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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 52856 50514 47348 41862 36298 32317 29172 27471 23995 22830 21620
Earnings 11847 10411 8509 7197 6597 5668 4953 4167 3003 3311 2887
Current Assets 31286 31394 27320 22995 19266 18473 16691 13200 11486 10563 9370
Intangible Assets 13331 12175 11842 11539 9246 9077 7535 7571 7364 3261 3107
Total Assets net intangibles 47907 45850 41475 36724 31310 29411 26710 21592 19928 18192 16903
Total Assets 61238 58025 53317 48263 40556 38488 34245 29163 27292 21453 20010
Current Liabilities 12063 12635 13927 13448 11449 8044 7255 7454 8293 5283 5184
Long Term Debt 2007 2017 2565 2955 2022 2217 3163 2450 1729 1126 1410
Other LT Liabilities 6243 5291 4609 4211 3745 3501 3177 2759 2615 2510 2410
Minority Interest 0 0 0 0 0 0 0 0 0 0 0
Total Liabilities 20665 20154 21504 21394 17859 14255 13850 12950 13215 9094 9174
Equity 40573 37871 31813 26869 22697 24233 20395 16213 14077 12359 10836
Shares 2904 2974 2971 2967 2968 3047 3014 2836 2834 2672 2665
Dividends 4243 -3793 -3251 -2746 -2381 -2047 -1724 1479 1305 1137 974
Operating Cash Flow 4135 11877 11131 10595 8176 8864 6903 5677 4895 4396 3891
Investing Cash Flow -872 -279 -2347 -4526 -2197 -4093 -2665 -2942 -6065 -1645 -1692
Financing Cash Flow -3454 -4521 -5148 -3863 -6953 -5251 -2425 -2294 301 -1910 -1368
Tangible Book 27242 25696 19971 15330 13451 15156 12860 8642 6713 9098 7729
Total Capital (book) 42580 39888 34378 29824 24719 26450 23558 18663 15806 13485 12246
Market Cap (Equity) 0 196375 174458 180334 144081 151051 162217 133878 117117 98143 75905
Total Capital(Mkt Val Equity, Debt at Bk) 2007 198392 177023 183289 146103 153268 165380 136328 118846 99269 77315
 
Debt to Tangible Assets 4% 4% 6% 8% 6% 8% 12% 11% 9% 6% 8%
EPS (Current Shares) 4.08 3.58 2.93 2.48 2.27 1.95 1.71 1.43 1.03 1.14 0.99
EPS (Then Current Shares) 4.08 3.5 2.86 2.42 2.22 1.86 1.64 1.47 1.06 1.24 1.08
Tangible Book per Share 9.38 8.64 6.72 5.17 4.53 4.97 4.27 3.05 2.37 3.4 2.9
Book Value per Share 13.97 12.73 10.71 9.05 7.65 7.95 6.77 5.72 4.97 4.63 4.07
DPS (Then Current Shares) 1.46 -1.28 -1.09 -0.93 -0.8 -0.67 -0.57 0.52 0.46 0.43 0.37
Return on Sales 22.4% 20.6% 18.0% 17.2% 18.2% 17.5% 17.0% 15.2% 12.5% 14.5% 13.4%
Return on Assets 19.3% 17.9% 16.0% 14.9% 16.3% 14.7% 14.5% 14.3% 11.0% 15.4% 14.4%
Return on Equity 29.2% 27.5% 26.7% 26.8% 29.1% 23.4% 24.3% 25.7% 21.3% 26.8% 26.6%
Return on Total Capital (at Book) 27.8% 26.1% 24.8% 24.1% 26.7% 21.4% 21.0% 22.3% 19.0% 24.6% 23.6%
Return on Total Capital (at Mkt) 590.3% 5.2% 4.8% 3.9% 4.5% 3.7% 3.0% 3.1% 2.5% 3.3% 3.7%
Return on Tangible Book 43% 41% 44% 48% 50% 39% 40% 47% 44% 33% 34%
Return on Equity (Current) 29% 28% 27% 27% 30% 25% 25% 25% 21% 25% 24%
Debt to Capital 5% 5% 7% 10% 8% 8% 13% 13% 11% 8% 12%
Sales Growth 5% 7% 13% 15% 12% 11% 6% 14% 5% 6% 15%
Earnings Growth 14% 22% 18% 9% 16% 14% 19% 39% -9% 15% 20%
Margin Growth 9% 15% 5% -5% 4% 3% 12% 21% -14% 9% 5%
Debt to Capital (at Mkt) 100% 1% 1% 2% 1% 1% 2% 2% 1% 1% 2%

 AverageStDevCurrent-Avg# of StDev
EPS (Current Shares) 2.14 1.04 1.94 1.86
Tangible Book per Share 5.04 2.32 4.34 1.87
Book Value per Share 8.02 3.31 5.95 1.8
DPS (Then Current Shares) -0.19 0.87 1.65 1.89
Return on Sales 17% 3% 0.05 1.84
Return on Assets 15% 2% 0.04 1.85
Return on Equity 26% 2% 0.03 1.3
Return on Total Capital (at Book) 24% 3% 0.04 1.52
Return on Tangible Book 42% 5% 0.01 0.17
Return on Equity (Current) 26% 3% 0.03 1.19
Debt to Capital 9% 3% -0.04 -1.4

Date 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Share (Unit) Price 0.0 66.02 58.72 60.76 48.54 49.57 53.81 47.2 41.32 36.73 28.48
Dividend Yield 0.0% -1.93% -1.86% -1.52% -1.65% -1.36% -1.06% 1.1% 1.11% 1.16% 1.28%
Current P/E 0.0 18.86 20.5 25.06 21.84 26.65 32.75 32.13 39.0 29.64 26.29
Earnings Yield 0.0% 5.3% 4.9% 4.0% 4.6% 3.8% 3.1% 3.1% 2.6% 3.4% 3.8%
Price to Tangible Book 0.0 7.64 8.74 11.76 10.71 9.97 12.61 15.49 17.45 10.79 9.82
Price to Sales 0.0 3.89 3.68 4.31 3.97 4.67 5.56 4.87 4.88 4.3 3.51
P/(E10) 13.28
EY (E10) 7.53%
P/(E5) 0.0 24.99 25.89 30.87 28.93 34.14 42.71        
Yield 0.0% 4.0% 3.9% 3.2% 3.5% 2.9% 2.3%

 
 
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