Embed Size (px)
Citation preview
Nuco
Stu
RecMa
Highli• In
vean
• La• Lo
cacope
• Fiv• $1
(la• Su
ye• Hi• M
de• Cu• 81
m
BusinNucor Cmanufaproducbusinesproducsteel mprimarysegmenpurchaNucor and thefurnacemateriasteel bin 2008primarcentersexclusivBrazil freduceby 80%primary
or Corporatio
udent Inve
commendatioarket Cap: $10
ights ternational growentures (2008 Swnd Sidenor in Greargest North Amower cost of capapacity with elecompetitors with er ton comparedve consecutive q1.7 billion in casharger than manyuccessful integraears) igh ROIC of 22.8
Maintains the higebt rating (“A+” urrent dividend 1% of shares areutual funds
ess SummaryCorporation (NUacturing and salects. The Companss segments: stects. The primary mills segment is fy raw material fnt is steel, whichsed from the steis North Americaey recycle steel es with scrap steal. Nucor purcharoker (The David8. Nucor steel mily manufactures and fabricatorsve rights in the Ufor strip casting tes energy consum% in the productiy product for th
on [NYSE : N
estment F
on: BUY 0.28 Bil
wth potential thwitzerland's Dufeeece) erican Recycler ital per ton of inctric arc furnacesblast furnaces ($d to $1,000 per tquarters of earnh to continue acy competitors mator of acquisitio
% vs the WACChest North Ameby S&P and “A1yield of 4.52%
e held by institut
y UE) is engaged ine of steel and stny operates in tweel mills and steeraw material foferrous scrap. Thfor the steel prodh is almost entireel mills segmena’s largest recycusing electric areel as the essentased a primary sd J. Joseph Compill customers arers, steel service s. Nucor holds United States antechnology, whimption and emison of sheet steee company.
UE]
Fund Stoc
RecTar
rough joint erco Group
nstalled s (EAFs) than $300‐$500 ton) ings surprise cquisitions arket cap) ons (25 over 7
of 12.7% erican Metals ” by Moody)
tions or
n the eel wo el r the he ducts ely nt. ler, c tial raw scrap pany) e
nd ch ssions el, a
ck Report
cent Price: $3rget Price: $6
Financial Sta
Return
Divide
Divide
Return
P/E Ra
EPS – 5
Sales ‐
EBITD
Marg
0
5
10
15
20
N
Stock Retu
Analy
33.55 (12/01/66.71
atistics vs. th
n on Equity ‐ 5 Yr.
nd Yield ‐ 5 Yr. Av
nd 5 Year Growth
n on Invested Capi
atio (ttm)
5 Yr Growth Rate
5 Yr. Growth Rate
‐ 5 Yr. Avg
gins as a % vs.
NUE X
rns Compare
ysts: Krishn
/08)
e Industry
CoAvg.
vg.
h Rate
ital
e
. Key Compet
CMC STL
ed to Industry
na Vankineni
NUCNYSE
Sector: BasiSub-Sector:
ompany Indust30.72 20.1
3.17 1.6
66.62 39.3
22.81 0.8
4.69 0.7
57.01 40.6
28.15 12.3
18.54 17.8
titors and Ind
D Industry
y (2007‐08)
i and Joshy M
COR : NUE
ic Materials Steel & Iron
ry Sector S&10 13.43
64 1.35
39 25.66
80 3.10
73 2.46
61 26.18
32 10.34
84 14.93
dustry (2007‐
Gross Mar
Operating
Profit Mar
Page 1
Madathil
&P 500 20.43
1.86
11.79
10.94
17.93
19.05
14.82
21.08
‐08)
rgin
Margin
rgin
1
Nuco
Stu
Positionmarket sincreasethe indu
Acquirebroker costs
Advancoptimizand low
or Corporatio
udent Inve
ned to gain share and e profitability in ustry
ed key scrap to help control
ces help to ze operations wer costs
on [NYSE : N
estment F
Indust
• Wowo
• Pro• Wo• Ris
con• Ma
do• US
NU
Co
Nu
Co
Un
Ste
Corpo
NUE hasadvance
NUE hasfirm. O30%. Inmateriawill help
NUE hashave esventurerelative
NUE foccommesteel, wiron wh
Environthe largsaves onused re
UE]
Fund Stoc
try Analysis
orld Steel consuorld GDP has groojected world storld steel consumsing cost of raw nsumption and dajor steel markewnstream steel S Steel industry is
UE vs. Key Ind
mpany
ucor Corp
mmercial Metals
nited States Steel C
eel Dynamics
rate Strategy
s a four‐part groed technologies
s proven its abilver the past 2 yen March of 2008,als, which is a kep NUE control th
s paved the waytablished joint ve in Italy with Sidly small with gre
cuses on technorcialize thin‐slab
which makes up 3ich is used to fo
mental issues argest North Amern the pay‐to‐polduces energy co
ck Report
mption has steaown by an averageel consumptiomption is drivenmaterials to prodemand of steelt segments for cprocessors (23%s closely linked w
dustry Comp
MaCa
10
Co 1
Corp 3
1
y and Position
owth strategy thand new plants
ity to extract vaears, NUE has ac, Nucor acquiredy component in he future costs o
y for internationventures in Italy denor to produceeat growth pote
logical innovatiob casting and hav32% of their prortify scrap meta
re a concern to tican recycler of llute costs that monsumption and
Analy
adily increased bge of 4.5% a yean is 5.4% highern by developing noduce steel (cokel consumption of %), auto industrywith domestic e
etitors ‐ 2008
arket ap(B) P/E
0.31 4.69
1.06 4.98
3.18 1.89
1.48 2.50
ning
at consists of st, and expansion
lue from its acqucquired 14 firmsd the David J. Jothe cost of stee
of the inputs into
al growth in expwith Duferdofine steel plates anntial – NUE is ac
ons to create grove developed anduct mix. The cl in the Electric A
the economy, anscrap metal andmany of their coemissions by 80
ysts: Krishn
by an average of ar during the pasin 2009 comparnations e, iron ore, and s
total steel produy (15%), construconomic growth
8
ROE %
Div. Yield%
31.9 4.51
25.35 1.15
23.84 0.66
45.60 1.02
rategic acquisitiglobally throug
uisitions and sucs and has maintaseph Company. el for mini mill opo the steel makin
ports by establishn‐Nucor beams and long length stctively pursuing t
owth and reducen advanced procompany also haArc Furnaces (EA
nd NUE has taked do not use cokompetitors incur 0% ‐ 90% over th
NNY
na Vankineni
6% a year durinst five years red to 2008
scrap metal) inc
uced include disction (14%), exph and global stee
Debt to Equity
P
B
40.13 1
81.49 0
52.19 0
165.34 0
ons, facility optih joint ventures
ccessfully integrained an ROA of DJJ was a brokeperations such ang process of th
hing Nucor Euroand long producteel products. Tthese opportuni
e key cost drivercess called Castrs a HLSmelt proAFs) used at all N
en many steps toing coal in their by using blast fuhe previous shee
NUCOYSE: N
i and Joshy M
ng the past 5 yea
reases steel pric
stribution centerports (13%) and el production
Price to
Book Net Profit
1.34 8.74
0.65 3.79
0.52 5.68
0.81 10.48
mization, develo.
ate new compan17.68% and an er of ferrous andas Nucor. This keeir core busines
ope and Nucor Mts and are pursuheir internationities through joi
rs. They were thip to produce cacess to convert Nucor mini mills
o address these EAF production urnaces. The Caet steel producti
OR NUE
Page 2
Madathil
ars, while the
ces and limits
rs (23%), others (12%)
opment of
nies into the ROE of over d non‐ferrous ey acquisition ss.
Mexico. They uing a joint al footprint is nt ventures.
he first to arbon sheet iron ore to pig .
issues. They areprocess. This strip process on process.
2
e
Nuco
Stu
DCF mod2009 perof $66 wconservaparamet
ROA, ROsuggest significamanagin
EPS increaverage 2011 ‐ 2
or Corporatio
udent Inve
del indicates a r share value with ative ters
OE and ROIC that NUE is
antly effective in ng its operations
easing at an of 6.5% in years017
on [NYSE : N
estment F
Valuat
A discou• Re• Tax• Div• Inc• De• Lon• Inc• WA
The resu• RO• Div• EPS• Av
s
s
UE]
Fund Stoc
tion
unted cash flowvenue is expectex Rate increase tvidend yield equcreased PPE to 2ecreased diluted ng term horizoncome statementACC of 12.7% ba
ulting analysis yOIC of 20.9% goinvidend yield of ~S increasing at aerage Gross Pro
ck Report
w model supported to fall 15.0% to 35.2% ual to the curren27% for acquisitishare growth to growth of 5% t and balance shased on a CAPM
ielded the followng forward (histo~4.5% throughouan average of 6.5fit Margin of 17
Analy
ts a target price oin 2009, 5.0% gr
t yield of 4.5%ons and decreaso ‐1.5% to maint
eet projections equity cost of 1
wing results: orical ROIC in 20ut forecasted ye5% in forecasted.3% during forec
ysts: Krishn
of $66.71. The mrowth in years 3
sed sales tain conservative
items based on 4.2% determine
007 of 22.7% andars d years 3 – 10 casted years (eq
NNna Vankineni
model is based o3‐10
e EPS
a 5‐year historiced with a beta of
d 2006 of 38.0%
qual to 5 year his
NUCONYSE: N
i and Joshy
on the following
cal averages f 1.7.
%)
storic average)
OR NUE
Page 3
Madathil
parameters:
3
Nuco
Stu
Relative Nucor w
Knowledmanagesignificaexperien
Raw marepresenrisk for t
or Corporatio
udent Inve
valuation of with its peers
dgeable ement with ant industry nce
terials cost nt a significant the company
on [NYSE : N
estment F
Relativ
Risks
• Coste
• Ind
• Op
• Ch
• Stewh
• Dif
• Glocap
• Ch
Manag
Nucor hsector. which wU.S. ma
Summ
• NUE’projeCapit
• Both higheparam
• 81% • Grah
• Piotr
UE]
Fund Stoc
ve Valuation
mpetition from eel industry
dustry is cyclical
perations are sen
anges in the cos
eel making and mhich may becom
fficulties may oc
obal financial mapital investment
anges in foreign
gement
has a knowledgeTheir Chairman
works directly winufacturers' com
mary of Office
Name
Daniel DiMicc
Terry Lisenby
John Feriola
s current Value/ected ratio of 10tal ratio is 3.60 vthe ratios indicaer multiple than meters in the vaof NUE’s shares am and Dodd o NUCOR is w
Decile of reoski’s Financial Fo NUCOR sco
11 (See App
ck Report
other materials
and prolonged e
nsitive to volatili
st of electricity a
manufacturing pe a costly expen
ccur when imple
arket turmoil mat and maintenan
n currency may a
eable leadership and CEO holds ith the Commercmpetitiveness w
rs
Position
co COB, CEO
y CFO
COO
/NOPAT ratio is 0.11. The currentvs. its projectedate that investothose obtained
aluation model. are held by inst
well below the belative valuationFitness Evaluatoored 6 out of thependix 2)
Analy
like cement, alu
economic declin
ity in steel prices
and natural gas a
process is energynse to remain en
menting acquisi
ay make it difficnce expenditures
adversely affect
team with signia masters in Mece Department t
worldwide.
Age
O 57
56
55
15.84 vs. its t Value/Investedratio of 2.60. rs are willing to using the
titutions and fun
baseline in the 8t
n (See Appendix or e maximum scor
ysts: Krishn
uminum, plastic,
nes could negativ
s and changes in
are subject to m
y intensive and gnvironmentally c
tion strategies u
ult to obtain thes
the financial res
ficant experiencetallurgy and wato advocate, coo
Since H
2000 Ma
2000
Mht
2007
Mop
NN
MeasP/E
PEG
M/B
Price/
Ent V
Ent V
d
pay a
nds
th 1)
re of
Relati
na Vankineni
, glass, and com
vely affect reven
n the cost of raw
arket conditions
generates CO2 aompliant
upon integrating
e financial resou
sults
ce in the steel ins appointed to tordinate and imp
History
Mr. DiMicco hasand was elected
Mr. Lisenby has has served as cothroughout his c
Mr. Frieola has soperations sincepositions in Engi
NUCONYSE: N
sure
/Sales
alue/Revenue
alue/EBIT
ve Valuation
i and Joshy M
posites may adv
nue growth
w materials
s that could affe
and other greenh
g acquired busin
rces required fo
dustry and the mthe U.S. Manufaplement policies
s been CEO of Nu Chairman in Ma
served as CFO somptroller in varcareer.
served as COO oe 2007. He has hineering in the fi
OR NUE
NUE X 4.69 1.89
0.67 0.15
1.35 0.59
0.46 0.15
0.54 0.26
3.11 1.88
Statistics vs. C
Page 4
Madathil
versely affect the
ct profitability
house gases
esses
or ongoing
manufacturing cturing Council,s to strengthen
ucor since 2000 ay 2006.
ince 2000 and rious capacities
of Steel Making held several irm.
CMC STLD 4.98 2.50
0.70 0.55
0.73 0.93
0.12 0.19
0.24 0.54
4.74 3.38
Competitors
4
e
Nuco
Stu
Current short intindicatespositive towards
No insideJuly of 2recent nindicate NUE’s fuprice pot
or Corporatio
udent Inve
trend of low terest s increasing sentiment the company
er selling since 008 and et purchases confidence in
uture stock tential
on [NYSE : N
estment F
Short
Net In
Recom
Nucor eprospeccosts. Tthat incbe madof their will low
UE]
Fund Stoc
Interest Days
sider Purcha
mmendation
earns a BUY recocts for growth thhe DCF 12‐montlude slowing groe by NUE as a recompetitors. Te
wer labor and ope
ck Report
s to Cover
ses
ommendation bahrough acquisitioth target price oowth in the induesult of their higechnological imperational costs a
Analy
ased on its undeons and joint veof $66.71 and theustry. Analysts eh debt rating anprovements sucand help drive fu
ysts: Krishn
ervalued stock pntures, and its ae dividend yield expect further cond favorable cashch as increased auture revenue gr
NN
na Vankineni
rice, a strong caability to increaseof 4.5% are basonsolidation in th position that isautomation and rowth.
NUCONYSE: N
i and Joshy M
sh position of $1e revenues whiled on conservathe industry and s larger than thereduced energy
OR NUE
Page 5
Madathil
1.7 billion, greate decreasing tive estimates acquisitions to e value of many y consumption
5
t
Nuco
Stu
Net
Free
ROA
Earn
Tota
Wor
% Ch
Gros
Asse
Tota
Tota
Tota Data So
The Grametrics the comgrowingearningcompanto all thS&P 5008, whichcompanthat invfor the cfree rateby the sfuture eNucor isvalued b
or Corporatio
udent Inve
Income
e Cash Flow
A (% change NI
nings Quality (E
al Assets to Tot
rking Capital (C
hange Shares O
ss Margin
et Turnover (%
al Liabilities to
al Liabilities to
al Score (11 = m
ource: Thomso
aham and Dodd calculate the va
mpany as a non‐ g perpetuity of s and then ranksny in deciles come companies in t0. Nucor falls in dh indicates that tny is undervaluedvestors are payincompany than the of return indicsolid black line. Tearnings growth s not currently bby investors.
on [NYSE : N
estment F
÷ % change TA
EBIT ÷ NI)
tal Liabilities
Current Ratio)
Outstanding (D
% change sales
EBITDA
Operating Cas
maximum)
on/Reuters
alue of
s the mpared the decile the d and ng less he risk ated The of eing
UE]
Fund Stoc
Append
A)
Diluted)
÷ % change as
sh Flow (EBIT)
ck Report
Appendix 1
ix 2 – Pitrosk
1,472
(378)
(0.66)
1.53
0.44
3.21
‐3.7%
18.9%
ssets) 0.51
1.85
2.09
Analy
– Graham an
ki’s Financial F
2 1 Sc
) 0 Sc
) 0 Sc
3 1 Sc
4 1 Sc
1 0 Aw
% 1 Aw
% 0 Aw
year
1 0 Aw
5 1 Aw
9 1 Aw
6
ysts: Krishn
nd Dodd
Fitness Evalu
core 1 point fo
core 1 point fo
core 1 point if %
core 1 point if E
core 1 point if %
ward 1 point if
ward 1 point ifward 1 point ifr.
ward 1 point if
ward 1 point if
ward 1 point if
NN
na Vankineni
ator
r positive net i
r positive free
% increase in N
EBIT > NI.
% increase in T
f Current Ratio
f total diluted sf gross margin
f sales increase
f ratio less than
f ratio less than
NUCONYSE: N
i and Joshy M
ncome.
cash flow.
NI > % increase
TA > % increase
at least as larg
shares increaseincreased over
ed faster than t
n 5.0.
n 4.0.
OR NUE
Page 6
Madathil
e in total assets
e in TL.
ge as last year.
ed by < 2%. r last
total assets.
6
s.
.
NUE.xlsm Valuation and Analysis Model, Page 1 of 8
123456789
1011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556
A B C D E F G H I J K L M N
Enter Firm Ticker NUE
Enter first financial statement year in cell B6 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Average ManualTotal revenue 6266 11377 12701 14751 16593 Revenue Growth 81.6% 11.6% 16.1% 12.5% 27.6%
Cost of goods sold 5997 9169 10109 11285 13463 COGS % of Sales 95.7% 80.6% 79.6% 76.5% 81.1% 82.7%Gross profit 269 2,208 2,592 3,467 3,130
SG&A expense 165 375 459 592 578 SG&A % of Sales 2.6% 3.3% 3.6% 4.0% 3.5% 3.4%Research & Development 0 0 0 0 0 R&D % of Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Depreciation/Amortization 0 0 0 0 0 D&A % of Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Interest expense (income), operating 49 103 115 182 299 Inc. Exp. Oper. 0.8% 0.9% 0.9% 1.2% 1.8% 1.1%Non-recurring expenses 0 0 0 0 0 Exp. Non-rec 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other operating expenses -12 -2 -9 0 0 Other exp. -0.2% 0.0% -0.1% 0.0% 0.0% -0.1%
Operating Income 67 1,731 2,027 2,692 2,253Interest income (expense), non-operating 0 0 0 0 0 Int. inc. non-oper. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Gain (loss) on sale of assets 0 0 0 0 0 Gain (loss) asset sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other income, net 0 0 0 0 0 Other income, net 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Income before tax 67 1,731 2,027 2,692 2,253Income tax 4 610 710 936 781 Tax rate 6.1% 35.2% 35.0% 34.8% 34.7% 29.2% 35.2%
Income after tax 63 1,121 1,317 1,757 1,472Minority interest 0 0 0 0 0 Minority interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Equity in affiliates 0 0 0 0 0 Equity in affiliates 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%U.S. GAAP adjustment 0 0 0 0 0 U.S. GAAP adjust. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net income before extraordinary items 63 1,121 1,317 1,757 1,472Extraordinary items, total 0 0 0 0 0 Extrordinary items
Net income 63 1,121 1,317 1,757 1,472Total adjustments to net income 0 0 0 0 0 Adjustments to NIBasic weighted average shares 313 317 314 307 296 Share growth 1.2% -0.8% -2.4% -3.5% -1.4% -1.0%Basic EPS excluding extraordinary items 0.20 3.54 4.19 5.73 4.98Basic EPS including extraordinary items 0.20 3.54 4.19 5.73 4.98Diluted weighted average shares 314 320 317 309 298 Diluted share growth 1.9% -0.7% -2.4% -3.7% -1.3% -1.0%Diluted EPS excluding extraordinary items 0.20 3.51 4.15 5.68 4.94Diluted EPS including extraordinary items 0.20 3.51 4.15 5.68 4.94Dividends per share -- common stock 0.20 0.24 0.92 2.15 2.44Gross dividends -- common stock 63 75 290 658 722 Dividend growth 19.1% 288.2% 127.1% 9.6% 84.2% 8.0%Retained earnings 0 1,047 1,028 1,099 750
values in millionsForecasting PercentagesHistorical Income Statements
Forecasted income statement items are based on 5 years of historical average ratios unless a value is entered in the manual cell, in which case the manual entry overrides the historical average. The idea is to consider whether the historical average is truly representative of what the firm can achieve in the future.
Forecasted income statement items are based on 5 years of historical average ratios unless a value is entered in the manual cell, in which case the manual entry overrides the historical average. The idea is to consider whether the historical average is truly representative of what the firm can achieve in the future.
NUE.xlsm Valuation and Analysis Model, Page 2 of 8
123456789
1011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556
O P Q R S T U V W X Y Z
Year-by-year revenue growth 40.00% -15.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Total revenue 23,230 19,746 20,733 21,770 22,858 24,001 25,201 26,461 27,784 29,173
Cost of goods sold 19,212 16,331 17,147 18,004 18,905 19,850 20,842 21,885 22,979 24,128Gross profit 4,018 3,415 3,586 3,765 3,953 4,151 4,359 4,576 4,805 5,046
SG&A expense 792 673 707 742 779 818 859 902 947 995Research & Development 0 0 0 0 0 0 0 0 0 0Depreciation/Amortization 0 0 0 0 0 0 0 0 0 0Interest expense (income), operating 261 222 233 245 257 270 283 297 312 328Non-recurring expenses 0 0 0 0 0 0 0 0 0 0Other operating expenses (13) (11) (11) (12) (12) (13) (14) (14) (15) (16)
Operating Income 2,977 2,530 2,657 2,790 2,929 3,076 3,230 3,391 3,561 3,739Interest income (expense), non-operating (355) (175) (153) (131) (109) (87) (65) (44) (24) (5)Gain (loss) on sale of assets 0 0 0 0 0 0 0 0 0 0Other income, net 0 0 0 0 0 0 0 0 0 0
Income before tax 2,622 2,356 2,504 2,659 2,820 2,989 3,165 3,347 3,537 3,734Income tax 923 829 881 936 993 1,052 1,114 1,178 1,245 1,314
Income after tax 1,699 1,527 1,623 1,723 1,828 1,937 2,051 2,169 2,292 2,420Minority interest 0 0 0 0 0 0 0 0 0 0Equity in affiliates 0 0 0 0 0 0 0 0 0 0U.S. GAAP adjustment 0 0 0 0 0 0 0 0 0 0
Net income before extraordinary items 1,699 1,527 1,623 1,723 1,828 1,937 2,051 2,169 2,292 2,420Extraordinary items, total 0 0 0 0 0 0 0 0 0 0
Net income 1,699 1,527 1,623 1,723 1,828 1,937 2,051 2,169 2,292 2,420Total adjustments to net income 0 0 0 0 0 0 0 0 0 0Basic weighted average shares 293 290 287 284 281 278 276 273 270 267Basic EPS excluding extraordinary items 5.80 5.27 5.65 6.06 6.50 6.96 7.44 7.95 8.48 9.05Basic EPS including extraordinary items 5.80 5.27 5.65 6.06 6.50 6.96 7.44 7.95 8.48 9.05Diluted weighted average shares 295 292 289 286 283 280 278 275 272 269Diluted EPS excluding extraordinary items 5.76 5.23 5.61 6.02 6.45 6.91 7.39 7.89 8.42 8.98Diluted EPS including extraordinary items 5.76 5.23 5.61 6.02 6.45 6.91 7.39 7.89 8.42 8.98Dividends per share -- common stock 2.66 2.90 3.17 3.45 3.77 4.11 4.49 4.89 5.34 5.82Gross dividends -- common stock 779 842 909 982 1,060 1,145 1,237 1,335 1,442 1,558Retained earnings 920 685 714 741 767 792 814 834 850 862
Forecasted Income Statements -- 10 Years
Revenues grow at the same rate each year unless a growth value is manually entered in the cell above the forecast year, in which case the year-by-year value overrides the historical or manual average. It makes sense to start tapering the growth forecasts 5 or 6 years into the forecast period.Revenues grow at the same rate each year unless a growth value is manually entered in the cell above the forecast year, in which case the year-by-year value overrides the historical or manual average. It makes sense to start tapering the growth forecasts 5 or 6 years into the forecast period.
NUE.xlsm Valuation and Analysis Model, Page 3 of 8
123456789
1011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556
AA AB AC AD AE AF AG AH AI AJ AK AL AM AN
Enter Firm Ticker NUE
year 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Average ManualAssets
Cash & equivalents 350 779 980 786 1394 Cash % of Sales 5.6% 6.8% 7.7% 5.3% 8.4% 6.8%Short term investments 0 0 857 1411 182 ST Invest. % of Sales 0.0% 0.0% 6.8% 9.6% 1.1% 3.5% 3.0%Receivables, total 572 963 1001 1067 1612 Receivables % Sales 9.1% 8.5% 7.9% 7.2% 9.7% 8.5%Inventory, total 560 1240 945 1141 1602 Inventory % of Sales 8.9% 10.9% 7.4% 7.7% 9.7% 8.9%Prepaid expenses 0 0 0 0 0 Pre. Exp. % of Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other current assets, total 137 193 288 278 283 Other CA % of Sales 2.2% 1.7% 2.3% 1.9% 1.7% 2.0%
Total Current Assets 1,621 3,175 4,072 4,683 5,073Property, plant and equipment (net) 2817 2818 2856 2856 3233 Net PPE % of Sales 45.0% 24.8% 22.5% 19.4% 19.5% 26.2% 27.0%Goodwill 0 0 0 143 848 Goodwill % of Sales 0.0% 0.0% 0.0% 1.0% 5.1% 1.2% 3.0%Intangibles 0 0 0 5 470 Intangibles % of Sales 0.0% 0.0% 0.0% 0.0% 2.8% 0.6%Long term investments 0 0 0 0 0 LT Invest. % of Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Notes receivable -- long term 0 0 0 0 0 Notes Rec. % of Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other long term assets, total 55 140 212 205 202 Other LT ass. % Sales 0.9% 1.2% 1.7% 1.4% 1.2% 1.3%Other assets, total 0 0 0 0 0 Other assets % Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total assets 4,492 6,133 7,139 7,893 9,826Liabilities and Shareholders' Equity
Accounts payable 330 472 502 517 692 Acc. Payable % Sales 5.3% 4.1% 3.9% 3.5% 4.2% 4.2%Payable/accrued 0 0 0 0 0 Pay/accured % Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Accrued expenses 267 543 648 708 673 Acc. Exp. % of Sales 4.3% 4.8% 5.1% 4.8% 4.1% 4.6%Notes payable/short term debt 0 0 0 0 23 Notes payable % Sales 0.0% 0.0% 0.0% 0.0% 0.1% 0.0%Current portion of LT debt/Capital leases 0 0 1 0 0 Curr. debt % of Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other current liabilities 33 51 105 197 194 Other curr liab % Sales 0.5% 0.5% 0.8% 1.3% 1.2% 0.9%
Total Current Liabilities 630 1,066 1,256 1,422 1,582Long term debt, total 904 924 922 922 2250 LT debt % of SalesDeferred income tax 0 0 0 0 0 Def. inc. tax % Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Minority interest 177 173 194 243 287 Min. Int. % of Sales 2.8% 1.5% 1.5% 1.6% 1.7% 1.9%Other liabilities, total 440 515 487 448 593 Other liab. % of Sales 7.0% 4.5% 3.8% 3.0% 3.6% 4.4%
Total Liabilities 2,150 2,677 2,859 3,036 4,713Preferred stock (redeemable) 0 0 0 0 0
Preferred stock (unredeemable) 0 0 0 0 0
Common stock 36 74 74 149 149Additonal paid-in capital 117 147 192 196 256Retained earnings (accumluated deficit) 2642 3689 4709 5840 6622Treasury stock -- common -453 -452 -739 -1332 -2078ESOP Debt Guarantee 0 0 0 0 0Other equity, total 0 -2 43 4 163
Total Shareholders' Equity 2,342 3,456 4,280 4,857 5,113Total Liabilities and Shareholders' Equity 4,492 6,133 7,139 7,893 9,826Diluted weighted average shares 314 319 310 301 288 Diluted share growth 1.5% -2.8% -3.0% -4.3% -2.1% -1.5%Total preferred shares outstanding 0 0 0 0 0 Preferred share growth
values in millionsHistorical Balance Sheets Forecasting Percentages
Forecasted balance sheet items are based on 5 years of historical average ratios unless a value is entered in the manual cell, in which case the manual entry overrides the historical average. The idea is to consider whether the historical average is truly representative of what the firm can achieve in the future.
The model uses the more conservative diluted common shares number for total shares outstanding.
Forecasted balance sheet items are based on 5 years of historical average ratios unless a value is entered in the manual cell, in which case the manual entry overrides the historical average. The idea is to consider whether the historical average is truly representative of what the firm can achieve in the future.
The model uses the more conservative diluted common shares number for total shares outstanding.
NUE.xlsm Valuation and Analysis Model, Page 4 of 8
123456789
1011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556
AO AP AQ AR AS AT AU AV AW AX AY AZ
year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Assets
Cash & equivalents 1,574 1,338 1,405 1,475 1,549 1,626 1,708 1,793 1,883 1,977Short term investments 697 592 622 653 686 720 756 794 834 875Receivables, total 1,971 1,675 1,759 1,847 1,940 2,037 2,138 2,245 2,358 2,475Inventory, total 2,075 1,764 1,852 1,945 2,042 2,144 2,252 2,364 2,482 2,606Prepaid expenses 0 0 0 0 0 0 0 0 0 0Other current assets, total 453 385 405 425 446 468 492 516 542 569
Total Current Assets 6,771 5,755 6,043 6,345 6,663 6,996 7,345 7,713 8,098 8,503Property, plant and equipment (net) 6,272 5,331 5,598 5,878 6,172 6,480 6,804 7,144 7,502 7,877Goodwill 697 592 622 653 686 720 756 794 834 875Intangibles 133 113 119 125 131 138 144 152 159 167Long term investments 0 0 0 0 0 0 0 0 0 0Notes receivable -- long term 0 0 0 0 0 0 0 0 0 0Other long term assets, total 296 252 264 278 292 306 321 337 354 372Other assets, total 0 0 0 0 0 0 0 0 0 0
Total assets 14,169 12,044 12,646 13,279 13,942 14,640 15,372 16,140 16,947 17,795Liabilities and Shareholders' Equity
Accounts payable 977 830 872 916 961 1,009 1,060 1,113 1,169 1,227Payable/accrued 0 0 0 0 0 0 0 0 0 0Accrued expenses 1,068 908 953 1,001 1,051 1,104 1,159 1,217 1,277 1,341Notes payable/short term debt 6 5 6 6 6 7 7 7 8 8Current portion of LT debt/Capital leases 0 0 0 0 0 0 0 1 1 1Other current liabilities 200 170 179 188 197 207 217 228 239 251
Total Current Liabilities 2,252 1,914 2,010 2,111 2,216 2,327 2,443 2,565 2,694 2,828Long term debt, total 4,432 2,178 1,909 1,634 1,357 1,080 807 541 287 51Deferred income tax 0 0 0 0 0 0 0 0 0 0Minority interest 430 366 384 403 423 445 467 490 515 540Other liabilities, total 1,022 868 912 957 1,005 1,056 1,108 1,164 1,222 1,283
Total Liabilities 8,137 5,326 5,215 5,106 5,002 4,908 4,825 4,760 4,718 4,703Preferred stock (redeemable) 0 0 0 0 0 0 0 0 0 0Preferred stock (unredeemable) 0 0 0 0 0 0 0 0 0 0Common stock 149 149 149 149 149 149 149 149 149 149Additonal paid-in capital 256 256 256 256 256 256 256 256 256 256Retained earnings (accumluated deficit) 7,541 8,227 8,940 9,681 10,449 11,241 12,055 12,888 13,738 14,600Treasury stock -- common (2,078) (2,078) (2,078) (2,078) (2,078) (2,078) (2,078) (2,078) (2,078) (2,078)ESOP Debt Guarantee 0 0 0 0 0 0 0 0 0 0Other equity, total 163 163 163 163 163 163 163 163 163 163
Total Shareholders' Equity 6,033 6,718 7,431 8,173 8,940 9,732 10,546 11,380 12,230 13,092Total Liabilities and Shareholders' Equity 14,169 12,044 12,646 13,279 13,942 14,640 15,372 16,140 16,947 17,795Total common shares (diluted) 284 279 275 271 267 263 259 255 251 248Total preferred shares outstanding 0 0 0 0 0 0 0 0 0 0AFN (interactive with 3 items below) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Adjustment to LT Debt (iterate or use Goal Seek 2,182.1 (2,254.8) (268.9) (274.2) (277.1) (277.0) (273.5) (266.0) (253.7) (236.1)Issue Common Stock to Fund AFNSet Balance Sheet Cash Lower to Fund AFN
Forecasted Balance Sheets -- 10 Years
Model maintains a fixed ratio of ST debt/sales. LT debt is adjusted for shortfalls/surpluses of AFN. Every time something changes that affects the forecasts, set row 49 entries to zero and use Goal Seek to set row 48 AFN to zero by adjusting row 49 .(write a macro to b alance all 10 years at once). If you want to issue common stock in any forecast year, enter that amount first (row 50) and remember to adjust # of shares. Comment in OA8 describes funding AFN with cash.
Model maintains a fixed ratio of ST debt/sales. LT debt is adjusted for shortfalls/surpluses of AFN. Every time something changes that affects the forecasts, set row 49 entries to zero and use Goal Seek to set row 48 AFN to zero by adjusting row 49 .(write a macro to b alance all 10 years at once). If you want to issue common stock in any forecast year, enter that amount first (row 50) and remember to adjust # of shares. Comment in OA8 describes funding AFN with cash.
NUE.xlsm Valuation and Analysis Model, Page 5 of 8
123456789
1011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556
BA BB BC BD BE BF BG BH BI BJ BK BL BM BN BO BPEnter Firm Ticker NUE
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Liquidity
Current 2.57 2.98 3.24 3.29 3.21 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01Quick 1.68 1.82 2.49 2.49 2.19 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08Net Working Capital to Total Assets 0.22 0.34 0.39 0.41 0.36 0.32 0.32 0.32 0.32 0.32 0.32 0.32 0.32 0.32 0.32
Asset ManagementDays Sales Outstanding 33.35 30.89 28.76 26.41 35.46 30.97 30.97 30.97 30.97 30.97 30.97 30.97 30.97 30.97 30.97Inventory Turnover 11.18 9.18 13.44 12.93 10.36 11.19 11.19 11.19 11.19 11.19 11.19 11.19 11.19 11.19 11.19Fixed Assets Turnover 2.22 4.04 4.45 5.16 5.13 3.70 3.70 3.70 3.70 3.70 3.70 3.70 3.70 3.70 3.70Total Assets Turnover 1.39 1.85 1.78 1.87 1.69 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64
Debt ManagementLong-Term Debt to Equity 38.6% 26.7% 21.6% 19.0% 44.0% 73.5% 32.4% 25.7% 20.0% 15.2% 11.1% 7.7% 4.8% 2.3% 0.4%Total Debt to Total Assets 20.1% 15.1% 12.9% 11.7% 23.1% 31.3% 18.1% 15.1% 12.4% 9.8% 7.4% 5.3% 3.4% 1.7% 0.3%Times Interest Earned N/A N/A N/A N/A N/A 8.4 14.5 17.4 21.3 26.9 35.4 49.7 77.4 151.4 804.5
ProfitabilityGross Profit Margin 4.3% 19.4% 20.4% 23.5% 18.9% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3%Operating Profit Margin 1.1% 15.2% 16.0% 18.3% 13.6% 12.8% 12.8% 12.8% 12.8% 12.8% 12.8% 12.8% 12.8% 12.8% 12.8%Net After-Tax Profit Margin 1.0% 9.9% 10.4% 11.9% 8.9% 7.3% 7.7% 7.8% 7.9% 8.0% 8.1% 8.1% 8.2% 8.2% 8.3%Total Assets Turnover 1.39 1.85 1.78 1.87 1.69 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64Return on Assets 1.4% 18.3% 18.5% 22.3% 15.0% 12.0% 12.7% 12.8% 13.0% 13.1% 13.2% 13.3% 13.4% 13.5% 13.6%Equity Multiplier 1.92 1.77 1.67 1.62 1.92 2.35 1.79 1.70 1.62 1.56 1.50 1.46 1.42 1.39 1.36Return on Equity 2.7% 32.5% 30.8% 36.2% 28.8% 28.2% 22.7% 21.8% 21.1% 20.4% 19.9% 19.4% 19.1% 18.7% 18.5%
EPS (using diluted shares, excluding extraordinary items 0.20 3.51 4.15 5.68 4.94 5.76 5.23 5.61 6.02 6.45 6.91 7.39 7.89 8.42 8.98DPS (dividends per share) 0.20 0.23 0.93 2.19 2.51 2.75 3.01 3.30 3.62 3.97 4.35 4.77 5.23 5.74 6.29
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017NOPAT (net operating profit after tax) 63 1,121 1,317 1,757 1,472 2,109 1,793 1,882 1,976 2,075 2,179 2,288 2,402 2,522 2,648ROIC (return on invested capital) 1.7% 23.4% 28.4% 38.0% 22.7% 21.4% 21.4% 21.4% 21.4% 21.4% 21.4% 21.4% 21.4% 21.4% 21.4%EVA (economic value added) (409) 511 727 1,167 647 854 726 762 800 840 882 926 972 1,021 1,072FCF (free cash flow) N/A 39 1,471 1,763 (378) (1,263) 3,270 1,464 1,537 1,614 1,694 1,779 1,868 1,961 2,060Weighted Average Cost of Capital 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7%Net Operating Working Capital (NOWC) 887 1,967 1,776 1,769 3,242 3,576 3,039 3,191 3,351 3,518 3,694 3,879 4,073 4,277 4,490Operating Long Term Assets 2,817 2,818 2,856 2,856 3,233 6,272 5,331 5,598 5,878 6,172 6,480 6,804 7,144 7,502 7,877Total Operating Capital 3,704 4,786 4,632 4,626 6,475 9,848 8,371 8,789 9,229 9,690 10,175 10,683 11,217 11,778 12,367
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Long-term Horizon Value Growth Rate (user-supplied) 5.00%PV of Forecasted FCF, discounted at 12.75% $16,314 $19,657 $18,893 $19,838 $20,830 $21,871 $22,965 $24,113 $25,318 $26,584 $29,740Value of Non-Operating Assets $1,576 $2,271 $1,930 $2,027 $2,128 $2,235 $2,346 $2,464 $2,587 $2,716 $2,852Total Intrinsic Value of the Firm $17,890 $21,928 $20,823 $21,865 $22,958 $24,106 $25,311 $26,577 $27,905 $29,301 $32,592Intrinsic Market Value of the Equity $15,617 $17,489 $18,640 $19,950 $21,317 $22,742 $24,224 $25,763 $27,357 $29,006 $32,533Per Share Intrinsic Value of the Firm $54.23 $61.65 $66.71 $72.49 $78.63 $85.17 $92.10 $99.44 $107.20 $115.39 $131.40MVA (market value added) $10,504 $11,457 $11,923 $12,519 $13,145 $13,802 $14,492 $15,217 $15,977 $16,776 $19,442
Item Value Percent Cost Weighted Cost Risk Free Rate 4.00%ST Debt (from most recent balance sheet) 23 0.17% 7.00% 0.01% Beta 1.70LT Debt (from most recent balance sheet) 2,250 16.84% 8.00% 0.95% Market Risk Prem. 6.00%MV Equity (look up stock's mkt. cap and enter in cell BB53 11,090 82.99% 14.20% 11.78% Cost of Equity 14.20%Weighted Average Cost of Capital 12.75%
values in millionsHistorical Ratios and Valuation Model
Valuation (in millions where appropriate) -- through year 2017
Weighted Average Cost of Capital Calculations Capital Asset Pricing Model
Forecasted Ratios and Valuation Model -- 10 Years
Valuation Metrics Trend Analysis (NOPAT, EVA, MVA, FCF and Capital in millions) Forecasted Valuation Metrics -- 10 Years
NUE.xlsm Valuation and Analysis Model, Page 6 of 8
123456789
1011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556
BQ BR BS BT BU BV BW BX BY BZ CA CB CC CD CE CF CG CH
Inputs 2003 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017EPer share value (hist. & DCF est.) $50.75 $41.64 $40.31 $48.25 $61.37 $61.65 $66.71 $72.49 $78.63 $85.17 $92.10 $99.44 $107.20 $115.39 $131.40Market capitalization $15,888 $13,190 $12,668 $14,794 $18,152 $18,054 $19,340 $20,803 $22,342 $23,956 $25,647 $27,414 $29,259 $31,179 $35,149EBITDA $104 $1,833 $2,133 $2,874 $2,552 $3,226 $2,742 $2,879 $3,023 $3,174 $3,333 $3,499 $3,674 $3,858 $4,051Enterprise Value $16,618 $13,508 $12,804 $15,174 $19,319 $21,349 $20,550 $21,697 $22,911 $24,194 $25,552 $26,987 $28,504 $30,106 $33,771
MultiplesPrice/Sales 2.54 1.16 1.00 1.00 1.09 0.78 0.98 1.00 1.03 1.05 1.07 1.09 1.11 1.12 1.20Price/EBITDA 152.91 7.20 5.94 5.15 7.11 5.60 7.05 7.23 7.39 7.55 7.70 7.83 7.96 8.08 8.68Price/Free Cash Flow N/A 330.27 8.68 8.60 -49.82 -14.29 5.91 14.21 14.54 14.85 15.14 15.41 15.66 15.90 17.07Enterprise Value/EBITDA 159.95 7.37 6.00 5.28 7.57 6.62 7.50 7.54 7.58 7.62 7.67 7.71 7.76 7.80 8.34Price/Earnings 253.60 11.86 9.70 8.50 12.42 10.70 12.76 12.91 13.06 13.20 13.34 13.46 13.58 13.70 14.63Dividend Yield 0.39% 0.56% 2.32% 4.53% 4.08% 4.46% 4.51% 4.56% 4.60% 4.66% 4.73% 4.80% 4.88% 4.97% 4.79%
Historical OverrideValuation Estimates Based On: Average w/Manual 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E
Price/Sales 1.36 $106.96 $91.84 $97.40 $103.31 $109.57 $116.21 $123.25 $130.72 $138.64 $147.04Price/EBITDA 35.66 $392.84 $337.28 $357.73 $379.41 $402.40 $426.79 $452.66 $480.09 $509.18 $540.04Price/Free Cash Flow 74.43 $839.55 $379.62 $402.62 $427.02 $452.90 $480.35 $509.47 $540.34 $573.09Enterprise Value/EBITDA 37.23 $410.15 $352.15 $373.49 $396.13 $420.13 $445.60 $472.60 $501.24 $531.62 $563.84Price/Earnings 59.22 $343.60 $311.85 $334.79 $359.07 $384.75 $411.87 $440.48 $470.62 $502.33 $535.65
Low Price $106.96 $91.84 $97.40 $103.31 $109.57 $116.21 $123.25 $130.72 $138.64 $147.04High Price $410.15 $839.55 $379.62 $402.62 $427.02 $452.90 $480.35 $509.47 $540.34 $573.09DCF Price $61.65 $66.71 $72.49 $78.63 $85.17 $92.10 $99.44 $107.20 $115.39 $131.40
Historical Ratios and Valuation Forecasted Ratios and Valuation
Forecasted Stock Prices Based on Historical Multiples -- 10 Years
In this section we are going to examine historical and forecasted ratios (or "multiples") typically used to value stocks ‐‐ P/CF, Enterprise Value/EBITDA, etc. We first want to compare the historical trends in these ratios to the trends in their forecasted values. If our forecasted multiples are systematically increasing or decreasing our forecasts may be too optimistic or pessimistic, and our forecast assumptions may have to be adjusted. Second, we want to compare our discounted cash flow valuation estimates with those derived from the various multiples. Once again, if there is a large discrepancy between our DCF valuation estimate of the company's stock and the range of values obtained from the various multiples, we may want to adjust our forecast assumptions. 1. You will need to look up the company's year‐end stock prices and enter them in the first 5 (historical) years of the "per share value" category.2. Use the estimated DCF price per share in the forecasted period (link to your forecasted prices in cells BG47‐BP47.3. Market capitalization will be calculated as basic weighted shares x historical year‐end prices and then forecasted basic weighted shares x DCF forecasted prices.4. As with previous calculations, historical multiples use actual historical values and forecasted multiples use forecasted values.
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900 Forecasted
Value
Per Sha
reForecasted Per Share Stock Values
Low Price DCF Price High Price
$30
$50
$70
$90
$110
$130
$150
0
5
10
15
20
25
DCF
Price
P/S an
d En
t. Value
/EBITD
A
Price/Sales and Enterprise Value/EBITDA vs. Price
Price/Sales Enterprise Value/EBITDA DCF Price
NUE.xlsm Valuation and Analysis Model, Page 7 of 8
123456789
1011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556
CI CJ CK CL CM CN CO CP CQ CR CS CT CU CV CW CX CY CZ DA DB
0%
1%
2%
3%
4%
5%
6%
7%
8%
0
50
100
150
200
250
300
Dividen
d Yield
Price/Earnings Ratio
Price/Earnings Ratio and Dividend Yield
Price/Earnings Ratio Dividend Yield
0%
3%
5%
8%
10%
13%
15%
18%
20%
0%
5%
10%
15%
20%
25%
30%
Ope
r. an
d Net Profit M
argin
Gross M
argin
Gross, Operating and Net Profit Margins
Gross Margin Operating Margin Net Margin
0%
10%
20%
30%
40%
ROA, R
OE an
d RO
IC
Return on Assets, Equity and Invested Capital
Return on Assets Return on Equity Return on Invested Capital
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000 NOPAT an
d Free
Cash Flow
NOPAT and Free Cash Flow (millions)
NOPAT Free Cash Flow
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$0
$200
$400
$600
$800
$1,000
$1,200
Market V
alue
Add
ed
Econ
omic Value
Add
ed
Economic Value Added & Market Value Added (millions)
Economic Value Added Market Value Added
$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00
EPS an
d DPS
Earnings and Dividends Per Share
Earnings Per Share Dividends Per Share
NUE.xlsm Valuation and Analysis Model, Page 8 of 8
123456789
1011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556
DC DD DE DF DG DH DI DJ DK DL DM DN DO DP DQ DR DS DT DU DV
0123456789
Days to Cov
er Ratio
Days to Cover Ratio (Short Interest Volume)
Days to Cover
0
5,000
10,000
15,000
20,000
25,000
30,000
Short Interst (tho
usan
ds)
Short Interest (thousands of shares)
Short Interest (thousands of shares)
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Avg. Daily Volum
e
Average Daily Trading Volume (thousands)
Average Daily Volume (thousands of shares)
$0
$100
$200
$300
$400
$500
$600
$700
Net Inside
r Transaction
s
Net Insider Purchases (Sales) , $, in thousands
Net Insider Transactions, $, in thousands
