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Financial Statement Analysis Package (FSAP): Version 7.

0
Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective, 7th Edition
By James Wahlen, Steve Baginski and Mark Bradshaw
The FSAP User Guides appear in column I to the right.
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name:
Year (Most recent in far right column.) 2003 2004 2005 2006 2007 2008
BALANCE SHEET DATA
Assets:
Cash and cash equivalents
Marketable securities
Accounts receivable - net
Inventories
Prepaid expenses and other current assets
Deferred tax assets - current
Other current assets (1)
Other current assets (2)
Current Assets 0 0 0 0 0 0
Long term investments
Property, plant, and equipment - at cost
<Accumulated depreciation>
Amortizable intangible assets (net)
Goodwill and nonamortizable intangibles
Deferred tax assets - noncurrent
Other noncurrent assets (1)
Other noncurrent assets (2)
Total Assets 0 0 0 0 0 0
Liabilities and Equities:
Accounts payable - trade
Current accrued liabilities
Notes payable and short-term debt
Current maturities of long-term debt
Deferred tax liabilities - current
Income taxes payable
Other current liabilities (1)
Other current liabilities (2)
Current Liabilities 0 0 0 0 0 0
Long-term debt
Long-term accrued liabilities
Deferred tax liabilities - noncurrent
Other noncurrent liabilities (1)
Other noncurrent liabilities (2)
Total Liabilities 0 0 0 0 0 0
Minority interest
Preferred stock
Common stock + Additional paid in capital
Retained earnings <deficit>
Accum. other comprehensive income <loss>
Other equity adjustments
<Treasury stock>
Common Shareholders' Equity 0 0 0 0 0 0
Total Liabilities and Equities 0 0 0 0 0 0
INCOME STATEMENT DATA 2003 2004 2005 2006 2007 2008
Revenues
<Cost of goods sold>
Gross Profit 0 0 0 0 0 0
<Selling, general and administrative expenses>
<Research and development expenses>
<Amortization of intangible assets>
<Other operating expenses (1)>
<Other operating expenses (2)>
Other operating income (1)
Other operating income (2)
Non-recurring operating gains
<Non-recurring operating losses>
Operating Profit 0 0 0 0 0 0
Interest income
<Interest expense>
Income <Loss> from equity affiliates
Other income or gains
<Other expenses or losses>
Income before Tax 0 0 0 0 0 0
<Income tax expense>
<Minority interest in earnings>
Income <Loss> from discontinued operations
Extraordinary gains <losses>
Changes in accounting principles
Net Income (computed) 0 0 0 0 0 0
Net Income (enter reported amount as a check)
Other comprehensive income items
Comprehensive Income 0 0 0 0 0 0
STATEMENT OF CASH FLOWS DATA 2003 2004 2005 2006 2007 2008
Net Income 0 0 0 0 0 0
Add back depreciation and amortization expenses
Add back stock-based compensation expense
Deferred income taxes
<Income from equity affiliates, net of dividends>
<Increase> Decrease in accounts receivable
<Increase> Decrease in inventories
<Increase> Decrease in prepaid expenses
<Increase> Decrease in other current assets (1)
<Increase> Decrease in other current assets (2)
Increase <Decrease> in accounts payable
Increase <Decrease> in other current liabilities (1)
Increase <Decrease> in other current liabilities (2)
Increase <Decrease> in other noncurrent liabilities (1)
Increase <Decrease> in other noncurrent liabilities (2)
Other addbacks to net income
<Other subtractions from net income>
Other operating cash flows
Net CF from Operations 0 0 0 0 0 0
Proceeds from sales of property, plant, and equipment
<Property, plant, and equipment acquired>
<Increase> Decrease in marketable securities
Investments sold
<Investments acquired>
Other investment transactions (1)
Other investment transactions (2)
Net CF from Investing Activities 0 0 0 0 0 0
Increase in short-term borrowing
<Decrease in short-term borrowing>
Increase in long-term borrowing
<Decrease in long-term borrowing>
Issue of capital stock
Proceeds from stock option exercises
<Share repurchases - treasury stock>
<Dividend payments>
Other financing transactions (1)
Other financing transactions (2)
Net CF from Financing Activities 0 0 0 0 0 0
Effects of exchange rate changes on cash
Net Change in Cash 0 0 0 0 0 0
Cash and cash equivalents, beginning of year 0 0 0 0 0
Cash and cash equivalents, end of year 0 0 0 0 0
SUPPLEMENTAL DATA 2003 2004 2005 2006 2007 2008
Statutory tax rate
Average tax rate implied from income statement data #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
After-tax effects of nonrecurring and unusual items on
net income 0 0 0 0 0 0
Total deferred tax assets (from above) 0 0 0 0 0 0
Deferred tax asset valuation allowance
Allowance for uncollectible accounts receivable
Depreciation expense
Preferred stock dividends (total, if any)
Common shares outstanding
Earnings per share (basic)
Common dividends per share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Market price per share at fiscal year end
FINANCIAL DATA CHECKS
Assets - Liabilities - Equities 0 0 0 0 0 0
Net Income (computed) - Net Income (reported) 0 0 0 0 0 0
Cash Changes 0 0 0 0 0
Financial Statement Analysis Package (FSAP): Version 7.0
Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective, 7th Edition
By James Wahlen, Steve Baginski and Mark Bradshaw
The FSAP User Guides appear in column J to the right.
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
DATA CHECKS
Assets - Liabilities - Equities 0 0 0 0 0
Net Income (computed) - Net Income (reported) 0 0 0 0 0
Cash Changes 0 0 0 0
In the computations below, a #DIV/0! message indicates that a ratio denominator is zero.
PROFITABILITY FACTORS:
Year 2004 2005 2006 2007 2008
RETURN ON ASSETS (based on reported amounts):
Profit Margin for ROA
x Asset Turnover
= Return on Assets
RETURN ON ASSETS (excluding the effects of nonrecurring items):
Profit Margin for ROA
x Asset Turnover
= Return on Assets
RETURN ON COMMON EQUITY (based on reported amounts):
Profit Margin for ROCE
x Asset Turnover
x Capital Structure Leverage
= Return on Common Equity
RETURN ON COMMON EQUITY (excluding the effects of nonrecurring items):
Profit Margin for ROCE
x Asset Turnover
x Capital Structure Leverage
= Return on Common Equity
OPERATING PERFORMANCE:
Gross Profit / Revenues
Operating Profit / Revenues
Net Income / Revenues
Comprehensive Income / Revenues
PERSISTENT OPERATING PERFORMANCE (excluding the effects of nonrecurring items):
Persistent Operating Profit / Revenues
Persistent Net Income / Revenues
GROWTH:
Revenue Growth
Net Income Growth
Persistent Net Income Growth
OPERATING CONTROL:
Gross Profit Control Index
Operating Profit Contol Index
Profit Margin Decomposition:
Gross Profit Margin
Operating Profit Index
Leverage Index
Tax Index
Net Profit Margin
Comprehensive Income Performance:
Comprehensive Income Index
Comprehensive Income Margin
RISK FACTORS:
Year 2004 2005 2006 2007 2008
LIQUIDITY:
Current Ratio
Quick Ratio
Operating Cash Flow to Current Liabilities
ASSET TURNOVER:
Accounts Receivable Turnover
Days Receivables Held
Inventory Turnover
Days Inventory Held
Accounts Payable Turnover
Days Payables Held
Net Working Capital Days
Revenues / Average Net Fixed Assets
Cash Turnover
Days Sales Held in Cash
SOLVENCY:
Total Liabilities / Total Assets
Total Liabilities / Shareholders' Equity
LT Debt / LT Capital
LT Debt / Shareholders' Equity
Operating Cash Flow to Total Liabilities
Interest Coverage Ratio (reported amounts)
Interest Coverage ratio (recurring amounts)
RISK FACTORS:
Bankruptcy Predictors:
Altman Z Score
Bankruptcy Probability
Earnings Manipulation Predictors:
Beneish Earnings Manipulation Score
Earnings Manipulation Probability
STOCK MARKET-BASED RATIOS:
Stock Returns
Price-Earnings Ratio (reported amounts)
Price-Earnings Ratio (recurring amounts)
Market Value to Book Value Ratio
INCOME STATEMENT ITEMS AS A PERCENT OF REVENUES:
Year 2004 2005 2006 2007 2008
Revenues
<Cost of goods sold>
Gross Profit
<Selling, general and administrative expenses>
<Research and development expenses>
<Amortization of intangible assets>
<Other operating expenses (1)>
<Other operating expenses (2)>
Other operating income (1)
Other operating income (2)
Non-recurring operating gains
<Non-recurring operating losses>
Operating Profit
Interest income
<Interest expense>
Income <Loss> from equity affiliates
Other income or gains
<Other expenses or losses>
Income before Tax
<Income tax expense>
<Minority interest in earnings>
Income <Loss> from discontinued operations
Extraordinary gains <losses>
Changes in accounting principles
Net Income (computed)
Other comprehensive income items
Comprehensive Income
INCOME STATEMENT ITEMS: GROWTH RATES
Year 2004 2005 2006 2007 2008
COMPOUND
GROWTH
YEAR TO YEAR GROWTH RATES: RATE
Revenues
<Cost of goods sold>
Gross Profit
<Selling, general and administrative expenses>
<Research and development expenses>
<Amortization of intangible assets>
<Other operating expenses (1)>
<Other operating expenses (2)>
Other operating income (1)
Other operating income (2)
Non-recurring operating gains
<Non-recurring operating losses>
Operating Profit
Interest income
<Interest expense>
Income <Loss> from equity affiliates
Other income or gains
<Other expenses or losses>
Income before Tax
<Income tax expense>
<Minority interest in earnings>
Income <Loss> from discontinued operations
Extraordinary gains <losses>
Changes in accounting principles
Net Income (computed)
Other comprehensive income items
Comprehensive Income
COMMON SIZE BALANCE SHEET - AS A PERCENT OF TOTAL ASSETS
Year 2004 2005 2006 2007 2008
Assets:
Cash and cash equivalents
Marketable securities
Accounts receivable - net
Inventories
Prepaid expenses and other current assets
Deferred tax assets - current
Other current assets (1)
Other current assets (2)
Current Assets
Long term investments
Property, plant, and equipment - at cost
<Accumulated depreciation>
Amortizable intangible assets (net)
Goodwill and nonamortizable intangibles
Deferred tax assets - noncurrent
Other noncurrent assets (1)
Other noncurrent assets (2)
Total Assets
Liabilities and Equities:
Accounts payable - trade
Current accrued liabilities
Notes payable and short-term debt
Current maturities of long-term debt
Deferred tax liabilities - current
Income taxes payable
Other current liabilities (1)
Other current liabilities (2)
Current Liabilities
Long-term debt
Long-term accrued liabilities
Deferred tax liabilities - noncurrent
Other noncurrent liabilities (1)
Other noncurrent liabilities (2)
Total Liabilities
Minority interest
Preferred stock
Common stock + Additional paid in capital
Retained earnings <deficit>
Accum. other comprehensive income <loss>
Other equity adjustments
<Treasury stock>
Common Shareholders' Equity
Total Liabilities and Equities
BALANCE SHEET ITEMS: GROWTH RATES
Year 2004 2005 2006 2007 2008
COMPOUND
GROWTH
Assets: YEAR TO YEAR GROWTH RATES: RATE
Cash and cash equivalents
Marketable securities
Accounts receivable - net
Inventories
Prepaid expenses and other current assets
Deferred tax assets - current
Other current assets (1)
Other current assets (2)
Current Assets
Long term investments
Property, plant, and equipment - at cost
<Accumulated depreciation>
Amortizable intangible assets (net)
Goodwill and nonamortizable intangibles
Deferred tax assets - noncurrent
Other noncurrent assets (1)
Other noncurrent assets (2)
Total Assets
Liabilities and Equities:
Accounts payable - trade
Current accrued liabilities
Notes payable and short-term debt
Current maturities of long-term debt
Deferred tax liabilities - current
Income taxes payable
Other current liabilities (1)
Other current liabilities (2)
Current Liabilities
Long-term debt
Long-term accrued liabilities
Deferred tax liabilities - noncurrent
Other noncurrent liabilities (1)
Other noncurrent liabilities (2)
Total Liabilities
Minority interest
Preferred stock
Common stock + Additional paid in capital
Retained earnings <deficit>
Accum. other comprehensive income <loss>
Other equity adjustments
<Treasury stock>
Common Shareholders' Equity
Total Liabilities and Equities
RETURN ON ASSETS ANALYSIS (excluding the effects of non-recurring items)
Level 1 RETURN ON ASSETS
2006 2007 2008
Level 2 PROFIT MARGIN FOR ROA ASSET TURNOVER
2006 2007 2008 2006 2007 2008
Level 3 2006 2007 2008 2006 2007 2008 Turnovers:
Revenues Receivables
<Cost of goods sold> Inventory
Gross Profit Fixed Assets
<Selling, general and administrative expenses>
Operating Profit
Income before Tax
<Income tax expense>
Profit Margin for ROA
*
*
Amounts do not sum.
RETURN ON COMMON SHAREHOLDERS' EQUITY ANALYSIS (excluding the effects of non-recurring items)
RETURN ON COMMON SHAREHOLDERS' EQUITY
2006 2007 2008
2006 2007 2008
PROFIT MARGIN FOR ROCE
ASSET TURNOVER
CAPITAL STRUCTURE LEVERAGE
STATEMENT OF CASH FLOWS: SUMMARY
Year 2004 2005 2006 2007 2008
Operating Activities:
Net Income 0 0 0 0 0
Add back depreciation and amortization expenses 0 0 0 0 0
Net cash flows for working capital 0 0 0 0 0
Other net addbacks/subtractions 0 0 0 0 0
Net CF from Operations 0 0 0 0 0
Investing Activities:
Capital expenditures (net) 0 0 0 0 0
Investments 0 0 0 0 0
Other investing transactions 0 0 0 0 0
Net CF from Investing Activities 0 0 0 0 0
Financing Activities:
Net proceeds from short-term borrowing 0 0 0 0 0
Net proceeds from long-term borrowing 0 0 0 0 0
Net proceeds from share issues and repurchases 0 0 0 0 0
Dividends 0 0 0 0 0
Other financing transactions 0 0 0 0 0
Net CF from Financing Activities 0 0 0 0 0
Effects of exchange rate changes on cash 0 0 0 0 0
Net Change in Cash 0 0 0 0 0
Financial Statement Analysis Package (FSAP): Version 7.0
Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective, 7th Edition
By James Wahlen, Steve Baginski, and Mark Bradshaw
The FSAP User Guides appear in column L to the right.
FSAP OUTPUT: FINANCIAL STATEMENT FORECASTS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Row Format: Row Format:
Actual Amounts Forecast Amounts Year +6 and beyond:
Common Size Percentage Forecast assumption Long-Run Growth Rate: 3.0%
Rate of Change Percentage Forecast assumption explanation Long-Run Growth Factor: 103.0%
Actuals Forecasts
Year 2006 2007 2008 Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
INCOME STATEMENT
Revenues 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 1.0% 1.0% 1.0% 1.0% 1.0%
rate of change #DIV/0! #DIV/0! See Forecast Development worksheet for details of revenues forecasts.
<Cost of goods sold> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Assume slowly increasing cost of goods sold as a percent of sales.
Gross Profit 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
<Selling, general and administrative expenses> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady SG&A expense as a percent of sales.
<Research and development expenses> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Explain assumptions.
<Amortization of intangible assets> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Amounts based on PepsiCo disclosures in Note 4.
<Other operating expenses (1)> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Explain assumptions.
<Other operating expenses (2)> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Explain assumptions.
Other operating income (1) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Explain assumptions.
Other operating income (2) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Explain assumptions.
Non-recurring operating gains 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Explain assumptions
<Non-recurring operating losses> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Explain assumptions
Operating Profit 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest income 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Interest rate earned on average balance in cash and marketable securities.
<Interest expense> 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Interest rate paid on average balance in financial liabilities.
Income <Loss> from equity affiliates 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Assume expected return of 12% on investments in noncontrolled affilates.
Other income or gains 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Explain assumptions
<Other expenses or losses> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Explain assumptions
Income before Tax 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
<Income tax expense> 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Effective income tax rate assumptions.
<Minority interest in earnings> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Explain assumptions
Income <Loss> from discontinued operations 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Explain assumptions
Extraordinary gains <losses> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Explain assumptions
Changes in accounting principles 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Explain assumptions
Net Income (computed) 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other comprehensive income items 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Assume random walk.
Comprehensive Income 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FSAP OUTPUT: FINANCIAL STATEMENT FORECASTS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Row Format: Row Format:
Actual Amounts Forecast Amounts Year +6 and beyond:
Common Size Percent Forecast assumption Long-Run Growth Rate: 3.0%
Rate of Change Percent Forecast assumption explanation Long-Run Growth Factor: 103.0%
Actuals Forecasts
2006 2007 2008 Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
BALANCE SHEET
ASSETS:
Cash and cash equivalents 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Assume ending cash balances equal to 12 days sales.
Marketable securities 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Assume ending balances equal to 8 days sales.
Accounts receivable - net 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Assume 38 days to collect sales in accounts receivable.
Inventories 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Assume average inventory turnover of roughly 8.5 times per year.
Prepaid expenses and other current assets 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 1.0% 1.0% 1.0% 1.0% 1.0%
rate of change #DIV/0! #DIV/0! Assume growth with sales.
Deferred tax assets - current 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0%
rate of change #DIV/0! #DIV/0! Assume steady growth.
Other current assets (1) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
rate of change #DIV/0! #DIV/0! Assume steady growth.
Other current assets (2) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
rate of change #DIV/0! #DIV/0! Assume steady growth.
Current Assets 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Long term investments 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0%
rate of change #DIV/0! #DIV/0! Assume steady growth.
Property, plant, and equipment - at cost 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! PP&E assumptions - see schedule in forecast development
<Accumulated depreciation> 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! See depreciation schedule in forecast development worksheet.
Amortizable intangible assets (net) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Assume amortization per PepsiCo disclosures in Note 4; assume no new investments.
Goodwill and nonamortizable intangibles 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 1.0% 1.0% 1.0% 1.0% 1.0%
rate of change #DIV/0! #DIV/0! Assume growth with sales.
Deferred tax assets - noncurrent 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady state growth.
Other noncurrent assets (1) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady growth.
Other noncurrent assets (2) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady state growth.
Total Assets 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
LIABILITIES:
Accounts payable - trade 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Assume a steady payment period consistent with recent years.
Current accrued liabilities 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 1.0% 1.0% 1.0% 1.0% 1.0%
rate of change #DIV/0! #DIV/0! Assume growth with SG&A expenses, which grow with sales.
Notes payable and short-term debt 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Assume 1.0 percent of total assets.
Current maturities of long-term debt 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Current maturities of long-term debt per long-term debt note.
Deferred tax liabilities - current 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady state growth.
Income taxes payable 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Assume a steady percentage of total assets.
Other current liabilities (1) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady state growth.
Other current liabilities (2) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady state growth.
Current Liabilities 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Long-term debt 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Assume steady percent of total assets.
Long-term accrued liabilities 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 1.0% 1.0% 1.0% 1.0% 1.0%
rate of change #DIV/0! #DIV/0! Assume growth with SG&A expenses, which grow with sales.
Deferred tax liabilities - noncurrent 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Assume steady percent of total assets.
Other noncurrent liabilities (1) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady state growth.
Other noncurrent liabilities (2) 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
rate of change #DIV/0! #DIV/0! Assume steady state growth.
Total Liabilities 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
SHAREHOLDERS' EQUITY
Minority interest 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Minority interest assumptions
Preferred stock 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Preferred stock assumptions
Common stock + Additional paid in capital 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Assume steady percent of total assets.
Retained earnings <deficit> 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Add net income and subtract dividends; see dividends forecast box below.
Accum. other comprehensive income <loss> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Add accumulated other comprehensive income items from income statement
Other equity adjustments 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0! 0.0 0.0 0.0 0.0 0.0
rate of change #DIV/0! #DIV/0! Other equity adjustments assumptions
<Treasury stock> 0 0 0 0 0 0 0 0 0
common size #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! Treasury stock repurchases, net of treasury stock reissues.
Common Shareholders' Equity 0 0 0.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Liabilities and Equities 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
common size #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
rate of change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Check figures: Balance Sheet A=L+OE? 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Initial adjustment needed to balance the balance sheet:
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Account adjusted: Dividends
Dividends forecasts:
Common dividends: 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
50.0% 50.0% 50.0% 50.0% 50.0%
Assume dividend payout of lagged net income from continuing operations.
Preferred dividends: 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0
Enter preferred stock dividend payments, if any.
Implied dividends: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Implied dividend amount to balance the balance sheet.
Total dividends: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total dividend forecast amounts.
FSAP OUTPUT: FINANCIAL STATEMENT FORECASTS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Actuals Forecasts
IMPLIED STATEMENT OF CASH FLOWS 2007 2008 Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
Net Income 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Add back depreciation expense (net) 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Add back amortization expense (net) 0 0 0 0 0 0 0 0
<Increase> Decrease in receivables - net 0 0 0 0 0 0 0 0
<Increase> Decrease in inventories 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
<Increase> Decrease in prepaid expenses 0 0 0 0 0 0 0 0
<Increase> Decrease in other current assets (1) 0 0 0 0 0 0 0 0
<Increase> Decrease in other current assets (2) 0 0 0 0 0 0 0 0
Increase <Decrease> in accounts payable - trade 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increase <Decrease> in current accrued liabilities 0 0 0 0 0 0 0 0
Increase <Decrease> in income taxes payable 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increase <Decrease> in other current liabilities (1) 0 0 0 0 0 0 0 0
Increase <Decrease> in other current liabilities (2) 0 0 0 0 0 0 0 0
Net change in deferred tax assets and liabilities 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increase <Decrease> in long-term accrued liabilities 0 0 0 0 0 0 0 0
Increase <Decrease> in other noncurrent liabilities (1) 0 0 0 0 0 0 0 0
Increase <Decrease> in other noncurrent liabilities (2) 0 0 0 0 0 0 0 0
Net Cash Flows from Operations 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
<Increase> Decrease in property, plant, & equip. at cost 0 0 0 0 0 0 0 0
<Increase> Decrease in marketable securities 0 0 0 0 0 0 0 0
<Increase> Decrease in investment securities 0 0 0 0 0 0 0 0
<Increase> Decrease in amortizable intangible assets (net) 0 0 0 0 0 0 0 0
<Increase> Decrease in goodwill and nonamort. intangibles 0 0 0 0 0 0 0 0
<Increase> Decrease in other noncurrent assets (1) 0 0 0 0 0 0 0 0
<Increase> Decrease in other noncurrent assets (2) 0 0 0 0 0 0 0 0
Net Cash Flows from Investing Activities 0 0 0 0 0 0 0 0
Increase <Decrease> in short-term debt 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increase <Decrease> in long-term debt 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increase <Decrease> in minority interest and preferred stock 0 0 0 0 0 0 0 0
Increase <Decrease> in common stock + paid in capital 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increase <Decrease> in accum. OCI and other equity adjs. 0 0 0 0 0 0 0 0
Increase <Decrease> in treasury stock 0 0 0 0 0 0 0 0
Dividends 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Cash Flows from Financing Activities 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Change in Cash 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Check Figure:
Net change in cash - Change in cash balance 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FSAP OUTPUT: FINANCIAL STATEMENT FORECASTS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Actuals Forecasts
2006 2007 2008 Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
FORECAST VALIDITY CHECK DATA:
GROWTH
Revenue Growth Rates: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Income Growth Rates: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Asset Growth Rates #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
RETURN ON ASSETS (based on reported amounts):
Profit Margin for ROA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
x Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
= Return on Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
RETURN ON ASSETS (excluding the effects of nonrecurring items):
Profit Margin for ROA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
x Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
= Return on Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
RETURN ON COMMON EQUITY (based on reported amounts):
Profit Margin for ROCE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
x Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
x Capital Structure Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
= Return on Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
RETURN ON COMMON EQUITY (excluding the effects of nonrecurring items):
Profit Margin for ROCE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
x Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
x Capital Structure Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
= Return on Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
OPERATING PERFORMANCE:
Gross Profit / Revenues #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating Profit Before Taxes / Revenues #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
ASSET TURNOVER:
Revenues / Avg. Accounts Receivable #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
COGS / Average Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Revenues / Average Fixed Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
LIQUIDITY:
Current Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Quick Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
SOLVENCY:
Total Liabilities / Total Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Liabilities / Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest Coverage Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Financial Statement Analysis Package (FSAP): Version 7.0
Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective, 7th Edition
By James Wahlen, Steve Baginski and Mark Bradshaw
The FSAP User Guides appear in column K to the right.
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Sales Revenue Forecast Development
Actuals Forecasts
Year 2006 2007 2008 Year +1 Year +2 Year +3 Year +4 Year +5
Revenues - - - - - - - -
rate of change #DIV/0! #DIV/0! 1.0% 1.0% 1.0% 1.0% 1.0%
#DIV/0! Sales growth rate assumptions.
Sales Forecasts Combined by Segments:
Forecast Development: Capital Expenditures, Property, Plant and Equipment, and Depreciation
Capital Expenditures: CAPEX Forecasts:
2006 2007 2008 Year +1 Year +2 Year +3 Year +4 Year +5
CAPEX:
PP&E Acquired 0 0 0
PP&E Sold 0 0 0
Net CAPEX 0 0 0 0 0 0 0 0
Net CAPEX as a percent of:
Gross PP&E #DIV/0! #DIV/0! #DIV/0!
Revenues #DIV/0! #DIV/0! #DIV/0! 1.0% 1.0% 1.0% 1.0% 1.0%
#DIV/0!
Property, Plant and Equipment and Depreciation Property, Plant and Equipment and Depreciation Forecasts:
PP&E at cost: 2006 2007 2008 Year +1 Year +2 Year +3 Year +4 Year +5
Beg. balance at cost: 0 0 0 0 0
Add: CAPEX forecasts from above: 0 0 0 0 0
End balance at cost: 0 0 0 0 0 0 0 0
Accumulated Depreciation:
Beg. Balance: 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Subtract: Depreciation expense forecasts from below: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
End Balance: 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
PP&E - net 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation Expense Forecast Development: Depreciation expense forecast on existing PP&E:
Existing PP&E at cost: 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Remaining balance to be depreciated. 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
PP&E Purchases: Depreciation expense forecasts on new PP&E:
Capex Year +1 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capex Year +2 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capex Year +3 0 #DIV/0! #DIV/0! #DIV/0!
Capex Year +4 0 #DIV/0! #DIV/0!
Capex Year +5 0 #DIV/0!
Total Depreciation Expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation methods: 2006 2007 2008
PPE at Cost 0 0 0
Avg Depreciable PPE 0 0
Depreciation Expense 0 0 0
Implied Avg. Useful Life in Years #DIV/0! #DIV/0!
Useful Life Forecast Assumption: #DIV/0!
(in years)
Financial Statement Analysis Package (FSAP): Version 7.0
Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective, 7th Edition
By James Wahlen, Steve Baginski and Mark Bradshaw
The FSAP User Guides appear in column L to the right.
DATA CHECKS - Estimated Value per Share
Dividend Based Valuation #DIV/0!
Free Cash Flow Valuation #DIV/0!
Residual Income Valuation #DIV/0!
Residual Income Market-to-Book Valuation #DIV/0!
Free Cash Flow for All Debt and Equity Valuation #DIV/0!
Check: All Estimated Value per Share amounts should be the same, with the possible exception of the share value from the
Free Cash Flow for All Debt and Equity model. See additional comments in cell L266.
FSAP OUTPUT: VALUATION MODELS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
VALUATION PARAMETER ASSUMPTIONS
Current share price - $
Number of shares outstanding 0.0
Current market value - $
Long-run growth assumption used in forecasts 3.0%
Long-run growth assumption used in valuation. 3.0%
(Both long-run growth assumptions should be the same.)
COST OF EQUITY CAPITAL:
Equity risk factor (market beta) 0.75
Risk free rate 4.0%
Market risk premium 6.0%
Required rate of return on common equity: 8.50%
COST OF DEBT CAPITAL
Debt capital - $
Cost of debt capital, before tax 0.0%
Effective tax rate 0.0%
After-tax cost of debt capital 0.00%
COST OF PREFERRED STOCK
Preferred stock capital - $
Preferred dividends - $
Implied yield 0.00%
WEIGHTED AVERAGE COST OF CAPITAL
Weight of equity in capital structure #DIV/0!
Weight of debt in capital structure #DIV/0!
Weight of preferred in capital structure #DIV/0!
Weighted average cost of capital #DIV/0!
FSAP OUTPUT: VALUATION MODELS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Continuing
1 2 3 4 5 Value
Dividends-Based Valuation Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
Dividends Paid to Common Shareholders #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Common Stock Issues #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Plus: Common Stock Repurchases 0.0 0.0 0.0 0.0 0.0
Dividends to Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Present Value Factors 0.922 0.849 0.783 0.722 0.665
Present Value Net Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sum of Present Value Net Dividends #DIV/0!
Present Value of Continuing Value #DIV/0!
Total #DIV/0!
Adjust to midyear discounting 1.043
Total Present Value Dividends #DIV/0!
Shares Outstanding 0.0
Estimated Value per Share #DIV/0!
Current share price - $
Percent difference #DIV/0!
FSAP OUTPUT: VALUATION MODELS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Continuing
1 2 3 4 5 Value
Free Cash Flows for Common Equity Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
Net Cash Flow from Operations #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Decrease (Increase) in Cash Required for Operations #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Cash Flow from Investing 0.0 0.0 0.0 0.0 0.0 0.0
Net CFs from Debt Financing #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net CFs into Financial Assets 0.0 0.0 0.0 0.0 0.0 0.0
Net CFs - Pref. Stock and Minority Int. 0.0 0.0 0.0 0.0 0.0 0.0
Free Cash Flow for Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Present Value Factors 0.922 0.849 0.783 0.722 0.665
Present Value Free Cash Flows #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sum of Present Value Free Cash Flows #DIV/0!
Present Value of Continuing Value #DIV/0!
Total #DIV/0!
Adjust to midyear discounting 1.043
Total Present Value Free Cash Flows to Equity #DIV/0!
Shares Outstanding 0.0
Estimated Value per Share #DIV/0!
Current share price - $
Percent difference #DIV/0!
FSAP OUTPUT: VALUATION MODELS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Free Cash Flow Valuation Sensitivity Analysis:
Long-Run Growth Assumptions
#DIV/0! 0% 2% 3% 4% 5% 6% 8% 10%
Discount 5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Rates: 6% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
8.50% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
10% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
11% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
12% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
13% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
14% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
15% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
16% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
18% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
20% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FSAP OUTPUT: VALUATION MODELS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Continuing
1 2 3 4 5 Value
RESIDUAL INCOME VALUATION Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
Comprehensive Income Available
for Common Shareholders #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Lagged Book Value of Common
Shareholders' Equity (at t-1) 0.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Required Earnings 0.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Residual Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Present Value Factors 0.922 0.849 0.783 0.722 0.665
Present Value Residual Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sum of Present Value Residual Income #DIV/0!
Present Value of Continuing Value #DIV/0!
Total #DIV/0!
Add: Beginning Book Value of Equity 0.0
Present Value of Equity #DIV/0!
Adjust to midyear discounting 1.043
Total Present Value of Equity #DIV/0!
Shares Outstanding 0.0
Estimated Value per Share #DIV/0!
Current share price - $
Percent difference #DIV/0!
FSAP OUTPUT: VALUATION MODELS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
RESIDUAL INCOME VALUATION SENSITIVITY ANALYSIS:
Long-Run Growth Assumptions
#DIV/0! 0% 2% 3% 4% 5% 6% 8% 10%
Discount 5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Rates: 6% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
8.50% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
10% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
11% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
12% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
13% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
14% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
15% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
16% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
18% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
20% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FSAP OUTPUT: VALUATION MODELS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Continuing
RESIDUAL INCOME VALUATION 1 2 3 4 5 Value
Market-to-Book Approach Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
Comprehensive Income Available
for Common Shareholders #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Book Value of Common
Shareholders' Equity (at t-1) 0.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Implied ROCE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Residual ROCE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cumulative growth factor in common equity as of t-1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Residual ROCE times cumulative growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Present Value Factors 0.922 0.849 0.783 0.722 0.665
Present Value Residual ROCE times growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sum of Present Value Residual ROCE times growth #DIV/0!
Present Value of Continuing Value #DIV/0!
Total Present Value Residual ROCE #DIV/0!
Add one for book value of equity at t-1 1.0
Sum #DIV/0!
Adjust to mid-year discounting 1.043
Implied Market-to-Book Ratio #DIV/0!
Times Beginning Book Value of Equity 0.0
Total Present Value of Equity #DIV/0!
Shares Outstanding 0.0
Estimated Value per Share #DIV/0!
Current share price - $
Percent difference #DIV/0!
Sensitivity analysis for the market-to-book approach should be identical to that of the residual income approach.
FSAP OUTPUT: VALUATION MODELS
Analyst Name: Wahlen, Baginski & Bradshaw
Company Name: 0
Continuing
1 2 3 4 5 Value
Free Cash Flows for All Debt and Equity Year +1 Year +2 Year +3 Year +4 Year +5 Year +6
Net Cash Flow from Operations #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Add back: Interest Expense after tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Subtract: Interest Income after tax 0.0 0.0 0.0 0.0 0.0 0.0
Decrease (Increase) in Cash Required for Operations #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Free Cash Flow from Operations #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Cash Flow from Investing 0.0 0.0 0.0 0.0 0.0 0.0
Add back: Net CFs into Financial Assets 0.0 0.0 0.0 0.0 0.0 0.0
Free Cash Flows - All Debt and Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Present Value Factors #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Present Value Free Cash Flows #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sum of Present Value Free Cash Flows #DIV/0!
Present Value of Continuing Value #DIV/0!
Total Present Value Free Cash Flows to Equity and Debt #DIV/0!
Less: Value of Outstanding Debt 0.0
Less: Value of Preferred Stock 0.0
Plus: Value of Financial Assets 0.0
Present Value of Equity #DIV/0!
Adjust to midyear discounting #DIV/0!
Total Present Value of Equity #DIV/0!
Shares Outstanding 0.0
Estimated Value per Share #DIV/0!
Current share price - $
Percent difference #DIV/0!