Mohawk Industries, Inc.
- 61 -
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
ASSETS
July 2, 2011
Dec. 31, 2010
Current assets:
Cash and cash equivalents
$ 285,422
$ 354,217
Restricted cash
—
27,954
Receivables, net
797,893
614,473
Inventories
1,102,769
1,007,503
Prepaid expenses
103,518
91,731
Deferred income taxes
135,338
133,304
Other current assets
22,297
19,431
Total current assets
2,447,237
2,248,613
Property, plant and equipment, at cost
3,649,881
3,518,392
Less accumulated depreciation and amortization
1,918,967 1,831,268
Property, plant and equipment, net
1,730,914
1,687,124
Goodwill
1,418,830
1,369,394
Tradenames
481,351
456,890
Other intangible assets, net
199,827
220,237
Deferred income taxes and other non-current assets
110,841
116,668
TOTAL ASSETS
$ 6,389,000
$ 6,098,926
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$ 453,185
$ 350,588
Accounts payable and accrued expenses
771,297 698,326
Total current liabilities
1,224,482
1,048,914
Deferred income taxes
366,610
346,503
Long-term debt, less current portion
1,155,150
1,302,994
Other long-term liabilities
93,499
93,518
TOTAL LIABILITIES
2,839,741
2,791,929
Redeemable noncontrolling interest
32,300
35,441
Stockholders’ equity:
Preferred stock, $.01 par value
—
—
Common stock, $.01 par value
798
797
Additional paid-in capital
1,242,963
1,235,445
Retained earnings
2,265,188
2,180,843
Accumulated other comprehensive income, net
331,558
178,097
3,840,507
3,595,182
Less treasury stock at cost
(323,548)
(323,626)
TOTAL STOCKHOLDERS’ EQUITY
3,516,959
3,271,556
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$ 6,389,000
$ 6,098,926
September 13, 2011
Volume XXXVII, Issue VII & VIII
- 62 -
Watsco, Inc.
(NYSE: WSO)
Dow Jones Indus: 11,105.85
S&P 500:
1,172.87
Russell 2000:
691.74
Trigger: No
Index Component: S&P 400
Type of Situation: Consumer Franchise, Business Value
Price: $
57.25
Shares Outstanding (MM):
30.7
Fully Diluted (MM) (%
Increase):
30.8 (0.3%)
Average Daily Volume (MM):
0.310
Market Cap (B):
$ 1.79
Enterprise Value (B):
$ 1.81
Percentage Closely Held:
Officers / Directors
16% economic/ 58% voting
52-Week High/Low:
$ 72.76/52.12
5-Year High/Low:
$ 72.76/30.62
Trailing Twelve Months
Price/Earnings:
21.9x
Price/Stated Book Value:
2.3x
Long-Term Debt (MM):
$ 65
Upside to Estimate of
Intrinsic Value:
31%
Dividend: $
2.28
Payout
87%
Yield
4.0%
Revenues Per Share:
2010: $
93.02
2009: $
70.19
2008: $
62.92
2007: $
64.78
Earnings Per Share:
2010: $
2.49
2009: $
1.40
2008: $
2.09
2007: $
2.34
Fiscal Year Ends:
Company
Address:
Telephone:
Chairman/CEO:
December 31
2665 South Bayshore Drive
Coconut Grove, FL 33133
305-714-4100
Albert H. Nahmad
Clients of Boyar Asset Management, Inc. do not own shares of
Watsco, Inc. common stock.
Analysts employed by Boyar's Intrinsic Value Research LLC do not own
shares of Watsco, Inc. common stock.
Overview
Watsco, Incorporated (“Watsco,” “WSO” or “the
Company”) is a distributor of heating, ventilation, and air
conditioning (HVAC) equipment and supplies for
residential and light commercial buildings. Watsco is the
largest independent distributor in the United States in
an otherwise fragmented industry characterized by
strong barriers to entry, rational competition and local
monopolies, relatively steady pass-through margins, a
growing install base offering strong long-term recurring
revenue sources (75% of Watsco’s revenue), and
positive long-term pricing and margin implications from
the trend toward more energy efficient units.
As the only independent U.S. distributor of
national scale, Watsco looks ideally positioned to take
advantage of these conditions. The Company has
historically grown through a very cautious but steady
acquisition strategy, integrating well-run family
businesses when the situation presents itself while
eschewing leveraged transactions. We believe
Watsco’s three recently established joint ventures with
United Technologies to take over most of the
distribution centers of its leading HVAC equipment
business (Carrier) exemplify the Company’s market
leadership and strong operational skills. Watsco has
already expanded operating margins by close to 400
basis points two years into the first-established JV.
Watsco also completed the transactions at bargain
multiples of 0.2x-0.4x sales and as low as 4x forward
earnings
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