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TIMELINESS
SAFETY
TECHNICAL
5
3
4
High:
Low:
Lowered 8/15/08
94.8
53.3
RECENT
PRICE
88.9
57.9
80.4
56.6
66.6
35.3
46.2 RELATIVE
DIVD
Median: 15.0) P/E RATIO 2.32 YLD 3.2%
15.72 P/ERATIO 35.7(Trailing:
49.9
24.4
38.5
25.6
41.1
20.4
34.7
24.3
35.2
20.8
30.9
18.9
30.2
21.4
22.0
12.2
LEGENDS
5.0 x Cash Flow p sh
. . . . Relative Price Strength
Options: Yes
Shaded area indicates recession
Lowered 12/7/01
Lowered 8/1/08
VALUE
LINE
80
60
50
40
30
25
20
15
2011-13 PROJECTIONS
Annl Total
Price
Gain
Return
High
35 (+125%) 23%
Low
25 (+60%) 14%
Insider Decisions
to Buy
Options
to Sell
O
0
0
0
N
1
0
0
D
0
8
0
J
0
0
0
F
0
0
0
M
1
0
0
A
0
0
0
M
2
0
0
J
0
0
0
Institutional Decisions
3Q2007
4Q2007
1Q2008
134
162
158
to Buy
to Sell
159
155
153
Hlds(000) 315908 311043 292873
Percent
shares
traded
24
16
8
1 yr.
3 yr.
5 yr.
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
THIS
STOCK
VL ARITH.
INDEX
-40.6
-41.4
-41.2
-12.2
7.2
58.6
10
7.5
11-13
Sales per sh A
Cash Flow per sh
Earnings per sh B
Divds Decld per sh C
Capl Spending per sh
Book Value per sh D
Common Shs Outstg E
Avg Annl P/E Ratio
Relative P/E Ratio
Avg Annl Divd Yield
47.25
5.10
2.00
.60
1.25
12.75
235.00
15.0
1.00
1.8%
13274 10301
14.8% 10.7%
1331.0 785.0
148.0 262.0
69.5%
8.7%
1.1%
2.5%
586.0 1607.0
2714.0 1289.0
1388.0 3029.0
6.7%
7.3%
10.7%
8.6%
.3%
3.9%
97%
55%
Sales ($mill) A
Operating Margin
Depreciation ($mill)
Net Profit ($mill)
Income Tax Rate
Net Profit Margin
Working Capl ($mill)
Long-Term Debt ($mill)
Shr. Equity ($mill)
Return on Total Capl
Return on Shr. Equity
Retained to Com Eq
All Divds to Net Prof
11100
13.0%
725
475
30.0%
4.3%
3175
800
3000
13.5%
16.0%
11.0%
30%
BUSINESS: Eastman Kodak Company is the worlds largest producer of photographic products. It now operates three business
segments: Consumer Digital Imaging, (45% of 2007 sales); Graphic
Communications Group, (35%); Film Products, (19%); All Other
(roughly 1%,). 68% of sales are foreign. R&D: 5.2% of sales in
2007 vs. 5.3% in 2006. 2007 depreciation rate: 9.3%. 2007
61.93 49.50 39.90 43.31 48.12 45.00 41.53 45.39 48.17 45.49 44.89 46.47 47.15 49.68
7.96
5.90
5.47
6.27
7.30
6.18
7.04
8.17
8.02
5.46
5.63
5.21
6.00
6.15
3.26
2.56
2.91
3.67
4.50
3.52
4.33
5.03
4.70
2.30
2.72
2.31
2.30
1.27
2.00
2.00
1.60
1.60
1.60
1.76
1.76
1.76
1.76
1.77
1.80
1.15
.50
.50
6.42
3.27
3.39
2.99
4.04
4.60
3.43
3.63
3.25
2.55
2.02
1.77
1.60
1.64
20.12 10.15 11.82 14.81 14.27
9.78 12.35 12.60 11.80
9.95
9.71 11.39 13.29
6.85
325.92 330.57 339.76 345.89 331.84 323.07 322.80 310.42 290.48 290.93 285.93 286.58 286.70 287.22
13.1
21.5
16.0
15.9
16.8
20.9
16.9
13.8
11.6
17.6
11.5
12.2
12.4
21.6
.79
1.27
1.05
1.06
1.05
1.20
.88
.79
.75
.90
.63
.70
.66
1.15
4.7%
3.6%
3.4%
2.7%
2.1%
2.4%
2.4%
2.5%
3.2%
4.4%
5.7%
4.1%
1.8%
1.8%
CAPITAL STRUCTURE as of 6/30/08
Total Debt $1355 mill. Due in 5 Yrs $950 mill.
LT Debt $1296 mill.
LT Interest $100 mill.
(LT interest earned: 3.9x; total interest
coverage: 3.8x)
(27% of Capl)
Leases, Uncapitalized Annual rentals $178.0 mill.
Pension Assets-12/07 $7.1 bill. Oblig. $5.0 bill.
Pfd Stock None
Common Stock 288,193,433 shs.
MARKET CAP: $4.5 billion (Large Cap)
CURRENT POSITION 2006
2007
($MILL.)
Cash Assets
1469.0 2947.0
Receivables
2670.0 1939.0
Inventory (LIFO)
1202.0
943.0
Other
216.0
224.0
Current Assets
5557.0 6053.0
Accts Payable
1003.0 3794.0
Debt Due
47.0
308.0
Other
3921.0
344.0
Current Liab.
4971.0 4446.0
6/30/08
2308.0
1892.0
1087.0
222.0
5509.0
3137.0
59.0
242.0
3438.0
(A) All 07 and later figures excl. Health GroupDivision (Pro Forma). (B) Primary earnings
through 1996, diluted thereafter. Excl. nonrec.
losses: 93, $7.78; 94, $1.12; 96, $0.68; 97,
10375
6.5%
505
65.0
NMF
.6%
1770
1280
2700
3.0%
2.5%
NMF
NMF
2008, Value Line Publishing, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscribers own, non-commercial, internal use. No part
of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
10500
9.0%
550
265
20.0%
2.5%
1615
1295
2250
9.0%
12.0%
6.5%
45%
B
55
5
NMF