Discounted Cash Flow Analysis for FedEx Corporation

This is the model that accompanies the DCF powerpoint presentation, which can be found on the Brown Investment Group web
I suggest you use the two in tandem to follow the process the best.

Before you start:

The blue cells on the "Projections", "WACC", and "Sensitivity Analysis" tabs are the inputs, everything else is coded and will
If a cell has a red upper-right corner it has a comment associated with it. Hover your mouse over the cell and the comment w
Some of the cells have names (regular english instead of "H44" for instance). This allows them to be referenced easily over

Steps:
1) For a different company, fill in the data in the "Balance Sheet", "Income Statement", "Cash Flow Statement", "Ratios", and
~This is a lot of data and you might not be able to get all of it but the most important data to get are the data for the first th
2) Determine the best way to project the company's topline and earnings growth.
~For FDX, I felt that modeling the relationship between the company's segments was the best way to project.
~The reason for this is the segments are very different in terms of growth drivers and profitability.

3) Now that you have projections for some line items, insert them into the forecast section (gray) of the "Profitability" tab.
~For me, the line items I projected were sales growth and EBIT margins.
~The important part of this section is to respect the historical margins by minding the 10-year averages posted in the Ave
~If what you're projecting differs greatly from the historical margins you'd better have a good reason for it (i.e. how is t

4) Once you've gotten all the way down to free cash flow, it's time to find the company's dicount rate on the "WACC" tab
~Again, the blue cells are the inputs, everything else will sort itself out on its own.
~Read the comments for the cells. They give information on where the data was found.
~After all the information is filled out the cell at the bottom right corner will be your company's Weight-Adjusted Cost of Ca

5) Moving on to the "Sensitivity Analysis" tab and you'll see the WACC you found on the previous slide already in place.
~What you need to do is determine your Terminal Growth Rate and Exit Multiple.
~The associated powerpoint walks you through this process as well as the concept behind the sensitivity analysis.
~The sensitivity analysis is what you show during a presentation and a precursor to walking us through your projection pr
You're done. You've modeled a company.

wn Investment Group website.

hing else is coded and will automatically change.

he cell and the comment will pop up.
be referenced easily over the entire excel workbook and makes the formulas easier to understand.

Statement", "Ratios", and "Summary" tabs.

t are the data for the first three tabs.

way to project.

f the "Profitability" tab.

verages posted in the Average column

d reason for it (i.e. how is the company reducing costs to increase gross/EBIT/net margins?).

te on the "WACC" tab

Weight-Adjusted Cost of Capital.

slide already in place.

he sensitivity analysis.
through your projection process.

FEDEX CORPORATION (FDX)

Exchange

New York

Country

UNITED STATES Industry

Industrial Transportation

Market Cap

26,578.29 Scale

CUSIP

31428X106

Sedol

2142784

US31428X1063

Shares Out

314.09

ISIN

Annual Balance Sheet

2008/05/31
USD
Assets
Cash & ST Investments
Cash
Short Term Investments
Receivables (Net)
Inventories - Total
Raw Materials
Work In Process
Finished Goods
Progress Payments & Other
Prepaid Expenses
Other Current Assets
Current Assets - Total
Long Term Receivables
Investment In Unconsolidated Subsidiaries
Other Investments
Property Plant & Equipment - Net
Property Plant & Equipment - Gross
Land
Buildings
Construction Work In Progress
Machinery & Equipment
Rental/Lease Property
Transportation Equipment
PP&E - Other
PP&E Under Capitalized Leases
(Less) Accumulated Depreciation
Accum Depr-Land
Accum Depr-Buildings

1,539.0
4,359.0
435.0
911.0
7,244.0
0.0
0.0
0.0
13,478.0
29,305.0
14,817.0
2,734.0
6,379.0
335.0
15,827.0
-

2009/05/31 2010/05/31 2011/05/31 2012/05/31 2012/08/31

USD
USD
USD
USD
USD
2,292.0
3,391.0
367.0
1,066.0
7,116.0
0.0
0.0
0.0
13,417.0
29,260.0
14,863.0
3,061.0
6,677.0
379.0
15,843.0
-

1,952.0
4,163.0
389.0
780.0
7,284.0
0.0
0.0
0.0
14,385.0
31,302.0
16,653.0
3,153.0
6,935.0
343.0
16,917.0
-

2,328.0
4,581.0
437.0
939.0
8,285.0
0.0
0.0
0.0
15,543.0
33,686.0
18,737.0
3,269.0
6,937.0
335.0
18,143.0
-

2,843.0
4,704.0
440.0
1,069.0
9,056.0
0.0
0.0
0.0
17,248.0
36,164.0
20,100.0
3,638.0
7,445.0
335.0
18,916.0
-

2,743.0

4,780.0
465.0

889.0
8,877.0
0.0
17,866.0
36,962.0

19,096.0

Accum Depr-Machinery & Equip.

Accum Depr-Rental/Lease Property
Accum Depr-Transport Equip.
Accum Depr-PP&E Other
Accum Depr-PP&E Under Cap Leases
Other Assets
Deferred Charges
Tangible Other Assets
Intangible Other Assets
Total Assets

4,911.0
827.0
730.0
3,354.0
25,633.0

3,711.0
311.0
1,053.0
2,347.0
24,244.0

3,233.0
0.0
964.0
2,269.0
24,902.0

3,557.0
0.0
1,193.0
2,364.0
27,385.0

3,599.0
1,178.0
2,421.0
29,903.0

Liabilities
Accounts Payable
ST Debt & Current Portion of LT Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
Other Current Liabilities
Current Liabilities - Total
Long Term Debt
LT Debt Excl Capital Leases
Non-Convertible Debt
Convertible Debt
Capitalized Lease Obligations
Provision for Risks & Charges
Deferred Income
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Deferred Tax Liability In Untaxed Reserves
Other Liabilities
Total Liabilities

2,195.0
502.0
1,118.0
1,553.0
5,368.0
1,506.0
1,288.0
1,288.0
0.0
218.0
989.0
986.0
1,264.0
1,264.0
994.0
11,107.0

1,372.0
653.0
861.0
338.0
1,300.0
4,524.0
1,930.0
1,789.0
1,789.0
0.0
141.0
934.0
1,091.0
1,071.0
1,071.0
0.0
1,068.0
10,618.0

1,522.0
262.0
1,146.0
1,715.0
4,645.0
1,668.0
1,547.0
1,547.0
0.0
121.0
1,705.0
1,071.0
891.0
2,431.0
1,540.0
1,111.0
11,091.0

1,702.0
18.0
1,268.0
357.0
1,537.0
4,882.0
1,667.0
1,521.0
1,521.0
0.0
146.0
2,124.0
1,025.0
1,336.0
2,978.0
1,642.0
1,131.0
12,165.0

1,613.0
417.0
1,635.0
386.0
1,323.0
5,374.0
1,250.0
1,122.0
1,122.0
0.0
128.0
5,582.0
1,035.0
836.0
3,718.0
2,882.0
1,099.0
15,176.0

7,737.0
15,667.0

0.0
0.0
0.0

0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

Shareholders' Equity
Non-Equity Reserves
Minority Interest
Preferred Stock

3,948.0

2,734.0
30,691.0

1,643.0
117.0
1,892.0
0.0
3,049.0
4,809.0
2,242.0
2,232.0

10.0

879.0
879.0
-

Preferred Stock - Non Redeemable

Preferred Stock - Redeemable
Common Equity
Common Stock
Capital Surplus
Revaluation Reserves
Other Appropriated Reserves
Unappropriated (Free) Reserves
Retained Earnings
Equity In Untaxed Reserves
ESOP Guarantees
Unrealized Foreign Exchange Gain(Loss)
Unrealized Gain(Loss) on Marketable Securities
(Less) Treasury Stock
Total Shareholders Equity
Total Liabilities & Shareholders Equity
Common Shares Outstanding

0.0
0.0
14,526.0
31.0
1,922.0
0.0
(592.0)
13,002.0
0.0
167.0
0.0
4.0
14,526.0
25,633.0
311.0

0.0
0.0
13,626.0
31.0
2,053.0
0.0
(1,317.0)
12,919.0
0.0
(56.0)
0.0
4.0
13,626.0
24,244.0
312.0

0.0
0.0
13,811.0
31.0
2,261.0
0.0
(2,410.0)
13,966.0
0.0
(30.0)
0.0
7.0
13,811.0
24,902.0
314.0

0.0
0.0
15,220.0
32.0
2,484.0
0.0
(2,706.0)
15,266.0
0.0
156.0
0.0
12.0
15,220.0
27,385.0
317.0

0.0
0.0
14,727.0
32.0
2,595.0
0.0
(5,013.0)
17,134.0
0.0
60.0
0.0
81.0
14,727.0
29,903.0
317.0

0.0
0.0
15,024.0
32.0
2,612.0
17,505.0

278.0
15,024.0
30,691.0
314.3

1,000,000

FEDEX CORPORATION (FDX)

Exchange

New York

Country

UNITED STATES Industry

Industrial Transportation

Market Cap

CUSIP

31428X106

Sedol

2142784

US31428X1063

Shares Outstanding

ISIN

Annual Income Statement

Income Statement
Net Sales or Revenues
Growth

Operating Expenses - Total

Margins

Cost of Goods Sold

Margins

Gross Profit
Margins

Selling, General & Admin Expenses

Margins

Depreciation, Depletion & Amortization

Depreciation
Amortization of Intangibles
Amortization of Deferred Charges
Other Operating Expenses
Margins

Operating Income
Margins

Extraordinary Credit - Pretax

2008/05/31
USD

2009/05/31
USD

2010/05/31
USD

2011/05/31
USD

2012/05/31
USD

37,953.0

35,497.0

34,734.0

39,304.0

42,680.0

8.59%

2.20%

-11.63%

-7.91%

#DIV/0!

34,996.0

33,546.0

32,718.0

36,837.0

39,360.0

92.21%

94.50%

94.20%

93.72%

92.22%

13,552.0

12,672.0

11,908.0

14,266.0

15,758.0

35.71%

35.70%

34.28%

36.30%

36.92%

24,401.00

22,825.00

22,826.00

25,038.00

26,922.00

64.29%

64.30%

65.72%

63.70%

63.08%

14,647.0

14,146.0

14,401.0

15,651.0

16,520.0

38.59%

39.85%

41.46%

39.82%

38.71%

1,946.0
1,886.0
60.0
4,851.0

1,975.0
1,902.0
73.0
4,753.0

1,958.0
1,907.0
51.0
4,451.0

1,973.0
1,941.0
32.0
4,947.0

2,113.0
2,095.0
18.0
4,969.0

12.78%

13.39%

12.81%

12.59%

11.64%

2,957.0

1,951.0

2,016.0

2,467.0

3,320.0

7.79%

5.50%

5.80%

6.28%

7.78%

0.0

0.0

0.0

0.0

0.0

882.0

1,204.0

18.0

89.0

134.0

44.0

26.0

8.0

9.0

13.0

148.0

156.0

159.0

157.0

137.0

0.39%

0.44%

0.46%

0.40%

0.32%

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Margins

Extraordinary Charge - Pretax

Margins

Non-Operating Interest Income

Margins

Interest Expense On Debt

Margins

Pretax Equity In Earnings

Margins

Reserves- Increase(Decrease)

Other Income/Expense - Net

Interest Capitalized

(5.0)
50.0

(11.0)
71.0

(33.0)
80.0

(36.0)
71.0

(6.0)
85.0

2,016.0

677.0

1,894.0

2,265.0

3,141.0

5.31%

1.91%

5.45%

5.76%

7.36%

891.0
588.0
242.0
29.0
32.0
0.0

579.0
(17.0)
214.0
375.0
7.0
0.0

710.0
90.0
207.0
423.0
(10.0)
0.0

813.0
127.0
198.0
497.0
(9.0)
0.0

1,109.0
(40.0)
181.0
968.0
0.0
0.0

44.20%

85.52%

37.49%

35.89%

35.31%

0.0
0.0
0.0
0.0
1,125.0

0.0
0.0
0.0
98.0

0.0
0.0
0.0
0.0
1,184.0

0.0
0.0
0.0
0.0
1,452.0

0.0
0.0
(3.0)
0.0
2,029.0

2.96%

0.28%

3.41%

3.69%

4.75%

0.0

0.0

0.0

0.0

0.0

1,125.0

98.0

1,184.0

1,452.0

2,029.0

2.96%

0.28%

3.41%

3.69%

4.75%

0.0
1,125.0

0.0
98.0

0.0
1,184.0

0.0
1,449.0

0.0
2,029.0

2.96%

0.28%

3.41%

3.69%

4.75%

3.6

0.3

3.8

4.6

6.4

40.04%

-91.39%

1116.13%

21.22%

40.04%

Margins

Pretax Income
Margins

Income Taxes
Current Domestic Income Tax
Current Foreign Income Tax
Deferred Domestic Income Tax
Deferred Foreign Income Tax
Income Tax Credits
Tax Rate

Minority Interest
Equity In Earnings
After Tax Other Income/Expense
Discontinued Operations
Net Income Before Extra Items/Preferred Div
Margins

Extr Items & Gain(Loss) Sale of Assets

Margins

Net Income Before Preferred Dividends

Margins

Preferred Dividend Require

Net Income to Common Shareholders
Margins

EPS Incl Extraordinary Items

Growth

EPS - Continuing Operations

Dividend Per Share
Common Shares Used to Calc Diluted EPS

3.6

0.3

3.8

4.6

6.4

40.04%

-91.39%

1116.13%

21.22%

40.04%

0.4

0.4

0.5

0.5

0.5

4.76%

6.82%

6.38%

8.00%

312,000,000.0 312,000,000.0 314,000,000.0 317,000,000.0 317,000,000.0

-2,000,000.00 -3,000,000.00
0.00 317,000,000.00

26,578.29
314.09

Scale

1,000,000

FEDEX CORPORATION (FDX)

Exchange

New York

Country

UNITED STATES Industry

Industrial Transportation

Market Cap

26,578.29

CUSIP

31428X106

Sedol

2142784

US31428X1063

Shares Outstanding

314.09

ISIN

Annual Cash Flow Statement

2008/05/31
USD

Operations
Net Income / Starting Line
Depreciation, Depletion & Amortization
Depreciation & Depletion
Amortization of Intangible Assets
Deferred Income Taxes & Investment Tax Credit
Deferred Income Taxes
Investment Tax Credits
Other Cash Flow
Funds From Operations
Extraordinary Items
Funds From/For Other Operating Activities
Dec(Inc) In Receivables
Dec(Inc) In Inventories
Inc(Dec) In Accounts Payable
Inc(Dec) In Income Taxes Payable
Inc(Dec) In Other Accruals
Dec(Inc) In Other Assets/Liabilities
Net Cash Flow - Operating Activities
Investing
Capital Expenditures (Addition to Fixed Assets)
Additions To Other Assets
Net Assets From Acquisitions
Increase In Investments
Decrease In Investments
Disposal of Fixed Assets
Other Use/(Source) - Investing
Other Uses - Investing

1,125.0
1,946.0
1,886.0
60.0
124.0
124.0
1,117.0
4,312.0
0.0
(828.0)
(447.0)
190.0
(571.0)
3,484.0

(2,947.0)
0.0
(4.0)
0.0
0.0
54.0
0.0
0.0

2009/05/31 2010/05/31 2011/05/31 2012/05/31

USD
USD
USD
USD

98.0
1,975.0
1,902.0
73.0
299.0
299.0
1,383.0
3,755.0
0.0
(1,002.0)
762.0
(628.0)
(1,136.0)
2,753.0

1,184.0
1,958.0
1,907.0
51.0
331.0
331.0
243.0
3,716.0
0.0
(578.0)
(906.0)
710.0
(382.0)
3,138.0

1,452.0
1,973.0
1,941.0
32.0
669.0
669.0
279.0
4,373.0
0.0
(332.0)
(400.0)
370.0
(302.0)
4,041.0

2,032.0
2,113.0
2,095.0
18.0
1,126.0
1,126.0
399.0
5,670.0
0.0
(835.0)
(254.0)
144.0
(725.0)
4,835.0

(2,459.0) (2,816.0) (3,434.0) (4,007.0)

0.0
0.0
0.0
0.0
(3.0)
0.0
(96.0)
(116.0)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
79.0
35.0
111.0
74.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Other Sources - Investing

Net Cash Flow - Investing
Financing
Net Proceeds From Sale/Issue of Com & Pref
Proceeds From Stock Options
Other Proceeds From Sale/Issuance of Stock
Com/Pfd Purchased
Net Issuance of Equity
Long Term Borrowings
Reduction In Long Term Debt
Net Issuance of Debt
Inc(Dec) In Short Term Borrowings
Cash Dividends Paid - Total
Common Dividends (Cash)
Preferred Dividends (Cash)
Other Source (Use) - Financing
Other Sources - Financing
Other Uses - Financing
Net Cash Flow - Financing
Effect of Exchange Rate On Cash
Inc(Dec) In Cash & Short Term Investments

0.0
(2,897.0)

108.0
0.0
108.0
0.0
108.0
0
(639.0)
(639.0)
0.0
(124.0)
124.0
0.0
38.0
38.0
(617.0)
(30.0)

0.0
0.0
0.0
0.0
(2,383.0) (2,781.0) (3,419.0) (4,049.0)

41.0
0.0
41.0
0.0
41.0
1,000.0
(501.0)
499.0
0.0
(137.0)
137.0
0.0
(3.0)
4.0
(7.0)
400.0
(17.0)
753.0

94.0
0.0
94.0
0.0
94.0
0.0
(653.0)
(653.0)
0.0
(138.0)
138.0
0.0
5.0
25.0
(20.0)
(692.0)
(5.0)
(340.0)

108.0
0.0
108.0
0.0
108.0
0.0
(262.0)
(262.0)
0.0
(151.0)
151.0
0.0
18.0
23.0
(5.0)
(287.0)
41.0
376.0

128.0
0.0
128.0
(197.0)
325.0
0.0
(29.0)
(29.0)
0.0
(164.0)
164.0
0.0
18.0
18.0
0.0
(244.0)
(27.0)
515.0

Scale

1,000,000

FEDEX CORPORATION (FDX)

Exchange

New York

Country

UNITED STATES Industry

Industrial Transportation

Market Cap

26,578.29

CUSIP

31428X106

Sedol

2142784

US31428X1063

Shares Out

314.09

ISIN

Annual Ratios
2008/05/31
USD

2009/05/31
USD

2010/05/31 2011/05/31 2012/05/31

USD
USD
USD

19,950.7
37,953.0
2,008.0
25,633.0
28,990.8
4,060.0
2,114.0
2,947.0

26,036.4
35,497.0
2,583.0
24,244.0
17,585.2
2,737.0
762.0
2,459.0

29,205.1
34,734.0
1,930.0
24,902.0
26,193.9
3,931.0
1,973.0
2,816.0

Valuation
Price/Earnings
Price/Sales
Price/Cash Flow
Price/Book Value
Price/Tangible BV

25.5
0.8
6.6
2.0
2.6

178.8
0.5
4.6
1.3
1.5

22.1
0.8
7.1
1.9
2.3

20.5
0.8
6.8
2.0
2.3

13.9
0.7
5.0
1.9
2.3

60.1
0.7
6.0
1.8
2.2

Enterprise Value
Enterprise Value / Sales
Enterprise Value/ EBITDA
Enterprise Value / EBIT
Enterprise Value / Cash Flow
Enterprise Value / Free Cash Flow

0.8
7.1
13.7
6.7
70.2

0.5
6.4
23.1
4.7
112.0

0.8
6.7
13.3
7.0
142.4

0.7
6.7
12.4
6.6
63.7

0.6
5.1
8.5
4.8
40.8

0.7
6.4
14.2
6.0
85.8

0.1
0.0
0.5

0.1
0.0
0.9

0.1
0.5

0.1
0.4

0.1
0.3

0.08
0.02
0.53

Valuation Measures
Market Cap
Net Sales or Revenues
Total Debt
Net Assets
Enterprise Value
EBITDA
EBIT
Capital Expenditure

Credit Statistics
Total Debt/ Enterprise Value
Net Debt / Enterprise Value
Total Debt / EBITDA

26,472.7
39,304.0 42,680.0
1,685.0
1,667.0
27,385.0 29,903.0
29,040.9 27,081.4
4,324.0
5,306.0
2,351.0
3,193.0
3,434.0
4,007.0

Averages

25,416.22
38,033.60
1,974.60
26,413.40
25,778.42
4,071.60
2,078.60
3,132.60

Scale

Net Debt / EBITDA

EBITDA / Interest Expense
EBTIDA - Capex / Interest Expense
EBIT/ Interest Expense

0.1
27.4
7.5
14.3

0.1
17.5
1.8
4.9

NEG
24.7
7.0
12.4

NEG
27.5
5.7
15.0

NEG
38.7
9.5
23.3

0.11
27.19
6.29
13.97

Liquidity Leverage
Quick Ratio
Current Ratio
Cash Flow/Current Liabilities
Long Term Debt / Equity
Total Debt / Equity
Long Term Debt / Total Capital
Total Debt / Total Capital
Working Capital / Total Capital

1.1
1.3
0.6
10.4
13.8
9.4
12.1
11.7

1.3
1.6
0.6
14.2
19.0
12.4
15.9
16.7

1.3
1.6
0.7
12.1
14.0
10.8
12.3
17.0

1.4
1.7
0.8
11.0
11.1
9.9
10.0
20.2

1.4
1.7
0.9
8.5
11.3
7.8
10.2
23.0

1.3
1.6
0.7
11.2
13.8
10.1
12.1
17.7

Profitability Ratios
Gross Margin
Gross Margin - 5 Yr Average
EBITDA Margin
EBITDA Margin - 5 Yr Average
EBIT Margin
EBIT Margin - 5 Yr Average
Pre-Tax Margin
Pre-Tax Margin - 5 Yr Average
Net Margin
Net Margin - 5 Yr Average

59.17%
10.70%
12.86%
5.57%
7.79%
5.31%
7.33%
2.96%
4.52%

58.74%
7.71%
11.99%
2.15%
6.89%
1.91%
6.64%
0.28%
3.90%

60.08%
60.39%
11.32%
11.62%
5.68%
6.40%
5.45%
6.16%
3.41%
3.59%

58.68%
59.70%
11.00%
11.03%
5.98%
5.77%
5.76%
5.51%
3.69%
3.21%

58.13%
58.96%
12.43%
10.71%
7.48%
5.47%
7.36%
5.16%
4.75%
3.02%

58.96%
59.68%
10.63%
11.64%
5.37%
6.47%
5.16%
6.16%
3.02%
3.65%

Efficiency Ratios
Sales Per Employee
Operating Profit Per Employee
Net Income Per Employee
Assets Per Employee
Total Asset Turnover
Inventory Turnover
Receivable Turnover
Payable Turnover

0.1
0.0
0.0
0.1
1.5
35.1
9.1
6.4

0.1
0.0
0.0
0.1
1.5
31.6
9.2
7.1

0.1
0.0
0.0
0.1
1.4
31.5
9.2
8.2

0.1
0.0
0.0
0.1
1.4
34.5
9.0
8.8

0.2
0.0
0.0
0.1
1.4
35.9
9.2
9.5

0.14
0.01
0.00
0.10
1.44
33.73
9.14
8.03

Management Effectiveness
Return on Equity
8.28%
Return on Equity - 5 Yr Average
13.89%
Return On Assets
4.79%
Return On Assets - 5 Yr Average
7.17%
Return On Invested Capital
7.47%
Return On Invested Capital - 5 Yr Average 11.61%
Dividend Ratios
Dividend Per Share
Dividend Yield
Dividend Payout Ratio

0.4
0.44%
11.11%

0.70%
11.84%
0.61%
6.22%
0.94%
10.03%

8.63%
10.28%
5.03%
5.65%
7.73%
8.99%

10.00%
8.86%
5.77%
5.04%
9.24%
7.95%

13.55%
8.23%
7.20%
4.68%
12.39%
7.55%

7.79%
10.62%
4.41%
5.75%
7.13%
9.23%

0.4
0.79%
141.94%

0.5
0.54%
11.94%

0.5
0.51%
10.50%

0.5
0.58%
8.13%

0.46
0.57%
36.72%

Growth Rates
Sales
Sales - 5 Yr
EBITDA
EBITDA - 5 Yr
Net Income
Net Income - 5 Yr
EPS
EPS - 5 Yr
Capital Expenditure
Capital Expenditure - 5 Yr
Research & Development
Research & Development - 5 Yr

7.78%
11.04%
(20.28%)
7.61%
(44.20%)
6.27%
(48.68%)
9.15%
2.26%
14.29%
-

(6.47%)
(2.15%)
7.51%
3.42%
(32.59%)
43.62%
(0.67%)
(0.02%)
(91.29%) 1,108.16%
(34.90%)
(3.96%)
(3.98%)
(16.56%)
14.52%
14.11%
4.72%
-

13.16%
4.01%
10.00%
(1.19%)
22.64%
(4.27%)
31.34%
(2.93%)
21.95%
6.40%
-

8.59%
3.92%
22.71%
0.82%
39.74%
0.13%
16.69%
6.81%
-

4.18%
5.98%
4.69%
1.31%
207.01%
-7.35%
-8.67%
0.75%
7.77%
9.27%

Stock Performance
Price Close
% Change
Total Return

91.7
(17.84%)
(17.48%)

55.4
(39.56%)
(39.08%)

93.6
12.16%
12.73%

89.1
(4.81%)
(4.25%)

82.7
0.12%
0.67%

83.5
50.62%
51.43%

1,000,000

FEDEX CORPORATION (FDX)

Exchange

New York

Country

UNITED STATES Industry

Industrial Transportation

Market Cap

CUSIP

31428X106

Sedol

2142784

US31428X1063

Shares Outstanding

ISIN

Annual Key Financial Items

2008/05/31
USD

2009/05/31
USD

2010/05/31 2011/05/31 2012/05/31

USD
USD
USD

Income Statement Key Items

Net Sales or Revenues
Growth
Cost of Goods Sold
% of Sales
Gross Profit
Gross Margin
Selling, General & Admin Expenses
% of Sales
EBITDA
EBITDA Margin
Operating EBITDA
Operating EBITDA Margin
EBIT
EBIT Margin
Operating EBIT
Operating EBIT Margin
Pretax Income
Pretax Margin
Net Income to Common Shareholders
Net Margin
EPS - Continuing Operations
Growth
Dividend Per Share

37,953.0
7.78%
13,552.0
35.71%
22,455.0
59.17%
14,647.0
38.59%
4,060.0
10.70%
4,903.0
12.92%
2,114.0
5.57%
2,957.0
7.79%
2,016.0
5.31%
1,125.0
2.96%
3.6
(44.44%)
0.4

35,497.0
34,734.0
(6.47%)
(2.15%)
12,672.0
11,908.0
35.70%
34.28%
20,850.0
20,868.0
58.74%
60.08%
14,146.0
14,401.0
39.85%
41.46%
2,737.0
3,931.0
7.71%
11.32%
3,926.0
3,974.0
11.06%
11.44%
762.0
1,973.0
2.15%
5.68%
1,951.0
2,016.0
5.50%
5.80%
677.0
1,894.0
1.91%
5.45%
98.0
1,184.0
0.28%
3.41%
0.3
3.8
(91.39%) 1,116.13%
0.4
0.5

Balance Sheet Key Items

Total Assets
Cash & ST Investments
% of Assets

25,633.0
1,539.0
6.00%

24,244.0
2,292.0
9.45%

39,304.0
13.16%
14,266.0
36.30%
23,065.0
58.68%
15,651.0
39.82%
4,324.0
11.00%
4,440.0
11.30%
2,351.0
5.98%
2,467.0
6.28%
2,265.0
5.76%
1,449.0
3.69%
4.6
21.22%
0.5

42,680.0
8.59%
15,758.0
36.92%
24,809.0
58.13%
16,520.0
38.71%
5,306.0
12.43%
5,433.0
12.73%
3,193.0
7.48%
3,320.0
7.78%
3,141.0
7.36%
2,029.0
4.75%
6.4
40.04%
0.5

24,902.0 27,385.0 29,903.0

1,952.0
2,328.0
2,843.0
7.84%
8.50%
9.51%

Receivables (Net)
% of Assets
Inventories - Total
% of Assets
Current Assets - Total
% of Assets
Property Plant & Equipment - Net
% of Assets
Other Assets
% of Assets
Accounts Payable
% of Assets
ST Debt & Current Portion of LT Debt
% of Assets
Other Current Liabilities
% of Assets
Current Liabilities - Total
% of Assets
Long Term Debt
% of Assets
Other Liabilities
% of Assets
Total Liabilities
% of Assets
Total Shareholders Equity
% of Assets
Total Liabilities & Shareholders Equity
Common Shares Outstanding
Cash Flow Statement Key Items
Net Income / Starting Line
Depreciation, Depletion & Amortization
Deferred Income Taxes & Investment Tax Credit
Funds From Operations
Net Cash Flow - Operating Activities
Capital Expenditures (Addition to Fixed Assets)
Increase In Investments

4,359.0
17.01%
435.0
1.70%
7,244.0
28.26%
13,478.0
52.58%
4,911.0
19.16%
2,195.0
8.56%
502.0
1.96%
1,553.0
6.06%
5,368.0
20.94%
1,506.0
5.88%
994.0
3.88%
11,107.0
43.33%
14,526.0
56.67%
25,633.0
311.0

3,391.0
13.99%
367.0
1.51%
7,116.0
29.35%
13,417.0
55.34%
3,711.0
15.31%
1,372.0
5.66%
653.0
2.69%
1,300.0
5.36%
4,524.0
18.66%
1,930.0
7.96%
1,068.0
4.41%
10,618.0
43.80%
13,626.0
56.20%
24,244.0
312.0

4,163.0
16.72%
389.0
1.56%
7,284.0
29.25%
14,385.0
57.77%
3,233.0
12.98%
1,522.0
6.11%
262.0
1.05%
1,715.0
6.89%
4,645.0
18.65%
1,668.0
6.70%
1,111.0
4.46%
11,091.0
44.54%
13,811.0
55.46%
24,902.0
314.0

4,581.0
16.73%
437.0
1.60%
8,285.0
30.25%
15,543.0
56.76%
3,557.0
12.99%
1,702.0
6.22%
18.0
0.07%
1,537.0
5.61%
4,882.0
17.83%
1,667.0
6.09%
1,131.0
4.13%
12,165.0
44.42%
15,220.0
55.58%
27,385.0
317.0

4,704.0
15.73%
440.0
1.47%
9,056.0
30.28%
17,248.0
57.68%
3,599.0
12.04%
1,613.0
5.39%
417.0
1.39%
1,323.0
4.42%
5,374.0
17.97%
1,250.0
4.18%
1,099.0
3.68%
15,176.0
50.75%
14,727.0
49.25%
29,903.0
317.0

1,125.0
1,946.0
124.0
4,312.0
3,484.0
2,947.0
0.0

98.0
1,975.0
299.0
3,755.0
2,753.0
2,459.0
0.0

1,184.0
1,958.0
331.0
3,716.0
3,138.0
2,816.0
0.0

1,452.0
1,973.0
669.0
4,373.0
4,041.0
3,434.0
0.0

2,032.0
2,113.0
1,126.0
5,670.0
4,835.0
4,007.0
0.0

Decrease In Investments
Disposal of Fixed Assets
Net Cash Flow - Investing
Net Proceeds From Sale/Issue of Com & Pref
Com/Pfd Purchased
Long Term Borrowings
Reduction In Long Term Debt
Cash Dividends Paid - Total
Net Cash Flow - Financing
Free Cash Flow Per Share

0.0
54.0
2,897.0
108.0
0.0
639.0
124.0
(617.0)
0.0

0.0
79.0
2,383.0
41.0
0.0
1,000.0
501.0
137.0
400.0
0.0

0.0
35.0
2,781.0
94.0
0.0
0.0
653.0
138.0
(692.0)
0.0

0.0
111.0
3,419.0
108.0
0.0
0.0
262.0
151.0
(287.0)
0.0

0.0
74.0
4,049.0
128.0
197.0
0.0
29.0
164.0
(244.0)
0.0

26,578.29
314.09

Scale

1,000,000

FDX

FedEx Corp
2008

Revenues by Segment
Express
Growth
% Revs

Ground
Growth
% Revs

Freight
Growth
% Revs

Operating Income by Segment

Express
Margins
% Op Income

Ground
Margins
% Op Income

Freight
Margins
% Op Income

Total Revenue

Margins

2010

2011

2012

24,421.00

22,364.00

21,555.00

24,581.00

26,515.00

67.64%

-8.42%
66.11%

-3.62%
65.65%

14.04%
65.82%

7.87%
65.33%

6,751.00

7,047.00

6,958.00

7,855.00

8,791.00

18.70%

4.38%
20.83%

-1.26%
21.19%

12.89%
21.03%

11.92%
21.66%

4,934.00

4,415.00

4,321.00

4,911.00

5,280.00

13.67%

-10.52%
13.05%

-2.13%
13.16%

13.65%
13.15%

7.51%
13.01%

1,901.00

794.00

1,127.00

1,228.00

1,260.00

7.78%
64.09%

3.55%
51.00%

5.23%
56.41%

5.00%
51.64%

4.75%
39.55%

736.00

807.00

1,024.00

1,325.00

1,764.00

10.90%
24.81%

11.45%
51.83%

14.72%
51.25%

16.87%
55.72%

20.07%
55.37%

329.00

(44.00)

(153.00)

(175.00)

162.00

6.67%
11.09%

-1.00%
-2.83%

-3.54%
-7.66%

-3.56%
-7.36%

3.07%
5.08%

36,106.00

33,826.00

32,834.00

37,347.00

40,586.00

-6.31%

-2.93%

13.74%

8.67%

2,966.00

1,557.00

1,998.00

2,378.00

3,186.00

8.21%

4.60%

6.09%

6.37%

7.85%

Growth

Operating Income

2009

Average

2.47%
66.11%
6.98%
20.68%
2.13%
13.21%

5.26%
52.54%
14.80%
47.80%
0.33%
-0.33%

3.29%
6.62%

2013

2014

2015

2016

2017

28,395.94

30,190.52

31,864.85

33,385.40

34,720.10

7.09%
65.74%

6.32%
65.98%

5.55%
66.04%

4.77%
65.92%

4.00%
65.63%

9,404.81

10,061.49

10,764.01

11,515.58

12,319.64

6.98%
21.77%

6.98%
21.99%

6.98%
22.31%

6.98%
22.74%

6.98%
23.29%

5,392.46

5,507.32

5,624.63

5,744.44

5,866.79

6.81%
12.48%

6.11%
12.04%

5.41%
11.66%

4.70%
11.34%

4.00%
11.09%

1,378.35

1,496.27

1,611.76

1,722.73

1,827.03

4.85%
39.30%

4.96%
38.93%

5.06%
38.42%

5.16%
37.78%

5.26%
37.01%

1,924.79

2,099.43

2,289.07

2,494.96

2,718.45

20.47%
54.88%

20.87%
54.62%

21.27%
54.57%

21.67%
54.72%

22.07%
55.07%

204.27

248.28

294.06

341.68

391.20

3.79%
5.82%

4.51%
6.46%

5.23%
7.01%

5.95%
7.49%

6.67%
7.92%

43,193.22

45,759.33

48,253.49

50,645.42

52,906.53

6.42%

5.94%

5.45%

4.96%

4.46%

3,507.42

3,843.97

4,194.89

4,559.38

4,936.68

8.12%

8.40%

8.69%

9.00%

9.33%

FDX FedEx Corporation

MktCap: $26.58B
Shares:
Income Statement Items
Revenue

1/3/2015
$84.62

2008
37,953.00

Growth

Cost of Goods Sold

Margin

Gross Profit
Margin

SG&A
Margin

EBITDA
Margin

D&A
Margin

Other Operating Expenses

Margin

EBIT
Margin

Net Interest Expense

Margin

EBT ex. Unusuals

Margin

Restructuring Charges
Impairment of Goodwill
Asset Writedown
Other Unusual Items
Total Unusuals
Margin

EBT In. Unusuals

Margins

Tax Expenses
Tax Rate

Net Income
Margins

Net Income Ex Unusuals

Margins

Earnings per Share

13,552.00

2009

2010

2011

35,497.00

34,734.00

-6.47%

-2.15%

39,304.00
13.16%

12,672.00

11,908.00

14,266.00

35.71%

35.70%

34.28%

36.30%

24,401.00

22,825.00

22,826.00

25,038.00

64.29%

64.30%

65.72%

63.70%

14,647.00

14,146.00

14,401.00

15,651.00

38.59%

39.85%

41.46%

39.82%

9,754.00

8,679.00

8,425.00

9,387.00

25.70%

24.45%

24.26%

23.88%

1,946.00

1,975.00

1,958.00

1,973.00

5.13%

5.56%

5.64%

5.02%

4,851.00

4,753.00

4,451.00

4,947.00

12.78%

13.39%

12.81%

12.59%

2,957.00

1,951.00

2,016.00

2,467.00

7.79%

5.50%

5.80%

6.28%

148.00

156.00

159.00

157.00

0.39%

0.44%

0.46%

0.40%

2,809.00

1,795.00

1,857.00

2,310.00

7.40%

5.06%

5.35%

5.88%

891.00
891.00

910.00
260.00
1,170.00

18.00
18.00

89.00
89.00

2.35%

3.30%

0.05%

0.23%

1,918.00

625.00

1,839.00

2,221.00

5.05%

1.76%

5.29%

5.65%

891.00

579.00

710.00

813.00

31.72%

32.26%

38.23%

35.19%

1,125.00

98.00

1,184.00

1,449.00

2.96%

0.28%

3.41%

3.69%

2,016.00

1,268.00

1,202.00

1,538.00

5.31%

3.57%

3.46%

3.91%

3.60

0.31

3.77

4.57

Growth

Earnings per Share ex Unusuals

6.48

4.06

3.83

4.85

Growth

Balance Sheet Items

Cash & Equivalents
per Share
Current Assets
% Revs

Short Term Debt

Current Liabilities
% Revs

Long Term Debt

Total Debt
Change
Equity

1,539.00
4.95
7,244.00

2,292.00
7.35
7,116.00

1,952.00
6.22
7,284.00

2,328.00
7.34
8,285.00

0.19

0.20

0.21

0.21

502.00
5,368.00

653.00
4,524.00

262.00
4,645.00

18.00
4,882.00

14.14%

12.74%

13.37%

12.42%

1,506.00
2,008.00

1,930.00
2,583.00
575.00

1,668.00
1,930.00
(653.00)

1,667.00
1,685.00
(245.00)

14,526.00

13,626.00

13,811.00

15,220.00

Shares Outstanding
Change
Working Capital
Change
Net Cash (Debt)
Change
Cash Flow Items
Net Income + Charges
D&A
% Revs

Gross Cash Flow

Change in Working Capital
Capital Expenditures
% Revs

Acquisitions
Net Issuance (Retirement) of Debt
Net Issuance (Retirement) of Stock
Dividends
Other Financing Activities
Total
Free Cash Flow
Change
FCF/Share

311.00
839.00
(469.00)

2,016.00
1,946.00

312.00
1.00
953.00
114.00
(291.00)
178.00

1,268.00
1,975.00

314.00
2.00
949.00
(4.00)
22.00
313.00

1,202.00
1,958.00

317.00
3.00
1,093.00
144.00
643.00
621.00

1,538.00
1,973.00

5.13%

5.56%

5.64%

5.02%

3,962.00

3,243.00

3,160.00

3,511.00

(2,947.00)

114.00
(2,459.00)

(4.00)
(2,816.00)

144.00
(3,434.00)

7.76%

6.93%

8.11%

8.74%

(4.00)
(639.00)
108.00
(124.00)
38.00
(3,567.92)

(3.00)
499.00
41.00
(137.00)
(3.00)
(1,947.93)

(653.00)
94.00
(138.00)
5.00
(3,511.92)

(96.00)
(262.00)
108.00
(151.00)
18.00
(3,672.91)

670.00
(345.00)
2.15

348.00
(322.00)
1.11

(67.00)
(415.00)
(0.21)

1,015.00
3.26

2012 Average
42,680.00
8.59%

2.38%

15,758.00
36.92%

35.78%

26,922.00
63.08%

64.22%

16,520.00
38.71%

39.69%

10,402.00
24.37%

24.53%

2,113.00
4.95%

5.26%

4,969.00
11.64%

12.64%

3,320.00
7.78%

6.63%

137.00
0.32%

0.40%

3,183.00
7.46%

6.23%

134.00
134.00
0.31%

4.98%
34.45%

2,029.00
4.75%

3.02%

2,163.00
5.07%

2015

2016

2017

45,421.73

48,120.25

50,743.09

53,258.43

6.42%

5.94%

5.45%

4.96%

4.46%

16,666.74

17,547.22

18,387.97

19,178.06

19,907.45

55,636.20

36.69%

36.47%

36.24%

36.01%

35.78%

28,754.99

30,573.03

32,355.12

34,080.37

35,728.75

63.31%

63.53%

63.76%

63.99%

64.22%

17,501.60

18,005.08

19,429.78

19,783.92

21,133.59

38.53%

37.42%

38.29%

37.15%

37.99%

11,253.39

12,567.95

12,925.33

14,296.45

14,595.16

24.78%

26.12%

25.47%

26.84%

26.23%

2,276.81

2,441.81

2,606.27

2,768.37

2,926.35

5.01%

5.07%

5.14%

5.20%

5.26%

5,288.21

6,083.84

5,907.74

6,733.46

6,477.42

11.64%

12.64%

11.64%

12.64%

11.64%

3,688.38

4,042.30

4,411.32

4,794.62

5,191.38

8.12%

8.40%

8.69%

9.00%

9.33%

137

137

137

137

137

0.30%

0.28%

0.27%

0.26%

0.25%

3,551.38

3,905.30

4,274.32

4,657.62

5,054.38

7.82%

8.12%

8.42%

8.75%

9.08%

1,109.00
34.84%

2014

1.25%

3,049.00
7.14%

2013

4.27%

6.40
6.82

MRQ
2,843.00
2,743.00
8.97
8.73
9,056.00
8,877.00

3,551.38

3,905.30

4,274.32

4,657.62

7.82%

8.12%

8.42%

8.75%

5,054.38
9.08%

1,242.98

1,366.85

1,496.01

1,630.17

1,769.03

35.00%

35.00%

35.00%

35.00%

35.00%

2,308.40

2,538.44

2,778.31

3,027.45

3,285.35

5.08%

5.28%

5.48%

5.68%

5.91%

2,308.40

2,538.44

2,778.31

3,027.45

3,285.35

5.08%

5.28%

5.48%

5.68%

5.91%

7.25

7.93

8.64

9.37

10.12

7.25

7.93

8.64

9.37

10.12

3,020.35

3,325.74

3,325.74

3,325.74

3,325.74

9,538.56

10,105.25

10,656.05

11,184.27

11,683.60

0.21

0.21

21.00%

21.00%

21.00%

21.00%

21.00%

417.00
5,374.00

117.00
4,809.00

117.00
4,996.39

117.00
5,774.43

117.00
6,596.60

117.00
6,923.60

117.00
7,232.71

12.59%

11.20%

11.00%

12.00%

13.00%

13.00%

13.00%

1,250.00
1,667.00
(18.00)

2,242.00
2,359.00
692.00

2,242.00
2,359.00
-

2,242.00
2,359.00
-

2,242.00
2,359.00
-

2,242.00
2,359.00
-

2,242.00
2,359.00
-

14,727.00

15,024.00

317.00
1,256.00
163.00
1,176.00
533.00

314.30
1,442.00
186.00
384.00
(792.00)

2,163.00
2,113.00

318.50
1.50
1,638.83
196.83
661.35
277.35

320.00
5.70
1,122.08
(516.74)
966.74
305.39

2,308.40
2,276.81

2,538.44
2,441.81

321.50
3.00
850.71
(271.38)
966.74
-

2,778.31
2,606.27

323.00
3.00
1,051.93
201.23
966.74
-

324.50
3.00
1,242.16
190.22
966.74
-

3,027.45
2,768.37

3,285.35
2,926.35

4.95%

5.01%

5.07%

5.14%

5.20%

5.26%

4,276.00

4,585.21

4,980.26

5,384.58

5,795.83

6,211.70

163.00
(4,007.00)

196.83
(3,717.77)

(516.74)
(3,938.65)

(271.38)
(4,153.33)

201.23
(4,359.21)

190.22
(4,553.83)

8.19%

8.19%

8.19%

8.19%

8.19%

670.61

1,558.35

1,502.63

1,235.39

1,467.65

2.11

4.87

4.67

3.82

4.52

9.39%

8.19%

(116.00)
(29.00)
325.00
(164.00)
18.00
(3,809.91)
106.00
173.00
0.33

Weight-Adjusted Cost of Capital

Risk-Free Rate
Equity Risk Premium
Implied Market Rate
Beta
Cost of Equity
Total Debt
Interest Expense
Tax Rate
Cost of Debt
Total Preferred Equity
Preferred Dividends
Cost of Preferred Equity
Capital Structure
Total Equity
Total Debt
Total Preferred
Total Capital

1.61%
5.75%
7.36%
1.42
9.78%
2,359.00
38.00
35.00%
1.05%
0
0
0.00%

15,024.00
2,359.00
0
17,383.00

Cost of Equity
% of Capital
Weighted-Cost of Equity

9.78%
86.43%
8.45%

Cost of Debt
% of Capital
Weighted-Cost of Debt

1.05%
13.57%
0.14%

WACC

8.59%

TGR

Terminal Value Sensitivity Analysis

1.00%
1.50%
2.00%
2.50%
3.00%

8.09%
20,905.71
22,603.10
24,579.17
26,908.71
29,695.87

WACC
8.59%
19,528.63
21,009.21
22,714.44
24,699.65
27,039.97

9.09%
18,321.75
19,625.30
21,112.70
22,825.79
24,820.14

8.09%
25,949.46
27,646.84
29,622.91
31,952.45
34,739.61

WACC
8.59%
24,501.66
25,982.24
27,687.47
29,672.69
32,013.00

9.09%
23,225.55
24,529.11
26,016.51
27,729.59
29,723.94

8.09%
23,590.46
25,287.84
27,263.91
29,593.45
32,380.61

WACC
8.59%
22,142.66
23,623.24
25,328.47
27,313.69
29,654.00

9.09%
20,866.55
22,170.11
23,657.51
25,370.59
27,364.94

8.09%
75.06
80.46
86.74
94.16
103.02

WACC
8.59%
70.45
75.16
80.59
86.90
94.35

9.09%
66.39
70.54
75.27
80.72
87.07

7.59%
-5.07%
2.33%
11.05%
21.48%
34.18%

8.09%
-11.30%
-4.92%
2.51%
11.27%
21.75%

WACC
8.59%
-16.74%
-11.18%
-4.77%
2.70%
11.50%

9.09%
-21.54%
-16.64%
-11.05%
-4.61%
2.89%

7.59%
1.54
1.68
1.83
2.02
2.26

8.09%
1.43
1.55
1.68
1.84
2.03

WACC
8.59%
1.34
1.44
1.56
1.69
1.85

9.09%
1.26
1.34
1.45
1.56
1.70

7.59%
22,491.75
24,458.68
26,777.44
29,551.71
32,930.32

TGR

Enterprise Value Sensitivity Analysis

1.00%
1.50%
2.00%
2.50%
3.00%

7.59%
27,607.74
29,574.67
31,893.43
34,667.70
38,046.31

TGR

Equity Value Sensitivity Analysis

1.00%
1.50%
2.00%
2.50%
3.00%

7.59%
25,248.74
27,215.67
29,534.43
32,308.70
35,687.31

TGR

Share Price Sensitivity Analysis

1.00%
1.50%
2.00%
2.50%
3.00%

7.59%
80.33
86.59
93.97
102.80
113.55

TGR

Share Price Premium Sensitivity Analysis

1.00%
1.50%
2.00%
2.50%
3.00%

TGR

Implied Exit Multiple

1.00%
1.50%
2.00%
2.50%
3.00%

Terminal Value Sensitivity Analysis

12,595.16
25,190.31
31,487.89
37,785.47
44,083.05
50,380.63

EBTIDA
14,595.16
29,190.31
36,487.89
43,785.47
51,083.05
58,380.63

8.09%
30,234.06
36,531.64
42,829.22
49,126.80
55,424.37

WACC
8.59%
34,163.35
41,460.92
48,758.50
56,056.08
63,353.66

8.09%
27,875.06
34,172.64
40,470.22
46,767.80
53,065.37

WACC
8.59%
31,804.35
39,101.92
46,399.50
53,697.08
60,994.66

8.09%
88.69
108.73
128.76
148.80
168.84

WACC
8.59%
101.19
124.41
147.63
170.85
194.07

2
2.5
3
3.5
4

7.59%
-9.96%
9.96%
29.88%
49.80%
69.72%

8.09%
4.81%
28.49%
52.17%
75.84%
99.52%

WACC
8.59%
19.58%
47.02%
74.46%
101.90%
129.34%

2
2.5
3
3.5
4

7.59%
0.62%
1.94%
2.84%
3.49%
3.99%

8.09%
1.67%
2.80%
3.57%
4.12%
4.55%

8.59%
2.44%
3.43%
4.10%
4.59%
4.95%

2
2.5
3
3.5
4

Exit Multiple

9.59%
17,255.36
18,412.45
19,721.98
21,216.20
22,937.13

10,595.16
21,190.31
26,487.89
31,785.47
37,083.05
42,380.63

Enterprise Value Sensitivity Analysis

2
2.5
3
3.5
4

Exit Multiple

9.59%
22,091.38
23,248.48
24,558.00
26,052.22
27,773.16

7.59%
26,306.30
31,603.88
36,901.46
42,199.04
47,496.62

Equity Value Sensitivity Analysis

2
2.5
3
3.5
4

Exit Multiple

9.59%
19,732.38
20,889.48
22,199.00
23,693.22
25,414.16

7.59%
23,947.30
29,244.88
34,542.46
39,840.04
45,137.62

Share Price Sensitivity Analysis

2
2.5
3
3.5
4

Exit Multiple

9.59%
62.78
66.46
70.63
75.38
80.86

7.59%
76.19
93.05
109.90
126.76
143.61

9.59%
-25.81%
-21.46%
-16.53%
-10.91%
-4.44%

Exit Multiple

Share Price Premium Sensitivity Analysis

9.59%
1.18
1.26
1.35
1.45
1.57

Exit Multiple

Implied TGR

EBTIDA
16,595.16
33,190.31
41,487.89
49,785.47
58,083.05
66,380.63

18,595.16
37,190.31
46,487.89
55,785.47
65,083.05
74,380.63

9.09%
38,163.35
46,460.92
54,758.50
63,056.08
71,353.66

9.59%
42,026.34
51,323.92
60,621.50
69,919.08
79,216.65

9.09%
35,804.35
44,101.92
52,399.50
60,697.08
68,994.66

9.59%
39,667.34
48,964.92
58,262.50
67,560.08
76,857.65

9.09%
113.92
140.32
166.72
193.12
219.52

9.59%
126.21
155.79
185.37
214.95
244.54

9.09%
34.62%
65.82%
97.02%
128.22%
159.42%

9.59%
49.15%
84.11%
119.06%
154.02%
188.98%

9.09%
3.03%
3.91%
4.51%
4.94%
5.26%

9.59%
3.51%
4.30%
4.83%
5.22%
5.51%

WACC

WACC

WACC

WACC