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Company Analysis Vacuum Oil Company - 1243 Words

History In 1966, Vacuum Oil Company, which was founded in 1866, changed its name to Mobil Oil Corporation and began an extensive advertising campaign to accentuate the name â€Å"Mobil.† In 1972, the company previously known as Jersey Standard, which was one of the companies established in 1911 as a result of the US Supreme Court decision to break up Standard Oil Company into 34 unrelated companies, changed its name to Exxon Corporation during a shareholders’ meeting (ExxonMobil). The Merger of Exxon and Mobil Recognizing the need for a large presence in other regions with high potential for gas and oil discoveries, in an effort to become more effective in the global gas and oil competition, Exxon and Mobil merged to form Exxon Mobil Corporation, on November 30, 1999. Under the contract, Mobil would become a wholly owned subsidiary of ExxonMobil and Exxon would hold 100 percent of Mobil’s voting securities. Common stock holders of Mobil would receive 1.32015 shares of Exxon common stock for each share of Mobil common stock. As a result of efficiencies of scale, sharing best management practices, and cost savings, management realized that the merged company could more profitably use its capital than either company on its own. Exxon and Mobil were each very compatible in key areas. For example, as it related to exploration and production, both the strength of Mobil and Exxon in West Africa, South America, North America, Russia coincided with minimal redundancy. InShow MoreRelatedProduction Of An Atmospheric Crude Residue From Kirkuk Crude Oil, And High Pressure Trickle Bed Reactor1354 Words   |  6 Pages2. Experimental Work 2.1 Feedstock (Reduced Crude Oil) The feedstock used in this study is an atmospheric crude residue (RCR) derived from Kirkuk crude oil as a crude model. It was obtained from the North Refineries Company in Iraq. The physical properties of feedstock are illustrated in Table 1, which are tested in North Refineries Company laboratories. 2.2 Hydrogen Gas Hydrogen gas, 99.999% purity, has been used for hydrotreating (HDT) and hydrocracking (HDC) of (RCR). 2.3 Catalyst Read MoreCommercializing the Kunst 1601659 Words   |  3 PagesCommercializing The Kunst 1600 Dry Piston Vacuum Pump What are the major, quantifiable value and price elements associated with the Kunst 1600? * No oil change required in the Kunst 1600, which saves time and money. Oil change cost = cost of oil + labor + towel + soap + disposal Oil change cost = 8+15+0.5+0.15+1.25 = $24.9 * Kunst 1600 has a life of 6 years; 2.5 times longer than traditional pumps. So it reduces replacement costs. * As Kunst 1600 is made from aluminum, it isRead MoreIndian Oil Industry Is The Backbone Of A Modern Economy1017 Words   |  5 PagesThe oil refining industry is the backbone of a modern economy (Senevirante, 2006). Refined petroleum product remain fundamental to our economic life – in everybody’s daily life and economic activities of a nation (Wauquier and Favennec, 2001) ranging from domestic cooking to transportation, employment, etc. In terms of the refining capacity India ranks eighth in the world (U.S. EIA 2009). The private sector owns about 38% of total capacity while the public sector owns the rest. End of 2013, IndiaRead MoreThe Companys Chemical Plant1776 Words   |  8 PagesIntroduction Company Description The largest, publicly traded oil and gas company internationally, is ExxonMobil (â€Å"About us,† 2014). ExxonMobil is an industry leader in the inventory of global oil and gas resources (â€Å"About us,† 2014). The company’s chemical plant ranks amongst the world’s largest in the industry, and ExxonMobil is the world’s largest marketer and refining producer of petroleum products in the world (â€Å"About us,† 2014). The company prides itself on its research and developmentRead MoreFinancial Statement Analysis : Business Model Of The Neo Valves1173 Words   |  5 PagesINTRODUCTION Financial statement analysis is an evaluative method of determine the past, current and projected performance of a company. It is helps to understand the risk and profitability of a company by analyzing annual and quarterly reports. When we observe the financial statements comprising the balance sheet and profit and loss account is that they fail to reveal all the information related to financial operation of an organization. It will provide a summarized view of the organization. ThereforeRead MoreExploration Of Oil And Gas Resources Essay1715 Words   |  7 PagesIntroduction With the continued depletion of conventional oil and gas resources, the oil industry is now more than ever faced with exploration of unconventional and challenging oil and gas reserves. Such reserves call for novel drilling techniques and also require drilling fluids that can fulfil such drilling requirements. In most cases it’s OBM that can provide hole stability and it is also the best choice for drilling highly sensitive wells. But as these OBMs are being used, operators must strikeRead MoreAcademia Barilla1071 Words   |  5 Pagesï » ¿Issue statement How best to manage Academia to fit into Barilla’s long-term strategy and need for growth. Situation analysis 3C Company ïÆ'   Barilla Largest Italian food company in the world. Best-selling pasta brand in the United States Strongest brand name in Italy. Dry pasta and several bakery categories in Italy. While also pasta sauces for the U.S. market. ïÆ'   Academia Barilla Feeling the limitation of growing the business with only pasta and sauce. Launched in 2004 to preserve, developRead MorePestle Analysis On The Environment1259 Words   |  6 PagesPESTLE ANALYSIS Pestle analysis which sometimes is also referred to as PEST analysis is used as a tool by companies to track the environment they are operating in. It gives a bird eye view of the whole environment from the many different angles one wants to check and keep a track of while contemplating on a certain idea or a plan POLITICAL: Guwhati tea factory had to be shut down due to threat and extortion ECONOMIC: There has been a hike in oil rates yet HUL maintains its profits and pricing powerRead MoreCooling Rate of Water1252 Words   |  6 Pagesrestaurant after cooking. The high risk temperature for bacteria growth is between 5 and 60 degrees. However putting hot food into your fridge before this point can cause food poisoning especially in deep containers, which is why it is vital that food companies and chiefs are aware of how longer a food, takes to cool down from an approximate temperature. Obviously an exact value is impossible because of varying variables e.g. room temperature, depth of container etc. However by applying newton’s laws youRead MoreNegotiation, And Negotiation With All Extremists Groups In Syria1213 Words   |  5 Pagesinvolved, and follow the UN peacekeeping mission in Syria. It can achieve by using the money from the UN peace budget, and collecting funds for the peace and reconstruction of Syria from the rich Arab countries. Furthermore, exploiti ng its untouched oil reserve in order to rebuild the country after the war. The foreign offices of all the coalition countries need to negotiate with the heads of Arab states and regional actors in order to create a peace counsel to negotiate with all opposition parties

Macbeth by William Shakespeare - 857 Words

Analysis of a quote that relates to the text: Power corrupts, and Absolute power corrupts absolutely This quote means that the one who has complete authority is extremely likely to abuse his position. Absolute power refers to complete, unchallengeable power where the holder has no external compulsions and is answerable to none about his actions. It builds on the idea that every human being has the potential to become a benevolent dictator given the right situation. Power, or simply the desire for power, can cause people to act in unintelligible ways. Many examples can be seen throughout history of leaders who have been perverted with power. For example, leaders like Hitler and Napoleon have all committed disgraceful actions during their rule in the hopes of attaining the Absolute power. All through the play Macbeth, the desire for Absolute power is the central compelling force for Macbeth and Lady Macbeth. They are dominated with a great yearning for gaining the ultimate power by becoming the King and Queen, and are willing to achieve it by whatever means necessary. Power corrupts t heir thoughts, behaviours and actions. They become greedy and selfish. As a result of this, they suffer the tragic fate of their own doings. Example of this corruption is first seen when Lady Macbeth decides that she will murder Duncan after reading her husbands letter about the witches prophecies. She refuses to see the difference between right and wrong as she is blinded by the desireShow MoreRelatedMacbeth by William Shakespeare770 Words   |  3 PagesThe play Macbeth is written by William Shakespeare. It is believed to be written between 1603 and 1607 and set in eleventh century Scotland. It is also believed to be first performed in 1606. It is considered to be one of the darkest and most powerful tragedies. Macbeth, set in Scotland, dramatizes the psychological and political effects produced when evil is chosen to fulfill the ambition of power. The Tragedy of Macbeth is Shakespeare’s shortest tragedy and tells the story of Macbeth, a ScottishRead MoreMacbeth, By Willia m Shakespeare1425 Words   |  6 PagesMacbeth Just Can’t Wait To Be King Everyone has a quality that they do not like about themselves. Some people struggle to be social, others may be too controlling of people. The list goes on and on, but the point is that everybody has a particular quality that they must learn to control or else that particular quality can get out of hand. Of course, one could write a list of characters that have major flaws. There is no better example than William Shakespeare’s character, Macbeth, in The TragedyRead MoreMacbeth, By William Shakespeare1409 Words   |  6 Pages â€Å"Fair is foul, and foul is fair: Hover through the fog and filthy air.† On October 17th, I had the pleasure of going to see Macbeth performed at the Shakespeare Tavern. Along with its reputation for being â€Å"cursed,† Macbeth is also known as one of the crown jewels of William Shakespeare’s repertoire. In my opinion, the central concept of this particular retelling of the play was the murkiness of character. Throughout the pla y, the many characters go through fierce temptation and strife, and noneRead MoreMacbeth, By William Shakespeare1203 Words   |  5 PagesMacbeth is a play based on King James I, it was written by William Shakespeare, however this play isn’t a king and queen fairy tale, but it’s a play about greed and guilt, chaos and murder and three evil witches who use prophecies to influence Macbeth to do bad things, using flattery would instigate his inner ambition to become king, which in the end doesn’t lead to a very happy ending. Shakespeare’s, Macbeth, was written in the early Jacobean period. During those times, women had no power, theyRead MoreMacbeth, By William Shakespeare1243 Words   |  5 PagesIn William Shakespeare’s â€Å"Macbeth†, the author portrays the main character Macbeth as a very tortured and flawed individual whose actions only serve to further unravel him. He is conflicted and power hungry, which drives him to perform evil murders and become a ruthless person. Macbeth’s moral compass is not resilient enough to withstand his wife’s manipulations and he is provoked to act on his malicious thoughts of murder. The author explores the terrible effects that ambition and guilt can haveRead MoreMacbeth, By William Shakespeare Essay1487 Words   |  6 Pagesreaction†. Macbeth by William Shakespeare is a tale which illuminates the consequences of violating the â€Å"Natural order†, the hierarchy of beings in the universe. When Macbeth, a warrior wel l-known for his courage and bravery, murders King Duncan acting on his unchecked ambition to claim the throne, the order was disrupted, the result†¦chaos. Shakespeare uses symbolism to illustrate the atmosphere of the play as the natural order is flung into a state of turmoil. These techniques used by Shakespeare is usedRead MoreMacbeth, By William Shakespeare1483 Words   |  6 Pagesdifferent references in the play of how a king deals with power and if they use it for better or for their own personal gain. In the play Macbeth, by William Shakespeare, Macbeth’s obsession with his journey to power leads to his failure. This obsession is demonstrated through the prophecies, the murder of his best friend Banquo, and his own demise. Macbeth demonstrates that he is incapable of mastering the power and responsibilities of being a king. This is indicated throughout the play with theRead MoreMacbeth, By William Shakespeare1045 Words   |  5 PagesBlood appears in only two forms, but many times in Macbeth by William Shakespeare; between the war scene at the beginning of the play and the lifting of Macbeth’s severed being lifted by Macduff at the end. It can be said that Macbeth could have been written in blood that there is such a large amount. What is unique about blood in Macbeth is that the â€Å"imaginary blood† or the guilt that the murderer feels plays more of a role of understand and amplifying the theme of the play, that blood is guiltRead MoreMacbeth, By William Shakespeare1431 Words   |  6 Pages Macbeth, though originally a valiant and prudent soldier, deteriorates into an unwise king whose rash decisions conclusively end in the atrophy of his title, power, and position. Several facto rs contribute to the downfall of Macbeth, which produce a contagion effect and ultimately end with his demise. He receives help from his â€Å"inner ambitions and external urgings† which result in his downfall (Bernad 49). The â€Å"external urgings† consist of the weird sisters who disclose his prophecies, which enlightenRead MoreMacbeth, By William Shakespeare2060 Words   |  9 Pagesthe green one red Macbeth Quote (Act II, Sc. II). Out, out, brief candle! Life s but a walking shadow, a poor player that struts and frets his hour upon the stage and then is heard no more: it is a tale told by an idiot, full of sound and fury, signifying nothing. Macbeth Quote (Act V, Scene V). These quotes have been taken from play Macbeth written by William Shakespeare. Like these quotes there are hundreds and thousands of such heart touching quotes written by Shakespeare in his many different

Pifzer Inc.’s Cost of Capital and Capital Structure Free Essays

Pfizer Inc. ’S Cost of Capital and Capital structure – Xiaoyue Shi The costs of capital and capital structures for Pfizer Inc. and its two competitors Merck Co. We will write a custom essay sample on Pifzer Inc.’s Cost of Capital and Capital Structure or any similar topic only for you Order Now Inc. and Johnson Johnson in the pharmaceutical industry are analyzed in this memo. When calculating the cost of common stock for the three companies, three different approaches including Capital Asset Pricing Model (CAPM), Discounted Cash Flow (DCF) and the bond yield plus risk premium are applied (Appendix A). For CAPM approach (Figure 1 3), the risk-free rate (rRF) used is the rate on the U. S. 10-year Treasury bonds, which is 1. 66. The market risk premium (RPM) is the required return on the stock market minus rRF. The required market return used here is the average 20 years rates of return on SP 500. With highest beta (0. 71), Merck has the higher estimated cost of equity (6. 167). Pfizer has lower estimated cost of equity (5. 910) with lower beta (0. 67). Because of the lowest beta (0. 48), Johnson Johnson has the lowest estimated cost of equity (4. 697). For DCF approach (Figure 2 4), the stock price used is the current stock price. The expected growth rate (g) is the annualized growth rate based on the dividend growth over the past 10 years. Among the three companies, Johnson Johnson has the highest estimated cost of equity due to its highest expected growth rate in dividends. Pfizer’s estimated cost of equity is much lower than Johnson Johnson. Having the lowest expected growth rate in dividends, Merck has the lowest cost of equity. For bond yield plus risk premium approach (Figure 5), the bond yield (Figure 7) for Pfizer, Merck and Johnson Johnson are 2. 0724, 2. 5553, and 1. 9629 respectively. Since their betas are Pfizer 0. 67, Merck 0. 71 and Johnson Johnson 0. 48, and all below 1, the three companies’ judgmental risk premium estimated as 3. , 3. 4, and 3, respectively. According to the bond yield plus risk premium method, the estimated costs of equity are Pfizer 5. 3724, Merck 5. 9553, Johnson Johnson 4. 9629. The final estimated costs of equity for the three companies in this memo are the averages of the three approaches (Figure 6), and they are Pfizer 5. 83, Merck 4. 44, Johnson Johnson 7. 36. The three companies do not offer preferred stocks in public (Appendix B). Their costs of preferred stock would be zero. Although Pfizer offer Preferred stock for their employees, its costs of preferred stock still estimated as zero. According to the debt-rating organizations such as Moody’s, SP, the three companies’ bond ratings are very high (Figure 7). The tax rates used for calculating the costs of debt are the average tax rates for the last four years (Appendix C, Figure 10). And their after-tax cost of debts are similarly low, for example, Pfizer 1. 657, Merck 1. 991, Johnson Johnson 1. 528 (Figure 9). When calculating the percentage of debt and common equity (Appendix D, Figure 12), the common equity used is the market value of equity, and the book value of company’s debt is used as a proxy of the market value of debt. According to the formula in Appendix D, the weighted average costs of capital (WACC) for the three companies are Pfizer 1. 86, Merck 2. 17, Johnson Johnson 2. 15. The WACCs are quit low for the three companies as pharmaceutical giants. The debt ratios for last four years for the three companies were all around 50% (Appendix E, Figure 13). For example, in 2008, Pfizer’s debt ratio was 48. 1%, Merck was 55. 2%, Johnson Johnson was 49. 9%; in 2009, Pfizer was 57. 5%, Merck was 45. 5%, Johnson Johnson was 46. 6%; in 2010, Pfizer was 54. 7%, Merck was 46. 3%, Johnson Johnson was 45%; in 2011, Pfizer was 56. %, Merck was 45. 8%, Johnson Johnson was 49. 8%. Pfizer’s debt ratios were a little higher than its two competitors. But they all have quite similar capital structures with similar borrowing capacities. The three companies’ assets are financed with around 50% equity, and their risks of bankruptcy are low. Because involved in the pharmaceutical industry, the th ree companies are focusing on RD, innovation and raise productivity, which are very costly for them. The three companies all have a lot borrowings. Drug development needs a lot of resources and quite inefficient. High failure rates cause a lot pharmaceutical companies unable to make profit and went bankruptcy. Based on the circumstances, the three companies all have very good capital structures in the pharmaceutical industry. They may have to figure out a way to cut their costs, and have even better capital structures. Pfizer used accelerated depreciation methods for tax purpose. Its depreciation amortization increased a lot since 2009 (Appendix F, Figure 14). For example, it was $5,090 million in 2008, and $4,757 million in 2009, but it was $8487 million in 2010, and $9026 million in 2011. The huge increase in depreciation was mainly because of the merger with Wyeth in 2009. Merck mainly used accelerated depreciation methods for tax purpose except that its depreciation on intangibles was applied with primarily straight-line methods. Its depreciation amortization also increased since 2009. For instance, it was $1,631. 2 million in 2008, and $2,576 million in 2009, but it was $7,381 million in 2010, and $7,427 million in 2011. The increase in depreciation was also because of the merger. Merck was also involved in a merger with another pharmaceutical company Schering-Plough in 2009. Johnson Johnson had quite stable depreciations. And the straight-line methods were applied in this company. The three companies all paid stable dividends in last four years (Appendix G). Pfizer paid lowest dividends among them. Johnson Johnson paid highest dividends. Only Johnson Johnson performed stock repurchases (Figure 15 16). They (in shares) were 100,970 thousands in 2008, 37,114 thousands in 2009, 45,090 thousands in 2010, 39,741 thousands in 2011. And the money (in millions) used for stock repurchases was $6,651 in 2008, $2,130 in 2009, $2,797 in 2010, $2,525 in 2011. In my point of view, Pfizer and its two competitors – Merck and Johnson Johnson all have low cost of capital. Although they all involved in a lot borrowings , they all have very good capital structures as pharmaceutical companies. The reason is that the costs in RD and innovation are extremely high in the pharmaceutical industry. Reference: 1. Brigham, Eugene F. and Michael C. Ehrhardt. Financial Management Theory and Practice, 13th Edition, Thompson South-Western, ISBN-13# 978-14390-7809-9, ISBN-10#1-4390-7809-2 2. http://www. mergentonline. com/login. php 3. http://www. how. com/how_5833592_determine-target-debt-equity. html 4. http://cxa. gtm. idmanagedsolutions. com/finra/BondCenter/Watchlist. aspx 5. ww. finra. org 6. http://www3. valueline. com/vlquotes/quote. aspx Appendices: Appendix A: Cost of common stock Appendix B: Cost of preferred stock Appendix C: Cost of debt Appendix D: Weighted Average Cost of Capital (WACC) Appendix E: Capital Structure Appendix F: Deprecia tion Appendix G: Yearly dividend and share repurchase Appendix H: Value Line reports Appendix A: Cost of common stock Equations used for calculating cost of common stock: CAPM approach: rS=rRF+(RPM)bi DCF approach: The bond yield plus risk premium approach: rS=Company’s own bond yield + Judgmental risk premium Figure 1 CAPM Equation Variables| Â  | Â  | Â  | | Pfizer| Merck| JJ| Risk Free Rate| 1. 66| 1. 66| 1. 66| Required Rate of Return| 8. 00| 8. 00| 8. 00| Beta| 0. 67| 0. 71| 0. 48| Required Return on Stock| 5. 91| 6. 17| 4. 70| | | | | | | | | | Required Return on Stock| Â  | | Pfizer| Merck| JJ| | 5. 91| 6. 17| 4. 70| Figure 2 Annualized dividend growth rate (g) | Pfizer| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 0. 8| | | Â  | 2010| 0. 72| | | Â  | 2009| 0. 8| | | Â  | 2008| 1. 28| | | Â  | 2007| 1. 16| | | Â  | 2006| 0. 96| | | Â  | 2005| 0. 76| | | Â  | 2004| 0. 68| | | Â  | 2003| 0. 6| | | Â  | 2002| 0. 52| | | Â  | 2001| 0. 44| 0. 818181818| 6. 16%| $0. 85 | | Merck| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 1. 56| | | Â  | 2010| 1. 52| | | Â  | 2009| 1. 52| | | Â  | 2008| 1. 52| | | Â  | 2007| 1. 52| | | Â  | 2006| 1. 52| | | Â  | 2005| 1. 52| | | Â  | 2004| 1. 5| | | Â  | 2003| 3. 976| | | Â  | 2002| 1. 3| | | Â  | 2001| 1. 39| 0. 122302158| 1. 16%| $1. 58 | | JJ| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 2. 25| | | Â  | 2010| 2. 11| | | Â  | 2009| 1. 93| | | Â  | 2008| 1. 795| | | Â  | 2007| 1. 62| | | Â  | 2006| 1. 455| | | Â  | 2005| 1. 275| | | Â  | 2004| 1. 095| | | Â  | 2003| 0. 925| | | Â  | 2002| 0. 795| | | Â  | 2001| 0. 7| 2. 214285714| 12. 39%| $2. 53 | Figure 3 CAPM | CAPM| Â  | Â  | Â  | Â  | Â  | | Risk Free Rate (1)| Required Market Return (2)| Market Risk Premium (3)=(2)-(1)| Beta (4)| Estimated cost of Equity (1)+(3)? (4)| Pfizer| 1. 66| 8. 00| 6. 34| 0. 67| 5. 10| Merck| 1. 66| 8. 00| 6. 34| 0. 71| 6. 167| JJ| 1. 66| 8. 00| 6. 34| 0. 48| 4. 697| | | | | | | Figure 4 DCF | DCF| Â  | Â  | Â  | Â  | | | Stock Price (1)| Next Expected Dividend (2)| Expected Growth Rate (3)| Estimated cost of Equity (2)/(1)+(3)| | Pfizer| 25. 12| $0. 85 | 6. 16| 6. 194| | Merck| 45. 62| $1. 58 | 1. 16| 1. 195| | JJ| 67. 97| $2. 53 | 12. 39| 12. 427| | | | | | | | Figure 5| | | | | | Bond Yield plus Risk Premium| Â  | Â  | | | | Company’s Bond Yield (1)| Judgmental Risk Premium (2)| Estimated cost of Equity (1)+(2)| | | Pfizer| 2. 0724| 3. 3| 5. 3724| | | Merck| 2. 5553| 3. 4| 5. 9553| | | J J| 1. 629| 3| 4. 9629| | | | | | | | | | | | | | | Figure 6 Estimated Cost of Equity| Estimated Cost of Equity| | | | | Pfizer| 5. 83| | | | | Merck| 4. 44| | | | | JJ| 7. 36| | | | | Figure 7 Bond Data| Bond Data| Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Bond Symbol| Issuer Name| Coupon| Maturity| Callable| Moody’s| S;P| Fitch| Price| Yield| PFE. GF| PFIZER INC| 4. 65| 3/1/18| No| A1| AA| A+| 116. 189| 1. 501| PFE. GI| PFIZER INC| 4. 5| 2/15/14| No| A1| AA| A+| 105. 468| 0. 367| PFE. GM| PFIZER INC| 7. 2| 3/15/39| Yes| A1| AA| A+| 159. 019| 3. 685| PFE. GO| PFIZER INC| 6. 2| 3/15/19| Yes| A1| AA| A+| 127. 5| 1. 66| PFE. GQ| PFIZER INC| 5. 5| 3/15/15| Yes| A1| AA| A+| 111. 554| 0. 521| PFE3666215| AMERICAN HOME PRODS CORP| 7. 25| 3/1/23| No| A1| AA| A+| 139. 65| 2. 819| PFE3667744| WYETH| 5. 5| 2/15/16| Yes| A1| AA| A+| 115. 705| 0. 715| PFE3667745| WYETH| 6| 2/15/36| Yes| A1| AA| A+| 134| 3. 791| PFE3667909| PHARMACIA CORP| 6. 5| 12/1/18| Yes| A1| AA| A+| 128. 1 4| 1. 677| PFE3667915| PHARMACIA CORP| 6. 75| 12/15/27| No| A1| AA| A+| 137. 221| 3. 552| PFE3667927| PHARMACIA CORP| 6. 6| 12/1/28| Yes| A1| AA| A+| 138. 179| 3. 484| PFE3670301| WYETH| 5. 45| 4/1/17| Yes| A1| AA| A+| 119. 153| 1. 044| PFE3670315| WYETH| 5. 95| 4/1/37| Yes| A1| AA| A+| 135| 3. 5| PFE3702946| WYETH| 5. 5| 3/15/13| Yes| A1| AA| A+| 101. 977| 0. 706| PFE3703979| PHARMACIA CORP| 8. 7| 10/15/21| No| A1| AA| A+| 142. 03| -| PFE3704635| WYETH| 5. 5| 2/1/14| Yes| A1| AA| A+| 106. 52| 0. 421| PFE3704636| WYETH| 6. 45| 2/1/24| Yes| A1| AA| A+| 138. 004| 2. 553| PFE3704637| WYETH| 6. 5| 2/1/34| Yes| A1| AA| A+| 139. 025| 3. 807| PFE3706578| PHARMACIA CORP| 8. 2| 4/15/25| Yes| A1| AA| A+| 101. 5| -| PFE3739069| KING PHARMACEUTICALS INC| 1. 25| 4/1/26| Yes| NR| NR| NR| 99. 99| 1. 25| | | | | | | | | Average| 2. 072388889| MRK. GA| MERCK ; CO INC| 6. 3| 1/1/26| No| Aa3| AA| A+| 138. 945| 2. 76| MRK. GB| MERCK ; CO INC| 6. 4| 3/1/28| Yes| Aa3| AA| A+| 137. 464| 3. 278| MRK. GC| MERCK ; CO INC| 5. 95| 12/1/28| Yes| Aa3| AA| A+| 133. 211| 3. 28| MRK. GF| MERCK ; CO INC MTN BE| 5. 76| 5/3/37| No| Aa3| AA| A+| 131| 3. 808| MRK. GG| MERCK ; CO INC MTN BE| -| 11/27/40| No| Aa3| AA| A+| 98. 25| -| MRK. GH| MERCK ; CO INC MTN BE| -| 12/21/40| Yes| Aa3| AA| A+| 98| -| MRK. GI| MERCK ; CO INC MTN BE| -| 12/27/40| No| Aa3| AA| A+| 98. 5| -| MRK. GJ| MERCK ; CO INC MTN BE| -| 2/6/41| No| Aa3| AA| A+| 98| -| MRK. GK| MERCK ; CO INC MTN BE| -| 6/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GL| MERCK amp; CO INC MTN BE| -| 7/18/41| No| Aa3| AA| A+| 97. 75| -| MRK. GM| MERCK ; CO INC MTN BE| -| 12/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GN| MERCK ; CO INC MTN BE| -| 11/28/41| No| Aa3| AA| A+| 98. 25| -| MRK. GQ| MERCK ; CO INC MTN BE| -| 8/22/42| Yes| Aa3| AA| A+| 98. 275| -| MRK. GR| MERCK ; CO INC MTN BE| -| 2/18/43| Yes| Aa3| AA| A+| 99. 875| -| MRK. GT| MERCK ; CO INC MTN BE| -| 2/12/44| Yes| Aa3| AA | A+| 100| -| MRK. GU| MERCK ; CO INC| 4. 75| 3/1/15| Yes| Aa3| AA| A+| 109. 512| 0. 699| MRK. GV| MERCK ; CO INC| 5. 75| 11/15/36| Yes| Aa3| AA| A+| 135. 683| 3. 536| MRK. GW| MERCK ; CO INC| 4. 8| 2/15/13| No| Aa3| AA| A+| 101. 369| 0. 194| MRK. GX| MERCK ; CO INC NEW| 3. 88| 1/15/21| Yes| A1| AA| A+| 114. 717| 1. 883| MRK3671638| SCHERING PLOUGH CORP| 6. 55| 9/15/37| Yes| Aa3| AA| A+| 149. 11| 3. 56| | | | | | | | | Average| 2. 555333333| JNJ. GA| ALZA CORP DEL| -| 7/14/14| Yes| Aa1| AAA| AAA| 152. 8| -| JNJ. GC| ALZA CORP| -| 7/28/20| Yes| Aa1| AAA| AAA| 98. 75| -| JNJ. GH| JOHNSON ; JOHNSON| 6. 73| 11/15/23| No| Aaa| AAA| AAA| 145. 758| 2. 083| JNJ. GI| -| | 11/1/24| No| NR| NR| NR| 104. 36| -| JNJ. GJ| JOHNSON ; JOHNSON| 6. 95| 9/1/29| No| Aaa| AAA| AAA| 144. 925| 3. 422| JNJ. GL| JOHNSON ; JOHNSON| 3. | 5/15/13| No| Aaa| AAA| AAA| 102. 04| 0. 263| JNJ. GM| JOHNSON ; JOHNSON| 4. 95| 5/15/33| No| Aaa| AAA| AAA| 121. 154| 3. 499| JNJ. GO| JOHNSON ; JOHNSON| 5. 55| 8/15/17| Yes| Aaa| AAA| AAA| 121. 81| 0. 932| JNJ. GP| JOHNSON ; JOHNSON| 5. 95| 8/15/37| Yes| Aaa| AAA| AAA| 143. 163| 3. 369| JNJ. GQ| JOHNSON ; JOHNSON| 5. 15| 7/15/18| Yes| Aaa| AAA| AAA| 123. 223| 0. 982| JNJ. GR| JOHNSON ; JOHNSON| 5. 85| 7/15/38| Yes| Aaa| AAA| AAA| 143. 093| 3. 341| JNJ. GS| JOHNSON ; JOHNSON| 2. 95| 9/1/20| Yes| Aaa| AAA| AAA| 107. 12| 1. 969| JNJ. GT| JOHNSON ; JOHNSON| 4. 5| 9/1/40| Yes| Aaa| AAA| AAA| 123. 32| 3. 229| JNJ. GU| JOHNSON ; JOHNSON| -| 5/15/13| No| Aaa| AAA| AAA| 100. 154| -| JNJ. GV| JOHNSON ; JOHNSON| -| 5/15/14| No| Aaa| AAA| AAA| 100. 322| -| JNJ. GW| JOHNSON ; JOHNSON| 2. 15| 5/15/16| Yes| Aaa| AAA| AAA| 105. 523| 0. 588| JNJ. GX| JOHNSON ; JOHNSON| 4. 85| 5/15/41| Yes| Aaa| AAA| AAA| 125. 764| 3. 428| JNJ. GY| JOHNSON ; JOHNSON| 1. 2| 5/15/14| Yes| Aaa| AAA| AAA| 101. 399| 0. 311| JNJ. GZ| JOHNSON ; JOHNSON| 3. 55| 5/15/21| Yes| Aaa| AAA| AAA| 113. 786| 1. 807| JNJ. HA| JOHNSON ; JOHNSON| 0. 7| 5/15/13| No| Aaa| AAA| AAA| 100. 278| 0. 22| | | | | | | | | Average| 1. 62866667| Appendix B: Cost of preferred stock Figure 8 Cost of Preferred Stock| Cost of Preferred Stock| Â  | Â  | Â  | | Preferred Dividend (1)| Preferred Stock Price (2)| Floatation Cost (3)| Component cost of Preferred Stock(1)/[(2)*(1-(3))]| Pfizer| N/A| N/A| N/A| #VALUE! | Merk| N/A| N/A| N/A| #VALUE! | J;J| N/A| N/A| N/A| #VALUE! | Appendix C: Cost of debt After-tax cost of debt=rd(1-T) Figure 9 After-tax cost of debt| After Tax Component Cost of Debt| Â  | | Interest Rate| Tax Rate| Cost of Debt| Pfizer| 2. 072388889| 0. 2003| 1. 657289394| Merck| 2. 555333333| 0. 221| 1. 990604667| J;J| 1. 962866667| 0. 2218| 1. 2750284| Figure 10 Marginal tax rate Company| Pfizer| Merck| J;J| Year| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| Income before tax| 12,764| 9,282| 10,674| 9,694| 7,334| 1,653| 15,290| 9,931| 12,361| 16,947| 15,755| 16,929| Provision for tax| 4,023| 1,071| 2,145| 1,645| 942| 671| 2,268| 1,999| 2,689| 3,613| 3,489| 3 ,980| Tax rate| 0. 3152| 0. 1154| 0. 2010| 0. 1697| 0. 1284| 0. 4059| 0. 1483| 0. 2013| 0. 2175| 0. 2132| 0. 2215| 0. 2351| Average tax rate| 0. 2003| 0. 2210| 0. 2218| Appendix D: Weighted Average Cost of Capital (WACC) Figure 11 WACC| | | | | | | | WACC| Â  | Â  | Â  | Â  | Â  | Â  | Â  | % of Debt| Cost of Debt| % of Preferred Stock| Cost of Preferred Stock| % of Common Equity| Cost of Common Equity| WACC| Pfizer| 95. 15%| 1. 66 | – | – | 4. 85%| 5. 83 | 1. 86 | Merck| 92. 50%| 1. 99 | – | – | 7. 50%| 4. 44 | 2. 17 | J;J| 89. 26%| 1. 53 | – | – | 10. 74%| 7. 36 | 2. 15 | % of Debt, and % of Common Equity are the target proportions. Figure 12 Calculating the percentage of debt and common equity | | | | Pfizer| Merck| J;J| Shares outstanding (million)| 7,470| 3,050| 2,750| Market value per share | | 26. 03| 47. 96| 72. 52| Market value of equity ($ million), E| 194,444. | 146,278. 0 | 199,430. 0 | | | | | | | Book value of equity per share| 10. 64| 18. 16| 20. 95| Total book value of equity| | 79,480. 8 | 55,388. 0 | 57,612. 5 | Debt/Equity ratio| | 48. 26| 32. 91| 29. 07| Book value of debt| | 3,835,743. 41 | 1,822,819. 08 | 1,674,795. 38 | Cash on hand| | 24,340| 17,450| 16,920| Net debt ($ million), D| | 3,811,403| 1,805,369| 1,657,875| | | | | | | Percentage of debt, D/(E+D)| | 95. 15%| 92. 50%| 89. 26%| Percentage of equity, E/(E+D)| 4. 85%| 7. 50%| 10. 74%| Appendix E: Capital Structure Figure 13 Capital Structure| | | | | Capital Structure| Â  | Â  | Â  | Â  | | Pfizer| 2011| 2010| 2009| 2008| Long Term Debt*| 34,931,000. 00 | 38,410,000| 43,193,000| 7,963,000| Common Stock*| 445,000| 444,000| 443,000| 443,000| Retained Earnings*| 46,210,000| 42,716,000| 40,426,000| 49,142,000| Redeemable Preferred Stock*| 45,000| 52,000| 61,000| 73,000| Total| 81,631,000. 00 | 81,622,000. 00 | 84,123,000. 00 | 57,621,000. 00 | | | | | | % of Debt| 42. 79%| 47. 06%| 51. 35%| 13. 82%| % of Preferred Stock| 0. 06%| 0. 06%| 0. 07%| 0. 13%| % of Common Equity| 57. 15%| 52. 88%| 48. 58%| 86. 05%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 38. 75%| 95. 15%| | Average/Target % of Preferred Stock| | 0. 08%| 0. 00%| | Average/Target % of Common Equity| | 61. 17%| 4. 85%| | | | | | | Total Debt*| 105,381,000| 106,749,000| 122,503,000| 53,408,000| Total Assets*| 188,002,000| 195,014,000| 212,949,000| 111,148,000| Total Debt/Total Assets| 56. 1%| 54. 7%| 57. 5%| 48. 1%| | | | | | | | | | | | Merck| | 2011| 2010| 2009| 2008| Long Term Debt*| 15,525,000| 15,482,000| 16,074,900| 3,943,300| Common Stock*| 1,788,000| 1,788,000| 1,781,300| 29,800| Retained Earnings*| 38,990,000| 37,536,000| 41,404,900| 43,698,800| Redeemable Preferred Stock*| – | – | – | – | Total| 56,303,000. 0 | 54,806,000. 00 | 59,261,100. 00 | 47,671,900. 00 | | | | | | % of Debt| 27. 57%| 28. 25%| 27. 13%| 8. 27%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 72. 43%| 71. 75%| 72. 87%| 91. 73%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 22. 81%| 92. 50%| | Average/Target % of Pref erred Stock| | 0. 00%| 0%| | Average/Target % of Common Equity| | 77. 19%| 7. 50%| | | | | | | Total Debt*| 48,185,000| 48,976,000| 50,597,100| 26,028,600| Total Assets*| 105,128,000| 105,781,000| 112,089,700| 47,195,700| Total Debt/Total Assets| 45. %| 46. 3%| 45. 1%| 55. 2%| | | | | | | | | | | | J;J| | 2011| 2010| 2009| 2008| Long Term Debt*| 12,969,000| 9,156,000| 8,223,000| 8,120,000| Common Stock*| 3,120,000| 3,120,000| 3,120,000| 3,120,000| Retained Earnings*| 81,251,000| 77,773,000| 70,306,000| 63,379,000| Redeemable Preferred Stock*| – | – | – | – | Total| 97,340,000. 00 | 90,049,000. 00 | 81,649,000. 00 | 74,619,000. 00 | | | | | | % of Debt| 13. 32%| 10. 17%| 10. 07%| 10. 88%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 86. 68%| 89. 83%| 89. 93%| 89. 12%| Total %| 100. 00%| 100. 0%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 11. 11%| 89. 26%| | Average/Target % of Preferred Stock| | 0. 00%| 0%| | Ave rage/Target % of Common Equity| | 88. 89%| 10. 74%| | | | | | | Total Debt*| 56,564,000| 46,329,000| 44,094,000| 42,401,000| Total Assets*| 113,644,000| 102,908,000| 94,682,000| 84,912,000| Total Debt/Total Assets| 49. 8%| 45. 0%| 46. 6%| 49. 9%| * $ in thousands Appendix F: Depreciation Figure 14 Depreciation | | | | | | Depreciation| Â  | Â  | Â  | Â  | Â  | | USEFUL LIVES| Pfizer| | (YEARS)| Â  | | | 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods| Classes of Assets and Depreciation Ranges | | | | | | Land | – | | | | | Buildings| 33 1/3-50| | | | | Machinery and equipment| 8-20| | | | | Furniture, fixtures and other| 3-12 1/2| | | | | Construction in progress| – | | | | | | | | | | | Depreciation ; Amortization**| | 9,026 | 8,487 | 4,757 | 5,090 | | | | | | | | | Merck| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods| Classes of Assets and Depreciation Ranges | | | | | | Buildings| 10-50| | | | | Machinery ; Equipment| 3-15| | | | | Capitalized software| 3-5| | | | | Construction in progress| – | | | | | Products and product rights, trade names and patents| 3-40| Primarily straight- line methods| | | | | | | Depreciation ; Amortization**| | 7,427| 7,381| 2,576| 1,631. 2| | | | | | | | | | | | | | | J;J| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Straight- line methods| Classes of Assets and Depreciation Ranges | | | | | | Building and building equipment| 20–40| | | | | Land and leasehold improvements| 10–20| | | | | Machinery and equipment| 2–13| | | | | Capitalized software| 3-8| | | | | | | | | | | Depreciation ; Amortization**| | 3,158| 2,939| 2,774| 2,832| | | | | | | | | | | | ** $ in millions| | | | | | Appendix G: Yearly dividend and share repurchase Figure 15 Stock repurchase (in shares) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces* | N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| 39,741 | 45,090 | 37,114 | 100,970| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | Number of Shares (Thousands)| | | | | | | | | | Figure 16 Stock repurchase (in U. S. dollars) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| (2,525)| (2,797)| (2,130)| (6,651)| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | * $ in millions| | | | | Appendix H: Value Line reports How to cite Pifzer Inc.’s Cost of Capital and Capital Structure, Essay examples