Historical
2010
2009
Revenue:
Revenue Growth Rate:
Operating Income:
Operating Margin:
3,959 $
N/A
120
3.0%
2011
6,301 $
59.2%
365
5.8%
2012
7,998 $
26.9%
585
7.3%
2013
9,597 $
20.0%
516
5.4%
Projected
2014
2016
11,037 $
15.0%
593
5.4%
12,140 $
10.0%
652
5.4%
13,111 $
8.0%
705
5.4%
13,767
5.0%
740
5.4%
(45)
(139)
(222)
(196)
(225)
(248)
(268)
(281)
74
226
363
320
368
404
437
459
221
5.6%
18
0.4%
93
2.3%
1
225
3.6%
13
15
0.2%
46
0.7%
1
223
2.8%
17
0.2%
34
0.4%
(4)
382
4.0%
29
0.3%
112
1.2%
-
439
4.0%
33
0.3%
129
1.2%
-
483
4.0%
36
0.3%
142
1.2%
-
522
4.0%
39
0.3%
153
1.2%
-
548
4.0%
41
0.3%
161
1.2%
-
72
175
4
(9)
2
(120)
124
3.1%
(197)
(261)
(15)
71
99
43
(260)
(4.1%)
(101)
(86)
6
57
26
48
(50)
(0.6%)
(51)
(0.5%)
(59)
(0.5%)
(65)
(0.5%)
(70)
(0.5%)
(74)
(0.5%)
(330)
(8.3%)
(133)
(2.1%)
(167)
(2.1%)
(288)
(3.0%)
(331)
(3.0%)
(364)
(3.0%)
(393)
(3.0%)
(413)
(3.0%)
503
466
578
496
636
505
687
505
722
491
1.000
120
221
341
365
225
589
585
223
807
516
382
898
2.000
593
439
1,032
3.000
652
483
1,136
4.000
705
522
1,227
5.000
740
548
1,288
38.0%
No
8.0%
6.0 x
PV of Terminal Value:
Sum of PV of Cash Flows:
Enterprise Value:
2.0%
12,266
8,348
2,463
10,811
Simplifications:
Should calculate Equity Value and Per Share Value.
Should create sensitivity tables.
Should build in revenue growth and margin
assumptions into assumptions & output above.
Should look at Working Capital in more detail.
Should look at real calculations for WACC,
Discount Rate, and Beta.
Should analyze revenue and margins in more depth.
Should look at mid-year discounts and stub periods.
Should look at alternative multiples for Terminal
Multiples method.
Verify CapEx and D&A assumptions in more depth.