10 Year Financial Data of Watsco, Inc. (WSO.B)

88 (1y: +20%)

Market Cap	3.05 B	P/E(ttm)	27.50
Enterprise Value	3.35 B	P/B	4.05

WSO.B- NYSE (USA)
Watsco, Inc.

Currently 4.5/5

Business Predictability Rank: 4.5-Star
Back Testing Results:
Average gain of all 4.5-Star stocks: 10.6% per year.
% of Stocks that are in still loss if held for 10yrs: 10%.
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$88.00

3 Severe Warning Signs 6 Medium Warning Signs 2 Good Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	9.2	15.7	9.6
EBITDA Growth (%)	9	24.1	12.9
Free Cash Flow Growth (%)	9.3	-1.2	28.4
Book Value Growth (%)	7.5	2.9	-9.3

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	47.35	48.83	60.60	64.71	63.18	61.30	70.19	93.02	96.83	108	110	20.55	31.83	31.74	23.79	22.15
EBITDA per Share	2.63	3.34	4.51	5.09	4.23	3.81	3.14	5.77	6.85	7.59	7.88	0.75	2.82	2.80	1.18	1.08
Free Cashflow per Share	2.20	1.92	1.03	2.10	3.66	3.95	2.89	4.72	1.55	5.07	4.16	0.18	-2.27	3.78	3.29	-0.64
Earnings per Share ($)	1.34	1.79	2.52	2.96	2.36	2.18	1.40	2.49	2.74	2.70	3.19	0.23	1.15	1.19	0.46	0.39
Dividends Per Share	0.20	0.38	0.62	0.70	1.31	1.75	1.41	2.04	2.23	2.48	2.11	0.62	0.62	0.62	0.62	0.25
Book Value per Share	13.86	14.95	16.23	18.56	19.77	20.57	25.88	25.00	26.10	23.57	23.43	25.82	28.54	28.77	23.25	23.43
Month End Stock Price	23.00	34.51	60.00	47.39	36.43	38.41	49.70	64.11	66.58	74.52	83.72	73.50	70.50	76.65	74.52	83.72
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	9.70	11.90	15.50	16.00	11.90	10.60	5.90	10.60	11.30	13.80	7.20	4.40	17.20	17.60	8.00	7.20
Return on Assets %	6.50	7.90	10.30	11.60	8.80	8.40	3.70	6.50	7.10	6.10	3.20	2.40	8.40	9.20	3.60	3.20
Return on Capital - Joel Greenblatt %	24.00	32.70	37.00	37.80	29.60	29.70	16.00	34.70	30.70	32.00	15.60	12.00	39.60	42.40	19.20	15.60
Debt to Equity	0.17	0.15	0.11	0.08	0.10	0.04	0.02	0.01	0.03	0.42	0.43	0.05	0.26	0.22	0.42	0.43

Gross Margin %	24.70	25.60	25.10	25.70	25.40	26.00	24.00	23.70	24.50	23.70	24.60	23.80	23.60	23.80	23.90	24.60
Operating Margin %	5.00	6.20	6.90	7.50	6.30	5.80	4.00	5.80	6.70	6.60	4.30	3.10	8.50	8.40	4.40	4.30
Net Margin %	2.80	3.70	4.20	4.60	3.70	3.60	2.20	2.80	3.00	3.00	1.90	1.30	3.90	4.00	1.90	1.90

Days Sales Outstanding	40.80	40.30	41.60	36.70	37.00	32.50	48.60	39.10	40.20	40.20	48.60	48.70	45.80	40.60	44.90	48.60
Days Inventory	76.40	81.60	77.20	79.40	80.20	72.80	98.40	65.90	75.50	76.20	109	100	79.10	72.30	85.30	109
Inventory Turnover	4.80	4.50	4.70	4.60	4.50	5.00	3.70	5.50	4.80	4.80	0.80	0.90	1.20	1.30	1.10	0.80

Debt to Revenue	0.05	0.05	0.03	0.02	0.03	0.01	0.01	0.00	0.01	0.09	0.45	0.07	0.23	0.20	0.41	0.45
COGS to Revenue	0.75	0.74	0.75	0.74	0.75	0.74	0.76	0.76	0.76	0.76	0.75	0.76	0.76	0.76	0.76	0.75
Inventory to Revenue	0.16	0.17	0.16	0.16	0.16	0.15	0.21	0.14	0.16	0.16	0.91	0.84	0.67	0.61	0.71	0.91
Interest Exp. to Revenue %	-0.45	-0.34	-0.20	-0.21	-0.18	-0.12	-0.14	-0.12	-0.15	-0.14	-0.17	--	-0.13	-0.12	-0.16	-0.17

Asset Turnover	2.30	2.16	2.48	2.53	2.35	2.37	1.73	2.30	2.35	2.04	0.41	0.47	0.53	0.57	0.46	0.41
Buyback Ratio	-13.80	-14.20	-8.70	-4.60	-6.10	-9.80	-20.00	-5.40	-3.90	-3.40	-2.40	-8.80	-3.30	-1.30	-5.60	-2.40
Dividend Payout Ratio	0.15	0.21	0.25	0.24	0.56	0.80	0.93	0.77	0.76	0.76	0.60	2.26	0.50	0.49	1.35	0.60
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	1,233	1,315	1,683	1,801	1,758	1,700	2,002	2,845	2,978	3,432	3,512	634	1,012	1,021	766	714
Cost of Goods Sold	928	978	1,260	1,338	1,311	1,258	1,521	2,171	2,249	2,617	2,673	483	773	778	583	538
Gross Profit	305	337	423	463	447	442	481	673	728	814	839	151	238	243	183	175

Selling, General, &Admin. Expense	244	255	307	327	336	343	400	508	529	589	604	131	153	157	149	145
Earnings Before DDA	68.61	89.82	125	142	118	106	89.59	176	211	241	253	22.99	89.65	90.12	38.07	34.85

Depreciation, Depletion and Amortization	7.42	7.77	8.72	5.91	6.42	7.07	8.53	10.77	11.73	15.91	17.13	3.08	3.78	4.42	4.64	4.30

Operating Income	61.19	82.05	116	136	111	98.61	81.06	166	199	225	236	19.91	85.87	85.70	33.43	30.55
Interest Income/Expense	-5.51	-4.41	-3.34	-3.82	-3.17	-2.02	-2.73	-3.49	-4.46	-4.67	-4.96	--	-1.35	-1.19	-1.24	-1.18
Net Income	34.90	48.11	70.02	82.36	65.58	60.37	43.31	80.76	90.45	103	108	8.47	39.10	41.01	14.76	13.39

Preferred dividends	--	--	--	--	--	--	--	--	--	--	3.76	--	--	2.82	--	0.94
Earnings per Share ($)	1.34	1.79	2.52	2.96	2.36	2.18	1.40	2.49	2.74	2.70	3.19	0.23	1.15	1.19	0.46	0.39
Total Shares Outstanding	26.04	26.93	27.77	27.83	27.82	27.74	28.52	30.58	30.75	31.74	32.21	30.83	31.78	32.17	32.19	32.21
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	36.34	85.14	27.65	34.34	9.41	41.44	58.09	126	15.67	73.77	22.03	18.06	35.21	45.96	73.77	22.03
Accounts Receivable	138	145	192	181	178	151	266	305	328	378	381	339	510	456	378	381
Inventory	194	219	267	291	288	251	410	392	465	546	647	532	672	618	546	647
Other Current Assets	9.24	8.64	8.05	11.48	11.26	13.03	20.84	14.49	19.49	17.94	16.87	21.10	20.34	21.26	17.94	16.87
Total Current Assets	378	458	494	518	487	457	755	838	828	1,015	1,067	911	1,238	1,141	1,015	1,067

Property, Plant and Equipment	22.07	15.09	17.24	21.48	26.90	24.21	33.12	31.22	39.46	42.84	43.00	40.73	43.44	42.72	42.84	43.00
Intangible Assets	130	132	164	161	217	220	362	360	395	617	611	394	607	609	617	611
Other Long Term Assets	5.09	3.33	3.81	10.98	16.91	15.34	10.37	7.67	5.71	7.00	6.77	4.73	7.20	7.15	7.00	6.77
Total Assets	535	608	679	711	748	716	1,161	1,237	1,268	1,682	1,727	1,351	1,895	1,800	1,682	1,727

Accounts Payable	108	137	169	146	129	108	224	266	203	282	310	265	381	328	282	310
Current Portion of Long-Term Debt	0.17	10.06	10.08	10.08	0.28	0.27	0.15	0.07	20.02	0.00	0.00	42.52	0.01	0.01	0.00	0.00
Other Current Liabilities	--	-0.00	--	--	--	--	-0.00	--	-0.00	--	-0.00	--	0.00	--	--	-0.00
Total Current Liabilities	108	147	179	156	129	108	224	266	223	282	310	307	381	328	282	310

Long-Term Debt	60.15	50.00	40.00	30.00	54.00	20.78	13.43	10.00	--	316	322	--	236	202	316	322
Other Long-Term Liabilities	6.07	8.39	8.78	8.79	14.85	16.79	185	197	242	335	341	247	371	344	335	341
Total Liabilities	174	206	228	195	198	145	423	473	465	934	972	555	988	874	934	972

Common Stock	15.87	16.15	16.63	16.93	17.12	17.35	19.26	19.41	19.69	20.45	20.50	19.74	20.39	20.43	20.45	20.50
Retained Earnings	199	237	290	346	375	386	372	387	404	251	256	392	411	431	251	256
Additional Paid-In Capital	226	239	265	253	268	283	462	473	494	593	597	499	595	589	593	597
Treasury Stock	-66.33	-67.17	-84.89	-100	-110	-114	-114	-114	-114	-114	-114	-114	-114	-114	-114	-114
Total Equity	361	403	451	516	550	571	738	764	803	748	755	796	907	925	748	755
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	34.90	48.11	70.02	82.36	67.49	60.37	51.57	112	138	158	165	13.49	60.90	59.53	23.68	21.09
Depreciation, Depletion and Amortization	7.42	7.77	8.72	5.91	6.42	7.07	8.53	10.77	11.73	15.91	17.13	3.08	3.78	4.42	4.64	4.30
Cash Flow from Others	17.94	0.79	-42.95	-19.73	34.09	46.03	28.18	30.31	-88.02	-0.17	-35.94	-7.12	-134	60.14	80.59	-42.89
Cash Flow from Operations	60.25	56.66	35.78	68.54	108	113	88.29	153	61.45	173	146	9.45	-69.10	124	109	-17.50

Investment for Property, Plant & Equipement	-3.07	-4.85	-7.28	-9.99	-6.07	-3.97	-5.91	-8.42	-13.93	-12.32	-11.50	-3.88	-3.01	-2.34	-3.09	-3.07
Cash Flow from Acquisitions	-18.42	-3.40	-49.48	-9.89	-109	0.08	-9.84	-3.82	-43.46	-80.48	-80.48	--	-82.15	-50.21	51.88	--
Cash Flow from Investing	-22.51	-3.30	-54.73	-22.28	-108	-3.67	-15.50	-10.13	-56.64	-92.29	-91.44	-3.81	-85.07	-52.30	48.89	-2.96

Net Issuance of Stock	-1.90	6.01	-11.63	-11.51	-5.26	1.10	10.34	6.04	5.36	5.31	4.63	1.18	2.01	0.79	1.34	0.50
Net Issuance of Debt	-20.18	-0.11	-9.94	-10.06	14.08	-34.27	-0.23	-3.49	9.96	297	303	0.01	-0.00	182	114	6.65
Cash Flow for Dividends	-5.20	-10.10	-16.98	-26.37	-36.75	-49.35	-57.09	-66.03	-132	-272	-283	-27.10	-23.89	-11.39	-210	-38.28
Other Financing	0.00	-0.35	--	8.37	2.99	4.76	-9.15	-10.78	0.79	-52.92	-75.52	22.65	193	-233	-35.76	0.05
Cash Flow from Financing	-27.28	-4.55	-38.55	-39.57	-24.93	-77.76	-56.14	-74.26	-116	-23.08	-50.90	-3.26	171	-61.33	-130	-31.08

Net Change in Cash	10.46	48.81	-57.49	6.69	-24.94	32.04	16.65	68.41	-111	58.10	3.98	2.38	17.15	10.75	27.81	-51.74

Free Cash Flow	57.18	51.81	28.50	58.55	102	110	82.38	144	47.53	161	135	5.57	-72.10	122	106	-20.57
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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