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Diploma in Corporate Finance Corporate Finance Strategy Diploma in Corporate Finance Corporate Finance Strategy & Advice Information Booklet Date of exam Monday 20 June 2016 Part 1: 1:00 pm – 1:55 pm Information Booklet & Examination Paper Part 2: 2:00 pm – 5:00 pm Answer Book Notes to candidates Time allowed: 55 minutes Part 1: Candidates will be provided with an Information Booklet and the examination question paper. Candidates have one hour in which to review the information booklet and questions. During this time, candidates may annotate the information book. The examination has been prepared on the assumption that candidates will not have any detailed knowledge of the type of organisation to which it refers. No additional merit will be accorded to those candidates displaying such knowledge. Part 2: The Answer Book will be distributed at 1.55 pm and the candidates should open and begin writing in the answer book when instructed. Candidates should distinguish clearly between formal answers (including appendices) and any working papers. © Chartered Institute for Securities & Investment 2016 © ICAEW 2016 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, or any information storage or retrieval system without prior permission from the Chartered Institute for Securities & Investment. Please turn over when instructed 1 of 150 2 of 150 Table of Contents Information Book Pages Contents 3 Sports Direct Capital IQ spreadsheets: Financials 4 – 28 Sports Direct Capital IQ spreadsheets: Comparable Company Information 29 - 35 Sports Direct Capital IQ spreadsheets: Estimates 36 – 43 Sports Direct Annual Report 2015 (Pages 1 – 36) 44 – 74 Guardian Newspaper Article 75 – 77 Sample Share Prices 78 – 79 JD Sports Capital IQ spreadsheets: Financials 80 - 104 JD Sports Capital IQ spreadsheets: Comparable Company Information 105 - 110 JD Sports Capital IQ spreadsheets: Estimates 111 - 117 JD Sports Annual Report 2015 (extracts) 118 - 145 Guardian Newspaper Article 146 - 148 Sample Share Prices 149 - 150 3 of 150 Sports Direct Capital IQ spreadsheets: Financials Data Provided by Historical Equity Pricing Data supplied by 4 of 150 Sports Direct International plc (LSE:SPD) > Financials > Key Stats In Millions of the trading currency, except per share items. Currency: Trading Currency Conversion: Historical Order: Latest on Right Units: S&P Capital IQ (Default) Decimals: Capital IQ (Default) Dilution: Basic Key Financials¹ LTM² For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months† 12 months 12 months Apr-29-2012A Apr-28-2013A Apr-27-2014A Apr-26-2015A Oct-25-2015A Apr-30-2016E Apr-30-2017E Apr-30-2018E Currency GBP GBP GBP GBP GBP GBP GBP GBP Total Revenue 1,835.8 2,185.6 2,706.0 2,832.6 2,833.3 2,822.43 3,002.98 3,111.43 Growth Over Prior Year 14.8% 19.1% 23.8% 4.7% 1.4% (0.36%) 6.40% 3.61% Gross Profit 744.3 894.8 1,154.9 1,240.8 1,254.1 - - - Margin % 40.5% 40.9% 42.7% 43.8% 44.3% - - - EBITDA 213.2 264.5 317.9 373.6 382.0 378.1 396.5 413.98 Margin % 11.6% 12.1% 11.7% 13.2% 13.5% 13.40% 13.20% 13.31% EBIT 150.7 211.9 254.1 298.0 298.7 - - - Margin % 8.2% 9.7% 9.4% 10.5% 10.5% - - - Earnings from Cont. Ops. 105.6 151.7 179.6 241.4 273.5 - - - Margin % 5.8% 6.9% 6.6% 8.5% 9.7% - - - Net Income 106.2 151.6 180.2 240.4 271.2 - - - Margin % 5.8% 6.9% 6.7% 8.5% 9.6% - - - Diluted EPS Excl. Extra Items³ 0.17 0.24 0.29 0.39 0.44 0.36 0.37 0.4 Growth Over Prior Year 19.9% 46.1% 19.7% 33.6% 43.3% (3.02%) 2.17% 6.86% Same Store Sales Growth % 0.7% 10.6% 10.5% 7.4% NA - - - Currency GBP GBP GBP GBP GBP GBP GBP GBP Exchange Rate 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Conversion Method H H H H H S S S ¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages. ²Growth rates for the LTM period are calculated against the LTM period ending 12 months before. ³All forward period figures are consensus mean estimates provided by the brokers and may not be on a comparable basis as financials. †Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page. Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected above. 5 of 150 Latest Capitalization (Millions of GBP) Currency GBP Share Price 3.48 Shares Out. 596.4 Market Capitalization 2,075.6 - Cash & Short Term Investments 163.3 + Total Debt 183.6 + Pref. Equity - + Total Minority Interest (1.2) = Total Enterprise Value (TEV) 2,094.7 Book Value of Common Equity 1,291.5 + Pref. Equity - + Total Minority Interest (1.2) + Total Debt 183.6 = Total Capital 1,474.0 **For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company’s primary stock class. Shares shown on this page are total company as-reported share values. 6 of 150 Total Liability includes Total Debt, Minority Interest and Pref. Equity. Net Liability includes Total Liability, net of Cash and Short Term Investments. TEV includes Market Cap and Net Liability. Total Capital includes Common Equity and Total Liability. Valuation Multiples based on Current Capitalization LTM For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months Apr-26-2015A Oct-25-2015A Apr-30-2016E Apr-30-2017E Apr-30-2018E TEV/Total Revenue 0.8x 0.7x 0.74x 0.70x 0.67x TEV/EBITDA 5.7x 5.4x 5.55x 5.29x 5.07x TEV/EBIT 7.1x 6.9x - - - P/Diluted EPS Before Extra 8.9x 8.0x 9.62x 9.41x 8.81x P/BV 1.8x 1.6x - - - Price/Tang BV 2.3x 1.9x - - - 7 of 150 Sports Direct International plc (LSE:SPD) > Financials > Income Statement In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings Period Type: Annual Order: Latest on Right Currency: Reported Currency Conversion: Historical Units: S&P Capital IQ (Default) Decimals: Capital IQ (Default) Income Statement Reclassified Reclassified Reclassified Reclassified LTM For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months Apr-24-2011 Apr-29-2012 Apr-28-2013 Apr-27-2014 Apr-26-2015 Oct-25-2015 Currency GBP GBP GBP GBP GBP GBP Revenue 1,599.2 1,835.8 2,185.6 2,706.0 2,832.6 2,833.3 Other Revenue - - - - - - Total Revenue 1,599.2 1,835.8 2,185.6 2,706.0 2,832.6 2,833.3 Cost Of Goods Sold 940.3 1,091.5 1,290.8 1,551.0 1,591.7 1,579.2 Gross Profit 658.9 744.3 894.8 1,154.9 1,240.8 1,254.1 Selling General & Admin Exp. 525.0 594.6 685.4 902.6 938.4 951.1 R & D Exp. - - - - - - Depreciation & Amort. - - - - - - Amort. of Goodwill and Intangibles 2.8 4.4 4.7 6.8 12.7 12.7 Other Operating Expense/(Income) (5.3) (5.3) (7.2) (8.6) (8.3) (8.4) Other Operating Exp., Total 522.4 593.6 682.9 900.8 942.8 955.4 Operating Income 136.5 150.7 211.9 254.1 298.0 298.7 Interest Expense (4.7) (6.0) (7.2) (8.1) (6.8) (3.9) Interest and Invest. Income 0.4 0.6 2.6 7.9 15.1 64.0 Net Interest Exp. (4.2) (5.4) (4.6) (0.2) 8.2 60.1 Income/(Loss) from Affiliates 0 0.6 1.3 2.3 3.0 2.9 Currency Exchange Gains (Loss) (1.7) 3.6 (2.0) (11.2) 7.3 30.6 Other Non-Operating Inc. (Exp.) - 2.3 - - - - EBT Excl. Unusual Items 130.5 151.7 206.6 245.0 316.5 392.2 8 of 150 Impairment of Goodwill (0.2) - - - (5.3) (37.8) Gain (Loss) On Sale Of Invest. (9.5) (5.8) - - - - Asset Writedown - - - (5.5) (8.0) (8.0) Legal Settlements (3.1) - - - - - Other Unusual Items 1.1 5.6 0.6 - 10.3 4.5 EBT Incl. Unusual Items 118.8 151.5 207.2 239.5 313.4 351.0 Income Tax Expense 35.6 45.9 55.6 59.8 72.1 77.4 Earnings from Cont. Ops. 83.2 105.6 151.7 179.6 241.4 273.5 Earnings of Discontinued Ops. - - - - - - Extraord. Item & Account. Change - - - - - - Net Income to Company 83.2 105.6 151.7 179.6 241.4 273.5 Minority Int. in Earnings 1.0 0.6 (0.1) 0.6 (1.0) (2.3) Net Income 84.2 106.2 151.6 180.2 240.4 271.2 Pref. Dividends and Other Adj. - - - - - - NI to Common Incl Extra Items 84.2 106.2 151.6 180.2 240.4 271.2 NI to Common Excl.
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