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

DIRECTORY

Alan D. Schnitzer
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER
Jay S. Benet
VICE CHAIRMAN
William H. Heyman
VICE CHAIRMAN AND CHIEF
INVESTMENT OFFICER
Avrohom J. Kess
VICE CHAIRMAN AND CHIEF
The Travelers LEGAL OFFICER
TRV Companies 11 Blue Chip Dan Frey
EXECUTIVE VICE PRESIDENT
AND CHIEF FINANCIAL OFFICER
Diane D. Bengston
EXECUTIVE VICE PRESIDENT
AND CHIEF HUMAN RESOURCES
 TRADITIONAL SECURITY ANALYSI

ECONOMIC ANALYSIS

INDUSTRIAL GOVERNMENT DEBT

GDP TAXES MONEY SUPPLY INTEREST RATES INFLATION
PRODUCTION SPENDING MANAGEMENT

The U.S. oil and Help your Amount of current Some municipal bond Company’s debt The Travelers Companies, Book value per share of $85.03, The Travelers inflation adjusted
gas industry equipment and income tax expense issuers may be unwilling ratings could Inc. (NYSE: TRV) is a down 3% from year-end 2017 due price end of month May 2013
supports more operation run better (benefit) pertaining to increase tax rates, adversely impact the leading provider of property to the impact of higher interest
than 9 million longer. From our to taxable income particularly in light of the Company’s ability to casualty insurance for auto, rates on net unrealized investment
jobs and premium base oils (loss) from recent tax reform, or to access the capital home and business. The gains. Adjusted book value per
accounts for to innovative continuing reduce spending, to fund markets and other company’s diverse business share of $84.54, up 1% from year-
about 7.5 percent additives to finished operations. Chevron interest or principal sources of funds, lines end 2017.
of America's lubricants, our Corp.’s current payments on their including in the off er its global customers a
GDP. That is a product integrity and increased from 2016 municipal bonds, or may syndicated bank loan wide range of coverage sold
powerful engine consistency helps to 2017 and from be unable to access the market, and/or result primarily through
of economic your operation 2017 to 2018. municipal bond market to in higher financing independent agents and
growth. Any achieve real gains fund such payments. costs. brokers.
sound strategy in equipment Travelers has approximately
should rush to reliability and 30,000 employees and
leverage a productivity. operations in the United
strength like that States and selected
— particularly in international market.
light of the
generational
challenge we
face to revive the
U.S.
 ECONOMIC ANALYSIS

CONSUMER BUSINESS CURRENCY PERSONAL

FOREIGN TRADE RETAIL SALES EMPLOYMENT REMARKS
SPENDING INVESTMENTS EXCHANGE RATES INCOME

The Company also Travelers' investment in Company's Business Currency Exchange Travelers offers Retailers The Travelers Cos., Travelers is an
markets its newly issued shares and International International, Corp owns one-stop shopping for Inc. operates as a equal opportunity
insurance products significantly increased J. Insurance segment and operates more than coverage to help them holding company, employer. In order
directly to Malucelli's capital level, offers an array of 40 branch locations effectively manage their which engages in the to perform the
consumers, largely positioning it for property and casualty across the United States, business. Retailers face insurance business. It essential functions
through online substantial growth in insurance and insurance conveniently located to many different exposures operates through the of this job,
channels. The Brazil. At the time, related services to its better serve your needs. ranging from product following segments: acquisition and
Company’s direct- Travelers had the option clients, in the United CXI specializes in liability to premises liability Business and maintenance of
to-consumer to increase its investment States and in Canada, providing foreign currency to cyber security, just to International Insurance
business to retain a 49.5 percent as well as in the United exchange (FX) at great name a few. Insurance; Bond & License(s)
continues to grow interest, which the Kingdom, the Republic of rates and with superior Specialty Insurance; Travelers is an
but still represents company later did in Ireland, Brazil and customer service. Our and Personal equal opportunity
modest 2012. throughout other parts of services include Insurance. The employer.
premium volume the world. exchanging foreign Business and Recognize issues
for Personal currency banknotes, International Insurance with broader
Insurance, which selling Multi-Currency segment offers implications to
is expected to Cash Passport pre-paid property and casualty Bond and
continue for a cards*, exchanging U.S. insurance; and Travelers.
number of years. and foreign traveler’s insurance related Effectively manage
cheques, and selling gold service. all assigned Bond
bullion coins and bars. and Specialty...

THREAT OF ENTRY
It all depends what you
get for the premium you
pay. One example: about
five years ago, my
mother (89) visited us
again in the U.S. for two
weeks. When travelling
she always has taken out
insurance. Premium at
that time: 40 euro. At our
home she fell and after
rushing her to the
emergency room of the
local hospital, after doing
X-rays and MRIs, they
detected a fissure in her
pelvic bone, a very
painful condition.
INDUSTRY ANALYSIS - Porter’s Model
BARGAINING
THREAT OF BARGAINING POWER OF GOVERNMENT
POWER OF INTENSITY OF RIVALRY REMARKS
SUBSTITUTE CUSTOMERS POLICIES
SUPPLIERS
Travelers' investment in Company's Business Currency Exchange The Travelers Cos., Inc.
newly issued shares and International International, Corp owns and operates as a holding
significantly increased J. Insurance segment operates more than 40 branch company, which engages in
Malucelli's capital level, offers an array of locations across the United the insurance business. It
positioning it for property and casualty States, conveniently located operates through the following
substantial growth in insurance and insurance to better serve your needs. segments: Business and
Brazil. At the time, related services to its CXI specializes in providing Travelers offers Retailers International Insurance; Bond
Travelers had the option clients, in the United foreign currency exchange one-stop shopping for & Specialty Insurance; and
to increase its States and in Canada, (FX) at great rates and with coverage to help them Personal Insurance. The
investment to retain a as well as in the United superior customer service. effectively manage their Business and International
49.5 percent interest, Kingdom, the Republic Our services include business. Retailers face Insurance segment offers
which the company later of Ireland, Brazil and exchanging foreign currency many different exposures property and casualty
did in 2012. throughout other parts of banknotes, selling Multi- ranging from product liability insurance; and insurance
the world. Currency Cash Passport pre- to premises liability to cyber related services. The Bond &
paid cards*, exchanging U.S. security, just to name a few. Specialty Insurance segment
and foreign traveler’s . provides surety; fidelity;
cheques, and selling gold management liability;
bullion coins and bars. professional liability.
HORIZONTAL ANALYSIS

2014 % 2015 % 2016 % 2017 % 2018 %

BALANCE
SHEET (IN
BILLION)
ASSET
$ $ -9% $ (362,000,000.00) -6% $ -90%
$ $ $ $ $
Current Asset 6,328,000,0 -5% (559,000,000. (5,709,000,000.
6,024,000,000.00 (304,000,000.00) 5,769,000,000.00 5,966,000,000.00 619,000,000.00
00.00 00) 00)
$ $ $ $ -12% $ $ 370,100,000.00 -9% $ $ -
Non-Current (4,290,900, (4,028,200,000.00 $ (3,780,700,000.00) 510,200,000. (3,920,800,000.00) 1,574,000,000.00 5,864,900,000.0 137
-6%
Asset 000.00) ) 262,700,000.00 00 0 %

Total Asset $ $ -2% $ 8,100,000.00 0% $ 8%

$ $ $ $ $
2,037,100,0 -2% (48,800,000.0 155,900,000.00
1,995,800,000.00 (41,300,000.00) 1,988,300,000.00 2,045,200,000.00 2,193,000,000.00
00.00 0)
LIABILITIES
Current Liabilities $ $ 3% $ 1,325,000,000.00 20% $ 19%
$ $ $ $ $
6,527,000,0 -1% 166,000,000. 1,221,000,000.0
6,462,000,000.00 (65,000,000.00) 6,693,000,000.00 7,852,000,000.00 7,748,000,000.00
00.00 00 0
Non-Current $ $ $ $ 3% $ $ (1,265,700,000.00) 24% $ $ 19%
$
Liabilities (5,349,300, (5,302,300,000.00 -1% (5,510,100,000.00) (160,800,000. (6,615,000,000.00) (6,351,400,000.00 (1,002,100,000.
47,000,000.00
000.00) ) 00) ) 00)
Total Liabilities $ $ 0% $ 59,300,000.00 5% $ 19%
$ $ $ $ $
1,177,700,0 -2% 5,200,000.00 218,900,000.00
1,159,700,000.00 (18,000,000.00) 1,182,900,000.00 1,237,000,000.00 1,396,600,000.00
00.00
EQUITY
Common Equity $ $ $ -90% $ (352,000,000.00) -4% $ -91%
$ $ $ $
(Total) 8,139,000,0 (8,058,450,000.0 -99% (7,361,000,00 (7,414,000,000.
80,550,000.00 778,000,000.00 7,787,000,000.00 725,000,000.00
00.00 0) 0.00) 00)
Total Equity $ $ -6% $ (512,000,000.00) -6% $ -7%
$ $ $ $ $
8,594,000,0 -3% (540,000,000. (631,000,000.00
8,361,000,000.00 (233,000,000.00) 8,054,000,000.00 8,082,000,000.00 7,963,000,000.00
00.00 00) )
TOTAL $ $ -2% $ 8,100,000.00 0% $ 8%
$ $ $ $ $
LIABILITIES 2,037,100,0 -2% (48,800,000.0 155,900,000.00
1,995,800,000.00 (41,300,000.00) 1,988,300,000.00 2,045,200,000.00 2,193,000,000.00
AND EQUITY 00.00 0)
INCOME
STATEMENT
$ $ $ $ $ $ $ $ $
Sales/Revenue -1% 0% 3% 6%
4,856,500,000.00 4,821,300,000.00 (35,200,000.00) 4,851,400,000.00 (5,100,000.00) 4,999,100,000.00 142,600,000.00 5,144,100,000.00 287,600,000.00

Cost of Goods $ $ $ $ $ $ $ $ $
-1% -1% -90% -89%
Sold 3,650,900,000.00 3,609,800,000.00 (41,100,000.00) 3,612,600,000.00 (38,300,000.00) 373,400,000.00 (3,277,500,000.00) 385,300,000.00 (3,265,600,000.00)

$ $ $ $ $ $ $ $ $
Gross Income 0% 3% 5% 7%
1,205,700,000.00 1,211,500,000.00 5,800,000.00 1,238,900,000.00 33,200,000.00 1,265,100,000.00 59,400,000.00 1,291,000,000.00 85,300,000.00

SG&A $ $ $ $ $ $ $ $ $
4% -89% -89% -89%
Expense 9,342,000,000.00 9,704,000,000.00 362,000,000.00 1,018,500,000.00 (8,323,500,000.00) 1,053,100,000.00 (8,288,900,000.00) 1,071,500,000.00 (8,270,500,000.00)

Interest $ $ $ $ $ $ $ $ $
3% -3% -6% -6%
Expense 249,000,000.00 256,000,000.00 7,000,000.00 241,000,000.00 (8,000,000.00) 233,000,000.00 (16,000,000.00) 235,000,000.00 (14,000,000.00)

$ $ $ $ $ $ $ $ $
Pretax Income 773% -17% 510% 362%
248,000,000.00 2,164,000,000.00 1,916,000,000.00 205,000,000.00 (43,000,000.00) 1,512,000,000.00 1,264,000,000.00 1,146,000,000.00 898,000,000.00

$ $ $ $ $ $ $ $ $
Income Tax -18% -92% -94% -46%
799,000,000.00 656,000,000.00 (143,000,000.00) 62,000,000.00 (737,000,000.00) 46,000,000.00 (753,000,000.00) 428,000,000.00 (371,000,000.00)

$ $ $ $ $ $ $ $ $
Net Income -9% -16% -39% -59%
1,618,000,000.00 1,469,000,000.00 (149,000,000.00) 1,364,000,000.00 (254,000,000.00) 986,000,000.00 (632,000,000.00) 667,000,000.00 (951,000,000.00)

$ $ $ $ $ $ $ $ $
EBITDA -8% -12% -13% -10%
3,632,000,000.00 3,356,000,000.00 (276,000,000.00) 3,212,000,000.00 (420,000,000.00) 3,173,000,000.00 (459,000,000.00) 3,264,000,000.00 (368,000,000.00)
 CASHFLOW
STATEMENT

$ $ $ $ $ $ $
Operating Activities 2,856,000,000.00 2,739,000,000.00 $ (117,000,000.00) -4% $ 3,153,000,000.00 297,000,000.00 10% 2,834,000,000.00 (22,000,000.00) -1% 2,775,000,000.00 (81,000,000.00) -3%
$ $ $ $ - $ $
Investing Activities (1,297,000,000.00) (12,000,000.00) $ 1,285,000,000.00 -99% $ (1,408,000,000.00) (111,000,000.00) 9% (907,000,000.00) $ 390,000,000.00 30% (2,404,000,000.00) (1,107,000,000.00) 85%
$ $ $ $ $ $ $ -
Financing Activities (1,323,000,000.00) (148,000,000.00) $ 1,175,000,000.00 -89% $ (1,884,000,000.00) (561,000,000.00) 42% (1,987,000,000.00) (664,000,000.00) 50% (254,000,000.00) 1,069,000,000.00 81%

RETAINED EARNINGS YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 REMARKS

REBEG
90.54 105.85 112.86 122.42 135.64
RE IN 15.31 7.01 9.56 13.22 -15.89
RE OUT 16.91 6.62 8.47 10.80 -11.71
REEND 105.85 112.86 122.42 135.64 119.75
 RATIOS
INDUSTRY
2014 2015 2016 2017 2018 REMARKS
AVERAGE
LIQUIDITY
Current Ratio 97% 93% 86% 76% 8%
Acid-test Ratio 382% 344% 324% 314% 327%

PROFITABILITY
Net Profit Margin 33% 30% 281% 20% 1%
Return on Assets 7.94% 73.60% 68.60% 48.21% 30.41%
Return on Equity 18.83% 17.57% 16.94% 12.20% 8.38%

ACTIVITY
Asset Turnover 24% 242% 24% 244% 2346%
Inventory Turnover 30% 37% 8.61B 10.02B 11.53B
Total Asset Turnover 24% 242% 24% 244% 2346%

LEVERAGE
Debt-Equity 14% 14% 15% 15% 18%
Times Interest Earned 1459% 1311% 1333% 1362% 1389%

COMMON STOCK RATIOS

Preice-Equity Ratio
Price-Equity Growth Ratio (PEG)
Dividends Per Share
Book Value Per Share

Price to Book Ratio

 VERTICAL ANALYSIS TRV

FINANCIAL ANALYSIS

2014 % 2015 % 2016 % 2017 % 2018 %

BALANCE SHEET
(IN BILLION)
ASSET
$ $
$ $ $ $ $ $ $
Current Asset 31% (304,000,000.00 2% 3% (362,000,000.0 2% 31%
6,328,000,000.00 6,024,000,000.00 5,769,000,000.00 (559,000,000.00) 5,966,000,000.00 619,000,000.00 (5,709,000,000.00)
) 0)
$ $ $ $ $ $ $
Non-Current $ $
69% (4,028,200,000.0 (18,071,200,000 98% (3,780,700,000.00 (17,823,700,000.0 97% (3,920,800,000.0 (17,963,800,00 98% 1,574,000,000.0 69%
Asset 14,043,000,000.00 (12,469,000,000.00)
0) .00) ) 0) 0) 0.00) 0
$ $ $ $
$ $ $ $ $
Total Asset 100% (18,375,200,000 100% (18,382,700,000.0 1% (18,325,800,00 100% 2,193,000,000.0 100%
20,371,000,000.00 1,995,800,000.00 1,988,300,000.00 2,045,200,000.00 (18,178,000,000.00)
.00) 0) 0.00) 0
LIABILITIES
$ $
Current $ $ $ $ $ $ $
32% 0% -1% 1,325,000,000. -7% 7,748,000,000.0 -7%
Liabilities 6,527,000,000.00 6,462,000,000.00 (65,000,000.00) 6,693,000,000.00 166,000,000.00 7,852,000,000.00 1,221,000,000.00
00 0
$ $ $ $ $ $
Non-Current $ $ $
(5,349,300,000.00 -26% (5,302,300,000.0 0% (5,510,100,000.00 1% (6,615,000,000.0 (1,265,700,000 7% (6,351,400,000. 6%
Liabilities 47,000,000.00 (160,800,000.00) (1,002,100,000.00)
) 0) ) 0) .00) 00)
$
$ $ $ $ $ $ $ $
Total Liabilities 6% 0% 0% 0% 1,396,600,000.0 1%
1,177,700,000.00 1,159,700,000.00 (18,000,000.00) 1,182,900,000.00 5,200,000.00 1,237,000,000.00 59,300,000.00 218,900,000.00
0
EQUITY
$ $ $ $
Common Equity $ $ $ $ $
400% (81,309,450,000 442% 20% 77,870,000,000.0 (3,520,000,000 19% 72,500,000,000. 49%
(Total) 81,390,000,000.00 80,550,000.00 77,800,000,000.00 (3,590,000,000.00) (8,890,000,000.00)
.00) 0 .00) 00
$ $ $
$ $ $ $ $ $
Total Equity 42% (233,000,000.00 1% 3% (512,000,000.0 3% 7,963,000,000.0 3%
8,594,000,000.00 8,361,000,000.00 8,054,000,000.00 (540,000,000.00) 8,082,000,000.00 (631,000,000.00)
) 0) 0
TOTAL $ $ $ $
$ $ $ 100 $ $
LIABILITIES AND 100% (18,375,200,000 100% (18,382,700,000.0 (18,325,800,00 100% 2,193,000,000.0 100%
20,371,000,000.00 1,995,800,000.00 1,988,300,000.00 % 2,045,200,000.00 (18,178,000,000.00)
EQUITY .00) 0) 0.00) 0
TRV

INCOME
STATEMENT
Sales/Revenue $ $ $ $ $ $
$ $ $
4,856,500,000.0 100% (35,200,000.00 100% (4,371,360,000.0 100% 4,999,100,000. 100% 51,441,000,000. 46,584,500,0 100%
4,821,300,000.00 485,140,000.00 142,600,000.00
0 ) 0) 00 00 00.00
Cost of Goods -
Sold $ $ $ $ - $
$ - $ $ $
3,650,900,000.0 75% (41,100,000.00 3,612,600,000. 1% (3,277,500,000.0 2298 (3,265,600,0 -7%
3,609,800,000.00 117% (38,300,000.00) 373,400,000.00 385,300,000.00
0 ) 00 0) % 00.00)

Gross Income $ $ $ $ $
$ $ $ $
1,205,700,000.0 25% -16% 1,238,900,000. -1% 1,265,100,000. 42% 1,291,000,000.0 85,300,000.0 0%
1,211,500,000.00 5,800,000.00 33,200,000.00 59,400,000.00
0 00 00 0 0
SG&A Expense $ - $ $ $ - $ $
$ $ $
9,342,000,000.0 -192% 1028 (9,331,815,000.0 213% 1,053,100,000. (8,288,900,000.0 5813 1,071,500,000.0 (8,270,500,0 -18%
9,704,000,000.00 362,000,000.00 10,185,000.00
0 % 0) 00 0) % 0 00.00)
$
Interest $ $ $ $ $ $ $ $
5% -20% 0% -11% (14,000,000. 0%
Expense 249,000,000.00 256,000,000.00 7,000,000.00 241,000,000.00 (8,000,000.00) 233,000,000.00 (16,000,000.00) 235,000,000.00
00)
Pretax Income $ - $ $ $ $
$ $ $ $
5% 1,916,000,000. 5443 1% 1,512,000,000. 1,264,000,000.0 886% 1,146,000,000.0 898,000,000. 2%
248,000,000.00 2,164,000,000.00 205,000,000.00 (43,000,000.00)
00 % 00 0 0 00
Income Tax $ $ $
$ $ $ $ $ - $
16% (143,000,000.0 406% 17% (753,000,000.00 (371,000,000 -1%
799,000,000.00 656,000,000.00 62,000,000.00 (737,000,000.00) 46,000,000.00 528% 428,000,000.00
0) ) .00)
Net Income $ $ $ $ $
$ $ $ - $
1,618,000,000.0 33% (149,000,000.0 423% 1,364,000,000. 6% (632,000,000.00 (951,000,000 -2%
1,469,000,000.00 (254,000,000.00) 986,000,000.00 443% 667,000,000.00
0 0) 00 ) .00)
EBITDA $ $ $ $ $ $ $
$ $ -
3,632,000,000.0 75% (276,000,000.0 784% 3,212,000,000. 10% 3,173,000,000. (459,000,000.00 3,264,000,000.0 (368,000,000 -1%
3,356,000,000.00 (420,000,000.00) 322%
0 0) 00 00 ) 0 .00)
CASHFLOW
STATEMENT

Operating $ $ $ $ $ $ $ $ $
Activities 2,856,000,000.00 2,739,000,000.00 (117,000,000.00) 3,153,000,000.00 297,000,000.00 2,834,000,000.00 (22,000,000.00) 2,775,000,000.00 (81,000,000.00)
Investing $ $ $ $ $ $ $ $ $
Activities (1,297,000,000.00) (12,000,000.00) 1,285,000,000.00 (1,408,000,000.00) (111,000,000.00) (907,000,000.00) 390,000,000.00 (2,404,000,000.00) (1,107,000,000.00)
$ $ $ $ $ $ $ $ $
Financing
(1,323,000,000.00) (148,000,000.00) 1,175,000,000.00 (1,884,000,000.00) (561,000,000.00) (1,987,000,000.00) (664,000,000.00) (254,000,000.00) 1,069,000,000.00
Activities
 RISKS

PURCHASING CURRENCY
BUSINESS FINANCIAL INTEREST RATE LIQUIDITY TAX EVENT MARKET BETA REMARKS
POWER EXCHANGE

Many companies Oerates as an The challenge for The Travelers Travelers is one Business returns: TRAVELER'S The Travelers Currency The company’s
are not heeding independent travel and of the largest From large to COMPANY™ Companies, Inc., Exchange
Companies gives incorporated on
shares received a
the potential equipment finance providers of CARAVAN in International,
tourism companie investors a good small business, March 5, 1853, is a lot of attention
cyber threat to company in Canada. property and MADRID, an
s is to understand we can handle all holding company. Corp owns and from a
their own The company offers combination of casualty
official
this generation's your business event for The Company operates more substantial price
operations, asset based financing dividend growth insurance operates through
diversity, purchasi return users of than 40 branch movement on
reputation and solutions, including and capital products in the three segments:
ng power and needs. travelers products locations across the NYSE over
financial aircraft, automobiles, appreciation over United States. Business and
heavy construction, most importantly, frequently are not from its
International the United the last few
strength. Here’s the long run. Our success is on a company’s TRAVELER'S States, months,
oil and gas service how they are Insurance; Bond &
a look at the key built upon our radar for tracking by COMPANY Specialty conveniently increasing to
related, material connected to each The company
findings from the ability to provide brand, from Insurance, and $131.66 at one
handling, machine other and the human resources, located to better
2018 Travelers should benefit from innovative November 26, Personal point, and
tools, manufacturing, world around nor are they covered serve your needs.
Risk Index. insurance and risk 2018 (Mon.) Insurance. The
printing, medical, rising interest rates, under short-term CXI specializes in dropping to the
them. Millennials, protection to January Company, through
forestry, agricultural, and historically assignment policies. 6, 2019 providing foreign lows of $112.63.
also known as products and its subsidiaries, is
and revenue holds up well in This leads to a state (Sun.). engaged in Some share price
Generation Y, services in-synch currency
generating assets to recessions. of anxiety among providing a range movements can
refers to the with our exchange (FX) at
commercial and many employers as of commercial and give investors a
industrial sectors population group customers' needs. personal property great rates and
Even though 2017 they struggle to better
born from 1981 to and casualty with superior opportunity to
was unusually bad identify their
1990.. insurance products customer service. enter into the
in terms of weather business traveler and services to
population, traveler businesses, stock, and
damage, Travelers
destinations, tax government units, potentially buy
remained associations and at a lower price.
compliance
profitable due to its requirements and individuals.
geographic the extent of any
diversification. other tax obligations
 RETURNS

MARKET PRICE TOTAL RETURN STANDARD DEVIATION OF RETURNS

(2) (3) (4)

(4) (2) (3)
(1) MARKET MARKET (1) (3)2
(3) - (2) (5) (6) AVERAGE (1) - (2)
DIVIDEND PRICE PRICE REMARKS YEAR (t) RETURN (rt (%) - REMARKS
CAPITAL (1) + (4) (5) / (2) RETURN rt (%) -
INCOME BEGINNING END OF rt(%) Ave
GAIN Avert(%) Ave rt(%)
OF YEAR YEAR rt)2(%)
2014

2015

2016
2017

2018
 COMPANY STOCK VALUATION

S1 S2 S3

FUTURE STOCK
FUTURE SALES FUTURE PROFITS FUTURE EPS FUTURE DIVIDENDS MARKET PRICE REMARKS
PRICE
 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
 OTHER STOCK VALUATION MODELS

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

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