johnsone/initiation · Datasets at Hugging Face

text stringlengths 1 711
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

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