gopro's equity story
DESCRIPTION
This short deck tells the equity story behind GoPro - the high growth HD camera manufacturer and retailer.We look at the overall camera industry, the company's operating and financial performance to identify the key value drivers of the business and its prospects for growth.TRANSCRIPT
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GOPRO
A GLOBAL MEDIA BRAND
Tell the Story Behind the Numbers
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Table of Contents Recent Capital Markets Activity
Online Camera Market Overview
Company Considerations Share price performance Recent Corporate Actions (eg. M&A, news
announcements) Operating Performance Valuation
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Executive Summary GoPro, the manufacturer of high definition personal capture devices, is rapidly
gaining market share in the digital capture market.
Current and future revenues will come from Virtuous Cycle People film content with social currency which is shared -> more people view content and are
then compelled to buy a GoPro which repeats
As a media platform it could have the ability to curate the best content and gain advertising/royalties etc.
The market seems very optimistic about GoPros media platform opportunity
which is at least 2-3 years from materialising. Based on our valuation analysis, the company is not trading on fundamentals:
Based on forecasts, a 5-year discounted cash flow model yields a per share valuation of $21.30 GoPro currently trades at $68.2 on NYSE an implied 3x market premium to the fundamental
DCF value Looking at a trading multiples valuation we see that GoPro has a 286% market premium on its P/
E multiple and an 88% premium on its EV/Sales It is far too early for long-term investors to be able to tell whether GoPro will have
staying power or will be out-competed by larger counterparts like Sony, Google, or Apple.
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RECENT CAPITAL MARKETS ACTIVITY
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Investor Sentiment Quotes We believe GoPro is an atypical consumer electronics
company, because it has successfully dierentiated through the content and engaging experiences it enables, not through the wearable capture device itself.(Citi)
One thing that surprised us is just how large and profitable
the company already is for a start-up. (Barclays) If their cameras continue to evolve, then narcissistic thrill
seekers might not be GoPro's ultimate market at all.
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Investor Sentiment Quotes
It is far too early for long-term investors to be able to tell whether GoPro will have staying power or will be out-competed by larger counterparts like Sony, Google, or Apple.
The social media video sharing aspect to GoPro is an
interesting one, but far too early to consider it a viable revenue stream.
The commoditization of action cams is inevitable, decreasing
margins.
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CAMERA MARKET OVERVIEW
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Camera Market Overview GoPro is gaining market share in both the
camera and camcorder markets, with 27% and 5% share respectively.
The overall digital capture market has fallen by 44% - GoPro however has grown by 240%.
Revenue growth in APAC has been slow. US and EMEA have been strong
Camera market is trending towards the selfie culture
Camera & Camcorder Market Units shipped Comparison
Revenue by Geography (1000s)
GoPro Share of Camera & Camcorder market
0
50
100
150
200
0
1000
2000
3000
4000
5000
2011 2012 2013
Tota
l (10
00
s)
GoP
ro
GoPro total
0.0
500.0
1,000.0
2011 2012 2013 Americas EMEA APEC total
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2011 2012 2013
Camera marke
t
Camco
rder m
arke
t
camcorder market camera Market
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GoPro Market Overview GoPro is among the most viewed brands on
Youtube As a media platform it can curate the best
content and gain advertising/royalties etc Redbull is currently the leader in this genre
of branded marketing Partnerships such as Stratos jump
Only 36% of US have seen GoPro videos Youtube channel is consistently gaining in
views and subscribers
Have you seen GoPro branded content? (Citi)
Top performing channels in Outdoor activities & adventure sports category (m)
Gopro channel - # Subscribers and Uploaded video views. 2014
50%
36%
14%
No, and I have never heard of GoPro before,
Yes, I have seen GoPro content before, No, but I have heard of GoPro before,
875 720
534 340 232
redbull discovery gopro dcshoes xtreme vid
400 420 440 460 480 500 520 540 560
1.5 1.6 1.7 1.8 1.9 2
2.1 2.2 2.3
Up
load
ed v
ideo
vie
ws
(mil)
Sub
srci
ber
s (m
il)
subscribers Uploaded Video views
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Competitive Landscape
Cameras Sony Garmin Polaroid Ion JVC Panasonic Drift
Online RedBull Discovery
Channel
Consumer iRobot Corp Lululemon
athletica Chipotle
Mexican Grill Michael Kors
Holdings Hain Celestial
Group Annies inc
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COMPANY CONSIDERATIONS
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Key Company Considerations Hardware will lead growth in near term Possible upside should media platform deliver (2016 expected)
Advertising opportunities Licensing (Getty images platform) Software and studio initiatives (investments in video editing) Secured deals with Virgin Atlantic, Microsoft Xbox and BMW iDrive
Current and future revenues will come from Virtuous Cycle People film content with social currency which is shared -> more people view
content and are then compelled to buy a GoPro which repeats Citi research suggests only 36% of US consumers have seen GoPro videos
suggesting the market still oers significant upside
Strong management team. Nicholas Woodman Highly regarded CEO, holds a majority stake Tony Bates hired just prior before IPO. Ex-Microsoft/Skype and former board
member of Youtube Jack Lazar Corporate development and general manager at QUALCOMM
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Key Company Considerations Highly competitive market
Direct competitors are established and have the revenue and influence to gain back market share.
GoPro market share will fall as low end category growth increases. Action cameras will only be adopted by so many people.
Google glass style technology and better mobile phones will limit mainstream sales.
GoPro suggests mobile might actually be complementary so this is contentious.
Cool factor may not work on mainstream Consumer may rather just look at price and ease of use.
To break APAC market a lower cost unit needed which will depress margins
Likely product model similar to Apple Ipod touch/nano/shue Media will be dicult to monetize as they do not own content
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Share Price Performance vs Competitors (Last 12 Months)
40
60
80
100
120
140
160
180
200
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Pric
e in
dex
(re
-bas
ed S
epte
mb
er)
Garmin Sony Apple Netgear Nike Tesla UnderArmour
GPRO IPO 26/6/2014 Current date 12/09/2014
IPO Price - $24 High $70.9
Peer group growth- 8.4% GPRO growth 184.5%
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GoPro Financial Forecasts
EBIT & Margin (14-18)
Sales & Growth (14-18)
1.3
1.7
2.0
2.3
2.8
36
27
18 17 17
0
5
10
15
20
25
30
35
40
-
0.5
1.0
1.5
2.0
2.5
3.0
2014E 2015E 2016E 2017E 2018E
Grow
th in
sales
Units sold (m
il)
Sales Growth (%)
134 170
201 235
275
11% 12%
13% 14%
15%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
50
100
150
200
250
300
2014E 2015E 2016E 2017E 2018E
EBIT m
argin
EBIT (1
000s)
EBIT EBIT Margin (%)
Lower cost units required to penetrate mass market eg. APAC
Sales growth should continue in near term due to strong market presence
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Media Platform as Potential Catalyst Media Platform could prove lucrative if online viewership continues its growth The two main revenue sources we forecast for this business model is advertising and licensing GoPros demographic is 18-34 YO which is the most sought after from advertisers Based on a forecast 4 billion video views at $10 and 40,000 videos sold at $500, incremental $60
million annual revenues can be achieved from the media opportunity.
Revenues from licencing based on Getty images ($ millions) Average price per video ($)
100 200 500 1000 2500 5000 10,000 $1.00 $2.00 $5.00 $10.00 $25.00 $50.00 20,000 $2.00 $4.00 $10.00 $20.00 $50.00 $100.00 30,000 $3.00 $6.00 $15.00 $30.00 $75.00 $150.00
Number of videos sold 40,000 $4.00 $8.00 $20.00 $40.00 $100.00 $200.00 50,000 $5.00 $10.00 $25.00 $50.00 $125.00 $250.00 60,000 $6.00 $12.00 $30.00 $60.00 $150.00 $300.00
Revenues from advertising.($millions) Net revenue per 1000 views (CPM $ ) Avg
$6.00 $7.60 $8.00 $10.00 $12.00 $14.00 $16.00 1 $6.00 $7.60 $8.00 $10.00 $12.00 $14.00 $16.00 2 $12.00 $15.20 $16.00 $20.00 $24.00 $28.00 $32.00
Number of views 3 $18.00 $22.80 $24.00 $30.00 $36.00 $42.00 $48.00 Billions 4 $24.00 $30.40 $32.00 $40.00 $48.00 $56.00 $64.00
5 $30.00 $38.00 $40.00 $50.00 $60.00 $70.00 $80.00 6 $36.00 $45.60 $48.00 $60.00 $72.00 $84.00 $96.00 7 $42.00 $53.20 $56.00 $70.00 $84.00 $98.00 $112.00
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Key Financial Metrics - Gearing Net Debt / EBITDA
Net Debt / (Cash) (1000s $)
12 69 56
-34
-194
-395
2013A 2014E 2015E 2016E 2017E 2018E
-0.03x
-0.63x
-1.11x
-1.46x
-1.81x
2013A 2014E 2015E 2016E 2017E
GoPros down payment of long standing debt of $53,315 using the proceeds of the IPO means its financing will become cash and equity based.
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Key Financial Metrics - Liquidity
74 66 62 59 56 53 51
2012A 2013A 2014E 2015E 2016E 2017E 2018E
Payables Days
Receivables Days Inventory Days
134 129
124
130 134
138 141
2012A 2013A 2014E 2015E 2016E 2017E 2018E
98
72 78 82 81 86 88
2012A 2013A 2014E 2015E 2016E 2017E 2018E
The company overall has demonstrated positive liquidity management metrics since 2012 which is forecast to continue
Payables days has been falling but is forecast to rise
Receivables are expected to increase slightly
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Headline Operational Metrics
0
500000
1000000
1500000
2000000
2500000
3000000
2011 2012 2013 2014 2015 2016 2017 2018
Americas EMEA APEC Total
R&D Spend
Net Profit ($m) and Margins (%) Sales Growth
0 20000 40000 60000 80000
2010 2011 2012 2013
$00
0s
91517 118893
140761 164652
192785 35% 38%
40% 42% 43%
0%
10%
20%
30%
40%
50%
0
50000
100000
150000
200000
250000
300000
2014E 2015E 2016E 2017E 2018E
Net income Profit Margin (%)
GoPro is showing robust growth, and has potential for this to continue, especially in the US
Profit margins are forecast to rise and meet the 40-42% margin target
R&D is growing as competition increases
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Acquisition History
Announced Date Target Description Cost
March 30th 2011 CineForm Codec Software
$9.9 million
October 2013 GeneralThings Web development
(content management)
$2.9 million
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Potential M&A Target -Fullscreen Buying out a network such as Fullscreen could accelerate the push
towards a full-scale content platform Headquarters
Culver City, California Founded Date
Jan 2011 No. Employees
>150 Geographic Mix
International Sales Channels
Youtube Product Overview
A network of content creators and brands on Youtube. Over 3 billion monthly views.
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COMPANY VALUATION
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Discounted Cash Flow Analysis Years 0 1 2 3 4 5 5
Financial Year (Dec. Year end) 2013 2014 2015 2016 2017 2018 Terminal Period Total Turnover 985,737 1,335,981 1,696,251 2,008,230 2,349,086 2,750,466 growth (%) 35.5% 27.0% 18.4% 17.0% 17.1% EBIT 98,703 101,450 201,151 295,247 412,150 521,674 margin (%) 10.0% 7.6% 11.9% 14.7% 17.5% 19.0% Depreciation & Amortisation 10,900.0 12,844.4 23,738.4 54,953.1 89,202.3 128,692.1 Tax @ 30.0% (29610.9) (30435.0) (60345.4) (88574.1) (123645.0) (156502.2) Capital Expenditure 18325.6 40079.4 101775.1 140576.1 187926.9 247541.9 Capex/Sales (%) -1.9% -3.0% -6.0% -7.0% -8.0% -9.0% Working Capital 32582.0 (87461.2) (40974.7) (23648.9) (24254.0) (40508.1) Working Capital / Sales (%) -3.3% 6.5% 2.4% 1.2% 1.0% 1.5% Free Cash Flow 94248.5 -43681.3 21794.5 97400.9 165526.3 205814.0 205814.0 Discount Factor 0.8939 0.7990 0.7142 0.6384 0.5707 0.5707 Terminal Value 4,520,624 Present Value -39045.96 17414.39 69567.25 105679.21 117456.78 2,579,892 Enterprise Value (m) 2,851 Net Debt as at 172.5 Market Capitalisation (m) 2,678 No. Shares (m) 126 Share Price ($) 21.30
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Relative Valuation - Trading Competitor Market Cap Enterprise Value ($m) EV/Sales P/E
2014 2015 2016 2014 2015 2016
iRobot Corp 1076 880.44 1.6x 1.4x 1.2x 33.0x 25.8x 21.5x
Garmin Ltd 11026 8154 2.9x 2.8x 2.8x 19.1x 17.6x 16.5
Lululemon athletica 5644 4946 3.1x 2.8x 2.4x 19.9x 22.2x 18.6
Chipotle Mexican Grill 18414 18090 4.7x 4.1x 3.7x 47.9x 37.3x 31.9
Michael Kors Holdings 16589 15643 4.7x 3.7x 3.0x 25.2x 20.5x 17.3
Hain Celestial Group 4303 4927 2.3x 2.0x 1.9x 27.2x 23.2x 21.5
Annies inc 537 520 2.2x 1.9x 1.6x 35.0x 27.9x 27.8
Mean 3.1x 2.7x 2.4x 29.6x 24.9x 22.2x
Median 3.0x 2.8x 2.4x 27.2x 23.2x 21.5x
Gopro Implied Market Cap
Mean 3,931 4,359 4,590 1,916 3,462 4,564
Median 3,835 4,577 4,647 1,760 3,222 4,429
Current Market Cap 7400
Min 1,760
Max 4,647
Market Premium (%) 88% 70% 61% 286% 114% 62%
93% 62% 59% 321% 130% 67%
# of shares 126
Share price $31.26 $34.66 $36.50 $15.24 $27.53 $36.30
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Valuation Commentary Based on above forecasts, a 5-year discounted cash flow model
yields a per share valuation of $21.30
GoPro currently trades at $68.2 on NYSE an implied 3.2x market premium to fundamental DCF value
Looking at a trading multiples valuation we see that GoPro has a 286% market premium on its P/E multiple and an 88% premium on its EV/Sales
Only 14% of total shares were floated, creating an implicit valuation premium an eect which may be eliminated if insiders such as CEO Woodman sell their shares
The market seems very optimistic about GoPro and is not trading
on fundamentals
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APPENDIX
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Income Statement GoPro Hist. Hist. Hist Proj. Proj. Proj. Proj. Proj. Income Statement 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
Net Sales 234,238.0 526,016.0 985,737.0 1,335,981.1 1,696,251.4 2,008,230.2 2,349,086.0 2,750,465.8 COGS 111,683 298,530 623,953 868,387.7 1,051,675.9 1,204,938.1 1,362,469.9 1,567,765.5 SG&A 83,776 173,869 263,081 366,143.5 443,424.3 508,045.2 574,466.3 661,026.3 EBIT 38,779.0 53,617.0 98,703.0 101,449.9 201,151.2 295,246.9 412,149.9 521,674.0
Depreciation 600.0 2,800.0 10,900.0 12,844.4 23,738.4 54,953.1 89,202.3 128,692.1 Amortization EBITDA 56,417.0 109,603.0 114,294.3 224,889.6 350,200.0 501,352.2 650,366.2
Non-recurring items 0.0 0.0 7,374.0 0.0 0.0 0.0 0.0 0.0 Interest Income 44 46 2 507.1 0.0 172.2 1,143.7 2,944.1 Interest Expense -32 -392 -6020 7,398.7 2,781.2 1,127.3 0.0 0.0 Profit before taxes 38,855.0 54,055.0 97,351.0 94,558.3 198,370.0 294,291.8 413,293.5 524,618.2
Taxes 14,179 20,948 30,751 29,868.8 59,511.0 88,287.5 123,988.1 157,385.5 Profit after tax 24,676.0 33,107.0 66,600.0 64,689.4 138,859.0 206,004.3 289,305.5 367,232.7 Discountinued Operations (Profit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net income 24,676.0 33,107.0 66,600.0 64,689.4 138,859.0 206,004.3 289,305.5 367,232.7
Shareholder information Diluted weighted average shares outstanding 125,745.0 125,745.0 125,745.0 125,745.0 125,745.0 125,745.0
Diluted earnings per share $0.73 $0.51 $1.10 $1.64 $2.30 $2.92
Dividends per share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Gross Margin 52.3% 43.2% 36.7% 35.0% 38.0% 40.0% 42.0% 43.0% EBIT Growth 38.3% 84.1% 2.8% 98.3% 46.8% 39.6% 26.6%
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Balance sheet Balance Sheet Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj. 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 Cash and cash equivalents 36,485 101,410 0.0 0.0 34,439.8 194,290.4 394,539.0 Accounts receivable 80,197 122,669 173,677.5 220,512.7 261,069.9 305,381.2 357,560.6 Inventories 60,412 111,994 156,309.8 199,818.4 240,987.6 286,118.7 344,908.4 Prepaids 21,724 21,967 33,399.5 50,887.5 64,263.4 79,868.9 99,016.8 Total current assets 198,818.0 358,040.0 363,386.9 471,218.6 600,760.7 865,659.2 1,196,024.8
Net PP&E 22,440 32,111 59,346.0 137,382.7 223,005.7 321,730.3 440,580.1 Goodwill & Intangibles 8,449 17,365 17,365.0 17,365.0 17,365.0 17,365.0 17,365.0 Other intangibles 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other assets 16,958 32,155 44,087.4 55,976.3 66,271.6 77,519.8 90,765.4 Total assets 246,665.0 439,671.0 484,185.3 681,942.6 907,403.1 1,282,274.3 1,744,735.3
Short term debt 15,782 60,297 16,052.4 56,364.9 0.0 0.0 0.0 Accounts payable and accruals 109,840.0 220,595.0 240,476.6 288,362.7 341,399.1 399,344.6 467,579.2 Accrued income taxes 3,578 19,702 19,116.1 38,087.0 56,504.0 79,352.4 100,726.7 Total current liabilities 129,200.0 300,594.0 275,645.1 382,814.7 397,903.2 478,697.0 568,305.9
Total long-term debt 113,613 53,315 53,315.0 0.0 0.0 0.0 0.0 Other long-term liabilities 6,455 13,930 18,703.7 23,747.5 28,115.2 32,887.2 38,506.5 Total liabilities 249,268.0 367,839.0 347,663.8 406,562.2 426,018.4 511,584.2 606,812.4
Common stock 77,617.0 91,716.0 91,716.0 91,716.0 91,716.0 91,716.0 91,716.0 Retained earnings (80,220.0) (19,884.0) 44,805.4 183,664.4 389,668.7 678,974.1 1,046,206.9 Treasury stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total equity (2,603.0) 71,832.0 136,521.4 275,380.4 481,384.7 770,690.1 1,137,922.9 Total Liab.& Equity 246,665.0 439,671.0 484,185.3 681,942.6 907,403.1 1,282,274.3 1,744,735.3
Balance? OK OK OK OK OK OK OK
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Cash Flow Statement GoPro Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj.
Cash Flow Statement 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
Net Income 24676 33107 66600 64689 138859 206004 289305 367233
Depreciation 2800 10900 12844 23738 54953 89202 128692
Amortisation 0 0 0 0 0 0 0
Change in OWC -48915 32582 -87461 -40975 -23649 -24254 -40508
Change in other assets -16958 -15197 -11932 -11889 -10295 -11248 -13246
Change in other liabilities 6455 7475 4774 5044 4368 4772 5619
Cash from Operating Activities -23511 102360 -17086 114778 231381 347777 447791
Capex 0 18326 40079 101775 140576 187927 247542
Cash from Investing Activities 0 -18326 -40079 -101775 -140576 -187927 -247542
Change in Common Stock 77617 14099 0 0 0 0 0
Change in Treasury Stock 0 0 0 0 0 0 0
Dividends 0 0 0 0 0 0 0
Long Term Debt Repayment 113613 -60298 0 -53315 0 0 0
Cash from Financing Activities 191230 -46199 0 -53315 0 0 0
Net Cash Flow 167719 37835 -57165 -40312 90805 159851 200249
Beginning Cash 41113 -16052 -56365 34440 194290
Ending Cash 41,113 -16052 -56365 34440 194290 394539
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Financial Assumptions Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj.
31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
Sales growth 124.6% 87.4% 35.5% 27.0% 18.4% 17.0% 17.1%
COGS as % of sales 47.7% 56.8% 63.3% 65.0% 62.0% 60.0% 58.0% 57.0%
Annual depr. as % of previous PPE 0.0% 0.0% 40.0% 40.0% 40.0% 40.0% 40.0%
SG&A as % of sales 35.8% 33.1% 26.7% 27.0% 27.0% 27.0% 27.0% 27.0%
Amortization of other intangibles amount 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-recurring items amount 0.0 0.0 7,374.0 0.0 0.0 0.0 0.0 0.0
Eective tax rate 36.5% 38.8% 31.6% 30.0% 30.0% 30.0% 30.0% 30.0%
Diluted weighted average shares outstanding 0.0 0.0 125,745.0 125,745.0 125,745.0 125,745.0 125,745.0 125,745.0
Dividend per share growth rate 0.0% 0.0% 0.0% 0.0% 0.0%
Accounts receivable as % of sales 0.0% 15.2% 12.4% 13.0% 13.0% 13.0% 13.0% 13.0%
Inventories % of COGS 0.0% 20.2% 17.9% 18.0% 19.0% 20.0% 21.0% 22.0%
Prepaids % of sales 0.0% 4.1% 2.2% 2.5% 3.0% 3.2% 3.4% 3.6%
Capital expenditures % of sales 0.0% 0.0% 1.9% 3.0% 6.0% 7.0% 8.0% 9.0%
Other assets % of sales 0.0% 3.2% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%
Accounts payable and accruals % of COGS 0.0% 20.9% 22.4% 18.0% 17.0% 17.0% 17.0% 17.0%
Accrued income taxes % of tax expense 0.0% 17.1% 64.1% 64.0% 64.0% 64.0% 64.0% 64.0%
Other long-term liabilities % of sales 0.0% 1.2% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
Common stock amount 0.0 77,617.0 91,716.0 91,716.0 91,716.0 91,716.0 91,716.0 91,716.0
Share repurchases $ amount (show as positive) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Loans due for repayment 0.0 0.0 0.0 53,315.0 0.0 0.0 0.0
Other long-term debt repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Short term debt 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Loans due for repayment 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Other long-term debt repayment 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Cash 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
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Revenue forecasts
Revenue Growth 2011 2012a 2013a 2014e 2015e 2016e 2017e 2018e
Americas 86.5% 77.4% 30% 25% 20% 20% 20%
EMEA 207.0% 97.8% 40% 25% 15% 15% 15%
APEC 275.5% 115.1% 50% 40% 20% 10% 10%
Total 124.6% 87.4% 36% 27% 18% 17% 17%
Revenue Forecasts 2011 2012a 2013a 2014e 2015e 2016e 2017e 2018e
Americas 168,450 314,135 557,285 724,471 905,588 1,086,706 1,304,047 1,564,856
EMEA 51,328 157,587 311,674 436,344 545,430 627,244 721,331 829,530
APEC 14,460 54,294 116,778 175,167 245,234 294,281 323,709 356,079
Total 234,238 526,016 985,737 1,335,981 1,696,251 2,008,230 2,349,086 2,750,466
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