Johnson & Johnson (JNJ:NYS) Fundamental Valuation Report

This Analyst style Report was generated using the tools available on the Stockcalc.com website disclaimer. Patchell Brook Equity Analytics Inc. emphasizes that all activities conducted by users at or via this website are at their own risk. The user assumes all risks associated with the use of this website including, but not limited to, all terms and conditions mentioned in the legal disclaimer.
Johnson & Johnson$139.10 (USD) Close Price as of15/11/2017

Based on the analysis conducted in this report, Johnson & Johnson, (JNJ:NYS) is found to be Undervalued (refer below to each of the models for detailed calculations and assumptions).

Company
Johnson & Johnson
Symbol:Exchange
JNJ:NYS
Industry
Healthcare:Drug Manufacturers-Major
Close Price/Date
$139.10 (USD) 15/11/2017
Weighted Average Valuation
$146.71 (USD)
Summary
JNJ:NYS is found to be Undervalued by 5.5% using the 3 valuation models shown below.
Valuation Models Used
Analyst Consensus: $148.00 (USD)
(in order of importance)
Discounted Cash Flow: $159.11 (USD)
Comparables: $118.03 (USD)

Valuation Methods Analysis
This company is:
Cash Flow Basis:
Undervalued on a Cash Flow Valuation basis
Comparable Company Basis:
Overvalued on a Comparable Valuation basis
Asset Basis:
Overvalued on an Asset Valuation basis

Johnson & Johnson Valuations

Summary chart  ? Click here for help
  • Discounted Cash Flow

    Using a discounted cash flow model we generated an intrinsic value of $159.11 (USD) for JNJ:NYS
    Details of the DCF model are shown below
  • Comparables Model

    Using similar companies and price based ratios we generated a valuation of $118.03 (USD) for JNJ:NYS. We also generated a valuation of $135.32 (USD) using other metrics and comparables.
    The comparable companies were AbbVie (ABBV:NYS), Bristol-Myers Squibb (BMY:NYS), Merck & Co (MRK:NYS) and Pfizer (PFE:NYS)
    Details of the Comparables Model are shown below
  • Multiples

    Using a multiples approach we generated a valuation of $115.56 (USD) for JNJ:NYS
    Details of the Multiples Model are shown below
  • Adjusted Book Value versus Historical Price to Book

    Using an Adjusted Book Value versus Historical Price to Book we generated a value of $107.78 (USD) for JNJ:NYS
    Details of the Adjusted Book Value Model are shown below
  • Analyst Data

    In the Stockcalc database there are 4 analysts that provide a valuation for JNJ:NYS.
    The 4 analysts have a concensus valuation for JNJ:NYS for 2018 of $148.00 (USD).
    Details of the Analyst Data are shown below
  • Summary

    If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=5AB4CB78508548F2928F415239C64125

Company Overview (JNJ:NYS USD)

Price 139.15
Range 138.99 - 139.68
52 week 109.32 - 144.35
Open 139.42
Vol / Avg. 117,858.00/5.23M
Mkt cap 373.83B
P/E 24.18
Div/yield 0.84/2.41
EPS 5.76
Shares 2.69B
Beta 0.82
Inst. own 68%
Summary chart

Detailed Company Description

Johnson & Johnson is a holding company, which is engaged in the research and development, manufacture and sale of products in the health care field within its Consumer, Pharmaceutical and Medical Devices segments.

Financial Data for JNJ:NYS

The following presents the last up to 5 years of the companies Income Statement, Balance Sheet and Cash Flow data.

Income Statement

Line Item USD Millions 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31
Total Revenue 67,224 71,312 74,331 70,074 71,890
Cost Of Revenue 21,658 22,342 22,746 21,536 21,685
Gross Profit 45,566 48,970 51,585 48,538 50,205
Selling General And Administration 20,869 21,830 21,954 21,203 19,945
Research And Development 7,665 8,183 8,672 9,046 9,095
EBITDA 17,973 20,057 24,991 23,494 24,283
Depreciation and Amortization 3,666 4,104 3,895 3,746 3,754
Operating Expense 29,697 30,593 30,626 30,473 29,040
Operating Income 15,869 18,377 20,959 18,065 21,165
EBIT 14,307 15,953 21,096 19,748 20,529
Interest Income 64 74 67 128 368
Interest Expense 532 482 533 552 726
Pre-Tax Income 13,775 15,471 20,563 19,196 19,803
Tax Provision 3,261 1,640 4,240 3,787 3,263
Net Income 10,853 13,831 16,323 15,409 16,540

Diluted Average Shares 2,813 2,877 2,864 2,813 2,789
Diluted EPS 3.86 4.81 5.70 5.48 5.93

Balance Sheet

Line Item USD Millions 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31
Total Assets 121,347 132,683 131,119 133,411 141,208
Current Assets 46,116 56,407 59,311 60,210 65,032
Cash And Cash Equivalents 14,911 20,927 14,523 13,732 18,972
Other Short Term Investments 6,178 8,279 18,566 24,644 22,935
Receivables 11,309 11,713 10,985 10,734 11,699
Inventory 7,495 7,878 8,184 8,053 8,144
PrepaidAssets 3,084 4,003 3,486 3,047 3,282
Deferred Income Taxes 3,139 3,607 3,567 0 0
Other Current Assets 0 0 0 0 0
Total Non Current Assets 75,231 76,276 71,808 73,201 76,176
Gross PPE 34,654 37,133 36,685 36,648 37,773
Accumulated Depreciation -18,557 -20,423 -20,559 -20,743 -21,861
Net PPE 16,097 16,710 16,126 15,905 15,912
Goodwill 22,424 22,798 21,832 21,629 22,805
Intangibles 28,752 27,947 27,222 25,764 26,876
Other Non Current Assets 7,958 8,821 6,628 9,903 10,583
Total liabilities 56,521 58,630 61,367 62,261 70,790
Current Liabilities 24,262 25,675 25,085 27,747 26,287
Payables 6,895 7,036 8,133 7,418 7,889
Current debt 4,676 4,852 3,638 7,004 4,684
Current capital lease obligation 0 0 0 0 0
Other current liabilities 0 0 0 0 0
Non Current Liabilities 32,259 32,955 36,282 34,514 44,503
Long Term Debt 11,489 13,328 15,122 12,857 22,442
Long Term Capital Lease 0 0 0 0 0
Other Non Current Liabilities 0 0 0 0 0
Total Equity 64,826 74,053 69,752 71,150 70,418
Stockholders Equity 64,826 74,053 69,752 71,150 70,418
Preferred Stock 0 0 0 0 0
CapitalStock 3,120 3,120 3,120 3,120 3,120
Common Stock 3,120 3,120 3,120 3,120 0
Treasury Stock 18,476 15,700 19,891 22,684 28,352
Retained Earnings 85,992 89,493 97,245 103,879 110,551
Other Equity -42,762 -34,260 -50,504 -58,533 0
Total Liabilities and Total Equity 121,347 132,683 131,119 133,411 141,208

Cash Flow

Line Item USD Millions 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31
Net Income 10,514 13,831 16,323 15,409 16,540
Depreciation and amortization 3,666 4,104 3,895 3,746 3,754
Amortization of debt discount/premium and issuance costs 0 0 0 0 0
Investment/asset impairment charges 2,131 0 0 0 0
Investments losses (gains) 0 -417 0 0 0
Deferred income taxes -39 0 0 0 -341
Stock based compensation 662 728 792 874 878
Accounts receivable -9 -632 -247 -433 -1,065
Inventory -1 -622 -1,120 -449 -249
Prepaid expenses 0 0 0 0 0
Accounts payable 0 0 0 0 0
Accrued liabilities 0 0 0 0 0
Income Tax Payable 0 0 0 0 0
Interest payable 0 0 0 0 0
Other working capital -4,727 -1,508 -654 2,224 -1,115
Other non-cash items 3,199 1,930 -518 -2,092 365

Net cash provided by operating activities 15,396 17,414 18,471 19,279 18,767
Investments in property, plant, and equipment -2,934 -3,595 -3,714 -3,463 -3,226
Property, plant, and equipment reductions 1,509 458 0 0 0
Acquisitions, net -4,486 -835 2,502 2,510 -4,509
Purchases of investments -13,434 -18,923 -34,913 -40,828 -33,950
Sales/Maturities of investments 14,797 18,058 24,119 34,149 35,780
Other investing activities 38 -266 -299 -103 1,144

Net cash used for investing activities -4,510 -5,103 -12,305 -7,735 -4,761
Debt issued 3,313 5,018 3,961 2,491 12,115
Debt repayment -6,979 -2,990 -3,111 -1,112 -4,240
Common stock issued 0 0 0 0 0
Preferred stock issued 0 0 0 0 0
Cash dividends paid -6,614 -7,286 -7,768 -8,173 -8,621
Other financing activities -10,282 -833 -5,342 -4,052 -7,805

Net cash provided by, used for activities -20,562 -6,091 -12,260 -10,846 -8,551
Effect of exchange rates 45 -204 -310 -1,489 -215
Net change in cash -9,631 6,016 -6,404 -791 5,240
Cash at beginning of period 24,542 14,911 20,927 14,523 13,732
Cash at end of period 14,911 20,927 14,523 13,732 18,972
Operating cash flow 15,396 17,414 18,471 19,279 18,767
Capital expenditure -2,934 -3,595 -3,714 -3,463 -3,226
Free cash flow 12,462 13,819 14,757 15,816 15,541
User Notes on the Financial Statements about this company:

Ratio Data for JNJ:NYS

Profitability Ratios

Year 2012 2013 2014 2015 2016
Gross Margin (%) 67.78 68.67 69.4 69.27 69.84
Operation Margin (%) 23.61 25.77 28.2 25.78 29.44
Tax Rate (%) 23.67 10.6 20.62 19.73 16.48
Net Margin (%) 16.14 19.4 21.96 21.99 23.01
Sales per Employee 526834 556690 587597 551330 568750
EBIT Margin (%) 21.28 22.37 28.38 28.18 28.56
EBITDA Margin (%) 26.74 28.13 33.62 33.53 33.78
Net Profit Margin (%) 17.87 20.21 21.96 20.09 24.4
Interest Coverage 26.89 33.1 39.58 35.78 28.28

Efficiency Ratios

Year 2012 2013 2014 2015 2016
Days In Sales 59.43 58.92 55.73 56.56 56.95
Days In Inventory 116.12 125.57 128.87 137.6 136.31
Days In Payment 97.38 98.81 111.52 121.19 114.34
Cash Conversion Cycle 78.17 85.68 73.08 72.97 78.92
Receivable Turnover 6.14 6.2 6.55 6.45 6.41
Inventory Turnover 3.14 2.91 2.83 2.65 2.68
Payment Turnover 3.75 3.69 3.27 3.01 3.19
Fixed Assets Turnover 4.36 4.35 4.53 4.38 4.52
Assets Turnover 0.57 0.56 0.56 0.53 0.52
ROE (%) 17.81 19.92 22.7 21.87 23.37
ROA (%) 9.24 10.89 12.38 11.65 12.05
ROIC (%) 14.36 16.44 18.58 17.64 17.92
FCF Sales Ratio (%) 18.54 19.38 19.85 22.57 21.62
FCF Net Income Ratio (%) 114.83 99.91 90.41 102.64 93.96
Capital Expenditure Sales Ratio (%) 4.36 5.04 5 4.94 4.49

Financial Health

Year 2012 2013 2014 2015 2016
Current Ratio 1.9 2.2 2.36 2.17 2.47
Quick Ratio 1.34 1.59 1.76 1.77 2.04
Long Term Debt Total Capital Ratio (%) 15.05 15.25 17.82 15.3 24.17
Long Term Debt Equity Ratio 0.18 0.18 0.22 0.18 0.32
Financial Leverage 1.87 1.79 1.88 1.88 2.01
Total Debt To Equity Ratio 0.25 0.25 0.27 0.28 0.39

Valuation Ratios

Year 2012 2013 2014 2015 2016
Sustainable Growth Rate (%) 6.73 8.35 13.01 8.83 10.08
Payout Ratio (%) 62.18 56.7 45.03 55.56 54.39
Cash Return 0.07 0.06 0.06 0.06 0.05
Sales Per Share 23.9 24.59 25.92 24.98 25.59
Book Value Per Share 23.33 24.75 27.52 25.86 26.75
CFO Per Share 5.47 5.81 6.35 6.57 6.04
FCF Per Share 4.43 4.65 5.08 5.3 4.79
Earning Yield (%) 5.51 4.89 5.78 5.08 4.95
PE Ratio 18.16 20.44 17.31 19.68 20.21
Sales Yield (%) 34.1 26.84 24.79 24.32 22.21
PS Ratio 2.93 3.73 4.03 4.11 4.5
Book Value Yield (%) 33.28 27.02 26.32 25.18 23.22
PB Ratio 3 3.7 3.8 3.97 4.31
CF Yield (%) 7.81 6.34 6.08 6.4 5.25
PCF Ratio 12.81 15.78 16.46 15.62 19.06
FCF Yield (%) 6.32 5.08 4.86 5.16 4.16
FCF Ratio 15.82 19.7 20.57 19.37 24.03
Dividend Yield (%) 3.42 2.83 2.64 2.87 2.73
Forward Dividend Yield (%) 3.48 2.88 2.68 2.92 2.78
Forward Earning Yield (%) 7.96 6.56 5.99 6.34 6.22
Forward PE Ratio 12.56 15.24 16.69 15.77 16.08
PEG Ratio 2.28 3.17 3.51 4.56 3.78
PEG Payback 8.81 10.71 11.58 11.8 11.52
Dividend Rate 2.64 2.8 2.8 3 3.2
Working Capital Per Share 7.87 9.34 13.29 13.82 14.74
EV To EBITDA 10.56 12.22 10.87 11.92 12.67
Buy Back Yield (%) 6.63 1.18 1.67 2.16 2.82
Total Yield (%) 10.05 4.01 4.31 5.03 5.55

User Notes on the Financial Statement Forecast for this company:

Valuation Details and Assumptions

Cost of Capital

We have calculated the WACC for JNJ:NYS to be 7.75 based on the following assumptions:
WACC chart
Component
Value
%
K
Cost Of
Common Equity
374527760170
91
Ke
8.30
Debt (Book Value)
35166000000
9
Kd
2.24
Preferred (Book Value)
0
0
Kp
0.00
Enterprise Value
409693760170
100
Weighted Average Cost of Capital
WACC
7.75
The Company's Beta was calculated as 0.78 using a 60 month time frame and the Dow Jones index.


Note: Higher risk premiums imply investors require greater returns
The Company's Cost of Preferred equity was calculated using the preferred stock dividend divided by the book value of prefrerred shares for the company
The Company's Cost of Debt was calculated as the weighted average Interest paid for the last 3 years divided by the book value of weighted average interest bearing debt outstanding

Analyst Coverage

We have 4 Analysts covering JNJ:NYS.

JNJ:NYS Johnson & Johnson

Current Price: not available

Analyst Consensus
USD Millions201720182019
Mean EPS7.217.838.01
# EPS Analysts663
Mean Revenue76,065.5079,325.9083,098.90
# Revenue Analysts553
Mean Target Price148.00
Mean Cash Flow8.249.6610.67
Mean EBITDA28,795.0030,434.2033,236.50
Mean Net Income19,571.9020,913.3021,904.90
Mean Debt Outstanding-14,605.10-10,224.80-10,034.50
Mean Tax Rate19.4518.9518.90
Mean Growth Rate6.01
Mean Capital Expenditure3,545.903,641.003,483.10
Analyst Recommendation
BuyHoldSellRating
(of 5)
GuidanceAs Of
4104.1667Outperform2017-11-14
Based on the 4 Analysts we have covering JNJ:NYS we see a consensus price target for 2018 of $148.00 (USD).

Forecasted Financial Statements

The resulting projections of the 4 analysts are shown here:

Income Statement Projections for
JNJ:NYS Johnson & Johnson

Line Item USD Millions20122013201420152016Weighted
Average
Total Revenue67,22471,31274,33170,07471,890100.00
Cost Of Revenue21,65822,34222,74621,53621,68530.69
Gross Profit45,56648,97051,58548,53850,20569.31
Selling General And Administration20,86921,83021,95421,20319,94529.36
Research And Development7,6658,1838,6729,0469,09512.28
EBITDA17,97320,05724,99123,49424,28332.49
Depreciation and Amortization3,6664,1043,8953,7463,7545.34
Operating Expense29,69730,59330,62630,47329,04041.94
Operating Income15,86918,37720,95918,06521,16527.37
EBIT14,30715,95321,09619,74820,52927.14
Interest Income6474671283680.26
Interest Expense5324825335527260.83
Pre-Tax Income13,77515,47120,56319,19619,80326.31
Tax Provision3,2611,6404,2403,7873,2634.73
Net Income10,85313,83116,32315,40916,54021.61
Diluted Average Shares2,8132,8772,8642,8132,789

Diluted EPS3.864.815.705.485.93
# Of Analysts663

As a measure of Cash flow for the company we start with the EBITDA above and adjust as you see in the Discounted Cash Flow Analysis

Discounted Cash Flow

Using a Discounted Cash flow model we generate a Value per share for JNJ:NYS of $159.11 (USD)
Year 2017 2018 2019 Terminal Growth Rate(%)
EBITDA (Cash Flow)
Normalizations & Adjustments
Normalized EBITDA
Tax Rate(%)
+/- Tax Loss Carry Forward
Net Operating After Tax Cash Flow
Capital Investment Required (Estimate)
Tax Shields on Capital Investment
Incremental Working Capital Requirements
Discretionary Cash Flow
Terminal Multiple ( 100 / (WACC - Growth Rate ))
Capitalized Terminal Value
Year: (For Discounted Calculations)
WACC:
Discounted Annual Cash Flows
Present Value of Discretionary Cash Flow
Discounted Terminal Value
Total Discounted Cash Flow
Present Value of Tax Shields
Redundant Assets
Enterprise Value
Less Interest Bearing Debt
En Block Fair MarketValue(FMV) Equity
Book Value of Preferred Equity
Value of Common Equity
Number of Fully Diluted Shares Outstanding
Calculated Value Per Share ($/share)

Discounted Cash Flow Sensitivity Analysis for JNJ:NYS

JNJ:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $159.11 1% 5% 1% 5%
WACC (or Ke) 7.75 $202.38 $130.39
Terminal Growth Rate 2.80 $132.84 $198.67
Tax Rate 0.16 $170.00 $148.22
Cash Flow 34,167,122,000 $149.30 $168.91
Capital Expenditures -3,386,400,000 $158.21 $160.01
Long Term Debt 26,989,000,000 $159.61 $158.61

Comparable Companies

(Using Price Based Ratios)

We ran JNJ:NYS against comparable companies in its space and generated a valuation of $118.03 (USD). The comparable companies included AbbVie (ABBV:NYS), Bristol-Myers Squibb (BMY:NYS), Merck & Co (MRK:NYS) and Pfizer (PFE:NYS)
Company JNJ:NYS End Date Value
Earnings/Share
Book Value/Share
Sales/Share
Cash Flow/Share
EBITDA/Share
Price Based on Comps Adjustment Factor (%)
JNJ:NYS Ratios Used Average Values ABBV:NYS BMY:NYS MRK:NYS PFE:NYS
23.59 PE Ratio 22.17 24.18 29.78 25.59
5.21 PB Ratio 23.98 6.83 3.80 3.57
5.31 PS Ratio 5.47 4.98 3.81 4.08
18.61 PCF Ratio 20.56 19.00 14.95 13.95
16.00 EV to EBITDA 15.86 15.93 14.32 13.65
Comparables chartComparables chartComparables chartComparables chartComparables chart

Other Ratios

Companies that do not have revenue yet or experience negative incomes can be valued against their peer group using other ratios such as Cash/share, Returns, Market Cap and Net PPE.
Using this approach we generate a valuation for JNJ:NYS of $135.32 (USD)
Company JNJ:NYS End Date Value
Cash/Share
Book Value/Share
MarketCap
1 Year Return
NetPPE
Price Based on Comps Adjustment Factor (%)
Ratios Used Average Values ABBV:NYS BMY:NYS MRK:NYS PFE:NYS
Cash / Share 3.16 2.54 2.35 0.43
Book Value / Share 3.48 9.17 14.97 10.03
Market Cap 111,159,242,427 93,699,516,448 173,066,582,276 200,084,746,439
1 Year Return 0.62 0.21 -0.06 0.11
Net PPE 2,604,000,000 4,980,000,000 12,026,000,000 13,318,000,000

Multiples Approach

(We use the term multiples to describe valuing the company against its previous ratio values)
Using a multiples model we see JNJ:NYS is Overvalued and generate a valuation of $115.56 (USD)
Ratios Ratio Average
PE Ratio
PB Ratio
PS Ratio
PCF Ratio
EV to EBITDA
Price Based on Comps Adjustment Factor
Company JNJ:NYS End Date Value
Earnings/Share
Book Value/Share
Sales/Share
Cash Flow/Share
EBITDA/Share

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for JNJ:NYS for the last 10 years was 4.14
We ran the Adjusted Book Value for JNJ:NYS as follows and see a value of $26.02 (USD)
By multiplying these we get an adjusted valuation of $107.78 (USD)

Line Item Most Recent Book Value Estimated FMV Realizable %
Total Assets
Current Assets
Cash and Cash Equilivents
Other Short Term Investments
Receivables
Inventory
Prepaid Assets
Deferred Income Taxes
Other Current Assets
Non-Current Assets
Gross PPE
Accumulated Depreciation
Net PPE
Goodwill
Other Intangible Assets
Other Non-Current Assets
Total Liabilities
Current Liabilities
Payables
Current Debt
Current Capital Lease Obligation
Other Current Liabilities
Non-Current Liabilities
Long Term Debt
Long Term Capital Lease Obligation
Other Non-Current Liabilities
Total Equity
Stockholder's Equity
Preferred Stock
Common Stock
Treasury Stock
Retained Earnings
Other Equity
Total Liabilities and Equity
ANBV Equity Common Shareholders
Number Shares Outstanding
Adjusted NetBook Value per Share USD $

Sector and Industry Analysis

JNJ:NYS 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
P:E 20.21 19.68 17.31 20.44 18.16 16.00 12.94 14.64 13.09 18.37
P:B 4.31 3.97 3.80 3.70 3.00 2.91 3.00 3.51 3.90 4.37
P:S 4.50 4.11 4.03 3.73 2.93 2.83 2.80 2.90 2.66 3.18
P:CF 19.06 15.62 16.46 15.78 12.81 12.42 10.53 10.84 11.33 12.74
EV:EBITDA 12.67 11.92 10.87 12.22 10.56 9.31 7.82 9.11 8.17 11.60
Healthcare:Drug Manufacturers-Major 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
P:E 49.04 27.61 27.18 28.26 16.16 13.53 24.16 15.19 11.36 19.25
P:B 55.12 6.22 5.57 5.35 3.31 3.15 2.61 2.90 3.17 4.19
P:S 3.51 3.89 3.65 2.89 2.45 2.17 2.09 3.45 2.59 3.24
P:CF 19.89 21.51 13.95 14.56 10.36 9.15 9.45 19.62 9.14 15.68
EV:EBITDA 16.58 16.12 -1121.13 13.80 9.16 6.94 7.38 9.62 1.68 11.30

Summary

Based on the analysis conducted in this report Johnson & Johnson , (JNJ:NYS) is found to be Undervalued.
If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=5AB4CB78508548F2928F415239C64125

About Stockcalc:

If you would like to explore the Stockcalc website and quickly run valuation reports like this simply create an account at www.stockcalc.com. Use the walk-throughs (click the walking man icon), videos (video icon on each page) or the help menu to understand navigating the site. The site also has a number of tools for detailed data query, backtesting, forecasting and valuation. We have a no restrictions 30 day free trial available with promo code ‘‘Stockcalc30’’.

Notice to User:

The contents of this website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information on this website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculation or recommendations provided by third parties through links to other websites or otherwise made available through this website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the “Terms of Use” on www.stockcalc.com for further information.