GENERAL MOTORS COMPANY

BALANCE SHEET
Fiscal year ended in December,2014
USD in millions except per share data
Assets
Current assets
Cash
Cash and cash equivalents
Short-term investments
Total cash
Receivables
Inventories
Deferred income taxes
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Gross property, plant and equipment
Accumulated Depreciation
Net property, plant and equipment
Equity and other investments
Goodwill
Intangible assets
Deferred income taxes
Other long-term assets
Total non-current assets
Total assets
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt
Accounts payable
Accrued liabilities
Deferred revenues
Total current liabilities
Non-current liabilities
Long-term debt
Deferred taxes liabilities
Deferred revenues
Pensions and other benefits
Minority interest
Other long-term liabilities
Total non-current liabilities

USD in millions
except per share
data

18,954
9,222
28,176
9,078
13,642
9,760
23,014
$83,670

35,810
(8,067)
27,743
8,350
1,427
4,983
25,414
26,090
$94,007
$177,677

14,988
22,529
26,562
1,622
$65,701
31,853
1,556
31,276
567
11,267
$76,519

Total liabilities

$142,220

Stockholders' equity
Preferred stock
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Total stockholders' equity
Total liabilities and stockholders' equity

16
28,937
14,577
(8,073)
$35,457
$177,677

Company A
Selected Financial Data
Date of the end of the last fiscal year
Share price at the end of the last fiscal year
Date of most recent share price
Most recent share price

5/1/2015
$34.63
5/1/2015
$35.42

Data taken from prices on the Beta tab

No. shares of common stock outstanding

1,607,000,000
http://finance.yahoo.com/q?uhb=uh3_finance_vert&fr=&type=2button&
Dividend per share
$1.20
http://finance.yahoo.com/q?uhb=uh3_finance_vert&fr=&type=2button&
Calculated per share (EPS)

$1.44

Calculated Beta

2.26

Beta from Finance.Yahoo.com

Beta from Morningstar.com

2.1
1.95

Links on this page are all to IBM to show examples

of what to do for your company and competitor

Company B
Selected Financial Data
Date of the end of the last fiscal year
Share price at the end of the last fiscal y
Date of most recent share price
Most recent share price

12/31/2010
$45.88
4/1/2011
$50.34

Data taken from prices on the Beta tab

No. shares of common stock

outstanding
921,634,000
Link to Yahoo.finance.com Key Statistics page for Company B like this
Dividend per share
$1.24
Link to Yahoo.finance.com Summary page for Company B
Calculated per share (EPS)

Beta from Finance.Yahoo.com

$3.27

1.7

GM Intrinsic Value Calculations

# 1 Estimate Stock Intrinsic Value using industry P/E ratio
GM EPS
$1.65
Industry P/E Ratio
21.5 This ratio was industry P/E listed on the Yahoo.finance.com Company A
Stock Intrinsic Value
$35.39

# 2 Estimate Stock Intrinsic Value using a close competitor's P/E ratio

Company A EPS
$1.98
Company B P/E Ratio
14.0 http://finance.yahoo.com/q?s=ibm&ql=1
Stock Intrinsic Value
$27.71

#3 Estimate Stock Intrinsic Value Using Market Company

Cap
B Shares
FY End Company B Market Cap
Company B 2010 Sales
$32,733,000,000
Outstanding Priceat end of last FY
Company B 2010 Market $42,284,567,920
###
$45.88
###
B's Market Cap to Sales R
1.29
Company A 2010 Sales
$53,674,000,000
Company A 2010 est. Mar $69,336,201,953
Company A 2010 Shares O 1,167,921,633
Stock Intrinsic Value
$59.37

#4 Estimate Stock Intrinsic Value Using Market Cap to Assets Ratio

Company B 2010 Assets
$39,532,000,000
Company B 2010 Market $42,284,567,920
B's Market Cap to Assets
1.07
Company A 2010 Assets
$69,588,000,000
Company A 2010 est. Mar $74,433,332,804
Company A 2010 Shares O 1,167,921,633
Stock Intrinsic Value
$63.73

#5 Estimate Stock Intrinsic Value Using Market Cap to Operating Profits Ratio
Company B 2010 Operating $3,711,000,000
Company B 2010 Market $42,284,567,920
B's Market Cap to Operatin
11.39
Company A 2010 Operating $2,947,000,000
Company A 2010 est. Mar $33,579,256,713
Company A 2010 Shares O 1,167,921,633
Stock Intrinsic Value
$28.75

#6 Dividend valuation mo
Only model #6 only if payout ratio (dividend per share/EPS) >35%
EPS
$1.98
$0.75
9.2%
$0.85
43%
$0.93

Year
2010
1999
Taken from http://ih.advfn.com historical data page
Growth Rate
2010 Dividend
2010 Dividend Payout Ratio
Expected (It is not unreasonable to assume that future divide
P0 = DIV1/(Ke-g)
Note that the estimate for Ke was calculated using

Stock Intrinsic Value

$11.48

Bottom Line Intrinsic Va

$32.42

*This value assumes all 6 methods are equally reliable

Bottom Line Intrinsic Va

$35.91

**This value assumes method #6 is unreliable since a 9.2% g

inance.com Company A Competitors page - make sure you have a link to the page you use like this:

B Market Cap

PS) >35%

m historical data page for company A (1999 was the earliest value available)

ume that future dividend growth will track historical EPS growth)

was calculated using Company B's beta

equally reliable

eliable since a 9.2% growth rate is unrealistic for a mature company

Date

S&P
S&P
Return
GM return
Ford
Ford Return
35.42 2108.29 0.010923002 0.010923002
15.81 0.0006329114
35.06 2085.51 0.008520821 0.0085208212
15.8 -0.0118360774
37.5 2067.89 -0.01739611 -0.0173961083 15.98925 -0.0122403921
37.00618
2104.5 0.054892511 0.054892511 16.18739 0.1108092511
32.35436 1994.99 -0.0310408 -0.0310408048 14.57261 -0.0412838574
34.62572
2058.9 -0.00418859 -0.0041885893 15.20013 -0.0146217217
32.8646 2067.56 0.024533589 0.0245335887 15.42568 0.1163944618
30.86893 2018.05 0.023201461 0.0232014608 13.81741 -0.0388443659
31.3998 1972.29 -0.01551384 -0.0155138392 14.37583 -0.1504881678
33.91462 2003.37
0.0376553 0.0376553002 16.92246 0.0229143017
32.95956 1930.67 -0.01507983 -0.0150798326 16.54338 -0.0056869816
35.37646 1960.23 0.01905833 0.0190583295
16.638 0.0486614723
33.42148 1923.57 0.021030283 0.0210302827 15.86594 0.0179570719
33.32483 1883.95 0.006200786 0.0062007863 15.58606 0.0433462998
33.26683 1872.34 0.006932168 0.0069321683 14.93853 0.0136455271
34.67931 1859.45 0.043117027 0.0431170271 14.73743 0.0287435273
34.56435 1782.59 -0.03558291 -0.0355829061 14.32566 -0.0226889449
39.15313 1848.36 0.023562794 0.0235627938 14.65824 -0.0966040931
37.10303 1805.81 0.028049472 0.0280494716 16.22571 -0.0017533919
35.3978 1756.54 0.044595753 0.0445957526 16.25421 0.0200185627
34.45897 1681.55 0.029749524 0.0297495244 15.93521 0.0420012176
32.64837 1632.97 -0.03129802 -0.0312980196 15.29289 -0.0408770084
34.36317 1685.73 0.049462079 0.0494620792 15.94466 0.0975705623
31.91071 1606.28 -0.0149993 -0.014999301 14.52723 -0.0133927086
32.46635 1630.74 0.020762809 0.0207628092 14.72443 0.1520940364
29.54447 1597.57 0.018085771 0.0180857711 12.78058 0.0425849713
26.65133 1569.19 0.035987726 0.0359877256 12.25855 0.0428237836
26.00948 1514.68 0.011060643 0.0110606432 11.75515 -0.0262547527
26.90999 1498.11 0.050428101 0.0504281008 12.0721 0.0073632369
27.61891 1426.19 0.007068233 0.0070682326 11.98386 0.1310041649
24.79283 1416.18 0.002846717 0.002846717 10.59577 0.0259862114
24.42879 1412.16 -0.01978941 -0.0197894099 10.3274 0.1373350146
21.79432 1440.67 0.024236148 0.0242361479 9.08035 0.0556742045
20.45313 1406.58 0.01976337 0.0197633696 8.60147 0.0163221805
18.88202 1379.32 0.01259758
0.01259758 8.46333 -0.0364962756
18.8916 1362.16 0.039554976 0.0395549759 8.78391 -0.0918563994
21.26742 1310.33 -0.06265072 -0.0626507201 9.67238 -0.063829746
22.03381 1397.91 -0.00749745 -0.0074974548 10.33186 -0.0922408915
24.57249 1408.47 0.031332317 0.0313323168 11.38172
0.008077573
24.92695 1365.68 0.040589464 0.0405894643 11.29052 -0.0032206233
23.01097 1312.41 0.043583056 0.0435830557
11.327 0.1588055719
19.4185
1257.6 0.008532768 0.008532768 9.77472 0.0150933913
20.39565 1246.96 -0.00505872 -0.0050587168 9.62938 -0.0924651854
24.76409
1253.3 0.107723043 0.1077230433 10.61048 0.2078597261
19.33228 1131.42 -0.07176199 -0.0717619878 8.78453 -0.1303960894
23.02055 1218.89 -0.05679111 -0.0567911121 10.10176 -0.0892710479

GM
5/1/2015
4/1/2015
3/2/2015
2/2/2015
1/2/2015
12/1/2014
11/3/2014
10/1/2014
9/2/2014
8/1/2014
7/1/2014
6/2/2014
5/1/2014
4/1/2014
3/3/2014
2/3/2014
1/2/2014
12/2/2013
11/1/2013
10/1/2013
9/3/2013
8/1/2013
7/1/2013
6/3/2013
5/1/2013
4/1/2013
3/1/2013
2/1/2013
1/2/2013
12/3/2012
11/1/2012
10/1/2012
9/4/2012
8/1/2012
7/2/2012
6/1/2012
5/1/2012
4/2/2012
3/1/2012
2/1/2012
1/3/2012
12/1/2011
11/1/2011
10/3/2011
9/1/2011
8/1/2011

7/1/2011
6/1/2011
5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010

26.51722
29.08463
30.47372
30.74196
29.72649
32.12147
34.95713
35.31158

1292.28
1320.64
1345.2
1363.61
1325.83
1327.22
1286.12
1257.64

-0.02147442
-0.01825746
-0.01350096
0.028495381
-0.00104731
0.031956559
0.022645582
0.065300035

-0.0214744213
-0.0182574643
-0.0135009571
0.0284953811
-0.0010473094
0.0319565593
0.022645582
0.0653000354

11.09195
12.52727
13.5538
14.05344
13.54471
13.6719
14.48948
15.25257

-0.1145756418
-0.0757374316
-0.0355528611
0.0375593128
-0.009303023
-0.0564257655
-0.0500302572
0.0533251844

11/18/2010 32.76332

1180.55

#REF!

#DIV/0!

14.4804

#DIV/0!

GM return
0.15

f(x) = 0.1
1x
R = 1

GM return
Logarithmic (GM
return)

0.05

GM
Logarithmic (GM
return)

0
-0.1

-0.05

-0.05

-0.1

0.05

0.1

0.15