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These spreadsheet exhibits relate to the case Teuer Furniture (A): Discounted Cash Flow Valuation, Case

#KEL778.
2015 by the Kellogg School of Management at Northwestern University. This case was prepared by
Professor Mitchell A. Petersen. Teuer Furniture is a fictional company whose profile was created based on
data from real industry leaders. Cases are developed solely as the basis for class discussion. Cases are not
intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective
management. To order copies or request permission to reproduce materials, call 800-545-7685 (or 617-7837600 outside the United States or Canada) or e-mail custserv@hbsp.harvard.edu. No part of this publication
may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any
meanselectronic, mechanical, photocopying, recording, or otherwisewithout the permission of Kellogg
Case Publishing.

low Valuation, Case

as prepared by
as created based on
cussion. Cases are not
e or ineffective
545-7685 (or 617-783part of this publication
d in any form or by any
ermission of Kellogg

All values in 000's


Income Statement

2013
169,039
71,284
55,983
1,405
16,147

2014
185,641
78,545
61,438
2,032
17,450

24,220

26,175

2013

2014

3,948
54,831
33,904
11,642

5,447
60,216
37,357
12,828

2,691

2,953

2013
24,220
1,405

2014
26,175
2,032

-6,632
-561
279
1,008

-5,385
-3,453
1,186
262

19,719

20,817

-2,459

-3,531

17,261

17,286

Valuation of the firm


Free cash flow to firm
Terminal Value

2013
17,261

2014
17,286

NPV

15,398

13,756

Sales
COGS
Expenses
Depreciation
Taxes
Net Income

Balance Sheet
Book value of PPE
Accounts Receivable
Inventory
Accounts Payable
Accrued Expenses

Cash Flow
Net Income
Depreciation
Change in Accounts Receivable
Change in Inventory
Change in Accounts Payable
Change in Accrued Expenses
Cash flow from Operations
Cash flow from investing activities (Capex)
Total cash flow

Value of the firm


Perpetual Growth
Discount Rate

328,167
3.50%
12%

2015
203,152
84,799
66,463
2,786
19,642

2016
217,132
89,209
69,851
2,735
22,134

2017
228,072
91,996
72,539
2,346
24,476

2018
236,569
93,961
74,750
1,997
26,345

29,462

33,202

36,714

39,517

2015

2016

2017

2018

7,180
65,897
40,332
13,849

5,297
70,431
42,429
14,570

3,320
73,980
43,755
15,025

2,036
76,736
44,690
15,346

32%
48%
16%

3,194

3,357

3,486

3,592

4.8%

2015
29,462
2,786

2016
33,202
2,735

2017
36,714
2,346

2018
39,517
1,997

-5,680
-2,974
1,021
242

-4,535
-2,098
720
163

-3,549
-1,326
455
129

-2,756
-935
321
106

24,856

30,187

34,770

38,250

-4,519

-852

-369

-713

20,338

29,335

34,402

37,537

2015
20,338

2016
29,335

2017
34,402

2018
37,537
451,755

14,437

18,577

19,434

246,567

Sales(in 000's)

2012

2013

2014

2003
2004
2005

6,034
17,869
24,499

6,235
18,464
25,315

6,430
19,041
26,108

2006

34,824

35,984

37,110

2007

43,541

44,991

46,399

2008

9,257

9,683

9,986

2009
2010
2011
2012
2013

3,540
5,300
3,354
5,379
0

4,001
6,707
4,610
9,428
3,622

4,176
7,564
5,823
12,935
6,337

2014

3,731

2015

153,597

169,039

185,641

2012

2013

2014

2003
2004
2005
2006

2,416
7,176
9,042
13,932

2,476
7,333
10,055
14,292

2,554
7,563
10,369
14,739

2007
2008
2009
2010
2011
2012
2013
2014

17,856
3,764
1,887
3,526
2,357
3,812
0
0

17,870
3,846
1,589
2,664
2,592
6,001
2,567
0

18,429
3,966
1,659
3,004
2,313
7,271
4,033
2,644

2015

65,767

71,284

78,545

2012

2013

2014

2003
2004
2005
2006

791
2,319
3,693
4,946

848
2,511
3,443
4,893

874
2,589
3,550
5,047

2007
2008
2009
2010
2011
2012
2013
2014

5,917
1,243
615
1,028
701
1,039
0
0

6,118
1,317
544
912
797
1,727
700
0

6,310
1,358
568
1,029
792
2,236
1,161
721

Total Sales

COGS (in 000's)

Total COGS

SGA (in 000's)

2015

22,292

23,810

26,235

2012

2013

2014

2003
2004
2005
2006

457
1,287
1,793
2,287

447
1,323
1,813
2,577

461
1,364
1,870
2,658

2007
2008
2009
2010
2011
2012
2013
2014

3,109
675
303
473
358
569
0
0

3,223
694
287
480
377
838
383
0

3,323
715
299
542
417
1,058
563
395

2015

11,313

12,441

13,665

2012

2013

2014

2003

302

302

302

2004
2005
2006
2007
2008
2009

1,003
1,510
1,910
2,530
610
280

1,003
1,510
2,203
2,530
610
280

1,003
1,510
2,203
2,824
610
280

2010
2011
2012
2013
2014

565
610
1,000
0
0

565
610
1,000
668
0

565
610
1,000
668
682

2015

10,320

11,281

12,257

Total Corporate Expenses

7,680

8,452

9,282

Total Depreciation

1,098

1,405

2,032

Income before tax

35,128

40,367

43,625

Corporate Tax

14,051

16,147

17,450

Income after tax

21,077

24,220

26,175

Total SGA expense

Advertising (in 000's)

Total Advertising expense

Lease (in 000's)

Total Lease expense

2015

2016

2017

2018

6,618
19,599
26,872

6,799
20,134
27,605

6,971
20,643
28,303

7,133
21,123
28,962

38,197

39,239

40,231

41,167

47,758

49,061

50,301

51,472

10,278

10,559

10,825

11,077

4,299
7,881
6,555
16,305
8,677

4,416
8,096
6,816
18,319
10,917

4,527
8,301
6,988
19,012
12,241

4,633
8,494
7,151
19,454
12,679

6,514

8,903

11,179

12,510

3,597

6,268

8,549

10,714

203,152

217,132

228,072

236,569

2015

2016

2017

2018

2,629
7,784
10,673
15,171

2,700
7,997
10,964
15,585

2,769
8,199
11,242
15,979

2,833
8,390
11,503
16,351

18,969
4,082
1,707
3,130
2,603
6,476
4,878
4,147

19,486
4,194
1,754
3,216
2,707
7,276
4,336
5,005

19,979
4,300
1,798
3,297
2,776
7,551
4,862
4,440

20,444
4,400
1,840
3,374
2,840
7,727
5,036
4,969

2,549

3,990

4,806

4,255

84,799

89,209

91,996

93,961

2015

2016

2017

2018

900
2,665
3,654
5,194

925
2,738
3,754
5,336

948
2,807
3,849
5,471

970
2,873
3,939
5,598

6,495
1,398
585
1,072
891
2,217
1,500
1,193

6,672
1,436
601
1,101
927
2,491
1,485
1,539

6,841
1,472
616
1,129
950
2,585
1,665
1,520

7,000
1,506
630
1,155
972
2,646
1,724
1,701

Year

1
2
3
4
5
6

Year

1
2
3
4

Year

1
2
3
4

695

1,148

1,478

1,457

28,460

30,152

31,331

32,171

2015

2016

2017

2018

474
1,404
1,925
2,736

487
1,442
1,977
2,811

499
1,479
2,027
2,882

511
1,513
2,074
2,949

3,421
736
308
565
469
1,168
709
579

3,514
756
316
580
488
1,312
782
728

3,603
775
324
595
501
1,362
877
801

3,687
793
332
608
512
1,393
908
896

381

557

699

767

14,874

15,751

16,423

16,945

2015

2016

2017

2018

302

381

381

381

1,003
1,510
2,203
2,824
673
280

1,003
1,510
2,203
2,824
673
321

1,193
1,510
2,203
2,824
673
321

1,193
1,706
2,203
2,824
673
321

565
610
1,000
668
682

565
610
1,000
668
682

664
610
1,000
668
682

664
710
1,127
668
682

652

652

652

652

12,972

13,092

13,382

13,805

10,158

10,857

11,404

11,828

2,786

2,735

2,346

1,997

49,104

55,336

61,191

65,862

19,642

22,134

24,476

26,345

29,462

33,202

36,714

39,517

Year

1
2
3
4

Year

2012
2013
2014
2015
2016
2017
2018

Growth Rate of sales


70%
33%

2012
2013
2014

23%

2015

9.7%
1.5%

Year

0.3%

2013
2014
2015
2016
2017
2018

COGS (as % of sales)


71%
64%
56%
40%

SGA (as % of sales)


19%
18%
17%
14%

Advertising (as % of sales)


11%
8.9%
8.2%
7.2%

Lease per square feet


20.45
20.88
21.30
21.72
22.16
22.60
23.05

Corporate Expense
5%

40%

Sales per square feet


110
113
117
120
Growth of furniture industry
3.0%
2.8%
2.6%
2.4%
2.2%
2.0%

Growth rate of lease per square feet


2%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

No of stores
1
3
4
5
6
2
1
2
2
3
2
2
2
0
0

2018

Inflation
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

2003
1.9%

Square foot opened


17200
17600
18500
21100
22100
15500
14500
14700
15400
16300
16000
16000
15000
0
0
0

2004
5.1%
3.3%

Book value of Capex Construction


(in 000's)
Cost

Refresh cost

2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

358
1,175
1,814
2,971
4,058
924
394
752
798
1,293
860
876
837

0
0
0
0
0
0
0
0
307
1,021
1,598
2,655
3,682

2016
2017

0
0

852
369

2018

713

70%
Construction cost per sq feet Construction Cost (in 000's) Refresh Cost (in 000's)
20.8
358
22.3
1,175
24.5
1,814
28.2
2,971
30.6
4,058
29.8
924
27.2
394
25.6
752
25.9
798
307
26.4
1,293
1,021
26.9
860
1,598
27.4
876
2,655
27.9
837
3,682
0
852
0
369
0

2005
8.6%
6.7%
3.4%

2006
11.1%
9.2%
6.0%
2.5%

713

2007
15.2%
13.3%
10.0%
6.6%
4.1%

Depreciation

Book value

72
307
669
1,264
2,075
2,188
2,032
1,820
1,447
1,098
1,405
2,032
2,786

286
1,155
2,299
4,007
5,990
4,725
3,087
2,019
1,677
2,894
3,948
5,447
7,180

2,735
2,346

5,297
3,320

1,997

2,036

Total Capex (in 000's)


358
1,175
1,814
2,971
4,058
924
394
752
1,105
2,314
2,459
3,531
4,519
852
369

2003
72

2004
72
235

2005
72
235
363

2006
72
235
363
594

2007
72
235
363
594
812

72

307

669

1,264

2,075

713
Total

2008
15.3%
13.4%
10.1%
6.7%
4.2%
0.1%

2009
18.0%
16.1%
12.9%
9.4%
6.9%
2.8%
2.7%

2010
19.5%
17.6%
14.3%
10.9%
8.4%
4.3%
4.2%
1.5%

2011
22.4%
20.6%
17.3%
13.9%
11.4%
7.3%
7.2%
4.5%
3.0%

2012
24.2%
22.3%
19.0%
15.6%
13.1%
9.0%
8.9%
6.2%
4.7%
1.7%

2013
25.9%
24.0%
20.7%
17.3%
14.8%
10.7%
10.6%
7.9%
6.4%
3.4%
1.7%

2014
27.7%
25.8%
22.5%
19.1%
16.6%
12.5%
12.4%
9.7%
8.2%
5.2%
3.5%
1.8%

Depreciation
2008
235
363
594
812
185

2,188

2015
29.6%
27.7%
24.5%
21.1%
18.5%
14.4%
14.4%
11.6%
10.1%
7.2%
5.4%
3.8%
1.9%

2009

363
594
812
185
79

2,032

2016
31.7%
29.8%
26.6%
23.2%
20.6%
16.6%
16.5%
13.7%
12.2%
9.3%
7.5%
5.9%
4.1%
2.1%

2010

594
812
185
79
150

1,820

2017
33.6%
31.7%
28.5%
25.1%
22.5%
18.5%
18.4%
15.6%
14.1%
11.2%
9.4%
7.8%
6.0%
4.0%
1.9%

2011

812
185
79
150
221

1,447

2018
35.4%
33.5%
30.3%
26.9%
24.3%
20.3%
20.2%
17.4%
15.9%
13.0%
11.2%
9.6%
7.8%
5.8%
3.7%
1.8%

2012

185
79
150
221
463

1,098

2019
37.2%
35.3%
32.1%
28.7%
26.1%
22.1%
22.0%
19.2%
17.7%
14.8%
13.0%
11.4%
9.6%
7.6%
5.5%
3.6%
1.8%

2013

79
150
221
463
492

1,405

2014

150
221
463
492
706

2,032

2015

221
463
492
706
904

2,786

2016

463
492
706
904
170

2017

2018

492
706
904
170
74

706
904
170
74
143

2,735

2,346

1,997

Exhibit 1: Teuer Furnitures Showrooms and Square Footage


Stores
Opened
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

Total
Stores
1
3
4
5
6
2
1
2
2
3
2
2
2

1
4
8
13
19
21
22
24
26
29
31
33
35

SQ FT
Opened
17,200
17,600
18,500
21,100
22,100
15,500
14,500
14,700
15,400
16,300
16,000
16,000
15,000

Total
SQ FT
17,200
70,000
144,000
249,500
382,100
413,100
427,600
457,000
487,800
536,700
568,700
600,700
630,700

40
35
30
25
20
15
10
5
0
2003

2005

40

700,000

35

600,000

30

500,000

25

400,000

20

300,000

15

200,000

10

100,000

5
0
2003

2005

2007

2009

Number of Showrooms

2011

2013

Total Square Feet

0
2015

Teuer Furniture Pro Forma Income Statement


Sales
CGS
SGA (exc adv & dep)
Advertising
Depreciation
Lease (stores)
Corp Expense (inc lease/adv)
Taxes
Net income
Parameters:
Corporate tax rate
Corporate expenses

2012
148,218
-61,955
-21,253
-10,744
-1,450
-9,320
-7,411
-14,434
21,651

40%
5%

2013

2014

2015

2016

2017

2018

2019

Exhibit 8: Forecasting Sales Revenue and Costs


Sales growth

CGS

SGA

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

2
73.6%
72.9%
76.6%
73.8%
64.5%
60.5%
69.0%
70.4%

3
34.6%
29.2%
32.6%
28.8%
36.8%
35.6%
36.6%

4
19.5%
21.4%
22.2%
24.4%
26.1%
23.6%

5
15.1%
8.1%
7.8%
11.3%
6.3%

6
0.2%
3.6%
3.7%
-1.3%

7
1.2%
3.4%
-3.1%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average
Year
2003
2004
2005
2006
2007
2008
2009

8
1.0%
0.0%

70.2%

33.5%

22.9%

9.7%

1.5%

0.3%

1
71.1%
71.3%
72.9%
70.1%
72.6%
64.4%
71.0%
74.0%
70.3%
70.9%

2
61.5%
62.4%
65.6%
53.1%
67.3%
67.0%
65.9%
66.5%

3
57.8%
52.1%
57.8%
57.6%
53.9%
61.0%
53.3%

4
38.9%
43.8%
40.6%
33.3%
38.4%
40.7%

5
43.4%
39.0%
41.1%
38.9%
41.0%

6
42.0%
41.2%
40.3%
40.0%

7
38.9%
38.7%
36.9%

8
36.6%
40.2%

63.7%

56.2%

39.7%

1
19.9%
17.6%
20.4%
20.4%
19.8%
16.4%
17.9%

2
17.1%
18.0%
17.9%
19.0%
17.6%
18.4%
19.2%

3
16.4%
17.4%
17.0%
18.0%
18.0%
16.9%
17.4%

4
13.9%
14.1%
14.5%
12.7%
13.0%
13.4%

5
12.9%
14.5%
13.2%
14.4%
13.6%

6
13.9%
13.7%
13.2%
14.2%

7
13.6%
13.9%
15.1%

8
11.7%
13.0%

Advertising

2010
2011
Average

20.7%
20.9%
19.3%

19.4%
18.3%

17.3%

13.6%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
9.9%
10.3%
10.9%
10.3%
10.2%
10.2%
11.0%
11.7%
10.7%
10.6%

2
8.9%
8.2%
8.9%
8.4%
9.0%
9.6%
9.1%
8.9%

3
7.6%
8.3%
8.0%
8.3%
8.1%
8.3%
8.6%

4
7.1%
7.4%
7.6%
6.8%
6.9%
7.3%

8.9%

8.2%

7.2%

5
6.7%
8.0%
7.0%
6.8%
7.1%

6
7.7%
7.7%
6.7%
6.6%

7
6.9%
7.2%
7.3%

8
6.8%
7.2%

9
-0.6%

9
40.0%

9
13.1%

9
7.6%

Exhibit 2: Economic Indicators: GDP and Furniture Sales Growth


CPI index
Inflation (CPI)
GDP (T$)
GDP growth
Furniture sales ($B)
Furniture sales growth

2002
180.9
10,642
94.44

2003
184.3
1.9%
11,142
4.7%
96.7
2.4%

2004
190.3
3.3%
11,853
6.4%
103.8
7.3%

2005
196.8
3.4%
12,623
6.5%
109.1
5.2%

2006
201.8
2.5%
13,377
6.0%
112.8
3.4%

2007
210.0
4.1%
14,029
4.9%
111.1
-1.5%

2008
210.2
0.1%
14,292
1.9%
99.6
-10.4%

2009
215.9
2.7%
13,974
-2.2%
86.3
-13.4%

2010
219.2
1.5%
14,499
3.8%
87.3
1.2%

2011
225.7
3.0%
15,076
4.0%
90.1
3.2%

2012
229.6
1.7%
15,685
4.0%
93.1
3.4%

10.0%

5.0%

0.0%
2003

2005

2007

2009

2011

2013

-5.0%

-10.0%

-15.0%
GDP Growth

Furniture Sales Growth

Inflation (CPI)

2015

2017

2013
233.5
1.7%
16,238
3.5%
95.9
3.0%

2014
237.7
1.8%
17,049
5.0%
98.6
2.8%

2015
242.3
1.9%
18,012
5.6%
101.2
2.6%

2016
247.4
2.1%
19,021
5.6%
103.6
2.4%

2017
252.1
1.9%
20,078
5.6%
105.9
2.2%

2018
256.6
1.8%
21,101
5.1%
108.0
2.0%

2019
261.3
1.8%

110.2
2.0%

Exhibit 3: Teuer Furniture Income Statement


2003
Sales
Cost of goods sold
Selling, general and admin
Advertising
Depreciation
Lease
Corporate expense
Taxes
Net income
Parameters:
Corporate tax rate

40%

2004
2,057
-1,463
-410
-203
-72
-250
-185
0
-526

2005
10,415
-7,057
-1,812
-1,019
-307
-1,080
-729
0
-1,588

2006
26,701
-17,424
-4,958
-2,411
-669
-2,330
-1,602
0
-2,693

2007
51,540
-30,730
-9,230
-4,588
-1,264
-4,240
-3,092
0
-1,604

2008
79,191
-43,834
-13,576
-6,585
-2,075
-6,770
-4,751
0
1,600

2009
90,680
-47,290
-14,679
-7,532
-2,188
-7,380
-5,441
-543
5,626

2010
111,451
-49,068
-16,471
-8,367
-2,032
-7,712
-5,573
-8,892
13,337

2011
134,093
-55,487
-18,698
-9,545
-1,820
-8,450
-6,705
-13,356
20,033

2012
2013
2014
2015
2016
2017
2018
148,218 259834.87 356592.18 449646.34 460437.85 470567.48 479978.83
-61,955
-21,253
-10,744
-1,450
-9,320
-7,411
-14,434
21,651

Exhibit 4: Teuer Furniture Balance Sheet


2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0
671
671
358
1,029

751
3,151
3,902
1,461
5,364

3,479
8,216
11,695
2,969
14,663

8,675
15,125
23,800
5,270
29,070

16,946
20,908
37,853
8,065
45,918

25,272
21,715
46,987
6,914
53,900

29,059
24,868
53,927
5,119
59,046

36,625
26,808
63,433
3,839
67,272

42,421
29,216
71,637
3,142
74,779

48,200
33,343
81,543
3,920
85,463

236
29
265
0
764
1,029

1,158
145
1,303
0
4,061
5,364

2,781
358
3,139
0
11,525
14,663

5,119
658
5,777
0
23,293
29,070

7,228
958
8,186
0
37,732
45,918

7,767
1,055
8,822
0
45,079
53,900

8,277
1,203
9,480
0
49,565
59,046

9,133
1,359
10,493
0
56,779
67,272

9,986
1,519
11,505
0
63,274
74,779

11,364
1,682
13,046
0
72,417
85,463

Assets
Accounts Receivable
Inventory
Total Current Assets
PPE
Total Assets
Liabilities and Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Debt
Equity
Total Liabilities and Equity
Balance sheet check

Exhibit 5: Teuer Furniture Income Statement for Individual Showrooms


2012

2013

2014

2015

2016

2017

2018

2019

10

11

12

13

14

15

16

Sales

2,057

3,754

5,224

6,148

6,341

5,503

5,636

5,871

6,034

CGS

1,463

2,309

3,018

2,394

2,753

2,311

2,194

2,150

2,416

SGA

410

640

857

856

815

765

767

687

791

203

334

399

434

422

423

391

401

457

72

72

72

72

72

65

250

250

250

250

250

250

302

302

302

10

11

12

13

14

15

Sales

6,661

11,907

15,158

16,488

15,446

16,187

17,279

17,869

CGS

4,748

7,428

7,894

7,216

6,031

6,675

6,691

7,176

SGA

10

11

12

13

14

10

11

12

13

10

11

12

10

11

10

2003

Avg Size
1

17,200

Advertising
Depreciation
Lease
2004

17,600

2004

2005

2006

2007

2008

2009

2010

2011

1,171

2,148

2,631

2,323

2,239

2,224

2,395

2,319

Advertising

685

971

1,266

1,213

1,235

1,241

1,245

1,287

Depreciation

235

235

235

235

235

830

830

830

830

830

830

1,003

1,003

Sales

9,570

16,651

19,785

20,951

22,847

24,451

24,499

CGS

6,978

10,917

11,430

8,499

9,387

9,857

9,042

SGA

1,953

2,977

3,371

3,039

3,021

3,228

3,693

1,041

1,488

1,587

1,598

1,605

1,645

1,793

Lease
2005

18,500

Advertising
Depreciation
Lease
2006

21,100

Sales

363

363

363

363

363

1,250

1,250

1,250

1,250

1,250

1,250

1,510

13,583

21,142

23,592

29,702

34,105

34,824

CGS

9,526

11,229

13,594

9,902

13,259

13,932

SGA

2,767

4,016

4,237

3,780

4,895

4,946

1,400

1,784

1,964

2,014

2,327

2,287

Advertising
Depreciation

594

594

594

594

594

1,910

1,910

1,910

1,910

1,910

1,910

Sales

15,435

22,001

30,466

39,628

43,541

CGS

11,205

14,801

16,422

15,232

17,856

SGA

3,050

3,878

5,471

5,166

5,917

1,578

1,986

2,458

2,748

3,109

812

812

812

812

812

2,530

2,530

2,530

2,530

2,530

Sales

3,187

5,176

7,244

9,257

CGS

2,053

3,467

4,421

3,764

SGA

Lease
2007

22,100

Advertising
Depreciation
Lease
2008

15,500

522

951

1,225

1,243

Advertising

326

499

598

675

Depreciation

185

185

185

610

610

610

Lease
2009

14,500

185
610

Sales

1,437

2,507

3,540

CGS

1,021

1,652

1,887

SGA

257

480

615

158

227

303

79

79

280

280

Advertising
Depreciation
Lease
2010

14,700

79
280

Sales

3,008

5,300

CGS

2,226

3,526

SGA

623

1,028

Advertising

353

473

Depreciation

150

150

Lease
2011

565
2

15,400

565
1

Sales

3,354

CGS

2,357

SGA

701

Advertising

358

Depreciation

160

Lease
2012

610
3

16,300

Sales

5,379

CGS
SGA
Advertising
Depreciation
Lease
2013

1,000
2

16,000

Sales

3,622

CGS
SGA
Advertising
Depreciation
Lease
2014

668
2

16,000

Sales

3,731

CGS
SGA
Advertising
Depreciation
Lease
2015

682
2

15,000

Sales

3,597

CGS
SGA
Advertising
Depreciation
Lease

Parameters:
Lease rate (2013)
Lease inflation

652

20.88
2.0%

Exhibit 6: Teuer Furniture Balance Sheet for Individual Showrooms


#
2003

Avg Size
1

17,200

Cap expenditure

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

10

11

12

13

14

15

10

11

12

13

14

10

11

12

13

10

11

12

10

11

10

358

Accts receivable

324
751

1,187

1,665

1,975

2,040

1,700

1,745

1,742

1,902

Inventory

671

1,090

1,330

1,206

1,167

980

972

1,082

1,027

1,090

Accts payable

236

396

448

405

403

350

345

370

369

390

Accr expenses

29

49

62

61

61

53

54

57

58

58

2004

17,600

Cap expenditure

1,175

Accts receivable

2,292

3,870

5,029

5,526

5,276

5,599

5,612

5,691

2,061

3,590

4,304

3,352

2,851

3,042

3,248

3,397

3,619

Accts payable

762

1,255

1,421

1,124

1,025

1,090

1,124

1,139

1,153

Accr expenses

95

158

193

173

162

162

175

177

179

Inventory

2005

18,500

Cap expenditure

1,814

Accts receivable

3,140

5,508

6,296

6,231

7,149

7,751

7,950

Inventory

3,296

5,271

4,640

3,975

4,075

4,427

4,354

5,114

Accts payable

1,078

1,760

1,742

1,381

1,523

1,572

1,565

1,631

Accr expenses

138

212

240

203

240

244

251

259

2006

21,100

Cap expenditure

2,971

Accts receivable

4,433

6,593

7,974

10,040

10,908

11,761

Inventory

4,344

6,518

6,635

5,870

6,689

6,854

6,348

Accts payable

1,533

2,227

2,181

1,889

2,165

2,325

2,377

Accr expenses

193

272

300

291

337

343

362

2007

22,100

Cap expenditure

4,058

Accts receivable

4,817

6,829

9,849

12,400

13,920

Inventory

5,232

6,246

8,710

7,320

8,121

9,022

Accts payable

1,732

2,480

2,712

2,631

2,712

2,919

Accr expenses

213

293

362

381

436

435

2008

15,500

Cap expenditure

924

Accts receivable

1,048

1,758

2,212

2,905

1,028

1,711

2,147

1,727

1,911

Accts payable

349

547

662

586

690

Accr expenses

43

72

88

94

101

Inventory

2009

8
936

14,500

Cap expenditure

394

Accts receivable

484

840

1,191

Inventory

488

882

881

823

Accts payable

171

261

327

281

Accr expenses

21

34

43

44

2010

14,700

Cap expenditure
Accts receivable

956

1,787

1,013

1,787

1,913

Accts payable

348

577

683

Accr expenses

44

71

91

Inventory

2011

15,400

Cap expenditure

798

Accts receivable

1,093

Inventory

1,067

1,795

Accts payable

387

623

Accr expenses

47

76

2012

752

16,300

Cap expenditure

0
1,293

Accts receivable
Inventory

1,708

Accts payable

617

Accr expenses

79

2013

16,000

Cap expenditure

860

Accts receivable
Inventory
Accts payable
Accr expenses
2014

16,000

Cap expenditure

876

Accts receivable
Inventory
Accts payable
Accr expenses
2015

2
Cap expenditure
Accts receivable
Inventory

15,000

837

Accts payable
Accr expenses

Cap expenditure

2,229

Accts receivable

48,200

Inventory

33,343

Accts payable

11,364

Accr expenses

1,682

Exhibit 7: Teuer Furniture Cash Flow Assets


2003
Sales
- Costs
- Taxes
Net income
- Capital expenditure
+ Depreciation
- Increase in NWC
Cash flow to assets

0
-358
0
-406
-764

2004
2,057
-2,582
0
-526
-1,175
72
-2,193
-3,823

2005
10,415
-12,003
0
-1,588
-1,814
307
-5,957
-9,052

2006
26,701
-29,394
0
-2,693
-2,971
669
-9,467
-14,461

2007
51,540
-53,144
0
-1,604
-4,058
1,264
-11,645
-16,043

2008
79,191
-77,591
0
1,600
-924
2,075
-8,498
-5,747

2009
90,680
-84,510
-543
5,626
-394
2,188
-6,281
1,139

2010
111,451
-89,222
-8,892
13,337
-752
2,032
-8,494
6,123

2011
134,093
-100,704
-13,356
20,033
-1,122
1,820
-7,192
13,539

2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508

Exhibit 9: Forecasting Investment


Accounts Receivable

Inventory

Accounts Payable

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
36.5%
34.4%
32.8%
32.6%
31.2%
32.9%
33.7%
31.8%
32.6%
32.4%

2
31.6%
32.5%
33.1%
31.2%
31.0%
34.0%
33.5%
33.7%

3
31.9%
33.2%
31.8%
33.8%
32.3%
30.5%
33.6%

4
32.1%
33.5%
29.7%
33.8%
31.3%
31.4%

5
32.2%
34.2%
31.3%
32.0%
32.0%

6
30.9%
34.6%
31.7%
33.8%

7
31.0%
32.5%
32.4%

8
29.7%
31.9%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
45.9%
43.4%
47.2%
45.6%
46.7%
50.1%
47.8%
45.5%
45.3%
47.6%

2
47.2%
48.3%
48.3%
58.0%
42.2%
49.4%
53.4%
50.7%

3
44.0%
54.5%
40.6%
48.8%
53.0%
48.6%
46.7%

4
50.4%
46.4%
46.8%
59.3%
48.1%
45.9%

5
42.4%
47.3%
43.4%
50.4%
45.5%

6
42.4%
45.6%
44.9%
49.2%

7
44.3%
48.5%
48.2%

8
50.3%
47.3%

Year
2003
2004
2005
2006
2007
2008
2009

1
16.1%
16.1%
15.4%
16.1%
15.5%
17.0%
16.8%

2
17.2%
16.9%
16.1%
19.8%
16.8%
15.8%
15.8%

3
14.8%
18.0%
15.2%
16.0%
16.5%
15.0%
17.3%

4
16.9%
15.6%
16.2%
19.1%
17.3%
15.6%

5
14.6%
17.0%
16.2%
16.3%
15.2%

6
15.2%
16.3%
15.9%
16.7%

7
15.7%
16.8%
17.3%

8
17.2%
15.9%

Accrued Expenses

Construction costs

2010
2011
Average

15.6%
16.4%
16.3%

16.4%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
4.7%
5.1%
4.6%
4.6%
4.6%
5.1%
5.2%
4.5%
4.4%
4.8%

2
5.1%
5.1%
4.7%
4.7%
5.0%
5.0%
4.8%
4.7%

2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

Nominal
20.8
22.3
24.5
28.2
30.6
29.8
27.2
25.6
25.9
26.4
26.9
27.4
27.9

Real
25.9
26.8
28.6
32.0
33.5
32.6
28.9
26.8
26.4
26.4
26.4
26.4
26.4

Nominal

Real

3
4.9%
4.9%
4.8%
4.8%
4.6%
4.8%
4.7%

4
4.7%
4.9%
4.4%
5.0%
4.8%
4.9%

5
4.9%
4.7%
5.2%
4.7%
4.8%

6
4.5%
4.7%
5.0%
4.7%

7
4.6%
4.8%
4.6%

8
5.2%
4.9%

Refresh cost

2003
2004
Average

90.6%
79.6%

74.0%
66.0%
70.0%

9
31.5%

9
42.5%

9
15.3%

9
4.7%

Exhibit 10: Forecasting Parameters


1
Sales growth
CGS (% sales)
SGA (% sales, excluding dep & advertising)
Advertising (% sales)
Accounts Receivable (% sales)
Inventory (% next year's CGS)
Accounts Payable (% next year's CGS)
Accrued expenses (next year's SGA adv)
Depreciation (years)
Refresh cost
Corporate tax rate
Corporate expenses
Discount rate
Long-term growth rate
Shares outstanding (K)

70.9%
19.3%
10.6%
32.4%
47.6%
16.3%
4.8%
5
70.0%
40.0%
5.0%
12.1%
3.5%
9,945

2
70.2%
63.7%
18.3%
8.9%

3
33.5%
56.2%
17.3%
8.2%

4
22.9%
39.7%
13.6%
7.2%

Teuer Furniture Pro Forma Income Statement


Sales
CGS
SGA (exc adv & dep)
Advertising
Depreciation
Lease (stores)
Corp Expense (inc lease/adv)
Taxes
Net income
Parameters:
Corporate tax rate
Corporate expenses

2012
148,218
-61,955
-21,253
-10,744
-1,450
-9,320
-7,411
-14,434
21,651

40%
5%

2013

2014

2015

2016

2017

2018

2019

Teuer Furniture Pro Forma Balance Sheet


2012

Assets
Accounts Receivable
Inventory
Total Current Assets
PPE
Total Assets
Liabilities and Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Debt
Equity
Total Liabilities and Equity
Balance sheet check (A=L+E)

48,200
33,343
81,543
3,920
85,463

11,364
1,682
13,046
0
72,417
85,463

2013

2014

2015

2016

2017

2018

Teuer Furniture Pro Forma Cash Flow Assets


Sales
- Costs
- Taxes
Net income
- Capital expenditure
+ Depreciation
- Increase in NWC
Cash flow assets
Terminal value

2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508

Asset value
Share value
Parameters:
Asset discount rate
Long-term growth rate
Shareholders (#)
Shares outstanding (K)

12.1%
3.5%
187
9,945

2013

2014

2015

2016

2017

2018

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