The Following Graphs: Investment Analysis Through Technology

THE FOLLOWING GRAPHS compare 1 companys 10K/10Q results with its 6 closest competitors.
The first page summarizes 10 key financial indicators for growth, profitability and capitalization. The subsequent 10 pages provide detailed background for each of the measures on the first page.
Buyside Research
investment analysis through technology
OVERVIEW
Group 1 of 6 in Industry COMPUTER HARDWARE
# 1 2 3 4 5 6 7
Ticker IBM HIT HWP CPQ DELL SUNW GTW
Name IBM Hitachi Hwltt-Pckd Compaq Com Dell Cmptr Sun Micros Gateway
Mkt Cap (in $BILL)
KEY FIVE YEAR GROWTH RATE COMPARISONS 1995-2000 % Sales % EPS before NRI
43 30 20 10 0
AV 1
Common Equity % (book value per share)

20 47 34 32 12 2.9 -2.3
AV 1 2 3 4 5 6 7
197 n/r 47.8 26.0 70.3 51.1 5.32
20 21 8.8 4.2 9.1 .6

2 3 4 5 6 7
20 11 7.4
57
21 21
10 0 -10
13 5.7
16 4.7
10 0
-6.0
AV 1 2 3
-10 -11
4 5 6 7
FIVE YEAR PROFITABILITY 1996-2000 % ROE (after NRI)

33 30 20 10 0
AV 1
FINANCIAL LEVERAGE RATIOS FIVE YEAR AVERAGES 1996-2000 Cash Flow : Debt Service Interest Coverage Equity:Assets
60 40 20 24 52 30 49 54 39 57 51 15 10 5 0
AV 1 2 3 4 5 6 7 AV 1 2 3
52 20 21 21
15
17
7.8
3 2 1.7 2.1
3.0
32
13
7.4 .2
2 3
2.7
3.1 n/m n/m n/m n/m

4 5 6 7
1 0
AV 1 2 3 4
3.1
4 5 6 7
neg
5 6
n/m
7
% Profit Margins (after NRI)

9 6 3 0
AV 1
P:E Ratio
30 3.7 20 10 0 11 neg
AV 1 2 3
PRICING MEASURES FIVE YEAR AVERAGES 1996-2000 % Rate of Return Price:Book Ratio
40 44 30 6 4 2 n/m
4 5 6 7
8.2
7.7
7.1
8.3
5.8 3.7 3.7 3.6
8.3
5.6
3 2 1
18
20
2.3 .1
2 3
1.0
0
AV 1
.1
2 3 4
n/m
5 6 7
.0 n/a n/a n/a n/a n/a n/a n/a

AV 1 2 3 4 5 6 7
Squyres, 1995-96 All rights reserved. All fiscal period data have been converted to comparable calendar period data. FOR ADDITIONAL GRAPHS, CLICK ON ONE OF THESE CHOICES FIVE YEAR PROFITABILITY OVERVIEW KEY FIVE YEAR GROWTH RATES Sales EPS before NRI Common Equity ROE Net Inc. & Margins FIVE YEAR PRICING MEASURES Instructions FIVE YEAR FIN LEVERAGE RATIOS Equity:Assets Int Cvge Cash Flo:Dbt Svc P:E Ratio P:B Ratio RoR When Updated
SALES
Sales ( in $Billions)
100
% 5 Year Annual Compound Growth Rates -%

1995 - 2000
43
75

96
IBM CPQ

99
HWP
40 30 20 10 0 8.8 9.1 4.2 .6 21 21 21
50
25

97
HIT
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
95
98
00
DELL SUNW GTW = Value Off Chart
Quarterly Sales % Change

2Q 2001 vs. 2Q 2000
5 0 -5 -10 -15 -14 -17
IndAv IBM HIT HWP CPQ DELL
Annual Sales ( in $Billions)

Ticker
IBM HIT HWP CPQ DELL SUNW GTW
Name
IBM Hitachi Hwltt-Pckd Compaq Com Dell Cmptr Sun Micros Gateway
95
71.9 65.2 31.5 16.7 5.30 7.09 3.68
96
75.9 68.2 38.4 20.0 7.76 8.60 5.04
97
78.5 67.9 35.5 24.6 12.3 9.9 6.29
98
81.7 63.5 39.4 31.2 18.2 11.8 7.70
99
87.5 63.9 42.4 38.5 25.3 15.7 8.96
00
88.4 67.2 48.8 42.4 31.9 18.3 9.6
n/r -.4 -5.0 -.8
-20
-32
NR=Not Reported Yet NM=Not Meaningful PD/ND=Partial/No Data NEG=Negative

UPPER LEFT 5 years of revenues are graphed to illustrate size. Companies are grouped by industry and then ranked their most recent fiscal Sales. UPPER RIGHT 5 year point-to-point annual compound 5 growth rates. P = V(1+R) .SALES growth rates should be similar to the growth rates of EPS and COMMON SHAREHOLDERS EQUITY if a companys business growth can be adequately financed. MIDDLE RIGHT Percent change of quarterly revenues the most recent quarter compared to the same period a year before. BOTTOM RIGHT Percent change of year-to-date revenues this year vs. same period last year.
Squyres, 1995-96 All rights reserved.
GTW SUNW
Year-to-Date Sales %Change

6 mos 2001 vs. 6 mos 2000
10 5 0 -5 -10 -8.8
IBM HWP
3.4
3.9 n/r
4.6
-10
DELL
-10
-23
IndAv
HIT
CPQ
GTW SUNW
All fiscal period data have been converted to comparable calendar period data.
FOR ADDITIONAL GRAPHS, CLICK ON ONE OF THESE CHOICES OVERVIEW KEY FIVE YEAR GROWTH RATES Sales EPS before NRI Common Equity FIVE YEAR PROFITABILITY Net Inc. & Margins ROE Instructions FIVE YEAR PRICING MEASURES P:E Ratio P:B Ratio RoR When updated
FIVE YEAR FIN LEVERAGE RATIOS Equity:Assets Int Cvge Cash Flo:Dbt Svc
EARNINGS PER SHARE

(Before Nonrecurring Items)

1995 - 2000
EPS ( in $ ) before NRI

6
% 5 Year Annual Compound Growth Rates -%

57 30 20 10 11 20 9.2 13 5.7
0 -10 -6.0 -11

IndAv IBM HIT HWP CPQ DELL GTW SUNW
-2
CPQ EPS ( in $ )
Ticker
95
IBM
96
97
HIT DELL
98
HWP
99
00
GTW
97
SUNW
99
Quarterly % Change
2Q 2001 vs. 2Q 2000
9 6 3 0 -3 -34
IndAv IBM HIT
= Value Off Chart
Name
95
1.81 .34 1.16 .62 .09 .16 .60
96
2.56 .21 1.27 .90 .19 .26 .82
98
00
4.58 .25 1.80 .35 .87 .30 .79
3.09 3.38 4.25 .01 (.78) .04 1.23 1.30 1.54 1.23 (1.71) .35 .36 .58 .66 .25 .33 .59 .36 1.11 1.36
6.4
n/r
n/m n/m n/m
n/m

UPPER LEFT 5 years of fiscal earnings per share, before nonrecurring items, are graphed. The consistency and quality of these earnings are, for most stocks, reflected in the level of PRICE:EARNINGS RATIOS. UPPER RIGHT The five year point-to-point annual compound growth rate is graphed. P = V(1+R) 5 Expectations for earnings growth are usually a determining factor in the levels of PRICE:EARNINGS RATIOS. Growth rates for EPS, NET INCOME, COMMON SHAREHOLDERS EQUITY and SALES should coincide if they are to be relevant to stock valuations. MIDDLE RIGHT Percent change of quarterly earnings per share the most recent quarter compared to the same period a year before.
BOTTOM RIGHT Percent change of year-to date earnings per share- this year vs. same period last year.
-90
HWP CPQ DELL GTW SUNW
Year-to-Date % Change
6 mos 2001 vs. 6 mos 2000
100 50 0 -50 -60 -100 -91 -67 -97
DELL GTW SUNW
11
n/r
n/m
n/m
IndAv
IBM
HIT
HWP
CPQ
COMMON SHAREHOLDERS EQUITY

Quarterly % Change
2Q 2001 vs. 2Q 2000
18 11 n/r -5.1 -11 45 20 10 0 -10 -20 -23
IndAv IBM HIT HWP CPQ DELL
% Book Value per Share

30 20 10 0 -10 -21
GTW SUNW IndAv IBM HIT HWP
5 Year Annual Compound Growth Rates 1995 - 2000 47 34 32
12 2.9 -2.3 4.7
16
Common Shareholders Equity ( in $Billions)

Ticker
CPQ
DELL
GTW SUNW
Name
95
22.2 25.3 11.8 4.61 .97 2.25 .56
96
21.4 26.0 13.4 7.29 .81 2.74 .82
97
19.6 25.7 16.2 9.43 1.29 3.51 .93
98
19.2 23.0 16.9 11.4 2.32 4.87 1.34
99
20.3 23.7 18.3 14.8 5.31 7.31 2.02
00
20.4 22.7 14.2 12.1 5.62 10.6 2.38
Net Equity Financing ( in $Billions)

5 Year Sum 1996 - 2000
2 1 0 -1 -2 -19
IBM HIT
.115 -0.1
.138

Common Shareholders Equity is a primary determinant of asset valuation (see PRICE:BOOK RATIOS) as well as borrowing capacity (see EQUITY:ASSETS RATIOS). UPPER LEFT The per cent change of Common Shareholders Equity as of the most recent quarter end vs. the same quarter end a year ago.
-1.7 -9.8
HWP CPQ
-5.7
DELL GTW SUNW
UPPER RIGHT The five year point-to-point annual 5 compound growth rate of Book Value per Share is graphed. 1.5 1.39 P = V(1+R) Equity growth should bear some relationship to the companys business growth. (See SALES growth 1 rates and Equity Turnover Ratios on the RETURN ON EQUITY screens.) Another informative measure of the 0.5 growth rate of book values is the Earnings Retention Rate .000 .000 0.0 0.0 (see RATES OF RETURN) multiplied by the RETURN 0 ON EQUITY. -0.1 -0.1 -0.5 MIDDLE RIGHT Net sales of common stock over the last five years are summarized. Positive numbers indicate equity sales. IBM HWP DELL GTW BOTTOM RIGHT The sum of net nonrecurring items HIT CPQ SUNW over the last five years. Nonrecurring items, although Squyres, 1995-96 All rights reserved. not properly included in a single years results, should All fiscal period data have been converted to comparable be included in average or long term analyses. calendar period data.
5 Year Sum 1996 - 2000
Nonrecurring Items ( in $Billions)
RETURN ON EQUITY Group 1 of 6 in Industry

(After Nonrecurring Items)
26 10 40 33 30 4.5 n/r neg neg 20 10 0
IBM
COMPUTER HARDWARE
% Return on Average Equity - %

12 Months Ending 2Q 2001 41
10 9 6 3 0
IBM
% Return on Average Equity - %

5 Year Average 1996 - 2000
52
12
20 7.4 .2
21
21
3.1
IndAv
HIT
HWP
CPQ
DELL
GTW SUNW
IndAv
HIT
HWP
CPQ
DELL
GTW SUNW
Return on Average Equity (%)

Ticker
Name
96
25 3.9 20 22 58 31 37
97
30 .9 21 22 90 24 13
98
33 neg 18 neg 81 25 30
99
39 1.1 20 4.3 44 30 25
00 Avg
40 5.4 23 4.2 40 10 11 33 .2 20 3.1 52 21 21
Equity Turnover Ratio (Sales/Com.Share.Equity)

5 Year Average 1996 - 2000 4.1
7.3 3.1 2.6 2.6 5.7 4 3 2 1 0
IBM HWP DELL GTW SUNW
2.7
2.7

ROE =
SALES AVERAGE COMMOM SHAREHOLDERS EQUITY
ROE = EQUITY TURNOVER X PROFIT MARGINS
discontinued items for the 12 months ending with the most % %Profit Margins (After NRI) recent quarter is divided by average (beginning of the period 5 Year Average 1996 - 2000 and end of the period) Common Shareholders Equity. For any 8.3 8.2 one year, ROE X the Earnings Retention Rate (see RATES OF RETURN) = the growth rate of Book Value (see COMMON 7.7 8 7.1 SHAREHOLDERS EQUITY). UPPER RIGHT The average of each of the last 5 year s returns, 6 positive and negative, is graphed. ROE X the Earnings Retention Rate (see RATES OF RETURN) = the growth rate of 3.7 Book Value (see COMMON SHAREHOLDERS EQUITY). 4 MIDDLE RIGHT Turnover is fiscal year SALES/COMMON 2.3 SHAREHOLDERS EQUITY. Changes in this ratio indicate a 2 1.0 change in the nature of the business (i.e. acquisitions, new .1 products, maturing businesses, etc.). This ratio is also used to 0 estimate capital requirements for future business growth. BOTTOM RIGHT Profit Margin is the fiscal year after-tax NET INCOME / SALES. These %s are the average of each of IBM HWP DELL GTW IndAv HIT CPQ SUNW the last 5 years after-tax profit margins, both positive and negative. Squyres, 1995-96 All rights reserved. All Fiscal Period Data have been converted to comparable calendar period.
UPPER LEFT Net income after taxes, extraordinary and
IndAv
HIT
CPQ
EQUITY : ASSETS RATIO

Common Shareholders Equity : Assets
80
Common Shareholders Equity : Assets

Ending 2 Quarter, 2001
80 60 40 20 0 n/r 49 27 49 38 58 53
60 40 20 0
43
52 24 30
49
54 39
57
51
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
Common Shareholders Equity : Assets Ratio

Ticker
Name
96
26 33 49 59 27 58 49
97
24 32 51 64 30 62 46
98
22 30 53 49 34 57 47
99
23 30 52 54 46 52 51
00 Avg
23 25 42 49 42 58 57 24 30 49 54 39 57 51
% Long Term Debt %Change

5 Years: 1995 vs. 2000 413
350 150 100 50 0 35 83 56 n/m 92
-50 Changes in the capital structure increase or decrease the -100 effect of leverage on COMMON SHAREHOLDERS IBM HWP DELL GTW EQUITY and will affect the impact of NET INCOME on IndAv HIT CPQ SUNW and the variability of a companys RETURN ON EQUITY. % Common Shareholders Equity %Change UPPER LEFT Common Shareholders Equity / Total Assets 5 Years: 1995 vs. 2000 for the most recent quarter. 481 370 328 UPPER RIGHT The average of the last 5 years Common 300 Shareholders Equity: Assets. Of the measures of unused borrowing power (also see INTEREST COVERAGE), one 200 185 162 of the minimum requirements for investment grade bonds (Aaa thru Baa) is that Retained Earnings (here Common 100 20 Shareholders Equity is a proxy) equal 40% of Assets 0 exept in capital intensive industries, where 25% may be -8.1 -11 adequate. -100 MIDDLE RIGHT The percent change in long term debt over the last five years. IBM HWP DELL GTW BOTTOM RIGHT The percent change in common shareIndAv HIT CPQ SUNW holders equity, over the last five years.
Squyres, 1995-96 All rights reserved. All fiscal period data have been converted to comparable calendar period data. FOR ADDITIONAL GRAPHS, CLICK ON ONE OF THESE CHOICES OVERVIEW KEY FIVE YEAR GROWTH RATES Sales EPS before NRI Common Equity FIVE YEAR PROFITABILITY Net Inc. & Margins ROE Instructions FIVE YEAR PRICING MEASURES P:E Ratio P:B Ratio RoR When updated
INTEREST COVERAGE
Interest Coverage
20 15 10 15
Interest Coverage
12 Months ending Jun 2001 18
8 6 4 2 0 1.6 n/r neg n/m n/m neg 6.1
17
5 0
2.7
3.1 n/m n/m n/m n/m
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
Interest Coverage Ratio

Ticker
Interest Coverage 5 Year Range

98
14 neg 17 neg n/m n/m n/m
Name
96
13 5.3 12 n/m n/m n/m n/m
97
13 3.9 18 n/m n/m n/m n/m
99
17 2.5 22 n/m n/m n/m n/m
00 Avg
17 6.5 19 n/m n/m n/m n/m 15 3.1 17 n/m n/m n/m n/m
1996 - 2000 and Last Fiscal Year End
15 10 5 0 -5
IBM HWP DELL GTW SUNW
23 -7.1 -21
17 17 13 -2.7 6.5
22 19 12 n/r n/m n/r n/r

UPPER LEFT Before-tax net income plus interest expense is divided by interest expense. UPPER RIGHT The 5 year sum of before-tax net income plus interest expense is divided by the 5 year sum of interest expense. Of the measures of unused borrowing power (also see EQUITY:ASSETS and CASH FLOW: DEBT SERVICE), one of the minimum requirements for investment-grade bonds (Aaa thru Baa) is that interest expenses are earned an average of 5X for industrials and 3X for utilities -- with a poorest year of 2X. MIDDLE RIGHT The high and low coverage over the last 5 years are graphed along with the last fiscal years coverage. Continuity, consistency and stability of earning power are key factors in determining creditworthiness. BOTTOM RIGHT The per cent change in Total Debt (Long term and Short Term) over the last 5 years is graphed.
IndAv
HIT
CPQ
% Total Debt %Change

5 Years: 1995 vs. 2000 102
56 32 28 n/m 329 346 60 40 20 0 -20 -100
IBM HWP DELL GTW IndAv HIT CPQ SUNW All fiscal period data have been converted to comparable calendar period data.
CASH FLOW : DEBT SERVICE

Debt Service Coverage
60 9.2 4 6.0 3 2 1.7 2.1 3.0

12 Months Ending 2Q 2001
8 6 4 2 0
IBM
5 Year Average 1996 - 2000 7.8 32
13
3.6 2.3 n/r 1.7 neg
1 0
IBM HWP
neg
n/m
IndAv
HIT
HWP
CPQ
DELL
GTW SUNW
IndAv
HIT
CPQ
DELL
GTW SUNW

Ticker
% Total Debt %Change

98
1.5 1.2 3.2 n/m 44 63 n/m
Name
96
1.7 2.8 2.8 46 n/m 25 70
97
1.6 2.4 2.6 n/m n/m 44 49
99
1.9 2.0 3.3 60 n/m 13 n/m
00
1.8 2.3 3.0 15 n/m 5.4 n/m
Avg
1.7 2.1 3.0 32 neg 13 n/m
5 Years: 1996 vs. 2000 102

56 32
329 346
60 40 20 0
28 n/m
-20 UPPER LEFT 12 months EBITDA / DEBT SERVICE through -100 the most recent quarter. EBITDA is Earnings Before IBM HWP DELL GTW IndAv HIT CPQ SUNW Interest, Taxes, Depreciation and Amortization. Debt Service is Total Debt (beginning and end of year average) Debt Payback Period (in years) stepped up to a pretax basis (using the reported tax rate of 5 Year Average 1996 - 2000 the year), assumed to be paid down over a 10 year period, 3.7 plus interest. Of the measures of unused borrowing power (see also EQUITY:ASSETS and INTEREST COVERAGE), 2 1.7 one of the minimum requirements for investment-grade bonds (Aaa thru Baa) is that Total Debt Service Coverage 1.5 1.2 average 2X and not fall below 1X in the worst year. 1 .8 UPPER RIGHT The five year average of EBITDA / DEBT SERVICE. 0.5 .3 MIDDLE RIGHT The percent change in Total Debt (long .2 .1 .0 term and short term) over the last 5 years. 0 BOTTOM RIGHT The five year average of Total Debt (beginning and end of year average of both Long Term IBM HWP DELL GTW and Short Term) is divided by EBITDA. IndAv HIT CPQ SUNW
Squyres, 1995-96 All rights reserved. All fiscal period data have been converted to comparable calendar period data.
NET INCOME & PROFIT MARGINS

(After Nonrecurring Items)
% Quarterly %Change
2Q 2001 vs. 2Q 2000
6 4 2 0 -2 -26
IndAv IBM HIT
% Profit Margins (After NRI)

5 Year Average 1996 - 2000 8.2
7.7 8.3 7.1 8 6 4 3.7 2.3 1.0 .1
5.4
n/r
n/m n/m
n/m
n/m
2 0
-89
HWP CPQ DELL GTW SUNW IndAv IBM HIT HWP CPQ DELL GTW SUNW
% Year-to-Date % Change
6 mos 2001 vs. 6 mos 2000
100 50 0 -50 -100
IBM
% 5 Year Annual Compound Growth Rates

1995 - 2000
52 15 10 14 14 8.7 14 6.9
9.7 -39
n/r
n/m
n/m
n/m
5 0
-66 -91
IndAv HIT HWP CPQ DELL GTW SUNW
-5
-2.8 -8.6
IndAv IBM HIT HWP CPQ DELL GTW SUNW
Net Income (After NRI) ( in $Billions)

Ticker
$ Nonrecurring Items ( in $Billions)

99 00
8.09 1.26 3.70 .57 2.18 .93 .241
Name
95
4.18 1.45 2.43 .89 .272 .476 .173
96
5.43 .99 2.59 1.32 .52 .76 .251
97
98
5 Year Sum 1996 - 2000

1.5 1 0.5 0 -0.5 .000 .000 0.0 -0.1 -0.1 0.0 1.39
6.09 6.33 7.71 .242 (2.52) .251 3.12 2.95 3.49 1.86 (2.74) .57 1.46 1.67 .94 1.03 1.85 .76 .110 .346 .428
UPPER LEFT Percent change of quarterly after-tax Net Income HWP DELL IBM GTW the most recent quarter compared to the same period a year CPQ HIT SUNW before. BOTTOM LEFT Percent change of year-to-date after-tax Net Income this year vs. same period last year. UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME / SALES. These %s are the average of each of the last 5 years after-tax profit margins, both positive and negative. 5 MIDDLE RIGHT 5 year point-to-point annual compound growth rate. P = V(1+R) . One stock valuation approach is based on Net Income growth (see PRICE:EARNINGS RATIOS). These growth rates should coincide with the growth rates of SALES, EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates. BOTTOM RIGHT The sum of the nonrecurring items over the last five years. Nonrecurring items, although not properly included in a single years results, should be included in average or long term analyses.
Squyres, 1995-96 All rights reserved. All fiscal period data have been converted to comparable calendar period data. FOR ADDITIONAL GRAPHS, CLICK ON ONE OF THESE CHOICES OVERVIEW KEY FIVE YEAR GROWTH RATES Sales EPS before NRI Common Equity FIVE YEAR PROFITABILITY Net Inc. & Margins ROE Instructions FIVE YEAR PRICING MEASURES P:E Ratio P:B Ratio RoR When updated
PRICE : EARNINGS RATIOS

Price : Earnings Ratios
44 40 30 20 18 6.1 neg n/m 20 40 30
Price Earnings Ratio

2 QTR 2001
40 30 20 10 0
IBM
35 24 11 n/r neg neg neg neg
10 0
IndAv
HIT
HWP
CPQ
DELL
GTW SUNW
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
Year End PEs

Ticker
Name
96
8.9 n/m 18 11 4.5 14 7.5
97
12 n/m 18 12 12 19 37
98
16 neg 24 neg 21 17 15
99
22 n/m 20 n/m 76 29 19
00 Avg
24 n/m 21 77 44 n/m 91 18 neg 20 n/m 40 44 30
Price : Earnings Ratios 5 Year Range

1996 - 2000 and Last Fiscal Year End
20 15 10 5 0
IndAv IBM
36 21 3.6
24 24 8.9 n/m
24 21 18 n/m
HWP
76 44 4.5 n/m
DELL
91 91 7.5
As an earnings valuation measure, these values should coincide with EPS and NET INCOME growth rates; lower growth rates tend to result in lower PEs. EPS are before NRI. UPPER LEFT The most recent fiscal quarters PE using the quarter-end price and the previous 12 months EPS. UPPER RIGHT The 5 year average of fiscal year-end PEs. BOTTOM RIGHT The range of the last 5 years PEs with the last fiscal year marked.
HIT
CPQ
GTW SUNW
MARKET CAPITALIZATION & PRICE : BOOK RATIOS

Group 1 of 6 in Industry COMPUTER HARDWARE 2 QTR 2001 197
Price Book Ratio

2 QTR 2001 8.8
4 3 2 1 0
IBM
Market Capitalization ( in $Billions)

4.8 80 2.9 2.2 60 40 26.0 20 47.8
3.7
3.4
70.3 51.1
p/d
n/m
0
GTW SUNW
n/r
5.32
IndAv
HIT
HWP
CPQ
DELL
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
Price : Book Ratios

Ticker
Price : Book Ratios

97
3.7 .1 2.8 2.4 8.3 4.0 4.4
Name
96
2.2 .1 3.5 2.0 2.9 4.0 2.3
98
5.0 .1 3.7 4.2 n/m 3.5 3.8
99
8.1 .1 3.3 4.7 n/m 7.5 4.0
00
9.2 .1 5.1 3.8 n/m n/m 9.8
Avg
5.8 .1 3.7 3.6 n/m 8.3 5.6
5 Year Average 1996 - 2000 31 5.8

3.7 3.6
8.3
5.6
4 3 2 1 0
IBM
NEG=Negative PD/ND=Partial/No Data NM=Not Meaningful NR=Not Reported Yet

Book Values are more relevant for financial asset companies utilities and industrials particularly natural resource companies such as mining, forest products, oil, and gas.
.1
n/m
IndAv
HIT
HWP
CPQ
DELL
GTW SUNW
Price : Book Ratios 5 Year Range

1996 vs. 2000 and Last Fiscal Year End
4 3 2 1 0
IBM
UPPER LEFT The most recent fiscal quarter-end price divided by the per share book value. UPPER RIGHT The fiscal quarter-end price times the most recently reported common shares outstanding. M IDDLE RIGHT The average of 5 fiscal year end Price Book ratios. BOTTOM RIGHT The range of the last 5 years Price : Book ratios with the last fiscal year marked.
4.8 3.2 9.2 9.2 2.2 .1 5.1 5.1 2.8
4.7 3.8 9.8 2.0 9.8 2.3 n/m n/m
1.7
IndAv
HIT
HWP
CPQ
DELL
GTW SUNW
RATE OF RETURN
5 Yrs Thru 2 QTR 2001
5 Year Annual Compound Growth Rates

Including Cash Dividend Payments ( ) contain rates excluding dividends
4 3 2 1 0
(.0) (p/d) (p/d) (p/d) (p/d) (p/d) (p/d) (p/d)
Return on Equity
40 30 20 10 0 7.4 .2 33
52
20
21
21
.0
n/a
n/a
n/a
n/a
n/a
n/a
n/a
3.1
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
Rates of Return (in % ) 5 Yrs Thru 2 QTR 2001

Ticker
Price : Earnings Ratios

40 30 20 10 0
IBM
Name
with Dividends w/o Dividends

n/a n/a n/a n/a n/a n/a n/a p/d p/d p/d p/d p/d p/d p/d
44 40 30 18 11 neg n/m 20
UPPER LEFT One measure of an investment return in the rate which reflects the change in market price over time plus the 5 receipt of dividends during the period. P = V(1+R) Primary determinants of this rate are: earnings growth (RETURN ON EQUITY), the markets valuation of that growth (PRICE : EARNINGS RATIO) and dividend 4 payments (1 - EARNINGS RETENTION RATES). 3 The higher the RETURN ON EQUITY (UPPER RIGHT), which will be reflected in the earnings 2 multiplier PRICE : EARNINGS RATIOS (MIDDLE RIGHT), the greater the proportion of earnings that 1 should be retained by the company EARNINGS 0 RETENTION RATE (BOTTOM RIGHT).
IndAv
HIT
HWP
CPQ
DELL
GTW SUNW
Earnings Retention Rate
.0
n/a
n/a
n/a
n/a
n/a
n/a
n/a
IndAv
IBM
HIT
HWP
CPQ
DELL
GTW SUNW
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks & 10Qs FILED BY COMPANIES. COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A CALENDAR BASIS; JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR; JULY - DECEMBER YEARENDS ARE CHANGED TO "THIS" YEAR. JANUARY QUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR; FEBRUARY QUARTERENDS ARE CHANGED TO MARCH; ETC. ONCE IN THIS DATABASE, COMPANY DATA FOR THE MOST RECENT YEAREND AND QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE REPORTED. EVERY WEEK, THIS "SYSTEM" COMBINES COMPANIES IN THE SAME INDUSTRY AND THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST. THUS THE SCREENS WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH 6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE. THOSE 7 COMPANIES ALONG WITH THEIR RELEVANT REPORTING/DISPLAY DATES ARE LISTED BELOW.
MOST RECENT FILINGS

ANNUAL QUARTERLY
BEING USED IN GRAPHS

ANNUAL QUARTERLY
12/31/00 03/31/01 10/31/00 12/31/00 02/02/01 06/30/01 12/31/00
06/30/01 03/31/01 07/31/01 06/30/01 08/03/01 06/30/01 06/30/01
12/31/00 03/31/01 10/31/00 12/31/00 02/02/01 06/30/01 12/31/00
06/30/01 03/31/01 07/31/01 06/30/01 08/03/01 06/30/01 06/30/01
Squyres, 1995-96 All rights reserved. All Fiscal Period Data have been converted to comparable calendar period. FOR ADDITIONAL GRAPHS, CLICK ON ONE OF THESE CHOICES OVERVIEW KEY FIVE YEAR GROWTH RATES Sales EPS before NRI Common Equity FIVE YEAR PROFITABILITY Net Inc. & Margins ROE Instructions FIVE YEAR PRICING MEASURES P:E Ratio P:B Ratio RoR When updated
FIVE YEAR FIN LEVERAGE RATIOS Equity:Assets Int Cvge Debt Svc Cvge

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THE FOLLOWING GRAPHS compare 1 companys 10K/10Q results with its 6 closest competitors.

Group 1 of 6 in Industry COMPUTER HARDWARE

Ticker IBM HIT HWP CPQ DELL SUNW GTW

Mkt Cap (in $BILL)

Common Equity % (book value per share)

197 n/r 47.8 26.0 70.3 51.1 5.32

20 21 8.8 4.2 9.1 .6

FIVE YEAR PROFITABILITY 1996-2000 % ROE (after NRI)

3.1 n/m n/m n/m n/m

% Profit Margins (after NRI)

5.8 3.7 3.7 3.6

.0 n/a n/a n/a n/a n/a n/a n/a

Group 1 of 6 in Industry COMPUTER HARDWARE

% 5 Year Annual Compound Growth Rates -%

40 30 20 10 0 8.8 9.1 4.2 .6 21 21 21

DELL SUNW GTW = Value Off Chart

Quarterly Sales % Change

Annual Sales ( in $Billions)

n/r -.4 -5.0 -.8

NR=Not Reported Yet NM=Not Meaningful PD/ND=Partial/No Data NEG=Negative

Year-to-Date Sales %Change

EARNINGS PER SHARE

(Before Nonrecurring Items)

EPS ( in $ ) before NRI

% 5 Year Annual Compound Growth Rates -%

0 -10 -6.0 -11

= Value Off Chart

n/m n/m n/m

NR=Not Reported Yet NM=Not Meaningful PD/ND=Partial/No Data NEG=Negative

COMMON SHAREHOLDERS EQUITY

% Book Value per Share

5 Year Annual Compound Growth Rates 1995 - 2000 47 34 32

12 2.9 -2.3 4.7

Common Shareholders Equity ( in $Billions)

Net Equity Financing ( in $Billions)

NR=Not Reported Yet NM=Not Meaningful PD/ND=Partial/No Data NEG=Negative

5 Year Sum 1996 - 2000

Nonrecurring Items ( in $Billions)

RETURN ON EQUITY Group 1 of 6 in Industry

% Return on Average Equity - %

% Return on Average Equity - %

Return on Average Equity (%)

Equity Turnover Ratio (Sales/Com.Share.Equity)

NR=Not Reported Yet NM=Not Meaningful PD/ND=Partial/No Data NEG=Negative

ROE = EQUITY TURNOVER X PROFIT MARGINS

UPPER LEFT Net income after taxes, extraordinary and

Group 1 of 6 in Industry COMPUTER HARDWARE

EQUITY : ASSETS RATIO

Common Shareholders Equity : Assets

Common Shareholders Equity : Assets Ratio

% Long Term Debt %Change

NR=Not Reported Yet NM=Not Meaningful PD/ND=Partial/No Data NEG=Negative

Group 1 of 6 in Industry COMPUTER HARDWARE

5 Year Average 1996 - 2000

3.1 n/m n/m n/m n/m

Interest Coverage Ratio

Interest Coverage 5 Year Range

1996 - 2000 and Last Fiscal Year End

22 19 12 n/r n/m n/r n/r

NR=Not Reported Yet NM=Not Meaningful PD/ND=Partial/No Data NEG=Negative

% Total Debt %Change

Group 1 of 6 in Industry COMPUTER HARDWARE