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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 101345 97854 89610 81320 79933 80879 73503 78596 74391 72055 69204
Earnings 12084 10435 9416 9204 11102 8560 8510 7675 5372 6310 6303
Current Assets 26199 25781 25901 21382 17441 17275 17238 20895 20230 17440 15190
Intangible Assets 45010 43415 39112 39545 37871 37548 33090 16879 17566 17789 18998
Total Assets net intangibles 62769 64534 62536 56630 49669 47420 45977 44502 42354 38158 35873
Total Assets 107779 107949 101648 96175 87540 84968 79067 61381 59920 55947 54871
Current Liabilities 27321 26158 23574 21393 19082 20653 25949 18017 16379 15071 14867
Long Term Debt 13221 17868 18795 21163 21355 18651 19154 12226 12615 12430 12961
Other LT Liabilities 9175 9846 9630 10672 11626 11547 10965 10153 9649 8760 8285
Minority Interest 3796 4141 4764 4760 4366 4013 302 0 0 0 0
Total Liabilities 66589 72242 70934 71098 68062 65348 64062 46076 43723 41027 40653
Equity 41190 35707 30714 25077 19478 19620 15005 15305 16197 14920 14218
Shares 2095 2084 2059 2037 2039 2152 2208 2339 2431 2425 2430
Dividends 6683 6191 5672 5285 5068 4769 4500 4338 3984 3885 3462
Operating Cash Flow 4027 11060 10890 10816 10612 8893 11044 11375 8120 8340 7634
Investing Cash Flow 247 -4885 -1416 -2427 -2471 -2916 -17506 -2682 -2554 -619 -2055
Financing Cash Flow -4224 -5134 -7982 -5459 -8165 -6440 2658 -7497 -3894 -5521 -6406
Tangible Book -3820 -7708 -8398 -14468 -18393 -17928 -18085 -1574 -1369 -2869 -4780
Total Capital (book) 54411 53575 49509 46240 40833 38271 34159 27531 28812 27350 27179
Market Cap (Equity) 0 178871 147462 114209 96600 71398 78637 77234 38993 85797 69984
Total Capital(Mkt Val Equity, Debt at Bk) 13221 196739 166257 135372 117955 90049 97791 89460 51608 98227 82945
 
Debt to Tangible Assets 21% 28% 30% 37% 43% 39% 42% 27% 30% 33% 36%
EPS (Current Shares) 5.77 4.98 4.49 4.39 5.3 4.08 4.06 3.66 2.56 3.01 3.01
EPS (Then Current Shares) 5.77 5.01 4.57 4.52 5.44 3.98 3.85 3.28 2.21 2.6 2.59
Tangible Book per Share -1.82 -3.7 -4.08 -7.1 -9.02 -8.33 -8.19 -0.67 -0.56 -1.18 -1.97
Book Value per Share 19.66 17.13 14.91 12.31 9.55 9.11 6.79 6.54 6.66 6.15 5.85
DPS (Then Current Shares) 3.19 2.97 2.75 2.59 2.49 2.22 2.04 1.85 1.64 1.6 1.42
Return on Sales 11.9% 10.7% 10.5% 11.3% 13.9% 10.6% 11.6% 9.8% 7.2% 8.8% 9.1%
Return on Assets 11.2% 9.7% 9.3% 9.6% 12.7% 10.1% 10.8% 12.5% 9.0% 11.3% 11.5%
Return on Equity 29.3% 29.2% 30.7% 36.7% 57.0% 43.6% 56.7% 50.1% 33.2% 42.3% 44.3%
Return on Total Capital (at Book) 22.2% 19.5% 19.0% 19.9% 27.2% 22.4% 24.9% 27.9% 18.6% 23.1% 23.2%
Return on Total Capital (at Mkt) 91.4% 5.3% 5.7% 6.8% 9.4% 9.5% 8.7% 8.6% 10.4% 6.4% 7.6%
Return on Tangible Book -316% -135% -110% -62% -59% -49% -50% -544% -455% -255% -153%
Return on Equity (Current) 29% 29% 30% 36% 55% 45% 60% 56% 38% 49% 51%
Debt to Capital 24% 33% 38% 46% 52% 49% 56% 44% 44% 45% 48%
Sales Growth 4% 9% 10% 2% -1% 10% -6% 6% 3% 4% 5%
Earnings Growth 16% 11% 2% -17% 30% 1% 11% 43% -15% 0% 16%
Margin Growth 12% 1% -7% -19% 31% -9% 19% 35% -18% -4% 10%
Debt to Capital (at Mkt) 100% 9% 11% 16% 18% 21% 20% 14% 24% 13% 16%

 AverageStDevCurrent-Avg# of StDev
EPS (Current Shares) 4.12 1.01 1.65 1.64
Tangible Book per Share -4.24 3.32 2.42 0.73
Book Value per Share 10.42 4.88 9.24 1.89
DPS (Then Current Shares) 2.25 0.59 0.94 1.58
Return on Sales 10% 2% 0.01 0.79
Return on Assets 11% 1% 0.01 0.4
Return on Equity 41% 10% -0.12 -1.15
Return on Total Capital (at Book) 23% 3% 0.0 -0.11
Return on Tangible Book -199% 173% -1.17 -0.68
Return on Equity (Current) 43% 12% -0.14 -1.25
Debt to Capital 44% 9% -0.2 -2.17

Date 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Share (Unit) Price 0.0 85.82 71.6 56.06 47.37 33.17 35.6 33.02 16.04 35.38 28.8
Dividend Yield 0.0% 3.46% 3.85% 4.63% 5.25% 6.68% 5.72% 5.62% 10.22% 4.53% 4.95%
Current P/E 0.0 17.14 15.66 12.41 8.7 8.34 9.24 10.06 7.26 13.6 11.1
Earnings Yield 0.0% 5.8% 6.4% 8.1% 11.5% 12.0% 10.8% 9.9% 13.8% 7.4% 9.0%
Price to Tangible Book 0.0 -23.21 -17.56 -7.89 -5.25 -3.98 -4.35 -49.07 -28.48 -29.9 -14.64
Price to Sales 0.0 1.83 1.65 1.4 1.21 0.88 1.07 0.98 0.52 1.19 1.01
P/(E10) 6.99
EY (E10) 14.3%
P/(E5) 0.0 18.46 16.04 13.04 12.05 9.55 10.92        
Yield 0.0% 5.4% 6.2% 7.7% 8.3% 10.5% 9.2%

 
 
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