Professional Documents
Culture Documents
1988
1989
1990
1,059,000
1,884,000
3,778,000
Accounts Receivable
Inventory
Current Asset
741,000
2,228,000
5,332,000
446,000
1,752,000
4,221,000
2,246,000
5,864,000
13,331,000
945,000
1,894,000
5,751,000
1,301,000
3,970,000
7,580,000
2,246,000
5,864,000
13,331,000
1988
1989
1990
Revenue
6,067,000
18,658,000
33,059,000
2,185,000
6,853,000
11,951,000
2,465,000
7,513,000
15,612,000
EBITDA
1,417,000
4,292,000
5,496,000
1,417,000
4,292,000
5,496,000
150,000
150,000
164,000
30000
35000
39000
1,537,000
4,407,000
5,621,000
580,000
1,693,000
2,062,000
957,000
2,714,000
3,559,000
Accounting Changes
Discontinued Operations
Extraordinary Items
957,000
2,714,000
3,559,000
1988
1989
1990
Net Income
EBITDA/REVENUE
23.36%
23.00%
16.62%
EBIT/Revenue
23.36%
23.00%
16.62%
36.01%
36.73%
36.15%
40.63%
40.27%
47.22%
AR/ Revenue
0.00%
0.00%
0.00%
Inventory/ Revenue
0.00%
0.00%
0.00%
20.32%
13.18%
20.86%
0.00%
0.00%
0.00%
Debt/ EBITDA
0.00%
0.00%
0.00%
CE/Revenue
17.46%
10.10%
11.43%
CE/TA
47.15%
32.13%
28.34%
7.35%
9.39%
12.77%
0.00%
0.00%
292.83%
140.92%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
14.16%
8.70%
0.00%
0.00%
0.00%
0.00%
37.74%
38.42%
36.68%
Cash ratio %
112.06%
99.47%
65.69%
Quick Ratio
112.06%
99.47%
65.69%
Current ratio
190.48%
217.11%
158.41%
0.00%
0.00%
0.00%
47.23
122.63
140.92
Revenue Growth
207.53%
77.18%
EBITDA Growth
202.89%
28.05%
EBIT Growth
202.89%
28.05%
183.59%
31.13%
EBITDA leverage
0.98
0.36
EBIT leverage
0.98
0.36
0.88
0.40
77.90%
100.53%
292.83%
140.92%
0.00%
0.00%
Items ratio
Coverage ratio
Debt Growth
0.00%
0.00%
Equity Growth
205.15%
90.93%
161.09%
127.34%
Revenue
Operating cash
1988
6067000
18%
1092060
1989
18658000
18%
3358440
1990
33059000
18%
5950620
1991
44539000
18%
8017020
1992
83793000
18%
15082740
1993
121372000
18%
21846960
1994
194126000
18%
34942680
1988
1989
1990
1092060
3358440
5950620
-33060
-1474440
-2172620
Accounts Receivable
Inventory
Current Asset
741,000
2,228,000
5,332,000
446,000
1,752,000
4,221,000
2,246,000
5,864,000
13,331,000
945,000
1,894,000
5,751,000
Pension Benefit
48.62%
1989
57.27%
1990
44.64%
1991
41.97%
1992
50.90%
1993
29.61%
1994
14.29%
Operating cash
Excess Cash
1,301,000
3,970,000
7,580,000
2,246,000
5,864,000
13,331,000
1988
1989
1990
Revenue
6,067,000
18,658,000
33,059,000
2,185,000
6,853,000
11,951,000
2,465,000
7,513,000
15,612,000
EBITDA
1,417,000
4,292,000
5,496,000
1,417,000
4,292,000
5,496,000
154683
292348
-4683
-128348
Interest Income
Long term Invenstment Income
150,000
150,000
164,000
30,000
35,000
39,000
1,537,000
4,407,000
5,621,000
580,000
1,693,000
2,062,000
957,000
2,714,000
3,559,000
Accounting Change
Discontinued Opeations
Extraordinary Itesm
957,000
2,714,000
3,559,000
1988
1989
1990
147,060
1,464,440
199,620
Invested Capital
593,060
3,216,440
4,420,620
4,446,683
5,788,348
2738438.14
3664958.46
14.68%
11.09%
31.46
10.28
461.75%
113.94%
115,058
2,460,778
15%
15%
2649479
3182492
Interest expense
Income before taxes
Net Income
Adjusted EBIT
NOPLAT
NOPLAT Margin
Capital Efficiency
ROIC
Core Free Cash Flow
Opportunity Cost of Invested Capital
Core Economic Profit
Risk Premium
Industry
Size
3.20%
5.40%
3.40%
2.00%
Treasury rate: Based on http://research.stlouisfed.org/fred2/series/BAA?cid=119 is 4.85% for Baa bond. I assume that Intuit is not s
Risk Primium for Equity is based on Professor Aswath Damodaran from his website http://research.stlouisfed.org/fred2/series/BAA?
Industry risk: 3.40% for computer sofware based on SBBI Industry Risk Table
Size Risk: The company is not very big as big companies are expected to have no risk, therefore 2% risk is considered for this com
Company Specific Risk: The company is considered to be risky since it's not doing very well in last year and 1% is considered
Finally, a discount rate of 15% is considered for this company.
Table 10: Intuit CFCF/EBITDA
Year
Ratio
1988
0.0%
1989
2.7%
1990
44.8%
1991
63.3%
1992
3.6%
1993
102.5%
1994
199.9%
1988
19989
1990
6,067,000
18,658,000
33,059,000
208%
77%
4,292,000
5,496,000
2,738,438
3,664,958
15%
11%
3,216,440
4,420,620
442%
37%
Capital Efficeincy
31.46
10.28
ROIC
462%
114%
115,058
2,460,778
15%
15%
2,649,479
3,182,492
2,714,000
3,559,000
Revenue
Revenue Growth
EDBITDA
1,417,000
NOPLAT
NOPLAT Margin
Invested Capital
593,060
957,000
Industry
ROIC
21.80%
18.80%
18.10%
Media
14.30%
14.80%
11.90%
10.50%
1995
1996
Revenue Growth
85%
75%
65%
NOPLAT Margin
10%
9%
9%
19.93
10
10
12.00%
12.00%
339720500
560538825
30574845
50448494
56053883
89686212
75344643
16816165
0.892857
0.797194
67272002
13405744
18476003
43722028
0.892857
0.797194
16496432
34854933
Revenue
194,126,000
NOPLAT
Invested Capital
100,823,680
488,129,674
596,725,882
48,943,320
Total
Enterprise Value
48,943,320
537,072,994
Current Debt
Total Debt
Equity Value
0
537,072,994
100,823,680
697,549,561.87
1991
1992
1993
1994 Assumptions:
7,181,000
9,030,000
39,540,000
83,886,000
7,929,000
13,486,000
26,477,000
36,056,000 Assumption: The current asset for 1988, 1989, & 1990 weren't
3,990,000
7,118,000
7,770,000
124,640,000 Assumption: The net fixed asset for 1988, 1989, & 1990 weren'
19,100,000
29,634,000
73,787,000
244,582,000
7,160,000
12,289,000
24,543,000
11,940,000
17,345,000
49,244,000
185,823,000
19,100,000
29,634,000
73,787,000
244,582,000
1991
1992
1993
1994
44,539,000
83,793,000
121,372,000
194,126,000
15,535,000
29,085,000
39,160,000
69,499,000
22,623,000
46,854,000
68,981,000
261,273,000
6,381,000
7,854,000
13,231,000
(136,646,000)
40,412,000
6,381,000
7,854,000
13,231,000
-177,058,000
335,000
354000
624000
65000
66000
100000
6,651,000
8,142,000
13,755,000
-174,561,000
2,353,000
2,866,000
5,344,000
1,752,000
4,298,000
5,276,000
8,411,000
-176,313,000
4,298,000
5,276,000
8,411,000
-176,313,000
1991
1992
1993
1994
58,759,000 Assumption: There was no data for account payable in the case
2507000 Assumption: The interest income for 1988 and 1989 are assum
0
10000 Assumption: The interest expensefor 1988 and 1989 are assum
14.33%
9.37%
10.90%
-70.39%
14.33%
9.37%
10.90%
-91.21%
34.88%
34.71%
32.26%
35.80%
50.79%
55.92%
56.83%
134.59%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
18.76%
16.18%
22.70%
17.76%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
16.12%
10.78%
32.58%
43.21%
37.60%
30.47%
53.59%
34.30%
8.96%
8.49%
6.40%
64.21%
0.00%
0.00%
0.00%
520.10%
-5.47%
78.40%
9.16%
2024.22%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.87%
4.93%
6.91%
6.34%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
35.38%
35.20%
38.85%
-1.00%
100.29%
73.48%
161.10%
142.76%
100.29%
73.48%
161.10%
142.76%
211.03%
183.22%
268.99%
204.13%
0.00%
0.00%
0.00%
0.00%
98.17
119
132.31
-13664.6
34.73%
88.13%
44.85%
59.94%
16.10%
23.08%
68.46%
-1132.77%
16.10%
23.08%
68.46%
-1438.21%
20.76%
22.75%
59.42%
-2196.22%
0.46
0.26
1.53
-18.90
0.46
0.26
1.53
-23.99
0.60
0.26
1.32
-36.64
90.07%
25.75%
337.87%
112.15%
-5.47%
78.40%
9.16%
1504.12%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
57.52%
45.27%
183.91%
277.35%
43.28%
55.15%
148.99%
231.47%
1991
1992
1993
1994
8017020
15082740
21846960
34942680
-836020
-6052740
17693040
48943320
7,929,000
13,486,000
26,477,000
36,056,000
3,990,000
7,118,000
7,770,000
124,640,000
19,100,000
29,634,000
73,787,000
244,582,000
7,160,000
12,289,000
24,543,000
58,759,000
11,940,000
17,345,000
49,244,000
185,823,000
19,100,000
29,634,000
73,787,000
244,582,000
1991
1992
1993
1994
44,539,000
83,793,000
121,372,000
194,126,000
15,535,000
29,085,000
39,160,000
69,499,000
22,623,000
46,854,000
68,981,000
261,273,000
6,381,000
7,854,000
13,231,000
(136,646,000)
40,412,000
6,381,000
7,854,000
13,231,000
-177,058,000
527649
395213
1042262
1385188
-192649
-41213
-418262
1121812
335,000
354,000
624,000
2,507,000
65,000
66,000
100,000
10,000
6,651,000
8,142,000
13,755,000
-174,561,000
2,353,000
2,866,000
5,344,000
1,752,000
4,298,000
5,276,000
8,411,000
-176,313,000
4,298,000
5,276,000
8,411,000
-176,313,000
1991
1992
1993
1994
857,020
2,793,740
-2,696,040
-23,816,320
4,847,020
9,911,740
5,073,960
100,823,680
6,908,649
8,249,213
14,273,262
-175,672,812
4464497.54
5345473.86
8727910.60
-177435970.94
10.02%
6.38%
7.19%
-91.40%
10.08
17.29
12.25
38.26
100.99%
110.28%
88.06%
-3496.99%
4,038,098
280,754
13,565,691
-273,185,691
15%
15%
15%
15%
3801405
4618421
7241150
-178197065
Company Specific
Total
1%
15.00%
% for Baa bond. I assume that Intuit is not strong enough to consider the Aaa rate for it but Baa.
//research.stlouisfed.org/fred2/series/BAA?cid=119
1991
1992
1993
1994
44,539,000
83,793,000
121,372,000
194,126,000
35%
88%
45%
60%
6,381,000
7,854,000
13,231,000
-136,646,000
4,464,498
5,345,474
8,727,911
-177,435,971
10%
6%
7%
-91%
4,847,020
9,911,740
5,073,960
100,823,680
10%
104%
-49%
1887%
10.08
17.29
12.25
38.26
101%
110%
88%
-3497%
4,038,098
280,754
13,565,691
-273,185,691
15%
15%
15%
15%
3,801,405
4,618,421
7,241,150
-178,197,065
4,298,000
5,276,000
8,411,000
-176,313,000
1997
1998
1999
2000
2001
2002
60%
50%
40%
30%
25%
20%
9%
9%
8%
8%
8%
8%
10
10
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
896862120
1345293180
1883410452
80717591
121076386
150672836
195874687
244843359
293812031
134529318
209267828
272048176
340060221
408072265
527943492
35874485
46337876
87892488
127862643
176831315
173940803
0.711780
0.635518
0.567427
0.506631
0.452349
0.403883
25534750
29448558
49872558
64779194
79989506
70251773
69955245
104932868
125560697
163228906
204036132
244843359
0.711780
0.635518
0.567427
0.506631
0.452349
0.403883
49792762
66686735
71246511
82696844
92295584
98888126
ption: The current asset for 1988, 1989, & 1990 weren't available and are calculated based on 1991 propertion of current asset as an element of total asse
ption: The net fixed asset for 1988, 1989, & 1990 weren't available and are calculated based on 1991 propertion of next asset as an element of total asset
ption: There was no data for account payable in the case material, the current liability was treated as account payable.
ption: The interest income for 1988 and 1989 are assumed based on 1990
ption: The interest expensefor 1988 and 1989 are assumed based on 1990
2003
2004
15%
10%
7%
7%
12.00%
12.00%
4223547939 4645902732
295648356
580737842
242854006
0.360610
87575589
232295137
0.360610
83767955