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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: - with a K who wrote (19050)	4/7/2004 11:28:44 AM
From: - with a K	Read Replies (1) \| Respond to of 78519

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