назад Оглавление вперед


[Старт] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [ 41 ] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88] [89] [90] [91] [92] [93] [94] [95] [96] [97] [98] [99] [100] [101] [102] [103] [104] [105] [106] [107] [108] [109] [110] [111] [112] [113] [114] [115] [116] [117] [118] [119] [120] [121] [122] [123] [124] [125] [126] [127] [128] [129] [130] [131] [132] [133] [134] [135] [136] [137] [138] [139] [140] [141] [142] [143] [144] [145] [146] [147] [148] [149] [150] [151] [152] [153] [154] [155] [156] [157] [158] [159] [160] [161] [162] [163] [164] [165] [166] [167] [168] [169] [170] [171] [172] [173] [174] [175] [176] [177] [178] [179] [180] [181] [182] [183] [184] [185] [186] [187] [188] [189] [190] [191] [192] [193] [194] [195] [196] [197] [198] [199] [200] [201] [202] [203] [204] [205] [206] [207] [208] [209] [210] [211] [212] [213] [214] [215] [216] [217] [218] [219] [220] [221] [222] [223] [224] [225] [226] [227] [228] [229] [230] [231] [232] [233] [234] [235] [236] [237] [238] [239] [240] [241] [242] [243] [244] [245] [246] [247] [248] [249] [250] [251] [252] [253] [254] [255] [256] [257] [258] [259] [260] [261] [262] [263] [264] [265] [266] [267] [268] [269] [270] [271] [272] [273] [274] [275] [276] [277] [278] [279] [280] [281] [282] [283] [284] [285] [286] [287] [288] [289] [290] [291] [292] [293] [294] [295] [296] [297] [298] [299] [300] [301] [302] [303] [304] [305] [306] [307] [308] [309] [310] [311] [312] [313] [314] [315] [316] [317] [318] [319] [320] [321] [322] [323] [324] [325] [326] [327] [328] [329] [330] [331] [332] [333] [334] [335]


41

Корпорация "Спн-дард энд иурз" (S&P) - это издатель рядафишиеових сводок и обзоров, в том числе "Корпорейшн рекорде {обзоры корпораций) и "Сток рипортс (сводки динамики акций).

Агентство "Мудиз Инвеспф сёрвн-сю" - зто издатель различных финансовых справочников, в том числе "Мудиз мзню-глз".

чески обновляемую информацию. Кроме этих основных изданий, подписчик за отдельную плату моиайг покупать и другие, дающие информацию более широкого или, наоборот, углубленного характера. Большинство агентств публикуют как описательную, так и аналитическую информацию, но, как правило, не дают никаких рекомендаций. На эти издания подписы-вшотся корпорации, банки, страх<»ые компании, брокерские фирмы, библиотеки, а также индивидуальные подписчики. Но большинство инвесторов не подписываются на эти издания, а бут их у своих брокеров либо в крупных публичных или университетских библиотеках. Главные агентства, распространяющие информацию по подписке, - это корпорация "Стэн-дард энд пурз", агентства "Мудиз инвестор сёрвисиз" и "Вэлью Лайн инвестмент сёрвей".

Корпорация "Стандгфд энд пурз" (S&P) издает примерно 25 различных финансовых отчетов и обзоров. Ее главное издание - "Корпорейшн рерсордс" (обзоры корпораций) - содержит подробные описания выпусков ценных бумаг, наж)дящихся в открытой торговле. Другой важный материал этого агентства - "Сток рипортс" (сводаси динамики акций) - содержит сводки самой свежей информации о фирмах. Каждая такая сводка - это KpaTiofe сведения о финансовом состоянии фирмы в прошлом, ее текущем финансовом положении, а также о перспективах (только для небольшого круга компаний). Образец такой сводки компании "Истмэн кодак" от 16 ноября 1988 г. приведен на рис. 3.3. Информация "Стэндард энд пурз" по отраслям и фирмам дает общие сведения, оценку прошлого, настоящего и будущего положения в раде отраслей. Дополнительные издания S&P - "1оводсгво по акциям" и "Руководство по облигациям". Это ежемесячные издания, содержащие информацию о важнейших акциях и облигациях, а также описательные данные и результаты анализа надежности ценных бумаг или их рейтинг по степени привлекательности для инвесторов. На рИс 3.4 цоказаны на развороте две страницы из "Руководства по акциям" от марта 1989 г. Акциям "Истмэн кодак" присвоен рейтинг А - свидетельство о принадлежности к группе инструментов с самым высоким рейтингом. Среди других эаагживающих упоминания публикаций S&P- еженедельный журнал "Аутлук", в котором размещаются аналитические статьи, содер-яшцие советы инвесторам по поводу состояния рынка, а также по поводу отдельных отраслей или ценных бумаг.

Агентстао "Мудиз инвестор сёрвисиз" публикует много полезных материалов. Главное его издание - это справочники "Мудиз мэнюэлз", аналогичные "Обзорам кордоращш" S&P. Это серия из шести справочников, причем в каждом содержатся разнообразные сведения обо всех крупных фирмах, сгруппированных по сферам бизнеса, в том числе их история и текущие сведения о финансовом состоянии, организационном построении и деятельности. Чтобы справочники не устаревали, подписчикам время от времени рассылаются дополнения к ним. Другие публикации - справочник "Хэндбук оф коммон стоке", содержащий информацию о более чем 1000 выпусков обыкновенных акций; "Дивиденд рекорд", содержащий последние объявления о выплате дивидендов несколькими тысячами компаний; "Бонд сёрвей", еженедельный выпуск о состоянии рынка и новых выпусках облигаций, и "Бонд рекорд", ежемесячник, в котором публикуются курсы и проценты по нескольким тысячам выпусков облигаций.



Eastman Kodak

I NYSE Symbol EK Options on C80E(Jan-Apr-Jul-0ct) In SliP 500

II Price

Nov. 888 45V.

Range

1988 537.-397.

P-E Ratio Dividend 112.00

Yield

4.4%

SliP Ranking Beta A-0.88

Summary

Eastman Kodak Is the worlds largest maker of pliotographic products, and aiso manufactures synthetic fitwrs, plastics and cliemlcals. InTebruary, 1988 EK acquired Sterling Drug Inc., substantially expanding Its presence in the health care area. A patent Infringement suit brought by Polaroid Corp. could result In EK paying a large damage award or settllement In the future.

IVCurrent Outlook

Earnings for 1989 are estimated at $4.65 a share, up from the $4.25 expected for 1988. Estimates exclude a potentially large damage award or settlement related to the Polaroid patent infringement suit.

The dividend was raised 11%, to $0.50 quarteriy from $0.45, with the October 1988 payment

Revenue and operating profit growth Is expected In all three of EKs business segments in 1989. Interest expense is likely to be higher and tiie Sterling Drug acquisition Is expected to again be dilutive to profits. Earnings growth In 1988 has been helped by a lower tax rate.

VSales (Billion $)

Period:

1988 1987 1986 1985

12 Wks. Msr.........

12 Wks Jun.........

16 Wks. Sep........

12 Wks. Dec........

3.332.862.352.13

4.133.212.692.46

5.033.913483.23

-3.533 032.82

i ii„h

ь 1

"liii"

TRAIHINQ VOLUME MILLION SHARE!

1 (

L ltlL.lL II

1Вв2

- 13.31 11.55 10.63

Sales for the 40 weeks ended October 2,1988 Increased 28%, year to year. Pretax Income rose 7.00%, and after taxes at 38.5%, versus 43.2%, net income was up 16%, to $3.35 a share (on 4.0% fewer shares) from $2.77.

VI Common Share Earnings ($)

Period.1988 1987 1986 1985

12 Wks. Mar.........

12 Wks. Jun.........

16 Wks. Sep........

12 Wks. Dec........

0.800.530.150.33

1.201.07d0.040.48

1.351.180.780.73

E0.900.750.22dO.57

Important Developments VII

Nov. -88 - in the 1988 third quarter sales of Eastman Kodaks Imaging segment (about 62% of sales) rose 8.2%, ysar to ysar, and operating profit was up 9.3%. Resuils of EKs U.S. photoflnlshing business were not Included lollowing their contribution to a joint venture (of which EK owns 49%) in late Marci). Chemical sales (19%) were up 18% In the quarter and segment profits rose 34%. Health segment sales (22%) more than tripled, mostly due to the February, 1988 acquisition of Sterling Drug Inc., and profit in the quarter was up 31%, but most of the rise was offset by higher interest expense, largely acquisiUon-reiated. Aboul 40% of the companys total third quarter sales were outside the U.S.

E4.25 3.52 1.11 0.97 Next earnings report expected mid-February.

Per Share Data ($)

Vr. End Dec. 31

1987

1986

1985

1984

1983

1982

1981

1980

1979

1978

Book Value

17.23

17.71

18.85

20.37

20.18

20.25

18.37

16.58

14.83

13.35

Earnings

3.52

1.11

0.97

2.54

1.51

3.17

3.41

3.18

2.75

2.49

Dividends

1.71

1.62"/.

1.62/,

1.60

1.57/.

1.57/.

1.55/.

1.42/.

1.28/.

1.03/.

Pavout Ratio

147%

166%

104%

Praces-High

48/.

35/,

34/,

40/.

43/.

37/.

33/.

29V.

41/.

30»

26«

28»

21«

18V.

P/ERatlo-

20-12

42-28

37-28

14-11

27-19

14-9

11-8

10-6

11-8

12-7

MU at orlg. nptd AdI lor «к. <llv(si ol 504 Oct, 19S7 50% May 1985

1 Raftocts marget or acqukttlon d-DallcJt E-E«lmatM

Standard NYSE Stock Reports Vol. 55/No. 222/Sec. 8

r16,19

CopyitgM e ISM aiMdwd I Poor-* Cw All RIgM. RkwvmI

Standard & Poors Corp. 25 Broadway, NY, NY 10004

Стандартная справка о компании "Истмэн кодак", прилагаемая к сводке акций NYSE, опубликованной агентством "Стэндард энд пурз"(1б ноября 1988 г.)

Сводки, публикуемые агентством "Стэндард энд пурз", дают краткую описательную и аналитическую информацию о тысячах компаний, акции которых обращаются на Нью-Йоркской и Американской фондовых биржах и на внебиржевом рынке. (Источник. Standard & Poors Corporation, Standard NYSE Stock Reports. New York, Standard & Poors Corporation, November 16, 1988.)



I лава 3. Источники ин()о£1мации и

Income Data (Million $)

Year % Oper. Ended Inc. of Dec. 31 Revs. Oper. Inc. Ravs.

Cap. Exp.

Depr.

int. Exp.

Net Bet. Taxes

Eff.Tax Rate

% Net Inc. Net. Inc. of Revs.

1987 19в6

13,305 11,550

3,073 2,200

23.1 19.0

1,652 1,438

962 956

230 235

1,984 598

40.6% 37.5%

1,178 374

8.9 3.2

19№ "1984

10,631 10,600

1,955 2,305

18.4 21.7

1,495 970

831 758

183 114

530 1,624

37.4% 43.2%

332 923

3.1 8.7

1983 1982

10,170 10,815

1,679 2,435

16.5 22.5

889 1,500

652 575

117 89

1,020 1,872

44.6% 37.9%

565 1,162

5.6 10.7

1981 1980

10,337 9,734

2,512 2,296

24.3 23.6

1,190 902

452 399

84 46

2,183 1,963

43.2% 41.2%

1,239 1,154

12.0 11.9

1979 1978

8,028 7,013

2,012 1,989

25.1 28.4

603 442

363 344

25 19

1,707 1,681

41,4% 48.3%

1,001 902

12.5 12.9

Balance Sheet Data (Million $)

-Curr.- Total

Dec. 31 Cash Assets Llad. Ratio Assets

Ret. On Assets

Long Term Debt

Common Equity

Total Cap

%LTDebt of Cap.

Ret. On Equity

1987 1986

954 613

6,695 5,811

4,075 3,791

1.6 1.5

14,451 12,902

8.8% 3.0%

2,212 911

6,013 6,388

9,633 8,508

23.0 10.7

19.4% 5.8%

1985 1984

813 1,011

5,677 5,131

3,325 2,306

1.7 2.2

12,142 10,778

2.9% 8.8%

988 409

6,562 7,137

8,598 8,269

11.5 49

4.9% 13.0%

1983 1982

1,562 1,018

5,420 5,289

2,172 2,146

2.5 2.5

10,928 10,622

5.2% 11.5%

416 350

7,520 7,541

8,542 8,337

4.9 4.2

7.5% 16.1%

1981 1980

1,122 1,585

5,063 5,246

2,119 2,247

2.4 2.3

9,446 8,754

13.6% 141%

93 79

6,770 6,028

7,212 6,378

1.3 1.2

19.3% 20.2%

1979 1,541 4,522 1,741 2.6 7,554 13.9% 1978 1,379 4,000 1,563 2.6 6,801 14.2% Data ai orlg. raptd. 1. Incl. aqulty In aams. ot nonconaol. subs. 2. RaflacU

76 5,391 5,703 1.3 76 4,858 5,144 1.5 Bccounting change. 3. Reflects merger or acquletlon.

19.5% 19.6%

XI Business Summary

Eastman Kodak is the largest producer of photographic products in the world, and is an important manufacturer of cliemlcals, fibera and plastics, in February 1988. EK acquired Sterling Druo Inc., whose products Include prescription and over-the-counter medicines and other consumer products. Prior to 1988, health care-reialed results were included In EKs imaging segment. Industry segment contributions In 1987.

facture of photographic products. Principal chemical product areas are olefin (ethylene and propylene), acetyl, polyester and specialty chemicals. Areas In which EK products are used Include textiles and plastics packaging.

Dividend Data XII

Dividends have been paid since 1902. A dividend reinvestment plan Is available.

Sales

Proflta

Amt. of DIvd.»

Date Decl.

Ex4llvd. Dete

Stock of Record

Payment Date

Imaging... Chemicals.

......82%82%

......18%18%

Sales to customers outside the U.S. accounted for 40% of sales In 1987.

EK manufactures a wide variety of imaging products. Including cameras, projectors, films, processing services, photographic papers, photollnlshing equipment, audiovisual equipment, and office copy, microfilm and other business equipment. Also, EKs Verbalim unit provides flexible magnetic media for smeB computers. Recent product Introductions Include the VR line 35-mllllmeter cameras and two new lines of batteries (Supreme alkaline and Uitralife lithium).

EKs chemical products are used primarily by man-ufacturets. Including their use by EK In the manu-

0.45 0.45 0.45 O.SO

Sep.11Nov.24Dec.

Feb.12Feb.24Mar.

May11May25Jun.

Aug.12Aug.26Sep.

Jan. 488 Apr. 188 Jul. V88 Oct. Зв8

Next dividend meeting: Nov. 1188. Finances XIII

In October, 1986 the U.S. Supreme Court denied a petition by EK appealing Polaroids lower court victories In a patent infringement suit.

Capitalization XIV Long Term Debt: $7,440,000,000. Common Stock: 324,154,384 shs. ($2.50 par). Institutions hold about 48%. Shareholders of record: 168,517.

OItlceS43 3Hle81.. RechMler. N.Y. 14в50. Til.-(Tie 7W-4000. Shomn * CEJ-C Prti-K H. Whltmor S.ey-A.P Овпомп.Тгмв-С.Ы. HimlUen. Inveator Ceniiel-Q.T, Slttnbergt (71B) T24-43GS. Dtr»-R. E. Andaraon, J. F Burllngama, С H. Ch»n-dUr. K. M.Cfll*. M. L. СЫИпа, C. T. Duncan, W. A. Fallon, J. M Krapa, C. 0. Oullllan. Jr, T F Raid. J P. iampar 0 3 Saion P L Smllh W L Sution, K. R Wnllmera. Tranalar Aginta A Reglitrara-chiaa Lincoln FIrat Banit ot Rocltaitar, N V.; FIrit Joraa* National Bank. Jaraoy Cliy

Incorporalod In Naa, Jafaay In tSOt. Empl-lt4,40fl. [

Inlarmatlan hai baon ahtalnad Iron, aouicat ballavad to bo rallibla, but III accuracy and complatanaaa ara not guarantaad. Tan, Gravaa. CPA

(окончание)

[Старт] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [ 41 ] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88] [89] [90] [91] [92] [93] [94] [95] [96] [97] [98] [99] [100] [101] [102] [103] [104] [105] [106] [107] [108] [109] [110] [111] [112] [113] [114] [115] [116] [117] [118] [119] [120] [121] [122] [123] [124] [125] [126] [127] [128] [129] [130] [131] [132] [133] [134] [135] [136] [137] [138] [139] [140] [141] [142] [143] [144] [145] [146] [147] [148] [149] [150] [151] [152] [153] [154] [155] [156] [157] [158] [159] [160] [161] [162] [163] [164] [165] [166] [167] [168] [169] [170] [171] [172] [173] [174] [175] [176] [177] [178] [179] [180] [181] [182] [183] [184] [185] [186] [187] [188] [189] [190] [191] [192] [193] [194] [195] [196] [197] [198] [199] [200] [201] [202] [203] [204] [205] [206] [207] [208] [209] [210] [211] [212] [213] [214] [215] [216] [217] [218] [219] [220] [221] [222] [223] [224] [225] [226] [227] [228] [229] [230] [231] [232] [233] [234] [235] [236] [237] [238] [239] [240] [241] [242] [243] [244] [245] [246] [247] [248] [249] [250] [251] [252] [253] [254] [255] [256] [257] [258] [259] [260] [261] [262] [263] [264] [265] [266] [267] [268] [269] [270] [271] [272] [273] [274] [275] [276] [277] [278] [279] [280] [281] [282] [283] [284] [285] [286] [287] [288] [289] [290] [291] [292] [293] [294] [295] [296] [297] [298] [299] [300] [301] [302] [303] [304] [305] [306] [307] [308] [309] [310] [311] [312] [313] [314] [315] [316] [317] [318] [319] [320] [321] [322] [323] [324] [325] [326] [327] [328] [329] [330] [331] [332] [333] [334] [335]