Att Proforma

Date
S&P 500
(^GSPC)
Adj. Close*
Date
Volume
###
###
###
###
###
1-Jul-13
3-Jun-13
###
1-Apr-13
###
###
2-Jan-13
###
###
###
###
###
2-Jul-12
1-Jun-12
###
2-Apr-12
###
###
3-Jan-12
###
###
###
###
###
1-Jul-11
1-Jun-11
###
1-Apr-11
###
###
3-Jan-11
###
###
###
###
###
1,848.36
1,805.81
1,756.54
1,681.55
1,632.97
1,685.73
1,606.28
1,630.74
1,597.57
1,569.19
1,514.68
1,498.11
1,426.19
1,416.18
1,412.16
1,440.67
1,406.58
1,379.32
1,362.16
1,310.33
1,397.91
1,408.47
1,365.68
1,312.41
1,257.60
1,246.96
1,253.30
1,131.42
1,218.89
1,292.28
1,320.64
1,345.20
1,363.61
1,325.83
1,327.22
1,286.12
1,257.64
1,180.55
1,183.26
1,141.20
1,049.33
Sample
Firm XYZ
Adj. Close*
(X-value)
Km
(%)
(Y-value)
Ks
(%)
2.36%
2.80%
4.46%
2.97%
-0.15%
-2.72%
8.46%
-0.03%
-3.13%
4.95%
-4.07%
0.89%
-1.50%
2.08%
1.81%
3.60%
1.17%
-6.58%
3.31%
2.17%
1.11%
3.22%
5.04%
0.71%
0.28%
4.55%
-1.23%
-1.34%
-1.98%
2.42%
1.98%
1.26%
3.96%
-6.27%
-0.75%
3.13%
4.06%
4.36%
0.85%
-0.51%
10.77%
-7.18%
-5.68%
-2.15%
-1.83%
-1.35%
2.85%
-0.10%
3.20%
2.26%
6.53%
-0.23%
3.69%
8.76%
-4.74%
-7.19%
2.89%
-3.37%
7.66%
4.37%
3.83%
6.86%
2.09%
4.00%
-1.32%
4.36%
-1.13%
4.34%
0.16%
-2.69%
-5.56%
-0.45%
1.39%
3.11%
7.87%
3.11%
-4.97%
5.73%
-2.54%
1.15%
5.79%
4.20%
Adj Close
34.25
34.3
35.26
32.51
32.52
33.9
33.6
33.21
35.55
34.41
33.68
32.63
31.21
31.6
32.03
34.51
33.54
34.71
32.24
30.89
29.75
27.84
27.27
26.22
26.57
25.46
25.75
24.68
24.64
25.32
26.81
26.93
26.56
25.76
23.88
23.16
24.37
23.05
23.65
23.38
22.1
1-Jul-10
1-Jun-10
###
1-Apr-10
###
###
4-Jan-10
###
###
###
###
###
1-Jul-09
1-Jun-09
###
1-Apr-09
###
###
2-Jan-09
###
###
###
###
###
1-Jul-08
2-Jun-08
###
1-Apr-08
###
###
2-Jan-08
1,101.60
1,030.71
1,089.41
1,186.69
1,169.43
1,104.49
1,073.87
1,115.10
1,095.63
1,036.19
1,057.08
1,020.62
987.48
919.32
919.14
872.81
797.87
735.09
825.88
903.25
896.24
968.75
1,166.36
1,282.83
1,267.38
1,280.00
1,400.38
1,385.59
1,322.70
1,330.63
1,378.55
21.21
19.44
19.52
20.94
20.43
19.62
20.05
21.83
20.99
20
20.72
19.99
20.12
18.74
18.7
19.32
18.71
17.65
18.28
20.86
20.9
19.59
20.12
23.05
22.2
23.98
28.4
27.55
26.98
24.53
27.11
6.88%
-5.39%
-8.20%
1.48%
5.88%
2.85%
-3.70%
1.78%
5.74%
-1.98%
3.57%
3.36%
7.41%
0.02%
5.31%
9.39%
8.54%
-10.99%
-8.57%
0.78%
-7.48%
-16.94%
-9.08%
1.22%
-0.99%
-8.60%
1.07%
4.75%
-0.60%
-3.48%
9.10%
-0.41%
-6.78%
2.50%
4.13%
-2.14%
-8.15%
4.00%
4.95%
-3.47%
3.65%
-0.65%
7.36%
0.21%
-3.21%
3.26%
6.01%
-3.45%
-12.37%
-0.19%
6.69%
-2.63%
-12.71%
3.83%
-7.42%
-15.56%
3.09%
2.11%
9.99%
-9.52%
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
0.5334308596
0.2845484819
0.2741796194
0.0453188075
Observations
71
ANOVA
df
Regression
Residual
1
69
SS
MS
F
0.0563614427 0.056361 27.44259
0.1417118077 0.002054
Total
70
0.1980732504
Intercept
X Variable 1
Krf: 10-Year treasury note

(^TNX) rate on Dec. 31, 2013:
Beta
RPm
Ks = Krf + Beta * RPm =
Number of common shares outstanding:
Stock price on Dec. 31, 2013:
Total market value of common equity
on Dec. 31, 2013:
Coefficients
Standard Error
t Stat
P-value
0.0017084144
0.0054091752 0.315836 0.75308
0.5513801122
0.1052539784 5.238568 1.7E-006
3.04%
0.55
6%
6%
5,206,849
35.16
183,072,828.07
This is just Ke
Significance F
1.7E-006
Lower 95%Upper 95%

Lower 95.0%
Upper 95.0%
-0.009083 0.012499 -0.009083 0.012499
0.341404 0.761356 0.341404 0.761356
Income Statement (you may need to retype the numbers in the spreadsheets, and change some "
PERIOD ENDING
Total Revenue
Cost of Revenue
31-Dec-13
128,752,000.00
51,464,000.00
Gross Profit
77,288,000.00
Operating Expenses
Research Development
Selling General and Administrative
Non Recurring
Others
28,414,000.00
18,395,000.00
Total Operating Expenses
Operating Income or Loss
30,479,000.00
Income from Continuing Operations
Total Other Income/Expenses Net
Earnings Before Interest And Taxes
Interest Expense
Income Before Tax
Income Tax Expense
Minority Interest
596,000.00
31,717,000.00
3,940,000.00
27,777,000.00
9,224,000.00
(304,000.00)
Net Income From Continuing Ops
18,891,000.00
Non-recurring Events
Discontinued Operations
Extraordinary Items
Effect Of Accounting Changes
Other Items
Net Income
18,249,000.00
Preferred Stock And Other

Adjustments
Net Income Applicable To

Common Shares
18,249,000.00
Balance Sheet (you may need to retype the numbers in the spreadsheets, and change some "-" int
PERIOD ENDING
31-Dec-13
Assets
Current Assets
Cash And Cash Equivalents
Short Term Investments
Net Receivables
Inventory
Other Current Assets
3,339,000.00
14,117,000.00
5,740,000.00
Total Current Assets

Long Term Investments
Property Plant and Equipment
Goodwill
Intangible Assets
Accumulated Amortization
Other Assets
Deferred
Long Term Asset
Charges
23,196,000.00
3,860,000.00
110,968,000.00
69,273,000.00
62,212,000.00
Total Assets
277,787,000.00
8,278,000.00
Liabilities
Current Liabilities
Accounts Payable
Short/Current Long Term Debt
Other Current Liabilities
29,497,000.00
5,498,000.00
Total Current Liabilities

Long Term Debt
Other Liabilities
Deferred
Long Term Liability
Charges
Minority Interest
Negative Goodwill
34,995,000.00
69,290,000.00
45,712,000.00
36,308,000.00
494,000.00
Total Liabilities
186,799,000.00
Stockholders' Equity
Misc Stocks Options Warrants
Redeemable Preferred Stock
Preferred Stock
Common Stock
Retained Earnings
Treasury Stock
Capital Surplus
Other Stockholder Equity
6,495,000.00
31,141,000.00
(45,619,000.00)
91,091,000.00
7,880,000.00
Total Stockholder Equity
90,988,000.00
Net Tangible Assets
(40,497,000.00)
Kd
Interest expense / (Long term debt + short-term debt payable) =

Total long-term capital = Market value of equity + Long term debt =
Wd = Long term debt / total long-tern capital =
We = Market value of equity / total long-term capital =
T = Income tax expense / income before tax =
WACC = Wd Kd (1-T) + We Ke =
eadsheets, and change some "-" into 0)

31-Dec-12
127,434,000.00
55,228,000.00
31-Dec-11
126,723,000.00
54,904,000.00
72,206,000.00
71,819,000.00
41,066,000.00
18,143,000.00
41,314,000.00
2,910,000.00
18,377,000.00
12,997,000.00
9,218,000.00
134,000.00
13,883,000.00
3,444,000.00
10,439,000.00
2,900,000.00
(275,000.00)
249,000.00
10,251,000.00
3,535,000.00
6,716,000.00
2,532,000.00
(240,000.00)
8,016,000.00
4,728,000.00
7,264,000.00
3,944,000.00
7,264,000.00
3,944,000.00
sheets, and change some "-" into 0)

31-Dec-12
31-Dec-11
4,868,000.00
3,045,000.00
13,693,000.00
14,701,000.00
4,145,000.00
5,239,000.00
22,706,000.00
4,581,000.00
109,767,000.00
69,773,000.00
58,775,000.00
22,985,000.00
3,718,000.00
107,087,000.00
70,842,000.00
59,343,000.00
6,713,000.00
6,467,000.00
272,315,000.00
270,442,000.00
28,301,000.00
3,486,000.00
27,439,000.00
3,453,000.00
31,787,000.00
66,358,000.00
52,984,000.00
28,491,000.00
333,000.00
30,892,000.00
61,300,000.00
46,705,000.00
25,748,000.00
263,000.00
179,953,000.00
164,908,000.00
6,495,000.00
22,481,000.00
(32,888,000.00)
91,038,000.00
5,236,000.00
6,495,000.00
25,453,000.00
(20,750,000.00)
91,156,000.00
3,180,000.00
92,362,000.00
105,534,000.00
(36,186,000.00)
(24,651,000.00)
2.5%
check this from Morningstar.com
5.27%
252,362,828.07
27.46%
72.54%
33.21%
5.06%
Average revenue growth rate =

% of sales
39.97%
22.07%
0.80%
31-Dec-14
129782743.464091 carry over
51876002.777712 carry over
31-Dec-14
129782743.464091 carry over
51876002.777712 carry over
77906740.6863789
77906740.6863789
carry over
28641472.5424745 carry over
carry over
18395000
carry over
carry over
28641472.5424745 carry over
carry over
18395000
carry over
30870268.1439044
30870268.1439044
596000
carry over
31466268.1439044
3940000
add
27526268.1439044
9140738.64561955
-304000
carry over
596000
carry over
31466268.1439044
3084601.93247721 add
28381666.2114272
9424793.50304945
-304000
carry over
18081529.4982849
18652872.7083778
carry over
carry over
carry over
carry over
18081529.4982849
carry over
carry over
carry over
carry over
18652872.7083778
carry over
carry over
18081529.4982849
18652872.7083778
31-Dec-14
31-Dec-14
2.59%
10.96%
86.19%
53.80%
48.32%
3365730.86574655 carry over 3365730.86574655 carry over

carry over
carry over
carry over
carry over
5740000
carry over
5740000
carry over
23335746.6284731
3860000
111856370.982379
69827575.4006771
62710047.5051885
8278000
279867740.516718
22.91%
23335746.6284731
carry over
3860000
carry over
carry over 111856370.982379 carry over
carry over
carry over
carry over
8278000
carry over
carry over
carry over
279867740.516718

5498000
add
4304350.61542124 add
carry over
carry over
35231142.6615531
34037493.2769744
69290000
add
54246717.7414583 add
45712000
carry over
45712000
carry over
36308000
carry over
36308000
carry over
494000
carry over
494000
carry over
carry over
carry over
187035142.661553
6495000
49,222,529.50
-45619000
91091000
7880000
Forecasted total assets =

Forecasted total claims =
170798211.018433
carry over
carry over
carry over
carry over
carry over
carry over
carry over
6495000
carry over
add
49793872.7083778 add
carry over
-45619000
carry over
carry over
91091000
carry over
carry over
7880000
carry over
109069529.498285
109640872.708378
-39705025.050701
-23468093.407581
296104672.159838
280439083.72681
279,867,740.52
296,104,672.16
279,867,740.52
280,439,083.73
Forecasted AFN =
(16,236,931.64)
(571,343.21)
Additional short/current
long term debt =
Additional long-term debt =
(1,193,649.38)
(15,043,282.26)
(42,001.99)
(529,341.22)
(855,398.07)
(30,099.64)
Additional interest expense =
31-Dec-14
129782743.464091
51876002.777712
31-Dec-14
carry over 129782743.464091
carry over 51876002.777712
77906740.6863789
77906740.6863789
28641472.5424745
18395000
carry over
carry over 28641472.5424745
carry over
carry over
18395000
30870268.1439044
596000
31466268.1439044
3054502.28751055
28411765.8563939
9434788.79142373
-304000
30870268.1439044
carry over
596000
31466268.1439044
add
3053443.14480084
28412824.9991036
9435140.50443645
carry over
-304000
18672977.0649701
18673684.4946671
carry over
carry over
carry over
carry over
18672977.0649701
18673684.4946671
carry over
18672977.0649701
18673684.4946671
31-Dec-14
31-Dec-14
3365730.86574655
14230015.7627266
5740000
23335746.6284731
3860000
111856370.982379
69827575.4006771
62710047.5051885
8278000
carry over 3365730.86574655

carry over
carry over 14230015.7627266
carry over
carry over
5740000
23335746.6284731
carry over
3860000
carry over 111856370.982379
carry over 69827575.4006771
carry over 62710047.5051885
carry over
carry over
8278000
carry over
279867740.516718
279867740.516718
29733142.6615531
4262348.6235363
carry over 29733142.6615531

add
4260870.66246575
carry over
33995491.2850894
53717376.5232503
45712000
36308000
494000
33994013.3240189
add
53698750.1277285
carry over
45712000
carry over
36308000
carry over
494000
carry over
170226867.80834
170206763.451747
6495000
49813977.0649701
-45619000
91091000
7880000
carry over
carry over
carry over
carry over
6495000
add
49814684.4946671
carry over
-45619000
carry over
91091000
carry over
7880000
109660977.06497
109661684.494667
-22896750.1974878
-22876645.8408954
279887844.87331
279868447.946415
279,867,740.52
279,887,844.87
279,867,740.52
279,868,447.95
(20,104.36)
(707.43)
(1,477.96)
(18,626.40)
(52.01)
(655.42)
(1,059.14)
(37.27)
PERIOD ENDING
Total Revenue
Cost of Revenue
31-Dec-14
129,782,743.46
51,876,002.78
31-Dec-13
128,752,000.00
51,464,000.00
77,906,740.69
77,288,000.00
28,641,472.54
28,414,000.00
18,395,000.00
18,395,000.00
30,870,268.14
30,479,000.00

Interest Expense
Income Before Tax
Income Tax Expense
Minority Interest
596,000.00
31,466,268.14
3,053,443.14
28,412,825.00
9,435,140.50
(304,000.00)
596,000.00
31,717,000.00
3,940,000.00
27,777,000.00
9,224,000.00
(304,000.00)
18,673,684.49
18,891,000.00
Net Income
Preferred Stock And Other Adjustments
18,673,684.49
18,249,000.00
Net Income Applicable To Common Shares
18,673,684.49
18,249,000.00
Gross Profit
Non Recurring
Others
Extraordinary Items
Other Items
PERIOD ENDING

Net Receivables
Inventory
31-Dec-14
31-Dec-13
3,365,730.87
3,339,000.00
14,230,015.76
14,117,000.00
5,740,000.00
5,740,000.00

Goodwill
Intangible Assets
Other Assets
Deferred Long Term Asset Charges
23,335,746.63
3,860,000.00
111,856,370.98
69,827,575.40
62,710,047.51
Total Assets
279,867,740.52
277,787,000.00
29,733,142.66
4,260,870.66
29,497,000.00
5,498,000.00
33,994,013.32
53,698,750.13
45,712,000.00
36,308,000.00
494,000.00
34,995,000.00
69,290,000.00
45,712,000.00
36,308,000.00
494,000.00
Total Liabilities
170,206,763.45
186,799,000.00

Preferred Stock
Common Stock
Retained Earnings
Treasury Stock
Capital Surplus
6,495,000.00
49,814,684.49
(45,619,000.00)
91,091,000.00
7,880,000.00
6,495,000.00
31,141,000.00
(45,619,000.00)
91,091,000.00
7,880,000.00
109,661,684.49
90,988,000.00
Net Tangible Assets
(22,876,645.84)
(40,497,000.00)
Accounts Payable
Long Term Debt
Other Liabilities
Deferred Long Term Liability Charges
Minority Interest
Negative Goodwill
8,278,000.00
23,196,000.00
3,860,000.00
110,968,000.00
69,273,000.00
62,212,000.00
8,278,000.00
adsheets, and change some "-" into 0)

31-Dec-12
127,434,000.00
55,228,000.00

% of sales
39.97%
72,206,000.00
41,066,000.00
31-Dec-15
130978760.109818
52354067.5895649
78624692.5202528
22.07%
28905418.8654185
18,143,000.00
18395000
12,997,000.00
31324273.6548343
134,000.00
13,883,000.00
3,444,000.00
10,439,000.00
2,900,000.00
(275,000.00)
596000
31920273.6548343
3053443.14480084
28866830.5100335
9585903.61178489
-304000
8,016,000.00
18976926.8982486
7,264,000.00
18976926.8982486
7,264,000.00
18976926.8982486
eets, and change some "-" into 0)

31-Dec-12
31-Dec-15
4,868,000.00
2.59%
3396747.85639587
13,693,000.00
10.96%
14361152.8867147
4,145,000.00
5740000
22,706,000.00
4,581,000.00
109,767,000.00
69,273,000.00
58,775,000.00
23497900.7431106
3860000
112887186.621305
70471073.451965
63287953.7712189
86.19%
53.80%
48.32%
6,713,000.00
8278000
272,315,000.00
282282114.587599
28,301,000.00
3,486,000.00
22.91%
30007149.3022189
4260870.66246575
31,787,000.00
66,358,000.00
52,984,000.00
28,491,000.00
333,000.00
34268019.9646847
53698750.1277285
45712000
36308000
494000
179,953,000.00
170480770.092413
6,495,000.00
22,481,000.00
(32,888,000.00)
91,038,000.00
5,236,000.00
6495000
68791611.3929157
-45619000
91091000
7880000
92,362,000.00
128638611.392916
(36,186,000.00)
-21957682.7279978
299119381.485329

Forecasted AFN =
282,282,114.59
299,119,381.49
(16,837,266.90)
long term debt =
(1,237,782.71)
(15,599,484.19)
(887,025.08)
ue growth rate =
0.92%
carry over
carry over
31-Dec-15
130978760.109818
52354067.5895649
carry over
carry over
78624692.5202528
carry over
carry over
carry over
carry over
28905418.8654185
18395000
add
carry over
596000
31920273.6548343
2166418.06621799
29753855.5886163
9880460.95508504
-304000
carry over
carry over
carry over
carry over
18395000
carry over
add
carry over
596000
31920273.6548343
2135205.53376607
29785068.1210682
9890825.80367691
-304000
19569394.6335313
add
carry over
19590242.3173913
carry over
19569394.6335313
19590242.3173913
31-Dec-15
31-Dec-15
14361152.8867147
carry over
carry over
carry over
carry over
carry over
carry over
3396747.85639587
carry over
carry over
carry over
carry over
19590242.3173913
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
28905418.8654185
31324273.6548343
19569394.6335313
carry over
carry over
carry over
carry over
carry over
carry over
78624692.5202528
31324273.6548343
carry over
31-Dec-15
130978760.109818
52354067.5895649
carry over
carry over
carry over
carry over
3396747.85639587
14361152.8867147
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
5740000
23497900.7431106
3860000
112887186.621305
70471073.451965
63287953.7712189
8278000
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
282282114.587599
carry over
add
carry over
add
carry over
carry over
carry over
carry over
30007149.3022189
3023087.95128592
33030237.2535048
38099265.9411788
45712000
36308000
494000
6495000
69384079.1281984
-45619000
91091000
7880000
23497900.7431106
3860000
112887186.621305
70471073.451965
63287953.7712189
8278000
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
282282114.587599
carry over
add
carry over
add
carry over
carry over
carry over
carry over
153643503.194684
carry over
carry over
carry over
carry over
add
carry over
carry over
carry over
5740000
30007149.3022189
2979533.00117916
32986682.3033981
37550353.1560029
45712000
36308000
494000
carry over
add
carry over
add
carry over
carry over
carry over
carry over
153051035.459401
carry over
carry over
carry over
carry over
add
carry over
carry over
carry over
6495000
69404926.8120584
-45619000
91091000
7880000
129231079.128198
129251926.812058
-5120415.83026824
-4527948.09498552
282874582.322882
282302962.271459
282,282,114.59
282,874,582.32
(592,467.74)
282,282,114.59
282,302,962.27
(20,847.68)
(43,554.95)
(548,912.79)
(1,532.61)
(19,315.08)
(31,212.53)
(1,098.30)
carry over
carry over
carry over
carry over
add
carry over
carry over
carry over
31-Dec-15
130978760.109818
52354067.5895649
78624692.5202528
28905418.8654185
18395000
31324273.6548343
596000
31920273.6548343
2134107.23090454
29786166.4239298
9891190.5207304
-304000
19590975.9031994
19590975.9031994
19590975.9031994
31-Dec-15
3396747.85639587
14361152.8867147
5740000
23497900.7431106
3860000
112887186.621305
70471073.451965
63287953.7712189
8278000
282282114.587599
30007149.3022189
2978000.39480029
32985149.6970192
37531038.0785217
45712000
36308000
494000
153030187.775541
6495000
69405660.3978665
-45619000
91091000
7880000
129252660.397867
-4507100.41112546
282282848.173407
282,282,114.59
282,282,848.17
(733.59)
(53.93)
(679.66)
(38.65)
PERIOD ENDING
Total Revenue
Cost of Revenue
31-Dec-15
130,978,760.11
52,354,067.59
31-Dec-14
129,782,743.46
51,876,002.78
78,624,692.52
77,906,740.69
28,905,418.87
28,641,472.54
18,395,000.00
18,395,000.00
31,324,273.65
30,870,268.14

Interest Expense
Income Before Tax
Income Tax Expense
Minority Interest
596,000.00
31,920,273.65
2,134,107.23
29,786,166.42
9,891,190.52
(304,000.00)
596,000.00
31,466,268.14
3,053,443.14
28,412,825.00
9,435,140.50
(304,000.00)
19,590,975.90
18,673,684.49
Net Income
19,590,975.90
18,673,684.49
19,590,975.90
18,673,684.49
Gross Profit
Non Recurring
Others
Extraordinary Items
Other Items
PERIOD ENDING

Net Receivables
Inventory
31-Dec-15
31-Dec-14
3,396,747.86
3,365,730.87
14,361,152.89
14,230,015.76
5,740,000.00
5,740,000.00

Goodwill
Intangible Assets
Other Assets
23,497,900.74
3,860,000.00
112,887,186.62
70,471,073.45
63,287,953.77
23,335,746.63
3,860,000.00
111,856,370.98
69,827,575.40
62,710,047.51
8,278,000.00
8,278,000.00
Total Assets
282,282,114.59
279,867,740.52
30,007,149.30
2,978,000.39
29,733,142.66
4,260,870.66
32,985,149.70
37,531,038.08
45,712,000.00
36,308,000.00
494,000.00
33,994,013.32
53,698,750.13
45,712,000.00
36,308,000.00
494,000.00
Total Liabilities
153,030,187.78
170,206,763.45

Preferred Stock
Common Stock
Retained Earnings
Treasury Stock
Capital Surplus
6,495,000.00
69,405,660.40
(45,619,000.00)
91,091,000.00
7,880,000.00
6,495,000.00
49,814,684.49
(45,619,000.00)
91,091,000.00
7,880,000.00
129,252,660.40
109,661,684.49
(4,507,100.41)
(22,876,645.84)
Accounts Payable
Long Term Debt
Other Liabilities
Minority Interest
Negative Goodwill
Net Tangible Assets
dsheets, and change some "-" into 0)

31-Dec-13
128,752,000.00
51,464,000.00

% of sales
39.97%
77,288,000.00
28,414,000.00
31-Dec-16
132111396.023225
52806798.2240216
79304597.7992029
22.07%
29155377.831831
18,395,000.00
18395000
30,479,000.00
31754219.9673719
596,000.00
31,717,000.00
3,940,000.00
27,777,000.00
9,224,000.00
(304,000.00)
596000
32350219.9673719
2134107.23090454
30216112.7364674
10033964.2107202
-304000
18,891,000.00
19878148.5257472
18,249,000.00
19878148.5257472
18,249,000.00
19878148.5257472
ets, and change some "-" into 0)

31-Dec-13
31-Dec-16
3,339,000.00
2.59%
3426121.15789694
14,117,000.00
10.96%
14485340.6367269
5,740,000.00
5740000
23,196,000.00
3,860,000.00
110,968,000.00
69,273,000.00
62,212,000.00
23651461.7946238
3860000
113863376.055558
71080470.4914629
63835234.943122
86.19%
53.80%
48.32%
8,278,000.00
8278000
277,787,000.00
284568543.284767
29,497,000.00
5,498,000.00
22.91%
30266635.4580671
2978000.39480029
34,995,000.00
69,290,000.00
45,712,000.00
36,308,000.00
494,000.00
33244635.8528674
37531038.0785217
45712000
36308000
494000
186,799,000.00
153289673.931389
6,495,000.00
31,141,000.00
(45,619,000.00)
91,091,000.00
7,880,000.00
6495000
89283808.9236137
-45619000
91091000
7880000
90,988,000.00
149130808.923614
(40,497,000.00)
-3636836.08120742
302420482.855003

Forecasted AFN =
284,568,543.28
302,420,482.86
(17,851,939.57)
long term debt =
(1,312,375.83)
(16,539,563.74)
(940,480.32)
nue growth rate =
carry over
carry over
0.86%
31-Dec-16
132111396.023225
52806798.2240216
carry over
carry over
79304597.7992029
carry over
carry over
carry over
carry over
29155377.831831
18395000
add
carry over
596000
32350219.9673719
1193626.91445363
31156593.0529183
10346272.6111574
-304000
carry over
carry over
carry over
carry over
18395000
carry over
add
carry over
596000
32350219.9673719
1160533.40548034
31189686.5618916
10357262.0818263
-304000
20506320.4417609
add
carry over
20528424.4800653
carry over
20506320.4417609
20528424.4800653
31-Dec-16
31-Dec-16
14485340.6367269
carry over
carry over
carry over
carry over
carry over
carry over
3426121.15789694
carry over
carry over
carry over
carry over
20528424.4800653
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
29155377.831831
31754219.9673719
20506320.4417609
carry over
carry over
carry over
carry over
carry over
carry over
79304597.7992029
31754219.9673719
carry over
31-Dec-16
132111396.023225
52806798.2240216
carry over
carry over
carry over
carry over
3426121.15789694
14485340.6367269
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
5740000
23651461.7946238
3860000
113863376.055558
71080470.4914629
63835234.943122
8278000
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
284568543.284767
carry over
add
carry over
add
carry over
carry over
carry over
carry over
30266635.4580671
1665624.56235179
31932260.0204189
20991474.340734
45712000
36308000
494000
6495000
89911980.8396274
-45619000
91091000
7880000
23651461.7946238
3860000
113863376.055558
71080470.4914629
63835234.943122
8278000
carry over
carry over
carry over
carry over
carry over
carry over
carry over
carry over
284568543.284767
carry over
add
carry over
add
carry over
carry over
carry over
carry over
135437734.361153
carry over
carry over
carry over
carry over
add
carry over
carry over
carry over
5740000
30266635.4580671
1619444.83840886
31886080.296476
20409482.1486632
45712000
36308000
494000
carry over
add
carry over
add
carry over
carry over
carry over
carry over
134809562.445139
carry over
carry over
carry over
carry over
add
carry over
carry over
carry over
6495000
89934084.8779318
-45619000
91091000
7880000
149758980.839627
149781084.877932
14215103.4890288
14843275.4050425
285196715.20078
284590647.323071
284,568,543.28
285,196,715.20
(628,171.92)
284,568,543.28
284,590,647.32
(22,104.04)
(46,179.72)
(581,992.19)
(1,624.97)
(20,479.07)
carry over
carry over
carry over
carry over
add
carry over
carry over
carry over
(33,093.51)
(1,164.49)
31-Dec-16
132111396.023225
52806798.2240216
79304597.7992029
29155377.831831
18395000
31754219.9673719
596000
32350219.9673719
1159368.91504178
31190851.0523302
10357648.7780068
-304000
20529202.2743234
20529202.2743234
20529202.2743234
31-Dec-16
3426121.15789694
14485340.6367269
5740000
23651461.7946238
3860000
113863376.055558
71080470.4914629
63835234.943122
8278000
284568543.284767
30266635.4580671
1617819.87180195
31884455.329869
20389003.0769657
45712000
36308000
494000
134787458.406835
6495000
89934862.6721899
-45619000
91091000
7880000
149781862.67219
14865379.4433469
284569321.079025
284,568,543.28
284,569,321.08
(777.79)
(57.18)
(720.62)
(40.98)
Income Statement (you may need to retype the numbers in the spreadsheets, and change some "-" into 0)
PERIOD ENDING
Total Revenue
Cost of Revenue
31-Dec-16
132111396.023225
52806798.2240216
Gross Profit
79304597.7992029
Non Recurring
Others
29155377.831831
18395000
31754219.967372

Interest Expense
Income Before Tax
Income Tax Expense
Minority Interest
596000
32350219.967372
21303575.7300879
32350219.967372
10742644.237284
-304000
Extraordinary Items
Other Items
Net Income
21303575.7300879
21303575.7300879
Balance Sheet (you may need to retype the numbers in the spreadsheets, and change some "-" into 0)
PERIOD ENDING

Net Receivables
Inventory
2016
3426121.15789694
-21231671.698745
14485340.6367269
5740000

Goodwill
Intangible Assets
Other Assets
2419790.09587878
3860000
113863376.055558
71080470.4914629
63835234.943122
Total Assets
263336871.586021
Accounts Payable
8278000
30266635.4580671

Long Term Debt
Other Liabilities
Minority Interest
Negative Goodwill
30266635.4580671
Total Liabilities
112780635.458067

Preferred Stock
Common Stock
Retained Earnings
Treasury Stock
Capital Surplus
6495000
90709236.1279544
-45619000
91091000
7880000
150556236.127954
Net Tangible Assets
15640530.6933695
EBIT
Tax Rate
Unlevered Net Income
32350219.967372
33.21%
21,607,575.73
Operating Current Assets

Operating Current Liability
Net Operating Working Capital
Change in New Operating Working Capital
Capital expenditure - Depreciation
45712000
36308000
494000
23,651,461.79
30,266,635.46
(6,615,173.66)
(105,925.10)
976,189.43
FCF
Average growth rate of FCF
Horizon Value
Adjusted FCF
20,737,311.40
2.00%
691243713.339
711,981,024.74
Enterprise Value
Please finish the following steps by yourself:

Intrinsic Value of Equity
Total Numbers of Common Stocks Outstanding
Intrinsic Value of Stock Per Share
Actual Stock Price at the End of Year 2013
Conclusion: Was the Stock Overvalued or Undervalued?
Scenario Analysis:
Average growth rate of FCF
Intrinsic Value of Equity
Multiples Analysis:
Industry Value/EBIT Multiple
Total Enterprise Value based on multiples
Intrinsic Value of Equity based on multiples
Average growth rate of FCF to achieve the multiples results:
1.0%
428,580,606.66
5,206,849
$82.31
35.16
UNDERVALUED
s, and change some "-" into 0)

31-Dec-15
130978760.109818
52354067.5895649
31-Dec-14
129782743.464091
51876002.777712
31-Dec-13
128752000.00
51464000.00
31-Dec-12
127434000.00
55228000.00
78624692.5202528
77906740.686379
77288000.00
72206000.00
28905418.8654185
28641472.5424745
28414000.00
41066000.00
18395000
18395000
18395000.00
18143000.00
31324273.6548343
30870268.1439044
30479000.00
12997000.00
596000
31920273.6548343
2134107.23090454
29786166.4239298
9891190.5207304
-304000
596000
31466268.1439044
3053443.14480084
28412824.9991036
9435140.50443646
-304000
596000.00
31717000.00
3940000.00
27777000.00
9224000.00
-304000.00
134000.00
13883000.00
3444000.00
10439000.00
2900000.00
-275000.00
19590975.9031994
18673684.4946671
18891000.00
8016000.00
19590975.9031994
18673684.4946671
18249000.00
7264000.00
19590975.9031994
18673684.4946671
18249000.00
7264000.00
2013
2012
d change some "-" into 0)

2015
2014
3396747.85639587
3365730.86574655
3339000.00
4868000.00
14361152.8867147
14230015.7627266
14117000.00
13693000.00
5740000
5740000
5740000.00
4145000.00
23497900.7431106
3860000
112887186.621305
70471073.451965
63287953.7712189
23335746.6284731
3860000
111856370.982379
69827575.4006771
62710047.5051885
23196000.00
3860000.00
110968000.00
69273000.00
62212000.00
22706000.00
4581000.00
109767000.00
69773000.00
58775000.00
8278000
8278000
8278000.00
6713000.00
282282114.587599
279867740.516718
277787000.00
272315000.00
30007149.3022189
2978000.39480029
29733142.6615531
4260870.66246575
29497000.00
5498000.00
28301000.00
3486000.00
32985149.6970192
37531038.0785217
45712000
36308000
494000
33994013.3240189
53698750.1277285
45712000
36308000
494000
34995000.00
69290000.00
45712000.00
36308000.00
494000.00
31787000.00
66358000.00
52984000.00
28491000.00
333000.00
153030187.775541
170206763.451747
186799000.00
179953000.00
6495000
69405660.3978665
-45619000
91091000
7880000
6495000
49814684.4946671
-45619000
91091000
7880000
6495000.00
31141000.00
-45619000.00
91091000.00
7880000.00
6495000.00
22481000.00
-32888000.00
91038000.00
5236000.00
129252660.397867
109661684.494667
90988000.00
92362000.00
-4507100.41112544
-22876645.8408954
-40497000.00
-36186000.00
31920273.6548343
33.21%
21,320,403.11
31466268.1439044
33.21%
21,017,160.70
31,717,000.00
33.21%
21,184,631.21
13883000
27.78%
10,026,241.69
23,497,900.74
30,007,149.30
(6,509,248.56)
(111,852.53)
23,335,746.63
29,733,142.66
(6,397,396.03)
(96,396.03)
23,196,000.00
29,497,000.00
(6,301,000.00)
(706,000.00)
22,706,000.00
28,301,000.00
(5,595,000.00)
(1,141,000.00)
1,030,815.64
888,370.98
1,201,000.00
2,680,000.00
20,401,439.99
20,225,185.75
20,401,439.99
20,225,185.75
20,689,631.21
$651,649,957.99
$580,200,957.99
5,206,849
$111.43
35.16
UNDERVALUED
3%
$876,599,587.79
5,206,849
$168.36
35.16
UNDERVALUED
3.5%
$1,167,670,022.39
5,206,849
$224.26
35.16
UNDERVALUED
4%
1,732,370,216.36
5,206,849
$332.71
35.16
UNDERVALUED
9.47
300,359,990.00
228,910,990.00
-2.4%
5,206,849
$43.96
35.16
UNDERVALUED
8,487,241.69
31-Dec-11
126723000.00
54904000.00
71819000.00
41314000.00
2910000.00
18377000.00
9218000.00
249000.00
10251000.00
3535000.00
6716000.00
2532000.00
-240000.00
4728000.00
3944000.00
3944000.00
2011
3045000.00
14701000.00
5239000.00
22985000.00
3718000.00
107087000.00
70842000.00
59343000.00
6467000.00
270442000.00
27439000.00
3453000.00
30892000.00
61300000.00
46705000.00
25748000.00
263000.00
164908000.00
6495000.00
25453000.00
-20750000.00
91156000.00
3180000.00
105534000.00
-24651000.00
10251000
37.70%
6,386,269.21
22,985,000.00
27,439,000.00
(4,454,000.00)
FCF
25000000
20000000
15000000
10000000
Un
Ne
FC
5000000
-5000000
-10000000
2016
2015
Page 1
2014
2013
2012
FCF
Unlevered Net Income

Net Operating Working Capital
FCF
2013
2012
Page 2
Net_New_Financing
300000000
250000000
200000000
150000000
100000000
50000000
0
PERIOD ENDING
2016
Page 3
2015
2014
2013
2012
Net_New_Financing
Total Assets
Total Liabilities
2013
2012
Page 4
Suggestion
In this scenario AT&T should start with 1% FCF growth rate, and
instrinsic stock price per share is worth only $43.96/share, and its
an undervaluation at the end of 2013.
--> The reason is given the competitive pressures and chanllenges
AT&T currently faces such as the shrinking wireline business, a
decreasing growth rate in wireless, increased competition, a
difficult regulatory environment, spectrum constraints, higher
than expected capital expenditures, and the exclusivity loss of the
iPhone, --> therefore, a negative percent annual growth rate in
FCF
not unreasonable.
How
toisincrease
its equity value in future?
Increase revenue Minimum revenue to pay debt
Stock repurchase
Improve Effective Tax Rate (ETR) reconciliations--> relationship
between tax administrations and firm policy --> Better firms tax
planning activities.
Shareholders should pay a premium for such shares
Improved adoption of corporate governance principles by firms
Changing firms governance strategies
Debt should be paid down
Increase the dividend payout beyond what was expected in the
market place --> increase the value of equity while decreasing
the value of debt (while also increasing the credit risk of the firm).
--> will be stronger for highly levered companies .
AT&Tsdividend policy makes them solid investment, and reflects
the good health of the company
ate, and
are, and its
hanllenges
siness, a
ion, a
higher
y loss of the
th rate in
ionship
firms tax
y firms
d in the
creasing
of the firm).
nd reflects

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Krf: 10-Year treasury note

0.1052539784 5.238568 1.7E-006

Lower 95%Upper 95%

Total Operating Expenses

Operating Income or Loss

Net Income From Continuing Ops

Preferred Stock And Other

Net Income Applicable To

Total Current Assets

Total Current Liabilities

Total Stockholder Equity

Net Tangible Assets

Interest expense / (Long term debt + short-term debt payable) =

eadsheets, and change some "-" into 0)

sheets, and change some "-" into 0)

check this from Morningstar.com

Average revenue growth rate =

3365730.86574655 carry over 3365730.86574655 carry over

29733142.6615531 carry over 29733142.6615531 carry over

Forecasted total assets =

Additional interest expense =

carry over 3365730.86574655

carry over 29733142.6615531

Total Other Income/Expenses Net

Net Income From Continuing Ops

Net Income Applicable To Common Shares

Operating Income or Loss

Cash And Cash Equivalents

Other Current Assets

Total Current Assets

Misc Stocks Options Warrants

Total Stockholder Equity

Net Tangible Assets

adsheets, and change some "-" into 0)

Average revenue growth rate =

eets, and change some "-" into 0)

Forecasted total assets =

Additional interest expense =

Total Other Income/Expenses Net

Net Income From Continuing Ops

Net Income Applicable To Common Shares

Operating Income or Loss

Cash And Cash Equivalents

Other Current Assets

Total Current Assets

Misc Stocks Options Warrants

Total Stockholder Equity

Net Tangible Assets

dsheets, and change some "-" into 0)

Average revenue growth rate =

ets, and change some "-" into 0)

Forecasted total assets =

Additional interest expense =

nue growth rate =

Total Operating Expenses

Operating Income or Loss

Total Other Income/Expenses Net

Net Income From Continuing Ops

Net Income Applicable To Common Shares

Cash And Cash Equivalents

Total Current Assets

Total Current Liabilities

Misc Stocks Options Warrants