Stock Pitch Template
Autor: nnjjnj • January 28, 2018 • Case Study • 321 Words (2 Pages) • 451 Views
XXX Company Name – <a great business at a reasonable price OR cheap growth OR special situation OR etc>
Date: 01/23/2015 Ticker: IBM Stock price: $27.44 Market Cap: $17.1B Enterprise Value: $17.9B (approx) | ROE (2016 estimate): 21% 2015 P/E: 19 2016 P/E: 16 (my estimate) Recommendation: Strong Buy Target price: $69 by 2018 | MBA – Class of xxxx The University of xxxxxx |
Executive Summary
Company Description
Investment Thesis
Industry and Competitive Analysis
Management team
Financial Model
| 2013 (actual) | 2014 (actual) | 2015 (actual) | Q1-Q3-2016 (actual) (1) | Fy-2016 (estimate) (1) | 2017 (estimate) | Notes |
SALES: |
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Segment 1 | 219.0 | 259.0 | 371.0 | 387.0 | 516.0 | 1548.0 | |
Segment 2 | 976.2 | 1234.4 | 1538.7 | 1683.1 | 2244.1 | 6732.4 | |
Segment 3 | 334.3 | 453.6 | 677.9 | 703.6 | 938.2 | 3752.7 | |
Other sales | 20.0 | 19.0 | 20.0 | 16.1 | 21.5 | 64.4 | |
Total Sales | 2078.0 | 2518.0 | 3276.0 | 3476.2 | 4634.9 | 13971.0 |
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GROSS PROFIT: |
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Segment 1 | 98.6 | 116.6 | 167.0 | 174.2 | 232.2 | 696.6 | 45% gross margin |
Segment 2 | 390.5 | 493.8 | 646.3 | 706.9 | 942.5 | 2491.0 | 37% gross margin |
Segment 3 | 133.7 | 181.4 | 284.7 | 295.5 | 394.0 | 1388.5 | 37% gross margin |
Other sales | 120.0 | 110.0 | 129.4 | 127.7 | 170.2 | 299.9 | 37% gross margin |
Total Gross Profit | 847.3 | 1095.4 | 1518.9 | 1623.3 | 2164.4 | 5537.5 |
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Gross Profit Margin | 40.8% | 43.5% | 46.4% | 46.7% | 46.7% | 39.6% |
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R&d expense | 107.2 | 165 | 213.5 | 245.7 | 327.6 | 558.8 | 4% of sales |
SG&A | 358.1 | 406.4 | 520.6 | 508.6 | 678.1 | 1397.1 | 10% of sales |
Other expense | 15.7 | 0.0 | -92.6 | 0 | 0.0 | 0.0 |
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Operating income | 366.3 | 524 | 877.4 | 869 | 1158.7 | 3581.6 |
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Tax/ Finance expense | 88.1 | 113.7 | 186.4 | 190 | 253.3 | 788.0 | 22% of Op. Income |
NET INCOME: | 278.2 | 410.3 | 691 | 679 | 905.3 | 2793.6 |
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Net Profit Margin | 13.4% | 16.3% | 21.1% | 19.5% | 19.5% | 20.0% |
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Source: XXX annual reports, XXX press releases, YYY Sell side report, and author’s estimates
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