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C
E
F
Du Pont Analysis
NPM
TAT
Equity Multiplier
Du Pont ROE
AFN2013 from Equation
Self-Supporting Growth Rate
AFN2013 from Actual Forecast
FCF2013
HMS
Industry
1.20%
2.74%
1.67
2.00
2.40
2.13
4.80% 11.67%
147.75
1.38%
142.35
(96.00)
ROIC2013
5.45%
ROE2013
6.31%
Assumptions:
Sales Growth Rate
Projected Sales
Interest Rate
15%
2,300.00
10%
Choose a Scenario
2,000.00
1,900.00
100.00
60.00
40.00
16.00
24.00
2013
2,300.00
2,185.00
115.00
60.00
55.00
22.00
33.00
Regular Dividends
Addition To Retained Earnings
Shares Outstanding
Earnings per Share
Dividends per Share
9.00
15.00
10.00
2.40
0.90
10.35
22.65
10.00
3.30
1.04
Notes:
Tax Rate
Dividend Payout Ratio
Year-End Stock Price
40%
37.5%
24.00
Sales
Total Operating Costs
Earnings Before Interest And Taxes
Interest
Earnings Before Taxes
Taxes (40%)
Net Income
Assumptions:
DSO
Inventory Turnover
40%
40%
52.93
5.13
Assets
Cash & Securities
Accounts Receivable
Inventory
Total Current Assets
Net Fixed Assets
Total Assets
New Financing:
Notes Payable
Long-term Debt
50.00%
50.00%
$ 115.00
80.00
195.00
520.00
300.00
222.65
Add
Final Value
$
115.00
71.18
151.18
$
266.18
71.18
591.18
300.00
0
222.65
1,237.65
1,380.00
142.35
2,000.00
1,900.00
100.00
60.00
40.00
16.00
24.00
Dividends (40%)
Addition To Retained Earnings
Shares Outstanding
Earnings per Share
Dividends per Share
9.00
15.00
10.00
2.40
0.90
Notes:
Tax Rate
Dividend Payout Ratio
40%
37.5%
Assets
Cash & Securities
Accounts Receivable
Inventory
Total Current Assets
Net Fixed Assets
Total Assets
$ 100.00
80.00
180.00
520.00
700.00
300.00
200.00
500.00
1,200.00
Ratios
Sales, 2012
Sales Growth Rate
Profit Margin
Assets/Sales
Payout Ratio
Equity Multiplier
Total Liab/Total Assets
Times Interest Earned
Increase in Sales
(Payables + Accruals)/Sales
Operating Costs/Sales
Cash/Sales
Receivables/Sales
Inventories/Sales
Fixed Assets/Sales
Tax Rate
Interest Rate on All Debt
P/E Ratio
Return On Equity
HMS
Industry
2,000.00
###
15.00%
15.00%
1.20%
2.74%
60.00%
50.00%
37.50%
35.00%
2.40
2.13
58.33%
53.00%
1.67
5.20
300.00
###
5.00%
4.00%
95.00%
93.00%
1.00%
1.00%
14.50%
11.00%
19.50%
15.00%
25.00%
23.00%
40.00%
40.00%
10.00%
9.50%
10.00
12.00
4.80%
11.64%
5.36%
14.00%
HMS 2013
2,300.00
1.43%
60.00%
31.36%
2.64
62.13%
1.92
40.00%
6.31%
71.18 days
5.13
4.00
62.13%
3.02
5.45%
(96.00)