| Income Statement Evolution | |
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| Annual Income Statement Data |
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Actuals in M $ |
Estimates in M $ |
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Fiscal Period December |
2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| Sales | 31 505 | 37 961 | 34 812 | 36 131 | 38 490 | 40 923 | | Operating income (EBITDA) | 5 558 | 6 253 | 6 727 | 6 821 | 7 315 | 8 123 | | Operating profit (EBIT) | 4 168 | 4 693 | 4 780 | 5 230 | 5 774 | 6 294 | | Pre-Tax Profit (EBT) | - | 4 282 | - | - | - | - | | Net income | 3 031 | 3 474 | 2 788 | 3 595 | 4 043 | 4 808 | | EPS ( $) | 3,28 | 3,68 | 2,95 | 3,67 | 4,16 | 4,74 | | Dividend per Share ( $) | 1,64 | 1,64 | 1,70 | 1,76 | 1,83 | 1,90 | | Yield | 3,02% | 3,02% | 3,13% | 3,25% | 3,38% | 3,51% | | Announcement Date | 01/25/2011 11:00am | 01/24/2012 11:01am | 01/22/2013 11:18am | - | - | - |
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Actuals in M $ |
Estimates in M $ |
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Fiscal Period December |
2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| Debt | 6 007 | 8 534 | 7 333 | 5 087 | 4 076 | 2 535 | | Finance | - | - | - | - | - | - | | Operating income (EBITDA) | 5 558 | 6 253 | 6 727 | 6 821 | 7 315 | 8 123 | Leverage (Debt/EBITDA) | 1,08x | 1,36x | 1,09x | 0,75x | 0,56x | 0,31x | | Capital Expenditure | 1 508 | 1 843 | 1 793 | 1 869 | 1 947 | 1 914 | | Book Value Per Share (BVPS) | 9,01 $ | 9,02 $ | 10,8 $ | 14,4 $ | 17,5 $ | 20,6 $ | | Cash Flow per Share | 4,94 $ | 5,47 $ | 5,15 $ | 4,66 $ | 5,81 $ | 6,38 $ | | Announcement Date | 01/25/2011 11:00am | 01/24/2012 11:01am | 01/22/2013 11:18am | - | - | - |
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Assessed data source : © 2013 Thomson Reuters |
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Valuation |
2013e |
2014e |
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PER (Price / EPS)
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14,8x |
13,0x |
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Capitalization / Revenue
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1,38x |
1,30x |
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EV / Revenue
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1,52x |
1,40x |
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EV / EBITDA
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8,06x |
7,38x |
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Yield (DPS / Price)
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3,25% |
3,38% |
| Profitability |
2013e |
2014e |
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Operating Margin (EBIT / Sales)
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14,5% |
15,0% |
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operating laverage (Delta EBIT / Delta Sales)
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2,48x |
1,60x |
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Net Margin (Net Profit / Revenue)
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9,95% |
10,5% |
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ROA (Net Profit / Asset)
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8,15% |
8,29% |
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ROE (Net Profit / Equities)
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32,7% |
28,9% |
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Rate of Dividend
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48,0% |
44,0% |
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