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STEC analysis
- 3. RETURN ON COMMON SHAREHOLDERS' EQUITY 2007 2008 2009 3.3% 2.2% 32.4% 2007 2008 2009 PROFIT MARGIN FOR ROCE 3.1% 1.7% 21.1% ASSET TURNOVER 0.9 1.1 1.3 CAPITAL STRUCTURE LEVERAGE 1.2 1.1 1.2 FY2007A FY2008A FY2009A FY2010E FY2011E FY2012E FY2013E FY2014E Revenue 188,652 227,445 354,183 421,309 498,802 611,696 755,799 937,069 Less: Operating Expenses 6,747 5,485 89,163 109,184 129,267 158,524 195,869 242,846 EBITDA 181,905 221,960 265,020 312,125 369,535 453,172 559,930 694,223 Less: Depreciation & Amortization 4,699 9,233 12,193 15,826 22,093 29,160 37,892 48,719 EBIT 177,206 212,727 252,827 296,299 347,443 424,012 522,038 645,504 709,562 *(1-Tax Rate) 122,272 146,782 174,451 204,446 239,736 292,568 360,206 445,398 489,598 Add: Depreciation & Amortization 4,699 9,233 12,193 15,826 22,093 29,160 37,892 48,719 Less: CAPEX 27,483 18,864 6,792 29,492 34,916 42,819 52,906 65,595 Less: Change in NOWC -6,484 -14,531 99,011 44,616 68,672 73,537 98,736 125,666 Free Cashflow 105,972 151,682 80,841 146,165 158,240 205,373 246,457 302,856 342,779 Terminal Value 2,730,875 Total 105,972 151,682 80,841 146,165 158,240 205,373 246,457 302,856 3,073,654
Editor's Notes
- 02/26/11 07:45 © 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries. The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.
- 02/26/11 07:45 © 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries. The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.
- 02/26/11 07:45 © 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries. The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.
- 02/26/11 07:45 © 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries. The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.
- 02/26/11 07:45 © 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries. The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.
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