Accounting Question

Assignment 5Cost of Equity, Valuation, and Recommendation
Use the eVal file for your group project company to complete the table below. In the row labeled “Beta”, provide
the beta for your company from either Yahoo! Finance or the 1-page PDF report from Value Line. In the row
labeled “Cost of Equity”, compute the cost of equity using the CAPM and the inputs from the first three rows of the
table. In the row labeled “Estimated Price/Share”, estimate your company’s stock price using your eVal file and the
cost of equity in each column here (use the “Valuation Parameters” spreadsheet in the eVal file). In the row labeled
“Recent Stock Price”, provide the current stock price for your company. In the row labeled “Recommendation”,
recommend buy or sell by comparing the estimated price to the “Recent Stock Price.” In the row labeled “Implied
Gain or Loss”, compute the implied return if the stock price were to go from the “Recent Stock Price” to the
“Estimated Price/Share.” As an example, I have included the completed table for TJX (using the TJX eVal – Value
Line Forecasts file). Submit the eVal file that you use to complete this assignment with a sheet added to the file
with your completed table for this assignment.
Risk Free Rate
Beta
Market Risk Premium
(1)
4.15%
Value Line
(2)
4.15%
Value Line
(3)
4.15%
Yahoo! Finance
(4)
4.15%
Yahoo! Finance
(5)
N/A
N/A
(6)
N/A
N/A
5%
6.7%
5%
6.7%
N/A
N/A
12%
8%
Cost of Equity
Estimated Price/Share
Recent Stock Price
Recommendation
Implied Gain or Loss
TJX Example
(1)
4.15%
Value Line
1.15
5%
(2)
4.15%
Value Line
1.15
6.7%
(3)
4.15%
Yahoo! Finance
0.87
5%
(4)
4.15%
Yahoo! Finance
0.87
6.7%
(5)
–
(6)
–
–
–
Cost of Equity
9.90%
11.86%
8.50%
9.98%
12%
8%
Estimated Price/Share
$68.85
$54.02
$86.01
$68.08
$53.21
$94.50
Recent Stock Price
$98.00
$98.00
$98.00
$98.00
$98.00
$98.00
Recommendation
Sell
Sell
Sell
Sell
Sell
Sell
Implied Gain or Loss
-30%
-45%
-12%
-31%
-46%
-4%
Risk Free Rate
Beta
Market Risk Premium
1
Version 5.00
Russell Lundholm
Richard Sloan
© 2017, Russell Lundholm and Richard Sloan.
STEPS:
1) enter financial data on the Financial Statements sheet,
2) examine the Ratio Analysis and Cash Flow Analysis,
3) enter forecasts on the Forecasting Assumptions sheet to predict future the Financial Statements,
4) enter cost of capital assumptions on the Valuation Parameters Sheet to determine the company’s value,
5) evaluate the details of the resulting valuation using either residual income or cash flow valuation models.
Other Useful Links:
Where to buy the latest ‘Equity Valuation and Analysis’ textbook
Check here for updated versions of eVal
Cases to accompany the textbook
Financial Statements
Company Name and Ticker
Common Shares Outstanding
Estimated Price/Share=$700.50
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
ULTA BEAUTY INC
ULTA
Link to Form 10-Ks
50,364 (in 000s at most recent fiscal year end)
Actual
2019/01/31
Actual
2020/01/31
Actual
2021/01/31
Actual
2022/01/31
Actual
2023/01/31
Forecast
2024/01/31
Forecast
2025/01/31
Forecast
2026/01/31
Forecast
2027/01/31
Forecast
2028/01/31
Forecast
2029/01/31
Forecast
2030/01/31
Forecast
2031/01/31
Forecast
2032/01/31
Forecast
2033/01/31
Forecast
2034/01/31
Forecast
2035/01/31
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)
6,716,615
(4,027,832)
2,688,783
0
(1,555,231)
1,133,552
(279,472)
854,080
0
5,061
859,141
(200,582)
0
658,559
0
0
0
658,559
7,398,068
(4,421,405)
2,976,663
0
(1,779,970)
1,196,693
(295,599)
901,094
0
5,056
906,150
(200,205)
0
705,945
0
0
0
705,945
6,151,953
(3,905,022)
2,246,931
0
(1,677,923)
569,008
(297,772)
271,236
(5,735)
(34,416)
231,085
(55,250)
0
175,835
0
0
0
175,835
8,630,889
(4,993,875)
3,637,014
0
(2,075,083)
1,561,931
(268,460)
1,293,471
(1,663)
4,021
1,295,829
(309,992)
0
985,837
0
0
0
985,837
10,208,580
(5,922,698)
4,285,882
0
(2,405,900)
1,879,982
(241,372)
1,638,610
0
4,934
1,643,544
(401,136)
0
1,242,408
0
0
0
1,242,408
11,932,864
(6,923,073)
5,009,790
0
(2,812,269)
2,197,521
(270,858)
1,926,663
0
5,767
1,932,430
(471,644)
0
1,460,786
0
0
0
1,460,786
13,782,634
(7,996,252)
5,786,382
0
(3,248,213)
2,538,169
(314,580)
2,223,589
0
6,661
2,230,251
(544,332)
0
1,685,918
0
0
0
1,685,918
15,727,699
(9,124,718)
6,602,981
0
(3,706,614)
2,896,367
(361,003)
2,535,364
0
7,601
2,542,965
(620,656)
0
1,922,310
0
0
0
1,922,310
17,728,793
(10,285,690)
7,443,103
0
(4,178,221)
3,264,882
(409,276)
2,855,606
0
8,569
2,864,174
(699,052)
0
2,165,122
0
0
0
2,165,122
19,738,231
(11,451,503)
8,286,728
0
(4,651,794)
3,634,934
(458,338)
3,176,597
0
9,540
3,186,137
(777,633)
0
2,408,504
0
0
0
2,408,504
21,701,251
(12,590,385)
9,110,866
0
(5,114,427)
3,996,438
(506,933)
3,489,505
0
10,489
3,499,994
(854,235)
0
2,645,758
0
0
0
2,645,758
23,558,057
(13,667,646)
9,890,411
0
(5,552,029)
4,338,382
(553,661)
3,784,721
0
11,386
3,796,107
(926,507)
0
2,869,600
0
0
0
2,869,600
25,246,500
(14,647,228)
10,599,272
0
(5,949,951)
4,649,321
(597,031)
4,052,290
0
12,202
4,064,492
(992,011)
0
3,072,481
0
0
0
3,072,481
26,705,270
(15,493,560)
11,211,710
0
(6,293,746)
4,917,964
(635,531)
4,282,433
0
12,907
4,295,340
(1,048,354)
0
3,246,986
0
0
0
3,246,986
27,877,379
(16,173,581)
11,703,798
0
(6,569,982)
5,133,816
(667,715)
4,466,101
0
13,474
4,479,575
(1,093,320)
0
3,386,255
0
0
0
3,386,255
28,713,700
(16,658,788)
12,054,912
0
(6,767,081)
5,287,830
(692,284)
4,595,546
0
13,878
4,609,424
(1,125,012)
0
3,484,413
0
0
0
3,484,413
29,575,111
(17,158,552)
12,416,559
0
(6,970,094)
5,446,465
(713,053)
4,733,413
0
14,294
4,747,707
(1,158,762)
0
3,588,945
0
0
0
3,588,945
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
Total Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Total Assets
409,251
136,168
1,214,329
155,113
1,914,861
1,226,029
0
15,187
35,095
3,191,172
502,325
139,337
1,293,701
119,954
2,055,317
2,743,089
3,936
14,261
47,269
4,863,872
1,046,051
193,109
1,168,215
107,402
2,514,777
2,500,409
3,174
13,335
58,274
5,089,969
431,560
233,682
1,499,218
116,723
2,281,183
2,396,732
2,671
12,408
71,385
4,764,379
737,877
199,422
1,603,451
168,554
2,709,304
2,570,536
2,316
12,182
76,073
5,370,411
862,508
233,105
1,874,282
197,024
3,166,920
3,004,713
2,707
14,240
88,922
6,277,502
996,210
269,240
2,164,824
227,565
3,657,839
3,470,488
3,127
16,447
102,706
7,250,608
1,136,799
307,237
2,470,333
259,680
4,174,049
3,960,259
3,568
18,768
117,201
8,273,845
1,281,439
346,327
2,784,643
292,720
4,705,129
4,464,137
4,022
21,156
132,113
9,326,557
1,426,681
385,581
3,100,263
325,898
5,238,424
4,970,117
4,478
23,554
147,087
10,383,659
1,568,568
423,928
3,408,593
358,310
5,759,399
5,464,408
4,923
25,896
161,715
11,416,342
1,702,778
460,201
3,700,239
388,967
6,252,186
5,931,955
5,345
28,112
175,552
12,393,148
1,824,819
493,184
3,965,441
416,845
6,700,290
6,357,107
5,728
30,127
188,134
13,281,385
1,930,259
521,681
4,194,569
440,931
7,087,440
6,724,428
6,059
31,868
199,004
14,048,798
2,014,979
544,577
4,378,671
460,284
7,398,511
7,019,566
6,324
33,266
207,739
14,665,407
2,075,429
560,915
4,510,031
474,092
7,620,467
7,230,153
6,514
34,264
213,971
15,105,369
2,137,691
577,742
4,645,332
488,315
7,849,081
7,447,058
6,710
35,292
220,390
15,558,530
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
0
404,016
0
419,720
823,736
0
463,354
83,864
1,370,954
0
0
714,355
1,105,863
1,820,218
3,191,172
239,629
414,009
0
483,623
1,137,261
1,698,718
36,432
89,367
2,961,778
0
0
773,617
1,128,477
1,902,094
4,863,872
253,415
477,052
42,529
570,717
1,343,713
1,643,386
37,962
65,359
3,090,420
0
0
810,071
1,189,478
1,999,549
5,089,969
274,118
552,730
12,786
718,376
1,558,010
1,572,638
58,665
39,693
3,229,006
0
0
881,997
653,376
1,535,373
4,764,379
283,293
559,527
0
838,955
1,681,775
1,619,883
53,596
55,346
3,410,600
0
0
964,038
995,773
1,959,811
5,370,411
331,143
654,034
0
980,659
1,965,836
1,893,490
62,649
64,694
3,986,669
0
0
(165,726)
2,456,559
2,290,834
6,277,502
382,475
755,419
0
1,132,676
2,270,569
2,187,009
72,360
74,723
4,604,661
0
0
(1,496,531)
4,142,478
2,645,947
7,250,608
436,451
862,027
0
1,292,524
2,591,002
2,495,649
82,572
85,268
5,254,491
0
0
(3,045,433)
6,064,788
3,019,354
8,273,845
491,983
971,706
0
1,456,976
2,920,665
2,813,180
93,078
96,117
5,923,039
0
0
(4,826,392)
8,229,910
3,403,518
9,326,557
547,745
1,081,842
0
1,622,115
3,251,702
3,132,035
103,628
107,011
6,594,376
0
0
(6,849,130)
10,638,413
3,789,283
10,383,659
602,220
1,189,434
0
1,783,438
3,575,093
3,443,524
113,934
117,654
7,250,204
0
0
(9,118,034)
13,284,172
4,166,138
11,416,342
653,747
1,291,205
0
1,936,033
3,880,985
3,738,159
123,682
127,720
7,870,547
0
0
(11,631,170)
16,153,772
4,522,601
12,393,148
700,603
1,383,748
0
2,074,792
4,159,142
4,006,079
132,546
136,874
8,434,642
0
0
(14,379,509)
19,226,253
4,846,744
13,281,385
741,084
1,463,702
0
2,194,675
4,399,462
4,237,554
140,205
144,783
8,922,004
0
0
(17,346,445)
22,473,239
5,126,794
14,048,798
773,611
1,527,945
0
2,291,001
4,592,556
4,423,543
146,359
151,138
9,313,596
0
0
(20,507,683)
25,859,494
5,351,811
14,665,407
796,819
1,573,783
0
2,359,731
4,730,333
4,556,249
150,750
155,672
9,593,004
0
0
(23,831,541)
29,343,907
5,512,366
15,105,369
820,724
1,620,997
0
2,430,523
4,872,243
4,692,937
155,272
160,342
9,880,794
0
0
(27,255,115)
32,932,852
5,677,737
15,558,530
0
1,105,863
705,945
0
(683,331)
1,128,477
1,128,477
175,835
0
(114,834)
1,189,478
1,189,478
985,837
0
(1,521,939)
653,376
653,376
1,242,408
0
(900,011)
995,773
995,773
1,460,786
0
0
2,456,559
2,456,559
1,685,918
0
0
4,142,478
4,142,478
1,922,310
0
0
6,064,788
6,064,788
2,165,122
0
0
8,229,910
8,229,910
2,408,504
0
0
10,638,413
10,638,413
2,645,758
0
0
13,284,172
13,284,172
2,869,600
0
0
16,153,772
16,153,772
3,072,481
0
0
19,226,253
19,226,253
3,246,986
0
0
22,473,239
22,473,239
3,386,255
0
0
25,859,494
25,859,494
3,484,413
0
0
29,343,907
29,343,907
3,588,945
0
0
32,932,852
658,559
0
658,559
0.2335
1,820,218
0
1,820,218
705,945
0
705,945
0.2209
3,840,441
1,938,347
1,902,094
180,199
(4,364)
175,835
0.2391
3,896,350
1,896,801
1,999,549
987,102
(1,265)
985,837
0.2392
3,382,129
1,846,756
1,535,373
1,242,408
0
1,242,408
0.2441
3,862,987
1,903,176
1,959,811
1,460,786
0
1,460,786
0.2441
4,515,466
2,224,633
2,290,834
1,685,918
0
1,685,918
0.2441
5,215,430
2,569,484
2,645,947
1,922,310
0
1,922,310
0.2441
5,951,454
2,932,100
3,019,354
2,165,122
0
2,165,122
0.2441
6,708,680
3,305,162
3,403,518
2,408,504
0
2,408,504
0.2441
7,469,063
3,679,780
3,789,283
2,645,758
0
2,645,758
0.2441
8,211,882
4,045,744
4,166,138
2,869,600
0
2,869,600
0.2441
8,914,508
4,391,906
4,522,601
3,072,481
0
3,072,481
0.2441
9,553,425
4,706,681
4,846,744
3,246,986
0
3,246,986
0.2441
10,105,432
4,978,638
5,126,794
3,386,255
0
3,386,255
0.2441
10,548,965
5,197,154
5,351,811
3,484,413
0
3,484,413
0.2441
10,865,434
5,353,068
5,512,366
3,588,945
0
3,588,945
0.2441
11,191,397
5,513,660
5,677,737
1/31/2022
8,630,889
(4,993,875)
0
(2,075,083)
(268,460)
(1,663)
4,021
(309,992)
0
0
0
0
431,560
233,682
1,499,218
116,723
2,396,732
2,671
12,408
71,385
274,118
552,730
12,786
718,376
1,572,638
58,665
39,693
0
0
881,997
653,376
0
1/31/2023 below, select the cells with the dates, choose Paste Special Values and
10,208,580 select Subtract or Add.
(5,922,698)
0
1462
(2,405,900)
(241,372)
0
4,934
(401,136)
0
0
0
0
737,877
199,422
1,603,451
168,554
2,570,536
2,316
12,182
76,073
283,293
559,527
0
838,955
1,619,883
53,596
55,346
0
0
964,038
995,773
0
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
ULTA BEAUTY INC
50,364
1/31/2019
6,716,615
(4,027,832)
0
(1,555,231)
(279,472)
0
5,061
(200,582)
0
0
0
0
409,251
136,168
1,214,329
155,113
1,226,029
0
15,187
35,095
0
404,016
0
419,720
0
463,354
83,864
0
0
714,355
1,105,863
0
ULTA
1/31/2020
7,398,068
(4,421,405)
0
(1,779,970)
(295,599)
0
5,056
(200,205)
0
0
0
0
502,325
139,337
1,293,701
119,954
2,743,089
3,936
14,261
47,269
239,629
414,009
0
483,623
1,698,718
36,432
89,367
0
0
773,617
1,128,477
0
1/31/2021
6,151,953
(3,905,022)
0
(1,677,923)
(297,772)
(5,735)
(34,416)
(55,250)
0
0
0
0
1,046,051
193,109
1,168,215
107,402
2,500,409
3,174
13,335
58,274
253,415
477,052
42,529
570,717
1,643,386
37,962
65,359
0
0
810,071
1,189,478
0
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
Ratio Analysis
Company Name
ULTA BEAUTY INC
Fiscal Year End Date
Actual
Actual
Actual
Actual
Actual
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
2019/01/31 2020/01/31 2021/01/31 2022/01/31 2023/01/31 2024/01/31 2025/01/31 2026/01/31 2027/01/31 2028/01/31 2029/01/31 2030/01/31 2031/01/31 2032/01/31 2033/01/31 2034/01/31 2035/01/31
Annual Growth Rates
Sales
Assets
Common Equity
Earnings
Free Cash Flow to Investors
Sustainable Growth Rate
10.1%
52.4%
4.5%
7.2%
-16.8%
4.6%
5.1%
-75.1%
#N/A
9.0%
40.3%
-6.4%
-23.2%
460.7%
-318.0%
55.8%
18.3%
12.7%
27.6%
26.0%
#N/A
71.1%
16.9%
16.9%
16.9%
17.6%
#N/A
68.7%
15.5%
15.5%
15.5%
15.4%
22.0%
68.3%
14.1%
14.1%
14.1%
14.0%
20.3%
67.9%
12.7%
12.7%
12.7%
12.6%
18.7%
67.4%
11.3%
11.3%
11.3%
11.2%
17.1%
67.0%
9.9%
9.9%
9.9%
9.9%
15.5%
66.5%
8.6%
8.6%
8.6%
8.5%
13.9%
66.1%
7.2%
7.2%
7.2%
7.1%
12.3%
65.6%
5.8%
5.8%
5.8%
5.7%
10.7%
65.1%
4.4%
4.4%
4.4%
4.3%
9.2%
64.6%
3.0%
3.0%
3.0%
2.9%
7.7%
64.1%
3.0%
3.0%
3.0%
3.0%
3.0%
64.1%
0.379
0.377
0.249
0.090
0.104
0.047
0.558
0.556
0.271
0.711
0.709
0.343
0.687
0.685
0.349
0.683
0.681
0.347
0.679
0.677
0.344
0.674
0.672
0.342
0.670
0.668
0.340
0.665
0.663
0.337
0.661
0.659
0.335
0.656
0.654
0.333
0.651
0.649
0.330
0.646
0.644
0.328
0.641
0.640
0.325
0.641
0.640
0.325
0.098
0.095
1.837
2.164
0.379
0.029
1.236
2.551
0.090
0.114
1.752
2.788
0.558
0.122
2.015
2.900
0.711
0.122
2.049
2.740
0.687
0.122
2.038
2.740
0.683
0.122
2.026
2.740
0.679
0.122
2.015
2.740
0.674
0.122
2.003
2.740
0.670
0.122
1.991
2.740
0.665
0.122
1.979
2.740
0.661
0.122
1.967
2.740
0.656
0.122
1.954
2.740
0.651
0.121
1.942
2.740
0.646
0.121
1.929
2.740
0.641
0.121
1.929
2.740
0.641
0.098
0.095
2.614
0.249
0.000
0.249
0.521
0.379
0.029
1.590
0.047
0.002
0.044
0.983
0.090
0.114
2.372
0.271
0.001
0.271
1.059
0.558
0.122
2.818
0.343
0.000
0.343
1.073
0.711
0.122
2.848
0.349
0.000
0.349
0.971
0.687
0.122
2.833
0.347
0.000
0.347
0.971
0.683
0.122
2.817
0.344
0.000
0.344
0.971
0.679
0.122
2.801
0.342
0.000
0.342
0.971
0.674
0.122
2.784
0.340
0.000
0.340
0.971
0.670
0.122
2.768
0.337
0.000
0.337
0.971
0.665
0.122
2.751
0.335
0.000
0.335
0.971
0.661
0.122
2.734
0.333
0.000
0.333
0.971
0.656
0.122
2.717
0.330
0.000
0.330
0.971
0.651
0.121
2.699
0.328
0.000
0.328
0.971
0.646
0.121
2.682
0.325
0.000
0.325
0.971
0.641
0.121
2.682
0.325
0.000
0.325
0.971
0.641
0.400
0.169
0.127
0.097
0.098
0.402
0.162
0.122
0.095
0.095
0.365
0.092
0.044
0.034
0.029
0.421
0.181
0.150
0.114
0.114
0.420
0.184
0.161
0.121
0.122
0.420
0.184
0.161
0.122
0.122
0.420
0.184
0.161
0.122
0.122
0.420
0.184
0.161
0.122
0.122
0.420
0.184
0.161
0.122
0.122
0.420
0.184
0.161
0.122
0.122
0.420
0.184
0.161
0.122
0.122
0.420
0.184
0.161
0.121
0.122
0.420
0.184
0.161
0.121
0.122
0.420
0.184
0.160
0.121
0.122
0.420
0.184
0.160
0.121
0.121
0.420
0.184
0.160
0.121
0.121
0.420
0.184
0.160
0.121
0.121
2.614
6.580
6.796
103.523
33.170
3.728
1.590
4.765
9.862
115.057
43.026
2.347
2.372
7.128
9.024
97.481
35.294
3.525
2.818
8.846
7.743
95.605
33.680
4.110
2.848
8.394
6.615
91.677
30.786
4.281
2.833
8.348
6.652
92.185
31.040
4.257
2.817
8.301
6.689
92.706
31.302
4.233
2.801
8.254
6.728
93.240
31.571
4.209
2.784
8.206
6.767
93.786
31.849
4.184
2.768
8.157
6.808
94.347
32.136
4.160
2.751
8.107
6.849
94.922
32.431
4.134
2.734
8.057
6.892
95.512
32.736
4.109
2.717
8.007
6.935
96.117
33.052
4.083
2.699
7.955
6.980
96.739
33.377
4.057
2.682
7.903
7.026
97.377
33.714
4.030
2.682
7.903
7.026
97.377
33.714
4.030
0.000
1.019
0.599
0.626
0.949
0.235
0.380
1.203
0.667
0.567
0.971
0.797
0.793
0.971
0.848
0.801
0.971
0.843
0.799
0.971
0.838
0.798
0.971
0.832
0.796
0.971
0.827
0.795
0.971
0.822
0.793
0.971
0.816
0.791
0.971
0.811
0.790
0.971
0.805
0.788
0.971
0.799
0.786
0.971
0.793
0.785
0.971
0.793
0.785
2.325
0.662
#DIV/0!
#DIV/0!
1.807
0.564
#DIV/0!
#DIV/0!
1.872
0.922
47.295
99.217
1.464
0.427
777.794
939.225
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
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
ULTA BEAUTY 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
2020/01/31
Actual
2021/01/31
Actual
2022/01/31
Actual
2023/01/31
Forecast
2024/01/31
Forecast
2025/01/31
Forecast
2026/01/31
Forecast
2027/01/31
Forecast
2028/01/31
Forecast
2029/01/31
Forecast
2030/01/31
Forecast
2031/01/31
Forecast
2032/01/31
Forecast
2033/01/31
Forecast
2034/01/31
Forecast
2035/01/31
705,945
295,599
5,503
(426,922)
0
0
580,125
(3,169)
(79,372)
35,159
9,993
0
63,903
606,639
175,835
297,772
(24,008)
1,530
0
0
451,129
(53,772)
125,486
12,552
63,043
42,529
87,094
728,061
985,837
268,460
(25,666)
20,703
0
0
1,249,334
(40,573)
(331,003)
(9,321)
75,678
(29,743)
147,659
1,062,031
1,242,408
241,372
15,653
(5,069)
0
0
1,494,364
34,260
(104,233)
(51,831)
6,797
(12,786)
120,579
1,487,150
1,460,786
270,858
9,348
9,053
0
0
1,750,046
(33,683)
(270,831)
(28,470)
94,507
0
141,704
1,653,272
1,685,918
314,580
10,029
9,711
0
0
2,020,239
(36,135)
(290,542)
(30,542)
101,385
0
152,017
1,916,422
1,922,310
361,003
10,545
10,212
0
0
2,304,069
(37,996)
(305,509)
(32,115)
106,608
0
159,848
2,194,905
2,165,122
409,276
10,849
10,506
0
0
2,595,753
(39,091)
(314,310)
(33,040)
109,679
0
164,453
2,483,444
2,408,504
458,338
10,894
10,550
0
0
2,888,285
(39,254)
(315,620)
(33,178)
110,136
0
165,138
2,775,508
2,645,758
506,933
10,643
10,306
0
0
3,173,640
(38,347)
(308,329)
(32,411)
107,592
0
161,324
3,063,468
2,869,600
553,661
10,067
9,748
0
0
3,443,076
(36,272)
(291,646)
(30,658)
101,771
0
152,595
3,338,865
3,072,481
597,031
9,154
8,864
0
0
3,687,530
(32,983)
(265,202)
(27,878)
92,543
0
138,759
3,592,768
3,246,986
635,531
7,909
7,659
0
0
3,898,085
(28,497)
(229,127)
(24,086)
79,954
0
119,884
3,816,213
3,386,255
667,715
6,355
6,154
0
0
4,066,478
(22,897)
(184,102)
(19,353)
64,243
0
96,325
4,000,695
3,484,413
692,284
4,534
4,391
0
0
4,185,622
(16,337)
(131,360)
(13,809)
45,838
0
68,730
4,138,684
3,588,945
713,053
4,670
4,522
0
0
4,311,190
(16,827)
(135,301)
(14,223)
47,213
0
70,792
4,262,844
Investing:
-Capital Expenditures
-Increase in Investments
-Purchases of Intangibles
-Increase in Other Assets
=Cash From Investing
(1,812,659)
(3,936)
926
(12,174)
(1,827,843)
(55,092)
762
926
(11,005)
(64,409)
(164,783)
503
927
(13,111)
(176,464)
(415,176)
355
226
(4,688)
(419,283)
(705,036)
(391)
(2,058)
(12,849)
(720,334)
(780,355)
(420)
(2,207)
(13,784)
(796,766)
(850,773)
(441)
(2,321)
(14,494)
(868,030)
(913,155)
(454)
(2,388)
(14,912)
(930,909)
(964,317)
(456)
(2,398)
(14,974)
(982,145)
(1,001,224)
(445)
(2,342)
(14,628)
(1,018,640)
(1,021,208)
(421)
(2,216)
(13,837)
(1,037,681)
(1,022,183)
(383)
(2,015)
(12,582)
(1,037,163)
(1,002,851)
(331)
(1,741)
(10,871)
(1,015,794)
(962,853)
(266)
(1,399)
(8,734)
(973,252)
(902,871)
(190)
(998)
(6,232)
(910,291)
(929,957)
(195)
(1,028)
(6,419)
(937,600)
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
1,938,347
0
0
0
0
59,262
(683,331)
1,314,278
(41,546)
0
0
0
0
36,454
(114,834)
(119,926)
(50,045)
0
0
0
0
71,926
(1,521,939)
(1,500,058)
56,420
0
0
0
0
82,041
(900,011)
(761,550)
321,457
0
0
0
0
(1,129,764)
0
(808,307)
344,851
0
0
0
0
(1,330,805)
0
(985,954)
362,617
0
0
0
0
(1,548,902)
0
(1,186,286)
373,062
0
0
0
0
(1,780,958)
0
(1,407,896)
374,618
0
0
0
0
(2,022,738)
0
(1,648,120)
365,964
0
0
0
0
(2,268,904)
0
(1,902,940)
346,163
0
0
0
0
(2,513,136)
0
(2,166,974)
314,775
0
0
0
0
(2,748,339)
0
(2,433,564)
271,957
0
0
0
0
(2,966,936)
0
(2,694,979)
218,515
0
0
0
0
(3,161,238)
0
(2,942,723)
155,915
0
0
0
0
(3,323,858)
0
(3,167,944)
160,592
0
0
0
0
(3,423,574)
0
(3,262,982)
93,074
409,251
502,325
543,726
502,325
1,046,051
(614,491)
1,046,051
431,560
306,317
431,560
737,877
124,631
737,877
862,508
133,702
862,508
996,210
140,589
996,210
1,136,799
144,639
1,136,799
1,281,439
145,242
1,281,439
1,426,681
141,887
1,426,681
1,568,568
134,210
1,568,568
1,702,778
122,041
1,702,778
1,824,819
105,440
1,824,819
1,930,259
84,720
1,930,259
2,014,979
60,449
2,014,979
2,075,429
62,263
2,075,429
2,137,691
Net Income
– Increase in Common Equity
+/-Clean Surplus Plug (Ignore)
=Free Cash Flow to Common Equity
705,945
(81,876)
(683,331)
(59,262)
175,835
(97,455)
(114,834)
(36,454)
985,837
464,176
(1,521,939)
(71,926)
1,242,408
(424,438)
(900,011)
(82,041)
1,460,786
(331,023)
0
1,129,764
1,685,918
(355,113)
0
1,330,805
1,922,310
(373,407)
0
1,548,902
2,165,122
(384,164)
0
1,780,958
2,408,504
(385,766)
0
2,022,738
2,645,758
(376,854)
0
2,268,904
2,869,600
(356,464)
0
2,513,136
3,072,481
(324,142)
0
2,748,339
3,246,986
(280,050)
0
2,966,936
3,386,255
(225,018)
0
3,161,238
3,484,413
(160,554)
0
3,323,858
3,588,945
(165,371)
0
3,423,574
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
606,639
(93,074)
(1,827,843)
1,938,347
0
0
0
(683,331)
(59,262)
728,061
(543,726)
(64,409)
(41,546)
0
0
0
(114,834)
(36,454)
1,062,031
614,491
(176,464)
(50,045)
0
0
0
(1,521,939)
(71,926)
1,487,150
(306,317)
(419,283)
56,420
0
0
0
(900,011)
(82,041)
1,653,272
(124,631)
(720,334)
321,457
0
0
0
0
1,129,764
1,916,422
(133,702)
(796,766)
344,851
0
0
0
0
1,330,805
2,194,905
(140,589)
(868,030)
362,617
0
0
0
0
1,548,902
2,483,444
(144,639)
(930,909)
373,062
0
0
0
0
1,780,958
2,775,508
(145,242)
(982,145)
374,618
0
0
0
0
2,022,738
3,063,468
(141,887)
(1,018,640)
365,964
0
0
0
0
2,268,904
3,338,865
(134,210)
(1,037,681)
346,163
0
0
0
0
2,513,136
3,592,768
(122,041)
(1,037,163)
314,775
0
0
0
0
2,748,339
3,816,213
(105,440)
(1,015,794)
271,957
0
0
0
0
2,966,936
4,000,695
(84,720)
(973,252)
218,515
0
0
0
0
3,161,238
4,138,684
(60,449)
(910,291)
155,915
0
0
0
0
3,323,858
4,262,844
(62,263)
(937,600)
160,592
0
0
0
0
3,423,574
Financing Flows:
+Dividends Paid
-Net Issuance of Common Stock
= Free Cash Flow to Common Equity
0
(59,262)
(59,262)
0
(36,454)
(36,454)
0
(71,926)
(71,926)
0
(82,041)
(82,041)
0
1,129,764
1,129,764
0
1,330,805
1,330,805
0
1,548,902
1,548,902
0
1,780,958
1,780,958
0
2,022,738
2,022,738
0
2,268,904
2,268,904
0
2,513,136
2,513,136
0
2,748,339
2,748,339
0
2,966,936
2,966,936
0
3,161,238
3,161,238
0
3,323,858
3,323,858
0
3,423,574
3,423,574
Net Operating Income
– Increase in Net Operating Assets
+/-Clean Surplus Plug (Ignore)
=Free Cash Flow to Investors
705,945
(2,020,223)
(683,331)
(1,997,609)
180,199
(55,909)
(114,834)
9,456
987,102
514,221
(1,521,939)
(20,616)
1,242,408
(480,858)
(900,011)
(138,461)
1,460,786
(652,479)
0
808,307
1,685,918
(699,964)
0
985,954
1,922,310
(736,024)
0
1,186,286
2,165,122
(757,226)
0
1,407,896
2,408,504
(760,383)
0
1,648,120
2,645,758
(742,818)
0
1,902,940
2,869,600
(702,626)
0
2,166,974
3,072,481
(638,917)
0
2,433,564
3,246,986
(552,007)
0
2,694,979
3,386,255
(443,533)
0
2,942,723
3,484,413
(316,469)
0
3,167,944
3,588,945
(325,963)
0
3,262,982
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
606,639
(93,074)
(1,827,843)
0
0
(683,331)
(1,997,609)
728,061
(543,726)
(64,409)
5,735
(1,371)
(114,834)
9,456
1,062,031
614,491
(176,464)
1,663
(398)
(1,521,939)
(20,616)
1,487,150
(306,317)
(419,283)
0
0
(900,011)
(138,461)
1,653,272
(124,631)
(720,334)
0
0
0
808,307
1,916,422
(133,702)
(796,766)
0
0
0
985,954
2,194,905
(140,589)
(868,030)
0
0
0
1,186,286
2,483,444
(144,639)
(930,909)
0
0
0
1,407,896
2,775,508
(145,242)
(982,145)
0
0
0
1,648,120
3,063,468
(141,887)
(1,018,640)
0
0
0
1,902,940
3,338,865
(134,210)
(1,037,681)
0
0
0
2,166,974
3,592,768
(122,041)
(1,037,163)
0
0
0
2,433,564
3,816,213
(105,440)
(1,015,794)
0
0
0
2,694,979
4,000,695
(84,720)
(973,252)
0
0
0
2,942,723
4,138,684
(60,449)
(910,291)
0
0
0
3,167,944
4,262,844
(62,263)
(937,600)
0
0
0
3,262,982
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
0
0
0
0
0
(59,262)
(1,938,347)
0
(1,997,609)
0
5,735
(1,371)
0
0
(36,454)
41,546
0
9,456
0
1,663
(398)
0
0
(71,926)
50,045
0
(20,616)
0
0
0
0
0
(82,041)
(56,420)
0
(138,461)
0
0
0
0
0
1,129,764
(321,457)
0
808,307
0
0
0
0
0
1,330,805
(344,851)
0
985,954
0
0
0
0
0
1,548,902
(362,617)
0
1,186,286
0
0
0
0
0
1,780,958
(373,062)
0
1,407,896
0
0
0
0
0
2,022,738
(374,618)
0
1,648,120
0
0
0
0
0
2,268,904
(365,964)
0
1,902,940
0
0
0
0
0
2,513,136
(346,163)
0
2,166,974
0
0
0
0
0
2,748,339
(314,775)
0
2,433,564
0
0
0
0
0
2,966,936
(271,957)
0
2,694,979
0
0
0
0
0
3,161,238
(218,515)
0
2,942,723
0
0
0
0
0
3,323,858
(155,915)
0
3,167,944
0
0
0
0
0
3,423,574
(160,592)
0
3,262,982
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
901,094
(200,205)
5,503
706,392
295,599
5,056
0
0
1,007,047
(66,560)
(1,812,659)
(3,936)
926
(12,174)
(426,922)
(683,331)
(1,997,609)
271,236
(56,621)
(24,008)
190,607
297,772
(34,416)
0
0
453,963
(266,794)
(55,092)
762
926
(11,005)
1,530
(114,834)
9,456
1,293,471
(310,390)
(25,666)
957,415
268,460
4,021
0
0
1,229,896
427,188
(164,783)
503
927
(13,111)
20,703
(1,521,939)
(20,616)
1,638,610
(401,136)
15,653
1,253,127
241,372
4,934
0
0
1,499,433
(313,531)
(415,176)
355
226
(4,688)
(5,069)
(900,011)
(138,461)
1,926,663
(471,644)
9,348
1,464,367
270,858
5,767
0
0
1,740,993
(221,405)
(705,036)
(391)
(2,058)
(12,849)
9,053
0
808,307
2,223,589
(544,332)
10,029
1,689,286
314,580
6,661
0
0
2,010,527
(237,518)
(780,355)
(420)
(2,207)
(13,784)
9,711
0
985,954
2,535,364
(620,656)
10,545
1,925,253
361,003
7,601
0
0
2,293,858
(249,754)
(850,773)
(441)
(2,321)
(14,494)
10,212
0
1,186,286
2,855,606
(699,052)
10,849
2,167,402
409,276
8,569
0
0
2,585,247
(256,948)
(913,155)
(454)
(2,388)
(14,912)
10,506
0
1,407,896
3,176,597
(777,633)
10,894
2,409,858
458,338
9,540
0
0
2,877,735
(258,020)
(964,317)
(456)
(2,398)
(14,974)
10,550
0
1,648,120
3,489,505
(854,235)
10,643
2,645,912
506,933
10,489
0
0
3,163,334
(252,060)
(1,001,224)
(445)
(2,342)
(14,628)
10,306
0
1,902,940
3,784,721
(926,507)
10,067
2,868,281
553,661
11,386
0
0
3,433,328
(238,421)
(1,021,208)
(421)
(2,216)
(13,837)
9,748
0
2,166,974
4,052,290
(992,011)
9,154
3,069,433
597,031
12,202
0
0
3,678,666
(216,803)
(1,022,183)
(383)
(2,015)
(12,582)
8,864
0
2,433,564
4,282,433
(1,048,354)
7,909
3,241,988
635,531
12,907
0
0
3,890,426
(187,312)
(1,002,851)
(331)
(1,741)
(10,871)
7,659
0
2,694,979
4,466,101
(1,093,320)
6,355
3,379,136
667,715
13,474
0
0
4,060,325
(150,503)
(962,853)
(266)
(1,399)
(8,734)
6,154
0
2,942,723
4,595,546
(1,125,012)
4,534
3,475,069
692,284
13,878
0
0
4,181,231
(107,387)
(902,871)
(190)
(998)
(6,232)
4,391
0
3,167,944
4,733,413
(1,158,762)
4,670
3,579,321
713,053
14,294
0
0
4,306,668
(110,609)
(929,957)
(195)
(1,028)
(6,419)
4,522
0
3,262,982
Analysis of Earnings Quality
(Red Shading = Quality Flag)
Current Op. Accruals/NOA
+ Non-Current Op. Accruals/NOA
= Operating Accruals/NOA
(0.019)
1.385
1.366
(0.083)
(0.063)
(0.146)
0.066
(0.031)
0.035
0.002
0.057
0.059
0.031
0.138
0.169
0.028
0.127
0.155
0.026
0.115
0.141
0.023
0.104
0.127
0.021
0.093
0.113
0.018
0.081
0.099
0.016
0.070
0.086
0.013
0.059
0.072
0.011
0.047
0.058
0.008
0.036
0.044
0.006
0.024
0.030
0.006
0.024
0.030
Sales Growth
– NOA Turnover Growth
– Interaction
= Operating Accruals/NOA
Fiscal Year
0.101
0.485
0.049
0.636
2019
(0.168)
0.031
(0.005)
(0.142)
2020
0.403
(0.253)
(0.102)
0.048
2021
0.183
(0.099)
(0.018)
0.066
2022
0.169
(0.000)
(0.000)
0.169
2023
0.155
0.000
0.000
0.155
2024
0.141
(0.000)
(0.000)
0.141
2025
0.127
0.000
0.000
0.127
2026
0.113
(0.000)
(0.000)
0.113
2027
0.099
0.000
0.000
0.099
2028
0.086
(0.000)
(0.000)
0.086
2029
0.072
0.000
0.000
0.072
2030
0.058
(0.000)
(0.000)
0.058
2031
0.044
0.000
0.000
0.044
2032
0.030
(0.000)
(0.000)
0.030
2033
0.030
(0.000)
(0.000)
0.030
2034
Net Change in Cash
+ Beginning Cash Balance
= Ending Cash Balance
Free Cash Flow to Common Equity
Free Cash Flow to all Investors
Credit Analysis
Company Name
ULTA BEAUTY INC
Fiscal Year End Date
Actual
Actual
Actual
Actual
Actual
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
2019/01/31 2020/01/31 2021/01/31 2022/01/31 2023/01/31 2024/01/31 2025/01/31 2026/01/31 2027/01/31 2028/01/31 2029/01/31 2030/01/31 2031/01/31 2032/01/31 2033/01/31 2034/01/31 2035/01/31
Analysis of Leverage
– Long-Term Capital Structure
Debt to Equity Ratio
FFO to Total Debt
CFO to Total Debt
0.000
1.019
0.599
0.626
0.949
0.235
0.380
1.203
0.667
0.567
0.971
0.797
0.793
0.971
0.848
0.801
0.971
0.843
0.799
0.971
0.838
0.798
0.971
0.832
0.796
0.971
0.827
0.795
0.971
0.822
0.793
0.971
0.816
0.791
0.971
0.811
0.790
0.971
0.805
0.788
0.971
0.799
0.786
0.971
0.793
0.785
0.971
0.793
0.785
Analysis of Leverage
– Short-Term Liquidity
Current Ratio
Quick Ratio
EBIT Interest Coverage
EBITDA Interest Coverage
2.325
0.662
#DIV/0!
#DIV/0!
1.807
0.564
#DIV/0!
#DIV/0!
1.872
0.922
47.295
99.217
1.464
0.427
777.794
939.225
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
1.611
0.557
#DIV/0!
#DIV/0!
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
0.206
2.0%
0.430
3.0%
0.662
5.0%
#DIV/0!
#DIV/0!
110.04
5.5%
0.0%
4.2%
#DIV/0!
0.145
2.0%
0.609
4.5%
0.564
5.0%
#DIV/0!
#DIV/0!
106.80
5.5%
10.1%
3.0%
#DIV/0!
0.035
3.0%
0.607
4.5%
0.922
4.2%
47.29
1.0%
109.19
5.5%
-16.8%
5.5%
4.0%
0.207
2.0%
0.678
5.5%
0.427
6.5%
777.79
1.0%
109.58
5.5%
40.3%
5.0%
4.3%
0.231
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
18.3%
3.2%
#DIV/0!
0.233
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
16.9%
3.2%
#DIV/0!
0.233
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
15.5%
3.0%
#DIV/0!
0.232
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
14.1%
3.0%
#DIV/0!
0.232
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
12.7%
3.0%
#DIV/0!
0.232
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
11.3%
3.0%
#DIV/0!
0.232
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
9.9%
3.0%
#DIV/0!
0.232
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
8.6%
3.0%
#DIV/0!
0.231
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
7.2%
3.0%
#DIV/0!
0.231
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
5.8%
3.0%
#DIV/0!
0.231
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
4.4%
3.2%
#DIV/0!
0.231
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
3.0%
3.2%
#DIV/0!
0.231
2.0%
0.635
5.5%
0.557
5.0%
#DIV/0!
#DIV/0!
98.82
5.5%
3.0%
3.2%
#DIV/0!
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Fiscal Year
Lookup Table of default probability
NI to TA thresholds
NI to TA default rates
TL to TA thresholds
TL to TA default rates
Quick Ratio thresholds
Quick Ratio default rates
EBIT to Int thresholds
EBIT to Int default rates
Inv Holding thresholds
Inv Holding default rates
Sales Growth thresholds
Sales Growth default rates
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
-0.448
-0.161
-0.049
0.001
0.022
0.038
0.056
0.079
0.118
0.083
0.08
0.072
0.055
0.045
0.030
0.025
0.020
0.020
0.020
0.175
0.283
0.385
0.476
0.558
0.633
0.709
0.816
1.030
0.02
0.022
0.025
0.030
0.035
0.045
0.055
0.070
0.090
0.100
0.382
0.522
0.809
0.994
1.200
1.470
1.890
2.530
4.550
0.09
0.065
0.05
0.042
0.040
0.035
0.025
0.020
0.015
0.010
-17.4
-3.6
-0.139
1.25
2.210
3.380
5.210
9.160
23.800
0.075
0.09
0.085
0.070
0.050
0.030
0.021
0.018
0.015
0.010
0.365
2.56
14.24
31.39
50
70.080
91.980
121.540
174.470
0.03
0.035
0.039
0.040
0.042
0.045
0.049
0.055
0.060
0.070
-0.203
-0.063
0.003
0.05
0.098
0.158
0.244
0.398
0.797
0.069
0.055
0.042
0.032
0.030
0.030
0.032
0.042
0.050
0.065
Forecasting Assumptions
Company Name
Estimated Price/Share=$700.50
Fiscal Year End Date
ULTA BEAUTY INC
TERMINAL
YEAR
Actual
Actual
Actual
Actual
Actual
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
2019/01/31 2020/01/31 2021/01/31 2022/01/31 2023/01/31 2024/01/31 2025/01/31 2026/01/31 2027/01/31 2028/01/31 2029/01/31 2030/01/31 2031/01/31 2032/01/31 2033/01/31 2034/01/31 2035/01/31
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
0.379
0.090
0.558
0.711
0.687
0.683
0.679
0.674
0.670
0.665
0.661
0.656
0.651
0.646
0.641
0.641
10.1%
59.8%
0.0%
24.1%
14.8%
0.0%
0.1%
22.1%
0.0%
0.0%
0.0%
0.0%
-16.8%
63.5%
0.0%
27.3%
11.3%
0.3%
-0.6%
23.9%
0.0%
0.0%
0.0%
0.0%
40.3%
57.9%
0.0%
24.0%
10.9%
0.1%
0.0%
23.9%
0.0%
0.0%
0.0%
0.0%
18.3%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
16.9%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
15.5%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
14.1%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
12.7%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
11.3%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
9.9%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
8.6%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
7.2%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
5.8%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
4.4%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
3.0%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
3.0%
58.0%
0.0%
23.6%
9.7%
0.0%
0.0%
24.4%
0.0%
0.0%
0.0%
0.0%
6.1%
2.0%
30.1%
2.3%
10.0%
0.0%
6.2%
6.8%
1.9%
29.3%
1.6%
9.4%
0.0%
6.5%
17.0%
3.1%
29.9%
1.7%
12.2%
0.7%
9.3%
5.0%
2.7%
30.0%
1.4%
11.1%
0.1%
8.3%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
7.2%
2.0%
27.1%
1.7%
9.4%
0.0%
8.2%
18.3%
0.0%
0.2%
0.5%
37.1%
0.1%
0.2%
0.6%
40.6%
0.1%
0.2%
0.9%
27.8%
0.0%
0.1%
0.8%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
25.2%
0.0%
0.1%
0.7%
6.9%
1.2%
0.5%
1.2%
0.6%
1.1%
0.7%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.0%
0.0%
0.0%
0.0%
0.0%
4.9%
34.9%
0.0%
0.0%
0.0%
5.0%
32.3%
0.0%
0.0%
0.0%
5.8%
33.0%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
5.3%
30.2%
0.0%
0.0%
0.0%
60.0%
0.0%
23.2%
0.1%
23.3%
0.0%
0.0%
0.0%
Valuation Parameters
Estimated Price/Share=$700.50
Company Name:
ULTA BEAUTY 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:
Equity Value computed directly
from flows to equityholders:
700.50
10.00%
0
2024/02/19
1.00
8.00%
9.00%
10.00%
9.3720%
Equity Value computed indirectly
approximate weighted average
as the Entity Value less non-equity claims: cost of capital to use as starting point
791.79
10.55%
up
e weighted average
tal to use as starting point:
Residual Income Valuation
($000)
Company Name
Most Recent Fiscal Year End
Date of Valuation
Cost of Common Equity
Teriminal Growth Rate
ULTA BEAUTY INC
1/31/2023
2/19/2024
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
1/31/2023
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
2024/01/31
2025/01/31
1,460,786
1,959,811
1,264,805
1,149,823
16,243,663
12,196,092
2026/01/31
2027/01/31
2028/01/31
2029/01/31
2030/01/31
2031/01/31
2032/01/31
2033/01/31
2034/01/31
2035/01/31
1,685,918
2,290,834
1,456,835
1,203,996
1,922,310
2,645,947
1,657,715
1,245,466
2,165,122
3,019,354
1,863,187
1,272,582
2,408,504
3,403,518
2,068,152
1,284,160
2,645,758
3,789,283
2,266,830
1,279,567
2,869,600
4,166,138
2,452,986
1,258,770
3,072,481
4,522,601
2,620,221
1,222,352
3,246,986
4,846,744
2,762,312
1,171,490
3,386,255
5,126,794
2,873,576
1,107,888
3,484,413
5,351,811
2,949,232
1,033,688
3,588,945
5,512,366
3,037,708
967,908
1,959,811
30,399,567
35,279,964
0
35,279,964
50,364
50,364
$700.50
Valuation to All Investors
Cost of Debt
Cost of Preferred Stock
Cost of Minority Interest
After Tax Weighted Average Cost of Capital
8.00%
9.00%
10.00%
9.37%
Net Interest Expense to Net Debtholders
Beginning Book Value of Debt
Residual Interest Expense
Present Value of Residual Interest Income
Value of Debt
0
1,903,176
(152,254)
(140,976)
(3,694,625)
0
2,224,633
(177,971)
(152,581)
0
2,569,484
(205,559)
(163,179)
0
2,932,100
(234,568)
(172,414)
0
3,305,162
(264,413)
(179,955)
0
3,679,780
(294,382)
(185,511)
0
4,045,744
(323,660)
(188,852)
0
4,391,906
(351,353)
(189,825)
0
4,706,681
(376,535)
(188,361)
0
4,978,638
(398,291)
(184,486)
0
5,197,154
(415,772)
(178,318)
0
5,353,068
(428,245)
(170,062)
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
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
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
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
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
1,460,786
3,862,987
1,098,747
1,004,596
30,666,762
3,694,625
0
0
34,361,387
39,877,821
0
39,877,821
50,364
50,364
$791.79
1,685,918
4,515,466
1,262,729
1,055,596
1,922,310
5,215,430
1,433,520
1,095,684
2,165,122
5,951,454
1,607,352
1,123,276
2,408,504
6,708,680
1,779,766
1,137,188
2,645,758
7,469,063
1,945,758
1,136,716
2,869,600
8,211,882
2,099,982
1,121,689
3,072,481
8,914,508
2,237,013
1,092,495
3,246,986
9,553,425
2,351,639
1,050,063
3,386,255
10,105,432
2,439,174
995,821
3,484,413
10,548,965
2,495,764
931,613
3,588,945
10,865,434
2,570,637
877,338
DCF Valuations
($000)
Company Name
Most Recent Fiscal Year End
Date of Valuation
Cost of Common Equity
Terminal Growth Rate
ULTA BEAUTY INC
1/31/2023
2/19/2024
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
2024/01/31
2025/01/31
2026/01/31
2027/01/31
2028/01/31
2029/01/31
2030/01/31
2031/01/31
2032/01/31
2033/01/31
2034/01/31
2035/01/31
1,330,805
1,099,839
1,548,902
1,163,713
1,780,958
1,216,418
2,022,738
1,255,961
2,268,904
1,280,737
2,513,136
1,289,636
2,748,339
1,282,120
2,966,936
1,258,271
3,161,238
1,218,794
3,323,858
1,164,992
3,423,574
1,090,856
(321,457)
(297,645)
(3,694,625)
(344,851)
(295,654)
(362,617)
(287,857)
(373,062)
(274,212)
(374,618)
(254,959)
(365,964)
(230,619)
(346,163)
(201,982)
(314,775)
(170,063)
(271,957)
(136,046)
(218,515)
(101,215)
(155,915)
(66,869)
(160,592)
(63,773)
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
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 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
808,307
739,044
30,666,762
3,694,625
0
0
34,361,387
39,877,821
0
39,877,821
50,364
50,364
$791.79
985,954
824,223
1,186,286
906,715
1,407,896
983,889
1,648,120
1,053,072
1,902,940
1,111,702
2,166,974
1,157,472
2,433,564
1,188,485
2,694,979
1,203,372
2,942,723
1,201,400
3,167,944
1,182,523
3,262,982
1,113,630
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
1,129,764
1,027,058
18,307,018
12,092,548
30,399,567
35,279,964
0
35,279,964
50,364
50,364
$700.50
8.00%
9.00%
10.00%
9.37%
EPS Forecaster
($000, except per share amounts)
Company Name
ULTA BEAUTY INC
Common Shares Outstanding at BS Date
50,364
Equivalent Shares at Valuation Date
50,364
Forecasted Price at Valuation Date
$700.50
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 Five Year Growth Rate in EPS
Consensus Analyst Forecast of Growth
Forecast
2024/01/31
1,460,786
(1,129,764)
$697.00
(1,621)
48,743
$29.48
17%
Forecast
2025/01/31
1,685,918
(1,330,805)
$766.70
(1,736)
47,007
$35.21
Forecast
2026/01/31
1,922,310
(1,548,902)
$843.37
(1,837)
45,171
$41.71
Forecast
2027/01/31
2,165,122
(1,780,958)
$927.70
(1,920)
43,251
$48.97
Forecast
2028/01/31
2,408,504
(2,022,738)
$1,020.47
(1,982)
41,269
$56.99
Although not a necessary input for eVal, we recommend that
you find the analyst forecasts for your company and store them in the
yellow-shaded cells for comparison purposes.
To obtain analyst forecasts, click here
Forecast
2029/01/31
2,645,758
(2,268,904)
$1,122.52
(2,021)
39,248
$65.72
Forecast
2030/01/31
2,869,600
(2,513,136)
$1,234.77
(2,035)
37,212
$75.06
Forecast
2031/01/31
3,072,481
(2,748,339)
$1,358.25
(2,023)
35,189
$84.87
Forecast
2032/01/31
3,246,986
(2,966,936)
$1,494.08
(1,986)
33,203
$94.95
Forecast
2033/01/31
3,386,255
(3,161,238)
$1,643.48
(1,923)
31,280
$105.03
Forecast
2034/01/31
3,484,413
(3,323,858)
$1,807.83
(1,839)
29,441
$114.77
Forecast
2035/01/31
3,588,945
(3,423,574)
$1,988.61
(1,722)
27,719
$125.57
Model Summary
Historical Data For:
ULTA BEAUTY INC
Most Recent Fiscal Year End:
Average ROE (last five years)
Sales Growth (last five years)
2023/01/31
43.45%
11.03%
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
68.73%
64.14%
16.89%
3.00%
$29.48
17.39%
Valuation Data:
Cost of Equity Capital
Valuation Date
Estimated Price/Share
Estimated Price/Earnings Ratio
Estimated Market/Book Ratio
10.00%
2024/02/19
$700.50
23.76
18.00
Cut-and-Paste the yellow block of case data into the Raw Data Input section on the lower part of the eVal financial statem
America Online
Netflix
Salton
Nordstrom
Amazon.com
Overstock
City Screens
Ross Stores
Four Models
RCL 1998
Carnival 1998
Kohls
Country Cinema
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
Sales (Net)
15,746
Cost of Goods Sold
(12,287)
1999/12/31
1,639,839
(1,349,194)
AMZN
1997/12/31
147,787
(118,969)
1998/12/31
609,819
(476,155)
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
(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
Preferred Dividends
0
Operating Cash and Market. Sec.
1,000
Receivables
0
Inventories
0
Other Current Assets
0
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
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
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
0
1,000
0
0
0
1999/12/31
20,000
(12,000)
0
0
(2,000)
(1,000)
0
(2,000)
0
0
0
0
1,000
0
0
0
FOUR
1997/12/31
20,000
(12,000)
0
0
(2,000)
(1,000)
0
(2,000)
0
0
0
0
1,000
0
0
0
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
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
Income Taxes Payable
0
Other Current Liabilities
2,409,000
Long-Term Debt
400,000
Other Liabilities
0
Deferred Taxes
620,000
Minority Interest
0
Preferred Stock
0
Paid in Common Capital (Net)
3,308,000
20,000
0
0
0
0
0
0
0
10,000
0
0
0
0
10,000
1,000
0
20,000
0
0
0
0
0
0
0
10,000
0
0
0
0
10,000
1,000
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
0
4,291,000
448,000
0
1,076,000
0
0
5,352,000
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
0
4,401,000
702,000
0
1,387,000
0
0
5,626,000
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
0
3,505,000
728,000
0
997,000
0
0
3,172,000
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
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
13,975,000
147,780
15,984,000
188,848
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
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
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
OSTK
2001/12/31
40,003
(32,536)
0
(15,225)
(5,809)
(729)
2002/12/31
91,784
(70,953)
0
(19,494)
(5,391)
(465)
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
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
(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
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
ROYAL CARIBBEAN CRUISES LTD
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)
(46)
19,869
10,373
0
0
0
0
0
0
0
0
0
(6)
0
0
0
0
0
23,920
31,256
40,419
9,424
12,171
15,535
13,555
16,830
22,665
71,233
27,563
33,745
1,384,814
1,758,446
2,378,934
0
0
0
351,456
341,041
330,628
10,602
15,936
20,373
1997/12/31
1,939,007
(1,219,268)
0
(272,368)
(143,816)
(128,531)
7,661
0
0
0
(7,558)
0
110,793
22,628
37,274
40,450
4,785,291
0
320,214
23,098
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
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
Investments
47,514
Intangibles
233,553
Other Assets
76,876
Current Debt
84,644
Accounts Payable
86,750
Income Taxes Payable
0
Other Current Liabilities
393,563
Long-Term Debt
1,046,904
Other Liabilities
129,028
Deferred Taxes
0
Minority Interest
0
Preferred Stock
0
Paid in Common Capital (Net)
538,345
Retained Earnings
1,390,589
Common Dividends
6,234
71,528
0
230,935
929,458
0
0
0
0
546,058
419,030
30,489
13,061
69,091
0
321,307
1,353,906
0
0
0
0
549,422
535,512
34,384
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
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
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
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
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
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
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
Preferred Stock
0
Paid in Common Capital (Net)
29,358
Retained Earnings
(9,433)
Common Dividends
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
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
0
43,656
(5,034)
0
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
0
42,764
14,947
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
0
1,249
49,490
0
CSCR
1996/03/28
657,872
(247,740)
0
(297,577)
(43,886)
(28,828)
6,830
(19,300)
0
0
1997/04/03
752,904
(295,557)
0
(344,399)
(52,572)
(22,022)
(6,459)
(12,900)
0
0
1998/04/02
852,755
(341,988)
0
(403,866)
(70,117)
(35,679)
(42,204)
16,600
0
0
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
0
140,377
8,572
0
12,069
279,904
0
42,926
38,306
2,516
29,047
0
33,794
264,988
34,421
0
0
2,667
118,139
36,582
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
Cost of Goods Sold
(126,930)
R&D Expense
0
SG&A Expense
(132,918)
Depreciation & Amortization
(22,544)
Interest Expense
(17,028)
Non-Operating Income (Loss)
0
Income Taxes
(11,246)
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
22,687
Receivables
3,814
Inventories
1,939
Other Current Assets
5,025
PP&E (Net)
293,971
Investments
4,631
Intangibles
43,156
Other Assets
2,375
Current Debt
9,352
Accounts Payable
23,478
Income Taxes Payable
0
Other Current Liabilities
11,327
(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
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
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
1996/12/31
426,726
(174,220)
0
(170,108)
(28,408)
(20,289)
(45,447)
4,469
0
0
0
0
13,295
4,822
2,631
5,363
387,915
10,324
62,608
2,425
15,026
21,432
0
17,240
1997/12/31
458,598
(188,006)
0
(181,455)
(33,443)
(23,142)
0
(12,366)
0
0
0
0
19,587
758
3,082
7,548
497,056
14,148
68,149
9,669
19,077
26,122
0
17,833
CCIN
1995/12/31
364,749
(150,613)
0
(149,164)
(27,216)
(16,031)
0
(8,638)
0
0
0
0
18,847
12,211
2,936
5,632
371,851
4,973
59,231
2,331
12,205
24,873
0
19,102
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
143,973
0
17,512
0
0
100,098
71,858
Company Name and Ticker
KOHL’S CORP
Common Shares Outstanding (000)
307,000
Fiscal Year End (YYYY-MM-DD)
2006/01/31
Sales (Net)
13,402,217
Cost of Goods Sold
(8,670,484)
R&D Expense
0
SG&A Expense
(3,007,842)
Depreciation & Amortization
(307,710)
Interest Expense
(79,383)
Non-Operating Income (Loss)
8,992
Income Taxes
(503,830)
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
286,916
Receivables
1,652,065
Inventories
2,237,568
Other Current Assets
89,503
PP&E (Net)
4,543,832
Investments
0
Intangibles
221,718
Other Assets
121,436
Current Debt
107,941
Accounts Payable
829,971
Income Taxes Payable
166,908
Other Current Liabilities
641,635
Long-Term Debt
1,046,104
Other Liabilities
185,340
Deferred Taxes
217,801
Minority Interest
0
Preferred Stock
0
Paid in Common Capital (Net)
1,586,485
Retained Earnings
4,370,853
Common Dividends
0
Company Name and Ticker
NORDSTROM INC
Common Shares Outstanding (000)
217,700
Fiscal Year End (YYYY-MM-DD)
2006/01/31
218,305
0
18,433
0
0
100,149
84,945
0
253,233
0
4,522
0
0
100,262
77,668
0
341,662
0
12,431
0
0
105,018
97,854
0
2008/01/31
16,473,734
(10,459,549)
0
(3,757,563)
(452,145)
(98,712)
36,296
(658,210)
0
0
0
0
663,671
0
2,855,733
204,485
6,509,819
0
219,296
107,078
12,701
835,985
124,254
798,508
2,051,875
372,705
262,451
0
0
(461,782)
6,563,385
0
2009/01/31
16,389,000
(10,334,000)
0
(3,978,000)
(541,000)
(140,000)
29,000
(540,000)
0
0
0
0
676,000
0
2,799,000
225,000
6,984,000
332,000
210,000
108,000
17,000
881,000
105,000
812,000
2,053,000
407,000
320,000
0
0
(663,000)
7,402,000
0
KSS
2007/01/31
15,544,184
(9,890,513)
0
(3,451,196)
(387,674)
(74,427)
34,071
(665,764)
0
0
0
0
620,400
0
2,588,099
192,541
5,352,974
0
228,624
58,539
18,841
934,376
233,263
732,178
1,040,057
235,537
243,530
0
0
123,861
5,479,534
0
JWN
2007/01/31
2008/01/31
2009/01/31
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
7,919,214
(4,611,695)
0
(2,100,666)
(276,328)
(63,378)
18,078
(333,886)
0
0
0
0
516,656
1,200,694
955,978
200,829
1,773,871
0
140,912
132,409
306,618
540,019
81,617
695,058
627,776
577,580
0
0
0
685,607
1,407,074
134,000
8,793,637
(5,069,429)
0
(2,296,863)
(284,520)
(62,409)
19,651
(427,654)
0
5,586
0
0
402,559
1,112,551
997,289
229,794
1,757,215
0
135,714
186,456
6,800
576,796
76,095
773,452
623,652
596,262
0
0
0
826,421
1,342,100
110,158
9,120,000
(5,257,000)
0
(2,360,000)
(269,000)
(102,000)
28,000
(458,000)
0
13,000
0
0
358,000
1,788,000
956,000
259,000
1,983,000
0
53,000
203,000
261,000
556,000
58,000
760,000
2,236,000
614,000
0
0
0
936,000
179,000
134,000
8,573,000
(5,115,000)
0
(2,386,000)
(302,000)
(145,000)
23,000
(247,000)
0
0
0
0
72,000
1,942,000
900,000
303,000
2,221,000
0
53,000
170,000
299,000
563,000
0
739,000
2,214,000
636,000
0
0
0
997,000
213,000
138,000
Company Name and Ticker
ROSS STORES INC
ROST
Common Shares Outstanding (000)
122,929
Fiscal Year End (YYYY-MM-DD)
2006/01/28
2007/02/03
2008/02/02
Sales (Net)
4,944,179
5,570,210
5,975,212
Cost of Goods Sold
(3,832,296)
(4,317,527)
(4,618,220)
R&D Expense
0
0
0
SG&A Expense
(786,439)
(863,033)
(935,901)
Depreciation & Amortization
0
0
0
Interest Expense
(4,102)
(2,873)
(9,771)
Non-Operating Income (Loss)
7,000
11,500
13,800
Income Taxes
(128,710)
(156,643)
(164,069)
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.
204,530
372,635
263,678
Receivables
29,122
30,105
37,468
2009/01/31
6,486,139
(4,956,576)
0
(1,034,357)
0
(8,343)
8,500
(189,922)
0
0
0
0
322,153
96,411
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
938,091
57,104
639,852
11,202
12,086
46,751
50,000
474,614
25,586
328,783
0
122,926
100,657
0
0
476,415
359,757
0
Company Name and Ticker
CABELA’S INC
Common Shares Outstanding (000)
66,923
Fiscal Year End (YYYY-MM-DD)
2004/12/31
Sales (Net)
1,555,974
Cost of Goods Sold
(895,822)
R&D Expense
0
SG&A Expense
(533,094)
Depreciation & Amortization
(29,843)
Interest Expense
(8,178)
Non-Operating Income (Loss)
11,044
Income Taxes
(35,085)
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
248,184
Receivables
38,733
Inventories
313,002
Other Current Assets
128,568
PP&E (Net)
294,141
Investments
0
Intangibles
4,555
Other Assets
201,048
Current Debt
28,327
Accounts Payable
100,826
Income Taxes Payable
0
Other Current Liabilities
324,588
Long-Term Debt
119,825
Other Liabilities
71,686
Deferred Taxes
16,625
Minority Interest
0
1,051,729
60,487
748,233
31,136
13,916
50,350
0
698,063
33,577
351,617
150,000
32,510
182,994
0
0
524,910
384,920
33,634
1,025,295
71,560
868,315
40,766
12,796
51,444
0
637,158
21,818
351,629
150,000
57,340
182,728
0
0
554,558
416,091
40,638
881,058
14,093
951,656
38,014
10,971
41,155
0
536,745
9,120
409,394
150,000
61,994
191,889
0
0
595,397
400,972
49,838
2006/12/31
2,063,524
(1,158,840)
0
(715,380)
(45,559)
(17,947)
11,458
(51,471)
0
0
0
0
172,903
196,359
484,414
100,545
600,065
0
0
196,944
33,294
239,285
0
346,255
284,579
83,519
30,440
0
2007/12/31
2,349,599
(1,318,523)
0
(820,121)
(59,863)
(20,243)
8,378
(51,348)
0
0
0
0
131,182
244,270
608,159
110,777
904,052
0
8,123
206,267
126,785
281,391
0
422,928
376,600
145,454
31,113
0
CAB
2005/12/31
1,799,661
(1,029,410)
0
(620,376)
(34,912)
(10,928)
11,335
(42,801)
0
0
0
0
86,923
125,000
396,635
85,469
459,622
0
3,617
209,014
21,652
162,305
0
364,511
90,777
66,992
20,190
0
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
0
239,560
326,794
0
0
240,490
399,363
0
0
248,710
485,148
0
0
257,287
571,272
0
Company Name and Ticker
Sporting Goods Stores
MG740
Common Shares Outstanding (000)
36,184
Fiscal Year End (YYYY-MM-DD)
2004/12/31
2005/12/31
2006/12/31
Sales (Net)
651,734
872,581
821,884
Cost of Goods Sold
(421,579)
(563,859)
(528,199)
R&D Expense
(16)
0
0
SG&A Expense
(174,364)
(233,253)
(223,527)
Depreciation & Amortization
(12,576)
(17,408)
(16,495)
Interest Expense
(4,537)
(6,317)
(5,004)
Non-Operating Income (Loss)
172
(2,556)
178
Income Taxes
(15,398)
(18,753)
(19,677)
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.
42,632
25,177
38,846
Receivables
11,656
25,127
30,569
Inventories
144,192
194,027
185,408
Other Current Assets
22,476
18,525
20,651
PP&E (Net)
99,332
144,468
143,097
Investments
0
0
0
Intangibles
31,898
36,124
28,497
Other Assets
30,888
37,687
29,621
Current Debt
4,838
4,404
9,047
Accounts Payable
62,191
85,744
82,179
Income Taxes Payable
0
0
0
Other Current Liabilities
75,927
97,766
83,285
Long-Term Debt
70,604
66,984
62,413
Other Liabilities
24,750
31,116
33,827
Deferred Taxes
2,409
2,884
3,518
Minority Interest
0
0
5
Preferred Stock
376
0
0
Paid in Common Capital (Net)
83,749
96,119
94,620
Retained Earnings
58,230
96,118
107,797
Common Dividends
198
907
857
2007/12/31
952,757
(608,868)
0
(262,510)
(20,814)
(5,199)
(3,610)
(21,873)
0
0
0
0
23,553
38,123
235,144
25,673
191,863
0
50,143
28,502
21,659
99,914
0
105,453
75,812
47,818
3,676
0
0
102,424
136,246
898
Company Name
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
2004/12/31
66,854
(120,914)
(30,520)
(498,354)
SIRIUS SATELLITE RADIO INC SIRI
1,346,227
2001/12/31
2002/12/31
2003/12/31
0
805
12,872
(47,464)
(69,898)
(86,774)
(47,794)
(30,087)
(24,534)
(64,146)
(131,200)
(243,741)
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
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
(9,052)
(89,686)
22,379
0
0
0
0
0
323,742
0
0
12,303
1,082,915
7,200
83,654
17,791
0
39,836
0
20,477
639,990
19,485
0
0
485,168
827,647
(504,998)
0
(82,747)
(106,163)
(3,191)
0
0
0
0
0
173,702
0
0
25,907
1,032,874
7,200
83,654
17,603
0
43,336
0
4,984
670,357
54,264
0
0
531,153
964,325
(927,479)
0
(95,353)
(50,510)
261,825
0
0
0
0
0
551,880
0
0
27,784
941,052
6,750
83,654
6,197
0
65,919
0
16,084
194,803
11,593
3,724
0
0
2,478,888
(1,153,694)
0
(95,370)
(41,386)
11,729
(4,201)
0
0
0
0
763,874
0
0
47,166
881,280
92,615
83,654
89,024
0
5,525
0
263,989
656,274
15,501
15,691
0
0
2,866,489
(1,865,856)
0
VERIZON COMMUNICATIONS
VZ
1,979,509
2004/12/31
2005/12/31
2006/12/31
71,283,000
75,112,000
88,144,000
(23,168,000)
(25,469,000)
(34,994,000)
0
0
0
(21,088,000)
(21,312,000)
(25,232,000)
(13,910,000)
(14,047,000)
(14,545,000)
(2,384,000)
(2,180,000)
(2,349,000)
1,788,000
1,548,000
1,168,000
(2,851,000)
(3,210,000)
(2,674,000)
(2,409,000)
(3,045,000)
(4,038,000)
0
0
(42,000)
570,000
0
759,000
0
0
0
4,547,000
3,274,000
5,653,000
9,801,000
9,171,000
10,891,000
1,535,000
1,780,000
1,514,000
3,596,000
2,223,000
4,480,000
74,124,000
75,305,000
82,356,000
0
0
0
2007/12/31
93,469,000
(37,547,000)
0
(25,967,000)
(14,377,000)
(1,829,000)
796,000
(3,982,000)
(5,053,000)
0
11,000
0
3,397,000
11,736,000
1,729,000
1,836,000
85,294,000
0
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
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
47,448,000
24,907,000
3,593,000
13,177,000
0
6,359,000
35,674,000
22,010,000
22,532,000
25,053,000
0
24,576,000
12,984,000
4,262,000
APPLE INC
899,806
2005/09/24
13,931,000
(9,889,000)
(535,000)
(1,864,000)
0
0
165,000
(480,000)
0
0
0
0
8,261,000
1,312,000
165,000
562,000
817,000
0
134,000
265,000
0
1,779,000
0
1,708,000
0
293,000
308,000
0
0
3,503,000
3,925,000
0
52,933,000
23,444,000
7,141,000
12,351,000
0
5,571,000
31,869,000
22,353,000
22,411,000
26,754,000
0
23,775,000
15,905,000
4,427,000
61,754,000
22,156,000
7,715,000
14,320,000
0
10,245,000
28,646,000
34,736,000
16,270,000
28,337,000
0
31,211,000
17,324,000
4,719,000
61,029,000
21,938,000
2,954,000
4,491,000
0
17,296,000
28,203,000
36,362,000
14,784,000
32,288,000
0
32,697,000
17,884,000
4,773,000
AAPL
2006/09/30
19,315,000
(13,717,000)
(712,000)
(2,433,000)
0
0
365,000
(829,000)
0
0
0
0
10,110,000
2,845,000
270,000
1,284,000
1,281,000
0
198,000
1,217,000
0
3,390,000
0
3,081,000
0
369,000
381,000
0
0
4,377,000
5,607,000
0
2007/09/29
24,006,000
(15,852,000)
(782,000)
(2,963,000)
0
0
599,000
(1,512,000)
0
0
0
0
15,386,000
4,029,000
346,000
2,195,000
1,832,000
0
420,000
1,139,000
0
4,970,000
0
4,329,000
0
897,000
619,000
0
0
5,431,000
9,101,000
0
2008/09/27
32,479,000
(21,334,000)
(1,109,000)
(3,761,000)
0
0
620,000
(2,061,000)
0
0
0
0
24,490,000
4,704,000
509,000
4,987,000
2,455,000
0
559,000
1,868,000
0
5,520,000
0
8,572,000
0
746,000
3,704,000
0
0
7,185,000
13,845,000
0
Company Name
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
INTERNATIONAL BUSINESS MACHINES
IBM
CORP
1,305,337
2005/12/31
2006/12/31
2007/12/31
91,134,000
91,424,000
98,786,000
(54,602,000)
(53,129,000)
(57,057,000)
(5,842,000)
(6,107,000)
(6,153,000)
(21,314,000)
(20,259,000)
(22,060,000)
0
0
0
(220,000)
(278,000)
(611,000)
3,070,000
1,666,000
1,584,000
(4,232,000)
(3,901,000)
(4,071,000)
0
0
0
0
0
0
(60,000)
76,000
0
0
0
0
13,686,000
10,656,000
16,146,000
24,428,000
26,848,000
28,789,000
2,841,000
2,810,000
2,664,000
4,706,000
4,346,000
5,578,000
13,756,000
14,440,000
15,081,000
1,174,000
1,618,000
1,940,000
11,104,000
15,056,000
16,392,000
34,053,000
27,460,000
33,841,000
7,216,000
8,902,000
12,235,000
7,349,000
7,964,000
8,054,000
4,710,000
4,670,000
3,673,000
15,877,000
18,555,000
20,348,000
15,425,000
13,780,000
23,039,000
18,020,000
17,690,000
20,489,000
4,053,000
3,167,000
4,124,000
0
0
0
0
0
0
(11,636,000)
(23,926,000)
(32,171,000)
44,734,000
52,432,000
60,640,000
0
0
0
2008/12/31
103,630,000
(57,969,000)
(6,337,000)
(23,386,000)
0
(673,000)
1,450,000
(4,381,000)
0
0
0
0
12,907,000
31,854,000
2,701,000
1,542,000
14,305,000
0
21,104,000
25,111,000
11,236,000
7,014,000
2,743,000
21,442,000
22,689,000
30,815,000
0
0
0
(56,768,000)
70,353,000
0
Company Name
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
ROYAL CARIBBEAN CRUISES LTD
RCL
215,900
2006/12/31
2007/12/31
2008/12/31
5,229,584
6,149,139
6,532,525
(3,249,629)
(3,981,698)
(4,403,666)
0
0
0
(699,864)
(783,040)
(776,522)
(421,645)
(483,066)
(520,353)
(252,623)
(313,759)
(313,196)
28,099
15,829
54,934
0
0
0
2009/12/31
5,889,826
(4,071,102)
0
(761,999)
(568,214)
(292,996)
(33,094)
0
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
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
0
0
0
0
104,520
185,886
76,969
134,529
11,429,106
0
721,514
740,564
373,422
193,794
0
1,305,152
5,040,322
388,823
0
0
0
2,483,166
3,608,409
0
0
0
0
230,784
313,640
96,813
351,554
12,253,784
0
797,791
937,915
351,725
222,895
0
1,764,675
5,346,547
539,096
0
0
0
2,521,511
4,235,832
98,298
0
0
0
0
402,878
271,287
96,077
207,095
13,878,998
0
779,246
827,729
471,893
245,225
0
1,957,107
6,539,510
446,563
0
0
0
2,530,419
4,272,593
128,045
0
0
0
0
284,619
338,804
107,877
295,091
15,268,053
0
792,373
1,146,677
756,215
264,554
0
1,728,261
7,663,555
321,192
0
0
0
2,562,034
4,937,683
0
CARNIVAL CORP/PLC (USA)
CCL
790,000
2006/11/30
2007/11/30
2008/11/30
11,839,000
13,033,000
14,947,000
(6,791,000)
(7,628,000)
(9,340,000)
0
0
0
(1,447,000)
(1,579,000)
(1,629,000)
(988,000)
(1,101,000)
(1,249,000)
(287,000)
(300,000)
(385,000)
(8,000)
(1,000)
27,000
(39,000)
(16,000)
(47,000)
0
0
0
0
0
0
0
0
0
0
0
0
1,163,000
943,000
650,000
280,000
436,000
418,000
263,000
331,000
315,000
289,000
266,000
267,000
23,458,000
26,639,000
26,457,000
0
0
0
4,634,000
5,003,000
4,560,000
465,000
563,000
733,000
1,492,000
2,539,000
1,608,000
438,000
561,000
512,000
2009/11/30
13,460,000
(8,407,000)
0
(1,590,000)
(1,309,000)
(366,000)
18,000
(16,000)
0
0
0
0
538,000
362,000
320,000
298,000
29,870,000
0
4,797,000
650,000
950,000
568,000
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
0
3,485,000
6,355,000
572,000
0
0
0
5,949,000
12,261,000
0
4,160,000
6,313,000
645,000
0
0
0
5,746,000
14,217,000
990,000
0
3,661,000
7,735,000
786,000
0
0
0
5,741,000
13,357,000
1,261,000
0
3,449,000
9,097,000
732,000
0
0
0
6,016,000
16,023,000
314,000
rt of the eVal financial statements
Intel
RCL 2010
Carnival 2010
Apple
Sirius
Cabelas
Sporting Goods Industry
Verizon
IBM
1999/06/30
4,777,000
(3,465,000)
(286,000)
(408,000)
(65,000)
0
543,000
(334,000)
0
0
0
0
1,424,000
323,000
0
232,000
657,000
2,151,000
454,000
107,000
0
74,000
0
1,651,000
348,000
15,000
227,000
0
0
2,882,000
151,000
0
back to top
2000/12/31
2,761,983
(2,106,206)
0
(972,777)
(321,772)
(130,921)
(336,984)
0
0
(304,596)
0
0
1,100,522
0
174,563
86,044
366,416
92,250
255,325
60,049
16,577
485,383
0
472,996
2,127,464
0
0
0
0
1,326,050
(2,293,301)
0
back to top
2000/12/31
20,000
(12,000)
0
0
(2,000)
(1,000)
0
(2,000)
0
0
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
back to top
1999/12/31
29,389,000
(11,836,000)
(3,503,000)
(3,872,000)
(411,000)
(36,000)
1,497,000
(3,914,000)
0
0
0
0
11,400,000
3,700,000
1,478,000
1,241,000
11,715,000
7,911,000
4,934,000
1,470,000
230,000
1,370,000
0
5,499,000
955,000
0
3,130,000
0
0
11,237,000
21,428,000
366,740
back to top
2004/12/31
506,228
(188,254)
(22,906)
(187,510)
(88,204)
(170)
2,592
(181)
0
0
0
0
174,461
0
0
12,885
18,728
0
961
44,758
68
49,775
0
45,067
0
600
0
0
0
287,981
(131,698)
0
back to top
2003/12/31
238,945
(211,077)
0
(37,084)
(3,171)
(76)
576
0
0
0
0
(262)
40,346
10,183
29,926
4,583
9,483
0
2,784
427
75
30,363
0
9,316
86
0
0
0
2,978
122,729
(67,815)
262
back to top
1998/12/31
2,636,291
(1,593,728)
0
(359,214)
(194,614)
(167,869)
9,904
0
0
0
0
0
172,921
36,532
31,834
45,044
5,073,008
0
309,801
16,936
127,919
115,833
0
646,403
2,341,163
0
0
0
172,500
1,358,567
923,691
67,734
back to top
1998/11/30
3,009,306
(1,619,377)
0
(369,469)
(200,668)
(57,772)
88,782
(3,815)
(11,102)
0
0
0
143,229
60,837
75,449
90,764
5,768,114
546,693
437,464
56,773
67,626
168,546
0
898,941
1,563,014
0
63,036
132,684
0
905,848
3,379,628
178,458
back to top
2000/07/01
837,302
(504,889)
0
(156,749)
0
(28,761)
0
(55,087)
0
0
0
0
7,606
129,850
219,230
13,859
34,643
0
159,088
0
112,155
35,113
4,578
21,028
215,065
0
2,529
0
0
32,502
141,306
0
back to top
1999/04/01
1,026,721
(407,124)
0
(517,066)
(89,221)
(38,628)
(1,198)
10,500
0
0
0
0
13,239
18,325
0
71,024
726,025
0
18,723
128,394
18,017
69,381
0
101,658
591,603
79,606
0
0
0
110,439
5,026
0
back to top
1998/12/31
481,568
(197,665)
0
(194,985)
(37,502)
(27,230)
(72,999)
18,166
0
0
0
0
18,572
522
3,851
5,886
573,612
20,334
56,954
17,812
1,290
45,533
0
37,842
350,470
36,099
0
0
550
158,884
66,875
0
back to top
2010/01/31
17,178,000
(10,680,000)
0
(4,196,000)
(590,000)
(134,000)
10,000
(597,000)
0
0
0
0
2,267,000
0
2,923,000
295,000
7,018,000
321,000
204,000
132,000
16,000
1,188,000
184,000
1,002,000
2,052,000
488,000
377,000
0
0
(550,000)
8,403,000
0
back to top
2010/01/31
8,627,000
(5,015,000)
0
(2,465,000)
(313,000)
(148,000)
10,000
(255,000)
0
0
0
0
795,000
2,035,000
898,000
326,000
2,242,000
0
53,000
230,000
356,000
726,000
0
932,000
2,257,000
736,000
0
0
0
1,066,000
506,000
139,000
back to top
2010/01/30
7,184,213
(5,327,278)
0
(1,130,813)
0
(9,393)
1,800
(275,772)
0
0
0
0
770,097
102,852
872,498
0
942,999
16,848
2,889
60,450
0
658,299
54,399
477,816
150,000
64,883
205,943
0
0
646,443
510,850
55,202
back to top
2008/12/31
2,552,721
(1,475,541)
0
(871,468)
(64,673)
(29,708)
6,904
(41,831)
0
0
0
0
410,104
213,014
517,657
133,439
920,398
0
5,902
195,552
179,512
189,766
0
331,526
379,336
363,514
38,707
0
0
266,029
647,676
0
back to top
2008/12/31
1,005,890
(654,521)
0
(277,137)
(23,708)
(5,933)
(23,980)
(13,577)
0
0
0
0
58,037
33,992
220,261
26,659
195,647
0
33,253
35,707
23,772
79,343
0
85,203
81,123
78,891
6,264
0
0
106,572
142,389
865
back to top
2005/12/31
242,245
(184,943)
(44,745)
(743,142)
(98,555)
(45,361)
13,815
(2,311)
0
0
0
0
904,422
31,688
14,256
61,082
828,357
82,450
83,654
79,453
0
6,829
0
600,138
1,084,437
12,511
56,479
0
0
3,053,821
(2,728,853)
0
back to top
2008/12/31
97,354,000
(39,007,000)
0
(26,898,000)
(14,565,000)
(1,819,000)
849,000
(3,331,000)
(6,155,000)
0
0
0
10,291,000
11,703,000
2,092,000
1,989,000
86,546,000
0
73,208,000
16,523,000
4,993,000
3,856,000
0
17,057,000
46,959,000
38,813,000
11,769,000
37,199,000
0
22,456,000
19,250,000
4,994,000
back to top
2009/09/26
36,537,000
(23,397,000)
(1,333,000)
(4,149,000)
0
0
326,000
(2,280,000)
0
0
0
0
23,501,000
5,057,000
455,000
7,252,000
2,954,000
10,528,000
559,000
3,545,000
0
5,601,000
0
13,681,000
0
1,286,000
5,451,000
0
0
8,294,000
19,538,000
0
back to top
2009/12/31
95,758,000
(51,973,000)
(5,820,000)
(20,952,000)
0
(498,000)
1,623,000
(4,713,000)
0
0
0
0
14,247,000
30,464,000
2,494,000
1,730,000
14,165,000
1,157,000
23,015,000
21,750,000
4,168,000
7,436,000
3,826,000
20,572,000
21,932,000
24,301,000
4,032,000
0
0
(58,144,000)
80,899,000
0
back to top
2010/12/31
6,752,504
(4,458,076)
0
(848,079)
(643,716)
(330,150)
74,984
0
0
0
0
0
419,929
266,710
126,797
201,635
16,769,181
0
759,328
1,151,324
1,198,929
249,047
0
1,996,522
7,951,187
356,717
0
0
0
2,615,688
5,326,814
0
back to top
2010/11/30
14,469,000
(9,092,000)
0
(1,614,000)
(1,416,000)
(366,000)
(2,000)
(1,000)
0
0
0
0
429,000
248,000
320,000
247,000
30,967,000
0
4,640,000
639,000
1,353,000
503,000
0
3,899,000
8,011,000
693,000
0
0
0
6,061,000
16,970,000
237,000