241209672 Hansson Private Label Final

HANSSON PRIVATE LABEL

Operating Results: Revenue Less: Cost of Goods Sold #o%% Po&'t Less Less:: Sel Sellin ling, Genera nerall & Adin diniistra strati ti! !e EBIT)A Less: #e$re%iation EBIT Less: nterest '($ense EBT Less: )a(es Net Income

*e!en+e GrotGross argin Selling, General & Adinistrati!e*e!en+e ')#A argin ') argin et n%oe argin argin 'ffe%ti!e )a( *ate

Income Statement

2003 $5034 405.2 (!2 3".8 ".8 604 6.8 536 5.5 4!" 19.2 $2!(

2004 $5437 432.3 "" """4 44.6 4.6 66! 6.2 606 5.8 54! 22 22.0 $3 $32!

2005 $5!72 496.2 ("0 45.8 5.8 452 6.0 3(2 5.9 333 13 13.3 $2 $200

2006 $636" 513.4 "227 51.5 51.5 7"2 5.9 653 5.3 600 24 24.0 $3 $360

2007 $6!07 558.2 "225 49.0 49.0 735 6.1 674 3.3 64" 25 25.6 $3 $3!5

*a+'n%, A 19.5/ ".5/ 12.0/ 10.6/ 5."/ 39.9/

8.0/ 20.5/ 8.2/ 12.3/ 11.1/ 6.0/ 40.1/

8.0/ 15.5/ ".8/ "."/ 6."/ 3.4/ 39.9/

8.3/ 19.3/ 8.1/ 11.2/ 10.3/ 5."/ 40.0/

".0/ 18.0/ ".2/ 10.8/ 9.9/ 5."/ 39.9/

Harvard Business Business Publishing


Assets: Cas- & Cas- '+i!alents A%%o+nts *e%ei!ale n!entor Tota- /uent A%%et%

Ba-ance S.eet

2003 4.3 62.1 5"." "24"

2004 5.1 "0.1 58.0 "332

2005 4.8 "8.8 61.2 "44!

2006 ".8 8".1 61.9 "56!

2007 5.0 93.3 6".3 "656

201.4 12.3 $337!

202.9 12.1 $34!2

203.1 11.8 $35(7

202.3 12.5 $37"6

204.4 10.8 $3!0!

42.2

45.0

51.6

53.4

58.1

91.6

82.8

"3.8

65.8

54.8

204.0 $337!

220.4 $34!2

234.3 $35(7

252.4 $37"6

26".9 $3!0!

62.1 5"." 42.2 776

"0.1 58.0 45.0 !3"

"8.8 61.2 51.6 !!4

8".1 61.9 53.4 (56

93.3 6".3 58.1 "025

et ;or
15.4/

15.3/

15.1/

15.0/

15.1/

#as Sales +tstanding #as Sales n!entor #as 7aale +tstanding =1>

44.4( 41.3( 34 3(

46.4( 38.4( 34 0(

48.3( 3".5( 34 3(

49.3( 35.0( 34 0(

49.3( 35.6( 34 4(

7ro$ert, 7lant & '+i$ent t-er onC+rrent Assets Tota- A%%et% Liabilities & Owners' Equity: A%%o+nts 7aale & A%%r+ed Liailities

Long)er #et ners '+it Tota- L'a'-'t'e% 1 One% Eu't

Net !r"ing #apital: A%%o+nts *e%ei!ale 7l+s: n!entor Less: A%%o+nts 7aale & A%%r+ed '($enses Net o'n+ /a8'ta-


Assets: Cas- & Cas- '+i!alents A%%o+nts *e%ei!ale n!entor Tota- /uent A%%et%

Ba-ance S.eet

2003 4.3 62.1 5"." "24"

2004 5.1 "0.1 58.0 "332

2005 4.8 "8.8 61.2 "44!

2006 ".8 8".1 61.9 "56!

2007 5.0 93.3 6".3 "656

201.4 12.3 $337!

202.9 12.1 $34!2

203.1 11.8 $35(7

202.3 12.5 $37"6

204.4 10.8 $3!0!

42.2

45.0

51.6

53.4

58.1

91.6

82.8

"3.8

65.8

54.8

204.0 $337!

220.4 $34!2

234.3 $35(7

252.4 $37"6

26".9 $3!0!

62.1 5"." 42.2 776

"0.1 58.0 45.0 !3"

"8.8 61.2 51.6 !!4

8".1 61.9 53.4 (56

93.3 6".3 58.1 "025

et ;or
15.4/

15.3/

15.1/

15.0/

15.1/

#as Sales +tstanding #as Sales n!entor #as 7aale +tstanding =1> Cas-toCas-

44.4( 41.3( 34.3( 51.4(

46.4( 38.4( 34.0( 50.8(

48.3( 3".5( 34.3( 51.6(

49.3( 35.0( 34.0( 50.3(

49.3( 35.6( 34.4( 50.5(

7ro$ert, 7lant & '+i$ent t-er onC+rrent Assets Tota- A%%et% Liabilities & Owners' Equity: A%%o+nts 7aale & A%%r+ed Liailities

Long)er #et ners '+it Tota- L'a'-'t'e% 1 One% Eu't

Net !r"ing #apital: A%%o+nts *e%ei!ale 7l+s: n!entor Less: A%%o+nts 7aale & A%%r+ed '($enses Net o'n+ /a8'ta-

=1> ased on total o$erating e($enses e(%l+ding de$re%iation.

Harvard Business Publishing


#ash $r!% Operati!ns: Net Income 7l+s: #e$re%iation Less: n%rease in A%%o+nts *e%ei!ale Less: n%rease in n!entor 7l+s: n%rease in A%%o+nts 7aale Tota- /a%. 9om O8eat'on% #ash $r!% nvesting: Ca$ital '($endit+res 7l+s: n%reases in t-er onC+rrent Assets Tota- /a%. :%e; 'n Inve%t'n+ #ash $r!% $inaning: *e$aent of #et 7l+s: #i!idend 7aents /a%. :%e; 'n 9'nanc'n+ Tota- /a%. #eneate;

/a%. 9-o

2003 $2!( 6.8 3.1 0.5 0.3 $324

2004 $32! 6.2 8.0 0.3 2.8 $335

2005 $200 6.0 8." 3.2 6.6 $207

2006 $360 5.9 8.3 0." 1.8 $347

2007 $3!5 6.1 6.2 5.4 4." $377

".3 0.5 $7!

"." =0.2> $75

6.2 =0.3> $5(

5.1 0." $5!

8.2 =1."> $65

8.0 14.4 $224

8.8 16.4 $252

9.0 6.1 $"5"

8.0 1".9 $25(

11.0 23.0 $340

$22

$0!

<$03=

$30

<$2!=


#ash $r!% Operati!ns: Net Income 7l+s: #e$re%iation Less: n%rease in A%%o+nts *e%ei!ale Less: n%rease in n!entor 7l+s: n%rease in A%%o+nts 7aale Tota- /a%. 9om O8eat'on% #ash $r!% nvesting: Ca$ital '($endit+res 7l+s: n%reases in t-er onC+rrent Assets Tota- /a%. :%e; 'n Inve%t'n+ #ash $r!% $inaning: *e$aent of #et 7l+s: #i!idend 7aents /a%. :%e; 'n 9'nanc'n+ Tota- /a%. #eneate;

/a%. 9-o

2003 $2!( 6.8 3.1 0.5 0.3 $324

2004 $32! 6.2 8.0 0.3 2.8 $335

2005 $200 6.0 8." 3.2 6.6 $207

2006 $360 5.9 8.3 0." 1.8 $347

2007 $3!5 6.1 6.2 5.4 4." $377

".3 0.5 $7!

"." =0.2> $75

6.2 =0.3> $5(

5.1 0." $5!

8.2 =1."> $65

8.0 14.4 $224

8.8 16.4 $252

9.0 6.1 $"5"

8.0 1".9 $25(

11.0 23.0 $340

$22

$0!

<$03=

$30

<$2!=



#!%pany: Cat-leen Sin%lair General ?ealt- & ea ;oens Care Co$a S
#!%pany: Cat-leen Sin%lair General ?ealt- & ea+t ;oens Care Co$an S
*aet Va-ue 298.9 319.3 498.6 1,204.2

/om8aa-e /om8an'e%

Net nte8'%e )et Va-ue 1,329.6 1,628.5 63.1 382.4 55.3 553.9 3"1.9 1,5"6.1

EBIT)A 19.0/ 13.9/ 13.3/ 12.5/ "46?

Eu't Beta 2.22 1.95 1.14 1.35

Revenue EBIT)A 1,346.8 255.3 446.1 61.9 39".3 52." 1,24".6 155.8

EBIT 163.4 51.9 49.3 125.4

Net Income 21.5 23.8 "".0 65.3

EBIT Ean'n+% Revenue EBIT)A 12.1/ 1.6/ 1.2( 6.4( 11.6/ 5.3/ 0.9( 6.2( 12.4/ 19.4/ 1.4( 10.5( 10.1/ 5.2/ 1.3( 10.1( ""6? 7(? "2@ !3@

EBIT 10.0( ".4( 11.2( 12.6( "03@

P>E 13.9( 13.4( 6.5( 18.4( "3"@

Boo Va-ue =1,112.8> 204.2 43." 316.2

P>B  1.6( 11.4( 3.8( 56@


#!%pany: Cat-leen Sin%lair General ?ealt- & ea ;oens Care Co$a S
*aet Va-ue 298.9 319.3 498.6 1,204.2

#!%pany: Cat-leen Sin%lair General ?ealt- & ea+t ;oens Care Co$an S
/om8aa-e /om8an'e%

Net nte8'%e )et Va-ue 1,329.6 1,628.5 63.1 382.4 55.3 553.9 3"1.9 1,5"6.1

EBIT)A 19.0/ 13.9/ 13.3/ 12.5/ "46?

Eu't Beta 2.22 1.95 1.14 1.35

Revenue EBIT)A 1,346.8 255.3 446.1 61.9 39".3 52." 1,24".6 155.8

EBIT 163.4 51.9 49.3 125.4

Net Income 21.5 23.8 "".0 65.3

EBIT Ean'n+% Revenue EBIT)A 12.1/ 1.6/ 1.2( 6.4( 11.6/ 5.3/ 0.9( 6.2( 12.4/ 19.4/ 1.4( 10.5( 10.1/ 5.2/ 1.3( 10.1( ""6? 7(? "2@ !3@

EBIT 10.0( ".4( 11.2( 12.6( "03@

P>E 13.9( 13.4( 6.5( 18.4( "3"@

Boo Va-ue =1,112.8> 204.2 43." 316.2

P>B  1.6( 11.4( 3.8( 56@



#!%pany: Cat-leen Sin%lair General ?ealt- & ea+t ;oens Care Co$an S Va-ue 0.0/ 5.0/ 10.0/ 15.0/ 20.0/ 25.0/

)et> Eu't 0.0/ 5.3/ 11.1/ 1".6/ 25.0/ 33.3/

e'+.te; Avea+e /o%t o& /a8'ta-

)et> Va-ue 81.6/ 16.5/ 10.0/ 23.6/ 32(?

)et> Eu't 444.9/ 19.8/ 11.1/ 30.9/ 4("?

Eu't Beta 2.22 1.95 1.14 1.35 "67

)et Beta 0.25 0.00 0.00 0.00 006

A%%et Beta 0."9 1."4 1.0" 1.14 ""!

A%%et Beta 1.18 1.18 1.18 1.18 1.18 1.18

Eu't Beta 1.18 1.22 1.26 1.31 1.36 1.42

/o%t o& Eu't 9.6"/ 9.86/ 10.0"/ 10.30/ 10.56/ 10.86/

/o%t o& )et "."5/ "."5/ "."5/ "."5/ "."5/ "."5/

A// 9.6"/ 9.60/ 9.53/ 9.45/ 9.38/ 9.31/

A%%um8t'on%, 10@ear )reas+r ar
3."5/ 5.00/

)a( *ate

40.0/

'st. ?ansson ')#A +lti$le 'st. ?ansson 'nter$rise al+e

".0( 514.5

'(isting et #et 7l+s: e '($ansion #et Tota- E%t'mate; )et

49.8 5".9 "077

'(isting # 'stiated e #

9."/ 20.9/

Ass+ed #et eta 'stiated Cost of #et

0.00 "."5/


#!%pany: Cat-leen Sin%lair General ?ealt- & ea+t ;oens Care Co$an S Va-ue 0.0/ 5.0/ 10.0/ 15.0/ 20.0/ 25.0/

)et> Eu't 0.0/ 5.3/ 11.1/ 1".6/ 25.0/ 33.3/

e'+.te; Avea+e /o%t o& /a8'ta-

)et> Va-ue 81.6/ 16.5/ 10.0/ 23.6/ 32(?

)et> Eu't 444.9/ 19.8/ 11.1/ 30.9/ 4("?

Eu't Beta 2.22 1.95 1.14 1.35 "67

)et Beta 0.25 0.00 0.00 0.00 006

A%%et Beta 0."9 1."4 1.0" 1.14 ""!

A%%et Beta 1.18 1.18 1.18 1.18 1.18 1.18

Eu't Beta 1.18 1.22 1.26 1.31 1.36 1.42

/o%t o& Eu't 9.6"/ 9.86/ 10.0"/ 10.30/ 10.56/ 10.86/

/o%t o& )et "."5/ "."5/ "."5/ "."5/ "."5/ "."5/

A// 9.6"/ 9.60/ 9.53/ 9.45/ 9.38/ 9.31/

A%%um8t'on%, 10@ear )reas+r ar
3."5/ 5.00/

)a( *ate

40.0/

'st. ?ansson ')#A +lti$le 'st. ?ansson 'nter$rise al+e

".0( 514.5

'(isting et #et 7l+s: e '($ansion #et Tota- E%t'mate; )et

49.8 5".9 "077

'(isting # 'stiated e #

9."/ 20.9/

Ass+ed #et eta 'stiated Cost of #et

0.00 "."5/



O8eat'n+ A%%um8t'on%

Operating Assu%pti!ns Revenue Pr!(eti!n: )otal Ca$a%it =000s> Ca$a%it Btiliation :n't Vo-ume Selling 7ri%e 7er Bnit  Groing at Revenue Pr!duti!n #!sts: *a aterials 7er Bnit Groing at a n+fa%t+ ri ng !er-ea d Groin g at aintenan%e '($ense Groing at )alaried Lab!r #!st: anagers A!erage Ann+al D+ll Loaded Cost Tota- Sa-a'e; Lao /o%t H!urly Lab!r #!st: A!erage D+ll Loaded ?o+rl Cost ?o+rs 7er @ear /o%t Pe Hou- Em8-oee +er of ?o+rl ;or
200( 80,000 60.0/ 4!000 1."" !4(60

20"0 80,000 65.0/ 52000 1.81 (3!!"

20"" 80,000 "0.0/ 56000 1.84 "03"24

1.0/ 3 .0 / 3.0/

0.94 3,600 2,250

0.95 3,"0 8 2,318

0.96 3,8 19 2,38"

0.9" 3,934 2,459

0.98 4,052 2,532

0.99 4,1"3 2,608

1.00 4,299 2,68"

1.01 4,42 8 2,"6"

1.02 4,56 0 2,850

1.03 4 ,69 " 2,936

3.5/

4 160.0 6400

4 165.6 6624

6 1"1.4 "02!4

6 1"".4 "0644

6 183.6 ""0"6

6 190.0 ""402

6 196." ""!0"

6 203.6 "22"4

6 210." "264"

6 218.1 "30!4

2.0/

3.5/

20"2 20"3 20"4 20"5 20"6 20"7 20"! 80,000 80,000 80,000 80,000 80,000 80,000 80,000 "5.0/ 80.0/ 85.0/ 85.0/ 85.0/ 85.0/ 85.0/ 60000 64000 6!000 6!000 6!000 6!000 6!000 1.88 1.92 1.95 1.99 2.03 2.0" 2.12 ""2700 "226"! "32!!7 "35545 "3!256 "4"02" "43!4"

20.00 2,000 40000 450 "!0000

20."0 21.42 22.1" 22.95 23."5 24.59 25.45 26.34 2".26 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 4"400 42!4( 4434( 45(0" 47507 4("70 50!(" 52672 545"6 4"3 509 545 582 618 618 618 618 618 "(570( 2"!"40 24"(02 267060 2(36!2 303(6" 3"4600 3256"" 337007

"!6400

202333

22!424

252546

27!076

3050!4

3"5762

326!"4

33!252

3500("

Selling, General & Adinistrati!e*e!en+e

".8/

".8/

".8/

".8/

".8/

".8/

".8/

".8/

".8/

".8/

!r"ing #apital Assu%pti!ns *+,: #as Sales +tstanding

4".6(

4".6(

4".6(

4".6(

4".6(

4".6(

4".6(

4".6(

4".6(

4".6(


O8eat'n+ A%%um8t'on%

Operating Assu%pti!ns Revenue Pr!(eti!n: )otal Ca$a%it =000s> Ca$a%it Btiliation :n't Vo-ume Selling 7ri%e 7er Bnit  Groing at Revenue Pr!duti!n #!sts: *a aterials 7er Bnit Groing at a n+fa%t+ ri ng !er-ea d Groin g at aintenan%e '($ense Groing at )alaried Lab!r #!st: anagers A!erage Ann+al D+ll Loaded Cost Tota- Sa-a'e; Lao /o%t H!urly Lab!r #!st: A!erage D+ll Loaded ?o+rl Cost ?o+rs 7er @ear /o%t Pe Hou- Em8-oee +er of ?o+rl ;or
200( 80,000 60.0/ 4!000 1."" !4(60

20"0 80,000 65.0/ 52000 1.81 (3!!"

20"" 80,000 "0.0/ 56000 1.84 "03"24

1.0/ 3 .0 / 3.0/

0.94 3,600 2,250

0.95 3,"0 8 2,318

0.96 3,8 19 2,38"

0.9" 3,934 2,459

0.98 4,052 2,532

0.99 4,1"3 2,608

1.00 4,299 2,68"

1.01 4,42 8 2,"6"

1.02 4,56 0 2,850

1.03 4 ,69 " 2,936

3.5/

4 160.0 6400

4 165.6 6624

6 1"1.4 "02!4

6 1"".4 "0644

6 183.6 ""0"6

6 190.0 ""402

6 196." ""!0"

6 203.6 "22"4

6 210." "264"

6 218.1 "30!4

2.0/

3.5/

Tota- Lao /o%t

20"2 20"3 20"4 20"5 20"6 20"7 20"! 80,000 80,000 80,000 80,000 80,000 80,000 80,000 "5.0/ 80.0/ 85.0/ 85.0/ 85.0/ 85.0/ 85.0/ 60000 64000 6!000 6!000 6!000 6!000 6!000 1.88 1.92 1.95 1.99 2.03 2.0" 2.12 ""2700 "226"! "32!!7 "35545 "3!256 "4"02" "43!4"

20.00 2,000 40000 450 "!0000

20."0 21.42 22.1" 22.95 23."5 24.59 25.45 26.34 2".26 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 4"400 42!4( 4434( 45(0" 47507 4("70 50!(" 52672 545"6 4"3 509 545 582 618 618 618 618 618 "(570( 2"!"40 24"(02 267060 2(36!2 303(6" 3"4600 3256"" 337007

"!6400

202333

22!424

252546

27!076

3050!4

3"5762

326!"4

33!252

3500("

Selling, General & Adinistrati!e*e!en+e

".8/

".8/

".8/

".8/

".8/

".8/

".8/

".8/

".8/

".8/

!r"ing #apital Assu%pti!ns *+,: #as Sales +tstanding #as Sales n!entor #as 7aale +tstanding

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

4".6( 3".6( 34.2(

?o+rl Laor Cost 7er Bnit

0.38

0.38

0.39

0.40

0.42

0.43

0.45

0.46

0.48

0.50

3.15/

Bnits 7er )otal Laor ?o+rs

0.05

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.34/

=1> ased on -istori%al a!erages.



#!st #!%p!nents: Da%ilit '($ansion an+fa%t+ring '+i$ent 7a% Tota- Inve%tment

Ao+nt 10,000 20,000 15,000 12,868 57!6!

Inve%tment

'st. Life 20rs. 10rs. 10rs.

7er%ent Cost of #e$r aintenan%e aintenan%e 500 5.0/ 500 2,000 5.0/ 1,000 1,500 5.0/ "50 0 0.0/ 0 4000 2250

=1> )-e in%rease in or

#!st #!%p!nents: Da%ilit '($ansion an+fa%t+ring '+i$ent 7a% Tota- Inve%tment

Ao+nt 10,000 20,000 15,000 12,868 57!6!

Inve%tment

'st. Life 20rs. 10rs. 10rs.

7er%ent Cost of #e$r aintenan%e aintenan%e 500 5.0/ 500 2,000 5.0/ 1,000 1,500 5.0/ "50 0 0.0/ 0 4000 2250

=1> )-e in%rease in or

H'%to'ca- Rat'o Ana-%'% 2003

2004

2005

2006

2007

Pr!-itability Rati!s 7rofit argin *et+rn on Assets =*A> *et+rn on '+it =*'> *et+rn on n!ested Ca$ital =* Gross argin

5."/ 8.6/ 14.2/ 10.9/ 19.5/

6.0/ 9.4/ 14.9/ 12.0/ 20.5/

3.4/ 5.6/ 8.5/ ".6/ 15.5/

5."/ 9."/ 14.3/ 12.3/ 19.3/

5."/ 10.1/ 14.4/ 12.5/ 18.0/

Asset .anage%ent Rati!s A%%ro+nt *e%ei!ale )+rno!er n!entor )+rno!er C+rrent Asset )+rno!er 77&' )+rno!er =Di(ed Asset )+ )otal Asset )+rno!er

8.11 ".02 4.06 2.50 1.49

"."6 ".45 4.08 2.68 1.56

".45 8.11 4.06 2.89 1.63

".30 8.29 4.06 3.14 1."1

".30 8.29 4.11 3.33 1."9

Liability and Liquidity Rati!s C+rrent *atio F+i%< *atio =Asset )est> Cas- *atio )otal #et *atio #etto'+it *atio '+it +lti$lier

2.94 1.5" 0.10 0.40 0.66 1."(

2.96 1.6" 0.11 0.3" 0.58 1.6(

2.81 1.62 0.09 0.35 0.54 1.5(

2.94 1."8 0.15 0.32 0.4" 1.5(

2.85 1.69 0.09 0.30 0.42 1.4(

H'%to'ca- Rat'o Ana-%'% 2003

2004

2005

2006

2007

Pr!-itability Rati!s 7rofit argin *et+rn on Assets =*A> *et+rn on '+it =*'> *et+rn on n!ested Ca$ital =* Gross argin

5."/ 8.6/ 14.2/ 10.9/ 19.5/

6.0/ 9.4/ 14.9/ 12.0/ 20.5/

3.4/ 5.6/ 8.5/ ".6/ 15.5/

5."/ 9."/ 14.3/ 12.3/ 19.3/

5."/ 10.1/ 14.4/ 12.5/ 18.0/

Asset .anage%ent Rati!s A%%ro+nt *e%ei!ale )+rno!er n!entor )+rno!er C+rrent Asset )+rno!er 77&' )+rno!er =Di(ed Asset )+ )otal Asset )+rno!er

8.11 ".02 4.06 2.50 1.49

"."6 ".45 4.08 2.68 1.56

".45 8.11 4.06 2.89 1.63

".30 8.29 4.06 3.14 1."1

".30 8.29 4.11 3.33 1."9

Liability and Liquidity Rati!s C+rrent *atio F+i%< *atio =Asset )est> Cas- *atio )otal #et *atio #etto'+it *atio '+it +lti$lier )ies nterest 'arned *atio Cas- Co!erage *atio Ca$ital ntensit

2.94 1.5" 0.10 0.40 0.66 1."( 9."5 10.98 0.6"

2.96 1.6" 0.11 0.3" 0.58 1.6( 10.45 11.52 0.64

2.81 1.62 0.09 0.35 0.54 1.5( 6.64 ".66 0.61

2.94 1."8 0.15 0.32 0.4" 1.5( 12.32 13.43 0.58

2.85 1.69 0.09 0.30 0.42 1.4( 20.42 22.2" 0.56

/ear: 0112 *aet Va-ue #!%pany: Cat-leen Sin%lair 298.9 General ?ealt- & ea+t 319.3 ;oens Care Co$an 498.6 S
Net )et

nte8'%e Va-ue u't Beta Revenue EBIT)A EBIT et Income oo Va-ue

1,329.6 63.1 55.3 3"1.9

1,628.5 382.4 553.9 1,5"6.1

2.22 1.95 1.14 1.35

1,346.8 446.1 39".3 1,24".6

255.3 61.9 52." 155.8

 51.9 49.3 

21.5 23.8 "".0 65.3

=1,112.8> 204.2 43." 316.2

"634 63" 37"( 553

!375 553( "576" 3!24

"5 "4 20 ""

6(70 446" "2476 3(73

(0" 6"( "55! 527

756 5"(  4(3

554 653 770 23!

"!!0 2042 3"62 437

10"."

514.5

1.36

680."

"3.5

6".4

38.5

BIT)A>Revenu BIT>Renevu an'n+%>Revenu V>Revenu V>EBIT) EV>EBIT P>E #!%pany: Cat-leen Sin%lair 19.0/ 12.1/ 1.6/ 1.2( 6.4( 10.0( 13.9( General ?ealt- & ea+t 13.9/ 11.6/ 5.3/ 0.9( 6.2( ".4( 13.4( ;oens Care Co$an 13.3/ 12.4/ 19.4/ 1.4( 10.5( 11.2( 6.5( S
P>B

 1.6( 11.4( 3.8( 56@ 3!@ ""4@ "6@

1.5(

2 6".9

)ie 7eriod

0

1

2

3

4

5

6

"

8

2008

200(

20"0

20""

20"2

20"3

20"4

20"5

20"6

Operating Results: Revenue !4(60 Less: *a aterial Costs 45,120 Less: Laor '($ense 18,640 Less: an+fa%t+ring !er-ead 3,600 Less: aintenan%e '($ense 2,250 Less: Selling, General & Adinistrati!e '($ense 6,62" EBIT)A !723 Less: #e$re%iation 4,000 EBIT 4723 Less: )a(es 1,889 NOPAT 2!34 3n4Levered $ree #ash $l!w NOPAT 7l+s: #e$re%iation Less: C-ange in et ;or
Cost of Ca$ital =#is%o+nt *ate>

(3!!"

"03"24

""2700

"226"!

"32!!7

"35545

"3!256

49,369 20,233 3,"08 2,318 ",323

53,698 22,842 3,819 2,38" 8,044

58,109 25,255 3,934 2,459 8,"91

62,603 2",808 4,052 2,532 9,564

6",181 30,508 4,1"3 2,608 10,365

6",852 31,5"6 4,299 2,68" 10,5"3

68,531 32,681 4,428 2,"6" 10,"84

"0(30

"2334

"4"54

"605(

"!05"

"!55(

"(065

4,000

4,000

4,000

4,000

4,000

4,000

4,000

6(30

!334

"0"54

"205(

"405"

"455(

"5065

2,""2

3,334

4,061

4,824

5,620

5,823

6,026

4"5!

5000

60(2

7235

!43"

!735

(03(

2!34

4"5!

5000

60(2

7235

!43"

!735

(03(

4,000 12,865

4,000 1,4"3

4,000 1,443

4,000 1,529

4,000 1,586

4,000 1,644

4,000 425

4,000 432

<603"=

66!5

755!

!563

(64(

"07!7

"23"0

"2607

45,000 

9.38/

PV o& :nCLevee; 9ee /a%. 9-o



<55"4=

55!!

5775

5(!2

6"64

62((

6573

6"54

C++lati!e Dree Cas- Dlo



=50,514>

=44,926>

=39,151>

=33,168>

=2",005>

=20,"05>

=14,133>

=",9"9>

NPV IRR Paac Pe'o;
 "3? ("5

A%%o+nts *e%ei!ale 7l+s: n!entor Less: A%%o+nts 7aale

11,234 8,8"4 ",243

12,413 9,805 ",880

13,635 10,""1 8,625

14,901 11,""1 9,362

16,213 12,80" 10,123

1",5"1 13,8"9 10,909

1",922 14,15" 11,114

18,280 14,440 11,323

Net o'n+ /a8'ta-

"2!65

"433!

"57!"

"73"0

"!!(6

2054"

20(65

2"3(7

9

10

20"7

20"!

"4"02"

"43!4"

69,216 33,825 4,560 2,850 11,000

69,908 35,009 4,69" 2,936 11,220

"(56(

2007"

4,000

4,000

"556(

"607"

6,228

6,429

(342

(643

(342

(643

4,000 440

4,000 44" 22,284

"2(02

354!0

575!

"4476

=2,221>

12,255

18,646 14,"29 11,538

19,019 15,023 11,"58

2"!37

222!4

Revenue
NPV

riginal Ass+$tion Btiliation rate ass+$tion H1.1 r iginal Ass+$tion r iginal +tiliation r ate ass+$tion riginal Ass+$tion Btiliation rate ass+$tion H0.9

20,""6 12,255 3,"34

8521

1st

riginal Ass+$tion Selling 7ri%e 7er Bnit  Groing at 2. riginal Ass+$tion Selling 7ri%e 7er Bnit  Groing at 2. riginal Ass+$tion Selling 7ri%e 7er Bnit  Groing at 2.

15,548 12,255 8,996

32"6

4t-

/o%t%
NPV

riginal Ass+$tion A!erage D+ll Loaded ?o+rl Cost at riginal Ass+$tion A!erage D+ll Loaded ?o+rl Cost at riginal Ass+$tion A!erage D+ll Loaded ?o+rl Cost at

10,840 12,255 13,646

1403

6t-

riginal Ass+$tion *a aterials 7er Bnit Groing at 1. r iginal Ass+$tion *a aterials 7er Bnit Gr oing at 1. riginal Ass+$tion *a aterials 7er Bnit Groing at 1.

11,339 12,255 13,16"

914

"t-

o'n+ /a8'ta-

NPV

10/ in%rease: 4".6H1.1 #as Sales +tstandin riginal Ass+$tion =4".6> 10/ de%rease: 4".6H0.9

11,493 12,255 13,018

"63

8t-

10/ in%rease: 3".6H1.1 #as Sales n!entor riginal Ass+$tion =3".6> 10/ de%rease: 3".6H0.9

11,653 12,255 12,85"

602

9t-

10/ in%rease: 34.2H1.1 #as 7aale +tstan riginal Ass+$tion 34.2 10/ de%rease: 34.2H0.9

12,"34 12,255 11,"""

4"9

10t-

A//
riginal Ass+$tion 9.38/H1.1 riginal Ass+$tion 9.38/ riginal Ass+$tion 9.38H0.9

In't'a- Inve%tment

riginal Ass+$tion 10/ in%rease 45000H1.1 riginal Ass+$tion nitial n!estent of 45000 riginal Ass+$tion 10/ de%rease 45000H0.9

Eu't Beta

riginal Ass+$tion 10/ in%rease: 1.36H1.1 riginal Ass+$tion nitial '+it eta of 1.36 riginal Ass+$tion 10/ de%rease: 1.36H0.9

NPV

8,"23 12,255 15,695

NPV

","55 12,255 16,"55

NPV

10,304 12,255 14,360

3486

3rd

4500

2nd

2029

5t-

241209672 Hansson Private Label Final

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