TUPPERWARE BRDS.

NYSE-TUP
TIMELINESS
SAFETY
TECHNICAL

2
3
3

High:
Low:

Raised 5/6/11

24.5
14.6

26.0
17.7

RECENT
PRICE
25.0
14.4

17.8
12.0

18.2 RELATIVE
DIVD
Median: 14.0) P/E RATIO 0.97 YLD 2.0%
66.66 P/ERATIO 15.5(Trailing:
21.0
16.0

24.7
19.5

23.6
17.1

36.7
21.6

45.0
14.6

50.2
10.9

54.2
36.1

67.8
45.2

Target Price Range

2014 2015 2016

LEGENDS
11.0 x Cash Flow p sh
. . . . Relative Price Strength
Options: Yes
Shaded areas indicate recessions

New 1/15/99
Lowered 4/1/11

BETA 1.10 (1.00 = Market)

VALUE
LINE

160
120
100
80
60
50
40
30

2014-16 PROJECTIONS

Annl Total
Price
Gain
Return
High 120 (+80%) 17%
Low
80 (+20%)
7%
Insider Decisions
to Buy
Options
to Sell

A
0
0
0

S
0
2
2

O
0
3
4

N
0
3
3

D
0
0
0

J F
0 0
0 10
0 10

M
0
5
5

A
0
0
0

% TOT. RETURN 5/11

Institutional Decisions
3Q2010
126
to Buy
to Sell
149
Hlds(000) 51957

4Q2010
149
116
52022

1Q2011
142
141
52494

Percent
shares
traded

21
14
7

1 yr.
3 yr.
5 yr.

Tupperware, founded in 1946, is a direct 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
selling consumer products company. It was 19.17 18.91 20.08 20.81 21.17 28.79 32.21 34.70 33.74 36.69 43.65 45.90
incorporated in Delaware on February 8, 2.48 2.14 1.72 2.34 2.27 2.76 2.93 3.56
3.60
4.39
5.15
5.90
1996 in connection to the reorganization of 1.60 1.30
.82
1.48
1.42
1.54
1.87
2.56
2.75
3.53
4.30
5.05
Premark International. Tupperware became
.88
.88
.88
.88
.88
.88
.88
.88
.91
1.00
1.20
1.40
an independent public company on May 31,
.74
.89
1.25
1.10
.94
.80
.68
.74
.86
.86
.82
.87
1996, when 61.6 million shares of common 2.18 3.04 3.90 4.95 5.55 6.61 8.50 7.61 10.11 12.60 11.65 14.35
stock were distributed to the shareholders of 58.13 58.36 58.52 58.83 60.43 60.56 61.52 62.30 63.05 62.71 60.00 60.00
Premark International. Tupperware now 13.9 14.7 18.3 12.2 15.4 13.3 15.4 12.5
11.2
12.7 Bold figures are
Value Line
trades on the New York Stock Exchange.
.75
.82
.71
.80
1.04
.64
.82
.72
.82
.75
CAPITAL STRUCTURE as of 4/2/11
Total Debt $429.8 mill. Due in 5 Yrs $413.3 mill.
LT Debt $427.7 mill.
LT Interest $50.0 mill.
(Total interest coverage: 13.7x)
(34% of Capl)
Leases, Uncapitalized Annual rentals $29.2 mill.
Pension Assets-12/10 $112.7 mill.
Oblig. $231.8 mill.
Pfd Stock None
Common Stock 62,406,214 shares
as of 5/5/11
MARKET CAP: $4.2 billion (Mid Cap)
CURRENT POSITION 2009
2010
($MILL.)
Cash Assets
112.4
248.7
Receivables
181.0
181.9
Inventory (LIFO)
265.5
279.1
Other
137.9
139.5
Current Assets
696.8
849.2
Accts Payable
140.7
153.1
Debt Due
1.9
1.9
Other
317.9
345.4
Current Liab.
460.5
500.4
ANNUAL RATES Past
of change (per sh)
10 Yrs.
Sales
6.5%
Cash Flow
4.5%
Earnings
7.0%
Dividends
0.5%
Book Value
16.0%

4/2/11
175.8
194.8
305.5
148.3
824.4
124.1
2.1
337.4
463.6

Past Estd 08-10

5 Yrs.
to 14-16
11.0%
8.0%
13.0% 12.0%
19.0% 14.5%
1.0% 13.5%
16.0% 16.5%

QUARTERLY SALES ($ mill.) A

Calendar Mar.Per Jun.Per Sep.Per Dec.Per
2008
2009
2010
2011
2012
Calendar

2008
2009
2010
2011
2012
Calendar

2007
2008
2009
2010
2011

Full
Year

543.4 583.6 513.1 521.7 2161.8

462.8 524.7 514.0 626.0 2127.5
557.1 565.1 523.2 655.0 2300.4
636.4 653.6 610
720
2620
695
695
655
755
2800
EARNINGS PER SHARE A B
Full
Mar.Per Jun.Per Sep.Per Dec.Per Year
.51
.56
.44 1.05
2.56
.41
.52
.50 1.32
2.75
.73
.90
.62 1.26
3.53
.88
1.10
.80 1.52
4.30
1.00
1.30
.95 1.80
5.05
QUARTERLY DIVIDENDS PAID C
Full
Mar.31 Jun.30 Sep.30 Dec.31 Year
.22
.22
.22
.22
.88
.22
.22
.22
.22
.88
.22
.22
.22
.25
.91
.25
.25
.25
.25
1.00
.30
.30
.30

(A) Fiscal year ends last Saturday in Dec.

(B) Diluted earnings. Excludes nonrecurring
gain (loss): 99, ($0.21); 00, ($0.42); 01,
($0.56); 02, $0.24, 11 ($0.15). Next earnings

4.0%

4.6%

5.9%

4.9%

4.0%

4.3%

3.0%

2.7%

3.0%

estimates

2.2%

2620
17.5%
50.0
260
26.0%
9.9%
320
540
700
23.0%
37.0%
26.5%
28%

VL ARITH.*
INDEX

57.8
87.0
273.7

28.8
38.8
53.2

VALUE LINE PUB. LLC

14-16

Sales per sh A
Cash Flow per sh
Earnings per sh B
Divds Decld per sh C
Capl Spending per sh
Book Value per sh D
Common Shs Outstg E
Avg Annl P/E Ratio
Relative P/E Ratio
Avg Annl Divd Yield

55.85
7.55
6.65
2.00
1.05
25.20
60.00
15.0
1.00
2.0%

Sales ($mill) A
Operating Margin
Depreciation ($mill)
Net Profit ($mill)
Income Tax Rate
Net Profit Margin
Working Capl ($mill)
Long-Term Debt ($mill)
Shr. Equity ($mill)
Return on Total Capl
Return on Shr. Equity
Retained to Com Eq
All Divds to Net Prof

3350
18.0%
60.0
405
25.0%
12.1%
420
400
1630
20.5%
25.0%
17.5%
30%

1114.4 1103.5 1174.8 1224.3 1279.3 1743.7 1981.4 2161.8

17.1% 14.9% 12.1% 13.1% 13.7% 12.6% 13.4% 13.8%
49.9
48.8
52.6
50.8
50.8
72.9
63.5
60.6
94.0
76.2
47.9
86.9
86.2
94.2 116.9 161.4
20.3% 18.3% 15.4% 14.8%
-9.2% 17.3% 20.1%
8.4%
6.9%
4.1%
7.1%
6.7%
5.4%
5.9%
7.5%
13.8
77.1 137.2 173.9 218.0 205.0 249.2 252.3
276.1 265.1 263.5 246.5 750.5 680.5 589.8 567.4
126.6 177.5 228.2 290.9 335.5 400.5 522.7 474.0
26.0% 19.6% 11.3% 17.5% 10.1% 11.0% 12.7% 17.3%
74.2% 42.9% 21.0% 29.9% 25.7% 23.5% 22.4% 34.1%
34.0% 14.1%
NMF 12.2% 10.1% 10.2% 12.1% 22.6%
54%
67% 107%
59%
61%
57%
46%
34%

2127.5 2300.4
16.1% 17.0%
51.7
49.7
175.1 225.6
26.1% 24.7%
8.2%
9.8%
236.3 348.8
426.2 426.8
637.7 789.8
17.9% 19.7%
27.5% 28.6%
18.8% 20.6%
31%
28%

BUSINESS: Tupperware Brands Corporation manufactures highquality consumer products for beauty and personal care, and for the
kitchen and home, primarily food storage containers. Acquired Sara
Lee beauty unit 12/05. Products are distributed through direct selling demonstrations, the Internet, and television. Europe accounted
for 34% of 2010 sales, 38% operating profits.; Asia Pacific (20%,

26%); North America (14%, 13%); Beauty Group (32%, 23%). 10

depreciation rate: 3.7%. Has 13,500 employees. Officers & directors own 4.3% of comm. stock; Black Rock, 6.7%; FMR, 7.5%;
Epoch, 5.8% (3/11 proxy). Chairman & CEO: Rick Goings. Inc.: DE.
Addr.: 14901 South Orange Blossom Trail, Orlando, FL 32837. Tel.
407-826-5050. Internet: www.tupperwarebrands.com.

Tupperwares management raised the

2011 earnings outlook again. The solid
first-quarter sales and earnings performance was helped by a 14% revenue increase (10% in local currency, and a positive 4% impact from foreign currency).
Some 6%-7% of the top-line gain came
from the quarter containing a 14th week.
Several
emerging
markets
reported
doubled-digit sales boosts, as did a few established countries (the U.S., Canada, and
France). We estimate full-year sales will
rise about 14% (equally divided between
local currency and foreign exchange
gains). An anticipated significant improvement is likely in Russia (where Marchquarter sales declined 34%, reflecting continued softness in consumer spending, as
well as a smaller sales force). Comparisons
became easier in the June interim, with
the trend expected to continue. Note: Our
$4.30 a share net estimate includes a
$0.15 refinancing impairment charge.
The financial group has been busy.
The company sold $400 million of 4.75%
senior notes due 2021, which helped repay
$405 million of term loans due in a year.
Thus, TUP locked-in a favorable long-term

rate. Concurrently, Tupperware replaced

its $200 million credit facility with $450
million of floating rate borrowings.
The pace of share repurchases will
likely be increased this year. The company anticipates spending $90 million in
each of the second, third, and fourth
quarters (up from $40 million). Thats in
addition to shares bought with proceeds
from exercised stock options. These programs will probably trim the companys
share count by roughly 4%.
Timely Tupperware shares continue
to have good 3- to 5-year total return
potential. The company is focusing on
where the business is, garnering 57% of its
sales from emerging markets. The current
worldwide 6.3 billion population, is expected to expand to 9.3 billion in the next 30
years, with the majority of these gains
coming in the more profitable emerging
markets. Financially, more of Tupperwares existing customers are climbing up
the economic ladder. Besides promising 3to 5-year earnings prospects, dividend increases are expected to keep pace with the
presumptive bottom-line gains.
Jerome H. Kaplan
July 1, 2011

report late July.

lion, $7.41 a share.
(C) Dividends historically paid in early January, (E) In millions.
April, July, and October.
(D) Incl. intangibles. At 12/25/2010: $464.5 mil-

2011, Value Line Publishing LLC. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscribers own, non-commercial, internal use. No part
of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.

2800
18.0%
45.0
310
25.5%
11.1%
350
500
860
24.5%
36.0%
26.0%
28%

THIS
STOCK

20
15

Companys Financial Strength

Stocks Price Stability
Price Growth Persistence
Earnings Predictability

A
55
50
85

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