Financial position of a company

Financial position of a company

Instructions:
In an essay of at least 300 words, describe the industry conditions, the financial position of the company (relative to the industry and the company as a whole), the economic outlook of the company, and why you as a potential investor would or would not invest in this company. In determining your answer, please be sure to address some of the key financial indicators that helped to determine the decision to invest or not to invest. Please note that while your opinion is being asked, the use of first person should be avoided.
JPMorgan Chase & Co
14-Jan-14• NYSE Symbol JPM•In S&P 500
Business Summary

CORPORATE OVERVIEW. JPMorgan Chase’s operations are divided into five major business lines. Consumer & Community Banking now includes Retail Financial Services (RFS) and Card Services & Auto (CSA). Corporate and Investment Banking now includes the Investment Bank and Treasury & Securities Services (TSS). Commercial Banking (CB), Asset Management (AM), and a Corporate/Private Equity segment (C/PE) are the other lines of business.
JPM is one of the world’s leading investment banks, with clients consisting of corporations, financial institutions, governments, and institutional investors worldwide. Its products and services include advising on corporate strategy
and structure, equity and debt capital raising, sophisticated risk management, research, market making in cash securities and derivative instruments, and prime brokerage and research.
RFS includes Consumer & Business Banking, Mortgage Production and Servicing, and Real Estate Portfolios. CSA offers a wide variety of products to satisfy the needs of its card members, including cards issued on behalf of many well-known partners, such as major airlines, hotels, universities, retailers, and other financial institutions.
CB provides lending, treasury services, investment banking and investment management services to corporations, municipalities, financial institutions and not-for-profit entities.
TSS offers transaction, investment and information services to support the needs of corporations, issuers and institutional investors worldwide.
AM provides investment management to retail and institutional investors, financial intermediaries and high-net-worth families and individuals globally.

Vital Statistics
Key Stock Statistics
Dividend Rate Per Share ($) 1.52
Shares Outstanding (M) 3758.72
Ave. Daily Volume (M) 15.15
Tangible Book Value P/S ($) 38.02
Beta 1.5386
Shareholders 217,000
Market Cap ($M) 216877.74
Institutional Holdings (%) 74
Yield (%) 2.6
12-month P/E 13.4

Per Share Data by Fiscal Year ( $)
2012 2011 2010 2009 2008 2007
Tangible Bk. Val. 38.02 32.98 29.52 26.45 19.27 18.77
Cash Flow 5.47
Earnings 5.20 4.48 3.96 2.24 0.84 4.38
Dividends 1.15 0.80 0.20 0.53 1.52 1.44
Payout Ratio 22% 18% 5% 24% NM 33%
Prices – High 46.49 48.36 48.20 47.47 50.63 53.25
– Low 30.83 27.85 35.16 14.96 19.69 40.15
P/E Ratio – High 9.00 10.80 12.20 21.00 60.00 12.00
– Low 6.00 6.20 8.90 7.00 23.00 9.00

Revenues (Million $) for Fiscal Year Ending Dec.

Revenues (Million $) for Fiscal Year Ending Dec.
2013 2012 2011 2010 2009 2008
1Q 27,616 28,647 28,959 30,806 29,584 26,763
2Q 27,652 25,133 30,575 28,133 29,502 26,634
3Q 25,504 26,911 27,106 26,928 30,145 23,069
4Q N/A 26,165 24,394 29,608 26,401 25,025
Year N/A 106,196 110,838 115,475 115,632 101,491

Earnings Per Share ( $) for Fiscal Year Ending Dec.
2015 2014 2013 2012 2011 2010
1Q E1.56 E1.47 1.59 1.31 1.28 0.74
2Q E1.56 E1.48 1.60 1.21 1.27 1.09
3Q E1.56 E1.50 -0.17 1.40 1.02 1.01
4Q E1.56 E1.51 E1.30 1.39 0.90 1.12
Year E6.40 E5.96 E4.32 5.20 4.48 3.96

Income Statement (Million $).
2012 2011 2010 2009 2008 2007
Net Int. Inc. 44,910 47,689 51,001 51,152 38,779 26,406
Loan Loss Prov. 3,385 7,574 16,639 32,015 20,979 6,864
Exp./Op. Revs. 67% 65% 60% 52% 60% 59%
Eff. Tax Rate 26% 29% 30% 28% NM 33%
Non Int. Inc. 52,121 49,545 51,693 49,282 28,937 44,802
Tax Equiv. Adj. 743 530 403 330 579 377
% Net Int. Marg. 0.0 0.0 0.0 0.0 0.0 0.0
Pretax Inc. 28,917 26,749 24,859 16,067 2,773 22,805
Net Inc. 21,284 18,976 17,370 11,652 3,699 15,365

Other Financial Data (Million $).
2012 2011 2010 2009 2008 2007
Demand Deposits 398,165 365,460 242,260 204,003 210,899 135,748
% Loans/Deposits 61.3 64.2 73.7 67.5 73.8 72.6
LT Debt NA 263,281 247,669 266,318 270,683 197,878
% Ret. on Equity 10.7 11.0 10.7 8.0 2.9 12.9
Total Assets 2359,141 2265,792 2117,605 2031,989 2175,052 1562,147
Money Mkt. Assets 746,324 679,277 712,446 606,532 713,098 662,306
Time Deposits 795,428 762,346 688,109 734,364 790,681 604,980
Inv. Securities 490,169 507,255 439,923 480,020 329,943 169,634
Com’l Loans 242,509 296,047 222,510 204,175 111,654 238,210
Other Loans 491,287 427,673 470,417 429,283 610,080 281,164
% Equity to Assets 8.0 7.8 7.8 6.9 6.9 8.2
% Ret. on Assets 0.9 0.9 0.8 0.6 0.2 1.1
Common Equity 195,011 175,773 168,306 157,213 134,945 123,221
% Loan Loss Resv. 3.0 3.8 4.7 5.0 3.1 1.8

Company Estimates & Opinions

JPMorgan Chase & Co

14-Jan-2014 • NYSE • Symbol JPM • In S&P 500

S&P Opinions
S&P STARS Ranking
5
Fair Value Ranking/Price
5+/84.40
Volatility
HIGH
Technical Evaluation
BULLISH since 11/13
Insider Activity
FAVORABLE
Earnings/Dividend Rank
B+
Relative Strength Rank
63%

S&P Estimates
S&P EPS Estimate 2013
$4.32
S&P EPS Estimate 2014
$5.96
P/E on S&P Est. 2013
13.4

Debt
S&P Issuer Credit Rating
A

Wall Street Analysts’ Earnings Consensus
New
Consensus Old
Consensus High
Estimate Low
Estimate Buy/Holds
Q4 1.34 1.32 1.56 1.10 20
2013 5.79 5.52 6.40 4.25 13
2014 6.04 6.03 6.40 5.74 25
Next EPS Report Date Mid January
Hist. 5-yr Earnings Growth 27.49%

Wall Street Analysts’ Opinions
Buys Buy/Holds Holds Hold/Sells Sells
17 7 8 1 0

Competitors (All)

JPMorgan Chase & Co

14-Jan-2014 • NYSE • Symbol JPM • In S&P 500

Company Name Ticker Market Value-Total ($M) EPS Yield % Beta
JPMORGAN CHASE & CO. JPM
216,877.74 4.44 2.60 1.54
BANK OF AMERICA CORP. BAC
175,244.58 0.66 0.20 2.59
CITIGROUP INC. C
162,932.81 3.96 0.00 2.80
ING GROEP NV ING
54,971.31 1.36 2.75
ORIX CORP. IX
21,558.55 5.56 0.70 2.34
ING U.S., INC. VOYA
9,240.46 0.12
TIPTREE FINANCIAL INC. TIPT
78.13 -0.05 1.00 0.64
BEXIL CORPORATION BXLC
35.31 -1.52 0.89

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