WHOLE FOODS MARKET Base - Case DCF Valuation Model ( millions of USD ) Actual Actual Actual Forecastore castore castore castore castore castore castorecast At Fiscal Year - End 2011 2012\\ 2013 2014 2015 2016 2017 2018 2019 2020 2021 Store Growth 4. 0% 7.7%\\ 8 . 1 % 10. 5% 12.6% 10. 0% 10. 0% 10. 0% 10. 0% 10. 0% 10. 0% Sales Growth 12. 2% 15. 7% 10. 4% 1 1 . 1% 14 . 0% 12. 0% 11 . 0% 10. 0% 10. 0% 9.0% 9.0% EBITDA Margin 8.5% 9.0% 9.5% 9. 4% 9.8% 9.7% 9.5% 9.5% 9. 4% 9.4% 9.3% Tax Rate 38 . 1% 38. 4% 38. 8% 39. 0% 39. 0% 39. 0% 39. 0% 39. 0% 39. 0% 39. 0% 39. 0% Current Asset Turnover* 7.0 5. 6 6.5 7. 0 7 .1 7. 2 7.3 7.4 7.5 7. 6 7.6 Current Liabilities Tumnov 10 .5 10 . 9 10 . 7 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 Net PPQE / Store* 6. 4 6.5 6 . 7 6 . 7 6. 7 6 . 7 6.5 6. 4 6 . 2 6.0 5 . 8 Annual Dep . & Amort . I St 1. 00 0. 93 0. 94 0. 94\\ 0. 94 0. 94 0 . 94\\ 0. 94 0. 94\\ 0. 94 0. 93 Stores 31 1 335 362 100 450 195\\ 545\\ 599 659 725 798 Sales 10 , 108 1 1 , 699 12, 917 14 , 351 16 , 360 18 , 323 20 , 339 22 , 372 24 , 610 26 , 825 29, 239 EBITDA 859 1, 055 1, 222 1 , 352 1 , 600 1 , 777 1 , 932 2 , 125 2 , 313 2 , 522 2 , 719 Dep. & Amort . 311 311 33.9 376 423 166 512 564 620 682 742 EBIT 548 744 883 976 1 , 176 1 , 312 1 , 420 1 , 562 1 , 693 1, 840 1, 977 Current Assets 1 , 453 2 , 103 1 , 980 2, 050 2, 304 2, 545 2, 786 3, 023 3, 281 3, 530 3, 847 Current Liabilities 880 977 1, 088 1 , 238 1 , 406 1 , 576 1 , 753 1, 928 2, 123 2, 315 2,526 Net Working Capital 573 1 , 126 892 812 898 969 1 , 033 1 , 095 1 , 158 1 , 215 1 , 322 Net PPQE 1, 997 2, 193 2, 428 2, 680 3, 018 3, 320 3, 542 3, 837 4, 089 4, 352 4, 628 Revenue per Store* 32.5 34. 9 35. 7 35.9 36.3 37. 0 37.3 37.3 37.3 37. 0 36.6 Return on Capital 13. 2% 13.8% 16.3% 17 . 1% 18.3% 18. 7% 18.9% 19.3% 19. 7% 20. 2% 20. 3% NWC Turnover 17.6 10 . 4 14 .5 17.7 18 . 2 18.9 19 .7 20. 4 21.3\\ 22. 1 22 . 1 PPQE Turnover" 5 . 1 5.3 5. 3 5. 4 5 . 4 5.5 5.7 5. 8 6. 0 6. 2 6.3