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CooperInd Group 7

This document contains financial information for Nicholson Company from 1967-1976 including income statements, balance sheets, key metrics, and projections. It shows net sales, expenses, income, cash flow from operations, and other line items for 1967-1971. Projections are provided for 1972-1976 for items like net income, EPS, number of shares, sales growth, costs as a percentage of sales, tax rates, and WACC. A balance sheet from 1971 includes percentages of assets and liabilities to sales. Changes in working capital and projections for receivables, inventories, payables are also presented.

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130 views8 pages

CooperInd Group 7

This document contains financial information for Nicholson Company from 1967-1976 including income statements, balance sheets, key metrics, and projections. It shows net sales, expenses, income, cash flow from operations, and other line items for 1967-1971. Projections are provided for 1972-1976 for items like net income, EPS, number of shares, sales growth, costs as a percentage of sales, tax rates, and WACC. A balance sheet from 1971 includes percentages of assets and liabilities to sales. Changes in working capital and projections for receivables, inventories, payables are also presented.

Uploaded by

venkat1105
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

1967

1968

1969

###
###
###
$2.00
$0.30
$2.53
$0.60
$1.93

###
###
###
$2.30
$0.10
$1.85
$0.84
$1.01

###
###
###
$2.40
$0.20
$2.97
$1.31
$1.66

0.4

0.7

0.8

67%
22%
5%

67%
23%
4%

67%
21%
6%

Operations

Net sales
Cost of goods sold
Selling, general, and administrative expenses
Depreciation expense
Other deductions
Income before taxes
Taxes
Net income
Add: Depreciation
Cash Flow from Operations
Less: Change in NWC
Less: CapEx
Free Cash Flow
Terminal Value
Discounted FCF
EV
Less: Long-term debt
FCFE
Interest expense
Percentage of Sales

Cost of goods sold


Selling, general, and administrative expenses
Income before taxes

1970

###
###
###
$2.30
$0.20
$2.42
$
0.88
$1.54

1971

###
###
###
$2.10
$0.20
$2.02
$
0.67
$1.35

0.8

0.8

68%
22%
4%

69%
22%
4%

1972E

$
$
$
$
$
$
$
$

6%
58.62
39.86
12.31
2.10
0.20
4.15
1.66
2.49

1973E

$
$
$
$
$
$
$
$

6%
62.14
41.63
12.43
2.10
0.20
5.78
2.31
3.47

1974E

$
$
$
$
$
$
$
$

6%
65.86
43.47
12.51
2.10
0.20
7.58
3.03
4.55

1975E

$
$
$
$
$
$
$
$

6%
69.81
45.38
13.26
2.10
0.20
8.87
3.55
5.32

$2.10
$4.59
$
1.44
$2.10
$1.05

$2.10
$5.57
$
1.53
$2.10
$1.94

$2.10
$6.65
$
1.62
$2.10
$2.93

$2.10
$7.42
$
1.72
$2.10
$3.61

$1.05
$0.95
###
###
###

$1.94
$1.61

$2.93
$2.21

$3.61
$2.47

68%
21%
7%

67%
20%
9%

66%
19%
12%

65%
19%
13%

1976E

$
$
$
$
$
$
$
$

6%
74.00
48.10
14.06
2.10
0.20
9.54
3.82
5.72

$
$
$
$
$

2.10
7.82
1.82
2.10
3.91
###
###
$ 68.34

65%
19%
13%

1972

Net income available to common stockholders ($ millions)


New net income to Cooper shareholders
Primary earnings per share
Shares without diluting EPS
Number of shares outstanding (millions)
New Cooper shares
Nicholson Outstanding shares
Exchange ratio

$11.0
$13.5
$2.61
5.168
4.21
0.958
0.584
1.641

1973

$11.9
$15.4
$2.83
5.430
4.21
1.220
0.584
2.089

1974

$12.8
$17.3
$3.04
5.706
4.21
1.496
0.584
2.562

1975

$13.8
$19.1
$3.27
5.848
4.21
1.638
0.584
2.804

1976

$15.0
$20.7
$3.56
5.821
4.21
1.611
0.584
2.759

Nicholson Company Balance Sheet 1971


As a % of sales
Assets

Cash
Accounts receivable
Inventoriesa
Other
Current assets
Investment in subsidiaries
Net plant and equipment
Total assets

1.00
8.00
18.00
1.00
28.00
3.00
16.00
47.00

14%
33%

Liabilities and Net Worth

Accounts payable
Other
Current liabilities
Long-term debt
Common stock
Total liabilities and net worth

2.00
2.00
4.00
12.00
31.00
47.00

4%

Accounts receivable
Inventories
Accounts payable
Net Working capital
Change in NWC

1971
8.00
18.00
2.00
24.00

1972
8.48
19.08
2.12
25.44
1.44

1973
8.99
20.22
2.25
26.97
1.53

1974
9.53
21.44
2.38
28.58
1.62

1975
10.10
22.72
2.52
30.30
1.72

1976
10.71
24.09
2.68
32.12
1.82

1972
6%
68%
21%
40%

Sales growth rate


COGS(as a percent of sales)
SG&A( as a percent of sales)
Tax rate

Dividend
Share price
Tax rate
Interest expense
Growth rate
Kd
Ke
WACC

$
$

1973
6%
67%
20%
40%

1.60
27.50 23-32
40%
6.67%
6.00%
4.00%
12.21%
9.92%

1974
6%
66%
19%
40%

Debt
Equity

1975
6%
65%
19%
40%

12.00
31.00

1976 Perpetuity
6%
6%
65%
19%
40%

27.91%
72.09%

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