Whole Foods Speadsheets.xlsx - Source Deutsche Bank WHOLE FOODS MARKET Base-Case DCF Valuation Model(millions of USD At Fiscal Year-End Store Growth

Whole Foods Speadsheets.xlsx - Source Deutsche Bank WHOLE...

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Source: Deutsche Bank WHOLE FOODS MARKET Base-Case DCF Valuation Model (millions of USD) Actual Actual Actual Forecastorecastorecastorecastorecastorecastorecastorecast At Fiscal Year-End 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Store Growth 4.0% 7.7% 8.1% 10.5% 12.6% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Sales Growth 12.2% 15.7% 10.4% 11.1% 14.0% 12.0% 11.0% 10.0% 10.0% 9.0% 9.0% EBITDA Margin 8.5% 9.0% 9.5% 9.4% 9.8% 9.7% 9.5% 9.5% 9.4% 9.4% 9.3% Tax Rate 38.1% 38.4% 38.8% 39.0% 39.0% 39.0% 39.0% 39.0% 39.0% 39.0% 39.0% Current Asset Turnover 7.0 5.6 6.5 7.0 7.1 7.2 7.3 7.4 7.5 7.6 7.6 Current Liabilities Turnov 10.5 10.9 10.7 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 Net PP&E / Store 6.4 6.5 6.7 6.7 6.7 6.7 6.5 6.4 6.2 6.0 5.8 Annual Dep. & Amort. / St 1.00 0.93 0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.93 Stores 311 335 362 400 450 495 545 599 659 725 798 Sales 10,108 11,699 12,917 14,351 16,360 18,323 20,339 22,372 24,610 26,825 29,239 EBITDA 859 1,055 1,222 1,352 1,600 1,777 1,932 2,125 2,313 2,522 2,719 Dep. & Amort. 311 311 339 376 423 466 512 564 620 682 742 EBIT 548 744 883 976 1,176 1,312 1,420 1,562 1,693 1,840 1,977 Current Assets 1,453 2,103 1,980 2,050 2,304 2,545 2,786 3,023 3,281 3,530 3,847 Current Liabilities 880 977 1,088 1,238 1,406 1,576 1,753 1,928 2,123 2,315 2,526 Net Working Capital 573 1,126 892 812 898 969 1,033 1,095 1,158 1,215 1,322 Net PP&E 1,997 2,193 2,428 2,680 3,018 3,320 3,542 3,837 4,089 4,352 4,628 Revenue per Store 32.5 34.9 35.7 35.9 36.3 37.0 37.3 37.3 37.3 37.0 36.6 Return on Capital 13.2% 13.8% 16.3% 17.1% 18.3% 18.7% 18.9% 19.3% 19.7% 20.2% 20.3% NWC Turnover 17.6 10.4 14.5 17.7 18.2 18.9 19.7 20.4 21.3 22.1 22.1 PP&E Turnover 5.1 5.3 5.3 5.4 5.4 5.5 5.7 5.8 6.0 6.2 6.3
Steady-State Growth Rate 3.4% Discount Rate (WACC) 6.9%
Forecastorecast 2022 2023 10.0% 10.0% 8.0% 8.0% 9.3% 9.3% 39.0% 39.0% 7.6 7.6 10.5 10.5 5.6 5.4 0.91 0.89 878 965 31,578 34,104 2,937 3,172 799 859 2,138 2,312 4,155 4,487 2,728 2,946 1,427 1,541 4,915 5,214 36.0 35.3 20.6% 20.9% 22.1 22.1 6.4 6.5
Exhibit 1 WHOLE FOODS MARKET Share Price Performance of Whole Foods Market indexed to S&P 500 Index (January 2005 to April 2014) -- Adj Prices -- WFM tM # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### Source: Yahoo! Finance, Case writer analysis # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### $0 $10 $20 $30 $40 $50 $60 $70 Whole Foods Market S&P500 Index matched to WFM
# # ### # # ### # # ### # # ### # # ### # # ### # # # ## # # # ## # # # ## # # # ## # # # ## # # # ## # # # ## # # # ## # # ### # # # ## # # # ## # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ###
# # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ### # # ###
Exhibit 2 WHOLE FOODS MARKET Select Market Share Data Grocery Sales by Channel Actual 2011 Forecasted 2016

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