BD_DC09 - GE Cost of Equity Ret. On New Invest WACC 1a 1b...

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GE All numbers except share price are in thousands Cost of Equity 10.50% Ret. On New Invest 12.00% WACC 7.50% 1a Current Stock Price 32.25 1b Dividend 1 2a # Shares Outst 10,400,000 2b Payout Ratio 58% 3 Growth next 5 yrs 10.00% Dividend Discount Method 5a Year 0 1 2 3 4 5 5b Dividend 1 1.1 1.21 1.33 1.46 1.61 5c L-term Growth 5.04% 5d P5 30.98 Present Value 1 0.99 0.99 0.98 19.78 5e Current Price $23.74 6 Enterprise Value Method 31-Dec-05 31-Dec-04 31-Dec-03 Average 6a)i EBIT/Sales 0.26 0.21 0.23 0.23 6a)ii Tax Rate 0.17 0.18 0.22 0.19 6a)iii PPE/Sales 0.45 0.44 0.4 0.43 6a)iv Depreciation 8,538,000 8,385,000 6,956,000 Depr/PPE 0.13 0.13 0.13 0.13 Net Working Cap -154,321,000 -130,409,000 17,373,000 6a)v NWC/Sales -1.03 -0.85 0.13 -0.58 6b Year Current 1 2 3 4 5 6* 7* 6c Sales 149,702,000 164,672,200 181,139,420 199,253,362 219,178,698 241,096,568 253,247,835 266,011,526 6d PPE 67,528,000 70,574,183 77,631,602 85,394,762 93,934,238 103,327,662 108,535,376 114,005,559 6d NWC (154,321,000) (96,304,673) (105,935,140) (116,528,654) (128,181,519) (140,999,671) (148,106,055) (155,570,600) Depreciation 8,993,821 9,893,203 10,882,523 11,970,775 13,167,853 13,831,513 14,528,621 6d EBIT 38,129,118 41,942,030 46,136,233 50,749,856 55,824,842 58,638,414 61,593,790 EBIT*(1-T) 30,982,680 34,080,948 37,489,043 41,237,947 45,361,742 47,647,974 50,049,432 Depreciation 8,993,821 9,893,203 10,882,523 11,970,775 13,167,853 13,831,513 14,528,621 Capital Investment 3,046,183 7,057,418 7,763,160 8,539,476
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BD_DC09 - GE Cost of Equity Ret. On New Invest WACC 1a 1b...

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