NYSF Walmart Template

Consolidated Income Statements
(in US$ millions except per share amounts) Actuals Estimates
Period Ending January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017
Revenue
Net Sales
% Growth
Membership and Other Income
% Growth
Total revenue
Y/Y revenue growth (%)
Cost of goods sold

Cost of goods sold
COGS as a % of revenue
Gross profit
Gross profit margin (%)
Operating expenses
Selling, general and administrative
SG&A as a % of revenue
EBITDA
EBITDA margin (%)
Depreciation and amortization
EBIT
EBIT margin (%)
Interest
Interest expense (Debt)
Interest expense (Capital Leases)
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Interest income
Net interest expense
EBT
EBT margin (%)
Income tax expense

Tax rate (%)
Net Income (Adjusted)

Non-recurring events
Discontinued operations
Other
Total non-recurring events
Net Income (After non-recurring events)
Distributions
Income attributable to non-controlling interests
Non-controlling interests % of Net Income
Net Income (as Reported)
Earnings per share (EPS)

Basic
Diluted
Average common shares outstanding

Basic
Diluted

Consolidated Statements of Cash Flows
(in US$ millions) Actuals Estimates
Period Ending January 31 2010A 2011A 2012A 2013 2014 2015 2016
Cash flows from operating activities

Net income
Loss (income) from discontinued operations
Deferred income taxes
Other Operating Activities
Changes in operating working capital
Changes in accounts receivable
Changes in inventory
Changes in accounts payable
Changes in accrued liabilities
Net changes in operating working capital
Total cash flows from operating activities
Cash flows from investing activities

Payments for property and equipment (CAPEX)
Proceeds from disposal of property and equipment
Investments and business acquisitions, net of cash acquired
Other investing activities
Total cash from investing activities
Cash flows from financing activities

Short-term borrowings (repayments)
Long-term borrowings (repayments)
Dividends paid
Purchase of common stock [treasury stock]
Purchase of redeemable noncontrolling interest
Capital Lease Obligations
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Other
Total cash from financing activities
Effect of Exchange Rate on Cash
Total change in cash and cash equivalents
SUPPLEMENTAL DATA:
Cash flow before debt paydown

2017

Consolidated Balance Sheets
On January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017
Assets
Current assets:
Cash and cash equivalents
Receivables, net
Inventories
Prepaid expenses and other
Other current assets (discontinued operations)
Total current assets
Property, plant and equipment, net
Goodwill
Other assets and deferred charges
Total assets
Liabilities
Current liabilities:
Short-term borrowings
Accounts payable
Accrued liabilities
Accrued income taxes
Long term debt due within one year
Obligations under capital leases due within one year
Current liabilities of discontinued operations
Total current liabilities
Long-term debt
Long-term obligations under capital leases
Deferred income taxes and other
Redeemable noncontrolling interest
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Total liabilities
Shareholders' equity
Common stock par value + additional paid-in-capital
Retained earnings
Accumulated other comprehensive income (loss)
Total shareholders' equity
Noncontrolling interest
Total liabilities & equity
SUPPLEMENTAL DATA:
Balance? (Y/N) Y Y Y Y Y Y Y
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Depreciation
Property, plant & equipment (beg. of year) 0A
Capital expenditures (beg. of year)
Book (GAAP) depreciation

Useful Life
PP&E Years
CAPEX Years
Depreciation
Existing PP&E
2013 CAPEX
2014 CAPEX
2015 CAPEX
2016 CAPEX
2017 CAPEX
Total book depreciation
Accelerated depreciation (%)

Existing PP&E
2013 CAPEX
2014 CAPEX
2015 CAPEX
2016 CAPEX
2017 CAPEX
Accelerated depreciation
Existing PP&E
2013 CAPEX
2014 CAPEX
2015 CAPEX
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2016 CAPEX
2017 CAPEX
Total tax depreciation
Difference in depreciation
Tax rate (%)
Deferred taxes
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Operating Working Capital Schedule (OWC)
On January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017
Current assets
Receivables, net
Days receivable
Inventories
Inventory turnover days
Prepaid expenses and other
Days prepaid
Total current assets
Current liabilities
Accounts payable
Days payable
Accrued liabilities
Days payable
Accrued taxes
Days Payable
Total current liabilities
Total operating working capital

Change in total operating working capital
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Debt Schedule
Cash available to pay down debt

Cash at beginning of year
Cash flow before debt paydown
Minimum cash cushion
Total cash available to pay down debt
Short term borrowings / revolver

Short term borrowings (beginning of year)
Mandatory issuances / (retirements)
Non-mandatory issuances / (retirements)
Short term borrowings (end of year)
Short term interest expense
Short term interest rate
Long term debt due within one year

Long term debt due within one year (beginning of year)
Long term debt due within one year (end of year)
Interest expense
Interest rate
Obligations under capital leases due within one year

Obligations under capital leases due within one year (beginning of year)
Obligations under capital leases due within one year (end of year)
Interest expense
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Interest rate
Long term debt

Long term debt (beginning of year)
Long term debt (end of year)
Interest expense
Interest rate
Long term obligations under capital leases

Long term obligations under capital leases (beginning of year)
Long term obligations under capital leases (end of year)
Interest expense
Interest rate
Total issuances / (retirements)
Total interest expense
Cash at the end of the year

Interest income
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Discounted Cash Flow Analysis
(in US$ millions) Actuals Estim
Period Ending January 31 2010A 2011A 2012A 2013
Unlevered Free Cash Flow

EBIT
Depreciation & Amortization
Deferred Taxes
Other
Changes in Working Capital
Capital Expenditures
Taxes
Total Unlevered Free Cash Flow
Net Present Value Calulation

Period
Discounted Cash Flow
Total Net Present Value
Terminal Value
EBITDA Method
Exit Year EBITDA
Multiple
Terminal Value
Net Present Value
Perpetuity Method
Unlevered Free Cash Flow
Growth Rate
Terminal Value
Net Present Value
Discounted Cash Flow Total Valuation EBITDA Method Perpetuity Method

Total of Present Value of Cash Flows
Present Value of Terminal Value
Total Enterprise Value
Net Debt, Non-controlling interests, preferred securities
Equity Value
Share Count (millions)
Estimated Equity Value per Share
Estimates
2014 2015 2016 2017
Cost of Capital
Risk Free Rate Debt YE 2012
Market Risk Premium Stock Price
Beta Shares Outstanding
Cost of Equity Equity Value
Cost of Debt
WACC
Comparable Companies Analysis
(in US$ millions)
Current Market Enterprise Price / Earnings E.V. / Revenue E.V. / EBIT
Stock Capitalization Value 12A LTM 13E 12A LTM 13E 12A
Price$ (Value)$
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E.V. / EBIT E.V. / EBITDA
LTM 13E 12A

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Costco Income Statement
Actuals
Q1 2011A Q2 2011A Q3 2011A Q4 2011E 2011A Q1 2012A Q2 2012A
Revenue
Sales
Membership fees
Total revenue
Cost of goods sold

COGS as a % of revenue
Gross profit
Gross profit margin (%)
Operating expenses
Selling, general and administrative
SG&A as a % of revenue
Total operating expenses
EBITDA
EBITDA margin (%)

D&A % of Revenue
EBIT
EBIT margin (%)
Other income
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Actuals
Q1 2011A Q2 2011A Q3 2011A Q4 2011E 2011A Q1 2012A Q2 2012A

Equity in earnings of unconsolidated affiliates
Foreign-currency transactions gains (losses), net
Total Other Income
Interest
Interest expense
Interest income
Net interest expense
Earnings before tax (EBT)

IBT margin (%)
Income tax expense

Effective tax rate (%)
Net income (before noncontrolling interests)

Income attributable to noncontrolling interests
% of net income
Net income (adjusted)

Actuals
Q1 2011A Q2 2011A Q3 2011A Q4 2011E 2011A Q1 2012A Q2 2012A
Preopening expenses
Other items
Total non-recurring events
Net income (as reported)
Earnings per share (As reported)

Basic
Diluted
Earnings per share (adjusted)

Basic
Diluted

Basic
Diluted

Estimates
Q3 2012A Q4 2012E 2012A YE Adjusted LTM 2012 2013E

Estimates

Estimates

Actuals Estimates
Q1 2011A Q2 2011A 2012A Q1 2012A Q2 2012A LTM 2012 2013E
Revenue
Sales 103,415.0 108,638.0 0.0 112,272.0 113,534.0
Membership fees 774.0 728.0 0.0 746.0 762.0
Total revenue 104,189.0 109,366.0 0.0 113,018.0 114,296.0 13,759.0 0.0

Cost of goods sold 78,177.0 81,770.0 0.0 85,186.0 85,657.0 10,896.0 0.0
COGS as a % of revenue 75% 75% #DIV/0! 75% 75% 79% #DIV/0!
Gross profit 26,012.0 27,596.0 0.0 27,832.0 28,639.0 2,863.0 0.0

Gross profit margin (%) 25% 25% #DIV/0! 25% 25% 21% #DIV/0!
Operating expenses
Selling, general and administrative 18,131.0 17,186.0 0.0 19,339.0 17,708.0 1,730.0 0.0
SG&A as a % of revenue 17% 16% #DIV/0! 17% 15% 13% #DIV/0!
Total operating expenses 18,131.0 17,186.0 0.0 19,339.0 17,708.0 1,730.0 0.0
EBITDA 7,881.0 10,410.0 0.0 8,493.0 10,931.0 1,133.0 0.0

EBITDA margin (%) 8% 10% #DIV/0! 8% 10% 8% #DIV/0!
Depreciation and amortization 1,985.0 4,027.0 0.0 2,106.0 4,233.0 327.0 0.0
D&A % of Revenue 2% 4% #DIV/0! 2% 4% 2% #DIV/0!
EBIT 5,896.0 6,383.0 0.0 6,387.0 6,698.0 806.0 0.0

EBIT margin (%) 6% 6% #DIV/0! 6% 6% 6% #DIV/0!
Other income
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Actuals Estimates
Q1 2011A Q2 2011A 2012A Q1 2012A Q2 2012A LTM 2012 2013E

Equity in earnings of unconsolidated affiliates 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Foreign-currency transactions gains (losses), net 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Other Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest
Interest expense
Interest income
Net interest expense 518.0 578.0 0.0 535.0 505.0 (56.0) 0.0
Earnings before tax (EBT) 5,378.0 5,805.0 0.0 5,852.0 6,193.0 862.0 0.0
IBT margin (%) 5% 5% #DIV/0! 5% 5% 6% #DIV/0!
Income tax expense 1,800.0 1,868.0 0.0 1,958.0 2,032.0 322.0 0.0
Effective tax rate (%) 33% 32% #DIV/0! 33% 33% 37% 35%
Net income (before minority interests) 3,578.0 3,937.0 0.0 3,894.0 4,161.0 540.0 0.0
Income attributable to noncontrolling interests 151.0 136.0 0.0 152.0 145.0 10.0 0.0
% of net income 4% 3% #DIV/0! 4% 3% 2% #DIV/0!
Net income (adjusted) 3,427.0 3,801.0 0.0 3,742.0 4,016.0 530.0 0.0

Actuals Estimates
Q1 2011A Q2 2011A 2012A Q1 2012A Q2 2012A LTM 2012 2013E
Loss from discountinued operations 28.0 0.0 0.0 0.0 0.0 (28.0) 0.0
Other items 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total non-recurring events 28.0 0.0 0.0 0.0 0.0 (28.0) 0.0
Net income (as reported) 3,399.0 3,801.0 0.0 3,742.0 4,016.0 558.0 0.0

Basic 0.97 1.09 #DIV/0! 1.10 1.19 0.16 #DIV/0!
Diluted 0.97 1.09 #DIV/0! 1.09 1.18 0.16 #DIV/0!

Basic 0.98 1.09 #DIV/0! 1.10 1.19 0.16 #DIV/0!
Diluted 0.98 1.09 #DIV/0! 1.09 1.18 0.16 #DIV/0!

Basic 3,497 3,472 0 3,409 3,384 3,384 0
Diluted 3,513 3,485 0 3,425 3,398 3,398 0

Target Income Statement
Actuals Estimates
1Q2011A 2Q2011A 2012A 1Q2012A 2Q2012A LTM 2012 2013E
Revenue
Sales 15,580.0 15,895.0 68,466.0 16,537.0 16,451.0 69,979.0 71,889.3
5%
Credit card revenue 355.0 345.0 1,399.0 330.0 328.0 1,357.0 1,469.0
5%
Total revenue 15,935.0 16,240.0 69,865.0 16,867.0 16,779.0 71,336.0 73,358.3
Y/Y revenue growth (%) 5%
Cost of goods sold

Cost of Sales 10,838.0 10,872.0 47,860.0 11,541.0 11,297.0 48,988.0 50,325.3
Cost of Sales as a % of revenue 70% 68% 70% 70% 69% 70% 70%
Credit card expenses 88.0 86.0 446.0 120.0 108.0 500.0 541.2
Credit Card Expenses as a % of revenue 25% 25% 32% 36% 33% 37% 37%
Cost of goods sold 10,926.0 10,958.0 48,306.0 11,661.0 11,405.0 49,488.0 50,866.5
COGS as a % of revenue 69% 67% 69% 69% 68% 69% 69%
Gross profit 5,009.0 5,282.0 21,559.0 5,206.0 5,374.0 21,848.0 22,491.7

Gross profit margin (%) 31% 33% 31% 31% 32% 31% 31%
Operating expenses
Selling, general and administrative 3,233.0 3,473.0 14,106.0 3,392.0 3,588.0 14,380.0 14,787.6
SG&A as a % of revenue 20% 21% 20% 20% 21% 20% 20%
Total operating expenses 3,233.0 3,473.0 14,106.0 3,392.0 3,588.0 14,380.0 14,787.6
EBITDA 1,776.0 1,809.0 7,453.0 1,814.0 1,786.0 7,468.0 7,704.1

EBITDA margin (%) 11% 11% 11% 11% 11% 10% 11%
Depreciation and amortization 512.0 509.0 2,131.0 529.0 531.0 2,170.0 2,231.5
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Target Income Statement
Actuals Estimates
1Q2011A 2Q2011A 2012A 1Q2012A 2Q2012A LTM 2012 2013E

D&A % of Revenue 3% 3% 3% 3% 3% 3% 3%
EBIT 1,264.0 1,300.0 5,322.0 1,285.0 1,255.0 5,298.0 5,472.6

EBIT margin (%) 8% 8% 8% 8% 7% 7% 7%
Interest
Non-recoursed debt 19.0 18.0 72.0 2.0 3.0 40.0 72.0
Interest expense 164.0 174.0 797.0 182.0 182.0 823.0 797.0
Interest income 0.0 (1.0) (3.0) 0.0 (1.0) (3.0) (3.0)
Net interest expense 183.0 191.0 866.0 184.0 184.0 860.0 866.0
Income before tax (IBT) 1,081.0 1,109.0 4,456.0 1,101.0 1,071.0 4,438.0 4,606.6
IBT margin (%) 7% 7% 6% 7% 6% 6% 6%
Income tax expense 392.0 405.0 1,527.0 404.0 367.0 1,501.0 1,558.0
All-in effective tax rate (%) 36% 37% 34% 37% 34% 34% 34%
Net income 689.0 704.0 2,929.0 697.0 704.0 2,937.0 3,048.5

Basic 0.99 1.03 4.31 1.05 1.07 4.47 4.66
Diluted 0.99 1.03 4.28 1.04 1.06 4.43 4.61

Basic 693 681 679 666 657 657 655
Diluted 697 685 684 672 663 663 661
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Dollar General Income Statement
Actuals
Q1 2011A Q2 2011A 2011A Q1 2012A
Revenue
Sales 3,451.7 3,575.2 14,807.2 3,901.2
Total revenue 3,451.7 3,575.2 14,807.2 3,901.2

Cost of goods sold 2,364.3 2,426.9 10,109.3 2,672.9

COGS as a % of revenue 68% 68% 68% 69%
Gross profit 1,087.4 1,148.3 4,697.9 1,228.3

Gross profit margin (%) 32% 32% 32% 31%
Operating expenses
Selling, general and administrative 698.3 729.9 2,931.7 771.7
SG&A as a % of revenue 20% 20% 20% 20%
Total operating expenses 698.3 729.9 2,931.7 771.7
EBITDA 389.1 418.4 1,766.2 456.6
EBITDA margin (%) 11% 12% 12% 12%
Depreciation and amortization 67.5 68.4 275.4 72.3
D&A % of Revenue 2% 2% 2% 2%
EBIT 321.6 350.0 1,490.8 384.3
EBIT margin (%) 9% 10% 10% 10%
Other income
Equity in earnings of unconsolidated affiliates 0.0 0.0 0.0 0.0
Foreign-currency transactions gains (losses), net 0.0 0.0 0.0 0.0
Total Other Income 0.0 0.0 0.0 0.0
Interest
Interest expense 65.6 60.7 205.0 37.1
Interest income (0.0) (0.0) (0.1) 0.0
Net interest expense 65.6 60.6 204.9 37.1
Earnings before tax (EBT) 256.0 289.4 1,285.9 347.3
IBT margin (%) 7% 8% 9% 9%
Income tax expense 97.7 106.6 481.3 132.8
Effective tax rate (%) 38% 37% 37% 38%
Net income (before minority interests) 158.4 182.8 804.6 214.4
Income attributable to noncontrolling interests 0.0 0.0 0.0 0.0
% of net income 0% 0% 0% 0%
Net income (adjusted) 158.4 182.8 804.6 214.4
Preopening expenses 0.0 0.0 0.0 0.0
Other items 1.4 36.8 37.9 1.0
Total non-recurring events 1.4 36.8 37.9 1.0
Net income (as reported) 157.0 146.0 766.7 213.4
Basic 0.46 0.43 2.25 0.64
Diluted 0.45 0.42 2.22 0.63
Basic 0.46 0.54 2.36 0.64
Diluted 0.46 0.53 2.33 0.63
Basic 342 342 341 336
Diluted 345 346 345 339
Dollar General Diluted Shares

Share Price $47.16
Number of basic shares outstanding 333,695,858
Number of outstanding options (in the money) 3,098,603
Average option strike price $9.42
Total option proceeds 29,188,840
Treasury stock method shares repurchased 618,932
Additional shares outstanding 2,479,671
Total diluted shares outstanding 336,175,529
Dollar General Enterprise Value

Market value 15,854.0
Short-term debt 0.0
Long-term debt (includes current portions) 2,613.4
Capital lease obligations 5.1
Convertible debt 0.0
Preferred securities 0.0
Minority interest 0.0
Less: Cash & equivalents (134.2)
Enterprise value $18,338.4
Actuals Estimates
Q2 2012A 2012A YE Adjusted LTM 2012 2013E
3,948.7 15,630.2
3,948.7 15,630.2 17,505.8

12.0%
2,685.4 10,676.5 11,957.7

68% 68% 68%
1,263.2 4,953.7 5,548.1

32% 32% 32%
802.0 3,077.2 3,446.4

20% 20% 20%
802.0 3,077.2 3,446.4
461.2 1,876.5 2,101.7
12% 12% 12%
74.0 285.8 320.1
2% 2% 2%
387.2 1,590.7 1,781.6
10% 10% 10%
0.0 0.0 0.0

0.0 0.0 0.0
0.0 0.0 0.0
35.7 151.5 151.5

0.0 (0.0) (0.0)
35.7 151.4 151.4
351.5 1,439.3 1,630.1
9% 9% 9%
119.9 529.8 600.0
34% 37% 37%
231.6 909.5 1,030.1
0.0 0.0 0.0
0% 0% 0%
231.6 909.5 1,030.1
0.0 0.0 0.0

17.5 18.3 18.3
17.5 18.3 18.3
214.1 891.2 1,011.9
0.64 2.68 3.03

0.64 2.66 3.01
0.70 2.73 3.09
0.69 2.71 3.06
333 333 334

336 336 336
Dollar Tree Income Statement
(in $ millions except for per share data) Actuals
Q1 2011A Q2 2011A 2011A Q1 2012A Q2 2012A LTM
Net sales $ 1,546 $ 1,542 $ 6,631 $ 1,724 $ 1,705 $ 6,970

Cost of sales 966 960 4,088 1,079 1,062 $ 4,303
Cost of sales as a % of revenue 62.5% 62.3% 61.7% 62.6% 62.3% 61.7%
Gross profit $ 580 $ 582 $ 2,542 $ 645 $ 643 $ 2,667
Gross profit as a % of revenue 37.5% 37.7% 38.3% 37.4% 37.7% 38.3%
Selling, general and administrative expenses 379 389 1,596 415 415 1,658
SG&A profit as a % of revenue 24.5% 25.2% 24.1% 24.1% 24.4% 23.8%
EBITDA $ 201 $ 193 $ 946 $ 230 $ 227 $ 1,009
EBITDA margin (%) 13.0% 12.5% 14.3% 13.3% 13.3% 14.5%
Depreciation 39 40 164 42 43 170

Depreciation as a % of revenue 2.5% 2.6% 2.5% 2.4% 2.5% 2.4%
EBIT 162 154 782 188 184 839

EBIT margin (%) 10.5% 10.0% 11.8% 10.9% 10.8% 12.0%
Interest expense, net 1 1 3 1 1 3

Other income, net (1) 1 (0) (1) 0 (1)
Income before income taxes (EBT) $ 162 $ 152 $ 780 $ 189 $ 183 $ 838
EBT margin (%) 10.4% 9.9% 11.8% 10.9% 10.8% 12.0%
Provision for income taxes 61 57 291 73 64 293

Reported EBT 162 152 780 189 183
Provision for income taxes 61 57 291 73 64
Effective tax rate 37.5% 37.7% 37.4% 38.4% 35.0% 35.0%
Net income $ 101 $ 95 $ 488 $ 116 $ 119 $ 545
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Dollar Tree Income Statement
(in $ millions except for per share data) Actuals
Q1 2011A Q2 2011A 2011A Q1 2012A Q2 2012A LTM
Net income per share

Basic $ 0.82 $ 0.39 $ 4.06 $ 1.00 $ 0.52 $ 2.35
Diluted $ 0.82 $ 0.39 $ 4.03 $ 1.00 $ 0.51 $ 2.34
Weighted average shares outstanding (millions)

Basic 122.6 244.6 120.3 115.8 231.3 231
Diluted 123.5 246.1 121.2 116.4 232.6 233

Estimates
2013E
$ 7,294
10.0%
4,503
61.7%
$ 2,791
38.3%
1,735
23.8%
$ 1,056
14.5%
178
2.4%
878
12.0%
3
(1)
$ 877
12.0%
307
35.0%
$ 570

Estimates
2013E
$ 2.47
$ 2.47
230
230

Family Dollar Stores Income Statement
1Q2011A 2Q2011A 3Q2011A 4Q2011E
Revenue
Sales 1,996.9 2,263.2 2,153.4 2,134.3
Total revenue 1,996.9 2,263.2 2,153.4 2,134.3

Cost of goods sold

Cost of Sales 1,277.4 1,455.8 1,373.6 1,408.7
Cost of Sales as a % of revenue 64% 64% 64% 66%
Gross profit 719.6 807.4 779.8 725.6

Gross profit margin (%) 36% 36% 36% 34%
Operating expenses
Selling, general and administrative 554.0 562.1 549.3 546.4
SG&A as a % of revenue 28% 25% 26% 26%
Total operating expenses 554.0 562.1 549.3 546.4
EBITDA 165.6 245.3 230.4 179.2

EBITDA margin (%) 8% 11% 11% 8%
Depreciation and amortization 44.0 44.9 46.1 47.4

D&A % of Revenue 2% 2% 2% 2%
EBIT 121.6 200.4 184.4 131.8

EBIT margin (%) 6% 9% 9% 6%
Interest
Interest expense 3.5 4.6 7.1 7.2
Interest income 0.4 0.4 0.5 0.3
Net interest expense (3.1) (4.2) (6.7) (6.9)
Income before tax (IBT) 118.5 196.2 177.7 124.8

IBT margin (%) 6% 9% 8% 6%
Income tax expense 44.1 73.0 66.6 45.0

All-in effective tax rate (%) 37% 37% 37% 36%
Net income 74.3 123.2 111.1 79.8

Basic 0.58 0.99 0.91 0.65
Diluted 0.58 0.98 0.91 0.65

Basic 128 125 122 122
Diluted 129 126 123 123
(3.4) (3.1) 0.5
Target Diluted Shares
Share Price $66.12
Number of basic shares outstanding 115,402,997
Number of outstanding options (in the money) 377,000
Average option strike price $25.50
Total option proceeds 9,613,500
Treasury stock method shares repurchased 145,394
Additional shares outstanding 231,606
Total diluted shares outstanding 115,634,603
Target Enterprise Value
Market value 7,645.8
Short-term debt 31.2
Long-term debt (includes current portions) 516.3
Capital lease obligations 0.0
Convertible debt 0.0
Preferred securities 0.0
Minority interest 0.0
Less: Cash & equivalents (92.3)
Enterprise value $8,100.9

Actuals Estimates
2010A 1Q2012A 2Q2012A 3Q2012A 4Q2012E 2011A YE Adjustments LTM 2012 2013E
8,547.8 2,148.3 2,458.6 2,360.0 2,364.1 9,331.0 8,829.5 9,265.7 10,264.1
8,547.8 2,148.3 2,458.6 2,360.0 2,364.1 9,331.0 8,829.5 9,265.7 10,264.1

9% 8% 9% 10% 11% 9% 10%
5,515.5 1,390.7 1,601.2 1,514.7 1,564.4 6,071.1 5,725.8 6,024.8 6,671.7

65% 65% 65% 64% 66% 65% 65% 65% 65%
3,032.3 757.6 857.4 845.3 799.7 3,259.9 3,103.7 3,241.0 3,592.4

35% 35% 35% 36% 34% 35% 35% 35% 35%
2,211.8 573.5 585.4 592.7 609.4 2,361.1 2,246.9 2,348.7 2,596.8

26% 27% 24% 25% 26% 25.3% 25% 25.3% 25%
2,211.8 573.5 585.4 592.7 609.4 2,361.1 2,246.9 2,348.7 2,596.8
820.5 184.0 272.0 252.6 190.3 898.8 856.8 892.3 995.6

10% 9% 11% 11% 8% 10% 10% 10% 10%
182.5 49.1 50.8 53.2 57.6 210.7 191.5 208.4 232.0

2% 2% 2% 2% 2% 2% 2% 2% 2%
638.1 134.9 221.1 199.4 132.7 688.1 665.2 683.9 763.6

7% 6% 9% 8% 6% 7% 8% 7% 7%
22.4 6.7 6.4 5.6 6.3 25.1 26.9 24.9 25.1

1.5 0.2 0.2 0.3 0.2 0.9 1.2 1.0 0.9
(20.9) (6.5) (6.2) (5.4) (6.1) (24.2) (25.6) (23.9) (24.2)
617.2 128.4 214.9 194.0 126.6 663.9 639.6 660.0 739.5

7% 6% 9% 8% 5% 7% 7% 7% 7%
228.7 48.1 78.5 69.5 45.6 241.7 236.3 240.6 266.2

37% 37% 37% 36% 36% 36% 37% 36% 36%
388.4 80.3 136.4 124.5 80.9 422.2 403.3 419.4 473.3
3.15 0.68 1.16 1.07 0.69 3.61 3.45 3.58 4.10

3.12 0.68 1.15 1.06 0.69 3.58 3.42 3.55 4.09
123 118 118 117 117 117 117 117 115

124 119 118 118 118 118 118 118 116
(1.3) (5.7) (0.1) (0.7) 0.2 0.1 (0.1) (1.6)
Precedent Transactions
(in US$ millions)
Purchase Price Equity Value / Enterprise Value /
Transaction Market Value Enterprise Value Earnings Revenue EBIT EBITDA
Date

On - Line Training 351080778.xlsx, Precedent Transactions
x Income Statement - Pathmark Stores Inc.
(In $ millions except for per share amounts)
13-Weeks-
Ended
29-Apr-06
Sales $ 998.5
Cost of merchandise sold (709.0)
Gross margin 289.5
Store operating, general and administrative expenses (259.8)
EBITDA 29.7
Depreciation and amortization (23.0)
EBIT 6.7
Interest expense (15.5)
Interest and dividend income 0.0
Loss from continuing operations before income taxes (8.8)
Benefit from income taxes 3.4
Effective tax rate 38.6%
Net (loss) income from continuing operations $ (5.4)
Impariment of a long-lived asset 0.0
Net (loss) income $ (5.4)
x x
x Net Debt - Pathmark Stores Inc. x

(In $ millions except for per share amounts)
As of
16-Jun-07
Net debt
Current portion of long-term debt $ 23.3
Current portion of obligations under capital leases 10.9
Long-term debt 422.9
Long-term obligations under capital leases 156.6
Less: Cash and cash equivalents (31.8)
Total net debt $ 581.9
x x x
Sources:
DEFM14A (2007.10.10)
10-Q (2007.09.12)
10-Q (2007.06.13)
x
13-Weeks- 53-Weeks- 13-Weeks- 13-Weeks-

Ended Ended Ended Ended
29-Jul-06 3-Feb-07 5-May-07 4-Aug-07 LTM
$ 1,002.9 $ 4,058.0 $ 999.0 $ 998.5 $ 4,054.1

(718.0) (2,875.2) (702.7) (709.2) (2,860.1)
284.9 1,182.8 296.3 289.3 1,194.0
(261.1) (1,056.8) (267.3) (271.3) (1,074.5)
23.8 126.0 29.0 18.0 119.5
(23.1) (92.6) (23.5) (23.6) (93.6)
0.7 33.4 5.5 (5.6) 25.9
(15.4) (62.3) (15.9) (15.9) (63.2)
0.0 0.0 0.0 0.0 0.0
(14.7) (28.9) (10.4) (21.5) (37.3)
5.9 10.6 1.9 4.4 9.3
40.1% 36.7% 18.3% 20.7% 25.0%
$ (8.8) $ (18.3) $ (8.5) $ (17.1) $ (28.0)
0.0 0.0 0.0 (1.7) (1.7)
$ (8.8) $ (18.3) $ (8.5) $ (18.8) $ (29.7)
x
x
x Income Statement - Wild Oats Markets x
(In $ thousands except for per share amounts)
Year ended December 31 2006A
Sales $ 1,183,022
Cost of goods sold and occupancy costs 801,770
Gross profit 381,252
Operating expenses
Direct store expenses 277,043
Selling, general and administrative expenses 54,848
Pre-opening expenses 5,209
EBITDA 44,152
Depreciation 26,057
EBIT 18,095
Interest income 2,647
Interest expense (7,387)
Income (loss) before income taxes 13,355
Income tax expense (551)
Effective tax rate 4.1%
Net income (loss) from continuing operations 13,906
Nonrecurring events
Loss on disposal of assets, net 1,162
Restructuring and asset impairment charges (income), net 29,332
Total nonrecurring events 30,494
Net income (loss) $ (16,588)
x x x
x Net Debt - Wild Oats Markets x x

(In $ thousands except for per share amounts)
2006A
Net debt
Current portion of long-term debt $ 573.0
Current portion of obligations under capital leases
Long-term debt 147,662.0
Long-term obligations under capital leases
Less: Cash and cash equivalents (40,420.0)
Total net debt $ 107,815.0
x x x
Sources: Conversion Factor: 1,000

PREM14A (2007.06.15)
10-K (2007.03.15)
52-week Comparable
high / low company analysis
Low High Low High
Share price
Shares outstanding
Equity value
Net debt & other
Enterprise value
2012A EBITDA
Multiple
Precedent Discounted
transactions cash flow analysis
Low High Low High

Current value
0.00
52-Week high/low Comparable company analysis Prece

pany analysis Precedent transactions Discounted cash flow analysis

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What are the main components of the income statement?

What are the main components of the income statement?

What are the main components of the cash flow statement?

What are the main components of the cash flow statement?

Consolidated Income Statements

(in US$ millions except per share amounts) Actuals Estimates

Cost of goods sold

Depreciation and amortization

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Income Statement1 of 50

Income tax expense

Net Income (Adjusted)

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Income Statement2 of 50

Net Income (After non-recurring events)

Net Income (as Reported)

Earnings per share (EPS)

Average common shares outstanding

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Income Statement3 of 50

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Cash Flow Statement4 of 50

Total change in cash and cash equivalents

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Cash Flow Statement5 of 50

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Cash Flow Statement6 of 50

On January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Balance Sheet8 of 50

Total liabilities & equity

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Balance Sheet9 of 50

Book (GAAP) depreciation

Accelerated depreciation (%)

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Depreciation10 of 50

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Depreciation11 of 50

On January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017

Total operating working capital

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Operating Working Capital12 of 50

Cash available to pay down debt

Short term borrowings / revolver

Long term debt due within one year

Obligations under capital leases due within one year

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Debt Schedule13 of 50

Long term debt

Long term obligations under capital leases

Total issuances / (retirements)

Total interest expense

Cash at the end of the year

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Debt Schedule14 of 50

Period Ending January 31 2010A 2011A 2012A 2013

Unlevered Free Cash Flow

Net Present Value Calulation

Discounted Cash Flow Total Valuation EBITDA Method Perpetuity Method

2014 2015 2016 2017

The Analyst Exchange

The Analyst Exchange

Q1 2011A Q2 2011A Q3 2011A Q4 2011E 2011A Q1 2012A Q2 2012A

Cost of goods sold

Depreciation and amortization

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com 351080778.xlsx, Costco Comp19 of 50

Q1 2011A Q2 2011A Q3 2011A Q4 2011E 2011A Q1 2012A Q2 2012A

Earnings before tax (EBT)