EARNINGS ESTIMATES

Analyst Ratings

Mean Recommendation:

1.56

Sell

Strong Buy

Reference Information - Earnings Per Share

Last Actual (FY0): 1.91
FY0 End Date: Dec 18
Ind. Annual Div: 1.77
Hist (5 Yr) Growth %: 6.13
Yield (%): 6.42

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 21 2.34 2.56 2.06 2.35 15 -- 4 -0.62
Annual Dec 20 2.26 2.47 2.02 2.26 23 -- 6 -0.38
Annual Dec 19 2.20 2.28 2.10 2.19 22 1 4 -0.14
Quarterly Mar 20 0.55 0.62 0.47 0.56 11 -- 3 -0.69
Quarterly Jun 20 0.54 0.58 0.49 0.55 10 -- 4 -0.77
Quarterly Sep 19 0.53 0.57 0.45 0.54 19 1 4 -0.34
Quarterly Dec 19 0.55 0.59 0.52 0.55 19 -- 4 -0.52
Long Term Growth 10.72 10.72 10.72 10.72 1 -- -- 0.00

Actuals - Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 1.91 1.85 3.38
Annual Dec 17 1.32 1.31 1.03
Annual Dec 16 1.20 1.22 -1.36
Quarterly Jun 19 0.55 0.51 7.00
Quarterly Mar 19 0.57 0.48 19.63
Quarterly Dec 18 0.59 0.50 17.60
Quarterly Sep 18 0.60 0.45 33.25

Reference Information - Book Value Per Share

Last Actual (FY0): 10.92
FY0 End Date: Dec 18
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 12.11 12.19 12.02 12.11 2 -- 2 -1.17
Annual Dec 20 11.73 11.75 11.71 11.73 2 -- 2 -0.67
Annual Dec 19 11.33 11.34 11.33 11.33 2 -- 2 -0.22
Quarterly Mar 20 11.44 11.44 11.44 11.44 1 -- 1 -0.17
Quarterly Jun 20 11.53 11.53 11.53 11.53 1 -- 1 -0.35
Quarterly Sep 19 11.29 11.29 11.29 11.29 1 -- -- --
Quarterly Dec 19 11.38 11.38 11.38 11.38 1 -- 1 -0.18

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
Annual Dec 16 10.41 10.58 -1.59
Quarterly Jun 19 11.16 11.09 0.67
Quarterly Mar 19 10.99 10.96 0.30
Quarterly Dec 18 10.92 10.60 3.00
Quarterly Sep 18 10.57 10.42 1.45

Reference Information - Cash Flow Per Share

Last Actual (FY0): 2.80
FY0 End Date: Dec 18
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 21 3.17 3.37 2.90 3.15 13 -- 5 -0.62
Annual Dec 20 3.04 3.25 2.83 3.06 18 1 5 -0.22
Annual Dec 19 2.93 3.04 2.60 2.97 17 1 3 -0.02
Quarterly Mar 20 0.73 0.77 0.67 0.73 9 -- 6 -1.35
Quarterly Jun 20 0.76 0.80 0.69 0.76 9 1 5 -0.45
Quarterly Sep 19 0.72 0.76 0.66 0.73 14 1 5 -0.02
Quarterly Dec 19 0.73 0.78 0.69 0.74 14 -- 5 -0.53

Actuals - Cash Flow Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 2.80 2.68 4.40
Annual Dec 17 2.15 1.99 7.86
Annual Dec 16 1.95 1.88 3.76
Quarterly Jun 19 0.92 0.71 30.28
Quarterly Mar 19 0.53 0.67 -21.04
Quarterly Dec 18 0.84 0.69 22.61
Quarterly Sep 18 0.72 0.64 12.60

Reference Information - Dividend Per Share

Last Actual (FY0): 1.72
FY0 End Date: Dec 18
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 21 1.89 1.94 1.85 1.90 18 2 -- 0.03
Annual Dec 20 1.83 1.97 1.80 1.83 23 -- 1 -0.02
Annual Dec 19 1.77 1.77 1.76 1.77 25 -- 1 -0.02
Quarterly Mar 20 0.45 0.46 0.45 0.45 8 -- -- --
Quarterly Jun 20 0.46 0.46 0.45 0.46 8 1 -- 0.28
Quarterly Sep 19 0.44 0.44 0.44 0.44 14 -- -- --
Quarterly Dec 19 0.45 0.45 0.44 0.45 14 -- -- --

Actuals - Dividend Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 1.72 1.73 -0.72
Annual Dec 17 1.67 1.68 -0.81
Annual Dec 16 1.59 1.62 -1.90
Quarterly Jun 19 0.44 0.44 -0.47
Quarterly Mar 19 0.44 0.44 -1.01
Quarterly Dec 18 0.43 0.44 -0.95
Quarterly Sep 18 0.43 0.43 -0.23

Reference Information - EBIT

Last Actual (FY0): 5,408.60
FY0 End Date: Dec 18
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 21 6,549.81 6,963.68 6,160.07 6,578.00 12 1 3 -0.17
Annual Dec 20 6,317.75 6,680.67 5,997.17 6,333.80 16 -- 5 0.39
Annual Dec 19 6,156.95 6,343.72 5,972.00 6,134.73 16 -- 5 -0.20
Quarterly Mar 20 1,519.11 1,615.76 1,449.67 1,508.60 5 -- 3 -0.80
Quarterly Jun 20 1,539.71 1,569.14 1,501.00 1,536.12 5 -- 3 -0.42
Quarterly Sep 19 1,496.61 1,550.67 1,438.00 1,501.00 11 1 3 -0.47
Quarterly Dec 19 1,535.85 1,606.55 1,459.00 1,552.60 11 -- 4 -0.51

Actuals - EBIT

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 5,408.60 5,213.08 3.75
Annual Dec 17 3,963.90 3,805.88 4.15
Annual Dec 16 3,580.70 3,592.16 -0.32
Quarterly Jun 19 1,560.30 1,461.76 6.74
Quarterly Mar 19 1,626.20 1,367.16 18.95
Quarterly Dec 18 1,640.40 1,425.38 15.08
Quarterly Sep 18 1,643.30 1,297.69 26.63

Reference Information - EBITDA

Last Actual (FY0): 7,222.90
FY0 End Date: Dec 18
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 21 8,565.13 8,955.09 8,226.00 8,525.00 17 3 3 0.01
Annual Dec 20 8,272.97 8,620.00 7,950.00 8,329.45 25 4 4 0.06
Annual Dec 19 8,003.95 8,191.00 7,629.00 8,006.40 25 4 4 0.07
Quarterly Mar 20 1,989.83 2,116.52 1,913.00 1,956.00 9 -- 5 -0.42
Quarterly Jun 20 2,034.69 2,074.93 1,971.34 2,059.49 9 1 4 -0.32
Quarterly Sep 19 1,969.77 2,064.00 1,859.10 1,978.32 19 3 5 -0.08
Quarterly Dec 19 2,012.51 2,140.60 1,929.00 2,027.50 19 2 6 -0.21

Actuals - EBITDA

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 7,222.90 7,222.57 0.00
Annual Dec 17 5,615.30 5,530.47 1.53
Annual Dec 16 5,255.90 5,209.78 0.89
Quarterly Jun 19 2,089.00 1,921.95 8.69
Quarterly Mar 19 1,985.80 1,817.64 9.25
Quarterly Dec 18 1,866.70 1,867.15 -0.02
Quarterly Sep 18 1,902.30 1,756.35 8.31

Reference Information - GAAP Earnings Per Share

Last Actual (FY0): 1.91
FY0 End Date: Dec 18
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 21 2.31 2.56 2.10 2.32 12 -- 2 -0.47
Annual Dec 20 2.24 2.42 2.04 2.24 16 -- 4 -0.41
Annual Dec 19 2.18 2.28 2.10 2.18 15 1 2 -0.09
Quarterly Mar 20 0.53 0.57 0.47 0.53 5 -- 2 -1.12
Quarterly Jun 20 0.54 0.56 0.50 0.55 5 -- 2 -0.74
Quarterly Sep 19 0.52 0.55 0.48 0.54 11 1 1 --
Quarterly Dec 19 0.55 0.58 0.52 0.56 11 -- 1 -0.16

Actuals - GAAP Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 1.91 1.85 3.49
Annual Dec 17 1.30 1.30 0.32
Annual Dec 16 1.20 1.21 -0.48
Quarterly Jun 19 0.55 0.50 9.69
Quarterly Mar 19 0.57 0.48 19.60
Quarterly Dec 18 0.59 0.51 15.69
Quarterly Sep 18 0.60 0.45 33.93

Reference Information - Net Debt

Last Actual (FY0): 25,833.40
FY0 End Date: Dec 18
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 21 27,193.65 28,018.81 24,931.00 27,576.89 6 2 -- 0.74
Annual Dec 20 27,016.55 27,784.00 25,988.00 26,936.00 7 2 -- 0.31
Annual Dec 19 26,745.61 27,644.00 26,238.99 26,641.39 6 2 -- 0.08
Quarterly Mar 20 26,861.79 26,861.79 26,861.79 26,861.79 1 1 -- 0.49
Quarterly Jun 20 27,112.94 27,112.94 27,112.94 27,112.94 1 1 -- 0.90
Quarterly Sep 19 26,504.58 26,684.30 26,406.43 26,423.00 3 1 -- 0.02
Quarterly Dec 19 26,731.19 26,910.80 26,587.77 26,695.00 3 1 -- 0.04

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
Annual Dec 16 23,634.60 23,051.80 2.53
Quarterly Jun 19 26,777.70 26,021.52 2.91
Quarterly Mar 19 26,776.90 26,155.41 2.38
Quarterly Dec 18 25,833.40 26,574.26 -2.79
Quarterly Sep 18 25,883.80 26,333.41 -1.71

Reference Information - Net Income

Last Actual (FY0): 4,172.40
FY0 End Date: Dec 18
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 21 5,082.85 5,364.00 4,692.00 5,125.29 13 -- 4 -0.49
Annual Dec 20 4,941.88 5,312.31 4,557.00 4,919.67 17 1 4 0.33
Annual Dec 19 4,798.87 4,992.00 4,629.00 4,796.80 16 1 4 -0.22
Quarterly Mar 20 1,169.55 1,255.96 1,100.00 1,159.40 6 -- 3 -1.15
Quarterly Jun 20 1,188.15 1,227.80 1,118.00 1,193.78 6 -- 3 -0.82
Quarterly Sep 19 1,164.54 1,246.00 1,094.40 1,164.67 13 1 3 -0.46
Quarterly Dec 19 1,202.22 1,284.00 1,126.62 1,209.02 13 -- 4 -0.51

Actuals - Net Income

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 4,172.40 4,028.89 3.56
Annual Dec 17 2,834.40 2,801.81 1.16
Annual Dec 16 2,513.10 2,533.52 -0.81
Quarterly Jun 19 1,214.70 1,120.04 8.45
Quarterly Mar 19 1,260.50 1,048.07 20.27
Quarterly Dec 18 1,284.70 1,103.16 16.46
Quarterly Sep 18 1,313.20 981.57 33.79

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 21 -- -- -- -- -- -- -- --
Annual Dec 20 -- -- -- -- -- -- -- --
Annual Dec 19 -- -- -- -- -- -- -- --
Quarterly Jun 20 -- -- -- -- -- -- -- --
Quarterly Mar 20 -- -- -- -- -- -- -- --
Quarterly Dec 19 -- -- -- -- -- -- -- --
Quarterly Sep 19 -- -- -- -- -- -- -- --

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): 17.73
FY0 End Date: Dec 18
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 19.01 19.56 18.47 19.00 3 -- -- -1.26
Annual Dec 20 19.41 20.60 18.70 19.18 4 -- -- -1.01
Annual Dec 19 19.64 20.31 19.20 19.64 5 -- -- -0.46
Quarterly Mar 20 18.26 18.26 18.26 18.26 1 -- -- -2.14
Quarterly Jun 20 19.35 19.35 19.35 19.35 1 -- -- -2.47
Quarterly Sep 19 19.60 19.60 19.60 19.60 1 -- -- -2.58
Quarterly Dec 19 18.72 18.72 18.72 18.72 1 -- -- -2.09

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
Annual Dec 16 11.87 11.89 -0.02
Quarterly Jun 19 20.04 18.99 1.05
Quarterly Mar 19 21.05 17.94 3.11
Quarterly Dec 18 22.53 19.74 2.79
Quarterly Sep 18 22.97 17.66 5.31

Reference Information - Sales

Last Actual (FY0): 36,534.20
FY0 End Date: Dec 18
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 21 37,229.05 44,150.00 34,295.90 35,920.04 5 -- 3 -0.32
Annual Dec 20 37,192.22 44,231.00 33,253.80 35,828.47 10 1 3 -0.31
Annual Dec 19 35,416.42 42,744.00 33,164.00 34,917.26 10 1 3 -0.05
Quarterly Mar 20 8,512.25 8,716.17 8,152.90 8,587.21 5 -- 3 -1.01
Quarterly Jun 20 8,445.59 8,669.49 8,216.50 8,441.80 5 -- 3 -0.70
Quarterly Sep 19 8,816.78 9,777.60 8,019.18 8,577.76 8 1 3 0.12
Quarterly Dec 19 8,795.35 9,633.43 8,149.00 8,588.24 8 1 3 -0.39

Actuals - Sales

Reported EPS Mean Estimate Surprise % Change
Annual Dec 18 36,534.20 37,155.57 -1.67
Annual Dec 17 29,241.50 27,605.64 5.93
Annual Dec 16 23,022.30 22,410.14 2.73
Quarterly Jun 19 8,276.30 8,671.25 -4.55
Quarterly Mar 19 8,543.50 9,889.19 -13.61
Quarterly Dec 18 9,182.30 9,297.33 -1.24
Quarterly Sep 18 9,585.90 9,341.82 2.61

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