Projected Income Statement

Rasio 2014-2015 2015-2016 2017 (projected)

sales growth 26% -7% 10%
gross margin 38% 39% 39%
SG&A exp 10% 11% 11%
Depreciation exp 29% 21% 21%
Non opt interest income 62% 37% 37%
Interest exp 3% 3% 3%
Income tax 26% 26% 26%

TARGET CORPORATION PROJECTED INCOME STATEMENT 2017 (Milyar Dollar)

Sales 235,62
 COGS 144,64
Gross income 90,98
SG&A exp 26,66
non-opt interest income 5,48
Interest exp 1,56
Income before tax 68,24
Income tax exp 17,45

extra ordinaries and disc. -

Net income 50,79

Projected balance sheet

 RASIO 2014 2015 2016 2017 projected
AR turnover 6,73 7,62 7,31 7,31
inv turnover 49,58 55,74 56,81 56,81
AP turnover 6,85 6,53 6,18 6,18
accrued payroll 2 0 0
tax payable/tax exp 9% 0 0 0
DPS 1,81 1,98 2,18 2,18
CAPEX 9,81 11,49 13,55
CAPEX/sales 5% 5% 6% 6%

Target Corporation Projected Balance Sheet

ASSETS LIABILITIES
Cash 36,56 ST & LT of debt 15
AR 32,23 AP 21,29
Inventory 2,55 accrued exp 0
Other curr assets 8,28 taxes payable 0
PPE 76,15 long term debt 69,4
Accum depre 47,31 Provision 8,7
Net PPE 28,84 defered tax 26,02
Investment 170,43 other liabilities 4,29
Intangible assets 8,62 TOTAL 144,69
other assets 8,76
TOTAL ASSETS 296,27 SHARESHOLDER EQUITY
common stock 31,89
R/E 119,69
TOTAL 151,58
TOTAL LIABILITIES AND SHE 296,27