Data

Data for each firm in the S&P 100 and Dow 30 was gathered using data available through FactSet Research Systems (FactSet) organized into three separate sections: primary input data, derived input data, and valuation outputs.

The primary input data includes income statement and balance sheet data for each subject firm’s calendar year 2000-2015, debt portfolio information as of calendar year end 2015 and 2016, and consensus expectations for future growth. These data support the formation of the variables used in the subject valuation models and may not be used directly in the models themselves.

The derived input data includes values for variables required in the asset valuation models employed in this study.  These models require segregating time frames into explicit forecast and continuation periods for which a discounted present value is determined for the explicit period using the income and cost variables relevant to the model.  A separate present value is calculated for the continuing value using income, cost, growth, and return values as required. Given the subject models in this study (Key Value Driver, Free Cash Flow, Adjusted Present Value and Economic Profit) these derived inputs include the following

The valuation outputs include calculated asset values for the subject firms based on the following model forms:

For complete tables of the data used in this study please review the subject firms listings and select the appropriate data type under consideration.