LULU

2009 FCF 2010 2011 2012 2013 2014 2015 2016

102 $ 128 $ 155 $ 189 $ 230 $ 279 $ 340 $ 413
1.11 1.23 1.37 1.52 1.69 1.87 2.08
Growth $ 115 $ 126 $ 138 $ 151 $ 166 $ 182 $ 199
22%

Terminal Growth
2%

Discount Rate
11%

Sum of PV
1795.356

PV of Terminal Value
3540.957

# of shares
70.89

Share Value
49.95002

Assumptions
25% FCF from last year

2010
Sales 452.9 3308.268
Earnings 58.21 425.2026
Mcap 3500 25566.21
 2017 2018 2019 Terminal
$ 503 $ 611 $ 744 $ 10,054
2.30 2.56 2.84 2.84
$ 218 $ 239 $ 262 $ 3,541
JOSB

2009 FCF 2010 2011 2012 2013 2014 2015 2016

68 $ 85 $ 89 $ 94 $ 98 $ 103 $ 108 $ 114
1.11 1.23 1.37 1.52 1.69 1.87 2.08
Growth $ 77 $ 72 $ 69 $ 65 $ 61 $ 58 $ 55
5%

Terminal Growth
2%

Discount Rate
11%

Sum of PV
603.9655
19%
PV of Terminal Value
541.8008

# of shares
27.5

Share Value
41.66423

Assumptions
25% FCF from last year

2010
Sales 452.9 3308.268
Earnings 58.21 425.2026
Mcap 3500 25566.21
 2017 2018 2019 Terminal
$ 120 $ 126 $ 132 $ 1,538
2.30 2.56 2.84 2.84
$ 52 $ 49 $ 46 $ 542
SVU

2009 FCF 2010 2011 2012 2013 2014 2015 2016

560.7 $ 589 $ 612 $ 637 $ 662 $ 689 $ 716 $ 745
1.11 1.23 1.37 1.52 1.69 1.87 2.08
Growth $ 530 $ 497 $ 466 $ 436 $ 409 $ 383 $ 359
4%

Terminal Growth 2010 793000

2% 2009 348000
2008 541000
Discount Rate 560666.7
11%

Sum of PV
4025.946
19%
PV of Terminal Value
3410.209

Debt
5295 7060 1323.75 3971.25

# of share 0
210.05

Share Value Current Market Price Return

10.19355 7.67 0.329015

FCF Yield
35%

2010
Sales 452.9 3308.268
Earnings 58.21 425.2026
Mcap 3500 25566.21
 2017 2018 2019 Terminal
$ 775 $ 806 $ 838 $ 9,683
2.30 2.56 2.84 2.84
$ 336 $ 315 $ 295 $ 3,410