GAP.xlsx

	C	D	E	F	G	H	I	J	K	L	M	N
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3	Discount Rate	5%	This should equal the average of the 10yr and 30 yr treasury yield
4	Tax Rate	25%	Look at historical rates for this company as well as prevailing rate in current domicile
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10												Extrapolated
11				2016	2017	2018	2019	2020	2021	2022	2023	2024
12		Revenue		15,516	15,855	16,580	16,383	13,800	16,670	15,616	14,889	15,336
13		COGS		9,876	9,789	10,258	10,250	9,095	10,033	10,250	9,114
14		Gross Profit		5,640	6,066	6,322	6,133	4,705	6,637	5,366	5,775	6,287.62
15		Gross Profit Margin		36%	38%	38%	37%	34%	40%	34%	39%	41%
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17		Operating Expenses		4,449	4,587	4,960	5,559	5,567	5,827	5,428	5,215	5,100
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19		Operating Income		1,191	1,479	1,362	574	(862)	810	(62)	560	1188
20		Operating Margin		8%	9%	8%	4%	-6%	5%	0%	4%	8%
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22		Interest Expenses		75	74	73	76	192	167	88
23		Taxes		448	576	319	177	(400)	120	-	54	297
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25		Net Income		668	829	970	321	(654)	523	(150)	506	891
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27		Depreciation		593	559	578	557	507	504	540	522	500
28		Cap Ex		524	731	705	825	392	700	685	420	500
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30		FCF		737	657	843	53	(539)	327	(295)	608	891
31		Debt Repayments		421					1000		350
32		Stock Purchases			315	398	200	0	200	123
33		Dividends Paid		367	361	373	364	0	226	220	222
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35		Shares Outstanding		400	396	388	378	374	383	367	371	383
36		Avg Share price		25	25	30	20	15	25	12	10	21
37		Market Cap		10000	9900	11640	7560	5610	9575	4404	3710	7890
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39		Multiple to FCF		14	15	14	143	-10	29	-15	6	9
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41		Cash		1,783	1,783	1,081	1,364	1,988	877	1,215	1,875	1,900
42		LT Debt		1,313	1,249	1,249	1,249	2,250	1,484	1,850	1,488	1,489
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44		Inventories		1,830	1,997	2,131	2,156	2,451	3,018	2,389	1,995	2,100
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46		Working Capital		1,862	2,107	2,077	1,307	2,124	1,088	1,361	1,230
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48		Total Assets		7,610	7,989	8,049	13,679	13,769	12,761	11,386	11,044	11,509
49		ROC		10%	8%	10%	0%	-4%	3%	-3%	6%
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51		Employees		135	135	135	129	117	97	95	85
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53		Company owned stores		3,200	3,165	3,194	3,345	3,100	2,835	2,685	2,562	2,541
54		Franchise stores		459	429	472	574	615	564	667	998	1,027
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56		Online sales as % of rev							38%		37%	33%
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