1. Prepare a discounted cashflow analysis, explain your results and whether this indicates a buy or sell recommendation.

Let me know if I need to upload more data

Exhibit 7 WHOLE FOODS MARKET Deutsche Bank Model (millions of USD, except per share figures) Actual 2011 Actual 2012 Actual 2013 Forecast 2014 Forecast 2015 At Fiscal Year End Store Growth 4.0% 7.7% 8.1% 10.5% 12.6% Sales Growth EBITDA Margin Tax Rate 12.2% 8.5% 38.1% 15.7% 9.0% 38.4% 10.4% 9.5% 38.8% 11.1% 9.4% 39.0% 14.0% 9.8% 39.0% 7.0 10.5 Current Asset Turnover Current Liabilities Turnover Net PP&E / Store Annual Dep. & Amort. / Store 5.6 10.9 6.5 6.5 10.7 6.7 0.94 7.0 10.5 6.7 0.94 7.1 10.5 6.7 0.94 6.4 1.00 0.93 Stores 311 335 362 400 450 10.108 859 311 11.699 1,055 311 12,917 1.222 339 14,351 1,352 376 Sales EBITDA Dep. & Amort. EBIT Taxes Net Income Shares Outstanding Earnings per Share 548 209 339 350 0.97 744 286 458 364 1.26 883 343 540 372 1.45 976 381 596 372 1.60 16,360 1,600 423 1,176 459 717 372 1.93 Current Assets Current Liabilities Net Working Capital Net PP&E 1,453 880 573 2,103 977 1,126 1,980 1,088 2,050 1,238 812 2,304 1,406 898 892 1,997 2,193 2.428 2,680 3,018 Return on Capital 13.2% 13.8% 16.3% 17.1% 18.3% Source: Company Financial Reports, Deutsche Bank Analyst report and casewriter estimates Exhibit 7 WHOLE FOODS MARKET Deutsche Bank Model (millions of USD, except per share figures) Actual 2011 Actual 2012 Actual 2013 Forecast 2014 Forecast 2015 At Fiscal Year End Store Growth 4.0% 7.7% 8.1% 10.5% 12.6% Sales Growth EBITDA Margin Tax Rate 12.2% 8.5% 38.1% 15.7% 9.0% 38.4% 10.4% 9.5% 38.8% 11.1% 9.4% 39.0% 14.0% 9.8% 39.0% 7.0 10.5 Current Asset Turnover Current Liabilities Turnover Net PP&E / Store Annual Dep. & Amort. / Store 5.6 10.9 6.5 6.5 10.7 6.7 0.94 7.0 10.5 6.7 0.94 7.1 10.5 6.7 0.94 6.4 1.00 0.93 Stores 311 335 362 400 450 10.108 859 311 11.699 1,055 311 12,917 1.222 339 14,351 1,352 376 Sales EBITDA Dep. & Amort. EBIT Taxes Net Income Shares Outstanding Earnings per Share 548 209 339 350 0.97 744 286 458 364 1.26 883 343 540 372 1.45 976 381 596 372 1.60 16,360 1,600 423 1,176 459 717 372 1.93 Current Assets Current Liabilities Net Working Capital Net PP&E 1,453 880 573 2,103 977 1,126 1,980 1,088 2,050 1,238 812 2,304 1,406 898 892 1,997 2,193 2.428 2,680 3,018 Return on Capital 13.2% 13.8% 16.3% 17.1% 18.3% Source: Company Financial Reports, Deutsche Bank Analyst report and casewriter estimates