Date Dec-96 Mar-97 Jun-97 Sep-97 Dec-97 Mar-98 Jun-98 Sep-98 Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01
Praxair, Inc. NYSE: PX Valuation Study: 6 November 2001 Valuation Data Dividend Current Price $0.09 Price/Earnings $0.11 Historical Average P/E $0.11 EPS (ttm) EPS1 $0.11 $0.11 ROE Retained Earnings (RE 1) $0.12 $0.12 Divs (ttm) Div1 $0.12 $0.12 Payout Ratio $0.14 Retention Ratio $0.14 Div Growth Rate $0.14 Sustainable Growth Rate $0.14 Average Growth Rate $0.16 Beta $0.16 Risk-free Rate $0.16 Market Premium $0.16 Required Return (CAPM) $0.17 $0.17 $0.17
Valuation Results (12-month forecast) Dividend Discount Model 63.27 Earnings Model 23.89 P/E Model 54.83 My Average Target Price 47.33 Average Analyst Target 55.57
$49.13 25.07 18.08 $1.96 $2.19 13.50% $1.44 $0.67 $0.75 34.18% 65.82% 14.33% 8.89% 11.61% 1.08 3.50% 8.60% 12.79%
Praxair, Inc Historical AnnualP/E Ratios Year P/E Ratio Dec-92 24.30 Dec-93 15.40 Dec-94 14.10 Dec-95 14.80 Dec-96 23.10 Dec-97 19.20 Dec-98 16.30 Dec-99 16.60 Dec-00 18.90 Current 25.07 Average 18.08 Source: MSN Money