Valuation Template Thomson ONE Worldscope 5 yr by 8rk0Jk

VIEWS: 17 PAGES: 54

									Projections and Valuation
   Estimated price for most recent fiscal year          1/0/1900           =           #DIV/0!
                 Estimated price for target date        9/30/2012          =           #DIV/0!
                                                                    Most Recent        Projected
                                                                       01/00/00            12/31/00
Income Statement ($ Thousands)
Sales                                                               $              0       #DIV/0!
Costs of goods sold (COGS)                                                         0       #DIV/0!
Sales, general and administrative expense (SGA)                                    0       #DIV/0!
Depreciation                                                                       0       #DIV/0!
Operating profit                                                    $              0       #DIV/0!
Interest expense                                                                   0                  0
Interest income                                                                    0                  0
Nonoperating income (Expense)                                           #DIV/0!            #DIV/0!
Earnings before taxes (EBT)                                             #DIV/0!            #DIV/0!
Tax expense                                                             #DIV/0!            #DIV/0!
Net income before extraordinary items                                   #DIV/0!            #DIV/0!
After-tax extraordinary income (Expense)                                #DIV/0!            #DIV/0!
                                  Net income (NI)                       #DIV/0!            #DIV/0!

Dividends-- preferred                                               $              0   $              0
Dividends-- common                                                  $              0       #DIV/0!
Additions to RE                                                         #DIV/0!            #DIV/0!


Balance Sheets ($ Thousands)                                            01/00/00           12/31/00
Assets
Cash                                                                $              0       #DIV/0!
Inventory                                                                          0       #DIV/0!
Accounts receivable                                                                0       #DIV/0!
Other short-term operating assets                                                  0       #DIV/0!
Short-term investments                                                             0       #DIV/0!
                            Total current assets                    $              0       #DIV/0!
Net plant, property, & equipment (PPE)                                             0       #DIV/0!
Other long-term operating assets                                                   0       #DIV/0!
Long-term investments                                                              0       #DIV/0!
                                      Total Assets                  $              0       #DIV/0!

Liabilities and Equity
Accounts payable (AP)                                               $              0       #DIV/0!
Accruals                                                                           0       #DIV/0!
Other operating current liabilities                                                0       #DIV/0!
All short-term debt                                                                0       #DIV/0!
                           Total current liabilities                $              0       #DIV/0!
Long-term debt                                                                     0       #DIV/0!
Deferred taxes                                                                     0       #DIV/0!
Preferred stock                                                                    0       #DIV/0!
Other long-term liabilities                                                        0       #DIV/0!
                                    Total liabilities               $              0       #DIV/0!
Par plus PIC Less treasury (and other adjustments)                     #DIV/0!        #DIV/0!
Retained earnings (RE)                                                 #DIV/0!        #DIV/0!
                         Total common equity                           #DIV/0!        #DIV/0!
Total liabilities and equity                                           #DIV/0!        #DIV/0!



Info for making the sheets balance
Specified assets                                                                      #DIV/0!
Specified liabilities                                                                 #DIV/0!
Net required financing                                                                #DIV/0!

Current debt                                                                          #DIV/0!
Short-term investments                                                                #DIV/0!
                               Balance check: TA-TL                                       #DIV/0!

Valuation

Calculating Projected FCF
Marginal tax rate                                                       #DIV/0!       #DIV/0!
Reported income tax expense                                             #DIV/0!       #DIV/0!
Taxes reported but not paid                                                       0   #DIV/0!
Actual taxes paid                                                       #DIV/0!       #DIV/0!
Plus tax saved due to net interest expenses                             #DIV/0!       #DIV/0!
Minus tax paid on non-operating income                                  #DIV/0!       #DIV/0!
Tax on operating income                                                 #DIV/0!       #DIV/0!
Net operating profit after taxes (NOPAT)                                #DIV/0!       #DIV/0!
NOPAT adjusted for extraordinary income                                 #DIV/0!       #DIV/0!
Operating current assets                                                          0   #DIV/0!
Operating current liabilities                                                     0   #DIV/0!
Net operating working capital                                                     0   #DIV/0!
Operating long term capital                                                       0   #DIV/0!
                                                                                  0
Operating capital (adjusted for any special asset impairment of accounting changes)   #DIV/0!
Investment in operating capital                                                   0   #DIV/0!
Free cash flow (including extraordinary income)                         #DIV/0!       #DIV/0!

Calculating Projected ROIC
ROIC (NOPAT/ Beginning capital)                                        #DIV/0!        #DIV/0!

Projected Growth Rates
Growth in Sales                                                                       #DIV/0!
Growth in NOPAT                                                                       #DIV/0!
Growth in operating capital                                                           #DIV/0!
Growth in FCF                                                                         #DIV/0!

Calculating Value
WACC                                                                   #DIV/0!        #DIV/0!
Assumed long-term return on invested capital
Horizon value
Value of operations                                                    #DIV/0!        #DIV/0!
Value of operations adjusted for half-year
convention                                                               #DIV/0!             #DIV/0!
Value of investments                                                                0        #DIV/0!
Total value of firm                                                      #DIV/0!             #DIV/0!
Value of all debt, preferred stock, and other
nonoperating liabilities                                                            0        #DIV/0!
Value of equity                                                          #DIV/0!             #DIV/0!
Number of shares                                                                    0                  0
Estimated price per share, end of fiscal year                           #DIV/0!              #DIV/0!

Price per share on target date
Most recent actual fiscal year end                        1/0/1900
Target valuation date                                    9/30/2012
Most recent fiscal year-end prior to target date   Incorrect target valuation date in B108
Number of days from target to fiscal year-end
prior to target                                       #VALUE!
Value of operations on target date                      #N/A
Value of investments on target date                     #N/A
Total value of firm on target date                      #N/A
Value of debt, preferred stock, and other
nonoperating liabilities on target date                 #N/A
Value of equity on target date                          #N/A
Number of shares on target date                         #N/A
Price per share, target date                          #DIV/0!

Selected Projected Ratios and Other Data
Projected economic profit (EP)                                           #DIV/0!             #DIV/0!
Projected market value added (MVA)                                       #DIV/0!             #DIV/0!
Price/earnings ratio (P/E ratio)                                         #DIV/0!             #DIV/0!
Market to book ratio                                                     #DIV/0!             #DIV/0!
Value/EBITDA ratio                                                       #DIV/0!             #DIV/0!
Value/Sales ratio                                                        #DIV/0!             #DIV/0!
Times-interest-earned ratio                                               #N/A                #N/A
Long-term debt/value of operations                                                           #DIV/0!

Statement of Cash Flows
Operating Activities
Net income                                                               #DIV/0!             #DIV/0!
Depreciation                                                                        0        #DIV/0!
Change in deferred tax                                                              0        #DIV/0!

Change in inventory                                                                 0        #DIV/0!
Change in accounts receivable                                                       0        #DIV/0!
Change in other short-term operating assets                                         0        #DIV/0!
Change in accounts payable                                                          0        #DIV/0!
Change in accruals                                                                  0        #DIV/0!
Change in other current liabilities                                                 0        #DIV/0!
            Net cash from operating activities                           #DIV/0!             #DIV/0!

Investing Activities
Investment in PPE                                 $             0   #DIV/0!
Investment in other long-term oper. ass.                        0   #DIV/0!
             Net cash from investing activities   $             0   #DIV/0!

Financing Activities
Change in short-term investments                  $             0   #DIV/0!
Change in long-term investments                                 0   #DIV/0!
Change in short-term debt                                       0   #DIV/0!
Change in long-term debt                                        0   #DIV/0!
Preferred dividends                                             0             0
Change in preferred stock                                       0   #DIV/0!
Change in other long-term liabilities                           0   #DIV/0!
Change in common stock (Par + PIC)                    #DIV/0!       #DIV/0!
Common dividends                                                0   #DIV/0!
             Net cash from financing activities       #DIV/0!       #DIV/0!

Net cash flow                                         #DIV/0!       #DIV/0!
Starting cash                                                   0             0
Ending cash                                           #DIV/0!       #DIV/0!
Projected      Projected    Projected    Projected     Projected     Projected
    12/31/00     12/31/00     12/31/00      12/31/00      12/31/00      12/31/00


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




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

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




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



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



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



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


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

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




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

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


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

#DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
#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     Projected     Projected     Projected     Projected     Projected
   12/31/00      12/31/00      12/31/00      12/31/00      12/31/00      12/31/00


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

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


   12/31/00      12/31/00      12/31/00      12/31/00      12/31/00      12/31/00

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




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

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




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



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



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



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


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

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




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

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


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

#DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
#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
   12/31/00


   #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!


   12/31/00

   #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!
          0
#DIV/0!




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




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

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


#DIV/0!
#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                                           6.00%
                                                                                                     Sales growth rate

Enter inputs in yellow cells.                                                  4.00%
Key Output of Valuation:                                                       2.00%
                            Projected ROIC at horizon      =       #DIV/0!
                                                                                0.00%
                        Estimated price for 1/0/1900       =       #DIV/0!           1895     1900       1905
                        Estimated price for 9/30/2012      =       #DIV/0!     -2.00%

Inputs
Number of years historical data analyzed              5

Historical Values for Ratios Used                                              Starting       Long
to Project Financial Statements
Year of analysis                             Average      Trend Most Recent
                                                                     0           rate       Term rate
Ratios to calculate operating profit                                                         #DIV/0!
Sales growth rate                              #DIV/0! ######        #DIV/0!     #DIV/0!       5.00%
COGS / Sales                                   #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
SGA / Sales                                    #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Depreciation / Net PPE                         #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Ratios to calculate operating capital
Cash / Sales                                   #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Inventory/ Sales                               #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Accts. rec. / Sales                            #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Other short term operating assets/Sales        #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Net PPE / Sales                                #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Other long-term op. A. / Sales                 #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Accts. pay./ Sales                             #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Accruals / Sales                               #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Other current liabilities / Sales              #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Ratios to calculate operating taxes
Deferred taxes/Net PPE                         #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Average tax rate (Taxes/EBT)                   #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Marginal tax rate                              #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Dividend and debt ratios
Dividend policy: growth rate                     #N/A ######           #N/A      #DIV/0!       5.00%
Long-term debt / market value of firm            #N/A       #N/A     #DIV/0!     #DIV/0!      #DIV/0!
Preferred stock / market value of firm           #N/A       #N/A       #N/A      #DIV/0!      #DIV/0!
Coupon rate on preferred stock                   #N/A       #N/A       #N/A       5.00%        5.00%
                                                 #N/A       #N/A
Permanent component of short-term debt / market value of firm          #N/A      #DIV/0!      #DIV/0!
Ratios to calculate rest of income
statement and balance sheet
Nonop. inc. / Sales                            #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Extr. inc. / Sales                             #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Long-term investments / Sales                  #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Other long-term liab. / Sales                  #DIV/0! ######        #DIV/0!     #DIV/0!      #DIV/0!
Interest rates
Interest rate on cash                                                           0.00%        0.00%
Interest rate on short-term invest.                                             1.30%        5.00%
Interest rate on all current debt                                               6.00%        6.00%
Interest rate on long-term debt                                                 6.00%        6.00%
Cost of Capital and L-T ROIC
Weighted Average Cost of Capital (WACC)                            #DIV/0!
Long-term return on invested capital               #DIV/0!


Target valuation date                  9/30/2012
Sales growth rate           Historical




    1905            1910      1915       1920        1925
                                                             1901       1902      1903      1904      1905      1906
                                                      Projected Projected Projected Projected Projected Projected

     Time until
                                           graph



     long term             Fade
       (years)             Rate                             1901 1    1902 2    1903 3    1904 4    1905 5    1906 6

                    10      0.10         Sales g        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         CGS            #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         SGA            #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Depr           #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!

                    10      0.10         Cash           #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Invty          #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         AcctRec        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Othr STA       #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Net PPE        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Othr LTA       #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Acct Pay       #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Accruals       #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Othr CL        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!

                    10      0.10         Def Tax        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Avg Tax        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Marg Tax       #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!

                    10      0.10         Div g          #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         LTD/MV         #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         PFS/MV         #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         PFS Cpn           5.0%         5.0%      5.0%      5.0%      5.0%      5.0%
                    10      0.10         Perm STD       #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!


                    10      0.10         N-OP Inc       #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Ex Inc         #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         LT Inv         #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
                    10      0.10         Othr LT L      #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!

                    10      0.10         Cash Int            0.00%     0.00%     0.00%     0.00%     0.00%     0.00%
                    10      0.10         STinv Int           1.30%     1.86%     2.36%     2.82%     3.23%     3.60%
                    10      0.10         Cur D Int           6.00%     6.00%     6.00%     6.00%     6.00%     6.00%
                    10      0.10         LT D Int            6.00%     6.00%     6.00%     6.00%     6.00%     6.00%
    1907      1908      1909      1910       1911       1912       1913       1914       1915
Projected Projected Projected Projected Projected Projected Projected Projected Projected




  1907 7    1908 8    1909 9    1910 10    1911 11    1912 12    1913 13    1914 14    1915 15

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

   0.00%     0.00%     0.00%     0.00%      0.00%      0.00%      0.00%      0.00%      0.00%
   3.94%     4.25%     4.52%     4.77%      5.00%      5.00%      5.00%      5.00%      5.00%
   6.00%     6.00%     6.00%     6.00%      6.00%      6.00%      6.00%      6.00%      6.00%
   6.00%     6.00%     6.00%     6.00%      6.00%      6.00%      6.00%      6.00%      6.00%
    1916       1917       1918       1919       1920
Projected Projected Projected Projected Projected




  1916 16    1917 17    1918 18    1919 19    1920 20   1

    5.0%       5.0%       5.0%       5.0%       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!

    5.0%       5.0%       5.0%       5.0%       5.0%
 #DIV/0!    #DIV/0!    #DIV/0!    #DIV/0!    #DIV/0!
 #DIV/0!    #DIV/0!    #DIV/0!    #DIV/0!    #DIV/0!
    5.0%       5.0%       5.0%       5.0%       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%      0.00%      0.00%      0.00%      0.00%
   5.00%      5.00%      5.00%      5.00%      5.00%
   6.00%      6.00%      6.00%      6.00%      6.00%
   6.00%      6.00%      6.00%      6.00%      6.00%
13
14
16
17
18
20
21
22
23
24
26
27
28
29
31
32
ProjectionsHistorical
Year             1900        1900          1900    1900         1900       1900       1900
              #N/A
Sales growth rate        #DIV/0!       #DIV/0!  #DIV/0!      #DIV/0!    #DIV/0!    #DIV/0!
Sales growth rate
         1                                              1
         1 Sales growth rate                            1   Sales growth rate
         2 COGS / Sales                                 2   COGS / Sales
         3 SGA / Sales                                  3   SGA / Sales
         4 Depreciation / Net PPE                       4   Depreciation / Net PPE
         6 Cash / Sales                                 6   Cash / Sales
         7 Inventory/ Sales                             7   Inventory/ Sales
         8 Accts. rec. / Sales                          8   Accts. rec. / Sales
         9 Other short term operating assets/Sales      9   Other short term operating assets/Sales
        10 Net PPE / Sales                            10    Net PPE / Sales
        11 Other long-term op. A. / Sales             11    Other long-term op. A. / Sales
        12 Accts. pay./ Sales                         12    Accts. pay./ Sales
        13 Accruals / Sales                           13    Accruals / Sales
        14 Other current liabilities / Sales          14    Other current liabilities / Sales
        16 Deferred taxes/Net PPE                     16    Deferred taxes/Net PPE
17   Average tax rate (Taxes/EBT)            17 Average tax rate (Taxes/EBT)
18   Marginal tax rate                       18 Marginal tax rate
20   Dividend policy: growth rate            20 Dividend policy: growth rate
21   Long-term debt / market value of firm   21 Long-term debt / market value of firm
22   Preferred stock / market value of firm  22 Preferred stock / market value of firm
23   Coupon rate on preferred stock          23 Coupon rate on preferred stock
24                                            market value of firm
     Permanent component of short-term debt /24 Long-term debt / market value of firm
26   Nonop. inc. / Sales                     26 Nonop. inc. / Sales
27   Extr. inc. / Sales                      27 Extr. inc. / Sales
28   Long-term investments / Sales           28 Long-term investments / Sales
29   Other long-term liab. / Sales           29 Other long-term liab. / Sales
31   Interest rate on cash                   30 blank
32   Interest rate on short-term invest.
33   Interest rate on all current debt
34   Interest rate on long-term debt
                  1900      1900      1900      1900      1901      1902      1903      1904      1905
               #DIV/0!   #DIV/0!   #DIV/0!
                                             #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!




rating assets/Sales
ket value of firm
ket value of firm

ket value of firm
   1906      1907      1908      1909      1910     1911     1912     1913     1914

#DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   5.000%   5.000%   5.000%   5.000%
  1915     1916     1917     1918     1919     1920

5.000%   5.000%   5.000%   5.000%   5.000%   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                                                $0.00


Number of shares common stock outstanding                           -
Market value of common stock                                            $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=                                                      0




Risk-free rate=                                        5.00%


Market risk premium =                                  6.00%

Cost of equity=                                        5.00%

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=                                 6.00%
After-tax cost of long-term debt=                #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                                             6.00%
Adjustment to prime                                    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.




ng-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.
4e1bdf0e-8b1f-43b2-b0cb-e9b909866787.xls                                                                                                                                                                                                                                                                                                                                                                                                                                       Hist Analys




                                                                                  NOPAT/Sales Industry
                                           Be sure to select the entire Thomson ONE spreadsheet before cutting.
                                                                          1.00

                                           Analysis of Historical Financial                0.80

                                           Statements                                      0.60

                                           Enter inputs in yellow cells for                0.40
                                           comparative analysis.                           0.20

                                                                                           0.00
                                                                                                    551402453504555606607608659651090123513801525166518101950
                                                                                                                                   113512801425158017251880
                                                                                                                                  113012751420156517101865
                                                                                                                                  1125127014151560170518501995
                                                                                                                               1020116513101455161017551900
                                                                                                                               1015116013051450159017351875
                                                                                                                               1005114512901435157517201860
                                                                                                                               9851115126014101555170018451990
                                                                                                        2103204305406507658751000114012851430157017151855
                                                                                                        1953054155256357458609701100124513901535169018351980
                                                                                                  10751602653704705756757758809801105125013951540168018251965
                                                                                                  15801652703754805806807858859901110125514001545168518301970
                                                                                                  0451302303304355356407408459451065120513501490163017751920
                                                                                                  201002003004055056107108159151040118013201460160017451890
                                                                                                  5501352353404405456457508509501075122013651510165017951935
                                                                                                  25901752803854855856907908959951120126514051550169518401985
                                                                                                   30951802853904905956958009001025117013151465160517501895
                                                                                                   351152153154205206257258309301055119513351475161517601905
                                                                                                   401252403454505506557558559601080122513701515165518001940
                                                                                                                                   115012951440159517401885
                                                                                                    601452503554605656707708709751095124013851530167018151955
                                                                                                    651502553604655706857959051030117513251470162017651910
                                                                                                    701552603654755907008059101035118513301480162517701915
                                                                                                     1052053104105156157208209251050120013451495164017851930
                                                                                                     851702753804956007058109201045119013401485163517801925
                                                                                                     1102203254255306307358359401060121013551500164517901945
                                                                                                     1202253354455556657808901010115513001445158517301870
                                                                                                       1852903955006057158259351070121513601505166018051960
                                                                                                       1902954005106207308409551085123013751520167518201975          01/00/00     01/00/00      01/00/00      01/00/00      01/00/00          01/00/00             01/00/00            01/00/00          01/00/00         01/00/00
                                           Click "buttons" in column B to change
                                           graph.                                                                                                                        1900         1900          1900          1900          1900               1900                1900                1900              1900             1900
                                           Number of years of historical data you
                                           want to analyze (3 to 10 years).                                     5 years of data to analyze
                                           Historical Free Cash Flow (FCF)
                                           Assumed marginal tax rate                                                                                                #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                     0%                0%                  0%                0%               0%
                                           Reported income tax expense                                                                                              #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                    -                 -                   -                 -                -
                                           Taxes reported but not paid                                                                                                    -            -             -             -             -                    -                 -                   -                 -                -
                                           Actual taxes paid                                                                                                        #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                    -                 -                   -                 -                -
                                           Plus tax saved due to net interest expenses                                                                              #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                    -                 -                   -                 -                -
                                           Minus tax paid on non-operating income                                                                                   #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                    -                 -                   -                 -                -
                                           Tax on operating income                                                                                                  #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                    -                 -                   -                 -                -
                                           Net operating profit after taxes (NOPAT)                                                                                 #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                    -                 -                   -                 -                -
                                           NOPAT/Sales                                          NOPAT/Sales                                                         #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           NOPAT adjusted for extraordinary income                                                                                  #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                    -                 -                   -                 -                -
                                           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                              Op. Capital/Sales                                                   #DIV/0!      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Investment in operating capital                                                                                                -            -             -             -             -                    -                 -                   -                 -
                                           Free cash flow from ongoing operations               FCF
                                                                                                                                                                   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!                        0                 0                   0                 0
                                           Free cash flow (including extraordinary income)                                                                         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!      $                 0   $             0     $             0   $             0

                                           Historical Return on Invested Capital
                                           ROIC (NOPAT/ Beginning capital)                        ROIC                                                             #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!            #N/A

                                           Historical Economic Profit
                                           Historical weighted average costs of capital                                                                                 8.0%          9.0%         10.0%         10.0%        10.0%              10.0%               10.0%                10.0%             10.0%           10.0%
                                           Economic profit                                        Econ. Prof.
                                                                                                                                                                   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!      $            0        $          0        $           0     $           0     $         0



                                                                                                                      Most       Compan
                                           Traditional Ratio Analysis: Fill in
                                                                                                                     Recent         y's
                                           yellow cells with ratios for industry or                                 Industry     Historica
                                           for closest competitor for most recent                                      or            l
                                           year.                                    Graph                           Competit     Average         Trend           Most Recent
                                           Payout ratio                                           Pay out Ratio                   #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Annual sales growth rate                               Sales g                         #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!            #N/A
                                           Quick ratio                                            Quick Ratio                     #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Current ratio                                          Current Ratio                   #DIV/0!       #######                #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!      #DIV/0!           #DIV/0!              #DIV/0!              #DIV/0!           #DIV/0!         #DIV/0!
                                           LT debt to equity                                      L-TD/E                          #DIV/0!       #######                #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!      #DIV/0!           #DIV/0!              #DIV/0!              #DIV/0!           #DIV/0!         #DIV/0!
                                           Total debt to equity                                   Tot D/E                         #DIV/0!       #######                #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!      #DIV/0!           #DIV/0!              #DIV/0!              #DIV/0!           #DIV/0!         #DIV/0!
                                           Interest coverage (Times-interest-earned)              Int. Cov .                       100.00        100.00                 100.00       100.00        100.00        100.00        100.00            100.00               100.00              100.00            100.00           100.00
                                           Gross margin                                           Gross Margin                    #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           EBITD margin                                           EBITD Margin                    #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Operating margin                                       Op. Margin                      #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Pre-tax margin                                         Pre-Tax Mgn.                    #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Net profit margin                                      Net Profit Mgn.                 #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Return on assets                                       ROA                             #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Receivable turnover                                    Rec. TO                         #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Inventory turnover                                     Inv . TO                        #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Asset turnover                                         Asset TO                        #DIV/0!       #######            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!


                                                                                                                      Most
                                                                                                                     Recent
                                                                                                                    Industry
                                           Historical Values for Ratios Used to                                        or
                                           Project Financial Statements                                             Competit      Average         Trend          Most Recent
                                           Ratios to calculate operating profit
                                           Sales growth rate                                      Sales g            #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!            #N/A
                                           COGS / Sales                                           CGS %              #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           SGA / Sales                                            SGA %              #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Depreciation / Net PPE                                 Depr % PPE         #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Ratios to calculate operating capital                                   Competitor Average           Trend            Most Recent
                                           Cash / Sales                                           Cash %             #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Inventory/ Sales                                       Inv . %            #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Accts. rec. / Sales                                    Acct. Rec. %       #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Other short term operating assets/Sales                Oth. ST OA %       #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Net PPE / Sales                                        Net PPE %          #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Other long-term op. A. / Sales                         Other LT 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!
                                           Accts. pay./ Sales                                     Acct. Pay %        #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Accruals / Sales                                       Accruals %         #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Other current liabilities / Sales                      Other CL %         #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Ratios to calculate operating taxes                                     Competitor Average           Trend            Most Recent
                                                                                                  Def. Taxes %
                                           Deferred taxes/Net PPE                                                    #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Average tax rate (Taxes/EBT)                           Av g. Tax rate     #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Marginal tax rate                                      Margn. Tax         #N/A      #DIV/0!           #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Dividend and debt ratios                                                Competitor Average           Trend            Most Recent
                                           Dividend policy: growth rate                           Div . g            #N/A       #N/A             #######            #N/A          #N/A          #N/A          #N/A         #N/A             #N/A                   #N/A                #N/A              #N/A             #N/A
                                           Long-term debt / market value of firm                  LTD/MV Firm        #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
                                           Preferred stock / market value of firm                 Pf. Stk ./MV F     #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
                                           Coupon rate on preferred stock                         Pf. Stk . Coupon   #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
                                           Long-term debt / market value of firm                  LTD/MV F           #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
                                           Ratios to calculate rest of income statement
                                           and balance sheet                                                      Competitor Average            Trend            Most Recent
                                           Nonop. inc. / Sales                                    Nonop inc %       #N/A      #DIV/0!            #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Extr. inc. / Sales                                     Extr. inc. %      #N/A      #DIV/0!            #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Long-term investments / Sales                          L-T Inv . %       #N/A      #DIV/0!            #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           Other long-term liab. / Sales                          Othr L-T Liab.%   #N/A      #DIV/0!            #######           #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!          #DIV/0!               #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!




                                                                                                                                                                                                                                                                                                                                      Year                          1900             1900         1900      1900      1900      1900      1900      1900      1900      1900
                                                                                                                                                                                                                                                                                                                                      NOPAT/Sales             #DIV/0!           #DIV/0!       #DIV/0!    #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #N/A
                                                                                                                                                                                                                                                                                                                                                    42         #N/A
                                                                                                                                                                                                                                                                                                                                                    31   Payout ratio
                                                                                                                                                                                                                                                                                                                                                    32   Annual sales growth rate
                                                                                                                                                                                                                                                                                                                                                    33   Quick ratio
                                                                                                                                                                                                                                                                                                                                                    34   Current ratio
                                                                                                                                                                                                                                                                                                                                                    35   LT debt to equity
                                                                                                                                                                                                                                                                                                                                                    36   Total debt to equity
                                                                                                                                                                                                                                                                                                                                                    37   Interest coverage (Times-interest-earned)
                                                                                                                                                                                                                                                                                                                                                    38   Gross margin
                                                                                                                                                                                                                                                                                                                                                    39   EBITD margin
                                                                                                                                                                                                                                                                                                                                                    40   Operating margin
                                                                                                                                                                                                                                                                                                                                                    41   Pre-tax margin
                                                                                                                                                                                                                                                                                                                                                    42   Net profit margin
                                                                                                                                                                                                                                                                                                                                                    43   Return on assets
                                                                                                                                                                                                                                                                                                                                                    44   Receivable turnover
                                                                                                                                                                                                                                                                                                                                                    45   Inventory turnover
                                                                                                                                                                                                                                                                                                                                                    46   Asset turnover
                                                                                                                                                                                                                                                                                                                                                    51   Sales growth rate
                                                                                                                                                                                                                                                                                                                                                    52   COGS / Sales
                                                                                                                                                                                                                                                                                                                                                    53   SGA / Sales
                                                                                                                                                                                                                                                                                                                                                    54   Depreciation / Net PPE
                                                                                                                                                                                                                                                                                                                                                    56   Cash / Sales
                                                                                                                                                                                                                                                                                                                                                    57   Inventory/ Sales
                                                                                                                                                                                                                                                                                                                                                    58   Accts. rec. / Sales
                                                                                                                                                                                                                                                                                                                                                    59   Other short term operating assets/Sales
                                                                                                                                                                                                                                                                                                                                                    60   Net PPE / Sales
                                                                                                                                                                                                                                                                                                                                                    61   Other long-term op. A. / Sales
                                                                                                                                                                                                                                                                                                                                                    62   Accts. pay./ Sales
                                                                                                                                                                                                                                                                                                                                                    63   Accruals / Sales
                                                                                                                                                                                                                                                                                                                                                    64   Other current liabilities / Sales
                                                                                                                                                                                                                                                                                                                                                    66   Deferred taxes/Net PPE
                                                                                                                                                                                                                                                                                                                                                    67   Average tax rate (Taxes/EBT)
                                                                                                                                                                                                                                                                                                                                                    68   Marginal tax rate
                                                                                                                                                                                                                                                                                                                                                    70   Dividend policy: growth rate
                                                                                                                                                                                                                                                                                                                                                    71   Long-term debt / market value of firm
                                                                                                                                                                                                                                                                                                                                                    72   Preferred stock / market value of firm
                                                                                                                                                                                                                                                                                                                                                    73   Coupon rate on preferred stock
                                                                                                                                                                                                                                                                                                                                                    74   Long-term debt / market value of firm
                                                                                                                                                                                                                                                                                                                                                    76   Nonop. inc. / Sales
                                                                                                                                                                                                                                                                                                                                                    77   Extr. inc. / Sales
                                                                                                                                                                                                                                                                                                                                                    78   Long-term investments / Sales
                                                                                                                                                                                                                                                                                                                                                    79   Other long-term liab. / Sales
                                                                                                                                                                                                                                                                                                                                                     9   NOPAT/Sales
                                                                                                                                                                                                                                                                                                                                                    16   Operating capital/Sales
                                                                                                                                                                                                                                                                                                                                                    18   Free cash flow from ongoing operations
                                                                                                                                                                                                                                                                                                                                                    22   ROIC (NOPAT/ Beginning capital)
                                                                                                                                                                                                                                                                                                                                                    26   Economic profit




Michael C. Ehrhardt                                                                                                                                                                                                                                                             Page 51                                                                                                                                                                                         9/30/2012
4e1bdf0e-8b1f-43b2-b0cb-e9b909866787.xls                                                                                                                                                                                                             Condensed




                                                                             A                                      D                    E                 F                   G                 H           I       J       K       L       M

                                            1    Condensed Historical Financial Statements
                                            2    You should not change any formulas in this worksheet.
                                            3                                                          before 01/00/00
                                                 Be sure to select the entire Thomson ONE spreadsheet 01/00/00 cutting.
                                                                                    01/00/00 01/00/00                                                                                            01/00/00
                                            4                                                                               1900             1900               1900               1900              1900
                                            5    Income Statement
                                            6
                                            7    Sales                                                       $                0    $             0   $              0    $             0   $             0
                                            8    Costs of goods sold (COGS)                                                   0                  0                  0                  0                 0
                                            9    Sales, general and administrative expense (SGA)                              0                  0                  0                  0                 0
                                           10    Depreciation                                                                 0                  0                  0                  0                 0
                                           11    Operating profit                                            $                0    $             0   $              0    $             0   $             0
                                           12    Interest expense                                                             0                  0                  0                  0                 0
                                           13    Interest income                                                              0                  0                  0                  0                 0
                                           14    Nonoperating income (Expense)                                    #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           15    Earnings before taxes (EBT)                                      #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           16    Tax expense                                                      #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           17    Net income before extraordinary items                            #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           18    After-tax extraordinary income (Expense)                         #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           19                                           Net income (NI)           #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           20
                                           21    Dividends-- preferred                                       $                0    $             0   $              0    $             0   $             0
                                           22    Dividends-- common                                          $                0    $             0   $              0    $             0   $             0
                                           23                                             Additions to RE         #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           24
                                           25    Balance Sheet
                                           26    Assets
                                           27    Cash                                                        $                0    $             0   $              0    $             0   $             0
                                           28    Inventory                                                                    0                  0                  0                  0                 0
                                           29    Accounts receivable                                                          0                  0                  0                  0                 0
                                           30    Other short-term operating assets                                            0                  0                  0                  0                 0
                                           31    Short-term investments                                                       0                  0                  0                  0                 0
                                           32                                       Total current assets $                    0    $             0   $              0    $             0   $             0
                                           33    Net plant, property, & equipment (PPE)                                       0                  0                  0                  0                 0
                                           34    Other long-term operating assets                                             0                  0                  0                  0                 0
                                           35    Long-term investments                                                        0                  0                  0                  0                 0
                                           36                                               Total assets $                    0    $             0   $              0    $             0   $             0
                                           37
                                           38    Liabilities and Equity
                                           39    Accounts payable (AP)                                        $               0    $             0   $              0    $             0   $             0
                                           40    Accruals                                                                     0                  0                  0                  0                 0
                                           41    Other operating current liabilities                                          0                  0                  0                  0                 0
                                           42    All short-term debt                                                          0                  0                  0                  0                 0
                                           43                                       Total current liabilities $               0    $             0   $              0    $             0   $             0
                                           44    Long-term debt                                                               0                  0                  0                  0                 0
                                           45    Deferred taxes                                                               0                  0                  0                  0                 0
                                           46    Preferred stock                                                              0                  0                  0                  0                 0
                                           47    Other long-term liabilities                                                  0                  0                  0                  0                 0
                                           48                                               Total liabilities $               0    $             0   $              0    $             0   $             0
                                           49    Par plus PIC Less treasury (and other adjustments)               #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           50    Retained earnings (RE)                                           #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           51                                          Total common equity        #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           52                                  Total liabilities and equity       #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!           #DIV/0!
                                           53
                                           54                             Check to see if sheets balance                #DIV/0!            #DIV/0!             #DIV/0!           #DIV/0!           #DIV/0!
                                           55
                                           56
                                           57    Statement of Cash Flows
                                           58    Operating Activities
                                           59    Net income                                                       #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!
                                           60    Depreciation                                                                 0                  0                  0                  0
                                           61    Change in deferred tax                                                       0                  0                  0                  0
                                           62
                                           63    Change in inventory                                                          0                  0                  0                  0
                                           64    Change in accounts receivable                                                0                  0                  0                  0
                                           65    Change in other short-term operating assets                                  0                  0                  0                  0
                                           66    Change in accounts payable                                                   0                  0                  0                  0
                                           67    Change in accruals                                                           0                  0                  0                  0
                                           68    Change in other current liabilities                                          0                  0                  0                  0
                                           69                        Net cash from operating activities           #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!
                                           70
                                           71    Investing Activities
                                           72    Investment in PPE                                       $                    0    $             0   $              0    $             0
                                           73    Investment in other long-term oper. ass.                                     0                  0                  0                  0
                                           74                         Net cash from investing activities $                    0    $             0   $              0    $             0
                                           75
                                           76    Financing Activities
                                           77    Change in short-term investments                       $                     0    $             0   $              0    $             0
                                           78    Change in long-term investments                                              0                  0                  0                  0
                                           79    Change in short-term debt                                                    0                  0                  0                  0
                                           80    Change in long-term debt                                                     0                  0                  0                  0
                                           81    Preferred dividends                                                          0                  0                  0                  0
                                           82    Change in preferred stock                                                    0                  0                  0                  0
                                           83    Change in other long-term liabilities                                        0                  0                  0                  0
                                           84    Change in common stock (Par + PIC)                               #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!
                                           85    Common dividends                                                             0                  0                  0                  0
                                           86                        Net cash from financing activities           #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!
                                           87
                                           88    Net cash flow                                                    #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!
                                           89    Starting cash                                                                0                  0                  0                  0
                                           90    Ending cash                                                      #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!
                                           91
                                           92    Check for consistency with cash shown in balance sheet           #DIV/0!              #DIV/0!           #DIV/0!             #DIV/0!
                                           93
                                           94
                                           95
                                           96
                                           97
                                            98   Scratch calculations
                                            99
                                           100   "Uncapitalizing" Capitalized interest
                                           101   Annual capitalized interest                                               -               -                    -                -                     -         -       -       -       -       -
                                           102   Annual reduction in depreciation (assuming straight-line for 20 years)    -               -                    -                -                     -         -       -       -       -       -
                                           103   Annual addition to interest expense                                       -               -                    -                -                     -         -       -       -       -       -
                                           104   Annual reduction in tax expense                                        #DIV/0!        #DIV/0!             #DIV/0!            #DIV/0!              #DIV/0!       -       -       -       -       -
                                           105   Annual reduction in RE                                                 #DIV/0!        #DIV/0!             #DIV/0!            #DIV/0!              #DIV/0!       -       -       -       -       -
                                           106   Cumulative reduction in gross PPE                                         -               -                    -                -                     -         -       -       -       -       -
                                           107   Cumulative depreciation of capitalized interest                           -               -                    -                -                     -         -       -       -       -       -
                                           108   Cumulative reduction in net PPE                                           -               -                    -                -                     -         -       -       -       -       -
                                           109   Cumulative reduction in RE                                        #DIV/0!         #DIV/0!            #DIV/0!            #DIV/0!               #DIV/0!           -       -       -       -       -
                                           110                                                                     #DIV/0!         #DIV/0!            #DIV/0!            #DIV/0!
                                                 Cumulative reduction in book equity as though company had issue special dividend due to extra cash available from tax savings                 #DIV/0!           -       -       -       -       -




Michael C. Ehrhardt                                                                                                                                         Page 52                                                                                  9/30/2012
       4e1bdf0e-8b1f-43b2-b0cb-e9b909866787.xls                                                                                                                                                               4e1bdf0e-8b1f-43b2-b0cb-e9b909866787.xls   Comprehensive




                                             A                                            B                C                 D             E              F           G           H           I           J

         1    Comprehensive Statements
         2    For all yellow cells, fill in links to the Actual Worksheet or other inputs.
         3    Be sure to select the entire Thomson ONE spreadsheet before cutting.1/0/1900                 1/0/1900          1/0/1900      1/0/1900      1/0/1900
        4 Income Statement
        5 Total net revenues                                                                  -                 -                 -             -             -
        6 Cost of goods sold expense                                                          -                 -                 -             -             -
        7 Cost of services or operations expense
        8 Depreciation expense (for tangible assets, if reported separately)
        9 Amortization expense (for goodwill and Intangible, if reported separately)
       10 Depreciation and amortization expense (if reported combined)                        -                 -                 -             -             -
       11 Research & development expense
       12 Sales & marketing expenses (if not included in SGA)
       13 General & administrative expenses (if not included in SGA)
       14 Selling, gen. & admin. expense [if reported as a single item]                       -                 -                 -             -             -
       15 Minority interest expense (if shown as pre-tax operating expense)
       16 Merger and restructuring costs
       17 Asset impairment losses or write-downs
       18 Extraordinary charges or expenses (if shown on pre-tax basis)                       -                 -                 -             -             -
       19 Extraordinary credit or income (if shown on a pre-tax basis)                        -                 -                 -             -             -
       20 Other operating expenses (Income)                                                   -                 -                 -             -             -
       21 Interest expense (Income)                                                           -                 -                 -             -             -
       22 Interest capitalized                                                                -                 -                 -             -             -
       23 Interest income                                                                     -                 -                 -             -             -
       24 Reserve expense (income) (increase in reserves is expense, decrease is income)-                       -                 -             -             -
       25 Investment income (Expense) (if shown on pre-tax basis)
       26 Gain (loss) on sale of assets or discontinued operation (if shown on pre-tax basis)
       27 Remitted income (Expense) or equity earnings (Losses) in affiliates                 -                 -                 -             -             -
       28 Unremitted income (Expense) or equity earnings (Losses) in affiliates
       29 Minority interest expense (if shown as pre-tax nonoperating expense)
       30 Losses on equity investees and other (if shown on pre-tax basis)
       31 Other nonoperating income (Expense) (if shown on pre-tax basis)                     -                 -                 -             -             -
       32 Special nonrecurring items income (Expense) (if shown on pre-tax basis)
       33 Provision for income tax expense (Rebate)                                           -                 -                 -             -             -
       34 Minority interest expense (if shown on after-tax basis)                             -                 -                 -             -             -
       35 Equity in earnings expense (if shown on after-tax basis)                            -                 -                 -             -             -
       36 Extraordinary items (if shown on after-tax basis)                                   -                 -                 -             -             -
       37 Discontinued operations (if shown on after-tax basis)                               -                 -                 -             -             -
       38 Extraordinary items and discontinued operations (if shown on after-tax basis)
       39 Investment gains (Losses) (if shown on after-tax basis)
       40 All other income (Losses) (if shown on after-tax basis)                             -                 -                 -             -             -
       41 Cumulative effect of accounting changes
       42                                 Net income from Actual Sheet                        -                 -                 -             -             -
       43          Calculated net income from Comprehensive Sheet                             -                 -                 -             -             -
       44
 Check to see if calculated net income is consistent with Actual sheet               OK                    OK                OK            OK            OK
       45
       46
         47   Balance Sheet
         48   Assets
         49   Cash and equivalents                                                                -             -                 -             -             -
         50   Marketable securities
         51   Notes receivable
         52   Short-term investments or investment securities
         53   Accounts receivable                                                                 -             -                 -             -             -
         54   Tax refund receivable
         55   Progress payments
         56   Prepaid expenses                                                                    -             -                 -             -             -
         57   Current deferred tax asset
         58   Inventories                                                                         -             -                 -             -             -
         59   Other nonoperating current assets
         60   Other operating current assets                                                      -             -                 -             -             -
         61                                              Total current assets                     -             -                 -             -             -
         62
         63   Long-term receivables                                                               -             -                 -             -             -
         64   Investments in unconsolidated subsidiaries                                          -             -                 -             -             -
         65   Other investments                                                                   -             -                 -             -             -
         66   Net property, plant, & equip (PPE)                                                  -             -                 -             -             -
         67   Goodwill (if shown separately)
         68   Intangibles (if shown separately)
         69   Cost in excess of fair value of net assets acquired also called goodwill)
         70   Goodwill and intangibles (if shown combined)
         71   Deferred tax asset (Long-term)
         72   Long-term notes receivable
         73   Other operating long-term assets                                                    -             -                 -             -             -
         74   Deferred charges
         75   Deposits
         76   Investments & advances to subsidiaries
         77   Other nonoperating long-term assets
         78                              Total assets from Actual Sheet                           -             -                 -             -             -
         79       Calculated total assets from Comprehensive Sheet                                -             -                 -             -             -
         80   Check to see if total assets consistent with Actual sheet                   OK               OK                OK            OK            OK
         81
         82   Liabilities and Equity
         83   Notes payable
         84   Current portion of long-term debt                                                   -             -                 -             -             -
         85   Current portion of capitalized leases
         86   All other short-term debt
         87   Accounts payable                                                                    -             -                 -             -             -
         88   Short-term unearned revenue
         89   Interest payable (or accrued interest)
         90   Dividends payable                                                                   -             -                 -             -             -
         91   Short-term deferred taxes
         92   Taxes payable or accrued taxes                                                      -             -                 -             -             -
         93   Accrued wages or salary                                                             -             -                 -             -             -
         94   Other accrued expenses or accruals
         95   Other nonoperating current liabilities
         96   Other operating current liabilities                                                 -             -                 -             -             -
        97                                             Total current liabilities                  -             -                 -             -             -
        98
        99    Non-current portion of long-term debt                                               -             -                 -             -             -
        100   Mortgages
        101   Non-current portion of capitalized leases
        102   Convertible debt
        103   Any other long-term debt
        104   Provision for risks and charges                                                     -             -                 -             -             -
        105   Reserve accounts
        106   Deferred tax liability in untaxed reserves                                          -             -                 -             -             -
        107   Deferred income taxes (Long-term)                                                   -             -                 -             -             -
        108   Deferred income                                                                     -             -                 -             -             -
        109   Long-term unearned revenue
        110   Restructuring obligations
        111   Commitments and contingencies
        112   Other long-term liabilities                                                         -             -                 -             -             -
        113   Retirement, pension, and health insurance related liabilities
        114   Minority interest                                                                   -             -                 -             -             -
        115   Nonequity reserves                                                                  -             -                 -             -             -
        116   Preferred stock                                                                     -             -                 -             -             -
        117   Common stock (at par)
        118   Common stock capital suprplus or paid-in-capital
        119   Revaluation of reserves
        120   Other appropriated reserves
        121   Unappropriated (free) reserves
        122   Retained earnings                                                                   -             -                 -             -             -
        123   Equity in untaxed reserves
        124   ESOP guarantees
        125   Treasury stock
        126   Common stock warrants and stock options
        127   Other equity
        128   Unrealized gain (loss) on marketable securities
        129   Accumulated other comprehensive income or cumulative other adj.
        130   Unrealized gain (loss) on foreign exchange
        131   Cumulative foreign currency translations
       132                Total shareholder equity from Actual Sheet                              -             -                 -             -             -
       133
     Calculated total shareholder equity from Comprehensive Sheet                                 -             -                 -             -             -
       to see if shareholder total eq. is consistent with Actual sheets
 Check 134                                                                                OK               OK                OK            OK            OK
       135
        136              Total Liabilities and Equity from Actual Sheet                           -             -                 -             -             -
        137
   Calculated Total Liabilities and Equity from Comprehensive Sheet                               -             -                 -             -             -
         see
Check to138 if Total Liab. & Eq. consistent with Comprehensive sheet                      OK               OK                OK            OK            OK
        139
        140                         Check for balancing of statements                     Balances        Balances          Balances      Balances      Balances
        141

              Required Items: You must supply these inputs
        142   in the yellow cells, unless they are truly zero.
        143
        144   Required Items from Statement of Cash Flows
        145   Preferred dividends paid                                                            -             -                 -             -             -
        146   Common dividends paid                                                               -             -                 -             -             -
        147   Depreciation of PPE and tangible Assets                                             -             -                 -             -             -
        148   Amortization of goodwill and intangibles
        149
        150   Required Items from Footnotes or Annual Report
        151   Number of shares outstanding                                                        -             -                 -             -             -
        152
        153   Required Items from Financial Statements or User's Judgment
        154   Assumed marginal tax rate                                                        #DIV/0!      #DIV/0!           #DIV/0!       #DIV/0!       #DIV/0!
        155
            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
        156 values already here.
        157
        158   LIFO reserve (from Footnotes of Annual Report)                                      -             -                 -             -             -           -
        159   Interest rate on pension liabilities                                                 0%            0%                0%            0%            0%
        160   Interest rate on operating leases                                                    0%            0%                0%            0%            0%
        161   Capitalized value of operating leases                                               -             -                 -             -             -
        162   Stock options (Warrants)                                                            -             -                 -             -             -
        163   Capitalized operating costs                                                         -             -                 -             -             -           -           -           -
        164   Special goodwill impairment or accounting change                                    -             -                 -             -             -
        165
              Statement of Cash Flows (Calculated
              from the Income Sheet and Balance
        166   Sheets shown above.
        167   Operating Activities
        168   Net income                                                                              -             -                 -             -             -           -           -           -           -
        169   Adjustments for reconciliation of RE account                                        -                 -             -             -             -           -           -           -           -
        170   Depreciation and amortization                                                           -                 -             -             -             -           -           -           -           -
        171   Change in deferred tax                                                              -                 -             -             -             -           -           -           -           -
        172   Change in operating current assets                                                      -                 -             -             -             -           -           -           -           -
        173   Change in operating current liabilities                                             -                 -             -             -             -           -           -           -           -
        174                           Net cash from operating activities                          -                 -             -             -             -           -           -           -           -
        175
        176 Investing Activities
        177 Investment in PPE                                                                     -                 -             -             -             -           -           -           -           -
        178 Investment in other long-term oper. ass.                                              -             -                 -             -             -           -           -           -           -
        179                            Net cash from investing activities                         -                 -             -             -             -           -           -           -           -
        180
        181 Financing Activities
        182 Changes in short-term investments                                                     -                 -             -             -             -           -           -           -           -
        183 Changes in long-term investments                                                      -                 -             -             -             -           -           -           -           -
        184 Changes in all short-term debt                                                        -                 -             -             -             -           -           -           -           -
        185 Changes in all long-term debt                                                         -                 -             -             -             -           -           -           -           -
        186 Changes in all other long-term liabilities                                            -                 -             -             -             -           -           -           -           -
        187 Change in preferred stock                                                             -                 -             -             -             -           -           -           -           -
        188 Change in Par + PIC                                                                   -                 -             -             -             -           -           -           -           -
        189 Change in common stock warrants and stock options                                     -                 -             -             -             -           -           -           -           -
        190 Change in treasury and cumulative adjustments                                         -                 -             -             -             -           -           -           -           -
        191 Preferred dividends                                                                   -                 -             -             -             -           -           -           -           -
        192 Common dividends                                                                      -             -                 -             -             -           -           -           -           -
        193                           Net cash from financing activities                          -                 -             -             -             -           -           -           -           -
        194
        195 Net cash flow                                                                         -                 -             -             -             -           -           -           -           -
        196 Starting cash from balance sheet                                                      -             -                 -             -             -           -           -           -           -
        197 Ending cash                                                                           -                 -             -             -             -           -           -           -           -
         Check to see if ending cash is consistent with balance sheet
        198                                                                                       OK                OK            OK            OK            OK          OK          OK          OK          OK




       Michael C. Ehrhardt                                                                                                                                                                                                    Page 53                        9/30/2012
                                      A
    Copy and paste the Worldscope 5-year history from Thomson ONE
1   into cell A1.
    Be sure to select the entire Thomson ONE spreadsheet before
2   cutting.
    Use the Edit, Replace feature in Excel to replace all entries of #N/A
3   with zero before pasting into the Actual worksheet.
4   Make sure your cursor is on cell A1 before pasting.

								
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