INDIVIDUAL EFFORT-NO HELP Z-Model 18 Pts EACH Yr. Compute Z-scores for 2 yrs X-1 Working Capital/Total Assets Z score WGHT 1.2 2018 2017 X-1 1.4 X-2 Retained Earns/Total Assets Ret Earns Tot Assets X-2 > 33 X3 EBIT/ Total Assets EBIT Tot Assets X-3 > 0.6 COMPUTE THE Z MODEL SCORE using data below millions of US Dollars INCOME STATEMENT 2018 2017 2016 Sales Revenue (Net) 3,509 3,467 3,137 Cost of Goods Sold 2,574 2,540 2,265 Gross Profit foss) 935 926 872 Selling General and Administrative Ex 767 773 707 Operating Inc Before Depreciation 168 154 165 Depreciation & Amortization -Total 84 77 66 Operating income, EBIT 84 76 98 interest (Oxps or credit) - Net 3 27 Pret Tax Income & Other 82 79 125 Income Taxes Expense Credit) 19 -19 38 Income Before Extraordinary Items 63 98 87 NET INCOME LOSS) 63 98 87 millions of US Dollars Current Assets 2019 2017 2016 Cash and Short Term Investments - To 107 99 93 Receivables - Total 52 85 98 inventories - Total 281 280 277 Current Assets - Other - Total 24 19 16 Current Assets Total 469 483 484 Property Plant & Equipment - Total IN 888 886 878 intangble Assets Total 75 72 69 Non-Current Assets Total 963 958 947 ASSETS TOTAL 1,432 1,442 1,431 millions of US Dollars Current Liabilities 2019 2017 2016 Debt in Current Llabilities 0 0 0 Account Payable/Creditors - Trade 216 199 Current Liabilities -Other 76 S8 27 Current Liabilities Total 267 274 276 Long Term Debt Total 0 35 64 Deferred Taxes and Investment Tax Cr 91 87 119 Liabilities (Other) 51 52 44 Long Term Liabilities Total 142 175 228 Liabilities Total 409 449 SOS Common Stock Issued 460 417 Retained Earnings 563 546 510 Shareholders' Equity Total 1.023 993 927 LIABILITIES & SHAREHOLDER EQUITY 1,432 1,442 1,431 X-4 Market Val. Stock /Tot Liabilities Stock Price Stk Shares mil. Market Capitalization Tot Liabilities $ 45.00 $ 42.00 28.8 28.5 X-4 > X-5 Net Sales/Total Assets Revenue Tot Assets X-5 > 191 Individual Effort -no help 12 pts each year Calculate Free Cash Flow for 2 yrs USE 25% INC.TAX RATE 2018 EBIT EBITX (1-25 tax rate) 2017 447 Free Cash Flow D) At Home Dec NAME Dewend 13 WONOVAN SEPSCOPE MV Estimate POO 21.6 213 194 Fm 155 169 2030 2019 2015 2017 P/ 141 VALUE BY INDUSTRY COMPARABLES MULTIPLES Tum ABCD are industry Feer Art.NO 20pts Une comparable method to estimate fum X's stock price ter correct was in Dordre 5000 Earnings Book Value Market Cap Valve P/S R/E Fim A 130,000 14.000 115,000 150,000 Firm 148,000 10.500 105,000 175,000 Firm 95,000 9,000 85.000 120.000 Firm D 112.000 9,700 92.000 135,000 Firm X $ 71,000 S 3.000 54.000 COMMAS 1,500 Firm Estimated value SLP500 20.68 Step AVG PE FORECA FACE Hep 2021 Baseline 22.40 DTM PESMO AKC IPS FACE Sep 2021 Baseins 3.60 5 OF. s PESOMIGO $ CASH FLOW STATEMENT (numbers in millions) INCOME STATEMENT 2018 2017 2016 OPERATING ACTIVITY 2018 2017 2016 Sales/Turnover (Net) 3,509 3,467 3,137 Income Before Extraordi 63 98 87 Cost of Goods Sold 2,574 2,540 2,265 Depreciation and Amort 94 8S 77 Gross Profit (Loss) 935 926 872 Adjustments to Net Inco 8 -33 -17 Selling, General and Administrative Ex 767 773 707 Inventory-Decrease (in -1 3 -38 Operating Inc Before Depreciation 168 154 165 Other Changes in Operat -15 17 42 Depreciation and Amortization - Total 84 77 66 OPERATING ACTIVITIES 148 166 152 Operating Income After Depreciation 84 76 98 Interest - Net -2 3 27 INVESTING ACTIVITY 2018 2017 2016 Pret-Tax Income & Other 82 79 125 Capital Expenditures 96 96 142 Income Taxes Expense (Credit) 19 -19 38 Other Cash Flow from in 5 -2 45 Income Before Extraordinary Items 63 98 87 INVESTING ACTIVITIES -97 -187 NET INCOME (LOSS) 63 98 87 FINANCING ACTIVITY 2018 2017 2016 Current Assets 2018 2017 2016 Cash Dividends 33 32 32 Cash and Short-Term Investments - To 107 99 93 FINANCING ACTIVITIES -68 -62 32 Receivables - Total 57 85 98 Inventories - Total 281 280 277 Current Assets - Other - Total 24 19 16 12pts ea.Calculate Free Cash Flow for 2 Yrs Current Assets Total 469 483 484 USE 25% INC.TAX RATE 2018 2017 Non-Current Assets EBIT Property Plant and Equipment - Total 888 886 878 EBIT X (1 - 25 tax rate) Intangible Assets - Total 75 72 69 Non-Current Assets Total 963 958 947 ASSETS TOTAL 1,432 1,442 1,431 -91 Free Cash Flow 2018 2017 Current Lobilities Debt in Current Liabilities Account Payable/Creditors - Trade Current Liabilities -Other Current abilities Total Long-Term Debt Total Deferred Taxes and Investment Tax Cr Liabilities (Other) Long-Term Liabilities Total Liabilities Total Common Stock Issued Retained Earnings Shareholders' Equity Total LIABILITIES & SHAREHOLDER EQUITYT 2018 2017 2016 0 0 0 191 216 199 76 58 77 267 274 276 0 35 64 91 87 119 51 52 44 142 175 228 409 449 505 460 447 563 546 510 1,023 993 927 1,432 1,442 1,431 Additional data provided is Cash Flow Statement section at top 417 INDIVIDUAL EFFORT-NO HELP Z-Model 18 Pts EACH Yr. Compute Z-scores for 2 yrs X-1 Working Capital/Total Assets Z score WGHT 1.2 2018 2017 X-1 1.4 X-2 Retained Earns/Total Assets Ret Earns Tot Assets X-2 > 33 X3 EBIT/ Total Assets EBIT Tot Assets X-3 > 0.6 COMPUTE THE Z MODEL SCORE using data below millions of US Dollars INCOME STATEMENT 2018 2017 2016 Sales Revenue (Net) 3,509 3,467 3,137 Cost of Goods Sold 2,574 2,540 2,265 Gross Profit foss) 935 926 872 Selling General and Administrative Ex 767 773 707 Operating Inc Before Depreciation 168 154 165 Depreciation & Amortization -Total 84 77 66 Operating income, EBIT 84 76 98 interest (Oxps or credit) - Net 3 27 Pret Tax Income & Other 82 79 125 Income Taxes Expense Credit) 19 -19 38 Income Before Extraordinary Items 63 98 87 NET INCOME LOSS) 63 98 87 millions of US Dollars Current Assets 2019 2017 2016 Cash and Short Term Investments - To 107 99 93 Receivables - Total 52 85 98 inventories - Total 281 280 277 Current Assets - Other - Total 24 19 16 Current Assets Total 469 483 484 Property Plant & Equipment - Total IN 888 886 878 intangble Assets Total 75 72 69 Non-Current Assets Total 963 958 947 ASSETS TOTAL 1,432 1,442 1,431 millions of US Dollars Current Liabilities 2019 2017 2016 Debt in Current Llabilities 0 0 0 Account Payable/Creditors - Trade 216 199 Current Liabilities -Other 76 S8 27 Current Liabilities Total 267 274 276 Long Term Debt Total 0 35 64 Deferred Taxes and Investment Tax Cr 91 87 119 Liabilities (Other) 51 52 44 Long Term Liabilities Total 142 175 228 Liabilities Total 409 449 SOS Common Stock Issued 460 417 Retained Earnings 563 546 510 Shareholders' Equity Total 1.023 993 927 LIABILITIES & SHAREHOLDER EQUITY 1,432 1,442 1,431 X-4 Market Val. Stock /Tot Liabilities Stock Price Stk Shares mil. Market Capitalization Tot Liabilities $ 45.00 $ 42.00 28.8 28.5 X-4 > X-5 Net Sales/Total Assets Revenue Tot Assets X-5 > 191 Individual Effort -no help 12 pts each year Calculate Free Cash Flow for 2 yrs USE 25% INC.TAX RATE 2018 EBIT EBITX (1-25 tax rate) 2017 447 Free Cash Flow D) At Home Dec NAME Dewend 13 WONOVAN SEPSCOPE MV Estimate POO 21.6 213 194 Fm 155 169 2030 2019 2015 2017 P/ 141 VALUE BY INDUSTRY COMPARABLES MULTIPLES Tum ABCD are industry Feer Art.NO 20pts Une comparable method to estimate fum X's stock price ter correct was in Dordre 5000 Earnings Book Value Market Cap Valve P/S R/E Fim A 130,000 14.000 115,000 150,000 Firm 148,000 10.500 105,000 175,000 Firm 95,000 9,000 85.000 120.000 Firm D 112.000 9,700 92.000 135,000 Firm X $ 71,000 S 3.000 54.000 COMMAS 1,500 Firm Estimated value SLP500 20.68 Step AVG PE FORECA FACE Hep 2021 Baseline 22.40 DTM PESMO AKC IPS FACE Sep 2021 Baseins 3.60 5 OF. s PESOMIGO $ CASH FLOW STATEMENT (numbers in millions) INCOME STATEMENT 2018 2017 2016 OPERATING ACTIVITY 2018 2017 2016 Sales/Turnover (Net) 3,509 3,467 3,137 Income Before Extraordi 63 98 87 Cost of Goods Sold 2,574 2,540 2,265 Depreciation and Amort 94 8S 77 Gross Profit (Loss) 935 926 872 Adjustments to Net Inco 8 -33 -17 Selling, General and Administrative Ex 767 773 707 Inventory-Decrease (in -1 3 -38 Operating Inc Before Depreciation 168 154 165 Other Changes in Operat -15 17 42 Depreciation and Amortization - Total 84 77 66 OPERATING ACTIVITIES 148 166 152 Operating Income After Depreciation 84 76 98 Interest - Net -2 3 27 INVESTING ACTIVITY 2018 2017 2016 Pret-Tax Income & Other 82 79 125 Capital Expenditures 96 96 142 Income Taxes Expense (Credit) 19 -19 38 Other Cash Flow from in 5 -2 45 Income Before Extraordinary Items 63 98 87 INVESTING ACTIVITIES -97 -187 NET INCOME (LOSS) 63 98 87 FINANCING ACTIVITY 2018 2017 2016 Current Assets 2018 2017 2016 Cash Dividends 33 32 32 Cash and Short-Term Investments - To 107 99 93 FINANCING ACTIVITIES -68 -62 32 Receivables - Total 57 85 98 Inventories - Total 281 280 277 Current Assets - Other - Total 24 19 16 12pts ea.Calculate Free Cash Flow for 2 Yrs Current Assets Total 469 483 484 USE 25% INC.TAX RATE 2018 2017 Non-Current Assets EBIT Property Plant and Equipment - Total 888 886 878 EBIT X (1 - 25 tax rate) Intangible Assets - Total 75 72 69 Non-Current Assets Total 963 958 947 ASSETS TOTAL 1,432 1,442 1,431 -91 Free Cash Flow 2018 2017 Current Lobilities Debt in Current Liabilities Account Payable/Creditors - Trade Current Liabilities -Other Current abilities Total Long-Term Debt Total Deferred Taxes and Investment Tax Cr Liabilities (Other) Long-Term Liabilities Total Liabilities Total Common Stock Issued Retained Earnings Shareholders' Equity Total LIABILITIES & SHAREHOLDER EQUITYT 2018 2017 2016 0 0 0 191 216 199 76 58 77 267 274 276 0 35 64 91 87 119 51 52 44 142 175 228 409 449 505 460 447 563 546 510 1,023 993 927 1,432 1,442 1,431 Additional data provided is Cash Flow Statement section at top 417