i need an expert financial analyst for my task its incomplete..
Jim_Ak
project_data_for_mcdonalds_2013.xlsFS, MCD
| Financial Statements, McDonalds ($millions) | ||||||||||||||
| As of Dec 31, 2012: | ||||||||||||||
| INCOME STATEMENT | 2013 | 2012 | ||||||||||||
| Total Revenues | $28,106 | $27,567 | ||||||||||||
| Restaurant expenses | 17,203 | 16,751 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||
| Gross profit | $10,903 | $10,816 | ||||||||||||
| SG & A expenses | 2,386 | 2,455 | Sales | 18169 | 18875 | 18603 | 18293 | 16233 | ||||||
| Impairment charges(credits) | 0 | 8 | Net Income | 4758 | 5586 | 5465 | 5503 | 4946 | ||||||
| Other operating (income)expense | (247) | (252) | ||||||||||||
| EBIT | $8,764 | $8,605 | ||||||||||||
| Interest expense | $522 | $517 | ||||||||||||
| Other (income)expense | $38 | $9 | ||||||||||||
| Before-tax earnings | $8,204 | $8,079 | ||||||||||||
| Taxes | 2,618 | 2,614 | ||||||||||||
| Net income | $5,586 | $5,465 | ||||||||||||
| EPS | $5.60 | $5.41 | ||||||||||||
| BALANCE SHEET, as of Dec 31 | 2013 | 2012 | ||||||||||||
| ASSETS | ||||||||||||||
| Cash & equivalents | $2,798 | $2,336 | ||||||||||||
| Accounts & notes receivable | 1,320 | 1,375 | ||||||||||||
| Inventory | 124 | 122 | ||||||||||||
| Prepaid expenses | 808 | 1,089 | ||||||||||||
| Current assets | $5,050 | $4,922 | ||||||||||||
| Gross Prop & Equip | 40,355 | 38,491 | ||||||||||||
| Less Accum Depreciation | (14,608) | (13,814) | ||||||||||||
| Net Prop & Equip | $25,747 | $24,677 | ||||||||||||
| Goodwill | 2,873 | 2,804 | ||||||||||||
| Other Assets | 2,956 | 2,983 | ||||||||||||
| Total assets | $36,626 | $35,387 | ||||||||||||
| LIABILITIES AND EQUITIES | ||||||||||||||
| Accounts payable | $1,086 | $1,142 | ||||||||||||
| Accrued payroll and other liabilities | 1,264 | 1,375 | ||||||||||||
| Other current liabilities | 820 | 886 | ||||||||||||
| Current liabilities | $3,170 | $3,403 | ||||||||||||
| Long-term debt | $14,130 | $13,633 | ||||||||||||
| Deferred taxes | 1,648 | 1,531 | ||||||||||||
| Other liabilities | 1,669 | 1,526 | ||||||||||||
| Total liabilities | $20,617 | $20,093 | ||||||||||||
| Common stock | 17 | 17 | ||||||||||||
| Additional paid-in capital | 5,994 | 5,779 | ||||||||||||
| Retained earnings | 41,751 | 39,278 | ||||||||||||
| Treasury stock and other | (31,752) | (29,780) | ||||||||||||
| Total equity | $16,009 | $15,294 | ||||||||||||
| Total liabilities & Equity | $36,626 | $35,387 | ||||||||||||
| Common shares out | 998 | 1,010 | ||||||||||||
| Common stock price*: | 2013 | 2012 | ||||||||||||
| Jan 3, 2013, Jan 3, 2012 | $86.32 | $91.22 | ||||||||||||
| Dec 30, 2013, Dec 31, 2012 | $95.44 | $84.02 | ||||||||||||
| Average | $90.88 | $87.62 | ||||||||||||
| * Adjusted close, per Yahoo Finance | ||||||||||||||
| Book value per share | $16.04 | $15.14 |
Going from 0 to 100 percent payout would have two possible effects. First, it might affect the price of the stock causing a change in the formula value of the warrant; however, it is not at all clear that the stock price would change, let alone what the change would be. Second, and more important here, the increase in the payout ratio drastically lowers the expected growth rate. This reduces the chance of the stock going up in the future. This lowers the expected value of the warrant, hence the premium and the price of the warrant.
FS, WEN
| Financial Statements, The Wendy's Company ($thousands) | ||
| INCOME STATEMENT | 2013 | 2012 |
| Total revenues | $2,487,410 | $2,505,242 |
| Cost of sales | 1,839,740 | 1,881,248 |
| Gross profit | $647,670 | $623,994 |
| SG & A expenses | 293,792 | 287,808 |
| Depreciation | 182,359 | 146,976 |
| Impairment & other expenses | 36,377 | 66,463 |
| EBIT | $135,142 | $122,747 |
| Interest expense | 69,012 | 98,604 |
| Other (income)expense | 6,489 | 37,268 |
| Before-tax earnings | $59,641 | ($13,125) |
| Taxes and other (income)expense | 14,154 | (20,208) |
| Net income | $45,487 | $7,083 |
| EPS | $0.096694 | $0.015057 |
| BALANCE SHEET | 2013 | 2012 |
| ASSETS | ||
| Cash & equivalents | $580,152 | $453,361 |
| Accounts & notes receivable | 62,885 | 61,164 |
| Inventory | 10,226 | 13,805 |
| Prepaid expenses & other | 81,759 | 24,231 |
| Deferred Taxes | 120,206 | 91,489 |
| Advertising funds restricted assets | 67,183 | 65,777 |
| Current assets | $922,411 | $709,827 |
| Gross Prop & Equip | ||
| Less Accum Depreciation | ||
| Net Prop & Equip | $1,165,487 | $1,250,338 |
| Goodwill | 842,544 | 876,201 |
| Other intangibles | 1,305,780 | 1,301,537 |
| Other Assets | 126,818 | 165,296 |
| Total assets | $4,363,040 | $4,303,199 |
| LIABILITIES AND EQUITIES | ||
| Accounts payable | $83,700 | $70,826 |
| Accrued Liabilities | 160,100 | 137,348 |
| ST & current portion of LT debt | 38,543 | 12,911 |
| Advertising funds restricted liabs | 67,183 | 65,777 |
| Current liabilities | $349,526 | $286,862 |
| Long-term debt | 1,425,285 | 1,444,651 |
| Deferred taxes | 482,499 | 438,217 |
| Other liabilities | 176,244 | 147,614 |
| Total liabilities | $2,433,554 | $2,317,344 |
| Common stock | 47,042 | 47,042 |
| Additional paid-in capital | 2,794,445 | 2,782,765 |
| Retained earnings | (492,215) | (467,007) |
| Treasury stock and other | (419,786) | (376,945) |
| Total equity | $1,929,486 | $1,985,855 |
| Total liabilities & Equity | $4,363,040 | $4,303,199 |
| Common shares out | 470,424 | 470,424 |
| Common stock price*: | 2013 | 2012 |
| Jan 2, 2013, Jan 3, 2012 | $4.53 | $4.96 |
| Dec 31, 2013, Dec 31, 2012 | $8.62 | $4.53 |
| Average | $6.58 | $4.75 |
| * Adjusted close, per Yahoo Finance |
Going from 0 to 100 percent payout would have two possible effects. First, it might affect the price of the stock causing a change in the formula value of the warrant; however, it is not at all clear that the stock price would change, let alone what the change would be. Second, and more important here, the increase in the payout ratio drastically lowers the expected growth rate. This reduces the chance of the stock going up in the future. This lowers the expected value of the warrant, hence the premium and the price of the warrant.
