Key Financial Items

Cash
Receivables
Inventory
Total Current Assets
Total Assets
Total Current Liabilities
Total Liabilities
Total Stockholder Equity
Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense

2007
758
5565
4760
11935
28603
7523
19160
9443
43917
29260
3264
2676
1654
218

2008
716
5776
5343
12928
31392
8314
20327
11065
48163
31790
3519
2960
1841
246

2009
2245
5497
5384
13922
32293
8220
19264
13029
46839
31445
3601
3031
3198
280

2010
1648
6226
5838
14405
34995
9588
20790
14205
52620
34927
4296
3860
2408
334

2011
813
6757
6254
14706
37349
11117
21716
15633
59490
39399
5041
4497
2787
396

Last Historical Year:

2011

Sales g:

Balance Sheet
($ in Millions)
Assets
Cash
Receivables
Inventory
Other Current Assets
Total Current Assets
Net Fixed Assets
Total Assets

758
5,565
4,760
852
11,935
16,668
28,603

716
5,776
5,343
1,093
12,928
18,464
31,392

Liabilities
Total Current Liabilities
Total LT Liabilities
Total Liabilities

7,523
11,637
19,160

Owner's Equity
Total Stockholder Equity
Balance Check:
Income Statement
($ in Millions)
Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense
Dividend Payout Ratio
Additions to Ret. Earn.
Percent of Sales
Cash
Receivables
Inventory
Other Current Assets
Total Current Assets
Net Fixed Assets
Total Assets
Total Current Liabilities
Total LT Liabilities

2007

Historicals
2008
2009

3.00%

2010

2011

2,245
5,497
5,384
796
13,922
18,371
32,293

1,648
6,226
5,838
693
14,405
20,590
34,995

813
6,757
6,254
882
14,706
22,643
37,349

8,314
12,013
20,327

8,220
11,044
19,264

9,588
11,202
20,790

11,117
10,599
21,716

9,443

11,065

13,029

14,205

15,633

Yes

Yes

Yes

Yes

Yes

Historicals
2008
2009
2010
48,163 46,839
52,620
31,790 31,445
34,927
3,519
3,601
4,296
2,960
3,031
3,860
1,841
3,198
2,408
246
280
334
13.36%
8.76% 13.87%

2011
59,490
39,399
5,041
4,497
2,787
396
14.21%

2007
43,917
29,260
3,264
2,676
1,654
218
13.18%

2007

2008

2009

2010

2011

12.67%
10.84%
1.94%

11.99%
11.09%
2.27%

11.74%
11.49%
1.70%

11.83%
11.09%
1.32%

11.36%
10.51%
1.48%

17.13%

17.26%

17.55%

18.22%

18.69%

Total Liabilities
Total Stockholder Equity
Sales
Cost of Sales
EBIT
Pretax Income
Net Income (Loss)
Dividend Expense

100.00% 100.00% 100.00% 100.00% 100.00%

66.63% 66.01% 67.13% 66.38% 66.23%
7.43%
7.31%
7.69%
8.16%
8.47%
6.09%
6.15%
6.47%
7.34%
7.56%
3.77%
3.82%
6.83%
4.58%
4.68%

2012

Ave.
12.68%

11.92%
11.01%
1.74%

17.77%

2015

2016

1,897
7,303
6,744
1,067
17,011
22,643
39,654

4,380
7,522
6,947
1,099
19,948
22,643
42,591

6,938
7,748
7,155
1,132
22,972
22,643
45,615

9,572
7,980
7,370
1,166
26,088
22,643
48,731

12,285
8,219
7,591
1,201
29,297
22,643
51,940

10,889
10,599
21,488

11,215
10,599
21,814

11,552
10,599
22,151

11,898
10,599
22,497

12,255
10,599
22,854

18,167

20,777

23,465

26,234

29,086

Yes

Yes

Yes

Yes

Yes

2015
66,957
44,509
5,231
4,500
3,171
402

2016
68,965
45,844
5,388
4,635
3,266
414

2,769

2,852

2012
61,275
40,732
4,787
4,118
2,902
368
2,534

Ave.

Projections
2013
2014

Projections
2013
2014
63,113
65,006
41,954
43,212
4,931
5,079
4,242
4,369
2,989
3,078
379
390
2,610

2,688

100.00%
66.47%
7.81%
6.72%
4.74%

Blue denotes hardcodes

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Now
Dividend Expense (in millions)
Dividend per Share

PRICE

2012
367.80
0.55

2013
378.83
0.57

0.52

0.50

12.65

r
g
# of Shares (in millions)

6.50%
2.00%
669.3

2014
390.19
0.58

2015
401.90
0.60
P2015
13.74
0.48
11.15

2016
413.96
0.62

2017
422.24
0.63

2018
430.68
0.64

2019 etc.
439.29 etc.
0.66 etc.

Blue denotes hardcodes

Black denotes formulas
Green denotes links to other worksheets

r worksheets

Days

360

Ratio Analysis
Current Ratio
Accounts Receivable Turnover
Average Collection Period
Inventory Turnover
Days to Sell Inventory
Net Profit Margin
Total Asset Turnover

2007
1.6
7.9
45.6
6.1
58.6
3.8%
1.5

Historicals
2008
2009
1.6
1.7
8.5
8.3
43.2
42.2
6.3
5.9
60.5
61.6
3.8%
6.8%
1.5
1.5

2010
1.5
9.0
42.6
6.2
60.2
4.6%
1.5

Current Ratio Observation:

Looking at the current ratio across time, Target appears to be improving, in terms of its preparedn

Accounts Receivable Turnover Observation:

Looking at the accounts receivable ratio across time, Target appears to be getting worse, in term

Average Collection Period Observation:

Looking at the average collection period across time, Target appears to be getting worse, in term
Inventory Turnover Observation:
Looking at the inventory turnover ratio across time, Target appears to be getting worse, in terms
Days to Sell Inventory Observation:
Looking at the days to sell inventory across time, Target appears to be getting worse, in terms of

Net Profit Margin Observation:

Looking at the net profit margin across time, Target appears to be fairly steady, in terms of how e

Total Asset Turnover Observation:

Looking at the total asset turnover ratio across time, Target appears to be getting worse, in terms

2011
1.3
9.2
40.9
6.5
57.1
4.7%
1.6

2012
1.6
8.7
42.9
6.3
59.6
4.7%
1.5

Projections
2013
2014
1.8
2.0
8.5
8.5
42.9
42.9
6.1
6.1
59.6
59.6
4.7%
4.7%
1.5
1.4

2015
2.2
8.5
42.9
6.1
59.6
4.7%
1.4

2016
2.4
8.5
42.9
6.1
59.6
4.7%
1.3

Blue denotes hardcodes

Black denotes formulas
Green denotes links to other

n terms of its preparedness to pay its debt coming due soon with cash from its most liquid assets.

e getting worse, in terms of the number of times per year that it collects an entire balance of accounts receivable, on

e getting worse, in terms of how many days it needs to collect an entire balance of accounts receivable once.

getting worse, in terms of the number of times per year that it turns over an entire balance of inventory, on average.

tting worse, in terms of how many days it needs to turn over an entire balance of inventory once, on average.

eady, in terms of how effective it is in managing all of its expenses while generating sales.

getting worse, in terms of its ability to use all of its assets to generate sales.

otes hardcodes
notes formulas
enotes links to other worksheets

ounts receivable, on average.

eivable once.

entory, on average.

on average.