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Bed Bath and Beyond Inc
(BBBY)

February 7, 2011
Figures in Millions except per share values

Company Overview

Low Risk
5

Bed Bath & Beyond Inc., along with its subsidiaries, is a chain of retail stores,
operating under the names Bed Bath & Beyond (BBB), Christmas Tree Shops (CTS),
Harmon and Harmon Face Values (Harmon) and buybuy BABY. In addition, the
Company is a partner in a joint venture, which operates two stores in the Mexico City
market under the name Home & More. The Company sells an assortment of
domestics merchandise and home furnishings, which include food, giftware, health
and beauty care items, and infant and toddler merchandise. As of February 27, 2010,
Bed Bath & Beyond Inc. operated 1,100 stores located in 49 states, the District of
Columbia, Puerto Rico and Canada, including 965 BBB stores operating in 49 states,
the District of Columbia, Puerto Rico and Canada; 61 CTS stores operating in 15
states; 45 Harmon stores operating in three states, and 29 buybuy BABY stores
operating in 14 states.

4
3

Strong Moat

1
0

Good Financial
Health

Under Valued

Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
Ben Graham Formula

Well Managed
$
$
$
$
$
$

48.32
8.59
18.83
36.99
48.19
49.97

Key Statistics
Mkt Cap ($M)
52 Wk High
52 Wk Low
% off 52Wk Low

Margin of Safety
-82%

$ 12,310.00
$
50.95
$
26.50
82.3%

-1.8%
14.6%

-61%
-23%

50
0%

40

3%

P/E(TTM)
P/S(TTM)
P/Tang BV(MRQ)
FCF/EV (TTM)
P/FCF(TTM)
Earnings Yld (TTM)
Piotroski (TTM)
Altman (MRQ)
Beneish (TTM)

30
17.1
1.5
3.2
5.5%
15.9
12.4%
7
6.68
NA

Effectiveness
CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg

6.2%
14.8%

10
0

6/1/2004

6/1/2006
Historical Price

6/1/2008
Intrinsic Value

Balance Sheet
$

1,440.14

Short-Term Investments
Accts Rec
Inventory
Total Current Assets
Net PP&E
Intangibles
Total Assets

$
$
$
$
$
$
$

2,171.78
3,949.01
1,124.70
5,560.14

Financial Strength (MRQ)

Total Current Liabilities

$

1,369.98

Quick Ratio(MRQ)
Current Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)

Long-Term Debt
Total Liabilities

$
$

1,761.24

Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin

22.2%

Efficiency
Rec Turnover(TTM)
Inv Turnover(TTM)
Asset Turnover(TTM)

20

Cash and Equiv

Margins & Profitability
14.7%

5 Yr Price vs Intrinsic Value

60

Valuation Ratios

Cash Flows
Owner Earnings FCF
5 yr FCF Growth
10 yr FCF Growth

High Growth

2

0.0
2.4
1.6

1.3
2.9
0.0
0.0

6/1/2010
Buy Price

Refresh

Enter Ticker

Bed Bath and Beyond Inc
(BBBY)

Help
Figures in Millions except per share values

2/7/2011

BBBY

2001

Income Statement

2002

9

Revenue

2,396.7

$

$

1,363.5
56.9%
1,033.1
43.1%

$

% change from prev year

Cost of Revenues
COGS (%)
Gross Profit
Gross Profit (%)

$

2003

8

$

$

2,928.0
22.2%
1,657.8
56.6%
1,270.1
43.4%

2004

7
$
$
$

3,665.2
25.2%
2,070.8
56.5%
1,594.4
43.5%

2005

6
$
$
$

4,478.0
22.2%
2,515.5
56.2%
1,962.5
43.8%

2006

5
$
$
$

5,147.7
15.0%
2,862.2
55.6%
2,285.4
44.4%

2007

4
$
$
$

5,809.6
12.9%
3,209.5
55.2%
2,600.0
44.8%

2008

3
$
$
$

6,617.4
13.9%
3,645.5
55.1%
2,971.9
44.9%

2009

2
$
$
$

7,048.9
6.5%
3,964.4
56.2%
3,084.5
43.8%

2010

1
$
$
$

7,208.3
2.3%
4,159.5
57.7%
3,048.8
42.3%

Qtr 2/10

0
$
$
$

7,828.8
8.6%
4,436.4
56.7%
3,392.4
43.3%

Qtr 5/10

3
$
$
$

2,244.1
-71.3%
1,241.4
55.3%
1,002.7
44.7%

Qtr 8/10

2
$
$
$

1,923.1
-14.3%
1,103.0
57.4%
820.0
42.6%

$
$

TTM

Qtr 11/10

1
$

2,136.7
11.1%
1,216.9
57.0%
919.8
43.0%

0
$
$
$

2,193.8
2.7%
1,251.9
57.1%
941.8
42.9%

$
$
$

8,497.6
8.5%
4,813.2
56.6%
3,684.4
43.4%

Operating Expenses
Selling, General & Admin. Expenses
SG&A (%)
Research & Development
R&D (%)
EBITDA
EBITDA (%)
Other Special Charges
Depreciation & Amortization
D&A (%)
Operating Income
Operating Income (%)

$
$
$
$
$
$

713.6
29.8%
0.0%
319.5
13.3%
46.7
1.9%
272.8
11.4%

$
$
$
$
$
$

861.5
29.4%
0.0%
408.6
14.0%
62.5
2.1%
346.1
11.8%

$
$
$
$
$
$

1,038.5
28.3%
0.0%
555.9
15.2%
75.8
2.1%
480.1
13.1%

$
$
$
$
$
$

1,237.3
27.6%
0.0%
725.2
16.2%
85.8
1.9%
639.3
14.3%

$
$
$
$
$
$

1,393.9
27.1%
0.0%
891.6
17.3%
99.1
1.9%
792.4
15.4%

$
$
$
$
$
$

1,606.6
27.7%
0.0%
993.5
17.1%
114.3
2.0%
879.2
15.1%

$
$
$
$
$
$

1,946.0
29.4%
0.0%
1,025.9
15.5%
136.5
2.1%
889.4
13.4%

$
$
$
$
$
$

2,087.2
29.6%
0.0%
997.3
14.1%
159.3
2.3%
838.0
11.9%

$
$
$
$
$
$

2,199.3
30.5%
0.0%
849.5
11.8%
175.6
2.4%
673.9
9.3%

$
$
$
$
$
$

2,227.4
28.5%
0.0%
1,164.9
14.9%
184.2
2.4%
980.7
12.5%

$
$
$
$
$
$

584.8
26.1%
0.0%
417.9
18.6%
47.2
2.1%
370.7
16.5%

$
$
$
$
$
$

549.6
28.6%
0.0%
270.4
14.1%
45.0
2.3%
225.4
11.7%

$
$
$
$
$
$

578.0
27.1%
0.0%
341.8
16.0%
44.9
2.1%
296.9
13.9%

$
$
$
$
$
$

591.4
27.0%
0.0%
350.4
16.0%
45.3
2.1%
305.1
13.9%

$
$
$
$
$
$

2,303.8
27.1%
0.0%
1,380.6
16.2%
182.4
2.1%
1,198.1
14.1%

Other Income and Expense
Interest Expense
Other Income

$
$

-

Earnings Before Taxes
$
Income Taxes/(Credit)
$
Tax Rate %
Earnings After Taxes
$
Minority Interest
$
Net Income From Continuing
Operations
$
Net Income From Discontinued Operations$

272.8
109.9
40.3%
162.9
-

Net Income From Total Operations
Net Income (%)

$

$
$
$
$

-

$
$

346.1
137.5
39.7%
208.6
-

171.9
-

$
$

171.9
7.2%

$

$
$

0.61
0.59
281.8
291.4

$
$
$

$
$
$
$

-

$
$

480.1
189.2
39.4%
290.9
-

219.6
-

$
$

219.6
7.5%

$

$
$

0.76
0.74
288.9
296.8

239.3
-

$
$
$

$
$
$
$

-

$
$

639.3
250.1
39.1%
389.2
-

302.2
-

$
$

302.2
8.2%

$

$
$

1.03
1.00
293.4
302.2

429.5
-

$
$
$

$
$
$
$

-

$
$

792.4
306.2
38.6%
486.2
-

399.5
-

$
$

399.5
8.9%

$

$
$

1.35
1.31
295.9
304.9

515.7
100.9
-

$
$
$

$
$
$
$

-

$
$

879.2
342.2
38.9%
537.0
-

505.0
-

$
$

505.0
9.8%

$

$
$

1.68
1.65
300.6
306.0

825.0
41.6
-

$
$
$

$
$
$
$

-

$
$

889.4
338.6
38.1%
550.8
-

572.8
-

$
$

572.8
9.9%

$

$
$

1.95
1.92
293.8
298.4

222.1
629.3
-

$
$
$

$
$
$
$

-

$
$

838.0
302.4
36.1%
535.6
-

594.2
-

$
$

594.2
9.0%

$

$
$

2.12
2.09
280.3
284.3

247.7
404.1
-

$
$
$

$
$
$
$

-

$
$

673.9
258.2
38.3%
415.7
-

562.8
-

$
$

562.8
8.0%

$

$
$

2.13
2.10
264.2
268.0

213.4
774.9
-

$
$
$

$
$
$
$

-

$
$

$
$

980.7
385.2
39.3%
595.5
-

$
$
$
$

425.1
-

$
$

600.0
-

425.1
5.9%

$

600.0
7.7%

$
$

1.66
1.64
256.1
259.2

$
$

224.1
-

$
$
$

668.2
2.0
-

370.7
338.6
91.3%
32.1
-

$
$
$

2.33
2.30
257.5
260.9

$
$

$
$
$

1,096.1
431.5
-

$
$
$
$

-

$
$

225.4
302.4
134.2%
(77.0)
-

226.0
-

$
$

226.0
10.1%

$

0.88
0.86
256.9
262.8

$
$
$

$
$
$
$

-

$
$

296.9
258.2
87.0%
38.7
-

137.6
-

$
$

137.6
7.2%

$

$
$

0.53
0.52
259.5
264.5

1,096.1
431.5
-

$
$
$

$
$
$
$

-

$
$
$
$

-

$
$

305.1
385.2
126.2%
(80.1)
-

$
$

1,198.1
385.2
32.1%
812.9
-

181.8
-

$
$

188.6
-

$
$

733.9
-

181.8
8.5%

$

188.6
8.6%

$

733.9
8.6%

$
$

0.71
0.70
256.0
259.7

$
$

0.75
0.74
251.4
254.8

$
$

2.87
2.82
254.7

1,084.0
560.2
-

$
$
$

1,040.5
602.2
-

$
$
$

840.3
599.8
-

$
$
$

840.3
599.8
-

Shares and EPS
Total Basic EPS
Fully Diluted EPS
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

MRQ

Assets
Cash & Equivalents
Short-Term Investments
Net Receivables
% change from prev year

Inventories

$

606.7

$

$

$

$

2,171.8
14.1%
337.1

$

$

1,903.1
3.1%
306.6

$

$

1,846.1
4.9%
292.1

$

$

1,759.7
0.0%
276.1

$

$

1,759.7
7.1%
276.1

$

$

1,642.3
1.6%
250.3

$

$

1,617.0
7.4%
238.6

$

$

1,505.8
15.7%
204.6

$

$

1,301.7
13.0%
118.4

$

$

1,152.0
13.8%
93.5

$

$

1,012.3
10.6%
90.4

$

39.7

915.7
21.4%
62.1

$

$

754.0
24.3%
43.2

$

Other Current Assets

$

2,171.8
14.1%
337.1

Total Current Assets
Fixed Assets
Intangible Assets
Other Long-Term Assets
Total Long-Term Assets

$
$
$
$
$

885.7
302.7
7.4
310.0

$
$
$
$
$

1,226.7
361.7
59.1
420.8

$
$
$
$
$

1,594.4
423.9
170.5
594.5

$
$
$
$
$

1,969.3
516.2
147.3
232.3
895.7

$
$
$
$
$

2,097.0
609.6
147.6
345.8
1,103.0

$
$
$
$
$

2,071.9
738.7
571.5
1,310.2

$
$
$
$
$

2,698.6
929.5
331.2
1,260.7

$
$
$
$
$

2,079.7
1,121.9
642.5
1,764.4

$
$
$
$
$

2,562.8
1,148.4
557.6
1,706.0

$
$
$
$
$

3,563.3
1,119.3
469.5
1,588.8

$
$
$
$
$

3,563.3
1,119.3
469.5
1,588.8

$
$
$
$
$

3,782.4
1,103.4
475.3
1,578.7

$
$
$
$
$

3,852.4
1,105.3
482.3
1,587.6

$
$
$
$
$

3,949.0
1,124.7
486.4
1,611.1

$
$
$
$
$

3,949.0
1,124.7
486.4
1,611.1

Total Assets

$

1,195.7

$

1,647.5

$

2,188.8

$

2,865.0

$

3,200.0

$

3,382.1

$

3,959.3

$

3,844.1

$

4,268.8

$

5,152.1

$

5,152.1

$

5,361.0

$

5,440.0

$

5,560.1

$

5,560.1

Accounts payable
Short-Term Debt
Taxes Payable
Accrued Liabilities
Other Current Liabilities

$
$
$
$
$

192.4
128.8
128.8
160.8

$
$
$
$
$

270.9
190.9
190.9
240.4

$
$
$
$
$

363.0
246.2
246.2
317.2

$
$
$
$
$

398.7
337.0
337.0
370.9

$
$
$
$
$

450.5
254.6
254.6
423.1

$
$
$
$
$

534.9
249.1
249.1
454.6

$
$
$
$
$

615.2
245.3
245.3
529.9

$
$
$
$
$

570.6
259.0
259.0
443.5

$
$
$
$
$

514.7
247.5
247.5
438.2

$
$
$
$
$

611.2
172.8
281.7
281.7
365.6

$
$

611.2
172.8

$
$

678.7
175.4

$
$

771.8
179.1

$
$

856.6
182.6

$

365.6

$

360.6

$

331.6

$

330.7

$
$
$
$
$

856.6
182.6
10.7
320.0
330.7

Total Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Income Taxes
Minority Interest
Total Long-Term Liabilities

$
$
$
$
$
$

353.2
25.5
25.5

$
$
$
$
$
$

511.3
41.9
41.9

$
$
$
$
$
$

680.2
56.8
56.8

$
$
$
$
$
$

769.5
104.7
104.7

$
$
$
$
$
$

873.6
122.6
122.6

$
$
$
$
$
$

989.5
130.1
130.1

$
$
$
$
$
$

1,145.1
165.1
165.1

$
$
$
$
$
$

1,014.1
268.2
268.2

$
$
$
$
$
$

953.0
315.4
315.4

$
$
$
$
$
$

1,149.6
103.4
246.3
349.7

$
$
$
$
$
$

1,149.6
103.4
246.3
349.7

$
$
$
$
$
$

1,214.7
105.8
257.3
363.1

$
$
$
$
$
$

1,282.4
110.6
262.2
372.8

$
$
$
$
$
$

1,370.0
114.2
277.1
391.3

$
$
$
$
$
$

1,370.0
114.2
277.1
391.3

Total Liabilities
Retained Earnings
Preferred Equity

$
$
$

378.7
633.2
-

$
$
$

553.2
852.8
-

$
$
$

736.9
1,154.9
-

$
$
$

874.2
1,554.4
-

$
$
$

996.2
2,059.4
-

$
$
$

1,119.7
2,632.2
-

$
$
$

1,310.2
3,153.9
-

$
$
$

1,282.3
3,729.8
-

$
$
$

1,268.4
4,154.9
-

$
$
$

1,499.2
4,755.0
-

$
$
$

1,499.2
4,755.0
-

$
$
$

1,577.8
4,892.5
-

$
$
$

1,655.3
5,074.3
-

$
$
$

1,761.2
5,262.8
-

$
$
$

1,761.2
5,262.8
-

Total Equity

$

817.0

$

1,094.4

$

1,451.9

$

1,990.8

$

2,203.8

$

2,262.5

$

2,649.2

$

2,561.8

$

3,000.5

$

3,652.9

$

3,652.9

$

3,783.2

$

3,784.7

$

3,798.9

$

3,798.9

Total Liabilities & Equity

$

1,195.7

$

1,647.5

$

2,188.8

$

2,865.0

$

3,200.0

$

3,382.1

$

3,959.3

$

3,844.1

$

4,268.8

$

5,152.1

$

5,152.1

$

5,361.0

$

5,440.0

$

5,560.1

$

5,560.1

% change from prev year

Liabilities & Stockholders' Equity

Cash Flows Statement

TTM

Cash Flows From Operating Activities
Net Income
Depreciation & Amortization
Deferred Taxes
Other

$
$
$
$

171.9
46.7
(16.7)

$
$
$
$

219.6
62.5
54.1

$
$
$
$

302.2
75.8
54.6

$
$
$
$

399.5
85.8
66.2

$
$
$
$

505.0
99.1
8.2

$
$
$
$

572.8
114.3
(0.8)

$
$
$
$

594.2
136.5
(29.9)

$
$
$
$

562.8
159.3
(109.9)

$
$
$
$

425.1
175.6
5.6

$
$
$
$

600.0
184.2
144.0

$
$
$

226.0
47.2
-

$
$
$

137.6
45.0
-

$
$
$

181.8
44.9
-

$
$
$

188.6
45.3
-

$
$
$
$

733.9
182.4
(17.3)
62.4

Net Cash From Operating Activities

$

197.9

$

338.0

$

419.3

$

548.4

$

616.4

$

660.4

$

613.6

$

614.5

$

584.0

$

905.4

$

513.3

$

172.3

$

231.8

$

44.0

$

961.4

(140.4)
(140.4)

$
$
$
$

(121.6)
(51.9)
(173.5)

$
$
$
$

(135.3)
(24.1)
(222.1)
(357.4)

$
$
$
$

(113.0)
(175.5)
(179.5)
(292.5)

$
$
$
$

(190.7)
(172.3)
(363.0)

$
$
$
$

(220.4)
152.8
(67.6)

$
$
$
$

(317.5)
(80.2)
(397.7)

$
$
$
$

(358.2)
(85.9)
459.9
101.7

$
$
$
$

(215.9)
102.8
(113.1)

$
$
$
$

(153.7)
(335.0)
(488.7)

$
$

(45.1)
-

$
$

(39.0)
-

$
$

(44.5)
-

$
$

(58.6)
-

$

(293.4)

$

(168.5)

$

(83.9)

$

(55.9)

$
$
$
$

(187.2)
(414.5)
(601.8)

$
$
$
$
$
$
$
$
$
$
$

37.8
37.8
144.0
239.3
95.3

$
$
$
$
$
$
$
$
$
$
$

25.8
25.8
239.3
429.5
190.2

$
$
$
$
$
$
$
$
$
$
$

24.2
24.2
429.5
515.7
86.2

$
$
$
$
$
$
$
$
$
$
$

74.6
(21.2)
53.4
515.7
825.0
309.3

$
$
$
$
$
$
$
$
$
$
$

31.1
(350.2)
(325.7)
294.5
222.1
(72.4)

$
$
$
$
$
$
$
$
$
$
$

35.0
(598.2)
(567.3)
222.1
247.7
25.6

$
$
$
$
$
$
$
$
$
$
$

43.4
(301.0)
(250.3)
247.7
213.4
(34.3)

$
$
$
$
$
$
$
$
$
$
$

22.7
(734.2)
(705.5)
213.4
224.1
10.7

$
$
$
$
$
$
$
$
$
$
$

17.7
(48.1)
(26.8)
224.1
668.2
444.1

$
$
$
$
$
$
$
$
$
$
$

99.7
(94.9)
11.2
668.2
1,096.1
427.9

$
$
$
$
$
$
$
$
$
$
$

46.5
(28.2)
21.6
854.6
1,096.1
241.5

$
$
$
$
$
$
$
$
$
$
$

68.4
(85.2)
(15.9)
1,096.1
1,084.0
(12.1)

$
$
$
$
$
$
$
$
$
$
$

1.7
(193.1)
(191.4)
1,084.0
1,040.5
(43.5)

$
$
$
$
$
$
$
$
$
$
$

21.0
(210.7)
(188.2)
1,040.5
840.3
(200.2)

$
$
$
$
$
$
$
$
$
$
$

137.6
(517.3)
(373.9)
1,040.5
840.3
(200.2)

$
$
$
$

197.9
(140.4)
57.5
78.2

$
$
$
$

338.0
(121.6)
216.3
160.5

$
$
$
$

419.3
(135.3)
284.1
242.7

$
$
$
$

548.4
(113.0)
435.4
372.3

$
$
$
$

616.4
(190.7)
425.7
413.4

$
$
$
$

660.4
(220.4)
440.0
466.7

$
$
$
$

613.6
(317.5)
296.1
413.2

$
$
$
$

614.5
(358.2)
256.3
363.9

$
$
$
$

584.0
(215.9)
368.1
384.9

$
$
$
$

905.4
(153.7)
751.7
630.6

$
$
$
$

513.3
(45.1)
468.3
228.2

$
$
$
$

172.3
(39.0)
133.3
143.5

$
$
$
$

231.8
(44.5)
187.3
182.1

$
$
$
$

44.0
(58.6)
(14.6)
175.3

$
$
$
$

961.4
(187.2)
774.1
729.1

Cash Flows From Investing Activities
Capital Expenditures
Acquisitions
Sale of Assets
Net Cash From Investing Activities

$
$
$
$

Cash Flows From Financing Activities
Issuance of Capital Stock
Repurchase of Capital Stock
Net Issuance of Stock
Issuance of Debt
Repayment of Debt
Net Issuance of Debt
Dividends Paid
Cash from Financing
Cash at Beginning of the Period
Cash at End of the Period
Change in Cash

Free Cash Flow
Cash from Operations
Cap Ex
Free Cash Flow
Owner Earnings FCF
User Defined

Bed Bath and Beyond Inc
(BBBY)

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2/7/2011
2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Income Statement
Revenue

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Cost of Revenues

56.9%

56.6%

56.5%

56.2%

55.6%

55.2%

55.1%

56.2%

57.7%

56.7%

56.6%

Gross Profit

43.1%

43.4%

43.5%

43.8%

44.4%

44.8%

44.9%

43.8%

42.3%

43.3%

43.4%

29.8%

29.4%

28.3%

27.6%

27.1%

27.7%

29.4%

29.6%

30.5%

28.5%

27.1%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

13.3%

14.0%

15.2%

16.2%

17.3%

17.1%

15.5%

14.1%

11.8%

14.9%

16.2%

Other Special Charges

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Depreciation & Amortization

1.9%

2.1%

2.1%

1.9%

1.9%

2.0%

2.1%

2.3%

2.4%

2.4%

2.1%

11.4%

11.8%

13.1%

14.3%

15.4%

15.1%

13.4%

11.9%

9.3%

12.5%

14.1%

Interest Expense

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Other Income

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

11.4%

11.8%

13.1%

14.3%

15.4%

15.1%

13.4%

11.9%

9.3%

12.5%

14.1%

Income Taxes/(Credit)

4.6%

4.7%

5.2%

5.6%

5.9%

5.9%

5.1%

4.3%

3.6%

4.9%

4.5%

Earnings After Taxes

6.8%

7.1%

7.9%

8.7%

9.4%

9.2%

8.3%

7.6%

5.8%

7.6%

9.6%

Minority Interest
Net Income From Continuing
Operations
Net Income From Discontinued
Operations

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

7.2%

7.5%

8.2%

8.9%

9.8%

9.9%

9.0%

8.0%

5.9%

7.7%

8.6%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Net Income From Total Operations

7.2%

7.5%

8.2%

8.9%

9.8%

9.9%

9.0%

8.0%

5.9%

7.7%

8.6%

Operating Expenses
Selling, General & Admin. Expenses
Research & Development
EBITDA

Operating Income

Other Income and Expense

Earnings Before Taxes

Balance Sheet

MRQ

Assets
Cash & Equivalents

20.0%

26.1%

23.6%

28.8%

6.9%

7.3%

5.4%

5.8%

15.7%

21.3%

15.1%

Short-Term Investments

0.0%

0.0%

4.6%

1.5%

19.7%

11.9%

19.6%

0.0%

0.0%

8.4%

10.8%

Net Receivables

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

50.7%

45.8%

41.8%

35.3%

36.0%

38.5%

38.0%

42.1%

38.5%

34.2%

39.1%

Inventories
Other Current Assets

3.3%

2.6%

2.8%

3.2%

2.9%

3.5%

5.2%

6.2%

5.9%

5.4%

6.1%

Total Current Assets

74.1%

74.5%

72.8%

68.7%

65.5%

61.3%

68.2%

54.1%

60.0%

69.2%

71.0%

Fixed Assets

25.3%

22.0%

19.4%

18.0%

19.1%

21.8%

23.5%

29.2%

26.9%

21.7%

20.2%

Intangible Assets

0.0%

0.0%

0.0%

5.1%

4.6%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Other Long-Term Assets

0.6%

3.6%

7.8%

8.1%

10.8%

16.9%

8.4%

16.7%

13.1%

9.1%

8.7%

Total Long-Term Assets

25.9%

25.5%

27.2%

31.3%

34.5%

38.7%

31.8%

45.9%

40.0%

30.8%

29.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Accounts payable

16.1%

16.4%

16.6%

13.9%

14.1%

15.8%

15.5%

14.8%

12.1%

11.9%

15.4%

Short-Term Debt

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

3.4%

3.3%

Taxes Payable

10.8%

11.6%

11.2%

11.8%

8.0%

7.4%

6.2%

6.7%

5.8%

5.5%

0.2%

Accrued Liabilities

10.8%

11.6%

11.2%

11.8%

8.0%

7.4%

6.2%

6.7%

5.8%

5.5%

5.8%

Other Current Liabilities

13.4%

14.6%

14.5%

12.9%

13.2%

13.4%

13.4%

11.5%

10.3%

7.1%

5.9%

Total Current Liabilities

29.5%

31.0%

31.1%

26.9%

27.3%

29.3%

28.9%

26.4%

22.3%

22.3%

24.6%

Long-Term Debt

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

2.0%

2.1%

Other Liabilities

2.1%

2.5%

2.6%

3.7%

3.8%

3.8%

4.2%

7.0%

7.4%

0.0%

0.0%

Deferred Income Taxes

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

4.8%

5.0%

Minority Interest

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Total Long-Term Liabilities

2.1%

2.5%

2.6%

3.7%

3.8%

3.8%

4.2%

7.0%

7.4%

6.8%

7.0%

Total Liabilities

31.7%

33.6%

33.7%

30.5%

31.1%

33.1%

33.1%

33.4%

29.7%

29.1%

31.7%

Retained Earnings

53.0%

51.8%

52.8%

54.3%

64.4%

77.8%

79.7%

97.0%

97.3%

92.3%

94.7%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

68.3%

66.4%

66.3%

69.5%

68.9%

66.9%

66.9%

66.6%

70.3%

70.9%

68.3%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Total Assets

Liabilities & Stockholders' Equity

Preferred Equity
Total Equity
Total Liabilities & Equity

Cash Flows Statement

TTM

Cash Flows From Operating Activities
Net Income

86.9%

65.0%

72.1%

72.8%

81.9%

86.7%

96.8%

91.6%

72.8%

66.3%

76.3%

Depreciation & Amortization

23.6%

18.5%

18.1%

15.6%

16.1%

17.3%

22.2%

25.9%

30.1%

20.3%

19.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

-1.8%

-8.4%

16.0%

13.0%

12.1%

1.3%

-0.1%

-4.9%

-17.9%

1.0%

15.9%

6.5%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

31.1%

Deferred Taxes
Other
Net Cash From Operating Activities

Cash Flows From Investing Activities
Capital Expenditures

100.0%

70.1%

37.8%

38.6%

52.5%

326.2%

79.8%

-352.2%

190.9%

31.4%

Acquisitions

0.0%

0.0%

6.7%

60.0%

0.0%

0.0%

0.0%

-84.5%

0.0%

0.0%

0.0%

Sale of Assets

0.0%

29.9%

62.2%

61.4%

47.5%

-226.1%

20.2%

452.2%

-90.9%

68.6%

68.9%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Net Cash From Investing Activities

Cash Flows From Financing Activities
Issuance of Capital Stock

100.0%

100.0%

100.0%

139.7%

-9.5%

-6.2%

-17.3%

-3.2%

-66.0%

892.3%

-36.8%

Repurchase of Capital Stock

0.0%

0.0%

0.0%

0.0%

107.5%

105.5%

120.3%

104.1%

179.6%

-848.8%

138.4%

Net Issuance of Stock

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Issuance of Debt

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Repayment of Debt

0.0%

0.0%

0.0%

-39.7%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Net Issuance of Debt

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Dividends Paid

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Cash from Financing

Bed Bath and Beyond Inc
(BBBY)

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Color Coding

2/7/2011
2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Financial Statistics & Ratios
Profitability Ratios
P/E

45.66

45.55

40.56

30.96

24.73

19.41

19.14

14.40

18.21

20.21

P/S

3.28

3.42

3.34

2.76

2.43

1.91

1.72

1.15

1.07

1.55

P/BV

9.61

9.14

8.44

6.21

5.67

4.91

4.29

3.16

2.58

3.32

P/Tang BV

9.61

9.14

8.44

6.71

6.07

4.91

4.29

3.16

2.58

3.32

58.23

47.48

40.75

29.10

25.44

20.51

21.74

15.88

15.51

16.70

P/CF
P/FCF

48.91

41.21

32.92

29.92

26.75

26.90

31.25

21.05

12.27

16.63

ROE

21.0%

20.1%

20.8%

20.1%

22.9%

25.3%

22.4%

22.0%

14.2%

16.4%

ROA

14.4%

13.3%

13.8%

13.9%

15.8%

16.9%

15.0%

14.6%

10.0%

11.6%

Quick Ratio

0.79

0.92

1.00

1.24

1.08

0.78

1.04

0.46

0.97

1.57

Current Ratio

2.51

2.40

2.34

2.56

2.40

2.09

2.36

2.05

2.69

3.10

Total Debt/Equity Ratio

0.46

0.51

0.51

0.44

0.45

0.49

0.49

0.50

0.42

0.41

Long Term Debt/Equity Ratio

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.03

Short Term Debt/Equity Ratio

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.05

Solvency

Efficiency Ratios
Asset Turnover
Cash % of Revenue
Receivables % of Revenue

2.00

1.78

1.67

1.56

1.61

1.72

1.67

1.83

1.69

1.52

10.0%

14.7%

14.1%

18.4%

4.3%

4.3%

3.2%

3.2%

9.3%

14.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

29.8%

29.4%

28.3%

27.6%

27.1%

27.7%

29.4%

29.6%

30.5%

28.5%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Receivables Turnover

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Days Sales Outstanding

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Inventory Turnover

2.25

2.44

2.48

2.61

2.64

2.62

2.60

2.54

2.55

2.61

162.41

149.79

147.15

139.88

138.00

139.52

140.55

143.76

143.00

139.95

SG&A % of Revenue
R&D % of Revenue

Liquidity Ratios

Average Age of Inventory (Days)
Intangibles % of Book Value

0.0%

0.0%

0.0%

7.4%

6.7%

0.0%

0.0%

0.0%

0.0%

0.0%

25.3%

25.8%

25.0%

22.6%

22.4%

22.4%

22.8%

22.9%

22.8%

22.5%

LT-Debt as % of Invested Capital

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

4.2%

ST-Debt as % of Invested Capital

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

7.0%

LT-Debt as % of Total Debt

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

6.9%

ST-Debt as % of Total Debt

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

11.5%

Total Debt % of Total Assets

31.7%

33.6%

33.7%

30.5%

31.1%

33.1%

33.1%

33.4%

29.7%

29.1%

6.8%

7.2%

7.5%

9.7%

9.8%

9.7%

13.7%

13.2%

20.8%

19.9%

Inventory % of Revenue

Capital Structure Ratios

Working Capital % of Price

Bed Bath and Beyond Inc
(BBBY)
2/7/2011

Help

Enter Ticker

Fiscal Year
Cash Flow Data

Shares Out.
#VALUE!

CLEAR

Trend

2001

Growth

Discount %

10.0%

9.0%

Terminal %

Select FCF

3%

Owner Earnings

50%

Select input with
each list or enter
your own value

Refresh

Cash from Operations
Capex
Cash Flow
Owner Earnings FCF

M.O.S

254.73

Adjust 2010 FCF
$650.0

10.0%

Current Price

Intrinsic $

Buy Under

$48.32

$48.19

$24.10

Actual M.O.S 52 Wk High

0%

$50.95

52 Wk Low

$26.50

2002

2003

2004

2005

2006

2007

2008

2009

2010

$197.9
$140.4
$134.8
$78.2
YOY% Change

$338.0
$121.6
$210.7
$160.5
105.3%

$419.3
$135.3
$300.8
$242.7
51.2%

$548.4
$113.0
$425.0
$372.3
53.4%

$616.4
$190.7
$490.9
$413.4
11.0%

$660.4
$220.4
$542.0
$466.7
12.9%

$613.6
$317.5
$523.2
$413.2
-11.5%

$614.5
$358.2
$510.3
$363.9
-11.9%

$584.0
$215.9
$499.2
$384.9
5.8%

43.1%
11.4%
7.2%

43.4%
11.8%
7.5%

43.5%
13.1%
8.2%

43.8%
14.3%
8.9%

44.4%
15.4%
9.8%

44.8%
15.1%
9.9%

44.9%
13.4%
9.0%

43.8%
11.9%
8.0%

$0.59
40.3%

$0.74
39.7%

$1.00
39.4%

$1.31
39.1%

$1.65
38.6%

$1.92
38.9%

$2.09
38.1%

9.3%
3.3%
2.2
14.4%
21.0%

14.1%
5.5%
2.4
13.3%
20.1%

16.1%
6.6%
2.5
13.8%
20.8%

17.8%
8.3%
2.6
13.9%
20.1%

17.8%
8.0%
2.6
15.8%
22.9%

19.5%
8.0%
2.6
16.9%
25.3%

46.4%
0.0%
20.6%

50.5%
0.0%
29.0%

50.8%
0.0%
32.9%

43.9%
0.0%
42.6%

45.2%
0.0%
41.5%

2006-2010
12.7%
7.8%
14.7%
6.2%
14.6%
22.0%
43.8%
12.5%
8.0%
7.7%
4.6%
8.2%

2005-2008
7.6%
-4.2%
16.2%
7.1%
15.4%
22.7%
44.6%
14.3%
9.4%
11.0%
8.4%
-0.1%

2006-2009
9.9%
-6.2%
13.8%
5.8%
14.8%
22.2%
44.3%
12.7%
8.5%
7.5%
-5.1%
-4.0%

2007-2010
11.3%
15.1%
13.8%
5.8%
13.1%
19.2%
43.5%
12.2%
7.8%
5.8%
3.2%
13.8%

2002-2009
15.5%
13.3%
15.4%
6.4%
14.3%
21.4%
43.8%
13.3%
8.6%
13.7%
12.0%
8.1%

2003-2010
14.1%
14.6%
16.2%
7.3%
14.3%
21.4%
43.8%
13.3%
8.6%
11.5%
12.6%
11.6%

2001-2006
22.6%
43.0%
16.9%
7.3%
14.2%
20.9%
43.7%
13.7%
8.6%
19.4%
26.6%
27.3%

2002-2007
19.3%
20.8%
16.9%
7.3%
14.5%
21.6%
44.1%
13.9%
9.0%
17.7%
23.1%
12.7%

$905.4
$153.7
$725.9

TTM

68.9%

$961.4
$187.2
$933.4
$729.1
12.2%

42.3%
9.3%
5.9%

43.3%
12.5%
7.7%

43.4%
14.1%
8.6%

$2.10
36.1%

$1.64
38.3%

$2.30
39.3%

$2.82
32.1%

14.7%
6.2%
2.6
15.0%
22.4%

12.9%
5.2%
2.5
14.6%
22.0%

11.6%
5.3%
2.6
10.0%
14.2%

16.2%
8.1%
2.6
11.6%
16.4%

17.4%
8.6%
2.2
13.2%
19.3%

49.5%
0.0%
41.7%

49.5%
0.0%
31.5%

50.1%
0.0%
28.4%

42.3%
0.0%
30.3%

41.0%
2.8%
42.1%
364.9%
609.9%

46.4%
2.9%
41.4%
399.2%
638.5%

2005-2007
13.5%
0.0%
17.8%
8.0%
15.8%
22.9%
44.8%
15.1%
9.8%
13.4%
12.5%
-0.2%

2006-2008
6.4%
-11.7%
14.7%
6.2%
15.0%
22.4%
44.8%
13.4%
9.0%
10.2%
4.6%
-3.5%

2007-2009
6.4%
-3.5%
12.9%
5.3%
14.6%
22.0%
43.8%
11.9%
8.0%
4.4%
-11.4%
-2.4%

2008-2010
19.4%
31.6%
12.9%
5.3%
11.6%
16.4%
43.3%
11.9%
7.7%
5.4%
4.7%
21.4%

Median
9.9%
-1.8%
14.7%
6.2%
14.8%
22.2%
44.3%
12.7%
8.5%
7.7%
4.6%
-0.2%

2003-2008
12.0%
8.4%
16.9%
7.3%
14.8%
22.2%
44.1%
13.9%
9.0%
14.0%
16.0%
7.9%

2004-2009
10.2%
0.7%
16.2%
7.1%
14.8%
22.2%
44.1%
13.9%
9.0%
10.0%
4.6%
1.3%

2005-2010
12.2%
8.8%
15.5%
7.1%
14.8%
22.2%
44.1%
13.0%
8.5%
8.7%
6.9%
8.0%

2001-2010
34.9%
51.8%
14.7%
6.4%
14.2%
20.9%
43.6%
12.8%
8.1%
26.7%
31.3%
35.5%

Median
15.5%
14.6%
16.2%
7.1%
14.5%
21.5%
43.8%
13.3%
8.6%
14.0%
16.0%
11.6%

$650.0

Margins
Gross Margin
Operating Margin
Net Margin

EPS & Tax
Diluted EPS
Tax Rate

Efficiency & Profitability
CROIC
FCF/Sales
Inventory Turnover
Return On Assets (ROA)
Retun On Equity (ROE)

Debt Related
Debt to Equity
Capitalization Ratio
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt

5 Year Multi-Year Performance
Tang Shareholder Equity
Owner Earnings FCF
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth

2005-2009
9.9%
-1.8%
14.7%
6.2%
15.0%
22.4%
44.4%
13.4%
9.0%
8.8%
-0.2%
-1.3%

10 Year Multi-Year Performance
Tang Shareholder Equity
Owner Earnings FCF
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth

2001-2008
17.7%
24.6%
15.4%
6.4%
14.5%
21.5%
43.8%
13.3%
8.6%
16.7%
19.9%
17.6%

Projection of future Free Cash Flow
2011
Yearly Growth Input Field
10%
Terminal Growth
3%

$

$715.00
2021
1,458.84

2012

$

2013

$786.50
2022
1,502.60

Calculation
Total Cash

$
MAX(0,Current Liabilities-Current Assets
$
Excess Cash
$
Adding some Intangibles
$
Present Value
$
Shares Outstanding
Per Share Value
$
Margin of Safety
Purchase Price
$
Current Price
$
Actual M.O.S

$

$865.15
2023
1,547.68

2014

$

$917.53
2024
1,594.11

2015

$

2016

$1,000.11
2025
1,641.94

$1,090.12
2026
1,691.19

$

2018

$1,188.23
2027
1,741.93

$

2019

$1,212.05
2028
1,794.19

$

2020

$1,310.22
2029
1,848.01

$

$1,416.35
2030
1,903.45

Sensitivity Matrix: Growth vs Discount Rate
1,440.14
1,440.14
12,276.06
254.73
48.19
50%
24.10
48.32
0%

Discount Rates
6% $
8% $

Growth Rates

10%

$
12% $
14% $

8%
42.60 $
47.07 $

56.50
62.78
69.83

52.08
57.71
64.03

$
$
$

$
$
$

9%
39.65
43.68

$
$

10%
37.04 $
40.68 $

11%
34.72
38.02

48.19

$
$
$

44.76
49.33
54.45

41.72
45.86
50.48

53.26
58.93

$
$
$

Discount Rates

Variable Fields
0%
10%
10%

7%
45.96 $
50.92 $

Sensitivity Matrix: Margin of Safety %
7%

8%

9%

10%

11%

-5.1%

-13.4%

-21.9%

-30.5%

-39.2%

8%

5.1%

-2.7%

-10.6%

-18.8%

-27.1%

10%

14.5%
23.0%
30.8%

7.2%
16.3%
24.5%

-0.3%

-8.0%
2.1%
11.3%

-15.8%
-5.4%
4.3%

6%

Intangibles% add to DCF
Decay Rate (Yr4E-Yr7E)
Extra Decay (Yr8E-Yr10E)

$

2017

Growth Rates

12%
14%

9.3%
18.0%

Bed Bath and Beyond Inc
#VALUE!
(BBBY)

Shares Out.

M.O.S

254.73

66%

Projection

EPS

Corp Bond

9.2%

Linear
Regression

$2.46

4.77

10.0%

Help

2/7/2011

Growth

Enter Ticker
Refresh

CLEAR

Current Price

Intrinsic $

Buy Under

$48.32

$49.97

$16.99

Actual M.O.S 52 Wk High 52 Wk Low

3%

$50.95

$26.50

5 Yr EPS Growth

2005-2009
-0.2%

2006-2010
4.6%

2005-2008
8.4%

2006-2009
-5.1%

2007-2010
3.2%

2005-2007
12.5%

2006-2008
4.6%

2007-2009 2008-2010
-11.4%
4.7%

10 Yr EPS Growth

2001-2008
19.9%

2002-2009
12.0%

2003-2010
12.6%

2001-2006
26.6%

2002-2007
23.1%

2003-2008
16.0%

2004-2009
4.6%

2005-2010
6.9%

2001
0.59
2011E
Forecast Method
$
2.35
Linear Regression Method $
2.46
Diltued EPS

$

2002
0.74
2012E
$
2.58
$
2.73
$

2003
$

1.00

$

2004
1.31

$

2005
1.65

2006
$

1.92

Graham Value Calculation
Normal Earnings
Growth Rate
Corp Bond Rate
Per Share Value
MOS
Purchase Price
Current Price
Actual Discount

$

$
$

2.46
10.00%
4.77
49.97
66%
16.99
$48.32
3%

$1.65

$0.59

$0.74

2001

2002

$1.00

2003

$1.92

$2.09

$2.10

$

2007
2.09

$2.30

$2.46 $2.71

2010

2011E 2012E

$1.64

$1.31

2004

2005

2006

2007

2008

2009

$

2008
2.10

Median
4.6%

Median
16.0%

$

2009
1.64

$

2010
2.30

$

TTM
2.82

Bed Bath and Beyond Inc
(BBBY)

Shares Out.
#VALUE!

254.73

Source
MSN

Normalized Income

Discount Rate

R&D Years

SG&A %

9%

3

25%

$890.06

2/7/2011
Figures in Millions except per share values

Enter Ticker

Refresh

Help

CLEAR

Current Price

EPV

Net Reproduction Value

EPV MOS

NCAV

52 Wk High

52 Wk Low

$48.32

$36.99

$18.83

-30.6%

$7.27

$50.95

$26.50

Per Share
$
57.01
$
40.72

+ Cash - Debt
$
15,876.4
$
11,727.5

Asset Valuation Section

EPV Valuation Section

Data: Asset Valuation

Values for Normalized Income

Shares Outstanding
Balance Sheet Assets
Adjusted Assets
Total Liabilities
Total Equity

$
$
$
$

254.7
5,560.1
5,560.1
1,761.2
3,798.9

Average SGA %
Marketing/Brand Value
R&D Value
Cash Needed for Business
Interest Bearing Debt
Non Interest Bearing Debt
Excess Cash

$
$
$
$
$
$

29.1%
2,280.3
85.0
1,761.2
1,283.6

2010 Owner Earnings FCF
Normalized Income
Avg Adj. Income 5 yrs
TTM Adjusted Income

$

Adjusted BV
NCAV
Reprod. Cost of Assets
Reprod. Cost of Assets BV
Total Net Reprod. Cost

$
$
$
$
$

Quarterly numbers based on:

Total
Per Share
3,799 $ 14.91
3,799
1,851
7,840
6,079
4,796

$
$
$
$
$

$
$
$
$
$
$

9.0%
890.1
164.0
85.0
1,440.1
1,355.2
254.73

Calculation: EPV

14.91
7.27
30.78
23.87
18.83

Cost of Capital Rates
5%
7%

Adjustments:
Assets

Statement Source Date: 4-Jan-11
Reproduction
Asset Value
Book Value Fixed BV Multiplier

Cash & Equivalents
Marketable Securities
Accounts Receivable - Gross
Other Receivable

$ 1,440.1
$
Error
$
-

$
$
Error
$

Receivables

$

$

Inventories: Raw Materials
Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Prepaid Expenses
Current Defered Income Taxes
Other Current Assets
Total Current Assets
Goodwill, Net
Intangibles, Net
Intangibles
Property/Plant/Equipment - Net

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total
Total Assets

650.0
890.1
882.6
1,119.1

Data: EPV
Cost of Capital
Normalized Adjusted Income
Average Maintenance Capex
Interest Bearing Debt
1% of sales
Cash & Equiv
Cash - Debt
Shares

Calculation: Asset Valuation
Tangible BV

$
$
$
$

$
$

EPV
14,521.3
10,372.3

$
$

Per Share
62.33
46.04

9%

$

8,067.4

$

31.67

$

9,422.5

$

36.99

11%

$

6,600.6

$

25.91

$

7,955.7

$

31.23

13%

$

5,585.1

$

21.93

$

6,940.3

$

27.25

Error

2,171.8
2,171.8
337.1
3,949.0
1,124.7
134.7
351.8
5,560.1

$
$
$
$
$
$
$
$
$
$
$
$
$

1,440.1
-

2,171.8
337.1
3,949.0
1,124.7
134.7
351.8
5,560.1

Adjustments:
Liabilities & Equity
Accounts Payable
Accrued Expenses
Accrued Liabilities
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Capital Lease Obligations
Deferred Income Taxes
Minority Interest
Total Other Liabilities
Total Liabilities
Common Stock Equity
Retained Earnings
Total Capitalization
Total Equity
Total Liabilities & Equity

Book Value
$
856.7
$
502.6
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

10.7
1,370.0
391.3
1,761.2
3,798.9
5,262.8
3,913.1
3,798.9
5,560.2

Fixed BV

Multiplier

Reproduction
Liability Value
$
856.7
$
502.6
$
$

-

$
$

10.7

$

1,370.0

$
$
$
$
$

391.3

$

1,761.2

$
$
$

3,798.9
5,262.8
3,913.1

$
$

3,798.9
5,560.2

Bed Bath and Beyond Inc
(BBBY)
2/7/2011
Enter Ticker

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Current Price

NNWC

NNWC %

NCAV

NCAV %

Data

$48.32

$3.00

-1509.4%

$8.59

-462.6%

MSN

Help
Numbers as of 2010/11

Figures in Millions except per share values
Cash & Equivalents
Marketable Securities
Accounts Receivable
Other Receivable
Receivables
Inventories: Raw Materials
Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Current Assets - Total
Total Liabilities
Shares Outstanding

(go to SEC for accurate numbers)
BV
CLEAR
Multiplier
BV
$
1,440.14
100%
$
Error
75%
$
$
$
50%
$
$
$
$
$
2,171.78
$
3,949.02
$
1,761.24
254.73

Total Current Assets
Market Cap & Share Price
Net Net Working Capital
Discount to NNWC
Net Current Asset Value
Discount to NCAV

$
$
$
$

Net Net Value
$ 1,440.14

$

-

$
$
$

1,085.89
3,949.02
1,761.24
254.73

Total ($m)
3,949.02 $
12,310.00 $
764.79 $

Per Share
15.50
48.32
3.00
-1509%
8.59
-463%

2,187.78

$

Bed Bath and Beyond Inc
(BBBY)
2/7/2011
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Refresh

CLEAR

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Piotroski Score
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks, nine being the
best. The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements. For every criteria (below) that
is met the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.
Profitability
* Positive return on assets in the current year (1 point)
* Positive operating cash flow in the current year (1 point)
* Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)
* Cash flow from operations are greater than ROA (1 point)
Leverage, Liquidity and Source of Funds
* Lower ratio of long term debt to in the current period compared value in the previous year (1 point)
* Higher current ratio this year compared to the previous year (1 point)
* No new shares were issued in the last year (1 point)
Operating Efficiency
* A higher gross margin compared to the previous year (1 point)
* A higher asset turnover ratio compared to the previous year (1 point)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Piotroski F Scores

6

4

5

6

6

7

6

5

5

6

7

Piotroski 1: Net Income
Piotroski 2: Operating Cash Flow
Piotroski 3: Return on Assets
Piotroski 4: Quality of Earnings
Piotroski 5: LT Debt vs Assets
Piotroski 6: Current Ratio
Piotroski 7: Shares Outstanding
Piotroski 8: Gross Margin
Piotroski 9: Asset Turnover

1
1
1
1
0
1
1
0
0

1
1
0
1
0
0
0
1
0

1
1
1
1
0
0
0
1
0

1
1
1
1
0
1
0
1
0

1
1
1
1
0
0
0
1
1

1
1
1
1
0
0
1
1
1

1
1
0
1
0
1
1
1
0

1
1
0
1
0
0
1
0
1

1
1
0
1
0
1
1
0
0

1
1
1
1
0
1
0
1
0

1
1
1
1
0
0
1
1
1

Altman Z Score
The Z-score formula may be used to predict the probability that a firm will go into bankruptcy within two years.
Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate
income and balance sheet values to measure the financial health of a company.
The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a higher risk of
bankruptcy.
Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.
(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)

Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5
There is also a revised Altman Z score which is adjusted for non manufacturing corporations. The revised formula is:

Z = 6.56*X1 + 3.26*X2 + 6.72*X3 + 1.05*X4
X1 = Working Capital/Total Assets
X2 = Retained Earnings/Total Assets
X3 = EBITDA/Total Assets
X4 = Market Value of Equity/Total Liabilities
X5 = Net Sales/Total Assets

Annual
Working Capital
Total Assets
Total Liabilities
Retained Earnings
EBITDA
Market Value of Equity
Net Sales
Normal Altman Z Score
Revised Altman Z Score

2001/02
$
533
$
1,196
$
379
$
633
$
320
$
7,756
$
2,397

$
$
$
$
$
$
$

2002/02
715
1,648
553
853
409
9,823
2,928

16.45
27.95

14.49
24.85

0.47
0.92
0.23
8.21
1.52

0.46
0.95
0.06
6.99
0.39

$
$
$
$
$
$
$

2003/02
914
2,189
737
1,155
556
11,941
3,665
13.47
23.18

$
$
$
$
$
$
$

2004/02
1,200
2,865
874
1,554
725
12,180
4,478

2005/02
$
1,223
$
3,200
$
996
$
2,059
$
892
$ 11,999
$
5,148

12.02
20.85

11.11
19.13

MRQ
$
$
$
$
$
$
$

2006/02
1,082
3,382
1,120
2,632
994
10,470
5,810

2007/02
$
1,554
$
3,959
$
1,310
$
3,154
$
1,026
$ 11,084
$
6,617

2008/02
$
1,066
$
3,844
$
1,282
$
3,730
$
997
$
7,827
$
7,049

2009/02
$
1,610
$
4,269
$
1,268
$
4,155
$
850
$
7,755
$
7,208

2010/02
$
2,414
$
5,152
$
1,499
$
4,755
$
1,165
$ 12,310
$
7,829

2010/11
$
2,579
$
5,560
$
1,761
$
5,263
$
350
$ 12,310
$
2,194

9.77
16.43

9.19
15.79

8.04
13.13

7.83
13.40

9.05
16.22

6.68
13.89

Altman Z Score
X1
X2
X3
X4
X5

Revised Altman Z Score

Annual

MRQ

Annual

MRQ

9.05

6.68

16.22

13.89

MRQ Edit

Original Altman Z Score
When Z is 3.0 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could
cause unexpected reversals.
When Z is 2.7 to 3.0, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is 1.8 to 2.7, the company is likely to be bankrupt within 2 years. This is the lower portion of the grey area and a dramatic turnaround of the company is needed.
When Z is below 1.8, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can
survive.
Revised Altman Z Score
When Z is 2.6 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause unexpected
reversals.
When Z is 1.1 to 2.6, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is below 1.1, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.

The Beneish Model - M Score Variables
DSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.
GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is
more likely to manipulate earnings.
AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t to year t-1.
SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure
to manipulate in order to keep up appearances.
DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being depreciated at a slower
rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.
LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage
TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.

The Beneish M Score Formula
The eight variables are then weighted together according to the following:
M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI
A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators, whilst only
incorrectly identifying 17.5% of non-manipulators.

The 5 Variable Version of the Beneish Model
The five variable version excludes SGAI, DEPI and LEVI which were not significant in the original Beneish model.
M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI
A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator.
2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

M Score - 8 Variable

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

DSRI
GMI
AQI
SGI
DEPI
SGAI
TATA
LVGI

0.99
5.83
1.22
0.91
0.99
-0.07
1.05

1.00
2.17
1.25
0.97
0.96
-0.05
1.00

0.99
1.70
1.22
1.06
0.98
-0.05
0.86

0.99
1.16
1.15
1.02
0.98
-0.03
1.02

0.99
1.10
1.13
1.04
1.02
-0.03
1.07

1.00
0.50
1.14
1.05
1.06
0.00
0.99

1.03
2.00
1.07
1.03
1.01
-0.01
0.91

1.03
0.78
1.02
0.94
1.03
-0.04
0.85

0.98
0.70
1.09
0.94
0.93
-0.06
1.09

1.00
0.96
1.09
1.01
0.95
-0.04
1.10

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

M Score - 5 Variable

Bed Bath and Beyond Inc
(BBBY)
2/7/2011
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P/E(TTM)

BBBY

Sorted Data
Stock Price
Mkt Cap ($M)
EV
52 Wk High
52 Wk Low
% off 52Wk Low

CLEAR

$
$
$
$
$

KIRK

BBBY
48.32
12,310.00
10,850.00
50.95
26.50
82.3%

$
$
$
$
$

WSM

WSM
34.81
3,660.00
3,010.00
36.82
18.84
84.8%

PIR

PIR
$
$
$
$
$

9.93
1,160.00
908.11
11.20
4.82
106.0%

$
$
$
$
$

TGT

KIRK
14.02
278.99
215.18
25.38
10.62
32.0%

WMT

TGT
$
$
$
$
$

54.80
38,800.00
53,460.00
60.97
48.23
13.6%

$
$
$
$
$

WMT
56.07
199,720.00
245,170.00
57.90
47.77
17.4%

Multiples
P/E(TTM)
P/S(TTM)
P/Tang BV(MRQ)
P/CF
P/FCF(TTM)
EV/EBITDA(TTM)

17.1
1.5
3.2
13.4
15.9
7.9

21.5
1.1
3.0
11.3
14.9
6.7

14.8
0.8
3.3
11.8
8.9
7.0

8.2
0.7
2.6
5.8
12.7
3.4

14.3
0.6
2.6
7.8
11.8
7.5

14.0
0.5
4.1
8.6
22.0
7.4

0.0%
0.0%
0.0%
0.0%

1.7%
1.4%
0.0%
34.7%

0.0%
2.1%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%

1.8%
0.0%
16.7%
21.6%

2.2%
0.0%
16.0%
29.0%

11.1%
1.5%
8.8%
27.1%
42.0%
7.0%

11.8%
1.1%
-0.2%
397.3%
17092.3%
-14.8%

8.2%
0.8%
-6.7%
-52.0%
246.1%
4.1%

0.4%
0.7%
0.6%
-59.5%
21.0%
38.3%

2.2%
0.6%
6.9%
28.6%
32.7%
9.8%

2.6%
0.5%
7.5%
16.0%
16.9%
8.6%

1.3
2.9
0.0
0.0

1.1
2.2
0.6
0.7

1.1
2.5
2.7
7.4

1.6
2.8
0.0
0.0

0.8
1.6
105.4
111.1

0.3
0.9
67.0
86.7

41.2%
41.5%
14.1%
12.4%
8.6%
8.0%

38.8%
37.9%
8.2%
6.6%
5.2%
4.1%

38.6%
30.8%
5.3%
-5.7%
5.7%
-5.2%

42.1%
33.2%
12.0%
1.5%
8.2%
0.9%

30.8%
30.7%
6.5%
6.7%
4.2%
4.2%

24.7%
24.0%
5.9%
5.8%
3.7%
3.6%

14.0%
14.0%
20.4%
20.6%

8.9%
7.3%
15.1%
12.8%

11.8%
-8.9%
24.9%
-21.3%

21.1%
2.6%
40.4%
5.9%

6.2%
6.4%
18.9%
17.5%

8.7%
8.7%
22.6%
21.1%

0.0
2.4
1.6

80.8
3.7
1.7

56.9
2.5
2.1

154.6
4.4
2.6

10.3
4.9
1.5

102.1
7.9
2.3

Dividends
Div Yld
Div Yld - 5yr avg
Div 5yr Grth
Payout Ratio(TTM)

Growth Rates
Sales(MRQ) v 1yr ago
Sales(TTM) v 1yr ago
Sales 5yr Grth
EPS(MRQ) v 1yr ago
EPS(TTM) v 1yr ago
EPS 5yr Grth

Balance Sheet
Quick Ratio(MRQ)
Current Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)

Margins
Gross %(TTM)
Gross % 5yr
Op %(TTM)
Op % 5yr avg
Net %(TTM)
Net % 5yr avg

Returns
ROA(TTM)
ROA 5yr avg
ROE(TTM)
ROE 5yr avg

Efficiency
Rec Turnover(TTM)
Inv Turnover(TTM)
Asset Turnover(TTM)

Bed Bath and Beyond Inc
(BBBY)
2/7/2011
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Figures in Millions except per share values

Free Cash Flow

2001
2002
$57.5
$216.3
% Change 275.9%

Owner Earnings

2003
$284.1
31.3%

2004
$435.4
53.3%

2005
$425.7
-2.2%

2006
$440.0
3.4%

2007
$296.1
-32.7%

2008
$256.3
-13.4%

2009
$368.1
43.6%

2010
$751.7
104.2%

TTM
$774.1
3.0%

Stock Price

2001
$26.9
% Change

2002
$33.7
25.1%

2002
5.5%
68.1%

2003
$40.6
20.3%

2004
$40.6
0.0%

2005
$40.8
0.6%

2006
$37.3
-8.7%

2007
$40.0
7.4%

2008
$30.2
-24.4%

2009
$29.9
-1.2%

2010
$46.5
55.7%

TTM
$48.3
4.0%

2002
14.1%
52.2%

2003
6.6%
20.8%

2004
8.3%
25.5%

2005
8.0%
-3.4%

2006
8.0%
0.0%

2007
6.2%
-22.3%

2008
5.2%
-17.3%

2009
5.3%
3.4%

2010
8.1%
50.9%

TTM
8.6%
6.5%

2002
4.3%
2.3%

2005
$413.4
11.0%

2006
$466.7
12.9%

2007
$413.2
-11.5%

2008
$363.9
-11.9%

2009
$384.9
5.8%

2010
$630.6
63.8%

TTM
$729.1
15.6%

2003
$1.00
35.1%

2004
$1.31
31.0%

2005
$1.65
26.0%

2006
$1.92
16.4%

2007
$2.09
8.9%

2008
$2.10
0.5%

2009
$1.64
-21.9%

2010
$2.30
40.2%

TTM
$0.86
-62.6%

2002
45.4
-66.3%

2003
42.0
-7.4%

2004
28.0
-33.5%

2005
28.2
0.8%

2006
23.8
-15.6%

2007
37.4
57.3%

2008
30.5
-18.4%

2009
21.1
-31.0%

2010
16.3
-22.8%

TTM
15.9
-2.2%

2001
2002
0.7%
2.2%
% Change 196.8%

2003
2.4%
8.0%

2004
3.6%
50.3%

2005
3.5%
-0.8%

2006
4.2%
18.5%

2007
2.7%
-36.4%

2008
3.3%
22.6%

2009
4.7%
44.9%

2010
6.2%
29.6%

TTM
6.3%
2.2%

2006
71.4%
17.1%

2007
53.5%
-25.1%

2008
74.1%
38.5%

2009
46.7%
-37.0%

2010
44.0%
-5.8%

TTM
53.8%
22.3%

2001
$0.59
% Change

2002
$0.74
25.4%

2003
16.1%
13.9%

2004
17.8%
10.4%

2005
17.8%
0.0%

2003
4.9%
12.9%

2004
6.4%
30.6%

2005
8.0%
24.8%

2001
134.8
% Change

FCF Yield

2006
19.5%
9.8%

2007
14.7%
-24.7%

2008
12.9%
-12.4%

2009
11.6%
-9.7%

2010
16.2%
39.9%

TTM
17.4%
7.1%

Magic Formula Investing -- Earnings Yield

2001
4.3%
% Change

2004
$372.3
53.4%

Price / FCF

Cash Return on Invested Capital (CROIC)

2001
9.3%
% Change

2003
$242.7
51.2%

Diluted EPS

FCF / Sales

2001
3.3%
% Change

2001
2002
$78.2
$160.5
% Change 105.3%

Magic Formula Investing -- Return on Capital

2006
10.1%
26.5%

2007
10.2%
0.4%

2008
13.1%
29.1%

2009
12.0%
-8.6%

2010
10.6%
-11.4%

TTM
12.4%
16.4%

2001
58.9%
% Change

2002
51.6%
-12.4%

2003
53.4%
3.5%

2004
52.4%
-1.8%

2005
61.0%
16.4%

Gross Margin

2001
43.1%
% Change

2002
43.4%
0.6%

Net Profit Margin

2003
43.5%
0.3%

2004
43.8%
0.7%

2005
44.4%
1.3%

2006
44.8%
0.8%

2007
44.9%
0.3%

2008
43.8%
-2.6%

2009
42.3%
-3.3%

2010
43.3%
2.4%

TTM
43.4%
0.1%

Piotroski F score

2001
6.0
% Change

2002
4.0
-33.3%

2001
7.2%
% Change

2002
7.5%
4.6%

2003
5.0
25.0%

2004
6.0
20.0%

2005
6.0
0.0%

2006
7.0
16.7%

2007
6.0
-14.3%

2008
5.0
-16.7%

2009
5.0
0.0%

2010
6.0
20.0%

TTM
7.0
16.7%

2001
16.4
% Change

2005
9.8%
10.0%

2006
9.9%
0.5%

2007
9.0%
-8.9%

2008
8.0%
-11.1%

2009
5.9%
-26.1%

2010
7.7%
30.0%

TTM
8.6%
12.7%

2002
14.5
-11.9%

2003
13.5
-7.0%

2004
12.0
-10.8%

2005
11.1
-7.5%

2006
9.8
-12.1%

2007
9.2
-6.0%

2008
8.0
-12.5%

2009
7.8
-2.7%

2010
9.0
15.6%

TTM
6.7
-26.2%

2002
39.7%
-1.4%

2003
39.4%
-0.8%

2004
39.1%
-0.7%

2005
38.6%
-1.2%

2006
38.9%
0.7%

2007
38.1%
-2.2%

2008
36.1%
-5.2%

2009
38.3%
6.2%

2010
39.3%
2.5%

TTM
32.1%
-18.1%

2003
32.9%
13.5%

2004
42.6%
29.3%

2005
41.5%
-2.6%

2006
41.7%
0.5%

2007
31.5%
-24.3%

2008
28.4%
-10.0%

2009
30.3%
6.9%

2010
42.1%
38.6%

TTM
41.4%
-1.6%

Tax Rate

2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
TTM
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

2001
40.3%
% Change

Debt to Equity

FCF to Total Debt

2002
50.5%
9.1%

2004
8.9%
8.2%

Original Altman Z Score

Beneish M Score - 8 Variable Version

2001
46.4%
% Change

2003
8.2%
9.9%

2003
50.8%
0.4%

2004
43.9%
-13.5%

2005
45.2%
2.9%

2006
49.5%
9.5%

2007
49.5%
-0.1%

2008
50.1%
1.2%

2009
42.3%
-15.5%

2010
41.0%
-2.9%

TTM
46.4%
13.0%

FCF to Short Term Debt

2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
364.9%
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

2001
20.6%
% Change

2002
29.0%
40.6%

FCF to Long Term Debt

TTM
399.2%
9.4%

2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
609.9%
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

TTM
638.5%
4.7%