AMED 0 -1 -2 -3 -4 -5
year end date 2010/12 2009/12 2008/12 2007/12 2006/12 2005/12
date preliminary data loaded 2011-02-23 2010-08-19 2009-02-18 2008-02-28 2007-02-21 2006-02-23
earnings period indicator
quarterly indicator
basic earnings indicator
template indicator
preliminary full context ind
projected fiscal year date
number of months last report period
INCOME STATEMENT Recent -1 -2 -3 -4 -5
operating revenue 1634.3 1513.5 1187.4 697.9 541.1 381.6
total revenue 1634.3 1513.5 1187.4 697.9 541.1 381.6
adjustments to revenue 0.0 0.0 0.0 0.0 0.0 0.0
cost of sales 818.9 722.9 561.4 308.7 235.0 156.1
cost of sales with depreciation 820.5 724.5 562.6 308.7 235.5 163.0
gross margin 815.4 790.6 626.0 389.2 306.1 225.5
gross operating profit 815.4 790.6 626.0 389.2 306.1 225.5
Research & Development (R&D) Expense 0.0 0.0 0.0 0.0 0.0 0.0
Selling, General & Administrative (SG&A) Expense 585.8 529.9 447.3 278.9 229.9 168.4
advertising 0.0 0.0 0.0 0.0 0.0 0.0
operating income 193.5 230.7 157.1 96.6 65.7 50.1
EBITDA 229.7 260.6 178.7 110.3 76.2 57.1
depreciation 36.2 29.9 21.6 13.8 10.6 7.0
depreciation (unrecognized) 34.6 28.3 20.4 13.7 10.1 0.0
amortization 0.0 0.0 0.0 0.0 0.0 0.0
amortization of intangibles 0.0 0.0 0.0 0.0 0.0 0.0
operating profit after depreciation 193.5 230.7 157.1 96.6 65.7 50.1
interest income 0.4 0.2 1.0 4.0 1.2 1.5
earnings from equity interest 3.0 0.0 0.0 0.1 0.0 0.0
other income net -2.2 3.1 -0.1 3.6 0.0 0.1
income, acquired in process r&a 0.0 0.0 0.0 0.0 0.0 0.0
Income, Restructuring and M&A 0.0 0.0 0.0 0.0 0.0 0.0
other special charges 0.0 0.0 0.0 0.0 0.0 0.0
special income charges 0.0 0.0 0.0 0.0 0.0 0.0
EBIT 194.8 234.1 158.0 104.3 66.8 51.7
interest expense 9.2 11.7 16.6 0.8 4.9 2.9
pre-tax income 185.6 222.4 141.4 103.4 61.9 48.7
income taxes 72.3 86.2 54.7 38.3 23.6 18.6
minority interest expense 0.7 0.4 0 0 0 0
pref. securities of subsid. trust 0 0 0 0 0 0
income before income taxes 185.6 222.4 141.4 103.4 61.9 48.7
net income (continuing operations) 112.6 135.8 86.7 65.1 38.3 30.1
net income (discontinued operations) 0 0 0 0 0 0
net income (total operations) 112.6 135.8 86.7 65.1 38.3 30.1
extraordinary income/losses 0 0 0 0 0 0
income from cum. effect of acct. change 0 0 0 0 0 0
income from tax loss carryforward 0 0 0 0 0 0
other gains/losses 0 0 0 0 0 0
total net income 112.6 135.8 86.7 65.1 38.3 30.1
normalized income 112.6 135.8 86.7 65.1 38.3 30.1
net income available for common 112.6 135.8 86.7 65.1 38.3 30.1
preferred dividends 0 0 0 0 0 0
excise taxes 0 0 0 0 0 0
*
Basic EPS (Continuing) 4.02 4.99 3.28 2.52 1.75 1.45
Basic EPS (Discontinued) 0 0 0 0 0 0
Basic EPS from Total Operations 4.02 4.99 3.28 2.52 1.75 1.45
Basic EPS (Extraordinary Items) 0 0 0 0 0 0
Basic EPS (Cum. Effect of Acct. Change) 0 0 0 0 0 0
Basic EPS (Tax Loss Carry Forward) 0 0 0 0 0 0
Basic EPS (Other Gains/Losses) 0 0 0 0 0 0
Basic EPS - Total 4.02 4.99 3.28 2.52 1.75 1.45
Basic EPS - Normalized 4.02 4.99 3.28 2.52 1.75 1.45
* 0 -1 -2 -3 -4 -5
Diluted EPS (Continuing) 3.95 4.89 3.22 2.48 1.72 1.41
Diluted EPS (Discontinued) 0 0 0 0 0 0
Diluted EPS from Total Operations 3.95 4.89 3.22 2.48 1.72 1.41
Diluted EPS (Extraordinary) 0 0 0 0 0 0
Diluted EPS (Cum. Effect of Acct. Change) 0 0 0 0 0 0
Diluted EPS (Tax Loss Carry Forward) 0 0 0 0 0 0
Diluted EPS (Other Gains/Losses) 0 0 0 0 0 0
Diluted EPS - Total 3.95 4.89 3.22 2.48 1.72 1.41
Diluted EPS - Normalized 3.95 4.89 3.22 2.48 1.72 1.41
Dividends Paid Per Share (DPS) 0 0 0 0 0 0
INCOME STATEMENT (YEAR-TO-DATE) 0 -1 -2 -3 -4 -5
Revenue (YTD) 1634.3 1513.5 1187.4 697.9 541.1 381.6
Net Income from Total Operations (YTD) 112.6 135.8 86.7 65.1 38.3 30.1
EPS from Total Operations (YTD) 3.95 4.89 3.22 2.48 1.72 1.41
Dividends Paid Per Share (YTD) 0 0 0 0 0 0
BALANCE SHEET 0 -1 -2 -3 -4 -5
ASSETS
cash & equivalents 120.3 34.5 2.8 56.2 84.2 17.2
restricted cash 0 0 0 0 4.8 0
marketable securities 0 0 0 0 0 0
accounts receivable 141.5 150.3 175.7 96.3 74.9 68.1
loans receivable 0 0 0 0 0 0
other receivable 0 0 0 0 0 0
receivables 141.5 150.3 175.7 96.3 74.9 68.1
inventories, raw materials 0 0 0 0 0 0
inventories, work in progress 0 0 0 0 0 0
inventories, purchased components 0 0 0 0 0 0
inventories, finished goods 0 0 0 0 0 0
inventories, other 0 0 0 0 0 0
inventories, adjustments & allowances 0 0 0 0 0 0
inventories 0 0 0 0 0 0
prepaid expenses 9.9 10.3 8.1 6 4.1 2.7
current defered income taxes 0 0 0 0 0 4.3
other current assets 22.1 23 7.7 6 11.1 0
total current assets 293.9 218 194.4 164.5 179.2 92.3
land and improvements 3.2 3.2 3.2 3.1 2.5 0
building and improvements 25 23.6 22.9 21.4 21.2 0.6
machinery, furniture & equipment 115 90 72.6 54.5 40.4 38.6
construction in progress 0 0 0 1 0.5 5.3
other fixed assets 73.5 34.9 19.9 13 10.4 0
total fixed assets 216.7 151.7 118.5 93.1 75 44.4
gross fixed assets 216.7 151.7 118.5 93.1 75 44.4
accumulated depreciation 78.1 59.8 39.2 24.8 22 17
net fixed assets 138.6 91.9 79.3 68.3 53 27.4
intangibles 53.4 57.6 42.4 14.3 12.7 208.4
cost in excess 791.4 786.9 733.9 332.5 213 0
non-current deferred income taxes 0 0 0 0 0 0
other non-current assets 22.5 17.9 20.3 7.5 5.8 11.8
total non-current assets 1005.9 954.3 875.8 422.6 284.6 247.7
total assets 1299.8 1172.4 1070.2 587.1 463.8 340
inventory valuation method C C C C C 2
EQUITY & LIABILITIES 0 -1 -2 -3 -4 -5
accounts payable 28 16.5 23.3 14.4 14.3 29.9
notes payable 0 0 0 0 0 0
short-term debt 37.2 44.3 42.6 11 3.2 20.7
accrued expenses 0 0 0 66.7 46.6 45.2
accrued liabilities 136.8 152.7 134 0 0 0
deferred revenues 0 0 0 0 0 0
current deferred income taxes 14.3 11.2 4.7 6.8 11.6 4.2
other current liabilities 0 4.6 0 2.8 6.1 0
total current liabilities 216.3 229.3 204.6 101.7 81.9 100
long-term debt 0 0 0 13 1.7 43.1
capital lease obligations 144.7 170.9 285.9 0 0.4 0
deferred income taxes 52.3 29.4 11.5 18.5 10.8 3.6
other non-current liabilities 6.8 6.4 6 6.1 4.9 0.8
minority interest liability 1.9 1.2 0.8 0.8 0 0
preferred secur. of subsid. trust 0 0 0 0 0 0
preferred equity outside stock equity 0 0 0 0 0 0
total non-current liabilities 205.7 207.9 304.2 38.4 17.8 47.4
total liabilities 422 437.2 508.9 140.1 99.7 147.4
preferred stock equity 0 0 0 0 0 0
common stock equity 877.9 735.2 561.3 447 364 192.6
common par 0 0 0 0 0 0
additional paid-in capital 407.2 363.7 326.1 297.8 279.6 146.7
cumulative translation adjustments 0 0 0 0 0 0
retained earnings 484.7 372.1 236.3 149.6 84.8 46.6
treasury stock -14 -0.7 -0.6 -0.4 -0.4 0
other equity adjustments 0 0.1 -0.4 0 0 -0.6
total capitalization 877.9 735.2 561.3 460 365.7 235.7
total equity 877.9 735.2 561.3 447 364 192.6
total liabilities & stock equity 1299.8 1172.4 1070.2 587.1 463.8 340
* 0 -1 -2 -3 -4 -5
cash flow 148.7 165.7 108.3 78.9 48.8 37.1
working capital 77.6 -11.3 -10.3 62.8 97.3 -7.6
free cash flow 135.8 152.5 -353.7 -37.8 -0.3 -121.4
invested capital 1022.5 906.1 847.3 460 366.1 235.7
* 0 -1 -2 -3 -4 -5
shares out (common class only) 29.2 28.2 27.2 26.4 25.8 21.2
preferred shares 0 0 0 0 0 0
total ordinary shares 0 0 0 0 0 0
total common shares out 29.2 28.2 27.2 26.4 25.8 21.2
treasury shares 0.6 0.1 0.1 0.1 0.1 0
basic weighted shares 28 27.2 26.4 25.8 21.8 20.8
diluted weighted shares 28.5 27.8 26.9 26.3 22.3 21.3
number of employees 16300 16700 14800 8900 5232 4281
number of part-time employees Error Error Error Error 1660 1925
CASH-FLOW STATEMENT 0 -1 -2 -3 -4 -5
OPERATING ACTIVITIES
net income/loss 113.3 136.2 86.7 65.1 38.3 30.1
depreciation 34.6 28.3 20.4 13.7 10.1 7
amortization 1.6 1.6 1.2 0 0.5 0
amortization of intangibles 0 0 0 0 0 0
deferred income taxes 25.9 21.5 29.4 2.5 16.5 7.4
operating gains 2 18.5 0.1 2.6 0.3 9.8
extraordinary gains 0 0 0 0 0 0
(increase) decrease in receivables -10.5 5.2 -60.5 -32 -18.6 -34.6
(increase) decrease in inventories 0 0 0 0 0 -2
(increase) decrease in prepaid expenses 0 0 0 0 0 0
(increase) decrease in other current assets 1.9 -15 -4.1 2.8 -7.8 -1.9
decrease (increase) in payables 4.7 2.5 -11.1 -1.1 -16.5 20.1
decrease (increase) in other current liabilities -17.9 15.8 45.3 22.4 3.4 7.6
decrease (increase) in other working capital -1.8 4.9 0.1 1.8 1.6 0
other non-cash items 52.6 28 43.1 15.2 15.4 0
net cash from continuing operations 206.3 247.7 150.7 93.1 43.1 43.5
net cash from discontinued operations 0 0 0 0 0 0
net cash from total operating activities 206.3 247.7 150.7 93.1 43.1 43.5
INVESTING ACTIVITIES 0 -1 -2 -3 -4 -5
sale of property, plant & equipment 0 0 0 3.1 0.1 0.2
sale of long-term investments 0 0 0 0 0 0
sale of short-term investments 0 0 0 89 0 32
purchase of property, plant & equipment -66.3 -41.6 -33.1 -28.6 -29.3 -20.4
acquisitions -3.8 -53.6 -471.3 -102.3 -14.1 -144.5
purchase of long-term investments -6.1 0 0 0 0 0
purchase of short-term investments 0 0 0 -89 0 0
other investing changes, net 2.6 -2.2 -1.2 3.5 -4.8 0
cash from discontinued investing activities 0 0 0 0 0 0
net cash from investing activities -73.6 -97.3 -505.7 -124.3 -48.1 -132.7
FINANCING ACTIVITIES
issuance of debt 0 10.9 9 0 10 70
issuance of capital stock 7.7 9.1 9.6 6.3 129.3 5.5
repayment of long-term debt -44.8 -179.6 -188.6 -4.8 -62 -25
repurchase of capital stock -11.8 0 0 0 0 0
payment of cash dividends -0.3 0 0 0 0 0
other financing charges, net 2.4 40.8 471.7 1.7 -5.3 -1.8
cash from discontinued financing activities 0 0 0 0 0 0
net cash from financing activities -46.8 -118.8 301.6 3.2 72 48.7
NET CASH FLOW
effect exchange rate changes 0 0 0 0 0 0
net change in cash & equivalents 85.8 31.6 -53.3 -28 67 -40.4
cash at beginning of period 34.5 2.8 56.2 84.2 17.2 57.7
cash end of period 120.3 34.5 2.8 56.2 84.2 17.2
* 0 -1 -2 -3 -4 -5
foreign sales 2,955.00 3,688.00 6,125.00 5,961.00 7,961.00
domestic sales 1,386.00 1,780.00 1,949.00 1,492.00 1,889.00
auditor name KPMG LLP KPMG LLP KPMG LLP KPMG LLP KPMG LLP
auditor report UQ UQ UQ UQ UQ
RATIOS CALCULATIONS 0 -1 -2 -3 -4 -5
PROFIT MARGINS
Close PE Ratio 11.3 7.7 9 12.7 5.1
High PE Ratio 14 8.7 10.4 17.4 8
Low PE Ratio 6.4 6.4 4.8 4.6 4.2
gross profit margin 22.8 20.3 26.7 24.4 29.6
pre-tax profit margin 8.8 8.1 12.2 6.7 15.4
post-tax profit margin 9.1 10.3 10.7 6.3 14
net profit margin 9.1 10.3 10.7 6.3 14
interest coverage (cont. operations) 104.2 111.8 19.9 19.6 169.9
interest as % of invested capital 0.3 0.2 1.6 0.8 0.2
effective tax rate 0 0 11.6 6.2 9.1
income per employee 15943 19072 17315 10219 22112
NORMALIZED RATIOS
Normalized Close PE Ratio 11.3 7.7 8.5 10.4 5.1
Normalized High PE Ratio 14 8.7 9.9 14.1 8
Normalized Low PE Ratio 6.4 6.4 4.5 3.7 4.2
normalized net profit margin 9.1 10.3 11.3 7.8 14
Normalized ROE 34.1 32.9 34 18.1 29.3
Normalized ROA 19 19.4 18.8 10.9 18.9
Normalized ROCI 33.5 32.7 28.8 16.1 27.6
normalized income per employee 15943 19072 18294 12568 22112
SOLVENCY RATIOS
quick ratio 1.4 1.4 1.4 1.8 2
current ratio 1.7 1.8 1.7 2.1 2.3
payout ratio 0 0 0 0 0
total debt/equity ratio 0.04 0.01 0.19 0.15 0.08
long-term debt/total capital 0.02 0.01 0.15 0.11 0.06
EFFICIENCY RATIOS
leverage ratio 1.8 1.7 1.8 1.7 1.6
asset turnover 2.4 2.2 2.1 1.5 1.6
cash as % of revenue 12.7 12.8 13.7 24.1 27.8
receivables as % of revenue 11.1 12.7 12.5 12.4 12.8
SG&A as % of Revenue 3.8 3.3 2.7 2.7 2.7
R&D as % of Revenue 6.8 5.6 5.7 6.8 6.2
ACTIVITY RATIOS
revenue per $ cash 7.88 7.81 7.31 4.15 3.6
revenue per $ plant (net) 7.91 7.38 4.84 4.71 4.56
revenue per $ common equity 3.75 3.19 2.99 2.33 2.09
revenue per $ invested capital 3.69 3.17 2.54 2.07 1.97
LIQUIDITY RATIOS
receivables turnover 9.8 9.3 9.5 7.7 9
inventory turnover 18.7 18.8 16.6 13.6 14.8
receivables per day sales 39.93 45.89 45.03 44.73 45.9
sales per $ receivables 9.02 7.85 7.99 8.05 7.84
sales per $ inventory 21.17 21.11 17.71 19.82 17.59
revenue/assets 2.1 1.9 1.7 1.4 1.3
number of days cost of goods in inventory 19 19 22 27 24
current assets per share 6.73 9.14 12.14 14.36 20.43
total assets per share 9.35 13.07 21.67 23.52 31.72
intangibles as % of book-value 2.8 0 7.3 7.1 5
inventory as % of revenue 4.7 4.7 5.6 5 5.7
CAPITAL STRUCTURE RATIOS
long-term debt per share 0.09 0.05 2.14 1.78 1.27
current liabilities per share 3.87 5.09 6.95 6.78 8.76
cash per share 2.48 3.15 4.91 7.97 11.84
LT-Debt to Equity Ratio 0.02 0.01 0.18 0.13 0.06
LT-Debt as % of Invested Capital 1.6 0.6 15.2 11.1 5.9
LT-Debt as % of Total Debt 2.1 0.8 22.1 19.1 11.2
total debt as % total assets 44.2 40.8 44.7 39.7 35.7
working captial as % of equity 54.7 52.4 43.3 53.4 57.3
revenue per share 19.58 24.63 35.88 33.12 42.64
book value per share 5.22 7.73 11.98 14.19 20.39
tangible book value per share 5.07 7.73 11.11 13.17 19.37
price/revenue ratio 1.01 0.79 0.96 0.8 0.71
price/equity ratio 3.8 2.5 2.88 1.87 1.48
price/tangible book ratio 3.91 2.5 3.11 2.01 1.56
working capital as % of price 14.4 20.9 15 28.6 38.7
PROFITABILITY
working capital per share 2.86 4.05 5.19 7.58 11.68
cash flow per share 2.5 3.49 5.69 4.22 8.19
free cash flow per share 0.45 1.32 -0.64 3.21 4.12
Return on Stock Equity (ROE) 34.1 32.9 32.2 14.7 29.3
Return on Capital Invested (ROCI) 33.5 32.7 27.3 13.1 27.6
Return on Assets (ROA) 19 19.4 17.8 8.9 18.9
price/cash flow ratio 7.9 5.5 6.1 6.3 3.7
price/free cash flow ratio 44 14.7 -54 8.3 7.3
sales per employee 175406 184905 161248 162053 157600
AGAINST THE INDUSTRY RATIOS
% of sales-to-industry 13.3 13.8 17.4 17.6 20.9
% of earnings-to-industry 14.3 17.2 24.2 -23.6 29.8
% of EPS-to-Industry 293.3 342.5 461.8 -431.8 570.3
% of price-to-industry 115.3 106 415.7 155.7 128.2
% of PE-to-Industry 39.3 30.9 89.8 0 22.5
% of price/book-to-industry 116.6 81.7 219.8 69 45
% of price/sales-to-industry 46.8 41.1 131.5 47.1 33.2
% of price/cashflow-to-industry 52.1 41.6 117 10 27.8
% of pric/free cashlow-to-industry -51.2 32.9 -623.7 4.9 26.8
% of debt/equity-to-industry 9.1 4 60 41.9 23.1
% of current ratio-to-industry 100 90 94.4 110.5 109.5
% of gross profit margin-to-industry 54.5 49.5 61.4 56.5 63.5
% of pre-tax profit margin-to-industry 89.8 96.4 135.6 -209.4 141.3
% of post-tax profit margin-to-industry 108.3 125.6 139 -134 142.9
% of net profit margin-to-industry 108.3 125.6 139 -134 142.9
% of ROE-to-Industry 266.4 251.1 231.7 0 194
% of leverage-to-industry 100 94.4 90 85 84.2
-6 -7 -8 -9
2004/12 2003/12 2002/12 2001/12
2005-03-29 2004-03-11 2003-03-14 2002-03-22
-6 -7 -8 -9
227.1 142.5 129.4 110.2
227.1 142.5 129.4 110.2
0.0 0.0 0.0 0.0
92.0 55.5 55.3 45.6
96.1 58.6 58.2 49.0
135.1 87.0 74.1 64.6
135.1 87.0 74.1 64.6
0.0 0.0 0.0 0.0
97.6 69.6 63.1 53.7
0.0 0.0 0.0 0.0
33.4 14.3 6.5 7.5
37.5 17.4 11.1 10.9
4.1 3.1 2.9 3.4
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
33.4 14.3 8.1 7.5
0.6 0.1 0.1 0.3
0.0 0.0 0.0 0.0
-0.1 0.5 0.1 0.3
0.0 0.0 0.0 0.0
0.0 0.0 -1.6 0.0
0.0 0.0 -7.3 0.0
0.0 0.0 -9.0 0.0
33.9 14.9 -0.7 8.1
0.5 1.3 1.9 2.8
33.4 13.6 -2.5 5.3
12.9 5.2 -3.3 0.2
0 0 0 0
0 0 0 0
33.4 13.6 -2.5 5.3
20.5 8.4 0.8 5.1
0 0 0 0.3
20.5 8.4 0.8 5.4
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
20.5 8.4 0.8 5.4
20.5 8.4 9.7 5.1
20.5 8.4 0.8 5.1
0 0 0 0
0 0 0 0
1.18 0.65 0.07 0.64
0 0 0 0.04
1.18 0.65 0.07 0.68
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
1.18 0.65 0.07 0.68
1.18 0.65 0.87 0.64
-6 -7 -8 -9
1.13 0.62 0.06 0.48
0 0 0 0.03
1.13 0.62 0.06 0.51
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
1.13 0.62 0.06 0.51
1.13 0.62 0.78 0.48
0 0 0 0
-6 -7 -8 -9
227.1 142.5 129.4 110.2
20.5 8.4 0.8 5.4
1.13 0.62 0.06 0.51
0 0 0 0
-6 -7 -8 -9
89.7 29.8 4.9 3.5
0 0 0 0
0 0 0 0
24.5 15.2 13.5 10.5
0 0 0 0
0 0 0 0
24.5 15.2 13.5 10.5
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
3.4 1.9 0.9 0.8
0 0 0 0
3.4 1.9 0.9 0.8
1.4 1.1 1.6 0.2
0 1.7 1.8 0
0 0 0 0
118.9 49.6 22.6 15
0 0 0.1 0.1
0.3 0.2 0.2 0.2
22.4 12.1 14.9 15.1
0 0 0 0
0 4.9 0 0
22.7 17.2 15.2 15.4
22.7 17.2 15.2 15.4
12.7 10 7 5.1
10 7.2 8.3 10.3
67 35.7 0 0
0 0 0 0
0 0 1.7 0
3.9 0 25.8 22.3
80.8 42.9 35.7 32.6
199.7 92.5 58.3 47.6
2 2 2 2
-6 -7 -8 -9
6.7 3.3 2.5 2.4
0 0 0 9.3
2.1 5.2 6.4 7.7
22.5 16.1 13.3 13.9
9.3 0 0 0
0 0 0 0
1.4 0 0 0
0 9.3 8.9 0
42 34 31.1 33.4
1.4 2.7 4.5 5.6
0.3 0.4 1 3.2
6.7 2.8 0 0
0.8 1.2 4.7 2.1
0 0 0 0.1
0 0 0 0
0 0 0 0
9.3 7.1 10.2 10.9
51.3 41.1 41.4 44.3
0 0 0 0
148.5 51.4 17 3.3
0 0 0 0
132 55.5 29.4 16.5
0 0 0 0
16.5 -4.1 -12.5 -13.2
0 0 0 0
0 0 0 0
149.9 54.1 21.4 8.9
148.5 51.4 17 3.3
199.7 92.5 58.3 47.6
-6 -7 -8 -9
24.6 11.5 3.7 8.8
76.9 15.6 -8.5 -18.4
-5.3 13.2 7.7 -9.2
150.2 54.5 22.5 12.1
-6 -7 -8 -9
20.4 15.9 12.2 9.6
0 0 0 0
0 0 0 0
20.4 15.9 12.2 9.6
0 0 0 0
17.4 13.1 11.3 7.9
18.1 13.4 12 10.6
2534 1629 1507 1521
1060 891 Error Error
-6 -7 -8 -9
20.5 8.4 0.8 5.4
4.1 3.1 2.9 3.4
0 0 0 0
0 0 0 0
7 4.6 -3.5 0
5.5 2.8 3.4 -0.3
0 0 0 0
-12.3 -3.3 7 -6.1
-1.1 -0.4 -1.3 -0.3
0 0 0 0
-4.4 -0.4 -0.2 0.1
3.3 0.8 0.1 0.7
7.1 6.3 1.9 4.7
0 0 0 0
0 0 0 0
29.7 21.8 11.1 7.7
0 0 0 0
29.7 21.8 11.1 7.7
-6 -7 -8 -9
0.1 0.2 0.1 0
0 0 0 0
0 0 0 0
-5.2 -1.8 -1.3 -13.4
-29.8 -6.8 -2.1 -3.4
0 0 0 0
0 0 0 0
0 0 -0.1 1
0 0 0 0
-35 -8.3 -3.3 -15.8
0.9 1.2 1 14.5
72.2 23.1 10 0.4
-7 -6.9 -16.1 -5.4
0 0 0 0
0 0 0 0
-0.4 -5.9 -1.3 -4.8
0 0 0 0
65.7 11.5 -6.5 4.7
0 0 0 0
60.5 24.9 1.3 -3.5
29.2 4.9 3.5 7
89.7 29.8 4.9 3.5
-6 -7 -8 -9
-6 -7 -8 -9
INCOME STATEMENT 2010/12 2009/12 2008/12 2007/12 2006/12
Revenue 1,634 1,514 1,187 698 541
Cost of Goods Sold 819 722.9 561 309 235
Gross Profit 815 791 626 389 306
SG&A + R&D Expense 586 530 447.30 279 230
Depreciation & Amortization Expense 36 30 22 14 11
Operating Profit 193 231 157 97 66
Non-Operating Income (Expense) 1 3 1 8 1
EBIT 195 234 158 104 67
Interest Expense 9 12 17 1 5
Pre-Tax Income 185 222 141 103 62
income taxes 72 86 55 38 24
After Tax Adjustments 1 0 0 0 0
Net Income 112 136 87 65 38
EBITDA 231 264 180 118 77
Consolidation Check OKAY OKAY OKAY OKAY OKAY
BALANCE SHEET 2010/12 2009/12 2008/12 2007/12 2006/12
ASSETS
Cash & Cash Equivalents (ST Inv) 120 35 3 56 89
Total Accounts Receivable 142 150 176 96 75
Inventories 0 0 0 0 0
Other Current Assets 32 33 16 12 15
Total Current Assets 294 218 194 165 179
Property, Plant & Equipment - Gross 217 152 119 93 75
Accumulated Depreciation 78 60 39 25 22
Net Property, Plant & Equipment 139 92 79 68 53
Intangible Assets (Including Goodwill) 845 845 776 347 226
Other Non-Current Assets 23 18 20 8 6
Total Assets 1,300 1,172 1,070 587 464
Consolidation Check OKAY OKAY OKAY OKAY OKAY
EQUITY & LIABILITIES
Accounts Payable 28 17 23 14 14
Short Term Debt & Current Portion of LT Debt 37 44 43 11 3
Other Current Liabilities 151 169 139 76 64
Total Current Liabilities 216 229 205 102 82
Long Term Debt 0 0 0 13 2
Deferred Taxes 52 29 12 19 11
Capital Lease Obligations 145 171 286 0 0
Minority Interest Liability 2 1 1 1 0
Other Non- Current Liabilities 7 6 6 6 5
Total Liabilities 422 437 509 140 100
Par + APIC - Treasury (& Other Adjustments) 393 363 325 297 279
Retained Earnings 485 372 236 150 85
Preferred Stock 0 0 0 0 0
Total Equity 878 735 561 447 364
Liabilities & Shareholder's Equity 1,300 1,172 1,070 587 464
Consolidation Check OKAY OKAY OKAY OKAY OKAY
2005/12 2004/12 2003/12 2002/12 2001/12
382 227 143 129 110
156 92 56 55 46
226 135 87 74 65
168 98 70 63 54
7 4 3 3 3
50 33 14 8 7
2 1 1 -9 1
52 34 15 -1 8
3 1 1 2 3
49 33 14 -2 5
19 13 5 -3 0
0 0 0 0 0
30 21 8 1 5
59 38 18 2 12
OKAY OKAY OKAY OKAY OKAY
2005/12 2004/12 2003/12 2002/12 2001/12
17 90 30 5 4
68 25 15 14 11
0 3 2 1 1
7 1 3 3 0
92 119 50 23 15
44 23 17 15 15
17 13 10 7 5
27 10 7 8 10
208 67 36 0 0
12 4 0 28 22
340 200 93 58 48
OKAY OKAY OKAY OKAY OKAY
30 7 3 3 2
21 2 5 6 17
49 33 25 22 14
100 42 34 31 33
43 1 3 5 6
4 7 3 0 0
0 0 0 1 3
0 0 0 0 0
1 1 1 5 2
148 51 41 41 44
146 132 56 29 17
47 17 -4 -13 -13
0 0 0 0 0
193 149 51 17 3
340 200 92 58 48
OKAY OKAY OKAY OKAY OKAY
INCOME STATEMENT 0 +1 +2 +3 +4 +5
Revenue 1,634 1,618 1,641 1,689 1,753 1,829
Cost of Goods Sold 819 843 872 914 966 1,026
Gross Profit 815 775 770 775 787 803
SG&A + R&D Expense 586 588 574 577 590 610
Depreciation & Amortization Expense 36 36 38 41 43 45
Operating Profit 193 151 157 157 154 147
Non-Operating Income (Expense) 1 1 3 4 5 6
EBIT 195 150 154 153 149 142
Interest Expense 9 -1 -2 0 2 2
Pre-Tax Income 185 150 156 153 147 139
income taxes 72 59 61 61 59 56
After Tax Adjustments 1 1 1 0 0 0
Net Income 112 91 94 92 88 83
EBITDA 231 186 192 194 192 187
Dividends Paid 0 0 0 0 0 0
Addition To RE 112 91 94 92 88 83
EPS 3.9 3.20 3.29 3.23 3.10 2.93
BALANCE SHEET 0 +1 +2 +3 +4 +5
ASSETS
Cash & Cash Equivalents (ST Inv) 120 182 71 15 0 0
Total Accounts Receivable 142 140 166 185 202 216
Inventories 0 0 0 0 0 0
Other Current Assets 32 32 32 34 35 37
Total Current Assets 294 354 269 234 237 253
Property, Plant & Equipment - Gross 217 215 224 235 247 259
Accumulated Depreciation 78 77 81 85 89 93
Net Property, Plant & Equipment 139 137 143 150 158 166
Intangible Assets (Including Goodwill) 845 836 1,037 1,185 1,304 1,407
Other Non-Current Assets 23 22 22 22 23 24
Total Assets 1,300 1,350 1,472 1,591 1,721 1,850
EQUITY & LIABILITIES
Accounts Payable 28 28 29 31 33 34
ST Debt & Current Portion of LT Debt 37 0 0 0 15 33
Other Current Liabilities 151 150 163 175 186 197
Total Current Liabilities 216 177 193 206 234 265
Long Term Debt 0 0 13 23 30 36
Deferred Taxes 52 52 48 47 46 47
Capital Lease Obligations 145 143 145 150 155 162
Minority Interest Liability 2 2 2 2 1 1
Other Non- Current Liabilities 7 7 8 9 10 11
Total Liabilities 422 381 409 436 478 523
Par + APIC - Treasury (& Other Adjustments) 393 393 393 393 393 393
Retained Earnings 485 576 670 762 850 933
Preferred Stock 0 0 0 0 0 0
Total Equity 878 969 1,063 1,155 1,243 1,327
Liabilities & Shareholder's Equity 1,300 1,350 1,472 1,591 1,721 1,850
Balance? Balance Balance Balance Balance Balance Balance
Specified assets - 1,168 1,400 1,576 1,721 1,850
Specified liabilities - 1,350 1,472 1,591 1,706 1,816
Net required financing - -182 -71 -15 15 33
Current debt - 0 0 0 15 33
Short-term investments - 182 71 15 0 0
CASH-FLOW STATEMENT 0 +1 +2 +3 +4 +5
OPERATING ACTIVITIES
net income/loss
depreciation
amortization
amortization of intangibles
deferred income taxes
operating gains
extraordinary gains
(increase) decrease in receivables
(increase) decrease in inventories
(increase) decrease in prepaid expenses
(increase) decrease in other current assets
decrease (increase) in payables
decrease (increase) in other current liabilities
decrease (increase) in other working capital
other non-cash items
net cash from continuing operations
net cash from discontinued operations
net cash from total operating activities
INVESTING ACTIVITIES
sale of property, plant & equipment
sale of long-term investments
sale of short-term investments
purchase of property, plant & equipment
acquisitions
purchase of long-term investments
purchase of short-term investments
other investing changes, net
cash from discontinued investing activities
net cash from investing activities
FINANCING ACTIVITIES
issuance of debt
issuance of capital stock
repayment of long-term debt
repurchase of capital stock
payment of cash dividends
other financing charges, net
cash from discontinued financing activities
net cash from financing activities
NET CASH FLOW
effect exchange rate changes
net change in cash & equivalents
cash at beginning of period
cash end of period
EBITDA 231 186 192 194 192 187
Net Profit Margin 7% 6% 6% 5% 5% 5%
Gross Profit Margin 100% 92% 88% 85% 81% 78%
+6 +7 +8 +9 +10 +11 +12 +13 +14
1,915 2,009 2,109 2,214 2,325 2,441 2,563 2,692 2,826
1,094 1,167 1,247 1,309 1,374 1,443 1,515 1,591 1,670
821 841 862 906 951 998 1,048 1,101 1,156
635 664 696 731 767 806 846 888 933
48 50 53 56 59 61 65 68 71
138 127 113 119 125 131 138 145 152
6 7 7 7 8 8 9 9 10
132 120 106 112 117 123 129 136 142
3 3 3 4 4 4 4 4 4
129 117 103 108 113 119 125 131 138
52 47 41 43 45 48 50 53 55
0 0 0 0 0 0 0 0 0
77 70 61 64 68 71 75 78 82
180 171 159 167 176 184 194 203 214
0 0 0 0 0 0 0 0 0
77 70 61 64 68 71 75 78 82
2.71 2.46 2.16 2.26 2.38 2.49 2.62 2.75 2.89
+6 +7 +8 +9 +10 +11 +12 +13 +14
0 0 0 0 0 0 0 0 0
230 244 257 270 284 298 313 329 345
0 0 0 0 0 0 0 0 0
38 40 42 44 47 49 51 54 57
268 284 300 315 330 347 364 382 402
272 286 301 316 332 348 366 384 403
98 103 108 114 119 125 132 138 145
174 183 192 202 212 223 234 245 258
1,503 1,595 1,687 1,772 1,860 1,953 2,051 2,153 2,261
25 26 27 28 30 31 33 35 36
1,970 2,088 2,206 2,317 2,432 2,554 2,682 2,816 2,957
36 38 40 42 44 46 49 51 54
49 69 96 113 131 150 170 191 212
208 220 231 243 255 268 281 295 310
294 326 368 398 430 464 500 537 576
41 45 49 52 54 57 60 63 66
49 50 53 55 58 61 64 67 71
170 178 187 196 206 216 227 238 250
1 2 2 2 2 2 2 2 2
12 12 13 14 15 15 16 17 18
566 614 671 717 765 815 868 924 983
393 393 393 393 393 393 393 393 393
1,011 1,081 1,142 1,207 1,274 1,345 1,420 1,498 1,581
0 0 0 0 0 0 0 0 0
1,404 1,474 1,535 1,600 1,667 1,739 1,813 1,892 1,974
1,970 2,088 2,206 2,317 2,432 2,554 2,682 2,816 2,957
Balance Balance Balance Balance Balance Balance Balance Balance Balance
1,970 2,088 2,206 2,317 2,432 2,554 2,682 2,816 2,957
1,921 2,019 2,110 2,203 2,301 2,404 2,512 2,625 2,744
49 69 96 113 131 150 170 191 212
49 69 96 113 131 150 170 191 212
0 0 0 0 0 0 0 0 0
+6 +7 +8 +9 +10 +11 +12 +13 +14
180 171 159 167 176 184 194 203 214
4% 3% 3% 3% 3% 3% 3% 3% 3%
75% 72% 69% 69% 69% 69% 69% 69% 69%
+15 +16 +17 +18 +19 +20
2,967 3,116 3,272 3,435 3,607 3,787
1,754 1,842 1,934 2,030 2,132 2,239
1,213 1,274 1,338 1,405 1,475 1,549
979 1,028 1,080 1,134 1,190 1,250
75 78 82 87 91 95
159 167 176 185 194 204
10 11 11 12 12 13
149 157 165 173 182 191
5 5 5 5 6 6
145 152 160 168 176 185
58 61 64 67 70 74
0 0 0 0 0 1
86 91 95 100 105 110
224 235 247 260 272 286
0 0 0 0 0 0
86 91 95 100 105 110
3.03 3.18 3.34 3.51 3.69 3.87
+15 +16 +17 +18 +19 +20
0 0 0 0 0 0
362 380 399 419 440 462
0 0 0 0 0 0
59 62 66 69 72 76
422 443 465 488 513 538
423 444 467 490 514 540
153 160 168 177 185 195
271 284 298 313 329 345
2,374 2,493 2,617 2,748 2,886 3,030
38 40 42 44 46 49
3,104 3,260 3,423 3,594 3,773 3,962
56 59 62 65 68 72
235 259 285 311 339 368
326 342 359 377 396 416
617 660 706 753 803 856
69 73 76 80 84 88
74 78 82 86 90 95
263 276 290 304 320 336
2 2 2 3 3 3
19 19 20 21 23 24
1,044 1,108 1,176 1,247 1,322 1,400
393 393 393 393 393 393
1,667 1,758 1,853 1,953 2,058 2,169
0 0 0 0 0 0
2,060 2,151 2,246 2,346 2,451 2,562
3,104 3,260 3,423 3,594 3,773 3,962
Balance Balance Balance Balance Balance Balance
3,104 3,260 3,423 3,594 3,773 3,962
2,869 3,000 3,138 3,283 3,434 3,594
235 259 285 311 339 368
235 259 285 311 339 368
0 0 0 0 0 0
+15 +16 +17 +18 +19 +20
224 235 247 260 272 286
3% 3% 3% 3% 3% 3%
69% 69% 69% 69% 69% 69%
1 2 3 4 5 6 7 8 9 10
Amedisys Inc Comparable Companies C
EV ÷ EV ÷ EBITDA FWD Profit
P/B P/E ROA
Ticker Company EBITDA Sales ÷ Sales P/E Margin
AMED Amedisys Inc 1.1 4.3 0.6 15% 8.21 10.10 7% 10%
1 AFAM Almost Family Inc 1.9 5.5 0.9 16% 11.18 12.64 9% 16%
2 LHCG LHC Group Inc 2.0 5.2 0.9 16% 11.08 12.43 8% 18%
3 AHCI 0.7
Allied Healthcare International Inc 4.1 0.3 7% 12.25 12.89 3% 5%
4 GTIV Gentiva Health Services Inc 1.4 9.0 1.2 14% 16.39 9.23 4% 7%
5 CHE Chemed Corporation 3.2 9.4 1.2 13% 19.03 13.62 6% 11%
6 LNCR Lincare Holdings Inc 2.9 7.0 1.9 27% 16.39 12.51 11% 11%
7
8
9
10
Amedisys Inc Comparable Companies
EV ÷ EV ÷ EBITDA FWD Profit
Ticker Company P/B P/E ROA
EBITDA Sales ÷ Sales P/E Margin
1 AFAM Almost Family Inc 1.9 5.5 0.9 16% 11.18 12.64 9% 16%
2 LHCG LHC Group Inc 2.0 5.2 0.9 16% 11.08 12.43 8% 18%
3
4
5
AMED Amedisys Inc 1.1 4.3 0.6 15% 8.21 10.10 7% 10%
11 12 13 14 15 16 17 18 19 20 21
ble Companies Considered
Short Z- Div BV MV 3yr
ROE FYE D/E Beta ∂ Beta
Ratio Score Yield Debt Equity Tax
14% 14.30 3.70 N/A Dec 31 $182 $956 0.19 39% 0.55 0.49
19% 5.30 8.65 N/A Dec 31 $3 $343 0.01 40% 0.9 0.90
25% 7.60 7.46 N/A Dec 31 $0 $540 0.00 30% 0.73 0.73
6% 9.70 3.53 N/A Sep 30 $1 $107 0.01 27% 0.88 0.87
10% 6.60 1.49 N/A Dec 31 $1,052 $852 1.23 30% 0.68 0.36
17% 4.20 5.32 0.54 Dec 31 $159 $1,430 0.11 40% 0.15 0.14
19% 10.70 3.37 0.60 Dec 31 $495 $2,870 0.17 39% 0.58 0.52
able Companies Chosen
Short Z- Div BV MV 3yr
ROE FYE D/E Beta ∂ Beta
Ratio Score Yield Debt Equity Tax
19% 5.30 8.65 N/A Dec 31 $3 $343 0.01 40% 0.9 0.90
25% 7.60 7.46 N/A Dec 31 $0 $540 0.00 30% 0.73 0.73
14% 14.3 N/A Dec 31 $182 $956 0.19 39% 0.55 0.49
Amedisys Inc 3YA 5YA 7YA 10YA MR
Revenue Growth Rate % 35% 35% 43% 37% 8%
Cost of Goods Sold % of Sales 48% 47% 45% 44% 50%
SG&A + R&D Expense % of Sales 36% 38% 40% 42% 36%
Depreciation & Amortization Expense % of Gross PPE 18% 17% 17% 18% 17%
Accumulated Depreciation % of Gross PPE 36% 33% 37% 40% 36%
Non-Operating Income (Expense) % of Sales 0% 0% 0% 0% 0%
Inventories % of Sales 0% 0% 0% 0% 0%
Total Accounts Receivable % of Sales 11% 12% 13% 12% 9%
Other Current Assets % of Sales 2% 2% 2% 2% 2%
Property, Plant & Equipment - Gross % of Sales 11% 12% 12% 12% 13%
Other Non-Current Assets % of Sales 1% 1% 2% 5% 1%
Accounts Payable % of Sales 2% 2% 3% 3% 2%
Minority Interest Liability % of Sales 0% 0% 0% 0% 0%
Other Non- Current Liabilities % of Sales 0% 1% 1% 1% 0%
Capital Lease Obligations % of Sales 15% 9% 6% 5% 9%
Other Current Liabilities % of Sales 11% 11% 12% 13% 9%
Intangible Assets (Including Goodwill) % of Sales 58% 53% 50% 37% 52%
Deferred Taxes / Gross PPE 18% 17% 18% 14% 24%
Effective Tax Rate 39% 38% 38% 44% 39%
Effective Interest Rate 7% 6% 6% 6% 5%
LTD / Last Years Assets 0% 1% 2% 4% 0%
Dividend Payout Ratio 0% 0% 0% 0% 0%
Cost of Goods Sold % of Sales
70%
60%
50%
40%
30%
20%
10%
0%
2000 2002 2004 2006
10Yr
STDEV Start End T ^ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
-9 -8 -7 -6 -5 -4 -3 -2 -1 0
25.6% -1.0% 5.0% 7 0.50 0% 17% 10% 59% 68% 42% 29% 70% 27% 8%
3.6% 52.1% 59.1% 7 0.00 41% 43% 39% 41% 41% 43% 44% 47% 48% 50%
5.3% 36.3% 33.0% 7 0.50 49% 49% 49% 43% 44% 42% 40% 38% 35% 36%
2.4% 16.7% 17.7% 7 0.50 22% 19% 18% 18% 16% 14% 15% 18% 20% 17%
10.7% 36.0% 36.0% 7 0.50 33% 46% 58% 56% 38% 29% 27% 33% 39% 36%
2.3% 0.1% 0.3% 7 0.50 1% -7% 0% 0% 0% 0% 1% 0% 0% 0%
0.6% 0.0% 0.0% 7 0.50 1% 1% 1% 1% 0% 0% 0% 0% 0% 0%
2.9% 8.7% 12.2% 7 0.50 10% 10% 11% 11% 18% 14% 14% 15% 10% 9%
0.8% 2.0% 2.0% 7 0.50 0% 3% 2% 1% 2% 3% 2% 1% 2% 2%
1.6% 13.3% 14.3% 7 0.50 14% 12% 12% 10% 12% 14% 13% 10% 10% 13%
8.2% 1.4% 1.3% 7 0.50 20% 21% 0% 2% 3% 1% 1% 2% 1% 1%
1.9% 1.7% 1.9% 7 0.50 2% 2% 2% 3% 8% 3% 2% 2% 1% 2%
0.1% 0.1% 0.1% 7 0.50 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
1.0% 0.4% 0.6% 7 0.50 2% 4% 1% 0% 0% 1% 1% 1% 0% 0%
7.9% 8.9% 8.9% 7 0.50 3% 1% 0% 0% 0% 0% 0% 24% 11% 9%
2.8% 9.2% 11.0% 7 0.50 13% 17% 18% 15% 13% 12% 11% 12% 11% 9%
23.1% 51.7% 80.0% 7 0.50 0% 0% 25% 30% 55% 42% 50% 65% 56% 52%
9.8% 24.1% 17.5% 7 0.50 0% 0% 16% 30% 8% 14% 20% 10% 19% 24%
32.7% 39.0% 40.0% 7 0.50 4% 132% 38% 39% 38% 38% 37% 39% 39% 39%
2.8% 5.5% 7.0% 7 0.50 12% 5% 7% 4% 4% 7% 3% 10% 5% 5%
5.0% 0.0% 2.3% 7 0.50 12% 8% 3% 1% 13% 0% 2% 0% 0% 0%
0.1% 0.0% 0.0% 7 0.50 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
ods Sold % of Sales Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Goods 43% of Sales
Cost of 41% Sold % 39% 41% 41% 43% 44% 47% 48% 50%
2006 2008 2010 2012 2014 2016 2018 2020
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
-1.0% 1.4% 2.9% 3.8% 4.3% 4.7% 4.9% 5.0% 5.0% 5.0% 5% 5% 5% 5% 5%
52% 53% 54% 55% 56% 57% 58% 59% 59% 59% 59% 59% 59% 59% 59%
36% 35% 34% 34% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
17% 17% 17% 17% 18% 18% 18% 18% 18% 18% 18% 18% 18% 18% 18%
36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36%
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%
9% 10% 11% 11% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
13% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
9% 10% 10% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
52% 63% 70% 74% 77% 78% 79% 80% 80% 80% 80% 80% 80% 80% 80%
24% 21% 20% 19% 18% 18% 18% 17% 17% 17% 17% 17% 17% 17% 17%
39% 39% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
6% 6% 6% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
0% 1% 1% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
52% 53% 54% 55% 56% 57% 58% 59% 59% 59% 59% 59% 59% 59% 59%
2026 2027 2028 2029 2030
16 17 18 19 20 1
5% 5% 5% 5% 5%
59% 59% 59% 59% 59%
33% 33% 33% 33% 33%
18% 18% 18% 18% 18%
36% 36% 36% 36% 36%
0% 0% 0% 0% 0%
0% 0% 0% 0% 0%
12% 12% 12% 12% 12%
2% 2% 2% 2% 2%
14% 14% 14% 14% 14%
1% 1% 1% 1% 1%
2% 2% 2% 2% 2%
0% 0% 0% 0% 0%
1% 1% 1% 1% 1%
9% 9% 9% 9% 9%
11% 11% 11% 11% 11%
80% 80% 80% 80% 80%
17% 17% 17% 17% 17%
40% 40% 40% 40% 40%
7% 7% 7% 7% 7%
2% 2% 2% 2% 2%
0% 0% 0% 0% 0%
2026 2027 2028 2029 2030
59% 59% 59% 59% 59%
Inputs
Beta: 0.73
Risk Free: 3.54%
ERM: 8.6%
Risk Premium: 5.1%
Tax Rate: 39% 1
2
WACC 3
Equity Cost of Capital 7.3% 4
Debt Cost of Capital 6.7% 5
Debt Weight 15.99%
Equity Weight 84.01%
WACC: 6.78%
Bottom Up Beta
Ticker
AMED
AFAM
LHCG
Average
Bottom Up Beta
Company D/E Tax ∂ Beta RL Beta
Amedisys Inc 0.19 39% 0.49 0.73
Almost Family Inc 0.01 40% 0.90 -
LHC Group Inc 0.00 30% 0.73 -
0.07 0.71
Amedisys Inc Discounted Cash Flow (FCFF)
(In $M except per share data) 0 1 2 3 4 5 6 7
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
Gross PPE 217 215 224 235 247 259 272 286
NOWC 4 9 11 14 18 21 24 26
Deferred Taxes 52 52 48 47 46 47 49 50
NOPLAT 136 91 91 91 89 85 79 72
Depreciation & Amort. 36 36 38 41 43 45 48 50
∆NOWC 5 2 3 4 4 3 2
Capital Expenditures -2 10 11 12 12 13 14
FCFF - 124 117 118 116 114 111 107
Terminal Value 848
FCF + HV 124 117 118 116 114 111 955
Enterprise Value 1,166
Surplus Cash 48
Debt 182
Preferred Stock 0
Non-Controlling Interest 2
Implied Equity Value 1,031
Diluted Shares 28.5
Share Price $36.16
Years
7
171 EBITDA
107 FCFF
5
6
7
Amedisys Inc Relative Multiples Analysis
EV / EBITDA EV/Sales P/E Fwd P/E P/B
Ticker Company
1 AFAM Almost Family Inc 5.5x 0.88x 11.2x 12.6x 1.9x
2 LHCG LHC Group Inc 5.2x 0.85x 11.1x 12.4x 2.0x
AMED #NAME? 4.3x 0.6x 8.2x 10.1x 1.1x
Average 5.0x 0.8x 10.2x 11.7x 1.7x
Implied Price $35.51 $40.16 $40.83 $37.46 $51.44
Average Implied Price $37.63
les Analysis
EV / Op. EV / EV / Annual
Locations Employees Episodes
2.6x 0.047x 0.0035x
1.8x 0.068x 0.0034x
1.8x 0.06x 0.0035x
2.1x 0.06x 0.0034x
$35.96 $28.94 $30.72
3
Amedisys Inc Sensitivity Analysis
Enterprise Value ($M) Implied Equity Value ($M) Exit Inc. 1
Exit Multiple Exit Multiple WACC Inc 1.0%
3.0x 4.0x 5.0x 6.0x 7.0x 3.0x 4.0x 5.0x 6.0x 7.0x CP 32.42
4.8% 1,042 1,165 1,288 1,411 1,534 4.8% 906 1,029 1,152 1,275 1,398
5.8% 995 1,110 1,225 1,340 1,455 5.8% 859 974 1,089 1,204 1,319
WACC
WACC
6.8% 951 1,058 $1,166 1,274 1,382 6.8% 815 923 $1,031 1,138 1,246
7.8% 909 1,010 1,111 1,212 1,313 7.8% 774 875 976 1,077 1,178
8.8% 871 965 1,060 1,155 1,249 8.8% 735 830 924 1,019 1,114
Implied Share Price PV of Terminal Value ($M)
Exit Multiple Exit Multiple
3.0x 4.0x 5.0x 6.0x 7.0x 3.0x 4.0x 5.0x 6.0x 7.0x
4.8% 31.79 36.10 40.42 44.74 49.06 4.8% 366 489 612 735 858
5.8% 30.14 34.18 38.22 42.26 46.30 5.8% 342 457 573 688 803
WACC
WACC
6.8% 28.60 32.38 $36.16 39.94 43.72 6.8% 320 428 $536 644 752
7.8% 27.15 30.69 34.23 37.78 41.32 7.8% 300 401 502 603 704
8.8% 25.79 29.11 32.43 35.75 39.08 8.8% 281 376 471 565 660
PV of Terminal Value as % of Enterprise Value Implied Perpetuity Growth Rate
Exit Multiple Exit Multiple
3.0x 4.0x 5.0x 6.0x 7.0x 3.0x 4.0x 5.0x 6.0x 7.0x
4.8% 35% 42% 48% 52% 56% 4.8% -13.4% -9.5% -6.9% -5.1% -3.8%
5.8% 34% 41% 47% 51% 55% 5.8% -12.6% -8.6% -6.0% -4.2% -2.9%
WACC
WACC
6.8% 34% 40% 46% 51% 54% 6.8% -11.8% -7.7% -5.1% -3.3% -2.0%
7.8% 33% 40% 45% 50% 54% 7.8% -10.9% -6.9% -4.3% -2.4% -1.1%
8.8% 32% 39% 44% 49% 53% 8.8% -10.1% -6.0% -3.4% -1.5% -0.2%
Implied Exit Multiple Premium / (Discount) @ $32.42
Exit Multiple Exit Multiple
3.0x 4.0x 5.0x 6.0x 7.0x 3.0x 4.0x 5.0x 6.0x 7.0x
4.8% 4.5x 5.0x 5.6x 6.1x 6.6x 4.8% 2% -10% -20% -28% -34%
5.8% 4.3x 4.8x 5.3x 5.8x 6.3x 5.8% 8% -5% -15% -23% -30%
WACC
WACC
6.8% 4.1x 4.6x 5.1x 5.5x 6.0x 6.8% 13% 0% -10% -19% -26%
7.8% 3.9x 4.4x 4.8x 5.3x 5.7x 7.8% 19% 6% -5% -14% -22%
8.8% 3.8x 4.2x 4.6x 5.0x 5.4x 8.8% 26% 11% 0% -9% -17%
2001 2002 2003 2004 2005 2006 2007
Gross Profit Margin 59% 57% 61% 59% 59% 57% 56%
Net Proft Margin 5% 1% 6% 9% 8% 7% 9%
ROA 11% 1% 9% 10% 9% 8% 11%
ROE 164% 5% 16% 14% 16% 11% 15%
Equity Multiplier 14.42 3.46 1.80 1.35 1.76 1.27 1.31
Revenue Growth Rate 0% 17% 10% 59% 68% 42% 29%
Revenue Growth Rate
80%
60%
40%
20%
0%
2000 2005 2010 2015 2020
-20%
Projection Historical
Return on Assets
14% 20%
12%
10% 15%
8%
10%
6%
4%
2%
0%
2000 2005 2010 2015 2020
Projection Historical
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
53% 52% 50% 48% 47% 46% 45% 44% 43% 42%
7% 9% 7% 6% 6% 5% 5% 5% 4% 3%
8% 12% 9% 7% 6% 6% 5% 5% 4% 3%
15% 18% 13% 9% 9% 8% 7% 6% 6% 5%
1.91 1.59 1.48 1.39 1.38 1.38 1.38 1.39 1.40 1.42
70% 27% 8% -1% 1% 3% 4% 4% 5% 5%
Gross Profit Margin Net Profit Mar
70% 10%
60% 8%
50%
40% 6%
30% 4%
20%
2%
10%
0% 0%
2000 2005 2010 2015 2020 2000 2005
Projection Historical Projection
Return on Equity Equity Multipl
20% 4.00
15% 3.00
10% 2.00
5% 1.00
0% 0.00
2000 2005 2010 2015 2020 2000 2005
Projection Historical Projection
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
41% 41% 41% 41% 41% 41% 41% 41% 41% 41%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
1.44 1.45 1.46 1.47 1.48 1.49 1.50 1.51 1.52 1.52
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
Net Profit Margin
2010 2015 2020
Projection Historical
Equity Multiplier
2010 2015 2020
Projection Historical
2028 2029 2030
41% 41% 41%
3% 3% 3%
3% 3% 3%
4% 4% 4%
1.53 1.54 1.55
5% 5% 5%