Raw Data

Key Financial Items

Cash
Receivables
Inventory
Total Current Assets
Total Assets
Total Current Liabilities
Total Liabilities
Total Stockholder Equity
Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense

2007
758
5565
4760
11935
28603
7523
19160
9443
43917
29260
3264
2676
1654
218

2008
716
5776
5343
12928
31392
8314
20327
11065
48163
31790
3519
2960
1841
246

2009
2245
5497
5384
13922
32293
8220
19264
13029
46839
31445
3601
3031
3198
280

2010
1648
6226
5838
14405
34995
9588
20790
14205
52620
34927
4296
3860
2408
334

2011
813
6757
6254
14706
37349
11117
21716
15633
59490
39399
5041
4497
2787
396

Raw Data

Forecast
Sales g:

2.00%

Dollar Amounts
Cash
Receivables
Inventory
Other Current Assets
Total Current Assets
Net Fixed Assets
Total Assets

2007
758
5565
4760
852
11935
16668
28603

2008
716
5776
5343
1093
12928
18464
31392

2009
2245
5497
5384
796
13922
18371
32293

2010
1648
6226
5838
693
14405
20590
34995

2011
813
6757
6254
882
14706
22643
37349

2012
2013
2014
2015
2338.34 4947.65 7609.15 10323.87
7231.87 7376.50 7524.03 7674.52
6254.00 6254.00 6254.00 6254.00
1056.85 1077.99 1099.55 1121.54
16881.06 19656.14 22486.73 25373.93
22643.00 22643.00 22643.00 22643.00
39524.06 42299.14 45129.73 48016.93

2016
13092.89
7828.01
6254.00
1143.97
28318.87
22643.00
50961.87

Total Current Liabilities

Total Long-term Liabilities
Total Liabilities
Total Stockholder Equity
Total Liabilities+Stockholder Equity

7523
11637
19160
9443
28603

8314
12013
20327
11065
31392

8220
11044
19264
13029
32293

9588
11202
20790
14205
34995

11117
10599
21716
15633
37349

10782.81
10599.00
21381.81
18142.24

11671.67
10599.00
22270.67
28691.20

43917
29260
3264
2676
1654
218
13.18%
2007

48163
31790
3519
2960
1841
246
13.36%
2008

46839
31445
3601
3031
3198
280
8.76%
2009

52620
34927
4296
3860
2408
334
13.87%
2010

Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense
Dividend Payout Ratio
Percent of Sales
Cash
Receivables
Inventory
Other Current Assets
Total Current Assets
Net Fixed Assets
Total Assets

12.67%
10.84%
1.94%

17.13%

11.99%
11.09%
2.27%

17.26%

11.74%
11.49%
1.70%

Total Current Liabilities

Total Long-term Liabilities
Total Liabilities
Total Stockholder Equity
Total Liabilities+Stockholder Equity

Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

66.63% 66.01% 67.13% 66.38% 66.23% 66.47%
7.43%
7.31%
7.69%
8.16%
8.47%
7.81%
6.09%
6.15%
6.47%
7.34%
7.56%
6.72%
3.77%
3.82%
6.83%
4.58%
4.68%
4.74%
-

17.55%

11.83%
11.09%
1.32%

18.22%

59490
39399
5041
4497
2787
396 Average
14.21% 12.68%
2011 Average
11.36% 11.92%
10.51% 11.01%
1.48%
1.74%
-

18.69%
-

A2RE

10998.47
10599.00
21597.47
20701.67

11218.44
10599.00
21817.44
23312.29

11442.81
10599.00
22041.81
25975.12

60679.80 61893.40 63131.26 64393.89 65681.77

40336.14 41142.86 41965.72 42805.04 43661.14
4740.86 4835.68 4932.39 5031.04 5131.66
4078.30 4159.86 4243.06 4327.92 4414.48
2873.47 2930.94 2989.56 3049.35 3110.33
364.22
371.51
378.94
386.52
394.25
2509.24 2559.43 2610.62 2662.83 2716.09

17.77%
-

Forecast

Valuation

Dividend Expense (in millions)

Dividend per Share

Now

2012
364.22
0.544187559
0.508586504

2013
2014
2015
2016
2017
2018
2019 etc
371.51
378.94
386.52
394.25
0
0
0 etc
0.55507131 0.566173 0.577496 0.589046 0.603772 0.618867 0.634338 etc
P2015
13.08991
0.484820779 0.462166 10.4268

PRICE
11.88237
r
g
# of Shares (in millions)

7.00%
2.50%
669.3

Valuation

Ratio Analysis

Current Ratio
Accounts Receiveable Turnover
Average Collection Period (per 360 days)
Inventory Turnover
Days to Sell Inventory (per 360 days)
Net Profit Margin
Total Asset Turnover

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

1.5865
7.8916
45.6179
6.1471
58.5646
0.0377
1.5354

1.5550
8.3385
43.1734
5.9498
60.5058
0.0382
1.5342

1.6937
8.5208
42.2494
5.8405
61.6391
0.0683
1.4504

1.5024
8.4517
42.5952
5.9827
60.1735
0.0458
1.5036

1.3228
8.8042
40.8896
6.2998
57.1446
0.0468
1.5928

1.5656
8.3906
42.9051
6.4497
55.8169
0.0474
1.5353

1.7872
8.3906
42.9051
6.5786
54.7225
0.0474
1.4632

2.0044
8.3906
42.9051
6.7102
53.6495
0.0474
1.3989

2.2175
8.3906
42.9051
6.8444
52.5975
0.0474
1.3411

2.4263
8.3906
42.9051
6.9813
51.5662
0.0474
1.2888

Observing Target's increasing current ratio shows that it is becoming more prepared to pay its debt coming soon with cash from its most liquid assets.
Observing Target's steady increase in A/R Turnover shows that it will take less time to collect an entire balance of A/R on average.
Observing Target's steady decrease in collection period shows that it will take less time to collect an entire balance of A/R in a year.
Observing Target's increase in inventory turnover shows that it will take more time to turn over an entire balance of Inventory on average.
Observing Target's decreasing in days to sell inventory shows that it is projected to take less days to turn over an entire balance of inventory once, on average.
Observing Target's slight and steady increase in net profit margin shows that it will be able to manage all expenses while generating sales.
Observing Target's decreasing total asset turnover shows that it is becoming less able to use all of its assets to generate sales.

Ratio Analysis