MDT OSV Stock Valuation-V20110104

8/8/2019 MDT OSV Stock Valuation-V20110104

1/14

DisclaimerThe material from Old School Value, this spreadsheet or any affiliate sites have no regard to the specific

investment objectives, financial situation, or particular needs of any visitor. Information, tools and articles

published are solely for informational purposes and are not to be construed as a solicitat ion or an offer to

buy or sell any securities or related financial instruments.

References made to third parties are based on information obtained from sources believed to be reliable,

but are not guaranteed as being accurate. Visitors should not regard it as a substitute for the exercise of

their own judgment. Any opinions expressed in this site are subject to change without notice and Old

School Value or any affiliated sites or authors are not under any obligation to update or keep current the

information contained herein.

Old School Value, officers, associates or clients may have an interest in the securities or derivatives of any

entities from Old School Value or the Old School Value Stock Valuation Spreadsheets referred herein.

Old School Value accepts no liability whatsoever for any loss or damage of any kind arising out of the use of

all or any part from Old School Value or any of the tools containing the name Old School Value.

Our comments are an expression of opinion. While we believe our statements to be true, they always

depend on the reliability of our own credible sources.

Common Issues- Make sure that the add-in has been activited IN EXCEL.

- Make sure you enable ALL macros.

- Refer to the Install_Manual_FAQ pdf if you get an error such as 1155: File

C:\Users\OSV\App\Data\Local\Temp{8DB131 SMF blah blah .msi not found. when running the exe file.

- Refer to the extensive documentation pdf included in the download. Also watch the installation videos on

Oldschoolvalue.com if you are having trouble.


2/14

Medtronic Inc(MDT)

Figures in Millions except per share values

Company Overview

ValuationCurrent Price 37.10$ Margin of SafetyNCAV (4.29)$

Total Net Reprod. Cost 29.35$Earnings Power Value (EPV) 26.14$

Discounted Cash Flow (DCF) 76.91$Ben Graham Formula 56.51$

Key Statistics Valuation RatiosMkt Cap ($M) 39,830.00$ P/E(TTM) 12.952 Wk High 46.66$ P/S(TTM) 2.652 Wk Low 30.80$% off 52Wk Low 20.5% P/Tang BV(MRQ) 11.1

FCF/EV (TTM) 7.6%

Cash Flows P/FCF(TTM) 13.9Owner Earnings FCF Earnings Yld (TTM) 12.1%

5 yr FCF Growth 7.0% Piotroski (TTM) 6

10 yr FCF Growth 13.8% Altman (MRQ) 2.79

Beneish (TTM) -2.65 Balance SheetEffectiveness Cash and Equiv 3,544.00$CROIC Margins & Profitability Short-Term Investments -$

Avg 14.7% Gross Accts Rec 3,453.00$

FCF/S Gross Margin Inventory 1,635.00$

Avg 20.7% Operating Total Current Assets 10,575.00$

ROA Operating Margin Net PP&E 2,458.00$

Avg 11.0% Net Profit Intangibles 11,197.00$

ROE Net Margin Total Assets 29,992.00$

Avg 21.2%

Financial Strength (MRQ) Total Current Liabilities 5,895.00$Efficiency Quick Ratio(MRQ) 1.4 Long-Term Debt 7,148.00$Rec Turnover(TTM) 4.7 Current Ratio(MRQ) 1.7 Total Liabilities 14,486.00$

Inv Turnover(TTM) 2.4 LTD/Eq(MRQ) 48.2Asset Turnover(TTM) 0.6 Tot D/Eq(MRQ) 71.3

Medtronic, Inc. (Medtronic) is a medical technology company. The Company isengaged in research, design, manufacture and sale of products to alleviate pain,restore health and extend life. It manufactures and sells device-based medical

therapies. It operates in seven segments: Cardiac Rhythm Disease Management,Spinal, CardioVascular, Neuromodulation, Diabetes, Surgical Technologies andPhysio-Control. Its primary customers include hospitals, clinics, third partyhealthcare providers, distributors and other institutions, including governmentalhealthcare programs and group purchasing organizations. In April 2010, theCompany completed the acquisition of Invatec, S.p.A., a developer of medicaltechnologies for the interventional treatment of cardiovascular disease. InNovember 2010, the Company acquired Osteotech.

January 4, 2011

0

1

2

3

4

5Low Risk

High Growth

Under Valued

Well Managed

Good Financials

Strong Moat

0

10

20

30

40

5060

70

4/26/2004 4/26/2006 4/26/2008 4/26/2010

5 Yr Price vs I ntrinsic Value

Historical Price Intrinsic Value Buy Price
http://www.oldschoolvalue.com/


3/14


4/14

Medtronic Inc

(MDT)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Qtr 1/10 Qtr 4/10 Qtr 7/10 Qtr 10/10 TTM

Income StatementRevenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cost of Revenues 20.1% 20.6% 19.3% 19.9% 19.7% 20.1% 21.0% 20.8% 19.3% 18.2% 17.6% 18.2% 17.6% 18.0% 17.9%

Gross Profit 79.9% 79.4% 80.7% 80.1% 80.3% 79.9% 79.0% 79.2% 80.7% 81.8% 82.4% 81.8% 82.4% 82.0% 82.1%

Operating Expenses

Selling, General & Admin. Expenses 30.4% 30.6% 30.9% 30.8% 32.0% 32.4% 33.8% 34.8% 35.3% 36.6% 34.5% 33.3% 35.4% 44.2% 36.8%Research & Development 10.4% 10.1% 9.8% 9.4% 9.5% 9.9% 10.1% 9.4% 9.3% 9.2% 8.9% 9.0% 9.8% 9.6% 9.3%

EBITDA 39.2% 38.7% 39.9% 39.9% 38.9% 37.6% 35.1% 35.0% 36.1% 36.0% 39.0% 39.5% 37.3% 28.2% 36.0%

Other Special Charges 0.0% 4.5% 0.0% 0.1% 6.5% 0.9% 1.1% 3.3% 5.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Depreciation & Amortization 5.4% 5.1% 5.3% 4.9% 4.6% 4.8% 4.7% 4.7% 4.8% 5.9% 6.1% 5.9% 6.1% 6.6% 6.2%

Operating Income 33.8% 33.5% 34.6% 35.0% 34.2% 32.8% 30.4% 30.2% 31.3% 30.1% 32.9% 33.6% 31.2% 21.6% 29.9%

Other Income and Expense

Interest Expense 0.0% 0.1% 0.1% 0.0% 0.0% 0.0% 1.9% 1.9% 1.5% 2.5% 2.5% 2.6% 2.8% 2.9% 2.7%

Other Income -1.2% -0.5% -2.5% -3.9% -2.9% -1.5% -1.7% -3.2% -2.7% -3.0% -3.8% -2.3% -1.2% -0.6% -2.0%

Earnings Before Taxes 32.7% 32.9% 32.1% 31.1% 31.4% 31.3% 26.8% 25.1% 27.1% 24.6% 26.5% 28.8% 27.1% 18.1% 25.2%

Income Taxes/(Credit) 9.1% 8.4% 9.7% 9.2% 7.4% 5.4% 5.8% 4.8% 2.9% 5.5% 18.5% 15.6% 11.3% 22.3% 5.5%

Earnings After Taxes 23.6% 24.5% 22.4% 21.9% 24.0% 25.9% 21.0% 20.3% 24.2% 19.1% 8.0% 13.2% 15.8% -4.2% 19.6%

Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income From ContinuingOperations 18.8% 15.3% 20.9% 21.6% 17.9% 22.6% 22.8% 16.5% 14.9% 19.6% 21.6% 22.7% 22.0% 14.5% 20.2%

Net Income From DiscontinuedOperations 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income From Total Operations 18.8% 15.3% 20.9% 21.6% 17.9% 22.6% 22.8% 16.5% 14.9% 19.6% 21.6% 22.7% 22.0% 14.5% 20.2%

Balance Sheet MRQAssets

Cash & Equivalents 14.6% 3.8% 11.9% 11.3% 13.4% 15.2% 6.4% 4.8% 5.4% 5.0% 5.8% 5.0% 4.8% 4.3% 4.3%

Short-Term Investments 2.9% 1.1% 0.2% 2.4% 7.0% 15.8% 9.3% 2.5% 1.7% 8.5% 3.3% 8.5% 8.9% 7.8% 7.8%

Net Receivables 17.4% 14.0% 14.3% 14.1% 13.8% 12.4% 14.0% 15.1% 13.2% 11.9% 12.4% 11.9% 11.3% 11.8% 11.8%

Inventories 10.4% 6.9% 7.6% 6.2% 5.9% 6.0% 6.2% 5.8% 6.0% 5.3% 5.8% 5.3% 5.5% 5.6% 5.6%

Other Current Assets 8.1% 6.3% 3.3% 3.6% 4.5% 3.4% 4.6% 4.8% 5.2% 4.4% 4.3% 4.4% 4.4% 4.3% 4.3%

Total Current Assets 53.4% 32.0% 37.4% 37.6% 44.7% 52.8% 40.6% 33.0% 31.5% 35.0% 31.7% 35.0% 34.9% 33.8% 33.8%

Fixed Assets 16.7% 13.3% 12.8% 12.1% 11.2% 9.6% 10.6% 10.0% 9.6% 8.6% 9.4% 8.6% 8.4% 8.4% 8.4%Intangible Assets 17.5% 46.7% 42.3% 37.1% 31.9% 30.2% 29.5% 43.8% 45.1% 39.0% 41.8% 39.0% 38.0% 38.2% 38.2%

Other Long-Term Assets 12.4% 8.0% 7.4% 13.1% 12.3% 7.5% 19.3% 13.3% 13.7% 17.4% 17.1% 17.4% 18.6% 19.7% 19.7%

Total Long-Term Assets 46.6% 68.0% 62.6% 62.4% 55.3% 47.2% 59.4% 67.0% 68.5% 65.0% 68.3% 65.0% 65.1% 66.2% 66.2%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Stockholders' Equity

Accounts payable 2.9% 2.5% 2.2% 2.5% 2.2% 1.6% 1.4% 1.7% 1.6% 1.5% 1.6% 1.5% 1.4% 1.5% 1.5%

Short-Term Debt 2.1% 23.1% 3.1% 16.7% 2.9% 12.4% 2.6% 5.2% 2.2% 9.2% 5.7% 9.2% 12.0% 11.7% 11.7%

Taxes Payable 14.3% 11.0% 0.0% 10.9% 15.2% 8.4% 9.1% 9.0% 8.9% 6.7% 0.0% 0.0% 0.0% 0.0% 0.6%

Accrued Liabilities 14.3% 11.0% 0.0% 10.9% 15.2% 8.4% 9.1% 9.0% 8.9% 6.7% 0.0% 0.0% 0.0% 0.0% 2.4%

Other Current Liabilities 14.3% 11.0% 9.4% 10.9% 15.2% 8.4% 9.1% 9.0% 9.5% 7.6% 7.8% 7.6% 6.2% 7.0% 7.0%

Total Current Liabilities 19.3% 36.5% 14.7% 30.1% 20.3% 22.4% 13.1% 15.9% 13.3% 18.2% 15.1% 18.2% 19.6% 20.1% 20.1%

Long-Term Debt 0.2% 0.1% 16.1% 0.0% 11.9% 27.9% 28.6% 26.1% 28.6% 24.7% 23.8% 24.7% 24.7% 24.4% 24.4%

Other Liabilities 2.2% 2.2% 2.6% 2.7% 2.0% 1.9% 2.0% 6.0% 1.8% 2.5% 1.7% 2.5% 2.4% 2.7% 2.7%

Deferred Income Taxes 0.0% 2.1% 2.5% 2.9% 2.9% 0.1% 0.0% 0.0% 2.0% 2.4% 2.5% 2.4% 2.4% 2.2% 2.2%

Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Total Long-Term Liabilities 2.4% 4.5% 21.1% 5.6% 16.8% 29.9% 30.6% 32.1% 32.4% 29.7% 28.0% 29.7% 29.5% 29.3% 29.3%

Total Liabilities 21.7% 41.0% 35.8% 35.7% 37.1% 52.3% 43.7% 48.0% 45.7% 47.9% 43.1% 47.9% 49.1% 49.4% 49.4%

1/4/2011

Enter Ticker Refresh Help


5/14

Medtronic Inc Shares Out. M.O.S Growth Discount % Terminal % Select FCF Adjust 2010 FCF(MDT) Check Shares 1,070.00 10.4% 9.0%

1/4/2011Select input with

each list or enter 5.7%

Current Pr ice Int rinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low

$37.10 $76.91 $38.46 52% $46.66 $30.80

Fiscal Year T rend 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTMCash Flow DataCash from Operations $1,831.5 $1,590.2 $2,078.2 $2,845.8 $2,819.4 $2,207.4 $2,979.0 $3,489.0 $3,878.0 $4,131.0 $4,428.0Capex $439.7 $386.4 $380.4 $424.6 $452.0 $1,244.2 $694.0 $606.0 $663.0 $635.0 $591.0Cash Flow $1,469.0 $1,585.2 $2,155.7 $2,560.8 $2,497.9 $2,848.5 $3,192.7 $3,480.8 $4,012.7 $4,655.9 $4,718.3

Owner Earnings FCF $903.6 $1,218.2 $1,630.0 $1,982.1 $2,469.6 $1,946.1 $2,829.0 $2,706.0 $3,019.0 $3,403.0 $3,561.0YOY% Change 34.8% 33.8% 21.6% 24.6% -21.2% 45.4% -4.3% 11.6% 12.7% 4.6%

MarginsGross Margin 79.9% 79.4% 80.7% 80.1% 80.3% 79.9% 79.0% 79.2% 80.7% 81.8% 82.1%Operating Margin 33.8% 33.5% 34.6% 35.0% 34.2% 32.8% 30.4% 30.2% 31.3% 30.1% 29.9%Net Margin 18.8% 15.3% 20.9% 21.6% 17.9% 22.6% 22.8% 16.5% 14.9% 19.6% 20.2%

EPS & TaxDiluted EPS $0.85 $0.80 $1.30 $1.60 $1.48 $2.09 $2.41 $1.95 $1.93 $2.79 $2.89Tax Rate 27.8% 25.6% 30.2% 29.6% 23.5% 17.4% 21.6% 19.3% 10.7% 22.4% 22.0%

Efficiency & ProfitabilityCROIC 15.9% 17.6% 15.5% 20.1% 18.7% 12.8% 16.7% 14.5% 14.7% 14.8% 15.2%FCF/Sales 16.3% 19.0% 21.3% 21.8% 24.6% 17.2% 23.0% 20.0% 20.7% 21.5% 22.6%Inventory Turnover 1.5 1.8 1.8 2.0 2.1 2.1 2.2 2.3 2.1 2.0 1.7Return On Assets (ROA) 14.9% 9.0% 13.0% 13.9% 10.9% 13.0% 14.4% 10.1% 9.2% 11.0% 10.9%Retun On Equity (ROE) 19.0% 15.3% 20.2% 21.6% 17.3% 27.1% 25.5% 19.3% 16.9% 21.2% 21.5%

Debt RelatedDebt to Equity 27.8% 69.6% 55.8% 55.5% 59.0% 109.6% 77.8% 92.4% 84.1% 92.0% 97.7%

Capitalization Ratio 0.2% 0.1% 20.0% 0.0% 15.9% 36.9% 33.7% 33.5% 34.5% 32.2% 32.5%FCF to Total Debt 59.1% 27.2% 36.9% 39.4% 40.0% 18.9% 33.1% 25.4% 27.9% 25.3% 24.6%FCF to Short Term Debt 621.5% 48.4% 423.0% 84.1% 516.0% 79.9% 555.8% 234.5% 578.4% 132.2% 104.2%FCF to Long Term Debt 6794.0% 12823.2% 82.3% 180190.9% 125.2% 35.5% 50.7% 46.6% 44.6% 49.0% 49.8%

2005-2009 2006-2010 2005-2008 2006-2009 2007-2010 2005-2007 2006-2008 2007-2009 2008-2010 Median Tang Shareholder Equity -19.3% 1.7% -29.2% -14.2% -11.0% 0.6% -27.2% -35.4% 42.0% -14.2%Owner Earnings FCF 5.1% 15.0% 3.1% 15.8% 6.4% 7.0% 17.9% 3.3% 12.1% 7.0%CROIC 14.7% 14.7% 15.6% 14.6% 14.8% 16.7% 14.5% 14.7% 14.7% 14.7%FCF/Sales 20.7% 20.7% 21.5% 20.4% 21.1% 23.0% 20.0% 20.7% 20.7% 20.7%ROA 10.9% 11.0% 11.9% 11.5% 10.5% 13.0% 13.0% 10.1% 10.1% 11.0%ROE 19.3% 21.2% 22.4% 22.4% 20.3% 25.5% 25.5% 19.3% 19.3% 21.2%Gross Margin 79.9% 79.9% 79.5% 79.5% 80.0% 79.9% 79.2% 79.2% 80.7% 79.9%Operating Margin 31.3% 30.4% 31.6% 30.9% 30.3% 32.8% 30.4% 30.4% 30.2% 30.4%Net Margin 17.9% 19.6% 20.2% 19.5% 18.1% 22.6% 22.6% 16.5% 16.5% 19.5%Revenue Growth 9.8% 8.8% 10.4% 8.9% 8.7% 10.6% 9.4% 8.9% 8.2% 8.9%Earnings Growth 6.9% 7.5% 9.6% -2.6% 5.0% 27.6% -3.4% -10.5% 19.6% 6.9%Cash from Ops Growth 8.3% 17.0% 7.4% 20.7% 11.5% 2.8% 25.7% 14.1% 8.8% 11.5%

10 Year Multi-Year Performance2001-2008 2002-2009 2003-2010 2001-2006 2002-2007 2003-2008 2004-2009 2005-2010 2001-2010 Median

Tang Shareholder Equity -11.5% 7.2% 4.6% -4.2% 31.3% -7.5% -10.7% -6.5% -3.0% -4.2%Owner Earnings FCF 17.0% 13.8% 11.1% 16.6% 18.4% 10.7% 8.8% 6.6% 30.4% 13.8%CROIC 16.3% 16.1% 15.2% 16.8% 17.1% 16.1% 15.7% 14.8% 14.7% 16.1%FCF/Sales 20.6% 21.0% 21.4% 20.1% 21.5% 21.5% 21.2% 21.1% 21.0% 21.1%ROA 13.0% 11.9% 12.0% 13.0% 13.0% 13.0% 11.9% 10.9% 12.0% 12.0%ROE 19.8% 19.8% 20.7% 19.6% 20.9% 20.9% 20.5% 20.3% 19.8% 20.3%Gross Margin 79.9% 80.0% 80.2% 80.0% 80.0% 80.0% 80.0% 80.1% 80.0% 80.0%Operating Margin 33.7% 33.2% 32.1% 34.0% 33.9% 33.5% 32.1% 30.9% 33.2% 33.2%

5 Year Multi-Year Performance

3%50% Owner Earnings

Enter TickerCLEARRefresh

Help


6/14

Shares Out. M.O.S Growth Projection EPS Corp Bond

(MDT)CheckShares

11.3% $2.52 4.69

1/4/2011

Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low

$37.10 $56.51 $19.21 34% $46.66 $30.80

2005-2009 2006-2010 2005-2008 2006-2009 2007-2010 2005-2007 2006-2008 2007-2009 2008-2010 Median5 Yr EPS Growth 6.9% 7.5% 9.6% -2.6% 5.0% 27.6% -3.4% -10.5% 19.6% 6.9%

2001-2008 2002-2009 2003-2010 2001-2006 2002-2007 2003-2008 2004-2009 2005-201010 Yr EPS Growth 12.6% 13.4% 11.5% 19.7% 24.7% 8.4% 3.8% 13.5%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTMDiltued EPS 0.85$ 0.80$ 1.30$ 1.60$ 1.48$ 2.09$ 2.41$ 1.95$ 1.93$ 2.79$ 2.89$

2011E 2012E Forecast Method 2.58$ 2.87$Linear Regression Method 2.52$ 2.80$

Normal Earnings 2.52$Growth Rate 11.28%Corp Bond Rate 4.69Per Share Value 56.51$MOS 66%Purchase Price 19.21$Current Price $37.10Actual Discount 34%

Median13.4%

Graham Value Calculation

66%1,070.00Linear

Regression

Medtronic Inc

Enter TickerRefresh CLEAR

$0.85 $0.80

$1.30$1.60 $1.48

$2.09$2.41

$1.95 $1.93

$2.79 $2.52 $2.80

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E

Help


7/14

Medtronic Inc Shares Out. Source Normalized Income Discount Rate R&D Years SG&A %

(MDT)CheckShares

1,070.00 $4,801.26 25%

1/4/2011Figures in Millions except per share values

Current Price EPV Net Reproduction Value EPV MOS NCAV 52 Wk High 52 Wk Low

$37.10 $26.14 $29.35 -41.9% ($5.47) $46.66 $30.80

Asset Valuation Section EPV Valuation Section

Data: Asset ValuationShares Outstanding 1070.0 2010 Owner Earnings FCF 3,403.0$

Balance Sheet Assets 29,992.0$ Normalized Income 4,801.3$Adjusted Assets 29,992.0$ Avg Adj. Income 5 yrs 4,663.9$Total Liabilities 14,486.0$ TTM Adjusted Income 4,665.7$

Total Equity 15,506.0$

Average SGA % 34.6% Data: EPVMarketing/Brand Value 5,469.3$ Cost of Capital 12.0%

R&D Value 3,095.2$ Normalized Adjusted Income 4,801.3$

Cash Needed for Business 157.2$ Average Maintenance Capex 583.8$Interest Bearing Debt 10,565.0$ Interest Bearing Debt 10,565.0$Non Interest Bearing Debt 3,921.0$ 1% of sales 157.2$Excess Cash 3,227.7$ Cash & Equiv 3,544.0$

Cash - Debt (7,178.2)$

Calculation: Asset Valuation Shares 1070.00Total Per Share

Tangible BV 4,309$ 4.03$ Calculation: EPVAdjusted BV 15,506$ 14.49$ Cost of Capital Rates EPV Per Share + Cash - Debt Per ShareNCAV (5,854)$ (5.47)$ 8% 52,718.3$ 49.27$ 45,540.1$ 42.56$Reprod. Cost of Assets 38,556$ 36.03$ 10% 42,174.6$ 39.42$ 34,996.4$ 32.71$

Reprod. Cost of Assets BV 24,070$ 22.50$ 12% 35,145.5$ 32.85$ 27,967.3$ 26.14$Total Net Reprod. Cost 31,408$ 29.35$ 14% 30,124.7$ 28.15$ 22,946.5$ 21.45$

16% 26,359.2$ 24.63$ 19,180.9$ 17.93$

Quarterly numbers based on: 2011 Q2 Statement Source Date: 8-Dec-10Adjustments:

Assets Book Value Fixed BV Multipl ierReproductionAsset Value

Cash & Equivalents 3,544.0$ 3,544.0$

Adjustments:

Liabilities & Equity Book Value Fixed BV MultiplierReproductionLiability Value

Marketable Securities -$ -$ Accounts Payable 438.0$ 438.0$Accounts Receivable - Gross 3,453.0$ 3,453.0$ Accrued Expenses 1,877.0$ 1,877.0$Other Receivable -$ -$ Accrued Liabilities -$ -$

Receivables 3,453.0$ 3,453.0$ Notes Payable/Short Term Debt 3,417.0$ 3,417.0$

Inventories: Raw Materials 341.0$

Current Port. of LT Debt/CapitalLeases -$ -$

Inventories: Work in Progress 299.0$ Other Current Liabilities 163.0$ 163.0$

Inventories: Purchased Components -$ Total Current Liabilities 5,895.0$ 5,895.0$Inventories: Finished Goods 995.0$ Long-Term Debt 7,148.0$ 7,148.0$Inventories: Other -$ Capital Lease Obligations -$ -$

Inventories -- Total 1,635.0$ 1,635.0$ Deferred Income Taxes 6.0$ 6.0$Prepaid Expenses 581.0$ 581.0$ Minority Interest -$ -$Current Defered Income Taxes 681.0$ 681.0$ Total Other Liabilities 1,437.0$ 1,437.0$

Other Current Assets 681.0$ 681.0$ Total Liabilities 14,486.0$ 14,486.0$Total Current Assets 10,575.0$ 10,575.0$ Common Stock Equity 14,825.0$ 14,825.0$Goodwill, Net 8,624.0$ 8,624.0$ Retained Earnings 15,114.0$ 15,114.0$Intangibles, Net 2,573.0$ 2,573.0$ Total Capitalization 21,973.0$ 21,973.0$

Intangibles 11,197.0$ 11,197.0$ Total Equity 14,825.0$ 15,506.0$Property/Plant/Equipment - Net 2,458.0$ 2,458.0$ Total Liabilities & Equity 29,311.0$ 29,311.0$

Long Term Investments 5,448.0$ 5,448.0$Note Receivable - Long Term -$ -$Other Long Term Assets, Total 314.0$ 314.0$Total Assets 29,992.0$ 29,992.0$

12% 3MSN

Values for Normalized Income

Enter Ticker Refresh CLEAR Help


8/14

(MDT)1/4/2011 Current Price NNWC NNWC % NCAV NCAV % Data

$37.10 -$7.04 -626.9% -$4.29 -964.5% MSN

Numbers as of 2010/10 (go to SEC for accurate numbers)

Figures in Millions except per share values BV

BV

Multiplier Net Net ValueCash & Equivalents 3,544.00$ 100% 3,544.00$

Marketable Securities -$Accounts Receivable 3,453.00$ 75%Other Receivable -$

Receivables 3,453.00$ 2,589.75$Inventories: Raw Materials -$ 50%Inventories: Work in Progress -$

Inventories: Purchased Components -$Inventories: Finished Goods -$Inventories: Other -$

Inventories -- Total 1,635.00$ 817.50$Current Assets - Total 9,894.00$ 9,894.00$Total Liabilities 14,486.00$ 14,486.00$Shares Outstanding 1,070.00 1,070.00

Total ($m) Per ShareTotal Current Assets 9,894.00$ 9.25$

Market Cap & Share Price 39,830.00$ 37.10$Net Net Working Capital (7,534.75)$ (7.04)$

Discount to NNWC -627%

Net Current Asset Value (4,592.00)$ (4.29)$Discount to NCAV -964%

Medtronic Inc

Enter Ticker

CLEAR

HelpRefresh


9/14

Medtronic Inc(MDT)1/4/2011

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM

Piotroski F Scores 7 5 7 7 6 5 7 6 7 7 6

Piotroski 1: Net Income 1 1 1 1 1 1 1 1 1 1 1

Piotroski 2: Operating Cash Flo 1 1 1 1 1 1 1 1 1 1 1

Piotroski 3: Return on Assets 1 0 1 1 0 1 1 0 0 1 0

Piotroski 4: Quality of Earnings 1 1 1 1 1 0 1 1 1 1 1

Piotroski 5: LT Debt vs Assets 1 1 0 1 0 0 0 1 0 1 1

Piotroski 6: Current Ratio 1 0 1 0 1 1 1 0 1 0 0

Piotroski 7: Shares Outstanding 1 1 0 1 1 1 1 1 1 1 1

Piotroski 8: Gross Margin 0 0 1 0 1 0 0 1 1 1 1Piotroski 9: Asset Turnover 0 0 1 1 0 0 1 0 1 0 0

A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks, nine being the

best. The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements. For every criteria (below) that

is met the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.

Profitability

* Positive return on assets in the current year (1 point)

* Positive operating cash flow in the current year (1 point)

* Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)

* Cash flow from operations are greater than ROA (1 point)

Leverage, Liquidity and Source of Funds

* Lower ratio of long term debt to in the current period compared value in the previous year (1 point)

* Higher current ratio this year compared to the previous year (1 point)

* No new shares were issued in the last year (1 point)

Operating Efficiency

* A higher g ross margin compared to the previous year (1 point)

* A higher asset turnover ratio compared to the previous year (1 point)

Altman Z Score

Piotroski Score

X2 = Retained Earnings/Total Assets

X3 = EBITDA/Total Assets

The Z-score formula may be used to pr edict the probability that a firm w ill go into bankruptcy within two years.

Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate

income and balance sheet values to measure the financial health of a company.

The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a higher risk of

bankruptcy.

Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.

(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)

Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5

There is also a revised Altman Z score which is adjusted for non manufacturing corporations. The revised formula is:

Z = 6.56*X1 + 3.26*X2 + 6.72*X3 + 1.05*X4

X1 = Working Capital/Total Assets

Enter Ticker Refresh CLEAR Help


10/14

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM

M Score - 5 Variable NA -2.24 -2.88 -2.81 -2.88 -2.97 -2.64 -2.66 -2.98 -2.93 -2.88

M Score - 8 Variable NA -2.47 -2.52 -2.63 -2.71 -2.60 -2.23 -2.49 -2.88 -2.65 -2.65

DSRI 1.08 0.97 0.96 1.04 0.94 1.03 1.12 0.86 0.99 1.04 0.00

GMI 1.01 0.98 1.01 1.00 1.00 1.01 1.00 0.98 0.99 1.00 0.00

AQI 1.83 0.91 1.01 0.88 0.85 1.30 1.17 1.03 0.96 1.03 0.00

SGI 1.15 1.20 1.19 1.11 1.12 1.09 1.10 1.08 1.08 0.99 0.00

DEPI 1.09 0.90 1.00 1.03 0.89 1.02 0.99 0.95 0.84 0.99 0.00

SGAI 1.01 1.01 1.00 1.04 1.01 1.04 1.03 1.01 1.04 1.01 0.00

TATA -0.06 -0.04 -0.06 -0.06 0.02 -0.01 -0.06 -0.07 -0.04 -0.04 0.00LVGI 1.88 0.84 0.98 1.07 1.56 0.83 1.01 1.00 1.02 1.04 0.00

The Beneish Model - M Score VariablesDSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.

GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer prospects ismore likely to m anipulate earnings.

AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t to year t-1.

SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure

to manipulate in order to keep up appearances.

DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being depreciated at a slower

rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.

LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage

TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.

The Beneish M Score FormulaThe eight variables are then weighted together according to the following:

M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI

A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators, whilst only

incorrectly identifying 17.5% of non-manipulators.

The 5 Variable Version of the Beneish ModelThe five variable version excludes SGAI, DEPI and LEVI which w ere not significant in the original Beneish model.

M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI

A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator.

Original Altman Z Score

When Z is 2.6 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause unexpectedreversals.

When Z is 1.1 to 2.6, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.

When Z is below 1.1, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.

When Z is 3.0 or more, the firm is most likely safe based on the f inancial data. However, be careful to double check as fraud, economic downturns and other factors couldcause unexpected reversals.

When Z is 2.7 to 3.0, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.

When Z is 1.8 to 2.7, the company is likely to be bankrupt within 2 years. This is the lower portion of the grey area and a dramatic turnaround of the company is needed.

When Z is below 1.8, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company cansurvive.

Revised Altman Z Score


11/14

Medtronic Inc(MDT)1/4/2011

MDT BSX STJ JNJ EW SYK

Sorted Data EW SYK STJ JNJ MDT BSXStock Price $ 80.27 $ 54.36 $ 41.17 $ 63.35 $ 37.10 $ 7.48 |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> ||||||||||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||||||||||||||||||||| >>> ||||||||||||||||||||||||||||||||||||| |||||||

Mkt Cap ($M) $ 9,170.00 $ 21,590.00 $ 13,560.00 $ 173,980.00 $ 39,830.00 $ 11,370.00 |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>>

EV $ 8,790.00 $ 18,180.00 $ 15,060.00 $ 162,420.00 $ 47,180.00 $ 16,970.00 |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>>

52 Wk High $ 85.47 $ 59.72 $ 42.98 $ 66.20 $ 46.66 $ 9.79 |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||| |||||||||

52 Wk Low $ 42.31 $ 42.74 $ 34.00 $ 56.86 $ 30.80 $ 5.04 |||||||||||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||| |||||% off 52Wk Low 89.7% 27.2% 21.1% 11.4% 20.5% 48.4% |||||||||||||||||||||||||||||||||||||||||||||||||| >>> ||||||||||||||||||||||||||| ||||||||||||||||||||| |||||||||||||||||||| ||||||||||||||||||||||||||||||||||||||||||||||||

MultiplesP/E(TTM) 46.9 17.0 15.7 12.9 12.9 0.0 |||||||||||||||||||||||||||||||||||||||||||||| |||||||||||||||| ||||||||||||||| |||||||||||| ||||||||||||

P/S(TTM) 6.5 3.0 2.8 2.8 2.6 1.5 |||||| ||| || || || |

P/Tang BV(MRQ) 10.7 3.8 8.5 6.9 11.1 0.0 |||||||||| ||| |||||||| |||||| |||||||||||

P/CF 35.3 12.8 12.4 10.5 10.1 0.0 ||||||||||||||||||||||||||||||||||| |||||||||||| |||||||||||| |||||||||| ||||||||||

P/FCF(TTM) 57.2 18.3 17.6 17.4 13.9 0.0 |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||| ||||||||||||||||| ||||||||||||||||| |||||||||||||EV/EBITDA(TTM) 27.2 7.8 9.3 8.3 8.3 9.0 ||||||||||||||||||||||||||| ||||||| ||||||||| ||| ||||| |||||||| ||||||||

DividendsDiv Yld 0.0% 1.3% 0.0% 3.4% 2.4% 0.0% | ||| ||

Div Yld - 5yr avg 0.0% 0.0% 0.0% 2.6% 1.3% 0.0% || |

Div 5yr Grth 0.0% 40.9% 0.0% 12.0% 19.6% 0.0% |||||||||||||||||||||||||||||||||||||||| |||||||||||| |||||||||||||||||||Payout Ratio(TTM) 0.0% 21.7% 0.0% 41.7% 30.1% 0.0% ||||||||||||||||||||| ||||||||||||||||||||||||||||||||||||||||| ||||||||||||||||||||||||||||||

Growth RatesSales(MRQ) v 1yr ago 7.1% 6.9% 6.9% -0.7% 1.7% -5.4% ||||||| |||||| |||||| | |||||

Sales(TTM) v 1yr ago 6.5% 3.0% 2.8% 2.8% 2.6% 1.5% |||||| ||| || || || |

Sales 5yr Grth 7.2% 10.9% 15.3% 5.5% 9.5% 7.8% ||||||| |||||||||| ||||||||||||||| ||||| ||||||||| |||||||

EPS(MRQ) v 1yr ago -35.5% 48.0% 30.3% 2.4% -33.3% 299.5% ||||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||| || ||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||||||||||||||||||||| >>>

EPS(TTM) v 1yr ago -10.0% 19.2% 143.4% 6.4% 52.8% -0.7% |||||||||| ||||||||||||||||||| |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||| ||||||||||||||||||||||||||||||||||||||||||||||||||||EPS 5yr Grth 169.6% 21.0% 15.4% 9.9% 13.6% 0.0% |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||| ||||||||||||||| ||||||||| |||||||||||||

Balance SheetQuick Ratio(MRQ) 2.0 4.6 3.5 2.1 1.4 0.9 || |||| ||| || |

Current Ratio(MRQ) 2.6 5.4 4.4 2.5 1.7 1.2|| ||||| |||| || | |

LTD/Eq(MRQ) 0.0 13.6 47.5 16.0 48.2 46.5 ||||||||||||| ||||||||||||||||||||||||||||||||||||||||||||||| |||||||||||||||| |||||||||||||||||||||||||||||||||||||||||||||||| ||||||||||||||||||||||||||||||||||||||||||||||Tot D/Eq(MRQ) 8.2 13.9 47.5 21.0 71.3 54.7 |||||||| ||||||||||||| ||||||||||||||||||||||||||||||||||||||||||||||| |||||||||||||||||||| |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>>

MarginsGross %(TTM) 71.7% 68.5% 73.7% 69.5% 76.0% 66.4% |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>>

Gross % 5yr 65.8% 68.2% 72.8% 71.2% 75.2% 71.6% |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>> |||||||||||||||||||||||||||||||||||||||||||||||||| >>>

Op %(TTM) 18.6% 26.3% 25.8% 27.7% 26.0% -28.3% |||||||||||||||||| |||||||||||||||||||||||||| ||||||||||||||||||||||||| ||||||||||||||||||||||||||| |||||||||||||||||||||||||| ||||||||||||||||||||||||||||

Op % 5yr avg 16.0% 22.0% 20.6% 25.4% 23.4% -11.3% ||||||||||||||| ||||||||||||||||||||| |||||||||||||||||||| ||||||||||||||||||||||||| ||||||||||||||||||||||| |||||||||||

Net %(TTM) 14.3% 17.9% 17.8% 21.8% 20.2% -30.1% |||||||||||||| ||||||||||||||||| ||||||||||||||||| ||||||||||||||||||||| |||||||||||||||||||| |||||||||||||||||||||||||||||| Net % 5yr avg 12.0% 15.9% 13.7% 19.6% 18.7% -16.8% ||||||||||| ||||||||||||||| ||||||||||||| ||||||||||||||||||| |||||||||||||||||| ||||||||||||||||

ReturnsROA(TTM) 12.1% 13.4% 12.5% 14.3% 11.9% -9.7% |||||||||||| ||||||||||||| |||||||||||| |||||||||||||| ||||||||||| |||||||||

ROA 5yr avg 10.3% 14.3% 10.2% 15.4% 11.8% -5.7% |||||||||| |||||||||||||| |||||||||| ||| |||||||||||| ||||||||||| |||||

ROE(TTM) 17.3% 18.7% 22.9% 25.3% 22.4% -19.5% ||||||||||||||||| |||||||||||||||||| |||||||||||||||||||||| ||||||||||||||||||||||||| |||||||||||||||||||||| |||||||||||||||||||

ROE 5yr avg 16.8% 20.2% 17.6% 27.8% 22.0% -11.6% |||||||||||||||| |||||||||||||||||||| ||||||||||||||||| ||||||||||||||||||||||||||| ||||||||||||||||||||| |||||||||||

EfficiencyRec Turnover(TTM) 4.8 6.3 4.1 6.1 4.7 5.7 |||| |||||| |||| |||||| |||| |||||

Inv Turnover(TTM) 2.1 2.2 1.9 3.5 2.4 2.8 || || | ||| || ||Asset Turnover(TTM) 0.8 0.7 0.7 0.7 0.6 0.3

JNJ MDT BSX

P/E(TTM)Enter Competitor Tickers

EW SYK STJ

Enter Ticker CLEARRefresh Help


12/14

Medtronic Inc

Figures in Millions except per share values

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM$1,391.8 $1,203.8 $1,697.8 $2,421.2 $2,367.4 $963.2 $2,285.0 $2,883.0 $3,215.0 $3,496.0 $3,837.0 $903.6 $1,218.2 $1,630.0 $1,982.1 $2,469.6 $1,946.1 $2,829.0 $2,706.0 $3,019.0 $3,403.0 $3,561.0

% Change -13.5% 41.0% 42.6% -2.2% -59.3% 137.2% 26.2% 11.5% 8.7% 9.8% % Change 34.8% 33.8% 21.6% 24.6% -21.2% 45.4% -4.3% 11.6% 12.7% 4.6%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM$37.7 $31.1 $45.1 $43.2 $47.9 $46.7 $49.7 $47.8 $33.7 $38.6 $37.1 $0.85 $0.80 $1.30 $1.60 $1.48 $2.09 $2.41 $1.95 $1.93 $2.79 $0.75

% Change -17.3% 44.7% -4.1% 10.9% -2.6% 6.6% -3.9% -29.4% 14.5% -4.0% % Change -5.9% 62.5% 23.1% -7.5% 41.2% 15.3% -19.1% -1.0% 44.6% -73.1%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM16.3% 19.0% 21.3% 21.8% 24.6% 17.2% 23.0% 20.0% 20.7% 21.5% 22.6% 32.7 31.4 32.3 21.6 24.5 56.0 24.9 18.6 11.7 12.1 10.4

% Change 16.8% 11.9% 2.6% 12.6% -29.8% 33.5% -13.0% 3.3% 4.0% 5.3% % Change -4.0% 2.8% -33.2% 13.4% 128.5% -55.5% -25.1% -37.4% 3.9% -14.4%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM15.9% 17.6% 15.5% 20.1% 18.7% 12.8% 16.7% 14.5% 14.7% 14.8% 15.2% 3.1% 3.2% 3.1% 4.6% 4.1% 1.8% 4.0% 5.4% 8.6% 8.2% 9.6%

% Change 10.7% -11.9% 29.5% -7.1% -31.6% 30.9% -13.1% 1.5% 0.7% 2.6% % Change 4.1% -2.8% 49.7% -11.8% -56.2% 124.9% 33.5% 59.7% -3.8% 16.8%

(MDT)1/4/2011

Diluted EPS

FCF / Sales Price / FCF

Free Cash Flow

Stock Price

Magic Formula Investing -- Earnings Yield Magic Formula Investing -- Return on Capital

Owner Earnings

Cash Return on Invested Capital (CROIC) FCF Yield

Enter Ticker Refresh Help


13/14

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM79.9% 79.4% 80.7% 80.1% 80.3% 79.9% 79.0% 79.2% 80.7% 81.8% 82.1% 18.8% 15.3% 20.9% 21.6% 17.9% 22.6% 22.8% 16.5% 14.9% 19.6% 20.2%

% Change -0.7% 1.6% -0.7% 0.2% -0.5% -1.1% 0.3% 1.9% 1.4% 0.4% % Change -18.5% 36.0% 3.3% -16.8% 25.7% 1.0% -27.5% -10.0% 31.9% 3.3%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM7.0 5.0 7.0 7.0 6.0 5.0 7.0 6.0 7.0 7.0 6.0 21.2 7.2 10.1 8.7 8.2 5.4 6.5 5.3 4.4 3.9 2.8

% Change -28.6% 40.0% 0.0% -14.3% -16.7% 40.0% -14.3% 16.7% 0.0% -14.3% % Change -66.1% 39.9% -13.6% -6.0% -33.4% 18.8% -18.4% -16.3% -10.7% -29.3%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM-2.5 -2.5 -2.6 -2.7 -2.6 -2.2 -2.5 -2.9 -2.6 -2.7 27.8% 25.6% 30.2% 29.6% 23.5% 17.4% 21.6% 19.3% 10.7% 22.4% 22.0%

% Change #DIV/0! -2.0% -4.4% -2.9% 4.2% 14.0% -11.5% -15.5% 8.0% -0.1% % Change -7.7% 17.7% -1.9% -20.7% -25.9% 24.4% -10.9% -44.3% 108.7% -1.8%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM27.8% 69.6% 55.8% 55.5% 59.0% 109.6% 77.8% 92.4% 84.1% 92.0% 97.7% 59.1% 27.2% 36.9% 39.4% 40.0% 18.9% 33.1% 25.4% 27.9% 25.3% 24.6%

% Change 150.6% -19.7% -0.7% 6.4% 85.7% -29.1% 18.9% -9.0% 9.4% 6.2% % Change -53.9% 35.6% 6.6% 1.7% -52.7% 75.1% -23.4% 10.0% -9.5% -2.8%

FCF to Short Term Debt FCF to Long Term Debt

Gross Margin Net Profit Margin

Piotroski F score Original Altman Z Score

Beneish M Score - 8 Variable Version Tax Rate

Debt to Equity FCF to Total Debt


14/14

Tickers Date Added Current

Price

Added

Price

Price

Change

%

NCAV DCF Graham

Price

EPV P/E P/Tang B P/S P/FCF Earnings

Yield

Piotroski Altman Z 5yr FCF

Growth

Dine 6/22/2010 -$ $14.24 -100.0% $7.20 $46.81 $55.00 $8.98 18.1 1.6 0.7 6.3 14.6% 8.0 6.2 0.0%AVTR 6/26/2010 18.80$ $20.16 -6.7% $32.02 $49.05 ($6.46) $29.48 0.0 0.5 3.4 21.4 2.0 0.0%KIRK 7/11/2010 14.00$ $16.32 -14.2% $2.25 $21.91 $20.71 $24.90 8.9 3.4 0.8 7.7 23.7% 7.0 3.9 0.0%

BP 7/13/2010 46.26$ $36.76 25.8% ($22.28) $54.46 $61.04 $43.28 5.4 1.3 0.4 0.0 28.3% 6.0 1.0 1.4%SPAR 7/25/2010 6.17$ $4.42 39.6% $1.81 $8.61 $11.84 $3.67 838.7 1.0 0.3 0.0 11.6% 5.0 2.4 0.0%JAKK 7/25/2010 18.80$ $14.53 29.4% $7.59 $27.21 $16.14 $16.83 16.0 1.2 0.5 0.0 29.9% 7.0 2.2 -14.4%ITI 7/25/2010 1.71$ $1.45 17.9% $0.23 $2.03 $2.90 $2.44 17.5 1.6 0.8 0.0 10.1% 4.0 0.9 0.0%JCTCF 7/25/2010 9.10$ $7.10 28.2% $6.93 $11.53 $6.39 $12.00 10.5 0.9 0.5 4.9 33.6% 6.0 8.2 15.5%GCO 7/25/2010 36.58$ $28.59 27.9% $5.59 $29.30 $34.74 $34.75 15.8 1.7 0.4 5.5 22.4% 5.0 3.1 1.2%VIFL 7/25/2010 3.85$ $1.97 95.4% $0.42 $4.49 $1.94 $5.20 8.4 0.9 2.2 5.6 23.8% 5.0 0.0%FSYS 7/25/2010 29.74$ $28.42 4.6% $6.86 $16.60 $15.92 $13.16 6.9 2.7 0.9 6.0 28.6% 8.0 2.8 0.0%ALV 7/25/2010 81.47$ $55.38 47.1% ($7.85) $63.86 $39.26 $14.48 13.6 5.5 0.8 7.9 12.6% 8.0 2.1 15.5%LABL 7/25/2010 19.52$ $12.23 59.6% ($6.42) $17.69 $21.09 $0.50 10.6 11.9 0.6 8.1 14.1% 6.0 1.5 0.0%SGK 7/25/2010 20.33$ $15.59 30.4% ($2.40) $22.52 $6.53 $3.50 16.1 78.4 0.9 8.5 14.8% 8.0 2.0 41.9%CNU 7/25/2010 4.60$ $3.52 30.7% $0.57 $3.36 $3.70 $2.81 10.1 4.1 0.7 9.5 21.1% 7.0 9.3 30.7%DJCO 7/25/2010 71.11$ $72.50 -1.9% $36.03 $65.42 $72.05 $85.40 12.0 1.7 2.6 13.2 54.9% 4.0 3.4 22.9%BLD 7/28/2010 1.31$ $1.26 4.0% ($0.47) $1.29 $1.30 $4.77 5.7 1.0 0.1 2.6 7.2% 6.0 0.9 -28.1%

MDT 8/30/2010 37.10$ $32.25 15.0% ($3.76) $50.24 $44.78 $30.87 10.3 2.3 12.6 14.5% 6.0 2.7 15.2%ADBE 9/26/2010 31.51$ $26.88 17.2% $0.85 $35.70 $36.85 $18.93 30.0 4.0 15.0 8.8% 6.0 4.5 17.2%DF 11/20/2010 8.93$ $7.73 15.5% ($25.68) $42.38 $23.94 $2.29 9.0 0.1 5.3 14.1% 7.0 0.7 19.3%BG 11/22/2010 65.43$ $61.39 6.6% $14.18 ($3.48) $94.17 $14.04 4.9 0.2 0.0 8.2% 5.0 1.7 25.6%HPOL 12/3/2010 1.20$ $0.88 36.4% ($0.11) $1.10 ($0.33) $1.12 0.0 0.3 0.0 14.5% 6.0 -2.3 0.0%UFPT 12/3/2010 13.27$ $11.62 14.2% $4.18 $18.31 $23.98 $11.78 8.1 0.6 0.0 30.5% 9.0 4.0 0.0%THQI 12/3/2010 6.36$ $5.40 17.8% $0.95 $4.89 ($12.04) $4.34 0.0 0.5 0.0 44.0% 2.0 0.5 0.0%CMTL 12/3/2010 28.36$ $30.70 -7.6% $16.80 $59.78 $44.56 $35.22 15.7 1.1 7.3 31.4% 4.0 3.0 28.8%MU 12/4/2010 8.44$ $7.92 6.6% ($0.34) $5.51 ($3.75) ($2.00) 4.3 0.9 3.2 48.7% 4.0 1.3 0.0%OMG 12/4/2010 38.19$ $39.68 -3.8% $13.81 $43.54 $36.16 $41.68 16.4 1.1 6.0 20.3% 7.0 2.6 0.0%COCO 12/4/2010 5.09$ $4.43 14.9% ($3.19) $18.06 $24.34 $7.93 2.7 0.2 15.1 61.5% 6.0 1.6 0.0%MEG 12/14/2010 5.88$ $5.85 0.5% ($36.58) $10.01 ($60.43) $11.02 0.0 0.0 0.2 1.9 15.7% 7.0 0.5 -13.5%RKT 12/14/2010 55.35$ $55.06 0.5% ($30.69) $51.92 $83.19 $68.14 9.8 0.7 8.8 16.2% 4.0 1.5 39.6%BBY 12/14/2010 35.05$ $35.82 -2.1% $0.00 $42.15 $73.28 $45.06 12.9 5.2 0.3 14.6 19.2% N/A -2.8%

Stocks in list

ow Appended

Stock Valuation Database

Clean ErrorsAdd StockEnter Ticker

MDT OSV Stock Valuation-V20110104

Documents

Transcript of MDT OSV Stock Valuation-V20110104