NYSF_Walmart_Template.xlsx

solidated Income Statements !% millions exce&t exce&t &er share amo'nts( iod Ending January 31

Actuals 2 01 0 A

2011A

Estimates 20 1 2 A

2 01 3

2 0 14

20 1 5

201 6

2 017

enue )et !ales % Growth *em+ershi& an Other ncome % Growth "otal re!enue Y/Y revenue growth (%) t o# goods sold Cost o# goods sold COGS as a % of revenue $ross %ro#it Gross profit margin (%) rating e'%enses !elling, general an aministratie SG&A as a % of revenue ")A EBI!A margin (%)

e&reciation an amorti/ation " EBI margin (%)

rest nterest ex&ense #e+t( nterest ex&ense #a&ital Leases(

The Analyst ExchangeOn - Line Trainingwww.theanalystexchange.com

351080778.xlsx, ncome !tatement1 o" 50

solidated Income Statements !% millions exce&t exce&t &er share amo'nts( iod Ending January 31 nterest income *et interest e'%ense

Actuals 20 10A

2011A

Estimates 20 12A

20 1 3

201 4

20 1 5

2 01 6

20 17

EB margin (%)

ncome tax ex&ense a" rate (%) Income +Ad,usted-


351080778.xlsx, ncome !tatement o" 50

solidated Income Statements !% millions exce&t exce&t &er share amo'nts( iod Ending January 31

Actuals 20 1 0A

2011A

Estimates 2 0 12 A

2 0 13

2 0 14

2 01 5

2 016

2 01 7

.recurring e!ents iscontin'e o&erations Other "otal non.recurring e!ents Income +A#ter non.recurring e!entsri/utions ncome attri+'ta+le to non-controlling interests #on$ontroing interests % of #et Inome Income +as e%ortednings %er sare +EPS2asic il'te rage common sares outstanding 2asic il'te


351080778.xlsx, ncome !tatement3 o" 50

solidated Statements o# Cas los !% millions( iod Ending January 31

Actuals 201 0A

2011A

Estimates 201 2A

2 013

20 1 4

2 0 15

20 16

 #los #rom o%erating acti!ities )et income Loss #income( "rom iscontin'e o&erations e&reciation an amorti/ation e"erre income taxes Other O&erating Actiities Canges in o%erating oring ca%ital hanges in acco'nts receia+le hanges in inentory hanges in acco'nts &aya+le hanges in accr'e lia+ilities *et canges in o%erating oring ca%ital "otal cas #los #rom o%erating acti!ities  #los #rom in!esting acti!ities ayments "or &ro&erty an e6'i&ment #AE( rocees "rom is&osal o" &ro&erty an e6'i&ment nestments an +'siness ac6'isitions, net o" cash ac6'ire Other inesting actiities "otal cas #rom in!esting acti!ities  #los #rom #inancing acti!ities !hort-term +orrowings #re&ayments( Long-term +orrowings #re&ayments( iiens &ai 'rchase o" common stoc 9treas'ry stoc: 'rchase o" reeema+le noncontrolling interest a&ital Lease O+ligations


351080778.xlsx, ash low !tatement4 o" 50

Other "otal cas #rom #inancing acti!ities E""ect o" Exchange ;ate on ash l cange in cas and cas eui!alents PEE*"A )A"A8 ash "low +e"ore e+t &ayown



2017


351080778.xlsx, ash low !tatement< o" 50



solidated (alance Seets !% millions( January 31

Actuals 2010A

2011A

Estimates 2012A

2013

2014

2015

2016

2017

ets Current assets8 ash an cash e6'ialents ;eceia+les, net nentories re&ai ex&enses an other Other c'rrent assets #iscontin'e o&erations( "otal current ass ets ro&erty, &lant an e6'i&ment, net =oowill Other assets an e"erre charges "otal assets ilities Current lia/ilities8 !hort-term +orrowings Acco'nts &aya+le Accr'e lia+ilities Accr'e income taxes Long term e+t 'e within one year O+ligations 'ner ca&ital leases 'e within one year 'rrent lia+ilities o" iscontin'e o&erations "otal current lia/ilities Long-term e+t Long-term o+ligations 'ner ca&ital leases e"erre income taxes an other ;eeema+le noncontrolling interest


351080778.xlsx, 2alance !heet8 o" 50

"otal lia/ilities reolders9 euity ommon stoc &ar al'e ? aitional &ai-in-ca&ital ;etaine earnings Acc'm'late other com&rehensie income #loss( "otal sare olders9 euity *oncontrolling interest "otal lia/ilities : euity PEE*"A )A"A8 (alance; +<=*-


<

<

<

<

<

<

<

351080778.xlsx, 2alance !heet> o" 50

)e%reciation #in $!% millions( Period Ending January 31 Pro%erty> %lant : eui%ment +/eg? o# yearCa%ital e'%enditures +/eg? o# year-

Actuals 2010A 0A

2011A

Estimates 2012A

2013

2014

2015

2016

2017

(oo +$AAP- de%reciation se#ul i#e @E ears AE ears )e%reciation Existing @E 013 AE 014 AE 015 AE 01< AE 017 AE "otal /oo de%reciation Accelerated de%reciation +@Existing @E 013 AE 014 AE 015 AE 01< AE 017 AE Accelerated de%reciation Existing @E 013 AE 014 AE 015 AE


351080778.xlsx, e&reciation10 o" 50

01< AE 017 AE "otal ta' de%reciation i""erence in e&reciation a" rate (%)

)e#erred ta'es


351080778.xlsx, e&reciation11 o" 50

&%erating oring Ca%ital Scedule +&C#in $!% millions( &n January 31

Actuals 2010A

2011A

Estimates 2012A

2013

2014

2015

2016

2017

Current assets ;eceia+les, net !a's reeivae nentories Inventor' turnover a's re&ai ex&enses an other !a's prepai "otal current assets Current lia/ilities Acco'nts &aya+le !a's pa'ae Accr'e lia+ilities !a's pa'ae Accr'e taxes !a's *a'ae "otal current lia/ilities "otal o%erating oring ca%ital hange in total o&erating woring ca&ital


351080778.xlsx, O&erating Boring a&ital1 o" 50

)e/t Scedule #in $!% millions( Period Ending January 31

Actuals 2010A

2011A

Estimates 2012A

2013

2014

2015

2016

2017

Cas a!aila/le to %ay don de/t ash at +eginning o" year ash "low +e"ore e+t &ayown *inim'm cash c'shion "otal cas a !aila/le to %ay don de/t Sort term /orroings = re!ol!er !hort term +orrowings #+eginning o" year( *anatory iss'ances C #retirements( )on-manatory iss'ances C #retirements( Sort term /orroings +end o# year!hort term interest ex&ense Short term interest rate ong term de/t due itin one year Long term e+t 'e within one year #+eginning o" year( *anatory iss'ances C #retirements( )on-manatory iss'ances C #retirements( ong term de/t due itin one year +end o# yearnterest ex&ense Interest rate &/ligations under ca%ital leases due itin one year O+ligations 'ner ca&ital leases 'e within one year #+eginning o" year( *anatory iss'ances C #retirements( )on-manatory iss'ances C #retirements( &/ligations under ca%ital leases due itin one year +end o# yearnterest ex&ense


351080778.xlsx, e+t !che'le13 o" 50

Interest rate

ong term de/t Long term e+t #+eginning o" year( *anatory iss'ances C #retirements( )on-manatory iss'ances C #retirements( ong term de/t +end o# yearnterest ex&ense Interest rate ong term o/ligations under ca%ital leases Long term o+ligations 'ner ca&ital leases #+eginning o" year( *anatory iss'ances C #retirements( )on-manatory iss'ances C #retirements( ong term o/ligations under ca%ital leases +end o# yearnterest ex&ense Interest rate "otal issuances = +retirements"otal interest e'%ense Cas at te end o# te year nterest income


351080778.xlsx, e+t !che'le14 o" 50

)iscounted Cas lo Analysis #in $!% millions( Period Ending January 31

Actuals 2010A

2011A

2012A

nle!ered ree Cas lo E2T e&reciation @ Amorti/ation e"erre Taxes Other hanges in Boring a&ital a&ital Ex&enit'res Taxes "otal nle!ered ree Cas lo *et Present Balue Calulation erio isco'nte ash low "otal *et Present Balue "erminal Balue E(I")A etod Exit ear E2TA *'lti&le Terminal Dal'e *et Present Balue Per%etuity etod $nleere ree ash low =rowth ;ate Terminal Dal'e *et Present Balue )iscounted Cas lo "otal Baluation Total o" resent Dal'e o" ash lows resent Dal'e o" Terminal Dal'e "otal Enter%rise Balue )et e+t, )on-controlling interests, &re"erre sec'rities Euity Balue !hare o'nt #millions( Estimated Euity Balue %er Sare

E(I")A etod

Per%etuity etod

2013

Estimates 2014

2015

2016

2017

Cost o# Ca%ital ;is ree ;ate *aret ;is remi'm 2eta Cost o# Euity Cost o# )e/t ACC

)e/t
Com%ara/le Com%anies Analysis #in $!% millions( Current Stoc

The Analyst Exchange On - Line Training www.theanalystexchange.com

Enter%rise aret Ca%italiDation Balue

Price = Earnings 12A "

13E

E?B? = e!enue 12A "

13E

12A

351080778.xlsx, om&ara+le om&anies 17 o" 50

E?B? = E(I" "

13E


E? 12A

351080778.xlsx, om&ara+le om&anies 18 o" 50

tco Income Statement Actuals 1 2011A

2 2011A

3 2011A

4 2011E

2011A

1 2012A

2 2012A

enue !ales

*em+ershi& "ees "otal re!enue Y/Y revenue growth (%) t o# goods sold COGS as a % of revenue

ss %ro#it Gross profit margin (%) rating e'%enses !elling, general an aministratie SG&A as a % of revenue "otal o%erating e'%enses

")A EBI!A margin (%)

reciation an amorti/ation !&A % of +evenue

" EBI margin (%) er income


351080778.xlsx, ostco om&1> o" 50


2 2011A

3 2011A

4 2011E

2011A

1 2012A

2 2012A

E6'ity in earnings o" 'nconsoliate a""iliates oreign-c'rrency transactions gains #losses(, net "otal &ter Income rest nterest ex&ense nterest income *et interest e'%ense nings /e#ore ta' +E("IB margin (%)

me tax ex&ense Effetive ta" rate (%)

income +/e#ore noncontrolling interestsncome attri+'ta+le to noncontrolling interests % of net inome income +ad,usted-


351080778.xlsx, ostco om&0 o" 50


2 2011A

3 2011A

4 2011E

2011A

1 2012A

2 2012A

.recurring e!ents reo&ening ex&enses Other items "otal non.recurring e!ents income +as re%ortednings %er sare +As re%orted2asic il'te nings %er sare +ad,usted2asic il'te rage common sares outstanding 2asic il'te


351080778.xlsx, ostco om&1 o" 50

Estimates 3 2012A

4 2012E

2012A
" 2012


2013E

351080778.xlsx, ostco om& o" 50


4 2012E

2012A
" 2012


2013E

351080778.xlsx, ostco om&3 o" 50


4 2012E

2012A
" 2012


2013E

351080778.xlsx, ostco om&4 o" 50

tco Income Statement Actuals

enue !ales

1 2011A

2 2011A

103,415.0

108,<38.0

1 2012A

2 2012A

0.0

11,7.0

113,534.0

774.0

78.0

0.0

74<.0

7<.0

104>1FG?0

10G>366?0

0?0

113>01F?0

114>2G6?0

13>75G?0

0?0

78,177.0

81,770.0

0.0

85,18<.0

85,<57.0

10,8><.0

0.0

*em+ershi& "ees "otal re!enue Y/Y revenue growth (%) t o# goods sold COGS as a % of revenue

2012A

Estimates " 2012

2013E

,-%

,-%

.!I/01

,-%

,-%

,2%

.!I/01

ss %ro#it Gross profit margin (%)

26>012?0 3-%

27>5G6?0 3-%

0?0 .!I/01

27>F32?0 3-%

2F>63G?0 3-%

2>F63?0 34%

0?0 .!I/01

rating e'%enses !elling, general an aministratie SG&A as a % of revenue "otal o%erating e'%enses

18,131.0 4,% 1F>131?0

17,18<.0 45% 17>1F6?0

0.0 .!I/01 0?0

1>,33>.0 4,% 1G>33G?0

17,708.0 4-% 17>70F?0

1,730.0 46% 1>730?0

.!I/01 0?0

")A EBI!A margin (%)

7>FF1?0 7%

10>410?0 40%

0?0 .!I/01

F>4G3?0 7%

10>G31?0 40%

1>133?0 7%

0?0 .!I/01

reciation an amorti/ation

1,>85.0 3%

4,07.0 8%

0.0

!&A % of +evenue

.!I/01

,10<.0 3%

4,33.0 8%

37.0 3%

.!I/01

" EBI margin (%)

5>FG6?0 5%

6>3F3?0 5%

.!I/01

6>3F7?0 5%

6>6GF?0 5%

F06?0 5%

.!I/01

0?0

0.0

0.0

0?0

er income


351080778.xlsx, Bal-*art om&5 o" 50

tco Income Statement Actuals

E6'ity in earnings o" 'nconsoliate a""iliates oreign-c'rrency transactions gains #losses(, net "otal &ter Income

1 2011A 0.0 0.0 0?0

rest nterest ex&ense nterest income *et interest e'%ense

2 2011A 0.0 0.0 0?0

2012A 0.0 0.0 0?0

Estimates 1 2012A 0.0 0.0 0?0

2 2012A 0.0 0.0 0?0

" 2012 0.0 0.0 0?0

2013E 0.0 0.0 0?0

51F?0

57F?0

0?0

535?0

505?0

+56?0-

0?0

nings /e#ore ta' +E("IB margin (%)

5>37F?0 -%

5>F05?0 -%

0?0 .!I/01

5>F52?0 -%

6>1G3?0 -%

F62?0 5%

.!I/01

me tax ex&ense

1,800.0

1,8<8.0

1,>58.0

,03.0

3.0

0.0

66%

63%

.!I/01

66%

66%

6,%

6-%

3>G37?0 13<.0 6%

0?0 0.0 .!I/01

3>FG4?0 15.0 8%

4>161?0 145.0 6%

540?0 10.0 3%

0?0 0.0

% of net inome

3>57F?0 151.0 8%

.!I/01

income +ad,usted-

3>427?0

3>F01?0

0?0

3>742?0

4>016?0

530?0

0?0

Effetive ta" rate (%)

income +/e#ore minority interestsncome attri+'ta+le to noncontrolling interests


0.0

0?0

351080778.xlsx, Bal-*art om&< o" 50

tco Income Statement Actuals 1 2011A .recurring e!ents Loss "rom isco'ntin'e o&erations Other items "otal non.recurring e!ents

2 2011A

2012A


2 2012A

" 2012

2013E

8.0 0.0 2F?0

0.0 0.0 0?0

0.0 0.0 0?0

0.0 0.0 0?0

0.0 0.0 0?0

#8.0( 0.0 +2F?0-

0.0 0.0 0?0

3>3GG?0

3>F01?0

0?0

3>742?0

4>016?0

55F?0

0?0

nings %er sare +As re%orted2asic il'te

0.>7 0.>7

1.0> 1.0>

DC0F DC0F

1.10 1.0>

1.1> 1.18

0.1< 0.1<


nings %er sare +ad,usted2asic il'te

0.>8 0.>8

1.0> 1.0>


1.10 1.0>

1.1> 1.18

0.1< 0.1<


3,4>7 3,513

3,47 3,485

0 0

3,40> 3,45

3,384 3,3>8

3,384 3,3>8

0 0

income +as re%orted-

rage common sares outstanding 2asic il'te


351080778.xlsx, Bal-*art om&7 o" 50

et Income Statement Actuals 12012A

22012A

" 2012

<8,4<<.0

1<,537.0

1<,451.0

<>,>7>.0

345.0

1,3>>.0

330.0

38.0

1,357.0

15>G35?0

16>240?0

6G>F65?0

16>F67?0

16>77G?0

71>336?0

10,838.0 ,0% 88.0 3-% 10>G26?0 52%

10,87.0 57% 8<.0 3-% 10>G5F?0 5,%

47,8<0.0 ,0% 44<.0 63% 4F>306?0 52%

11,541.0 ,0% 10.0 65% 11>661?0 52%

11,>7.0 52% 108.0 66% 11>405?0 57%

48,>88.0 ,0% 500.0 6,% 4G>4FF?0 52%

50,35.3 ,0% 541. 6,% 50>F66?5 52%

$ross %ro#it Gross profit margin (%)

5>00G?0 64%

5>2F2?0 66%

21>55G?0 64%

5>206?0 64%

5>374?0 63%

21>F4F?0 64%

22>4G1?7 64%

rating e'%enses !elling, general an aministratie SG&A as a % of revenue "otal o%erating e'%enses

3,33.0 30% 3>233?0

3,473.0 34% 3>473?0

14,10<.0 30% 14>106?0

3,3>.0 30% 3>3G2?0

3,588.0 34% 3>5FF?0

14,380.0 30% 14>3F0?0

14,787.< 30% 14>7F7?6

E(I")A EBI!A margin (%)

1>776?0 44%

1>F0G?0 44%

7>453?0 44%

1>F14?0 44%

1>7F6?0 44%

7>46F?0 40%

7>704?1 44%

51.0

50>.0

,131.0

5>.0

531.0

,170.0

,31.5

enue !ales

12011A

22011A

15,580.0

15,8>5.0

355.0

reit car reen'e "otal re!enue Y/Y revenue growth (%) t o# goods sold ost o" !ales Cost of Saes as a % of revenue reit car ex&enses Creit Car E"penses as a % of revenue Cost o# goods sold COGS as a % of revenue

e&reciation an amorti/ation


2012A

Estimates 2013E

71,88>.3 -% 1,4<>.0 -% 73>35F?3 -%

351080778.xlsx, Target om&8 o" 50

et Income Statement Actuals

Estimates

12011A 6%

22011A 6%

2012A 6%

12012A 6%

22012A 6%

" 2012 6%

2013E 6%

1>264?0 7%

1>300?0 7%

5>322?0 7%

1>2F5?0 7%

1>255?0 ,%

5>2GF?0 ,%

5>472?6 ,%

1>.0 1<4.0 0.0 1F3?0

18.0 174.0 #1.0( 1G1?0

7.0 7>7.0 #3.0( F66?0

.0 18.0 0.0 1F4?0

3.0 18.0 #1.0( 1F4?0

40.0 83.0 #3.0( F60?0

7.0 7>7.0 #3.0( F66?0

1>0F1?0 ,%

1>10G?0 ,%

4>456?0 5%

1>101?0 ,%

1>071?0 5%

4>43F?0 5%

4>606?6 5%

ncome tax ex&ense A$in effetive ta" rate (%)

3>.0 65%

405.0 6,%

1,57.0 68%

404.0 6,%

3<7.0 68%

1,501.0 68%

1,558.0 68%

*et income

6FG?0

704?0

2>G2G?0

6G7?0

704?0

2>G37?0

3>04F?5

0.>> 0.>>

1.03 1.03

4.31 4.8

1.05 1.04

1.07 1.0<

4.47 4.43

4.<< 4.<1

<>3 <>7

<81 <85

<7> <84

<<< <7

<57 <<3

<57 <<3

<55 <<1

@A G o" ;een'e E(I" EBI margin (%) rest )on-reco'rse e+t nterest ex&ense nterest income *et interest e'%ense Income /e#ore ta' +I("IB margin (%)

nings %er sare +EPS2asic il'te rage common sares outstanding 2asic il'te


351080778.xlsx, Target om&> o" 50

)ollar $eneral Income Statement Actuals 1 2011A

2 2011A

2011A

1 2012A

3,451.7

3,575.

14,807.

3,>01.

3>451?7

3>575?2

14>F07?2

3>G01?2

,3<4.3

,4<.>

10,10>.3

,<7.>

57%

57%

57%

52%

1>0F7?4 63%

1>14F?3 63%

4>6G7?G 63%

1>22F?3 64%

<>8.3 30% 6GF?3 3FG?1 44% <7.5 3% 321?6 2%

7>.> 30% 72G?G 41F?4 43% <8.4 3% 350?0 40%

,>31.7 30% 2>G31?7 1>766?2 43% 75.4 3% 1>4G0?F 40%

771.7 30% 771?7 456?6 43% 7.3 3% 3F4?3 40%

0.0 0.0 0?0

0.0 0.0 0?0

<5.< #0.0( 65?6 256?0 ,% >7.7 67% 15F?4 0.0 0% 15F?4

<0.7 #0.0( 60?6 2FG?4 7% 10<.< 6,% 1F2?F 0.0 0% 1F2?F

05.0 #0.1( 204?G 1>2F5?G 2% 481.3 6,% F04?6 0.0 0% F04?6

37.1 0.0 37?1 347?3 2% 13.8 67% 214?4 0.0 0% 214?4

0.0 1.4 1?4 157?0

0.0 3<.8 36?F 146?0

0.0 37.> 37?G 766?7

0.0 1.0 1?0 213?4

0.4< 0.45

0.43 0.4

.5 .

0.<4 0.<3

e!enue !ales "otal re!enue Y/Y revenue growth (%) Cost o# goods sold COGS as a % of revenue

$ross %ro#it Gross profit margin (%) &%erating e'%enses !elling, general an aministratie SG&A as a % of revenue "otal o%erating e'%enses E(I")A EBI!A margin (%) e&reciation an amorti/ation !&A % of +evenue E(I" EBI margin (%) &ter income E6'ity in earnings o" 'nconsoliate a""iliates oreign-c'rrency transactions gains #losses(, net "otal &ter Income Interest nterest ex&ense nterest income *et interest e'%ense Earnings /e#ore ta' +E("IB margin (%) ncome tax ex&ense Effetive ta" rate (%) *et income +/e#ore minority interestsncome attri+'ta+le to noncontrolling interests % of net inome *et income +ad,usted*on.recurring e!ents reo&ening ex&enses Other items "otal non.recurring e!ents *et income +as re%ortedEarnings %er sare +As re%orted2asic il'te Earnings %er sare +ad,usted-

0.0 0.0 0?0

0.0 0.0 0?0

2asic il'te A!erage common sares outstanding 2asic il'te

0.4< 0.4<

0.54 0.53

.3< .33

0.<4 0.<3

34 345

34 34<

341 345

33< 33>

ollar =eneral il'te !hares !hare rice )'m+er o" +asic shares o'tstaning )'m+er o" o'tstaning o&tions #in the money( Aerage o&tion strie &rice Total o&tion &rocees Treas'ry stoc metho shares re&'rchase Aitional shares o'tstaning "otal diluted sares outstanding

%47.1< 333,<>5,858 3,0>8,<03 %>.4 >,188,840 <18,>3 ,47>,<71 336>175>52G

ollar =eneral Enter&rise Dal'e aret !alue !hort-term e+t Long-term e+t #incl'es c'rrent &ortions( a&ital lease o+ligations onerti+le e+t re"erre sec'rities *inority interest LessH ash @ e6'ialents Enter%rise !alue

15>F54?0 0.0 ,<13.4 5.1 0.0 0.0 0.0 #134.( 1F>33F?4


2012A
" 2012

2013E

3,>48.7

15,<30.

3>G4F?7

15>630?2

17>505?F 4390%

,<85.4

10,<7<.5

11,>57.7

57%

57%

57%

1>263?2 63%

4>G53?7 63%

5>54F?1 63%

80.0 30% F02?0 461?2 43% 74.0 3% 3F7?2 40%

3,077. 30% 3>077?2 1>F76?5 43% 85.8 3% 1>5G0?7 40%

3,44<.4 30% 3>446?4 2>101?7 43% 30.1 3% 1>7F1?6 40%

0.0 0.0 0?0

0.0 0.0 0?0

0.0 0.0 0?0

35.7 0.0 35?7 351?5 2% 11>.> 68% 231?6 0.0 0% 231?6

151.5 #0.0( 151?4 1>43G?3 2% 5>.8 6,% G0G?5 0.0 0% G0G?5

151.5 #0.0( 151?4 1>630?1 2% <00.0 6,% 1>030?1 0.0 0% 1>030?1

0.0 17.5 17?5 214?1

0.0 18.3 1F?3 FG1?2

0.0 18.3 1F?3 1>011?G

0.<4 0.<4

.<8 .<<

3.03 3.01

0.70 0.<>

.73 .71

3.0> 3.0<

333 33<

333 33<

334 33<

lar "ree Income Statement millions exce&t "or &er share ata(

Actuals 1 2011A

sales Y/Y revenue growth (%) t o" sales Cost of saes as a % of revenue ss %ro#it Gross profit as a % of revenue ling, general an aministratie ex&enses SG&A profit as a % of revenue ")A EBI!A margin (%)

2 2011A

%

1,54<

4,088



539-% 5F0 

5396% 5F2 

549,% 2>542 

6,9-%

6,9,%

6796%

37> 389-% 201  4690%

38> 3-93% 1G3  439-%

1,5>< 3894% G46  4896%



reciation

%

><0

<,<31

1 2012A

%

><<

1,54

2011A

%

1,74

2 2012A

%

"

1,705

%

<,>70

1,07>

1,0<

%

4,303

5395% 645 

5396% 643 

549,% 2>667

6,98%

6,9,%

6796%

415 3894% 230  4696%

415 3898% 227  4696%

3697% 1>00G 489-%

1,<58

3>

40

1<4

4

43

170

39-%

395%

39-%

398%

39-%

398%

" EBI margin (%)

162 409-%

154 4090%

7F2 4497%

1FF 4092%

1F4 4097%

F3G 4390%

rest ex&ense, net er income, net me /e#ore income ta'es +E("EB margin (%)

1 #1( 162  4098%

1 1 152  292%

3 #0( 7F0  4497%

1 #1( 1FG  4092%

1 0 1F3  4097%

3 #1( F3F 4390%

<1 1< <1 6,9-% 101 

57 15 57 6,9,% G5 

>1 780 >1 6,98% 4FF 

73 18> 73 6798% 116 

<4 183 <4 6-90% 11G 

>3

!epreiation as a % of revenue

ision "or income taxes ;e&orte E2T roision "or income taxes Effetive ta" rate income






6-90% 545

351080778.xlsx, ollar Tree34 o" 50

lar "ree Income Statement millions exce&t "or &er share ata(

Actuals 1 2011A

income %er sare 2asic il'te gted a!erage sares outstanding +millions2asic il'te


% %

0.8 % 0.8 %

1.< 13.5

2 2011A

0.3> % 0.3> %

44.< 4<.1

2011A

4.0< % 4.03 %

10.3 11.

1 2012A

1.00 % 1.00 %

115.8 11<.4

2 2012A

0.5 % 0.51 %

31.3 3.<

"

.35 .34

31 33


Estimates 2013E

%

7,>4 4090%

4,503 

549,% 2>7G1 6796%

1,735 

3697% 1>056 489-%

178 398%

F7F 4390%



3 #1( F77 4390% 307



6-90% 570


351080778.xlsx, ollar Tree3< o" 50

Estimates 2013E

% %

.47 .47

30 30



amily )ollar Stores Income Statement

12011A

22011A

32011A

42011E

1,>><.>

,<3.

,153.4

,134.3

1>GG6?G

2>263?2

2>153?4

2>134?3

1,77.4 58%

1,455.8 58%

1,373.< 58%

1,408.7 55%

71G?6 65%

F07?4 65%

77G?F 65%

725?6 68%

554.0 37% 554?0

5<.1 3-% 562?1

54>.3 35% 54G?3

54<.4 35% 546?4

165?6 7%

245?3 44%

230?4 44%

17G?2 7%

44.0 3%

44.> 3%

4<.1 3%

47.4 3%

121?6 5%

200?4 2%

1F4?4 2%

131?F 5%

3.5 0.4 +3?1-

4.< 0.4 +4?2-

7.1 0.5 +6?7-

7. 0.3 +6?G-

11F?5 5%

1G6?2 2%

177?7 7%

124?F 5%

ncome tax ex&ense A$in effetive ta" rate (%)

44.1 6,%

73.0 6,%

<<.< 6,%

45.0 65%

*et income

74?3

123?2

111?1

7G?F

Earnings %er sare +EPS2asic il'te

0.58 0.58

0.>> 0.>8

0.>1 0.>1

0.<5 0.<5

A!erage common sares outstanding 2asic il'te

18 1>

15 1< #3.4(

1 13 #3.1(

1 13 0.5

e!enue !ales "otal re!enue Y/Y revenue growth (%) Cost o# goods sold ost o" !ales Cost of Saes as a % of revenue $ross %ro#it Gross profit margin (%) &%erating e'%enses !elling, general an aministratie SG&A as a % of revenue "otal o%erating e'%enses E(I")A EBI!A margin (%) e&reciation an amorti/ation @A G o" ;een'e E(I" EBI margin (%) Interest nterest ex&ense nterest income *et interest e'%ense Income /e#ore ta' +I("IB margin (%)

Target il'te !hares !hare rice )'m+er o" +asic shares o'tstaning )'m+er o" o'tstaning o&tions #in the money( Aerage o&tion strie &rice Total o&tion &rocees

%<<.1 115,40,>>7 377,000 %5.50 >,<13,500

Treas'ry stoc metho shares re&'rchase

145,3>4

Aitional shares o'tstaning

31,<0<

"otal diluted sares outstanding

115>634>603

Target Enter&rise Dal'e aret !alue

!hort-term e+t Long-term e+t #incl'es c'rrent &ortions(

7>645?F

31. 51<.3

a&ital lease o+ligations

0.0

onerti+le e+t

0.0

re"erre sec'rities

0.0

*inority interest

0.0

LessH ash @ e6'ialents Enter%rise !alue

#>.3( F>100?G

Actuals 2010A

Estimates

12012A

22012A

32012A

42012E

2011A
" 2012

2013E

8,547.8

,148.3

,458.<

,3<0.0

,3<4.1

>,331.0

8,8>.5

>,<5.7

10,<4.1

F>547?F 2%

2>14F?3 7%

2>45F?6 2%

2>360?0 40%

2>364?1 44%

G>331?0 2%

F>F2G?5

G>265?7

10>264?1 40%

5,515.5 5-%

1,3>0.7 5-%

1,<01. 5-%

1,514.7 58%

1,5<4.4 55%

<,071.1 5-%

5,75.8 5-%

<,04.8 5-%

<,<71.7 5-%

3>032?3 6-%

757?6 6-%

F57?4 6-%

F45?3 65%

7GG?7 68%

3>25G?G 6-%

3>103?7 6-%

3>241?0 6-%

3>5G2?4 6-%

,11.8 35% 2>211?F

573.5 3,% 573?5

585.4 38% 5F5?4

5>.7 3-% 5G2?7

<0>.4 35% 60G?4

,3<1.1 3-96% 2>361?1

,4<.> 3-% 2>246?G

,348.7 3-96% 2>34F?7

,5><.8 3-% 2>5G6?F

F20?5 40%

1F4?0 2%

272?0 44%

252?6 44%

1G0?3 7%

FGF?F 40%

F56?F 40%

FG2?3 40%

GG5?6 40%

18.5 3%

4>.1 3%

50.8 3%

53. 3%

57.< 3%

10.7 3%

1>1.5 3%

08.4 3%

3.0 3%

63F?1 ,%

134?G 5%

221?1 2%

1GG?4 7%

132?7 5%

6FF?1 ,%

665?2 7%

6F3?G ,%

763?6 ,%

.4 1.5 +20?G-

<.7 0. +6?5-

<.4 0. +6?2-

5.< 0.3 +5?4-

<.3 0. +6?1-

5.1 0.> +24?2-

<.> 1. +25?6-

4.> 1.0 +23?G-

5.1 0.> +24?2-

617?2 ,%

12F?4 5%

214?G 2%

1G4?0 7%

126?6 -%

663?G ,%

63G?6 ,%

660?0 ,%

73G?5 ,%

8.7 6,%

48.1 6,%

78.5 6,%

<>.5 65%

45.< 65%

41.7 65%

3<.3 6,%

40.< 65%

<<. 65%

3FF?4

F0?3

136?4

124?5

F0?G

422?2

403?3

41G?4

473?3

3.15 3.1

0.<8 0.<8

1.1< 1.15

1.07 1.0<

0.<> 0.<>

3.<1 3.58

3.45 3.4

3.58 3.55

4.10 4.0>

13 14 #1.3(

118 11> #5.7(

118 118 #0.1(

117 118 #0.7(

117 118 0.

117 118 0.1

117 118 #0.1(

117 118

115 11< #1.<(

Precedent "ransactions #in $!% millions( "ransaction


Purcase Price aret Balue Enter%rise Balue

Euity Balue = Enter%rise Balue = Earnings e!enue E(I" E(I")A

351080778.xlsx, receent Transactions 4 o" 50

x

I nc o meS t a t e me nt-P at hma r kS t o r e sI nc . ( I n$mi l l i onse x c e p tf o rpe rs ha r ea mount s ) 13Weeks Ended 2 9 Apr 0 6 S a l e s Co s to fme r c h a ndi s es o l d

$

Gr os sma r gi n S t or eope r a t i ng,g e ne r a la nda dmi ni s t r a t i v ee x pe ns e s

2 8 9 . 5 ( 2 5 9 . 8 )

EBI TDA De pr e c i a t i o na nda mo r t i z a t i o n

2 9 . 7 ( 2 3 . 0 )

EBI T I nt e r e s te xpe ns e I nt e r e s ta nddi vi de ndi nc o me

6 . 7 ( 1 5 . 5 ) 0 . 0

Los sf r om c ont i nui ngope r a t i onsbe f or ei nc omet a x e s Be ne fitf r om i nc omet ax e s

( 8 . 8 ) 3. 4

Effe c t i v et a xr a t e Ne t( l os s )i nc omef r om c ont i nui ngope r a t i ons I mpa r i me nto fal ongl i v e da s s e t

$

38. 6% ( 5 . 4 ) 0 . 0

Ne t( l os s )i nc ome

$

( 5 . 4 )

x x x

9 98 . 5 ( 7 0 9 . 0 )

Ne tDe b t-Pa t hma r kS t o r e sI nc .

x

( I n$mi l l i onse x c e p tf o rpe rs ha r ea mount s ) Asof 1 6 J un0 7 Netdebt Cur r e ntpo r t i o no fl o ng t e r m de b t

Cur r e ntpor t i onofobl i ga t i onsunde rc a pi t a ll e a s e s Longt er m debt Longt e r m obl i g at i onsunde rc a pi t a ll e a s e s Le s s : Ca s ha ndc a s he q ui v a l e nt s Tot a lne tde bt

x x

$

2 3. 3 1 0 . 9 4 2 2 . 9 1 5 6 . 6 ( 3 1 . 8 )

$ 5 8 1 . 9

x S o u r c e s : DEFM14A( 200 7. 10. 10) 1 0Q( 2 0 07 . 0 9. 1 2) 1 0Q( 2 0 07 . 0 6. 1 3)

x 1 3We e ks -53 We e ks -13 We e ks -13 We e ks Ende d Ende d Ende d Ende d 29J ul 06 3 Fe b07 5 Ma y07 4Aug07

LTM

$ 1 , 0 02 . 9 $ 4, 0 58 . 0$ 9 99 . 0$ 9 98 . 5 $ 4, 0 54 . 1 ( 718. 0) ( 2, 875. 2) ( 702. 7) ( 709. 2) ( 2 , 8 6 0 . 1 ) 2 84 . 9 1 , 1 82 . 8 ( 261. 1) ( 1, 056. 8)

2 96 . 3 ( 267. 3)

2 89 . 3 1 , 1 94 . 0 ( 271. 3) ( 1 , 0 7 4 . 5 )

2 3. 8 ( 23. 1)

1 26 . 0 ( 92. 6)

2 9. 0 ( 23. 5)

1 8. 0 ( 23. 6)

1 19 . 5 ( 9 3 . 6 )

0 . 7 ( 15. 4) 0. 0

3 3 . 4 ( 62. 3) 0. 0

5 . 5 ( 15. 9) 0. 0

( 5 . 6 ) ( 15. 9) 0. 0

2 5 . 9 ( 6 3 . 2 ) 0 . 0

( 1 4 . 7 ) 5. 9

( 2 8 . 9 ) 10. 6

( 1 0 . 4 ) 1. 9

( 2 1 . 5 ) 4. 4

( 3 7 . 3 ) 9. 3

40. 1% $ ( 8 . 8 )$ 0. 0

36 . 7% ( 1 8. 3 )$ 0. 0

18. 3% ( 8 . 5 )$ 0. 0

20. 7% ( 1 7. 1 )$ ( 1. 7)

2 5 . 0 % ( 2 8. 0 ) ( 1 . 7 )

$

( 1 8. 3 )$

( 8 . 5 )$

( 1 8. 8 )$

( 2 9. 7 )

( 8 . 8 )$

x x

x

I nc omeSt at ement-Wi l dOat sMar ket s

x

( I n$t ho us a n dse x c e p tf o rpe rs h a r ea mo unt s ) Ye are nde dDe c e mbe r31

200 6A

S a l e s Costofgoodss ol dandocc upancycos t s

$ 1 , 1 83 , 0 22 8 0 1, 7 70

Gr os spr ofit Oper at i ngexpenses Di r e c ts t or ee x pe ns e s

3 8 1 , 2 5 2

2 7 7, 0 43 5 4, 8 48 5 , 2 0 9 4 4 , 1 5 2 2 6, 0 57 1 8 , 0 9 5 2 , 6 4 7 ( 7 , 3 8 7 )

S el l i ng,g ene r a la nda dmi ni s t r a t i vee x pe ns e s Pr eopeni ngexpenses EBI TDA De pr e c i a t i on EBI T I nt e r e s ti nc o me I nt e r e s te xpe ns e I nc ome( l os s )be f or ei nc omet a x e s I nc omet axe xpe ns e

1 3 , 3 5 5 ( 551)

Effe c t i v et a xr a t e Ne ti nc ome( l os s )f r om c ont i nui ngope r a t i ons No nr e c ur r i nge v e nt s Los sondi s pos a lofa s s e t s , ne t Re s t r uc t ur i nga nda s s e ti mpa i r me ntc h a r g e s( i nc o me ) ,ne t

4. 1 % 1 3 , 9 0 6

Tot a lnonr e c ur r i nge ve nt s

3 0 , 4 9 4

1 , 1 6 2 2 9, 3 32

Ne ti nc ome( l os s )

$

x x x

( 1 6 , 5 8 8 )

x

NetDebt-Wi l dOat sMar ket s

x

( I n$t ho us a n dse x c e p tf o rpe rs h a r ea mo unt s )

2006A Netdebt Cur r e ntpo r t i o no fl o ng t e r m de b t Cur r e ntpor t i onofobl i ga t i onsunde rc a pi t a ll e a s e s Longt er m debt

Longt e r m obl i g at i onsunde rc a pi t a ll e a s e s

$

5 7 3. 0 1 4 7 , 6 6 2 . 0

x

Tot a lne tde bt

$ 1 0 7 , 8 1 5 . 0

x x

x Sour c e s : PREM14A( 200 7. 06. 15) 1 0K( 2 00 7. 0 3 . 1 5)

Conve r s i onFac t or :

1 , 0 0 0

Low Sha r epr i c e

S ha r e so ut s t a ndi ng Equi t yva l ue Netdebt&ot her Ent e r pr i s ev al ue 20 12 AEBI TDA Mul t i pl e

5 2 we e k

Compa r a bl e

hi gh/l ow

c ompa nya na l ys i s

—

Hi gh

Low

—

— — — — —

—

—

—

—

Hi gh

Low

Pr e c e de nt

Di s c ount e d

t r a ns a c t i ons

c a s hflow a na l ys i s

—

Hi gh

Low

—

—

—

—

—

—

—

Hi gh

Cur r e ntv a l ue 0 . 0 0

NYSF_Walmart_Template.xlsx

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