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A multifaceted approach to value investing with stock valuation based on intrinsic value estimated from cash returns, appraised value of assets, and other facets of value.

 

 

Dow Jones Industrial Average 1997

 

DJIA Component Tables   |   Price-to-Value Graph

 

( please wait while table loads ... )

Is the U.S. stock market currently in a bullish (expansionary) phase, or is it in a bearish (contractionary) phase? Is one of these two phases currently much more dominant than the other? To see, look below at a quarterly profile of the DJIA component stocks.

First published on May 26, 1896 with a measurement of 40.94 points for 12 stocks, the DJIA is no longer an actual average due to stock splits and other recapitalizations. The base expanded to 30 stocks, the stocks comprising the index have changed over time, and the stocks are not limited to industrial companies. The only current DJIA stock included in the original average is General Electric, and it has not always been included in the intervening period.

Remember that accounting price-ratios and market-price multiples are not stock valuations but rather are merely indicators of possible over-pricing or under-pricing by the market. Price is not value.


DJIA Tables

1997 : 2nd Quarter 3rd Quarter 4th Quarter


The Dow 30: 1997 4th Quarter
1997 December 31 Wednesday : DJIA 7908.22

Company

Ticker

Market

MktCap ($mil)

Price

P/E

D/P

P/B

P/CF

P/S

Sales %US

3-Yr* NIG%

Allied Signal

ALD

NYSE

21,895

38.81

19.5

1.3

5.0

11.9

1.6

---

35.4

Alcoa

AA

NYSE

12,138

70.38

16.7

1.5

2.7

8.7

0.9

---

475.6

American Express

AXP

NYSE

41,482

89.25

20.6

1.0

4.5

21.9

2.4

---

9.7

AT&T

T

NYSE

99,587

61.31

20.2

2.2

4.5

11.5

1.9

---

NMF

Boeing

BA

NYSE

48,918

48.94

163.1

0.9

3.5

23.4

1.7

---

(4.2)

Caterpillar

CAT

NYSE

18,056

48.50

11.5

1.8

3.9

8.8

1.0

49

27.8

Chevron

CHV

NYSE

50,570

77.00

17.7

2.9

3.0

9.8

1.2

---

27.3

Coca-Cola

KO

NYSE

164,933

66.69

40.4

0.8

22.7

43.0

8.9

33

17.1

Disney

DIS

NYSE

66,838

99.00

34.6

0.5

3.9

13.8

3.0

---

59.4

DuPont

DD

NYSE

67,965

60.06

22.6

2.0

5.9

10.9

1.5

---

87.1

Eastman Kodak

EK

NYSE

19,677

60.56

21.8

2.8

4.6

9.1

1.3

---

NMF

Exxon

XON

NYSE

150,883

61.19

18.0

2.6

3.5

11.0

1.1

---

12.5

General Electric

GE

NYSE

240,136

73.38

30.3

1.4

7.1

19.7

2.8

---

19.0

General Motors

GM

NYSE

49,191

60.75

8.4

2.7

2.1

3.0

0.3

---

43.9

Goodyear

GT

NYSE

9,950

63.63

67.7

1.8

2.8

30.7

0.8

---

(36.0)

Hewlett Packard

HWP

NYSE

63,623

62.38

21.1

0.8

4.3

17.7

1.5

44

30.0

IBM

IBM

NYSE

101,713

104.63

17.5

0.7

5.2

9.8

1.3

---

NMF

International Paper

IP

NYSE

13,036

43.13

NMF

2.3

1.5

8.1

0.6

72

1.6

Johnson & Johnson

JNJ

NYSE

88,515

65.88

27.2

1.2

7.3

22.7

3.9

---

17.3

McDonald's

MCD

NYSE

32,889

47.75

20.4

0.6

3.7

14.2

2.9

---

14.3

Merck

MRK

NYSE

127,015

106.00

29.0

1.5

9.9

27.5

5.6

---

21.5

3M

MMM

NYSE

33,536

82.06

15.9

2.5

5.3

13.9

2.2

47

6.5

JP Morgan

JPM

NYSE

20,052

112.88

14.3

3.1

1.8

13.0

1.1

---

(0.6)

Philip Morris

MO

NYSE

109,704

45.25

16.9

2.1

7.5

13.1

1.5

46

26.8

Proctor & Gamble

PG

NYSE

107,267

79.81

60.9

0.7

10.5

22.5

3.0

---

16.2

Sears

S

NYSE

17,738

45.25

14.8

2.0

3.3

8.4

0.4

---

(19.0)

Travelers Group

TRV

NYSE

51,810

53.88

19.4

0.7

3.9

20.1

2.1

---

35.9

Union Carbide

UK

NYSE

5,922

42.94

9.3

1.7

---

6.1

0.9

71

115.8

United Technologies

UTX

NYSE

16,964

72.81

17.9

1.7

3.9

9.8

0.7

56

25.4

Wal-Mart

WMT

NYSE

88,871

39.44

27.0

0.7

5.1

19.6

0.8

---

9.4

Source: Morningstar.Net Research Quicktakes

* 3-year annualized historical Net Income growth rate. NMF = not meaningful figure.


The Dow 30: 1997 3rd Quarter
1997 September 30 Tuesday: DJIA 7945.260


The Dow 30: 1997 2nd Quarter
1997 June 28 Saturday: DJIA 7687.72


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