Question

Pfizer, Inc. (NYSE PFT) Fiscal Year Ending Fiscal Year Ending Fiscal Year Ending 12/31/15 48,851 Fiscal Year Ending 12/31/13 12/31/14 12/31/16 es 49,605 (Cost of Sales) 52,824 (9,586) (12,329) 40,495 (9,577) Gross Profit 40,028 39,203 (Selling, General and Administrative Expenses) (Depreciation) (21,242) (22,732) (5,757) (22,222) (5,537) 13,249 Operating Income (EBIT) 15,184 11,824 (Interest) (1,009) (3,655) 8,351 (2,859) Net Income Before Tax 15,716 8,965 (Income Tax) Net Income After Tax (from continuing operations) (4,306) 11,410 (3,120) 9,120 (1,990) (1,122) 6,975 Income from disccontinued operations and other 10,593 Net Income After Tax 22,003 9,135 7,215 Cash and short term investments 32,408 36,122 23,290 10,838 17,850 Net Accounts Receivable 13,981 10,967 8,225 6,783 Inventory 6,166 3,689 5,663 Other Current Assets Total current Assets 55,595 38,949 Net Plant, Property and Equipment 12,397 103,460 11,762 13,318 119,348 13,766 109,890 Other Long Term Assets 100,209 Total Assets 172,101 167,566 167,460 171,615 Accounts payable and accrued expenses 7,293 8,249 Short Term Debt 6,027 10,688 Other Current Liabilities 10,990 29,399 11,023 31,115 Total Current Liabilities 21,587 Long Term Debt 34,455 37,973 35,894 32,810 31,398 Other Long Term Liabilities 40,532 49,263 Total Liabilities 95,794 96,265 111,776 Common Stock PIC 74,498 71,978 72,429 Treasury Stock (67,923) (79,252) 71,993 (73,021) 72,176 Retained Earnings 69,732 71,774 Stockholders' Equity 76,307 172,101 71,301 64,719 59,839 Total Liabilities+Stockholder's Equity 167,566 167,460 171,615 Stock valuation per Dividend Growth Model Stock value D,/(Required Return Growth) CAGR of the dividend (use the calculator for this) Dividend D Dividend D Stock valuation if required r-11% Stock price at 6/2/2017 2012 2013 2015 2016 Dividend History * CAGR Compound Annual Growth Rate of the dividend

Answer 1

Answer:

Stock valuation per Dividend Growth Model Stock value D1/(Required Return - Growth) CAGR of the dividend 9.820% Dividend DO 1.28 Dividend D1 1.4057 119.14 Stock valuation if required r-11% Stock price at 6/2/2017 $32.54 2012 2013 0.88 0.96 1.04 1 2014 2015 2016 1.121.28 Dividend History

The above excel with 'show formula' is as below:

Stock valuation per Dividend Growth Model 1 2 Stock value D1/(Required Return - Growth) F 10/B10)Λ(1/4-1 CAGR of the dividend 3 4 Dividend DO F10 5 Dividend D1 E4* (1+E3) E5/(11%-E3 6 Stock valuation if required r-11% Stock price at 6/2/2017 7 32.54 2016 9 2012 2013 2014 2015 10 Dividend Histo 0.88 0.96 1.04 1.12 1.28 12