Integrated DCF Valuation Model.xlsx - Integrated Financial...

Integrated Financial Statements
Company Name
(000s)
Historical Historical Projected Projected Projected Projected Projected
INCOME STATEMENT 2011 2012 2013 2014 2015 2016 2017
Revenue 74,452 83,492 91,841 101,025 111,128 122,241 134,465
Growth (%) NA 12.1% 10.0% 10.0% 10.0% 10.0% 10.0%
Cost of Goods Sold 64,440 72,524 79,634 87,597 96,357 105,992 116,592
% of Sales 86.6% 86.9% 86.7% 86.7% 86.7% 86.7% 86.7%
Gross Profit 10,012 10,968 12,208 13,428 14,771 16,248 17,873
% of Sales 13.4% 13.1% 13.3% 13.3% 13.3% 13.3% 13.3%
Operating Expenses (SG&A) 6,389 6,545 7,540 8,294 9,124 10,036 11,040
% of Sales 8.6% 7.8% 8.2% 8.2% 8.2% 8.2% 8.2%
Operating Income (EBIT) 3,623 4,423 4,667 5,134 5,647 6,212 6,833
Interest Expense 1,600 1,600 800 800 800 800 800
Pretax Income 2,023 2,823 3,867 4,334 4,847 5,412 6,033
Income Tax Expense 708 988 1,354 1,517 1,697 1,894 2,112
Tax Rate NM NM 35.0% 35.0% 35.0% 35.0% 35.0%
Net Income 1,315 1,835 2,514 2,817 3,151 3,518 3,922
Operating Income (EBIT) 3,623 4,423 4,667 5,134 5,647 6,212 6,833
Depreciation 662 745 818 900 990 1,089 1,198
Amortization 0 0 0 0 0 0 0
EBITDA 4,285 5,168 5,485 6,034 6,637 7,301 8,031
BALANCE SHEET 2011 2012 2013 2014 2015 2016 2017
Current Assets
Cash 6,773 7,000 8,739 10,622 12,768 15,210 17,987
Accounts Receivable 7,750 8,852 9,649 10,614 11,675 12,842 14,127
Inventory 4,800 5,700 6,095 6,705 7,375 8,113 8,924
Prepaid Expenses 456 1,849 1,849 1,849 1,849 1,849 1,849
Total Current Assets 19,779 23,401 26,331 29,789 33,667 38,014 42,886
Fixed Assets
PP&E, Net of Accum. Depreciation 5,457 5,466 5,548 5,623 5,683 5,719 5,721
TOTAL ASSETS 25,236 28,867 31,879 35,412 39,350 43,733 48,607
Current Liabilities
Accounts Payable 5,665 6,656 7,155 7,870 8,657 9,523 10,475
Line of Credit 0 0 0 0 0 0 0