Topic1 l Kimberly-Clark is a component of S&P 500 Index. l It had approximately 46,000 employees as of December 31,2020 in its consolidated operations. l Its major U.S. consumer product lines include Kleenex facial tissue paper, Kotex feminine hygiene product, Scott  paper napkins, Huggies disposable diapers for infants and toddlers. Topic 2 l The intrinsic value is 55 dollars per share. This is basically calculated through a discount cash flow model, so through a discount cash flow model, you have 3 major things we got to talk about. We have the growth multiple. We have the free cash flow and we also have the total stockholders equity. Those 3 things make up the intrinsic value, so if we take a look at the growth multiple, we consider that the growth multiple is an actual value that you can calculate based on like the percentage of growth of the company, and you can multiply that by the free cash flow in order to give you a value at which the earnings should increase to in a year or so from now. l The shareholder’s equity is actually decreasing recently, we could see that the actual shareholder equity stands to be quite a little bit lower than what you would expect. Now there’s likely a reason for this. We could see that the shareholder equity was at about 4.5 billion dollars before 2014, and then over a course of a quarter, it went down to 1 billion and then it just decreased from there. There is a stock-based compensation of 1.2 billion in 2014. l Kimberly-Clark cut at least 5,000 jobs in 2018. Topic 3 l Let’s view balance sheets. l Total assets are 17.5 billion. Property, Plant and Equiment, Net is 8 billion. l Total liabilities are 16.6 billion. l Total shareholder’s equity is 0.9 billion. Topic 4 l Let’s view consolidated income statement. l Total revenues are 19 billion. l Total costs and expenses are 12.3 billion. l Net income is 2.4 billion. Topic 5 l Let’s view statements of cash flows l Cash and cash equivalents and restricted cash at end of year is 300 million. Topic 6 l Let’s view consolidated statements of shareholder’s equity. l It declared 1.4 billion dollars of dividends in the past 3 years each. l It acquired 0.8 billion dollars of treasury stock in the past 3 years each. 1.股價 Stock Price 134.18      2. 本益比<15    P/E ratio 20.12 X    3. 股價淨值比<1.5    P/B ratio 60.72 X    4. 股東權益報酬率ROE>10% 323.33% O    5. 大股東持股比例 Insider Ownership  >20% 0.10% X    6.市值 Market Capitalization>    10,000,000,000. 45490000000 O    7.     在產業中排名前 Ranking top 30% in the industry - -    8.  負債比<50% Debt ratio 95.67% X    9.      流動資產/流動負債>200% Current ratio 77.00% X    10.      20年連續發放股息 Pay dividends in 20 consecutive years O O    11.      過去十年每年都獲利 Made profit each year   in the past 10  years X X    12. 營業現金流/稅後淨利    OCF/NI >80% 588.00% O    13.      過去十年EPS成長30%    EPS growth in past 10  years 41.23% O    14. 每股自由現金流>0 FCF per share 5.50 O