Equity Valuation
Model
Screenshot of Balance Sheet
|
|
|
|
|
2002 |
2003 |
2004 |
| Assets |
|
|
|
| Operating cash |
1,000
|
2,000
|
3,000
|
| Accounts receivable |
1,000
|
2,000
|
3,000
|
| Inventories |
1,000
|
1,000
|
1,500
|
| Other current assets |
1,000
|
2,000
|
3,000
|
| Total current assets |
4,000
|
7,000
|
10,500
|
|
|
|
|
| Gross property, plant
and equipment |
10,000
|
12,000
|
13,000
|
| Accumulated
depreciation |
(2,000) |
(3,000) |
(5,000) |
| Net property, plant
and equipment |
8,000
|
9,000
|
8,000
|
|
|
|
|
| Other assets |
1,000
|
1,000
|
1,500
|
| Goodwill |
0 |
0 |
0 |
| Discontinued
operations |
0 |
0 |
0 |
| Total Assets |
13,000
|
17,000
|
20,000
|
|
|
|
|
|
|
|
|
| Liabilities and
Shareholders' Equity |
|
|
|
| Short-term debt and
current portion of long-term debt |
2,000
|
3,000
|
4,000
|
| Accounts payable |
1,000
|
2,000
|
2,500
|
| Accrued liabilities |
500 |
1,000
|
1,500
|
| Total current
liabilities |
3,500
|
6,000
|
8,000
|
|
|
|
|
| Long-term debt |
2,000
|
3,000
|
3,500
|
| Other long-term
liabilities |
0 |
0 |
0 |
| Deferred income taxes |
500 |
500 |
500 |
| Total liabilities |
6,000
|
9,500
|
12,000
|
|
|
|
|
| Total shareholders'
equity |
7,000
|
7,500
|
8,000
|
|
|
|
|
| Total liabilities and
equity |
13,000
|
17,000
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMON-SIZE BALANCE
SHEET DATA |
|
|
|
|
|
2002 |
2003 |
2004 |
| Assets |
|
|
|
| Operating cash |
7.69% |
11.76% |
15.00% |
| Accounts receivable |
7.69% |
11.76% |
15.00% |
| Inventories |
7.69% |
5.88% |
7.50% |
| Other current assets |
7.69% |
11.76% |
15.00% |
| Total current assets |
30.77% |
41.18% |
52.50% |
|
|
|
|
| Gross property, plant
and equipment |
76.92% |
70.59% |
65.00% |
| Accumulated
depreciation |
-15.38% |
-17.65% |
-25.00% |
| Net property, plant
and equipment |
61.54% |
52.94% |
40.00% |
|
|
|
|
| Other assets |
7.69% |
5.88% |
7.50% |
| Goodwill |
0.00% |
0.00% |
0.00% |
| Discontinued
operations |
0.00% |
0.00% |
0.00% |
| Total Assets |
100.00% |
100.00% |
100.00% |
|
|
|
|
|
|
|
|
| Liabilities and
Shareholders' Equity |
|
|
|
| Short-term debt and
current portion of long-term debt |
15.38% |
17.65% |
20.00% |
| Accounts payable |
7.69% |
11.76% |
12.50% |
| Accrued liabilities |
3.85% |
5.88% |
7.50% |
| Total current
liabilities |
26.92% |
35.29% |
40.00% |
|
|
|
|
| Long-term debt |
15.38% |
17.65% |
17.50% |
| Other long-term
liabilities |
0.00% |
0.00% |
0.00% |
| Deferred income taxes |
3.85% |
2.94% |
2.50% |
| Total liabilities |
46.15% |
55.88% |
60.00% |
|
|
|
|
| Total
shareholders' equity |
53.85% |
44.12% |
40.00% |
|
|
|
|
| Total
liabilities and equity |
100.00% |
100.00% |
100.00% |
|
