1) The company reported net sales of $191.1 million in 2008, with 62.8% from new construction and 37.2% from repair and conversion. Cost of sales was 78.09% of net sales.
2) EBIT was $36.4 million in 2008, with an EBIT margin of 28.37%. After taxes of 36%, free cash flow was $2.4 million.
3) Using a discounted cash flow model with a WACC of 15% and 1% terminal growth rate, the company's equity value was estimated to be $105.9 million.
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1) The company reported net sales of $191.1 million in 2008, with 62.8% from new construction and 37.2% from repair and conversion. Cost of sales was 78.09% of net sales.
2) EBIT was $36.4 million in 2008, with an EBIT margin of 28.37%. After taxes of 36%, free cash flow was $2.4 million.
3) Using a discounted cash flow model with a WACC of 15% and 1% terminal growth rate, the company's equity value was estimated to be $105.9 million.
1) The company reported net sales of $191.1 million in 2008, with 62.8% from new construction and 37.2% from repair and conversion. Cost of sales was 78.09% of net sales.
2) EBIT was $36.4 million in 2008, with an EBIT margin of 28.37%. After taxes of 36%, free cash flow was $2.4 million.
3) Using a discounted cash flow model with a WACC of 15% and 1% terminal growth rate, the company's equity value was estimated to be $105.9 million.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLS, PDF, TXT or read online from Scribd
1) The company reported net sales of $191.1 million in 2008, with 62.8% from new construction and 37.2% from repair and conversion. Cost of sales was 78.09% of net sales.
2) EBIT was $36.4 million in 2008, with an EBIT margin of 28.37%. After taxes of 36%, free cash flow was $2.4 million.
3) Using a discounted cash flow model with a WACC of 15% and 1% terminal growth rate, the company's equity value was estimated to be $105.9 million.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLS, PDF, TXT or read online from Scribd
Download as xls, pdf, or txt
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Year Ended December 31, 2008
Net Sales Growth rate
Net sales $191,100,000.00
New Construction $120,010,800.00 62.80% Repair and Conversion $71,089,200.00 37.20% 78.09% Cost of sales $149,231,000.00 21.91% Gross profit 41,869,000 Operating expenses: 0% General and administrative Rent - 3% Selling and marketing 5,480,000 28.37% EBIT 36,389,000 36% Taxes 13,023,000 EBIT(1-T) 23,366,000 + Depreciation 457 -3% - Capital Expenditures (6,000,000) -7.85% - Chg WC (15,007,853) FCFF 2,358,604
- Discounted Cash Flows at WACC
FCFF 2,358,604 Terminal Value Total Discounted Cash Flows 2,358,604 Enterprise Value 116,785,783 Cost of Capital 15% Terminal Value Growth Rate 1%
Summary DCF Valuation
DCF Enterprise Value $116,785,783.2 Less: Net Debt (10,905,000) Equity Value ### Shares Outstanding 6,987,000 Price per Share $15.1540 2009 2010 2011 2012 -42.00% 1.00% 1.00% 1.00%
1.47 1.50 1.52 Year Ended December 31, 2008 Net sales Cost of sales 374,080 Gross profit 606,114 Operating expenses: Selling, general and administrative 445,396 Research and development 26,938 Amortization and impairment of acquired intangibles 98,954 EBIT (loss) 34,826 Taxes EBIT(1-t) + Depreciation - Capital Expenditures - Chg WC
FCFF
Other income (expense):
Interest income 1,662 Interest expense ($173,162.00) Other income (expense), net ($9,134.00) Loss on early extinguishment of debt - Loss from continuing operations before income taxes and minority interests ($145,808.00) Benefit for income taxes ($49,071.00) Minority interests 1,049 Loss from continuing operations ($97,786.00) Discontinued operations: Net loss ember 31, 2008 $980,194.00
($97,786.00) Q2 2009 Q3 2009 Sales Sales Increase Hip 5% US 16% Knee 3% US 8% Dental -16% US -10% Other 6% US 26% Total Reconstructive Products 449.31 453.8 1% US 0 13% Fixation 57 57 0% US 0 1% Spine 50.28 53.8 7% US 0 15% Other Products (Including Braces) 47.55 50.4 6% US 0 14% Total net Sales 604.81 $615 2% US 352.64 $387.90 10% Europe 192.87 167.8 -13% Other Int'l 59.3 59.3 0%
