The boeing company

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The Boeing Company

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Sunday, June 24, 2012

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correctness.

COMPANY FINALYTICS

Exclusive Fundamental Analysis of US Stocks

Prepared and Edited By‐Tanay Roy, CFAPeu Karak, MBA

Page

Summary 3Latest Result 3Valuation Matrix 3ROE Analysis 3

Income Statement 4

Balance Sheet 5

Cash flow Statement 6

Quarterly Result 6

Growth Analysis 7

Comparative Analysis 8Income Statement 8Balance Sheet 8

Index Analysis 9Income Statement 9Balance Sheet 9

Ratio Analysis 10Annual 10Quarterly 11

TTM Analysis 11

Valuation and Projection 12

Technical Analysis 13CONTENT

About Tanay & PeuOur passion lies in the field of financial research & Investment management and we intend to apply our knowledge gained over a period of years through intense study and keen observation of the nuances of financial markets and instruments to real life scenarios. We possess expert knowledge of financial products and markets as evidenced by top notch qualifications earned by us , all in the first attempt and keep ourselves abreast with the latest happenings and innovations taking place in financial landscape.

1. Expertise in Portfolio Management, Product optimization, Product performance Analysis, Financial Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers & Acquisition and knowledge of GAAP/ IFRS2. Possess Strong Financial Modeling skills including DCF, LBO and other techniques. Possess ability to research all asset classes in a broad range of industries and geographies.3. Strong equity research, finance, accounting and advisory and assurance experience4. Expertise in Technical analysis, fundamental analysis, developing trading systems.5. Conduct in‐depth financial analysis of company financials.6. Write analytical or trend based reports on companies, sectors or markets.7. Expert level application in Bloomberg, Thomson Banker, Factset, DataStream, Stock Val, Merger markets, Reuters Knowledge, Haver Analytics, Factiva, Pack Hedge,8. Building Excel/VBA based customized tools to perform detailed analysis.

Description

Page 2 (C) Tanay Roy

Annual Quarterly TTM Business Summary12/31/2011 2012 Q1 2012 Q1

68735.00 6.89 19383.00 (0.88) 73208.00 6.517010.00 14.56 2008.00 0.03 8012.00 9.044011.00 21.14 924.00 (0.33) 4347.00 8.384018.00 21.50 923.00 (0.34) 4355.00 8.39

4.81 7.33 1.22 (0.33) 5.72 8.02

IndustryAerospace/Defense Products &

Services

Latest 10 K filing 12/31/2011

Latest 10 Q Filing 3/31/2012Next Report Date 7/25/2012No. of Employee 171,700No. Equity Share (Million)

759.5

Price 71.96Market Cap (Million) 54653.62Total Debt 29591.00Enterprise Value 78574.62

Exchange Traded NASDAQ

Ticker BA

52 Week High 77.83

52 Week Low 56.012007 2008 2009 2010 2011 Short Interest Ratio 2.310.67 0.67 0.76 0.73 0.75 Beta 1.210.66 0.66 0.78 0.73 0.67 Average Target Price 85.680.97 0.95 0.84 0.90 0.92 One Year Return 10.10 0.07 0.03 0.08 0.09 Three Months Return ‐2.862.42 2.65 2.34 1.94 1.78 One Month Return 0.8

115.11 139.74 161.71 166.24 192.42

17.08 16.23 7.27 16.57 19.97

16.91 16.10 7.50 16.57 17.84

45.25 NA 61.65 119.56 114.31

44.79 NA 63.60 119.54 102.13

1.822.222.4712.59

NA

Total Assets / Net Worth(Without Treasury

Stock)

Reported ROE (Excluding Treasury Stock)

Normalized ROE(Excluding Treasury Stock)

Reported PAT / PBTNormalized PAT / PBT

PBT / PBITPBIT / Sales

Sales / Total Assets

ROE Analysis

Market Data

Valuation Data

Company IndustryP/E(TTM)

P/E(Forward)

PEG RatioPrice/Sales

Dividend Yield(%)Price/Book

Price/Free Cash Flow

Price/Enterprise Value

14.03

15.74

1.520.742.4510.7219.05

0.70

24.93

NA

NA

At a glance

The Boeing Company is one of the world's major aerospace firms. The company operates in three principal segments: commercial airplanes; military aircraft and missiles; and

space and communications.Reported PAT

EPS

Latest Results

EBITDA

% Change % Change % Change

Sales

Adjusted PAT

Summary

Particulars

Reported ROE (Including Treasury Stock)

Normalized ROE(Including Treasury Stock)

Strong Buy 19

Hold 3

Analyst Rating

16.91 16.10 7.50

16.57 17.84

44.79

0.00

63.60

119.54

102.13

2007 2008 2009 2010 2011

ROE

Normalized ROE(Excluding Treasury Stock) Normalized ROE(Including Treasury Stock)

71.5

36.8

0.65 1

Institutional Ownership

(%)

Top 10 Institutions

(%)

Mutual Fund Ownership

(%)

5%/Insider Ownership

(%)

Ownership (%)


2007 2008 2009 2010 2011

66387.00 60909.00 68281.00 64306.00 68735.00

52424.00 49339.00 55474.00 50747.00 54748.00

13963.00 11570.00 12807.00 13559.00 13987.00

3335.00 2882.00 3025.00 3128.00 2910.00

3850.00 3768.00 6506.00 4121.00 3918.00

30.00 43.00 (114.00) (243.00) (196.00)

6808.00 4963.00 3162.00 6067.00 6963.00

484.00 247.00 (26.00) 52.00 47.00

7292.00 5210.00 3136.00 6119.00 7010.00

978.00 1013.00 1066.00 1096.00 1119.00

6314.00 4197.00 2070.00 5023.00 5891.00

196.00 202.00 339.00 516.00 498.00

6118.00 3995.00 1731.00 4507.00 5393.00

2060.00 1341.00 396.00 1196.00 1382.00

4058.00 2654.00 1335.00 3311.00 4011.00

16.00 18.00 (23.00) (4.00) 7.00

4074.00 2672.00 1312.00 3307.00 4018.000 0 0 0 0Minority Interest

Particulars (in Millions)

EAT

Non recurring income

Reported profit

Depreciation

EBIT

Interest expenses

EBT

Tax

Research and development expenses

other operating income/(Expenses)

Operating profitOther non‐operating income/(expenses)

EBITDA

Sales

cost of goods sold

Gross profitGeneral selling and

administrative expenses

Income Statement

66,387

60,909

68,281

64,306

68,735

0.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

7000.00

8000.00

2007 2008 2009 2010 2011

Operating Income

Operating profit EBITDA Sales

2007 2008 2009 2010 2011

Profit Levels

Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit

21.03

19.00

18.76

21.09

20.35

10.26

8.15

4.63

9.43

10.13

10.98

8.55

4.59

9.52

10.20

9.51

6.89

3.03

7.81

8.57

9.22

6.56

2.54

7.01

7.85

6.11

4.36

1.96

5.15

5.84

2007

2008

2009

2010

2011

Profit Margins

Gross profit Operating profit EBITDA EBIT EBT EAT

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2007 2008 2009 2010 2011

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

5061.00 5061.00 5061.00 5061.00 5061.00

4757.00 3456.00 3724.00 3866.00 4033.00

21376.00 22675.00 22746.00 24784.00 27524.00

(14842.00) (17758.00) (15911.00) (17187.00) (16603.00)

(2752.00) (1203.00) (1615.00) 0.00 0.00

0.00 0.00 0.00 0.00 0.00

(4596.00) (13525.00) (11877.00) (13758.00) (16500.00)

9004.00 (1294.00) 2128.00 2766.00 3515.00

7455.00 6952.00 12217.00 11473.00 10018.00

0.00 0.00 0.00 0.00 0.00

1190.00 0.00 0.00 0.00 0.00

0.00 152.00 97.00 96.00 93.00

9799.00 17196.00 14728.00 18835.00 25086.0018444.00 24300.00 27042.00 30404.00 35197.0027448.00 23006.00 29170.00 33170.00 38712.00

8265.00 8762.00 8784.00 8931.00 9313.003081.00 3647.00 4319.00 4937.00 4945.002093.00 2685.00 2877.00 2979.00 3044.004111.00 1328.00 1030.00 1111.00 1043.00

6777.00 5857.00 5466.00 4395.00 4296.00

7379.00 5536.00 4302.00 5640.00 7535.000.00 0.00 0.00 0.00 0.00

31706.00 27815.00 26778.00 27993.00 30176.00

27280.00 25964.00 35275.00 40572.00 49810.00

31538.00 30773.00 32883.00 35395.00 41274.00

(4258.00) (4809.00) 2392.00 5177.00 8536.0027448.00 23006.00 29170.00 33170.00 38712.00

Total Current AssetsNet Current Assets

Note Receivable ‐ Long Term

Other Long Term Assets, TotalOther Assets, TotalTotal Fixed Assets

Fixed Assets

Property/Plant/Equipment, Total ‐ Net

Goodwill, NetIntangibles, Net

Long Term Investments

Total Equity

Total Net Current AssetsTotal Assets

Total Current Liabilities

Uses of funds

Retained Earnings (Accumulated Deficit)

Treasury Stock ‐ Common

ESOP Debt Guarantee

Unrealized Gain (Loss)

Other Equity, Total

Owners Fund

Redeemable Preferred Stock

Preferred Stock ‐ Non Redeemable, Net

Common Stock

Additional Paid‐In Capital

Loan Fund

Long Term Debt

Capital Lease Obligations

Total Fund

Deferred Income Tax

Minority Interest

Other Liabilities, TotalTotal Loan Fund

Particulars (in Millions)Sources of Fund

Balance Sheet

2007 2008 2009 2010 2011

Sources of Fund

Total Equity Total Loan Fund

2007 2008 2009 2010 2011

Application of Funds

Total Fixed Assets

Total Net Current Assets


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67.20

105.62 92.70 91.66 90.92

32.80

(5.62)7.30 8.34 9.08

2007 2008 2009 2010 2011

% of Total Fund

Total Loan Fund Total Equity


2007 2008 2009 2010 2011

9584.00 (401.00) 5603.00 2952.00 4023.00

(3822.00) 1888.00 (3794.00) (4831.00) 2369.00

(4884.00) (5202.00) 4094.00 (1962.00) (1700.00)46.00 (59.00) 44.00 (15.00) (2.00)

924.00 (3774.00) 5947.00 (3856.00) 4690.00

6118 7042 3268 9215 5359

7042 3268 9215 5359 10049

2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q114910.00 16543.00 17727.00 19555.00 19383.0011718.00 12821.00 13992.00 15879.00 15643.003192.00 3722.00 3735.00 3676.00 3740.00

736.00 747.00 686.00 741.00 836.00

1057.00 1047.00 901.00 913.00 835.00

(68.00) (15.00) (69.00) (44.00) (73.00)1331.00 1913.00 2079.00 1978.00 1996.00

13.00 14.00 49.00 (29.00) 12.001344.00 1927.00 2128.00 1949.00 2008.00331.00 379.00 365.00 382.00 426.00

1013.00 1548.00 1763.00 1567.00 1582.00130.00 123.00 121.00 124.00 119.00883.00 1425.00 1642.00 1443.00 1463.00295.00 483.00 548.00 56.00 539.00588.00 942.00 1094.00 1387.00 924.00(2.00) (1.00) 4.00 6.00 (1.00)

586.00 941.00 1098.00 1393.00 923.000 0 0 0 0


Cash from Operating Activities

Cash from Investing Activities

Cash from Financing ActivitiesForeign Exchange Effects

Net Change in Cash

Net Cash ‐ Beginning Balance

Net Cash ‐ Ending Balance

Particulars (in Millions)Sales

cost of goods soldGross profit

General selling and administrative expenses


other operating income/(Expenses)Operating profit

Other non‐operating income/(expenses)

EBITDADepreciation

EBITInterest expenses

EBTTaxEAT

Non recurring income Reported profitMinority Interest

Cash flow Statement

Quarterly Income Statement

2007 2008 2009 2010 2011

Cash Flow

Cash from Operating Activities

Cash from Investing Activities

Cash from Financing Activities


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2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1

Sales and Profit Margin

Sales Operating Profit Margin PAT Margin


2008 2009 2010 2011Average Growth

Median Growth

5 Year CAGR

(8.25) 12.10 (5.82) 6.89 1.23 0.53 1.01(5.88) 12.43 (8.52) 7.88 1.48 1.00 1.01

(17.14) 10.69 5.87 3.16 0.65 4.51 1.00

(13.58) 4.96 3.40 (6.97) (3.05) (1.78) 0.97

(2.13) 72.66 (36.66) (4.93) 7.24 (3.53) 1.00

43.33 (365.12) 113.16 (19.34) (56.99) 12.00 (1.46)(27.10) (36.29) 91.87 14.77 10.81 (6.17) 1.00

(48.97) (110.53) (300.00) (9.62) (117.28) (79.75) 0.63(28.55) (39.81) 95.12 14.56 10.33 (7.00) 0.993.58 5.23 2.81 2.10 3.43 3.20 1.03

(33.53) (50.68) 142.66 17.28 18.93 (8.12) 0.993.06 67.82 52.21 (3.49) 29.90 27.64 1.21

(34.70) (56.67) 160.37 19.66 22.16 (7.52) 0.98(34.90) (70.47) 202.02 15.55 28.05 (9.68) 0.92(34.60) (49.70) 148.01 21.14 21.21 (6.73) 1.0012.50 (227.78) (82.61) (275.00) (143.22) (155.19) 0.85(34.41) (50.90) 152.06 21.50 22.06 (6.46) 1.000.00 0.00 0.00 0.00 0.00 0.00 0.00

Particulars (%)

Salescost of goods sold

Gross profit





EBITDADepreciation


EBTTaxEAT


Growth Analysis

2008 2009 2010 2011

Growth Rates (Year on Year)

Sales Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit

2007 2008 2009 2010 2011

Profit Index (Year on Year)

Sales Gross profit Operating profit EBITDA EBIT EAT Reported profit


2007 2008 2009 2010 2011100.00 100.00 100.00 100.00 100.0078.97 81.00 81.24 78.91 79.6521.03 19.00 18.76 21.09 20.35

5.02 4.73 4.43 4.86 4.23

5.80 6.19 9.53 6.41 5.70

0.05 0.07 (0.17) (0.38) (0.29)10.26 8.15 4.63 9.43 10.13

0.73 0.41 (0.04) 0.08 0.0710.98 8.55 4.59 9.52 10.201.47 1.66 1.56 1.70 1.639.51 6.89 3.03 7.81 8.570.30 0.33 0.50 0.80 0.729.22 6.56 2.54 7.01 7.853.10 2.20 0.58 1.86 2.016.11 4.36 1.96 5.15 5.840.02 0.03 (0.03) (0.01) 0.016.14 4.39 1.92 5.14 5.850.00 0.00 0.00 0.00 0.00

2007 2008 2009 2010 2011

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.0018.44 22.00 17.35 15.26 13.0717.33 15.02 12.77 11.66 10.4277.88 98.56 77.98 74.72 71.10(54.07) (77.19) (54.55) (51.81) (42.89)(10.03) (5.23) (5.54) 0.00 0.000.00 0.00 0.00 0.00 0.00

(16.74) (58.79) (40.72) (41.48) (42.62)32.80 (5.62) 7.30 8.34 9.08

27.16 30.22 41.88 34.59 25.880.00 0.00 0.00 0.00 0.004.34 0.00 0.00 0.00 0.000.00 0.66 0.33 0.29 0.2435.70 74.75 50.49 56.78 64.8067.20 105.62 92.70 91.66 90.92100.00 100.00 100.00 100.00 100.00

30.11 38.09 30.11 26.92 24.0611.22 15.85 14.81 14.88 12.777.63 11.67 9.86 8.98 7.8614.98 5.77 3.53 3.35 2.69

24.69 25.46 18.74 13.25 11.10

26.88 24.06 14.75 17.00 19.460.00 0.00 0.00 0.00 0.00

115.51 120.90 91.80 84.39 77.95

99.39 112.86 120.93 122.32 128.67

114.90 133.76 112.73 106.71 106.62

(15.51) (20.90) 8.20 15.61 22.05100.00 100.00 100.00 100.00 100.00


EBITDADepreciation


EBTTaxEAT

Particulars (%)Sales

cost of goods soldGross profit




Balance Sheet


Income Statement

ParticularsSources of FundOwners Fund

Redeemable Preferred Stock

Preferred Stock ‐ Non Redeemable, NetCommon Stock

Additional Paid‐In CapitalRetained Earnings

Treasury Stock ‐ CommonESOP Debt GuaranteeUnrealized Gain (Loss)Other Equity, Total

Total Equity0Loan Fund

Long Term DebtCapital Lease ObligationsDeferred Income TaxMinority Interest


Total Fund

Uses of fundsFixed Assets






Net Current AssetsTotal Current Assets



Comparative Analysis

9%

91%

Source of Fund (%) 2011

Total Equity Total Loan Fund

78%

22%

Application of Fund (%) 2011

Total Fixed Assets

Total Net Current Assets

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2007 2008 2009 2010 2011(Base Year)

100.00 91.75 102.85 96.87 103.54100.00 94.12 105.82 96.80 104.43100.00 82.86 91.72 97.11 100.17100.00 86.42 90.70 93.79 87.26100.00 97.87 168.99 107.04 101.77100.00 143.33 (380.00) (810.00) (653.33)100.00 72.90 46.45 89.12 102.28100.00 51.03 (5.37) 10.74 9.71100.00 71.45 43.01 83.91 96.13100.00 103.58 109.00 112.07 114.42100.00 66.47 32.78 79.55 93.30100.00 103.06 172.96 263.27 254.08100.00 65.30 28.29 73.67 88.15100.00 65.10 19.22 58.06 67.09100.00 65.40 32.90 81.59 98.84100.00 112.50 (143.75) (25.00) 43.75100.00 65.59 32.20 81.17 98.63

0.00 0.00 0.00 0.00 0.00

2007 2008 2009 2010 2011

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

100.00 100.00 100.00 100.00 100.00100.00 72.65 78.28 81.27 84.78100.00 106.08 106.41 115.94 128.76100.00 119.65 107.20 115.80 111.86100.00 43.71 58.68 0.00 0.000.00 0.00 0.00 0.00 0.00

100.00 294.28 258.42 299.35 359.01100.00 (14.37) 23.63 30.72 39.04

100.00 93.25 163.88 153.90 134.380.00 0.00 0.00 0.00 0.00

100.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

100.00 175.49 150.30 192.21 256.01100.00 131.75 146.62 164.84 190.83100.00 83.82 106.27 120.85 141.04

100.00 106.01 106.28 108.06 112.68100.00 118.37 140.18 160.24 160.50100.00 128.28 137.46 142.33 145.44100.00 32.30 25.05 27.03 25.37

100.00 86.42 80.66 64.85 63.39

100.00 75.02 58.30 76.43 102.110.00 0.00 0.00 0.00 0.00

100.00 87.73 84.46 88.29 95.17

100.00 95.18 129.31 148.72 182.59

100.00 97.57 104.26 112.23 130.87

100.00 112.94 (56.18) (121.58) (200.47)100.00 83.82 106.27 120.85 141.04

Income StatementParticulars



Research and development other operating Operating profit

Other non‐operating EBITDA

DepreciationEBIT

Interest expensesEBTTaxEAT


Balance SheetParticulars

Sources of FundOwners Fund

Redeemable Preferred StockPreferred Stock ‐ Non

Common StockAdditional Paid‐In Capital

Retained Earnings Treasury Stock ‐ CommonESOP Debt GuaranteeUnrealized Gain (Loss)Other Equity, Total

Total Equity

Loan FundLong Term Debt

Capital Lease ObligationsDeferred Income TaxMinority Interest


Total Fund

Uses of fundsFixed Assets

Net Current AssetsTotal Current Assets








Index Analysis

2007 2008 2009 2010 2011

Index of Loan Fund and Fixed Assets

Total Loan Fund Total Fixed Assets

Credit/Bond Analysis

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2007 2008 2009 2010 2011

5.31 3.67 1.91 4.48 4.815.36 3.70 1.85 4.48 5.385.28 3.67 1.84 4.44 5.346.63 5.07 3.38 5.97 6.871.45 1.62 1.68 1.68 1.708.96 6.87 4.46 8.22 9.33

31.40 22.78 25.42 27.03 26.95

11.86 (1.79) 3.00 3.75 4.71

87.41 84.29 96.22 87.12 92.0628.14 31.38 32.05 33.58 36.87

10.26 8.15 4.63 9.43 10.1321.03 19.00 18.76 21.09 20.356.14 4.39 1.92 5.14 5.856.07 4.35 1.98 5.14 5.227.59 6.02 3.52 6.85 7.4633.67 33.57 22.88 26.54 25.63

16.91 16.10 7.50 16.57 17.84

17.08 16.23 7.27 16.57 19.9714.84 11.61 4.50 9.97 10.38

0.31 0.42 0.68 0.58 0.500.77 1.48 1.50 1.52 1.75

86.88 71.56 61.84 60.15 51.97

2.09 2.19 2.55 2.30 2.28

0.89 0.86 1.10 1.18 1.28

0.86 0.84 1.07 1.15 1.210.56 0.34 0.56 0.46 0.436.94 4.84 4.20 3.12 2.43

27.82 44.72 92.36 37.60 31.49

22.42 32.37 51.35 28.25 24.6272.18 55.28 7.64 62.40 68.51

77.58 67.63 48.65 71.75 75.38

0.52 (0.02) 0.21 0.10 0.11

32.21 20.78 6.11 9.73 11.83

21.70 14.14 4.94 7.42 9.05

Per Share Ratio

Profitability Ratio (%)

Total Debt/EquityOwned Fund as % of Total

Fund

Diluted EPSAdjusted Cash EPSDividend Per Share

Operating Profit per Share

Book Value Per Share (Excluding Treasury Stocks)

Net Operating Income Per Share

Free Reserve Per Share

Long term Debt/Equity

Normalized EPSBasic EPS

Liquidity Ratio

Payout Ratio(%)

Coverage Ratio

Fixed Assets Turnover Ratio

Leverage Ratio

Operating MarginGross Profit marginNet profit Margin

Normalized Net Profit MarginAdjusted Cash Margin

Normalized Return on Net Worth (Excluding Treasury

Stock)

Reported Return on Net Worth (Excluding Treasury Stock) Return on Long Term Fund

Particulars

Financial Charges Coverage Ratio (Pre Tax)

Financial Charges Coverage Ratio (Post Tax)

Effective Tax Rate

Current Ratio

Current Ratio (Including St. Loans)

Quick RatioInventory Turnover Ratio

Dividend Payout RatioDividend Pay out Ratio (Cash

Profit)Earning Retention Ratio

Cash Earning Retention Ratio

Adjusted Cash flow Time Total Debt

Ratio Analysis‐Annual

Book Value Per Share (Including Treasury Stocks)

2007 2008 2009 2010 2011

EPS Trend

Normalized EPS Basic EPS

Diluted EPS

2007 2008 2009 2010 2011

Debt‐Equity Ratio

Long term Debt/Equity

Total Debt/Equity

2007 2008 2009 2010 2011

Liquidity Ratio

Current Ratio

Current Ratio (Including St. Loans)

Quick Ratio


2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1

19.91 21.98 23.51 25.83 25.52

1.78 2.54 2.76 2.61 2.630.79 1.25 1.45 1.83 1.22

8.93 11.56 11.73 10.12 10.309.01 11.65 12.00 9.97 10.366.79 9.36 9.95 8.01 8.163.94 5.69 6.17 7.09 4.77

2011 Q4 % of Sales 2012 Q1 % of Sales Changes68735.00 100.00 73208.00 100.00 6.5154410.00 79.16 58335.00 79.68 7.2114325.00 20.84 14873.00 20.32 3.832910.00 4.23 3010.00 4.11 3.443918.00 5.70 3696.00 5.05 (5.67)(196.00) (0.29) (201.00) (0.27) 2.557301.00 10.62 7966.00 10.88 9.11

47.00 0.07 46.00 0.06 (2.13)7348.00 10.69 8012.00 10.94 9.041457.00 2.12 1552.00 2.12 6.525891.00 8.57 6460.00 8.82 9.66498.00 0.72 487.00 0.67 (2.21)

5393.00 7.85 5973.00 8.16 10.751382.00 2.01 1626.00 2.22 17.664011.00 5.84 4347.00 5.94 8.38

7.00 0.01 8.00 0.01 14.294018.00 5.85 4355.00 5.95 8.39

0.00 0.00 0.00 0.00 NA

5.30 5.72 8.0290.79 96.38 6.16

Operating Profit MarginEBITDA MarginEBIT MarginPAT Margin

Per Share Ratio

Profitability Ratio


Operating Income Per Share(Rs.)

Operating Profit Per Share(Rs.)

Adjusted EPS(Rs.)



Research and development other operating Operating profit

Other non‐operating EBITDA

EPSSPS

DepreciationEBIT

Interest expensesEBTTaxEAT


Ratio Analysis‐Quarter

TTM Analysis

Particulars

2011 Q12011 Q22011 Q32011 Q42012 Q1

Per Share Ratio (QoQ)

Operating Income Per Share(Rs.)Operating Profit Per Share(Rs.)Adjusted EPS(Rs.)

20.84

20.32

10.62

10.88

10.69

10.94

8.57

8.82

7.85

8.16

5.84

5.94

5.85

5.95

2011 Q4

2012 Q1

Profit Margins (TTM)

Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit

Fundamental Analysis and Modeling

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85.6887.0096.0068.0025.00

Quarter Ending Jun‐12

Quarter Ending Sep‐12

Year Ending Dec‐12

Year Ending Dec‐13

19423.60 20006.80 79507.10 86084.701.08 1.11 4.56 5.6617.41 12.86 15.67 8.27

3.51

6.76

5.42

12.88

18.19

24.52

9.16

9.42

32.67

28.73

207802

17005

4.03

2.95

0.50.98

5.84

4.97

12.04

10.76

97.26

91.86

2.221.76

6.4530.180.570.9445.2153.7150.61331.9‐‐

16.614.01

13.8213.5213.296.62

5.94

4.68

27.22

29.32

426372

25317

11.7

2.01Inventory Turnover (TTM)

Asset Turnover (TTM)

Return on Assets (TTM)

Return on Assets ‐ 5 Yr. Avg.

Return on Investment (TTM)

Return on Investment ‐ 5 Yr. Avg.

Return on Equity (TTM)

Return on Equity ‐ 5 Yr. Avg.

2.452.52

6.3429.450.421.21175.39231.2317.8218.218.4510.738.428.76

6.98.16Pre‐Tax Margin (TTM)

Pre‐Tax Margin ‐ 5 Yr. Avg.Net Profit Margin (TTM)

Net Profit Margin ‐ 5 Yr. Avg.

Effective Tax Rate (TTM)

Effective Tax Rate ‐ 5 Yr. Avg.

Revenue/Employee (TTM)

Net Income/Employee (TTM)

Receivable Turnover (TTM)

LT Debt to Equity (MRQ)Total Debt to Equity (MRQ)Interest Coverage (TTM)Gross Margin (TTM)

Gross Margin ‐ 5 Yr. Avg.EBITD Margin (TTM)EBITD ‐ 5 Yr. Avg

Operating Margin (TTM)

Operating Margin ‐ 5 Yr. Avg.

Company IndustryParticularsDividend Yield

Dividend Yield ‐ 5 Year Avg.

Dividend 5 Year Growth RatePayout Ratio(TTM)Quick Ratio (MRQ)Current Ratio (MRQ)

No. of Analyst

Price EstimatesAverage TargetMedian TargetHigh TargetLow Target

Valuation and Projection

Projection

SalesEPS

Growth

Performance Over Industry

37%

47%

13%3% 0%

Analyst Recommendation

Strong Buy Buy Hold Underperform Sell

29% 33%

81%

30%

Q1 Q2 Q3 Q4

Earning Surprise

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Price 71.96 AS On: 6/22/2012

EMA(13) 71.45 ADX 14

EMA(26) 71.97 DX 2

EMA(50) 72.10 +DI 23

EMA(200) 69.44 ‐DI 22

RSI(14) 71.96 %K(Fast) 80.66

MACD ‐0.52 %K(Slow) 83.63

William(%R) ‐19.34 %d(Slow) 89.82

Technical Indicators

Technical Analysis

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

16000000

60

62

64

66

68

70

72

74

76

78

22‐Nov 1‐Feb 16‐Apr

Price Chart

Volume Adj Close EMA(200) EMA(50)

‐2.00‐1.000.001.002.003.00

MACD Signal line

020406080100

RSI(14)

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Economy & Finance

The boeing company