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					Company XYZ              2004   2005   2006   2007   2008   2009   2010


Key Stats

Revenues (Rsm)
Ebitda (Rsm)
Net Profit (Rsm)
EPS (Rs)
EPS (%YoY)
RoAE (%)
RoACE (%)
Net Gearing (%)
P/E (x) @ Rs.20
P/CE (x)
P/B (x)
EV/Ebitda (x)
Dividend yield (%)
FCF Yield


Per Share
EPS
CEPS
DPS
BVPS
FCF


Du pont
Ebit Margin (%)
Asset Turnover (x)
Financial Leverage (x)
Interest burden (x)
Tax Burden (x)
RoAE
2011   2012   2013   2014   2015




                                   Price   20
Company XYZ

FINANCIALS>>>>>>
Company XYZ                                     FY07        FY08     FY09   FY10   FY11

 Income Sheet                                           Historical                        Foreca
Net Sales                                    $3,001.7   $3,407.9
Cost of Sales (excluding D&A)                 2,068.9    2,333.5
  Gross Profit                                  932.7    1,074.5

SG&A Expense                                   512.4       578.0
Other Expense/ (Income)                         (2.2)       (1.3)
 EBITDA                                        422.5       497.7

Depreciation                                   101.9       127.5
Amortization                                     9.4        10.7
 EBIT                                          311.2       359.5

Interest Expense                                44.1        60.1
Interest Income                                 (1.1)       (1.1)
  Pretax Income                                268.2       300.6

Income Taxes                                   104.6       109.8
  Net Income                                  $163.6      $190.8

Diluted Weighted Average Shares (millions)     102.0         98.0

Earnings Per Share                             $1.60       $1.95

Margins
 Gross Margin (excluding D&A)
 SG&A Expense as % of Net Sales
 Other Expense/ (Income) as % of Net Sales
 EBITDA Margin
 EBIT Margin
 Net Income Margin

Growth Rate Analysis
 Net Sales Growth Rate
 EBITDA Growth Rate
 Net Income Growth Rate
 EPS Growth Rate

Effective Tax Rate
FY12E    FY13E     FY14E   FY15E   FY16E

        Forecast
Company XYZ                             FY07       FY08     FY09   FY10   FY11


Balance Sheet                                  Historical                        Fo


 Cash
 Accounts Receivable, net
 Inventory
 Other Current Assets
Total Current Assets                                                         -

 PP&E, net
 Intangibles, net
 Goodwill
 Deferred Income Taxes
 Other Long Term Assets
Total Assets                                                                 -


 Accounts Payable
 Accrued Liabilities
 Other Current Liabilities
Total Current Liabilities                                                    -

 Revolving Credit Facility
 Long Term Debt
 Deferred Income Taxes
 Post retirement Pension Cost
 Other Long Term Liabilities
Total Liabilities                                                            -

Total Equity

Total Liabilities & Equity                                                   -
Check                                                                        -

Total Debt
Total Book Capitalization
Total Debt/ Total Book Capitalization

EBITDA
Total Debt/ EBITDA
Interest Expense
EBITDA Coverage
FY12E      FY13E       FY14E   FY15E   FY16E

        Forecast




    -              -       -       -       -




    -              -       -       -       -




    -              -       -       -       -




    -              -       -       -       -




    -              -       -       -       -
    -              -       -       -       -
Company XYZ                                      FY07       FY08     FY09   FY10   FY11


Cash Flow Statement                                     Historical



Operating Activities
Net Income
Depreciation
Amortization
Change in Working Capital
Change in Other Long Term Assets & Liabilities
Cash Flow from Operating Activities

Investment Activities
Capital Expenditures
Additions to Intangibles
Cash Flow from Investing Activities

Cash Flow Available for Financing Activities

Financing Activities
Proceeds from/ (repayment of) Revolver
Issuance of Long Term Debt
(Repayment) of Long Term Debt
Issuance/ (Repurchase of) Equity
Dividends
Option Proceeds
Cash Flow from Financing Activities                                            0      0

Effects of Exchange Rates on Cash

Net Change in Cash
Beginning Cash Balance
Ending Cash Balance
FY12E   FY13E      FY14E   FY15E   FY16E

        Forecast




    0        0         0       0       0
Company XYZ                                            FY07       FY08     FY09   FY10


Working Capital Schedule                                      Historical


Net Sales
Cost of Sales (excluding D&A)

Working Capital Balances
Accounts Receivable, net
Inventory
Other Current Assets
Total Non Cash Current Assets

Accounts Payable
Accrued Liabilities
Other Current Liabilities
Total Non-Debt Current Liabilities

Net Working Capital/ (Deficit)

(Increase)/ Decrease in Working Capital

Ratios & Assumptions
Accounts Receivable, net (Collection period in days)
Inventory (Days outstanding)
Other Current Assets (% of Net Sales)

Accounts Payable (Days Payable)
Accrued Liabilities (% of COGS)
Other Current Liabilities (% of COGS)

Cash Flow from Individual line items
Accounts Receivable, net
Inventory
Other Current Assets
Accounts Payable
Accrued Liabilities
Other Current Liabilities
(Incease)/ Decrease in Working Capital

Check
FY11   FY12E     FY13E    FY14E   FY15E   FY16E

               Forecast


                                                  Number of days assumption
365
Company XYZ                                        FY07         FY08           FY09      FY10   FY11


Depreciation Schedule                                       Historical                                 Forec


Net Sales                                         3,002        3,408               -
Capital Expenditures                                220          230             161
Capital Expenditures as % of Net Sales

Beginning Net PP&E
Capital Expenditures
(Depreciation Expense)
(Asset Sales and write offs)
Ending Net PP&E

Existing Net PP&E, net                                                   From:
Land                                                                     Existing PP&E
Depreciable PP&E, net                                                    Years

Useful Life                                         13.5 Years

SYD                                                     0

                                                Capex            Useful Life
                                         2008                         Years
                                         2009
                                         2010
                                         2011
                                         2012
                                         2013
                                         2014

Total Depreciation Expense

Depreciation as % of PP&E, net
Depreciation as % of Capex
FY12E      FY13E   FY14E   FY15E   FY16E

        Forecast
Company XYZ                                            FY05        FY06          FY07       FY08E   FY09E


Depreciation Schedule                                          Historical                                   Forecas


Net Sales                                             3,002       3,408                -
Additions to Intangibles                                  13        15.8             17.7
Additions to Intangibles as % of Net Sales

Beginning Net Intangibles
Additions to Intangibles
(Amortization Expense)
(Intangible Sales and write offs)
Ending Net Intangibles

                                                                            From:
                                                                            Existing PP&E
Existing Net Intangibles, net                                               Years

Useful Life                                                    Years

SLM

                                                    Capex              Useful Life
                                             2008                           Years
                                             2009
                                             2010
                                             2011
                                             2012
                                             2013
                                             2014

Total Amortization Expense

Amortization as % of Intangibles, net
FY10E     FY11E    FY12E   FY13E   FY14E

        Forecast
Company XYZ                                        FY05       FY06     FY07   FY08E


 Other long term schedule                                 Historical


Assets
Deferred Income Taxes
Other Long Term Assets
Total Other LT Assets
(Increase)/ Decrease in Other Assets

Liabilities
Deferred Income Taxes
Post retirement Pension Cost
Other Long Term Liabilities
Total Other Long Term Liabilities
Increase/ (Decrease) in Other Liabilities

Change in Other Long Term Assets and Liabilities
FY09E   FY10E     FY11E    FY12E   FY13E   FY14E

                Forecast
Company XYZ                                      FY05         FY06      FY07    FY08E   FY09E

Shareholder's Equity Schedule                            Historical                             Fo


Beginning Equity Balance
Net Income
Issuance/ (Repurchase) of Equity
Dividends Paid
Option Proceeds
Effects of Exchange Rate on Cash
Ending Equity Balance

Share Repurchase Assumptions
Current Year EPS
Assumed Current Year EPS Multiple
Projected Share Price
Shares Repurchased - millions                    8.056       5.000      6.300
Amount Repurchased ( $ outgo)                  $164.4      $138.1     $318.1

New Shares from Exercised Options
New Shares from Exercised Options - millions    0.695        1.641     0.832
Average Strike Price
Option Proceeds                                 $15.1        $35.0     $20.5

Dividend Assumptions
Total Dividends Paid                              57.2         65.2      70.5
Net Income
Dividend Payout Ratio
FY10E    FY11E     FY12E   FY13E   FY14E

        Forecast
Company XYZ                                  FY05        FY06     FY07   FY08E   FY09E

Shares Outstanding Schedule                          Historical                          Forecas

Beginning Balance - Basic (actual)
Shares Issued
Shares Repurchased
Ending Balance - Basic (actual)               98.0        94.7    89.2

Basic Weighted Average Shares                101.7        96.6    91.9
Effects of Options and Dilutive Securities     0.7         1.5     2.0
Diluted Weighted Average Shares              102.0        98.0     -
FY10E     FY11E    FY12E   FY13E   FY14E

        Forecast
Company XYZ                                    FY05       FY06          FY07   FY08E     FY09E

Debt Schedule                                         Historical                                  For

Cash Flow Available for Financing Activities
Proceeds from/ (Repurchase of) Equity
Dividends
Option Proceeds
Effects of Exchange Rates on Cash
+ Beginning Cash Balance
- Minimum Cash Balance
Cash Available for Debt Repayment
Long Term Debt Issuance
Long Term Debt (Repayments)
Cash Available for Revolving Credit Facility

Revolving Credit Facility
Beginning Balance
Discretionary (Paydown)/ Borrowings
Ending Balance                                  -           -

Long Term Debt
Beginning Balance
Issuance
(Repayment/ Amortization)                                                      (140.2)   (95.4)
Ending Balance                                  -           -

Revolving Credit Facility                             Average Balance
                                                      Interest Rate              7.0%
                                                      Interest Expense


Long Term Debt                                        Average Balance
                                                      Interest Rate              8.5%
                                                      Interest Expense

Total Interest Expense

Cash Balances                                         Average Balance
                                                      Interest Rate            2.50%
                                                      Interest Income
FY10E      FY11E     FY12E    FY13E    FY14E

         Forecast




(24.5)     (133.5)   (43.3)   (35.0)   (30.0)

				
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