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Donaldson Company     Symbol: DCI

A company profile is available at Yahoo HERE      Scorecard

Predictability: Some quick analysis reveals some predictable factors:

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

9.72 10.22 12.23 12.81 12.82 14.03 16.40 19.18 20.97 24.25 Sales per share

0.85 0.98 1.17 1.29 1.35 1.53 1.71 1.86 2.19 2.53 Cash Flow Per Share

0.57 0.66 0.76 0.83 0.95 1.06 1.18 1.27 1.55 1.83 Earnings per share

0.10 0.12 0.14 0.15 0.16 0.18 0.20 0.24 0.34 0.36 Dividends Per share

0.57 0.32 0.41 0.44 0.46 0.55 0.55 0.66 1.01 0.98 Capital spending per share

2.64 2.84 3.14 3.59 4.36 5.15 6.37 6.31 6.77 7.89 Book Value per share

96.76 92.39 89.32 88.77 87.83 86.84 86.28 83.18 80.79 79.14 Common Shares Outs

20.5 15.3 14.7 15.7 18.9 17.7 23.4 24.1 20.8 19.5 Avg annual P/E Ratio

1.07 0.87 0.96 0.80 1.03 1.01 1.24 1.28 1.12 1.02 Relative P/E Ratio

0.90% 1.20% 1.30% 1.10% 0.90% 1.00% 0.70% 0.80% 1.10% 1.00% Average Annual Dividend Yield

940.4 944.1 1092.3 1137.0 1126.0 1218.3 1415.0 1595.7 1694.3 1918.8 Sales ($mill)

11.90% 12.30% 12.80% 13.30% 13.80% 13.90% 12.50% 12.60% 14.00% 13.60% Operating Margin

25.3 27.7 34.3 38.6 31.8 37.6 41.6 44.3 44.7 49.6 Depreciation

57.1 62.4 70.2 75.5 86.9 95.3 106.3 110.6 132.3 150.7 Net Profit

34.00% 30.00% 30.00% 28.00% 27.00% 27.00% 25.00% 28.60% 30.10% 26.40% Income Tax Rate

6.10% 6.60% 6.40% 6.60% 7.70% 7.80% 7.50% 6.90% 7.80% 7.90% Net Profit Margin

119.8 160.4 139.8 189.9 183.7 240.6 281.9 264.6 201.5 214.7 Working Capital

50.3 86.7 92.6 99.3 105.0 105.2 70.9 103.3 100.5 129.0 ($mill)

255.7 262.8 280.2 319.1 382.6 447.4 549.3 524.6 546.8 624.7 Shareholders Equity

18.90% 18.90% 19.50% 18.70% 18.40% 17.70% 17.50% 18.00% 20.80% 20.50% Return on Total Capital

22.30% 23.80% 25.10% 23.70% 22.70% 21.30% 19.40% 21.10% 24.20% 24.10% Return on Shareholders equity

18.50% 19.60% 20.60% 19.60% 19.10% 17.90% 16.10% 17.30% 19.40% 19.50% Retained to Com Equity

17% 17% 18% 17% 16% 16% 17% 18% 20% 19% Dividends to Net Profits

Sales per share - ever increasing
Cash Flow per share - ever increasing
Earnings per share - ever increasing     EPS Analysis
Dividends Per Share - ever increasing Dividend History Here
Capital spending per share - ever increasing
Book value - same Book Value Analysis
Sales - ever increasing
Operating margins - consistent
Net profits - consistently increasing
Returns on Total Capital - consistently high
Returns on Shareholders Equity - consistently high
Dividends as a percentage of net profits - consistent Dividend Growth Model Here

As an investor looking for a "predictable" stream of earnings, Donaldson Company
fits the bill. Another interesting factor - the company was established in 1915 .

CONTACT ME WITH ANY QUESTIONS OR COMMENTS AT support@vmwinc.com

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1998	1999	2000	2001	2002	2003	2004	2005	2006	2007
9.72	10.22	12.23	12.81	12.82	14.03	16.40	19.18	20.97	24.25	Sales per share
0.85	0.98	1.17	1.29	1.35	1.53	1.71	1.86	2.19	2.53	Cash Flow Per Share
0.57	0.66	0.76	0.83	0.95	1.06	1.18	1.27	1.55	1.83	Earnings per share
0.10	0.12	0.14	0.15	0.16	0.18	0.20	0.24	0.34	0.36	Dividends Per share
0.57	0.32	0.41	0.44	0.46	0.55	0.55	0.66	1.01	0.98	Capital spending per share
2.64	2.84	3.14	3.59	4.36	5.15	6.37	6.31	6.77	7.89	Book Value per share
96.76	92.39	89.32	88.77	87.83	86.84	86.28	83.18	80.79	79.14	Common Shares Outs
20.5	15.3	14.7	15.7	18.9	17.7	23.4	24.1	20.8	19.5	Avg annual P/E Ratio
1.07	0.87	0.96	0.80	1.03	1.01	1.24	1.28	1.12	1.02	Relative P/E Ratio
0.90%	1.20%	1.30%	1.10%	0.90%	1.00%	0.70%	0.80%	1.10%	1.00%	Average Annual Dividend Yield
940.4	944.1	1092.3	1137.0	1126.0	1218.3	1415.0	1595.7	1694.3	1918.8	Sales ($mill)
11.90%	12.30%	12.80%	13.30%	13.80%	13.90%	12.50%	12.60%	14.00%	13.60%	Operating Margin
25.3	27.7	34.3	38.6	31.8	37.6	41.6	44.3	44.7	49.6	Depreciation
57.1	62.4	70.2	75.5	86.9	95.3	106.3	110.6	132.3	150.7	Net Profit
34.00%	30.00%	30.00%	28.00%	27.00%	27.00%	25.00%	28.60%	30.10%	26.40%	Income Tax Rate
6.10%	6.60%	6.40%	6.60%	7.70%	7.80%	7.50%	6.90%	7.80%	7.90%	Net Profit Margin
119.8	160.4	139.8	189.9	183.7	240.6	281.9	264.6	201.5	214.7	Working Capital
50.3	86.7	92.6	99.3	105.0	105.2	70.9	103.3	100.5	129.0	($mill)
255.7	262.8	280.2	319.1	382.6	447.4	549.3	524.6	546.8	624.7	Shareholders Equity
18.90%	18.90%	19.50%	18.70%	18.40%	17.70%	17.50%	18.00%	20.80%	20.50%	Return on Total Capital
22.30%	23.80%	25.10%	23.70%	22.70%	21.30%	19.40%	21.10%	24.20%	24.10%	Return on Shareholders equity
18.50%	19.60%	20.60%	19.60%	19.10%	17.90%	16.10%	17.30%	19.40%	19.50%	Retained to Com Equity
17%	17%	18%	17%	16%	16%	17%	18%	20%	19%	Dividends to Net Profits