Fill out the spreadsheet for Nestlé (NSRGY)

| August 31, 2017

Question
Nestlé (NSRGY)
Summary of Valuation Results
Mar-14
Method 1: Dividend Discount Model $76.83
Method 2: Operating Free Cash Flow $74.03
Method 3: Free Cash Flow to Equity $77.04
Average $75.97
Market Price at Mar 25, 2014: $74.60
Nestlé (NSRGY)
Consolidated Statements of Income
Year ended December 31 31/12/2008 31/12/2009 31/12/2010 31/12/2011
(In millions except per share data) 12 Months 12 Months 12 Months 12 Months
Net operating revenues $31,944 $30,990 $35,119 $46,542
Cost of goods sold 11,374 11,088 12,693 18,216
Gross profit 20,570 19,902 22,426 28,326
SG&A expenses 11,774 11,358 13,158 17,440
Other operating charges 350 313 819 732
Operating income 8,446 8,231 8,449 10,154
Interest income (net) 333 249 317 483
Interest expense 438 355 733 417
Equity income-net (874) 781 1,025 690
Other income (loss)-net 39 40 5,185 529
Gains on issuances of stock by equity investees – – – –
EBT before cumulative effect of accounting change 7,506 8,946 14,243 11,439
Income taxes 1,632 2,040 2,384 2,805
Net income before cumulative effect of accounting change 5,874 6,906 11,859 8,634
Net income after cumulative effect of accounting change and other adjustments 5,807 6,824 11,809 8,572
Average shares outstanding 2,315 2,315 2,333 2,323
Net income per share $2.51 $2.95 $5.06 $3.69
Dividends paid per share $1.52 $1.64 $1.76 $1.88
Nestlé (NSRGY)
Consolidated Balance Sheets
Year ended December 31 31/12/2007 31/12/2008 31/12/2009 31/12/2010 31/12/2011
(In millions except per share data) 12 Months 12 Months 12 Months 12 Months 12 Months
ASSETS
Cash & cash equivalents $4,093 $4,701 $7,021 $8,517 $12,803
ST investments and Marketable securities 215 278 2,192 2,820 1,232
Total cash & mktable sec 4,308 4,979 9,213 11,337 14,035
Accounts receivable 3,317 3,090 3,758 4,430 4,920
Inventories 2,220 2,187 2,354 2,650 3,092
Prepaid expenses and other assets 2,260 1,920 2,226 3,162 3,450
Total current assets $12,105 $12,176 $17,551 $21,579 $25,497
Total Long Term Investments $7,777 $5,779 $6,755 $7,585 $8,374
Other assets $2,675 $1,733 $1,976 $2,121 $3,495
Total invest. & other assets $10,452 $7,512 $8,731 $9,706 $11,869
Property, plant & equipment
Land – – – – –
Buldings and improvements 8,493 8,326 9,561 14,727 14,939
Machinery and equipment – – – – –
Containers – – – – –
Total Gross PP&E $8,493 $8,326 $9,561 $14,727 $14,939
Less allowances for depreciation – – – – –
Net PP&E $8,493 $8,326 $9,561 $14,727 $14,939
Goodwill & Trademarks 4,256 10,088 10,407 18,021 18,649
Other Intangible Assets 7,963 2,417 2,421 8,888 9,020
Total assets $43,269 $40,519 $48,671 $72,921 $79,974
Liabilities
A/P and accrued expenses $6,915 $6,205 $6,657 $8,859 $9,009
Loans & notes payable 5,919 6,066 6,749 8,100 12,871
Current portion of long-term debt 133 465 51 1,276 2,041
Accrued income taxes 258 252 264 273 362
Total current liabilities $13,225 $12,988 $13,721 $18,508 $24,283
Long-term debt 3,277 2,781 5,059 14,041 13,656
Other liabilities 3,133 3,401 3,512 5,108 5,706
Deferred Income Taxes 1,890 877 1,580 4,261 4,694
Total long-term liabilities $8,300 $7,059 $10,151 $23,410 $24,056
Total liabilities $21,525 $20,047 $23,872 $41,918 $48,339
Shareholders’ equity
Common stock, $0.25 par value 880 880 880 880 880
Capital surplus 7,378 7,966 8,537 10,057 11,212
Reinvested earnings 36,235 38,513 41,537 49,278 53,550
Accumulated comprehensive income (loss) 626 – 2,674 – 757 – 1,450 – 2,703
Less treasury stock – 23,375 – 24,213 – 25,398 – 27,762 – 31,304
Shareholders’ equity $21,744 $20,472 $24,799 $31,003 $31,635
Total liab. & shareholders’ equity $43,269 $40,519 $48,671 $72,921 $79,974
Nestlé (NSRGY)
Consolidated Statements of Cash Flows
Year ended December 31 31/12/2008 31/12/2009 31/12/2010 31/12/2011
(In millions except per share data) 12 Months 12 Months 12 Months 12 Months
Operating Activities
Net Income $5,874 $6,906 $11,859 $8,634
Depreciation and amortization 1,228 1,236 1,443 1,954
Stock based compensation expense 266 241 380 354
Deferred income taxes – 360 353 617 1,028
Equity income or loss, net of dividends 1,128 – 359 – 671 – 269
Foreign currency adjustments – 42 61 151 7
Gains on issuance of stock by equity investees – – – –
(Gains) losses on sales of assets – 130 – 43 – 645 – 220
Cumulative effect of accounting changes – – – –
Other operating charges 209 134 264 214
Other items 153 221 – 4,236 – 335
Net change in operating assets and liabilities – 755 – 564 370 – 1,893
Net cash provided by operating activities 7,571 8,186 9,532 9,474
Investing Activities
Acquisitions &invest. (trademarks and bottling cos.) – 759 – 300 – 2,511 – 977
Purchases of investments and other assets – 240 – 2,152 – 4,711 – 4,844
Proceeds from disposals of investments and other assets 479 240 5,004 6,209
Purchases of property, plant and equipment – 1,968 – 1,993 – 2,215 – 2,920
Proceeds from disposals of PP&E 129 104 134 101
Other investing activities – 4 – 48 – 106 – 93
Net cash used in investing activities – 2,363 – 4,149 – 4,405 – 2,524

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