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Author
Jae Jun
mail questions or comments to: jjun0366@gmail.comhttp://www.oldschoolvalue.com
Disclaimer
Nothing on Old School Value, related pages, emails, or other communications by the author, either written or oral, are intended to be arecommendation to either buy, hold, or sell any specific security or group of securities. Likewise, nothing herein should be construed as anendorsement of any financial adviser, investment manager, commercial information provider, transaction service, or brokerage firm.The findings from this spreadsheet is merely a start to a means of further research and uncovering a great business and investment. OldSchool Value holds no responsibility for any investment whatsoever.
 
Parker Hannifin Corp.
7/18/2009
PH
1999200020012002200320042005200620072008
TTM
Revenue4,958.8$ 5,355.3$ 5,979.6$ 6,149.1$ 6,410.6$ 7,106.9$ 8,215.1$ 9,385.9$ 10,718.1$ 12,145.6$ 11,444.8$
COGS3,869.4$ 4,156.6$ 4,728.2$ 5,116.6$ 5,309.8$ 5,742.1$ 6,508.1$ 7,367.6$ 8,273.0$ 9,339.1$ 8,942.7$ COGS (%)78.0%77.6%79.1%83.2%82.8%80.8%79.2%78.5%77.2%76.9%78.1%
Gross Profit1,089.4$ 1,198.8$ 1,251.4$ 1,032.6$ 1,100.8$ 1,364.9$ 1,707.0$ 2,018.3$ 2,445.1$ 2,806.5$ 2,502.1$ Gross Profit (%)22.0%22.4%20.9%16.8%17.2%19.2%20.8%21.5%22.8%23.1%21.9%
SG&A550.7$ 575.9$ 680.0$ 686.5$ 721.1$ 800.2$ 872.1$ 1,036.7$ 1,226.9$ 1,364.1$ 1,361.0$ SG&A (%)11.1%10.8%11.4%11.2%11.2%11.3%10.6%11.0%11.4%11.2%11.9%R&D-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ R&D (%)0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%OtherNaNNaN-$ -$ -$ 1.0$ -$ -NaN-NaN-$ -NaN Other (%)#VALUE!#VALUE!0.0%0.0%0.0%0.0%0.0%#VALUE!#VALUE!0.0%#VALUE!
Operating Income538.8$ 622.9$ 571.5$ 346.1$ 379.8$ 563.6$ 834.9$ 981.6$ 1,218.3$ 1,442.5$ 1,141.1$ Operating Income (%)10.9%11.6%9.6%5.6%5.9%7.9%10.2%10.5%11.4%11.9%10.0%
Net Int Inc & Other(61.1)$ (60.7)$ (37.9)$ (128.0)$ (82.4)$ (69.6)$ (78.4)$ (81.7)$ (59.0)$ (115.9)$ (169.2)$
Earnings Before Taxes477.7$ 562.2$ 533.6$ 218.0$ 297.4$ 494.1$ 756.5$ 900.0$ 1,159.3$ 1,326.5$ 972.0$
Income Taxes167.2$ 194.0$ 189.4$ 87.9$ 101.1$ 148.3$ 208.5$ 261.7$ 329.2$ 377.1$ 260.4$
Earnings After Taxes310.5$ 368.2$ 344.2$ 130.2$ 196.3$ 345.8$ 548.0$ 638.3$ 830.0$ 949.5$ 711.6$
Acctg Changes-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Disc Operations-$ -$ -$ -$ -$ -$ 56.7$ 34.9$ -$ -$ -$ Ext Items-$ -$ (3.4)$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income310.5$ 368.2$ 340.8$ 130.2$ 196.3$ 345.8$ 604.7$ 673.2$ 830.1$ 949.5$ 711.6$ Net Income (%)6.3%6.9%5.7%2.1%3.1%4.9%7.4%7.2%7.7%7.8%6.2%
Diluted EPS, Cont Ops$1.9$ 2.2$ 2.0$ 0.8$ 1.1$ 1.9$ 3.0$ 3.5$ 4.7$ 5.5$ 4.3$ Diluted EPS$1.9$ 2.2$ 2.0$ 0.8$ 1.1$ 1.9$ 3.4$ 3.7$ 4.7$ 5.5$ 4.3$ Shares164166172174175178180181177171165Cash and Equiv33.3$ 68.5$ 23.6$ 46.4$ 245.9$ 183.9$ 336.1$ 171.6$ 172.7$ 326.1$ 166.6$ Short-Term Investments-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Accts Rec738.8$ 840.0$ 922.3$ 1,006.3$ 1,002.1$ 1,201.3$ 1,241.0$ 1,592.3$ 1,737.8$ 2,046.7$ 1,532.2$ Inventory915.1$ 974.2$ 1,008.9$ 1,052.0$ 997.2$ 991.4$ 1,031.0$ 1,182.9$ 1,265.8$ 1,494.7$ 1,335.2$ Other Current Assets87.5$ 270.4$ 241.6$ 131.0$ 151.7$ 160.4$ 177.8$ 192.2$ 209.9$ 228.2$ 277.5$
Total Current Assets1,774.7$ 2,153.1$ 2,196.4$ 2,235.6$ 2,396.8$ 2,536.9$ 2,785.9$ 3,139.0$ 3,386.2$ 4,095.6$ 3,311.5$
Net PP&E1,200.9$ 1,340.9$ 1,548.7$ 1,697.0$ 1,657.4$ 1,591.9$ 1,591.9$ 1,693.8$ 1,736.4$ 1,926.5$ 1,828.5$ Intangibles441.5$ 570.7$ 953.7$ 1,135.1$ 1,168.1$ 1,300.5$ 1,683.7$ 2,481.6$ 2,849.7$ 3,818.7$ 4,051.1$ Other Long-Term Assets288.9$ 581.5$ 639.0$ 684.9$ 763.3$ 827.6$ 837.5$ 859.1$ 469.2$ 546.0$ 376.5$
Total Assets3,705.9$ 4,646.3$ 5,337.7$ 5,752.6$ 5,985.6$ 6,256.9$ 6,899.0$ 8,173.4$ 8,441.4$ 10,386.9$ 9,567.5$
Accts Payable313.2$ 372.7$ 367.8$ 443.5$ 437.1$ 534.6$ 584.3$ 770.7$ 788.6$ 961.9$ 658.8$ Short-Term Debt60.6$ 335.3$ 546.5$ 416.7$ 424.2$ 35.2$ 32.0$ 72.0$ 195.4$ -$ 747.9$ Taxes Payable-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Accrued Liabilities380.7$ 478.3$ 498.8$ 499.6$ 562.4$ 690.0$ 719.7$ 838.4$ 941.3$ 486.3$ 899.9$ Other Short-TermLiabilities-$ -$ NaN-$ -$ -$ -$ -$ -$ 735.1$ -$
Total Current Liabilities754.5$ 1,186.3$ 1,413.1$ 1,359.8$ 1,423.7$ 1,259.7$ 1,335.9$ 1,681.1$ 1,925.3$ 2,183.3$ 2,306.5$
Long-Term Debt724.8$ 701.8$ 857.1$ 1,088.9$ 966.3$ 953.8$ 938.4$ 1,059.5$ 1,089.9$ 1,952.5$ 1,849.3$ Other Long-TermLiabilities372.8$ 448.8$ 538.5$ 720.4$ 1,074.7$ 1,060.9$ 1,284.5$ 1,191.7$ 714.6$ 992.2$ 943.0$
Total Liabilities1,852.0$ 2,336.8$ 2,808.8$ 3,169.1$ 3,464.7$ 3,274.5$ 3,558.8$ 3,932.2$ 3,729.8$ 5,127.9$ 5,098.9$ Total Equity1,853.9$ 2,309.5$ 2,528.9$ 2,583.5$ 2,520.9$ 2,982.5$ 3,340.2$ 4,241.2$ 4,711.7$ 5,259.0$ 4,468.7$ Total Liabilities & Equity3,705.9$ 4,646.3$ 5,337.7$ 5,752.6$ 5,985.6$ 6,256.9$ 6,899.0$ 8,173.4$ 8,441.4$ 10,386.9$ 9,567.5$
Net Income310.5$ 368.2$ 340.8$ 130.2$ 196.3$ 345.8$ 604.7$ 673.2$ 830.1$ 949.5$ 711.6$ Depr & Amort202.1$ 206.4$ 264.5$ 281.6$ 259.2$ 252.8$ 264.7$ 281.0$ 294.6$ 326.7$ 359.4$ Deferred Taxes5.7$ (11.9)$ 32.5$ 29.1$ 21.6$ (4.6)$ 16.3$ (50.6)$ (28.7)$ (33.9)$ (20.9)$ Other(59.2)$ (24.7)$ (105.7)$ 190.2$ 80.4$ 68.4$ (13.8)$ 51.1$ (141.0)$ 74.3$ 118.9$
Cash from Operations459.1$ 538.0$ 532.2$ 631.1$ 557.5$ 662.4$ 871.8$ 954.6$ 955.0$ 1,316.6$ 1,168.9$
Cap Ex(230.1)$ (230.5)$ (334.8)$ (206.6)$ (158.3)$ (141.6)$ (156.6)$ (198.1)$ (237.8)$ (280.3)$ (318.4)$ Purchase of Business(89.9)$ (351.0)$ (583.3)$ (388.3)$ (16.7)$ (200.3)$ (558.6)$ (836.0)$ (378.6)$ -$ -$ Other6.9$ 1.8$ 98.2$ (13.8)$ 37.7$ 71.4$ 150.6$ 112.9$ 36.7$ (890.5)$ (1,127.3)$
Cash from Investing(313.1)$ (579.7)$ (819.8)$ (608.7)$ (137.2)$ (270.5)$ (564.6)$ (921.2)$ (579.8)$ (1,170.8)$ (1,445.7)$
Net Issuance of Stock74.1$ 1.2$ 16.0$ 20.3$ 9.4$ 56.2$ -$ -$ -$ (584.6)$ (463.1)$ Net Issuance of Debt80.5$ (117.8)$ 110.8$ 207.9$ 224.8$ (402.6)$ (4.3)$ (93.2)$ (4.2)$ 715.4$ 706.4$ Dividends(69.5)$ (75.0)$ (79.9)$ (82.8)$ (85.8)$ (89.3)$ (92.6)$ (109.6)$ (121.3)$ -$ -$ Other(228.9)$ 272.4$ 197.3$ (146.2)$ (370.5)$ (12.8)$ (40.6)$ 8.7$ (253.0)$ (129.5)$ 53.1$
Cash from Financing(143.8)$ 80.9$ 244.1$ (0.9)$ (222.2)$ (448.5)$ (137.5)$ (194.2)$ (378.5)$ 1.2$ 296.4$
Currency Adj0.5$ (4.0)$ (1.4)$ 1.4$ 1.4$ (5.4)$ 1.5$ (3.7)$ 4.4$ 6.3$ (35.2)$ Change in Cash2.8$ 35.2$ (44.9)$ 22.8$ 199.5$ (62.0)$ 152.2$ (164.5)$ 1.2$ 153.3$ (15.6)$ Cash from Operations459.1$ 538.0$ 532.2$ 631.1$ 557.5$ 662.4$ 871.8$ 954.6$ 955.0$ 1,316.6$ 1,168.9$ Cap Ex(230.1)$ (230.5)$ (334.8)$ (206.6)$ (158.3)$ (141.6)$ (156.6)$ (198.1)$ (237.8)$ (280.3)$ (318.4)$
Free Cash Flow175.5$ 270.9$ 124.2$ 205.2$ 297.2$ 457.0$ 712.7$ 756.0$ 547.5$ 995.9$ 752.5$
Book Value Per Share11.30$ 13.91$ 14.70$ 14.85$ 14.41$ 16.76$ 18.56$ 23.43$ 26.62$ 30.75$ 27.08$ ticker
PH
Financial Data
Company Name
Income Statement
Operating ExpensesOther Income and Expense
Balance SheetFree Cash FlowLiabilities & Stockholders' EquityCash Flows StatementCash Flows From Operating ActivitiesCash Flows From Investing ActivitiesAssetsCash Flows From Financing Activities
all figures in $Mil
 
7/18/2009
User GrowthDesired MOSGrowthDiscount %PriceShare ValueBuy underActual D/C %
52Wk High52Wk Low
50%12.4%15.0%44.47$77.62$ 38.81$ 43%$69.21$27.69 1999200020012002200320042005200620072008Revenue
4,958.8$ 5,355.3$ 5,979.6$ 6,149.1$ 6,410.6$ 7,106.9$ 8,215.1$ 9,385.9$ 10,718.1$ 12,145.6$
Gross Profit
1,089.4$ 1,198.8$ 1,251.4$ 1,032.6$ 1,100.8$ 1,364.9$ 1,707.0$ 2,018.3$ 2,445.1$ 2,806.5$
Operating Income
538.8$ 622.9$ 571.5$ 346.1$ 379.8$ 563.6$ 834.9$ 981.6$ 1,218.3$ 1,442.5$
Net Income
310.5$ 368.2$ 340.8$ 130.2$ 196.3$ 345.8$ 604.7$ 673.2$ 830.1$ 949.5$
Diluted EPS
1.9$ 2.2$ 2.0$ 0.8$ 1.1$ 1.9$ 3.4$ 3.7$ 4.7$ 5.5$
Cash from Operations
459.1$ 538.0$ 532.2$ 631.1$ 557.5$ 662.4$ 871.8$ 954.6$ 955.0$ 1,316.6$
Free Cash Flow
175.5$ 270.9$ 124.2$ 205.2$ 297.2$ 457.0$ 712.7$ 756.0$ 547.5$ 995.9$
Current Assets
1,774.7$ 2,153.1$ 2,196.4$ 2,235.6$ 2,396.8$ 2,536.9$ 2,785.9$ 3,139.0$ 3,386.2$ 4,095.6$
Current Liabilities
754.5$ 1,186.3$ 1,413.1$ 1,359.8$ 1,423.7$ 1,259.7$ 1,335.9$ 1,681.1$ 1,925.3$ 2,183.3$
Total Liabilities
1,852.0$ 2,336.8$ 2,808.8$ 3,169.1$ 3,464.7$ 3,274.5$ 3,558.8$ 3,932.2$ 3,729.8$ 5,127.9$
Tangible Shareholder Equity
1,412.4$ 1,738.8$ 1,575.2$ 1,448.4$ 1,352.8$ 1,682.0$ 1,656.5$ 1,759.6$ 1,862.0$ 1,440.3$
Gross Margin
21.97%22.39%20.93%16.79%17.17%19.21%20.78%21.50%22.81%23.11%
Operating Margin
10.87%11.63%9.56%5.63%5.92%7.93%10.16%10.46%11.37%11.88%
Net Margin
6.26%6.88%5.70%2.12%3.06%4.87%7.36%7.17%7.74%7.82%
Current Assets>1.5 times
2.41.81.61.61.72.02.11.91.81.9 
CROIC
6.99%9.38%4.18%6.30%8.76%12.36%18.37%18.85%14.93%22.71%
FCF/Sales
3.5%5.1%2.1%3.3%4.6%6.4%8.7%8.1%5.1%8.2%
Inventory Turnover
4.24.34.74.95.35.86.36.26.56.2
Return On Assets (ROA)
8.59%8.82%6.83%2.35%3.34%5.65%9.19%8.93%9.99%10.09%
Retun On Equity (ROE)
17.56%17.69%14.09%5.09%7.69%12.57%19.13%17.76%18.54%19.05%
Debt to Equity
99.9%101.2%111.1%122.7%137.4%109.8%106.5%92.7%79.2%97.5%
Capitalization Ratio
28.1%23.3%25.3%29.7%27.7%24.2%21.9%20.0%18.8%27.1%
FCF to Debt
9.5%11.6%4.4%6.5%8.6%14.0%20.0%19.2%14.7%19.4%
2003-20072004-20082003-20062004-20072005-20082003-20052004-20062005-20072006-2008MedianShareholder Equity
8.3%-3.8%9.2%3.4%-4.6%10.7%2.3%6.0%-9.5%3.4%
Free Cash Flow
16.5%21.5%36.5%6.2%11.8%54.9%28.6%-12.4%14.8%16.5%
CROIC
14.9%18.4%15.4%16.7%18.6%12.4%18.4%18.4%18.8%18.4%
FCF/Sales
6.4%8.1%7.2%7.2%8.1%6.4%8.1%8.1%8.1%8.1%
ROA
8.9%9.2%7.3%9.1%9.6%5.7%8.9%9.2%10.0%9.1%
ROE
17.8%18.5%15.2%18.2%18.8%12.6%17.8%18.5%18.5%18.2%
Revenue Growth
13.7%14.3%13.6%14.7%13.9%13.2%14.9%14.2%13.8%13.9%
Gross Margin
20.8%21.5%20.0%21.1%22.2%19.2%20.8%21.5%22.8%21.1%
Operating Margin
10.2%10.5%9.0%10.3%10.9%7.9%10.2%10.5%11.4%10.3%
Net Margin
7.2%7.4%6.0%7.3%7.6%4.9%7.2%7.4%7.7%7.3%
Earnings Growth
42.9%29.9%49.1%34.0%18.2%72.9%38.3%18.1%22.1%34.0%
Cash from Ops Growth
14.4%18.7%19.6%13.0%14.7%25.1%20.0%4.7%17.4%17.4%
2009201020112012201320142015201620172018Growing at 12.4%
1,119$ 1,258$ 1,413$ $1,519.43$1,688.68$1,876.78$2,085.83$2,138.69$2,353.10$2,588.99
2019202020212022202320242025202620272028Growing at 3%
2,667$ 2,747$ 2,829$ 2,914$ 3,001$ 3,091$ 3,184$ 3,280$ 3,378$ 3,479$
Total ValueShares OutstandingPer Share ValueMargin of SafetyPurchase PriceCurrent PriceActual Discount
50%44.47$
43%
Company Nameticker
77.62$
Free Cash Flow and Tangible Shareholder Equity TrendCompany Valuation
PHParker Hannifin Corp.
all figures in $Mil
Income Sheet Data
171
Cash Flow DataMulti-Year PerformanceDebt Related
38.81$
Projection of future Free Cash Flow
User Input Params
Balance Sheet Data
Financial Data
Efficiency & ProfitabilityMargins
13,274$
 
$175.5$270.9$124.2$205.2$297.2$457.0$712.7$756.0$547.5$995.9$1,412.4$1,738.8$1,575.2$1,448.4$1,352.8$1,682.0$1,656.5$1,759.6 $1,862.0$1,440.3$-$500.0$1,000.0$1,500.0$2,000.01999 2000 2001 2002 2003 2004 2005 2006 2007 2008FCFShareholder Equity
of 00

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