Analyse MA (Mastercard)

In Millions of USD (except for per share items)	12 months Ending 2005-12	12 months Ending 2004-12	12 months Ending 2003-12	12 months Ending 2002-121	12 months Ending 2001-12	12 months Ending 2000-12
Net Income/Starting Line	266.72	238.06	-385.79	116.43	142.06	118.15
Depreciation/Depletion	46.3	51.28	52.95	42.07	43.02	34.73
Amortization	63.63	72.04	66.6	48.44	26.96	24.67
Deferred Taxes	-54.04	40.84	-240.67	4.43	-2.73	3.28
Non-Cash Items	12.18	11.97	5.75	8.65	14.62	9.05
Changes in Working Capital	-61.95	-70.39	691.6	89.86	-27.43	70.25
Cash from Operating Activities	272.85	343.8	190.44	309.87	196.5	260.12
Capital Expenditures	-82	-78.16	-149.56	-101.36	-107.56	-154.44
Free Cash Flow	190.85	265.64	40.88	208.51	88.94	105.68
%	-28%	550%	-80%	134%	0%
Average Growth	115%

Growth at 115% would be almost unattainable. Assume 20% growth

	Average Growth	20%	Duration	10
	Constant Growth Phase	5%
	Discount Rate	7%
Year		Free Cash Flow	PV Factor	Present Value
1	2005	190.85	1	190.85
2	2006	229.02	0.931	213.23
3	2007	274.82	0.867	238.22
4	2008	329.79	0.807	266.15
5	2009	395.75	0.751	297.36
6	2010	474.90	0.700	332.22
7	2011	569.88	0.651	371.17
8	2012	683.85	0.606	414.69
9	2013	820.62	0.565	463.31
10	2014	984.74	0.526	517.63
11	2015	1181.69	0.489
	Future value at Constant growth	49085.70	0.456
	Future Int Value		0.424
	NPV	28588.82
	Total Common Share	100.00
	Value per Share	285.89
	Margin of Safety	30%
	Estimate	200.12
	Current price	$57

However its other financial data is not so promising:

Profitability
Profit Margin (ttm):	-1.36%
Operating Margin (ttm):	16.78%

Management Effectiveness
Return on Assets (ttm):	7.88%
Return on Equity (ttm):	-2.45%

i.e . return to investor is negative... hmmmm..