,183 4,173,211 3,856,588 3,723,043 3,658,300 3,549,884 Income Taxes (333,158) (455,359) 1,133,990 1,113,413 1,248,640 1,424,809 1,380,642 1,334,756 Net Income (1,101,709) (887,489) 3,272,193 3,059,798 2,607,948 2,298,234 2,277,658 2,215,128 Average Shares 1,198,634 1,197,809 1,226,519 1,259,252 1,292,210 1,328,864 1,366,502 1,407,090 Balance Sheet Current Assets 11,517,947 10,296,248 8,890,622 8,469,222 8,485,727 7,750,774 6,772,560 6,715,061 Total Assets 26,568,402 25,415,240 24,145,003 14,326,029 14,058,015 12,883,808 11,499,482 11,128,381 Current Liabilities 7,647,251 4,669,547 7,150,247 5,531,374 5,125,537 4,757,656 4,402,230 3,929,634 Long-Term Obligations 5,445,325 7,192,413 2,236,625 2,476,874 2,452,524 2,403,831 1,709,268 1,684,597 Total Liabilities 21,907,833 20,676,022 18,196,791 9,277,423 8,909,706 8,373,209 7,192,407 6,864,151 Stockholders' Equity 4,660,569 4,739,218 5,948,212 5,048,606 5,148,309 4,510,599 4,307,075 4,264,230 Shares Outstanding 1,199,061 1,197,877 1,199,099 1,217,182 1,256,018 1,292,638 1,326,991 1,369,466 Statistical Record Return on Assets % 2.88 7.03 17.06 21.62 19.05 18.90 20.19 20.83 Return on Equity % 14.28 34.13 59.68 60.18 53.13 52.27 53.29 52.30 EBITDA Margin % N.M. N.M. 12.67 12.83 12.87 13.34 13.96 14.37 Net Margin % N.M. N.M. 7.84 7.85 7.27 6.93 7.36 7.62 Asset Turnover 1.37 1.54 2.17 2.75 2.62 2.73 2.74 2.73 Current Ratio 1.51 2.20 1.24 1.53 1.66 1.63 1.54 1.71 Debt to Equity 1.17 1.52 0.38 0.49 0.48 0.53 0.40 0.40 Price Range 63.99-36.76 63.99-36.76 62.81-48.52 56.13-37.18 40.41-33.45 41.44-33.95 38.39-32.10 34.30-26.11 P/E Ratio 112.26-64.49 46.71-26.83 23.52-18.17 23.10-15.30 20.01-16.56 23.95-19.63 22.99-19.22 21.71-16.53 Average Yield % 1.25 1.66 1.60 1.57 1.61 1.30 1.16 1.12
Address: 770 Cochituate Road, Framingham, MA 01701 Telephone: 508-390-1000 Web Site: www.tjx.com
Officers: Carol Meyrowitz - Executive Chairman, Chairman Ernie L. Herrman - President, Chief Executive Officer Transfer Agents: Computershare, Providence, RI
259
Investor Contact: 508-390-2323 No of Institutions: 2037 Shares: 1,216,780,416 % Held: 92.63
TOMPKINS FINANCIAL CORP Exchange ASE
Symbol TMP
Price $56.81 (9/30/2020)
52Wk Range 92.88-55.47
Yield 3.66
P/E 12.06
*12 Month Price Score 83.93 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 1.03 1.11 1.14 0.16 2018 1.33 1.43 1.36 1.23 2019 1.37 1.27 1.34 1.40 2020 0.53 1.44 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.52Q 10/18/2019 10/28/2019 10/29/2019 11/15/2019 0.52Q 01/31/2020 02/07/2020 02/10/2020 02/18/2020 0.52Q 05/01/2020 05/08/2020 05/11/2020 05/18/2020 0.52Q 07/24/2020 07/31/2020 08/03/2020 08/14/2020 Indicated Div: $2.08 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.50 (09/03/2020) Market Cap $842.6 Million Book Value $696.6 Million TRADING VOLUME (thousand shares) Price/Book 1.21 Price/Sales 2.55 Dividend Achiever Status 10 Year Growth Rate 5.03% Total Years of Dividend Growth 23 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 97.18 *NYSE Composite Index=100 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 20 15 10 5 0
2011
2012
2013
Business Summary: Banking (MIC: 5.1.1 SIC: 6022 NAIC: 522110) Tompkins Financial is a bank holding company. Through its subsidiaries, Co. provides an array of products and services, including commercial and consumer banking, leasing, trust and investment management, financial planning and wealth management, and insurance. Co.'s Trust company, Tompkins Trust Company, provides an array of trust and investment services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial and tax planning as well as life, disability and long-term care insurance services. Co. operates in three business segments: banking, insurance and wealth management. Recent Developments: For the quarter ended June 30 2020, net income increased 10.5% to US$21.5 million from US$19.4 million in the year-earlier quarter. Net interest income increased 7.7% to US$56.4 million from US$52.3 million in the year-earlier quarter. Credit for loan losses was US$348,000 versus a provision for loan losses of US$601,000 in the prior-year quarter. Non-interest income fell 7.3% to US$17.2 million from US$18.5 million, while non-interest expense advanced 1.8% to US$46.9 million. Prospects: Our evaluation of Tompkins Financial Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while TMP has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that TMP will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.71 4.54 5.37 5.35 3.43 3.91 3.87 3.48 Cash Flow Per Share 6.72 7.43 6.82 7.13 5.76 6.12 5.60 5.27 Tang Book Value Per Share 40.36 39.31 37.81 34.12 31.17 29.49 27.57 25.72 Dividends Per Share 2.060 2.040 2.020 1.940 1.820 1.770 1.700 1.620 Dividend Payout % 43.74 44.93 37.62 36.26 53.06 45.27 43.93 46.55 Income Statement Interest Income 126,644 63,199 261,378 251,592 226,764 202,739 188,746 184,493 Interest Expense 17,309 10,230 50,750 39,792 25,460 22,103 20,365 20,683 Net Interest Income 109,335 52,969 210,628 211,800 201,304 180,636 168,381 163,810 Provision for Losses 15,946 16,294 1,366 3,942 4,161 4,321 2,945 2,306 Non-Interest Income 36,137 18,960 75,433 77,449 69,204 68,808 71,940 70,765 Non-Interest Expense 92,628 45,740 181,834 181,067 171,105 158,607 149,862 154,693 Income Before Taxes 36,898 9,895 102,861 104,240 95,242 86,516 87,514 77,576 Income Taxes 7,449 1,909 21,016 21,805 42,620 27,045 28,962 25,404 Net Income 29,380 7,949 81,718 82,308 52,494 59,340 58,421 52,041 Average Shares 14,714 14,774 14,973 15,132 15,073 14,936 14,863 14,789 Balance Sheet Net Loans & Leases 5,372,203 4,885,418 4,877,658 4,790,529 4,629,349 4,222,278 3,740,038 3,364,291 Total Assets 7,582,056 6,743,114 6,725,623 6,758,436 6,648,290 6,236,756 5,689,995 5,269,561 Total Deposits 6,377,521 5,409,363 5,212,921 4,888,959 4,837,807 4,625,139 4,395,306 4,169,154 Total Liabilities 6,885,503 6,061,961 6,063,981 6,138,977 6,073,510 5,688,803 5,174,981 4,781,430 Stockholders' Equity 696,553 681,153 661,642 619,459 574,780 547,953 515,014 488,131 Shares Outstanding 14,831 14,825 14,890 15,226 15,180 15,053 14,899 14,819 Statistical Record Return on Assets % 0.99 1.02 1.21 1.23 0.81 0.99 1.07 1.01 Return on Equity % 10.45 10.34 12.76 13.78 9.35 11.13 11.65 11.02 Net Interest Margin % 88.84 83.81 80.58 84.18 88.77 89.10 89.21 88.79 Efficiency Ratio % 58.16 55.67 53.99 55.03 57.81 58.41 57.49 60.60 Loans to Deposits 0.84 0.90 0.94 0.98 0.96 0.91 0.85 0.81 Price Range 92.88-56.02 92.88-61.75 91.50-73.00 91.14-69.67 96.00-72.20 95.84-51.47 62.78-50.65 56.18-43.98 P/E Ratio 19.72-11.89 20.46-13.60 17.04-13.59 17.04-13.02 27.99-21.05 24.51-13.16 16.22-13.09 16.14-12.64 Average Yield % 2.62 2.48 2.50 2.38 2.20 2.55 3.14 3.40
Address: 118 E. Seneca Street, P.O. Box 460, Ithaca, NY 14851 Telephone: 607-274-7299 Web Site: www.tompkinsfinancial.com
Officers: James J. Byrnes - Chairman James W. Fulmer - Vice-Chairman Transfer Agents: American Stock Transfer & Trust Company, LLC, New York, NY
260
Investor Contact: 888-503-5753x2319 No of Institutions: 197 Shares: 9,409,954 % Held: 55.18
TOOTSIE ROLL INDUSTRIES INC Exchange NYS
Symbol TR
Price $30.90 (9/30/2020)
52Wk Range 37.85-29.07
52
3%
32
3%
36
3%
28 24 20 16 75 50 25 0
2011
2012
2013
3%
3%
40
3%
44
3%
3%
48
3%
56
3%
60
Yield 1.17
*12 Month Price Score 90.40 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.15 0.17 0.39 2018 0.12 0.15 0.39 2019 0.14 0.17 0.45 2020 0.18 0.11 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.087Q 02/18/2020 03/02/2020 03/03/2020 3% 02/18/2020 03/02/2020 03/03/2020 0.09Q 06/01/2020 06/12/2020 06/15/2020 0.09Q 09/22/2020 10/02/2020 10/05/2020 Indicated Div: $0.36 Valuation Analysis Forecast EPS N/A Market Cap $2.1 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 2.74 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 98.90 *NYSE Composite Index=100
P/E 32.53 Dec 0.47 0.18 0.21 ...
Pay 03/27/2020 04/03/2020 07/06/2020 10/15/2020
$752.6 Million 4.10
4.22% 56
Business Summary: Food (MIC: 1.2.1 SIC: 2064 NAIC: 311340) Tootsie Roll Industries and its subsidiaries are engaged in the manufacture and sale of confectionery products. Co.'s products are marketed in a variety of packages designed for display and sale in different types of retail outlets. They are sold through candy and grocery brokers and by Co. itself to customers throughout the United States. These customers include wholesale distributors of candy and groceries, supermarkets, variety stores, dollar stores, chain grocers, drug chains, discount chains, cooperative grocery associations, mass merchandisers, warehouse and membership club stores, vending machine operators, the United States military and fund-raising charitable organizations. Recent Developments: For the quarter ended June 30 2020, net income decreased 36.1% to US$7.4 million from US$11.5 million in the year-earlier quarter. Revenues were US$80.6 million, down 24.6% from US$107.0 million the year before. Operating income was US$493,000 versus US$12.5 million in the prior-year quarter, a decrease of 96.1%. Direct operating expenses declined 23.6% to US$50.6 million from US$66.2 million in the comparable period the year before. Indirect operating expenses increased 4.8% to US$29.6 million from US$28.2 million in the equivalent prior-year period. Prospects: Our evaluation of Tootsie Roll Industries Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and TR has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that TR will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.95 1.01 0.96 0.84 1.17 0.96 0.93 0.88 Cash Flow Per Share 1.50 1.56 1.49 1.48 0.62 1.40 1.28 1.23 Tang Book Value Per Share 7.56 7.54 7.64 7.39 7.08 6.65 6.38 6.17 Dividends Per Share 0.352 0.350 0.347 0.337 0.327 0.318 0.300 0.266 Dividend Payout % 37.06 34.43 36.10 40.16 27.92 33.09 32.19 30.26 Income Statement Total Revenue 184,402 103,761 527,113 518,920 519,289 521,100 540,112 543,525 EBITDA 35,246 20,114 99,980 88,521 100,845 115,514 111,621 110,569 Depn & Amortn 9,776 4,864 18,779 18,669 18,991 19,627 20,388 20,758 Income Before Taxes 25,470 15,250 85,404 73,206 84,561 97,912 92,578 91,294 Income Taxes 6,112 3,274 20,565 16,401 3,907 30,593 26,451 28,434 Net Income 19,370 11,982 64,920 56,893 80,864 67,510 66,089 63,298 Average Shares 66,671 66,875 67,438 68,126 69,037 70,050 71,226 72,314 Balance Sheet Current Assets 322,709 334,290 353,330 304,046 270,920 299,300 293,806 264,621 Total Assets 974,501 955,927 977,864 947,361 930,946 920,101 908,983 910,386 Current Liabilities 84,192 77,186 79,544 61,391 63,788 63,561 72,062 64,459 Long-Term Obligations 7,500 7,500 7,500 7,500 7,500 7,730 7,883 8,194 Total Liabilities 221,893 204,195 218,010 196,739 197,106 208,737 210,800 219,577 Stockholders' Equity 752,608 751,732 759,854 750,622 733,840 711,364 698,183 690,809 Shares Outstanding 66,688 66,806 66,983 67,940 68,586 69,600 70,534 71,755 Statistical Record Return on Assets % 6.63 7.17 6.74 6.06 8.74 7.36 7.27 7.04 Return on Equity % 8.53 9.08 8.60 7.67 11.19 9.55 9.52 9.23 EBITDA Margin % 19.11 19.38 18.97 17.06 19.42 22.17 20.67 20.34 Net Margin % 10.50 11.55 12.32 10.96 15.57 12.96 12.24 11.65 Asset Turnover 0.52 0.56 0.55 0.55 0.56 0.57 0.59 0.60 Current Ratio 3.83 4.33 4.44 4.95 4.25 4.71 4.08 4.11 Debt to Equity 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Price Range 37.85-31.15 39.25-31.15 39.25-29.76 33.66-26.16 36.03-31.53 36.92-26.23 29.79-24.49 26.46-21.90 P/E Ratio 39.84-32.78 38.86-30.84 40.89-31.00 40.07-31.14 30.79-26.95 38.45-27.32 32.04-26.33 30.07-24.89 Average Yield % 1.01 0.99 0.99 1.15 0.97 1.00 1.09 1.10
Address: 7401 South Cicero Avenue, Chicago, IL 60629 Telephone: 773-838-3400 Web Site: www.tootsie.com
Officers: Ellen R. Gordon - Chairman, Chief Executive Officer Kenneth Naylor - Vice President Transfer Agents:American Stock Transfer & Trust Company, Brooklyn, NY
261
No of Institutions: 302 Shares: 19,019,262 % Held: 24.83
TORO COMPANY (THE) Exchange NYS
Symbol TTC
Price $83.95 (9/30/2020)
52Wk Range 85.51-54.28
Yield 1.19
P/E 30.75
100%
100%
*7 Year Price Score 124.70 *NYSE Composite Index=100 *12 Month Price Score 103.35 Interim Earnings (Per Share) Qtr. Jan Apr Jul Oct 90 85 2016-17 0.41 1.08 0.61 0.31 80 2017-18 0.21 1.21 0.73 0.36 75 2018-19 0.55 1.07 0.56 0.35 70 2019-20 0.65 0.91 0.82 ... 65 Interim Dividends (Per Share) 60 Amt Decl Ex Rec Pay 55 50 0.25Q 12/03/2019 12/24/2019 12/26/2019 01/09/2020 45 0.25Q 03/17/2020 03/27/2020 03/30/2020 04/09/2020 40 0.25Q 05/19/2020 06/19/2020 06/22/2020 07/09/2020 35 0.25Q 09/15/2020 09/25/2020 09/28/2020 10/09/2020 30 Indicated Div: $1.00 (Div. Reinv. Plan) 25 Valuation Analysis 20 Forecast EPS $2.86 (09/01/2020) 15 10 Market Cap $9.0 Billion Book Value $1.1 Billion TRADING VOLUME (thousand shares) 300 Price/Book 8.54 Price/Sales 2.75 200 Dividend Achiever Status 100 10 Year Growth Rate 19.37% 0 Total Years of Dividend Growth 16 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 3524 NAIC: 333112) Toro designs, manufactures, and markets turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting products, snow and ice management products, agricultural irrigation systems, rental and underground construction equipment, and residential yard and snow thrower products. Co.'s segments include: Professional, which markets its products worldwide through a network of distributors and dealers, as well as directly to government customers, rental companies, and retailers; and Residential, which markets its products to homeowners through outdoor power equipment distributors and dealers, mass retailers, hardware retailers, home centers, as well as online. Recent Developments: For the quarter ended July 31 2020, net income increased 46.8% to US$89.0 million from US$60.6 million in the year-earlier quarter. Revenues were US$841.0 million, up 0.3% from US$838.7 million the year before. Operating income was US$116.0 million versus US$73.9 million in the prior-year quarter, an increase of 56.8%. Direct operating expenses declined 4.6% to US$546.4 million from US$572.7 million in the comparable period the year before. Indirect operating expenses decreased 7.0% to US$178.6 million from US$192.0 million in the equivalent prior-year period. Prospects: Our evaluation of Toro Co. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and TTC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that TTC will perform poorly over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share 2.73 2.47 2.63 2.53 2.50 2.41 2.06 1.77 Cash Flow Per Share 3.57 2.27 2.68 3.16 3.43 3.33 3.29 2.13 Tang Book Value Per Share 2.02 1.32 1.89 1.36 3.20 2.88 2.28 1.35 Dividends Per Share 0.975 0.950 0.925 0.900 0.800 0.700 0.600 0.500 Dividend Payout % 35.71 38.46 35.17 35.57 32.00 29.05 29.13 28.17 Income Statement Total Revenue 2,537,853 1,696,881 767,483 3,138,084 2,618,650 2,505,176 2,392,175 2,390,875 EBITDA 413,485 269,894 117,098 423,951 431,387 415,657 392,736 351,263 Depn & Amortn 69,863 45,569 22,803 87,684 53,500 54,679 53,355 50,322 Income Before Taxes 318,503 207,510 86,139 310,185 361,254 343,224 320,872 282,678 Income Taxes 60,998 38,973 16,048 48,150 100,458 85,467 99,466 89,440 Net Income 257,505 168,537 70,091 273,983 271,939 267,717 230,994 201,591 Average Shares 108,543 108,500 108,655 108,090 108,657 111,252 111,987 113,514 Balance Sheet Current Assets 1,384,246 1,374,553 1,220,508 1,122,891 894,637 859,886 779,009 710,679 Total Assets 2,813,863 2,811,475 2,491,609 2,330,547 1,570,984 1,493,787 1,387,518 1,303,658 Current Liabilities 797,112 855,733 824,307 756,970 532,635 521,796 463,839 443,734 Long-Term Obligations 782,036 790,908 601,016 620,899 312,549 305,629 331,423 354,818 Total Liabilities 1,759,831 1,826,525 1,579,559 1,470,969 902,068 876,695 837,483 841,493 Stockholders' Equity 1,054,032 984,950 912,050 859,578 668,916 617,092 550,035 462,165 Shares Outstanding 107,264 107,110 106,977 106,742 105,600 106,882 108,427 109,301 Statistical Record Return on Assets % 11.55 10.13 13.83 14.04 17.75 18.58 17.12 16.15 Return on Equity % 31.17 29.87 35.42 35.85 42.29 45.88 45.52 46.30 EBITDA Margin % 16.29 15.91 15.26 13.51 16.47 16.59 16.42 14.69 Net Margin % 10.15 9.93 9.13 8.73 10.38 10.69 9.66 8.43 Asset Turnover 1.28 1.24 1.61 1.61 1.71 1.74 1.77 1.92 Current Ratio 1.74 1.61 1.48 1.48 1.68 1.65 1.68 1.60 Debt to Equity 0.74 0.80 0.66 0.72 0.47 0.50 0.60 0.77 Price Range 83.75-54.28 83.75-54.28 83.75-59.50 77.13-53.23 67.33-54.50 73.69-46.74 49.29-32.75 37.89-30.41 P/E Ratio 30.68-19.88 33.91-21.98 31.84-22.62 30.49-21.04 26.93-21.80 30.58-19.39 23.93-15.90 21.41-17.18 Average Yield % 1.35 1.30 1.28 1.34 1.30 1.12 1.41 1.48 Address: 8111 Lyndale Avenue South, Officers: Richard M. Olson - Chairman, President, No of Institutions: 560 Shares: 109,260,120 % Held: 88.66 Bloomington, MN 55420-1196 Chief Executive Officer, Vice President, Chief Telephone: 952-888-8801 Operating Officer Renee J. Peterson - Vice President, Web Site: www.thetorocompany.com Vice President (frmr), Chief Financial Officer, Treasurer Transfer Agents: Wells Fargo Shareowner Services, St. Paul, MN
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UGI CORP. Exchange NYS
Symbol UGI
Price $32.98 (9/30/2020)
52Wk Range 50.27-22.92
Yield 4.00
P/E 15.27
*12 Month Price Score 89.95 Interim Earnings (Per Share) Qtr. Dec Mar Jun Sep 2016-17 1.30 1.24 (0.11) 0.02 2017-18 2.07 1.57 0.30 0.13 2018-19 0.36 1.38 (0.01) (0.32) 2019-20 1.00 1.07 0.41 ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.325Q 11/22/2019 12/13/2019 12/16/2019 01/01/2020 0.325Q 01/22/2020 03/13/2020 03/16/2020 04/01/2020 0.33Q 04/22/2020 06/12/2020 06/15/2020 07/01/2020 0.33Q 07/21/2020 09/14/2020 09/15/2020 10/01/2020 Indicated Div: $1.32 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.52 (08/08/2020) Market Cap $6.9 Billion Book Value $4.1 Billion TRADING VOLUME (thousand shares) Price/Book 1.67 Price/Sales 1.05 Dividend Achiever Status 10 Year Growth Rate 8.64% Total Years of Dividend Growth 32 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 78.98 *NYSE Composite Index=100 60 56
3-for-2
52 48 44 40 36 32 28 24 20 16 750 500 250 0
2011
2012
2013
Business Summary: Gas Utilities (MIC: 3.3.1 SIC: 4932 NAIC: 221210) UGI is a holding company. Through its subsidiaries and affiliates, Co. distributes, stores, transports and markets energy products and related services. Co.'s segments are: AmeriGas Propane, which distributes propane and sells, installs, and services propane appliances, including heating systems; UGI International, which includes liquefied petroleum gas distribution businesses and energy marketing business; Midstream and Marketing, which includes energy-related businesses that conduct energy marketing in the Mid-Atlantic region of the United States; and UGI Utilities, which consists of the regulated natural gas distribution businesses and the regulated electric distribution business. Recent Developments: For the quarter ended June 30 2020, net income amounted to US$84.7 million versus a net loss of US$46.5 million in the year-earlier quarter. Revenues were US$1.20 billion, down 12.1% from US$1.36 billion the year before. Operating income was US$173.9 million versus US$9.6 million in the prior-year quarter, an increase of. Direct operating expenses declined 46.7% to US$416.6 million from US$781.4 million in the comparable period the year before. Indirect operating expenses increased 6.3% to US$608.8 million from US$572.7 million in the equivalent prior-year period. Prospects: Our evaluation of UGI Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while UGI has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that UGI will perform in line with the market over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 09/30/2019 09/30/2018 09/30/2017 09/30/2016 09/30/2015 Earnings Per Share 2.16 1.74 2.05 1.41 4.06 2.46 2.08 1.60 Cash Flow Per Share 5.35 4.90 5.25 6.04 6.24 5.55 5.58 6.72 Tang Book Value Per Share N.M. N.M. N.M. N.M. 0.04 N.M. N.M. N.M. Dividends Per Share 1.305 1.275 1.210 1.145 1.020 0.975 0.930 0.890 Dividend Payout % 60.42 73.28 59.02 81.21 25.12 39.63 44.71 55.63 Income Statement Total Revenue 5,434,800 4,235,500 2,006,600 7,320,400 7,651,200 6,120,700 5,685,700 6,691,100 EBITDA 1,271,400 978,900 485,100 1,091,700 1,532,200 1,276,200 1,277,500 1,148,500 Depn & Amortn 362,100 239,600 119,400 448,100 455,100 357,300 338,600 313,200 Income Before Taxes 662,000 572,800 281,600 391,400 850,200 697,100 710,200 594,200 Income Taxes 161,700 149,700 76,100 92,600 32,100 177,600 221,200 179,000 Net Income 522,800 437,500 212,000 256,200 718,700 436,600 364,700 281,000 Average Shares 208,975 209,808 211,258 181,111 176,905 177,159 175,572 175,667 Balance Sheet Current Assets 1,599,900 1,878,800 1,947,000 1,566,200 1,888,100 1,697,500 1,423,800 1,459,800 Total Assets 13,843,400 14,135,500 14,285,700 13,346,600 11,980,900 11,582,200 10,847,200 10,546,600 Current Liabilities 1,679,000 2,116,100 2,391,500 2,026,900 1,732,100 1,690,100 1,442,000 1,678,900 Long-Term Obligations 5,961,400 5,800,200 5,827,600 5,779,900 4,146,500 3,994,600 3,766,000 3,441,800 Total Liabilities 9,716,700 10,055,000 10,290,300 9,529,100 8,299,500 8,418,900 7,996,300 7,854,600 Stockholders' Equity 4,126,700 4,080,500 3,995,400 3,817,500 3,681,400 3,163,300 2,850,900 2,692,000 Shares Outstanding 209,504 208,267 209,310 209,004 173,748 173,143 172,960 172,388 Statistical Record Return on Assets % 3.64 2.90 3.03 2.02 6.10 3.89 3.40 2.72 Return on Equity % 11.86 9.68 10.54 6.83 21.00 14.52 13.12 10.50 EBITDA Margin % 23.39 23.11 24.18 14.91 20.03 20.85 22.47 17.16 Net Margin % 9.62 10.33 10.57 3.50 9.39 7.13 6.41 4.20 Asset Turnover 0.51 0.51 0.53 0.58 0.65 0.55 0.53 0.65 Current Ratio 0.95 0.89 0.81 0.77 1.09 1.00 0.99 0.87 Debt to Equity 1.44 1.42 1.46 1.51 1.13 1.26 1.32 1.28 Price Range 53.99-22.92 55.39-22.92 57.06-41.44 58.96-46.50 55.58-42.53 51.68-42.07 48.05-31.67 39.60-31.78 P/E Ratio 25.00-10.61 31.83-13.17 27.83-20.21 41.82-32.98 13.69-10.48 21.01-17.10 23.10-15.23 24.75-19.86 Average Yield % 3.18 2.73 2.38 2.15 2.09 2.04 2.34 2.50
Address: 460 North Gulph Road, King of Prussia, PA 19406 Telephone: 610-337-1000 Web Site: www.ugicorp.com
Officers: Frank S. Hermance - Chairman Marvin O. Investor Contact: 610-337-1000 No of Institutions: 700 Schlanger - Chairman, Vice-Chairman Transfer Agents:ComputerShare Investor Services, Providence, Shares: 199,348,560 % Held: 90.23 RI
265
UMB FINANCIAL CORP Exchange NMS
Symbol UMBF
Price $49.01 (9/30/2020)
52Wk Range 69.87-42.49
Yield 2.53
P/E 12.86
*12 Month Price Score 88.79 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.89 0.86 0.97 2.25 2018 1.14 1.11 1.16 0.53 2019 1.18 1.16 1.27 1.35 2020 (0.07) 1.26 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.31Q 10/29/2019 12/09/2019 12/10/2019 01/02/2020 0.31Q 01/28/2020 03/09/2020 03/10/2020 04/01/2020 0.31Q 04/28/2020 06/09/2020 06/10/2020 07/01/2020 0.31Q 07/28/2020 09/09/2020 09/10/2020 10/01/2020 Indicated Div: $1.24 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $3.47 (08/30/2020) Market Cap $2.4 Billion Book Value $2.8 Billion TRADING VOLUME (thousand shares) Price/Book 0.85 Price/Sales 1.85 Dividend Achiever Status 10 Year Growth Rate 5.48% Total Years of Dividend Growth 28 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 81.96 *NYSE Composite Index=100 120 115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 150 100 50 0
2011
2012
2013
Business Summary: Banking (MIC: 5.1.1 SIC: 6021 NAIC: 522110) UMB Financial is a bank holding company and a financial holding company. Through its subsidiaries, Co. provides banking services and asset servicing to its customers. Co.'s segments include: Commercial Banking, which serves the commercial lending and leasing, capital markets, and treasury management needs of Co.'s mid-market businesses and governmental entities; Institutional Banking, which is a combination of banking services, fund services, and asset management services provided to institutional clients; Personal Banking, which combines consumer services and asset management provided to personal clients; and Healthcare Services, which provides healthcare payment solutions. Recent Developments: For the quarter ended June 30 2020, income from continuing operations decreased 100.0% to nil from US$57.0 million in the year-earlier quarter. Net income increased 6.3% to US$60.5 million from US$57.0 million in the year-earlier quarter. Net interest income increased 7.1% to US$178.2 million from US$166.4 million in the year-earlier quarter. Provision for loan losses was US$21.5 million versus US$11.0 million in the prior-year quarter, an increase of 95.5%. Non-interest income rose 14.3% to US$120.5 million from US$105.4 million, while non-interest expense advanced 7.8% to US$208.5 million. Prospects: Our evaluation of UMB Financial Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while UMBF has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that UMBF will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.81 3.71 4.96 3.93 4.96 3.22 2.44 2.65 Cash Flow Per Share 6.44 6.26 7.00 6.02 6.63 6.05 4.48 5.44 Tang Book Value Per Share 53.57 51.04 48.84 41.38 39.69 34.21 32.77 30.53 Dividends Per Share 1.230 1.220 1.210 1.170 1.040 0.990 0.950 0.910 Dividend Payout % 32.28 32.88 24.40 29.77 20.97 30.75 38.93 34.34 Income Statement Interest Income 404,180 211,411 862,892 731,961 616,912 523,031 430,681 363,871 Interest Expense 52,010 37,470 191,987 121,515 57,999 27,708 18,614 13,816 Net Interest Income 352,170 173,941 670,905 610,446 558,913 495,323 412,067 350,055 Provision for Losses 109,500 88,000 32,850 70,750 41,000 32,500 15,500 17,000 Non-Interest Income 218,880 98,424 426,770 401,698 423,562 476,075 466,454 498,688 Non-Interest Expense 397,152 188,619 778,860 717,800 705,129 731,894 703,736 666,926 Income Before Taxes 64,398 (4,254) 285,965 223,594 236,346 207,004 159,285 164,817 Income Taxes 7,308 (815) 42,365 27,334 53,370 48,203 43,212 44,162 Net Income 57,090 (3,439) 243,600 195,513 247,105 158,801 116,073 120,655 Average Shares 48,077 48,689 49,089 49,770 49,839 49,277 47,579 45,445 Balance Sheet Net Loans & Leases 15,113,010 13,771,384 13,337,737 12,077,707 11,181,369 10,454,013 9,350,207 7,390,278 Total Assets 29,753,608 26,244,886 26,561,355 23,351,119 21,771,583 20,682,532 19,094,245 17,500,960 Total Deposits 24,459,404 21,175,520 21,603,244 19,281,260 18,023,000 16,570,614 15,092,752 13,616,859 Total Liabilities 26,976,213 23,581,445 23,954,915 21,122,649 19,590,052 18,720,148 17,200,551 15,857,202 Stockholders' Equity 2,777,395 2,663,441 2,606,440 2,228,470 2,181,531 1,962,384 1,893,694 1,643,758 Shares Outstanding 48,021 48,134 49,097 49,117 49,894 49,673 49,396 45,532 Statistical Record Return on Assets % 0.69 0.73 0.98 0.87 1.16 0.80 0.63 0.70 Return on Equity % 7.08 7.28 10.08 8.87 11.93 8.21 6.56 7.66 Net Interest Margin % 92.46 82.28 77.75 83.40 90.60 94.70 95.68 96.20 Efficiency Ratio % 66.58 60.88 60.39 63.32 67.77 73.25 78.44 77.32 Loans to Deposits 0.62 0.65 0.62 0.63 0.62 0.63 0.62 0.54 Price Range 69.87-42.49 71.70-42.50 71.70-60.68 79.91-58.28 81.35-63.35 80.72-40.93 58.12-46.43 68.03-52.65 P/E Ratio 18.34-11.15 19.33-11.46 14.46-12.23 20.33-14.83 16.40-12.77 25.07-12.71 23.82-19.03 25.67-19.87 Average Yield % 2.04 1.89 1.84 1.60 1.42 1.73 1.82 1.54 Investor Contact: 816-860-1685 Officers: J. Mariner Kemper - Chairman, President, Address: 1010 Grand Boulevard, No of Institutions: 333 Chief Executive Officer, Region Officer Kevin M. Kansas City, MO 64106 Telephone: 816-860-7000 Macke - Executive Vice President Transfer Agents: Shares: 50,918,540 % Held: 86.60 Web Site: www.umb.com Computershare Trust Company N.A., Canton, MA
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UNITED BANKSHARES INC Exchange NMS
Symbol UBSI
Price $21.47 (9/30/2020)
52Wk Range 40.59-20.68
Yield 6.52
P/E 10.18
*12 Month Price Score 81.61 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.48 0.37 0.54 0.15 2018 0.59 0.63 0.62 0.62 2019 0.62 0.66 0.65 0.62 2020 0.40 0.44 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.35Q 11/15/2019 12/12/2019 12/13/2019 01/02/2020 0.35Q 02/25/2020 03/12/2020 03/13/2020 04/01/2020 0.35Q 05/12/2020 06/11/2020 06/12/2020 07/01/2020 0.35Q 08/31/2020 09/10/2020 09/11/2020 10/01/2020 Indicated Div: $1.40 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.95 (09/03/2020) Market Cap $2.8 Billion Book Value $4.2 Billion TRADING VOLUME (thousand shares) Price/Book 0.66 Price/Sales 2.91 Dividend Achiever Status 10 Year Growth Rate 1.59% Total Years of Dividend Growth 38 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 77.79 *NYSE Composite Index=100 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 400 300 200 100 0
2011
2012
2013
Business Summary: Banking (MIC: 5.1.1 SIC: 6022 NAIC: 522110) United Bankshares is a financial holding company. Through its banking subsidiary, United Bank, Co. provides a range of commercial and retail banking services and products. Co. operates in two business segments: community banking and mortgage banking. Through its community banking segment, Co. provides range of banking products and services through various delivery channels. The mortgage banking segment engages primarily in the origination and acquisition of residential mortgages for sale into the secondary market though George Mason Mortgage, LLC, an indirectly owned subsidiary of Co. Recent Developments: For the quarter ended June 30 2020, net income decreased 21.6% to US$52.7 million from US$67.2 million in the year-earlier quarter. Net interest income increased 13.3% to US$170.6 million from US$150.6 million in the year-earlier quarter. Provision for loan losses was US$45.9 million versus US$5.4 million in the prior-year quarter, an increase of 747.5%. Non-interest income rose 122.1% to US$88.4 million from US$39.8 million, while non-interest expense advanced 49.1% to US$149.4 million. Prospects: Our evaluation of United Bankshares Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while UBSI has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that UBSI will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.11 2.33 2.55 2.45 1.54 1.99 1.98 1.92 Cash Flow Per Share 1.57 0.75 1.45 2.81 2.60 2.26 2.57 2.15 Tang Book Value Per Share 18.36 18.34 18.57 17.33 16.78 16.93 14.40 13.66 Dividends Per Share 1.390 1.380 1.370 1.360 1.330 1.320 1.290 1.280 Dividend Payout % 65.88 59.23 53.73 55.51 86.36 66.33 65.15 66.67 Income Statement Interest Income 379,199 180,482 762,562 717,715 623,806 470,341 423,630 418,542 Interest Expense 67,079 38,964 184,640 129,070 74,809 45,010 39,506 42,834 Net Interest Income 312,120 141,518 577,922 588,645 548,997 425,331 384,124 375,708 Provision for Losses 73,030 27,119 21,313 22,013 28,406 24,509 22,574 21,937 Non-Interest Income 125,196 36,806 150,484 128,712 131,645 70,032 73,626 80,962 Non-Interest Expense 250,507 101,133 382,654 368,179 367,409 248,196 231,687 239,847 Income Before Taxes 113,779 50,072 324,439 327,165 284,827 222,658 203,489 194,886 Income Taxes 20,910 9,889 64,340 70,823 134,246 75,575 65,530 64,998 Net Income 92,869 40,183 260,099 256,342 150,581 147,083 137,959 129,888 Average Shares 119,887 101,399 101,852 104,298 97,890 73,893 69,625 67,648 Balance Sheet Net Loans & Leases 18,403,265 14,204,149 14,022,586 13,595,365 13,200,749 10,276,811 9,319,035 9,037,803 Total Assets 26,234,973 20,370,653 19,662,324 19,250,498 19,058,959 14,508,892 12,577,944 12,328,811 Total Deposits 19,893,843 14,014,168 13,852,421 13,994,749 13,830,591 10,796,867 9,341,527 9,045,485 Total Liabilities 22,037,118 17,026,951 16,298,491 15,998,874 15,818,429 12,273,145 10,865,309 10,672,651 Stockholders' Equity 4,197,855 3,343,702 3,363,833 3,251,624 3,240,530 2,235,747 1,712,635 1,656,160 Shares Outstanding 129,755 101,723 101,553 102,323 105,040 81,039 69,603 69,295 Statistical Record Return on Assets % 0.96 1.18 1.34 1.34 0.90 1.08 1.11 1.23 Return on Equity % 5.90 7.14 7.86 7.90 5.50 7.43 8.19 9.63 Net Interest Margin % 85.85 78.41 75.79 82.02 88.01 90.43 90.67 89.77 Efficiency Ratio % 52.03 46.54 41.91 43.50 48.63 45.93 46.59 48.02 Loans to Deposits 0.93 1.01 1.01 0.97 0.95 0.95 1.00 1.00 Price Range 40.59-20.68 40.59-20.68 40.59-31.11 39.75-29.21 46.70-32.05 49.20-32.49 43.03-33.81 37.68-28.43 P/E Ratio 19.24-9.80 17.42-8.88 15.92-12.20 16.22-11.92 30.32-20.81 24.72-16.33 21.73-17.08 19.63-14.81 Average Yield % 4.15 3.82 3.67 3.79 3.43 3.44 3.36 4.03
Address: 300 United Center, 500 Virginia Street, East, Charleston, WV 25301 Telephone: 304-424-8716 Web Site: www.ubsi-inc.com
Officers: Richard M. Adams - Chairman, Chief Executive Officer Richard M. Adams - President, Executive Vice President Transfer Agents: Computershare, Jersey City, NJ
268
Investor Contact: 800-445-13478704 No of Institutions: 400 Shares: 101,788,944 % Held: 85.05
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UNIVERSAL CORP Exchange NYS
Symbol UVV
Price $41.88 (9/30/2020)
52Wk Range 58.14-38.58
Yield 7.35
P/E 13.64
*12 Month Price Score 87.99 Interim Earnings (Per Share) Qtr. Jun Sep Dec Mar 2017-18 0.14 1.02 1.78 1.20 2018-19 0.52 1.24 1.11 1.24 2019-20 0.08 1.11 1.04 0.63 2020-21 0.29 ... ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.76Q 11/12/2019 01/10/2020 01/13/2020 02/03/2020 0.76Q 02/04/2020 04/09/2020 04/13/2020 05/04/2020 0.77Q 05/27/2020 07/10/2020 07/13/2020 08/03/2020 0.77Q 08/05/2020 10/08/2020 10/12/2020 11/02/2020 Indicated Div: $3.08 (Div. Reinv. Plan) Valuation Analysis Forecast EPS N/A Market Cap $1.0 Billion Book Value $1.2 Billion TRADING VOLUME (thousand shares) Price/Book 0.83 Price/Sales 0.53 Dividend Achiever Status 10 Year Growth Rate 5.08% Total Years of Dividend Growth 49 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 78.28 *NYSE Composite Index=100 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 150 100 50 0
2011
2012
2013
Business Summary: Tobacco Products (MIC: 1.3.1 SIC: 5159 NAIC: 424590) Universal is a holding company. Through its subsidiary, Co. is engaged in supplying leaf tobacco. Co.'s primary business is procuring, financing, processing, packing, storing, and shipping leaf tobacco for sale to manufacturers of consumer tobacco products. In addition to its leaf tobacco business, Co. is involved in other tobacco and agribusiness activities. Co.'s wholly-owned subsidiary, AmeriNic, Inc. produces liquid nicotine for tobacco products. Co.'s wholly owned subsidiary, Global Laboratory Services, Inc., provides testing for crop protection agents and tobacco constituents in seed, leaf, and finished products, including e-cigarette liquids and vapors. Recent Developments: For the quarter ended June 30 2020, net income increased 670.9% to US$6.9 million from US$895,000 in the year-earlier quarter. Revenues were US$315.8 million, up 6.4% from US$296.9 million the year before. Operating income was US$8.5 million versus US$7.5 million in the prior-year quarter, an increase of 13.5%. Direct operating expenses rose 10.0% to US$262.0 million from US$238.3 million in the comparable period the year before. Indirect operating expenses decreased 11.5% to US$45.2 million from US$51.1 million in the equivalent prior-year period. Prospects: Our evaluation of Universal Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and UVV has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that UVV will perform poorly over the near term. Financial Data (US$ in Thousands) 3 Mos 03/31/2020 03/31/2019 03/31/2018 03/31/2017 03/31/2016 03/31/2015 03/31/2014 Earnings Per Share 3.07 2.86 4.11 4.14 0.88 3.92 4.06 5.25 Cash Flow Per Share 5.19 0.43 6.55 3.29 10.68 8.07 9.83 (0.15) Tang Book Value Per Share 44.60 45.12 49.58 49.88 46.99 48.58 46.56 45.91 Dividends Per Share 3.040 3.030 2.800 2.170 2.130 2.090 2.050 2.010 Dividend Payout % 99.02 105.94 68.13 52.42 242.05 53.32 50.49 38.29 Income Statement Total Revenue 315,811 1,909,979 2,227,153 2,033,947 2,071,218 2,120,373 2,271,801 2,542,115 EBITDA 18,615 165,732 199,105 206,323 214,262 218,401 203,268 283,408 Depn & Amortn 10,105 38,379 37,104 34,836 35,911 36,754 35,394 37,257 Income Before Taxes 1,859 109,080 146,023 157,552 163,464 167,156 151,330 226,793 Income Taxes (5,048) 35,288 41,188 50,509 56,732 54,430 38,006 75,535 Net Income 7,274 71,680 104,121 105,662 106,304 109,016 114,608 149,009 Average Shares 24,703 25,106 25,330 25,508 23,770 27,825 28,221 28,392 Balance Sheet Current Assets 1,462,665 1,479,617 1,588,145 1,589,043 1,561,399 1,638,546 1,634,610 1,673,247 Total Assets 2,106,840 2,120,921 2,133,184 2,168,632 2,123,405 2,232,797 2,198,473 2,270,907 Current Liabilities 265,600 267,399 253,748 267,720 267,996 246,270 270,913 454,977 Long-Term Obligations 368,829 368,764 368,503 369,086 368,733 370,000 370,000 240,000 Total Liabilities 870,596 874,256 796,097 826,203 836,916 818,575 835,748 892,677 Stockholders' Equity 1,236,244 1,246,665 1,337,087 1,342,429 1,286,489 1,414,222 1,362,725 1,378,230 Shares Outstanding 24,488 24,421 24,989 24,930 25,274 22,717 22,593 23,216 Statistical Record Return on Assets % 3.59 3.36 4.84 4.92 4.88 4.91 5.13 6.51 Return on Equity % 6.04 5.53 7.77 8.04 7.87 7.83 8.36 11.30 EBITDA Margin % 5.89 8.68 8.94 10.14 10.34 10.30 8.95 11.15 Net Margin % 2.30 3.75 4.68 5.19 5.13 5.14 5.04 5.86 Asset Turnover 0.90 0.90 1.04 0.95 0.95 0.95 1.02 1.11 Current Ratio 5.51 5.53 6.26 5.94 5.83 6.65 6.03 3.68 Debt to Equity 0.30 0.30 0.28 0.27 0.29 0.26 0.27 0.17 Price Range 62.70-38.58 62.70-38.58 69.91-46.60 75.60-46.35 81.35-52.33 58.41-46.80 56.82-38.53 63.36-48.43 P/E Ratio 20.42-12.57 21.92-13.49 17.01-11.34 18.26-11.20 92.44-59.47 14.90-11.94 14.00-9.49 12.07-9.22 Average Yield % 5.96 5.61 4.65 3.70 3.54 3.94 4.26 3.65 Address: 9201 Forest Hill Avenue, Officers: George C. Freeman - Chairman, President, Investor Contact: 804-359-9311 No of Institutions: 307 Richmond, VA 23235 Chief Executive Officer, Principal Financial Officer Shares: 29,106,802 % Held: 85.91 Telephone: 804-359-9311 Airton L. Hentschke - Senior Vice President, Chief Transfer Agents: Web Site: www.universalcorp.com Operating Officer Wells Fargo Bank, N.A., St. Paul, MN
271
UNIVERSAL HEALTH REALTY INCOME TRUST Exchange NYS
Symbol UHT
Price $56.99 (9/30/2020)
52Wk Range 130.37-53.42
Yield 4.84
P/E 39.58
*12 Month Price Score 67.13 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 2.32 0.30 0.29 0.44 2018 0.70 0.42 0.32 0.32 2019 0.31 0.31 0.34 0.43 2020 0.33 0.34 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.685Q 12/04/2019 12/17/2019 12/18/2019 12/31/2019 0.685Q 03/04/2020 03/16/2020 03/17/2020 03/31/2020 0.69Q 06/03/2020 06/15/2020 06/16/2020 06/30/2020 0.69Q 09/02/2020 09/15/2020 09/16/2020 09/30/2020 Indicated Div: $2.76 (Div. Reinv. Plan) Valuation Analysis Forecast EPS N/A Market Cap $784.7 Million Book Value $166.2 Million TRADING VOLUME (thousand shares) Price/Book 4.72 Price/Sales 10.16 Dividend Achiever Status 10 Year Growth Rate 1.34% Total Years of Dividend Growth 32 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 132.51 *NYSE Composite Index=100 140 130 120 110 100 90 80 70 60 50 40 30 20 15 10 5 0
2011
2012
2013
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) Universal Health Realty Income Trust is a real estate investment trust. Co. invests in health care and human service related facilities including acute care hospitals, behavioral health care hospitals, specialty hospitals, medical office buildings, free-standing emergency departments and childcare centers. Recent Developments: For the quarter ended June 30 2020, net income increased 10.3% to US$4.7 million from US$4.3 million in the year-earlier quarter. Revenues were US$19.3 million, unchanged from the year before. Revenues from property income was unchanged at US$18.8 million compared the corresponding quarter a year earlier. Prospects: Our evaluation of Universal Health Realty Income Trust as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and UHT has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that UHT will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.44 1.41 1.38 1.76 3.35 1.28 1.78 3.99 Cash Flow Per Share 3.23 3.21 3.11 3.13 3.38 3.02 2.87 2.54 Tang Book Value Per Share 11.13 11.53 12.15 13.18 13.83 12.31 13.15 13.64 Dividends Per Share 2.740 2.730 2.720 2.680 2.640 2.600 2.560 2.520 Dividend Payout % 190.28 193.62 197.10 152.27 78.81 203.13 143.82 63.16 Income Statement Total Revenue 38,488 19,207 77,163 76,210 72,348 67,081 63,950 59,786 EBITDA 12,934 6,526 53,318 57,115 78,218 44,897 51,352 78,162 Depn & Amortn 209 98 25,617 24,713 24,952 22,783 21,973 20,663 Income Before Taxes 8,400 4,119 17,168 22,425 43,203 12,759 21,155 49,123 Net Income 9,254 4,554 18,964 24,196 45,619 17,215 23,691 51,551 Average Shares 13,761 13,758 13,752 13,722 13,625 13,468 13,301 12,934 Balance Sheet Current Assets 13,696 13,135 16,713 15,244 12,489 11,542 10,302 10,166 Total Assets 486,606 489,134 488,789 483,756 490,008 524,750 458,901 428,866 Current Liabilities 221,596 219,549 374 450 540 626 504 545 Long-Term Obligations 59,871 60,326 273,694 261,281 256,409 315,717 252,704 213,155 Total Liabilities 320,366 316,694 307,055 285,146 279,447 333,473 263,859 224,285 Stockholders' Equity 166,240 172,440 181,734 198,610 210,561 191,277 195,042 204,581 Shares Outstanding 13,769 13,758 13,757 13,746 13,735 13,599 13,327 13,301 Statistical Record Return on Assets % 4.07 3.95 3.90 4.97 8.99 3.49 5.34 12.86 Return on Equity % 11.13 10.55 9.97 11.83 22.71 8.89 11.86 27.85 EBITDA Margin % 33.61 33.98 69.10 74.94 108.11 66.93 80.30 130.74 Net Margin % 24.04 23.71 24.58 31.75 63.05 25.66 37.05 86.23 Asset Turnover 0.16 0.16 0.16 0.16 0.14 0.14 0.14 0.15 Current Ratio 0.06 0.06 44.69 33.88 23.13 18.44 20.44 18.65 Debt to Equity 0.36 0.35 1.51 1.32 1.22 1.65 1.30 1.04 Price Range 130.37-56.62 130.37-56.62 121.97-60.24 76.34-55.36 84.23-60.01 65.59-47.26 56.87-43.54 49.13-40.06 P/E Ratio 90.53-39.32 92.46-40.16 88.38-43.65 43.38-31.45 25.14-17.91 51.24-36.92 31.95-24.46 12.31-10.04 Average Yield % 2.66 2.73 3.01 4.09 3.67 4.58 5.13 5.75
Address: Universal Corporate Center, 367 South Gulph Road, King of Prussia, PA 19406 Telephone: 610-265-0688 Web Site: www.uhrit.com
Officers: Alan B. Miller - Chairman, President, Chief Executive Officer Charles F. Boyle - Vice President, Chief Financial Officer Transfer Agents: Computershare, Providence, RI
272
No of Institutions: 256 Shares: 11,439,960 % Held: 73.04
UNUM GROUP Exchange NYS
Symbol UNM
Price $16.83 (9/30/2020)
52Wk Range 31.01-10.38
Yield 6.77
P/E 3.60
*12 Month Price Score 80.95 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 1.00 1.07 1.12 2018 1.23 1.29 (1.30) 2019 1.31 1.33 1.16 2020 0.79 1.30 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.285Q 10/15/2019 10/25/2019 10/28/2019 0.285Q 01/17/2020 01/30/2020 01/31/2020 0.285Q 04/09/2020 04/24/2020 04/27/2020 0.285Q 07/17/2020 07/30/2020 07/31/2020 Indicated Div: $1.14 Valuation Analysis Forecast EPS $5.20 (09/03/2020) Market Cap $3.4 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.32 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 55.29 *NYSE Composite Index=100 70 65 60 55 50 45 40 35 30 25 20 15 10 1500 1000 500 0
2011
2012
2013
Dec 1.18 1.14 1.43 ...
Pay 11/15/2019 02/21/2020 05/15/2020 08/21/2020
$10.6 Billion 0.29
13.22% 11
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6321 NAIC: 524114) Unum Group is an insurance holding company. Through its subsidiaries, Co. is a provider of financial protection benefits in the United States and the United Kingdom. Co. has three segments: Unum US, which includes group long-term and short-term disability products, group life and accidental death and dismemberment products, and supplemental and voluntary lines of business, including individual disability and dental and vision products; Unum International, which includes its operations in the United Kingdom and Poland; and Colonial Life, which includes accident, sickness, and disability products, including dental and vision products, life products, and cancer and critical illness products. Recent Developments: For the quarter ended June 30 2020, net income decreased 5.6% to US$265.5 million from US$281.2 million in the year-earlier quarter. Revenues were US$3.02 billion, unchanged from the year before. Net premiums earned were US$2.37 billion versus US$2.34 billion in the prior-year quarter, an increase of 1.1%. Net investment income fell 8.9% to US$569.0 million from US$624.9 million a year ago. Prospects: Our evaluation of UNUM Group as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while UNM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that UNM will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Earnings Per Share
4.68
4.71
5.24
2.38
4.37
3.95
3.50
Cash Flow Per Share
8.11
7.11
8.30
7.00
5.07
4.73
5.23
1.61 4.79
Tang Book Value Per Share
50.19
46.50
47.37
38.55
41.50
37.56
35.00
33.11
Dividends Per Share
1.140
1.115
1.090
0.980
0.860
0.770
0.700
0.620
Dividend Payout %
24.36
23.67
20.80
41.18
19.68
19.49
20.00
38.51
Premium Income
4,740,100
2,371,400
9,365,600
8,986,100
8,597,100
8,357,700
8,082,400
7,797,200
Total Revenue
5,892,300
2,871,100
11,998,900
11,598,500
11,286,800
11,046,500
10,731,300
10,509,700
Income Before Taxes
539,700
202,100
1,382,100
627,800
1,404,000
1,347,700
1,238,300
527,200
Income Taxes
113,200
41,100
281,800
104,400
409,800
416,300
371,200
113,800
Net Income
426,500
161,000
1,100,300
523,400
994,200
931,400
867,100
413,400
Average Shares
203,671
203,355
209,854
220,058
227,335
235,979
247,854
256,652
Income Statement
Balance Sheet Total Assets
69,305,200
65,335,900
67,013,400
61,875,600
64,013,100
61,941,500
60,589,700
62,497,100
Total Liabilities
58,743,800
55,532,800
57,048,400
53,253,800
54,438,200
52,973,500
51,925,800
53,944,700
Stockholders' Equity
10,561,400
9,803,100
9,965,000
8,621,800
9,574,900
8,968,000
8,663,900
8,552,400
203,484
203,325
202,936
214,553
222,547
229,822
240,917
252,309
Shares Outstanding Statistical Record Return on Assets %
1.43
1.52
1.71
0.83
1.58
1.52
1.41
0.68
Return on Equity %
9.64
10.39
11.84
5.75
10.72
10.54
10.07
4.80
Net Margin %
7.24
5.61
9.17
4.51
8.81
8.43
8.08
3.93
Price Range P/E Ratio Average Yield % Address: 1 Fountain Square, Chattanooga, TN 37402 Telephone: 423-294-1011 Web Site: www.unum.com
34.60-10.38 37.54-10.38 37.67-25.06 58.59-27.24 57.49-43.80 44.60-24.07 37.61-31.05 36.81-30.71 7.39-2.22
7.97-2.20
4.62
3.79
7.19-4.78 24.62-11.45 13.16-10.02 3.41
2.36
Officers: Kevin T. Kabat - Chairman Richard P. McKenney - President, Chief Executive Officer, Executive Vice President, Chief Financial Officer Transfer Agents:Computershare Trust Company, N.A., Providence, RI
273
1.76
11.29-6.09 2.25
10.75-8.87 22.86-19.07 2.04
1.81
No of Institutions: 730 Shares: 254,723,024 % Held: 86.07
URSTADT BIDDLE PROPERTIES INC Exchange NYS
Symbol UBA
Price $9.20 (9/30/2020)
52Wk Range 24.84-8.22
56 52 48 44 40 36 32 28 24 20 16 12 8 150 100 50 0
2011
2012
2013
Yield 6.09
*12 Month Price Score 55.15 Interim Earnings (Per Share) Qtr. Jan Apr Jul 2016-17 0.08 0.57 0.14 2017-18 0.12 0.23 0.13 2018-19 0.14 0.14 0.17 2019-20 0.12 0.07 0.08 Interim Dividends (Per Share) Amt Decl Ex Rec 0.28Q 12/18/2019 01/02/2020 01/03/2020 0.28Q 03/19/2020 04/02/2020 04/03/2020 0.07Q 06/08/2020 07/01/2020 07/03/2020 0.14Q 09/03/2020 10/01/2020 10/02/2020 Indicated Div: $0.56 Valuation Analysis Forecast EPS $0.28 (09/01/2020) Market Cap $368.6 Million Book Value TRADING VOLUME (thousand shares) Price/Book 0.64 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 74.31 *NYSE Composite Index=100
P/E 26.29 Oct 0.01 0.13 0.08 ...
Pay 01/17/2020 04/17/2020 07/17/2020 10/16/2020
$572.8 Million 2.86
1.37% 21
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) Urstadt Biddle Properties is a real estate investment trust engaged in the acquisition, ownership and management of commercial real estate. Co.'s business is the ownership of real estate investments, which consist principally of investments in properties, with primary focus on neighborhood and community shopping centers in the metropolitan New York tri-state area outside of the City of New York. In addition to its business of owning and managing real estate, Co. is involved in the beer, wine and spirits retail business, through its subsidiaries. Each subsidiary corporation owns and operates a beer, wine and spirits retail store at one of its shopping centers. Recent Developments: For the quarter ended July 31 2020, net income decreased 48.2% to US$5.9 million from US$11.4 million in the year-earlier quarter. Revenues were US$28.8 million, down 16.3% from US$34.4 million the year before. Revenues from property income fell 17.4% to US$27.0 million from US$32.6 million in the corresponding quarter a year earlier. Prospects: Our evaluation of Urstadt Biddle Properties Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and UBA has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that UBA will perform well over the near term. Financial Data (US$ in Thousands) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share 0.35 0.44 0.51 0.52 0.60 0.80 0.49 0.90 Cash Flow Per Share 1.71 1.81 1.93 1.89 1.89 1.67 1.70 1.49 Tang Book Value Per Share 8.68 8.63 8.71 8.90 9.89 10.08 10.08 9.42 Dividends Per Share 0.905 1.110 1.105 1.100 1.080 1.060 1.040 1.020 Dividend Payout % 258.57 252.27 216.67 211.54 180.00 132.50 212.24 113.33 Income Statement Total Revenue 94,427 65,628 34,348 137,585 135,352 123,560 116,792 115,312 EBITDA 52,875 36,384 19,388 82,017 81,750 73,778 68,352 63,576 Depn & Amortn 21,587 14,283 7,135 27,927 28,324 26,512 23,025 22,435 Income Before Taxes 21,524 15,785 9,008 40,391 40,098 34,641 32,586 27,894 Net Income 19,683 14,695 8,483 37,280 37,467 52,933 33,716 49,264 Average Shares 38,821 39,078 39,095 39,003 38,627 38,529 36,022 35,060 Balance Sheet Current Assets 67,948 65,260 38,207 116,933 40,999 30,612 28,185 31,167 Total Assets 1,021,205 1,018,897 993,852 1,072,304 1,008,233 996,713 931,324 861,075 Current Liabilities 58,787 57,003 13,994 11,416 3,900 4,200 4,977 3,438 Long-Term Obligations 301,597 303,253 304,947 306,606 322,396 301,071 281,016 283,207 Total Liabilities 448,425 448,108 419,908 492,580 426,092 409,483 332,291 320,297 Stockholders' Equity 572,780 570,789 573,944 579,724 582,141 587,230 599,033 540,778 Shares Outstanding 40,066 40,066 40,061 39,856 39,636 39,393 39,141 35,721 Statistical Record Return on Assets % 2.86 3.39 3.66 3.58 3.74 5.49 3.75 5.86 Return on Equity % 5.10 6.02 6.43 6.42 6.41 8.92 5.90 9.70 EBITDA Margin % 56.00 55.44 56.45 59.61 60.40 59.71 58.52 55.13 Net Margin % 20.84 22.39 24.70 27.10 27.68 42.84 28.87 42.72 Asset Turnover 0.13 0.13 0.14 0.13 0.14 0.13 0.13 0.14 Current Ratio 1.16 1.14 2.73 10.24 10.51 7.29 5.66 9.07 Debt to Equity 0.53 0.53 0.53 0.53 0.55 0.51 0.47 0.52 Price Range 24.84-9.76 24.84-10.29 24.84-20.39 24.43-18.63 23.75-17.50 24.33-18.41 25.13-18.57 24.22-17.43 P/E Ratio 70.97-27.89 56.45-23.39 48.71-39.98 46.98-35.83 39.58-29.17 30.41-23.01 51.29-37.90 26.91-19.37 Average Yield % 4.78 5.20 4.93 5.12 5.15 4.98 4.87 4.89
Address: 321 Railroad Avenue, Greenwich, CT 06830 Telephone: 203-863-8200 Web Site: www.ubproperties.com
Officers: Charles D. Urstadt - Chairman Willing L. Biddle - President, Chief Executive Officer, Chief Operating Officer Transfer Agents: BNY Mellon Shareowner Services, Jersey City, N
274
Investor Contact: 203-863-8200 No of Institutions: 43 Shares: 890,175 % Held: 2.74
VECTOR GROUP LTD Exchange NYS
Symbol VGR
Price $9.69 (9/30/2020)
52Wk Range 14.14-8.43
Yield 8.26
P/E 22.53
*12 Month Price Score 84.74 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 (0.03) 0.17 0.12 0.28 2018 0.04 0.11 0.07 0.13 2019 0.08 0.26 0.23 0.07 2020 (0.03) 0.16 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.40Q 11/05/2019 12/16/2019 12/17/2019 12/30/2019 0.20Q 03/05/2020 03/18/2020 03/19/2020 03/30/2020 0.20Q 05/28/2020 06/18/2020 06/19/2020 06/29/2020 0.20Q 08/27/2020 09/16/2020 09/17/2020 09/29/2020 Indicated Div: $0.80 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $0.40 (08/29/2020) Market Cap $1.5 Billion Book Value N/A TRADING VOLUME (thousand shares) Price/Book N/A Price/Sales 0.81 Dividend Achiever Status 10 Year Growth Rate 5.00% Total Years of Dividend Growth 21 2014 2015 2016 2017 2018 2019 2020
26
5%
24 22
14 12 10 8 750 500 250 0
2011
2012
2013
5%
5%
5%
16
5%
18
5%
20
5%
28
5%
30
5%
*7 Year Price Score 64.55 *NYSE Composite Index=100
Business Summary: Tobacco Products (MIC: 1.3.1 SIC: 2111 NAIC: 312221) Vector Group is a holding company. Co. is engaged principally in the manufacture and sale of cigarettes in United States through its Liggett Group LLC (Liggett) and Vector Tobacco Inc. subsidiaries; and the real estate business through its New Valley LLC (New Valley) subsidiary. Co.'s business segments were Tobacco, and Real Estate. The Tobacco segment consists of the manufacture and sale of conventional cigarettes. The Real Estate segment includes Co.'s investment in New Valley, which includes Douglas Elliman, Escena, Sagaponack and investments in real estate ventures. Recent Developments: For the quarter ended June 30 2020, net income decreased 34.4% to US$25.8 million from US$39.3 million in the year-earlier quarter. Revenues were US$445.8 million, down 17.2% from US$538.4 million the year before. Operating income was US$66.8 million versus US$76.2 million in the prior-year quarter, a decrease of 12.4%. Direct operating expenses declined 17.2% to US$304.9 million from US$368.2 million in the comparable period the year before. Indirect operating expenses decreased 21.2% to US$74.1 million from US$94.0 million in the equivalent prior-year period. Prospects: Our evaluation of Vector Group Ltd. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has suffered a very negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and VGR has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that VGR will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.43 0.53 0.63 0.35 0.54 0.48 0.40 0.27 Cash Flow Per Share 2.46 1.49 0.85 1.24 0.90 0.68 1.01 0.82 Dividends Per Share 1.181 1.362 1.543 1.469 1.399 1.333 1.269 1.209 Dividend Payout % 274.64 258.38 244.90 416.97 261.52 280.53 314.89 440.87 Income Statement Total Revenue 900,248 454,488 1,903,711 1,870,262 1,807,476 1,690,949 1,657,197 1,591,315 EBITDA 60,224 (14,909) 286,170 271,892 252,311 281,729 242,461 255,976 Depn & Amortn ... ... 24,196 17,506 17,479 20,782 20,423 17,843 Income Before Taxes (1,113) (47,856) 136,116 61,955 68,538 123,983 108,385 77,142 Income Taxes 9,938 (978) 32,813 21,552 (1,582) 49,163 41,233 33,251 Net Income 22,543 (3,231) 100,974 58,105 84,572 71,127 59,198 36,978 Average Shares 150,846 147,083 147,368 146,484 146,271 143,845 143,177 131,447 Balance Sheet Current Assets 798,738 753,867 681,614 872,221 613,709 705,463 583,739 857,846 Total Assets 1,531,747 1,494,821 1,505,089 1,549,504 1,328,278 1,404,035 1,310,756 1,573,392 Current Liabilities 498,111 515,321 461,133 484,920 204,639 196,148 216,292 270,095 Long-Term Obligations 1,398,194 1,395,617 1,397,216 1,386,697 1,194,244 1,132,943 886,249 860,711 Total Liabilities 2,200,951 2,213,820 2,190,553 2,097,563 1,742,197 1,736,035 1,516,803 1,630,419 Stockholders' Equity (669,204) (718,999) (685,464) (548,059) (413,919) (332,000) (206,047) (57,027) Shares Outstanding 153,484 148,084 148,084 147,960 148,137 147,874 143,305 146,135 Statistical Record Return on Assets % 4.64 5.66 6.61 4.04 6.19 5.23 4.11 2.61 EBITDA Margin % 6.69 N.M. 15.03 14.54 13.96 16.66 14.63 16.09 Net Margin % 2.50 N.M. 5.30 3.11 4.68 4.21 3.57 2.32 Asset Turnover 1.24 1.33 1.25 1.30 1.32 1.24 1.15 1.12 Current Ratio 1.60 1.46 1.48 1.80 3.00 3.60 2.70 3.18 Price Range 14.14-8.70 14.14-8.52 14.14-8.52 20.37-8.84 20.88-17.16 19.70-17.12 20.92-16.45 17.83-12.06 P/E Ratio 32.88-20.23 26.68-16.08 22.44-13.53 58.21-25.25 38.67-31.77 41.05-35.67 52.30-41.14 66.03-44.66 Average Yield % 10.20 12.11 14.34 9.21 7.42 7.28 6.88 7.68
Address: 4400 Biscayne Boulevard, Miami, FL 33137 Telephone: 305-579-8000 Web Site: www.vectorgroupltd.com
Officers: Bennett S. LeBow - Chairman Howard M. Lorber - President, Chief Executive Officer Transfer Agents:American Stock Transfer & Trust Company, LLC, Brooklyn, NY
275
Investor Contact: 212-687-8080 No of Institutions: 320 Shares: 109,514,128 % Held: 73.55
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VERIZON COMMUNICATIONS INC Exchange NYS
Symbol VZ
Price $59.49 (9/30/2020)
52Wk Range 62.07-49.94
Yield 4.22
P/E 12.90
*12 Month Price Score 99.85 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.84 1.07 0.89 4.56 2018 1.11 1.00 1.19 0.47 2019 1.22 0.95 1.25 1.23 2020 1.00 1.13 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.615Q 12/05/2019 01/09/2020 01/10/2020 02/03/2020 0.615Q 03/05/2020 04/09/2020 04/13/2020 05/01/2020 0.615Q 06/04/2020 07/09/2020 07/10/2020 08/03/2020 0.627Q 09/03/2020 10/08/2020 10/09/2020 11/02/2020 Indicated Div: $2.51 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $4.78 (09/03/2020) Market Cap $246.2 Billion Book Value $62.7 Billion TRADING VOLUME (thousand shares) Price/Book 3.93 Price/Sales 1.90 Dividend Achiever Status 10 Year Growth Rate 2.71% Total Years of Dividend Growth 15 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 100.53 *NYSE Composite Index=100 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 15000 10000 5000 0
2011
2012
2013
Business Summary: Services (MIC: 6.1.2 SIC: 4813 NAIC: 517110) Verizon Communications is a holding company. Through its subsidiaries, Co. provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Co. has two reportable segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). Co.'s Consumer segment provides consumer-focused wireless and wireline communications services and products under the Verizon brand and through wholesale and other arrangements. Co.'s Business segment provides, among others, wireless and wireline communications services and products, video and data services, corporate networking solutions, security and managed network services. Recent Developments: For the quarter ended June 30 2020, net income increased 18.8% to US$4.84 billion from US$4.07 billion in the year-earlier quarter. Revenues were US$30.45 billion, down 5.1% from US$32.07 billion the year before. Operating income was US$7.36 billion versus US$7.85 billion in the prior-year quarter, a decrease of 6.2%. Direct operating expenses declined 7.6% to US$11.75 billion from US$12.72 billion in the comparable period the year before. Indirect operating expenses decreased 1.4% to US$11.34 billion from US$11.50 billion in the equivalent prior-year period. Prospects: Our evaluation of Verizon Communications Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and VZ has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that VZ will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 4.61 4.43 4.65 3.76 7.36 3.21 4.37 2.42 Cash Flow Per Share 10.50 9.06 8.64 8.32 6.20 5.55 9.53 7.71 Dividends Per Share 2.447 2.435 2.422 2.373 2.322 2.273 2.215 2.140 Dividend Payout % 53.09 54.97 52.10 63.10 31.56 70.79 50.69 88.43 Income Statement Total Revenue 62,057,000 31,610,000 131,868,000 130,863,000 126,034,000 125,980,000 131,620,000 127,079,000 EBITDA 22,306,000 10,852,000 41,728,000 39,734,000 40,063,000 39,628,000 47,454,000 33,263,000 Depn & Amortn 8,331,000 4,150,000 14,371,000 15,186,000 14,741,000 14,227,000 14,323,000 14,966,000 Income Before Taxes 11,888,000 5,688,000 22,748,000 19,809,000 20,671,000 21,084,000 28,326,000 13,490,000 Income Taxes 2,737,000 1,389,000 2,945,000 3,584,000 (9,956,000) 7,378,000 9,865,000 3,314,000 Net Income 8,856,000 4,156,000 19,265,000 15,528,000 30,101,000 13,127,000 17,879,000 9,625,000 Average Shares 4,141,000 4,141,000 4,140,000 4,132,000 4,089,000 4,086,000 4,093,000 3,981,000 Balance Sheet Current Assets 37,333,000 40,705,000 37,473,000 34,636,000 29,913,000 26,395,000 22,280,000 29,623,000 Total Assets 293,259,000 294,500,000 291,727,000 264,829,000 257,143,000 244,180,000 244,640,000 232,708,000 Current Liabilities 38,886,000 41,057,000 44,868,000 37,930,000 33,037,000 30,340,000 35,052,000 28,064,000 Long-Term Obligations 124,348,000 124,678,000 100,712,000 105,873,000 113,642,000 105,433,000 103,705,000 110,536,000 Total Liabilities 230,562,000 234,290,000 230,332,000 211,684,000 214,047,000 221,656,000 228,212,000 220,410,000 Stockholders' Equity 62,697,000 60,210,000 61,395,000 53,145,000 43,096,000 22,524,000 16,428,000 12,298,000 Shares Outstanding 4,138,054 4,137,996 4,135,828 4,132,034 4,079,477 4,076,684 4,073,175 4,154,964 Statistical Record Return on Assets % 6.64 6.36 6.92 5.95 12.01 5.36 7.49 3.80 Return on Equity % 32.10 31.69 33.64 32.27 91.74 67.22 124.48 37.65 EBITDA Margin % 35.94 34.33 31.64 30.36 31.79 31.46 36.05 26.18 Net Margin % 14.27 13.15 14.61 11.87 23.88 10.42 13.58 7.57 Asset Turnover 0.45 0.45 0.47 0.50 0.50 0.51 0.55 0.50 Current Ratio 0.96 0.99 0.84 0.91 0.91 0.87 0.64 1.06 Debt to Equity 1.98 2.07 1.64 1.99 2.64 4.68 6.31 8.99 Price Range 62.07-49.94 62.07-49.94 62.07-53.28 60.65-46.29 54.64-42.89 56.53-44.15 50.55-42.84 51.97-45.42 P/E Ratio 13.46-10.83 14.01-11.27 13.35-11.46 16.13-12.31 7.42-5.83 17.61-13.75 11.57-9.80 21.48-18.77 Average Yield % 4.23 4.18 4.17 4.56 4.81 4.42 4.70 4.40 Address: 1095 Avenue of the Americas, Officers: Hans E. Vestberg - Chairman, Executive No of Institutions: 3537 Shares: 3,363,232,256 % Held: 71.07 New York, NY 10036 Vice President, Chief Executive Officer, Chief Telephone: 212-395-1000 Technology Officer, Division Officer Matthew D. Ellis Web Site: www.verizon.com - Executive Vice President, Chief Financial Officer Transfer Agents:Computershare Louisville, KY
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279
VSE CORP. Exchange NMS
Symbol VSEC
Price $30.64 (9/30/2020)
60 55
100%
50 45 40 35 30 25 20 15 10 15 10 5 0
2011
2012
2013
52Wk Range 40.79-13.83
Yield 1.17
*12 Month Price Score 98.42 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 0.67 0.72 0.61 2018 0.65 0.80 0.92 2019 0.60 0.89 0.95 2020 0.30 (2.05) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.09Q 12/13/2019 01/28/2020 01/29/2020 0.09Q 02/27/2020 04/28/2020 04/29/2020 0.09Q 05/07/2020 07/14/2020 07/15/2020 0.09Q 07/29/2020 11/03/2020 11/04/2020 Indicated Div: $0.36 Valuation Analysis Forecast EPS $2.39 (09/01/2020) Market Cap $338.4 Million Book Value TRADING VOLUME (thousand shares) Price/Book 0.99 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 77.81 *NYSE Composite Index=100
P/E 306.40 Dec 1.60 0.84 0.90 ...
Pay 02/12/2020 05/13/2020 07/29/2020 11/18/2020
$343.0 Million 0.46
13.60% 16
Business Summary: Business Services (MIC: 7.5.2 SIC: 8711 NAIC: 541330) VSE is a products and services aftermarket company. Co.'s segments are: Aviation Group, which provides international parts supply and distribution, supply chain solutions, and component and engine accessory maintenance, repair, and overhaul services supporting aftermarket commercial and business and aviation customers; Supply Chain Management Group, which provides parts supply, inventory management, e-commerce fulfillment, logistics, data management, and other services to assist aftermarket commercial and federal customers with their supply chain management; and Federal Services Group, which provides aftermarket refurbishment and sustainment services for the U.S. Department of Defense. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$22.6 million versus net income of US$9.9 million in the year-earlier quarter. Revenues were US$168.7 million, down 10.8% from US$189.1 million the year before. Operating loss was US$21.9 million versus an income of US$16.4 million in the prior-year quarter. Direct operating expenses declined 9.8% to US$150.5 million from US$166.7 million in the comparable period the year before. Indirect operating expenses increased 573.1% to US$40.2 million from US$6.0 million in the equivalent prior-year period. Prospects: Our evaluation of VSE Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and VSEC has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that VSEC will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.10 3.04 3.35 3.21 3.60 2.47 2.31 1.80 Cash Flow Per Share 3.33 2.00 1.64 1.73 4.65 4.36 3.50 4.64 Tang Book Value Per Share N.M. N.M. N.M. 3.20 N.M. N.M. N.M. 3.85 Dividends Per Share 0.360 0.350 0.340 0.300 0.260 0.230 0.210 0.190 Dividend Payout % 360.00 11.51 10.15 9.35 7.22 9.31 9.09 10.53 Income Statement Total Revenue 346,133 177,418 752,627 697,218 760,113 691,790 533,982 424,071 EBITDA (2,989) 14,457 86,574 78,747 79,642 76,996 59,639 44,830 Depn & Amortn 9,187 4,723 26,317 24,517 25,317 25,467 9,100 7,900 Income Before Taxes (18,734) 6,248 46,427 45,248 45,085 41,674 40,995 32,947 Income Taxes 558 2,916 9,403 10,168 5,989 14,881 16,077 12,458 Net Income (19,292) 3,332 37,024 35,080 39,096 26,793 24,918 19,365 Average Shares 11,041 11,100 11,044 10,936 10,867 10,828 10,787 10,742 Balance Sheet Current Assets 354,078 342,626 355,341 281,220 248,540 258,463 201,370 122,368 Total Assets 787,562 811,409 845,864 638,828 629,013 661,839 622,134 355,330 Current Liabilities 146,753 130,167 164,183 104,878 113,977 148,442 96,977 87,497 Long-Term Obligations 241,612 280,894 253,128 170,046 186,195 215,580 239,376 48,147 Total Liabilities 444,608 445,008 482,763 310,433 335,918 406,645 392,825 149,841 Stockholders' Equity 342,954 366,401 363,101 328,395 293,095 255,194 229,309 205,489 Shares Outstanding 11,043 11,029 10,970 10,886 10,838 10,798 10,751 10,716 Statistical Record Return on Assets % 0.15 4.18 4.99 5.53 6.06 4.16 5.10 5.26 Return on Equity % 0.36 9.59 10.71 11.29 14.26 11.03 11.46 9.87 EBITDA Margin % N.M. 8.15 11.50 11.29 10.48 11.13 11.17 10.57 Net Margin % N.M. 1.88 4.92 5.03 5.14 3.87 4.67 4.57 Asset Turnover 0.92 0.94 1.01 1.10 1.18 1.07 1.09 1.15 Current Ratio 2.41 2.63 2.16 2.68 2.18 1.74 2.08 1.40 Debt to Equity 0.70 0.77 0.70 0.52 0.64 0.84 1.04 0.23 Price Range 40.79-13.83 40.79-13.83 40.79-24.11 54.15-27.29 59.13-36.13 42.34-27.27 41.70-17.84 37.23-20.45 P/E Ratio 407.90-138.30 13.42-4.55 12.18-7.20 16.87-8.50 16.43-10.04 17.14-11.04 18.05-7.73 20.68-11.36 Average Yield % 1.21 1.12 1.06 0.70 0.57 0.69 0.69 0.67 Investor Contact: 703-329-3263 Officers: Ralph E. Eberhart - Chairman John A. Address: 6348 Walker Lane, Cuomo - President, Chief Executive Officer Transfer No of Institutions: 106 Alexandria, VA 22310 Agents:Registrar and Transfer Company, Cranford, NJ Shares: 8,733,047 % Held: 78.54 Telephone: 703-960-4600 Web Site: www.vsecorp.com
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281
WALMART INC Exchange NYS
Symbol WMT
Price $139.91 (9/30/2020)
52Wk Range 147.68-104.05
Yield 1.54
P/E 22.31
*7 Year Price Score 125.99 *NYSE Composite Index=100 *12 Month Price Score 109.91 Interim Earnings (Per Share) Qtr. Apr Jul Oct Jan 160 2017-18 1.00 0.96 0.58 0.74 150 2018-19 0.72 (0.29) 0.58 1.25 140 2019-20 1.33 1.26 1.15 1.45 130 2020-21 1.40 2.27 ... ... 120 Interim Dividends (Per Share) 110 Amt Decl Ex Rec Pay 100 0.54Q 02/18/2020 03/19/2020 03/20/2020 04/06/2020 0.54Q 02/18/2020 08/13/2020 08/14/2020 09/08/2020 90 0.54Q 02/18/2020 05/07/2020 05/08/2020 06/01/2020 80 0.54Q 02/18/2020 12/10/2020 12/11/2020 01/04/2021 70 Indicated Div: $2.16 (Div. Reinv. Plan) 60 Valuation Analysis 50 Forecast EPS $5.34 (09/03/2020) 40 Market Cap $396.5 Billion Book Value $75.3 Billion TRADING VOLUME (thousand shares) 6000 Price/Book 5.26 Price/Sales 0.73 4000 Dividend Achiever Status 2000 10 Year Growth Rate 6.88% 0 Total Years of Dividend Growth 44 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Retail - General Merchandise/Department Stores (MIC: 2.1.1 SIC: 5411 NAIC: 445110) Walmart is engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout United States, Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico and United Kingdom. Co.'s operations are conducted in three reportable segments: Walmart United States, which is a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, as well as walmart.com, jet.com and other eCommerce brands; Walmart International, which includes various formats divided into retail, wholesale and other categories; and Sam's Club, which is a membership-only warehouse club that also operates samsclub.com. Recent Developments: For the quarter ended July 31 2020, net income increased 75.0% to US$6.44 billion from US$3.68 billion in the year-earlier quarter. Revenues were US$137.74 billion, up 5.6% from US$130.38 billion the year before. Operating income was US$6.06 billion versus US$5.58 billion in the prior-year quarter, an increase of 8.5%. Direct operating expenses rose 4.9% to US$102.69 billion from US$97.92 billion in the comparable period the year before. Indirect operating expenses increased 7.9% to US$28.99 billion from US$26.87 billion in the equivalent prior-year period. Prospects: Our evaluation of Walmart Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while WMT has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that WMT will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 01/31/2020 01/31/2019 01/31/2018 01/31/2017 01/31/2016 01/31/2015 Earnings Per Share 6.27 5.26 5.19 2.26 3.28 4.38 4.57 5.05 Cash Flow Per Share 11.66 10.14 8.86 9.48 9.46 10.14 8.54 8.84 Tang Book Value Per Share 16.15 13.71 15.39 14.36 20.20 19.93 20.19 19.61 Dividends Per Share 2.140 2.130 2.120 2.080 2.040 2.000 1.960 1.920 Dividend Payout % 34.13 40.49 40.85 92.04 62.20 45.66 42.89 38.02 Income Statement Total Revenue 272,364,000 134,622,000 523,964,000 514,405,000 500,343,000 485,873,000 482,130,000 485,651,000 EBITDA 20,788,000 8,736,000 33,526,000 24,289,000 27,801,000 32,764,000 33,505,000 36,247,000 Depn & Amortn 5,562,000 2,791,000 11,000,000 10,700,000 10,500,000 10,000,000 9,400,000 9,100,000 Income Before Taxes 14,042,000 5,396,000 20,116,000 11,460,000 15,123,000 20,497,000 21,638,000 24,799,000 Income Taxes 3,529,000 1,322,000 4,915,000 4,281,000 4,600,000 6,204,000 6,558,000 7,985,000 Net Income 10,466,000 3,990,000 14,881,000 6,670,000 9,862,000 13,643,000 14,694,000 16,363,000 Average Shares 2,848,000 2,849,000 2,868,000 2,945,000 3,010,000 3,112,000 3,217,000 3,243,000 Balance Sheet Current Assets 64,996,000 63,328,000 61,806,000 61,897,000 59,664,000 57,689,000 60,239,000 63,278,000 Total Assets 237,382,000 232,892,000 236,495,000 219,295,000 204,522,000 198,825,000 199,581,000 203,706,000 Current Liabilities 81,957,000 82,647,000 77,790,000 77,477,000 78,521,000 66,928,000 64,619,000 65,272,000 Long-Term Obligations 45,632,000 47,480,000 48,021,000 50,203,000 36,825,000 42,018,000 44,030,000 43,692,000 Total Liabilities 162,072,000 164,652,000 161,826,000 146,799,000 126,653,000 121,027,000 119,035,000 122,312,000 Stockholders' Equity 75,310,000 68,240,000 74,669,000 72,496,000 77,869,000 77,798,000 80,546,000 81,394,000 Shares Outstanding 2,834,000 2,832,000 2,832,000 2,878,000 2,952,000 3,048,000 3,162,000 3,228,000 Statistical Record Return on Assets % 7.58 6.43 6.53 3.15 4.89 6.83 7.29 8.01 Return on Equity % 24.57 22.03 20.22 8.87 12.67 17.19 18.15 20.76 EBITDA Margin % 7.63 6.49 6.40 4.72 5.56 6.74 6.95 7.46 Net Margin % 3.84 2.96 2.84 1.30 1.97 2.81 3.05 3.37 Asset Turnover 2.30 2.29 2.30 2.43 2.48 2.43 2.39 2.38 Current Ratio 0.79 0.77 0.79 0.80 0.76 0.86 0.93 0.97 Debt to Equity 0.61 0.70 0.64 0.69 0.47 0.54 0.55 0.54 Price Range 132.66-104.05 132.33-99.54 121.28-93.86 106.60-82.40 109.55-66.23 74.30-63.15 87.33-56.42 90.47-72.66 P/E Ratio 21.16-16.59 25.16-18.92 23.37-18.08 47.17-36.46 33.40-20.19 16.96-14.42 19.11-12.35 17.91-14.39 Average Yield % 1.80 1.86 1.93 2.27 2.49 2.86 2.78 2.46 Address: 702 S.W. 8th Street, Officers: Gregory B. Penner - Chairman C. Douglas Investor Contact: 479-273-8446 Bentonville, AR 72716 (Doug) McMillon - President, Chief Executive Officer, No of Institutions: 3067 Telephone: 479-273-4000 Executive Vice President, Division Officer Transfer Shares: 1,164,919,040 % Held: 32.74 Agents:Computershare Trust Company, N.A., Web Site: www.stock.walmart.com Providence, RI
282
WASTE MANAGEMENT, INC. (DE) Exchange NYS
Symbol WM
Price $113.17 (9/30/2020)
52Wk Range 126.22-87.87
Yield 1.93
P/E 29.94
*7 Year Price Score 131.76 *NYSE Composite Index=100 *12 Month Price Score 100.45 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 130 2017 0.67 0.81 0.87 2.05 120 2018 0.91 1.15 1.16 1.23 110 2019 0.81 0.89 1.16 1.05 100 2020 0.85 0.72 ... ... Interim Dividends (Per Share) 90 Amt Decl Ex Rec Pay 80 0.512Q 11/19/2019 12/05/2019 12/06/2019 12/20/2019 70 0.545Q 02/18/2020 03/05/2020 03/06/2020 03/20/2020 60 0.545Q 05/12/2020 06/04/2020 06/05/2020 06/19/2020 0.545Q 08/18/2020 09/03/2020 09/04/2020 09/18/2020 50 Indicated Div: $2.18 (Div. Reinv. Plan) 40 Valuation Analysis 30 Forecast EPS $3.86 (08/26/2020) 20 Market Cap $47.8 Billion Book Value $6.9 Billion TRADING VOLUME (thousand shares) 3000 Price/Book 6.93 Price/Sales 3.16 2000 Dividend Achiever Status 1000 10 Year Growth Rate 5.86% 0 Total Years of Dividend Growth 16 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Sanitation Services (MIC: 7.5.3 SIC: 4953 NAIC: 562211) Waste Management is a holding company. Through its subsidiaries, Co. is a provider of waste management environmental services. Co. partners with its residential, commercial, industrial and municipal customers and the communities it serves to manage and reduce waste at each stage from collection to disposal, while recovering resources and creating renewable energy. Co.'s Solid Waste business is operated and managed by its subsidiaries that focus on various geographic areas and provide collection, transfer, disposal, and recycling and resource recovery services. Through its subsidiaries, Co. is also a developer, operator and owner of landfill gas-to-energy facilities. Recent Developments: For the quarter ended June 30 2020, net income decreased 19.6% to US$307.0 million from US$382.0 million in the year-earlier quarter. Revenues were US$3.56 billion, down 9.8% from US$3.95 billion the year before. Operating income was US$527.0 million versus US$696.0 million in the prior-year quarter, a decrease of 24.3%. Direct operating expenses declined 10.8% to US$2.18 billion from US$2.44 billion in the comparable period the year before. Indirect operating expenses increased 5.8% to US$854.0 million from US$807.0 million in the equivalent prior-year period. Prospects: Our evaluation of Waste Management Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while WM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that WM will perform poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.78 3.95 3.91 4.45 4.41 2.65 1.65 2.79 Cash Flow Per Share 8.51 8.84 9.12 8.32 7.25 6.66 5.52 5.04 Tang Book Value Per Share N.M. N.M. 0.04 N.M. N.M. N.M. N.M. N.M. Dividends Per Share 2.115 2.083 2.050 1.860 1.700 1.640 1.540 1.500 Dividend Payout % 55.95 52.72 52.43 41.80 38.55 61.89 93.33 53.76 Income Statement Total Revenue 7,290,000 3,729,000 15,455,000 14,914,000 14,485,000 13,609,000 12,961,000 13,996,000 EBITDA 1,583,000 813,000 4,039,000 4,167,000 3,902,000 3,057,800 2,652,000 3,484,000 Depn & Amortn 482,000 240,000 1,468,000 1,376,000 1,280,000 815,800 1,169,000 1,214,000 Income Before Taxes 870,000 461,000 2,160,000 2,417,000 2,259,000 1,866,000 1,098,000 1,804,000 Income Taxes 162,000 74,000 434,000 453,000 242,000 642,000 308,000 413,000 Net Income 668,000 361,000 1,670,000 1,925,000 1,949,000 1,182,000 753,000 1,298,000 Average Shares 423,900 426,400 427,500 432,200 441,900 446,500 455,900 465,600 Balance Sheet Current Assets 5,106,000 5,635,000 6,209,000 2,645,000 2,624,000 2,376,000 2,345,000 3,641,000 Total Assets 26,619,000 27,178,000 27,743,000 22,650,000 21,829,000 20,859,000 20,419,000 21,412,000 Current Liabilities 5,772,000 3,070,000 3,144,000 3,108,000 3,262,000 2,794,000 2,510,000 3,485,000 Long-Term Obligations 9,598,000 13,065,000 13,280,000 9,594,000 8,752,000 8,893,000 8,728,000 8,345,000 Total Liabilities 19,728,000 20,435,000 20,675,000 16,375,000 15,810,000 15,562,000 15,074,000 15,546,000 Stockholders' Equity 6,891,000 6,743,000 7,068,000 6,275,000 6,019,000 5,297,000 5,345,000 5,866,000 Shares Outstanding 422,164 421,995 424,326 423,983 433,318 439,315 447,177 458,537 Statistical Record Return on Assets % 6.12 6.66 6.63 8.66 9.13 5.71 3.60 5.90 Return on Equity % 24.11 25.60 25.03 31.32 34.45 22.15 13.43 22.43 EBITDA Margin % 21.71 21.80 26.13 27.94 26.94 22.47 20.46 24.89 Net Margin % 9.16 9.68 10.81 12.91 13.46 8.69 5.81 9.27 Asset Turnover 0.57 0.61 0.61 0.67 0.68 0.66 0.62 0.64 Current Ratio 0.88 1.84 1.97 0.85 0.80 0.85 0.93 1.04 Debt to Equity 1.39 1.94 1.88 1.53 1.45 1.68 1.63 1.42 Price Range 126.22-87.87 126.22-87.87 120.65-88.48 93.75-79.12 86.30-69.18 71.14-51.52 55.18-46.35 51.58-40.41 P/E Ratio 33.39-23.25 31.95-22.25 30.86-22.63 21.07-17.78 19.57-15.69 26.85-19.44 33.44-28.09 18.49-14.48 Average Yield % 1.90 1.84 1.88 2.14 2.25 2.65 2.98 3.33 Address: 1001 Fannin Street, Houston, Officers: Thomas H. Weidemeyer - Chairman James Investor Contact: 713-265-1656 TX 77002 C. Fish - President, Chief Executive Officer, Executive No of Institutions: 1823 Shares: 408,623,776 % Held: 74.85 Telephone: 713-512-6200 Vice President, Chief Financial Officer, Chief Web Site: www.wm.com Financial Officer (frmr) Transfer Agents: Computershare, Canton, MA
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WEC ENERGY GROUP INC Exchange NYS
Symbol WEC
Price $96.90 (9/30/2020)
52Wk Range 104.72-70.89
Yield 2.61
P/E 26.19
2-for-1
*7 Year Price Score 129.52 *NYSE Composite Index=100 *12 Month Price Score 100.07 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 170 2017 1.12 0.63 0.68 1.36 160 150 2018 1.23 0.73 0.74 0.64 140 2019 1.33 0.74 0.74 0.77 130 2020 1.43 0.76 ... ... 120 Interim Dividends (Per Share) 110 Amt Decl Ex Rec Pay 100 0.59Q 10/17/2019 11/13/2019 11/14/2019 12/01/2019 90 0.632Q 01/16/2020 02/13/2020 02/14/2020 03/01/2020 80 0.632Q 04/16/2020 05/13/2020 05/14/2020 06/01/2020 70 0.632Q 07/16/2020 08/13/2020 08/14/2020 09/01/2020 60 Indicated Div: $2.53 (Div. Reinv. Plan) 50 Valuation Analysis 40 30 Forecast EPS $3.75 (09/03/2020) 20 Market Cap $30.6 Billion Book Value $10.4 Billion TRADING VOLUME (thousand shares) 750 Price/Book 2.94 Price/Sales 4.24 500 Dividend Achiever Status 250 10 Year Growth Rate 13.33% 0 Total Years of Dividend Growth 16 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4931 NAIC: 221112) WEC Energy Group is a holding company. Through its subsidiaries, Co. provides regulated natural gas and electricity, and nonregulated renewable energy. Co.'s segments include: Wisconsin, which generates and distributes electric energy and provides retail natural gas distribution service; Illinois, which includes the natural gas utility operations; Electric Transmission, which owns, maintains, monitors, and operates electric transmission systems in Wisconsin, Michigan, Illinois, and Minnesota; and Non-Utility Energy Infrastructure, which owns and leases generating facilities to its Wisconsin Electric Power Company subsidiary and owns underground natural gas storage facilities in Michigan. Recent Developments: For the quarter ended June 30 2020, net income increased 2.7% to US$242.1 million from US$235.8 million in the year-earlier quarter. Revenues were US$1.55 billion, down 2.6% from US$1.59 billion the year before. Operating income was US$338.8 million versus US$314.6 million in the prior-year quarter, an increase of 7.7%. Direct operating expenses declined 7.8% to US$917.6 million from US$995.5 million in the comparable period the year before. Indirect operating expenses increased 4.4% to US$292.3 million from US$280.1 million in the equivalent prior-year period. Prospects: Our evaluation of WEC Energy Group Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and WEC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that WEC will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.70 3.68 3.58 3.34 3.79 2.96 2.34 2.59 Cash Flow Per Share 7.72 7.29 7.44 7.75 6.59 6.65 4.77 5.31 Tang Book Value Per Share 23.34 23.21 22.48 21.45 20.40 18.74 17.93 17.77 Dividends Per Share 2.445 2.402 2.360 2.210 2.080 1.980 1.743 1.560 Dividend Payout % 66.08 65.29 65.92 66.17 54.88 66.89 74.48 60.23 Income Statement Total Revenue 3,657,300 2,108,600 7,523,100 7,679,500 7,648,500 7,472,300 5,926,100 4,997,100 EBITDA 1,481,200 871,300 2,559,900 2,381,700 2,648,400 2,525,500 1,892,900 1,544,900 Depn & Amortn 481,600 239,100 926,300 845,800 798,600 762,600 583,500 419,400 Income Before Taxes 745,800 502,800 1,132,100 1,090,800 1,434,100 1,360,200 978,000 884,000 Income Taxes 143,800 90,000 125,000 167,000 383,500 566,500 433,800 361,700 Net Income 694,700 452,800 1,135,200 1,060,500 1,204,900 940,200 640,300 588,300 Average Shares 316,500 316,700 316,700 316,900 317,200 316,900 272,700 227,500 Balance Sheet Current Assets 1,713,400 1,845,300 2,093,600 2,247,600 2,213,500 2,168,700 2,206,800 1,535,400 Total Assets 35,042,000 34,832,200 34,951,800 33,475,800 31,590,500 30,123,200 29,355,200 15,163,400 Current Liabilities 3,484,600 2,847,700 3,182,700 3,331,700 3,869,300 2,431,600 2,709,000 1,668,700 Long-Term Obligations 10,721,600 11,194,700 11,211,000 9,994,000 8,746,600 9,158,200 9,124,100 4,186,400 Total Liabilities 24,627,900 24,457,700 24,808,000 23,656,500 22,098,700 21,163,000 20,670,000 10,713,300 Stockholders' Equity 10,414,100 10,374,500 10,143,800 9,819,300 9,491,800 8,960,200 8,685,200 4,450,100 Shares Outstanding 315,434 315,434 315,434 315,523 315,574 315,614 315,683 225,517 Statistical Record Return on Assets % 3.40 3.41 3.32 3.26 3.90 3.15 2.88 3.93 Return on Equity % 11.47 11.45 11.37 10.98 13.06 10.63 9.75 13.50 EBITDA Margin % 40.50 41.32 34.03 31.01 34.63 33.80 31.94 30.92 Net Margin % 18.99 21.47 15.09 13.81 15.75 12.58 10.80 11.77 Asset Turnover 0.21 0.21 0.22 0.24 0.25 0.25 0.27 0.33 Current Ratio 0.49 0.65 0.66 0.67 0.57 0.89 0.81 0.92 Debt to Equity 1.03 1.08 1.11 1.02 0.92 1.02 1.05 0.94 Price Range 104.72-70.89 104.72-70.89 97.73-67.58 74.96-58.60 69.53-57.03 65.82-51.31 57.47-44.97 55.23-40.31 P/E Ratio 28.30-19.16 28.46-19.26 27.30-18.88 22.44-17.54 18.35-15.05 22.24-17.33 24.56-19.22 21.32-15.56 Average Yield % 2.66 2.69 2.81 3.39 3.31 3.36 3.49 3.41 Address: 231 West Michigan Street, Officers: Gale E. Klappa - Executive Chairman, No of Institutions: 1244 Shares: 280,824,640 % Held: N/A P.O. Box 1331, Milwaukee, WI 53201 Chairman, President, Chief Executive Officer Joseph Telephone: 414-221-2345 Kevin Fletcher - President, Chief Executive Officer Transfer Agents:Computershare Shareowner Services Web Site: www.wecenergygroup.com LLC, Providence, RI
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287
WESTAMERICA BANCORPORATION Exchange NMS
Symbol WABC
Price $54.35 (9/30/2020)
52Wk Range 68.58-47.37
Yield 3.02
P/E 18.94
*12 Month Price Score 94.48 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.57 0.60 0.57 0.15 2018 0.66 0.67 0.63 0.71 2019 0.73 0.73 0.75 0.77 2020 0.63 0.72 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.41Q 10/24/2019 11/01/2019 11/04/2019 11/15/2019 0.41Q 01/23/2020 01/31/2020 02/03/2020 02/14/2020 0.41Q 04/23/2020 05/01/2020 05/04/2020 05/15/2020 0.41Q 07/23/2020 07/31/2020 08/03/2020 08/14/2020 Indicated Div: $1.64 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.80 (07/28/2020) Market Cap $1.5 Billion Book Value $808.1 Million TRADING VOLUME (thousand shares) Price/Book 1.81 Price/Sales 7.11 Dividend Achiever Status 10 Year Growth Rate 1.46% Total Years of Dividend Growth 30 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 100.00 *NYSE Composite Index=100 150 140 130 120 110 100 90 80 70 60 50 40 30 100 75 50 25 0
2011
2012
2013
Business Summary: Banking (MIC: 5.1.1 SIC: 6021 NAIC: 522110) Westamerica is a bank holding company. Through its subsidiary bank, Westamerica Bank (the Bank), Co. provides a range of banking services to individual and commercial customers in Northern and Central California. The principal communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south. Co.'s focus is on the banking needs of small businesses. In addition, the Bank owns the capital stock of Community Banker Services Corporation, a company engaged in providing Co. and its subsidiaries with data processing services and other support functions. Recent Developments: For the quarter ended June 30 2020, net income was unchanged at US$19.6 million versus US$19.6 million the year-earlier quarter. Net interest income increased 5.0% to US$41.1 million from US$39.1 million in the year-earlier quarter. Non-interest income fell 22.2% to US$9.6 million from US$12.3 million, while non-interest expense declined 3.2% to US$24.8 million. Prospects: Our evaluation of WestAmerica Bancorporation as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while WABC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that WABC will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.87 2.88 2.98 2.67 1.89 2.29 2.30 2.32 Cash Flow Per Share 3.98 4.13 2.99 3.63 3.07 3.02 2.75 3.15 Tang Book Value Per Share 25.44 21.63 22.48 18.41 17.59 16.70 15.67 15.17 Dividends Per Share 1.640 1.640 1.630 1.600 1.570 1.560 1.530 1.520 Dividend Payout % 57.14 56.94 54.70 59.93 83.07 68.12 66.52 65.52 Income Statement Interest Income 81,530 39,991 158,682 151,723 133,836 134,051 136,529 140,209 Interest Expense 877 442 1,888 1,959 1,900 2,116 2,424 3,444 Net Interest Income 80,653 39,549 156,794 149,764 131,936 131,935 134,105 136,765 Provision for Losses 4,300 4,300 ... ... (1,900) (3,200) ... 2,800 Non-Interest Income 21,202 11,648 47,408 48,149 56,628 46,574 47,867 51,787 Non-Interest Expense 49,418 24,664 98,986 106,916 103,292 102,231 104,796 107,441 Income Before Taxes 48,137 22,233 105,216 90,997 87,172 79,957 76,672 78,953 Income Taxes 11,613 5,271 24,827 19,433 37,147 21,104 17,919 18,307 Net Income 36,524 16,962 80,389 71,564 50,025 58,853 58,753 60,646 Average Shares 26,951 27,139 27,006 26,756 26,419 25,678 25,577 26,160 Balance Sheet Net Loans & Leases 1,291,830 1,096,439 1,107,180 1,185,851 1,264,973 1,326,757 1,503,625 1,668,805 Total Assets 6,463,889 5,628,126 5,619,555 5,568,526 5,513,046 5,366,083 5,168,875 5,035,724 Total Deposits 5,468,412 4,799,426 4,812,621 4,866,839 4,827,613 4,704,741 4,540,659 4,349,191 Total Liabilities 5,655,813 4,922,580 4,888,138 4,952,935 4,922,807 4,804,716 4,636,670 4,509,121 Stockholders' Equity 808,076 705,546 731,417 615,591 590,239 561,367 532,205 526,603 Shares Outstanding 26,933 26,932 27,062 26,730 26,425 25,907 25,528 25,745 Statistical Record Return on Assets % 1.30 1.39 1.44 1.29 0.92 1.11 1.15 1.23 Return on Equity % 10.34 11.41 11.94 11.87 8.69 10.73 11.10 11.34 Net Interest Margin % 98.95 98.89 98.81 98.71 98.58 98.42 98.22 97.54 Efficiency Ratio % 48.45 47.76 48.03 53.49 54.23 56.60 56.83 55.96 Loans to Deposits 0.24 0.23 0.23 0.24 0.26 0.28 0.33 0.38 Price Range 68.58-47.37 68.58-47.37 68.58-55.68 64.52-52.75 64.07-49.84 65.34-40.72 51.90-40.68 56.46-44.96 P/E Ratio 23.90-16.51 23.81-16.45 23.01-18.68 24.16-19.76 33.90-26.37 28.53-17.78 22.57-17.69 24.34-19.38 Average Yield % 2.65 2.61 2.59 2.70 2.80 3.13 3.33 3.04
Address: 1108 Fifth Avenue, San Rafael, CA 94901 Telephone: 707-863-6000 Web Site: www.westamerica.com
Officers: David L. Payne - Chairman, President, Chief No of Institutions: 255 Shares: 28,429,398 % Held: 83.89 Executive Officer John A. Thorson - Senior Vice President, Chief Financial Officer Transfer Agents: Computershare Investor Services LLC
288
WESTLAKE CHEMICAL CORP Exchange NYS
Symbol WLK
Price $63.22 (9/30/2020)
52Wk Range 74.82-29.87
Yield 1.71
2-for-1
*7 Year Price Score 74.88 *NYSE Composite Index=100 *12 Month Price Score 104.59 Interim Earnings (Per Share) Qtr. Mar Jun Sep 130 2017 1.06 1.17 1.61 120 2018 2.20 2.12 2.35 110 2019 0.55 0.92 1.22 100 2020 1.13 0.11 ... 90 Interim Dividends (Per Share) 80 Amt Decl Ex Rec 70 0.263Q 11/15/2019 11/25/2019 11/26/2019 0.263Q 02/14/2020 02/24/2020 02/25/2020 60 0.263Q 05/15/2020 05/22/2020 05/26/2020 50 0.27Q 08/14/2020 08/24/2020 08/25/2020 40 Indicated Div: $1.08 30 Valuation Analysis 20 Forecast EPS $1.76 (09/02/2020) 10 Market Cap $8.1 Billion Book Value TRADING VOLUME (thousand shares) 400 Price/Book 1.37 Price/Sales 300 Dividend Achiever Status 200 10 Year Growth Rate 100 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 20.93 Dec 6.20 0.95 0.56 ...
Pay 12/10/2019 03/10/2020 06/09/2020 09/09/2020
$5.9 Billion 1.06
25.01% 15
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 2869 NAIC: 325211) Westlake Chemical operates as a manufacturer and marketer of basic chemicals, vinyls, polymers and building products. Co. operates in two operating segments: Olefins, which manufactures and markets polyethylene, styrene monomer and various ethylene co-products; and Vinyls, which manufactures and markets polyvinyl chloride (PVC), vinyl chloride monomer, ethylene dichloride, chlor-alkali (chlorine and caustic soda), chlorinated derivative products and ethylene, as well as manufactures and sells building products fabricated from PVC, including residential siding, trim and mouldings, pipe and fittings for various water, sewer and industrial applications, and profiles for windows and doors. Recent Developments: For the quarter ended June 30 2020, net income decreased 81.4% to US$24.0 million from US$129.0 million in the year-earlier quarter. Revenues were US$1.71 billion, down 20.3% from US$2.14 billion the year before. Operating income was US$36.0 million versus US$194.0 million in the prior-year quarter, a decrease of 81.4%. Direct operating expenses declined 14.6% to US$1.54 billion from US$1.80 billion in the comparable period the year before. Indirect operating expenses decreased 8.9% to US$133.0 million from US$146.0 million in the equivalent prior-year period. Prospects: Our evaluation of Westlake Chemical Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and WLK has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that WLK will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.02 3.83 3.25 7.62 10.05 3.06 4.86 5.07 Cash Flow Per Share 10.52 9.47 10.13 10.89 11.91 6.43 8.18 7.76 Tang Book Value Per Share 32.72 32.51 31.75 30.58 23.84 13.88 23.44 20.27 Dividends Per Share 1.050 1.038 1.025 0.920 0.801 0.744 0.693 0.582 Dividend Payout % 34.77 27.09 31.54 12.07 7.97 24.32 14.26 11.48 Income Statement Total Revenue 3,641,000 1,932,000 8,118,000 8,635,000 8,041,000 5,075,456 4,463,336 4,415,350 EBITDA 246,000 174,000 1,322,000 2,039,000 1,797,000 931,091 1,195,092 1,286,092 Depn & Amortn 54,000 27,000 628,000 579,000 557,000 305,273 209,271 174,173 Income Before Taxes 121,000 116,000 570,000 1,334,000 1,081,000 554,766 957,199 1,078,035 Income Taxes (60,000) (41,000) 108,000 300,000 (258,000) 138,520 298,396 398,902 Net Income 160,000 145,000 421,000 996,000 1,304,000 398,859 646,010 678,523 Average Shares 127,823 128,442 128,757 129,985 129,540 129,974 132,301 133,643 Balance Sheet Current Assets 3,165,000 3,768,000 2,742,000 2,842,000 3,463,000 2,408,316 2,175,189 2,011,287 Total Assets 13,555,000 14,163,000 13,261,000 11,602,000 12,076,000 10,890,253 5,575,252 5,213,990 Current Liabilities 1,109,000 1,024,000 1,241,000 1,183,000 1,967,000 1,183,083 522,642 537,180 Long-Term Obligations 3,745,000 4,432,000 3,445,000 2,668,000 3,127,000 3,678,654 764,115 763,997 Total Liabilities 7,654,000 8,270,000 7,401,000 6,012,000 7,202,000 7,366,624 2,309,374 2,302,479 Stockholders' Equity 5,901,000 5,893,000 5,860,000 5,590,000 4,874,000 3,523,629 3,265,878 2,911,511 Shares Outstanding 127,688 127,671 128,384 128,468 129,418 128,925 130,218 132,891 Statistical Record Return on Assets % 3.03 3.76 3.39 8.41 11.36 4.83 11.98 14.63 Return on Equity % 6.71 8.57 7.35 19.04 31.06 11.72 20.92 25.46 EBITDA Margin % 6.76 9.01 16.28 23.61 22.35 18.34 26.78 29.13 Net Margin % 4.39 7.51 5.19 11.53 16.22 7.86 14.47 15.37 Asset Turnover 0.59 0.61 0.65 0.73 0.70 0.61 0.83 0.95 Current Ratio 2.85 3.68 2.21 2.40 1.76 2.04 4.16 3.74 Debt to Equity 0.63 0.75 0.59 0.48 0.64 1.04 0.23 0.26 Price Range 74.82-29.87 77.56-29.87 80.88-56.10 123.67-60.82 106.53-57.29 59.17-39.88 78.59-49.82 97.96-53.67 P/E Ratio 24.77-9.89 20.25-7.80 24.89-17.26 16.23-7.98 10.60-5.70 19.34-13.03 16.17-10.25 19.32-10.59 Average Yield % 1.79 1.63 1.52 0.94 1.09 1.53 1.10 0.78 No of Institutions: 356 Officers: James Chao - Chairman Albert Chao Address: 2801 Post Oak Boulevard, President, Chief Executive Officer Transfer Agents: Shares: 43,182,000 % Held: 32.82 Suite 600, Houston, TX 77056 Telephone: 713-960-9111 American Stock Transfer & Trust Company, New Web Site: www.westlake.com York, NY
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WILEY (JOHN) & SONS INC. Exchange NYS
Symbol JW A
Price $31.71 (9/30/2020)
130 120 110 100 90 80 70 60 50 40 30 150 100 50 0
2011
2012
2013
52Wk Range 49.55-31.03
Yield 4.32
*12 Month Price Score 80.26 Interim Earnings (Per Share) Qtr. Jul Oct Jan 2017-18 0.16 1.06 1.19 2018-19 0.45 0.76 0.61 2019-20 0.06 0.79 0.63 2020-21 0.29 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.34Q 12/19/2019 12/31/2019 01/02/2020 0.34Q 03/20/2020 03/30/2020 03/31/2020 0.343Q 06/24/2020 07/06/2020 07/07/2020 0.343Q 09/24/2020 10/05/2020 10/06/2020 Indicated Div: $1.37 Valuation Analysis Forecast EPS $1.99 (08/22/2020) Market Cap $1.8 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.82 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 68.50 *NYSE Composite Index=100
P/E N/A Apr 0.93 1.10 (2.80) ...
Pay 01/16/2020 04/15/2020 07/22/2020 10/21/2020
$973.7 Million 0.97
9.39% 26
Business Summary: Publishing (MIC: 2.3.3 SIC: 2731 NAIC: 511130) John Wiley & Sons is a global research and learning company. Co.'s segments are: Research Publishing & Platforms, which supports researchers, professionals and learners in the discovery and use of research knowledge to help them achieve their goals in research, learning and practice; Academic & Professional Learning, which provides scientific, professional, and education books in print and digital formats, digital courseware, and test preparation services; and Education, which provides online program management services for higher education institutions and mthree training, upskilling and talent placement services. Recent Developments: For the quarter ended July 31 2020, net income increased 350.7% to US$16.3 million from US$3.6 million in the year-earlier quarter. Revenues were US$431.3 million, up 1.8% from US$423.5 million the year before. Operating income was US$30.0 million versus US$4.6 million in the prior-year quarter, an increase of 558.9%. Direct operating expenses rose 1.2% to US$144.8 million from US$143.1 million in the comparable period the year before. Indirect operating expenses decreased 7.0% to US$256.5 million from US$275.9 million in the equivalent prior-year period. Prospects: Our evaluation of Wiley (John) & Sons Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and JW.A has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that JW.A will perform very poorly over the near term. Financial Data (US$ in Thousands) 3 Mos 04/30/2020 04/30/2019 04/30/2018 04/30/2017 04/30/2016 04/30/2015 04/30/2014 Earnings Per Share (1.09) (1.32) 2.91 3.32 1.95 2.48 2.97 2.70 Cash Flow Per Share 4.68 5.12 4.39 6.69 5.49 6.02 6.05 5.94 Dividends Per Share 1.363 1.360 1.320 1.280 1.240 1.200 1.160 1.000 Dividend Payout % ... ... 45.36 38.55 63.59 48.39 39.06 37.04 Income Statement Total Revenue 431,326 1,831,483 1,800,069 1,796,103 1,718,530 1,727,037 1,822,440 1,775,195 EBITDA 55,996 87,638 272,631 339,273 322,926 304,777 352,767 309,665 Depn & Amortn 26,039 139,152 54,658 112,557 116,352 116,191 113,286 103,000 Income Before Taxes 29,734 (63,092) 212,952 213,931 191,116 174,793 225,461 195,534 Income Taxes 13,400 11,195 44,689 21,745 77,473 29,011 48,593 35,024 Net Income 16,334 (74,287) 168,263 192,186 113,643 145,782 176,868 160,510 Average Shares 56,193 56,209 57,840 57,888 58,199 58,734 59,594 59,514 Balance Sheet Current Assets 488,003 614,927 490,780 479,971 359,735 670,679 740,919 789,662 Total Assets 3,068,946 3,168,794 2,937,002 2,839,451 2,606,217 2,921,096 3,004,243 3,077,365 Current Liabilities 716,136 927,269 870,562 874,311 787,856 781,807 803,683 729,587 Long-Term Obligations 835,763 765,650 478,790 360,000 365,000 605,007 650,090 700,100 Total Liabilities 2,095,201 2,235,170 1,755,655 1,648,894 1,603,080 1,883,990 1,949,203 1,895,117 Stockholders' Equity 973,745 933,624 1,181,347 1,190,557 1,003,137 1,037,106 1,055,040 1,182,248 Shares Outstanding 56,003 55,857 56,630 57,410 57,167 57,564 58,838 59,052 Statistical Record Return on Assets % N.M. N.M. 5.83 7.06 4.11 4.91 5.82 5.46 Return on Equity % N.M. N.M. 14.19 17.52 11.14 13.90 15.81 14.79 EBITDA Margin % 12.98 4.79 15.15 18.89 18.79 17.65 19.36 17.44 Net Margin % 3.79 N.M. 9.35 10.70 6.61 8.44 9.71 9.04 Asset Turnover 0.59 0.60 0.62 0.66 0.62 0.58 0.60 0.60 Current Ratio 0.68 0.66 0.56 0.55 0.46 0.86 0.92 1.08 Debt to Equity 0.86 0.82 0.41 0.30 0.36 0.58 0.62 0.59 Price Range 49.55-31.64 49.55-31.64 70.80-43.21 67.85-49.75 58.80-48.46 58.66-40.21 65.21-51.45 58.83-38.15 P/E Ratio ... ... 24.33-14.85 20.44-14.98 30.15-24.85 23.65-16.21 21.96-17.32 21.79-14.13 Average Yield % 3.24 3.10 2.34 2.20 2.31 2.40 1.97 2.04
Address: 111 River Street, Hoboken, NJ 07030 Telephone: 201-748-6000 Web Site: www.wiley.com
Officers: Jesse C. Wiley - Chairman Matthew S. Investor Contact: 201-748-6874 Kissner - Chairman, Interim President, Executive Vice No of Institutions: 377 Shares: 54,255,248 % Held: 76.25 President, Interim Chief Executive Officer, Group Executive Transfer Agents: Registrar and Transfer Company, Cranford, NJ
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292
W.P. CAREY INC Exchange NYS
Symbol WPC
Price $65.16 (9/30/2020)
52Wk Range 93.45-43.86
Yield 6.41
P/E 32.91
*12 Month Price Score 92.14 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 2017 0.53 0.59 0.74 0.69 2018 0.60 0.70 0.71 1.48 2019 0.41 0.38 0.24 0.75 2020 0.38 0.61 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 1.038Q 12/18/2019 12/30/2019 12/31/2019 01/15/2020 1.04Q 03/12/2020 03/30/2020 03/31/2020 04/15/2020 1.042Q 06/11/2020 06/29/2020 06/30/2020 07/15/2020 1.044Q 09/17/2020 09/29/2020 09/30/2020 10/15/2020 Indicated Div: $4.18 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.96 (09/03/2020) Market Cap $11.3 Billion Book Value $6.8 Billion TRADING VOLUME (thousand shares) Price/Book 1.67 Price/Sales 9.22 Dividend Achiever Status 10 Year Growth Rate 7.57% Total Years of Dividend Growth 21 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 97.85 *NYSE Composite Index=100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 750 500 250 0
2011
2012
2013
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) W. P. Carey is an internally-managed diversified real estate investment trust (REIT). Co.'s business segments are: Real Estate, in which Co. invests in commercial real estate properties, that are leased to companies on a triple-net lease basis; and Investment Management, in which Co. manages the portfolios of certain non-traded investment programs, non-traded REITs that have invested in lodging and lodging-related properties, and a private limited partnership formed for the purpose of developing, owning, and operating student housing properties and similar investments in Europe. Recent Developments: For the quarter ended June 30 2020, net income increased 74.2% to US$115.2 million from US$66.1 million in the year-earlier quarter. Revenues were US$290.5 million, down 4.8% from US$305.2 million the year before. Revenues from property income fell 2.7% to US$283.6 million from US$291.5 million in the corresponding quarter a year earlier. Prospects: Our evaluation of W.P.Carey Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while WPC has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that WPC will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.98 1.75 1.78 3.49 2.56 2.49 1.61 2.39 Cash Flow Per Share 4.75 4.90 4.75 4.33 4.79 4.84 4.52 4.04 Tang Book Value Per Share 33.94 33.88 16.90 17.96 6.49 13.34 13.09 14.82 Dividends Per Share 4.156 4.148 4.140 4.090 4.010 3.929 3.826 3.685 Dividend Payout % 209.90 237.03 232.58 117.19 156.64 157.80 237.65 154.18 Income Statement Total Revenue 599,529 308,999 1,232,766 885,732 848,302 941,533 938,383 906,193 EBITDA 292,558 136,134 1,087,759 904,911 671,407 590,646 663,573 655,391 Depn & Amortn 28,220 12,794 544,908 349,298 316,466 265,179 303,906 292,606 Income Before Taxes 159,616 70,800 309,526 377,238 189,166 142,058 165,341 184,663 Income Taxes (34,097) (41,692) 26,211 14,411 2,711 3,288 37,621 17,609 Net Income 171,390 66,090 305,243 411,566 277,289 267,747 172,258 239,826 Average Shares 173,472 173,460 171,299 117,706 108,035 107,073 106,507 99,827 Balance Sheet Current Assets 137,157 220,929 253,844 292,486 267,620 455,092 219,445 233,160 Total Assets 13,956,013 13,890,308 14,060,918 14,183,039 8,231,402 8,453,954 8,754,673 8,637,328 Current Liabilities 699,549 661,040 668,751 576,050 372,819 374,007 445,089 393,924 Long-Term Obligations 6,122,267 6,121,643 6,053,943 6,378,691 4,265,267 4,440,814 4,492,793 4,088,546 Total Liabilities 7,155,222 7,119,363 7,118,989 7,358,761 5,039,141 5,152,287 5,327,430 4,886,439 Stockholders' Equity 6,800,791 6,770,945 6,941,929 6,824,278 3,192,261 3,301,667 3,427,243 3,750,889 Shares Outstanding 173,890 172,402 172,278 165,279 106,922 106,294 104,448 104,040 Statistical Record Return on Assets % 2.43 2.16 2.16 3.67 3.32 3.10 1.98 3.60 Return on Equity % 4.96 4.39 4.43 8.22 8.54 7.94 4.80 8.48 EBITDA Margin % 48.80 44.06 88.24 102.17 79.15 62.73 70.71 72.32 Net Margin % 28.59 21.39 24.76 46.47 32.69 28.44 18.36 26.47 Asset Turnover 0.09 0.09 0.09 0.08 0.10 0.11 0.11 0.14 Current Ratio 0.20 0.33 0.38 0.51 0.72 1.22 0.49 0.59 Debt to Equity 0.90 0.90 0.87 0.93 1.34 1.35 1.31 1.09 Price Range 93.45-43.86 93.45-43.86 93.45-64.14 70.58-59.24 72.32-59.64 72.87-51.87 73.58-56.23 72.84-57.87 P/E Ratio 47.20-22.15 53.40-25.06 52.50-36.03 20.22-16.97 28.25-23.30 29.27-20.83 45.70-34.93 30.48-24.21 Average Yield % 5.30 5.01 5.06 6.30 6.07 6.28 6.01 5.71
Address: 50 Rockefeller Plaza, New York, NY 10020 Telephone: 212-492-1100 Web Site: www.wpcarey.com
Officers: John J. Park - President, Chief Financial Investor Contact: 212-492-8920 No of Institutions: 809 Officer, Managing Director Jason E. Fox - President, Shares: 122,170,736 % Held: N/A Chief Executive Officer, Head Transfer Agents: Computershare Shareowner Services, LLC, Pittsburgh, PA
293
XCEL ENERGY INC Exchange NMS
Symbol XEL
Price $69.01 (9/30/2020)
52Wk Range 72.45-50.00
Yield 2.49
P/E 25.85
*7 Year Price Score 128.60 *NYSE Composite Index=100 *12 Month Price Score 105.22 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 75 2017 0.47 0.45 0.97 0.37 70 2018 0.57 0.52 0.96 0.42 65 2019 0.61 0.46 1.01 0.56 60 2020 0.56 0.54 ... ... Interim Dividends (Per Share) 55 Amt Decl Ex Rec Pay 50 0.405Q 12/11/2019 12/24/2019 12/26/2019 01/20/2020 45 0.43Q 02/19/2020 03/12/2020 03/13/2020 04/20/2020 40 0.43Q 05/20/2020 06/12/2020 06/15/2020 07/20/2020 0.43Q 08/19/2020 09/14/2020 09/15/2020 10/20/2020 35 Indicated Div: $1.72 (Div. Reinv. Plan) 30 Valuation Analysis 25 Forecast EPS $2.78 (08/29/2020) 20 Market Cap $36.2 Billion Book Value $13.4 Billion TRADING VOLUME (thousand shares) 1500 Price/Book 2.71 Price/Sales 3.23 1000 Dividend Achiever Status 500 10 Year Growth Rate 5.24% 0 Total Years of Dividend Growth 16 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4931 NAIC: 221121) Xcel Energy is a regulated electric and natural gas delivery company which serves customers in mid-western and western states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Co.'s reportable segments include: regulated electric utility, which generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico; regulated natural gas utility, which transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado; and other, which includes steam revenue and appliance repair services. Recent Developments: For the quarter ended June 30 2020, net income increased 20.6% to US$287.0 million from US$238.0 million in the year-earlier quarter. Revenues were US$2.59 billion, up 0.3% from US$2.58 billion the year before. Operating income was US$422.0 million versus US$410.0 million in the prior-year quarter, an increase of 2.9%. Direct operating expenses declined 2.9% to US$1.48 billion from US$1.52 billion in the comparable period the year before. Indirect operating expenses increased 6.3% to US$687.0 million from US$646.0 million in the equivalent prior-year period. Prospects: Our evaluation of Xcel Energy Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and XEL has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that XEL will perform very poorly over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.67 2.59 2.64 2.47 2.25 2.21 1.94 2.03 Cash Flow Per Share 5.84 5.97 6.29 6.11 6.15 5.98 5.96 5.26 Tang Book Value Per Share 25.49 25.34 25.24 23.78 22.56 21.73 20.89 20.20 Dividends Per Share 1.670 1.645 1.620 1.520 1.440 1.360 1.280 1.200 Dividend Payout % 62.55 63.51 61.36 61.54 64.00 61.54 65.98 59.11 Income Statement Total Revenue 5,397,000 2,811,000 11,529,000 11,537,000 11,404,000 11,106,920 11,024,486 11,686,135 EBITDA 996,000 500,000 4,101,000 3,840,000 3,875,000 3,708,395 3,305,449 3,187,370 Depn & Amortn 65,000 33,000 1,904,000 1,781,000 1,606,000 1,434,385 1,249,338 1,151,547 Income Before Taxes 546,000 278,000 1,461,000 1,407,000 1,660,000 1,662,473 1,492,814 1,514,970 Income Taxes (19,000) (6,000) 128,000 181,000 542,000 581,217 542,719 523,815 Net Income 582,000 295,000 1,372,000 1,261,000 1,148,000 1,123,379 984,485 1,021,306 Average Shares 527,000 527,000 520,000 511,000 509,100 509,465 508,168 504,117 Balance Sheet Current Assets 4,390,000 2,983,000 3,113,000 3,094,000 2,973,000 2,842,081 2,910,445 3,364,380 Total Assets 53,456,000 51,133,000 50,448,000 45,987,000 43,030,000 41,155,277 39,053,535 36,957,884 Current Liabilities 5,473,000 5,839,000 4,568,000 4,460,000 4,088,000 3,247,043 4,058,297 4,064,583 Long-Term Obligations 19,463,000 17,010,000 17,407,000 15,803,000 14,520,000 14,194,718 12,490,719 11,499,634 Total Liabilities 40,071,000 37,831,000 37,209,000 33,765,000 31,575,000 30,134,428 28,452,615 26,743,402 Stockholders' Equity 13,385,000 13,302,000 13,239,000 12,222,000 11,455,000 11,020,849 10,600,920 10,214,482 Shares Outstanding 525,204 525,033 524,539 514,036 507,762 507,222 507,535 505,733 Statistical Record Return on Assets % 2.75 2.73 2.85 2.83 2.73 2.79 2.59 2.88 Return on Equity % 10.88 10.55 10.78 10.65 10.22 10.36 9.46 10.33 EBITDA Margin % 18.45 17.79 35.57 33.28 33.98 33.39 29.98 27.27 Net Margin % 10.78 10.49 11.90 10.93 10.07 10.11 8.93 8.74 Asset Turnover 0.22 0.23 0.24 0.26 0.27 0.28 0.29 0.33 Current Ratio 0.80 0.51 0.68 0.69 0.73 0.88 0.72 0.83 Debt to Equity 1.45 1.28 1.31 1.29 1.27 1.29 1.18 1.13 Price Range 71.16-50.00 71.16-50.00 65.82-48.03 53.68-42.13 51.80-40.29 45.33-35.70 38.11-31.92 37.25-27.35 P/E Ratio 26.65-18.73 27.47-19.31 24.93-18.19 21.73-17.06 23.02-17.91 20.51-16.15 19.64-16.45 18.35-13.47 Average Yield % 2.64 2.66 2.75 3.26 3.10 3.33 3.68 3.84 Address: 414 Nicollet Mall, Officers: Benjamin G.S. Fowke - Chairman, No of Institutions: 1189 Minneapolis, MN 55401 President, Chief Executive Officer Robert C. Frenzel - Shares: 509,573,024 % Held: 84.44 Telephone: 612-330-5500 President, Executive Vice President, Chief Financial Web Site: www.xcelenergy.com Officer, Chief Operating Officer Transfer Agents: Wells Fargo Shareowner Services, Mendota Heights, MN
294
XILINX, INC. Exchange NMS
Symbol XLNX
Price $104.24 (9/30/2020)
52Wk Range 111.87-68.98
Yield 1.46
*7 Year Price Score 124.58 *NYSE Composite Index=100 *12 Month Price Score 109.56 Interim Earnings (Per Share) Qtr. Jun Sep Dec 140 2017-18 0.63 0.65 0.05 130 2018-19 0.74 0.84 0.93 120 2019-20 0.94 0.89 0.64 110 2020-21 0.38 ... ... 100 Interim Dividends (Per Share) 90 Amt Decl Ex Rec 80 0.37Q 10/24/2019 11/08/2019 11/12/2019 0.37Q 01/28/2020 02/10/2020 02/11/2020 70 0.38Q 04/22/2020 05/12/2020 05/13/2020 60 0.38Q 07/30/2020 08/12/2020 08/13/2020 50 Indicated Div: $1.52 40 Valuation Analysis 30 Forecast EPS $2.55 (08/29/2020) 20 Market Cap $25.4 Billion Book Value TRADING VOLUME (thousand shares) 1500 Price/Book 10.93 Price/Sales 1000 Dividend Achiever Status 500 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 40.88 Mar 0.65 0.94 0.64 ...
Pay 12/03/2019 02/20/2020 06/03/2020 09/03/2020
$2.3 Billion 8.34
9.75% 15
Business Summary: Semiconductors (MIC: 6.2.4 SIC: 3674 NAIC: 334413) Xilinx designs and develops programmable devices and associated technologies, including: integrated circuits (ICs) in the form of programmable logic devices (PLDs), including programmable System on Chips and three-dimensional ICs; Adaptive Compute Acceleration Platform: a multi-core heterogeneous compute platform; software design tools to program the PLDs; software development environments and embedded platforms; targeted reference designs; printed circuit boards; and intellectual property (IP), which consists of Co. and third-party verification and IP cores. In addition to its programmable platforms, Co. provides design services, customer training, field engineering and technical support. Recent Developments: For the quarter ended June 27 2020, net income decreased 61.1% to US$93.8 million from US$241.5 million in the year-earlier quarter. Revenues were US$726.7 million, down 14.5% from US$849.6 million the year before. Operating income was US$175.5 million versus US$250.9 million in the prior-year quarter, a decrease of 30.1%. Direct operating expenses declined 18.8% to US$232.8 million from US$286.8 million in the comparable period the year before. Indirect operating expenses increased 2.1% to US$318.4 million from US$311.9 million in the equivalent prior-year period. Prospects: Our evaluation of Xilinx Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and XLNX has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that XLNX will perform very poorly over the near term. Financial Data (US$ in Thousands) 3 Mos 03/28/2020 03/30/2019 03/31/2018 04/01/2017 04/02/2016 03/28/2015 03/29/2014 Earnings Per Share 2.55 3.11 3.47 1.99 2.32 2.05 2.35 2.19 Cash Flow Per Share 4.68 4.74 4.33 3.29 3.71 2.79 2.99 3.03 Tang Book Value Per Share 6.21 6.13 9.61 8.54 9.45 9.61 9.54 9.68 Dividends Per Share 1.490 1.480 1.440 1.400 1.320 1.240 1.160 1.000 Dividend Payout % 58.43 47.59 41.50 70.35 56.90 60.49 49.36 45.66 Income Statement Total Revenue 726,673 3,162,666 3,059,040 2,539,004 2,349,330 2,213,881 2,377,344 2,382,531 EBITDA 185,123 913,327 1,002,150 786,196 744,439 709,451 824,468 800,869 Depn & Amortn 15,059 91,985 58,230 48,552 50,527 57,350 64,837 65,387 Income Before Taxes 163,362 833,984 968,332 750,411 691,080 636,825 740,076 709,526 Income Taxes 69,526 41,263 78,582 238,030 68,568 85,958 91,860 79,138 Net Income 93,836 792,721 889,750 512,381 622,512 550,867 648,216 630,388 Average Shares 245,543 254,943 256,434 257,960 268,813 268,667 276,123 287,396 Balance Sheet Current Assets 3,664,663 2,909,141 3,891,978 4,144,486 3,880,116 3,918,933 3,935,051 3,067,147 Total Assets 5,444,763 4,693,334 5,151,348 5,055,687 4,740,532 4,823,154 4,898,065 5,037,349 Current Liabilities 1,047,236 1,085,681 475,036 937,203 897,196 946,086 963,206 989,360 Long-Term Obligations 1,491,752 747,110 1,234,807 1,214,440 995,247 995,835 994,839 993,870 Total Liabilities 3,125,110 2,378,285 2,289,839 2,725,452 2,231,493 2,220,367 2,262,524 2,249,668 Stockholders' Equity 2,319,653 2,315,049 2,861,509 2,330,235 2,509,039 2,602,787 2,635,541 2,787,681 Shares Outstanding 243,231 243,810 253,891 253,377 248,027 253,687 258,340 268,637 Statistical Record Return on Assets % 12.39 16.15 17.48 10.49 13.05 11.15 13.08 12.94 Return on Equity % 26.16 30.71 34.37 21.23 24.42 20.69 23.97 21.98 EBITDA Margin % 25.48 28.88 32.76 30.96 31.69 32.05 34.68 33.61 Net Margin % 12.91 25.06 29.09 20.18 26.50 24.88 27.27 26.46 Asset Turnover 0.58 0.64 0.60 0.52 0.49 0.45 0.48 0.49 Current Ratio 3.50 2.68 8.19 4.42 4.32 4.14 4.09 3.10 Debt to Equity 0.64 0.32 0.43 0.52 0.40 0.38 0.38 0.36 Price Range 132.14-68.98 139.72-68.98 130.05-63.64 77.07-55.10 61.24-42.92 50.27-38.78 54.98-36.27 55.06-35.51 P/E Ratio 51.82-27.05 44.93-22.18 37.48-18.34 38.73-27.69 26.40-18.50 24.52-18.92 23.40-15.43 25.14-16.21 Average Yield % 1.57 1.45 1.72 2.06 2.52 2.74 2.63 2.25 Investor Contact: 408-879-6911 Officers: Dennis Segers - Chairman, Executive Address: 2100 Logic Drive, San Jose, 1094 No of Institutions: Officer Victor Peng - President, Chief Executive CA 95124 Shares: 278,461,024 % Held: 86.76 Telephone: 408-559-7778 Officer, Executive Vice President, Senior Vice Web Site: www.xilinx.com President, Senior Vice President (frmr), Chief Operating Officer, General Manager, Principal Financial Officer Transfer Agents: ComputerShare Investor Services, Providence, RI
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300
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST Exchange TSX
Symbol AP UN
Price C$35.85 (9/30/2020)
60 55 50 45 40 35 30 25 20 15 10 5 200 150 100 50 0
2011
2012
2013
52Wk Range 60.00-25.14
Yield 4.60
*12 Month Price Score 79.34 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.94 1.33 1.15 2018 0.91 1.21 2.03 2019 1.36 0.91 1.04 2020 2.07 0.75 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.138M 06/15/2020 06/29/2020 06/30/2020 0.138M 07/15/2020 07/30/2020 07/31/2020 0.138M 08/17/2020 08/28/2020 08/31/2020 0.138M 09/15/2020 09/29/2020 09/30/2020 Indicated Div: $1.65 Valuation Analysis Forecast EPS $3.15 (09/09/2020) Market Cap C$4.4 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.74 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 101.74 *NYSE Composite Index=100
P/E 5.83 Dec 0.65 1.31 2.29 ...
Pay 07/15/2020 08/17/2020 09/15/2020 10/15/2020
$6.0 Billion 7.57
2.45% 8
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) Allied Properties Real Estate Investment Trust is an unincorporated closed-end real estate investment trust. Recent Developments: For the quarter ended June 30 2020, net income decreased 6.9% to C$93.0 million from C$99.9 million in the year-earlier quarter. Revenues were C$136.6 million, up 16.3% from C$117.4 million the year before. Operating income was C$107.2 million versus C$110.0 million in the prior-year quarter, a decrease of 2.5%. Direct operating expenses rose 23.7% to C$59.2 million from C$47.9 million in the comparable period the year before. Indirect operating expenses decreased 15.9% to C$6.0 million from C$7.1 million in the equivalent prior-year period. Prospects: Our evaluation of Allied Properties REIT as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. Additionally, recent analyst estimates for the company have been unchanged while C.AP.U has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.AP.U will perform in line with the market over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 6.15 6.31 5.58 5.51 4.07 4.01 3.27 2.13 Cash Flow Per Share ... ... 2.18 2.45 2.26 1.99 2.44 1.78 Tang Book Value Per Share 48.52 48.17 46.55 42.12 38.19 35.66 33.05 31.04 Dividends Per Share 1.623 1.609 1.596 1.563 1.533 1.502 1.463 1.414 Dividend Payout % 26.39 25.51 28.60 28.37 37.65 37.47 44.73 66.39 Income Statement Total Revenue 275,594 138,977 541,450 250,458 239,715 218,658 212,673 337,706 EBITDA ... ... 716,597 625,094 437,737 395,773 314,728 152,360 Depn & Amortn 11,491 5,433 1,456 1,556 10,513 10,043 8,230 582 Income Before Taxes ... ... 629,223 540,276 357,959 324,305 254,367 151,778 Net Income 347,874 254,913 629,223 540,276 357,959 324,305 254,367 151,778 Average Shares 123,207 123,255 112,731 97,965 88,006 80,939 77,773 71,319 Balance Sheet Current Assets 165,375 148,599 342,721 114,049 64,748 52,140 58,933 64,858 Total Assets 9,139,807 8,778,911 8,309,693 6,706,271 5,823,632 5,213,854 4,455,946 3,932,719 Current Liabilities 316,476 300,862 276,912 324,324 414,213 284,628 286,651 258,150 Long-Term Obligations 2,630,495 2,336,570 2,281,159 2,007,284 1,860,397 1,907,720 1,577,564 1,302,476 Total Liabilities 3,166,063 2,848,368 2,591,994 2,331,608 2,274,610 2,192,348 1,864,215 1,602,688 Stockholders' Equity 5,973,744 5,930,543 5,717,699 4,374,663 3,549,022 3,021,506 2,591,731 2,330,031 Shares Outstanding 123,112 123,112 122,838 103,861 92,935 84,734 78,430 75,068 Statistical Record Return on Assets % 8.88 9.40 8.38 8.62 6.49 6.69 6.06 4.08 Return on Equity % 13.27 13.93 12.47 13.64 10.90 11.52 10.34 6.90 EBITDA Margin % ... ... 132.35 249.58 182.61 181.00 147.99 45.12 Net Margin % 126.23 183.42 116.21 215.72 149.33 148.32 119.60 44.94 Asset Turnover 0.07 0.07 0.07 0.04 0.04 0.05 0.05 0.09 Current Ratio 0.52 0.49 1.24 0.35 0.16 0.18 0.21 0.25 Debt to Equity 0.44 0.39 0.40 0.46 0.52 0.63 0.61 0.56 Price Range 60.00-25.14 60.00-25.14 54.74-33.94 45.52-30.49 42.24-9.00 39.63-22.11 41.24-22.77 38.32-29.50 P/E Ratio 9.76-4.09 9.51-3.98 9.81-6.08 8.26-5.53 10.38-2.21 9.88-5.51 12.61-6.96 17.99-13.85 Average Yield % 3.47 3.25 3.29 3.84 4.12 4.38 4.05 4.08
Address: 134 Peter Street, Suite 1700, Toronto, M5V 2H2 Telephone: 416-977-9002 Web Site: www.alliedreit.com
Officers: Gordon R. Cunningham - Chairman Michael No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09 R. Emory - President, Chief Executive Officer Transfer Agents:AST Trust Company (Canada), Toronto, Ontario, Canada
301
ATCO LTD Exchange TSX
Symbol ACO X
Price C$38.49 (9/30/2020)
85 80 75 70
100%
65 60 55 50 45 40 35 30 25 150 100 50 0
2011
2012
2013
52Wk Range 54.75-28.06
Yield 4.52
*12 Month Price Score 89.24 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.87 0.39 0.40 2018 0.78 (0.10) 1.00 2019 0.98 1.37 1.40 2020 0.76 0.39 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.435Q 01/09/2020 03/04/2020 03/05/2020 0.435Q 03/31/2020 06/03/2020 06/04/2020 0.435Q 07/09/2020 09/02/2020 09/03/2020 0.435Q 10/08/2020 12/02/2020 12/03/2020 Indicated Div: $1.74 Valuation Analysis Forecast EPS $2.85 (09/10/2020) Market Cap C$4.4 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.09 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 88.34 *NYSE Composite Index=100
P/E 11.77 Dec 0.11 1.18 0.72 ...
Pay 03/31/2020 06/30/2020 09/30/2020 12/31/2020
$4.0 Billion 1.03
13.49% 26
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221122) ATCO operates several business segments. Co.'s Structures and Logistics segment is made up of four divisions: Modular Structures, Logistics and Facility Operations & Maintenance (O&M) Services, Lodging & Support Services, and Sustainable Communities. Co.'s Electricity's activities are conducted through two regulated businesses, and two non-regulated businesses. Co.'s Pipelines & Liquids activities are conducted through three regulated businesses, ATCO Gas, ATCO Pipelines, and ATCO Gas Australia, and one non-regulated business, ATCO Energy Solutions. Co.'s Corporate and Other segment includes the commercial real estate owned by Co. in Alberta and business development activities. Recent Developments: For the quarter ended June 30 2020, net income decreased 71.4% to C$89.0 million from C$311.0 million in the year-earlier quarter. Revenues were C$938.0 million, down 15.0% from C$1.10 billion the year before. Operating income was C$221.0 million versus C$251.0 million in the prior-year quarter, a decrease of 12.0%. Direct operating expenses declined 14.4% to C$238.0 million from C$278.0 million in the comparable period the year before. Indirect operating expenses decreased 16.6% to C$479.0 million from C$574.0 million in the equivalent prior-year period. Prospects: Our evaluation of ATCO Limited as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and C.ACO.X has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.ACO.X will perform well over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.27 4.25 4.47 2.86 1.77 2.96 1.33 3.64 Cash Flow Per Share ... ... 13.48 8.73 11.64 15.60 14.63 14.64 Tang Book Value Per Share 28.86 29.53 28.40 26.17 25.60 25.55 24.19 23.28 Dividends Per Share 1.680 1.650 1.619 1.506 1.310 1.140 0.990 0.860 Dividend Payout % 51.38 38.81 36.22 52.67 74.01 38.51 74.44 23.63 Income Statement Total Revenue 1,994,000 1,056,000 4,706,000 4,888,000 4,541,000 4,045,000 4,131,000 4,554,000 EBITDA 233,000 181,000 2,128,000 1,994,000 1,645,000 1,880,000 1,579,000 1,843,000 Depn & Amortn (323,000) (151,000) 583,000 614,000 612,000 573,000 726,000 521,000 Income Before Taxes 346,000 227,000 1,034,000 873,000 602,000 911,000 551,000 1,010,000 Income Taxes 98,000 63,000 66,000 231,000 163,000 258,000 198,000 237,000 Net Income 132,000 87,000 513,000 328,000 203,000 340,000 154,000 420,000 Average Shares 114,681 114,731 114,745 114,788 114,822 114,845 115,299 115,461 Balance Sheet Current Assets 1,883,000 2,071,000 2,037,000 2,097,000 2,275,000 1,384,000 1,611,000 1,549,000 Total Assets 21,782,000 21,870,000 21,703,000 23,344,000 21,775,000 19,724,000 19,055,000 17,689,000 Current Liabilities 822,000 944,000 910,000 1,748,000 1,034,000 989,000 964,000 1,149,000 Long-Term Obligations 9,314,000 9,241,000 9,569,000 10,899,000 9,953,000 8,149,000 8,035,000 7,285,000 Total Liabilities 17,743,000 17,747,000 17,703,000 19,589,000 18,182,000 16,178,000 15,699,000 14,521,000 Stockholders' Equity 4,039,000 4,123,000 4,000,000 3,755,000 3,593,000 3,546,000 3,356,000 3,168,000 Shares Outstanding 114,669 114,669 114,666 114,660 114,659 114,653 115,024 115,141 Statistical Record Return on Assets % 1.66 2.15 2.28 1.45 0.98 1.75 0.84 2.49 Return on Equity % 9.54 12.38 13.23 8.93 5.69 9.83 4.72 13.93 EBITDA Margin % 11.69 17.14 45.22 40.79 36.23 46.48 38.22 40.47 Net Margin % 6.62 8.24 10.90 6.71 4.47 8.41 3.73 9.22 Asset Turnover 0.19 0.20 0.21 0.22 0.22 0.21 0.22 0.27 Current Ratio 2.29 2.19 2.24 1.20 2.20 1.40 1.67 1.35 Debt to Equity 2.31 2.24 2.39 2.90 2.77 2.30 2.39 2.30 Price Range 54.75-28.06 54.75-28.06 51.07-38.10 44.99-35.05 52.15-44.06 49.40-34.20 49.72-33.35 55.17-43.96 P/E Ratio 16.74-8.58 12.88-6.60 11.43-8.52 15.73-12.26 29.46-24.89 16.69-11.55 37.38-25.08 15.16-12.08 Average Yield % 3.71 3.49 3.54 3.75 2.75 2.65 2.36 1.74 Address: 4th floor, West Building, 5302 Officers: Nancy C. Southern - Chair, President, Chief Investor Contact: 403-292-7500 No of Institutions: 46930 Forand Street SW, Calgary, T3E 8B4 Executive Officer Siegfried W. Kiefer - Managing Telephone: 403-292-7500 Director, President, Chief Operating Officer Transfer Shares: 8,249,367,040 % Held: 1.09 Web Site: www.atco.com Agents:AST Trust Company (Canada), Calgary, Alberta; Montreal, Quebec; Toronto, Ontario; Vancouver, British Columbia, Canada
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BROOKFIELD ASSET MANAGEMENT INC Exchange TSX
Symbol BAM PRB
Price C$44.06 (9/30/2020)
65 60 55 50 45 40 35 30 25 20 15 10 3000 2000 1000 0
2011
2012
2013
52Wk Range 60.35-22.05
Yield 1.30
*12 Month Price Score 90.11 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 (0.05) 0.13 0.13 2018 0.56 0.43 0.07 2019 0.39 0.25 0.62 2020 (0.20) (0.43) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.173Q 11/13/2019 12/12/2019 12/13/2019 0.173Q 02/12/2020 03/12/2020 03/13/2020 0.119Q 05/15/2020 06/12/2020 06/15/2020 0.107Q 08/14/2020 09/14/2020 09/15/2020 Indicated Div: $0.57 Valuation Analysis Forecast EPS $0.05 (09/14/2020) Market Cap $66.6 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 2.08 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 126.66 *NYSE Composite Index=100
P/E 89.92 Dec 0.68 1.25 0.50 ...
Pay 12/31/2019 03/31/2020 06/30/2020 09/30/2020
$32.1 Billion 1.02
7.14% 8
Business Summary: Property, Real Estate & Development (MIC: 5.3.2 SIC: 6512 NAIC: 531120) Brookfield Asset Management is an asset management company, with a particular focus on property, renewable power, infrastructure and public equity. Co. has five reportable segments: (a) Property operations; (b) Renewable power operations; (c) Infrastructure operations; (d) Private equity operations; and (e) Assets management services and other operations. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$1.49 billion versus net income of US$704.0 million in the year-earlier quarter. Revenues were US$12.83 billion, down 24.2% from US$16.92 billion the year before. Operating income was US$2.01 billion versus US$3.17 billion in the prior-year quarter, a decrease of 36.6%. Direct operating expenses declined 29.4% to US$9.45 billion from US$13.39 billion in the comparable period the year before. Indirect operating expenses increased 11.5% to US$1.40 billion from US$1.26 billion in the equivalent prior-year period. Prospects: Our evaluation of Brookfield Asset Management Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has suffered a very negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and BAM has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that BAM will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.49 1.17 1.73 2.27 0.89 1.03 1.51 2.08 Cash Flow Per Share ... ... 4.36 3.59 2.78 2.14 1.96 1.86 Tang Book Value Per Share N.M. N.M. N.M. N.M. 3.12 8.80 9.61 10.36 Dividends Per Share 0.453 0.440 0.427 0.400 0.373 0.347 0.316 0.302 Dividend Payout % 92.52 37.71 24.62 17.65 41.79 33.55 20.94 14.56 Income Statement Total Revenue 29,415,000 16,586,000 67,826,000 56,771,000 40,786,000 24,411,000 19,913,000 18,364,000 EBITDA ... ... 14,348,000 13,437,000 9,451,000 6,953,000 7,685,000 8,987,000 Depn & Amortn 2,785,000 1,409,000 3,770,000 2,431,000 1,892,000 2,020,000 1,695,000 1,470,000 Income Before Taxes ... ... 3,351,000 6,152,000 3,951,000 1,700,000 3,170,000 4,938,000 Income Taxes 369,000 364,000 495,000 (248,000) 613,000 (345,000) 196,000 1,323,000 Net Income (949,000) (293,000) 2,807,000 3,584,000 1,462,000 1,651,000 2,341,000 3,110,000 Average Shares 1,512,100 1,511,600 1,488,450 1,466,100 1,470,000 1,464,900 1,463,550 1,425,600 Balance Sheet Current Assets 36,875,000 37,968,000 38,912,000 34,162,000 24,638,000 18,826,000 16,141,000 19,986,000 Total Assets 316,435,000 312,583,000 323,969,000 256,281,000 192,720,000 159,826,000 139,514,000 129,480,000 Long-Term Obligations 144,413,000 140,995,000 143,375,000 118,218,000 78,389,000 64,891,000 58,283,000 52,768,000 Total Liabilities 284,365,000 279,773,000 288,956,000 226,466,000 164,476,000 133,373,000 114,207,000 105,778,000 Stockholders' Equity 32,070,000 32,810,000 35,013,000 29,815,000 28,244,000 26,453,000 25,307,000 23,702,000 Shares Outstanding 1,511,529 1,513,055 1,509,293 1,432,714 1,438,159 1,437,252 1,441,936 1,392,341 Statistical Record Return on Assets % 0.28 0.66 0.97 1.60 0.83 1.10 1.74 2.57 Return on Equity % 2.68 5.99 8.66 12.35 5.35 6.36 9.55 13.95 EBITDA Margin % ... ... 21.15 23.67 23.17 28.48 38.59 48.94 Net Margin % N.M. N.M. 4.14 6.31 3.58 6.76 11.76 16.94 Asset Turnover 0.22 0.24 0.23 0.25 0.23 0.16 0.15 0.15 Debt to Equity 4.50 4.30 4.09 3.97 2.78 2.45 2.30 2.23 Price Range 60.35-22.05 60.35-22.05 51.98-25.26 39.26-24.44 37.59-21.96 31.87-17.83 32.21-19.53 26.00-15.95 P/E Ratio 123.16-45.01 51.58-18.85 30.05-14.60 17.30-10.77 42.24-24.67 30.94-17.31 21.33-12.94 12.50-7.67 Average Yield % 1.09 1.07 1.11 1.27 1.26 1.35 1.22 1.48
Address: Brookfield Place, 181 Bay Street, Suite 300, Toronto, M5J 2T3 Telephone: 416-363-9491 Web Site: www.brookfield.com
Officers: Frank J. McKenna - Chairman J. Bruce Flatt Investor Contact: 416-363-9491 No of Institutions: 788 - Chief Executive Officer Transfer Agents: Shares: 1,026,908,736 % Held: N/A AST Trust Company (Canada), Toronto, Ontario, Canada
307
CAE INC Exchange TSX
Symbol CAE
Price C$14.62 (9/30/2020)
35 32.5 30 27.5 25 22.5 20 17.5 15 12.5 10 7.5 300 200 100 0
2011
2012
2013
52Wk Range 31.19-9.94
Yield N/A
*12 Month Price Score 72.35 Interim Earnings (Per Share) Can$ Qtr. Jun Sep Dec 2017-18 0.24 0.24 0.44 2018-19 0.26 0.23 0.29 2019-20 0.23 0.28 0.37 2020-21 (0.42) ... ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.10Q 05/17/2019 06/13/2019 06/14/2019 0.11Q 08/14/2019 09/12/2019 09/13/2019 0.11Q 11/13/2019 12/12/2019 12/13/2019 0.11Q 02/07/2020 03/12/2020 03/13/2020 Valuation Analysis Forecast EPS $0.24 (09/10/2020) Market Cap C$3.9 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.72 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 112.54 *NYSE Composite Index=100
P/E 28.12 Mar 0.37 0.46 0.29 ...
Pay 06/28/2019 09/30/2019 12/31/2019 03/31/2020
$2.3 Billion 1.16
10.07% 12
Business Summary: Aerospace (MIC: 7.1.1 SIC: 3728 NAIC: 336413) CAE provides training for the civil aviation, defense and security, and healthcare markets. Co.'s segments are: Civil Aviation Training Solutions, which provides training solutions for flight, cabin, maintenance and ground personnel in commercial, business and helicopter aviation, various flight simulation training devices, and ab initio pilot training and crew sourcing services; Defense and Security, which provides training and mission support solutions for defense forces across the air, land and naval domains, and for government organizations responsible for public safety; and Healthcare, which provides education and training solutions to healthcare students and clinical professionals. Recent Developments: For the quarter ended June 30 2020, net loss amounted to C$110.0 million versus net income of C$63.0 million in the year-earlier quarter. Revenues were C$550.5 million, down 33.3% from C$825.6 million the year before. Operating loss was C$102.6 million versus an income of C$98.8 million in the prior-year quarter. Direct operating expenses declined 24.0% to C$442.5 million from C$581.9 million in the comparable period the year before. Indirect operating expenses increased 46.0% to C$212.0 million from C$145.2 million in the equivalent prior-year period. Prospects: Our evaluation of CAE Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while CAE has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that CAE will perform over the near term. Financial Data (Can$ in Thousands) 3 Mos 03/31/2020 03/31/2019 03/31/2018 03/31/2017 03/31/2016 03/31/2015 03/31/2014 Earnings Per Share 0.52 1.16 1.23 1.29 0.93 0.85 0.76 0.73 Cash Flow Per Share ... 2.04 1.99 1.50 1.73 1.28 1.01 1.06 Tang Book Value Per Share 1.04 1.63 1.14 4.64 4.01 3.56 2.88 2.16 Dividends Per Share 0.330 0.430 0.390 0.350 0.315 0.295 0.270 0.220 Dividend Payout % 63.46 37.07 31.71 27.13 33.87 34.71 35.53 30.14 Income Statement Total Revenue 550,500 3,623,200 3,304,100 2,830,000 2,704,500 2,512,600 2,246,300 2,114,900 EBITDA (20,300) 639,200 495,000 594,000 338,500 308,400 317,000 285,700 Depn & Amortn 85,600 145,600 58,000 189,100 33,700 25,200 27,100 31,900 Income Before Taxes (137,700) 365,200 366,300 342,400 240,600 216,900 224,400 191,100 Income Taxes (35,400) 73,800 59,600 29,100 35,200 20,400 57,800 30,000 Net Income (110,600) 311,400 330,000 347,000 251,500 229,700 201,800 190,000 Average Shares 265,656 267,595 267,974 269,454 269,597 269,196 266,005 261,919 Balance Sheet Current Assets 2,204,100 2,808,600 2,112,900 2,060,800 1,919,700 1,749,600 1,562,500 1,350,800 Total Assets 7,609,500 8,483,600 7,165,500 5,719,200 5,354,800 4,996,700 4,656,900 4,236,700 Current Liabilities 1,890,200 2,062,300 1,889,500 1,320,600 1,273,900 1,192,900 1,039,100 964,500 Long-Term Obligations 2,551,800 2,618,200 2,064,200 1,208,700 1,203,500 1,153,600 1,224,300 1,117,900 Total Liabilities 5,357,000 5,993,900 4,834,200 3,421,000 3,334,000 3,108,000 3,044,200 2,795,100 Stockholders' Equity 2,252,500 2,489,700 2,331,300 2,298,200 2,020,800 1,888,700 1,612,700 1,441,600 Shares Outstanding 265,769 265,619 265,447 267,738 268,397 269,634 266,903 263,771 Statistical Record Return on Assets % 1.85 3.97 5.12 6.27 4.86 4.75 4.54 4.68 Return on Equity % 6.14 12.88 14.26 16.07 12.87 13.08 13.21 14.94 EBITDA Margin % N.M. 17.64 14.98 20.99 12.52 12.27 14.11 13.51 Net Margin % N.M. 8.59 9.99 12.26 9.30 9.14 8.98 8.98 Asset Turnover 0.45 0.46 0.51 0.51 0.52 0.52 0.51 0.52 Current Ratio 1.17 1.36 1.12 1.56 1.51 1.47 1.50 1.40 Debt to Equity 1.13 1.05 0.89 0.53 0.60 0.61 0.76 0.78 Price Range 31.19-9.94 31.19-9.94 22.31-17.51 18.93-15.14 15.66-11.10 12.76-9.60 13.88-11.25 13.90-9.67 P/E Ratio 59.98-19.12 26.89-8.57 18.14-14.24 14.67-11.74 16.84-11.94 15.01-11.29 18.26-14.80 19.04-13.25 Average Yield % 1.42 1.69 1.95 2.04 2.31 2.61 2.11 1.92 Investor Contact: 514-734-5760 Officers: John P. Manley - Chair Marc Parent Address: 8585 Cote de Liesse, President, Chief Executive Officer Transfer Agents: No of Institutions: 270 Saint-Laurent, H4T 1G6 Shares: 165,791,648 % Held: 56.23 Telephone: 514-734-5760 Computershare Trust Company of Canada, Toronto, Web Site: www.cae.com Ontario, Canada
308
CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Exchange TSX
Symbol CAR UN
Price C$35.11 (9/30/2020)
65 60 55 50 45 40 35 30 25 20 15 300 200 100 0
2011
2012
2013
52Wk Range 61.25-25.88
Yield 3.93
*12 Month Price Score 88.96 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.00 0.00 0.00 2018 0.00 0.00 0.00 2019 0.00 0.00 0.00 2020 0.00 0.00 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.115M 06/15/2020 06/29/2020 06/30/2020 0.115M 07/16/2020 07/30/2020 07/31/2020 0.115M 08/18/2020 08/28/2020 08/31/2020 0.115M 09/15/2020 09/29/2020 09/30/2020 Indicated Div: $1.38 Valuation Analysis Forecast EPS $1.86 (09/08/2020) Market Cap C$6.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.70 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 125.08 *NYSE Composite Index=100
P/E N/A Dec 0.00 0.00 0.00 ...
Pay 07/15/2020 08/17/2020 09/15/2020 10/15/2020
$8.5 Billion 7.12
3.28% 8
Business Summary: REITs (MIC: 5.3.1 SIC: 6798 NAIC: 525930) Canadian Apartment Properties Real Estate Investment Trust is an open-end real estate investment trust. The Trust's objectives are to provide unitholders with long-term, stable and predictable monthly cash distributions; to grow Normalized Funds from operations, sustainable distributions and Unit value through the active management of its properties, accretive acquisitions and strong financial management; and to reinvest capital within the property portfolio in order to ensure life-safety and maximize earnings and cash flow potential. Recent Developments: For the quarter ended June 30 2020, net income decreased 63.4% to C$61.3 million from C$167.3 million in the year-earlier quarter. Revenues were C$219.9 million, up 15.0% from C$191.3 million the year before. Operating income was C$124.7 million versus C$198.6 million in the prior-year quarter, a decrease of 37.2%. Direct operating expenses rose 17.1% to C$76.7 million from C$65.5 million in the comparable period the year before. Indirect operating expenses increased 46.3% to C$18.3 million from C$12.5 million in the equivalent prior-year period. Prospects: Our evaluation of Canadian Apartment Properties Real Estate Investment Trust as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been unchanged, while C.CAR.U has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.CAR.U will perform in line with the market over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Cash Flow Per Share ... ... 2.87 3.02 2.64 2.76 2.48 2.59 Tang Book Value Per Share 49.88 50.01 49.38 43.37 35.96 61.88 28.79 27.10 Dividends Per Share 1.380 1.380 1.372 1.313 1.275 1.238 1.207 1.167 Income Statement Total Revenue 435,985 216,060 777,884 688,585 638,842 596,831 533,798 506,411 EBITDA 228,892 123,479 1,354,534 1,362,716 966,086 557,493 453,500 423,211 Depn & Amortn 9,632 4,625 6,290 4,976 4,434 4,249 2,799 2,400 Income Before Taxes 149,718 85,140 1,217,808 1,236,479 844,220 439,413 345,633 317,975 Income Taxes 8,823 5,507 22,361 18,808 7,409 ... ... ... Net Income 140,895 79,633 1,195,447 1,217,671 836,811 439,480 345,633 317,975 Average Shares 171,175 170,780 159,115 144,175 137,828 132,482 119,926 111,027 Balance Sheet Current Assets 272,678 232,287 536,088 61,344 56,397 28,905 33,749 30,009 Total Assets 14,489,006 14,334,350 14,017,949 10,842,263 9,187,170 7,892,994 7,102,828 5,926,161 Current Liabilities 904,415 669,040 665,269 593,127 430,850 425,342 403,206 451,136 Long-Term Obligations 4,640,194 4,746,302 4,496,018 3,891,746 3,795,108 3,291,877 3,026,833 2,483,121 Total Liabilities 5,962,225 5,802,893 5,614,054 4,525,563 4,263,764 3,734,845 3,442,875 2,943,056 Stockholders' Equity 8,526,781 8,531,457 8,403,895 6,316,700 4,923,406 8,316,298 3,659,953 2,983,105 Shares Outstanding 170,631 170,261 169,869 145,653 136,911 134,388 127,139 110,088 Statistical Record Return on Assets % 7.30 8.31 9.62 12.16 9.80 5.85 5.31 5.54 Return on Equity % 12.26 14.01 16.24 21.67 12.64 7.32 10.41 11.08 EBITDA Margin % 52.50 57.15 174.13 197.90 151.22 93.41 84.96 83.57 Net Margin % 32.32 36.86 153.68 176.84 130.99 73.64 64.75 62.79 Asset Turnover 0.06 0.06 0.06 0.07 0.07 0.08 0.08 0.09 Current Ratio 0.30 0.35 0.81 0.10 0.13 0.07 0.08 0.07 Debt to Equity 0.54 0.56 0.53 0.62 0.77 0.40 0.83 0.83 Price Range 61.25-25.88 61.25-25.88 56.62-32.37 49.11-27.00 37.80-23.24 33.27-18.15 30.02-18.60 25.97-18.60 Average Yield % 3.03 2.99 3.06 3.51 4.24 4.65 4.86 5.36
Address: 11 Church Street, Suite 401, Toronto, M5E 1W1 Telephone: 416-861-9404 Web Site: www.caprent.com
Officers: Michael Stein - Chairman Thomas Schwartz Investor Contact: 416-861-9404 - President, Chief Executive Officer Transfer Agents: No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09 Computershare Trust Company of Canada, Toronto, Ontario, Canada
309
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CANADIAN NATURAL RESOURCES LTD Exchange TSX
Symbol CNQ
Price C$16.01 (9/30/2020)
52Wk Range 32.38-7.74
120 110 100 90 80 70 60 50 40 30 20 10 0 2000 1500 1000 500 0
2011
2012
2013
Yield 10.62
*12 Month Price Score 82.66 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.22 0.93 0.56 2018 0.47 0.80 1.47 2019 0.80 2.36 0.87 2020 (1.08) (0.26) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.375Q 11/07/2019 12/10/2019 12/11/2019 0.425Q 03/05/2020 03/19/2020 03/20/2020 0.425Q 05/07/2020 06/11/2020 06/12/2020 0.425Q 08/06/2020 09/17/2020 09/18/2020 Indicated Div: $1.70 Valuation Analysis Forecast EPS $-0.74 (09/14/2020) Market Cap C$18.9 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.58 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 66.75 *NYSE Composite Index=100
P/E 400.25 Dec 0.32 (0.62) 0.51 ...
Pay 01/01/2020 04/01/2020 07/01/2020 10/05/2020
$32.3 Billion 0.97
10.76% 17
Business Summary: Production & Extraction (MIC: 9.1.1 SIC: 1311 NAIC: 211111) Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, largely in Western Canada; the U.K. portion of the North Sea; and Côte d'Ivoire, Gabon, and South Africa in Offshore Africa. Co. had total proved reserves of 5.71 billion barrels of oil equivalent. Co.'s gross proved crude oil, bitumen (thermal oil), synthetic crude oil and natural gas liquids reserves totaled 4.70 billion barrels and its gross proved natural gas reserves totaled 6,106.00 billion cubic feet. Recent Developments: For the quarter ended June 30 2020, net loss amounted to C$310.0 million versus net income of C$2.83 billion in the year-earlier quarter. Revenues were C$2.87 billion, down 48.4% from C$5.56 billion the year before. Operating loss was C$409.0 million versus an income of C$1.75 billion in the prior-year quarter. Direct operating expenses declined 14.3% to C$2.17 billion from C$2.53 billion in the comparable period the year before. Indirect operating expenses increased 10.8% to C$1.60 billion from C$1.44 billion in the equivalent prior-year period. Prospects: Our evaluation of Canadian Natural Resources Ltd. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and CNQ has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that CNQ will perform over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.04 2.66 4.54 2.12 2.03 (0.19) (0.58) 3.58 Cash Flow Per Share ... ... 7.41 8.30 6.18 3.13 5.15 7.75 Tang Book Value Per Share 27.38 28.17 29.48 26.60 25.89 23.64 25.01 26.46 Dividends Per Share 1.600 1.550 1.500 1.340 1.100 0.940 0.920 0.900 Dividend Payout % 4,000.00 58.27 33.04 63.21 54.19 ... ... 25.14 Income Statement Total Revenue 7,371,000 4,500,000 22,871,000 21,027,000 16,651,000 10,523,000 12,363,000 18,863,000 EBITDA 1,323,000 329,000 11,501,000 9,896,000 8,831,000 4,114,000 5,389,000 10,586,000 Depn & Amortn 2,967,000 1,564,000 5,287,000 5,161,000 5,186,000 4,840,000 5,387,000 4,880,000 Income Before Taxes (2,049,000) (1,441,000) 5,249,000 3,868,000 2,835,000 (1,390,000) (617,000) 5,171,000 Income Taxes (457,000) (159,000) (460,000) 931,000 476,000 (859,000) (30,000) 1,234,000 Net Income (1,592,000) (1,282,000) 5,416,000 2,591,000 2,397,000 (204,000) (637,000) 3,929,000 Average Shares 1,180,925 1,183,138 1,193,106 1,223,758 1,182,823 1,100,471 1,093,862 1,096,822 Balance Sheet Current Assets 4,067,000 4,184,000 4,487,000 3,020,000 4,897,000 4,336,000 4,059,000 3,489,000 Total Assets 74,745,000 76,079,000 78,121,000 71,559,000 73,867,000 58,648,000 59,275,000 60,200,000 Current Liabilities 4,917,000 6,304,000 6,637,000 4,762,000 6,261,000 5,092,000 4,595,000 5,142,000 Long-Term Obligations 21,177,000 19,884,000 18,591,000 19,482,000 20,581,000 14,993,000 15,065,000 13,022,000 Total Liabilities 42,412,000 42,817,000 43,130,000 39,585,000 42,214,000 32,381,000 31,894,000 31,309,000 Stockholders' Equity 32,333,000 33,262,000 34,991,000 31,974,000 31,653,000 26,267,000 27,381,000 28,891,000 Shares Outstanding 1,181,038 1,180,854 1,186,857 1,201,886 1,222,769 1,110,952 1,094,668 1,091,837 Statistical Record Return on Assets % 0.04 4.23 7.24 3.56 3.62 N.M. N.M. 7.02 Return on Equity % 0.10 9.68 16.18 8.14 8.28 N.M. N.M. 14.38 EBITDA Margin % 17.95 7.31 50.29 47.06 53.04 39.10 43.59 56.12 Net Margin % N.M. N.M. 23.68 12.32 14.40 N.M. N.M. 20.83 Asset Turnover 0.25 0.29 0.31 0.29 0.25 0.18 0.21 0.34 Current Ratio 0.83 0.66 0.68 0.63 0.78 0.85 0.88 0.68 Debt to Equity 0.65 0.60 0.53 0.61 0.65 0.57 0.55 0.45 Price Range 32.38-7.74 32.38-7.74 32.35-22.64 37.50-22.21 36.73-27.75 34.92-15.55 33.71-18.80 45.63-26.95 P/E Ratio 809.50-193.50 12.17-2.91 7.13-4.99 17.69-10.48 18.09-13.67 ... ... 12.75-7.53 Average Yield % 6.81 5.88 5.55 4.14 3.46 3.29 3.50 2.39
Address: 2100, 855 - 2 Street S.W., Calgary, T2P 4J8 Telephone: 403-514-7777 Web Site: www.cnrl.com
Officers: N. Murray Edwards - Executive Chairman, Vice-Chairman Steve W. Laut - President Transfer Agents:Computershare Trust Company of Canada, Calgary, Alberta and Toronto, Ontario, Canada
311
Investor Contact: 403-514-7777 No of Institutions: 545 Shares: 892,367,872 % Held: 69.80
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CANADIAN UTILITIES LTD Exchange NBB
Symbol CDUA F
Price $24.00 (9/30/2020)
52Wk Range 32.32-18.77
Yield 7.26
P/E 10.86
*12 Month Price Score 92.69 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep Dec 2017 0.79 0.28 0.30 0.17 2018 0.60 (0.07) 0.68 0.87 2019 0.73 1.03 0.99 0.49 2020 0.52 0.21 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.435Q 01/09/2020 02/05/2020 02/06/2020 03/01/2020 0.435Q 03/31/2020 05/06/2020 05/07/2020 06/01/2020 0.435Q 07/08/2020 08/05/2020 08/06/2020 09/01/2020 0.435Q 10/08/2020 11/04/2020 11/05/2020 12/01/2020 Indicated Div: $1.74 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $1.92 (09/10/2020) Market Cap C$6.6 Billion Book Value $6.7 Billion TRADING VOLUME (thousand shares) Price/Book 0.98 Price/Sales 1.91 Dividend Achiever Status 10 Year Growth Rate 9.58% Total Years of Dividend Growth 37 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 82.43 *NYSE Composite Index=100 75 70 65
2-for-1
60 55 50 45 40 35 30 25 20 15 6 4 2 0
2011
2012
2013
Business Summary: Gas Utilities (MIC: 3.3.1 SIC: 4925 NAIC: 221210) Canadian Utilities is an ATCO Ltd. company. The Structures and Logistics Business Unit provides workforce housing, modular facilities, construction, site support services, and logistics and operations management. The Electricity Business Unit provides power generation, electricity distribution and transmission, and related infrastructure services. The Pipelines and Liquids Business Unit provides complementary products and services that enable them to deliver natural gas transmission and distribution services, energy storage, and industrial water solutions to customers. ATCOenergy provides retail, commercial and industrial electricity and natural gas service in Alberta. Recent Developments: For the quarter ended June 30 2020, net income decreased 75.7% to C$73.0 million from C$300.0 million in the year-earlier quarter. Revenues were C$740.0 million, down 18.0% from C$902.0 million the year before. Operating income was C$198.0 million versus C$236.0 million in the prior-year quarter, a decrease of 16.1%. Direct operating expenses declined 24.1% to C$170.0 million from C$224.0 million in the comparable period the year before. Indirect operating expenses decreased 15.8% to C$372.0 million from C$442.0 million in the equivalent prior-year period. Prospects: Our evaluation of Canadian Utilities Limited as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while C.CU has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.CU will perform in line with the market over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.21 3.03 3.24 2.08 1.54 2.06 1.11 2.52 Cash Flow Per Share ... ... 4.98 3.20 4.87 6.05 6.11 5.88 Tang Book Value Per Share 16.69 17.49 16.92 15.60 15.60 15.67 15.13 14.81 Dividends Per Share 1.716 1.704 1.691 1.573 1.430 1.300 1.180 1.070 Dividend Payout % 77.66 56.22 52.19 75.63 92.86 63.11 106.31 42.46 Income Statement Total Revenue 1,625,000 885,000 3,905,000 4,377,000 4,027,000 3,399,000 3,264,000 3,600,000 EBITDA 218,000 178,000 1,841,000 1,915,000 1,575,000 1,740,000 1,433,000 1,519,000 Depn & Amortn (301,000) (140,000) 543,000 577,000 543,000 534,000 611,000 474,000 Income Before Taxes 320,000 219,000 816,000 842,000 606,000 818,000 529,000 737,000 Income Taxes 94,000 63,000 53,000 225,000 162,000 236,000 205,000 206,000 Net Income 232,000 160,000 951,000 634,000 483,000 620,000 352,000 711,000 Average Shares 273,264 273,288 273,211 272,066 270,054 267,776 265,349 262,817 Balance Sheet Current Assets 1,530,000 1,711,000 1,714,000 1,856,000 2,040,000 985,000 1,057,000 1,004,000 Total Assets 20,046,000 20,121,000 20,044,000 21,819,000 20,825,000 18,781,000 18,069,000 16,702,000 Current Liabilities 636,000 745,000 739,000 1,645,000 948,000 892,000 799,000 980,000 Long-Term Obligations 8,874,000 8,801,000 8,857,000 9,800,000 9,895,000 8,149,000 7,971,000 7,217,000 Total Liabilities 13,383,000 13,233,000 13,310,000 15,444,000 14,550,000 12,563,000 11,876,000 11,095,000 Stockholders' Equity 6,663,000 6,888,000 6,734,000 6,375,000 6,275,000 6,218,000 6,193,000 5,607,000 Shares Outstanding 273,255 273,255 273,245 273,141 271,102 268,553 266,895 263,907 Statistical Record Return on Assets % 3.18 4.24 4.54 2.97 2.44 3.36 2.02 4.48 Return on Equity % 10.14 13.48 14.51 10.02 7.73 9.96 5.97 12.93 EBITDA Margin % 13.42 20.11 47.14 43.75 39.11 51.19 43.90 42.19 Net Margin % 14.28 18.08 24.35 14.48 11.99 18.24 10.78 19.75 Asset Turnover 0.16 0.17 0.19 0.21 0.20 0.18 0.19 0.23 Current Ratio 2.41 2.30 2.32 1.13 2.15 1.10 1.32 1.02 Debt to Equity 1.33 1.28 1.32 1.54 1.58 1.31 1.29 1.29 Price Range 32.32-18.77 32.32-18.77 30.35-22.92 29.82-20.91 33.37-26.85 34.88-21.13 36.26-21.71 38.38-32.46 P/E Ratio 14.62-8.49 10.67-6.20 9.37-7.07 14.34-10.05 21.67-17.43 16.93-10.26 32.67-19.56 15.23-12.88 Average Yield % 6.29 5.98 6.09 6.22 4.71 4.74 4.03 3.01 Officers: Nancy C. Southern - Chair, Chief Executive Investor Contact: 403-292-7500 Address: 4th Floor, West Building, N/A No of Institutions: Officer Erhard M. Kiefer - Group Vice President, 5302 Forand Street SW, Calgary, T3E Shares: N/A % Held: N/A Senior Vice President, Chief Administrative Officer 8B4 Transfer Agents:AST Trust Company (Canada), Telephone: 403-292-7500 Web Site: www.canadianutilities.com Calgary, Alberta; Montreal, Quebec; Toronto, Ontario; Vancouver, British Columbia, Canada
313
CANADIAN WESTERN BANK Exchange TSX
Symbol CWB
Price C$26.93 (9/29/2020)
80 75 70 65 60 55 50 45 40 35 30 25 20 15 150 100 50 0
2011
2012
2013
52Wk Range 35.81-18.12
Yield 4.31
*12 Month Price Score 90.83 Interim Earnings (Per Share) Can$ Qtr. Jan Apr Jul 2016-17 0.56 0.54 0.64 2017-18 0.69 0.68 0.70 2018-19 0.75 0.71 0.81 2019-20 0.82 0.59 0.71 Interim Dividends (Per Share) Amt Decl Ex Rec 0.28Q 12/05/2019 12/16/2019 12/17/2019 0.29Q 02/27/2020 03/11/2020 03/12/2020 0.29Q 05/29/2020 06/10/2020 06/11/2020 0.29Q 08/28/2020 09/09/2020 09/10/2020 Indicated Div: $1.16 Valuation Analysis Forecast EPS $2.91 (08/29/2020) Market Cap C$2.3 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.75 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 81.00 *NYSE Composite Index=100
P/E 9.32 Oct 0.68 0.72 0.77 ...
Pay 01/07/2020 03/26/2020 06/25/2020 09/24/2020
$3.1 Billion 1.56
6.58% 23
Business Summary: Banking (MIC: 5.1.1 SIC: 6029 NAIC: 522110) Canadian Western Bank is a diversified financial services organization providing specialized service in business and personal banking, equipment financing and leasing, trust services, and wealth management for businesses and individuals. Co.'s banking and wealth management services are offered primarily across the four western provinces, while equipment financing and leasing and trust services are available across Canada. Online banking services and residential mortgages are available nationwide, with the exception of Quebec. Recent Developments: For the quarter ended July 31 2020, net income decreased 11.4% to C$67.9 million from C$76.6 million in the year-earlier quarter. Net interest income increased 0.5% to C$200.8 million from C$199.7 million in the year-earlier quarter. Provision for loan losses was C$24.4 million versus C$13.1 million in the prior-year quarter, an increase of 85.8%. Non-interest income rose 37.2% to C$25.7 million from C$18.7 million, while non-interest expense advanced 15.8% to C$134.2 million. Prospects: Our evaluation of Canadian Western Bank as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while C.CWB has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.CWB will perform over the near term. Financial Data (Can$ in Thousands) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share 2.89 2.99 3.11 3.04 2.79 2.42 2.13 3.97 Cash Flow Per Share ... ... ... 0.23 (8.96) (0.44) (2.75) 4.89 Tang Book Value Per Share 27.45 28.20 26.84 26.32 23.32 22.16 20.92 20.32 Dividends Per Share 1.140 1.120 1.100 1.080 1.000 0.930 0.920 0.860 Dividend Payout % 39.45 37.46 35.37 35.53 35.84 38.43 43.19 21.66 Income Statement Interest Income 1,043,958 717,171 369,758 1,418,700 1,225,295 1,027,284 961,989 898,270 Interest Expense 451,187 325,173 168,748 633,116 500,305 384,894 376,765 354,798 Net Interest Income 200,773 190,988 201,010 785,584 724,990 642,390 585,224 543,472 Provision for Losses 72,600 48,238 13,337 57,758 48,257 50,986 79,115 31,009 Non-Interest Income 68,049 42,338 18,962 76,020 78,368 84,245 72,672 67,310 Non-Interest Expense 313,440 203,642 101,388 ... ... ... ... ... Income Before Taxes ... ... ... 390,511 361,524 311,888 257,277 286,284 Income Taxes 72,285 47,836 27,620 102,665 96,877 82,233 67,943 71,319 Net Income 201,796 134,137 77,350 286,794 263,506 228,527 188,373 213,564 Average Shares 87,100 87,172 87,497 87,738 89,285 88,592 83,419 80,582 Balance Sheet Net Loans & Leases 29,543,312 29,066,093 28,653,132 28,365,893 26,204,599 23,229,239 21,961,348 19,475,383 Total Assets 33,222,764 32,958,184 31,571,598 31,424,235 29,021,463 26,447,453 25,222,549 22,838,527 Total Deposits 26,495,412 26,147,086 25,640,876 25,351,361 23,699,957 21,902,982 21,194,553 19,365,407 Total Liabilities 30,089,103 29,847,409 28,579,866 28,478,425 26,435,711 23,986,408 22,880,509 20,927,620 Stockholders' Equity 3,133,661 3,110,775 2,991,732 2,945,810 2,585,752 2,461,045 2,342,040 1,910,907 Shares Outstanding 87,099 87,099 87,273 87,249 88,952 88,494 88,103 80,526 Statistical Record Return on Assets % 0.86 0.90 0.97 0.95 0.95 0.88 0.78 0.98 Return on Equity % 9.10 9.51 10.19 10.37 10.44 9.52 8.83 11.85 Net Interest Margin % 61.44 54.97 54.36 55.37 59.17 62.53 60.83 60.50 Loans to Deposits 1.12 1.11 1.12 1.12 1.11 1.06 1.04 1.01 Price Range 35.81-18.12 35.81-18.12 35.81-28.10 33.50-24.61 40.30-30.38 36.34-24.25 29.19-19.91 37.94-22.15 P/E Ratio 12.39-6.27 11.98-6.06 11.51-9.04 11.02-8.10 14.44-10.89 15.02-10.02 13.70-9.35 9.56-5.58 Average Yield % 4.07 3.73 3.53 3.59 2.85 3.17 3.77 3.02
Address: Suite 3000, 10303 Jasper Avenue NW, CWB Place, Edmonton, T5J 3X6 Telephone: 780-423-8888 Web Site: www.cwb.com
Officers: Christopher H. Fowler - President, Chief Investor Contact: 800-836-1886 Executive Officer, Executive Vice President Carolyn J. No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09 Graham - Senior Vice President, Chief Accountant Transfer Agents:Computershare Trust Company of Canada, Toronto, Ontario, Canada
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316
CINEPLEX INC Exchange TSX
Symbol CGX
Price C$5.70 (9/30/2020)
52Wk Range 34.21-4.61
65 60 55 50 45 40 35 30 25 20 15 10 5 0 400 300 200 100 0
2011
2012
2013
Yield N/A
*12 Month Price Score 45.07 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.37 0.02 0.27 2018 0.24 0.38 0.16 2019 (0.12) 0.31 0.21 2020 (2.82) (1.56) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.15M 10/21/2019 10/30/2019 10/31/2019 0.15M 11/19/2019 11/28/2019 11/29/2019 0.15M 12/17/2019 12/30/2019 12/31/2019 0.15M 01/21/2020 01/30/2020 01/31/2020 Valuation Analysis Forecast EPS $-4.02 (09/10/2020) Market Cap C$361.0 Million Book Value TRADING VOLUME (thousand shares) Price/Book 1.16 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 44.30 *NYSE Composite Index=100
P/E N/A Dec 0.45 0.43 0.06 ...
Pay 11/29/2019 12/31/2019 01/31/2020 02/28/2020
$311.6 Million 0.31
3.76% 9
Business Summary: Entertainment (MIC: 2.3.2 SIC: 7829 NAIC: 512131) Cineplex is an entertainment company engaged in the business of film entertainment and content (including theatrical exhibition, food services, alternative programming, and the online sale of entertainment content), media (including Cineplex Media and Cineplex Digital Media), and amusement gaming and leisure (including Cineplex Starburst Inc., The Rec Room and World Gaming Network Limited Partnership). Co. owned, leased or had a joint venture interest in 162 theatres with 1,655 screens. Co. operates theatres under the following theatre brands, among others: Cineplex Odeon, SilverCity, Galaxy Cinemas, Scotiabank Theatres, Cineplex Cinemas and Cineplex VIP Cinemas. Recent Developments: For the quarter ended June 30 2020, net loss amounted to C$98.9 million versus net income of C$19.4 million in the year-earlier quarter. Revenues were C$22.0 million, down 95.0% from C$438.9 million the year before. Operating loss was C$107.4 million versus an income of C$45.5 million in the prior-year quarter. Direct operating expenses declined 99.4% to C$799,000 from C$131.3 million in the comparable period the year before. Indirect operating expenses decreased 51.1% to C$128.1 million from C$261.9 million in the equivalent prior-year period. Prospects: Our evaluation of Cineplex Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and C.CGX has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.CGX will perform over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (4.11) (2.24) 0.46 1.22 1.11 1.25 2.12 1.20 Cash Flow Per Share ... ... 5.08 3.29 2.43 2.61 3.65 2.86 Dividends Per Share 1.050 1.495 1.780 1.720 1.660 1.600 1.540 1.480 Dividend Payout % ... ... 386.96 140.98 149.55 128.00 72.64 123.33 Income Statement Total Revenue 304,789 282,801 1,665,146 1,614,823 1,555,067 1,478,326 1,370,943 1,234,716 EBITDA (167,794) (125,328) 246,024 239,890 220,203 216,491 270,135 186,451 Depn & Amortn 135,439 69,495 117,186 115,402 103,119 91,063 80,080 69,944 Income Before Taxes (352,869) (223,387) 44,116 93,798 94,350 106,612 167,612 94,559 Income Taxes (84,407) (49,967) 11,769 20,590 27,490 31,327 36,919 21,144 Net Income (277,336) (178,413) 28,915 77,053 70,763 79,713 134,697 76,271 Average Shares 63,333 63,333 63,335 63,341 63,609 63,692 63,415 63,407 Balance Sheet Current Assets 110,900 139,210 256,718 241,683 245,172 182,187 186,827 151,909 Total Assets 2,732,186 2,815,118 3,100,412 1,856,449 1,855,168 1,728,186 1,701,917 1,609,416 Current Liabilities 1,192,914 462,355 590,584 430,877 515,324 402,039 425,777 335,930 Long-Term Obligations ... 665,000 1,886,243 590,789 472,342 409,184 335,095 343,489 Total Liabilities 2,420,583 2,402,878 2,509,309 1,177,353 1,143,392 979,091 934,444 877,567 Stockholders' Equity 311,603 412,240 591,103 679,096 711,776 749,095 767,473 731,849 Shares Outstanding 63,333 63,333 63,333 63,333 63,330 63,515 63,370 63,015 Statistical Record Return on Assets % N.M. N.M. 1.17 4.15 3.95 4.64 8.14 4.77 Return on Equity % N.M. N.M. 4.55 11.08 9.69 10.48 17.97 10.31 EBITDA Margin % N.M. N.M. 14.77 14.86 14.16 14.64 19.70 15.10 Net Margin % N.M. N.M. 1.74 4.77 4.55 5.39 9.83 6.18 Asset Turnover 0.40 0.54 0.67 0.87 0.87 0.86 0.83 0.77 Current Ratio 0.09 0.30 0.43 0.56 0.48 0.45 0.44 0.45 Debt to Equity ... 1.61 3.19 0.87 0.66 0.55 0.44 0.47 Price Range 34.21-4.61 34.21-4.61 34.21-16.88 38.16-17.53 54.35-28.16 52.26-31.64 51.30-31.73 45.47-35.78 P/E Ratio ... ... 74.37-36.69 31.28-14.37 48.96-25.37 41.81-25.31 24.20-14.97 37.89-29.81 Average Yield % 5.11 6.29 7.55 5.92 3.80 3.38 3.32 3.63
Address: 1303 Yonge Street, 2nd floor, Toronto, M4T 2Y9 Telephone: 416-323-6600 Web Site: www.cineplex.com
Officers: Ellis Jacob - President, Chief Executive Officer Heather Briant - Senior Vice President Transfer Agents:AST Trust Company (Canada), Toronto, Ontario, Canada
317
Investor Contact: 416-323-6648 No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
COGECO COMMUNICATIONS INC Exchange TSX
Symbol CCA
*7 Year Price Score N/A 120 110 100 90 80 70 60 50 40 30 20 10 0 60 40 20 0
2011
2012
2013
Price C$81.68 (9/30/2020)
52Wk Range 119.37-65.65
Yield 2.84
*12 Month Price Score 96.44 Interim Earnings (Per Share) Can$ Qtr. Nov Feb May 2016-17 1.52 1.55 1.54 2017-18 1.54 2.79 1.23 2018-19 1.41 1.53 3.59 2019-20 1.70 2.22 1.87 Interim Dividends (Per Share) Amt Decl Ex Rec 0.58Q 10/31/2019 11/12/2019 11/13/2019 0.58Q 01/16/2020 01/27/2020 01/28/2020 0.58Q 04/08/2020 04/20/2020 04/21/2020 0.58Q 07/16/2020 07/27/2020 07/28/2020 Indicated Div: $2.32 Valuation Analysis Forecast EPS $7.50 (09/14/2020) Market Cap C$3.9 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.73 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*NYSE Composite Index=100
P/E 10.75 Aug 1.43 1.42 1.81 ...
Pay 11/27/2019 02/11/2020 05/05/2020 08/11/2020
$2.3 Billion 1.66
11.51% 15
Business Summary: Radio & Television (MIC: 2.3.1 SIC: 4841 NAIC: 517510) Cogeco Communications is a communications corporation. Co. provides its residential and business customers with video, Internet and telephony services through its two-way broadband fibre networks. Co. has three operating segments: the Canadian and American cable services segments, which provide a range of video, Internet and telephony services primarily to residential customers; and the Enterprise data services segment provides colocation, network connectivity, managed hosting, cloud services and a portfolio of managed information technology services in Canada, the U.S. and Europe to small, medium and large enterprises around the globe. Recent Developments: For the quarter ended May 31 2020, net income decreased 46.9% to C$96.7 million from C$182.0 million in the year-earlier quarter. Revenues were C$605.8 million, up 3.1% from C$587.3 million the year before. Operating income was C$165.7 million versus C$163.8 million in the prior-year quarter, an increase of 1.1%. Indirect operating expenses increased 3.9% to C$440.2 million from C$423.6 million in the equivalent prior-year period. Prospects: Our evaluation of Cogeco Communications Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and C.CCA has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.CCA will perform poorly over the near term. Financial Data (Can$ in Thousands) 9 Mos 6 Mos 3 Mos 08/31/2019 08/31/2018 08/31/2017 08/31/2016 08/31/2015 Earnings Per Share 7.60 9.32 8.63 8.35 6.98 6.03 (3.87) 5.22 Cash Flow Per Share ... ... ... 17.60 14.08 19.44 15.16 14.09 Dividends Per Share 2.265 2.210 2.155 2.100 1.900 1.720 1.560 1.400 Dividend Payout % 29.80 23.71 24.97 25.15 27.22 28.52 ... 26.82 Income Statement Total Revenue 1,779,115 1,173,294 586,827 2,331,820 2,423,549 2,226,851 2,176,149 2,043,316 EBITDA 876,553 582,329 283,234 1,040,103 979,058 931,588 438,168 869,478 Depn & Amortn 374,413 245,372 123,135 423,432 451,503 413,016 428,722 403,023 Income Before Taxes 382,459 257,151 119,639 440,563 349,949 397,287 (120,485) 335,183 Income Taxes 82,016 53,432 29,931 83,655 (6,392) 98,062 69,143 77,433 Net Income 284,340 193,569 84,178 415,353 347,150 299,225 (189,628) 257,750 Average Shares 48,501 49,350 49,617 49,770 49,700 49,204 49,032 49,416 Balance Sheet Current Assets 612,685 643,910 674,186 672,602 237,798 380,643 207,670 364,043 Total Assets 7,157,104 6,994,453 6,990,646 6,951,079 7,167,413 5,348,380 5,337,342 6,014,038 Current Liabilities 562,000 537,673 525,103 384,243 495,662 664,452 474,983 724,925 Long-Term Obligations 3,237,053 3,169,906 3,216,616 3,382,258 3,781,020 2,444,518 2,838,130 2,982,395 Total Liabilities 4,884,609 4,738,877 4,737,218 4,751,290 5,200,072 3,749,113 3,841,200 4,255,066 Stockholders' Equity 2,272,495 2,255,576 2,253,428 2,199,789 1,967,341 1,599,267 1,496,142 1,758,972 Shares Outstanding 48,079 48,887 49,330 49,213 49,565 49,504 49,364 48,946 Statistical Record Return on Assets % 5.33 6.52 6.01 5.88 5.55 5.60 N.M. 4.61 Return on Equity % 16.80 21.30 19.94 19.93 19.47 19.33 N.M. 15.78 EBITDA Margin % 49.27 49.63 48.27 44.60 40.40 41.83 20.14 42.55 Net Margin % 15.98 16.50 14.34 17.81 14.32 13.44 N.M. 12.61 Asset Turnover 0.34 0.33 0.33 0.33 0.39 0.42 0.38 0.37 Current Ratio 1.09 1.20 1.28 1.75 0.48 0.57 0.44 0.50 Debt to Equity 1.42 1.41 1.43 1.54 1.92 1.53 1.90 1.70 Price Range 119.37-65.65 119.37-63.71 119.37-46.63 107.10-46.63 94.06-50.20 93.45-45.73 71.27-43.15 60.77-52.65 P/E Ratio 15.71-8.64 12.81-6.84 13.83-5.40 12.83-5.58 13.48-7.19 15.50-7.58 ... 11.64-10.09 Average Yield % 2.22 2.21 2.37 2.64 2.52 2.41 2.48 2.49
Address: 5 Place Ville Marie, Suite 1700, Montreal, H3B 0B3 Telephone: 514-764-4754 Web Site: www.corpo.cogeco.com
Officers: Louis Audet - President, Chief Executive Officer Elizabeth Alves - Vice President Transfer Agents:Computershare Trust Company of Canada, Toronto, Ontario, Canada
318
No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
DOLLARAMA INC Exchange TSX
Symbol DOL
Price C$51.04 (9/30/2020)
52Wk Range 53.11-24.43
Yield 0.34
3-for-1
100%
*7 Year Price Score 116.25 *NYSE Composite Index=100 *12 Month Price Score 109.19 Interim Earnings (Per Share) Can$ Qtr. Apr Jul Oct 60 2017-18 0.27 0.38 0.38 55 2018-19 0.31 0.43 0.41 50 2019-20 0.33 0.45 0.44 45 2020-21 0.28 0.46 ... 40 Interim Dividends (Per Share) 35 Amt Decl Ex Rec 30 0.044Q 12/04/2019 01/09/2020 01/10/2020 0.044Q 04/01/2020 04/16/2020 04/17/2020 25 0.044Q 06/10/2020 07/09/2020 07/10/2020 20 0.044Q 09/02/2020 10/08/2020 10/09/2020 15 Indicated Div: $0.18 10 Valuation Analysis 5 Forecast EPS $1.73 (09/08/2020) 0 Market Cap C$15.9 Billion Book Value TRADING VOLUME (thousand shares) 750 Price/Book 138.56 Price/Sales 500 Dividend Achiever Status 250 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 29.17 Jan 0.48 0.53 0.57 ...
Pay 02/07/2020 05/08/2020 08/07/2020 11/06/2020
$114.6 Million 4.10
10.73% 8
Business Summary: Retail - General Merchandise/Department Stores (MIC: 2.1.1 SIC: 5399 NAIC: 452990) Dollarama is engaged in the business of operating dollar stores in Canada. Co. provides a mix of merchandise, including private label and nationally branded products. Co. also offers a broad range of quality consumer products and general merchandise for everyday use, in addition to seasonal products. Recent Developments: For the quarter ended Aug 2 2020, net income decreased 0.5% to C$142.5 million from C$143.2 million in the year-earlier quarter. Revenues were C$1.01 billion, up 7.1% from C$946.4 million the year before. Operating income was C$211.4 million versus C$221.6 million in the prior-year quarter, a decrease of 4.6%. Direct operating expenses rose 6.7% to C$568.8 million from C$533.2 million in the comparable period the year before. Indirect operating expenses increased 21.8% to C$233.3 million from C$191.6 million in the equivalent prior-year period. Prospects: Our evaluation of Dollarama Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and C.DOL has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.DOL will perform very poorly over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 02/02/2020 02/03/2019 01/28/2018 01/29/2017 01/31/2016 02/01/2015 Earnings Per Share 1.75 1.74 1.78 1.67 1.52 1.24 1.00 0.74 Cash Flow Per Share ... ... 2.34 1.62 1.89 1.42 1.18 0.89 Dividends Per Share 0.176 0.176 0.176 0.160 0.147 0.133 0.120 0.107 Dividend Payout % 10.06 10.11 9.89 9.58 9.67 10.78 12.00 14.48 Income Statement Total Revenue 1,858,390 844,798 3,787,291 3,548,503 3,266,090 2,963,219 2,650,327 2,330,805 EBITDA 443,092 187,135 903,878 867,659 811,463 692,237 588,402 454,180 Depn & Amortn 131,777 64,625 45,846 65,504 57,918 48,208 40,328 32,715 Income Before Taxes 311,315 122,510 760,104 755,947 715,685 612,427 527,980 402,605 Income Taxes 82,740 36,431 206,328 207,073 196,275 166,791 142,834 107,195 Net Income 228,575 86,079 564,039 548,874 519,410 445,636 385,146 295,410 Average Shares 312,527 312,074 317,185 328,404 342,519 360,729 385,260 401,868 Balance Sheet Current Assets 841,266 1,214,344 764,497 709,639 569,969 559,065 616,933 548,348 Total Assets 3,883,099 4,177,887 3,716,456 2,177,895 1,934,339 1,863,451 1,813,874 1,700,838 Current Liabilities 1,560,846 1,175,980 1,092,484 288,583 720,945 513,402 227,026 215,492 Long-Term Obligations 745,038 1,546,515 1,270,289 1,894,123 1,260,459 1,050,101 920,772 562,207 Total Liabilities 3,768,495 4,167,553 3,808,652 2,411,991 2,186,697 1,763,167 1,347,022 960,358 Stockholders' Equity 114,604 10,334 (92,196) (234,096) (252,358) 100,284 466,852 740,480 Shares Outstanding 311,125 310,421 310,231 314,685 327,977 345,154 366,675 389,371 Statistical Record Return on Assets % 14.72 14.39 19.19 26.26 27.43 24.30 21.98 18.13 Return on Equity % 12,709.09 ... ... ... ... 157.58 63.98 36.92 EBITDA Margin % 23.84 22.15 23.87 24.45 24.85 23.36 22.20 19.49 Net Margin % 12.30 10.19 14.89 15.47 15.90 15.04 14.53 12.67 Asset Turnover 1.04 1.00 1.29 1.70 1.72 1.62 1.51 1.43 Current Ratio 0.54 1.03 0.70 2.46 0.79 1.09 2.72 2.54 Debt to Equity 6.50 149.65 ... ... ... 10.47 1.97 0.76 Price Range 51.97-24.43 51.97-24.43 51.97-25.87 56.42-22.89 56.43-24.91 34.79-17.55 31.11-16.00 20.34-12.36 P/E Ratio 29.70-13.96 29.87-14.04 29.20-14.53 33.78-13.71 37.13-16.39 28.05-14.15 31.11-16.00 27.48-16.71 Average Yield % 0.44 0.44 0.44 0.39 0.36 0.45 0.49 0.69
Address: 5805 Royalmount Avenue, Montreal, H4P 0A1 Telephone: 514-737-1006 Web Site: www.dollarama.com
Officers: Larry Rossy - Chairman, Chief Executive Officer Michael Ross - Chief Financial Officer, Secretary Transfer Agents: Computershare Investor Services Inc.
319
No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
EMERA INC Exchange TSX
Symbol EMA
Price C$54.70 (9/30/2020)
90 85 80 75 70 65 60 55 50 45 40 35 30 25 600 400 200 0
2011
2012
2013
52Wk Range 60.60-42.57
Yield 4.66
*12 Month Price Score 96.54 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 1.47 0.47 0.38 2018 1.17 0.38 0.50 2019 1.32 0.43 0.23 2020 2.13 0.23 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.613Q 01/03/2020 01/30/2020 01/31/2020 0.613Q 04/03/2020 04/30/2020 05/01/2020 0.613Q 06/23/2020 07/30/2020 07/31/2020 0.637Q 10/02/2020 10/30/2020 11/02/2020 Indicated Div: $2.55 Valuation Analysis Forecast EPS $2.66 (09/10/2020) Market Cap C$13.5 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.46 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 109.90 *NYSE Composite Index=100
P/E 16.14 Dec (1.07) 0.99 0.80 ...
Pay 02/14/2020 05/15/2020 08/14/2020 11/16/2020
$9.2 Billion 2.36
10.00% 13
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221122) Emera is an energy and services company which invests in electricity generation, transmission and distribution, gas transmission and utility energy services. Co. had six segments: Nova Scotia Power Inc., an electric utility and electricity supplier in Nova Scotia; Emera Maine, which provides electric transmission and distribution services in the U.S.; Emera Caribbean, which includes Emera (Caribbean) Incorporated and its subidiaries; Pipelines, which includes Emera Brunswick Pipeline Company Ltd. and an equity investment in Maritimes & Northeast Pipeline; Emera Energy, which includes Emera Energy Services that provides energy management services; and Corporate and Other. Recent Developments: For the quarter ended June 30 2020, net income decreased 30.2% to C$81.0 million from C$116.0 million in the year-earlier quarter. Revenues were C$1.17 billion, down 15.2% from C$1.38 billion the year before. Operating income was C$189.0 million versus C$240.0 million in the prior-year quarter, a decrease of 21.3%. Indirect operating expenses decreased 13.9% to C$980.0 million from C$1.14 billion in the equivalent prior-year period. Prospects: Our evaluation of Emera Inc as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and C.EMA has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.EMA will perform poorly over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.39 3.59 2.76 3.04 1.24 1.32 2.71 2.84 Cash Flow Per Share 5.91 6.34 6.35 7.25 5.60 6.14 4.62 5.32 Tang Book Value Per Share 8.53 9.37 7.12 4.27 2.51 N.M. 20.61 16.23 Dividends Per Share 2.425 2.400 2.375 2.283 2.132 1.995 1.663 1.475 Dividend Payout % 71.53 66.85 86.05 75.08 171.98 151.14 61.35 51.94 Income Statement Total Revenue 2,806,000 1,637,000 6,111,000 6,524,000 6,226,000 4,277,000 2,789,300 2,971,900 EBITDA 1,735,000 1,260,000 2,266,000 2,303,000 2,244,000 1,322,000 1,001,000 1,021,100 Depn & Amortn 457,000 235,000 911,000 928,000 851,000 593,000 352,200 341,500 Income Before Taxes 921,000 841,000 617,000 662,000 695,000 144,000 436,200 499,800 Income Taxes 305,000 306,000 61,000 69,000 520,000 (22,000) 92,400 113,600 Net Income 615,000 534,000 708,000 746,000 294,000 255,000 427,500 432,900 Average Shares 248,000 245,200 240,000 233,500 214,000 172,000 146,400 147,000 Balance Sheet Current Assets 2,318,000 3,867,000 2,486,000 2,832,000 2,526,000 2,511,000 2,595,600 1,458,600 Total Assets 31,879,000 33,856,000 31,842,000 32,314,000 28,771,000 29,221,000 12,012,300 9,844,400 Current Liabilities 4,054,000 4,623,000 4,166,000 4,553,000 3,946,000 3,724,000 2,081,300 1,146,600 Long-Term Obligations 13,588,000 14,398,000 13,679,000 14,292,000 13,140,000 14,268,000 3,750,800 3,660,300 Total Liabilities 22,651,000 24,187,000 23,276,000 23,997,000 21,682,000 22,517,000 7,812,200 6,445,600 Stockholders' Equity 9,228,000 9,669,000 8,566,000 8,317,000 7,089,000 6,704,000 4,200,100 3,398,800 Shares Outstanding 246,440 244,650 242,480 234,120 228,777 210,020 147,210 143,780 Statistical Record Return on Assets % 2.82 2.80 2.21 2.44 1.01 1.23 3.91 4.62 Return on Equity % 10.05 10.14 8.39 9.68 4.26 4.66 11.25 14.41 EBITDA Margin % 61.83 76.97 37.08 35.30 36.04 30.91 35.89 34.36 Net Margin % 21.92 32.62 11.59 11.43 4.72 5.96 15.33 14.57 Asset Turnover 0.18 0.18 0.19 0.21 0.21 0.21 0.26 0.32 Current Ratio 0.57 0.84 0.60 0.62 0.64 0.67 1.25 1.27 Debt to Equity 1.47 1.49 1.60 1.72 1.85 2.13 0.89 1.08 Price Range 60.60-42.57 60.60-42.57 58.44-42.94 47.19-38.40 49.35-44.88 49.96-42.08 47.22-38.64 39.40-30.57 P/E Ratio 17.88-12.56 16.88-11.86 21.17-15.56 15.52-12.63 39.80-36.19 37.85-31.88 17.42-14.26 13.87-10.76 Average Yield % 4.37 4.38 4.54 5.45 4.52 4.29 3.96 4.27
Address: 5151 Terminal Road, Halifax, B3J 1A1 Telephone: 902-425-9611 Web Site: www.emera.com
Officers: Christopher G. Huskilson - President, Chief Investor Contact: 902-428-6060 Executive Officer Daniel P. Muldoon - Executive Vice No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09 President Transfer Agents: AST Canada
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321
ENBRIDGE INC Exchange TSX
Symbol ENB
Price C$38.90 (9/30/2020)
52Wk Range 57.13-34.09
Yield 8.33
P/E 41.38
*12 Month Price Score 89.25 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep Dec 2017 0.54 0.56 0.47 0.09 2018 0.26 0.63 (0.05) 0.62 2019 0.94 0.86 0.47 0.36 2020 (0.71) 0.82 ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.738Q 11/06/2019 11/14/2019 11/15/2019 12/01/2019 0.81Q 12/09/2019 02/13/2020 02/14/2020 03/01/2020 0.81Q 05/05/2020 05/14/2020 05/15/2020 06/01/2020 0.81Q 07/22/2020 08/13/2020 08/14/2020 09/01/2020 Indicated Div: $3.24 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $2.53 (09/10/2020) Market Cap C$78.8 Billion Book Value $66.6 Billion TRADING VOLUME (thousand shares) Price/Book 1.18 Price/Sales 1.79 Dividend Achiever Status 10 Year Growth Rate 16.09% Total Years of Dividend Growth 24 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 82.92 *NYSE Composite Index=100 70 65 60 50 45
2-for-1
55
40 35 30 25 20 15 10 3000 2000 1000 0
2011
2012
2013
Business Summary: Equipment & Services (MIC: 9.1.3 SIC: 4619 NAIC: 486110) Enbridge conducts its business in five segments: Liquids Pipelines, which consists of pipelines and related terminals that transport grades of crude oil and other liquid hydrocarbons; Gas Transmission and Midstream, which consists of investments in natural gas pipelines and gathering and processing facilities; Gas Distribution and Storage, which consists of natural gas utility operations, and natural gas distribution activities; Renewable Power Generation, which consists of investments in wind and solar power generating assets; and Energy Services, which undertake physical commodity marketing activity and logistical services to manage Co.'s volume commitments on various pipeline systems. Recent Developments: For the quarter ended June 30 2020, net income decreased 2.9% to C$1.78 billion from C$1.83 billion in the year-earlier quarter. Revenues were C$7.96 billion, down 40.0% from C$13.26 billion the year before. Operating income was C$2.10 billion versus C$2.29 billion in the prior-year quarter, a decrease of 8.2%. Direct operating expenses declined 63.2% to C$3.11 billion from C$8.44 billion in the comparable period the year before. Indirect operating expenses increased 8.4% to C$2.75 billion from C$2.54 billion in the equivalent prior-year period. Prospects: Our evaluation of Enbridge Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and ENB has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that ENB will perform in line with the market over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.94 0.98 2.63 1.46 1.65 1.93 (0.04) 1.37 Cash Flow Per Share 4.93 4.97 4.66 6.09 4.32 5.70 5.40 3.07 Tang Book Value Per Share 11.03 11.51 11.34 12.31 7.47 13.23 12.62 10.12 Dividends Per Share 3.096 3.024 2.952 2.684 2.413 2.120 1.860 1.400 Dividend Payout % 329.36 308.57 112.24 183.84 146.24 109.84 ... 102.19 Income Statement Total Revenue 19,969,000 12,013,000 50,069,000 46,378,000 44,378,000 34,560,000 33,794,000 37,641,000 EBITDA 3,183,000 (488,000) 11,695,000 9,173,000 6,025,000 6,090,000 3,487,000 4,763,000 Depn & Amortn 1,831,000 882,000 3,000,000 2,900,000 2,900,000 2,049,000 1,852,000 1,461,000 Income Before Taxes (35,000) (2,076,000) 6,032,000 3,570,000 569,000 2,451,000 11,000 2,173,000 Income Taxes 42,000 (549,000) 1,708,000 237,000 (2,697,000) 142,000 170,000 611,000 Net Income 408,000 (1,333,000) 5,705,000 2,882,000 2,859,000 2,069,000 251,000 1,405,000 Average Shares 2,020,000 2,021,000 2,020,000 1,727,000 1,532,000 918,000 858,000 840,000 Balance Sheet Current Assets 6,957,000 8,151,000 8,825,000 8,572,000 9,215,000 8,410,000 7,597,000 8,201,000 Total Assets 164,694,000 170,254,000 163,269,000 166,905,000 162,093,000 85,832,000 84,664,000 72,857,000 Current Liabilities 11,440,000 13,988,000 16,010,000 14,855,000 14,624,000 12,966,000 10,814,000 9,501,000 Long-Term Obligations 63,680,000 63,571,000 59,661,000 60,327,000 60,865,000 36,494,000 39,540,000 33,423,000 Total Liabilities 98,068,000 101,411,000 97,226,000 97,435,000 103,958,000 64,446,000 65,766,000 56,071,000 Stockholders' Equity 66,626,000 68,843,000 66,043,000 69,470,000 58,135,000 21,386,000 18,898,000 16,786,000 Shares Outstanding 2,025,000 2,025,000 2,025,000 2,022,000 1,695,000 943,000 868,000 852,000 Statistical Record Return on Assets % 1.39 1.42 3.46 1.75 2.31 2.42 0.32 2.15 Return on Equity % 3.38 3.43 8.42 4.52 7.19 10.24 1.41 9.28 EBITDA Margin % 15.94 N.M. 23.36 19.78 13.58 17.62 10.32 12.65 Net Margin % 2.04 N.M. 11.39 6.21 6.44 5.99 0.74 3.73 Asset Turnover 0.27 0.29 0.30 0.28 0.36 0.40 0.43 0.58 Current Ratio 0.61 0.58 0.55 0.58 0.63 0.65 0.70 0.86 Debt to Equity 0.96 0.92 0.90 0.87 1.05 1.71 2.09 1.99 Price Range 57.13-34.09 57.13-34.09 52.08-42.41 50.98-37.59 58.09-44.01 59.10-41.23 65.85-41.09 60.04-45.67 P/E Ratio 60.78-36.27 58.30-34.79 19.80-16.13 34.92-25.75 35.21-26.67 30.62-21.36 ... 43.82-33.34 Average Yield % 6.62 6.25 6.17 6.20 4.60 4.02 3.30 2.71 Address: 200, 425 - 1st Street S.W., Officers: Al Monaco - President, Chief Executive Investor Contact: 403-266-7922 No of Institutions: 1246 Calgary, T2P 3L8 Officer, President (frmr), Executive Vice President, Shares: 1,221,684,224 % Held: 68.92 Telephone: 403-231-3900 Executive Vice President (frmr) D. Guy Jarvis Web Site: www.enbridge.com Executive Vice President, Chief Commercial Officer, Senior Vice President, Senior Vice President (frmr), President (frmr-frmr), President (frmr), Division Officer Transfer Agents: CST Trust Company, Montreal, Quebec, Canada
322
ENGHOUSE SYSTEMS LTD Exchange TSX
Symbol ENGH
Price C$72.77 (9/30/2020)
52Wk Range 80.34-35.18
Yield 0.74
100%
*7 Year Price Score 158.62 *NYSE Composite Index=100 *12 Month Price Score 131.59 Interim Earnings (Per Share) Can$ Qtr. Jan Apr Jul 85 80 2016-17 0.22 0.17 0.20 75 2017-18 0.13 0.28 0.29 70 2018-19 0.27 0.30 0.27 65 2019-20 0.29 0.49 0.46 60 55 Interim Dividends (Per Share) 50 Amt Decl Ex Rec 45 0.11Q 12/12/2019 02/13/2020 02/14/2020 40 0.135Q 03/05/2020 05/14/2020 05/15/2020 35 0.135Q 06/04/2020 08/14/2020 08/17/2020 30 25 0.135Q 09/10/2020 11/13/2020 11/16/2020 20 Indicated Div: $0.54 15 Valuation Analysis 10 Forecast EPS $1.72 (09/03/2020) 5 0 Market Cap C$4.0 Billion Book Value TRADING VOLUME (thousand shares) 75 Price/Book 8.36 Price/Sales 50 Dividend Achiever Status 25 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 43.06 Oct 0.35 0.35 0.45 ...
Pay 02/28/2020 05/29/2020 08/31/2020 11/30/2020
$481.3 Million 8.17
17.19% 12
Business Summary: Internet & Software (MIC: 6.3.2 SIC: 7371 NAIC: 541511) Enghouse Systems develops enterprise software solutions for a number of vertical markets. Co. is organized around two business segments: the Interactive Management Group (IMG) and the Asset Management Group (AMG). IMG focuses on customer interaction software and services that are designed to improve customer service and manage customer communications across the enterprise. AMG provides a portfolio of products primarily to telecom service providers. Its products include Operations Support Systems, Business Support Systems, Mobile Value Added Services solutions, video and IPTV services as well as data conversion services. Recent Developments: For the quarter ended July 31 2020, net income increased 77.3% to C$26.0 million from C$14.7 million in the year-earlier quarter. Revenues were C$131.3 million, up 29.7% from C$101.3 million the year before. Operating income was C$42.2 million versus C$27.0 million in the prior-year quarter, an increase of 56.2%. Direct operating expenses rose 25.2% to C$39.7 million from C$31.7 million in the comparable period the year before. Indirect operating expenses increased 16.2% to C$49.4 million from C$42.5 million in the equivalent prior-year period. Prospects: Our evaluation of Enghouse Systems Limited as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and C.ENGH has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.ENGH will perform in line with the market over the near term. Financial Data (Can$ in Thousands) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share 1.69 1.50 1.31 1.29 1.05 0.94 0.87 0.58 Cash Flow Per Share ... ... ... 1.49 1.81 1.54 1.11 0.96 Tang Book Value Per Share 2.24 1.45 0.86 1.40 2.47 1.41 0.69 0.95 Dividends Per Share 0.465 0.440 0.420 0.400 0.340 0.300 0.260 0.220 Dividend Payout % 27.51 29.33 32.06 31.01 32.23 32.09 29.89 37.61 Income Statement Total Revenue 382,880 251,556 110,656 385,853 342,845 325,368 307,983 279,313 EBITDA 132,416 83,954 34,019 54,954 52,296 34,253 29,862 15,322 Depn & Amortn 42,553 27,716 12,990 (29,294) (25,738) (26,968) (24,604) (20,181) Income Before Taxes 88,999 55,676 20,767 84,248 78,034 61,221 54,466 35,503 Income Taxes 19,781 12,451 4,631 13,399 20,289 10,379 7,190 4,073 Net Income 69,218 43,225 16,136 70,849 57,745 50,842 47,276 31,430 Average Shares 55,951 55,528 55,258 54,963 54,627 54,464 54,300 53,583 Balance Sheet Current Assets 339,644 309,928 248,533 246,398 264,973 210,767 169,167 167,532 Total Assets 758,099 743,081 691,556 590,600 495,200 461,837 419,195 376,015 Current Liabilities 218,021 229,532 198,770 160,977 118,497 126,086 120,757 109,183 Long-Term Obligations 875 839 810 874 1,475 2,238 4,049 ... Total Liabilities 276,787 291,600 271,558 188,527 145,076 155,438 150,647 132,663 Stockholders' Equity 481,312 451,481 419,998 402,073 350,124 306,399 268,548 243,352 Shares Outstanding 55,284 55,016 54,976 54,737 54,580 53,986 53,813 53,174 Statistical Record Return on Assets % 14.09 12.87 11.83 13.05 12.07 11.54 11.86 8.93 Return on Equity % 21.80 19.86 18.33 18.84 17.59 17.69 18.42 13.92 EBITDA Margin % 34.58 33.37 30.74 14.24 15.25 10.53 9.70 5.49 Net Margin % 18.08 17.18 14.58 18.36 16.84 15.63 15.35 11.25 Asset Turnover 0.74 0.72 0.67 0.71 0.72 0.74 0.77 0.79 Current Ratio 1.56 1.35 1.25 1.53 2.24 1.67 1.40 1.53 Debt to Equity N.M. N.M. N.M. N.M. N.M. 0.01 0.02 ... Price Range 78.11-33.70 55.08-31.46 53.04-31.38 39.61-31.38 42.49-26.84 32.00-24.70 37.88-24.68 30.70-18.93 P/E Ratio 46.22-19.94 36.72-20.97 40.49-23.95 30.71-24.33 40.47-25.56 34.04-26.28 43.53-28.37 52.93-32.64 Average Yield % 0.93 1.06 1.11 1.13 0.99 1.10 0.92 0.91
Address: 80 Tiverton Court, Suite 800, Markham, L3R 0G4 Telephone: 905-946-3200 Web Site: www.enghouse.com
Investor Contact: 905-946-3200 Officers: Stephen J. Sadler - Chairman, Chief Executive Officer Douglas C. Bryson - Vice President, No of Institutions: 46930 8,249,367,040 % Held: 1.09 Transfer Agents: Shares: Corporate Secretary TSX Trust Company, Toronto, Ontario, Canada
323
EQUITABLE GROUP INC Exchange TSX
Symbol EQB
Price C$75.09 (9/30/2020)
52Wk Range 118.98-33.20
120 110 100 90 80 70 60 50 40 30 20 60 40 20 0
2011
2012
2013
Yield 1.97
*12 Month Price Score 95.34 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 2.54 2.28 2.21 2018 2.34 2.19 2.80 2019 2.42 3.15 3.18 2020 1.46 3.05 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.35Q 11/05/2019 12/12/2019 12/13/2019 0.37Q 02/24/2020 03/12/2020 03/13/2020 0.37Q 05/13/2020 06/12/2020 06/15/2020 0.37Q 07/28/2020 09/14/2020 09/15/2020 Indicated Div: $1.48 Valuation Analysis Forecast EPS $10.83 (09/14/2020) Market Cap C$1.3 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.84 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 120.30 *NYSE Composite Index=100
P/E 6.88 Dec 2.36 2.34 3.22 ...
Pay 12/31/2019 03/27/2020 06/30/2020 09/30/2020
$1.5 Billion 1.07
13.66% 8
Business Summary: Banking (MIC: 5.1.1 SIC: 6029 NAIC: 522110) Equitable Group is a financial services business that operates through its wholly owned subsidiary, Equitable Bank (the Bank). The Bank serves retail and commercial customers across Canada with a range of savings and lending solutions, provided under the Equitable Bank, EQ Bank, and Equitable Trust brands. Recent Developments: For the quarter ended June 30 2020, net income decreased 2.9% to C$52.5 million from C$54.0 million in the year-earlier quarter. Net interest income increased 3.8% to C$118.7 million from C$114.3 million in the year-earlier quarter. Provision for loan losses was C$8.8 million versus C$1.4 million in the prior-year quarter, an increase of 538.3%. Non-interest income rose 49.0% to C$12.6 million from C$8.5 million, while non-interest expense advanced 20.9% to C$60.3 million. Prospects: Our evaluation of Equitable Group Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while C.EQB has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.EQB will perform over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 10.91 11.01 11.97 9.67 9.39 8.49 7.73 6.53 Cash Flow Per Share ... ... 18.46 (1.84) 16.60 (1.32) 15.77 (3.71) Tang Book Value Per Share 80.13 77.56 78.05 70.88 63.00 53.80 45.35 40.90 Dividends Per Share 1.420 1.360 1.290 1.080 0.950 0.840 0.760 0.680 Dividend Payout % 13.02 12.35 10.78 11.17 10.12 9.89 9.83 10.41 Income Statement Interest Income 567,726 290,198 1,116,810 860,063 710,462 637,465 565,158 509,544 Interest Expense 328,868 170,047 654,162 511,682 402,100 358,108 322,931 305,022 Net Interest Income 118,707 120,151 462,648 348,381 308,362 279,357 242,227 204,522 Provision for Losses 44,534 35,687 18,394 2,083 1,543 2,445 3,638 2,627 Non-Interest Income 17,317 4,694 34,416 27,659 41,026 26,458 16,836 13,423 Non-Interest Expense 105,647 54,180 ... ... ... ... ... ... Income Before Taxes ... ... 278,124 220,739 217,927 186,977 167,000 144,707 Income Taxes 27,542 9,008 72,618 58,968 58,198 48,501 41,598 36,956 Net Income 76,214 24,851 201,788 160,863 160,617 138,330 125,865 106,718 Average Shares 16,923 16,989 16,857 16,640 16,594 15,728 15,672 15,647 Balance Sheet Net Loans & Leases 27,708,931 26,781,264 26,607,830 ... ... ... ... ... Total Assets 29,957,246 29,153,879 28,392,452 25,037,145 20,634,250 18,973,588 15,527,584 12,854,903 Total Deposits 15,861,725 15,695,407 15,442,207 13,668,521 11,114,313 9,763,082 8,211,265 7,489,418 Total Liabilities 28,457,863 27,703,178 26,924,738 23,757,118 19,496,133 17,996,438 14,731,468 12,151,209 Stockholders' Equity 1,499,383 1,450,701 1,467,714 1,280,027 1,138,117 977,150 796,116 703,694 Shares Outstanding 16,807 16,807 16,797 16,554 16,503 16,460 15,538 15,435 Statistical Record Return on Assets % 0.66 0.67 0.76 0.70 0.81 0.80 0.89 0.87 Return on Equity % 12.92 13.47 14.69 13.30 15.19 15.56 16.78 16.52 Net Interest Margin % 42.77 41.40 41.43 40.51 43.40 43.82 42.86 40.14 Loans to Deposits 1.75 1.71 1.72 ... ... ... ... ... Price Range 118.98-33.20 118.98-33.20 118.98-47.15 71.80-42.08 74.09-30.26 63.02-35.03 65.67-39.96 71.00-46.10 P/E Ratio 10.91-3.04 10.81-3.02 9.94-3.94 7.43-4.35 7.89-3.22 7.42-4.13 8.50-5.17 10.87-7.06 Average Yield % 1.60 1.52 1.55 1.79 1.64 1.58 1.32 1.12
Address: Equitable Bank Tower, 30 St. Clair Avenue West, Suite 700, Toronto, M4V 3A1 Telephone: 416-515-7000 Web Site: www.equitablebank.ca
Officers: Andrew Moor - President, Chief Executive Officer John Anyanoglou - Senior Vice President, Chief Financial Officer Transfer Agents: Computershare Investor Services Inc., Toronto, Ontario, Canada
324
Investor Contact: 416-515-7000 No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
EXCHANGE INCOME CORP Exchange TSX
Symbol EIF
Price C$30.37 (9/30/2020)
52 48 44 40 36 32 28 24 20 16 12 8 120 80 40 0
2011
2012
2013
52Wk Range 45.85-8.60
Yield 7.51
*12 Month Price Score 90.67 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.18 0.77 0.72 2018 0.27 0.60 0.72 2019 0.23 0.65 0.83 2020 (0.15) 0.07 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.19M 06/17/2020 06/29/2020 06/30/2020 0.19M 07/17/2020 07/30/2020 07/31/2020 0.19M 08/17/2020 08/28/2020 08/31/2020 0.19M 09/17/2020 09/29/2020 09/30/2020 Indicated Div: $2.28 Valuation Analysis Forecast EPS $1.15 (09/09/2020) Market Cap C$1.1 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.50 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 100.04 *NYSE Composite Index=100
P/E 20.66 Dec 0.55 0.57 0.72 ...
Pay 07/15/2020 08/14/2020 09/15/2020 10/15/2020
$709.0 Million 0.84
5.68% 10
Business Summary: Airlines/Air Freight (MIC: 7.4.4 SIC: 3724 NAIC: 336412) Exchange Income is focused on opportunities in aerospace, aviation services and equipment, and manufacturing sectors. Co. has two operating segments: Aerospace and Aviation and Manufacturing. The Aerospace and Aviation segment provides airline services to communities in Manitoba, Ontario, Nunavut, and eastern Canada and also sells aircraft, engines and aftermarket parts to regional airline operators around the world. In addition, Co.'s subsidiary, Provincial Aerospace Ltd.'s aerospace business designs, modifies, maintains and operates custom sensor-equipped aircraft. The Manufacturing segment consists of niche manufacturers in markets throughout Canada and the United States. Recent Developments: For the quarter ended June 30 2020, net income decreased 88.0% to C$2.6 million from C$21.9 million in the year-earlier quarter. Revenues were C$243.7 million, down 25.2% from C$325.9 million the year before. Operating income was C$17.9 million versus C$45.1 million in the prior-year quarter, a decrease of 60.2%. Direct operating expenses declined 24.7% to C$142.0 million from C$188.6 million in the comparable period the year before. Indirect operating expenses decreased 9.3% to C$83.7 million from C$92.3 million in the equivalent prior-year period. Prospects: Our evaluation of Exchange Income Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while C.EIF has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.EIF will perform over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.47 2.05 2.49 2.18 2.26 2.12 1.60 0.37 Cash Flow Per Share ... ... 6.70 5.23 4.03 4.85 4.36 4.51 Tang Book Value Per Share 5.48 6.19 5.92 4.85 4.90 4.13 3.17 7.03 Dividends Per Share 2.273 2.250 2.228 2.175 2.100 1.995 1.815 1.690 Dividend Payout % 154.59 109.76 89.46 99.77 92.92 94.10 113.44 456.76 Income Statement Total Revenue 550,633 306,976 1,341,374 1,203,392 1,012,950 891,026 807,403 542,503 EBITDA 113,309 51,299 275,498 239,503 230,448 199,519 164,740 93,682 Depn & Amortn 89,341 45,205 111,132 98,995 98,159 82,316 75,140 51,414 Income Before Taxes (3,165) (8,031) 105,846 88,802 95,307 87,034 59,559 20,775 Income Taxes (497) (2,733) 22,210 18,033 23,147 25,544 19,325 32,400 Net Income (2,668) (5,298) 83,636 70,769 72,160 61,490 40,234 8,255 Average Shares 35,742 34,729 38,093 34,749 36,000 33,951 25,628 22,127 Balance Sheet Current Assets 604,081 703,888 588,239 540,280 502,806 348,548 317,214 199,319 Total Assets 2,300,856 2,452,519 2,266,557 1,957,298 1,749,197 1,424,532 1,229,056 715,103 Current Liabilities 265,274 284,899 280,327 239,139 262,788 177,908 181,904 103,535 Long-Term Obligations 1,115,171 1,206,823 1,120,732 980,148 790,413 657,604 507,774 271,728 Total Liabilities 1,591,818 1,712,265 1,536,714 1,340,051 1,171,689 938,395 782,438 415,510 Stockholders' Equity 709,038 740,254 729,843 617,247 577,508 486,137 446,618 299,593 Shares Outstanding 34,916 34,768 34,703 31,316 31,317 28,793 27,633 22,507 Statistical Record Return on Assets % 2.33 3.11 3.96 3.82 4.55 4.62 4.14 0.98 Return on Equity % 7.74 10.54 12.42 11.85 13.57 13.15 10.78 2.73 EBITDA Margin % 20.58 16.71 20.54 19.90 22.75 22.39 20.40 17.27 Net Margin % N.M. N.M. 6.24 5.88 7.12 6.90 4.98 1.52 Asset Turnover 0.57 0.59 0.64 0.65 0.64 0.67 0.83 0.65 Current Ratio 2.28 2.47 2.10 2.26 1.91 1.96 1.74 1.93 Debt to Equity 1.57 1.63 1.54 1.59 1.37 1.35 1.14 0.91 Price Range 45.85-8.60 45.85-8.60 45.85-20.51 35.59-19.99 42.25-21.12 45.09-14.83 28.51-16.45 24.00-14.22 P/E Ratio 31.19-5.85 22.37-4.19 18.41-8.24 16.33-9.17 18.69-9.35 21.27-7.00 17.82-10.28 64.86-38.44 Average Yield % 7.01 6.34 6.47 7.16 6.40 6.65 8.11 8.43 Address: 101 - 990 Lorimer Boulevard, Officers: Duncan D. Jessiman - Executive No of Institutions: 46930 Winnipeg, R3P 0Z9 Vice-Chairman, Chief Executive Officer Michael Pyle Shares: 8,249,367,040 % Held: 1.09 Telephone: 204-982-1850 - Chief Executive Officer, President Transfer Agents: Web Site: www.exchangeincomecorp.ca AST Trust Company (Canada), Calgary, Alberta, Canada
325
FINNING INTERNATIONAL INC Exchange TSX
Symbol FTT
Price C$15.39 (9/30/2020)
80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 20 15 10 5 0
2011
2012
2013
52Wk Range 19.53-7.89
Yield 5.33
*12 Month Price Score 97.67 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.28 0.34 0.31 2018 0.42 0.48 0.15 2019 0.17 0.54 0.46 2020 0.33 0.12 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.205Q 11/06/2019 11/20/2019 11/21/2019 0.205Q 02/12/2020 02/26/2020 02/27/2020 0.205Q 05/04/2020 05/20/2020 05/21/2020 0.205Q 08/04/2020 08/19/2020 08/20/2020 Indicated Div: $0.82 Valuation Analysis Forecast EPS $0.98 (09/07/2020) Market Cap C$2.5 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.17 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 68.05 *NYSE Composite Index=100
P/E 12.61 Dec 0.39 0.33 0.31 ...
Pay 12/05/2019 03/12/2020 06/04/2020 09/03/2020
$2.1 Billion 0.36
3.54% 18
Business Summary: Industrial Machinery & Equipment (MIC: 7.2.1 SIC: 5082 NAIC: 423810) Finning International is engaged in the selling, servicing, and renting of heavy equipment, engines, and related products. Co.'s reporting segments are comprised of: Canada, which conducts its operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia, Canada and in Texas, United States; South American, which conducts its operations in Chile, Argentina, and Bolivia; and United Kingdom and Ireland, which conducts its operations in England, Scotland, Wales, Northern Ireland, and the Republic of Ireland. Recent Developments: For the quarter ended June 30 2020, net income decreased 79.5% to C$18.0 million from C$88.0 million in the year-earlier quarter. Revenues were C$1.42 billion, down 33.6% from C$2.14 billion the year before. Operating income was C$51.0 million versus C$132.0 million in the prior-year quarter, a decrease of 61.4%. Direct operating expenses declined 35.0% to C$1.08 billion from C$1.66 billion in the comparable period the year before. Indirect operating expenses increased 2.0% to C$357.0 million from C$350.0 million in the equivalent prior-year period. Prospects: Our evaluation of Finning International Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and C.FTT has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.FTT will perform in line with the market over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.22 1.64 1.48 1.38 1.31 0.38 (0.94) 1.84 Cash Flow Per Share ... ... 1.17 1.55 1.68 2.61 2.21 3.17 Tang Book Value Per Share 9.19 9.78 9.12 10.42 9.67 9.59 10.54 9.29 Dividends Per Share 0.820 0.820 0.815 0.790 0.745 0.730 0.725 0.685 Dividend Payout % 67.21 50.00 55.07 57.25 56.87 192.11 ... 37.23 Income Statement Total Revenue 2,977,000 1,558,000 7,817,000 6,996,000 6,265,000 5,628,000 6,190,000 6,917,890 EBITDA 298,000 170,000 517,000 512,000 471,000 246,000 3,000 670,608 Depn & Amortn 154,000 76,000 102,000 97,000 98,000 96,000 117,000 171,146 Income Before Taxes 99,000 72,000 318,000 347,000 299,000 80,000 (190,000) 419,348 Income Taxes 29,000 19,000 76,000 115,000 78,000 15,000 (29,000) 101,107 Net Income 72,000 54,000 242,000 232,000 221,000 65,000 (161,000) 318,241 Average Shares 162,103 162,851 163,499 168,544 168,544 168,140 171,285 172,968 Balance Sheet Current Assets 3,416,000 3,828,000 3,659,000 3,924,000 3,513,000 3,378,000 3,460,000 3,477,727 Total Assets 5,716,000 6,255,000 5,990,000 5,696,000 5,092,000 4,910,000 5,108,000 5,272,678 Current Liabilities 1,735,000 2,112,000 2,026,000 1,992,000 1,540,000 1,233,000 1,243,000 1,372,314 Long-Term Obligations 1,348,000 1,381,000 1,591,000 1,379,000 1,325,000 1,487,000 1,548,000 1,418,061 Total Liabilities 3,589,000 4,022,000 3,875,000 3,587,000 3,129,000 3,009,000 3,058,000 3,141,982 Stockholders' Equity 2,127,000 2,233,000 2,115,000 2,109,000 1,963,000 1,901,000 2,050,000 2,130,696 Shares Outstanding 162,103 162,103 163,319 164,381 168,266 168,167 168,031 172,370 Statistical Record Return on Assets % 3.25 4.22 4.14 4.30 4.42 1.29 N.M. 6.16 Return on Equity % 9.48 12.53 11.46 11.39 11.44 3.28 N.M. 15.96 EBITDA Margin % 10.01 10.91 6.61 7.32 7.52 4.37 0.05 9.69 Net Margin % 2.42 3.47 3.10 3.32 3.53 1.15 N.M. 4.60 Asset Turnover 1.12 1.19 1.34 1.30 1.25 1.12 1.19 1.34 Current Ratio 1.97 1.81 1.81 1.97 2.28 2.74 2.78 2.53 Debt to Equity 0.63 0.62 0.75 0.65 0.67 0.78 0.76 0.67 Price Range 19.53-7.89 19.53-7.89 19.89-15.96 27.69-16.82 25.40-17.88 20.84-11.83 21.80-12.77 31.22-19.78 P/E Ratio 16.01-6.47 11.91-4.81 13.44-10.78 20.06-12.19 19.39-13.65 54.85-31.13 ... 16.97-10.75 Average Yield % 5.33 4.92 4.58 3.25 3.54 4.51 4.13 2.59 Address: 300-565 Great Northern Way, Officers: L. Scott Thomson - President, Chief Investor Contact: 604-331-4934 No of Institutions: 46930 Vancouver, V5T 0H8 Executive Officer Greg Palaschuk - Chief Financial Shares: 8,249,367,040 % Held: 1.09 Telephone: 604-691-6444 Officer Transfer Agents: Web Site: www.finning.com Computershare Investor Services Inc., Montreal, Toronto, Calgary and Vancouver, Canada
326
FORTIS INC Exchange TSX
Symbol FTS
Price C$54.44 (9/30/2020)
95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 750 500 250 0
2011
2012
2013
52Wk Range 58.83-42.20
Yield 3.71
*12 Month Price Score 97.22 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.72 0.62 0.66 2018 0.76 0.57 0.65 2019 0.72 1.66 0.63 2020 0.67 0.59 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.477Q 11/20/2019 02/14/2020 02/18/2020 0.477Q 02/12/2020 05/14/2020 05/15/2020 0.477Q 07/29/2020 08/18/2020 08/19/2020 0.505Q 09/23/2020 11/17/2020 11/18/2020 Indicated Div: $2.02 Valuation Analysis Forecast EPS $2.59 (09/13/2020) Market Cap C$25.3 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.30 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 112.12 *NYSE Composite Index=100
P/E 20.54 Dec 0.31 0.61 0.76 ...
Pay 03/01/2020 06/01/2020 09/01/2020 12/01/2020
$19.5 Billion 2.86
7.38% 31
Business Summary: Electric Utilities (MIC: 3.1.1 SIC: 4911 NAIC: 221122) Fortis is a regulated electric and gas utility holding company. Entities within the reporting segments that follow operate with substantial autonomy. Co.'s regulated utility businesses includes of ITC Investment Holdings Inc; UNS Energy Corporation; CH Energy Group Inc; FortisBC Energy Inc; FortisAlberta Inc.; FortisBC Inc; Newfoundland Power Inc.; Maritime Electric Company, Limited; FortisOntario Inc; Caribbean Utilities Company, Ltd; and FortisTCI Limited. Co. also holds equity investments in the Wataynikaneyap Power Limited Partnership and Belize Electricity Limited. Non-regulated energy infrastructure is comprised of Aitken Creek Gas Storage ULC, Belize Electric Company Limited. Recent Developments: For the quarter ended June 30 2020, net income decreased 57.6% to C$324.0 million from C$765.0 million in the year-earlier quarter. Revenues were C$2.08 billion, up 5.4% from C$1.97 billion the year before. Operating income was C$598.0 million versus C$1.11 billion in the prior-year quarter, a decrease of 46.1%. Direct operating expenses rose 3.6% to C$514.0 million from C$496.0 million in the comparable period the year before. Indirect operating expenses increased 2.6% to C$965.0 million from C$941.0 million in the equivalent prior-year period. Prospects: Our evaluation of Fortis Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been mixed and C.FTS has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.FTS will perform poorly over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.65 3.72 3.78 2.59 2.31 1.89 2.59 1.40 Cash Flow Per Share ... ... 6.10 6.13 6.63 6.08 6.01 4.21 Tang Book Value Per Share 8.78 8.32 7.87 2.75 1.56 N.M. 11.88 9.61 Dividends Per Share 1.883 1.855 1.827 1.725 1.625 1.525 1.395 1.280 Dividend Payout % 71.04 49.87 48.35 66.60 70.35 80.69 53.86 91.43 Income Statement Total Revenue 4,468,000 2,391,000 8,783,000 8,390,000 8,301,000 6,838,000 6,727,000 5,401,000 EBITDA ... 768,000 817,000 238,000 561,000 574,000 794,000 368,000 Depn & Amortn 723,000 357,000 (1,324,000) (1,213,000) (1,152,000) (952,000) (849,000) (657,000) Income Before Taxes ... 411,000 2,141,000 1,451,000 1,713,000 858,000 1,063,000 451,000 Income Taxes 116,000 58,000 289,000 165,000 588,000 145,000 223,000 66,000 Net Income 586,000 312,000 1,655,000 1,100,000 963,000 585,000 728,000 317,000 Average Shares 465,200 464,600 437,500 425,200 416,200 313,400 284,700 226,100 Balance Sheet Current Assets 2,481,000 2,472,000 2,574,000 3,261,000 2,207,000 2,166,000 1,857,000 1,963,000 Total Assets 56,205,000 57,019,000 53,404,000 53,051,000 47,822,000 47,904,000 28,804,000 26,628,000 Current Liabilities 3,499,000 4,480,000 4,176,000 4,252,000 3,504,000 3,944,000 2,638,000 2,684,000 Long-Term Obligations 23,887,000 23,445,000 21,952,000 23,549,000 21,105,000 21,277,000 11,271,000 10,491,000 Total Liabilities 36,680,000 37,301,000 34,873,000 36,518,000 32,819,000 33,307,000 18,924,000 17,937,000 Stockholders' Equity 19,525,000 19,718,000 18,531,000 16,533,000 15,003,000 14,597,000 9,880,000 8,691,000 Shares Outstanding 464,600 464,200 463,300 428,500 421,100 401,486 281,562 275,997 Statistical Record Return on Assets % 2.24 3.02 3.11 2.18 2.01 1.52 2.63 1.42 Return on Equity % 6.58 9.14 9.44 6.98 6.51 4.77 7.84 4.32 EBITDA Margin % ... 32.12 9.30 2.84 6.76 8.39 11.80 6.81 Net Margin % 13.12 13.05 18.84 13.11 11.60 8.56 10.82 5.87 Asset Turnover 0.16 0.16 0.17 0.17 0.17 0.18 0.24 0.24 Current Ratio 0.71 0.55 0.62 0.77 0.63 0.55 0.70 0.73 Debt to Equity 1.22 1.19 1.18 1.42 1.41 1.46 1.14 1.21 Price Range 58.83-42.20 58.83-42.20 56.78-44.27 47.05-39.69 48.59-40.87 44.53-36.13 41.91-34.26 40.61-29.88 P/E Ratio 22.20-15.92 15.81-11.34 15.02-11.71 18.17-15.32 21.03-17.69 23.56-19.12 16.18-13.23 29.01-21.34 Average Yield % 3.49 3.48 3.56 4.01 3.63 3.73 3.67 3.83 Address: Fortis Place, Suite 1100, 5 Officers: Barry V. Perry - President, Chief Executive Investor Contact: 709-737-2800 No of Institutions: 46930 Springdale Street, P.O. Box 8837, St. Officer, Vice President, Chief Financial Officer Shares: 8,249,367,040 % Held: 1.09 John's, A1B 3T2 Jocelyn H. Perry - Executive Vice President, Chief Telephone: 709-737-2800 Financial Officer Transfer Agents: Web Site: www.fortisinc.com Computershare Trust Company, N.A. Canton, MA; Jersey City, NJ; Louisville, KY
327
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IA FINANCIAL CORP INC Exchange TSX
Symbol IAG
Price C$46.35 (9/30/2020)
52Wk Range 75.99-28.23
100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 150 100 50 0
2011
2012
2013
Yield 4.19
*12 Month Price Score 84.56 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 1.03 0.19 1.35 2018 1.29 1.44 1.50 2019 1.40 1.69 1.72 2020 0.36 1.71 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.45Q 11/06/2019 11/21/2019 11/22/2019 0.485Q 02/13/2020 02/27/2020 02/28/2020 0.485Q 05/07/2020 05/21/2020 05/22/2020 0.485Q 07/30/2020 08/20/2020 08/21/2020 Indicated Div: $1.94 Valuation Analysis Forecast EPS $5.96 (09/02/2020) Market Cap C$5.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.79 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 97.98 *NYSE Composite Index=100
P/E 8.62 Dec 1.24 1.36 1.59 ...
Pay 12/16/2019 03/16/2020 06/15/2020 09/15/2020
$6.3 Billion 0.32
10.74% 6
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6311 NAIC: 524113) iA Financial is a holding company. Co. has five segments: Individual Insurance, which includes disability and mortgage insurance products; Individual Wealth Management, which includes individual products and services for savings plans; Group Insurance, which includes life, health, accidental death and dismemberment, dental care and short and long-term disability insurance products for employee plans; Group Savings and Retirement, which includes group products and services for savings plans; and United States Operations, which includes miscellaneous insurance products sold in the United States. Recent Developments: For the quarter ended June 30 2020, net income increased 4.3% to C$195.0 million from C$187.0 million in the year-earlier quarter. Revenues were C$6.68 billion, up 63.9% from C$4.08 billion the year before. Net premiums earned were C$2.11 billion versus C$1.98 billion in the prior-year quarter, an increase of 6.6%. Net investment income rose 148.7% to C$4.16 billion from C$1.67 billion a year ago. Prospects: Our evaluation of IA Financial Corp. Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while C.IAG has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.IAG will perform over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 5.38 5.36 6.40 5.59 4.81 5.19 3.57 3.97 Cash Flow Per Share ... ... 3.91 3.60 6.08 (0.93) 5.30 1.30 Tang Book Value Per Share 30.75 40.21 36.36 32.13 32.38 21.60 27.84 26.10 Dividends Per Share 1.870 1.835 1.765 1.590 1.430 1.260 1.160 1.060 Dividend Payout % 34.76 34.24 27.58 28.44 29.73 24.28 32.49 26.70 Income Statement Premium Income 4,868,000 2,755,000 8,944,000 7,849,000 7,254,000 6,548,000 6,041,000 5,426,000 Total Revenue 9,022,000 2,338,000 15,265,000 9,912,000 11,276,000 9,347,000 8,235,000 9,680,000 Benefits & Claims 2,468,000 1,404,000 ... ... ... ... ... ... Income Before Taxes ... ... 946,000 882,000 747,000 771,000 483,000 485,000 Income Taxes 50,000 (2,000) 188,000 181,000 150,000 146,000 39,000 ... Net Income 233,000 45,000 709,000 634,000 531,000 554,000 386,000 433,000 Average Shares 107,000 107,000 107,000 110,000 107,000 103,400 102,000 100,800 Balance Sheet Total Assets 80,004,000 73,271,000 73,148,000 63,540,000 61,906,000 57,050,000 52,938,000 50,339,000 Total Liabilities 73,734,000 67,108,000 67,018,000 57,822,000 56,770,000 52,285,000 48,754,000 46,404,000 Stockholders' Equity 6,270,000 6,163,000 6,130,000 5,718,000 5,136,000 4,765,000 4,184,000 3,935,000 Shares Outstanding 107,008 107,008 106,966 108,575 106,756 106,205 102,435 100,775 Statistical Record Return on Assets % 0.80 0.84 1.04 1.01 0.89 1.00 0.75 0.92 Return on Equity % 9.86 9.99 11.97 11.68 10.73 12.35 9.51 11.39 Loss Ratio % 50.70 50.96 ... ... ... ... ... ... Net Margin % 2.58 1.92 4.64 6.40 4.71 5.93 4.69 4.47 Price Range 75.99-28.23 75.99-29.36 71.63-32.01 61.69-30.96 60.98-42.05 57.39-25.63 45.85-32.33 49.11-38.60 P/E Ratio 14.12-5.25 14.18-5.48 11.19-5.00 11.04-5.54 12.68-8.74 11.06-4.94 12.84-9.06 12.37-9.72 Average Yield % 3.32 3.11 3.18 3.25 2.57 2.85 2.75 2.34
Address: 1080, Grande Allée Ouest, C.P. 1907 Succursale Terminus, Quebec City, G1K 7M3 Telephone: 418-684-5000 Web Site: www.ia.ca
Officers: Yvon Charest - President, Chief Executive Officer Normand Pepin - Executive Vice President Transfer Agents:Computershare Investor Services Inc.
332
No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
IMPERIAL OIL LTD Exchange TSX
Symbol IMO
Price C$15.94 (9/30/2020)
52Wk Range 35.66-11.18
Yield 5.52
P/E N/A
*12 Month Price Score 76.85 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep Dec 2017 0.39 (0.09) 0.44 (0.16) 2018 0.62 0.24 0.94 1.07 2019 0.38 1.57 0.56 0.37 2020 (0.25) (0.72) ... ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.22Q 11/01/2019 12/02/2019 12/03/2019 01/01/2020 0.22Q 01/31/2020 03/04/2020 03/05/2020 04/01/2020 0.22Q 05/01/2020 06/03/2020 06/04/2020 07/01/2020 0.22Q 07/31/2020 09/03/2020 09/04/2020 10/01/2020 Indicated Div: $0.88 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $-1.13 (09/10/2020) Market Cap C$11.7 Billion Book Value $22.9 Billion TRADING VOLUME (thousand shares) Price/Book 0.51 Price/Sales 0.43 Dividend Achiever Status 10 Year Growth Rate 10.33% Total Years of Dividend Growth 25 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 57.20 *NYSE Composite Index=100 120 110 100 90 80 70 60 50 40 30 20 10 1000 750 500 250 0
2011
2012
2013
Business Summary: Refining & Marketing (MIC: 9.1.2 SIC: 2911 NAIC: 324110) Imperial Oil is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. Co. is also a producer of petrochemicals. Co.'s operations are conducted in three main segments: Upstream, Downstream and Chemical. Upstream operations include the exploration for, and production of, crude oil, natural gas, synthetic oil and bitumen. Downstream operations consist of the transportation and refining of crude oil, blending of refined products and the distribution and marketing of those products. Chemical operations consist of the manufacturing and marketing of various petrochemicals. Recent Developments: For the quarter ended June 30 2020, net loss amounted to C$526.0 million versus net income of C$1.21 billion in the year-earlier quarter. Revenues were C$3.71 billion, down 59.9% from C$9.26 billion the year before. Direct operating expenses declined 52.1% to C$3.76 billion from C$7.84 billion in the comparable period the year before. Indirect operating expenses decreased 6.6% to C$646.0 million from C$692.0 million in the equivalent prior-year period. Prospects: Our evaluation of Imperial Oil Ltd. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has suffered a very negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while IMO has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that IMO will perform over the near term. Financial Data (Can$ in Millions) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (0.04) 2.25 2.88 2.86 0.58 2.55 1.32 4.45 Cash Flow Per Share 2.73 5.21 5.81 4.86 3.28 2.37 2.56 5.20 Tang Book Value Per Share 30.99 31.88 32.38 31.06 29.17 29.30 27.30 26.25 Dividends Per Share 0.880 0.880 0.850 0.730 0.630 0.590 0.540 0.520 Dividend Payout % ... 39.11 29.51 25.52 108.62 23.14 40.91 11.69 Income Statement Total Revenue 10,400 6,690 34,101 35,099 29,424 27,354 26,888 36,966 EBITDA (46) 217 3,737 4,690 2,832 4,137 3,412 6,117 Depn & Amortn 866 453 1,598 1,509 2,172 1,628 1,450 1,096 Income Before Taxes (948) (255) 2,046 3,073 582 2,444 1,923 5,021 Income Taxes (234) (67) (154) 759 92 279 801 1,236 Net Income (714) (188) 2,200 2,314 490 2,165 1,122 3,785 Average Shares 734 740 765 810 845 850 850 850 Balance Sheet Current Assets 4,093 4,687 6,329 5,355 5,407 3,831 3,670 3,569 Total Assets 39,500 40,413 42,187 41,456 41,601 41,654 43,170 40,830 Current Liabilities 3,404 3,466 4,595 3,955 4,136 3,883 5,393 5,981 Long-Term Obligations 4,965 4,969 4,961 4,978 5,005 5,032 6,564 4,913 Total Liabilities 16,584 16,843 17,911 16,967 17,166 16,633 19,745 18,300 Stockholders' Equity 22,916 23,570 24,276 24,489 24,435 25,021 23,425 22,530 Shares Outstanding 734 734 743 782 831 847 847 847 Statistical Record Return on Assets % N.M. 4.15 5.26 5.57 1.18 5.09 2.67 9.70 Return on Equity % N.M. 7.18 9.02 9.46 1.98 8.91 4.88 18.00 EBITDA Margin % N.M. 3.24 10.96 13.36 9.62 15.12 12.69 16.55 Net Margin % N.M. N.M. 6.45 6.59 1.67 7.91 4.17 10.24 Asset Turnover 0.67 0.79 0.82 0.85 0.71 0.64 0.64 0.95 Current Ratio 1.20 1.35 1.38 1.35 1.31 0.99 0.68 0.60 Debt to Equity 0.22 0.21 0.20 0.20 0.20 0.20 0.28 0.22 Price Range 37.36-11.18 40.41-11.18 40.41-31.62 44.79-33.54 47.04-35.57 48.21-38.41 55.14-39.75 57.86-45.18 P/E Ratio ... 17.96-4.97 14.03-10.98 15.66-11.73 81.10-61.33 18.91-15.06 41.77-30.11 13.00-10.15 Average Yield % 3.01 2.63 2.40 1.84 1.59 1.40 1.15 0.99
Address: 505 Quarry Park Boulevard S.E., Calgary, T2C 5N1 Telephone: 587-476-3740 Web Site: www.imperialoil.ca
Officers: Bradley W. Corson - Chief Executive Officer, Chairman, President Daniel E. Lyons - Senior Vice President, Controller Transfer Agents: BNY Mellon Shareowner Service, Jersey City, NJ, United States
333
Investor Contact: 800-567-3776 No of Institutions: 296 Shares: 172,952,688 % Held: 18.73
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INTER PIPELINE LTD Exchange TSX
Symbol IPL
Price C$9.81 (9/30/2020)
44 40 36 32 28 24 20 16 12 8 4 0 1500 1000 500 0
2011
2012
2013
52Wk Range 23.25-3.81
Yield 4.89
*12 Month Price Score 80.91 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.38 0.27 0.38 2018 0.37 0.35 0.44 2019 0.24 0.63 0.19 2020 0.21 0.15 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.04M 07/09/2020 07/21/2020 07/22/2020 0.04M 08/06/2020 08/20/2020 08/21/2020 0.04M 09/08/2020 09/21/2020 09/22/2020 0.04M 10/07/2020 10/21/2020 10/22/2020 Indicated Div: $0.48 Valuation Analysis Forecast EPS $0.71 (09/10/2020) Market Cap C$4.2 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.01 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 57.34 *NYSE Composite Index=100
P/E 12.42 Dec 0.38 0.37 0.24 ...
Pay 08/14/2020 09/15/2020 10/15/2020 11/16/2020
$4.2 Billion 1.77
5.31% 11
Business Summary: Equipment & Services (MIC: 9.1.3 SIC: 1382 NAIC: 213112) Inter Pipeline is engaged in the business of of petroleum transportation, bulk liquid storage and natural gas liquids (NGL) extraction through the ownership and operation of energy infrastructure assets in western Canada, the U.K., Denmark, Germany, Ireland and Sweden. Co. has four operating business segments that are reportable segments: the oil sands transportation business segment; the conventional oil pipelines business segment; the bulk liquid storage business segment; and the NGL extraction business segment. Recent Developments: For the quarter ended June 30 2020, net income decreased 76.0% to C$62.5 million from C$260.3 million in the year-earlier quarter. Revenues were C$539.5 million, down 15.9% from C$641.6 million the year before. Operating income was C$134.9 million versus C$204.8 million in the prior-year quarter, a decrease of 34.1%. Direct operating expenses declined 28.8% to C$133.2 million from C$187.0 million in the comparable period the year before. Indirect operating expenses increased 6.6% to C$264.2 million from C$247.9 million in the equivalent prior-year period. Prospects: Our evaluation of Inter Pipeline Ltd. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while C.IPL has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.IPL will perform over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 0.79 1.27 1.31 1.53 1.41 1.31 1.28 1.02 Cash Flow Per Share ... ... 2.04 2.78 2.75 2.34 2.27 1.79 Tang Book Value Per Share 8.37 8.38 8.34 8.15 7.38 6.80 6.62 5.98 Dividends Per Share 1.403 1.710 1.710 1.685 1.630 1.570 1.485 1.320 Dividend Payout % 177.53 134.65 130.53 110.13 115.60 119.85 116.02 129.41 Income Statement Total Revenue 1,143,300 603,800 2,535,300 2,592,900 2,260,600 1,824,600 1,676,300 1,556,261 EBITDA 474,900 255,000 1,018,300 1,225,100 1,103,500 970,200 957,300 726,698 Depn & Amortn 173,700 85,500 267,400 239,800 221,000 198,900 172,000 125,836 Income Before Taxes 208,700 123,200 517,300 808,000 712,000 629,000 650,400 464,460 Income Taxes 57,100 34,100 (21,700) 215,500 185,300 151,400 187,400 114,979 Net Income 151,600 89,100 539,000 592,500 526,700 449,700 427,400 334,834 Average Shares 429,200 424,300 413,500 389,100 374,500 344,300 334,800 327,812 Balance Sheet Current Assets 645,600 350,700 418,400 327,700 307,600 280,900 250,300 256,830 Total Assets 13,674,100 13,240,000 12,951,400 11,461,500 10,361,700 10,151,600 9,029,400 8,647,186 Current Liabilities 2,794,300 3,150,600 3,098,200 1,806,600 1,935,100 2,094,300 1,712,300 2,046,640 Long-Term Obligations 5,115,600 4,350,000 4,267,600 4,397,300 3,942,800 4,067,800 3,421,900 3,143,941 Total Liabilities 9,511,400 9,092,600 8,862,100 7,496,200 6,897,900 6,963,700 6,208,300 6,099,047 Stockholders' Equity 4,162,700 4,147,400 4,089,300 3,965,300 3,463,800 3,187,900 2,821,100 2,548,139 Shares Outstanding 429,200 425,400 420,700 403,800 379,800 367,900 336,400 326,212 Statistical Record Return on Assets % 2.57 4.22 4.42 5.43 5.14 4.68 4.84 4.11 Return on Equity % 8.06 13.10 13.38 15.95 15.84 14.93 15.92 14.41 EBITDA Margin % 41.54 42.23 40.16 47.25 48.81 53.17 57.11 46.70 Net Margin % 13.26 14.76 21.26 22.85 23.30 24.65 25.50 21.52 Asset Turnover 0.18 0.20 0.21 0.24 0.22 0.19 0.19 0.19 Current Ratio 0.23 0.11 0.14 0.18 0.16 0.13 0.15 0.13 Debt to Equity 1.23 1.05 1.04 1.11 1.14 1.28 1.21 1.23 Price Range 25.20-3.81 25.20-3.81 25.20-14.14 26.13-13.76 29.85-17.77 29.85-13.47 35.94-14.94 38.95-23.62 P/E Ratio 31.90-4.82 19.84-3.00 19.24-10.80 17.08-8.99 21.17-12.60 22.79-10.28 28.08-11.67 38.19-23.16 Average Yield % 8.49 9.16 8.86 8.16 6.95 6.78 5.84 4.34
Address: Suite 3200, 215 - 2nd Street SW, Calgary, T2P 1M4 Telephone: 403-290-6015 Web Site: www.interpipeline.com
Officers: Richard Shaw - Chairman David W. Fesyk - No of Institutions: 46930 Executive Vice-Chairman, President, Chief Executive Shares: 8,249,367,040 % Held: 1.09 Officer Transfer Agents: Computershare Trust Company of Canada, Calgary, Alberta; Toronto, Ontario, Canada
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MANULIFE FINANCIAL CORP Exchange TSX
Symbol MFC
Price C$13.91 (9/30/2020)
52Wk Range 27.71-8.90
52 48 44 40 36 32 28 24 20 16 12 8 4000 3000 2000 1000 0
2011
2012
2013
Yield 8.05
*12 Month Price Score 88.21 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.66 0.61 0.54 2018 0.67 0.61 0.77 2019 1.08 0.73 0.35 2020 0.64 0.35 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.25Q 11/06/2019 11/18/2019 11/19/2019 0.28Q 02/12/2020 02/24/2020 02/25/2020 0.28Q 05/06/2020 05/18/2020 05/19/2020 0.28Q 08/05/2020 08/14/2020 08/17/2020 Indicated Div: $1.12 Valuation Analysis Forecast EPS $2.65 (09/10/2020) Market Cap C$27.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.52 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 84.72 *NYSE Composite Index=100
P/E 7.13 Dec (0.83) 0.28 0.61 ...
Pay 12/19/2019 03/19/2020 06/19/2020 09/21/2020
$52.2 Billion 0.33
11.90% 6
Business Summary: Life & Health (MIC: 5.2.2 SIC: 6311 NAIC: 524113) Manulife Financial is a holding company. Through its subsidiary, The Manufacturers Life Insurance Company, Co. is a financial services group with operations in Asia, Canada and the U.S. Co.'s segments include: wealth and asset management businesses (Global WAM) and insurance and annuity products (Asia, Canada and U.S.). The Global WAM segment includes mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services across all primary asset classes. The Asia, Canada and U.S. segment includes a variety of individual life insurance, individual and group long-term care insurance and guaranteed and partially guaranteed annuity products. Recent Developments: For the quarter ended June 30 2020, net income decreased 44.7% to C$839.0 million from C$1.52 billion in the year-earlier quarter. Revenues were C$27.49 billion, up 23.7% from C$22.22 billion the year before. Net premiums earned were C$8.23 billion versus C$8.69 billion in the prior-year quarter, a decrease of 5.3%. Net investment income rose 55.0% to C$16.89 billion from C$10.90 billion a year ago. Prospects: Our evaluation of Manulife Financial Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and MFC has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that MFC will perform well over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.95 2.33 2.77 2.33 0.98 1.41 1.05 1.80 Cash Flow Per Share ... ... 10.49 9.68 8.99 8.61 5.27 5.82 Tang Book Value Per Share 19.63 20.96 18.01 16.31 14.03 14.38 14.84 13.58 Dividends Per Share 1.060 1.030 1.000 0.910 0.820 0.740 0.665 0.570 Dividend Payout % 54.36 44.21 36.10 39.06 83.67 52.48 63.33 31.67 Income Statement Premium Income 17,588,000 9,355,000 35,578,000 24,012,000 28,210,000 27,632,000 15,929,000 17,883,000 Total Revenue 47,663,000 20,177,000 79,570,000 38,972,000 58,323,000 53,337,000 34,430,000 54,522,000 Benefits & Claims 36,769,000 14,089,000 ... ... ... ... ... ... Income Before Taxes ... ... 6,220,000 5,519,000 2,501,000 3,329,000 2,618,000 4,264,000 Income Taxes 590,000 597,000 718,000 632,000 239,000 196,000 328,000 671,000 Net Income 2,023,000 1,296,000 5,602,000 4,800,000 2,104,000 2,929,000 2,191,000 3,501,000 Average Shares 1,941,000 1,947,000 1,962,000 1,988,000 1,986,000 1,977,000 1,977,000 1,881,000 Balance Sheet Total Assets 865,898,000 831,430,000 809,130,000 750,271,000 729,533,000 720,681,000 704,643,000 579,406,000 Total Liabilities 813,717,000 776,541,000 760,235,000 704,213,000 688,299,000 678,601,000 663,297,000 545,944,000 Stockholders' Equity 52,181,000 54,889,000 48,895,000 46,058,000 41,234,000 42,080,000 41,346,000 33,462,000 Shares Outstanding 1,940,000 1,940,000 1,949,000 1,971,000 1,982,000 1,975,000 1,972,000 1,864,000 Statistical Record Return on Assets % 0.48 0.59 0.72 0.65 0.29 0.41 0.34 0.64 Return on Equity % 7.87 9.19 11.80 11.00 5.05 7.00 5.86 11.27 Loss Ratio % 209.06 150.60 ... ... ... ... ... ... Net Margin % 4.24 6.42 7.04 12.32 3.61 5.49 6.36 6.42 Price Range 27.71-8.90 27.71-8.90 26.41-14.19 27.48-13.59 27.47-16.67 25.01-11.38 24.00-14.65 23.01-17.30 P/E Ratio 14.21-4.56 11.89-3.82 9.53-5.12 11.79-5.83 28.03-17.01 17.74-8.07 22.86-13.95 12.78-9.61 Average Yield % 5.44 4.92 4.86 4.35 3.73 4.43 3.40 2.81
Address: 200 Bloor Street East, Toronto, M4W 1E5 Telephone: 416-926-3000 Web Site: www.manulife.com
Officers: John M. Cassaday - Chairman Roy Gori Chief Executive Officer, President Transfer Agents: AST Trust Company (Canada), Montreal, Quebec, Canada
341
No of Institutions: 649 Shares: 1,109,202,176 % Held: 51.00
METHANEX CORP Exchange TSX
Symbol MX
Price C$24.40 (9/30/2020)
52Wk Range 54.63-9.57
110 100 90 80 70 60 50 40 30 20 10 0 600 400 200 0
2011
2012
2013
Yield 0.61
*12 Month Price Score 81.68 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 1.46 0.89 0.38 2018 2.00 1.36 1.61 2019 0.50 0.51 (0.21) 2020 0.21 (0.85) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.36Q 11/21/2019 12/16/2019 12/17/2019 0.36Q 01/30/2020 03/16/2020 03/17/2020 0.037Q 04/29/2020 06/15/2020 06/16/2020 0.037Q 07/16/2020 09/15/2020 09/16/2020 Indicated Div: $0.15 Valuation Analysis Forecast EPS $-2.00 (09/10/2020) Market Cap $1.9 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.46 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 51.85 *NYSE Composite Index=100
P/E N/A Dec 0.81 1.92 0.13 ...
Pay 12/31/2019 03/31/2020 06/30/2020 09/30/2020
$1.3 Billion 0.61
8.22% 9
Business Summary: Specialty Chemicals (MIC: 8.3.2 SIC: 2869 NAIC: 325998) Methanex is a producer and supplier of methanol to the international markets of Asia Pacific, North America, Europe and South America. Co.'s operations consist of the production and sale of methanol, a commodity chemical. Recent Developments: For the quarter ended June 30 2020, net loss amounted to US$61.6 million versus net income of US$49.4 million in the year-earlier quarter. Revenues were US$512.3 million, down 39.6% from US$847.8 million the year before. Operating loss was US$63.5 million versus an income of US$72.4 million in the prior-year quarter. Direct operating expenses declined 29.8% to US$484.3 million from US$689.7 million in the comparable period the year before. Indirect operating expenses increased 6.9% to US$91.5 million from US$85.6 million in the equivalent prior-year period. Prospects: Our evaluation of Methanex Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while MEOH has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that MEOH will perform over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (0.72) 0.64 1.01 6.92 3.64 (0.14) 2.01 4.55 Cash Flow Per Share ... ... 6.73 12.18 9.08 2.78 3.28 8.43 Tang Book Value Per Share 16.70 17.84 17.48 19.56 17.92 17.78 19.18 19.35 Dividends Per Share 1.117 1.440 1.410 1.320 1.175 1.100 1.075 0.950 Dividend Payout % ... 225.00 139.60 19.08 32.28 ... 53.48 20.88 Income Statement Total Revenue 1,257,383 745,093 3,283,514 3,931,847 3,060,642 1,998,429 2,225,602 3,223,399 EBITDA 117,961 124,202 597,784 1,081,834 722,963 261,579 425,179 837,847 Depn & Amortn 181,529 89,987 404,736 247,944 233,118 228,953 193,812 148,292 Income Before Taxes (63,568) 34,215 68,622 739,474 394,890 (57,434) 161,508 652,513 Income Taxes (21,463) 9,606 4,474 153,491 95,788 (9,279) 10,997 155,337 Net Income (41,982) 22,770 87,767 568,982 316,135 (12,545) 200,617 454,610 Average Shares 76,196 76,196 76,692 80,889 86,824 89,783 91,345 96,193 Balance Sheet Current Assets 1,397,084 1,670,413 1,232,521 1,252,076 1,243,127 1,025,667 1,032,078 1,685,902 Total Assets 5,493,667 5,719,496 5,196,615 4,608,999 4,610,742 4,556,663 4,494,043 4,775,340 Current Liabilities 659,506 735,696 648,246 1,047,353 747,948 606,933 581,942 819,830 Long-Term Obligations 2,088,862 2,148,820 1,730,433 1,272,867 1,650,608 1,502,209 1,488,026 1,528,207 Total Liabilities 4,221,221 4,360,127 3,864,930 3,097,786 3,109,978 2,959,828 2,774,314 2,988,967 Stockholders' Equity 1,272,446 1,359,369 1,331,685 1,511,213 1,500,764 1,596,835 1,719,729 1,786,373 Shares Outstanding 76,196 76,196 76,196 77,263 83,770 89,824 89,671 92,326 Statistical Record Return on Assets % N.M. 1.35 1.79 12.34 6.90 N.M. 4.33 10.23 Return on Equity % N.M. 5.06 6.17 37.78 20.41 N.M. 11.44 26.40 EBITDA Margin % 9.38 16.67 18.21 27.51 23.62 13.09 19.10 25.99 Net Margin % N.M. 3.06 2.67 14.47 10.33 N.M. 9.01 14.10 Asset Turnover 0.59 0.61 0.67 0.85 0.67 0.44 0.48 0.73 Current Ratio 2.12 2.27 1.90 1.20 1.66 1.69 1.77 2.06 Debt to Equity 1.64 1.58 1.30 0.84 1.10 0.94 0.87 0.86 Price Range 59.39-9.57 79.74-9.57 81.96-30.38 105.98-46.38 76.85-40.15 61.27-23.46 74.03-31.88 80.19-43.23 P/E Ratio ... 124.59-14.95 81.15-30.08 15.32-6.70 21.11-11.03 ... 36.83-15.86 17.62-9.50 Average Yield % 3.20 3.23 2.68 1.76 2.14 2.89 2.02 1.47
Address: Suite 1800, 200 Burrard Street, Vancouver, V6C 3M1 Telephone: 604-661-2600 Web Site: www.methanex.com
Officers: Wendy L. Bach - Senior Vice President, General Counsel, Vice President Ian P. Cameron Senior Vice President, Chief Financial Officer Transfer Agents:AST Trust Company (Canada), Vancouver, British Columbia, Canada
342
Investor Contact: 604-661-2600 No of Institutions: 254 Shares: 64,104,560 % Held: 58.15
METRO INC Exchange TSX
Symbol MRU
Price C$63.89 (9/30/2020)
52Wk Range 64.26-50.29
Yield 1.41
3-for-1
*7 Year Price Score 124.64 *NYSE Composite Index=100 *12 Month Price Score 103.49 Interim Earnings (Per Share) Can$ Qtr. Dec Mar Jun 65 2016-17 0.58 0.56 0.78 60 2017-18 5.67 0.47 0.69 55 2018-19 0.79 0.47 0.86 50 2019-20 0.67 0.69 1.04 Interim Dividends (Per Share) 45 Amt Decl Ex Rec 40 0.225Q 01/28/2020 02/12/2020 02/13/2020 35 0.225Q 04/22/2020 05/20/2020 05/21/2020 30 0.225Q 08/12/2020 09/01/2020 09/02/2020 0.225Q 09/28/2020 10/22/2020 10/23/2020 25 Indicated Div: $0.90 20 Valuation Analysis 15 Forecast EPS $3.29 (09/02/2020) 10 Market Cap C$16.1 Billion Book Value TRADING VOLUME (thousand shares) 300 Price/Book 2.66 Price/Sales 200 Dividend Achiever Status 100 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 20.88 Sep 0.66 5.80 0.66 ...
Pay 03/10/2020 06/12/2020 09/23/2020 11/10/2020
$6.0 Billion 0.91
14.87% 24
Business Summary: Retail - Food & Beverage, Drug & Tobacco (MIC: 2.1.2 SIC: 5141 NAIC: 424410) Metro is a food retailer and distributor that operates supermarkets, discount stores and drugstores in Canada. Co. operated 343 supermarkets under the Metro and Metro Plus banners, nine stores under the Adonis banner, and 213 discount stores under the Super C and Food Basics banners. Co. also acts as a distributor for medium-surface food stores and convenience stores. Co. also acts as franchisor and distributor for 181 franchised Brunet Plus, Brunet, Brunet Clinique, and Clini Plus drugstores, owned by independent pharmacists; and operated 73 drugstores under the Metro Pharmacy and Drug Basics banners. Co. also supplies non-franchised drugstores and various health centres. Recent Developments: For the quarter ended July 4 2020, net income increased 18.5% to C$263.5 million from C$222.4 million in the year-earlier quarter. Revenues were C$5.84 billion, up 11.6% from C$5.23 billion the year before. Operating income was C$402.4 million versus C$335.5 million in the prior-year quarter, an increase of 19.9%. Direct operating expenses rose 10.1% to C$5.29 billion from C$4.81 billion in the comparable period the year before. Indirect operating expenses increased 58.6% to C$140.5 million from C$88.6 million in the equivalent prior-year period. Prospects: Our evaluation of Metro Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and C.MRU has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.MRU will perform very poorly over the near term. Financial Data (Can$ in Thousands) 9 Mos 6 Mos 3 Mos 09/28/2019 09/29/2018 09/30/2017 09/24/2016 09/26/2015 Earnings Per Share 3.06 2.88 2.66 2.78 7.16 2.57 2.39 2.01 Cash Flow Per Share ... ... ... 2.71 3.16 2.99 2.99 2.73 Tang Book Value Per Share N.M. N.M. N.M. N.M. N.M. 2.41 1.43 1.37 Dividends Per Share 0.850 0.825 0.800 0.780 0.703 0.627 0.537 0.450 Dividend Payout % 27.78 28.65 30.08 28.06 9.81 24.42 22.45 22.39 Income Statement Total Revenue 13,853,900 8,018,700 4,029,800 16,767,500 14,383,400 13,175,300 12,787,900 12,223,800 EBITDA 1,286,600 741,200 365,400 1,099,000 2,337,400 937,100 907,300 825,800 Depn & Amortn 344,000 203,500 101,500 21,300 185,000 163,800 156,300 150,100 Income Before Taxes 830,100 470,700 230,500 969,200 2,045,900 708,300 687,100 616,200 Income Taxes 220,200 124,300 60,300 254,800 358,200 193,400 192,000 161,200 Net Income 608,900 345,400 169,700 711,600 1,716,500 591,700 571,500 506,100 Average Shares 252,700 253,800 254,900 256,300 239,800 230,600 239,300 251,200 Balance Sheet Current Assets 2,380,400 2,161,800 2,247,100 2,088,300 1,916,800 1,356,300 1,193,000 1,172,900 Total Assets 13,262,800 13,034,900 13,076,700 11,073,900 10,922,200 6,050,700 5,606,100 5,387,100 Current Liabilities 1,768,000 1,636,600 2,111,500 1,877,600 1,634,700 1,285,900 1,067,500 1,063,800 Long-Term Obligations 2,613,600 2,609,500 2,212,800 2,229,000 2,630,400 1,441,600 1,231,000 1,145,100 Total Liabilities 7,217,000 7,099,200 7,191,200 5,118,700 5,279,400 3,139,600 2,925,500 2,743,700 Stockholders' Equity 6,045,800 5,935,700 5,885,500 5,955,200 5,642,800 2,911,100 2,680,600 2,643,400 Shares Outstanding 251,353 251,773 253,199 253,863 255,650 227,140 233,846 242,285 Statistical Record Return on Assets % 6.44 6.19 5.67 6.49 20.28 9.99 10.43 9.52 Return on Equity % 13.02 12.52 11.66 12.30 40.24 20.82 21.53 19.11 EBITDA Margin % 9.29 9.24 9.07 6.55 16.25 7.11 7.09 6.76 Net Margin % 4.40 4.31 4.21 4.24 11.93 4.49 4.47 4.14 Asset Turnover 1.47 1.44 1.41 1.53 1.70 2.22 2.33 2.30 Current Ratio 1.35 1.32 1.06 1.11 1.17 1.05 1.12 1.10 Debt to Equity 0.43 0.44 0.38 0.37 0.47 0.50 0.46 0.43 Price Range 60.45-49.24 58.56-47.94 58.56-46.00 58.52-39.25 45.29-38.70 47.07-38.73 47.84-35.80 37.62-24.62 P/E Ratio 19.75-16.09 20.33-16.65 22.02-17.29 21.05-14.12 6.33-5.41 18.32-15.07 20.02-14.98 18.72-12.25 Average Yield % 1.53 1.55 1.54 1.60 1.69 1.50 1.28 1.37 Address: 11011 Maurice-Duplessis Officers: Eric Richer La Fleche - President, Chief No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09 Boulevard, Montreal, H1C 1V6 Executive Officer, Executive Vice President, Chief Telephone: 514-643-1000 Operating Officer Gino Plevano - Vice President Transfer Agents:AST Trust Company, Montreal, Web Site: www.metro.ca Quebec, Canada
343
NATIONAL BANK OF CANADA Exchange TSX
Symbol NA
Price C$49.64 (9/30/2020)
52Wk Range 56.73-26.77
Yield 5.72
2-for-1
*7 Year Price Score 101.74 *NYSE Composite Index=100 *12 Month Price Score 103.77 Interim Earnings (Per Share) Can$ Qtr. Jan Apr Jul 100 95 2016-17 1.34 1.28 1.37 90 2017-18 1.46 1.44 1.52 85 2018-19 1.50 1.51 1.66 80 2019-20 1.67 1.01 1.66 75 Interim Dividends (Per Share) 70 Amt Decl Ex Rec 65 60 0.71Q 12/04/2019 12/27/2019 12/30/2019 55 0.71Q 02/27/2020 03/27/2020 03/30/2020 50 0.71Q 05/26/2020 06/26/2020 06/29/2020 45 0.71Q 08/26/2020 09/25/2020 09/28/2020 40 Indicated Div: $2.84 35 Valuation Analysis 30 Forecast EPS $5.82 (09/13/2020) 25 20 Market Cap C$16.7 Billion Book Value TRADING VOLUME (thousand shares) 30 Price/Book 1.07 Price/Sales 20 Dividend Achiever Status 10 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 8.26 Oct 1.39 1.52 1.67 ...
Pay 02/01/2020 05/01/2020 08/01/2020 11/01/2020
$15.5 Billion 1.42
7.21% 10
Business Summary: Banking (MIC: 5.1.1 SIC: 6021 NAIC: 522110) National Bank of Canada is a financial institution. Co. has four segments: Personal and Commercial, which comprises the banking, financing, and investing services as well as insurance operations; Wealth Management, which comprises investment solutions, trust services, banking services, lending services and other wealth management solutions; Financial Markets, which encompasses banking services, investment banking services and financial solutions for corporations, public sector organizations, and investors, as well as trading and investment activities for Co.; and U.S. Specialty Finance and International, which encompasses the finance capability provided by Co.'s subsidiary, Credigy Ltd. Recent Developments: For the quarter ended July 31 2020, net income decreased 1.0% to C$602.0 million from C$608.0 million in the year-earlier quarter. Net interest income increased 28.2% to C$1.10 billion from C$855.0 million in the year-earlier quarter. Provision for loan losses was C$143.0 million versus C$86.0 million in the prior-year quarter, an increase of 66.3%. Non-interest income fell 20.2% to C$872.0 million from C$1.09 billion, while non-interest expense declined 1.9% to C$1.22 billion. Prospects: Our evaluation of National Bank of Canada as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while C.NA has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.NA will perform well over the near term. Financial Data (Can$ in Thousands) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share 6.01 6.01 6.51 6.34 5.94 5.38 3.29 4.51 Cash Flow Per Share ... ... ... 24.71 17.28 4.46 16.07 19.33 Tang Book Value Per Share 30.33 30.20 29.15 28.46 26.26 23.71 20.97 21.34 Dividends Per Share 2.810 2.780 2.720 2.660 2.440 2.280 2.180 2.040 Dividend Payout % 46.76 46.26 41.78 41.96 41.08 42.38 66.26 45.23 Income Statement Interest Income 5,838,000 4,098,000 2,074,000 8,174,000 6,935,000 5,580,000 4,875,000 4,542,000 Interest Expense 2,707,000 2,063,000 1,144,000 4,578,000 3,553,000 2,348,000 1,919,000 1,899,000 Net Interest Income 1,096,000 1,105,000 930,000 3,596,000 3,382,000 3,232,000 2,956,000 2,643,000 Provision for Losses 736,000 593,000 89,000 347,000 327,000 244,000 484,000 228,000 Non-Interest Income 2,796,000 1,924,000 993,000 3,836,000 3,784,000 3,377,000 2,884,000 3,103,000 Non-Interest Expense 3,286,000 2,212,000 1,091,000 ... ... ... ... ... Income Before Taxes ... ... ... 2,750,000 2,748,000 2,473,000 1,466,000 1,827,000 Income Taxes 314,000 165,000 133,000 462,000 544,000 484,000 225,000 234,000 Net Income 1,464,000 904,000 565,000 2,140,000 2,040,000 1,855,000 1,117,000 1,504,000 Average Shares 337,231 337,317 337,889 337,630 343,240 344,771 339,895 333,139 Balance Sheet Net Loans & Leases 155,016,000 155,686,000 149,280,000 146,358,000 139,281,000 128,452,000 119,737,000 105,838,000 Total Assets 322,453,000 316,950,000 289,191,000 281,458,000 262,471,000 245,827,000 232,206,000 216,090,000 Total Deposits 205,478,000 201,445,000 197,504,000 189,566,000 170,830,000 156,671,000 139,907,000 128,830,000 Total Liabilities 306,943,000 301,505,000 274,120,000 266,680,000 248,495,000 233,077,000 220,914,000 205,536,000 Stockholders' Equity 15,510,000 15,445,000 15,071,000 14,778,000 13,976,000 12,750,000 11,292,000 10,554,000 Shares Outstanding 335,665 335,400 335,817 334,172 335,070 339,591 338,053 337,236 Statistical Record Return on Assets % 0.68 0.69 0.80 0.79 0.80 0.78 0.50 0.71 Return on Equity % 13.49 13.61 15.05 14.88 15.27 15.43 10.20 14.85 Net Interest Margin % 62.99 54.59 44.84 43.99 48.77 57.92 60.64 58.19 Loans to Deposits 0.75 0.77 0.76 0.77 0.82 0.82 0.86 0.82 Price Range 56.73-26.77 56.73-26.77 56.34-44.82 51.94-40.62 52.52-44.70 49.34-34.88 36.88-24.78 48.85-31.06 P/E Ratio 9.44-4.45 9.44-4.45 8.66-6.88 8.19-6.41 8.84-7.53 9.17-6.48 11.21-7.53 10.83-6.89 Average Yield % 5.91 5.74 5.51 5.70 4.99 5.36 6.70 5.41
Address: 600 De La Gauchetiere Street West, 4th Floor, Montreal, H3B 4L2 Telephone: 514-394-5000 Web Site: www.nbc.ca
Officers: Louis Vachon - President, Chief Executive Officer Lucie Blanchet - Executive Vice President Transfer Agents:Computershare Trust Company of Canada, Toronto, Ontario, Canada
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Investor Contact: 186-651-75455 No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
ONEX CORP Exchange TSX
Symbol ONEX
Price C$44.61 (9/30/2020)
52Wk Range 68.02-27.88
90 85 80 75 70 65 60 55 50 45 40 35 30 25 15 10 5 0
2011
2012
2013
Yield 0.90
*12 Month Price Score 89.20 Interim Earnings (Per Share) Qtr. Mar Jun Sep 2017 (8.88) 26.61 3.14 2018 (1.56) (2.50) (4.22) 2019 37.37 2.58 0.99 2020 (9.97) 6.43 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.10Q 11/07/2019 01/09/2020 01/10/2020 0.10Q 02/27/2020 04/08/2020 04/10/2020 0.10Q 05/14/2020 07/09/2020 07/10/2020 0.10Q 09/17/2020 10/08/2020 10/09/2020 Indicated Div: $0.40 Valuation Analysis Forecast EPS $0.31 (09/09/2020) Market Cap $4.3 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.67 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 75.54 *NYSE Composite Index=100
P/E N/A Dec 2.71 1.71 1.84 ...
Pay 01/31/2020 04/30/2020 07/31/2020 10/31/2020
$6.4 Billion 17.08
16.47% 7
Business Summary: Electrical Equipment (MIC: 7.3.1 SIC: 3679 NAIC: 334419) Onex is a holding company engaged in operating autonomous businesses. Co. operates in seven industry segments: electronics manufacturing services, aerostructures, healthcare, financial services, customer support services, metal services and other businesses which consist of theatre exhibition, aircraft and aftermarket, commercial vehicles, injection molding, building products, personal care products, mid-cap opportunities, real estate and credit securities. Recent Developments: For the quarter ended June 30 2020, net income increased 143.8% to US$629.0 million from US$258.0 million in the year-earlier quarter. Revenues were US$758.0 million, up 106.5% from US$367.0 million the year before. Operating income was US$628.0 million versus US$221.0 million in the prior-year quarter, an increase of 184.2%. Indirect operating expenses decreased 11.0% to US$130.0 million from US$146.0 million in the equivalent prior-year period. Prospects: Our evaluation of Onex Corporation as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has suffered a very negative trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and C.ONEX has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.ONEX will perform well over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share (0.71) (4.56) 42.74 (6.57) 23.47 (1.25) (5.36) (1.04) Cash Flow Per Share ... ... 4.65 13.35 18.38 18.33 17.57 8.99 Tang Book Value Per Share 63.37 56.48 65.53 N.M. N.M. ... ... N.M. Dividends Per Share 0.299 0.294 0.281 0.253 0.221 0.197 0.180 0.161 Dividend Payout % ... ... 0.66 ... 0.94 ... ... ... Income Statement Total Revenue (232,000) (990,000) 1,105,000 23,785,000 24,497,000 22,523,000 19,681,000 19,793,000 EBITDA (340,000) (981,000) 4,262,000 1,353,000 1,169,000 1,186,000 1,177,000 991,000 Depn & Amortn 28,000 15,000 23,000 671,000 688,000 565,000 1,067,000 905,000 Income Before Taxes (368,000) (996,000) 4,239,000 (757,000) (731,000) (468,000) (768,000) (744,000) Income Taxes ... 1,000 (38,000) 89,000 (84,000) 46,000 116,000 79,000 Net Income (368,000) (997,000) 4,277,000 (663,000) 2,394,000 (130,000) (573,000) (115,000) Average Shares 98,000 100,000 100,000 101,000 102,000 104,000 107,000 110,000 Balance Sheet Current Assets 716,000 379,000 1,626,000 10,871,000 10,308,000 10,314,000 9,682,000 10,345,000 Total Assets 6,819,000 6,184,000 7,585,000 45,417,000 44,679,000 42,913,000 35,810,000 28,936,000 Current Liabilities 86,000 51,000 449,000 8,281,000 6,496,000 6,675,000 6,734,000 5,544,000 Long-Term Obligations ... ... ... 21,802,000 21,716,000 22,456,000 17,643,000 12,874,000 Total Liabilities 375,000 280,000 602,000 42,855,000 41,790,000 43,403,000 35,973,000 28,130,000 Stockholders' Equity 6,444,000 5,904,000 6,983,000 2,562,000 2,889,000 (490,000) (163,000) 806,000 Shares Outstanding 96,871 99,159 100,163 100,503 101,632 102,887 105,993 108,958 Statistical Record Return on Assets % N.M. N.M. 16.14 N.M. 5.47 N.M. N.M. N.M. Return on Equity % N.M. N.M. 89.62 N.M. 199.58 ... N.M. N.M. EBITDA Margin % ... ... 385.70 5.69 4.77 5.27 5.98 5.01 Net Margin % ... ... 387.06 N.M. 9.77 N.M. N.M. N.M. Asset Turnover 0.04 ... 0.04 0.53 0.56 0.57 0.61 0.60 Current Ratio 8.33 7.43 3.62 1.31 1.59 1.55 1.44 1.87 Debt to Equity ... ... ... 8.51 7.52 ... ... 15.97 Price Range 68.02-27.88 68.02-27.88 63.29-54.07 75.96-50.88 82.58-65.40 72.09-55.26 63.03-53.19 62.60-50.17 P/E Ratio ... ... 1.48-1.27 ... 3.52-2.79 ... ... ... Average Yield % 0.54 0.50 0.48 0.36 0.30 0.32 0.31 0.28
Address: 161 Bay Street, Toronto, M5J 2S1 Telephone: 416-362-7711 Web Site: www.onex.com
Officers: Gerald W. Schwartz - Chairman, President, Chief Executive Officer Andrea E. Daly - Vice President, General Counsel, Secretary Transfer Agents:AST Trust Company (Canada), Montreal, Quebec, Canada
345
No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
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PEMBINA PIPELINE CORP Exchange TSX
Symbol PPL
Price C$28.26 (9/30/2020)
52Wk Range 53.22-11.66
65 60 55 50 45 40 35 30 25 20 15 10 2000 1500 1000 500 0
2011
2012
2013
Yield 8.92
*12 Month Price Score 80.70 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.49 0.26 0.22 2018 0.59 0.42 0.60 2019 0.55 1.23 0.66 2020 0.50 0.39 ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.21M 07/06/2020 07/23/2020 07/24/2020 0.21M 08/06/2020 08/24/2020 08/25/2020 0.21M 09/03/2020 09/24/2020 09/25/2020 0.21M 10/06/2020 10/22/2020 10/23/2020 Indicated Div: $2.52 Valuation Analysis Forecast EPS $2.00 (09/10/2020) Market Cap C$15.5 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.92 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 83.78 *NYSE Composite Index=100
P/E 16.06 Dec 0.92 0.67 0.21 ...
Pay 08/14/2020 09/15/2020 10/15/2020 11/13/2020
$16.9 Billion 2.31
6.53% 8
Business Summary: Equipment & Services (MIC: 9.1.3 SIC: 4612 NAIC: 486110) Pembina Pipeline has four operating segments: conventional pipelines business, which is a tariff-based operation consisting of pipelines and related facilities that deliver crude oil and natural gas liquids; oil sands and heavy oil business, which consists of the Syncrude Pipeline, the Cheecham Lateral and the Horizon Pipeline; midstream and marketing business, which consists of Co.'s direct and indirect interest in a storage operation, its direct interest in terminals, storage and hub services under a mixture of short, medium and long-term contractual arrangements; and gas services business which consists of natural gas gathering and processing facilities. Recent Developments: For the quarter ended June 30 2020, net income decreased 61.9% to C$253.0 million from C$664.0 million in the year-earlier quarter. Revenues were C$1.33 billion, down 30.0% from C$1.91 billion the year before. Operating income was C$416.0 million versus C$552.0 million in the prior-year quarter, a decrease of 24.6%. Direct operating expenses declined 31.2% to C$878.0 million from C$1.28 billion in the comparable period the year before. Indirect operating expenses decreased 49.4% to C$39.0 million from C$77.0 million in the equivalent prior-year period. Prospects: Our evaluation of Pembina Pipeline Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while C.PPL has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.PPL will perform over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.76 2.60 2.65 2.28 1.88 1.01 1.02 1.06 Cash Flow Per Share ... ... 4.95 4.47 3.55 2.77 2.31 2.45 Tang Book Value Per Share 13.55 14.09 18.76 14.79 13.22 9.96 9.39 7.74 Dividends Per Share 2.460 2.420 2.360 2.240 2.040 1.898 1.800 1.720 Dividend Payout % 139.77 93.08 89.06 98.25 108.51 187.87 176.47 162.26 Income Statement Total Revenue 3,087,000 1,754,000 7,620,000 7,784,000 5,453,000 4,194,000 4,669,000 6,093,000 EBITDA 1,335,000 ... 2,228,000 2,380,000 1,538,000 1,003,000 933,000 844,000 Depn & Amortn 353,000 177,000 392,000 364,000 334,000 247,000 216,000 182,000 Income Before Taxes 785,000 ... 1,528,000 1,742,000 1,033,000 654,000 614,000 572,000 Income Taxes 218,000 127,000 36,000 464,000 142,000 189,000 199,000 167,000 Net Income 567,000 314,000 1,492,000 1,278,000 891,000 466,000 406,000 383,000 Average Shares 550,000 549,000 514,000 509,000 432,000 389,000 348,000 327,656 Balance Sheet Current Assets 823,000 924,000 987,000 1,013,000 1,022,000 676,000 676,000 688,000 Total Assets 33,791,000 34,110,000 33,153,000 26,664,000 25,566,000 15,017,000 12,936,000 11,262,000 Current Liabilities 1,601,000 1,525,000 1,457,000 1,490,000 1,142,000 785,000 639,000 705,000 Long-Term Obligations 10,312,000 10,339,000 10,078,000 7,057,000 7,300,000 4,145,000 3,318,000 2,857,000 Total Liabilities 16,920,000 16,906,000 16,443,000 12,320,000 11,777,000 6,721,000 5,512,000 4,926,000 Stockholders' Equity 16,871,000 17,204,000 16,710,000 14,344,000 13,789,000 8,296,000 7,424,000 6,336,000 Shares Outstanding 550,000 550,000 548,000 508,000 503,000 397,000 373,000 337,924 Statistical Record Return on Assets % 3.53 4.87 4.99 4.89 4.39 3.33 3.36 3.75 Return on Equity % 6.87 9.46 9.61 9.09 8.07 5.91 5.90 6.66 EBITDA Margin % 43.25 ... 29.24 30.58 28.20 23.92 19.98 13.85 Net Margin % 18.37 17.90 19.58 16.42 16.34 11.11 8.70 6.29 Asset Turnover 0.22 0.24 0.25 0.30 0.27 0.30 0.39 0.60 Current Ratio 0.51 0.61 0.68 0.68 0.89 0.86 1.06 0.98 Debt to Equity 0.61 0.60 0.60 0.49 0.53 0.50 0.45 0.45 Price Range 53.22-11.66 53.22-11.66 50.46-29.67 47.52-28.96 46.14-30.74 42.62-18.96 43.35-20.71 52.87-31.59 P/E Ratio 30.24-6.63 20.47-4.48 19.04-11.20 20.84-12.70 24.54-16.35 42.20-18.77 42.50-20.30 49.88-29.80 Average Yield % 6.54 5.85 5.61 5.81 5.38 5.80 5.39 4.15
Address: Suite 4000, 585 – 8th Avenue S.W., Calgary, T2P 1G1 Telephone: 403-231-3156 Web Site: www.pembina.com
Officers: Randall J. Findlay - Chairman Michael H. Dilger - President, Chief Executive Officer Transfer Agents:Computershare Trust Company of Canada, Calgary Alberta, Canada
348
Investor Contact: 403-231-3156 No of Institutions: 413 Shares: 346,462,976 % Held: 78.61
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RICHELIEU HARDWARE LTD Exchange TSX
Symbol RCH
Price C$35.16 (9/30/2020)
52Wk Range 36.42-14.70
Yield 0.76
3-for-1
*7 Year Price Score 101.26 *NYSE Composite Index=100 *12 Month Price Score 124.98 Interim Earnings (Per Share) Can$ Qtr. Feb May Aug 70 2016-17 0.20 0.30 0.31 65 2017-18 0.22 0.31 0.32 60 2018-19 0.18 0.34 0.33 55 2019-20 0.21 0.31 ... 50 Interim Dividends (Per Share) 45 Amt Decl Ex Rec 40 0.063Q 10/04/2019 10/16/2019 10/17/2019 35 0.067Q 01/24/2020 02/05/2020 02/06/2020 30 0.067Q 07/09/2020 07/22/2020 07/23/2020 25 0.067Q 10/08/2020 10/21/2020 10/22/2020 20 Indicated Div: $0.27 15 Valuation Analysis 10 Forecast EPS $1.43 (09/13/2020) 5 Market Cap C$2.0 Billion Book Value TRADING VOLUME (thousand shares) 60 Price/Book 3.73 Price/Sales 40 Dividend Achiever Status 20 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 29.55 Nov 0.34 0.33 0.34 ...
Pay 10/31/2019 02/20/2020 08/07/2020 11/05/2020
$531.2 Million 1.92
6.29% 10
Business Summary: Construction Materials (MIC: 8.5.1 SIC: 2435 NAIC: 321211) Richelieu Hardware is engaged in distributing, importing, and manufacturing of specialty hardware and complementary products. These products are targeted to an extensive customer base of kitchen and bathroom cabinet, furniture, and window and door manufacturers plus the residential and commercial woodworking industry, as well as a customer base of retailers, including renovation product superstores. Recent Developments: For the quarter ended May 31 2020, net income decreased 7.3% to C$17.8 million from C$19.2 million in the year-earlier quarter. Revenues were C$248.3 million, down 11.7% from C$281.1 million the year before. Operating income was C$25.2 million versus C$27.3 million in the prior-year quarter, a decrease of 8.0%. Direct operating expenses declined 13.1% to C$214.5 million from C$246.7 million in the comparable period the year before. Indirect operating expenses increased 22.7% to C$8.6 million from C$7.0 million in the equivalent prior-year period. Prospects: Our evaluation of Richelieu Hardware Ltd. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been mixed and C.RCH has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.RCH will perform in line with the market over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 11/30/2019 11/30/2018 11/30/2017 11/30/2016 11/30/2015 11/30/2014 Earnings Per Share 1.19 1.22 1.18 1.17 1.15 1.07 0.99 0.88 Cash Flow Per Share ... ... 1.55 0.73 0.97 1.14 0.47 0.69 Tang Book Value Per Share 7.17 6.78 6.86 6.46 5.81 5.34 4.83 3.93 Dividends Per Share 0.193 0.257 0.253 0.240 0.227 0.213 0.200 0.187 Dividend Payout % 16.24 21.03 21.46 20.51 19.72 19.93 20.20 21.29 Income Statement Total Revenue 497,654 249,401 1,041,647 1,004,400 942,545 844,473 749,646 646,909 EBITDA ... ... 98,488 97,932 95,527 88,183 82,544 73,551 Depn & Amortn 16,463 7,849 5,113 5,206 3,814 3,393 3,163 2,963 Income Before Taxes ... ... 93,375 92,726 91,713 84,790 79,381 70,588 Income Taxes 11,172 4,507 25,642 24,762 23,781 21,777 20,503 18,015 Net Income 29,479 11,772 67,534 67,777 67,704 62,814 58,739 52,393 Average Shares 56,538 56,633 57,192 58,064 58,659 58,781 59,343 59,754 Balance Sheet Current Assets 492,896 456,111 445,345 419,844 399,187 362,803 337,308 285,394 Total Assets 729,941 696,011 607,542 569,119 542,667 486,046 449,792 390,721 Current Liabilities 134,900 118,896 95,799 90,501 99,071 82,056 76,729 70,528 Long-Term Obligations 2,200 2,200 ... ... ... 528 1,335 2,002 Total Liabilities 198,700 186,866 106,409 98,841 108,575 91,778 86,907 81,572 Stockholders' Equity 531,241 509,145 501,133 470,278 434,092 394,268 362,885 309,149 Shares Outstanding 56,300 56,287 56,240 57,114 57,795 57,920 58,643 58,698 Statistical Record Return on Assets % 10.02 10.79 11.48 12.19 13.16 13.39 13.98 14.03 Return on Equity % 13.23 14.05 13.90 14.99 16.35 16.55 17.48 17.52 EBITDA Margin % ... ... 9.46 9.75 10.14 10.44 11.01 11.37 Net Margin % 5.92 4.72 6.48 6.75 7.18 7.44 7.84 8.10 Asset Turnover 1.53 1.66 1.77 1.81 1.83 1.80 1.78 1.73 Current Ratio 3.65 3.84 4.65 4.64 4.03 4.42 4.40 4.05 Debt to Equity N.M. N.M. ... ... ... N.M. N.M. 0.01 Price Range 29.81-14.70 29.81-15.37 27.77-15.25 34.40-19.17 35.25-18.95 67.30-15.67 24.17-15.49 19.10-13.82 P/E Ratio 25.05-12.35 24.43-12.60 23.53-12.92 29.40-16.38 30.65-16.48 62.90-14.64 24.41-15.64 21.70-15.70 Average Yield % 0.77 1.05 1.09 0.83 0.79 0.89 0.96 1.15
Address: 7900 Henri-Bourassa Blvd. West, Montreal, H4S 1V4 Telephone: 514-336-4144 Web Site: www.richelieu.com
Officers: Robert Chevrier - Chairman Richard Lord President, Chief Executive Officer Transfer Agents: Computershare Trust Company of Canada, Canada
350
No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
RITCHIE BROS AUCTIONEERS INC Exchange TSX
Symbol RBA
Price C$78.97 (9/30/2020)
52Wk Range 83.66-39.16
Yield 1.11
*7 Year Price Score 129.96 *NYSE Composite Index=100 *12 Month Price Score 124.65 Interim Earnings (Per Share) Qtr. Mar Jun Sep 85 2017 0.10 0.16 0.09 80 2018 0.16 0.42 0.21 75 2019 0.17 0.49 0.23 70 2020 0.21 0.49 ... 65 60 Interim Dividends (Per Share) 55 Amt Decl Ex Rec 50 0.20Q 11/06/2019 11/26/2019 11/27/2019 0.20Q 01/27/2020 02/13/2020 02/14/2020 45 0.20Q 05/06/2020 05/26/2020 05/27/2020 40 0.22Q 08/05/2020 08/25/2020 08/26/2020 35 Indicated Div: $0.88 30 25 Valuation Analysis 20 Forecast EPS $1.50 (09/07/2020) 15 Market Cap $8.6 Billion Book Value TRADING VOLUME (thousand shares) 150 Price/Book 9.54 Price/Sales 100 Dividend Achiever Status 50 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 56.41 Dec 0.34 0.00 0.47 ...
Pay 12/18/2019 03/06/2020 06/17/2020 09/16/2020
$899.1 Million 6.68
7.07% 16
Business Summary: Business Services (MIC: 7.5.2 SIC: 7389 NAIC: 561990) Ritchie Bros Auctioneers is a holding company. Through its subsidiaries, Co. is engaged in asset management and disposition of used industrial equipment and other assets. Co. sells used equipment for its customers through live, unreserved auctions, which are simulcast online to reach a global bidding audience. Through its unreserved auctions, online marketplaces, and private brokerage services, Co. sells a range of used and unused equipment, including earthmoving equipment, truck trailers, government surplus, oil and gas equipment and other industrial assets. Co.'s customers participate in a variety of sectors, including heavy construction, transportation, agriculture, energy, and mining. Recent Developments: For the quarter ended June 30 2020, net income decreased 1.9% to US$53.1 million from US$54.1 million in the year-earlier quarter. Revenues were US$389.1 million, down 1.1% from US$393.2 million the year before. Operating income was US$88.8 million versus US$78.0 million in the prior-year quarter, an increase of 13.9%. Direct operating expenses declined 8.7% to US$182.6 million from US$200.1 million in the comparable period the year before. Indirect operating expenses increased 2.2% to US$117.7 million from US$115.2 million in the equivalent prior-year period. Prospects: Our evaluation of Ritchie Bros. Auctioneers Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, while RBA has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that RBA will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.40 1.40 1.36 1.11 0.69 0.85 1.27 0.85 Cash Flow Per Share 3.42 2.43 3.07 1.34 1.37 1.66 1.83 1.39 Tang Book Value Per Share 0.04 N.M. N.M. N.M. N.M. 4.84 5.04 5.39 Dividends Per Share 0.800 0.780 0.760 0.700 0.680 0.660 0.600 0.540 Dividend Payout % 57.14 55.71 55.88 63.06 98.55 77.65 47.24 63.53 Income Statement Total Revenue 662,305 273,255 1,318,641 1,170,026 610,517 566,395 515,875 481,097 EBITDA 150,784 49,795 261,152 226,060 144,022 167,041 216,772 (34,223) Depn & Amortn 23,468 12,136 29,112 29,021 28,337 30,983 35,374 35,396 Income Before Taxes 109,252 28,477 190,763 152,512 77,394 130,494 176,436 (74,896) Income Taxes 33,304 5,648 41,623 31,006 2,088 36,982 37,861 35,966 Net Income 75,851 22,809 149,039 121,479 75,027 91,832 136,214 91,490 Average Shares 109,323 110,482 109,759 109,388 108,113 107,457 107,432 107,660 Balance Sheet Current Assets 962,454 709,469 679,584 603,538 508,487 377,998 430,099 394,573 Total Assets 2,478,513 2,227,718 2,229,430 2,052,396 2,017,312 1,599,533 1,120,115 1,112,890 Current Liabilities 768,042 584,010 501,258 440,092 388,455 252,834 289,966 254,221 Long-Term Obligations 631,176 630,138 627,204 698,172 795,985 595,706 54,567 110,846 Total Liabilities 1,579,459 1,387,913 1,327,597 1,220,830 1,268,616 908,526 416,939 404,805 Stockholders' Equity 899,054 839,805 901,833 831,566 739,682 687,057 678,391 708,085 Shares Outstanding 108,630 108,198 109,337 108,682 107,269 106,822 107,200 107,687 Statistical Record Return on Assets % 6.29 6.91 6.96 5.97 4.15 6.73 12.20 8.04 Return on Equity % 17.64 18.42 17.20 15.46 10.52 13.41 19.65 13.05 EBITDA Margin % 22.77 18.22 19.80 19.32 23.59 29.49 42.02 N.M. Net Margin % 11.45 8.35 11.30 10.38 12.29 16.21 26.40 19.02 Asset Turnover 0.53 0.58 0.62 0.57 0.34 0.42 0.46 0.42 Current Ratio 1.25 1.21 1.36 1.37 1.31 1.50 1.48 1.55 Debt to Equity 0.70 0.75 0.70 0.84 1.08 0.87 0.08 0.16 Price Range 61.79-39.16 58.36-39.16 57.89-43.55 50.42-37.60 45.77-31.71 52.24-30.96 39.82-29.80 31.67-23.82 P/E Ratio 44.14-27.97 41.69-27.97 42.57-32.02 45.42-33.87 66.33-45.96 61.46-36.42 31.35-23.46 37.26-28.02 Average Yield % 1.49 1.53 1.55 1.60 1.74 1.62 1.77 2.05 Officers: Beverley Anne Briscoe - Chairwoman Erik No of Institutions: 357 Address: 9500 Glenlyon Parkway, Shares: 126,489,928 % Held: 90.86 Olsson - Vice-Chairman Transfer Agents: Burnaby, V5J 0C6 Telephone: 778-331-5500 Computershare Trust Company of Canada, Toronto, Web Site: www.rbauction.com Ontario, Canada
351
ROYAL BANK OF CANADA (MONTREAL, QUEBEC) Exchange NYS
Symbol RY
Price $93.49 (9/30/2020)
150 140 130 120 110 100 90 80 70 60 50 40 2000 1500 1000 500 0
2011
2012
2013
52Wk Range 109.36-72.25
Yield 4.62
*12 Month Price Score 96.89 Interim Earnings (Per Share) Can$ Qtr. Jan Apr Jul 2016-17 1.97 1.85 1.85 2017-18 2.01 2.06 2.10 2018-19 2.15 2.20 2.22 2019-20 2.40 1.00 2.20 Interim Dividends (Per Share) Amt Decl Ex Rec 1.05Q 12/03/2019 01/24/2020 01/27/2020 1.08Q 02/21/2020 04/22/2020 04/23/2020 1.08Q 05/27/2020 07/24/2020 07/27/2020 1.08Q 08/26/2020 10/23/2020 10/26/2020 Indicated Div: $4.32 Valuation Analysis Forecast EPS $7.63 (09/08/2020) Market Cap C$133.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.54 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 98.90 *NYSE Composite Index=100
P/E 12.02 Oct 1.89 2.20 2.18 ...
Pay 02/24/2020 05/22/2020 08/24/2020 11/24/2020
$86.3 Billion 2.06
7.46% 9
Business Summary: Banking (MIC: 5.1.1 SIC: 6029 NAIC: 522110) Royal Bank of Canada is a financial services company. Co. is organized into five business segments: Personal and Commercial Banking, which provides a range of financial products and services; Wealth Management, which provides a range of investment, trust, banking, credit and other wealth management solutions; Insurance, which provides range of life, health, home, auto, travel, wealth, annuities and reinsurance advice; Investor and Treasury Services, which acts as a provider of asset services and cash management; and Capital Markets, which provides services in banking, finance and capital markets to corporations, institutional investors, asset managers, governments and central banks. Recent Developments: For the quarter ended July 31 2020, net income decreased 1.9% to C$3.20 billion from C$3.26 billion in the year-earlier quarter. Net interest income increased 2.4% to C$5.14 billion from C$5.02 billion in the year-earlier quarter. Provision for loan losses was C$675.0 million versus C$425.0 million in the prior-year quarter, an increase of 58.8%. Non-interest income rose 19.2% to C$7.78 billion from C$6.53 billion, while non-interest expense advanced 18.5% to C$8.84 billion. Prospects: Our evaluation of Royal Bank of Canada as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while RY has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that RY will perform in line with the market over the near term. Financial Data (Can$ in Thousands) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share 7.78 7.80 9.00 8.75 8.36 7.56 6.78 6.73 Cash Flow Per Share ... ... ... 9.94 12.10 25.72 18.02 16.74 Tang Book Value Per Share 44.17 44.22 43.79 43.29 40.12 35.75 32.68 31.15 Dividends Per Share 4.260 4.200 4.140 4.070 3.770 3.480 3.240 3.080 Dividend Payout % 54.76 53.85 46.00 46.51 45.10 46.03 47.79 45.77 Income Statement Interest Income 27,420,000 19,464,000 10,238,000 41,333,000 33,021,000 26,904,000 24,452,000 22,729,000 Interest Expense 11,595,000 8,778,000 5,017,000 21,584,000 14,830,000 9,764,000 7,921,000 7,958,000 Net Interest Income 5,139,000 5,465,000 5,221,000 19,749,000 18,191,000 17,140,000 16,531,000 14,771,000 Provision for Losses 3,924,000 3,249,000 419,000 1,864,000 1,307,000 1,150,000 1,546,000 1,097,000 Non-Interest Income 20,264,000 12,483,000 7,615,000 26,253,000 24,385,000 23,529,000 21,874,000 20,550,000 Non-Interest Expense 21,922,000 13,757,000 7,992,000 ... ... ... ... ... Income Before Taxes ... ... ... 15,838,000 15,739,000 14,337,000 13,123,000 12,474,000 Income Taxes 2,052,000 1,173,000 916,000 3,043,000 3,329,000 3,203,000 2,841,000 2,597,000 Net Income 8,185,000 4,988,000 3,504,000 12,860,000 12,400,000 11,428,000 10,405,000 9,925,000 Average Shares 1,427,777 1,427,871 1,433,060 1,440,682 1,450,485 1,474,421 1,494,137 1,442,935 Balance Sheet Net Loans & Leases 655,941,000 673,448,000 629,940,000 618,856,000 576,818,000 542,617,000 521,604,000 472,223,000 Total Assets 1,683,134,0001,675,682,0001,476,304,0001,428,935,0001,334,734,0001,212,853,0001,180,258,0001,074,208,000 Total Deposits 1,017,158,0001,009,447,000 902,284,000 886,005,000 837,046,000 789,635,000 757,589,000 697,227,000 Total Liabilities 1,596,866,0001,590,747,0001,392,349,0001,345,412,0001,254,873,0001,139,024,0001,109,241,0001,012,062,000 Stockholders' Equity 86,268,000 84,935,000 83,955,000 83,523,000 79,861,000 73,829,000 71,017,000 62,146,000 Shares Outstanding 1,422,200 1,422,566 1,423,212 1,430,096 1,438,794 1,452,535 1,484,235 1,442,891 Statistical Record Return on Assets % 0.74 0.75 0.93 0.93 0.97 0.96 0.92 0.99 Return on Equity % 13.51 13.73 16.04 15.74 16.14 15.78 15.58 17.29 Net Interest Margin % 64.59 59.23 51.00 47.78 55.09 63.71 67.61 64.99 Loans to Deposits 0.64 0.67 0.70 0.70 0.69 0.69 0.69 0.68 Price Range 109.36-72.25 109.36-72.25 109.36-97.60 107.96-90.21 108.05-94.02 102.10-82.06 84.50-65.00 83.33-70.71 P/E Ratio 14.06-9.29 14.02-9.26 12.15-10.84 12.34-10.31 12.92-11.25 13.51-10.85 12.46-9.59 12.38-10.51 Average Yield % 4.33 4.13 3.97 4.00 3.73 3.71 4.23 3.99
Address: 200 Bay Street, Toronto, M5J 2J5 Telephone: 416-974-6715 Web Site: www.rbc.com
Officers: David I. McKay - President, Chief Executive Investor Contact: 416-955-7806 Officer Rod Bolger - Chief Financial Officer Transfer No of Institutions: 716 Agents:Computershare Trust Company, Canton, Shares: 740,821,056 % Held: 44.37 Massachusetts, USA
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SMARTCENTRES REAL ESTATE INVESTMENT TRUST Exchange TSX
Symbol SRU UN
Price C$15.07 (9/30/2020)
70 65 60 55 50 45 40 35 30 25 20 15 10 300 200 100 0
2011
2012
2013
52Wk Range 32.92-10.36
Yield 12.27
*12 Month Price Score 79.62 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.00 0.00 0.00 2018 0.00 0.00 0.00 2019 0.47 0.56 0.00 2020 0.37 (0.78) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.154M 06/25/2020 06/29/2020 06/30/2020 0.154M 07/27/2020 07/30/2020 07/31/2020 0.154M 08/25/2020 08/28/2020 08/31/2020 0.154M 09/24/2020 09/29/2020 09/30/2020 Indicated Div: $1.85 Valuation Analysis Forecast EPS $0.62 (09/08/2020) Market Cap C$2.6 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 0.59 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 75.22 *NYSE Composite Index=100
P/E N/A Dec 0.00 0.00 0.00 ...
Pay 07/15/2020 08/17/2020 09/15/2020 10/15/2020
$4.3 Billion 3.20
3.03% 6
Business Summary: REITs (MIC: 5.3.1 SIC: 6722 NAIC: 525910) SmatCentres Real Estate Investment Trust is an unincorporated open-ended mutual fund trust. The Trust owns, develops, manages and operates income properties located in Canada. The Turst develops, leases, constructs, owns and manages shopping centres, office buildings, high-rise and low-rise condominium and rentalresidences, senior housing and self-storage rental facilities in Canada, both directly and through its subsidiaries. In addition, the Trust is a joint-venture partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group. Recent Developments: For the quarter ended June 30 2020, net loss amounted to C$133.7 million versus net income of C$95.5 million in the year-earlier quarter. Revenues were C$190.3 million, down 3.3% from C$196.7 million the year before. Operating loss was C$99.4 million versus an income of C$124.8 million in the prior-year quarter. Direct operating expenses rose 19.3% to C$84.6 million from C$71.0 million in the comparable period the year before. Indirect operating expenses increased 56.9% to C$7.6 million from C$4.9 million in the equivalent prior-year period. Prospects: Our evaluation of SmartCentres Real Estate Investment Trust as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has enjoyed a very positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been unchanged, while C.SRU.U has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.SRU.U will perform well over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Tang Book Value Per Share 25.13 26.21 25.95 25.35 24.69 24.38 23.62 24.21 Dividends Per Share 1.838 1.825 1.813 1.762 1.713 1.663 1.613 1.561 Income Statement Total Revenue 397,012 206,727 806,412 790,178 734,032 725,267 668,653 607,819 EBITDA ... ... 516,779 549,131 506,266 522,659 464,581 405,045 Depn & Amortn 7,304 2,051 ... ... ... ... (227) 443 Income Before Taxes ... ... 367,564 392,408 357,589 372,348 317,892 258,482 Net Income (58,594) 53,920 314,046 334,529 296,833 322,231 269,167 226,541 Average Shares 172,980 172,515 ... ... ... ... ... ... Balance Sheet Current Assets 826,297 585,445 179,294 140,009 252,492 164,795 101,315 50,044 Total Assets 10,382,902 10,430,793 9,928,467 9,459,632 9,380,232 8,738,878 8,505,003 7,107,403 Current Liabilities 1,072,987 846,012 332,988 797,147 619,592 720,508 404,059 569,571 Long-Term Obligations 4,060,079 4,133,213 4,110,548 3,529,954 3,815,827 3,287,211 3,560,677 2,574,012 Total Liabilities 6,065,689 5,934,182 5,435,789 5,311,451 5,385,973 4,891,303 4,811,918 3,807,417 Stockholders' Equity 4,317,213 4,496,611 4,492,678 4,148,181 3,994,259 3,847,575 3,693,085 3,299,986 Shares Outstanding 169,945 169,765 171,283 161,716 159,720 155,686 154,088 136,315 Statistical Record Return on Assets % 1.08 3.00 3.24 3.55 3.28 3.73 3.45 3.20 Return on Equity % 2.48 6.78 7.27 8.22 7.57 8.52 7.70 6.95 EBITDA Margin % ... ... 64.08 69.49 68.97 72.06 69.48 66.64 Net Margin % N.M. 26.08 38.94 42.34 40.44 44.43 40.26 37.27 Asset Turnover 0.08 0.08 0.08 0.08 0.08 0.08 0.09 0.09 Current Ratio 0.77 0.69 0.54 0.18 0.41 0.23 0.25 0.09 Debt to Equity 0.94 0.92 0.91 0.85 0.96 0.85 0.96 0.78 Price Range 33.90-10.36 35.12-10.36 35.12-22.64 32.33-20.87 33.96-22.63 38.63-20.19 32.35-21.45 28.14-21.77 Average Yield % 7.33 6.26 5.91 6.32 5.95 5.48 5.91 6.20
Address: 3200 Highway 7, Vaughan, L4K 5Z5 Telephone: 905-326-6400 Web Site: www.smartreit.com
Officers: Simon Nyilassy - President, Chief Executive No of Institutions: 46930 Officer Bart Munn - Chief Financial Officer Transfer Shares: 8,249,367,040 % Held: 1.09 Agents:Computershare Trust Company of Canada, Toronto, Ontario; Calgary, Alberta, Canada
354
STANTEC INC Exchange TSX
Symbol STN
Price C$30.34 (9/30/2020)
52Wk Range 44.26-21.02
Yield 2.04
100%
*7 Year Price Score 99.44 *NYSE Composite Index=100 *12 Month Price Score 107.59 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 45 2017 (0.51) 0.85 0.40 42.5 2018 0.32 0.35 (0.16) 40 2019 0.40 0.44 0.52 37.5 2020 0.35 0.47 ... 35 32.5 Interim Dividends (Per Share) 30 Amt Decl Ex Rec 27.5 0.145Q 11/06/2019 12/27/2019 12/30/2019 0.155Q 02/26/2020 03/30/2020 03/31/2020 25 0.155Q 05/06/2020 06/29/2020 06/30/2020 22.5 0.155Q 08/05/2020 09/29/2020 09/30/2020 20 Indicated Div: $0.62 17.5 15 Valuation Analysis 12.5 Forecast EPS $2.00 (09/03/2020) 10 Market Cap C$3.4 Billion Book Value TRADING VOLUME (thousand shares) 400 Price/Book 1.67 Price/Sales 300 Dividend Achiever Status 200 10 Year Growth Rate 100 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 17.64 Dec 0.10 (0.09) 0.38 ...
Pay 01/15/2020 04/15/2020 07/15/2020 10/15/2020
$2.0 Billion 0.90
9.41% 7
Business Summary: Business Services (MIC: 7.5.2 SIC: 8748 NAIC: 541690) Stantec is a provider of comprehensive professional services in the area of infrastructure and facilities for clients in the public and private sectors. Co.'s services include planning, engineering, architecture, interior design, landscape architecture, surveying and geomatics, project management, environmental sciences, and project economics for infrastructure and facilities projects. Recent Developments: For the quarter ended June 30 2020, net income increased 6.7% to C$52.6 million from C$49.3 million in the year-earlier quarter. Revenues were C$951.1 million, down 0.3% from C$953.6 million the year before. Operating income was C$86.8 million versus C$85.8 million in the prior-year quarter, an increase of 1.2%. Direct operating expenses rose 5.8% to C$461.4 million from C$436.1 million in the comparable period the year before. Indirect operating expenses decreased 6.5% to C$405.1 million from C$433.2 million in the equivalent prior-year period. Prospects: Our evaluation of Stantec Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and C.STN has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.STN will perform poorly over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.72 1.69 1.74 0.42 0.85 1.22 1.65 1.74 Cash Flow Per Share ... ... 4.06 1.52 2.31 2.66 2.18 2.22 Tang Book Value Per Share 1.09 0.59 0.04 0.34 0.68 N.M. 2.32 2.43 Dividends Per Share 0.600 0.590 0.580 0.550 0.500 0.450 0.420 0.370 Dividend Payout % 34.88 34.91 33.33 130.95 58.82 36.89 25.45 21.26 Income Statement Total Revenue 1,906,300 955,200 3,711,300 3,355,200 3,417,300 3,098,359 2,373,683 2,075,311 EBITDA 203,100 89,400 329,300 243,400 264,300 185,450 230,891 246,164 Depn & Amortn 57,200 28,700 (8,700) (12,900) (25,600) (24,488) 8,027 14,446 Income Before Taxes 118,400 45,700 264,700 224,700 260,900 178,410 209,559 220,781 Income Taxes 36,500 15,800 71,100 55,000 166,500 50,267 55,229 58,702 Net Income 92,300 39,700 194,400 47,400 97,000 130,549 156,378 164,498 Average Shares 111,851 111,852 111,550 113,822 114,352 107,325 94,593 94,328 Balance Sheet Current Assets 1,659,600 1,622,500 1,580,100 1,635,500 1,608,200 1,582,520 951,392 844,417 Total Assets 4,665,500 4,679,300 4,561,500 4,009,900 3,880,900 4,284,668 2,341,879 2,010,470 Current Liabilities 976,300 924,000 1,006,300 858,600 1,153,300 1,072,818 632,054 475,069 Long-Term Obligations 786,400 855,900 814,000 885,200 541,400 928,586 232,301 256,093 Total Liabilities 2,637,000 2,677,600 2,686,000 2,103,000 1,984,600 2,308,940 1,018,619 924,225 Stockholders' Equity 2,028,500 2,001,700 1,875,500 1,906,900 1,896,300 1,975,728 1,323,260 1,086,245 Shares Outstanding 111,691 111,103 111,212 111,860 113,991 114,081 94,435 93,836 Statistical Record Return on Assets % 4.17 4.07 4.54 1.20 2.38 3.93 7.19 8.94 Return on Equity % 9.92 9.80 10.28 2.49 5.01 7.89 12.98 16.63 EBITDA Margin % 10.65 9.36 8.87 7.25 7.73 5.99 9.73 11.86 Net Margin % 4.84 4.16 5.24 1.41 2.84 4.21 6.59 7.93 Asset Turnover 0.81 0.81 0.87 0.85 0.84 0.93 1.09 1.13 Current Ratio 1.70 1.76 1.57 1.90 1.39 1.48 1.51 1.78 Debt to Equity 0.39 0.43 0.43 0.46 0.29 0.47 0.18 0.24 Price Range 42.74-21.02 42.12-21.02 37.12-21.02 36.65-21.64 37.00-22.35 36.21-20.88 37.76-21.75 38.01-25.34 P/E Ratio 24.85-12.22 24.92-12.44 21.33-12.08 87.26-51.52 43.53-26.29 29.68-17.11 22.88-13.18 21.84-14.56 Average Yield % 1.94 2.02 2.09 1.88 1.66 1.59 1.43 1.15
Address: Suite 400, 10220 - 103 Avenue, Edmonton, T5J 0K4 Telephone: 780-917-7000 Web Site: www.stantec.com
Officers: Ronald P. Triffo - Chairman Robert J. Gomes - President, Chief Executive Officer Transfer Agents:Computershare Trust Company of Canada, Calgary, Alberta; Toronto, Ontario, Canada
355
No of Institutions: 1 Shares: 6,402 % Held: 66.31
STELLA-JONES INC. Exchange TSX
Symbol SJ
Price C$45.10 (9/30/2020)
52Wk Range 46.76-23.69
Yield 1.33
4-for-1
*7 Year Price Score 81.37 *NYSE Composite Index=100 *12 Month Price Score 117.21 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 55 2017 0.37 0.71 0.61 50 2018 0.33 0.69 0.66 45 2019 0.43 0.76 0.78 2020 0.41 1.02 ... 40 Interim Dividends (Per Share) 35 Amt Decl Ex Rec 30 0.14Q 11/07/2019 11/29/2019 12/02/2019 0.15Q 03/10/2020 04/02/2020 04/03/2020 25 0.15Q 05/06/2020 06/04/2020 06/05/2020 20 0.15Q 08/05/2020 08/31/2020 09/01/2020 Indicated Div: $0.60 15 Valuation Analysis 10 Forecast EPS $2.67 (09/09/2020) 5 Market Cap C$3.0 Billion Book Value TRADING VOLUME (thousand shares) 75 Price/Book 2.17 Price/Sales 50 Dividend Achiever Status 25 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 17.21 Dec 0.74 0.29 0.41 ...
Pay 12/19/2019 04/24/2020 06/26/2020 09/18/2020
$1.4 Billion 1.30
14.87% 15
Business Summary: Paper & Forest Products (MIC: 8.1.2 SIC: 2499 NAIC: 321999) Stella-Jones is a producer and marketer of pressure treated wood products. Co. supplies North America's railroad operators with railway ties and timbers, and the continent's electrical utilities and telecommunication companies with utility poles. Co. also provides residential lumber, which consists of pressure treated consumer lumber for use in patios, decks, fences and other outdoor applications, as well as industrial products including foundation and marine piling, railway bridge and crossing timbers, construction timbers and highway guardrail posts. Co. also manufactures the wood preservative creosote for use in its wood treating activities, as well as other coal tar based products. Recent Developments: For the quarter ended June 30 2020, net income increased 32.7% to C$69.0 million from C$52.0 million in the year-earlier quarter. Revenues were C$768.0 million, up 15.1% from C$667.0 million the year before. Operating income was C$101.0 million versus C$77.0 million in the prior-year quarter, an increase of 31.2%. Direct operating expenses rose 14.0% to C$637.0 million from C$559.0 million in the comparable period the year before. Indirect operating expenses decreased 3.2% to C$30.0 million from C$31.0 million in the equivalent prior-year period. Prospects: Our evaluation of Stella-Jones Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced while C.SJ has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.SJ will perform very poorly over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 2.62 2.36 2.37 1.98 2.42 2.22 2.04 1.50 Cash Flow Per Share ... ... 1.31 1.85 4.34 2.62 0.08 1.12 Tang Book Value Per Share 14.62 14.15 13.17 12.29 10.40 8.58 7.62 5.61 Dividends Per Share 0.580 0.560 0.560 0.480 0.440 0.400 0.320 0.280 Dividend Payout % 22.14 23.73 23.63 24.24 18.18 18.02 15.69 18.67 Income Statement Total Revenue 1,276,000 503,000 2,169,023 2,123,893 1,886,142 1,838,353 1,559,334 1,249,493 EBITDA 169,000 56,000 251,837 210,371 191,013 215,365 204,432 141,504 Depn & Amortn 37,000 18,000 9,500 4,070 2,634 (19) 1,470 (1,194) Income Before Taxes 132,000 38,000 218,682 187,199 188,379 215,384 202,962 142,698 Income Taxes 35,000 10,000 55,604 49,602 20,490 61,486 61,585 38,851 Net Income 97,000 28,000 163,078 137,597 167,889 153,898 141,377 103,847 Average Shares 67,500 67,500 68,768 69,360 69,333 69,231 69,153 69,027 Balance Sheet Current Assets 1,396,000 1,453,000 1,191,733 1,068,387 908,380 1,050,519 1,011,162 697,496 Total Assets 2,530,000 2,617,000 2,281,057 2,062,204 1,785,980 1,961,958 1,776,218 1,287,496 Current Liabilities 276,000 249,000 182,128 159,370 129,015 122,651 156,799 82,412 Long-Term Obligations 622,000 760,000 598,371 503,767 449,945 687,466 609,007 438,803 Total Liabilities 1,128,000 1,233,000 992,755 780,794 670,435 935,540 862,716 595,225 Stockholders' Equity 1,402,000 1,384,000 1,288,302 1,281,410 1,115,545 1,026,418 913,502 692,271 Shares Outstanding 67,488 67,476 67,466 69,267 69,342 69,303 69,137 68,949 Statistical Record Return on Assets % 7.36 6.60 7.51 7.15 8.96 8.21 9.23 8.80 Return on Equity % 13.21 12.15 12.69 11.48 15.68 15.82 17.61 16.43 EBITDA Margin % 13.24 11.13 11.61 9.90 10.13 11.72 13.11 11.32 Net Margin % 7.60 5.57 7.52 6.48 8.90 8.37 9.07 8.31 Asset Turnover 0.96 0.91 1.00 1.10 1.01 0.98 1.02 1.06 Current Ratio 5.06 5.84 6.54 6.70 7.04 8.57 6.45 8.46 Debt to Equity 0.44 0.55 0.46 0.39 0.40 0.67 0.67 0.63 Price Range 48.06-23.69 48.08-23.69 48.08-36.29 51.79-37.76 51.41-38.30 52.51-40.37 53.46-32.16 36.00-25.43 P/E Ratio 18.34-9.04 20.37-10.04 20.29-15.31 26.16-19.07 21.24-15.83 23.65-18.18 26.21-15.76 24.00-16.95 Average Yield % 1.58 1.40 1.35 1.07 0.98 0.87 0.74 0.93
Address: 3100 de la Cote-Vertu Blvd., Suite 300, Saint-Laurent, H4R 2J8 Telephone: 514-934-8666 Web Site: www.stella-jones.com
Officers: Tom A. Bruce Jones - Chairman Gianni Chiarva - Vice-Chairman Transfer Agents: Computershare Investor Services Inc., Montreal, Quebec, Canada
356
Investor Contact: 514-934-8666 No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
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TELUS CORP Exchange TSX
Symbol T
Price C$23.43 (9/30/2020)
52Wk Range 27.68-19.93 2-for-1
34 32 30 28
2-for-1
26 24 22 20 18 16 14 12 10 1200 800 400 0
2011
2012
2013
Yield 4.97
*12 Month Price Score 97.64 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.36 0.32 0.31 2018 0.34 0.33 0.37 2019 0.35 0.43 0.36 2020 0.28 0.23 ... Interim Dividends (Per Share) Amt Decl Ex Rec 2-for-1 02/12/2020 03/18/2020 03/13/2020 0.291Q 02/12/2020 03/10/2020 03/11/2020 0.291Q 05/07/2020 06/09/2020 06/10/2020 0.291Q 07/31/2020 09/09/2020 09/10/2020 Indicated Div: $1.17 Valuation Analysis Forecast EPS $1.17 (09/10/2020) Market Cap C$29.9 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 2.49 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 97.89 *NYSE Composite Index=100
P/E 19.86 Dec 0.23 0.30 0.30 ...
Pay 03/17/2020 04/01/2020 07/02/2020 10/01/2020
$12.0 Billion 2.02
8.18% 15
Business Summary: Services (MIC: 6.1.2 SIC: 4813 NAIC: 517110) TELUS is a telecommunications company providing a range of communications products and services, including wireless and wireline voice and data. Data services include: internet protocol; television; hosting, managed information technology, security and cloud-based services; healthcare solutions; and business process outsourcing. Recent Developments: For the quarter ended June 30 2020, net income decreased 39.4% to C$315.0 million from C$520.0 million in the year-earlier quarter. Revenues were C$3.66 billion, up 1.9% from C$3.59 billion the year before. Operating income was C$634.0 million versus C$740.0 million in the prior-year quarter, a decrease of 14.3%. Direct operating expenses declined 0.5% to C$1.46 billion from C$1.47 billion in the comparable period the year before. Indirect operating expenses increased 17.6% to C$1.64 billion from C$1.39 billion in the equivalent prior-year period. Prospects: Our evaluation of TELUS Corp. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been raised and TU has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that TU will perform poorly over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 1.18 1.38 1.45 1.34 1.23 1.03 1.15 1.16 Cash Flow Per Share ... ... 3.26 3.40 3.33 2.71 2.94 2.77 Dividends Per Share 1.155 1.145 1.126 1.050 0.985 0.920 0.840 0.760 Dividend Payout % 98.30 83.27 77.67 78.36 80.08 89.32 73.36 65.80 Income Statement Total Revenue 7,319,000 3,663,000 14,589,000 14,095,000 13,202,000 12,725,000 12,430,000 11,927,000 EBITDA 830,000 422,000 4,033,000 3,889,000 3,682,000 3,251,000 3,444,000 3,387,000 Depn & Amortn (482,000) (257,000) 1,080,000 1,071,000 1,065,000 1,081,000 1,041,000 1,012,000 Income Before Taxes 924,000 492,000 2,244,000 2,176,000 2,032,000 1,662,000 1,906,000 1,926,000 Income Taxes 256,000 139,000 468,000 552,000 553,000 426,000 524,000 501,000 Net Income 640,000 350,000 1,746,000 1,600,000 1,460,000 1,223,000 1,382,000 1,425,000 Average Shares 1,280,000 1,252,000 1,204,000 1,194,000 1,186,000 1,186,000 1,208,000 1,236,000 Balance Sheet Current Assets 4,420,000 4,768,000 4,353,000 3,841,000 2,884,000 2,474,000 2,331,000 2,186,000 Total Assets 40,308,000 41,068,000 37,975,000 33,065,000 29,548,000 27,729,000 26,406,000 23,217,000 Current Liabilities 4,850,000 5,299,000 5,574,000 4,841,000 5,190,000 4,951,000 4,276,000 3,499,000 Long-Term Obligations 16,235,000 16,185,000 17,142,000 13,265,000 12,256,000 11,604,000 11,182,000 9,055,000 Total Liabilities 28,262,000 28,300,000 27,427,000 22,806,000 21,327,000 19,812,000 18,734,000 15,763,000 Stockholders' Equity 12,046,000 12,768,000 10,548,000 10,259,000 8,221,000 7,917,000 7,672,000 7,454,000 Shares Outstanding 1,278,000 1,272,000 1,210,000 1,198,000 1,190,000 1,180,000 1,188,599 1,218,048 Statistical Record Return on Assets % 3.79 4.40 4.92 5.11 5.10 4.51 5.57 6.36 Return on Equity % 12.78 14.48 16.78 17.32 18.09 15.65 18.27 18.42 EBITDA Margin % 11.34 11.52 27.64 27.59 27.89 25.55 27.71 28.40 Net Margin % 8.74 9.56 11.97 11.35 11.06 9.61 11.12 11.95 Asset Turnover 0.39 0.39 0.41 0.45 0.46 0.47 0.50 0.53 Current Ratio 0.91 0.90 0.78 0.79 0.56 0.50 0.55 0.62 Debt to Equity 1.35 1.27 1.63 1.29 1.49 1.47 1.46 1.21 Price Range 27.68-19.93 27.68-19.93 25.68-22.36 24.55-22.14 24.40-21.15 22.00-18.18 22.50-18.96 21.89-18.14 P/E Ratio 23.45-16.89 20.05-14.44 17.71-15.42 18.32-16.52 19.83-17.20 21.36-17.65 19.57-16.49 18.87-15.64 Average Yield % 4.79 4.67 4.66 4.52 4.37 4.44 3.95 3.85
Address: Floor 23, 510 West Georgia, Vancouver, V6B 0M3 Telephone: 604-697-8044 Web Site: www.telus.com
Officers: Darren Entwistle - President, Chief Executive Officer John Gossling - Executive Vice President, Chief Financial Officer Transfer Agents: Computershare Trust Company of Canada, Calgary, Alberta, Canada
359
No of Institutions: 417 Shares: 696,617,088 % Held: N/A
TFI INTERNATIONAL INC Exchange NYS
Symbol TFII
Price $41.83 (9/30/2020)
52Wk Range 60.40-17.08
Yield 2.49
*7 Year Price Score 128.44 *NYSE Composite Index=100 *12 Month Price Score 131.77 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 65 2017 0.15 (0.82) 1.07 60 2018 0.53 0.89 0.96 55 2019 0.74 1.01 0.98 50 2020 0.88 0.79 ... 45 Interim Dividends (Per Share) 40 Amt Decl Ex Rec 35 0.26Q 12/17/2019 12/30/2019 12/31/2019 0.26Q 03/16/2020 03/30/2020 03/31/2020 30 0.26Q 06/15/2020 06/29/2020 06/30/2020 25 0.26Q 09/15/2020 09/29/2020 09/30/2020 20 Indicated Div: $1.04 15 Valuation Analysis 10 Forecast EPS $3.73 (09/13/2020) 5 Market Cap C$3.7 Billion Book Value TRADING VOLUME (thousand shares) 200 Price/Book 1.94 Price/Sales 150 Dividend Achiever Status 100 10 Year Growth Rate 50 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 11.82 Dec 1.29 0.85 0.89 ...
Pay 01/15/2020 04/15/2020 07/15/2020 10/15/2020
$1.9 Billion 0.74
10.13% 9
Business Summary: Trucking (MIC: 7.4.1 SIC: 4213 NAIC: 484122) TFI International is involved in the provision of transportation and logistics services across Canada and the U.S. Co.'s business segments include: Package and Courier, which is involved in the pickup, transport and delivery of items across North America; Less-Than-Truckload, which is involved in the pickup, consolidation, transport and delivery of smaller loads; Truckload, which is involved in full loads carried directly from the customer to the destination, including expedited transportation, flatbed, container and dedicated services; and Logistics, which is involved in the provision of a range of logistics services. Recent Developments: For the quarter ended June 30 2020, net income decreased 20.6% to C$69.7 million from C$87.7 million in the year-earlier quarter. Revenues were C$1.11 billion, down 17.3% from C$1.34 billion the year before. Operating income was C$131.5 million versus C$149.0 million in the prior-year quarter, a decrease of 11.8%. Indirect operating expenses decreased 18.8% to C$978.7 million from C$1.21 billion in the equivalent prior-year period. Prospects: Our evaluation of TFI International Inc. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while C.TFII has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.TFII will perform well over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.54 3.76 3.63 3.22 1.70 6.70 1.60 1.26 Cash Flow Per Share ... ... 7.61 6.18 3.54 3.58 4.24 3.07 Dividends Per Share 1.020 1.000 0.980 0.870 0.780 0.700 0.680 0.605 Dividend Payout % 28.81 26.60 27.00 27.02 45.88 10.45 42.50 48.02 Income Statement Total Revenue 2,346,699 1,240,482 5,178,864 5,123,208 4,741,019 4,025,208 4,029,889 3,714,669 EBITDA 164,946 77,444 660,689 573,218 322,461 330,324 380,814 300,116 Depn & Amortn (84,183) (41,531) 157,869 136,391 148,357 85,792 120,022 73,040 Income Before Taxes 213,159 99,259 425,979 382,218 117,346 203,331 200,756 181,663 Income Taxes 67,744 23,499 101,503 90,224 (40,642) 46,272 55,024 53,745 Net Income 145,415 75,760 310,283 291,994 157,988 639,579 163,437 127,918 Average Shares 88,638 86,256 85,364 90,803 92,777 95,520 101,993 101,365 Balance Sheet Current Assets 660,200 798,911 683,927 709,045 652,412 634,062 818,406 635,946 Total Assets 4,564,972 4,732,576 4,557,255 4,049,960 3,727,628 4,071,287 3,377,870 3,438,589 Current Liabilities 884,952 633,710 633,317 656,245 535,750 577,136 1,068,325 763,109 Long-Term Obligations 1,041,186 1,491,008 2,053,749 1,462,083 1,445,969 1,544,317 1,010,311 1,322,855 Total Liabilities 2,668,422 2,865,228 3,051,566 2,473,106 2,312,504 2,612,637 2,350,498 2,409,176 Stockholders' Equity 1,896,550 1,867,348 1,505,689 1,576,854 1,415,124 1,458,650 1,027,372 1,029,413 Shares Outstanding 87,880 87,125 81,450 86,397 89,123 91,575 97,632 102,323 Statistical Record Return on Assets % 6.63 6.94 7.21 7.51 4.05 17.12 4.80 4.65 Return on Equity % 17.97 19.15 20.13 19.52 11.00 51.31 15.89 14.06 EBITDA Margin % 7.03 6.24 12.76 11.19 6.80 8.21 9.45 8.08 Net Margin % 6.20 6.11 5.99 5.70 3.33 15.89 4.06 3.44 Asset Turnover 1.08 1.12 1.20 1.32 1.22 1.08 1.18 1.35 Current Ratio 0.75 1.26 1.08 1.08 1.22 1.10 0.77 0.83 Debt to Equity 0.55 0.80 1.36 0.93 1.02 1.06 0.98 1.29 Price Range 48.19-17.08 48.05-17.08 34.02-25.90 37.53-23.70 27.19-19.73 26.76-13.75 25.47-16.55 26.23-20.60 P/E Ratio 13.61-4.82 12.78-4.54 9.37-7.13 11.66-7.36 15.99-11.61 3.99-2.05 15.92-10.35 20.82-16.35 Average Yield % 3.12 3.16 3.20 2.82 3.30 3.61 3.28 2.60
Address: 8801 Trans-Canada Highway, Suite 500, Saint-Laurent, Montreal, H4S 1Z6 Telephone: 514-331-4000 Web Site: www.tfiintl.com
Officers: Alain Bedard - Chairman, President, Chief Executive Officer Jean-Francois Dodier - Executive Vice President Transfer Agents: Computershare Trust Company of Canada, Toronto, Ontario, Canada
360
Investor Contact: 647-729-4079 No of Institutions: 46930 Shares: 8,249,367,040 % Held: 1.09
THOMSON REUTERS CORP Exchange NYS
Symbol TRI
Price $79.77 (9/30/2020)
52Wk Range 82.02-52.75
Yield N/A
P/E 25.01
0.9079-for-1
*7 Year Price Score 126.75 *NYSE Composite Index=100 *12 Month Price Score 104.02 Interim Earnings (Per Share) Qtr. Mar Jun Sep Dec 120 115 2017 0.45 0.30 0.51 0.89 110 2018 (0.53) 0.97 0.41 5.06 105 100 2019 0.23 0.37 (0.09) 2.64 95 2020 0.39 0.25 ... ... 90 85 Interim Dividends (Per Share) 80 Amt Decl Ex Rec Pay 75 70 0.38Q 05/08/2018 05/16/2018 05/17/2018 06/15/2018 65 0.38Q 08/06/2018 08/15/2018 08/16/2018 09/17/2018 60 0.386Q 10/08/2018 11/14/2018 11/15/2018 12/17/2018 55 50 0.9079-for-1 ... 11/27/2018 ... ... 45 Valuation Analysis 40 35 Forecast EPS $1.80 (09/14/2020) 30 Market Cap $61.0 Billion Book Value $9.3 Billion 25 TRADING VOLUME (thousand shares) Price/Book 6.55 Price/Sales 10.30 1000 750 Dividend Achiever Status 500 10 Year Growth Rate 1.76% 250 0 Total Years of Dividend Growth 26 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Summary: Business Services (MIC: 7.5.2 SIC: 2721 NAIC: 511120) Thomson Reuters provides source of news and information. Co. operates three business: Financial & Risk, a provider of news, information and analytics, enabling transactions and connecting communities of trading, investment, financial and corporate professionals, as well as a provider of regulatory and operational risk management solutions; Legal, a provider of online and print information, decision tools, software and services that support legal, investigation, business and government professionals; and Tax & Accounting, a provider of integrated tax compliance and accounting information, software and services for professionals in accounting firms, corporations, law firms and government. Recent Developments: For the quarter ended June 30 2020, net income decreased 30.0% to US$126.0 million from US$180.0 million in the year-earlier quarter. Revenues were US$1.41 billion, down 1.3% from US$1.42 billion the year before. Operating income was US$365.0 million versus US$447.0 million in the prior-year quarter, a decrease of 18.3%. Indirect operating expenses decreased 9.5% to US$1.12 billion from US$1.24 billion in the equivalent prior-year period. Prospects: Our evaluation of Thomson Reuters Corp as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced while TRI has posted results that exceeded analysts' expectations. Based on operating earnings yield, the company is overvalued when compared to all of the companies we cover. Share price changes over the past year indicates that TRI will perform in line with the market over the near term. Financial Data (US$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.19 3.31 3.11 5.91 2.14 4.55 1.76 2.59 Cash Flow Per Share ... ... 1.40 3.09 3.11 4.39 4.00 3.23 Dividends Per Share 1.480 1.460 1.440 1.385 1.520 ... ... ... Dividend Payout % 46.39 44.11 46.30 23.43 71.13 ... ... ... Income Statement Total Revenue 2,925,000 1,520,000 5,906,000 5,501,000 11,333,000 11,166,000 12,209,000 12,607,000 EBITDA ... ... 769,000 432,000 689,000 521,000 789,000 1,435,000 Depn & Amortn 372,000 181,000 (409,000) (399,000) (871,000) (926,000) (986,000) (1,028,000) Income Before Taxes ... ... 971,000 533,000 1,190,000 1,037,000 1,357,000 2,018,000 Income Taxes 63,000 47,000 (1,198,000) 141,000 (274,000) (15,000) 56,000 62,000 Net Income 319,000 193,000 1,564,000 3,949,000 1,395,000 3,098,000 1,255,000 1,909,000 Average Shares 497,580 498,145 502,521 668,210 653,863 679,982 711,919 736,243 Balance Sheet Current Assets 3,040,000 2,942,000 3,071,000 4,529,000 2,977,000 4,634,000 3,540,000 3,646,000 Total Assets 16,903,000 16,916,000 17,295,000 17,047,000 26,480,000 27,852,000 29,095,000 30,597,000 Current Liabilities 2,159,000 3,175,000 3,219,000 2,462,000 4,796,000 4,562,000 5,390,000 4,597,000 Long-Term Obligations 3,699,000 2,676,000 2,676,000 3,213,000 5,382,000 6,278,000 6,829,000 7,576,000 Total Liabilities 7,594,000 7,680,000 7,735,000 7,821,000 13,403,000 15,079,000 16,482,000 16,419,000 Stockholders' Equity 9,309,000 9,236,000 9,560,000 9,226,000 13,077,000 12,773,000 12,613,000 14,178,000 Shares Outstanding ... 495,775 497,459 501,493 643,975 660,445 694,175 722,703 Statistical Record Return on Assets % 9.59 9.96 9.11 18.15 5.14 10.85 4.20 6.06 Return on Equity % 17.37 18.26 16.65 35.41 10.79 24.34 9.37 12.64 EBITDA Margin % ... ... 13.02 7.85 6.08 4.67 6.46 11.38 Net Margin % 10.91 12.70 26.48 71.79 12.31 27.74 10.28 15.14 Asset Turnover 0.36 0.36 0.34 0.25 0.42 0.39 0.41 0.40 Current Ratio 1.41 0.93 0.95 1.84 0.62 1.02 0.66 0.79 Debt to Equity 0.40 0.29 0.28 0.35 0.41 0.49 0.54 0.53 Price Range 82.02-52.75 82.02-52.75 72.76-46.87 53.97-41.46 52.94-46.59 49.95-38.13 46.61-40.72 45.40-36.82 P/E Ratio 25.71-16.54 24.78-15.94 23.40-15.07 9.13-7.01 24.74-21.77 10.98-8.38 26.48-23.14 17.53-14.22 Average Yield % 2.12 2.14 2.28 2.96 3.08 ... ... ... Officers: James C. Smith - President, Chief Executive No of Institutions: 489 Address: 333 Bay Street, Suite 400, Shares: 142,188,864 % Held: N/A Officer, Chief Operating Officer, Chief Executive Toronto, M5H 2R2 Telephone: 416-687-7500 Officer (frmr) Stephane Bello - Executive Vice Web Site: www.thomsonreuters.com President, Chief Financial Officer, Senior Vice President, Treasurer Transfer Agents: Computershare Trust Company N.A., College Station, Texas, United States
361
TOROMONT INDUSTRIES LTD Exchange TSX
Symbol TIH
Price C$79.68 (9/30/2020)
52Wk Range 79.68-37.03
Yield 1.56
*7 Year Price Score 128.54 *NYSE Composite Index=100 *12 Month Price Score 107.32 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 80 2017 0.34 0.51 0.62 75 2018 0.38 0.83 0.84 70 2019 0.48 0.94 0.97 65 2020 0.45 0.62 ... 60 55 Interim Dividends (Per Share) 50 Amt Decl Ex Rec 45 0.27Q 11/04/2019 12/06/2019 12/09/2019 0.31Q 02/11/2020 03/06/2020 03/09/2020 40 0.31Q 04/30/2020 06/08/2020 06/09/2020 35 0.31Q 07/28/2020 09/04/2020 09/08/2020 30 Indicated Div: $1.24 25 20 Valuation Analysis 15 Forecast EPS $2.87 (09/10/2020) 10 Market Cap C$6.5 Billion Book Value TRADING VOLUME (thousand shares) 75 Price/Book 4.19 Price/Sales 50 Dividend Achiever Status 25 10 Year Growth Rate 0 Total Years of Dividend Growth 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P/E 25.38 Dec 0.73 1.03 1.10 ...
Pay 01/03/2020 04/02/2020 07/03/2020 10/02/2020
$1.6 Billion 1.83
12.47% 30
Business Summary: Construction Services (MIC: 7.5.4 SIC: 7353 NAIC: 532412) Toromont Industries delivers capital equipment to a range of customers and industries. Co. operates through two business segments: the Equipment Group and CIMCO. Through its Equipment Group, Co. is engaged in the supply of mobile equipment and industrial engines and provides sales and rental solutions as well as product support through Toromont Cat, Battlefield – The Cat Rental Store and SITECH Mid-Canada Ltd. in Ontario, Newfoundland, Manitoba and most of Labrador and Nunavut, and AgWest Ltd. in Manitoba. Through CIMCO, Co. is engaged in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems with operations in Canada and the U.S.. Recent Developments: For the quarter ended June 30 2020, net income decreased 33.8% to C$51.2 million from C$77.4 million in the year-earlier quarter. Revenues were C$849.6 million, down 13.2% from C$978.3 million the year before. Operating income was C$77.1 million versus C$111.0 million in the prior-year quarter, a decrease of 30.5%. Direct operating expenses declined 11.5% to C$655.8 million from C$741.4 million in the comparable period the year before. Indirect operating expenses decreased 7.3% to C$116.7 million from C$125.9 million in the equivalent prior-year period. Prospects: Our evaluation of Toromont Industries Ltd. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has generated a negative trend in earnings per share over the past 5 quarters. In addition, recent analyst estimates for the company have been reduced and C.TIH has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is fairly valued when compared to all of the companies we cover. Share price changes over the past year indicates that C.TIH will perform very poorly over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 3.14 3.46 3.49 3.07 2.20 1.98 1.86 1.71 Cash Flow Per Share ... ... 1.79 6.23 3.31 2.41 1.47 1.86 Tang Book Value Per Share 13.14 13.34 12.82 10.36 7.96 10.94 9.60 8.29 Dividends Per Share 1.160 1.120 1.080 0.920 0.760 0.720 0.680 0.600 Dividend Payout % 36.94 32.37 30.95 29.97 34.55 36.36 36.56 35.09 Income Statement Total Revenue 1,565,056 715,459 3,678,705 3,504,236 2,350,162 1,867,283 1,802,233 1,660,390 EBITDA 219,750 99,834 462,000 418,526 279,194 196,798 185,156 209,541 Depn & Amortn 83,086 41,867 39,753 40,034 24,953 (23,771) (22,776) 20,575 Income Before Taxes 121,843 51,036 394,540 347,849 241,964 213,327 199,264 180,778 Income Taxes 33,237 13,640 107,740 95,865 65,994 57,579 53,598 47,582 Net Income 88,606 37,396 286,800 251,984 175,970 155,748 145,666 133,196 Average Shares 82,468 82,548 82,076 81,975 79,907 78,674 78,307 77,675 Balance Sheet Current Assets 1,943,031 1,888,845 1,824,254 1,779,100 1,477,665 907,975 799,136 698,838 Total Assets 3,472,441 3,438,743 3,371,337 3,234,531 2,857,909 1,410,571 1,276,077 1,107,802 Current Liabilities 937,700 929,287 994,979 1,125,194 699,291 332,593 312,843 404,085 Long-Term Obligations 745,712 745,703 645,471 644,540 893,806 150,717 152,079 4,942 Total Liabilities 1,912,391 1,863,437 1,837,446 1,906,852 1,733,182 525,139 500,796 439,727 Stockholders' Equity 1,560,050 1,575,306 1,533,891 1,327,679 1,124,727 885,432 775,281 668,075 Shares Outstanding 82,095 81,980 82,012 81,226 80,949 78,398 77,905 77,259 Statistical Record Return on Assets % 7.59 8.58 8.68 8.27 8.25 11.56 12.22 12.46 Return on Equity % 17.66 19.57 20.04 20.55 17.51 18.71 20.18 21.40 EBITDA Margin % 14.04 13.95 12.56 11.94 11.88 10.54 10.27 12.62 Net Margin % 5.66 5.23 7.80 7.19 7.49 8.34 8.08 8.02 Asset Turnover 1.05 1.11 1.11 1.15 1.10 1.39 1.51 1.55 Current Ratio 2.07 2.03 1.83 1.58 2.11 2.73 2.55 1.73 Debt to Equity 0.48 0.47 0.42 0.49 0.79 0.17 0.20 0.01 Price Range 73.44-37.03 73.44-37.03 70.88-39.63 67.18-38.84 58.34-31.41 44.04-19.48 37.06-21.59 28.87-22.23 P/E Ratio 23.39-11.79 21.23-10.70 20.31-11.36 21.88-12.65 26.52-14.28 22.24-9.84 19.92-11.61 16.88-13.00 Average Yield % 1.94 1.87 1.83 1.66 1.63 2.09 2.24 2.32 Address: 3131 Highway 7 West, Officers: Scott J. Medhurst - President, Chief Investor Contact: 416-667-5511 No of Institutions: 46930 Concord, L4K 1B7 Executive Officer Paul R. Jewer - Executive Vice Telephone: 416-667-5511 President, Chief Financial Officer Transfer Agents: Shares: 8,249,367,040 % Held: 1.09 Web Site: www.toromont.com AST Trust Company (Canada), Montreal, Quebec, Canada
362
TORONTO DOMINION BANK Exchange TSX
Symbol TD
Price C$61.65 (9/30/2020)
52Wk Range 77.54-49.28
Yield 5.13
P/E 11.95
*12 Month Price Score 92.48 Interim Earnings (Per Share) Can$ Qtr. Jan Apr Jul Oct 2016-17 1.32 1.31 1.46 1.42 2017-18 1.24 1.54 1.65 1.58 2018-19 1.27 1.70 1.74 1.54 2019-20 1.61 0.80 1.21 ... Interim Dividends (Per Share) Amt Decl Ex Rec Pay 0.74Q 12/05/2019 01/09/2020 01/10/2020 01/31/2020 0.79Q 02/27/2020 04/08/2020 04/09/2020 04/30/2020 0.79Q 05/28/2020 07/09/2020 07/10/2020 07/31/2020 0.79Q 08/27/2020 10/08/2020 10/09/2020 10/31/2020 Indicated Div: $3.16 (Div. Reinv. Plan) Valuation Analysis Forecast EPS $5.07 (09/10/2020) Market Cap C$111.8 Billion Book Value $92.5 Billion TRADING VOLUME (thousand shares) Price/Book 1.21 Price/Sales 1.99 Dividend Achiever Status 10 Year Growth Rate 9.45% Total Years of Dividend Growth 9 2014 2015 2016 2017 2018 2019 2020
105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 3000 2000 1000 0
2-for-1
*7 Year Price Score 94.44 *NYSE Composite Index=100
2011
2012
2013
Business Summary: Banking (MIC: 5.1.1 SIC: 6029 NAIC: 522110) Toronto Dominion Bank serves customers in three key businesses operating in a number of locations in financial centers around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including, TD Bank, N.A., operating under the brand name TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade Holding Corporation (TD Ameritrade); and Wholesale Banking, including TD Securities. Co. is also an online financial services firm, serving online and mobile customers. Recent Developments: For the quarter ended July 31 2020, net income decreased 30.8% to C$2.25 billion from C$3.25 billion in the year-earlier quarter. Net interest income increased 7.6% to C$6.48 billion from C$6.02 billion in the year-earlier quarter. Provision for loan losses was C$2.19 billion versus C$655.0 million in the prior-year quarter, an increase of 234.0%. Non-interest income fell 6.5% to C$4.18 billion from C$4.48 billion, while non-interest expense advanced 23.1% to C$8.30 billion. Prospects: Our evaluation of Toronto Dominion Bank as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has managed to produce a neutral trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced and TD has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that TD will perform poorly over the near term. Financial Data (Can$ in Millions) 9 Mos 6 Mos 3 Mos 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015 Earnings Per Share 5.16 5.69 6.59 6.25 6.01 5.50 4.67 4.21 Cash Flow Per Share ... ... ... 0.15 3.10 18.84 23.74 19.07 Tang Book Value Per Share 37.07 37.34 35.14 34.45 30.11 27.55 26.31 23.56 Dividends Per Share 3.060 3.010 2.960 2.890 2.610 2.350 2.160 2.000 Dividend Payout % 59.30 52.90 44.92 46.24 43.43 42.73 46.25 47.51 Income Statement Interest Income 27,883 19,817 10,394 41,999 36,422 29,832 26,560 24,830 Interest Expense 8,639 7,056 4,093 18,068 14,183 8,985 6,637 6,106 Net Interest Income 6,483 6,460 6,301 23,931 22,239 20,847 19,923 18,724 Provision for Losses 6,325 4,137 919 3,029 2,480 2,216 2,330 1,683 Non-Interest Income 12,558 8,376 4,308 17,134 16,595 15,302 14,392 12,702 Non-Interest Expense 18,151 12,039 6,247 ... ... ... ... ... Income Before Taxes ... ... ... 13,229 13,773 12,321 10,646 9,170 Income Taxes 1,354 909 659 2,735 3,182 2,253 2,143 1,523 Net Income 6,549 4,369 2,922 11,416 11,048 10,203 8,680 7,813 Average Shares 1,803 1,804 1,813 1,824 1,839 1,854 1,856 1,854 Balance Sheet Net Loans & Leases 721,447 746,970 693,166 684,608 646,393 612,591 585,656 544,341 Total Assets 1,697,305 1,673,745 1,457,429 1,415,290 1,334,903 1,278,995 1,176,967 1,104,373 Total Deposits 1,091,278 1,078,306 908,417 886,977 851,439 832,824 773,660 695,576 Total Liabilities 1,604,839 1,580,411 1,368,627 1,327,589 1,255,856 1,204,788 1,104,403 1,038,955 Stockholders' Equity 92,466 93,334 88,802 87,701 79,047 74,207 72,564 65,418 Shares Outstanding 1,813 1,803 1,808 1,811 1,828 1,839 1,857 1,855 Statistical Record Return on Assets % 0.60 0.68 0.86 0.83 0.85 0.83 0.76 0.76 Return on Equity % 10.44 11.61 14.09 13.69 14.42 13.90 12.55 13.01 Net Interest Margin % 80.37 68.56 60.62 56.98 61.06 69.88 75.01 75.41 Loans to Deposits 0.66 0.69 0.76 0.77 0.76 0.74 0.76 0.78 Price Range 77.54-49.28 77.74-49.28 77.74-71.51 77.74-65.61 79.73-69.50 73.34-59.71 60.86-49.02 57.62-49.02 P/E Ratio 15.03-9.55 13.66-8.66 11.80-10.85 12.44-10.50 13.27-11.56 13.33-10.86 13.03-10.50 13.69-11.64 Average Yield % 4.50 4.18 3.95 3.91 3.49 3.55 3.89 3.72
Address: 66 Wellington Street West, Toronto, M5K 1A2 Telephone: 416-944-6367 Web Site: www.td.com
Officers: Bharat B. Masrani - Chief Executive Officer, Investor Contact: 186-675-68936 No of Institutions: 802 President Riaz Ahmed - Chief Financial Officer Transfer Agents:AST Trust Company (Canada), Shares: 1,007,130,304 % Held: 51.66 Montreal, Quebec, Canada
363
WESTON (GEORGE) LTD Exchange TSX
Symbol WN
Price C$97.91 (9/30/2020)
52Wk Range 111.50-60.84
220 210 200 190 180 170 160 150 140 130 120 110 100 90 80 70 60 50 150 100 50 0
2011
2012
2013
Yield 2.14
*12 Month Price Score 94.22 Interim Earnings (Per Share) Can$ Qtr. Mar Jun Sep 2017 0.84 1.23 3.25 2018 1.40 0.21 0.40 2019 (3.18) 1.19 0.44 2020 3.78 (1.66) ... Interim Dividends (Per Share) Amt Decl Ex Rec 0.525Q 11/19/2019 12/12/2019 12/15/2019 0.525Q 02/26/2020 03/12/2020 03/15/2020 0.525Q 05/05/2020 06/12/2020 06/15/2020 0.525Q 07/28/2020 09/14/2020 09/15/2020 Indicated Div: $2.10 Valuation Analysis Forecast EPS $6.33 (08/29/2020) Market Cap C$15.0 Billion Book Value TRADING VOLUME (thousand shares) Price/Book 1.95 Price/Sales Dividend Achiever Status 10 Year Growth Rate Total Years of Dividend Growth 2014 2015 2016 2017 2018 2019 2020
*7 Year Price Score 87.79 *NYSE Composite Index=100
P/E 18.23 Dec 0.22 1.98 2.81 ...
Pay 01/01/2020 04/01/2020 07/01/2020 10/01/2020
$7.7 Billion 0.29
4.53% 8
Business Summary: Retail - Food & Beverage, Drug & Tobacco (MIC: 2.1.2 SIC: 2051 NAIC: 311812) George Weston is a holding company. Co. has two reportable operating segments: Weston Foods and Loblaw. The Weston Foods operating segment is engaged in fresh and frozen baking company in Canada and frozen baking and biscuit manufacturing in the United States. The Loblaw operating segment is engaged in distributing and providing drugstore, general merchandise and financial products and services. Recent Developments: For the quarter ended June 13 2020, net loss amounted to C$172.0 million versus net income of C$353.0 million in the year-earlier quarter. Revenues were C$12.36 billion, up 6.5% from C$11.60 billion the year before. Operating income was C$401.0 million versus C$770.0 million in the prior-year quarter, a decrease of 47.9%. Direct operating expenses rose 7.8% to C$8.49 billion from C$7.87 billion in the comparable period the year before. Indirect operating expenses increased 17.3% to C$3.47 billion from C$2.96 billion in the equivalent prior-year period. Prospects: Our evaluation of Weston (George) Ltd. as of March 27th, 2020 is the result of our systematic analysis on three basic characteristics: earnings strength, relative valuation, and recent stock price movement. The company has produced a positive trend in earnings per share over the past 5 quarters. However, recent analyst estimates for the company have been reduced, and C.WN has posted results that fell short of analysts' expectations. Based on operating earnings yield, the company is undervalued when compared to all of the companies we cover. Share price changes over the past year indicates that C.WN will perform very poorly over the near term. Financial Data (Can$ in Thousands) 6 Mos 3 Mos 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Earnings Per Share 5.37 8.22 1.26 3.99 5.53 3.90 3.74 0.64 Cash Flow Per Share ... ... 29.67 20.63 26.82 29.36 26.37 22.31 Dividends Per Share 2.100 2.100 2.090 1.950 1.805 1.745 1.695 1.675 Dividend Payout % 39.11 25.55 165.87 48.87 32.64 44.74 45.32 261.72 Income Statement Total Revenue 24,690,000 12,333,000 50,109,000 48,568,000 48,292,000 47,999,000 46,894,000 43,918,000 EBITDA 2,415,000 1,689,000 3,405,000 3,457,000 3,496,000 3,105,000 2,842,000 2,081,000 Depn & Amortn 1,126,000 560,000 951,000 953,000 912,000 891,000 934,000 1,102,000 Income Before Taxes 736,000 856,000 1,254,000 1,637,000 2,017,000 1,555,000 1,248,000 158,000 Income Taxes 165,000 113,000 431,000 639,000 443,000 465,000 384,000 24,000 Net Income 347,000 592,000 242,000 574,000 759,000 550,000 527,000 126,000 Average Shares 153,400 153,800 153,700 132,200 128,300 128,300 128,200 128,200 Balance Sheet Current Assets 12,996,000 12,746,000 12,685,000 11,855,000 12,463,000 11,581,000 11,714,000 11,092,000 Total Assets 47,678,000 47,729,000 47,813,000 43,814,000 38,499,000 37,946,000 37,802,000 37,071,000 Current Liabilities 9,791,000 9,985,000 10,783,000 9,604,000 9,592,000 7,831,000 8,427,000 7,063,000 Long-Term Obligations 13,678,000 13,304,000 12,712,000 13,975,000 10,457,000 11,385,000 10,928,000 12,306,000 Total Liabilities 39,945,000 39,568,000 40,204,000 35,774,000 30,605,000 30,182,000 30,103,000 29,782,000 Stockholders' Equity 7,733,000 8,161,000 7,609,000 8,040,000 7,894,000 7,764,000 7,699,000 7,289,000 Shares Outstanding 153,670 153,408 153,667 153,370 127,905 127,898 127,911 127,901 Statistical Record Return on Assets % 1.84 2.79 0.53 1.39 1.99 1.45 1.41 0.41 Return on Equity % 11.55 16.94 3.09 7.20 9.69 7.09 7.03 1.85 EBITDA Margin % 9.78 13.69 6.80 7.12 7.24 6.47 6.06 4.74 Net Margin % 1.41 4.80 0.48 1.18 1.57 1.15 1.12 0.29 Asset Turnover 1.10 1.09 1.09 1.18 1.26 1.26 1.25 1.42 Current Ratio 1.33 1.28 1.18 1.23 1.30 1.48 1.39 1.57 Debt to Equity 1.77 1.63 1.67 1.74 1.32 1.47 1.42 1.69 Price Range 113.17-60.84 113.17-62.96 113.17-67.15 111.11-63.84 124.94-82.98 118.93-69.27 113.89-76.30 102.66-68.63 P/E Ratio 21.07-11.33 13.77-7.66 89.82-53.29 27.85-16.00 22.59-15.01 30.49-17.76 30.45-20.40160.41-107.23 Average Yield % 2.15 2.13 2.18 2.01 1.66 1.68 1.78 2.01
Address: 22 St. Clair Avenue East, Toronto, M4T 2S5 Telephone: 416-922-2500 Web Site: www.weston.ca
Officers: W. Galen Weston O.C. - Executive Chairman Paul Barnicke - Vice President Transfer Agents:Computershare Investor Services Inc., Toronto, Ontario, Canada
364
Investor Contact: 416-922-2500 No of Institutions: 46986 Shares: 8,238,873,088 % Held: 1.09