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- 五分鐘看懂財務報表-金百利克拉克2020年年報
開場
l 歡迎來到五分鐘看懂財務報表
l 今天來看金百利克拉克2020年年報
l 1872年 金百利、巴柏克、克拉克、沙特克四人合夥，每人出資7500美元成立金百利克拉克公司，在威斯康辛州建造了第一座報紙球磨機。
l 克拉克曾擔任威斯康辛州尼那市長、市議會議員、州議會議員、眾議員，1890年連任失敗之後，隔年九月在紐約沃特敦，他在返回老家途中死於腎炎，得年47歲。
l 在世紀交替之前，克拉克、沙特克都已過世，之後不久金百利也退休居於加州雷德蘭茲，留下唯一在任的原始合夥人巴柏克，面對一場暴力罷工與針對金百利克拉克和其他造紙商的反托拉斯訴訟。
l 他的家人將巴柏克送去伊利諾州溫內特卡的一所養老院以調養身體，但幾年的沉重壓力造成巴柏克於1905年在該地過世。
l 金百利在1928年，於加州雷德蘭茲的家中過世，仍是公司董事長，
l 金百利克拉克於1928年上市。
l 現任CEO是徐麥可
主體1
l 金百利克拉克是標普500指數成分股
l 在2020年12月31日，它擁有46000名員工。
l 旗下品牌商品有舒潔Kleenex面紙,女性衛生用品Kotex靠得住, Scott可麗舒衛生紙，好奇Huggies一次性尿片
主體2
l 內在價值是每股55美元，這是用現金流折現模型計算，藉由現金流折現模型，要探討3件事，成長倍數、自由現金流、股東權益，這三項構成了內在價值，成長倍數是一個實際的值，可以用公司的成長來計算，再將自由現金流乘上它，以得到未來一年至數年成長後的盈餘。
l 實際上，近年股東權益在減少，實際股東權益比預期地少，2014年以前，股東權益為大約45億，僅過了一季就下降為10億，並持續下降。2014年，員工配股金額達到12億元。
l 金百利克拉克在2018年裁員5000名
主體3
l 來到資產負債表
l 總資產為175億元
財產、工廠與設備佔80億元
l 總負債為166億元
l 股東權益為9億元
主體4
l 來到損益表
l 營收為190億元
l 營業成本為123億元
l 稅後淨利為24億元
主體5
l 來到現金流量表
l 現金與約當現金為3億元
主體6
l 來到股東權益變動表
l 它過去三年每年發放14億股息
l 它過去三年每年買回庫藏股約8億元。
1.股價 Stock Price 134.18
2. 本益比<15 P/E ratio 20.12 X
3. 股價淨值比<1.5 P/B ratio 60.72 X
4. 股東權益報酬率ROE>10% 323.33% O
5. 大股東持股比例 Insider Ownership >20% 0.10% X
6. 市值 Market Capitalization> 10,000,000,000. 45490000000 O
7. 在產業中排名前 Ranking top 30% in the industry - -
8. 負債比<50% Debt ratio 95.67% X
9. 流動資產/流動負債>200% Current ratio 77.00% X
10. 20年連續發放股息 Pay dividends in 20 consecutive years O O
11. 過去十年每年都獲利 Made profit each year in the past 10 years X X
12. 營業現金流/稅後淨利 OCF/NI >80% 588.00% O
13. 過去十年EPS成長30% EPS growth in past 10 years 41.23% O
14. 每股自由現金流>0 FCF per share 5.50 O
5 min - 5 minutes value investing-COSTCO 2020 annual report
開場 CEO
l Welcome to 5 Minutes Value investing.
l Today we view COSTCO 2020 annual report.
l ...The now global chain of warehouse stores counts for more than 55 million members around the world and around 90% of them renew their membership each year.
l However, younger generations of consumers has grown up shopping online, and companies such as Amazon has taken some of COSTCO’s secrets and apply them to E-commerce.
主體1 business
l Costco is a combination of 2 companies, and Price Club, founded in 1976, was one of them.
l The store took its name from founder Sol Price, a Bronx born attorney, who in many ways pioneered the club warehouse model more than 2 decades before starting Price club.
l A few years later, 2 men named Jeff Brotman and James Sinegal founded COSTCO in the Seatle Washington area in 1983.
l Price club and COSTCO merged in 1993.
主體2
l The margin from the products on the shelf is extremely thin. Much thinner than those grocery stores, for example.
l Instead, COSTCO’s profit comes from its memberships. Most of their net income comes from membership fee revenue, 88% of their total net income came in the form of membership revenue.
l The company uses its massive number of members as leverage when negotiating with suppliers.
l Because the hours of operation are shorter than other retailers, and due to other efficiencies inherent in a warehouse-type operation, labor costs are lower relative to the volume of sales.
l It’s also known for treating its workers well. Employees of COSTCO stores make better wages than those at many other retailers.
主體3 balance sheets.
l Let’s view balance sheets.
l Total assets are 55.5 billion.
property and equipment is 21.8 billion.
l Total liabilities are 36.8 billion.
l Total shareholder’s equity is 18.7 billion.
主體4 statements of earnings.
l Let’s view statements of income.
l Total revenues are 167 billion.
l Membership fees are 3.5 billion.
l Net income is 4 billion
l
主體5 statements of cash flows
l Let’s view statements of cash flows
l Cash and cash equivalents and restricted cash at end of year is 12 billion.
主體6 statements of changes in shareholder’s equity
l Let’s view statements of changes in shareholder’s equity.
l COSTCO has repurchased common stock for 3 consecutive years.
1.股價
Stock Price 384.322. 本益比<15
P/E ratio 38.58 X3. 股價淨值比<1.5
P/B ratio 10.55 X4. 股東權益報酬率ROE>10% 26.18% O
5. 大股東持股比例
Insider Ownership >20% 0.10% X6.市值
Market Capitalization> 10,000,000,000.169,390,000,000 O
7. 在產業中排名前 Ranking top 30% in the industry - -
8. 負債比<50% Debt ratio 70.63% X
9. 流動資產/流動負債>200% Current ratio 100.00% X
10. 20年連續發放股息 Pay dividends in 20 consecutive years - -
11. 過去十年每年都獲利 Made profit each year in the past 10 years O O
12. 營業現金流/稅後淨利
OCF/NI >80% 571.53% O13. 過去十年EPS成長30%
EPS growth in past 10 years 141.05% O14. 每股自由現金流>0
FCF per share 27.75 O5 min - 5 min
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