Financial Data Analysis Study: Income Statement and Working

School: Rutgers University - Course: MIS 684 - Subject: Accounting

DFCF CORPORATION Income Statement ($millions)ActualActualActualActualActualProjectedProjectedProjectedProjectedProjected For the year ended December 312016201720182019202020212022202320242025 Revenue$4,557.8 $3,990.5 $3,660.8 $3,832.7 $3,944.9 $4,023.7 $4,104.2 $4,186.3 $4,270.0 $4,355.4 Growth rate2.0%2.0%2.0%2.0%2.0% Cost of goods sold3,080.32,753.72,571.92,602.12,632.22,675.82,729.32,783.92,839.62,896.4 Gross profit1,477.51,236.81,089.01,230.51,312.61,348.01,374.91,402.41,430.51,459.1 SG&A expenses845.6857.3763.0767.9778.4804.7820.8837.3854.0871.1 EBITDA631.9379.5326.0462.6534.2543.2554.1565.2576.5588.0 Depreciation127.1116.8118.5112.5104.5112.7114.9117.2119.6122.0 EBIT504.8262.7207.5350.1429.7430.5439.2447.9456.9466.0 Taxesn/an/an/an/an/a107.6109.8112.0114.2116.5 NOPAT (Net Operating Profit After Tax)n/an/an/an/an/a $322.9$329.4$336.0$342.7$349.5 Common SizeAssumptions (in BLUE)/Common Size % (in BLACK) Revenue100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0% Revenue Growth Rate2.0%2.0%2.0%2.0%2.0% Cost of goods sold % of Revenue66.5%66.5%66.5%66.5%66.5% Gross profit % of Revenue33.5%33.5%33.5%33.5%33.5% SG&A expense % of Revenue20.0%20.0%20.0%20.0%20.0% Depreciation expense % Revenue2.8%2.8%2.8%2.8%2.8% EBITDA MARGIN13.5%13.5%13.5%13.5%13.5% EBIT MARGIN10.7%10.7%10.7%10.7%10.7% Income Tax Raten/an/an/an/an/a25.0%25.0%25.0%25.0%25.0% NOPAT MARGINn/an/an/an/an/a8.0%8.0%8.0%8.0%8.0% NOTE: Throughout modelBLUEcells are inputs for Assumptions. BLACK are either formulas or links to other worksheets.

Page 2FCF Valuation Model DFCF CORPORATION Working Capital - Capital Expenditures ($millions)ActualActualActualActualActualProjectedProjectedProjectedProjectedProjected As of December 312016201720182019202020212022202320242025 Accounts receivable$485.8 $452.6 $416.7 $421.0 $468.5 Inventory778.6697.7684.3633.9660.8 Other current126.5150.2114.3108.6105.1 Total Current Assets Accounts payable351.4312.1303.1308.9317.6 Other non-debt current liabilities259.8165.2196.3184.0197.9 Total Current Liabilities Operating Net Working Capital Change NWC - (Increase)/Decreasen/a Assumptions (BLUE) Revenue$4,023.7 $4,104.2 $4,186.3 $4,270.0 $4,355.4 Cost of goods sold2,675.82,729.32,783.92,839.62,896.4 Accounts receivable DSO4040404040 Inventory turnover (Cogs)4.04.04.04.04.0 Other current assets as a % of Revenue2.8%2.8%2.8%2.8%2.8% Accounts Payable Days of COGS4545454545 Other current liab. as a % of COGS7.5%7.5%7.5%7.5%7.5% CAPX StatisticsAssumptions (BLUE) Capital Expenditures$120.5 $110.7 $98.6 $90.5 $92.7 $101.4 $103.4 $105.5 $107.6 $109.8 Depreciation112.7114.9117.2119.6122.0 Capx / Depreciation90%90%90%90%90%