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Medtronic Inc
(MDT)

January 4, 2011
Figures in Millions except per share values

Company Overview

Low Risk
5

Medtronic, Inc. (Medtronic) is a medical technology company. The Company is
engaged in research, design, manufacture and sale of products to alleviate pain,
restore health and extend life. It manufactures and sells device-based medical
therapies. It operates in seven segments: Cardiac Rhythm Disease Management,
Spinal, CardioVascular, Neuromodulation, Diabetes, Surgical Technologies and
Physio-Control. Its primary customers include hospitals, clinics, third party
healthcare providers, distributors and other institutions, including governmental
healthcare programs and group purchasing organizations. In April 2010, the
Company completed the acquisition of Invatec, S.p.A., a developer of medical
technologies for the interventional treatment of cardiovascular disease. In
November 2010, the Company acquired Osteotech.

4
3

Strong Moat

1
0

Good Financials

Under Valued

Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
Ben Graham Formula

Well Managed

$
$
$
$
$
$

37.10
(4.29)
29.35
26.14
76.91
56.51

Key Statistics
Mkt Cap ($M)
52 Wk High
52 Wk Low
% off 52Wk Low

Margin of Safety

$ 39,830.00
$
46.66
$
30.80
20.5%

60

50

P/E(TTM)
P/S(TTM)
P/Tang BV(MRQ)
FCF/EV (TTM)
P/FCF(TTM)

Owner Earnings FCF

Earnings Yld (TTM)
7.0%
13.8%

40

12.9
2.6

30

11.1
7.6%

10

13.9
12.1%

Piotroski (TTM)
Altman (MRQ)

6
2.79

Beneish (TTM)

-2.65

Effectiveness
CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg

14.7%
20.7%
11.0%

20

0
4/26/2004

4/26/2006

4/26/2008

Historical Price

Intrinsic Value

Balance Sheet

Margins & Profitability

Cash and Equiv
Short-Term Investments

$ 3,544.00
$
-

Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin

Accts Rec
Inventory
Total Current Assets
Net PP&E
Intangibles
Total Assets

$
$
$
$
$
$

Financial Strength (MRQ)

Total Current Liabilities

$ 5,895.00

Quick Ratio(MRQ)
Current Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)

Long-Term Debt
Total Liabilities

$ 7,148.00
$ 14,486.00

3,453.00
1,635.00
10,575.00
2,458.00
11,197.00
29,992.00

21.2%

Efficiency
Rec Turnover(TTM)
Inv Turnover(TTM)
Asset Turnover(TTM)

5 Yr Price vs Intrinsic Value

70

Valuation Ratios

Cash Flows
5 yr FCF Growth
10 yr FCF Growth

High Growth

2

4.7
2.4
0.6

1.4
1.7
48.2
71.3

4/26/2010
Buy Price

Medtronic Inc
(MDT)

Refresh

Enter Ticker

Help
Figures in Millions except per share values

1/4/2011

MDT

2001

Income Statement

2002

9

Revenue

5,551.8

$

$

1,113.3
20.1%
4,438.5
79.9%

$

1,685.2
30.4%
577.6
10.4%
2,175.7
39.2%
297.3
5.4%

$

1,878.4
33.8%

$

% change from prev year

Cost of Revenues
COGS (%)
Gross Profit
Gross Profit (%)

$

2003

8

$

$

2004

7

6,410.8
15.5%
1,322.9
20.6%
5,087.9
79.4%

$

1,962.8
30.6%
646.3
10.1%
2,478.8
38.7%
290.8
329.8
5.1%

$

2,149.0
33.5%

$

$
$

2005

6

7,665.2
19.6%
1,482.2
19.3%
6,183.0
80.7%

$

2,371.9
30.9%
749.4
9.8%
3,061.7
39.9%
2.5
408.1
5.3%

$

2,653.6
34.6%

$

$
$

2006

5

9,087.2
18.6%
1,810.3
19.9%
7,276.9
80.1%

$

2,801.4
30.8%
851.5
9.4%
3,624.0
39.9%
4.8
442.6
4.9%

$

3,181.4
35.0%

$

$
$

2007

4

10,054.6
10.6%
1,983.1
19.7%
8,071.5
80.3%

$

3,213.6
32.0%
951.3
9.5%
3,906.6
38.9%
654.4
463.3
4.6%

$

3,443.3
34.2%

$

$
$

2008

3

11,292.0
12.3%
2,271.7
20.1%
9,020.3
79.9%

$

3,659.4
32.4%
1,112.9
9.9%
4,248.0
37.6%
100.0
543.6
4.8%

$

3,704.4
32.8%

$

$
$

2009

2

12,299.0
8.9%
2,585.0
21.0%
9,714.0
79.0%

$

4,153.0
33.8%
1,239.0
10.1%
4,322.0
35.1%
138.0
583.0
4.7%

$

3,739.0
30.4%

$

$
$

2010

1

13,515.0
9.9%
2,809.0
20.8%
10,706.0
79.2%

$

4,707.0
34.8%
1,275.0
9.4%
4,724.0
35.0%
444.0
637.0
4.7%

$

4,087.0
30.2%

$

$
$

Qtr 1/10

0

14,599.0
8.0%
2,819.0
19.3%
11,780.0
80.7%

$

5,152.0
35.3%
1,355.0
9.3%
5,273.0
36.1%
814.0
699.0
4.8%

$

$
$

Qtr 4/10

3

15,817.0
8.3%
2,873.0
18.2%
12,944.0
81.8%

$

5,789.0
36.6%
1,460.0
9.2%
5,695.0
36.0%
939.0
5.9%

$

$
$

Qtr 7/10

2

3,851.0
-75.7%
677.0
17.6%
3,174.0
82.4%

$

1,328.0
34.5%
344.0
8.9%
1,502.0
39.0%
235.0
6.1%

$

$
$

$

1,396.0
33.3%
377.0
9.0%
1,659.0
39.5%
248.0
5.9%

$

$
$

TTM

Qtr 10/10

1

4,196.0
9.0%
764.0
18.2%
3,432.0
81.8%

0

3,773.0
-10.1%
663.0
17.6%
3,110.0
82.4%

$

1,334.0
35.4%
370.0
9.8%
1,406.0
37.3%
230.0
6.1%

$

$
$

3,903.0
3.4%
703.0
18.0%
3,200.0
82.0%

$

1,726.0
44.2%
373.0
9.6%
1,101.0
28.2%
258.0
6.6%

$

$
$

15,723.0
302.8%
2,807.0
17.9%
12,916.0
82.1%

Operating Expenses
Selling, General & Admin. Expenses
SG&A (%)
Research & Development
R&D (%)
EBITDA
EBITDA (%)
Other Special Charges
Depreciation & Amortization
D&A (%)
Operating Income
Operating Income (%)

$
$
$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

4,574.0
31.3%

$

$
$
$
$

4,756.0
30.1%

$

$
$
$
$

1,267.0
32.9%

$

$
$
$
$

1,411.0
33.6%

$

$
$
$
$

$
$
$
$

1,176.0
31.2%

$

843.0
21.6%

$

5,784.0
36.8%
1,464.0
9.3%
5,668.0
36.0%
971.0
6.2%
4,697.0
29.9%

Other Income and Expense
Interest Expense
Other Income

$
$

(64.4)

$
$

6.6
(34.4)

$
$

7.2
(188.4)

$
$

(351.0)

$
$

(290.5)

$
$

(166.7)

$
$

228.0
(212.0)

$
$

255.0
(436.0)

$
$

217.0
(396.0)

$
$

402.0
(468.0)

$
$

97.0
(148.0)

$
$

108.0
(96.0)

$
$

107.0
(47.0)

$
$

113.0
(24.0)

$
$

425.0
(315.0)

Earnings Before Taxes
Income Taxes/(Credit)
Tax Rate %
Earnings After Taxes
Minority Interest
Net Income From Continuing
Operations
Net Income From Discontinued Operations

$
$

$
$

$
$

706.0
870.0
123.2%
(164.0)
-

$
$

$
$

1,022.0
425.0
41.6%
597.0
-

$
$

$
$

1,207.0
654.0
54.2%
553.0
-

$
$

$
$

1,022.0
713.0
69.8%
309.0
-

$
$

$
$

3,886.0
870.0
22.4%
3,016.0
-

$
$

$
$

3,961.0
425.0
10.7%
3,536.0
-

$
$

$
$

3,396.0
654.0
19.3%
2,742.0
-

$
$

$
$

3,299.0
713.0
21.6%
2,586.0
-

$
$

$
$

3,537.7
614.6
17.4%
2,923.1
-

$
$

$
$

3,152.8
739.6
23.5%
2,413.2
-

$
$

$
$

2,830.4
837.6
29.6%
1,992.8
-

$
$

$
$

2,458.0
741.5
30.2%
1,716.5
-

$
$

$
$

2,108.0
540.2
25.6%
1,567.8
-

$
$

$
$

1,814.0
503.4
27.8%
1,310.6
-

$
$

3,957.0
870.0
22.0%
3,087.0
-

$
$

1,046.0
-

$
$

984.0
-

$
$

1,599.8
-

$
$

1,959.3
-

$
$

1,803.9
-

$
$

2,546.7
-

$
$

2,802.0
-

$
$

2,231.0
-

$
$

2,169.0
-

$
$

3,099.0
-

$
$

831.0
-

$
$

954.0
-

$
$

830.0
-

$
$

566.0
-

$
$

3,181.0
-

$

1,046.0
18.8%

$

984.0
15.3%

$

1,599.8
20.9%

$

1,959.3
21.6%

$

1,803.9
17.9%

$

2,546.7
22.6%

$

2,802.0
22.8%

$

2,231.0
16.5%

$

2,169.0
14.9%

$

3,099.0
19.6%

$

831.0
21.6%

$

954.0
22.7%

$

830.0
22.0%

$

566.0
14.5%

$

3,181.0
20.2%

$
$

0.87
0.85
1,202.3
1,230.6

$
$

0.81
0.80
1,214.8
1,230.0

$
$

1.31
1.30
1,221.2
1,230.6

$
$

1.61
1.60
1,217.0
1,224.6

$
$

1.49
1.48
1,210.7
1,218.9

$
$

2.11
2.09
1,207.0
1,218.5

$
$

2.44
2.41
1,148.4
1,162.7

$
$

1.97
1.95
1,132.5
1,144.1

$
$

1.94
1.93
1,118.0
1,123.8

$
$

2.80
2.79
1,106.8
1,110.8

$
$

0.75
0.75
1,108.0
1,108.0

$
$

0.86
0.86
1,109.3
1,109.3

$
$

0.76
0.76
1,092.1
1,092.1

$
$

0.52
0.52
1,088.5
1,088.5

$
$

2.89
2.89
1,070.0

$
$
$

1,030.3
201.4
1,226.1

$
$
$

410.7
123.0
1,522.5

$
$
$

1,470.1
22.7
1,761.4

$
$
$

1,593.7
333.8
1,994.3

$
$
$

2,232.2
1,159.4
2,292.7

$
$
$

2,994.3
3,107.1
2,429.0

$
$
$

1,256.0
1,822.0
2,737.0

$
$
$

1,060.0
553.0
3,360.0

$
$
$

1,271.0
405.0
3,123.0

$
$
$

1,400.0
2,375.0
3,335.0

$
$
$

1,463.0
829.0
3,131.0

$
$
$

1,400.0
2,375.0
3,335.0

$
$
$

1,364.0
2,553.0
3,230.0

$
$
$

1,256.0
2,288.0
3,453.0

$
$
$

$

729.5

$

Net Income From Total Operations
Net Income (%)

Shares and EPS
Total Basic EPS
Fully Diluted EPS
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

MRQ

Assets
Cash & Equivalents
Short-Term Investments
Net Receivables

1,256.0
2,288.0
3,453.0

Other Current Assets

$

569.5

$

24.2%
748.1
2.5%
683.7

$

15.7%
942.4
26.0%
408.9

$

13.2%
877.7
-6.9%
513.2

$

15.0%
981.4
11.8%
755.8

$

5.9%
1,176.9
19.9%
669.3

$

12.7%
1,215.0
3.2%
888.0

$

22.8%
1,280.0
5.3%
1,069.0

$

-7.1%
1,426.0
11.4%
1,235.0

$

6.8%
1,481.0
3.9%
1,248.0

$

-6.1%
1,468.0
-0.9%
1,088.0

$

6.5%
1,481.0
0.9%
1,248.0

$

-3.1%
1,577.0
6.5%
1,273.0

$

6.9%
1,635.0
3.7%
1,262.0

$

6.9%
1,635.0
3.7%
1,262.0

Total Current Assets
Fixed Assets
Intangible Assets
Other Long-Term Assets
Total Long-Term Assets

$
$
$
$
$

3,756.8
1,176.5
1,235.3
870.3
3,282.1

$
$
$
$
$

3,488.0
1,451.8
5,094.9
869.8
7,416.5

$
$
$
$
$

4,605.5
1,583.0
5,216.8
915.5
7,715.3

$
$
$
$
$

5,312.7
1,708.3
5,236.2
1,853.6
8,798.1

$
$
$
$
$

7,421.5
1,859.3
5,299.2
2,037.4
9,195.9

$
$
$
$
$

10,376.6
1,881.1
5,937.6
1,469.5
9,288.2

$
$
$
$
$

7,918.0
2,062.0
5,760.0
3,772.0
11,594.0

$
$
$
$
$

7,322.0
2,221.0
9,712.0
2,943.0
14,876.0

$
$
$
$
$

7,460.0
2,279.0
10,672.0
3,250.0
16,201.0

$
$
$
$
$

9,839.0
2,421.0
10,950.0
4,880.0
18,251.0

$
$
$
$
$

7,979.0
2,377.0
10,519.0
4,293.0
17,189.0

$
$
$
$
$

9,839.0
2,421.0
10,950.0
4,880.0
18,251.0

$
$
$
$
$

9,997.0
2,420.0
10,905.0
5,338.0
18,663.0

$
$
$
$
$

9,894.0
2,458.0
11,197.0
5,762.0
19,417.0

$
$
$
$
$

9,894.0
2,458.0
11,197.0
5,762.0
19,417.0

Total Assets

$

7,038.9

$

10,904.5

$

12,320.8

$

14,110.8

$

16,617.4

$

19,664.8

$

19,512.0

$

22,198.0

$

23,661.0

$

28,090.0

$

25,168.0

$

28,090.0

$

28,660.0

$

29,311.0

$

29,311.0

Accounts payable
Short-Term Debt
Taxes Payable
Accrued Liabilities
Other Current Liabilities

$
$
$
$
$

205.9
145.4
1,008.0
1,008.0
1,008.0

$
$
$
$
$

268.2
2,516.1
1,200.6
1,200.6
1,200.6

$
$
$
$
$

269.4
385.3
1,158.6

$
$
$
$
$

346.2
2,358.2
1,536.2
1,536.2
1,536.2

$
$
$
$
$

371.8
478.6
2,529.6
2,529.6
2,529.6

$
$
$
$
$

318.6
2,436.8
1,650.4
1,650.4
1,650.4

$
$
$
$
$

282.0
509.0
1,772.0
1,772.0
1,772.0

$
$
$
$
$

383.0
1,154.0
1,998.0
1,998.0
1,998.0

$
$
$
$
$

382.0
522.0
2,113.0
2,113.0
2,243.0

$
$
$
$
$

420.0
2,575.0
1,891.0
1,891.0
2,126.0

$
$

399.0
1,430.0

$
$

420.0
2,575.0

$
$

410.0
3,428.0

$
$

438.0
3,417.0

$

1,965.0

$

2,126.0

$

1,773.0

$

2,040.0

$
$
$
$
$

438.0
3,417.0
163.0
707.0
2,040.0

Total Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Income Taxes
Minority Interest
Total Long-Term Liabilities

$
$
$
$
$
$

1,359.3
13.3
156.8
170.1

$
$
$
$
$
$

3,984.9
9.5
245.2
233.8
488.5

$
$
$
$
$
$

1,813.3
1,980.3
316.5
304.3
2,601.1

$
$
$
$
$
$

4,240.6
1.1
383.9
408.2
793.2

$
$
$
$
$
$

3,380.0
1,973.2
336.6
478.1
2,787.9

$
$
$
$
$
$

4,405.8
5,486.3
368.1
22.1
5,876.5

$
$
$
$
$
$

2,563.0
5,578.0
394.0
5,972.0

$
$
$
$
$
$

3,535.0
5,802.0
1,325.0
7,127.0

$
$
$
$
$
$

3,147.0
6,772.0
416.0
475.0
7,663.0

$
$
$
$
$
$

5,121.0
6,944.0
712.0
684.0
8,340.0

$
$
$
$
$
$

3,794.0
5,996.0
438.0
620.0
7,054.0

$
$
$
$
$
$

5,121.0
6,944.0
712.0
684.0
8,340.0

$
$
$
$
$
$

5,611.0
7,080.0
692.0
676.0
8,448.0

$
$
$
$
$
$

5,895.0
7,148.0
803.0
640.0
8,591.0

$
$
$
$
$
$

5,895.0
7,148.0
803.0
640.0
8,591.0

Total Liabilities
Retained Earnings
Preferred Equity

$
$
$

1,529.4
5,576.3
-

$
$
$

4,473.4
6,493.0
-

$
$
$

4,414.4
7,808.4
-

$
$
$

5,033.8
8,890.9
-

$
$
$

6,167.9
10,178.5
-

$
$
$

10,282.3
9,112.2
-

$
$
$

8,535.0
10,925.0
-

$
$
$

10,662.0
11,710.0
-

$
$
$

10,810.0
12,941.0
-

$
$
$

13,461.0
14,826.0
-

$
$
$

10,848.0
14,410.0
-

$
$
$

13,461.0
14,826.0
-

$
$
$

14,059.0
14,846.0
-

$
$
$

14,486.0
15,114.0
-

$
$
$

14,486.0
15,114.0
-

Total Equity

$

5,509.5

$

6,431.1

$

7,906.4

$

9,077.0

$

10,449.5

$

9,382.5

$

10,977.0

$

11,536.0

$

12,851.0

$

14,629.0

$

14,320.0

$

14,629.0

$

14,601.0

$

14,825.0

$

14,825.0

Total Liabilities & Equity

$

7,038.9

$

10,904.5

$

12,320.8

$

14,110.8

$

16,617.4

$

19,664.8

$

19,512.0

$

22,198.0

$

23,661.0

$

28,090.0

$

25,168.0

$

28,090.0

$

28,660.0

$

29,311.0

$

29,311.0

% change from prev year

Inventories
% change from prev year

$

$

$

$

$

$

$

$

$

$

$

$

$

Liabilities & Stockholders' Equity

Cash Flows Statement

TTM

Cash Flows From Operating Activities
Net Income
Depreciation & Amortization
Deferred Taxes
Other

$
$
$
$

1,046.0
297.3
640.4

$
$
$
$

984.0
329.8
225.5

$
$
$
$

1,599.8
408.1
(132.3)

$
$
$
$

1,959.3
442.6
333.4

$
$
$
$

1,803.9
463.3
694.7

$
$
$
$

2,546.7
543.6
(987.6)

$
$
$
$

2,802.0
583.0
(170.0)

$
$
$
$

2,231.0
637.0
670.0

$
$
$
$

2,169.0
699.0
1,126.0

$
$
$
$

3,099.0
939.0
116.0

$
$
$

831.0
235.0
-

$
$
$

954.0
248.0
-

$
$
$

830.0
230.0
-

$
$
$

566.0
258.0
-

$
$
$
$

3,181.0
971.0
(76.0)
521.0

Net Cash From Operating Activities

$

1,831.5

$

1,590.2

$

2,078.2

$

2,845.8

$

2,819.4

$

2,207.4

$

2,979.0

$

3,489.0

$

3,878.0

$

4,131.0

$

1,488.0

$

1,237.0

$

805.0

$

898.0

$

4,428.0

(439.7)
(585.8)
(1,025.5)

$
$
$
$

(386.4)
(4,057.6)
(3,995.3)
(4,381.7)

$
$
$
$

(380.4)
(1.9)
130.8
(249.6)

$
$
$
$

(424.6)
(30.9)
(1,226.2)
(1,650.8)

$
$
$
$

(452.0)
(107.9)
(1,150.9)
(1,602.9)

$
$
$
$

(1,244.2)
(285.2)
(1,622.4)
(2,866.6)

$
$
$
$

(694.0)
(8.0)
(1,007.0)
(1,701.0)

$
$
$
$

(606.0)
(4,221.0)
(2,184.0)
(2,790.0)

$
$
$
$

(663.0)
(1,624.0)
(618.0)
(2,740.0)

$
$
$
$

(635.0)
(350.0)
(3,836.0)
(4,759.0)

$
$

(127.0)
-

$
$

(189.0)
(350.0)

$
$

(108.0)
(62.0)

$
$

(167.0)
(390.0)

$

(467.0)

$

(2,714.0)

$

(789.0)

$

(650.0)

$
$
$
$

(591.0)
(802.0)
(3,266.0)
(4,620.0)

$
$
$
$
$
$
$
$
$
$
$

148.7
8.7
(162.4)
(240.7)
(245.7)
467.8
1,030.3
562.5

$
$
$
$
$
$
$
$
$
$
$

120.5
(25.6)
2,360.5
(11.1)
(278.8)
2,165.5
1,030.3
410.7
(619.6)

$
$
$
$
$
$
$
$
$
$
$

155.9
(418.5)
5.6
(182.6)
(304.2)
(743.8)
410.7
1,470.1
1,059.4

$
$
$
$
$
$
$
$
$
$
$

241.4
(880.5)
(19.5)
(351.5)
(1,010.1)
1,470.1
1,593.7
123.6

$
$
$
$
$
$
$
$
$
$
$

338.9
(511.0)
90.0
(1.8)
(404.9)
(488.8)
1,593.7
2,232.2
638.5

$
$
$
$
$
$
$
$
$
$
$

1,034.9
(4,663.6)
5,428.4
(18.5)
(464.8)
1,316.4
2,232.2
2,994.3
762.1

$
$
$
$
$
$
$
$
$
$
$

331.0
(1,039.0)
45.0
(1,880.0)
(504.0)
(3,011.0)
2,994.0
1,256.0
(1,738.0)

$
$
$
$
$
$
$
$
$
$
$

403.0
(1,544.0)
843.0
(12.0)
(565.0)
(835.0)
1,256.0
1,060.0
(196.0)

$
$
$
$
$
$
$
$
$
$
$

416.0
(759.0)
1,250.0
(933.0)
(843.0)
(845.0)
1,060.0
1,271.0
211.0

$
$
$
$
$
$
$
$
$
$
$

165.0
(1,030.0)
3,000.0
(464.0)
(907.0)
764.0
1,271.0
1,400.0
129.0

$
$
$
$
$
$
$
$
$
$
$

31.0
(25.0)
(98.0)
(14.0)
(226.0)
(332.0)
826.0
1,463.0
637.0

$
$
$
$
$
$
$
$
$
$
$

31.0
(396.0)
2,480.0
(444.0)
(226.0)
1,445.0
1,463.0
1,400.0
(63.0)

$
$
$
$
$
$
$
$
$
$
$

25.0
(640.0)
816.0
(2.0)
(245.0)
(46.0)
1,400.0
1,364.0
(36.0)

$
$
$
$
$
$
$
$
$
$
$

17.0
(120.0)
365.0
(400.0)
(243.0)
(381.0)
1,364.0
1,256.0
(108.0)

$
$
$
$
$
$
$
$
$
$
$

104.0
(1,181.0)
3,563.0
(860.0)
(940.0)
686.0
1,364.0
1,256.0
(108.0)

$
$
$
$

1,831.5
(439.7)
1,391.8
903.6

$
$
$
$

1,590.2
(386.4)
1,203.8
1,218.2

$
$
$
$

2,078.2
(380.4)
1,697.8
1,630.0

$
$
$
$

2,845.8
(424.6)
2,421.2
1,982.1

$
$
$
$

2,819.4
(452.0)
2,367.4
2,469.6

$
$
$
$

2,207.4
(1,244.2)
963.2
1,946.1

$
$
$
$

2,979.0
(694.0)
2,285.0
2,829.0

$
$
$
$

3,489.0
(606.0)
2,883.0
2,706.0

$
$
$
$

3,878.0
(663.0)
3,215.0
3,019.0

$
$
$
$

4,131.0
(635.0)
3,496.0
3,403.0

$
$
$
$

1,488.0
(127.0)
1,361.0
939.0

$
$
$
$

1,237.0
(189.0)
1,048.0
1,013.0

$
$
$
$

805.0
(108.0)
697.0
952.0

$
$
$
$

898.0
(167.0)
731.0
657.0

$
$
$
$

4,428.0
(591.0)
3,837.0
3,561.0

Cash Flows From Investing Activities
Capital Expenditures
Acquisitions
Sale of Assets
Net Cash From Investing Activities

$
$
$
$

Cash Flows From Financing Activities
Issuance of Capital Stock
Repurchase of Capital Stock
Net Issuance of Stock
Issuance of Debt
Repayment of Debt
Net Issuance of Debt
Dividends Paid
Cash from Financing
Cash at Beginning of the Period
Cash at End of the Period
Change in Cash

Free Cash Flow
Cash from Operations
Cap Ex
Free Cash Flow
Owner Earnings FCF
User Defined

Medtronic Inc
(MDT)

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1/4/2011
2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Qtr 1/10

Qtr 4/10

Qtr 7/10

Qtr 10/10

TTM

Income Statement
Revenue

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Cost of Revenues

20.1%

20.6%

19.3%

19.9%

19.7%

20.1%

21.0%

20.8%

19.3%

18.2%

17.6%

18.2%

17.6%

18.0%

100.0%
17.9%

Gross Profit

79.9%

79.4%

80.7%

80.1%

80.3%

79.9%

79.0%

79.2%

80.7%

81.8%

82.4%

81.8%

82.4%

82.0%

82.1%

Selling, General & Admin. Expenses

30.4%

30.6%

30.9%

30.8%

32.0%

32.4%

33.8%

34.8%

35.3%

36.6%

34.5%

33.3%

35.4%

44.2%

36.8%

Research & Development

10.4%

10.1%

9.8%

9.4%

9.5%

9.9%

10.1%

9.4%

9.3%

9.2%

8.9%

9.0%

9.8%

9.6%

9.3%

EBITDA

39.2%

38.7%

39.9%

39.9%

38.9%

37.6%

35.1%

35.0%

36.1%

36.0%

39.0%

39.5%

37.3%

28.2%

36.0%

Other Special Charges

0.0%

4.5%

0.0%

0.1%

6.5%

0.9%

1.1%

3.3%

5.6%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Depreciation & Amortization

5.4%

5.1%

5.3%

4.9%

4.6%

4.8%

4.7%

4.7%

4.8%

5.9%

6.1%

5.9%

6.1%

6.6%

6.2%

33.8%

33.5%

34.6%

35.0%

34.2%

32.8%

30.4%

30.2%

31.3%

30.1%

32.9%

33.6%

31.2%

21.6%

29.9%

Operating Expenses

Operating Income

Other Income and Expense
Interest Expense

0.0%

0.1%

0.1%

0.0%

0.0%

0.0%

1.9%

1.9%

1.5%

2.5%

2.5%

2.6%

2.8%

2.9%

2.7%

Other Income

-1.2%

-0.5%

-2.5%

-3.9%

-2.9%

-1.5%

-1.7%

-3.2%

-2.7%

-3.0%

-3.8%

-2.3%

-1.2%

-0.6%

-2.0%

Earnings Before Taxes

25.2%

32.7%

32.9%

32.1%

31.1%

31.4%

31.3%

26.8%

25.1%

27.1%

24.6%

26.5%

28.8%

27.1%

18.1%

Income Taxes/(Credit)

9.1%

8.4%

9.7%

9.2%

7.4%

5.4%

5.8%

4.8%

2.9%

5.5%

18.5%

15.6%

11.3%

22.3%

5.5%

Earnings After Taxes

23.6%

24.5%

22.4%

21.9%

24.0%

25.9%

21.0%

20.3%

24.2%

19.1%

8.0%

13.2%

15.8%

-4.2%

19.6%

Minority Interest
Net Income From Continuing
Operations
Net Income From Discontinued
Operations

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

18.8%

15.3%

20.9%

21.6%

17.9%

22.6%

22.8%

16.5%

14.9%

19.6%

21.6%

22.7%

22.0%

14.5%

20.2%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Net Income From Total Operations

18.8%

15.3%

20.9%

21.6%

17.9%

22.6%

22.8%

16.5%

14.9%

19.6%

21.6%

22.7%

22.0%

14.5%

20.2%

14.6%

3.8%

11.9%

11.3%

13.4%

15.2%

6.4%

4.8%

5.4%

5.0%

5.8%

5.0%

4.8%

4.3%

2.9%

1.1%

0.2%

2.4%

7.0%

15.8%

9.3%

2.5%

1.7%

8.5%

3.3%

8.5%

8.9%

7.8%

7.8%

Net Receivables

17.4%

14.0%

14.3%

14.1%

13.8%

12.4%

14.0%

15.1%

13.2%

11.9%

12.4%

11.9%

11.3%

11.8%

11.8%

Inventories

10.4%

6.9%

7.6%

6.2%

5.9%

6.0%

6.2%

5.8%

6.0%

5.3%

5.8%

5.3%

5.5%

5.6%

5.6%

8.1%

6.3%

3.3%

3.6%

4.5%

3.4%

4.6%

4.8%

5.2%

4.4%

4.3%

4.4%

4.4%

4.3%

4.3%

Total Current Assets

53.4%

32.0%

37.4%

37.6%

44.7%

52.8%

40.6%

33.0%

31.5%

35.0%

31.7%

35.0%

34.9%

33.8%

33.8%

Fixed Assets

16.7%

13.3%

12.8%

12.1%

11.2%

9.6%

10.6%

10.0%

9.6%

8.6%

9.4%

8.6%

8.4%

8.4%

8.4%

Intangible Assets

17.5%

46.7%

42.3%

37.1%

31.9%

30.2%

29.5%

43.8%

45.1%

39.0%

41.8%

39.0%

38.0%

38.2%

38.2%

Other Long-Term Assets

12.4%

8.0%

7.4%

13.1%

12.3%

7.5%

19.3%

13.3%

13.7%

17.4%

17.1%

17.4%

18.6%

19.7%

19.7%

Total Long-Term Assets

46.6%

68.0%

62.6%

62.4%

55.3%

47.2%

59.4%

67.0%

68.5%

65.0%

68.3%

65.0%

65.1%

66.2%

66.2%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Balance Sheet

MRQ

Assets
Cash & Equivalents
Short-Term Investments

Other Current Assets

Total Assets

4.3%

Liabilities & Stockholders' Equity
Accounts payable

2.9%

2.5%

2.2%

2.5%

2.2%

1.6%

1.4%

1.7%

1.6%

1.5%

1.6%

1.5%

1.4%

1.5%

1.5%

Short-Term Debt

2.1%

23.1%

3.1%

16.7%

2.9%

12.4%

2.6%

5.2%

2.2%

9.2%

5.7%

9.2%

12.0%

11.7%

11.7%

Taxes Payable

14.3%

11.0%

0.0%

10.9%

15.2%

8.4%

9.1%

9.0%

8.9%

6.7%

0.0%

0.0%

0.0%

0.0%

0.6%

Accrued Liabilities

14.3%

11.0%

0.0%

10.9%

15.2%

8.4%

9.1%

9.0%

8.9%

6.7%

0.0%

0.0%

0.0%

0.0%

2.4%

Other Current Liabilities

14.3%

11.0%

9.4%

10.9%

15.2%

8.4%

9.1%

9.0%

9.5%

7.6%

7.8%

7.6%

6.2%

7.0%

7.0%

Total Current Liabilities

19.3%

36.5%

14.7%

30.1%

20.3%

22.4%

13.1%

15.9%

13.3%

18.2%

15.1%

18.2%

19.6%

20.1%

20.1%

Long-Term Debt

0.2%

0.1%

16.1%

0.0%

11.9%

27.9%

28.6%

26.1%

28.6%

24.7%

23.8%

24.7%

24.7%

24.4%

24.4%

Other Liabilities

2.2%

2.2%

2.6%

2.7%

2.0%

1.9%

2.0%

6.0%

1.8%

2.5%

1.7%

2.5%

2.4%

2.7%

2.7%

Deferred Income Taxes

0.0%

2.1%

2.5%

2.9%

2.9%

0.1%

0.0%

0.0%

2.0%

2.4%

2.5%

2.4%

2.4%

2.2%

2.2%

Minority Interest

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Total Long-Term Liabilities

2.4%

4.5%

21.1%

5.6%

16.8%

29.9%

30.6%

32.1%

32.4%

29.7%

28.0%

29.7%

29.5%

29.3%

29.3%

Total Liabilities

21.7%

41.0%

35.8%

35.7%

37.1%

52.3%

43.7%

48.0%

45.7%

47.9%

43.1%

47.9%

49.1%

49.4%

49.4%

Retained Earnings

79.2%

59.5%

63.4%

63.0%

61.3%

46.3%

56.0%

52.8%

54.7%

52.8%

57.3%

52.8%

51.8%

51.6%

51.6%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

78.3%

59.0%

64.2%

64.3%

62.9%

47.7%

56.3%

52.0%

54.3%

52.1%

56.9%

52.1%

50.9%

50.6%

50.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Net Income

57.1%

61.9%

77.0%

68.8%

64.0%

115.4%

94.1%

63.9%

55.9%

75.0%

55.8%

77.1%

103.1%

63.0%

71.8%

Depreciation & Amortization

16.2%

20.7%

19.6%

15.6%

16.4%

24.6%

19.6%

18.3%

18.0%

22.7%

15.8%

20.0%

28.6%

28.7%

21.9%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

-1.7%

35.0%

14.2%

-6.4%

11.7%

24.6%

-44.7%

-5.7%

19.2%

29.0%

2.8%

0.0%

0.0%

0.0%

0.0%

11.8%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

42.9%

8.8%

152.4%

25.7%

28.2%

43.4%

Preferred Equity
Total Equity
Total Liabilities & Equity

Cash Flows Statement

TTM

Cash Flows From Operating Activities

Deferred Taxes
Other
Net Cash From Operating Activities

Cash Flows From Investing Activities
Capital Expenditures
Acquisitions
Sale of Assets
Net Cash From Investing Activities

40.8%

21.7%

24.2%

13.3%

27.2%

7.0%

13.7%

25.7%

12.8%

0.0%

92.6%

0.8%

1.9%

6.7%

9.9%

0.5%

151.3%

59.3%

7.4%

0.0%

12.9%

7.9%

60.0%

17.4%

57.1%

91.2%

-52.4%

74.3%

71.8%

56.6%

59.2%

78.3%

22.6%

80.6%

0.0%

0.0%

0.0%

0.0%

70.7%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

-60.5%

5.6%

-21.0%

-23.9%

-69.3%

78.6%

-11.0%

-48.3%

-49.2%

21.6%

-9.3%

2.1%

-54.3%

-4.5%

15.2%

0.0%

-1.2%

56.3%

87.2%

104.5%

-354.3%

34.5%

184.9%

89.8%

-134.8%

7.5%

-27.4%

1391.3%

31.5%

-172.2%

Cash Flows From Financing Activities
Issuance of Capital Stock
Repurchase of Capital Stock
Net Issuance of Stock

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Issuance of Debt

-3.5%

109.0%

-0.8%

0.0%

-18.4%

412.4%

-1.5%

-101.0%

-147.9%

392.7%

29.5%

171.6%

-1773.9%

-95.8%

519.4%

Repayment of Debt

66.1%

-0.5%

24.5%

1.9%

0.4%

-1.4%

62.4%

1.4%

110.4%

-60.7%

4.2%

-30.7%

4.3%

105.0%

-125.4%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

98.0%

-12.9%

40.9%

34.8%

82.8%

-35.3%

16.7%

67.7%

99.8%

-118.7%

68.1%

-15.6%

532.6%

63.8%

-137.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Net Issuance of Debt
Dividends Paid
Cash from Financing

Medtronic Inc
(MDT)

Shares Out.
Check Shares

1/4/2011

Help

Enter Ticker

Fiscal Year
Cash Flow Data

CLEAR

Trend

2001

Growth

Discount %

10.4%

9.0%

Terminal %

Select FCF

3%

Owner Earnings

50%

Select input with
each list or enter
your own value

Refresh

Cash from Operations
Capex
Cash Flow
Owner Earnings FCF

M.O.S

1,070.00

Adjust 2010 FCF

5.7%

Current Price

Intrinsic $

Buy Under

$37.10

$76.91

$38.46

Actual M.O.S 52 Wk High

52%

$46.66

52 Wk Low

$30.80

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

$1,831.5
$439.7
$1,469.0
$903.6
YOY% Change

$1,590.2
$386.4
$1,585.2
$1,218.2
34.8%

$2,078.2
$380.4
$2,155.7
$1,630.0
33.8%

$2,845.8
$424.6
$2,560.8
$1,982.1
21.6%

$2,819.4
$452.0
$2,497.9
$2,469.6
24.6%

$2,207.4
$1,244.2
$2,848.5
$1,946.1
-21.2%

$2,979.0
$694.0
$3,192.7
$2,829.0
45.4%

$3,489.0
$606.0
$3,480.8
$2,706.0
-4.3%

$3,878.0
$663.0
$4,012.7
$3,019.0
11.6%

$4,131.0
$635.0
$4,655.9
12.7%

$4,428.0
$591.0
$4,718.3
$3,561.0
4.6%

79.9%
33.8%
18.8%

79.4%
33.5%
15.3%

80.7%
34.6%
20.9%

80.1%
35.0%
21.6%

80.3%
34.2%
17.9%

79.9%
32.8%
22.6%

79.0%
30.4%
22.8%

79.2%
30.2%
16.5%

80.7%
31.3%
14.9%

81.8%
30.1%
19.6%

82.1%
29.9%
20.2%

$0.85
27.8%

$0.80
25.6%

$1.30
30.2%

$1.60
29.6%

$1.48
23.5%

$2.09
17.4%

$2.41
21.6%

$1.95
19.3%

$1.93
10.7%

$2.79
22.4%

$2.89
22.0%

15.9%
16.3%
1.5
14.9%
19.0%

17.6%
19.0%
1.8
9.0%
15.3%

15.5%
21.3%
1.8
13.0%
20.2%

20.1%
21.8%
2.0
13.9%
21.6%

18.7%
24.6%
2.1
10.9%
17.3%

12.8%
17.2%
2.1
13.0%
27.1%

16.7%
23.0%
2.2
14.4%
25.5%

14.5%
20.0%
2.3
10.1%
19.3%

14.7%
20.7%
2.1
9.2%
16.9%

14.8%
21.5%
2.0
11.0%
21.2%

15.2%
22.6%
1.7
10.9%
21.5%

27.8%
0.2%
59.1%
621.5%
6794.0%

69.6%
0.1%
27.2%
48.4%
12823.2%

55.8%
20.0%
36.9%
423.0%
82.3%

55.5%
0.0%
39.4%
84.1%
180190.9%

59.0%
15.9%
40.0%
516.0%
125.2%

109.6%
36.9%
18.9%
79.9%
35.5%

77.8%
33.7%
33.1%
555.8%
50.7%

92.4%
33.5%
25.4%
234.5%
46.6%

84.1%
34.5%
27.9%
578.4%
44.6%

92.0%
32.2%
25.3%
132.2%
49.0%

97.7%
32.5%
24.6%
104.2%
49.8%

2006-2010
1.7%
15.0%
14.7%
20.7%
11.0%
21.2%
79.9%
30.4%
19.6%
8.8%
7.5%
17.0%

2005-2008
-29.2%
3.1%
15.6%
21.5%
11.9%
22.4%
79.5%
31.6%
20.2%
10.4%
9.6%
7.4%

2006-2009
-14.2%
15.8%
14.6%
20.4%
11.5%
22.4%
79.5%
30.9%
19.5%
8.9%
-2.6%
20.7%

2007-2010
-11.0%
6.4%
14.8%
21.1%
10.5%
20.3%
80.0%
30.3%
18.1%
8.7%
5.0%
11.5%

2005-2007
0.6%
7.0%
16.7%
23.0%
13.0%
25.5%
79.9%
32.8%
22.6%
10.6%
27.6%
2.8%

2006-2008
-27.2%
17.9%
14.5%
20.0%
13.0%
25.5%
79.2%
30.4%
22.6%
9.4%
-3.4%
25.7%

2007-2009
-35.4%
3.3%
14.7%
20.7%
10.1%
19.3%
79.2%
30.4%
16.5%
8.9%
-10.5%
14.1%

2008-2010
42.0%
12.1%
14.7%
20.7%
10.1%
19.3%
80.7%
30.2%
16.5%
8.2%
19.6%
8.8%

Median
-14.2%
7.0%
14.7%
20.7%
11.0%
21.2%
79.9%
30.4%
19.5%
8.9%
6.9%
11.5%

2002-2009
7.2%
13.8%
16.1%
21.0%
11.9%
19.8%
80.0%
33.2%
19.4%
12.5%
13.4%
13.6%

2003-2010
4.6%
11.1%
15.2%
21.4%
12.0%
20.7%
80.2%
32.1%
20.2%
10.9%
11.5%
10.3%

2001-2006
-4.2%
16.6%
16.8%
20.1%
13.0%
19.6%
80.0%
34.0%
19.9%
15.3%
19.7%
3.8%

2002-2007
31.3%
18.4%
17.1%
21.5%
13.0%
20.9%
80.0%
33.9%
21.2%
13.9%
24.7%
13.4%

2003-2008
-7.5%
10.7%
16.1%
21.5%
13.0%
20.9%
80.0%
33.5%
21.2%
12.0%
8.4%
10.9%

2004-2009
-10.7%
8.8%
15.7%
21.2%
11.9%
20.5%
80.0%
32.1%
19.8%
9.9%
3.8%
6.4%

2005-2010
-6.5%
6.6%
14.8%
21.1%
10.9%
20.3%
80.1%
30.9%
18.8%
9.5%
13.5%
7.9%

2001-2010
-3.0%
30.4%
14.7%
21.0%
12.0%
19.8%
80.0%
33.2%
19.2%
23.3%
26.8%
17.7%

Median
-4.2%
13.8%
16.1%
21.1%
12.0%
20.3%
80.0%
33.2%
19.9%
12.5%
13.4%
10.3%

$3,403.0

Margins
Gross Margin
Operating Margin
Net Margin

EPS & Tax
Diluted EPS
Tax Rate

Efficiency & Profitability
CROIC
FCF/Sales
Inventory Turnover
Return On Assets (ROA)
Retun On Equity (ROE)

Debt Related
Debt to Equity
Capitalization Ratio
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt

5 Year Multi-Year Performance
Tang Shareholder Equity
Owner Earnings FCF
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth

2005-2009
-19.3%
5.1%
14.7%
20.7%
10.9%
19.3%
79.9%
31.3%
17.9%
9.8%
6.9%
8.3%

10 Year Multi-Year Performance
Tang Shareholder Equity
Owner Earnings FCF
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth

2001-2008
-11.5%
17.0%
16.3%
20.6%
13.0%
19.8%
79.9%
33.7%
19.9%
13.6%
12.6%
9.6%

Projection of future Free Cash Flow
2011
Yearly Growth Input Field
10%
Terminal Growth
3%

$

$3,758.14
2021
7,890.93

2012

$

2013

$4,150.35
2022
8,127.66

Calculation
Total Cash

$
MAX(0,Current Liabilities-Current Assets
$
Excess Cash
$
Adding some Intangibles
$
Present Value
$
Shares Outstanding
Per Share Value
$
Margin of Safety
Purchase Price
$
Current Price
$
Actual M.O.S

$

$4,583.49
2023
8,371.49

2014

$

$4,873.19
2024
8,622.63

$

2016

$5,330.91
2025
8,881.31

$

2017

$5,831.62
2026
9,147.75

$

2018

$6,379.36
2027
9,422.18

$

2019

$6,513.36
2028
9,704.85

$

2020

$7,063.96
2029
9,995.99

$

$7,661.10
2030
10,295.87

Sensitivity Matrix: Growth vs Discount Rate
3,544.00
3,544.00
82,296.05
1070
76.91
50%
38.46
37.10
52%

Discount Rates
6% $
8% $

Growth Rates

0%
10%
10%

10%

$
12% $
14% $

4%
73.86 $
83.09 $
93.51
105.26
118.50

$
$
$

5%
67.17 $
75.38 $
84.64
95.06
106.80

$
$
$

6%
61.34
68.66

$
$

7%
56.24 $
62.79 $

8%
51.76
57.65

76.91

$
$
$

70.17
78.46
87.78

64.27
71.70
80.04

86.20
96.64

$
$
$

Sensitivity Matrix: Margin of Safety %
Discount Rates

Variable Fields
Intangibles% add to DCF
Decay Rate (Yr4E-Yr7E)
Extra Decay (Yr8E-Yr10E)

2015

Growth Rates

4%

5%

6%

7%

8%

6%

49.8%

44.8%

39.5%

34.0%

28.3%

8%

55.4%

50.8%

46.0%

40.9%

35.6%

10%

60.3%
64.8%
68.7%

56.2%
61.0%
65.3%

51.8%

47.1%
52.7%
57.7%

42.3%
48.3%
53.6%

12%
14%

57.0%
61.6%

Medtronic Inc
(MDT)

Shares Out.

M.O.S

1,070.00

66%

Current Price

Intrinsic $

Buy Under

$37.10

$56.51

$19.21

Check
Shares

Growth

Projection

EPS

Corp Bond

11.3%

Linear
Regression

$2.52

4.69

Help

1/4/2011

Enter Ticker
Refresh

CLEAR

Actual M.O.S 52 Wk High 52 Wk Low

34%

$46.66

$30.80

5 Yr EPS Growth

2005-2009
6.9%

2006-2010
7.5%

2005-2008
9.6%

2006-2009
-2.6%

2007-2010
5.0%

2005-2007
27.6%

2006-2008
-3.4%

2007-2009 2008-2010
-10.5%
19.6%

10 Yr EPS Growth

2001-2008
12.6%

2002-2009
13.4%

2003-2010
11.5%

2001-2006
19.7%

2002-2007
24.7%

2003-2008
8.4%

2004-2009
3.8%

2005-2010
13.5%

2001
0.85
2011E
Forecast Method
$
2.58
Linear Regression Method $
2.52
Diltued EPS

$

2002
0.80
2012E
$
2.87
$
2.80
$

2003
$

1.30

$

2004
1.60

$

Graham Value Calculation
Normal Earnings
Growth Rate
Corp Bond Rate
Per Share Value
MOS
Purchase Price
Current Price
Actual Discount

$

$
$

2.52
11.28%
4.69
56.51
66%
19.21
$37.10
34%

2005
1.48

2006
$

2.09

$2.41
$2.09
$1.30
$0.85

$0.80

2001

2002

2003

$1.60

$1.48

2004

2005

2006

2007

$1.95

$1.93

2008

2009

$

2007
2.41

$2.79

$2.52 $2.80

2010

2011E 2012E

$

2008
1.95

Median
6.9%

Median
13.4%

$

2009
1.93

$

2010
2.79

$

TTM
2.89

Medtronic Inc
(MDT)

Shares Out.
Check
Shares

1,070.00

Source
MSN

Normalized Income

Discount Rate

R&D Years

SG&A %

12%

3

25%

$4,801.26

1/4/2011
Figures in Millions except per share values

Enter Ticker

Refresh

CLEAR

Help

Current Price

EPV

Net Reproduction Value

EPV MOS

NCAV

52 Wk High

52 Wk Low

$37.10

$26.14

$29.35

-41.9%

($5.47)

$46.66

$30.80

Per Share
$
49.27
$
39.42

+ Cash - Debt
$
45,540.1
$
34,996.4

Asset Valuation Section

EPV Valuation Section

Data: Asset Valuation

Values for Normalized Income

Shares Outstanding
Balance Sheet Assets
Adjusted Assets
Total Liabilities
Total Equity

1070.0
29,992.0
29,992.0
14,486.0
15,506.0

$
$
$
$

Average SGA %
Marketing/Brand Value
R&D Value
Cash Needed for Business
Interest Bearing Debt
Non Interest Bearing Debt
Excess Cash

34.6%
$ 5,469.3
$ 3,095.2
$
157.2
$ 10,565.0
$ 3,921.0
$ 3,227.7

2010 Owner Earnings FCF
Normalized Income
Avg Adj. Income 5 yrs
TTM Adjusted Income

$

Adjusted BV
NCAV
Reprod. Cost of Assets
Reprod. Cost of Assets BV
Total Net Reprod. Cost

$
$
$
$
$

Quarterly numbers based on:

Total
4,309
15,506
(5,854)
38,556
24,070
31,408

3,403.0
4,801.3
4,663.9
4,665.7

$
$
$
$
$
$

12.0%
4,801.3
583.8
10,565.0
157.2
3,544.0
(7,178.2)
1070.00

Data: EPV
Cost of Capital
Normalized Adjusted Income
Average Maintenance Capex
Interest Bearing Debt
1% of sales
Cash & Equiv
Cash - Debt
Shares

Calculation: Asset Valuation
Tangible BV

$
$
$
$

Per Share
$
4.03
$
$
$
$
$

Calculation: EPV

14.49
(5.47)
36.03
22.50
29.35

Cost of Capital Rates
8%
10%

Adjustments:
Assets

Statement Source Date: 8-Dec-10
Reproduction
Book Value Fixed BV Multiplier
Asset Value

Cash & Equivalents
Marketable Securities
Accounts Receivable - Gross
Other Receivable

$
$
$
$

3,544.0
3,453.0
-

$
$
$
$

3,544.0
3,453.0
-

Receivables

$

3,453.0

$

3,453.0

Inventories: Raw Materials
Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Prepaid Expenses
Current Defered Income Taxes
Other Current Assets
Total Current Assets
Goodwill, Net
Intangibles, Net
Intangibles
Property/Plant/Equipment - Net
Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total
Total Assets

$
341.0
$
299.0
$
$
995.0
$
$ 1,635.0
$
581.0
$
681.0
$
681.0
$ 10,575.0
$ 8,624.0
$ 2,573.0
$ 11,197.0
$ 2,458.0
$ 5,448.0
$
$
314.0
$ 29,992.0

$
$

EPV
52,718.3
42,174.6

12%

$

35,145.5

$

32.85

$

14%

$

30,124.7

$

28.15

$

16%

$

26,359.2

$

24.63

$

$
$

Per Share
42.56
32.71

27,967.3

$

26.14

22,946.5

$

21.45

19,180.9

$

17.93

2011 Q2

$
$
$
$
$
$
$
$
$
$
$
$
$

1,635.0
581.0
681.0
681.0
10,575.0
8,624.0
2,573.0
11,197.0
2,458.0
5,448.0
314.0
29,992.0

Adjustments:
Liabilities & Equity
Accounts Payable
Accrued Expenses
Accrued Liabilities
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Capital Lease Obligations
Deferred Income Taxes
Minority Interest
Total Other Liabilities
Total Liabilities
Common Stock Equity
Retained Earnings
Total Capitalization
Total Equity
Total Liabilities & Equity

Book Value
$
438.0
$
1,877.0
$
-

Fixed BV

Multiplier

Reproduction
Liability Value
$
438.0
$
1,877.0
$
-

$

3,417.0

$

3,417.0

$
$
$
$
$
$
$
$
$
$
$
$
$
$

163.0
5,895.0
7,148.0
6.0
1,437.0
14,486.0
14,825.0
15,114.0
21,973.0
14,825.0
29,311.0

$
$

163.0

$

5,895.0

$
$
$
$
$

7,148.0
6.0
1,437.0

$

14,486.0

$
$
$

14,825.0
15,114.0
21,973.0

$
$

15,506.0
29,311.0

Medtronic Inc
(MDT)
1/4/2011
Enter Ticker

Refresh

Current Price

NNWC

NNWC %

NCAV

NCAV %

Data

$37.10

-$7.04

-626.9%

-$4.29

-964.5%

MSN

Help
Numbers as of 2010/10

Figures in Millions except per share values
Cash & Equivalents
Marketable Securities
Accounts Receivable
Other Receivable
Receivables
Inventories: Raw Materials
Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Current Assets - Total
Total Liabilities
Shares Outstanding

$
$
$
$
$
$
$
$
$
$
$
$
$

(go to SEC for accurate numbers)
BV
CLEAR
Multiplier
BV
3,544.00
100%
3,453.00
75%
3,453.00
50%
1,635.00
9,894.00
14,486.00
1,070.00

Total Current Assets
Market Cap & Share Price
Net Net Working Capital
Discount to NNWC
Net Current Asset Value
Discount to NCAV

Net Net Value
$ 3,544.00

$

2,589.75

$
$
$

817.50
9,894.00
14,486.00
1,070.00

$
$
$

Total ($m)
9,894.00 $
39,830.00 $
(7,534.75) $

$

(4,592.00) $

Per Share
9.25
37.10
(7.04)
-627%
(4.29)
-964%

Medtronic Inc
(MDT)
1/4/2011
Enter Ticker

Refresh

CLEAR

Help

Piotroski Score
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks, nine being the
best. The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements. For every criteria (below) that
is met the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.
Profitability
* Positive return on assets in the current year (1 point)
* Positive operating cash flow in the current year (1 point)
* Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)
* Cash flow from operations are greater than ROA (1 point)
Leverage, Liquidity and Source of Funds
* Lower ratio of long term debt to in the current period compared value in the previous year (1 point)
* Higher current ratio this year compared to the previous year (1 point)
* No new shares were issued in the last year (1 point)
Operating Efficiency
* A higher gross margin compared to the previous year (1 point)
* A higher asset turnover ratio compared to the previous year (1 point)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Piotroski F Scores

7

5

7

7

6

5

7

6

7

7

6

Piotroski 1: Net Income
Piotroski 2: Operating Cash Flow
Piotroski 3: Return on Assets
Piotroski 4: Quality of Earnings
Piotroski 5: LT Debt vs Assets
Piotroski 6: Current Ratio
Piotroski 7: Shares Outstanding
Piotroski 8: Gross Margin
Piotroski 9: Asset Turnover

1
1
1
1
1
1
1
0
0

1
1
0
1
1
0
1
0
0

1
1
1
1
0
1
0
1
1

1
1
1
1
1
0
1
0
1

1
1
0
1
0
1
1
1
0

1
1
1
0
0
1
1
0
0

1
1
1
1
0
1
1
0
1

1
1
0
1
1
0
1
1
0

1
1
0
1
0
1
1
1
1

1
1
1
1
1
0
1
1
0

1
1
0
1
1
0
1
1
0

Altman Z Score
The Z-score formula may be used to predict the probability that a firm will go into bankruptcy within two years.
Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate
income and balance sheet values to measure the financial health of a company.
The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a higher risk of
bankruptcy.
Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.
(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)

Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5
There is also a revised Altman Z score which is adjusted for non manufacturing corporations. The revised formula is:

Z = 6.56*X1 + 3.26*X2 + 6.72*X3 + 1.05*X4
X1 = Working Capital/Total Assets
X2 = Retained Earnings/Total Assets
X3 = EBITDA/Total Assets
X4 = Market Value of Equity/Total Liabilities
X5 = Net Sales/Total Assets

Annual
Working Capital
Total Assets
Total Liabilities
Retained Earnings
EBITDA
Market Value of Equity
Net Sales
Normal Altman Z Score
Revised Altman Z Score

2001/04
$
2,398
$
7,039
$
1,529
$
5,576
$
2,176
$ 45,562
$
5,552

$
$
$
$
$
$
$

2002/04
(497)
10,905
4,473
6,493
2,479
37,841
6,411

21.20
38.17

7.19
12.05

0.17
0.53
0.20
2.96
0.56

0.14
0.52
0.04
2.75
0.13

$
$
$
$
$
$
$

2003/04
2,792
12,321
4,414
7,808
3,062
54,888
7,665
10.06
18.28

$
$
$
$
$
$
$

2004/04
1,072
14,111
5,034
8,891
3,624
52,275
9,087

2005/04
$
4,042
$ 16,617
$
6,168
$ 10,179
$
3,907
$ 57,981
$ 10,055

8.69
15.18

8.17
15.04

MRQ
$
$
$
$
$
$
$

2006/04
5,971
19,665
10,282
9,112
4,248
53,902
11,292

2007/04
$
5,355
$ 19,512
$
8,535
$ 10,925
$
4,322
$ 56,850
$ 12,299

2008/04
$
3,787
$ 22,198
$ 10,662
$ 11,710
$
4,724
$ 53,748
$ 13,515

2009/04
$
4,313
$ 23,661
$ 10,810
$ 12,941
$
5,273
$ 37,529
$ 14,599

2010/04
$
4,718
$ 28,090
$ 13,461
$ 14,826
$
5,695
$ 39,830
$ 15,817

2010/10
$
3,999
$ 29,311
$ 14,486
$ 15,114
$
1,101
$ 39,830
$
3,903

5.44
10.46

6.47
12.11

5.28
9.56

4.42
8.12

3.95
7.29

2.79
5.72

Altman Z Score
X1
X2
X3
X4
X5

Revised Altman Z Score

Annual

MRQ

Annual

MRQ

3.95

2.79

7.29

5.72

MRQ Edit

Original Altman Z Score
When Z is 3.0 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could
cause unexpected reversals.
When Z is 2.7 to 3.0, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is 1.8 to 2.7, the company is likely to be bankrupt within 2 years. This is the lower portion of the grey area and a dramatic turnaround of the company is needed.
When Z is below 1.8, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can
survive.
Revised Altman Z Score
When Z is 2.6 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause unexpected
reversals.
When Z is 1.1 to 2.6, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is below 1.1, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.

The Beneish Model - M Score Variables
DSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.
GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is
more likely to manipulate earnings.
AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t to year t-1.
SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure
to manipulate in order to keep up appearances.
DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being depreciated at a slower
rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.
LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage
TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.

The Beneish M Score Formula
The eight variables are then weighted together according to the following:
M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI
A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators, whilst only
incorrectly identifying 17.5% of non-manipulators.

The 5 Variable Version of the Beneish Model
The five variable version excludes SGAI, DEPI and LEVI which were not significant in the original Beneish model.
M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI
A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator.
2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

M Score - 8 Variable

NA
NA

-2.24
-2.47

-2.88
-2.52

-2.81
-2.63

-2.88
-2.71

-2.97
-2.60

-2.64
-2.23

-2.66
-2.49

-2.98
-2.88

-2.93
-2.65

-2.88
-2.65

DSRI
GMI
AQI
SGI
DEPI
SGAI
TATA
LVGI

1.08
1.01
1.83
1.15
1.09
1.01
-0.06
1.88

0.97
0.98
0.91
1.20
0.90
1.01
-0.04
0.84

0.96
1.01
1.01
1.19
1.00
1.00
-0.06
0.98

1.04
1.00
0.88
1.11
1.03
1.04
-0.06
1.07

0.94
1.00
0.85
1.12
0.89
1.01
0.02
1.56

1.03
1.01
1.30
1.09
1.02
1.04
-0.01
0.83

1.12
1.00
1.17
1.10
0.99
1.03
-0.06
1.01

0.86
0.98
1.03
1.08
0.95
1.01
-0.07
1.00

0.99
0.99
0.96
1.08
0.84
1.04
-0.04
1.02

1.04
1.00
1.03
0.99
0.99
1.01
-0.04
1.04

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

M Score - 5 Variable

Medtronic Inc
(MDT)
1/4/2011
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P/E(TTM)

MDT

Sorted Data
Stock Price
Mkt Cap ($M)
EV
52 Wk High
52 Wk Low
% off 52Wk Low

CLEAR

BSX

EW
$
$
$
$
$

SYK

80.27
9,170.00
8,790.00
85.47
42.31
89.7%

$
$
$
$
$

54.36
21,590.00
18,180.00
59.72
42.74
27.2%

$
$
$
$
$

STJ

JNJ

EW

STJ
41.17
13,560.00
15,060.00
42.98
34.00
21.1%

JNJ
$
63.35
$ 173,980.00
$ 162,420.00
$
66.20
$
56.86
11.4%

SYK

MDT
$
$
$
$
$

BSX

37.10
39,830.00
47,180.00
46.66
30.80
20.5%

$
$
$
$
$

7.48
11,370.00
16,970.00
9.79
5.04
48.4%

EW
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Multiples
P/E(TTM)
P/S(TTM)
P/Tang BV(MRQ)
P/CF
P/FCF(TTM)
EV/EBITDA(TTM)

46.9
6.5
10.7
35.3
57.2
27.2

17.0
3.0
3.8
12.8
18.3
7.8

15.7
2.8
8.5
12.4
17.6
9.3

12.9
2.8
6.9
10.5
17.4
8.3

12.9
2.6
11.1
10.1
13.9
8.3

0.0
1.5
0.0
0.0
0.0
9.0

0.0%
0.0%
0.0%
0.0%

1.3%
0.0%
40.9%
21.7%

0.0%
0.0%
0.0%
0.0%

3.4%
2.6%
12.0%
41.7%

2.4%
1.3%
19.6%
30.1%

0.0%
0.0%
0.0%
0.0%

7.1%
6.5%
7.2%
-35.5%
-10.0%
169.6%

6.9%
3.0%
10.9%
48.0%
19.2%
21.0%

6.9%
2.8%
15.3%
30.3%
143.4%
15.4%

-0.7%
2.8%
5.5%
2.4%
6.4%
9.9%

1.7%
2.6%
9.5%
-33.3%
52.8%
13.6%

-5.4%
1.5%
7.8%
299.5%
-0.7%
0.0%

2.0
2.6
0.0
8.2

4.6
5.4
13.6
13.9

3.5
4.4
47.5
47.5

2.1
2.5
16.0
21.0

1.4
1.7
48.2
71.3

0.9
1.2
46.5
54.7

71.7%
65.8%
18.6%
16.0%
14.3%
12.0%

68.5%
68.2%
26.3%
22.0%
17.9%
15.9%

73.7%
72.8%
25.8%
20.6%
17.8%
13.7%

69.5%
71.2%
27.7%
25.4%
21.8%
19.6%

76.0%
75.2%
26.0%
23.4%
20.2%
18.7%

12.1%
10.3%
17.3%
16.8%

13.4%
14.3%
18.7%
20.2%

12.5%
10.2%
22.9%
17.6%

14.3%
15.4%
25.3%
27.8%

4.8
2.1
0.8

6.3
2.2
0.7

4.1
1.9
0.7

6.1
3.5
0.7

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Dividends
Div Yld
Div Yld - 5yr avg
Div 5yr Grth
Payout Ratio(TTM)

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Growth Rates
Sales(MRQ) v 1yr ago
Sales(TTM) v 1yr ago
Sales 5yr Grth
EPS(MRQ) v 1yr ago
EPS(TTM) v 1yr ago
EPS 5yr Grth

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66.4%
71.6%
-28.3%
-11.3%
-30.1%
-16.8%

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11.9%
11.8%
22.4%
22.0%

-9.7%
-5.7%
-19.5%
-11.6%

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4.7
2.4
0.6

5.7
2.8
0.3

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Balance Sheet
Quick Ratio(MRQ)
Current Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)

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Margins
Gross %(TTM)
Gross % 5yr
Op %(TTM)
Op % 5yr avg
Net %(TTM)
Net % 5yr avg

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Returns
ROA(TTM)
ROA 5yr avg
ROE(TTM)
ROE 5yr avg

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Efficiency
Rec Turnover(TTM)
Inv Turnover(TTM)
Asset Turnover(TTM)

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Medtronic Inc
(MDT)
1/4/2011
Enter Ticker

Refresh

Help

Figures in Millions except per share values

Free Cash Flow

2001
2002
$1,391.8 $1,203.8
% Change -13.5%

Owner Earnings

2003
$1,697.8
41.0%

2004
$2,421.2
42.6%

2005
$2,367.4
-2.2%

2006
$963.2
-59.3%

2007
$2,285.0
137.2%

2008
$2,883.0
26.2%

2009
$3,215.0
11.5%

2010
$3,496.0
8.7%

TTM
$3,837.0
9.8%

Stock Price

2001
$37.7
% Change

2002
$31.1
-17.3%

2002
19.0%
16.8%

2003
$45.1
44.7%

2004
$43.2
-4.1%

2005
$47.9
10.9%

2006
$46.7
-2.6%

2007
$49.7
6.6%

2008
$47.8
-3.9%

2009
$33.7
-29.4%

2010
$38.6
14.5%

TTM
$37.1
-4.0%

2002
17.6%
10.7%

2003
21.3%
11.9%

2004
21.8%
2.6%

2005
24.6%
12.6%

2006
17.2%
-29.8%

2007
23.0%
33.5%

2008
20.0%
-13.0%

2009
20.7%
3.3%

2010
21.5%
4.0%

TTM
22.6%
5.3%

2002
6.2%
27.2%

2005
$2,469.6
24.6%

2006
$1,946.1
-21.2%

2007
$2,829.0
45.4%

2008
$2,706.0
-4.3%

2009
$3,019.0
11.6%

2010
$3,403.0
12.7%

TTM
$3,561.0
4.6%

2001
$0.85
% Change

2003
$1.30
62.5%

2004
$1.60
23.1%

2005
$1.48
-7.5%

2006
$2.09
41.2%

2007
$2.41
15.3%

2008
$1.95
-19.1%

2009
$1.93
-1.0%

2010
$2.79
44.6%

TTM
$0.75
-73.1%

2002
31.4
-4.0%

2003
32.3
2.8%

2004
21.6
-33.2%

2005
24.5
13.4%

2006
56.0
128.5%

2007
24.9
-55.5%

2008
18.6
-25.1%

2009
11.7
-37.4%

2010
12.1
3.9%

TTM
10.4
-14.4%

2002
3.2%
4.1%

2003
3.1%
-2.8%

2004
4.6%
49.7%

2005
4.1%
-11.8%

2006
1.8%
-56.2%

2007
4.0%
124.9%

2008
5.4%
33.5%

2009
8.6%
59.7%

2010
8.2%
-3.8%

TTM
9.6%
16.8%

2007
84.1%
58.0%

2008
123.2%
46.5%

2009
133.3%
8.2%

2010
91.9%
-31.1%

TTM
94.4%
2.7%

2002
$0.80
-5.9%

2003
15.5%
-11.9%

2004
20.1%
29.5%

2005
18.7%
-7.1%

2003
5.5%
-11.8%

2004
6.9%
25.2%

2005
6.8%
-0.4%

2001
32.7
% Change

FCF Yield

2006
12.8%
-31.6%

2007
16.7%
30.9%

2008
14.5%
-13.1%

2009
14.7%
1.5%

2010
14.8%
0.7%

TTM
15.2%
2.6%

Magic Formula Investing -- Earnings Yield

2001
4.9%
% Change

2004
$1,982.1
21.6%

Price / FCF

Cash Return on Invested Capital (CROIC)

2001
15.9%
% Change

2003
$1,630.0
33.8%

Diluted EPS

FCF / Sales

2001
16.3%
% Change

2001
2002
$903.6
$1,218.2
% Change 34.8%

2001
3.1%
% Change

Magic Formula Investing -- Return on Capital

2006
7.6%
11.3%

2007
7.2%
-5.3%

2008
8.0%
10.7%

2009
12.2%
52.9%

2010
11.8%
-3.2%

TTM
12.1%
2.3%

2001
2002
90.3%
124.8%
% Change 38.2%

2003
99.5%
-20.3%

2004
99.7%
0.1%

2005
74.4%
-25.4%

2006
53.2%
-28.5%

Gross Margin

2001
79.9%
% Change

2002
79.4%
-0.7%

Net Profit Margin

2003
80.7%
1.6%

2004
80.1%
-0.7%

2005
80.3%
0.2%

2006
79.9%
-0.5%

2007
79.0%
-1.1%

2008
79.2%
0.3%

2009
80.7%
1.9%

2010
81.8%
1.4%

TTM
82.1%
0.4%

Piotroski F score

2001
7.0
% Change

2002
5.0
-28.6%

2003
7.0
40.0%

2004
7.0
0.0%

2005
6.0
-14.3%

2006
5.0
-16.7%

2007
7.0
40.0%

2008
6.0
-14.3%

2009
7.0
16.7%

2010
7.0
0.0%

TTM
6.0
-14.3%

2003
-2.5
-2.0%

2004
-2.6
-4.4%

2005
-2.7
-2.9%

2006
-2.6
4.2%

2007
-2.2
14.0%

2008
-2.5
-11.5%

2009
-2.9
-15.5%

2010
-2.6
8.0%

TTM
-2.7
-0.1%

2002
48.4%
-92.2%

2004
21.6%
3.3%

2005
17.9%
-16.8%

2006
22.6%
25.7%

2007
22.8%
1.0%

2008
16.5%
-27.5%

2009
14.9%
-10.0%

2010
19.6%
31.9%

TTM
20.2%
3.3%

2001
21.2
% Change

2002
7.2
-66.1%

2003
10.1
39.9%

2004
8.7
-13.6%

2005
8.2
-6.0%

2006
5.4
-33.4%

2007
6.5
18.8%

2008
5.3
-18.4%

2009
4.4
-16.3%

2010
3.9
-10.7%

TTM
2.8
-29.3%

2001
27.8%
% Change

2002
25.6%
-7.7%

2003
30.2%
17.7%

2004
29.6%
-1.9%

2005
23.5%
-20.7%

2006
17.4%
-25.9%

2007
21.6%
24.4%

2008
19.3%
-10.9%

2009
10.7%
-44.3%

2010
22.4%
108.7%

TTM
22.0%
-1.8%

2003
36.9%
35.6%

2004
39.4%
6.6%

2005
40.0%
1.7%

2006
18.9%
-52.7%

2007
33.1%
75.1%

2008
25.4%
-23.4%

2009
27.9%
10.0%

2010
25.3%
-9.5%

TTM
24.6%
-2.8%

2004
########
########

2005
125.2%
-99.9%

2006
35.5%
-71.7%

2007
50.7%
43.0%

2008
46.6%
-8.0%

2009
44.6%
-4.4%

2010
49.0%
9.9%

TTM
49.8%
1.7%

FCF to Total Debt

2003
55.8%
-19.7%

2004
55.5%
-0.7%

2005
59.0%
6.4%

2006
109.6%
85.7%

2007
77.8%
-29.1%

2008
92.4%
18.9%

2009
84.1%
-9.0%

2010
92.0%
9.4%

TTM
97.7%
6.2%

FCF to Short Term Debt

2001
621.5%
% Change

2003
20.9%
36.0%

Tax Rate

Debt to Equity

2001
2002
27.8%
69.6%
% Change 150.6%

2002
15.3%
-18.5%

Original Altman Z Score

Beneish M Score - 8 Variable Version

2001
2002
-2.5
% Change #DIV/0!

2001
18.8%
% Change

2003
423.0%
773.8%

2001
59.1%
% Change

2002
27.2%
-53.9%

FCF to Long Term Debt

2004
84.1%
-80.1%

2005
516.0%
513.9%

2006
79.9%
-84.5%

2007
555.8%
595.9%

2008
234.5%
-57.8%

2009
578.4%
146.6%

2010
132.2%
-77.1%

TTM
104.2%
-21.1%

2001
2002
6794.0% 12823.2%
% Change 88.7%

2003
82.3%
-99.4%

Stock Valuation Database
Enter Ticker
Tickers

Dine
AVTR
KIRK
BP
SPAR
JAKK
ITI
JCTCF
GCO
VIFL
FSYS
ALV
LABL
SGK
CNU
DJCO
BLD
MDT
ADBE
DF
BG
HPOL
UFPT
THQI
CMTL
MU
OMG
COCO
MEG
RKT
BBY

Add Stock

Date Added

6/22/2010
6/26/2010
7/11/2010
7/13/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/25/2010
7/28/2010
8/30/2010
9/26/2010
11/20/2010
11/22/2010
12/3/2010
12/3/2010
12/3/2010
12/3/2010
12/4/2010
12/4/2010
12/4/2010
12/14/2010
12/14/2010
12/14/2010

Current
Price
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

18.80
14.00
46.26
6.17
18.80
1.71
9.10
36.58
3.85
29.74
81.47
19.52
20.33
4.60
71.11
1.31
37.10
31.51
8.93
65.43
1.20
13.27
6.36
28.36
8.44
38.19
5.09
5.88
55.35
35.05

No. of Stocks in list
Row Appended

Clean Errors
Added
Price
$14.24
$20.16
$16.32
$36.76
$4.42
$14.53
$1.45
$7.10
$28.59
$1.97
$28.42
$55.38
$12.23
$15.59
$3.52
$72.50
$1.26
$32.25
$26.88
$7.73
$61.39
$0.88
$11.62
$5.40
$30.70
$7.92
$39.68
$4.43
$5.85
$55.06
$35.82

Price
Change
%
-100.0%
-6.7%
-14.2%
25.8%
39.6%
29.4%
17.9%
28.2%
27.9%
95.4%
4.6%
47.1%
59.6%
30.4%
30.7%
-1.9%
4.0%
15.0%
17.2%
15.5%
6.6%
36.4%
14.2%
17.8%
-7.6%
6.6%
-3.8%
14.9%
0.5%
0.5%
-2.1%

NCAV

DCF

$7.20
$32.02
$2.25
($22.28)
$1.81
$7.59
$0.23
$6.93
$5.59
$0.42
$6.86
($7.85)
($6.42)
($2.40)
$0.57
$36.03
($0.47)
($3.76)
$0.85
($25.68)
$14.18
($0.11)
$4.18
$0.95
$16.80
($0.34)
$13.81
($3.19)
($36.58)
($30.69)
$0.00

$46.81
$49.05
$21.91
$54.46
$8.61
$27.21
$2.03
$11.53
$29.30
$4.49
$16.60
$63.86
$17.69
$22.52
$3.36
$65.42
$1.29
$50.24
$35.70
$42.38
($3.48)
$1.10
$18.31
$4.89
$59.78
$5.51
$43.54
$18.06
$10.01
$51.92
$42.15

Graham
Price
$55.00
($6.46)
$20.71
$61.04
$11.84
$16.14
$2.90
$6.39
$34.74
$1.94
$15.92
$39.26
$21.09
$6.53
$3.70
$72.05
$1.30
$44.78
$36.85
$23.94
$94.17
($0.33)
$23.98
($12.04)
$44.56
($3.75)
$36.16
$24.34
($60.43)
$83.19
$73.28

EPV

P/E

$8.98
$29.48
$24.90
$43.28
$3.67
$16.83
$2.44
$12.00
$34.75
$5.20
$13.16
$14.48
$0.50
$3.50
$2.81
$85.40
$4.77
$30.87
$18.93
$2.29
$14.04
$1.12
$11.78
$4.34
$35.22
($2.00)
$41.68
$7.93
$11.02
$68.14
$45.06

18.1
0.0
8.9
5.4
838.7
16.0
17.5
10.5
15.8
8.4
6.9
13.6
10.6
16.1
10.1
12.0
5.7
10.3
30.0
9.0
4.9
0.0
8.1
0.0
15.7
4.3
16.4
2.7
0.0
9.8
12.9

P/Tang B

1.6
0.5
3.4
1.3
1.0
1.2
1.6
0.9
1.7
0.9
2.7
5.5
11.9
78.4
4.1
1.7
1.0

0.0
5.2

P/S

0.7
3.4
0.8
0.4
0.3
0.5
0.8
0.5
0.4
2.2
0.9
0.8
0.6
0.9
0.7
2.6
0.1
2.3
4.0
0.1
0.2
0.3
0.6
0.5
1.1
0.9
1.1
0.2
0.2
0.7
0.3

P/FCF

6.3
21.4
7.7
0.0
0.0
0.0
0.0
4.9
5.5
5.6
6.0
7.9
8.1
8.5
9.5
13.2
2.6
12.6
15.0
5.3
0.0
0.0
0.0
0.0
7.3
3.2
6.0
15.1
1.9
8.8
14.6

Earnings
Yield
14.6%
23.7%
28.3%
11.6%
29.9%
10.1%
33.6%
22.4%
23.8%
28.6%
12.6%
14.1%
14.8%
21.1%
54.9%
7.2%
14.5%
8.8%
14.1%
8.2%
14.5%
30.5%
44.0%
31.4%
48.7%
20.3%
61.5%
15.7%
16.2%
19.2%

Piotroski

8.0
2.0
7.0
6.0
5.0
7.0
4.0
6.0
5.0
5.0
8.0
8.0
6.0
8.0
7.0
4.0
6.0
6.0
6.0
7.0
5.0
6.0
9.0
2.0
4.0
4.0
7.0
6.0
7.0
4.0
N/A

Altman Z

6.2
3.9
1.0
2.4
2.2
0.9
8.2
3.1
2.8
2.1
1.5
2.0
9.3
3.4
0.9
2.7
4.5
0.7
1.7
-2.3
4.0
0.5
3.0
1.3
2.6
1.6
0.5
1.5

5yr FCF
Growth
0.0%
0.0%
0.0%
1.4%
0.0%
-14.4%
0.0%
15.5%
1.2%
0.0%
0.0%
15.5%
0.0%
41.9%
30.7%
22.9%
-28.1%
15.2%
17.2%
19.3%
25.6%
0.0%
0.0%
0.0%
28.8%
0.0%
0.0%
0.0%
-13.5%
39.6%
-2.8%

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