Amazon Company Residual Income Method Financial Statement Analysis

Anonymous
timer Asked: Apr 13th, 2019
account_balance_wallet $15

Question Description

Your missions

Part A :
(1) Based on the same set of assumptions you used in the FCF valuation

method (WMT (6)), calculate the price of WMT using the residual income method.

Is your price identical to that we obtained using FCF? Why or why not? Include a copy of your finalized worksheet.

Part B :

(2) Based on the same set of assumptions/logics you used in the valuation of Walmart, calculate the price of Amazon. To ease your computational burden, the key parameters of Amazon will be given.

Include a copy of your finalized worksheet.

Unformatted Attachment Preview

A B C D 1 WMT AMZN 3 ANNUAL INCOME STATEMENT 4 Fiscal Year Ending Sales (Net) Cost of Goods Sold Gross Profit 2017 496,785 362,867 133,918 2017 177,866 103,134 74,732 Selling, General, & Admin Expenses Operating Income Before Depreciation Depreciation, Depletion, & Amortiz Operating Income After Depreciation 104,736 29,182 10,529 18,653 2 5 6 7 8 9 10 11 12 13 14 15 16 Interest Expense Interest Income Other Non-Operating Income/Expense Special Items Pretax Income Income Taxes - Total Minority Interest 19 Income Before EI&DO 20 Extraordinary Items 21 Discontinued Operations 22 Net Income (Loss) 17 18 23 24 Preferred Dividends Adjusted Available for Common 4,600 661 9,862 0 0 9,862 0 9,862 25 26 27 28 EBIT including all income and expenses EBIT*(1-tax) Net Income +Interest expense(1-tax) 29 EBIT excluding one time and special items 30 EBIT*(1-tax) 31 Net Income +Interest expense(1-tax) 32 33 34 35 36 37 38 39 40 41 42 43 61,612 13,120 9,166 3,954 2,330 152 3,171 (4,523) 15,123 17453.0 12144.3 12144.3 18805.0 13085.0 12144.3 848 202 494 0 3,802 0.304 769 0 3,033 0 0 3,033 0 3,033 E F G H I J K L M N O P Q R S T U V W X Y Z AA AB AC AD AE AF AG AH AI AJ AK AL AM AN AO AP AQ AR AS AT AU AV AW AX AY AZ BA BB BC BD BE BF BG BH BI BJ BK BL BM BN BO BP BQ BR BS BT BU BV BW BX BY BZ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 CA CB CC CD CE CF CG CH CI CJ CK CL CM CN CO CP CQ CR CS CT CU CV CW CX CY CZ DA DB DC A B C D E F G H Amazon.com 1 2 3 Balance Sheet, standardized ($million) Fiscal Year Ending ASSETS Cash & Equivalents Receivables - Total (Net) 8 Inventories - Total 9 Prepaid Expenses & Other current assets 10 Current Assets - Total Plant, Property & Equip (Gross) 11 Accumulated Depreciation 12 13 Plant, Property & Equip (Net) 4 2012 2013 2014 2015 2016 2017 11,448 2,600 6,031 1,217 21,296 9,582 2,522 7,060 12,447 3,000 7,411 1,767 24,625 14,809 3,860 10,949 17,416 3,300 8,299 2,312 31,327 22,730 5,763 16,967 19,808 4,400 10,243 2,023 36,474 30,053 8,215 21,838 25,981 6,561 11,461 1,778 45,781 42,441 13,327 29,114 32,315 9,692 16,047 2,143 60,197 68,573 19,707 48,866 140 3,277 782 32,555 127 3,300 1,158 40,159 209 4,083 1,919 54,505 280 4,521 2,331 65,444 467 4,638 3,402 83,402 737 16,721 4,789 131,310 13,318 0 15,133 0 16,459 0 20,397 0 25,309 0 0 1,134 4,550 19,002 0 1,736 6,111 22,980 0 3,600 8,030 28,089 0 3,364 10,138 33,899 0 5,197 13,310 43,816 0 6,221 17,046 57,883 3,830 1,531 0 24,363 5,181 571 1,681 0 30,413 12,489 1,021 2,165 0 43,764 14,183 1,084 2,894 0 52,060 15,213 392 4,696 0 64,117 37,926 990 6,802 0 103,601 0 5 8,347 1,677 1,837 8,192 0 8,192 32,555 0 5 9,573 2,005 1,837 9,746 0 9,746 40,159 0 5 11,135 1,438 1,837 10,741 0 10,741 54,505 0 5 13,394 1,822 1,837 13,384 0 13,384 65,444 0 5 17,186 3,931 1,837 19,285 0 19,285 83,402 0 5 21,389 8,152 1,837 27,709 0 27,709 131,310 5 6 7 14 15 16 17 18 19 20 21 22 23 24 25 Investments Intangibles & Goodwill Deferred Charges & Other Long term Assets TOTAL ASSETS LIABILITIES Accounts Payable Notes Payable Accrued Expenses Tax payable Debt (Long-Term) Due In One Year Other Current Liabilities & Tax payable Total Current Liabilities Long Term Debt Deferred Taxes (Balance Sheet) Liabilities - Other Non-controlling interest-redeemable TOTAL LIABILITIES 31 SHAREHOLDERS' EQUITY 32 Preferred Stock 33 Common Stock 34 Capital Surplus 35 Retained Earnings (Net Other) 36 Less: Treasury Stock 37 Shareholders Equity - Parent 38 Non-contrlling interest-nonredeemable 39 TOTAL SHAREHOLDERS EQUITY 40 TOTAL LIABILITIES AND EQUITY 26 27 28 29 30 34,616 0 41 42 ANNUAL INCOME STATEMENT 43 Fiscal Year Ending Sales (Net) Cost of Goods Sold Gross Profit 2012 61,093 44,271 16,822 2013 74,452 51,681 22,771 2014 88,988 59,152 29,836 2015 107,006 66,751 40,255 2016 135,987 81,865 54,122 2017 177,866 103,134 74,732 Selling, General, & Admin Expenses Operating Income Before Depreciation Depreciation, Depletion, & Amortiz Operating Income After Depreciation 14,287 2,535 1,863 672 19,412 3,359 2,668 691 25,925 3,911 3,781 130 32,951 7,304 5,128 2,176 43,369 10,753 6,687 4,066 61,612 13,120 9,166 3,954 92 40 (231) 389 141 38 (153) 0 435 210 39 (33) 0 (74) 459 50 (221) 0 1,546 484 100 114 0 3,796 848 202 494 0 3,802 428 0 (39) 0 0 (39) 161 0 274 0 0 274 167 0 (241) 0 0 (241) 950 0 596 0 0 596 1,425 0 2,371 0 0 2,371 769 0 3,033 0 0 3,033 0 3,033 44 45 46 47 48 49 50 Interest Expense 52 Interest Income 53 Other Non-Operating Income/Expense 54 Special Items 55 Pretax Income 51 Income Taxes - Total Minority Interest 58 Income Before EI&DO 59 Extraordinary Items 60 Discontinued Operations 61 Net Income (Loss) 56 57 62 63 Preferred Dividends Adjusted Available for Common EARNINGS PER SHARE EPS - Primary, Including EI&DO EPS - Fully Diluted, Including EI&DO 67 COMMON SHARES 68 Common Shares for Primary EPS Calculation 69 Common Shares for Fully Diluted EPS 70 Com.Shares Outstanding at Fiscal Yr End 71 Stock price--fiscal year end 64 65 66 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 Statement of Cashflows INDIRECT OPERATING ACTIVITIES Income Before Extraordinary Items Depreciation and Amortizations Extr. Items and Disc. Operations Deferred Taxes Equity in Net Loss (Earnings) Sale of PPEq and Investments - Loss (Gain) Funds from Operations - Other Receivables - Decrease(Increase) Inventory - Decrease (Increase) Accounts/P and Accrued Liabs - Inc(Dec) Income Taxes - Accrued - Increase(Decrease) Other Assets and Liabilities - Net Change Operating Actiities - Net Cash Flow INVESTING ACTIVITIES Investments - Increase Sale of Investments Short term Investments - Change 92 Capital Expenditures 93 Sale of Property Plant and Equipment 94 Acquisitions 95 Investing Activities - Other 96 Investing Activites - Net Cash Flow 0 (39) 0 274 0 (241) 0 596 0 2,371 (0.09) (0.09) 0.60 0.59 (0.52) (0.52) 1.28 1.25 5.01 4.90 6.32 6.15 453 453 454 251 457 465 459 399 462 462 465 310 467 477 471 676 474 484 477 750 480 493 484 1169 2012 2013 2014 2015 2016 2017 (39) 2,159 0 (265) 274 3,253 0 (156) (241) 4,746 0 (316) 596 6,281 0 81 2,371 8,116 0 (246) 3,033 11,478 0 (29) (9) 811 1 1,336 (3) 1,682 5 2,400 0 2,286 0 4,125 (999) (1,410) (1,193) (2,187) (1,426) 0 2,522 4,180 0 2,177 5,475 0 2,167 6,842 0 4,744 11,920 0 5,342 16,443 (3,583) 7,175 0 (3,765) 18,434 3,302 4,237 2,826 2,306 2,542 3,349 4,091 3,025 0 0 (3,789) 11,955 0 (12,075) (27,819) 88 89 90 91 FINANCING ACTIVITIES Sale of Common and Preferred Stock Purchase of Common and Preferred Stock 100 Cash Dividends 101 Long Term Debt - Issuance 102 Long Term Debt - Reduction 103 Current Debt - Changes 104 Financing Activities - Other 105 Financing Activities - Net Cash Flow 97 98 99 106 Exchange Rate Effect 107 Cash and Cash Equivalents - Change 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 3,785 0 3,444 0 4,893 0 4,589 0 0 (3,023) 6,737 (745) (3,595) (312) (4,276) (979) (5,065) (795) (6,450) (116) (9,876) 0 960 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 588 1,011 1,933 3,378 2,259 394 (539) 6,359 4,432 (3,882) (3,763) 267 (2,911) 9,860 9,860 (29) 2,815 (86) 574 (310) 5,899 (374) 1,333 4,007 (212) 3,444 713 1,188 I J K L M N O P Q R S T U V W X Y Z AA AB AC AD AE AF AG AH AI AJ AK AL AM AN AO AP AQ AR AS AT AU AV AW AX AY AZ BA BB BC BD BE BF BG BH BI BJ BK BL BM BN BO BP BQ BR BS BT BU BV BW BX BY BZ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 CA CB CC CD CE CF CG CH CI CJ CK CL CM CN CO CP CQ CR CS CT CU CV CW CX CY CZ DA DB DC DD DE DF DG DH DI DJ DK DL DM DN DO DP DQ DR DS DT DU DV DW DX DY DZ EA EB EC ED EE EF EG EH EI EJ EK EL EM EN EO EP EQ ER ES ET EU EV EW EX EY EZ FA FB 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 FC FD FE FF FG FH FI FJ FK FL FM FN FO FP FQ FR FS FT FU FV FW FX FY FZ GA GB GC GD GE GF GG GH GI GJ GK GL GM GN GO GP GQ GR GS GT GU GV GW GX GY GZ HA HB HC HD HE HF HG HH HI HJ HK HL HM HN HO HP HQ HR HS HT HU HV HW HX HY HZ IA IB IC ID 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 Walmart, Inc. Valuation Worksheet (747,317) WACC Computation (138,473) Rd*(1-t) 0.036 D/V 0 RPFE 0.000 PFE/V (885,789) Re= 0.113 E/V 44,000 WACC 0.108 0 (929,789) Terminal Growth 484 -1921 PV of FCF: 1st Period PV of FCF: 2nd Period Non_op. Assets - Hidden debt Total Enterprise Value Less Debt Less Preferred Stock Total Equity Value Number of shares o/s Price Per Share Free Cashflows (FCF) 0.020 (9,196) (19,782) (25,019) 1 2018 2 2019 3 2020 177,866 103,134 61,612 9,166 202 230,081 230,081 0 0 0 294,311 294,311 0 0 0 372,234 372,234 0 0 0 EBIT 4,156 1,164 0 0 0 0 0 0 NOPAT:EBIT(1-t) 2,992 0 0 0 32,315 9,692 16,047 2,143 0 0 0 0 0 0 0 0 0 0 0 0 60,197 48,866 737 16,721 4,789 0 64,331 0 16,721 0 0 84,112 0 16,721 0 0 109,131 0 16,721 0 Growth rate 0 2017 Fiscal Year As Reported Income Statement ($millions) Sales CGS S&A excl. depr. Depreciation Interest Income Tax Expense Balance Sheet Assets Cash Receivables Inventory Prepaid Expense & Other C Assets Total CA Net PPE Investments Intangibles Deferred charges and Other LT Assets Total Assets 131,310 81,052 100,833 125,852 59,454 0 0 0 71,856 81,052 100,833 125,852 131,310 81,052 100,833 125,852 Projected LTD+OE 71,856 81,052 100,833 External Financing Needs (Surplus) 9,196 19,782 25,019 Liabilities & Owners' Equity Payables & Accrued Expense Interest-bearing Debt & Shareholders Equity Total L+OE Fiscal Year 2017 2018 2019 2020 0 1 2 3 0.294 0.279 0.265 0.280 15,464.5 0.280 19,781.7 0.280 25,019.1 0.000 0.000 0.000 Assumptions Current Sales Growth Rate 0.308 Gross Margin S&A excl depr./Sales Depreciation/Begin. PPE Interest income as fraction of Beginning Cash Cash /Sales Receivables /Sales Inventory /CGS Prepaid expense & Other Assets/Expenses Investments/Sales Intangible growth Def. Charges &Other LT assets/Net PPE Payables /Expenses 0.420 0.346 0.188 0.008 0.182 0.054 0.156 0.013 0.004 0.000 0.098 0.361 Tax rate Cap Ex Cap Ex/Depreciation Ref: EBITDA Margin Ratio 0.280 11,955.0 1.153 0.065 0.000 0.935 (31,283) (38,665) (47,231) (57,016) (68,007) (80,136) (93,276) 4 2021 5 2022 6 2023 7 2024 8 2025 9 2026 10 2027 465,427 465,427 0 0 0 575,251 575,251 0 0 0 702,706 702,706 0 0 0 848,281 848,281 0 0 0 1,011,798 1,011,798 0 0 0 1,192,266 1,192,266 0 0 0 1,387,753 1,387,753 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 140,414 0 16,721 0 0 179,079 0 16,721 0 0 226,310 0 16,721 0 0 283,326 0 16,721 0 0 351,333 0 16,721 0 0 431,469 0 16,721 0 0 524,745 0 16,721 0 157,135 195,800 243,031 300,047 368,054 448,190 541,466 0 0 0 0 0 0 0 157,135 195,800 243,031 300,047 368,054 448,190 541,466 157,135 195,800 243,031 300,047 368,054 448,190 541,466 125,852 157,135 195,800 243,031 300,047 368,054 448,190 31,283 38,665 47,231 57,016 68,007 80,136 93,276 2021 2022 2023 2024 2025 2026 2027 4 5 6 7 8 9 10 0.250 0.236 0.222 0.207 0.193 0.178 0.164 0.280 31,283.0 0.280 38,664.7 0.280 47,231.3 0.280 57,015.9 0.280 68,006.5 0.280 80,136.4 0.280 93,275.8 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (107,226) (121,719) (136,419) (150,929) (164,809) (177,592) (188,809) 11 2028 12 2029 13 2030 14 2031 15 2032 16 2033 17 2034 1,595,310 1,595,310 0 0 0 1,810,938 1,810,938 0 0 0 2,029,632 2,029,632 0 0 0 2,245,511 2,245,511 0 0 0 2,452,015 2,452,015 0 0 0 2,642,201 2,642,201 0 0 0 2,809,092 2,809,092 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 631,971 0 16,721 0 0 753,691 0 16,721 0 0 890,110 0 16,721 0 0 1,041,038 0 16,721 0 0 1,205,847 0 16,721 0 0 1,383,439 0 16,721 0 0 1,572,247 0 16,721 0 648,692 770,412 906,831 1,057,759 1,222,568 1,400,160 1,588,968 0 0 0 0 0 0 0 648,692 770,412 906,831 1,057,759 1,222,568 1,400,160 1,588,968 648,692 770,412 906,831 1,057,759 1,222,568 1,400,160 1,588,968 541,466 648,692 770,412 906,831 1,057,759 1,222,568 1,400,160 107,226 121,719 136,419 150,929 164,809 177,592 188,809 2028 2029 2030 2031 2032 2033 2034 11 12 13 14 15 16 17 0.150 0.135 0.121 0.106 0.092 0.078 0.063 0.280 107,226.4 0.280 121,719.5 0.280 136,418.7 0.280 150,928.7 0.280 164,808.6 0.280 177,591.7 0.280 188,808.9 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (198,016) (204,820) (208,909) (213,080) (217,333) (221,672) (226,097) 18 2035 19 2036 20 2037 21 2038 22 2039 23 2040 24 2041 2,946,072 2,946,072 0 0 0 3,047,309 3,047,309 0 0 0 3,108,143 3,108,143 0 0 0 3,170,191 3,170,191 0 0 0 3,233,479 3,233,479 0 0 0 3,298,030 3,298,030 0 0 0 3,363,869 3,363,869 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,770,263 0 16,721 0 0 1,975,084 0 16,721 0 0 2,183,993 0 16,721 0 0 2,397,073 0 16,721 0 0 2,614,406 0 16,721 0 0 2,836,078 0 16,721 0 0 3,062,176 0 16,721 0 1,786,984 1,991,805 2,200,714 2,413,794 2,631,127 2,852,799 3,078,897 0 0 0 0 0 0 0 1,786,984 1,991,805 2,200,714 2,413,794 2,631,127 2,852,799 3,078,897 1,786,984 1,991,805 2,200,714 2,413,794 2,631,127 2,852,799 3,078,897 1,588,968 1,786,984 1,991,805 2,200,714 2,413,794 2,631,127 2,852,799 198,016 204,820 208,909 213,080 217,333 221,672 226,097 2035 2036 2037 2038 2039 2040 2041 18 19 20 21 22 23 24 0.049 0.034 0.020 0.020 0.020 0.020 0.020 0.280 198,015.9 0.280 204,820.3 0.280 208,909.2 0.280 213,079.7 0.280 217,333.5 0.280 221,672.2 0.280 226,097.5 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (230,611) (235,215) (239,911) (244,700) (249,585) (254,567) (259,649) 25 2042 26 2043 27 2044 28 2045 29 2046 30 2047 31 2048 3,431,023 3,431,023 0 0 0 3,499,517 3,499,517 0 0 0 3,569,379 3,569,379 0 0 0 3,640,635 3,640,635 0 0 0 3,713,314 3,713,314 0 0 0 3,787,444 3,787,444 0 0 0 3,863,054 3,863,054 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,292,787 0 16,721 0 0 3,528,002 0 16,721 0 0 3,767,912 0 16,721 0 0 4,012,612 0 16,721 0 0 4,262,197 0 16,721 0 0 4,516,765 0 16,721 0 0 4,776,414 0 16,721 0 3,309,508 3,544,723 3,784,633 4,029,333 4,278,918 4,533,486 4,793,135 0 0 0 0 0 0 0 3,309,508 3,544,723 3,784,633 4,029,333 4,278,918 4,533,486 4,793,135 3,309,508 3,544,723 3,784,633 4,029,333 4,278,918 4,533,486 4,793,135 3,078,897 3,309,508 3,544,723 3,784,633 4,029,333 4,278,918 4,533,486 230,611 235,215 239,911 244,700 249,585 254,567 259,649 2042 2043 2044 2045 2046 2047 2048 25 26 27 28 29 30 31 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.280 230,611.1 0.280 235,214.9 0.280 239,910.5 0.280 244,699.9 0.280 249,584.9 0.280 254,567.5 0.280 259,649.5 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (264,833) (270,120) (275,512) (281,012) (286,622) (292,344) (298,180) 32 2049 33 2050 34 2051 35 2052 36 2053 37 2054 38 2055 3,940,173 3,940,173 0 0 0 4,018,832 4,018,832 0 0 0 4,099,061 4,099,061 0 0 0 4,180,892 4,180,892 0 0 0 4,264,356 4,264,356 0 0 0 4,349,486 4,349,486 0 0 0 4,436,316 4,436,316 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5,041,247 0 16,721 0 0 5,311,367 0 16,721 0 0 5,586,879 0 16,721 0 0 5,867,892 0 16,721 0 0 6,154,514 0 16,721 0 0 6,446,858 0 16,721 0 0 6,745,039 0 16,721 0 5,057,968 5,328,088 5,603,600 5,884,613 6,171,235 6,463,579 6,761,760 0 0 0 0 0 0 0 5,057,968 5,328,088 5,603,600 5,884,613 6,171,235 6,463,579 6,761,760 5,057,968 5,328,088 5,603,600 5,884,613 6,171,235 6,463,579 6,761,760 4,793,135 5,057,968 5,328,088 5,603,600 5,884,613 6,171,235 6,463,579 264,833 270,120 275,512 281,012 286,622 292,344 298,180 2049 2050 2051 2052 2053 2054 2055 32 33 34 35 36 37 38 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.280 264,832.9 0.280 270,119.8 0.280 275,512.3 0.280 281,012.4 0.280 286,622.4 0.280 292,344.3 0.280 298,180.4 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (304,133) (310,205) (316,397) (322,714) (329,156) (335,727) (342,429) 39 2056 40 2057 41 2058 42 2059 43 2060 44 2061 45 2062 4,524,879 4,524,879 0 0 0 4,615,211 4,615,211 0 0 0 4,707,345 4,707,345 0 0 0 4,801,319 4,801,319 0 0 0 4,897,169 4,897,169 0 0 0 4,994,933 4,994,933 0 0 0 5,094,648 5,094,648 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7,049,172 0 16,721 0 0 7,359,376 0 16,721 0 0 7,675,774 0 16,721 0 0 7,998,487 0 16,721 0 0 8,327,643 0 16,721 0 0 8,663,370 0 16,721 0 0 9,005,799 0 16,721 0 7,065,893 7,376,097 7,692,495 8,015,208 8,344,364 8,680,091 9,022,520 0 0 0 0 0 0 0 7,065,893 7,376,097 7,692,495 8,015,208 8,344,364 8,680,091 9,022,520 7,065,893 7,376,097 7,692,495 8,015,208 8,344,364 8,680,091 9,022,520 6,761,760 7,065,893 7,376,097 7,692,495 8,015,208 8,344,364 8,680,091 304,133 310,205 316,397 322,714 329,156 335,727 342,429 2056 2057 2058 2059 2060 2061 2062 39 40 41 42 43 44 45 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.280 304,133.1 0.280 310,204.6 0.280 316,397.3 0.280 322,713.6 0.280 329,156.0 0.280 335,727.0 0.280 342,429.2 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (349,265) (356,238) (363,349) (370,603) (378,001) (385,548) (393,244) 46 2063 47 2064 48 2065 49 2066 50 2067 51 2068 52 2069 5,196,354 5,196,354 0 0 0 5,300,090 5,300,090 0 0 0 5,405,897 5,405,897 0 0 0 5,513,816 5,513,816 0 0 0 5,623,890 5,623,890 0 0 0 5,736,161 5,736,161 0 0 0 5,850,674 5,850,674 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9,355,065 0 16,721 0 0 9,711,302 0 16,721 0 0 10,074,652 0 16,721 0 0 10,445,255 0 16,721 0 0 10,823,256 0 16,721 0 0 11,208,804 0 16,721 0 0 11,602,048 0 16,721 0 9,371,786 9,728,023 10,091,373 10,461,976 10,839,977 11,225,52 ...
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NKURUMAH
School: New York University

Attached.

Residual Income Method

1

Amazon Company
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Name of the Institution
Instructors Name
April 2019

Residual Income Method

2
Part A
Residual Income Method

The residual income Method calculates the return over the minimum yield. The price obtained by
the residual income method is different from the price obtained by using the free cash flow
because the price of the residual income method is higher. Therefore, the residual income
approach is superior to the free cash flow approach because it accepts any investment advice that
exceeds the minimum required return on investment. On the other hand, even if the expected
return is greater than the minimum rate of return, the free cash flow method usually leads to the
rejection of any item whose expected rate of return is lower than the average profit rate of the
profit center. Necessary if the company has limited cash investment assets, it may be necessary
to use different selection criteria to determine the best portfolio, rather than all portfolios based
on residual income.
Other factors can also be considered, such as reducing risk and complying with
environmental legislation. The only important factor in performance analysis is the impact of the
proposed investment on the company's ability to increase total return (income minus fully
variable costs). According to this concept, the main goal is to improve performance by using
bottlenecks or reducing operating costs. This analysis must take into account the use of
bottlenecks due to possible product combinations and their profits. This analysis is much more
detailed than the analysis considered in the more simplified residual income approach. If the
residual income method is calculated based on estimates of future results, there is a risk that the
estimates are so inaccurate that the analysis results are invalid (Stickney, C.P., 1993).
V0=BV0+{(1+r)nRI1+(1+r)n+1RI2+⋯}

Residual Income Method

3

Where
:BV=Present book value
RI=Future residual income
r=Rate of return
n=Number of periods

you may have noticed that the residual income valuation formula is very similar to the multilevel dividend discount model, which replaces future dividend payments for future residual
profits. In calculating the future residual profit, using the same basic principle as the dividend
discount model, we can use the weighted average cost of capital against the discount rate and the
appropriate interest rate to oppose the DCF method. The residual income is the cost of equity.
The residual income valuation method is profitable, and even a novice investor can easily
implement common valuation methods. When used in conjunction with other popular valuation
methods, residual income estimates provide a clearer estimate of the company's true intrinsic
value.
Part B
Check the Final Spread Sheet for the computation using the residual Income method.

Residual Income Method

4
References

Stickney, C.P., 1993, Financial Statement Analysis, Dryden, Fort Worth.
White, G.I, A. Sondhi and D. Fried, 1997, The Analysis and Use of Financial Statements, Wiley,
New York
Weston, J.F. and T.E. Copeland, 1992, Managerial Finance, Dryden Press.


A

B

C

D

1

WMT

AMZN

3

ANNUAL INCOME STATEMENT

4

Fiscal Year Ending
Sales (Net)
Cost of Goods Sold
Gross Profit

2017
496,785
362,867
133,918

2017
177,866
103,134
74,732

Selling, General, & Admin Expenses
Operating Income Before Depreciation
Depreciation, Depletion, & Amortiz
Operating Income After Depreciation

104,736
29,182
10,529
18,653

2

5
6
7
8
9
10
11
12
13
14
15
16

Interest Expense
Interest Income
Other Non-Operating Income/Expense
Special Items
Pretax Income

Income Taxes - Total
Minority Interest
19 Income Before EI&DO
20
Extraordinary Items
21
Discontinued Operations
22 Net Income (Loss)
17
18

23
24

Preferred Dividends
Adjusted Available for Common

4,600
661
9,862
0
0
9,862
0
9,862

25
26
27
28

EBIT including all income and expenses

EBIT*(1-tax)
Net Income +Interest expense(1-tax)
29 EBIT excluding one time and special items
30
EBIT*(1-tax)
31
Net Income +Interest expense(1-tax)
32
33
34
35
36
37
38
39
40
41
42
43

61,612
13,120
9,166
3,954

2,330
152
3,171
(4,523)
15,123

17453.0
12144.3
12144.3
18805.0
13085.0
12144.3

848
202
494
0
3,802
0.304

769
0
3,033
0
0
3,033
0
3,033

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

AA

AB

AC

AD

AE

AF

AG

AH

AI

AJ

AK

AL

AM

AN

AO

AP

AQ

AR

AS

AT

AU

AV

AW

AX

AY

AZ

BA

BB

BC

BD

BE

BF

BG

BH

BI

BJ

BK

BL

BM

BN

BO

BP

BQ

BR

BS

BT

BU

BV

BW

BX

BY

BZ

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

CA

CB

CC

CD

CE

CF

CG

CH

CI

CJ

CK

CL

CM

CN

CO

CP

CQ

CR

CS

CT

CU

CV

CW

CX

CY

CZ

DA

DB

DC

A

B

C

D

E

F

G

H

Amazon.com

1
2
3

Balance Sheet, standardized ($million)

Fiscal Year Ending
ASSETS
Cash & Equivalents
Receivables - Total (Net)
8
Inventories - Total
9
Prepaid Expenses & Other current assets
10 Current Assets - Total
Plant, Property & Equip (Gross)
11
Accumulated Depreciation
12
13 Plant, Property & Equip (Net)
4

2012

2013

2014

2015

2016

2017

11,448
2,600
6,031
1,217
21,296
9,582
2,522
7,060

12,447
3,000
7,411
1,767
24,625
14,809
3,860
10,949

17,416
3,300
8,299
2,312
31,327
22,730
5,763
16,967

19,808
4,400
10,243
2,023
36,474
30,053
8,215
21,838

25,981
6,561
11,461
1,778
45,781
42,441
13,327
29,114

32,315
9,692
16,047
2,143
60,197
68,573
19,707
48,866

140
3,277
782
32,555

127
3,300
1,158
40,159

209
4,083
1,919
54,505

280
4,521
2,331
65,444

467
4,638
3,402
83,402

737
16,721
4,789
131,310

13,318
0

15,133
0

16,459
0

20,397
0

25,309
0

0
1,134
4,550
19,002

0
1,736
6,111
22,980

0
3,600
8,030
28,089

0
3,364
10,138
33,899

0
5,197
13,310
43,816

0
6,221
17,046
57,883

3,830
1,531
0
24,363

5,181
571
1,681
0
30,413

12,489
1,021
2,165
0
43,764

14,183
1,084
2,894
0
52,060

15,213
392
4,696
0
64,117

37,926
990
6,802
0
103,601

0
5
8,347
1,677
1,837
8,192
0
8,192
32,555

0
5
9,573
2,005
1,837
9,746
0
9,746
40,159

0
5
11,135
1,438
1,837
10,741
0
10,741
54,505

0
5
13,394
1,822
1,837
13,384
0
13,384
65,444

0
5
17,186
3,931
1,837
19,285
0
19,285
83,402

0
5
21,389
8,152
1,837
27,709
0
27,709
131,310

5
6
7

14
15
16
17
18
19
20
21
22
23
24
25

Investments
Intangibles & Goodwill
Deferred Charges & Other Long term Assets
TOTAL ASSETS
LIABILITIES
Accounts Payable
Notes Payable
Accrued Expenses
Tax payable
Debt (Long-Term) Due In One Year
Other Current Liabilities & Tax payable
Total Current Liabilities

Long Term Debt
Deferred Taxes (Balance Sheet)
Liabilities - Other
Non-controlling interest-redeemable
TOTAL LIABILITIES
31 SHAREHOLDERS' EQUITY
32
Preferred Stock
33
Common Stock
34
Capital Surplus
35
Retained Earnings (Net Other)
36
Less: Treasury Stock
37 Shareholders Equity - Parent
38 Non-contrlling interest-nonredeemable
39 TOTAL SHAREHOLDERS EQUITY
40 TOTAL LIABILITIES AND EQUITY
26
27
28
29
30

34,616
0

41
42

ANNUAL INCOME STATEMENT

43

Fiscal Year Ending
Sales (Net)
Cost of Goods Sold
Gross Profit

2012
61,093
44,271
16,822

2013
74,452
51,681
22,771

2014
88,988
59,152
29,836

2015
107,006
66,751
40,255

2016
135,987
81,865
54,122

2017
177,866
103,134
74,732

Selling, General, & Admin Expenses
Operating Income Before Depreciation
Depreciation, Depletion, & Amortiz
Operating Income After Depreciation

14,287
2,535
1,863
672

19,412
3,359
2,668
691

25,925
3,911
3,781
130

32,951
7,304
5,128
2,176

43,369
10,753
6,687
4,066

61,612
13,120
9,166
3,954

92
40
(231)
389

141
38
(153)
0
435

210
39
(33)
0
(74)

459
50
(221)
0
1,546

484
100
114
0
3,796

848
202
494
0
3,802

428
0
(39)
0
0
(39)

161
0
274
0
0
274

167
0
(241)
0
0
(241)

950
0
596
0
0
596

1,425
0
2,371
0
0
2,371

769
0
3,033
0
0
3,033
0
3,033

44
45
46
47
48
49
50

Interest Expense
52
Interest Income
53
Other Non-Operating Income/Expense
54
Special Items
55 Pretax Income
51

Income Taxes - Total
Minority Interest
58 Income Before EI&DO
59
Extraordinary Items
60
Discontinued Operations
61 Net Income (Loss)
56
57

62
63

Preferred Dividends
Adjusted Available for Common

EARNINGS PER SHARE
EPS - Primary, Including EI&DO
EPS - Fully Diluted, Including EI&DO
67 COMMON SHARES
68
Common Shares for Primary EPS Calculation
69
Common Shares for Fully Diluted EPS
70
Com.Shares Outstanding at Fiscal Yr End
71
Stock price--fiscal year end
64
65
66

72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87

Statement of Cashflows
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items
Depreciation and Amortizations
Extr. Items and Disc. Operations
Deferred Taxes
Equity in Net Loss (Earnings)
Sale of PPEq and Investments - Loss (Gain)
Funds from Operations - Other
Receivables - Decrease(Increase)
Inventory - Decrease (Increase)
Accounts/P and Accrued Liabs - Inc(Dec)
Income Taxes - Accrued - Increase(Decrease)
Other Assets and Liabilities - Net Change
Operating Actiities - Net Cash Flow

INVESTING ACTIVITIES
Investments - Increase
Sale of Investments
Short term Investments - Change
92 Capital Expenditures
93 Sale of Property Plant and Equipment
94 Acquisitions
95 Investing Activities - Other
96 Investing Activites - Net Cash Flow

0
(39)

0
274

0
(241)

0
596

0
2,371

(0.09)
(0.09)

0.60
0.59

(0.52)
(0.52)

1.28
1.25

5.01
4.90

6.32
6.15

453
453
454
251

457
465
459
399

462
462
465
310

467
477
471
676

474
484
477
750

480
493
484
1169

2012

2013

2014

2015

2016

2017

(39)
2,159
0
(265)

274
3,253
0
(156)

(241)
4,746
0
(316)

596
6,281
0
81

2,371
8,116
0
(246)

3,033
11,478
0
(29)

(9)
811

1
1,336

(3)
1,682

5
2,400

0
2,286

0
4,125

(999)

(1,410)

(1,193)

(2,187)

(1,426)

0
2,522
4,180

0
2,177
5,475

0
2,167
6,842

0
4,744
11,920

0
5,342
16,443

(3,583)
7,175
0
(3,765)
18,434

3,302
4,237

2,826
2,306

2,542
3,349

4,091
3,025

0
0
(3,789)
11,955
0
(12,075)
(27,819)

88
89
90
91

FINANCING ACTIVITIES
Sale of Common and Preferred Stock
Purchase of Common and Preferred Stock
100 Cash Dividends
101 Long Term Debt - Issuance
102 Long Term Debt - Reduction
103 Current Debt - Changes
104 Financing Activities - Other
105 Financing Activities - Net Cash Flow
97
98
99

106 Exchange Rate Effect
107 Cash and Cash Equivalents - Change
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126

3,785
0

3,444
0

4,893
0

4,589

0
0
(3,023)
6,737

(745)
(3,595)

(312)
(4,276)

(979)
(5,065)

(795)
(6,450)

(116)
(9,876)

0
960
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

588

1,011

1,933

3,378
2,259

394
(539)

6,359
4,432

(3,882)
(3,763)

267
(2,911)

9,860
9,860

(29)
2,815

(86)
574

(310)
5,899

(374)
1,333

4,007

(212)
3,444

713
1,188

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

AA

AB

AC

AD

AE

AF

AG

AH

AI

AJ

AK

AL

AM

AN

AO

AP

AQ

AR

AS

AT

AU

AV

AW

AX

AY

AZ

BA

BB

BC

BD

BE

BF

BG

BH

BI

BJ

BK

BL

BM

BN

BO

BP

BQ

BR

BS

BT

BU

BV

BW

BX

BY

BZ

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126

CA

CB

CC

CD

CE

CF

CG

CH

CI

CJ

CK

CL

CM

CN

CO

CP

CQ

CR

CS

CT

CU

CV

CW

CX

CY

CZ

DA

DB

DC

DD

DE

DF

DG

DH

DI

DJ

DK

DL

DM

DN

DO

DP

DQ

DR

DS

DT

DU

DV

DW

DX

DY

DZ

EA

EB

EC

ED

EE

EF

EG

EH

EI

EJ

EK

EL

EM

EN

EO

EP

EQ

ER

ES

ET

EU

EV

EW

EX

EY

EZ

FA

FB

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126

FC

FD

FE

FF

FG

FH

FI

FJ

FK

FL

FM

FN

FO

FP

FQ

FR

FS

FT

FU

FV

FW

FX

FY

FZ

GA

GB

GC

GD

GE

GF

GG

GH

GI

GJ

GK

GL

GM

GN

GO

GP

GQ

GR

GS

GT

GU

GV

GW

GX

GY

GZ

HA

HB

HC

HD

HE

HF

HG

HH

HI

HJ

HK

HL

HM

HN

HO

HP

HQ

HR

HS

HT

HU

HV

HW

HX

HY

HZ

IA

IB

IC

ID

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126

Walmart, Inc. Valuation Worksheet
(693,636) WACC Computation
(138,473) Rd*(1-t)
0.036 D/V
0 RPFE
0.000 PFE/V
(832,108) Re=
0.113 E/V
44,000 WACC
0.108
0
(876,108) Terminal Growth
0.020
484
-1810

PV of FCF: 1st Period
PV of FCF: 2nd Period
Non_op. Assets - Hidden debt
Total Enterprise Value
Less Debt
Less Preferred Stock
Total Equity Value
Number of shares o/s
Price Per Share

Free Cashflows (FCF)

50,258

0.065
0.000
0.935

(19,782) (25,019) (31,283)

Growth rate

Residual Income Method
0
2017

1
2018

2
2019

3
2020

4
2021

177,866
103,134
61,612
9,166
202

230,081
230,081
0
0
0

294,311
294,311
0
0
0

372,234
372,234
0
0
0

465,427
465,427
0
0
0

EBIT

4,156
1,164

0
0

0
0

0
0

0
0

NOPAT:EBIT(1-t)

2,992

0

0

0

0

32,315
9,692
16,047
2,143

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

60,197
48,866
737
16,721

0
64,331
0
16,721

0
84,112
0
16,721

0
109,131
0
16,721

0
140,414
0
16,721

Fiscal Year

As Reported
Income Statement ($millions)
Sales
CGS
S&A excl. depr.
Depreciation
Interest Income
Tax Expense

Balance Sheet
Assets
Cash
Receivables
Inventory
Prepaid Expense & Other C Assets
Total CA
Net PPE
Investments
Intangibles

Deferred charges and Other LT Assets

4,789

0

0

0

0

131,310

81,052

100,833

125,852

157,135

0

0

0

0

71,856

81,052

100,833

125,852

157,135

71,856

81,052

100,833

125,852

157,135

Projected LTD+OE

71,856

81,052

100,833

125,852

External Financing Needs (Surplus)

9,196

19,782

25,019

31,283

Total Assets
Liabilities & Owners' Equity
Payables & Accrued Expense
Interest-bearing Debt &
Shareholders Equity
Total L+OE

Fiscal Year

2017

2018

2019

2020

2021

0

1

2

3

4

0.294

0.279

0.265

0.250

0.280
15,464.5

0.280
19,781.7

0.280
25,019.1

0.280
31,283.0

0.000

0.000

0.000

0.000

Assumptions

Current

Sales Growth Rate

0.308

Gross Margin
S&A excl depr./Sales
Depreciation/Begin. PPE
Interest income as fraction of Beginning Cash
Cash /Sales
Receivables /Sales
Inventory /CGS
Prepaid expense & Other Assets/Expenses
Investments/Sales
Intangible growth
Def. Charges &Other LT assets/Net PPE
Payables /Expenses

0.420
0.346
0.188
0.008
0.182
0.054
0.156
0.013
0.004
0.000
0.098
0.000

Tax rate
Cap Ex
Cap Ex/Depreciation
Ref: EBITDA Margin Ratio

0.280
11,955.0

1.153

(38,665) (47,231) (57,016) (68,007) (80,136) (93,276) (107,226) ####### #######

5
2022

6
2023

7
2024

8
2025

9
2026

10
2027

11
2028

12
2029

13
2030

575,251
575,251
0
0
0

702,706
702,706
0
0
0

848,281
848,281
0
0
0

1,011,798
1,011,798
0
0
0

1,192,266
1,192,266
0
0
0

1,387,753
1,387,753
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
179,079
0
16,721

0
226,310
0
16,721

0
283,326
0
16,721

0
351,333
0
16,721

0
431,469
0
16,721

0
524,745
0
16,721

0
631,971
0
16,721

0
753,691
0
16,721

0
890,110
0
16,721

1,595,310 1,810,938 2,029,632
1,595,310 1,810,938 2,029,632
0
0
0
0
0
0
0
0
0

0

0

0

0

0

0

0

0

0

195,800

243,031

300,047

368,054

448,190

541,466

648,692

770,412

906,831

0

0

0

0

0

0

0

0

0

195,800

243,031

300,047

368,054

448,190

541,466

648,692

770,412

906,831

195,800

243,031

300,047

368,054

448,190

541,466

648,692

770,412

906,831

157,135

195,800

243,031

300,047

368,054

448,190

541,466

648,692

770,412

38,665

47,231

57,016

68,007

80,136

93,276

107,226 121,719 136,419

2022

2023

2024

2025

2026

2027

2028

2029

2030

5

6

7

8

9

10

11

12

13

0.236

0.222

0.207

0.193

0.178

0.164

0.150

0.135

0.121

0.280
38,664.7

0.280
47,231.3

0.280
57,015.9

0.280
68,006.5

0.280
80,136.4

0.280
93,275.8

0.000

0.000

0.000

0.000

0.000

0.000

0.280
0.280
0.280
107,226.4 121,719.5 136,418.7
0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

14
2031

15
2032

16
2033

17
2034

18
2035

19
2036

20
2037

21
2038

22
2039

2,245,511 2,452,015 2,642,201 2,809,092 2,946,072 3,047,309 3,108,143 3,170,191 3,233,479
2,245,511 2,452,015 2,642,201 2,809,092 2,946,072 3,047,309 3,108,143 3,170,191 3,233,479
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
1,041,038 1,205,847 1,383,439 1,572,247 1,770,263 1,975,084 2,183,993 2,397,073 2,614,406
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

1,057,759 1,222,568 1,400,160 1,588,968 1,786,984 1,991,805 2,200,714 2,413,794 2,631,127

0

0

0

0

0

0

0

0

0

1,057,759 1,222,568 1,400,160 1,588,968 1,786,984 1,991,805 2,200,714 2,413,794 2,631,127
1,057,759 1,222,568 1,400,160 1,588,968 1,786,984 1,991,805 2,200,714 2,413,794 2,631,127
906,831 1,057,759 1,222,568 1,400,160 1,588,968 1,786,984 1,991,805 2,200,714 2,413,794

150,929 164,809 177,592 188,809 198,016 204,820 208,909 213,080 217,333
2031

2032

2033

2034

2035

2036

2037

2038

2039

14

15

16

17

18

19

20

21

22

0.106

0.092

0.078

0.063

0.049

0.034

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
150,928.7 164,808.6 177,591.7 188,808.9 198,015.9 204,820.3 208,909.2 213,079.7 217,333.5
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

23
2040

24
2041

25
2042

26
2043

27
2044

28
2045

29
2046

30
2047

31
2048

3,298,030 3,363,869 3,431,023 3,499,517 3,569,379 3,640,635 3,713,314 3,787,444 3,863,054
3,298,030 3,363,869 3,431,023 3,499,517 3,569,379 3,640,635 3,713,314 3,787,444 3,863,054
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
2,836,078 3,062,176 3,292,787 3,528,002 3,767,912 4,012,612 4,262,197 4,516,765 4,776,414
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

2,852,799 3,078,897 3,309,508 3,544,723 3,784,633 4,029,333 4,278,918 4,533,486 4,793,135

0

0

0

0

0

0

0

0

0

2,852,799 3,078,897 3,309,508 3,544,723 3,784,633 4,029,333 4,278,918 4,533,486 4,793,135
2,852,799 3,078,897 3,309,508 3,544,723 3,784,633 4,029,333 4,278,918 4,533,486 4,793,135
2,631,127 2,852,799 3,078,897 3,309,508 3,544,723 3,784,633 4,029,333 4,278,918 4,533,486

221,672 226,097 230,611 235,215 239,911 244,700 249,585 254,567 259,649
2040

2041

2042

2043

2044

2045

2046

2047

2048

23

24

25

26

27

28

29

30

31

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
221,672.2 226,097.5 230,611.1 235,214.9 239,910.5 244,699.9 249,584.9 254,567.5 259,649.5
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

32
2049

33
2050

34
2051

35
2052

36
2053

37
2054

38
2055

39
2056

40
2057

3,940,173 4,018,832 4,099,061 4,180,892 4,264,356 4,349,486 4,436,316 4,524,879 4,615,211
3,940,173 4,018,832 4,099,061 4,180,892 4,264,356 4,349,486 4,436,316 4,524,879 4,615,211
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
5,041,247 5,311,367 5,586,879 5,867,892 6,154,514 6,446,858 6,745,039 7,049,172 7,359,376
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

5,057,968 5,328,088 5,603,600 5,884,613 6,171,235 6,463,579 6,761,760 7,065,893 7,376,097

0

0

0

0

0

0

0

0

0

5,057,968 5,328,088 5,603,600 5,884,613 6,171,235 6,463,579 6,761,760 7,065,893 7,376,097
5,057,968 5,328,088 5,603,600 5,884,613 6,171,235 6,463,579 6,761,760 7,065,893 7,376,097
4,793,135 5,057,968 5,328,088 5,603,600 5,884,613 6,171,235 6,463,579 6,761,760 7,065,893

264,833 270,120 275,512 281,012 286,622 292,344 298,180 304,133 310,205
2049

2050

2051

2052

2053

2054

2055

2056

2057

32

33

34

35

36

37

38

39

40

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
264,832.9 270,119.8 275,512.3 281,012.4 286,622.4 292,344.3 298,180.4 304,133.1 310,204.6
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

41
2058

42
2059

43
2060

44
2061

45
2062

46
2063

47
2064

48
2065

49
2066

4,707,345 4,801,319 4,897,169 4,994,933 5,094,648 5,196,354 5,300,090 5,405,897 5,513,816
4,707,345 4,801,319 4,897,169 4,994,933 5,094,648 5,196,354 5,300,090 5,405,897 5,513,816
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
7,675,774 7,998,487 8,327,643 8,663,370 9,005,799 9,355,065 9,711,302 ######### #########
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

7,692,495 8,015,208 8,344,364 8,680,091 9,022,520 9,371,786 9,728,023 ######### #########

0

0

0

0

0

0

0

0

0

7,692,495 8,015,208 8,344,364 8,680,091 9,022,520 9,371,786 9,728,023 ######### #########
7,692,495 8,015,208 8,344,364 8,680,091 9,022,520 9,371,786 9,728,023 ######### #########
7,376,097 7,692,495 8,015,208 8,344,364 8,680,091 9,022,520 9,371,786 9,728,023 #########

316,397 322,714 329,156 335,727 342,429 349,265 356,238 363,349 370,603
2058

2059

2060

2061

2062

2063

2064

2065

2066

41

42

43

44

45

46

47

48

49

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
316,397.3 322,713.6 329,156.0 335,727.0 342,429.2 349,265.2 356,237.7 363,349.4 370,603.0
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

50
2067

51
2068

52
2069

53
2070

54
2071

55
2072

56
2073

57
2074

58
2075

5,623,890 5,736,161 5,850,674 5,967,472 6,086,603 6,208,111 6,332,045 6,458,453 6,587,385
5,623,890 5,736,161 5,850,674 5,967,472 6,086,603 6,208,111 6,332,045 6,458,453 6,587,385
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

378,001 385,548 393,244 401,095 409,102 417,269 425,599 434,095 442,761
2067

2068

2069

2070

2071

2072

2073

2074

2075

50

51

52

53

54

55

56

57

58

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
378,001.5 385,547.6 393,244.4 401,094.8 409,102.0 417,269.0 425,599.0 434,095.4 442,761.4
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

59
2076

60
2077

61
2078

62
2079

63
2080

64
2081

65
2082

66
2083

67
2084

6,718,891 6,853,022 6,989,831 7,129,370 7,271,696 7,416,863 7,564,927 7,715,948 7,869,984
6,718,891 6,853,022 6,989,831 7,129,370 7,271,696 7,416,863 7,564,927 7,715,948 7,869,984
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

451,600 460,616 469,811 479,190 488,756 498,513 508,465 518,616 528,969
2076

2077

2078

2079

2080

2081

2082

2083

2084

59

60

61

62

63

64

65

66

67

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
451,600.3 460,615.7 469,811.1 479,190.1 488,756.3 498,513.5 508,465.4 518,616.0 528,969.3
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### #######

68
2085

69
2086

70
2087

71
2088

72
2089

73
2090

(619,593)

74
2091

75
2092

8,027,094 8,187,341 8,350,787 8,517,496 8,687,533 8,860,965 9,037,858
8,027,094 8,187,341 8,350,787 8,517,496 8,687,533 8,860,965 9,037,858
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

9,218,283
9,218,283
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0
23,166,669
0
16,721

0

0

0

######### ######### ######### ######### ######### ######### #########

23,183,390

0

0

0

0

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### #########

23,183,390

######### ######### ######### ######### ######### ######### #########

23,183,390

######### ######### ######### ######### ######### ######### #########

22,563,797

539,529 550,300 561,286 572,491 583,920 595,577 607,466

619,593

2085

2086

2087

2088

2089

2090

2091

2092

68

69

70

71

72

73

74

75

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
539,529.3 550,300.0 561,285.8 572,490.9 583,919.7 595,576.6 607,466.3

0.280
619,593.3

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

76
2093

77
2094

78
2095

79
2096

80
2097

81
2098

82
2099

83
2100

84
2101

9,402,310 9,590,011 9,781,459 9,976,729 ######### ######### ######### ######### #########
9,402,310 9,590,011 9,781,459 9,976,729 ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
0
0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0

0

0

0

0

0

0

0

0

0
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0
0
0
0

0
0
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0
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0
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0
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0
0
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0
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0
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0
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0
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0
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

631,962 644,578 657,446 670,571 683,958 697,612 711,538 725,743 740,231
2093

2094

2095

2096

2097

2098

2099

2100

2101

76

77

78

79

80

81

82

83

84

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
631,962.4 644,578.4 657,446.3 670,571.1 683,957.9 697,611.9 711,538.5 725,743.1 740,231.3
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

85
2102

86
2103

87
2104

88
2105

89
2106

90
2107

91
2108

92
2109

93
2110

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

755,009 770,081 785,455 801,135 817,128 833,441 850,079 867,049 884,358
2102

2103

2104

2105

2106

2107

2108

2109

2110

85

86

87

88

89

90

91

92

93

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
755,008.8 770,081.2 785,454.5 801,134.8 817,128.0 833,440.6 850,078.8 867,049.1 884,358.2
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

94
2111

95
2112

96
2113

97
2114

98
2115

99
2116

100
2117

101
2118

102
2119

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

902,013 920,020 938,387 957,120 976,227 995,716 ####### ####### #######
2111

2112

2113

2114

2115

2116

2117

2118

2119

94

95

96

97

98

99

100

101

102

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
902,012.9 920,020.0 938,386.6 957,119.9 976,227.1 995,715.8 ######### ######### #########
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

103
2120

104
2121

105
2122

106
2123

107
2124

108
2125

109
2126

110
2127

111
2128

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

####### ####### ####### ####### ####### ####### ####### ####### #######
2120

2121

2122

2123

2124

2125

2126

2127

2128

103

104

105

106

107

108

109

110

111

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
######### ######### ######### ######### ######### ######### ######### ######### #########
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### (1,508,032)

112
2129

113
2130

114
2131

115
2132

116
2133

117
2134

118
2135

119
2136

120
2137

######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

22,436,435
22,436,435
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
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0

0

0

0

0

0

0

0

0

0
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0

0
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0
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0
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0
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0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0
68,558,784
0
16,721

0

0

0

######### ######### ######### ######### ######### ######### ######### #########

68,575,505

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### #########

68,575,505

######### ######### ######### ######### ######### ######### ######### #########

68,575,505

######### ######### ######### ######### ######### ######### ######### #########

67,067,473

####### ####### ####### ####### ####### ####### ####### ####### 1,508,032
2129

2130

2131

2132

2133

2134

2135

2136

2137

112

113

114

115

116

117

118

119

120

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
######### ######### ######### ######### ######### ######### ######### #########

0.280
1,508,031.8

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### #######

121
2138

122
2139

123
2140

######### ######### #########
######### ######### #########
0
0
0
0
0
0
0
0
0

(1,632,107) ####### ####### ####### ####### #######

124
2141

125
2142

126
2143

127
2144

128
2145

129
2146

24,282,420 ######### ######### ######### ######### #########
24,282,420 ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0

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0

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0

0

0

0
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0
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0
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0
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0
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0
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0
0
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0
0
0
0

0
0
0
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0
0
0
######### ######### #########
0
0
0
16,721
16,721
16,721

0
0
0
0
0
0
74,898,034 ######### ######### ######### ######### #########
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

######### ######### #########

0

0

0

0

0

0

0

0

0

74,914,755 ######### ######### ######### ######### #########

0

0

0

0

0

0

######### ######### #########

74,914,755 ######### ######### ######### ######### #########

######### ######### #########

74,914,755 ######### ######### ######### ######### #########

######### ######### #########

73,282,648 ######### ######### ######### ######### #########

####### ####### #######

1,632,107 ####### ####### ####### ####### #######

2138

2139

2140

2141

2142

2143

2144

2145

2146

121

122

123

124

125

126

127

128

129

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
######### ######### #########
0.000

0.000

0.000

0.280
0.280
0.280
0.280
0.280
0.280
1,632,106.9 ######### ######### ######### ######### #########
0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

130
2147

131
2148

132
2149

133
2150

134
2151

135
2152

136
2153

137
2154

138
2155

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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0
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0
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0
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0
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0
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0
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0
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0

0

0

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0

0

0

0

0

0
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0
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0
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0
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0
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0
0
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0
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0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
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0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

####### ####### ####### ####### ####### ####### ####### ####### #######
2147

2148

2149

2150

2151

2152

2153

2154

2155

130

131

132

133

134

135

136

137

138

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
######### ######### ######### ######### ######### ######### ######### ######### #########
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

139
2156

140
2157

141
2158

142
2159

143
2160

144
2161

145
2162

146
2163

147
2164

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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######### ######### ######### ######### ######### ######### ######### ######### #########
0
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16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

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0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

####### ####### ####### ####### ####### ####### ####### ####### #######
2156

2157

2158

2159

2160

2161

2162

2163

2164

139

140

141

142

143

144

145

146

147

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
######### ######### ######### ######### ######### ######### ######### ######### #########
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### ####### ####### ####### #######

148
2165

149
2166

150
2167

151
2168

152
2169

153
2170

154
2171

155
2172

156
2173

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
0
0
0
######### ######### ######### ######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########

0

0

0

0

0

0

0

0

0

######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### ######### ######### ######### #########

####### ####### ####### ####### ####### ####### ####### ####### #######
2165

2166

2167

2168

2169

2170

2171

2172

2173

148

149

150

151

152

153

154

155

156

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
0.280
######### ######### ######### ######### ######### ######### ######### ######### #########
0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

####### ####### ####### ####### ####### #######

157
2174

158
2175

159
2176

160
2177

161
2178

162
2179

######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### #########
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0

0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0
0
######### ######### ######### ######### ######### #########
0
0
0
0
0
0
16,721
16,721
16,721
16,721
16,721
16,721

0

0

0

0

0

0

######### ######### ######### ######### ######### #########

0

0

0

0

0

0

######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### #########
######### ######### ######### ######### ######### #########

####### ####### ####### ####### ####### #######
2174

2175

2176

2177

2178

2179

157

158

159

160

161

162

0.020

0.020

0.020

0.020

0.020

0.020

0.280
0.280
0.280
0.280
0.280
0.280
######### ######### ######### ######### ######### #########
0.000

0.000

0.000

0.000

0.000

0.000

Amazon Company — Residual Income Valuation
As on December 31, 2017
2017

($mm, unless noted)

Return on Common Equity:
Cost of Equity:
Present Value of Equity Calculations:
Current Value of Common Equity:
Sum of PV of Residual Income:
Terminal Growth Rate:
Estimated Year 5 NI to Common:
Residual Income Terminal Value:
PV of Res. Inc. Terminal Value:
Present Value of Equity:
Shares Outstanding:
Implied Share Price:

2019

2,992

Net Income
Book Value of Common Equity
Beginning BV of Common Equity
(Beginning BV of Equity) X (Cost of Equity)
Residual Income
Discount Period:
Present Value of Residual Income

2018

71,856

Cost
of
Equity

1,921.00

ember 31, 2017
2020

2021

2022

2023

2024

2025

2026

2027

Implied Share Price Sensitivity Analysis

Terminal Growth Rate
-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

2052

2053

2054

2055

2056

2057

2058

2059

2060

2061

2062

2063

2064

2065

2066

2067

2068

2069

2070

2071

2072

2073

2074

2075

2076

2077

2078

2079

2080

2081

2082

2083

2084

2085

2086

2087

2088

2089

2090

2091

2092

2093

2094

2095

2096

2097

2098

2099

2100

2101

2102

2103

2104

2105

2106

2107

2108

2109

2110

2111

2112

2113

2114

2115

2116

2117

2118

2119

2120

2121

2122

2123

2124

2125

2126

2127

2128

2129

2130

2131

2132

2133

2134

2135

2136

2137

2138

2139

2140

2141

2142

2143

2144

2145

2146

2147

2148

2149

2150

2151

2152

2153

2154

2155

2156

2157

2158

2159

2160

2161

2162

2163

2164

2165

2166

2167

2168

2169

2170

2171

2172

2173

2174

2175

2176

2177

2178

2179

Attached.

A

B

C

D

1

WMT

AMZN

3

ANNUAL INCOME STATEMENT

4

Fiscal Year Ending
Sales (Net)
Cost of Goods Sold
Gross Profit

2017
496,785
362,867
133,918

2017
177,866
103,134
74,732

Selling, General, & Admin Expenses
Operating Income Before Depreciation
Depreciation, Depletion, & Amortiz
Operating Income After Depreciation

104,736
29,182
10,529
18,653

2

5
6
7
8
9
10
11
12
13
14
15
16

Interest Expense
Interest Income
Other Non-Operating Income/Expense
Special Items
Pretax Income

Income Taxes - Total
Minority Interest
19 Income Before EI&DO
20
Extraordinary Items
21
Discontinued Operations
22 Net Income (Loss)
17
18

23
24

Preferred Dividends
Adjusted Available for Common

4,600
661
9,862
0
0
9,862
0
9,862

25
26
27
28

EBIT including all income and expenses

EBIT*(1-tax)
Net Income +Interest expense(1-tax)
29 EBIT excluding one time and special items
30
EBIT*(1-tax)
31
Net Income +Interest expense(1-tax)
32
33
34
35
36
37
38
39
40
41
42
43

61,612
13,120
9,166
3,954

2,330
152
3,171
(4,523)
15,123

17453.0
12144.3
12144.3
18805.0
13085.0
12144.3

848
202
494
0
3,802
0.304

769
0
3,033
0
0
3,033
0
3,033

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

AA

AB

AC

AD

AE

AF

AG

AH

AI

AJ

AK

AL

AM

AN

AO

AP

AQ

AR

AS

AT

AU

AV

AW

AX

AY

AZ

BA

BB

BC

BD

BE

BF

BG

BH

BI

BJ

BK

BL

BM

BN

BO

BP

BQ

BR

BS

BT

BU

BV

BW

BX

BY

BZ

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

CA

CB

CC

CD

CE

CF

CG

CH

CI

CJ

CK

CL

CM

CN

CO

CP

CQ

CR

CS

CT

CU

CV

CW

CX

CY

CZ

DA

DB

DC

A

B

C

D

E

F

G

H

Amazon.com

1
2
3

Balance Sheet, standardized ($million)

Fiscal Year Ending
ASSETS
Cash & Equivalents
Receivables - Total (Net)
8
Inventories - Total
9
Prepaid Expenses & Other current assets
10 Current Assets - Total
Plant, Property & Equip (Gross)
11
Accumulated Depreciation
12
13 Plant, Property & Equip (Net)
4

2012

2013

2014

2015

2016

2017

11,448
2,600
6,031
1,217
21,296
9,582
2,522
7,060

12,447
3,000
7,411
1,767
24,625
14,809
3,860
10,949

17,416
3,300
8,299
2,312
31,327
22,730
5,763
16,967

19,808
4,400
10,243
2,023
36,474
30,053
8,215
21,838

25,981
6,561
11,461
1,778
45,781
42,441
13,327
29,114

32,315
9,692
16,047
2,143
60,197
68,573
19,707
48,866

140
3,277
782
32,555

127
3,300
1,158
40,159

209
4,083
1,919
54,505

280
4,521
2,331
65,444

467
4,638
3,402
83,402

737
16,721
4,789
131,310

13,318
0

15,133
0

16,459
0

20,397
0

25,309
0

0
1,134
4,550
19,002

0
1,736
6,111
22,980

0
3,600
8,030
28,089

0
3,364
10,138
33,899

0
5,197
13,310
43,816

0
6,221
17,046
57,883

3,830
1,531
0
24,363

5,181
571
1,681
0
30,413

12,489
1,021
2,165
0
43,764

14,183
1,084
2,894
0
52,060

15,213
392
4,696
0
64,117

37,926
990
6,802
0
103,601

0
5
8,347
1,677
1,837
8,192
0
8,192
32,555

0
5
9,573
2,005
1,837
9,746
0
9,746
40,159

0
5
11,135
1,438
1,837
10,741
0
10,741
54,505

0
5
13,394
1,822
1,837
13,384
0
13,384
65,444

0
5
17,186
3,931
1,837
19,285
0
19,285
83,402

0
5
21,389
8,152
1,837
27,709
0
27,709
131,310

5
6
7

14
15
16
17
18
19
20
21
22
23
24
25

Investments
Intangibles & Goodwill
Deferred Charges & Other Long term Assets
TOTAL ASSETS
LIABILITIES
Accounts Payable
Notes Payable
Accrued Expenses
Tax payable
Debt (Long-Term) Due In One Year
Other Current Liabilities & Tax payable
Total Current Liabilities

Long Term Debt
Deferred Taxes (Balance Sheet)
Liabilities - Other
Non-controlling interest-redeemable
TOTAL LIABILITIES
31 SHAREHOLDERS' EQUITY
32
Preferred Stock
33
Common Stock
34
Capital Surplus
35
Retained Earnings (Net Other)
36
Less: Treasury Stock
37 Shareholders Equity - Parent
38 Non-contrlling interest-nonredeemable
39 TOTAL SHAREHOLDERS EQUITY
40 TOTAL LIABILITIES AND EQUITY
26
27
28
29
30

34,616
0

41
42

ANNUAL INCOME STATEMENT

43

Fiscal Year Ending
Sales (Net)
Cost of Goods Sold
Gross Profit

2012
61,093
44,271
16,822

2013
74,452
51,681
22,771

2014
88,988
59,152
29,836

2015
107,006
66,751
40,255

2016
135,987
81,865
54,122

2017
177,866
103,134
74,732

Selling, General, & Admin Expenses
Operating Income Before Depreciation
Depreciation, Depletion, & Amortiz
Operating Income After Depreciation

14,287
2,535
1,863
672

19,412
3,359
2,668
691

25,925
3,911
3,781
130

32,951
7,304
5,128
2,176

43,369
10,753
6,687
4,066

61,612
13,120
9,166
3,954

92
40
(231)
389

141
38
(153)
0
435

210
39
(33)
0
(74)

459
50
(221)
0
1,546

484
100
114
0
3,796

848
202
494
0
3,802

428
0
(39)
0
0
(39)

161
0
274
0
0
274

167
0
(241)
0
0
(241)

950
0
596
0
0
596

1,425
0
2,371
0
0
2,371

769
0
3,033
0
0
3,033
0
3,033

44
45
46
47
48
49
50

Interest Expense
52
Interest Income
53
Other Non-Operating Income/Expense
54
Special Items
55 Pretax Income
51

Income Taxes - Total
Minority Interest
58 Income Before EI&DO
59
Extraordinary Items
60
Discontinued Operations
61 Net Income (Loss)
56
57

62
63

Preferred Dividends
Adjusted Available for Common

EARNINGS PER SHARE
EPS - Primary, Including EI&DO
EPS - Fully Diluted, Including EI&DO
67 COMMON SHARES
68
Common Shares for Primary EPS Calculation
69
Common Shares for Fully Diluted EPS
70
Com.Shares Outstanding at Fiscal Yr End
71
Stock price--fiscal year end
64
65
66

72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87

Statement of Cashflows
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items
Depreciation and Amortizations
Extr. Items and Disc. Operations
Deferred Taxes
Equity in Net Loss (Earnings)
Sale of PPEq and Investments - Loss (Gain)
Funds from Operations - Other
Receivables - Decrease(Increase)
Inventory - Decrease (Increase)
Accounts/P and Accrued Liabs - Inc(Dec)
Income Taxes - Accrued - Increase(Decrease)
Other Assets and Liabilities - Net Change
Operating Actiities - Net Cash Flow

INVESTING ACTIVITIES
Investments - Increase
Sale of Investments
Short term Investments - Change
92 Capital Expenditures
93 Sale of Property Plant and Equipment
94 Acquisitions
95 Investing Activities - Other
96 Investing Activites - Net Cash Flow

0
(39)

0
274

0
(241)

0
596

0
2,371

(0.09)
(0.09)

0.60
0.59

(0.52)
(0.52)

1.28
1.25

5.01
4.90

6.32
6.15

453
453
454
251

457
465
459
399

462
462
465
310

467
477
471
676

474
484
477
750

480
493
484
1169

2012

2013

2014

2015

2016

2017

(39)
2,159
0
(265)

274
3,253
0
(156)

(241)
4,746
0
(316)

596
6,281
0
81

2,371
8,116
0
(246)

3,033
11,478
0
(29)

(9)
811

1
1,336

(3)
1,682

5
2,400

0
2,286

0
4,125

(999)

(1,410)

(1,193)

(2,187)

(1,426)

0
2,522
4,180

0
2,177
5,475

0
2,167
6,842

0
4,744
11,920

0
5,342
16,443

(3,583)
7,175
0
(3,765)
18,434

3,302
4,237

2,826
2,306

2,542
3,349

4,091
3,025

0
0
(3,789)
11,955
0
(12,075)
(27,819)

88
89
90
91

FINANCING ACTIVITIES
Sale of Common and Preferred Stock
Purchase of Common and Preferred Stock
100 Cash Dividends
101 Long Term Debt - Issuance
102 Long Term Debt - Reduction
103 Current Debt - Changes
104 Financing Activities - Other
105 Financing Activities - Net Cash Flow
97
98
99

106 Exchange Rate Effect
107 Cash and Cash Equivalents - Change
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126

3,785
0

3,444
0

4,893
0

4,589

0
0
(3,023)
6,737

(745)
(3,595)

(312)
(4,276)

(979)
(5,065)

(795)
(6,450)

(116)
(9,876)

0
960
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

588

1,011

1,933

3,378
2,259

394
(539)

6,359
4,432

(3,882)
(3,763)

267
(2,911)

9,860
9,860

(29)
2,815

(86)
574

(310)
5,899

(374)
1,333

4,007

(212)
3,444

713
1,188

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

AA

AB

AC

AD

AE

AF

AG

AH

AI

AJ

AK

AL

AM

AN

AO

AP

AQ

AR

AS

AT

AU

AV

AW

AX

AY

AZ

BA

BB

BC

BD

BE

BF

BG

BH

BI

BJ

BK

BL

BM

BN

BO

BP

BQ

BR

BS

BT

BU

BV

BW

BX

BY

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126

BZ

CA

CB

CC

CD

CE

CF

CG

CH

CI

CJ

CK

CL

CM

CN

CO

CP

CQ

CR

CS

CT

CU

CV

CW

CX

CY

CZ

DA

DB

DC

DD

DE

DF

DG

DH

DI

DJ

DK

DL

DM

DN

DO

DP

DQ

DR

DS

DT

DU

DV

DW

DX

DY

DZ

EA

EB

EC

ED

EE

EF

EG

EH

EI

EJ

EK

EL

EM

EN

EO

EP

EQ

ER

ES

ET

EU

EV

EW

EX

EY

EZ

FA

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Anonymous
Top quality work from this guy! I'll be back!

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