Beruflich Dokumente
Kultur Dokumente
Divya Banarje
Himanshu Jham
Sumit Das
Table of Contents
Base Case
WACC Calculation
Terminal val with Same growth for diff segments
Terminal val with diff growth for diff segments
Terminal val with no growth
Senstivity Analysis
Synergy Calculation
WACC Calculation
Terminal value with same growth for all segments
Terminal val. Assuming diff growth for diff. segments
Terminal val with no growth
Senstivity Analysis
| 15P116
u | 15P117
| 15P118
Company
D&B Shoe Company
Marina Wilderness
General Shoe Corp.
Kinsley Coulter Products
Victory Athletic
Surfside Footwear
Alpine Company
Heartland Outdoor Footware
Templeton Athletic
Debt to Equity
Unlevered Beta
2.27
2.03
1.61
0.86
0.86
1.77
1.08
1.05
0.78
1.08
1.25
4.73%
10%
11.30%
6.00%
9.76%
1.098
2.50%
416,986
349,713
449,565
370,162
397,111
337,238
Operating Expenses
Operating Income
Depriciation
Capex
Working capital
Change in Working Capital
Share of corporate overhead
Operating Profit
FCFF
2007
2008
Men's athletic
219,093 251,957 282,192
12.0%
218,435 244,647
33,522 37,545
5,039
5,644
6,823
7,055
49,366 57,130 64,244
7,764
7,114
4,461
4,997
29,061 32,548
7,889 11,004
Revenue
Men's Casual
51,663 52,179
Revenue
Operating Expenses
Operating Income
Depriciation
Capex
Working capital
Change in Working Capital
Share of corporate overhead
Operating Profit
FCFF
Revenue
Operating Expenses
Operating Income
Depriciation
Capex
Working capital
Change in Working Capital
Share of corporate overhead
Operating Profit
FCFF
Revenue
Operating Expenses
Operating Income
Depriciation
2009
310,411
10.0%
269,112
41,299
6,208
7,760
70,663
6,419
5,496
35,803
13,511
53,223
2.0%
44,711
8,512
1,065
1,331
12,117
286
942
7,570
3,990
54,287
2.0%
45,605
8,682
1,086
1,357
12,358
241
961
7,721
4,120
Women's Athletic
123,563 138,390 153,613
11.0%
124,302 137,976
14,088 15,637
2,768
3,072
3,747
3,840
27,841 31,379 34,972
3,538
3,593
2,450
2,720
11,638 12,917
2,465
3,390
167,438
9.0%
150,393
17,045
3,349
4,186
38,116
3,145
2,965
14,080
4,467
11,641
43,834
8,345
1,044
1,413
11,831
191
924
7,421
3,893
Women's casual
36,802 36,802
37,265
-463
736
0
0
0
0
0
0
Working capital
Change in Working Capital
Share of corporate overhead
Operating Profit
FCFF
Consolidated Revenue
Operating Expense
Corporate Overhead
Consolidated Operating Income
8,292
0
0
0
0
0
0
0
0
0
0
Consolidated
431,121 479,328 489,028 532,136
11.2%
2.0%
8.8%
423,836 427,334 465,110
8,487
8,659
9,422
1.771% 1.771% 1.771%
47,005 53,035 57,604
11,983
2.50%
9,587
2.00%
14.18%
Estimated Depriciation
11,546
FCFF
Discount Rate
Present Value
EV
Restricted Cash
As a % of Revenue
8,345
53
652
-1,115
15
12,226 13,303
2.50%
2.50%
9,781 10,643
2.00%
2.00%
13.50% 13.72%
2,648
9,805
4161
0.0087
4195
0.0086
4566
0.0086
Accounts Recievables
As a % of Revenue
45910
47888
0.100
48857
0.100
53164
0.100
Inventory
As a % of Revenue
73149
83770
0.175
85465
0.175
92999
0.175
Prepaid Expenses
As a % of Revenue
10172
14474
0.0302
14767
0.0302
16069
0.0302
PP&E
As a % of Revenue
32618
35015
0.0731
37460
0.0766
40120
0.0754
Accounts Payables
As a % of Revenue
16981
18830
0.039
18985
0.039
20664
0.039
Accrued Expenses
As a % of Revenue
18810
22778
0.0475
22966
0.0470
24996
0.0470
97139.239454
108685
111333 121138
2010
2011
335,244
8.0%
290,641
44,603
6,705
8,381
76,314
5,650
5,936
38,667
15,874
352,006
5.0%
305,173
46,833
7,040
8,800
80,128
3,814
6,233
40,600
18,786
286,139
24,360
249,534
55,916
3.0%
46,973
8,943
1,118
1,398
12,728
370
990
7,953
4,122
57,594
3.0%
48,382
9,212
1,152
1,440
13,110
382
1,020
8,192
4,246
4,915
55,790
50,350
179,159
7.0%
160,921
18,238
3,583
4,479
40,783
2,667
3,172
15,066
5,477
188,117
5.0%
168,967
19,150
3,762
4,703
42,821
2,038
3,331
15,819
6,513
9,492
107,636
97,227
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
570,319 597,717
7.2%
4.8%
498,535 522,522
10,098 10,583
1.771% 1.771%
61,686 64,612
14,258 14,943
2.50%
2.50%
11,406 11,954
2.00%
2.00%
13.73% 13.44%
8,687
6,234
Terminal Value with same growth fo diff segments
25,473 29,544
1.45
1.59
17,549 18,544
4894
0.0086
5130
0.0086
56978
0.100
59715
0.100
99672 104460
0.175
0.175
17222
0.0302
18049
0.0302
42972
0.0753
45961
0.0769
22149
0.039
23214
0.039
26792
0.0470
28081
0.0470
416,986
1.59
261,732
129825
136059
Beta
370161.60
0.88
0.93
0.98
1.03
1.08
1.13
1.18
1.23
1.28
17%
19%
Sensitivity Analysis
WACC
21%
ensitivity Analysis
WACC
23%
25%
27%
29%
31%
D/E
29.90%
-7.60%
32.20%
49.70%
21.70%
34.30%
28.50%
-6.70%
42.60%
25%
Unlevered Beta
2.27
2.03
1.61
0.86
0.86
1.77
1.08
1.05
0.78
1.08
1.25
4.73%
Cost of Equity
Cost of Debt
WACC
Discount Factor
Growth
Terminal value with same growth for all segments
EV
10%
0.11
0.06
0.098
1.098
2.50%
460,609
410,033
494,423
431,258
416,067
382,076
2006
Revenue
Revenue Growth
Operating Expenses
Operating Income
Depriciation
Capex
Working capital
Change in Working Capital
Share of corporate overhead
Operating Profit
FCFF
Revenue
Revenue Growth
Operating Expenses
Operating Income
Depriciation
Capex
Working capital
Change in Working Capital
Share of corporate overhead
Operating Profit
FCFF
Revenue
Revenue Growth
Operating Expenses
Operating Income
Depriciation
Capex
Working capital
Change in Working Capital
Share of corporate overhead
Operating Profit
FCFF
Revenue
Revenue Growth
Operating Expenses
Operating Income
2007
Men's athletic
219,093
251,957
49,366
218,435
33,522
5,039
6,299
42,404
-6,962
4,461
29,061
23,138
Men's Casual
51,663
52,179
43,834
8,345
1,044
1,304
11,641
8,782
-2,859
924
7,421
7,051
Women's Athletic
123,563
138,390
27,841
124,302
14,088
2,768
3,460
23,291
-4,550
2,450
11,638
10,841
Women's casual
36,802
37,906
34,495
3,412
Capex
Depriciation
Working capital
Change in Working Capital
Share of corporate overhead
Operating Profit
FCFF
8,292
948
758
6,380
-1,913
671
2,740
3,367
Operating Expense
Corporate Overhead
Consolidated Operating Income
Consolidated
431,121
480,432
11.4%
421,066
8,507
50,860
12,011
9,609
Consolidated Revenue
Change in WC
-16,284
FCFF
Discount Factor
Present Value
EV
Restricted Cash
% sales
44,397
1.10
40,449
410,033
3699.239454
0.009
4161
0.009
Accounts Recievables
% sales
45910
47888
0.0997
Inventory
% sales
73149 55940.71932
0.116
Prepaid Expenses
% sales
10172
14474
0.030
PP&E
% sales
32618
35015
0.073
Accounts Payables
% sales
16981
18830
0.039
Accrued Expenses
% sales
18810
22778
0.047
97139.2
80855.7
2008
2009
2010
2011
athletic
282,192
12.0%
244,647
37,545
5,644
7,055
46,681
4,278
4,997
32,548
13,841
310,411
10.0%
269,112
41,299
6,208
7,760
51,405
4,723
5,496
35,803
15,206
335,244
8.0%
290,641
44,603
6,705
8,381
55,560
4,155
5,936
38,667
17,369
352,006
5.0%
305,173
46,833
7,040
8,800
58,356
2,797
6,233
40,600
19,803
301,636
24,360
249,534
Casual
53,223
2.0%
44,711
8,512
1,064
1,331
54,287
2.0%
45,605
8,682
1,086
1,357
55,916
3.0%
46,973
8,943
1,118
1,398
57,594
3.0%
48,382
9,212
1,152
1,440
8,804
23
942
7,570
4,253
8,990
186
961
7,721
4,175
9,267
277
990
7,953
4,215
9,548
281
1,020
8,192
4,346
4,915
57,111
50,350
153,613
11.0%
137,976
15,637
3,072
3,840
25,411
2,121
2,720
12,917
4,862
167,438
9.0%
150,393
17,045
3,349
4,186
27,728
2,317
2,965
14,080
5,294
179,159
7.0%
160,921
18,238
3,583
4,479
29,692
1,964
3,172
15,066
6,180
188,117
5.0%
168,967
19,150
3,762
4,703
31,186
1,495
3,331
15,819
7,056
9,492
116,622
97,226
39,043
40,215
41,421
42,664
35,529
3,514
36,595
3,619
37,693
3,728
38,824
3,840
Athletic
s casual
976
781
6,459
0
691
2,823
1,498
1,005
804
6,660
201
712
2,907
1,342
1,036
828
6,865
205
733
2,994
1,385
1,067
853
7,073
208
755
3,084
1,429
1,851
528,071
9.9%
462,863
9,350
55,858
572,351
8.4%
501,705
10,134
60,511
611,740
6.9%
536,228
10,831
64,680
640,381
4.7%
561,346
11,339
67,696
13,202
10,561
14,309
11,447
15,293
12,235
16,010
12,808
6,500
7,427
6,600
4,781
19,055
18,957
dated
24,374
1.20
20,231
26,018
1.32
19,675
29,149
1.45
20,082
4195
0.008
4566
0.008
4894
0.008
5130
0.008
48857
0.0925
53164
0.0929
56978
0.0931
59715
0.0932
16069
0.028
17222
0.028
18049
0.028
37460
0.071
40120
0.070
42972
0.070
45961
0.072
18985
0.036
20664
0.036
22149
0.036
23214
0.036
22966
0.043
24996
0.044
26792
0.044
28081
0.044
87355.7
94782.6
101383.0
106163.9
Sensitivity Analysis
Beta
410,033
2%
2.25%
2.50%
2.75%
3%
431257.95
0.88
0.93
0.98
1.03
1.08
1.13
1.18
1.23
1.28
17%
19%
9%
9.50%
10%
WACC
21%
10.50%
lysis
WACC
23%
11%
25%
27%
29%
31%