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Pfizer.Finacial Analyses

PFIZER
Table of contents :
I. Company overview 5
II. Financial Ratio Analysis 19
A. Short – term liquidity ratios 19
B. Long- Term solvency ratios 25
C. Profitability ratios 28
D. Market price and dividends ratio……...……………………………………34
III. Cash Flow Analysis 39
IV. Business Valuation 48
DISCOUNTED CASH FLOW 48
1. Assumptions for the future 48
2. Discounted Cash Flow Analysis 51
3. Final conclusions on DCF for Pfizer 57

I. Company overview
History
1849
Charles Pfizer & Company opens as a fine-chemicals business. A modest red-brick building in the Williamsburg section of Brooklyn, New York, serves as office, laboratory, factory, and warehouse. The company's first product is santonin — a palatable antiparasitic which is an immediate success.
1862
The first domestic production of tartaric acid and cream of tartar, products vital to the food and chemical industries, is launched by Pfizer.
1868 The expansion propelled by the Civil War continues and Pfizer's revenues double. The company now has a substantially increased product line and 150 new employees. To accommodate this growth, it buys and renovates a post-Revolutionary-era building at 81 Maiden Lane in Manhattan and moves its headquarters there. The site carries the Pfizer name for nearly a century.
1880 Using imported concentrates of lemon and lime, Pfizer begins manufacturing citric acid, which becomes the company's main product and the launching pad of its growth in the decades that follow.
1882 Spurred by America's westward expansion and its own growing number of clients west of the Mississippi, Pfizer opens offices and a warehouse in Chicago, Illinois, its first location outside of New York.
1891 On December 27, cofounder Charles Erhart dies and leaves a partnership worth $250,000 to his son William. However, the agreement stipulates that Charles Pfizer can buy William Erhart's share at half its inventory value — an option Charles Pfizer quickly exercises, consolidating ownership...