Mercury的分析數(shù)據(jù)4-2

1、MERCURY ACTION ATHLETICProject:MERCURY ACTION ATHLETICAnalysis:Synergies & AssumptionsDraft:NFooter:Harvard Business PublishingMERCURY ACTION ATHLETICSynergies:Working Capital Synergies:11) DSI Base Case#REF!2) DSI w/Synergy0.0 xWomens Casual - Sales Growth:11) Base Case Aft. Yr. 10.0%2) Synergy

2、 Case Aft. Yr. 13.0%Womens Casual - EBIT Margin:11) Base Case Aft. Yr. 10.0%2) Synergy Case Aft. Yr. 19.0%Synergies & AssumptionsHarvard Business PublishingSynergies & AssumptionsHarvard Business PublishingActive Gear Advantage - Historical Income StatementsCase Exhibit 1Operating Results:20

3、0420052006Revenue450,174469,704470,286Less: Cost of Goods Sold223,617231,583234,494Gross Profit226,557238,121235,792Less: Selling Expenses127,705130,242130,471Less: General & Administrative Expenses31,43733,93836,535EBITDA67,41573,94268,786Less: Depreciation & Amortization7,0497,3438,366EBIT

4、60,36766,59960,420Less: Net Interest Expense5,0925,1435,098Less: Other, net1,211(752)24EBT54,06462,20855,298Less: Taxes19,19221,08919,349Net Income34,87241,12035,949Margins:Revenue Growth1.7%4.3%0.1%Gross Profit Margin50.3%50.7%50.1%EBITDA Margin15.0%15.7%14.6%EBIT Margin13.4%14.2%12.8%EBT Margin12.

5、0%13.2%11.8%Tax Rate35.5%33.9%35.0%Net Income Margin7.7%8.8%7.6%RNOA21.1%10.8%12.9%ROE18.5%9.6%12.1%ATO3.58x2.00 x2.12x#REF!Active Gear Advantage - Historical Balance SheetsCase Exhbit 2Assets:200420052006Cash & Cash Equivalents92,73563,94954,509Accounts Receivable46,50750,64961,322Inventory38,4

6、9350,14056,030Prepaid Expenses8,29810,05112,223Deferred Taxes8,6818,0806,519Derivative Assets01,81353Total Current Assets194,714184,682190,655Property, Plant & Equipment23,69424,71228,392Intangible Assets6,41412,27314,360Goodwill4,24911,85111,915Other Assets2,9823,0793,249Total Assets232,053236,

7、596248,571Liabilities & Owners Equity:Accounts Payable15,71129,18833,009Accrued Expenses37,21130,55336,718Taxes Payable10,42113,26310,162Derivative Liabilities000Other4,5140878Total Current Liabilities67,85873,00480,767Long Term Debt178,173150,240140,047Deferred Compensation3,7634,8143,919Deferr

8、ed Taxes2,1803230Total Owners Equity(19,921)8,21623,837Total Liabilities & Owners Equity232,053236,596248,571#REF!Case Exhibit 3Selected Data on Public Footware Companies$ values in thousands March 15, 2007RevenueEquityNetEquityLTMLTMCAGRCompanyMarket ValueDebt (1)D/EBetaRevenueEarnings2000-06As

9、sumptions:D&B Shoe Company420,098125,44229.9%2.682,545,05867,6796.6%Marginal Tax RateMarina Wilderness1,205,795(91,559)-7.6%1.94313,55641,92317.8%Debt BetaGeneral Shoe Corp.533,463171,83532.2%1.921,322,39264,56711.2%Kinsley Coulter Products165,56082,23649.7%1.12552,59427,5684.6%Victory Athletic3

10、5,303,2507,653,20721.7%0.9715,403,5471,433,7607.9%Surfside Footwear570,684195,54034.3%2.131,241,52973,12410.1%Alpine Company1,056,033300,55028.5%1.271,614,648112,0156.2%Heartland Outdoor Footware1,454,875(97,018)-6.7%1.011,176,14486,1568.5%Templeton Athletic397,709169,57942.6%0.98516,18279,17014.4%A

11、verage24.9%9.7%EBITEBITDANet Inc.EBITEBITDAP/EB/VCompanyMarginMarginMarginMultipleMultipleMultipleMultipleD&B Shoe Company4.4%6.1%2.7%5.5x3.9x6.8x0.9xMarina Wilderness22.1%23.1%13.4%18.0 x16.9x31.6x6.0 xGeneral Shoe Corp.8.8%11.5%4.9%6.8x5.1x9.1x1.6xKinsley Coulter Products6.9%8.9%5.0%7.3x5.5x6.

12、6x0.7xVictory Athletic14.1%16.0%9.3%22.1x19.2x27.1x6.0 xSurfside Footwear9.3%10.8%5.9%7.4x6.3x8.6x1.4xAlpine Company10.4%12.2%6.9%9.0 x7.6x10.4x2.0 xHeartland Outdoor Footware10.8%12.6%7.3%12.0 x10.1x18.6x3.1xTempleton Athletic19.9%20.2%15.3%6.2x6.0 x5.5x1.2xAverage11.9%13.5%7.9%10.5x9.0 x13.8x2.5x(

13、1) Net debt is defined as debt less cash & cash equivalentsNote: Market multiples are based on three year averages. LTM denotes latest twelve months.40.0%0.00Assumptions:#Mercury Action Athletic - Historical Income StatementsCase Exhibit 4Operating Results:200420052006Net Revenue340,578358,78043

14、1,121Less: Cost of Goods Sold198,115205,820239,383Gross Profit142,463152,960191,738Less: Selling, General & Administrative102,410113,892139,933EBITDA40,05339,06751,804Less: Depreciation & Amortization7,6998,0019,506EBIT32,35331,06642,299Less: Corporate Administrative Charge275305366EBT32,079

15、30,76141,933Less: Taxes12,19011,68915,934Net Income19,88919,07225,9980.62Assets:200420052006Cash & Cash Equivalents12,20320,18710,676Accounts Receivable29,11538,65445,910Inventory53,55270,81873,149Prepaid Expenses7,80915,81010,172Total Current Assets102,679145,470139,908Property, Plant & Equ

16、ipment33,09031,33432,618Trademarks & Other Intangibles1,03135,74043,853Goodwill55434,60543,051Other Assets5,65711,88411,162Total Assets143,011259,032270,592Liabilities & Owners Equity:Accounts Payable12,83814,75316,981Accrued Expenses13,04021,95518,810Total Current Liabilities25,87836,70835,

17、791Deferred Taxes1,63513,79511,654Pension Obligation8,1319,2569,080Owners Equity107,367199,274214,067Total Liabilities & Owners Equity143,011259,032270,592Operating profit marginGrowth in net revenueROE 11.4%5.9%7.4%#REF!Mercury Action Athletic - Historical Segment DataCase Exhibit 5MensMensWome

18、nsWomensUnallocatedFiscal Year 2006:AthleticCasualAthleticCasualCorporateConsolidatedRevenue219,09351,663123,56336,8020431,121219,093Operating Income31,4218,24212,703(843)(9,224)42,29931,421Total Assets148,57628,45727,97834,70130,880270,592148,576Fiscal Year 2005:51,663Revenue151,90055,402108,09743,

19、3810358,7808,242Operating Income18,3989,07711,631(1,013)(7,027)31,06628,457Total Assets173,48230,84224,26712,19718,244259,032123,563Fiscal Year 2004:12,703Revenue131,63658,78795,89754,2580340,57827,978Operating Income17,7209,1969,109462(4,134)32,353Total Assets39,54334,96622,52615,05630,919143,01136

20、,802(843)34,701MensMensWomensWomensUnallocatedAthleticCasualAthleticCasualCorporateConsolidated02006 EBIT Margins14.3%16.0%10.3%-2.3%-2.1%9.8%(9,224)2005 EBIT Margins12.1%16.4%10.8%-2.3%-2.0%8.7%30,8802004 EBIT Margins13.5%15.6%9.5%0.9%-1.2%9.5%431,12142,299270,592#Mercury Athletic Footware: Base Ca

21、se Projected Segment Performance ($ in thousands)Case Exhibit 6Mens Athletic:20072008200920102011Revenue251,95752.56%282,192310,411335,244352,006Less: Operating Expenses*218,43545.57%244,647269,112290,641305,173Operating Income33,5226.99%37,54541,29944,60346,834Mens Casual:Revenue52,17910.89%53,2235

22、4,28755,91657,594Less: Operating Expenses*43,8349.14%44,71145,60546,97348,382Operating Income8,3451.74%8,5128,6828,9439,211Womens Athletic:Revenue138,39028.87%153,613167,438179,159188,117Less: Operating Expenses*124,30225.93%137,976150,393160,921168,967Operating Income14,0882.94%15,63817,04518,23819

23、,150Womens Casual:Revenue36,8027.68%0000Less: Operating Expenses*37,2657.77%0000Operating Income(463)-0.10%0000Consolidated Revenue479,329100.00%489,028532,137570,319597,717Less: Operating Expenses*423,83688.42%427,333465,110498,535522,522Less: Corporate Overhead8,4871.77%8,6599,42210,09810,583Conso

24、lidated Operating Income47,0069.81%53,03657,60561,68664,612Estimated Capital Expenditures11,9832.50%12,22613,30314,25814,943Estimated Depreciation9,5872.00%9,78110,64311,40611,95425,43631,03033,65936,02237,714* Operating Expenses include an allocation of depreciation for each segment.Operating profi

25、t margin9.81%10.85%10.83%10.82%10.81%Growth in net income22.0%8.5%7.0%4.7%2,0072,0082,0092,0102,011EBIT margin#REF!Projection of Balance Sheet Accounts ($ in thousands)Case Exhibit 7Select Balance Sheet Accounts2,00620072008200920102011Cash Used in Operations10,6764,1614,1954,5664,8945,130Accounts R

26、eceivable45,91047,88848,85753,16456,97859,715Inventory73,14983,77085,46592,99999,672104,460Prepaid Expenses10,17214,47414,76716,06917,22218,049Total Current Assets139,907150,293153,284166,798178,766187,354Property, Plant & Equipment32,61835,01537,46040,12042,97245,961Trademarks & Other Intan

27、gibles43,85343,85343,85343,85343,85343,853Goodwill43,05143,05143,05143,05143,05143,051Other Assets11,16211,16211,16211,16211,16211,162Total Assets270,591283,374288,810304,984319,804331,381LiabilitiesAccounts Payable16,98118,83018,98520,66422,14923,214Accrued Expenses18,81022,77822,96624,99626,79228,

28、081Total Current Liabilities35,79141,60941,95145,65948,94151,295Deferred Taxes11,65411,65411,65411,65411,65411,654Net Working CapitalPension Obligation9,0809,0809,0809,0809,0809,080Change in Net Working CapitalOwner Equity 234,800241,765246,859259,325270,864280,086Total L& E270,591283,374288,810

29、304,984319,804331,3812,00620072008200920102011Net Working Capital83,26890,04992,371100,503107,710112,880Change in Net Working Capital6,7812,3228,1327,2065,1712,0062,00783,26890,0496,781Net Working CapitalChange in Net Working Capital#REF!Table 1Days SalesCasual & Athletic Shoe Companies:in Inven

30、toryD&B Shoe Company61.3Marina Wilderness39.5General Shoe Corp.73.2Kinsley Coulter Products31.1Victory Athletic50.0Surfside Footwear60.0Alpine Company42.9Heartland Outdoor Footwear58.1Templeton Athletic42.5Average50.9Active Gear42.5Mercury Athletic61.1Table 2Mercury Operating Metrics:20042005200

31、6Return on net assets21.1%10.8%12.9%Return on equity18.5%9.6%12.1%Asset turnover3.58x2.00 x2.12xMens Athletic:2006Revenue219093Less: Operating Expenses*Operating Income31421Mens Casual:Revenue51662.73Less: Operating Expenses*Operating Income8241.91Womens Athletic:Revenue123562.82Less: Operating Expe

32、nses*Operating Income12703.28Womens Casual:Revenue36802.29Less: Operating Expenses*Operating Income-842.77Consolidated Revenue431120.93Less: Operating Expenses*Less: Corporate OverheadConsolidated Operating Income42298.834Estimated Capital ExpendituresEstimated Depreciation0.620072008200920102011251957.05282191.9 310411.09 335243.9