DCF Model Example - PRGO

8/12/2019 DCF Model Example - PRGO

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Perrigo Company Public Limited Company (NYSE:PRGO) > Fina

In Millions of the reported currency, except per share i tems.Template: StandardPeriod Type: Annual

Currency: Reported Currency

Units: S&P Capital IQ (Default)

Income Statement

For the Fiscal Period Ending

Restated

12 months

Jun-27-2009

Restated

12 months

Jun-26-2010

Cu r r en c y USD USD

Revenue 2,005.6 2,268.2

Other Revenue - -

Total Revenue 2,005.6 2,268.2

Cost Of Goods Sold 1,404.0 1,512.5

Gross Profit 601.6 755.6

Selling General & Admin Exp. 255.9 298.3

R & D Exp. 76.8 83.5

Depreciation & Amort. - -

Other Operating Expense/(Income) - -

Other Operating Exp., Total 332.7 381.8

Operating Income 268.9 373.8

Interest Expense (51.1) (49.7)Interest and Invest. Income 24.1 21.3

Net Interest Exp. (27.0) (28.4)

Currency Exchange Gains (Loss) - -

Other Non-Operating Inc. (Exp.) (1.1) 1.2

EBT Excl. Unusual Items 240.8 346.6

Restructuring Charges (14.6) (9.5)

Merger & Related Restruct. Charges (2.9) (9.4)

Impairment of Goodwill - -

Gain (Loss) On Sale Of Invest. (15.1) -

Asset Writedown (1.6) -

In Process R & D Exp. (0.3) (19.0)

Other Unusual Items - - EBT Incl. Unusual Items 206.3 308.6

Income Tax Expense 63.5 84.2

Earnings from Cont. Ops. 142.8 224.4

Earnings of Discontinued Ops. 2.7 (0.6)

Extraord. Item & Account. Change - -

Net Income to Company 145.5 223.8


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Minority Int. in Earnings - -

Net Income 145.5 223.8

Pref. Dividends and Other Adj. - -

NI to Common Incl Extra Items 145.5 223.8

NI to Common Excl. Extra Items 142.8 224.4

Per Share Items

Basic EPS $1.58 $2.45

Basic EPS Excl. Extra Items 1.55 2.46

Weighted Avg. Basic Shares Out. 92.2 91.4

Diluted EPS $1.56 $2.41

Diluted EPS Excl. Extra Items 1.53 2.42

Weighted Avg. Diluted Shares Out. 93.6 92.8

Normalized Basic EPS $1.63 $2.37

Normalized Diluted EPS 1.61 2.33

Dividends per Share $0.22 $0.24

Payout Ratio % 13.7% 10.0%

Supplemental Items

EBITDA 340.2 447.9

EBITA 292.5 399.0

EBIT 268.9 373.8

EBITDAR 356.4 465.5

Effective Tax Rate % 30.8% 27.3%

Current Domestic Taxes 54.6 71.0

Current Foreign Taxes 12.2 29.3

Total Current Taxes 66.8 100.3

Deferred Domestic Taxes (4.0) (0.3)

Deferred Foreign Taxes 0.7 (15.8)Total Deferred Taxes (3.3) (16.1)

Normalized Net Income 150.5 216.6

Non-Cash Pension Expense 1.8 1.0

Filing Date Aug-16-2011 Aug-16-2012

Restatement Type RS RS

Calculation Type REP REP

Supplemental Operating Expense Items

Advertising Exp. NA NA

Selling and Marketing Exp. 24.1 28.3

General and Administrative Exp. NA NA

R&D Exp. 76.8 83.5

Net Rental Exp. 16.1 17.6

Imputed Oper. Lease Interest Exp. 7.3 6.2

Imputed Oper. Lease Depreciation 8.8 11.3

Stock-Based Comp., Unallocated 10.4 14.7

Stock-Based Comp., Total 10.4 14.7

Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary AD


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cials > Income Statement

Restatement: Latest Filings Order: Latest on Right

Conversion: Historical

Decimals: Capital IQ (Default)

Restated

12 months

Jun-25-2011

Restated

12 months

Jun-30-2012

12 months

Jun-29-2013

LTM

12 months

Dec-28-2013

USD USD USD USD

2,755.0 3,173.2 3,539.8 3,799.5

- - - -

2,755.0 3,173.2 3,539.8 3,799.5

1,810.2 2,050.5 2,248.9 2,391.7

944.8 1,122.7 1,290.9 1,407.8

364.4 411.8 473.8 509.8

89.3 105.8 115.2 129.3

- - - -

- - - -

453.7 517.6 589.0 639.1

491.1 605.1 701.9 768.7

(45.5) (64.7) (70.0) (87.1)3.2 4.0 4.2 2.8

(42.3) (60.7) (65.8) (84.3)

- (6.3) 7.9 8.7

2.8 9.9 (8.8) (3.9)

451.6 548.0 635.2 689.2

(1.0) (8.8) (2.9) (19.9)

- (27.2) (10.9) (121.1)

- - - -

- - (4.7) (1.7)

- - - -

- - (9.0) (15.0)

- - - (165.8)450.6 512.0 607.7 365.7

110.0 119.0 165.8 110.0

340.6 393.0 441.9 255.7

(1.4) 8.6 - -

- - - -

339.2 401.6 441.9 255.7


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- - - -

339.2 401.6 441.9 255.7

- - - -

339.2 401.6 441.9 255.7

340.6 393.0 441.9 255.7

$3.67 $4.31 $4.71 $2.69

3.69 4.22 4.71 2.69

92.3 93.2 93.9 95.2

$3.63 $4.27 $4.68 $2.67

3.64 4.18 4.68 2.67

93.5 94.1 94.5 95.8

$3.06 $3.67 $4.23 $4.52

3.02 3.64 4.2 4.5

$0.27 $0.31 $0.35 $0.36

7.5% 7.2% 7.5% 13.7%

594.0 740.4 862.1 969.4

491.1 605.1 795.9 896.0

491.1 605.1 701.9 768.7

615.1 764.0 889.7 NA

24.4% 23.2% 27.3% 30.1%

119.9 82.4 135.7 135.7

46.2 9.1 24.3 24.3

166.1 91.5 160.0 160.0

(12.9) 34.0 16.6 16.6

(43.3) (6.6) (10.9) (10.9)(56.2) 27.4 5.7 5.7

282.3 342.5 397.0 430.8

1.4 0.9 0.9 -

Aug-15-2013 Aug-15-2013 Aug-15-2013 Feb-06-2014

RS RS O O

REP REP REP LTM

16.4 12.2 26.1 NA

34.7 39.1 47.5 69.3

NA NA NA 14.2

89.3 105.8 115.2 129.3

21.1 23.6 27.6 NA

6.8 10.7 9.2 -

14.3 12.9 18.4 -

15.4 19.0 18.4 22.6

15.4 19.0 18.4 22.6

s, per share items are ADR-equivalent.


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In Millions of the reported currency, except per share i tems.Template: StandardPeriod Type: Quarterly



Income Statement

For the Fiscal Period Ending

Reclassified

3 months

FQ1/CQ3

Sep-27-2008

Reclassified

3 months

FQ2/CQ4

Dec-27-2008


Revenue 455.5 537.2

Other Revenue - - Total Revenue 455.5 537.2

Cost Of Goods Sold 319.6 386.9

Gross Profit 136.0 150.4


R & D Exp. 18.2 19.9

Depreciation & Amort. - -

Other Operating Expense/(Income) - -

Other Operating Exp., Total 76.9 85.5

Operating Income 59.1 64.9

Interest Expense (13.1) (13.7)

Interest and Invest. Income 7.2 6.2

Net Interest Exp. (6.0) (7.5)

Currency Exchange Gains (Loss) - -

Other Non-Operating Inc. (Exp.) (0.3) (1.1)

EBT Excl. Unusual Items 52.8 56.3

Restructuring Charges - -

Merger & Related Restruct. Charges - (2.2)

Impairment of Goodwill - -

Gain (Loss) On Sale Of Invest. - (15.1)

Asset Writedown - (1.6)

In Process R & D Exp. - (0.3)Other Unusual Items - -

EBT Incl. Unusual Items 52.8 37.1

Income Tax Expense 14.5 13.0

Earnings from Cont. Ops. 38.3 24.0

Earnings of Discontinued Ops. (0.3) 1.0

Extraord. Item & Account. Change - -

Net Income to Company 38.0 25.0


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Minority Int. in Earnings - -


Pref. Dividends and Other Adj. - -

NI to Common Incl Extra Items 38.0 25.0

NI to Common Excl. Extra Items 38.3 24.0

Per Share Items

Basic EPS $0.41 $0.27

Basic EPS Excl. Extra Items 0.41 0.26

Weighted Avg. Basic Shares Out. 92.8 92.0

Diluted EPS $0.41 $0.27

Diluted EPS Excl. Extra Items 0.41 0.26

Weighted Avg. Diluted Shares Out. 94.6 93.6

Normalized Basic EPS $0.36 $0.38

Normalized Diluted EPS 0.35 0.38

Dividends per Share $0.05 $0.06

Payout Ratio % 12.3% 20.2%

Supplemental Items

EBITDA 75.9 82.5

EBITA 64.6 64.9

EBIT 59.1 64.9

Effective Tax Rate % 27.4% 35.2%

Current Domestic Taxes NA NA

Current Foreign Taxes NA NA

Total Current Taxes - -

Deferred Domestic Taxes NA NA

Deferred Foreign Taxes NA NA

Total Deferred Taxes - -

Normalized Net Income 33.0 35.2

Interest on Long Term Debt 13.1 NA

Filing Date Nov-02-2009 Feb-02-2010

Restatement Type RD RD

Calculation Type REP REP

Supplemental Operating Expense Items

Selling and Marketing Exp. 6.3 6.1

General and Administrative Exp. NA NA

R&D Exp. 18.2 19.9

Stock-Based Comp., Unallocated 2.8 -

Stock-Based Comp., Total 2.8 -

Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary AD


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cials > Income Statement




3 months

FQ3/CQ1

Mar-28-2009

Reclassified

3 months

FQ4/CQ2

Jun-27-2009

Restated

3 months

FQ1/CQ3

Sep-26-2009

Restated

3 months

FQ2/CQ4

Dec-26-2009

Restated

3 months

FQ3/CQ1

Mar-27-2010

USD USD USD USD USD

505.9 508.2 528.3 582.4 537.6

- - - - - 505.9 508.2 528.3 582.4 537.6

356.3 343.6 364.8 384.8 350.1

149.6 164.6 163.5 197.6 187.5

59.8 71.8 58.3 78.9 73.1

17.9 21.9 18.8 20.7 17.7

- - - - -

- - - - -

77.7 93.7 77.1 99.6 90.8

71.9 70.9 86.4 98.0 96.7

(12.4) (12.1) (11.8) (10.7) (11.2)

5.5 5.4 5.3 5.3 5.3

(7.0) (6.7) (6.5) (5.4) (5.9)

3.0 - 1.5 (0.3) 0.5

(4.2) 1.3 (1.1) 1.4 0.9

63.8 65.5 80.4 93.6 92.2

- (14.6) - - (7.5)

- (0.7) (0.3) - (0.1)

- - - - -

- 0 - - -

- 0 - - -

- 0 (14.0) - -- - (1.1) - -

63.8 50.1 64.9 93.6 84.6

17.3 17.9 13.8 30.8 23.1

46.5 32.3 51.1 62.8 61.5

(0.6) 2.9 0.8 (2.0) 0.6

- - - - -

45.9 35.2 51.9 60.8 62.2


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- - - - -

45.9 35.2 51.9 60.8 62.2

- - - - -

45.9 35.2 51.9 60.8 62.2

46.5 32.3 51.1 62.8 61.5

$0.5 $0.38 $0.56 $0.66 $0.68

0.51 0.35 0.56 0.69 0.67

92.0 92.0 92.0 91.6 91.2

$0.49 $0.38 $0.56 $0.66 $0.67

0.5 0.35 0.55 0.68 0.66

93.2 93.3 93.4 93.0 92.6

$0.43 $0.45 $0.55 $0.64 $0.63

0.43 0.44 0.54 0.63 0.62

$0.06 $0.06 $0.06 $0.06 $0.06

11.1% 14.7% 9.8% 9.4% NA

88.4 90.1 102.7 116.0 114.3

71.9 76.2 91.7 103.8 96.7

71.9 70.9 86.4 98.0 96.7

27.1% 35.6% 21.3% 32.9% 27.2%

NA 54.6 NA NA NA

NA 11.4 NA NA NA

- 66.0 - - -

NA (4.0) NA NA NA

NA 0.7 NA NA NA

- (3.3) - - -

39.9 40.9 50.2 58.5 57.6

12.4 NA 11.8 10.7 11.2

Apr-29-2010 Aug-12-2010 Nov-02-2010 Feb-01-2011 May-03-2011

NC RC RS RS RS

REP Q4 REP REP REP

6.2 5.7 6.5 7.1 7.9

NA NA NA NA NA

17.9 21.9 18.8 20.7 17.7

- 3.0 2.9 - -

- 3.0 2.9 - -

s, per share items are ADR-equivalent.


9/57

Restated

3 months

FQ4/CQ2

Jun-26-2010

3 months

FQ1/CQ3

Sep-25-2010

Reclassified

3 months

FQ2/CQ4

Dec-25-2010

Reclassified

3 months

FQ3/CQ1

Mar-26-2011

Reclassified

3 months

FQ4/CQ2

Jun-25-2011

USD USD USD USD USD

619.8 641.3 717.5 691.6 704.6

- - - - - 619.8 641.3 717.5 691.6 704.6

413.4 427.4 468.0 452.4 462.4

206.4 214.0 249.5 239.1 242.3

88.0 84.5 92.7 92.7 94.6

26.4 17.7 24.6 23.5 23.4

- - - - -

- - - - -

114.4 102.2 117.3 116.2 118.0

92.0 111.8 132.2 122.9 124.3

(16.0) (11.6) (11.0) (11.2) (11.8)

5.4 1.5 0.3 0.3 1.1

(10.6) (10.1) (10.7) (10.9) (10.6)

(1.1) 1.0 0.2 0.3 2.7

0.6 (0.4) 0.4 0.5 (1.9)

80.8 102.2 122.2 112.8 114.4

(2.0) - - - (1.0)

(8.4) - - - -

- - - - -

- - - - -

- - - - - (5.0) - - - -

0.1 - - - -

65.5 102.2 122.2 112.8 113.4

16.5 28.6 32.4 21.2 27.8

49.0 73.7 89.8 91.5 85.6

(0.1) 0.7 0.4 (2.4) 0

- - - - -

48.9 74.4 90.2 89.1 85.6


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- - - - -

48.9 74.4 90.2 89.1 85.6

- - - - -

48.9 74.4 90.2 89.1 85.6

49.0 73.7 89.8 91.5 85.6

$0.54 $0.81 $0.98 $0.96 $0.91

0.54 0.8 0.97 0.99 0.91

91.3 91.8 92.2 92.5 93.9

$0.53 $0.8 $0.96 $0.95 $0.91

0.53 0.79 0.96 0.98 0.91

92.9 93.3 93.4 93.5 93.9

$0.55 $0.7 $0.83 $0.76 $0.76

0.54 0.69 0.82 0.75 0.76

$0.06 $0.06 $0.07 $0.07 $0.07

11.8% 7.8% 7.2% NA 7.6%

114.3 135.2 159.2 148.8 151.0

100.7 123.1 143.6 122.9 136.7

92.0 111.8 132.2 122.9 124.3

25.2% 27.9% 26.5% 18.8% 24.5%

71.0 NA NA NA 120.0

29.3 NA NA NA 46.2

100.3 - - - 166.1

(0.3) NA NA NA (12.8)

(15.8) NA NA NA (43.3)

(16.1) - - - (56.1)

50.5 63.9 76.3 70.5 71.5

NA NA NA NA NA

Aug-16-2011 Oct-27-2011 Feb-07-2012 May-08-2012 Aug-16-2012

RS NC RC RC RC

Q4 REP REP REP Q4

6.8 8.3 8.9 8.5 9.0

NA NA NA NA NA

26.4 17.7 24.6 23.5 23.4

3.5 3.7 - - 3.8

3.5 3.7 - - 3.8


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Reclassified

3 months

FQ1/CQ3

Sep-24-2011

3 months

FQ2/CQ4

Dec-31-2011

3 months

FQ3/CQ1

Mar-31-2012

3 months

FQ4/CQ2

Jun-30-2012

Restated

3 months

FQ1/CQ3

Sep-29-2012

USD USD USD USD USD

725.3 838.2 778.0 - 769.8

- - - - - 725.3 838.2 778.0 - 769.8

470.5 543.3 498.7 - 484.5

254.8 294.9 279.3 - 285.3

103.2 103.1 98.2 - 101.3

19.6 31.1 28.0 - 27.4

- - - - -

- - - - -

122.8 134.2 126.1 - 128.7

131.9 160.7 153.2 - 156.6

(13.7) (16.5) (17.6) - (17.2)

1.1 0.9 0.9 - 1.3

(12.6) (15.6) (16.7) - (15.9)

(2.1) (2.8) 1.7 - (0.7)

1.9 2.0 3.5 - 0.8

119.1 144.3 141.7 - 140.8

- - (7.1) - -

(30.4) - - - -

- - - - -

- - - - -

- - - - -- - - - -

- - - - -

88.8 144.3 134.6 - 140.8

18.3 44.5 18.9 - 35.2

70.5 99.7 115.7 - 105.6

- - - - -

- - - - -

70.5 99.7 115.7 - 105.6


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- - - - -

70.5 99.7 115.7 - 105.6

- - - - -

70.5 99.7 115.7 - 105.6

70.5 99.7 115.7 - 105.6

$0.76 $1.07 $1.24 NA $1.13

0.76 1.07 1.24 NA 1.13

92.9 93.2 93.3 NA 93.6

$0.75 $1.06 $1.23 NA $1.12

0.75 1.06 1.23 NA 1.12

94.0 94.0 94.1 NA 94.3

$0.8 $0.97 $0.95 NA $0.94

0.79 0.96 0.94 NA 0.93

$0.07 $0.08 $0.08 NA $0.08

9.3% 7.5% 6.5% NA 7.1%

166.7 193.1 187.8 NA 190.0

152.0 178.4 171.7 NA 175.4

131.9 160.7 153.2 NA 156.6

20.6% 30.9% 14.0% NA 25.0%

NA NA NA NA NA

NA NA NA NA NA

- - - - -

NA NA NA NA NA

NA NA NA NA NA

- - - - -

74.5 90.2 88.6 NA 88.0

NA NA NA NA NA

Nov-07-2012 Feb-01-2013 May-07-2013 NA Nov-04-2013

RC NC NC DO RS

REP REP REP NA REP

10.3 9.1 10.2 NA 10.8

NA NA NA NA NA

19.6 31.1 28.0 NA 27.4

3.9 - - - 4.8

3.9 - - - 4.8


13/57

Restated

3 months

FQ2/CQ4

Dec-29-2012

3 months

FQ3/CQ1

Mar-30-2013

3 months

FQ4/CQ2

Jun-29-2013

3 months

FQ1/CQ3

Sep-28-2013

3 months

FQ2/CQ4

Dec-28-2013

USD USD USD USD USD

883.0 919.8 967.2 933.4 979.0

- - - - - 883.0 919.8 967.2 933.4 979.0

568.1 586.6 609.7 577.1 618.3

314.9 333.3 357.5 356.3 360.7

115.0 124.2 133.3 142.2 122.0

28.3 28.5 31.0 32.3 37.5

- - - - -

- - - - -

143.3 152.8 164.2 174.5 159.5

171.6 180.5 193.3 181.8 201.2

(16.8) (16.9) (19.2) (23.8) (28.2)

1.5 0.9 0.6 0.7 0.6

(15.3) (16.1) (18.6) (23.1) (27.6)

2.2 1.6 4.8 (0.5) 2.7

(2.3) (2.5) (4.8) 1.2 0.6

156.2 163.6 174.7 159.4 176.9

- - (2.9) (2.1) (14.9)

(7.7) (1.9) (1.3) - (103.2)

- - - - -

(3.0) (1.6) 0 - -

- - - - -- - (9.0) - (6.0)

- - - - (165.8)

145.5 160.1 161.4 157.3 (113.0)

39.5 48.2 43.0 45.9 (27.0)

106.0 111.9 118.4 111.4 (86.0)

- - - - -

- - - - -

106.0 111.9 118.4 111.4 (86.0)


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- - - - -

106.0 111.9 118.4 111.4 (86.0)

- - - - -

106.0 111.9 118.4 111.4 (86.0)

106.0 111.9 118.4 111.4 (86.0)

$1.13 $1.19 $1.26 $1.18 ($0.87)

1.13 1.19 1.26 1.18 (0.87)

93.9 94.0 94.1 94.2 98.7

$1.12 $1.18 $1.26 $1.18 ($0.87)

1.12 1.18 1.26 1.18 (0.87)

94.5 94.5 94.7 94.7 98.7

$1.04 $1.09 $1.16 $1.06 $1.12

1.03 1.08 1.15 1.05 1.12

$0.09 $0.09 $0.09 $0.09 $0.09

8.0% 7.6% 7.2% 7.6% NM

208.1 223.4 240.6 229.5 263.9

193.1 205.1 222.3 211.6 245.0

171.6 180.5 193.3 181.8 201.2

27.1% 30.1% 26.6% 29.2% NM

NA NA 135.7 NA NA

NA NA 24.3 NA NA

- - 160.0 - -

NA NA 16.6 NA NA

NA NA (10.9) NA NA

- - 5.7 - -

97.6 102.2 109.2 99.6 110.6

NA NA NA NA NA

Feb-06-2014 Feb-06-2014 Aug-15-2013 Nov-04-2013 Feb-06-2014

RS NC O O O

REP RUP Q4 REP REP

54.8 12.6 12.5 13.2 61.3

60.2 NA NA NA 60.7

28.3 28.5 31.0 32.3 37.5

- - 4.4 5.9 -

- - 4.4 5.9 -


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Template: As PresentedPeriod Type: Annual



Balance Sheet

Balance Sheet as of:

Jun-28-2008 Jun-27-2009


Units Thousands Thousands

Current Assets

Cash and Cash Equivalents 318,599.0 316,133.0

Investment Securities 560.0 3.0

Accounts Receivables 317,875.0 325,810.0Refundable Incomes Taxes 10,215.0 8,926.0

Inventories 374,782.0 384,794.0

Current Deferred Income Taxes 42,241.0 23,261.0

Prepaid Expenses and Other Current Assets 36,951.0 23,658.0

Restricted Cash - -

Current Assets of Discontinued Operations 58,968.0 51,699.0

Total Current Assets 1,160,191.0 1,134,284.0

Non Current Assets

Buildings 254,030.0 262,990.0

Land 22,275.0 22,876.0

Machinery, Equipment 443,288.0 478,085.0

Accumulated Depreciation (381,053.0) (409,634.0)

Noncurrent Deferred Income Taxes 73,726.0 - Other Intangible Assets 220,724.0 214,207.0

Goodwill and Other Indefinite Lived Intangible Assets 287,112.0 268,819.0

Restricted Cash 400,000.0 400,000.0

Non-current Assets of Discontinued Operations 34,202.0 21,854.0

Other Non-current Assets 63,914.0 49,756.0

CIQ Balancing Difference - Total Assets - -

Total Assets 2,578,409.0 2,443,237.0

Current Liabilities

Accounts Payable 235,922.0 271,537.0

Payrolls and Related Taxes 70,977.0 54,196.0

Accrued Expenses 55,055.0 61,704.0

Accrued Customer Programs 53,419.0 54,461.0

Short-term Debts - - Current Portion of Long-term Debt 20,095.0 17,181.0

Accrued Income Taxes 3,317.0 3,334.0

Current Deferred Income Taxes 24,493.0 -

Current Liabilities of Discontinued Operations 25,716.0 19,620.0

CIQ Balancing Difference - Total Current Liabilities - -

Total Current Liabilities 488,994.0 482,033.0

Non Current Liabilities

Long-term Debt-less Current Portion 895,095.0 875,000.0


16/57

Noncurrent Deferred Income Taxes 138,158.0 65,326.0

Minority Interest - 548.0

Non-current Liabilities of Discontinued Operation 15,994.0 11,933.0

Other Non-current Liabilities 106,453.0 86,476.0

CIQ Balancing Difference - Total Long-Term Liabilities - -

Shareholders' Equity

Common Stock - Par Value 488,537.0 452,243.0

Retained Earnings 289,994.0 419,086.0

Accumulated Other Comprehensive Income (Loss) 155,184.0 50,592.0

Total Shareholders Equity 933,715.0 922,469.0

Total Liabilities & Shareholders Equity 2,578,409.0 2,443,237.0

Debt/Equity 1.76 1.65

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary A


17/57

cials > Balance Sheet




Jun-26-2010 Jun-25-2011 Jun-30-2012 Jun-29-2013

USD USD USD USD

Thousands Thousands Millions Millions

109,765.0 310.1 602.5 779.9

559.0 - -

359,809.0 477.9 572.6 651.914,439.0 0.4 1.0 6.1

452,980.0 505.6 547.5 703.9

27,225.0 30.5 45.7 47.1

30,549.0 50.4 26.6 48.0

400,000.0 - -

7,375.0 2.6 - -

1,402,701.0 1,377.3 1,795.9 2,236.9

0

0

306,995.0 324.8 343.3 390.7

37,215.0 39.9 40.4 36.0

540,959.0 641.2 735.2 863.7

(436,586.0) (498.5) (540.5) (608.9)

- 10.5 13.4 20.3587,000.0 567.6 729.3 1,157.6

618,042.0 644.9 820.1 1,174.1

- - -

- - -

52,677.0 81.6 87.0 80.6

- (0.1) (0.2)

3,109,003.0 3,189.2 4,024.0 5,350.8

0

0

267,311.0 343.3 317.3 382.0

79,219.0 81.5 89.9 82.1

90,046.0 57.5 76.4 95.7

59,898.0 91.4 116.1 131.7

9,000.0 2.8 0.1 5.0400,000.0 15.0 40.0 41.2

11,665.0 10.6 12.9 11.6

- - 0.2

5,370.0 4.1 - -

- - (0.1)

922,509.0 606.0 652.7 749.4

0

0

935,000.0 875.0 1,329.2 1,927.8


18/57

49,346.0 10.6 24.1 127.8

1,844.0 1.9 1.6 1.2

- - -

108,208.0 166.6 165.3 213.1

- 0.1 0.1

0

0

428,457.0 467.7 504.7 538.5

620,439.0 934.3 1,306.9 1,715.9

43,200.0 127.1 39.4 77.0

1,092,096.0 1,529.0 1,851.0 2,331.4

3,109,003.0 3,189.2 4,024.0 5,350.8

1.85 1.09 1.17 1.30

DRs, total share counts are ADR-equivalent.


19/57


Template: As PresentedPeriod Type: Annual



Cash Flow

For the Fiscal Period Ending 12 months

Jun-26-2010

12 months

Jun-25-2011


Units Thousands Millions

Operating Activities

Net Income 223,799.0 339.2

Depreciation and Amortization 74,104.0 102.9

Gain on Sale of Pipeline Development Projects - - Losses on Sale of Investments - -

Restructuring and Asset Impairment 9,523.0 1.0

Write off of Inprocess Research and Development 19,000.0 -

Share Based Compensation 14,696.0 15.4

Income Tax Benefits from Exercise of Stock Options (1,302.0) (0.6)

Excess Tax Benefit from Share-based Compensation, Operating Activities (9,860.0) (17.2)

Deferred Income Taxes (16,073.0) (56.1)

Gain/loss on Sales of Business (750.0) 2.2

Others 4,947.0 11.2

CIQ Balancing Calc. - Operating Activities - (0.1)

Accounts Receivable (21,766.0) (107.2)

Inventories (32,217.0) (30.4)

Accounts Payable (1,558.0) 57.8

Income Taxes 26,310.0 56.2Accrued Liabilities 7,451.0 (32.3)

Payrolls and Related Taxes 30,917.0 0.6

Accrued Customer Programs 5,142.0 31.4

Cash Flow from Operating Activities 332,363.0 374.0

Investing Activities

Acquisitions of Assets (10,262.0) (10.8)

Payments to Acquire Property, Plant, and Equipment (57,816.0) (99.4)

Acquisition of Businesses, Net of Cash Acquired (868,802.0) 2.6

Acquired Research and Development (19,000.0) -

Proceeds from Sale of Intangible Assets and Pipeline Development Projects - -

Proceeds from Sale of Securities - 0.6

CIQ Balancing Calc. - Investing Activities - -

(Return Of) Proceeds from Sale of Business 35,980.0 (3.6)Cash Flow from Investing Activities (919,900.0) (110.6)

Financing Activities

Repayment of Long-term Debt (165,000.0) (195.0)

Borrowings of Long-term Debt 625,000.0 150.0

Borrowings/payments of Short-term Debt, Net (8,771.0) (6.2)

Issuance of Common Stock 21,444.0 14.3

Repurchase of Common Stock (71,088.0) (8.3)

Cash Dividends (22,329.0) (25.3)


20/57

Payments of Financing Costs (5,813.0) (5.5)

CIQ Balancing Calc. - Financing Activities - -

Excess Tax Benefit of Stock Transactions 9,860.0 17.2

Cash Flow from Financing Activities 383,303.0 (58.8)

Other Adjustments

Cash Flow Net Changes in Cash (207,877.0) 200.3

Foreign Exchange Rate Effect on Cash and Cash Equivalents (3,643.0) (4.3)


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cials > Cash Flow




12 months

Jun-30-2012

12 months

Jun-29-2013

USD USD

Millions Millions

401.6 441.9

135.3 160.2

(3.5) -- 4.7

8.7 2.9

- 9.0

19.0 18.4

(1.8) (1.4)

(12.9) (15.7)

27.5 5.7

(8.6) -

(5.7) 15.3

- (0.1)

(49.3) (37.0)

5.4 (94.6)

(23.6) 6.5

13.7 28.94.2 8.4

5.0 (11.9)

(1.6) 12.6

513.4 553.8

(0.8) -

(120.2) (104.1)

(582.3) (852.3)

- -

10.5 -

- 8.6

0.1 -

8.6 - (684.1) (947.8)

(610.0) (40.0)

1,089.2 637.3

(2.7) 5.0

11.6 10.7

(8.2) (12.4)

(29.0) (33.0)


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23/57

Perrigo Company

Income Statement

(Dollars in millions, share data in millions)

Reported Income Statement

2009 2010 2011 2012

Consumer Healthcare - - 1685 1816

Nutritionals - - 503 501

Rx Pharmaceuticals - - 344 617

Active Pharmaceutical Ingredients - - 156 166

Israel pharmaceutical + diagnostics - - 67 73

Elan-Tysabri royalty 0 0 0 0

Total Revenue 2006 2268 2755 3173

Cost Of Goods Sold (1404) (1513) (1810) (2051)

Gross Profit 602 756 945 1123

Selling General & Admin Exp. (256) (298) (364) (412)R & D Exp. (77) (84) (89) (106)

Depreciation & Amort. 0 0 0 0

Other Operating Expense/(Income) 0 0 0 0

Operating Income 269 374 491 605

Net Interest Exp. (27) (28) (42) (61)

Currency Exchange Gains (Loss) 0 0 0 (6)

Other Non-Operating Inc. (Exp.) (1) 1 3 10

EBT Excl. Unusual Items 241 347 452 548

Restructuring Charges (15) (10) (1) (9)

Merger & Related Restruct. Charges (3) (9) 0 (27)

Impairment of Goodwill 0 0 0 0

Gain (Loss) On Sale Of Invest. (15) 0 0 0

Asset Writedown (2) 0 0 0In Process R & D Exp. (0) (19) 0 0

Other Unusual Items 0 0 0 0

EBT Incl. Unusual Items 206 309 451 512

Income Tax Expense (63) (84) (110) (119)

Earnings from Cont. Ops. 143 224 341 393

Earnings of Discontinued Ops. 3 (1) (1) 9

Extraord. Item & Account. Change - - - -

Net Income to Company 146 224 339 401

Effective Tax Rate -31% -23% -24% -23%

Weighted Diluted Shares 93.63 92.85 93.50 94.10

EPS 1.55 2.41 3.63 4.27

Adjusted Income Statement

Reported Gross Profit 602 756 945 1,123

Non-recurring Items in COGS - - -

Adj. Gross Profit 602 756 945 1,123

Reported EBT 206 309 451 512

Fiscal Year Ending June 30th

Annual


24/57

Non-recurring Items in COGS - - - -

Other Non-recurring Items (36) (37) 2 (32)

Adj. EBT 242 345 449 544

Reported Net Income 146 224 339 401

Non-recurring Items in COGS - - - -

Other Non-recurring Items (36) (37) 2 (32)Tax Adjustment 11 8 (0) 8

Discountinued Ops Adj. (3) 1 1 (9)

Adj. Net Income 168 253 339 418

Adj. EPS 1.79 2.72 3.63 4.44


25/57

2013 Sep-13 Dec-13

2089 539 536

508 129 140

710 204 247

159 43 30

74 19 19

0 48 7

3540 934 979

(2249) (577) (618)

1291 357 361

(474) (142) (122)(115) (32) (38)

0 0 0

0 0 0

702 182 201

(66) (23) (28)

8 (1) 3

(9) 1 1

635 160 177

(3) (2) (15)

(11) - (103)

0 - -

(5) - -

0 - -(9) - (6)

0 - (166)

608 158 (113)

(166) (46) 27

442 112 (86)

0 0 0

0 0 0

442 112 (86)

-27% 29% -24%

94.50 94.70 98.70

4.68 1.18 -0.87

1,291 357 361

1,291 357 361

608 158 (113)

Quarters


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- - -

(28) (1) (287)

636 159 174

442 112 (86)

- - -

(28) (1) (287)8 (0) 68

0 0 0

463 114 132

4.90 1.20 1.34


27/57

Fiesta Resturant Group

Pro Forma

(Dollars in millions, except per share data)

Operating Scenerio 3

Percent-Year Conversion? yes

Current Date 2/22/2014

12/31/2013

2011 2012

Consumer Healthcare 1685 1816

Nutritionals 503 501

Rx Pharmaceuticals 344 617

Active Pharmaceutical Ingredients 156 166

Israel pharmaceutical + diagnostics 67 73

Elan-Tysabri royalty 0 0

Total Revenue 2755.0 3173.0

% growth 15.2%

Cost of Goods Sold (1810.2) (2050.5)

Gross Profit 944.8 1122.5 % margin 34% 35%

Selling General & Admin Exp. (364.4) (411.8)

R & D Exp. (89.3) (105.8)

Depreciation & Amort. 0.0 0.0

Other Operating Expense/(Income) 0.0 0.0

EBIT = EBITDA 491.1 604.9

%margin 18% 19%

Taxes (110.4) (126.5)

EBIAT 380.7 478.4

Plus: D&A 0.0 0.0

Less: CapEx 99.4 120.2

Less: NWC 79.7

Unlevered Free Cash Flow 281.3 278.4

EBIAT 380.7 478.4

Interest Expense (42.3) (60.7)


WACC 12.00%

Discount Period

Discount Factor

Present Value of Free Cash Flow

EPS

Cost and CapEx Assumptions

2010 2011

Cost of Goods Sold 0.66 0.65


R & D Exp. 0.032 0.033

Taxes 0.22 0.21

Interest Expense 0.015 0.019

Percent of Year Completed

0.144444444

Annual

Annual

Ad


28/57

CapEx 99 120


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2013 13-Sep 13-Dec 3rd & 4th Qs 2014 2015

2089 539 536 1155.00 2230.00 2448.65

508 129 140 301.00 570.00 661.65

710 204 247 481.00 932.00 1135.00

159 43 30 74.00 147.00 130.00

74 19 19 40.00 78.00 83.46

0 0 7 131.00 138.00 262.20

3540.0 934.0 979.0 2182.0 4095.0 4721.0

11.6% - - - 15.7% 15.3%

(2248.9) (577.1) (618.3) (1377.3) (2572.7) (2938.5)

1291.1 356.9 360.7 804.7 1522.3 1782.436% 38% 37% 37% 37% 38%

(473.8) (142.2) (122.0) (286.1) (550.3) (641.8)

(115.2) (32.3) (37.5) (95.2) (165.0) (203.4)

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0

702.1 182.4 201.2 423.4 807.0 937.2

20% 20% 21% 19% 20% 20%

(173.5) (45.5) (41.5) (2.6) (171.1) (163.1)

528.6 136.9 159.7 420.8 635.9 774.1

0.0 0.0 0.0 5.1 0.0 0.0

104.1 - - - 164.0 162.0

160.6 - - - 33.8 131.2

263.9 - - - 438.1 480.9

528.6 136.9 159.7 339.3 635.9 774.1

(65.8) (23.1) (27.6) (36.1) (86.8) (100.1)

462.8 113.8 132.1 303.2 549.1 674.0

3rd and 4th Qs

0.356 0.856

0.96 0.91

291.2 436.5

0.00 0.00

2012 13-Sep 13-Dec 3rd & 4th Qs 2014 2015

0.64 0.62 0.63 0.63 0.63 0.62

0.13 0.15 0.12 0.13 0.13 0.14

0.033 0.035 0.038 0.044 0.040 0.043

0.25 0.25 0.21 0.01 0.212 0.174

0.019 0.025 0.028 0.017 0.021 0.021

Historic Values

Quarters

usted Historic Period

Quarters


30/57

104 - - - 164 162


31/57

2016 2017 2018 2019 2020 2021

2734.09 2917.22 3089.85 3206.84 3333.72 3465.66

744.02 829.95 907.14 977.71 1034.88 1095.47

1409.80 1579.30 1710.80 1821.45 1900.77 1962.43

125.00 122.14 123.60 136.62 147.65 161.02

87.63 91.14 93.87 95.75 97.66 99.62

393.30 452.30 506.57 536.96 569.18 591.95

5493.8 5992.0 6431.8 6775.3 7083.9 7376.2

16.4% 9.1% 7.3% 5.3% 4.6% 4.1%

(3396.6) (3684.9) (3939.5) (4137.0) (4315.2) (4485.0)

2097.3 2307.2 2492.4 2638.3 2768.7 2891.138% 39% 39% 39% 39% 39%

(750.9) (823.6) (887.3) (937.6) (982.6) (1024.9)

(262.3) (303.8) (345.2) (378.7) (409.5) (437.3)

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0

1084.1 1179.8 1259.8 1322.0 1376.6 1428.8

20% 20% 20% 20% 19% 19%

(184.3) (193.5) (200.3) (203.6) (206.5) (214.3)

899.8 986.3 1059.5 1118.4 1170.1 1214.5

0.0 0.0 0.0 0.0 0.0 0.0

175.0 159.0 168.0 175.0 182.0 189.0

165.5 71.7 89.8 67.4 52.9 57.1

559.3 755.6 801.7 876.0 935.3 968.4

899.8 986.3 1059.5 1118.4 1170.1 1214.5

(116.5) (127.0) (136.3) (143.6) (150.2) (156.4)

783.3 859.3 923.1 974.8 1020.0 1058.1

1.856 2.856 3.856 4.856 5.856 6.856

0.81 0.72 0.65 0.58 0.51 0.46

453.2 546.7 517.9 505.2 481.6 445.3

0.00 0.00 0.00 0.00 0.00 0.00

2016 2017 2018 2019 2020 2021

0.62 0.61 0.61 0.61 0.61 0.61

0.14 0.14 0.14 0.14 0.14 0.14

0.048 0.051 0.054 0.056 0.058 0.059

0.17 0.164 0.159 0.154 0.15 0.15

0.021 0.021 0.021 0.021 0.021 0.021

Annual

Projected Period for DCF

Annual

Forward Going Assumptions


32/57

175 159 168 175 182 189


33/57


DCF


WACC #REF!

Discount Period

Discount FactorPresent Value of Free Cash Flow

EPS

Cumulative Present Value of FCF 3,678 Enterprise Value

Less: Total Debt

Terminal Value Less: Preferred Stock

Terminal Year EBITDA 1,429 Less: Noncontrolling Interest

Exit Multiple 7.x Plus: Cash and Cash Equivalent

Terminal Value 10,002 Implied Equity Value

Discount Factor 0.58 Fully Diluted Shares Outstanding

Present Value of Terminal Value 5,769 Implied Share Price % of Enterprise Value 42.17%

Enterprise Value 13,680

Sensitivity Analysis

$13,679.52 6.5x 7.0x 7.0x 8.0x 8.5x

11.00% 12,965 13,680 13,680 15,108 15,823

11.50% 12,965 13,680 13,680 15,108 15,82312.00% 12,965 13,680 13,680 15,108 15,823

12.50% 12,965 13,680 13,680 15,108 15,823

13.00% 12,965 13,680 13,680 15,108 15,823

-7.42% 6.0x 6.5x 7.0x 7.5x 8.0x

11.00% 1.04% 1.75% 2.36% 2.89% 3.36%

11.50% 1.48% 2.19% 2.80% 3.34% 3.81%

12.00% 1.91% 2.63% 3.24% 3.78% 4.26%

12.50% 2.35% 3.06% 3.69% 4.23% 4.71%

13.00% 2.78% 3.50% 4.13% 4.68% 5.16%

42.17% 6.0x 6.5x 7.0x 7.5x 8.0x

11.00% 40.36% 41.32% 42.17% 42.94% 43.64%

11.50% 40.36% 41.32% 42.17% 42.94% 43.64%

12.00% 40.36% 41.32% 42.17% 42.94% 43.64%

12.50% 40.36% 41.32% 42.17% 42.94% 43.64%

13.00% 40.36% 41.32% 42.17% 42.94% 43.64%

PV of Terminal Value % of Enterprise Value

Exit Multiple

WACC

WACC

Implied Perpetuity Growth Rate

Exit Multiple

Enterprise Value Implied Equity Val

WACC

Enterprise Value

Exit Multiple


34/57

3rd and 4th Qs

0.356 0.856 1.856 2.856 3.856

0.96 0.91 0.81 0.72 0.65291.2 436.5 453.2 546.7 517.9

0.00 0.00 0.00 0.00 0.00

13,680 Terminal Year FCF 2018 802

#REF! WACC 0.00%

0 Terminal Value 10,002

0

#REF! Implied Perpetuity Growth Rate -7.4%

#REF!

#REF! Enterpise Value 13,680LTM EBITDA #REF!

Implied EV/EBITDA #REF!

#REF! 6.0x 6.5x 7.0x 7.5x

11.00% #REF! #REF! #REF! #REF!

11.50% #REF! #REF! #REF! #REF!12.00% #REF! #REF! #REF! #REF!



#REF! 6.0x 6.5x 7.0x 7.5x






WACC

e and Share Price Implied Perpetuity Growth Rate

Implied EV/EBITDA

WACC

Implied EV/EBITDA

Exit Multiple

Implied Equity Value

Exit Multiple


35/57

4.856 5.856 6.856

0.58 0.51 0.46505.2 481.6 445.3

0.00 0.00 0.00

8.0x

#REF!

#REF!#REF!

#REF!

#REF!

8.0x

#REF!

#REF!

#REF!

#REF!

#REF!


36/57


WACC


Target Capital Structure PredictedDebt-to-Total Capitalization 91% Company Levered Beta

Equity-to-Total Capitalization 9% PNRA 1.18

CMG 0.85

BWLD 1.26

Cost of Debt

Cost of Debt 8.9% Mean 1.10

Tax Rate 35.0% Median 1.18

After-tax Cost of Debt 5.769%

Cost of Equity

Risk-free Rate 2.61%

Market Risk Premium 11.39% Relevered BetaLevered Beta 6.71 This does not make sense

Cost of Equity 79.06%

12.00%

WACC 12.00% Estimated beta 50.0%

75.0%91.0%

92.0%

93.0%Debt-toTotal

Capitalization

WACC Calculation Comparable


37/57


38/57


Assumptions


Consumer Healthcare

Nutritionals

Rx Pharmaceuticals

Active Pharmaceutical Ingredients

Israel pharmaceutical + diagnostics

Specialty sciences (Elan-Tysabri royalty)

Consevative Case

Revenue by Category Projections

($M) F2011A F2012A F2013A

Consumer Healthcare 1,685 1,816 2,089

Base (ex-new launche 1,609 1,696 1,895

New launches (rolling 1 54 102 53

Acquisitions (disclosed 22 18 141

Nutritionals 503 501 508

Base business 204 431 490


Acquisitions (disclosed 283 - -

Rx Pharmaceuticals 344 617 710

Base (ex-new launche 263 355 620


Acquisitions (disclosed - 228 43

Active Pharmaceutical Ingredients 156 166 159



Acquisitions (disclosed - - -

Israel pharmaceutical + diagnostics 67 73 74


New launches (rolling 1 8 3 -



Total Revenue 2,755 3,173 3,540

F2011A F2012A F2013A

Consumer Healthcare

Base (ex-new launches & acquisitions)

New launches (rolling 12-mos., disclosed)

Acquisitions (disclosed)


39/57

Nutritionals

Base business



Rx Pharmaceuticals


New launches (rolling 12-mos., disclosed)Acquisitions (disclosed)










Total Revenue

* Assumes that these acquisitions do not do so well after the merger.

Moderate Case


($M) F2011A F2012A F2013A


Base (ex-new launche 1,609 1,696 1,895




Base business 204 431 490New launches (rolling 1 17 70 18












New launches (rolling 1 8 3 -Acquisitions (disclosed - - -


Total Revenue 2,755 3,173 3,540

* At least one major acquisition is expected to occur in each revenue category d

F2011A F2012A F2013A


40/57

Consumer Healthcare




Nutritionals

Base business


Rx Pharmaceuticals













Total Revenue

Aggressive Case


($M) F2011A F2012A F2013A


Base (ex-new launche 1,609 1,696 1,895New launches (rolling 1 54 102 53



Base business 204 431 490









New launches (rolling 1 32 7 11Acquisitions (disclosed - - -



New launches (rolling 1 8 3 -



Total Revenue 2,755 3,173 3,540

* At least one major acquisition is expected to occur in each revenue category d


41/57

F2011A F2012A F2013A

Consumer Healthcare



Nutritionals

Base business



Rx Pharmaceuticals













Total Revenue


42/57

1 2 3 4 5 6 7

2014 2015 2016 2017 2018 2019 2020

2230 2449 2734 2917 3090 3207 3334

570 662 744 830 907 978 1035

932 1135 1410 1579 1711 1821 1901

147 130 125 122 124 137 148

78 83 88 91 94 96 98

138 262 393 452 507 537 569

F2014E F2015E F2016E F2017E F2018E F2019E F2020E

2,230 2,292 2,440 2,604 2,753 2,885 3,029

2,105 2,252 2,410 2,579 2,733 2,870 3,014

53 40 30 25 20 15 15

72 - - - - - -

570 608 656 701 742 778 817

551 595 643 688 729 765 804

19 13 13 13 13 13 13

- - - - - - -

932 992 1,259 1,486 1,618 1,727 1,804

750 863 1,121 1,346 1,480 1,598 1,694

108 124.20 133 136 133 124 10574 5 5 5 5 5 5

147 101 78 74 73 74 77

107 86 73 69 68 69 72

40 15 5 5 5 5 5

- - - - - - -

78 78 75 69 61 53 47

78 78 75 69 61 53 47

- - - - - - -

- - - - - - -

138 138 134 126 115 100 87

4,095 4,209 4,641 5,059 5,361 5,618 5,860

F2014E F2015E F2016E F2017E F2018E F2019E F2020E

1.07 1.07 1.07 1.06 1.05 1.05

Projection Period


43/57

1.08 1.08 1.07 1.06 1.05 1.05

1.15 1.3 1.2 1.1 1.08 1.06

1.15 1.07 1.02 0.98 0.93 0.85

0.8 0.85 0.95 0.98 1.02 1.04

1 0.96 0.92 0.88 0.88 0.88

1 0.97 0.94 0.91 0.87 0.87

F2014E F2015E F2016E F2017E F2018E F2019E F2020E

2,230 2,376 2,607 2,730 2,892 3,006 3,125

2,105 2,316 2,547 2,700 2,862 2,976 3,095

53 50 50 20 20 20 20

72 10 10 10 10 10 10

570 631 692 758 817 880 932

551 606 667 733 792 855 90719 15 15 15 15 15 15

- 10 10 10 10 10 10

932 1,087 1,301 1,485 1,614 1,719 1,795

750 938 1,125 1,294 1,423 1,537 1,629

108 130 156 171 171 163 146

74 20 20 20 20 20 20

147 117 109 104 108 120 130

107 102 99 99 104 111 121

40 15 10 5 4 4 4

- - - - - 5 5

78 82 84 86 88 90 91

78 82 84 86 88 90 91

- - - - - - -- - - - - - -

138 207 290 348 396 432 458

4,095 4,499 5,082 5,510 5,915 6,248 6,532

uring the outlook peroid.

F2014E F2015E F2016E F2017E F2018E F2019E F2020E


44/57

1.1 1.1 1.06 1.06 1.04 1.04

1.1 1.1 1.1 1.08 1.08 1.06

1.25 1.2 1.15 1.1 1.08 1.06

1.2 1.2 1.1 1 0.95 0.9

0.95 0.97 1 1.05 1.07 1.09

1.05 1.03 1.02 1.02 1.02 1.02

1.5 1.4 1.2 1.14 1.09 1.06

F2014E F2015E F2016E F2017E F2018E F2019E F2020E

2,230 2,449 2,734 2,917 3,090 3,207 3,334

2,105 2,379 2,664 2,877 3,050 3,172 3,29953 55 55 25 25 20 20

72 15 15 15 15 15 15

570 662 744 830 907 978 1,035

551 634 716 802 882 953 1,010

19 18 18 18 15 15 15

- 10 10 10 10 10 10

932 1,135 1,410 1,579 1,711 1,821 1,901

750 975 1,219 1,365 1,502 1,622 1,719

108 135 166 189 189 180 162

74 25 25 25 20 20 20

147 130 125 122 124 137 148

107 107 107 109 115 123 134

40 18 13 8 4 4 4- 5 5 5 5 10 10

78 83 88 91 94 96 98

78 83 88 91 94 96 98

- - - - - - -

- - - - - - -

138 262 393 452 507 537 569

4,095 4,721 5,494 5,992 6,432 6,775 7,084

uring the outlook peroid.


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F2014E F2015E F2016E F2017E F2018E F2019E F2020E

1.13 1.12 1.08 1.06 1.04 1.04

1.15 1.13 1.12 1.1 1.08 1.06

1.3 1.25 1.12 1.1 1.08 1.06

1.25 1.23 1.14 1 0.95 0.9

1 1 1.02 1.05 1.07 1.09

1.07 1.05 1.04 1.03 1.02 1.02

1.9 1.5 1.15 1.12 1.06 1.06


46/57

8

2021

3466

1095

1962

161

100

592

F2021E

3,149

3,134

15

-

857

844

13

-

1,873

1,779

89

5

80

75

5

-

41

41

-

-

75

6,076

F2021E

1.04


47/57

1.05

1.05

0.85

1.05

0.88

0.87

F2021E

3,249

3,219

20

10

986

96115

10

1,855

1,711

124

20

142

133

4

5

93

93

--

476

6,802

F2021E


48/57

1.04

1.06

1.05

0.85

1.1

1.02

1.04

F2021E

3,466

3,43120

15

1,095

1,070

15

10

1,962

1,805

138

20

161

147

410

100

100

-

-

592

7,376


49/57

F2021E

1.04

1.06

1.05

0.85

1.1

1.02

1.04


50/57


NWC Projection


2011 2012 2013 2014Revenue 2,755 3,173 3,540 4,095

Cost of Services (1,810) (2,051) (2,249) (2,573)

Current Assets

Accounts Receivables 477.9 572.6 651.9 734.5 Inventories 505.6 547.5 703.9 757.4 Current Deferred Income Taxes 30.5 45.7 47.1 52.9 Prepaid Expenses and Other Current Assets 50.4 26.6 48.0 54.9

Total Current Assets 1064.3 1192.4 1450.9 1599.7

Current Liabilities

Accounts Payable 343.3 317.3 382.0 453.9

Payrolls and Related Taxes 81.5 89.9 82.1 110.7 Accrued Expenses 57.5 76.4 95.7 98.3

Accrued Customer Programs 91.4 116.1 131.7 146.0

Short-term Debts 2.8 0.1 5.0 3.3

Current Portion of Long-term Debt 15.0 40.0 41.2 40.5

Accrued Income Taxes 10.6 12.9 11.6 15.2

Total current Liabilities 591.4 639.8 737.7 852.7

Net Working Capital 472.9 552.6 713.2 747.0

Increase / (Decrease) in NWC 80 161 34

2011 2012 2013 2014

Current Assets

Accounts Receivables 0.17 0.18 0.18 0.179

Inventories 0.18 0.17 0.20 0.185

Current Deferred Income Taxes 0.01 0.01 0.01 0.013

Prepaid Expenses and Other Current Assets 0.02 0.01 0.01 0.013

Current Liabilities

Accounts Payable 0.12 0.10 0.11 0.111

Payrolls and Related Taxes 0.03 0.03 0.02 0.027

Accrued Expenses 0.02 0.02 0.03 0.024

Accrued Customer Programs 0.03 0.04 0.04 0.036

Short-term Debts 0.00 0.00 0.00 0.001

Current Portion of Long-term Debt 0.01 0.01 0.01 0.010

Accrued Income Taxes 0.00 0.00 0.00 0.004

Adjusted Historic Period

Annual


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2015 2016 2017 2018 2019 2020 20214,721 5,494 5,992 6,432 6,775 7,084 7,376

(2,939) (3,397) (3,685) (3,939) (4,137) (4,315) (4,485)

856.0 997.7 1083.1 1165.6 1227.7 1282.6 1336.3

875.5 1042.5 1118.9 1204.8 1273.3 1327.0 1383.2

63.9 72.8 79.3 85.8 90.0 94.1 98.2

55.6 71.0 76.1 80.2 86.0 89.4 92.9

1851.1 2184.0 2357.4 2536.4 2677.0 2793.2 2910.5

501.6 595.2 650.0 692.6 732.8 765.8 796.5

123.6 139.9 157.2 167.0 175.4 184.4 191.5118.2 139.3 148.6 161.2 169.9 176.9 184.7

172.2 200.2 216.9 234.0 246.2 257.2 268.0

3.6 5.5 5.1 5.6 6.1 6.2 6.5

53.7 60.3 64.4 71.0 74.0 77.2 80.8

17.4 19.6 21.9 23.4 24.5 25.8 26.8

972.9 1140.3 1242.1 1331.3 1404.4 1467.7 1528.0

878.2 1043.7 1115.3 1205.2 1272.6 1325.5 1382.6

131 165 72 90 67 53 57

2015 2016 2017 2018 2019 2020 2021

0.181 0.182 0.181 0.181 0.181 0.181 0.181

0.185 0.190 0.187 0.187 0.188 0.187 0.188

0.014 0.013 0.013 0.013 0.013 0.013 0.013

0.012 0.013 0.013 0.012 0.013 0.013 0.013

0.106 0.108 0.108 0.108 0.108 0.108 0.108

0.026 0.025 0.026 0.026 0.026 0.026 0.026

0.025 0.025 0.025 0.025 0.025 0.025 0.025

0.036 0.036 0.036 0.036 0.036 0.036 0.036

0.001 0.001 0.001 0.001 0.001 0.001 0.001

0.011 0.011 0.011 0.011 0.011 0.011 0.011

0.004 0.004 0.004 0.004 0.004 0.004 0.004

Annual

Projected Period for DCF


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Relative Valuation

Last Four quarters

FRGI Average PNRA CMG

Market Price 45.05 361.34 174.58 548.09

Sales 541,760,000 2,246,136,000.00 2,294,819,000 3,214,591,000

net income 17,372,000 196,123,333.33 193,533,000 327,438,000

Current Assets 24,769,000 384,159,000.00 360,440,000 666,307,000

Total assets 313,262,000 1,283,172,666.67 1,208,391,000 2,009,280,000

Current Liabilities 34,812,000 191,244,666.67 257,809,000 199,228,000

Total Liabilities 285,347,000 362,633,333.33 427,245,000 470,992,000

Total shareholder Equity 27,915,000 920,539,333.33 781,146,000 1,538,288,000Outstanding shares 26,340,000 25,990,000.00 28,170,000 31,020,000

Debt 200,847,000 - - -

EBITDA 64,830,000 406,000,000.00 412,749,000 628,774,000

Cash & Marketable Securities 5,886,000 271,977,333.33 193,961,000 578,174,000


Market Cap 1,186,617,000 8,136,319,800 4,917,918,600 17,001,751,800

Book Value Per Share 1.06 33.62 27.73 49.59

P/E ratio 68.31 38.09 25.41 51.92

Current ratio 0.71 1.94 1.40 3.34

Debt/Equity ratio 10.22 0.43 0.55 0.31

ROE 62.23% 20.43% 24.78% 21.29%

ROA 5.55% 14.33% 16.02% 16.30%

Profit Margin 3.21% 8.03% 8.43% 10.19%

EPS (Trailing) 0.66 7.00 6.87 10.56

TEV 1,381,578,000 7,864,342,467 4,723,957,600 16,423,577,800

TEV/EBITDA 21.31 17.14 11.45 26.12

Last three Quarters


Sales 415,182,000 1,723,270,000 2,487,840,000

net income 14,810,000 141,921,000 250,854,000

Current Assets C.Q. 24,769,000 360,440,000 666,307,000

Total assets C.Q. 313,262,000 1,208,391,000 2,009,280,000

Current Liabilities 34,812,000 257,809,000 199,228,000

Total Liabilities 285,347,000 427,245,000 470,992,000


53/57

Total shareholder Equity 27,915,000 781,146,000 1,538,288,000

Debt 200,847,000 - -

EBITDA 51,658,000 303,162,000 485,794,000

Cash & Marketable Securitie 5,886,000 193,961,000 578,174,000

Outstanding shares 26,340,000 28,170,000 31,020,000


54/57

BWLD

132.55 Closing Price 2/10/14 FRGI dustry Average

1,228,998,000 P/E 68.31 38.09

67,399,000 EPS (Forcast 2015) P*

125,730,000 Low 0.94 35.80

631,847,000 Middle 0.98 37.33

116,697,000 High 1.15 43.80

189,663,000

442,184,000

18,780,000

-

176,477,000

43,797,000

BWLD

2,489,289,000

23.55

36.93

1.08

0.43

15.24%

10.67%

5.48%

3.59

2,445,492,000

13.86

Recent 4Q

BWLD FRGI Average PNRA

925,172,000 Sales 126,578,000 571,549,000

50,739,000 net income 2,562,000 51,612,000

125,730,000 Current Assets

631,847,000 Total assets

116,697,000 Current Liabilities

189,663,000 Total Liabilities


55/57

442,184,000 Total shareholder Equity

- Debt

134,064,000 EBITDA 13172000 109,587,000

43,797,000 Cash & Marketable Securities

18,780,000 Outstanding shares


56/57

CMG BWLD

726,751,000 ##########

76,584,000 16,660,000


57/57

142,980,000 42,413,000

Date post:	03-Jun-2018
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DCF Model Example - PRGO

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