COMPANY

TICKER SYMBOL OFFICIAL NAME LOGO RANKING - BRAND TYPE OF STOCK OFFICERS
DIRECTORY

Michael K. ( Mike) Wirth. Chairman

of the Board and. Chief Executive
Officer.Ronald D. Sugar. Lead
Director. Retired Chairman and
Chief Executive Officer, Northrop
Grumman Corporation. Wanda M.
CVX Chevron Austin. Interim President, John B.
Corporation 15 Blue Chip Frank. Vice Chairman, Oaktree
Capital Group, LLC
 TRADITIONAL SECURITY ANALYSIS

ECONOMIC ANALYSIS

INDUSTRIAL GOVERNMENT DEBT MONEY

GDP TAXES INTEREST RATES INFLATION
PRODUCTION SPENDING MANAGEMENT SUPPLY

The U.S. Help your Amount of Chevron Current and Chevron Supply Effective interest rate on debt is Inflation by holding 3M
oil and gas equipment and current income Corporation today historical debt to and Trading the usage rate that a borrower Company (NYSE:MMM) stock
industry operation run tax expense announced a 2018 equity ratio values provides a critical actually pays on a debt. It is for long periods, but 3M is not
supports better longer. (benefit) capital and for Chevron link between the calculated as the positive value of the only stock suitable for this
Interest Expense divided by its
more than 9 From our pertaining to exploratory (CVX) over the market and kind of strategy. Chevron
average total debt. Total debt
million premium base taxable income spending program last 10 years. The Chevron’s equals to Long-Term Debt & Corporation (NYSE:CVX) has
jobs and oils to (loss) from of $18.3 billion. debt/equity ratio Upstream Capital Lease Obligation plus shown even superior results.
accounts innovative continuing This figure can be defined as and Downstream Current Portion of Long-Term
for about additives to operations. includes $5.5 a measure of a & Chemicals Debt. Chevron Corp's annualized
7.5 percent finished Chevron Corp.’s billion for the company's companies. We positive value of Interest Expense
of lubricants, our current increased company’s share financial leverage provide for the quarter that ended in Dec.
America's product integrity from 2016 to of expenditures calculated by commercial 2018 was $760 Mil. Chevron
GDP. That and consistency 2017 and from by affiliated dividing its long- support to our Corp's average total debt for the
is a helps your 2017 to 2018. companies. term debt by crude oil and quarter that ended in Dec. 2018
was $35,285 Mil. Therefore,
powerful operation Company's stockholders' natural
Chevron Corp's annualized
engine of achieve real effective tax rate equity. Chevron gas production effective interest rate on debt for
economic gains in in IV. Quarter debt/equity for the operations and to the quarter that ended in Dec.
growth. equipment decreased three months our refining and 2018 was 2.15%.
Any sound reliability and compare to ending December marketing network
economy. productivity. previous quarter 31, 2018 was
to 24.13 %, below 0.19.
company's
average Effective
Tax Rate.
 ECONOMIC ANALYSIS
CONSUMER BUSINESS CURRENCY PERSONAL
FOREIGN TRADE RETAIL SALES EMPLOYMENT REMARKS
SPENDING INVESTMENTS EXCHANGE RATES INCOME

In the United Among Chevron’s Chevron Supply and Chevron Corp's net Our 6,000 global In order for Rock When applying for
States in 2017, most powerful Trading (S&T) provides a foreign currency marketing colleagues Springs to meet an open position,
we spent tools for creating critical link between the exchange gain & loss work in 90 countries baseline personnel applicants will be
approximately prosperity market and Chevron’s for the three months and support more needs in 1984 and prompted to
$600 million are our supply upstream, downstream ended in Dec. 2018 than 20,000 retail 1990, few additional complete an online
with woman- chain and and chemicals companies. was $-207 Mil. Its net locations, ensuring personnel would be profile; a resume or
and workforce Our trading professionals foreign currency that customers required (Table 3-5). CV is required to
minority-owned investments. Our manage commodity exchange gain & loss around the world can Facilities in Rock complete the
businesses and investments can transactions averaging 5 for the trailing twelve enjoy leading-edge Springs are either online profile. This
more than help these local million barrels of liquids months (TTM) ended products and services adequate or nearly so, gives us a full
$1.5 billion on businesses and 5 billion cubic feet of in Dec. 2018 wa $123 in clean, safe and up to 1990, except for picture of your
goods and grow, creating new natural gas each day. Our Mil. reliable sewage treatment (T skills and
services from jobs and bringing activities are organized by surroundings. able 3-5). By 1990, qualifications.
small more resources crude oil, natural gas and Rock Springs would Once a position has
businesses. See into refined products. A Chevron sales and have to increase its closed, our
Page 26 for the local marketing career sewage treatment experienced
further community. offers the capacity by 19 staffing team will
information . opportunity to bring percent, since the screen all the
on our goods Chevron energy present system is now applicants and
and services solutions to markets operating above provide the hiring
spending Much around the globe. capacity. However, manager with a list
of Chevron’s the city is currently of qualified
spending is on constructing a 2.25 applicants to
goods and million gallon per day review.
services expansion, which
provided would make the
by locally system adequate
owned through 1990. The
companies.

THREAT OF ENTRY
To analyze industry and
understand underlying
levers of profitability in a
given industry. Chevron
Corporation managers can
use Porter Five Forces to
understand how the five
competitive forces
influence profitability and
develop a strategy for
enhancing Chevron
Corporation competitive
advantage and long term
profitability in Major
Integrated Oil & Gas
industry.
INDUSTRY ANALYSIS - Porter’s Model
BARGAINING
THREAT OF
POWER OF
SUBSTITUTE
SUPPLIERS
The threat of a substitute All most all the companies
product or service is high in the Major Integrated Oil &
if it offers a value Gas industry buy their raw
material from numerous
proposition that is
suppliers. Suppliers in
uniquely different from
dominant position can
present offerings of the decrease the margins
industry Chevron Corporation can
earn in the market. Powerful
suppliers in Basic Materials
sector use their negotiating
power to extract higher
prices from the firms in
Major Integrated Oil & Gas
field. The overall impact of
higher supplier bargaining
power is that it lowers the
overall profitability of Major
Integrated Oil & Gas.
BARGAINING POWER
OF CUSTOMERS
They consist of those forces
close to a company that affect
its ability to serve its
customers and make a profit.
A change in any of the forces
normally requires a company
to re-assess the marketplace.
Four forces -- the bargaining
power of customers, the
bargaining power.
. Continued global
GOVERNMENT INTENSITY OF
REMARKS
POLICIES RIVALRY
The purpose of this paper
is to analyse the oil and
gas industry’s
Associated government
policies should be competitiveness using
technology neutral and Porter’s Five Forces
support early stage pre- framework. The paper
commercial activity to starts with an overview of
advance needed the oil and gas industry
technology and cost and proceeds with
breakthroughs. analysing its
competitiveness with
implications to new firms
research on climate
science is also critically that are considering
entering into the industry.
important to further our
understanding of the Then, it discusses strategy
complex relationship literature assumptions
between GHG emissions about future certainty and
and climate and narrow approaches to strategic
the uncertainty in decision making.
predictive models.
HORIZONTAL ANALYSIS

FINANCIAL ANALYSIS

2014 % 2015 % 2016 % 2017 % 2018 %

BALANCE SHEET
(IN BILLION)
ASSET
$ $ $ -18% $ $ -14% $ $ -4% $ $ 19.12%
Current Asset 42,230,00 34,430,000,000. (7,800,000,000.00) 29,620,000,000.00 (4,810,000,000.00) 28,560,000,000 (1,060,000,000.00) 34,020,000,000 5,460,00
0,000.00 00 .00 .00 0,000.00
$ $ $ 3% $ $ 350,000,000.00 0% $ $ -2% $ $ -2.40%
Non-Current Asset 223,800,0 230,110,000,000 6,310,000,000.00 230,460,000,000.00 225,250,000,00 (5,210,000,000.00) 219,840,000,00 (5,410,00
00,000.00 .00 0.00 0.00 0,000.00)
Total Asset $ $ $ -1% $ $ -2% $ $ -2% $ $ 0.02%
266,030,0 264,540,000,000 (1,490,000,000.00) 260,080,000,000.00 (4,460,000,000.00) 253,810,000,00 (6,270,000,000.00) 253,860,000,00 50,000,0
00,000.00 .00 0.00 0.00 00.00
LIABILITIES

Current Liabilities $ $ $ -92% $ $ 29,243,000,000.00 1148% $ $ - $ $ -2.05%

31,930,00 2,547,000,000.0 (29,383,000,000.00 31,790,000,000.00 27,740,000,000 (4,050,000,000.00) 13% 27,170,000,000 (570,000,
0,000.00 0 ) .00 .00 000.00)
Non-Current $ $ $ 39% $ $ -25% $ $ -6% $ $ -7.43%
Liabilities 77,910,00 108,103,000,000 30,193,000,000.00 81,570,000,000.00 (26,533,000,000.00) 76,750,000,000 (4,820,000,000.00) 71,050,000,000 (5,700,00
0,000.00 .00 .00 .00 0,000.00)
Total Liabilities $ $ $ 1% $ $ 2,710,000,000.00 2% $ $ -8% $ $ -6.00%
109,840,0 110,650,000,000 810,000,000.00 113,360,000,000.00 104,490,000,00 (8,870,000,000.00) 98,220,000,000 (6,270,00
00,000.00 .00 0.00 .00 0,000.00)
$
EQUITY
-
Common Equity $ $ $ -1% $ $ -5% $ $ 2% $ $ 4.34%
(Total) 155,030,0 152,720,000,000 (2,310,000,000.00) 145,560,000,000.00 (7,160,000,000.00) 148,120,000,00 2,560,000,000.00 154,550,000,00 6,430,00
00,000.00 .00 0.00 0.00 0,000.00
Total Equity $ $ $ -1% $ $ -5% $ $ 2% $ $ 4.23%
156,190,0 153,890,000,000 (2,300,000,000.00) 146,720,000,000.00 (7,170,000,000.00) 149,320,000,00 2,600,000,000.00 155,640,000,00 6,320,00
00,000.00 .00 0.00 0.00 0,000.00
TOTAL LIABILITIES $ $ $ -1% $ $ -2% $ $ -2% $ $ 0.02%
AND EQUITY 266,030,0 264,540,000,000 (1,490,000,000.00) 260,080,000,000.00 (4,460,000,000.00) 253,810,000,00 (6,270,000,000.00) 253,860,000,00 50,000,0
00,000.00 .00 0.00 0.00 00.00
 INCOME
STATEMENT

Sales/Revenu $ $ $ -35.16% $ $ - $ $ 21.99% $ $ 17.80%

e 199,940,000,000.0 129,650,000,00 (70,290,000,00 110,480,000,00 (19,170,000,00 14.79% 134,780,000,00 24,300,000,00 158,770,000,00 23,990,000,000.00
0 0.00 0.00) 0.00 0.00) 0.00 0.00 0.00
Cost of $ $ $ -28.42% $ $ - $ $ 15.04% $ $ 17.91%
Goods Sold 163,720,000,000.0 117,190,000,00 (46,530,000,00 100,050,000,00 (17,140,000,00 14.63% 115,100,000,00 15,050,000,00 135,720,000,00 20,620,000,000.00
0 0.00 0.00) 0.00 0.00) 0.00 0.00 0.00
Gross Income $ $ $ -65.60% $ $ - $ $ 87.26% $ $ 17.90%
36,220,000,000.00 12,460,000,000 (23,760,000,00 10,440,000,000 (2,020,000,000. 16.21% 19,550,000,000 9,110,000,000. 23,050,000,000 3,500,000,000.00
.00 0.00) .00 00) .00 00 .00
SG&A $ $ $ -1.11% $ $ 3.60% $ $ 2.17% $ $ -6.38%
Expense 4,490,000,000.00 4,440,000,000. (50,000,000.00) 4,600,000,000. 160,000,000.00 4,700,000,000. 100,000,000.0 4,400,000,000. (300,000,000.00)
00 00 00 0 00
$ 52.74% $ 143.65
Interest $ $ $ $
- - - - 106,000,000.0 441,000,000.00 %
Expense - 201,000,000.00 307,000,000.00 748,000,000.00
0
Pretax $ $ $ -84.49% $ $ - $ $ - $ $ 123.21
Income 31,200,000,000.00 4,840,000,000. (26,360,000,00 (2,160,000,000. (7,000,000,000. 144.63 9,220,000,000. 11,380,000,00 526.85 20,580,000,000 11,360,000,000.00 %
00 0.00) 00) 00) % 00 0.00 % .00
Income Tax $ $ $ -98.90% $ $ - $ $ - $ $ -
11,980,000,000.00 132,000,000.00 (11,848,000,00 (1,730,000,000. (1,862,000,000. 1410.6 (48,000,000.00) 1,682,000,000. 97.23% 5,720,000,000. 5,768,000,000.00 12016.6
0.00) 00) 00) 1% 00 00 7%
Net Income $ $ $ -76.14% $ $ - $ $ - $ $ 61.09%
19,240,000,000.00 4,590,000,000. (14,650,000,00 (497,000,000.0 (5,087,000,000. 110.83 9,200,000,000. 9,697,000,000. 1951.11 14,820,000,000 5,620,000,000.00
00 0.00) 0) 00) % 00 00 % .00
EBITDA $ $ $ -47.56% $ $ - $ $ 56.91% $ $ 53.07%
36,860,000,000.00 19,330,000,000 (17,530,000,00 14,110,000,000 (5,220,000,000. 27.00% 22,140,000,000 8,030,000,000. 33,890,000,000 11,750,000,000.00
.00 0.00) .00 00) .00 00 .00
 CASHFLOW
STATEMENT
Operating $ $ $ - $ $ - $ $ 58.29 $ $ 50.54%
Activities 31,480,000,000.0 19,460,000,000 (12,020,000,0 38.18 12,850,00 (6,610,000,0 33.97% 20,340,000,000 7,490,000,000.00 % 30,620,000,000.0 10,280,000,000.00
0 .00 00.00) % 0,000.00 00.00) .00 0
Investing Activities $ $ $ - $ $ - $ $ - $ $ 47.72%
(29,890,000,000.0 (23,810,000,00 6,080,000,000 20.34 (16,850,0 6,960,000,0 29.23% (8,320,000,000 8,530,000,000.00 50.62 (12,290,000,000.0 (3,970,000,000.00)
0) 0.00) .00 % 00,000.00 00.00 .00) % 0)
)
$ $ $ - $ $ - $ $ - $ $ -5.84%
Financing (5,000,000,000.00 2,820,000,000. 7,820,000,000 156.4 25,000,00 (2,795,000,0 99.11% (14,550,000,00 (14,575,000,000.0 58300 (13,700,000,000.0 850,000,000.00
Activities ) 00 .00 0% 0.00 00.00) 0.00) 0) .00% 0)

RETAINED EARNINGS (IN

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
BILLIONS)

REBEG 124.91 112.18 89.96 117.70 125.19

RE IN -12.73 -22.22 27.74 7.49 -16.40
RE OUT -10.19% -19.81% 30.84% 6.36% -13.10%
REEND 112.18 89.96 117.70 125.19 108.79
 VERTICAL ANALYSIS

% 2015 % 2016 % 2017 % 2018 %

2014
BALANCE SHEET (IN
BILLION)
ASSET
34,430,000,000.00 29,620,000,000.00
Current Asset 42,230,000,000.00 28,560,000,000.00 34,020,000,00
0.16 1587% 0.13 13.02 0.11 11.39 0.11 11.25 0.00 0.13 13.40
230,110,000,000.00 230,460,000,000.00
Non-Current Asset 223,800,000,000.00 225,250,000,000.00 219,840,000,0
0.84 8413% 0.87 86.98 0.89 88.61 0.89 88.75 00.00 0.87 86.60
Total Asset 264,540,000,000.00 260,080,000,000.00
266,030,000,000.00 253,810,000,000.00 253,860,000,0
10000% 100 100 100 00.00 100
LIABILITIES
Current Liabilities 1200% 2,547,000,000.00 0.96 31,790,000,000.00 12.22 10.93 10.70
31,930,000,000.00 27,740,000,000.00 27,170,000,00
0.12 0.01 0.12 0.11 0.00 0.11
Non-Current Liabilities 2929% 108,103,000,000.00 40.86 81,570,000,000.00 31.36 30.24 27.99
77,910,000,000.00 76,750,000,000.00 71,050,000,00
0.29 0.41 0.31 0.30 0.00 0.28
Total Liabilities 4129% 110,650,000,000.00 41.83 113,360,000,000.00 43.59 41.17 38.69
109,840,000,000.00 104,490,000,000.00 98,220,000,00
0.41 0.42 0.44 0.41 0.00 0.39
EQUITY
Common Equity 5828% 152,720,000,000.00 57.73 145,560,000,000.00 55.97 58.36 60.88
(Total) 155,030,000,000.00 148,120,000,000.00 154,550,000,0
0.58 0.58 0.56 0.58 00.00 0.61
Total Equity 5871% 153,890,000,000.00 58.17 146,720,000,000.00 56.41 58.83 61.31
156,190,000,000.00 149,320,000,000.00 155,640,000,0
0.59 0.58 0.56 0.59 00.00 0.61
TOTAL LIABILITIES 266030000000.00 1.00 10000% 264,540,000,000.00 1.00 100 260,080,000,000.00 1.00 100 1.00 100 1.00 100.0
AND EQUITY 253,810,000,000.00 253,860,000,0 0
00.00
 INCOME
STATEMENT

Sales/Revenue 199,940,000,000.00 1 1.00 129,650,000,000.00 1 100 110,480,000,000.00 1 100 134,780,000,000.00 1 100 158,770,000,000.00 1 100
Cost of Goods
Sold 163,720,000,000.00 0.82 81.88 117,190,000,000.00 0.90 90.39 100,050,000,000.00 115,100,000,000.00 0.85 85.40 135,720,000,000.00 0.85 85.48

Gross Income 36,220,000,000.00 0.18 18.12 12,460,000,000.00 0.10 9.61 10,440,000,000.00 0.09 9.45 19,550,000,000.00 0.15 14.51 23,050,000,000.00 0.15 14.52

SG&A Expense 4,490,000,000.00 0.02 2.25 4,440,000,000.00 0.03 3.42 4,600,000,000.00 0.04 4.16 4,700,000,000.00 0.03 3.49 4,400,000,000.00 0.03 2.77
Interest
Expense - - - - - - 201,000,000.00 0.00 0.18 307,000,000.00 0.00 0.23 748,000,000.00 0.00 0.47
-
Pretax Income 31,200,000,000.00 0.16 15.60 4,840,000,000.00 0.04 3.73 2,160,000,000.00 -0.02 -1.96 9,220,000,000.00 0.07 6.84 20,580,000,000.00 0.13 12.96
- -
Income Tax 11,980,000,000.00 0.06 5.99 132,000,000.00 0.00 0.10 1,730,000,000.00 -0.02 -1.57 48,000,000.00 0.00 -0.04 5,720,000,000.00 0.04 3.60
-
Net Income 19,240,000,000.00 0.10 9.62 4,590,000,000.00 0.04 3.54 497,000,000.00 0.00 -0.45 9,200,000,000.00 0.07 6.83 14,820,000,000.00 0.09 9.33

EBITDA 36,860,000,000.00 0.18 18.44 19,330,000,000.00 0.15 14.91 14,110,000,000.00 0.13 12.77 22,140,000,000.00 0.16 16.43 33,890,000,000.00 0.21 21.35

CASHFLOW
STATEMENT
Operating
Activities 31,480,000,000.00 1 100 19,460,000,000.00 1 100 12,850,000,000.00 1 100 20,340,000,000.00 1 100 30,620,000,000.00 1 100
Investing - - - - -
Activities 29,890,000,000.00 1 100 23,810,000,000.00 1 100 16,850,000,000.00 1 100 8,320,000,000.00 1 100 12,290,000,000.00 1 100
Financing - - -
Activities 5,000,000,000.00 1 100 2,820,000,000.00 1 100 25,000,000.00 1 100 14,550,000,000.00 1 100 13,700,000,000.00 1 100
 RATIOS
2014 2015 2016 2017 2018 INDUSTRY AVERAGE REMARKS
LIQUIDITY
Current Ratio 1.32 1.34 0.93 1.03 1.25
Acid-test Ratio 0.94 0.91 0.66 0.73 0.93

PROFITABILITY
Net Profit Margin 9.6 3.53 -0.45 6.83 9.33
Return on Assets 7.23 1.72 -0.19 3.62 5.84
Return on Equity 12.41 3 -0.34 6.21 9.59

ACTIVITY
Asset Turnover 0.8 0.52 0.44 0.56 0.66
Inventory Turnover 22.28 14.65 14.69 17.05 20.18
Total Asset Turnover

LEVERAGE
Debt-Equity 0.15 0.22 0.24 0.23 0.19
Times Interest Earned

COMMON STOCK RATIOS

Price-Equity Ratio 9.3 32.23 - 24.61 13.92

Price-Equity Growth Ratio (PEG)
Dividends Per Share
Book Value Per Share
Price to Book Ratio 1.13 0.97 1.39 1.52 1.32
 RISKS

FINANCIA PURCHASIN INTEREST CURRENCY REMARK

BUSINESS LIQUIDITY TAX EVENT MARKET BETA
L G POWER RATE EXCHANGE S

.
Chevron Chevron’s first We encourage Chevron The current ratio is a The effective tax rate Chevron’s Chevron’s 2017 Chevron Corp's net Beta is a
operates financial our major Corp's annualized p liquidity ratio that for the company can 2019 results reflected foreign currency statistical
through three priority is international ositive value measures a company's change substantially Security strong exchange gain & measure
subsidiaries in maintaining suppliers of of Interest ability to pay short-term during periods of Analyst performance from loss for the three that
the Philippines. and growing goods and Expense for obligations. It is significant earnings Meeting our Downstream & months ended compares
Our Upstream the dividend services to form the quarter that calculated as a volatility. This is due to Chemicals in Dec. 2018 was $- the
company is when we can partnerships with ended in Dec. company's Total the mix effects that are Tuesday, business. In 207 Mil. Its net volatility of
Chevron sustainably local businesses 2018 was $760 Mil. Current Assets divides impacted both by the March 05, keeping with our foreign currency a stock
Malampaya support the and to maximize Chevron Corp's by its Total Current absolute level of 2019 strategic growth exchange gain & against the
LLC, and our increase with the purchase of average total debt Liabilities. Chevron earnings or losses and plans, we entered loss for the trailing volatility of
Downstream cash flow and local goods and for the quarter that Corp's current ratio for whether they arise in the retail fuel twelve months the broader
company is earnings. services. These ended in Dec. the quarter that ended higher or lower tax rate market in Mexico. (TTM) ended market,
Chevron joint ventures 2018 was $35,285 in Dec. 2018 was 1.25. jurisdictions. Our joint venture in Dec. which is
Philippines Inc. create an Mil. Therefore, Chevron Phillips 2018 wa $123 Mil. typically
We also opportunity for Chevron Chemical Co. measured
operate a the local Corp's annualized e reached important by a
business businesses to ffective interest rate milestones at its reference
processes gain access to on debt for major U.S. market
support new technology, the quarter that index.
organization bring their ended in Dec. Since the
through processes up to 2018 was 2.15%. market is
Chevron international the
Holdings Inc. standards and benchmark
train their people , the
on the latest market's
industry beta is
practices. always 1.
 RETURNS

MARKET PRICE TOTAL RETURN STANDARD DEVIATION OF RETURNS

(2) (3) (3) (4)

(4) (2)
(1) MARKET MARKET (1) (1) - (2) (3)2
(3) - (2) (5) (6) YEAR AVERAGE
DIVIDEND PRICE PRICE REMARKS RETURN rt (%) - (rt (%) - REMARKS
CAPITAL (1) + (4) (5) / (2) (t) RETURN
INCOME BEGINNING END OF rt (%) Ave rt Ave rt)2
GAIN Ave rt (%)
OF YEAR YEAR (%) (%)

-$5.60 ($5.07) ($0.05)

$0.53 98.75 93.15 2014 597%
878%
-281.00% -1159.00%

2015 845% -333.00% -1178.00%

512%
2016 849% -141.00% -990.00%
708%
2017 5.00% -868.00%
878% 873%
2018 819% 819% 0.00% -819.00%
 COMPANY STOCK VALUATION

S1 S2 S3
Company
FUTURE SALES FUTURE PROFITS FUTURE EPS FUTURE DIVIDENDS FUTURE STOCK PRICE MARKET PRICE REMARKS

CVX $ 28,893,084 $ 17,395,178 9.16 5.25 147.49 $125.91 UNDERVALUED

 ZERO GROWTH CONSTANT GROWTH

CONSTANT
REQUIRED REQUIRED
ANNUAL NEXT YEAR’S RATE OF
RATE OF RESULT REMARKS RATE OF RESULT REMARKS
DIVIDENDS DIVIDEND GROWTH IN
RETURN RETURN
DIVIDENDS
 VARIABLE GROWTH DIVIDENDS AND EARNINGS APPROACH

PV OF FUTURE PV OF THE PRICE

PV OF THE
DIVIDENDS OF THE STOCK AT
PV OF FUTURE PRICE OF THE
DURING THE THE END OF THE RESULT REMARKS RESULT REMARKS
DIVIDENDS STOCK AT THE
INITIAL VARIABLE VARIABLE
DATE OF SALE
GROWTH PERIOD GROWTH PERIOD
 OTHER STOCK VALUATION MODELS

PRICE/EARNINGS APPROACH PRICE-TO-CASH-FLOW APPROACH

MARKET PRICE
CASH FLOW
EPS PE RATIO RESULT REMARKS OF COMMON RESULT REMARKS
PER SHARE
STOCK
 OTHER STOCK VALUATION MODELS

PRICE-TO-SALE APPROACH PRICE-TO-BOOK- VALUE APPROACH

MARKET PRICE MARKET PRICE

SALES PER BOOK VALUE
OF COMMON RESULT REMARKS OF COMMON RESULT REMARKS
SHARE PER SHARE
STOCK STOCK