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J Arp & Company Research and Trading - Valuation

Chicago Board of Trade


Date 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Total Revenue 30788 27653 25601 23103 22274 23652 25023 23735 23555 22499 21283
Earnings 1997 1655 1281 1324 -220 -99 1659 1541 1903 1641 1423
Current Assets 12535 11962 12820 11624 10200 9894 10661 10422 9354 8831 8820
Intangible Assets 9648 9636 7254 6887 6772 6356 6444 4660 4365 3588 690
Total Assets net intangibles 23056 22658 23808 22427 20793 17870 18731 18867 18373 16530 17631
Total Assets 32704 32294 31062 29314 27565 24226 25175 23527 22738 20118 18322
Current Liabilities 10086 10430 8739 6753 6685 6220 7214 8272 7645 6754 5762
Long Term Debt 3090 3082 4069 4961 4719 4731 3941 2457 2776 2394 2034
Other LT Liabilities 7388 7025 6605 6555 7050 3230 3140 3335 3373 3451 3486
Minority Interest 0 0 0 0 0 0 0 0 0 0 0
Total Liabilities 21383 21040 19810 18585 18640 15056 15468 14928 14655 13343 11937
Equity 11321 11254 11252 10729 8925 9170 9707 8599 8083 6775 6385
Shares 816 829 850 862 854 814 806 795 795 794 802
Dividends 747 700 643 645 614 609 599 527 481 434 395
Operating Cash Flow 796 2442 2253 2199 2380 1996 1989 2374 1974 1934 1689
Investing Cash Flow -173 -2010 -584 -680 -870 -906 -2714 -291 -1593 -1996 -309
Financing Cash Flow -639 -2716 -1223 -895 -932 -884 -70 -1110 -108 -785 -613
Tangible Book 1673 1618 3998 3842 2153 2814 3263 3939 3718 3187 5694
Total Capital (book) 14411 14336 15321 15690 13644 13901 13648 11056 10859 9169 8419
Market Cap (Equity) 0 37526 30974 29224 26754 17799 24239 32734 39280 29793 25967
Total Capital(Mkt Val Equity, Debt at Bk) 3090 40608 35043 34185 31473 22530 28180 35191 42056 32187 28001
 
Debt to Tangible Assets 13% 14% 17% 22% 23% 26% 21% 13% 15% 14% 12%
EPS (Current Shares) 2.45 2.03 1.57 1.62 -0.27 -0.12 2.03 1.89 2.33 2.01 1.74
EPS (Then Current Shares) 2.45 2.0 1.51 1.54 -0.26 -0.12 2.06 1.94 2.39 2.06 1.77
Tangible Book per Share 2.05 1.95 4.7 4.46 2.52 3.45 4.04 4.95 4.67 4.01 7.09
Book Value per Share 13.87 13.57 13.24 12.44 10.44 11.25 12.03 10.81 10.16 8.52 7.95
DPS (Then Current Shares) 0.91 0.84 0.76 0.75 0.72 0.75 0.74 0.66 0.6 0.55 0.49
Return on Sales 6.5% 6.0% 5.0% 5.7% -1.0% -0.4% 6.6% 6.5% 8.1% 7.3% 6.7%
Return on Assets 6.1% 5.1% 4.1% 4.5% -0.8% -0.4% 6.6% 6.5% 8.4% 8.2% 7.8%
Return on Equity 17.6% 14.7% 11.4% 12.3% -2.5% -1.1% 17.1% 17.9% 23.5% 24.2% 22.3%
Return on Total Capital (at Book) 13.9% 11.5% 8.4% 8.4% -1.6% -0.7% 12.2% 13.9% 17.5% 17.9% 16.9%
Return on Total Capital (at Mkt) 64.6% 4.1% 3.7% 3.9% -0.7% -0.4% 5.9% 4.4% 4.5% 5.1% 5.1%
Return on Tangible Book 119% 104% 33% 36% -11% -4% 50% 38% 50% 50% 25%
Return on Equity (Current) 18% 15% 12% 13% -3% -1% 17% 17% 23% 24% 22%
Debt to Capital 21% 21% 27% 32% 35% 34% 29% 22% 26% 26% 24%
Sales Growth 11% 8% 11% 4% -6% -5% 5% 1% 5% 6% 1%
Earnings Growth 21% 29% -3% -702% 122% -106% 8% -19% 16% 15% 18%
Margin Growth 8% 20% -13% -680% 136% -106% 2% -20% 11% 9% 17%
Debt to Capital (at Mkt) 100% 8% 12% 15% 15% 21% 14% 7% 7% 7% 7%

 AverageStDevCurrent-Avg# of StDev
EPS (Current Shares) 1.57 0.91 0.88 0.96
Tangible Book per Share 3.99 1.49 -1.94 -1.3
Book Value per Share 11.3 1.96 2.57 1.31
DPS (Then Current Shares) 0.71 0.12 0.2 1.65
Return on Sales 5% 3% 0.01 0.44
Return on Assets 5% 3% 0.01 0.32
Return on Equity 14% 9% 0.03 0.37
Return on Total Capital (at Book) 11% 7% 0.03 0.47
Return on Tangible Book 45% 39% 0.74 1.91
Return on Equity (Current) 14% 9% 0.04 0.42
Debt to Capital 27% 5% -0.06 -1.2

Date 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Share (Unit) Price 0.0 45.24 36.44 33.89 31.31 21.84 30.04 41.17 49.39 37.48 32.35
Dividend Yield 0.0% 1.87% 2.08% 2.21% 2.29% 3.42% 2.47% 1.61% 1.22% 1.46% 1.52%
Current P/E 0.0 22.67 24.18 22.07 -121.61 -179.79 14.61 21.24 20.64 18.16 18.25
Earnings Yield 0.0% 4.4% 4.1% 4.5% -0.8% -0.6% 6.8% 4.7% 4.8% 5.5% 5.5%
Price to Tangible Book 0.0 23.19 7.75 7.61 12.43 6.33 7.43 8.31 10.56 9.35 4.56
Price to Sales 0.0 1.36 1.21 1.26 1.2 0.75 0.97 1.38 1.67 1.32 1.22
P/(E10) 20.59
EY (E10) 4.86%
P/(E5) 0.0 46.83 37.72 32.9 26.72 13.42 15.02        
Yield 0.0% 2.1% 2.7% 3.0% 3.7% 7.5% 6.7%

 
 
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