bed bath beyond bbby stock valuation
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http://www.oldschoolvalue.com/Bed Bath & Beyond stock valuation report Feb 7, 2011TRANSCRIPT
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Bed Bath and Beyond Inc(BBBY)
Figures in Millions except per share values
Company Overview
Valuation
Current Price 48.32$ Margin of SafetyNCAV 8.59$
Total Net Reprod. Cost 18.83$
Earnings Power Value (EPV) 36.99$
Discounted Cash Flow (DCF) 48.19$
Ben Graham Formula 49.97$
Key Statistics Valuation RatiosMkt Cap ($M) 12,310.00$ P/E(TTM) 17.1
52 Wk High 50.95$ P/S(TTM) 1.5
52 Wk Low 26.50$
% off 52Wk Low 82.3% P/Tang BV(MRQ) 3.2
FCF/EV (TTM) 5.5%
Cash Flows P/FCF(TTM) 15.9
Owner Earnings FCF Earnings Yld (TTM) 12.4%
5 yr FCF Growth -1.8% Piotroski (TTM) 7
10 yr FCF Growth 14.6% Altman (MRQ) 6.68
Beneish (TTM) NA Balance Sheet
Effectiveness Cash and Equiv 1,440.14$
CROIC Margins & Profitability Short-Term Investments -$
Avg 14.7% Gross Accts Rec -$
FCF/S Gross Margin Inventory 2,171.78$
Avg 6.2% Operating Total Current Assets 3,949.01$
ROA Operating Margin Net PP&E 1,124.70$
Avg 14.8% Net Profit Intangibles -$
ROE Net Margin Total Assets 5,560.14$
Avg 22.2%
Financial Strength (MRQ) Total Current Liabilities 1,369.98$
Efficiency Quick Ratio(MRQ) 1.3 Long-Term Debt -$
Rec Turnover(TTM) 0.0 Current Ratio(MRQ) 2.9 Total Liabilities 1,761.24$
Inv Turnover(TTM) 2.4 LTD/Eq(MRQ) 0.0
Asset Turnover(TTM) 1.6 Tot D/Eq(MRQ) 0.0
February 7, 2011
Bed Bath & Beyond Inc., along with its subsidiaries, is a chain of retail stores,
operating under the names Bed Bath & Beyond (BBB), Christmas Tree Shops (CTS),
Harmon and Harmon Face Values (Harmon) and buybuy BABY. In addition, the
Company is a partner in a joint venture, which operates two stores in the Mexico City
market under the name Home & More. The Company sells an assortment of
domestics merchandise and home furnishings, which include food, giftware, health
and beauty care items, and infant and toddler merchandise. As of February 27, 2010,
Bed Bath & Beyond Inc. operated 1,100 stores located in 49 states, the District of
Columbia, Puerto Rico and Canada, including 965 BBB stores operating in 49 states,
the District of Columbia, Puerto Rico and Canada; 61 CTS stores operating in 15
states; 45 Harmon stores operating in three states, and 29 buybuy BABY stores
operating in 14 states.
0
1
2
3
4
5Low Risk
High Growth
Under Valued
Well Managed
Good Financial Health
Strong Moat
0
10
20
30
40
50
60
6/1/2004 6/1/2006 6/1/2008 6/1/2010
5 Yr Price vs Intrinsic Value
Historical Price Intrinsic Value Buy Price
3%
-82%
-23%
0%
-61%
Bed Bath and Beyond Inc
(BBBY) Figures in Millions except per share values
BBBY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Qtr 2/10 Qtr 5/10 Qtr 8/10 Qtr 11/10 TTM
Income Statement 9 8 7 6 5 4 3 2 1 0 3 2 1 0Revenue 2,396.7$ 2,928.0$ 3,665.2$ 4,478.0$ 5,147.7$ 5,809.6$ 6,617.4$ 7,048.9$ 7,208.3$ 7,828.8$ 2,244.1$ 1,923.1$ 2,136.7$ 2,193.8$ 8,497.6$
% change from prev year 22.2% 25.2% 22.2% 15.0% 12.9% 13.9% 6.5% 2.3% 8.6% -71.3% -14.3% 11.1% 2.7% 8.5%
Cost of Revenues 1,363.5$ 1,657.8$ 2,070.8$ 2,515.5$ 2,862.2$ 3,209.5$ 3,645.5$ 3,964.4$ 4,159.5$ 4,436.4$ 1,241.4$ 1,103.0$ 1,216.9$ 1,251.9$ 4,813.2$
COGS (%) 56.9% 56.6% 56.5% 56.2% 55.6% 55.2% 55.1% 56.2% 57.7% 56.7% 55.3% 57.4% 57.0% 57.1% 56.6%
Gross Profit 1,033.1$ 1,270.1$ 1,594.4$ 1,962.5$ 2,285.4$ 2,600.0$ 2,971.9$ 3,084.5$ 3,048.8$ 3,392.4$ 1,002.7$ 820.0$ 919.8$ 941.8$ 3,684.4$
Gross Profit (%) 43.1% 43.4% 43.5% 43.8% 44.4% 44.8% 44.9% 43.8% 42.3% 43.3% 44.7% 42.6% 43.0% 42.9% 43.4%
Operating Expenses
Selling, General & Admin. Expenses 713.6$ 861.5$ 1,038.5$ 1,237.3$ 1,393.9$ 1,606.6$ 1,946.0$ 2,087.2$ 2,199.3$ 2,227.4$ 584.8$ 549.6$ 578.0$ 591.4$ 2,303.8$
SG&A (%) 29.8% 29.4% 28.3% 27.6% 27.1% 27.7% 29.4% 29.6% 30.5% 28.5% 26.1% 28.6% 27.1% 27.0% 27.1%
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%
EBITDA 319.5$ 408.6$ 555.9$ 725.2$ 891.6$ 993.5$ 1,025.9$ 997.3$ 849.5$ 1,164.9$ 417.9$ 270.4$ 341.8$ 350.4$ 1,380.6$
EBITDA (%) 13.3% 14.0% 15.2% 16.2% 17.3% 17.1% 15.5% 14.1% 11.8% 14.9% 18.6% 14.1% 16.0% 16.0% 16.2%
Other Special Charges -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Depreciation & Amortization 46.7$ 62.5$ 75.8$ 85.8$ 99.1$ 114.3$ 136.5$ 159.3$ 175.6$ 184.2$ 47.2$ 45.0$ 44.9$ 45.3$ 182.4$
D&A (%) 1.9% 2.1% 2.1% 1.9% 1.9% 2.0% 2.1% 2.3% 2.4% 2.4% 2.1% 2.3% 2.1% 2.1% 2.1%
Operating Income 272.8$ 346.1$ 480.1$ 639.3$ 792.4$ 879.2$ 889.4$ 838.0$ 673.9$ 980.7$ 370.7$ 225.4$ 296.9$ 305.1$ 1,198.1$
Operating Income (%) 11.4% 11.8% 13.1% 14.3% 15.4% 15.1% 13.4% 11.9% 9.3% 12.5% 16.5% 11.7% 13.9% 13.9% 14.1%
Other Income and Expense
Interest Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Income -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Earnings Before Taxes 272.8$ 346.1$ 480.1$ 639.3$ 792.4$ 879.2$ 889.4$ 838.0$ 673.9$ 980.7$ 370.7$ 225.4$ 296.9$ 305.1$ 1,198.1$
Income Taxes/(Credit) 109.9$ 137.5$ 189.2$ 250.1$ 306.2$ 342.2$ 338.6$ 302.4$ 258.2$ 385.2$ 338.6$ 302.4$ 258.2$ 385.2$ 385.2$
Tax Rate % 40.3% 39.7% 39.4% 39.1% 38.6% 38.9% 38.1% 36.1% 38.3% 39.3% 91.3% 134.2% 87.0% 126.2% 32.1%
Earnings After Taxes 162.9$ 208.6$ 290.9$ 389.2$ 486.2$ 537.0$ 550.8$ 535.6$ 415.7$ 595.5$ 32.1$ (77.0)$ 38.7$ (80.1)$ 812.9$
Minority Interest -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Net Income From Continuing
Operations 171.9$ 219.6$ 302.2$ 399.5$ 505.0$ 572.8$ 594.2$ 562.8$ 425.1$ 600.0$ 226.0$ 137.6$ 181.8$ 188.6$ 733.9$
Net Income From Discontinued Operations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income From Total Operations 171.9$ 219.6$ 302.2$ 399.5$ 505.0$ 572.8$ 594.2$ 562.8$ 425.1$ 600.0$ 226.0$ 137.6$ 181.8$ 188.6$ 733.9$
Net Income (%) 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 10.1% 7.2% 8.5% 8.6% 8.6%
Shares and EPS
Total Basic EPS 0.61$ 0.76$ 1.03$ 1.35$ 1.68$ 1.95$ 2.12$ 2.13$ 1.66$ 2.33$ 0.88$ 0.53$ 0.71$ 0.75$ 2.87$
Fully Diluted EPS 0.59$ 0.74$ 1.00$ 1.31$ 1.65$ 1.92$ 2.09$ 2.10$ 1.64$ 2.30$ 0.86$ 0.52$ 0.70$ 0.74$ 2.82$
Basic Shares Outstanding 281.8 288.9 293.4 295.9 300.6 293.8 280.3 264.2 256.1 257.5 256.9 259.5 256.0 251.4 254.7
Diluted Shares Outstanding 291.4 296.8 302.2 304.9 306.0 298.4 284.3 268.0 259.2 260.9 262.8 264.5 259.7 254.8
Balance Sheet MRQ
Assets
Cash & Equivalents 239.3$ 429.5$ 515.7$ 825.0$ 222.1$ 247.7$ 213.4$ 224.1$ 668.2$ 1,096.1$ 1,096.1$ 1,084.0$ 1,040.5$ 840.3$ 840.3$
Short-Term Investments -$ -$ 100.9$ 41.6$ 629.3$ 404.1$ 774.9$ -$ 2.0$ 431.5$ 431.5$ 560.2$ 602.2$ 599.8$ 599.8$
Net Receivables -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
% change from prev year
Inventories 606.7$ 754.0$ 915.7$ 1,012.3$ 1,152.0$ 1,301.7$ 1,505.8$ 1,617.0$ 1,642.3$ 1,759.7$ 1,759.7$ 1,846.1$ 1,903.1$ 2,171.8$ 2,171.8$
% change from prev year 24.3% 21.4% 10.6% 13.8% 13.0% 15.7% 7.4% 1.6% 7.1% 0.0% 4.9% 3.1% 14.1% 14.1%
Other Current Assets 39.7$ 43.2$ 62.1$ 90.4$ 93.5$ 118.4$ 204.6$ 238.6$ 250.3$ 276.1$ 276.1$ 292.1$ 306.6$ 337.1$ 337.1$
Total Current Assets 885.7$ 1,226.7$ 1,594.4$ 1,969.3$ 2,097.0$ 2,071.9$ 2,698.6$ 2,079.7$ 2,562.8$ 3,563.3$ 3,563.3$ 3,782.4$ 3,852.4$ 3,949.0$ 3,949.0$
Fixed Assets 302.7$ 361.7$ 423.9$ 516.2$ 609.6$ 738.7$ 929.5$ 1,121.9$ 1,148.4$ 1,119.3$ 1,119.3$ 1,103.4$ 1,105.3$ 1,124.7$ 1,124.7$
Intangible Assets -$ -$ -$ 147.3$ 147.6$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Long-Term Assets 7.4$ 59.1$ 170.5$ 232.3$ 345.8$ 571.5$ 331.2$ 642.5$ 557.6$ 469.5$ 469.5$ 475.3$ 482.3$ 486.4$ 486.4$
Total Long-Term Assets 310.0$ 420.8$ 594.5$ 895.7$ 1,103.0$ 1,310.2$ 1,260.7$ 1,764.4$ 1,706.0$ 1,588.8$ 1,588.8$ 1,578.7$ 1,587.6$ 1,611.1$ 1,611.1$
Total Assets 1,195.7$ 1,647.5$ 2,188.8$ 2,865.0$ 3,200.0$ 3,382.1$ 3,959.3$ 3,844.1$ 4,268.8$ 5,152.1$ 5,152.1$ 5,361.0$ 5,440.0$ 5,560.1$ 5,560.1$
Liabilities & Stockholders' Equity
Accounts payable 192.4$ 270.9$ 363.0$ 398.7$ 450.5$ 534.9$ 615.2$ 570.6$ 514.7$ 611.2$ 611.2$ 678.7$ 771.8$ 856.6$ 856.6$
Short-Term Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ 172.8$ 172.8$ 175.4$ 179.1$ 182.6$ 182.6$
Taxes Payable 128.8$ 190.9$ 246.2$ 337.0$ 254.6$ 249.1$ 245.3$ 259.0$ 247.5$ 281.7$ 10.7$
Accrued Liabilities 128.8$ 190.9$ 246.2$ 337.0$ 254.6$ 249.1$ 245.3$ 259.0$ 247.5$ 281.7$ 320.0$
Other Current Liabilities 160.8$ 240.4$ 317.2$ 370.9$ 423.1$ 454.6$ 529.9$ 443.5$ 438.2$ 365.6$ 365.6$ 360.6$ 331.6$ 330.7$ 330.7$
Total Current Liabilities 353.2$ 511.3$ 680.2$ 769.5$ 873.6$ 989.5$ 1,145.1$ 1,014.1$ 953.0$ 1,149.6$ 1,149.6$ 1,214.7$ 1,282.4$ 1,370.0$ 1,370.0$
Long-Term Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ 103.4$ 103.4$ 105.8$ 110.6$ 114.2$ 114.2$
Other Liabilities 25.5$ 41.9$ 56.8$ 104.7$ 122.6$ 130.1$ 165.1$ 268.2$ 315.4$ -$ -$ -$ -$ -$ -$
Deferred Income Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ 246.3$ 246.3$ 257.3$ 262.2$ 277.1$ 277.1$
Minority Interest -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Long-Term Liabilities 25.5$ 41.9$ 56.8$ 104.7$ 122.6$ 130.1$ 165.1$ 268.2$ 315.4$ 349.7$ 349.7$ 363.1$ 372.8$ 391.3$ 391.3$
Total Liabilities 378.7$ 553.2$ 736.9$ 874.2$ 996.2$ 1,119.7$ 1,310.2$ 1,282.3$ 1,268.4$ 1,499.2$ 1,499.2$ 1,577.8$ 1,655.3$ 1,761.2$ 1,761.2$
Retained Earnings 633.2$ 852.8$ 1,154.9$ 1,554.4$ 2,059.4$ 2,632.2$ 3,153.9$ 3,729.8$ 4,154.9$ 4,755.0$ 4,755.0$ 4,892.5$ 5,074.3$ 5,262.8$ 5,262.8$
Preferred Equity -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Equity 817.0$ 1,094.4$ 1,451.9$ 1,990.8$ 2,203.8$ 2,262.5$ 2,649.2$ 2,561.8$ 3,000.5$ 3,652.9$ 3,652.9$ 3,783.2$ 3,784.7$ 3,798.9$ 3,798.9$
Total Liabilities & Equity 1,195.7$ 1,647.5$ 2,188.8$ 2,865.0$ 3,200.0$ 3,382.1$ 3,959.3$ 3,844.1$ 4,268.8$ 5,152.1$ 5,152.1$ 5,361.0$ 5,440.0$ 5,560.1$ 5,560.1$
Cash Flows Statement TTM
Cash Flows From Operating ActivitiesNet Income 171.9$ 219.6$ 302.2$ 399.5$ 505.0$ 572.8$ 594.2$ 562.8$ 425.1$ 600.0$ 226.0$ 137.6$ 181.8$ 188.6$ 733.9$
Depreciation & Amortization 46.7$ 62.5$ 75.8$ 85.8$ 99.1$ 114.3$ 136.5$ 159.3$ 175.6$ 184.2$ 47.2$ 45.0$ 44.9$ 45.3$ 182.4$
Deferred Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (17.3)$
Other (16.7)$ 54.1$ 54.6$ 66.2$ 8.2$ (0.8)$ (29.9)$ (109.9)$ 5.6$ 144.0$ 62.4$
Net Cash From Operating Activities 197.9$ 338.0$ 419.3$ 548.4$ 616.4$ 660.4$ 613.6$ 614.5$ 584.0$ 905.4$ 513.3$ 172.3$ 231.8$ 44.0$ 961.4$
Cash Flows From Investing ActivitiesCapital Expenditures (140.4)$ (121.6)$ (135.3)$ (113.0)$ (190.7)$ (220.4)$ (317.5)$ (358.2)$ (215.9)$ (153.7)$ (45.1)$ (39.0)$ (44.5)$ (58.6)$ (187.2)$
Acquisitions -$ -$ (24.1)$ (175.5)$ -$ -$ -$ (85.9)$ -$ -$ -$ -$ -$ -$ -$
Sale of Assets -$ (51.9)$ (222.1)$ (179.5)$ (172.3)$ 152.8$ (80.2)$ 459.9$ 102.8$ (335.0)$ (414.5)$
Net Cash From Investing Activities (140.4)$ (173.5)$ (357.4)$ (292.5)$ (363.0)$ (67.6)$ (397.7)$ 101.7$ (113.1)$ (488.7)$ (293.4)$ (168.5)$ (83.9)$ (55.9)$ (601.8)$
Cash Flows From Financing ActivitiesIssuance of Capital Stock 37.8$ 25.8$ 24.2$ 74.6$ 31.1$ 35.0$ 43.4$ 22.7$ 17.7$ 99.7$ 46.5$ 68.4$ 1.7$ 21.0$ 137.6$
Repurchase of Capital Stock -$ -$ -$ -$ (350.2)$ (598.2)$ (301.0)$ (734.2)$ (48.1)$ (94.9)$ (28.2)$ (85.2)$ (193.1)$ (210.7)$ (517.3)$
Net Issuance of Stock -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Issuance of Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Repayment of Debt -$ -$ -$ (21.2)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Issuance of Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Dividends Paid -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Cash from Financing 37.8$ 25.8$ 24.2$ 53.4$ (325.7)$ (567.3)$ (250.3)$ (705.5)$ (26.8)$ 11.2$ 21.6$ (15.9)$ (191.4)$ (188.2)$ (373.9)$
Cash at Beginning of the Period 144.0$ 239.3$ 429.5$ 515.7$ 294.5$ 222.1$ 247.7$ 213.4$ 224.1$ 668.2$ 854.6$ 1,096.1$ 1,084.0$ 1,040.5$ 1,040.5$
Cash at End of the Period 239.3$ 429.5$ 515.7$ 825.0$ 222.1$ 247.7$ 213.4$ 224.1$ 668.2$ 1,096.1$ 1,096.1$ 1,084.0$ 1,040.5$ 840.3$ 840.3$ Change in Cash 95.3$ 190.2$ 86.2$ 309.3$ (72.4)$ 25.6$ (34.3)$ 10.7$ 444.1$ 427.9$ 241.5$ (12.1)$ (43.5)$ (200.2)$ (200.2)$
Free Cash FlowCash from Operations 197.9$ 338.0$ 419.3$ 548.4$ 616.4$ 660.4$ 613.6$ 614.5$ 584.0$ 905.4$ 513.3$ 172.3$ 231.8$ 44.0$ 961.4$
Cap Ex (140.4)$ (121.6)$ (135.3)$ (113.0)$ (190.7)$ (220.4)$ (317.5)$ (358.2)$ (215.9)$ (153.7)$ (45.1)$ (39.0)$ (44.5)$ (58.6)$ (187.2)$
Free Cash Flow 57.5$ 216.3$ 284.1$ 435.4$ 425.7$ 440.0$ 296.1$ 256.3$ 368.1$ 751.7$ 468.3$ 133.3$ 187.3$ (14.6)$ 774.1$
Owner Earnings FCF 78.2$ 160.5$ 242.7$ 372.3$ 413.4$ 466.7$ 413.2$ 363.9$ 384.9$ 630.6$ 228.2$ 143.5$ 182.1$ 175.3$ 729.1$
User Defined
2/7/2011
Enter Ticker Refresh Help
Bed Bath and Beyond Inc
(BBBY)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
Income StatementRevenue 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 56.9% 56.6% 56.5% 56.2% 55.6% 55.2% 55.1% 56.2% 57.7% 56.7% 56.6%
Gross Profit 43.1% 43.4% 43.5% 43.8% 44.4% 44.8% 44.9% 43.8% 42.3% 43.3% 43.4%
Operating Expenses
Selling, General & Admin. Expenses 29.8% 29.4% 28.3% 27.6% 27.1% 27.7% 29.4% 29.6% 30.5% 28.5% 27.1%
Research & Development 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA 13.3% 14.0% 15.2% 16.2% 17.3% 17.1% 15.5% 14.1% 11.8% 14.9% 16.2%
Other Special Charges 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation & Amortization 1.9% 2.1% 2.1% 1.9% 1.9% 2.0% 2.1% 2.3% 2.4% 2.4% 2.1%
Operating Income 11.4% 11.8% 13.1% 14.3% 15.4% 15.1% 13.4% 11.9% 9.3% 12.5% 14.1%
Other Income and Expense
Interest Expense 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Earnings Before Taxes 11.4% 11.8% 13.1% 14.3% 15.4% 15.1% 13.4% 11.9% 9.3% 12.5% 14.1%
Income Taxes/(Credit) 4.6% 4.7% 5.2% 5.6% 5.9% 5.9% 5.1% 4.3% 3.6% 4.9% 4.5%
Earnings After Taxes 6.8% 7.1% 7.9% 8.7% 9.4% 9.2% 8.3% 7.6% 5.8% 7.6% 9.6%
Minority Interest 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 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 8.6%
Net Income From Discontinued
Operations 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 Total Operations 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 8.6%
Balance Sheet MRQ
Assets
Cash & Equivalents 20.0% 26.1% 23.6% 28.8% 6.9% 7.3% 5.4% 5.8% 15.7% 21.3% 15.1%
Short-Term Investments 0.0% 0.0% 4.6% 1.5% 19.7% 11.9% 19.6% 0.0% 0.0% 8.4% 10.8%
Net Receivables 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Inventories 50.7% 45.8% 41.8% 35.3% 36.0% 38.5% 38.0% 42.1% 38.5% 34.2% 39.1%
Other Current Assets 3.3% 2.6% 2.8% 3.2% 2.9% 3.5% 5.2% 6.2% 5.9% 5.4% 6.1%
Total Current Assets 74.1% 74.5% 72.8% 68.7% 65.5% 61.3% 68.2% 54.1% 60.0% 69.2% 71.0%
Fixed Assets 25.3% 22.0% 19.4% 18.0% 19.1% 21.8% 23.5% 29.2% 26.9% 21.7% 20.2%
Intangible Assets 0.0% 0.0% 0.0% 5.1% 4.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Long-Term Assets 0.6% 3.6% 7.8% 8.1% 10.8% 16.9% 8.4% 16.7% 13.1% 9.1% 8.7%
Total Long-Term Assets 25.9% 25.5% 27.2% 31.3% 34.5% 38.7% 31.8% 45.9% 40.0% 30.8% 29.0%
Total Assets 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 16.1% 16.4% 16.6% 13.9% 14.1% 15.8% 15.5% 14.8% 12.1% 11.9% 15.4%
Short-Term Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.4% 3.3%
Taxes Payable 10.8% 11.6% 11.2% 11.8% 8.0% 7.4% 6.2% 6.7% 5.8% 5.5% 0.2%
Accrued Liabilities 10.8% 11.6% 11.2% 11.8% 8.0% 7.4% 6.2% 6.7% 5.8% 5.5% 5.8%
Other Current Liabilities 13.4% 14.6% 14.5% 12.9% 13.2% 13.4% 13.4% 11.5% 10.3% 7.1% 5.9%
Total Current Liabilities 29.5% 31.0% 31.1% 26.9% 27.3% 29.3% 28.9% 26.4% 22.3% 22.3% 24.6%
Long-Term Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 2.1%
Other Liabilities 2.1% 2.5% 2.6% 3.7% 3.8% 3.8% 4.2% 7.0% 7.4% 0.0% 0.0%
Deferred Income Taxes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.8% 5.0%
Minority Interest 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 Liabilities 2.1% 2.5% 2.6% 3.7% 3.8% 3.8% 4.2% 7.0% 7.4% 6.8% 7.0%
Total Liabilities 31.7% 33.6% 33.7% 30.5% 31.1% 33.1% 33.1% 33.4% 29.7% 29.1% 31.7%
Retained Earnings 53.0% 51.8% 52.8% 54.3% 64.4% 77.8% 79.7% 97.0% 97.3% 92.3% 94.7%
Preferred Equity 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Equity 68.3% 66.4% 66.3% 69.5% 68.9% 66.9% 66.9% 66.6% 70.3% 70.9% 68.3%
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%
Cash Flows Statement TTM
Cash Flows From Operating Activities
Net Income 86.9% 65.0% 72.1% 72.8% 81.9% 86.7% 96.8% 91.6% 72.8% 66.3% 76.3%
Depreciation & Amortization 23.6% 18.5% 18.1% 15.6% 16.1% 17.3% 22.2% 25.9% 30.1% 20.3% 19.0%
Deferred Taxes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -1.8%
Other -8.4% 16.0% 13.0% 12.1% 1.3% -0.1% -4.9% -17.9% 1.0% 15.9% 6.5%
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%
Cash Flows From Investing Activities
Capital Expenditures 100.0% 70.1% 37.8% 38.6% 52.5% 326.2% 79.8% -352.2% 190.9% 31.4% 31.1%
Acquisitions 0.0% 0.0% 6.7% 60.0% 0.0% 0.0% 0.0% -84.5% 0.0% 0.0% 0.0%
Sale of Assets 0.0% 29.9% 62.2% 61.4% 47.5% -226.1% 20.2% 452.2% -90.9% 68.6% 68.9%
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%
Cash Flows From Financing Activities
Issuance of Capital Stock 100.0% 100.0% 100.0% 139.7% -9.5% -6.2% -17.3% -3.2% -66.0% 892.3% -36.8%
Repurchase of Capital Stock 0.0% 0.0% 0.0% 0.0% 107.5% 105.5% 120.3% 104.1% 179.6% -848.8% 138.4%
Net Issuance of Stock 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Issuance of Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Repayment of Debt 0.0% 0.0% 0.0% -39.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Issuance of Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Dividends Paid 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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%
2/7/2011
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Bed Bath and Beyond Inc
(BBBY) Color Coding
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Financial Statistics & Ratios
Profitability Ratios
P/E 45.66 45.55 40.56 30.96 24.73 19.41 19.14 14.40 18.21 20.21
P/S 3.28 3.42 3.34 2.76 2.43 1.91 1.72 1.15 1.07 1.55
P/BV 9.61 9.14 8.44 6.21 5.67 4.91 4.29 3.16 2.58 3.32
P/Tang BV 9.61 9.14 8.44 6.71 6.07 4.91 4.29 3.16 2.58 3.32
P/CF 58.23 47.48 40.75 29.10 25.44 20.51 21.74 15.88 15.51 16.70
P/FCF 48.91 41.21 32.92 29.92 26.75 26.90 31.25 21.05 12.27 16.63
ROE 21.0% 20.1% 20.8% 20.1% 22.9% 25.3% 22.4% 22.0% 14.2% 16.4%
ROA 14.4% 13.3% 13.8% 13.9% 15.8% 16.9% 15.0% 14.6% 10.0% 11.6%
Solvency
Quick Ratio 0.79 0.92 1.00 1.24 1.08 0.78 1.04 0.46 0.97 1.57
Current Ratio 2.51 2.40 2.34 2.56 2.40 2.09 2.36 2.05 2.69 3.10
Total Debt/Equity Ratio 0.46 0.51 0.51 0.44 0.45 0.49 0.49 0.50 0.42 0.41
Long Term Debt/Equity Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03
Short Term Debt/Equity Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05
Efficiency Ratios
Asset Turnover 2.00 1.78 1.67 1.56 1.61 1.72 1.67 1.83 1.69 1.52
Cash % of Revenue 10.0% 14.7% 14.1% 18.4% 4.3% 4.3% 3.2% 3.2% 9.3% 14.0%
Receivables % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A % of Revenue 29.8% 29.4% 28.3% 27.6% 27.1% 27.7% 29.4% 29.6% 30.5% 28.5%
R&D % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Liquidity Ratios
Receivables Turnover 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover 2.25 2.44 2.48 2.61 2.64 2.62 2.60 2.54 2.55 2.61
Average Age of Inventory (Days) 162.41 149.79 147.15 139.88 138.00 139.52 140.55 143.76 143.00 139.95
Intangibles % of Book Value 0.0% 0.0% 0.0% 7.4% 6.7% 0.0% 0.0% 0.0% 0.0% 0.0%
Inventory % of Revenue 25.3% 25.8% 25.0% 22.6% 22.4% 22.4% 22.8% 22.9% 22.8% 22.5%
Capital Structure Ratios
LT-Debt as % of Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.2%
ST-Debt as % of Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 7.0%
LT-Debt as % of Total Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 6.9%
ST-Debt as % of Total Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 11.5%
Total Debt % of Total Assets 31.7% 33.6% 33.7% 30.5% 31.1% 33.1% 33.1% 33.4% 29.7% 29.1%
Working Capital % of Price 6.8% 7.2% 7.5% 9.7% 9.8% 9.7% 13.7% 13.2% 20.8% 19.9%
2/7/2011
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Bed Bath and Beyond Inc Shares Out. M.O.S Growth Discount % Terminal % Select FCF Adjust 2010 FCF
(BBBY) #VALUE! 254.73 10.0% 9.0%
2/7/2011Select input with
each list or enter
your own value
10.0%
Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low
$48.32 $48.19 $24.10 0% $50.95 $26.50
Fiscal Year Trend 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
Cash Flow Data
Cash from Operations $197.9 $338.0 $419.3 $548.4 $616.4 $660.4 $613.6 $614.5 $584.0 $905.4 $961.4
Capex $140.4 $121.6 $135.3 $113.0 $190.7 $220.4 $317.5 $358.2 $215.9 $153.7 $187.2
Cash Flow $134.8 $210.7 $300.8 $425.0 $490.9 $542.0 $523.2 $510.3 $499.2 $725.9 $933.4
Owner Earnings FCF $78.2 $160.5 $242.7 $372.3 $413.4 $466.7 $413.2 $363.9 $384.9 $650.0 $729.1
YOY% Change 105.3% 51.2% 53.4% 11.0% 12.9% -11.5% -11.9% 5.8% 68.9% 12.2%
Margins
Gross Margin 43.1% 43.4% 43.5% 43.8% 44.4% 44.8% 44.9% 43.8% 42.3% 43.3% 43.4%
Operating Margin 11.4% 11.8% 13.1% 14.3% 15.4% 15.1% 13.4% 11.9% 9.3% 12.5% 14.1%
Net Margin 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 8.6%
EPS & Tax
Diluted EPS $0.59 $0.74 $1.00 $1.31 $1.65 $1.92 $2.09 $2.10 $1.64 $2.30 $2.82
Tax Rate 40.3% 39.7% 39.4% 39.1% 38.6% 38.9% 38.1% 36.1% 38.3% 39.3% 32.1%
Efficiency & Profitability
CROIC 9.3% 14.1% 16.1% 17.8% 17.8% 19.5% 14.7% 12.9% 11.6% 16.2% 17.4%
FCF/Sales 3.3% 5.5% 6.6% 8.3% 8.0% 8.0% 6.2% 5.2% 5.3% 8.1% 8.6%
Inventory Turnover 2.2 2.4 2.5 2.6 2.6 2.6 2.6 2.5 2.6 2.6 2.2
Return On Assets (ROA) 14.4% 13.3% 13.8% 13.9% 15.8% 16.9% 15.0% 14.6% 10.0% 11.6% 13.2%
Retun On Equity (ROE) 21.0% 20.1% 20.8% 20.1% 22.9% 25.3% 22.4% 22.0% 14.2% 16.4% 19.3%
Debt Related
Debt to Equity 46.4% 50.5% 50.8% 43.9% 45.2% 49.5% 49.5% 50.1% 42.3% 41.0% 46.4%
Capitalization Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.8% 2.9%
FCF to Total Debt 20.6% 29.0% 32.9% 42.6% 41.5% 41.7% 31.5% 28.4% 30.3% 42.1% 41.4%
FCF to Short Term Debt 364.9% 399.2%
FCF to Long Term Debt 609.9% 638.5%
2005-2009 2006-2010 2005-2008 2006-2009 2007-2010 2005-2007 2006-2008 2007-2009 2008-2010 Median
Tang Shareholder Equity 9.9% 12.7% 7.6% 9.9% 11.3% 13.5% 6.4% 6.4% 19.4% 9.9%
Owner Earnings FCF -1.8% 7.8% -4.2% -6.2% 15.1% 0.0% -11.7% -3.5% 31.6% -1.8%
CROIC 14.7% 14.7% 16.2% 13.8% 13.8% 17.8% 14.7% 12.9% 12.9% 14.7%
FCF/Sales 6.2% 6.2% 7.1% 5.8% 5.8% 8.0% 6.2% 5.3% 5.3% 6.2%
ROA 15.0% 14.6% 15.4% 14.8% 13.1% 15.8% 15.0% 14.6% 11.6% 14.8%
ROE 22.4% 22.0% 22.7% 22.2% 19.2% 22.9% 22.4% 22.0% 16.4% 22.2%
Gross Margin 44.4% 43.8% 44.6% 44.3% 43.5% 44.8% 44.8% 43.8% 43.3% 44.3%
Operating Margin 13.4% 12.5% 14.3% 12.7% 12.2% 15.1% 13.4% 11.9% 11.9% 12.7%
Net Margin 9.0% 8.0% 9.4% 8.5% 7.8% 9.8% 9.0% 8.0% 7.7% 8.5%
Revenue Growth 8.8% 7.7% 11.0% 7.5% 5.8% 13.4% 10.2% 4.4% 5.4% 7.7%
Earnings Growth -0.2% 4.6% 8.4% -5.1% 3.2% 12.5% 4.6% -11.4% 4.7% 4.6%
Cash from Ops Growth -1.3% 8.2% -0.1% -4.0% 13.8% -0.2% -3.5% -2.4% 21.4% -0.2%
10 Year Multi-Year Performance2001-2008 2002-2009 2003-2010 2001-2006 2002-2007 2003-2008 2004-2009 2005-2010 2001-2010 Median
Tang Shareholder Equity 17.7% 15.5% 14.1% 22.6% 19.3% 12.0% 10.2% 12.2% 34.9% 15.5%
Owner Earnings FCF 24.6% 13.3% 14.6% 43.0% 20.8% 8.4% 0.7% 8.8% 51.8% 14.6%
CROIC 15.4% 15.4% 16.2% 16.9% 16.9% 16.9% 16.2% 15.5% 14.7% 16.2%
FCF/Sales 6.4% 6.4% 7.3% 7.3% 7.3% 7.3% 7.1% 7.1% 6.4% 7.1%
ROA 14.5% 14.3% 14.3% 14.2% 14.5% 14.8% 14.8% 14.8% 14.2% 14.5%
ROE 21.5% 21.4% 21.4% 20.9% 21.6% 22.2% 22.2% 22.2% 20.9% 21.5%
Gross Margin 43.8% 43.8% 43.8% 43.7% 44.1% 44.1% 44.1% 44.1% 43.6% 43.8%
Operating Margin 13.3% 13.3% 13.3% 13.7% 13.9% 13.9% 13.9% 13.0% 12.8% 13.3%
Net Margin 8.6% 8.6% 8.6% 8.6% 9.0% 9.0% 9.0% 8.5% 8.1% 8.6%
Revenue Growth 16.7% 13.7% 11.5% 19.4% 17.7% 14.0% 10.0% 8.7% 26.7% 14.0%
Earnings Growth 19.9% 12.0% 12.6% 26.6% 23.1% 16.0% 4.6% 6.9% 31.3% 16.0%
Cash from Ops Growth 17.6% 8.1% 11.6% 27.3% 12.7% 7.9% 1.3% 8.0% 35.5% 11.6%
Projection of future Free Cash Flow2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Yearly Growth Input Field
10% $715.00 $786.50 $865.15 $917.53 $1,000.11 $1,090.12 $1,188.23 $1,212.05 $1,310.22 $1,416.35
Terminal Growth 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
3% 1,458.84$ 1,502.60$ 1,547.68$ 1,594.11$ 1,641.94$ 1,691.19$ 1,741.93$ 1,794.19$ 1,848.01$ 1,903.45$
Calculation Sensitivity Matrix: Growth vs Discount RateTotal Cash
MAX(0,Current Liabilities-Current Assets 7% 8% 9% 10% 11%
Excess Cash 6% 45.96$ 42.60$ 39.65$ 37.04$ 34.72$
Adding some Intangibles 8% 50.92$ 47.07$ 43.68$ 40.68$ 38.02$
Present Value 10% 56.50$ 52.08$ 48.19$ 44.76$ 41.72$
Shares Outstanding 12% 62.78$ 57.71$ 53.26$ 49.33$ 45.86$
Per Share Value 14% 69.83$ 64.03$ 58.93$ 54.45$ 50.48$
Margin of Safety
Purchase Price Sensitivity Matrix: Margin of Safety %Current Price
Actual M.O.S 7% 8% 9% 10% 11%
6% -5.1% -13.4% -21.9% -30.5% -39.2%
Variable Fields 8% 5.1% -2.7% -10.6% -18.8% -27.1%
Intangibles% add to DCF 10% 14.5% 7.2% -0.3% -8.0% -15.8%
Decay Rate (Yr4E-Yr7E) 12% 23.0% 16.3% 9.3% 2.1% -5.4%
Extra Decay (Yr8E-Yr10E) 14% 30.8% 24.5% 18.0% 11.3% 4.3%
254.73
48.19$
12,276.06$
10%
0%
$650.03%50%
50%
24.10$
48.32$
Owner Earnings
1,440.14$
-$
5 Year Multi-Year Performance
-$
0%
Discount Rates
Growth Rates
1,440.14$
10%
Discount Rates
Growth Rates
Enter TickerCLEARRefresh
Help
Shares Out. M.O.S Growth Projection EPS Corp Bond
(BBBY) #VALUE! 9.2% $2.46 4.77
2/7/2011 10.0%
Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low
$48.32 $49.97 $16.99 3% $50.95 $26.50
2005-2009 2006-2010 2005-2008 2006-2009 2007-2010 2005-2007 2006-2008 2007-2009 2008-2010 Median
5 Yr EPS Growth -0.2% 4.6% 8.4% -5.1% 3.2% 12.5% 4.6% -11.4% 4.7% 4.6%
2001-2008 2002-2009 2003-2010 2001-2006 2002-2007 2003-2008 2004-2009 2005-2010
10 Yr EPS Growth 19.9% 12.0% 12.6% 26.6% 23.1% 16.0% 4.6% 6.9%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
Diltued EPS 0.59$ 0.74$ 1.00$ 1.31$ 1.65$ 1.92$ 2.09$ 2.10$ 1.64$ 2.30$ 2.82$
2011E 2012E
Forecast Method 2.35$ 2.58$
Linear Regression Method 2.46$ 2.73$
Normal Earnings 2.46$
Growth Rate 10.00%
Corp Bond Rate 4.77
Per Share Value 49.97$
MOS 66%
Purchase Price 16.99$
Current Price $48.32
Actual Discount 3%
Median
16.0%
Graham Value Calculation
66%254.73Linear
Regression
Bed Bath and Beyond Inc
Enter TickerRefresh CLEAR
$0.59 $0.74 $1.00
$1.31 $1.65
$1.92 $2.09 $2.10
$1.64
$2.30 $2.46 $2.71
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E
Help
Bed Bath and Beyond Inc Shares Out. Source Normalized Income Discount Rate R&D Years SG&A %
(BBBY)#VALUE!
254.73 $890.06 25%
2/7/2011Figures in Millions except per share values
Current Price EPV Net Reproduction Value EPV MOS NCAV 52 Wk High 52 Wk Low
$48.32 $36.99 $18.83 -30.6% $7.27 $50.95 $26.50
Asset Valuation Section EPV Valuation Section
Data: Asset ValuationShares Outstanding 254.7 2010 Owner Earnings FCF 650.0$
Balance Sheet Assets 5,560.1$ Normalized Income 890.1$
Adjusted Assets 5,560.1$ Avg Adj. Income 5 yrs 882.6$
Total Liabilities 1,761.2$ TTM Adjusted Income 1,119.1$
Total Equity 3,798.9$
Average SGA % 29.1% Data: EPVMarketing/Brand Value 2,280.3$ Cost of Capital 9.0%
R&D Value -$ Normalized Adjusted Income 890.1$
Cash Needed for Business 85.0$ Average Maintenance Capex 164.0$
Interest Bearing Debt -$ Interest Bearing Debt -$
Non Interest Bearing Debt 1,761.2$ 1% of sales 85.0$
Excess Cash 1,283.6$ Cash & Equiv 1,440.1$
Cash - Debt 1,355.2$
Calculation: Asset Valuation Shares 254.73
Total Per Share
Tangible BV 3,799$ 14.91$ Calculation: EPVAdjusted BV 3,799$ 14.91$ Cost of Capital Rates EPV Per Share + Cash - Debt Per Share
NCAV 1,851$ 7.27$ 5% 14,521.3$ 57.01$ 15,876.4$ 62.33$
Reprod. Cost of Assets 7,840$ 30.78$ 7% 10,372.3$ 40.72$ 11,727.5$ 46.04$
Reprod. Cost of Assets BV 6,079$ 23.87$ 9% 8,067.4$ 31.67$ 9,422.5$ 36.99$ Total Net Reprod. Cost 4,796$ 18.83$ 11% 6,600.6$ 25.91$ 7,955.7$ 31.23$
13% 5,585.1$ 21.93$ 6,940.3$ 27.25$
Quarterly numbers based on: Error Statement Source Date: 4-Jan-11Adjustments:
Assets Book Value Fixed BV Multiplier
Reproduction
Asset Value
Cash & Equivalents 1,440.1$ 1,440.1$
Adjustments:
Liabilities & Equity Book Value Fixed BV Multiplier
Reproduction
Liability Value
Marketable Securities -$ -$ Accounts Payable 856.7$ 856.7$
Accounts Receivable - Gross Error Error Accrued Expenses 502.6$ 502.6$
Other Receivable -$ -$ Accrued Liabilities -$ -$
Receivables -$ -$ Notes Payable/Short Term Debt -$ -$
Inventories: Raw Materials -$
Current Port. of LT Debt/Capital
Leases -$ -$
Inventories: Work in Progress -$ Other Current Liabilities 10.7$ 10.7$
Inventories: Purchased Components -$ Total Current Liabilities 1,370.0$ 1,370.0$
Inventories: Finished Goods -$ Long-Term Debt -$ -$
Inventories: Other 2,171.8$ Capital Lease Obligations -$ -$
Inventories -- Total 2,171.8$ 2,171.8$ Deferred Income Taxes -$ -$
Prepaid Expenses -$ -$ Minority Interest -$ -$
Current Defered Income Taxes -$ -$ Total Other Liabilities 391.3$ 391.3$
Other Current Assets 337.1$ 337.1$ Total Liabilities 1,761.2$ 1,761.2$
Total Current Assets 3,949.0$ 3,949.0$ Common Stock Equity 3,798.9$ 3,798.9$
Goodwill, Net -$ -$ Retained Earnings 5,262.8$ 5,262.8$
Intangibles, Net -$ -$ Total Capitalization 3,913.1$ 3,913.1$
Intangibles -$ -$ Total Equity 3,798.9$ 3,798.9$ Property/Plant/Equipment - Net 1,124.7$ 1,124.7$ Total Liabilities & Equity 5,560.2$ 5,560.2$
Long Term Investments 134.7$ 134.7$
Note Receivable - Long Term -$ -$
Other Long Term Assets, Total 351.8$ 351.8$ Total Assets 5,560.1$ 5,560.1$
9% 3MSN
Values for Normalized Income
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(BBBY)2/7/2011 Current Price NNWC NNWC % NCAV NCAV % Data
$48.32 $3.00 -1509.4% $8.59 -462.6% MSN
Numbers as of 2010/11 (go to SEC for accurate numbers)
Figures in Millions except per share values BV
BV
Multiplier Net Net Value
Cash & Equivalents 1,440.14$ 100% 1,440.14$
Marketable Securities -$
Accounts Receivable Error 75%
Other Receivable -$
Receivables -$ -$
Inventories: Raw Materials -$ 50%
Inventories: Work in Progress -$
Inventories: Purchased Components -$
Inventories: Finished Goods -$
Inventories: Other -$
Inventories -- Total 2,171.78$ 1,085.89$
Current Assets - Total 3,949.02$ 3,949.02$
Total Liabilities 1,761.24$ 1,761.24$ Shares Outstanding 254.73 254.73
Total ($m) Per Share
Total Current Assets 3,949.02$ 15.50$
Market Cap & Share Price 12,310.00$ 48.32$
Net Net Working Capital 764.79$ 3.00$
Discount to NNWC -1509%
Net Current Asset Value 2,187.78$ 8.59$
Discount to NCAV -463%
Bed Bath and Beyond Inc
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Bed Bath and Beyond Inc
(BBBY)2/7/2011
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
Piotroski F Scores 6 4 5 6 6 7 6 5 5 6 7
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 0 1 1 1 1 0 0 0 1 1
Piotroski 4: Quality of Earnings 1 1 1 1 1 1 1 1 1 1 1
Piotroski 5: LT Debt vs Assets 0 0 0 0 0 0 0 0 0 0 0
Piotroski 6: Current Ratio 1 0 0 1 0 0 1 0 1 1 0
Piotroski 7: Shares Outstanding 1 0 0 0 0 1 1 1 1 0 1
Piotroski 8: Gross Margin 0 1 1 1 1 1 1 0 0 1 1
Piotroski 9: Asset Turnover 0 0 0 0 1 1 0 1 0 0 1
MRQ2001/02 2002/02 2003/02 2004/02 2005/02 2006/02 2007/02 2008/02 2009/02 2010/02 2010/11
Working Capital 533$ 715$ 914$ 1,200$ 1,223$ 1,082$ 1,554$ 1,066$ 1,610$ 2,414$ 2,579$
Total Assets 1,196$ 1,648$ 2,189$ 2,865$ 3,200$ 3,382$ 3,959$ 3,844$ 4,269$ 5,152$ 5,560$
Total Liabilities 379$ 553$ 737$ 874$ 996$ 1,120$ 1,310$ 1,282$ 1,268$ 1,499$ 1,761$
Retained Earnings 633$ 853$ 1,155$ 1,554$ 2,059$ 2,632$ 3,154$ 3,730$ 4,155$ 4,755$ 5,263$
EBITDA 320$ 409$ 556$ 725$ 892$ 994$ 1,026$ 997$ 850$ 1,165$ 350$
Market Value of Equity 7,756$ 9,823$ 11,941$ 12,180$ 11,999$ 10,470$ 11,084$ 7,827$ 7,755$ 12,310$ 12,310$
Net Sales 2,397$ 2,928$ 3,665$ 4,478$ 5,148$ 5,810$ 6,617$ 7,049$ 7,208$ 7,829$ 2,194$
Normal Altman Z Score 16.45 14.49 13.47 12.02 11.11 9.77 9.19 8.04 7.83 9.05 6.68
Revised Altman Z Score 27.95 24.85 23.18 20.85 19.13 16.43 15.79 13.13 13.40 16.22 13.89
X1 0.47 0.46
X2 0.92 0.95
X3 0.23 0.06
X4 8.21 6.99
X5 1.52 0.39
Altman Z Score
MRQ EditAnnual
9.05 6.68
Revised Altman Z Score
Annual
Piotroski Score
Annual MRQ
16.22 13.89
X2 = Retained Earnings/Total Assets
X3 = EBITDA/Total Assets
X4 = Market Value of Equity/Total Liabilities
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)
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
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)
MRQ
X5 = Net Sales/Total Assets
Altman Z Score
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
M Score - 5 Variable NA NA NA NA NA NA NA NA NA NA NA
M Score - 8 Variable NA NA NA NA NA NA NA NA NA NA NA
DSRI 0.00
GMI 0.99 1.00 0.99 0.99 0.99 1.00 1.03 1.03 0.98 1.00 0.00
AQI 5.83 2.17 1.70 1.16 1.10 0.50 2.00 0.78 0.70 0.96 0.00
SGI 1.22 1.25 1.22 1.15 1.13 1.14 1.07 1.02 1.09 1.09 0.00
DEPI 0.91 0.97 1.06 1.02 1.04 1.05 1.03 0.94 0.94 1.01 0.00
SGAI 0.99 0.96 0.98 0.98 1.02 1.06 1.01 1.03 0.93 0.95 0.00
TATA -0.07 -0.05 -0.05 -0.03 -0.03 0.00 -0.01 -0.04 -0.06 -0.04 0.00
LVGI 1.05 1.00 0.86 1.02 1.07 0.99 0.91 0.85 1.09 1.10 0.00
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 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 -2.22 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 -2.22 indicates a strong likelihood of a firm being a manipulator.
Original Altman Z Score
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.
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.
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 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 1.8, 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.
Bed Bath and Beyond Inc
(BBBY)2/7/2011
BBBY KIRK WSM PIR TGT WMT
Sorted Data BBBY WSM PIR KIRK TGT WMT
Stock Price $ 48.32 $ 34.81 $ 9.93 $ 14.02 $ 54.80 $ 56.07
Mkt Cap ($M) $ 12,310.00 $ 3,660.00 $ 1,160.00 $ 278.99 $ 38,800.00 $ 199,720.00
EV $ 10,850.00 $ 3,010.00 $ 908.11 $ 215.18 $ 53,460.00 $ 245,170.00
52 Wk High $ 50.95 $ 36.82 $ 11.20 $ 25.38 $ 60.97 $ 57.90
52 Wk Low $ 26.50 $ 18.84 $ 4.82 $ 10.62 $ 48.23 $ 47.77
% off 52Wk Low 82.3% 84.8% 106.0% 32.0% 13.6% 17.4%
MultiplesP/E(TTM) 17.1 21.5 14.8 8.2 14.3 14.0
P/S(TTM) 1.5 1.1 0.8 0.7 0.6 0.5
P/Tang BV(MRQ) 3.2 3.0 3.3 2.6 2.6 4.1
P/CF 13.4 11.3 11.8 5.8 7.8 8.6
P/FCF(TTM) 15.9 14.9 8.9 12.7 11.8 22.0
EV/EBITDA(TTM) 7.9 6.7 7.0 3.4 7.5 7.4
DividendsDiv Yld 0.0% 1.7% 0.0% 0.0% 1.8% 2.2%
Div Yld - 5yr avg 0.0% 1.4% 2.1% 0.0% 0.0% 0.0%
Div 5yr Grth 0.0% 0.0% 0.0% 0.0% 16.7% 16.0%
Payout Ratio(TTM) 0.0% 34.7% 0.0% 0.0% 21.6% 29.0%
Growth RatesSales(MRQ) v 1yr ago 11.1% 11.8% 8.2% 0.4% 2.2% 2.6%
Sales(TTM) v 1yr ago 1.5% 1.1% 0.8% 0.7% 0.6% 0.5%
Sales 5yr Grth 8.8% -0.2% -6.7% 0.6% 6.9% 7.5%
EPS(MRQ) v 1yr ago 27.1% 397.3% -52.0% -59.5% 28.6% 16.0%
EPS(TTM) v 1yr ago 42.0% 17092.3% 246.1% 21.0% 32.7% 16.9%
EPS 5yr Grth 7.0% -14.8% 4.1% 38.3% 9.8% 8.6%
Balance SheetQuick Ratio(MRQ) 1.3 1.1 1.1 1.6 0.8 0.3
Current Ratio(MRQ) 2.9 2.2 2.5 2.8 1.6 0.9
LTD/Eq(MRQ) 0.0 0.6 2.7 0.0 105.4 67.0
Tot D/Eq(MRQ) 0.0 0.7 7.4 0.0 111.1 86.7
MarginsGross %(TTM) 41.2% 38.8% 38.6% 42.1% 30.8% 24.7%
Gross % 5yr 41.5% 37.9% 30.8% 33.2% 30.7% 24.0%
Op %(TTM) 14.1% 8.2% 5.3% 12.0% 6.5% 5.9%
Op % 5yr avg 12.4% 6.6% -5.7% 1.5% 6.7% 5.8%
Net %(TTM) 8.6% 5.2% 5.7% 8.2% 4.2% 3.7%
Net % 5yr avg 8.0% 4.1% -5.2% 0.9% 4.2% 3.6%
ReturnsROA(TTM) 14.0% 8.9% 11.8% 21.1% 6.2% 8.7%
ROA 5yr avg 14.0% 7.3% -8.9% 2.6% 6.4% 8.7%
ROE(TTM) 20.4% 15.1% 24.9% 40.4% 18.9% 22.6%
ROE 5yr avg 20.6% 12.8% -21.3% 5.9% 17.5% 21.1%
EfficiencyRec Turnover(TTM) 0.0 80.8 56.9 154.6 10.3 102.1
Inv Turnover(TTM) 2.4 3.7 2.5 4.4 4.9 7.9
Asset Turnover(TTM) 1.6 1.7 2.1 2.6 1.5 2.3
P/E(TTM) Enter Competitor Tickers
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Bed Bath and Beyond Inc
Figures in Millions except per share values
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
$57.5 $216.3 $284.1 $435.4 $425.7 $440.0 $296.1 $256.3 $368.1 $751.7 $774.1 $78.2 $160.5 $242.7 $372.3 $413.4 $466.7 $413.2 $363.9 $384.9 $630.6 $729.1
% Change 275.9% 31.3% 53.3% -2.2% 3.4% -32.7% -13.4% 43.6% 104.2% 3.0% % Change 105.3% 51.2% 53.4% 11.0% 12.9% -11.5% -11.9% 5.8% 63.8% 15.6%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
$26.9 $33.7 $40.6 $40.6 $40.8 $37.3 $40.0 $30.2 $29.9 $46.5 $48.3 $0.59 $0.74 $1.00 $1.31 $1.65 $1.92 $2.09 $2.10 $1.64 $2.30 $0.86
% Change 25.1% 20.3% 0.0% 0.6% -8.7% 7.4% -24.4% -1.2% 55.7% 4.0% % Change 25.4% 35.1% 31.0% 26.0% 16.4% 8.9% 0.5% -21.9% 40.2% -62.6%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
3.3% 5.5% 6.6% 8.3% 8.0% 8.0% 6.2% 5.2% 5.3% 8.1% 8.6% 134.8 45.4 42.0 28.0 28.2 23.8 37.4 30.5 21.1 16.3 15.9
% Change 68.1% 20.8% 25.5% -3.4% 0.0% -22.3% -17.3% 3.4% 50.9% 6.5% % Change -66.3% -7.4% -33.5% 0.8% -15.6% 57.3% -18.4% -31.0% -22.8% -2.2%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
9.3% 14.1% 16.1% 17.8% 17.8% 19.5% 14.7% 12.9% 11.6% 16.2% 17.4% 0.7% 2.2% 2.4% 3.6% 3.5% 4.2% 2.7% 3.3% 4.7% 6.2% 6.3%
% Change 52.2% 13.9% 10.4% 0.0% 9.8% -24.7% -12.4% -9.7% 39.9% 7.1% % Change 196.8% 8.0% 50.3% -0.8% 18.5% -36.4% 22.6% 44.9% 29.6% 2.2%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
4.3% 4.3% 4.9% 6.4% 8.0% 10.1% 10.2% 13.1% 12.0% 10.6% 12.4% 58.9% 51.6% 53.4% 52.4% 61.0% 71.4% 53.5% 74.1% 46.7% 44.0% 53.8%
% Change 2.3% 12.9% 30.6% 24.8% 26.5% 0.4% 29.1% -8.6% -11.4% 16.4% % Change -12.4% 3.5% -1.8% 16.4% 17.1% -25.1% 38.5% -37.0% -5.8% 22.3%
Magic Formula Investing -- Earnings Yield Magic Formula Investing -- Return on Capital
Owner Earnings
Cash Return on Invested Capital (CROIC) FCF Yield
(BBBY)2/7/2011
Diluted EPS
FCF / Sales Price / FCF
Free Cash Flow
Stock Price
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
43.1% 43.4% 43.5% 43.8% 44.4% 44.8% 44.9% 43.8% 42.3% 43.3% 43.4% 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 8.6%
% Change 0.6% 0.3% 0.7% 1.3% 0.8% 0.3% -2.6% -3.3% 2.4% 0.1% % Change 4.6% 9.9% 8.2% 10.0% 0.5% -8.9% -11.1% -26.1% 30.0% 12.7%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
6.0 4.0 5.0 6.0 6.0 7.0 6.0 5.0 5.0 6.0 7.0 16.4 14.5 13.5 12.0 11.1 9.8 9.2 8.0 7.8 9.0 6.7
% Change -33.3% 25.0% 20.0% 0.0% 16.7% -14.3% -16.7% 0.0% 20.0% 16.7% % Change -11.9% -7.0% -10.8% -7.5% -12.1% -6.0% -12.5% -2.7% 15.6% -26.2%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
NA NA NA NA NA NA NA NA NA NA 40.3% 39.7% 39.4% 39.1% 38.6% 38.9% 38.1% 36.1% 38.3% 39.3% 32.1%
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! % Change -1.4% -0.8% -0.7% -1.2% 0.7% -2.2% -5.2% 6.2% 2.5% -18.1%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
46.4% 50.5% 50.8% 43.9% 45.2% 49.5% 49.5% 50.1% 42.3% 41.0% 46.4% 20.6% 29.0% 32.9% 42.6% 41.5% 41.7% 31.5% 28.4% 30.3% 42.1% 41.4%
% Change 9.1% 0.4% -13.5% 2.9% 9.5% -0.1% 1.2% -15.5% -2.9% 13.0% % Change 40.6% 13.5% 29.3% -2.6% 0.5% -24.3% -10.0% 6.9% 38.6% -1.6%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
364.9% 399.2% 609.9% 638.5%
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 9.4% % Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 4.7%
Debt to Equity FCF to Total Debt
FCF to Short Term Debt 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