A complete Financial Analysis report on The Boeing Company

1. SRI KRISHNA CONSULTING
COMPANY FINALYTICS
The Boeing Company
Exclusive Fundamental Analysis of US Stocks
Prepared and Edited By‐
SRI KRISHNA CONSULTING
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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.
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Friday, June 01, 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
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Page 2

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) 13.99 25.14 No. of Employee 171,700
No. Equity Share
P/E(Forward) 15.73 NA 759.5
(Million)
PEG Ratio 1.51 NA Price 67.24
Price/Sales 0.73 1.81 Market Cap (Million) 51068.78
Dividend Yield(%) 2.45 2.21 Total Debt 29591.00
Price/Book 10.69 2.36 Enterprise Value 74989.78
Price/Free Cash Flow 19.00 11.54
Price/Enterprise Value 0.68 NA Market Data
Exchange Traded NASDAQ
Ticker BA
ROE Analysis 52 Week High 78.35
52 Week Low 56.01
Particulars 2007 2008 2009 2010 2011 Short Interest Ratio 2.13
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 86.08
PBT / PBIT 0.97 0.95 0.84 0.90 0.92 One Year Return ‐5.9
PBIT / Sales 0.10 0.07 0.03 0.08 0.09 Three Months Return ‐4.56
Sales / Total Assets 2.42 2.65 2.34 1.94 1.78 One Month Return ‐1.48
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
Reported ROE (Including
Buy
Treasury Stock) 45.25 NA 61.65 119.56 114.31 17
Normalized ROE(Including
Treasury Stock) 44.79 NA 63.60 119.54 102.13
Hold
5
ROE
119.54
71.61
102.13
Ownership (%)
63.60
36.8
44.79
16.91 16.10 16.57 17.84
7.50
0.00 0.64 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)
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Page 3

4. Income Statement
Particulars (in Millions) 2007 2008 2009 2010 2011
Sales 66387.00 60909.00 68281.00 64306.00 68735.00
Operating Income
cost of goods sold 52424.00 49339.00 55474.00 50747.00 54748.00 68,735 8000.00
68,281
7000.00
Gross profit 13963.00 11570.00 12807.00 13559.00 13987.00 66,387
General selling and 6000.00
64,306
administrative expenses 3335.00 2882.00 3025.00 3128.00 2910.00 5000.00
Research and development
expenses 3850.00 3768.00 6506.00 4121.00 3918.00 4000.00
60,909
other operating
3000.00
income/(Expenses) 30.00 43.00 (114.00) (243.00) (196.00)
2000.00
Operating profit 6808.00 4963.00 3162.00 6067.00 6963.00
1000.00
Other non‐operating
income/(expenses) 484.00 247.00 (26.00) 52.00 47.00 0.00
2007 2008 2009 2010 2011
EBITDA 7292.00 5210.00 3136.00 6119.00 7010.00
Depreciation 978.00 1013.00 1066.00 1096.00 1119.00
EBIT 6314.00 4197.00 2070.00 5023.00 5891.00 Operating profit EBITDA Sales
Interest expenses 196.00 202.00 339.00 516.00 498.00
EBT 6118.00 3995.00 1731.00 4507.00 5393.00
Tax 2060.00 1341.00 396.00 1196.00 1382.00
Financial Data Mining
EAT 4058.00 2654.00 1335.00 3311.00 4011.00
Non recurring income 16.00 18.00 (23.00) (4.00) 7.00 Get a Free Quote
Reported profit 4074.00 2672.00 1312.00 3307.00 4018.00
Minority Interest 0 0 0 0 0
Profit Levels
2007 2008 2009 2010 2011
Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit
Profit Margins
2011 20.35 10.13 10.20 8.57 7.85 5.84
2010 21.09 9.43 9.52 7.81 7.01 5.15
2009 18.76 4.63 4.59 3.03 2.54 1.96
2008 19.00 8.15 8.55 6.89 6.56 4.36
2007 21.03 10.26 10.98 9.51 9.22 6.11
Gross profit Operating profit EBITDA EBIT EBT EAT
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Page 4

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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Page 5

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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7. Growth Analysis
Average Median
Particulars (%) 2008 2009 2010 2011 5 Year CAGR
Growth Growth
Sales (8.25) 12.10 (5.82) 6.89 1.23 0.53 1.01
cost of goods sold (5.88) 12.43 (8.52) 7.88 1.48 1.00 1.01
Gross profit (17.14) 10.69 5.87 3.16 0.65 4.51 1.00
General selling and
administrative expenses (13.58) 4.96 3.40 (6.97) (3.05) (1.78) 0.97
Research and development
expenses (2.13) 72.66 (36.66) (4.93) 7.24 (3.53) 1.00
other operating
income/(Expenses) 43.33 (365.12) 113.16 (19.34) (56.99) 12.00 (1.46)
Operating profit (27.10) (36.29) 91.87 14.77 10.81 (6.17) 1.00
Other non‐operating
income/(expenses) (48.97) (110.53) (300.00) (9.62) (117.28) (79.75) 0.63
EBITDA (28.55) (39.81) 95.12 14.56 10.33 (7.00) 0.99
Depreciation 3.58 5.23 2.81 2.10 3.43 3.20 1.03
EBIT (33.53) (50.68) 142.66 17.28 18.93 (8.12) 0.99
Interest expenses 3.06 67.82 52.21 (3.49) 29.90 27.64 1.21
EBT (34.70) (56.67) 160.37 19.66 22.16 (7.52) 0.98
Tax (34.90) (70.47) 202.02 15.55 28.05 (9.68) 0.92
EAT (34.60) (49.70) 148.01 21.14 21.21 (6.73) 1.00
Non recurring income 12.50 (227.78) (82.61) (275.00) (143.22) (155.19) 0.85
Reported profit (34.41) (50.90) 152.06 21.50 22.06 (6.46) 1.00
Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Growth Rates (Year on Year)
2008 2009 2010 2011
Sales Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit
Profit Index (Year on Year)
2007 2008 2009 2010 2011
Sales Gross profit Operating profit EBITDA EBIT EAT Reported profit
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8. Comparative Analysis
Income Statement
Particulars (%) 2007 2008 2009 2010 2011
Sales 100.00 100.00 100.00 100.00 100.00
cost of goods sold 78.97 81.00 81.24 78.91 79.65
Gross profit 21.03 19.00 18.76 21.09 20.35
General selling and
administrative expenses 5.02 4.73 4.43 4.86 4.23
Research and development
expenses 5.80 6.19 9.53 6.41 5.70
other operating
income/(Expenses) 0.05 0.07 (0.17) (0.38) (0.29) Source of Fund (%) 2011
Operating profit 10.26 8.15 4.63 9.43 10.13
Other non‐operating
income/(expenses) 0.73 0.41 (0.04) 0.08 0.07 9%
EBITDA 10.98 8.55 4.59 9.52 10.20
Depreciation 1.47 1.66 1.56 1.70 1.63
EBIT 9.51 6.89 3.03 7.81 8.57
Interest expenses 0.30 0.33 0.50 0.80 0.72
EBT 9.22 6.56 2.54 7.01 7.85
Tax 3.10 2.20 0.58 1.86 2.01
EAT 6.11 4.36 1.96 5.15 5.84 91%
Non recurring income 0.02 0.03 (0.03) (0.01) 0.01
Reported profit 6.14 4.39 1.92 5.14 5.85
Minority Interest 0.00 0.00 0.00 0.00 0.00
Total Equity Total Loan Fund
Balance Sheet
Particulars 2007 2008 2009 2010 2011
Sources of Fund
Owners 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 18.44 22.00 17.35 15.26 13.07
Additional Paid‐In Capital 17.33 15.02 12.77 11.66 10.42
Retained Earnings 77.88 98.56 77.98 74.72 71.10 Application of Fund (%)
Treasury Stock ‐ Common (54.07) (77.19) (54.55) (51.81) (42.89) 2011
ESOP Debt Guarantee (10.03) (5.23) (5.54) 0.00 0.00
Unrealized Gain (Loss) 0.00 0.00 0.00 0.00 0.00
Other Equity, Total (16.74) (58.79) (40.72) (41.48) (42.62) 22%
Total Equity
0 32.80 (5.62) 7.30 8.34 9.08
Loan Fund
Long Term Debt 27.16 30.22 41.88 34.59 25.88
Capital Lease Obligations 0.00 0.00 0.00 0.00 0.00
Deferred Income Tax 4.34 0.00 0.00 0.00 0.00
78%
Minority Interest 0.00 0.66 0.33 0.29 0.24
Other Liabilities, Total 35.70 74.75 50.49 56.78 64.80
Total Loan Fund 67.20 105.62 92.70 91.66 90.92
Total Fund 100.00 100.00 100.00 100.00 100.00
Total Fixed Assets
Uses of funds
Fixed Assets Total Net Current Assets
Property/Plant/Equipment,
Total ‐ Net 30.11 38.09 30.11 26.92 24.06
Goodwill, Net 11.22 15.85 14.81 14.88 12.77
Intangibles, Net 7.63 11.67 9.86 8.98 7.86
Long Term Investments 14.98 5.77 3.53 3.35 2.69
Note Receivable ‐ Long Term 24.69 25.46 18.74 13.25 11.10 Equity Research Report
Other Long Term Assets, Total 26.88 24.06 14.75 17.00 19.46
Other Assets, Total 0.00 0.00 0.00 0.00 0.00
Total Fixed Assets 115.51 120.90 91.80 84.39 77.95 Get a Free Quote
Net Current Assets
Total Current Assets 99.39 112.86 120.93 122.32 128.67
Total Current Liabilities 114.90 133.76 112.73 106.71 106.62
Total Net Current Assets (15.51) (20.90) 8.20 15.61 22.05
Total Assets 100.00 100.00 100.00 100.00 100.00
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Page 8

9. Index Analysis
Income Statement
Particulars 2007 2008 2009 2010 2011
(Base Year)
Sales 100.00 91.75 102.85 96.87 103.54
cost of goods sold 100.00 94.12 105.82 96.80 104.43
Gross profit 100.00 82.86 91.72 97.11 100.17 Credit/Bond Analysis
General selling and 100.00 86.42 90.70 93.79 87.26
Research and development 100.00 97.87 168.99 107.04 101.77
other operating
Operating profit
100.00
100.00
143.33
72.90
(380.00)
46.45
(810.00)
89.12
(653.33)
102.28
Get a Free Quote
Other non‐operating 100.00 51.03 (5.37) 10.74 9.71
EBITDA 100.00 71.45 43.01 83.91 96.13
Depreciation 100.00 103.58 109.00 112.07 114.42
EBIT 100.00 66.47 32.78 79.55 93.30
Interest expenses 100.00 103.06 172.96 263.27 254.08
EBT 100.00 65.30 28.29 73.67 88.15
Tax 100.00 65.10 19.22 58.06 67.09
EAT 100.00 65.40 32.90 81.59 98.84
Non recurring income 100.00 112.50 (143.75) (25.00) 43.75
Reported profit 100.00 65.59 32.20 81.17 98.63
Minority Interest 0.00 0.00 0.00 0.00 0.00
Balance Sheet
Particulars 2007 2008 2009 2010 2011
Sources of Fund
Owners Fund
Index of Loan Fund and Fixed
Redeemable Preferred Stock 0.00 0.00 0.00 0.00 0.00 Assets
Preferred Stock ‐ Non 0.00 0.00 0.00 0.00 0.00
Common Stock 100.00 100.00 100.00 100.00 100.00
Additional Paid‐In Capital 100.00 72.65 78.28 81.27 84.78
Retained Earnings 100.00 106.08 106.41 115.94 128.76
Treasury Stock ‐ Common 100.00 119.65 107.20 115.80 111.86
ESOP Debt Guarantee 100.00 43.71 58.68 0.00 0.00
Unrealized Gain (Loss) 0.00 0.00 0.00 0.00 0.00
Other Equity, Total 100.00 294.28 258.42 299.35 359.01
Total Equity 100.00 (14.37) 23.63 30.72 39.04
Loan Fund
Long Term Debt 100.00 93.25 163.88 153.90 134.38 2007 2008 2009 2010 2011
Capital Lease Obligations 0.00 0.00 0.00 0.00 0.00
Deferred Income Tax 100.00 0.00 0.00 0.00 0.00
Minority Interest 0.00 0.00 0.00 0.00 0.00 Total Loan Fund Total Fixed Assets
Other Liabilities, Total 100.00 175.49 150.30 192.21 256.01
Total Loan Fund 100.00 131.75 146.62 164.84 190.83
Total Fund 100.00 83.82 106.27 120.85 141.04
Uses of funds
Fixed Assets
Property/Plant/Equipment,
Total ‐ Net 100.00 106.01 106.28 108.06 112.68
Goodwill, Net 100.00 118.37 140.18 160.24 160.50
Intangibles, Net 100.00 128.28 137.46 142.33 145.44
Long Term Investments 100.00 32.30 25.05 27.03 25.37
Note Receivable ‐ Long Term 100.00 86.42 80.66 64.85 63.39
Other Long Term Assets, Total 100.00 75.02 58.30 76.43 102.11
Other Assets, Total 0.00 0.00 0.00 0.00 0.00
Total Fixed Assets 100.00 87.73 84.46 88.29 95.17
Net Current Assets
Total Current Assets 100.00 95.18 129.31 148.72 182.59
Total Current Liabilities 100.00 97.57 104.26 112.23 130.87
Total Net Current Assets 100.00 112.94 (56.18) (121.58) (200.47)
Total Assets 100.00 83.82 106.27 120.85 141.04
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Page 9

10. Ratio Analysis‐Annual
Particulars 2007 2008 2009 2010 2011
Per Share Ratio
Normalized EPS 5.31 3.67 1.91 4.48 4.81
Basic EPS 5.36 3.70 1.85 4.48 5.38
Diluted EPS 5.28 3.67 1.84 4.44 5.34
Adjusted Cash EPS 6.63 5.07 3.38 5.97 6.87 EPS Trend
Dividend Per Share 1.45 1.62 1.68 1.68 1.70
Operating Profit per Share 8.96 6.87 4.46 8.22 9.33
Book Value Per Share
(Excluding Treasury Stocks) 31.40 22.78 25.42 27.03 26.95
Book Value Per Share
(Including Treasury Stocks) 11.86 (1.79) 3.00 3.75 4.71
Net Operating Income Per
Share 87.41 84.29 96.22 87.12 92.06
Free Reserve Per Share 28.14 31.38 32.05 33.58 36.87
Profitability Ratio (%) 2007 2008 2009 2010 2011
Operating Margin 10.26 8.15 4.63 9.43 10.13
Gross Profit margin 21.03 19.00 18.76 21.09 20.35
Normalized EPS Basic EPS
Net profit Margin 6.14 4.39 1.92 5.14 5.85
Normalized Net Profit Margin 6.07 4.35 1.98 5.14 5.22 Diluted EPS
Adjusted Cash Margin 7.59 6.02 3.52 6.85 7.46
Effective Tax Rate 33.67 33.57 22.88 26.54 25.63
Normalized Return on Net
Worth (Excluding Treasury
Stock) 16.91 16.10 7.50 16.57 17.84
Reported Return on Net Worth
(Excluding Treasury Stock) 17.08 16.23 7.27 16.57 19.97 Debt‐Equity Ratio
Return on Long Term Fund 14.84 11.61 4.50 9.97 10.38
Leverage Ratio
Long term Debt/Equity 0.31 0.42 0.68 0.58 0.50
Total Debt/Equity 0.77 1.48 1.50 1.52 1.75
Owned Fund as % of Total
Fund 86.88 71.56 61.84 60.15 51.97
Fixed Assets Turnover Ratio 2.09 2.19 2.55 2.30 2.28
Liquidity Ratio 2007 2008 2009 2010 2011
Current Ratio 0.89 0.86 1.10 1.18 1.28
Current Ratio (Including St.
Loans) 0.86 0.84 1.07 1.15 1.21
Long term Debt/Equity
Quick Ratio 0.56 0.34 0.56 0.46 0.43 Total Debt/Equity
Inventory Turnover Ratio 6.94 4.84 4.20 3.12 2.43
Payout Ratio(%)
Dividend Payout Ratio 27.82 44.72 92.36 37.60 31.49
Dividend Pay out Ratio (Cash Liquidity Ratio
Profit) 22.42 32.37 51.35 28.25 24.62
Earning Retention Ratio 72.18 55.28 7.64 62.40 68.51
Cash Earning Retention Ratio 77.58 67.63 48.65 71.75 75.38
Coverage Ratio
Adjusted Cash flow Time Total
Debt 0.52 (0.02) 0.21 0.10 0.11
Financial Charges Coverage 2007 2008 2009 2010 2011
Ratio (Pre Tax) 32.21 20.78 6.11 9.73 11.83
Financial Charges Coverage
Current Ratio
Ratio (Post Tax) 21.70 14.14 4.94 7.42 9.05
Current Ratio (Including St. Loans)
Quick Ratio
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11. Ratio Analysis‐Quarter
Per Share Ratio Per Share Ratio (QoQ)
Particulars 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1
Operating Income Per
Share(Rs.) 19.91 21.98 23.51 25.83 25.52
Operating Profit Per Share(Rs.)
1.78 2.54 2.76 2.61 2.63
Adjusted EPS(Rs.) 0.79 1.25 1.45 1.83 1.22
Profitability Ratio
Operating Profit Margin 8.93 11.56 11.73 10.12 10.30
EBITDA Margin 9.01 11.65 12.00 9.97 10.36 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1
EBIT Margin 6.79 9.36 9.95 8.01 8.16
PAT Margin 3.94 5.69 6.17 7.09 4.77
Operating Income Per Share(Rs.)
Operating Profit Per Share(Rs.)
Adjusted EPS(Rs.)
TTM Analysis
Particulars (in Millions) 2011 Q4 % of Sales 2012 Q1 % of Sales Changes
Sales 68735.00 100.00 73208.00 100.00 6.51
cost of goods sold 54410.00 79.16 58335.00 79.68 7.21
Gross profit 14325.00 20.84 14873.00 20.32 3.83
General selling and 2910.00 4.23 3010.00 4.11 3.44
Research and development
other operating
3918.00
(196.00)
5.70
(0.29)
3696.00
(201.00)
5.05
(0.27)
(5.67)
2.55
Fundamental Analysis and
Operating profit
Other non‐operating
7301.00
47.00
10.62
0.07
7966.00
46.00
10.88
0.06
9.11
(2.13)
Modeling
EBITDA 7348.00 10.69 8012.00 10.94 9.04
Depreciation 1457.00 2.12 1552.00 2.12 6.52
EBIT 5891.00 8.57 6460.00 8.82 9.66 Get a Free Quote
Interest expenses 498.00 0.72 487.00 0.67 (2.21)
EBT 5393.00 7.85 5973.00 8.16 10.75
Tax 1382.00 2.01 1626.00 2.22 17.66
EAT 4011.00 5.84 4347.00 5.94 8.38
Non recurring income 7.00 0.01 8.00 0.01 14.29
Reported profit 4018.00 5.85 4355.00 5.95 8.39
Minority Interest 0.00 0.00 0.00 0.00 NA
EPS 5.30 5.72 8.02
SPS 90.79 96.38 6.16
Profit Margins (TTM)
2012 Q1 20.32 10.88 10.94 8.82 8.16 5.94 5.95
2011 Q4 20.84 10.62 10.69 8.57 7.85 5.84 5.85
Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit
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12. Valuation and Projection
Price Estimates Analyst Recommendation
Average Target 86.08
Median Target 87.00
Strong Buy Buy Hold Underperform Sell
High Target 97.00
Low Target 68.00 3% 0%
No. of Analyst 25.00
Projection 25% 28%
Quarter Quarter Year Ending Year Ending
Ending Jun‐12 Ending Sep‐12 Dec‐12 Dec‐13
44%
Sales 19446.50 20029.50 79522.40 85976.20
EPS 1.08 1.11 4.56 5.67
Growth 17.55 12.99 15.69 8.12
Performance Over Industry
Particulars Company Industry
Earning Surprise
Dividend Yield 2.45 2.21
Dividend Yield ‐ 5 Year Avg. 2.52 1.71
81%
Dividend 5 Year Growth Rate 6.34 8.24
Payout Ratio(TTM) 29.45 29.91
Quick Ratio (MRQ) 0.42 0.51
Current Ratio (MRQ) 1.21 0.84
LT Debt to Equity (MRQ) 175.39 45.38 33%
Total Debt to Equity (MRQ) 231.23 54.35 29% 30%
Interest Coverage (TTM) 17.82 12.28
Gross Margin (TTM) 18.2 12.12
Gross Margin ‐ 5 Yr. Avg. 18.45 32.63
EBITD Margin (TTM) 10.73 ‐‐
EBITD ‐ 5 Yr. Avg 8.42 17.29 Q1 Q2 Q3 Q4
Operating Margin (TTM) 8.76 13.82
Operating Margin ‐ 5 Yr. Avg. 6.9 14.45
Pre‐Tax Margin (TTM) 8.16 13.38
Pre‐Tax Margin ‐ 5 Yr. Avg. 6.62 13.95
Net Profit Margin (TTM) 5.94 9.02
Net Profit Margin ‐ 5 Yr. Avg. 4.68 9.73
Effective Tax Rate (TTM) 27.22 33.25
Effective Tax Rate ‐ 5 Yr. Avg. 29.32 29.48 Excel‐VBA Based Model
Revenue/Employee (TTM) 426372 1500988 Get a Free Quote
Net Income/Employee (TTM) 25317 185914
Receivable Turnover (TTM) 11.7 3.78
Inventory Turnover (TTM) 2.01 2.76
Asset Turnover (TTM) 0.98 0.46
Return on Assets (TTM) 5.84 2.91
Return on Assets ‐ 5 Yr. Avg. 4.97 6.95
Return on Investment (TTM) 12.04 4.63
Return on Investment ‐ 5 Yr.
Avg. 10.76 13.64
Return on Equity (TTM) 97.26 17.52
Return on Equity ‐ 5 Yr. Avg. 91.86 25.22
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13. Technical Analysis
Price Chart
78 16000000
76 14000000
74 12000000
72
10000000
70
8000000
68
6000000
66
64 4000000
62 2000000
60 0
22‐Nov 1‐Feb 16‐Apr
Volume Adj Close EMA(200) EMA(50)
3.00
2.00
1.00
0.00
‐1.00
‐2.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 67.24 AS On: 6/1/2012
EMA(13) 71.57 ADX 14
EMA(26) 72.62 DX 50
Technical Analysis
Get a Free Quote
EMA(50) 72.47 +DI 12
EMA(200) 69.26 ‐DI 36
RSI(14) 31.42 %K(Fast) 0
MACD ‐1.06 %K(Slow) 5.2
William(%R) ‐100.00 %d(Slow) 11.33
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