HW Assignment Do a fundamental, cash flow based valuation of Greif, Inc. and estimate its current share price. Please submit an Excel file showing the valuation analysis. Below are some URLs which...

HW Assignment
Do a fundamental, cash flow based valuation of Greif, Inc. and estimate its cu
ent share price. Please submit an Excel file showing the valuation analysis.
Below are some URLs which will help in achieving the results -
1. Quote of Greif, Inc. - https:
www.nyse.com/quote/XNYS:GEF
2. Reports - https:
www.sec.gov/cgi-bin
owse-edgar?CIK=GEF&action=getcompany
Below is a valuation analysis report of a company. You can utilize this report in doing the same for Greif, Inc.
HGV_Balsheet
    Hilton Grand Vacations Inc. BALANCE SHEETS, XXXXXXXXXX
    Assets    2021    2020    2019    2018    2017
    Cash and Short-Term Investments    432,000,000    428,000,000    67,000,000    108,000,000    246,000,000
    Receivables    302,000,000    119,000,000    174,000,000    153,000,000    112,000,000
    Inventories - Total    1,240,000,000    702,000,000    558,000,000    527,000,000    509,000,000
    Other Cu
ent Assets    280,000,000    87,000,000    68,000,000    95,000,000    44,000,000
    Total Cu
ent Assets    2,254,000,000    1,336,000,000    867,000,000    883,000,000    911,000,000
    Property, Plant, and Equipment, Gross    981,000,000    684,000,000    948,000,000    642,000,000    303,000,000
    Depreciation, Depletion, and Amortization (Accumulated)    -155,000,000    -131,000,000    -110,000,000    -83,000,000    -65,000,000
    Property, Plant, and Equipment, Net    826,000,000    553,000,000    838,000,000    559,000,000    238,000,000
    Intangibles    1,441,000,000    81,000,000    89,000,000    81,000,000    72,000,000
    Other Assets    3,487,000,000    1,164,000,000    1,285,000,000    1,230,000,000    1,163,000,000
    Total Assets    8,008,000,000    3,134,000,000    3,079,000,000    2,753,000,000    2,384,000,000
    Liabilities    2021    2020    2019    2018    2017
    Accounts Payable    207,000,000    68,000,000    83,000,000    107,000,000    97,000,000
    Accrued Expense    497,000,000    237,000,000    264,000,000    190,000,000    155,000,000
    Other Cu
ent Liabilities    56,000,000    14,000,000    27,000,000    128,000,000    191,000,000
    Debt    4,241,000,000    1,925,000,000    1,575,000,000    1,363,000,000    1,065,000,000
    Defe
ed Taxes    670,000,000    137,000,000    259,000,000    254,000,000    249,000,000
    Minority Interest    -    -    -    -    -
    Other Liabilities    349,000,000    379,000,000    301,000,000    95,000,000    109,000,000
    Equity
    Common Stock    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
    Capital Surplus    1,630,000,000    192,000,000    179,000,000    174,000,000    162,000,000
    Retained Earnings    357,000,000    181,000,000    390,000,000    441,000,000    355,000,000
    Less: Treasury Stock - Total Dollar Amount    -    -    -    -    -
    Total stockholders equity    1,988,000,000    374,000,000    570,000,000    616,000,000    518,000,000
    Total Liabilities & Equity    8,008,000,000    3,134,000,000    3,079,000,000    2,753,000,000    2,384,000,000
    COMMON SHARES OUTSTANDING (million)     XXXXXXXXXX     XXXXXXXXXX    85.5355     XXXXXXXXXX    99.1363
        119,904,001    85,205,010    85,535,500    94,558,090    99,136,300
    Balance sheet--historical ratios
    Assets    2021    2020    2019    2018    2017
    Cash and Short-Term Investments
    Receivables/Sales    12.93%    13.31%    9.47%    7.65%    6.55%
    Inventories/Sales    53.10%    78.52%    30.36%    26.36%    29.75%
    Other Cu
ent Assets/Sales    11.99%    9.73%    3.70%    4.75%    2.57%
    Operating CA/Sales    96.53%    149.44%    47.17%    44.17%    53.24%
    Property, Plant, Equipment, Gross/Sales    42.01%    76.51%    51.58%    32.12%    17.71%
    Annual depreciation/PPE    12.84%    6.58%    5.38%    5.61%    9.57%
    Property, Plant, Equipment, Net/Sales    35.37%    61.86%    41.92%    30.41%    13.91%
    Other Assets/Sales    149.34%    130.20%    69.91%    61.53%    67.97%
    Other Assets, growth rate since 1911    31.59%
    Liabilities
    Accounts Payable/Sales    8.87%    7.61%    4.52%    5.35%    5.67%
    Accrued Expense/Sales    21.28%    26.51%    14.36%    9.50%    9.06%
    Other Cu
ent Liabilities/Sales    2.40%    1.57%    1.47%    6.40%    11.16%
    Operating CL/Sales    32.55%    35.68%    20.35%    21.26%    25.89%
    Debt
    Debt/equity    213.33%    514.71%    276%    221.27%    205.60%
    Debt/assets    52.96%    61.42%    51.15%    49.51%    44.67%
    Other Liabilities/Sales    14.95%    42.39%    16.38%    4.75%    6.37%
    Other Liabilities, growth rate since 1911    33.77%
    Balance sheet--model parameters
    ASSETS
    Cash and Short-Term Investments    432,000,000
    Receivables/Sales    9.98%
    Inventories/Sales    43.62%
    Other Cu
ent Assets/Sales    6.55%
    Operating CA/Sales    78.11%
    Property, Plant, Equipment, Gross    2,295,000,000
    Accrued depreciation    1,469,000,000
    Property, Plant, Equipment, Net/Sales    35.37%
    Other Assets, annual growth rate    31.59%
    LIABILITIES
    Accounts Payable/Sales    6.40%
    Accrued Expense/Sales    16.14%
    Other Cu
ent Liabilities/Sales    4.60%
    Debt/Assets    52.96%
    Defe
ed taxes    132,766,700
    Minority Interest    -
    Other Liabilities, annual growth rate    33.77%
    EQUITY
    Common Stock    1,000,000
    Capital Surplus    1,630,000,000
    Retained Earnings    1,543,000,000
    Treasury Stock - Total Dollar Amount        -
    Payout to equity    2021    2020    2019    2018    2017
    Cash dividends    0    0    0    0    0
    Minus increase in common stock and capital surplus    -1,438,000,000    -13,000,000    -5,000,000    -12,000,000    -24,000,000
    Plus increase in treasury stock at cost    -    -    -    -    -
    Total paid out to equity    -1,438,000,000    -13,000,000    -5,000,000    -12,000,000    -24,000,000
HGV_IncomeStat
    Hilton Grand Vacations Inc. INCOME STATEMENTS, XXXXXXXXXX                                COMMON SIZE I/S
        2021    2020    2019    2018    2017                2021    2020    2019    2018    2017    Average
    Sales    2,335,000,000    894,000,000    1,838,000,000    1,999,000,000    1,711,000,000            Sales
    Cost of Goods Sold    1,560,000,000    786,000,000    1,361,000,000    1,412,000,000    1,241,000,000            Cost of Goods Sold    66.81%    87.92%    74.05%    70.64%    72.53%    74.39%
    Selling, General, and Administrative Expense    151,000,000    92,000,000    111,000,000    117,000,000    104,000,000            Selling, General, and Administrative Expense    6.47%    10.29%    6.04%    5.85%    6.08%    6.95%
    Operating Income Before Depreciation    624,000,000    16,000,000    366,000,000    470,000,000    366,000,000            Operating Income Before Depreciation    26.72%    1.79%    19.91%    23.51%    21.39%    18.67%
    Unusual Expense (Income)    108,000,000    216,000,000    0    0    0            Unusual Expense (Income)    4.63%    24.16%    0.00%    0.00%    0.00%    5.76%
    Depreciation and Amortization    126,000,000    45,000,000    51,000,000    36,000,000    29,000,000            Depreciation and Amortization    5.40%    5.03%    2.77%    1.80%    1.69%    3.34%
    Interest Expense    -95,000,000    -38,000,000    -39,000,000    -30,000,000    -26,000,000            Interest Expense    -4.07%    -4.25%    -2.12%    -1.50%    -1.52%    -2.69%
    Nonoperating Income (Expense) and Special Items    -26,000,000    3,000,000    -3,000,000    -1,000,000    0            Nonoperating Income (Expense) and Special Items    -1.11%    0.34%    -0.16%    -0.05%    0.00%    -0.20%
    Acquisition and integration-related expense    0    0    0    0    0            Acquisition and integration-related expense    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
    Pretax Income    269,000,000    -280,000,000    273,000,000    403,000,000    311,000,000            Pretax Income    11.52%    -31.32%    14.85%    20.16%    18.18%    6.68%
    Income Taxes - Total     XXXXXXXXXX    -79,000,000    57,000,000    109,000,000    116,000,000            Income Taxes - Total    3.98%    -8.84%    3.10%    5.45%    6.78%    2.10%
    Minority Interest    0    0    0    0    0            Minority Interest    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
    Income Before Extraordinary Items    176,000,000    -201,000,000    216,000,000    294,000,000    195,000,000            Income Before Extraordinary Items    7.54%    -22.48%    11.75%    14.71%    11.40%    4.58%
    Extraordinary Items and Discontinued Operations    0    0    0    4,000,000    132,000,000            Extraordinary Items and Discontinued Operations    0.00%    0.00%    0.00%    0.20%    7.71%    1.58%
    Net Income (Loss)    176,000,000    -201,000,000    216,000,000    298,000,000    327,000,000            Net Income (Loss)    7.54%    -22.48%    11.75%    14.91%    19.11%    6.17%
    Cash Dividends
    Retained    176,000,000    -201,000,000    216,000,000    298,000,000    327,000,000
    Dividends per share    0.00    0.00    0.00    0.00    0.00
    Weighted average shares outstanding - basic    100,000,000    85,000,000    89,000,000    97,000,000    99,000,000
    Weighted average shares outstanding - diluted    101,000,000    85,000,000    89,000,000    98,000,000    100,000,000
    Earnings Per Share (Primary) - Excluding Extraordinary Items    1.76    -2.36    2.43    3.03    1.97
    Earnings Per Share (Primary) - Including Extraordinary Items    1.76    -2.36    2.43    3.07    3.30
    Common Shares Used to Calculate Primary EPS     XXXXXXXXXX     XXXXXXXXXX     XXXXXXXXXX     XXXXXXXXXX     XXXXXXXXXX
    Earnings Per Share (Fully Diluted) - Excluding Extraordinary Items    1.74    -2.36    2.43    3.00    1.95
    Earnings Per Share (Fully Diluted) - Including Extraordinary Items    1.74    -2.36    2.43    3.04    3.27
    Profit and loss historical ratios    2021    2020    2019    2018    2017
    COGS/Sales    66.81%    87.92%    74.05%    70.64%    72.53%
    SG&A/Sales    6.47%    10.29%    6.04%    5.85%    6.08%
    Total costs/Sales (sum of above items)    73.28%    98.21%    80.09%    76.49%    78.61%
    Unusual Expense (Income)/ Sales    4.63%    24.16%    0.00%    0.00%    0.00%
    Depreciation/Gross fixed assets    12.84%    6.58%    5.38%    5.61%    9.57%
    Interest expense/Average debt    3.02%    -4.51%    3.88%    8.98%
    Incomes Taxes/Pretax Income    34.57%    28.21%    20.88%    27.05%    37.30%
    Minority Interest/(Pretax - Taxes)    0.00%    0.00%    0.00%    0.00%    0.00%
    Dividends/Net Income    0.00%    0.00%    0.00%    0.00%    0.00%
    Profit and loss--model parameters
    COGS/Sales    74.39%
    SG&A/Sales    6.95%
    Unusual Expense (Income)/ Sales    5.76%
    Depreciation/Gross fixed assets    12.84%
    Interest rate    2.84%
    Tax rate    34.57%
    Minority Interest/(Pretax - Taxes)    0.00%
    Dividend growth    0.00%
    Stock price, end-December 2021    52.11
    P/E multiple, trailing    29.61
HGV_SalesGrowth
    Hilton Grand Vacations Inc. Analysis of Sales XXXXXXXXXX
    Year    Total Sales ($ m)    Year-on -year Growth
    2017    1,711
    2018    1,999    16.83%
    2019    1,838    -8.05%
    2020    894    -51.36%
    2021    2,335    161.19%
    Compound GR XXXXXXXXXX    6.42%
HGV_SalesGrowth
    
Total Sales ($ m)
Year-on -year Growth
Sales Analysis
Fixed Inv
    
Fixed Inv
    2021
    2020
    2019
    2018
    2017
HGV : Net Plant, Property and Equipment to Sales
XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX
HGV EPS
    HGV: EARNINGS PER SHARE VERSUS EARNINGS
    Year    Earnings
per share    Profits
after taxes
    2017    1.97     XXXXXXXXXX
    2018    3.03     XXXXXXXXXX
    2019    2.43     XXXXXXXXXX
    2020    -2.36     XXXXXXXXXX
    2021    1.92     XXXXXXXXXX
    Compound growth    -0.64%    -14.35%
HGV EPS
    
Earnings
per share
Profits
after taxes
Yea
EPS
Profits after taxes
HGV: EPS versus Profits
HGV Beta
    COMPUTING THE BETA FOR HGV Uses monthly data, Jan XXXXXXXXXXDec. 2021
    Beta    2.2384    SLOPE(G6:G64,C6:C64)
    Intercept     XXXXXXXXXX
    Date    SP500 Close    SP500 Return        Date    HGV Close    HGV Return
    Jan-17     XXXXXXXXXX            Jan-17    29.33
    Feb-17     XXXXXXXXXX    3.65%        Feb-17    29.94    2.06%
    Mar-17     XXXXXXXXXX    -0.04%        Mar-17    28.66    -4.37%
    Apr-17     XXXXXXXXXX    0.91%        Apr-17    33.47    15.51%
    May-17     XXXXXXXXXX    1.15%        May-17    35.77    6.65%
    Jun-17     XXXXXXXXXX    0.48%        Jun-17    36.06    0.81%
    Jul-17     XXXXXXXXXX    1.92%        Jul-17    36.76    1.92%
    Aug-17     XXXXXXXXXX    0.05%        Aug-17    36.25    -1.40%
    Sep-17     XXXXXXXXXX    1.91%        Sep-17    38.63    6.36%
    Oct-17     XXXXXXXXXX    2.19%        Oct-17    40.96    5.86%
    Nov-17     XXXXXXXXXX    0.37%        Nov-17    39.97    -2.45%
    Dec-17     XXXXXXXXXX    3.38%        Dec-17    41.95    4.83%
    Jan-18     XXXXXXXXXX    5.47%        Jan-18    44.97    6.95%
    Feb-18     XXXXXXXXXX    -3.97%        Feb-18    43.16    -4.11%
    Mar-18     XXXXXXXXXX    -2.73%        Mar-18    43.02    -0.32%
    Apr-18     XXXXXXXXXX    0.27%        Apr-18    43.00    -0.05%
    May-18     XXXXXXXXXX    2.14%        May-18    39.76    -7.83%
    Jun-18     XXXXXXXXXX    0.48%        Jun-18    34.70    -13.61%
    Jul-18     XXXXXXXXXX    3.54%        Jul-18    34.59    -0.32%
    Aug-18     XXXXXXXXXX    2.98%        Aug-18    32.66    -5.74%
    Sep-18     XXXXXXXXXX    0.43%        Sep-18    33.10    1.34%
    Oct-18     XXXXXXXXXX    -7.19%        Oct-18    26.87    -20.85%
    Nov-18     XXXXXXXXXX    1.77%        Nov-18    32.06    17.66%
    Dec-18     XXXXXXXXXX    -9.63%        Dec-18    26.39    -19.46%
    Jan-19     XXXXXXXXXX    7.57%        Jan-19    30.34    13.95%
    Feb-19     XXXXXXXXXX    2.93%        Feb-19    31.79    4.67%
    Mar-19     XXXXXXXXXX    1.78%        Mar-19    30.85    -3.00%
    Apr-19     XXXXXXXXXX    3.86%        Apr-19    32.04    3.78%
    May-19     XXXXXXXXXX    -6.80%        May-19    25.42    -23.14%
    Jun-19     XXXXXXXXXX    6.67%        Jun-19    31.82    22.46%
    Jul-19     XXXXXXXXXX    1.30%        Jul-19    32.70    2.73%
    Aug-19     XXXXXXXXXX    -1.83%        Aug-19    33.77    3.22%
    Sep-19     XXXXXXXXXX    1.70%        Sep-19    32.00    -5.38%
    Oct-19     XXXXXXXXXX    2.02%        Oct-19    34.73    8.19%
    Nov-19     XXXXXXXXXX    3.35%        Nov-19    34.63    -0.29%
    Dec-19     XXXXXXXXXX    2.82%        Dec-19    34.39    -0.70%
    Jan-20    3,225.52    -0.16%        Jan-20    31.91    -7.48%
    Feb-20     XXXXXXXXXX    -8.79%        Feb-20    26.66    -17.98%
    Mar-20     XXXXXXXXXX    -13.37%        Mar-20    15.77    -52.51%
    Apr-20     XXXXXXXXXX    11.94%        Apr-20    20.60    26.72%
    May-20     XXXXXXXXXX    4.43%        May-20    21.54    4.46%
    Jun-20     XXXXXXXXXX    1.82%        Jun-20    19.55    -9.69%
    Jul-20     XXXXXXXXXX    5.36%        Jul-20    20.30    3.76%
    Aug-20     XXXXXXXXXX    6.77%        Aug-20    21.91    7.63%
    Sep-20     XXXXXXXXXX    -4.00%        Sep-20    20.98    -4.34%
    Oct-20     XXXXXXXXXX    -2.81%        Oct-20    20.60    -1.83%
    Nov-20     XXXXXXXXXX    10.21%        Nov-20    27.74    29.76%
    Dec-20     XXXXXXXXXX    3.64%        Dec-20    31.35    12.23%
    Jan-21     XXXXXXXXXX    -1.12%        Jan-21    29.72    -5.34%
    Feb-21     XXXXXXXXXX    2.58%        Feb-21    39.51    28.47%
    Mar-21     XXXXXXXXXX    4.16%        Mar-21    37.49    -5.25%
    Apr-21     XXXXXXXXXX    5.11%        Apr-21    44.56    17.28%
    May-21     XXXXXXXXXX    0.55%        May-21    45.73    2.59%
    Jun-21     XXXXXXXXXX    2.20%        Jun-21    41.39    -9.97%
    Jul-21     XXXXXXXXXX    2.25%        Jul-21    40.67    -1.75%
    Aug-21     XXXXXXXXXX    2.86%        Aug-21    43.69    7.16%
    Sep-21     XXXXXXXXXX    -4.87%        Sep-21    47.57    8.51%
    Oct-21     XXXXXXXXXX    6.69%        Oct-21    50.28    5.54%
    Nov-21     XXXXXXXXXX    -0.84%        Nov-21    47.50    -5.69%
    Dec-21     XXXXXXXXXX    4.27%        Dec-21    52.11    9.26%
HGV Beta
    
HGV Return
HGV Return
SP500 Return
Computing the Beta for HGV using monthly price data for HGV and the SP500
GGM
    CALCULATING THE GORDON MODEL
    Number of shares outstanding, Dec. 2020
    Share price, 31Dec 21
    Equity value, Dec 21
    Method 1: rE Gordon using only dividends
    Stock price, 31dec20
    Dividend, 2020                The company do not pay dividends, so we did not calculate the Gordon Growth Model.
    Anticipated dividend growth
    rE, cost of equity using only dividends
    Method 2: rE Gordon using equity payout
    Total equity payout, 2020
    Anticipated growth of this payout
    rE, cost of equity using total equity payout
    Using the two-stage Gordon model
    Number of high-growth years
    Normal growth after high-growth years
    rE, cost of equity using two-stage Gordon model
EquityCost
    USING THE CAPM TO COMPUTE HGV'S COST OF EQUITY                Year    Earnings Yield    Dividend Yield    S&P 500    Earnings    Dividends    Payout Ratio
    Market price/earnings multiple, December 2021    23.63            2020    3.68%    1.51%    3756.07    138.12    56.7    41.05%
    Equity cash flow payout ratio    28.68%            2021    4.33%    1.24%    4766.18    206.38    59.2    28.68%
    Anticipated growth of market equity cash flow    6.00%
    Expected market return, E(rM)    7.29%            Note: Price/Earnings ratio for S&P 500 from https:
www.multpl.com/s-p-500-pe-ratio/table
y-month
    Treasury bill rate, December 2021    0.06%            Payout ratio for S&P 500 from http:
pages.stern.nyu.edu/~adamoda
New_Home_Page/datafile/spearn.htm
    HGV's tax rate, TC    34.57%
    Method 3: rE using the SML
    Equity beta    2.2384
    rE, cost of equity    16.24%
    Method 4: rE using the tax-adjusted SML
    Equity beta    2.2384
    rE, cost of equity    16.26%
DebtCost
    COMPUTING HGV's COST OF DEBT, rD
    Year 2021 interest expense from HGV's income statement    -95,000,000
    Year 2021 debt, from HGV's balance sheet    4,241,000,000
    Year 2020 debt, from HGV's balance sheet    1,925,000,000
    Average debt    3,083,000,000
    Cost of debt, rD    -3.08%
WACC
    COMPUTING THE WACC FOR HGV
    Shares outstanding    119,904,001            HGV Annual Effective Tax Rate    (Dec XXXXXXXXXX)    (Dec XXXXXXXXXX)
    Share price, end 2021    52.11            Y / Y Annual Pre-Tax Income Growth    -1.47%    -
    Equity value, E    6,248,197,492            Y / Y Annual Income taxes expenses / -benefit Growth    63.16%    -
    Net debt, D    4,828,000,000            Annual Effective Tax Rate    34.57%    20.88%
    Cost of debt, rD    -3.08%
    HGV's tax rate, TC    34.57%            https:
csimarket.com/stocks/singleProfitabilityRatiosy.php?code=HGV&itx=1&image.x=15&image.y=13
    Market risk free rate, rf    0.06%
    Expected market return, E(rM)    7.29%
    WACC based on classic CAPM and interest from financial statements
    HGV beta    2.2384
    Cost of equity, rE    16.24%
    WACC    8.28%
    WACC based on tax-adjusted CAPM and interest from financial statements
    HGV beta    2.2384
    Cost of equity, rE    16.26%
    WACC    8.29%
    Estimated WACC    8.29%
5 Year Model
    HGV Estimated - FINANCIAL MODEL, XXXXXXXXXX                            COMMON SIZE I/S
    Profit and loss assumptions                                2021    2020    2019    2018    2017    Average
    Sales growth    6.42%                        Sales
    COGS/Sales    74.39%                        Cost of Goods Sold    66.81%    87.92%    74.05%    70.64%    72.53%    74.39%
    SG&A/Sales    6.95%                        Selling, General, and Administrative Expense    6.47%    10.29%    6.04%    5.85%    6.08%    6.95%
    Depreciation/Gross fixed assets    8.00%                        Operating Income Before Depreciation    26.72%    1.79%    19.91%    23.51%    21.39%    18.67%
    Interest rate    2.84%                        Unusual Expense (Income)    4.63%    24.16%    0.00%    0.00%    0.00%    5.76%
    Minority interest as % of PAT    0.00%                        Depreciation and Amortization    5.40%    5.03%    2.77%    1.80%    1.69%    3.34%
    Growth rate of total dividends    0.00%                        Interest Expense    -4.07%    -4.25%    -2.12%    -1.50%    -1.52%    -2.69%
    Tax rate    34.57%                        Nonoperating Income (Expense) and Special Items    -1.11%    0.34%    -0.16%    -0.05%    0.00%    -0.20%
    Unusual Expense (Income)/ Sales    5.76%                        Acquisition and integration-related expense    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
    Balance sheet assumptions                            Pretax Income    11.52%    -31.32%    14.85%    20.16%    18.18%    6.68%
    Assets                            Income Taxes - Total    3.98%    -8.84%    3.10%    5.45%    6.78%    2.10%
    Cash and short-term investments     XXXXXXXXXX                        Minority Interest    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
    Receivables/Sales    9.98%                        Income Before Extraordinary Items    7.54%    -22.48%    11.75%    14.71%    11.40%    4.58%
    Inventories/Sales    43.62%                        Extraordinary Items and Discontinued Operations    0.00%    0.00%    0.00%    0.20%    7.71%    1.58%
    Other Cu
ent Assets/Sales    6.55%                        Net Income (Loss)    7.54%    -22.48%    11.75%    14.91%    19.11%    6.17%
    Property, Plant, Equipment, Net/Sales    35.37%
    Investments and advances    Constant
    Other Assets, annual growth rate    31.59%
    Liabilities
    Accounts Payable/Sales    6.40%
    Accrued Expense/Sales    16.14%
    Other Cu
ent Liabilities/Sales    4.60%
    Debt/Assets    52.96%
    Defe
ed Taxes     XXXXXXXXXX
    Minority Interest    -
    Other liabilities, annual growth    33.77%
    Common Stock    1000000
    Capital Surplus     XXXXXXXXXX
    Accumulated other comprehensive income (loss)     XXXXXXXXXX
    Treasury stock    Plug
        2021A    2022E    2023E    2024E    2025E    2026E
    Sales     XXXXXXXXXX    2,484,907,000    2,644,438,029    2,814,108,054    2,994,664,292    3,186,805,216
    Cost of Goods Sold    1,560,000,000    1,242,453,500    1,322,219,015    1,407,054,027    1,497,332,146    1,593,402,608    COGS Taken 50%
    Selling, General, and Administrative Expense    151,000,000    172,591,966    183,672,370    195,456,990    207,997,723    221,343,084
    Operating Income Before Depreciation    624,000,000    1,069,861,534    1,138,546,644    1,211,597,037    1,289,334,423    1,372,059,524
    Unusual Expense (Income)    108,000,000    143,062,763    152,247,392    162,015,751    172,410,858    183,472