Financial Modelling (Ch. 4) 3-3-17

Financial Modelling (Ch. 4) 3-3-17 - Chapter 4 1 Pitsburg...

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Chapter # 4 1. Pitsburg Paint and Glass (PPG) 2. Sales of $8.6 bln. In 2000 3. Profit of 620 mln. In 2000 4. More than 3,500 employees 5. Paid dividend continuously for 103 years 6. PPG keeps relatively low cash 7. Promised benefits growing faster than assets 8. Intangibles of 1071 mln at the end 9 Points to discuss in this chapter 1. AFS of PPG from 1991 - 2000 2. Formulation of proforma models 3. Calculations of cost of capital 4. Appropriate analysis on calculations
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PPG Corporation Balance Sheets, 1991 - 2000 ASSETS 2000 1999 1998 1997 Cash and short term investments 111 158 128 129 Receivables 1,563 1,594 1,366 1,353 Inventories 1,121 1,016 917 863 Other assets 298 294 249 239 Total assets 3,093 3,062 2,660 2,584 Property, plant, and equipments gross 7,089 6,859 6,739 6,758 Depreciation, depletion and amortization (accumulated) 4,148 3,926 3,834 3,903 Property, plant, and equipment net 2,941 2,933 2,905 2,855 Intangibles 1,700 1,685 632 370 Other assets 1,391 1,234 1,190 1,059 TOTAL ASSETS 9,125 8,914 7,387 6,868 LIABILITIES Accounts payables 764 755 630 646 Accrued expense 606 649 634 564 Other current liabilities 12 26 11 8 Operating current liabilities 1382 1430 1275 1218 Average debt 2,881 2,254 1,710 1,592 Debt 2,971 2,790 1,718 1,701 Deferred taxes 543 520 440 406 Minority interest 128 98 87 82 Other liabilities 1,004 970 987 952 EQUITY Common stock 484 484 484 484 Capital surplus 102 104 105 99 Retained earnings 6,019 5,786 5,489 4,916 Less: treasury stock - total dollar amount 3,508 3,268 3,198 2,990 Total stockholders equity 3,097 3,106 2,880 2,509 TOTAL LIABILITIES AND EQUITY 9,125 8,914 7,387 6,868
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(Million $) 1996 1995 1994 1993 1992 1991 70 106 62 112 61 38 1,226 1,245 1,229 997 1,023 1,058 797 738 686 683 742 875 205 187 191 234 124 203 2,296 2,276 2,168 2,026 1,951 2,173 6,688 6,464 6,163 6,042 6,158 6,212 3,775 3,629 3,420 3,255 3,186 3,029 2,914 2,835 2,742 2,787 2,972 3,183 23 0 0 0 0 0 1,208 1,084 983 838 739 700 6,441 6,194 5,894 5,652 5,662 6,056 602 583 518 436 447 520 504 520 481 423 323 348 15 41 55 67 48 62 1121 1144 1054 926 818 930 1,352 1,183 1,137 1,218 1,441 1,574 1,482 1,221 1,144 1,129 1,307 1,574 419 355 303 269 472 476 76 68 70 52 60 76 861 837 766 803 306 347 484 484 484 242 242 242 97 81 68 298 233 230 4,569 4,063 3,494 3,158 3,424 3,369 2,667 2,060 1,489 1,225 1,200 1,186 2,483 2,569 2,557 2,473 2,699 2,655 6,441 6,194 5,894 5,652 5,662 6,056
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PPG Corporation Income Statements, 1991- 2 2000 1999 1998 1997 Sales 8,629 7,757 7,510 7,379 Cost of goods sold 5,334 4,696 4,476 4,397 Selling, general, and administrative expense 1,646 1,514 1,404 1,318
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