Please help with the attached assignment. I have already completed the financial forecast in excel (attached), I ONLY just need help with the written portion of the assignment (instructions attached) since I will not have access to a computer for the next week. Please type in Microsoft word

Financial Statements Company Name and Ticker Common Shares Outstanding Estimated Price/Share=$59.14 Fiscal Year End (YYYY-MM-DD) ($000s) Data can be entered manually in financial statements or as a block cut-andpaste from the Case Data Sheet to the Raw Data Input section below. Jump to Raw Data Input Wal-Mart Stores, Inc. WMT Link to Form 10-Ks 3,048,000 (in 000s at most recent fiscal year end) Actual 2013/02/01 Actual 2014/02/01 Actual 2015/02/01 Actual 2016/02/01 Actual 2017/02/01 Forecast 2018/02/01 Forecast 2019/02/01 Forecast 2020/02/01 Forecast 2021/02/01 Forecast 2022/02/01 Forecast 2023/02/01 Forecast 2024/02/01 Forecast 2025/02/01 Forecast 2026/02/01 Forecast 2027/02/01 Forecast 2028/02/01 Forecast 2029/02/01 Income Statement Sales (Net) Cost of Goods Sold Gross Profit R&D Expense SG&A Expense EBITDA Depreciation & Amortization EBIT Net Interest Expense Non-Operating Income (Loss) EBT Income Taxes Other Income (Loss) Net Income Before Ext. Items Ext. Items & Disc. Ops. Minority Interest in Earnings Preferred Dividends Net Income (available to common) 468,651,000 (343,819,000) 124,832,000 0 (88,629,000) 36,203,000 (8,478,000) 27,725,000 (2,063,000) 0 25,662,000 (7,958,000) 0 17,704,000 52,000 (757,000) 0 16,999,000 476,294,000 (349,199,000) 127,095,000 0 (91,353,000) 35,742,000 (8,870,000) 26,872,000 (2,216,000) 0 24,656,000 (8,105,000) 0 16,551,000 144,000 (673,000) 0 16,022,000 485,651,000 (355,913,000) 129,738,000 0 (93,418,000) 36,320,000 (9,173,000) 27,147,000 (2,348,000) 0 24,799,000 (7,985,000) 0 16,814,000 285,000 (736,000) 0 16,363,000 482,130,000 (351,530,000) 130,600,000 0 (97,041,000) 33,559,000 (9,454,000) 24,105,000 (2,467,000) 0 21,638,000 (6,558,000) 0 15,080,000 0 (386,000) 0 14,694,000 485,873,000 (351,176,000) 134,697,000 0 (101,853,000) 32,844,000 (10,080,000) 22,764,000 (2,267,000) 0 20,497,000 (6,204,000) 0 14,293,000 0 (650,000) 0 13,643,000 490,627,252 (354,612,246) 136,015,006 0 (102,849,628) 33,165,378 (10,052,856) 23,112,522 (2,161,125) 0 20,951,397 (6,341,536) 0 14,609,861 0 (664,410) 0 13,945,451 496,419,830 (358,798,966) 137,620,863 0 (104,063,920) 33,556,944 (10,161,433) 23,395,510 (2,184,466) 0 21,211,044 (6,420,126) 0 14,790,918 0 (672,644) 0 14,118,275 503,284,311 (363,760,429) 139,523,881 0 (105,502,913) 34,020,968 (10,291,735) 23,729,233 (2,212,478) 0 21,516,755 (6,512,658) 0 15,004,097 0 (682,338) 0 14,321,759 511,261,105 (369,525,843) 141,735,262 0 (107,175,079) 34,560,183 (10,444,522) 24,115,660 (2,245,324) 0 21,870,337 (6,619,679) 0 15,250,657 0 (693,551) 0 14,557,106 520,397,842 (376,129,632) 144,268,210 0 (109,090,403) 35,177,807 (10,620,703) 24,557,105 (2,283,198) 0 22,273,907 (6,741,831) 0 15,532,075 0 (706,349) 0 14,825,726 530,749,849 (383,611,785) 147,138,064 0 (111,260,482) 35,877,581 (10,821,335) 25,056,246 (2,326,329) 0 22,729,917 (6,879,856) 0 15,850,061 0 (720,810) 0 15,129,251 542,380,694 (392,018,249) 150,362,445 0 (113,698,643) 36,663,802 (11,047,643) 25,616,159 (2,374,980) 0 23,241,178 (7,034,604) 0 16,206,575 0 (737,023) 0 15,469,551 555,362,842 (401,401,398) 153,961,444 0 (116,420,076) 37,541,368 (11,301,029) 26,240,339 (2,429,452) 0 23,810,887 (7,207,042) 0 16,603,845 0 (755,090) 0 15,848,755 569,778,392 (411,820,572) 157,957,820 0 (119,441,991) 38,515,829 (11,583,082) 26,932,747 (2,490,087) 0 24,442,660 (7,398,266) 0 17,044,394 0 (775,125) 0 16,269,269 585,719,935 (423,342,692) 162,377,243 0 (122,783,799) 39,593,444 (11,895,602) 27,697,843 (2,557,271) 0 25,140,571 (7,609,509) 0 17,531,062 0 (797,257) 0 16,733,806 603,291,533 (436,042,973) 167,248,560 0 (126,467,313) 40,781,248 (12,240,612) 28,540,635 (2,631,440) 0 25,909,195 (7,842,155) 0 18,067,040 0 (821,631) 0 17,245,409 621,390,279 (449,124,262) 172,266,017 0 (130,261,332) 42,004,685 (12,607,831) 29,396,854 (2,710,383) 0 26,686,471 (8,077,419) 0 18,609,052 0 (846,280) 0 17,762,771 Operating Cash and Market. Sec. Receivables Inventories Other Current Assets Total Current Assets PP&E (Net) Investments Intangibles Other Assets Total Assets 7,810,000 6,768,000 43,803,000 1,559,000 59,940,000 116,681,000 581,000 20,497,000 5,406,000 203,105,000 7,286,000 6,677,000 44,858,000 2,364,000 61,185,000 117,907,000 716,000 19,510,000 5,433,000 204,751,000 9,135,000 6,778,000 45,141,000 2,224,000 63,278,000 116,655,000 512,000 18,102,000 4,943,000 203,490,000 8,705,000 5,624,000 44,469,000 1,441,000 60,239,000 116,516,000 621,000 16,695,000 5,510,000 199,581,000 6,867,000 5,835,000 43,046,000 1,941,000 57,689,000 114,178,000 1,979,000 17,037,000 7,942,000 198,825,000 6,934,193 5,892,095 43,467,204 1,959,993 58,253,485 115,295,228 1,998,364 17,203,707 8,019,712 200,770,497 7,016,062 5,961,660 43,980,398 1,983,133 58,941,253 116,656,458 2,021,958 17,406,822 8,114,397 203,140,888 7,113,080 6,044,098 44,588,558 2,010,556 59,756,291 118,269,581 2,049,918 17,647,523 8,226,602 205,949,915 7,225,818 6,139,894 45,295,263 2,042,422 60,703,398 120,144,092 2,082,408 17,927,227 8,356,990 209,214,114 7,354,951 6,249,620 46,104,734 2,078,922 61,788,227 122,291,185 2,119,622 18,247,604 8,506,337 212,952,975 7,501,259 6,373,940 47,021,872 2,120,277 63,017,348 124,723,860 2,161,787 18,610,594 8,675,550 217,189,139 7,665,641 6,513,618 48,052,309 2,166,741 64,398,310 127,457,058 2,209,160 19,018,426 8,865,665 221,948,619 7,849,122 6,669,525 49,202,464 2,218,603 65,939,715 130,507,805 2,262,038 19,473,642 9,077,870 227,261,068 8,052,862 6,842,646 50,479,612 2,276,191 67,651,311 133,895,395 2,320,753 19,979,119 9,313,504 233,160,083 8,278,169 7,034,093 51,891,956 2,339,876 69,544,094 137,641,587 2,385,685 20,538,105 9,574,082 239,683,551 8,526,514 7,245,116 53,448,715 2,410,072 71,630,416 141,770,835 2,457,255 21,154,248 9,861,304 246,874,058 8,782,309 7,462,469 55,052,176 2,482,374 73,779,329 146,023,960 2,530,973 21,788,875 10,157,143 254,280,280 Current Debt Accounts Payable Income Taxes Payable Other Current Liabilities Total Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Total Liabilities Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings Total Common Equity Total Liabilities and Equity 12,723,000 38,080,000 2,211,000 18,804,000 71,818,000 38,485,000 6,172,000 4,373,000 120,848,000 5,914,000 0 3,952,000 72,391,000 76,343,000 203,105,000 12,082,000 37,415,000 966,000 18,882,000 69,345,000 41,772,000 5,694,000 5,110,000 121,921,000 6,575,000 0 2,685,000 73,570,000 76,255,000 204,751,000 6,670,000 38,410,000 1,021,000 19,152,000 65,253,000 41,499,000 6,130,000 4,671,000 117,553,000 4,543,000 0 2,785,000 78,609,000 81,394,000 203,490,000 6,004,000 38,487,000 521,000 19,607,000 64,619,000 38,952,000 9,042,000 3,357,000 115,970,000 3,065,000 0 2,122,000 78,424,000 80,546,000 199,581,000 3,920,000 41,433,000 921,000 20,654,000 66,928,000 36,645,000 10,384,000 4,333,000 118,290,000 2,737,000 0 2,676,000 75,122,000 77,798,000 198,825,000 3,958,357 41,838,421 930,012 20,856,099 67,582,888 37,003,570 10,485,607 4,375,398 119,447,464 2,763,781 0 (4,154,398) 82,713,649 78,559,251 200,770,497 4,005,091 42,332,385 940,992 21,102,336 68,380,804 37,440,452 10,609,405 4,427,056 120,857,717 2,796,412 0 (10,912,621) 90,399,380 79,486,759 203,140,888 4,060,474 42,917,756 954,004 21,394,138 69,326,372 37,958,177 10,756,112 4,488,274 122,528,935 2,835,081 0 (17,609,984) 98,195,884 80,585,900 205,949,915 4,124,830 43,597,980 969,125 21,733,224 70,425,159 38,559,795 10,926,591 4,559,410 124,470,954 2,880,015 0 (24,257,362) 106,120,506 81,863,144 209,214,114 4,198,545 44,377,119 986,444 22,121,618 71,683,726 39,248,896 11,121,859 4,640,891 126,695,373 2,931,484 0 (30,865,242) 114,191,361 83,326,119 212,952,975 4,282,064 45,259,890 1,006,067 22,561,672 73,109,693 40,029,654 11,343,101 4,733,210 129,215,658 2,989,798 0 (37,443,766) 122,427,449 84,983,682 217,189,139 4,375,901 46,251,715 1,028,114 23,056,088 74,711,818 40,906,864 11,591,673 4,836,934 132,047,289 3,055,317 0 (44,002,776) 130,848,790 86,846,014 221,948,619 4,480,641 47,358,772 1,052,722 23,607,947 76,500,082 41,885,989 11,869,126 4,952,708 135,207,905 3,128,447 0 (50,551,847) 139,476,563 88,924,716 227,261,068 4,596,945 48,588,063 1,080,047 24,220,739 78,485,794 42,973,224 12,177,213 5,081,266 138,717,496 3,209,652 0 (57,100,322) 148,333,256 91,232,934 233,160,083 4,725,560 49,947,484 1,110,266 24,898,398 80,681,709 44,175,550 12,517,913 5,223,432 142,598,603 3,299,454 0 (63,657,340) 157,442,834 93,785,494 239,683,551 4,867,327 51,445,909 1,143,574 25,645,350 83,102,160 45,500,817 12,893,450 5,380,135 146,876,561 3,398,437 0 (70,231,860) 166,830,920 96,599,059 246,874,058 5,013,347 52,989,286 1,177,881 26,414,711 85,595,225 46,865,841 13,280,254 5,541,539 151,282,858 3,500,390 0 (77,003,617) 176,500,648 99,497,031 254,280,280 (5,361,000) 72,391,000 16,022,000 (6,139,000) (8,704,000) 73,570,000 73,570,000 16,363,000 (6,185,000) (5,139,000) 78,609,000 78,609,000 14,694,000 (6,294,000) (8,585,000) 78,424,000 78,424,000 13,643,000 (6,216,000) (10,729,000) 75,122,000 75,122,000 13,945,451 (6,353,802) 0 82,713,649 82,713,649 14,118,275 (6,432,544) 0 90,399,380 90,399,380 14,321,759 (6,525,255) 0 98,195,884 98,195,884 14,557,106 (6,632,483) 0 106,120,506 106,120,506 14,825,726 (6,754,872) 0 114,191,361 114,191,361 15,129,251 (6,893,163) 0 122,427,449 122,427,449 15,469,551 (7,048,210) 0 130,848,790 130,848,790 15,848,755 (7,220,982) 0 139,476,563 139,476,563 16,269,269 (7,412,576) 0 148,333,256 148,333,256 16,733,806 (7,624,228) 0 157,442,834 157,442,834 17,245,409 (7,857,323) 0 166,830,920 166,830,920 17,762,771 (8,093,043) 0 176,500,648 19,179,247 (2,180,247) 16,999,000 0.3101 133,465,000 57,122,000 76,343,000 18,182,549 (2,160,549) 16,022,000 0.3287 136,684,000 60,429,000 76,255,000 18,690,970 (2,327,970) 16,363,000 0.3220 134,106,000 52,712,000 81,394,000 16,799,307 (2,105,307) 14,694,000 0.3031 128,567,000 48,021,000 80,546,000 15,873,828 (2,230,828) 13,643,000 0.3027 121,100,000 43,302,000 77,798,000 16,116,860 (2,171,409) 13,945,451 0.3027 122,284,960 43,725,709 78,559,251 16,314,194 (2,195,919) 14,118,275 0.3027 123,728,714 44,241,955 79,486,759 16,546,906 (2,225,147) 14,321,759 0.3027 125,439,631 44,853,732 80,585,900 16,816,370 (2,259,264) 14,557,106 0.3027 127,427,784 45,564,640 81,863,144 17,124,199 (2,298,473) 14,825,726 0.3027 129,705,044 46,378,925 83,326,119 17,472,261 (2,343,010) 15,129,251 0.3027 132,285,199 47,301,517 84,983,682 17,862,700 (2,393,148) 15,469,551 0.3027 135,184,096 48,338,082 86,846,014 18,297,954 (2,449,199) 15,848,755 0.3027 138,419,793 49,495,078 88,924,716 18,780,785 (2,511,516) 16,269,269 0.3027 142,012,755 50,779,821 91,232,934 19,314,303 (2,580,497) 16,733,806 0.3027 145,986,058 52,200,564 93,785,494 19,902,000 (2,656,591) 17,245,409 0.3027 150,365,640 53,766,581 96,599,059 20,499,060 (2,736,289) 17,762,771 0.3027 154,876,609 55,379,578 99,497,031 2016/02/01 482,130,000 (351,530,000) 0 (97,041,000) (9,454,000) (2,467,000) 0 (6,558,000) (386,000) 0 0 0 8,705,000 5,624,000 44,469,000 1,441,000 116,516,000 621,000 16,695,000 5,510,000 6,004,000 38,487,000 521,000 19,607,000 38,952,000 9,042,000 3,357,000 3,065,000 0 2,122,000 78,424,000 6,294,000 2017/02/01 485,873,000 (351,176,000) 0 (101,853,000) (10,080,000) (2,267,000) 0 (6,204,000) (650,000) 0 0 0 6,867,000 5,835,000 43,046,000 1,941,000 114,178,000 1,979,000 17,037,000 7,942,000 3,920,000 41,433,000 921,000 20,654,000 36,645,000 10,384,000 4,333,000 2,737,000 0 2,676,000 75,122,000 6,216,000 Balance Sheet Statement of Retained Earnings Beg. Retained Earnings +Net Income -Common Dividends +/-Clean Surplus Plug (Ignore) =End. Retained Earnings Values for Dupont Analysis and Valuation Net Operating Income Net Financial Expense Net Income Effective Tax Rate Net Operating Assets Net Financial Obligations Total Common Equity Raw Data Inputs cut-and-paste raw data block from DataMaker file here Company Name and Ticker Common Shares Outstanding Fiscal Year End (YYYY-MM-DD) Sales (Net) Cost of Goods Sold R&D Expense SG&A Expense Depreciation & Amortization Interest Expense Non-Operating Income (Loss) Income Taxes Minority Interest in Earnings Other Income (Loss) Ext. Items & Disc. Ops. Preferred Dividends Operating Cash and Market. Sec. Receivables Inventories Other Current Assets PP&E (Net) Investments Intangibles Other Assets Current Debt Accounts Payable Income Taxes Payable Other Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings Common Dividends Wal-Mart Stores, Inc. 3,048,000 2013/02/01 468,651,000 (343,819,000) 0 (88,629,000) (8,478,000) (2,063,000) 0 (7,958,000) (757,000) 0 52,000 0 7,810,000 6,768,000 43,803,000 1,559,000 116,681,000 581,000 20,497,000 5,406,000 12,723,000 38,080,000 2,211,000 18,804,000 38,485,000 6,172,000 4,373,000 5,914,000 0 3,952,000 72,391,000 5,361,000 WMT 2014/02/01 476,294,000 (349,199,000) 0 (91,353,000) (8,870,000) (2,216,000) 0 (8,105,000) (673,000) 0 144,000 0 7,286,000 6,677,000 44,858,000 2,364,000 117,907,000 716,000 19,510,000 5,433,000 12,082,000 37,415,000 966,000 18,882,000 41,772,000 5,694,000 5,110,000 6,575,000 0 2,685,000 73,570,000 6,139,000 2015/02/01 485,651,000 (355,913,000) 0 (93,418,000) (9,173,000) (2,348,000) 0 (7,985,000) (736,000) 0 285,000 0 9,135,000 6,778,000 45,141,000 2,224,000 116,655,000 512,000 18,102,000 4,943,000 6,670,000 38,410,000 1,021,000 19,152,000 41,499,000 6,130,000 4,671,000 4,543,000 0 2,785,000 78,609,000 6,185,000 A Windows vs Macintosh issue can cause the fiscal year end dates to be off by roughly 4 years. If this occurs, select and copy the 1462 cell below, select the cells with the dates, choose Paste Special Values and select Subtract or Add. 1462 Ratio Analysis Company Name Wal-Mart Stores, Inc. Fiscal Year End Date Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast 2013/02/01 2014/02/01 2015/02/01 2016/02/01 2017/02/01 2018/02/01 2019/02/01 2020/02/01 2021/02/01 2022/02/01 2023/02/01 2024/02/01 2025/02/01 2026/02/01 2027/02/01 2028/02/01 2029/02/01 Annual Growth Rates Sales Assets Common Equity Earnings Free Cash Flow to Investors Sustainable Growth Rate 1.6% 0.8% -0.1% -5.7% 2.0% -0.6% 6.7% 2.1% 157.7% 12.9% -0.7% -1.9% -1.0% -10.2% -14.7% 10.4% 0.8% -0.4% -3.4% -7.2% -8.3% 9.4% 1.0% 1.0% 1.0% 2.2% 18.4% 9.7% 1.2% 1.2% 1.2% 1.2% -0.4% 9.7% 1.4% 1.4% 1.4% 1.4% -0.2% 9.7% 1.6% 1.6% 1.6% 1.6% -0.1% 9.8% 1.8% 1.8% 1.8% 1.8% 0.1% 9.8% 2.0% 2.0% 2.0% 2.0% 0.3% 9.8% 2.2% 2.2% 2.2% 2.2% 0.5% 9.8% 2.4% 2.4% 2.4% 2.5% 0.7% 9.8% 2.6% 2.6% 2.6% 2.7% 0.8% 9.8% 2.8% 2.8% 2.8% 2.9% 1.0% 9.8% 3.0% 3.0% 3.0% 3.1% 1.2% 9.9% 3.0% 3.0% 3.0% 3.0% 3.0% 9.9% 0.210 0.208 0.135 0.208 0.204 0.138 0.181 0.181 0.128 0.172 0.172 0.127 0.178 0.178 0.132 0.179 0.179 0.133 0.179 0.179 0.133 0.179 0.179 0.133 0.179 0.179 0.133 0.180 0.180 0.133 0.180 0.180 0.134 0.180 0.180 0.134 0.181 0.181 0.134 0.181 0.181 0.134 0.181 0.181 0.134 0.181 0.181 0.134 0.036 0.034 2.336 2.673 0.210 0.034 2.379 2.590 0.208 0.030 2.392 2.489 0.181 0.028 2.439 2.516 0.172 0.028 2.456 2.556 0.178 0.028 2.458 2.556 0.179 0.028 2.461 2.556 0.179 0.028 2.463 2.556 0.179 0.028 2.465 2.556 0.179 0.029 2.468 2.556 0.180 0.029 2.470 2.556 0.180 0.029 2.473 2.556 0.180 0.029 2.475 2.556 0.181 0.029 2.477 2.556 0.181 0.029 2.480 2.556 0.181 0.029 2.480 2.556 0.181 0.041 0.038 3.526 0.135 0.037 0.098 0.770 0.210 0.038 3.587 0.138 0.041 0.097 0.718 0.208 0.035 3.671 0.128 0.042 0.086 0.622 0.181 0.033 3.892 0.127 0.049 0.078 0.577 0.172 0.033 4.032 0.132 0.050 0.083 0.557 0.178 0.033 4.036 0.133 0.050 0.083 0.557 0.179 0.033 4.040 0.133 0.050 0.083 0.557 0.179 0.033 4.044 0.133 0.050 0.083 0.557 0.179 0.033 4.048 0.133 0.050 0.083 0.557 0.179 0.033 4.052 0.133 0.050 0.083 0.557 0.180 0.033 4.056 0.134 0.050 0.084 0.557 0.180 0.033 4.060 0.134 0.050 0.084 0.557 0.180 0.033 4.064 0.134 0.050 0.084 0.557 0.181 0.033 4.068 0.134 0.050 0.084 0.557 0.181 0.033 4.071 0.134 0.050 0.084 0.557 0.181 0.033 4.071 0.134 0.050 0.084 0.557 0.181 0.266 0.077 0.059 0.041 0.041 0.267 0.075 0.056 0.038 0.038 0.267 0.075 0.056 0.038 0.038 0.271 0.070 0.050 0.035 0.035 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 0.277 0.068 0.047 0.033 0.033 3.526 199.830 5.152 46.336 39.337 4.061 3.587 112.719 5.056 46.148 38.850 4.141 3.671 152.597 4.695 46.522 39.998 4.135 3.892 (262.989) 4.304 45.480 41.702 4.212 4.032 (91.791) 4.362 44.524 42.805 4.276 4.036 (91.883) 4.358 44.479 42.752 4.280 4.040 (91.974) 4.354 44.435 42.699 4.285 4.044 (92.065) 4.349 44.391 42.646 4.289 4.048 (92.156) 4.345 44.348 42.594 4.293 4.052 (92.246) 4.341 44.304 42.542 4.297 4.056 (92.337) 4.336 44.261 42.491 4.302 4.060 (92.427) 4.332 44.218 42.439 4.306 4.064 (92.517) 4.328 44.175 42.388 4.310 4.068 (92.607) 4.324 44.132 42.337 4.314 4.071 (92.697) 4.320 44.089 42.286 4.318 4.071 (92.697) 4.320 44.089 42.286 4.318 0.671 0.706 0.492 0.423 0.592 0.515 0.536 0.558 0.561 0.618 0.521 0.624 0.744 0.521 0.609 0.611 0.521 0.610 0.613 0.521 0.611 0.615 0.521 0.612 0.617 0.521 0.614 0.619 0.521 0.615 0.621 0.521 0.616 0.623 0.521 0.618 0.625 0.521 0.619 0.626 0.521 0.620 0.628 0.521 0.621 0.630 0.521 0.621 0.630 0.835 0.203 13.439 17.549 0.882 0.201 12.126 16.129 0.970 0.244 11.562 15.468 0.932 0.222 9.771 13.603 0.862 0.190 10.041 14.488 0.862 0.190 10.695 15.346 0.862 0.190 10.710 15.362 0.862 0.190 10.725 15.377 0.862 0.190 10.740 15.392 0.862 0.190 10.756 15.407 0.862 0.190 10.771 15.422 0.862 0.190 10.786 15.438 0.862 0.190 10.801 15.453 0.862 0.190 10.816 15.468 0.862 0.190 10.831 15.483 0.862 0.190 10.846 15.498 0.862 0.190 10.846 15.498 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Profitability Return on Equity Return on Equity (b4 non-recurring) Return on Net Operating Assets Basic Dupont Model Net Profit Margin x Total Asset Turnover x Total Leverage = Return on Equity Advanced Dupont Model Net Operating Margin x Net Operating Asset Turnover = Return on Net Operating Assets Net Borrowing Cost (NBC) Spread (RNOA - NBC) Financial Leverage (LEV) ROE = RNOA + LEV*Spread Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Operating Margin (b4 non-rec.) Net Operating Margin Turnover Analysis Net Operating Asset Turnover Net Working Capital Turnover Avge Days to Collect Receivables Avge Inventory Holding Period Avge Days to Pay Payables PP&E Turnover Analysis of Leverage - Long-Term Capital Structure Debt to Equity Ratio FFO to Total Debt CFO to Total Debt Analysis of Leverage - Short-Term Liquidity Current Ratio Quick Ratio EBIT Interest Coverage EBITDA Interest Coverage Fiscal Year Cash Flow Analysis ($000) Company Name Wal-Mart Stores, Inc. Fiscal Year End Date Pro Forma Statement of Cash Flows Operating: Net Income +Depreciation & Amortization +Increase in Deferred Taxes +Increase in Other Liabilities +Minority Interest in Earnings +Preferred Dividends =Funds From Operations -Increase in Receivables -Increase in Inventory -Increase in Other Current Assets +Increase in Accounts Payable +Increase in Taxes Payable +Increase in Other Curr. Liabilities =Cash From Operations Actual 2014/02/01 Actual 2015/02/01 Actual 2016/02/01 Actual 2017/02/01 Forecast 2018/02/01 Forecast 2019/02/01 Forecast 2020/02/01 Forecast 2021/02/01 Forecast 2022/02/01 Forecast 2023/02/01 Forecast 2024/02/01 Forecast 2025/02/01 Forecast 2026/02/01 Forecast 2027/02/01 Forecast 2028/02/01 16,022,000 8,870,000 737,000 (478,000) 673,000 0 25,824,000 91,000 (1,055,000) (805,000) (665,000) (1,245,000) 78,000 22,223,000 16,363,000 9,173,000 (439,000) 436,000 736,000 0 26,269,000 (101,000) (283,000) 140,000 995,000 55,000 270,000 27,345,000 14,694,000 9,454,000 (1,314,000) 2,912,000 386,000 0 26,132,000 1,154,000 672,000 783,000 77,000 (500,000) 455,000 28,773,000 13,643,000 10,080,000 976,000 1,342,000 650,000 0 26,691,000 (211,000) 1,423,000 (500,000) 2,946,000 400,000 1,047,000 31,796,000 13,945,451 10,052,856 42,398 101,607 664,410 0 24,806,722 (57,095) (421,204) (18,993) 405,421 9,012 202,099 24,925,962 14,118,275 10,161,433 51,658 123,798 672,644 0 25,127,808 (69,565) (513,194) (23,141) 493,964 10,980 246,237 25,273,089 14,321,759 10,291,735 61,217 146,707 682,338 0 25,503,756 (82,438) (608,160) (27,423) 585,371 13,012 291,803 25,675,922 14,557,106 10,444,522 71,137 170,479 693,551 0 25,936,795 (95,796) (706,705) (31,866) 680,224 15,120 339,086 26,136,858 14,825,726 10,620,703 81,481 195,269 706,349 0 26,429,528 (109,726) (809,471) (36,500) 779,139 17,319 388,394 26,658,683 15,129,251 10,821,335 92,319 221,241 720,810 0 26,984,956 (124,320) (917,138) (41,355) 882,771 19,623 440,054 27,244,591 15,469,551 11,047,643 103,724 248,573 737,023 0 27,606,514 (139,678) (1,030,437) (46,464) 991,825 22,047 494,416 27,898,223 15,848,755 11,301,029 115,774 277,452 755,090 0 28,298,101 (155,907) (1,150,156) (51,862) 1,107,057 24,608 551,859 28,623,701 16,269,269 11,583,082 128,557 308,087 775,125 0 29,064,120 (173,121) (1,277,148) (57,588) 1,229,291 27,325 612,791 29,425,671 16,733,806 11,895,602 142,166 340,700 797,257 0 29,909,530 (191,447) (1,412,344) (63,684) 1,359,421 30,218 677,660 30,309,354 17,245,409 12,240,612 156,703 375,537 821,631 0 30,839,893 (211,023) (1,556,759) (70,196) 1,498,425 33,308 746,952 31,280,600 Investing: -Capital Expenditures -Increase in Investments -Purchases of Intangibles -Increase in Other Assets =Cash From Investing (10,096,000) (135,000) 987,000 (27,000) (9,271,000) (7,921,000) 204,000 1,408,000 490,000 (5,819,000) (9,315,000) (109,000) 1,407,000 (567,000) (8,584,000) (7,742,000) (1,358,000) (342,000) (2,432,000) (11,874,000) (11,170,084) (19,364) (166,707) (77,712) (11,433,867) (11,522,663) (23,594) (203,115) (94,685) (11,844,056) (11,904,857) (27,960) (240,701) (112,206) (12,285,724) (12,319,034) (32,490) (279,704) (130,387) (12,761,615) (12,767,795) (37,215) (320,377) (149,348) (13,274,735) (13,254,010) (42,165) (362,990) (169,212) (13,828,377) (13,780,841) (47,373) (407,832) (190,116) (14,426,162) (14,351,776) (52,877) (455,215) (212,204) (15,072,073) (14,970,672) (58,716) (505,477) (235,634) (15,770,500) (15,641,794) (64,931) (558,986) (260,578) (16,526,288) (16,369,860) (71,571) (616,143) (287,222) (17,344,796) Financing: +Increase in Debt -Dividends Paid to Minority Interest -Dividends Paid on Preferred +Increase in Pref. Stock -Dividends Paid on Common +/-Net Issuance of Common Stock +/-Clean Surplus Plug (Ignore) =Cash From Financing 2,646,000 (12,000) 0 0 (6,139,000) (1,267,000) (8,704,000) (13,476,000) (5,685,000) (2,768,000) 0 0 (6,185,000) 100,000 (5,139,000) (19,677,000) (3,213,000) (1,864,000) 0 0 (6,294,000) (663,000) (8,585,000) (20,619,000) (4,391,000) (978,000) 0 0 (6,216,000) 554,000 (10,729,000) (21,760,000) 396,927 (637,628) 0 0 (6,353,802) (6,830,398) 0 (13,424,901) 483,616 (640,013) 0 0 (6,432,544) (6,758,223) 0 (13,347,164) 573,108 (643,670) 0 0 (6,525,255) (6,697,363) 0 (13,293,180) 665,974 (648,617) 0 0 (6,632,483) (6,647,378) 0 (13,262,505) 762,816 (654,880) 0 0 (6,754,872) (6,607,880) 0 (13,254,816) 864,278 (662,496) 0 0 (6,893,163) (6,578,524) 0 (13,269,906) 971,046 (671,505) 0 0 (7,048,210) (6,559,010) 0 (13,307,678) 1,083,865 (681,959) 0 0 (7,220,982) (6,549,071) 0 (13,368,147) 1,203,538 (693,920) 0 0 (7,412,576) (6,548,475) 0 (13,451,432) 1,330,942 (707,455) 0 0 (7,624,228) (6,557,018) 0 (13,557,759) 1,467,033 (722,648) 0 0 (7,857,323) (6,574,521) 0 (13,687,459) (524,000) 7,810,000 7,286,000 1,849,000 7,286,000 9,135,000 (430,000) 9,135,000 8,705,000 (1,838,000) 8,705,000 6,867,000 67,193 6,867,000 6,934,193 81,868 6,934,193 7,016,062 97,018 7,016,062 7,113,080 112,739 7,113,080 7,225,818 129,132 7,225,818 7,354,951 146,308 7,354,951 7,501,259 164,382 7,501,259 7,665,641 183,481 7,665,641 7,849,122 203,740 7,849,122 8,052,862 225,307 8,052,862 8,278,169 Net Change in Cash + Beginning Cash Balance = Ending Cash Balance 248,345 8,278,169 8,526,514 Free Cash Flow to Common Equity Net Income - Increase in Common Equity +/-Clean Surplus Plug (Ignore) =Free Cash Flow to Common Equity 16,022,000 88,000 (8,704,000) 7,406,000 16,363,000 (5,139,000) (5,139,000) 6,085,000 14,694,000 848,000 (8,585,000) 6,957,000 13,643,000 2,748,000 (10,729,000) 5,662,000 13,945,451 (761,251) 0 13,184,200 14,118,275 (927,508) 0 13,190,767 14,321,759 (1,099,141) 0 13,222,618 14,557,106 (1,277,244) 0 13,279,862 14,825,726 (1,462,975) 0 13,362,751 15,129,251 (1,657,564) 0 13,471,687 15,469,551 (1,862,331) 0 13,607,220 15,848,755 (2,078,702) 0 13,770,053 16,269,269 (2,308,218) 0 13,961,051 16,733,806 (2,552,560) 0 14,181,245 17,245,409 (2,813,565) 0 14,431,844 Computation based on SCF: +Cash From Operations -Increase in Cash +Cash From Investing +Increase in Debt -Dividends Paid to Minority Interest -Dividends Paid on Preferred +Increase in Preferred Stock +/-Clean Surplus Plug (Ignore) =Free Cash Flow to Common Equity 22,223,000 524,000 (9,271,000) 2,646,000 (12,000) 0 0 (8,704,000) 7,406,000 27,345,000 (1,849,000) (5,819,000) (5,685,000) (2,768,000) 0 0 (5,139,000) 6,085,000 28,773,000 430,000 (8,584,000) (3,213,000) (1,864,000) 0 0 (8,585,000) 6,957,000 31,796,000 1,838,000 (11,874,000) (4,391,000) (978,000) 0 0 (10,729,000) 5,662,000 24,925,962 (67,193) (11,433,867) 396,927 (637,628) 0 0 0 13,184,200 25,273,089 (81,868) (11,844,056) 483,616 (640,013) 0 0 0 13,190,767 25,675,922 (97,018) (12,285,724) 573,108 (643,670) 0 0 0 13,222,618 26,136,858 (112,739) (12,761,615) 665,974 (648,617) 0 0 0 13,279,862 26,658,683 (129,132) (13,274,735) 762,816 (654,880) 0 0 0 13,362,751 27,244,591 (146,308) (13,828,377) 864,278 (662,496) 0 0 0 13,471,687 27,898,223 (164,382) (14,426,162) 971,046 (671,505) 0 0 0 13,607,220 28,623,701 (183,481) (15,072,073) 1,083,865 (681,959) 0 0 0 13,770,053 29,425,671 (203,740) (15,770,500) 1,203,538 (693,920) 0 0 0 13,961,051 30,309,354 (225,307) (16,526,288) 1,330,942 (707,455) 0 0 0 14,181,245 31,280,600 (248,345) (17,344,796) 1,467,033 (722,648) 0 0 0 14,431,844 Financing Flows: +Dividends Paid -Net Issuance of Common Stock = Free Cash Flow to Common Equity 6,139,000 1,267,000 7,406,000 6,185,000 (100,000) 6,085,000 6,294,000 663,000 6,957,000 6,216,000 (554,000) 5,662,000 6,353,802 6,830,398 13,184,200 6,432,544 6,758,223 13,190,767 6,525,255 6,697,363 13,222,618 6,632,483 6,647,378 13,279,862 6,754,872 6,607,880 13,362,751 6,893,163 6,578,524 13,471,687 7,048,210 6,559,010 13,607,220 7,220,982 6,549,071 13,770,053 7,412,576 6,548,475 13,961,051 7,624,228 6,557,018 14,181,245 7,857,323 6,574,521 14,431,844 Net Operating Income - Increase in Net Operating Assets +/-Clean Surplus Plug (Ignore) =Free Cash Flow to Investors 18,182,549 (3,219,000) (8,704,000) 6,259,549 18,690,970 2,578,000 (5,139,000) 16,129,970 16,799,307 5,539,000 (8,585,000) 13,753,307 15,873,828 7,467,000 (10,729,000) 12,611,828 16,116,860 (1,184,960) 0 14,931,900 16,314,194 (1,443,754) 0 14,870,440 16,546,906 (1,710,918) 0 14,835,988 16,816,370 (1,988,153) 0 14,828,217 17,124,199 (2,277,260) 0 14,846,939 17,472,261 (2,580,156) 0 14,892,105 17,862,700 (2,898,896) 0 14,963,803 18,297,954 (3,235,698) 0 15,062,257 18,780,785 (3,592,962) 0 15,187,823 19,314,303 (3,973,303) 0 15,340,999 19,902,000 (4,379,582) 0 15,522,419 Computation based on SCF: Cash From Operations -Increase in Operating Cash +Cash from Investing +Interest Expense -Tax Shield on Interest +/-Clean Surplus Plug (Ignore) =Free Cash Flow to Investors 22,223,000 524,000 (9,271,000) 2,216,000 (728,451) (8,704,000) 6,259,549 27,345,000 (1,849,000) (5,819,000) 2,348,000 (756,030) (5,139,000) 16,129,970 28,773,000 430,000 (8,584,000) 2,467,000 (747,693) (8,585,000) 13,753,307 31,796,000 1,838,000 (11,874,000) 2,267,000 (686,172) (10,729,000) 12,611,828 24,925,962 (67,193) (11,433,867) 2,161,125 (654,126) 0 14,931,900 25,273,089 (81,868) (11,844,056) 2,184,466 (661,191) 0 14,870,440 25,675,922 (97,018) (12,285,724) 2,212,478 (669,669) 0 14,835,988 26,136,858 (112,739) (12,761,615) 2,245,324 (679,611) 0 14,828,217 26,658,683 (129,132) (13,274,735) 2,283,198 (691,075) 0 14,846,939 27,244,591 (146,308) (13,828,377) 2,326,329 (704,130) 0 14,892,105 27,898,223 (164,382) (14,426,162) 2,374,980 (718,855) 0 14,963,803 28,623,701 (183,481) (15,072,073) 2,429,452 (735,343) 0 15,062,257 29,425,671 (203,740) (15,770,500) 2,490,087 (753,696) 0 15,187,823 30,309,354 (225,307) (16,526,288) 2,557,271 (774,031) 0 15,340,999 31,280,600 (248,345) (17,344,796) 2,631,440 (796,480) 0 15,522,419 Financing Flows: +Dividends on Common Stock +Interest Expense -Tax Shield on Interest +Dividends on Preferred Stock +Dividends Paid to Minority Interest -Net Issuance of Common Stock -Net Issuance of Debt -Net Issuance of Preferred Stock =Free Cash Flow to Investors 6,139,000 2,216,000 (728,451) 0 12,000 1,267,000 (2,646,000) 0 6,259,549 6,185,000 2,348,000 (756,030) 0 2,768,000 (100,000) 5,685,000 0 16,129,970 6,294,000 2,467,000 (747,693) 0 1,864,000 663,000 3,213,000 0 13,753,307 6,216,000 2,267,000 (686,172) 0 978,000 (554,000) 4,391,000 0 12,611,828 6,353,802 2,161,125 (654,126) 0 637,628 6,830,398 (396,927) 0 14,931,900 6,432,544 2,184,466 (661,191) 0 640,013 6,758,223 (483,616) 0 14,870,440 6,525,255 2,212,478 (669,669) 0 643,670 6,697,363 (573,108) 0 14,835,988 6,632,483 2,245,324 (679,611) 0 648,617 6,647,378 (665,974) 0 14,828,217 6,754,872 2,283,198 (691,075) 0 654,880 6,607,880 (762,816) 0 14,846,939 6,893,163 2,326,329 (704,130) 0 662,496 6,578,524 (864,278) 0 14,892,105 7,048,210 2,374,980 (718,855) 0 671,505 6,559,010 (971,046) 0 14,963,803 7,220,982 2,429,452 (735,343) 0 681,959 6,549,071 (1,083,865) 0 15,062,257 7,412,576 2,490,087 (753,696) 0 693,920 6,548,475 (1,203,538) 0 15,187,823 7,624,228 2,557,271 (774,031) 0 707,455 6,557,018 (1,330,942) 0 15,340,999 7,857,323 2,631,440 (796,480) 0 722,648 6,574,521 (1,467,033) 0 15,522,419 26,872,000 (8,833,451) 737,000 18,775,549 8,870,000 0 0 144,000 27,789,549 (3,077,000) (10,096,000) (135,000) 987,000 (27,000) (478,000) (8,704,000) 6,259,549 27,147,000 (8,741,030) (439,000) 17,966,970 9,173,000 0 0 285,000 27,424,970 (773,000) (7,921,000) 204,000 1,408,000 490,000 436,000 (5,139,000) 16,129,970 24,105,000 (7,305,693) (1,314,000) 15,485,307 9,454,000 0 0 0 24,939,307 3,071,000 (9,315,000) (109,000) 1,407,000 (567,000) 2,912,000 (8,585,000) 13,753,307 22,764,000 (6,890,172) 976,000 16,849,828 10,080,000 0 0 0 26,929,828 6,943,000 (7,742,000) (1,358,000) (342,000) (2,432,000) 1,342,000 (10,729,000) 12,611,828 23,112,522 (6,995,662) 42,398 16,159,258 10,052,856 0 0 0 26,212,114 52,046 (11,170,084) (19,364) (166,707) (77,712) 101,607 0 14,931,900 23,395,510 (7,081,317) 51,658 16,365,852 10,161,433 0 0 0 26,527,285 63,413 (11,522,663) (23,594) (203,115) (94,685) 123,798 0 14,870,440 23,729,233 (7,182,327) 61,217 16,608,123 10,291,735 0 0 0 26,899,858 75,148 (11,904,857) (27,960) (240,701) (112,206) 146,707 0 14,835,988 24,115,660 (7,299,290) 71,137 16,887,507 10,444,522 0 0 0 27,332,029 87,324 (12,319,034) (32,490) (279,704) (130,387) 170,479 0 14,828,217 24,557,105 (7,432,906) 81,481 17,205,680 10,620,703 0 0 0 27,826,382 100,023 (12,767,795) (37,215) (320,377) (149,348) 195,269 0 14,846,939 25,056,246 (7,583,986) 92,319 17,564,580 10,821,335 0 0 0 28,385,915 113,327 (13,254,010) (42,165) (362,990) (169,212) 221,241 0 14,892,105 25,616,159 (7,753,459) 103,724 17,966,423 11,047,643 0 0 0 29,014,067 127,326 (13,780,841) (47,373) (407,832) (190,116) 248,573 0 14,963,803 26,240,339 (7,942,385) 115,774 18,413,729 11,301,029 0 0 0 29,714,758 142,120 (14,351,776) (52,877) (455,215) (212,204) 277,452 0 15,062,257 26,932,747 (8,151,962) 128,557 18,909,343 11,583,082 0 0 0 30,492,425 157,811 (14,970,672) (58,716) (505,477) (235,634) 308,087 0 15,187,823 27,697,843 (8,383,540) 142,166 19,456,469 11,895,602 0 0 0 31,352,071 174,517 (15,641,794) (64,931) (558,986) (260,578) 340,700 0 15,340,999 28,540,635 (8,638,635) 156,703 20,058,703 12,240,612 0 0 0 32,299,316 192,362 (16,369,860) (71,571) (616,143) (287,222) 375,537 0 15,522,419 Free Cash Flow to all Investors Traditional Computation of FCF: EBIT -Taxes on EBIT +Increase in Deferred Taxes = NOPLAT +Depreciation & Amortization +Non-Operating Income (Loss) +Other Income (Loss) +Ext. Items & Disc. Ops. =Gross Cash Flow -Increase in Working Capital -Capital Expenditures -Increase in Investments -Purchases of Intangibles -Increase in Other Assets +Increase in Other Liabilities +/-Clean Surplus Plug (Ignore) =Free Cash Flow to Investors Credit Analysis Company Name Wal-Mart Stores, Inc. Fiscal Year End Date Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast 2013/02/01 2014/02/01 2015/02/01 2016/02/01 2017/02/01 2018/02/01 2019/02/01 2020/02/01 2021/02/01 2022/02/01 2023/02/01 2024/02/01 2025/02/01 2026/02/01 2027/02/01 2028/02/01 2029/02/01 Analysis of Leverage - Long-Term Capital Structure Debt to Equity Ratio FFO to Total Debt CFO to Total Debt Analysis of Leverage - Short-Term Liquidity Current Ratio Quick Ratio EBIT Interest Coverage EBITDA Interest Coverage Analysis of Credit Risk Net Income to Total Assets implied default probability Total Liabilities to Total Assets implied default probability Quick Ratio implied default probability EBIT to Interest Expense implied default probability Inventory Holding Period implied default probability Annual Sales Growth implied default probability Average Implied Default Probability Fiscal Year 0.671 0.706 0.492 0.423 0.592 0.515 0.536 0.558 0.561 0.618 0.521 0.624 0.744 0.521 0.609 0.611 0.521 0.610 0.613 0.521 0.611 0.615 0.521 0.612 0.617 0.521 0.614 0.619 0.521 0.615 0.621 0.521 0.616 0.623 0.521 0.618 0.625 0.521 0.619 0.626 0.521 0.620 0.628 0.521 0.621 0.630 0.521 0.621 0.630 0.835 0.203 13.439 17.549 0.882 0.201 12.126 16.129 0.970 0.244 11.562 15.468 0.932 0.222 9.771 13.603 0.862 0.190 10.041 14.488 0.862 0.190 10.695 15.346 0.862 0.190 10.710 15.362 0.862 0.190 10.725 15.377 0.862 0.190 10.740 15.392 0.862 0.190 10.756 15.407 0.862 0.190 10.771 15.422 0.862 0.190 10.786 15.438 0.862 0.190 10.801 15.453 0.862 0.190 10.816 15.468 0.862 0.190 10.831 15.483 0.862 0.190 10.846 15.498 0.862 0.190 10.846 15.498 0.087 2.0% 0.595 4.5% 0.203 9.0% 13.44 1.5% 46.50 4.2% 0.0% 4.2% 4.2% 0.081 2.0% 0.595 4.5% 0.201 9.0% 12.13 1.5% 46.89 4.2% 1.6% 3.2% 4.1% 0.083 2.0% 0.578 4.5% 0.244 9.0% 11.56 1.5% 46.29 4.2% 2.0% 3.2% 4.1% 0.076 2.0% 0.581 4.5% 0.222 9.0% 9.77 1.5% 46.17 4.2% -0.7% 4.2% 4.2% 0.072 2.0% 0.595 4.5% 0.190 9.0% 10.04 1.5% 44.74 4.2% 0.8% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.69 1.5% 44.74 4.2% 1.0% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.71 1.5% 44.74 4.2% 1.2% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.73 1.5% 44.74 4.2% 1.4% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.74 1.5% 44.74 4.2% 1.6% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.76 1.5% 44.74 4.2% 1.8% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.77 1.5% 44.74 4.2% 2.0% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.79 1.5% 44.74 4.2% 2.2% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.80 1.5% 44.74 4.2% 2.4% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.82 1.5% 44.74 4.2% 2.6% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.83 1.5% 44.74 4.2% 2.8% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.85 1.5% 44.74 4.2% 3.0% 3.2% 4.1% 0.073 2.0% 0.595 4.5% 0.190 9.0% 10.85 1.5% 44.74 4.2% 3.0% 3.2% 4.1% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Lookup Table of default probabilit decile 1 min decile 2 min decile 3 min decile 4 min decile 5 min decile 6 min decile 7 min decile 8 min decile 9 min decile 10 NI to TA thresholds -0.448 -0.161 -0.049 0.001 0.022 0.038 0.056 0.079 0.118 NI to TA default rates 0.083 0.08 0.072 0.055 0.045 0.030 0.025 0.020 0.020 0.020 TL to TA thresholds 0.175 0.283 0.385 0.476 0.558 0.633 0.709 0.816 1.030 TL to TA default rates 0.02 0.022 0.025 0.030 0.035 0.045 0.055 0.070 0.090 0.100 Quick Ratio thresholds 0.382 0.522 0.809 0.994 1.200 1.470 1.890 2.530 4.550 Quick Ratio default rates 0.09 0.065 0.05 0.042 0.040 0.035 0.025 0.020 0.015 0.010 EBIT to Int thresholds -17.4 -3.6 -0.139 1.25 2.210 3.380 5.210 9.160 23.800 EBIT to Int default rates 0.075 0.09 0.085 0.070 0.050 0.030 0.021 0.018 0.015 0.010 Inv Holding thresholds 0.365 2.56 14.24 31.39 50 70.080 91.980 121.540 174.470 Inv Holding default rates 0.03 0.035 0.039 0.040 0.042 0.045 0.049 0.055 0.060 0.070 Sales Growth thresholds -0.203 -0.063 0.003 0.05 0.098 0.158 0.244 0.398 0.797 Sales Growth default rates 0.069 0.055 0.042 0.032 0.030 0.030 0.032 0.042 0.050 0.065 Forecasting Assumptions Company Name Wal-Mart Stores, Inc. Estimated Price/Share=$59.14 Fiscal Year End Date Actual Actual 2013/02/01 2014/02/01 Implied Return on Equity Income Statement Assumptions Sales Growth Cost of Goods Sold/Sales R&D/Sales SG&A/Sales Dep&Amort/Avge PP&E and Intang. Net Interest Expense/Avge Net Debt Non-Operating Income/Sales Effective Tax Rate Minority Interest/After Tax Income Other Income/Sales Ext. Items & Disc. Ops./Sales Pref. Dividends/Avge Pref. Stock Balance Sheet Assumptions Working Capital Assumptions Ending Operating Cash/Sales Ending Receivables/Sales Ending Inventories/COGS Ending Other Current Assets/Sales Ending Accounts Payable/COGS Ending Taxes Payable/Sales Ending Other Current Liabs/Sales Other Operating Asset Assumptions Ending Net PP&E/Sales Ending Investments/Sales Ending Intangibles/Sales Ending Other Assets/Sales Other Operating Liability Assumptions Other Liabilities/Sales Deferred Taxes/Sales Financing Assumptions Current Debt/Total Assets Long-Term Debt/Total Assets Minority Interest/Total Assets Preferred Stock/Total Assets Dividend Payout Ratio Actual Actual 2015/02/01 2016/02/01 Actual Forecast Forecast 2017/02/01 2018/02/01 2019/02/01 Forecast Forecast 2020/02/01 2021/02/01 Forecast Forecast 2022/02/01 2023/02/01 Forecast Forecast Forecast 2024/02/01 2025/02/01 2026/02/01 TERMINAL YEAR Forecast Forecast 2027/02/01 2028/02/01 0.210 0.208 0.181 0.172 0.178 0.179 0.179 0.179 0.179 0.180 0.180 0.180 0.181 0.181 0.181 1.6% 73.3% 0.0% 19.2% 6.5% 4.2% 0.0% 32.9% 4.1% 0.0% 0.0% 0.0% 2.0% 73.3% 0.0% 19.2% 6.7% 4.6% 0.0% 32.2% 4.4% 0.0% 0.1% 0.0% -0.7% 72.9% 0.0% 20.1% 7.1% 5.3% 0.0% 30.3% 2.6% 0.0% 0.0% 0.0% 0.8% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 1.0% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 1.2% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 1.4% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 1.6% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 1.8% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 2.0% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 2.2% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 2.4% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 2.6% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 2.8% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 3.0% 72.3% 0.0% 21.0% 7.6% 5.3% 0.0% 30.3% 4.5% 0.0% 0.0% 0.0% 1.7% 1.4% 12.7% 0.3% 11.1% 0.5% 4.0% 1.5% 1.4% 12.8% 0.5% 10.7% 0.2% 4.0% 1.9% 1.4% 12.7% 0.5% 10.8% 0.2% 3.9% 1.8% 1.2% 12.7% 0.3% 10.9% 0.1% 4.1% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 1.4% 1.2% 12.3% 0.4% 11.8% 0.2% 4.3% 24.9% 0.1% 4.4% 1.2% 24.8% 0.2% 4.1% 1.1% 24.0% 0.1% 3.7% 1.0% 24.2% 0.1% 3.5% 1.1% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 23.5% 0.4% 3.5% 1.6% 1.3% 0.9% 1.2% 1.1% 1.3% 1.0% 1.9% 0.7% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 2.1% 0.9% 6.3% 18.9% 2.9% 0.0% 31.5% 5.9% 20.4% 3.2% 0.0% 38.3% 3.3% 20.4% 2.2% 0.0% 37.8% 3.0% 19.5% 1.5% 0.0% 42.8% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 2.0% 18.4% 1.4% 0.0% 45.6% 73.4% 0.0% 18.9% 0.0% 31.0% 4.3% 0.0% 0.0% Valuation Parameters Estimated Price/Share=$59.14 Company Name: Wal-Mart Stores, Inc. Required Valuation Parameters (to compute value of common equity): Enter Cost of Equity Capital: Enter Value of Contingent Claims on Common Equity ($000): Enter Date of Valuation: Enter Dilution Factor for Splits Occurring Since Latest Fiscal Year End: Optional Valuation Parameters (to compute value to all investors): Enter Cost of Net Debt: Enter Cost of Preferred Stock: Enter Cost of Minority Interest: Adjust the Weighted Average Cost of Capital Input such that the two equity values below are approximately equal: 10.00% 0 2017/09/04 1.00 8.00% 9.00% 10.00% 9.3720% up Residual Income Valuation ($000) Company Name Most Recent Fiscal Year End Date of Valuation Cost of Common Equity Teriminal Growth Rate Wal-Mart Stores, Inc. 2/1/2017 9/4/2017 10.00% 3.00% Fiscal Year of Forecast Valuation to Common Equity Net Income Common Equity at Beginning of Year Residual Income Present Value of Residual Income Present Value Beyond 10 Years Present Value of First 10 Years Common Equity as of 2/1/2017 Forecast Equity Value Before Time Adj. Forecasted Value as of Valuation Date Less Value of Contingent Equity Claims Value Attributable to Common Equity Common Shares Outstanding at BS Date Equivalent Shares at Valuation Date Forecast Price/Share Valuation to All Investors Cost of Debt Cost of Preferred Stock Cost of Minority Interest After Tax Weighted Average Cost of Capital Net Interest Expense to Net Debtholders Beginning Book Value of Debt Residual Interest Expense Present Value of Residual Interest Income Value of Debt Dividends to Preferred Stockholders Beginning Book Value of Preferred Stock Residual Income to Preferred Stock Present Value of Preferred Residual Income Value of Preferred Stock Minority Interest in Earnings Beginning Book Value of Minority Interest Residual Income to Minority Interest Present Value of MI Residual Income Value of Minority Interest Net Operating Income Beginning Net Operating Assets Residual Income to all Investors Present Value of Residual Investor Income Entity Value Less Value of Debt Less Value of Preferred Stock Less Value of Minority Interest Forecast Equity Value Before Time Adj. Forecasted Value as of Valuation Date Less Value of Contingent Equity Claims Value Attributable to Common Equity Common Shares Outstanding at BS Date Equivalent Shares at Valuation Date Forecast Price/Share 2018/02/01 2019/02/01 13,945,451 77,798,000 6,165,651 5,605,137 43,328,785 40,948,590 2020/02/01 2021/02/01 2022/02/01 2023/02/01 2024/02/01 2025/02/01 2026/02/01 2027/02/01 2028/02/01 2029/02/01 14,118,275 78,559,251 6,262,350 5,175,496 14,321,759 79,486,759 6,373,083 4,788,192 14,557,106 80,585,900 6,498,516 4,438,574 14,825,726 81,863,144 6,639,412 4,122,552 15,129,251 83,326,119 6,796,639 3,836,526 15,469,551 84,983,682 6,971,183 3,577,319 15,848,755 86,846,014 7,164,154 3,342,131 16,269,269 88,924,716 7,376,798 3,128,482 16,733,806 91,232,934 7,610,512 2,934,182 17,245,409 93,785,494 7,866,860 2,757,286 17,762,771 96,599,059 8,102,865 2,581,823 2,161,125 40,565,000 (1,084,075) (1,003,773) 21,054,759 2,184,466 40,961,927 (1,092,488) (936,632) 2,212,478 41,445,543 (1,103,165) (875,728) 2,245,324 42,018,651 (1,116,168) (820,417) 2,283,198 42,684,625 (1,131,572) (770,129) 2,326,329 43,447,441 (1,149,466) (724,358) 2,374,980 44,311,719 (1,169,957) (682,659) 2,429,452 45,282,765 (1,193,169) (644,632) 2,490,087 46,366,630 (1,219,244) (609,925) 2,557,271 47,570,169 (1,248,342) (578,224) 2,631,440 48,901,110 (1,280,649) (549,248) 2,710,383 50,368,144 (1,319,068) (523,820) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 664,410 2,737,000 390,710 355,191 8,025,745 672,644 2,763,781 396,266 327,492 682,338 2,796,412 402,697 302,552 693,551 2,835,081 410,043 280,065 706,349 2,880,015 418,348 259,761 720,810 2,931,484 427,662 241,404 737,023 2,989,798 438,043 224,786 755,090 3,055,317 449,558 209,722 775,125 3,128,447 462,280 196,052 797,257 3,209,652 476,291 183,631 821,631 3,299,454 491,686 172,333 846,280 3,398,437 506,437 161,366 16,116,860 121,100,000 4,767,368 4,358,856 193,819,767 (21,054,759) 0 (8,025,745) 164,739,263 183,210,653 0 183,210,653 3,048,000 3,048,000 $60.11 16,314,194 122,284,960 4,853,647 4,057,476 16,546,906 123,728,714 4,951,051 3,784,242 16,816,370 125,439,631 5,060,168 3,536,228 17,124,199 127,427,784 5,181,667 3,310,844 17,472,261 129,705,044 5,316,304 3,105,796 17,862,700 132,285,199 5,464,931 2,919,050 18,297,954 135,184,096 5,628,501 2,748,802 18,780,785 138,419,793 5,808,082 2,593,447 19,314,303 142,012,755 6,004,867 2,451,556 19,902,000 145,986,058 6,220,187 2,321,858 20,499,060 150,365,640 6,406,793 2,186,587 77,798,000 162,075,375 180,248,077 0 180,248,077 3,048,000 3,048,000 $59.14 8.00% 9.00% 10.00% 9.37% DCF Valuations ($000) Company Name Most Recent Fiscal Year End Date of Valuation Cost of Common Equity Terminal Growth Rate Wal-Mart Stores, Inc. 2/1/2017 9/4/2017 10.00% 3.00% Fiscal Year of Forecast Valuation to Common Equity Free Cash Flow to Common Equity Present Value of FCF Present Value Beyond 10 Years Present Value of First 10 Years Forecast Equity Value Before Time Adj. Forecasted Value as of Valuation Date Less Value of Contingent Equity Claims Value Attributable to Common Equity Common Shares Outstanding at BS Date Equivalent Shares at Valuation Date Forecast Price/Share 2018/02/01 2019/02/01 2020/02/01 2021/02/01 2022/02/01 2023/02/01 2024/02/01 2025/02/01 2026/02/01 2027/02/01 2028/02/01 2029/02/01 13,190,767 10,901,460 13,222,618 9,934,349 13,279,862 9,070,324 13,362,751 8,297,217 13,471,687 7,604,416 13,607,220 6,982,655 13,770,053 6,423,831 13,961,051 5,920,848 14,181,245 5,467,484 14,431,844 5,058,273 14,864,800 4,736,383 1,764,197 1,633,516 21,054,759 1,700,850 1,458,205 1,639,370 1,301,385 1,579,350 1,160,869 1,520,382 1,034,746 1,462,052 921,341 1,403,934 819,182 1,345,587 726,979 1,286,549 643,595 1,226,329 568,028 1,164,407 499,394 1,199,339 476,274 Free Cash Flow to Preferred Stock Present Value of FCF to Preferred Stock Value of Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Free Cash Flow to Minority Interest Present Value of FCF to Minority Interest Value of Minority Interest 637,628 579,662 8,025,745 640,013 528,937 643,670 483,599 648,617 443,014 654,880 406,629 662,496 373,962 671,505 344,588 681,959 318,139 693,920 294,290 707,455 272,755 722,648 253,284 744,327 237,166 14,931,900 13,652,397 193,819,767 (21,054,759) 0 (8,025,745) 164,739,263 183,210,653 0 183,210,653 3,048,000 3,048,000 $60.11 14,870,440 12,431,156 14,835,988 11,339,608 14,828,217 10,362,495 14,846,939 9,486,503 14,892,105 8,699,998 14,963,803 7,992,799 15,062,257 7,355,985 15,187,823 6,781,725 15,340,999 6,263,140 15,522,419 5,794,176 15,988,091 5,456,608 Valuation to All Investors Cost of Net Debt Cost of Preferred Stock Cost of Minority Interest After Tax Weighted Average Cost of Capital Free Cash Flow to Debt Present Value of FCF to Debt Value of Debt Free Cash Flows to Investors Present Value of FCF to Investors Entity Value Less Value of Net Debt Less Value of Preferred Stock Less Value of Minority Interest Forecast Equity Value Before Time Adj. Forecasted Value as of Valuation Date Less Value of Contingent Equity Claims Value Attributable to Common Equity Common Shares Outstanding at BS Date Equivalent Shares at Valuation Date Forecast Price/Share 13,184,200 11,985,636 79,487,153 82,588,222 162,075,375 180,248,077 0 180,248,077 3,048,000 3,048,000 $59.14 8.00% 9.00% 10.00% 9.37% EPS Forecaster ($000, except per share amounts) Company Name Common Shares Outstanding at BS Date Equivalent Shares at Valuation Date Forecasted Price at Valuation Date Wal-Mart Stores, Inc. 3,048,000 3,048,000 $59.14 Fiscal Year of Forecast Net Income Common Equity Issued (Repurchased) Forecasted Price at Year End New Shares Issued (Repurchased) Shares Outstanding at End of Year Forecast EPS Consensus Analyst Forecast of EPS Forecast FiveAnalyst Year Growth RateofinGrowth EPS Consensus Forecast Rate Forecast 2018/02/01 13,945,451 (6,830,398) $60.70 (112,527) 2,935,473 $4.66 5% Forecast 2019/02/01 14,118,275 (6,758,223) $64.58 (104,651) 2,830,822 $4.90 Forecast 2020/02/01 14,321,759 (6,697,363) $68.73 (97,442) 2,733,380 $5.15 Forecast 2021/02/01 14,557,106 (6,647,378) $73.18 (90,838) 2,642,541 $5.42 Forecast 2022/02/01 14,825,726 (6,607,880) $77.94 (84,782) 2,557,760 $5.70 Although Although not a necessary input for eVal, eVal, we we recommend recommend that that you you find find the the analyst analyst forecasts forecasts for for your company and store them in the yellow-shaded yellow-shaded cells cells for for comparison comparison purposes. To obtain analyst forecasts, click here Forecast 2023/02/01 15,129,251 (6,578,524) $83.04 (79,222) 2,478,537 $6.01 Model Summary Historical Data For: Wal-Mart Stores, Inc. Most Recent Fiscal Year End: Average ROE (last five years) Sales Growth (last five years) 2017/02/01 19.28% 0.91% Forecast Data: Forecast Horizon This Year's ROE Terminal Year's ROE This Year's Sales Growth Terminal Year's Sales Growth This Year's Forecast EPS Forecast 5 Year EPS Growth 10 years 17.84% 18.12% 0.98% 3.00% $4.66 5.21% Valuation Data: Cost of Equity Capital Valuation Date Estimated Price/Share Estimated Price/Earnings Ratio Estimated Market/Book Ratio 10.00% 2017/09/04 $59.14 12.69 2.32 Cut-and-Paste the yellow block of case data into the Raw Data Input section on the lower part of the eVal financial stateme America Online Netflix Salton Nordstrom Amazon.com Overstock City Screens Ross Stores Four Models Royal Caribbean Country Cinema Kohls Company Name and Ticker AMERICA ONLINE INC AOL Common Shares Outstanding (000) 2,255,000 Fiscal Year End (YYYY-MM-DD) 1995/06/30 1996/06/30 1997/06/30 Sales (Net) 394,290 1,094,000 2,197,000 Cost of Goods Sold (229,724) (654,000) (1,770,000) R&D Expense (64,598) (75,000) (204,000) SG&A Expense (119,764) (293,000) (605,000) Depreciation & Amortization (1,653) (7,000) (6,000) Interest Expense 0 0 0 Non-Operating Income (Loss) 867 (3,000) (87,000) Income Taxes (15,169) (32,000) (10,000) Minority Interest in Earnings 0 0 0 Other Income (Loss) 0 0 0 Ext. Items & Disc. Ops. 0 0 0 Preferred Dividends 0 0 0 Operating Cash and Market. Sec. 64,549 129,133 124,000 Receivables 32,176 42,939 65,000 Inventories 0 0 0 Other Current Assets 36,908 98,506 134,000 PP&E (Net) 70,919 101,277 233,000 Investments 0 0 81,000 Intangibles 59,935 56,638 59,000 Other Assets 140,926 530,261 137,000 Current Debt 2,329 2,435 0 Accounts Payable 84,640 105,904 68,000 Income Taxes Payable 0 0 0 Other Current Liabilities 46,393 181,567 485,000 Long-Term Debt 17,369 19,306 50,000 Other Liabilities 2,243 1,168 4,000 Deferred Taxes 35,627 135,872 86,000 Minority Interest 0 0 0 Preferred Stock 0 1 0 Paid in Common Capital (Net) 253,435 520,268 647,000 Retained Earnings (36,623) (7,767) (507,000) -Common Dividends 0 0 1998/06/30 3,091,000 (2,434,000) (333,000) (328,000) (24,000) 0 (62,000) 16,000 0 0 0 0 823,000 192,000 0 248,000 503,000 531,000 472,000 105,000 0 120,000 0 1,035,000 372,000 7,000 344,000 0 0 1,586,000 (590,000) 0 Company Name and Ticker AMAZON.COM INC Common Shares Outstanding (000) 357,140 Fiscal Year End (YYYY-MM-DD) 1996/12/31 1999/12/31 AMZN 1997/12/31 1998/12/31 Sales (Net) Cost of Goods Sold R&D Expense SG&A Expense Depreciation & Amortization Interest Expense Non-Operating Income (Loss) Income Taxes Minority Interest in Earnings Other Income (Loss) Ext. Items & Disc. Ops. Preferred Dividends Operating Cash and Market. Sec. Receivables Inventories Other Current Assets PP&E (Net) Investments Intangibles Other Assets Current Debt Accounts Payable Income Taxes Payable Other Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings -Common Dividends 15,746 (12,287) (2,401) (7,501) 0 (5) 202 0 0 0 0 0 6,248 0 571 321 985 0 0 146 0 2,852 0 2,018 0 0 0 0 6 9,420 (6,025) Company Name and Ticker FOUR MODELS Common Shares Outstanding (000) 1,000 Fiscal Year End (YYYY-MM-DD) 1996/12/31 Sales (Net) 20,000 Cost of Goods Sold (12,000) R&D Expense 0 SG&A Expense 0 Depreciation & Amortization (2,000) Interest Expense (1,000) Non-Operating Income (Loss) 0 Income Taxes (2,000) Minority Interest in Earnings 0 Other Income (Loss) 0 Ext. Items & Disc. Ops. 0 147,787 (118,969) 0 (60,202) 0 (326) 690 0 0 0 0 0 125,375 0 8,971 3,363 9,726 0 0 2,409 1,500 33,027 0 10,024 76,521 181 0 0 0 66,105 (37,514) 0 609,819 (476,155) 0 (194,696) (42,599) (26,639) 8,629 0 0 (2,905) 0 0 373,445 0 29,501 21,308 29,791 7,740 178,638 8,037 808 113,273 0 47,494 348,140 0 0 0 0 300,805 (162,060) 0 1,639,839 (1,349,194) 0 (643,016) (214,694) (84,566) 8,432 0 0 (76,769) 0 0 706,188 0 220,646 79,643 317,613 371,462 730,144 40,154 14,322 463,026 0 255,886 1,466,338 0 0 0 0 1,148,306 (882,028) 0 1998/12/31 20,000 (12,000) 0 0 (2,000) (1,000) 0 (2,000) 0 0 0 1999/12/31 20,000 (12,000) 0 0 (2,000) (1,000) 0 (2,000) 0 0 0 FOUR 1997/12/31 20,000 (12,000) 0 0 (2,000) (1,000) 0 (2,000) 0 0 0 Preferred Dividends Operating Cash and Market. Sec. Receivables Inventories Other Current Assets PP&E (Net) Investments Intangibles Other Assets Current Debt Accounts Payable Income Taxes Payable Other Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings -Common Dividends 0 1,000 0 0 0 20,000 0 0 0 0 0 0 0 10,000 0 0 0 0 10,000 1,000 Company Name and Ticker INTEL CORP Common Shares Outstanding (000) 6,668,000 Fiscal Year End (YYYY-MM-DD) 1995/12/31 Sales (Net) 16,202,000 Cost of Goods Sold (7,811,000) R&D Expense (1,296,000) SG&A Expense (1,843,000) Depreciation & Amortization 0 Interest Expense (29,000) Non-Operating Income (Loss) 415,000 Income Taxes (2,072,000) Minority Interest in Earnings 0 Other Income (Loss) 0 Ext. Items & Disc. Ops. 0 Preferred Dividends 0 Operating Cash and Market. Sec. 2,458,000 Receivables 3,116,000 Inventories 2,004,000 Other Current Assets 519,000 PP&E (Net) 7,471,000 Investments 1,653,000 Intangibles 0 Other Assets 283,000 Current Debt 346,000 Accounts Payable 864,000 0 1,000 0 0 0 20,000 0 0 0 0 0 0 0 10,000 0 0 0 0 10,000 1,000 0 0 1,000 0 0 0 20,000 0 0 0 0 0 0 0 10,000 0 0 0 0 10,000 1,000 0 0 1,000 0 0 0 20,000 0 0 0 0 0 0 0 10,000 0 0 0 0 10,000 1,000 0 1997/12/31 25,070,000 (9,945,000) (2,347,000) (2,891,000) 0 (27,000) 799,000 (3,714,000) 0 0 0 0 9,732,000 3,438,000 1,697,000 1,000,000 10,666,000 1,839,000 0 508,000 322,000 1,407,000 1998/12/31 26,273,000 (12,144,000) (2,674,000) (3,076,000) 0 (34,000) 792,000 (3,069,000) 0 0 0 0 7,310,000 3,527,000 1,582,000 1,056,000 11,609,000 5,365,000 111,000 911,000 159,000 1,244,000 INTC 1996/12/31 20,847,000 (9,164,000) (1,808,000) (2,322,000) 0 (25,000) 406,000 (2,777,000) 0 0 0 0 7,907,000 3,723,000 1,293,000 761,000 8,487,000 1,353,000 0 211,000 389,000 969,000 Income Taxes Payable Other Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings -Common Dividends Company Name and Ticker Common Shares Outstanding Fiscal Year End (YYYY-MM-DD) Sales (Net) Cost of Goods Sold R&D Expense SG&A Expense Depreciation & Amortization Interest Expense Non-Operating Income (Loss) Income Taxes Minority Interest in Earnings Other Income (Loss) Ext. Items & Disc. Ops. Preferred Dividends Operating Cash and Market. Sec. Receivables Inventories Other Current Assets PP&E (Net) Investments Intangibles Other Assets Current Debt Accounts Payable Income Taxes Payable Other Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings -Common Dividends 0 2,409,000 400,000 0 620,000 0 0 3,308,000 9,557,000 NETFLIX INC 52,732 2000/12/31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,505,000 728,000 0 997,000 0 0 3,172,000 13,975,000 (147,780) 0 4,291,000 448,000 0 1,076,000 0 0 5,352,000 15,984,000 (188,848) 0 4,401,000 702,000 0 1,387,000 0 0 5,626,000 17,952,000 (165,750) NFLX 2001/12/31 75,912 (20,110) (17,734) (44,827) (29,797) (1,852) (210) 0 0 0 0 0 16,131 0 0 3,421 11,838 0 7,917 2,323 3,012 13,715 0 9,481 3,856 240 0 101,830 6 46,756 (137,266) 0 2002/12/31 152,806 (51,659) (14,625) (71,717) (26,477) (11,972) 1,697 0 0 0 0 0 103,610 0 0 3,465 15,592 0 6,094 1,769 1,231 20,350 0 18,845 460 288 0 0 0 248,569 (159,213) 0 2003/12/31 272,243 (97,369) (17,884) (101,527) (50,991) (417) 2,457 0 0 0 0 0 135,191 0 0 3,755 9,772 0 2,948 24,346 416 32,654 0 29,949 44 241 0 0 0 266,001 (153,293) 0 Company Name and Ticker OVERSTOCK.COM INC Common Shares Outstanding (000) 16,025 Fiscal Year End (YYYY-MM-DD) Sales (Net) Cost of Goods Sold R&D Expense SG&A Expense Depreciation & Amortization Interest Expense Non-Operating Income (Loss) Income Taxes Minority Interest in Earnings Other Income (Loss) Ext. Items & Disc. Ops. Preferred Dividends Operating Cash and Market. Sec. Receivables Inventories Other Current Assets PP&E (Net) Investments Intangibles Other Assets Current Debt Accounts Payable Income Taxes Payable Other Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings -Common Dividends Company Name and Ticker Common Shares Outstanding Fiscal Year End (YYYY-MM-DD) Sales (Net) Cost of Goods Sold R&D Expense SG&A Expense Depreciation & Amortization Interest Expense OSTK 2001/12/31 40,003 (32,536) 0 (15,225) (5,809) (729) 490 0 0 0 0 0 3,729 1,565 7,586 476 5,018 0 0 3,340 4,512 3,680 0 2,093 165 0 0 5,284 0 50,073 (44,093) 0 2002/12/31 91,784 (70,953) 0 (19,494) (5,391) (465) (41) 0 0 0 0 (7,013) 32,662 6,994 13,954 2,333 4,945 0 2,784 284 124 13,731 0 6,409 58 0 0 0 4,363 94,937 (55,666) (7,013) ROYAL CARIBBEAN CRUISES LT RCL 168,591 1994/12/31 1995/12/31 1996/12/31 1,171,423 1,183,952 1,357,325 (728,760) (742,467) (854,478) 0 0 0 (179,051) (177,481) (194,629) (77,892) (80,071) (91,185) (43,349) (54,844) (76,540) 1997/12/31 1,939,007 (1,219,268) 0 (272,368) (143,816) (128,531) Non-Operating Income (Loss) Income Taxes Minority Interest in Earnings Other Income (Loss) Ext. Items & Disc. Ops. Preferred Dividends Operating Cash and Market. Sec. Receivables Inventories Other Current Assets PP&E (Net) Investments Intangibles Other Assets Current Debt Accounts Payable Income Taxes Payable Other Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings -Common Dividends (46) 0 0 0 (6) 0 23,920 9,424 13,555 71,233 1,384,814 0 351,456 10,602 0 63,181 0 209,094 747,107 0 0 0 0 545,061 300,561 Company Name and Ticker CARNIVAL CORP Common Shares Outstanding (000) 595,448 Fiscal Year End (YYYY-MM-DD) 1994/11/30 Sales (Net) 1,806,016 Cost of Goods Sold (1,028,475) R&D Expense 0 SG&A Expense (223,272) Depreciation & Amortization (110,595) Interest Expense (51,378) Non-Operating Income (Loss) (478) Income Taxes 10,053 Minority Interest in Earnings 0 Other Income (Loss) 0 Ext. Items & Disc. Ops. 0 Preferred Dividends 0 Operating Cash and Market. Sec. 124,220 Receivables 20,789 Inventories 45,122 Other Current Assets 50,318 PP&E (Net) 3,071,431 19,869 0 0 0 0 0 31,256 12,171 16,830 27,563 1,758,446 0 341,041 15,936 6,234 71,528 0 230,935 929,458 0 0 0 0 546,058 419,030 (30,489) 10,373 0 0 0 0 0 40,419 15,535 22,665 33,745 2,378,934 0 330,628 20,373 13,061 69,091 0 321,307 1,353,906 0 0 0 0 549,422 535,512 (34,384) 7,661 0 0 0 (7,558) 0 110,793 22,628 37,274 40,450 4,785,291 0 320,214 23,098 141,013 108,474 0 639,857 2,431,683 0 0 0 172,500 1,185,566 660,655 (49,984) 1996/11/30 2,212,572 (1,241,269) 0 (274,855) (144,987) (64,092) 87,978 (9,045) 0 0 0 0 124,115 38,109 53,281 75,428 4,099,038 1997/11/30 2,447,468 (1,322,669) 0 (296,533) (167,287) (55,898) 67,202 (6,233) 0 0 0 0 149,727 57,090 54,970 74,238 4,327,413 CCL 1995/11/30 1,998,150 (1,131,113) 0 (248,566) (128,433) (63,080) 33,507 (9,374) 0 0 0 0 103,760 33,080 48,820 70,718 3,414,823 Investments Intangibles Other Assets Current Debt Accounts Payable Income Taxes Payable Other Current Liabilities Long-Term Debt Other Liabilities Deferred Taxes Minority Interest Preferred Stock Paid in Common Capital (Net) Retained Earnings -Common Dividends 47,514 233,553 76,876 84,644 86,750 0 393,563 1,046,904 129,028 0 0 0 538,345 1,390,589 Company Name and Ticker SALTON INC Common Shares Outstanding (000) 11,352 Fiscal Year End (YYYY-MM-DD) 1996/06/29 Sales (Net) 99,202 Cost of Goods Sold (72,780) R&D Expense 0 SG&A Expense (21,343) Depreciation & Amortization 0 Interest Expense (3,934) Non-Operating Income (Loss) 0 Income Taxes 3,450 Minority Interest in Earnings 0 Other Income (Loss) 0 Ext. Items & Disc. Ops. 0 Preferred Dividends 0 Operating Cash and Market. Sec. 4 Receivables 15,871 Inventories 28,288 Other Current Assets 3,883 PP&E (Net) 6,232 Investments 0 Intangibles 3,671 Other Assets 1,532 Current Debt 24,512 Accounts Payable 10,057 Income Taxes Payable 0 Other Current Liabilities 1,233 Long-Term Debt 3,754 Other Liabilities 0 Deferred Taxes 0 Minority Interest 0 51,794 226,571 155,921 72,752 90,237 0 431,721 1,035,031 130,873 0 0 0 592,733 1,752,140 (85,098) 430,330 219,589 61,998 66,369 84,748 0 511,625 1,277,529 39,103 91,630 0 0 823,103 2,207,781 (103,877) 479,329 212,607 71,401 59,620 106,783 0 619,739 1,015,294 0 20,241 0 0 873,885 2,731,213 (130,456) 1998/06/28 305,599 (191,703) 0 (84,216) 0 (5,333) 7,839 (12,205) 0 0 0 0 661 43,225 76,506 7,545 8,315 0 5,145 0 50,475 18,960 6,499 7,235 0 0 517 0 1999/06/26 506,116 (307,147) 0 (129,588) 0 (15,518) 0 (19,320) 0 0 0 0 11,240 96,179 144,124 9,484 24,651 0 42,638 0 32,229 40,997 0 21,865 182,329 0 157 0 SFP 1997/06/29 182,806 (129,399) 0 (42,944) 0 (4,063) 0 (2,001) 0 0 0 0 2,613 25,647 41,968 6,556 8,316 12,157 4,880 206 38,477 17,361 0 2,950 4,933 0 0 0 Preferred Stock Paid in Common Capital (Net) Retained Earnings -Common Dividends 0 29,358 (9,433) Company Name and Ticker CITY SCREENS Common Shares Outstanding (000) 23,469 Fiscal Year End (YYYY-MM-DD) 1995/03/31 Sales (Net) 564,664 Cost of Goods Sold (209,122) R&D Expense 0 SG&A Expense (266,600) Depreciation & Amortization (37,913) Interest Expense (35,908) Non-Operating Income (Loss) 9,857 Income Taxes 9,000 Minority Interest in Earnings 0 Other Income (Loss) 0 Ext. Items & Disc. Ops. 0 Preferred Dividends 0 Operating Cash and Market. Sec. 140,377 Receivables 8,572 Inventories 0 Other Current Assets 12,069 PP&E (Net) 279,904 Investments 0 Intangibles 42,926 Other Assets 38,306 Current Debt 2,516 Accounts Payable 29,047 Income Taxes Payable 0 Other Current Liabilities 33,794 Long-Term Debt 264,988 Other Liabilities 34,421 Deferred Taxes 0 Minority Interest 0 Preferred Stock 2,667 Paid in Common Capital (Net) 118,139 Retained Earnings 36,582 -Common Dividends Company Name and Ticker COUNTY CINEMA Common Shares Outstanding (000) 11,363 Fiscal Year End (YYYY-MM-DD) 1994/12/31 Sales (Net) 327,619 0 43,656 (5,034) 0 0 42,764 14,947 0 0 1,249 49,490 0 1997/04/03 752,904 (295,557) 0 (344,399) (52,572) (22,022) (6,459) (12,900) 0 0 0 0 24,715 9,837 0 49,962 543,058 0 28,679 62,804 3,441 61,876 0 69,792 370,283 43,651 0 0 2,202 117,205 50,605 (5,993) 1998/04/02 852,755 (341,988) 0 (403,866) (70,117) (35,679) (42,204) 16,600 0 0 0 0 9,881 13,018 0 84,224 562,158 0 22,066 104,433 4,017 72,633 0 97,186 399,595 82,894 0 0 1,200 117,213 21,042 (5,064) CSCR 1996/03/28 657,872 (247,740) 0 (297,577) (43,886) (28,828) 6,830 (19,300) 0 0 (19,350) 0 10,795 20,503 0 15,179 355,485 0 36,483 45,013 2,904 64,353 0 38,319 185,268 33,696 0 0 2,667 118,648 37,603 (7,000) CCIN 1995/12/31 364,749 1996/12/31 426,726 1997/12/31 458,598 Cost of Goods Sold R&D Expense SG&A Expense Depreciation & Amortization Interest Expense Non-Operating Income (Loss) Income Taxes Minority Interest in Earning