VESPER

Model Practice

Familiar case: Vesper Industrial · Guided

Exit
D17
fx
D17
Line item
BFY2023Actual
CFY2024Actual
DFY2025Proj
EFY2026Proj
FFY2027Proj
GFY2028Proj
HFY2029Proj
Assumptions and Drivers
2Revenue growth
9.0%
9.0%
9.0%
9.0%
9.0%
3COGS % of sales (excluding D&A)
54.0%
54.0%
54.0%
54.0%
54.0%
4SG&A % of sales
19.0%
19.0%
19.0%
19.0%
19.0%
5Depreciation % of beginning PP&E
10.0%
10.0%
10.0%
10.0%
10.0%
6Tax rate
21.0%
21.0%
21.0%
21.0%
21.0%
7DSO (days)
55
55
55
55
55
8Days inventory on hand
64
64
64
64
64
9DPO (days)
43
43
43
43
43
10Other current assets % of revenue
2.0%
2.0%
2.0%
2.0%
2.0%
11Accrued liabilities % of revenue
3.0%
3.0%
3.0%
3.0%
3.0%
12Deferred revenue % of revenue
4.0%
4.0%
4.0%
4.0%
4.0%
13Capex % of revenue
5.0%
5.0%
5.0%
5.0%
5.0%
14Interest rate
6.0%
6.0%
6.0%
6.0%
6.0%
15Dividend payout %
20.0%
20.0%
20.0%
20.0%
20.0%
Income Statement
17Revenue
43,000
46,870
18Revenue Growth
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
19COGS (excluding D&A)
23,140
25,350
20Gross Profit
19,860
21,520
21Gross Margin
46.2%
45.9%
22SG&A
8,170
8,905
23EBITDA
11,690
12,615
24Depreciation
1,800
1,835
1,886
25Operating Income / EBIT
9,890
10,780
26Interest Expense
840
840
840
840
840
840
840
27Pre-Tax Income
9,050
9,940
28Taxes
1,901
2,087
29Net Income
7,150
7,853
Balance Sheet
31Cash
10,899
16,158
32Accounts Receivable
6,479
7,063
33Inventory
4,100
4,469
34Other Current Assets
860
937
35Total Current Assets
22,338
28,627
36PP&E
18,350
18,859
37Total Assets
40,688
47,486
38Accounts Payable
2,733
2,979
39Accrued Liabilities
1,290
1,406
40Deferred Revenue
1,720
1,875
41Total Current Liabilities
5,743
6,260
42Debt
14,000
14,000
14,000
14,000
14,000
14,000
14,000
43Total Liabilities
19,743
20,260
44Contributed Capital
8,000
8,000
8,000
8,000
8,000
8,000
8,000
45Retained Earnings
12,945
19,226
46Total Stockholders' Equity
20,945
27,226
47Total Liabilities & Equity
40,688
47,486
48Balance Check
OK
OK
Cash Flow Statement
50Net Income
7,150
7,853
51Depreciation
1,800
1,835
1,886
52Change in Accounts Receivable
(534)
(584)
53Change in Inventory
(339)
(369)
54Change in Other Current Assets
(71)
(77)
55Change in Accounts Payable
225
246
56Change in Accrued Liabilities
106
116
57Change in Deferred Revenue
142
155
58Cash Flow From Operations
8,479
9,175
59Capital Expenditures
(2,150)
(2,344)
60Cash Flow From Investing
(2,150)
(2,344)
61Debt Issuance / Repayment
–
–
–
–
–
–
–
62Dividends
(1,430)
(1,571)
63Cash Flow From Financing
(1,430)
(1,571)
64Net Change in Cash
4,899
5,260
65Beginning Cash
6,000
10,899
16,158
66Ending Cash
10,899
16,158
Supporting Schedules
PP&E Schedule
69Beginning PP&E
18,000
18,350
18,859
70(+) Capital Expenditures
2,150
2,344
71(–) Depreciation
(1,800)
(1,835)
(1,886)
72Ending PP&E
18,350
18,859
Retained Earnings Schedule
74Beginning Retained Earnings
7,225
12,945
19,226
75(+) Net Income
7,150
7,853
76(–) Dividends
(1,430)
(1,571)
77Ending Retained Earnings
12,945
19,226