How can I demonstrate using either Value Line or other financial statements that the EPS has grown at a certain percentage per year and will do so in the future (i.e., doing forecasting or prognostication).

Are there formulas I can use in Excel for EPS prognostication or to make EPS to forecast to 2020 or 2021?

My firm wishes to set revenue targets for 2020 and 2021 that meet or exceed 20% growth. Moreover, they plan on meetings its Earnings per Share (EPS) targets for 2020 and 2021 by at least 20% or even exceed 20% earnings growth.

Any help with the above would be much appreciated!

THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share data) December 29, 2018 December 30, 2017 Assets Current Assets: Cash and cash equivalents $ 108,399 $ 65,637 Accounts receivable 34,073 33,749 Inventories 70,249 50,651 Prepaid expenses and other current assets 13, 136 10,695 Income tax receivable 5,714 7,616 Total current assets 231,571 168,348 Property, plant and equipment, net 389,789 384,280 Other assets 14,808 13,313 Goodwill 3,683 3,683 TOTAL ASSETS $ 639,851 $ 569,624 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 47,102 $ 38, 141 Accrued expenses and other current liabilities 73,412 63,617 Total current liabilities 120,514 101,758 Deferred income taxes 49, 169 34,819 Other liabilities 9,851 9,524 TOTAL LIABILITIES 179,534 146,101 Commitments and Contingencies (See Note J) Stockholders' Equity: Class A Common Stock, $.01 par value; 22,700,000 shares authorized; 8,580,593 and 8,603,152 shares issued and outstanding as of December 29, 2018 and December 30, 2017, respectively 86 86 Class B Common Stock, $.01 par value; 4,200,000 shares authorized; 2,917,983 and 3,017,983 shares issued and outstanding as of December 29, 2018 and December 30, 2017, respectively 29 30 Additional paid-in capital 405,711 372,590 Accumulated other comprehensive loss, net of tax (1, 197) (1,288) Retained earnings 55,688 52, 105 Total stockholders' equity 460,317 423,523 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 639,851 $ 569,624Report Date 12/29/2018 12/30/2017 12/31/2016 12/26/2015 12/27/2014 Currency USD USD USD USD USD Audit Status Not 1) Not Not Not i Not 1 Qualified Qualified Qualified Qualified Qualified Consolidated Yes Yes Yes Yes Yes Scale Thousands Thousands Thousands Thousands Thousands Building & building improvements 120,111 112,912 112,508 101,836 77,130 Office equipment & furniture 26,703 24,307 22,412 19,635 14,063 Leasehold improvements 20,830 16,660 14,147 12,037 7,889 Property, plant & equipment, gross 734,053 684,148 661,872 617,214 553,979 Less accumulated depreciation 344,264 299,868 253,461 207,288 172,410 Property, plant & equipment, net 389,789 384,280 408,411 409,926 381,569 Other assets 14,808 13,313 9,965 8,188 12,447 Goodwill 3.683 3,683 3.683 3,683 3,683 Total assets 639,851 569,624 623,297 645,400 605, 161 Accounts payable 47.102 38,141 40.585 42.718 35,576 Current portion of debt & capital lease 60 58 55 obligations Employee wages, benefits & reimbursements 27,074 16,275 14.116 12,367 14,528 Accrued deposits 18,171 14,224 15,814 18,865 19.665 Advertising, promotional & selling expenses 9.079 13,605 8,562 11,249 8,353 Deferred revenue 4.587 5,472 5,381 3,949 6,034 Accrued stale beer 2.146 3,023 5.226 3,254 2.422 Accrued excise taxes 2.335 2,015 2.255 3,976 4,980 Accrued sales & use tax 1,914 1,873 2.437 2.656 4.187 Accrued freight 1.668 1,518 1,402 5,681 4.265 Accrued ingredients 4,047 Other accrued liabilities 6.438 5,612 5.681 6,387 6.058 Accrued expenses & other current liabilities 73,412 63,617 60,874 68,384 74,539 Total current liabilities 120,514 101,758 101,519 111,160 110, 170 Deferred income taxes 49. 169 34,819 64,612 56,001 50,717 Debt & capital lease obligations, less current 411 471 528 portion Other liabilities 9.851 9.524 10,173 16,547 7,606 Total liabilities 179,534 146,101 176,715 184,179 169,021 Class A common stock 86 86 92 94 95 Class B common stock 29 30 32 34 36 Additional paid-in capital 405,711 372,590 349.913 290,096 224,909 Accumulated other comprehensive income (1,197) (1,288) (1,103) (951) (1,133) (loss), net of tax Retained earnings (accumulated deficit) 55.688 52,105 97.648 171,948 212,233 Total stockholders' equity (deficit) 460,317 423,523 446.582 461,221 436,140Boston Beer Co Inc (The) (NYS: SAM) Exchange rate used is that of the Year End reported date As Reported Annual Balance Sheet Report Date 12/29/2018 12/30/2017 12/31/2016 12/26/2015 12/27/2014 Currency USO USD USC USO USD Audit Status Not 1 Not Not Not D Not Qualified Qualified Qualified Qualified Qualified Consolidated Yes Yes Yes Yes Yes Scale Thousands Thousands Thousands Thousands Thousands Cash & cash equivalents 108,399 65,637 91,035 94.193 76,402 Accounts receivable, gross 36.694 39,228 37,004 Less allowance for doubtful accounts 244 144 Accounts receivable 34.073 33,749 36,694 38,984 36,860 Raw materials 44,655 33,086 41,630 42,123 39,535 Work in process 8,252 6,826 8, 131 8,876 7,391 Finished goods 17,342 10.739 9.054 8,261 10,793 Total inventories 58,815 59,260 57,719 Less portion included in other long term (6,316) (2,798) (6,412) assets Inventories 70,249 50,651 52,499 56,462 51,307 Prepaid equipment 3,789 Excise & other tax receivables 2,179 1,651 1.637 2.093 4,572 Prepaid malt & barley 1.629 1,819 1,644 3,184 4,368 Prepaid advertising, promotional & selling 1,518 3,328 Prepaid insurance 1,111 1,055 1.144 1,047 1,009 Prepaid compensation 1,000 Prepaid software expense 754 Insurance cash surrender value 1.254 Supplier & vendor rebates 265 1,464 1.158 1.929 1,641 Lease incentive receivable 113 1.584 Grant receivable - environmental remediation 507 Other prepaid expenses & other current 891 1,378 1.781 2.216 790 assets Prepaid expenses & other current assets 13,136 10,695 8.731 12,053 12,887 Income tax receivable 5.714 7.616 4.928 14.928 21,321 Deferred income taxes 7.351 6,983 8.685 Total current assets 231,571 168,348 201,238 223,603 207,462 Machinery & plant equipment 476,174 438,925 420,486 387,180 358,781 Kegs 67.940 69,049 70,024 71,391 72,124 Land 22,295 22,295 22,295 25,135 23,992Boston Beer Co Inc (The) (NYS: SAM) Exchange rate used is that of the Year End reported date As Reported Annual Income Statement Report Date 12/29/2018 12/30/2017 12/31/2016 12/26/2015 12/27/2014 Currency USD USD USD USD USD Audit Status Not i) Not Not Not Not i Qualified Qualified Qualified Qualified Qualified Consolidated Yes Yes Yes Yes Yes Scale Thousands Thousands Thousands Thousands Thousands Revenue 1,057,495 921,736 968,994 1,024,040 966.478 Less excise taxes 61,846 58,744 62.548 64. 106 63.471 Net revenue 995.649 862,992 906,446 959,934 903,007 Cost of goods sold 483,406 413,091 446,776 458,317 437,996 Gross profit 512,243 449,901 459,670 501,617 465,011 Advertising, promotional & selling expenses 304,853 258,649 244,213 273,629 250.696 General & administrative expenses 90,857 73,126 78,033 71,556 65,971 Impairment (gain on sale) of assets, net 652 2.451 235) 258 1,777 Total operating expenses 396,362 334,226 322,011 345,443 318,444 Operating income 115,881 115,675 137,659 156,174 146.567 Interest income 1,292 549 168 21 Other income (expense), net (887) (82) (706) (1,220) (994) Total other income (expense), net 405 467 538) (1,164) (973) Income (loss) before provision for income 116,286 116,142 137,121 155,010 145.594 tax Current provision for income taxes - federal 4,471 34,255 35,390 42.391 30.595 Current provision for income taxes - state 4.894 5.225 6, 108 7.403 8 262 Total current provision for income taxes 9,365 39,480 41,498 49,794 38.857 Deferred provision for income taxes - 12.860 (22,489) 7.666 6,279 15,407 federal Deferred provision for income taxes - state 1.398 102 608 523 587 Total deferred provision for income taxes 14.258 (22,387) 8,274 6,802 15.994 Provision (benefit) for income taxes 23,623 17,093 49,772 56,596 54.851 Net income (loss) 92.663 99,049 87.349 98,414 90.743 Weighted average class A shares 8.620 8,933 9.189 9.619 9.202 outstanding - basic Weighted average class B shares 3,002 3,102 3,344 3.504 3.766 outstanding - basic Weighted average shares outstanding - 11.734 12.180 12.796 13,520 13.484 diluted Year end shares outstanding 11,498.576 11,621.135 12,368.311 12,756.36 13,069.73 Net income per share - basic 7.9 8. 18 6.93 7.46 3.96 Net income per share - diluted 7.82 8.09 6.79 7.25 6.69Report Date 12/20/2018 12/30/2017 12/31/2016 12/26/2015 12/27/2014 Currency USD USD USD USD USD Audit Status Not Not Not Not i Not 1 Qualified Qualified Qualified Qualified Qualified Consolidated Yes Yes Yes Yes Yes Scale Thousands Thousands Thousands Thousands Thousands Total number of employees 1,543 1,439 1,505 1.429 1.325 Number of class A common stockholders 9.112 9.685 10,526 10,248 11 256 Number of class B common stockholders Foreign currency translation adjustments 25 17 (99) (22)BOSTON BEER CO. NYSE-SAM RECENT 373.88 RATIO 35.7 ( tailing 374 RELATIVE ON'D 1.95 VALUE LINE TIMELINESS 2 Raised Joy19 54.2 48.6 115.5 202 8 195.0 145.3 128.7 160.4 230.9 SAFETY 3 Lowered 1/24714 2042 2023 2024 TECHNICAL 2 Rated 1/1120 -840 18-Month Target Price Range Midpoint (%% to Mid) $198-$474 $336 (-10%] 2012-24 PROJECTIONS Ann'l Total 390 Institutional Decisions % TOT. RETURN 12/19 Percent 30.5 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 15.41 15.21 20 00 24.05 28.10 29.13 74.26 86158 102 10 121.25 Sales perish 1.20 5014 14.97 1.31 5.43 6.17 1.07 18. 85 "Cash Flow" per sh -70 1 07 120 1.45 2.17 3.52 3.73 12 15 Earnings perish am Mil Divids Deci'd per sh 284 30 CapillSpending perish 4 83 5.49 6.18 781 9.41 9.38 12.15 123 14.35 18.99 2370 36. 16 38.44 78. 80 Book Value per sh 22 10 13 50 14 29 13 98 1427 14.20 14.14 14.25 12187 1275 12 37 11182 215 243 21.1 1200 Common Sha Outsig 14. 2410 1.28 25 2 1-17 1.51 1.57 1.71 1.32 123 174 1.95 Relative PIE Ratio Arg Ann'l Div'd Yield CAPITAL STRUCTURE as of 92819 1455 Sales [Smill) & 17.2% 21.3% 239% 200% 190% 20.7% 193% 1:5% Operating Margin LT Debt None 2012 2519 49 8 61.3 5210 540 720 Depreciation smill 51.1 1200 1500 Net Profit Smill Leases, Uncapitalized: Annual rentals $26.2 mill 7.5% 108% 10.0% 102% 27/04 270 Income Tax Rate 95% 10 0% 10.3%% 9.1% No Defined Benefit Pension Plan 1.7% 104% Net Profit Margin 714 111.1 210 Working Cap ISmillj Pid Stock None Common Stock 12,034,005 sha. 185.6 Includes 2,817,083 shares of Class B common stock jas of October 25, 2019. MARKET CAP: $4.5 billion (Mid Cap) 180% 30 3% 27.6% 243% 293% 208% 21.3% 196% 195% 145% Return on She. Equity CURRENT POSITION 180% 303% 276% 243% 235% 206 20.15 15:9% 109% Retained to Com Eq 2017 2018 /28/19 BUSINESS: Receivables ated in MA. PA. and own 284% of common stock (4/19 Proxy), Chairman: C. James Current Assels Design Center Place, Suite Box50, Boston, MA 021 10, Telephone: Debt Due Other 617-368-5000. Internet Current Liab. TOTH 1206 Boston Beer is benefiting from some on a mixed note. We expect continued ANNUAL RATES Past Est'd 16 18 momentum. The company posted strong momentum at the Truly business. Invest- S Yrs. results in the third quarter. Both sales of ments in Angry Orchard and Samuel $378.5 million and earnings of $3.65 a Adams may well help those brands gener- "Cash Flow share easily topped our calls as well as ate improvement over the long haul. How Dividends 2018's marks, Management attributed the ever. the Increased Investment behind Book Value 158% 148% 2210% performance to strength in the Truly and these brands was probably a drag on prof- Cal- QUARTERLY SALES IS mil Twisted Tea brands. Elsewhere, a Wall Its. Thus, we estimate $276.4 million on under Mar Per Jun Per Sep Per Dec Per Street analyst upgraded his outlook for the top line and $1.52 a share on the bot 2016 1845 2534 2194 SAM, which prompted some investor sup- tom line In the December quarter. 2017 161.7 247.9 247.1 208 3 4 port after the rating was made public. These shares have since pulled back. We estimate share net of $12.15 for 271.1 225 2 2020. The first full year with the Dogfish 2019 3785 2764 1225 The company is Integrating Dogfish Head business under its umbrella ought to 2020 305 1455 Head Into Its operations. The marriage be a good one, Indeed, sales will likely be EARNINGS PER SHARE A of the two revered beer brands is on track. bolstered by better beer trends and the andar Mar Per Jun Per Sep Per Dec Per Going forward, there are ample cost- strength of Truly. Earnings should post a 2016 2.48 2.78 1.75 saving opportunities by combining the two sizable year over-year advance thanks to operations. The addition of the Dogfish cost-saving efforts, synergies, and a more 2018 7.83 lineup of ales and lagers should rejuvenate normalized marketing budget. What's 3.65 the beer unit that has struggled due to soft more, the long-term picture is bright. This 2020 2.20 1215 demand for Samuel Adams products. QUARTERLY DIVIDENDS PAID The Truly brand is worth highlight- well-run company will likely continue to And new growth avenues. Mar. 31 Jun.30 Sap.30 Dec 31 Ing. The spiked seltzer lineup continues to This stock is timely. Still, this Issue of- register breakneck growth. Looking ahead, fers unattractive gains potential over 18- 2017 NO CASH DIVIDENDS It will probably continue to be a growth month and 2022-2024 time frames at the BEING PAID driver, given demand trends for this al- coholle beverage category. recent quotation. Therefore, this equity Is 2019 The company likely finished the year best sulted for near-term accounts. Richard J. Gallagher January 17, 2020 Al Excludes ancise lanes, Fiscal year ends the (B) Diluted earnings May not sum due to (C) in millions. Company's Financial Strength Stock's Price Stability $0 05 07, (80 32): 08 (8080% 17. $1.72. Price Growth Persistence Eaiminga Prodictability THE PUBLISHER IS NOT M SPONGILLE FOR ANY ERRORS OR OMISSIONS HEREIN This publication is okay to proveartery own ion commut To subscribe call 1-800-VALUELINE