Transcript
Page 1: Whole Foods Market Valuation

RecommendationBUY

Price Range $58.93-$61.70

DCF Valuation SummaryCurrent Price $53.81

Implied Price $61.70 14.67% Undervalued

Input Assumptions Capital IQ AssumptionsMarket Risk Premium 6.00% Company Name

Risk Free Rate 3.80% Ticker

Terminal EBITDA Multiple 15.5 Current Price

Cost of Debt 2.99% Total Debt

Cost of Preferred 0.00% Total Preferred

WFM Corporate Tax Rate 40.46% Minority Interest

WACC 6.98% Market Cap

Implied Terminal Growth Rate 1.25% Cash and Equivalents

Shares Outstanding

Latest FYE

Latest FQE

Valuation Date

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Relative Valuation SummaryCurrent Price $53.81

NTM P/E Ratio $58.93 9.51% UndervaluedNTM TEV/EBITDA Multiple $60.01 11.52% Undervalued

Whole Foods Market, Inc.

NasdaqGS:WFM

53.81

$27.00

-

-

$20,044.90

$989.00

372.50

9/30/2012

6/30/2013

9/4/2013

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WACC Analysis Valuation Date

Bottom-Up Beta Calculation

Name TickerFamily Dollar Stores, Inc. NYSE:FDOHarris Teeter Supermarkets, Inc. NYSE:HTSIThe Fresh Market, Inc. NasdaqGS:TFMSafeway, Inc. NYSE:SWYThe Kroger Co. NYSE:KR

Ingles Markets, Inc. NasdaqGS:IMKT.A

Whole Food Market, Inc. NasdaqGS: WFM

Average

Average Unlevered BetaWFM D/E RatioWFM Tax Rate

WFM Levered Beta

Assumptions

3.80%

6.00%

Tax Rate 40.46%

D/(D+P+E) 0.13%

D/E 0.13%

2.99%

InputsCompany Name: Whole Foods Market, Inc.

NasdaqGS:WFM

Total Debt 27.00

Preferred Equity -

Minority Interest -

Market Cap 20,044.90

Risk Free Rate (Rf)

Market Risk Premium (Rm - Rf)

Cost of Debt (Rd)

C33
Jake Donovan: 30 YR T-Bond Yield as of 9/4/2013
C35
Jake Donovan: Average effective tax rate for years 2008-2012.
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Cash and Equivalents 989.00

Shares outstanding 372.50

Current Price $53.81

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9/4/2013

Current Stock Price Shares Outstanding Beta Total Debt Mkt. Value Equity70.29 115.00 0.12 735.4 8,083.4 49.05 49.50 0.79 215.4 2,426.0 26.91 22.80 1.09 934.5 612.5 25.85 241.30 0.72 5,693.8 6,237.6 49.07 48.20 0.38 46.9 2,366.0 37.34 518.20 0.47 8,891.0 19,351.2

53.81 372.5 1.07 27.0 20044.9

0.53079

0.00135

40.46%

0.5312

WACC

Market Risk Premium

WFM Bottom-Up Beta

Adjusted Market Risk Premium

Risk-Free Rate of Return

Cost of Equity

WFM Cost of Debt

(BBB- Rated) WFM Tax Rate

After-Tax Cost of Debt

Weight of Equity

Weight of Debt

WACC

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Debt/Equity Unlevered Beta9.10% 0.11383398.88% 0.7503340

152.57% 0.571156091.28% 0.46647461.98% 0.3755674

45.95% 0.3690444

0.001346976 1.06914255885798

6.00%

0.53

3.19%

3.80%

6.99%

2.99%

40.46%

1.78%

99.87%

0.13%

6.98%

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PROJECTED CASH FLOWS(USD in millions, except per share data)

996 997 998

Fiscal Year Ending September 30, 2013

2008 2009 2010 2011

Total Revenue 7,953.9 8,031.6 9,005.8 10,107.8

Revenue Growth 1.0% 12.1% 12.2%

EBIT 274.3 330.4 450.5 557.1

EBIT Margin 3.4% 4.1% 5.0% 5.5%

Taxes 92.0 104.1 165.9 209.1

Tax Rate 40.5% 44.5% 41.5% 40.3% 37.9%

Depreciation and Amortization 249.2 266.7 275.6 287.1

Depreciation/Net Fixed Assets 13.1% 14.1% 14.6% 14.4%

Capital Expenditures 529.5 314.6 256.8 365.0

Capital Expenditures/Net Fixed Assets 27.9% 16.6% 13.6% 18.3%

Net Fixed Assets 1,900.1 1,897.9 1,886.1 1,997.2

Net Fixed Assets/Revenue 23.9% 23.6% 20.9% 19.8%

Non-Cash Working Capital (74.1) (58.8) (48.1) (80.5)

Non-Cash Working Capital/Revenue (0.9%) (0.7%) (0.5%) (0.8%)

Change in Non-Cash Working Capital 15.33 10.69 -32.45

Free Cash Flow to the Firm

PV of Yearly Cash Flows $22,022.91

Present Value of Equity as of 9/3/2013 DCF Assumptions

Enterprise Value 22,022.9 BetaLess:

Long Term Debt Debt 27.0 Shares OutstandingPlus:

Cash and Equivalents 989.0 WACC

Equity Value 22,984.9

Term. Growth Rate

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Shares Outstanding 372.5

Implied Per Share Value 61.70 Tax Rate

Current Price 53.81

Value to Current Price 14.7%

Undervalued

EV / ttm EBITDA 20.99

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999 1000

Fiscal Year Ending September 30, 2013

2012 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E

11,698.8 13,687.6 16,151.4 18,816.4 21,450.7 23,810.3 25,596.0 27,003.8 27,948.9

15.7% 17.0% 18.0% 16.5% 14.0% 11.0% 7.5% 5.5% 3.5%

754.6 1,095.0 1,292.1 1,599.4 1,823.3 2,023.9 2,303.6 2,430.3 2,515.4

6.5% 8.0% 8.0% 8.5% 8.5% 8.5% 9.0% 9.0% 9.0%

286.5 384.5 454.4 563.5 643.0 714.2 802.1 846.4 876.2

38.1% 35.5% 35.5% 35.5% 35.5% 35.5% 35.0% 35.0% 35.0%

311.6 1,916.3 2,261.2 2,634.3 3,003.1 3,333.4 3,583.4 3,780.5 3,912.9

14.2% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0%

456.2 2324.2 2729.3 3140.6 3503.6 3781.8 3922.7 4048.0 4092.4

20.8% 21.0% 20.5% 20.0% 19.0% 19.0% 19.0% 19.0% 19.0%

2,192.7 2,600.6 3,068.8 3,575.1 4,075.6 4,523.9 4,863.2 5,130.7 5,310.3

18.7% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0%

(94.8) (102.7) (121.1) (141.1) (160.9) (178.6) (192.0) (202.5) (209.6)

(0.8%) (0.8%) (0.8%) (0.8%) (0.8%) (0.8%) (0.8%) (0.8%) (0.8%)

-14.25 -7.87 -18.48 -19.99 -19.76 -17.70 -13.39 -10.56 -7.09

310.4 388.0 549.5 699.5 879.0 1,175.7 1,327.0 1,466.7

310.4 388.0 549.5 699.5 879.0 1,175.7 1,327.0 1,466.7

3,068.8 3,575.1 4,075.6 4,523.9 4,863.2 5,130.7

429.6 500.5 570.6 633.4 680.9 718.3

DCF Assumptions

0.531

Shares Outstanding 372.5

6.98%

Term. Growth Rate 1.25%

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40.5%

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2021E 2022E Averages28,507.9 28,793.0

2.0% 1.0% 11.62%2,708.3 2,879.3

9.5% 10.0% 5.42%943.7 1003.6

35.0% 35.0% 38.66%3,991.1 4,031.0

14.0% 14.0% 14.06%4097.3 4085.2

19.0% 19.0% 19.69%

5,416.5 5,470.7

19.0% 19.0% 20.99%(213.8) (215.9)

(0.8%) (0.8%) -0.76%-4.19 -2.14

1,662.6 1,823.7

1,662.6 32223.64

5,184.9

765.9

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Ratio

Company (Exchange:Ticker)P/E NTM

Family Dollar Stores, Inc. NYSE:FDO 17.3 8.8

Harris Teeter Supermarkets, Inc. NYSE:HTSI 19.4 6.6

The Fresh Market, Inc. NasdaqGS:TFM 11.3 6.7

Safeway, Inc. NYSE:SWY 18.5 6.8

The Kroger Co. NYSE:KR 28.7 12.2

Ingles Markets, Inc. NasdaqGS:IMKT.A 13.1 6.2

Whole Foods Market, Inc. NasdaqGS:WFM 32.4 13.8

Target 35.5 15.5

Average 20.1 8.7

Median 18.5 6.8

Price/Earnings NTMTarget Price/EarningsNTM EPSTarget PriceCurrent Price

Value to Current Price

EV/EBITDA NTM

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Profit Efficiency

NTM EPS Dividend Yield34.00% 4.12% 9.00% 4.06 1.50% 12.20%

30.00% 2.35% 7.20% 2.53 1.20% 6.10%

22.10% 0.49% 5.80% 2.26 2.40% 4.80%

27.70% 1.20% 5.10% 1.40 3.10% 4.70%

34.20% 4.90% 11.30% 1.71 0.00% 17.30%

21.10% 1.57% 4.60% 2.86 1.60% 7.40%

35.80% 4.22% 9.40% 1.66 0.80% 10.50%

29.27% 2.69% 7.49% 2.35 1.51% 9.00%

30.00% 2.35% 7.20% 2.26 1.50% 7.40%

Price/Earnings NTM Historic Price/EarningsTarget Price/Earnings 35.5 LTM

1.66 2012 16.68$58.93 2011 13.32

53.81 2010 9.11Value to Current Price 9.51% 2009 7.70

Undervalued 2008 7.12

Gross Margin

Net Income Margin

EBITDA Margin

Return on Assets

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Efficiency Growth

Revenue Growth Net Income Growth Dividend Growth

1 Year 5 Years CAGR 1 Year 5 Year CAGR 1 Year

29.80% 12.66% 8.40% 0.27% 14.17% 14.10%

10.50% 3.66% 3.57% 115.62% 3.31% 9.26%

4.40% 4.18% 3.74% -54.99% -19.83% 0.00%

20.80% 7.49% 0.37% -2.42% -10.57% 18.85%

34.40% 15.63% - 15.47% - -

35.80% 6.25% 6.11% 152.71% 4.58% 25.56%

14.60% 15.35% 10.20% 26.63% 29.85% 42.31%

21.47% 9.32% 5.40% 36.18% 3.58% 18.35%

20.80% 7.49% 4.93% 15.47% 3.95% 16.48%

EV/EBITDA NTM Historic EV/EBITDATarget Multiple 15.5 LTMNTM EBITDA 1,380.1 2012 39.97Total Enterprise Value 21,391.6 2011 71.78Less: 2010 23.47

Debt 27.0 2009 20.88

Minority Interest - 2008 17.64Plus:

Cash 989.0 Equity Value $22,353.55Shares Outstanding 372.5Target Price $60.01Current Price 53.81Value to Current Price 11.52%

Undervalued

Return on Equity

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Growth Risk

Dividend Growth

Debt to Equity Market Cap5 Year CAGR

13.14% 0.12 48.30% 70.29 8,083.4

4.65% 0.79 19.90% 49.05 2,426.0

0.00% 1.09 234.40% 26.91 612.5

20.13% 0.72 177.80% 25.85 6,237.6

- 0.38 18.70% 49.07 2,366.0

12.40% 0.47 172.90% 37.34 19,351.2

-1.05% 1.07 0.70% 53.81 20,044.9

8.21% 0.66 96.10% 44.62 8,445.94

8.52% 0.72 48.30% 49.05 6,237.60

Historical Beta

Current Stock Price

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Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Financial Data

Details

Template: Capital IQ Default Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name Day Close Price Latest Shares Outstanding Latest Market Capitalization Latest LTM Net Debt

Family Dollar Stores Inc. (NYSE:FDO) 70.29 115.0 8,083.4 585.3

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) 49.05 49.5 2,426.0 5.1

Ingles Markets, Incorporated (NasdaqGS:IMKT.A) 26.91 22.8 612.5 930.0

Safeway Inc. (NYSE:SWY) 25.85 241.3 6,237.6 5,152.0

The Fresh Market, Inc. (NasdaqGS:TFM) 49.07 48.2 2,366.0 29.0

The Kroger Co. (NYSE:KR) 37.34 518.2 19,351.2 7,699.0

Whole Foods Market, Inc. (NasdaqGS:WFM) 53.81 372.5 20,044.9 (962.0)

Summary Statistics Day Close Price Latest Shares Outstanding Latest Market Capitalization Latest LTM Net Debt

High 70.29 518.2 19,351.2 7,699.0

Low 25.85 22.8 612.5 5.1

Mean 43.09 165.8 6,512.8 2,400.1

Median 43.2 82.2 4,331.8 757.6

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

Page 19: Whole Foods Market Valuation

Historical Equity Pricing Data supplied by

Page 20: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Financial Data

FQ3 2013 Total Debt LTM Total Pref. Equity LTM Minority Interest Total Enterprise Value Latest

735.4 - - 8,668.7 13.23 Jul-10-2013

215.4 - - 2,431.1 21.2 Aug-08-2013

934.5 - - 1,542.4 17.52 Aug-06-2013

5,693.8 - 29.0 11,418.6 11.73 Jul-24-2013

46.9 - - 2,395.1 4.98 Aug-28-2013

8,891.0 - 6.0 27,056.2 6.53 Jun-28-2013

27.0 - - 19,082.9 8.17 Aug-09-2013

LTM Total Pref. Equity LTM Minority Interest Total Enterprise Value Latest LTM Total Revenue

- 29.0 27,056.2 21.2 - 97,729.0

- 6.0 1,542.4 4.98 - 1,412.7

- 17.5 8,918.7 12.53 - 26,983.4

- 17.5 5,549.9 12.48 - 7,456.1

LTM Tangible Book Value/Share

LTM Filing Date, Income Statement

LTM Tangible Book Value/Share

LTM Filing Date, Income Statement

Page 21: Whole Foods Market Valuation

LTM Total Revenue LTM EBITDA LTM EBIT NTM Revenue (Capital IQ) NTM EBITDA (Capital IQ)

10,253.3 927.5 693.4 3.64 10,919.71 988.29 4.06

4,658.8 333.8 188.4 2.28 4,992.29 370.84 2.53

3,775.1 219.5 124.8 0.76 3,934.71 230.75 2.26

44,071.5 2,228.1 1,114.7 2.5 38,007.56 1,675.32 1.4

1,412.7 160.1 110.5 1.43 1,681.28 196.08 1.71

97,729.0 4,517.0 2,847.0 2.9 99,451.0 4,346.04 2.86

12,851.8 1,212.2 878.6 1.45 14,372.55 1,380.1 1.66

LTM EBITDA LTM EBIT NTM Revenue (Capital IQ) NTM EBITDA (Capital IQ) NTM EPS (Capital IQ)

4,517.0 2,847.0 3.64 99,451.0 4,346.04 4.06

160.1 110.5 0.76 1,681.28 196.08 1.4

1,397.7 846.5 2.25 26,497.76 1,301.22 2.47

630.7 440.9 2.39 7,956.0 679.57 2.39

LTM Diluted EPS Excl. Extra Items

NTM EPS (Capital IQ)

LTM Diluted EPS Excl. Extra Items

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Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Key Stats

In Millions of the trading currency, except per share items. Currency: Trading Currency Conversion: Today's Spot Rate

Order: Latest on Right Units: S&P Capital IQ (Default)

Decimals: Capital IQ (Default)

Key Financials¹

Currency USD USD USD USD USD USD

Total Revenue 7,953.9 8,031.6 9,005.8 10,107.8 11,698.8 12,851.8

Growth Over Prior Year 20.7% 1.0% 12.1% 12.2% 15.7% 15.3%

Gross Profit 2,706.7 2,755.1 3,136.3 3,536.5 4,155.8 4,594.8

Margin % 34.0% 34.3% 34.8% 35.0% 35.5% 35.8%

EBITDA 523.5 597.1 726.0 844.2 1,066.2 1,212.2

Margin % 6.6% 7.4% 8.1% 8.4% 9.1% 9.4%

EBIT 274.3 330.4 450.5 557.1 754.6 878.6

Margin % 3.4% 4.1% 5.0% 5.5% 6.5% 6.8%

Earnings from Cont. Ops. 114.5 146.8 245.8 342.6 465.6 542.6

Margin % 1.4% 1.8% 2.7% 3.4% 4.0% 4.2%

Net Income 114.5 146.8 245.8 342.6 465.6 542.6

Margin % 1.4% 1.8% 2.7% 3.4% 4.0% 4.2%

Diluted EPS Excl. Extra Items³ 0.41 0.42 0.72 0.97 1.26 1.45

Growth Over Prior Year (36.5%) 3.3% 69.3% 34.8% 30.6% 23.7%

Same Store Sales Growth % 4.9% (3.1%) 7.1% 8.5% 8.7% NA

¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages.

²Growth rates for the LTM period are calculated against the LTM period ending 12 months before.

 

 

 

For the Fiscal Period Ending 12 monthsSep-28-2008A

12 monthsSep-27-2009A

12 monthsSep-26-2010A

12 monthsSep-25-2011A

12 monthsSep-30-2012A

LTM²12 months

Jul-07-2013A

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³All forward period figures are consensus mean estimates provided by the brokers and may not be on a comparable basis as financials.

†Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page.

Current Capitalization (Millions of USD)

Currency USD

Share Price as of Sep-03-2013 $53.31

Shares Out. 372.5

Market Capitalization** 19,858.7

- Cash & Short Term Investments 989.0

+ Total Debt 27.0

+ Pref. Equity -

+ Total Minority Interest -

= Total Enterprise Value (TEV) 18,896.7

Book Value of Common Equity 3,785.0

+ Pref. Equity -

+ Total Minority Interest -

+ Total Debt 27.0

= Total Capital 3,812.0

**For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company’s primary stock class. Shares shown on this page are total company as-reported share values.

Page 24: Whole Foods Market Valuation

Note: Striped area represents the impact of negative Net Liability on Market Cap.

Total Liability includes Total Debt, Minority Interest and Pref. Equity.

Net Liability includes Total Liability, net of Cash and Short Term Investments.

TEV includes Market Cap and Net Liability.

Total Capital includes Common Equity and Total Liability.

Valuation Multiples based on Current Capitalization

TEV/Total Revenue 1.6x 1.5x 1.5x 1.3x 1.1x

TEV/EBITDA 17.5x 15.6x 15.6x 13.4x 11.2x

TEV/EBIT 24.7x 21.5x - - -

P/Diluted EPS Before Extra 42.3x 36.8x 36.9x 31.2x 25.8x

P/BV 5.2x 5.2x - - -

Price/Tang BV 6.4x 6.5x - - -

For the Fiscal Period Ending 12 monthsSep-30-2012A

LTM12 months

Jul-07-2013A12 months

Sep-30-2013E12 months

Sep-30-2014E12 months

Sep-30-2015E

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USD USD USD

12,977.9 14,782.5 16,969.8

10.93% 13.90% 14.80%

- - -

- - -

1,222.6 1,427.4 1,696.4

9.4% 9.7% 10.0%

- - -

- - -

- - -

- - -

- - -

- - -

1.46 1.73 2.08

15.89% 18.16% 20.68%

- - -

12 months†Sep-30-2013E

12 monthsSep-30-2014E

12 monthsSep-30-2015E

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Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Income Statement

In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings

Period Type: Annual Order: Latest on Right

Currency: Reported Currency Conversion: Today's Spot Rate

Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)

Income Statement

Currency USD USD USD USD USD USD

Revenue 7,953.9 8,031.6 9,005.8 10,107.8 11,698.8 12,851.8

Other Revenue - - - - - -

Total Revenue 7,953.9 8,031.6 9,005.8 10,107.8 11,698.8 12,851.8

Cost Of Goods Sold 5,247.2 5,276.5 5,869.5 6,571.2 7,543.1 8,257.1

Gross Profit 2,706.7 2,755.1 3,136.3 3,536.5 4,155.8 4,594.8

Selling General & Admin Exp. 2,376.9 2,375.5 2,647.8 2,938.6 3,354.3 3,665.3

Pre-Opening Costs 55.6 49.2 38.0 40.9 46.9 50.9

R & D Exp. - - - - - -

Depreciation & Amort. - - - - - -

Other Operating Expense/(Income) - - - - - -

Other Operating Exp., Total 2,432.4 2,424.8 2,685.8 2,979.4 3,401.2 3,716.2

Operating Income 274.3 330.4 450.5 557.1 754.6 878.6

Interest Expense (36.4) (36.9) (33.0) (3.9) (0.4) (0.4)

Interest and Invest. Income 6.7 3.4 6.9 8.0 8.9 10.9

Net Interest Exp. (29.7) (33.4) (26.2) 4.1 8.5 10.5

Other Non-Operating Inc. (Exp.) - - - - - -

EBT Excl. Unusual Items 244.6 297.0 424.3 561.2 763.2 889.2

 

 

 

 

For the Fiscal Period EndingReclassified

12 monthsSep-28-2008

Reclassified12 months

Sep-27-2009

Reclassified12 months

Sep-26-201012 months

Sep-25-201112 months

Sep-30-2012

LTM12 months

Jul-07-2013

Page 28: Whole Foods Market Valuation

Restructuring Charges (36.5) (31.2) (11.2) (8.3) (9.9) (10.9)

Impairment of Goodwill - - - - - -

Asset Writedown (1.5) (14.8) (1.3) (1.2) (1.2) (1.2)

Other Unusual Items - - - - - -

EBT Incl. Unusual Items 206.5 250.9 411.8 551.7 752.0 877.0

Income Tax Expense 92.0 104.1 165.9 209.1 286.5 334.5

Earnings from Cont. Ops. 114.5 146.8 245.8 342.6 465.6 542.6

Earnings of Discontinued Ops. - - - - - -

Extraord. Item & Account. Change - - - - - -

Net Income to Company 114.5 146.8 245.8 342.6 465.6 542.6

Minority Int. in Earnings - - - - - -

Net Income 114.5 146.8 245.8 342.6 465.6 542.6

Pref. Dividends and Other Adj. - 28.1 5.5 - - -

NI to Common Incl Extra Items 114.5 118.8 240.4 342.6 465.6 542.6

NI to Common Excl. Extra Items 114.5 118.8 240.4 342.6 465.6 542.6

Per Share Items

Basic EPS $0.41 $0.42 $0.72 $0.98 $1.28 $1.46

Basic EPS Excl. Extra Items 0.41 0.42 0.72 0.98 1.28 1.46

Weighted Avg. Basic Shares Out. 279.8 280.8 332.5 350.4 364.8 370.7

Diluted EPS $0.41 $0.42 $0.72 $0.97 $1.26 $1.45

Diluted EPS Excl. Extra Items 0.41 0.42 0.72 0.97 1.26 1.45

Weighted Avg. Diluted Shares Out. 280.0 280.8 343.4 354.6 368.9 373.9

Normalized Basic EPS $0.55 $0.66 $0.8 $1.0 $1.31 $1.5

Normalized Diluted EPS 0.55 0.66 0.77 0.99 1.29 1.49

Dividends per Share $0.3 NA NA $0.2 $0.28 $0.37

Payout Ratio % 95.2% 13.5% 3.5% 15.4% 20.3% 23.1%

Supplemental Items

EBITDA 523.5 597.1 726.0 844.2 1,066.2 1,212.2

EBITA 287.2 338.3 456.5 563.9 761.0 885.0

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EBIT 274.3 330.4 450.5 557.1 754.6 878.6

EBITDAR 775.6 872.7 1,022.3 1,159.1 1,411.6 NA

Effective Tax Rate % 44.5% 41.5% 40.3% 37.9% 38.1% 38.1%

Current Domestic Taxes 85.7 88.7 192.1 183.6 287.3 287.3

Current Foreign Taxes 6.8 1.5 4.2 5.1 4.5 4.5

Total Current Taxes 92.5 90.2 196.3 188.7 291.9 291.9

Deferred Domestic Taxes (2.7) 14.1 (30.3) 20.8 (5.4) (5.4)

Deferred Foreign Taxes 2.2 (0.1) 0 (0.4) 0 0

Total Deferred Taxes (0.5) 13.9 (30.3) 20.4 (5.4) (5.4)

Normalized Net Income 152.8 185.6 265.2 350.8 477.0 555.7

Interest Capitalized 6.0 5.2 3.8 2.6 0.5 NA

Filing Date Nov-24-2010 Nov-23-2011 Nov-21-2012 Nov-21-2012 Nov-21-2012 Aug-09-2013

Restatement Type RC RC RC NC O O

Calculation Type REP REP REP REP REP LTM

Supplemental Operating Expense Items

Marketing Exp. 39.7 32.9 37.9 43.2 51.3 NA

Selling and Marketing Exp. 39.7 32.9 37.9 43.2 51.3 51.3

General and Administrative Exp. 270.4 243.7 272.4 310.9 370.9 394.9

Net Rental Exp. 252.1 275.6 296.3 314.9 345.4 NA

Imputed Oper. Lease Interest Exp. 101.3 111.1 139.8 61.8 111.2 -

Imputed Oper. Lease Depreciation 150.8 164.5 156.5 253.1 234.2 -

Stock-Based Comp., COGS 0.2 0.4 0.9 1.4 1.9 1.9

Stock-Based Comp., G&A Exp. 5.0 5.2 11.9 11.7 17.8 22.8

Stock-Based Comp., SG&A Exp. 5.3 7.2 10.1 14.1 22.6 31.6

Stock-Based Comp., Total 10.5 12.8 22.9 27.3 42.3 56.3

Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.

Page 30: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Financial Data

Details

Template: Domjen XOM RV Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name LTM R&D Exp. LTM Payout Ratio LTM Dividends per share LTM EBITDA

Family Dollar Stores Inc. (NYSE:FDO) - 24.38% 0.89 927.5

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) - 26.65% 0.59 333.8

Ingles Markets, Incorporated (NasdaqGS:IMKT.A) - 82.84% 0.66 219.5

Safeway Inc. (NYSE:SWY) - 31.79% 0.73 2,228.1

The Fresh Market, Inc. (NasdaqGS:TFM) - - - 160.1

The Kroger Co. (NYSE:KR) - 18.19% 0.57 4,517.0

Whole Foods Market, Inc. (NasdaqGS:WFM) - 23.13% 0.37 1,212.2

Summary Statistics LTM R&D Exp. LTM Payout Ratio LTM Dividends per share LTM EBITDA

High - 82.84% 0.89 4,517.0

Low - 18.19% 0.57 160.1

Mean - 36.77% 0.69 1,397.7

Median - 26.65% 0.66 630.7

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

Page 31: Whole Foods Market Valuation

Historical Equity Pricing Data supplied by

Page 32: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Financial Data

LTM EBITDAR LTM Revenues Per Share Market Capitalization Latest 52 Week High Price Latest 52 Week Low Price Latest Day Close Price Latest

- 88.7 8,083.4 74.44 54.06 70.29

- 95.31 2,426.0 49.9 35.25 49.05

- 155.7 612.5 29.33 15.29 26.91

- 186.07 6,237.6 28.42 15.0 25.85

- 29.35 2,366.0 62.48 36.51 49.07

- 187.04 19,351.2 39.98 22.26 37.34

- 34.67 20,044.9 56.83 40.7 53.81

LTM EBITDAR LTM Revenues Per Share Market Capitalization Latest 52 Week High Price Latest 52 Week Low Price Latest Day Close Price Latest

- 187.04 19,351.2 74.44 54.06 70.29

- 29.35 612.5 28.42 15.0 25.85

- 123.7 6,512.8 47.42 29.73 43.09

- 125.5 4,331.8 44.94 28.76 43.2

Page 33: Whole Foods Market Valuation

5 Year Beta Dividend Yield Latest TEV/EBITDA LTM - Latest LTM Return on Capital %

0.12 1.5% 9.3x 8.8x 17.30x 21.1%

0.79 1.2% 7.3x 6.6x 19.40x 9.2%

1.09 2.4% 7.0x 6.7x 11.93x 5.9%

0.72 3.1% 5.1x 6.8x 18.46x 7.6%

0.38 0.0% 15.0x 12.2x 28.67x 28.0%

0.47 1.6% 6.0x 6.2x 13.07x 14.4%

1.07 0.8% 15.7x 13.8x 32.43x 14.7%

5 Year Beta Dividend Yield Latest TEV/EBITDA LTM - Latest LTM Return on Capital %

1.09 3.1% 15.0x 12.2x 28.67x 28.0%

0.12 0.0% 5.1x 6.2x 11.93x 5.9%

0.59 1.6% 8.3x 7.9x 18.14x 14.4%

0.6 1.6% 7.2x 6.8x 17.88x 11.8%

NTM TEV/Forward EBITDA (Capital IQ)

NTM Forward P/E (Capital IQ)

NTM TEV/Forward EBITDA (Capital IQ)

NTM Forward P/E (Capital IQ)

Page 34: Whole Foods Market Valuation

LTM Return on Equity % LTM EBITDA Margin % LTM Gross Margin % LTM Net Income Margin %

29.8% 9.0% 34.0% 4.12%

10.5% 7.2% 30.0% 2.35%

4.4% 5.8% 22.1% 0.49%

20.8% 5.1% 27.7% 1.20%

34.4% 11.3% 34.2% 4.90%

35.8% 4.6% 21.1% 1.57%

14.6% 9.4% 35.8% 4.22%

LTM Return on Equity % LTM EBITDA Margin % LTM Gross Margin % LTM Net Income Margin %

35.8% 11.3% 34.2% 4.90%

4.4% 4.6% 21.1% 0.49%

22.6% 7.2% 28.2% 2.44%

25.3% 6.5% 28.8% 1.96%

Page 35: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Growth

Details

Template: Domjen XOM RV Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name LTM EBITDA, 1 Yr Growth %

Family Dollar Stores Inc. (NYSE:FDO) 12.66% 0.27% 6.46% 2.39%

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) 3.66% 115.62% 7.00% 11.22%

Ingles Markets, Incorporated (NasdaqGS:IMKT.A) 4.18% (54.99%) 5.93% (54.81%)

Safeway Inc. (NYSE:SWY) 7.49% (2.42%) 10.26% 75.16%

The Fresh Market, Inc. (NasdaqGS:TFM) 15.63% 15.47% 15.32% 14.47%

The Kroger Co. (NYSE:KR) 6.25% 152.71% 52.70% 177.34%

Whole Foods Market, Inc. (NasdaqGS:WFM) 15.35% 26.63% 21.36% 23.71%

Summary Statistics LTM EBITDA, 1 Yr Growth %

High 15.63% 152.71% 52.70% 177.34%

Low 3.66% (54.99%) 5.93% (54.81%)

Mean 8.31% 37.77% 16.28% 37.63%

Median 6.87% 7.87% 8.63% 12.84%

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

LTM Total Revenues, 1 Yr Growth %

LTM Net Income, 1 Yr Growth %

LTM Diluted EPS before Extra, 1 Yr Growth %

LTM Total Revenues, 1 Yr Growth %

LTM Net Income, 1 Yr Growth %

LTM Diluted EPS before Extra, 1 Yr Growth %

Page 36: Whole Foods Market Valuation

Historical Equity Pricing Data supplied by

Page 37: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Growth

LTM EBITDA, 5 Yr CAGR %

14.10% 13.33% 8.40% 18.90% 14.17% 13.14%

9.26% 3.43% 3.57% 3.39% 3.31% 4.65%

0.00% 2.00% 3.74% (19.65%) (19.83%) 0.00%

18.85% (5.54%) 0.37% 3.72% (10.57%) 20.13%

- - - - - -

25.56% 3.58% 6.11% 10.11% 4.58% 12.40%

42.31% 17.98% 10.20% 22.58% 29.85% (1.05%)

LTM EBITDA, 5 Yr CAGR %

25.56% 13.33% 8.40% 18.90% 14.17% 20.13%

0.00% (5.54%) 0.37% (19.65%) (19.83%) 0.00%

13.55% 3.36% 4.44% 3.29% (1.67%) 10.06%

14.10% 3.43% 3.74% 3.72% 3.31% 12.40%

LTM Dividend per Share, 1 Yr Growth %

LTM Total Revenues, 5 Yr CAGR %

LTM Diluted EPS before Extra, 5 Yr CAGR %

LTM Net Income, 5 Yr CAGR %

LTM Dividend per Share, 5 Yr CAGR %

LTM Dividend per Share, 1 Yr Growth %

LTM Total Revenues, 5 Yr CAGR %

LTM Diluted EPS before Extra, 5 Yr CAGR %

LTM Net Income, 5 Yr CAGR %

LTM Dividend per Share, 5 Yr CAGR %

Page 38: Whole Foods Market Valuation

FQ Total Debt/Equity % LTM Return on Assets % LTM Net Income FY Total Equity FY Total Assets

48.3% 12.2% 422.3 1,297.63 3,373.1

19.9% 6.1% 109.6 1,037.62 1,952.5

234.4% 4.8% 18.5 457.41 1,642.1

177.8% 4.7% 528.2 2,933.4 14,657.0

18.7% 17.3% 69.3 197.86 385.4

172.9% 7.4% 1,539.0 4,214.0 24,652.0

0.7% 10.5% 542.6 3,802.47 5,294.2

FQ Total Debt/Equity % LTM Return on Assets % LTM Net Income FY Total Equity FY Total Assets

234.4% 17.3% 1,539.0 4,214.0 24,652.0

18.7% 4.7% 18.5 197.86 385.4

112.0% 8.8% 447.8 1,689.65 7,777.0

110.6% 6.7% 265.9 1,167.62 2,662.8

Page 39: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Multiples

View: Data Frequency: Quarterly

Order: Latest on Right Decimals: Capital IQ (Default)

Multiples Detail

For Quarter Ending Mar-31-2008 Jun-30-2008 Sep-30-2008 Dec-31-2008 Mar-31-2009

TEV/LTM Total Revenue Average 0.85x 0.68x 0.47x 0.31x 0.33x

High 1.00x 0.78x 0.55x 0.46x 0.43x

Low 0.70x 0.54x 0.42x 0.26x 0.28x

Close 0.74x 0.54x 0.46x 0.28x 0.41x

TEV/NTM Total Revenues Average - - - - -

High - - - - -

Low - - - - -

Close - - - - -

TEV/LTM EBITDA Average 11.90x 9.91x 7.12x 4.77x 5.01x

High 13.61x 11.34x 8.11x 7.16x 6.45x

Low 10.12x 8.02x 6.51x 3.92x 4.19x

Close 10.77x 8.02x 7.11x 4.24x 6.08x

TEV/NTM EBITDA Average - - - - -

High - - - - -

Low - - - - -

Close - - - - -

TEV/LTM EBIT Average 19.88x 17.33x 13.05x 9.04x 9.61x

High 22.13x 19.58x 14.68x 13.44x 12.37x

Low 17.47x 14.23x 12.20x 7.51x 8.02x

Close 18.60x 14.23x 13.33x 8.08x 11.65x

P/LTM EPS Average 29.26x 25.80x 18.56x 12.51x 16.22x

High 32.38x 29.38x 21.87x 19.30x 24.76x

Low 25.74x 20.54x 17.02x 9.56x 11.38x

Close 27.69x 20.54x 19.11x 11.53x 22.82x

 

 

Page 40: Whole Foods Market Valuation

P/NTM EPS Average - - - - -

High - - - - -

Low - - - - -

Close - - - - -

P/LTM Normalized EPS Average 28.05x 24.66x 17.64x 10.42x 11.46x

High 31.10x 28.16x 20.57x 18.34x 16.61x

Low 24.67x 19.61x 16.18x 7.55x 8.50x

Close 26.54x 19.61x 18.16x 8.61x 15.30x

P/BV Average 3.47x 2.87x 1.89x 1.07x 1.16x

High 3.98x 3.34x 2.26x 1.89x 1.69x

Low 2.93x 2.23x 1.66x 0.76x 0.86x

Close 3.15x 2.23x 1.87x 0.88x 1.56x

P/Tangible BV Average 7.29x 5.96x 3.87x 2.13x 2.27x

High 8.40x 6.99x 4.66x 3.84x 3.29x

Low 6.12x 4.60x 3.38x 1.50x 1.67x

Close 6.59x 4.60x 3.80x 1.72x 3.03x

TEV/LTM Unlevered FCF Average NM NM NM NM NM

High NM NM NM NM NM

Low NM NM NM NM NM

Close NM NM NM NM NM

Market Cap/LTM Levered FCF Average NM NM NM NM NM

High NM NM NM NM NM

Low NM NM NM NM NM

Close NM NM NM NM NM

Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to negative values, then they will not be displayed in the chart.

When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end date.

Historical Equity Pricing Data supplied by

Page 41: Whole Foods Market Valuation

Jun-30-2009 Sep-30-2009 Dec-30-2009 Mar-31-2010 Jun-30-2010 Sep-30-2010 Dec-31-2010 Mar-31-2011 Jun-30-2011

0.45x 0.56x 0.60x 0.70x 0.82x 0.74x 0.87x 1.05x 1.09x

0.51x 0.63x 0.70x 0.80x 0.88x 0.83x 0.99x 1.20x 1.22x

0.41x 0.40x 0.53x 0.57x 0.75x 0.69x 0.69x 0.93x 0.95x

0.43x 0.63x 0.58x 0.78x 0.75x 0.74x 0.98x 1.20x 1.12x

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

6.63x 7.70x 8.10x 8.99x 10.21x 9.11x 10.72x 12.92x 13.28x

7.63x 8.60x 9.48x 9.97x 10.89x 10.21x 12.30x 14.74x 14.92x

6.02x 5.80x 7.00x 7.53x 9.18x 8.53x 8.50x 11.52x 11.50x

6.26x 8.60x 7.58x 9.76x 9.18x 9.12x 12.12x 14.73x 13.59x

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

12.62x 14.18x 14.56x 15.55x 17.08x 14.89x 17.33x 20.53x 20.70x

14.62x 15.59x 17.19x 16.92x 18.47x 16.87x 19.82x 23.18x 23.47x

11.34x 10.93x 12.42x 13.36x 15.17x 13.85x 13.85x 18.57x 17.81x

11.79x 15.59x 13.44x 16.57x 15.17x 14.85x 19.53x 23.17x 21.06x

28.73x 39.98x 38.82x 34.90x 35.93x 28.64x 31.75x 36.57x 36.17x

33.55x 46.73x 52.40x 37.81x 41.42x 33.53x 35.87x 40.82x 41.31x

23.36x 26.66x 29.91x 31.24x 30.08x 26.06x 25.97x 33.28x 31.07x

29.45x 46.73x 32.87x 37.00x 30.08x 27.88x 35.34x 40.80x 36.52x

Page 42: Whole Foods Market Valuation

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

17.50x 20.88x 21.91x 21.70x 25.19x 23.47x 28.72x 34.90x 34.96x

20.68x 23.51x 26.36x 23.89x 27.21x 25.77x 33.25x 39.73x 40.21x

15.59x 14.84x 18.26x 19.64x 23.12x 21.94x 22.21x 31.15x 29.91x

16.40x 23.51x 20.06x 23.38x 23.12x 23.84x 32.76x 39.71x 35.16x

1.80x 2.31x 2.54x 2.66x 3.08x 2.78x 3.25x 3.96x 4.06x

2.11x 2.69x 3.02x 2.98x 3.29x 3.10x 3.72x 4.55x 4.61x

1.60x 1.56x 2.18x 2.35x 2.79x 2.59x 2.58x 3.49x 3.51x

1.72x 2.69x 2.40x 2.92x 2.79x 2.77x 3.67x 4.55x 4.13x

3.46x 4.31x 4.65x 4.40x 4.64x 4.10x 4.73x 5.65x 5.63x

4.09x 4.98x 5.58x 4.66x 4.99x 4.62x 5.39x 6.42x 6.50x

3.10x 2.96x 3.97x 3.76x 4.14x 3.81x 3.80x 5.05x 4.80x

3.27x 4.98x 4.36x 4.46x 4.14x 4.08x 5.31x 6.42x 5.65x

NM NM 28.50x 30.57x 30.58x 22.30x 24.52x 26.00x 26.27x

NM NM 33.85x 35.44x 34.14x 29.39x 28.57x 29.58x 28.35x

NM NM 26.20x 25.94x 26.42x 18.86x 18.79x 21.56x 23.95x

NM NM 28.35x 30.62x 26.42x 20.15x 28.15x 26.57x 28.32x

NM NM 28.02x 31.62x 32.83x 23.72x 26.05x 27.56x 27.91x

NM NM 34.28x 36.11x 36.63x 31.62x 30.43x 31.51x 30.16x

NM NM 25.35x 27.51x 28.36x 19.90x 19.83x 22.81x 25.35x

NM NM 27.86x 32.72x 28.36x 21.29x 29.98x 28.01x 30.13x

Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to negative values, then they will not be displayed in the chart.

When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end date.

Page 43: Whole Foods Market Valuation

Sep-30-2011 Dec-30-2011 Mar-30-2012 Jun-29-2012 Sep-28-2012 Dec-31-2012 Mar-28-2013 Jun-28-2013 Sep-04-2013

1.11x 1.16x 1.32x 1.41x 1.49x 1.41x 1.30x 1.36x 1.51x

1.24x 1.28x 1.41x 1.55x 1.56x 1.58x 1.42x 1.49x 1.59x

0.92x 1.06x 1.17x 1.31x 1.30x 1.29x 1.21x 1.19x 1.42x

1.12x 1.17x 1.37x 1.52x 1.52x 1.34x 1.25x 1.44x 1.48x

- - - 1.22x 1.28x 1.24x 1.16x 1.22x 1.35x

- - - 1.33x 1.34x 1.36x 1.30x 1.33x 1.43x

- - - 1.13x 1.14x 1.15x 1.08x 1.06x 1.27x

- - - 1.31x 1.30x 1.20x 1.12x 1.29x 1.33x

13.32x 13.83x 15.59x 16.31x 16.68x 15.62x 14.22x 14.68x 16.13x

14.89x 15.34x 16.63x 17.73x 17.61x 17.64x 15.63x 15.97x 17.08x

10.99x 12.69x 14.05x 15.04x 14.48x 14.22x 13.08x 12.92x 15.03x

13.42x 14.04x 16.07x 17.42x 16.94x 14.74x 13.54x 15.43x 15.74x

- - - 13.77x 14.02x 13.36x 12.46x 13.07x 14.26x

- - - 14.84x 14.70x 14.81x 13.89x 14.21x 15.19x

- - - 12.60x 12.71x 12.34x 11.55x 11.43x 13.20x

- - - 14.54x 14.22x 12.80x 11.97x 13.73x 13.83x

20.41x 21.01x 23.37x 23.95x 24.04x 22.23x 20.00x 20.47x 22.33x

22.71x 23.40x 24.76x 25.85x 25.68x 25.31x 22.08x 22.21x 23.75x

16.76x 19.23x 21.29x 21.93x 20.78x 20.09x 18.31x 18.09x 20.73x

20.48x 21.28x 23.92x 25.40x 24.30x 20.83x 18.96x 21.46x 21.72x

74.27x 35.88x 39.37x 40.68x 41.10x 38.33x 34.62x 35.39x 38.32x

287.28x 40.20x 41.47x 43.95x 43.67x 43.15x 38.23x 38.37x 40.90x

30.76x 32.76x 36.08x 37.66x 36.05x 34.96x 31.67x 31.31x 35.49x

35.38x 36.05x 40.13x 43.23x 41.54x 36.17x 32.72x 37.15x 37.10x

Page 44: Whole Foods Market Valuation

- - - 34.10x 33.98x 32.56x 30.33x 31.24x 33.57x

- - - 36.37x 35.99x 35.57x 33.45x 33.72x 35.91x

- - - 31.22x 31.37x 30.44x 27.94x 27.65x 31.02x

- - - 35.63x 34.24x 31.48x 28.90x 32.62x 32.43x

71.78x 34.89x 38.52x 39.69x 39.97x 37.32x 33.72x 34.41x 37.32x

278.00x 38.83x 40.65x 42.78x 42.50x 41.95x 37.25x 37.29x 39.74x

29.71x 31.96x 35.20x 36.66x 35.08x 34.12x 30.82x 30.47x 34.64x

34.18x 35.17x 39.34x 42.08x 40.38x 35.25x 31.84x 36.10x 36.21x

4.04x 4.13x 4.59x 4.76x 4.86x 4.64x 4.52x 4.97x 5.44x

4.49x 4.62x 4.87x 5.13x 5.10x 5.13x 5.07x 5.42x 5.78x

3.36x 3.78x 4.16x 4.40x 4.28x 4.30x 4.29x 4.34x 5.06x

4.07x 4.16x 4.71x 5.05x 4.94x 4.45x 4.54x 5.25x 5.29x

5.46x 5.50x 6.00x 6.08x 6.10x 5.76x 5.66x 6.27x 6.81x

6.04x 6.21x 6.32x 6.50x 6.46x 6.41x 6.42x 6.82x 7.27x

4.52x 5.00x 5.51x 5.57x 5.35x 5.31x 5.30x 5.50x 6.30x

5.47x 5.50x 6.11x 6.40x 6.17x 5.49x 5.75x 6.60x 6.59x

29.41x 34.21x 46.95x 48.38x 45.08x 42.69x 40.96x 42.32x 43.33x

33.51x 36.69x 54.53x 54.36x 49.51x 46.98x 45.36x 45.10x 48.24x

24.99x 28.83x 36.52x 42.28x 38.58x 39.61x 38.97x 38.51x 38.55x

30.22x 36.49x 52.67x 48.98x 45.12x 41.04x 40.34x 43.59x 40.39x

31.39x 36.40x 49.98x 51.86x 48.27x 45.82x 43.73x 44.82x 45.61x

35.60x 38.94x 58.09x 57.92x 52.99x 50.10x 47.78x 47.66x 50.80x

26.95x 30.83x 38.77x 45.70x 41.65x 42.74x 41.39x 40.92x 40.61x

32.25x 38.74x 56.22x 52.45x 48.23x 44.19x 42.76x 46.15x 42.45x

Page 45: Whole Foods Market Valuation

16.68x 2012

13.32x 2011

9.11x 2010

7.70x 2009

7.12x 2008

Page 46: Whole Foods Market Valuation

39.97x 2012

71.78x 2011

23.47x 2010

20.88x 2009

17.64x 2008

Page 47: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Balance Sheet

In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings

Period Type: Annual Order: Latest on Right

Currency: Reported Currency Conversion: Today's Spot Rate

Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)

Balance Sheet

Sep-27-2009 Sep-26-2010 Sep-25-2011 Sep-30-2012 Jul-07-2013

Currency USD USD USD USD USD USD

ASSETS

Cash And Equivalents 30.5 430.1 132.0 212.0 89.0 311.0

Short Term Investments - - 329.7 442.3 1,131.2 678.0

Total Cash & ST Investments 30.5 430.1 461.7 654.3 1,220.2 989.0

Accounts Receivable 115.4 104.7 133.3 175.3 196.5 181.0

Total Receivables 115.4 104.7 133.3 175.3 196.5 181.0

Inventory 327.5 310.6 323.5 336.8 374.3 390.0

Prepaid Exp. 68.2 46.3 54.7 73.6 76.5 87.0

Deferred Tax Assets, Curr. 80.4 87.8 101.5 121.2 132.2 144.0

Restricted Cash 0.6 71.0 86.8 92.0 102.9 110.0

Other Current Assets - 4.8 - - - -

Total Current Assets 622.6 1,055.4 1,161.5 1,453.1 2,102.6 1,901.0

Gross Property, Plant & Equipment 2,894.3 3,078.2 3,298.2 3,619.4 4,048.6 -

Accumulated Depreciation (994.2) (1,180.3) (1,412.1) (1,622.2) (1,856.0) -

Net Property, Plant & Equipment 1,900.1 1,897.9 1,886.1 1,997.2 2,192.7 2,324.0

Long-term Investments - - 96.1 52.8 221.4 355.0

Goodwill 659.6 658.3 665.2 662.9 662.9 679.0

Other Intangibles 78.5 73.0 69.1 67.2 62.4 66.0

Deferred Tax Assets, LT 109.0 91.0 99.2 50.1 42.8 55.0

Other Long-Term Assets 11.0 7.9 9.3 8.6 9.3 14.0

Total Assets 3,380.7 3,783.4 3,986.5 4,292.1 5,294.2 5,394.0

 

 

 

 

Balance Sheet as of: RestatedSep-28-2008

Page 48: Whole Foods Market Valuation

LIABILITIES

Accounts Payable 183.1 189.6 213.2 236.9 247.1 230.0

Accrued Exp. 196.2 208.0 345.5 391.0 422.6 355.0

Curr. Port. of LT Debt 0.4 - - - - -

Curr. Port. of Cap. Leases - 0.4 0.4 0.5 1.0 1.0

Other Current Liabilities 286.4 286.1 188.7 251.0 306.5 468.0

Total Current Liabilities 666.2 684.0 747.9 879.4 977.2 1,054.0

Long-Term Debt 928.8 720.6 490.4 - - -

Capital Leases - 18.3 17.9 17.4 23.1 26.0

Other Non-Current Liabilities 279.7 319.6 357.1 404.0 491.4 529.0

Total Liabilities 1,874.7 1,742.5 1,613.3 1,300.8 1,491.7 1,609.0

Pref. Stock, Convertible - 413.1 - - - -

Total Pref. Equity - 413.1 - - - -

Common Stock 1,266.1 1,283.0 1,773.9 2,121.0 2,592.4 2,726.0

Additional Paid In Capital - - - - - -

Retained Earnings 239.5 358.2 598.6 870.5 1,233.4 1,181.0

Treasury Stock - - - - (28.6) (116.0)

Comprehensive Inc. and Other 0.4 (13.4) 0.8 (0.2) 5.3 (6.0)

Total Common Equity 1,506.0 1,627.9 2,373.3 2,991.3 3,802.5 3,785.0

Total Equity 1,506.0 2,040.9 2,373.3 2,991.3 3,802.5 3,785.0

Total Liabilities And Equity 3,380.7 3,783.4 3,986.5 4,292.1 5,294.2 5,394.0

Supplemental Items

Total Shares Out. on Filing Date 280.6 281.3 345.9 357.8 371.0 372.5

Total Shares Out. on Balance Sheet Date 280.6 281.1 344.1 357.8 370.9 372.3

Book Value/Share $5.37 $5.79 $6.9 $8.36 $10.25 $10.17

Tangible Book Value 768.0 896.6 1,639.0 2,261.1 3,077.1 3,040.0

Tangible Book Value/Share $2.74 $3.19 $4.76 $6.32 $8.3 $8.17

Total Debt 929.2 739.2 508.7 17.9 24.1 27.0

Net Debt 898.6 309.1 47.0 (636.4) (1,196.1) (962.0)

Debt Equivalent Oper. Leases 2,016.8 2,204.8 2,370.4 2,519.2 2,763.2 NA

Inventory Method LIFO LIFO LIFO LIFO LIFO NA

LIFO Reserve (32.7) (27.1) (19.4) (29.7) (29.8) NA

Finished Goods Inventory 327.5 310.6 323.5 336.8 374.3 390.0

Page 49: Whole Foods Market Valuation

Land 51.4 48.9 48.9 48.9 76.6 NA

Buildings 1,463.9 1,687.1 1,863.3 1,958.6 2,219.8 NA

Machinery 1,157.1 1,187.2 1,240.3 1,398.8 1,674.1 NA

Construction in Progress 197.0 130.1 120.8 188.8 53.3 -

Full Time Employees 46,800 43,000 45,300 48,200 53,100 NA

Part-Time Employees 3,800 7,500 10,700 13,300 16,400 NA

Assets under Cap. Lease, Gross 24.9 24.9 24.9 24.3 24.9 NA

Accum. Allowance for Doubtful Accts NA NA 2.2 2.2 4.0 NA

Filing Date Nov-24-2010 Nov-23-2011 Nov-21-2012 Nov-21-2012 Nov-21-2012 Aug-09-2013

Restatement Type RS NC NC NC O O

Calculation Type RUP RUP RUP REP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.

Page 50: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Cash Flow

In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings

Period Type: Annual Order: Latest on Right

Currency: Reported Currency Conversion: Today's Spot Rate

Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)

Cash Flow

Currency USD USD USD USD USD USD

Net Income 114.5 146.8 245.8 342.6 465.6 542.6

Depreciation & Amort. 236.3 258.8 269.6 280.3 305.2 327.2

Amort. of Goodwill and Intangibles 12.9 7.9 6.0 6.8 6.4 6.4

Depreciation & Amort., Total 249.2 266.7 275.6 287.1 311.6 333.6

(Gain) Loss From Sale Of Assets 3.8 3.0 (0.2) 2.2 2.2 2.2

(Gain) Loss On Sale Of Invest. - - 1.5 6.2 15.7 29.7

Asset Writedown & Restructuring Costs 9.2 24.5 - - - -

Stock-Based Compensation 10.5 12.8 22.9 27.3 42.3 56.3

Tax Benefit from Stock Options (5.7) 0 (3.0) (22.7) (50.3) (42.3)

Other Operating Activities 46.8 59.3 (3.2) 84.0 67.4 16.4

Change in Acc. Receivable (10.5) 10.4 (28.4) (35.4) (29.9) (2.9)

Change In Inventories (52.6) 21.7 (3.0) (23.3) (37.1) (14.1)

Change in Acc. Payable (45.4) 6.5 23.5 23.8 9.6 (8.4)

Change in Other Net Operating Assets 15.2 36.0 53.9 63.1 122.7 93.7

Cash from Ops. 335.0 587.7 585.3 754.8 919.7 1,006.7

Capital Expenditure (529.5) (314.6) (256.8) (365.0) (456.2) (507.2)

Cash Acquisitions (5.5) - (14.5) (2.0) - (22.0)

Divestitures 163.9 - - - - -

Sale (Purchase) of Intangible assets - (1.6) - - - -

Invest. in Marketable & Equity Securt. 0 - (425.6) (73.1) (871.3) 151.7

Net (Inc.) Dec. in Loans Originated/Sold - - - - - -

Other Investing Activities (1.7) (70.1) (18.5) (10.7) (13.8) (13.8)

 

 

 

 

For the Fiscal Period EndingRestated

12 monthsSep-28-2008

12 monthsSep-27-2009

12 monthsSep-26-2010

12 monthsSep-25-2011

12 monthsSep-30-2012

LTM12 months

Jul-07-2013

Page 51: Whole Foods Market Valuation

Cash from Investing (372.7) (386.3) (715.4) (450.7) (1,341.3) (391.3)

Short Term Debt Issued - - - - - -

Long-Term Debt Issued 317.0 123.0 - - - -

Total Debt Issued 317.0 123.0 - - - -

Short Term Debt Repaid - - - - - -

Long-Term Debt Repaid (161.2) (318.4) (210.4) (490.4) (0.3) -

Total Debt Repaid (161.2) (318.4) (210.4) (490.4) (0.3) (1.3)

Issuance of Common Stock 18.0 4.3 47.0 296.7 370.2 106.2

Repurchase of Common Stock - - - - (28.6) (88.6)

Issuance of Pref. Stock - 413.1 - - - -

Common Dividends Paid (109.1) - - (52.6) (94.5) (125.5)

Pref. Dividends Paid - (19.8) (8.5) - - -

Total Dividends Paid (109.1) (19.8) (8.5) (52.6) (94.5) (125.5)

Special Dividend Paid - - - - - (371.0)

Other Financing Activities 5.0 (2.7) 3.0 22.7 50.3 42.3

Cash from Financing 69.8 199.5 (168.9) (223.6) 297.2 (437.8)

Foreign Exchange Rate Adj. (1.6) (1.3) 0.9 (0.6) 1.5 (1.5)

Net Change in Cash 30.5 399.6 (298.1) 80.0 (123.0) 176.0

Supplemental Items

Cash Interest Paid 36.2 43.7 39.2 15.8 2.8 2.8

Cash Taxes Paid 118.4 69.7 193.0 192.5 201.8 343.8

Levered Free Cash Flow (127.0) 131.4 291.9 327.6 382.7 472.2

Unlevered Free Cash Flow (104.2) 154.4 312.5 330.0 382.9 472.5

Change in Net Working Capital 5.9 15.3 10.7 (32.4) (13.7) (40.7)

Net Debt Issued 155.8 (195.4) (210.4) (490.4) (0.3) (1.3)

Filing Date Nov-24-2010 Nov-23-2011 Nov-21-2012 Nov-21-2012 Nov-21-2012 Aug-09-2013

Restatement Type RS NC NC NC O O

Calculation Type REP REP REP REP REP LTM

Page 52: Whole Foods Market Valuation
Page 53: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Historical Capitalization

In Millions of the trading currency, except per share items. Frequency: Quarterly Order: Latest on Right

Currency: Trading Currency Conversion: Today's Spot Rate

Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)

Historical Capitalization

Jan-20-2008 Apr-13-2008 Jul-06-2008 Sep-28-2008 Jan-18-2009 Apr-12-2009

Pricing as of* Feb-29-2008 May-23-2008 Aug-15-2008 Nov-26-2008 Feb-27-2009 May-22-2009

Currency USD USD USD USD USD USD

Capitalization Detail

Share Price $17.58 $13.81 $9.85 $5.41 $6.08 $9.45

Shares Out. 279.0 280.4 280.6 280.6 280.8 280.9

Market Capitalization 4,903.8 3,872.5 2,762.2 1,516.8 1,705.8 2,654.3

- Cash & Short Term Investments 43.9 58.4 24.9 30.5 272.6 362.2

+ Total Debt 772.5 827.7 840.5 929.2 748.4 743.5

+ Pref. Equity - - - - 413.1 413.1

+ Total Minority Interest - - - - - -

= Total Enterprise Value (TEV) 5,632.5 4,641.8 3,577.8 2,415.5 2,594.7 3,448.7

Book Value of Common Equity 1,461.8 1,487.5 1,504.8 1,506.0 1,514.0 1,546.7

+ Pref. Equity - - - - 413.1 413.1

+ Total Minority Interest - - - - - -

+ Total Debt 772.5 827.7 840.5 929.2 748.4 743.5

= Total Capital 2,234.4 2,315.2 2,345.3 2,435.2 2,675.5 2,703.3

 

 

 

Balance Sheet as of:

* Pricing as of the filing date of the balance sheet period end date. For TEV calculation purposes on this page Capital IQ only uses balance sheet components from the original filing that is publicly available as of a given pricing date and does not use restated balance sheet data from a later filing. In the cases where a company did not disclose balance sheet values for a particular period, TEV is calculated using balance sheet components from the last reported balance sheet as of this date. The table above is organized along period end dates.

Page 54: Whole Foods Market Valuation

Historical Equity Pricing Data supplied by

** For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company’s primary stock class. Shares shown on this page are total company as-reported share values.

Page 55: Whole Foods Market Valuation

Jul-05-2009 Sep-27-2009 Jan-17-2010 Apr-11-2010 Jul-04-2010 Sep-26-2010 Jan-16-2011 Apr-10-2011 Jul-03-2011

Aug-14-2009 Nov-27-2009 Feb-26-2010 May-21-2010 Aug-13-2010 Nov-24-2010 Feb-25-2011 May-20-2011 Aug-12-2011

USD USD USD USD USD USD USD USD USD

$14.05 $12.95 $17.75 $19.62 $18.21 $23.55 $28.94 $30.42 $29.15

281.0 281.3 340.7 342.9 343.8 345.9 347.1 351.4 354.4

3,947.5 3,642.6 6,046.0 6,727.7 6,260.6 8,146.1 10,045.9 10,690.4 10,328.2

377.0 430.1 482.4 591.5 431.1 461.7 583.9 553.9 536.9

742.2 739.2 734.1 729.0 513.6 508.7 408.3 208.2 18.0

413.1 413.1 - - - - - - -

- - - - - - - - -

4,725.7 4,364.8 6,297.7 6,865.2 6,343.1 8,193.1 9,870.4 10,344.6 9,809.3

1,591.9 1,627.9 2,111.8 2,217.0 2,299.9 2,373.3 2,514.6 2,702.7 2,845.1

413.1 413.1 - - - - - - -

- - - - - - - - -

742.2 739.2 734.1 729.0 513.6 508.7 408.3 208.2 18.0

2,747.2 2,780.2 2,845.8 2,946.0 2,813.5 2,882.0 2,922.9 2,910.9 2,863.2

Page 56: Whole Foods Market Valuation

Sep-25-2011 Jan-15-2012 Apr-08-2012 Jul-01-2012 Sep-30-2012 Jan-20-2013 Apr-14-2013 Jul-07-2013

Nov-23-2011 Feb-24-2012 May-17-2012 Aug-03-2012 Nov-21-2012 Feb-22-2013 May-17-2013 Aug-09-2013

USD USD USD USD USD USD USD USD

$31.62 $40.55 $41.98 $47.3 $46.04 $42.92 $51.89 $55.42

359.0 364.7 367.1 369.3 371.1 370.8 370.9 372.5

11,349.8 14,790.0 15,412.0 17,469.5 17,081.3 15,912.9 19,243.8 20,644.7

654.3 849.2 1,057.3 1,068.9 1,220.2 926.0 1,078.0 989.0

17.9 19.3 19.2 19.1 24.1 25.0 27.0 27.0

- - - - - - - -

- - - - - - - -

10,713.4 13,960.1 14,373.9 16,419.7 15,885.2 15,011.9 18,192.8 19,682.7

2,991.3 3,182.7 3,455.0 3,641.3 3,802.5 3,543.0 3,632.0 3,785.0

- - - - - - - -

- - - - - - - -

17.9 19.3 19.2 19.1 24.1 25.0 27.0 27.0

3,009.2 3,202.1 3,474.2 3,660.4 3,826.6 3,568.0 3,659.0 3,812.0

Page 57: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Capital Structure Summary

Restatement: Latest Filings Period Type: Annual

Currency: Reported Currency Conversion: Today's Spot Rate

Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)

Order: Latest on Right

Capital Structure Data

12 months Sep-28-2008 12 months Sep-27-2009 12 months Sep-26-2010

Currency USD USD USD

Units Millions % of Total Millions % of Total Millions % of Total

Total Debt 929.2 38.2% 739.2 26.6% 508.7 17.7%

Total Common Equity 1,506.0 61.8% 1,627.9 58.6% 2,373.3 82.3%

Total Preferred Equity - - 413.1 14.9% - -

Total Capital 2,435.2 100.0% 2,780.2 100.0% 2,882.0 100.0%

Currency USD USD USD

Exchange Rate 1.0 1.0 1.0

Conversion Method S S S

Debt Summary Data

12 months Sep-28-2008 12 months Sep-27-2009 12 months Sep-26-2010

Currency USD USD USD

Units Millions % of Total Millions % of Total Millions % of Total

Total Revolving Credit 195.0 21.0% 0 0.0% 0 0.0%

Total Term Loans 700.0 75.3% 700.0 94.7% 490.0 96.3%

Total Subordinated Bonds and Notes 2.7 0.3% - - - -

Total Capital Leases 19.0 2.0% 18.6 2.5% 18.3 3.6%

Total Principal Due 916.7 98.7% 718.6 97.2% 508.3 99.9%

In Millions of the reported currency, except ratios and % of Total values.

 

 

 

 

For the Fiscal Period Ending

For the Fiscal Period Ending

Page 58: Whole Foods Market Valuation

Total Adjustments 12.5 1.3% 20.6 2.8% 0.4 0.1%

Total Debt Outstanding 929.2 100.0% 739.2 100.0% 508.7 100.0%

Available Credit

Undrawn Revolving Credit 75.9 - 335.2 - 342.9 -

Total Undrawn Credit 75.9 - 335.2 - 342.9 -

Additional Totals

Total Cash & ST Investments 30.5 - 430.1 - 461.7 -

Net Debt 898.6 - 309.1 - 47.0 -

Total Senior Debt 914.0 98.4% 718.6 97.2% 508.3 99.9%

Total Subordinated Debt 2.7 0.3% - - - -

Subordinated Debt 2.7 0.3% - - - -

Total Convertible Debt 2.7 0.3% - - - -

Curr. Port. of LT Debt/Cap. Leases 0.4 0.0% 0.4 0.1% 0.4 0.1%

Long-Term Debt (Incl. Cap. Leases) 928.8 100.0% 738.8 99.9% 508.3 99.9%

Total Bank Debt 895.0 96.3% 700.0 94.7% 490.0 96.3%

Total Secured Debt 914.0 98.4% 718.6 97.2% 508.3 99.9%

Senior Secured Loans 895.0 96.3% 700.0 94.7% 490.0 96.3%

Total Senior Secured Debt 914.0 98.4% 718.6 97.2% 508.3 99.9%

Total Unsecured Debt 2.7 0.3% - - - -

Variable Rate Debt 895.0 96.3% 700.0 94.7% 490.0 96.3%

Hedging Activities 12.5 1.3% 20.6 2.8% 0.4 0.1%

Credit Ratios

Net Debt/EBITDA 1.7x - 0.5x - 0.1x -

Total Debt/EBITDA 1.8x - 1.2x - 0.7x -

Total Senior Debt/EBITDA 1.7x - 1.2x - 0.7x -

Total Senior Secured/EBITDA 1.7x - 1.2x - 0.7x -

Total Sub. Debt/EBITDA 0.0x - - - - -

Subordinated Debt/EBITDA 0.0x - - - - -

Net Debt/(EBITDA-CAPEX) NM - 1.1x - 0.1x -

Total Debt/(EBITDA-CAPEX) NM - 2.6x - 1.1x -

Total Senior Debt/(EBITDA-CAPEX) NM - 2.5x - 1.1x -

Total Senior Secured/(EBITDA-CAPEX) NM - 2.5x - 1.1x -

Total Sub. Debt/(EBITDA-CAPEX) NM - - - - -

Subordinated Debt/(EBITDA-CAPEX) NM - - - - -

Fixed Payment Schedule

Page 59: Whole Foods Market Valuation

LT Debt (Incl. Cap. Leases) Due +2 - - 351.0 47.5% 246.0 48.4%

LT Debt (Incl. Cap. Leases) Due +3 - - 351.0 47.5% 246.1 48.4%

LT Debt (Incl. Cap. Leases) Due +4 449.9 48.4% - - - -

LT Debt (Incl. Cap. Leases) Due +5 449.8 48.4% - - - -

LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs 899.7 96.8% 702.1 95.0% 492.1 96.7%

Cap. Lease Payment Due +1 0.4 - 0.4 - 0.4 -

Cap. Lease Payment Due +2 1.0 - 1.0 - 1.0 -

Cap. Lease Payment Due +3 1.0 - 1.0 - 1.1 -

Cap. Lease Payment Due +4 1.0 - 1.0 - 1.1 -

Cap. Lease Payment Due +5 1.0 - 1.0 - 1.1 -

Cap. Lease Payment Due, Next 5 Yrs 4.4 - 4.5 - 4.7 -

Cap. Lease Payment Due, After 5 Yrs 14.6 - 14.1 - 13.6 -

Cap. Lease Payment Due (incl. Interest) +1 - - - - - -

Operating Lease Commitment Due +1 261.5 - 265.4 - 295.0 -

Operating Lease Commitment Due +2 307.4 - 287.4 - 317.4 -

Operating Lease Commitment Due +3 320.1 - 304.1 - 328.4 -

Operating Lease Commitment Due +4 321.8 - 308.2 - 337.0 -

Operating Lease Commitment Due +5 319.7 - 310.9 - 338.8 -

Operating Lease Commitment Due, Next 5 Yrs 1,530.4 - 1,476.0 - 1,616.5 -

Operating Lease Commitment Due, After 5 Yrs 4,487.4 - 4,174.3 - 4,390.0 -

Sub-Lease Income +1 3.8 - 6.5 - 7.0 -

Sub-Lease Income +2 3.0 - 5.8 - 6.4 -

Sub-Lease Income +3 2.5 - 5.4 - 5.7 -

Sub-Lease Income +4 2.4 - 4.8 - 4.9 -

Sub-Lease Income +5 2.3 - 4.0 - 3.9 -

Sub-Lease Income, Next 5 Yrs 13.9 - 26.5 - 28.0 -

Sub-Lease Income, After 5 Yrs 12.4 - 12.7 - 11.8 -

Contractual Obligations Due +1 - - 35.9 - 7.9 -

Contractual Obligations Due + 2 - - 14.3 - 3.3 -

Contractual Obligations Due + 3 - - 14.3 - 3.3 -

Contractual Obligations Due, Next 5 Yrs - - 64.5 - 14.6 -

Total Contractual Obligations - - 64.5 - 14.6 -

Interest Rate Data

Filing Date Nov-24-2010 - Nov-23-2011 - Nov-21-2012 -

Page 60: Whole Foods Market Valuation

Currency USD USD USD

Exchange Rate 1.0 1.0 1.0

Conversion Method S S S

Page 61: Whole Foods Market Valuation

12 months Sep-25-2011 12 months Sep-30-2012 3 months Jul-07-2013

USD USD USD

Millions % of Total Millions % of Total Millions % of Total

17.9 0.6% 24.1 0.6% 27.0 0.7%

2,991.3 99.4% 3,802.5 99.4% 3,785.0 99.3%

- - - - - -

3,009.2 100.0% 3,826.6 100.0% 3,812.0 100.0%

USD USD USD

1.0 1.0 1.0

S S S

12 months Sep-25-2011 12 months Sep-30-2012 3 months Jul-07-2013

USD USD USD

Millions % of Total Millions % of Total Millions % of Total

- - - - - -

- - - - - -

- - - - - -

17.9 100.0% 24.1 100.0% 27.0 100.0%

17.9 100.0% 24.1 100.0% 27.0 100.0%

Page 62: Whole Foods Market Valuation

- - - - - -

17.9 100.0% 24.1 100.0% 27.0 100.0%

- - - - - -

- - - - - -

654.3 - 1,220.2 - 989.0 -

(636.4) - (1,196.1) - (962.0) -

17.9 100.0% 24.1 100.0% 27.0 100.0%

- - - - - -

- - - - - -

- - - - - -

0.5 2.6% 1.0 4.2% 1.0 3.7%

17.4 97.4% 23.1 95.8% 26.0 96.3%

- - - - - -

17.9 100.0% 24.1 100.0% 27.0 100.0%

- - - - - -

17.9 100.0% 24.1 100.0% 27.0 100.0%

- - - - - -

- - - - - -

- - - - - -

NM - NM - NM -

0.0x - 0.0x - 0.0x -

0.0x - 0.0x - 0.0x -

0.0x - 0.0x - 0.0x -

- - - - - -

- - - - - -

NM - NM - NM -

0.0x - 0.0x - 0.0x -

0.0x - 0.0x - 0.0x -

0.0x - 0.0x - 0.0x -

- - - - - -

- - - - - -

Page 63: Whole Foods Market Valuation

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

0.5 - 1.0 - 1.0 -

1.1 - 1.5 - - -

1.1 - 1.6 - - -

1.2 - 1.5 - - -

1.1 - 1.5 - - -

4.9 - 7.1 - 1.0 -

13.0 - 17.1 - 26.0 -

- - 3.0 - - -

319.5 - 309.1 - - -

344.4 - 364.3 - - -

360.1 - 385.5 - - -

366.3 - 396.1 - - -

368.0 - 397.0 - - -

1,758.3 - 1,852.0 - - -

4,612.5 - 4,922.8 - - -

7.3 - 7.5 - - -

6.7 - 7.3 - - -

5.7 - 6.0 - - -

4.4 - 5.5 - - -

3.7 - 4.5 - - -

27.7 - 30.8 - - -

11.5 - 13.0 - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

Nov-21-2012 - Nov-21-2012 - Aug-09-2013 -

Page 64: Whole Foods Market Valuation

USD USD USD

1.0 1.0 1.0

S S S

Page 65: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Capital Structure Details

Period Type: Annual Source: A 2012 filed Nov-21-2012

Currency: Reported Currency Conversion: Today's Spot Rate

Units: S&P Capital IQ (Default) Decimals: Capital IQ (Default)

FY 2012 (Sep-30-2012) Capital Structure As Reported Details

Description Type Principal Due (USD) Maturity Seniority Secured

Capital Lease Obligations Capital Lease 24.1 NA NA 2029 Senior Yes

FY 2011 (Sep-25-2011) Capital Structure As Reported Details

Description Type Principal Due (USD) Maturity Seniority Secured

Capital Lease Obligations Capital Lease 17.9 NA NA 2029 Senior Yes

Principal Due in Millions of the reported currency.

 

 

 

Coupon/Base Rate Floating Rate

Coupon/Base Rate Floating Rate

Page 66: Whole Foods Market Valuation

Convertible

No USD

Convertible

No USD

Repayment Currency

Repayment Currency

Page 67: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Ratios

Restatement: Latest Filings Period Type: Annual

Order: Latest on Right Decimals: Capital IQ (Default)

Ratios

Profitability

Return on Assets % 5.2% 5.8% 7.2% 8.4% 9.8% 10.5%

Return on Capital % 7.4% 7.9% 9.9% 11.8% 13.8% 14.7%

Return on Equity % 7.7% 8.3% 11.1% 12.8% 13.7% 14.6%

Return on Common Equity % 7.7% 7.6% 12.0% 12.8% 13.7% 14.6%

Margin Analysis

Gross Margin % 34.0% 34.3% 34.8% 35.0% 35.5% 35.8%

SG&A Margin % 29.9% 29.6% 29.4% 29.1% 28.7% 28.5%

EBITDA Margin % 6.6% 7.4% 8.1% 8.4% 9.1% 9.4%

EBITA Margin % 3.6% 4.2% 5.1% 5.6% 6.5% 6.9%

EBIT Margin % 3.4% 4.1% 5.0% 5.5% 6.5% 6.8%

Earnings from Cont. Ops Margin % 1.4% 1.8% 2.7% 3.4% 4.0% 4.2%

Net Income Margin % 1.4% 1.8% 2.7% 3.4% 4.0% 4.2%

Net Income Avail. for Common Margin % 1.4% 1.5% 2.7% 3.4% 4.0% 4.2%

Normalized Net Income Margin % 1.9% 2.3% 2.9% 3.5% 4.1% 4.3%

Levered Free Cash Flow Margin % (1.6%) 1.6% 3.2% 3.2% 3.3% 3.7%

Unlevered Free Cash Flow Margin % (1.3%) 1.9% 3.5% 3.3% 3.3% 3.7%

Asset Turnover

Total Asset Turnover 2.4x 2.2x 2.3x 2.4x 2.4x 2.5x

Fixed Asset Turnover 4.5x 4.2x 4.8x 5.2x 5.6x 5.8x

Accounts Receivable Turnover 72.1x 73.0x 75.7x 65.5x 62.9x 71.4x

Inventory Turnover 17.0x 16.5x 18.5x 19.9x 21.2x 21.6x

Short Term Liquidity

Current Ratio 0.9x 1.5x 1.6x 1.7x 2.2x 1.8x

Quick Ratio 0.2x 0.8x 0.8x 0.9x 1.4x 1.1x

 

 

For the Fiscal Period Ending 12 monthsSep-28-2008

12 monthsSep-27-2009

12 monthsSep-26-2010

12 monthsSep-25-2011

12 monthsSep-30-2012

LTM12 months

Jul-07-2013

Page 68: Whole Foods Market Valuation

Cash from Ops. to Curr. Liab. 0.5x 0.9x 0.8x 0.9x 0.9x 1.0x

Avg. Days Sales Out. 5.0 5.0 4.8 5.6 5.9 5.2

Avg. Days Inventory Out. 21.4 22.0 19.7 18.3 17.5 17.2

Avg. Days Payable Out. 14.1 12.9 12.5 12.4 11.8 10.5

Avg. Cash Conversion Cycle 12.3 14.1 12.0 11.4 11.5 11.9

Long Term Solvency

Total Debt/Equity 61.7% 36.2% 21.4% 0.6% 0.6% 0.7%

Total Debt/Capital 38.2% 26.6% 17.7% 0.6% 0.6% 0.7%

LT Debt/Equity 61.7% 36.2% 21.4% 0.6% 0.6% 0.7%

LT Debt/Capital 38.1% 26.6% 17.6% 0.6% 0.6% 0.7%

Total Liabilities/Total Assets 55.5% 46.1% 40.5% 30.3% 28.2% 29.8%

EBIT / Interest Exp. 7.5x 9.0x 13.6x 143.5x NM NM

EBITDA / Interest Exp. 14.4x 16.2x 22.0x 217.5x NM NM

(EBITDA-CAPEX) / Interest Exp. NM 7.7x 14.2x 123.5x NM NM

Total Debt/EBITDA 1.8x 1.2x 0.7x 0.0x 0.0x 0.0x

Net Debt/EBITDA 1.7x 0.5x 0.1x NM NM NM

Total Debt/(EBITDA-CAPEX) NM 2.6x 1.1x 0.0x 0.0x 0.0x

Net Debt/(EBITDA-CAPEX) NM 1.1x 0.1x NM NM NM

Altman Z Score 4.18 3.5 5.03 7.73 9.29 9.89

Growth Over Prior Year

Total Revenue 20.7% 1.0% 12.1% 12.2% 15.7% 15.3%

Gross Profit 17.9% 1.8% 13.8% 12.8% 17.5% 16.6%

EBITDA 5.8% 14.1% 21.6% 16.3% 26.3% 21.4%

EBITA (7.7%) 17.8% 34.9% 23.5% 34.9% 26.2%

EBIT (11.0%) 20.4% 36.4% 23.7% 35.4% 26.3%

Earnings from Cont. Ops. (37.3%) 28.2% 67.5% 39.4% 35.9% 26.6%

Net Income (37.3%) 28.2% 67.5% 39.4% 35.9% 26.6%

Normalized Net Income (22.5%) 21.4% 42.9% 32.3% 36.0% 26.4%

Diluted EPS before Extra (36.5%) 3.3% 69.3% 34.8% 30.6% 23.7%

Accounts Receivable 9.7% (9.3%) 27.3% 31.5% 12.1% 1.2%

Inventory 13.7% (5.1%) 4.1% 4.1% 11.1% 3.8%

Net PP&E 14.0% (0.1%) (0.6%) 5.9% 9.8% 10.0%

Total Assets 5.2% 11.9% 5.4% 7.7% 23.3% 6.0%

Page 69: Whole Foods Market Valuation

Tangible Book Value 10.9% 16.7% 82.8% 38.0% 36.1% 4.3%

Common Equity 3.2% 8.1% 45.8% 26.0% 27.1% 3.9%

Cash from Ops. (14.4%) 75.4% (0.4%) 29.0% 21.8% 13.0%

Capital Expenditures 0.9% (40.6%) (18.4%) 42.1% 25.0% 21.0%

Levered Free Cash Flow NM NM 122.2% 12.2% 16.8% 25.2%

Unlevered Free Cash Flow NM NM 102.4% 5.6% 16.0% 24.4%

Dividend per Share (16.7%) NA NA NA 40.0% 42.3%

Compound Annual Growth Rate Over Two Years

Total Revenue 19.1% 10.4% 6.4% 12.2% 14.0% 14.2%

Gross Profit 17.6% 9.5% 7.6% 13.3% 15.1% 15.4%

EBITDA 4.9% 9.9% 17.8% 18.9% 21.2% 21.3%

EBITA (5.5%) 4.3% 26.1% 29.1% 29.1% 27.2%

EBIT (7.3%) 3.5% 28.2% 29.9% 29.4% 27.5%

Earnings from Cont. Ops. (25.0%) (10.4%) 46.5% 52.8% 37.6% 29.3%

Net Income (25.0%) (10.4%) 46.5% 52.8% 37.6% 29.3%

Normalized Net Income (14.9%) (3.0%) 31.7% 37.5% 34.1% 28.6%

Diluted EPS before Extra (23.7%) (19.0%) 32.2% 51.1% 32.7% 25.4%

Accounts Receivable 18.5% (0.2%) 7.5% 29.4% 21.4% 7.3%

Inventory 26.8% 3.8% (0.6%) 4.1% 7.6% 5.8%

Net PP&E 24.0% 6.7% (0.4%) 2.6% 7.8% 8.7%

Total Assets 28.6% 8.5% 8.6% 6.5% 15.2% 14.5%

Tangible Book Value (21.8%) 13.8% 46.1% 58.8% 37.0% 19.8%

Common Equity 3.6% 5.6% 25.5% 35.6% 26.6% 15.3%

Cash from Ops. (14.0%) 22.5% 32.2% 13.3% 25.4% 18.3%

Capital Expenditures 24.8% (22.6%) (30.4%) 7.7% 33.3% 24.2%

Levered Free Cash Flow NM NM NM 57.9% 14.5% 14.6%

Unlevered Free Cash Flow NM NM NM 46.2% 10.7% 13.9%

Dividend per Share 0.0% NA NA NA NA 57.1%

Compound Annual Growth Rate Over Three Years

Total Revenue 19.2% 12.7% 11.0% 8.3% 13.4% 13.7%

Gross Profit 18.0% 12.0% 10.9% 9.3% 14.7% 14.8%

EBITDA 12.9% 7.9% 13.6% 17.3% 21.3% 20.5%

EBITA 7.3% 1.7% 13.6% 25.2% 31.0% 27.6%

EBIT 6.1% 1.1% 13.5% 26.6% 31.7% 27.9%

Earnings from Cont. Ops. (5.6%) (10.4%) 10.4% 44.1% 46.9% 34.1%

Page 70: Whole Foods Market Valuation

Net Income (5.6%) (10.4%) 10.4% 44.1% 46.9% 34.1%

Normalized Net Income 1.0% (4.2%) 10.4% 31.9% 37.0% 31.4%

Diluted EPS before Extra (6.2%) (15.6%) 3.6% 33.1% 43.9% 29.7%

Accounts Receivable 20.1% 8.4% 8.2% 14.9% 23.3% 13.9%

Inventory 23.3% 15.1% 3.9% 0.9% 6.4% 5.3%

Net PP&E 21.7% 15.4% 4.2% 1.7% 4.9% 7.2%

Total Assets 21.4% 22.8% 7.5% 8.3% 11.9% 11.5%

Tangible Book Value (14.6%) (10.6%) 33.3% 43.3% 50.8% 24.8%

Common Equity 3.3% 5.1% 17.6% 25.7% 32.7% 18.1%

Cash from Ops. (6.6%) 9.1% 14.3% 31.1% 16.1% 20.6%

Capital Expenditures 17.8% (2.6%) (21.2%) (11.7%) 13.2% 24.6%

Levered Free Cash Flow NM 46.2% NM NM 42.8% 17.4%

Unlevered Free Cash Flow NM 54.3% NM NM 35.4% 14.8%

Dividend per Share 8.5% NA NA (12.6%) NA NA

Compound Annual Growth Rate Over Five Years

Total Revenue 20.4% 15.8% 13.9% 12.5% 12.2% 10.2%

Gross Profit 20.2% 15.5% 13.7% 12.5% 12.6% 11.1%

EBITDA 14.3% 12.5% 14.8% 12.2% 16.6% 18.0%

EBITA 10.9% 9.0% 14.4% 11.9% 19.6% 23.9%

EBIT 10.4% 8.8% 14.4% 11.8% 19.6% 24.6%

Earnings from Cont. Ops. 3.0% 2.5% 12.5% 10.9% 20.6% 29.9%

Net Income 3.0% 2.5% 12.5% 10.9% 20.6% 29.9%

Normalized Net Income 8.4% 6.5% 12.3% 10.7% 19.3% 27.1%

Diluted EPS before Extra 0.7% (3.1%) 7.6% 6.5% 14.3% 22.6%

Accounts Receivable 20.2% 10.0% 14.9% 16.4% 13.3% 7.2%

Inventory 21.5% 15.2% 13.1% 10.6% 5.4% 4.3%

Net PP&E 20.6% 16.8% 12.3% 10.1% 5.6% 4.7%

Total Assets 22.4% 20.0% 16.1% 16.0% 10.5% 10.2%

Tangible Book Value 3.3% 2.0% 5.9% 12.5% 34.8% 32.7%

Common Equity 14.6% 11.4% 11.7% 16.3% 21.1% 20.3%

Cash from Ops. 3.4% 12.2% 7.3% 10.8% 18.6% 22.2%

Capital Expenditures 24.8% 3.4% (4.5%) 1.4% (2.8%) (1.3%)

Levered Free Cash Flow NM NM NM 50.8% NM NM

Unlevered Free Cash Flow NM NM NM 51.0% NM NM

Page 71: Whole Foods Market Valuation

Dividend per Share NA NA NA (7.8%) (4.9%) (1.0%)

Page 72: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Supplemental

In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual

Currency: Reported Currency Conversion: Today's Spot Rate

Order: Latest on Right Units: S&P Capital IQ (Default)

Decimals: Capital IQ (Default)

Supplemental

Currency USD USD USD USD USD

Options Outstanding

Options Out. at the Beginning of the Period 34.4 34.9 36.6 37.9 27.3

Options Granted During the Period 4.5 5.4 6.3 6.4 7.2

Options Exercised During the Period 1.9 0.1 3.2 13.6 13.7

Options Cancelled During the Period 2.1 3.5 1.8 3.5 0.9

Options Out. at the End of the Period 34.9 36.6 37.9 27.3 20.0

W/Avg. Strike Price of Out. at the End of the Period $24.32 $22.62 $23.0 $24.5 $30.17

W/Avg. Strike Price of Granted $13.8 $9.37 $20.39 $31.25 $44.23

Options Outstanding - All Classes

Options Out. at the Beginning of the Period 34.4 34.9 36.6 37.9 27.3

Options Granted During the Period 4.5 5.4 6.3 6.4 7.2

Options Exercised During the Period 1.9 0.1 3.2 13.6 13.7

Options Cancelled During the Period 2.1 3.5 1.8 3.5 0.9

Options Out. at the End of the Period 34.9 36.6 37.9 27.3 20.0

Stock Based Compensation

Restr. Stock Comp. Exp., Before Tax - - 4.2 0.2 0.1

Stock Options Comp. Exp., Before Tax 10.5 13.3 18.7 27.0 42.2

Stock Options Comp. Exp. Tax Effect (4.8) - - - -

Stock Options Comp. Exp., After Tax 5.7 - - - -

Stock Based Comp. Exp., Before Tax 10.5 12.8 22.9 27.3 42.3

Stock Based Comp. Exp. Tax Effect (4.8) (5.2) (9.2) (10.1) (15.8)

Stock Based Comp. Exp., After Tax 5.7 7.6 13.7 17.2 26.5

Loss Carry Forward Related Items

 

 

 

 

For the Fiscal Period Ending 12 monthsSep-28-2008

12 monthsSep-27-2009

12 monthsSep-26-2010

12 monthsSep-25-2011

12 monthsSep-30-2012

Page 73: Whole Foods Market Valuation

NOL C/F, No Expiration 18.6 18.6 58.5 62.4 78.2

Total NOL C/F 18.6 18.6 58.5 62.4 78.2

Tax Benefit C/F, After Five Years 0.1 0.1 0.1 0.0 0.0

Total Tax Benefit C/F 0.1 0.1 0.1 0.0 0.0

Adoption of FIN 48 Related Items

Impact on Long Term Assets 7.2 - - - -

Impact on Current Liabilities 8.5 - - - -

Impact on Retained Earnings (1.3) - - - -

Unrecognized Tax Benefits - Beginning of Period - - - 10.7 6.4

Decrease in Unrecog. Tax Benefits - Prior Yrs. - - - 0 (2.4)

Settlements with Tax Authorities - - - (4.3) -

Unrecognized Tax Benefits - End of Period - - - 6.4 4.0

Interest and Penalties Recog. on IS - Before Tax - - - - 0.5

Interest and Penalties Recog. on BS - Before Tax - - - 3.4 2.1

Unrecog. Tax Benefit Impacting Effective Tax Rate - - - - 4.0

Capitalized Interest Data

Interest Capitalized 6.0 5.2 3.8 2.6 0.5

Fair Value Measurements

Level 1 Assets - Quoted Prices - 509.4 93.6 59.2 15.8

Level 2 Assets - Observable Prices - - 444.6 511.9 1,360.5

Fair Value of Assets - 509.4 538.2 571.1 1,376.3

Level 2 Liabilities - Observable Prices - 20.6 - - -

Fair Value of Liabilities - 20.6 - - -

Filing Date Nov-24-2010 Nov-23-2011 Nov-21-2012 Nov-21-2012 Nov-21-2012

Page 74: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Industry Specific

In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual

Currency: Reported Currency Conversion: Today's Spot Rate

Order: Latest on Right Units: S&P Capital IQ (Default)

Decimals: Capital IQ (Default)

Industry Specific

Currency USD USD USD USD USD

Retail Specific Data

Stores at Beginning 276 275 284 299 311

Stores Opened 20 15 16 18 25

Stores Acquired - - 2 - -

Stores Closed 21 6 1 6 1

Stores Sold - - 2 - -

Total Stores 275 284 299 311 335

Avg Weekly Sales per Store $570,000 $549,000 $588,000 $636,000 $682,000

Total Same Store Sales Growth 4.9% (3.1%) 7.1% 8.5% 8.7%

Gross Margin 34.0% 34.3% 34.8% 35.0% 35.5%

Operating Margin 3.0% 3.5% 4.9% 5.4% 6.4%

Retail Revenues 7,953.9 8,031.6 9,005.8 10,107.8 11,698.8

Total Retail Sq. Ft. (Gross) 9,895,000 10,566,000 11,231,000 11,832,000 12,735,000

Avg. Retail Sq. Ft. (Gross) 36,000 37,000 38,000 38,000 38,000

Owned / Operated Store Data

Owned/Operated Stores at Beginning 276 275 284 299 311

Owned/Operated Stores Opened 20 15 16 18 25

Owned/Operated Stores Acquired - - 2 - -

Owned/Operated Stores Closed 21 6 1 6 1

Owned/Operated Stores Sold - - 2 - -

Total Owned/Operated Stores 275 284 299 311 335

 

 

 

 

For the Fiscal Period Ending 12 monthsSep-28-2008

12 monthsSep-27-2009

12 monthsSep-26-2010

12 monthsSep-25-2011

12 monthsSep-30-2012

Page 75: Whole Foods Market Valuation

Avg. Weekly Sales per Owned/Operated Store $570,000 $549,000 $588,000 $636,000 $682,000

Owned/Operated Same Store Sales Growth 4.9% (3.1%) 7.1% 8.5% 8.7%

Filing Date Nov-24-2010 Nov-23-2011 Nov-21-2012 Nov-21-2012 Nov-21-2012

Page 76: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Pension/OPEB

In Millions of the reported currency, except per share items. Restatement: Latest Filings Period Type: Annual

Currency: Reported Currency Conversion: Today's Spot Rate

Order: Latest on Right Units: S&P Capital IQ (Default)

Decimals: Capital IQ (Default)

Pension/OPEB

Currency USD USD USD USD USD

Pension Information - Total

Defined Benefit Net Periodic Cost

Def. Contribution Plan Cost 3.0 3.7 4.2 4.7 5.0

Total Pension Expense 3.0 3.7 4.2 4.7 5.0

 

 

 

 

For the Fiscal Period Ending 12 monthsSep-28-2008

12 monthsSep-27-2009

12 monthsSep-26-2010

12 monthsSep-25-2011

12 monthsSep-30-2012

Page 77: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > Financials > Segments

In Millions of the reported currency. View By: Line Items Restatement: Latest Filings

Period Type: Annual Order: Latest on Right

Currency: Reported Currency Conversion: Today's Spot Rate

Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)

Business Segments

Currency USD USD USD USD USD

Revenues

Natural and Organic Foods Supermarkets 7,953.9 8,031.6 9,005.8 10,107.8 11,698.8

Total Revenues 7,953.9 8,031.6 9,005.8 10,107.8 11,698.8

Gross Profit Before Tax

Natural and Organic Foods Supermarkets 2,706.7 2,755.1 3,136.3 3,536.5 4,155.8

Total Gross Profit Before Tax 2,706.7 2,755.1 3,136.3 3,536.5 4,155.8

Operating Profit Before Tax

Natural and Organic Foods Supermarkets 236.2 284.3 438.0 547.6 743.5

Total Operating Profit Before Tax 236.2 284.3 438.0 547.6 743.5

Interest Expense

Natural and Organic Foods Supermarkets (36.4) (36.9) (33.0) (3.9) (0.4)

Total Interest Expense (36.4) (36.9) (33.0) (3.9) (0.4)

Net Profit Before Tax

Natural and Organic Foods Supermarkets 206.5 250.9 411.8 551.7 752.0

Total Net Profit Before Tax 206.5 250.9 411.8 551.7 752.0

Tax Expense

Natural and Organic Foods Supermarkets 92.0 104.1 165.9 209.1 286.5

Total Tax Expense 92.0 104.1 165.9 209.1 286.5

Net Profit After Tax

 

 

 

 

For the Fiscal Period EndingReclassified

12 monthsSep-28-2008

Reclassified12 months

Sep-27-2009

Reclassified12 months

Sep-26-201012 months

Sep-25-201112 months

Sep-30-2012

Page 78: Whole Foods Market Valuation

Natural and Organic Foods Supermarkets 114.5 146.8 245.8 342.6 465.6

Total Net Profit After Tax 114.5 146.8 245.8 342.6 465.6

Assets

Natural and Organic Foods Supermarkets 3,380.7 3,783.4 3,986.5 4,292.1 5,294.2

Total Assets 3,380.7 3,783.4 3,986.5 4,292.1 5,294.2

Depreciation & Amortization

Natural and Organic Foods Supermarkets 249.2 266.7 275.6 287.1 311.6

Total Depreciation & Amortization 249.2 266.7 275.6 287.1 311.6

Capital Expenditure

Natural and Organic Foods Supermarkets (529.5) (316.2) (256.8) (365.0) (456.2)

Total Capital Expenditure (529.5) (316.2) (256.8) (365.0) (456.2)

Filing Date Nov-24-2010 Nov-23-2011 Nov-21-2012 Nov-21-2012 Nov-21-2012

Geographic Segments

Currency USD USD USD USD USD

Revenues

United States 7,675.5 7,806.7 8,735.6 9,794.4 11,324.5

Canada and United Kingdom 278.4 224.9 270.2 313.3 374.4

Total Revenues 7,953.9 8,031.6 9,005.8 10,107.8 11,698.8

Assets

United States - - - - 2,152.0

Canada and United Kingdom - - - - 108.0

Total Assets - - - - 2,260.0

Filing Date Nov-24-2010 Nov-23-2011 Nov-21-2012 Nov-21-2012 Nov-21-2012

For the Fiscal Period EndingReclassified

12 monthsSep-28-2008

Reclassified12 months

Sep-27-2009

Reclassified12 months

Sep-26-201012 months

Sep-25-201112 months

Sep-30-2012

Page 79: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Trading Multiples

Details

Template: Capital IQ Default Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name TEV/EBITDA LTM - Latest TEV/EBIT LTM - Latest

Family Dollar Stores Inc. (NYSE:FDO) 0.8x 9.3x 12.5x 19.3x

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) 0.5x 7.3x 12.9x 21.5x

Ingles Markets, Incorporated (NasdaqGS:IMKT.A) 0.4x 7.0x 12.4x 35.2x

Safeway Inc. (NYSE:SWY) 0.3x 5.1x 10.0x 10.3x

The Fresh Market, Inc. (NasdaqGS:TFM) 1.7x 15.0x 21.7x 34.3x

The Kroger Co. (NYSE:KR) 0.3x 6.0x 9.5x 12.9x

Whole Foods Market, Inc. (NasdaqGS:WFM) 1.5x 15.7x 21.7x 37.1x

Summary Statistics TEV/EBITDA LTM - Latest TEV/EBIT LTM - Latest

High 1.7x 15.0x 21.7x 35.2x

Low 0.3x 5.1x 9.5x 10.3x

Mean 0.7x 8.3x 13.2x 22.3x

Median 0.5x 7.2x 12.4x 20.4x

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

TEV/Total Revenues LTM - Latest

P/Diluted EPS Before Extra LTM - Latest

TEV/Total Revenues LTM - Latest

P/Diluted EPS Before Extra LTM - Latest

Page 80: Whole Foods Market Valuation

Historical Equity Pricing Data supplied by

Page 81: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Trading Multiples

P/TangBV LTM - Latest

5.3x 0.79x 8.8x 17.30x

2.3x 0.49x 6.6x 19.40x

1.5x 0.39x 6.7x 11.93x

2.2x 0.30x 6.8x 18.46x

9.8x 1.42x 12.2x 28.67x

5.7x 0.27x 6.2x 13.07x

6.6x 1.33x 13.8x 32.43x

P/TangBV LTM - Latest

9.8x 1.42x 12.2x 28.67x

1.5x 0.27x 6.2x 11.93x

4.5x 0.61x 7.9x 18.14x

3.8x 0.44x 6.8x 17.88x

NTM TEV/Forward Total Revenue (Capital IQ)

NTM TEV/Forward EBITDA (Capital IQ)

NTM Forward P/E (Capital IQ)

NTM TEV/Forward Total Revenue (Capital IQ)

NTM TEV/Forward EBITDA (Capital IQ)

NTM Forward P/E (Capital IQ)

Page 82: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Operating Statistics

Details

Template: Capital IQ Default Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name LTM Gross Margin % LTM EBITDA Margin % LTM EBIT Margin % LTM Net Income Margin %

Family Dollar Stores Inc. (NYSE:FDO) 34.0% 9.0% 6.8% 4.12%

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) 30.0% 7.2% 4.0% 2.35%

Ingles Markets, Incorporated (NasdaqGS:IMKT.A) 22.1% 5.8% 3.3% 0.49%

Safeway Inc. (NYSE:SWY) 27.7% 5.1% 2.5% 1.20%

The Fresh Market, Inc. (NasdaqGS:TFM) 34.2% 11.3% 7.8% 4.90%

The Kroger Co. (NYSE:KR) 21.1% 4.6% 2.9% 1.57%

Whole Foods Market, Inc. (NasdaqGS:WFM) 35.8% 9.4% 6.8% 4.22%

Summary Statistics LTM Gross Margin % LTM EBITDA Margin % LTM EBIT Margin % LTM Net Income Margin %

High 34.2% 11.3% 7.8% 4.90%

Low 21.1% 4.6% 2.5% 0.49%

Mean 28.2% 7.2% 4.6% 2.44%

Median 28.8% 6.5% 3.7% 1.96%

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

Page 83: Whole Foods Market Valuation

Historical Equity Pricing Data supplied by

Page 84: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Operating Statistics

LTM EBITDA, 1 Yr Growth % LTM EBIT, 1 Yr Growth % LTM Total Debt/Capital % LTM Total Debt/EBITDA

12.66% 6.46% 3.43% 0.27% 32.59% 0.8x

3.66% 7.00% 5.68% 115.62% 16.60% 0.6x

4.18% 5.93% 5.06% (54.99%) 70.10% 4.3x

7.49% 10.26% 19.37% (2.42%) 64.00% 2.6x

15.63% 15.32% 12.68% 15.47% 15.78% 0.3x

6.25% 52.70% 116.01% 152.71% 63.36% 1.8x

15.35% 21.36% 26.28% 26.63% 0.71% 0.0x

LTM EBITDA, 1 Yr Growth % LTM EBIT, 1 Yr Growth % LTM Total Debt/Capital % LTM Total Debt/EBITDA

15.63% 52.70% 116.01% 152.71% 70.10% 4.3x

3.66% 5.93% 3.43% (54.99%) 15.78% 0.3x

8.31% 16.28% 27.04% 37.77% 43.74% 1.7x

6.87% 8.63% 9.18% 7.87% 47.97% 1.3x

LTM Total Revenues, 1 Yr Growth %

LTM Net Income, 1 Yr Growth %

LTM Total Revenues, 1 Yr Growth %

LTM Net Income, 1 Yr Growth %

Page 85: Whole Foods Market Valuation

5 Year Beta

12.02% 0.12

12.00% 0.79

15.50% 1.09

14.33% 0.72

20.07% 0.38

9.10% 0.47

18.96% 1.07

5 Year Beta

20.07% 1.09

9.10% 0.12

13.84% 0.59

13.17% 0.6

NTM LT EPS Growth Rate (Capital IQ)

NTM LT EPS Growth Rate (Capital IQ)

Page 86: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Business Description

Details

Template: Capital IQ Default Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name Business Description Headquarters

Family Dollar Stores Inc. (NYSE:FDO)

Harris Teeter Supermarkets, Inc. (NYSE:HTSI)

Ingles Markets, Incorporated (NasdaqGS:IMKT.A)

Safeway Inc. (NYSE:SWY)

The Fresh Market, Inc. (NasdaqGS:TFM)

The Kroger Co. (NYSE:KR)

Whole Foods Market, Inc. (NasdaqGS:WFM)

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

Historical Equity Pricing Data supplied by

Family Dollar Stores, Inc. operates a chain of self-service retail discount stores primarily for low- and middle-income consumers in the United

10401 Monroe Road, Matthews, North Carolina, 28105, United StatesHarris Teeter Supermarkets, Inc.,

through its subsidiaries, engages in the operation of a regional chain of supermarkets primarily in the

701 Crestdale Road, Matthews, North Carolina, 28105, United StatesIngles Markets, Incorporated operates

a supermarket chain in the southeast United States. The company’s supermarkets offer food products,

2913 U.S. Highway 70 West, Black Mountain, North Carolina, 28711-9103, United States

Safeway Inc., together with its subsidiaries, operates as a food and drug retailer in North America. Its stores offers a selection of food and

5918 Stoneridge Mall Road, Pleasanton, California, 94588-3229, United States

The Fresh Market, Inc. operates as a specialty grocery retailer in the United States. The company offers various perishable product categories,

628 Green Valley Road, Suite 500, Greensboro, North Carolina, 27408, United States

The Kroger Co., together with its subsidiaries, operates as a retailer in the United States. The company also manufactures and processes food for

1014 Vine Street, Cincinnati, Ohio, 45202, United States

Whole Foods Market, Inc. owns and operates a chain of natural and organic foods supermarkets. The company offers produce, grocery, meat and

550 Bowie Street, Austin, Texas, 78703-4644, United States

Page 87: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Business Description

Page 88: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Implied Valuation

Details

Template: Capital IQ Default Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name Total Revenue EBITDA EBIT Revenue (Capital IQ)

12,851.8 1,212.2 878.6 14,372.55

Edit Values Total Enterprise Value Multiples

TEV/Total Revenues TEV/EBITDA TEV/EBIT TEV/Forward Total Revenue

High 1.7x 15.0x 21.7x 1.42x

Low 0.3x 5.1x 9.5x 0.27x

Mean 0.7x 8.3x 13.2x 0.61x

Median 0.5x 7.2x 12.4x 0.44x

Implied Enterprise Value

High 21,788.0 18,133.9 19,042.1 20,474.28

Low 3,329.8 6,148.9 8,349.9 3,910.13

Mean 8,583.1 10,036.0 11,565.6 8,790.87

Median 5,978.7 8,671.9 10,922.1 6,316.58

+ Total Cash & ST Investments 989.0 989.0 989.0 989.0

- Total Debt 27.0 27.0 27.0 27.0

- Total Pref. Equity - - - -

- Minority Interest - - - -

= Implied Equity Value

High 22,750.0 19,095.9 20,004.1 21,436.28

Low 4,291.8 7,110.9 9,311.9 4,872.13

Mean 9,545.1 10,998.0 12,527.6 9,752.87

Median 6,940.7 9,633.9 11,884.1 7,278.58

/ Shares Outstanding 372.51 372.51 372.51 372.51

Whole Foods Market, Inc. (NasdaqGS:WFM)

Page 89: Whole Foods Market Valuation

= Implied Price per Share

High 61.1 51.3 53.7 57.55

Low 11.5 19.1 25.0 13.08

Mean 25.6 29.5 33.6 26.18

Median 18.6 25.9 31.9 19.54

Mean Equity Value Across Multiples Equity Value Price Per Share

High 21,000.77 56.38

Low 6,604.03 17.73

Mean 11,458.72 30.76

Median 9,975.63 26.78

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

Historical Equity Pricing Data supplied by

Page 90: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Implied Valuation

EBITDA (Capital IQ) Basic EPS EPS (Capital IQ) Tangible Book Value/Share

1,380.1 1.46 1.66 8.17

Pricing Multiples

TEV/Forward EBITDA P/Diluted EPS Before Extra Forward P/E P/TangBV

12.2x 35.2x 28.67x 9.8x

6.2x 10.3x 11.93x 1.5x

7.9x 22.3x 18.14x 4.5x

6.8x 20.4x 17.88x 3.8x

16,857.74

8,591.79

10,872.34

9,315.82

989.0

27.0

-

-

17,819.74 19,221.68 17,720.7 29,957.72

9,553.79 5,642.34 7,376.66 4,672.72

11,834.34 12,144.14 11,212.66 13,655.02

10,277.82 11,136.3 11,052.47 11,601.25

372.51 372.51 372.51 372.51

Page 91: Whole Foods Market Valuation

47.84 51.6 47.57 80.42

25.65 15.15 19.8 12.54

31.77 32.6 30.1 36.66

27.59 29.9 29.67 31.14

Page 92: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Valuation Chart

Details

Template: Capital IQ Default Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Page 93: Whole Foods Market Valuation

All values in millions, except per share data and ratios.

Page 94: Whole Foods Market Valuation

Values converted at today's spot rate.

Historical Equity Pricing Data supplied by

Page 95: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Valuation Chart

Page 96: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Credit Health Panel

Details

Template: Capital IQ Default Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name Overall Operational Solvency Liquidity LTM Period Ending

The Fresh Market, Inc. (NasdaqGS:TFM) 2 2 2 3 Jul-28-2013

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) 2 4 2 2 Jul-02-2013

Family Dollar Stores Inc. (NYSE:FDO) 3 1 3 3 Jun-01-2013

Safeway Inc. (NYSE:SWY) 3 3 4 4 Jun-15-2013

The Kroger Co. (NYSE:KR) 4 2 3 4 May-25-2013

Ingles Markets, Incorporated (NasdaqGS:IMKT.A) 4 4 4 2 Jun-29-2013

Whole Foods Market, Inc. (NasdaqGS:WFM) 1 3 1 1 Jul-07-2013

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

Credit Health Panel metric values are calculated by converting all currencies to USD based on yesterday’s spot rate. Currencies displayed on the page are converted at today’s spot rate from yesterday’s USD value.

Page 97: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Credit Health Panel

Financials Updated Country GICS Classification

Aug-30-2013 United States Food Retail

Aug-12-2013 United States Food Retail

Jul-13-2013 United States General Merchandise Stores

Jul-26-2013 United States Food Retail

Jun-30-2013 United States Food Retail

Aug-09-2013 United States Food Retail

Aug-11-2013 United States Food Retail

Credit Health Panel metric values are calculated by converting all currencies to USD based on yesterday’s spot rate. Currencies displayed on the page are converted at today’s spot rate from yesterday’s USD value.

Page 98: Whole Foods Market Valuation

Company Comparable Analysis > My Whole Foods Market, Inc. Quick Comp > Credit Health Panel > Disclaimer

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Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Credit Health Panel

Details

Template: Domjen XOM RV Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name Country GICS Classification

Family Dollar Stores Inc. (NYSE:FDO) United States General Merchandise Stores

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) United States Food Retail

Ingles Markets, Incorporated (NasdaqGS:IMKT.A) United States Food Retail

Safeway Inc. (NYSE:SWY) United States Food Retail

The Fresh Market, Inc. (NasdaqGS:TFM) United States Food Retail

The Kroger Co. (NYSE:KR) United States Food Retail

Whole Foods Market, Inc. (NasdaqGS:WFM) United States Food Retail

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

Credit Health Panel metric values are calculated by converting all currencies to USD based on yesterday’s spot rate. Currencies displayed on the page are converted at today’s spot rate from yesterday’s USD value.

Page 101: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Credit Health Panel

Credit Health Panel metric values are calculated by converting all currencies to USD based on yesterday’s spot rate. Currencies displayed on the page are converted at today’s spot rate from yesterday’s USD value.

Page 102: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Tab 4

Details

Template: Domjen XOM RV Comps

Currency: US Dollar

As-Of Date: Sep-04-2013

Company Comp Set

Company Name LTM Total Revenue FY Cash And Equivalents FY Total Debt LTM Cost Of Revenues

Family Dollar Stores Inc. (NYSE:FDO) 10,253.3 92.33 547.5 6,767.31

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) 4,658.8 212.21 238.7 3,262.52

Ingles Markets, Incorporated (NasdaqGS:IMKT.A) 3,775.1 4.68 835.2 2,939.35

Safeway Inc. (NYSE:SWY) 44,071.5 352.2 5,573.7 31,874.7

The Fresh Market, Inc. (NasdaqGS:TFM) 1,412.7 8.74 42.0 929.86

The Kroger Co. (NYSE:KR) 97,729.0 238.0 8,879.0 77,066.0

Whole Foods Market, Inc. (NasdaqGS:WFM) 12,851.8 89.02 24.1 8,257.05

Summary Statistics LTM Total Revenue FY Cash And Equivalents FY Total Debt LTM Cost Of Revenues

High 97,729.0 352.2 8,879.0 77,066.0

Low 1,412.7 4.68 42.0 929.86

Mean 26,983.4 151.36 2,686.0 20,473.29

Median 7,456.1 152.27 691.3 5,014.92

Displaying 7 Companies.

Excel Comp Set ID: IQ245789085

All values in millions, except per share data and ratios.

Values converted at today's spot rate.

Page 103: Whole Foods Market Valuation

Historical Equity Pricing Data supplied by

Page 104: Whole Foods Market Valuation

Whole Foods Market, Inc. (NasdaqGS:WFM) > My Whole Foods Market, Inc. Quick Comp > Quick Comparable Analysis > Tab 4

LTM Gross Profit LTM Basic EPS FY Common Stock

3,486.0 - 3.65 11.91 ( 102.98) 19.3x

1,396.3 - 2.24 111.35 ( 29.2) 21.5x

835.8 - 0.76 1.21 ( 15.33) 35.2x

12,196.8 - 2.21 6.1 ( 167.9) 10.3x

482.9 - 1.44 0.48 - 34.3x

20,663.0 - 2.92 959.0 ( 280.0) 12.9x

4,594.8 - 1.46 2,592.37 ( 125.51) 37.1x

LTM Gross Profit LTM Basic EPS FY Common Stock

20,663.0 - 3.65 959.0 ( 15.33) 35.2x

482.9 - 0.76 0.48 ( 280.0) 10.3x

6,510.1 - 2.2 181.68 ( 119.08) 22.3x

2,441.1 - 2.22 9.01 ( 102.98) 20.4x

LTM Exploration/Drilling Costs

LTM Common Dividends Paid

P/Diluted EPS Before Extra LTM - Latest

LTM Exploration/Drilling Costs

LTM Common Dividends Paid

P/Diluted EPS Before Extra LTM - Latest

Page 105: Whole Foods Market Valuation

19.5x 29.8%

22.5x 10.5%

16.0x 4.4%

11.5x 20.6%

35.1x 34.4%

13.2x 35.2%

36.2x 14.6%

35.1x 35.2%

11.5x 4.4%

19.6x 22.5%

17.7x 25.2%

P/Normalized EPS LTM - Latest

LTM Return on Common Equity %

P/Normalized EPS LTM - Latest

LTM Return on Common Equity %


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