$ in millions
Actuals Projections
2021 2022 2023 2024 2025
x Income Statement
Revenue 1,000.0 1,100.0 1,200.0 1,314.5 1,440.0
Cost of Goods Sold (600.0) (700.0) (775.0) (824.7) (903.5)
Operating Expenses (150.0) (165.0) (175.0) (195.4) (214.0)
Operating Profit 250.0 235.0 250.0 294.4 322.6
Interest Income 5.0 6.0 7.0 9.2 8.4
Interest Expense (13.0) (14.0) (15.0) (15.3) (14.9)
Pretax Profit 242.0 227.0 242.0 288.3 316.0
Tax Expense (70.0) (68.0) (71.0) (84.8) (92.9)
Net Income 172.0 159.0 171.0 203.6 223.1
Margins / Growth Rates
Revenue Growth Rate 10.0% 9.1% 9.5% 9.5%
Gross Profit Margin 40% 36% 35% 37% 37%
Operating Expenses as % of Revenue 15% 15% 15% 15% 15%
Tax Rate 29% 30% 29% 29% 29%
Memo: COGS growth rate 6% 10%
Memo: Depreciation in opex and COGS (25.0) (30.0) (35.0) (38.3) (42.0)
Memo: Capital Expenditures (35.0) (40.0) (67.0) (73.4) (80.4)
Memo: Amortization in opex and COGS (10.0) (12.0) (14.0) (15.3) (16.8)
Memo: Purchases of Intangibles (16.0) (18.0) (21.0) (23.0) (25.2)
Memo: % Interest Earned on Cash 3% 3%
Memo: % Interest Rate on Debt 8% 8%
D&A
EBITDA/Revenue 25.5% 21.9% 21.4% 23.1% 23.0%
x Balance Sheet
Cash and Equivalents 286.0 296.0 306.0 279.3 262.1
x Accounts Receivable 135.0 145.0 154.0 168.7 184.8
x Inventory 265.0 297.0 345.0 367.1 402.2
x Prepaid Expenses and Other WC Assets 39.0 41.0 45.0 49.3 54.0
Current Assets 725.0 779.0 850.0 864.4 903.1
x Property Plant and Equipments 210.0 243.0 265.0 300.1 338.5
x Intnagible Assets 47.0 56.0 67.0 74.7 83.1
Non Current Assets 257.0 299.0 332.0 374.7 421.5
Total Assets 982.0 1,078.0 1,182.0 1,239.1 1,324.6
x Accounts Payable 45.0 47.0 49.0 52.1 57.1
x Accrued Expenses and Other 32.0 37.0 47.0 51.5 56.4
x Other Current Liabilities 112.0 143.0 167.0 182.9 200.4
Total Current Liabilities 189.0 227.0 263.0 286.6 313.9
Revolver 0.0 12.0 5.0 0.0 0.0
x Long Term Debt 167.0 178.0 186.0 186.0 186.0
x Other Liabilities 45.0 47.0 49.0 49.0 49.0
Total Liabilities 401.0 464.0 503.0 521.6 548.9
x Common Stock and APIC 35.0 37.0 39.0 44.0 49.0
x Treasury Stock (145.0) (178.0) (210.0) (230.0) (250.0)
x Other Comprehensive Income (7.0) 12.0 43.0 43.0 43.0
x Retained Earnings 698.0 743.0 807.0 860.6 933.7
Total Equity 581.0 614.0 679.0 717.6 775.7
Total Liabilities and Equity 982.0 1,078.0 1,182.0 1,239.1 1,324.6
Total Assets 982.0 1,078.0 1,182.0 1,239.1 1,324.6
Balance? 0.0 0.0 0.0 0.0 0.0
x Schedules
Common Stock and APIC - BOP 39.0 44.0
New Issuances of Common Stock 5.0 5.0
Common Stock and APIC - EOP 44.0 49.0
Treasury Stock - BOP (210.0) (230.0)
New Repurchases (20.0) (20.0)
Treasury Stock - EOP (230.0) (250.0)
Retained Earnings - BOP 807.0 860.6
Net Income 203.6 223.1
Common Dividends (150.0) (150.0)
Retained Earnings - EOP 860.6 933.7
x Cash Flow Statement
Net Income (GAAP) 203.6 223.1
Depreciation and Amortization 53.7 58.8
Accounts Receivable (14.7) (16.1)
Inventory (22.1) (35.0)
Prepaid Expenses and Other WC Assets (4.3) (4.7)
Accounts Payable 3.1 5.0
Accrued Expenses and Other 4.5 4.9
Other Current Liabilities 15.9 17.5
Cash Flow from Operations 239.7 253.4
Capital Expenditures (73.4) (80.4)
Purchases of Intnagible Assets (23.0) (25.2)
Cash for Investing Activities (96.4) (105.6)
Long Term Debt 0.0 0.0
Revolver (5.0) 0.0
Other Liabilities 0.0 0.0
Issuances of Common Stock 5.0 5.0
Repurchases (20.0) (20.0)
Other Comprehensive Income 0.0 0.0
Dividends (150.0) (150.0)
Cash from Financing Activities (170.0) (165.0)
Total Change in Cash (26.7) (17.2)
Total Cash Flow Before any Revolver Borrowing 284.3 262.1
Total Revolver Borrowing Needed (5.0) 0.0
Projections
2026 2027 2028 Blue given data
1,577.5 1,728.1 1,893.0
(989.7) (1,084.2) (1,187.7)
(234.4) (256.8) (281.3)
353.3 387.1 424.0
7.9 7.8 8.2 *->cash&equivalents*%interest earned on cash
(14.9) (14.9) (14.9) *->(revolver+longterm debt x interest rate on debt
346.3 380.0 417.3
(101.8) (111.7) (122.7)
244.5 268.2 294.6
9.5% 9.5% 9.5%
37% 37% 37%
15% 15% 15%
29% 29% 29% *tax expens/pretax profit
10% 10% 10%
(46.0) (50.4) (55.2)
(88.1) (96.5) (105.7)
(18.4) (20.2) (22.1)
(27.6) (30.2) (33.1)
3% 3% 3%
8% 8% 8%
22.9% 22.8% 22.8%
259.1 271.9 302.5
202.4 221.8 242.9
440.6 482.6 528.7 *multiply cogs growth rate
59.2 64.8 71.0
961.2 1,041.1 1,145.1
380.5 426.6 477.1
92.3 102.4 113.4
472.8 529.0 590.5
1,434.0 1,570.1 1,735.6
62.6 68.5 75.1
61.8 67.7 74.1
219.5 240.5 263.4
343.9 376.7 412.7
0.0 0.0 0.0
186.0 186.0 186.0
49.0 49.0 49.0
578.9 611.7 647.7
54.0 59.0 64.0
(270.0) (290.0) (310.0)
43.0 43.0 43.0
1,028.1 1,146.4 1,290.9
855.1 958.4 1,087.9
1,434.0 1,570.1 1,735.6
1,434.0 1,570.1 1,735.6
0.0 0.0 0.0
49.0 54.0 59.0
5.0 5.0 5.0
54.0 59.0 64.0
(250.0) (270.0) (290.0)
(20.0) (20.0) (20.0)
(270.0) (290.0) (310.0)
933.7 1,028.1 1,146.4
244.5 268.2 294.6
(150.0) (150.0) (150.0)
1,028.1 1,146.4 1,290.9
244.5 268.2 294.6
64.4 70.6 77.3
(17.6) (19.3) (21.2)
(38.4) (42.1) (46.1)
(5.2) (5.6) (6.2)
5.5 6.0 6.5
5.4 5.9 6.5
19.1 21.0 23.0
277.7 304.6 334.4
(88.1) (96.5) (105.7)
(27.6) (30.2) (33.1)
(115.7) (126.7) (138.8)
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
5.0 5.0 5.0
(20.0) (20.0) (20.0)
0.0 0.0 0.0
(150.0) (150.0) (150.0)
(165.0) (165.0) (165.0)
(3.0) 12.9 30.6
259.1 271.9 302.5
0.0 0.0 0.0
