chevron corp
Post on 12-Apr-2017
112 Views
Preview:
TRANSCRIPT
CHEVRON Corporation
I.C.G. IN BANCHE E ASSICURAZIONI
A cura di Paolo Lelio Galante e Rostyslav Lytvyn V.
01SUMMARY
HIGHLIGHTS
DEFENSIVE COMPANY
PROFITABILITY
DIVIDEND POLICY
STOCK PERFORMANCE
KEY INDICATORS
STOCHASTIC ANALYSIS
CORPORATE GOVERNANCE
STRATEGIC BUSINESS UNITS
INDUSTRY
KEY FACTORS
PORTERS’ 5 FORCES
ASSUMPTIONS3 STAGE DDMSENSITIVITY ANALYSISMONTE CARLO SIMULATIONRELATIVE VALUATIONPRICE TARGET
MAIN RISKS
FINANCIAL ANALYSIS
COMPANY OVERVIEW
VALUATION
INDUSTRY & COMPETITORS
RISK ANALYSIS
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
CHEVRONCORPORATION
02HIGHLIGHTS
Market Profile
Last Price52W Low52W HighAvg. VolumesMarket CapDiv Yield 5Y AvBeta 52WEV/EBITDAP/EInstitutional Hold.Insider Holdings
BUY $ 130Recommendation: Taget Price:
23.93%UPSIDE
104.89100.86134.856,372,237$197.2 B3.2%1.096.70x11.5x59%0.030%
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
03HIGHLIGHTS
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
112.04Mean:100Number of Trajectories: 80Forecasted Days: 12.09Standard Deviation:STOCHASTIC ANALYSIS – Geometric Brownian Motion with GARCH
04CORPORATE GOVERNANCE
JOHN S. WATSONCHAIRMAN & CEO
At Company Since 1980
Insider Holdings 100,847
Options/Indirect Shares (as of 04-Mar-'15) 1,913,156
Institutional Ownership
59%
Top 10 Institutional Ownership
21%
Unknown41%
PATRICIA E. YARRINGTON VICE PRESIDENT & CFO
At Company Since 1980
Insider Holdings 16,471
Options/Indirect Shares (as of 04-Mar-'15) 709,870
TOTAL MEMBERS33 Management 21
Board 14
AVERAGE AGE58 YRS Management 55
Board 62
AVERAGE TENURE17 YRS Management 24
Board 10
INSIDER OWNED0.030% Management 0.017%
Board 0.023%
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
BOARD OF DIRECTORS
MANAGER
CHAIRMAN&
CEOQUALIFIED
ELECTION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
05CORPORATE GOVERNANCE
CHEVRONCORPORATION
06COMPANY OVERVIEWSTRATEGIC BUSINESS AREAS – Total Revenues By Business $173.4 B
UPSTREAMEXPLORATION AND PRODUCTION
DOWNSTREAMMANUFACTURING, PRODUCTS & TRASPORTATION
ALL OTHER TECHNOLOGY
Upstream27.9%
Downstream 71.3%
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
27.9%
71.3%
0.8%
CHEVRONCORPORATION
07COMPANY OVERVIEW
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
43%
10.50%
4.70%
3%
3.90%
2.90%
2.40%
2.20%
Stati Uniti
China
Japan
UK
Germany
France
Brazil
Italy
% of Tot. Rev. $173.4BSTRATEGIC BUSINESS AREAS – Total Revenues By Country
CHEVRONCORPORATION
08INDUSTRY & COMPETITORS
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
06/2014 07/2014 08/2014 09/2014 10/2014 11/2014 12/2014 01/2015 02/2015 03/2015 04/2015 05/2015
70.000000
75.000000
80.000000
85.000000
90.000000
95.000000
100.000000
105.000000
110.000000
115.000000BP- LON Price C VX- USA Price FP- PAR Price RDSB- LON Price XOM- USA Price Index Base [100]
BP CVX FP RDSB XOM
BP100.00% 75.04% 94.90% 66.48% 64.76%
CVX75.04% 100.00% 73.32% 95.09% 94.79%
FP94.90% 73.32% 100.00% 68.35% 62.91%
RDSB66.48% 95.09% 68.35% 100.00% 92.70%
XOM64.76% 94.79% 62.91% 92.70% 100.00%
COMPETITOR’S PRICE HISTORY AND CORRELATION MATRIX
09INDUSTRY & COMPETITORS
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
CompanyName
Fiscal Period
UpstreamIncome FY1
DownstreamIncome FY1
RealizedPrice FY1
Exploration Expense
FY1
DividendYield
Price to Book
Value FY1
Price to Earnigs
FY1
EV / EBITDA
FY1
Return on Equity FY1
Return on Assets FY1
Chevron 03/2015 5741.88 4345.38 43.63 1708.50 3.75% 1.28x 26.00x 7.07x 4.9% 3.0%
Average 7745.41 4705.25 42.66 1872.05 5.54% 1.33x 19.55x 6.12x 7.1% 3.3%
Median 6276.95 5525.99 42.66 1687.00 5.74% 1.16x 18.20x 5.85x 7.1% 3.7%
BP 03/2015 5790.35 6382.10 -- 2373.50 6.04% 1.16x 18.20x 5.85x 6.4% 2.5%
ExxonMobil 03/2015 12388.78 4561.28 45.80 1523.50 2.92% 2.05x 20.44x 8.50x 10.0% 4.9%
Royal DutchShell B 03/2015 5995.99 6936.39 39.52 2563.66 5.31% 1.12x 15.92x 5.62x 7.1% 3.7%
Total 03/2015 8275.00 5525.99 -- 1687.00 5.74% 1.28x 14.92x 5.88x 8.6% 3.7%
Eni 03/2015 6276.95 120.50 -- 1212.58 7.72% 1.03x 28.25x 4.72x 3.6% 1.5%
INDUSTRY METRICS – KEY FACTORS
10INDUSTRY & COMPETITORS
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
PORTER’S 5 FORCES
0
1
2
3
4
5
Threat of substituteproducts
Bargaining power ofcustomers
Bargaining power ofsuppliers
Threat of new entrants
Intensity of rivalry
-10%
0%
10%
20%
30%
40%
50%
60%
020000400006000080000
100000120000140000160000180000200000
Dec'90
Dec'92
Dec'94
Dec'96
Dec'98
Dec'00
Dec'02
Dec'04
Dec'06
Dec'08
Dec'10
Dec'12
Dec'14
Utili Trattenuti Crescita Utili Trattenuti
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Dec
'82
Dec
'84
Dec
'86
Dec
'88
Dec
'90
Dec
'92
Dec
'94
Dec
'96
Dec
'98
Dec
'00
Dec
'02
Dec
'04
Dec
'06
Dec
'08
Dec
'10
Dec
'12
Dec
'14
Shareholders' Equity Cum. G of Tot Sharehold. Equity
FINANCIAL ANALYSIS : ‘Defensive Stock’CHEVRON
CORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
P/E adj P/BV adj Grahams’ Ratio DPS Mkt. Cap 10 YoY EPS g Current Ratio
9.13 x 1.36 x 12.41 x 100 Y $197,243 BN 61% 1.33 x
11
2014CURRENT RATIO 1.32QUICK RATIO 1.12DEB TOT./PN 17.94 %DEB./TOT. ATTIVO 10.46 %
Net Profit margin 10.03 10.12 11.76ATO 0.74 0.87 1.01Leverage 1.70 1.69 1.69ROE 12.6 14.9 20.1
FINANCIAL ANALYSIS : DuPont AnalysisCHEVRON
CORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
2014 2013 2012ROA 7.4 8.8 11.83LEVERAGE 1.70 1.69 1.69ROE 12.6 14.8 20.0
Tax Burden 61.67 59.67 56.50Interest Burden 1.63 1.31 1.32Ebit Margin 10.0 12.9 15.8ATO 0.74 0.87 1.01Leverage 1.70 1.69 1.69ROE 12.65 14.85 20.08
-15.9%ROA
-15.1% ROE
-0.09%NPM
-15% ROE
-14.9%ATO
-22%EBIT
margin
-15% ROE
-14.9%ATO
12
FINANCIAL ANALYSIS : MarginsCHEVRON
CORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
Date '04 Dec '05 Dec '06 Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14
Sales 142,897 184,922 195,341 203,970 255,112 159,387 189,705 236,541 222,629 211,772 191,755
Net Income 13,037 14,101 17,139 18,688 23,931 10,483 19,024 26,895 26,179 21,423 19,241
Gross Profit 42,846 38,107 43,696 43,698 52,223 28,778 59,064 50,827 44,176 36,479 28,038
CAPEX 6,007 8,701 13,813 16,678 19,666 19,843 19,612 26,500 30,938 37,985 35,407
Net Profit Margin 9.12% 7.63% 8.77% 9.16% 9.38% 6.58% 10.03% 11.37% 11.76% 10.12% 10.03%
Gross Margin 29.98% 20.61% 22.37% 21.42% 20.47% 18.06% 31.13% 21.49% 19.84% 17.23% 14.62%
CAPEX Ratio 46.08% 61.70% 80.59% 89.24% 82.18% 189.29% 103.09% 98.53% 118.18% 177.31% 184.02%
COMPETITIVE PROFIT MARGIN LOWER OIL PRICES EFFECT
0.00%
5.00%
10.00%
15.00%
-
50,000
100,000
150,000
200,000
250,000
300,000
4 5 6 7 8 9 10 11 12 13 14
Sales Net Income Net Profit Margin
0.00%
10.00%
20.00%
30.00%
40.00%
-
50,000
100,000
150,000
200,000
250,000
300,000
4 5 6 7 8 9 10 11 12 13 14
Sales Gross Profit Gross Margin
0.00%
50.00%
100.00%
150.00%
200.00%
-
10,000
20,000
30,000
40,000
4 5 6 7 8 9 10 11 12 13 14
Net Income CAPEX CAPEX Ratio
HIGH CAPITAL INTENSITY
13
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
-
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
Totale num azioni emesse Cash Dividends Paid Div Yield
-
10.00
20.00
30.00
40.00
50.00
60.00
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
EPS (recurring) DPS Payout Ratio
FINANCIAL ANALYSIS : Dividend PolicyCHEVRON
CORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
STRONG DIVIDEND TRACK RECORD
Data '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
EPS (recurring) 6.17 6.54 7.80 8.77 11.67 5.39 9.61 13.55 13.35 11.16 9.95
Totale num azioni emesse 2,107.12 2,232.69 2,164.56 2,090.43 2,004.23 2,007.72 2,007.48 1,981.17 1,946.70 1,913.60 1,879.65
DPS 1.53 1.75 2.01 2.26 2.53 2.66 2.84 3.09 3.51 3.90 4.21
Payout Ratio 24.92 26.76 25.77 25.77 21.68 50.76 29.96 22.99 26.35 35.17 41.52
Cash Dividends Paid 3,236.00 3,778.00 4,396.00 4,791.00 5,162.00 5,302.00 5,674.00 6,139.00 6,844.00 7,474.00 7,928.00
Repurchase of Common & Pref Stk. 1,663.00 2,737.00 4,491.00 6,389.00 6,821.00 - 306.00 3,193.00 4,142.00 4,494.00 4,412.00
Prezzo per azione a fine anno 37.13 46.35 61.97 82.23 65.55 72.02 88.12 105.59 106.45 124.23 112.18
Div Yield 4.12% 3.78% 3.24% 2.75% 3.86% 3.69% 3.22% 2.93% 3.30% 3.14% 3.75%
14
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
DPS DPS crescita
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
0
20
40
60
80
100
120
Dec'81
Dec'83
Dec'85
Dec'87
Dec'89
Dec'91
Dec'93
Dec'95
Dec'97
Dec'99
Dec'01
Dec'03
Dec'05
Dec'07
Dec'09
Dec'11
Dec'13
OIL nom OIL Adj inflaz DPS growth
CHEVRONCORPORATION
6.8% CAGR
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
ASSUMPTIONS : Dividends’ Growth15
CHEVRONCORPORATION
-1
9
2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
ASSUMPTIONS : Dividends’ Growth
CAGR 6.8%
0% Growth
STABLE GROWTH
Rfr : Beta :
Mkt Risk Premium :Cost of Debt :
Tax :Perpetuity Growth :
2.21% 10-Y T const maturity rate1.21 Bloomberg on CVX6.25% 1928-2014 Avg Hist Premium3.191% Corp 10Y Bond 38.9% as of Q3 20141.37%
Ke :Payout for 1° g phase :
9.77% (CAPM)41.52%
Date 2015 E 2016 E 2017 E
EPS 10.14 10.14 10.14
DPS 4.21 4.21 4.21
PV 3.84 3.49 3.18
16
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
VALUATION : 3-Stage DDM
Date 2018 E 2019 E 2020 E 2021 E 2022 E
G rate 7.07% 5.99% 4.90% 3.82% 2.73%
Payout Ratio 51.02% 60.51% 70.01% 79.51% 89.00%
EPS 10.86 11.51 12.07 12.53 12.87
DPS 5.54 6.96 8.45 9.96 11.46
Beta 1.15 1.08 1.02 0.95 0.89
Ke 9.37% 8.97% 8.57% 8.17% 7.77%
PV 3.83 4.42 4.94 5.38 5.74
TRANSITION PERIODStable Phase g-rate 1.37%
Payout in St. Ph. 89.00%
Ke in Stable 7.73 %
FV 181.43
STABLE PHASE
PV Div in low phase 10.51
PV Div in trans ph. 24.31
PV TV 90.92
P0 125.74
VALUATION RESULT
17
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
VALUATION : Sensitivity18
Excess Ret % Δ Intrinsic Value $ Δ val GIUDIZIO Rendim Azionario
5.00% -20.00% 158.83 26.32% BUY 51.4%
5.25% -16.00% 151.1 20.17% BUY 44.1%
5.50% -12.00% 143.99 14.52% BUY 37.3%
5.75% -8.00% 137.43 9.30% BUY 31.0%
6.00% -4.00% 131.36 4.47% BUY 25.2%
6.25% 0.00% 125.74 0.00% BUY 19.9%
6.50% 14.34% 120.5 -4.16% BUY 14.9%
6.75% 15.22% 115.63 -8.04% HOLD 10.2%
7.00% 16.09% 111.08 -11.66% HOLD 5.9%
7.25% 16.96% 106.82 -15.04% HOLD 1.8%
7.50% 20.00% 102.82 -18.23% HOLD -2.0%
Rf % Δ Intrinsic Value $ Δ val GIUDIZIO E[Rendim Azionario]
1.00% -54.75% 159.36 26.74% BUY 51.9%
1.25% -43.44% 151.16 20.22% BUY 44.1%
1.50% -32.13% 143.7 14.29% BUY 37.0%
1.75% -20.81% 136.87 8.86% BUY 30.5%
2.00% -9.50% 130.61 3.88% BUY 24.5%
2.21% 0.00% 125.74 0.00% BUY 19.9%
2.50% 14.34% 119.52 -4.94% BUY 13.9%
2.75% 15.22% 114.58 -8.87% HOLD 9.2%
3.00% 16.09% 110 -12.51% HOLD 4.9%
3.25% 16.96% 105.74 -15.90% HOLD 0.8%
3.50% 58.37% 101.76 -19.07% HOLD -3.0%
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
VALUATION : MonteCarlo Simulation
Frequency
0
100
200
124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150
Simulation Statistics
Mean $ 136.37
Median $ 136.33
SD $ 2.60
5th Percentile $ 133.17
95th Percentile $ 139.82
Inputs to simulation : Dividends’ Growth rates (3 stages)
Cost of EquityPerpetuity Growth
18
1000 3-Stage DDM Models
RELATIVE VALUATIONCHEVRON
CORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
19
P/E Actual FY1 FY2 Mean EV/EBITDA Actual FY1 FY2
Chevron 11.50x 26.08x 16.76x 18.11x 6.73x 7.09x 5.83x
BP 44.68x 18.18x 14.38x 25.75x 5.76x 5.86x 5.13x
ExxonMobil 13.06x 20.58x 16.14x 16.59x 9.03x 8.56x 7.22x
Royal Dutch Shell B 13.31x 15.98x 12.20x 13.83x 5.79x 5.65x 4.62x
Total 33.52x 15.04x 12.55x 20.37x 6.13x 5.98x 5.14x
Eni SpA ADR 91.56x 28.20x 17.89x 45.88x 4.06x 4.73x 3.84x
Gazprom ADR 16.41x 3.55x 3.47x 7.81x 2.32x 2.73x 2.74x
Average 32.01x 18.23x 13.34x 21.19x 5.69x 5.80x 4.93x
Median 16.41x 18.18x 14.38x 16.32x 5.79x 5.86x 5.13x
Actual FY1 FY2
EPS 10.14 10.14 10.14 EBITDA 47,955.00
EPS*AVG P/E IND 324.58 184.85 135.28 EV from med fwd 1Y 280,817.82
EPS*MEDIAN P/E IND 166.40 184.35 145.81 Deb Netto 14,603.00
Minorities 1163.00
G = ROE(1-DIV. PAYOUT %) 7.40 Equity Value 265,051.82
Justified Forward P/E 17.50
# Azioni 1880.478
P P from EV/EBITDA
135.28 140.95
VALUATION : Price TargetCHEVRON
CORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
DDM a 3 Stadi
EV/EBITDAP/E
TP
21
$ 135.28 $ 140.95
$125.74 70%$136.37 30%
50 %
25 % 25 %
$ 130MONTE CARLO
LIKELIHOOD1 2 3 4
IMPA
CT
23
4
Sviluppo deigiacimenti, Concessioni
e licenze
Volatilità nelprezzo dellecommodity
Eventualitàstraordinarie
legate all’operatività
1
RISK ANALYSISCHEVRON
CORPORATION
22
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
Fattori umanie naturali, fuoridal controllo di
Chevron
Stime del Management
Assenza dicoperture
assicurative
CONCLUSIONSCHEVRON
CORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
MERITS CONCERNS
• Struttura Operativa Diversificata• Nuovi progetti, riduzione del
CAPEX e costi fissi assicurano la crescita dei dividendi
• Solida situazione patrimoniale e finanziaria
• Esperienza del Management
• Elevata incertezza sull’andamentodei prezzi del greggio
• Incertezza sui tassi d’interesse• Flussi di cassa deboli• Eccessiva Intensità di Capitale
CURRENT PRICE TARGET PRICE UPSIDE
BUY
104.89
23
130 23.93 %
24QUESTIONS & ANSWERS
&NON ABBIATE PIETA’!
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
Appendice
0 0 0 0 0 0 0 0 0 0 0 213
56
99
157
193182
137
83
40
2112 5 0 0 0 0 0 0 0 0 0 0
0
50
100
150
200
250
Frequenze SimulateAssunzioni Pre-Simulazione
SD 5.15% (sd storicadella crescita dei
dividendi)
g μ + σ*Z
μDiviendo stimato
con il nostroDDM
CHEVRONCORPORATION
HIGHLIGHTS COMPANYOVERVIEW
INDUSTRY & COMPETITORS
FINANCIAL ANALYSIS
VALUATION RISK ANALYSIS CONCLUSION
Appendice
0
0.05
0.1
0.15
0.2
12
4
12
5
12
6
12
7
12
8
12
9
13
0
13
1
13
2
13
3
13
4
13
5
13
6
13
7
13
8
13
9
14
0
14
1
14
2
14
3
14
4
14
5
14
6
14
7
GAUSSIAN MonteCarlo 1000 Simulations Distrib
0
50
100
150
200
12
4
12
5
12
6
12
7
12
8
12
9
13
0
13
1
13
2
13
3
13
4
13
5
13
6
13
7
13
8
13
9
14
0
14
1
14
2
14
3
14
4
14
5
14
6
14
7
14
8
14
9
15
0
Price Simulation Frequency
Appendice
APPENDICE
Appendice
APPENDICE
Appendice
APPENDICE
Appendice
APPENDICE
top related