For this assignment, United Natural Foods Inc. (UNFI) annual report and the report two years prior to that (e.g., 2019 and 2017 or 2020 and 2018). With two years of annual reports, you will have four years of income statements (e.g., 2016, 2017, 2018 and 2019 if you have the 2017 and 2019 annual reports or 2017, 2018, 2019 and 2020 if you have the 2018 and 2020 annual reports). Using the financial statement data in the companys annual reports, create a comprehensive written analysis of the companys financial operations for the four most recent fiscal years.

: Part I: Construct common size income statements for the four most recent fiscal years (that is why you need the two most recent annual reports). Also, include a line listing the annual growth rate in net revenue (or sales) for the four most recent years.

o Using the financial statement data in the companys annual reports, create a comprehensive written analysis of the companys financial operations for the four most recent fiscal years. You written report should be structured as follows:

o Part I: Construct common size income statements for the four most recent fiscal years (that is why you need the two most recent annual reports). Also, include a line listing the annual growth rate in net revenue (or sales) for the four most recent years. Write an analysis of the ratio table you created. For example: What trends do you observe? What appears to be areas of strength or weaknesses? What are any potential areas of significant concern? Anything else?

Part III: Create a statement of cash flows table for for the four most recent fiscal years (that is why you need the two most recent annual reports). For this statement, you only need to list the three net accounts (i.e., Net Cash Flows from Operating Activities, Net Cash Flow from Investing Activities, and Net Cash Flow from Financing Activities). Then, evaluate these statements over this time period. What has been the major source of cash each year and what has been the major use of cash? Has the company generated sufficient internal cash to finance any capital spending? Anything else?

Part IV: Based on your comprehensive analysis of your chosen company, identify specific risk factors that you should consider when doing your valuation estimate.