Boeing Co.

(The)

www.InvestingSidekick.com

BA

Value Report

I.S.Q. Score: 9/10

TTM EPS:
Next year EPS estimate:
Net cash* / (debt) p.s:
Net debt EBITDA:
Net debt Equity:

8.41
9.30
0.86
-

Op. profit p.s.

Jun

Sep

Dec

Mar

TTM

12M ending 2015

12M ending 2014
12M ending 2013
12M ending 2012
12M ending 2011

2.39
2.22
2.00
1.93
1.65

2.84
2.32
1.92
2.24
1.77

2.78
1.94
2.07
2.04
1.40

2.80
2.03
1.93
2.04
1.27

10.81
8.51
7.92
8.24
6.09

Operational Performance (Rolling 12 months)

Gross Margin**

SG&A %

R&D %

Net Debt / EBITDA**

Op Margin
9%

25%

8%
20%

ROE

ROIC
180%

0.7

160%

0.6

140%

7%
0.5

120%

6%
15%
5%

0.4

100%

4%

0.3

80%

10%
3%

60%
0.2
40%

2%

5%

1%
0%

0%

2009

$ millions

2010

2011

0.1

20%

0%

2012

2013

2014

TTM

Income Statement
Revenue

EBITDA
Operating Profit
Net profit (continuing)
EPS (continuing)
Adjusted net income
Dividend per share

CAGR/average
5 year

10 year

68,281
3,499
1,871
1,335
1.74
1,335
1.68

64,306
6,502
4,698
3,311
4.50
3,311
1.68

68,735
7,288
5,542
4,011
5.40
4,011
1.70

81,698
7,916
6,039
3,903
5.16
3,903
1.81

86,623
8,248
6,328
4,586
6.13
4,586
2.19

90,762
9,089
7,196
5,446
7.71
5,446
3.10

92,446
9,536
7,652
5,817
8.41
5,815
3.28

6%
21%
31%
32%
35%
32%
13%

6%
9%
14%
12%
13%
12%
14%

(1,701)
2,128
(5,068)
(6.70)

(1,904)
2,766
(5,150)
(7.00)

(1,099)
3,515
(4,474)
(6.01)

3,149
5,867
(2,279)
(3.02)

5,623
14,875
6,780
9.07

4,022
8,665
677
0.96

593
7,906
(8)
(0.01)

-219%
32%
-167%
-168%

#NUM!
-3%
-22%
-21%

1,678
5,603
(1,159)
(639)

1,746
2,952
(1,062)
(932)

1,675
4,023
(1,619)
(42)

1,811
7,508
(1,606)
(124)

1,844
8,179
(2,047)
(26)

1,906
8,858
(2,202)
(163)

1,917
7,834
(2,328)
-

3%
10%
14%
-24%

2%
10%
-1%
#NUM!

4,444
756
31
109

1,890
735
31
171

2,404
745
31
211

5,902
756
25
201

6,132
747
28
214

6,656
707
31
222

5,506
692
32
227

8%
-1%
29
204

10%
-2%
31
143

17.2%

19.4%

18.7%

16.0%

15.4%

15.4%

15.7%

17.0%

17.3%

2.7%

7.3%

8.1%

7.4%

7.3%

7.9%

8.3%

7.6%

6.4%

Balance Sheet
Net cash* / (debt)
Shareholders equity
Tangible book value
TBV per share

Cash Flow
Depreciation & amortization
Net cash from operations
Net Cap Ex
Net Disposals (acquisitions)

Other Information
Free cash flow
Shares outstanding (mil)
Accts Receivable days
Inventory days

Ratios
Gross Margin
Operating Margin
Adjusted Net Profit Margin
ROIC
Quick Ratio

2.0%

5.1%

5.8%

4.8%

5.3%

6.0%

6.3%

5.4%

4.8%

40.3%

77.2%

92.9%

149.1%

51.9%

119.5%

81.3%

98.1%

72.7%

0.4

0.4

0.5
Report updated on:

23-May-15

0.5

0.4

0.4

Share price at report date:

0.4
$147.26

0.4

0.3

Market Cap: $101,833m

*Net cash/debt is total debt offset by cash, cash equivalents and short term investments. **Plotted against Left hand axis
Investing Sidekick Ltd. All rights reserved. This report is for information purposes only and accuracy is not guaranteed. Certain financial information included in Investing Sidekick is proprietary to
Mergent, Inc. (Mergent) Copyright 2015. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergents sources, Mergent or
others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information.

Boeing Co. (The)

www.InvestingSidekick.com

BA

Value Report

EV/OP trading range

Conservative model value

Aggressive model value

Current EV/OP (TTM)

Current EV/OP 13.2

(Enterprise Value / Operating Profit)

Return on Invested Capital

Free Cash ROIC

34.3

98.1%
106.1%

(5 year average)

Free Cash Flow Operating Profit

104%
15 years
97%
10 years
77%
5 years

29.3

24.3
19.3

% spending of FCF on
14.3

Net Acquisitions/(divestitures)

9.3

Share buybacks / (issues)

7%
28%
34%
21%
2%

Dividends
Decrease/(increase) of net debt

4.3

Other spending/(asset sales)

(cumulative last 10 years)

P/B trading range

P/B = 1

Book value p.s. 11.43

Current P/B

Tangible Book (TBV) p.s.

Net Net Curr. Assets p.s.
Net cash* / (debt) p.s.

25.9

20.9

Average annual change in

Book Value p.s.
TBV p.s.
13.3%
15 years
15 years (51.9%)
18.5%
10 years
10 years (124.4%)
48.3%
5 years
5 years

15.9

10.9

Compounded annual growth in

Book Value p.s.
TBV p.s.
15 years (0.2%)
15 years (12.9%)
10 years (1.3%)
10 years (23.2%)
34.4%
5 years
5 years #NUM!

0.9

Book Value per share

Quick Ratio (Acid test)

Accounts receivable days

10,000

25

8,000

20
15

6,000

10

4,000

5
2,000

(5)

Inventory days

60%

(2,000)

(10)

(4,000)

(15)

250.0

50%

Quick Ratio

Free Cash Flow

Tangible Book Value per share

Book Value per share ($)

Operating Income

200.0

40%
150.0
30%
100.0
20%
50.0

10%
0%

0.0

Inventory/Accounts receivable days

5.9

Operating Profit / FCF ($mil)

(0.01)
(33.73)
0.86

(Seasonally adjusted data)

Report updated on: 23-May-15

Share price at report date:

$147.26

Market Cap: $101,833m

*Net cash/debt is total debt offset by cash, cash equivalents and short term investments.
Investing Sidekick Ltd. All rights reserved. This report is for information purposes only and accuracy is not guaranteed. Certain financial information included in Investing Sidekick is proprietary to
Mergent, Inc. (Mergent) Copyright 2015. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergents sources, Mergent or
others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information.