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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 46723 42725 37445 31034 28212 27897 26583 24127 22809 21288 23512
Earnings 3823 3069 2673 2236 2236 1938 1808 1531 1255 1072 906
Current Assets 19906 17206 15670 12990 11835 11304 10662 10627 9828 9248 9611
Intangible Assets 16971 16066 12127 11224 6981 6802 6771 5641 1417 3046 2722
Total Assets net intangibles 32625 29859 28314 24050 22213 20208 18593 18725 16351 13673 14023
Total Assets 49596 45925 40441 35274 29194 27010 25364 24366 17768 16719 16745
Current Liabilities 15422 15345 13095 10921 7785 8412 9334 9215 7182 7311 7213
Long Term Debt 7067 5935 4231 4257 4632 4237 3476 3086 1570 1275 1437
Other LT Liabilities 7323 6876 7939 7680 7405 5013 3841 3846 3618 13061 10800
Minority Interest 850 778 910 709 589 550 497 527 423 351 478
Total Liabilities 30662 28934 26175 23567 20411 18212 17270 17249 13390 12646 12439
Equity 18934 16991 14266 11707 8783 8798 8094 7117 4378 4073 4306
Shares 1003 1013 1022 1028 939 944 940 949 900 916 952
Dividends 940 832 660 533 462 423 387 353 316 291 265
Operating Cash Flow 1361 4334 3596 2827 2853 2976 2631 2310 2314 1903 2095
Investing Cash Flow -7 -4649 -1762 -1761 -1088 -1277 -2101 -4411 -2071 -1005 -802
Financing Cash Flow -1355 335 -1299 -1648 -1251 -860 -710 375 -335 -1197 -1055
Tangible Book 1963 925 2139 483 1802 1996 1323 1476 2961 1027 1584
Total Capital (book) 26001 22926 18497 15964 13415 13035 11570 10203 5948 5348 5743
Market Cap (Equity) 0 63386 56231 51396 42397 27432 28087 34031 26340 22168 15207
Total Capital(Mkt Val Equity, Debt at Bk) 7067 69321 60462 55653 47029 31669 31563 37117 27910 23443 16644
 
Debt to Tangible Assets 22% 20% 15% 18% 21% 21% 19% 16% 10% 9% 10%
EPS (Current Shares) 3.81 3.06 2.66 2.23 2.23 1.93 1.8 1.53 1.25 1.07 0.9
EPS (Then Current Shares) 3.81 3.03 2.61 2.17 2.38 2.05 1.92 1.61 1.39 1.17 0.95
Tangible Book per Share 1.96 0.91 2.09 0.47 1.92 2.11 1.41 1.56 3.29 1.12 1.66
Book Value per Share 18.87 16.76 13.96 11.39 9.35 9.32 8.61 7.5 4.86 4.44 4.52
DPS (Then Current Shares) 0.94 0.82 0.65 0.52 0.49 0.45 0.41 0.37 0.35 0.32 0.28
Return on Sales 8.2% 7.2% 7.1% 7.2% 7.9% 6.9% 6.8% 6.3% 5.5% 5.0% 3.9%
Return on Assets 7.7% 6.7% 6.6% 6.3% 7.7% 7.2% 7.1% 6.3% 7.1% 6.4% 5.4%
Return on Equity 20.2% 18.1% 18.7% 19.1% 25.5% 22.0% 22.3% 21.5% 28.7% 26.3% 21.0%
Return on Total Capital (at Book) 14.7% 13.4% 14.5% 14.0% 16.7% 14.9% 15.6% 15.0% 21.1% 20.0% 15.8%
Return on Total Capital (at Mkt) 54.1% 4.4% 4.4% 4.0% 4.8% 6.1% 5.7% 4.1% 4.5% 4.6% 5.4%
Return on Tangible Book 195% 335% 127% 474% 116% 91% 128% 98% 38% 95% 54%
Return on Equity (Current) 20% 18% 19% 20% 24% 21% 21% 20% 26% 24% 20%
Debt to Capital 27% 26% 23% 27% 35% 33% 30% 30% 26% 24% 25%
Sales Growth 9% 14% 21% 10% 1% 5% 10% 6% 7% -9% 3%
Earnings Growth 25% 15% 20% 0% 15% 7% 18% 22% 17% 18% 21%
Margin Growth 14% 1% -1% -9% 14% 2% 7% 15% 9% 31% 17%
Debt to Capital (at Mkt) 100% 9% 7% 8% 10% 13% 11% 8% 6% 5% 9%

 AverageStDevCurrent-Avg# of StDev
EPS (Current Shares) 2.04 0.88 1.77 2.0
Tangible Book per Share 1.68 0.74 0.28 0.37
Book Value per Share 9.96 4.88 8.91 1.82
DPS (Then Current Shares) 0.51 0.21 0.43 2.03
Return on Sales 7% 1% 0.02 1.29
Return on Assets 7% 1% 0.01 1.36
Return on Equity 22% 3% -0.02 -0.57
Return on Total Capital (at Book) 16% 2% -0.01 -0.52
Return on Tangible Book 159% 132% 0.36 0.27
Return on Equity (Current) 21% 2% -0.01 -0.48
Debt to Capital 28% 4% -0.01 -0.22

Date 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Share (Unit) Price 0.0 62.52 55.01 49.99 45.14 29.05 29.86 35.86 29.26 24.19 15.96
Dividend Yield 0.0% 1.31% 1.17% 1.04% 1.09% 1.54% 1.38% 1.04% 1.2% 1.31% 1.74%
Current P/E 0.0 20.65 21.04 22.99 18.96 14.16 15.53 22.23 20.99 20.68 16.78
Earnings Yield 0.0% 4.8% 4.8% 4.4% 5.3% 7.1% 6.4% 4.5% 4.8% 4.8% 6.0%
Price to Tangible Book 0.0 68.53 26.29 106.41 23.53 13.74 21.23 23.06 8.9 21.58 9.6
Price to Sales 0.0 1.48 1.5 1.66 1.5 0.98 1.06 1.41 1.15 1.04 0.65
P/(E10) 7.81
EY (E10) 12.8%
P/(E5) 0.0 25.81 25.35 25.72 25.82 19.16 22.79        
Yield 0.0% 3.9% 3.9% 3.9% 3.9% 5.2% 4.4%

 
 
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