text stringlengths 1 711 |
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07/02/22 |
07/30/22 |
08/27/22 |
09/24/22 |
10/22/22 |
11/19/22 |
12/17/22 |
01/14/23 |
02/11/23 |
03/11/23 |
04/08/23 |
05/06/23 |
Sales Volume Pricing |
Source: NielsenIQ. J.P. Morgan |
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP. |
49 |
Andrea Teixeira, CFA AC |
(1-212) 622-6735 |
andrea.f.teixeira@jpmorgan.com |
North America Equity Research |
29 May 2023 J P M O R G A N |
Financial Statements |
Income Statement Historical & Estimates |
Table 11: KVUE Income Statement |
$ million, except per share values |
Income Statement 2019 2020 2021 2022 2023E 2024E 2025E |
Revenue 14,324 14,467 15,054 14,950 15,662 16,289 16,973 |
% change 1.0% 4.1% -0.7% 4.8% 4.0% 4.2% |
Cost of goods sold 6,633 6,585 6,587 6,610 6,800 7,050 7,246 |
Amortization of definite life intangible assets 344 415 414 348 324 305 283 |
Gross profit, adjusted 8,035 8,297 8,881 8,688 9,186 9,544 10,010 |
as a % of revenue 56.1% 57.4% 59.0% 58.1% 58.7% 58.6% 59.0% |
Change as % of revenue (bps) 125 164 (88) 54 (6) 38 |
Gross profit, adjusted incl.-Amortization of definite life intangible assets 7,691 7,882 8,467 8,340 8,862 9,239 9,727 |
as a % of revenue 53.7% 54.5% 56.2% 55.8% 56.6% 56.7% 57.3% |
Change as % of revenue (bps) 79 176 (46) 80 14 59 |
Selling, general and administrative expenses 4,760 4,588 5,061 5,000 5,305 5,515 5,659 |
as a % of revenue 33.2% 31.7% 33.6% 33.4% 33.9% 33.9% 33.3% |
Change as % of revenue (bps) (152) 191 (17) 42 (1) (51) |
Research & development 391 320 355 375 412 421 434 |
as a % of revenue 2.7% 2.2% 2.4% 2.5% 2.6% 2.6% 2.6% |
Change as % of revenue (bps) (51) 14 15 12 (4) (3) |
Stock-based compensation expense (0) (0) (0) (0) 1 (0) 0 |
Other expense/(income) 149 (55) (28) 3 (19) (40) (40) |
Operating Income, adjusted 2,736 3,444 3,493 3,310 3,487 3,648 3,957 |
as a % of revenue 19.1% 23.8% 23.2% 22.1% 22.3% 22.4% 23.3% |
Change as % of revenue (bps) 471 (60) (106) 13 13 91 |
Operating Income, adjusted incl.-Amortization of definite life intangible assets 2,392 3,029 3,079 2,962 3,164 3,344 3,674 |
as a % of revenue 16.7% 20.9% 20.5% 19.8% 20.2% 20.5% 21.6% |
Change as % of revenue (bps) 0.0% 42385.1% -4798.0% -6439.7% 3872.1% 3297.9% 11168.4% |
Interest income 0 0 0 0 46 39 27 |
Interest expense 0 0 0 0 329 418 395 |
Other income/(expense) - - - - - - - |
Pretax Income, adjusted 2,736 3,444 3,493 3,310 3,204 3,270 3,589 |
as a % of revenue 19.1% 23.8% 23.2% 22.1% 20.5% 20.1% 21.1% |
Pretax Income, adjusted incl.-Amortization of definite life intangible assets 2,392 3,029 3,079 2,962 2,881 2,965 3,307 |
as a % of revenue 16.7% 20.9% 20.5% 19.8% 18.4% 18.2% 19.5% |
Taxes, adjusted 679 741 782 721 800 819 896 |
Adjusted Tax Rate 24.8% 21.5% 22.4% 21.8% 25.0% 25.0% 25.0% |
Taxes, adjusted incl.-Amortization of definite life intangible assets 667 703 731 676 739 761 843 |
Adjusted Tax Rate incl.-Amortization of definite life intangible assets 27.9% 23.2% 23.7% 22.8% 25.6% 25.7% 25.5% |
Net Income adjusted (non-GAAP) 2,057 2,703 2,711 2,589 2,404 2,451 2,693 |
as a % of revenue 14.4% 18.7% 18.0% 17.3% 15.4% 15.0% 15.9% |
Net Income adjusted incl.-Amortization of definite life intangible assets 1,725 2,326 2,349 2,286 2,142 2,204 2,464 |
as a % of revenue 12.0% 16.1% 15.6% 15.3% 13.7% 13.5% 14.5% |
Diluted EPS, adjusted $1.06 $1.40 $1.40 $1.34 $1.24 $1.27 $1.39 |
% change 31% 0% -5% -7% 2% 10% |
Diluted EPS, adjusted incl.-Amortization of definite life intangible assets $0.89 $1.20 $1.21 $1.18 $1.11 $1.14 $1.27 |
% change 35% 0% -3% -6% 3% 12% |
Average Shares Outstanding - Diluted 1,935.1 1,935.1 1,935.1 1,935.1 1,935.1 1,935.1 1,935.1 |
Adjusted EBITDA 3,101 3,775 3,810 3,606 3,797 3,983 4,308 |
as a % of revenue 21.6% 26.1% 25.3% 24.1% 24.2% 24.5% 25.4% |
Change as % of revenue (bps) 445 (78) (119) 13 21 93 |
Source: Company reports and J.P. Morgan estimates. |
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP. |
50 |
Andrea Teixeira, CFA AC |
(1-212) 622-6735 |
andrea.f.teixeira@jpmorgan.com |
North America Equity Research |
29 May 2023 J P M O R G A N |
Balance Sheet Historical & Estimates |
Table 12: KVUE Balance Sheet |
$ million |
Balance Sheet 2019 2020 2021 2022 2023E 2024E 2025E |
Cash and cash equivalents 752.0 617.6 740.0 1,231.4 1,014.1 1,012.8 980.9 |
Trade receivables, less allowances for credit losses 2,158.7 1,857.9 2,073.7 2,121.7 2,280.9 2,370.3 2,471.4 |
Inventories 1,779.3 1,685.1 1,701.8 2,226.3 1,957.5 1,852.3 1,818.7 |
Prepaid expenses & other current assets 335.1 275.3 254.2 170.7 178.9 187.6 193.8 |
Other current assets 117.4 161.6 154.0 123.4 123.4 123.4 123.4 |
Total Current Assets 5,142.5 4,597.6 4,923.7 5,873.7 5,554.8 5,546.3 5,588.2 |
PP&E, net 2,147.2 1,956.6 1,826.6 1,820.2 1,926.7 2,074.1 2,226.6 |
Intangible assets, net 11,490.0 11,610.4 10,701.2 9,853.5 9,904.9 10,100.3 10,567.4 |
Goodwill 9,726.4 10,326.1 9,810.1 9,184.6 9,184.6 9,184.6 9,184.6 |
Deferred taxes on income 182.4 193.3 188.7 143.9 143.9 143.9 143.9 |
Other assets 522.4 495.9 401.4 404.3 404.3 404.3 404.3 |
Total non-current Assets 24,068.4 24,582.3 22,927.9 21,406.4 21,564.3 21,907.1 22,526.7 |
Total Assets 29,210.9 29,179.8 27,851.6 27,280.0 27,119.1 27,453.4 28,115.0 |
Accounts payable 1,408.5 1,579.3 1,826.5 1,829.4 1,853.3 1,936.9 2,000.6 |
Accrued liabilities 802.5 1,014.0 1,023.6 906.3 939.6 985.3 1,017.7 |
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