2003 2004 2005 2006

Sales $ 36,312 $ 34,984 $ 35,252 $ 45,116

Cost of goods sold $ 25,924 $ 24,200 $ 24,300 $ 31,580
Gross profit $ 10,388 $ 10,784 $ 10,952 $ 13,536
Selling, general, and administrative $ 2,020 $ 2,100 $ 2,252 $ 2,628
Other income—net $ 92 $ 572 $ 108 $ 72
Income before taxes $ 8,460 $ 9,256 $ 8,808 $ 10,980
Taxes $ 3,276 $ 3,981 $ 3,620 $ 4,721
Net income $ 5,184 $ 5,275 $ 5,188 $ 6,259

Cash dividends $ 1,680 $ 2,008 $ 2,016 $ 2,304

Depreciation $ 784 $ 924 $ 1,088 $ 1,280
Capital expenditures $ 1,486 $ 1,826 $ 2,011 $ 2,213
Working capital needs $ 1,899 $ 3,492 $ (1,200) $ 4,289
10.02%
2008 2009 2010 2011
EBIT $ 10,517 $ 11,507 $ 12,591 $ 13,776
TAX $ 4,207 $ 4,603 $ 5,036 $ 5,511
NOPAT $ 6,517 $ 7,364 $ 8,321 $ 9,403
D&A $ 1,650 $ 1,805 $ 1,975 $ 2,161
Capital expenditures $ 2,531 $ 2,632 $ 2,737 $ 2,846
NWC $ 1,994 $ 2,094 $ 2,198 $ 2,308
FCF $ 3,642 $ 4,444 $ 5,361 $ 6,410
PV of FCF $ 3,311 $ 3,671 $ 4,026 $ 4,375
FCF 2012 $ 4,719
TV 2012 $ 201,296
PV 2012 $ 124,875
Sum of PV $ 144,977
Volumm $ 2,440
Pice $ 59.42
Growth rate 7.50%
Pretax cost of debt 0.00%
Tax rate 40.00%
After-tax cost of debt 0.00%
Beta 1
Risk-free rate 4.52%
Market risk premium 5.50%
Cost of equity 10.02%
Debt to Capitalization Ratio 0.00%
Equity % 100.00%
WACC 10.02%
 2007 2008 2009 2010 2011 2012
$ 49,364 $ 55,781 $ 63,033 $ 71,227 $ 80,487 $ 90,950 0.13
$ 37,044 $ 41,860 $ 47,301 $ 53,451 $ 60,399 $ 68,251 0.750425
$ 12,320 $ 13,922 $ 15,731 $ 17,776 $ 20,087 $ 22,699
$ 2,936 $ 3,318 $ 3,749 $ 4,236 $ 4,787 $ 5,409 0.059477
$ 228 $ 258 $ 291 $ 329 $ 372 $ 420 0.004619
$ 9,612 $ 10,862 $ 12,274 $ 13,869 $ 15,672 $ 17,709
$ 4,037 $ 4,345 $ 4,909 $ 5,548 $ 6,269 $ 7,084
$ 5,575 $ 6,517 $ 7,364 $ 8,321 $ 9,403 $ 10,626

$ 2,304 $ 2,693 $ 3,043 $ 3,439 $ 3,886 $ 4,391 0.413274

$ 1,508 $ 1,704 $ 1,926 $ 2,176 $ 2,459 $ 2,778 0.030549
$ 2,433 $ 2,531 $ 2,632 $ 2,737 $ 2,846 $ 2,960 0.04
$ 4,757 $ 1,993.95 $ 2,093.65 $ 2,198.33 $ 2,308.25 $ 2,423.66 0.05

2012
$ 15,073
$ 6,029
$ 10,626
$ 2,365
$ 2,960
$ 2,424
$ 7,607
$ 4,719
 2007 2008 2009 2010
Sales $ 2,187,208 $ 2,329,373 $ 2,480,785 $ 2,642,037
Cost of goods sold $ 1,793,510 $ 1,920,085 $ 2,064,243 $ 2,216,470
Gross profit $ 393,698 $ 409,288 $ 416,542 $ 425,567
Selling, general, and admin. $ 120,296 $ 129,786 $ 139,481 $ 151,027
Income before tax $ 273,402 $ 279,502 $ 277,061 $ 274,540
Tax expense $ 109,361 $ 111,801 $ 110,824 $ 109,816
Net income $ 164,041 $ 167,701 $ 166,237 $ 164,724
Cash dividends $ 92,238 $ 102,082 $ 108,714 $ 115,779
Depreciation $ 26,800 $ 27,950 $ 29,770 $ 31,700
Net PPE $ 389,321 $ 426,522 $ 459,404 $ 498,497
Net working capital $ 422,597 $ 447,956 $ 486,428 $ 528,407
Change in NWC $ 25,359 $ 38,472 $ 41,979 $ 45,831
CAPEX $ 64,001 $ 60,832 $ 68,863 $ 74,312
FCF $ 101,481 $ 96,347 $ 85,165 $ 76,281
PV of FCF $ 88,457 $ 71,787 $ 59,033
FCF 2012 $ 44,914
TV 2012 $ 1,385,492
PV 2012 $ 903,787
Sum of PV $ 1,220,954
Volumm 62694361
Price $ 19.5
Growth rate 5.50%
Pretax cost of debt 6.65%
Tax rate 40.00%
After-tax cost of debt 3.99%
Beta ư 113.00%
Risk-free rate 4.52%
Market risk premium 5.50%
Cost of equity 10.71%
Debt to Capitalization Ratio 26.68%
Equity % 73.32%
WACC 8.92%
 2011 2012
$ 2,813,769 $ 2,996,658
$ 2,367,290 $ 2,537,259
$ 446,479 $ 459,399
$ 161,315 $ 169,826
$ 285,164 $ 289,573
$ 114,066 $ 115,829
$ 171,098 $ 173,744
$ 125,185 $ 133,313
$ 33,170 $ 35,960
$ 541,109 $ 587,580 638042
$ 574,238 $ 624,303 678732.9
$ 50,065 $ 54,430 59175.4
$ 79,641 $ 86,422
$ 74,562 $ 68,852
$ 52,977 $ 44,914