EARNINGS ESTIMATES

Analyst Ratings

Mean Recommendation:

1.58

Sell

Strong Buy

Reference Information - Earnings Per Share

Last Actual (FY0): 2.09
FY0 End Date: Dec 19
Ind. Annual Div: 1.78
Hist (5 Yr) Growth %: 6.13
Yield (%): 6.86

Analyst Forecasts - Earnings Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 2.40 2.64 2.16 2.39 8 1 2 0.69
Annual Dec 21 2.28 2.49 2.07 2.29 23 2 6 -0.64
Annual Dec 20 2.18 2.31 1.93 2.22 23 4 9 -1.21
Quarterly Mar 20 0.52 0.60 0.45 0.53 18 2 5 -0.84
Quarterly Jun 20 0.53 0.59 0.47 0.54 18 -- 7 -2.13
Quarterly Sep 20 0.55 0.60 0.50 0.56 18 1 4 -1.04
Quarterly Dec 20 0.56 0.61 0.49 0.57 17 1 5 -0.08
Long Term Growth 7.96 7.96 7.96 7.96 1 -- -- 0.00

Actuals - Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 19 2.09 2.13 -2.04
Annual Dec 18 1.91 1.85 3.38
Annual Dec 17 1.32 1.31 1.03
Quarterly Dec 19 0.50 0.54 -6.71
Quarterly Sep 19 0.46 0.53 -13.36
Quarterly Jun 19 0.55 0.51 7.00
Quarterly Mar 19 0.57 0.48 19.63

Reference Information - Book Value Per Share

Last Actual (FY0): --
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Book Value Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 21 12.01 12.11 11.93 11.98 3 1 -- 0.42
Annual Dec 20 11.62 11.66 11.60 11.61 3 -- 1 0.11
Quarterly Mar 20 11.26 11.26 11.26 11.26 1 -- -- -0.09
Quarterly Jun 20 11.35 11.35 11.35 11.35 1 -- 1 -0.18
Quarterly Sep 20 11.46 11.46 11.46 11.46 1 -- 1 -0.09
Quarterly Dec 20 11.61 11.61 11.61 11.61 1 -- 1 0.35

Actuals - Book Value Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 10.92 10.57 3.24
Annual Dec 17 10.43 10.39 0.39
Quarterly Sep 19 11.21 11.29 -0.69
Quarterly Jun 19 11.16 11.09 0.67
Quarterly Mar 19 10.99 10.96 0.30

Reference Information - Cash Flow Per Share

Last Actual (FY0): 2.96
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Cash Flow Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 3.25 3.59 3.07 3.21 10 3 3 -0.69
Annual Dec 21 3.14 3.39 2.95 3.15 15 3 6 -0.80
Annual Dec 20 3.02 3.23 2.76 3.02 16 4 6 -0.53
Quarterly Mar 20 0.72 0.77 0.66 0.73 12 3 1 0.29
Quarterly Jun 20 0.74 0.79 0.68 0.75 12 2 3 -0.82
Quarterly Sep 20 0.77 0.83 0.71 0.76 12 3 2 -0.89
Quarterly Dec 20 0.78 0.85 0.71 0.78 11 2 3 -0.59

Actuals - Cash Flow Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 19 2.96 2.98 -0.67
Annual Dec 18 2.80 2.68 4.40
Annual Dec 17 2.15 1.99 7.86
Quarterly Dec 19 0.76 0.73 3.71
Quarterly Sep 19 0.75 0.73 3.22
Quarterly Jun 19 0.92 0.71 30.28
Quarterly Mar 19 0.53 0.67 -21.04

Reference Information - Dividend Per Share

Last Actual (FY0): 1.76
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Dividend Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 1.92 2.05 1.85 1.89 11 -- 4 -1.93
Annual Dec 21 1.87 1.94 1.84 1.85 24 -- 6 -1.05
Annual Dec 20 1.81 1.85 1.80 1.81 25 -- 8 -0.77
Quarterly Mar 20 0.45 0.46 0.45 0.45 12 -- -- -0.04
Quarterly Jun 20 0.45 0.46 0.45 0.45 12 -- 3 -0.84
Quarterly Sep 20 0.45 0.46 0.45 0.45 12 -- 3 -0.82
Quarterly Dec 20 0.46 0.47 0.45 0.46 12 -- 3 -0.87

Actuals - Dividend Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 19 1.76 1.77 -0.35
Annual Dec 18 1.72 1.73 -0.72
Annual Dec 17 1.67 1.68 -0.81
Quarterly Dec 19 0.44 0.45 -1.38
Quarterly Sep 19 0.44 0.44 -0.24
Quarterly Jun 19 0.44 0.44 -0.47
Quarterly Mar 19 0.44 0.44 -1.01

Reference Information - EBIT

Last Actual (FY0): 6,078.70
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - EBIT

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 6,704.00 7,027.00 6,484.00 6,636.00 5 1 -- 2.07
Annual Dec 21 6,458.75 7,054.07 5,267.83 6,522.00 17 3 2 -0.05
Annual Dec 20 6,391.90 9,500.00 5,134.81 6,293.50 16 4 3 3.12
Quarterly Mar 20 1,472.85 1,534.40 1,238.85 1,513.00 9 2 1 1.64
Quarterly Jun 20 1,507.56 1,598.00 1,236.97 1,545.02 9 1 2 0.25
Quarterly Sep 20 1,549.64 1,652.00 1,257.81 1,586.00 9 3 -- 1.22
Quarterly Dec 20 1,603.81 1,699.84 1,401.18 1,624.00 9 2 1 1.36

Actuals - EBIT

Reported EPS Mean Estimate Surprise % Change
Annual Dec 19 6,078.70 6,160.96 -1.34
Annual Dec 18 5,408.60 5,213.08 3.75
Annual Dec 17 3,963.90 3,805.88 4.15
Quarterly Dec 19 1,418.00 1,537.09 -7.75
Quarterly Sep 19 1,474.20 1,496.61 -1.50
Quarterly Jun 19 1,560.30 1,461.76 6.74
Quarterly Mar 19 1,626.20 1,367.16 18.95

Reference Information - EBITDA

Last Actual (FY0): 8,117.30
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - EBITDA

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 8,934.09 9,374.30 8,577.00 8,875.00 9 2 1 0.21
Annual Dec 21 8,667.64 9,219.80 8,226.00 8,684.00 23 8 5 1.17
Annual Dec 20 8,312.06 8,708.38 8,004.00 8,315.00 23 8 8 0.92
Quarterly Mar 20 1,991.36 2,066.26 1,917.00 1,996.38 14 4 2 0.52
Quarterly Jun 20 2,044.53 2,132.80 1,971.00 2,040.36 14 2 4 -0.28
Quarterly Sep 20 2,096.73 2,175.70 2,031.54 2,088.72 14 3 3 0.24
Quarterly Dec 20 2,139.95 2,243.81 2,065.00 2,135.67 14 3 3 0.35

Actuals - EBITDA

Reported EPS Mean Estimate Surprise % Change
Annual Dec 19 8,117.30 8,095.04 0.27
Annual Dec 18 7,222.90 7,222.57 0.00
Annual Dec 17 5,615.30 5,530.47 1.53
Quarterly Dec 19 2,019.40 2,010.75 0.43
Quarterly Sep 19 2,023.10 1,979.62 2.20
Quarterly Jun 19 2,089.00 1,921.95 8.69
Quarterly Mar 19 1,985.80 1,817.64 9.25

Reference Information - GAAP Earnings Per Share

Last Actual (FY0): 2.09
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - GAAP Earnings Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 2.40 2.64 2.17 2.38 7 1 -- 1.24
Annual Dec 21 2.31 2.49 2.10 2.33 16 2 1 -0.02
Annual Dec 20 2.20 2.31 2.02 2.23 16 4 2 -0.41
Quarterly Mar 20 0.52 0.55 0.47 0.53 11 1 2 -0.38
Quarterly Jun 20 0.54 0.59 0.49 0.55 11 -- 2 -0.54
Quarterly Sep 20 0.56 0.60 0.52 0.56 11 2 -- 0.51
Quarterly Dec 20 0.57 0.61 0.53 0.58 11 2 1 1.22

Actuals - GAAP Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 19 2.09 2.14 -2.54
Annual Dec 18 1.91 1.85 3.49
Annual Dec 17 1.30 1.30 0.32
Quarterly Dec 19 0.50 0.54 -7.14
Quarterly Sep 19 0.46 0.53 -12.61
Quarterly Jun 19 0.55 0.50 9.69
Quarterly Mar 19 0.57 0.48 19.60

Reference Information - Net Debt

Last Actual (FY0): --
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Net Debt

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 27,967.87 29,873.60 26,528.00 27,502.00 3 1 -- -1.83
Annual Dec 21 28,157.69 29,660.90 27,168.00 28,034.70 8 2 2 -0.91
Annual Dec 20 27,749.85 28,667.70 26,936.00 27,724.43 8 2 2 -0.22
Quarterly Mar 20 27,334.53 27,565.30 27,103.75 27,334.53 2 -- 2 -1.65
Quarterly Jun 20 27,693.07 27,996.70 27,389.43 27,693.07 2 -- 2 -1.37
Quarterly Sep 20 27,985.95 28,344.90 27,627.00 27,985.95 2 -- 2 -1.25
Quarterly Dec 20 28,223.93 28,667.70 27,780.16 28,223.93 2 -- 2 -1.30

Actuals - Net Debt

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 25,833.40 22,896.49 12.83
Annual Dec 17 24,563.60 24,474.98 0.36
Quarterly Sep 19 26,731.40 26,504.58 0.86
Quarterly Jun 19 26,777.70 26,021.52 2.91
Quarterly Mar 19 26,776.90 26,155.41 2.38

Reference Information - Net Income

Last Actual (FY0): 4,591.30
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Net Income

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 5,229.84 5,520.00 4,788.00 5,261.00 7 -- 1 0.98
Annual Dec 21 5,137.21 6,779.00 4,633.00 5,146.00 19 1 5 0.06
Annual Dec 20 4,911.98 6,395.00 4,266.80 4,875.80 19 4 4 -0.29
Quarterly Mar 20 1,135.99 1,190.00 1,025.00 1,161.34 11 2 1 1.24
Quarterly Jun 20 1,171.35 1,259.00 1,049.20 1,201.00 11 1 2 -0.13
Quarterly Sep 20 1,208.27 1,312.00 1,090.70 1,215.87 11 3 -- 0.95
Quarterly Dec 20 1,252.28 1,350.14 1,080.20 1,272.98 11 2 1 1.32

Actuals - Net Income

Reported EPS Mean Estimate Surprise % Change
Annual Dec 19 4,591.30 4,786.60 -4.08
Annual Dec 18 4,172.40 4,028.89 3.56
Annual Dec 17 2,834.40 2,801.81 1.16
Quarterly Dec 19 1,096.90 1,180.80 -7.11
Quarterly Sep 19 1,019.20 1,158.00 -11.99
Quarterly Jun 19 1,214.70 1,120.04 8.45
Quarterly Mar 19 1,260.50 1,048.07 20.27

Reference Information - Operating Profit

Last Actual (FY0): --
FY0 End Date:
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Operating Profit

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 -- -- -- -- -- -- -- --
Annual Dec 21 -- -- -- -- -- -- -- --
Annual Dec 20 -- -- -- -- -- -- -- --
Quarterly Dec 20 -- -- -- -- -- -- -- --
Quarterly Sep 20 -- -- -- -- -- -- -- --
Quarterly Jun 20 -- -- -- -- -- -- -- --
Quarterly Mar 20 -- -- -- -- -- -- -- --

Actuals - Operating Profit

Reported EPS Mean Estimate Surprise % Change
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --

Reference Information - Return On Equity

Last Actual (FY0): --
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Return On Equity

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 21 19.34 20.10 18.36 19.54 5 -- -- 1.28
Annual Dec 20 19.16 19.81 18.40 18.96 5 -- -- -0.51
Quarterly Mar 20 18.90 18.90 18.90 18.90 1 -- -- 1.83
Quarterly Jun 20 19.52 19.52 19.52 19.52 1 -- -- -3.17
Quarterly Sep 20 20.26 20.26 20.26 20.26 1 -- -- 1.20
Quarterly Dec 20 21.53 21.53 21.53 21.53 1 -- -- 6.90

Actuals - Return On Equity

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 17.73 17.37 0.36
Annual Dec 17 12.71 12.43 0.28
Quarterly Sep 19 30.32 19.60 10.72
Quarterly Jun 19 20.04 18.99 1.05
Quarterly Mar 19 21.05 17.94 3.11

Reference Information - Sales

Last Actual (FY0): 32,789.20
FY0 End Date: Dec 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Sales

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Dec 22 22,194.50 35,278.00 9,111.00 22,194.50 2 1 -- -36.07
Annual Dec 21 36,408.14 44,106.00 33,196.54 35,389.10 10 1 1 0.04
Annual Dec 20 35,235.35 42,337.00 32,880.77 34,354.56 10 1 4 -1.15
Quarterly Mar 20 8,322.67 8,714.40 8,124.00 8,245.46 7 -- 1 -0.87
Quarterly Jun 20 8,401.01 8,492.82 8,291.63 8,441.80 7 -- 1 0.09
Quarterly Sep 20 8,537.32 8,843.76 8,060.46 8,712.00 7 -- 1 0.80
Quarterly Dec 20 8,810.68 9,184.99 8,165.40 8,867.69 6 -- 1 -3.35

Actuals - Sales

Reported EPS Mean Estimate Surprise % Change
Annual Dec 19 32,789.20 34,534.96 -5.06
Annual Dec 18 36,534.20 37,155.57 -1.67
Annual Dec 17 29,241.50 27,605.64 5.93
Quarterly Dec 19 8,005.30 8,570.45 -6.59
Quarterly Sep 19 7,964.10 8,816.78 -9.67
Quarterly Jun 19 8,276.30 8,671.25 -4.55
Quarterly Mar 19 8,543.50 9,889.19 -13.61

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