Key Financial Items

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

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

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

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

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

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

Sales Growth Rate

Key Financial Items
Cash
Receivables
Inventory
Other Current Assets
Total Current Assets
Net Fixed Assets
Total Assets
Total Current Liabilities
Total Long-term Liabilities
Total Liabilities
Total Stockholder Equity
Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense
Dividend Payout Ratio

3.00%
2007
758
5565
4760
852
11935
16668
28603
7523
11637
19160
9443
43917.00
29260
3264
2676
1654
218
0.13

2008
716
5776
5343
1093
12928
18464
31392
8314
12013
20327
11065
48163.00
31790
3519
2960
1841
246
0.13

2009
2245
5497
5384
796
13922
18371
32293
8220
11044
19264
13029
46839.00
31445
3601
3031
3198
280
0.09

2010
1648
6226
5838
693
14405
20590
34995
9588
11202
20790
14205
52620.00
34927
4296
3860
2408
334
0.14

2011 Average
813
6757
6254
882
14706
22643
37349
11117
10599
21716
15633
59490.00
39399
5041
4497
2787
396
0.14

2007

2008

2009

2010

2011 Average

12.67%
10.84%
1.94%

11.99%
11.09%
2.27%

11.74%
11.49%
1.70%

11.83%
11.09%
1.32%

11.36%
10.51%
1.48%

12%
11%
2%

17.13%

17.26%

17.55%

18.22%

18.69%

18%

100.00%
66.63%
7.43%
6.09%
3.77%

100.00%
66.01%
7.31%
6.15%
3.82%

100.00%
67.13%
7.69%
6.47%
6.83%

100.00%
66.38%
8.16%
7.34%
4.58%

100.00%
66.23%
8.47%
7.56%
4.68%

100%
66%
8%
7%
5%

0.13

Additional to Retained Earnings

Percentage of Sales
Cash
Receivables
Inventory
Other Current Assets
Total Current Assets
Net Fixed Assets
Total Assets
Total Current Liabilities
Total Long-term Liabilities
Total Liabilities
Total Stockholder Equity
Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense

2012
2013
2014
2015
2016
2387.39
5072.81
7838.78
10687.74
13622.17
7302.7677725 7521.8508056 7747.5063298 7979.9315197 8219.3294653
6254.00
6254.00
6254.00
6254.00
6254.00
1067.21
1099.23
1132.21
1166.17
1201.16
17011.37
19947.89
22972.50
26087.85
29296.65
22643.00
22643.00
22643.00
22643.00
22643.00
39654.37
42590.89
45615.50
48730.85
51939.65
10888.53
11215.18
11551.64
11898.19
12255.13
10599.00
10599.00
10599.00
10599.00
10599.00
21487.53
21814.18
22150.64
22497.19
22854.13
18166.84
20776.70
23464.86
26233.66
29085.52
61274.70
63112.94
65006.33
66956.52
68965.21
40731.59
41953.54
43212.15
44508.51
45843.77
4787.34
4930.96
5078.89
5231.25
5388.19
4118.28
4241.83
4369.09
4500.16
4635.16
2901.64
2988.69
3078.35
3170.70
3265.82
367.80
378.83
390.19
401.90
413.96

2533.84

2609.86

2688.15

2768.80

2851.86

2012
367.80
0.55

2013
378.83
0.57

2014
390.19
0.58

0.52

0.50

0.48

Required Return "R"

Dividend Growth Rate " G"
# of Shares ( in millions)

6.50%
2.00%
669.3

Dividend Expense (in millions)

Dividend per Shares

PRICE

Now

12.65

2015
401.90
0.60
P2015
13.74
11.15

2016
413.96
0.62

2017

2018

0.63

0.64

2019 etc
etc
0.66 etc

Current Ratio
A/R Turnover
Ave. Collection Period
Inv. Turnover
Days to Sell Inv.
Net Profit Margin
Total Asset Turnover

2007
1.59
7.89
45.62
6.15
58.56
0.04
1.54

2008
1.55
8.34
43.17
5.95
60.51
0.04
1.53

2009
1.69
8.52
42.25
5.84
61.64
0.07
1.45

2010
1.50
8.45
42.60
5.98
60.17
0.05
1.50

2011
1.32
8.80
40.89
6.30
57.14
0.05
1.59

2012
1.56
8.39
42.91
6.51
55.28
0.05
1.55

Ratio Explanations
Current Ratio
A/R Turnover
Ave. Collection Period
Inventory Turnover
Days to Sell Inv.
Net Profit Margin
Total Asset Turnover

Looking at the current ratio across time, Target appears to be improving, in terms of a firm's
Looking at accounts recievable turnover ratio across time, Target is getting worse with the n
Looking at the average collection period across time, Target is improving, in terms of days n
Looking at the inventory turnover ratio across time, Target appears to getting worse, in term
Looking at days to sell inventory across time, Targer is getting worse in terms of days neede
Looking at net profit margin across time, Target is staying steady in generating profit for eve
Looking at total asset turnover across time, Target is staying steady in terms of every dollar

2013
1.78
8.39
42.91
6.71
53.67
0.05
1.48

2014
1.99
8.39
42.91
6.91
52.10
0.05
1.43

2015
2.19
8.39
42.91
7.12
50.58
0.05
1.37

2016
2.39
8.39
42.91
7.33
49.11
0.05
1.33

o be improving, in terms of a firm's preparedness to pay its debt coming due soon with cash from its most liquid assets.
e, Target is getting worse with the number of times per year needed to collect an entire balance of A/R on average.
get is improving, in terms of days needed to collect an entire balance of A/R once.
et appears to getting worse, in terms of the number of times per year that it turns over an entire balance of inventory, on average.
etting worse in terms of days needed to turn over an entire balance of inventory once.
g steady in generating profit for every dollar in sales.
ying steady in terms of every dollar in assets generating sales.

t liquid assets.

f inventory, on average.