Under Armour Valuation and Forecasts Spreadsheet Completed On 7/1/2019
Under Armour Valuation and Forecasts Spreadsheet Completed On 7/1/2019
Under Armour Valuation and Forecasts Spreadsheet Completed On 7/1/2019
Financial Ratios measuring metrics like current ratio, inventory ratio, and debt ratio
Price Ratio Analysis uses sales, cash flow, and earnings per share numbers to find a trading range
UAA DISCOUNTED CASH FLOW MO
x Historical
Period Ending: 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019
Total Revenue $ 3,963,313 $ 4,833,338 $ 4,989,244 $ 5,193,185 $ 5,383,080
Revenue Growth Rate 21.95% 3.23% 4.09% 3.66%
Operating Income (EBIT) $ 401,313 $ 414,716 $ 24,229 $ (34,220) $ 249,408
Operating Margin 10.13% 8.58% 0.49% -0.66% 4.63%
(-) Tax $ 154,112.00 $ 131,303.00 $ 37,951.00 $ (20,552.00) $ (95,777.36)
(+) Depreciation $ 100,940 $ 144,770 $ 174,001 $ 182,022 $ 168,687.39
% of Revenue 2.55% 3.00% 3.49% 3.51% 3.13%
(-) Capital Expenditures $ (298,928) $ (386,746) $ (281,339) $ (170,385) $ (329,227.25)
% of Revenue -7.54% -8.00% -5.64% -3.28% -6.12%
(-) Change in Net Working Capital $ (107,819) $ 259,384 $ (2,033) $ 347 $ 35,152
% of Revenue -2.72% 5.37% -0.04% 0.01% 0.65%
Free Cash Flow $ 754,888 $ 555,545 $ 443,651 $ 338,392 $ 807,947
PV of Free Cash Flow (discounted) $ 698,324 $ 513,918 $ 410,408 $ 313,036 $ 747,407
UAA INCOME STATEMENT
Period Ending: 12/31/2015 12/31/2016 12/31/2017 12/31/2018
Total Revenue $ 3,963,313 $ 4,833,338 $ 4,989,244 $ 5,193,185
Cost of Revenue $ 2,057,766 $ 2,584,724 $ 2,737,830 $ 2,852,714
Gross Profit $ 1,905,547 $ 2,248,614 $ 2,251,414 $ 2,340,471
Operating Expenses
Research and Development $ - $ - $ -
Sales, General and Admin. $ 1,497,000 $ 1,831,143 $ 2,099,522 $ 2,182,339
Non-Recurring Items $ - $ - $ 124,049 $ 183,149
Other Operating Items $ - $ - $ - $ -
Operating Income $ 408,547 $ 417,471 $ 27,843 $ (25,017)
Add'l income/expense items $ (7,234) $ (2,755) $ (3,614) $ (9,203)
Earnings Before Interest and Tax $ 401,313 $ 414,716 $ 24,229 $ (34,220)
Interest Expense $ 14,628 $ 26,434 $ 34,538 $ 33,568
Earnings Before Tax $ 386,685 $ 388,282 $ (10,309) $ (67,788)
Income Tax $ 154,112 $ 131,303 $ 37,951 $ (20,552)
Minority Interest $ - $ - $ - $ -
Equity Earnings/Loss Unconsolidated Su $ - $ - $ - $ 934
Net Income-Cont. Operations $ 232,573 $ 256,979 $ (48,260) $ (46,302)
Net Income $ 232,573 $ 256,979 $ (48,260) $ (46,302)
Net Income Applicable to Common Sh $ 232,573 $ 197,979 $ (48,260) $ (46,302)
$28.49
$27.06
$27.47
TRADING RANGE
high
$28.49
UAA INCOME STATEMENT
Period Ending: 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Total Revenue $ 5,193,185 $ 4,989,244 $ 4,833,338 $ 3,963,313
Cost of Revenue $ 2,852,714 $ 2,737,830 $ 2,584,724 $ 2,057,766
Gross Profit $ 2,340,471 $ 2,251,414 $ 2,248,614 $ 1,905,547
Operating Expenses
Research and Development $ - $ - $ - $ -
Sales, General and Admin. $ 2,182,339 $ 2,099,522 $ 1,831,143 $ 1,497,000
Non-Recurring Items $ 183,149 $ 124,049 $ - $ -
Other Operating Items $ - $ - $ - $ -
Operating Income $ (25,017) $ 27,843 $ 417,471 $ 408,547
Add'l income/expense items $ (9,203) $ (3,614) $ (2,755) $ (7,234)
Earnings Before Interest and Tax $ (34,220) $ 24,229 $ 414,716 $ 401,313
Interest Expense $ 33,568 $ 34,538 $ 26,434 $ 14,628
Earnings Before Tax $ (67,788) $ (10,309) $ 388,282 $ 386,685
Income Tax $ (20,552) $ 37,951 $ 131,303 $ 154,112
Minority Interest $ - $ - $ - $ -
Equity Earnings/Loss Unconsolidated Subsidiary $ 934 $ - $ - $ -
Net Income-Cont. Operations $ (46,302) $ (48,260) $ 256,979 $ 232,573
Net Income $ (46,302) $ (48,260) $ 256,979 $ 232,573
Net Income Applicable to Common Shareholders $ (46,302) $ (48,260) $ 197,979 $ 232,573
UAA BALANCE SHEET
Period Ending: 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Current Assets
Cash and Cash Equivalents $ 557,403 $ 312,483 $ 250,470 $ 129,852
Short-Term Investments $ - $ - $ - $ -
Net Receivables $ 652,546 $ 609,670 $ 622,685 $ 433,638
Inventory $ 1,019,496 $ 1,158,548 $ 917,491 $ 783,031
Other Current Assets $ 364,183 $ 256,978 $ 174,507 $ 152,242
Total Current Assets $ 2,593,628 $ 2,337,679 $ 1,965,153 $ 1,498,763
Long-Term Assets
Long-Term Investments $ - $ - $ - $ -
Fixed Assets $ 826,868 $ 885,774 $ 804,211 $ 538,531
Goodwill $ 546,494 $ 555,674 $ 563,591 $ 585,181
Intangible Assets $ 41,793 $ 46,995 $ 64,310 $ 75,686
Other Assets $ 123,819 $ 97,444 $ 110,204 $ 75,652
Deferred Asset Charges $ 112,420 $ 82,801 $ 136,862 $ 92,157
Total Assets $ 4,245,022 $ 4,006,367 $ 3,644,331 $ 2,865,970
Current Liabilities
Accounts Payable $ 901,299 $ 857,949 $ 618,429 $ 393,395
Short-Term Debt / Current Portion of Long-T $ 25,000 $ 152,000 $ 27,000 $ 42,000
Other Current Liabilities $ 389,678 $ 50,426 $ 40,387 $ 43,415
Total Current Liabilities $ 1,315,977 $ 1,060,375 $ 685,816 $ 478,810
Long-Term Debt $ 703,834 $ 765,046 $ 790,388 $ 624,070
Other Liabilities $ 208,340 $ 162,304 $ 137,227 $ 94,868
Deferred Liability Charges $ - $ - $ - $ -
Misc. Stocks $ - $ - $ - $ -
Minority Interest $ - $ - $ - $ -
Total Liabilities $ 2,228,151 $ 1,987,725 $ 1,613,431 $ 1,197,748
Stock Holders Equity
Common Stocks $ 148 $ 146 $ 145 $ 144
Capital Surplus $ 916,628 $ 872,266 $ 823,484 $ 636,558
Retained Earnings $ 1,139,082 $ 1,184,441 $ 1,259,414 $ 1,076,533
Treasury Stock $ - $ - $ - $ -
Other Equity $ (38,987) $ (38,211) $ (52,143) $ (45,013)
Total Equity $ 2,016,871 $ 2,018,642 $ 2,030,900 $ 1,668,222
Total Liabilities & Equity $ 4,245,022 $ 4,006,367 $ 3,644,331 $ 2,865,970
UAA STATEMENT OF CASH FLOWS
Period Ending: 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Income $ (46,302) $ (48,260) $ 256,979 $ 232,573
Cash Flows-Operating Activities
Depreciation $ 182,022 $ 174,001 $ 144,770 $ 100,940
Net Income Adjustments $ (203,587) $ 248,968 $ 132,323 $ 176,166
Changes in Operating Activities
Accounts Receivable $ 186,834 $ (79,106) $ (249,853) $ (191,876)
Changes in Inventories $ 109,919 $ (222,391) $ (148,055) $ (278,524)
Other Operating Activities $ (107,855) $ (52,106) $ (23,029) $ (76,476)
Liabilities $ 507,199 $ 216,354 $ 253,488 $ 51,738
Net Cash Flow-Operating $ 628,230 $ 237,460 $ 366,623 $ 14,541
Cash Flows-Investing Activities
Capital Expenditures $ (170,385) $ (281,339) $ (386,746) $ (298,928)
Investments $ (39,207) $ - $ 6,482 $ (6,534)
Other Investing Activities $ 6,688 $ (1,648) $ (875) $ (542,013)
Net Cash Flows-Investing $ (202,904) $ (282,987) $ (381,139) $ (847,475)
Cash Flows-Financing Activities
Sale and Purchase of Stock $ 2,580 $ 11,540 $ 15,485 $ 10,310
Net Borrowings $ (190,000) $ 98,000 $ 156,851 $ 384,798
Other Financing Activities $ (2,437) $ (2,781) $ (16,603) $ (12,728)
Net Cash Flows-Financing $ (189,868) $ 106,759 $ 146,114 $ 381,433
Effect of Exchange Rate $ 12,467 $ 4,178 $ (8,725) $ (11,822)
Net Cash Flow $ 247,925 $ 65,410 $ 122,873 $ (463,323)