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Nike Inc.(NKE)
May 3, 2014 Figures in Millions except per share values
Company Overview
ValuationCurrent Price 72.99$ Margin of SafetyNCAV 8.12$
Total Net Reprod. Cost 16.82$
Earnings Power Value (EPV) 41.23$
Discounted Cash Flow (DCF) 62.52$
EBIT Multiple Valuation 52.44$
Katsenelson Absolute PE 98.17$
Ben Graham Formula 51.33$
Key Statistics Company StatsMkt Cap ($M) 64,095.44$
Enterprise Value ($M) TTM 62,665.69$ Earnings Date 20-Mar-14
52 Wk High 80.26$ Shares Outstanding 878
52 Wk Low 59.11$ Shares Float 696
% off 52Wk Low 23.5% Insider Ownership 0.10%
Insider Transactions 0.2% Fundamental Ratios 2012 2013 TTM
Cash Flows Institutional Ownership 85.1% P/E 22.40 22.92 23.36
Free Cash Flow Float Short 1.0% P/E (cash adjusted) 20.71 20.52 21.53
5 yr FCF Growth 0.6% Short Ratio 1.8 EV/EBITDA 13.31 13.91 15.09
10 yr FCF Growth 0.8% Piotroski (TTM) 8 EV/EBIT 15.35 16.00 17.72
Altman (MRQ) 7.5 P/S 2.13 2.25 2.53
Effectiveness Beneish (TTM) -2.9 P/BV 4.80 5.11 5.86
CROIC P/Tang BV 5.04 5.35 6.14
Avg 21.2% Margins & Profitability P/CF 16.25 17.18 17.60
FCF/S Gross P/FCF 38.25 23.82 35.04
Avg 6.9% Gross Margin 44.3% FCF/S 5.6% 9.4% 7.2%
ROA Operating FCF Yield 2.6% 4.2% 2.9%
Avg 14.1% Operating Margin 13.6% Magic Earnings Yield 6.5% 6.3% 5.6%
ROE Net Profit ROE 21.4% 22.3% 25.1%
Avg 21.4% Net Margin 9.9% ROA 14.4% 14.1% 16.0%
ROIC 21.1% 19.7% 21.1%
Efficiency Financial Strength (MRQ) CROIC 12.1% 19.1% 14.9%
Receivables Turnover (TTM) 8.3 Current Ratio(MRQ) 3.4 Current Ratio 3.05 3.47 3.53
Inventory Turnover (TTM) 4.0 Quick Ratio(MRQ) 2.4 Total Debt/Equity Ratio 0.03 0.11 0.11
Days Sales Outstanding (TTM) 44.5 LTD/Eq(MRQ) 0.1 Inventory Turnover 4.44 4.29 3.97
Tot D/Eq(MRQ) 0.1
NIKE, Inc., together with its subsidiaries, engages in the design, development,
marketing, and sale of athletic footwear, apparel, equipment, and accessories, as well
as in the provision of services to men, women, and kids worldwide. The company
offers products in seven categories, including running, basketball, football, men’s
training, women’s training, NIKE sportswear, and action sports Under the NIKE and
Jordan brand names. It also markets products designed for kids, as well as for other
athletic and recreational uses, such as baseball, cricket, golf, lacrosse, outdoor
activities, football, tennis, volleyball, walking, and wrestling. The company offers
performance equipment, including bags, socks, sport balls, eyewear, timepieces,
digital devices, bats, gloves, protective equipment, golf clubs, and other equipment
under the NIKE brand name for sports activities; various plastic products to other
manufacturers; athletic and casual footwear, apparel, and accessories under the
Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell
trademarks; and action sports and youth lifestyle apparel and accessories under the
Selected Financial Statements
Industry: Textile - Apparel Footwear & Accessories
0
1
2
3
4
5Low Risk
High Growth
Under Valued
Well Managed
GoodFinancials
Strong Moat
-100.0%
-100.0%
-77.0%
-16.8%
-39.2%
25.7%
-42.2%
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
May-03 May-05 May-07 May-09 May-11 May-13
Price vs DCF Intrinsic Value
Stock Price Intrinsic Value Buy Price
(In Millions, Except per Share Amounts) 2009 2010 2011 2012 2013 TTM/Latest
Revenue 19,176$ 19,014$ 20,117$ 23,331$ 25,313$ 26,286$
Gross Profit 8,604$ 8,800$ 9,202$ 10,148$ 11,034$ 11,634$
Margin % 44.87% 46.28% 45.74% 43.50% 43.59% 44.26%
R&D -$ -$ -$ -$ -$ -$
Margin % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Income 2,072$ 2,078$ 2,483$ 2,678$ 2,741$ 3,058$
Margin % 10.80% 10.93% 12.34% 11.48% 10.83% 11.63%
Net Income 1,487$ 1,907$ 2,133$ 2,223$ 2,485$ 2,851$
Margin % 7.75% 10.03% 10.60% 9.53% 9.82% 10.85%
Earnings Per Share
Basic 1.53$ 1.96$ 2.24$ 2.42$ 2.77$ 3.19$
Diluted 1.51$ 1.93$ 2.20$ 2.37$ 2.71$ 3.13$
Weighted Average Diluted Shares
Outstanding 981.40 987.80 971.30 939.60 916.40 910.60
Dividends Per Share 0.48$ 0.51$ 0.57$ 0.66$ 0.77$ 0.82$
Dividend Yield 1.75% 1.52% 1.48% 1.24% 1.23% 1.13%
Net Cash From Operating Activities 1,736$ 3,164$ 1,812$ 1,899$ 3,027$ 2,711$
(Dollars in Millions)
Net Property, Plants & Equipment 1,958$ 1,932$ 2,115$ 2,209$ 2,452$ 2,645$
Total Assets 13,250$ 14,419$ 14,998$ 15,465$ 17,584$ 17,820$
Long-term Debt 1,280$ 1,301$ 1,197$ 1,202$ 2,502$ 2,625$
Stockholders' Equity 8,693$ 9,754$ 9,843$ 10,381$ 11,156$ 11,344$
Nike Inc.
(NKE) Figures in Millions except per share values
May 3, 2014 Annual 11/30/2012 2/28/2013 5/31/2013 8/31/2013 11/30/2013 1000000
Annual Statements 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q2 Q3 Q4 Q1 Q2 TTM Next Year Est
Income Statement 9 8 7 6 5 4 3 2 1 0 3 3 2 1 0
Revenue 12,253.1$ 13,739.7$ 14,954.9$ 16,325.9$ 18,627.0$ 19,176.1$ 19,014.0$ 20,117.0$ 23,331.0$ 25,313.0$ 5,955.0$ 6,187.0$ 6,697.0$ 6,971.0$ 6,431.0$ 26,286.0$
Cost of Revenues 7,001.4$ 7,624.3$ 8,367.9$ 9,165.4$ 10,239.6$ 10,571.7$ 10,214.0$ 10,915.0$ 13,183.0$ 14,279.0$ 3,425.0$ 3,451.0$ 3,757.0$ 3,839.0$ 3,605.0$ 14,652.0$
COGS (%) 57.1% 55.5% 56.0% 56.1% 55.0% 55.1% 53.7% 54.3% 56.5% 56.4% 57.5% 55.8% 56.1% 55.1% 56.1% 55.7%
Gross Profit 5,251.7$ 6,115.4$ 6,587.0$ 7,160.5$ 8,387.4$ 8,604.4$ 8,800.0$ 9,202.0$ 10,148.0$ 11,034.0$ 2,530.0$ 2,736.0$ 2,940.0$ 3,132.0$ 2,826.0$ 11,634.0$
Gross Income (%) 42.9% 44.5% 44.0% 43.9% 45.0% 44.9% 46.3% 45.7% 43.5% 43.6% 42.5% 44.2% 43.9% 44.9% 43.9% 44.3%
Operating Expenses
Selling, General & Admin. Expenses 3,702.0$ 4,221.7$ 4,477.8$ 5,028.7$ 5,953.7$ 6,149.6$ 6,326.0$ 6,361.0$ 7,065.0$ 7,780.0$ 1,836.0$ 1,863.0$ 2,022.0$ 2,056.0$ 2,088.0$ 8,029.0$
SG&A (%) 30.2% 30.7% 29.9% 30.8% 32.0% 32.1% 33.3% 31.6% 30.3% 30.7% 30.8% 30.1% 30.2% 29.5% 32.5% 30.5%
Research & Development -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
R&D (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA 1,863.2$ 2,181.4$ 2,400.1$ 2,402.0$ 2,755.2$ 2,838.1$ 2,870.0$ 3,199.0$ 3,488.0$ 3,767.0$ 823.0$ 966.0$ 1,072.0$ 1,229.0$ 885.0$ 4,152.0$
EBITDA (%) 15.2% 15.9% 16.0% 14.7% 14.8% 14.8% 15.1% 15.9% 15.0% 14.9% 13.8% 15.6% 16.0% 17.6% 13.8% 15.8%
Other Special Charges -$ -$ -$ -$ -$ (401.3)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Depreciation & Amortization 313.5$ 287.7$ 290.9$ 270.2$ 321.5$ 383.3$ 396.0$ 358.0$ 405.0$ 513.0$ 129.0$ 93.0$ 154.0$ 153.0$ 147.0$ 547.0$
Depreciation & Amortization (%) 2.6% 2.1% 1.9% 1.7% 1.7% 2.0% 2.1% 1.8% 1.7% 2.0% 2.2% 1.5% 2.3% 2.2% 2.3% 2.1%
Operating Income 1,236.20$ 1,606.00$ 1,818.30$ 1,861.60$ 2,112.20$ 2,071.50$ 2,078.00$ 2,483.00$ 2,678.00$ 2,741.00$ 565.00$ 780.00$ 764.00$ 923.00$ 591.00$ 3,058.00$
Operating Income (%) 10.1% 11.7% 12.2% 11.4% 11.3% 10.8% 10.9% 12.3% 11.5% 10.8% 9.5% 12.6% 11.4% 13.2% 9.2% 11.6%
Other Income and ExpenseEBIT 1,475.0$ 1,864.6$ 2,141.6$ 2,199.9$ 2,578.0$ 1,956.5$ 2,523.0$ 2,862.0$ 3,025.0$ 3,275.0$ 712.0$ 858.0$ 905.0$ 1,048.0$ 725.0$ 3,536.0$
EBIT (%) 12.0% 13.6% 14.3% 13.5% 13.8% 10.2% 13.3% 14.2% 13.0% 12.9% 12.0% 13.9% 13.5% 15.0% 11.3% 13.5%
Interest Expense 25.0$ 4.8$ -$ -$ 75.1$ -$ 6.0$ -$ -$ 3.0$ -$ -$ 3.0$ 8.0$ 8.0$ 19.0$
Interest Income -$ -$ 36.8$ 67.2$ 152.2$ 9.5$ -$ 4.0$ 4.0$ -$ 1.0$ 2.0$ (6.0)$ -$ -$ (4.0)$
Other Income (74.7)$ (29.1)$ (4.4)$ 0.9$ (7.9)$ 88.5$ 49.0$ 17.0$ (62.0)$ 21.0$ 17.0$ (17.0)$ (7.0)$ (28.0)$ (13.0)$ (65.0)$
Total Other Income (74.7)$ (29.1)$ 32.4$ 68.9$ 145.6$ 97.1$ 48.0$ 21.0$ (58.0)$ 20.0$ 18.0$ (14.0)$ (17.0)$ (27.0)$ (13.0)$ (71.0)$
Income Before Taxes (EBT) 1,450.0$ 1,859.8$ 2,141.6$ 2,199.9$ 2,502.9$ 1,956.5$ 2,517.0$ 2,862.0$ 3,025.0$ 3,272.0$ 712.0$ 858.0$ 902.0$ 1,040.0$ 717.0$ 3,517.0$
Income Taxes/(Credit) 504.4$ 648.2$ 749.6$ 708.4$ 619.5$ 469.8$ 610.0$ 690.0$ 756.0$ 808.0$ 191.0$ 196.0$ 206.0$ 260.0$ 180.0$ 842.0$
Tax Rate % 34.8% 34.9% 35.0% 32.2% 24.8% 24.0% 24.2% 24.1% 25.0% 24.7% 26.8% 22.8% 22.8% 25.0% 25.1% 23.9%
Earnings After Taxes 945.6$ 1,211.6$ 1,392.0$ 1,491.5$ 1,883.4$ 1,486.7$ 1,907.0$ 2,172.0$ 2,269.0$ 2,464.0$ 521.0$ 662.0$ 696.0$ 780.0$ 537.0$ 2,675.0$
Minority Interest Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income From Continuing Operations 945.6$ 1,211.6$ 1,392.0$ 1,491.5$ 1,883.4$ 1,486.7$ 1,907.0$ 2,172.0$ 2,269.0$ 2,464.0$ 521.0$ 662.0$ 696.0$ 780.0$ 537.0$ 2,675.0$
Net Income From Discontinued Operations -$ -$ -$ -$ -$ -$ -$ (39.0)$ (46.0)$ 21.0$ (137.0)$ 204.0$ (28.0)$ -$ -$ 176.0$
Extraordinary Income Losses -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Income From Cummulated Effect Of Accounting Changes-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Income From Tax Loss Carry Forward -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Gains/Losses -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income Total 945.6$ 1,211.6$ 1,392.0$ 1,491.5$ 1,883.4$ 1,486.7$ 1,907.0$ 2,133.0$ 2,223.0$ 2,485.0$ 384.0$ 866.0$ 668.0$ 780.0$ 537.0$ 2,851.0$
Net Income (%) 7.7% 8.8% 9.3% 9.1% 10.1% 7.8% 10.0% 10.6% 9.5% 9.8% 6.4% 14.0% 10.0% 11.2% 8.4% 10.8%
Shares and EPSTotal Basic EPS 0.90$ 1.15$ 1.34$ 1.48$ 1.90$ 1.53$ 1.96$ 2.24$ 2.42$ 2.77$ 0.43$ 0.97$ 0.74$ 0.88$ 0.60$ 3.19$
Fully Diluted EPS 0.88$ 1.12$ 1.32$ 1.46$ 1.87$ 1.51$ 1.93$ 2.20$ 2.37$ 2.71$ 0.42$ 0.95$ 0.73$ 0.86$ 0.59$ 3.13$
Dividends Paid Per Share 0.17$ 0.24$ 0.30$ 0.34$ 0.42$ 0.48$ 0.52$ 0.58$ 0.85$ 0.81$ -$ 0.42$ 0.21$ 0.21$ -$ 0.84$
Basic Shares Outstanding 1,052.8 1,050.4 1,036.0 1,007.6 991.2 969.8 971.0 951.1 920.0 897.3 897.0 893.9 897.3 889.4 888.0 878.1
Diluted Shares Outstanding 1,078.8 1,081.2 1,055.2 1,019.8 1,008.2 981.4 987.8 971.3 939.6 916.4 913.1 911.7 916.4 910.7 910.6 910.6
User Defined Shares Outstanding
11/30/2012 2/28/2013 5/31/2013 8/31/2013 11/30/2013
Balance Sheet 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q2 Q3 Q4 Q1 Q2 MRQ
Assets
Cash and Equiv 828.0$ 1,388.1$ 954.2$ 1,856.7$ 2,133.9$ 2,291.1$ 3,079.1$ 1,955.0$ 2,317.0$ 3,337.0$ 2,291.0$ 2,557.0$ 3,337.0$ 2,936.0$ 2,086.0$ 2,086.0$
Short-Term Investments 400.8$ 436.6$ 1,348.8$ 990.3$ 642.2$ 1,164.0$ 2,066.8$ 2,583.0$ 1,440.0$ 2,628.0$ 1,234.0$ 1,485.0$ 2,628.0$ 2,642.0$ 3,101.0$ 3,101.0$
Net Receivables 2,120.2$ 2,262.1$ 2,395.9$ 2,494.7$ 2,795.3$ 2,883.9$ 2,649.8$ 3,138.0$ 3,132.0$ 3,117.0$ 3,188.0$ 3,232.0$ 3,117.0$ 3,207.0$ 3,208.0$ 3,208.0$
Inventories, raw materials 13.3$ 2.5$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Inventories, work in progress 10.6$ 1.5$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Inventories, purchased components -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Inventories, finished goods 1,626.3$ 1,807.1$ -$ 2,121.9$ -$ 2,357.0$ 2,040.8$ 2,715.0$ 3,222.0$ 3,434.0$ -$ 3,329.0$ 3,434.0$ 3,472.0$ 3,695.0$ 3,695.0$
Inventories, other -$ -$ 2,076.7$ -$ 2,438.4$ -$ -$ -$ -$ -$ 3,318.0$ -$ -$ -$ -$ -$
Inventories 1,650.2$ 1,811.1$ 2,076.7$ 2,121.9$ 2,438.4$ 2,357.0$ 2,040.8$ 2,715.0$ 3,222.0$ 3,434.0$ 3,318.0$ 3,329.0$ 3,434.0$ 3,472.0$ 3,695.0$ 3,695.0$
Prepaid Expenses 364.4$ 343.0$ 380.1$ 393.2$ 602.3$ 765.6$ 873.9$ 594.0$ 857.0$ 802.0$ 733.0$ 882.0$ 802.0$ 1,053.0$ 1,202.0$ 1,202.0$
Current Deferred Income Taxes 165.0$ 110.2$ 203.3$ 219.7$ 227.2$ 272.4$ 248.8$ 312.0$ 262.0$ 308.0$ 327.0$ 275.0$ 308.0$ 308.0$ 315.0$ 315.0$
Other Current Assets -$ -$ -$ -$ -$ -$ -$ -$ 615.0$ -$ 344.0$ 29.0$ -$ -$ -$ -$
Total Current Assets 5,528.6$ 6,351.1$ 7,359.0$ 8,076.5$ 8,839.3$ 9,734.0$ 10,959.2$ 11,297.0$ 11,845.0$ 13,626.0$ 11,435.0$ 11,789.0$ 13,626.0$ 13,618.0$ 13,607.0$ 13,607.0$
Land and Improvements 179.5$ 185.4$ 195.9$ 193.8$ 209.4$ 221.6$ 222.8$ 237.0$ 252.0$ 268.0$ -$ -$ 268.0$ -$ -$ -$
Building and Improvements 1,334.9$ 1,392.3$ 1,469.3$ 1,513.7$ 1,691.9$ 1,776.0$ 1,772.5$ 2,055.0$ 2,041.0$ 2,119.0$ -$ -$ 2,119.0$ -$ -$ -$
Machinery, Furniture & Equipment 1,608.6$ 1,528.4$ 1,661.7$ 1,817.2$ 2,005.0$ 2,094.3$ 2,217.5$ 2,487.0$ 2,654.0$ 2,985.0$ -$ -$ 2,985.0$ -$ -$ -$
Construction in Progress 60.4$ 73.1$ 81.4$ 94.4$ 196.7$ 163.8$ 177.0$ 127.0$ 110.0$ 128.0$ -$ -$ 128.0$ -$ -$ -$
Other Fixed Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 5,310.0$ 5,370.0$ -$ 2,557.0$ 2,645.0$ 2,645.0$
Total Fixed Assets 3,183.4$ 3,179.2$ 3,408.3$ 3,619.1$ 4,103.0$ 4,255.7$ 4,389.8$ 4,906.0$ 5,057.0$ 5,500.0$ 5,310.0$ 5,370.0$ 5,500.0$ 2,557.0$ 2,645.0$ 2,645.0$
Net Fixed Assets 1,611.8$ 1,605.8$ 1,657.7$ 1,678.3$ 1,891.1$ 1,957.7$ 1,931.9$ 2,115.0$ 2,209.0$ 2,452.0$ 2,258.0$ 2,260.0$ 2,452.0$ 2,557.0$ 2,645.0$ 2,645.0$
Intangible Assets 501.7$ 541.5$ 405.5$ 409.9$ 743.1$ 467.4$ 467.0$ 487.0$ 370.0$ 382.0$ 374.0$ 376.0$ 382.0$ 383.0$ 385.0$ 385.0$
Goodwill -$ -$ 130.8$ 130.8$ 448.8$ 193.5$ 187.6$ 205.0$ 131.0$ 131.0$ 131.0$ 131.0$ 131.0$ 131.0$ 131.0$ 131.0$
Non Current Deferred Income Taxes 266.6$ 295.2$ 316.6$ 392.8$ 520.4$ 897.0$ 873.6$ 894.0$ 910.0$ 993.0$ 973.0$ 1,059.0$ 993.0$ 985.0$ 1,052.0$ 1,052.0$
Other Long-Term Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Long-Term Assets 2,380.1$ 2,442.5$ 2,510.6$ 2,611.8$ 3,603.4$ 3,515.6$ 3,460.1$ 3,701.0$ 3,620.0$ 3,958.0$ 3,736.0$ 3,826.0$ 3,958.0$ 4,056.0$ 4,213.0$ 4,213.0$
Total Assets 7,908.7$ 8,793.6$ 9,869.6$ 10,688.3$ 12,442.7$ 13,249.6$ 14,419.3$ 14,998.0$ 15,465.0$ 17,584.0$ 15,171.0$ 15,615.0$ 17,584.0$ 17,674.0$ 17,820.0$ 17,820.0$
Liabilities & Stockholders' Equity
Accounts payable 780.4$ 843.9$ 952.2$ 1,040.3$ 1,287.6$ 1,031.9$ 1,254.5$ 1,469.0$ 1,549.0$ 1,646.0$ 1,519.0$ 1,241.0$ 1,646.0$ 1,559.0$ 1,612.0$ 1,612.0$
Short-Term Debt + Notes Payable 152.6$ 76.0$ 298.7$ 131.3$ 184.0$ 374.9$ 146.0$ 387.0$ 157.0$ 178.0$ 158.0$ 160.0$ 178.0$ 168.0$ 187.0$ 187.0$
Taxes Payable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Accrued Expenses -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Accrued Liabilities 979.3$ 984.3$ 1,286.9$ 1,303.4$ 1,761.9$ 1,662.5$ 1,773.7$ 1,985.0$ 1,552.0$ 1,572.0$ 1,370.0$ 1,428.0$ 1,572.0$ 1,482.0$ 1,514.0$ 1,514.0$
Deferred Revenues -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Current Deferred Income Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Current Liabilities 118.2$ 95.0$ 85.5$ 109.0$ 88.0$ 207.7$ 190.0$ 117.0$ 624.0$ 530.0$ 752.0$ 671.0$ 530.0$ 654.0$ 538.0$ 538.0$
Total Current Liabilities 2,030.5$ 1,999.2$ 2,623.3$ 2,584.0$ 3,321.5$ 3,277.0$ 3,364.2$ 3,958.0$ 3,882.0$ 3,926.0$ 3,799.0$ 3,500.0$ 3,926.0$ 3,863.0$ 3,851.0$ 3,851.0$
Long-Term Debt 682.4$ 687.3$ 410.7$ 409.9$ 441.1$ 437.2$ 445.8$ 276.0$ 228.0$ 1,210.0$ 170.0$ 161.0$ 1,210.0$ 1,207.0$ 1,201.0$ 1,201.0$
Other Liabilities -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Deferred Income Taxes 413.8$ 462.6$ 550.1$ 668.7$ 854.5$ 842.0$ 855.3$ 921.0$ 974.0$ 1,292.0$ 1,188.0$ 1,287.0$ 1,292.0$ 1,322.0$ 1,424.0$ 1,424.0$
Total Long-Term Liabilities 1,096.5$ 1,150.2$ 961.1$ 1,078.9$ 1,295.9$ 1,279.5$ 1,301.4$ 1,197.0$ 1,202.0$ 2,502.0$ 1,358.0$ 1,448.0$ 2,502.0$ 2,529.0$ 2,625.0$ 2,625.0$
Total Liabilities 3,127.0$ 3,149.4$ 3,584.4$ 3,662.9$ 4,617.4$ 4,556.5$ 4,665.6$ 5,155.0$ 5,084.0$ 6,428.0$ 5,157.0$ 4,948.0$ 6,428.0$ 6,392.0$ 6,476.0$ 6,476.0$
Retained Earnings 3,982.9$ 4,396.5$ 4,713.4$ 4,885.2$ 5,073.3$ 5,451.4$ 6,095.5$ 5,801.0$ 5,588.0$ 5,695.0$ 5,029.0$ 5,456.0$ 5,695.0$ 5,762.0$ 5,685.0$ 5,685.0$
Preferred Equity -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Equity 4,781.7$ 5,644.2$ 6,285.2$ 7,025.4$ 7,825.3$ 8,693.1$ 9,753.7$ 9,843.0$ 10,381.0$ 11,156.0$ 10,014.0$ 10,667.0$ 11,156.0$ 11,282.0$ 11,344.0$ 11,344.0$
Total Liabilities & Equity 7,908.7$ 8,793.6$ 9,869.6$ 10,688.3$ 12,442.7$ 13,249.6$ 14,419.3$ 14,998.0$ 15,465.0$ 17,584.0$ 15,171.0$ 15,615.0$ 17,584.0$ 17,674.0$ 17,820.0$ 17,820.0$
11/30/2012 2/28/2013 5/31/2013 8/31/2013 11/30/2013
Cash Flows Statement 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q2 Q3 Q4 Q1 Q2 TTM
Cash Flows From Operating ActivitiesNet Income 945.6$ 1,211.6$ 1,392.0$ 1,491.5$ 1,883.4$ 1,486.7$ 1,907.0$ 2,133.0$ 2,223.0$ 2,485.0$ 951.0$ 1,817.0$ 2,485.0$ 780.0$ 1,317.0$ 2,851.0$
Depreciation & Amortization 313.5$ 287.7$ 290.9$ 270.2$ 321.5$ 383.3$ 396.0$ 358.0$ 405.0$ 513.0$ 266.0$ 359.0$ 513.0$ 153.0$ 300.0$ 547.0$
Deferred Income Taxes 19.0$ 21.3$ (26.0)$ 34.1$ (300.6)$ (294.1)$ 8.0$ (76.0)$ (60.0)$ 21.0$ (49.0)$ (56.0)$ 21.0$ 24.0$ 23.0$ 93.0$
Operating Gains 47.2$ 63.1$ -$ -$ (60.6)$ -$ -$ -$ -$ (124.0)$ 107.0$ (124.0)$ (124.0)$ -$ -$ (231.0)$
Extraordinary Gains -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
(Incr) Decr. in Receivables 97.1$ (93.5)$ (85.1)$ (39.6)$ (118.3)$ (238.0)$ 182.0$ (273.0)$ (323.0)$ 142.0$ 22.0$ 38.0$ 142.0$ (102.0)$ (89.0)$ 31.0$
(Incr) Decr. in Inventories (55.9)$ (103.3)$ (200.3)$ (49.5)$ (249.8)$ 32.2$ 285.0$ (551.0)$ (805.0)$ (197.0)$ (41.0)$ (69.0)$ (197.0)$ (63.0)$ (280.0)$ (436.0)$
(Incr) Decr. in Prepaid Expenses (103.6)$ 71.4$ (37.2)$ (60.8)$ (11.2)$ 14.1$ (70.0)$ (35.0)$ (141.0)$ (28.0)$ (33.0)$ (79.0)$ (28.0)$ (102.0)$ (125.0)$ (120.0)$
(Incr) Decr. in Other Current Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Decr. (Incr) in payables 255.6$ 112.4$ 279.4$ 85.1$ 330.9$ (220.0)$ 297.0$ 151.0$ 470.0$ 41.0$ (61.0)$ (346.0)$ 41.0$ (135.0)$ (305.0)$ (203.0)$
Decr. (Incr) in Other Current Liabilities -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Decr. (Incr) in Other Working Capital -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Non Cash Items -$ -$ 54.2$ 147.7$ 141.0$ 571.9$ 159.0$ 105.0$ 130.0$ 174.0$ 83.0$ 128.0$ 174.0$ 42.0$ 88.0$ 179.0$
Net Cash From Operating Activities 1,518.5$ 1,570.7$ 1,667.9$ 1,878.7$ 1,936.3$ 1,736.1$ 3,164.0$ 1,812.0$ 1,899.0$ 3,027.0$ 1,245.0$ 1,668.0$ 3,027.0$ 597.0$ 929.0$ 2,711.0$
Cash Flows From Investing Activities
Sale of Long-term Investments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Sale of Short-term Investments -$ 1,491.9$ 1,709.8$ 2,516.2$ 2,246.0$ 2,390.0$ 2,787.0$ 7,079.0$ 3,829.0$ 2,499.0$ 1,576.0$ 1,823.0$ 2,499.0$ 1,254.0$ 2,119.0$ 3,042.0$
Capital Expenditures (214.8)$ (257.1)$ (333.7)$ (313.5)$ (449.2)$ (455.7)$ (335.0)$ (432.0)$ (597.0)$ (636.0)$ (250.0)$ (401.0)$ (636.0)$ (215.0)$ (428.0)$ (814.0)$
Acquisitions (289.1)$ (47.2)$ -$ -$ (325.1)$ -$ -$ -$ -$ 786.0$ 225.0$ 786.0$ 786.0$ -$ -$ 561.0$
Sale of Assets 11.6$ 7.2$ 1.6$ 28.3$ 1.9$ 32.0$ 10.0$ 1.0$ 2.0$ 14.0$ -$ 1.0$ 14.0$ 1.0$ 1.0$ 15.0$
Purchase of Long-term Investments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Purchase of Short-term Investments (400.8)$ (1,527.2)$ (2,619.7)$ (2,133.8)$ (1,865.6)$ (2,908.7)$ (3,724.0)$ (7,616.0)$ (2,705.0)$ (3,702.0)$ (1,379.0)$ (1,881.0)$ (3,702.0)$ (1,328.0)$ (2,759.0)$ (5,082.0)$
Other Investing Changes, Net (57.5)$ (28.0)$ (34.6)$ (4.3)$ (21.8)$ 144.3$ (6.0)$ (53.0)$ (15.0)$ (28.0)$ (12.0)$ (18.0)$ (28.0)$ (104.0)$ (110.0)$ (126.0)$
Net Cash From Investing Activities (950.6)$ (360.4)$ (1,276.6)$ 92.9$ (413.8)$ (798.1)$ (1,268.0)$ (1,021.0)$ 514.0$ (1,067.0)$ 160.0$ 310.0$ (1,067.0)$ (392.0)$ (1,177.0)$ (2,404.0)$
Cash Flows From Financing Activities
Issuance of Capital Stock 253.6$ 226.8$ 225.3$ 322.9$ 343.3$ 186.6$ 364.0$ 345.0$ 468.0$ 313.0$ 116.0$ 184.0$ 313.0$ 94.0$ 233.0$ 430.0$
Repurchase of Capital Stock (419.8)$ (556.2)$ (761.1)$ (985.2)$ (1,248.0)$ (649.2)$ (741.0)$ (1,859.0)$ (1,814.0)$ (1,674.0)$ (1,179.0)$ (1,432.0)$ (1,674.0)$ (526.0)$ (928.0)$ (1,423.0)$
Net Issuance of Stock (166.2)$ (329.4)$ (535.8)$ (662.3)$ (904.7)$ (462.6)$ (377.0)$ (1,514.0)$ (1,346.0)$ (1,361.0)$ (1,063.0)$ (1,248.0)$ (1,361.0)$ (432.0)$ (695.0)$ (993.0)$
Issuance of Debt 153.8$ -$ -$ 94.4$ 63.7$ -$ -$ -$ -$ 986.0$ -$ -$ 986.0$ -$ -$ 986.0$
Repayment of Debt (206.9)$ (90.9)$ (24.2)$ (255.7)$ (35.2)$ (6.8)$ (32.0)$ (8.0)$ (203.0)$ (49.0)$ (45.0)$ (54.0)$ (49.0)$ (2.0)$ (57.0)$ (61.0)$
Net Issuance of Debt (53.1)$ (90.9)$ (24.2)$ (161.3)$ 28.5$ (6.8)$ (32.0)$ (8.0)$ (203.0)$ 937.0$ (45.0)$ (54.0)$ 937.0$ (2.0)$ (57.0)$ 925.0$
Dividends Paid (179.2)$ (236.7)$ (290.9)$ (343.7)$ (412.9)$ (466.7)$ (505.0)$ (555.0)$ (619.0)$ (703.0)$ (327.0)$ (515.0)$ (703.0)$ (188.0)$ (375.0)$ (751.0)$
Cash from Financing (398.5)$ (657.0)$ (850.9)$ (1,111.5)$ (1,226.1)$ (733.9)$ (1,061.0)$ (1,972.0)$ (2,118.0)$ (1,040.0)$ (1,431.0)$ (1,783.0)$ (1,040.0)$ (598.0)$ (990.0)$ (599.0)$
Cash at Beginning of the Period 634.0$ 828.0$ 1,388.1$ 954.2$ 1,856.7$ 2,133.9$ 2,291.0$ 3,079.0$ 1,955.0$ 2,317.0$ 2,317.0$ 2,317.0$ 2,317.0$ 3,337.0$ 3,337.0$ 3,337.0$
Cash at End of the Period 828.0$ 1,388.1$ 954.2$ 1,856.7$ 2,133.9$ 2,291.1$ 3,079.0$ 1,955.0$ 2,317.0$ 3,337.0$ 2,291.0$ 2,557.0$ 3,337.0$ 2,936.0$ 2,086.0$ 3,132.0$
Change in Cash 194.0$ 560.1$ (433.9)$ 902.5$ 277.2$ 157.2$ 788.0$ (1,124.0)$ 362.0$ 1,020.0$ (26.0)$ 240.0$ 1,020.0$ (401.0)$ (1,251.0)$ (205.0)$
Free Cash FlowCash from Operations 1,518.5$ 1,570.7$ 1,667.9$ 1,878.7$ 1,936.3$ 1,736.1$ 3,164.0$ 1,812.0$ 1,899.0$ 3,027.0$ 1,245.0$ 1,668.0$ 3,027.0$ 597.0$ 929.0$ 2,711.0$
Cap Ex 214.8$ 257.1$ 333.7$ 313.5$ 449.2$ 455.7$ 335.0$ 432.0$ 597.0$ 636.0$ 250.0$ 401.0$ 636.0$ 215.0$ 428.0$ 814.0$
Free Cash Flow 1,303.7$ 1,313.6$ 1,334.2$ 1,565.2$ 1,487.1$ 1,280.4$ 2,829.0$ 1,380.0$ 1,302.0$ 2,391.0$ 995.0$ 1,267.0$ 2,391.0$ 382.0$ 501.0$ 1,897.0$
Free Cash Flow to Equity (FCFE) 1,243.2$ 1,208.6$ 1,337.6$ 1,398.1$ 1,818.1$ 1,599.7$ 2,799.0$ 1,449.0$ 1,161.0$ 3,321.0$ 432.0$ 319.0$ 1,504.0$ 357.0$ (358.0)$ 2,744.0$ % change from prev period -2.8% 10.7% 4.5% 30.0% -12.0% 75.0% -48.2% -19.9% 186.0% -26.2% 371.5% -76.3% -200.3% -17.4%
Owner Earnings FCF 851.1$ 1,255.2$ 1,446.6$ 1,660.7$ 1,945.1$ 2,799.2$ 1,433.0$ 2,872.0$ 2,960.0$ 2,578.0$ 1,163.0$ 2,359.0$ 2,578.0$ 1,162.0$ 2,076.0$ 3,491.0$
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Nike Inc.
(NKE)2/28/2013 5/31/2013 8/31/2013 11/30/2013
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q3 Q4 Q1 Q2
Income StatementRevenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of Revenues 57.1% 55.5% 56.0% 56.1% 55.0% 55.1% 53.7% 54.3% 56.5% 56.4% 55.8% 56.1% 55.1% 56.1%
Gross Profit 42.9% 44.5% 44.0% 43.9% 45.0% 44.9% 46.3% 45.7% 43.5% 43.6% 44.2% 43.9% 44.9% 43.9%
Operating Expenses
Selling, General & Admin. Expenses 30.2% 30.7% 29.9% 30.8% 32.0% 32.1% 33.3% 31.6% 30.3% 30.7% 30.1% 30.2% 29.5% 32.5%
Research & Development 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA 15.2% 15.9% 16.0% 14.7% 14.8% 14.8% 15.1% 15.9% 15.0% 14.9% 15.6% 16.0% 17.6% 13.8%
Other Special Charges 0.0% 0.0% 0.0% 0.0% 0.0% -2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation & Amortization 2.6% 2.1% 1.9% 1.7% 1.7% 2.0% 2.1% 1.8% 1.7% 2.0% 1.5% 2.3% 2.2% 2.3%
Operating Income 10.1% 11.7% 12.2% 11.4% 11.3% 10.8% 10.9% 12.3% 11.5% 10.8% 12.6% 11.4% 13.2% 9.2%
Other Income and Expense
Interest Expense 0.2% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1%
Other Income -0.6% -0.2% 0.0% 0.0% 0.0% 0.5% 0.3% 0.1% -0.3% 0.1% -0.3% -0.1% -0.4% -0.2%
Earnings Before Taxes 11.8% 13.5% 14.3% 13.5% 13.4% 10.2% 13.2% 14.2% 13.0% 12.9% 13.9% 13.5% 14.9% 11.1%
Income Taxes/(Credit) 4.1% 4.7% 5.0% 4.3% 3.3% 2.4% 3.2% 3.4% 3.2% 3.2% 3.2% 3.1% 3.7% 2.8%
Earnings After Taxes 7.7% 8.8% 9.3% 9.1% 10.1% 7.8% 10.0% 10.8% 9.7% 9.7% 10.7% 10.4% 11.2% 8.4%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income From Continuing
Operations 7.7% 8.8% 9.3% 9.1% 10.1% 7.8% 10.0% 10.8% 9.7% 9.7% 10.7% 10.4% 11.2% 8.4%
Net Income From Discontinued
Operations 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.2% -0.2% 0.1% -2.2% 3.0% -0.4% 0.0%
Net Income From Total Operations 7.7% 8.8% 9.3% 9.1% 10.1% 7.8% 10.0% 10.6% 9.5% 9.8% 14.0% 10.0% 11.2% 8.4%
Balance Sheet
Assets
Cash & Equivalents 10.5% 15.8% 9.7% 17.4% 17.1% 17.3% 21.4% 13.0% 15.0% 19.0% 16.4% 19.0% 16.6% 11.7%
Short-Term Investments 5.1% 5.0% 13.7% 9.3% 5.2% 8.8% 14.3% 17.2% 9.3% 14.9% 9.5% 14.9% 14.9% 17.4%
Net Receivables 26.8% 25.7% 24.3% 23.3% 22.5% 21.8% 18.4% 20.9% 20.3% 17.7% 20.7% 17.7% 18.1% 18.0%
Inventories 20.9% 20.6% 21.0% 19.9% 19.6% 17.8% 14.2% 18.1% 20.8% 19.5% 21.3% 19.5% 19.6% 20.7%
Other Current Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.0% 0.0% 0.2% 0.0% 0.0% 0.0%
Total Current Assets 69.9% 72.2% 74.6% 75.6% 71.0% 73.5% 76.0% 75.3% 76.6% 77.5% 75.5% 77.5% 77.1% 76.4%
Fixed Assets 20.4% 18.3% 16.8% 15.7% 15.2% 14.8% 13.4% 14.1% 14.3% 13.9% 14.5% 13.9% 14.5% 14.8%
Intangible Assets 6.3% 6.2% 4.1% 3.8% 6.0% 3.5% 3.2% 3.2% 2.4% 2.2% 2.4% 2.2% 2.2% 2.2%
Other Long-Term Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Long-Term Assets 30.1% 27.8% 25.4% 24.4% 29.0% 26.5% 24.0% 24.7% 23.4% 22.5% 24.5% 22.5% 22.9% 23.6%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Stockholders' Equity
Accounts payable 9.9% 9.6% 9.6% 9.7% 10.3% 7.8% 8.7% 9.8% 10.0% 9.4% 7.9% 9.4% 8.8% 9.0%
Short-Term Debt 1.9% 0.9% 3.0% 1.2% 1.5% 2.8% 1.0% 2.6% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Taxes Payable 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Accrued Liabilities 12.4% 11.2% 13.0% 12.2% 14.2% 12.5% 12.3% 13.2% 10.0% 8.9% 9.1% 8.9% 8.4% 8.5%
Other Current Liabilities 1.5% 1.1% 0.9% 1.0% 0.7% 1.6% 1.3% 0.8% 4.0% 3.0% 4.3% 3.0% 3.7% 3.0%
Total Current Liabilities 25.7% 22.7% 26.6% 24.2% 26.7% 24.7% 23.3% 26.4% 25.1% 22.3% 22.4% 22.3% 21.9% 21.6%
Long-Term Debt 8.6% 7.8% 4.2% 3.8% 3.5% 3.3% 3.1% 1.8% 1.5% 6.9% 1.0% 6.9% 6.8% 6.7%
Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Deferred Income Taxes 5.2% 5.3% 5.6% 6.3% 6.9% 6.4% 5.9% 6.1% 6.3% 7.3% 8.2% 7.3% 7.5% 8.0%
Total Long-Term Liabilities 13.9% 13.1% 9.7% 10.1% 10.4% 9.7% 9.0% 8.0% 7.8% 14.2% 9.3% 14.2% 14.3% 14.7%
Total Liabilities 39.5% 35.8% 36.3% 34.3% 37.1% 34.4% 32.4% 34.4% 32.9% 36.6% 31.7% 36.6% 36.2% 36.3%
Retained Earnings 50.4% 50.0% 47.8% 45.7% 40.8% 41.1% 42.3% 38.7% 36.1% 32.4% 34.9% 32.4% 32.6% 31.9%
Preferred Equity 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Equity 60.5% 64.2% 63.7% 65.7% 62.9% 65.6% 67.6% 65.6% 67.1% 63.4% 68.3% 63.4% 63.8% 63.7%
Total Liabilities & Equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cash Flows Statement
Cash Flows From Operating Activities
Net Income 62.3% 77.1% 83.5% 79.4% 97.3% 85.6% 60.3% 117.7% 117.1% 82.1% 108.9% 82.1% 130.7% 141.8%
Depreciation & Amortization 20.6% 18.3% 17.4% 14.4% 16.6% 22.1% 12.5% 19.8% 21.3% 16.9% 21.5% 16.9% 25.6% 32.3%
Deferred Taxes 1.3% 1.4% -1.6% 1.8% -15.5% -16.9% 0.3% -4.2% -3.2% 0.7% -3.4% 0.7% 4.0% 2.5%
Other 0.0% 0.0% 3.2% 7.9% 7.3% 32.9% 5.0% 5.8% 6.8% 5.7% 7.7% 5.7% 7.0% 9.5%
Net Cash From Operating Activities 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cash Flows From Investing Activities
Capital Expenditures 22.6% 71.3% 26.1% -337.5% 108.6% 57.1% 26.4% 42.3% -116.1% 59.6% -129.4% 59.6% 54.8% 36.4%
Acquisitions 30.4% 13.1% 0.0% 0.0% 78.6% 0.0% 0.0% 0.0% 0.0% -73.7% 253.5% -73.7% 0.0% 0.0%
Sale of Assets -1.2% -2.0% -0.1% 30.5% -0.5% -4.0% -0.8% -0.1% 0.4% -1.3% 0.3% -1.3% -0.3% -0.1%
Net Cash From Investing Activities 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cash Flows From Financing Activities
Issuance of Capital Stock -63.6% -34.5% -26.5% -29.1% -28.0% -25.4% -34.3% -17.5% -22.1% -30.1% -10.3% -30.1% -15.7% -23.5%
Repurchase of Capital Stock 105.3% 84.7% 89.4% 88.6% 101.8% 88.5% 69.8% 94.3% 85.6% 161.0% 80.3% 161.0% 88.0% 93.7%
Net Issuance of Stock 41.7% 50.1% 63.0% 59.6% 73.8% 63.0% 35.5% 76.8% 63.6% 130.9% 70.0% 130.9% 72.2% 70.2%
Issuance of Debt -38.6% 0.0% 0.0% -8.5% -5.2% 0.0% 0.0% 0.0% 0.0% -94.8% 0.0% -94.8% 0.0% 0.0%
Repayment of Debt 51.9% 13.8% 2.8% 23.0% 2.9% 0.9% 3.0% 0.4% 9.6% 4.7% 3.0% 4.7% 0.3% 5.8%
Net Issuance of Debt 13.3% 13.8% 2.8% 14.5% -2.3% 0.9% 3.0% 0.4% 9.6% -90.1% 3.0% -90.1% 0.3% 5.8%
Dividends Paid 45.0% 36.0% 34.2% 30.9% 33.7% 63.6% 47.6% 28.1% 29.2% 67.6% 28.9% 67.6% 31.4% 37.9%
Cash from Financing 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
5/3/2014
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TTM
100.0%
55.7%
44.3%
30.5%
0.0%
15.8%
0.0%
2.1%
11.6%
0.1%
-0.2%
13.4%
3.2%
10.2%
0.0%
10.2%
0.0%
10.8%
MRQ
11.7%
17.4%
18.0%
20.7%
0.0%
76.4%
14.8%
2.2%
0.0%
23.6%
100.0%
9.0%
1.0%
0.0%
8.5%
3.0%
21.6%
6.7%
0.0%
8.0%
14.7%
36.3%
31.9%
0.0%
63.7%
100.0%
TTM
105.2%
20.2%
3.4%
6.6%
100.0%
33.9%
-23.3%
-0.6%
100.0%
-71.8%
237.6%
165.8%
-164.6%
10.2%
-154.4%
125.4%
100.0%
Nike Inc.
(NKE)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 5YR Min Median 5YR Max
Financial Statistics & Ratios
Valuation Ratios Color Coding
P/E 17.42 16.57 13.75 16.34 16.64 17.94 17.38 17.60 22.40 22.92 23.36 17.38 20.17 23.36
P/E (cash adjusted) 16.12 15.07 12.10 14.43 15.17 15.62 14.68 15.48 20.71 20.52 21.53 14.68 18.07 21.53
EV/EBITDA 8.63 8.72 7.31 9.19 10.60 8.47 9.96 10.53 13.31 13.91 15.09 8.47 11.92 15.09
EV/EBIT 10.90 10.20 8.19 10.03 11.32 12.28 11.33 11.77 15.35 16.00 17.72 11.33 13.82 17.72
P/S 1.34 1.46 1.28 1.49 1.68 1.39 1.74 1.87 2.13 2.25 2.53 1.39 2.00 2.53
P/BV 3.45 3.56 3.05 3.47 4.01 3.07 3.40 3.81 4.80 5.11 5.86 3.07 4.31 5.86
P/Tang BV 3.85 3.93 3.33 3.76 4.73 3.32 3.64 4.10 5.04 5.35 6.14 3.32 4.57 6.14
P/CF 12.16 12.64 10.77 13.24 13.00 9.50 13.65 13.63 16.25 17.18 17.60 9.50 14.95 17.60
P/FCF 12.64 15.28 14.35 15.57 21.08 20.83 11.71 27.21 38.25 23.82 35.04 11.71 25.52 38.25
FCF/S 10.6% 9.6% 8.9% 9.6% 8.0% 6.7% 14.9% 6.9% 5.6% 9.4% 7.2% 5.6% 7.0% 14.9%
FCF Yield 7.9% 6.5% 7.0% 6.4% 4.7% 4.8% 8.5% 3.7% 2.6% 4.2% 2.9% 2.6% 3.9% 8.5%
Magic Formula Earnings Yield 9.2% 9.8% 12.2% 10.0% 8.8% 8.1% 8.8% 8.5% 6.5% 6.3% 5.6% 5.6% 7.3% 8.8%
ROE 19.8% 21.5% 22.1% 21.2% 24.1% 17.1% 19.6% 21.7% 21.4% 22.3% 25.1% 17.1% 21.5% 25.1%
ROA 12.0% 13.8% 14.1% 14.0% 15.1% 11.2% 13.2% 14.2% 14.4% 14.1% 16.0% 11.2% 14.2% 16.0%
ROIC 17.1% 19.0% 19.9% 19.7% 23.0% 15.6% 18.5% 20.7% 21.1% 19.7% 21.1% 15.6% 20.2% 21.1%
CROIC 23.2% 20.5% 19.1% 20.7% 17.6% 13.5% 27.3% 13.1% 12.1% 19.1% 14.9% 12.1% 14.2% 27.3%
GPA (Gross Profitability to Assets) 66.4% 69.5% 66.7% 67.0% 67.4% 64.9% 61.0% 61.4% 65.6% 62.8% 65.3% 61.0% 63.8% 65.6%
Book to Market 29.0% 28.1% 32.8% 28.8% 25.0% 32.6% 29.4% 26.2% 20.8% 19.6% 17.1% 17.1% 23.5% 32.6%
Solvency
Quick Ratio 1.91 2.27 2.01 2.30 1.93 2.25 2.65 2.17 2.22 2.60 2.57 2.17 2.41 2.65
Current Ratio 2.72 3.18 2.81 3.13 2.66 2.97 3.26 2.85 3.05 3.47 3.53 2.85 3.15 3.53
Total Debt/Equity Ratio 0.14 0.12 0.11 0.06 0.06 0.05 0.05 0.05 0.03 0.11 0.11 0.03 0.05 0.11
Long Term Debt/Equity Ratio 0.14 0.12 0.07 0.06 0.06 0.05 0.05 0.03 0.02 0.11 0.11 0.02 0.05 0.11
Short Term Debt/Equity Ratio 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.00 0.00 0.00 0.02
Efficiency Ratios
Asset Turnover 1.55 1.56 1.52 1.53 1.50 1.45 1.32 1.34 1.51 1.44 1.48 1.32 1.44 1.51
Cash % of Revenue 10.0% 13.3% 15.4% 17.4% 14.9% 18.0% 27.1% 22.6% 16.1% 23.6% 19.7% 16.1% 21.1% 27.1%
Receivables % of Revenue 17.3% 16.5% 16.0% 15.3% 15.0% 15.0% 13.9% 15.6% 13.4% 12.3% 12.2% 12.2% 13.7% 15.6%
SG&A % of Revenue 30.2% 30.7% 29.9% 30.8% 32.0% 32.1% 33.3% 31.6% 30.3% 30.7% 30.5% 30.3% 31.2% 33.3%
R&D % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Liquidity Ratios
Days Sales Outstanding 63.2 60.1 58.5 55.8 54.8 54.9 50.9 56.9 49.0 44.9 44.5 44.55 49.93 56.94
Days Inventory Outstanding 86.0 86.7 90.6 84.5 86.9 81.4 72.9 90.8 89.2 87.8 92.0 72.93 88.49 92.05
Days Payable Outstanding 40.7 40.4 41.5 41.4 45.9 35.6 44.8 49.1 42.9 42.1 40.2 35.63 42.48 49.12
Cash Conversion Cycle 108.5 106.4 107.5 98.8 95.8 100.6 79.0 98.6 95.3 90.7 96.4 78.97 95.88 100.64
Receivables Turnover 5.78 6.27 6.42 6.68 7.04 6.75 6.87 6.95 7.44 8.10 8.31 6.75 7.20 8.31
Inventory Turnover 4.24 4.41 4.30 4.37 4.49 4.41 4.65 4.59 4.44 4.29 3.97 3.97 4.43 4.65
Average Age of Inventory (Days) 86.03 82.85 84.79 83.60 81.28 82.78 78.58 79.52 82.19 85.07 92.05 78.58 82.49 92.05
Intangibles % of Book Value 10.5% 9.6% 8.5% 7.7% 15.2% 7.6% 6.7% 7.0% 4.8% 4.6% 4.5% 4.5% 5.8% 7.6%
Inventory % of Revenue 13.5% 13.2% 13.9% 13.0% 13.1% 12.3% 10.7% 13.5% 13.8% 13.6% 14.1% 10.7% 13.5% 14.1%
Capital Structure Ratios
LT-Debt as % of Invested Capital 12.1% 10.7% 5.9% 5.4% 5.2% 4.6% 4.3% 2.6% 2.1% 9.6% 9.4% 2.1% 4.5% 9.6%
ST-Debt as % of Invested Capital 0.1% 0.1% 3.6% 0.4% 0.1% 0.3% 0.1% 1.9% 0.5% 0.5% 0.1% 0.1% 0.4% 1.9%
LT-Debt as % of Total Debt 99.0% 99.1% 61.7% 93.1% 98.6% 93.2% 98.4% 58.0% 82.3% 95.5% 99.4% 58.0% 94.3% 99.4%
ST-Debt as % of Total Debt 1.0% 0.9% 38.3% 6.9% 1.4% 6.8% 1.6% 42.0% 17.7% 4.5% 0.6% 0.6% 5.7% 42.0%
Total Debt % of Total Assets 8.7% 7.9% 6.7% 4.1% 3.6% 3.5% 3.1% 3.2% 1.8% 7.2% 6.8% 1.8% 3.4% 7.2%
Working Capital % of Price 21.2% 21.7% 24.7% 22.5% 17.6% 24.2% 22.9% 19.5% 16.0% 17.0% 14.7% 14.7% 18.3% 24.2%
Quality Scores
Piostroski F Score 6.00 8.00 6.00 7.00 7.00 6.00 7.00 6.00 7.00 6.00 8.00 6.00 6.50 8.00
Altman Z Score (Original) 6.56 7.38 6.68 7.45 7.36 6.61 7.38 7.47 9.15 8.49 7.54 6.61 7.50 9.15
Altman Z Score (Revised) 11.33 13.00 11.77 13.23 12.76 11.68 13.47 13.40 16.16 15.23 15.30 11.68 14.35 16.16
Beneish M Score (5 Variable) - -2.91 -2.92 -2.87 -2.52 -2.99 -3.08 -2.75 -2.96 -2.98 -2.90 -3.08 -2.97 -2.75
Beneish M Score (8 Variable) - -2.59 -2.58 -2.57 -2.21 -2.59 -3.01 -2.19 -2.36 -2.70 -2.45 -3.01 -2.52 -2.19
5/3/2014
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Nike Inc.
(NKE)5/3/2014
Figures in Millions except per share values
http://tinyurl.com/6p394ap
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM/MRQ
Balance Sheet Accrual Ratio - 4.7% 18.5% -5.6% 10.1% 13.3% 0.7% 16.2% -1.2% 8.6% 14.5%
Cash Flow Accrual Ratio - 0.0% 18.1% -8.2% 6.0% 8.1% 0.2% 17.0% -2.2% 5.9% 25.6%
Sloan Accrual Ratio 4.8% 0.0% 10.1% -4.5% 2.9% 4.1% 0.1% 8.9% -1.2% 3.0% 14.3%
Earnings 0.88$ 1.12$ 1.32$ 1.46$ 1.87$ 1.51$ 1.93$ 2.20$ 2.37$ 2.71$ 3.13$
Stock Price 15.3$ 18.6$ 18.1$ 23.9$ 31.1$ 27.2$ 33.6$ 38.7$ 53.0$ 62.2$ 73.0$
Total Assets 7,908.7$ 8,793.6$ 9,869.6$ 10,688.3$ 12,442.7$ 13,249.6$ 14,419.3$ 14,998.0$ 15,465.0$ 17,584.0$ 17,820.0$
Cash & Equivalent 828.0$ 1,388.1$ 954.2$ 1,856.7$ 2,133.9$ 2,291.1$ 3,079.1$ 1,955.0$ 2,317.0$ 3,337.0$ 2,086.0$
Total Liabilities 3,127.0$ 3,149.4$ 3,584.4$ 3,662.9$ 4,617.4$ 4,556.5$ 4,665.6$ 5,155.0$ 5,084.0$ 6,428.0$ 6,476.0$
Short Term Debt 152.6$ 76.0$ 298.7$ 131.3$ 184.0$ 374.9$ 146.0$ 387.0$ 157.0$ 178.0$ 187.0$
Long Term Debt 682.4$ 687.3$ 410.7$ 409.9$ 441.1$ 437.2$ 445.8$ 276.0$ 228.0$ 1,210.0$ 1,201.0$
Net Operating Assets (NOA) 4,788.7$ 5,019.4$ 6,040.4$ 5,709.9$ 6,316.5$ 7,214.1$ 7,266.4$ 8,551.0$ 8,449.0$ 9,207.0$ 10,646.0$
Net Income 945.6$ 1,211.6$ 1,392.0$ 1,491.5$ 1,883.4$ 1,486.7$ 1,907.0$ 2,133.0$ 2,223.0$ 2,485.0$ 2,851.0$
CFO 1,518.5$ 1,570.7$ 1,667.9$ 1,878.7$ 1,936.3$ 1,736.1$ 3,164.0$ 1,812.0$ 1,899.0$ 3,027.0$ 2,711.0$
CFI (950.6)$ (360.4)$ (1,276.6)$ 92.9$ (413.8)$ (798.1)$ (1,268.0)$ (1,021.0)$ 514.0$ (1,067.0)$ (2,404.0)$
Balance Sheet Aggregate Accrual -$ 230.7$ 1,021.0$ (330.5)$ 606.6$ 897.6$ 52.3$ 1,284.6$ (102.0)$ 758.0$ 1,439.0$
Cash Flow Aggregate Accrual -$ 1.3$ 1,000.7$ (480.1)$ 360.9$ 548.7$ 11.0$ 1,342.0$ (190.0)$ 525.0$ 2,544.0$
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
Piotroski F Scores 6 8 6 7 7 6 7 6 7 6 8
Piotroski 1: Net Income 1 1 1 1 1 1 1 1 1 1 1
Piotroski 2: Operating Cash Flow 1 1 1 1 1 1 1 1 1 1 1
Piotroski 3: Return on Assets 1 1 1 0 1 0 1 1 1 0 1
Piotroski 4: Quality of Earnings 1 1 1 1 1 1 1 0 0 1 0
Piotroski 5: LT Debt vs Assets 1 1 1 1 1 1 1 1 1 0 1
Piotroski 6: Current Ratio 1 1 0 1 0 1 1 0 1 1 1
Piotroski 7: Shares Outstanding 0 0 1 1 1 1 0 1 1 1 1
Piotroski 8: Gross Margin 0 1 0 0 1 0 1 0 0 1 1Piotroski 9: Asset Turnover 0 1 0 1 0 0 0 1 1 0 1
Earnings Quality Check with Accrual Analysis
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks, nine being the best.
The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements. For every criteria (below) that is met
the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.
Profitability
* Positive return on assets in the current year (1 point)
* Positive operating cash flow in the current year (1 point)
* Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)
* Cash flow from operations are greater than ROA (1 point)
Leverage, Liquidity and Source of Funds
* Lower ratio of long term debt to in the current period compared value in the previous year (1 point)
* Higher current ratio this year compared to the previous year (1 point)
* No new shares were issued in the last year (1 point)
Operating Efficiency
* A higher gross margin compared to the previous year (1 point)
* A higher asset turnover ratio compared to the previous year (1 point)
Piotroski Score
Earnings growth due to accrual growth is not sustainable. This is like cookie jar accounting where a company “borrows” earnings from the future to make earnings look good today.
Balance sheet accrual can indicate whether capital is being used properly. A company with high accruals can come from acquiring or merging with companies which expands the asset base. Low
balance sheet accrual companies tend to shrink their balance sheet through spin offs, share repurchases or large write offs. In these situations, it is usually removing bad performing assets or returning
money to shareholders which is always a good use of capital.
High accruals indicate that the company has expanded its asset base rapidly.
Companies with high balance sheet accruals tend to have higher sales growth than low balance sheet accrual companies.
High balance sheet accruals also have a higher ROE.
Remember that maintaining a high sales growth or high ROE is difficult unless you have an entrenched moat. Such companies revert to the mean and disappoint..
Companies with low balance sheet accruals tend to have below average returns on equity. Analysts expect the company to lag.
Color Coding: Green = safe zone, Yellow = ratio is getting into warning zone, Red = Danger zone. Ratios are too high or low. Requires check.
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MRQ2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q3
Working Capital 3,498.1$ 4,351.9$ 4,735.7$ 5,492.5$ 5,517.8$ 6,457.0$ 7,595.0$ 7,339.0$ 7,963.0$ 9,700.0$ 9,756.0$
Total Assets 7,908.7$ 8,793.6$ 9,869.6$ 10,688.3$ 12,442.7$ 13,249.6$ 14,419.3$ 14,998.0$ 15,465.0$ 17,584.0$ 17,820.0$
Total Liabilities 3,127.0$ 3,149.4$ 3,584.4$ 3,662.9$ 4,617.4$ 4,556.5$ 4,665.6$ 5,155.0$ 5,084.0$ 6,428.0$ 6,476.0$
Retained Earnings 3,982.9$ 4,396.5$ 4,713.4$ 4,885.2$ 5,073.3$ 5,451.4$ 6,095.5$ 5,801.0$ 5,588.0$ 5,695.0$ 5,685.0$
EBITDA 1,475.0$ 1,864.6$ 2,141.6$ 2,199.9$ 2,578.0$ 1,956.5$ 2,523.0$ 2,862.0$ 3,025.0$ 3,275.0$ 725.0$
Market Value of Equity 16,473.3$ 20,077.9$ 19,141.3$ 24,373.2$ 31,344.9$ 26,674.5$ 33,140.7$ 37,550.5$ 49,798.8$ 56,963.4$ 64,095.4$
Net Sales 12,253.1$ 13,739.7$ 14,954.9$ 16,325.9$ 18,627.0$ 19,176.1$ 19,014.0$ 20,117.0$ 23,331.0$ 25,313.0$ 6,431.0$
Normal Altman Z Score 6.56 7.38 6.68 7.45 7.36 6.61 7.38 7.47 9.15 8.49 7.54
Revised Altman Z Score 11.33 13.00 11.77 13.23 12.76 11.68 13.47 13.40 16.16 15.23 15.30
X1 0.55 0.55
X2 0.32 0.32
X3 0.19 0.04
X4 8.86 9.90
X5 1.44 0.36
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
M Score - 5 Variable - -2.91 -2.92 -2.87 -2.52 -2.99 -3.08 -2.75 -2.96 -2.98 -2.90
M Score - 8 Variable - -2.59 -2.58 -2.57 -2.21 -2.59 -3.01 -2.19 -2.36 -2.70 -2.45
DSRI - 0.95 0.97 0.95 0.98 1.00 0.93 1.12 0.86 0.92 0.99
GMI - 0.96 1.01 1.00 0.97 1.00 0.97 1.01 1.05 1.00 0.98
AQI - 0.98 0.91 1.01 1.58 0.85 0.90 1.00 0.86 0.94 1.03
SGI - 1.12 1.09 1.09 1.14 1.03 0.99 1.06 1.16 1.08 1.04
DEPI - 1.07 1.02 1.08 0.95 0.89 0.96 1.18 0.93 0.90 1.01
SGAI - 1.02 0.97 1.03 1.04 1.00 1.04 0.95 0.96 1.01 0.99
Revised Altman Z Score
Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5
There is also a revised Altman Z score which is adjusted for non manufacturing corporations. The revised formula is:
Z = 6.56*X1 + 3.26*X2 + 6.72*X3 + 1.05*X4
X1 = Working Capital/Total Assets
Original Altman Z Score
MRQ
15.30
Altman Z Score
Annual MRQ
15.23
X2 = Retained Earnings/Total Assets
X3 = EBITDA/Total Assets
When Z is 1.1 to 2.6, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
X5 = Net Sales/Total Assets
Altman Z Score
MRQ Edit
7.54
Revised Altman Z Score
The Beneish Model - M Score VariablesDSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.
GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more
likely to manipulate earnings.
AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t to year t-1.
SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to
manipulate in order to keep up appearances.
DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being depreciated at a slower
rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.
LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage
TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.
The Z-score formula may be used to predict the probability that a firm will go into bankruptcy within two years.
Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate income
and balance sheet values to measure the financial health of a company.
The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a higher risk of
bankruptcy.
Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.
(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)
Annual
When Z is 1.8 to 2.7, the company is likely to be bankrupt within 2 years. This is the lower portion of the grey area and a dramatic turnaround of the company is needed.
When Z is below 1.1, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.
When Z is 3.0 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause
unexpected reversals.
When Z is 2.7 to 3.0, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is 2.6 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause unexpected reversals.
X4 = Market Value of Equity/Total Liabilities
The Beneish M Score FormulaThe eight variables are then weighted together according to the following:
M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI
A score greater than -1.78 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators, whilst only incorrectly
identifying 17.5% of non-manipulators.
The 5 Variable Version of the Beneish ModelThe five variable version excludes SGAI, DEPI and LEVI which were not significant in the original Beneish model.
M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI
A score greater than -1.78 indicates a strong likelihood of a firm being a manipulator.
When Z is below 1.8, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.
Annual
8.49
TATA - -0.04 -0.03 -0.04 0.00 -0.02 -0.09 0.02 0.02 -0.03 0.00
LVGI - 0.89 1.01 0.91 1.08 0.93 0.94 1.07 0.94 1.10 0.97
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
Revenue 12,253.1$ 13,739.7$ 14,954.9$ 16,325.9$ 18,627.0$ 19,176.1$ 19,014.0$ 20,117.0$ 23,331.0$ 25,313.0$ 26,286.0$
EBIT 1,475.0$ 1,864.6$ 2,141.6$ 2,199.9$ 2,578.0$ 1,956.5$ 2,523.0$ 2,862.0$ 3,025.0$ 3,275.0$ 3,536.0$
EBT 1,450.0$ 1,859.8$ 2,141.6$ 2,199.9$ 2,502.9$ 1,956.5$ 2,517.0$ 2,862.0$ 3,025.0$ 3,272.0$ 3,517.0$
Interest Expense 25.0$ 4.8$ -$ -$ 75.1$ -$ 6.0$ -$ -$ 3.0$ 19.0$
Income Tax 504.4$ 648.2$ 749.6$ 708.4$ 619.5$ 469.8$ 610.0$ 690.0$ 756.0$ 808.0$ 842.0$
Net Income 945.6$ 1,211.6$ 1,392.0$ 1,491.5$ 1,883.4$ 1,486.7$ 1,907.0$ 2,133.0$ 2,223.0$ 2,485.0$ 2,851.0$
Total Assets 7,908.7$ 8,793.6$ 9,869.6$ 10,688.3$ 12,442.7$ 13,249.6$ 14,419.3$ 14,998.0$ 15,465.0$ 17,584.0$ 17,820.0$
Shareholders Equity 4,781.7$ 5,644.2$ 6,285.2$ 7,025.4$ 7,825.3$ 8,693.1$ 9,753.7$ 9,843.0$ 10,381.0$ 11,156.0$ 11,344.0$
Three-Step DuPont Model:Net Profit Margin (Net Income ÷ Sales) 7.7% 8.8% 9.3% 9.1% 10.1% 7.8% 10.0% 10.6% 9.5% 9.8% 10.8%
Asset Turnover (Sales ÷ Total Assets) 1.55 1.56 1.52 1.53 1.50 1.45 1.32 1.34 1.51 1.44 1.48
Equity Multiplier (Total Assets ÷ Shareholders Equity)1.65 1.56 1.57 1.52 1.59 1.52 1.48 1.52 1.49 1.58 1.57
Return on Equity 19.8% 21.5% 22.1% 21.2% 24.1% 17.1% 19.6% 21.7% 21.4% 22.3% 25.1%
Five-Step DuPont Model:Tax Burden (Net Income ÷ EBT) 0.64 0.65 0.65 0.68 0.73 0.76 0.76 0.75 0.73 0.76 0.81
Interest Burden (EBT ÷ EBIT) 1.02 1.00 1.00 1.00 1.03 1.00 1.00 1.00 1.00 1.00 1.01
Operating Income Margin (EBIT ÷ Sales) 11.8% 13.5% 14.3% 13.5% 13.4% 10.2% 13.2% 14.2% 13.0% 12.9% 13.4%
Asset Turnover (Sales ÷ Total Assets) 1.55 1.56 1.52 1.53 1.50 1.45 1.32 1.34 1.51 1.44 1.48
Equity Multiplier (Total Assets ÷ Shareholders Equity)1.65 1.56 1.57 1.52 1.59 1.52 1.48 1.52 1.49 1.58 1.57
Return on Equity 19.8% 21.5% 22.1% 21.2% 24.1% 17.1% 19.6% 21.7% 21.4% 22.3% 25.1%
DuPont Analysis
http://www.oldschoolvalue.com/blog/accounting/dupont-analysis-model-spreadsheet/
Full tutorial, example and discussion of how the DuPont analysis is used is provided on the blog.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
0%
2%
4%
6%
8%
10%
12%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
Net Profit Margin (NetIncome ÷ Sales)
Asset Turnover (Sales ÷Total Assets)
Equity Multiplier (TotalAssets ÷ ShareholdersEquity)
Return on Equity
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
0%
5%
10%
15%
20%
25%
30%
1 2 3 4 5 6 7 8 9 10 11
Operating Income Margin(EBIT ÷ Sales)
Return on Equity
Tax Burden (Net Income ÷EBT)
Interest Burden (EBT ÷ EBIT)
Asset Turnover (Sales ÷Total Assets)
Nike Inc.
(NKE)5/3/2014
Figures in Millions except per share values
Fiscal Comparisons 2004
Revenue 12,253.10$ ↑ 13,739.70$ ↑ 14,954.90$ ↑ 16,325.90$ ↑ 18,627.00$ ↑ 19,176.10$ ↓ 19,014.00$ ↑ 20,117.00$ ↑ 23,331.00$ ↑ 25,313.00$ ↑ 26,286.00$
% difference 12.1% 8.8% 9.2% 14.1% 2.9% -0.8% 5.8% 16.0% 8.5% 3.8%
Accounts receivable 2,120.20$ ↑ 2,262.10$ ↑ 2,395.90$ ↑ 2,494.70$ ↑ 2,795.30$ ↑ 2,883.90$ ↓ 2,649.80$ ↑ 3,138.00$ ↓ 3,132.00$ ↓ 3,117.00$ ↑ 3,208.00$
% difference 6.7% 5.9% 4.1% 12.0% 3.2% -8.1% 18.4% -0.2% -0.5% 2.9%
Inventories, raw materials 13.30$ ↓ 2.50$ ↓ -$ - -$ - -$ - -$ - -$ - -$ - -$ - -$ - -$
% difference -81.2% -100.0% - - - - - - - -
Inventories, work in progress 10.60$ ↓ 1.50$ ↓ -$ - -$ - -$ - -$ - -$ - -$ - -$ - -$ - -$
% difference -85.8% -100.0% - - - - - - - -
Inventories, purchased components -$ - -$ - -$ - -$ - -$ - -$ - -$ - -$ - -$ - -$ - -$
% difference - - - - - - - - - -
Inventories, finished goods 1,626.30$ ↑ 1,807.10$ ↓ -$ - 2,121.90$ ↓ -$ - 2,357.00$ ↓ 2,040.80$ ↑ 2,715.00$ ↑ 3,222.00$ ↑ 3,434.00$ ↑ 3,695.00$
% difference 11.1% -100.0% - -100.0% - -13.4% 33.0% 18.7% 6.6% 7.6%
Inventories, other -$ - -$ - 2,076.70$ ↓ -$ - 2,438.40$ ↓ -$ - -$ - -$ - -$ - -$ - -$
% difference - - -100.0% - -100.0% - - - - -
Inventories Total 1,650.20$ ↑ 1,811.10$ ↑ 2,076.70$ ↑ 2,121.90$ ↑ 2,438.40$ ↓ 2,357.00$ ↓ 2,040.80$ ↑ 2,715.00$ ↑ 3,222.00$ ↑ 3,434.00$ ↑ 3,695.00$
% difference 9.8% 14.7% 2.2% 14.9% -3.3% -13.4% 33.0% 18.7% 6.6% 7.6%
Q3 - 2/28/2013 comparisons 2010
Revenue 4,733.00$ ↑ 5,079.00$ ↑ 5,656.00$ ↑ 6,187.00$
% difference 7.3% 11.4% 9.4%
Accounts receivable 2,833.80$ ↑ 2,985.00$ ↑ 3,296.00$ ↓ 3,232.00$
% difference 5.3% 10.4% -1.9%
Inventories, raw materials -$ - -$ - -$ - -$
% difference - - -
Inventories, work in progress -$ - -$ - -$ - -$
% difference - - -
Inventories, purchased components -$ - -$ - -$ - -$
% difference - - -
Inventories, finished goods -$ - -$ - 3,356.00$ ↓ 3,329.00$
% difference - - -0.8%
Inventories, other 2,150.30$ ↑ 2,536.00$ ↓ -$ - -$
% difference 17.9% ###### -
Inventories Total 2,150.30$ ↑ 2,536.00$ ↑ 3,356.00$ ↓ 3,329.00$
% difference 17.9% 32.3% -0.8%
Q4 - 5/31/2013 comparisons 2010
Revenue 5,077.00$ ↓ 5,021.00$ ↑ 6,236.00$ ↑ 6,697.00$
% difference -1.1% 24.2% 7.4%
Accounts receivable 2,649.80$ ↑ 3,138.00$ ↓ 3,132.00$ ↓ 3,117.00$
% difference 18.4% -0.2% -0.5%
Inventories, raw materials -$ - -$ - -$ - -$
% difference - - -
Inventories, work in progress -$ - -$ - -$ - -$
% difference - - -
Inventories, purchased components -$ - -$ - -$ - -$
% difference - - -
Inventories, finished goods 2,040.80$ ↑ 2,715.00$ ↑ 3,222.00$ ↑ 3,434.00$
% difference 33.0% 18.7% 6.6%
Inventories, other -$ - -$ - -$ - -$
% difference - - -
Inventories Total 2,040.80$ ↑ 2,715.00$ ↑ 3,222.00$ ↑ 3,434.00$
% difference 33.0% 18.7% 6.6% More reading:
Q1 - 8/31/2013 comparisons 2010
Revenue 5,175.00$ ↑ 6,081.00$ ↑ 6,474.00$ ↑ 6,971.00$
% difference 17.5% 6.5% 7.7%
Accounts receivable 2,791.00$ ↑ 3,279.00$ ↑ 3,431.00$ ↓ 3,207.00$
% difference 17.5% 4.6% -6.5%
Inventories, raw materials -$ - -$ - -$ - -$
% difference - - -
Inventories, work in progress -$ - -$ - -$ - -$
% difference - - -
Inventories, purchased components -$ - -$ - -$ - -$
% difference - - -
Inventories, finished goods -$ - -$ - -$ - 3,472.00$
% difference - - -
Inventories, other 2,210.00$ ↑ 3,107.00$ ↑ 3,411.00$ ↓ -$
% difference 40.6% 9.8% ######
Inventories Total 2,210.00$ ↑ 3,107.00$ ↑ 3,411.00$ ↑ 3,472.00$
% difference 40.6% 9.8% 1.8%
Q2 - 11/30/2013 comparisons 2010
Revenue 4,842.00$ ↑ 5,546.00$ ↑ 5,955.00$ ↑ 6,431.00$
% difference 14.5% 7.4% 8.0%
Accounts receivable 2,792.00$ ↑ 3,103.00$ ↑ 3,188.00$ ↑ 3,208.00$
% difference 11.1% 2.7% 0.6%
Inventories, raw materials -$ - -$ - -$ - -$
% difference - - -
Inventories, work in progress -$ - -$ - -$ - -$
% difference - - -
Inventories, purchased components -$ - -$ - -$ - -$
% difference - - -
Inventories, finished goods -$ - -$ - -$ - 3,695.00$
% difference - - -
Inventories, other 2,348.00$ ↑ 3,164.00$ ↑ 3,318.00$ ↓ -$
% difference 34.8% 4.9% ######
Inventories Total 2,348.00$ ↑ 3,164.00$ ↑ 3,318.00$ ↑ 3,695.00$
% difference 34.8% 4.9% 11.4%
20122005 2006 2007
For any company that sells products, a careful look at the correlation between sales, accounts receivables and inventories is crucial.
By using this analysis model you can see the relationship between the rise in revenue, accounts receivables and inventories.
Best scenario is when growth in revenue, accounts receivables and inventory all go up in sync.
If accounts receivables or inventories rise quicker than revenue, watch out.
When raw materials advances more rapidly than the work-in-progress and finished goods components, the company is receiving many new
orders and an inventory buildup is necessary. The company will simultaneously ship products from its finished goods inventory while ordering
raw materials in larger amounts. Increase in raw materials is generally always a good thing.
The main key with inventory is to make sure that finished goods does not overly increase. This indicates that there is not enough demand and
the company cannot sell it.
How to Analyze Receivables & Inventory
http://goo.gl/trp3vE
2013 TTM
2011 2012 2013
2008 2009 2010 2011
2011 2012 2013
201320122011
2011 2012 2013
Enter Ticker
$-
$5,000.00
$10,000.00
$15,000.00
$20,000.00
$25,000.00
$30,000.00
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
Revenue, AR, Inventory Trend
AR Inventory Revenue
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Nike Inc.
Figures in Millions except per share values
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
$0.9 $1.1 $1.3 $1.5 $1.9 $1.5 $1.9 $2.2 $2.4 $2.7 $3.1 42.9% 44.5% 44.0% 43.9% 45.0% 44.9% 46.3% 45.7% 43.5% 43.6% 44.3%
% Change 27.8% 17.7% 10.9% 27.7% -18.9% 27.4% 13.8% 7.7% 14.6% 15.2% % Change 3.8% -1.0% -0.4% 2.7% -0.4% 3.1% -1.2% -4.9% 0.2% 1.5%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
$851.1 $1,255.2 $1,446.6 $1,660.7 $1,945.1 $2,799.2 $1,433.0 $2,872.0 $2,960.0 $2,578.0 $3,491.0 7.7% 8.8% 9.3% 9.1% 10.1% 7.8% 10.0% 10.6% 9.5% 9.8% 10.8%
% Change 47.5% 15.2% 14.8% 17.1% 43.9% -48.8% 100.4% 3.1% -12.9% 35.4% % Change 14.3% 5.6% -1.8% 10.7% -23.3% 29.4% 5.7% -10.1% 3.0% 10.5%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### 12.6 15.3 14.3 15.6 21.1 20.8 11.7 27.2 38.2 23.8 35.0
% Change 0.8% 1.6% 17.3% -5.0% -13.9% 120.9% -51.2% -5.7% 83.6% -20.7% % Change 21.0% -6.1% 8.5% 35.4% -1.2% -43.8% 132.3% 40.6% -37.7% 47.1%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
28.0% 26.4% 27.0% 29.8% 23.4% 19.6% 47.9% 21.2% 16.6% 31.1% 21.6% 7.9% 6.5% 7.0% 6.4% 4.7% 4.8% 8.5% 3.7% 2.6% 4.2% 2.9%
% Change -5.7% 2.1% 10.3% -21.3% -16.2% 143.7% -55.7% -21.6% 86.8% -30.5% % Change -17.3% 6.5% -7.9% -26.1% 1.2% 77.8% -56.9% -28.9% 60.5% -32.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
9.2% 9.8% 12.2% 10.0% 8.8% 8.1% 8.8% 8.5% 6.5% 6.3% 5.6% 28.9% 31.3% 33.5% 30.7% 34.8% 23.3% 26.5% 30.3% 29.7% 27.0% 28.5%
% Change 6.9% 24.5% -18.3% -11.4% -7.8% 8.4% -3.7% -23.3% -4.1% -9.7% % Change 8.4% 7.0% -8.4% 13.4% -33.2% 13.9% 14.3% -1.8% -9.4% 5.8%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
42.9% 44.5% 44.0% 43.9% 45.0% 44.9% 46.3% 45.7% 43.5% 43.6% 44.3% 7.7% 8.8% 9.3% 9.1% 10.1% 7.8% 10.0% 10.6% 9.5% 9.8% 10.8%
% Change 3.8% -1.0% -0.4% 2.7% -0.4% 3.1% -1.2% -4.9% 0.2% 1.5% % Change 14.3% 5.6% -1.8% 10.7% -23.3% 29.4% 5.7% -10.1% 3.0% 10.5%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
6.0 8.0 6.0 7.0 7.0 6.0 7.0 6.0 7.0 6.0 8.0 6.6 7.4 6.7 7.5 7.4 6.6 7.4 7.5 9.2 8.5 7.5
% Change 33.3% -25.0% 16.7% 0.0% -14.3% 16.7% -14.3% 16.7% -14.3% 33.3% % Change 12.5% -9.5% 11.6% -1.3% -10.2% 11.7% 1.2% 22.6% -7.3% -11.2%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
-2.6 -2.6 -2.6 -2.2 -2.6 -3.0 -2.2 -2.4 -2.7 -2.4 34.8% 34.9% 35.0% 32.2% 24.8% 24.0% 24.2% 24.1% 25.0% 24.7% 23.9%
% Change - 0.4% 0.5% 14.1% -17.1% -16.4% 27.1% -7.7% -14.4% 9.4% % Change 0.2% 0.4% -8.0% -23.1% -3.0% 0.9% -0.5% 3.7% -1.2% -3.1%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
14.4% 12.3% 10.6% 6.3% 5.7% 5.4% 4.6% 4.8% 2.7% 11.4% 10.6% 156.1% 172.1% 188.1% 289.2% 237.9% 157.7% 478.0% 208.1% 338.2% 172.3% 136.7%
% Change -14.7% -13.8% -40.8% -8.8% -5.6% -13.9% 4.1% -44.8% 325.6% -6.2% % Change 10.2% 9.3% 53.8% -17.7% -33.7% 203.2% -56.5% 62.5% -49.1% -20.7%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
14.4% 12.3% 10.6% 6.3% 5.7% 5.4% 4.6% 4.8% 2.7% 11.4% 10.6% 191.0% 191.1% 324.9% 381.8% 337.1% 292.9% 634.6% 500.0% 571.1% 197.6% 158.0%
% Change -14.7% -13.8% -40.8% -8.8% -5.6% -13.9% 4.1% -44.8% 325.6% -6.2% % Change 0.0% 70.0% 17.5% -11.7% -13.1% 116.7% -21.2% 14.2% -65.4% -20.1%
Magic Formula Investing -- Earnings Yield Magic Formula Investing -- Return on Capital
Gross Margin
Debt to Equity FCF to Total Debt
Cash Return on Invested Capital (CROIC) FCF Yield
Debt to Equity FCF to Long Term Debt
Gross Margin Net Profit Margin
Piotroski F score Original Altman Z Score
Beneish M Score - 8 Variable Version Tax Rate
(NKE)5/3/2014
Net Profit Margin
Free Cash Flow Price / FCF
Diluted EPS
Owner Earnings
Enter Ticker Refresh
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Nike Inc.
(NKE)
You can get a list of competitors from
NKE
2 Company Nike Inc.
3Sector
Consumer
Goods
4
Industry
Textile -
Apparel
Footwear &
Accessories
5 Country USA 68 Earnings Date 20-Mar-2014
65 Price $72.99
6 Market Cap $64,095.44
66 Change 0.10% max
67 Volume 2,023,965
60 Change from Open 0.08% max
61 Gap 0.01%
55 50-Day High -8.87%
56 50-Day Low 3.39%
57 52-Week High -8.87%58 52-Week Low 24.67%
7 P/E 24.66 min
8 Forward P/E 21.59 min
9 PEG 2.01 min
10 P/S 2.37 min
11 P/B 5.78 min
12 P/Cash 12.75 min
13 P/Free Cash Flow 47.06 min
14 Dividend Yield 1.32% max
15 Payout Ratio 28.90% min
16 EPS (ttm) 2.96
17 EPS growth this year 11.60% max
18 EPS growth next year 13.96% max
19 EPS growth past 5 years 7.50% max
20 EPS growth next 5 years 12.28% max
21 Sales growth past 5 years 6.30% max
22 EPS growth quarter over quarter 4.10% max
23 Sales growth quarter over quarter 12.70% max
32 Return on Assets 15.00% max
33 Return on Equity 23.80% max
34 Return on Investment 19.50% max
35 Current Ratio 3.40 max
36 Quick Ratio 2.40 max
37 LT Debt/Equity 0.11 min
38 Total Debt/Equity 0.12 min
39 Gross Margin 44.30% max
40 Operating Margin 13.60% max
41 Profit Margin 9.90% max
24 Shares Outstanding 878.14
25 Shares Float 695.97
26 Insider Ownership 0.10% max
27 Insider Transactions 0.23%
28 Institutional Ownership 85.10%
29 Institutional Transactions 0.06%
30 Float Short 1.03% min
31 Short Ratio 1.8
42 Performance (Week) 0.40%
43 Performance (Month) -2.08%
44 Performance (Quarter) 0.50%
45 Performance (Half Year) -3.53%
46 Performance (Year) 16.77%
47 Performance (YTD) -6.90%
48 Beta 0.91
49 Average True Range 1.22
50 Volatility (Week) 1.70%
51 Volatility (Month) 1.75%
52 20-Day Simple Moving Average 0.12%
53 50-Day Simple Moving Average -3.14%
54 200-Day Simple Moving Average 0.43%
59 Relative Strength Index (14) 46.43
62 Analyst Recom 2.10
63 Average Volume 3,920.99
64 Relative Volume 0.52
5/3/2014
Manually Enter Competitor into Yellow Cells https://www.google.com/finance?q=NKE
Enter Ticker CLEAR Update
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Nike Inc. Shares Out. M.O.S Growth Discount % Terminal % Select FCF Adjust 2013 FCF
(NKE) 878.14 14.7% 9.0% Figures in Millions except per share values
5/3/2014
Current Price Fair Value Buy Under Actual M.O.S 52 Wk High 52 Wk Low
$72.99 62.52$ $31.26 0% $80.26 $59.11
Fiscal Year Trend 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
Cash Flow Data
Cash from Operations $1,518.5 $1,570.7 $1,667.9 $1,878.7 $1,936.3 $1,736.1 $3,164.0 $1,812.0 $1,899.0 $3,027.0 $2,711.0
Capex ($214.8) ($257.1) ($333.7) ($313.5) ($449.2) ($455.7) ($335.0) ($432.0) ($597.0) ($636.0) ($814.0)
Cash Flow $1,355.1 $1,588.6 $1,776.9 $1,841.1 $2,411.3 $2,807.8 $2,428.3 $2,755.6 $3,064.1 $3,315.7 $3,777.1
Free Cash Flow $1,303.7 $1,313.6 $1,334.2 $1,565.2 $1,487.1 $1,280.4 $2,829.0 $1,380.0 $1,302.0 $2,391.0 $1,897.0
YOY% Change 0.8% 1.6% 17.3% -5.0% -13.9% 120.9% -51.2% -5.7% 83.6% -20.7%
Margins
Gross Margin 42.9% 44.5% 44.0% 43.9% 45.0% 44.9% 46.3% 45.7% 43.5% 43.6% 44.3%
Operating Margin 10.1% 11.7% 12.2% 11.4% 11.3% 10.8% 10.9% 12.3% 11.5% 10.8% 11.6%
Net Margin 7.7% 8.8% 9.3% 9.1% 10.1% 7.8% 10.0% 10.6% 9.5% 9.8% 10.8%
EPS & Tax
Diluted EPS $0.88 $1.12 $1.32 $1.46 $1.87 $1.51 $1.93 $2.20 $2.37 $2.71 $3.13
Tax Rate 34.8% 34.9% 35.0% 32.2% 24.8% 24.0% 24.2% 24.1% 25.0% 24.7% 23.9%
Efficiency & Profitability
CROIC 28.0% 26.4% 27.0% 29.8% 23.4% 19.6% 47.9% 21.2% 16.6% 31.1% 21.6%
FCF/Sales 10.6% 9.6% 8.9% 9.6% 8.0% 6.7% 14.9% 6.9% 5.6% 9.4% 7.2%
Inventory Turnover 4.2 4.4 4.3 4.4 4.5 4.4 4.6 4.6 4.4 4.3 4.0
Return On Assets (ROA) 12.0% 13.8% 14.1% 14.0% 15.1% 11.2% 13.2% 14.2% 14.4% 14.1% 16.0%
Retun On Equity (ROE) 19.8% 21.5% 22.1% 21.2% 24.1% 17.1% 19.6% 21.7% 21.4% 22.3% 25.1%
Debt Related
Debt to Equity 65.4% 55.8% 57.0% 52.1% 59.0% 52.4% 47.8% 52.4% 49.0% 57.6% 57.1%
Capitalization Ratio 12.5% 10.9% 6.1% 5.5% 5.3% 4.8% 4.4% 2.7% 2.1% 9.8% 9.6%
FCF to Total Debt 1.6 1.7 1.9 2.9 2.4 1.6 4.8 2.1 3.4 1.7 1.4
FCF to Short Term Debt 8.5 17.3 4.5 11.9 8.1 3.4 19.4 3.6 8.3 13.4 10.1
FCF to Long Term Debt 1.9 1.9 3.2 3.8 3.4 2.9 6.3 5.0 5.7 2.0 1.6
2008-2012 2009-2013 2008-2011 2009-2012 2010-2013 2008-2010 2009-2011 2010-2012 2011-2013 Median
Tang Shareholder Equity 9.0% 7.0% 9.7% 6.8% 5.1% 14.5% 6.6% 3.8% 7.3% 7.0%
Free Cash Flow -3.3% 16.9% -2.5% 0.6% -5.5% 37.9% 3.8% -32.2% 31.6% 0.6%
CROIC 21.2% 21.2% 22.3% 20.4% 26.2% 23.4% 21.2% 21.2% 21.2% 21.2%
FCF/Sales 6.9% 6.9% 7.4% 6.8% 8.2% 8.0% 6.9% 6.9% 6.9% 6.9%
ROA 14.2% 14.1% 13.7% 13.7% 14.2% 13.2% 13.2% 14.2% 14.2% 14.1%
ROE 21.4% 21.4% 20.6% 20.5% 21.5% 19.6% 19.6% 21.4% 21.7% 21.4%
Gross Margin 45.0% 44.9% 45.4% 45.3% 44.7% 45.0% 45.7% 45.7% 43.6% 45.0%
Operating Margin 11.3% 10.9% 11.1% 11.2% 11.2% 10.9% 10.9% 11.5% 11.5% 11.2%
Net Margin 10.0% 9.8% 10.1% 9.8% 9.9% 10.0% 10.0% 10.0% 9.8% 10.0%
Revenue Growth 5.8% 7.2% 2.6% 6.8% 10.0% 1.0% 2.4% 10.8% 12.2% 6.8%
Earnings Growth 6.1% 15.7% 5.5% 16.0% 12.0% 1.7% 20.4% 10.7% 11.1% 11.1%
Cash from Ops Growth -0.5% 14.9% -2.2% 3.0% -1.5% 27.8% 2.2% -22.5% 29.2% 2.2%
10 Year Multi-Year Performance2004-2011 2005-2012 2006-2013 2004-2009 2005-2010 2006-2011 2007-2012 2008-2013 2004-2013 Median
Tang Shareholder Equity 11.8% 10.1% 9.0% 14.0% 12.7% 9.7% 8.6% 8.8% 10.8% 10.1%
Free Cash Flow 0.8% -0.1% 8.7% -0.4% 16.6% 0.7% -3.6% 10.0% 7.0% 0.8%
CROIC 26.7% 24.9% 25.2% 26.7% 26.7% 25.2% 22.3% 22.3% 21.2% 25.2%
FCF/Sales 9.2% 8.5% 8.5% 9.2% 9.2% 8.5% 7.4% 7.4% 9.2% 8.5%
ROA 13.9% 14.0% 14.1% 13.9% 13.9% 14.0% 14.1% 14.2% 14.0% 14.0%
ROE 21.3% 21.4% 21.5% 21.3% 21.3% 21.5% 21.3% 21.5% 21.4% 21.4%
Gross Margin 44.7% 44.7% 44.5% 44.3% 44.7% 44.9% 44.9% 44.9% 44.3% 44.7%
Operating Margin 11.4% 11.4% 11.4% 11.4% 11.4% 11.4% 11.4% 11.1% 11.4% 11.4%
Net Margin 9.2% 9.4% 9.7% 9.0% 9.2% 9.7% 9.8% 9.9% 9.4% 9.4%
Revenue Growth 7.3% 7.9% 7.8% 9.4% 6.7% 6.1% 7.4% 6.3% 8.4% 7.4%
Earnings Growth 14.0% 11.3% 10.8% 11.6% 11.5% 10.7% 10.1% 7.7% 13.4% 11.3%
Cash from Ops Growth 2.6% 2.7% 8.9% 2.7% 15.0% 1.7% 0.2% 9.3% 8.0% 2.7%
Projection of future Free Cash Flow2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Yearly Growth Input Field
15% $2,741.35 $3,143.04 $3,603.59 $4,026.02 $4,497.96 $5,025.23 $5,614.30 $6,107.90 $6,644.89 $7,229.10
Terminal Growth 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
2% 7,373.68$ 7,521.15$ 7,671.57$ 7,825.01$ 7,981.51$ 8,141.14$ 8,303.96$ 8,470.04$ 8,639.44$ 8,812.23$
Calculation Sensitivity Matrix: Growth vs Discount RateTotal Cash
MAX(0,Current Liabilities-Current Assets) 7% 8% 9% 10% 11%
Excess Cash 11% 59.93$ 55.20$ 51.04$ 47.37$ 44.10$
Adding some Intangibles 13% 66.62$ 61.22$ 56.46$ 52.26$ 48.55$
Interest Bearing Debt 15% 74.11$ 67.94$ 62.52$ 57.73$ 53.50$
Present Value 55,735.56$ 17% 82.50$ 75.46$ 69.28$ 63.84$ 59.02$
Shares Outstanding 19% 91.88$ 83.87$ 76.84$ 70.64$ 65.17$
Per Share Value 63.47$
Desired Margin of Safety Sensitivity Matrix: Margin of Safety %Purchase Price
Current Price 7% 8% 9% 10% 11%
Margin of Safety 11% -21.8% -32.2% -43.0% -54.1% -65.5%
13% -9.6% -19.2% -29.3% -39.7% -50.4%
Variable Fields 15% 1.5% -7.4% -16.7% -26.4% -36.4%
Intangibles% add to DCF 17% 11.5% 3.3% -5.3% -14.3% -23.7%
Decay Rate (Yr4E-Yr7E) 19% 20.6% 13.0% 5.0% -3.3% -12.0%
Extra Decay (Yr8E-Yr10E)
2%50%
50%
31.26$
FCF
5,186.63$
-$
5 Year Multi-Year Performance
878.14
Growth Rates
$835.86
20%
0%
72.99$
62.52$
54,899.70$
-$
0%
Discount Rates
Growth Rates
5,186.63$
25%
Discount Rates
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Figures in Millions except per share values
Shares Out. M.O.S Growth Projection EPS Corp Bond
(NKE) 12.2% $2.65 4.35
5/3/2014
Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low
$72.99 $51.33 $38.50 0% $80.26 $59.11
2008-2012 2009-2013 2008-2011 2009-2012 2010-2013 2008-2010 2009-2011 2010-2012 2011-2013 Median
5 Yr EPS Growth 6.1% 15.7% 5.5% 16.0% 12.0% 1.7% 20.4% 10.7% 11.1% 11.1%
2004-2011 2005-2012 2006-2013 2004-2009 2005-2010 2006-2011 2007-2012 2008-2013
10 Yr EPS Growth 14.0% 11.3% 10.8% 11.6% 11.5% 10.7% 10.1% 7.7%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM
Diltued EPS 0.88$ 1.12$ 1.32$ 1.46$ 1.87$ 1.51$ 1.93$ 2.20$ 2.37$ 2.71$ 3.13$
2014E 2015E
Forecast Method 2.76$ 3.09$
Linear Regression Method 2.65$ 2.97$
Normalized Margins Method 2.96$ 3.32$
Analyst Estimate 2.96$ 3.37$
Normal Earnings 2.65$
Growth Rate 12.16%
Corp Bond Rate 4.35
Per Share Value 51.33$
MOS 25%
Purchase Price 38.50$
Current Price $72.99
Actual Discount 0%
Growth Sensitivity Increment 10%
EPS Sensivity Increments 10%
Graham's Sensitivity Matrix
Median
11.3%
Graham Value Calculation
25%878.14Linear
Regression
Nike Inc.
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$0.88 $1.12 $1.32 $1.46
$1.87 $1.51
$1.93 $2.20 $2.37
$2.71 $2.65 $2.97
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015E
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2.12$ 2.38$ 2.65$ 2.91$ 3.18$
9.7% 35.85$ 40.33$ 44.81$ 49.29$ 53.78$
10.9% 38.46$ 43.26$ 48.07$ 52.88$ 57.69$
12.2% 41.06$ 46.20$ 51.33$ 56.46$ 61.59$
13.4% 43.67$ 49.13$ 54.59$ 60.04$ 65.50$
16.0% 49.40$ 55.58$ 61.75$ 67.93$ 74.10$
EPS
Gro
wth
Nike Inc.Normalized Rev
Period Projection EPS Figures in Millions except per share values
(NKE) $2.96
5/3/2014
Current Price Conservative Normal Aggressive
$72.99 $42.13 $52.44 $62.75M.o.S 0.0% 0.0% 0.0%
For Each Operating Segment (1) Conservative Normal Case Aggressive
Normalized Revenue Estimate (2) 26,624.6 $26,624.6 26,624.6
Manual Input for Revenue
Projected Normalized Operating Margin (3) 11.3% 11.3% 11.3%
Operating Income Estimate (EBIT) 3,018.1 3,018.1 3,018.1
Valuation Multiple (4) 11x 14x 17x
Estimate Value of Operating Segment 33,199.0 42,253.3 51,307.5
Cash & Equiv on Balance Sheet 5,187.0 5,187.0 5,187.0
Manual Input for Cash & Equiv
Total Value of business + cash 38,386.0 47,440.3 56,494.5
Less Total Debt 1,388.0 1,388.0 1,388.0
Manual Input for Total Debt
Less Off Balance Sheet Debt (5) 0.0 0.0
Less Net Pension/Retirement/Workers Comp 0.0 0.0
Estimated Fair Value of Equity 36,998.0 46,052.3 55,106.5
Shares Outstanding 878.14 878.14 878.14
Current Price $72.99 $72.99 $72.99
Estimated Fair Value per Share $42.13 $52.44 $62.75
Margin of Safety 0% 0% 0%
Price/Intrinsic Value Ratio (6) 1.7 1.4 1.2
To get a normalized value, take the average or median across multiple years.
(3) Projected Normalized Operating Margin
Enter the EBIT multiple that you wish to use for each scenario. Look at comparable industry and competitor levels if you are unsure.
These are liabilities that are not found in the balance sheet. It can be found in the footnotes of the annual reports.
A quick way to search for this is to do a find for the term "off balance sheet" or "off-balance sheet" in the filings.
The lower the better. Simply price divided by the calculated intrinsic value of equity.
(4) Valuation Multiple
(5) Less Off Balance Sheet Debt
(6) Price/Intrinsic Value Ratio
Enter the operating margin for each scenario.
EBIT multiple calculation can be used for sum of the parts valuation.
Perform the same step for each part of the operating business and then sum it up to get the total value.
(2) Normalized Revenue Estimate
5YR Analyst Estimate
Enter values in the yellow boxes.
Make sure to keep your denominations consistent. E.g. use millions for rev & shares outstanding.
Do not use millions for revenue and thousands for shares outstanding.
How to Use
Calculator Input Explanations
(1) For Each Operating Segment:
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Nike Inc. Current EPS
Exp Growth Dividend Yield
Business
Safety
Financial
Safety
Earnings
Safety
(NKE) 25% 1.32% Excellent Excellent Above Average
5/3/2014 Expected PE 16 of 20 pts 20 of 20 pts 15 of 20 pts
Katsenelson Absolute PE Current Price Fair Value Fair Value PE Current PE FV Exp Grth M.O.S
$72.99 $98.17 31.42 24.66 25% 26%
Determine Business Risk 2009 2010 2011 2012 2013 TTM AVERAGE STDEV
ROE 17.10% 19.55% 21.67% 21.41% 22.28% 25.13% 21.2% 2.7%
Consistency/quality check 1 1 1 1 1 5
ROA 11.22% 13.23% 14.22% 14.37% 14.13% 16.00% 13.9% 1.6%
Consistency/quality check 1 1 1 0 1 4
CROIC 13.47% 27.35% 13.14% 12.09% 19.06% 14.90% 16.7% 5.8%
Consistency/quality check 1 0 0 1 0 2
Intangibles % of Book Value 7.60% 6.71% 7.03% 4.83% 4.60% 4.55% 5.9% 1.4%
Consistency/quality check 1 1 1 1 1 5
Business Risk Factor: 16 pts out of 20 Excellent 6% Factor 16 0.0%
Determine Financial Risk 2009 2010 2011 2012 2013 TTM AVERAGE STDEV
Current Ratio 2.97 3.26 2.85 3.05 3.47 3.53 3.19 0.28
Consistency/quality check 1 1 1 1 1 5
Total Debt/Equity Ratio 0.05 0.05 0.05 0.03 0.11 0.11 0.07 0.04
Consistency/quality check 1 1 1 1 1 5
Short Term Debt/Equity Ratio 0.00 0.00 0.02 0.00 0.01 0.00 0.01 0.01
Consistency/quality check 1 1 1 1 1 5
FCF to Total Debt 157.67% 478.03% 208.14% 338.18% 172.26% 136.67% 248.5% 133.4%
Consistency/quality check 1 1 1 1 1 5
Financial Risk Factor: 20 pts out of 20 Excellent 10% Factor 20 0.0%
Determine Earnings Predictability 2009 2010 2011 2012 2013 TTM AVERAGE STDEV
Gross Margin 44.87% 46.28% 45.74% 43.50% 43.59% 44.26% 44.7% 1.1%
Consistency/quality check 1 0 0 1 1 3
Net Margin 7.75% 10.03% 10.60% 9.53% 9.82% 10.85% 9.8% 1.1%
Consistency/quality check 1 1 0 1 1 4
Earnings $1.51 $1.93 $2.20 $2.37 $2.71 $3.13 2.31 0.57
Consistency/quality check 1 1 1 1 1 5
Cash from Ops $1,736.10 $3,164.00 $1,812.00 $1,899.00 $3,027.00 $2,711.00 $2,391.52 649.71
Consistency/quality check 1 0 1 1 0 3
Earnings Predict. Factor: 15 pts out of 20 Above Average 5% Factor 15 0.0%
Katsenelson Absolute PE Valuation ModelEarnings Growth 25.00% 24.66
Dividend Yield 1.32% 1.00
=
Adjusted Base PE 25.66
x
Business Risk Excellent [1 + (1 - 0.94)]
Premium/Discount Factor: 0.94 x
Financial Risk Excellent [1 + (1 - 0.9)]
Premium/Discount Factor: 0.90 x
Earnings Predictability Above Average [1 + (1 - 0.95)]
Premium/Discount Factor: 0.95 =
Adjusted Fair Value PE 25% 31.42
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P/E Exp EPS Grwth Rate Dividend Yield Add'l P/E Points
7.00 0% 0.0% 0.0
7.65 1% 0.1% 0.5
8.30 2% 0.5% 0.5
8.95 3% 1.0% 1.0
9.60 4% 1.5% 1.5
10.25 5% 2.0% 2.0
10.90 6% 2.5% 2.5
11.55 7% 3.0% 3.0
12.20 8% 3.5% 3.5
12.85 9% 4.0% 4.0
13.50 10% 4.5% 4.5
14.15 11% 5.0% 5.0
14.80 12% 5.5% 5.5
15.45 13% 6.0% 6.0
16.10 14% 6.5% 6.5
16.75 15% 10.0% 10.0
17.40 16%
17.90 17%
18.40 18%
18.90 19%
19.40 20%
19.90 21%
20.40 22%
20.90 23%
21.40 24%
21.90 25%
∆0.65
∆0.50
Figures in Millions except per share values
Nike Inc. Shares Out. Main. Capex Normalized Income Discount Rate R&D Years SG&A %
(NKE) 878.14 $417.25 $3,357.28 25%
5/3/2014
Current Price EPV Net Reproduction Value EPV MOS NCAV 52 Wk High 52 Wk Low
$72.99 $41.23 $16.82 0.0% $8.12 $80.26 $59.11
Asset Valuation Section EPV Valuation Section
Data: Asset Valuation EPV > Net Repro Value = Moat exists
Shares Outstanding 878.1 TTM Free Cash Flow 1,897.0$ EPV = Net Repro Value = No Moat
Balance Sheet Assets 16,545.0$ Avg Normalized Income 3,574.1$ EPV < Net Repro Value = Value Destroyer
Adjusted Assets 16,545.0$ Med Normalized Income 3,574.8$
Total Liabilities 6,476.0$ Avg Adj. Income 5 yrs 3,415.9$
Total Equity 11,344.0$ TTM Adjusted Income 4,324.6$
Average SGA % 31.6%
Marketing/Brand Value 7,997.7$ Data: EPVR&D Value -$ Cost of Capital 9.0%
Cash Needed for Business 262.9$ Normalized Adjusted Income 3,357.3$
Interest Bearing Debt 1,388.0$ Average Maintenance Capex 417.2$
Non Interest Bearing Debt 5,088.0$ Interest Bearing Debt 1,388.0$
Excess Cash 4,680.7$ 1% of sales 262.9$
Cash & Equiv 5,187.0$
Calculation: Asset Valuation Cash - Debt 3,536.1$
Total Per Share Shares 878.14
Tangible BV 9,553.00$ 10.88$
Adjusted BV 10,069.00$ 11.47$ Calculation: EPVNCAV 7,131.00$ 8.12$ Cost of Capital Rates EPV Per Share + Cash - Debt Per Share
Reprod. Cost of Assets 24,542.70$ 27.95$ 5% 58,800.6$ 66.96$ 62,336.7$ 70.99$
Reprod. Cost of Assets BV 18,066.70$ 20.57$ 7% 42,000.4$ 47.83$ 45,536.6$ 51.86$ Total Net Reprod. Cost 14,773.96$ 16.82$ 9% 32,667.0$ 37.20$ 36,203.1$ 41.23$
11% 26,727.5$ 30.44$ 30,263.7$ 34.46$
13% 22,615.6$ 25.75$ 26,151.8$ 29.78$
Quarterly numbers based on: Q3Adjustments:
Assets Book Value Fixed BV Multiplier
Reproduction
Asset Value
Cash & Equivalents 2,086.0$ 2,086.0$
Marketable Securities 3,101.0$ 3,101.0$
Adjustments:
Liabilities & Equity Book Value Fixed BV Multiplier
Reproduction
Liability Value
Accounts Receivable 2,985.0$ 2,985.0$ Accounts Payable 1,612.0$ 1,612.0$
Other Receivable -$ -$ Accrued Expenses -$ -$
Net Receivables 2,985.0$ 2,985.0$ Accrued Liabilities 1,514.0$ 1,514.0$
Inventories: Raw Materials -$ Notes Payable/Short Term Debt 187.0$ 187.0$
Inventories: Work in Progress -$
Current Port. of LT Debt/Capital
Leases -$ -$
Inventories: Purchased Components -$ Other Current Liabilities 538.0$ 538.0$
Inventories: Finished Goods 3,695.0$ Total Current Liabilities 3,851.0$ 3,851.0$
Inventories: Other -$ Long-Term Debt 1,201.0$ 1,201.0$
Inventories -- Total 3,695.0$ 3,695.0$ Capital Lease Obligations -$ -$
Prepaid Expenses 1,202.0$ 1,202.0$ Deferred Income Taxes 1,424.0$ 1,424.0$
Current Defered Income Taxes 315.0$ 315.0$ Total Other Liabilities -$ -$
Other Current Assets -$ -$ Total Liabilities 6,476.0$ 6,476.0$
Total Current Assets 13,384.0$ 13,384.0$ Common Stock Equity 11,344.0$ 11,344.0$
Goodwill, Net 131.0$ 131.0$ Retained Earnings 5,685.0$ 5,685.0$
Intangibles, Net 385.0$ 385.0$ Total Capitalization 10,178.0$ 10,178.0$
Intangibles 516.0$ 516.0$ Total Equity 11,344.0$ 11,344.0$ Property/Plant/Equipment - Net 2,645.0$ 2,645.0$ Total Liabilities & Equity 17,820.0$ 17,820.0$
Other Long Term Assets, Total -$ -$ Total Assets 16,545.0$ 16,545.0$
9% 3
Values for Normalized Income
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$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
Book Value Net Repro Value EPV
Nike Inc.
(NKE) Figures in Millions except per share values
5/3/2014 Current Price NNWC NNWC % NCAV NCAV %
$72.99 $3.38 0.0% $8.12 0.0%
Figures in Millions except per share values BV
BV
Multiplier Net Net Value
Cash & Equivalents 2,086.00$ 100% 5,187.00$
Marketable Securities 3,101.00$
Accounts Receivable 3,208.00$ 75%
Other Receivable -$
Receivables 3,208.00$ 2,406.00$
Inventories: Raw Materials -$ 50%
Inventories: Work in Progress -$
Inventories: Purchased Components -$
Inventories: Finished Goods 3,695.00$
Inventories: Other -$
Inventories -- Total 3,695.00$ 1,847.50$
Current Assets - Total 13,607.00$ 13,607.00$
Total Assets 17,820.00$ 17,820.00$
Total Liabilities 6,476.00$ 6,476.00$ Shares Outstanding 878.14 878.14
Total ($M) Per Share
Total Current Assets 13,607.00$ 15.50$
Market Cap & Share Price 64.095B 72.99$
Book Value 11,344.00$ 12.92$
Net Net Working Capital 2,964.50$ 3.38$
Discount to NNWC 0%
Net Current Asset Value 7,131.00$ 8.12$
Discount to NCAV 0%
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