DuPont Digital Printing
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- Dupont Bc2703 Modem Drivers Software Slmodem v.2.9.1 slmodem is a SmartLink soft modem for Linux. Slmodem project provides a full-featured 56K voice fax modem.This is implemented as a generic application (slmodemd) and a set of hardware specific kernel-space drivers (slamr and slusb).
- The day of your block, head to your designated Amazon location to pick up your packages. Then, using the Amazon Flex app, navigate to each destination, deliver the package that corresponds with that address, and deliver smiles wherever you go.
- This module explains ROE and focuses on disaggregation of ROE,also called DuPont analysis (after DuPont management that first successfully applied it). ROE disaggregation focuses on the drivers of ROE. This module also introduces liquidity and solvency analysis—another important aspect of company suc-cess.
- Where can I get the Communication Driver, utilities, or the firmware software for my product? What are the user replaceable parts for my product? Where can I get product training? Which software comes with my product? Will my product print on fabric? Which interfaces does my product support? Which media does my product support?
At DuPont, our vision is to be the leading supplier of innovative and high quality inks and materials that enable faster and more efficient digital printing.
Our digital printing expertise is built upon 25 years in dispersion, pigment, and polymer science to provide dispersions and inks tailored to specific applications for jetting reliability, durability, and high color and image quality.
DuPont research and development provides industry leading science based formulation and testing expertise for aqueous inkjet ink development, pigment dispersion, dye concentrate development and polymer synthesis development. We also have extensive experience in co-operative proprietary dispersion and ink development with printer OEMs.
Our high volume, global production facilities offer economies of scale and the full integration of polymer, dispersion, and pigment modification with ink manufacturing.
DuPont Digital Printing supplies Artistri® inks for applications in the textile, consumer desktop, high speed office, and commercial printing markets.
Breaking return on invested capital (ROIC) into NOPAT Margin and Average Invested Capital Turns provides insights into the operating vs. capital efficiency of businesses, aka DuPont Analysis.
NOPAT/Revenue is the NOPAT Margin, which measures the operating efficiency of businesses. Revenue/Average Invested Capital equals Average Invested Capital Turns, which measure the capital efficiency of businesses.
When you multiply the NOPAT Margin by Invested Capital Turns, Revenue cancels out, and we have NOPAT/Average Invested Capital or ROIC.
Clients get access to the ROIC Drivers for every stock in their portfolios with us.
Companieswith similar ROICs can have very different business models and only byanalyzing NOPAT margin and invested capital turns can we determine where theremay be the most opportunity for improvement.
Analyzing EfficiencyDifferences Between Two Industries
Figure1 shows that Lowe’s Corporation (LOW) and Simon Property Group (SPG), two firmsin different industries, have the same 12% ROIC. How they generate that ROIC isvastly different.
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Figure 1: Business Efficiency Across Industries: SPG vs. LOW - TTM as of September 16, 2019
Sources:New Constructs, LLC and company filings
SPGis a real estate investment trust that owns mall and outlet mall propertiesacross the country. Lowe’s is a retailer selling home-improvement products toconsumers.
SPGinvests heavily in property, such as shopping, dining, entertainment, andmixed-use buildings. This business model focuses on exacting rents from itscapital. Lowe’s Corporation, on the other hand, focuses on selling goodsconsumers.
PerFigure 1, SPG is much less efficient at converting invested capital intorevenue, per its 0.2 average invested capital turns compared to 2.1 for LOW. Inother words, SPG generates $0.20 of revenue for every $1 of capital investedinto its business. LOW generates $2.1 of revenue for every $1 invested into itsbusiness.
Accordingly, despite similar levels of invested capital ($28.5 billion for SPG vs. $32.7 billion for LOW), SPG generated just $5.7 billion in revenue over the trailing twelve month (TTM) period while LOW generated upwards of $71.8 billion.
WhileSPG is much less capital efficient, it is much more operationally efficient andboasts a much higher NOPAT margin (61%). Per Figure 1, we see that SPG converts60% of its revenue into NOPAT, compared to just 6% for LOW. This discrepancymeans that despite generating 92% less revenue than LOW, SPG generated just 13%less NOPAT over the TTM period.
BecauseSPG collects rents from the same assets over many years, it needs highermargins to achieve a high ROIC. Lowe’s, on the other hand, is competing withmany other retailers, largely on price, such as The Home Depot (HD), Walmart(WMT) and even Amazon (AMZN); so it needs to achieve higher capital turns toearn a high ROIC.
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ROIC Drivers ProvideInsights Within the Same Industry
PerFigure 2, Yum China Holdings (YUMC) and McDonald’s Corporation (MCD), both fastfood giants, have similar ROICs but vastly different NOPAT margin and investedcapital turns.
Figure 2: Business Efficiency in the Same Industry: YUMC vs. MCD – TTM as of September 16, 2019
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Sources: New Constructs, LLC and companyfilings
YumChina generates $1.70 of revenue per $1 of capital invested into its businesswhile McDonald’s generates less than one-third, or $0.50 of revenue per $1 ofinvested capital.
Onthe other hand, McDonald’s, with its global brand and supply chain efficiency, convertsan impressive 33% of its revenue into NOPAT compared to just 9% for Yum China.
YumChina is much more capital efficient while McDonald’s is more operationallyefficient. These businesses are far more different than they seem when justlooking at ROIC.
We provide our clients with the drivers of ROIC as well as all the adjustments we make to calculate the most accurate NOPAT and Invested Capital for every stock, ETF and mutual fund we cover.
Whatever the level of ROIC, investors benefitfrom (1) an accurate measure of ROIC and (2) knowing the drivers of ROIC.
Figure 3 comes from our detailed reports on the importance of ROIC to valuation. Nearly every single activity within a for-profit business can be linked back to ROIC and free cash flow. We believe investors deserve to know how businesses work, which means how they make money. Whenever executives claim there is strategic “value” in any of their decisions, they should show investors exactly how that value is created. Figure 3 provides a road map for showing how value is created in a company.
Figure 3: How Businesses Create Value
Sources: New Constructs, LLC and companyfilings
Our models and calculations are 100% transparent because we want our clients to know how much work we do to ensure we give them the best earnings quality and valuation models in the business.
This article originally published on September 16, 2019.
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Disclosure: David Trainer and Kyle Guske II receive no compensation to write about any specific stock, sector, style, or theme.
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