XB
USD (000) 2022A 2023A 2024E 2025E 2026E
Income Statement -XB
Revenue 100,000.0 120,000.0 132,000.0 145,200.0 159,720.0
Less: COS 50,000.0 65,000.0 72,600.0 79,860.0 87,846.0
Gross Profit 50,000.0 55,000.0 59,400.0 65,340.0 71,874.0
Operating Expenses 37,500.0 25,600.0 30,000.0 30,000.0 30,000.0
EBITA 12,500.0 29,400.0 29,400.0 35,340.0 41,874.0
Depreciation 3,200.0 1,200.0 3,960.0 4,356.0 4,791.6
Interest 1,200.0 8,500.0 8,800.0 8,800.0 8,800.0
EBT 8,100.0 19,700.0 16,640.0 22,184.0 28,282.4
Taxes 2,430.0 5,910.0 4,992.0 6,655.2 8,484.7
Net Income 5,670.0 13,790.0 11,648.0 15,528.8 19,797.7
Assumption Drivers
Revenue Growth N/A 20% 10% 10% 10%
COGS % of revenue 50% 54% 55% 55% 55%
Operating Expenses 37,500.0 25,600.0 30,000.0 30,000.0 30,000.0
Depreciation % of Revnue 3% 1% 3% 3% 3%
Interest 1,200.0 8,500.0 8,800.0 8,800.0 8,800.0
Taxes 30% 30% 30% 30% 30%
Common Size Statement
Revenue 100.00% 100.00% 100.00% 100.00% 100.00%
Less: COS 50.00% 54.17% 55.00% 55.00% 55.00%
Gross Profit 50.00% 45.83% 45.00% 45.00% 45.00%
Operating Expenses 37.50% 21.33% 22.73% 20.66% 18.78%
EBITA 12.50% 24.50% 22.27% 24.34% 26.22%
Depreciation 3.20% 1.00% 3.00% 3.00% 3.00%
Interest 1.20% 7.08% 6.67% 6.06% 5.51%
EBT 8.10% 16.42% 12.61% 15.28% 17.71%
Taxes 2.43% 4.93% 3.78% 4.58% 5.31%
Net Income 5.67% 11.49% 8.82% 10.69% 12.40%
Change Analysis Statement
15%
Revenue 115,000.0 138,000.0 151,800.0 166,980.0 183,678.0
Less: COS 57,500.0 74,750.0 83,490.0 91,839.0 101,022.9
Gross Profit 57,500.0 63,250.0 68,310.0 75,141.0 82,655.1
Operating Expenses 43,125.0 29,440.0 34,500.0 34,500.0 34,500.0
EBITA 14,375.0 33,810.0 33,810.0 40,641.0 48,155.1
Depreciation 3,680.0 1,380.0 4,554.0 5,009.4 5,510.3
Interest 1,380.0 9,775.0 10,120.0 10,120.0 10,120.0
EBT 9,315.0 22,655.0 19,136.0 25,511.6 32,524.8
Taxes 2,794.5 6,796.5 5,740.8 7,653.5 9,757.4
Net Income 6,520.5 15,858.5 13,395.2 17,858.1 22,767.3
2027E
175,692.0
96,630.6
79,061.4
30,000.0
49,061.4
5,270.8
8,800.0
34,990.6
10,497.2
24,493.4
10%
55%
30,000.0
3%
8,800.0
30%
100.00%
55.00%
45.00%
17.08%
27.92%
3.00%
5.01%
19.92%
5.97%
13.94%
202,045.8
111,125.2
90,920.6
34,500.0
56,420.6
6,061.4
10,120.0
40,239.2
12,071.8
28,167.5
