|
Global Value Investing |
|
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 1998
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.
It was reported in the financial press that about 40 percent of the 1998 sales revenues of the 30 companies in the Dow Jones Industrial Average originated outside the United States in non-dollar denominated currencies. This means that a nominally domestic portfolio consisting of only these 30 stocks of companies headquartered in the United States would in effect be highly international with emphasis on the major trading partners of the United States.
1998 : 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter
The Dow 30 : 1998 4th
Quarter
1998 December 31 Thursday :
DJIA 9181.43
{ not disaggregated into the 30 component stocks }
The Dow 30 : 1998 3rd
Quarter
1998 September 30 Wednesday
: DJIA 7842.62
{ not disaggregated into the 30 component stocks }
The Dow 30 : 1998 2nd
Quarter
1998 June 30 Tuesday : DJIA 9048.67
{ not disaggregated into the 30 component stocks }
The Dow 30 : 1998 1st
Quarter
1998 April 1 Wednesday :
DJIA 8799.81
|
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 |
23,694 |
42.44 |
21.0 |
1.3 |
5.4 |
12.4 |
1.6 |
--- |
15.5 |
|
Alcoa |
AA |
NYSE |
11,517 |
68.50 |
14.7 |
1.5 |
2.6 |
7.0 |
0.9 |
--- |
28.9 |
|
American Express |
AXP |
NYSE |
42,934 |
92.38 |
22.0 |
1.0 |
4.7 |
22.6 |
2.4 |
--- |
9.7 |
|
AT&T |
T |
NYSE |
107,809 |
66.38 |
23.3 |
2.2 |
-- |
12.5 |
2.1 |
--- |
n/a |
|
Boeing |
BA |
NYSE |
51,350 |
52.75 |
NMF |
1.1 |
4.0 |
40.3 |
1.1 |
--- |
NMF |
|
Caterpillar |
CAT |
NYSE |
19,895 |
54.06 |
12.2 |
1.8 |
4.3 |
8.3 |
1.1 |
49 |
20.4 |
|
Chevron |
CHV |
NYSE |
54,182 |
82.50 |
16.3 |
2.8 |
3.2 |
10.5 |
1.3 |
--- |
27.3 |
|
Coca-Cola |
KO |
NYSE |
199,403 |
80.63 |
48.3 |
0.7 |
27.4 |
52.0 |
10.6 |
34 |
17.1 |
|
Disney |
DIS |
NYSE |
71,968 |
106.00 |
36.9 |
0.5 |
3.9 |
10.4 |
3.2 |
--- |
21.0 |
|
DuPont |
DD |
NYSE |
76,735 |
67.81 |
32.0 |
1.9 |
6.7 |
12.3 |
1.7 |
--- |
87.1 |
|
Eastman Kodak |
EK |
NYSE |
21,282 |
65.88 |
>100 |
2.7 |
6.7 |
64.6 |
1.5 |
--- |
(79.2) |
|
Exxon |
XON |
NYSE |
169,993 |
68.94 |
20.2 |
2.4 |
3.9 |
12.4 |
1.2 |
--- |
12.5 |
|
General Electric |
GE |
NYSE |
282,183 |
86.44 |
34.6 |
1.3 |
8.2 |
22.5 |
3.1 |
63 |
20.2 |
|
General Motors |
GM |
NYSE |
54,555 |
67.38 |
7.7 |
3.0 |
2.3 |
3.3 |
0.3 |
--- |
43.9 |
|
Goodyear |
GT |
NYSE |
11,601 |
74.19 |
20.7 |
1.6 |
3.3 |
35.8 |
0.9 |
--- |
(36.0) |
|
Hewlett Packard |
HWP |
NYSE |
65,072 |
62.56 |
21.1 |
0.9 |
4.0 |
14.7 |
1.5 |
44 |
24.9 |
|
IBM |
IBM |
NYSE |
101,531 |
104.44 |
16.9 |
0.8 |
5.2 |
9.7 |
1.3 |
--- |
NMF |
|
International Paper |
IP |
NYSE |
14,680 |
48.56 |
NMF |
2.1 |
1.7 |
9.1 |
0.7 |
72 |
1.6 |
|
Johnson & Johnson |
JNJ |
NYSE |
98,699 |
73.38 |
29.7 |
1.2 |
8.0 |
23.2 |
4.4 |
--- |
18.1 |
|
McDonald's |
MCD |
NYSE |
42,317 |
61.44 |
26.1 |
0.5 |
4.8 |
18.2 |
3.7 |
--- |
14.3 |
|
Merck |
MRK |
NYSE |
155,623 |
129.88 |
33.9 |
1.4 |
12.1 |
33.7 |
6.6 |
73 |
21.5 |
|
3M |
MMM |
NYSE |
37,222 |
92.13 |
-- |
2.3 |
6.3 |
12.4 |
2.5 |
48 |
17.1 |
|
JP Morgan |
JPM |
NYSE |
23,737 |
133.63 |
18.4 |
2.7 |
2.2 |
15.4 |
-- |
--- |
(0.6) |
|
Philip Morris |
MO |
NYSE |
96,824 |
39.94 |
15.3 |
4.0 |
6.6 |
11.5 |
1.3 |
46 |
26.8 |
|
Proctor & Gamble |
PG |
NYSE |
117,541 |
87.56 |
33.5 |
1.1 |
11.4 |
24.7 |
3.2 |
50 |
16.2 |
|
Sears |
S |
NYSE |
23,030 |
58.75 |
19.4 |
1.6 |
4.3 |
10.9 |
0.6 |
--- |
(19.0) |
|
Travelers Group |
TRV |
NYSE |
57,339 |
59.63 |
24.4 |
0.7 |
4.4 |
22.2 |
2.0 |
--- |
35.9 |
|
Union Carbide |
UK |
NYSE |
7,103 |
51.50 |
10.8 |
1.6 |
3.2 |
7.3 |
1.1 |
71 |
115.8 |
|
United Technologies |
UTX |
NYSE |
21,572 |
94.13 |
22.4 |
1.3 |
5.3 |
11.4 |
0.9 |
58 |
22.8 |
|
Wal-Mart |
WMT |
NYSE |
115,664 |
51.50 |
33.0 |
0.5 |
6.6 |
25.6 |
1.0 |
--- |
9.4 |
|
Source: Morningstar.Net Research Quicktakes |
|||||||||||
* 3-year annualized historical Net Income growth rate. NMF = not meaningful figure.
Copyright © 1996-2003. Numeraire.com. All rights reserved.