Beruflich Dokumente
Kultur Dokumente
(INSU)
Group 6 - Jon Dorsey, Mike Moore, Julie Murray, Josh Schoenfelder, Tanner Yager
3/9/2013
18.75
28,194
528,638
65,000
90,062
503,576
4.54
48,208
218,962.59
90,062
65,000.0
244,024.59
28,194
8.66
18.75
-54%
Market Information
Current Price (USD)
# shares (thousands)
Size (in USD thousands)
Market Cap
Total Enterprise Value
Long-term Debt
Cash & Mkt Securities
Revenue
Net Income
Assets
Risk
Debt Ratio (Debt/Mkt Cap)
Leverage (Debt/Assets)
Performance
EPS (ttm)
Gross Margin
ROA (ttm)
P/E (ttm)
Forward P/E (2009E)
Dividend Yield
EBITDA
TEV/EBITDA
Insituform (INSU)
18.75
28,194
STRL
17.13
13,170.0
PCR
18.6
50,320.0
LAYN
12.12
19,270.0
AVG
528,638
503,576
65,000
90,062
137,877
6,652
547,780
225,602
206,602
60,500
79,500
114,100
6,000
296,700
935,952
575,752
49,000
409,200
1,412,600
34,100
3,384,000
233,552
248,952
33,300
17,900
963,000
45,200
729,100
465,036
343,769
47,600
168,867
829,900
28,433
1,469,933
0.12
0.12
0.27
0.20
0.05
0.01
0.14
0.05
0.15
0.10
0.80
23%
0.5%
1.4
11%
8.0%
1.80
6%
4.5%
2.4
21%
7.3%
1.60
15%
5%
23.49
11.39
N/A
48,208
10.45
12.03
10.71
0.0%
43,600
4.7
4.90
6.31
0.0%
609,400
0.9
5.02
5.39
0.0%
122,100
2.04
7.32
7.47
0.0%
258,367
4.54
66,523
528,638
2.1%
12.11%
11.0%
11%
89%
3%
484,612
683,341
65,000
90,062
658,279
28,194
23.35
18.75
25%
2.5%
401,106
599,836
65,000
90,062
574,774
28,194
20.39
18.75
9%
65,000
1,523
66,523
24.8%
2.8%
0.02%
0.89%
2.86%
2.1%
2.86%
1.14
8%
12.11%
Intrinsic Value
3.5%
519,470
718,199
65,000
90,062
693,137
28,194
24.58
18.75
31%
Terminal Growth
PV of Terminal Value
Implied Enterprise Value
less Debt
plus Cash
Implied Equity Value
Shares Outstanding
P* (USD)
Current Price
% Undervalued
3.5%
874,959
519,470
2008
24,303
21,897
718,199
683,341
599,836
Terminal Value II
Implied Terminal Growth
Terminal Value (2012E)
PV - Terminal Value
2010
45,357
40,866
3%
816,246
484,612
2011
51,875
46,739
2012
63,322
57,051
2.5%
675,595
401,106
Revenue
Total Revenue Growth
Cost of Goods Sold
Gross Profit
Gross Profit Growth
Operating Expense
Operating Income
Operating Income Growth
Other Income (expense)
Profit before Tax, Minority interest, & equity earnings
Benefit (tax) on Income
Minority Interest
Equity in earnings of affiliated companies
Loss from discontinued operations, net of tax
Net Income
Net Income Growth
Diluted Shares
EPS
Annual
FY 2005
483,595
11%
362,569
121,026
85,481
35,545
107%
(7,159)
28,386
(8,913)
(166)
853
(7,000)
13,160
29,295
0.49
Annual
FY 2006
527,419
9%
398,416
129,003
7%
92,692
36,311
2%
853
37,164
(11,826)
(316)
1,281
(1,625)
24,678
88%
29,597
0.90
3/31/2007
Q1 2007
114,982
27,254
(0.56)
6/30/2007
Q2 2007
124,968
9%
96,919
28,049
-36%
24,021
4,028
206%
(739)
3,289
(759)
(84)
(14)
764
3,196
-121%
27,270
0.12
9/30/2007
Q3 2007
125,640
1%
100,000
25,640
-46%
21,638
4,002
-1%
(167)
3,835
654
(120)
311
(198)
4,482
40%
27,484
0.16
12/31/2007
Q4 2007
129,980
3%
104,944
25,036
-3922%
15,734
9,302
132%
289
9,591
(578)
(273)
180
1,099
10,019
124%
26,953
0.37
Annual
FY 2007
495,570
-6%
396,462
99,108
-23%
85,578
13,530
-63%
(459)
13,071
149
(525)
171
(10,323)
2,543
-90%
27,471
0.09
3/31/2008
Q1 2008
125,927
-3%
99,041
26,886
32%
23,631
3,255
186%
388
3,643
(1,074)
(156)
(383)
(87)
1,943
-113%
27,934
0.07
6/30/2008
Q2 2008
135,585
8%
104,455
31,130
11%
24,914
6,216
54%
(182)
6,034
(1,732)
(177)
(211)
(516)
3,398
6%
28,122
0.12
9/30/2008
Q3 2008
137,877
2%
105,655
32,222
26%
21,948
10,274
157%
(406)
9,868
(2,035)
(393)
351
(1,139)
6,652
48%
28,194
0.24
12/31/2008E
Q4 2008E
140,782
2%
117,584
23,198
-28%
10,533
12,665
36%
454
13,119
(3,260)
(446)
214
(581)
9,047
-10%
28,194
0.32
AnnualE
FY 2008E
540,171
9%
426,735
113,436
14%
81,026
32,410
140%
254
32,664
(8,101)
(1,172)
(29)
(2,323)
21,040
727%
28,194
0.75
AnnualE
FY 2009E
588,787
9%
459,254
129,533
14%
68,916
52,991
114%
216
53,207
(13,195)
(1,947)
(22)
(1,742)
36,301
73%
28,194
1.29
AnnualE
FY 2010E
641,778
9%
507,007
134,771
4%
68,916
63,011
88%
216
63,227
(15,680)
(3,235)
(16)
(1,481)
42,815
18%
28,194
1.52
AnnualE
FY 2011E
699,537
9%
552,637
146,900
9%
68,916
69,202
62%
216
69,418
(17,216)
(5,374)
(12)
(1,333)
45,484
6%
28,194
1.61
AnnualE
FY 2012E
762,496
9%
602,375
160,121
9%
68,916
81,669
36%
216
81,885
(20,307)
(8,929)
(9)
(1,266)
51,374
13%
28,194
1.82
94,599
20,383
-47%
24,185
(3,802)
158
(3,644)
710
(48)
(306)
(11,988)
(15,276)
25%
7%
24%
7%
18%
-3%
22%
3%
20%
3%
19%
7%
20%
3%
21%
3%
23%
5%
23%
7%
16%
7%
21%
6%
22%
9%
21%
10%
21%
10%
21%
11%
18%
10%
8%
18%
21%
2%
-1%
19%
3%
-10%
17%
5%
-27%
12%
-0.49%
-7.67%
17%
-6%
-2%
19%
5%
4%
18%
1%
1%
16%
11%
-33%
7%
8%
0.4%
15%
8%
0%
12%
6%
0%
11%
6%
0%
10%
6%
0%
9%
32%
90%
-19%
-
23%
75%
-17%
43%
6%
128%
1%
66%
29%
30%
29%
13%
21%
122%
25%
13%
24.8%
123%
-87%
25%
1407%
13%
19%
-117%
24.8%
66%
25%
25%
24.8%
66%
15%
25%
24.8%
66%
10%
25%
24.8%
66%
5%
25%
-154%
(5,368)
-21.45%
3458
-11.06%
1,451
-61.81%
(459)
146%
-75%
-73%
(3,546)
-14%
2410
3%
937
-10%
(199)
57%
155%
(4,599)
-14.33%
3,549
2.64%
1,304
-10.16%
254
-15%
(3,940)
-14.33%
0%
(3,376)
-14.33%
0%
(2,892)
-14.33%
0%
(2,478)
-14.33%
48,208
(11,680)
(7,238)
(4,987)
70,015
(9,108)
(17,071)
(8,123)
31%
50%
(8,465)
2081
(775)
(7,159)
51,917
(24,647)
-112%
(6,834)
-19.27%
3888
86.83%
3,799
590%
853
(4,139)
2348
1,043
(748)
(1,229)
30%
1,110
47%
408
39%
289
5,218
52,931
(19,713)
(7,352)
(7,637)
29,782
(14,978)
(40,398)
(6,389)
32,488
18,229
(31,983)
216
216
80,359
(7,103)
(18,246)
(9,653)
216
86,880
(5,539)
(18,867)
(10,598)
216
99,682
(4,319)
(19,540)
(12,501)
24,303
35,713
45,357
51,875
63,322
21,897
32,177
40,866
46,739
57,051
551,416
2%
71,977
14%
65,000
0%
178,428
-4%
326,758
6%
91,463
28%
110,193
62%
125,102
7,238
11,680
-22%
4,987
62%
15,798
22%
561,888
2%
77,568
14%
65,000
0%
171,272
-4%
345,215
6%
97,268
28%
105,774
62%
142,173
17,071
9,108
-22.0%
8,123
62%
17,025
22%
572,558
2%
79,041
14%
65,000
0%
164,404
-4%
364,713
6%
102,762
28%
101,533
62%
160,419
18,246
7,103
-22.0%
9,653
62%
17,348
22%
583,431
2%
80,542
14%
65,000
0%
157,811
-4%
385,313
6%
108,566
28%
97,461
62%
179,286
18,867
5,539
-22.0%
10,598
62%
17,677
22%
594,510
2%
82,071
14%
65,000
0%
151,483
-4%
407,077
6%
114,698
28%
93,553
62%
198,826
19,540
4,319
-22.0%
12,501
62%
18,013
22%
Assumptions
Total Assets
Total Asset Growth
Property, plant, & equipment
Property, plant, & equipment (% of Total Assets)
Long-Term Debt
LT Debt Growth
Total Liabilities
Total Liabilities (Growth)
Current Assets
Current Assets Growth
Cash & Mkt Securites
Cash & Mkt Securites (% of Current Assets)
Current Liabilities
Current Liabilities (% of Total Liabilites)
Net Working Capital
Change in Net Working Capital
CAPEX
CAPEX Growth
Cash Taxes paid (refunded)
Cash Taxes (% of PreTax Income)
Depreciation & Amortization
Depreciation (% of Tangible Assets)
518,328
2%
75,814
15%
80,768
-16%
213,106
##############
274,024
77,069
28%
126,841
60%
70,114
24,647
(5,218)
59%
16,372
22%
550,069
6%
76,432
14%
65,046
-19%
209,277
-2%
310,364
13%
96,393
31%
136,505
65%
77,466
7,352
19,713
-20%
7,637
65%
16,620
22%
541,140
-2%
73,368
14%
65,000
-0.07%
185,882
-11%
309,289
-0.35%
78,961
26%
112,464
61%
117,864
40,398
14,978
-24%
6,389
4288%
16,252
22%
547,780
1%
71,977
13%
65,000
183,804
-1%
321,752
4%
90,062
28%
113,558
62%
118,132
268
11,085
-26%
12,973
18%
In USD Millions
Revenue
Operating Income
Operating Margin
Gross Profit
2003
387
14
4%
2004
434
17
4%
Actual
2005
484
36
7%
2006
527
36
7%
2007
496
14
3%
91
103
121
129
99
2008
540
32
6%
2009
589
53
9%
113
130
Forceasted
2010
642
63
10%
135
800
700
600
500
400
300
200
100
0
2003
2004
2005
2006
2007
2005
2006
32,488 18,229
2007
(31,983)
#VALUE!
2008
21,897
168%
2009
32,177
47%
2010
40,866
27%
2011
46,739
14%
400
300
200
100
0
Debt
Equity
2012
57,051
22%
Forceasted
2011
700
69
10%
2012
762
82
11%
147
160
20%
18%
16%
14%
12%
10%
8%
6%
Revenue
4%
Operating Margin
2%
0%
2008
2009
2010
2011
2012
Avg Growth
28%