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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 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.


DJIA Tables

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.


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