金融估值模型NYSF-Practice-Solution

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ConsolidatedIncomeStatements,,,,,,,,,,,,

(inUS$thousandsexceptshares&pershareamounts),,,Actuals,,,Estimates,,,,,,

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PeriodEndingDecember31,,,2009A,2010A,2011A,2012E,2013E,2014E,2015E,2016E,2017E,2018E

Revenue,,,,,,,,,,,,

,Price,,$20.0,$20.0,$20.0,$20.0,$20.0,$20.0,$20.0,$20.0,$20.0,$20.0

,,Y/Ypricegrowth(%),,0%,0%,0%,0%,0%,0%,0%,0%,0%

,Volume,,500.0,550.0,605.0,665.5,732.1,805.3,885.8,974.4,"1,071.8","1,179.0"

,,Y/Yvolumegrowth(%),,10%,10%,10%,10%,10%,10%,10%,10%,10%

,Totalrevenue,,"10,000.0","11,000.0","12,100.0","13,310.0","14,641.0","16,105.1","17,715.6","19,487.2","21,435.9","23,579.5"

,,Y/Yrevenuegrowth(%),,10%,10%,10%,10%,10%,10%,10%,10%,10%

Costofgoodssold,,,,,,,,,,,,

,Costofgoodssold,,"2,500.0","2,750.0","3,025.0","3,327.5","3,660.3","4,026.3","4,428.9","4,871.8","5,359.0","5,894.9"

,,COGSasa%ofrevenue,25%,25%,25%,25%,25%,25%,25%,25%,25%,25%

,Grossprofit,,"7,500.0","8,250.0","9,075.0","9,982.5","10,980.8","12,078.8","13,286.7","14,615.4","16,076.9","17,684.6"

,,Grossprofitmargin(%),75%,75%,75%,75%,75%,75%,75%,75%,75%,75%

Operatingexpenses,,,,,,,,,,,,

,Researchanddevelopment,,900.0,"1,000.0","1,050.0","1,155.0","1,270.5","1,397.6","1,537.3","1,691.0","1,860.1","2,046.2"

,,R&Dasa%ofrevenue,9%,9%,9%,9%,9%,9%,9%,9%,9%,9%

,"Selling,generalandadministrative",,"1,250.0","1,400.0","1,550.0","1,705.0","1,875.5","2,063.1","2,269.4","2,496.3","2,745.9","3,020.5"

,,SG&Aasa%ofrevenue,13%,13%,13%,13%,13%,13%,13%,13%,13%,13%

,Other,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0

,Totaloperatingexpenses,,"2,150.0","2,400.0","2,600.0","2,860.0","3,146.0","3,460.6","3,806.7","4,187.3","4,606.1","5,066.7"

Otherincome,,,,,,,,,,,,

,Equityinearningsofunconsolidatedaffiliates,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0

,EBITDA,,"5,350.0","5,850.0","6,475.0","7,122.5","7,834.8","8,618.2","9,480.0","10,428.1","11,470.9","12,617.9"

,,EBITDAmargin(%),54%,53%,54%,54%,54%,54%,54%,54%,54%,54%

,Depreciationandamortization,,600.0,650.0,725.0,627.5,677.5,752.5,852.5,902.5,977.5,"1,077.5"

,EBIT,,"4,750.0","5,200.0","5,750.0","6,495.0","7,157.3","7,865.7","8,627.5","9,525.6","10,493.4","11,540.4"

,,EBITmargin(%),48%,47%,48%,49%,49%,49%,49%,49%,49%,49%

Interest,,,,,,,,,,,,

,Interestexpense,,70.0,71.0,71.0,35.5,0.0,0.0,0.0,0.0,0.0,0.0

,Interestincome,,(15.0),(22.7),(57.1),(84.6),(120.0),(169.0),(221.0),(280.6),(347.6),(419.3)

,Netinterestexpense,,55.0,48.3,13.9,(49.1),(120.0),(169.0),(221.0),(280.6),(347.6),(419.3)

,Incomebeforetax(IBT),,"4,695.0","5,151.7","5,736.1","6,544.1","7,277.2","8,034.7","8,848.6","9,806.1","10,841.0","11,959.8"

,,IBTmargin(%),47%,47%,47%,49%,50%,50%,50%,50%,51%,51%

,Incometaxexpense,,"1,650.0","1,800.0","2,000.0","2,281.7","2,537.3","2,801.5","3,085.2","3,419.1","3,779.9","4,170.0"

,,All-ineffectivetaxrate(%),35%,35%,35%,35%,35%,35%,35%,35%,35%,35%

,Netincomefromcontinuingops,,"3,045.0","3,351.7","3,736.1","4,262.3","4,739.9","5,233.3","5,763.3","6,387.0","7,061.1","7,789.8"

Non-recurringevents,,,,,,,,,,,,

,Discontinuedoperations,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0

,Extraordinaryitems,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0

,Effectofaccountingchanges,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0

,Otheritems,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0

,Totalnon-recurringevents,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0

,Netincome,,"3,045.0","3,351.7","3,736.1","4,262.3","4,739.9","5,233.3","5,763.3","6,387.0","7,061.1","7,789.8"

,Incomeattributabletominorityinterests,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0

,,Percentminorityinterests,0%,0%,0%,0%,0%,0%,0%,0%,0%,0%

,Dividendspaidoncommonstock,,80.0,80.0,80.0,80.0,80.0,80.0,80.0,80.0,80.0,80.0

,,Dividendspaidoncommonstock(pershare),$0.08,$0.08,$0.08,$0.08,$0.08,$0.08,$0.08,$0.08,$0.08,$0.08

,Netincomeafterdividendsandminorityinterests,,"2,965.0","3,271.7","3,656.1","4,182.3","4,659.9","5,153.3","5,683.3","6,307.0","6,981.1","7,709.8"

Earningspershare(EPS),,,,,,,,,,,,

,Basic,,3.05,3.35,3.74,4.26,4.74,5.23,5.76,6.39,7.06,7.79

,Diluted,,2.03,2.23,2.49,2.84,3.16,3.49,3.84,4.26,4.71,5.19

Averagecommonsharesoutstanding,,,,,,,,,,,,

,Basic,,"1,000,000","1,000,000","1,000,000","1,000,000","1,000,