copy of 4 formatting exercises v6.43 mini
TRANSCRIPT
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35 Seconds Yao Choong Moelis & Co. University of Pennsylvania 8/12/2009
36 Seconds Alan Hsieh Credit Suisse University of Pennsylvania 8/18/2008
36 Seconds David Berglas Credit Suisse Richard Ivey School of Business 8/6/2010
37 Seconds Olivia John Blackstone University of Pennsylvania 7/26/2007
38 Seconds Austin Peterson UBS Brigham Young University 8/1/2008
39 Seconds Valdis Lenss Morgan Stanley University of Michigan 8/3/2007
39 Seconds Jason Lee Morgan Stanley University of California - Berkeley 8/1/2008
39 Seconds Donald Zhang Lazard Dartmouth College 7/24/2009
40 Seconds Ang Lee Jefferies & Co. University of Pittsburgh 7/20/2007
40 Seconds Benjamin Rafetto Société Générale Dickinson College 8/10/2009
41 Seconds Robert Volpe Morgan Stanley Dartmouth College 7/27/2006
41 Seconds Ian Samuels Blackstone University of Pennsylvania 7/26/2007
41 Seconds Henry Elefter Jefferies & Co. University of Michigan 7/25/2008
42 Seconds Shane Hwang BofA New York University 7/24/2008
42 Seconds Will Brugh Jefferies & Co. University of North Carolina 7/25/2008
42 Seconds Matthew Goldstein Royal Bank of Scotland Georgetown University 11/7/2008
43 Seconds Fernando Oura Itau BBA University of Sao Paulo 12/18/2009
43 Seconds Frank Mantica UBS University of Pennsylvania 8/19/2010
44 Seconds Andy Cao Citigroup University of Pennsylvania 7/30/2010
45 Seconds Michael Layman Wachovia Arizona State University 7/14/2006
45 Seconds Raheem Choudhry Morgan Stanley University of Virginia 7/27/2006
45 Seconds Kevin Curry Wachovia Vanderbilt University 6/27/2007
45 Seconds Matthew Herbert Credit Suisse Brigham Young University 8/17/2007
45 Seconds Steve Friedman Blackstone University of Pennsylvania 7/22/2010
47 Seconds Sam Lundin Lazard Cornell University 8/10/2007
47 Seconds Danny Pho KeyBank Case Western Reserve Univ. 9/12/2008
47 Seconds Jamie Harvey Credit Suisse (Europe) Oxford University 8/28/2009
48 Seconds Andy Juang UBS University of Pennsylvania 8/3/2007
48 Seconds Imran Choudhury Jefferies & Co. University of Richmond 7/25/2008
48 Seconds Brandon Muirhead Greenhill Brigham Young University 7/17/2009
48 Seconds Mihail Ivanov Société Générale University of Chicago 8/10/2009
49 Seconds Sungnyung Lee Morgan Stanley New York University 7/27/2006
49 Seconds Cameron Smalls Morgan Stanley University of Pennsylvania 8/3/2007
49 Seconds Steve Martell KeyBank Ohio University 9/12/2008
49 Seconds Jamie "Cowboy" Seltzer UBS University of Pennsylvania 8/19/2010
50 Seconds Goeffrey Adler Barclays Colgate University 7/30/2009
50 Seconds Charley Lu Credit Suisse University of Pennsylvania 8/7/2009
50 Seconds Sampath Jinadasa Credit Suisse Stanford University 8/13/2009
50 Seconds Shutong Zhang Perella Weinberg University of Pennsylvania 8/28/2009
51 Seconds Keith Collins Wachovia Bucknell University 7/14/2006
51 Seconds Dusko Djukic KeyBank Case Western Reserve Univ. 9/20/2006
51 Seconds Zhou Zhang Wachovia Vanderbilt University 6/27/2007
51 Seconds Jackie Cobb Jefferies & Co. University of Michigan 7/20/2007
51 Seconds James Blanchard UBS Yale University 8/3/2007
51 Seconds Derek Weiss William Blair & Co. Dartmouth College 7/10/2009
51 Seconds Nate Barajas William Blair & Co. University of Illinois - Urbana C. 7/9/2010
51 Seconds Albert Chiang Jefferies & Co. UCLA 7/22/2010
52 Seconds Keima Ueno Morgan Stanley Tokyo University 8/3/2007
52 Seconds Dan Yu Wells Fargo Securities Wake Forest University 7/21/2010
52 Seconds Michael Burke UBS Boston University 8/20/2010
52 Seconds Alexander Corbacho UBS Boston University 8/20/2010
53 Seconds Thomas Akiyama BofA UC Berkeley 7/30/2004
53 Seconds Ivan La Frinere Credit Suisse California Institute of Technology 8/18/2006
53 Seconds Rawen Huang Morgan Stanley Yale University 8/3/2007
53 Seconds Sam Acton Greenhill Wilfrid Laurier University 7/18/2008
53 Seconds Robert Wang Lazard University of Pennsylvania 7/23/2009
53 Seconds Tyler Kellner William Blair & Co. Wake Forest University 7/9/2010
53 Seconds Matt Remsen Jefferies & Co. Kalamazoo College 7/22/2010
54 Seconds Brad Belen BMO Emory University 8/8/2008
54 Seconds Greg Chory BMO Emory University 8/8/2008
54 Seconds Andrew Blickensderfer KeyBank Miami University (OH) 9/12/2008
54 Seconds Jeff C Meng Lazard University of Michigan 7/22/2010
54 Seconds Tom Fang Walton Street Capital University of Pennsylvania 7/23/2010
55 Seconds Michael C Meng Lazard University of Michigan 8/4/2006
55 Seconds Jonathan Fisher Royal Bank of Scotland Miami University (OH) 12/11/2006
55 Seconds Zachary Harding Walton Street Capital University of Pennsylvania 7/23/2010
55 Seconds Roman Pedan Walton Street Capital University of Pennsylvania 7/23/2010
55 Seconds Kevin Shiiba Perella Weinberg Georgetown University 8/20/2010
56 Seconds David Sokoler Lazard Harvard University 8/4/2006
56 Seconds Kai Hwang BofA New York University 7/24/2008
56 Seconds Mike Moran Jefferies & Co. University of Pennsylvania 7/25/2008
56 Seconds Anh Nguyen Wellington Boston University 7/30/2010
57 Seconds Matt Collins Credit Suisse U. of Wisconsin 8/26/2005
57 Seconds Judson Clark A.G. Edwards & Sons Washington University 8/3/2007
57 Seconds Joseph Carliner Lazard University of Michigan 7/21/2009
57 Seconds Louis Littman Blackstone University of Pennsylvania 7/24/2009
58 Seconds Brent Frissora BofA Harvard University 7/28/2006
58 Seconds Mike Daylamani Credit Suisse Princeton University 8/18/2006
x 59 Seconds Tim Hannan * Merrill Lynch Tuck, Dartmouth 10/11/2007
59 Seconds Taylor Hendricks * Morgan Stanley Tuck, Dartmouth 8/14/2008
59 Seconds Alexandre Porto Harris Williams Georgetown University 6/25/2010
* Associate
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COPYRIGHT 2010 © by Training The Street, Inc For training purposes only!
Sample Operating Income ProjectionsDollars in millions
2010 - 2015Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2,008.0 2,009.0 2,010.0 2,011.0 2,012.0 2,013.0 2,014.0 2,015.0
Net sales 3001.656 3407.911 4069.29 4394.8332 4746.419856 5126.1334445 5536.22412 5979.1220496 8.0% Cost of sales (excluding D&A) 2068.934 2333.46 2739.109 2944.538244 3180.1013035 3434.5094078 3709.2701604 4006.0117733
Gross profit 932.722 1074.451 1330.181 1450.294956 1566.3185525 1691.6240367 1826.9539596 1973.1102764 8.2%
SG&A expense 512.364 578.015 658.889 711.962978 768.920017 830.433618 896.868307 968.617772
Other expense / (income) -2.164 -1.277 -10.912 -10 -10 -10 -10 -10EBITDA 422.522 497.713 682.204 748.3319776 (100.0%)
Depreciation 101.912 127.497 135.519 137.83100265 142.20107083 146.55832891 152.06329055 158.78212059Amortization 9.367 10.666 13.035 13.91396664 15.742217251 17.716727911 19.849199424 22.152268658
EBIT 311.243 359.55 533.65 596.58700831 (100.0%)
MarginsGross margin (excluding D&A) 0.31 0.32 0.33 0.33 0.33 0.33 0.33 0.33SG&A expense as % of net sales 0.17 0.17 0.16 0.16 0.16 0.16 0.16 0.16Other expense / (income) as % of net sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00EBITDA margin 0.14 0.15 0.17 0.17 0.00 0.00 0.00 0.00EBIT margin 0.10 0.11 0.13 0.14 0.00 0.00 0.00 0.00
Growth rate analysis
Training The Street, Inc.
COPYRIGHT 2010 © by Training The Street, Inc For training purposes only!
Sample Operating Income ProjectionsDollars in millions
2010 - 2015Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2008 2009 2010 2011 2012 2013 2014 2015
Net sales $3,001.7 $3,407.9 $4,069.3 $4,394.8 $4,746.4 $5,126.1 $5,536.2 $5,979.1 8.0% Cost of sales (excluding D&A) 2,068.9 2,333.5 2,739.1 2,944.5 3,180.1 3,434.5 3,709.3 4,006.0
Gross profit 932.7 1,074.5 1,330.2 1,450.3 1,566.3 1,691.6 1,827.0 1,973.1 8.2%
SG&A expense 512.4 578.0 658.9 712.0 768.9 830.4 896.9 968.6
Other expense / (income) (2.2) (1.3) (10.9) (10.0) (10.0) (10.0) (10.0) (10.0)EBITDA 422.5 497.7 682.2 748.3 807.4 871.2 940.1 1,014.5 8.3%
Depreciation 101.9 127.5 135.5 137.8 142.2 146.6 152.1 158.8 Amortization 9.4 10.7 13.0 13.9 15.7 17.7 19.8 22.2
EBIT $311.2 $359.6 $533.6 $596.6 $649.5 $706.9 $768.2 $833.6 9.3%
MarginsGross margin (excluding D&A) 31.1% 31.5% 32.7% 33.0% 33.0% 33.0% 33.0% 33.0% SG&A expense as % of net sales 17.1% 17.0% 16.2% 16.2% 16.2% 16.2% 16.2% 16.2% Other expense / (income) as % of net sales (0.1%) (0.0%) (0.3%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%)EBITDA margin 14.1% 14.6% 16.8% 17.0% 17.0% 17.0% 17.0% 17.0% EBIT margin 10.4% 10.6% 13.1% 13.6% 13.7% 13.8% 13.9% 13.9%
Growth rate analysisNet sales growth rate 13.5% 19.4% 8.0% 8.0% 8.0% 8.0% 8.0% EBITDA growth rate 17.8% 37.1% 9.7% 7.9% 7.9% 7.9% 7.9% EBIT growth rate 15.5% 48.4% 11.8% 8.9% 8.8% 8.7% 8.5%
Solution
Training The Street, Inc.
COPYRIGHT 2010 © by Training The Street, Inc For training purposes only!
Hints & Suggestions for the Mini Formatting ExerciseThere are many ways to do the formatting exerciseThese are a few suggestions to help you establish a rhythm
(1) A1 Ctrl+Shift+P, 14, Enter, Ctrl+B(2) G5 Ctrl+Shift+Right Arrow (highlights G5:N5)(3) G5:N5 Ctrl+1, Number, No decimal, No 1000 separator, negative in black ( )(4) N15 Ctrl+Shift+Left Arrow, Shift+Down Arrow to row 19 (highlights N15:J19)(5) N15:J19 Ctrl+R(6) N19 Ctrl+Shift+Left Arrow, Ctrl+Shift+Up Arrow to row 7 (highlights N19:G7)(7) N19:G7 Ctrl+1, Currency, 1 decimal, Negative number in (BLACK)(8) G8 Ctrl+Shift+Right Arrow, Ctrl+Shift+Down Arrow & Shift+Down Arrow to row 18 (highlights G8:N18)(9) G8:N18 Ctrl+1, Number, 1 decimal, 1000 separator, Negative number in (BLACK)
(10) G8:N18 Ctrl+Shift+P, 10, Enter(11) Row 10 Ctrl+-, Delete entire row(12) Row 14 Shift+Spacbar, Ctrl+B(13) Row 18 Shift+Spacbar, Ctrl+B(14) N21 Ctrl+Shift+Left Arrow, Ctrl+Shift+Down Arrow to row 30 (highlights N21:G30)(15) N21:G30 Ctrl+1, Custom, Type 0.0%_);(0.0%)(16) A1 Ctrl+HOME(17)(18) A1 Ctrl+HOME(19) Ctrl+Page Down, Ctrl+Page Up, Compare with SOLUTION
F5, Alt+S, O, X, Enter, use Alt, Ctrl+TAB to access your toolbar icons to make highlighted cells BLUE
Training The Street, Inc.
COPYRIGHT 2010 © by Training The Street, Inc For training purposes only!
Hints & Suggestions for the Mini Formatting ExerciseThere are many ways to do the formatting exerciseThese are a few suggestions to help you establish a rhythm
(1) A1 Ctrl+Shift+P, Alt+S 14, Enter, Ctrl+B(2) G5 Ctrl+Shift+Right Arrow (highlights G5:N5)(3) G5:N5 Ctrl+1, Number, No decimal, No 1000 separator, negative in black ( )(4) N15 Ctrl+Shift+Left Arrow, Shift+Down Arrow to row 19 (highlights N15:J19)(5) N15:J19 Ctrl+R(6) N19 Ctrl+Shift+Left Arrow, Ctrl+Shift+Up Arrow to row 7 (highlights N19:G7)(7) N19:G7 Ctrl+1, Currency, 1 decimal, Negative number in (BLACK)(8) G8 Ctrl+Shift+Right Arrow, Ctrl+Shift+Down Arrow & Shift+Down Arrow to row 18 (highlights G8:N18)(9) G8:N18 Ctrl+1, Number, 1 decimal, 1000 separator, Negative number in (BLACK)
(10) G8:N18 Ctrl+Shift+P, Alt+S 10, Enter(11) Row 10 Ctrl+-, Delete entire row(12) Row 14 Shift+Spacbar, Ctrl+B(13) Row 18 Shift+Spacbar, Ctrl+B(14) N21 Ctrl+Shift+Left Arrow, Ctrl+Shift+Down Arrow to row 31 (highlights N21:G30)(15) N21:G30 Ctrl+1, Custom, Type 0.0%_);(0.0%)(16) A1 Ctrl+HOME(17)(18) A1 Ctrl+HOME(19) Ctrl+Page Down, Ctrl+Page Up, Compare with SOLUTION
F5, Alt+S, O, X, Enter, use Alt, Ctrl+TAB to access your toolbar icons to make highlighted cells BLUE
Training The Street, Inc.
COPYRIGHT 2006 © by Training The Street, Inc For training purposes only! Training The Street, Inc.
Sample Operating Income ProjectionsDollars in millions
2006 - 2011Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR2,004.0 2,005.0 2,006.0 2,007.0 2,008.0 2,009.0 2,010.0 2,011.0
Net Sales 3001.656 3407.911 4069.29 4394.8332 4746.4199 5126.1334 5536.2241 5979.122 8.0% Cost of Sales (excluding D&A) 2068.934 2333.46 2739.109 2944.5382 3180.1013 3434.5094 3709.2702 4006.0118
Gross Profit 932.722 1074.451 1330.181 1450.295 1566.3186 1691.624 1826.954 1973.1103 8.2%
SG&A Expense 512.364 578.015 658.889 711.963 768.92 830.4336 896.8683 968.6178
Other Expense / (Income) -2.164 -1.277 -10.912 -10 -10 -10 -10 -10EBITDA 422.522 497.713 682.204 748.33198 (100.0%)
Depreciation 101.912 127.497 135.519 137.831 142.20107 146.55833 152.06329 158.78212Amortization 9.367 10.666 13.035 13.913967 15.742217 17.716728 19.849199 22.152269
EBIT 311.243 359.55 533.65 596.58701 (100.0%)
MarginsGross Margin (excluding D&A) 0.31 0.32 0.33 0.33 0.33 0.33 0.33 0.33SG&A Expense as % of Net Sales 0.17 0.17 0.16 0.16 0.16 0.16 0.16 0.16Other Expense / (Income) as % of Net Sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00EBITDA Margin 0.14 0.15 0.17 0.17 0.00 0.00 0.00 0.00EBIT Margin 0.10 0.11 0.13 0.14 0.00 0.00 0.00 0.00
Growth Rate AnalysisNet Sales Growth Rate 0.14 0.19 0.08 0.08 0.08 0.08 0.08EBITDA Growth Rate 0.18 0.37 0.10 -1.00 #DIV/0! #DIV/0! #DIV/0!EBIT Growth Rate 0.16 0.48 0.12 -1.00 #DIV/0! #DIV/0! #DIV/0!
Training The Street, Inc.
COPYRIGHT 2006 © by Training The Street, Inc For training purposes only! Training The Street, Inc.
Sample Operating Income ProjectionsDollars in millions
2006 - 2011Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2004 2005 2006 2007 2008 2009 2010 2011
Net Sales $3,001.7 $3,407.9 $4,069.3 $4,394.8 $4,746.4 $5,126.1 $5,536.2 $5,979.1 8.0% Cost of Sales (excluding D&A) 2,068.9 2,333.5 2,739.1 2,944.5 3,180.1 3,434.5 3,709.3 4,006.0
Gross Profit 932.7 1,074.5 1,330.2 1,450.3 1,566.3 1,691.6 1,827.0 1,973.1 8.2%
SG&A Expense 512.4 578.0 658.9 712.0 768.9 830.4 896.9 968.6
Other Expense / (Income) (2.2) (1.3) (10.9) (10.0) (10.0) (10.0) (10.0) (10.0)EBITDA 422.5 497.7 682.2 748.3 807.4 871.2 940.1 1,014.5 8.3%
Depreciation 101.9 127.5 135.5 137.8 142.2 146.6 152.1 158.8 Amortization 9.4 10.7 13.0 13.9 15.7 17.7 19.8 22.2
EBIT $311.2 $359.6 $533.6 $596.6 $649.5 $706.9 $768.2 $833.6 9.3%
MarginsGross Margin (excluding D&A) 31.1% 31.5% 32.7% 33.0% 33.0% 33.0% 33.0% 33.0% SG&A Expense as % of Net Sales 17.1% 17.0% 16.2% 16.2% 16.2% 16.2% 16.2% 16.2% Other Expense / (Income) as % of Net Sales (0.1%) (0.0%) (0.3%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%)EBITDA Margin 14.1% 14.6% 16.8% 17.0% 17.0% 17.0% 17.0% 17.0% EBIT Margin 10.4% 10.6% 13.1% 13.6% 13.7% 13.8% 13.9% 13.9%
Growth Rate AnalysisNet Sales Growth Rate 13.5% 19.4% 8.0% 8.0% 8.0% 8.0% 8.0% EBITDA Growth Rate 17.8% 37.1% 9.7% 7.9% 7.9% 7.9% 7.9% EBIT Growth Rate 15.5% 48.4% 11.8% 8.9% 8.8% 8.7% 8.5%
Solution
Training The Street, Inc.
COPYRIGHT 2010 © by Training The Street, Inc For training purposes only!
Sample Income StatementDollars in millions, except per share data
Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR2,008.0 2,009.0 2,010.0 2,011.0 2,012.0 2,013.0 2,014.0 2,015.0
Net sales 3001.656 3407.911 4069.29 4394.8332 (100.0%)Cost of sales (excluding D&A) 2068.934 2333.46 2739.109 2944.5382
Gross profit 932.722 1074.451 1330.181 1450.295 (100.0%)
SG&A expense 512.364 578.015 658.889 711.963
Other expense / (income) -2.164 -1.277 -10.912 -10 -10 -10 -10 -10EBITDA 422.522 497.713 682.204 748.33198 (100.0%)
Depreciation 101.912 127.497 135.519 137.831 142.20107 146.55833 152.06329 158.78212Amortization 9.367 10.666 13.035 13.913967 15.742217 17.716728 19.849199 22.152269
EBIT 311.243 359.55 533.65 596.58701 (100.0%)Interest expense 44.10772 60.11464 63.765 62.21449 56.074666 50.221179 43.206057 36.174602Interest income -1.10172 -1.11964 -1 -0.80463 -0.75 -0.75 -0.75 -0.75
Pretax income 268.237 300.555 470.885 535.17715 (100.0%)
Income taxes 104.6 109.8 176.1 200.69143 0 0 0 0Net income (1) (2) 163.637 190.755 294.785 334.48572 0 0 0 0 (100.0%)
Diluted weighted average shares in millions 102 98 94 90 88 86 84 81 (2.8%)
Earnings per share $2 $2 $3 $4 $0 $0 $0 $0 (99.9%)
MarginsGross margin (excluding D&A) 0.31 0.32 0.33 0.33 0.33 0.33 0.33 0.33SG&A expense as % of net sales 0.17 0.17 0.16 0.16 0.16 0.16 0.16 0.16Other expense / (income) as % of net sales 0.00 0.00 0.00 0.00 #DIV/0! #DIV/0! #DIV/0! #DIV/0!EBITDA margin 0.14 0.15 0.17 0.17 #DIV/0! #DIV/0! #DIV/0! #DIV/0!EBIT margin 0.10 0.11 0.13 0.14 #DIV/0! #DIV/0! #DIV/0! #DIV/0!Net income margin 0.05 0.06 0.07 0.08 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth rate analysisNet sales growth rate 0.14 0.19 0.08 0.08 0.08 0.08 0.08EBITDA growth rate 0.18 0.37 0.10 -1.00 #DIV/0! #DIV/0! #DIV/0!Net income growth rate 0.17 0.55 0.13 -1.00 #DIV/0! #DIV/0! #DIV/0!EPS growth rate 0.22 0.61 0.18 -1.00 #DIV/0! #DIV/0! #DIV/0!
Effective tax rate 0.39 0.37 0.37 0.38 0.38 0.38 0.38 0.38(1) 2008 results exclude restructuring charge of $40 mm pretax ($24.4 mm after-tax).
(2) 2011 estimates based on TTS Research dated 2/4/2023. Internal projections thereafter.
Training The Street, Inc.
COPYRIGHT 2010 © by Training The Street, Inc For training purposes only!
Sample Income StatementDollars in millions, except per share data
2010 - 2015Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2008 2009 2010 2011 2012 2013 2014 2015
Net sales $3,001.7 $3,407.9 $4,069.3 $4,394.8 $4,746.4 $5,126.1 $5,536.2 $5,979.1 8.0% Cost of sales (excluding D&A) 2,068.9 2,333.5 2,739.1 2,944.5 3,180.1 3,434.5 3,709.3 4,006.0
Gross profit 932.7 1,074.5 1,330.2 1,450.3 1,566.3 1,691.6 1,827.0 1,973.1 8.2%
SG&A expense 512.4 578.0 658.9 712.0 768.9 830.4 896.9 968.6
Other expense / (income) (2.2) (1.3) (10.9) (10.0) (10.0) (10.0) (10.0) (10.0)EBITDA 422.5 497.7 682.2 748.3 807.4 871.2 940.1 1,014.5 8.3%
Depreciation 101.9 127.5 135.5 137.8 142.2 146.6 152.1 158.8 Amortization 9.4 10.7 13.0 13.9 15.7 17.7 19.8 22.2
EBIT 311.2 359.6 533.6 596.6 649.5 706.9 768.2 833.6 9.3%
Interest expense 44.1 60.1 63.8 62.2 56.1 50.2 43.2 36.2 Interest income (1.1) (1.1) (1.0) (0.8) (0.8) (0.8) (0.8) (0.8)
Pretax income 268.2 300.6 470.9 535.2 594.1 657.4 725.7 798.1 11.1%
Income taxes 104.6 109.8 176.1 200.7 222.8 246.5 272.1 299.3 Net income (1) (2) $163.6 $190.8 $294.8 $334.5 $371.3 $410.9 $453.6 $498.8 11.1%
Diluted weighted average shares in millions 102.466 98.055 93.973 90.150 87.950 85.750 83.550 81.350 (2.8%)
Earnings per share $1.60 $1.95 $3.14 $3.71 $4.22 $4.79 $5.43 $6.13 14.3%
MarginsGross margin (excluding D&A) 31.1% 31.5% 32.7% 33.0% 33.0% 33.0% 33.0% 33.0% SG&A expense as % of net sales 17.1% 17.0% 16.2% 16.2% 16.2% 16.2% 16.2% 16.2% Other expense / (income) as % of net sales (0.1%) (0.0%) (0.3%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%)EBITDA margin 14.1% 14.6% 16.8% 17.0% 17.0% 17.0% 17.0% 17.0% EBIT margin 10.4% 10.6% 13.1% 13.6% 13.7% 13.8% 13.9% 13.9% Net income margin 5.5% 5.6% 7.2% 7.6% 7.8% 8.0% 8.2% 8.3%
Growth rate analysisNet sales growth rate 13.5% 19.4% 8.0% 8.0% 8.0% 8.0% 8.0% EBITDA growth rate 17.8% 37.1% 9.7% 7.9% 7.9% 7.9% 7.9% Net income growth rate 16.6% 54.5% 13.5% 11.0% 10.7% 10.4% 10.0% EPS growth rate 21.8% 61.2% 18.3% 13.8% 13.5% 13.3% 13.0%
Effective tax rate 39.0% 36.5% 37.4% 37.5% 37.5% 37.5% 37.5% 37.5% (1) 2008 results exclude restructuring charge of $40 mm pretax ($24.4 mm after-tax).
(2) 2011 estimates based on TTS Research dated 2/4/2023. Internal projections thereafter.
Solution
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Other Schedule for Formatting ExerciseDollars in millions, except per share data
Historical Year Ending Dec. 31, Projected Year Ending Dec. 31,2008 2009 2010 2011 2012 2013 2014 2015
Depreciation 137.831 142.201 146.558 152.063 158.782 Amortization 13.914 15.742 17.717 19.849 22.152
Interest Expense 62.214 56.075 50.221 43.206 36.175 Interest Income (0.805) (0.750) (0.750) (0.750) (0.750)
Weighted Average Shares Outstanding 90.150 87.950 85.750 83.550 81.350
DISCLAIMER: This is not a real iterative model. Its sole purpose if for the formatting exercise.