IStemplate.xls
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Sample Trainning Model: CVS (CVS) Wall Street Prep, Inc. For Illustrative Purposes Only 2003 Edition COPYRIGHT 2003 © By Wall Street Prep Consolidated Income Statement Forward Estimates Fiscal Year 1999 2000 2001 2002 2003E 2004E 2005E 2006E 02-06 ### December 30, 2000 December 29, 2001 December 28, 2002 December 31, 2003 December 31, 2004 December 31, 2005 December 31, 2006 CAGR In millions, excpet per share data 53 weeks 52 weeks 52 weeks 52 weeks 53 weeks 52 weeks 52 weeks 52 weeks Net sales $18,098.3 $20,087.5 $22,241.4 $24,181.5 $26,478.7 $28,861.8 $31,315.1 $33,820.3 8.7% CGS, buying and warehousing costs 13,236.9 14,725.8 16,544.7 18,112.7 19,885.5 21,718.5 23,611.6 25,551.2 9.0% Gross margin 4,861.4 5,361.7 5,696.7 6,068.8 6,593.2 7,143.3 7,703.5 8,269.1 SG&A expenses 3,448.0 3,761.6 4,256.3 4,549.1 4,925.0 5,310.6 5,699.3 6,087.7 Depreciation and amortization (D&A) 277.9 296.6 320.8 310.3 303.9 317.4 332.5 350.6 Total operating expenses 3,725.9 4,058.2 4,577.1 4,859.4 5,228.9 5,628.0 6,031.8 6,438.3 Operating profit (EBIT) $1,135.5 $1,303.5 $1,119.6 $1,209.4 $1,364.3 $1,515.3 $1,671.7 $1,830.8 10.9% Interest expense, net 59.1 79.3 61.0 50.4 48.7 17.4 15.0 (4.8) Unusual Items (in CGS) 0.0 0.0 5.7 0.0 0.0 0.0 0.0 0.0 Unusual Items (in SG&A) 0.0 (19.2) 343.3 3.2 0.0 0.0 0.0 0.0 Earnings before income tax provision 1,076.4 1,243.4 709.6 1,155.8 1,315.5 1,497.8 1,656.6 1,835.5 Income tax provision 441.3 497.4 296.4 439.2 499.9 569.2 629.5 697.5 Net earnings 635.1 746.0 413.2 716.6 815.6 928.7 1,027.1 1,138.0 Dilutive earnings adjustment (0.7) (4.8) (6.7) Preference dividends 14.7 14.6 14.7 14.8 14.8 14.8 14.8 14.8 Net earnings to common shareholders 620.4 731.4 398.5 701.8 800.8 913.9 1,012.3 1,123.2 Diluted EPS $1.55 $1.80 $1.56 $1.76 $2.02 $2.31 $2.56 $2.84 Goodwill amortization per share $0.10 $0.08 $0.07 $0.00 $0.00 $0.00 $0.00 $0.00 Diluted EPS - Goodwill adjusted $1.88 $1.63 $1.76 $2.02 $2.31 $2.56 $2.84 12.8% Basic Shares O/S 391.3 391.0 392.2 392.3 391.1 389.9 388.6 387.4 Diluted Shares O/S 408.9 408.0 408.3 405.3 404.1 402.9 401.6 400.4 Unusual Items (After-tax) 0.0 (11.5) 228.4 2.0 0.0 0.0 0.0 0.0 Unusual Items (After-tax)/Share $0.00 ($0.03) $0.56 $0.00 $0.00 $0.00 $0.00 $0.00 Dividends/Share $0.23 $0.23 $0.23 $0.23 $0.23 $0.23 $0.23 $0.23 EBITDA $1,413.4 $1,600.1 $1,440.4 $1,519.7 $1,668.2 $1,832.7 $2,004.2 $2,181.4 9.5% Margins Gross Profit (FIFO) 26.86% 26.69% 25.61% 25.10% 24.90% 24.75% 24.60% 24.45% SG&A 19.05% 18.73% 19.14% 18.81% 18.60% 18.40% 18.20% 18.00% Total D&A 1.54% 1.48% 1.44% 1.28% 1.15% 1.10% 1.06% 1.04% EBIT 6.27% 6.49% 5.03% 5.00% 5.15% 5.25% 5.34% 5.41% EBITDA 7.81% 7.97% 6.48% 6.28% 6.30% 6.35% 6.40% 6.45% Pretax 5.95% 6.19% 3.19% 4.78% 4.97% 5.19% 5.29% 5.43% Net Earnings 3.51% 3.71% 1.86% 2.96% 3.08% 3.22% 3.28% 3.36% Tax rate 41.00% 40.00% 41.77% 38.00% 38.00% 38.00% 38.00% 38.00% Growth Rate Total Sales 11.0% 10.7% 8.7% 9.5% 9.0% 8.5% 8.0% EBIT 14.8% (14.1%) 8.0% 12.8% 11.1% 10.3% 9.5% EBITDA 13.2% (10.0%) 5.5% 9.8% 9.9% 9.4% 8.8% Interest Expense 34.2% (23.1%) (17.4%) (3.3%) (64.2%) (13.7%) (131.7%) Net Earnings 17.5% (44.6%) 73.4% 13.8% 13.9% 10.6% 10.8% EPS - Goodwill adjusted 15.8% (13.3%) 7.8% 14.9% 14.2% 10.9% 11.1%
Transcript of IStemplate.xls
ISThis model is for illustrative purposes only and contains no formulasLog on to www.wallstreetprep.com to purchase actual model and for complete program detailsConsolidated Income StatementForward EstimatesFiscal Year19992000200120022003E2004E2005E2006E02-06January 1, 2000December 30, 2000December 29, 2001December 28, 2002December 31, 2003December 31, 2004December 31, 2005December 31, 2006CAGRIn millions, excpet per share data53 weeks52 weeks52 weeks52 weeks53 weeks52 weeks52 weeks52 weeksNet sales$18,098.3$20,087.5$22,241.4$24,181.5$26,478.7$28,861.8$31,315.1$33,820.38.7%CGS, buying and warehousing costs13,236.914,725.816,544.718,112.719,885.521,718.523,611.625,551.29.0%Gross margin4,861.45,361.75,696.76,068.86,593.27,143.37,703.58,269.1SG&A expenses3,448.03,761.64,256.34,549.14,925.05,310.65,699.36,087.7Depreciation and amortization (D&A)277.9296.6320.8310.3303.9317.4332.5350.6Total operating expenses3,725.94,058.24,577.14,859.45,228.95,628.06,031.86,438.3Operating profit (EBIT)$1,135.5$1,303.5$1,119.6$1,209.4$1,364.3$1,515.3$1,671.7$1,830.810.9%Interest expense, net59.179.361.050.448.717.415.0(4.8)Unusual Items (in CGS)0.00.05.70.00.00.00.00.0Unusual Items (in SG&A)0.0(19.2)343.33.20.00.00.00.0Earnings before income tax provision1,076.41,243.4709.61,155.81,315.51,497.81,656.61,835.5Income tax provision441.3497.4296.4439.2499.9569.2629.5697.5Net earnings635.1746.0413.2716.6815.6928.71,027.11,138.0Dilutive earnings adjustment(0.7)(4.8)(6.7)Preference dividends14.714.614.714.814.814.814.814.8Net earnings to common shareholders620.4731.4398.5701.8800.8913.91,012.31,123.2Diluted EPS$1.55$1.80$1.56$1.76$2.02$2.31$2.56$2.84Goodwill amortization per share$0.10$0.08$0.07$0.00$0.00$0.00$0.00$0.00Diluted EPS - Goodwill adjusted$1.88$1.63$1.76$2.02$2.31$2.56$2.8412.8%Basic Shares O/S391.3391.0392.2392.3391.1389.9388.6387.4Diluted Shares O/S408.9408.0408.3405.3404.1402.9401.6400.4Unusual Items (After-tax)0.0(11.5)228.42.00.00.00.00.0Unusual Items (After-tax)/Share$0.00($0.03)$0.56$0.00$0.00$0.00$0.00$0.00Dividends/Share$0.23$0.23$0.23$0.23$0.23$0.23$0.23$0.23EBITDA$1,413.4$1,600.1$1,440.4$1,519.7$1,668.2$1,832.7$2,004.2$2,181.49.5%MarginsGross Profit (FIFO)26.86%26.69%25.61%25.10%24.90%24.75%24.60%24.45%SG&A19.05%18.73%19.14%18.81%18.60%18.40%18.20%18.00%Total D&A1.54%1.48%1.44%1.28%1.15%1.10%1.06%1.04%EBIT6.27%6.49%5.03%5.00%5.15%5.25%5.34%5.41%EBITDA7.81%7.97%6.48%6.28%6.30%6.35%6.40%6.45%Pretax5.95%6.19%3.19%4.78%4.97%5.19%5.29%5.43%Net Earnings3.51%3.71%1.86%2.96%3.08%3.22%3.28%3.36%Tax rate41.00%40.00%41.77%38.00%38.00%38.00%38.00%38.00%Statutory Tax Rate35.00%35.00%35.00%35.00%35.00%35.00%35.00%35.00%Growth RateTotal Sales11.0%10.7%8.7%9.5%9.0%8.5%8.0%Total Comps12.5%10.9%8.6%8.4%7.0%7.0%7.0%7.0%Rx Comps19.4%17.7%13.0%11.7%10.0%10.0%10.0%10.0%F/E Comps (Est.)3.6%1.1%1.0%2.3%1.0%1.0%1.0%1.0%Square Footage GrowthEBIT14.8%(14.1%)8.0%12.8%11.1%10.3%9.5%EBITDA13.2%(10.0%)5.5%9.8%9.9%9.4%8.8%Interest Expense34.2%(23.1%)(17.4%)(3.3%)(64.2%)(13.7%)(131.7%)Net Earnings17.5%(44.6%)73.4%13.8%13.9%10.6%10.8%EPS - Goodwill adjusted15.8%(13.3%)7.8%14.9%14.2%10.9%11.1%
&LSample Trainning Model: CVS (CVS)&CWall Street Prep, Inc.&LFor Illustrative Purposes Only&R2003 Edition COPYRIGHT 2003 By Wall Street PrepWSP:(AR Footnote 2): Q4 Charge to reflect invenory markdown to net realizable value.WSP:Pre-tax gain allocated to SG&AWSP:AR footnote 2: $346.8 Q4 restructuring and impairment charge and $3.5 litigation gainWSP:Tax effected impairment charges netted against litigation gain per 10KLog on to www.wallstreetprep.com to purchase actual model and for complete program details
