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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 47691 51298 52516 44736 32294 28947 25958 16204 13544 11055 11306
Earnings 13184 8085 11361 3910 9126 7788 3726 3179 3351 2213 1929
Current Assets 38721 41896 39088 30677 24781 19212 17187 11191 9931 7442 6468
Intangible Assets 46374 51560 57007 57856 2121 1689 1791 763 813 989 1424
Total Assets net intangibles 62211 66005 66071 58919 44235 37464 31719 19811 17489 14002 13243
Total Assets 108585 117565 123078 116775 46356 39153 33510 20574 18302 14991 14667
Current Liabilities 17688 28448 26458 23909 18555 13729 11981 9185 7192 4994 5649
Long Term Debt 5561 6347 7279 5755 3140 2609 1123 525 527 725 687
Other LT Liabilities 6786 6903 9037 8722 4347 4124 3950 1676 1576 1212 1083
Minority Interest 0 0 0 0 0 0 0 0 0 0 0
Total Liabilities 38873 51938 54800 51398 26406 20860 17434 11687 9492 7058 7713
Equity 69712 65627 68278 65377 19950 18293 16076 8887 8810 7933 6954
Shares 7210 8754 8754 8702 6162 6277 6314 6390 6333 6247 6201
Dividends 6948 5555 5082 4353 3168 2715 2197 1148 976 881 771
Operating Cash Flow 4014 14733 16340 11727 10183 9174 6100 3076 3282 1580 2067
Investing Cash Flow 344 -5072 -9422 4850 -4338 -7135 -3635 -2768 -335 -963 937
Financing Cash Flow -5103 -9222 -6629 -16909 -4999 -2096 -3728 -1127 -2277 -981 -382
Tangible Book 23338 14067 11271 7521 17829 16604 14285 8124 7997 6944 5530
Total Capital (book) 75273 71974 75557 71132 23090 20902 17199 9412 9337 8658 7641
Market Cap (Equity) 0 226729 196702 218768 199402 172492 222947 257773 178591 224410 131833
Total Capital(Mkt Val Equity, Debt at Bk) 5561 233076 203981 224523 202542 175101 224070 258298 179118 225135 132520
 
Debt to Tangible Assets 9% 10% 11% 10% 7% 7% 4% 3% 3% 5% 5%
EPS (Current Shares) 1.83 1.12 1.58 0.54 1.27 1.08 0.52 0.44 0.46 0.31 0.27
EPS (Then Current Shares) 1.83 0.92 1.3 0.45 1.48 1.24 0.59 0.5 0.53 0.35 0.31
Tangible Book per Share 3.24 1.61 1.29 0.86 2.89 2.65 2.26 1.27 1.26 1.11 0.89
Book Value per Share 9.67 7.5 7.8 7.51 3.24 2.91 2.55 1.39 1.39 1.27 1.12
DPS (Then Current Shares) 0.96 0.63 0.58 0.5 0.51 0.43 0.35 0.18 0.15 0.14 0.12
Return on Sales 27.6% 15.8% 21.6% 8.7% 28.3% 26.9% 14.4% 19.6% 24.7% 20.0% 17.1%
Return on Assets 12.1% 6.9% 9.2% 3.3% 19.7% 19.9% 11.1% 15.5% 18.3% 14.8% 13.2%
Return on Equity 18.9% 12.3% 16.6% 6.0% 45.7% 42.6% 23.2% 35.8% 38.0% 27.9% 27.7%
Return on Total Capital (at Book) 17.5% 11.2% 15.0% 5.5% 39.5% 37.3% 21.7% 33.8% 35.9% 25.6% 25.2%
Return on Total Capital (at Mkt) 237.1% 3.5% 5.6% 1.7% 4.5% 4.4% 1.7% 1.2% 1.9% 1.0% 1.5%
Return on Tangible Book 56% 70% 122% 63% 44% 41% 23% 35% 37% 28% 30%
Return on Equity (Current) 19% 15% 20% 7% 39% 37% 20% 32% 33% 24% 24%
Debt to Capital 7% 9% 10% 8% 14% 12% 7% 6% 6% 8% 9%
Sales Growth -7% -2% 17% 39% 12% 12% 60% 20% 23% -2% 13%
Earnings Growth 63% -29% 191% -57% 17% 109% 17% -5% 51% 15% 23%
Margin Growth 75% -27% 148% -69% 5% 87% -27% -21% 24% 17% 9%
Debt to Capital (at Mkt) 100% 3% 4% 3% 2% 1% 1% 0% 0% 0% 1%

 AverageStDevCurrent-Avg# of StDev
EPS (Current Shares) 0.86 0.54 0.97 1.79
Tangible Book per Share 1.76 0.85 1.48 1.74
Book Value per Share 4.21 3.22 5.46 1.69
DPS (Then Current Shares) 0.41 0.26 0.55 2.1
Return on Sales 20% 6% 0.07 1.16
Return on Assets 13% 5% -0.01 -0.19
Return on Equity 27% 13% -0.08 -0.62
Return on Total Capital (at Book) 24% 11% -0.07 -0.61
Return on Tangible Book 50% 28% 0.06 0.22
Return on Equity (Current) 25% 10% -0.06 -0.57
Debt to Capital 9% 2% -0.02 -0.69

Date 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Share (Unit) Price 0.0 25.9 22.47 25.14 32.36 27.48 35.31 40.34 28.2 35.92 21.26
Dividend Yield 0.0% 2.45% 2.58% 1.99% 1.59% 1.57% 0.99% 0.45% 0.55% 0.39% 0.58%
Current P/E 0.0 28.04 17.31 55.95 21.85 22.15 59.84 81.09 53.29 101.41 68.34
Earnings Yield 0.0% 3.6% 5.8% 1.8% 4.6% 4.5% 1.7% 1.2% 1.9% 1.0% 1.5%
Price to Tangible Book 0.0 16.12 17.45 29.09 11.18 10.39 15.61 31.73 22.33 32.32 23.84
Price to Sales 0.0 4.42 3.75 4.89 6.17 5.96 8.59 15.91 13.19 20.3 11.66
P/(E10) 24.83
EY (E10) 4.03%
P/(E5) 0.0 23.17 22.52 32.65 42.92 48.9 88.28        
Yield 0.0% 4.3% 4.4% 3.1% 2.3% 2.0% 1.1%

 
 
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