Tuesday, June 30, 2009

JTX Details

Albert tried to match my numbers for JTX. JG mentions in his book that different data sources have different numbers, which I find amazing. He says he uses S&P Compustat, which he finds to be the most reliable. I use Fidelity, which uses S&P Compustat. Here are the links for JTX from Fidelity:

http://research2.fidelity.com/fidelity/research/reports/printPage.asp?symbols=jtx&printPage=financials&toPrint=true&statement=income&period=quarterly&viewType=detailed

http://research2.fidelity.com/fidelity/research/reports/printPage.asp?symbols=jtx&printPage=financials&toPrint=true&statement=balance&period=quarterly&viewType=detailed


I find that if I use these I matched the old MFI sites virtually exactly (Kdad on Yahoo boards found the same with a program he wrote). Now that the MFI site no longer shows the earning yield and return on capital, I find it more important to be able to replicate.

One weird thing, sometimes it seems that companies don't show up and I do not understand it. After looking at JTX, I ran their competitor HRB (who had good earnings last night). They looked great. Not sure why they don't show up in screen (does the site consider them a financial?).



hrb
+ Operating Income After Depreciation 813.43
- Minority Interest - Income Account -
= Income for Calculation 813.43

Diluted Shares Outstanding 338.687

Share Price 15.67
+ Market Cap Calc 5,307.23
+ Preferred Capital -
+ Debt in Current Liabilities 803.52
+ Long-Term Debt 2,002.65

Cash and Short-Term Investments 1,345.10
- Excess Cash 1,345.10
= Enterprise Value 6,768.29






+ Property Plant and Equipment - Net 383.70
+ Receivables 2,642.95
+ Inventories --
+ Other Current Assests 425.04
+ Working Cash -
- Accounts Payable 2,850.46
- Current Liabilities - Other 206.96
= Invested Capital 394.28

Earnings Yield 12%

ROIC 206%

4 comments:

Homer315 said...

Thanks Marsh. I agree that your equation matches what JG used on the site very well. We saw that in your Yahoo board posts. The Fidelity site doesn't match the companies news release in terms of income from operations. http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9OTEyN3xDaGlsZElEPS0xfFR5cGU9Mw==&t=1

It's not too big a deal. The difference, I think (at least for the latest quarter) is that Fidelity gets from a higher op inc to pre-tax income by deducting a "special item" expense of 7.044. There is no exact match on the company news release, but what is close is the general & administrative expense listed on p10 of the company's release. It seems they release statements of operations for franchise owned stores, for company owned stores, and for the consolidated corporation. The $7m expense shows up for corporate expenses. That may explain the difference.

As for HRB, did it release earnings very recently? Might that explain the fact it's not on the list (yet)? You said they had good earnings last night...

Homer315 said...

Here's the link to that financials release in easier to click form:

http://tinyurl.com/nwtp8p

MagicDiligence said...

HRB has been on the MFI screen in the past.

Marsh_Gerda said...

Thanks everyone. The HRB calcs were before their earnings the other night. I know they used to be on the screen, they were one of my original MFI stocks 3+ years ago.

JTX has been a good move so far, I think I am up 10% in 2 days.