Querying EDGAR…
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FUNDAMENTAL ANALYSIS

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The beta accepts 10-Q and 10-K reports from U.S. defensive consumer companies.

PHASE 1 · BETA
01 / SEC EDGAR

Analyze an official report

10-Q · 10-K
ANALYSIS COMPLETED

Report generated

3 agents completed
LAST 3 MONTHS

1. SALES

MetricAdjustedPrev. Adj.% Adj.NormalPrev. N.% N.
Sales25274M23937M+5.59 %25274M23937M+5.59 %
Gross Profit13754M12824M+7.25 %13754M12824M+7.25 %
Operating Income4260M3702M+15.07 %4260M3569M+19.36 %
EBT3904M3464M+12.7 %3904M3331M+17.2 %
Net Income3048M2736M+11.4 %3048M2603M+17.1 %

SHARES: 1364M · EPS: 2.23 $

  • *1: In the prior year there was an impairment of intangibles/brands of 133M, which is added back in the Prior Adjusted column of Operating Profit (3569M + 133M = 3702M). In the current period there were no impairments or amortizations of intangibles to adjust for.

2. CASH FLOW

MetricNormal (WC=-1461)Adjusted*1 (WC=-100)
Cash Flow55856945.5
CAPEX916916
FCF46696029.5
FCF/Share3.42 $4.42 $
Dividend20212021
Free26484008.5
  • *1: WC = average of the last 10 fiscal years: -3%. As it is quarterly, the annual amount is divided by 4 = -100.5M. Deviation of reported working capital (-1461M) vs. theoretical WC (-100.5M): __-1360.5M__. Cash Flow after working capital adjustment is: 5585M - (__-1360.5M__) = 6945.5M.

3. CAPITAL ALLOCATION

MetricValue
Free2648
Buybacks-270
Cash*1-424
Debt*1-1333
Total621

Does not reconcile: +621M remains unexplained between free capital and detected uses. Part of it, -431M, is the negative FX effect on cash for the quarter (36 weeks -175M vs +256M at 24 weeks of Q2); the rest corresponds to non-cash debt movements and unmapped items.

  • *1: Balance sheet debt: 53214M -> 51881M (-1333M). Net debt: 42498M -> 40718M (-1780M). Balance sheet cash: 10251M -> 10675M (+424M); cash increased: use of capital (-); Cash row = -424M.
FULL YEAR TO DATE (9 MONTHS)

1. SALES

MetricAdjustedPrev. Adj.% Adj.NormalPrev. N.% N.
Sales68898M64582M+6.68 %68898M64582M+6.68 %
Gross Profit37596M35239M+6.69 %37596M35239M+6.69 %
Operating Income11496M9934M+15.72 %11496M7941M+44.77 %
EBT10726M9237M+16.12 %10726M7244M+48.07 %
Net Income8356M7235M+15.49 %8356M5700M+46.6 %

SHARES: 1364M · EPS: 6.13 $

  • *1: In the prior year there was an impairment of intangibles/brands of 1993M (Rockstar and Be & Cheery brands), which is added back in the Prior Adjusted column of Operating Profit (7941M + 1993M = 9934M). In the current period there were no impairments or amortizations of intangibles to adjust for.

2. CASH FLOW

MetricNormal (WC=-2628)Adjusted*1 (WC=-301)
Cash Flow79509220.6
CAPEX21822182
FCF57687038.6
FCF/Share4.23 $5.16 $
Dividend59355935
Free-1671103.6
  • *1: WC = average of the last 10 fiscal years: -3%. The annual amount is divided by 4 per quarter (-100.5M per quarter) and multiplied by the 3 quarters elapsed: -301.4M in 9 months. Deviation of reported working capital (-2628M) vs. theoretical WC (-301.4M): __-2326.6M__. Cash Flow after working capital adjustment is: 7950M - (__-2326.6M__) = 10276.6M.
  • *2: Taxes: The company should have paid 2467M in taxes (23% on adjusted EBT of 10726M) and only an estimated payment of 1651M is recorded in the cumulative 9-month period, calculated by reconciling tax expense less deferred taxes (the cash flow statement does not break out cash paid). Adjustment of __-816M__ to Adjusted Cash Flow for the tax discrepancy.
  • *3: Stock Options / Share-Based Compensation (SBC): The company reports 240M in share-based compensation added back to operating cash flow. Assuming effective shareholder dilution and since it is usually granted at a discount, under a conservative approach the full amount of this item is deducted (__-240M__) from Adjusted Cash Flow. The final figure combines the three adjustments to Cash Flow: **7950M __+2326.6M__ (working capital) __-816M__ (taxes) __-240M__ (stock options) = 9220.6M.**

3. CAPITAL ALLOCATION

MetricValue
Free-167
Short-term investments*1-74
Divestitures*289
Acquisitions*3-148
Buybacks-749
Cash*1-1516
Debt*12699
Total134

More or less reconciles. Still, it is possible that I have missed some detail.

  • *1: Balance sheet debt: 49182M -> 51881M (+2699M). Net debt: 39652M -> 40718M (+1066M). Balance sheet cash: 9159M -> 10675M (+1516M); cash increased: use of capital (-); Cash row = -1516M. Short-term investments: net flow from marketable securities for the period = sales of 31M - purchases of 105M = -74M (use of capital).
  • *2: Divestitures: 89M was received from the sale of property, plant, equipment and other assets (source of funds).
  • *3: Acquisitions: 148M was allocated to the purchase of businesses, net of cash acquired (use of funds).

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