How Warren Buffett Puts a Future Value on a Stock ... Yo

Using Equity Share Value
	MCD	KO	DIS
Average ROE	21.1%	32.2%	9.1%
Average Annual Dividend Yield	3.0%	3.0%	0.9%
True Equity Rate of Growth of Shareholder's Equity	18.1%	29.2%	8.2%
Total Shares (in millions)	1,080	2,295	1,899
Total Equity (in millions)	15,458	31,003	37,519
Per Share Shareholders Equity Value	$ 14.31	$ 13.51	$ 19.76
N	10	10	10
I/Y	18.1%	29.2%	8.2%
PV	14.31	$ 13.51	$ 19.76
CPT FV - Future Per Share Value of Co's Shareholder's Equity	$ 75.82	$ 175.37	$ 43.30
Projected Future EPS	$ 16.03	$ 56.50	$ 3.94
Avg. 10 yr. P/E	20	23	25
Company's per share projected future 2020 trading price	$ 320.64	$ 1,299.60	$ 98.41
PV (company's current price)	$ 75.78	$ 65.22	$ 42.97
FV	320.64	$ 1,299.60	$ 98.41
N	10	10	10
CPT I/Y (This is the company's projected annual compounding rate of return.)	15.5%	34.9%	8.6%
Projected Future Trading Price of the Company's Stock	$ 320.64	$ 1,299.60	$ 98.41
Current Trading Price	$ 75.78	$ 65.22	$ 42.97

Using Historics
	MCD	KO	DIS
PV (EPS 2000 or 1999)	$ 1.46	$ 1.33	$ 0.30
FV (EPS 2010 or 2009)	$ 4.58	$ 2.93	$ 2.07
N	10	10	10
CPT I/Y (Per Share Annual Compounding Growth Rate for 2000 to 2010)	12.1%	8.2%	21.3%
PV (EPS 2010)	$ 4.58	$ 2.93	$ 2.07
I/Y	0.1211	0.0822	0.2131
N	10	10	10
CPT FV (Projected EPS for 2020)	$ 14.37	$ 6.46	$ 14.29
Avg. 10 yr. P/E	20	23	25
Company's per share projected future 2020 trading price	$ 287.40	$ 148.58	$ 357.25
PV (company's current price)	$ 75.78	$ 65.22	$ 42.97
FV	287.4	148.58	357.25
N	10	10	10
CPT I/Y This is the company's projected annual compounding rate of return using historics.	14.26%	8.58%	23.59%

	MCD	KO	DIS
Projected 2020 Trading Range Using Historics	$ 287.40	$ 148.58	$ 357.25
Projected 2020 Trading Range Using Per Share Equity	$ 320.64	$ 1,299.60	$ 98.41
Average	$ 304.02	$ 724.09	$ 227.83
Projected Rate of Return Using Historics	14.3%	8.6%	23.6%
Projected Rate of Return Using Per Share Equity	15.5%	34.9%	8.6%
Average	14.9%	21.7%	16.1%