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Author
Jae Jun | Old School Value
mail questions or comments to: jjun0366@gmail.comwww.oldschoolvalue.com
Quick InstructionsDisclaimer
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.
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Automatic formula calculations have been turned off in the excel menu to improve start speed and convenience.- Refer to the manual for trouble shooting issues. The manual contains every possible problem you will encounter or the problem is a variant of whatI have written which is solved the same way. The solutions in the manual has been able to help everyone with a problem thus far.http://www.oldschoolvalue.com/intrinsic-value-spreadsheets/installation-troubleshooting-guide/
Company Name
ticker
Microsoft Corp
www.oldschoolvalue.com
9/21/2009
Figures in Millions except per share values
Current Price
Total Net Reprod. Cost
4.63$
EPV
24.36$
DCF Price
27.91$
Graham Price
30.04$
25.26$
Reprod. Cost of Assets BV7.38$Normalized Income19,259.53$ Growth Rate9%Growth Rate14%Tangible BV3.09$Discount Rate9%Discount Rate9%Normalized EPS1.01$NNWC0.56$Margin of Safety0%Margin of Safety9%Margin of Safety16%
Market Cap (millions)
225,080
Quick Ratio (MRQ)
1.8
Gross (TTM)
79.2
Operating (TTM)
33.56
Net Profit (TTM)
24.93
52-Week High
27.66
Current Ratio (MRQ)
1.82
Gross - 5 Yr. Avg.
81.06
Operating - 5 Yr. Avg.
36.03
Net Profit - 5 Yr.
28.01
52-Week Low
14.87
LT Debt to Equity (MRQ)
9.47
EBITD (TTM)
37.94
Pre-Tax (TTM)
33.92
% off 52-Week Low
69.9%
Total Debt to Equity (MRQ)
14.53
EBITD - 5 Yr. Avg.
38.98
Pre-Tax - 5 Yr. Avg.
38.82
P/E Ratio (TTM)
15.59
Sales (MRQ) vs Qtr. 1 Yr. Ago
-17.29
ROA (TTM)
19.34
Revenue/Employee (T
628355
Price to Sales (TTM)
3.85
Sales (TTM) vs TTM 1 Yr. Ago
3.85
ROA - 5 Yr. Avg.
19.63
Net Income/Employee
156656
Price to Book (MRQ)
5.69
Sales - 5 Yr. Growth Rate
9.67
ROI (TTM)
31.08
Receivable Turnover (
4.72
Price to Tangible Book (MRQ)
8.9
EPS (MRQ) vs Qtr. 1 Yr. Ago
-25.55
ROI - 5 Yr Avg
28.63
Inventory Turnover (T
14.28
Price to Cash Flow (TTM)
13.14
EPS (TTM) vs TTM 1 Yr. Ago
-13.36
ROE (TTM)
38.42
Asset Turnover (TTM)
0.78
Price to Free Cash Flow (TTM)
19.66
EPS - 5 Yr. Growth Rate
16.65
ROE - 5 Yr. Avg.
33.44
Enterprise Value/Revenue (TTM)
3.44
Capital Spending - 5 Yr. Grwth
22.98
Enterprise Value/EBITDA (TTM)
8.636
Multi-Year Performance
2000-20072001-20082002-20092000-20052001-20062002-20072003-20082004-2009Shareholder Equity
-6.7%-10.2%-9.4%1.4%-5.5%-12.8%-17.3%-18.7%
Free Cash Flow
5.2%11.4%8.1%5.8%8.9%10.2%9.4%11.2%
CROIC
19.4%20.8%26.2%16.6%16.6%20.8%26.2%33.1%
FCF/Sales
29.7%28.1%27.2%30.8%29.7%27.8%27.2%26.4%
ROA
14.3%14.3%16.5%13.4%13.4%14.3%16.5%18.6%
ROE
18.8%18.8%24.2%17.1%17.1%18.8%24.2%33.5%
Revenue Growth
12.1%13.2%10.9%11.6%11.8%12.5%13.4%9.7%
Gross Margin
82.5%82.1%81.7%83.4%82.5%82.1%82.1%81.3%
Operating Margin
39.1%37.2%36.9%41.5%39.1%36.9%36.9%36.4%
Net Margin
28.7%28.7%28.0%29.9%28.7%28.0%28.9%28.0%
Earnings Growth
7.6%16.0%12.5%5.7%12.7%14.9%15.2%16.7%
Cash from Ops Growth
3.5%7.0%4.0%3.5%1.4%4.2%6.5%5.4%
MSFT
Microsoft Corporation is engaged in developing, manufacturing, licensing, and supporting a range of software products and services for different types of computing devices. The Company operates in five businesssegments: Client, Server and Tools, Online Services Business, Microsoft Business Division, and Entertainment and Devices Division. The software products and services include operating systems for servers, personalcomputers, and intelligent devices; server applications for distributed computing environments; information worker productivity applications; business solutions applications; computing applications; softwaredevelopment tools, and video games. The Company provide consulting and product and solution support services, and trains and certifies computer system integrators and developers. It also designs and sellshardware, including Xbox 360 video game console, the Zune digital music and entertainment device, and peripherals.
DCF ValuationAsset ValuationGraham ValuationEPV ValuationKey StatisticsFinancial StrengthMargins & ProfitabilityValuation RatiosGrowth StatsManagement EffectiveEfficiency
Historical Stock Price Vs Intrinsic Value Per Share
Median
-9.8%9.2%20.8%27.9%13.8%4.1%14.3%18.8%12.0%82.1%37.1%28.7%
01020304050609/28/1998 9/28/1999 9/28/2000 9/28/2001 9/28/2002 9/28/2003 9/28/2004 9/28/2005 9/28/2006 9/28/2007 9/28/2008
Historical PriceIntrinsic ValueBuy Price
Margin PercentagesFree Cash Flow vs Tangible Shareholder Equity Trend Efficiency & ProfitabilitySales vs Accounts Receivables CAPEX vs PPE
86.9%86.3%81.7%82.3%81.8%84.4%82.7%79.1%80.8%79.2%47.6%46.3%42.0%41.1%24.5%36.6%37.2%36.2%37.2%34.8%41.0%29.0%27.6%31.0%22.2%30.8%28.5%27.5%29.3%24.9%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Gross MarginOperating MarginNet Margin
$-$10,000.0$20,000.0$30,000.0$40,000.0$50,000.0$60,000.0$70,000.0$80,000.02000 2001 2002 2003 2004 2005 2006 2007 2008 2009FCFShareholder Equity0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009CROICFCF/SalesROAROE$-$10,000.0$20,000.0$30,000.0$40,000.0$50,000.0$60,000.0$70,000.02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTMSalesAccts ReceivableInventory$-$1,000.0$2,000.0$3,000.0$4,000.0$5,000.0$6,000.0$7,000.0$8,000.0$9,000.0$10,000.02003 2004 2005 2006 2007 2008 2009 TTMLast 6 yrsLast 5 yrsLast 4 yrsLast 3 yrsLast 2 yrsLast 1 yrPPE
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