International Sales Analysis: 3 of 3

In the first part of this article series, we identified 6 of our companies that have no international revenue exposure. We then analyzed 12 of the remaining stocks in our Quantigence DGI Portfolio and found that the average international revenue for these companies was 48%. We’ll now take a look at the last 12 stocks in our portfolio to see what international exposure we have.

Aflac (AFL)
Aflac is somewhat of a strange stock as the majority of their revenues come from Japan. In 2015, AFL saw Japanese revenues at 71% and the remainder of their revenues came from the U.S. The percentage of U.S. revenues has been growing slowly over the last few years.

AT&T (T)
In 2015, AT&T international revenues were next to nothing at just 3%. It’s not known if their acquisition of DirectTV is reflected in this number. That acquisition was supposed to give AT&T exposure to Mexico.

Air Products & Chemicals (APD)
The percentage of APD income from the U.S. sits at around 43% for 2015 with international sales at 57%. The percentage of international sales has been decreasing over time with the number sitting at 68% in 2013.

Chubb Ltd (CB)
The percentage of global premiums for CB was 43% for 2015 which was about the same as the two years prior.

Franklin Resources (BEN)
This one is tricky because as a finance firm that predominantly makes fees off of their assets under management, we will measure their international fees by the breakdown of international assets that they manage which comes in at 50%. The percentage has been falling slightly over the past several years.

International Business Machines (IBM)

For 2015, 60% of IBM’s revenues were from countries outside the United States. That ratio was almost exactly the same in 2014.

Johnson & Johnson (JNJ)
JNJ’s international revenues for 2015 came in at 49% and that ratio appears to be falling slowly over the years.

Automatic Data Processing (ADP)
International revenues for ADP came in light at 9% in 2015 having fallen from 13% in 2013.

Medtronic (MDT)
International revenues for fiscal 2016 came in at 43% which has been increasing just slightly over the two years prior.

Stryker (SYK)
For the year of 2015, SYK saw international revenues of 28% which were down from 33% in 2013.

Sherwin-Williams (SHW)
SHW saw consolidated revenues for international subsidiaries come in at 16% for 2015. This number has been in decline as 2013 international revenues were around 21%.

UGI Corp (UGI)
UGI’s international revenues came in at 19% for 2015 and were meaningfully less at 14% in 2014.

So we’re finished analyzing international revenues and across our entire portfolio, the average percentage of international revenues sits at 34%. One thing we’ll need to do is check impact of any international revenues percentages that changed as they will impact our Q-Scores. We do have a few stocks where the international revenue percentages we used before was inaccurate as these were reported incorrectly by Yahoo Finance.

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