BlackDecker Fullvaluation
BlackDecker Fullvaluation
BlackDecker Fullvaluation
• No tradable corporation
obligations/bonds
• Any debt is private
Stanley Black Decker 36 Square Capital
Candi Carrera
Stanley Black Decker – Horizontal analysis 36 Square Capital
Candi Carrera
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Income statement items
Revenue 11,001,200,000 11,338,600,000 11,171,800,000 11,406,900,000 12,747,200,000 13,982,400,000 14,442,200,000 14,534,600,000 15,617,200,000 16,947,400,000 16,197,100,000
Operating profit 1,218,300,000 1,506,800,000 1,585,600,000 1,643,300,000 1,797,900,000 1,679,400,000 1,764,500,000 1,878,300,000 1,953,800,000 914,100,000 319,800,000
Net finance income/expense -147,600,000 -163,600,000 -165,200,000 -171,300,000 -182,500,000 -209,200,000 -230,400,000 -205,100,000 -175,600,000 -283,800,000 -350,700,000
Net Income before Extraordinary Items and Discontinued
Operations 517,300,000 857,700,000 902,200,000 964,900,000 1,225,600,000 605,800,000 958,000,000 1,234,700,000 1,598,600,000 170,300,000 -74,300,000
Net Income Available to Common Stockholders 490,300,000 760,900,000 883,700,000 965,300,000 1,226,000,000 605,200,000 955,800,000 1,233,800,000 1,689,200,000 1,062,500,000 788,800,000
Balance sheet items 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Assets
Cash, cash equivalents & marketable securities 496,200,000 496,600,000 465,400,000 1,131,800,000 637,500,000 288,700,000 297,700,000 1,381,000,000 142,300,000 395,600,000 391,400,000
Inventories 1,485,200,000 1,562,700,000 1,526,400,000 1,478,000,000 2,018,400,000 2,373,500,000 2,255,000,000 2,737,400,000 5,446,800,000 5,861,100,000 5,282,900,000
Accounts receivables 1,633,000,000 1,396,700,000 1,331,800,000 1,302,800,000 1,635,900,000 1,607,800,000 1,454,600,000 1,512,200,000 1,560,800,000 1,231,000,000 1,706,700,000
Property Plant & Equipment 1,485,300,000 1,454,100,000 1,450,200,000 1,451,200,000 1,742,500,000 1,915,200,000 1,959,500,000 2,053,800,000 2,347,100,000 2,353,100,000 2,245,700,000
Goodwill 7,565,300,000 7,275,500,000 7,084,300,000 6,694,000,000 8,776,100,000 8,956,700,000 9,237,500,000 10,038,100,000 8,784,200,000 8,502,700,000 8,509,800,000
Intangibles other than Goodwill 4,105,500,000 3,918,600,000 3,830,700,000 3,574,000,000 4,990,400,000 5,083,400,000 5,395,300,000 6,065,800,000 6,021,200,000 5,800,300,000
Total assets 16,535,100,000 15,849,100,000 15,172,300,000 15,634,900,000 19,079,900,000 19,408,000,000 20,596,600,000 23,566,300,000 28,180,000,000 24,963,300,000 24,933,200,000
Liabilities
Current Debt 402,600,000 7,500,000 7,600,000 12,100,000 988,700,000 378,600,000 481,700,000 140,300,000 2,361,300,000 2,218,200,000 1,784,000,000
Long-term debt 3,799,400,000 3,839,800,000 3,836,600,000 3,815,300,000 2,843,000,000 3,819,800,000 3,176,400,000 4,245,400,000 4,353,600,000 5,352,900,000 6,099,900,000
Total financial debt 4,202,000,000 3,847,300,000 3,844,200,000 3,827,400,000 3,831,700,000 4,198,400,000 3,658,100,000 4,385,700,000 6,714,900,000 7,571,100,000 7,883,900,000
Equity
Paid in Capital 3,866,500,000 3,816,600,000 3,049,000,000 3,186,800,000 3,911,400,000 3,442,000,000 4,250,400,000 5,225,700,000 4,693,700,000 2,498,300,000 2,546,600,000
Retained Earnings/accumulated deficit 3,484,900,000 3,926,300,000 4,491,700,000 5,127,300,000 5,990,400,000 6,219,000,000 6,772,800,000 7,547,600,000 8,742,400,000 9,333,300,000 9,083,000,000
Treasury stock -1,454,400,000 -1,352,800,000 -1,815,000,000 -2,029,900,000 -1,924,100,000 -2,371,300,000 -2,184,800,000 -1,549,300,000 -1,368,100,000 -2,999,600,000 -2,968,500,000
Total equity attributable to parent stockholders 6,799,200,000 6,429,100,000 5,811,600,000 6,367,000,000 8,297,100,000 7,836,200,000 9,136,300,000 11,059,600,000 11,590,500,000 9,712,100,000 9,533,800,000
Cash flow statement items 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Cash dividends -312,700,000 -321,300,000 -319,900,000 -330,900,000 -362,900,000 -384,900,000 -402,000,000 -450,600,000 -493,700,000 -471,600,000 -480,800,000
Issuance of (+)/Payments for Common Stock (-), Net 115,400,000 43,100,000 -486,300,000 44,400,000 62,100,000 -488,600,000 118,500,000 870,800,000 97,100,000 -2,284,300,000 11,700,000
Diluted weighted average shares outstanding (WASO) 158,776,000 159,737,000 152,706,000 148,207,000 152,449,000 151,643,000 150,558,000 155,861,000 165,024,000 156,553,000 151,305,000
Cash dividend per share 1.97 2.01 2.09 2.23 2.38 2.54 2.67 2.89 2.99 3.01 3.18
Share buyback per share (- is dilutive, + is concentrating) -0.73 -0.27 3.18 -0.30 -0.41 3.22 -0.79 -5.59 -0.59 14.59 -0.08
Interest coverage ratio 3.32 4.65 5.35 5.64 6.72 2.89 4.15 6.02 9.62 3.74 2.25
Debt to Equity ratio 0.62 0.60 0.66 0.60 0.46 0.54 0.40 0.40 0.58 0.78 0.83
The Art of Value Investing 36 Square Capital
Candi Carrera
YOU AS AN INVESTOR
1. Act & think as a business owner reviewing & recalculating every quarter the assumptions of your companies
2. Define your circle of competence / investment universe
3. Follow 5+1 mindset (Patience, Courage, O-leverage, Humility, Discipline + Continuous education)
4. Do not invest based on 1 favorable ratio or favorable test – be disciplined
Stanley Black Decker 36 Square Capital
Candi Carrera
• Earnings consistency
Level 1 tests • using horizonal analysis
Fundamental screens
• Price to Earnings
Level 1 tests • at 91.56 USD per share
Fundamental screens • Outstanding common shares 153,023,886
according to latest 10Q report
• Blue chip company • Diluted WASO 150,227,000 shares
• Earnings consistency 5 to 10 years • TTM earnings per share at 5.25 USD per
•
•
Price to Earnings (P/E) ratio < 15
Return to shareholders >4% after-tax
share
• ROIC > 8-10% for 5 years • P/E at 17.44
• Debt to Equity (D/E) < 3 & Interest Coverage • Stockanalysis.com shows PE at 17.82
Ratio > 3, preferably > 5
• Morningstar shows negative PE at ‘-’
Sources :
stockanalysis.com/stocks/swk/
www.morningstar.com/stocks/xnys/swk/valuation
Stanley Black Decker 36 Square Capital
Candi Carrera
Sources :
www.morningstar.com/stocks/xnys/swk/financials
The Art of Value Investing 36 Square Capital
Candi Carrera
Sources :
www.morningstar.com/stocks/xnys/swk/performance
stockanalysis.com/stocks/swk/financials/ratios/
Stanley Black Decker 36 Square Capital
Candi Carrera
• Debt to Equity
Level 1 tests • Interest Coverage Ratio
Fundamental screens
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Interest coverage ratio 3.32 4.65 5.35 5.64 6.72 2.89 4.15 6.02 9.62 3.74 2.25
Debt to Equity ratio 0.62 0.60 0.66 0.60 0.46 0.54 0.40 0.40 0.58 0.78 0.83
Sources :
www.morningstar.com/stocks/xnys/swk/performance
stockanalysis.com/stocks/swk/financials/ratios/
Stanley Black Decker 36 Square Capital
Candi Carrera
Equity 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Paid in Capital 3,866,500,000 3,816,600,000 3,049,000,000 3,186,800,000 3,911,400,000 3,442,000,000 4,250,400,000 5,225,700,000 4,693,700,000 2,498,300,000 2,546,600,000
Retained Earnings/accumulated deficit 3,484,900,000 3,926,300,000 4,491,700,000 5,127,300,000 5,990,400,000 6,219,000,000 6,772,800,000 7,547,600,000 8,742,400,000 9,333,300,000 9,083,000,000
Treasury stock -1,454,400,000 -1,352,800,000 -1,815,000,000 -2,029,900,000 -1,924,100,000 -2,371,300,000 -2,184,800,000 -1,549,300,000 -1,368,100,000 -2,999,600,000 -2,968,500,000
Total equity attributable to parent stockholders 6,799,200,000 6,429,100,000 5,811,600,000 6,367,000,000 8,297,100,000 7,836,200,000 9,136,300,000 11,059,600,000 11,590,500,000 9,712,100,000 9,533,800,000
Sources :
www.morningstar.com/stocks/xnys/swk/performance
stockanalysis.com/stocks/swk/financials/ratios/
Stanley Black Decker 36 Square Capital
Candi Carrera
Intrinsic Valuation Level 2 tests - Dividend intrinsic valuation Intrinsic value per share
Margin of safety vs
current share price
Gordon dividend model IV (pure dividend yield & no growth on
46.29 -49.45%
dividends nor share buybacks)
Gordon dividend growth IV (2 factors - dividend yield & growth of
• Price to book < 3 dividends)
56.35 -38.46%
Equity 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Paid in Capital 3,866,500,000 3,816,600,000 3,049,000,000 3,186,800,000 3,911,400,000 3,442,000,000 4,250,400,000 5,225,700,000 4,693,700,000 2,498,300,000 2,546,600,000
Retained Earnings/accumulated deficit 3,484,900,000 3,926,300,000 4,491,700,000 5,127,300,000 5,990,400,000 6,219,000,000 6,772,800,000 7,547,600,000 8,742,400,000 9,333,300,000 9,083,000,000
Treasury stock -1,454,400,000 -1,352,800,000 -1,815,000,000 -2,029,900,000 -1,924,100,000 -2,371,300,000 -2,184,800,000 -1,549,300,000 -1,368,100,000 -2,999,600,000 -2,968,500,000
Total equity attributable to parent stockholders 6,799,200,000 6,429,100,000 5,811,600,000 6,367,000,000 8,297,100,000 7,836,200,000 9,136,300,000 11,059,600,000 11,590,500,000 9,712,100,000 9,533,800,000
Sources :
www.morningstar.com/stocks/xnys/swk/performance
stockanalysis.com/stocks/swk/financials/ratios/
Stanley Black Decker 36 Square Capital
Candi Carrera
Intrinsic Valuation Level 2 tests - Dividend intrinsic valuation Intrinsic value per share
Margin of safety vs
current share price
Gordon dividend model IV (pure dividend yield & no growth on
46.29 -49.45%
dividends nor share buybacks)
Gordon dividend growth IV (2 factors - dividend yield & growth of
• Price to book < 3 dividends)
56.35 -38.46%
• Discounted FCF Model > 25-30 safety Future earnings/net income IV 91.44 -0.13%
Future cash flows IV 459.39 401.74%
Stanley Black Decker 36 Square Capital
Candi Carrera
Intrinsic Valuation Level 2 tests - Dividend intrinsic valuation Intrinsic value per share
Margin of safety vs
current share price
Gordon dividend model IV (pure dividend yield & no growth on
46.29 -49.45%
dividends nor share buybacks)
Gordon dividend growth IV (2 factors - dividend yield & growth of
• Price to book < 3 dividends)
56.35 -38.46%
• Discounted FCF Model > 25-30 safety Future earnings/net income IV 91.44 -0.13%
Future cash flows IV 459.39 401.74%
Stanley Black Decker 36 Square Capital
Candi Carrera
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Income statement items
Revenue 11,001,200,000 11,338,600,000 11,171,800,000 11,406,900,000 12,747,200,000 13,982,400,000 14,442,200,000 14,534,600,000 15,617,200,000 16,947,400,000 16,197,100,000
Operating profit 1,218,300,000 1,506,800,000 1,585,600,000 1,643,300,000 1,797,900,000 1,679,400,000 1,764,500,000 1,878,300,000 1,953,800,000 914,100,000 319,800,000
Net finance income/expense -147,600,000 -163,600,000 -165,200,000 -171,300,000 -182,500,000 -209,200,000 -230,400,000 -205,100,000 -175,600,000 -283,800,000 -350,700,000
Analysis
Net Income before Extraordinary Items and Discontinued Operations 517,300,000 857,700,000 902,200,000 964,900,000 1,225,600,000 605,800,000 958,000,000 1,234,700,000 1,598,600,000 170,300,000 -74,300,000
Net Income Available to Common Stockholders 490,300,000 760,900,000 883,700,000 965,300,000 1,226,000,000 605,200,000 955,800,000 1,233,800,000 1,689,200,000 1,062,500,000 788,800,000
1
Property Plant & Equipment 1,485,300,000 1,454,100,000 1,450,200,000 1,451,200,000 1,742,500,000 1,915,200,000 1,959,500,000 2,053,800,000 2,347,100,000 2,353,100,000 2,245,700,000
Equity 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Paid in Capital
Retained Earnings/accumulated deficit 1st
cherry on the cake (3). In 2022 they spent 2.2B on share
3,866,500,000
3,484,900,000
3,816,600,000
3,926,300,000
3,049,000,000
4,491,700,000
3,186,800,000
5,127,300,000
3,911,400,000
5,990,400,000
3,442,000,000
6,219,000,000
4,250,400,000
6,772,800,000
5,225,700,000
7,547,600,000
4,693,700,000
8,742,400,000
2,498,300,000
9,333,300,000
2,546,600,000
9,083,000,000
buybacks so net net the disposal of long-lived assets has been used
Treasury stock -1,454,400,000 -1,352,800,000 -1,815,000,000 -2,029,900,000 -1,924,100,000 -2,371,300,000 -2,184,800,000 -1,549,300,000 -1,368,100,000 -2,999,600,000 -2,968,500,000
Total equity attributable to parent stockholders 6,799,200,000 6,429,100,000 5,811,600,000 6,367,000,000 8,297,100,000 7,836,200,000 9,136,300,000 11,059,600,000 11,590,500,000 9,712,100,000 9,533,800,000
2
Operating cash flow 868,000,000.00 1,295,900,000.00 1,182,300,000.00 1,485,200,000.00 1,418,600,000.00 1,260,900,000.00 1,505,700,000.00 2,022,100,000.00 663,100,000.00 -1,459,500,000.00 203,600,000.00
Investing cash flow
grows from-1,198,400,000.00
Investing cash flow excluding long-term assets sold
4.3B to 6.7B
-362,000,000.00
in 2021,
-382,200,000.00
-390,500,000.00
7.5B -284,000,000.00
-205,000,000.00
-216,500,000.00
in 2022 -2,289,100,000.00
-259,300,000.00
and according
-495,100,000.00
to latest
-989,100,000.00 -1,208,600,000.00
-506,700,000.00 -699,900,000.00
-1,577,100,000.00
-331,700,000.00
-2,623,800,000.00
-593,700,000.00
3,572,600,000.00
-544,300,000.00
3,759,900,000.00
-391,800,000.00
Free Cash Flow to the Firm
Adjusted FCFF 10Q reporting to 7.8B
-330,400,000.00
506,000,000.00 in 2023965,800,000.00
913,700,000.00
905,400,000.00 Q2 that1,225,900,000.00
is a 81% increase
977,300,000.00 1,201,200,000.00 -870,500,000.00
923,500,000.00 of the debt
271,800,000.00
754,200,000.00
297,100,000.00
805,800,000.00
445,000,000.00
1,690,400,000.00
-1,960,700,000.00
69,400,000.00
2,113,100,000.00
-2,003,800,000.00
3,963,500,000.00
-188,200,000.00
!!! 2
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Interest coverage ratio 3.32 4.65 5.35 5.64 6.72 2.89 4.15 6.02 9.62 3.74 2.25
Debt to Equity ratio 0.62 0.60 0.66 0.60 0.46 0.54 0.40 0.40 0.58 0.78 0.83
ROIC in % 4.63 7.41 9.16 9.48 11.01 5.19 7.76 8.06 10.59 7.05 5.05
Stanley Black Decker 36 Square Capital
Candi Carrera
1
The Art of Value Investing 36 Square Capital
Candi Carrera
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Income statement items
Revenue 11,001,200,000 11,338,600,000 11,171,800,000 11,406,900,000 12,747,200,000 13,982,400,000 14,442,200,000 14,534,600,000 15,617,200,000 16,947,400,000 16,197,100,000
Operating profit 1,218,300,000 1,506,800,000 1,585,600,000 1,643,300,000 1,797,900,000 1,679,400,000 1,764,500,000 1,878,300,000 1,953,800,000 914,100,000 319,800,000
Net finance income/expense -147,600,000 -163,600,000 -165,200,000 -171,300,000 -182,500,000 -209,200,000 -230,400,000 -205,100,000 -175,600,000 -283,800,000 -350,700,000
Analysis
Net Income before Extraordinary Items and Discontinued Operations 517,300,000 857,700,000 902,200,000 964,900,000 1,225,600,000 605,800,000 958,000,000 1,234,700,000 1,598,600,000 170,300,000 -74,300,000
Net Income Available to Common Stockholders 490,300,000 760,900,000 883,700,000 965,300,000 1,226,000,000 605,200,000 955,800,000 1,233,800,000 1,689,200,000 1,062,500,000 788,800,000
1
Property Plant & Equipment 1,485,300,000 1,454,100,000 1,450,200,000 1,451,200,000 1,742,500,000 1,915,200,000 1,959,500,000 2,053,800,000 2,347,100,000 2,353,100,000 2,245,700,000
Equity 2013 2014 2015 2016 2017 2018 2019 2020 4 2021 2022 TTM
Paid in Capital
Retained Earnings/accumulated deficit 1st
cherry on the cake (3). In 2022 they spent 2.2B on share
3,866,500,000
3,484,900,000
3,816,600,000
3,926,300,000
3,049,000,000
4,491,700,000
3,186,800,000
5,127,300,000
3,911,400,000
5,990,400,000
3,442,000,000
6,219,000,000
4,250,400,000
6,772,800,000
5,225,700,000
7,547,600,000
4,693,700,000
8,742,400,000
2,498,300,000
9,333,300,000
2,546,600,000
9,083,000,000
buybacks so net net the disposal of long-lived assets has been used
Treasury stock -1,454,400,000 -1,352,800,000 -1,815,000,000 -2,029,900,000 -1,924,100,000 -2,371,300,000 -2,184,800,000 -1,549,300,000 -1,368,100,000 -2,999,600,000 -2,968,500,000
Total equity attributable to parent stockholders 6,799,200,000 6,429,100,000 5,811,600,000 6,367,000,000 8,297,100,000 7,836,200,000 9,136,300,000 11,059,600,000 11,590,500,000 9,712,100,000 9,533,800,000
2
Operating cash flow 868,000,000.00 1,295,900,000.00 1,182,300,000.00 1,485,200,000.00 1,418,600,000.00 1,260,900,000.00 1,505,700,000.00 2,022,100,000.00 663,100,000.00 -1,459,500,000.00 203,600,000.00
Investing cash flow
grows from-1,198,400,000.00
Investing cash flow excluding long-term assets sold
4.3B to 6.7B
-362,000,000.00
in 2021,
-382,200,000.00
-390,500,000.00
7.5B -284,000,000.00
-205,000,000.00
-216,500,000.00
in 2022 -2,289,100,000.00
-259,300,000.00
and according
-495,100,000.00
to latest
-989,100,000.00 -1,208,600,000.00
-506,700,000.00 -699,900,000.00
-1,577,100,000.00
-331,700,000.00
-2,623,800,000.00
-593,700,000.00
3,572,600,000.00
-544,300,000.00
3,759,900,000.00
-391,800,000.00
Free Cash Flow to the Firm
Adjusted FCFF 10Q reporting to 7.8B
-330,400,000.00
506,000,000.00 in 2023965,800,000.00
913,700,000.00
905,400,000.00 Q2 that1,225,900,000.00
is a 81% increase
977,300,000.00 1,201,200,000.00 -870,500,000.00
923,500,000.00 of the debt
271,800,000.00
754,200,000.00
297,100,000.00
805,800,000.00
445,000,000.00
1,690,400,000.00
-1,960,700,000.00
69,400,000.00
2,113,100,000.00
-2,003,800,000.00
3,963,500,000.00
-188,200,000.00
!!! 2
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Interest coverage ratio 3.32 4.65 5.35 5.64 6.72 2.89 4.15 6.02 9.62 3.74 2.25
Debt to Equity ratio 0.62 0.60 0.66 0.60 0.46 0.54 0.40 0.40 0.58 0.78 0.83
ROIC in % 4.63 7.41 9.16 9.48 11.01 5.19 7.76 8.06 10.59 7.05 5.05
The Art of Value Investing 36 Square Capital
Candi Carrera
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Income statement items
Revenue 11,001,200,000 11,338,600,000 11,171,800,000 11,406,900,000 12,747,200,000 13,982,400,000 14,442,200,000 14,534,600,000 15,617,200,000 16,947,400,000 16,197,100,000
5
Operating profit 1,218,300,000 1,506,800,000 1,585,600,000 1,643,300,000 1,797,900,000 1,679,400,000 1,764,500,000 1,878,300,000 1,953,800,000 914,100,000 319,800,000
Net finance income/expense -147,600,000 -163,600,000 -165,200,000 -171,300,000 -182,500,000 -209,200,000 -230,400,000 -205,100,000 -175,600,000 -283,800,000 -350,700,000
Net Income before Extraordinary Items and Discontinued Operations 517,300,000 857,700,000 902,200,000 964,900,000 1,225,600,000 605,800,000 958,000,000 1,234,700,000 1,598,600,000 170,300,000 -74,300,000
Net Income Available to Common Stockholders 490,300,000 760,900,000 883,700,000 965,300,000 1,226,000,000 605,200,000 955,800,000 1,233,800,000 1,689,200,000 1,062,500,000 788,800,000
Balance sheet items 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM
Assets
Cash, cash equivalents & marketable securities 496,200,000 496,600,000 465,400,000 1,131,800,000 637,500,000 288,700,000 297,700,000 1,381,000,000 142,300,000 395,600,000 391,400,000
Inventories 1,485,200,000 1,562,700,000 1,526,400,000 1,478,000,000 2,018,400,000 2,373,500,000 2,255,000,000 2,737,400,000 5,446,800,000 5,861,100,000 5,282,900,000
Accounts receivables 1,633,000,000 1,396,700,000 1,331,800,000 1,302,800,000 1,635,900,000 1,607,800,000 1,454,600,000 1,512,200,000 1,560,800,000 1,231,000,000 1,706,700,000
1
Property Plant & Equipment 1,485,300,000 1,454,100,000 1,450,200,000 1,451,200,000 1,742,500,000 1,915,200,000 1,959,500,000 2,053,800,000 2,347,100,000 2,353,100,000 2,245,700,000
Assets Held for Sale/Discontinued Operations, Non-Current 2,420,200,000 0 0
Goodwill 7,565,300,000 7,275,500,000 7,084,300,000 6,694,000,000 8,776,100,000 8,956,700,000 9,237,500,000 10,038,100,000 8,784,200,000 8,502,700,000 8,509,800,000
Intangibles other than Goodwill 4,105,500,000 3,918,600,000 3,830,700,000 3,574,000,000 4,990,400,000 5,083,400,000 5,395,300,000 6,065,800,000 6,021,200,000 5,800,300,000
1
Total assets 16,535,100,000 15,849,100,000 15,172,300,000 15,634,900,000 19,079,900,000 19,408,000,000 20,596,600,000 23,566,300,000 28,180,000,000 24,963,300,000 24,933,200,000
3,216,700,000
Liabilities
Current Debt
Long-term debt Conclusion 402,600,000
3,799,400,000
7,500,000
3,839,800,000
7,600,000
3,836,600,000
12,100,000
3,815,300,000
988,700,000
2,843,000,000
378,600,000
3,819,800,000
481,700,000
3,176,400,000
140,300,000
4,245,400,000
2,361,300,000
4,353,600,000
2,218,200,000
5,352,900,000
1,784,000,000
6,099,900,000
Equity
Paid in Capital
2013 2014
Lack of fiduciary duty by management & Board of Directors
3,866,500,000 3,816,600,000
2015
3,049,000,000
2016
3,186,800,000
2017
3,911,400,000
2018
3,442,000,000
2019
4,250,400,000
2020
5,225,700,000
4 2021
4,693,700,000
2022
2,498,300,000
TTM
2,546,600,000
Retained Earnings/accumulated deficit 3,484,900,000 3,926,300,000 4,491,700,000 5,127,300,000 5,990,400,000 6,219,000,000 6,772,800,000 7,547,600,000 8,742,400,000 9,333,300,000 9,083,000,000
Treasury stock -1,454,400,000 -1,352,800,000 -1,815,000,000 -2,029,900,000 -1,924,100,000 -2,371,300,000 -2,184,800,000 -1,549,300,000 -1,368,100,000 -2,999,600,000 -2,968,500,000
Total equity attributable to parent stockholders 6,799,200,000 6,429,100,000 5,811,600,000 6,367,000,000 8,297,100,000 7,836,200,000 9,136,300,000 11,059,600,000 11,590,500,000 9,712,100,000 9,533,800,000
2
Operating cash flow 868,000,000.00 1,295,900,000.00 1,182,300,000.00 1,485,200,000.00 1,418,600,000.00 1,260,900,000.00 1,505,700,000.00 2,022,100,000.00 663,100,000.00 -1,459,500,000.00 203,600,000.00
Investing cash flow -1,198,400,000.00 -382,200,000.00 -205,000,000.00 -284,000,000.00 -2,289,100,000.00 -989,100,000.00 -1,208,600,000.00 -1,577,100,000.00 -2,623,800,000.00 3,572,600,000.00 3,759,900,000.00
Investing cash flow excluding long-term assets sold -362,000,000.00 -390,500,000.00 -216,500,000.00 -259,300,000.00 -495,100,000.00 -506,700,000.00 -699,900,000.00 -331,700,000.00 -593,700,000.00 -544,300,000.00 -391,800,000.00
Free Cash Flow to the Firm
Adjusted FCFF
At 2.25 the risk spread to be added is of 2.42% and debt is rated BBB, last step
-330,400,000.00
506,000,000.00
913,700,000.00
905,400,000.00
977,300,000.00
965,800,000.00
1,201,200,000.00
1,225,900,000.00
-870,500,000.00
923,500,000.00
271,800,000.00
754,200,000.00
297,100,000.00
805,800,000.00
445,000,000.00
1,690,400,000.00
-1,960,700,000.00
69,400,000.00
2,113,100,000.00
-2,003,800,000.00
3,963,500,000.00
-188,200,000.00
of investment grade before
2014turning into
2015 Junk. 2016
2
Year 2013 2017 2018 2019 2020 2021 2022 TTM
Interest coverage ratio 3.32 4.65 5.35 5.64 6.72 2.89 4.15 6.02 9.62 3.74 2.25
Debt to Equity ratio 0.62 0.60 0.66 0.60 0.46 0.54 0.40 0.40 0.58 0.78 0.83
ROIC in % Source : pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ratings.htm
4.63 7.41 9.16 9.48 11.01 5.19 7.76 8.06 10.59 7.05 5.05
Stanley Black Decker 36 Square Capital
Candi Carrera
Level 3 tests
Moat & intangible metrics
+ lack of fiduciary duty of management & Board of Directors on share buyback vs sale of assets instead of
protecting cash would be for me a NOGO decision to invest.