S&P raises BDK target to $73 and estimates to $4.84. Separately, Lehman Brothers today raised their estimates to $5.00, saying that sales growth is likely to continue a few more quarters driven by strong housing and consumer spending.
First Call shows 7 analysts with a hold rating and 1 with underperform (also 2 with a "buy" and 3 "strong buy.") I think some of those first 8 will follow suit and raise their estimates and rating after the CC April 20. But even if I'm wrong BDK is reasonably valued here.
Black & Decker (BDK ): Maintains 5 STARS (buy)
Analyst: Amrit Tewary
Black & Decker raised its first-quarter earnings per share guidance to 90 cents to 93 cents, up from the prior estimate of 67 cents to 70 cents. Citing strong demand in its North American business, the household appliances maker now expects to report sales growth of 16% for the quarter, or mid-single digit growth excluding currency translation and acquisitions. Based on higher sales growth expectations, S&P is raising the first-quarter earnings per share estimate to 92 cents, from 70 cents, and is upping the full-year 2004 estimate to $4.84, from $4.40. S&P's 12-month target price of $73, raised today from $66, is based on S&P's historical p-e model and assumes a target p-e of 15 times S&P's 2004 earnings per share estimate.
From Yahoo!:
VALUATION MEASURES
Market Cap (intraday): 4.65B
Enterprise Value (7-Apr-04)³: 5.27B
Trailing P/E (ttm, intraday): 16.12
Forward P/E (fye 31-Dec-05)¹: 12.49
PEG Ratio (5 yr expected)¹: 1.17
Price/Sales (ttm): 1.04
Price/Book (mrq): 5.47
Enterprise Value/Revenue (ttm)³: 1.17
Enterprise Value/EBITDA (ttm)³: 9.37
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 31-Dec
Most Recent Quarter (mrq): 31-Dec-03
Profitability
Profit Margin (ttm): 6.41%
Operating Margin (ttm): 9.56%
Management Effectiveness
Return on Assets (ttm): 7.11%
Return on Equity (ttm): 42.97%
Income Statement
Revenue (ttm): 4.48B
Revenue Per Share (ttm): 57.305
Revenue Growth (lfy)³: 2.00%
Gross Profit (ttm)²: 1.60B
EBITDA (ttm): 562.10M
Net Income Avl to Common (ttm): 287.20M
Diluted EPS (ttm): 3.673
Earnings Growth (lfy)³: 27.60%
Balance Sheet
Total Cash (mrq): 308.20M
Total Cash Per Share (mrq): 3.93
Total Debt (mrq)²: 916.10M
Total Debt/Equity (mrq): 1.082
Current Ratio (mrq): 1.679
Book Value Per Share (mrq): 10.862
Cash Flow Statement
From Operations (ttm)³: 570.60M
Free Cashflow (ttm)³: 468.10M
Dividends & Splits
Annual Dividend: 0.84
Dividend Yield: 1.41%
Dividend Date: 26-Mar-04
Ex-Dividend Date: 10-Mar-04
Last Split Factor (new per old)²: N/A
Last Split Date: N/A |
