NKE.xlsx

	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	Y	AB
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3	Discount Rate	4.50%	This should equal the average of the 10yr and 30 yr treasury yield
4	Tax Rate	17%	Look at historical rates for this company as well as prevailing rate in current domicile
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11				2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
12		Revenue		27.8	30.6	32.4	34.3	36.4	39.1	37.4	44.5	46.7	51.2	51.4	46.77	49.11	51.57	54.15	56.85	59.70
13		Growth			10%	6%	6%	6%	7%	-4%	19%	5%	10%	0%	-9%	5%	5%	5%	5%	5%
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15		Cost of Sales		15.4	16.5	17.4	19.0	20.4	21.6	21.2	24.6	25.2	28.9	28.5
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17		Gross Profit		12.4	14.1	15.0	15.3	16.0	17.5	16.2	19.9	21.5	22.3	22.9
18		Gross Profit Margin		45%	46%	46%	45%	44%	45%	43%	45%	46%	44%	45%
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20		Demand Creation Expenses		3.0	3.2	3.3	3.3	3.6	3.8	3.6	3.1	3.9	4.1	4.3
21		Operating Expenses		5.7	6.7	7.2	7.2	7.9	8.9	9.5	9.9	10.9	12.3	12.3
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23		Operating Income		3.7	4.2	4.5	4.8	4.5	4.8	3.1	6.9	6.7	5.9	6.3	5.61	6.38	6.70	7.04	7.39	8.95
24		Operating Margin		13%	14%	14%	14%	12%	12%	8%	16%	14%	12%	12%	12%	13%	13%	13%	13%	15%
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26		Taxes		0.9	0.9	0.9	0.6	2.4	0.8	0.3	0.9	0.6	1.1	1.0	0.95	1.09	1.14	1.20	1.26	1.52
27		As % of EBIT		24%	21%	20%	13%	53%	17%	10%	13%	9%	19%	16%
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29		Net Income		2.8	3.3	3.6	4.2	2.1	4.0	2.8	6.0	6.1	4.8	5.3	4.7	5.3	5.6	5.8	6.1	7.4	Multiple on NI in 2030	20
30																					2030 Implied Market cap	149
31		Depreciation		0.5	0.6	0.6	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.8
32		Cap Ex		0.9	0.9	1.1	1.1	1.0	1.1	1.1	0.7	0.8	1.0	0.8							Market cap today	115
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34		FCF		2.4	3.0	3.1	3.8	1.8	3.6	2.4	6.0	6.0	4.5	5.3							Upside	30%
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36		Stock Purchases				3.0	3.0	4.0	4.3	3.1	0.6	4.0	5.5	4.3							Annualized return	5%
37		Dividends Paid				1.0	1.0	1.0	1.3	1.5	1.3	1.8	2.0	2.2
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39		Shares Outstanding		1,812	1,769	1,743	1,692	1,659	1,618	1,592	1,609	1,610	1,570	1,530	1,490
40		Avg Share price		48	55	55	55	68	90	115	150	110	110	84	77
41		Market Cap		87	97	96	93	113	146	183	241	177	173	129	115
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43		Multiple to FCF		36	32	31	24	63	40	76	40	30	38	24	22
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45		Cash					6	5		9	14		12	12
46		LT Debt					4	4		9	9		9	9
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48		Inventories		3.9	4.3	4.8	5.0	5.3		7.4	6.9		8.5	7.5
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