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Balance Sheet
ASSETS
Cash and Equivalents
Accounts Receivable, Net
Inventory
Other Current Assets
Total Current Assets
Gross PP&E
Accumulated Depreciation
Net PP&E
Intangible Assets
Total Assets
LIABILITIES & EQUITY
Accounts Payable
Taxes Payable
Other Current Liabilities
Total Current Liabilities
Long-term Debt
Other Liabilities
Total Liabilities
Total Stockholder's Equity
Total Liabilities and Equity

2011

2013

2011
9.7
13.24
40.27
12
75.21
323.17
114.59
208.58
526.30
810.09

2012
64.59
22.46
43.18
65.89
196.12
329.46
133.53
195.93
627.23
1,019.28

2013
11.05
19.65
34.47
282.42
347.59
334.56
152.92
181.64
488.44
1,017.67

2011
26.55
10.5
337.8
374.85
254.85
28.07
658
152.32
810.09

2012
21.15
6.32
275.9
303.37
494.77
13.01
811
208.13
1,019.28

2013
15.25
10.17
261.01
286.43
481.81
12.77
781
236.66
1,017.67

2011
204.92
24.58
180
15.15
165
21.54
144
8.06
63.12
72
14.91
57.56

2012
246.91
36.58
210
15.46
195
23.66
171
17.43
71.38
82
11.47
70.93

2013
207.12
45.36
162
14.51
147
24.4
123
18.77
60.81
43
12.77
30.50

Income Statement
Sales
Cost of Goods Sold
Gross Profit
Selling, General, and Admin Exp
Operating Income before Depr
Depreciation and Amortization
Operating Profit
Interest Expense
Other Gains and Losses
Pretax Income
Income Tax Expense
Net Income

2012

2014

2015

2014
2015
3.18
4.76
23.74
16.55
41.63
39.65
289.4
301.36
357.95
362.32
340.14
341.53
170.32
190.28
169.82
151.25
500.73
509.77
1,028.50 1,023.34
2014
2015
19.25
19.89
7.65
5.97
367.44
361.63
394.34
387.49
333.56
292.65
21
23.42
749
704
279.6
329.78
1,028.50 1,033.34

2014
226.79
45.58
181
15.52
166
22.56
143
18.82
73.5
51
5.63
45.18

2015
239.48
46.42
193
17.08
176
18.78
157
14.9
76.35
66
12
53.95

Ratios

Ratio Analysis

2012

Woof Junction
2013
2014

2015

Avg

2012

Ooh La Lab
2013
2014

2015

Avg

2012

Specialty Pet Retail Group


2013
2014
2015

Avg

Return on Equity

39.4%

13.7%

17.5%

17.7%

22.1%

29.3%

31.7%

28.5%

23.5%

28.3%

23.0%

22.6%

21.1%

19.6%

21.6%

Return on Equity = Net Income / Avg. Stockholders' Equity

Return on Assets
Financial Leverage
Correction Factor

8.9%
5.08
0.87

4.1%
4.58
0.72

5.6%
3.96
0.79

6.2%
3.37
0.85

6.2%
4.25
0.81

15.2%
2.23
0.87

16.7%
2.09
0.91

16.3%
1.89
0.92

14.0%
1.83
0.91

15.6%
2.01
0.90

13.4%
1.86
0.92

13.1%
1.87
0.92

12.2%
1.89
0.92

11.4%
1.87
0.92

12.5%
1.87
0.92

Return on Assets = De-levered Net Income / Avg. Total Assets


Financial Leverage = Avg. Total Assets / Avg. Stockholders Equity
Correction Factor = Net Income / De-levered Net Income

Return on Assets
Return on Sales
Asset turnover

33.1%
0.27

20.3%
0.20

25.1%
0.22

26.4%
0.23

26.2%
0.23

6.8%
2.23

8.0%
2.08

8.0%
2.03

7.0%
2.00

7.5%
2.08

6.1%
2.19

6.0%
2.18

5.7%
2.15

5.3%
2.14

5.8%
2.16

Profitability
Gross margin
SG&A as % of Sales
Operating Margin
Interest Expense as % of Sales
Effective Tax Rate

85.2%
6.3%
69.3%
7.1%
13.9%

78.1%
7.0%
59.3%
9.1%
29.5%

79.9%
6.8%
63.1%
8.3%
11.1%

80.6%
7.1%
65.6%
6.2%
18.2%

81.0%
6.8%
64.4%
7.7%
18.2%

34.6%
20.0%
11.2%
1.1%
36.8%

36.0%
19.4%
13.2%
1.3%
39.5%

36.0%
19.6%
13.0%
1.4%
34.2%

34.2%
19.3%
11.3%
1.6%
40.1%

35.2%
19.6%
12.2%
1.4%
37.7%

36.8%
25.3%
9.1%
2.1%
38.1%

37.0%
25.1%
9.4%
1.9%
38.3%

36.5%
25.3%
8.7%
2.2%
38.4%

36.2%
25.2%
8.4%
2.4%
38.3%

36.6%
25.2%
8.9%
2.2%
38.3%

13.8
0.9
1.7
1.2

9.8
1.2
2.0
1.1

10.5
1.2
3.1
1.3

11.9
1.1
2.3
1.5

11.5
1.1
2.2
1.3

13.3
7.1
14.3
4.3

8.4
6.8
13.1
4.6

8.5
6.4
12.9
4.1

8.9
6.3
13.2
4.3

9.8
6.7
13.4
4.3

17.6
4.6
15.2
9.8

14.6
4.6
14.9
11.1

14.8
4.6
15.4
10.9

15.3
4.5
16.2
10.5

15.6
4.6
15.4
10.6

Accounts Receivables Turnover = Sales / Avg. Accounts Receivable


Inventory Turnover = Cost of Goods Sold / Avg. Inventory
Accounts Payable Turnover = Purchases / Avg. Accounts Payable
Fixed Asset Turnover = Sales / Avg. Net Property, Plant and Equipment

Days Turnover Ratios


Days Receivables
Days Inventory
Days Payables
Net Trade Cycle

26.4
416.3
220.4
222.3

37.1
312.4
181.3
168.3

34.9
304.7
119.4
220.2

30.7
319.6
160.7
189.5

32.3
338.3
170.5
200.1

27.5
51.1
25.5
53.1

43.3
53.4
27.9
68.8

43.0
56.6
28.3
71.3

40.9
58.1
27.7
71.3

38.7
54.8
27.3
66.1

20.7
78.9
24.0
75.7

25.1
79.2
24.5
79.8

24.6
80.1
23.7
81.0

23.8
81.9
22.5
83.2

23.6
80.0
23.7
79.9

Days Receivables = 365 * (Avg. Accounts Receivable / Sales)


Days Inventory = 365 * (Avg. Inventory / Cost of Goods Sold)
Days Payable = 365 * (Avg. Accounts Payable / Purchases)
Net Trade Cycle = Days Receivable + Days Inventory - Days Payable

Liquidity Analysis
Current Ratio
Quick Ratio
CFO-to-Current Liabilities

0.65
0.29
-0.47

1.21
0.11
-0.05

0.91
0.07
0.50

0.94
0.05
0.02

0.93
0.13
0.00

1.63
0.23
0.93

1.92
0.26
0.86

1.77
0.22
1.01

1.59
0.19
1.11

1.73
0.23
0.98

1.01
0.11
0.87

1.21
0.13
0.98

0.99
0.09
0.76

1.12
0.13
0.86

1.08
0.12
0.87

Current Ratio = Current Assets / Current Liabilities


Quick Ratio = (Cash + Accts Rec) / Current Liabilities
CFO-to-Current Liabilities = Cash from Operations / Avg. Current Laibilities

6.55
5.12

7.08
6.56

6.43
5.99

4.56
4.59

6.15
5.57

2.43
2.54

2.84
2.43

2.14
2.31

1.83
1.76

2.31
2.26

Interest Coverage = Operating Income before Depreciation / Interest Expense


Cash Interest Coverage = (Cash from Operations + Cash Interest + Cash Taxes) / Cash Interest Paid

1.21
0.53
0.43

1.34
0.58
0.48

1.41
0.67
0.51

1.53
0.71
0.54

1.37
0.62
0.49

1.43
0.67
0.54

1.56
0.78
0.69

1.78
0.86
0.77

1.89
0.95
0.81

1.67
0.82
0.70

Debt to Equity = Total Liabilities / Total Stockholders Equity


Long-Term-Debt to Equity = Total Long-Term Debt / Total Stockholders Equity
Long-Term Debt to Tangible Assets = Total Long-Term Debt / (Total Assets - Intangible Assets)

14.9%
38.0%

14.3%
38.0%

13.2%
38.0%

16.8%
38.0%

14.3%
38.4%

13.3%
38.6%

13.2%
38.5%

15.1%
38.3%

Asset Turnover Ratios


Accounts Receivable Turnover
Inventory Turnover
Accounts Payable Turnover
Fixed Asset Turnover

11.18
7.84
8.80
11.81
9.91
-27.20 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest Coverage
Cash Interest Coverage

3.90
2.38
1.26

Debt to Equity
Long-Term-Debt to Equity
Long-Term Debt to Tangible Assets
Other Information
Sales Growth
Statutory Tax Rate
De-levered Net Income
Purchases
Weighted Avg Depreciation Rate
Weighted Avg Interest Rate

Other Ratios
Sales Growth
Sales per Square Foot

3.30
2.04
0.91

2.68
1.19
0.63

2.13
0.89
0.57

3.00
1.62
0.84

20.5% -16.1%
9.5%
5.6%
38.0%
38.0%
38.0%
38.0%
82 $
42 $
57 $
63
39 $
37 $
53 $
44
2.6%
2.7%
2.7%
2.2%
4.7%
3.8%
4.6%
4.8%

4.9%
38.0%

0.17891 0.26757 0.21865 0.30248


389
438
481

0.2419
436

$
$

14.8%
38.0%

2.6%
4.5%

Page 3

14.0%
38.5%

Return on Sales = De-levered Net Income / Sales


Asset turnover = Sales / Avg. Total Assets

Gross Margin = (Sales - Cost of Goods Sold) / Sales


SG&A as a % of Sales = SG&A Expense / Sales
Operating Margin = Operating Income / Sales
Interest Expense as % of Sales = Interest Expense / Sales
Effective Tax Rate = Income Taxes / Pre-tax Income

Sales Growth = Change in Sales / Prior Year Sales


Federal Statutory Rate + State and Foreign Statutory Rates (excludes permanent differences)
De-levered Net Income = Net Income + (Interest Exp. * (1 - Statutory Tax Rate))
Purchases = Ending Inventory + COGS Beginning Inventory
Weighted Avg Depreciation Rate = Depreciation & Amortization / (Avg. Gross PP&E + Avg. Intangible Assets)
Weighted Avg Interest Rate = Interest Expense / Avg. Long-Term Debt

Woof Junction Inc.


Balance Sheet

2011

2012

2013

2014

2015

2011
0.01
0.02
0.05
0.01
0.09
Err:509
0.14
0.26
0.65
1.00

2012
0.06
0.02
0.04
0.06
0.19
0.32
0.13
0.19
0.62
1.00

2013
0.01
0.02
0.03
0.28
0.34
0.33
0.15
0.18
0.48
1.00

2014
0.00
0.02
0.04
0.28
0.35
0.33
0.17
0.17
0.49
1.00

2015
0.00
0.02
0.04
0.29
0.35
0.33
0.19
0.15
0.50
1.00

LIABILITIES & EQUITY


Accounts Payable
Taxes Payable
Other Current Liabilities
Total Current Liabilities
Long-term Debt
Other Liabilities
Total Liabilities
Total Stockholder's Equity
Total Liabilities and Equity

2011
0.03
0.01
0.42
0.46
0.31
0.03
0.81
0.19
1.00

2012
0.02
0.01
0.27
0.30
0.49
0.01
0.80
0.20
1.00

2013
0.01
0.01
0.26
0.28
0.47
0.01
0.77
0.23
1.00

2014
0.02
0.01
0.36
0.38
0.32
0.02
0.73
0.27
1.00

2015
0.02
0.01
0.35
0.37
0.28
0.02
0.68
0.32
1.01

Income Statement

2011
1.00
0.12
0.88
0.07
0.81
0.11
0.70
0.04
0.31
0.35
0.07
0.28

2012
1.00
0.15
0.85
0.06
0.79
0.10
0.69
0.07
0.29
0.33
0.05
0.29

2013
1.00
0.22
0.78
0.07
0.71
0.12
0.59
0.09
0.29
0.21
0.06
0.15

2014
1.00
0.20
0.80
0.07
0.73
0.10
0.63
0.08
0.32
0.22
0.02
0.20

2015
1.00
0.19
0.81
0.07
0.73
0.08
0.66
0.06
0.32
0.28
0.05
0.23

ASSETS
Cash and Equivalents
Accounts Receivable, Net
Inventory
Other Current Assets
Total Current Assets
Gross PP&E
Accumulated Depreciation
Net PP&E
Intangible Assets
Total Assets

Sales
Cost of Goods Sold
Gross Profit
Selling, General, and Admin Exp
Operating Income before Depr
Depreciation and Amortization
Operating Profit
Interest Expense
Other Gains and Losses
Pretax Income
Income Tax Expense
Net Income

Avg
Avg
0.02
0.02
0.04
0.19
0.27
Err:509
0.15
0.19
0.55
1.00
Avg
0.02
0.01
0.33
0.36
0.38
0.02
0.76
0.24
1.00
Avg
1.00
0.18
0.82
0.07
0.75
0.10
0.66
0.07
0.31
0.28
0.05
0.23

Assumptions Underlying The Forecasting Analysis


Woof Junction Inc.
Assumptions for Projected Fin Stmts

2011

2012

2013

1
2016

2
2017

3
2018

4
2019

5
2020

6
2021

7
2022

8
2023

9
2024

10
2025

0.049
0.176
0.069
0.026
0.048
0.307
0.380

0.049
0.176
0.069
0.026
0.048
0.307
0.380

0.049
0.176
0.069
0.026
0.048
0.307
0.380

0.049
0.176
0.069
0.026
0.048
0.307
0.380

0.049
0.176
0.069
0.026
0.048
0.307
0.380

0.050
0.176
0.069
0.026
0.048
0.307
0.380

0.050
0.176
0.069
0.026
0.048
0.307
0.380

0.050
0.176
0.069
0.026
0.048
0.307
0.380

0.050
0.176
0.069
0.026
0.048
0.307
0.380

0.050
0.176
0.069
0.026
0.048
0.307
0.380

BS)
BS)
BS)
BS)
BS)
BS)
BS)

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

0.019
0.019
0.041
0.187
Err:509
0.155
0.546
0.232

size BS)
size BS)
size BS)

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

0.021
0.008
0.330
0.283
0.021

2014

2015

I/S Projection Assumptions


Sales growth
Cost of goods sold
Selling, General, and Admin Exp
Depreciation and Amortization
Interest Expense
Other Gains and Losses
Income Tax Expense

Historical avg. growth for 5 years, then industry avg.


Historical average ratio of cgs / sales (common size IS)
Historical avg. ratio of sg&a / sales (common size IS)
Historical avg. depreciation rate of avg. gross pp&e
Forecasted interest rate (2015)
Historical avg. ratio of G&L / sales (common size IS)
Historical statutory income tax rate

B/S Projection Assumptions


Cash and Equivalents
Accounts Receivable, Net
Inventory
Other Current Assets
Gross PP&E
Accumulated Depreciation
Intangible Assets
Total asset turnover

Historical
Historical
Historical
Historical
Historical
Historical
Historical
Historical

Accounts Payable
Taxes Payable
Other Current Liabilities
Long-term Debt
Other Liabilities
Total equities

Historical average
Historical average
Historical average
2015 ratio of debt
Historical average
Plug (TA - TL)

average
average
average
average
average
average
average
average

ratio
ratio
ratio
ratio
ratio
ratio
ratio

of
of
of
of
of
of
of

account
account
account
account
account
account
account

/
/
/
/
/
/
/

TA
TA
TA
TA
TA
TA
TA

(common
(common
(common
(common
(common
(common
(common

ratio of account / TA (common


ratio of account / TA (common
ratio of account / TA (common
/ TA (common size BS)
ratio of account / TA (common

size
size
size
size
size
size
size

size BS)

Supplemental Calculations
Calculation of smoothed total assets
Average total assets (initial est)
Ending total assets (initial est)
Annual compound growth rate
Growth rate in total assets
Ending total assets (final est)
Average total assets (final est)

Accumulated depreciation
Beginning balance
+ Depreciation expense
- Ending balance
Retirements (plug)
Gross PP&E
Ending balance
+ Retirements
- Beginning balance
Net Purchases (plug)
Dividends and Repurchases (net of stock issues)
Beginning balance Stockholders' Equity
+ Net Income
- Ending balance Stockholders' Equity
Dividends and net share repurchases (plug)

1,023

1,023

$
$

1,082
1,141

$
$

1,135
1,129

$
$

1,190
1,251

$
$

1,248
1,244

$
$

$
$

0.05
1,075
1,049

$
$

0.05
1,129
1,102

$
$

0.05
1,186
1,158

$
$

0.05
1,246
1,216

$
$

1,309
1,373
0.05
0.05
1,309
1,277

$
$

1,374
1,375

$
$

1,443
1,510

$
$

1,515
1,520

$
$

1,591
1,661

$
$

$
$

0.05
1,374
1,341

$
$

0.05
1,443
1,408

$
$

0.05
1,515
1,479

$
$

0.05
1,591
1,553

$
$

1,670
1,679
0.05
0.05
1,670
1,630

115
24
(134)
5

134
24
(153)
5

153
23
(170)
5

170
19
(190)
(1)

190
Err:509
(166)
Err:509

166
Err:509
(175)
Err:509

175
Err:509
(184)
Err:509

184
Err:509
(193)
Err:509

193
Err:509
(203)
Err:509

203
Err:509
(213)
Err:509

213
Err:509
(223)
Err:509

223
Err:509
(235)
Err:509

235
Err:509
(246)
Err:509

246
Err:509
(259)
Err:509

329
5
Err:509
Err:509

335
5
(329)
10

340
5
(335)
11

342
(1)
(340)
0

Err:509
Err:509
(342)
Err:509

Err:509
Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509

Err:509
Err:509
Err:509
Err:509

152
71
(208)
15

208
31
(237)
2

237
45
(280)
2

280
54
(330)
4

330
Err:509
(361)
Err:509

361
Err:509
(380)
Err:509

380
Err:509
(399)
Err:509

399
Err:509
(419)
Err:509

419
Err:509
(440)
Err:509

440
Err:509
(462)
Err:509

462
Err:509
(485)
Err:509

485
Err:509
(509)
Err:509

509
Err:509
(535)
Err:509

535
Err:509
(561)
Err:509

Page 6

Woof Junction Inc.


Projected Fin Stmts
ASSETS
Cash and Equivalents
Accounts Receivable, Net
Inventory
Other Current Assets
Total Current Assets
Gross PP&E
Accumulated Depreciation
Net PP&E
Intangible Assets
Total Assets
LIABILITIES & EQUITY
Accounts Payable
Taxes Payable
Other Current Liabilities
Total Current Liabilities
Long-term Debt
Other Liabilities
Total Liabilities
Total Stockholder's Equity
Total Liabilities and Equity
INCOME STATEMENT
Sales
Cost of Goods Sold
Gross Profit
Selling, General, and Admin Exp
Operating Income before Depr
Depreciation and Amortization
Operating Profit
Interest Expense
Other Gains and Losses
Pretax Income
Income Tax Expense
Net Income

2011

2012

65
22
43
66
196
Err:509
329
115
134
Err:509
196
526
627
Err:509 $ 1,019

2013

2014

1
2016

2015

10
13
40
12
75

11
20
34
282
348
335
153
182
488
$ 1,018

3
24
42
289
358
340
170
170
501
$ 1,029

5
17
40
301
362
342
190
151
510
$ 1,023

27
11
338
375
255
28
658
152
810

21
6
276
303
495
13
811
208
$ 1,019

15
10
261
286
482
13
781
237
$ 1,018

19
8
367
394
334
21
749
280
$ 1,029

20
6
362
387
293
23
704
330
$ 1,033

2011
2012
2013
2014
205 $ 247 $ 207 $ 227 $
25
37
45
46
180
210
162
181
15
15
15
16
165
195
147
166
22
24
24
23
144
171
123
143
8
17
19
19
63
71
61
74
72
82
43
51
15
11
13
6
58 $
71 $
31 $
45 $

2
2017

3
2018

4
2019

20 $
21 $
22 $
23
21
22
23
24
44
46
49
51
201
211
221
232
286
300
315
331
Err:509
Err:509
Err:509
Err:509
166
175
184
193
Err:509
Err:509
Err:509
Err:509
587
616
648
680
$ 1,075 $ 1,129 $ 1,186 $ 1,246

23
9
355
387
304
22
714
361
$ 1,075

24
10
373
407
320
23
750
380
$ 1,129

25
10
392
427
336
24
787
399
$ 1,186

27
11
411
449
353
26
827
419
$ 1,246

2015
2016
2017
2018
2019
239 $
251 $
263 $
276 $
290
46
44
46
49
51
193
207
217
227
239
17
17
18
19
20
176
189
199
208
218
19
Err:509
Err:509
Err:509
Err:509
157
Err:509
Err:509
Err:509
Err:509
15
14
15
16
16
76
77
81
85
89
66
Err:509
Err:509
Err:509
Err:509
12
Err:509
Err:509
Err:509
Err:509
54
Err:509
Err:509
Err:509
Err:509

STATEMENT OF CASH FLOWS


Operations
Net Income
Depreciation and Amortization
Other Gains and Losses
Chg. in Accounts Receivable, Net
Chg. in Inventory
Chg. in Other Current Assets
Chg. in Accounts Payable
Chg. in Taxes Payable
Chg. in Other Current Liabilities
Chg. in Other Liabilities
Net Cash from Operations

2011

2012
$

2013

71 $
31 $
24
24
71
61
(9)
3
(3)
9
(54)
(217)
(5)
(6)
(4)
4
(62)
(15)
(86)
(61)
(58)
(167)

2014
45 $
23
74
(4)
(7)
(7)
4
(3)
106
(65)
166

2015

2016

2017

2018

2019

54
19
76
7
2
(12)
1
(2)
(6)
(74)
66

Err:509
Err:509
77
(4)
(4)
101
3
3
(7)
(78)
Err:509

Err:509
Err:509
81
(1)
(2)
(10)
1
0
18
(80)
Err:509

Err:509
Err:509
85
(1)
(2)
(11)
1
0
19
(84)
Err:509

Err:509
Err:509
89
(1)
(2)
(11)
1
1
20
(88)
Err:509

Investing
Acquisition of PP&E
Change in Other Assets
Net Cash from Investing Activities

Err:509
(101)
Err:509

(10)
139
129

(11)
(12)
(23)

(0)
(9)
(9)

Err:509
(77)
Err:509

Err:509
(30)
Err:509

Err:509
(31)
Err:509

Err:509
(33)
Err:509

Financing
Net Proceeds from Issuing Debt
Dividends
Net Cash from Financing Activities

240
(15)
225

(13)
(2)
(15)

(148)
(2)
(150)

(41)
(4)
(45)

12
Err:509
Err:509

15
Err:509
Err:509

16
Err:509
Err:509

17
Err:509
Err:509

Err:509

(54)

(8)

12

Err:509

Err:509

Err:509

Err:509

(54)

(8)

Change in cash
Change in cash (BS)

55

15

5
2020

6
2021

7
2022

8
2023

9
2024

10
2025

25 $
26 $
27 $
28 $
30 $
31
25
27
28
29
31
32
54
56
59
62
65
69
244
256
269
283
297
312
348
365
383
403
423
444
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
203
213
223
235
246
259
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
714
750
788
827
868
912
$ 1,309 $ 1,374 $ 1,443 $ 1,515 $ 1,591 $ 1,670

28
11
432
471
371
27
869
440
$ 1,309

29
12
454
495
389
28
912
462
$ 1,374

31
12
476
519
409
30
958
485
$ 1,443

32
13
500
545
429
31
1,006
509
$ 1,515

34
13
525
573
450
33
1,056
535
$ 1,591

36
14
552
601
473
34
1,109
561
$ 1,670

2020
2021
2022
2023
2024
2025
304 $
319 $
335 $
352 $
369 $
388
54
56
59
62
65
68
250
263
276
290
304
319
21
22
23
24
26
27
229
241
253
265
278
292
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
17
18
19
20
21
22
93
98
103
108
113
119
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509

2020

2021

2022

2023

2024

2025

Err:509
Err:509
93
(1)
(3)
(12)
1
1
21
(92)
Err:509

Err:509
Err:509
98
(1)
(3)
(12)
1
1
22
(96)
Err:509

Err:509
Err:509
103
(1)
(3)
(13)
1
1
23
(101)
Err:509

Err:509
Err:509
108
(1)
(3)
(13)
2
1
24
(106)
Err:509

Err:509
Err:509
113
(1)
(3)
(14)
2
1
25
(112)
Err:509

Err:509
Err:509
119
(2)
(3)
(15)
2
1
26
(117)
Err:509

Err:509
(34)
Err:509

Err:509
(36)
Err:509

Err:509
(38)
Err:509

Err:509
(39)
Err:509

Err:509
(41)
Err:509

Err:509
(43)
Err:509

18
Err:509
Err:509

19
Err:509
Err:509

19
Err:509
Err:509

20
Err:509
Err:509

21
Err:509
Err:509

23
Err:509
Err:509

Err:509

Err:509

Err:509

Err:509

Err:509

Err:509

Woof Junction Inc.


Valuation Analysis
Discount rate

1
2016

2
2017

3
2018

4
2019

5
2020

6
2021

7
2022

8
2023

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

15%

Dividend Valuation Model


Dividends
PV of dividends at end of 2015
PV of divs during forecast period
Terminal value:
Base dividend for terminal growth
Terminal dividend growth rate
PV of dividends at end of 2025
PV of dividends at end of 2015
PV of dividends in arrears
Number of shares at end of 2015
Estimated value per share

Err:509
Err:509

Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
143
Err:509

Free Cash Flow Valuation


Operating Cash Flow
Investing Cash Flow

1992
Err:509
(9)

1993
Err:509
Err:509

1994
Err:509
Err:509

1995
Err:509
Err:509

1996
Err:509
Err:509

1997
Err:509
Err:509

1998
Err:509
Err:509

1999
Err:509
Err:509

Free Cash Flow


PV of FCF at end of 2015

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

PV of FCF during forecast period


Terminal value:
Base FCF for terminal growth
Terminal dividend growth rate
PV of FCF at end of 2025
PV of FCF at end of 2015

Err:509
Err:509
Err:509
Err:509
Err:509

PV of FCF in arrears
Initial financial assets
Initial Debt
Estimated value of equity
Number of shares at end of 2015
Estimated value per share

$
$

Err:509
5
293
Err:509
143
Err:509

9
2024

10
2025

Err:509
Err:509

Err:509
Err:509

2000
Err:509
Err:509

2001
Err:509
Err:509

Err:509
Err:509

Err:509
Err:509

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