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COMPANY FINALYTICS
The Boeing Company
Exclusive Fundamental Analysis of US Stocks
Prepared and Edited By‐
Tanay Roy, CFA
Peu Karak, MBA
Disclaimer
The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed to be
reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy, completeness or
correctness.
For more information about this sample and our other services, please write to tanay.roy2008@gmail.com
Sunday, June 24, 2012
2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cash flow Statement 6
Quarterly Result 6
Growth Analysis 7
Comparative Analysis 8
Income Statement 8
Balance Sheet 8
Index Analysis 9
Income Statement 9
Balance Sheet 9
Ratio Analysis 10
Annual 10
Quarterly 11
TTM Analysis 11
Valuation and Projection 12
CONTENT Technical Analysis 13
About Tanay & Peu
Our passion lies in the field of financial research & Investment management and we intend to apply our
knowledge gained over a period of years through intense study and keen observation of the nuances of
financial markets and instruments to real life scenarios. We possess expert knowledge of financial products
and markets as evidenced by top notch qualifications earned by us , all in the first attempt and keep ourselves
abreast with the latest happenings and innovations taking place in financial landscape.
1. Expertise in Portfolio Management, Product optimization, Product performance Analysis, Financial
Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers & Acquisition and
knowledge of GAAP/ IFRS
2. Possess Strong Financial Modeling skills including DCF, LBO and other techniques. Possess ability to
research all asset classes in a broad range of industries and geographies.
3. Strong equity research, finance, accounting and advisory and assurance experience
4. Expertise in Technical analysis, fundamental analysis, developing trading systems.
5. Conduct in‐depth financial analysis of company financials.
6. Write analytical or trend based reports on companies, sectors or markets.
7. Expert level application in Bloomberg, Thomson Banker, Factset, DataStream, Stock Val, Merger markets,
Reuters Knowledge, Haver Analytics, Factiva, Pack Hedge,
8. Building Excel/VBA based customized tools to perform detailed analysis.
Page 2 (C) Tanay Roy
3. Summary
Latest Results At a glance
Annual Quarterly TTM Business Summary
% Change % Change % Change
12/31/2011 2012 Q1 2012 Q1
Sales 68735.00 6.89 19383.00 (0.88) 73208.00 6.51
The Boeing Company is one of the world's major aerospace
EBITDA 7010.00 14.56 2008.00 0.03 8012.00 9.04
firms. The company operates in three principal segments:
Adjusted PAT 4011.00 21.14 924.00 (0.33) 4347.00 8.38
commercial airplanes; military aircraft and missiles; and
Reported PAT 4018.00 21.50 923.00 (0.34) 4355.00 8.39
space and communications.
EPS 4.81 7.33 1.22 (0.33) 5.72 8.02
Aerospace/Defense Products &
Industry Services
Valuation Data Latest 10 K filing 12/31/2011
Latest 10 Q Filing 3/31/2012
Company Industry Next Report Date 7/25/2012
P/E(TTM) 14.03 24.93 No. of Employee 171,700
No. Equity Share
P/E(Forward) 15.74 NA 759.5
(Million)
PEG Ratio 1.52 NA Price 71.96
Price/Sales 0.74 1.82 Market Cap (Million) 54653.62
Dividend Yield(%) 2.45 2.22 Total Debt 29591.00
Price/Book 10.72 2.47 Enterprise Value 78574.62
Price/Free Cash Flow 19.05 12.59
Price/Enterprise Value 0.70 NA Market Data
Exchange Traded NASDAQ
Ticker BA
ROE Analysis 52 Week High 77.83
52 Week Low 56.01
Particulars 2007 2008 2009 2010 2011 Short Interest Ratio 2.31
Reported PAT / PBT 0.67 0.67 0.76 0.73 0.75 Beta 1.21
Normalized PAT / PBT 0.66 0.66 0.78 0.73 0.67 Average Target Price 85.68
PBT / PBIT 0.97 0.95 0.84 0.90 0.92 One Year Return 1
PBIT / Sales 0.10 0.07 0.03 0.08 0.09 Three Months Return ‐2.86
Sales / Total Assets 2.42 2.65 2.34 1.94 1.78 One Month Return 0.8
Total Assets / Net
Worth(Without Treasury Analyst Rating
Stock) 115.11 139.74 161.71 166.24 192.42
Reported ROE (Excluding
Treasury Stock) 17.08 16.23 7.27 16.57 19.97
Normalized ROE(Excluding Strong
Treasury Stock) 16.91 16.10 7.50 16.57 17.84 Buy
Reported ROE (Including 19
Treasury Stock) 45.25 NA 61.65 119.56 114.31
Normalized ROE(Including
Treasury Stock) 44.79 NA 63.60 119.54 102.13
Hold
3
ROE
119.54
71.5
102.13
Ownership (%)
63.60
36.8
44.79
16.91 16.10 16.57 17.84
7.50
0.00 0.65 1
2007 2008 2009 2010 2011 Institutional Top 10 Mutual Fund 5%/Insider
Ownership Institutions Ownership Ownership
(%) (%) (%) (%)
Normalized ROE(Excluding Treasury Stock) Normalized ROE(Including Treasury Stock)
Page 3 (C) Tanay Roy
5. Balance Sheet
Particulars (in Millions) 2007 2008 2009 2010 2011
Sources of Fund
Owners Fund
Sources of Fund
Redeemable Preferred Stock 0.00 0.00 0.00 0.00 0.00
Preferred Stock ‐ Non
Redeemable, Net 0.00 0.00 0.00 0.00 0.00
Common Stock 5061.00 5061.00 5061.00 5061.00 5061.00
Additional Paid‐In Capital 4757.00 3456.00 3724.00 3866.00 4033.00
Retained Earnings
(Accumulated Deficit) 21376.00 22675.00 22746.00 24784.00 27524.00
Treasury Stock ‐ Common (14842.00) (17758.00) (15911.00) (17187.00) (16603.00)
ESOP Debt Guarantee (2752.00) (1203.00) (1615.00) 0.00 0.00
Unrealized Gain (Loss) 0.00 0.00 0.00 0.00 0.00
Other Equity, Total (4596.00) (13525.00) (11877.00) (13758.00) (16500.00)
Total Equity 9004.00 (1294.00) 2128.00 2766.00 3515.00
Loan Fund
Long Term Debt 7455.00 6952.00 12217.00 11473.00 10018.00
Capital Lease Obligations 0.00 0.00 0.00 0.00 0.00 2007 2008 2009 2010 2011
Deferred Income Tax 1190.00 0.00 0.00 0.00 0.00
Total Equity Total Loan Fund
Minority Interest 0.00 152.00 97.00 96.00 93.00
Other Liabilities, Total 9799.00 17196.00 14728.00 18835.00 25086.00
Total Loan Fund 18444.00 24300.00 27042.00 30404.00 35197.00
Total Fund 27448.00 23006.00 29170.00 33170.00 38712.00
Application of Funds
Uses of funds
Fixed Assets
Property/Plant/Equipment,
Total ‐ Net 8265.00 8762.00 8784.00 8931.00 9313.00
Goodwill, Net 3081.00 3647.00 4319.00 4937.00 4945.00
Intangibles, Net 2093.00 2685.00 2877.00 2979.00 3044.00
Long Term Investments 4111.00 1328.00 1030.00 1111.00 1043.00
Note Receivable ‐ Long Term 6777.00 5857.00 5466.00 4395.00 4296.00
Other Long Term Assets, Total 7379.00 5536.00 4302.00 5640.00 7535.00
Other Assets, Total 0.00 0.00 0.00 0.00 0.00 2007 2008 2009 2010 2011
Total Fixed Assets 31706.00 27815.00 26778.00 27993.00 30176.00
Net Current Assets Total Fixed Assets
Total Current Assets 27280.00 25964.00 35275.00 40572.00 49810.00
Total Net Current Assets
Total Current Liabilities 31538.00 30773.00 32883.00 35395.00 41274.00
Total Net Current Assets (4258.00) (4809.00) 2392.00 5177.00 8536.00
Total Assets 27448.00 23006.00 29170.00 33170.00 38712.00
% of Total Fund
105.62
92.70 91.66 90.92
67.20 Financial Data Mining
32.80
Get a Free Quote
7.30 8.34 9.08
(5.62)
2007 2008 2009 2010 2011
Total Loan Fund Total Equity
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6. Cash flow Statement
Particulars (in Millions) 2007 2008 2009 2010 2011
Cash Flow
Cash from Operating Activities 9584.00 (401.00) 5603.00 2952.00 4023.00
Cash from Investing Activities (3822.00) 1888.00 (3794.00) (4831.00) 2369.00
Cash from Financing Activities (4884.00) (5202.00) 4094.00 (1962.00) (1700.00)
Foreign Exchange Effects 46.00 (59.00) 44.00 (15.00) (2.00)
Net Change in Cash 924.00 (3774.00) 5947.00 (3856.00) 4690.00
2007 2008 2009 2010 2011
Net Cash ‐ Beginning Balance 6118 7042 3268 9215 5359
Net Cash ‐ Ending Balance 7042 3268 9215 5359 10049
Cash from Operating Activities
Cash from Investing Activities
Quarterly Income Statement Cash from Financing Activities
Particulars (in Millions) 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1
Sales 14910.00 16543.00 17727.00 19555.00 19383.00
cost of goods sold 11718.00 12821.00 13992.00 15879.00 15643.00
Gross profit 3192.00 3722.00 3735.00 3676.00 3740.00
General selling and
administrative expenses 736.00 747.00 686.00 741.00 836.00
Research and development
expenses
other operating
1057.00 1047.00 901.00 913.00 835.00
Financial Data Mining
income/(Expenses) (68.00) (15.00) (69.00) (44.00) (73.00)
Operating profit 1331.00 1913.00 2079.00 1978.00 1996.00
Other non‐operating Get a Free Quote
income/(expenses) 13.00 14.00 49.00 (29.00) 12.00
EBITDA 1344.00 1927.00 2128.00 1949.00 2008.00
Depreciation 331.00 379.00 365.00 382.00 426.00
EBIT 1013.00 1548.00 1763.00 1567.00 1582.00
Interest expenses 130.00 123.00 121.00 124.00 119.00
EBT 883.00 1425.00 1642.00 1443.00 1463.00
Tax 295.00 483.00 548.00 56.00 539.00
EAT 588.00 942.00 1094.00 1387.00 924.00
Non recurring income (2.00) (1.00) 4.00 6.00 (1.00)
Reported profit 586.00 941.00 1098.00 1393.00 923.00
Minority Interest 0 0 0 0 0
Sales and Profit Margin
2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1
Sales Operating Profit Margin PAT Margin
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