Professional Documents
Culture Documents
Return on equity
$4.00
Accrual
Earnings Power
40%
Accrual
Aspiring
BEST
30%
$3.00
Sustaining
$2.00
20%
11
$4.00
Sustaining
10
10%
Aspiring
$0.00
07
08
09
10
Aspiring
0%
11
07
08
09
10
11
15%
Accrual
10%
Sustaining
20%
09
10
Aspiring
0%
11
07
08
09
10
$13,000
18
16
14
12
10
07
08
09
10
11
08
09
CAGR
$12,303.10
0.57%
$10.84
4.66%
Accrual
$1.88
5.69%
Sustaining
$1.97
13.14%
Aspiring
$1.31
10
3.57%
Accrual
17.35%
1.10%
Sustaining
18.14%
8.22%
Aspiring
12.07%
-0.93%
Accrual
10.29%
0.99%
Sustaining
10.76%
8.10%
7.16%
-1.04%
11
Return on equity
Gross profit %
30%
25%
$4.00
2011 value
$0.00
WORST
$11,000
($4.00)
($4.00)
11
$12,000
07
Sustaining
10%
Aspiring
08
$0.00
Accrual
5%
07
08
15%
5%
0%
09
Sustaining
$1.00
Aspiring
20%
Company Profile
3
07
08
09
10
11
07
08
09
$12.00
16
$11.00
14
$10.00
12
$9.00
10
11
At ConAgra Foods, we believe in the power of great food. Food you
turn to every day, food you count on as part of your life. We make
food that does more than satisfy your hunger it actually gives you
less to worry about and more to look forward to. Thats what we do
here at ConAgra Foods: we make great food everyday food in
extraordinary ways. We make the food you love.
10
07
08
09
10
11
07
08
Grunt Work
09
10
InfoDesign
11
ConAgra (CAG)
Net Sales (in millions)
12028.20
11605.70
12731.20
12079.40
12303.10
07
08
09
10
11
26.09%
23.40%
22.31%
25.38%
23.68%
Gross profit %
07
08
09
10
11
$
$
$
$
$
9.04
10.87
10.37
11.02
10.84
07
08
09
10
11
$
$
$
$
$
Accrual
1.51
1.90
2.15
1.62
1.88
Aspiring
1.14
1.25
1.52
1.12
1.31
Accrual Sustaining
6.36%
5.06%
8.02%
1.77%
7.69%
11.49%
6.01%
8.54%
6.64%
6.94%
Aspiring
4.80%
5.31%
5.44%
4.15%
4.62%
07
08
09
10
11
Accrual Sustaining
16.68%
13.29%
17.44%
3.84%
20.72%
30.98%
14.73%
20.94%
17.35%
18.14%
Aspiring
12.59%
11.54%
14.68%
10.18%
12.07%
07
08
09
10
11
Accrual Sustaining
9.51%
7.57%
9.96%
2.20%
11.92%
17.81%
8.62%
12.26%
10.29%
10.76%
Aspiring
7.17%
6.60%
8.44%
5.96%
7.16%
$
$
$
$
$
07
08
09
10
11
Return on equity
4.0
5.0
5.0
5.3
5.5
Sustaining
$
1.20
$
0.42
$
3.21
$
2.31
$
1.97
Grunt Work
InfoDesign
Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax
Accrual
$ 12,303.1
(9,389.6)
(1,511.1)
(11.5)
(1.8)
26.4
(177.5)
$ 1,238.0
34.0%
(421.0)
$
817.0
Recent Price
$23.50
Sustaining
$ 12,303.1
(9,389.6)
(1,511.1)
(11.5)
(1.8)
(86.4)
169.4
(177.5)
$ 1,294.6
34.0%
(440.2)
$
854.4
Aspiring
12,303.1
(9,389.6)
(1,511.1)
(11.5)
(1.8)
(466.3)
453.3
(514.8)
$
861.3
34.0%
(292.9)
$
568.4
May 2011
Earnings Power
Aspiring
BEST
$4.00
May 2011
$1.31
$1.97
Sustaining
ConAgra (CAG)
Dollars in millions except per share amounts
$0.00
($4.00)
($4.00)
$0.00
$4.00
WORST
434.3
10.84
$
$
1.88
0.89
434.3
434.3
Quality of Profits
6.64%
7.16%
17.35%
10.29%
12.49
8.01%
23.68%
1.97
1.31
6.94%
7.49%
18.14%
10.76%
11.95
8.37%
3.8
14.5
5.5
11.4
Grunt Work
4.62%
4.98%
12.07%
7.16%
17.96
5.57%
$2.00
$1.50
$1.00
$0.50
$0.00
Accrual
InfoDesign
Sustaining
Aspiring
ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 40)
Additions to property, plant and equipment
Sale of property, plant and equipment
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 38)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale
2011
(466.2)
18.9
360.9
(86.4)
2011
849.4
1,803.4
274.1
2,926.9
2010
849.6
1,597.9
307.3
252.1
3,006.9
Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities
363.5
1,083.7
124.1
554.3
2,125.6
0.6
260.2
919.1
263.9
579.0
13.4
2,036.2
Assets
Total assets
Working capital
Investment working capital
801.3
(169.4)
970.7
2011
2010
2009
371.9
81.4
453.3
409.1
77.9
487.0
380.6
78.0
458.6
Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)
3
151.1
162.3
152.9
466.3
3
162.3
152.9
315.2
3
152.9
152.9
1,398.9
934.4
464.5
945.6
468.1
477.5
458.6
152.9
305.7
Grunt Work
2011
4,708.5
4,818.7
7.00%
337.3
3,233.8
177.5
8,052.5
6.39%
514.8
2010
4,928.9
2011
11,408.7
2010
11,738.0
2011
363.5
2,674.4
195.9
3,233.8
2010
0.6
260.2
3,030.5
195.9
3,487.2
Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)
2011
177.5
3,233.8
3,360.5
5.28%
2010
160.4
3,487.2
InfoDesign
May 2011
Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax
Recent Price
Accrual
$ 12,079.4
(9,014.2)
(1,820.0)
(21.5)
2.5
22.1
(160.4)
$ 1,087.9
33.3%
(362.1)
$
725.8
Sustaining
$ 12,079.4
(9,014.2)
(1,820.0)
(21.5)
2.5
(67.7)
548.6
(160.4)
$ 1,546.7
33.3%
(514.8)
$ 1,031.9
Aspiring
12,079.4
(9,014.2)
(1,820.0)
(21.5)
2.5
(463.0)
487.2
(498.1)
$
752.2
33.3%
(250.4)
$
501.9
May 2010
Earnings Power
Aspiring
BEST
$4.00
May 2010
$1.12
$2.31
Sustaining
ConAgra (CAG)
Dollars in millions except per share amounts
$0.00
($4.00)
($4.00)
$0.00
$4.00
WORST
447.1
$
11.02
$
$
1.62
0.79
447.1
447.1
Quality of Profits
6.01%
6.18%
14.73%
8.62%
2.31
1.12
8.54%
8.79%
20.94%
12.26%
4.15%
4.28%
10.18%
5.96%
$2.00
$1.50
$1.00
25.38%
3.4
14.2
5.3
13.1
Grunt Work
$0.50
$0.00
Accrual
InfoDesign
Sustaining
Aspiring
ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 39)
Additions to property, plant and equipment
Sale of property, plant and equipment
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 37)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale
2010
(482.9)
88.4
326.8
(67.7)
2010
849.6
1,606.5
307.3
243.5
3,006.9
2009
755.3
1,821.7
269.5
246.9
3,093.4
Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities
0.6
260.2
919.1
263.9
579.0
13.4
2,036.2
3.7
23.9
809.1
165.9
551.3
20.2
1,574.1
Assets
Total assets
Working capital
Investment working capital
970.7
(548.6)
2010
2009
2008
409.3
77.9
487.2
380.7
78.0
458.7
376.7
66.5
443.2
Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)
3
162.4
152.9
147.7
463.0
3
152.9
147.7
300.6
3
147.7
147.7
1,389.1
911.4
477.7
901.9
448.4
453.5
443.2
147.7
295.5
1,519.3
Grunt Work
2010
4,928.9
4,824.9
7.00%
337.7
3,487.2
160.4
8,312.1
5.99%
498.1
2009
4,720.9
2010
11,738.0
2009
11,073.3
2010
0.6
260.2
3,030.5
195.9
3,487.2
2009
3.7
23.9
3,259.5
195.9
3,483.0
Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)
2010
160.4
3,487.2
3,485.1
4.60%
2009
186.0
3,483.0
InfoDesign
May 2010
Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax
Recent Price
Accrual
$ 12,731.2
(9,890.6)
(1,694.8)
332.0
24.0
(186.2)
$ 1,315.6
25.6%
(337.2)
$
978.4
Sustaining
$ 12,731.2
(9,890.6)
(1,694.8)
332.0
(95.9)
771.1
(186.2)
$ 1,966.8
25.6%
(504.1)
$ 1,462.7
Aspiring
12,731.2
(9,890.6)
(1,694.8)
332.0
(486.8)
479.1
(538.2)
$
931.8
25.6%
(238.8)
$
693.0
May 2009
Earnings Power
Aspiring
BEST
$4.00
May 2009
$1.52
$3.21
Sustaining
ConAgra (CAG)
Dollars in millions except per share amounts
$0.00
($4.00)
($4.00)
$0.00
$4.00
WORST
455.4
$
10.37
$
$
2.15
0.76
455.4
455.4
Quality of Profits
7.69%
8.84%
20.72%
11.92%
3.21
1.52
11.49%
13.21%
30.98%
17.81%
5.44%
6.26%
14.68%
8.44%
$3.00
$2.50
$2.00
$1.50
$1.00
22.31%
2.4
16.3
5.0
15.5
Grunt Work
$0.50
$0.00
Accrual
InfoDesign
Sustaining
Aspiring
ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 45)
Additions to property, plant and equipment
Sale of property, plant and equipment
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 43)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale
2009
(441.9)
27.1
318.9
(95.9)
2009
781.4
2,025.1
282.0
4.9
3,093.4
2008
890.6
1,926.3
451.6
2,672.6
5,941.1
Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities
3.7
24.7
823.8
166.9
555.6
1,574.7
599.8
14.9
786.0
374.2
688.3
1,188.1
3,651.3
Working capital
Investment working capital
1,518.7
(771.1)
2,289.8
2009
2008
2007
398.5
80.6
479.1
393.1
68.9
462.0
451.1
68.3
519.4
Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)
3
159.7
154.0
173.1
486.8
3
154.0
173.1
327.1
3
173.1
173.1
1,460.5
987.1
473.4
981.4
500.3
481.1
519.4
173.1
346.3
Assets
Total assets
Grunt Work
2009
4,720.9
5,029.2
7.00%
352.0
3,489.7
186.2
8,518.9
6.32%
538.2
2008
5,337.4
2009
11,073.3
2008
13,682.5
2009
3.7
24.7
3,265.4
195.9
3,489.7
2008
599.8
14.9
3,186.9
200.0
4,001.6
Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)
2009
186.2
3,489.7
3,745.7
4.97%
2008
253.3
4,001.6
InfoDesign
May 2009
Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax
Recent Price
Accrual
$ 11,605.7
(8,890.1)
(1,766.1)
411.9
49.7
(253.3)
$ 1,157.8
19.6%
(227.2)
$
930.6
Sustaining
$ 11,605.7
(8,890.1)
(1,766.1)
411.9
(157.5)
(695.5)
(253.3)
$
255.1
19.6%
(50.1)
$
205.0
Aspiring
11,605.7
(8,890.1)
(1,766.1)
411.9
(456.7)
462.2
(600.5)
$
766.4
19.6%
(150.4)
$
616.0
May 2008
Earnings Power
Aspiring
BEST
$4.00
Sustaining
ConAgra (CAG)
Dollars in millions except per share amounts
May 2008
$1.25
$0.42
$0.00
($4.00)
($4.00)
$0.00
$4.00
WORST
490.9
$
10.87
$
$
1.90
0.75
490.9
490.9
Quality of Profits
0.42
1.25
8.02%
6.80%
17.44%
9.96%
1.77%
1.50%
3.84%
2.20%
5.31%
4.50%
11.54%
6.60%
$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
23.40%
19.5
13.0
5.0
14.8
Grunt Work
$0.40
$0.20
$0.00
Accrual
InfoDesign
Sustaining
Aspiring
ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 46)
Additions to property, plant and equipment
Purchase of leased warehouses
Sale of leased warehouses
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 44)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale
2008
(450.6)
(39.2)
35.6
296.7
(157.5)
2008
890.6
1,931.5
451.6
2,667.4
5,941.1
2007
819.0
1,625.1
319.2
1,511.9
4,275.2
Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities
599.8
14.9
786.0
374.2
688.3
1,188.1
3,651.3
21.3
17.9
746.5
334.5
846.3
714.4
2,680.9
Working capital
Investment working capital
2,289.8
695.5
1,594.3
2008
2007
2006
393.3
68.9
462.2
451.6
68.3
519.9
334.0
54.1
388.1
Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)
3
154.1
173.3
129.4
456.7
3
173.3
129.4
302.7
3
129.4
129.4
1,370.2
888.8
481.4
908.0
432.0
476.0
388.1
129.4
258.7
Assets
Total assets
Grunt Work
2008
5,337.4
4,960.2
7.00%
347.2
4,001.6
253.3
8,961.8
6.70%
600.5
2007
4,582.9
2008
13,682.5
2007
11,835.5
2008
599.8
14.9
3,186.9
200.0
4,001.6
2007
21.3
17.9
3,218.6
200.0
3,457.8
Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)
2008
253.3
4,001.6
3,729.7
6.79%
2007
219.5
3,457.8
InfoDesign
May 2008
Income Statement
Net sales
Cost of sales
Selling, general and administrative expenses
Other expense
Income (loss) from discontinued operations, net of tax
Less: Net income (loss) attributable to noncontrolling interests
Investment income
Investment fixed capital (1)
Investment working capital (2)
Intangibles (3)
+ Intangibles reversal (3)
Interest expense (4)
Pre-tax profits
Income tax rate
Income tax expense
Net profit after tax
Recent Price
Accrual
$ 12,028.2
(8,889.7)
(1,907.8)
80.8
44.4
(225.6)
$ 1,130.3
32.4%
(365.7)
$
764.6
Sustaining
$ 12,028.2
(8,889.7)
(1,907.8)
80.8
(89.8)
(96.0)
(225.6)
$
900.1
32.4%
(291.2)
$
608.9
Aspiring
12,028.2
(8,889.7)
(1,907.8)
80.8
(430.5)
520.5
(548.8)
$
852.7
32.4%
(275.9)
$
576.8
May 2007
Earnings Power
Aspiring
BEST
$4.00
Sustaining
ConAgra (CAG)
Dollars in millions except per share amounts
May 2007
$1.14
$1.20
$0.00
($4.00)
($4.00)
$0.00
$4.00
WORST
507.1
$
9.04
$
$
1.51
0.72
507.1
507.1
Quality of Profits
6.36%
6.46%
16.68%
9.51%
1.20
1.14
5.06%
5.14%
13.29%
7.57%
4.80%
4.87%
12.59%
7.17%
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
26.09%
5.7
10.0
4.0
10.9
Grunt Work
$0.20
$0.00
Accrual
InfoDesign
Sustaining
Aspiring
ConAgra (CAG)
Dollars in millions except per share amounts
1 (from Cash Flows, 10K p. 48)
Additions to property, plant and equipment
Purchase of leased warehouses
Sale of property, plant and equipment
Depreciation and ammoritization
Investment fixed capital
2 (from Balance Sheets, 10K p. 46)
Receivables
Inventories
Prepaid expenses and other current assets
Current assets held for sale
2007
(424.6)
(93.6)
82.4
346.0
(89.8)
2007
1,203.1
2,348.5
719.2
4,270.8
2006
1,178.1
2,130.6
889.0
261.0
4,458.7
Notes payable
Current installments of long-term debt
Accounts payable
Accrued payroll
Other accrued liabilities
Current liabilities held for sale
Total current liabilities
21.3
18.2
1,108.1
336.1
1,197.2
2,680.9
10.0
421.1
867.6
310.8
1,350.7
4.6
2,964.8
Working capital
Investment working capital
1,589.9
96.0
1,493.9
2007
2006
2005
452.2
68.3
520.5
334.9
54.1
389.0
318.2
63.8
382.0
Depreciation period
Year 1
Year 2
Year 3
Depreciation total (intangibles)
3
173.5
129.7
127.3
430.5
3
129.7
127.3
257.0
3
127.3
127.3
1,291.5
814.8
476.7
771.0
384.3
386.7
382.0
127.3
254.7
Assets
Total assets
Grunt Work
2007
4,582.9
4,616.5
7.00%
323.2
3,459.5
225.6
8,076.0
6.79%
548.8
2006
4,650.0
2007
11,835.5
2006
11,970.4
2007
21.3
18.2
3,220.0
200.0
3,459.5
2006
10.0
421.1
2,754.8
400.0
3,585.9
Cost of debt
Interest expense
Total debt
Average - 2 years
Total cost of debt (also discount rate)
2007
225.6
3,459.5
3,522.7
6.40%
2006
272.0
3,585.9
InfoDesign
May 2007