Royal Philips NV is a Dutch technology company, which engages in the

healthcare, lighting, and consumer well-being markets.

Toshiba is a Japanese multinational conglomerate that manufactures and

markets electrical and electronic products. The Company's products include
digital products such as PCs and televisions, NAND flash memories and
system LSIs (large-scale integrated), as well as social infrastructures such as
power generators and medical equipment, and home appliances.

ABB is a Swedish-Swiss power and automation technology company. The

company provides solutions for secure, energy-efficient generation,
transmission and distribution of electricity, and for increasing productivity in
industrial, commercial and utility operations.

Samsung is a Korean multinational conglomerate which manufactures a wide

range of consumer and industrial electronic equipment and products such as
semiconductors, renewable energy, personal computers, peripherals,
monitors, televisions, and home appliances

All those companies are competitors of our 3 companies. GE, Siemens,

Philips, and Toshiba operate in healthcare, home appliances, and power. ABB
is a competitor of GE, Siemens and Alstom in terms of power (GE, Siemens)
and transportation. Samsung is a competitor of GE and Siemens based on
healthcare, home appliances and renewable energy. Alstom does not seem
to be competing with Toshiba, Philips and Samsung. They are only competing
with GE, Siemens and ABB.

Revenue

Samsungs revenue is 1.52x higher than GE. The highest revenue of

Samsung is principally due to IM division which represent 51.6% in their
revenue. (HHP, network system, computer, digital camera). GE has the
second highest revenue in conglomerate x4,75 bigger than Philips. GE has 9
segments and their market cap is $292B which is the highest.
Alstom has the smallest revenue. The other companies are more diversified
than Alstom since GE acquired the major part of Alstom and the other
companies operate in more countries. It is difficult to compare the revenues
of a single segment to the revenues of multiple segments.

Winner is Samsung

R&D

The amount GE and Siemens spend in R&D is very close.

Samsung spends x3 more in R&D than GE principally because they need to
maintain their innovation to keep up with their main competitor, which is
Apple. Samsungs R&D represent 7.40% of their revenue which is HUGE.
Siemenss R&D represent 5.90% of their revenue and GEs R&D represent
3.7% of their revenue.

Winner is Samsung

EBIT

Samsung has the highest EBIT x2.69 bigger than GE due to sales of
Samsungs products but GEs EBIT is huge too due to the high profit in
aviation and power.
Alstom has negative EBIT due to non-recurring impairment losses on assets.
Toshiba also has negative EBIT due to their loss of operating income in three
business segments: Energy & Infrastructure (loss in Nuclear Power Systems),
Community Solutions (loss in retail information systems, office Equipment
and lighting business) and Electronic Devices & Components (lower sales
prices).

Winner is Samsung

Net Income

Samsung has the highest Net income with Siemens because Samsung sells a
product that is high demand. Samsungs Net income is 1.89X higher than
Siemenss Net income.
GE and Toshiba have negative NI while Samsung and Siemens have high NI.
They sell their phones and other services in many countries.
GEs negative NI is due to their taxes on repatriated cash ( quelquun will talk
more about) and the acquisition of some companies (S&A expense).
The negative NI of Toshiba is due to their nuclear business (Westinghouse
group).
Philips has the smallest NI because their business is less diversifying than
other companies.
Alstom EBIT is negative but after they gain a lot of money due to the sale of
their business to GE.

Winner is Samsung

Total asset

GE has the biggest Total assets 2,34X larger than Samsung, 10,24X larger
than Toshiba and x11,91 larger than ABB. The assets of GE are very high due
to purchases of time deposits at GE capital. GE capital is the seventh largest
bank in the US.
Winner is GE

Goodwill

GE has 82.63X higher goodwill than Samsung principally due to the

acquisition of Alstom and Milestone.. Siemens acquired Dresser-Rand and
Rolls Royce. More than of Phillipss Balance Sheet is Goodwill this is due to
the acquisition of Volcano in 2015 and the increase in the USD/EUR rate
which impacted Goodwill denominated in USD. Samsung has the smallest
goodwill they just acquired two companies for small dollar amount. The
company is like Apple, it creates its own technology and also has a myriad of
joint ventures with companies providing them free technology. Also, a tech
company like Samsung invests a lot in buying patents rather than companies
and thus, the goodwill amount is not as big as companies like GE which
invests heavily in JVs to expand their business globally

Winner is GE

Long term debt

Samsung does not have a lot of long-term debt as they are able to finance
their projects using their own cash. The company has significantly more
operating cash than the other companies. GE has X639.59 higher long term
debt than Samsung which is HUGE. GE is currently buying back debt to
reduce their excess interest costs. In 2015, GE repurchased $1 billion of long-
term unsecured debt and $0.8 billion of debt, but their debt level remains
very high.

Winner is GE

Cash flow

Samsung has a positive operating cash flow due to their expenses which are
non-cash (huge depreciation). Samsung has 1.80X more operating cash flow
than GE. The Free Cash Flow of Samsung is almost equal to GE even though
their OCF is 1.8 X higher. Samsung needs to reinvest 64% of their OCF into
Cap Ex, whereas GE only has to invest 32%. This requirement stems from the
fact that Samsungs products have shorter shelf life than GEs and thus
require constant R&D and upgradation. This results in larger capex for
setting up new tech and facilities for constantly newer product demands.
GE has a negative net income, but positive operating cash flow as a lot of
their expenses were non-cash (impairment, provisions, depreciation).
Winner is Samsung but GE is FAR more interesting as they do not
require SO much Cap Ex to expand their business!

Dividend

Toshiba posted a record operating loss and net loss for the fiscal year ended
March 31,
2016. The Company decided not to pay dividends for the fiscal year under
review.
Even though GE had a huge loss they still paid a huge dividend. GE paid
68.81% of their free cash flow in dividend which is huge. GE paid 3.47X more
dividend than Samsung.
Since 2013, Alstom decided to not pay dividend.
ABB paid $3.2 billion in cash to their shareholders

Share buyback

General Electric has the highest share buybacks in 2015 being $20.5B,
distancing Samsung and Philips by 4.6 times and 40.8 times respectively. GE
does this in order to simplify its business empire. They spun off or dumped
quite a few business divisions like GE capital to fund their share buyback
program as they thought it to be the right time to return wealth of the
shareholders and reduce the return expectation burden on the company as it
moves forward to realign and narrow down its business strategy.
Alstom bought back 3.5B shares while ABB bought back 2.2B shares.

Winner is GE

Beta

Siemens is the riskiest company with the highest beta. As Seimens is mainly
into energy sector, the fall in oil, coal, commodity prices have adversely
impacted the demand for its product and services, thus risking its future
growth and revenue targets.
Samsung is very stable compared to the market (0.46). Samsung has quite a
few business units which are cash-cow for them as of now. For example,
micro-processor BU, smart phones division, consumer durables business
provide a very liquid and healthy cushion to the revenues of Samsung group.
GE, Phillips and ABB are faily diversified and stable businesses reflected from
their beta values of 1.10,1.16 and 1.27 respectively as well.

Winner is Samsung

Gross margin ROS ROE

Alstom looks like the most profitable (very high ROS and ROE). These figures
are being skewed since the company was recently acquired by GE. Their NI is
huge due to the sales of their business.

Winner is Alstom

CCC

The cash conversion cycle is longer for GE than other companies. In

December 2008 GE, CCC was huge around 800 days. This high CCC
compared to other companies can be explained by the business of GE. Other
companies have less segment than GE. GE also does aviation, transportation
it takes longer time to convert cash invested in these business.

LOSER is GE

Debt to Asset

Toshiba has more debt than other companies. This high debt is due to
Westinghouse Electric Company. Toshiba acquired Westinghouse group,
nuclear company, in October 2006. Now the company faces many difficulties
due to regulations in environment and delays and cost overruns at nuclear
plants under construction in Georgia and South Carolina. Recently, in March
2017 Westinghouse Electric is filing for bankruptcy.

Winner is Toshiba

Market Cap

GE has the highest market cap with 1.8x higher than Samsung and 36.5x
higher than Toshiba. General Electric Company is the eighth largest publicly
traded company in the world by market capitalization. GE has a mammoth
presence in aviation sector supplying engines, apart from its significant
presence in electrical appliances sector, energy sector, oil & gas sector,
lighting sector, healthcare and insurance sector as well as in finance sector.
This has led to it becoming one of the largest companies in the world.
Samsungs large size can be attributed to its electronics business unit
although it has significant presence in other BUs as well.
Alstom and Toshiba have a relatively smaller mcap of around 6 billion and 8
billion dollars respectively. While Seimens has a relatively large Mcap of
around 110 billion dollars due to there strong presence in energy and
engineering products and services sector