Basic S/O 210 210

Diluted S/O 215 215

EOY Price 73 54.88
FY2013 FY 2012
Revenue 11,764 8,186
EBIT as reported 1,550 1,297
5-year average operating margin (14.0%) 1,647 1,146
Special items average adjustment - -
EBIT adjusted 1,550 1,297
EBIT adjusted margin 13.2% 15.8%
Interest Expense 430 289
Pre-Tax Profits 1120 1009
EBT adjusted margin 9.5% 12.3%
After tax of 33% 1,039 869
Add: D&A 528 344
Subtract: CapEx 618 550
Cash Flow as adjusted 949 663
Cash Flow as adjusted margin 8.1% 8.1%
Cash Flow as reported
Tangible Capital:
Total Assets 17,099 16,015
Less: Unrestricted Cash 716 407
Less: Goodwill & Intangibles 11,237 11,081
Less: Current Liabilities 2,462 2,016
Net Tangible Capital (NTC) 2,683 2,510
EPV at 10% 9,490 6,628
Less: Total debt 8,141 8,326
Plus: Cash in excess of 1% of sales 946 534
Total EPV 2,295 (1,164)
Enterprise Value 22,855 19,578
EBITDA-CapEx 1,460.52 1,090.85
EV/(EBITDA-Capex) 16 18
Price/Pre-Tax Profit 14 12
EV/EBIT 15 18
ROTC (Operating Profit/NTC) 57.8% 51.7%
Basic S/O 88 94.6
Diluted S/O 102 108.1
EOY Price 33.34 20.69
FY2013 FY 2012
Revenue 2,247 2,135
EBIT as reported 482 417
5-year average operating margin (20.0%) 449 427
Special items average adjustment - -
EBIT adjusted 449 427
EBIT adjusted margin 20.0% 20.0%
Interest Expense 100 94
Pre-Tax Profits 349 333
EBT adjusted margin 15.5% 15.6%
After tax of 33% 234 223
Add: D&A 95 83
Subtract: CapEx 195 141
Cash Flow as adjusted 133 165
Cash Flow as adjusted margin 5.9% 7.7%
Cash Flow as reported
Tangible Capital:
Total Assets 2,534 2,424
Less: Unrestricted Cash 65 133
Less: Goodwill & Intangibles 545 511
Less: Current Liabilities 312 301
Net Tangible Capital (NTC) 1,613 1,480
EPV at 10% 1,334 1,647
Less: Total debt 8,141 8,326
Plus: Cash in excess of 1% of sales 946 534
Total EPV (5,861) (6,145)
Enterprise Value 22,855 13,725
EBITDA-CapEx 348.94 368.68
EV/(EBITDA-Capex) 65.50 37.23
Price/Pre-Tax Profit 9.75 6.72
EV/EBIT 24 23
ROTC (Operating Profit/NTC) 28% 29%
Basic S/O 548 638
Diluted S/O 553 644
EOY Price 69.06 51.67 38190.18
FY2013 FY 2012
Revenue 31,754 29,740
EBIT as reported 5,150 5,085
5-year average operating margin (16.0%) 5,081 4,758
Special items average adjustment - -
EBIT adjusted 5,081 4,758
EBIT adjusted margin 16.0% 16.0%
Interest Expense 840 842
Pre-Tax Profits 4241 3916
EBT adjusted margin 13.4% 13.2%
After tax of 33% 2,841 2,624
Add: D&A 2,828 2,437
Subtract: CapEx 3,409 2,960
Cash Flow as adjusted 2,260 2,101
Cash Flow as adjusted margin 7.1% 7.1%
Cash Flow as reported
Tangible Capital:
Total Assets 21,905 20,555
Less: Unrestricted Cash 1,635 1,427
Less: Goodwill & Intangibles 4,890 4,895
Less: Current Liabilities 6,530 5,541
Net Tangible Capital (NTC) 8,850 8,693
EPV at 10% 22,602 21,010
Less: Total debt 18,284 17,170
Plus: Cash in excess of 1% of sales 1,862 1,605
Total EPV 6,181 5,444
Enterprise Value 54,612 48,841
EBITDA-CapEx 4,500 4,235
EV/(EBITDA-Capex) 12.14 11.53
Price/Pre-Tax Profit 9.01 8.50
EV/EBIT 11 10
ROTC (Operating Profit/NTC) 57.4% 54.7%
Basic S/O 483 487.3
Diluted S/O 487 492.2
EOY Price 80.8 56.93
FY2013 FY 2012
Revenue 8,929 8,363
EBIT as reported 1,998 1,810
5-year average operating margin (21.0%) 1,875 1,756
Special items average adjustment - -
EBIT adjusted 1,875 1,756
EBIT adjusted margin 21.0% 21.0%
Interest Expense 9 8
Pre-Tax Profits 1866 1748
EBT adjusted margin 20.9% 20.9%
After tax of 33% 1,250 1,171
Add: D&A 317 320
Subtract: CapEx 175 140
Cash Flow as adjusted 1,393 1,351
Cash Flow as adjusted margin 15.6% 16.2%
Cash Flow as reported
Tangible Capital:
Total Assets 32,268 30,817
Less: Unrestricted Cash 1,274 1,161
Less: Goodwill & Intangibles 3,696 3,750
Less: Current Liabilities 6,530 5,541
Net Tangible Capital (NTC) 20,768 20,365
EPV at 10% 13,925 13,510
Less: Total debt 15 17
Plus: Cash in excess of 1% of sales 1,610 1,464
Total EPV 15,521 14,958
Enterprise Value 37,763 26,573
EBITDA-CapEx 2,017 1,936
EV/(EBITDA-Capex) 18.72 13.73
Price/Pre-Tax Profit 21.09 16.03
EV/EBIT 20 15
ROTC (Operating Profit/NTC) 9% 9%
Basic S/O 168 165.89
Diluted S/O 172 171.709
EOY Price 62.46 50.97
FY2013 FY 2012
Revenue 1,596 1,408
EBIT as reported 614 572
5-year average operating margin (38.0%) 606 535
Special items average adjustment - -
EBIT adjusted 606 535
EBIT adjusted margin 38.0% 38.0%
Interest Expense 76 72
Pre-Tax Profits 530 463
EBT adjusted margin 33.2% 32.9%
After tax of 33% 355 310
Add: D&A 137 107
Subtract: CapEx 146 74
Cash Flow as adjusted 347 342
Cash Flow as adjusted margin 21.7% 24.3%
Cash Flow as reported
Tangible Capital:
Total Assets 2,504 2,360
Less: Unrestricted Cash 124 67
Less: Goodwill & Intangibles 1,629 1,768
Less: Current Liabilities 431 585
Net Tangible Capital (NTC) 320 (61)
EPV at 10% 3,466 3,421
Less: Total debt 1,271 1,266
Plus: Cash in excess of 1% of sales 150 76
Total EPV 2,344 2,230
Enterprise Value 11,882 9,942
EBITDA-CapEx 598 567
EV/(EBITDA-Capex) 20 18
Price/Pre-Tax Profit 20 19
EV/EBIT 20 19
ROTC (Operating Profit/NTC) 190% -880%
Basic S/O 5 5.027509
Diluted S/O 5 5.237671
EOY Price 88.76 57.55
FY2013 FY 2012
Revenue 56 52
EBIT as reported 30 27
5-year average operating margin (50.0%) 28 26
Special items average adjustment - -
EBIT adjusted 28 26
EBIT adjusted margin 50.0% 50.0%
Interest Expense 0 0
Pre-Tax Profits 28 26
EBT adjusted margin 49.6% 49.2%
After tax of 33% 19 17
Add: D&A 0 0
Subtract: CapEx 21 24
Cash Flow as adjusted (2) (6)
Cash Flow as adjusted margin -3.9% -12.3%
Cash Flow as reported
Tangible Capital:
Total Assets 53 44
Less: Unrestricted Cash 8 2
Less: Goodwill & Intangibles - -
Less: Current Liabilities - -
Net Tangible Capital (NTC) 45 42
EPV at 10% (22) (64)
Less: Total debt - -
Plus: Cash in excess of 1% of sales 10 2
Total EPV (12) (62)
Enterprise Value 455 300
EBITDA-CapEx 7 2
EV/(EBITDA-Capex) 63 124
Price/Pre-Tax Profit 17 12
EV/EBIT 16 12
ROTC (Operating Profit/NTC) 62% 62%
Basic S/O 73 70
Diluted S/O 75 75
EOY Price 36.25 27.41
FY2013 FY 2012
Revenue 1,280 1,277
EBIT as reported 190 221
5-year average operating margin (16.0%) 205 204
Special items average adjustment - -
EBIT adjusted 205 204
EBIT adjusted margin 16.0% 16.0%
Interest Expense 0 0
Pre-Tax Profits 205 204
EBT adjusted margin 16.0% 16.0%
After tax of 33% 137 137
Add: D&A 0 0
Subtract: CapEx 21 24
Cash Flow as adjusted 116 113
Cash Flow as adjusted margin 9.1% 8.9%
Cash Flow as reported
Tangible Capital:
Total Assets 2,119 2,007
Less: Unrestricted Cash 78 51
Less: Goodwill & Intangibles 1,112 1,312
Less: Current Liabilities 322 319
Net Tangible Capital (NTC) 608 325
EPV at 10% 1,164 1,130
Less: Total debt 515 390
Plus: Cash in excess of 1% of sales 91 55
Total EPV 740 796
Enterprise Value 3,127 2,389
EBITDA-CapEx 184 181
EV/(EBITDA-Capex) 17 13
Price/Pre-Tax Profit 13 10
EV/EBIT 15 12
ROTC (Operating Profit/NTC) 34% 63%
Basic S/O 13 13
Diluted S/O 13 13
EOY Price 83.17 77.87
FY2013 FY 2012
Revenue 691 551
EBIT as reported 107 66 0.15497 0.118838
5-year average operating margin (12.0%) 83 66
Special items average adjustment - -
EBIT adjusted 83 66
EBIT adjusted margin 12.0% 12.0%
Interest Expense 0 0
Pre-Tax Profits 83 66
EBT adjusted margin 12.0% 11.9%
After tax of 33% 55 44
Add: D&A 0 0
Subtract: CapEx 11 10
Cash Flow as adjusted 45 35
Cash Flow as adjusted margin 6.5% 6.3%
Cash Flow as reported
Tangible Capital:
Total Assets 512 416
Less: Unrestricted Cash 114 108
Less: Goodwill & Intangibles 73 55
Less: Current Liabilities 102 80
Net Tangible Capital (NTC) 223 172
EPV at 10% 446 345
Less: Total debt - -
Plus: Cash in excess of 1% of sales 145 138
Total EPV 591 483
Enterprise Value 928 860
EBITDA-CapEx 72 57
EV/(EBITDA-Capex) 13 15
Price/Pre-Tax Profit 13 15
EV/EBIT 11 13
ROTC (Operating Profit/NTC) 37% 38%
Basic S/O 465 467
Diluted S/O 467 469
EOY Price 67.25 52.25
FY2013 FY 2012
Revenue 23,939 25,364
EBIT as reported 4,816 4,302
5-year average operating margin (12.0%) 4,309 4,566
Special items average adjustment - -
EBIT adjusted 4,309 4,566
EBIT adjusted margin 18.0% 18.0%
Interest Expense 0 0
Pre-Tax Profits 4309 4565
EBT adjusted margin 18.0% 18.0%
After tax of 33% 2,887 3,059
Add: D&A 0 0
Subtract: CapEx - -
Cash Flow as adjusted 2,887 3,059
Cash Flow as adjusted margin 12.1% 12.1%
Cash Flow as reported
Tangible Capital:
Total Assets 121,307 131,094
Less: Unrestricted Cash 2,543 2,041
Less: Goodwill & Intangibles - -
Less: Current Liabilities 17,285 17,396
Net Tangible Capital (NTC) 101,479 111,657
EPV at 10% 28,873 30,590
Less: Total debt - -
Plus: Cash in excess of 1% of sales 3,151 2,468
Total EPV 32,024 33,058
Enterprise Value 28,282 22,053
EBITDA-CapEx 4,309 4,566
EV/(EBITDA-Capex) 7 5
Price/Pre-Tax Profit 7 5
EV/EBIT 7 5
ROTC (Operating Profit/NTC) 4% 4%
Basic S/O 30 30
Diluted S/O 30 30
EOY Price 83 74.44
FY2013 FY 2012
Revenue 2,239 1,999
EBIT as reported 128 108
5-year average operating margin (5.0%) 112 100 0.057139 0.05398
Special items average adjustment - -
EBIT adjusted 112 100
EBIT adjusted margin 5.0% 5.0%
Interest Expense 4 5
Pre-Tax Profits 108 95
EBT adjusted margin 4.8% 4.7%
After tax of 33% 72 63
Add: D&A 0 0
Subtract: CapEx 70 53
Cash Flow as adjusted 3 11
Cash Flow as adjusted margin 0.1% 0.6%
Cash Flow as reported
Tangible Capital:
Total Assets 826 736
Less: Unrestricted Cash 91 68
Less: Goodwill & Intangibles 36 37
Less: Current Liabilities 275 235
Net Tangible Capital (NTC) 423 396
EPV at 10% 27 112
Less: Total debt - -
Plus: Cash in excess of 1% of sales 99 71
Total EPV 126 183
Enterprise Value 2,364 2,131
EBITDA-CapEx 42 48
EV/(EBITDA-Capex) 56 45
Price/Pre-Tax Profit 23 23
EV/EBIT 21 21
ROTC (Operating Profit/NTC) 26% 25%
Basic S/O 436 434
Diluted S/O 441 439
EOY Price 118.53 102.16
FY2013 FY 2012
Revenue 105,156 99,137
EBIT as reported 3,053 2,759
5-year average operating margin (2.8%) 2,944 2,776 0.029033 0.02783
Special items average adjustment - -
EBIT adjusted 2,944 2,776
EBIT adjusted margin 2.8% 2.8%
Interest Expense 99 95
Pre-Tax Profits 2845 2681
EBT adjusted margin 2.7% 2.7%
After tax of 33% 1,906 1,796
Add: D&A 946 908
Subtract: CapEx 2,083 1,480
Cash Flow as adjusted 769 1,224
Cash Flow as adjusted margin 0.7% 1.2%
Cash Flow as reported
Tangible Capital:
Total Assets 30,283 27,140
Less: Unrestricted Cash 4,000 3,000
Less: Goodwill & Intangibles - -
Less: Current Liabilities 13,257 12,260
Net Tangible Capital (NTC) 13,026 11,880
EPV at 10% 7,694 12,242
Less: Total debt 4,998 1,381
Plus: Cash in excess of 1% of sales 4,282 3,009
Total EPV 6,978 13,869
Enterprise Value 52,930 43,259
EBITDA-CapEx 1,807 2,204
EV/(EBITDA-Capex) 29 20
Price/Pre-Tax Profit 18 17
EV/EBIT 18 16
ROTC (Operating Profit/NTC) 23% 23%
Basic S/O 514 533
Diluted S/O 20 537
EOY Price 39.1 25.68
FY2013 FY 2012
Revenue 98,375 96,619
EBIT as reported 2,725 2,764
5-year average operating margin (2.7%) 2,656 2,609 0.0277 0.028607
Special items average adjustment - -
EBIT adjusted 2,656 2,609
EBIT adjusted margin 2.7% 2.7%
Interest Expense 443 462
Pre-Tax Profits 2213 2147
EBT adjusted margin 2.2% 2.2%
After tax of 33% 1,483 1,438
Add: D&A 1,703 1,652
Subtract: CapEx 2,330 2,062
Cash Flow as adjusted 856 1,028
Cash Flow as adjusted margin 0.9% 1.1%
Cash Flow as reported
Tangible Capital:
Total Assets 29,281 24,634
Less: Unrestricted Cash 301 138
Less: Goodwill & Intangibles 2,837 1,364
Less: Current Liabilities 10,705 11,061
Net Tangible Capital (NTC) 15,438 12,071
EPV at 10% 8,558 10,283
Less: Total debt 9,654 6,141
Plus: Cash in excess of 1% of sales (582) (782)
Total EPV (1,678) 3,360
Enterprise Value 11,018 20,713
EBITDA-CapEx 2,029 2,199
EV/(EBITDA-Capex) 5 9
Price/Pre-Tax Profit 0.4 6
EV/EBIT 4 8
ROTC (Operating Profit/NTC) 17% 22%
Basic S/O 133 145 157
Diluted S/O 149 156 164
EOY Price 49.61 59.41 38
At Current Values FY2013 FY 2012
Revenue 965 965 874
EBIT as reported 528 528 457 0.547341 0.523502 6618.817
5-year average operating margin (50.0%) 483 483 437
Special items average adjustment - - -
EBIT adjusted 483 483 437
EBIT adjusted margin 50.0% 50.0% 50.0%
Interest Expense 75 75 50
Pre-Tax Profits 408 408 387
EBT adjusted margin 42.3% 42.3% 44.3%
After tax of 33% 273 273 259
Add: D&A 61 61 55
Subtract: CapEx 66 66 53
Cash Flow as adjusted 268 268 261
Cash Flow as adjusted margin 27.8% 27.8% 29.9%
Cash Flow as reported
Tangible Capital:
Total Assets 2,661 2,661 2,062
Less: Unrestricted Cash 1,292 1,292 1,167
Less: Goodwill & Intangibles 53 53 53
Less: Current Liabilities 2,029 2,029 695
Net Tangible Capital (NTC) (713) (713) 148
EPV at 10% 2,683 2,683 2,608
Less: Total debt 750 750 1,085
Plus: Cash in excess of 1% of sales 1,714 1,714 1,548
Total EPV 3,646 3,646 3,071
Enterprise Value 6,408 8,292 5,765
EBITDA-CapEx 478 478 439
EV/(EBITDA-Capex) 13 17 13
Price/Pre-Tax Profit 18 23 16
EV/EBIT 13 17 13
ROTC (Operating Profit/NTC) -68% -68% 296%
Basic S/O 1211 1253
Diluted S/O 1215 1258
EOY Price 76.05 48.31
FY2013 FY 2012
Revenue 8,346 7,391
EBIT as reported 4,503 3,937
5-year average operating margin (50%) 4,173 3,696 0.53954 0.532675
Special items average adjustment - -
EBIT adjusted 4,173 3,696
EBIT adjusted margin 50.0% 50.0%
Interest Expense 14 20
Pre-Tax Profits 4159 3676
EBT adjusted margin 49.8% 49.7%
After tax of 33% 2,787 2,463
Add: D&A 258 230
Subtract: CapEx 155 96
Cash Flow as adjusted 2,890 2,597
Cash Flow as adjusted margin 34.6% 35.1%
Cash Flow as reported
Tangible Capital:
Total Assets 14,242 12,462
Less: Unrestricted Cash 3,000 1,500
Less: Goodwill & Intangibles 1,794 1,764
Less: Current Liabilities 6,032 4,906
Net Tangible Capital (NTC) 3,416 4,292
EPV at 10% 28,895 25,966
Less: Total debt - -
Plus: Cash in excess of 1% of sales 3,000 1,500
Total EPV 31,895 27,466
Enterprise Value 89,401 59,274
EBITDA-CapEx 4,276 3,830
EV/(EBITDA-Capex) 21 15
Price/Pre-Tax Profit 22.2 17
EV/EBIT 21 16
ROTC (Operating Profit/NTC) 122% 86%
Basic S/O 27 30
Diluted S/O 28 32
EOY Price 68.65 50.1
FY2013 FY 2012
Revenue 2,307 2,200
EBIT as reported 260 279
5-year average operating margin (11%) 254 242 0.11272 0.127009
Special items average adjustment - -
EBIT adjusted 254 242
EBIT adjusted margin 11.0% 11.0%
Interest Expense 33 16
Pre-Tax Profits 221 226
EBT adjusted margin 9.6% 10.3%
After tax of 33% 148 152
Add: D&A 207 187
Subtract: CapEx 158 208
Cash Flow as adjusted 198 130
Cash Flow as adjusted margin 8.6% 5.9%
Cash Flow as reported
Tangible Capital:
Total Assets 1,897 1,562
Less: Unrestricted Cash 300 225
Less: Goodwill & Intangibles 639 344
Less: Current Liabilities 631 564
Net Tangible Capital (NTC) 327 429
EPV at 10% 1,975 1,302
Less: Total debt 769 357
Plus: Cash in excess of 1% of sales 300 225
Total EPV 1,506 1,171
Enterprise Value 2,418 1,744
EBITDA-CapEx 303 221
EV/(EBITDA-Capex) 8 8
Price/Pre-Tax Profit 9 7
EV/EBIT 10 7
ROTC (Operating Profit/NTC) 78% 56%
Basic S/O 194 187
Diluted S/O 193.885 187
EOY Price 21.33 8.98
FY2013 FY 2012
Revenue 6,478 5,819
EBIT as reported 140 (22)
5-year average operating margin (1.0%) 65 58
Special items average adjustment - -
EBIT adjusted 65 58
EBIT adjusted margin 1.0% 1.0%
Interest Expense 112 124
Pre-Tax Profits -47 -66
EBT adjusted margin -0.7% -1.1%
After tax of 33% (31) (44)
Add: D&A 369 430
Subtract: CapEx 135 124
Cash Flow as adjusted 203 262
Cash Flow as adjusted margin 3.1% 4.5%
Cash Flow as reported
Tangible Capital:
Total Assets 5,684 5,291
Less: Unrestricted Cash 1,100 900
Less: Goodwill & Intangibles 1,844 1,735
Less: Current Liabilities 2,256 1,768
Net Tangible Capital (NTC) 484 887
EPV at 10% 2,026 2,618
Less: Total debt 1,530 1,678
Plus: Cash in excess of 1% of sales 1,035 842
Total EPV 1,531 1,782
Enterprise Value 4,631 2,515
EBITDA-CapEx 299 364
EV/(EBITDA-Capex) 15 7
Price/Pre-Tax Profit (88) (26)
EV/EBIT 71 43
ROTC (Operating Profit/NTC) 13% 7%
Basic S/O 42 42
Diluted S/O 42 42
EOY Price 91.93 52.81
FY2013 FY 2012
Revenue 825 724
EBIT as reported 268 212
5-year average operating margin (30.0%) 247 217
Special items average adjustment - -
EBIT adjusted 247 217
EBIT adjusted margin 30.0% 30.0%
Interest Expense 0 0
Pre-Tax Profits 247 217
EBT adjusted margin 30.0% 30.0%
After tax of 33% 166 146
Add: D&A 14 14
Subtract: CapEx 20 32
Cash Flow as adjusted 160 128
Cash Flow as adjusted margin 19.4% 17.6%
Cash Flow as reported
Tangible Capital:
Total Assets 997 726
Less: Unrestricted Cash 150 75
Less: Goodwill & Intangibles 1 1
Less: Current Liabilities 124 148
Net Tangible Capital (NTC) 722 501
EPV at 10% 1,598 1,276
Less: Total debt 146 50
Plus: Cash in excess of 1% of sales 142 68
Total EPV 1,594 1,294
Enterprise Value 3,854 2,189
EBITDA-CapEx 241 199
EV/(EBITDA-Capex) 16 11
Price/Pre-Tax Profit 16 10
EV/EBIT 16 10
ROTC (Operating Profit/NTC) 34% 43%
Basic S/O 141 134
Diluted S/O 149 145
EOY Price 21.31 13.61
FY2013 FY 2012
Revenue 5,479 5,758
EBIT as reported 461 446 0.084073 0.077497
5-year average operating margin (8.0%) 438 461
Special items average adjustment - -
EBIT adjusted 438 461
EBIT adjusted margin 8.0% 8.0%
Interest Expense 78 70
Pre-Tax Profits 360 390
EBT adjusted margin 6.6% 6.8%
After tax of 33% 241 262
Add: D&A 72 74
Subtract: CapEx 21 33
Cash Flow as adjusted 293 302
Cash Flow as adjusted margin 5.3% 5.3%
Cash Flow as reported
Tangible Capital:
Total Assets 2,941 3,178
Less: Unrestricted Cash 200 300
Less: Goodwill & Intangibles 1,274 1,277
Less: Current Liabilities 917 965
Net Tangible Capital (NTC) 550 636
EPV at 10% 2,928 3,024
Less: Total debt 1,585 1,660
Plus: Cash in excess of 1% of sales 200 300
Total EPV 1,543 1,665
Enterprise Value 4,554 3,331
EBITDA-CapEx 490 502
EV/(EBITDA-Capex) 9 7
Price/Pre-Tax Profit 9 5
EV/EBIT 10 7
ROTC (Operating Profit/NTC) 80% 72%
Basic S/O 150 155
Diluted S/O 151 156
EOY Price 58.19 48.68
FY2013 FY 2012
Revenue 3,256 3,121
EBIT as reported 621 595 0.190783 0.190522
5-year average operating margin (18.0%) 586 562
Special items average adjustment - -
EBIT adjusted 586 562
EBIT adjusted margin 18.0% 18.0%
Interest Expense 36 30
Pre-Tax Profits 550 532
EBT adjusted margin 16.9% 17.0%
After tax of 33% 368 356
Add: D&A 162 132
Subtract: CapEx 243 236
Cash Flow as adjusted 287 252
Cash Flow as adjusted margin 8.8% 8.1%
Cash Flow as reported
Tangible Capital:
Total Assets 2,434 2,284
Less: Unrestricted Cash 50 120
Less: Goodwill & Intangibles 0 0
Less: Current Liabilities 586 463
Net Tangible Capital (NTC) 1,797 1,700
EPV at 10% 2,873 2,524
Less: Total debt 881 427
Plus: Cash in excess of 1% of sales 18 89
Total EPV 2,010 2,186
Enterprise Value 9,628 7,916
EBITDA-CapEx 505 458
EV/(EBITDA-Capex) 19 17
Price/Pre-Tax Profit 16 14
EV/EBIT 16 14
ROTC (Operating Profit/NTC) 33% 33%
Basic S/O 29 29
Diluted S/O 29 29
EOY Price 147.58 156.81
FY2013 FY 2012
Revenue 2,385 2,130
EBIT as reported 310 283 0.129877 0.132799
5-year average operating margin (13.0%) 310 277
Special items average adjustment - -
EBIT adjusted 310 277
EBIT adjusted margin 13.0% 13.0%
Interest Expense 1 1
Pre-Tax Profits 309 276
EBT adjusted margin 13.0% 13.0%
After tax of 33% 207 185
Add: D&A 107 91
Subtract: CapEx 192 152
Cash Flow as adjusted 122 123
Cash Flow as adjusted margin 5.1% 5.8%
Cash Flow as reported
Tangible Capital:
Total Assets 1,181 1,268
Less: Unrestricted Cash 75 247
Less: Goodwill & Intangibles 203 210
Less: Current Liabilities 303 278
Net Tangible Capital (NTC) 600 534
EPV at 10% 1,216 1,235
Less: Total debt - -
Plus: Cash in excess of 1% of sales 51 226
Total EPV 1,267 1,460
Enterprise Value 4,198 4,393
EBITDA-CapEx 225 216
EV/(EBITDA-Capex) 19 20
Price/Pre-Tax Profit 14 17
EV/EBIT 14 16
ROTC (Operating Profit/NTC) 52% 52%
Basic S/O 31 32
Diluted S/O 31 32
EOY Price 530.75 300.18
FY2013 FY 2012
Revenue 3,215 2,731
EBIT as reported 533 456 0.165719 0.166909
5-year average operating margin (16.5%) 530 451
Special items average adjustment - -
EBIT adjusted 530 451
EBIT adjusted margin 16.5% 16.5%
Interest Expense 0 0
Pre-Tax Profits 530 451
EBT adjusted margin 16.5% 16.5%
After tax of 33% 355 302
Add: D&A 96 84
Subtract: CapEx 200 152
Cash Flow as adjusted 252 234
Cash Flow as adjusted margin 7.8% 8.6%
Cash Flow as reported
Tangible Capital:
Total Assets 2,009 1,669
Less: Unrestricted Cash 273 272
Less: Goodwill & Intangibles 22 22
Less: Current Liabilities 199 199
Net Tangible Capital (NTC) 1,515 1,176
EPV at 10% 2,515 2,337
Less: Total debt - -
Plus: Cash in excess of 1% of sales 241 245
Total EPV 2,756 2,582
Enterprise Value 16,362 9,296
EBITDA-CapEx 427 382
EV/(EBITDA-Capex) 38 24
Price/Pre-Tax Profit 31 21
EV/EBIT 31 21
ROTC (Operating Profit/NTC) 35% 38%
Basic S/O 55 54
Diluted S/O 55 54
EOY Price 160.91 133.05
FY2013 FY 2012
Revenue 1,924 1,700
EBIT as reported 749 700 0.389449 0.411582
5-year average operating margin (38.5%) 741 655
Special items average adjustment - -
EBIT adjusted 741 655
EBIT adjusted margin 38.5% 38.5%
Interest Expense 271 212
Pre-Tax Profits 470 443
EBT adjusted margin 24.4% 26.0%
After tax of 33% 315 297
Add: D&A 85 81
Subtract: CapEx 36 25
Cash Flow as adjusted 365 352
Cash Flow as adjusted margin 19.0% 20.7%
Cash Flow as reported
Tangible Capital:
Total Assets 6,149 5,460
Less: Unrestricted Cash 500 380
Less: Goodwill & Intangibles 4,533 4,159
Less: Current Liabilities 323 234
Net Tangible Capital (NTC) 793 687
EPV at 10% 3,650 3,521
Less: Total debt 5,700 3,599
Plus: Cash in excess of 1% of sales 481 363
Total EPV (1,570) 286
Enterprise Value 14,082 10,405
EBITDA-CapEx 791 710
EV/(EBITDA-Capex) 18 15
Price/Pre-Tax Profit 19 16
EV/EBIT 19 16
ROTC (Operating Profit/NTC) 93% 95%
Basic S/O 50 50
Diluted S/O 51 51
EOY Price 60 48.84
FY2013 FY 2012
Revenue 1,131 1,122
EBIT as reported 175 183 0.154422 0.162881
5-year average operating margin (16.0%) 181 179
Special items average adjustment - -
EBIT adjusted 181 179
EBIT adjusted margin 16.0% 16.0%
Interest Expense 0 0
Pre-Tax Profits 181 179
EBT adjusted margin 16.0% 16.0%
After tax of 33% 121 120
Add: D&A 32 32
Subtract: CapEx 45 36
Cash Flow as adjusted 109 116
Cash Flow as adjusted margin 9.6% 10.3%
Cash Flow as reported
Tangible Capital:
Total Assets 1,449 1,206
Less: Unrestricted Cash 361 136
Less: Goodwill & Intangibles 331 338
Less: Current Liabilities 208 175
Net Tangible Capital (NTC) 549 558
EPV at 10% 1,088 1,156
Less: Total debt 116 16
Plus: Cash in excess of 1% of sales 350 124
Total EPV 1,321 1,264
Enterprise Value 2,799 2,377
EBITDA-CapEx 169 175
EV/(EBITDA-Capex) 17 14
Price/Pre-Tax Profit 17 14
EV/EBIT 15 13
ROTC (Operating Profit/NTC) 33% 32%
Basic S/O 1082 1135
Diluted S/O 1089 1141
EOY Price 89.74 59.61
FY2013 FY 2012
Revenue 32,974 31,555
EBIT as reported 9,404 8,197 0.285194 0.259769
5-year average operating margin (26.0%) 8,573 8,204
Special items average adjustment - -
EBIT adjusted 8,573 8,204
EBIT adjusted margin 26.0% 26.0%
Interest Expense 1516 1746
Pre-Tax Profits 7057 6458
EBT adjusted margin 21.4% 20.5%
After tax of 33% 4,728 4,327
Add: D&A 32 32
Subtract: CapEx 45 36
Cash Flow as adjusted 4,716 4,322
Cash Flow as adjusted margin 14.3% 13.7%
Cash Flow as reported
Tangible Capital:
Total Assets 153,375 153,140
Less: Unrestricted Cash 18,000 20,750
Less: Goodwill & Intangibles - -
Less: Current Liabilities 73,528 71,967
Net Tangible Capital (NTC) 61,847 60,423
EPV at 10% 47,159 43,224
Less: Total debt 60,351 62,287
Plus: Cash in excess of 1% of sales 17,670 20,434
Total EPV 4,479 1,372
Enterprise Value 140,408 109,868
EBITDA-CapEx 8,561 8,200
EV/(EBITDA-Capex) 16 13
Price/Pre-Tax Profit 14 11
EV/EBIT 16 13
ROTC (Operating Profit/NTC) 14% 14%
Basic S/O 485 518 542 544 505 479
Diluted S/O 487 520 543 549 508 479
EOY Price 55.07 37.99 24.49 18.89 15.03 9.51
FY2013 FY 2012 FY2011 FY2010 FY2009 FY2008
Revenue 7,583 7,290 6,345 6,146 3,145 605
EBIT as reported 4,389 4,429 4,442 4,376 4,006 17
5-year average operating margin (50.0%) 3,792 3,645 3,173 3,073 1,573 302
Special items average adjustment - - (31) - - (57)
EBIT adjusted 3,792 3,645 3,204 3,073 1,573 74
EBIT adjusted margin 50.0% 50.0% 50.5% 50.0% 50.0% 12.2%
Interest Expense 445 485 498 432 62 12
Pre-Tax Profits 3347 3160 2706 2641 1511 62
EBT adjusted margin 44.1% 43.3% 42.6% 43.0% 48.0% 10.2%
After tax of 33% 2,242 2,117 1,813 1,769 1,012 41
Add: D&A 334 267 20 172 203 15
Subtract: CapEx 231 144 112 55 54 19
Cash Flow as adjusted 2,345 2,240 1,722 1,887 1,162 38
Cash Flow as adjusted margin 30.9% 30.7% 27.1% 30.7% 36.9% 6.2%
Cash Flow as reported
Tangible Capital:
Total Assets 79,340 73,491 68,784 60,785 46,021 39,892
Less: Unrestricted Cash 5,500 1,500 2,000 4,500 12,000 9,000
Less: Goodwill & Intangibles 469 475 443 444 451 459
Less: Current Liabilities 48,057 45,952 39,627 34,413 36,777 33,504
Net Tangible Capital (NTC) 25,314 25,564 26,713 21,427 (3,207) (3,070)
EPV at 10% 23,452 22,402 17,215 18,865 11,620 376
Less: Total debt 20,474 17,666 18,337 17,706 83 92
Plus: Cash in excess of 1% of sales 5,424 1,427 2,000 4,500 12,000 9,000
Total EPV 8,402 6,163 878 5,660 23,537 9,284
Enterprise Value 41,861 35,979 29,626 23,572 (4,284) (4,350)
EBITDA-CapEx 3,895 3,768 3,112 3,190 1,722 70
EV/(EBITDA-Capex) 11 10 10 7 (2) (62)
Price/Pre-Tax Profit 8 6 5 4 5 74
EV/EBIT 11 10 9 8 (3) (59)
ROTC (Operating Profit/NTC) 15% 14% 12% 14% -49% -2%
477 22
478 22
13.94 0
FY2007 FY2006
506 394
123 20
253 216 57.9% 60.8% 70.0% 71.2% 127.4% 2.8%
64 -
59 216
11.7% 55.0%
19 14
40 202
7.9% 51.4%
27 136
15 11
14 10
28 137
5.6% 34.8%
897
38 430
185 2,878
148 1,182
525 (4,490)
284 1,368
204 1,694
38 430
118 104
6,829 1,264
61 218
112 6
166 -
115 6
11% -5%
Basic S/O 3782 3809
Diluted S/O 3815 3822
EOY Price 58.66 43.24
FY2013 FY 2012
Revenue 96,606 97,013
EBIT as reported 33,016 37,683 0.341754 0.38843
5-year average operating margin (35.0%) 33,812 33,955
Special items average adjustment - -
EBIT adjusted 33,812 33,955
EBIT adjusted margin 35.0% 35.0%
Interest Expense 7102 8766
Pre-Tax Profits 26710 25189
EBT adjusted margin 27.6% 26.0%
After tax of 33% 17,896 16,876
Add: D&A 5,306 5,147
Subtract: CapEx 679 3,400
Cash Flow as adjusted 22,523 18,623
Cash Flow as adjusted margin 23.3% 19.2%
Cash Flow as reported
Tangible Capital:
Total Assets 2,415,689 2,359,141
Less: Unrestricted Cash 39,771 53,723
Less: Goodwill & Intangibles 49,699 50,410
Less: Current Liabilities 1,936,622 1,906,048
Net Tangible Capital (NTC) 389,597 348,960
EPV at 10% 225,228 186,233
Less: Total debt 267,889 249,024
Plus: Cash in excess of 1% of sales 39,771 53,723
Total EPV (2,890) (9,068)
Enterprise Value 451,900 360,573
EBITDA-CapEx 38,439 35,702
EV/(EBITDA-Capex) 12 10
Price/Pre-Tax Profit 8 7
EV/EBIT 13 11
ROTC (Operating Profit/NTC) 9% 10%
Basic S/O 210 210
Diluted S/O 210 210
EOY Price 10.02 13.72
FY2013 FY 2012
Revenue 4,033 3,797
EBIT as reported 229 237 0.056653 0.062316
5-year average operating margin (6.5%) 262 247
Special items average adjustment - -
EBIT adjusted 262 247
EBIT adjusted margin 6.5% 6.5%
Interest Expense 89 54
Pre-Tax Profits 174 193
EBT adjusted margin 4.3% 5.1%
After tax of 33% 116 129
Add: D&A 115 92
Subtract: CapEx 120 120
Cash Flow as adjusted 111 101
Cash Flow as adjusted margin 2.8% 2.7%
Cash Flow as reported
Tangible Capital:
Total Assets 2,180 2,049
Less: Unrestricted Cash 126 135
Less: Goodwill & Intangibles 70 67
Less: Current Liabilities 659 578
Net Tangible Capital (NTC) 1,325 1,269
EPV at 10% 1,112 1,014
Less: Total debt 771 650
Plus: Excess Cash 126 135
Total EPV 466 498
Enterprise Value 2,748 3,390
EBITDA-CapEx 257 219
EV/(EBITDA-Capex) 11 15
Price/Pre-Tax Profit 12 15
EV/EBIT 10 14
ROTC (Operating Profit/NTC) 20% 19%
Basic S/O 920 954
Diluted S/O 943 976
EOY Price 75.47 49.37
FY2013 FY 2012
Revenue 29,795 28,729
EBIT as reported 6,605 5,918 0.221681 0.205994
5-year average operating margin (22.0%) 6,555 6,320
Special items average adjustment - -
EBIT adjusted 6,555 6,320
EBIT adjusted margin 22.0% 22.0%
Interest Expense 1190 1253
Pre-Tax Profits 5365 5067
EBT adjusted margin 18.0% 17.6%
After tax of 33% 3,594 3,395
Add: D&A 886 892
Subtract: CapEx 602 643
Cash Flow as adjusted 3,878 3,644
Cash Flow as adjusted margin 13.0% 12.7%
Cash Flow as reported
Tangible Capital:
Total Assets 67,994 68,089
Less: Unrestricted Cash 1,700 2,700
Less: Goodwill & Intangibles 38,192 38,088
Less: Current Liabilities 8,383 9,799
Net Tangible Capital (NTC) 19,719 17,502
EPV at 10% 38,785 36,441
Less: Total debt 20,099 19,122
Plus: Excess Cash 1,700 2,700
Total EPV 20,386 20,019
Enterprise Value 89,537 64,622
EBITDA-CapEx 6,839 6,569
EV/(EBITDA-Capex) 13 10
Price/Pre-Tax Profit 13 10
EV/EBIT 14 10
ROTC (Operating Profit/NTC) 33% 36%
Basic S/O 998 1010
Diluted S/O 1006 1020
EOY Price 96.91 89.849
FY2013 FY 2012
Revenue 28,106 27,567
EBIT as reported 8,764 8,605 0.311834 0.312134
2-year average operating margin (31.0%) 8,713 8,546
Special items average adjustment - -
EBIT adjusted 8,713 8,546
EBIT adjusted margin 31.0% 31.0%
Interest Expense 522 517
Pre-Tax Profits 8191 8029
EBT adjusted margin 29.1% 29.1%
After tax of 33% 5,488 5,380
Add: D&A 1,585 1,489
Subtract: CapEx 2,825 3,049
Cash Flow as adjusted 4,248 3,819
Cash Flow as adjusted margin 15.1% 13.9%
Cash Flow as reported
Tangible Capital:
Total Assets 36,626 35,387
Less: Unrestricted Cash 2,299 1,836
Less: Goodwill & Intangibles 2,873 2,804
Less: Current Liabilities 3,170 3,403
Net Tangible Capital (NTC) 28,285 27,343
EPV at 10% 42,483 38,188
Less: Total debt 14,130 13,633
Plus: Excess Cash 2,299 1,836
Total EPV 30,652 26,392
Enterprise Value 109,323 103,460
EBITDA-CapEx 7,473 6,985
EV/(EBITDA-Capex) 15 15
Price/Pre-Tax Profit 12 11
EV/EBIT 13 12
ROTC (Operating Profit/NTC) 31% 31%
Basic S/O 10 10
Diluted S/O 10 10
EOY Price 11.72 8.3
FY2013 FY 2012
Revenue 112 95
EBIT as reported 22 17 0.197072 0.173419
2-year average operating margin (20.0%) 22 19
Special items average adjustment - -
EBIT adjusted 22 19
EBIT adjusted margin 20.0% 20.0%
Interest Expense 7 4
Pre-Tax Profits 16 15
EBT adjusted margin 14.2% 15.8%
After tax of 33% 11 10
Add: D&A 5 5
Subtract: CapEx 10 7
Cash Flow as adjusted 6 8
Cash Flow as adjusted margin 5.6% 8.5%
Cash Flow as reported
Tangible Capital:
Total Assets 223 192
Less: Unrestricted Cash 5 -
Less: Goodwill & Intangibles 100 95
Less: Current Liabilities 29 23
Net Tangible Capital (NTC) 89 74
EPV at 10% 63 81
Less: Total debt 70 57
Plus: Excess Cash 5 -
Total EPV (2) 24
Enterprise Value 177 137
EBITDA-CapEx 18 17
EV/(EBITDA-Capex) 10 8
Price/Pre-Tax Profit 7 5
EV/EBIT 8 7
ROTC (Operating Profit/NTC) 25% 26%
Basic S/O 3 3
Diluted S/O 3 3
EOY Price 17.1 11.55
FY2013 FY 2012
Revenue 90 84
EBIT as reported 6 5 0.065631 0.06353
2-year average operating margin (6.5%) 6 5
Special items average adjustment - -
EBIT adjusted 6 5
EBIT adjusted margin 6.5% 6.5%
Interest Expense 1 0
Pre-Tax Profits 5 5
EBT adjusted margin 5.9% 6.0%
After tax of 33% 4 3
Add: D&A 1 1
Subtract: CapEx 5 1
Cash Flow as adjusted 0 4
Cash Flow as adjusted margin 0.2% 4.5%
Cash Flow as reported
Tangible Capital:
Total Assets 68 68
Less: Unrestricted Cash 10 8
Less: Goodwill & Intangibles 4 4
Less: Current Liabilities 10 12
Net Tangible Capital (NTC) 44 44
EPV at 10% 2 38
Less: Total debt 23 24
Plus: Excess Cash 10 8
Total EPV (11) 22
Enterprise Value 69 53
EBITDA-CapEx 2 6
EV/(EBITDA-Capex) 28 9
Price/Pre-Tax Profit 11 7
EV/EBIT 12 10
ROTC (Operating Profit/NTC) 13% 13%
Basic S/O 24 23
Diluted S/O 24 24
EOY Price 46.78 36.37
FY2013 FY 2012
Revenue 819 776
EBIT as reported 91 97 0.11065 0.124292
2-year average operating margin (11.5%) 94 89
Special items average adjustment - -
EBIT adjusted 94 89
EBIT adjusted margin 11.5% 11.5%
Interest Expense 2 2
Pre-Tax Profits 92 87
EBT adjusted margin 11.2% 11.3%
After tax of 33% 62 59
Add: D&A 20 12
Subtract: CapEx 11 9
Cash Flow as adjusted 71 61
Cash Flow as adjusted margin 8.7% 7.9%
Cash Flow as reported
Tangible Capital:
Total Assets 795 579
Less: Unrestricted Cash 70 12
Less: Goodwill & Intangibles 315 218
Less: Current Liabilities 156 147
Net Tangible Capital (NTC) 254 203
EPV at 10% 708 613
Less: Total debt 143 25
Plus: Excess Cash 70 12
Total EPV 636 600
Enterprise Value 1,203 880
EBITDA-CapEx 103 92
EV/(EBITDA-Capex) 12 10
Price/Pre-Tax Profit 12 10
EV/EBIT 13 10
ROTC (Operating Profit/NTC) 37% 44%
Basic S/O 37 37
Diluted S/O 38 37
EOY Price 93.82 66.69
FY2013 FY 2012
Revenue 2,339 2,127
EBIT as reported 240 243 0.102711 0.114276
2-year average operating margin (10%) 234 213
Special items average adjustment - -
EBIT adjusted 234 213
EBIT adjusted margin 10.0% 10.0%
Interest Expense 20 18
Pre-Tax Profits 213 195
EBT adjusted margin 9.1% 9.2%
After tax of 33% 143 131
Add: D&A 91 78
Subtract: CapEx 73 65
Cash Flow as adjusted 162 144
Cash Flow as adjusted margin 6.9% 6.8%
Cash Flow as reported
Tangible Capital:
Total Assets 2,751 2,406
Less: Unrestricted Cash 40 30
Less: Goodwill & Intangibles 1,309 1,256
Less: Current Liabilities 418 407
Net Tangible Capital (NTC) 984 713
EPV at 10% 1,615 1,436
Less: Total debt 549 556
Plus: Excess Cash 40 30
Total EPV 1,106 910
Enterprise Value 4,074 3,020
EBITDA-CapEx 252 226
EV/(EBITDA-Capex) 16 13
Price/Pre-Tax Profit 17 13
EV/EBIT 17 14
ROTC (Operating Profit/NTC) 24% 30%
Basic S/O 33 38
Diluted S/O 34 39
EOY Price 57.61 31.33
FY2013 FY 2012
Revenue 1,167 1,020
EBIT as reported 46 55 0.039507 0.054078
2-year average operating margin (4.5%) 53 46
Special items average adjustment - -
EBIT adjusted 53 46
EBIT adjusted margin 4.5% 4.5%
Interest Expense 5 2
Pre-Tax Profits 47 44
EBT adjusted margin 4.0% 4.3%
After tax of 33% 32 30
Add: D&A 64 59
Subtract: CapEx 79 46
Cash Flow as adjusted 17 43
Cash Flow as adjusted margin 1.5% 4.2%
Cash Flow as reported
Tangible Capital:
Total Assets 602 592
Less: Unrestricted Cash 40 50
Less: Goodwill & Intangibles 171 181
Less: Current Liabilities 155 142
Net Tangible Capital (NTC) 235 220
EPV at 10% 170 426
Less: Total debt 230 229
Plus: Excess Cash 40 50
Total EPV (20) 247
Enterprise Value 2,176 1,399
EBITDA-CapEx 38 59
EV/(EBITDA-Capex) 57 24
Price/Pre-Tax Profit 42 28
EV/EBIT 41 30
ROTC (Operating Profit/NTC) 22% 21%
Basic S/O 33
Diluted S/O 34
EOY Price 57.61
FY2013
Revenue 746
EBIT as reported 135 0.180965
2-year average operating margin (18.5%) 138
Special items average adjustment -
EBIT adjusted 138
EBIT adjusted margin 18.5%
Interest Expense 52
Pre-Tax Profits 86
EBT adjusted margin 11.5%
After tax of 33% 58
Add: D&A 45
Subtract: CapEx 11
Cash Flow as adjusted 92
Cash Flow as adjusted margin 12.3%
Cash Flow as reported
Tangible Capital:
Total Assets 2,394
Less: Unrestricted Cash 260
Less: Goodwill & Intangibles 1,666
Less: Current Liabilities 107
Net Tangible Capital (NTC) 361
EPV at 10% 916
Less: Total debt 230
Plus: Excess Cash 260
Total EPV 946
Enterprise Value 1,956
EBITDA-CapEx 172
EV/(EBITDA-Capex) 11
Price/Pre-Tax Profit 23
EV/EBIT 14
ROTC (Operating Profit/NTC) 38%
Basic S/O 123.808 99 91 44 43 43
Diluted S/O 125.485 100 91 44 44 43
EOY Price 64.5 62.48 27 29.56 18.41 12.95
1H 2014 FY2013 FY 2012 FY2011 FY2010 FY2009
Revenue 4700 4,207 3,914 693 542 525
EBIT as reported 500 406 140 26 34 40
2-year average operating margin (7.0%) 423 294 274 49 38 37
Special items average adjustment 0 - - (31) - -
EBIT adjusted 423 294 274 80 38 37
EBIT adjusted margin 9.0% 7.0% 7.0% 11.5% 7.0% 7.0%
Interest Expense 56 104 92 6 7 7
Pre-Tax Profits 367 191 182 74 31 30
EBT adjusted margin 7.8% 4.5% 4.7% 10.6% 5.8% 5.6%
After tax of 33% 246 128 122 49 21 20
Add: D&A 166 119 183 23 16 15
Subtract: CapEx 100 71 83 15 13 11
Cash Flow as adjusted 312 176 222 57 25 24
Cash Flow as adjusted margin 6.6% 4.2% 5.7% 8.2% 4.5% 4.5%
Cash Flow as reported
Tangible Capital:
Total Assets 7,928 6,583 6,148 1,089 1,022 1,003
Less: Unrestricted Cash 280 250 430 50 50 35
Less: Goodwill & Intangibles 4,228 3,217 2,878 246 201 179
Less: Current Liabilities 1,357 1,375 1,182 240 192 144
Net Tangible Capital (NTC) 2,063 1,741 1,659 553 580 645
EPV at 10% 3,119 1,757 2,224 572 245 239
Less: Total debt 1,812 1,458 1,694 102 73 83
Plus: Excess Cash 280 250 430 50 50 35
Total EPV 1,587 549 961 520 223 191
Enterprise Value 9,625 7,479 3,722 1,360 826 609
EBITDA-CapEx 489 342 374 87 42 41
EV/(EBITDA-Capex) 20 22 10 16 20 15
Price/Pre-Tax Profit 22 33 13 18 26 19
EV/EBIT 23 25 14 17 22 17
ROTC (Operating Profit/NTC) 21% 17% 17% 14% 7% 6%
36 22 22
36 22 22
10.76 0 0
FY2008 FY2007 FY2006
605 506 394
17 123 20 0.096599 0.035773 0.037361 0.063418 0.075482
42 35 28
(57) 64 -
74 59 28
12.2% 11.7% 7.0%
12 19 14
62 40 13
10.2% 7.9% 3.4%
41 27 9
15 15 11
19 14 10
38 28 10
6.2% 5.6% 2.6%
913 897
15 38 430
179 185 2,878
154 148 1,182
565 525 (4,490)
376 284 102
92 204 1,694
15 38 430
299 118 (1,162)
467 166 1,264
70 61 29
7 3 44
6 - -
6 3 46
13% 11% -1%
Basic S/O 696 693
Diluted S/O 711 713
EOY Price 75.15 56.06
FY2013 FY 2012
Revenue 19,118 18,260
EBIT as reported 3,275 3,165 0.171299 0.173331
2-year average operating margin (17.0%) 3,250 3,104
Special items average adjustment - -
EBIT adjusted 3,250 3,104
EBIT adjusted margin 17.0% 17.0%
Interest Expense 146 158
Pre-Tax Profits 3104 2947
EBT adjusted margin 16.2% 16.1%
After tax of 33% 2,080 1,974
Add: D&A 895 840
Subtract: CapEx 552 458
Cash Flow as adjusted 2,423 2,356
Cash Flow as adjusted margin 12.7% 12.9%
Cash Flow as reported
Tangible Capital:
Total Assets 34,672 32,941
Less: Unrestricted Cash 2,500 1,000
Less: Goodwill & Intangibles 22,286 21,806
Less: Current Liabilities 4,527 4,206
Net Tangible Capital (NTC) 5,359 5,929
EPV at 10% 24,233 23,558
Less: Total debt 3,437 5,288
Plus: Excess Cash 2,500 1,000
Total EPV 23,296 19,271
Enterprise Value 54,368 44,264
EBITDA-CapEx 3,594 3,486
EV/(EBITDA-Capex) 15 13
Price/Pre-Tax Profit 17 14
EV/EBIT 17 14
ROTC (Operating Profit/NTC) 61% 52%
Basic S/O 486 531
Diluted S/O 495 538
EOY Price 86.05 57.51
FY2013 FY 2012
Revenue 13,794 13,887
EBIT as reported 3,836 3,901 0.278092 0.28091
2-year average operating margin (28%) 3,862 3,888
Special items average adjustment - -
EBIT adjusted 3,862 3,888
EBIT adjusted margin 28.0% 28.0%
Interest Expense 464 417
Pre-Tax Profits 3398 3471
EBT adjusted margin 24.6% 25.0%
After tax of 33% 2,277 2,326
Add: D&A 237 236
Subtract: CapEx 160 154
Cash Flow as adjusted 2,354 2,408
Cash Flow as adjusted margin 17.1% 17.3%
Cash Flow as reported
Tangible Capital:
Total Assets 23,829 22,250
Less: Unrestricted Cash 2,000 400
Less: Goodwill & Intangibles 11,358 11,373
Less: Current Liabilities 3,790 3,830
Net Tangible Capital (NTC) 6,681 6,647
EPV at 10% 23,539 24,078
Less: Total debt 11,867 8,131
Plus: Excess Cash 2,000 400
Total EPV 13,672 16,347
Enterprise Value 52,445 38,643
EBITDA-CapEx 3,939 3,970
EV/(EBITDA-Capex) 13 10
Price/Pre-Tax Profit 13 9
EV/EBIT 14 10
ROTC (Operating Profit/NTC) 58% 58%
Basic S/O 88 82
Diluted S/O 88 84
EOY Price 17.98 33.52
FY2013 FY 2012
Revenue 1,460 1,424
EBIT as reported 201 227 0.137785 0.15929
2-year average operating margin (14.5%) 212 206
Special items average adjustment - -
EBIT adjusted 212 206
EBIT adjusted margin 14.5% 14.5%
Interest Expense 94 111
Pre-Tax Profits 118 95
EBT adjusted margin 8.1% 6.7%
After tax of 33% 79 64
Add: D&A 166 167
Subtract: CapEx 166 192
Cash Flow as adjusted 79 39
Cash Flow as adjusted margin 5.4% 2.7%
Cash Flow as reported
Tangible Capital:
Total Assets 2,582 2,521
Less: Unrestricted Cash 100 30
Less: Goodwill & Intangibles 336 336
Less: Current Liabilities 253 246
Net Tangible Capital (NTC) 1,894 1,909
EPV at 10% 790 389
Less: Total debt 1,627 1,803
Plus: Excess Cash 100 30
Total EPV (737) (1,384)
Enterprise Value 3,112 4,573
EBITDA-CapEx 212 182
EV/(EBITDA-Capex) 15 25
Price/Pre-Tax Profit 13 29
EV/EBIT 15 22
ROTC (Operating Profit/NTC) 11% 11%
Basic S/O 23 16
Diluted S/O 23 16
EOY Price 28.03 16.77
FY2013 FY 2012
Revenue 702 279
EBIT as reported (52) (28) -0.07451 -0.10038
2-year average operating margin (-7.0%) (49) (20)
Special items average adjustment - -
EBIT adjusted (49) (20)
EBIT adjusted margin -7.0% -7.0%
Interest Expense 18 3
Pre-Tax Profits -67 -23
EBT adjusted margin -9.6% -8.2%
After tax of 33% (45) (15)
Add: D&A 21 3
Subtract: CapEx 71 83
Cash Flow as adjusted (96) (96)
Cash Flow as adjusted margin -13.6% -34.4%
Cash Flow as reported
Tangible Capital:
Total Assets 780 413
Less: Unrestricted Cash - 200
Less: Goodwill & Intangibles 549 78
Less: Current Liabilities 99 49
Net Tangible Capital (NTC) 132 86
EPV at 10% (958) (957)
Less: Total debt 1,458 1,694
Plus: Excess Cash - 200
Total EPV (2,416) (2,451)
Enterprise Value 2,095 1,757
EBITDA-CapEx (100) (100)
EV/(EBITDA-Capex) (21) (18)
Price/Pre-Tax Profit (9) (12)
EV/EBIT (43) (90)
ROTC (Operating Profit/NTC) -37% -23%
Basic S/O 145 144
Diluted S/O 146 146
EOY Price 38.5 71.95
FY2013 FY 2012
Revenue 1,591 1,370
EBIT as reported 391 376 0.245951 0.274701
2-year average operating margin (24.0%) 382 329
Special items average adjustment - -
EBIT adjusted 382 329
EBIT adjusted margin 24.0% 24.0%
Interest Expense 0 0
Pre-Tax Profits 382 329
EBT adjusted margin 24.0% 24.0%
After tax of 33% 256 220
Add: D&A 49 43
Subtract: CapEx 106 93
Cash Flow as adjusted 199 170
Cash Flow as adjusted margin 12.5% 12.4%
Cash Flow as reported
Tangible Capital:
Total Assets 1,250 1,051
Less: Unrestricted Cash 600 500
Less: Goodwill & Intangibles 28 15
Less: Current Liabilities 114 133
Net Tangible Capital (NTC) 508 403
EPV at 10% 1,985 1,701
Less: Total debt - -
Plus: Excess Cash 600 500
Total EPV 2,585 2,201
Enterprise Value 5,023 9,991
EBITDA-CapEx 325 279
EV/(EBITDA-Capex) 15 36
Price/Pre-Tax Profit 15 32
EV/EBIT 13 30
ROTC (Operating Profit/NTC) 75% 82%
Basic S/O 297 296
Diluted S/O 303 305
EOY Price 83.72 62.22
FY2013 FY 2012
Revenue 4,171 3,808
EBIT as reported 1,233 1,168 0.295613 0.306723
2-year average operating margin (29.0%) 1,210 1,104
Special items average adjustment - -
EBIT adjusted 1,210 1,104
EBIT adjusted margin 29.0% 29.0%
Interest Expense 30 50
Pre-Tax Profits 1180 1054
EBT adjusted margin 28.3% 27.7%
After tax of 33% 790 706
Add: D&A 232 242
Subtract: CapEx 129 135
Cash Flow as adjusted 893 813
Cash Flow as adjusted margin 21.4% 21.4%
Cash Flow as reported
Tangible Capital:
Total Assets 5,486 4,684
Less: Unrestricted Cash 900 300
Less: Goodwill & Intangibles 1,395 1,493
Less: Current Liabilities 1,280 1,265
Net Tangible Capital (NTC) 1,911 1,626
EPV at 10% 8,933 8,134
Less: Total debt 499 499
Plus: Excess Cash 900 300
Total EPV 9,334 7,935
Enterprise Value 24,966 19,176
EBITDA-CapEx 1,313 1,211
EV/(EBITDA-Capex) 19 16
Price/Pre-Tax Profit 22 18
EV/EBIT 21 17
ROTC (Operating Profit/NTC) 63% 68%
Basic S/O 365 364
Diluted S/O 366 365
EOY Price 41.55 32.17
FY2013 FY 2012
Revenue 2,519 2,326
EBIT as reported 983 905 0.390131 0.388961
2-year average operating margin (38.0%) 957 884
Special items average adjustment - -
EBIT adjusted 957 884
EBIT adjusted margin 38.0% 38.0%
Interest Expense 0 0
Pre-Tax Profits 957 884
EBT adjusted margin 38.0% 38.0%
After tax of 33% 641 592
Add: D&A 105 98
Subtract: CapEx 84 99
Cash Flow as adjusted 662 592
Cash Flow as adjusted margin 26.3% 25.4%
Cash Flow as reported
Tangible Capital:
Total Assets 6,370 6,164
Less: Unrestricted Cash 500 450
Less: Goodwill & Intangibles 581 579
Less: Current Liabilities 4,439 4,268
Net Tangible Capital (NTC) 850 866
EPV at 10% 6,622 5,918
Less: Total debt - -
Plus: Excess Cash 500 450
Total EPV 7,122 6,368
Enterprise Value 14,711 11,282
EBITDA-CapEx 978 883
EV/(EBITDA-Capex) 15 13
Price/Pre-Tax Profit 16 13
EV/EBIT 15 13
ROTC (Operating Profit/NTC) 113% 102%
Basic S/O 83 86
Diluted S/O 87 93
EOY Price 67.39 46.23
FY2013 FY 2012
Revenue 3,023 2,801
EBIT as reported 426 324 0.140987 0.115522
2-year average operating margin (12.5%) 378 350
Special items average adjustment - -
EBIT adjusted 378 350
EBIT adjusted margin 12.5% 12.5%
Interest Expense 34 6
Pre-Tax Profits 344 344
EBT adjusted margin 11.4% 12.3%
After tax of 33% 231 230
Add: D&A 119 138
Subtract: CapEx 80 51
Cash Flow as adjusted 269 317
Cash Flow as adjusted margin 8.9% 11.3%
Cash Flow as reported
Tangible Capital:
Total Assets 4,235 3,806
Less: Unrestricted Cash 1,000 650
Less: Goodwill & Intangibles 2,121 2,099
Less: Current Liabilities 587 625
Net Tangible Capital (NTC) 527 432
EPV at 10% 2,691 3,174
Less: Total debt 1,080 580
Plus: Excess Cash 1,000 650
Total EPV 2,611 3,244
Enterprise Value 5,926 4,234
EBITDA-CapEx 416 437
EV/(EBITDA-Capex) 14 10
Price/Pre-Tax Profit 17 13
EV/EBIT 16 12
ROTC (Operating Profit/NTC) 72% 81%
Basic S/O 1774 1777
Diluted S/O 1789 1789
EOY Price 35.08 25.26
FY2013 FY 2012
Revenue 35,299 35,015
EBIT as reported 3,971 3,637 0.112496 0.10387
2-year average operating margin (12.0%) 4,236 4,202
Special items average adjustment - -
EBIT adjusted 4,236 4,202
EBIT adjusted margin 12.0% 12.0%
Interest Expense 0 0
Pre-Tax Profits 4236 4202
EBT adjusted margin 12.0% 12.0%
After tax of 33% 2,838 2,815
Add: D&A 1,077 1,345
Subtract: CapEx 1,622 1,610
Cash Flow as adjusted 2,293 2,550
Cash Flow as adjusted margin 6.5% 7.3%
Cash Flow as reported
Tangible Capital:
Total Assets 72,557 75,477
Less: Unrestricted Cash 2,000 4,000
Less: Goodwill & Intangibles 47,591 48,292
Less: Current Liabilities 14,396 14,870
Net Tangible Capital (NTC) 8,570 8,315
EPV at 10% 22,930 25,502
Less: Total debt 14,482 15,574
Plus: Excess Cash 2,000 4,000
Total EPV 10,448 13,928
Enterprise Value 75,240 56,764
EBITDA-CapEx 3,691 3,937
EV/(EBITDA-Capex) 20 14
Price/Pre-Tax Profit 15 11
EV/EBIT 18 14
ROTC (Operating Profit/NTC) 49% 51%
Basic S/O 646 643
Diluted S/O 713 727
EOY Price 83.2 69.19
FY2013 FY 2012
Revenue 30,394 29,778
EBIT as reported 4,339 3,872 0.142747 0.130014
2-year average operating margin (13.0%) 3,951 3,871
Special items average adjustment - -
EBIT adjusted 3,951 3,871
EBIT adjusted margin 13.0% 13.0%
Interest Expense 14 15
Pre-Tax Profits 3937 3856
EBT adjusted margin 13.0% 12.9%
After tax of 33% 2,638 2,584
Add: D&A 593 593
Subtract: CapEx 370 372
Cash Flow as adjusted 2,861 2,805
Cash Flow as adjusted margin 9.4% 9.4%
Cash Flow as reported
Tangible Capital:
Total Assets 16,867 16,665
Less: Unrestricted Cash 5,000 6,000
Less: Goodwill & Intangibles 1,819 1,215
Less: Current Liabilities 8,161 8,109
Net Tangible Capital (NTC) 1,887 1,341
EPV at 10% 28,614 28,046
Less: Total debt 26 0
Plus: Excess Cash 5,000 6,000
Total EPV 33,588 34,046
Enterprise Value 54,328 44,302
EBITDA-CapEx 4,175 4,092
EV/(EBITDA-Capex) 13 11
Price/Pre-Tax Profit 15 13
EV/EBIT 14 11
ROTC (Operating Profit/NTC) 209% 289%
Basic S/O 357 376
Diluted S/O 361 380
EOY Price 88.58 61.89
FY2013 FY 2012
Revenue 5,535 4,487
EBIT as reported 1,998 1,855 0.360976 0.413417
2-year average operating margin (33.0%) 1,827 1,481
Special items average adjustment - -
EBIT adjusted 1,827 1,481
EBIT adjusted margin 33.0% 33.0%
Interest Expense 306 248
Pre-Tax Profits 1521 1233
EBT adjusted margin 27.5% 27.5%
After tax of 33% 1,019 826
Add: D&A 276 117
Subtract: CapEx 115 77
Cash Flow as adjusted 1,180 866
Cash Flow as adjusted margin 21.3% 19.3%
Cash Flow as reported
Tangible Capital:
Total Assets 14,979 12,930
Less: Unrestricted Cash 300 1,100
Less: Goodwill & Intangibles 8,906 7,010
Less: Current Liabilities 1,294 946
Net Tangible Capital (NTC) 4,479 3,874
EPV at 10% 11,798 8,659
Less: Total debt 6,482 5,212
Plus: Excess Cash 300 1,100
Total EPV 5,616 4,547
Enterprise Value 38,159 27,630
EBITDA-CapEx 1,988 1,521
EV/(EBITDA-Capex) 19 18
Price/Pre-Tax Profit 21 19
EV/EBIT 21 19
ROTC (Operating Profit/NTC) 41% 38%
Basic S/O 274 273
Diluted S/O 276 274
EOY Price 33.26 18.24
FY2013 FY 2012
Revenue 3,024 2,906
EBIT as reported 763 697 0.25236 0.239745
2-year average operating margin (23.0%) 696 668
Special items average adjustment - -
EBIT adjusted 696 668
EBIT adjusted margin 23.0% 23.0%
Interest Expense 0 0
Pre-Tax Profits 696 668
EBT adjusted margin 23.0% 23.0%
After tax of 33% 466 448
Add: D&A 116 92
Subtract: CapEx 115 77
Cash Flow as adjusted 467 463
Cash Flow as adjusted margin 15.4% 15.9%
Cash Flow as reported
Tangible Capital:
Total Assets 4,694 4,538
Less: Unrestricted Cash 2,000 1,600
Less: Goodwill & Intangibles 792 719
Less: Current Liabilities 1,912 2,012
Net Tangible Capital (NTC) (11) 206
EPV at 10% 4,666 4,632
Less: Total debt 506 906
Plus: Excess Cash 2,000 1,600
Total EPV 6,161 5,326
Enterprise Value 7,686 4,310
EBITDA-CapEx 696 684
EV/(EBITDA-Capex) 11 6
Price/Pre-Tax Profit 13 7
EV/EBIT 11 6
ROTC (Operating Profit/NTC) -6541% 324%
Basic S/O 116 120
Diluted S/O 121 120
EOY Price 29.02 18.24
FY2013 FY 2012
Revenue 1,778 1,631
EBIT as reported 425 405 0.239224 0.248606
2-year average operating margin (24.0%) 427 391
Special items average adjustment - -
EBIT adjusted 427 391
EBIT adjusted margin 24.0% 24.0%
Interest Expense 45 26
Pre-Tax Profits 382 366
EBT adjusted margin 21.5% 22.4%
After tax of 33% 256 245
Add: D&A 17 19
Subtract: CapEx 15 16
Cash Flow as adjusted 258 248
Cash Flow as adjusted margin 14.5% 15.2%
Cash Flow as reported
Tangible Capital:
Total Assets 1,450 2,176
Less: Unrestricted Cash - 750
Less: Goodwill & Intangibles 132 132
Less: Current Liabilities 327 330
Net Tangible Capital (NTC) 992 964
EPV at 10% 2,583 2,482
Less: Total debt 1,055 536
Plus: Excess Cash - 750
Total EPV 1,528 2,696
Enterprise Value 4,570 1,976
EBITDA-CapEx 429 395
EV/(EBITDA-Capex) 11 5
Price/Pre-Tax Profit 9 6
EV/EBIT 11 5
ROTC (Operating Profit/NTC) 43% 41%
Basic S/O 26 25
Diluted S/O 26 26
EOY Price 44.26 28.33
FY2013 FY 2012
Revenue 570 505
EBIT as reported 68 49
2-year average operating margin (10.0%) 57 51
Special items average adjustment - -
EBIT adjusted 57 51
EBIT adjusted margin 10.0% 10.0%
Interest Expense 0 0
Pre-Tax Profits 57 50
EBT adjusted margin 9.9% 9.9%
After tax of 33% 38 34
Add: D&A 12 11
Subtract: CapEx 17 16
Cash Flow as adjusted 33 28
Cash Flow as adjusted margin 5.9% 5.6%
Cash Flow as reported
Tangible Capital:
Total Assets 579 526
Less: Unrestricted Cash 125 125
Less: Goodwill & Intangibles - -
Less: Current Liabilities 84 73
Net Tangible Capital (NTC) 370 328
EPV at 10% 334 282
Less: Total debt 26 22
Plus: Excess Cash 125 125
Total EPV 434 386
Enterprise Value 1,045 624
EBITDA-CapEx 53 45
EV/(EBITDA-Capex) 20 14
Price/Pre-Tax Profit 20 15
EV/EBIT 18 12
ROTC (Operating Profit/NTC) 15% 15%
Basic S/O 116 120
Diluted S/O 121 120
EOY Price 29.02 18.24
FY2013 FY 2012
Revenue 3,869 3,915
EBIT as reported 403 534 0.104196 0.136478
2-year average operating margin (10.0%) 387 392
Special items average adjustment - -
EBIT adjusted 387 392
EBIT adjusted margin 10.0% 10.0%
Interest Expense 0 0
Pre-Tax Profits 387 392
EBT adjusted margin 10.0% 10.0%
After tax of 33% 259 262
Add: D&A 211 256
Subtract: CapEx 138 177
Cash Flow as adjusted 333 341
Cash Flow as adjusted margin 8.6% 8.7%
Cash Flow as reported
Tangible Capital:
Total Assets 6,773 7,860
Less: Unrestricted Cash 800 800
Less: Goodwill & Intangibles 1,855 2,302
Less: Current Liabilities 2,228 2,877
Net Tangible Capital (NTC) 1,890 1,881
EPV at 10% 3,330 3,413
Less: Total debt 3,346 3,642
Plus: Excess Cash 800 800
Total EPV 784 570
Enterprise Value 6,062 5,033
EBITDA-CapEx 461 470
EV/(EBITDA-Capex) 13 11
Price/Pre-Tax Profit 9 6
EV/EBIT 16 13
ROTC (Operating Profit/NTC) 20% 21%
Basic S/O 63 65
Diluted S/O 66 68
EOY Price 19.62 27.11
FY2013 FY 2012
Revenue 714 810
EBIT as reported 155 201 0.217007 0.248004
2-year average operating margin (22.0%) 157 178
Special items average adjustment - -
EBIT adjusted 157 178
EBIT adjusted margin 22.0% 22.0%
Interest Expense 0 0
Pre-Tax Profits 157 178
EBT adjusted margin 22.0% 22.0%
After tax of 33% 105 119
Add: D&A 15 14
Subtract: CapEx 30 54
Cash Flow as adjusted 90 79
Cash Flow as adjusted margin 12.6% 9.8%
Cash Flow as reported
Tangible Capital:
Total Assets 725 651
Less: Unrestricted Cash 20 40
Less: Goodwill & Intangibles 28 11
Less: Current Liabilities 83 93
Net Tangible Capital (NTC) 594 508
EPV at 10% 902 790
Less: Total debt 5 10
Plus: Excess Cash 20 40
Total EPV 917 820
Enterprise Value 1,271 1,826
EBITDA-CapEx 142 138
EV/(EBITDA-Capex) 9 13
Price/Pre-Tax Profit 8 10
EV/EBIT 8 10
ROTC (Operating Profit/NTC) 26% 35%
Basic S/O 62 65
Diluted S/O 63 66
EOY Price 129.25 79.25
FY2013 FY 2012
Revenue 4,466 4,567
EBIT as reported 698 693 0.156382 0.151668
2-year average operating margin (15.0%) 670 685
Special items average adjustment - -
EBIT adjusted 670 685
EBIT adjusted margin 15.0% 15.0%
Interest Expense 131 127
Pre-Tax Profits 539 558
EBT adjusted margin 12.1% 12.2%
After tax of 33% 361 374
Add: D&A 145 162
Subtract: CapEx 91 111
Cash Flow as adjusted 415 425
Cash Flow as adjusted margin 9.3% 9.3%
Cash Flow as reported
Tangible Capital:
Total Assets 6,717 6,731
Less: Unrestricted Cash 900 615
Less: Goodwill & Intangibles 3,311 3,323
Less: Current Liabilities 1,153 1,308
Net Tangible Capital (NTC) 1,353 1,486
EPV at 10% 4,153 4,249
Less: Total debt 1,999 2,139
Plus: Excess Cash 900 615
Total EPV 3,054 2,726
Enterprise Value 9,229 6,730
EBITDA-CapEx 724 736
EV/(EBITDA-Capex) 13 9
Price/Pre-Tax Profit 15 9
EV/EBIT 14 10
ROTC (Operating Profit/NTC) 50% 46%
Basic S/O 117 126
Diluted S/O 118 126
EOY Price 49.04 24.53
FY2013 FY 2012
Revenue 9,040 8,887
EBIT as reported 574 558 0.063444 0.062835
2-year average operating margin (6.0%) 542 533
Special items average adjustment - -
EBIT adjusted 542 533
EBIT adjusted margin 6.0% 6.0%
Interest Expense 6 4
Pre-Tax Profits 537 529
EBT adjusted margin 5.9% 6.0%
After tax of 33% 360 354
Add: D&A 167 177
Subtract: CapEx 126 140
Cash Flow as adjusted 401 391
Cash Flow as adjusted margin 4.4% 4.4%
Cash Flow as reported
Tangible Capital:
Total Assets 4,091 3,872
Less: Unrestricted Cash 500 300
Less: Goodwill & Intangibles 1,609 1,537
Less: Current Liabilities 1,726 1,454
Net Tangible Capital (NTC) 256 582
EPV at 10% 4,005 3,913
Less: Total debt 114 132
Plus: Excess Cash 500 300
Total EPV 4,391 4,081
Enterprise Value 5,420 2,933
EBITDA-CapEx 583 570
EV/(EBITDA-Capex) 9 5
Price/Pre-Tax Profit 11 6
EV/EBIT 10 5
ROTC (Operating Profit/NTC) 212% 92%
Basic S/O 41 40
Diluted S/O 43 42
EOY Price 15.75 15.34
FY2013 FY 2012
Revenue 574 407
EBIT as reported 74 44 0.129707 0.108633
2-year average operating margin (11.0%) 63 45
Special items average adjustment - -
EBIT adjusted 63 45
EBIT adjusted margin 11.0% 11.0%
Interest Expense 0 0
Pre-Tax Profits 63 45
EBT adjusted margin 11.0% 11.0%
After tax of 33% 42 30
Add: D&A 19 14
Subtract: CapEx 5 4
Cash Flow as adjusted 56 40
Cash Flow as adjusted margin 9.8% 9.8%
Cash Flow as reported
Tangible Capital:
Total Assets 978 585
Less: Unrestricted Cash 100 40
Less: Goodwill & Intangibles 527 363
Less: Current Liabilities 108 68
Net Tangible Capital (NTC) 243 115
EPV at 10% 564 400
Less: Total debt 295 69
Plus: Excess Cash 100 40
Total EPV 369 370
Enterprise Value 880 669
EBITDA-CapEx 77 55
EV/(EBITDA-Capex) 11 12
Price/Pre-Tax Profit 11 14
EV/EBIT 14 15
ROTC (Operating Profit/NTC) 26% 39%