Industry Name: Company Name: Grocery Freshco # 2019 Grocery FoodBasics # comparison Asset Turnover Analysis: Cash & ST Investments Receivables Inventories Current Assets Fixed Assets Total Assets Operating Efficiency Revenue/Employee (actual) Net Income/Employee (actual). Assets/Employee (actual) Receivables Turnover (x) Inventory Turnover (x) Payables Turnover (x) Asset Turnover (x) Freshco FoodBasics Freshco FoodBasics SEP 19 AUG 19 SEP 19 AUG 19 364 Days 364 Days 364 Days 364 Days Profitability (%) Diluted Shares Outstanding 256.3 Free Cash Flow per Share 7.58 Gross Margin 12.4 Profitability (%) Basic Shares Outstanding 254.9 Diluted Shares Outstanding (M 442.92 SG&A to Sales 6 Gross Margin 13 Total Shares Outstanding 253.86 Basic Shares Outstanding (M) 439.76 Operating Margin 6.4 SG&A to Sales 9.8 Asset Turnover Analysis (x) Total Shares Outstanding (M) 439.63 Pretax Margin 5.8 Operating Margin 3.2 Cash & ST Investments 67 Asset Turnover Analysis (X) Net Margin 4.2 Pretax Margin 3.1 Receivables 27.6 Cash & ST Investments 18.3 Free Cash Flow Margin 2 Net Margin 2.4 Inventories 13.2 Receivables 95.3 Return on Assets (%) 6.5 Free Cash Flow Margin 2.2 Current Assets 8.4 Inventories 11.8 Return on Equity (%) 12.3 Return on Assets (%) 8.5 Fixed Assets 6.5 Current Assets 7 Return on Common Equity 12.3 Return on Equity (%) 26.1 Total Assets 1.5 Fixed Assets 7.5 Return on Total Capital 12.6 Return on Common Equity 26.1 DuPont Analysis Total Assets 3.5 Return on invested Capital 8.6 Return on Total Capital 22.5 Asset Turnover (x) 1.5 DuPont Analysis Cash Flow Return on Investe 8.4 Return on Invested Capital 18.1 x Pretax Margin (%) 5.8 Asset Turnover (x) 3.5 Valuation (x) Cash Flow Return on Invested 31.4 = Pretax Return on Assets 8.8 x Pretax Margin (%) 3.1 Price/Sales 0.9 Valuation (x) x Tax Rate Complement (1 73.7 = Pretax Return on Assets 11.1 Price/Earnings 20.7 Price/Sales 0.9 = Return on Assets (%) 6.5 x Tax Rate Complement (1 77.7 Price/Book Value 2.5 Price/Earnings 35.7 x Equity Multiplier (Assets/E 1.9 = Return on Assets (%) 8.5 Price/Tangible Book Value -61.2 Price/Book Value 8.5 = Return on Equity (%) 12.3 x Equity Multiplier (Assets/E 3.1 Price/Cash Flow 21.6 Price/Tangible Book Value 8.5 x Earnings Retention (1-Pay 71.3 = Return on Equity (%) 26.1 Price/Free Cash Flow 44.9 Price/Cash Flow 20.5 = Reinvestment Rate (%) 8.8 x Earnings Retention (1-Pay 70.5 Dividend Yield (%) 1.4 Price/Free Cash Flow 38.9 Note: EBIT Return on Assets 9.7 = Reinvestment Rate (%) 18.7 Enterprise Value/EBIT 16.1 Dividend Yield (%) 0.8 Note: Interest as % Assets 1 Note: EBIT Return on Assets 11.2 Enterprise Value/EBITDA 12.7 Enterprise Value/EBIT 26.5 Operating Efficiency (x) Note: Interest as % Assets 0.3 Enterprise Value/Sales 1 Enterprise Value/EBITDA 20.2 Revenue/Employee (actual) 186,306 Operating Efficiency (x) Total Debt/Enterprise Value 0.2 Enterprise Value/Sales 0.8 Net Income/Employee (actual) 7,907 Revenue/Employee (actual) 601,193 Per Share Total Debt/Enterprise Value 0.1 Assets/Employee (actual) 123,043 Net Income/Employee (actual) 14,406 Sales per Share 65.42 Per Share Receivables Turnover (x) 27.6 Assets/Employee (actual) 178,740 Sales per Share 65.42 Sales per Share 344.76 Inventory Turnover (x) 13.2 Receivables Turnover (x) 95.3 EBIT (Operating Income) per 4.17 EBIT (Operating Income) per 10.89 Payables Turnover (x) 10.9 Inventory Turnover (x) 11.8 EPS (recurring) 2.88 EPS (recurring) 8.26 Asset Turnover (x) 1.5 Payables Turnover (x) 11.6 EPS (diluted) 2.78 EPS (diluted) 8.26 Working Capital Turnover (x) 79.6 Asset Turnover (x) 3.5 Dividends per Share 0.8 Dividends per Share 2.44 Operating Cycle (Days) Working Capital Turnover (x) 615.7 AUG 19 Freshco FoodBasics SEP 19 364 Days 364 Days B. = Net Operating Cycle 7.5 = Net Operating Cycle 3.3 2 Liquidity (%) Liquidity (%) Current Ratio 1.1 Current Ratio 1 B Quick Ratio 0.5 Quick Ratio 0.5 Cash Ratio 0.1 Cash Ratio 0.4 Cash & ST Inv/Current Assets 13.1 Cash & ST Inv/Current Assets 40.2 B CFO/Current Liabilities (%) 36.6 CFO/Current Liabilities (%) 27.4 Coverage (x) Coverage (x) Net Debt/EBITDA 1.8 Net Debt/EBITDA -0.3 5 Net Debt/(EBITDA-Capex) 2.5 Net Debt/(EBITDA-Capex) -0.7 5 Total Debt/EBITDA 2 Total Debt/EBITDA 1.1 EBIT/Interest Expense (Int. Co 9.8 EBIT/Interest Expense (Int. Cc 32.2 5 EBITDA/Interest Expense 12.4 EBITDA/Interest Expense 42.1 Fixed-charge Coverage Ratio 9.8 Fixed-charge Coverage Ratio 32.2 CFO/Interest Expense 6.3 CFO/Interest Expense 42.4 - Cash Dividend Coverage Ratio 3.7 Cash Dividend Coverage Ratio 5.7 5 LT Debt/EBITDA 1.6 LT Debt/EBITDA 0.9 Net Debt/FFO 3.2 Net Debt/FFO -0.4 LT Debt/FFO 3 LT Debt/FFO 0.9 5 FCF/Total Debt 0.1 FCF/Total Debt 0.5 CFO/Total Debt 0.3 CFO/Total Debt 0.9 2 Leverage (%) Leverage (%) BLT Debt/Total Equity 37.4 LT Debt/Total Equity 36.2 LT Debt/Total Capital 25.9 LT Debt/Total Capital 24.5 LT Debt/Total Assets 20.1 LT Debt/Total Assets 12.2 Total Debt/Total Assets 24 Total Debt/Total Assets 16 Net Debt/Total Equity 40 Net Debt/Total Equity -14.4 3 Total Debt/Equity 44.6 Total Debt/Equity 47.5 3 Net Debt/Total Capital 27.7 Net Debt/Total Capital -9.8 5 Total Debt/Total Capital 30.9 Total Debt/Total Capital 32.2 Industry Name: Company Name: Grocery Freshco # 2019 Grocery FoodBasics # comparison Asset Turnover Analysis: Cash & ST Investments Receivables Inventories Current Assets Fixed Assets Total Assets Operating Efficiency Revenue/Employee (actual) Net Income/Employee (actual). Assets/Employee (actual) Receivables Turnover (x) Inventory Turnover (x) Payables Turnover (x) Asset Turnover (x) Freshco FoodBasics Freshco FoodBasics SEP 19 AUG 19 SEP 19 AUG 19 364 Days 364 Days 364 Days 364 Days Profitability (%) Diluted Shares Outstanding 256.3 Free Cash Flow per Share 7.58 Gross Margin 12.4 Profitability (%) Basic Shares Outstanding 254.9 Diluted Shares Outstanding (M 442.92 SG&A to Sales 6 Gross Margin 13 Total Shares Outstanding 253.86 Basic Shares Outstanding (M) 439.76 Operating Margin 6.4 SG&A to Sales 9.8 Asset Turnover Analysis (x) Total Shares Outstanding (M) 439.63 Pretax Margin 5.8 Operating Margin 3.2 Cash & ST Investments 67 Asset Turnover Analysis (X) Net Margin 4.2 Pretax Margin 3.1 Receivables 27.6 Cash & ST Investments 18.3 Free Cash Flow Margin 2 Net Margin 2.4 Inventories 13.2 Receivables 95.3 Return on Assets (%) 6.5 Free Cash Flow Margin 2.2 Current Assets 8.4 Inventories 11.8 Return on Equity (%) 12.3 Return on Assets (%) 8.5 Fixed Assets 6.5 Current Assets 7 Return on Common Equity 12.3 Return on Equity (%) 26.1 Total Assets 1.5 Fixed Assets 7.5 Return on Total Capital 12.6 Return on Common Equity 26.1 DuPont Analysis Total Assets 3.5 Return on invested Capital 8.6 Return on Total Capital 22.5 Asset Turnover (x) 1.5 DuPont Analysis Cash Flow Return on Investe 8.4 Return on Invested Capital 18.1 x Pretax Margin (%) 5.8 Asset Turnover (x) 3.5 Valuation (x) Cash Flow Return on Invested 31.4 = Pretax Return on Assets 8.8 x Pretax Margin (%) 3.1 Price/Sales 0.9 Valuation (x) x Tax Rate Complement (1 73.7 = Pretax Return on Assets 11.1 Price/Earnings 20.7 Price/Sales 0.9 = Return on Assets (%) 6.5 x Tax Rate Complement (1 77.7 Price/Book Value 2.5 Price/Earnings 35.7 x Equity Multiplier (Assets/E 1.9 = Return on Assets (%) 8.5 Price/Tangible Book Value -61.2 Price/Book Value 8.5 = Return on Equity (%) 12.3 x Equity Multiplier (Assets/E 3.1 Price/Cash Flow 21.6 Price/Tangible Book Value 8.5 x Earnings Retention (1-Pay 71.3 = Return on Equity (%) 26.1 Price/Free Cash Flow 44.9 Price/Cash Flow 20.5 = Reinvestment Rate (%) 8.8 x Earnings Retention (1-Pay 70.5 Dividend Yield (%) 1.4 Price/Free Cash Flow 38.9 Note: EBIT Return on Assets 9.7 = Reinvestment Rate (%) 18.7 Enterprise Value/EBIT 16.1 Dividend Yield (%) 0.8 Note: Interest as % Assets 1 Note: EBIT Return on Assets 11.2 Enterprise Value/EBITDA 12.7 Enterprise Value/EBIT 26.5 Operating Efficiency (x) Note: Interest as % Assets 0.3 Enterprise Value/Sales 1 Enterprise Value/EBITDA 20.2 Revenue/Employee (actual) 186,306 Operating Efficiency (x) Total Debt/Enterprise Value 0.2 Enterprise Value/Sales 0.8 Net Income/Employee (actual) 7,907 Revenue/Employee (actual) 601,193 Per Share Total Debt/Enterprise Value 0.1 Assets/Employee (actual) 123,043 Net Income/Employee (actual) 14,406 Sales per Share 65.42 Per Share Receivables Turnover (x) 27.6 Assets/Employee (actual) 178,740 Sales per Share 65.42 Sales per Share 344.76 Inventory Turnover (x) 13.2 Receivables Turnover (x) 95.3 EBIT (Operating Income) per 4.17 EBIT (Operating Income) per 10.89 Payables Turnover (x) 10.9 Inventory Turnover (x) 11.8 EPS (recurring) 2.88 EPS (recurring) 8.26 Asset Turnover (x) 1.5 Payables Turnover (x) 11.6 EPS (diluted) 2.78 EPS (diluted) 8.26 Working Capital Turnover (x) 79.6 Asset Turnover (x) 3.5 Dividends per Share 0.8 Dividends per Share 2.44 Operating Cycle (Days) Working Capital Turnover (x) 615.7 AUG 19 Freshco FoodBasics SEP 19 364 Days 364 Days B. = Net Operating Cycle 7.5 = Net Operating Cycle 3.3 2 Liquidity (%) Liquidity (%) Current Ratio 1.1 Current Ratio 1 B Quick Ratio 0.5 Quick Ratio 0.5 Cash Ratio 0.1 Cash Ratio 0.4 Cash & ST Inv/Current Assets 13.1 Cash & ST Inv/Current Assets 40.2 B CFO/Current Liabilities (%) 36.6 CFO/Current Liabilities (%) 27.4 Coverage (x) Coverage (x) Net Debt/EBITDA 1.8 Net Debt/EBITDA -0.3 5 Net Debt/(EBITDA-Capex) 2.5 Net Debt/(EBITDA-Capex) -0.7 5 Total Debt/EBITDA 2 Total Debt/EBITDA 1.1 EBIT/Interest Expense (Int. Co 9.8 EBIT/Interest Expense (Int. Cc 32.2 5 EBITDA/Interest Expense 12.4 EBITDA/Interest Expense 42.1 Fixed-charge Coverage Ratio 9.8 Fixed-charge Coverage Ratio 32.2 CFO/Interest Expense 6.3 CFO/Interest Expense 42.4 - Cash Dividend Coverage Ratio 3.7 Cash Dividend Coverage Ratio 5.7 5 LT Debt/EBITDA 1.6 LT Debt/EBITDA 0.9 Net Debt/FFO 3.2 Net Debt/FFO -0.4 LT Debt/FFO 3 LT Debt/FFO 0.9 5 FCF/Total Debt 0.1 FCF/Total Debt 0.5 CFO/Total Debt 0.3 CFO/Total Debt 0.9 2 Leverage (%) Leverage (%) BLT Debt/Total Equity 37.4 LT Debt/Total Equity 36.2 LT Debt/Total Capital 25.9 LT Debt/Total Capital 24.5 LT Debt/Total Assets 20.1 LT Debt/Total Assets 12.2 Total Debt/Total Assets 24 Total Debt/Total Assets 16 Net Debt/Total Equity 40 Net Debt/Total Equity -14.4 3 Total Debt/Equity 44.6 Total Debt/Equity 47.5 3 Net Debt/Total Capital 27.7 Net Debt/Total Capital -9.8 5 Total Debt/Total Capital 30.9 Total Debt/Total Capital 32.2