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See Table showing financial statement data and stock price data for Mydeco Corp.
a. Compute Mydeco's PE ratio each year from 2009 to 2013. In which year was it the highest?
b. What was Mydeco's Enterprise Value to EBITDA ratio each year. In which year was it the highest?
c. What might explain the differing time pattern of the two valuation? ratios?
a. Compute Mydeco's PE ratio each year from 2009 to 2013.
Calculate the PE ratio for 2009-2013 below:
Table
?2009--2013 Financial Statement Data and Stock Price Data for Mydeco Corp.
Mydeco Corp.? 2009--2013 (All data as of fiscal year? end, in? $ million)
Income Statement
2009
2010
2011
2012
2013
Revenue
404.3
363.8
424.6
510.7
604..1
Cost of Goods Sold
( 188.3 )
( 173.8 )
( 206.2 )
( 246.8 )
( 293.4 )
Gross Profit
216.0
190.0
218.4
263.9
310.7
Sales and Marketing
( 66.7 )
( 66.4 )
( 82.8 )
( 102.1 )
( 120.8 )
Administration
( 60.6 )
( 59.1 )
( 59.4 )
( 78.5 )
Depreciation? & Amortization
( 27.3 )
( 27.0 )
( 34.3 )
( 38.4 )
( 38.6 )
EBIT
61.4
37.5
41.9
57.0
72.8
Interest Income? (Expense)
( 33.7 )
( 32.9 )
( 32.2 )
( 37.4 )
( 39.4 )
Pretax Income
27.7
4.6
9.7
19.6
33.4
Income Tax
( 9.7 )
( 1.6 )
( 3.4 )
( 6.9 )
( 11.7 )
Net Income
18.0
3.0
6.3
12.7
21.7
Shares outstanding? (millions)
55
Earnings per share
$ 0.33
$ 0.05
$ 0.11
$ 0.23
$ 0.39
Balance Sheet
Assets
Cash
48.8
68.9
86.3
77.5
85.0
Accounts Receivable
88.6
69.8
76.9
86.1
Inventory
33.7
30.9
28.4
31.7
35.3
Total Current Assets
171.1
169.6
184.5
186.1
206.4
Net? Property, Plant? & Equip.
245.3
243.3
309.0
345.6
347.0
Goodwill? & Intangibles
361.7
Total Assets
778.1
774.6
855.2
893.4
915.1
Liabilities? & Stockholders' Equity
Accounts Payable
18.7
17.9
22.0
26.8
Accrued Compensation
6.7
6.4
7.0
8.1
Total Current Liabilities
25.4
24.3
29.0
34.9
41.4
?Long-term Debt
500.0
575.0
600.0
Total Liabilities
525.4
524.3
604.0
634.9
641.4
?Stockholders' Equity
252.7
250.3
251.2
258.5
273.7
Total Liabilities? & Stockholders' Equity
Statement of Cash Flows
27.3
27.0
34.3
38.4
38.6
Chg. in Accounts Receivable
3.9
18.8
0.0
( 7.1 )
( 9.2 )
Chg. in Inventory
( 2.9 )
2.8
2.5
( 3.3 )
( 3.6 )
Chg. in Pay.? & Accrued Comp.
2.2
( 1.1 )
4.7
5.9
6.5
Cash from Operations
48.5
50.5
47.8
46.6
54.0
Capital Expenditures
( 25.0 )
( 100.0 )
( 75.0 )
( 40.0 )
Cash from Investing Activ.
Dividends Paid
( 5.4 )
( 6.5 )
Sale? (or purchase) of stock
?-
Debt Issuance? (Pay Down)
75.0
25.0
Cash from Financing Activ.
69.6
Change in Cash
18.1
20.1
17.4
( 8.8 )
7.5
Mydeco Stock Price
$ 7.92
$ 3.30
$ 5.25
$ 8.71
$ 10.89
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