Beruflich Dokumente
Kultur Dokumente
Operating Results:
Revenue
Less: Cost of Goods Sold
Gross Profit
Less: Selling, General & Administrative
EBITDA
Less: Depreciation
EBIT
Less: Interest Expense
EBT
Less: Taxes
Net Income
Revenue Growth
Gross Margin
Selling, General & Administrative/Revenue
EBITDA Margin
EBIT Margin
Net Income Margin
Effective Tax Rate
Income Statement
2003
$503.4
405.2
98.2
37.8
60.4
6.8
53.6
5.5
48.1
19.2
$28.9
2004
$543.7
432.3
111.4
44.6
66.8
6.2
60.6
5.8
54.8
22.0
$32.8
2005
$587.2
496.2
91.0
45.8
45.2
6.0
39.2
5.9
33.3
13.3
$20.0
2006
$636.1
513.4
122.7
51.5
71.2
5.9
65.3
5.3
60.0
24.0
$36.0
2007
$680.7
558.2
122.5
49.0
73.5
6.1
67.4
3.3
64.1
25.6
$38.5
Margins:
NA
19.5%
7.5%
12.0%
10.6%
5.7%
39.9%
8.0%
20.5%
8.2%
12.3%
11.1%
6.0%
40.1%
8.0%
15.5%
7.8%
7.7%
6.7%
3.4%
39.9%
8.3%
19.3%
8.1%
11.2%
10.3%
5.7%
40.0%
7.0%
18.0%
7.2%
10.8%
9.9%
5.7%
39.9%
Assets:
Cash & Cash Equivalents
Accounts Receivable
Inventory
Total Current Assets
Balance Sheet
2003
$4.3
62.1
57.7
124.1
2004
$5.1
70.1
58.0
133.2
2005
$4.8
78.8
61.2
144.8
2006
$7.8
87.1
61.9
156.8
2007
$5.0
93.3
67.3
165.6
201.4
12.3
$337.8
202.9
12.1
$348.2
203.1
11.8
$359.7
202.3
12.5
$371.6
204.4
10.8
$380.8
$42.2
$45.0
$51.6
$53.4
$58.1
91.6
82.8
73.8
65.8
54.8
204.0
$337.8
220.4
$348.2
234.3
$359.7
252.4
$371.6
267.9
$380.8
62.1
57.7
42.2
77.6
70.1
58.0
45.0
83.1
78.8
61.2
51.6
88.4
87.1
61.9
53.4
95.6
93.3
67.3
58.1
102.5
15.4%
15.3%
15.1%
15.0%
15.1%
44.4x
41.3x
34.3x
51.4x
46.4x
38.4x
34.0x
50.8x
48.3x
37.5x
34.3x
51.6x
49.3x
35.0x
34.0x
50.3x
49.3x
35.6x
34.4x
50.5x
Cash Flow
2003
$28.9
6.8
3.1
0.5
0.3
$32.4
2004
$32.8
6.2
8.0
0.3
2.8
$33.5
2005
$20.0
6.0
8.7
3.2
6.6
$20.7
2006
$36.0
5.9
8.3
0.7
1.8
$34.7
2007
$38.5
6.1
6.2
5.4
4.7
$37.7
$7.3
0.5
$7.8
$7.7
(0.2)
$7.5
$6.2
(0.3)
$5.9
$5.1
0.7
$5.8
$8.2
(1.7)
$6.5
$8.0
14.4
$22.4
$8.8
16.4
$25.2
$9.0
6.1
$15.1
$8.0
17.9
$25.9
$11.0
23.0
$34.0
$2.2
$0.8
($0.3)
$3.0
($2.8)
Comparable Companies
ho
Company:
Cathleen Sinclair
General Health & Bea
Women's Care Compa
Skin Care Enterprises
Company:
Cathleen Sinclair
General Health & Beauty
Women's Care Company
Skin Care Enterprises
Average
Market
Value
298.9
319.3
498.6
1,204.2
NetEnterprise
Debt
Value
1,329.6
1,628.5
63.1
382.4
55.3
553.9
371.9
1,576.1
EBITDA
19.0%
13.9%
13.3%
12.5%
14.6%
Equity
Beta Revenue EBITDA
2.22
1,346.8
255.3
1.95
446.1
61.9
1.14
397.3
52.7
1.35
1,247.6
155.8
EBIT
163.4
51.9
49.3
125.4
Net
Income
21.5
23.8
77.0
65.3
Book
Value
(1,112.8)
204.2
43.7
316.2
EBIT
10.0x
7.4x
11.2x
12.6x
10.3x
P/E
13.9x
13.4x
6.5x
18.4x
13.1x
P/B
NM
1.6x
11.4x
3.8x
5.6x
Company:
Cathleen Sinclair
General Health & Beauty
Women's Care Company
Skin Care Enterprises
Average
Dbet/
Value
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Debt/
Equity
0.0%
5.3%
11.1%
17.6%
25.0%
33.3%
Debt/
Value
81.6%
16.5%
10.0%
23.6%
32.9%
Debt/
Equity
444.9%
19.8%
11.1%
30.9%
49.1%
Equity
Beta
2.22
1.95
1.14
1.35
1.67
Debt
Beta
0.25
0.00
0.00
0.00
0.06
Asset
Beta
0.79
1.74
1.07
1.14
1.18
Asset
Beta
1.18
1.18
1.18
1.18
1.18
1.18
Equity
Beta
1.18
1.22
1.26
1.31
1.36
1.42
Cost of
Equity
9.67%
9.86%
10.07%
10.30%
10.56%
10.86%
Cost of
Debt
7.75%
7.75%
7.75%
7.75%
7.75%
7.75%
WACC
9.67%
9.60%
9.53%
9.45%
9.38%
9.31%
Assumptions:
10-Year Treasury
Market Risk Premium
3.75%
5.00%
Tax Rate
40.0%
7.0x
514.5
49.8
57.8
107.6
Existing D/V
Estimated New D/V
9.7%
20.9%
0.00
7.75%
Cost Components:
Facility Expansion
Manufacturing Equipment
Packaging Equipment
Working Capital (1)
Total Investment
Amount
$10,000
20,000
15,000
12,817
57,817
Investment
Est. Life
20yrs.
10yrs.
10yrs.
Percent
Cost of
Depr' Maintenance Maintenance
500
5.0%
500
2,000
5.0%
1,000
1,500
5.0%
750
0
0.0%
0
4,000
2,250
Operating Assumptions
Operating Assumptions
Revenue Projection:
Total Capacity (000's)
Capacity Utilization
Unit Volume
Selling Price Per Unit - Growing at
Revenue
2009
80,000
60.0%
48,000
1.77
84,960
2010
80,000
65.0%
52,000
1.81
93,881
2011
80,000
70.0%
56,000
1.84
103,124
2012
80,000
75.0%
60,000
1.88
112,700
2013
80,000
80.0%
64,000
1.92
122,618
2014
80,000
85.0%
68,000
1.95
132,887
2015
80,000
85.0%
68,000
1.99
135,545
2016
80,000
85.0%
68,000
2.03
138,256
2017
80,000
85.0%
68,000
2.07
141,021
2018
80,000
85.0%
68,000
2.12
143,841
1.0%
3.0%
3.0%
0.94
3,920
2,250
0.95
4,038
2,318
0.96
4,159
2,387
0.97
4,283
2,459
0.98
4,412
2,532
0.99
4,544
2,608
1.00
4,681
2,687
1.01
4,821
2,767
1.02
4,966
2,850
1.03
5,115
2,936
3.5%
4
160.0
640.0
4
165.6
662.4
6
171.4
1,028.4
6
177.4
1,064.4
6
183.6
1,101.6
6
190.0
1,140.2
6
196.7
1,180.1
6
203.6
1,221.4
6
210.7
1,264.1
6
218.1
1,308.4
20.00
2,000
40,000
450
18,000.0
20.70
2,000
41,400
473
19,570.9
21.42
2,000
42,849
509
21,814.0
22.17
2,000
44,349
545
24,190.2
22.95
2,000
45,901
582
26,706.0
23.75
2,000
47,507
618
29,368.2
24.59
2,000
49,170
618
30,396.1
25.45
2,000
50,891
618
31,460.0
26.34
2,000
52,672
618
32,561.1
27.26
2,000
54,516
618
33,700.7
18,640.0
20,233.3
22,842.4
25,254.6
27,807.6
30,508.4
31,576.2
32,681.4
33,825.2
35,009.1
7.8%
7.8%
7.8%
7.8%
7.8%
7.8%
7.8%
7.8%
7.8%
7.8%
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
47.6x
37.6x
34.2x
0.38
0.38
0.39
0.40
0.42
0.43
0.45
0.46
0.48
0.50
0.05
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
Production Costs:
Raw Materials Per Unit Growing at
Manufacturing Overhead Growing at
Maintenance Expense Growing at
Salaried Labor Cost:
Managers
Average Annual Fully Loaded Cost
Total Salaried Labor Cost
Hourly Labor Cost:
Average Fully Loaded Hourly Cost
Hours Per Year
Cost Per Hourly Employee
Number of Hourly Workers
Total Hourly Labor Cost (000's)
Total Labor Cost
2.0%
3.5%