Equity Valuation and Analysis - Mark Moore

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References 1. Yahoo Finance: http://finance.yahoo.com 2. MSN Money: http://moneycentral.msn.com 3. Dow Chemical Website: www.Dow.com 4. Securities and Exchange Commission Website: http://www.sec.gov 5. Wikipedia: www.wikipedia.org 6. Palepu and Healy, Business Analysis and Valuation, Ohio: Thomson Southwestern, 4 th Edition, 2008. 7. Wall Street Journal Online: www.WSJ.com 8. Chemical Processing: www.chemicalprocessing.com/bluebook.pdf 9. John Bolte, BDP Chief Operating Officer: www.BDPoint.com 10. In-Class Ratio’s Handout (Alamo Distributing Co.) 11. InvestoPedia: www.investopedia.com 12. Dow Chemical 10-K (2002,2003,2004,2005,2006) 13. Huntsman Chemical 10-K (2002,2003,2004,2005,2006) 14. DuPont 10-K (2002,2003,2004,2005,2006) 15. Exxon Mobil 10-K (2002,2003,2004,2005,2006) 16. Lyondell Chemical Co. 10-K (2002,2003,2004,2005,2006) Dow Chemical Analysis Page 128
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Equity Valuation and Analysis Frank
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Executive Summary Investment Recomm
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Accounting Analysis When analyzing
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Valuations In determining Dow’s c
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in July of 2006. Comparing Dow’s
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Dow provides consumers with special
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States as well as some smaller area
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ample amount of excess capacity. Gi
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Market Share within United States 5
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It is also important to note that t
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First we must consider scale of eco
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The bargaining power of buyers can
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Price sensitivity of suppliers in t
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cases, firms will choose to impleme
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strategy to gain or maintain market
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cannot compete on a large scale of
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approximately $600-800M/yr. It is t
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company with the most innovative, c
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identification of accounting polici
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Post-Retirement Benefit Plans The c
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As seen in previous figures, firms
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policies. These variations can acco
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certain numbers effecting key succe
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Operating leasing is considered a r
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transparent view of how a company o
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cards. In a perfect sales environme
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The inventory turnover is key indic
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The Asset Turnover ratio is one way
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This ratio is an indication of how
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determined that they were easily wi
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shown growth approaching just under
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inventories within a year; therefor
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how efficient a company is in exten
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inventory sit on the shelves, the l
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Liquidity Overview In the overall s
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OPERATING PROFIT MARGIN 2002 2003 2
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Net Profit Margin 2002 2003 2004 20
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Return on Assets 15% 10% 5% 0% -5%
Page 77 and 78: interest requirements on debt” (R
Page 79 and 80: to fall into debt financing and pos
Page 81 and 82: endeavors and cash flows. In 2006,
Page 83 and 84: Financial Statement Forecasting Ana
Page 85 and 86: Income Statement When forecasting t
Page 87 and 88: Balance Sheet To start on the balan
Page 89 and 90: To find the forecast for total liab
Page 91 and 92: Statement of Cash Flows Seeing as c
Page 93 and 94: Cost of Debt Liabilities Source Int
Page 95 and 96: acquired at a rate of Ke. These 2 s
Page 97 and 98: Trailing method divides the given p
Page 99 and 100: DIVIDEND PPS D/P HUN N/A DD 1.48 48
Page 101 and 102: EBITDA PPS P/EBITDA HUN 0.7365 18.9
Page 103 and 104: EBITDA EV EV/EBITDA HUN 0.7365 7.23
Page 105 and 106: financial statement, and a calculat
Page 107 and 108: Out of all of the intrinsic valuati
Page 109 and 110: This sensitivity analysis was used
Page 111 and 112: fairly valued would be to have a RO
Page 113 and 114: Net Sales/Cash from sales 2002 2003
Page 115 and 116: Altman Z-score 2002 2003 2004 2005
Page 117 and 118: SUMMARY OUTPUT 36 Month Regression
Page 127: SUMMARY OUTPUT 36 Month Regression
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Equity Valuation and Analysis - Mark Moore

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