DCF Model Example - PRGO

Perrigo Company Public Limited Company (NYSE:PRGO) > Financials > Incom
In Millions of the reported currency, except per share items.
Template:
Period Type:
Currency:
Units:
Standard
Annual
Reported Currency
S&P Capital IQ (Default)
Income Statement
Restated
12 months
Jun-27-2009
USD
Restated
12 months
Jun-26-2010
USD
Revenue
Other Revenue
Total Revenue
2,005.6
2,005.6
2,268.2
2,268.2
Cost Of Goods Sold

Gross Profit
1,404.0
601.6
1,512.5
755.6
255.9
76.8
-
298.3
83.5
-
Other Operating Exp., Total
332.7
381.8
Operating Income
268.9
373.8
Interest Expense
Interest and Invest. Income
Net Interest Exp.
(51.1)
24.1
(27.0)
(49.7)
21.3
(28.4)
Currency Exchange Gains (Loss)

Other Non-Operating Inc. (Exp.)
EBT Excl. Unusual Items
(1.1)
240.8
1.2
346.6
Restructuring Charges
Merger & Related Restruct. Charges
Impairment of Goodwill
Gain (Loss) On Sale Of Invest.
Asset Writedown
In Process R & D Exp.
Other Unusual Items
EBT Incl. Unusual Items
(14.6)
(2.9)
(15.1)
(1.6)
(0.3)
206.3
(9.5)
(9.4)
(19.0)
308.6
Income Tax Expense

Earnings from Cont. Ops.
63.5
142.8
84.2
224.4
Earnings of Discontinued Ops.

Extraord. Item & Account. Change
Net Income to Company
2.7
145.5
(0.6)
223.8
For the Fiscal Period Ending

Currency
Selling General & Admin Exp.

R & D Exp.
Depreciation & Amort.
Other Operating Expense/(Income)
Minority Int. in Earnings

Net Income
145.5
223.8
145.5
142.8
223.8
224.4
Per Share Items

Basic EPS
Basic EPS Excl. Extra Items
Weighted Avg. Basic Shares Out.
$1.58
1.55
92.2
$2.45
2.46
91.4
Diluted EPS
Diluted EPS Excl. Extra Items
Weighted Avg. Diluted Shares Out.
$1.56
1.53
93.6
$2.41
2.42
92.8
Normalized Basic EPS

Normalized Diluted EPS
$1.63
1.61
$2.37
2.33
Dividends per Share

Payout Ratio %
$0.22
13.7%
$0.24
10.0%
Supplemental Items
EBITDA
EBITA
EBIT
EBITDAR
Effective Tax Rate %
Current Domestic Taxes
Current Foreign Taxes
Total Current Taxes
Deferred Domestic Taxes
Deferred Foreign Taxes
Total Deferred Taxes
340.2
292.5
268.9
356.4
30.8%
54.6
12.2
66.8
(4.0)
0.7
(3.3)
447.9
399.0
373.8
465.5
27.3%
71.0
29.3
100.3
(0.3)
(15.8)
(16.1)
150.5
1.8
Aug-16-2011
RS
REP
216.6
1.0
Aug-16-2012
RS
REP
Supplemental Operating Expense Items

Advertising Exp.
Selling and Marketing Exp.
General and Administrative Exp.
R&D Exp.
Net Rental Exp.
Imputed Oper. Lease Interest Exp.
Imputed Oper. Lease Depreciation
NA
24.1
NA
76.8
16.1
7.3
8.8
NA
28.3
NA
83.5
17.6
6.2
11.3
Stock-Based Comp., Unallocated

Stock-Based Comp., Total
10.4
10.4
14.7
14.7
Pref. Dividends and Other Adj.

NI to Common Incl Extra Items
NI to Common Excl. Extra Items
Normalized Net Income

Non-Cash Pension Expense
Filing Date
Restatement Type
Calculation Type
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are AD
) > Financials > Income Statement

Restatement:
Order:
Conversion:
Decimals:
Latest Filings
Latest on Right
Historical
Capital IQ (Default)
Restated
12 months
Jun-25-2011
USD
Restated
12 months
Jun-30-2012
USD
12 months
Jun-29-2013
USD
LTM
12 months
Dec-28-2013
USD
2,755.0
2,755.0
3,173.2
3,173.2
3,539.8
3,539.8
3,799.5
3,799.5
1,810.2
944.8
2,050.5
1,122.7
2,248.9
1,290.9
2,391.7
1,407.8
364.4
89.3
-
411.8
105.8
-
473.8
115.2
-
509.8
129.3
-
453.7
517.6
589.0
639.1
491.1
605.1
701.9
768.7
(45.5)
3.2
(42.3)
(64.7)
4.0
(60.7)
(70.0)
4.2
(65.8)
(87.1)
2.8
(84.3)
2.8
451.6
(6.3)
9.9
548.0
7.9
(8.8)
635.2
8.7
(3.9)
689.2
(1.0)
450.6
(8.8)
(27.2)
512.0
(2.9)
(10.9)
(4.7)
(9.0)
607.7
(19.9)
(121.1)
(1.7)
(15.0)
(165.8)
365.7
110.0
340.6
119.0
393.0
165.8
441.9
110.0
255.7
(1.4)
339.2
8.6
401.6
441.9
255.7
339.2
401.6
441.9
255.7
339.2
340.6
401.6
393.0
441.9
441.9
255.7
255.7
$3.67
3.69
92.3
$4.31
4.22
93.2
$4.71
4.71
93.9
$2.69
2.69
95.2
$3.63
3.64
93.5
$4.27
4.18
94.1
$4.68
4.68
94.5
$2.67
2.67
95.8
$3.06
3.02
$3.67
3.64
$4.23
4.2
$4.52
4.5
$0.27
7.5%
$0.31
7.2%
$0.35
7.5%
$0.36
13.7%
594.0
491.1
491.1
615.1
24.4%
119.9
46.2
166.1
(12.9)
(43.3)
(56.2)
740.4
605.1
605.1
764.0
23.2%
82.4
9.1
91.5
34.0
(6.6)
27.4
862.1
795.9
701.9
889.7
27.3%
135.7
24.3
160.0
16.6
(10.9)
5.7
969.4
896.0
768.7
NA
30.1%
135.7
24.3
160.0
16.6
(10.9)
5.7
282.3
1.4
Aug-15-2013
RS
REP
342.5
0.9
Aug-15-2013
RS
REP
397.0
0.9
Aug-15-2013
O
REP
430.8
Feb-06-2014
O
LTM
16.4
34.7
NA
89.3
21.1
6.8
14.3
12.2
39.1
NA
105.8
23.6
10.7
12.9
26.1
47.5
NA
115.2
27.6
9.2
18.4
NA
69.3
14.2
129.3
NA
-
15.4
15.4
19.0
19.0
18.4
18.4
22.6
22.6
as primary ADRs, per share items are ADR-equivalent.
Perrigo Company Public Limited Company (NYSE:PRGO) > Financials > Incom
In Millions of the reported currency, except per share items.
Template:
Period Type:
Currency:
Units:
Standard
Quarterly
Reported Currency
Income Statement
Reclassified
3 months
FQ1/CQ3
Sep-27-2008
USD
Reclassified
3 months
FQ2/CQ4
Dec-27-2008
USD
Revenue
Other Revenue
Total Revenue
455.5
455.5
537.2
537.2
Cost Of Goods Sold

Gross Profit
319.6
136.0
386.9
150.4
58.7
18.2
-
65.6
19.9
-
Other Operating Exp., Total
76.9
85.5
Operating Income
59.1
64.9
(13.1)
7.2
(6.0)
(13.7)
6.2
(7.5)

(0.3)
52.8
(1.1)
56.3
Asset Writedown
Other Unusual Items
52.8
(2.2)
(15.1)
(1.6)
(0.3)
37.1
Income Tax Expense

14.5
38.3
13.0
24.0

(0.3)
38.0
1.0
25.0

Currency

R & D Exp.
Interest Expense
Interest and Invest. Income
Net Interest Exp.
Minority Int. in Earnings

Net Income
38.0
25.0
38.0
38.3
25.0
24.0
Per Share Items

Basic EPS
Basic EPS Excl. Extra Items
Weighted Avg. Basic Shares Out.
$0.41
0.41
92.8
$0.27
0.26
92.0
Diluted EPS
Diluted EPS Excl. Extra Items
Weighted Avg. Diluted Shares Out.
$0.41
0.41
94.6
$0.27
0.26
93.6
Normalized Basic EPS

Normalized Diluted EPS
$0.36
0.35
$0.38
0.38
Dividends per Share

Payout Ratio %
$0.05
12.3%
$0.06
20.2%
Supplemental Items
EBITDA
EBITA
EBIT
Effective Tax Rate %
Current Domestic Taxes
Current Foreign Taxes
Total Current Taxes
Deferred Domestic Taxes
Deferred Foreign Taxes
Total Deferred Taxes
75.9
64.6
59.1
27.4%
NA
NA
NA
NA
-
82.5
64.9
64.9
35.2%
NA
NA
NA
NA
-
33.0
13.1
Nov-02-2009
RD
REP
35.2
NA
Feb-02-2010
RD
REP
6.3
NA
18.2
6.1
NA
19.9
2.8
2.8
Pref. Dividends and Other Adj.

NI to Common Incl Extra Items
NI to Common Excl. Extra Items
Normalized Net Income

Interest on Long Term Debt
Filing Date
Restatement Type
Calculation Type
Supplemental Operating Expense Items
Selling and Marketing Exp.
General and Administrative Exp.
R&D Exp.
Stock-Based Comp., Unallocated
Stock-Based Comp., Total
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are AD
) > Financials > Income Statement

Restatement:
Order:
Conversion:
Decimals:
Latest Filings
Latest on Right
Historical
3 months
FQ3/CQ1
Mar-28-2009
USD
Reclassified
3 months
FQ4/CQ2
Jun-27-2009
USD
Restated
3 months
FQ1/CQ3
Sep-26-2009
USD
Restated
3 months
FQ2/CQ4
Dec-26-2009
USD
Restated
3 months
FQ3/CQ1
Mar-27-2010
USD
505.9
505.9
508.2
508.2
528.3
528.3
582.4
582.4
537.6
537.6
356.3
149.6
343.6
164.6
364.8
163.5
384.8
197.6
350.1
187.5
59.8
17.9
-
71.8
21.9
-
58.3
18.8
-
78.9
20.7
-
73.1
17.7
-
77.7
93.7
77.1
99.6
90.8
71.9
70.9
86.4
98.0
96.7
(12.4)
5.5
(7.0)
(12.1)
5.4
(6.7)
(11.8)
5.3
(6.5)
(10.7)
5.3
(5.4)
(11.2)
5.3
(5.9)
3.0
(4.2)
63.8
1.3
65.5
1.5
(1.1)
80.4
(0.3)
1.4
93.6
0.5
0.9
92.2
63.8
(14.6)
(0.7)
0
0
0
50.1
(0.3)
(14.0)
(1.1)
64.9
93.6
(7.5)
(0.1)
84.6
17.3
46.5
17.9
32.3
13.8
51.1
30.8
62.8
23.1
61.5
(0.6)
45.9
2.9
35.2
0.8
51.9
(2.0)
60.8
0.6
62.2
45.9
35.2
51.9
60.8
62.2
45.9
46.5
35.2
32.3
51.9
51.1
60.8
62.8
62.2
61.5
$0.5
0.51
92.0
$0.38
0.35
92.0
$0.56
0.56
92.0
$0.66
0.69
91.6
$0.68
0.67
91.2
$0.49
0.5
93.2
$0.38
0.35
93.3
$0.56
0.55
93.4
$0.66
0.68
93.0
$0.67
0.66
92.6
$0.43
0.43
$0.45
0.44
$0.55
0.54
$0.64
0.63
$0.63
0.62
$0.06
11.1%
$0.06
14.7%
$0.06
9.8%
$0.06
9.4%
$0.06
NA
88.4
71.9
71.9
27.1%
NA
NA
NA
NA
-
90.1
76.2
70.9
35.6%
54.6
11.4
66.0
(4.0)
0.7
(3.3)
102.7
91.7
86.4
21.3%
NA
NA
NA
NA
-
116.0
103.8
98.0
32.9%
NA
NA
NA
NA
-
114.3
96.7
96.7
27.2%
NA
NA
NA
NA
-
39.9
12.4
Apr-29-2010
NC
REP
40.9
NA
Aug-12-2010
RC
Q4
50.2
11.8
Nov-02-2010
RS
REP
58.5
10.7
Feb-01-2011
RS
REP
57.6
11.2
May-03-2011
RS
REP
6.2
NA
17.9
5.7
NA
21.9
6.5
NA
18.8
7.1
NA
20.7
7.9
NA
17.7
3.0
3.0
2.9
2.9
as primary ADRs, per share items are ADR-equivalent.
Restated
3 months
FQ4/CQ2
Jun-26-2010
USD
3 months
FQ1/CQ3
Sep-25-2010
USD
Reclassified
3 months
FQ2/CQ4
Dec-25-2010
USD
Reclassified
3 months
FQ3/CQ1
Mar-26-2011
USD
Reclassified
3 months
FQ4/CQ2
Jun-25-2011
USD
619.8
619.8
641.3
641.3
717.5
717.5
691.6
691.6
704.6
704.6
413.4
206.4
427.4
214.0
468.0
249.5
452.4
239.1
462.4
242.3
88.0
26.4
-
84.5
17.7
-
92.7
24.6
-
92.7
23.5
-
94.6
23.4
-
114.4
102.2
117.3
116.2
118.0
92.0
111.8
132.2
122.9
124.3
(16.0)
5.4
(10.6)
(11.6)
1.5
(10.1)
(11.0)
0.3
(10.7)
(11.2)
0.3
(10.9)
(11.8)
1.1
(10.6)
(1.1)
0.6
80.8
1.0
(0.4)
102.2
0.2
0.4
122.2
0.3
0.5
112.8
2.7
(1.9)
114.4
(2.0)
(8.4)
(5.0)
0.1
65.5
102.2
122.2
112.8
(1.0)
113.4
16.5
49.0
28.6
73.7
32.4
89.8
21.2
91.5
27.8
85.6
(0.1)
48.9
0.7
74.4
0.4
90.2
(2.4)
89.1
0
85.6
48.9
74.4
90.2
89.1
85.6
48.9
49.0
74.4
73.7
90.2
89.8
89.1
91.5
85.6
85.6
$0.54
0.54
91.3
$0.81
0.8
91.8
$0.98
0.97
92.2
$0.96
0.99
92.5
$0.91
0.91
93.9
$0.53
0.53
92.9
$0.8
0.79
93.3
$0.96
0.96
93.4
$0.95
0.98
93.5
$0.91
0.91
93.9
$0.55
0.54
$0.7
0.69
$0.83
0.82
$0.76
0.75
$0.76
0.76
$0.06
11.8%
$0.06
7.8%
$0.07
7.2%
$0.07
NA
$0.07
7.6%
114.3
100.7
92.0
25.2%
71.0
29.3
100.3
(0.3)
(15.8)
(16.1)
135.2
123.1
111.8
27.9%
NA
NA
NA
NA
-
159.2
143.6
132.2
26.5%
NA
NA
NA
NA
-
148.8
122.9
122.9
18.8%
NA
NA
NA
NA
-
151.0
136.7
124.3
24.5%
120.0
46.2
166.1
(12.8)
(43.3)
(56.1)
50.5
NA
Aug-16-2011
RS
Q4
63.9
NA
Oct-27-2011
NC
REP
76.3
NA
Feb-07-2012
RC
REP
70.5
NA
May-08-2012
RC
REP
71.5
NA
Aug-16-2012
RC
Q4
6.8
NA
26.4
8.3
NA
17.7
8.9
NA
24.6
8.5
NA
23.5
9.0
NA
23.4
3.5
3.5
3.7
3.7
3.8
3.8
Reclassified
3 months
FQ1/CQ3
Sep-24-2011
USD
3 months
FQ2/CQ4
Dec-31-2011
USD
3 months
FQ3/CQ1
Mar-31-2012
USD
3 months
FQ4/CQ2
Jun-30-2012
USD
Restated
3 months
FQ1/CQ3
Sep-29-2012
USD
725.3
725.3
838.2
838.2
778.0
778.0
769.8
769.8
470.5
254.8
543.3
294.9
498.7
279.3
484.5
285.3
103.2
19.6
-
103.1
31.1
-
98.2
28.0
-
101.3
27.4
-
122.8
134.2
126.1
128.7
131.9
160.7
153.2
156.6
(13.7)
1.1
(12.6)
(16.5)
0.9
(15.6)
(17.6)
0.9
(16.7)
(17.2)
1.3
(15.9)
(2.1)
1.9
119.1
(2.8)
2.0
144.3
1.7
3.5
141.7
(0.7)
0.8
140.8
(30.4)
88.8
144.3
(7.1)
134.6
140.8
18.3
70.5
44.5
99.7
18.9
115.7
35.2
105.6
70.5
99.7
115.7
105.6
70.5
99.7
115.7
105.6
70.5
70.5
99.7
99.7
115.7
115.7
105.6
105.6
$0.76
0.76
92.9
$1.07
1.07
93.2
$1.24
1.24
93.3
NA
NA
NA
$1.13
1.13
93.6
$0.75
0.75
94.0
$1.06
1.06
94.0
$1.23
1.23
94.1
NA
NA
NA
$1.12
1.12
94.3
$0.8
0.79
$0.97
0.96
$0.95
0.94
NA
NA
$0.94
0.93
$0.07
9.3%
$0.08
7.5%
$0.08
6.5%
NA
NA
$0.08
7.1%
166.7
152.0
131.9
20.6%
NA
NA
NA
NA
-
193.1
178.4
160.7
30.9%
NA
NA
NA
NA
-
187.8
171.7
153.2
14.0%
NA
NA
NA
NA
-
NA
NA
NA
NA
NA
NA
NA
NA
-
190.0
175.4
156.6
25.0%
NA
NA
NA
NA
-
74.5
NA
Nov-07-2012
RC
REP
90.2
NA
Feb-01-2013
NC
REP
88.6
NA
May-07-2013
NC
REP
NA
NA
NA
DO
NA
88.0
NA
Nov-04-2013
RS
REP
10.3
NA
19.6
9.1
NA
31.1
10.2
NA
28.0
NA
NA
NA
10.8
NA
27.4
3.9
3.9
4.8
4.8
Restated
3 months
FQ2/CQ4
Dec-29-2012
USD
3 months
FQ3/CQ1
Mar-30-2013
USD
3 months
FQ4/CQ2
Jun-29-2013
USD
3 months
FQ1/CQ3
Sep-28-2013
USD
3 months
FQ2/CQ4
Dec-28-2013
USD
883.0
883.0
919.8
919.8
967.2
967.2
933.4
933.4
979.0
979.0
568.1
314.9
586.6
333.3
609.7
357.5
577.1
356.3
618.3
360.7
115.0
28.3
-
124.2
28.5
-
133.3
31.0
-
142.2
32.3
-
122.0
37.5
-
143.3
152.8
164.2
174.5
159.5
171.6
180.5
193.3
181.8
201.2
(16.8)
1.5
(15.3)
(16.9)
0.9
(16.1)
(19.2)
0.6
(18.6)
(23.8)
0.7
(23.1)
(28.2)
0.6
(27.6)
2.2
(2.3)
156.2
1.6
(2.5)
163.6
4.8
(4.8)
174.7
(0.5)
1.2
159.4
2.7
0.6
176.9
(7.7)
(3.0)
145.5
(1.9)
(1.6)
160.1
(2.9)
(1.3)
0
(9.0)
161.4
(2.1)
157.3
(14.9)
(103.2)
(6.0)
(165.8)
(113.0)
39.5
106.0
48.2
111.9
43.0
118.4
45.9
111.4
(27.0)
(86.0)
106.0
111.9
118.4
111.4
(86.0)
106.0
111.9
118.4
111.4
(86.0)
106.0
106.0
111.9
111.9
118.4
118.4
111.4
111.4
(86.0)
(86.0)
$1.13
1.13
93.9
$1.19
1.19
94.0
$1.26
1.26
94.1
$1.18
1.18
94.2
($0.87)
(0.87)
98.7
$1.12
1.12
94.5
$1.18
1.18
94.5
$1.26
1.26
94.7
$1.18
1.18
94.7
($0.87)
(0.87)
98.7
$1.04
1.03
$1.09
1.08
$1.16
1.15
$1.06
1.05
$1.12
1.12
$0.09
8.0%
$0.09
7.6%
$0.09
7.2%
$0.09
7.6%
$0.09
NM
208.1
193.1
171.6
27.1%
NA
NA
NA
NA
-
223.4
205.1
180.5
30.1%
NA
NA
NA
NA
-
240.6
222.3
193.3
26.6%
135.7
24.3
160.0
16.6
(10.9)
5.7
229.5
211.6
181.8
29.2%
NA
NA
NA
NA
-
263.9
245.0
201.2
NM
NA
NA
NA
NA
-
97.6
NA
Feb-06-2014
RS
REP
102.2
NA
Feb-06-2014
NC
RUP
109.2
NA
Aug-15-2013
O
Q4
99.6
NA
Nov-04-2013
O
REP
110.6
NA
Feb-06-2014
O
REP
54.8
60.2
28.3
12.6
NA
28.5
12.5
NA
31.0
13.2
NA
32.3
61.3
60.7
37.5
4.4
4.4
5.9
5.9
Perrigo Company Public Limited Company (NYSE:PRGO) > Financials > Balan
Template:
Period Type:
Currency:
Units:
As Presented
Annual
Reported Currency
Balance Sheet
Balance Sheet as of:
Jun-28-2008
USD
Thousands
Jun-27-2009
USD
Thousands
318,599.0
560.0
317,875.0
10,215.0
374,782.0
42,241.0
36,951.0
58,968.0
1,160,191.0
316,133.0
3.0
325,810.0
8,926.0
384,794.0
23,261.0
23,658.0
51,699.0
1,134,284.0
254,030.0
22,275.0
443,288.0
(381,053.0)
73,726.0
220,724.0
287,112.0
400,000.0
34,202.0
63,914.0
2,578,409.0
262,990.0
22,876.0
478,085.0
(409,634.0)
214,207.0
268,819.0
400,000.0
21,854.0
49,756.0
2,443,237.0
Current Liabilities
Accounts Payable
Payrolls and Related Taxes
Accrued Expenses
Accrued Customer Programs
Short-term Debts
Current Portion of Long-term Debt
Accrued Income Taxes
Current Deferred Income Taxes
Current Liabilities of Discontinued Operations
CIQ Balancing Difference - Total Current Liabilities
Total Current Liabilities
235,922.0
70,977.0
55,055.0
53,419.0
20,095.0
3,317.0
24,493.0
25,716.0
488,994.0
271,537.0
54,196.0
61,704.0
54,461.0
17,181.0
3,334.0
19,620.0
482,033.0
Non Current Liabilities

Long-term Debt-less Current Portion
895,095.0
875,000.0
Currency
Units
Current Assets
Cash and Cash Equivalents
Investment Securities
Accounts Receivables
Refundable Incomes Taxes
Inventories
Prepaid Expenses and Other Current Assets
Restricted Cash
Current Assets of Discontinued Operations
Total Current Assets
Non Current Assets
Buildings
Land
Machinery, Equipment
Accumulated Depreciation
Noncurrent Deferred Income Taxes
Other Intangible Assets
Goodwill and Other Indefinite Lived Intangible Assets
Restricted Cash
Non-current Assets of Discontinued Operations
Other Non-current Assets
CIQ Balancing Difference - Total Assets
Total Assets
Noncurrent Deferred Income Taxes

Minority Interest
Non-current Liabilities of Discontinued Operation
Other Non-current Liabilities
CIQ Balancing Difference - Total Long-Term Liabilities
138,158.0
15,994.0
106,453.0
-
65,326.0
548.0
11,933.0
86,476.0
-
Shareholders' Equity
Common Stock - Par Value
488,537.0
452,243.0
Retained Earnings
289,994.0
419,086.0
Accumulated Other Comprehensive Income (Loss)
155,184.0
50,592.0
Total Shareholders Equity
933,715.0
922,469.0
Total Liabilities & Shareholders Equity
2,578,409.0
2,443,237.0
Debt/Equity
1.76
1.65
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are
) > Financials > Balance Sheet

Restatement:
Order:
Conversion:
Decimals:
Latest Filings
Latest on Right
Historical
Jun-26-2010
USD
Thousands
Jun-25-2011
USD
Thousands
Jun-30-2012
USD
Millions
Jun-29-2013
USD
Millions
109,765.0
559.0
359,809.0
14,439.0
452,980.0
27,225.0
30,549.0
400,000.0
7,375.0
1,402,701.0
310.1
602.5
572.6
1.0
547.5
45.7
26.6
1,795.9
779.9
651.9
6.1
703.9
47.1
48.0
2,236.9
343.3
40.4
735.2
(540.5)
13.4
729.3
820.1
87.0
(0.1)
4,024.0
390.7
36.0
863.7
(608.9)
20.3
1,157.6
1,174.1
80.6
(0.2)
5,350.8
606.0
317.3
89.9
76.4
116.1
0.1
40.0
12.9
652.7
382.0
82.1
95.7
131.7
5.0
41.2
11.6
0.2
(0.1)
749.4
875.0
1,329.2
1,927.8
477.9
0.4
505.6
30.5
50.4
2.6
1,377.3
0
0
306,995.0
37,215.0
540,959.0
(436,586.0)
587,000.0
618,042.0
52,677.0
3,109,003.0
324.8
39.9
641.2
(498.5)
10.5
567.6
644.9
81.6
3,189.2
0
0
267,311.0
79,219.0
90,046.0
59,898.0
9,000.0
400,000.0
11,665.0
5,370.0
922,509.0
343.3
81.5
57.5
91.4
2.8
15.0
10.6
4.1
0
0
935,000.0
49,346.0
1,844.0
108,208.0
-
10.6
1.9
166.6
24.1
1.6
165.3
0.1
127.8
1.2
213.1
0.1
504.7
1,306.9
39.4
1,851.0
4,024.0
1.17
538.5
1,715.9
77.0
2,331.4
5,350.8
1.30
0
0
428,457.0
467.7
620,439.0
934.3
43,200.0
127.1
1,092,096.0
1,529.0
3,109,003.0
3,189.2
1.85
1.09
ed as primary ADRs, total share counts are ADR-equivalent.
Perrigo Company Public Limited Company (NYSE:PRGO) > Financials > Cash
Template:
Period Type:
Currency:
Units:
Cash Flow
As Presented
Annual
Reported Currency
12 months
Jun-26-2010
USD
Thousands
12 months
Jun-25-2011
USD
Millions
223,799.0
74,104.0
9,523.0
19,000.0
14,696.0
(1,302.0)
(9,860.0)
(16,073.0)
(750.0)
4,947.0
(21,766.0)
(32,217.0)
(1,558.0)
26,310.0
7,451.0
30,917.0
5,142.0
332,363.0
339.2
102.9
1.0
15.4
(0.6)
(17.2)
(56.1)
2.2
11.2
(0.1)
(107.2)
(30.4)
57.8
56.2
(32.3)
0.6
31.4
374.0
Investing Activities
Acquisitions of Assets
Payments to Acquire Property, Plant, and Equipment
Acquisition of Businesses, Net of Cash Acquired
Acquired Research and Development
Proceeds from Sale of Intangible Assets and Pipeline Development Projects
Proceeds from Sale of Securities
CIQ Balancing Calc. - Investing Activities
(Return Of) Proceeds from Sale of Business
Cash Flow from Investing Activities
(10,262.0)
(57,816.0)
(868,802.0)
(19,000.0)
35,980.0
(919,900.0)
(10.8)
(99.4)
2.6
0.6
(3.6)
(110.6)
Financing Activities
Repayment of Long-term Debt
Borrowings of Long-term Debt
Borrowings/payments of Short-term Debt, Net
Issuance of Common Stock
Repurchase of Common Stock
Cash Dividends
(165,000.0)
625,000.0
(8,771.0)
21,444.0
(71,088.0)
(22,329.0)
(195.0)
150.0
(6.2)
14.3
(8.3)
(25.3)
Currency
Units
Operating Activities
Net Income
Depreciation and Amortization
Gain on Sale of Pipeline Development Projects
Losses on Sale of Investments
Restructuring and Asset Impairment
Write off of Inprocess Research and Development
Share Based Compensation
Income Tax Benefits from Exercise of Stock Options
Excess Tax Benefit from Share-based Compensation, Operating Activities
Deferred Income Taxes
Gain/loss on Sales of Business
Others
CIQ Balancing Calc. - Operating Activities
Accounts Receivable
Inventories
Accounts Payable
Income Taxes
Accrued Liabilities
Cash Flow from Operating Activities
Payments of Financing Costs

CIQ Balancing Calc. - Financing Activities
Excess Tax Benefit of Stock Transactions
Cash Flow from Financing Activities
Other Adjustments
Cash Flow Net Changes in Cash
Foreign Exchange Rate Effect on Cash and Cash Equivalents
(5,813.0)
9,860.0
383,303.0
(5.5)
17.2
(58.8)
(207,877.0)
(3,643.0)
200.3
(4.3)
) > Financials > Cash Flow

Restatement:
Order:
Conversion:
Decimals:
Latest Filings
Latest on Right
Historical
12 months
Jun-30-2012
USD
Millions
12 months
Jun-29-2013
USD
Millions
401.6
135.3
(3.5)
8.7
19.0
(1.8)
(12.9)
27.5
(8.6)
(5.7)
(49.3)
5.4
(23.6)
13.7
4.2
5.0
(1.6)
513.4
441.9
160.2
4.7
2.9
9.0
18.4
(1.4)
(15.7)
5.7
15.3
(0.1)
(37.0)
(94.6)
6.5
28.9
8.4
(11.9)
12.6
553.8
(0.8)
(120.2)
(582.3)
10.5
0.1
8.6
(684.1)
(104.1)
(852.3)
8.6
(947.8)
(610.0)
1,089.2
(2.7)
11.6
(8.2)
(29.0)
(40.0)
637.3
5.0
10.7
(12.4)
(33.0)
(5.1)
12.9
458.7
(6.0)
(0.1)
15.7
577.2
292.4
4.4
177.4
(5.8)
Perrigo Company
Income Statement
(Dollars in millions, share data in millions)
Reported Income Statement
Consumer Healthcare
Nutritionals
Rx Pharmaceuticals
Active Pharmaceutical Ingredients
Israel pharmaceutical + diagnostics
Elan-Tysabri royalty
Total Revenue
Cost Of Goods Sold
Gross Profit
R & D Exp.
Operating Income
Net Interest Exp.
Asset Writedown
Other Unusual Items
Income Tax Expense
Effective Tax Rate
Weighted Diluted Shares
EPS
2009
0
2006
(1404)
602
(256)
(77)
0
0
269
(27)
0
(1)
241
(15)
(3)
0
(15)
(2)
(0)
0
206
(63)
143
3
-
146
-31%
Annual
Fiscal Year Ending June 30th
2010
2011
1685
503
344
156
67
0
0
2268
2755
(1513)
(1810)
756
945
(298)
(364)
(84)
(89)
0
0
0
0
374
491
(28)
(42)
0
0
1
3
347
452
(10)
(1)
(9)
0
0
0
0
0
0
0
(19)
0
0
0
309
451
(84)
(110)
224
341
(1)
(1)
224
339
-23%
-24%
2012
1816
501
617
166
73
0
3173
(2051)
1123
(412)
(106)
0
0
605
(61)
(6)
10
548
(9)
(27)
0
0
0
0
0
512
(119)
393
9
401
-23%
93.63
1.55
92.85
2.41
93.50
3.63
94.10
4.27
Adjusted Income Statement

Reported Gross Profit
Non-recurring Items in COGS
Adj. Gross Profit
602
602
756
756
945
945
1,123
Reported EBT
206
309
451
512
1,123

Other Non-recurring Items
Adj. EBT
(36)
242
(37)
345
2
449
(32)
544
Reported Net Income

Other Non-recurring Items
Tax Adjustment
Discountinued Ops Adj.
Adj. Net Income
146
(36)
11
(3)
168
224
(37)
8
1
253
339
2
(0)
1
339
401
(32)
8
(9)
418
Adj. EPS
1.79
2.72
3.63
4.44
Quarters
h
2013
2089
508
710
159
74
0
3540
(2249)
1291
(474)
(115)
0
0
702
(66)
8
(9)
635
(3)
(11)
0
(5)
0
(9)
0
608
(166)
442
0
0
442
-27%
Sep-13
539
129
204
43
19
48
934
(577)
357
(142)
(32)
0
0
182
(23)
(1)
1
160
(2)
158
(46)
112
0
0
112
29%
Dec-13
536
140
247
30
19
7
979
(618)
361
(122)
(38)
0
0
201
(28)
3
1
177
(15)
(103)
(6)
(166)
(113)
27
(86)
0
0
(86)
-24%
94.50
4.68
94.70
1.18
98.70
-0.87
1,291
357
361
1,291
357
361
608
158
(113)
(28)
636
(1)
159
(287)
174
442
(28)
8
0
463
112
(1)
(0)
0
114
(86)
(287)
68
0
132
4.90
1.20
1.34
Fiesta Resturant Group

Pro Forma
(Dollars in millions, except per share data)
Operating Scenerio
Percent-Year Conversion?
Current Date
3
yes
2/22/2014
12/31/2013
Percent of Year Completed

0.144444444
Adjusted Historic Period
Annual
2012
2011
Consumer Healthcare
Nutritionals
Rx Pharmaceuticals
Elan-Tysabri royalty
Total Revenue
% growth
Cost of Goods Sold
Gross Profit
% margin
R & D Exp.
EBIT = EBITDA
%margin
Taxes
EBIAT
Plus: D&A
Less: CapEx
Less: NWC
Unlevered Free Cash Flow
EBIAT
Interest Expense
Net Income
WACC
Discount Period
Discount Factor
Present Value of Free Cash Flow
1685
503
344
156
67
0
2755.0
(1810.2)
944.8
34%
(364.4)
(89.3)
0.0
0.0
491.1
18%
(110.4)
380.7
0.0
99.4
281.3
380.7
(42.3)
338.4
1816
501
617
166
73
0
3173.0
15.2%
(2050.5)
1122.5
35%
(411.8)
(105.8)
0.0
0.0
604.9
19%
(126.5)
478.4
0.0
120.2
79.7
278.4
478.4
(60.7)
417.7
12.00%
EPS
Cost and CapEx Assumptions
Historic Values
Annual
Cost of Goods Sold
R & D Exp.
Taxes
Interest Expense
2010
0.66
0.13
0.032
0.22
0.015
2011
0.65
0.13
0.033
0.21
0.019
CapEx
99
120
Annual
Quarters
13-Dec
13-Sep
2013
2089
508
710
159
74
0
3540.0
11.6%
(2248.9)
1291.1
36%
(473.8)
(115.2)
0.0
0.0
702.1
20%
(173.5)
528.6
0.0
104.1
160.6
263.9
528.6
(65.8)
462.8
539
129
204
43
19
0
934.0
-
(577.1)
356.9
38%
(142.2)
(32.3)
0.0
0.0
182.4
20%
(45.5)
136.9
0.0
(618.3)
360.7
37%
(122.0)
(37.5)
0.0
0.0
201.2
21%
(41.5)
159.7
0.0
136.9
(23.1)
113.8
3rd & 4th Qs

1155.00
301.00
481.00
74.00
40.00
131.00
2182.0
536
140
247
30
19
7
979.0
(1377.3)
804.7
37%
(286.1)
(95.2)
0.0
0.0
423.4
19%
(2.6)
420.8
5.1
-
159.7
(27.6)
132.1
2014
2230.00
570.00
932.00
147.00
78.00
138.00
4095.0
15.7%
(2572.7)
1522.3
37%
(550.3)
(165.0)
0.0
0.0
807.0
20%
(171.1)
635.9
0.0
164.0
33.8
438.1
2015
2448.65
661.65
1135.00
130.00
83.46
262.20
4721.0
15.3%
(2938.5)
1782.4
38%
(641.8)
(203.4)
0.0
0.0
937.2
20%
(163.1)
774.1
0.0
162.0
131.2
480.9
635.9
(86.8)
549.1
774.1
(100.1)
674.0
3rd and 4th Qs

0.356
0.96
291.2
0.856
0.91
436.5
0.00
0.00
339.3
(36.1)
303.2
Historic Values
Annual
2012
0.64
0.13
0.033
0.25
0.019
Quarters
13-Dec
13-Sep
0.62
0.15
0.035
0.25
0.025
0.63
0.12
0.038
0.21
0.028
3rd & 4th Qs

0.63
0.13
0.044
0.01
0.017
2014
2015
0.63
0.13
0.040
0.212
0.021
0.62
0.14
0.043
0.174
0.021
104 -
164
162
Projected Period for DCF

2016
2734.09
744.02
1409.80
125.00
87.63
393.30
5493.8
16.4%
(3396.6)
2097.3
38%
(750.9)
(262.3)
0.0
0.0
1084.1
20%
(184.3)
899.8
0.0
175.0
165.5
559.3
Annual
2017
2917.22
829.95
1579.30
122.14
91.14
452.30
5992.0
9.1%
(3684.9)
2307.2
39%
(823.6)
(303.8)
0.0
0.0
1179.8
20%
(193.5)
986.3
0.0
159.0
71.7
755.6
2018
3089.85
907.14
1710.80
123.60
93.87
506.57
6431.8
7.3%
(3939.5)
2492.4
39%
(887.3)
(345.2)
0.0
0.0
1259.8
20%
(200.3)
1059.5
0.0
168.0
89.8
801.7
2019
3206.84
977.71
1821.45
136.62
95.75
536.96
6775.3
5.3%
(4137.0)
2638.3
39%
(937.6)
(378.7)
0.0
0.0
1322.0
20%
(203.6)
1118.4
0.0
175.0
67.4
876.0
2020
3333.72
1034.88
1900.77
147.65
97.66
569.18
7083.9
4.6%
(4315.2)
2768.7
39%
(982.6)
(409.5)
0.0
0.0
1376.6
19%
(206.5)
1170.1
0.0
182.0
52.9
935.3
2021
3465.66
1095.47
1962.43
161.02
99.62
591.95
7376.2
4.1%
(4485.0)
2891.1
39%
(1024.9)
(437.3)
0.0
0.0
1428.8
19%
(214.3)
1214.5
0.0
189.0
57.1
968.4
899.8
(116.5)
783.3
986.3
(127.0)
859.3
1059.5
(136.3)
923.1
1118.4
(143.6)
974.8
1170.1
(150.2)
1020.0
1214.5
(156.4)
1058.1
1.856
0.81
453.2
2.856
0.72
546.7
3.856
0.65
517.9
4.856
0.58
505.2
5.856
0.51
481.6
6.856
0.46
445.3
0.00
0.00
0.00
0.00
0.00
0.00
Forward Going Assumptions

Annual
2016
2017
2018
0.62
0.61
0.61
0.14
0.14
0.14
0.048
0.051
0.054
0.17
0.164
0.159
0.021
0.021
0.021
2019
0.61
0.14
0.056
0.154
0.021
2020
0.61
0.14
0.058
0.15
0.021
2021
0.61
0.14
0.059
0.15
0.021
175
159
168
175
182
189

DCF
WACC
Discount Period
Discount Factor
Present Value of Free Cash Flow
#REF!
EPS
Enterprise Value
Cumulative Present Value of FCF
3,678
Terminal Value
Terminal Year EBITDA
Exit Multiple
Terminal Value
Discount Factor
Present Value of Terminal Value
% of Enterprise Value
1,429
7.x
10,002
0.58
5,769
42.17%
Enterprise Value
13,680
Implied Equity Value and Share Price

Enterprise Value
Less: Total Debt
Less: Preferred Stock
Less: Noncontrolling Interest
Plus: Cash and Cash Equivalent
Implied Equity Value
Fully Diluted Shares Outstanding
Implied Share Price
WACC
WACC
WACC
Sensitivity Analysis
$13,679.52
11.00%
11.50%
12.00%
12.50%
13.00%
6.5x
12,965
12,965
12,965
12,965
12,965
Enterprise Value
Exit Multiple
7.0x
7.0x
13,680
13,680
13,680
13,680
13,680
13,680
13,680
13,680
13,680
13,680
Implied Perpetuity Growth Rate
Exit Multiple
6.5x
7.0x
1.75%
2.36%
2.19%
2.80%
2.63%
3.24%
3.06%
3.69%
3.50%
4.13%
8.0x
15,108
15,108
15,108
15,108
15,108
8.5x
15,823
15,823
15,823
15,823
15,823
-7.42%
11.00%
11.50%
12.00%
12.50%
13.00%
6.0x
1.04%
1.48%
1.91%
2.35%
2.78%
7.5x
2.89%
3.34%
3.78%
4.23%
4.68%
8.0x
3.36%
3.81%
4.26%
4.71%
5.16%
42.17%
11.00%
11.50%
12.00%
12.50%
13.00%
PV of Terminal Value % of Enterprise Value

Exit Multiple
6.0x
6.5x
7.0x
7.5x
40.36%
41.32%
42.17%
42.94%
40.36%
41.32%
42.17%
42.94%
40.36%
41.32%
42.17%
42.94%
40.36%
41.32%
42.17%
42.94%
40.36%
41.32%
42.17%
42.94%
8.0x
43.64%
43.64%
43.64%
43.64%
43.64%
3rd and 4th Qs

0.356
0.96
291.2
0.856
0.91
436.5
1.856
0.81
453.2
2.856
0.72
546.7
3.856
0.65
517.9
0.00
0.00
0.00
0.00
0.00

Terminal Year FCF 2018
WACC
Terminal Value
802
0.00%
10,002
ed Equity Value and Share Price

13,680
#REF!
0
0
#REF!
#REF!
s Outstanding
-7.4%
Implied EV/EBITDA
WACC
WACC
#REF!
#REF!
11.00%
11.50%
12.00%
12.50%
13.00%
#REF!
11.00%
11.50%
12.00%
12.50%
13.00%
Enterpise Value
LTM EBITDA
13,680
#REF!
Implied EV/EBITDA
#REF!
6.0x
#REF!
#REF!
#REF!
#REF!
#REF!
Implied Equity Value

Exit Multiple
6.5x
7.0x
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
7.5x
#REF!
#REF!
#REF!
#REF!
#REF!
6.0x
#REF!
#REF!
#REF!
#REF!
#REF!
Implied EV/EBITDA
Exit Multiple
6.5x
7.0x
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
7.5x
#REF!
#REF!
#REF!
#REF!
#REF!
4.856
0.58
505.2
5.856
0.51
481.6
6.856
0.46
445.3
0.00
0.00
0.00
8.0x
#REF!
#REF!
#REF!
#REF!
#REF!
8.0x
#REF!
#REF!
#REF!
#REF!
#REF!

WACC
WACC Calculation
Target Capital Structure
Debt-to-Total Capitalization
Equity-to-Total Capitalization
Cost of Debt
Cost of Debt
Tax Rate
After-tax Cost of Debt
91%
9%
8.9%
35.0%
5.769%
Company
PNRA
CMG
BWLD
Mean
Median
Comparable Companies Unlevered B

Predicted
Levered Beta
1.18
0.85
1.26
1.10
1.18
Relever
WACC
2.61%
11.39%
Relevered Beta
6.71 This does not make sense
79.06%
12.00% Estimated beta
Debt-to Total
Capitalization
Cost of Equity
Risk-free Rate
Market Risk Premium
Levered Beta
Cost of Equity
WAC
12.00%
50.0%
75.0%
91.0%
92.0%
93.0%
Comparable Companies Unlevered Beta

Debt/
Marginal
Equity
Tax Rate
55%
35%
31%
35%
30%
35%
0.38
0.31
0.88
0.87
Relevered Beta
Mean
Unlevered
Beta
0.88
6.0%
12.00%
12.00%
12.00%
12.00%
12.00%
Unlevered
Beta
0.87
0.71
1.05
Target
Debt/
Equity
10.22
WACC Sensitivity Analysis

Pre-tax Cost of Debt
7.0%
8.9%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
Target
Marginal
Tax Rate
0.35
9.0%
12.00%
12.00%
12.00%
12.00%
12.00%
Relevered
Beta
6.71
10.0%
12.00%
12.00%
12.00%
12.00%
12.00%

Assumptions
Consumer Healthcare
Nutritionals
Rx Pharmaceuticals
Specialty sciences (Elan-Tysabri royalty)
Consevative Case
Revenue by Category Projections
($M)
F2011A
Consumer Healthcare
F2012A
F2013A
1,685
Base (ex-new launches & acquisitions)
1,609
New launches (rolling 12-mos., disclosed)
54
Acquisitions (disclosed)
22
503
1,816
1,696
102
18
501
2,089
1,895
53
141
508
Base business
204
17
283
Rx Pharmaceuticals
344
263
81
Acquisitions (disclosed) Active Pharmaceutical Ingredients
156
124
32
67
Base (ex-new launches & acquisitions)59
8
Total Revenue
2,755
431
70
617
355
35
228
166
159
7
73
70
3
-
490
18
710
620
47
43
159
148
11
74
74
-
3,173
3,540
Nutritionals
F2011A
Consumer Healthcare
F2012A
F2013A
Nutritionals
Base business
Rx Pharmaceuticals
Total Revenue
* Assumes that these acquisitions do not do so well after the merger.
Moderate Case
($M)
F2011A
F2012A
Consumer Healthcare
1,685
1,609
54
22
Nutritionals
503
Base business
204
17
283
Rx Pharmaceuticals
344
263
81
156
124
32
67
8
Total Revenue
2,755
F2013A
1,816
1,696
102
18
501
431
70
617
355
35
228
166
159
7
73
70
3
-
2,089
1,895
53
141
508
490
18
710
620
47
43
159
148
11
74
74
-
3,173
3,540
* At least one major acquisition is expected to occur in each revenue category during the outlook peroid.
F2011A
F2012A
F2013A
Consumer Healthcare
Nutritionals
Base business
Rx Pharmaceuticals
Total Revenue
Aggressive Case
($M)
F2011A
Consumer Healthcare
1,685
1,609
54
22
Nutritionals
503
Base business
204
17
283
Rx Pharmaceuticals
344
263
81
156
124
32
67
8
Total Revenue
2,755
F2012A
F2013A
1,816
1,696
102
18
501
431
70
617
355
35
228
166
159
7
73
70
3
-
2,089
1,895
53
141
508
490
18
710
620
47
43
159
148
11
74
74
-
3,173
3,540
* At least one major acquisition is expected to occur in each revenue category during the outlook peroid.
F2011A
Consumer Healthcare
Nutritionals
Base business
Rx Pharmaceuticals
Total Revenue
F2012A
F2013A
1
2014
2
2015
2230
570
932
147
78
138
F2014E
F2014E
3
2016
2449
662
1135
130
83
262
F2015E
Projection Period
4
2017
2018
2734
744
1410
125
88
393
F2016E
2917
830
1579
122
91
452
F2017E
6
2019
3090
907
1711
124
94
507
F2018E
7
2020
3207
978
1821
137
96
537
F2019E
3334
1035
1901
148
98
569
F2020E
2,230
2,105
53
72
570
2,292
2,252
40
608
2,440
2,410
30
656
2,604
2,579
25
701
2,753
2,733
20
742
2,885
2,870
15
778
3,029
3,014
15
817
551
19
932
750
108
74
147
107
40
78
78
138
4,095
595
13
992
863
124.20
5
101
86
15
78
78
138
4,209
643
13
1,259
1,121
133
5
78
73
5
75
75
134
4,641
688
13
1,486
1,346
136
5
74
69
5
69
69
126
5,059
729
13
1,618
1,480
133
5
73
68
5
61
61
115
5,361
765
13
1,727
1,598
124
5
74
69
5
53
53
100
5,618
804
13
1,804
1,694
105
5
77
72
5
47
47
87
5,860
F2015E
F2016E
1.07
F2017E
1.07
F2018E
1.07
F2019E
1.06
F2020E
1.05
1.05
F2014E
1.08
1.08
1.07
1.06
1.05
1.05
1.15
1.15
1.3
1.07
1.2
1.02
1.1
0.98
1.08
0.93
1.06
0.85
0.8
0.85
0.95
0.98
1.02
1.04
0.96
0.92
0.88
0.88
0.88
0.97
0.94
0.91
0.87
0.87
F2015E
2,230
2,105
53
72
570
551
19
932
750
108
74
147
107
40
78
78
138
4,095
F2016E
2,376
2,316
50
10
631
606
15
10
1,087
938
130
20
117
102
15
82
82
207
4,499
F2017E
2,607
2,547
50
10
692
667
15
10
1,301
1,125
156
20
109
99
10
84
84
290
5,082
F2018E
2,730
2,700
20
10
758
733
15
10
1,485
1,294
171
20
104
99
5
86
86
348
5,510
F2019E
2,892
2,862
20
10
817
792
15
10
1,614
1,423
171
20
108
104
4
88
88
396
5,915
F2020E
3,006
2,976
20
10
880
855
15
10
1,719
1,537
163
20
120
111
4
5
90
90
432
6,248
3,125
3,095
20
10
932
907
15
10
1,795
1,629
146
20
130
121
4
5
91
91
458
6,532
enue category during the outlook peroid.
F2014E
F2015E
F2016E
F2017E
F2018E
F2019E
F2020E
F2014E
1.1
1.1
1.06
1.06
1.04
1.04
1.1
1.1
1.1
1.08
1.08
1.06
1.25
1.2
1.2
1.2
1.15
1.1
1.1
1
1.08
0.95
1.06
0.9
0.95
0.97
1.05
1.07
1.09
1.05
1.03
1.02
1.02
1.02
1.02
1.5
1.4
1.2
1.14
1.09
1.06
F2015E
2,230
2,105
53
72
570
551
19
932
750
108
74
147
107
40
78
78
138
4,095
enue category during the outlook peroid.
F2016E
2,449
2,379
55
15
662
634
18
10
1,135
975
135
25
130
107
18
5
83
83
262
4,721
F2017E
2,734
2,664
55
15
744
716
18
10
1,410
1,219
166
25
125
107
13
5
88
88
393
5,494
F2018E
2,917
2,877
25
15
830
802
18
10
1,579
1,365
189
25
122
109
8
5
91
91
452
5,992
F2019E
3,090
3,050
25
15
907
882
15
10
1,711
1,502
189
20
124
115
4
5
94
94
507
6,432
F2020E
3,207
3,172
20
15
978
953
15
10
1,821
1,622
180
20
137
123
4
10
96
96
537
6,775
3,334
3,299
20
15
1,035
1,010
15
10
1,901
1,719
162
20
148
134
4
10
98
98
569
7,084
F2014E
F2015E
F2016E
F2017E
F2018E
F2019E
F2020E
1.13
1.12
1.08
1.06
1.04
1.04
1.15
1.13
1.12
1.1
1.08
1.06
1.3
1.25
1.25
1.23
1.12
1.14
1.1
1
1.08
0.95
1.06
0.9
1.02
1.05
1.07
1.09
1.07
1.05
1.04
1.03
1.02
1.02
1.9
1.5
1.15
1.12
1.06
1.06
8
2021
3466
1095
1962
161
100
592
F2021E
3,149
3,134
15
857
844
13
1,873
1,779
89
5
80
75
5
41
41
75
6,076
F2021E
1.04
1.05
1.05
0.85
1.05
0.88
0.87
F2021E
3,249
3,219
20
10
986
961
15
10
1,855
1,711
124
20
142
133
4
5
93
93
476
6,802
F2021E
1.04
1.06
1.05
0.85
1.1
1.02
1.04
F2021E
3,466
3,431
20
15
1,095
1,070
15
10
1,962
1,805
138
20
161
147
4
10
100
100
592
7,376
F2021E
1.04
1.06
1.05
0.85
1.1
1.02
1.04

NWC Projection
Revenue
Cost of Services
2011
2,755
(1,810)
Annual
2012
3,173
(2,051)
2013
3,540
(2,249)
2014
4,095
(2,573)
477.9
505.6
30.5
50.4
1064.3
572.6
547.5
45.7
26.6
1192.4
651.9
703.9
47.1
48.0
1450.9
734.5
757.4
52.9
54.9
1599.7
343.3
81.5
57.5
91.4
2.8
15.0
10.6
591.4
317.3
89.9
76.4
116.1
0.1
40.0
12.9
639.8
382.0
82.1
95.7
131.7
5.0
41.2
11.6
737.7
453.9
110.7
98.3
146.0
3.3
40.5
15.2
852.7
Current Assets
Inventories
Total Current Assets

Current Liabilities
Accounts Payable
Accrued Expenses
Short-term Debts
Total current Liabilities
Net Working Capital
472.9
552.6
713.2
747.0
80
161
34
Increase / (Decrease) in NWC
2011
Current Assets
Inventories
Current Liabilities
Accounts Payable
Accrued Expenses
Short-term Debts
2012
2013
2014
0.17
0.18
0.01
0.02
0.18
0.17
0.01
0.01
0.18
0.20
0.01
0.01
0.179
0.185
0.013
0.013
0.12
0.03
0.02
0.03
0.00
0.01
0.00
0.10
0.03
0.02
0.04
0.00
0.01
0.00
0.11
0.02
0.03
0.04
0.00
0.01
0.00
0.111
0.027
0.024
0.036
0.001
0.010
0.004
Projected Period for DCF

2015
4,721
(2,939)
Annual
2017
2016
5,494
5,992
(3,397)
(3,685)
2018
6,432
(3,939)
2019
6,775
(4,137)
2020
7,084
(4,315)
2021
7,376
(4,485)
856.0
875.5
63.9
55.6
1851.1
997.7
1042.5
72.8
71.0
2184.0
1083.1
1118.9
79.3
76.1
2357.4
1165.6
1204.8
85.8
80.2
2536.4
1227.7
1273.3
90.0
86.0
2677.0
1282.6
1327.0
94.1
89.4
2793.2
1336.3
1383.2
98.2
92.9
2910.5
501.6
123.6
118.2
172.2
3.6
53.7
17.4
972.9
595.2
139.9
139.3
200.2
5.5
60.3
19.6
1140.3
650.0
157.2
148.6
216.9
5.1
64.4
21.9
1242.1
692.6
167.0
161.2
234.0
5.6
71.0
23.4
1331.3
732.8
175.4
169.9
246.2
6.1
74.0
24.5
1404.4
765.8
184.4
176.9
257.2
6.2
77.2
25.8
1467.7
796.5
191.5
184.7
268.0
6.5
80.8
26.8
1528.0
878.2
1043.7
1115.3
1205.2
1272.6
1325.5
1382.6
131
165
72
90
67
53
57
2015
2016
2017
2018
2019
2020
2021
0.181
0.185
0.014
0.012
0.182
0.190
0.013
0.013
0.181
0.187
0.013
0.013
0.181
0.187
0.013
0.012
0.181
0.188
0.013
0.013
0.181
0.187
0.013
0.013
0.181
0.188
0.013
0.013
0.106
0.026
0.025
0.036
0.001
0.011
0.004
0.108
0.025
0.025
0.036
0.001
0.011
0.004
0.108
0.026
0.025
0.036
0.001
0.011
0.004
0.108
0.026
0.025
0.036
0.001
0.011
0.004
0.108
0.026
0.025
0.036
0.001
0.011
0.004
0.108
0.026
0.025
0.036
0.001
0.011
0.004
0.108
0.026
0.025
0.036
0.001
0.011
0.004

Relative Valuation
Last Four quarters

FRGI
Market Price
Sales
net income
Current Assets
Total assets
Current Liabilities
Total Liabilities
Total shareholder Equity
Outstanding shares
Debt
EBITDA
Cash & Marketable Securities
Market Cap
Book Value Per Share
P/E ratio
Current ratio
Debt/Equity ratio
ROE
ROA
Profit Margin
EPS (Trailing)
TEV
TEV/EBITDA
Last three Quarters
Average
CMG
45.05
361.34
174.58
548.09
541,760,000
2,246,136,000.00
2,294,819,000
3,214,591,000
17,372,000
196,123,333.33
193,533,000
327,438,000
24,769,000
384,159,000.00
360,440,000
666,307,000
313,262,000
1,283,172,666.67
1,208,391,000
2,009,280,000
34,812,000
191,244,666.67
257,809,000
199,228,000
285,347,000
362,633,333.33
427,245,000
470,992,000
27,915,000
920,539,333.33
781,146,000
1,538,288,000
26,340,000
25,990,000.00
28,170,000
31,020,000
200,847,000
64,830,000
406,000,000.00
412,749,000
628,774,000
5,886,000
271,977,333.33
193,961,000
578,174,000
FRGI
1,186,617,000
1.06
68.31
0.71
10.22
62.23%
5.55%
3.21%
0.66
1,381,578,000
21.31
FRGI
Sales
net income
Current Assets C.Q.
Total assets C.Q.
Current Liabilities
Total Liabilities
PNRA
Average
PNRA
CMG
8,136,319,800
4,917,918,600 17,001,751,800
33.62
27.73
49.59
38.09
25.41
51.92
1.94
1.40
3.34
0.43
0.55
0.31
20.43%
24.78%
21.29%
14.33%
16.02%
16.30%
8.03%
8.43%
10.19%
7.00
6.87
10.56
7,864,342,467
4,723,957,600 16,423,577,800
17.14
11.45
26.12
Average
415,182,000
14,810,000
24,769,000
313,262,000
34,812,000
285,347,000
PNRA
1,723,270,000
141,921,000
360,440,000
1,208,391,000
257,809,000
427,245,000
CMG
2,487,840,000
250,854,000
666,307,000
2,009,280,000
199,228,000
470,992,000

Debt
EBITDA
Outstanding shares
27,915,000
200,847,000
51,658,000
5,886,000
26,340,000
781,146,000
303,162,000
193,961,000
28,170,000
1,538,288,000
485,794,000
578,174,000
31,020,000
BWLD
132.55
1,228,998,000
Closing Price 2/10/14

P/E
67,399,000
125,730,000
631,847,000
116,697,000
Low
Middle
High
FRGI
Industry Average
68.31
38.09
EPS (Forcast 2015)
P*
0.94
35.80
0.98
37.33
1.15
43.80
189,663,000
442,184,000
18,780,000
176,477,000
43,797,000
BWLD
2,489,289,000
23.55
36.93
1.08
0.43
15.24%
10.67%
5.48%
3.59
2,445,492,000
13.86
Recent 4Q
BWLD
925,172,000
50,739,000
125,730,000
631,847,000
116,697,000
189,663,000
FRGI
Sales
net income
Current Assets
Total assets
Current Liabilities
Total Liabilities
Average
126,578,000
2,562,000
PNRA
571,549,000
51,612,000
442,184,000
134,064,000
43,797,000
18,780,000

Debt
EBITDA
13172000
Outstanding shares
109,587,000
CMG
726,751,000
76,584,000
BWLD
##########
16,660,000
142,980,000
42,413,000

DCF Model Example - PRGO

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DCF Model Example - PRGO

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Perrigo Company Public Limited Company (NYSE:PRGO) > Financials > Incom

In Millions of the reported currency, except per share items.

Cost Of Goods Sold

Other Operating Exp., Total

Currency Exchange Gains (Loss)

Income Tax Expense

Earnings of Discontinued Ops.

For the Fiscal Period Ending

Selling General & Admin Exp.

Minority Int. in Earnings

Per Share Items

Normalized Basic EPS

Dividends per Share

Supplemental Operating Expense Items

Stock-Based Comp., Unallocated

Pref. Dividends and Other Adj.

Normalized Net Income

) > Financials > Income Statement

as primary ADRs, per share items are ADR-equivalent.

Cost Of Goods Sold

Other Operating Exp., Total

Currency Exchange Gains (Loss)

Income Tax Expense

Earnings of Discontinued Ops.

For the Fiscal Period Ending

Selling General & Admin Exp.

Minority Int. in Earnings

Per Share Items

Normalized Basic EPS

Dividends per Share

Pref. Dividends and Other Adj.

Normalized Net Income

) > Financials > Income Statement

as primary ADRs, per share items are ADR-equivalent.

Non Current Liabilities

Noncurrent Deferred Income Taxes

) > Financials > Balance Sheet

Payments of Financing Costs

) > Financials > Cash Flow

Reported Income Statement

Adjusted Income Statement

Non-recurring Items in COGS

Reported Net Income

Fiesta Resturant Group

Percent of Year Completed

Adjusted Historic Period

3rd & 4th Qs

3rd and 4th Qs

3rd & 4th Qs

Projected Period for DCF

Forward Going Assumptions

Fiesta Resturant Group

Implied Equity Value and Share Price

PV of Terminal Value % of Enterprise Value

3rd and 4th Qs

Implied Perpetuity Growth Rate

ed Equity Value and Share Price

Implied Perpetuity Growth Rate

Implied Equity Value

Fiesta Resturant Group

Comparable Companies Unlevered B

12.00% Estimated beta

Comparable Companies Unlevered Beta

WACC Sensitivity Analysis