Eps 3222000 3735000

430762 430762

7.479768 8.670681
0.909119 6.8 0.899583 7.8 0.90219
 2016 Est
3199000 2948000 475000 475000
430762 430762 430762 430762

7.426375 6.843686 5.42527 1.102697 1.102697

6.7 0.949781 6.5 4.882743
76
0.064247
 764000 623000
430762 430762

1.773601 1.446274
 Total dec sep Jun mar
2016est' 1370 0 -120 377 1113
Discounted Earnings Per Share Model

Current Year 2015 FV

Current EPS 7.5 * PV
EPS CAGR (%) 3 n
Discount Factor (%) 1 CAGR (%)
Current Share Price 82

Year 2016 2017 2018 2019

EPS (proj) 7.72500 7.95675 8.19545 8.44132
DF 0.9901 0.9803 0.9706 0.9610
DV 7.64851 7.79997 7.95443 8.11194

Intrinsic Value 83.673

Discount Cash Flow Model

Current Year 2015 FV

Cash Flow (millions) 3302 * PV
Cash Flow Growth Rate 5.8 n
Discount Factor (%) 1 CAGR (%)
Current Share Price 82

Year 2016 2017 2018 2019

Cash Flow (proj) 3493.52 3696.14 3910.52 4137.33
DF 0.990 0.980 0.971 0.961
DV 3458.93 3623.31 3795.51 3975.89

PV of 10 yr Cash Flow ( 43006.65

No. Shares Outstanding 430.762
Intrinsic Value 99.839
7.47976841
6.8436863
3
3.01 For input in B6

2020 2021 2022 2023 2024 2025

8.69456 8.95539 9.22405 9.50078 9.78580 10.07937
0.9515 0.9420 0.9327 0.9235 0.9143 0.9053
8.27257 8.43638 8.60344 8.77381 8.94755 9.12472

3302
2784
3
5.85 For input in B6

2020 2021 2022 2023 2024 2025

4377.29 4631.17 4899.78 5183.97 5484.64 5802.75
0.951 0.942 0.933 0.923 0.914 0.905
4164.84 4362.78 4570.11 4787.31 5014.82 5253.15
Dividend