Equity Analysis.xlsx - Sysco Corporation and its...

Income Statement 2017 2018
Sales $ 55,371,139.00 $ 58,727,324.00
Cost of Sales $ 44,813,632.00 $ 47,641,933.00
Gross Profit $ 10,557,507.00 $ 11,085,391.00
Operating Expenses $ 8,504,336.00 $ 8,771,335.00
Operating Income $ 2,053,171.00 $ 2,314,056.00
Interest Expense $ 302,878.00 $ 395,483.00
Other Expenses (income), net $ (15,937.00) $ (37,651.00)
EBIT $ 1,766,230.00 $ 1,956,224.00
Taxes $ 623,727.00 $ 525,458.00
Net Earnings $ 1,142,503.00 $ 1,430,766.00
Assumptions
Sales will decrease by 2-3% in 2021 and increase by 10% in 2022 and
Cost of sales will stay costant perhaps 1% growth due to inflation othe
Operating expsenses will likely increase for 2021 due to COVID and c
Interest expsense estimimated to increase in 2021 for debt relielf 2022
Taxes- current corporate tax rate is 24% from 10k page 21
Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED RESULTS OF OPERATIONS
(In thousands, except for share and per share data)

2019 2020 2021 2022
$ 60,113,922.00 $ 52,893,310.00 $ 51,835,443.80 $ 57,018,988.18
$ 48,704,935.00 $ 42,991,646.00 $ 42,142,215.81 $ 46,356,437.39
$ 11,408,987.00 $ 9,901,664.00 $ 9,693,227.99 $ 10,662,550.79
$ 9,078,837.00 $ 9,152,159.00 $ 8,812,025.45 $ 9,123,038.11
$ 2,330,150.00 $ 749,505.00 $ 881,202.54 $ 1,539,512.68
$ 360,423.00 $ 408,220.00 $ 340,810.71 $ 387,074.55
$ (36,109.00) $ 47,901.00 $ 30,000.00 $ (30,000.00)
$ 2,005,836.00 $ 293,384.00 $ 570,391.83 $ 1,122,438.13
$ 331,565.00 $ 77,909.00 $ 136,894.04 $ 269,385.15
$ 1,674,271.00 $ 215,475.00 $ 433,497.79 $ 853,052.98
d 5-6% in following year due to recovery
erwise in proportion with previous years
cleaning, then steadily increase in the following year to precovid rates
2 rates will return to around normal, for 2023 they will begin to pay back the 5 bi

2023
$ 59,869,937.59
$ 48,674,259.26
$ 11,195,678.33
$ 8,980,490.64
$ 2,215,187.69
$ 243,661.74
$ (30,000.00)
$ 1,941,525.95
$ 465,966.23
$ 1,475,559.72
illion loan. Interest rates for 3% of long term debt

Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share data)
Jun-23
ASSETS
Current assets
Cash and cash equivalents $ 1,920,633.16
Accounts receivable, less allowances of $334,810 and $28,176
$ 3,606,232.61
Inventories $ 3,000,000.00
Prepaid expenses and other current assets $ 200,000.00
Income tax receivable $ 100,000.00
Total current assets $ 8,826,865.77
Plant and equipment at cost, less accumulated depreciation $ 4,500,000.00
Other long-term assets
Goodwill $ 3,200,125.61
Intangibles, less amortization $ 690,246.25
Deferred income taxes $ 100,000.00
Operating lease right-of-use assets, net $ 600,000.00