Ticker: BAX
Sector:
Health Care
Industry: Medical Instruments
and Supplies
BUY
300 shares
Recommendation:
Current holding: 600 shares
Pricing
Closing Price
52-wk High
52-wk Low
$58.36 (08/18/09)
$69.16 (09/29/08)
$45.46 (06/01/09)
Market Data
Market Cap
$35.17B
Total assets
$ 15,405M
Vol / Avg. $4.50M/5.37M
Valuation
EPS (ttm)
P/E (ttm)
Div/yield
$19.86
16.99
0.26/1.78
BAXTER INTERNATIONAL, INC.
Company Profile
Baxter International Inc. (Baxter), incorporated
in 1931, develops, manufactures and markets products
that save and sustain the lives of people with hemophilia,
immune disorders, infectious diseases, kidney disease,
trauma and other chronic and acute medical conditions.
As a diversified healthcare company, Baxter applies a
combination of expertise in medical devices,
pharmaceuticals and biotechnology to create products
that advance patient care worldwide. These products are
used by hospitals, kidney dialysis centers, nursing homes,
rehabilitation centers, doctors’ offices, clinical and
medical research laboratories, and by patients at home
under physician supervision. The Company operates in
three segments: The BioScience, Medication Delivery
and Renal. The Company’s product portfolio includes
anesthesia, biopharmaceuticals, blood collection and
transfusion, medication management, oncology, renal
and material safety data sheets.
Outstanding Performance Highlight
Profitability & Effectiveness (ttm)
ROA
13.76%
ROE
31.14%
Profit Margin 17.56%
Oper Margin 22.27%
Eun Sang (Ian) Yoo
ey6v4@mail.missouri.edu
1
BAX’s revenues, EPS, cash flow from operations, R&D and shareholder return for three
years were increasing and outstanding.
Company was expanding globally and getting financial strength and flexibility while
spending money for investing R&D and for being good social company.
In 2008, worldwide sales increased 10 percent to $12.3 billion. Net income totaled $2
billion, or $3.16 per diluted share, an increase of 18 percent and 21 percent, respectively,
over the prior year. Cash flow from operations improved to a record level of $2.5 billion.
And, we increased our R&D investment by 14 percent to a record $868 million.
In addition, the company repurchased 32 million shares of common stock for
approximately $2 billion, paid dividends totaling approximately $550 million, and
increased the quarterly dividend rate for 2009 by 20 percent. And, our stock price
outperformed the Dow Jones, S&P 500 and S&P Healthcare indexes by substantial
margins.
SWOT Analysis
Strength
- GLOBAL SCOPE (Key growth strategy):
Baxter products are sold in more than 100
countries, with approximately 60 percent of the
company’s revenues coming from outside the
United States.
-
MANUFACTURING STRENGTH:
Baxter is recognized as a leading manufacturer
of quality healthcare products. With 54
manufacturing facilities in 26 countries, Baxter
is able to make high-quality products
Weakness
- 60% of the revenue
depends on
international market
: It can bring opposite
result when dollars are
strong and other
foreign currencies are
weak.
2
cost-effectively for local and regional markets.
-
HIGH TECH LEADERSHIP and HEALTH CARE
PIONEER: Spending much for R&D, a lot of ‘firsts’
in healthcare market.
-
A SOCIALLY RESPONSIBLE CITIZEN
-
Global Hedge Ability: Risk about currency and
interest
Opportunity
- Recession is getting over
- GLOBAL MARKET: Sales are growing
rapidly in developing and emerging markets, As
the economies of these countries continue to
develop, so will Baxter's opportunity for growth
in these regions.
- US Currency is expected decreased
- China: One market that offers great potential is
China, with a population of more than 1.3
billion people and a government eager to
upgrade its healthcare system.
Threaten
- Global Currency and
Interest Risk
- Regulatory and tax
change
Baxter has many tools
to avoid these risk like
SWAP, Hedging,
Future and Option, and
etc.
As seen this chart, mostly company are exposed in global market. So, it becomes
both opportunity and threaten at same time. Good thing is global market is increasing and
US dollar is expected to get decreasing.
Global Reach
A global presence is important to Baxter,
with 60% of 2008 sales coming from outside the
U.S. Baxter has manufacturing facilities
throughout the U.S. and Europe, with world
headquarters located in Deerfield, IL.
Research & Development
Baxter also has a strong Research & development department with 14% increase from
2007 to 2008. R&D expenditures in 2008 totaled $868 million (about 7.3% of the
revenue). Baxter’s R&D has been increasing as seen in the charts below.
3
Business Sectors
Baxter International is divided into three different business sectors. These sectors
include: the BioScience Division, the Medication delivery Division, and the Renal
Division. As represented by the following pie chart, the Bioscience division is the largest
sector followed by the Medication Delivery division, and then the renal division.
Major Products
Some of Baxter’s major products include: Hemofil, Gammagard, Advate, Tisseel, and
Monarc. Baxter’s products treat conditions such as Alpha-Antitrypsin (AAT) Deficiency,
cancer, hemophilia, immune disorders, and kidney disease. Baxter also provides a
4
number of services including: Antibody therapy, Biosurgery therapy, Critical Care
therapy, Hemophilia therapy, and Renal therapies.
Acquisitions
Baxter International was founded in 1931 as the first commercial manufacturer of IV
solutions in glass bottles. Baxter acquisitions include:
 Hyland Laboratories in 1952
 American Hospital Supply in 1985
 Nextran became a wholly owned affiliate of Baxter in 1995
 Spun off Allegiance in 1996
 Immuno International in 1997
 Both Ohmeda's Pharmaceutical Products Division and Somatogen in 1998
 Althin Medical as well as North American Vaccine, and spun-off of its
cardiovascular business as a separate, publicly traded entity under the name of
Edwards Lifesciences in 2000
 Sera-Tec Biologicals, Cook Pharmaceutical Solutions, ASTA Medica Onkologie
GmbH, AUTROS Healthcare Systems in 2001
 Fusion Medical Technologies in 2002.
 In February 2002, Baxter received regulatory approval in the Netherlands for its
novel influenza vaccine, InfluJect.
 In December 2002, Baxter acquired the majority of ESI Lederle (ESI), a division
of Wyeth for approximately $305 million in cash
(Knowledge Express)
Financial Statement Analysis
Despite financial crisis, BAX has shown good financial results in year and quart base.
Balance Sheet
Total assets are increasing and its debt and BAX is increasing its equity portion also. I
listed relative factors from is Balance Sheet by year and quarter below.
B/S year
In Millions of USD (except for per share items)
Total Current Assets
Property/Plant/Equipment, Total - Gross
Goodwill, Net
Intangibles, Net
Total Assets
Total Current Liabilities
Total Long Term Debt
Other Liabilities, Total
Total Liabilities
Total Equity
2008
2007
2006
2005
As of 2008-12-31
As of 2007-12-31
As of 2006-12-31
As of 2005-12-31
7,148.00
7,555.00
6,970.00
5,116.00
9,021.00
8,824.00
8,311.00
7,878.00
1,654.00
1,690.00
1,618.00
1,552.00
390
455
480
494
15,405.00 15,294.00 14,686.00 12,727.00
3,635.00
3,812.00
3,610.00
4,165.00
3,362.00
2,664.00
2,567.00
2,414.00
2,179.00
1,902.00
2,237.00
1,849.00
9,176.00
8,378.00
8,414.00
8,428.00
6,229.00
6,916.00
6,272.00
4,299.00
5
B/S Quarter
2009 Q2
Total Assets
Total Current Liabilities
Total Debt
Total Liabilities
Total Equity
2009 Q1
15,743.00
3,395.00
3,832.00
9,191.00
6,552.00
2008 Q4
14,953.00
3,122.00
3,910.00
8,854.00
6,099.00
2008 Q3
15,405.00
3,635.00
3,756.00
9,176.00
6,229.00
2008 Q2
15,209.00
3,324.00
3,420.00
8,150.00
7,059.00
15,470.00
3,393.00
3,234.00
8,251.00
7,219.00
Income Statement
Its net income has been increased continuously by year and quarter. BAX also is
increasing R&D spending every year.
4 Year IS
Income Statement (Year)
Revenue
Research & Development
Total Operating Expense
Operating Income
Net Income
2008
12,348.00
868
9,799.00
2,549.00
2,014.00
2007
11,263.00
760
9,081.00
2,182.00
1,707.00
2006
10,378.00
614
8,545.00
1,833.00
1,397.00
2005
9,849.00
533
8,210.00
1,639.00
956
IS by quarter
2009 2Q
Total Revenue
Net Income
2009 1Q
3,123.00
587
2008 4Q
2,824.00
516
2008 3Q
3,131.00
569
2008 2Q
3,151.00
472
3,189.00
544
Cash Flow
Although cash from operating activities was increasing every year, company spend much
money for financing activities. Also, recent quarter’s cash flow was not quite good. I
think it was influenced by recession.
Cash flow (Yr)
Cash from Operating Activities
Cash from Investing Activities
Cash from Financing Activities
Net Change in Cash
2008
2,515.00
-993
-1,931.00
-408
2007
2,305.00
-305
-1,971.00
54
2006
2,183.00
-342
-123
1,644.00
2005
1,550.00
-367
-1,447.00
-268
Cash Flow (Qt)
Net Income/Starting Line
Cash from Operating Activities
Other Investing Cash Flow Items, Total
Cash from Financing Activities
Net Change in Cash
2009 2Q 2009 1Q 2008 4Q 2008 3Q
1,107.00
518 2,014.00 1,445.00
1,048.00
237 2,515.00 1,895.00
-110
-25
-39
-28
-802
-393 -1,931.00 -1,618.00
-329
-428
-408
-348
More detail yearly financial statement is on appendix.
6
Ratio Analysis
Compared to other competitors and industry, overall ratio of BAX is quite good.
Valuation Ratios
BAX
HSP
BCR
CAH
Industry
Sector
S&P 500
P/E Ratio (TTM)
16.96
18.62
16.79
8.83
1.85
2.47
43.92
P/E High - Last 5 Yrs.
60.13
64.05
29.8
NA
2.1
1.14
24.55
P/E Low - Last 5 Yrs.
15.32
11.66
16.2
NA
0.61
0.33
6.16
0.42
0.85
0.22
0.94
0.62
0.64
1.39
Beta
Company beta was relatively low and P/E ratio is higher than industry and also among
competitors. As you see chart above, even it was low in 5 years, it was over 15%.
BAX looks quite stable.
Dividends
BAX
HSP
BCR
CAH
Industry
Sector
S&P 500
Dividend Yield
1.78
NA
0.85
2.51
0.07
0.11
1.45
Dividend Yield - 5 Year Avg.
1.47
0
0.73
0.92
0.9
1.53
2.76
Dividend 5 Year Growth Rate
9.42
--
6.96
36.08
13.01
15.89
9.47
S&P 500
BAX’s dividend is good.
Grow th Rates
BAX
HSP
BCR
CAH
Industry
Sector
6.76
6.71
11.34
9.05
6.48
10.14
16.17
LT Debt to Equity (MRQ)
54.84
77.74
7.17
37.59
15.89
23.39
150.64
Total Debt to Equity (MRQ)
58.49
96.06
7.17
41.8
30.52
31.21
234.59
Sales - 5 Yr. Growth Rate
Gross Margin (TTM)
51.1
37.15
61.74
5.55
5.75
7.5
25.33
Operating Margin (TTM)
22.27
13.52
26.26
1.89
1.64
-10.38
--
Net Profit Margin (TTM)
17.56
10.32
19.67
1.15
1.18
-10.14
5.79
Return on Assets (TTM)
13.76
7.18
18.34
4.71
1.05
1.13
3.53
Return on Investment (TTM)
17.75
8.93
20.51
8.53
1.54
1.46
4.78
Return on Equity (TTM)
31.14
17.86
24.26
13.88
2.35
2.12
8.99
Other ratios are also okay. Although BAX is using debt around 58%, considering its
investment and opportunity, it looks healthy spending. It’s operating margin and ROE is
quite good.
As seen ratio analysis, BAX is doing quite good and it is also spending its money for the
future.
Stock Performance
Baxter vs. S&P 500 over 5 Years
7
Baxter has highly outperformed the S&P 500 over the past year. Since 2006, Baxter has
continued to do well overall.
Industry
As reported by the economics committee, the Healthcare industry is not bright for
this year. However, Baxter has 60% of sales from out of America. World economy is
expected to overcome and dollar is expected to decrease. These are good opportunities
for Baxter.
Competitors
Baxter International’s key competitors include HSP, BCR and CAH. As the
following chart shows, Baxter is the most competitive. Since 2007, BAX has been
outstanding.
8
Analysts’ Recommendation
According to Reuters.com, analysts are recommending to BUY as obvious rate as seen
below. Also, compared recommendations about other company in same industry, BAX
has higher BUY recommendation rate. You can see detail below.
Valuation
9
I assumed the discount rate as 10%. The reason of this is that Baxter has shown quite
high performance and financial record and also it has many good advantages while it has
good points from its global markets.
Warren Buffet Way Owner’s Earnings Discount Model
Step 1:
Step 2:
Balance Sheet
Assets
Liabilities
Equity
$
$
$
Present Value of Future Cash Flows
Discount rate
Free cash flow in current period:
net income
add depreciation
subtract capital expenditures
subtract increase in NWC
Free cash flow
15,405.00
9,176.00
6,229.00
10% <- thought it is resonable to apply 10% because of company's financial performance and credential
$
$
$
2,014
631
635
177
1,833
2008
-954
TC Asset
TC Lia
2007
-692
2006
-526
2005
-444
7,148.00
3,635.00
7,148.00
3,812.00
2012
2684
10%
2013
2952
8%
0.00
-177.00
177.00
2014
3189
8%
First STAGE
Free cash flow
first stage growth rate
$
2008.00
1,833
10%
present value
$
1,833
Sum of present values of first stage $
16,171
SECOND STAGE
second stage growth rate
present value of free cash flow perpetuity
$
PV of PV of cash flow perpetuity
$
2%
50,209
21,293
2009
2017
10%
2010
2218
10%
2011
2440
10%
2004 average
-558
-634.8
$1,833.20 $1,833.20 $1,833.20 $1,833.20 $1,833.20 $1,799.87 $1,767.14
1833.2
1833.2
1833.2
1833.2
1833.2 1799.8691 1767.1442
Sum of book value of equity and present value of all future free cash flow $ 43,694
shares of outstanding
625
intrinsic value of per share
69.91
-177.00
2016
3719
8%
2015
3444
8%
2017
4017
8%
$1,735.01 $1,703.47
1735.0143 1703.46859
<-- p60 annual report
Baxter has high potential in global market and it doesn’t get influenced much from
American market. Rather dollar decrease would bring better reward for Baxter. Also,
Baxter has good prospection from China market. However, I just assumed growth rate as
10% for 5 years and 8% of other 5 years and got intrinsic value as $69.91.
About growth rate, other application is on appendix. When I change discount rate as 9%,
its intrinsic value became around $80.
Recommendations
We currently have 600 shares in Baxter stock which equates to $35,094. This is 3% of
the entire fund. The first quarter financial performance in 2009 was also quite good. I
would like to recommend buying 300 more as these reasons below:
10
1) BAX’s financial performance is quite good.
Although there has been financial crisis, BAX has shown good financial
performance.
2) BAX has good opportunities
BAS’s main strategy is expanding globally. Especially BAX had good
opportunity in China market also.
3) BAX is spending money on right investment.
BAX is spending its money on R&D and has been increased its spending. It will
bring good result.
4) BAX is expert on healthcare industry and it has good manufacturing.
5) BAX is global company and dollar would be decreased.
6) Its intrinsic value is higher and it is undervalued
7) Other finance experts also show recommendation as ‘BUY’
11
Appendices
Question & Answers
I would like to attach question and opinions from other classmates and my answers here
as a part of appendixes.
Q1)
Author: Clayton Reeves
Posted date: Monday, September 21, 2009 2:26:04 PM CDT
Last modified date: Monday, September 21, 2009 2:26:04 PM CDT
Total views: 15 Your views: 2
‹ Previous Post | Next Post ›
Show Parent Post
Eun Sang Yoon,
I'm going to nitpick your DCF, because I feel the first stage growth is a little too
optimistic. I think 10% for three years is more appropriate, leveling out to between 6-8%
in 2011 ish. Having said that, I think the terminal rate of 2% is a little low. Since they
operate heavily outside the US, I believe a 3% or 3.5% rate wouldn't be out of the
question.
Also, for your discount rate, I wanted to point out that BAX has a beta of about .42
according to Google, MSN, etc. So a discount rate of 10% might be high by CAPM
"standards."
Finally, I would like to see some ratio analysis. Profitability, liquidity, utilization, etc.
Thanks!
Answer
After modification, I was able to get $69.62 and my original intrinsic value was $ 69.91.
(Details are below in the picture.) The reason that I put around 10$ of growth rate is that I
thought BAX has much potential to grow much higher in other international market
through my research. But to be frankly, that is just possibility and I don’t know how to
put that possibility as numbers. It would have higher intrinsic value. In that case, I rather
put growth rate more conservative.
About discount rate, I just thought to follow 10% level from Buffet class. Buffet thought
10% would be reasonable rate to lend money. However, I didn’t put more higher than 10%
because BAX has quite stable financial performance.
About ratio analysis, I would like to add on my report more detail.
12
Question 2
Author: Emily Meyers
Posted date: Monday, September 21, 2009 2:28:43 PM CDT
Last modified date: Monday, September 21, 2009 2:28:43 PM CDT
Total views: 16 Your views: 5
‹ Previous Post | Next Post ›
Show Parent Post
Eun Sang Yoon,
Can you elaborate on why you feel that an international dependency is a "weakness"?
Answer)
I was not able to find any specific weakness. Although I added more detail on weakness
on my chart, I think company would get more barriers because it is exposed on global
market.
Question 3
Author: William Cleeton
Posted date: Tuesday, September 22, 2009 9:36:54 AM CDT
Last modified date: Tuesday, September 22, 2009 9:36:54 AM CDT
Total views: 13 Your views: 4
‹ Previous Post | Next Post ›
Show Parent Post
Good Report. I was curious if Baxter has any revenue from patent protected products, if
so how much and when do those patents run out. In your research did they talk about any
13
products they have in the pipeline and the effects those products would have on the
bottom line? Also, I didn’t notice any reference to performance over the past 3 quarters
of this year, it seemed most of your information was up until 2008, can you tell us more
about their performance recently?
Answer
It was hard to find out about your first question. But I think, after reading some materials
and research, they are spending their energy to make pipe line (internal pipe line – you
can find this through their Annual Report. Find ‘pipe’.)
I added more detail information about their current performance on my report. BAX
does a good job but, I think it also spend much money.
Question 4
Author: William Chalmers
Posted date: Tuesday, September 22, 2009 7:05:00 PM
CDT
Last modified date: Tuesday, September 22, 2009
7:05:00 PM CDT
Total views: 7 Your views: 2
‹ Previous Post | Next Post ›
Show Parent Post
Enjoyed the report. I do have a question on your recommendation to buy more shares though. Since
we decided with the portfolio committee to reduce our exposure as a whole to the sector, do you
think we ought to increase our concentration of current holdings in this sector?
Answer
BAX has good opportunity and doesn’t get much influence from USA industry. That is
why.
Question 6
Author: Harshit Parmar
Posted date: Tuesday, September 22, 2009 7:07:47 PM
CDT
Last modified date: Tuesday, September 22, 2009
7:07:47 PM CDT
Total views: 7 Your views: 2
‹ Previous Post | Next Post ›
Show Parent Post
Good report, Ian.
I read that there were quality control problems with some of Baxter's infusion pumps, and also safety
concerns of its Heparin product that forced them to stop sales. How much of a risk do these
continued problems pose to its reputation, and also, do you think uncertainties over regulation and
clinical trial results make the future potential of Baxter even more uncertain?
Answer
They have many other law cases when reading annual reports. I think other companies
would also have these kinds of law problem because it is high bio technology industry.
14
Question 7
Subject: RE: Baxter Intl
Author: Kevin Sanford
Posted date: Tuesday, September 22, 2009 7:12:32 PM CDT
Last modified date: Tuesday, September 22, 2009 7:12:32 PM CDT
Total views: 7 Your views: 2
Reply Quote Set Flag
‹ Previous Post
Show Parent Post
I am just wondering what your thoughts are on the bird flu scandal they were involved in earlier this
year. Without knowing a whole lot about it, it seems like something that could have had a very
damaging effect on the company, perhaps baking into their stock price. Thoughts?
Answer
It sounds reasonable. As you see the chart below, its stock is recovering again. Some of
the people ask about some detail points, but I relatively analyzed based on its
performance and opportunities. I believe that market is also responding according these
results.
15
Financial Information
I/S Quarter
16
I/S Annual
17
Balance Sheet (annual)
18
Cash Flow (Annual)
19
Ratio Analysis (Whole Data)
Valuation Ratios
BAX
HSP
BCR
CAH
Industry
Sector
S&P 500
P/E Ratio (TTM)
16.96
18.62
16.79
8.83
1.85
2.47
43.92
P/E High - Last 5 Yrs.
60.13
64.05
29.8
NA
2.1
1.14
24.55
P/E Low - Last 5 Yrs.
15.32
11.66
16.2
NA
0.61
0.33
6.16
Beta
0.42
0.85
0.22
0.94
0.62
0.64
1.39
Price to Sales (TTM)
2.87
1.92
3.16
0.1
0.27
1.61
1.94
Price to Book (MRQ)
5.36
3.2
3.74
1.15
2.68
2
3.22
8.2
11.61
6.28
3.82
3.56
14.29
6.42
Price to Cash Flow (TTM)
12.82
11.43
13.53
6.32
1.41
1.31
15.71
Price to Free Cash Flow (TTM)
38.38
14.94
17.29
12.04
43.02
1,073.22
17.99
--
--
--
--
--
--
--
Price to Tangible Book (MRQ)
% Owned Institutions
Dividends
BAX
HSP
BCR
CAH
Industry
Sector
S&P 500
Dividend Yield
1.78
NA
0.85
2.51
0.07
0.11
1.45
Dividend Yield - 5 Year Avg.
1.47
0
0.73
0.92
0.9
1.53
2.76
Dividend 5 Year Growth Rate
9.42
--
6.96
36.08
13.01
15.89
9.47
28.49
0
13.31
17.63
1.38
3.64
88.53
Payout Ratio(TTM)
Grow th Rates
BAX
HSP
BCR
CAH
Industry
Sector
S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago
-2.07
6.13
1.22
10.07
0.47
5.57
-5.24
Sales (TTM) vs TTM 1 Yr. Ago
3.42
2.28
6.13
9.38
0.4
1.11
-1.4
Sales - 5 Yr. Growth Rate
6.76
6.71
11.34
9.05
6.48
10.14
16.17
-24.76
EPS (MRQ) vs Qtr. 1 Yr. Ago
12.49
-63.3
47.14
-15.63
65.84
769.14
EPS (TTM) vs TTM 1 Yr. Ago
19.86
39.48
36.9
-10.75
--
--
--
EPS - 5 Yr. Growth Rate
14.03
3.58
20.47
-1.72
11.17
4.53
0.29
3.79
1.81
-9.81
6.15
10.49
6.52
20.83
Capital Spending - 5 Yr. Growth Rate
Financial Strength
BAX
HSP
BCR
CAH
Industry
Sector
S&P 500
Quick Ratio (MRQ)
1.35
1.4
4.25
0.76
1.83
2.64
0.78
Current Ratio (MRQ)
2.08
2.22
5.43
1.39
2.44
3.15
0.93
LT Debt to Equity (MRQ)
54.84
77.74
7.17
37.59
15.89
23.39
150.64
Total Debt to Equity (MRQ)
58.49
96.06
7.17
41.8
30.52
31.21
234.59
Interest Coverage (TTM)
39.53
3.56
--
7.97
0.69
5.1
23.5
20
Profitability Ratios
BAX
HSP
BCR
CAH
Industry
Sector
S&P 500
51.1
37.15
61.74
5.55
5.75
7.5
25.33
Gross Margin - 5 Yr. Avg.
45.73
33.84
61
5.95
45.52
55.65
24.96
EBITD Margin (TTM)
27.12
20.01
30.25
2.34
--
--
--
EBITD - 5 Yr. Avg
21.75
19.15
26.82
2.47
19.98
16.95
14.6
Operating Margin (TTM)
22.27
13.52
26.26
1.89
1.64
-10.38
--
Operating Margin - 5 Yr. Avg.
16.51
12.81
23.76
2.08
14.63
12.24
20.34
Pre-Tax Margin (TTM)
21.31
10.12
26.26
1.68
1.53
-9.69
7.21
Pre-Tax Margin - 5 Yr. Avg.
15.34
11
23.76
1.91
14.45
14.36
20.09
Net Profit Margin (TTM)
17.56
10.32
19.67
1.15
1.18
-10.14
5.79
Net Profit Margin - 5 Yr. Avg.
12.11
8.2
17.7
1.28
9.37
7.74
14.19
Effective Tax Rate (TTM)
17.57
-1.97
25.1
31.45
2.13
2.13
16.86
Effecitve Tax Rate - 5 Yr. Avg.
21.08
25.46
25.49
33.21
33.12
35.93
28.75
Gross Margin (TTM)
Managem ent Effectiveness
BAX
HSP
BCR
CAH
Industry
Sector
S&P 500
13.76
7.18
18.34
4.71
1.05
1.13
3.53
Return on Assets - 5 Yr. Avg.
9.05
7.37
15.89
4.77
7.23
6.51
5.05
Return on Investment (TTM)
17.75
8.93
20.51
8.53
1.54
1.46
4.78
Return on Investment - 5 Yr. Avg.
12.45
9.14
19.3
8.94
9.63
8.33
6.39
Return on Equity (TTM)
31.14
17.86
24.26
13.88
2.35
2.12
8.99
Return on Equity - 5 Yr. Avg.
24.85
17.52
22.39
13.54
11.2
9.48
14.97
BCR
CAH
Industry
Sector
S&P 500
224,727 2,140,052
376,672
696,792
489,656
Return on Assets (TTM)
Efficiency
BAX
HSP
252,144
252,124
44,289
26,028
44,200
24,576
34,947
115,581
34,122
Receivable Turnover (TTM)
5.62
6.02
6.06
18.72
0.56
0.82
7.05
Inventory Turnover (TTM)
2.36
2.7
3.2
13.52
0.28
0.38
5.29
Asset Turnover (TTM)
0.78
0.7
0.93
4.1
0.08
0.08
0.45
Revenue/Employee (TTM)
Net Income/Employee (TTM)
Sources:
Google Finance
Reuter.com
Baxter.com
Annual Report 2008
21