Вы находитесь на странице: 1из 59

Projections and Valuation

Estimated price for most recent fiscal year

12/30/1899

Estimated price for target date

3/14/2016

#DIV/0!
#DIV/0!

=
=
Most Recent
12/30/99

Projected
12/30/00

Income Statement ($ Thousands)


Sales
Costs of goods sold (COGS)
Sales, general and administrative expense (SGA)
Depreciation
Operating profit
Interest expense
Interest income
Nonoperating income (Expense)
Earnings before taxes (EBT)
Tax expense
Net income before extraordinary items
After-tax extraordinary income (Expense)
Net income (NI)

Dividends-- preferred
Dividends-- common
Additions to RE

$
$

Balance Sheets ($ Thousands)


Assets
Cash
Inventory
Accounts receivable
Other short-term operating assets
Short-term investments
Total current assets
Net plant, property, & equipment (PPE)
Other long-term operating assets
Long-term investments
Total Assets
Liabilities and Equity
Accounts payable (AP)
Accruals
Other operating current liabilities
All short-term debt
Total current liabilities
Long-term debt
Deferred taxes

0
0
0
0
0
0
0
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0 $
0
#DIV/0!

0
#DIV/0!
#DIV/0!

12/30/99
$

12/30/00
0
0
0
0
0
0
0
0
0
0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0
0
0
0
0
0
0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Preferred stock
Other long-term liabilities
Total liabilities
Par plus PIC Less treasury (and other adjustments)
Retained earnings (RE)
Total common equity
Total liabilities and equity

0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Info for making the sheets balance


Specified assets
Specified liabilities
Net required financing

#DIV/0!
#DIV/0!
#DIV/0!

Current debt
Short-term investments

#DIV/0!
#DIV/0!
#DIV/0!

Balance check: TA-TL

Valuation
Calculating Projected FCF
Marginal tax rate
Reported income tax expense
Taxes reported but not paid
Actual taxes paid
Plus tax saved due to net interest expenses
Minus tax paid on non-operating income
Tax on operating income
Net operating profit after taxes (NOPAT)
NOPAT adjusted for extraordinary income
Operating current assets
Operating current liabilities
Net operating working capital
Operating long term capital
Operating capital (adjusted for any special asset impairment of a
Investment in operating capital
Free cash flow (including extraordinary income)

#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
0
0
0
0
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

Calculating Projected ROIC


ROIC (NOPAT/ Beginning capital)

Projected Growth Rates


Growth in Sales
Growth in NOPAT
Growth in operating capital
Growth in FCF

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Calculating Value
WACC
Assumed long-term return on invested capital
Horizon value
Value of operations

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Value of operations adjusted for half-year


convention
Value of investments
Total value of firm

#DIV/0!
0
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

Value of all debt, preferred stock, and other


nonoperating liabilities
Value of equity
Number of shares

0
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!

#DIV/0!

Estimated price per share, end of fiscal year

Price per share on target date


Most recent actual fiscal year end
Target valuation date
Most recent fiscal year-end prior to target date
Number of days from target to fiscal year-end
prior to target
Value of operations on target date
Value of investments on target date
Total value of firm on target date
Value of debt, preferred stock, and other
nonoperating liabilities on target date
Value of equity on target date
Number of shares on target date
Price per share, target date

12/30/1899
3/14/2016
Incorrect target valuation date in B108
#VALUE!
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

#DIV/0!

Selected Projected Ratios and Other Data


Projected economic profit (EP)
Projected market value added (MVA)
Price/earnings ratio (P/E ratio)
Market to book ratio
Value/EBITDA ratio
Value/Sales ratio
Times-interest-earned ratio
Long-term debt/value of operations

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#N/A

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#N/A
#DIV/0!

#DIV/0!
0
0

#DIV/0!
#DIV/0!
#DIV/0!

Statement of Cash Flows


Operating Activities
Net income
Depreciation
Change in deferred tax
Change in inventory

#DIV/0!

Change in accounts receivable


Change in other short-term operating assets
Change in accounts payable
Change in accruals
Change in other current liabilities
Net cash from operating activities
Investing Activities
Investment in PPE
Investment in other long-term oper. ass.
Net cash from investing activities
Financing Activities
Change in short-term investments
Change in long-term investments
Change in short-term debt
Change in long-term debt
Preferred dividends
Change in preferred stock
Change in other long-term liabilities
Change in common stock (Par + PIC)
Common dividends
Net cash from financing activities
Net cash flow
Starting cash
Ending cash

0
0
0
0
0
#DIV/0!

$
$

0
0
0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

Projected
12/30/01

Projected
12/30/02

Projected
12/30/03

Projected
12/30/04

Projected
12/30/05

Projected
12/30/06

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

12/30/01

12/30/02

12/30/03

12/30/04

12/30/05

12/30/06

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

Projected
12/30/07

Projected
12/30/08

Projected
12/30/09

Projected
12/30/10

Projected
12/30/11

Projected
12/30/12

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

12/30/07

12/30/08

12/30/09

12/30/10

12/30/11

12/30/12

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

Projected
12/30/13

Projected
12/30/14

Projected
12/30/15

Projected
12/30/16

Projected
12/30/17

Projected
12/30/18

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

12/30/13

12/30/14

12/30/15

12/30/16

12/30/17

12/30/18

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!
#DIV/0!
0

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

Projected
12/30/19
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
12/30/19
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Inputs for Projections and Valuation

Enter inputs in yellow cells.


Key Output of Valuation:
Projected ROIC at horizon
Estimated price for

###

=
=

Estimated price for 3/14/2016

#DIV/0!
#DIV/0!
#DIV/0!

Inputs
Number of years historical data analyzed

Ratios to calculate rest of income


statement and balance sheet
Nonop. inc. / Sales
Extr. inc. / Sales
Long-term investments / Sales
Other long-term liab. / Sales
Interest rates
Interest rate on cash
Interest rate on short-term invest.
Interest rate on all current debt
Interest rate on long-term debt

500

Historical Values for Ratios Used to


Project
Financial Statements
Average
Year
of analysis
Ratios to calculate operating profit
Sales growth rate
COGS / Sales
SGA / Sales
Depreciation / Net PPE
Ratios to calculate operating capital
Cash / Sales
Inventory/ Sales
Accts. rec. / Sales
Other short term operating assets/Sales
Net PPE / Sales
Other long-term op. A. / Sales
Accts. pay./ Sales
Accruals / Sales
Other current liabilities / Sales
Ratios to calculate operating taxes
Deferred taxes/Net PPE
Average tax rate (Taxes/EBT)
Marginal tax rate
Dividend and debt ratios
Dividend policy: growth rate
Long-term debt / market value of firm
Preferred stock / market value of firm
Coupon rate on preferred stock
Permanent component of short-term debt / mark

Sales growth rate

6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%

Err:502
#DIV/0!
#DIV/0!
#DIV/0!

Err:502
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Long
Term rate
#DIV/0!
5.00%
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

Err:502 Err:502
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#DIV/0!
#N/A
#N/A
#N/A

#DIV/0!
#DIV/0!
#DIV/0!
5.00%
#DIV/0!

5.00%
#DIV/0!
#DIV/0!
5.00%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Trend Most Recent


0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Starting
rate

0.00%
1.30%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

1000

1500

Cost of Capital and L-T ROIC


Weighted Average Cost of Capital (WACC)
Long-term return on invested capital

Target valuation date

#DIV/0!
#DIV/0!

3/14/2016

Sales growth rate

1000

1500

2000

2500

1900

1901

1902

1903

1904

1905

Projected Projected Projected Projected Projected Projected


Time until
long term
(years)

graph

500

Historical

Fade
Rate

10
10
10
10

0.10
0.10
0.10
0.10

10
10
10
10
10
10
10
10
10

0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10

Cash

10
10
10

0.10
0.10
0.10

Def Tax

10
10
10
10
10

0.10
0.10
0.10
0.10
0.10

Div g

10
10
10
10

0.10
0.10
0.10
0.10

N-OP Inc

10
10
10
10

0.10
0.10
0.10
0.10

Cash Int

Sales g
CGS
SGA
Depr

Invty
AcctRec
Othr STA
Net PPE
Othr LTA
Acct Pay
Accruals
Othr CL

Avg Tax
Marg Tax

LTD/MV
PFS/MV
PFS Cpn
Perm STD

Ex Inc
LT Inv
Othr LT L

STinv Int
Cur D Int
LT D Int

1900 1

1901 2

1902 3

1903 4

1904 5

1905 6

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0.00%
1.30%
6.00%
6.00%

0.00%
1.86%
6.00%
6.00%

0.00%
2.36%
6.00%
6.00%

0.00%
2.82%
6.00%
6.00%

0.00%
3.23%
6.00%
6.00%

0.00%
3.60%
6.00%
6.00%

LT D Int

1906

1907

1908

1909

1910

1911

1912

1913

1914

1915

Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected

1906 7

1907 8

1908 9

1909 10

1910 11

1911 12

1912 13

1913 14

1914 15

1915 16

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0.00%
3.94%
6.00%
6.00%

0.00%
4.25%
6.00%
6.00%

0.00%
4.52%
6.00%
6.00%

0.00%
4.77%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

1916

1917

1918

1919

Projected Projected Projected Projected

1916 17

1917 18

1918 19

1919 20

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

5.0%
#DIV/0!
#DIV/0!
5.0%
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0.00%
5.00%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

0.00%
5.00%
6.00%
6.00%

Projection
Year
Sales growt
Sales growth rate
1
1
2
3
4
6
7
8
9
10

11
12
13
14
16
17
18
20
21
22
23
24
26
27
28
29
31
32
33
34

Historical
#N/A
#N/A
Sales growth rate

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

Sales growth rate


COGS / Sales
SGA / Sales
Depreciation / Net PPE
Cash / Sales
Inventory/ Sales
Accts. rec. / Sales
Other short term operating assets
Net PPE / Sales

1
1
2
3
4
6
7
8
9
10

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

Sales growth rate


COGS / Sales
SGA / Sales
Depreciation / Net PPE
Cash / Sales
Inventory/ Sales
Accts. rec. / Sales
Other short term operating assets/Sales
Net PPE / Sales

#N/A
#N/A

#N/A
#N/A

Other long-term op. A. / Sales


Accts. pay./ Sales
Accruals / Sales
Other current liabilities / Sales
Deferred taxes/Net PPE
Average tax rate (Taxes/EBT)
Marginal tax rate
Dividend policy: growth rate
Long-term debt / market value of
Preferred stock / market value of
Coupon rate on preferred stock
Permanent component of short-ter
Nonop. inc. / Sales
Extr. inc. / Sales
Long-term investments / Sales
Other long-term liab. / Sales
Interest rate on cash
Interest rate on short-term invest.
Interest rate on all current debt
Interest rate on long-term debt

11
12
13
14
16
17
18
20
21
22
23
24
26
27
28
29
30

Other long-term op. A. / Sales


Accts. pay./ Sales
Accruals / Sales
Other current liabilities / Sales
Deferred taxes/Net PPE
Average tax rate (Taxes/EBT)
Marginal tax rate
Dividend policy: growth rate
Long-term debt / market value of firm
Preferred stock / market value of firm
Coupon rate on preferred stock
Long-term debt / market value of firm
Nonop. inc. / Sales
Extr. inc. / Sales
Long-term investments / Sales
Other long-term liab. / Sales
blank

1899

1900

1901

1902

1903

1904

1905

1906

1907

1908

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

1909

1910

1911

1912

1913

1914

1915

1916

1917

1918

#DIV/0!

5.000%

5.000%

5.000%

5.000%

5.000%

5.000%

5.000%

5.000%

5.000%

1919
5.000%

Cost of Capital
Enter inputs in yellow cells.
Key Output of Valuation:
Estimate of WACC =
Estimated price at end of most recent fiscal year=
Estimated price at target date=

Inputs to Estimate WACC

Input

Enter Current Market Value for Equity

Current stock price

Number of shares common stock outstanding


Market value of common stock

#DIV/0!

#DIV/0!

Enter Current Market Value for Long-Term Debt


Estimated value of long-term debt

$0

Enter Current Market Value for Short-Term Debt


Estimated value of short-term debt

$0

Enter Current Market Value for Preferred Stock


Estimated value of lpreferred stock

$0

Estimate Percent of Firm that will be Financed by Long-term Debt


Current percent of firm financed with long-term
debt

#DIV/0!

Target percent financed with long-term debt=

#DIV/0!

Estimate Percent of Firm that will be


Financed by Preferred Stock
Current percent of firm financed with preferred
stock

#DIV/0!

Target percent financed with preferred stock =

#DIV/0!

Estimate Percent of Firm that will be


Financed by Short-term Debt

Current percent of firm financed with short-term


debt

#DIV/0!

Target percent financed with short-term debt =

#DIV/0!

Estimate Cost of Equity

Beta=

Risk-free rate=

5.00%

Market risk premium =

6.00%

Cost of equity=

11.00%

Estimate Cost of Long-term Debt


Bond rating for company's debt
Spread for bond rating

1.00%

Tax rate=

#DIV/0!

Cost of long-term debt=


After-tax cost of long-term debt=

6.00%
#DIV/0!

Inputs to Estimate Cost of Preferred Stock


Yield on preferred stock

5.00%

Current coupon rate (preferred


dividend/preferred stock)

0.00%

Cost of preferred stock =

5.00%

Inputs to Estimate Cost of Short-term Debt

Prime rate
Adjustment to prime

6.00%
0.00%

Cost of short-term debt

6.00%

After-tax cost of short-term debt

#DIV/0!

Estimated WACC

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
Suggested Sources

(1) www.thomsonfn.com Enter ticker symbol, get quote.


(2) finance.yahoo.com, enter ticker symbol, get quote, then select
Key Statistics.
(1) www.thomsonfn.com, enter ticker symbol, get quote, then
select TipSheet.
(2) finance.yahoo.com, enter ticker symbol, get quote.

g-term Debt

Judgment, based on historical ratios in Hist Analys sheet and


market conditions. In our experience, virtually all solvent firms
should be financed with at least 15% debt, with stronger
companies having at least 20% and up to 40%.

Judgment, based on historical ratios in Hist Analys sheet and


market conditions. We usually choose the default value, which is
the current value.

Judgment, based on historical ratios in Hist Analys sheet and


market conditions. We usually choose the default value, which is
the current value (unless the current sum of shor-term debt and
long-term debt produces a ratio greater than 40%, in which case
we choose sufficient short-term debt so the total is 40%).

(1) www.thomsonfin.com.
(2) www.bloomberg.com.
(3) yahoofinance.com.
Yield to maturity on long-term Treasury securities.
(1) www.federalreserve.gov, Research and Data, Statistics,
Selected Interest Rates
(2) www.bloomberg.com, U.S. Treasuries
(3) bonds.yahoo.com/rates.html
5% to 7% for U.S.; toward the low end when the stock market is
high, toward the upper end when the market is low. See discussion
in Ch 11.

(1) www.moodys.com.
(2) www.bondsonline.com.
www.bondsonline.com,
We usually look at the most recent value and average value from
the Hist Analys worksheet. If both are between 36% and 40%, we
usually choose a value similar to the average rate.

yahoo.finance.com
Actual coupon rate as shown in footnotes to financial statements
or as shown at finance.yahoo.com.

Judgment, based on yield on preferred and/or current coupon rate.

(1) www.federalreserve.gov, Research and Data, Statistics,


Selected Interest Rates
(2) www.bloomberg.com, Markets, Key Rates
Judgment, based on risk of company.

Judgment, based on yield on preferred and/or current coupon rate.

309909228.xls

Hist Analys

0.00

NOPAT/Sales

12

Analysis of Historical Financial


Statements
Enter inputs in yellow cells for
comparative analysis.

Industry

10
8
6
4
2

Click "buttons" in column B to change


graph.

12/30/99

12/30/99

12/30/99

12/30/99

12/30/99

12/30/99

12/30/99

12/30/99

12/30/99

1899

1899

1899

1899

1899

1899

1899

1899

1899

10

15

1899

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

0 years of data to analyze

Assumed marginal tax rate


Reported income tax expense
Taxes reported but not paid
Actual taxes paid
Plus tax saved due to net interest expenses
Minus tax paid on non-operating income
Tax on operating income
Net operating profit after taxes (NOPAT)
NOPAT/Sales
NOPAT adjusted for extraordinary income
Operating current assets
Operating current liabilities
Net operating working capital
Operating long term capital
Operating capital (adjusted for any special asset impairment of accounting changes)
Operating capital/Sales
Investment in operating capital
Free cash flow from ongoing operations
Free cash flow (including extraordinary income)

NOPAT/Sales

Historical Return on Invested Capital


ROIC (NOPAT/ Beginning capital)
Historical Economic Profit
Historical weighted average costs of capital
Economic profit

Op. Capital/Sales
FCF
ROIC
Econ. Prof.

Traditional Ratio Analysis: Fill in


yellow cells with ratios for industry or
for closest competitor for most recent
Graph
year.
Payout ratio
Annual sales growth rate
Quick ratio
Current ratio
LT debt to equity
Total debt to equity
Interest coverage (Times-interest-earned)
Gross margin
EBITD margin
Operating margin
Pre-tax margin
Net profit margin
Return on assets
Receivable turnover
Inventory turnover
Asset turnover

Historical Values for Ratios Used to


Project Financial Statements
Ratios to calculate operating profit
Sales growth rate
COGS / Sales
SGA / Sales
Depreciation / Net PPE
Ratios to calculate operating capital
Cash / Sales
Inventory/ Sales
Accts. rec. / Sales
Other short term operating assets/Sales
Net PPE / Sales
Other long-term op. A. / Sales
Accts. pay./ Sales
Accruals / Sales
Other current liabilities / Sales
Ratios to calculate operating taxes
Deferred taxes/Net PPE
Average tax rate (Taxes/EBT)
Marginal tax rate
Dividend and debt ratios
Dividend policy: growth rate
Long-term debt / market value of firm
Preferred stock / market value of firm
Coupon rate on preferred stock
Long-term debt / market value of firm
Ratios to calculate rest of income statement
and balance sheet
Nonop. inc. / Sales
Extr. inc. / Sales
Long-term investments / Sales
Other long-term liab. / Sales

12/30/99

Number of years of historical data you


want to analyze (3 to 10 years).
Historical Free Cash Flow (FCF)

9.0%

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#N/A
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Most
Company'
Recent
s
Industry or Historical
Competitor Average
Trend
#DIV/0!
#DIV/0!
Err:502
Err:502
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00 #VALUE!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Most Recent
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Most
Recent
Industry or
Competitor

Payoutg Ratio
Sales
Quick
Ratio
Current
Ratio
L-TD/E
Tot D/E
Int.
Cov.
Gross
Margin
EBITD
Margin
Op. Margin
Pre-Tax
Mgn.
Net Profit Mgn.
ROA
Rec.TO
TO
Inv.
Asset
TO
Average

#N/A

8.0%

#DIV/0!

Trend

Most Recent

#N/A
Err:502
Err:502
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
Competitor Average Trend
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
Competitor Average Trend
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
Competitor Average Trend
#N/A
Err:502
Err:502
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Most Recent
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Most Recent
#DIV/0!
#DIV/0!
#DIV/0!
Most Recent
#N/A
#N/A
#N/A
#N/A
#N/A

Competitor Average Trend


#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!
#N/A
#DIV/0!
#DIV/0!

Most Recent
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Sales%g
CGS
SGA %
Depr
% PPE
Cash
%
Inv. %Rec.
Acct.
%%
Oth.PPE
ST OA
Net
Other
LT %
A%
Acct.
Pay
%
Accruals
%
Other CL %
Def. Taxes
%
Avg.
TaxTax
rate
Margn.
Div. g Firm
LTD/MV
Pf. Stk.
Stk./MV
F
Pf.
Coupon
LTD/MV F
Nonop
inc%%
Extr.
inc.
L-T
Inv.
%
Othr L-T Liab.%

Year
NOPAT/Sales
42
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
51
52
53
54
56
57
58
59
60
61
62
63
64
66
67
68
70
71
72
73
74
76
77
78
79
9
16
18
22
26

Michael C. Ehrhardt

03/14/2016

Page 54

#N/A
#N/A
#N/A
#N/A
#N/A
Payout ratio
Annual sales growth rate
Quick ratio
Current ratio
LT debt to equity
Total debt to equity
Interest coverage (Times-interest-earned)
Gross margin
EBITD margin
Operating margin
Pre-tax margin
Net profit margin
Return on assets
Receivable turnover
Inventory turnover
Asset turnover
Sales growth rate
COGS / Sales
SGA / Sales
Depreciation / Net PPE
Cash / Sales
Inventory/ Sales
Accts. rec. / Sales
Other short term operating assets/Sales
Net PPE / Sales
Other long-term op. A. / Sales
Accts. pay./ Sales
Accruals / Sales
Other current liabilities / Sales
Deferred taxes/Net PPE
Average tax rate (Taxes/EBT)
Marginal tax rate
Dividend policy: growth rate
Long-term debt / market value of firm
Preferred stock / market value of firm
Coupon rate on preferred stock
Long-term debt / market value of firm
Nonop. inc. / Sales
Extr. inc. / Sales
Long-term investments / Sales
Other long-term liab. / Sales
NOPAT/Sales
Operating capital/Sales
Free cash flow from ongoing operations
ROIC (NOPAT/ Beginning capital)
Economic profit

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

#N/A
#N/A

309909228.xls

Condensed
A
1
2
3

Condensed Historical Financial Statements


You should not change any formulas in this worksheet.
0.00
12/30/99
12/30/99
1899

4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Sales
Costs of goods sold (COGS)
Sales, general and administrative expense (SGA)
Depreciation

Operating profit
Interest expense
Interest income
Nonoperating income (Expense)

12/30/99
1899

12/30/99
1899

12/30/99
1899

12/30/99
1899

12/30/99
1899

12/30/99
1899

12/30/99
1899

12/30/99
1899

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
#DIV/0!

0 $
0
0
#DIV/0!

0 $
0
0
#DIV/0!

0 $
0
0
#DIV/0!

0 $
0
0
#DIV/0!

0 $
0
0
#DIV/0!

0 $
0
0
#DIV/0!

0 $
0
0
#DIV/0!

0 $
0
0
#DIV/0!

0
0
0
#DIV/0!

Earnings before taxes (EBT)


Tax expense

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

Net income before extraordinary items


After-tax extraordinary income (Expense)

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Net income (NI)


Dividends-- preferred
Dividends-- common

$
$
Additions to RE

Balance Sheet

26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Assets
Cash
Inventory
Accounts receivable
Other short-term operating assets
Short-term investments

0
0

$
$

#DIV/0!

0
0

$
$

#DIV/0!

0
0

$
$

#DIV/0!

0
0

$
$

#DIV/0!

0
0

$
$

#DIV/0!

0
0

$
$

#DIV/0!

0
0

$
$

#DIV/0!

0
0

$
$

#DIV/0!

0
0

#DIV/0!
$
$

#DIV/0!

0
0
#DIV/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
0
0

0
0
0
0
0

Total current assets $


Net plant, property, & equipment (PPE)
Other long-term operating assets
Long-term investments

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

Total assets $

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
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
0
0

Liabilities and Equity


Accounts payable (AP)
Accruals
Other operating current liabilities
All short-term debt

Total current liabilities $


Long-term debt
Deferred taxes
Preferred stock
Other long-term liabilities
Total liabilities $
Par plus PIC Less treasury (and other adjustments)
Retained earnings (RE)
Total common equity

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0 $
#DIV/0!
#DIV/0!
#DIV/0!

0
#DIV/0!
#DIV/0!
#DIV/0!

Total liabilities and equity

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Check to see if sheets balance

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

57

Statement of Cash Flows

58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89

Operating Activities
Net income
Depreciation
Change in deferred tax

#DIV/0!
0
0

#DIV/0!
0
0

#DIV/0!
0
0

#DIV/0!
0
0

#DIV/0!
0
0

#DIV/0!
0
0

#DIV/0!
0
0

#DIV/0!
0
0

#DIV/0!
0
0

Change in inventory
Change in accounts receivable
Change in other short-term operating assets
Change in accounts payable
Change in accruals
Change in other current liabilities
Net cash from operating activities

0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
#DIV/0!

0
0
0
0
0
0
#DIV/0!

90
91
92
93
94
95
96
97

Michael C. Ehrhardt

1899

Income Statement

25

51
52
53
54
55
56

Investing Activities
Investment in PPE
$
Investment in other long-term oper. ass.
Net cash from investing activities $

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

Financing Activities
Change in short-term investments
$
Change in long-term investments
Change in short-term debt
Change in long-term debt
Preferred dividends
Change in preferred stock
Change in other long-term liabilities
Change in common stock (Par + PIC)
Common dividends
Net cash from financing activities

0 $
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

0 $
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

0 $
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

0 $
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

0 $
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

0 $
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

0 $
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

0 $
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

0
0
0
0
0
0
0
#DIV/0!
0
#DIV/0!

Net cash flow


Starting cash
Ending cash

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

#DIV/0!
0
#DIV/0!

Check for consistency with cash shown in balance shee

98

Scratch calculations

99
100
101
102
103
104
105
106
107
108
109
110

"Uncapitalizing" Capitalized interest


Annual capitalized interest
Annual reduction in depreciation (assuming straight-line for
Annual addition to interest expense
Annual reduction in tax expense
Annual reduction in RE
Cumulative reduction in gross PPE
Cumulative depreciation of capitalized interest
Cumulative reduction in net PPE
Cumulative reduction in RE
Cumulative reduction in book equity as though company had i

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Page 55

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

03/14/2016

309909228.xls

309909228.xls

A
1
2

Comprehensive

Comprehensive Statements
For all yellow cells, fill in links to the Actual Worksheet or other inputs.

3
4

Income Statement

5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46

Total net revenues


Cost of goods sold expense
Cost of services or operations expense
Depreciation expense (for tangible assets, if reported separately)
Amortization expense (for goodwill and Intangible, if reported separately)
Depreciation and amortization expense (if reported combined)
Research & development expense
Sales & marketing expenses (if not included in SGA)
General & administrative expenses (if not included in SGA)
Selling, gen. & admin. expense [if reported as a single item]
Minority interest expense (if shown as pre-tax operating expense)
Merger and restructuring costs
Asset impairment losses or write-downs
Extraordinary charges or expenses (if shown on pre-tax basis)
Extraordinary credit or income (if shown on a pre-tax basis)
Other operating expenses (Income)
Interest expense (Income)
Interest capitalized
Interest income
Reserve expense (income) (increase in reserves is expense, decrease is income)
Investment income (Expense) (if shown on pre-tax basis)
Gain (loss) on sale of assets or discontinued operation (if shown on pre-tax basis)
Remitted income (Expense) or equity earnings (Losses) in affiliates
Unremitted income (Expense) or equity earnings (Losses) in affiliates
Minority interest expense (if shown as pre-tax nonoperating expense)
Losses on equity investees and other (if shown on pre-tax basis)
Other nonoperating income (Expense) (if shown on pre-tax basis)
Special nonrecurring items income (Expense) (if shown on pre-tax basis)
Provision for income tax expense (Rebate)
Minority interest expense (if shown on after-tax basis)
Equity in earnings expense (if shown on after-tax basis)
Extraordinary items (if shown on after-tax basis)
Discontinued operations (if shown on after-tax basis)
Extraordinary items and discontinued operations (if shown on after-tax basis)
Investment gains (Losses) (if shown on after-tax basis)
All other income (Losses) (if shown on after-tax basis)
Cumulative effect of accounting changes
Net income from Actual Sheet
Calculated net income from Comprehensive Sheet
ee if calculated net income is consistent with Actual sheet
OK

47

Balance Sheet

48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141

Assets
Cash and equivalents
Marketable securities
Notes receivable
Short-term investments or investment securities
Accounts receivable
Tax refund receivable
Progress payments
Prepaid expenses
Current deferred tax asset
Inventories
Other nonoperating current assets

142
143
144
145
146
147
148
149
150
151
152
153
154
155

156

OK

OK

OK

OK

OK

OK

OK

OK

Other operating current assets


Total current assets
Long-term receivables
Investments in unconsolidated subsidiaries
Other investments
Net property, plant, & equip (PPE)
Goodwill (if shown separately)
Intangibles (if shown separately)
Cost in excess of fair value of net assets acquired also called goodwill)
Goodwill and intangibles (if shown combined)
Deferred tax asset (Long-term)
Long-term notes receivable
Other operating long-term assets
Deferred charges
Deposits
Investments & advances to subsidiaries
Other nonoperating long-term assets
Total assets from Actual Sheet
Calculated total assets from Comprehensive Sheet
Check to see if total assets consistent with Actual sheet

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

Liabilities and Equity


Notes payable
Current portion of long-term debt
Current portion of capitalized leases
All other short-term debt
Accounts payable
Short-term unearned revenue
Interest payable (or accrued interest)
Dividends payable
Short-term deferred taxes
Taxes payable or accrued taxes
Accrued wages or salary
Other accrued expenses or accruals
Other nonoperating current liabilities
Other operating current liabilities
Total current liabilities

Non-current portion of long-term debt


Mortgages
Non-current portion of capitalized leases
Convertible debt
Any other long-term debt
Provision for risks and charges
Reserve accounts
Deferred tax liability in untaxed reserves
Deferred income taxes (Long-term)
Deferred income
Long-term unearned revenue
Restructuring obligations
Commitments and contingencies
Other long-term liabilities
Retirement, pension, and health insurance related liabilities
Minority interest
Nonequity reserves
Preferred stock
Common stock (at par)
Common stock capital suprplus or paid-in-capital
Revaluation of reserves
Other appropriated reserves
Unappropriated (free) reserves
Retained earnings
Equity in untaxed reserves
ESOP guarantees
Treasury stock
Common stock warrants and stock options
Other equity
Unrealized gain (loss) on marketable securities
Accumulated other comprehensive income or cumulative other adj.
Unrealized gain (loss) on foreign exchange
Cumulative foreign currency translations
Total shareholder equity from Actual Sheet
ulated total shareholder equity from Comprehensive Sheet
ee if shareholder total eq. is consistent with Actual sheets

OK

Total Liabilities and Equity from Actual Sheet


ted Total Liabilities and Equity from Comprehensive Sheet
e if Total Liab. & Eq. consistent with Comprehensive sheet

OK

Check for balancing of statements

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

OK

Balances

Balances

Balances

Balances

Balances

Balances

Balances

Balances

Balances

Balances

OK

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

###
0%
0%

0%
0%
-

0%
0%
-

0%
0%
- ###
- ###
- ###

###
0%
0%

0%
0%
-

0%
0%
-

0%
0%
-

0%
0%
-

Required Items: You must supply these inputs in


the yellow cells, unless they are truly zero.
Required Items from Statement of Cash Flows
Preferred dividends paid
Common dividends paid
Depreciation of PPE and tangible Assets
Amortization of goodwill and intangibles
Required Items from Footnotes or Annual Report
Number of shares outstanding
Required Items from Financial Statements or User's Judgment
Assumed marginal tax rate

Optional Items for Special Accounting


Adjustments: If you choose to make any of the
special accounting adjustments described in the
Chapter 10 Appendix, then you must supply
these inputs in the yellow cells; otherwise, just
leave them as the default values already here.

157
158
159
160
161
162
163
164
165

LIFO reserve (from Footnotes of Annual Report)


Interest rate on pension liabilities
Interest rate on operating leases
Capitalized value of operating leases
Stock options (Warrants)
Capitalized operating costs
Special goodwill impairment or accounting change

166

Statement of Cash Flows (Calculated


from the Income Sheet and Balance
Sheets shown above.

167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198

OK

0%
0%
- ###
- ###
- ###

Operating Activities
Net income
Adjustments for reconciliation of RE account
Depreciation and amortization
Change in deferred tax
Change in operating current assets
Change in operating current liabilities
Net cash from operating activities

Investing Activities
Investment in PPE
Investment in other long-term oper. ass.
Net cash from investing activities

OK

OK

OK

OK

OK

OK

OK

OK

OK

Financing Activities
Changes in short-term investments
Changes in long-term investments
Changes in all short-term debt
Changes in all long-term debt
Changes in all other long-term liabilities
Change in preferred stock
Change in Par + PIC
Change in common stock warrants and stock options
Change in treasury and cumulative adjustments
Preferred dividends
Common dividends
Net cash from financing activities
Net cash flow
Starting cash from balance sheet
Ending cash
eck to see if ending cash is consistent with balance sheet

Michael C. Ehrhardt

Page 56

03/14/2016

A
1

Cut and paste (or enter by hand) the financial statements (income
statement, balance sheets, and statement of cash flows) for your
company.

If any entries in your financial statements have non-numeric entries


(such as NA to designate not available), replace them with zero.
Blank entries are acceptable.

3
4
5
6
7
8
9
10
11
12

D
1

2
3
4
5
6
7
8
9
10
11
12

J
1

2
3
4
5
6
7
8
9
10
11
12