Radioshack Corpor

(RSH)

July 19, 2012

Figures in Millions except per share values

Company Overview

Low Risk
5

RadioShack Corporation (RadioShack), incorporated in 1967, is engaged in the retail

sale of consumer electronics goods and services through its RadioShack store chain.
The Company has two segments: U.S. RadioShack company-operated stores and
others. During the year ended December 31, 2011, the Company discontinued its
kiosks segment.

4
3

Strong Moat

High Growth

2
1

U.S. RadioShack company-operated stores

As of December 31, 2011, the Company operated 4,476 U.S. company-operated

stores under the RadioShack brand located throughout the United States, as well as
in Puerto Rico and the U.S. Virgin Islands. RadioShacks product lines are into three
platforms. Its mobility platform includes postpaid and prepaid wireless handsets,
commissions and residual income, prepaid wireless airtime, tablet devices, and ereaders. Its signature platform includes home entertainment, wireless, computer and

Good Financials

Under Valued

Well Managed

Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
Ben Graham Formula

$
$
$
$
$
$

3.79
3.88
25.08
(5.69)
6.97
2.78

$
$
$

376.83
16.25
3.67
3.3%

Key Statistics
Mkt Cap ($M)
52 Wk High
52 Wk Low
% off 52Wk Low

Margin of Safety

30
25
20

Valuation Ratios
P/E(TTM)
P/S(TTM)
EV/EBITDA(TTM)
P/Tang BV(MRQ)
FCF/EV (TTM)

Cash Flows

P/FCF(TTM)

Owner Earnings FCF

Earnings Yld (TTM)

5 yr FCF Growth
10 yr FCF Growth

15.4%
0.0%

14.7
0.1
2.3
0.6
1.8%
3.4
0.0%

Piotroski (TTM)
Altman (MRQ)

6
2.4

Beneish (TTM)

-3.1

Effectiveness
CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg

37.0%
7.3%
8.4%

15
10
5
0
11/7/2005

11/7/2007

11/7/2009

Historical Price

Intrinsic Value

Balance Sheet

Margins & Profitability

Cash and Equiv

Short-Term Investments

$
$

566.40
-

Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin

Accts Rec
Inventory
Total Current Assets
Net PP&E
Intangibles
Total Assets

$
236.60
$
730.20
$ 1,664.50
$
260.50
$
$ 2,018.00

Financial Strength (MRQ)

Total Current Liabilities

Quick Ratio(MRQ)
Current Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)

Long-Term Debt
Total Liabilities

$
674.90
$ 1,278.30

23.5%

Efficiency
Rec Turnover(TTM)
Inv Turnover(TTM)
Asset Turnover(TTM)

5 Yr Price vs Intrinsic Value

35

18.0
3.6
2.3

1.8
3.2
91.2
91.2

516.90

11/7/2011
Buy Price

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Enter Ticker

Radioshack Corpor
(RSH)

Help
Figures in Millions except per share values

7/19/2012
2002

Income Statement

2003

Revenue

4,577.2

2,338.9
51.1%
2,238.3
48.9%

% change from prev year

Cost of Revenues
COGS (%)
Gross Profit
Gross Income (%)

2004

4,649.3
1.6%
2,333.6
50.2%
2,315.7
49.8%

2005

7
$
$
$

4,841.2
4.1%
2,406.7
49.7%
2,434.5
50.3%

2006

6
$
$
$

5,081.7
5.0%
2,706.3
53.3%
2,375.4
46.7%

2007

5
$
$
$

4,777.5
-6.0%
2,544.4
53.3%
2,233.1
46.7%

2008

4
$
$
$

4,251.7
-11.0%
2,225.9
52.4%
2,025.8
47.6%

2009

3
$
$
$

4,224.5
-0.6%
2,301.8
54.5%
1,922.7
45.5%

2010

2
$
$
$

4,276.0
1.2%
2,313.5
54.1%
1,962.5
45.9%

2011

1
$
$
$

4,472.7
4.6%
2,462.1
55.0%
2,010.6
45.0%

Q1

0
$
$
$

4,378.0
-2.1%
2,567.2
58.6%
1,810.8
41.4%

Q2

3
$

1,063.3

587.3
55.2%
476.0
44.8%

Q3

941.9
-11.4%
509.8
54.1%
432.1
45.9%

Q4

2
$
$
$

1,031.8
9.5%
589.9
57.2%
441.9
42.8%

$
$
$

1000000
TTM
Next Year Est

Q1

1
1,386.9
34.4%
904.5
65.2%
482.4
34.8%

0
$
$
$

1,008.3
-27.3%
613.8
60.9%
394.5
39.1%

$
$
$

4,368.9
-0.2%
2,618.0
59.9%
1,750.9
40.1%

Operating Expenses
Selling, General & Admin. Expenses
SG&A (%)
Research & Development
R&D (%)
EBITDA
EBITDA (%)
Other Special Charges
Depreciation & Amortization
D&A (%)

$
$
$
$
$

Operating Income
Operating Income (%)

1,728.6
37.8%
0.0%
0.0%
10.4
94.7
2.1%

$
$
$
$
$

1,740.0
37.4%
0.0%
0.0%
92.0
2.0%

$
$
$
$
$

1,774.8
36.7%
0.0%
0.0%
101.4
2.1%

$
$
$
$
$

1,901.7
37.4%
0.0%
0.0%
123.8
2.4%

$
$
$
$
$

1,903.7
39.8%
0.0%
0.0%
(44.3)
128.2
2.7%

$
$
$
$
$

1,538.5
36.2%
0.0%
0.0%
(2.7)
112.7
2.7%

$
$
$
$
$

1,509.8
35.7%
0.0%
0.0%
(2.8)
99.3
2.4%

$
$
$
$
$

1,507.9
35.3%
0.0%
0.0%
(1.5)
106.7
2.5%

$
$
$
$
$

1,554.7
34.8%
0.0%
0.0%
(4.0)
99.2
2.2%

$
$
$
$
$

1,577.4
36.0%
0.0%
0.0%
(3.1)
99.4
2.3%

$
$
$
$
$

386.0
36.3%
0.0%
0.0%
(0.4)
24.1
2.3%

$
$
$
$
$

364.3
38.7%
0.0%
0.0%
(0.6)
24.4
2.6%

$
$
$
$
$

411.4
39.9%
0.0%
0.0%
(0.7)
25.4
2.5%

$
$
$
$
$

431.1
31.1%
0.0%
0.0%
(1.4)
25.5
1.8%

$
$
$
$
$

373.3
37.0%
0.0%
0.0%
(0.5)
25.2
2.5%

$
$
$
$
$

1,580.1
36.2%
0.0%
0.0%
(3.2)
100.5
2.3%

425.4
9.3%

483.7
10.4%

558.3
11.5%

349.9
6.9%

156.9
3.3%

381.9
9.0%

322.0
7.6%

369.4
8.6%

375.4
8.4%

155.1
3.5%

71.1
6.7%

48.9
5.2%

10.6
1.0%

30.5
2.2%

1.8
0.2%

91.8
2.1%

Interest Expense
Interest Income
Other Income
Total Other Income

$
$
$
$

43.4
9.0
33.9
42.9

$
$
$
$

35.7
12.8
12.0
24.8

$
$
$
$

29.6
11.4
2.0
13.4

$
$
$
$

44.5
5.9
10.2
16.1

$
$
$
$

44.3
7.4
(8.6)
(1.2)

$
$
$
$

38.8
22.6
0.9
23.5

$
$
$
$

29.9
14.6
(2.4)
12.2

$
$
$
$

44.1
4.8
(1.6)
3.2

$
$
$
$

41.9
2.6
2.6

$
$
$
$

46.8
3.1
(4.1)
(1.0)

$
$
$
$

9.7
0.3
(4.1)
(3.8)

$
$
$
$

10.9
0.5
0.5

$
$
$
$

12.6
1.4
1.4

$
$
$
$

13.6
0.9
0.9

$
$
$
$

13.1
0.5
0.5

$
$
$
$

50.2
3.3
3.3

Income Before Taxes

Income Taxes/(Credit)
Tax Rate %
Earnings After Taxes
Minority Interest Expense

$
$

424.9
161.5
38.0%
263.4
-

$
$

38.5
15.0
39.0%
23.5
-

$
$

$
$

$
$

(10.8)
(2.8)
25.9%
(8.0)
-

$
$

$
$

17.8
5.9
33.1%
11.9
-

$
$

$
$

57.6
22.5
39.1%
35.1
-

$
$

$
$

107.3
40.2
37.5%
67.1
-

$
$

$
$

336.1
130.0
38.7%
206.1
-

$
$

$
$

328.5
123.5
37.6%
205.0
-

$
$

$
$

304.3
111.9
36.8%
192.4
-

$
$

$
$

366.6
129.8
35.4%
236.8
-

$
$

$
$

111.4
38.0
34.1%
73.4
-

$
$

$
$

321.5
51.6
16.0%
269.9
-

$
$

$
$

542.1
204.9
37.8%
337.2
-

$
$

$
$

472.8
174.3
36.9%
298.5
-

$
$

$
$

44.9
17.2
38.3%
27.7
-

Net Income From Continuing Operations

Net Income From Discontinued Operations

$
$

263.4
-

$
$

298.5
-

$
$

337.2
-

$
$

269.9
-

$
$

73.4
-

$
$

236.8
-

$
$

192.4
-

$
$

205.0
-

$
$

206.1
-

$
67.1
$ 5,100,000.0

$
$

35.1
-

$
23.5
$ 1,400,000.0

$
$

0.3
-

$
$

11.9
-

$
$

(8.0)
-

Net Income From Total Operations

Net Income (%)

263.4
5.8%

298.5
6.4%

337.2
7.0%

267.0
5.3%

73.4
1.5%

236.8
5.6%

192.4
4.6%

205.0
4.8%

206.1
4.6%

72.2
1.6%

35.1
3.3%

24.9
2.6%

0.3
0.0%

11.9
0.9%

(8.0)
-0.8%

29.1
0.7%

$
$

1.50
1.45
173.0
179.3

$
$

1.78
1.77
167.7
168.9

$
$

2.09
2.08
161.0
162.5

$
$

1.80
1.79
148.1
148.8

$
$

0.54
0.54
136.2
136.2

$
$

1.76
1.74
134.6
135.9

$
$

1.49
1.49
129.0
129.1

$
$

1.63
1.63
125.4
126.1

$
$

1.71
1.68
120.5
122.7

$
$

0.70
0.70
102.5
103.3

$
$

0.33
0.33
106.2
107.4

$
$

0.24
0.24
103.7
104.6

$
$

100.2
100.7

$
$

0.12
0.12
102.5
103.3

$
$

(0.08)
(0.08)
99.8
99.8

$
$

0.28
0.28
99.4
99.8

$
$
$

446.5
206.1

$
$
$

634.7
182.4

$
$
$

437.9
241.0

$
$
$

224.0
309.4

$
$
$

472.0
247.9

$
$
$

509.7
256.0

$
$
$

814.8
241.9

$
$
$

908.2
322.5

$
$
$

569.4
377.5

$
$
$

591.7
360.6

$
$
$

326.2
249.3

$
$
$

552.2
278.4

$
$
$

667.7
250.3

$
$
$

591.7
360.6

$
$
$

566.4
236.6

Other Income and Expense

$
$

$
$

(0.6)
(0.9)
150.0%
0.3
-

$
$

$
27.7
$ 1,400,000.0

Shares and EPS

Total Basic EPS
Fully Diluted EPS
Basic Shares Outstanding
Diluted Shares Outstanding
User Defined Shares Outstanding

Balance Sheet

MRQ

Assets
Cash and Equiv
Short-Term Investments
Net Receivables

-11.5%

% change from prev year

32.1%

28.4%

-19.9%

3.3%

-5.5%

33.3%

17.1%

-4.5%

-34.0%

-22.8%

-10.1%

44.1%

$
$
$

-34.4%

566.4
236.6
-34.4%

Inventories, raw materials

Inventories, work in progress

Inventories, purchased components

Inventories, finished goods

Inventories, other
Inventories

$
$

971.2
971.2

$
$
$
$
$

766.5
766.5
-21.1%
83.0

$
$
$

1,003.7
1,003.7
30.9%
92.5

$
$
$

964.9
964.9
-3.9%
129.0

$
$
$

752.1
752.1
-22.1%
93.5
34.1

Prepaid Expenses
Current Deferred Income Taxes
Other Current Assets

$
$
$

83.1

Total Current Assets

Land and Improvements
Building and Improvements
Machinery, Furniture & Equipment
Construction in Progress
Other Fixed Assets
Total Fixed Assets
Net Fixed Assets
Intangible Assets
Goodwill
Non Current Deferred Income Taxes
Other Long-Term Assets
Total Long-Term Assets

$
$
$
$
$
$
$
$
$
$
$
$
$

1,706.9
35.0
435.5
586.9
1,057.4
421.6
99.4
521.0

$
$
$
$
$
$
$
$
$
$
$
$
$

1,666.6
35.0
514.9
631.8
1,181.7
513.1
64.2
577.3

$
$
$
$
$
$
$
$
$
$
$
$
$

1,775.1
35.1
645.2
704.1
1,384.4
652.0
89.6
741.6

$
$
$
$
$
$
$
$
$
$
$
$
$

1,627.3
18.1
474.0
748.8
1,240.9
476.2
101.6
577.8

$
$
$
$
$
$
$
$
$
$
$
$
$

Total Assets

2,227.9

2,243.9

2,516.7

2,205.1

Accounts payable
Short-Term Debt
Taxes Payable
Accrued Expenses
Accrued Liabilities
Deferred Revenues
Current Deferred Income Taxes
Other Current Liabilities

$
$
$
$
$
$
$
$

312.6
36.0
318.7
160.9

$
$
$
$
$
$
$
$

300.2
77.4
343.0
137.5

$
$
$
$
$
$
$
$

442.2
55.6
342.1
117.5

$
$
$
$
$
$
$
$

Total Current Liabilities

Long-Term Debt
Other Liabilities
Deferred Income Taxes
Other Long-Term Liabilities
Total Long-Term Liabilities

$
$
$
$
$
$

828.2
591.3
80.3
80.3
671.6

$
$
$
$
$
$

858.1
541.3
75.2
75.2
616.5

$
$
$
$
$
$

957.4
506.9
130.3
130.3
637.2

Total Liabilities
Retained Earnings
Preferred Equity

$
$
$

1,499.8
2,002.5
-

$
$
$

1,474.6
1,210.6
-

$
$
$

Total Equity
Total Liabilities & Equity

728.1

2,227.9

769.3

2,243.9

% change from prev year

$
$

$
$

$
$

$
$
$
$
$

705.4
705.4
-6.2%
75.4
20.3

1,599.6
10.6
424.5
751.7
1,186.8
386.3
5.0
2.5
36.3
40.3
470.4

$
$
$
$
$
$
$
$
$
$
$
$
$

2,070.0

490.9
40.9
379.5
75.0

$
$
$
$
$
$
$
$

$
$
$
$
$
$

986.3
494.9
135.1
135.1
630.0

1,594.6
1,508.1
-

$
$
$

922.1

2,516.7

$
$
$
$
$

636.3
636.3
-9.8%
63.9
35.1

1,566.8
10.6
422.7
682.4
1,115.7
317.1
2.2
2.9
59.7
40.9
422.8

$
$
$
$
$
$
$
$
$
$
$
$
$

1,989.6

254.5
194.9
319.6
22.5
192.7

$
$
$
$
$
$
$
$

$
$
$
$
$
$

984.2
345.8
86.2
86.2
432.0

1,616.3
1,741.4
-

$
$
$

588.8

2,205.1

$
$
$
$
$

670.6
670.6
5.4%
114.4

1,792.0
2.7
413.6
679.6
1,095.9
306.4
36.7
94.6
53.8
491.5

$
$
$
$
$
$
$
$
$
$
$
$
$

2,283.5

257.6
61.2
310.1
119.1

$
$
$
$
$
$
$
$

$
$
$
$
$
$

748.0
348.2
123.7
123.7
471.9

1,416.2
1,780.9
-

$
$
$

653.8

2,070.0

$
$
$
$
$

723.7
723.7
7.9%
108.1

2,015.7
2.4
416.1
663.2
1,081.7
282.3
38.9
92.4
413.6

$
$
$
$
$
$
$
$
$
$
$
$
$

2,429.3

206.4
39.3
367.3
24.2

$
$
$
$
$
$
$
$

$
$
$
$
$
$

637.2
732.5
50.4
46.1
50.4
829.0

1,219.9
1,992.1
-

$
$
$

769.7

1,989.6

$
$
$
$
$

744.4
744.4
2.9%
116.1

1,778.7
2.4
418.5
673.5
1,094.4
274.3
41.2
81.2
396.7

$
$
$
$
$
$
$
$
$
$
$
$
$

2,175.4

223.0
41.6
359.0
30.9

$
$
$
$
$
$
$
$

$
$
$
$
$
$

654.5
627.8
98.7
98.7
726.5

1,466.2
2,153.2
-

$
$
$

817.3

2,283.5

$
$
$
$
$

737.9
737.9
2.0%
102.4

1,812.8
2.5
423.3
663.0
1,088.8
270.2
37.0
55.1
362.3

$
$
$
$
$
$
$
$
$
$
$
$
$

2,175.1

272.4
308.0
318.0
9.7

$
$
$
$
$
$
$
$

$
$
$
$
$
$

908.1
331.8
93.0
93.0
424.8

1,381.0
2,323.9
-

$
$
$

1,048.3

2,429.3

$
$
$
$
$

727.2
727.2
-2.3%
104.4

1,415.8
267.4
267.4
267.4
42.7
81.5
391.6

$
$
$
$
$
$
$
$
$
$
$
$
$

1,807.4

348.2
315.4
-

$
$
$
$
$
$
$
$

$
$
$
$
$
$

663.6
670.6
87.6
87.6
758.2

1,332.9
1,502.5
-

$
$
$

842.5

2,175.4

$
$
$
$
$

790.6
790.6
8.7%
106.3

1,662.2
274.5
274.5
274.5
43.3
84.3
402.1

$
$
$
$
$
$
$
$
$
$
$
$
$

2,064.3

221.9
261.0
17.9

$
$
$
$
$
$
$
$

$
$
$
$
$
$

500.8
335.7
89.0
89.0
424.7

1,421.8
1,525.1
-

$
$
$

753.3

2,175.1

$
$
$
$
$

744.4
744.4
-5.8%
116.1

1,814.9
273.4
273.4
273.4
37.4
82.3
393.1

$
$
$
$
$
$
$
$
$
$
$
$
$

2,208.0

225.4
265.4
9.4

$
$
$
$
$
$
$
$

$
$
$
$
$
$

500.2
662.2
93.9
93.9
756.1

925.5
1,537.6
-

$
$
$

881.9

1,807.4

$
$

$
$

$
$
$

730.2
730.2
-1.9%
131.3

$
$
$

730.2
730.2
-1.9%
131.3

1,812.8
2.5
423.3
663.0
1,088.8
270.2
37.0
55.1
362.3

$
$
$
$
$
$
$
$
$
$
$
$
$

1,664.5
260.5
260.5
260.5
40.3
52.7
353.5

$
$
$
$
$
$
$
$
$
$
$
$
$

1,664.5
260.5
260.5
260.5
40.3
52.7
353.5

2,175.1

2,018.0

2,018.0

344.6
290.8
8.7

$
$
$
$
$
$
$
$

348.2
315.4
-

$
$
$
$
$
$
$
$

252.6
264.3
-

$
$
$
$
$
$
$
$

252.6
264.3
-

$
$
$
$
$
$

644.1
666.4
98.0
98.0
764.4

$
$
$
$
$
$

663.6
670.6
87.6
87.6
758.2

$
$
$
$
$
$

516.9
674.9
86.5
86.5
761.4

$
$
$
$
$
$

516.9
674.9
86.5
86.5
761.4

1,256.3
1,562.5
-

$
$
$

1,408.5
1,562.8
-

$
$
$

1,421.8
1,525.1
-

$
$
$

1,278.3
1,504.7
-

$
$
$

1,278.3
1,504.7
-

808.0

799.5

753.3

739.7

739.7

2,064.3

2,208.0

2,175.1

2,018.0

2,018.0

Liabilities & Stockholders' Equity

Cash Flows Statement

TTM

Cash Flows From Operating Activities

Net Income
Depreciation & Amortization
Deferred Income Taxes
Operating Gains
Extraordinary Gains
(Incr) Decr. in Receivables
(Incr) Decr. in Inventories
(Incr) Decr. in Prepaid Expenses
(Incr) Decr. in Other Current Assets
Decr. (Incr) in payables
Decr. (Incr) in Other Current Liabilities
Decr. (Incr) in Other Working Capital
Other Non Cash Items

$
$
$
$
$
$
$
$
$
$
$
$
$

263.4
94.7
30.6
12.8
68.2
(21.4)
1.9
71.4
-

$
$
$
$
$
$
$
$
$
$
$
$
$

298.5
92.0
51.7
0.4
17.2
202.3
(5.2)
(5.0)
-

$
$
$
$
$
$
$
$
$
$
$
$
$

337.2
101.4
50.2
(0.3)
(53.0)
(234.2)
(7.5)
158.7
-

$
$
$
$
$
$
$
$
$
$
$
$
$

267.0
123.8
(76.9)
4.8
(68.2)
38.8
28.5
45.1
-

$
$
$
$
$
$
$
$
$
$
$
$
$

73.4
128.2
(27.6)
61.8
212.8
2.5
(193.0)
56.7

$
$
$
$
$
$
$
$
$
$
$
$
$

236.8
112.7
16.5
(0.7)
46.8
5.3
(31.3)
(7.1)

$
$
$
$
$
$
$
$
$
$
$
$
$

192.4
99.3
13.6
15.2
93.6
(8.7)
(165.0)
34.2

$
$
$
$
$
$
$
$
$
$
$
$
$

205.0
92.9
7.6
(79.6)
(34.7)
(2.8)
29.2
14.4

$
$
$
$
$
$
$
$
$
$
$
$
$

206.1
84.2
12.0
(39.9)
(60.4)
(3.6)
(85.0)
26.6

$
$
$
$
$
$
$
$
$
$
$
$
$

72.2
83.1
35.2
15.6
(24.1)
(11.4)
18.6
12.4

$
$
$
$
$
$
$
$
$
$
$
$
$

35.1
20.2
132.0
(3.9)
7.4
(136.7)
2.8

$
$
$
$
$
$
$
$
$
$
$
$
$

60.0
40.6
99.5
(2.1)
6.3
(120.3)
9.6

$
$
$
$
$
$
$
$
$
$
$
$
$

60.3
61.7
126.9
(69.4)
5.7
52.5
13.1

$
$
$
$
$
$
$
$
$
$
$
$
$

72.2
83.1
35.2
15.6
(24.1)
(11.4)
18.6
12.4

$
$
$
$
$
$
$
$
$
$
$
$
$

(8.0)
20.9
124.8
16.8
13.4
(75.5)
(52.8)
4.6

$
$
$
$
$
$
$
$
$
$
$
$
$

29.1
83.8
35.2
8.4
(3.4)
(5.4)
79.8
(52.8)
14.2

Net Cash From Operating Activities

521.6

651.9

352.5

362.9

314.8

379.0

274.6

245.8

155.0

217.9

60.8

101.5

263.0

217.9

48.5

205.6

$
$
$
$
$
$
$
$
$

(106.8)
8.6
(0.8)
(99.0)

$
$
$
$
$
$
$
$
$

(189.6)
6.7
(6.0)
(188.9)

$
$
$
$
$
$
$
$
$

(229.4)
(59.1)
2.5
(4.2)
(290.2)

$
$
$
$
$
$
$
$
$

(170.7)
226.0
(16.0)
39.3

$
$
$
$
$
$
$
$
$

(91.0)
11.1
0.6
(79.3)

$
$
$
$
$
$
$
$
$

(45.3)
1.5
(42.0)

$
$
$
$
$
$
$
$
$

(85.6)
(42.0)
0.9
2.4
(124.3)

$
$
$
$
$
$
$
$
$

(81.0)
(0.2)
0.4
(80.8)

$
$
$
$
$
$
$
$
$

(80.1)
0.1
(80.0)

$
$
$
$
$
$
$
$
$

(82.1)
2.0
(80.1)

$
$
$
$
$
$
$
$
$

(14.5)
(14.5)

$
$
$
$
$
$
$
$
$

(41.5)
(41.5)

$
$
$
$
$
$
$
$
$

(62.9)
0.1
(62.8)

$
$
$
$
$
$
$
$
$

(82.1)
2.0
(80.1)

$
$
$
$
$
$
$
$
$

(11.2)
(28.0)
(39.2)

$
$
$
$
$
$
$
$
$

(78.8)
(26.0)
(104.8)

$
$
$
$
$
$
$
$
$
$
$

49.6
(329.9)
(280.3)
(89.7)
(89.7)
(39.8)
(377.5)
401.4
446.5
45.1

$
$
$
$
$
$
$
$
$
$
$

51.5
(286.2)
(234.7)
20.7
(20.0)
0.7
(40.8)
(274.8)
446.5
634.7
188.2

$
$
$
$
$
$
$
$
$
$
$

85.8
(251.1)
(165.3)
(54.1)
(54.1)
(39.7)
(259.1)
634.7
437.9
(196.8)

$
$
$
$
$
$
$
$
$
$
$

47.5
47.5
(629.9)
(629.9)
(33.7)
(616.1)
437.9
224.0
(213.9)

$
$
$
$
$
$
$
$
$
$
$

12.2
12.2
42.2
(8.0)
34.2
(33.9)
12.5
224.0
472.0
248.0

$
$
$
$
$
$
$
$
$
$
$

81.3
(208.5)
(127.2)
10.7
(150.0)
(139.3)
(32.8)
(299.3)
472.0
509.7
37.7

$
$
$
$
$
$
$
$
$
$
$

39.9
(111.3)
(71.4)
375.0
(31.2)
343.8
(31.3)
154.8
509.7
814.8
305.1

$
$
$
$
$
$
$
$
$
$
$

0.7
0.7
2.2
(43.2)
(41.0)
(31.3)
(71.6)
814.8
908.2
93.4

$
$
$
$
$
$
$
$
$
$
$

4.0
(398.8)
(394.8)
(26.5)
(413.8)
908.2
569.4
(338.8)

$
$
$
$
$
$
$
$
$
$
$

6.0
(113.3)
(107.3)
322.5
(306.8)
15.7
(49.6)
(115.5)
569.4
591.7
22.3

$
$
$
$
$
$
$
$
$
$
$

0.6
0.6
(306.8)
(306.8)
(289.5)
569.4
326.2
(243.2)

$
$
$
$
$
$
$
$
$
$
$

2.1
(101.4)
(99.3)
322.5
(306.8)
15.7
(77.2)
569.4
552.2
(17.2)

$
$
$
$
$
$
$
$
$
$
$

2.6
2.6
322.5
(306.8)
15.7
(101.9)
569.4
667.7
98.3

$
$
$
$
$
$
$
$
$
$
$

6.0
(113.3)
(107.3)
322.5
(306.8)
15.7
(49.6)
(115.5)
569.4
591.7
22.3

$
$
$
$
$
$
$
$
$
$
$

(12.4)
(34.6)
591.7
566.4
(25.3)

$
$
$
$
$
$
$
$
$
$
$

5.4
(113.3)
(107.9)
322.5
322.5
(62.0)
139.4
591.7
831.9
240.2

$
$
$
$

521.6
106.8
414.8
120.8

$
$
$
$

651.9
189.6
462.3
(8.4)

$
$
$
$

352.5
229.4
123.1
345.2

$
$
$
$

362.9
170.7
192.2
175.9

$
$
$
$

314.8
91.0
223.8
127.5

$
$
$
$

379.0
45.3
333.7
279.7

$
$
$
$

274.6
85.6
189.0
308.0

$
$
$
$

245.8
81.0
164.8
320.7

$
$
$
$

155.0
80.1
74.9
429.7

$
$
$
$

217.9
82.1
135.8
90.0

$
$
$
$

60.8
14.5
46.3
45.2

$
$
$
$

101.5
41.5
60.0
85.9

$
$
$
$

263.0
62.9
200.1
(42.8)

$
$
$
$

217.9
82.1
135.8
88.3

$
$
$
$

48.5
11.2
37.3
(19.9)

$
$
$
$

205.6
78.8
126.8
24.9

Cash Flows From Investing Activities

Sale of Long-term Investments
Sale of Short-term Investments
Capital Expenditures
Acquisitions
Sale of Assets
Purchase of Long-term Investments
Purchase of Short-term Investments
Other Investing Changes, Net
Net Cash From Investing Activities

Cash Flows From Financing Activities

Issuance of Capital Stock
Repurchase of Capital Stock
Net Issuance of Stock
Issuance of Debt
Repayment of Debt
Net Issuance of Debt
Dividends Paid
Cash from Financing
Cash at Beginning of the Period
Cash at End of the Period
Change in Cash

Free Cash Flow

Cash from Operations
Cap Ex
Free Cash Flow
Owner Earnings FCF
User Defined

Radioshack Corpor
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Color Coding

7/19/2012
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM

Financial Statistics & Ratios

Profitability Ratios
P/E

10.63

14.38

13.22

9.97

26.65

8.43

7.15

10.82

10.08

13.17

13.54

P/E (cash adjusted)

8.92

12.26

11.92

9.13

20.23

6.27

2.91

6.40

7.32

4.99

-6.73

P/S

0.60

0.92

0.92

0.52

0.41

0.47

0.33

0.52

0.46

0.22

0.09

P/BV

3.80

5.59

4.84

4.51

3.00

2.59

1.68

2.12

2.47

1.26

0.51

P/Tang BV

3.80

5.59

4.84

4.51

3.02

2.60

1.68

2.12

2.47

1.26

0.51

P/CF

6.36

7.94

7.25

4.12

5.02

4.76

3.62

5.53

5.30

3.64

1.74

22.89

-511.93

12.94

15.10

15.37

7.12

4.46

6.93

4.84

10.58

15.19

ROE

36.2%

38.8%

36.6%

45.3%

11.2%

30.8%

23.5%

19.6%

24.5%

9.6%

3.9%

ROA

11.8%

13.3%

13.4%

12.1%

3.5%

11.9%

8.4%

8.4%

9.5%

3.3%

1.4%

ROIC

18.8%

22.0%

22.3%

24.1%

9.5%

19.9%

12.4%

13.0%

18.2%

6.4%

3.8%

8.6%

-0.6%

22.1%

14.4%

11.7%

22.5%

18.7%

18.1%

33.9%

6.0%

1.7%

100.5%

103.2%

96.7%

107.7%

107.9%

101.8%

84.2%

80.8%

92.4%

83.3%

86.8%

26.3%

17.9%

20.6%

22.2%

33.4%

38.6%

59.4%

47.2%

40.5%

79.1%

195.6%

Quick Ratio

0.89

1.05

0.81

0.67

0.86

1.15

1.81

2.06

1.16

1.61

1.81

Current Ratio

2.06

1.94

1.85

1.65

1.63

2.09

2.81

3.08

1.96

2.73

3.22

Total Debt/Equity Ratio

2.06

1.92

1.73

2.75

2.17

1.58

1.79

1.32

1.58

1.89

1.73

Long Term Debt/Equity Ratio

Short Term Debt/Equity Ratio

0.81

0.70

0.55

0.84

0.53

0.45

0.90

0.60

0.39

0.89

0.91

0.05

0.10

0.06

0.07

0.30

0.08

0.05

0.04

0.37

0.00

0.00

P/FCF

CROIC
GPA (Gross Profitability to Assets)
Book to Market

Solvency

Efficiency Ratios
Asset Turnover
Cash % of Revenue
Receivables % of Revenue

2.05

2.07

1.92

2.30

2.31

2.14

1.85

1.76

2.06

2.01

2.16

9.8%

13.7%

9.0%

4.4%

9.9%

12.0%

19.3%

21.2%

12.7%

13.5%

13.0%

4.5%

3.9%

5.0%

6.1%

5.2%

6.0%

5.7%

7.5%

8.4%

8.2%

5.4%

37.8%

37.4%

36.7%

37.4%

39.8%

36.2%

35.7%

35.3%

34.8%

36.0%

36.2%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Receivables Turnover

1.28

1.54

1.59

0.97

0.26

0.94

0.77

0.73

0.59

0.20

0.12

Days Sales Outstanding

16.4

14.3

18.2

22.2

18.9

22.0

20.9

27.5

30.8

30.1

19.8

Days Payable Outstanding

48.78

46.95

67.06

66.21

36.51

42.24

32.73

35.18

40.38

49.51

35.22

SG&A % of Revenue
R&D % of Revenue

Liquidity Ratios

Inventory Turnover
Average Age of Inventory (Days)
Intangibles % of Book Value

2.41

2.69

2.72

2.75

2.96

3.05

3.43

3.54

3.53

3.50

3.59

151.56

135.90

134.23

132.75

123.15

119.50

106.38

103.09

103.35

104.37

101.80

0.0%

0.0%

0.0%

0.0%

0.8%

0.3%

0.0%

0.0%

0.0%

0.0%

0.0%

21.2%

16.5%

20.7%

19.0%

15.7%

16.6%

15.1%

15.7%

16.2%

17.0%

16.7%

LT-Debt as % of Invested Capital

42.2%

39.1%

32.5%

40.6%

31.8%

28.0%

44.5%

35.4%

26.2%

44.4%

45.0%

ST-Debt as % of Invested Capital

2.6%

5.6%

3.6%

3.4%

17.9%

4.9%

2.4%

2.3%

24.3%

0.0%

0.0%

39.4%

36.7%

31.8%

30.6%

24.4%

28.5%

50.0%

45.5%

24.9%

47.2%

52.8%

Inventory % of Revenue

Capital Structure Ratios

LT-Debt as % of Total Debt

ST-Debt as % of Total Debt

2.4%

5.2%

3.5%

2.5%

13.8%

5.0%

2.7%

3.0%

23.1%

0.0%

0.0%

Total Debt % of Total Assets

67.3%

65.7%

63.4%

73.3%

68.4%

61.3%

64.2%

56.8%

61.3%

65.4%

63.3%

Working Capital % of Price

31.8%

18.8%

18.3%

24.1%

31.4%

41.1%

84.0%

61.2%

41.9%

120.7%

303.4%

Radioshack Corpor
(RSH)
7/19/2012
Help

Enter Ticker

Fiscal Year
Cash Flow Data

Shares Out.
99.43

CLEAR

Trend

2002

Growth

Discount %

-5.0%

15.0%

Terminal %

Select FCF

3%

Owner Earnings

50%

Select input with

each list or enter
your own value

Refresh

Cash from Operations

Capex
Cash Flow
Owner Earnings FCF

M.O.S

99.43

Adjust 2011 FCF

$25.0

-5.0%

Current Price

Fair Value

Buy Under

Actual M.O.S

52 Wk High

52 Wk Low

$3.79

$6.97

$3.49

46%

$0.00

$0.00

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM

$521.6
($106.8)
$434.4
$120.8
YOY% Change

$651.9
($189.6)
$541.3
($8.4)
-107.0%

$352.5
($229.4)
$616.1
$345.2
-4209.5%

$362.9
($170.7)
$644.9
$175.9
-49.0%

$314.8
($91.0)
$390.7
$127.5
-27.5%

$379.0
($45.3)
$418.6
$279.7
119.4%

$274.6
($85.6)
$379.7
$308.0
10.1%

$245.8
($81.0)
$401.8
$320.7
4.1%

$155.0
($80.1)
$392.0
$429.7
34.0%

$217.9
($82.1)
$261.4
-94.2%

$205.6
($78.8)
$218.0
$24.9
-0.4%

48.9%
9.3%
5.8%

49.8%
10.4%
6.4%

50.3%
11.5%
7.0%

46.7%
6.9%
5.3%

46.7%
3.3%
1.5%

47.6%
9.0%
5.6%

45.5%
7.6%
4.6%

45.9%
8.6%
4.8%

45.0%
8.4%
4.6%

41.4%
3.5%
1.6%

40.1%
2.1%
0.7%

$1.45
38.0%

$1.77
36.9%

$2.08
37.8%

$1.79
16.0%

$0.54
34.1%

$1.74
35.4%

$1.49
36.8%

$1.63
37.6%

$1.68
38.7%

$0.70
37.5%

$0.28
38.3%

12.7%
2.6%
2.4
11.8%
36.2%

-1.1%
-0.2%
2.7
13.3%
38.8%

30.8%
7.1%
2.7
13.4%
36.6%

17.7%
3.5%
2.7
12.1%
45.3%

20.8%
2.7%
3.0
3.5%
11.2%

38.2%
6.6%
3.1
11.9%
30.8%

37.0%
7.3%
3.4
8.4%
23.5%

37.0%
7.5%
3.5
8.4%
19.6%

61.6%
9.6%
3.5
9.5%
24.5%

9.8%
2.1%
3.5
3.3%
9.6%

2.7%
0.6%
3.6
1.4%
3.9%

206.0%
44.8%
8.1%
335.6%
20.4%

191.7%
41.3%
-0.6%
-10.9%
-1.6%

172.9%
35.5%
21.6%
620.9%
68.1%

274.5%
45.7%
10.9%
430.1%
35.5%

216.6%
34.6%
9.0%
65.4%
36.9%

158.5%
31.1%
22.9%
457.0%
80.3%

179.4%
47.3%
21.0%
783.7%
42.0%

131.7%
37.5%
23.2%
770.9%
51.1%

158.2%
28.3%
32.2%
139.5%
129.5%

188.7%
47.1%
6.3%

172.8%
47.7%
1.9%

13.4%

3.7%

2007-2011
-0.5%
-24.7%
37.0%
7.3%
8.4%
23.5%
45.5%
8.4%
4.6%
0.7%
-20.4%
-12.9%

2006-2009
17.3%
36.0%
37.0%
6.9%
8.4%
21.5%
46.3%
8.1%
4.7%
-3.6%
44.5%
-7.9%

2007-2010
3.2%
15.4%
37.6%
7.4%
9.0%
24.0%
45.7%
8.5%
4.7%
1.7%
-1.2%
-25.8%

2008-2011
-2.7%
-33.6%
37.0%
7.4%
8.4%
21.5%
45.2%
8.0%
4.6%
1.2%
-22.3%
-7.4%

2006-2008
12.2%
55.4%
37.0%
6.6%
8.4%
23.5%
46.7%
7.6%
4.6%
-6.0%
66.1%
-6.6%

2007-2009
16.9%
7.1%
37.0%
7.3%
8.4%
23.5%
45.9%
8.6%
4.8%
0.3%
-3.2%
-19.5%

2008-2010
1.5%
18.1%
37.0%
7.5%
8.4%
23.5%
45.5%
8.4%
4.6%
2.9%
6.2%
-24.9%

2009-2011
-15.2%
-47.0%
37.0%
7.5%
8.4%
19.6%
45.0%
8.4%
4.6%
1.2%
-34.5%
-5.8%

Median
3.2%
15.4%
37.0%
7.3%
8.4%
23.5%
45.7%
8.4%
4.6%
0.7%
-1.2%
-12.9%

2003-2010
1.3%
0.0%
33.9%
6.9%
10.7%
27.6%
46.7%
8.5%
5.0%
-0.6%
-0.7%
-18.6%

2004-2011
-2.8%
-17.5%
33.9%
6.9%
9.0%
24.0%
46.3%
8.0%
4.7%
-1.4%
-14.4%
-6.6%

2002-2007
1.1%
18.3%
19.2%
3.1%
12.0%
36.4%
48.3%
9.1%
5.7%
-1.5%
3.7%
-6.2%

2003-2008
1.2%
0.0%
25.8%
5.0%
12.0%
33.7%
47.2%
8.3%
5.4%
-1.9%
-3.4%
-15.9%

2004-2009
2.6%
-1.5%
33.9%
6.9%
10.2%
27.2%
46.7%
8.1%
5.0%
-2.5%
-4.8%
-7.0%

2005-2010
7.4%
19.6%
37.0%
6.9%
9.0%
24.0%
46.3%
8.0%
4.7%
-2.5%
-1.3%
-15.6%

2006-2011
3.0%
-6.7%
37.0%
6.9%
8.4%
21.5%
45.7%
8.0%
4.6%
-1.7%
5.3%
-7.1%

2002-2011
0.4%
-3.2%
37.0%
5.0%
10.6%
27.6%
46.7%
8.5%
5.0%
-0.5%
-7.8%
-9.2%

Median
1.3%
0.0%
33.9%
6.9%
10.6%
27.6%
46.7%
8.3%
5.0%
-1.5%
-1.3%
-9.2%

$25.0

Margins
Gross Margin
Operating Margin
Net Margin

EPS & Tax

Diluted EPS
Tax Rate

Efficiency & Profitability

CROIC
FCF/Sales
Inventory Turnover
Return On Assets (ROA)
Retun On Equity (ROE)

Debt Related
Debt to Equity
Capitalization Ratio
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt

5 Year Multi-Year Performance

Tang Shareholder Equity
Owner Earnings FCF
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth

2006-2010
6.7%
35.5%
37.0%
7.3%
8.4%
23.5%
45.9%
8.4%
4.6%
-1.6%
32.8%
-16.2%

10 Year Multi-Year Performance

Tang Shareholder Equity
Owner Earnings FCF
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth

2002-2009
5.3%
15.0%
25.8%
5.0%
11.9%
33.5%
47.2%
8.8%
5.4%
-1.0%
1.7%
-10.2%

Projection of future Free Cash Flow

2012
Yearly Growth Input Field
-5%
Terminal Growth
3%

$23.75
2022
17.03

2013

2014

2015

2016

2017

2018

2019

2020

2021

$22.56
2023
17.54 $
-5.0%

$21.43
2024
18.07 $
-5.0%

$20.79
2025
18.61 $
-3.0%

$19.86
2026
19.17 $
-4.5%

$18.97
2027
19.74 $
-4.5%

$18.11
2028
20.34 $
-4.5%

$17.96
2029
20.95 $
-0.8%

$17.23
2030
21.57 $
-4.0%

$16.53
2031
22.22
-4.1%

Calculation
Total Cash

$
MAX(0,Current Liabilities-Current Assets)
$
Excess Cash
$
Adding some Intangibles
$
Present Value
$
Shares Outstanding
Per Share Value
$
Desired Margin of Safety
Purchase Price
$
Current Price
$
Margin of Safety

Sensitivity Matrix: Growth vs Discount Rate

566.40
566.40
693.26
99.43
6.97
50%
3.49
3.79
46%

Discount Rates
-9% $
-7% $

Growth Rates

0%
10%
10%

$
-3% $
-1% $

14%
6.81 $
6.92 $

7.12
7.27
7.43

7.04
7.18
7.33

$
$
$

$
$
$

15%
6.76
6.86

$
$

16%
6.71 $
6.80 $

17%
6.66
6.75

6.97

$
$
$

6.91
7.03
7.16

6.85
6.96
7.08

7.10
7.24

$
$
$

Sensitivity Matrix: Margin of Safety %

Discount Rates

Variable Fields
Intangibles% add to DCF
Decay Rate (Yr4E-Yr7E)
Extra Decay (Yr8E-Yr10E)

-5%

13%
6.87 $
6.99 $

Growth Rates

13%

14%

15%

16%

17%

-9%

44.8%

44.4%

43.9%

43.5%

43.1%

-7%

45.8%

45.2%

44.7%

44.3%

43.9%

-5%

46.8%
47.9%
49.0%

46.2%
47.2%
48.3%

45.6%

45.1%
46.1%
47.0%

44.7%
45.5%
46.5%

-3%
-1%

46.6%
47.6%

Radioshack Corpor
(RSH)

Shares Out.

M.O.S

99.43

66%

99.43

Projection

EPS

Corp Bond

-1.3%

Analyst
Estimate

$0.38

3.43

-1.3%

Help

7/19/2012

Growth

Enter Ticker
Refresh

CLEAR

Current Price

Intrinsic $

Buy Under

$3.79

$2.78

$0.94

$0.38

Actual M.O.S 52 Wk High 52 Wk Low

0%

$0.00

$0.00

5 Yr EPS Growth

2006-2010
32.8%

2007-2011
-20.4%

2006-2009
44.5%

2007-2010
-1.2%

2008-2011
-22.3%

2006-2008
66.1%

2007-2009
-3.2%

2008-2010 2009-2011
6.2%
-34.5%

10 Yr EPS Growth

2002-2009
1.7%

2003-2010
-0.7%

2004-2011
-14.4%

2002-2007
3.7%

2003-2008
-3.4%

2004-2009
-4.8%

2005-2010
-1.3%

2006-2011
5.3%

2002
1.45
2012E
Forecast Method
$
1.18
Linear Regression Method $
1.55
Analyst Estimate
$
0.29
Diltued EPS

2003
1.77
2013E
$
1.16
$
1.53
$
0.38
$

2004
$

2.08

$1.77

$2.08

2005
1.79

$1.79

2006
0.54

$1.74

2007
$

1.74

$1.63

$1.49

$1.45

2008
1.49

2009
1.63

$1.68

Graham Value Calculation

$

$
$

0.38
-1.30%
3.43
2.78
66%
0.94
$3.79
0%

Graham's Sensitivity Matrix

Growth Sensitivity Increment
EPS Sensivity Increments

10%
10%

$0.70

$0.54

2002

2006

$0.38 $0.38

2003

2004

2005

2007

2008

-1.0%
-1.2%

$
$
$

0.30
2.32
2.27

$
$
$

0.34
2.61
2.56

$
$

$
$
$

2.22
2.17
2.06

$
$
$

2.50
2.44
2.32

$
$

2009

2010

2011

2012

2013

EPS

Growth

Normal Earnings
Growth Rate
Corp Bond Rate
Per Share Value
MOS
Purchase Price
Current Price
Actual Discount

-1.3%
-1.4%
-1.7%

$
$

0.38
2.91
2.84

2.78
2.72
2.58

$
$
$

0.42
3.20
3.13

$
$
$

0.46
3.49
3.41

$
$
$

3.06
2.99
2.83

$
$
$

3.33
3.26
3.09

Median
-1.2%

Median
-1.3%

2010
1.68

2011
0.70

TTM
0.28

Radioshack Corpor
(RSH)

Shares Out.
99.43

99.43

Source

Normalized Income

Discount Rate

R&D Years

SG&A %

9%

25%

$25.00

Statements

7/19/2012

$25.00

Figures in Millions except per share values

Enter Ticker

Refresh

Help

CLEAR

Current Price

EPV

Net Reproduction Value

EPV MOS

NCAV

52 Wk High

52 Wk Low

$3.79

($5.69)

$25.08

0.0%

$2.56

$0.00

$0.00

Asset Valuation Section

EPV Valuation Section

Data: Asset Valuation

Values for Normalized Income

Shares Outstanding
Balance Sheet Assets
Adjusted Assets
Total Liabilities
Total Equity
Average SGA %

$
$
$
$

99.4
2,018.0
2,018.0
1,278.3
739.7
35.6%

Marketing/Brand Value

1,558.4

R&D Value
Cash Needed for Business
Interest Bearing Debt
Non Interest Bearing Debt
Excess Cash

$
$
$
$
$

43.7
674.9
603.4
478.8

TTM Owner Earnings FCF

Avg Normalized Income
Med Normalized Income
Avg Adj. Income 5 yrs
TTM Adjusted Income

Quarterly numbers based on:

Adjustments:
Assets

740
255
3,576
2,298
2,494

$
$
$
$
$

9.0%
25.0
62.2
674.9
43.7
566.4

(152.2)
99.43

Cost of Capital Rates

5%
7%

$
$

EPV
Per Share
+ Cash - Debt
Per Share
(743.8) $
(7.48) $
(896.0) $
(9.01)
(531.3) $
(5.34) $
(683.5) $
(6.87)

9%

(413.2) $

(4.16) $

(565.4) $

(5.69)

11%
13%

$
$

(338.1) $
(286.1) $

(3.40) $
(2.88) $

(490.3) $
(438.3) $

(4.93)
(4.41)

Q1

Cash & Equivalents

Marketable Securities
Accounts Receivable - Gross
Other Receivable
Receivables

$
$
$
$

Inventories: Raw Materials

Other Long Term Assets, Total

Total Assets

$
$
$
$
$

Calculation: EPV

7.44
2.56
35.97
23.11
25.08

Book Value Fixed BV

$
566.4

Inventories: Work in Progress

Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Prepaid Expenses
Current Defered Income Taxes
Other Current Assets
Total Current Assets
Goodwill, Net
Intangibles, Net
Intangibles
Property/Plant/Equipment - Net

Cash - Debt
Shares

Total
Per Share
$
699 $
7.03
$
$
$
$
$

24.9
437.7
457.0
463.7
211.7

Data: EPV
Cost of Capital
Normalized Adjusted Income
Average Maintenance Capex
Interest Bearing Debt
1% of sales
Cash & Equiv

Calculation: Asset Valuation

Tangible BV
Adjusted BV
NCAV
Reprod. Cost of Assets
Reprod. Cost of Assets BV
Total Net Reprod. Cost

$
$
$
$
$

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

236.6
236.6

Multiplier

Reproduction
Asset Value
$
566.4
$
$
$
$

236.6
236.6

730.2
730.2
131.3
1,664.5
40.3
40.3
260.5
52.7
2,018.0

$
$
$
$
$
$
$
$
$
$
$

730.2
131.3
1,664.5
40.3
40.3
260.5
52.7
2,018.0

Adjustments:
Liabilities & Equity
Accounts Payable
Accrued Expenses
Accrued Liabilities
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Capital Lease Obligations
Deferred Income Taxes
Total Other Liabilities
Total Liabilities
Common Stock Equity
Retained Earnings
Total Capitalization
Total Equity
Total Liabilities & Equity

Book Value
$
252.6
$
$
264.3
$
$
$
$
$
$
$
$
$
$
$
$
$
$

516.9
674.9
86.5
1,278.3
739.7
1,504.7
1,414.6
739.7
2,018.0

Fixed BV

Multiplier

Reproduction
Liability Value
$
252.6
$
$
264.3
$

$
$

516.9

$
$
$
$

674.9
86.5

1,278.3

$
$
$

739.7
1,504.7
1,414.6

$
$

739.7
2,018.0

Radioshack Corpor
(RSH)
7/19/2012
Enter Ticker

Refresh

Current Price

NNWC

NNWC %

NCAV

NCAV %

Data

$3.79

-$1.70

0.0%

$3.88

2.4%

Statements

BV

CLEAR

BV
Multiplier
100%

Net Net Value

$
566.40

Help

Figures in Millions except per share values

Cash & Equivalents
Marketable Securities
Accounts Receivable
Other Receivable
Receivables
Inventories: Raw Materials
Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Current Assets - Total
Total Liabilities
Shares Outstanding

$
$
$
$
$
$
$
$
$
$
$
$
$

566.40
236.60
236.60
730.20
730.20
1,664.50
1,278.30
99.43

Total Current Assets

Market Cap & Share Price
Net Net Working Capital
Discount to NNWC
Net Current Asset Value
Discount to NCAV

75%
$

177.45

$
$
$

365.10
1,664.50
1,278.30
99.43

$
$
$

Total ($m)
1,664.50 $
376.83 $
(169.35) $

386.20

Per Share
16.74
3.79
(1.70)
0%
3.88
2%

50%

Radioshack Corpor
(RSH)
7/19/2012
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CLEAR

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Piotroski Score
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM

Piotroski F Scores

Piotroski 1: Net Income

Piotroski 2: Operating Cash Flow
Piotroski 3: Return on Assets
Piotroski 4: Quality of Earnings
Piotroski 5: LT Debt vs Assets
Piotroski 6: Current Ratio
Piotroski 7: Shares Outstanding
Piotroski 8: Gross Margin
Piotroski 9: Asset Turnover

1
1
1
1
1
1
0
0
0

1
1
1
1
1
0
1
1
1

1
1
1
1
1
0
1
1
0

1
1
0
1
0
0
1
0
1

1
1
0
1
1
0
1
0
1

1
1
1
1
0
1
1
1
0

1
1
0
1
0
1
1
0
0

1
1
1
1
1
1
1
1
0

1
1
1
0
1
0
1
0
1

1
1
0
1
0
1
1
0
0

1
1
0
1
0
1
1
0
1

Altman Z Score
Annual
Working Capital
Total Assets
Total Liabilities
Retained Earnings
EBITDA
Market Value of Equity
Net Sales

$
$
$
$
$
$
$

2002
878.7
2,227.9
1,499.8
2,002.5
468.3
2,647.6
4,577.2

$
$
$
$
$
$
$

2003
808.5
2,243.9
1,474.6
1,210.6
508.5
4,139.8
4,649.3

Normal Altman Z Score

Revised Altman Z Score

5.54
8.78

5.69
8.59

X1
X2
X3
X4
X5

0.53
0.70
0.07
0.27
2.01

0.57
0.75
0.00
0.29
0.50

$
$
$
$
$
$
$

2004
817.7
2,516.7
1,594.6
1,508.1
571.7
4,348.9
4,841.2

$
$
$
$
$
$
$

5.54
8.48

2005
641.0
2,205.1
1,616.3
1,741.4
366.0
2,409.8
5,081.7

$
$
$
$
$
$
$

5.20
7.16

2006
615.4
2,070.0
1,416.2
1,780.9
155.7
1,954.2
4,777.5

$
$
$
$
$
$
$

MRQ Edit

MRQ
2007
818.8
1,989.6
1,219.9
1,992.1
405.4
1,921.9
4,251.7

4.94
6.71

$
$
$
$
$
$
$

5.65
8.99

2008
1,154.8
2,283.5
1,466.2
2,153.2
334.2
1,332.3
4,224.5

$
$
$
$
$
$
$

4.80
8.33

2009
1,361.2
2,429.3
1,381.0
2,323.9
372.6
2,207.3
4,276.0

$
$
$
$
$
$
$

5.24
9.50

2010
870.6
2,175.4
1,332.9
1,502.5
378.0
1,792.3
4,472.7

2011
1,149.2
2,175.1
1,421.8
1,525.1
154.1
376.8
4,378.0

$
$
$
$
$
$
$

4.88
7.46

Altman Z Score

$
$
$
$
$
$
$

4.02
6.51

Q1
1,147.6
2,018.0
1,278.3
1,504.7
2.3
376.8
1,008.3
2.41
6.48

Revised Altman Z Score

Annual

MRQ

Annual

MRQ

4.02

2.41

6.51

6.48

The Beneish Model - M Score Variables

M Score - 5 Variable
M Score - 8 Variable
DSRI
GMI
AQI
SGI
DEPI
SGAI
TATA
LVGI

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM

-3.22
-3.44

-2.52
-2.09

-2.49
-2.36

-3.17
-3.28

-2.71
-2.59

-2.60
-2.48

-2.86
-2.35

-2.74
-2.21

-3.02
-2.93

-3.12
-3.15

0.87
0.98
0.64
1.02
1.21
0.99
-0.16
0.98

1.27
0.99
1.24
1.04
1.13
0.98
-0.01
0.93

1.22
1.08
1.29
1.05
0.65
1.02
-0.04
1.15

0.85
1.00
0.88
0.94
0.83
1.06
-0.12
0.96

1.16
0.98
1.31
0.89
0.95
0.91
-0.07
0.86

0.95
1.05
1.53
0.99
1.07
0.99
-0.04
1.09

1.32
0.99
0.67
1.01
0.99
0.99
-0.02
0.88

1.12
1.02
1.04
1.05
1.05
0.99
0.02
1.08

0.98
1.09
0.75
0.98
1.00
1.04
-0.07
1.08

0.66
1.03
1.09
1.00
0.97
1.00
-0.09
0.96

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM/MRQ

-7.1%

-18.7%
-19.8%
-7.3%

32.6%
30.5%
10.9%

-15.0%
-13.9%
-6.1%

-21.9%
-20.0%
-7.8%

-7.6%
-14.4%
-5.0%

14.5%
5.8%
1.8%

4.4%
5.1%
1.6%

12.0%
15.2%
6.0%

-9.2%
-7.5%
-3.0%

1.9%
-8.5%
-3.6%

Quality Check with Accrual Analysis

Balance Sheet Accrual Ratio
Cash Flow Accrual Ratio
Sloan Accrual Ratio
Earnings
Stock Price

$
$

1.45
15.4

$
$

1.77
25.5

$
$

2.08
27.5

$
$

1.79
17.9

Total Assets
Cash & Equivalent
Total Liabilities
Short Term Debt
Long Term Debt
Net Operating Assets (NOA)

$ 2,227.9
$
446.5
$ 1,499.8
$
36.0
$
591.3
$
908.9

$
$
$
$
$
$

2,243.9
634.7
1,474.6
77.4
541.3
753.3

$
$
$
$
$
$

2,516.7
437.9
1,594.6
55.6
506.9
1,046.7

$
$
$
$
$
$

2,205.1
224.0
1,616.3
40.9
494.9
900.6

Net Income
CFO
CFI

$
$
$

337.2 $
352.5 $
(290.2) $

267.0
362.9
39.3

Balance Sheet Aggregate Accrual $

Cash Flow Aggregate Accrual
$

263.4 $
521.6 $
(99.0) $
-

$
$

298.5 $
651.9 $
(188.9) $
(155.6) $
(164.5) $

293.4
274.9

$
$

$
$

0.54
14.4

$
$

1.74
14.7

$ 2,070.0
$
472.0
$ 1,416.2
$
194.9
$
345.8
$
722.5

$
$
$
$
$
$

1,989.6
509.7
1,219.9
61.2
348.2
669.4

$
$

1.49
10.7

$
$

1.63
17.6

$ 2,283.5
$
814.8
$ 1,466.2
$
39.3
$
732.5
$
774.3

$
$
$
$
$
$

2,429.3
908.2
1,381.0
41.6
627.8
809.5

$
$
$

73.4 $
314.8 $
(79.3) $

236.8 $
379.0 $
(42.0) $

(146.1) $
(135.2) $

(178.1) $
(162.1) $

(53.1) $
(100.2) $

192.4 $
274.6 $
(124.3) $
104.9
42.1

$
$

$
$

$ 2,175.4
$
569.4
$ 1,332.9
$
308.0
$
331.8
$
912.9

205.0 $
245.8 $
(80.8) $
35.2
40.0

1.68
16.9

$
$

$
$

0.70
9.2

$ 2,175.1
$
591.7
$ 1,421.8
$
$
670.6
$
832.2

$
$

0.28
3.8

$ 2,018.0
$
566.4
$ 1,278.3
$
$
674.9
$
848.2

206.1 $
155.0 $
(80.0) $

72.2 $
217.9 $
(80.1) $

29.1
205.6
(104.8)

103.4
131.1

(80.7) $
(65.6) $

16.0
(71.7)

$
$

Radioshack Corpor
(RSH)
7/19/2012
Enter Ticker

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Enter Competitor Tickers

EV/EBITDA(TTM)

RSH

Sorted Data
Stock Price
Mkt Cap ($M)
EV
52 Wk High
52 Wk Low
% off 52Wk Low

CLEAR

$
$
$
$
$

CONN
16.15
815.81
19.83
4.97
224.9%

$
$
$
$
$

BBY

CONN

RSH

BBY

3.79 $
376.83
$
485.33 $
16.25 $
3.67 $
3.3%

18.85
7,050.00
29.79
17.53
7.5%

$
$
$
$
$

0.00
0.00
0.00
0.00
0.00
0.0%

$
$
$
$
$

0.00
0.00
0.00
0.00
0.00
0.0%

$
$
$
$
$

0.00
0.00
0.00
0.00
0.00
0.0%

Multiples
P/E(TTM)
P/S(TTM)
P/Tang BV(MRQ)
P/CF
P/FCF(TTM)
EV/EBITDA(TTM)

175.7
0.7
1.4
36.3
12.4
20.6

14.7
0.1
0.6
3.5
3.4
2.3

0.0
0.1
3.2
4.9
3.8
2.1

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0%
0.0%
0.0%
0.0%

12.8%
2.0%
14.9%
223.8%

3.6%
1.7%
11.5%
0.0%

0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%

4.6%
0.7%
0.8%
153.5%
177.1%
0.0%

-0.9%
0.1%
-1.7%
-127.4%
-82.3%
3.8%

6.1%
0.1%
7.1%
36.2%
-189.8%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

1.8
2.1
52.8
80.9

1.8
3.2
91.2
91.2

0.5
1.2
45.7
55.2

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

30.1%
28.3%
3.2%
5.8%
0.4%
1.8%

40.1%
45.0%
2.1%
7.4%
0.6%
4.2%

24.8%
24.6%
2.1%
4.2%
0.7%
2.5%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.4%
2.4%
0.9%
4.7%

1.5%
8.0%
3.4%
20.8%

1.9%
7.3%
-20.7%
15.5%

0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%

2.1
6.0
1.0

18.0
3.6
2.3

28.6
6.2
3.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

Dividends
Div Yld
Div Yld - 5yr avg
Div 5yr Grth
Payout Ratio(TTM)

Growth Rates
Sales(MRQ) v 1yr ago
Sales(TTM) v 1yr ago
Sales 5yr Grth
EPS(MRQ) v 1yr ago
EPS(TTM) v 1yr ago
EPS 5yr Grth

Balance Sheet
Quick Ratio(MRQ)
Current Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)

Margins
Gross %(TTM)
Gross % 5yr
Op %(TTM)
Op % 5yr avg
Net %(TTM)
Net % 5yr avg

Returns
ROA(TTM)
ROA 5yr avg
ROE(TTM)
ROE 5yr avg

Efficiency
Rec Turnover(TTM)
Inv Turnover(TTM)
Asset Turnover(TTM)

Radioshack Corpor
(RSH)
7/19/2012
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Figures in Millions except per share values

Free Cash Flow

2002
$414.8
% Change

2003
$462.3
11.5%

Owner Earnings

2004
$123.1
-73.4%

2005
$192.2
56.1%

2006
$223.8
16.4%

2007
$333.7
49.1%

2008
$189.0
-43.4%

2009
$164.8
-12.8%

2010
$74.9
-54.6%

2011
$135.8
81.3%

TTM
$126.8
-6.6%

Stock Price

2002
$15.4
% Change

2003
$25.5
65.1%

2004
$27.5
8.0%

2005
$17.9
-35.1%

2006
$14.4
-19.4%

2007
$14.7
1.9%

2008
$10.7
-27.4%

2009
$17.6
65.5%

2010
$16.9
-3.9%

2011
$9.2
-45.6%

TTM
$3.8
-58.9%

2004
7.1%
4046.6%

2005
3.5%
-51.5%

2006
2.7%
-22.9%

2007
6.6%
146.5%

2008
7.3%
10.8%

2009
7.5%
2.9%

2010
9.6%
28.1%

2011
2.1%
-78.6%

TTM
0.6%
-72.3%

2004
30.8%
2852.5%

2005
17.7%
-42.6%

2006
20.8%
17.5%

2007
38.2%
84.0%

2008
37.0%
-3.1%

2009
37.0%
-0.1%

2010
61.6%
66.4%

2011
9.8%
-84.1%

TTM
2.7%
-72.8%

2003
49.8%
1.9%

2004
0.0%
#DIV/0!

2005
0.0%
#DIV/0!

2006
0.0%
#DIV/0!

2007
0.0%
#DIV/0!

2008
0.0%
#DIV/0!

2009
0.0%
#DIV/0!

2010
0.0%
#DIV/0!

2011
0.0%
#DIV/0!

TTM
0.0%
#DIV/0!

2003
8.0
33.3%

2004
50.3%
1.0%

2005
46.7%
-7.0%

2006
46.7%
0.0%

2007
47.6%
1.9%

2008
45.5%
-4.5%

2009
45.9%
0.8%

2010
45.0%
-2.1%

2011
41.4%
-8.0%

TTM
40.1%
-3.1%

2004
7.0
-12.5%

2005
5.0
-28.6%

2006
6.0
20.0%

2007
7.0
16.7%

2008
5.0
-28.6%

2009
8.0
60.0%

2010
6.0
-25.0%

2011
5.0
-16.7%

TTM
6.0
20.0%

2004
-2.1
39.3%

2005
-2.4
-13.1%

2006
-3.3
-38.8%

2007
-2.6
20.9%

2008
-2.5
4.4%

2009
-2.4
5.1%

2010
-2.2
6.2%

2011
-2.9
-32.7%

TTM
-3.1
-7.4%

2011
$90.0
-79.1%

TTM
$24.9
-72.3%

2002
$1.45
% Change

2004
$2.08
17.5%

2005
$1.79
-13.9%

2006
$0.54
-69.8%

2007
$1.74
222.2%

2008
$1.49
-14.4%

2009
$1.63
9.4%

2010
$1.68
3.1%

2011
$0.70
-58.3%

TTM
$0.24
-65.7%

2003
9.3
39.6%

2004
36.3
290.1%

2005
13.8
-61.9%

2006
8.8
-36.6%

2007
6.0
-31.8%

2008
7.3
21.8%

2009
13.5
85.4%

2010
27.8
105.7%

2011
7.0
-74.7%

TTM
3.0
-57.5%

2003
10.8%
-28.3%

2004
2.8%
-74.4%

2005
7.2%
162.6%

2006
11.4%
57.8%

2007
16.7%
46.7%

2008
13.7%
-17.9%

2009
7.4%
-46.1%

2010
3.6%
-51.4%

2011
14.3%
295.7%

TTM
33.5%
135.1%

2003
$1.77
22.1%

2002
6.7
% Change

2002
15.0%
% Change

2002
36.0%
% Change

2003
38.5%
6.8%

2004
38.9%
1.1%

2005
32.8%
-15.8%

2006
15.5%
-52.6%

2007
35.7%
129.6%

2008
22.9%
-35.9%

2009
22.7%
-0.9%

2010
33.0%
45.6%

2011
10.9%
-67.1%

TTM
6.8%
-37.8%

2002
5.8%
% Change

2003
6.4%
11.6%

2004
7.0%
8.5%

2005
5.3%
-24.6%

2006
1.5%
-70.8%

2007
5.6%
262.5%

2008
4.6%
-18.2%

2009
4.8%
5.3%

2010
4.6%
-3.9%

2011
1.6%
-64.2%

TTM
0.7%
-59.6%

2002
5.5
% Change

2003
5.7
2.8%

2004
5.5
-2.7%

2005
5.2
-6.1%

2006
4.9
-4.9%

2007
5.6
14.3%

2008
4.8
-15.0%

2009
5.2
9.0%

2010
4.9
-6.8%

2011
4.0
-17.7%

TTM
2.4
-40.1%

2002
38.0%
% Change

2003
36.9%
-3.0%

2004
37.8%
2.5%

2005
16.0%
-57.5%

2006
34.1%
112.5%

2007
35.4%
3.8%

2008
36.8%
3.9%

2009
37.6%
2.2%

2010
38.7%
2.9%

2011
37.5%
-3.1%

TTM
38.3%
2.2%

2004
21.6%
3900.3%

2005
10.9%
-49.7%

2006
9.0%
-17.3%

2007
22.9%
154.7%

2008
21.0%
-8.4%

2009
23.2%
10.5%

2010
32.2%
38.8%

2011
6.3%
-80.4%

TTM
1.9%
-69.2%

2005
35.5%
-47.8%

2006
36.9%
3.7%

2007
80.3%
117.9%

2008
42.0%
-47.7%

2009
51.1%
21.5%

2010
129.5%
153.5%

2011
13.4%
-89.6%

TTM
3.7%
-72.5%

FCF to Total Debt

2004
172.9%
-9.8%

2005
274.5%
58.7%

2006
216.6%
-21.1%

2007
158.5%
-26.8%

2008
179.4%
13.2%

2009
131.7%
-26.6%

2010
158.2%
20.1%

2011
188.7%
19.3%

TTM
172.8%
-8.4%

FCF to Short Term Debt

2002
2003
335.6%
-10.9%
% Change -103.2%

2010
$429.7
34.0%

Tax Rate

Debt to Equity

2002
2003
206.0%
191.7%
% Change -6.9%

2009
$320.7
4.1%

Original Altman Z Score

Beneish M Score - 8 Variable Version

2002
2003
-3.4
% Change #DIV/0!

2008
$308.0
10.1%

Net Profit Margin

Piotroski F score

2002
6.0
% Change

2007
$279.7
119.4%

Magic Formula Investing -- Return on Capital

Gross Margin

2002
48.9%
% Change

2006
$127.5
-27.5%

FCF Yield

Magic Formula Investing -- Earnings Yield

2002
2003
0.0%
0.0%
% Change #DIV/0!

2005
$175.9
-49.0%

Price / FCF

Cash Return on Invested Capital (CROIC)

2002
2003
12.7%
-1.1%
% Change -108.8%

2004
$345.2
4209.5%

Diluted EPS

FCF / Sales

2002
2003
2.6%
-0.2%
% Change -106.8%

2002
2003
$120.8
-$8.4
% Change -107.0%

2004
620.9%
5820.8%

2002
2003
8.1%
-0.6%
% Change -107.1%

FCF to Long Term Debt

2005
430.1%
-30.7%

2006
65.4%
-84.8%

2007
457.0%
598.6%

2008
783.7%
71.5%

2009
770.9%
-1.6%

2010
139.5%
-81.9%

2011

TTM

#VALUE! #VALUE!

2002
2003
20.4%
-1.6%
% Change -107.6%

2004
68.1%
4488.4%