Intel Corp (NAS:INTC) 06/20/2017 1:08AM EST GuruFocus

Price: $ 35.51 (0.00%) Market Cap: $ 167.22 B Enterprise Value: $175.67 B Stock PDF
Financial Strength : 6/10 Profitability & Growth : 7/10 Valuation Ratios Valuation Box
vs vs
vs vs vs vs industry history
industry history industry history
P/E(ttm) 15.44
Cash to Debt 0.67 Operating margin (%) 22.99
Forward P/E N/A
Equity to Asset 0.58 Net-margin (%) 18.57
PE(NRI) 15.44
Interest Coverage 20.72 ROE (%) 17.62
F-Score:
P/B 2.51
ROA (%) 10.09
5
P/S 2.86
Z-Score: ROC (Joel Greenblatt) (%) 41.10
3.64 PFCF 15.33
Revenue Growth (3Y)(%) 5.60
M-Score: POCF 8.00
-2.79 EBITDA Growth (3Y)(%) 2.40
EV-to-EBIT 11.78
WACC vs 8.02% EPS Growth (3Y)(%) 3.90
ROIC 14.97% PEG 11.85
WACC
ROIC Shiller P/E 18.03

Current Ratio 1.69

Quick Ratio 1.42

Days Inventory 89.99

Days Sales Outstanding 29.70

Warning Signs Quarterly Revenues Company Description

Dividend Yield %: Close to 2- Mar Jun Sep Dec Full Year Intel is the world's largest chipmaker. It designs and manufactures microprocessors and platform solutions for the
global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It is also
year low 2013 12,580 12,811 13,483 13,834 52,708 the prime proponent of Moore's Law for advances in semiconductor manufacturing.... (Read More)
2014 12,764 13,831 14,554 14,721 55,870 Competitors: NYSE:TSM, NAS:AVGO, NAS:NVDA, NAS:QCOM, NAS:TXN, NAS:NXPI, NAS:ADI,
Price: Close to 10-year high
2015 12,781 13,195 14,465 14,914 55,355 OTCPK:IFNNY, NAS:SWKS, NAS:MCHP, NAS:XLNX, NAS:LLTC, OTCPK:RNECF, OTCPK:STMEF, NAS:MXIM,
NAS:AMD, NYSE:ASX, NAS:QRVO, NAS:MRVL, OTCPK:ROHCY
Long-Term Debt: Issuing new 2016 13,702 13,533 15,778 16,374 59,387
debt 2017 14,796 Guru Trades
Quarterly Earnings per Share
Good Signs Mar Jun Sep Dec Full Year
Revenue per Share: 2013 0.40 0.39 0.58 0.52 1.89
Consistent growth 2014 0.38 0.55 0.66 0.73 2.32
2015 0.41 0.55 0.64 0.74 2.34
PB Ratio: Close to 1-year low 2016 0.42 0.27 0.69 0.73 2.11
2017 0.61
DCF Quarterly Dividends Per Share
EPS without NRI: $2.30 Mar Jun Sep Dec Full Year
Growth Rate in the next 10 Insider Trades
2013 0.23 0.23 0.23 0.23 0.90
years: 11.40% 2014 0.23 0.23 0.23 0.23 0.90
Terminal Growth Rate for 10 2015 0.24 0.24 0.24 0.24 0.96
years: 4% 2016 0.26 0.26 0.26 0.26 1.04
Fair Value: $37.16 2017 0.26

Growth Rate
Reverse DCF
Annual Rates(per share) 10-Y 5-Y 12-M
Expected eps Growth Rate:
Revenue Growth (%) 8.20 3.90 7.60
10.70%
EBITDA Growth (%) 10.30 1.30 -2.20
Free Cash Flow Growth (%) 10.30 9.40 -5.90
Book Value Growth (%) 8.20 8.30 9.30
EPS Growth (%) 11.40 -0.40 -2.10

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 Per Share Data

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 TTM Fiscal Period
3.86 3.96 4.55 5.27 6.29 6.02 6.46 6.54 6.22 7.66 9.98 10.34 10.34 11.05 11.31 12.18 12.40 Revenue per Share

1.28 1.43 1.90 2.37 2.79 2.04 2.36 2.14 1.91 3.63 4.41 4.30 4.10 4.85 4.75 4.40 4.64 EBITDA per Share

0.33 0.63 1.13 1.61 2.04 1.21 1.55 1.34 1.01 2.82 3.29 2.84 2.52 3.16 2.97 2.80 3.06 EBIT per Share

0.19 0.46 0.85 1.16 1.40 0.86 1.18 0.92 0.77 2.01 2.39 2.13 1.89 2.31 2.33 2.12 2.30 Earnings per Share (diluted)

0.19 0.46 0.85 1.16 1.40 0.86 1.18 0.92 0.77 2.01 2.39 2.13 1.89 2.31 2.33 2.12 2.30 eps without NRI

0.38 0.52 0.85 1.27 1.64 0.95 1.24 0.56 0.95 2.08 2.86 2.23 2.38 2.12 1.75 2.08 2.12 Owner Earnings per Share (TTM)

0.22 0.66 1.19 1.43 1.46 0.82 1.29 1.00 1.18 2.02 1.87 1.37 1.97 2.04 2.39 2.50 2.32 Free Cashflow per Share

0.08 0.08 0.08 0.16 0.32 0.40 0.45 0.55 0.56 0.63 0.78 0.87 0.90 0.90 0.96 1.04 1.04 Dividends per Share

5.36 5.39 5.83 6.17 6.11 6.37 7.39 7.11 7.55 8.97 9.18 10.36 11.73 11.77 12.93 14.00 14.17 Book Value per Share

4.71 4.74 5.26 5.58 5.46 5.70 6.71 6.40 6.75 7.99 6.08 7.13 8.58 8.54 9.70 9.01 9.24 Tangible Book per Share

0.22 0.21 0.18 0.15 0.41 0.35 0.37 0.23 0.40 0.38 1.47 2.72 2.71 2.88 4.80 5.35 5.46 Total Debt per Share

31.45 15.57 32.05 23.39 24.96 20.25 26.66 14.66 20.40 21.03 24.25 20.62 25.96 36.29 34.45 36.27 35.51 Month End Stock Price

Ratios
Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 TTM Fiscal Period
3.53 8.74 15.39 19.67 23.18 13.83 17.55 12.86 10.75 25.16 27.15 22.66 17.58 20.51 19.53 16.21 17.62 Return on Equity %

2.80 7.03 12.35 15.78 17.96 10.43 13.41 9.97 8.44 19.72 19.27 14.16 10.89 12.70 11.81 9.61 10.09 Return on Assets %

13.51 23.73 43.19 64.43 76.82 40.86 49.39 37.88 29.81 90.24 84.94 50.56 39.13 49.46 44.70 38.63 41.10 Return on Capital %

5.30 13.00 24.25 32.37 34.51 14.77 20.55 19.19 14.08 37.33 37.38 23.91 18.07 21.23 19.75 15.46 14.97 Return on Invested Capital %

17.39 17.67 18.19 16.39 15.71 16.39 12.47 9.37 10.48 9.75 7.30 7.38 7.92 7.10 6.96 8.63 8.02 Weighted Average Cost Of Capital (WACC) %

4.40 5.95 4.91 4.84 1.14 1.08 0.72 0.47 0.06 -- 0.87 0.87 1.81 1.42 1.86 3.06 2.53 Effective Interest Rate on Debt %

49.18 49.76 56.71 57.72 59.36 51.49 51.92 55.46 55.69 65.31 62.51 62.15 59.80 63.74 62.65 60.94 61.52 Gross Margin %

8.50 16.37 24.99 29.61 31.14 15.97 21.43 23.82 16.26 35.73 32.37 27.44 23.32 27.47 25.29 21.68 22.99 Operating Margin %

4.86 11.65 18.72 21.97 22.31 14.26 18.20 14.08 12.44 26.28 23.97 20.63 18.25 20.95 20.63 17.37 18.57 Net Margin %

5.58 16.54 26.07 27.12 23.19 13.68 19.89 15.24 18.95 26.33 18.77 13.20 19.03 18.46 21.12 20.51 18.69 FCF Margin %

0.04 0.04 0.03 0.02 0.07 0.06 0.05 0.03 0.05 0.04 0.16 0.26 0.23 0.24 0.37 0.38 0.39 Debt to Equity

0.81 0.80 0.80 0.80 0.75 0.76 0.77 0.78 0.79 0.78 0.65 0.61 0.63 0.61 0.60 0.58 0.58 Total Equity to Total Asset

0.03 0.03 0.03 0.02 0.05 0.04 0.04 0.03 0.04 0.03 0.10 0.16 0.15 0.15 0.22 0.22 0.22 Total Debt to Total Asset

28.27 30.06 37.42 41.45 47.79 37.69 38.27 39.28 37.77 49.00 50.27 42.65 35.68 38.65 35.87 33.70 33.43 Gross Profit to Total Asset %

0.58 0.60 0.66 0.72 0.81 0.73 0.74 0.71 0.68 0.75 0.80 0.69 0.60 0.61 0.57 0.55 0.54 Asset Turnover

0.42 0.17 0.09 0.14 0.23 0.47 0.38 0.60 0.73 0.31 0.33 0.41 0.48 0.39 0.41 0.49 0.45 Dividend Payout Ratio

35.85 35.10 35.84 32.00 36.80 27.95 24.53 16.63 23.62 23.99 24.67 26.23 24.81 28.92 31.56 28.83 29.70 Days Sales Outstanding

47.87 41.89 46.44 49.04 52.03 47.97 46.76 52.11 44.15 55.24 53.30 54.65 51.15 49.50 36.42 38.95 50.52 Days Accounts Payable

60.81 61.47 67.07 64.86 66.48 79.11 76.09 77.55 78.31 80.71 70.80 79.82 76.71 76.07 83.32 84.34 89.99 Days Inventory

48.79 54.68 56.47 47.82 51.25 59.09 53.86 42.07 57.78 49.46 42.17 51.40 50.37 55.49 78.46 74.22 69.17 Cash Conversion Cycle

6.00 5.94 5.44 5.63 5.49 4.61 4.80 4.71 4.66 4.52 5.16 4.57 4.76 4.80 4.38 4.33 4.06 Inventory Turnover

0.51 0.50 0.43 0.42 0.41 0.49 0.48 0.45 0.44 0.35 0.37 0.38 0.40 0.36 0.37 0.39 0.38 COGS to Revenue

0.09 0.09 0.08 0.08 0.07 0.11 0.10 0.10 0.10 0.08 0.07 0.08 0.08 0.08 0.09 0.09 0.10 Inventory to Revenue

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 Income Statement

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 TTM Fiscal Period
26,539 26,764 30,141 34,209 38,826 35,382 38,334 37,586 35,127 43,623 53,999 53,341 52,708 55,870 55,355 59,387 60,481 Revenue
13,487 13,446 13,047 14,463 15,777 17,164 18,430 16,742 15,566 15,132 20,242 20,190 21,187 20,261 20,676 23,196 23,273 Cost of Goods Sold
13,052 13,318 17,094 19,746 23,049 18,218 19,904 20,844 19,561 28,491 33,757 33,151 31,521 35,609 34,679 36,191 37,208 Gross Profit
49.18 49.76 56.71 57.72 59.36 51.49 51.92 55.46 55.69 65.31 62.51 62.15 59.80 63.74 62.65 60.94 61.52 Gross Margin %

4,464 4,334 4,278 4,659 5,688 6,096 5,401 5,452 7,931 6,309 7,670 8,057 8,088 8,136 7,930 8,397 8,275 Selling, General, & Admin. Expense
3,796 4,034 4,360 4,778 5,145 5,873 5,755 5,722 5,653 6,576 8,350 10,148 10,611 11,537 12,128 12,740 12,820 Research & Development
2,536 568 923 179 126 597 532 716 266 18.00 260 308 531 589 619 2,180 2,208 Other Operating Expense
2,256 4,382 7,533 10,130 12,090 5,652 8,216 8,954 5,711 15,588 17,477 14,638 12,291 15,347 14,002 12,874 13,905 Operating Income
8.50 16.37 24.99 29.61 31.14 15.97 21.43 23.82 16.26 35.73 32.37 27.44 23.32 27.47 25.29 21.68 22.99 Operating Margin %

615 298 248 301 577 636 804 592 168 119 98.00 97.00 104 141 124 222 246 Interest Income
-56.00 -84.00 -62.00 -50.00 -19.00 -24.00 -15.00 -8.00 -1.00 -- -41.00 -90.00 -244 -192 -337 -733 -671 Interest Expense
559 214 186 251 558 612 789 584 167 119 57.00 94.00 -140 -51.00 -213 -511 -425 Net Interest Income
-632 -392 -277 36.00 -38.00 804 161 -1,852 -174 338 247 141 460 505 423 573 763 Other Income (Expense)

2,183 4,204 7,442 10,417 12,610 7,068 9,166 7,686 5,704 16,045 17,781 14,873 12,611 15,801 14,212 12,936 14,243 Pre-Tax Income
-892 -1,087 -1,801 -2,901 -3,946 -2,024 -2,190 -2,394 -1,335 -4,581 -4,839 -3,868 -2,991 -4,097 -2,792 -2,620 -3,009 Tax Provision
40.86 25.86 24.20 27.85 31.29 28.64 23.89 31.15 23.40 28.55 27.21 26.01 23.72 25.93 19.65 20.25 21.13 Tax Rate %
1,291 3,117 5,641 7,516 8,664 5,044 6,976 5,292 4,369 11,464 12,942 11,005 9,620 11,704 11,420 10,316 11,234 Net Income (Continuing Operations)
1,291 3,117 5,641 7,516 8,664 5,044 6,976 5,292 4,369 11,464 12,942 11,005 9,620 11,704 11,420 10,316 11,234 Net Income
4.86 11.65 18.72 21.97 22.31 14.26 18.20 14.08 12.44 26.28 23.97 20.63 18.25 20.95 20.63 17.37 18.57 Net Margin %

0.19 0.47 0.86 1.17 1.42 0.87 1.20 0.93 0.79 2.06 2.46 2.20 1.94 2.39 2.41 2.18 2.37 EPS (Basic)
0.19 0.46 0.85 1.16 1.40 0.86 1.18 0.92 0.77 2.01 2.39 2.13 1.89 2.31 2.33 2.12 2.30 EPS (Diluted)
6,879 6,759 6,621 6,494 6,178 5,880 5,936 5,748 5,645 5,696 5,411 5,160 5,097 5,056 4,894 4,875 4,881 Shares Outstanding (Diluted
Average)
6,558 5,344 5,070 4,889 4,595 4,912 4,798 4,616 5,052 4,638 6,064 7,522 8,032 8,549 8,711 7,790 7,721 Depreciation, Depletion and
Amortization
8,797 9,632 12,574 15,356 17,224 12,004 13,979 12,310 10,757 20,683 23,886 22,160 20,887 24,542 23,260 21,459 22,635 EBITDA

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 Balance Sheet

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 TTM Fiscal Period
7,970 7,404 7,971 8,407 7,324 6,598 7,307 3,350 3,987 5,498 5,065 8,478 5,674 2,561 15,308 5,560 4,934 Cash And Cash Equivalents
3,580 5,183 8,193 8,765 5,448 3,404 5,490 5,331 9,933 16,387 9,772 3,999 14,413 11,493 10,005 11,539 12,361 Marketable Securities
11,550 12,587 16,164 17,172 12,772 10,002 12,797 8,681 13,920 21,885 14,837 12,477 20,087 14,054 25,313 17,099 17,295 Cash, Cash Equivalents, Marketable
Securities
2,607 2,574 2,960 2,999 3,914 2,709 2,576 1,712 2,273 2,867 3,650 3,833 3,582 4,427 4,787 4,690 4,921 Accounts Receivable
237 223 333 388 409 608 507 608 437 471 644 478 458 462 532 695 786 Inventories, Raw Materials &
Components
1,316 1,365 1,490 1,418 1,662 2,044 1,460 1,577 1,469 1,887 1,680 2,219 1,998 2,375 2,893 3,190 3,412 Inventories, Work In Process
700 688 696 815 1,055 1,662 1,403 1,559 1,029 1,399 1,772 2,037 1,716 1,436 1,742 1,668 1,603 Inventories, Finished Goods
2,253 2,276 2,519 2,621 3,126 4,314 3,370 3,744 2,935 3,757 4,096 4,734 4,172 4,273 5,167 5,553 5,801 Total Inventories
1,223 1,488 1,239 1,266 1,382 1,255 5,142 5,734 2,029 3,102 3,289 10,314 4,243 4,976 3,053 8,166 8,041 Other Current Assets
17,633 18,925 22,882 24,058 21,194 18,280 23,885 19,871 21,157 31,611 25,872 31,358 32,084 27,730 38,320 35,508 36,058 Total Current Assets
-- -- -- -- -- -- -- 3,276 4,952 4,034 1,451 7,111 7,694 9,120 12,374 15,322 16,713 Investments And Advances
10,709 11,374 12,651 13,277 13,938 14,544 15,267 16,557 16,687 17,421 17,883 18,807 21,098 22,989 25,578 26,627 26,627 Land And Improvements
21,605 22,800 24,233 24,561 27,297 29,829 27,754 28,831 28,339 30,421 34,351 39,033 40,540 44,441 48,459 52,608 52,608 Machinery, Furniture, Equipment
2,042 2,738 1,808 1,995 2,897 2,711 3,031 2,730 2,796 2,639 5,839 8,206 11,778 12,279 9,359 10,870 10,870 Construction In Progress
34,356 36,912 38,692 39,833 44,132 47,084 46,052 48,118 47,822 50,481 58,073 66,046 73,416 79,709 83,396 90,105 92,084 Gross Property, Plant and
Equipment
-16,235 -19,065 -22,031 -24,065 -27,021 -29,482 -29,134 -30,544 -30,597 -32,582 -34,446 -38,063 -41,988 -46,471 -51,538 -53,934 -55,173 Accumulated Depreciation
18,121 17,847 16,661 15,768 17,111 17,602 16,918 17,574 17,225 17,899 23,627 27,983 31,428 33,238 31,858 36,171 36,911 Property, Plant and Equipment
4,330 4,330 3,705 3,719 3,873 3,861 3,916 3,932 4,421 5,391 15,521 15,945 15,663 15,307 15,265 23,593 23,256 Intangible Assets
-- -- -- -- -- 3,861 3,916 3,932 4,421 4,531 9,254 9,710 10,513 10,861 11,332 14,099 14,099 Goodwill
4,311 3,122 3,895 4,598 6,136 8,625 10,932 5,819 5,340 4,251 4,648 1,954 5,489 6,505 3,642 2,733 2,710 Other Long Term Assets
44,395 44,224 47,143 48,143 48,314 48,368 55,651 50,472 53,095 63,186 71,119 84,351 92,358 91,900 101,459 113,327 115,648 Total Assets
1,769 1,543 1,660 1,943 2,249 2,256 2,361 2,390 1,883 2,290 2,956 3,023 2,969 2,748 2,063 2,475 3,221 Accounts Payable
-- -- -- -- -- -- -- 140 -- -- -- -- -- -- -- -- -- Total Tax Payable
2,986 2,984 3,577 4,107 4,080 3,682 5,104 4,723 4,943 6,252 6,896 7,631 8,222 9,462 8,705 9,555 9,567 Other Accrued Expense
4,755 4,527 5,237 6,050 6,329 5,938 7,465 7,253 6,826 8,542 9,852 10,654 11,191 12,210 10,768 12,030 12,788 Accounts Payable & Accrued
Expense
409 436 224 201 313 180 142 102 172 38.00 247 312 281 1,596 2,634 4,634 5,073 Current Portion of Long-Term Debt
418 475 633 592 632 599 625 463 593 747 1,929 1,932 2,096 2,205 2,188 1,718 1,698 Current Deferred Revenue
418 475 633 592 632 599 625 463 593 747 1,929 1,932 2,096 2,205 2,188 1,718 1,698 DeferredTaxAndRevenue
988 1,157 785 1,163 1,960 1,797 339 -- -- -- -- -- -- -- 56.00 1,920 1,746 Other Current Liabilities
6,570 6,595 6,879 8,006 9,234 8,514 8,571 7,818 7,591 9,327 12,028 12,898 13,568 16,011 15,646 20,302 21,305 Total Current Liabilities
1,050 929 936 703 2,106 1,848 1,980 1,185 2,049 2,077 7,084 13,136 13,165 12,059 20,036 20,649 20,678 Long-Term Debt
1,050 929 936 703 2,106 1,848 1,980 1,185 2,049 2,077 7,084 13,136 13,165 12,059 20,036 20,649 20,678 Long-Term Debt & Capital Lease
Obligation
0.04 0.04 0.03 0.02 0.07 0.06 0.05 0.03 0.05 0.04 0.16 0.26 0.23 0.24 0.37 0.38 0.39 Debt to Equity

945 1,232 1,482 855 703 265 411 46.00 555 926 2,617 3,412 4,397 3,775 954 1,730 2,285 NonCurrent Deferred Liabilities
-- -- -- -- 89.00 989 1,927 1,877 1,196 1,426 3,479 3,702 2,972 4,190 4,536 Other Long-Term Liabilities
3,738 4,420
8,565 8,756 9,297 9,564 12,132 11,616 12,889 10,926 11,391 13,756 25,208 33,148 34,102 36,035 40,374 47,101 48,804 Total Liabilities
8,833 7,641 6,754 6,143 6,245 7,825 11,653 13,402 14,993 16,178 17,036 19,464 21,536 21,781 23,411 25,373 25,890 Common Stock
27,150 27,847 31,016 32,288 29,810 28,984 30,848 26,537 26,318 32,919 29,656 32,138 35,477 33,418 37,614 40,747 40,091 Retained Earnings
-153 -20.00 76.00 148 127 -57.00 261 -393 393 333 -781 -399 1,243 666 60.00 106 863 Accumulated other comprehensive
income (loss)
35,830 35,468 37,846 38,579 36,182 36,752 42,762 39,546 41,704 49,430 45,911 51,203 58,256 55,865 61,085 66,226 66,844 Total Equity
0.81 0.80 0.80 0.80 0.75 0.76 0.77 0.78 0.79 0.78 0.65 0.61 0.63 0.61 0.60 0.58 0.58 Total Equity to Total Asset

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 Cashflow Statement

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 TTM Fiscal Period
1,291 3,117 5,641 7,516 8,664 5,044 6,976 5,292 4,369 11,464 12,942 11,005 9,620 11,704 11,420 10,316 11,234 Net Income
1,291 3,117 5,641 7,516 8,664 5,044 6,976 5,292 4,369 11,464 12,942 11,005 9,620 11,704 11,420 10,316 11,234 Net Income From Continuing
Operations
6,558 5,344 5,070 4,889 4,595 4,912 4,798 4,616 5,052 4,638 6,064 7,522 8,032 8,549 8,711 7,790 7,721 Depreciation, Depletion and
Amortization
1,561 30.00 -430 -39.00 692 1,217 316 260 -535 -584 -678 -176 271 -861 -355 65.00 -982 Change In Receivables
24.00 -26.00 -245 -101 -500 -1,116 700 -395 796 -806 -243 -626 563 -98.00 -764 119 -56.00 Change In Inventory
-673 -226 116 661 303 7.00 102 -540 -149 621 1,161 259 422 -245 -1,023 -1,413 -1,629 Change In Payables And Accrued
Expense
45.00 -405 -925 484 1,507 -72.00 74.00 -1,505 60.00 65.00 427 -220 3,140 -99.00 -1,081 668 -394 Change In Working Capital
-519 110 391 -207 -413 -325 -443 -790 271 -46.00 790 -242 -900 -703 -1,270 257 512 Change In DeferredTax
-- -- -- -- -- -- -- 851 889 917 1,053 1,102 1,118 1,148 1,305 1,444 1,393 Stock Based Compensation
1,414 963 1,338 437 470 1,061 1,220 2,462 529 -346 -313 -283 -234 -181 -68.00 1,333 1,185 Cash Flow from Others
8,789 9,129 11,515 13,119 14,823 10,620 12,625 10,926 11,170 16,692 20,963 18,884 20,776 20,418 19,017 21,808 21,651 Cash Flow from Operations
-7,309 -4,703 -3,656 -3,843 -5,818 -5,779 -5,000 -5,197 -4,515 -5,207 -10,764 -11,027 -10,711 -10,105 -7,326 -9,625 -10,231 Purchase Of Property, Plant,
Equipment
-- -- -- -- -- -- -- -16.00 -853 -218 -8,721 -638 -925 -934 -913 -15,470 -15,470 Purchase Of Business
-- -- -- -- -- -- -- 85.00 -- -- 50.00 605 -- -- -- -- -- Sale Of Business
-7,141 -6,309 -11,662 -16,618 -8,475 -6,994 -13,187 -8,170 -13,091 -27,012 -11,923 -26,061 -29,851 -22,781 -21,755 -22,469 -20,150 Purchase Of Investment
15,398 5,634 8,488 15,633 8,433 7,147 8,011 8,309 10,748 22,178 20,105 23,437 22,947 23,336 21,630 20,413 17,478 Sale Of Investment
-- -- -- -- -- -- -- -- -- -- -66.00 -815 -36.00 -92.00 -120 -- -115 Net Intangibles Purchase And Sale
-1,278 -387 -260 -204 -502 719 250 -876 -254 -280 1,018 439 503 671 301 844 Cash From Other Investing Activities
1,334
-330 -5,765 -7,090 -5,032 -6,362 -4,907 -9,926 -5,865 -7,965 -10,539 -10,301 -14,060 -18,073 -9,905 -8,183 -25,817 -13,075 Cash Flow from Investing
762 681 967 894 1,202 1,046 3,052 1,105 400 587 2,045 2,111 1,588 1,660 866 1,108 1,094 Issuance of Stock
-4,008 -4,014 -4,012 -7,516 -10,637 -4,593 -2,788 -7,195 -1,762 -1,736 -14,340 -5,110 -2,440 -10,792 -3,001 -2,587 -3,036 Repurchase of Stock
319 -64.00 -289 -7.00 1,849 -695 86.00 -40.00 1,893 -55.00 5,171 6,189 -31.00 235 9,002 1,219 698 Net Issuance of Debt
-538 -533 -524 -1,022 -1,958 -2,320 -2,618 -3,100 -3,108 -3,503 -4,127 -4,350 -4,479 -4,409 -4,556 -4,925 -4,926 Cash Flow for Dividends
-- -- -- -- -- 123 278 212 9.00 65.00 151 -248 -136 -305 -399 -554 -533 Other Financing
-3,465 -3,930 -3,858 -7,651 -9,544 -6,439 -1,990 -9,018 -2,568 -4,642 -11,100 -1,408 -5,498 -13,611 1,912 -5,739 -6,703 Cash Flow from Financing
4,994 -566 567 436 -1,083 -726 709 -3,957 637 1,511 -433 3,413 -2,804 -3,113 12,747 -9,748 1,873 Net Change in Cash
-7,309 -4,703 -3,656 -3,843 -5,818 -5,779 -5,000 -5,197 -4,515 -5,207 -10,830 -11,842 -10,747 -10,105 -7,326 -9,625 -10,346 Capital Expenditure
1,480 4,426 7,859 9,276 9,005 4,841 7,625 5,729 6,655 11,485 10,133 7,042 10,029 10,313 11,691 12,183 11,305 Free Cash Flow

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 Valuation Ratios

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 TTM Fiscal Period
166 33.13 37.71 20.16 17.83 23.55 22.40 15.93 26.49 10.41 10.15 9.68 13.74 15.64 14.72 17.19 15.44 PE Ratio(TTM)

82.55 29.71 37.93 18.39 15.26 21.43 21.57 26.32 21.59 10.12 8.48 9.26 10.90 17.10 19.67 17.48 16.73 Price to Owner Earnings
(TTM)
5.87 2.89 5.49 3.79 4.08 3.18 3.61 2.06 2.70 2.34 2.64 1.99 2.21 3.08 2.66 2.59 2.51 Price to Book

6.68 3.29 6.09 4.20 4.57 3.55 3.97 2.29 3.02 2.63 3.99 2.89 3.03 4.25 3.55 4.02 3.84 Price to Tangible Book

150 23.59 27.07 16.33 17.08 24.52 20.86 14.73 17.23 10.43 12.81 15.05 13.20 17.70 14.40 14.52 15.33 Price-to-Free-Cash-Flow
Ratio

24.82 11.48 18.44 11.54 10.40 11.20 12.58 7.70 10.26 7.18 6.22 5.63 6.37 8.97 8.86 8.11 8.00 Price-to-Operating-Cash-
Flow Ratio
8.20 3.93 7.04 4.43 3.97 3.36 4.13 2.24 3.27 2.75 2.43 1.99 2.51 3.28 3.04 2.98 2.86 PS Ratio

27.00 -- -- -- 2.07 1.41 2.88 21.82 -- 4.98 0.66 0.46 0.63 1.41 3.72 10.11 11.85 PEG Ratio

7.55 3.41 6.40 3.80 3.54 3.08 3.75 1.97 2.87 2.20 2.11 1.93 2.32 3.08 2.89 3.03 2.90 EV-to-Revenue

22.77 9.46 15.34 8.47 7.98 9.06 10.27 5.95 9.39 4.65 4.76 4.64 5.86 7.00 6.88 8.38 7.76 EV-to-EBITDA

89.46 21.26 25.71 12.42 10.88 15.34 15.64 9.45 17.70 5.99 6.38 7.03 9.51 10.75 11.01 13.15 11.78 EV-to-EBIT

1.12 4.70 3.89 8.05 9.19 6.52 6.39 10.58 5.65 16.69 15.67 14.22 10.52 9.30 9.08 7.60 8.49 Return on Capital %

8.74 1.44 -4.45 -0.02 12.51 22.30 12.43 9.15 -0.93 8.15 21.58 28.31 28.04 16.17 9.66 7.47 7.60 Forward Rate of Return

42.89 19.95 38.45 25.09 24.10 19.09 24.44 13.74 19.54 19.77 18.55 13.89 16.28 21.39 19.57 19.05 18.03 Shiller PE Ratio

0.25 0.51 0.25 0.68 1.28 1.98 1.70 3.74 2.75 3.01 3.22 4.22 3.47 2.48 2.79 2.87 2.96 Dividend Yield %

Valuation and Quality

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 TTM Fiscal Period
210,401 102,373 207,908 146,258 147,738 116,782 154,308 81,539 112,669 115,896 121,250 101,945 128,943 172,305 162,776 171,557 167,217 Market Cap

200,310 91,151 192,904 129,990 137,385 108,808 143,633 74,145 100,970 96,126 113,744 102,916 122,302 171,906 160,133 179,741 175,673 Enterprise Value

31.45 15.57 32.05 23.39 24.96 20.25 26.66 14.66 20.40 21.03 24.25 20.62 25.96 36.29 34.45 36.27 35.51 Month End Stock Price

0.45 0.58 1.06 1.22 0.11 -0.28 -0.02 -0.40 0.46 1.48 -2.07 -4.18 -2.82 -4.63 -3.19 -6.34 -6.68 Net Cash (per share)

1.36 1.55 2.09 2.32 1.53 1.16 1.90 1.61 1.77 3.24 0.13 -0.36 -0.41 -1.75 -0.43 -2.45 -2.70 Net Current Asset Value (per
share)
0.91 1.05 1.59 1.79 0.87 0.45 0.61 0.16 1.03 2.21 -1.12 -3.12 -1.86 -3.48 -1.88 -5.01 -5.28 Net-Net Working Capital (per
share)

13.01 11.93 12.76 14.33 16.84 20.59 22.00 19.31 18.01 19.56 28.35 31.69 33.92 36.96 32.99 30.93 31.09 Projected FCF (per share)

10.89 11.25 12.92 14.98 17.86 17.09 18.33 18.56 17.73 21.75 28.40 29.36 29.37 31.41 32.13 34.59 35.22 Median PS (per share)

1.16 -- -- -- 12.08 14.41 9.25 -- -- 14.00 36.76 44.50 41.11 25.68 -- -- -- Peter Lynch Fair Value (per
share)
4.49 7.00 10.03 12.06 13.11 10.50 13.35 11.51 10.81 19.01 18.08 18.49 19.10 21.07 22.55 20.73 21.87 Graham Number (per share)

4.52 4.05 4.91 5.48 5.43 7.37 9.04 8.37 13.32 16.21 18.65 17.59 19.39 10.28 10.37 7.82 8.19 Earnings Power Value (EPV)

16.66 9.16 15.91 11.94 10.13 8.33 9.52 6.75 7.95 7.74 5.29 3.86 4.08 4.71 4.23 3.77 3.64 Altman Z-Score

4.00 9.00 8.00 8.00 7.00 5.00 8.00 6.00 6.00 8.00 5.00 5.00 4.00 7.00 5.00 4.00 5.00 Piotroski F-Score

-3.51 -3.12 -2.96 -3.01 -2.85 -3.22 -2.93 -3.17 -2.82 -2.75 -2.75 -2.95 -3.06 -2.75 -2.85 -2.88 -2.79 Beneish M-Score

0.54 0.55 0.52 0.47 0.54 0.60 0.66 0.58 0.59 0.56 0.61 0.73 0.61 0.60 0.64 0.73 0.66 Scaled Net Operating
Assets
-16.15 -0.56 2.58 -1.19 0.42 -1.38 7.69 0.46 2.19 8.41 3.21 7.33 7.49 1.30 0.58 12.64 2.30 Sloan Ratio (%)

2.68 2.87 3.33 3.00 2.30 2.15 2.79 2.54 2.79 3.39 2.15 2.43 2.36 1.73 2.45 1.75 1.69 Current Ratio

2.34 2.52 2.96 2.68 1.96 1.64 2.39 2.06 2.40 2.99 1.81 2.06 2.06 1.47 2.12 1.48 1.42 Quick Ratio

34.61 21.05 34.12 27.02 28.71 22.33 27.98 24.52 20.83 21.91 25.66 26.88 25.96 37.67 35.44 38.10 38.45 Highest Stock Price

19.30 13.22 15.05 19.68 21.99 16.86 18.86 12.23 12.08 17.67 19.19 19.36 20.23 23.52 25.87 28.22 30.44 Lowest Stock Price

0.46 1.72 1.34 3.61 5.34 2.57 -0.36 3.90 0.70 0.22 9.27 1.12 -0.47 4.41 0.48 -0.11 -0.01 Shares Buyback Ratio (%)

-20.09 2.64 14.95 15.73 19.31 -4.26 7.33 1.25 -4.83 23.08 30.29 3.59 0.04 6.86 2.36 7.70 7.59 YoY Rev. per Sh. Growth
(%)

-87.42 142 84.78 36.47 20.69 -38.57 37.21 -22.03 -16.30 161 18.91 -10.88 -11.27 22.22 0.87 -9.01 -2.13 YoY EPS Growth (%)

-55.34 11.42 33.26 24.54 17.89 -26.79 15.38 -9.04 -11.02 90.50 21.56 -2.70 -4.59 18.45 -2.08 -7.38 -2.21 YoY EBITDA Growth (%)

6.13 -3.60 -7.31 -3.89 8.63 16.76 7.77 0.73 -6.75 2.09 15.38 20.89 21.75 11.07 3.96 1.70 1.30 EBITDA 5-Y Growth (%)

6,795 6,651 6,527 6,400 6,106 5,797 5,816 5,663 5,557 5,555 5,256 4,996 4,970 4,901 4,742 4,730 4,723 Shares Outstanding (Basic
Average)
6,690 6,575 6,487 6,253 5,919 5,767 5,788 5,562 5,523 5,511 5,000 4,944 4,967 4,748 4,725 4,730 4,709 Shares Outstanding (EOP)

2.07 2.34 2.34 2.04 1.90 1.98 1.43 1.22 1.13 1.10 0.93 1.00 0.90 0.90 0.87 1.16 1.11 Beta

03/13/02 03/11/03 02/23/04 02/22/05 02/27/06 02/26/07 02/20/08 02/23/09 02/22/10 02/18/11 02/23/12 02/19/13 02/14/14 02/13/15 02/12/16 02/17/17 Filing Date

03/11/03 03/11/03 02/23/04 02/22/05 02/27/06 02/20/08 02/20/08 02/22/10 02/18/11 02/23/12 02/14/14 02/13/15 02/12/16 02/17/17 02/17/17 02/17/17 Restated Filing Date

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