GE估值模型
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1 1,864 2,639 -1,727 -41 2,735 12,268 30,304 45,308 554,688
1 2,345 5,183 -1,354 -150 6,024 12,370 35,360 53,7552 23,022 370,636
164,850 10,736 136,428 23,217 504,265 5,115
206,499 10,798 140,902 25,744 555,890 8,682
1 4 -957
1 -348 -840 -890 -2,078 5,989 24,678 28,590 425,484
1 1,191 -782 -2,076 -1,667 12,271 26,324 36,929 489,828
General Electric Capital Services Balance Sheet
in millions FY2000 12-31-00 ASSETS Current assets Cash and cash equivalents Investment securities Current receivables Inventories-finished goods Financing receivables Insurance receivables Other GECS receivables Total current assets Other assets Property, plant, and equipment, cost Less accumulated depreciation Property, plant, and equipment, net Investment in GECS Intangible assets All other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings Accounts payable, principally trade accounts Total current liabilities Long term liabilities Long-term debt Deferred income taxes Insurance liabilities, reserves and annuity benefits Other liabilities Total liabilities Minority interest in equity of consolidated affiliates Shareholders' equity Common shares Investment securities Currency translation adjustments Derivatives qualifying as hedges Minimum pension liabilties Accumulated gains/losses net Other capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity FY2001 12-31-01 FY2002 12-31-02 FY2003 12-31-03 FY2004 12-31-04
5.17 10,400 361,342 12,367 348,975 415,097 2.0% 6.7 11,372 2.4 8,161 1.4% 16.5% 49,532 15.5 0.2
Source: Company reports, Goldman Sachs Research estimates.
Book value per share Weighted average shares outstanding (mil) Total debt (mil) Total cash & equivalents (mil) Net debt (cash) (mil) Total Capital (total debt + shr eq.) (mil) Return on capital Total debt/equity leverage Interest expense (mil) Interest coverage ratio (EBITDA basis) GECS Net income (mil) Return on assets Return on equity Average shareholders' equity (mil) Inventory turnover Receivables turnover
12,367 135,152 189 282,467 25,971 14,134 470,280 67,208 -20,630 46,578 28,520 72,949 618,327
123,992 10,436 134,428
160,844 13,705 174,549
130,126 12,608 142,734
2.33 9,897 205,371 6,052 199,319 228,393 2.6% 8.9 11,111 1.8 5,924 1.7% 27.3% 21,672 9.1 0.4
2.88 9,932 239,935 7,314 232,621 268,525 2.3% 8.4 10,598 2.0 6,138 1.5% 23.8% 25,806 7.0 0.3
6,052 90,330 666 143,299 23,802 13,288 277,437 37,801 -9,985 27,816 15,017 50,366 370,636
7,314 100,138 270 174,140 28,312 13,267 323,441 40,055 -10,714 29,341 20,757 51,945 425,484
155,468 13,566 169,034
154,843 17,104 171,947
81,379 8,238 106,150 13,451 343,646 3,968
79,091 8,117 114,223 16,647 392,627 4,267
140,836 10,590 135,853 18,441 448,454 4,445
3.71 9,947 270,962 7,918 263,044 307,891 1.5% 7.3 9,935 2.1 4,626 1.0% 13.5% 34,256 12.7 0.3
4.52 10,019 320,318 11,273 309,045 365,626 2.1% 7.1 10,262 2.2 7,754 1.5% 18.9% 41,119 14.8 0.2
7,918 116,530 208 199,917 31,585 12,996 369,154 46,343 -12,882 33,461 23,131 64,082 489,828
11,273 128,889 197 247,906 27,541 12,103 427,909 55,570 -16,748 38,822 24,821 63,136 554,688
