2022-07-19_BBBY_MC-Equity-1Million_July-Trials-SWOT.pdf

Equity Valuation 2022-07-19_BBBY_MC_REPORT-CONTENTS Draft Valuation
LMB Enterprises, L.L.C. | © BEHARRY, LYNDON MARTIN W. | 2022-07-19_BBBY_MC_Report-Contents | 7/19/2022 11:14 AM
BBBY: Bed Bath & Beyond | FEIN: 11-2250488
Draft Materials of Financial Analysis
Note: The analyst must use Oracle Crystal Ball to run the Monte Carlo simulation.
Income Statement Review with Statistical Metrics 2.
Income Statement Worksheet (for complex D&A and byzantine
calculations)
3.
Balance Sheet Review (includes a restatement of equity adjusting per
share values to par $1 adjusting Capital Paid-In to simplify per share
allocation calculations)
4.
Capital Expenditures Worksheet 5.
Draft Statement of Cash Flow (Coding in Process) 6.
Complex Debt Valuation and KB Costing (Tax Shield) and multi-
Currency Converter
7.
Weighted Average Cost of Capital Calculator Worksheet 8.
Variables Tabulation Worksheet for Monte Carlo with Summary 9.
Monte Carlo Model (No Iteration Shown) 10.
Monte Carlo Model 10 Iterations Shown out of 1 Million 10A-10J.
Discounted Cash Flow worksheet (static model) 11.
Monte Carlo Model Summary of Results: Distribution Records;
Sensitivity to Variables; Tornado Chart
12.
DCF Valuation Sensitivity Analysis Graphics (WACC and Growth Rate) 13.
Monte Carlo Model Summary of Results Tornado Chart Metrics 14.
Coded Financial Statement Review (Formatting in Process) 15.
Benford Test for Fraud: Balance Sheet Data 16.
Beneish Test for Fraud: 5 Years 17.

Equity Valuation 2022‐07‐19_BBBY_MC‐Equity‐1Million Financial Statement Review
BBBY: Bed Bath & Beyond | FEIN: 11‐2250488 1,000 $USD
Aggregate Notes: D&A includes Amortization of acquired Intellectual Properties (i.e. Patents etc.) and D&A on PPE.
1,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Timet-12 Timet-11 Timet-10 Timet-9 Timet-8 Timet-7 Timet-6 Timet-5 Timet-4 Timet-3 Timet-2 Timet-1 Timet-1 Timet-1 Timet
OPERATING REVENUE
100.000% Revenue From Income‐Expense Worksheet 7,048,942 7,208,340 7,828,793 8,758,503 9,499,890 10,914,585 11,503,963 11,881,176 12,103,887 12,215,757 12,349,301 12,028,797 11,158,580 9,233,028 7,867,778
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
100.000% TOTAL REVENUE 7,048,942 7,208,340 7,828,793 8,758,503 9,499,890 10,914,585 11,503,963 11,881,176 12,103,887 12,215,757 12,349,301 12,028,797 11,158,580 9,233,028 7,867,778
Average PerCent Change 1.200% 2.261% 8.607% 11.876% 8.465% 14.892% 5.400% 3.279% 1.874% 0.924% 1.093% ‐2.595% ‐7.234% ‐17.256% ‐14.787%
Revenue 15‐Yr CAGRBase‐to‐Terminal 0.788% ‐8.423% 5‐Yr CAGR
PRODUCTION COSTS:
0.000% CoGSIncome Statement
62.387% CoGS from Income‐Expense Worksheet (If Applicable) 4,123,711 4,335,104 4,620,674 5,135,574 5,568,957 6,525,830 6,938,381 7,261,397 7,483,577 7,639,407 7,906,286 7,924,817 7,616,920 6,114,947 5,384,287
D&A from Income‐Expense Worksheet (If Applicable) 157,770 175,601 184,232 183,820 183,873 194,728 220,116 239,193 273,947 290,914 313,107 338,825 342,511 340,912 293,626
0.000% D&ACashFlows
Yes Deduct D&ACashFlows from CoGSIncome Statement
Amortization Patents Intangibles
2.462% D&A PPE 157,770 175,601 184,232 183,820 183,873 194,728 220,116 239,193 273,947 290,914 313,107 338,825 342,511 340,912 293,626
59.925% CoGS [Adj for D&A, and Depletion] 3,965,941 4,159,503 4,436,442 4,951,754 5,385,084 6,331,102 6,718,265 7,022,204 7,209,630 7,348,493 7,593,179 7,585,992 7,274,409 5,774,035 5,090,661
62.387% COST OF SALES (Incl D&A) 4,123,711 4,335,104 4,620,674 5,135,574 5,568,957 6,525,830 6,938,381 7,261,397 7,483,577 7,639,407 7,906,286 7,924,817 7,616,920 6,114,947 5,384,287
CoGs (Adj for D&A) PerCent of Revenue 56.263% 57.704% 56.668% 56.537% 56.686% 58.006% 58.400% 59.104% 59.565% 60.156% 61.487% 63.065% 65.191% 62.537% 64.703%
37.613% GROSS MARGIN 2,925,231 2,873,236 3,208,119 3,622,929 3,930,933 4,388,755 4,565,582 4,619,779 4,620,310 4,576,350 4,443,015 4,103,980 3,541,660 3,118,081 2,483,491
37.778% PerCent of Revenue 41.499% 39.860% 40.978% 41.365% 41.379% 40.210% 39.687% 38.883% 38.172% 37.463% 35.978% 34.118% 31.739% 33.771% 31.565%
See Income Expense Worksheet Row 46
2,925,231 2,873,236 3,208,119 3,622,929 3,930,933 4,388,755 4,565,582 4,619,779 4,620,310 4,576,350 4,443,015 4,103,980 3,541,660 3,118,081 2,483,491
ADMINISTRATIVE COSTS:
0.000% SGAIncome Statement
SGAWorksheet (If Applicable) 2,087,209 2,199,340 2,227,432 2,334,471 2,362,564 2,750,537 2,950,995 3,065,486 3,205,407 3,441,140 3,681,694 3,681,210 3,732,498 3,326,565 2,836,317
D&A from Income‐Expense Worksheet (If Applicable) 0 0 0 0 0 0 0 0 0 0 0 509,905 509,226 127,341 36,531
0.780% D&ACashFlows
No Deduct D&ACashFlows from SGAIncome Statement
28.946% SGA [Adj for D&A] 2,087,209 2,199,340 2,227,432 2,334,471 2,362,564 2,750,537 2,950,995 3,065,486 3,205,407 3,441,140 3,681,694 3,681,210 3,732,498 3,326,565 2,836,317
0.000% R&D
0.000% Amortization Patents Intangibles
0.780% D&A SGA 0 0 0 0 0 0 0 0 0 0 0 509,905 509,226 127,341 36,531
0.000%
0.000%
0.000% Restructuring / Other
0.780% TOTAL OPERATING / OVERHEAD EXPENSE 2,087,209 2,199,340 2,227,432 2,334,471 2,362,564 2,750,537 2,950,995 3,065,486 3,205,407 3,441,140 3,681,694 4,191,115 4,241,724 3,453,906 2,872,848
Average PerCent of Revenue 29.610% 30.511% 28.452% 26.654% 24.869% 25.201% 25.652% 25.801% 26.482% 28.170% 29.813% 34.842% 38.013% 37.408% 36.514%
PerCent Change 2.772% 5.372% 1.277% 4.805% 1.203% 16.422% 7.288% 3.880% 4.564% 7.354% 6.991% 13.837% 1.208% ‐18.573% ‐16.823%
7.886% EARNINGS BEFORE EXTRAORDINARY ITEMS: 838,022 673,896 980,687 1,288,458 1,568,369 1,638,218 1,614,587 1,554,293 1,414,903 1,135,210 761,321 ‐87,135 ‐700,064 ‐335,825 ‐389,357
Other Items from Income-Expense Worksheet ‐27,210 ‐9,412 ‐4,568 ‐4,520 ‐1,119 0 0 0 0 0 0 0 0 1,062 18,221
Agg μ -0.018% Other Expense | (Income) | Royalty or Extraordinary Items
μ -0.026% ‐0.386% ‐0.131% ‐0.058% ‐0.052% ‐0.012% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.012% 0.232%
7.904% EBIT 865,232 683,308 985,255 1,292,978 1,569,488 1,638,218 1,614,587 1,554,293 1,414,903 1,135,210 761,321 ‐87,135 ‐700,064 ‐336,887 ‐407,578
Average %Rev 7.628% 9.479% 12.585% 14.763% 16.521% 15.009% 14.035% 13.082% 11.690% 9.293% 6.165% -0.724% -6.274% -3.649% -5.180%
PerCent Change -55.047% ‐21.026% 44.189% 31.233% 21.386% 4.379% ‐1.442% ‐3.734% ‐8.968% ‐19.768% ‐32.936% ‐111.445% ‐703.425% 51.878% ‐20.984%
INTEREST PAYMENTS
Interest Accounting from Income‐Expense Worksheet 0 0 0 0 0 4,159 1,140 50,458 87,458 69,555 65,661 69,474 64,789 ‐125 65,078
Agg μ 0.315% Interest Expense
μ 0 Estimated Cost of Debt 4.832% 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL INTEREST 0 0 0 0 0 4,159 1,140 50,458 87,458 69,555 65,661 69,474 64,789 ‐125 65,078
PerCent Change 6262.453% ‐72.590% 4326.140% 73.328% ‐20.470% ‐5.598% 5.807% ‐6.744% ‐100.193% 52162.400%
11,505,482 EARNINGS BEFORE TAXES 865,232 683,308 985,255 1,292,978 1,569,488 1,634,059 1,613,447 1,503,835 1,327,445 1,065,655 695,660 ‐156,609 ‐764,853 ‐336,762 ‐472,656
PROVISION FOR TAXES
4,629,077 302,424 258,185 385,222 501,645 579,951 596,271 591,157 546,361 485,956 380,547 270,802 ‐19,385 ‐151,037 ‐185,989 86,967
PerCent Change -46.392% ‐14.628% 49.204% 30.222% 15.610% 2.814% ‐0.858% ‐7.578% ‐11.056% ‐21.691% ‐28.839% ‐107.158% ‐679.144% ‐23.141% 146.759%
40.234% PerCent of EBT 34.953% 37.785% 39.099% 38.798% 36.952% 36.490% 36.639% 36.331% 36.608% 35.710% 38.927% 12.378% 19.747% 55.229% ‐18.400%
Dividends Paid on Preferred Stock or (Income) / Loss to Noncontrolling Interests
0 Extraneous Provisions
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
4.536% NET EARNINGS 562,808 425,123 600,033 791,333 989,537 1,037,788 1,022,290 957,474 841,489 685,108 424,858 ‐137,224 ‐613,816 ‐150,773 ‐559,623
PerCent Change ‐24.464% 41.143% 31.882% 25.047% 4.876% ‐1.493% ‐6.340% ‐12.114% ‐18.584% ‐37.987% ‐132.299% ‐347.310% 75.437% ‐271.169%
Net Earnings CAGR or IRR
Use row 96 and 97 to force adjustments in Worksheet
See Income‐Expense Worksheet Row 86 562,808 425,123 600,033 791,333 989,537 1,037,788 1,022,290 957,474 841,489 685,108 424,858 ‐137,224 ‐613,816 ‐150,773 ‐559,623
3.243% 3.243% D&A Add Back 157,770 175,601 184,232 183,820 183,873 194,728 220,116 239,193 273,947 290,914 313,107 848,730 851,737 468,253 330,157
D&A %Rev 2.238% 2.436% 2.353% 2.099% 1.936% 1.784% 1.913% 2.013% 2.263% 2.381% 2.535% 7.056% 7.633% 5.071% 4.196%
7.779% Net CashFlow to Firm 720,578 600,724 784,265 975,153 1,173,410 1,232,516 1,242,406 1,196,667 1,115,436 976,022 737,965 711,506 237,921 317,480 ‐229,466
Net FCFFirm %Revenue 10.222% 8.334% 10.018% 11.134% 12.352% 11.292% 10.800% 10.072% 9.216% 7.990% 5.976% 5.915% 2.132% 3.439% ‐2.917%
Estimated Capital Expenditure 216,855 221,759 240,846 269,448 292,256 335,778 353,910 365,515 372,366 375,808 379,916 370,056 343,284 284,046 242,046
4.702% Estimated Net Earnings | FCFInvestors 503,723 378,965 543,419 705,705 881,154 896,738 888,496 831,152 743,070 600,214 358,049 341,450 ‐105,363 33,434 ‐471,512
Net FCFInvestors %Revenue 7.146% 5.257% 6.941% 8.057% 9.275% 8.216% 7.723% 6.996% 6.139% 4.913% 2.899% 2.839% ‐0.944% 0.362% ‐5.993%
CAGR or IRR Estimated Net Earnings | FCFInvestors
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|IncStmntReview 07/19/2022 11:14 | Page 2 of 17

Income‐Expense Worksheet
BBBY: Bed Bath & Beyond | FEIN: 11‐2250488 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1,000 $USD
Revenue Worksheet
7,048,942 7,208,340 7,828,793 8,758,503 9,499,890 10,914,585 11,503,963 11,881,176 12,103,887 12,215,757 12,349,301 12,028,797 11,158,580 9,233,028 7,867,778
REVENUE CALCULATION 7,048,942 7,208,340 7,828,793 8,758,503 9,499,890 10,914,585 11,503,963 11,881,176 12,103,887 12,215,757 12,349,301 12,028,797 11,158,580 9,233,028 7,867,778
CoGS Worksheet
Line Worker Wage (If Applicable)
4,123,711 4,335,104 4,620,674 5,135,574 5,568,957 6,525,830 6,938,381 7,261,397 7,483,577 7,639,407 7,906,286 7,924,817 7,616,920 6,114,947 5,384,287
CoGS CALCULATION 4,123,711 4,335,104 4,620,674 5,135,574 5,568,957 6,525,830 6,938,381 7,261,397 7,483,577 7,639,407 7,906,286 7,924,817 7,616,920 6,114,947 5,384,287
2,925,231 2,873,236 3,208,119 3,622,929 3,930,933 4,388,755 4,565,582 4,619,779 4,620,310 4,576,350 4,443,015 4,103,980 3,541,660 3,118,081 2,483,491
COMPLEX D&A CoGS (Production Capital)
Depreciation Depletion Amortization (CoGS) 157,770 175,601 184,232 183,820 183,873 194,728 220,116 239,193 273,947 290,914 313,107 338,825 342,511 340,912 293,626
Asset Impairments (CoGS)
TOTAL COMPLEX D&A (Posts to CoGS) 157,770 175,601 184,232 183,820 183,873 194,728 220,116 239,193 273,947 290,914 313,107 338,825 342,511 340,912 293,626
COMPLEX SGA (Administrative Expense)
2,087,209 2,199,340 2,227,432 2,334,471 2,362,564 2,750,537 2,950,995 3,065,486 3,205,407 3,441,140 3,681,694 3,681,210 3,732,498 3,224,363 2,692,292
Restructuring 0 102,202 144,025
Gain on Sale of Business
TOTAL COMPLEX SGA (Posts to Administrative Expense) 2,087,209 2,199,340 2,227,432 2,334,471 2,362,564 2,750,537 2,950,995 3,065,486 3,205,407 3,441,140 3,681,694 3,681,210 3,732,498 3,326,565 2,836,317
562,808 425,123 600,033 791,333 989,537 1,037,788 1,022,290 957,474 841,489 685,108 424,858 ‐137,224 ‐613,816 ‐150,773 ‐559,623
COMPLEX D&A SGA (Administrative Capital)
Goodwill Impairment Charges
509,905 509,226 127,341 36,531
TOTAL OTHER COMPLEX D&A SGA 0 0 0 0 0 0 0 0 0 0 0 509,905 509,226 127,341 36,531
OTHER INCOME / (LOSS)
Gain / (Loss) on Sale of Property and/or Facility (If Applicable )
Interest Receivable (If Applicable ) 27,210 9,412 4,568 4,520 1,119 0 0 0 0 0 0
Other Income, net
Gain (Loss) on Sale of Business ‐1,062 ‐18,221
TOTAL OTHER INCOME (LOSS) 27,210 9,412 4,568 4,520 1,119 0 0 0 0 0 0 0 0 ‐1,062 ‐18,221
INTEREST EXPENSE
0 0 0 0 0 4,159 1,140 50,458 87,458 69,555 65,661 69,474 64,789 76,913 64,702
Loss (gain) on extinguishment of debt 0 ‐77,038 376
TOTAL INTEREST EXPENSE 0 0 0 0 0 4,159 1,140 50,458 87,458 69,555 65,661 69,474 64,789 ‐125 65,078
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|Income‐Expense Worksheet 07/19/2022 11:14 | Page 3 of 17

BBBY: Bed Bath & Beyond | FEIN: 11‐2250488 BalShtReview
1,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CURRENT ASSETS
Cash 224,084 668,209 1,096,100 1,183,587 1,003,166 564,971 366,516 875,574 515,573 488,329 346,140 508,971 1,000,340 1,352,984 439,496
Trade Accounts Receivable
Short Term Factor Financing Receivable
Accounts Receivable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Inventories 1,616,981 1,642,339 1,759,703 1,968,907 2,071,890 2,466,214 2,578,956 2,731,881 2,848,119 2,905,660 2,730,874 2,618,922 2,093,869 1,671,909 1,725,410
Investments in Securities / Short‐term Securities 2,000 431,476 605,608 756,389 449,933 489,331 109,992 86,197 378,039 485,799 385,642
Deferred Tax
PrePaid Expenses and Other Current 238,646 250,251 276,066 315,736 311,494 386,367 379,807 366,156 376,073 197,912 516,025 296,280 248,342 595,152 198,248
Assets held for sale 98,092
TOTAL CURRENT ASSETS 2,079,711 2,562,799 3,563,345 4,073,838 4,142,939 3,867,485 3,814,610 4,083,603 3,825,962 3,591,901 3,971,078 3,909,972 3,826,285 3,620,045 2,363,154
NON-CURRENT ASSETS (i.e. LONG-TERM ASSETS)
Property Plant and Equipment (Acquisition Basis) 2,000,185 2,202,232 2,357,628 2,538,371 2,807,113 3,270,466 3,602,412 3,936,281 4,256,191 4,656,991 5,040,923 5,340,123 3,439,598 2,604,506 2,856,862
Accumulated Depreciation 878,279 1,053,797 1,238,336 1,422,074 1,608,858 1,803,799 2,022,608 2,259,581 2,531,148 2,819,862 3,131,634 3,487,032 2,008,994 1,686,088 1,829,475
Property Plant and Equipment (Net of Depreciation)
PPE (Net) 1,121,906 1,148,435 1,119,292 1,116,297 1,198,255 1,466,667 1,579,804 1,676,700 1,725,043 1,837,129 1,909,289 1,853,091 1,430,604 918,418 1,027,387
Goodwill 483,518 486,279 486,279 487,169 697,085 716,283 391,052 0
Intangible (Other Intangible)
TOTAL GOODWILL AND INTANGIBLE OTHER 0 0 0 0 0 483,518 486,279 486,279 487,169 697,085 716,283 391,052 0 0 0
Long‐term Marketable Securities 326,004 221,134 132,860 121,446 95,785 77,325 87,393 97,160 71,289 89,592 19,517 20,010 20,380 19,545 19,212
316,472 336,475 336,633 334,612 287,567 384,957 387,947 415,251 389,477 606,948 424,639
Operating Lease 0 2,006,966 1,587,101 1,562,857
Other Assets 396,416 506,280 311,821 157,962
TOTAL NON-CURRENT ASSETS 1,764,382 1,706,044 1,588,785 1,572,355 1,581,607 2,412,467 2,541,423 2,675,390 2,672,978 3,230,754 3,069,728 2,660,569 3,964,230 2,836,885 2,767,418
TOTAL ASSETS 3,844,093 4,268,843 5,152,130 5,646,193 5,724,546 6,279,952 6,356,033 6,758,993 6,498,940 6,822,655 7,040,806 6,570,541 7,790,515 6,456,930 5,130,572
CURRENT LIABILITIES
Accounts Payable 570,605 514,734 611,163 709,550 752,064 913,365 1,104,668 1,156,368 1,100,958 1,179,088 1,197,504 1,094,078 944,194 986,045 872,445
Current Portion of Debt
Accrued Expenses 258,989 247,508 281,730 306,847 329,174 393,094 385,954 403,547 409,445 484,114 633,100 623,734 675,776 636,329 529,371
Accrued Taxes Payable 13,266 25,105 83,857 112,982 48,246 77,270 65,121 76,606 58,892 59,821 20,498
Unearned Revenue 171,252 165,621 172,804 193,061 209,646 251,481 284,216 306,160 297,930 309,478 335,081
Merchandise Credit and Gift Card Liabilities 339,322 340,407 312,486 326,465
Current Operating Lease Liabilities 463,005 360,061 346,506
43,144
Liabilities related to assets held‐for‐sale
Dividend Payable
TOTAL CURRENT LIABILITIES 1,014,112 952,968 1,149,554 1,322,440 1,339,130 1,635,210 1,839,959 1,942,681 1,867,225 2,032,501 2,165,685 2,077,632 2,466,526 2,294,921 2,074,787
LONG-TERM LIABILITIES
Notes payable / Long‐term Debt 1,500,000 1,500,000 1,491,603 1,492,078 1,487,934 1,488,400 1,190,363 1,179,776
Long‐term Tax Liabilities 75,375 88,212 103,399 99,730 123,622 80,144 87,791 79,985 72,807 67,971 62,823 49,235 46,945 102,664 91,424
Deferred Rent and Other Liabilities 192,778 227,209 246,273 292,364 339,266 484,868 486,996 493,137 499,368 511,303 431,592 395,409 204,926 82,279 102,438
Other Liabilities
Operating Lease Liabilities 1,818,783 1,509,767 1,508,002
TOTAL LONG-TERM LIABILITIES 268,153 315,421 349,672 392,094 462,888 565,012 574,787 2,073,122 2,072,175 2,070,877 1,986,493 1,932,578 3,559,054 2,885,073 2,881,640
TOTAL LIABILITIES 1,282,265 1,268,389 1,499,226 1,714,534 1,802,018 2,200,222 2,414,746 4,015,803 3,939,400 4,103,378 4,152,178 4,010,210 6,025,580 5,179,994 4,956,427
SHAREHOLDERS EQUITY Goal‐Seek Adjust Capital Paid‐In and Share count total to Par  $USD 1.00
Preferred Stock:A @ par  $USD 1.00
Preferred Stock:B @ par  $USD 1.00
Preferred Stock:C @ par  $USD 1.00
Preferred Stock:D @ par  $USD 1.00
Common Stock @ par  $USD 1.00 258,920 259,701 262,898 251,666 235,515 221,489 205,405 174,178 156,690 146,274 140,498 132,233 126,526 109,621 81,979
Treasury Stock @ par  $USD 1.00 162,489 162,489 162,489 162,489 162,489 162,489 162,489 162,489 162,489 162,489 162,489 210,349 217,155 233,620 262,167
Additional Capital Paid‐In ‐1,588,309 ‐1,572,117 ‐1,528,165 ‐2,033,883 ‐3,009,421 ‐3,873,379 ‐5,008,662 ‐7,104,540 ‐8,099,506 ‐8,546,126 ‐8,709,566 ‐8,836,528 ‐8,888,663 ‐9,235,958 ‐9,790,078
Deferred Compensation
Accumulated Comprehensive Income / (Loss) ‐1,038 ‐4,540 728 5,100 ‐1,879 ‐4,320 ‐13,847 ‐42,313 ‐54,998 ‐47,250 ‐48,296 ‐58,610 ‐64,909 ‐55,600 ‐46,014
Retained Earnings / Accumulated Other Comprehensive Income 3,729,766 4,154,921 4,754,954 5,546,287 6,535,824 7,573,451 8,595,902 9,553,376 10,394,865 11,003,890 11,343,503 11,112,887 10,374,826 10,225,253 9,666,091
Other Equity
NonControlling Interests
TOTAL SHAREHOLDERS EQUITY 2,561,828 3,000,454 3,652,904 3,931,659 3,922,528 4,079,730 3,941,287 2,743,190 2,559,540 2,719,277 2,888,628 2,560,331 1,764,935 1,276,936 174,145
TOTAL LIABILITIES AND SE 3,844,093 4,268,843 5,152,130 5,646,193 5,724,546 6,279,952 6,356,033 6,758,993 6,498,940 6,822,655 7,040,806 6,570,541 7,790,515 6,456,930 5,130,572
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|BalShtReview 07/19/2022 11:14 | Page 4 of 17

BBBY: Bed Bath & Beyond | FEIN: 11‐2250488 CAPEXCalc
IRR; CAGR Aggregated 1,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
17.890%
Working Capital [Current
Assets - Current Liabilities]
1,065,599 1,609,831 2,413,791 2,751,398 2,803,809 2,232,275 1,974,651 2,140,922 1,958,737 1,559,400 1,805,393 1,832,340 1,359,759 1,325,124 288,367
PerCent of Revenue 15.117% 22.333% 30.832% 31.414% 29.514% 20.452% 17.165% 18.019% 16.183% 12.765% 14.619% 15.233% 12.186% 14.352% 3.665%
4.644%  Working Capital ‐544,232 ‐803,960 ‐337,607 ‐52,411 571,534 257,624 ‐166,271 182,185 399,337 ‐245,993 ‐26,947 472,581 34,635 1,036,757
0.300%  Working Capital %Rev ‐7.550% ‐10.269% ‐3.855% ‐0.552% 5.236% 2.239% ‐1.399% 1.505% 3.269% ‐1.992% ‐0.224% 4.235% 0.375% 13.177%
12.200% -1.652%
CAPEX =  Total Assets - 
Total Liabilities
438,626 652,450 278,755 ‐9,131 157,202 ‐138,443 ‐1,198,097 ‐183,650 159,737 169,351 ‐328,297 ‐795,396 ‐487,999 ‐1,102,791
-1.453% CAPEX %Rev 6.085% 8.334% 3.183% ‐0.096% 1.440% ‐1.203% ‐10.084% ‐1.517% 1.308% 1.371% ‐2.729% ‐7.128% ‐5.285% ‐14.017%
3.076%
CAPEX = PPECurrent - PPELast +
Depreciation
202,130 155,089 180,825 265,831 463,140 333,253 336,089 322,290 403,000 385,267 792,532 429,250 ‐43,933 439,126
3.160% CAPEX %Rev 2.804% 1.981% 2.065% 2.798% 4.243% 2.897% 2.829% 2.663% 3.299% 3.120% 6.589% 3.847% ‐0.476% 5.581%
42.123% 28.292% CAPEX %FCFFirm 33.648% 19.775% 18.543% 22.655% 37.577% 26.823% 28.085% 28.894% 41.290% 52.207% 111.388% 180.417% ‐13.838% ‐191.369%
[Agg CapEx]/[Agg Rev] 3.226%
Net Operating Working Capital
[Alt Calc]
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
+ Total Current Assets 2,079,711 2,562,799 3,563,345 4,073,838 4,142,939 3,867,485 3,814,610 4,083,603 3,825,962 3,591,901 3,971,078 3,909,972 3,826,285 3,620,045 2,363,154
‐ Investments In Securities ‐2,000 ‐431,476 ‐605,608 ‐756,389 ‐449,933 ‐489,331 ‐109,992 ‐86,197 ‐378,039 ‐485,799 ‐385,642
‐ Factor Trade Financing
Receivable
‐ Current Liabilities ‐1,014,112 ‐952,968 ‐1,149,554 ‐1,322,440 ‐1,339,130 ‐1,635,210 ‐1,839,959 ‐1,942,681 ‐1,867,225 ‐2,032,501 ‐2,165,685 ‐2,077,632 ‐2,466,526 ‐2,294,921 ‐2,074,787
+ Current Portion of Debt
15.132% Net Operating Working Capital 1,065,599 1,607,831 1,982,315 2,145,790 2,047,420 1,782,342 1,485,320 2,030,930 1,872,540 1,559,400 1,427,354 1,346,541 974,117 1,325,124 288,367
PerCent of Revenue 15.117% 22.305% 25.321% 24.500% 21.552% 16.330% 12.911% 17.094% 15.471% 12.765% 11.558% 11.194% 8.730% 14.352% 3.665%
 Working Capital ‐542,232 ‐374,484 ‐163,475 98,370 265,078 297,022 ‐545,610 158,390 313,140 132,046 80,813 372,424 ‐351,007 1,036,757
0.513% 0.401%  Working Capital %Rev ‐7.522% ‐4.783% ‐1.866% 1.035% 2.429% 2.582% ‐4.592% 1.309% 2.563% 1.069% 0.672% 3.338% ‐3.802% 13.177%
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|CAPEXCalc 07/19/2022 11:14 | Page 5 of 17

Statement of Cash Flows
CashFlows
1,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CashFlow from Operating Activities: CFO 56,492 ‐19,695 637,546 1,120,999 1,808,209 1,501,170 1,080,854 1,385,079 1,444,914 557,633 754,033 775,291 351,990 872,369
Indirect Method
Net Income 562,808 425,123 600,033 791,333 989,537 1,037,788 1,022,290 957,474 841,489 685,108 424,858 ‐137,224 ‐613,816 ‐150,773 ‐559,623
Adjustments
D&A 157,770 175,601 184,232 183,820 183,873 194,728 220,116 239,193 273,947 290,914 313,107 848,730 851,737 468,253 330,157
Deferred Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decrease / (Increase) in Accounts Receivables 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Increase / (Decrease) in Inventories ‐25,358 ‐117,364 ‐209,204 ‐102,983 ‐394,324 ‐112,742 ‐152,925 ‐116,238 ‐57,541 174,786 286,738 811,791 1,233,751 893,512
Increase / (Decrease) in Accounts Payable 55,871 ‐96,429 ‐98,387 ‐42,514 ‐161,301 ‐191,303 ‐51,700 55,410 ‐78,130 ‐18,416 85,010 234,894 193,043 221,633
Increase / (Decrease) in Accrued Interest Receivable
Gain / (Loss) on Sale of Property
CashFlow from Investing Activities: CFI 631,237 570,472 667,562 1,027,913 676,891 938,361 992,042 1,054,608 840,351 894,335 1,083,254 1,284,606 1,744,274
Indirect Method
Cash from Sale of Marketable Securities 102,870 324,916 369,572 49,666 67,894 99,787 386,477 333
Cash from Sale of Land
Cash from Sale of Other Assets 29,944 1,889,634 45,893
Purchase of Plant & Equipment ‐35,550 ‐51 ‐90,115 ‐292,280 ‐131,301 ‐131,490 ‐65,490 ‐135,144 ‐115,786 ‐732,645
CashFlow from Financing Activities: CFF ‐35,550 29,944 ‐51 234,801 ‐292,280 238,271 ‐81,824 2,404 ‐135,144 ‐115,786 1,989,421 ‐346,168 46,226
Indirect Method
Cash from Sale of Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Sale of Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Interest Paid for Debt 0 0 0 0 0 ‐4,159 ‐1,140 ‐50,458 ‐87,458 ‐69,555 ‐65,661 ‐69,474 ‐64,789 125 ‐65,078
Cash Paid to Redeem Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash paid for Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|CashFlows 07/19/2022 11:14 | Page 6 of 17

Complex Debt
ForEx Carrying Conversion 1,000 $USD Currency Purchases $USD
Currency Value Rate Long-Term Debt Australian Dollar AUD NA
MatDate Coupon Value Annual Canadian Dollar CND NA
USD 300.000 1.00000 2024‐08‐01 3.749% 300.000 11 Chinese Yuan CNY NA
USD 300.000 1.00000 2034‐08‐01 4.915% 300.000 15 European Union EUR 1.00806
USD 900.000 1.00000 2044‐08‐01 5.165% 900.000 46 Korean Won KRW NA
USD 1.00000 2023‐12‐31 7.500% 0.000 0 South Africa Rand ZAR NA
USD 1.00000 2023‐12‐31 5.250% 0.000 0 Swiss CHF NA
USD 1.00000 2024‐12‐31 5.875% 0.000 0 US Dollar USD 1.00000
USD 1.00000 2024‐12‐31 4.500% 0.000 0
USD 1.00000 2024‐12‐31 7.875% 0.000 0
USD 1.00000 2025‐12‐31 7.950% 0.000 0
USD 1.00000 2025‐12‐31 5.600% 0.000 0
USD 1.00000 2025‐12‐31 4.750% 0.000 0
USD 1.00000 2026‐12‐31 5.000% 0.000 0
USD 1.00000 2026‐12‐31 2.370% 0.000 0
USD 1.00000 2027‐12‐31 2.950% 0.000 0
USD 1.00000 2027‐12‐31 3.100% 0.000 0
USD 1.00000 2028‐12‐31 6.440% 0.000 0
USD 1.00000 2028‐12‐31 2.070% 0.000 0
USD 1.00000 2028‐12‐31 2.020% 0.000 0
USD 1.00000 2028‐12‐31 2.110% 0.000 0
USD 1.00000 2028‐12‐31 3.620% 0.000 0
USD 1.00000 2028‐12‐31 2.530% 0.000 0
USD 1.00000 2028‐12‐31 2.480% 0.000 0
USD 1.00000 2029‐12‐31 2.500% 0.000 0
USD 1.00000 2029‐12‐31 3.380% 0.000 0
EUR 1.00806 2030‐12‐31 1.900% 0.000 0
USD 1.00000 2030‐12‐31 3.090% 0.000 0
EUR 1.00806 2031‐12‐31 1.540% 0.000 0
USD 1.00000 2037‐12‐31 5.730% 0.000 0
USD 1.00000 2040‐12‐31 3.100% 0.000 0
USD 1.00000 2041‐12‐31 3.100% 0.000 0
USD 1.00000 2044‐12‐31 4.050% 0.000 0
USD 1.00000 2044‐12‐31 3.100% 0.000 0
USD 1.00000 2046‐12‐31 3.370% 0.000 0
USD 1.00000 2047‐12‐31 3.680% 0.000 0
USD 1.00000 2048‐12‐31 4.070% 0.000 0
USD 1.00000 2048‐12‐31 3.780% 0.000 0
USD 1.00000 2049‐12‐31 3.370% 0.000 0
USD 1.00000 2050‐12‐31 3.720% 0.000 0
USD 1.00000 2022‐12‐31 0.190% 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
…
1,500.000 72
4.832%
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|Complex Debt 07/19/2022 11:14 | Page 7 of 17

BBBY: Bed Bath & Beyond | FEIN: 11‐2250488 WACCCalc ACCOUNT FOR CURRENT AND LONG‐TERM LIABILITIES Yes
DCF analysis will deduct the total value of
liabilities from the firm's cash position.
Functional Currency: 1,000 $USD DCF ACCOUNTS FOR CASH AND ALL OTHER ASSETS (YES); ONLY CASH AND SHORT‐TERM (NO) No
To assess liquidity at T₀, DCF analysis will
deduct Balance Sheet Liabilities from Cash +
Short‐term securities.
Debt B Calculations [for Weighted Average Cost of Debt]: FIRE SALE VALUE FOR ASSETS OTHER THAN CASH: 85.000%
1,000
Long-Term Debt COST OF DEBT 4.832%
MatDate Coupon Value Annual TAX ADJUSTED 3.817%
2018‐09‐01 8.000% 0 OUTSTANDING DEBT OBLIGATIONS 4,956,427
2.700% 0 0 $USD CURRENCY COST OF DEBT ISSUE. 5,145,620
1.550% 0 0
6.800% 0 0
2.250% 0 0 COST OF PREFERRED STOCK 0.000%
2.960% 0 0 WEIGHTED MARKET PRICE OF PREFERRED STOCK 0.000
2.400% 0 0 WEIGHTED AVERAGE OF OUTSTANDING PREFERRED STOCK 0
2.150% 0 0 $USD CURRENCY COST OF PREFERRED CAPITAL. 0
2.400% 0 0
2.850% 0 0
2.550% 0 0 MARKET PRICE OF COMMON STOCK 5.360
3.500% 0 0 RECENT SHARES OUT 79,960
4.625% 0 0 OUTSTANDING COMMON STOCK: ESTIMATETTM = AVG(RECENT,10K FIGURE) 212,053 Adjusted for Treasury Stock
4.540% 0 RETAINED EARNINGS 9,666,091
4.580% 0 $USD CURRENCY COST OF COMMON CAPITAL: CAPITALIZATION. 782,595 174,145 BALANCE SHEET SE
1.920% 0
2.610% 0 DIVIDEND IN $USD 0.000
2.840% 0 DIVIDEND YIELD RATE 0.000%
4.150% 0 ONE YR EXPECTED $USD RETURN PER SHARE = [MARKET PRICE X (1+ER)] + DIVIDEND 6.109
1.890% 0 ACTUAL RETURN ON EQUITY: ER for TTM ‐321.355% 10.000% TTM VALUE
EXPECTED RETURN ON EQUITYUPPER: Including Risk Premium ‐100.452% MEAN OF FINANCIALS AND TTM
0 0 GORDON DIVIDEND RoE IMPUTED ke 13.982%
Cost of Long Term Debt 0.000% HISTORICAL 2.000
CAPM FOR COMMON STOCK E(ri) = rf + [E(rm)-rf] LOWER 13.982%
Long Term Debt 1,500 ESTIMATE THE COST OF EQUITY ON EXPECTED RoE OR CAPM?
WAAC
CAPMKe
Cost 4.83% WACC MEAN 5.159%
Short Term Debt 346,506
Cost 0.00% ESTIMATED SHORT-TERM RISK FREE RATE: T-BILL OR OTHER 2.850%
Revolving Debt 0 OVERALL HISTORIC MARKET RETURN 8.416%
Cost 0.00%
PERPETUITY GROWTH RATE = INFLATION 2.500%
Average Debt Cost 4.832%
PERPETUITY DISCOUNT FACTORWACC-PERPETUITY GROWTH RATE 2.659%
WACC Monte 5.159%
TIME HORIZON (YEARS) FOR SCENARIO 10
CAPM Target Price in 1 Years: 6.109
DCF PROJECTED PRICE PER SHARE AT THESE VARIABLES: 37.829
AVERAGE INTERNAL REVENUE GROWTH RATE TIMET-10,T 0.788%
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|WACCCalc 07/19/2022 11:14 | Page 8 of 17

Variables Monetary Values In 1,000 $USD (Except Per Share Values).
BBBY: Bed Bath & Beyond | FEIN: 11‐2250488 Currency $USD Note: This sheet carries decimals to 3 places: 0.000 .
Bed Bath & Beyond Inc., together with its subsidiaries, operates a chain of retail stores. It sells a range of domestics merchandise, including bed linens and related
items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings,
consumables, and various juvenile products. It also provides various textile products, amenities, and other goods to institutional customers in the hospitality, cruise
line, healthcare, and other industries. (FY: 2018‐03‐08)
User may vary input into shaded cells. Complete the IncStmntReview and BalShtReview worksheets. Complete this page; then run your simulation here.
The most recent FY end (type year): 2022 Adjust Base Year for TTM Estimate Yes
Calculate Statistics through FY: 2022
Mean Historical Alternate 10.000% Coefficient of Variation Target Cut-off
Variables Estimate STDEV Rate
Revenue Growth Rate 1.200% 9.259% 0.788% High deviation. Coefficient of Variation=771.62% Use an alternate rate.
Alternative Revenue Growth RateDCF 0.00000% 0.000% 0.00% + / -  Growth Per Annum Monte Carlo DCF:  $USD BBBY: Bed Bath & Beyond | FEIN: 11-2250488
Projected Growth Rate Y1     0.000% 0.000% Use Alternate Rates: Yes 0.000% 0.000%
AGGR
CoGS : f(Revenue) 59.738% 3.011% 59.925% 59.925%
Depreciation/Amortization [COGs] : f(Revenue) 3.194% 1.911% 2.462% 2.462% High deviation. Coefficient of Variation=59.82% Use an alternate rate.
SGA (Only) : f(Revenue) 29.156% 3.686% 28.946% 28.946% High deviation. Coefficient of Variation=12.64% Use an alternate rate.
R&D : f(Revenue) 0.000% 0.000% 0.000% 0.000% 0.000%
Depreciation/Amortization [SGA] : f(Revenue) 0.710% 1.544% 0.780% 0.780% High deviation. Coefficient of Variation=217.49% Use an alternate rate.
Total Other Overhead : f(Revenue) 0.710% 1.544% 0.710% 0.780% Operating expense has a high deviation=217.49% Check rates of member elements.
Other Expense (Income) : f(Revenue) -0.026% 0.124% ‐0.018% ‐0.018% High deviation. Coefficient of Variation=471.00% Use an alternate rate.
Interest Expense (Income) : f(Revenue) 0.285% 0.321% 1.250% 0.315% 1.250% High deviation. Coefficient of Variation=112.56% Use an alternate rate.
Tax Rate : f(EBT) 31.816% 16.735% 21.000% 40.234% High deviation. Coefficient of Variation=52.60% Use an alternate rate.
Capital Expenditures : f(Revenue) 3.160% 1.659% 3.076% 3.076% High deviation. Coefficient of Variation=52.50% Use an alternate rate.
Δ Working Capital : f(Revenue) 0.513% 4.996% 0.000% 0.401% High deviation. Coefficient of Variation=974.57% Use an alternate rate.
Working Capital : f(Revenue) 18.257% 7.618% 17.890% 17.890% High deviation. Coefficient of Variation=41.72% Use an alternate rate.
Equity Minority Interest : f(Revenue) 0.000% 0.000% 0.000% 0.000%
Financial Ratios | FY 2022
Current 1.13898632
Acid Test 0.21182705 No Include Accounts Receivable?
Debt:Equity 28.4614947
Debt:Debt+Equity 0.96605739
RoA (Adjusted for D&A) -0.1090761
RoE -3.2135462
Gordon Dividend Payout Model:
Book Value of the Firm $USD1,000 174,145
Book Value Per Share BV0 2.178
Dividend Growth Rate (Gordon Model) gn 16.707% 0.000% Δ KE : [CAPM - Gordon]
ke = [(RoE - gn ) X (BV0 / P0)] + gn 13.982% No Actual RoE (Yes); Expected RoE (No)
P0/BV0 = PBV = [(RoE-gn)/(ke-gn) 2.46108473
Price Multiple : BV0 2.461
Forecast Share Price From Multiple X BV0 5.360
Static Model: DCF Valuation Per Share 37.829 Growth Rate: 0.00% less 0.00% each subsequent year after T₁.
$USD 37.829
VARIABLES FOR WACC CALCULATIONS
Market and CAPM Modelling 2.850% Risk‐Free Rate (T‐Bill/Bond/Note, LIBOR or other imputed rate)
8.416% Overall historic Market Return
Equity Share Variables 5.360 Current Market Price of Common Stock
0.000 Dividend, if applicable
2.000  eta
10.000% Return on Equity TTM
10.000% Expected Return on Equity
79,960.000 Current Shares Outstanding (diluted) Including Treasury Holdings in 1,000's
Preferred Share Variables Current Market Price of Preferred Stock: A, if applicable
0 Current shares outstanding 1,000
Preferred: A stock coupon
Current Market Price of Preferred Stock: B, if applicable
Preferred: B stock coupon
Current Market Price of Preferred Stock: C, if applicable
Preferred: C stock coupon
Current Market Price of Preferred Stock: D, if applicable
Preferred: D stock coupon
0 Weighted Number of Preferred Shares Outstanding
0.000% Weighted Cost (Coupon) of Preferred Shares Outstanding
0.000 Weighted Market Price of Preferred
Perpetuity Growth Rate Inflation Long‐term Growth Rate (for perpetuity model)
2.500% Long‐Term Inflation Rate
3.580% Average Long‐Term Inflation Rate: U.S.A.
13.982% CAPM KE
Basis of WACC Calculation
WAAC
CAPMKe
CALCULATE DISCOUNT RATE VARYING EQUITY WEIGHTING:
WACC, CAPM, GORDON RoE, AVERAGE OF CAPM AND GORDON RoE?
Yes VARY WACC AROUND ITS MEAN?
2.000% AT THIS COEFFICIENT OF VARIATION (  PERCENT OF THE MEAN).
5.159% WACC FOR SIMULATION
ALTERNATE PLUG FOR WACC DISCOUNT FACTOR
Forecast Results Summary Per Share P/E Valuation 15.000 PE Forward
6.109 CAPM Valuation No Revenue Growth
5.360 BV0 Multiple Valuation
37.829 Static DCF Valuation
38.628 Monte Carlo DCF  Valuation
21.982   of All Models Valuation
Monte Carlo Analysis: 38.628 Monte Carlo DCF  2.500 
256.602 Monte Carlo Upper 256.602
(260.018) Monte Carlo Lower (260.018)
516.619 Monte Carlo Range
1337.429% Range:Mean
Student's t Distribution
The header (top) is higher | lower than the complement (left).
Ratio Comparison of the Models P/E CAPM Gordon BV0 Static DCF MC DCF  Models
P/E
CAPM 0.000% ‐12.267% 519.197% 532.265% 259.799%
Gordon BV0 13.982% 0.000% 605.773% 620.668% 310.106%
Static DCF ‐83.850% ‐85.831% 0.000% 2.111% ‐41.893%
MC DCF ‐84.184% ‐86.124% ‐2.067% 0.000% ‐43.094%
 Models ‐72.207% ‐75.616% 72.095% 75.727% 0.000%
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|Variables 07/19/2022 11:14 | Page 9 of 17

Type alternative annual growth rates here:
BBBY: Bed Bath & Beyond | FEIN: 11‐2250488: Monte Carlo: Valuation Per Share | $USD Mask Monetary Values In 1,000 $USD (Except Per Share Values).
1,000 $USD Revenue Growth Rate2023 Revenue Growth Rate2024 Revenue Growth Rate2025 Revenue Growth Rate2026 Revenue Growth Rate2027 Revenue Growth Rate2028 Revenue Growth Rate2029 Revenue Growth Rate2030 Revenue Growth Rate2031 Revenue Growth Rate2032 Revenue Growth Rate2033
Projection Base [FY] Year T0 2022 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Revenue Growth Rate 2023 00.0% Revenue Growth Rate 2024 00.0% Revenue Growth Rate 2025 00.0% Revenue Growth Rate 2026 00.0% Revenue Growth Rate 2027 00.0% Revenue Growth Rate 2028 00.0% Revenue Growth Rate 2029 00.0% Revenue Growth Rate 2030 00.0% Revenue Growth Rate 2031 00.0% Revenue Growth Rate 2032 00.0% Revenue Growth Rate 2033 00.0%
0.000% 0.000% Random Growth Rate
Sequential Reduction 0.000% Alternate Coefficient of Variability 10.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Timet0 Timet+1 Timet+2 Timet+3 Timet+4 Timet+5 Timet+6 Timet+7 Timet+8 Timet+9 Timet+10 Timet+11
Projection TimeT1
7,867,778 MONTE CARLO REVENUE 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778
CoGS : f(Revenue)2023 CoGS : f(Revenue)2024 CoGS : f(Revenue)2025 CoGS : f(Revenue)2026 CoGS : f(Revenue)2027 CoGS : f(Revenue)2028 CoGS : f(Revenue)2029 CoGS : f(Revenue)2030 CoGS : f(Revenue)2031 CoGS : f(Revenue)2032 CoGS : f(Revenue)2033
59.925% 5.992%
CoGS: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [COGs] : f(Revenue)2023 Depreciation/Amortization [COGs] : f(Revenue)2024 Depreciation/Amortization [COGs] : f(Revenue)2025 Depreciation/Amortization [COGs] : f(Revenue)2026 Depreciation/Amortization [COGs] : f(Revenue)2027 Depreciation/Amortization [COGs] : f(Revenue)2028 Depreciation/Amortization [COGs] : f(Revenue)2029 Depreciation/Amortization [COGs] : f(Revenue)2030 Depreciation/Amortization [COGs] : f(Revenue)2031 Depreciation/Amortization [COGs] : f(Revenue)2032 Depreciation/Amortization [COGs] : f(Revenue)2033
2.462% 0.246%
D&A (Production): 0.00% 0 0 0 0 0 0 0 0 0 0 0
GROSS MARGIN: 100.00% 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778
SGA (Only) : f(Revenue)2023 SGA (Only) : f(Revenue)2024 SGA (Only) : f(Revenue)2025 SGA (Only) : f(Revenue)2026 SGA (Only) : f(Revenue)2027 SGA (Only) : f(Revenue)2028 SGA (Only) : f(Revenue)2029 SGA (Only) : f(Revenue)2030 SGA (Only) : f(Revenue)2031 SGA (Only) : f(Revenue)2032 SGA (Only) : f(Revenue)2033
28.946% 2.895% Administrative Costs:
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
R&D : f(Revenue)2023 R&D : f(Revenue)2024 R&D : f(Revenue)2025 R&D : f(Revenue)2026 R&D : f(Revenue)2027 R&D : f(Revenue)2028 R&D : f(Revenue)2029 R&D : f(Revenue)2030 R&D : f(Revenue)2031 R&D : f(Revenue)2032 R&D : f(Revenue)2033
0.000% 0.000%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [SGA] : f(Revenue)2023 Depreciation/Amortization [SGA] : f(Revenue)2024 Depreciation/Amortization [SGA] : f(Revenue)2025 Depreciation/Amortization [SGA] : f(Revenue)2026 Depreciation/Amortization [SGA] : f(Revenue)2027 Depreciation/Amortization [SGA] : f(Revenue)2028 Depreciation/Amortization [SGA] : f(Revenue)2029 Depreciation/Amortization [SGA] : f(Revenue)2030 Depreciation/Amortization [SGA] : f(Revenue)2031 Depreciation/Amortization [SGA] : f(Revenue)2032 Depreciation/Amortization [SGA] : f(Revenue)2033
0.780% 0.078%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Other Expense (Income) : f(Revenue)2023 Other Expense (Income) : f(Revenue)2024 Other Expense (Income) : f(Revenue)2025 Other Expense (Income) : f(Revenue)2026 Other Expense (Income) : f(Revenue)2027 Other Expense (Income) : f(Revenue)2028 Other Expense (Income) : f(Revenue)2029 Other Expense (Income) : f(Revenue)2030 Other Expense (Income) : f(Revenue)2031 Other Expense (Income) : f(Revenue)2032 Other Expense (Income) : f(Revenue)2033
-0.018% 0.002%
Other: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBIT: 100.00% 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778
Interest Expense (Income) : f(Revenue)2023 Interest Expense (Income) : f(Revenue)2024 Interest Expense (Income) : f(Revenue)2025 Interest Expense (Income) : f(Revenue)2026 Interest Expense (Income) : f(Revenue)2027 Interest Expense (Income) : f(Revenue)2028 Interest Expense (Income) : f(Revenue)2029 Interest Expense (Income) : f(Revenue)2030 Interest Expense (Income) : f(Revenue)2031 Interest Expense (Income) : f(Revenue)2032 Interest Expense (Income) : f(Revenue)2033
1.250% 0.125%
Interest Expense: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBT: 100.00% 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778
Tax Rate : f(EBT)2023 Tax Rate : f(EBT)2024 Tax Rate : f(EBT)2025 Tax Rate : f(EBT)2026 Tax Rate : f(EBT)2027 Tax Rate : f(EBT)2028 Tax Rate : f(EBT)2029 Tax Rate : f(EBT)2030 Tax Rate : f(EBT)2031 Tax Rate : f(EBT)2032 Tax Rate : f(EBT)2033
21.000% 2.100%
Taxes: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable
NET EARNINGS: 100.00% 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778
D&A Add‐Back: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Capital Expenditures : f(Revenue)2023 Capital Expenditures : f(Revenue)2024 Capital Expenditures : f(Revenue)2025 Capital Expenditures : f(Revenue)2026 Capital Expenditures : f(Revenue)2027 Capital Expenditures : f(Revenue)2028 Capital Expenditures : f(Revenue)2029 Capital Expenditures : f(Revenue)2030 Capital Expenditures : f(Revenue)2031 Capital Expenditures : f(Revenue)2032 Capital Expenditures : f(Revenue)2033
3.076% 0.308%
CAP EX: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Δ Working Capital : f(Revenue)2023 Δ Working Capital : f(Revenue)2024 Δ Working Capital : f(Revenue)2025 Δ Working Capital : f(Revenue)2026 Δ Working Capital : f(Revenue)2027 Δ Working Capital : f(Revenue)2028 Δ Working Capital : f(Revenue)2029 Δ Working Capital : f(Revenue)2030 Δ Working Capital : f(Revenue)2031 Δ Working Capital : f(Revenue)2032 Δ Working Capital : f(Revenue)2033
0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Equity Minority Interest : f(Revenue)2023 Equity Minority Interest : f(Revenue)2024 Equity Minority Interest : f(Revenue)2025 Equity Minority Interest : f(Revenue)2026 Equity Minority Interest : f(Revenue)2027 Equity Minority Interest : f(Revenue)2028 Equity Minority Interest : f(Revenue)2029 Equity Minority Interest : f(Revenue)2030 Equity Minority Interest : f(Revenue)2031 Equity Minority Interest : f(Revenue)2032 Equity Minority Interest : f(Revenue)2033
0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
‐5,145,620 LESS CURRENT DEBT AND OTHER LONG-TERM LIABILITIES T₀ (Adjusted for Carrying Costs )
0 LESS PREFERRED AT PAR T₀
439,496 EXCESS CASH & SHORT-TERM SECURITIES T₀ GROWTH 2.500%
DCF analysis will deduct the total value of liabilities from the firm's cash position. PERPETUITY VALUE
FCF to Equity 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 7,867,778 303,290,752
WACC FOR SIMULATION
5.159% 0.103% To assess liquidity at T₀, DCF analysis will deduct Balance Sheet Liabilities from Cash + Short‐term securities.
DCF to the Investors 385,130,186 DCF analysis will deduct the total value of liabilities from the firm's cash position.
BBBY: Bed Bath & Beyond | FEIN: 11-2250488: Monte Carlo: Valuation Per Share | $USD PER SHARE
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|DCF All Variable_MC 07/19/2022 11:14 | Page 10 of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
0.000% 0.000% Random Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Projection TimeT1
59.925% 5.992% 61.633% 65.164% 60.607% 55.151% 54.201% 73.944% 64.159% 57.769% 53.912% 62.126% 69.537%
CoGS: 61.65% ‐4,849,123 ‐5,126,922 ‐4,768,409 ‐4,339,182 ‐4,264,443 ‐5,817,743 ‐5,047,858 ‐4,545,167 ‐4,241,706 ‐4,887,922 ‐5,471,031
2.462% 0.246% 1.849% 2.429% 2.489% 2.045% 2.484% 2.255% 2.742% 2.412% 2.134% 2.157% 2.673%
D&A (Production): 2.33% ‐145,493 ‐191,130 ‐195,863 ‐160,911 ‐195,434 ‐177,447 ‐215,708 ‐189,777 ‐167,883 ‐169,704 ‐210,315
GROSS MARGIN: 36.01% 2,873,163 2,549,725 2,903,506 3,367,684 3,407,901 1,872,587 2,604,212 3,132,834 3,458,189 2,810,152 2,186,432
28.946% 2.895% Administrative Costs: 30.045% 32.018% 28.823% 28.243% 27.841% 27.892% 27.964% 26.507% 31.063% 23.663% 28.938%
SGA: 30.05% ‐2,363,881 ‐2,363,881 ‐2,363,881 ‐2,363,881 ‐2,363,881 ‐2,363,881 ‐2,363,881 ‐2,363,881 ‐2,363,881 ‐2,363,881 ‐2,363,881
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.780% 0.078% 0.782% 0.631% 0.712% 0.977% 0.807% 0.692% 0.703% 0.847% 0.737% 0.741% 0.861%
D & A [SGA]: 0.77% ‐61,493 ‐49,618 ‐56,020 ‐76,886 ‐63,482 ‐54,479 ‐55,312 ‐66,664 ‐57,946 ‐58,272 ‐67,752
Admin Expenses: 30.82% ‐2,425,374 ‐2,413,499 ‐2,419,901 ‐2,440,767 ‐2,427,363 ‐2,418,360 ‐2,419,193 ‐2,430,545 ‐2,421,827 ‐2,422,153 ‐2,431,633
-0.018% 0.002% ‐0.017% ‐0.017% ‐0.019% ‐0.016% ‐0.017% ‐0.021% ‐0.015% ‐0.022% ‐0.018% ‐0.018% ‐0.020%
Other: ‐0.02% 1,363 1,369 1,471 1,264 1,304 1,689 1,144 1,715 1,446 1,426 1,596
EBIT: 5.21% 449,152 137,595 485,076 928,181 981,842 ‐544,083 186,163 704,005 1,037,808 389,425 ‐243,604
1.250% 0.125% 1.106% 1.024% 1.169% 1.202% 1.369% 1.226% 1.386% 1.167% 1.301% 1.369% 1.378%
Interest Expense: 1.25% ‐87,027 ‐80,551 ‐91,980 ‐94,533 ‐107,677 ‐96,435 ‐109,017 ‐91,850 ‐102,390 ‐107,677 ‐108,414
EBT: 3.97% 362,125 57,044 393,096 833,648 874,164 ‐640,519 77,146 612,156 935,418 281,748 ‐352,018
21.000% 2.100% 22.169% 22.237% 18.328% 19.424% 22.561% 21.388% 20.214% 18.184% 23.506% 16.335% 18.501%
Taxes: 14.04% ‐80,281 ‐12,685 ‐72,046 ‐161,927 ‐197,216 136,997 128,620 57,027 ‐299,574 ‐46,025 65,126
NET EARNINGS: 3.41% 281,844 44,359 321,050 671,721 676,948 ‐503,522 205,766 669,182 635,845 235,723 ‐286,892
D&A Add‐Back: 3.11% 206,985 240,748 251,883 237,798 258,917 231,926 271,020 256,441 225,830 227,976 278,067
3.076% 0.308% 3.103% 2.684% 2.296% 3.306% 2.673% 2.492% 3.317% 2.902% 2.293% 3.021% 3.078%
CAP EX: 2.83% ‐244,136 ‐211,198 ‐180,613 ‐260,090 ‐210,285 ‐196,089 ‐260,961 ‐228,297 ‐180,397 ‐237,715 ‐242,139
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 244,692 73,910 392,320 649,429 725,579 ‐467,685 215,825 697,326 681,278 225,984 ‐250,964 ‐9,674,272
WACC FOR SIMULATION
5.105% DCF to the Investors (7,592,191) DCF analysis will deduct the total value of liabilities from the firm's cash position.
BBBY: Bed Bath & Beyond | FEIN: 11-2250488: Monte Carlo: Valuation Per Share | $USD (35.803) PER SHARE
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|DCF All Variable_MC 07/19/2022 10:33 | Page 10A of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
59.925% 5.992% 65.026% 55.582% 58.186% 59.337% 70.007% 55.645% 58.424% 45.798% 60.380% 58.452% 57.155%
CoGS: 58.54% ‐5,116,095 ‐4,373,085 ‐4,577,950 ‐4,668,465 ‐5,508,033 ‐4,377,995 ‐4,596,665 ‐3,603,255 ‐4,750,595 ‐4,598,880 ‐4,496,843
2.462% 0.246% 2.246% 2.218% 2.673% 2.230% 2.050% 2.517% 2.669% 2.455% 2.037% 2.361% 2.457%
D&A (Production): 2.36% ‐176,712 ‐174,499 ‐210,343 ‐175,416 ‐161,319 ‐198,044 ‐210,029 ‐193,132 ‐160,241 ‐185,747 ‐193,291
GROSS MARGIN: 39.10% 2,574,971 3,320,195 3,079,485 3,023,897 2,198,426 3,291,738 3,061,083 4,071,391 2,956,942 3,083,152 3,177,645
SGA: 29.11% ‐2,290,533 ‐2,290,533 ‐2,290,533 ‐2,290,533 ‐2,290,533 ‐2,290,533 ‐2,290,533 ‐2,290,533 ‐2,290,533 ‐2,290,533 ‐2,290,533
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.780% 0.078% 0.698% 0.845% 0.834% 0.781% 0.782% 0.796% 0.693% 0.721% 0.661% 0.824% 0.780%
D & A [SGA]: 0.77% ‐54,927 ‐66,478 ‐65,650 ‐61,438 ‐61,565 ‐62,656 ‐54,516 ‐56,761 ‐52,036 ‐64,839 ‐61,397
Admin Expenses: 29.88% ‐2,345,460 ‐2,357,011 ‐2,356,183 ‐2,351,971 ‐2,352,099 ‐2,353,190 ‐2,345,050 ‐2,347,294 ‐2,342,569 ‐2,355,372 ‐2,351,931
-0.018% 0.002% ‐0.022% ‐0.019% ‐0.020% ‐0.018% ‐0.017% ‐0.016% ‐0.020% ‐0.016% ‐0.019% ‐0.020% ‐0.020%
Other: ‐0.02% 1,704 1,464 1,585 1,446 1,330 1,267 1,595 1,296 1,489 1,559 1,589
EBIT: 9.24% 231,215 964,648 724,887 673,371 ‐152,343 939,816 717,628 1,725,392 615,862 729,338 827,303
1.250% 0.125% 1.224% 1.110% 1.144% 1.115% 1.371% 1.326% 1.400% 1.082% 1.271% 1.244% 1.531%
EBT: 7.98% 134,912 877,313 634,858 585,610 ‐260,179 835,514 607,441 1,640,258 515,867 631,471 706,830
21.000% 2.100% 21.868% 22.516% 19.231% 21.214% 22.000% 19.768% 20.632% 24.024% 23.050% 21.757% 19.815%
Taxes: 20.46% ‐29,503 ‐197,532 ‐122,089 ‐124,229 57,240 ‐81,747 ‐125,325 ‐394,061 ‐118,909 ‐137,386 ‐140,061
NET EARNINGS: 6.35% 105,409 679,780 512,769 461,380 ‐202,939 753,768 482,116 1,246,197 396,958 494,085 566,769
D&A Add‐Back: 3.12% 231,639 240,976 275,993 236,854 222,885 260,701 264,545 249,893 212,277 250,586 254,688
3.076% 0.308% 3.388% 3.592% 3.312% 3.300% 3.182% 2.574% 3.519% 2.895% 2.916% 3.080% 2.502%
CAP EX: 3.11% ‐266,533 ‐282,574 ‐260,584 ‐259,605 ‐250,324 ‐202,496 ‐276,875 ‐227,788 ‐229,398 ‐242,353 ‐196,872
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 70,515 638,183 528,178 438,629 ‐230,379 811,973 469,787 1,268,302 379,837 502,317 624,585 24,076,801
WACC FOR SIMULATION
5.259% DCF to the Investors 12,247,918 DCF analysis will deduct the total value of liabilities from the firm's cash position.
BBBY: Bed Bath & Beyond | FEIN: 11-2250488: Monte Carlo: Valuation Per Share | $USD 57.759 PER SHARE
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|DCF All Variable_MC 07/19/2022 10:35 | Page 10B of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
59.925% 5.992% 63.321% 59.067% 60.572% 54.298% 54.173% 57.621% 56.261% 56.984% 54.686% 66.497% 63.409%
CoGS: 58.81% ‐4,981,973 ‐4,647,291 ‐4,765,681 ‐4,272,017 ‐4,262,220 ‐4,533,494 ‐4,426,483 ‐4,483,350 ‐4,302,578 ‐5,231,809 ‐4,988,841
2.462% 0.246% 2.849% 2.672% 2.303% 2.555% 2.317% 2.532% 2.808% 2.620% 2.905% 2.595% 2.014%
D&A (Production): 2.56% ‐224,138 ‐210,259 ‐181,170 ‐200,990 ‐182,314 ‐199,198 ‐220,890 ‐206,158 ‐228,528 ‐204,195 ‐158,446
GROSS MARGIN: 38.63% 2,661,667 3,010,228 2,920,927 3,394,771 3,423,244 3,135,086 3,220,406 3,178,270 3,336,672 2,431,774 2,720,491
SGA: 28.78% ‐2,264,037 ‐2,264,037 ‐2,264,037 ‐2,264,037 ‐2,264,037 ‐2,264,037 ‐2,264,037 ‐2,264,037 ‐2,264,037 ‐2,264,037 ‐2,264,037
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.780% 0.078% 0.640% 0.850% 0.738% 0.803% 0.726% 0.819% 0.784% 0.606% 0.873% 0.953% 0.793%
D & A [SGA]: 0.78% ‐50,340 ‐66,842 ‐58,098 ‐63,162 ‐57,156 ‐64,411 ‐61,668 ‐47,663 ‐68,725 ‐74,990 ‐62,390
Admin Expenses: 29.56% ‐2,314,377 ‐2,330,879 ‐2,322,135 ‐2,327,199 ‐2,321,193 ‐2,328,448 ‐2,325,705 ‐2,311,700 ‐2,332,762 ‐2,339,027 ‐2,326,427
-0.018% 0.002% ‐0.018% ‐0.022% ‐0.017% ‐0.014% ‐0.018% ‐0.015% ‐0.019% ‐0.016% ‐0.017% ‐0.018% ‐0.018%
Other: ‐0.02% 1,444 1,696 1,365 1,111 1,417 1,153 1,479 1,230 1,321 1,393 1,417
EBIT: 9.09% 348,734 681,045 600,157 1,068,683 1,103,467 807,790 896,180 867,801 1,005,231 94,140 395,481
1.250% 0.125% 1.256% 1.362% 1.434% 1.183% 1.436% 1.090% 1.140% 1.340% 1.185% 1.356% 1.215%
EBT: 7.82% 249,892 573,885 487,366 975,614 990,457 721,993 806,453 762,411 912,034 ‐12,536 299,891
21.000% 2.100% 20.148% 21.344% 20.342% 21.406% 20.124% 24.625% 22.003% 24.332% 22.422% 24.355% 18.506%
Taxes: 18.46% ‐50,347 ‐122,491 ‐99,142 ‐208,841 ‐199,324 ‐177,791 ‐177,446 ‐185,511 ‐204,492 3,053 173,030
NET EARNINGS: 6.38% 199,545 451,394 388,224 766,773 791,133 544,201 629,007 576,900 707,542 ‐9,483 472,921
D&A Add‐Back: 3.34% 274,478 277,101 239,268 264,152 239,470 263,609 282,557 253,821 297,252 279,186 220,836
3.076% 0.308% 3.187% 3.230% 2.594% 3.040% 2.935% 2.851% 3.689% 3.221% 2.777% 3.102% 3.222%
CAP EX: 3.08% ‐250,750 ‐254,092 ‐204,097 ‐239,158 ‐230,894 ‐224,288 ‐290,282 ‐253,399 ‐218,524 ‐244,082 ‐253,509
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 223,273 474,403 423,395 791,767 799,709 583,523 621,283 577,322 786,270 25,621 440,249 16,970,908
WACC FOR SIMULATION
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|DCF All Variable_MC 07/19/2022 10:35 | Page 10C of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
59.925% 5.992% 58.380% 74.271% 57.509% 60.215% 69.605% 63.378% 60.654% 59.909% 61.626% 52.012% 53.945%
CoGS: 61.05% ‐4,593,214 ‐5,843,457 ‐4,524,707 ‐4,737,551 ‐5,476,347 ‐4,986,419 ‐4,772,105 ‐4,713,510 ‐4,848,607 ‐4,092,221 ‐4,244,283
2.462% 0.246% 2.531% 2.630% 2.823% 2.557% 2.540% 2.214% 2.270% 2.908% 2.891% 2.450% 2.701%
D&A (Production): 2.59% ‐199,169 ‐206,949 ‐222,132 ‐201,200 ‐199,863 ‐174,165 ‐178,632 ‐228,763 ‐227,462 ‐192,721 ‐212,514
GROSS MARGIN: 36.36% 3,075,395 1,817,372 3,120,939 2,929,027 2,191,569 2,707,194 2,917,042 2,925,506 2,791,709 3,582,836 3,410,981
SGA: 32.40% ‐2,549,087 ‐2,549,087 ‐2,549,087 ‐2,549,087 ‐2,549,087 ‐2,549,087 ‐2,549,087 ‐2,549,087 ‐2,549,087 ‐2,549,087 ‐2,549,087
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.780% 0.078% 0.806% 0.779% 0.734% 0.797% 0.720% 0.777% 0.753% 0.705% 0.823% 0.805% 0.772%
D & A [SGA]: 0.77% ‐63,399 ‐61,271 ‐57,788 ‐62,705 ‐56,616 ‐61,148 ‐59,210 ‐55,453 ‐64,748 ‐63,325 ‐60,720
Admin Expenses: 33.17% ‐2,612,485 ‐2,610,357 ‐2,606,875 ‐2,611,791 ‐2,605,703 ‐2,610,235 ‐2,608,297 ‐2,604,539 ‐2,613,835 ‐2,612,412 ‐2,609,807
-0.018% 0.002% ‐0.017% ‐0.016% ‐0.015% ‐0.015% ‐0.015% ‐0.017% ‐0.016% ‐0.018% ‐0.018% ‐0.021% ‐0.018%
Other: ‐0.02% 1,344 1,242 1,206 1,185 1,219 1,373 1,229 1,424 1,451 1,664 1,408
EBIT: 3.21% 464,254 ‐791,743 515,270 318,421 ‐412,915 98,332 309,974 322,390 179,325 972,088 802,582
1.250% 0.125% 1.310% 1.358% 1.355% 1.245% 1.146% 1.203% 1.362% 1.211% 1.051% 1.631% 1.291%
EBT: 1.92% 361,216 ‐898,549 408,654 220,495 ‐503,110 3,690 202,845 227,116 96,603 843,799 701,026
21.000% 2.100% 24.041% 21.642% 22.507% 17.702% 19.734% 22.924% 19.168% 22.668% 22.411% 25.966% 20.654%
Taxes: 0.73% ‐86,840 194,465 0 70,587 0 0 0 81,773 60,180 ‐163,149 ‐144,793
Tax Payable Forward Credit Forward Credit Tax Payable Forward Credit Forward Credit Forward Credit Tax Payable Tax Payable Tax Payable Tax Payable
NET EARNINGS: 1.94% 274,375 ‐704,084 408,654 291,082 ‐503,110 3,690 202,845 308,888 156,784 680,651 556,233
D&A Add‐Back: 3.36% 262,568 268,220 279,920 263,905 256,479 235,314 237,842 284,215 292,211 256,046 273,234
3.076% 0.308% 3.026% 2.987% 3.046% 2.962% 3.372% 3.031% 2.727% 3.458% 2.274% 2.852% 3.599%
CAP EX: 3.03% ‐238,102 ‐235,007 ‐239,653 ‐233,059 ‐265,325 ‐238,434 ‐214,562 ‐272,100 ‐178,903 ‐224,427 ‐283,142
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 298,841 ‐670,871 448,921 321,928 ‐511,957 569 226,124 321,004 270,092 712,270 546,325 21,059,978
WACC FOR SIMULATION
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|DCF All Variable_MC 07/19/2022 10:36 | Page 10D of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
59.925% 5.992% 63.586% 61.989% 62.927% 64.490% 56.941% 59.518% 65.405% 75.115% 62.306% 57.187% 58.461%
CoGS: 62.54% ‐5,002,839 ‐4,877,128 ‐4,950,963 ‐5,073,949 ‐4,479,971 ‐4,682,720 ‐5,145,911 ‐5,909,886 ‐4,902,097 ‐4,499,337 ‐4,599,599
2.462% 0.246% 2.034% 2.593% 2.079% 2.323% 2.287% 2.550% 2.372% 2.326% 2.255% 2.419% 2.487%
D&A (Production): 2.34% ‐160,018 ‐204,037 ‐163,535 ‐182,730 ‐179,961 ‐200,603 ‐186,657 ‐182,983 ‐177,417 ‐190,319 ‐195,662
GROSS MARGIN: 35.12% 2,704,921 2,786,613 2,753,280 2,611,099 3,207,845 2,984,454 2,535,210 1,774,908 2,788,264 3,178,122 3,072,518
SGA: 28.52% ‐2,244,132 ‐2,244,132 ‐2,244,132 ‐2,244,132 ‐2,244,132 ‐2,244,132 ‐2,244,132 ‐2,244,132 ‐2,244,132 ‐2,244,132 ‐2,244,132
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.780% 0.078% 0.909% 0.748% 0.851% 0.789% 0.822% 0.750% 0.739% 0.729% 0.849% 0.774% 0.810%
D & A [SGA]: 0.80% ‐71,482 ‐58,821 ‐66,979 ‐62,049 ‐64,675 ‐58,988 ‐58,114 ‐57,338 ‐66,759 ‐60,890 ‐63,705
Admin Expenses: 29.32% ‐2,315,614 ‐2,302,953 ‐2,311,111 ‐2,306,181 ‐2,308,807 ‐2,303,120 ‐2,302,246 ‐2,301,470 ‐2,310,891 ‐2,305,022 ‐2,307,837
-0.018% 0.002% ‐0.019% ‐0.019% ‐0.016% ‐0.018% ‐0.018% ‐0.020% ‐0.020% ‐0.017% ‐0.017% ‐0.016% ‐0.017%
Other: ‐0.02% 1,466 1,460 1,263 1,405 1,391 1,592 1,548 1,312 1,349 1,260 1,373
EBIT: 5.82% 390,773 485,120 443,432 306,323 900,429 682,926 234,512 ‐525,250 478,722 874,360 766,054
1.250% 0.125% 1.267% 1.301% 1.280% 1.377% 1.222% 1.321% 1.322% 1.306% 1.162% 1.263% 1.190%
EBT: 4.55% 291,119 382,733 342,743 197,964 804,304 579,031 130,462 ‐628,017 387,293 774,953 672,409
21.000% 2.100% 19.584% 18.325% 18.349% 20.338% 18.895% 19.667% 21.846% 20.230% 20.430% 24.804% 18.545%
Taxes: 20.09% ‐57,013 ‐70,136 ‐62,889 ‐40,262 ‐151,970 ‐113,878 ‐28,500 127,050 16,425 ‐284,603 ‐124,699
NET EARNINGS: 3.63% 234,106 312,597 279,854 157,702 652,334 465,154 101,961 ‐500,967 403,718 490,349 547,711
D&A Add‐Back: 3.14% 231,500 262,858 230,513 244,779 244,637 259,591 244,771 240,321 244,177 251,209 259,366
3.076% 0.308% 2.680% 3.054% 3.193% 3.367% 3.142% 4.010% 3.231% 2.707% 3.097% 2.828% 3.157%
CAP EX: 3.13% ‐210,888 ‐240,296 ‐251,228 ‐264,877 ‐247,218 ‐315,509 ‐254,247 ‐213,009 ‐243,703 ‐222,531 ‐248,394
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 254,718 335,159 259,139 137,604 649,753 409,236 92,486 ‐473,654 404,191 519,027 558,683 21,536,362
WACC FOR SIMULATION
Beharry, Lyndon Martin W. 2022‐07‐19_BBBY_MC‐Equity‐1Million|DCF All Variable_MC 07/19/2022 10:36 | Page 10E of 17

2022-07-19_BBBY_MC-Equity-1Million_July-Trials-SWOT.pdf

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