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    F Wall Street 4-JNJ-Analysis (2009)

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    smith_ra
    This document provides financial data and performance metrics for Johnson & Johnson from 2000-2009. It shows that over this period, the company grew shareholder equity by a median of 11.1% annually and free cash flow by a median of 11.5% annually. The document also projects future free cash flow growth of 11.5% annually until 2019, then 5% annually thereafter. Based on these projections, the document estimates the total value of the company is $235.98 billion, or $81.47 per share, assuming a 15% discount rate and 25% safety margin.

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    Download as PDF, TXT or read online from Scribd

    F Wall Street 4-JNJ-Analysis (2009)

    Uploaded by

    smith_ra
    310 views1 page
    This document provides financial data and performance metrics for Johnson & Johnson from 2000-2009. It shows that over this period, the company grew shareholder equity by a median of 11.1% annually and free cash flow by a median of 11.5% annually. The document also projects future free cash flow growth of 11.5% annually until 2019, then 5% annually thereafter. Based on these projections, the document estimates the total value of the company is $235.98 billion, or $81.47 per share, assuming a 15% discount rate and 25% safety margin.

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    This document provides financial data and performance metrics for Johnson & Johnson from 2000-2009. It shows that over this period, the company grew shareholder equity by a median of 11.1% annually and free cash flow by a median of 11.5% annually. The document also projects future free cash flow growth of 11.5% annually until 2019, then 5% annually thereafter. Based on these projections, the document estimates the total value of the company is $235.98 billion, or $81.47 per share, assuming a 15% discount rate and 25% safety margin.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    310 views1 page

    F Wall Street 4-JNJ-Analysis (2009)

    Uploaded by

    smith_ra
    This document provides financial data and performance metrics for Johnson & Johnson from 2000-2009. It shows that over this period, the company grew shareholder equity by a median of 11.1% annually and free cash flow by a median of 11.5% annually. The document also projects future free cash flow growth of 11.5% annually until 2019, then 5% annually thereafter. Based on these projections, the document estimates the total value of the company is $235.98 billion, or $81.47 per share, assuming a 15% discount rate and 25% safety margin.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Company Name ticker

    Johnson & Johnson JNJ


    6/7/2010 all figures in $Mil except per share data
    Financial Data
    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
    Balance Sheet Data
    Current Liabilities $ 7,140 $ 8,044 $ 11,449 $ 13,448 $ 13,927 $ 12,635 $ 19,161 $ 19,837 $ 20,852 $ 21,731
    Total Liabilities $ 12,513 $ 14,255 $ 17,859 $ 21,394 $ 21,504 $ 20,154 $ 31,238 $ 37,635 $ 42,401 $ 44,094
    Shareholder Equity $ 18,808 $ 24,233 $ 22,697 $ 26,869 $ 31,813 $ 37,871 $ 39,318 $ 43,319 $ 42,511 $ 50,588
    Cash Flow Data
    Free Cash Flow $ 4,917 $ 7,133 $ 6,077 $ 8,333 $ 8,956 $ 9,245 $ 11,510 $ 11,939 $ 11,906 $ 14,206
    Management
    CROIC 20.33% 23.43% 20.88% 23.94% 22.74% 20.37% 22.40% 19.53% 18.59% 19.47%

    Multi Year Performance


    Multi-Year
    2000-2007 2001-2008 2002-2009 2000-2005 2001-2006 2002-2007 2003-2008 2004-2009 Median
    Shareholder Equity 12.7% 8.4% 12.1% 15.0% 10.2% 13.8% 9.6% 9.7% 11.1%
    Free Cash Flow 13.5% 7.6% 12.9% 13.5% 10.0% 14.5% 7.4% 9.7% 11.5%
    CROIC 22.4% 20.9% 20.4% 22.7% 22.4% 22.4% 20.4% 19.5% 21.6%

    Projection of future Free Cash Flow


    2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
    Growing at 11.5% $ 15,835 $ 17,652 $ 19,676 $ 21,933 $ 24,449 $ 27,253 $ 30,379 $ 33,864 $ 37,748 $ 42,077
    2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
    G
    Growing
    i att 5% $ 44
    44,181
    181 $ 46,390
    46 390 $ 48 710
    48,710 $ 51 145 $
    51,145 53 702 $
    53,702 56 388 $
    56,388 59 207
    59,207 $ 62 167
    62,167 $ 65 276
    65,276 $ 68 539
    68,539

    Company Valuation Free Cash Flow and Shareholder Equity Trend


    Total Value $ 235,980
    $60,000
    Per Share Value $ 81.47
    Shares Outstanding (Mil) 2,897 $50,000
    Discount Rate 15%
    Desired Safety Margin 25% $40,000

    Purchase Price $ 61.10


    $30,000
    Current Price $ 59.08
    Actual Discount 27% $20,000

    $10,000
    www.FWallStreet.com Chart Legend
    Shareholder Equity $-
    *Owner Earnings Free Cash Flow

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