Case Study 1: Merge and Acquisition

On 19 October 2016, Tatts Group Limited (Tatts) and Tabcorp Holdings Limited (Tabcorp) announced a Merger Implementation Deed to combine the two companies and create a diversified gambling entertainment group with a pro forma enterprise value of AUD11.3 billion. The share prices of Tatts and Tabcorp were $4.16 and $5.06 on 19 October 2016 respectively. The merger was via a scheme of arrangement that offered cash and scrip with Tatts shareholders receiving 0.80 New Tabcorp Shares and 42.5c cash for each Tatts share. Tabcorp, a gambling entertainment company, had an AUD4 billion market capitalisation before the scheme announcement. It operated three core businesses Wagering and Media, Keno, and Gaming Services employed over 3,000 people, had revenue of AUD2.15 billion in FY15, and AUD334.5 million net income. Tatts, before merging with Tabcorp, provided gambling services with an AUD5.8 billion market capitalisation. Through its lottery, wagering and gaming operations Tatts reported FY15 revenue of AUD2.9 billion and net income of AUD 233.8 million.

In theory, companies with excess funds, searching for ways to grow quickly might be interested in acquiring upstream or downstream suppliers (vertical integration), direct competitors (horizontal integration), complementary businesses or even unrelated businesses to diversify their portfolio. The most important requirement for an M&A is that it must increase the shareholders' value and it must have a cultural fit even when the decision financially makes sense.

REQUIRED: 1: Why did Tabcorp want to take over Tatts? Please discuss the synergies associated with this merge. (4 Marks)

2: Please outline the potential risks associated with this merge. (4 Marks)

3: The Tatts shareholders received 0.80 Tabcorp Shares and 42.5c cash for each Tatts share. Is this a good deal for Tatts shareholders from EPS and share price perspectives? (6 Marks)

4: If we re-examine this merge case in 2020, do you think this merge is successful? Why? (6 Marks)

Radid AUD Juni 2013 Balance Jun 30 2013 Jun 30.2014 Jun 30.2010 Jun 30.2003 Jun 30-2011 Jun 30.2018 Jun 2020 Dec-21.2010 Balance Sheet on of Ascene Cash Eguvenly Total Cash & Treatments 151.4 1600 147.1 147.1 128.0 126.0 160.0 204 Other Rocks 99.1 12.1 E- F15 10.1 AK Total Current Assets Gres Preporty, Marta Lquipment Not Property, Pant & Equipment roo. 5001 6zon x 20 794.7 122 1.36 1,190 1.1958 82198 82498 . 11.439.4 oc 101 2 1558 2.940.) 1.22991 1999 2722 142 1.4403 4061 1,200.4 642.8 USU 1.2009 BOLS 1.2013 cons 80 26 21 643 ROS 1,614.7 6.702.2 6.092.6 3150 19720 2.0844 9.4970 9.4451 2502 as es Bas Bas 9 A14 Balance Sheet Tabcorp F . J K L (32.0) (0.8) (704.1) 1,690.1 (46.3) (0.6) (696.2) 1,688.1 (270.3) (0.6) (690.8) 1,483.4 (566.2) (0.1) (724.3) 7,238.6 (629.0) (0.3) (726.2) 7,206.5 (675.8) (1.8) (717.7) 7,197.3 1,690.1 1,688.1 1,483.4 7,238.6 7.206.5 7,197.3 3.384.0 3,302.8 3,740.9 12,940.8 13,299.1. 13,512.3 A B D E 65 Retained Earnings (91.9) 23.4 (10.4) (0.7) 66 Treasury Stock (0.4) (0.6) (0.5) 67 Comprehensive Inc. and Other (670.2) (701.6) (705.1) (706.6) 68 Total Common Equity 1,210.9 1,405.8 1,413.2 1,481.4 69 70 Total Equity 1,210.9 1,405.8 1,413.2 1,481.4 71 72 Total Liabilities And Equity 2.838.5 3,249.2 3,144.6 3.105.1 73 74 Supplemental Items 75 Total Shares Out. on Filing Date 687.8 728.2 741.8 758.4 76 Total Shares Out. on Balance Sheet Date 687.8 728.2 741.8 758.4 77 Book Value/Share 1.76 1.93 1.91 1.95 78 Tangible Book Value (1,025.0) (1,212.4) (1,109.5) (1,079.1) 79 Tangible Book Value/Share (1.49) (1.66) (1.5) (1.42) 80 Total Debt 983.8 1,2972 1,317.8 1,163.7 81 Net Debt 836.7 1,145.8 1,208.1 1,036.9 82 Debt Equiv. of Unfunded Proj. Benefit Obligation (0.8) NA NA NA 83 Debt Equivalent Oper. Leases 238.4 240.0 310.4 316.8 84 Equity Method Investments NA NA NA NA 85 Inventory Method NA NA NA NA 86 Raw Materials Inventory 9.7 5.1 4.4 4.7 87 Land 5.3 NA 5.3 5.3 88 Buildings 18.3 NA 18.9 20.2 89 Machinery 617.4 NA 624.4 649.2 90 Construction in Progress 64.2 6.9 10.2 91 Leasehold Improvements 75.4 95.0 99.3 92 Full Time Employees 3,000 3,000 3,000 3,000 93 Accum. Allowance for Doubtful Accts 1.6 2.3 2.8 2.5 94 Filing Date Aug-08-2012 Aug-08-2013 Aug-06-2014 Aug-12-2015 95 Restatement Type RC RS NC NC 96 Calculation Type REP REP REP REP 97 98 99 Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent. 100 825.0 825.0 2.05 (935.5) (1.13) 1,224.7 1,064.7 NA 319.2 NA NA NA 7.7 26.2 700.6 21.0 107.4 3,000 2.5 Aug-03-2016 NC REP 827.4 827.4 2.04 (939.6) (1.14) 1,156.0 1,030.0 NA 335.2 NA NA NA 5.3 26.0 699.6 14.1 105.6 3.000 1.1 Aug-03-2017 NC REP 831.4 831.4 1.78 (1,212.2) (1.46) 1,710.8 1,596.5 (2.2) 312.0 NA NA NA 5.3 26.6 712.0 16.2 106.1 3,000 1.7 Aug-07-2018 NC REP 2,009.3 2,009.3 3.6 (4,264.5) (2.12) 3,558.4 3,190.2 6.6 406.4 22.7 NA NA 60.7 42.6 791.8 24.8 140.8 5,000 3.0 Aug-13-2019 RC REP 2,014.6 2,014.6 3.58 (4,232.0) (2.1) 3,835.8 3,360.0 9.1 503.2 29.2 NA NA 60.7 45.8 912.2 49.0 167.9 5,000 2.1 Aug-13-2019 0 REP 2,028.6 2,028.6 3.55 (4,242.1) (2.09) 4,277.3 3,922.3 NA NA 29.6 NA NA NA NA NA NA NA Feb-18-2020 O REP For the Fiscal Period Ending Cash Flow (Tabcorp) 12 months 12 monthe Jun-10-2013 Jun-30-2014 12 month Jun-30-2012 Jun-30-2011 12 months Jun-20-2015 12 month Jun-30-2016 12 months Jun-30-2017 Reclassified Jun-30-2018 12 month Jun-30-2019 12 months Dec 1, 2013 126.6 334. (20.8 381.9 1299 192 3626 1220 126.2 132.1 321 MOND 25 DAN Heges RE 264.9 lo (2012) 158.1) 1183.1) Cash from Ops Capital Expenditure CashArty Part and Equipment Divestitures Nel c) Dec Le Neur Other washing Activities (1310) (103.3) (197.13 (113.2 "18 14.2) (634.0 92 179.31 408 (166.6 1.0 (317 3012 (231.71 10900 1.090.0 11.1468 7105 710.5 (450.0) 337.0 Long-Term Debt! 2000 140730 (995 1276.01 Son of Common Stock 420 1.8) (05 20500 03.01 18.81) 11733 13601 (1119 (118:11 1670) (1379 (194.5 (393.0 199871 Total Dividends Paid Special Dividend paid (229.7 Cher France Financing 122310 (35.5) (214.8 12621 390.4 (241.2 13407 textfange 1417 171 34.01 Ele 172.11 Supplemental Items Cash Taxes Paid 1583 1952 111.1 61 183 A14 fx Cash Flow Tatts B E (648.6) (395.0) (155.0) (495.0) (520.0) (266.1) 6.7 0.0 2.4 (54.6) (54.6) (194.6) (194.6) (173.5) (173.5) (126.6) (126.6) (121.0) (121.0) (237.4) (237.4) (141.0) 540.5 113.9 (540.5) (581.2) (454.0) (196.9) 109.4 (638.6) A 56 Total Debt Repaid 57 58 Issuance of Common Stock 59 60 Common Dividends Paid 61 Total Dividends Paid 62 63 Special Dividend Paid 64 Other Financing Activities 65 Cash from Financing 66 67 Foreign Exchange Rate Adj. 68 Net Change in Cash 69 70 Supplemental Items 71 Cash Interest Paid 72 Cash Taxes Paid 73 Levered Free Cash Flow 74 Unlevered Free Cash Flow 75 Change in Net Working Capital 76 Net Debt Issued 77 Net Cash From Discontinued Ops. - Investing 78 Filing Date 79 Restatement Type 80 Calculation Type 81 (4.6) (130.5) (0.2) 28.0 2.1 65.5 14.8 331.5 0.9 (265.5) (1.1) (227.6) 102.2 155.5 325.3 385.9 (12.5) (258.4) 98.9 146.4 126.0 187.1 51.2 (2.3) 104.9 127.7 271.2 336.0 (55.5) 276.1 89.0 114.9 741.0 795.6 (516.9) (300.0) 56.3 84.0 328.7 360.7 (124.0) (520.0) 70.5 124.4 (450.0) (425.4) 634.4 196.7 188.9 Aug-16-2017 RS REP Aug-20-2014 Aug-22-2012 NC REP Aug-22-2013 RD REP NC Aug-19-2015 NC REP Aug-17-2016 RD REP REP For the Fiscal Perlod Ending Currency 12 month 19.20 12 months 30-20 12 marts UN 12 months un AUT Perless 12 months Jun-30-201 12 months Dec 2010 12 month 1-30-2011 2234 22343 12 month 30-201 3.757.8 1,7573 29479 1.5643 2.0032 0.3 Other Revenue 2.1555 2.157 12 month in-30-2016 2.106 2,180.7 2,145.6 1.188.7 12 months SUNS AUD 5,482.2 5,487.2 98.1 5.805.8 5,605.0 1,964.3 2.040 2.000.- 992 24401 3.687. 9. Carol Croce Said Seling General Admin Exp 1.2003 1,0498 215 1.306.6 1,039.3 1.1200 1,748.C 2,214.8 876.2 93.5 2,209.2 901.2 1511 1844 1689 1786 247 313.. 1,590.0 1.630,7 3.235. 124.9 2.346.0 562.2 (1960 (120.6 327.2 other Oosrating Expanse Income Other Operating Exp., Total Operating Income Internet externe come Net interest Exp Hot Head Unusual 332, 1,674.7 324.5 3245 (21.11 (07.71 1.772.7 3434 **** (TE. 170.01 1.849.0 286.6 63,5 183.6% 1.944. 235.0 17. 169.71 446.1 (112.7 4107 1879 101.9) 4,702,4 700.0 700 (1763 (174.61 537.9 4,026,0 710.0 710.0 196! (164.4 45,00 5423 12.8) 2.0 322 (2530) 10.5) 8.01 20 109188 ON Gain Lossion Sale Of Aasete Silicon Other Unusual ten om 240. 89.6 181 Earnings from Cont. Ops Earnings of Disconnued Ops Salone does Account Change 1697 169.7 (20.0) Madilyn Faming 1266 169.7 120,0) 20. 81 Tabcorp Ni to commoned. Extra items 362,5 Per Share to Basic EPS Extreme 2013 Weigreed Assam Dlunad EPS Oluled EPS Excl. Expliers 018 were Ang Diluted Shares Our Normalced Basic 100023 20 102.14 20 20 2.0 20 Payout Ralis Shores per Depository Repel Supplemental items EBITDA ET Effectie Texas Total Current Taxes 858 ON Normal Long Term Dat 42A 2362 Non-Cash Pension Expense Reellement Type Aug- RO FC supplemental Operating Expense Items selling and Marketing Exp Net Rental Exp. Impuled Oper. Less Deprecisier Stock-Based Comp. SSLA Exp Stock based comp. Toe ** HAH 10 N .. . 99 he Fiscal Perlod Ending Ratios (Tabcorp 12 months Jun-30-2016 12 months Jun-30-2012 Jun 3.0 12 months Jun-30-2015 12 months Jun-30-2012 12 months Jun-30-2017 12 months 12 months 12 months NRY 19 16.82 ON 6.21 103% 90.0 22.99 Nu OU OO on No ***** OOOO NOUN K. In A GOB 3893 Fixed Asset Tumorer Short Term Liquidity Current Ratio Castrom Ops to Cum Lisa Avg. Daye Sales out 633 ctal Debt Capt. Tebet AK 2999 SNOS 9 EBIT/Interest Exs. EN NNN NNN NN Tell Deb\EBITDA CAPE TON_MO & 8 39 8 compound Annual Growth Rate 950 BARNE the US NA 412 i fax Ratios (Tabcorp) 320 NA (1878 MIRANDA 158 EN uneord Fred Cash nd Annual Grawth Rate Over Three Years 114 Total Reven 116 EBITDA 118 EDIT Earrings from Cot op Normalzed Net Income 17 11 6 Inventory.com NALE ** 12 28 Compound Annual Growth Rute Over Five Year 138 Tatal Revenu 140 EBITDA 142 COIT 124 Sarings from Cor. Op 14. Normalized Net Income 22 EN SAN Inventory care 154 PSE SON MO Comen Fall 13 221 18. 0. Radid AUD Juni 2013 Balance Jun 30 2013 Jun 30.2014 Jun 30.2010 Jun 30.2003 Jun 30-2011 Jun 30.2018 Jun 2020 Dec-21.2010 Balance Sheet on of Ascene Cash Eguvenly Total Cash & Treatments 151.4 1600 147.1 147.1 128.0 126.0 160.0 204 Other Rocks 99.1 12.1 E- F15 10.1 AK Total Current Assets Gres Preporty, Marta Lquipment Not Property, Pant & Equipment roo. 5001 6zon x 20 794.7 122 1.36 1,190 1.1958 82198 82498 . 11.439.4 oc 101 2 1558 2.940.) 1.22991 1999 2722 142 1.4403 4061 1,200.4 642.8 USU 1.2009 BOLS 1.2013 cons 80 26 21 643 ROS 1,614.7 6.702.2 6.092.6 3150 19720 2.0844 9.4970 9.4451 2502 as es Bas Bas 9 A14 Balance Sheet Tabcorp F . J K L (32.0) (0.8) (704.1) 1,690.1 (46.3) (0.6) (696.2) 1,688.1 (270.3) (0.6) (690.8) 1,483.4 (566.2) (0.1) (724.3) 7,238.6 (629.0) (0.3) (726.2) 7,206.5 (675.8) (1.8) (717.7) 7,197.3 1,690.1 1,688.1 1,483.4 7,238.6 7.206.5 7,197.3 3.384.0 3,302.8 3,740.9 12,940.8 13,299.1. 13,512.3 A B D E 65 Retained Earnings (91.9) 23.4 (10.4) (0.7) 66 Treasury Stock (0.4) (0.6) (0.5) 67 Comprehensive Inc. and Other (670.2) (701.6) (705.1) (706.6) 68 Total Common Equity 1,210.9 1,405.8 1,413.2 1,481.4 69 70 Total Equity 1,210.9 1,405.8 1,413.2 1,481.4 71 72 Total Liabilities And Equity 2.838.5 3,249.2 3,144.6 3.105.1 73 74 Supplemental Items 75 Total Shares Out. on Filing Date 687.8 728.2 741.8 758.4 76 Total Shares Out. on Balance Sheet Date 687.8 728.2 741.8 758.4 77 Book Value/Share 1.76 1.93 1.91 1.95 78 Tangible Book Value (1,025.0) (1,212.4) (1,109.5) (1,079.1) 79 Tangible Book Value/Share (1.49) (1.66) (1.5) (1.42) 80 Total Debt 983.8 1,2972 1,317.8 1,163.7 81 Net Debt 836.7 1,145.8 1,208.1 1,036.9 82 Debt Equiv. of Unfunded Proj. Benefit Obligation (0.8) NA NA NA 83 Debt Equivalent Oper. Leases 238.4 240.0 310.4 316.8 84 Equity Method Investments NA NA NA NA 85 Inventory Method NA NA NA NA 86 Raw Materials Inventory 9.7 5.1 4.4 4.7 87 Land 5.3 NA 5.3 5.3 88 Buildings 18.3 NA 18.9 20.2 89 Machinery 617.4 NA 624.4 649.2 90 Construction in Progress 64.2 6.9 10.2 91 Leasehold Improvements 75.4 95.0 99.3 92 Full Time Employees 3,000 3,000 3,000 3,000 93 Accum. Allowance for Doubtful Accts 1.6 2.3 2.8 2.5 94 Filing Date Aug-08-2012 Aug-08-2013 Aug-06-2014 Aug-12-2015 95 Restatement Type RC RS NC NC 96 Calculation Type REP REP REP REP 97 98 99 Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent. 100 825.0 825.0 2.05 (935.5) (1.13) 1,224.7 1,064.7 NA 319.2 NA NA NA 7.7 26.2 700.6 21.0 107.4 3,000 2.5 Aug-03-2016 NC REP 827.4 827.4 2.04 (939.6) (1.14) 1,156.0 1,030.0 NA 335.2 NA NA NA 5.3 26.0 699.6 14.1 105.6 3.000 1.1 Aug-03-2017 NC REP 831.4 831.4 1.78 (1,212.2) (1.46) 1,710.8 1,596.5 (2.2) 312.0 NA NA NA 5.3 26.6 712.0 16.2 106.1 3,000 1.7 Aug-07-2018 NC REP 2,009.3 2,009.3 3.6 (4,264.5) (2.12) 3,558.4 3,190.2 6.6 406.4 22.7 NA NA 60.7 42.6 791.8 24.8 140.8 5,000 3.0 Aug-13-2019 RC REP 2,014.6 2,014.6 3.58 (4,232.0) (2.1) 3,835.8 3,360.0 9.1 503.2 29.2 NA NA 60.7 45.8 912.2 49.0 167.9 5,000 2.1 Aug-13-2019 0 REP 2,028.6 2,028.6 3.55 (4,242.1) (2.09) 4,277.3 3,922.3 NA NA 29.6 NA NA NA NA NA NA NA Feb-18-2020 O REP For the Fiscal Period Ending Cash Flow (Tabcorp) 12 months 12 monthe Jun-10-2013 Jun-30-2014 12 month Jun-30-2012 Jun-30-2011 12 months Jun-20-2015 12 month Jun-30-2016 12 months Jun-30-2017 Reclassified Jun-30-2018 12 month Jun-30-2019 12 months Dec 1, 2013 126.6 334. (20.8 381.9 1299 192 3626 1220 126.2 132.1 321 MOND 25 DAN Heges RE 264.9 lo (2012) 158.1) 1183.1) Cash from Ops Capital Expenditure CashArty Part and Equipment Divestitures Nel c) Dec Le Neur Other washing Activities (1310) (103.3) (197.13 (113.2 "18 14.2) (634.0 92 179.31 408 (166.6 1.0 (317 3012 (231.71 10900 1.090.0 11.1468 7105 710.5 (450.0) 337.0 Long-Term Debt! 2000 140730 (995 1276.01 Son of Common Stock 420 1.8) (05 20500 03.01 18.81) 11733 13601 (1119 (118:11 1670) (1379 (194.5 (393.0 199871 Total Dividends Paid Special Dividend paid (229.7 Cher France Financing 122310 (35.5) (214.8 12621 390.4 (241.2 13407 textfange 1417 171 34.01 Ele 172.11 Supplemental Items Cash Taxes Paid 1583 1952 111.1 61 183 A14 fx Cash Flow Tatts B E (648.6) (395.0) (155.0) (495.0) (520.0) (266.1) 6.7 0.0 2.4 (54.6) (54.6) (194.6) (194.6) (173.5) (173.5) (126.6) (126.6) (121.0) (121.0) (237.4) (237.4) (141.0) 540.5 113.9 (540.5) (581.2) (454.0) (196.9) 109.4 (638.6) A 56 Total Debt Repaid 57 58 Issuance of Common Stock 59 60 Common Dividends Paid 61 Total Dividends Paid 62 63 Special Dividend Paid 64 Other Financing Activities 65 Cash from Financing 66 67 Foreign Exchange Rate Adj. 68 Net Change in Cash 69 70 Supplemental Items 71 Cash Interest Paid 72 Cash Taxes Paid 73 Levered Free Cash Flow 74 Unlevered Free Cash Flow 75 Change in Net Working Capital 76 Net Debt Issued 77 Net Cash From Discontinued Ops. - Investing 78 Filing Date 79 Restatement Type 80 Calculation Type 81 (4.6) (130.5) (0.2) 28.0 2.1 65.5 14.8 331.5 0.9 (265.5) (1.1) (227.6) 102.2 155.5 325.3 385.9 (12.5) (258.4) 98.9 146.4 126.0 187.1 51.2 (2.3) 104.9 127.7 271.2 336.0 (55.5) 276.1 89.0 114.9 741.0 795.6 (516.9) (300.0) 56.3 84.0 328.7 360.7 (124.0) (520.0) 70.5 124.4 (450.0) (425.4) 634.4 196.7 188.9 Aug-16-2017 RS REP Aug-20-2014 Aug-22-2012 NC REP Aug-22-2013 RD REP NC Aug-19-2015 NC REP Aug-17-2016 RD REP REP For the Fiscal Perlod Ending Currency 12 month 19.20 12 months 30-20 12 marts UN 12 months un AUT Perless 12 months Jun-30-201 12 months Dec 2010 12 month 1-30-2011 2234 22343 12 month 30-201 3.757.8 1,7573 29479 1.5643 2.0032 0.3 Other Revenue 2.1555 2.157 12 month in-30-2016 2.106 2,180.7 2,145.6 1.188.7 12 months SUNS AUD 5,482.2 5,487.2 98.1 5.805.8 5,605.0 1,964.3 2.040 2.000.- 992 24401 3.687. 9. Carol Croce Said Seling General Admin Exp 1.2003 1,0498 215 1.306.6 1,039.3 1.1200 1,748.C 2,214.8 876.2 93.5 2,209.2 901.2 1511 1844 1689 1786 247 313.. 1,590.0 1.630,7 3.235. 124.9 2.346.0 562.2 (1960 (120.6 327.2 other Oosrating Expanse Income Other Operating Exp., Total Operating Income Internet externe come Net interest Exp Hot Head Unusual 332, 1,674.7 324.5 3245 (21.11 (07.71 1.772.7 3434 **** (TE. 170.01 1.849.0 286.6 63,5 183.6% 1.944. 235.0 17. 169.71 446.1 (112.7 4107 1879 101.9) 4,702,4 700.0 700 (1763 (174.61 537.9 4,026,0 710.0 710.0 196! (164.4 45,00 5423 12.8) 2.0 322 (2530) 10.5) 8.01 20 109188 ON Gain Lossion Sale Of Aasete Silicon Other Unusual ten om 240. 89.6 181 Earnings from Cont. Ops Earnings of Disconnued Ops Salone does Account Change 1697 169.7 (20.0) Madilyn Faming 1266 169.7 120,0) 20. 81 Tabcorp Ni to commoned. Extra items 362,5 Per Share to Basic EPS Extreme 2013 Weigreed Assam Dlunad EPS Oluled EPS Excl. Expliers 018 were Ang Diluted Shares Our Normalced Basic 100023 20 102.14 20 20 2.0 20 Payout Ralis Shores per Depository Repel Supplemental items EBITDA ET Effectie Texas Total Current Taxes 858 ON Normal Long Term Dat 42A 2362 Non-Cash Pension Expense Reellement Type Aug- RO FC supplemental Operating Expense Items selling and Marketing Exp Net Rental Exp. Impuled Oper. Less Deprecisier Stock-Based Comp. SSLA Exp Stock based comp. Toe ** HAH 10 N .. . 99 he Fiscal Perlod Ending Ratios (Tabcorp 12 months Jun-30-2016 12 months Jun-30-2012 Jun 3.0 12 months Jun-30-2015 12 months Jun-30-2012 12 months Jun-30-2017 12 months 12 months 12 months NRY 19 16.82 ON 6.21 103% 90.0 22.99 Nu OU OO on No ***** OOOO NOUN K. In A GOB 3893 Fixed Asset Tumorer Short Term Liquidity Current Ratio Castrom Ops to Cum Lisa Avg. Daye Sales out 633 ctal Debt Capt. Tebet AK 2999 SNOS 9 EBIT/Interest Exs. EN NNN NNN NN Tell Deb\EBITDA CAPE TON_MO & 8 39 8 compound Annual Growth Rate 950 BARNE the US NA 412 i fax Ratios (Tabcorp) 320 NA (1878 MIRANDA 158 EN uneord Fred Cash nd Annual Grawth Rate Over Three Years 114 Total Reven 116 EBITDA 118 EDIT Earrings from Cot op Normalzed Net Income 17 11 6 Inventory.com NALE ** 12 28 Compound Annual Growth Rute Over Five Year 138 Tatal Revenu 140 EBITDA 142 COIT 124 Sarings from Cor. Op 14. Normalized Net Income 22 EN SAN Inventory care 154 PSE SON MO Comen Fall 13 221 18. 0