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Cash Converstion Cycle 48.

7 Lower Better need to compare to similar companies


Cash Return on Invested Capital 9.09% >13%
EV/EBIT 15.5944584 10x
FCF to Sales 4.25% Higer Better >10%
FCF to Short Term Debt 7.21991701 Ratio >1
Inventory Turnover 6.2458766 Compare to Same Industry higher better
EBIT/Enterprise Value 6.41% >=10%
Price to Intrinsic Value 0.95871221 <1
Days Inventory Outstanding 1.11
Days Sales Outstanding 0
Days Payables Outstanding 33.2
Free Cash Flow 870 mil
Invested Captial 4670 mil Shareholders Equity
Enterprise Value 24764 Intrest Bearing Debt
Earnings Before Interest & Tax 1588 Short Term Debt
Sales 20449 Long Term Debt
Short Term Debt 120.5
Inventory 3274
Price 78.02
Intrinsic Value 81.38

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

-6.0%
Net Profit Margin (Net Income ÷

Equity Multiplier (Total Assets ÷


Skechers USA Inc. (SKX) 2010
Revenue $ 1,205.4
EBT $ 112.6
EBIT $ 121.9
Interest Expense $ 9.2
Income Tax $ 41.7
Net Income $ 71.0
Total Assets $ 737.1
Shareholders Equity $ 449.1

Three-Step DuPont Model:


Net Profit Margin (Net Income ÷ Sales) 5.9%
Asset Turnover (Sales ÷ Total Assets) 1.64
Equity Multiplier (Total Assets ÷ Shareholders Equity) 1.64
Return on Equity 15.8%

Five-Step DuPont Model:


Tax Burden (Net Income ÷ EBT) 0.63
Interest Burden (EBT ÷ EBIT) 0.92
Operating Income Margin (EBIT ÷ Sales) 10.1%
Asset Turnover (Sales ÷ Total Assets) 1.64
Equity Multiplier (Total Assets ÷ Shareholders Equity) 1.64
Return on Equity 15.8%

15.0% 1.80 1.80

1.60 1.60
10.0% 1.40
1.40

1.20 1.20
5.0%
1.00 1.00

0.80 0.80
0.0%
0.60
0.60

-5.0% 0.40
0.40
0.20
0.20
-10.0% 0.00
0.00
Operating Income Margin (EBIT ÷ Sales)
Net Profit Margin (Net Income ÷ Sales) Asset Turnover (Sales ÷ Total Assets)
Tax Burden (Net Income ÷ EBT)
quity Multiplier (Total Assets ÷ Shareholders Equity) Interest Burden (EBT ÷ EBIT)
Asset Turnover (Sales ÷ Total Assets)
Equity Multiplier (Total Assets ÷ Shareholders
Equity)
2011 2012 2013 2014 2015 TTM
$ 1,394.2 $ 1,440.7 $ 1,438.1 $ 2,011.4 $ 1,613.6 $ 1,455.6
$ 118.3 $ 60.7 $ 71.1 $ 196.6 $ (131.0) $ (91.7)
$ 123.1 $ 65.3 $ 74.2 $ 199.6 $ (123.2) $ (79.6)
$ 4.8 $ 4.6 $ 3.0 $ 3.0 $ 7.9 $ 12.1
$ 42.6 $ 7.3 $ 20.2 $ 60.2 $ (63.5) $ (40.5)
$ 75.7 $ 55.4 $ 54.7 $ 136.1 $ (67.5) $ (52.1)
$ 828.0 $ 876.3 $ 995.6 $ 1,304.8 $ 1,281.9 $ 1,316.1
$ 626.7 $ 668.7 $ 745.9 $ 908.2 $ 852.6 $ 872.8

5.4% 3.8% 3.8% 6.8% -4.2% -3.6%


1.68 1.64 1.44 1.54 1.26 1.11
1.32 1.31 1.33 1.44 1.50 1.51
12.1% 8.3% 7.3% 15.0% -7.9% -6.0%

0.64 0.91 0.77 0.69 0.51 0.57


0.96 0.93 0.96 0.98 1.06 1.15
8.8% 4.5% 5.2% 9.9% -7.6% -5.5%
1.68 1.64 1.44 1.54 1.26 1.11
1.32 1.31 1.33 1.44 1.50 1.51
12.1% 8.3% 7.3% 15.0% -7.9% -6.0%

1.80

1.60

1.40

1.20

1.00

0.80

0.60

0.40

0.20

0.00
AAPL
Cash Converstion Cycle -51.98 Lower Better need to compare to similar companies
Cash Return on Invested Capital 44.00% >13%
EV/EBIT 11.49 10x
FCF to Revenue 24.00% Higer Better >10%
FCF to Short Term Debt 3.75 Ratio >1
Inventory Turnover 59.89 Compare to Same Industry higher better
EBIT/Enterprise Value 8.70% >=10% Tell is undervalued
Price to Intrinsic Value 0.8 <1

DLTR
Cash Converstion Cycle 48.7 Lower Better need to compare to similar companies
Cash Return on Invested Capital 9.09% >13%
EV/EBIT 15.59 10x
FCF to Revenue 4.25% Higer Better >10%
FCF to Short Term Debt 5.95 Ratio >1
Inventory Turnover 1.11 Compare to Same Industry higher better
EBIT/Enterprise Value 6.40% >=10% Tell is undervalued
Price to Intrinsic Value 1.73 <1 Intrinsic Value: Projected FCF

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