Men's Casual Segment

2007 2008
Revenue of Men's Athletic 251957 282192
Revenue of Men's Casual 52179 53223
Revenue of Women's Athletic 138390 153613
Revenue of Women's Casual 36802 0
Total Revenue 479328 489028
Men Casual Rev/ Total Rev 0.11 0.11
Delta NWC 4568.00 2648.00
Allocation of Delta NWC to Men's Casual Segment 497.27 288.19
Estimated Depriciation 9586.58 9780.56
Allocation of Depriciation to Men's Casual Segment 1043.58 1064.46
Estimated Capital Expenditures 11983.23 12225.70
Allocation of capex to Men's Casual Segment 1304.48 1330.58
Overhead 8487.06 8658.79
Allocation of corporate overhead to Men's Casual Segment 923.89 942.37

Women's AthleticsSegment
2007 2008
Revenue of Men's Athletic 251957 282192
Revenue of Men's Casual 52179 53223
Revenue of Women's Athletic 138390 153613
Revenue of Women's Casual 36802 0
Total Revenue 479328 489028
Women's AthleticRev/ Total Rev 0.288716703385 0.314119027949
Delta NWC 4568 2648
Allocation of Delta NWC to Women's AthleticsSegment 1318.857901061 831.7871860098
Estimated Depriciation 9586.581184 9780.5628438
Allocation of Depriciation to Women's AthleticsSegment 2767.806116175 3072.260893292
Estimated Capital Expenditures 11983.22648 12225.70355475
Allocation of capex to Women's AthleticsSegment 3459.757645218 3840.326116615
Overhead 8487.061189919 8658.794384981
Allocation of corporate overhead to Women's AthleticsSegment 2450.356328178 2719.892075423
 2009 2010 2011
310411 335244 352006
54287 55916 57594
167438 179159 188117
0 0 0
532136 570319 597717
0.10 0.10 0.10
9805.00 8687.00 6234.00
1000.28 851.70 600.69
10642.74 11406.38 11954.34
1085.74 1118.32 1151.88
13303.42 14257.98 14942.92
1357.18 1397.90 1439.85
9422.09 10098.14 10583.25
961.21 990.06 1019.77

2009 2010 2011

310411 335244 352006
54287 55916 57594
167438 179159 188117
0 0 0
532136 570319 597717
0.314652645188 0.314138227904 0.314725865251
9805 8687 6234
3085.169186073 2728.918785802 1962.001043972
10642.7397575 11406.38383584 11954.33661746
3348.76621675 3583.181204984 3762.338935427
13303.42469688 14257.9797948 14942.92077182
4185.957770938 4478.97650623 4702.923669284
9422.085080869 10098.144032 10583.25010866
2964.683993886 3172.213071332 3330.822547612
 2007 2008 2009
Revenue 52,179 53,223 54,287
Less: Operating Expenses 43,834 44,711 45,605
Operating Income 8,345 8,512 8,682
Less: Overhead 924 942 961
EBIT 7,421 7,570 7,721
EBIAT 4453 4542 4633
Add Depreciation 1044 1064 1086
Less Capex 1304 1331 1357
Less increase in Working capital 924 942 961
FCFF 3268 3333 3400
Terminal Value @12%WACC
PVIF@12% 0.8929 0.7972 0.7118
PV FCFF 2917.8922 2657.3576 2420.1025
Sum 12267.7453
PV of TV 31829.0192
Enterprise Value 44096.7645
 2010 2011 Calculation for RIR
55,916 57,594 Net Capex 288
46,973 48,382 Net Working Capital 1020
8,943 9,211 EBIAT 4915
990 1020 Net Re-investment rate 0.2660789
7,953 8,191
4772 4915 Invested Capital of entire fi 259352
1118 1152 IC for Men's Casual 24990
1398 1440 ROIC 0.1966702
990 1020
3502 3607 Long Term Growth Rate 5.233%
56093.6072
0.6355 0.5674
2225.6235 2046.7696
 2007 2008 2009
Revenue 138,390 153,613 167,438
Less: Operating Expenses* 124,302 137,976 150,393
Operating Income 14,088 15,638 17,045
Less: Overhead 8487 8659 9422
EBIT 5,601 6,979 7,623
EBIAT 3361 4187 4574
Add Depreciation 2768 3072 3349
Less Capex 3460 3840 4186
Less increase in Working capital 1319 832 3085
FCFF 1350 2587 651
Terminal Value @13%WACC
PVIF @ 13% 0.8850 0.0000 0.0000
PV FCFF 1194.4530 0.0000 0.0000
Sum 1194.4530
PV of TV 0.0000
Enterprise Value 1194.4530
 2010 2011 Calculation for RIR
179,159 188,117 Net Capex 941
160,921 168,967 Net Working Capital 1962
18,238 19,150 EBIAT 5140
10098 10583 Net Re-investment rate 0.56469413701
8,140 8,567
4884 5140 Invested Capital of entire fir 259352
3583 3762 IC for Women's Athletic 81624.78260
4479 4703 ROIC 0.06297232769
2729 1962
1259 2238
24535.0028 Long Term Growth Rate 3.556%
0.0000 0.0000
0.0000 0.0000