Nke Model Di Vincomplete
Nke Model Di Vincomplete
Nke Model Di Vincomplete
Income Statement
2017A 2018A 2019A 2020P
Revenue 34,350 36,397 39,117 42,051
COGS 19,038 20,441 21,643 23,254
Gross Profit 15,312 15,956 17,474 18,797
Drivers
Revenue growth 6.0% 7.5% 7.5%
Gross margin 44.6% 43.8% 44.7% 44.7%
SG&A as % of revenue 28.7% 29.5% 30.6% 30.6%
EBITDA margin 15.9% 14.3% 14.0% 14.0%
Effective tax rate 13.2% 55.3% 16.1% 16.1%
Balance Sheet
2017A 2018A 2019A 2020P
Cash and equivalents 5,245 4,663
Accounts receivable, net 3,498 4,272 4,608
Inventories 5,261 5,622 6,119
Prepaid expenses and other current assets 1,130 1,968 2,103
Current Assets 15,134 16,525 12,830
Drivers
Days sales outstanding (DSO) 35 40 40
Inventory Turns 3.9x 3.8x 3.8x
Prepaid exp. as % of revenue 3.1% 5.0% 5.0%
Drivers
Capex as % of revenue 2.5% 2.5%
Depreciation as % of capex 70.9% 70.9%
Capex (1,051)
Cash Flow From Investing Activities (1,051)
Equity Schedule
2017A 2018A 2019A 2020P
Stockholder's Equity
Beginning balance 9,040
Net income 4,337
Share repurchase (3,750)
Dividends (1,466)
Option proceeds
Ending balance 8,161
Dividends
Dividend payout ratio 27.3% 65.4% 33.8% 33.8%
Dividends 1,159 1,265 1,360 1,466
Option proceeds
Average strike price
Option proceeds 489 733 700
Long-Term Debt
Beginning Balance
Repayment / amortization (115)
Issuance
Ending Balance
Revolver
Cash available for revolver
Beginning revolver balance
Draw (paydown)
Ending revolver balance
Interest
Revolver interest rate 1.00%
Revolver interest expense
Long-term debt interest rate 3.09%
Long-term interest expense
Total interest expense
0 0 0 0
5,558 5,976 6,425 6,908
895 962 1,034 1,112
4,663 5,013 5,390 5,796
6 6 6 6
9 9 9 9
3,013 3,239 3,482 3,744
5,775 6,208 6,673 7,174
ule
2021P 2022P 2023P 2024P
40 40 40 40
3.8x 3.8x 3.8x 3.8x
5.0% 5.0% 5.0% 5.0%
44 44 44 44
23.1% 23.1% 23.1% 23.1%
dule
2021P 2022P 2023P 2024P
5,050 5,379 5,732 6,112
(801) (861) (926) (995)
1,130 1,215 1,306 1,404
5,379 5,732 6,112 6,521
Step
hedule
2021P 2022P 2023P 2024P