Company Name

ticker

Johnson & Johnson

JNJ

6/27/2007

all figures in $Mil except per share data

1997
Balance Sheet Data
Current Liabilities
Total Liabilities
Shareholder Equity
Cash Flow Data
Free Cash Flow
Management
CROIC

Shareholder Equity
Free Cash Flow
CROIC

Growing at 16.1%
Growing at 5%

1998

1999

Financial Data
2001
2002

2000

2003

2004

2005

2006

$
$
$

5,283
9,094
12,359

$
$
$

8,162
12,621
13,590

$
$
$

7,454
12,950
16,213

$
$
$

7,140
12,513
18,808

$
$
$

8,044
14,255
24,233

$
$
$

11,449
17,859
22,697

$
$
$

13,448
21,394
26,869

$
$
$

13,927
21,504
31,813

$
$
$

12,635
20,154
37,871

$
$
$

19,161
31,238
39,318

$

2,952

$

3,426

$

3,949

$

4,917

$

7,133

$

6,077

$

8,333

$

8,956

$

9,245

$

11,582

18.26%

18.98%

18.19%

20.33%

23.43%

20.88%

23.94%

22.74%

20.37%

Multi-Year Performance
1997-2004 1998-2005 1999-2006 1997-2002 1998-2003 1999-2004 2000-2005 2001-2006
14.5%
15.8%
13.5%
12.9%
14.6%
14.4%
15.0%
10.2%
17.2%
15.2%
16.6%
15.5%
19.5%
17.8%
13.5%
10.2%
20.9%
20.9%
22.5%
20.3%
20.9%
22.7%
22.7%
22.5%

2007
13,444
2017
$
53,998
$

Company Valuation
Total Value
$
Per Share Value
$
Desired Discount
Purchase Price
$
Current Price
$
Actual Discount

2008
15,605
2018
$
56,698
$

2009
18,114
2019
$
59,533
$

Projection of future Free Cash Flow
2010
2011
2012
2013
$
21,025 $
24,405 $
28,329 $
32,883
2020
2021
2022
2023
$
62,509 $
65,635 $
68,916 $
72,362

Median
14.4%
16.1%
21.7%

2015
44,304
2025
$
79,779
$

Free Cash Flow and Shareholder Equity Trend
240,998
83.20
25%
62.40
61.20
26%

$45,000
$40,000
$35,000
$30,000

$25,000
$20,000
$15,000

www.FWallStreet.com

2014
38,169
2024
$
75,980
$

Chart Legend
Shareholder Equity
Free Cash Flow

$10,000
$5,000

$-

22.54%

2016
51,426
2026
$
83,768
$

998 Company Valuation $ $ $ $ $ $ 2013 15.697 $ 2.533 $ $ Projection of future Free Cash Flow 2015 2016 2017 21.000 $15.133 $ 6.5% 12.509 $ 65.213 $ $ $ 7.5% 19.3% 20.114 2024 59.000 $- .Company Name Southwest Airlines 12/11/2012 2002 Balance Sheet Data Current Liabilities Total Liabilities Shareholder Equity Cash Flow Data Free Cash Flow Management CROIC Shareholder Equity Free Cash Flow CROIC 2004 2005 $ $ $ 5.077 18.000 $25.9% 14.8% 20.605 2023 56.43% 20.916 Free Cash Flow and Sharehol 240.6% 15.1% $ Growing at 5% $ Total Value Per Share Value Desired Discount Purchase Price Current Price Actual Discount 2003 Financial Data 2006 2007 2012 13.808 $ $ $ 8.162 12.000 www.998 83.952 $ 3.621 13.859 22.329 2025 2026 2027 62.454 12.26% 18.5% 17.000 $5.4% 17.359 $ $ $ 8.000 $40.950 16.426 $ 3.7% Growing at 16.140 12.5% 20.949 $ 4.698 $ $ 2014 18.444 2022 53.FWallStreet.513 18.000 $30.98% 18.635 $ 68.233 $ $ $ 11.917 $ 7.19% 20.88% Multi-Year Performance 2002-2009 2003-2010 2004-2011 2002-2007 2003-2008 2004-2009 14.094 12.5% 15.9% 22.000 $20.405 $ 28.255 24.283 9.044 14.9% 22.33% 23.6% 14.9% 20.2% 16.449 17.2% 15.590 $ $ $ 7.40 61.8% 13.025 $ 24.com Chart Legend Shareholder Equity Free Cash Flow $10.000 $35.20 25% 62.20 26% $45.

169 2029 75.504 31.768 .54% Median 14.154 37.37% 2005-2010 2006-2011 15.883 2028 72.318 $ 8.362 $ $ 2019 38.0% 10.74% 20.245 $ 11.304 2030 79.927 21.5% 22.871 $ $ $ 19.238 39.1% 21.779 $ $ 2021 51.394 26.4% 16.7% 22.635 20.161 31.2% 13.94% 22.980 $ $ Cash Flow and Shareholder Equity Trend 2020 44.582 23.2% 22.5% 10.7% Free Cash Flow $ $ 2018 32.ticker LUV all figures in $Mil except per share data Data 2008 2009 2010 2011 $ $ $ 13.426 2031 83.869 $ $ $ 13.956 $ 9.448 21.333 $ 8.813 $ $ $ 12.

• What does the company do? • How does it do it? • What is the market like for the company’s products or services? • Who is th • How well guarded is it from a competitor? • Five and ten years from now. will this company be making more money than it is m .

s or services? • Who is the company’s competition? g more money than it is making today? Why? .

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