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Foot-Locker-Inc-Valuation.xlsx
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Income Statements

FOOT LOCKER, Inc
($ in millions, except per share amounts)
Fiscal Period Ending 2013 -12 months 2014 -12 months 2015 -12 months 2016 -12 months 2017 -12 months 2018 -12 months 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
REVENUES
Sales $ 6,505.00 $ 7,151.00 $ 7,412.00 $ 7,766.00 $ 7,782.00 $ 7,939.00 $ 7,972.30 $ 8,264.23 $ 8,570.69 $ 8,892.66 $ 9,231.20 $ 9,587.46 $ 9,962.67 $ 10,358.18 $ 10,775.43 $ 11,215.99
Total Revenues $ 6,505.00 $ 7,151.00 $ 7,412.00 $ 7,766.00 $ 7,782.00 $ 7,939.00 $ 7,972.30 $ 8,264.23 $ 8,570.69 $ 8,892.66 $ 9,231.20 $ 9,587.46 $ 9,962.67 $ 10,358.18 $ 10,775.43 $ 11,215.99
Cost of sales $ (4,372.00) $ (4,777.00) $ (4,907.00) $ (5,130.00) $ (5,326.00) $ (5,411.00) $ (5,353.00) $ (5,549.01) $ (5,754.78) $ (5,970.97) $ (6,198.28) $ (6,437.49) $ (6,689.43) $ (6,954.99) $ (7,235.15) $ (7,530.97)
Selling, general and administrative $ (1,334.00) $ (1,426.00) $ (1,415.00) $ (1,472.00) $ (1,501.00) $ (1,614.00) $ (1,569.37) $ (1,626.84) $ (1,687.17) $ (1,750.55) $ (1,817.19) $ (1,887.32) $ (1,961.18) $ (2,039.04) $ (2,121.17) $ (2,207.90)
Depreciation and amortization $ (133.00) $ (139.00) $ (148.00) $ (158.00) $ (173.00) $ (178.00) $ (110.65) $ (114.70) $ (118.96) $ (123.43) $ (128.12) $ (133.07) $ (138.28) $ (143.77) $ (149.56) $ (155.67)
Impairment and other charges $ (2.00) $ (4.00) $ (105.00) $ (6.00) $ (211.00) $ (37.00) $ (9.82) $ (10.18) $ (10.56) $ (10.96) $ (11.37) $ (11.81) $ (12.27) $ (12.76) $ (13.27) $ (13.82)
Total operation expense $ (5,841.00) $ (6,346.00) $ (6,575.00) $ (6,766.00) $ (7,211.00) $ (7,240.00) $ (7,042.84) $ (7,300.73) $ (7,571.46) $ (7,855.89) $ (8,154.97) $ (8,469.69) $ (8,801.16) $ (9,150.56) $ (9,519.16) $ (9,908.36)
Total Operating Income $ 664.00 $ 805.00 $ 837.00 $ 1,000.00 $ 571.00 $ 699.00 $ 929.46 $ 963.50 $ 999.23 $ 1,036.76 $ 1,076.23 $ 1,117.77 $ 1,161.51 $ 1,207.62 $ 1,256.27 $ 1,307.63
Interest expense, net $ 5.00 $ 5.00 $ 4.00 $ 2.00 $ (2.00) $ (9.00) $ (3.43) $ (3.43) $ (3.43) $ (3.43) $ (3.43) $ (3.43) $ (3.43) $ (3.43) $ (3.43) $ (3.43)
Other income $ (4.00) $ (9.00) $ (4.00) $ (6.00) $ (5.00) $ (5.00) $ (6.13) $ (6.35) $ (6.59) $ (6.84) $ (7.10) $ (7.37) $ (7.66) $ (7.96) $ (8.28) $ (8.62)
Earning before income taxes expenses $ 663.00 $ 809.00 $ 837.00 $ 1,004.00 $ 578.00 $ 713.00 $ 939.02 $ 973.27 $ 1,009.24 $ 1,047.02 $ 1,086.75 $ 1,128.56 $ 1,172.60 $ 1,219.01 $ 1,267.98 $ 1,319.68
Income taxes expense $ 234.00 $ 289.00 $ 296.00 $ 340.00 $ 294.00 $ 172.00 $ 344.24 $ 356.80 $ 369.99 $ 383.84 $ 398.40 $ 413.73 $ 429.87 $ 446.89 $ 464.84 $ 483.79
Net Income $ 429.00 $ 520.00 $ 541.00 $ 664.00 $ 284.00 $ 541.00 $ 594.77 $ 616.47 $ 639.25 $ 663.19 $ 688.35 $ 714.83 $ 742.72 $ 772.12 $ 803.14 $ 835.88
Basic earning per share $ 2.89 $ 3.61 $ 3.89 $ 4.95 $ 2.23 $ 4.68
Diluted earning per share $ 2.85 $ 3.56 $ 3.84 $ 4.91 $ 2.22 $ 4.66

Balance Sheet

FOOT LOCKER, Inc
($ in millions, except per share amounts)
Fiscal Period Ending 2013 -12 months 2014 -12 months 2015 -12 months 2016 -12 months 2017 -12 months 2018 -12 months 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
CURRENT ASSETS
Cash and cash equivalents $ 858 $ 967 $ 1,021 $ 1,046 $ 849 $ 891 $ 1,011 $ 1,048 $ 1,087 $ 1,128 $ 1,171 $ 1,216 $ 1,263 $ 1,314 $ 1,366 $ 1,422
Short-term investments $ 9 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Merchandise inventories $ 1,220 $ 1,250 $ 1,285 $ 1,307 $ 1,278 $ 1,269 $ 1,336 $ 1,384 $ 1,436 $ 1,490 $ 1,546 $ 1,606 $ 1,669 $ 1,735 $ 1,805 $ 1,879
Other current assets $ 263 $ 239 $ 300 $ 280 $ 424 $ 358
Total Current Assets $ 2,350 $ 2,456 $ 2,606 $ 2,633 $ 2,551 $ 2,518 $ 2,347 $ 2,433 $ 2,523 $ 2,617 $ 2,717 $ 2,822 $ 2,932 $ 3,049 $ 3,172 $ 3,301
NON CURRENT ASSETS
Property and equipment, net $ 590 $ 620 $ 661 $ 765 $ 866 $ 836 $ 757 $ 785 $ 814 $ 844 $ 877 $ 910 $ 946 $ 984 $ 1,023 $ 1,065
Deferred taxes $ 241 $ 221 $ 234 $ 161 $ 48 $ 87 $ 176 $ 182 $ 189 $ 196 $ 204 $ 212 $ 220 $ 229 $ 238 $ 248
Goodwill $ 163 $ 157 $ 156 $ 155 $ 160 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157
Other intangible assets, net $ 67 $ 49 $ 45 $ 42 $ 46 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24
Other assets $ 76 $ 74 $ 73 $ 84 $ 290 $ 198 $ 136 $ 141 $ 146 $ 152 $ 157 $ 164 $ 170 $ 177 $ 184 $ 191
Total Assets $ 3,487 $ 3,577 $ 3,775 $ 3,840 $ 3,961 $ 3,820 $ 3,597 $ 3,722 $ 3,853 $ 3,991 $ 4,136 $ 4,289 $ 4,449 $ 4,619 $ 4,798 $ 4,986
CURRENT LIABILITIES
Accounts payable $ 263 $ 301 $ 279 $ 249 $ 258 $ 387 $ 199 $ 206 $ 214 $ 222 $ 230 $ 239 $ 249 $ 258 $ 269 $ 280
Accrued and other liabilities $ 360 $ 393 $ 420 $ 363 $ 358 $ 377 $ 399 $ 414 $ 429 $ 446 $ 463 $ 480 $ 499 $ 519 $ 540 $ 562
Current portion of capital lease obligations $ 3 $ 2 $ 1 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Current Liabilities $ 626 $ 696 $ 700 $ 612 $ 616 $ 764 $ 598 $ 620 $ 643 $ 667 $ 693 $ 720 $ 748 $ 777 $ 809 $ 842
Long -term debt and obligation under capital leases $ 136 $ 132 $ 129 $ 127 $ 125 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124
NON CURRENT LIABILITIES
Other liabilities $ 229 $ 253 $ 393 $ 391 $ 701 $ 426 $ 429 $ 444 $ 461 $ 478 $ 496 $ 516 $ 536 $ 557 $ 579 $ 603
Total Liabilities $ 991 $ 1,081 $ 1,222 $ 1,130 $ 1,442 $ 1,314 $ 1,151 $ 1,189 $ 1,228 $ 1,270 $ 1,313 $ 1,359 $ 1,407 $ 1,458 $ 1,512 $ 1,569
SHAREHOLDERS' EQUITY $ 2,496 $ 2,496 $ 2,553 $ 2,710 $ 2,519 $ 2,506 $ 2,506 $ 2,506 $ 2,506 $ 2,506 $ 2,506 $ 2,506 $ 2,506 $ 2,506 $ 2,506 $ 2,506
Total Liabilities and Shareholders' Equity $ 3,487 $ 3,577 $ 3,775 $ 3,840 $ 3,961 $ 3,820 $ 3,657 $ 3,695 $ 3,734 $ 3,776 $ 3,819 $ 3,865 $ 3,913 $ 3,964 $ 4,018 $ 4,075

Assumptions

BASE ASSUMPTIONS 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Effective tax rate 35.30% 35.70% 35.40% 33.90% 50.80% 27.50% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66%
Working cash as % of sales 13.19% 13.52% 13.77% 13.47% 10.91% 11.22% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68%
WACC 4.59% 4.59% 4.59% 4.59% 4.59% 4.59% 4.59% 4.59% 4.59% 4.59%
Cost of Debt 2.76% 2.76% 2.76% 2.76% 2.76% 2.76% 2.76% 2.76% 2.76% 2.76%
Dividends payable 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Tax Assets in "Deposits & Other Assets"
Dividends Paid 459.8568 459.8568 459.8568 459.8568 459.8568 459.8568 459.8568 459.8568 459.8568 459.8568
Growth in investments in marketable debt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Growth in Goodwill 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Growth in Other Intang Assets 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long term growth rate 2.81%
RONIC 20.0%
Average shares outstanding (fiscal year end) 428.876 519.479 541.099 663.3 283.656 541.008
Diluted shares outstanding 428.925 519.76 540.672 663.341 283.938 541.026
Shares outstanding 496.2363333333

NOPLAT

NOPLAT 2013 -12 months 2014 -12 months 2015 -12 months 2016 -12 months 2017 -12 months 2018 -12 months 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Sales $ 6,505 $ 7,151 $ 7,412 $ 7,766 $ 7,782 $ 7,939 $ 7,972 $ 8,264 $ 8,571 $ 8,893 $ 9,231 $ 9,587 $ 9,963 $ 10,358 $ 10,775 $ 11,216
Cost of sales $ (4,372) $ (4,777) $ (4,907) $ (5,130) $ (5,326) $ (5,411) $ (5,353) $ (5,549) $ (5,755) $ (5,971) $ (6,198) $ (6,437) $ (6,689) $ (6,955) $ (7,235) $ (7,531)
Selling, general and administrative expense $ (1,334) $ (1,426) $ (1,415) $ (1,472) $ (1,501) $ (1,614) $ (1,569) $ (1,627) $ (1,687) $ (1,751) $ (1,817) $ (1,887) $ (1,961) $ (2,039) $ (2,121) $ (2,208)
Depreciation and amortization $ (133) $ (139) $ (148) $ (158) $ (173) $ (178) $ (111) $ (115) $ (119) $ (123) $ (128) $ (133) $ (138) $ (144) $ (150) $ (156)
Impairment and other charges $ (2) $ (4) $ (105) $ (6) $ (211) $ (37) $ (10) $ (10) $ (11) $ (11) $ (11) $ (12) $ (12) $ (13) $ (13) $ (14)
Operating income $ 664 $ 805 $ 837 $ 1,000 $ 571 $ 699 $ 929 $ 963 $ 999 $ 1,037 $ 1,076 $ 1,118 $ 1,162 $ 1,208 $ 1,256 $ 1,308
Operating Taxes $ (234.39) $ (287.39) $ (296.30) $ (339.00) $ (290.07) $ (192.23) $ (340.74) $ (353.22) $ (366.32) $ (380.08) $ (394.55) $ (409.77) $ (425.81) $ (442.71) $ (460.55) $ (479.38)
NOPLAT $ 430 $ 518 $ 541 $ 661 $ 281 $ 507 $ 589 $ 610 $ 633 $ 657 $ 682 $ 708 $ 736 $ 765 $ 796 $ 828
Annual Growth 20.49% 4.46% 22.25% -57.50% 80.39% 16.17% 3.66% 3.71% 3.76% 3.81% 3.86% 3.91% 3.97% 4.03% 4.09%

Invested Capital

INVESTED CAPITAL 2013 -12 months 2014 -12 months 2015 -12 months 2016 -12 months 2017 -12 months 2018 -12 months 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Cash and cash equivalents $ 858.0 $ 967.0 $ 1,021.0 $ 1,046.0 $ 849.0 $ 891.0 $ 1,011.0 $ 1,048.0 $ 1,086.9 $ 1,127.7 $ 1,170.7 $ 1,215.8 $ 1,263.4 $ 1,313.6 $ 1,366.5 $ 1,422.4
Total Revenues $ 6,505.00 $ 7,151.00 $ 7,412.00 $ 7,766.00 $ 7,782.00 $ 7,939.00 $ 7,972.30 $ 8,264.23 $ 8,570.69 $ 8,892.66 $ 9,231.20 $ 9,587.46 $ 9,962.67 $ 10,358.18 $ 10,775.43 $ 11,215.99
Working cash as % of sales 13.19% 13.52% 13.77% 13.47% 10.91% 11.22% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68% 12.68%
Rev x % of sales $ 858.0 $ 967.0 $ 1,021.0 $ 1,046.0 $ 849.0 $ 891.0 $ 1,011.0 $ 1,048.0 $ 1,086.9 $ 1,127.7 $ 1,170.7 $ 1,215.8 $ 1,263.4 $ 1,313.6 $ 1,366.5 $ 1,422.4
Working Cash $ 113.2 $ 130.8 $ 140.6 $ 140.9 $ 92.6 $ 100.0 $ 1,011.0 $ 1,048.0 $ 1,086.9 $ 1,127.7 $ 1,170.7 $ 1,215.8 $ 1,263.4 $ 1,313.6 $ 1,366.5 $ 1,422.4
Inventories $ 1,220 $ 1,250 $ 1,285 $ 1,307 $ 1,278 $ 1,269 $ 1,336 $ 1,384 $ 1,436 $ 1,490 $ 1,546 $ 1,606 $ 1,669 $ 1,735 $ 1,805 $ 1,879
Other current assets $ 263 $ 239 $ 300 $ 280 $ 424 $ 358 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Operating Current Assets $ 1,596 $ 1,620 $ 1,726 $ 1,728 $ 1,795 $ 1,727 $ 2,347 $ 2,433 $ 2,523 $ 2,617 $ 2,717 $ 2,822 $ 2,932 $ 3,049 $ 3,172 $ 3,301
Accounts payable $ 263 $ 301 $ 279 $ 249 $ 258 $ 387 $ 199 $ 206 $ 214 $ 222 $ 230 $ 239 $ 249 $ 258 $ 269 $ 280
Accrued and other liabilities $ 360 $ 393 $ 420 $ 363 $ 358 $ 377 $ 399 $ 414 $ 429 $ 446 $ 463 $ 480 $ 499 $ 519 $ 540 $ 562
Operating Current Liabilities $ 623 $ 694 $ 699 $ 612 $ 616 $ 764 $ 598 $ 620 $ 643 $ 667 $ 693 $ 720 $ 748 $ 777 $ 809 $ 842
Operating working capital $ 973 $ 926 $ 1,027 $ 1,116 $ 1,179 $ 963 $ 1,748 $ 1,812 $ 1,879 $ 1,950 $ 2,024 $ 2,102 $ 2,185 $ 2,271 $ 2,363 $ 2,460
Property and equipment, net $ 590 $ 620 $ 661 $ 765 $ 866 $ 836 $ 757 $ 785 $ 814 $ 844 $ 877 $ 910 $ 946 $ 984 $ 1,023 $ 1,065
Other assets, net $ 76.00 $ 74.00 $ 73.00 $ 84.00 $ 290.00 $ 198.00 $ 135.97 $ 140.95 $ 146.18 $ 151.67 $ 157.44 $ 163.52 $ 169.92 $ 176.66 $ 183.78 $ 191.29
Invested Capital (Excl. Goodwill) $ 1,639 $ 1,620 $ 1,761 $ 1,965 $ 2,335 $ 1,997 $ 2,641 $ 2,738 $ 2,840 $ 2,946 $ 3,058 $ 3,176 $ 3,301 $ 3,432 $ 3,570 $ 3,716
Other Intangible Assets $ 67 $ 49 $ 45 $ 42 $ 46 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24
Goodwill $ 163 $ 157 $ 156 $ 155 $ 160 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157 $ 157
Invested Capital (Incl. Goodwill) $ 1,869 $ 1,826 $ 1,962 $ 2,162 $ 2,541 $ 2,178 $ 2,822 $ 2,919 $ 3,021 $ 3,127 $ 3,239 $ 3,357 $ 3,482 $ 3,613 $ 3,751 $ 3,897
Cash and cash equivalents $ 858 $ 967 $ 1,021 $ 1,046 $ 849 $ 891 $ 1,011 $ 1,048 $ 1,087 $ 1,128 $ 1,171 $ 1,216 $ 1,263 $ 1,314 $ 1,366 $ 1,422
Working Cash $ 113 $ 131 $ 141 $ 141 $ 93 $ 100 $ 1,011 $ 1,048 $ 1,087 $ 1,128 $ 1,171 $ 1,216 $ 1,263 $ 1,314 $ 1,366 $ 1,422
Excess Cash $ 745 $ 836 $ 880 $ 905 $ 756 $ 791 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Short-Term Investments $ 9 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Long -term debt and obligation under capital leases $ 136 $ 132 $ 129 $ 127 $ 125 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124
Other liabilities $ 229 $ 253 $ 393 $ 391 $ 701 $ 426 $ 429 $ 444 $ 461 $ 478 $ 496 $ 516 $ 536 $ 557 $ 579 $ 603
Total Funds Invested $ 3,959 $ 4,145 $ 4,526 $ 4,772 $ 5,065 $ 4,510 $ 5,397 $ 5,584 $ 5,779 $ 5,985 $ 6,201 $ 6,429 $ 6,668 $ 6,921 $ 7,187 $ 7,469
ST Debt
LT Debt $ 136 $ 132 $ 129 $ 127 $ 125 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124 $ 124
Deferred revenue
Equity $ 2,496 $ 2,496 $ 2,553 $ 2,710 $ 2,519 $ 2,506 $ 2,966 $ 2,966 $ 2,966 $ 2,966 $ 2,966 $ 2,966 $ 2,966 $ 2,966 $ 2,966 $ 2,966
Deferred taxes, net
Author: Author: Current deferred tax assets moved to be included in this line		 $ (241) $ (221) $ (234) $ (161) $ (48) $ (87) $ (176) $ (182) $ (189) $ (196) $ (204) $ (212) $ (220) $ (229) $ (238) $ (248)
Minority Interest
Total Funds Invested $ 2,391 $ 2,407 $ 2,448 $ 2,676 $ 2,596 $ 2,543 $ 2,914 $ 2,907 $ 2,901 $ 2,894 $ 2,886 $ 2,878 $ 2,870 $ 2,861 $ 2,852 $ 2,842
ROIC (excluding goodwill) 26.21% 31.96% 30.71% 33.64% 12.03% 25.38% 22.29% 22.29% 22.29% 22.29% 22.29% 22.29% 22.29% 22.29% 22.29%
ROIC (including goodwill) 22.98% 28.35% 27.56% 30.58% 11.06% 23.27% 20.86% 20.91% 20.95% 21.00% 21.04% 21.09% 21.13% 21.17% 21.21%
ROIC (excluding goodwill) - averaging capital 26.21% 31.77% 31.99% 35.48% 13.07% 23.40% 25.39% 22.69% 22.69% 22.70% 22.71% 22.71% 22.72% 22.72% 22.73% 22.74%
ROIC (including goodwill) - averaging capital 22.98% 28.02% 28.55% 32.06% 11.95% 21.48% 23.55% 21.26% 21.31% 21.36% 21.41% 21.46% 21.51% 21.56% 21.61% 21.66%
Economic Profit (excel goodwill) - averaging capital $ 429.61 $ 517.62 $ 540.70 $ 661.00 $ 280.93 $ 506.78 $ 482.37 $ 486.94 $ 505.03 $ 524.03 $ 544.01 $ 565.04 $ 587.19 $ 610.55 $ 635.18 $ 661.20

FCF

FREE CASH FLOWS 2013 -12 months 2014 -12 months 2015 -12 months 2016 -12 months 2017 -12 months 2018 -12 months 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
NOPLAT $ 429.61 $ 517.62 $ 540.70 $ 661.00 $ 280.93 $ 506.78 $ 588.72 $ 610.28 $ 632.91 $ 656.69 $ 681.69 $ 707.99 $ 735.70 $ 764.91 $ 795.72 $ 828.25
Depreciation $ 133.00 $ 139.00 $ 148.00 $ 158.00 $ 173.00 $ 178.00 $ (110.65) $ (114.70) $ (118.96) $ (123.43) $ (128.12) $ (133.07) $ (138.28) $ (143.77) $ (149.56) $ (155.67)
Gross Cash Flows $ 562.61 $ 656.62 $ 688.70 $ 819.00 $ 453.93 $ 684.78 $ 478.07 $ 495.57 $ 513.95 $ 533.26 $ 553.56 $ 574.92 $ 597.42 $ 621.14 $ 646.16 $ 672.58
Investment in Operating Working Capital $ (47.41) $ 100.88 $ 89.24 $ 62.74 $ (215.63) $ 785.27 $ 64.02 $ 67.20 $ 70.61 $ 74.24 $ 78.12 $ 82.28 $ 86.73 $ 91.50 $ 96.61
Capital Expenditures $ 169.00 $ 189.00 $ 262.00 $ 274.00 $ 148.00 $ (189.58) $ (86.98) $ (89.86) $ (92.85) $ (95.98) $ (99.24) $ (102.65) $ (106.21) $ (109.93) $ (113.84)
Investment in Capital Operating Leases
Investments in Intangibles & Goodwill $ (24.00) $ (5.00) $ (4.00) $ 9.00 $ (25.00) $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Increase (decrease) in other oper assets $ (2.00) $ (1.00) $ 11.00 $ 206.00 $ (92.00) $ (62.03) $ 4.98 $ 5.23 $ 5.49 $ 5.77 $ 6.08 $ 6.40 $ 6.75 $ 7.12 $ 7.51
Increase (decrease) in AOCI
Gross Investment $ 95.59 $ 283.88 $ 358.24 $ 551.74 $ (184.63) $ 533.66 $ (17.99) $ (17.42) $ (16.75) $ (15.96) $ (15.04) $ (13.97) $ (12.73) $ (11.32) $ (9.71)
Free Cash Flows $ 561.02 $ 404.82 $ 460.76 $ (97.81) $ 869.40 $ (55.59) $ 513.56 $ 531.38 $ 550.01 $ 569.52 $ 589.96 $ 611.39 $ 633.87 $ 657.48 $ 682.29

Ratios

Key Ratios 2014 -12 months 2015 -12 months 2016 -12 months 2017 -12 months 2018 -12 months 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Profitability Ratios
Sales Growth 9.93% 3.65% 4.78% 0.21% 2.02%
Sales 100% 100% 100% 100% 100%
COGS / Sales 66.80% 66.20% 66.06% 68.44% 68.16%
Gross Margin (Excluding Depreciation) 33.20% 33.80% 33.94% 31.56% 31.84%
General & Admin Expenses 19.94% 19.09% 18.95% 19.29% 20.33%
Impairment and other charges 0.06% 1.42% 0.08% 2.71% 0.47%
SG&A 20.00% 20.51% 19.03% 22.00% 20.80%
EBITDA 13.20% 13.29% 14.91% 9.56% 11.05%
Depreciation and amortization 1.94% 2.00% 2.03% 2.22% 2.24% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09%
EBITA 11.26% 11.29% 12.88% 7.34% 8.80%
Amortization
EBIT 11.26% 11.29% 12.88% 7.34% 8.80%
Average Tax Rate 35.70% 35.40% 33.90% 50.80% 27.50% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66%
NOPLAT 7.24% 7.29% 8.51% 3.61% 6.38%
Non-Operating Income 0.13% 0.05% 0.08% 0.06% 0.06% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%
Efficiency
Inventory Days 94.36 94.28 92.21 88.58 85.90 91.07 91.07 91.07 91.07 91.07 91.07 91.07 91.07 91.07 91.07
Accounts Receivable Days
Accounts Payable Days 14.39 14.28 12.41 11.89 14.83 13.56 13.56 13.56 13.56 13.56 13.56 13.56 13.56 13.56 13.56
Cash Conversion Cycle 79.97 80.00 79.80 76.69 71.08
Inventory Turnover 3.87 3.87 3.96 4.12 4.25
Receivables Turnover
Payables Turnover 16.94 16.92 19.43 21.01 16.78
Other Current Assets / Sales 3.51% 3.64% 3.73% 4.52% 4.93% 4.07% 4.07% 4.07% 4.07% 4.07% 4.07% 4.07% 4.07% 4.07% 4.07%
Other Operating Assets / Sales 1.05% 0.99% 1.01% 2.40% 3.07% 1.71% 1.71% 1.71% 1.71% 1.71% 1.71% 1.71% 1.71% 1.71% 1.71%
Deferred Taxes / Sales 3.23% 3.07% 2.54% 1.34% 0.85% 2.21% 2.21% 2.21% 2.21% 2.21% 2.21% 2.21% 2.21% 2.21% 2.21%
Accrued and other liabilities / Sales 5.26% 5.48% 5.04% 4.63% 4.63% 5.01% 5.01% 5.01% 5.01% 5.01% 5.01% 5.01% 5.01% 5.01% 5.01%
Other Liabilities / Sales 3.37% 4.36% 5.05% 7.02% 7.10% 5.38% 5.38% 5.38% 5.38% 5.38% 5.38% 5.38% 5.38% 5.38% 5.38%
Operating WC / Sales 13.28% 13.17% 13.79% 14.74% 13.49% 13.69% 13.69% 13.69% 13.69% 13.69% 13.69% 13.69% 13.69% 13.69% 13.69%
PPE / Sales 8.46% 8.64% 9.18% 10.48% 10.72% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50%
Goodwill / Sales 2.24% 2.11% 2.00% 2.02% 2.00% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07%
Other Intangible Assets/ Sales 0.81% 0.63% 0.56% 0.57% 0.44% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%
# of Employees 43518 44568 46080 50168 49209
Revenue per Employee $ 164,322.81 $ 166,307.66 $ 168,532.99 $ 155,118.80 $ 161,332.28
Reinvestment 17.04% 70.12% 77.75% -564.11% -21.24% -84.1% -84.1% -84.1% -84.1% -84.1% -84.1% -84.1% -84.1% -84.1% -84.1%
Capex / GCF 25.74% 27.44% 31.99% 60.36% 21.61% 33.43% 33.43% 33.43% 33.43% 33.43% 33.43% 33.43% 33.43% 33.43% 33.43%
ROIC Before Goodwill 31.77% 31.99% 35.48% 13.07% 23.40% 27.14% 27.14% 27.14% 27.14% 27.14% 27.14% 27.14% 27.14% 27.14% 27.14%
ROIC After Goodwill 28.02% 28.55% 32.06% 11.95% 21.48% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41%
Average tax rate 35.70% 35.40% 33.90% 50.80% 27.50% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66% 36.66%
Pre-tax Operating Margin 11.26% 11.29% 12.88% 7.34% 8.80% 10.31% 10.31% 10.31% 10.31% 10.31% 10.31% 10.31% 10.31% 10.31% 10.31%
Capital Turns 3.87 3.91 3.77 3.31 3.36 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65
CheckROIC 28.02% 28.55% 32.06% 11.95% 21.48% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41% 24.41%
Liquidity & Solvency
EBITDA Coverage 777.20 800.00 921.00 657.50 718.78
EBIT Coverage -161.00 -209.25 -500.00 285.50 77.67
EBITDAR Coverage
Current ratio 3.53 3.72 4.30 4.14 3.30
Quick ratio 1.73 1.89 2.17 2.07 1.63
Cash ratio 1.39 1.46 1.71 1.38 1.17
Debt / Equity 5.37% 5.09% 4.69% 4.96% 4.95%
Debt / Invested Capital 7.34% 6.63% 5.87% 4.92% 5.69%
Debt / TA 3.75% 3.44% 3.31% 3.16% 3.25%
Net Debt / Equity -33.37% -34.90% -33.91% -28.74% -30.61%
Net Debt / Invested Capital -45.62% -45.42% -42.51% -28.50% -35.22%
Net Debt / TA -23.29% -23.60% -23.93% -18.28% -20.08%

Revenue Model

REVENUES AND COSTS (FORECAST) 2013 -12 months 2014 -12 months 2015 -12 months 2016 -12 months 2017 -12 months 2018 -12 months 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Sales $ 6,505.00 $ 7,151.00 $ 7,412.00 $ 7,766.00 $ 7,782.00 $ 7,939.00 $ 7,972.30 $ 8,264.23 $ 8,570.69 $ 8,892.66 $ 9,231.20 $ 9,587.46 $ 9,962.67 $ 10,358.18 $ 10,775.43 $ 11,215.99
Cost of Sales $ (4,372.00) $ (4,777.00) $ (4,907.00) $ (5,130.00) $ (5,326.00) $ (5,411.00) $ (5,353.00) $ (5,549.01) $ (5,754.78) $ (5,970.97) $ (6,198.28) $ (6,437.49) $ (6,689.43) $ (6,954.99) $ (7,235.15) $ (7,530.97)
Selling, general and administrative expense $ (1,334.00) $ (1,426.00) $ (1,415.00) $ (1,472.00) $ (1,501.00) $ (1,614.00) $ (1,569.37) $ (1,626.84) $ (1,687.17) $ (1,750.55) $ (1,817.19) $ (1,887.32) $ (1,961.18) $ (2,039.04) $ (2,121.17) $ (2,207.90)
Depreciation and Amortization $ (133.00) $ (139.00) $ (148.00) $ (158.00) $ (173.00) $ (178.00) $ (110.65) $ (114.70) $ (118.96) $ (123.43) $ (128.12) $ (133.07) $ (138.28) $ (143.77) $ (149.56) $ (155.67)
Impairment and other charges $ (2.00) $ (4.00) $ (105.00) $ (6.00) $ (211.00) $ (37.00) $ (9.82) $ (10.18) $ (10.56) $ (10.96) $ (11.37) $ (11.81) $ (12.27) $ (12.76) $ (13.27) $ (13.82)
Total Operating Expenses $ (5,841.00) $ (6,346.00) $ (6,575.00) $ (6,766.00) $ (7,211.00) $ (7,240.00) $ (7,042.84) $ (7,300.73) $ (7,571.46) $ (7,855.89) $ (8,154.97) $ (8,469.69) $ (8,801.16) $ (9,150.56) $ (9,519.16) $ (9,908.36)
Operating Income $ 664.00 $ 805.00 $ 837.00 $ 1,000.00 $ 571.00 $ 699.00 $ 929.46 $ 963.50 $ 999.23 $ 1,036.76 $ 1,076.23 $ 1,117.77 $ 1,161.51 $ 1,207.62 $ 1,256.27 $ 1,307.63
REVENUE MODLE BY SEGMENT
Sales
Athletic Stores $ 5,790.00 $ 6,286.00 $ 6,468.00 $ 6,744.00 $ 6,673.00 $ 6,610.00 $ 6,791.54 $ 6,978.06 $ 7,169.71 $ 7,366.62 $ 7,568.94 $ 7,776.81 $ 7,990.40 $ 8,209.85 $ 8,435.32 $ 8,666.99
Direct-to-Customers $ 715.00 $ 865.00 $ 944.00 $ 1,022.00 $ 1,109.00 $ 1,084.00 $ 1,180.76 $ 1,286.17 $ 1,400.98 $ 1,526.04 $ 1,662.26 $ 1,810.65 $ 1,972.28 $ 2,148.33 $ 2,340.11 $ 2,549.00
Total Revenue $ 6,505.00 $ 7,151.00 $ 7,412.00 $ 7,766.00 $ 7,782.00 $ 7,694.00 $ 7,972.30 $ 8,264.23 $ 8,570.69 $ 8,892.66 $ 9,231.20 $ 9,587.46 $ 9,962.67 $ 10,358.18 $ 10,775.43 $ 11,215.99
Depreciation $ 81.00 $ 89.00 $ 79.00 $ 96.00 $ 100.00 $ 110.00 $ 99.74 $ 103.39 $ 107.23 $ 111.25 $ 115.49 $ 119.95 $ 124.64 $ 129.59 $ 134.81 $ 140.32
Amortization $ 8.00 $ 9.00 $ 8.00 $ 10.00 $ 15.00 $ 11.00 $ 10.91 $ 11.31 $ 11.73 $ 12.17 $ 12.64 $ 13.12 $ 13.64 $ 14.18 $ 14.75 $ 15.35
Impairments charges $ 5.00 $ 10.00 $ 11.00 $ 9.00 $ 12.00 $ 8.00 $ 9.82 $ 10.18 $ 10.56 $ 10.96 $ 11.37 $ 11.81 $ 12.27 $ 12.76 $ 13.27 $ 13.82
Geographical Segments ($ millions)
Sales
United States $ 4,567.00 $ 4,976.00 $ 5,305.00 $ 5,562.00 $ 5,532.00 $ 6,755.00
International $ 1,938.00 $ 2,175.00 $ 2,107.00 $ 2,204.00 $ 2,250.00 $ 2,071.00
Total $ 6,505.00 $ 7,151.00 $ 7,412.00 $ 7,766.00 $ 7,782.00 $ 8,826.00
ASSUMPTIONS FOR REVENUE MODLE
Cost of sales/Sales 67.21% 66.80% 66.20% 66.06% 68.44% 68.16% 67.14% 67.14% 67.14% 67.14% 67.14% 67.14% 67.14% 67.14% 67.14% 67.14%
SG&A/Sales 20.51% 19.94% 19.09% 18.95% 19.29% 20.33% 19.69% 19.69% 19.69% 19.69% 19.69% 19.69% 19.69% 19.69% 19.69% 19.69%
Athletic Stores (Sales Growth) 8.57% 2.90% 4.27% -1.05% -0.94% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75%
Direct-to-Customers (Sales Growth) 20.98% 9.13% 8.26% 8.51% -2.25% 8.93% 8.93% 8.93% 8.93% 8.93% 8.93% 8.93% 8.93% 8.93% 8.93%
Depreciation/Total revenue 1.25% 1.24% 1.07% 1.24% 1.29% 1.43% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%
Amortization/Total revenue 0.12% 0.13% 0.11% 0.13% 0.19% 0.14% 0.14% 0.14% 0.14% 0.14% 0.14% 0.14% 0.14% 0.14% 0.14% 0.14%
Impairments charges/Total revenue 0.08% 0.14% 0.15% 0.12% 0.15% 0.10% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12%

DCF Valuation

DCF Valuation 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Free cash flows $ (55.59) $ 513.56 $ 531.38 $ 550.01 $ 569.52 $ 589.96 $ 611.39 $ 633.87 $ 657.48 $ 682.29
Discounted FCFs
Continuing Value $40,093.50
2/2/19
PV (Explicit FCFs) $4,010.99
PV (CV) $25,606.88
PV(Operations) $29,617.87
Mid-year adjustment $30,289.33
PV (Non-Oper Acts) $915.00
Firm Value $31,204.33
Debt $124.00
Deferred revenue $0.00
Operating lease
Equity Value $31,080.33
Price per share $62.63
Price as of 2/15/2019 $58.94 >> From Finance.Yahoo
Under (Over) valued -$0.06
WACC 4.59%
Long term growth rate 2.81%
RONIC 20.00%

WACC

Cost of debt estimate
Book value Market value Coupon rate Effective interest rate Market weight YTM
2018 notes 706 706 0.021 0.0806 0.1628604383 0.0251 0.004087797
2019 notes 643 622 0.02243 0.0433 0.1434832757 0.0245 0.0035153403
2020 notes 488 493 0.0343 0.0556 0.1137254902 0.0242 0.0027521569
2021 notes 534 550 0.0228 0.0716 0.1268742791 0.0272 0.0034509804
2022 notes 841 840 0.021 0.0252 0.1937716263 0.0292 0.0056581315
2023 notes 1200 1124 0.0294 0.0391 0.2592848904 0.0315 0.008167474
4335
cost of debt 2.763%
Weight calculations
Shares outstanding 112.31 Total capitalization 11278.00
Market price (4/19/2018) 61.82 Weight of debt 38.44%
Equity market value 6943.00 Weight of equity 61.56%
Cost of equity estimate
Beta 0.6656
rm 0.0778
rf 0.0305
cost of equity 0.0620
WACC
Tax rate 27.50%
WACC 4.59%

Beta

Date Open High Low Close Adj Close Volume re rf re+rf rm rm-rf Date Open High Low Close Adj Close
5/1/08 12.66 15 11.84 14.61 10.614605 42336000 5/1/08
6/1/08 14.59 15.08 12.15 12.45 9.045297 41161900 -0.1478442203 0.0015 -0.1493442203 ERROR:#DIV/0! ERROR:#DIV/0! 6/1/08 20 20.07 20 20.07 15.976339 SUMMARY OUTPUT
7/1/08 12.22 15.43 11.4 15.06 10.941542 55191000 0.2096387769 0.0013 0.2083387769 -0.023418131 -0.024718131 7/1/08 20 20 18.940001 19.6 15.602203
8/1/08 15.13 16.5 13.92 16.290001 11.984986 66510700 0.0953653516 0.0015 0.0938653516 -0.0204081436 -0.0219081436 8/1/08 19.43 19.709999 18.870001 19.200001 15.283791 Regression Statistics
9/1/08 16.549999 18.190001 15.34 16.16 11.889341 82183400 -0.0079804015 0.0008 -0.0087804015 -0.1104166499 -0.1112166499 9/1/08 18.99 18.99 16.370001 17.08 13.596206 Multiple R 0.2857946202
10/1/08 16 16.52 10.12 14.62 10.756325 61318200 -0.0952967873 0.0003 -0.0955967873 -0.1978922649 -0.1981922649 10/1/08 17.040001 17.040001 11.76 13.7 10.905622 R Square 0.081678565
11/1/08 14.5 14.79 3.65 6.73 5.006702 79265600 -0.5345341462 0 -0.5345341462 -0.0678833358 -0.0678833358 11/1/08 13.73 14.44 10.84 12.77 10.165312 Adjusted R Square 0.0740258863
12/1/08 6.39 8.6 5.89 7.34 5.460504 65139900 0.0906389076 0 0.0906389076 0.0430700996 0.0430700996 12/1/08 11.71 13.47 11.71 13.32 10.603133 Standard Error 0.1077751842
1/1/09 7.43 8.81 7.1 7.36 5.475382 48588400 0.0027246569 0.0001 0.0026246569 -0.0944986732 -0.0945986732 1/1/09 13.66 13.73 11.68 11.99 9.601151 Observations 122
2/1/09 7.25 8.45 7.09 8.31 6.300555 49435700 0.1507060147 0.0002 0.1505060147 -0.0992493504 -0.0994493504 2/1/09 11.92 12.65 10.8 10.8 8.648243
3/1/09 8.21 10.84 7.75 10.48 7.945826 91386600 0.2611311226 0.0001 0.2610311226 0.0907403966 0.0906403966 3/1/09 10.25 12.35 9.99 11.78 9.432988 ANOVA
4/1/09 10.33 12.13 10.03 11.89 9.014874 53648600 0.1345420854 0 0.1345420854 0.1154503748 0.1154503748 4/1/09 12.03 13.14 12.03 13.14 10.52203 df SS MS F Significance F
5/1/09 11.88 12.95 9.38 11.11 8.545566 61988800 -0.0520592967 0.0001 -0.0521592967 0.1088274791 0.1087274791 5/1/09 13.26 14.57 13.26 14.57 11.667116 Regression 1 0.1239744446 0.1239744446 10.6731994066 0.001417626
6/1/09 11.22 12.16 10.13 10.47 8.053291 61531900 -0.0576058976 0.0001 -0.0577058976 -0.0089221707 -0.0090221707 6/1/09 14.96 15 13.95 14.44 11.56302 Residual 120 1.3938588404 0.0116154903
7/1/09 10.56 11.54 9.5 11.08 8.52249 59284200 0.0582617715 0.0001 0.0581617715 0.0907202444 0.0906202444 7/1/09 14.58 15.75 13.81 15.75 12.61202 Total 121 1.517833285
8/1/09 11.11 11.86 9.91 10.66 8.316792 75228100 -0.0241359039 0.0001 -0.0242359039 0.0330158056 0.0329158056 8/1/09 16.1 16.4 15.5 16.27 13.028416
9/1/09 10.7 12.31 10.28 11.95 9.323236 68018500 0.1210134869 0 0.1210134869 0.0473265514 0.0473265514 9/1/09 15.92 17.280001 15.9 17.040001 13.645006 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
10/1/09 11.89 12.31 10.4 10.48 8.176359 68532200 -0.1230127608 0 -0.1230127608 -0.0223006131 -0.0223006131 10/1/09 16.58 17.790001 16.469999 16.66 13.340714 Intercept 0.0154470104 0.0097942431 1.5771520331 0.1173931696 -0.0039449093 0.03483893 -0.0039449093 0.03483893
11/1/09 10.43 11.22 9.47 9.49 7.500296 55259400 -0.0826850925 0.0001 -0.0827850925 0.0486192868 0.0485192868 11/1/09 16.77 17.889999 16.75 17.469999 13.98933 X Variable 1 0.6656124189 0.2037389693 3.2669862881 0.001417626 0.262223439 1.0690013989 0.262223439 1.0690013989
12/1/09 9.67 11.54 9.46 11.14 8.804356 52148900 0.1738678047 0 0.1738678047 0.002290031 0.002290031 12/1/09 17.84 17.870001 17.389999 17.51 14.021366
1/1/10 11.29 12.55 11.1 11.29 8.922902 52533900 0.0134644715 0 0.0134644715 -0.032818985 -0.032818985 1/1/10 17.9 18.15 16.700001 16.700001 13.561199
2/1/10 11.36 13.17 11.3 12.97 10.376289 45262200 0.1628827707 0.0001 0.1627827707 0.0161678919 0.0160678919 2/1/10 16.969999 17.17 16.25 16.969999 13.780455
3/1/10 13.03 15.45 12.83 15.04 12.032336 82358600 0.1595991592 0.0001 0.1594991592 0.0648202835 0.0647202835 3/1/10 17.16 18.09 17.16 18.07 14.673708
4/1/10 15.5 16.76 14.99 15.35 12.280339 53283800 0.0206113759 0.0001 0.0205113759 -0.0016599076 -0.0017599076 4/1/10 18.32 18.73 17.98 18.040001 14.649351
5/1/10 15.45 15.79 13.06 14.91 12.045432 69144800 -0.0191287065 0.0001 -0.0192287065 -0.0941881999 -0.0942881999 5/1/10 18.17 18.17 15.85 16.309999 13.269555
6/1/10 14.81 15.14 12.53 12.62 10.195395 57062800 -0.1535882648 0.0001 -0.1536882648 -0.0300432833 -0.0301432833 6/1/10 16.1 16.969999 15.72 15.82 12.870894
7/1/10 12.69 14.47 12.27 13.59 10.979036 55907800 0.0768622501 0.0001 0.0767622501 0.0878639044 0.0877639044 7/1/10 15.85 17.299999 15.82 17.209999 14.001781
8/1/10 13.81 14.2 11.59 11.74 9.590553 65460200 -0.1264667499 0.0001 -0.1265667499 -0.037768981 -0.037868981 8/1/10 17.66 17.700001 16.48 16.559999 13.472948
9/1/10 11.98 15.17 11.98 14.53 11.86974 57803800 0.2376491741 0.0001 0.2375491741 0.0984299056 0.0983299056 9/1/10 17.1 18.24 17.1 18.190001 14.799089
10/1/10 14.69 16.09 14.47 15.93 13.013417 68442700 0.0963523211 0.0001 0.0962523211 0.0362841253 0.0361841253 10/1/10 18.32 18.969999 18.17 18.85 15.336061
11/1/10 16.040001 19.290001 15.63 18.870001 15.564516 67831900 0.1960360603 0.0001 0.1959360603 -0.0254644918 -0.0255644918 11/1/10 18.870001 19.57 18.370001 18.370001 14.945536
12/1/10 19.200001 19.959999 18.870001 19.620001 16.183138 45901800 0.0397456625 0.0001 0.0396456625 0.0566140284 0.0565140284 12/1/10 18.84 19.51 18.84 19.41 15.791663
1/1/11 19.73 20.08 17.290001 17.860001 14.731439 52793400 -0.0897044195 0.0001 -0.0898044195 0.0325381184 0.0324381184 1/1/11 19.57 19.93 19.299999 19.68 16.305494
2/1/11 17.99 19.92 17.209999 19.870001 16.520391 46513100 0.1214376953 0.0001 0.1213376953 0.0294722135 0.0293722135 2/1/11 20.059999 20.42 19.870001 20.26 16.786053
3/1/11 19.82 20.5 18.27 19.719999 16.395674 65537800 -0.0075492765 0 -0.0075492765 -0.0019744963 -0.0019744963 3/1/11 20.02 20.360001 18.940001 20.219999 16.752909
4/1/11 19.76 22.030001 19.620001 21.52 17.892233 40218300 0.0912776748 0 0.0912776748 0.0430267364 0.0430267364 4/1/11 20.41 21.09 20.01 21.09 17.473732
5/1/11 21.59 25.5 21 24.940001 20.903303 56519600 0.1682892236 0 0.1682892236 -0.0213371133 -0.0213371133 5/1/11 21.059999 21.059999 19.91 20.639999 17.100893
6/1/11 24.93 25.17 21.690001 23.76 19.914289 65812400 -0.0473137666 0 -0.0473137666 -0.0155035763 -0.0155035763 6/1/11 20.23 20.32 19.440001 20.32 16.835768
7/1/11 23.870001 24.32 21.059999 21.73 18.212856 42078000 -0.085437798 0.0001 -0.085537798 -0.0187013744 -0.0188013744 7/1/11 20.58 20.66 19.809999 19.940001 16.520916
8/1/11 21.93 22.120001 16.66 20.870001 17.617134 85743000 -0.0327088733 0 -0.0327088733 -0.0722162742 -0.0722162742 8/1/11 19.83 19.83 17.1 18.5 15.327837
9/1/11 20.940001 22.83 18.780001 20.09 16.958702 55362100 -0.0373745241 0 -0.0373745241 -0.1010813202 -0.1010813202 9/1/11 18.360001 18.360001 16.43 16.629999 13.778479
10/1/11 20.01 23.02 18.299999 21.860001 18.452822 49286500 0.0881034409 0 0.0881034409 0.1064343169 0.1064343169 10/1/11 16.129999 19.08 16.129999 18.4 15.244982
11/1/11 21.120001 23.92 20.82 23.59 20.067762 67745200 0.0875172372 0 0.0875172372 -0.0173912308 -0.0173912308 11/1/11 17.85 18.620001 16.629999 18.08 14.979853
12/1/11 23.459999 25.280001 22.469999 23.84 20.280437 53305300 0.0105978434 0 0.0105978434 -0.0320798208 -0.0320798208 12/1/11 18.040001 18.23 17.139999 17.5 14.499302
1/1/12 24.290001 26.82 23.48 26.24 22.322094 36378400 0.1006712528 0 0.1006712528 0.0872157156 0.0872157156 1/1/12 17.889999 18.709999 17.67 18.610001 15.763869
2/1/12 26.469999 29.440001 26.290001 29.17 24.979542 32666400 0.1190501214 0 0.1190501214 0.0462111808 0.0462111808 2/1/12 18.860001 19.58 18.860001 19.469999 16.492336
3/1/12 29.219999 32.27 28.809999 31.049999 26.58947 53372000 0.0644498606 0 0.0644498606 0.0087317527 0.0087317527 3/1/12 19.620001 19.84 18.940001 19.639999 16.636343
4/1/12 31.110001 31.82 29.66 30.59 26.195551 34479800 -0.0148148496 0.0001 -0.0149148496 -0.0122196928 -0.0123196928 4/1/12 19.82 19.82 18.799999 19.4 16.433052
5/1/12 30.610001 33.290001 27.860001 31.74 27.343647 70943200 0.0438279004 0 0.0438279004 -0.088660098 -0.088660098 5/1/12 19.469999 19.469999 17.620001 17.68 14.976096
6/1/12 30.370001 32.189999 28.43 30.58 26.34432 49006600 -0.0365469537 0 -0.0365469537 0.0492079511 0.0492079511 6/1/12 17.26 18.549999 17.26 18.549999 15.713039
7/1/12 30.450001 34 30.450001 33.02 28.446354 41392300 0.079790786 0.0001 0.079690786 0.0075473624 0.0074473624 7/1/12 18.629999 18.809999 17.99 18.690001 15.831631
8/1/12 33.290001 35.810001 32.509998 34.57 29.952219 39879900 0.0529370126 0.0001 0.0528370126 0.0256820665 0.0255820665 8/1/12 18.639999 19.370001 18.49 19.17 16.23822
9/1/12 34.580002 37.650002 34.459999 35.5 30.757994 37520600 0.0269020135 0.0001 0.0268020135 0.019822616 0.019722616 9/1/12 19.129999 20.290001 19.09 19.549999 16.560104
10/1/12 35.66 36.43 32.779999 33.5 29.025156 33913700 -0.0563378093 0.0001 -0.0564378093 0.0067777352 0.0066777352 10/1/12 19.639999 19.98 19.379999 19.459999 16.672344
11/1/12 33.490002 35.959999 31.129999 35.84 31.212002 51264500 0.0753431265 0.0001 0.0752431265 0.0128471437 0.0127471437 11/1/12 19.67 19.709999 18.790001 19.709999 16.886536
12/1/12 36.09 36.09 31.07 32.119999 27.972364 44457200 -0.1037946236 0 -0.1037946236 0.0177574607 0.0177574607 12/1/12 19.66 20.290001 19.66 20.059999 17.186398
1/1/13 32.669998 34.84 31.120001 34.349998 29.9144 50416600 0.069426953 0 0.069426953 0.053725452 0.053725452 1/1/13 20.5 21.01 20.35 20.92 18.109745
2/1/13 34.599998 35.029999 32.84 34.189999 29.933304 33608100 0.0006319365 0 0.0006319365 -0.0019118988 -0.0019118988 2/1/13 21.1 21.17 20.57 20.879999 18.075121
3/1/13 34.09 35.639999 31.299999 34.240002 29.977076 72294500 0.0014623177 0 0.0014623177 0.0186779386 0.0186779386 3/1/13 20.9 21.42 20.9 21.27 18.412727
4/1/13 34.200001 34.869999 31.360001 34.869999 30.528646 54087200 0.0183997265 0 0.0183997265 0.0297488254 0.0297488254 4/1/13 21.120001 21.84 20.860001 21.84 18.960484
5/1/13 34.889999 36.990002 32.610001 34.32 30.228617 64089700 -0.009827786 0 -0.009827786 -0.0045789443 -0.0045789443 5/1/13 21.67 22.549999 21.67 21.74 18.873665
6/1/13 34.27 36.029999 33.529999 35.130001 30.942051 49669100 0.0236012782 0 0.0236012782 -0.0340385929 -0.0340385929 6/1/13 21.84 21.879999 20.450001 21 18.231232
7/1/13 35.490002 37.700001 35.23 36.130001 31.82284 35716000 0.0284657601 0 0.0284657601 0.058764213 0.058764213 7/1/13 21.16 22.25 21.059999 22.049999 19.302576
8/1/13 36.419998 37.849998 32.080002 32.200001 28.517998 55178300 -0.103851259 0 -0.103851259 -0.0226758335 -0.0226758335 8/1/13 22.299999 22.389999 21.549999 21.549999 18.864874
9/1/13 32.509998 34.330002 31.91 33.939999 30.059029 37816400 0.0540371382 0 0.0540371382 0.0496522797 0.0496522797 9/1/13 21.76 23.190001 21.76 22.620001 19.801558
10/1/13 33.889999 35.209999 32.130001 34.700001 30.732126 35584000 0.0223925064 0 0.0223925064 0.0418106999 0.0418106999 10/1/13 22.790001 23.67 22.32 23.469999 20.629475
11/1/13 34.82 39.220001 34.09 38.889999 34.654121 47422900 0.1276187336 0 0.1276187336 0.0144866023 0.0144866023 11/1/13 23.440001 23.809999 23.200001 23.809999 20.928326
12/1/13 38.799999 41.630001 38.310001 41.439999 36.926376 33740000 0.0655695465 0 0.0655695465 0.0125998133 0.0125998133 12/1/13 23.700001 24.110001 23.26 24.110001 21.192019
1/1/14 41.360001 41.73 37.459999 38.599998 34.395706 36613400 -0.0685328558 0 -0.0685328558 -0.0338966759 -0.0338966759 1/1/14 23.83 24.09 23.15 23.15 20.47368
2/1/14 38.470001 42.119999 36.650002 41.709999 37.349785 27419400 0.0858851102 0 0.0858851102 0.0514039489 0.0514039489 2/1/14 22.68 24.34 22.68 24.34 21.526108
3/1/14 41.299999 47.23 41.25 46.98 42.068882 50744000 0.1263487059 0 0.1263487059 -0.0012325963 -0.0012325963 3/1/14 24.01 24.530001 23.85 24.309999 21.499575
4/1/14 47.259998 48.709999 43.77 46.529999 41.665916 28671400 -0.009578719 0 -0.009578719 0.0129265811 0.0129265811 4/1/14 24.49 24.540001 23.82 24.49 21.777491
5/1/14 46.75 49.630001 46.200001 48.18 43.3578 25127600 0.0406059476 0 0.0406059476 0.020824713 0.020824713 5/1/14 24.52 25 24.41 25 22.231001
6/1/14 48.25 51 47.5 50.720001 45.643559 28073200 0.0527185189 0 0.0527185189 0.0131996755 0.0131996755 6/1/14 25.030001 25.540001 25.030001 25.33 22.524443
7/1/14 50.73 52.07 47.110001 47.529999 42.772846 30965700 -0.0628941534 0 -0.0628941534 -0.009881221 -0.009881221 7/1/14 25.52 25.67 24.9 24.9 22.301874
8/1/14 47.580002 56.529999 47.5 56.110001 50.719334 37322300 0.1857834758 0 0.1857834758 0.0257029073 0.0257029073 8/1/14 24.809999 25.59 24.52 25.540001 22.875097
9/1/14 56.290001 58.400002 55.349998 55.650002 50.303528 38641300 -0.0081981755 0 -0.0081981755 -0.0395460181 -0.0395460181 9/1/14 25.549999 25.639999 24.530001 24.530001 21.970478
10/1/14 55.57 56.759998 51.619999 56.009998 50.628941 42351600 0.0064689896 0 0.0064689896 0.0163572681 0.0163572681 10/1/14 24.23 24.82 23.15 24.82 22.329855
11/1/14 56.009998 59.189999 52.029999 57.290001 51.998253 64384100 0.0270460328 0 0.0270460328 0.0104757062 0.0104757062 11/1/14 24.719999 25.26 24.59 25.08 22.563776
12/1/14 57.5 57.880001 52.700001 56.18 50.990776 48132300 -0.0193752086 0 -0.0193752086 -0.0239234781 -0.0239234781 12/1/14 24.92 25.09 23.76 24.48 22.023972
1/1/15 56.43 57.619999 51.119999 53.220001 48.304192 44690700 -0.0526876469 0 -0.0526876469 -0.0019204529 -0.0019204529 1/1/15 24.440001 24.709999 23.74 24.139999 21.981676
2/1/15 53.360001 56.389999 52.119999 56.169998 51.184116 33631600 0.0596205812 0 0.0596205812 0.0563380608 0.0563380608 2/1/15 24.42 25.59 24.42 25.5 23.220081
3/1/15 56.209999 63.66 55.77 63 57.407848 54584900 0.1215949886 0 0.1215949886 -0.0180392566 -0.0180392566 3/1/15 25.59 25.620001 24.629999 25.040001 22.801208
4/1/15 62.880001 63.32 59.009998 59.450001 54.172966 32994800 -0.0563491249 0 -0.0563491249 0.0325129265 0.0325129265 4/1/15 25.08 26.129999 25.08 25.73 23.542542
5/1/15 59.610001 65.800003 59.52 63.200001 57.827724 43864300 0.0674646096 0 0.0674646096 0.0023320761 0.0023320761 5/1/15 25.91 26.25 25.620001 25.790001 23.597445
6/1/15 63.32 67.790001 61.310001 67.010002 61.313866 35426500 0.0602849595 0 0.0602849595 -0.029081284 -0.029081284 6/1/15 25.790001 26.02 24.98 25.040001 22.911201
7/1/15 67.540001 71.07 67.089996 70.550003 64.552956 31298500 0.0528280177 0 0.0528280177 0.011317652 0.011317652 7/1/15 25.18 25.51 24.4 25.15 23.170502
8/1/15 70.669998 74.949997 64.029999 70.790001 65.004059 38171200 0.0069881076 0 0.0069881076 -0.0660037922 -0.0660037922 8/1/15 25.07 25.24 22.48 23.49 21.641161
9/1/15 69.730003 77.25 69.5 71.970001 66.087616 36018700 0.0166690668 0 0.0166690668 -0.0387399271 -0.0387399271 9/1/15 22.790001 23.700001 22.139999 22.58 20.802784
10/1/15 71.879997 72.459999 63.02 67.75 62.212528 50832600 -0.0586356149 0 -0.0586356149 0.0758564815 0.0758564815 10/1/15 22.629999 24.370001 22.629999 24.18 22.38081
11/1/15 67.980003 69.989998 57.23 65 59.901268 68219800 -0.0371510381 0.0001 -0.0372510381 -0.0037221173 -0.0038221173 11/1/15 24.43 24.5 23.530001 24.09 22.297506
12/1/15 65.559998 68.239998 63.09 65.089996 59.984203 50699700 0.0013845283 0.0017 -0.0003154717 -0.0265670071 -0.0282670071 12/1/15 24.360001 24.360001 23.049999 23.450001 21.705128
1/1/16 64.459999 68.5 59.009998 67.559998 62.260452 52128900 0.0379474743 0.0019 0.0360474743 -0.0504690873 -0.0523690873 1/1/16 23.049999 23.049999 21.040001 22.129999 20.60969
2/1/16 67.580002 69.650002 62.27 62.5 57.825512 61164900 -0.0712320559 0.0029 -0.0741320559 -0.010393315 -0.013293315 2/1/16 22.110001 22.110001 20.74 21.9 20.395487
3/1/16 62.580002 67.269997 62.02 64.5 59.675926 52869700 0.0319999588 0.002 0.0299999588 0.0716896341 0.0696896341 3/1/16 22.43 23.540001 22.43 23.469999 21.857632
4/1/16 64.489998 64.720001 58.169998 61.439999 56.844784 85023500 -0.047441945 0.0011 -0.048541945 0.0173636376 0.0162636376 4/1/16 23.440001 24.17 23.02 23.790001 22.23716
5/1/16 61.599998 62.450001 53.669998 55.919998 51.975937 71291900 -0.0856516053 0.0027 -0.0883516053 0.0050438545 0.0023438545 5/1/16 23.950001 23.950001 23.23 23.91 22.349321
6/1/16 55.240002 56.049999 50.900002 54.860001 50.9907 52413700 -0.0189556371 0.0024 -0.0213556371 -0.0112922446 -0.0136922446 6/1/16 23.93 24.4 22.43 23.639999 22.096947
7/1/16 54.779999 59.93 53.990002 59.619999 55.41497 38169800 0.0867662142 0.002 0.0847662142 0.0494704993 0.0474704993 7/1/16 23.709999 24.620001 23.41 24.620001 23.190094
8/1/16 59.700001 69.510002 56.799999 65.639999 61.299187 55312500 0.1061846104 0.0027 0.1034846104 0.0044678129 0.0017678129 8/1/16 24.549999 25.02 24.41 24.73 23.293703
9/1/16 65.800003 68.800003 64.300003 67.720001 63.241627 34336600 0.0316878591 0.0025 0.0291878591 0.0024263639 -0.0000736361 9/1/16 24.790001 25.190001 24.219999 24.790001 23.350222
10/1/16 67.480003 69.610001 66.279999 66.769997 62.35445 28632000 -0.0140283709 0.0024 -0.0164283709 -0.0148303087 -0.0172303087 10/1/16 24.76 24.780001 24.25 24.299999 23.003931
11/1/16 66.360001 74.739998 65.389999 71.669998 67.200066 47179500 0.077710829 0.0032 0.074510829 0.0119341342 0.0087341342 11/1/16 24.17 24.67 23.82 24.59 23.278463
12/1/16 71.610001 79.43 70.559998 70.889999 66.468719 37877900 -0.0108831292 0.0052 -0.0160831292 0.0122001612 0.0070001612 12/1/16 24.51 25.42 24.51 24.889999 23.562464
1/1/17 71.440002 73.580002 65.879997 68.540001 64.265282 30576200 -0.0331499844 0.005 -0.0381499844 0.0363117372 0.0313117372 1/1/17 25.08 25.84 25.08 25.610001 24.418058
2/1/17 68.650002 76.599998 67.18 75.669998 71.226715 45515700 0.1083233868 0.0046 0.1037233868 0.0265523163 0.0219523163 2/1/17 25.66 26.440001 25.66 26.290001 25.066414
3/1/17 75.93 77.699997 71.410004 74.809998 70.417206 34467400 -0.0113652441 0.0073 -0.0186652441 0.009889488 0.002589488 3/1/17 26.6 26.73 26.24 26.549999 25.314308
4/1/17 74.769997 77.860001 71.160004 77.339996 72.798645 39985700 0.033818993 0.0067 0.027118993 0.0195083745 0.0128083745 4/1/17 26.51 27.049999 26.27 26.969999 25.808149
5/1/17 77.309998 77.709999 58.130001 59.41 56.161434 63496600 -0.2285373718 0.0082 -0.2367373718 0.0196514674 0.0114514674 5/1/17 27.030001 27.559999 27.030001 27.5 26.315317
6/1/17 59.5 59.700001 44.869999 49.279999 46.585342 97109200 -0.1705101049 0.0096 -0.1801101049 0 -0.0096 6/1/17 27.709999 27.9 27.469999 27.5 26.315317
7/1/17 49.59 51.599998 44.59 47.189999 44.609627 67124400 -0.0424106578 0.01 -0.0524106578 0.0333900595 0.0233900595 7/1/17 27.549999 28.280001 27.34 28.23 27.193987
8/1/17 47.07 51.290001 31.559999 35.23 33.518642 159437400 -0.2486231279 0.0096 -0.2582231279 0.0042508294 -0.0053491706 8/1/17 28.33 28.389999 27.809999 28.35 27.309584
9/1/17 35.490002 37.150002 33.25 35.220001 33.509136 77335900 -0.0002836034 0.0095 -0.0097836034 0.0158729258 0.0063729258 9/1/17 28.42 28.9 28.23 28.799999 27.743067
10/1/17 35.18 35.18 29.700001 30.08 28.618816 74552900 -0.1459399013 0.0106 -0.1565399013 0.0257963188 0.0151963188 10/1/17 28.879999 29.4 28.879999 29.4 28.458736
11/1/17 30.190001 44.389999 28.42 42.84 41.146324 130963000 0.4377367673 0.0114 0.4263367673 0.0193878604 0.0079878604 11/1/17 29.450001 29.969999 29.139999 29.969999 29.01049
12/1/17 42.639999 49.130001 41.759998 46.880001 45.026604 79655800 0.0943044147 0.0129 0.0814044147 0.0083416378 -0.0045583622 12/1/17 29.889999 30.299999 29.639999 30.219999 29.252485
1/1/18 47.450001 53.169998 44.990002 49.150002 47.20686 70531700 0.0484215065 0.0141 0.0343215065 0.0618162525 0.0477162525 1/1/18 30.52 32.450001 30.52 31.879999 31.060764
2/1/18 48.75 50.610001 44.040001 45.91 44.381165 63631700 -0.0598577198 0.015 -0.0748577198 -0.0439146635 -0.0589146635 2/1/18 31.889999 31.889999 29.309999 30.48 29.696741
3/1/18 45.900002 46.57 38.169998 45.540001 44.023487 99120700 -0.0080592296 0.0168 -0.0248592296 -0.0170603232 -0.0338603232 3/1/18 30.17 31.17 29.360001 29.959999 29.190105
4/1/18 45.470001 48.169998 40.450001 43.080002 41.645405 53925400 -0.0540184834 0.0168 -0.0708184834 0.0086397086 -0.0081602914 4/1/18 29.41 30.67 29.41 30.120001 29.442299
5/1/18 43 56.279999 40.02 53.970001 52.600555 92075500 0.2630578332 0.0174 0.2456578332 0.0049800799 -0.0124199201 5/1/18 30.110001 30.84 29.959999 30.27 29.588924
6/1/18 54.110001 59.400002 52.599998 52.650002 51.314053 59447200 -0.0244579549 0.019 -0.0434579549 -0.0135447305 -0.0325447305 6/1/18 30.559999 31.01 29.59 29.860001 29.18815
7/1/18 52.32 53.610001 47.200001 48.810001 47.571491 47746200 -0.0729344455 0.0193 -0.0922344455 0.0369063815 0.0176063815 7/1/18 29.790001 30.93 29.73 30.74 30.265379
8/1/18 48.52 53.5 46.009998 49.299999 48.364956 92648300 0.0166794226 0.02 -0.0033205774 0.0081326918 -0.0118673082 8/1/18 30.68 31.25 30.08 30.99 30.511518
Average monthly return 0.0064826957
Expected annual return 0.0777923488
0.0015
0.0013
0.0015
0.0008
0.0003
0
0
0.0001
0.0002
0.0001
0
0.0001
0.0001
0.0001
0.0001
0
0
0.0001
0
0
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0
0
0
0
0.0001
0
0
0
0
0
0
0
0
0.0001
0
0
0.0001
0.0001
0.0001
0.0001
0.0001
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.0001
0.0017
0.0019
0.0029
0.002
0.0011
0.0027
0.0024
0.002
0.0027
0.0025
0.0024
0.0032
0.0052
0.005
0.0046
0.0073
0.0067
0.0082
0.0096
0.01
0.0096
0.0095
0.0106
0.0114
0.0129
0.0141
0.015
0.0168
0.0168
0.0174
0.019
0.0193
0.02