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History Pro Forma 2011 20121 2013 Operating Forecasts 2010 2014 2015 2016 2017 Pro forma assumptions 328 32 360 330 36 333 46 379 335 52 387 337 59 338 66 0.5% annual growth 13.0% annual growth 366 330 29 359 160 24 23 107 395 150 405 154 150 332 41 372 141 25 26 112 140 US Sales International Sales Net Sales Cost of Goods Sold Depreciation Marketing Expense Other SG&A EBIT 147 9 24 9 24 24 27 114 23 27 116 23 28 119 22 28 121 38.0% of sales 20.0% of beginning net PP&E 7.0% of sales 30.0% of sales 108 111 10 100 Supplementary Schedules Net Working Capital working cash A/R Inventory Other CA A/P Net working capital ANWC 11 108 291 11 111 298 272 10 98 310 7 90 335 10 99 291 7 90 317 10 102 274 7 69 325 26 7 90 299 11 104 280 8 70 332 6 11 106 285 8 72 338 7 2.8% of sales 100 days sales outstanding 708 days of COGS 2.0% of sales 90 days of cash op expenses 73 346 7 75 354 144 Beginning net PP&E Capital Expenditures Depreciation Ending Net PP&E 20 24 140 140 20 28 132 132 20 26 126 126 20 25 121 121 20 24 117 117 20 23 113 113 20 23 111 111 20 22 109 given 20% of beginning net PP&E Free Cash Flow Calculation Pro Forma 2013 2014 2015 2016 2017 tax rate = 40% EBIT EBIT(1-1 Depreciation Capital expenditures ANWC Free cash flow WACC Calculation Unlevered beta Risk-free rate Market Risk Premium Cost of debt Target DN 0.82 4.86% 5.00% 6.009 359 Perp.gr 3% Terminal value 2017--FC F + TV Re-levered equity beta Cost of equity WACC 301 DCF Enterprise Less EOY 2008 Debt Estimated Equity Value number of shares (000,000s) 10.0 Value per share $ History Pro Forma 2011 20121 2013 Operating Forecasts 2010 2014 2015 2016 2017 Pro forma assumptions 328 32 360 330 36 333 46 379 335 52 387 337 59 338 66 0.5% annual growth 13.0% annual growth 366 330 29 359 160 24 23 107 395 150 405 154 150 332 41 372 141 25 26 112 140 US Sales International Sales Net Sales Cost of Goods Sold Depreciation Marketing Expense Other SG&A EBIT 147 9 24 9 24 24 27 114 23 27 116 23 28 119 22 28 121 38.0% of sales 20.0% of beginning net PP&E 7.0% of sales 30.0% of sales 108 111 10 100 Supplementary Schedules Net Working Capital working cash A/R Inventory Other CA A/P Net working capital ANWC 11 108 291 11 111 298 272 10 98 310 7 90 335 10 99 291 7 90 317 10 102 274 7 69 325 26 7 90 299 11 104 280 8 70 332 6 11 106 285 8 72 338 7 2.8% of sales 100 days sales outstanding 708 days of COGS 2.0% of sales 90 days of cash op expenses 73 346 7 75 354 144 Beginning net PP&E Capital Expenditures Depreciation Ending Net PP&E 20 24 140 140 20 28 132 132 20 26 126 126 20 25 121 121 20 24 117 117 20 23 113 113 20 23 111 111 20 22 109 given 20% of beginning net PP&E Free Cash Flow Calculation Pro Forma 2013 2014 2015 2016 2017 tax rate = 40% EBIT EBIT(1-1 Depreciation Capital expenditures ANWC Free cash flow WACC Calculation Unlevered beta Risk-free rate Market Risk Premium Cost of debt Target DN 0.82 4.86% 5.00% 6.009 359 Perp.gr 3% Terminal value 2017--FC F + TV Re-levered equity beta Cost of equity WACC 301 DCF Enterprise Less EOY 2008 Debt Estimated Equity Value number of shares (000,000s) 10.0 Value per share $
