Professional Documents
Culture Documents
1
Stock Code
Stock Code
Table
WSKT
2
Balance Sheet
2010
2011
Cash Only
354,926,218
583,188,264
Short-Term Investments
340,147,168
24,276,134
2,535,735,554
3,123,025,954
21,099,496
147,038,751
Inventories
232,964,157
351,258,888
264,456,481
374,992,454
3,749,329,074
4,603,780,445
284,822,222
347,516,042
-132,698,528
-155,117,470
152,123,694
192,398,572
177,287,402
319,822,699
Total Assets
4,078,740,171
5,116,001,715
1,011,280,237
1,204,968,368
Accounts Payable
2,040,682,756
2,684,626,206
27,789,639
340,482,919
3,420,235,551
28,116,925
500,325,286
4,418,036,785
0
208,315,151
208,315,151
0
77,742,569
77,742,569
3,628,550,702
4,495,779,354
654,992,100
654,992,100
-201,543,469
-3,259,162
450,189,469
-31,978,188
-2,791,551
620,222,361
Long-Term Debt
Capitalized Lease Obligations
Other Non-Current Liabilities
Total Non-Current Liabilities
Total Liabilities
Balance Check
Table
SG&A Expense
Other Operating Expense
Unusual Expense
Total Operating Expense
Operating Income
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Pretax Income
Income Tax
Net Income
2010
5,853,205,164
5,276,902,882
2011
7,274,166,638
6,610,972,813
576,302,282
663,193,825
202,043,178
238,296,140
202,043,178
374,259,104
238,296,140
424,897,685
-1,506,667
-132,508,930
11,676,829
-104,747,582
240,243,507
331,826,931
116,164,147
124,079,360
159,837,737
171,989,194
2010
5,853,205,164
2011
7,274,166,638
24.3%
4
Growth Analysis
Sales/Revenue
Growth
Arithmatic Mean
Geometric Mean
Table
5,116,001,715
3
Income Statement
Sales/Revenue
COGS excluding D&A
Depreciation & Amortization Expense
Gross Income
Table
4,078,740,171
15.4%
15.1%
5
COGS Analysis
COGS
Growth
Begining Inventory
Purchases
Ending Inventory
Purchases to Sales
2010
5,276,902,882
2011
6,610,972,813
25.28%
232,964,157
6,729,267,544
351,258,888
92.5%
Table
6
Percentage of Sales
2010
100.00%
90.15%
2011
100.00%
90.88%
9.85%
9.12%
3.45%
0.00%
0.00%
3.45%
6.39%
3.28%
0.00%
0.00%
3.28%
5.84%
-0.03%
-2.26%
0.00%
0.16%
-1.44%
0.00%
4.10%
4.56%
Income Tax
Net Income
2.12%
2.36%
48.4%
48.2%
2010
20.55
158.1
16.1
141.2
2011
20.93
156.7
19.4
148.2
Sales/Revenue
COGS excluding D&A
Depreciation & Amortization Expense
Gross Income
SG&A Expense
Other Operating Expense
Unusual Expense
Total Operating Expense
Operating Income
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Pretax Income
Table
7
Activity Ratios
FATO
Days Sales Outstanding
Days Inventory Outstanding
Days Payable Outstanding
Table
8
Sales Projection
Sales/Revenue
Table
5Y Avg.
15.14%
3Y Avg.
12.24%
5Y Avg.
3Y Avg.
195.4
220.7
9
Receivables Schedule
Sales/Revenue
Credit Sales
Cash Sales
Beginning A/R
Addition
Collection
Ending A/R
Total Collection of Sales/Revenue
Table
10
Cost of Goods Sold (COGS)
COGS
Begining Inventory
Purchases
Ending Inventory
Table
5Y Avg.
90.6%
3Y Avg.
90.5%
18.1
18.3
5Y Avg.
3Y Avg.
166.0
180.3
5Y Avg.
3Y Avg.
3.5%
-1.0%
0.0%
3.6%
-1.4%
0.0%
11
Payable Schedule
Purchases
Credit Purchase
Cash Purchase
Beginning A/P
Addition
Payment
Ending A/P
Total Payment of Purchases
Table
12
Projected Income Statement
Sales/Revenue
COGS excluding D&A
Depreciation & Amortization Expense
Gross Income
0
SG&A Expense
Other Operating Expense
Unusual Expense
Total Operating Expense
Operating Income
0
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Pretax Income
0
Income Tax
Net Income
Dividend Payment
Retained Earnings
Table
13
Operating Expenses
5Y Avg.
3Y Avg.
5Y Avg.
3Y Avg.
18.14
16.41
Book Value
Depreciation
Operating Expenses
Accrued Expenses
Payment of Operating Expenses
Beginning of Accrued Expenses
Addition
Payment
Ending Accrued Expenses
Total Payment of Operating Expenses
Table
14
New Investment
Sales/Revenue
Gross Fixed Assets
New PP&E
Table
15
Depreciation of Current PP&E
Depreciation
Property, Plant & Equipment - Gross
Accumulated Depreciation
Net Property, Plant & Equipment
Table
16
Depreciation of New PP&E
621,791,835
6,163,392
Total
Table
17
Depreciation of New PP&E
Table
18
Settlement of Current Assets
Short-Term Investments
Redemption of Short-Term Investments
Other Receivables
Collection of Other Receivables
Other Current Assets
Sales of Other Current Assets
Table
19
Settlement of Non-Current Assets
Other Non-Current Assets
Sales of Other Non-Current Assets
Table
20
Settlement of Current Liabilities
Short Term Debt
Payment of Short Term Debt
Income Tax Payable
Payment of Income Tax Payable
Addition of Income Tax Payable
Other Current Liabilities
Table
21
Existing LTD Schedule
Long-Term Debt
Interest
Principal
Long-term portion
Current portion
Total Long-Term Debt
Payment of Current portion
Table
22
Existing Financial Lease Schedule
0.0%
Interest
Principal
Table
23
Other Non-Current Liabilities
Other Non-Current Liabilities
Payment of Other Non-Current Liabilities
Table
24
Projected Cash Flow
Cash Receipt
Total Collection of Sales/Revenue
Non-Operating Interest Income
Redemption of Short-Term Investments
Collection of Other Receivables
Sales of Other Current Assets
Sales of Other Non-Current Assets
Total of Cash Receipt
Cash Payment
Total Payment of Purchases
Total Payment of Operating Expenses
Payment of Short Term Debt
Payment of Income Tax Payable
Payment of Other Current Liabilities
Table
25
Financing of Investment
New PP&E
Financing
Debt
Equity
Table
26
Interest Payment of Debt Financing
Tahun
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1
2
3
4
5
6
7
8
9
10
Table
27
Principal Payment of Debt Financing
Tahun
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Table
1
2
3
4
5
6
7
8
9
10
28
Balance of Debt Financing
Tahun
Begining Balance
Interest Payment
New Debt
Principal Payment
Ending Balance
Long-term portion
Current portion
Total Balance of Debt Financing
Table
29
External Funding Needed
External Funding Needed
Financing
Debt
Equity
Table
30
Interest Payment of External Funding
Tahun
2015
2016
1
2
2017
2018
2019
2020
2021
2022
2023
2024
3
4
5
6
7
8
9
10
Total
Table
31
Principal Payment of External Funding
Tahun
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Table
32
Balance of External Funding
Tahun
Begining Balance
Interest Payment
New Debt
Principal Payment
Ending Balance
Long-term portion
Current portion
Total Balance of Debt Financing
Table
29
Balance Sheet
Cash Only
Short-Term Investments
Accounts Receivables, Net
Other Receivables
1
2
3
4
5
6
7
8
9
10
Inventories
Other Current Assets
Total Current Assets
Property, Plant & Equipment - Gross
Accumulated Depreciation
Net Property, Plant & Equipment
Other Non-Current Assets
Total Assets
Balance Check
2015
499,091,631.00
2013
2014
2,183,783,098
353,174,011
650,155,272
24,276,134
790,796,134
1,224,404,134
4,698,827,384
5,628,427,433
7,196,295,440
32,338,014
25,932,212
64,732,935
412,538,363
292,226,654
604,279,266
437,951,800
690,856,670
784,300,859
7,789,714,793
7,781,413,114
10,524,167,906
400,606,099
627,785,188
871,337,650
-160,672,477
-212,345,234
-249,545,815
239,933,622
415,439,954
621,791,835
336,595,673
591,450,171
1,396,081,604
8,366,244,088
8,788,303,238
12,542,041,345
1,171,853,482
874,807,781
1,917,129,494
3,567,813,274
4,086,007,414
5,272,332,287
95,086,202
457,073,201
5,291,826,159
97,227,415
369,096,799
5,427,139,409
104,179,351
434,512,423
7,728,153,555
747,453,840
748,044,637
1,245,656,604
319,888,861
1,067,342,701
230,717,377
978,762,014
725,260,832
1,970,917,436
6,359,168,860
6,405,901,423
9,699,070,991
963,223,600
831,137,835
215,173,536
-2,459,742
2,007,075,229
963,223,600
860,067,730
562,911,015
-3,800,530
2,382,401,815
972,750,421
924,152,110
954,023,533
-7,955,711
2,842,970,353
8,366,244,088
8,788,303,238
12,542,041,345
2012
8,808,415,749
8,076,157,819
732,257,930
284,720,190
284,720,190
447,537,740
340,344,030
-142,106,004
-231,278
198,006,748
706,898,315
54,415,923
-42,040,284
1,153,156
-185,096
459,913,378
-96,850,837
611,200,635
-183,596,367
755,601,960
205,882,087
254,031,291
243,230,406
367,970,229
254,389,168
501,212,792
2012
8,808,415,749
21.1%
2013
9,686,610,302
10.0%
2014
10,286,813,284
6.2%
2012
8,076,157,819
22.16%
351,258,888
8,137,437,294
412,538,363
2013
8,775,913,965
8.66%
412,538,363
8,655,602,256
292,226,654
2014
9,177,916,819
4.58%
292,226,654
9,489,969,431
604,279,266
92.4%
89.4%
92.3%
163,349,651
939,383,422
2012
100.00%
91.69%
2013
100.00%
90.60%
2014
100.00%
89.22%
8.31%
9.40%
10.78%
3.23%
0.00%
0.00%
3.23%
5.08%
3.51%
-1.47%
0.00%
2.04%
7.36%
4.17%
-2.59%
0.00%
1.59%
9.19%
0.62%
-0.48%
0.00%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
5.22%
6.31%
7.35%
2.88%
3.80%
4.87%
44.8%
39.8%
33.7%
2012
21.99
194.7
18.6
161.2
2013
15.43
212.1
12.2
169.9
2014
11.81
255.3
24.0
209.7
Current
6.20%
Assumption
18.0%
Description
Growth
2014
10,286,813,284
2015
12,138,439,675
Current
0.00%
Assumption
Description
2014
10,286,813,284
2015
12,138,439,675
255.3
190.0
TOP
5,354,779,518
4,932,033,766
6,318,639,831
5,819,799,844
7,196,295,440
7,196,295,440
6,318,639,831
7,196,295,440
6,318,639,831
13,016,095,284
Current
89.2%
Assumption
86.00%
Description
POS
2014
9,177,916,819
2015
10,439,058,121
292,226,654
9,489,969,431
604,279,266
604,279,266
10,349,581,721
514,802,866
24.0
18.0
TOP
Current
0.00%
Assumption
Description
2014
9,489,969,431
2015
10,349,581,721
209.7
166.0
TOP
4,315,986,097
5,173,983,334
4,706,933,057
5,642,648,664
5,272,332,287
5,272,332,287
4,706,933,057
5,272,332,287
4,706,933,057
10,914,980,951
Current
Assumption
Description
4.2%
-2.6%
0.0%
3.50%
-1.00%
0.00%
POS
POS
POS
2014
10,286,813,284
9,177,916,819
6,163,392
1,102,733,073
2015
12,138,439,675
10,439,058,121
31,089,592
1,668,291,963
429,413,008
-266,063,357
424,845,389
-121,384,397
163,349,651
939,383,422
303,460,992
1,364,830,971
-185,096
25.00%
Tax Rate
-183,596,367
1,122,794,693
112,109,094
1,252,721,877
254,389,168
868,405,525
313,180,469
939,541,407
22.00%
Current
206,699,110
732,842,298
Assumption
Description
2014
163,349,651
2015
303,460,992
30.0
TOP
13,425,999
149,923,652
24,941,999
278,518,993
24,941,999
24,941,999
303,460,992
Current
Assumption
11.81
18.00
Est. Life
Assumption
100.88
20.00
Description
Depreciation
2014
2015
12,138,439,675
871,337,650
674,357,760
2014
2015
871,337,650
249,545,815
621,791,835
31089591.75
871,337,650
280,635,407
590,702,243
2014
2015
1
31,089,592
Assumption
Description
Book Value
1
Age
20
Depreciation
2
3
4
5
6
7
8
9
10
121,384,397
143,233,588
169,015,634
199,438,448
235,337,369
277,698,095
327,683,752
386,666,828
456,266,857
20
20
20
20
20
20
20
20
20
6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
16,384,188
19,333,341
22,813,343
2014
2015
2014
1,224,404,134
2015
1,224,404,134
64,732,935
64,732,935
784,300,859
784,300,859
2014
1,396,081,604
2015
1,396,081,604
2014
1,917,129,494
2015
104,179,351
1,917,129,494
417,359,820
434,512,423
313,180,469
434,512,423
Assumption
Description
9.0%
5.0
Interest Rate
TTM
Assumption
Description
10.0%
3.0
Interest Rate
TTM
Assumption
Description
2014
1,245,656,604
2015
1,245,656,604
112,109,094
1,245,656,604
1,245,656,604
1,037,516,782
208,139,822
1,245,656,604
2014
1
2015
1
1
725,260,832
725,260,832
2014
2015
13,016,095,284
1224404134
64732935
784300859
15,089,533,212
10,914,980,951
303,460,992
1,917,129,494
725,260,832
112,109,094
206,699,110
14,179,640,473
909,892,739
650,155,272
1,560,048,011
1,560,048,011
1,560,048,011
Assumption
Description
2014
2015
2014
2015
0
77.0%
23.0%
Interest
TTM
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
5
5
5
5
5
5
5
5
5
5
0
93,465,985
110,289,863
130,142,038
153,567,605
181,209,774
213,827,533
252,316,489
297,733,457
351,325,480
Interest
TTM
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
5
5
5
5
5
5
5
5
5
5
Interest
TTM
2014
2015
2014
2015
0
0
0
0
0
0
93,465,985
110,289,863
130,142,038
153,567,605
181,209,774
213,827,533
252,316,489
297,733,457
351,325,480
0
0
0
2014
2015
2014
2015
0
77.0%
23.0%
Interest
TTM
9.0%
9.0%
5
5
0
0
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
5
5
5
5
5
5
5
5
Interest
TTM
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
5
5
5
5
5
5
5
5
5
5
Interest
TTM
0
0
0
0
0
0
0
0
2014
2015
0
2014
2015
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Assumption
Description
2014
650,155,272
1,224,404,134
7,196,295,440
64,732,935
2015
1,560,048,011
6,318,639,831
604,279,266
784,300,859
10,524,167,906
514,802,866
8,393,490,708
871,337,650
249,545,815
621,791,835
1,396,081,604
12,542,041,345
871,337,650
280,635,407
590,702,243
1,396,081,604
10,380,274,555
1,917,129,494
5,272,332,287
104,179,351
434,512,423
7,728,153,555
208,139,822
4,706,933,057
417,359,820
434,512,423
5,766,945,122
1,245,656,604
1,037,516,782
725,260,832
1,970,917,436
1,037,516,782
9,699,070,991
6,804,461,904
972,750,421
924,152,110
954,023,533
-7,955,711
2,842,970,353
972,750,421
924,152,110
1,686,865,831
-7,955,711
3,575,812,651
12,542,041,345
10,380,274,555
2016
2017
2018
2019
2020
2021
2016
14,323,358,817
2017
16,901,563,404
2018
19,943,844,816
2019
23,533,736,883
2020
27,769,809,522
2021
32,768,375,236
2016
14,323,358,817
2017
16,901,563,404
2018
19,943,844,816
2019
23,533,736,883
2020
27,769,809,522
2021
32,768,375,236
7,455,995,000
6,867,363,816
8,798,074,101
8,103,489,303
10,381,727,439
9,562,117,378
12,250,438,378
11,283,298,506
14,455,517,286
13,314,292,237
17,057,510,397
15,710,864,839
6,318,639,831
7,455,995,000
6,318,639,831
7,455,995,000
7,455,995,000
8,798,074,101
7,455,995,000
8,798,074,101
8,798,074,101
10,381,727,439
8,798,074,101
10,381,727,439
10,381,727,439
12,250,438,378
10,381,727,439
12,250,438,378
12,250,438,378
14,455,517,286
12,250,438,378
14,455,517,286
14,455,517,286
17,057,510,397
14,455,517,286
17,057,510,397
13,186,003,647
15,559,484,304
18,360,191,478
21,665,025,944
25,564,730,614
30,166,382,125
2016
12,318,088,582
2017
14,535,344,527
2018
17,151,706,542
2019
20,239,013,720
2020
23,882,036,189
2021
28,180,802,703
514,802,866
12,410,753,098
607,467,382
607,467,382
14,644,688,656
716,811,511
716,811,511
17,280,732,614
845,837,583
845,837,583
20,391,264,484
998,088,348
998,088,348
24,061,692,092
1,177,744,250
1,177,744,250
28,392,796,668
1,389,738,215
2016
12,410,753,098
2017
14,644,688,656
2018
17,280,732,614
2019
20,391,264,484
2020
24,061,692,092
2021
28,392,796,668
5,644,342,505
6,766,410,593
6,660,324,156
7,984,364,500
7,859,182,504
9,421,550,110
9,273,835,355
11,117,429,130
10,943,125,718
13,118,566,373
12,912,888,348
15,479,908,320
4,706,933,057
5,644,342,505
4,706,933,057
5,644,342,505
5,644,342,505
6,660,324,156
5,644,342,505
6,660,324,156
6,660,324,156
7,859,182,504
6,660,324,156
7,859,182,504
7,859,182,504
9,273,835,355
7,859,182,504
9,273,835,355
9,273,835,355
10,943,125,718
9,273,835,355
10,943,125,718
10,943,125,718
12,912,888,348
10,943,125,718
12,912,888,348
11,473,343,650
13,628,707,005
16,081,874,266
18,976,611,634
22,392,401,728
26,423,034,039
2016
14,323,358,817
12,318,088,582
37,158,812
1,968,111,423
2017
16,901,563,404
14,535,344,527
44,320,491
2,321,898,386
2018
19,943,844,816
17,151,706,542
52,771,273
2,739,367,002
2019
23,533,736,883
20,239,013,720
62,743,195
3,231,979,969
2020
27,769,809,522
23,882,036,189
74,510,064
3,813,263,270
2021
32,768,375,236
28,180,802,703
88,394,968
4,499,177,565
501,317,559
-143,233,588
591,554,719
-169,015,634
698,034,569
-199,438,448
823,680,791
-235,337,369
971,943,333
-277,698,095
1,146,893,133
-327,683,752
358,083,970
1,610,027,452
422,539,085
1,899,359,300
498,596,120
2,240,770,881
588,343,422
2,643,636,546
694,245,238
3,119,018,032
819,209,381
3,679,968,184
112,109,094
1,497,918,358
101,788,449
1,797,570,851
89,890,449
2,150,880,433
76,156,402
2,567,480,145
60,283,323
3,058,734,708
41,916,166
3,638,052,017
374,479,589
1,123,438,768
449,392,713
1,348,178,139
537,720,108
1,613,160,324
641,870,036
1,925,610,109
764,683,677
2,294,051,031
909,513,004
2,728,539,013
247,156,529
876,282,239
296,599,190
1,051,578,948
354,895,271
1,258,265,053
423,634,224
1,501,975,885
504,691,227
1,789,359,804
600,278,583
2,128,260,430
2016
358,083,970
2017
422,539,085
2018
498,596,120
2019
588,343,422
2020
694,245,238
2021
819,209,381
29,431,559
328,652,411
34,729,240
387,809,845
40,980,503
457,615,617
48,356,994
539,986,428
57,061,252
637,183,986
67,332,278
751,877,103
29,431,559
24,941,999
4,489,560
4,489,560
34,729,240
29,431,559
9,787,241
9,787,241
40,980,503
34,729,240
16,038,504
16,038,504
48,356,994
40,980,503
23,414,994
23,414,994
57,061,252
48,356,994
32,119,253
32,119,253
67,332,278
57,061,252
42,390,279
353,594,411
417,241,404
492,344,857
580,966,932
685,540,979
808,938,355
2016
14,323,358,817
2017
16,901,563,404
2018
19,943,844,816
2019
23,533,736,883
2020
27,769,809,522
2021
32,768,375,236
795,742,156
121,384,397
938,975,745
143,233,588
1,107,991,379
169,015,634
1,307,429,827
199,438,448
1,542,767,196
235,337,369
1,820,465,291
277,698,095
2016
2017
2018
2019
2020
2021
31,089,592
871,337,650
311,724,999
559,612,652
31,089,592
871,337,650
342,814,590
528,523,060
31,089,592
871,337,650
373,904,182
497,433,468
31,089,592
871,337,650
404,993,774
466,343,876
31,089,592
871,337,650
436,083,366
435,254,285
31,089,592
871,337,650
467,172,957
404,164,693
2016
2017
2018
2019
2020
2021
2
121,384,397
3
143,233,588
4
169,015,634
5
199,438,448
6
235,337,369
7
277,698,095
6,069,220
6,069,220
7,161,679
6,069,220
7,161,679
8,450,782
6,069,220
7,161,679
8,450,782
9,971,922
6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
6,069,220
13,230,899
21,681,681
31,653,603
43,420,472
57,305,377
2016
2017
2018
2019
2020
2021
121,384,397
6,069,220
115,315,177
264,617,985
19,300,119
245,317,866
433,633,619
40,981,800
392,651,819
633,072,067
72,635,403
560,436,664
868,409,436
116,055,875
752,353,561
1,146,107,531
173,361,252
972,746,279
2016
2017
2018
2019
2020
2021
2016
1,396,081,604
2017
1,396,081,604
2018
1,396,081,604
2019
1,396,081,604
2020
1,396,081,604
2021
1,396,081,604
2016
2017
2018
2019
2020
2021
374,479,589
417,359,820
374,479,589
434,512,423
449,392,713
374,479,589
449,392,713
537,720,108
449,392,713
537,720,108
641,870,036
537,720,108
641,870,036
764,683,677
641,870,036
764,683,677
909,513,004
764,683,677
909,513,004
434,512,423
1
2016
1,037,516,782
112,109,094
208,139,822
2
2017
810,644,375
93,376,510
226,872,407
3
2018
563,353,452
72,957,994
247,290,923
4
2019
293,806,346
50,701,811
269,547,106
5
2020
6
2021
810,644,375
226,872,407
1,037,516,782
563,353,452
247,290,923
810,644,375
293,806,346
269,547,106
563,353,452
293,806,346
293,806,346
208,139,822
226,872,407
247,290,923
269,547,106
293,806,346
2
2016
3
2017
4
2018
5
2019
6
2020
7
2021
2
2
3
3
4
4
5
5
6
6
7
7
2016
2017
2018
2019
2020
2021
13,186,003,647
15,559,484,304
18,360,191,478
21,665,025,944
25,564,730,614
30,166,382,125
13,186,003,647
15,559,484,304
18,360,191,478
21,665,025,944
25,564,730,614
30,166,382,125
11,473,343,650
353,594,411
13,628,707,005
417,241,404
16,081,874,266
492,344,857
18,976,611,634
580,966,932
22,392,401,728
685,540,979
26,423,034,039
808,938,355
417,359,820
374,479,589
434,512,423
449,392,713
537,720,108
641,870,036
764,683,677
26,442,571
293,806,346
208,139,822
112,109,094
121,384,397
247,156,529
12,933,087,723
242,489,868
101,788,449
143,233,588
296,599,190
15,639,051,517
282,742,560
89,890,449
169,015,634
354,895,271
17,920,155,750
329,935,143
76,156,402
199,438,448
423,634,224
21,124,462,890
385,289,295
60,283,323
235,337,369
504,691,227
24,905,413,957
129,995,201
41,916,166
277,698,095
600,278,583
29,046,544,117
252,915,924
1,560,048,011
1,812,963,935
-79,567,214
1,934,348,332
1,854,781,118
440,035,728
1,998,014,706
2,438,050,434
540,563,054
2,607,066,068
3,147,629,122
659,316,657
3,347,067,571
4,006,384,228
1,119,838,008
4,241,721,597
5,361,559,605
93,465,985
27,918,411
110,289,863
32,943,725
130,142,038
38,873,596
153,567,605
45,870,843
181,209,774
54,127,595
213,827,533
63,870,562
1,934,348,332
1,998,014,706
2,607,066,068
3,347,067,571
4,241,721,597
5,639,257,700
1,934,348,332
1,998,014,706
2,607,066,068
3,347,067,571
4,241,721,597
5,639,257,700
2016
121,384,397
2017
143,233,588
2018
169,015,634
2019
199,438,448
2020
235,337,369
2021
277,698,095
93,465,985
27,918,411
110,289,863
32,943,725
130,142,038
38,873,596
153,567,605
45,870,843
181,209,774
54,127,595
213,827,533
63,870,562
1
2016
93,465,985
2
2017
110,289,863
3
2018
130,142,038
4
2019
153,567,605
5
2020
181,209,774
6
2021
213,827,533
0
0
0
0
0
0
0
0
0
0
0
8,411,939
0
0
0
0
0
0
0
0
0
7,006,367
9,926,088
0
0
0
0
0
0
0
0
5,474,294
8,267,513
11,712,783
0
0
0
0
0
0
0
3,804,335
6,459,667
9,755,666
13,821,084
0
0
0
0
0
0
1,984,079
4,489,115
7,622,407
11,511,685
16,308,880
0
0
0
0
1
2
2016
2017
93,465,985 110289862.8881
3
4
5
2018
2019
2020
130142038.208 153567605.0854 181209774.0008
6
2021
213827533.321
0
0
0
0
0
0
0
0
0
0
0
15,617,461
0
0
0
0
0
0
0
0
0
17,023,033
18,428,604
0
0
0
0
0
0
0
0
18,555,106
20,087,179
21,745,753
0
0
0
0
0
0
0
20,225,065
21,895,025
23,702,871
25,659,988
0
0
0
0
0
0
22,045,321
23,865,577
25,836,129
27,969,387
30,278,786
0
0
0
0
1
2016
0
0
93,465,985
0
93,465,985
2
2017
93,465,985
8,411,939
110,289,863
15,617,461
188,138,387
3
2018
188,138,387
16,932,455
130,142,038
35,451,637
282,828,789
4
2019
282,828,789
25,454,591
153,567,605
60,388,037
376,008,357
5
2020
376,008,357
33,840,752
181,209,774
91,482,949
465,735,182
6
2021
465,735,182
41,916,166
213,827,533
129,995,201
549,567,515
77,848,524
15,617,461
93,465,985
152,686,750
35,451,637
188,138,387
222,440,752
60,388,037
282,828,789
284,525,408
91,482,949
376,008,357
335,739,981
129,995,201
465,735,182
396,173,178
153,394,337
549,567,515
2016
2017
2018
2019
2020
2021
1
2016
0
2
2017
0
3
2018
0
4
2019
0
5
2020
0
6
2021
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
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
0
1
2016
0
2
2017
0
3
2018
0
4
2019
0
5
2020
0
6
2021
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
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
0
1
2016
0
0
0
0
0
2
2017
0
0
0
0
0
3
2018
0
0
0
0
0
4
2019
0
0
0
0
0
5
2020
0
0
0
0
0
6
2021
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2016
1,934,348,332
2017
1,998,014,706
2018
2,607,066,068
2019
3,347,067,571
2020
4,241,721,597
2021
5,639,257,700
7,455,995,000
8,798,074,101
10,381,727,439
12,250,438,378
14,455,517,286
17,057,510,397
607,467,382
716,811,511
845,837,583
998,088,348
1,177,744,250
1,389,738,215
9,997,810,714
11,512,900,318
13,834,631,090
16,595,594,296
19,874,983,133
24,086,506,313
992,722,047
317,794,218
674,927,828
1,396,081,604
12,068,820,147
1,135,955,635
362,114,709
773,840,926
1,396,081,604
13,682,822,847
1,304,971,269
414,885,982
890,085,287
1,396,081,604
16,120,797,981
1,504,409,717
477,629,177
1,026,780,540
1,396,081,604
19,018,456,440
1,739,747,086
552,139,241
1,187,607,845
1,396,081,604
22,458,672,582
2,017,445,181
640,534,209
1,376,910,972
1,396,081,604
26,859,498,889
242,489,868
5,644,342,505
374,479,589
439,001,983
6,700,313,945
282,742,560
6,660,324,156
449,392,713
9,787,241
7,402,246,669
329,935,143
7,859,182,504
537,720,108
16,038,504
8,742,876,259
385,289,295
9,273,835,355
641,870,036
23,414,994
10,324,409,680
129,995,201
10,943,125,718
764,683,677
32,119,253
11,869,923,849
153,394,337
12,912,888,348
909,513,004
42,390,279
14,018,185,967
888,492,899
716,040,202
516,247,097
284,525,408
335,739,981
396,173,178
888,492,899
716,040,202
516,247,097
284,525,408
335,739,981
396,173,178
7,588,806,844
8,118,286,871
9,259,123,356
10,608,935,087
12,205,663,830
14,414,359,145
1,000,668,832
924,152,110
2,563,148,070
-7,955,711
4,480,013,301
1,033,612,558
924,152,110
3,614,727,018
-7,955,711
5,564,535,975
1,072,486,153
924,152,110
4,872,992,071
-7,955,711
6,861,674,624
1,118,356,996
924,152,110
6,374,967,956
-7,955,711
8,409,521,351
1,172,484,591
924,152,110
8,164,327,760
-7,955,711
10,253,008,751
1,236,355,153
924,152,110
10,292,588,191
-7,955,711
12,445,139,743
12,068,820,147
13,682,822,847
16,120,797,981
19,018,456,440
22,458,672,582
26,859,498,889
937,409,448
2022
2023
2024
2022
38,666,682,779
2023
45,626,685,679
2024
53,839,489,101
2022
38,666,682,779
2023
45,626,685,679
2024
53,839,489,101
20,127,862,268
18,538,820,510
23,750,877,477
21,875,808,202
28,026,035,422
25,813,453,679
17,057,510,397
20,127,862,268
17,057,510,397
20,127,862,268
20,127,862,268
23,750,877,477
20,127,862,268
23,750,877,477
23,750,877,477
28,026,035,422
23,750,877,477
28,026,035,422
35,596,330,907
42,003,670,471
49,564,331,155
2022
33,253,347,190
2023
39,238,949,684
2024
46,301,960,627
1,389,738,215
33,503,500,068
1,639,891,094
1,639,891,094
39,534,130,081
1,935,071,491
1,935,071,491
46,650,273,495
2,283,384,360
2022
33,503,500,068
2023
39,534,130,081
2024
46,650,273,495
15,237,208,250
18,266,291,818
17,979,905,735
21,554,224,345
21,216,288,768
25,433,984,728
12,912,888,348
15,237,208,250
12,912,888,348
15,237,208,250
15,237,208,250
17,979,905,735
15,237,208,250
17,979,905,735
17,979,905,735
21,216,288,768
17,979,905,735
21,216,288,768
31,179,180,166
36,791,432,596
43,413,890,463
2022
38,666,682,779
33,253,347,190
104,779,156
5,308,556,433
2023
45,626,685,679
39,238,949,684
124,112,497
6,263,623,498
2024
53,839,489,101
46,301,960,627
146,925,840
7,390,602,634
1,353,333,897
-386,666,828
1,596,933,999
-456,266,857
1,884,382,119
-538,394,891
966,667,069
4,341,889,364
1,140,667,142
5,122,956,356
1,345,987,228
6,044,615,406
49,461,076
4,292,428,287
58,364,070
5,064,592,286
68,869,603
5,975,745,804
1,073,107,072
3,219,321,215
1,266,148,071
3,798,444,214
1,493,936,451
4,481,809,353
708,250,667
2,511,070,548
835,657,727
2,962,786,487
985,998,058
3,495,811,295
2022
966,667,069
2023
1,140,667,142
2024
1,345,987,228
79,452,088
887,214,982
93,753,464
1,046,913,678
110,629,087
1,235,358,140
42,390,279
79,452,088
67,332,278
54,510,089
54,510,089
93,753,464
79,452,088
68,811,464
68,811,464
110,629,087
93,753,464
85,687,088
954,547,259
1,126,365,766
1,329,111,604
2022
38,666,682,779
2023
45,626,685,679
2024
53,839,489,101
2,148,149,043
327,683,752
2,534,815,871
386,666,828
2,991,082,728
456,266,857
2022
2023
2024
10
31,089,592
871,337,650
498,262,549
373,075,101
31,089,592
871,337,650
529,352,141
341,985,509
31,089,592
871,337,650
560,441,733
310,895,918
2022
2023
2024
8
327,683,752
9
386,666,828
10
456,266,857
6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
16,384,188
6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
16,384,188
19,333,341
6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
16,384,188
19,333,341
22,813,343
73,689,564
93,022,906
115,836,248
2022
2023
2024
10
1,473,791,284
247,050,816
1,226,740,468
1,860,458,111
340,073,721
1,520,384,390
2,316,724,968
455,909,970
1,860,814,998
2022
2023
2024
2022
1,396,081,604
2023
1,396,081,604
2024
1,396,081,604
2022
2023
2024
1,073,107,072
909,513,004
1,073,107,072
1,266,148,071
1,073,107,072
1,266,148,071
1,493,936,451
1,266,148,071
1,493,936,451
7
2022
8
2023
9
2024
8
2022
9
2023
10
2024
8
8
9
9
10
10
2022
2023
2024
35,596,330,907
42,003,670,471
49,564,331,155
35,596,330,907
42,003,670,471
49,564,331,155
31,179,180,166
954,547,259
36,791,432,596
1,126,365,766
43,413,890,463
1,329,111,604
909,513,004
1,073,107,072
1,266,148,071
153,394,337
49,461,076
327,683,752
708,250,667
34,282,030,263
181,005,317
58,364,070
386,666,828
835,657,727
40,452,599,376
213,586,274
68,869,603
456,266,857
985,998,058
47,733,870,930
1,314,300,645
5,639,257,700
6,953,558,345
1,551,071,095
7,281,242,097
8,832,313,192
1,830,460,225
9,218,980,020
11,049,440,245
252,316,489
75,367,263
297,733,457
88,933,370
351,325,480
104,941,377
7,281,242,097
9,218,980,020
11,505,707,102
7,281,242,097
9,218,980,020
11,505,707,102
2022
327,683,752
2023
386,666,828
2024
456,266,857
252,316,489
75,367,263
297,733,457
88,933,370
351,325,480
104,941,377
7
2022
252,316,489
8
2023
297,733,457
9
2024
351,325,480
10
2025
0
0
0
2,341,213
5,297,156
8,994,441
13,583,789
19,244,478
0
0
0
0
0
0
2,762,631
6,250,644
10,613,440
16,028,871
22,708,484
0
0
0
0
0
0
3,259,905
7,375,760
12,523,859
18,914,068
26,796,011
0
0
0
0
0
0
3,846,688
8,703,396
14,778,154
22,318,600
31,619,293
7
8
9
2022
2023
2024
252316489.3188 297733457.3961 351325479.7274
10
2025
0
0
0
26,013,479
28,161,381
30,486,632
33,003,877
35,728,968
0
0
0
0
0
0
30,695,905
33,230,429
35,974,226
38,944,575
42,160,182
0
0
0
0
0
0
36,221,168
39,211,906
42,449,587
45,954,599
49,749,015
0
0
0
0
0
0
42,740,978
46,270,050
50,090,512
54,226,426
58,703,838
7
2022
549,567,515
49,461,076
252,316,489
153,394,337
648,489,667
8
2023
648,489,667
58,364,070
297,733,457
181,005,317
765,217,807
9
2024
765,217,807
68,869,603
351,325,480
213,586,274
902,957,012
10
2025
902,957,012
81,266,131
0
252,031,804
650,925,209
467,484,350
181,005,317
648,489,667
551,631,533
213,586,274
765,217,807
650,925,209
252,031,804
902,957,012
2022
2023
2024
7
2022
0
8
2023
0
9
2024
0
10
2025
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
0
0
0
0
0
0
0
0
0
0
0
7
2022
0
8
2023
0
9
2024
0
10
2025
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
0
0
0
0
0
0
0
0
0
0
0
7
2022
0
0
0
0
0
8
2023
0
0
0
0
0
9
2024
0
0
0
0
0
10
2025
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2022
7,281,242,097
2023
9,218,980,020
2024
11,505,707,102
20,127,862,268
23,750,877,477
28,026,035,422
1,639,891,094
1,935,071,491
2,283,384,360
29,048,995,460
34,904,928,988
41,815,126,884
2,345,128,934
745,313,365
1,599,815,569
1,396,081,604
32,044,892,633
2,731,795,761
869,425,862
1,862,369,899
1,396,081,604
38,163,380,491
3,188,062,618
1,016,351,702
2,171,710,916
1,396,081,604
45,382,919,404
181,005,317
15,237,208,250
1,073,107,072
54,510,089
16,545,830,728
213,586,274
17,979,905,735
1,266,148,071
68,811,464
19,528,451,546
252,031,804
21,216,288,768
1,493,936,451
85,687,088
23,047,944,110
467,484,350
551,631,533
650,925,209
467,484,350
551,631,533
650,925,209
17,013,315,078
20,080,083,078
23,698,869,319
1,311,722,416
924,152,110
12,803,658,739
-7,955,711
15,031,577,554
1,400,655,787
924,152,110
15,766,445,226
-7,955,711
18,083,297,411
1,505,597,164
924,152,110
19,262,256,521
-7,955,711
21,684,050,084
32,044,892,633
38,163,380,491
45,382,919,404
Table
1
Stock Code
Stock Code
Table
WSKT
2
Balance Sheet
Cash Only
2014
2015
650,155,272
1,560,048,011
Short-Term Investments
1,224,404,134
7,196,295,440
Other Receivables
64,732,935
Inventories
604,279,266
784,300,859
6,318,639,831
514,802,866
10,524,167,906
8,393,490,708
871,337,650
871,337,650
Accumulated Depreciation
249,545,815
280,635,407
621,791,835
590,702,243
1,396,081,604
1,396,081,604
12,542,041,345
10,380,274,555
1,917,129,494
208,139,822
Accounts Payable
5,272,332,287
4,706,933,057
104,179,351
434,512,423
7,728,153,555
417,359,820
434,512,423
5,766,945,122
Long-Term Debt
Capitalized Lease Obligations
Other Non-Current Liabilities
Total Non-Current Liabilities
1,245,656,604
1,037,516,782
725,260,832
1,970,917,436
1,037,516,782
Total Liabilities
9,699,070,991
6,804,461,904
972,750,421
924,152,110
954,023,533
-7,955,711
2,842,970,353
972,750,421
924,152,110
1,686,865,831
-7,955,711
3,575,812,651
ROE
3
Income Statement
Sales/Revenue
COGS excluding D&A
Depreciation & Amortization Expense
Gross Income
SG&A Expense
Other Operating Expense
Unusual Expense
Total Operating Expense
Operating Income
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Pretax Income
Income Tax
Net Income
EPS
Table
12,542,041,345
10,380,274,555
3.4115976555
1
1.9029134265
1
6.92%
9.05%
30.55%
26.27%
2014
10,286,813,284
9,177,916,819
6,163,392
1,102,733,073
2015
12,138,439,675
10,439,058,121
31,089,592
1,668,291,963
429,413,008
-266,063,357
424,845,389
-121,384,397
163,349,651
939,383,422
303,460,992
1,364,830,971
-185,096
-183,596,367
1,122,794,693
112,109,094
1,252,721,877
254,389,168
868,405,525
313,180,469
939,541,407
64
69
2013
2014
4
Projected Cash Flow
Cash Receipt
Total Collection of Sales/Revenue
Non-Operating Interest Income
Redemption of Short-Term Investments
Collection of Other Receivables
Sales of Other Current Assets
Sales of Other Non-Current Assets
Total of Cash Receipt
Cash Payment
Total Payment of Purchases
Total Payment of Operating Expenses
Payment of Short Term Debt
Payment of Income Tax Payable
Payment of Other Current Liabilities
Payment of Other Non-Current Liabilities
Principal Payment
13,016,095,284
1,224,404,134
64,732,935
784,300,859
15,089,533,212
10,914,980,951
303,460,992
1,917,129,494
725,260,832
Interest Expense
New PP&E
Total of Cash Payment
112,109,094
14,179,640,473
909,892,739
650,155,272
1,560,048,011
Investment Financing
Liabilites
Equities
External Financing Needed (EFN)
Cash Balance b/f EFN
Liabilites
Equities
1,560,048,011
Cash Balance
Ending Cash Balance
Minimum Cash Required
Table
1,560,048,011
5
Valuation Components
2013
Cash Flow
EBIT (1 - T)
Net Income
Depreciation & Amortization Expense
Capital Expenditure
Non-Cash Working Capital
Principal Repayment
1,023,623,228
939,541,407
31,089,592
2,528,242,419
Financial Ratios
Return on Equity
Return on Invested Capital
Table
2014
2,126,509,641
1,917,129,494
26.3%
11.6%
6
Cost of Capital
Cost of Equity
LCY Government Bond
Default Spread
Risk-Free Rate
Industry Levered Beta
Industry DER
Unlevered Beta
Company DER
Company Levered Beta
Developed Market ERP
7.0%
2.5%
4.5%
1.14
0.15
1.0
3.4
3.64
6.0%
CAPM
LCY Gov. Bond
Beta
Market Premium
Relative Risk
Country Risk Premium
Cost of Equity
2.22
5.6%
14.2%
Cost of Debt
EBIT Interest Coverage
EBITDA Interest Coverage
Funds Flow from Operations/Total Debt
Return on Capital
Long-Term Debt/Capital
Total Debt/Capital
Average Score
Value
-5.1
-5.2
0.1
5.6%
0.1
0.8
Cost of Debt
9.5%
Table
15,095,910
3,162,707,925
3,177,803,835
7.2%
7
Terminal Value Assumptions
Terminal Growth
ROIC
EBIT Reinvestment Rate
Cost of Equity
Cost of Debt
Debt Ratio
WACC
ROE
Equity Reinvestment Rate
Table
Score
1
1
1
1
1
1
1
5.0%
16.7%
29.9%
14.2%
9.5%
77.0%
8.8%
23.8%
21.0%
8
Free Cash Flow to The Firm (FCFF)
2013
EBIT (1 - T)
+ Depreciation & Amortization Expense
1
2014
1,023,623,228
31,089,592
- Capital Expenditure
- Incremental of Non-Cash Working Capital
-401,732,778
= FCFF
1,456,445,598
PVIF
.9330
PV of FCFF
10,381,420,325
Terminal Value
27,720,589,395
1,358,880,074
Table
Enterprise Value
38,102,009,721
Equity Value
34,289,146,524
9
Free Cash Flow to Equity (FCFE)
2013
Net Income
+ Depreciation & Amortization Expense
1
2014
939,541,407
31,089,592
- Capital Expenditure
- Incremental of Non-Cash Working Capital
-401,732,778
+ Net Debt
= FCFF
1,372,363,778
PVIF
.8758
PV of FCFF
6,657,255,434
Terminal Value
7,016,649,629
Equity Value
13,673,905,063
Difference
20,615,241,461
1,201,961,671
2016
2017
2018
2019
2020
2021
1,934,348,332
1,998,014,706
2,607,066,068
3,347,067,571
4,241,721,597
5,639,257,700
7,455,995,000
8,798,074,101
10,381,727,439
12,250,438,378
14,455,517,286
17,057,510,397
607,467,382
716,811,511
845,837,583
998,088,348
1,177,744,250
1,389,738,215
9,997,810,714
11,512,900,318
13,834,631,090
16,595,594,296
19,874,983,133
24,086,506,313
992,722,047
1,135,955,635
1,304,971,269
1,504,409,717
1,739,747,086
2,017,445,181
317,794,218
362,114,709
414,885,982
477,629,177
552,139,241
640,534,209
674,927,828
773,840,926
890,085,287
1,026,780,540
1,187,607,845
1,376,910,972
1,396,081,604
1,396,081,604
1,396,081,604
1,396,081,604
1,396,081,604
1,396,081,604
12,068,820,147
13,682,822,847
16,120,797,981
19,018,456,440
22,458,672,582
26,859,498,889
242,489,868
282,742,560
329,935,143
385,289,295
129,995,201
153,394,337
5,644,342,505
6,660,324,156
7,859,182,504
9,273,835,355
10,943,125,718
12,912,888,348
374,479,589
439,001,983
6,700,313,945
449,392,713
9,787,241
7,402,246,669
537,720,108
16,038,504
8,742,876,259
641,870,036
23,414,994
10,324,409,680
764,683,677
32,119,253
11,869,923,849
909,513,004
42,390,279
14,018,185,967
888,492,899
716,040,202
516,247,097
284,525,408
335,739,981
396,173,178
888,492,899
716,040,202
516,247,097
284,525,408
335,739,981
396,173,178
7,588,806,844
8,118,286,871
9,259,123,356
10,608,935,087
12,205,663,830
14,414,359,145
1,000,668,832
924,152,110
2,563,148,070
-7,955,711
4,480,013,301
1,033,612,558
924,152,110
3,614,727,018
-7,955,711
5,564,535,975
1,072,486,153
924,152,110
4,872,992,071
-7,955,711
6,861,674,624
1,118,356,996
924,152,110
6,374,967,956
-7,955,711
8,409,521,351
1,172,484,591
924,152,110
8,164,327,760
-7,955,711
10,253,008,751
1,236,355,153
924,152,110
10,292,588,191
-7,955,711
12,445,139,743
12,068,820,147
13,682,822,847
16,120,797,981
19,018,456,440
22,458,672,582
26,859,498,889
1.6939250698
1
1.458933307
1
1.3493970297
1
1.2615385162
1
1.1904470314
1
1.1582320041
1
9.31%
9.85%
10.01%
10.12%
10.21%
10.16%
25.08%
24.23%
23.51%
22.90%
22.37%
21.92%
2016
14,323,358,817
12,318,088,582
37,158,812
1,968,111,423
2017
16,901,563,404
14,535,344,527
44,320,491
2,321,898,386
2018
19,943,844,816
17,151,706,542
52,771,273
2,739,367,002
2019
23,533,736,883
20,239,013,720
62,743,195
3,231,979,969
2020
27,769,809,522
23,882,036,189
74,510,064
3,813,263,270
2021
32,768,375,236
28,180,802,703
88,394,968
4,499,177,565
501,317,559
-143,233,588
591,554,719
-169,015,634
698,034,569
-199,438,448
823,680,791
-235,337,369
971,943,333
-277,698,095
1,146,893,133
-327,683,752
358,083,970
1,610,027,452
422,539,085
1,899,359,300
498,596,120
2,240,770,881
588,343,422
2,643,636,546
694,245,238
3,119,018,032
819,209,381
3,679,968,184
112,109,094
1,497,918,358
101,788,449
1,797,570,851
89,890,449
2,150,880,433
76,156,402
2,567,480,145
60,283,323
3,058,734,708
41,916,166
3,638,052,017
374,479,589
1,123,438,768
449,392,713
1,348,178,139
537,720,108
1,613,160,324
641,870,036
1,925,610,109
764,683,677
2,294,051,031
909,513,004
2,728,539,013
83
99
119
142
169
201
2015
2016
2017
2018
2019
2020
13,186,003,647
15,559,484,304
18,360,191,478
21,665,025,944
25,564,730,614
30,166,382,125
13,186,003,647
15,559,484,304
18,360,191,478
21,665,025,944
25,564,730,614
30,166,382,125
11,473,343,650
353,594,411
13,628,707,005
417,241,404
16,081,874,266
492,344,857
18,976,611,634
580,966,932
22,392,401,728
685,540,979
26,423,034,039
808,938,355
417,359,820
374,479,589
434,512,423
449,392,713
537,720,108
641,870,036
764,683,677
208,139,822
242,489,868
282,742,560
329,935,143
385,289,295
129,995,201
112,109,094
121,384,397
12,933,087,723
101,788,449
143,233,588
15,639,051,517
89,890,449
169,015,634
17,920,155,750
76,156,402
199,438,448
21,124,462,890
60,283,323
235,337,369
24,905,413,957
41,916,166
277,698,095
29,046,544,117
252,915,924
1,560,048,011
1,812,963,935
-79,567,214
1,934,348,332
1,854,781,118
440,035,728
1,998,014,706
2,438,050,434
540,563,054
2,607,066,068
3,147,629,122
659,316,657
3,347,067,571
4,006,384,228
1,119,838,008
4,241,721,597
5,361,559,605
93,465,985
27,918,411
110,289,863
32,943,725
130,142,038
38,873,596
153,567,605
45,870,843
181,209,774
54,127,595
213,827,533
63,870,562
1,934,348,332
1,998,014,706
2,607,066,068
3,347,067,571
4,241,721,597
5,639,257,700
1,934,348,332
1,998,014,706
2,607,066,068
3,347,067,571
4,241,721,597
5,639,257,700
2015
2016
2017
2018
2019
2020
1,207,520,589
1,123,438,768
37,158,812
121,384,397
2,419,119,878
208,139,822
1,424,519,475
1,348,178,139
44,320,491
143,233,588
2,854,561,456
242,489,868
1,680,578,161
1,613,160,324
52,771,273
169,015,634
3,368,382,518
282,742,560
1,982,727,410
1,925,610,109
62,743,195
199,438,448
3,974,691,371
329,935,143
2,339,263,524
2,294,051,031
74,510,064
235,337,369
4,690,135,818
385,289,295
2,759,976,138
2,728,539,013
88,394,968
277,698,095
5,534,360,265
129,995,201
25.1%
11.9%
24.2%
12.2%
23.5%
12.4%
22.9%
12.7%
22.4%
12.8%
21.9%
13.0%
8.87%
1.77
3.00%
BBB
2.46
4.18
-0.34
6.9%
0.62
0.67
A
2.60
3.69
-0.07
7.4%
0.37
0.63
AA
3.33
7.09
0.07
8.8%
0.38
0.58
2
2015
1,207,520,589
3
2016
1,424,519,475
4
2017
1,680,578,161
5
2018
1,982,727,410
6
2019
2,339,263,524
7
2020
2,759,976,138
37,158,812
44,320,491
52,771,273
62,743,195
74,510,064
88,394,968
121,384,397
143,233,588
169,015,634
199,438,448
235,337,369
277,698,095
292,610,237
435,441,578
513,821,062
606,308,853
715,444,447
844,224,447
830,684,767
890,164,800
1,050,512,738
1,239,723,304
1,462,991,772
1,726,448,564
.8705
.8122
.7578
.7070
.6597
.6155
723,119,332
722,987,861
796,065,447
876,514,448
965,079,434
1,062,580,114
13,568,000
Shr. Outst.
2,527
Value/Share
1,605
57%
2
2015
1,123,438,768
3
2016
1,348,178,139
4
2017
1,613,160,324
5
2018
1,925,610,109
6
2019
2,294,051,031
7
2020
2,728,539,013
37,158,812
44,320,491
52,771,273
62,743,195
74,510,064
88,394,968
121,384,397
143,233,588
169,015,634
199,438,448
235,337,369
277,698,095
292,610,237
435,441,578
513,821,062
606,308,853
715,444,447
844,224,447
-114,673,837
-132,200,005
-152,600,522
-176,367,538
-204,079,521
83,832,333
631,929,109
681,623,459
830,494,379
1,006,238,464
1,213,699,759
1,778,843,772
.7671
.6718
.5884
.5154
.4514
.3953
484,742,508
457,940,069
488,677,324
518,570,462
547,822,038
703,213,846
13,568,000
1,008
2022
2023
2024
7,281,242,097
9,218,980,020
11,505,707,102
20,127,862,268
23,750,877,477
28,026,035,422
1,639,891,094
1,935,071,491
2,283,384,360
29,048,995,460
34,904,928,988
41,815,126,884
2,345,128,934
2,731,795,761
3,188,062,618
745,313,365
869,425,862
1,016,351,702
1,599,815,569
1,862,369,899
2,171,710,916
1,396,081,604
1,396,081,604
1,396,081,604
32,044,892,633
38,163,380,491
45,382,919,404
181,005,317
213,586,274
252,031,804
15,237,208,250
17,979,905,735
21,216,288,768
1,073,107,072
54,510,089
16,545,830,728
1,266,148,071
68,811,464
19,528,451,546
1,493,936,451
85,687,088
23,047,944,110
467,484,350
551,631,533
650,925,209
467,484,350
551,631,533
650,925,209
17,013,315,078
20,080,083,078
23,698,869,319
1,311,722,416
924,152,110
12,803,658,739
-7,955,711
15,031,577,554
1,400,655,787
924,152,110
15,766,445,226
-7,955,711
18,083,297,411
1,505,597,164
924,152,110
19,262,256,521
-7,955,711
21,684,050,084
32,044,892,633
38,163,380,491
45,382,919,404
1.1318382929
1
1.1104215466
1
1.0929171085
1
10.05%
9.95%
9.88%
21.42%
21.01%
20.67%
2022
38,666,682,779
33,253,347,190
104,779,156
5,308,556,433
2023
45,626,685,679
39,238,949,684
124,112,497
6,263,623,498
2024
53,839,489,101
46,301,960,627
146,925,840
7,390,602,634
1,353,333,897
-386,666,828
1,596,933,999
-456,266,857
1,884,382,119
-538,394,891
966,667,069
4,341,889,364
1,140,667,142
5,122,956,356
1,345,987,228
6,044,615,406
49,461,076
4,292,428,287
58,364,070
5,064,592,286
68,869,603
5,975,745,804
1,073,107,072
3,219,321,215
1,266,148,071
3,798,444,214
1,493,936,451
4,481,809,353
237
280
330
2021
2022
2023
35,596,330,907
42,003,670,471
49,564,331,155
35,596,330,907
42,003,670,471
49,564,331,155
31,179,180,166
954,547,259
36,791,432,596
1,126,365,766
43,413,890,463
1,329,111,604
909,513,004
1,073,107,072
1,266,148,071
153,394,337
181,005,317
213,586,274
49,461,076
327,683,752
34,282,030,263
58,364,070
386,666,828
40,452,599,376
68,869,603
456,266,857
47,733,870,930
1,314,300,645
5,639,257,700
6,953,558,345
1,551,071,095
7,281,242,097
8,832,313,192
1,830,460,225
9,218,980,020
11,049,440,245
252,316,489
75,367,263
297,733,457
88,933,370
351,325,480
104,941,377
7,281,242,097
9,218,980,020
11,505,707,102
7,281,242,097
9,218,980,020
11,505,707,102
2021
2022
2023
3,256,417,023
3,219,321,215
104,779,156
327,683,752
6,530,545,112
153,394,337
3,842,217,267
3,798,444,214
124,112,497
386,666,828
7,706,043,233
181,005,317
4,533,461,555
4,481,809,353
146,925,840
456,266,857
9,093,131,014
213,586,274
21.4%
13.1%
21.0%
13.3%
20.7%
13.4%
8
2021
3,256,417,023
9
2022
3,842,217,267
10
2023
4,533,461,555
104,779,156
124,112,497
146,925,840
327,683,752
386,666,828
456,266,857
996,184,848
1,175,498,120
1,387,087,782
2,037,327,579
2,404,164,816
2,837,032,756
.5742
.5358
.4999
1,169,918,927
1,288,089,390
1,418,185,298
8
2021
3,219,321,215
9
2022
3,798,444,214
10
2023
4,481,809,353
104,779,156
124,112,497
146,925,840
327,683,752
386,666,828
456,266,857
996,184,848
1,175,498,120
1,387,087,782
98,922,153
116,728,140
137,739,205
2,099,153,924
2,477,119,904
2,923,119,760
.3462
.3032
.2656
726,800,577
751,171,979
776,354,959
Sector
-average
(Mean)
Sector Mean
EBITDA WKST
EV WSKT
Add: Cash
Less: LTD
n/a
16.3755371412
945,546,814.00
15,483,836,971.38
650155272
1245656604
14,888,335,639.38
###
###
Shares Outstandin
Equity / Share
###
###
13,568,000
1,097.31
2527.2071435832
###
1,812.26
30.20
20.03
###
###
###
3.99
17.35
### 1,439.00
16.37554
Revenue Growth
Total Revenues
EBITDA
Net Income
EPS
Dividend per Share
Book Value per Share
ROA
ROE
2014
10,286,813,284.00
1,023,623,228.17
868,405,525.00
64.00
11.46
209.53
6.92%
30.55%
2015 2016F
2017F
12,138,439,675.12 14,323,358,816.64 16,901,563,403.64
13,016,095,284.24 13,186,003,647.08 15,559,484,303.56
1,207,520,589.24
1,424,519,475.32
1,680,578,160.88
939,541,407.40
1,123,438,768.47
1,348,178,138.54
69.25
82.80
99.36
10.31
16.56
19.87
263.55
330.19
410.12
9.05%
9.31%
9.85%
26.27%
25.08%
24.23%
2018F
2019F
19,943,844,816.29 23,533,736,883.22
18,360,191,478.20 21,665,025,944.27
1,982,727,409.85
2,339,263,523.63
1,613,160,324.43
1,925,610,108.61
118.89
141.92
23.78
28.38
505.72
619.81
10.01%
10.12%
23.51%
22.90%