Industrial Conglomerates


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. Toshiba Corporation TOSYY54,23947,99540,55747,13152,63754,54354,21860,30876,68167,90368,61977,31474,02361,60063,14455,4845,197,3374,870,7733,947,5963,693,5393,389,871
2. CK Hutchison Holdings Limited CKHUY8528914701,3651,5609021,5442,3841,7082,6173,2464,4392,7492,7583,358166,760259,842248,515277,129299,021
3. General Electric Company GE128,051125,679130,685133,585151,802148,559160,854169,719180,929155,777150,211141,547147,359146,045148,589117,386123,693122,092121,61595,214
4. Siemens Aktiengesellschaft SIEGY69,27979,16182,99986,48193,33590,972110,789103,014108,884112,140103,33898,870100,657102,70690,82184,53879,64483,04983,04486,84957,139
5. Jardine Matheson Holdings Limited JMHLY10,4929,5857,5558,5749,30012,28516,81819,87722,58522,92330,86238,45540,19239,99740,48737,00737,05139,45642,52740,922
6. Honeywell International Inc HON25,02323,65222,27423,10325,60127,65331,36734,58936,55630,90833,37036,52937,66539,05540,30638,58139,30240,53441,80236,709
7. 3M Company MMM16,72416,07916,33218,23220,01121,16722,92324,46225,26923,12326,66229,61129,90430,87131,82130,27430,10931,65732,76532,136
8. Icahn Enterprises L.P IEP3152962942314541,2621,4782,4884,8817,8659,13611,85515,65420,68219,15715,00816,34821,74411,7778,992
9. Roper Technologies, Inc ROP5045876176579701,4541,7012,1022,3062,0502,3862,7972,9933,2383,5493,5823,7904,6075,1915,367
10. Carlisle Companies Incorporated CSL1,7711,8491,9712,1082,2282,2102,5732,8762,9712,3802,5283,2253,6292,9433,2043,5433,6754,0904,4804,812
11. Steel Partners Holdings L.P SPLP7127618058509981,1641,3721,5851,562
12. Raven Industries, Inc RAVN148133119121143168205218234280238315382406395378258277377407383
13. American International Industries, Inc AMIN10.8313.387.932125333532262410.437.980.050.03


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. Toshiba Corporation TOSYY0.880.880.851.161.121.040.991.111.270.891.011.130.960.831.030.8893.670.940.810.940.92
2. CK Hutchison Holdings Limited CKHUY1.051.050.532.91.140.581.711.540.721.531.241.370.6211.2249.671.560.961.121.08
3. General Electric Company GE0.980.981.041.021.140.981.081.061.070.860.960.941.040.991.020.791.050.9910.78
4. Siemens Aktiengesellschaft SIEGY1.141.141.051.041.080.971.220.931.061.030.920.961.021.020.880.930.941.0411.050.66
5. Jardine Matheson Holdings Limited JMHLY0.910.910.791.131.081.321.371.181.141.011.351.251.0511.010.9111.061.080.96
6. Honeywell International Inc HON0.950.950.941.041.111.081.131.11.060.851.081.091.031.041.030.961.021.031.030.88
7. 3M Company MMM0.960.961.021.121.11.061.081.071.030.921.151.111.011.031.030.950.991.051.040.98
8. Icahn Enterprises L.P IEP0.940.940.990.791.962.781.171.681.961.611.161.31.321.320.930.781.091.330.540.76
9. Roper Technologies, Inc ROP1.161.161.051.061.481.51.171.241.10.891.161.171.071.081.11.011.061.221.131.03
10. Carlisle Companies Incorporated CSL1.041.041.071.071.060.991.161.121.030.81.061.281.130.811.091.111.041.111.11.07
11. Steel Partners Holdings L.P SPLP1.071.071.061.061.171.171.181.150.99
12. Raven Industries, Inc RAVN0.90.90.891.021.181.181.221.061.081.20.851.321.211.060.970.960.681.071.361.080.94
13. American International Industries, Inc AMIN1.241.240.592.71.191.311.050.920.80.950.430.770.010.66