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Table of Contents
Basic Financial Analysis
Advanced Financial Analysis
Research
Notes
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USD $000's 2016A 2017A 2018E 2019E 2020E 2021E 2022E
Income Statement
Revenue 150,000.0 165,000.0 181,500.0 199,650.0 219,615.0 241,576.5 265,734.2
COGS 67,500.0 74,250.0 81,675.0 89,842.5 98,826.8 108,709.4 119,580.4
Gross Profit 82,500.0 90,750.0 99,825.0 109,807.5 120,788.3 132,867.1 146,153.8
SG&A 16,500.0 18,150.0 20,000.0 20,000.0 20,000.0 20,000.0 20,000.0
EBITDA 66,000.0 72,600.0 79,825.0 89,807.5 100,788.3 112,867.1 126,153.8
Depreciation 6,600.0 7,260.0 9,075.0 9,982.5 10,980.8 12,078.8 13,286.7
Interest 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
EBT 58,400.0 64,340.0 69,750.0 78,825.0 88,807.5 99,788.3 111,867.1
Taxes 17,520.0 19,302.0 20,925.0 23,647.5 26,642.3 29,936.5 33,560.1
Net Income 40,880.0 45,038.0 48,825.0 55,177.5 62,165.3 69,851.8 78,307.0
Assumptions
Revenue growth 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
COGS % of revenue 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0%
SG&A 16,500.0 18,150.0 20,000.0 20,000.0 20,000.0 20,000.0 20,000.0
Depreciation % of revenue 4.4% 4.4% 5.0% 5.0% 5.0% 5.0% 5.0%
Interest 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
Tax rate 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
USD $000's 2016A 2017A 2018E 2019E 2020E 2021E 2022E
Assumptions
Revenue growth 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
COGS % of revenue 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0%
SG&A 16,500.0 18,150.0 20,000.0 20,000.0 20,000.0 20,000.0 20,000.0
Depreciation % of revenue 4.4% 4.4% 5.0% 5.0% 5.0% 5.0% 5.0%
Interest 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
Tax rate 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
Analysis
Common size income statement
Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
COGS 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0%
Gross Profit 55.0% 55.0% 55.0% 55.0% 55.0% 55.0% 55.0%
SG&A 11.0% 11.0% 11.0% 10.0% 9.1% 8.3% 7.5%
EBITDA 44.0% 44.0% 44.0% 45.0% 45.9% 46.7% 47.5%
Depreciation 4.4% 4.4% 5.0% 5.0% 5.0% 5.0% 5.0%
Interest 0.7% 0.6% 0.6% 0.5% 0.5% 0.4% 0.4%
EBT 38.9% 39.0% 38.4% 39.5% 40.4% 41.3% 42.1%
Taxes 11.7% 11.7% 11.5% 11.8% 12.1% 12.4% 12.6%
Net Income 27.3% 27.3% 26.9% 27.6% 28.3% 28.9% 29.5%
% Change 10%
Revenue 165,000.0 181,500.0 199,650.0 219,615.0 241,576.5 265,734.2 292,307.6
COGS 74,250.0 81,675.0 89,842.5 98,826.8 108,709.4 119,580.4 131,538.4
Gross Profit 90,750.0 99,825.0 109,807.5 120,788.3 132,867.1 146,153.8 160,769.2
SG&A 18,150.0 19,965.0 22,000.0 22,000.0 22,000.0 22,000.0 22,000.0
EBITDA 72,600.0 79,860.0 87,807.5 98,788.3 110,867.1 124,153.8 138,769.2
Depreciation 7,260.0 7,986.0 9,982.5 10,980.8 12,078.8 13,286.7 14,615.4
Interest 1,100.0 1,100.0 1,100.0 1,100.0 1,100.0 1,100.0 1,100.0
EBT 64,240.0 70,774.0 76,725.0 86,707.5 97,688.3 109,767.1 123,053.8
Taxes 19,272.0 21,232.2 23,017.5 26,012.3 29,306.5 32,930.1 36,916.1
Net Income 44,968.0 49,541.8 53,707.5 60,695.3 68,381.8 76,837.0 86,137.6