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Herbalife Ltd. (HLF) $59.55 U.S Herbalife Ltd. (HLF) $59.55 U.S. Dollar | Bmrk/Ind: FactSet ­ Country / Distribution Services ­SEC As of: 22 Jul '14 Profile Key Items Sector Industry Mkt Cap (M) EV (M) Sales (M) Trading Information Valuation 5Y Trend Current vs. Ind vs. Bmrk Distribution Services Food Distributors $5,847 $6,434 $4,964 Current Price $59.60 P/E (LTM) 13.1 0.6 0.7 52 Wk Range $49.35 ­ 83.51 P/E (NTM) 8.7 0.5 0.5 Herbalife Ltd. is a global nutrition company. It offers a range of science­based weight management products, Avg Daily Vol (3m) 1.59 (M) P/Sales 1.2 3.5 0.8 nutritional supplements and personal care products intended to support a healthy lifestyle. The company's product development is focused on four principal categories: weight management; targeted nutrition, including Short Int (% of P/Bk 143.4 40.4 103.4 28.2% everyday wellness and healthy aging; energy, sports and fitness and outer nutrition that capitalize on the mega Float) P/CF 7.3 0.5 0.7 trends of obesity and anti­aging. Herbalife was founded by Mark Reynolds Hughes in 1980 and is Key Statistics EV/EBITDA 8.3 0.7 0.8 headquartered in George Town, Cayman Islands. Mkt Value (M) $5,847 EV/Sales 1.3 3.2 0.5 Ent Value (M) $6,434 Shares Out (000) 98,107 Profitability (%) 10Y Trend LTM Ind Bmrk Dividend (Ann) $0.00 Gross Margin 78.9 9.8 30.4 Div Yld 0.0% EBITDA Margin 15.6 3.4 17.2 EBIT Margin 13.9 2.8 12.0 Net Margin 9.7 1.6 8.2 $59.60 Estimates EPS (FY0) $5.37 ROE 251.0 16.1 13.5 YTD ­24.3% EPS (FY1) $6.29 3M 4.0% EPS (FY2) $7.24 Growth (%) 10Y Trend LTM Ind Bmrk 1Y 6.8% Beta 2.51 Coverage 4 Analysts Sales 17.3 7.6 3.3 FY1 PE 8.6x Target Price $85.50 EBITDA 1.8 5.2 4.3 LT Growth Rate 19.0% EBIT 0.8 3.5 5.8 Avg Rating Buy (1.20) EPS (Dil) 6.1 5.2 5.2 Price & Volume StreetAccount News 22 JUL '14 9:20 A.M. (ET) Herbalife releases research and analysis regarding Herbalife’s U.S. business operations 22 JUL '14 7:57 A.M. (ET) Clarification: Herbalife Pershing Square presentation of investigation into Herbalife Nutrition Clubs 21 JUL '14 8:44 P.M. (ET) Pershing Square presentation of investigation into Herbalife Nutrition Clubs to begin at 09:15 ET 21 JUL '14 12:58 P.M. (ET) Herbalife traded lower following cautious comments from Pershing Squares' Ackman in CNBC interview 16 JUL '14 10:20 A.M. (ET) Pershing Square to release evidence of Herbalife perpetuating fraud ­ NY Post 24 JUN '14 12:43 P.M. (ET) Business dean of College of New Jersey urges SEC to increase scrutiny of Herbalife ­­ NY Post 03 JUN '14 8:42 A.M. (ET) Pershing Square responds to recent ruling in FTC V. BurnLounge, Inc. ©2014 FactSet Research Systems, Inc. 1 of 9 Herbalife Ltd. (HLF) $59.55 U.S. Dollar | Bmrk/Ind: FactSet ­ Country / Distribution Services ­SEC As of: 22 Jul '14 Key Estimates Corporate Information Earnings FY 13 FY 14E FY 15E Q1 14 Q2 14E Q3 14E Q4 14E Management Board Michael O. Johnson, 59 Michael O. Johnson, 59 EPS ­ GAAP 4.91 5.45 7.06 0.74 1.55 1.61 1.63 Chairman & Chief Executive Officer Chairman & Chief Executive Officer Growth (%) 21.2 11.1 29.4 ­32.7 15.7 21.6 41.3 Desmond J. Walsh, 57 Leroy T. Barnes, 62 EPS ­ Non GAAP 5.37 6.29 7.24 1.50 1.57 1.62 1.63 President Independent Director Growth (%) 32.6 17.1 15.1 18.1 11.0 14.5 27.7 Richard P. Goudis, 52 Richard P. Bermingham, 74 Income Statement (M) FY 13 FY 14E FY 15E Q1 14 Q2 14E Q3 14E Q4 14E Chief Operating Officer Lead Independent Director Sales 4,825 5,378 5,879 1,263 1,359 1,343 1,383 John G. DeSimone, 47 Jeffrey T. Dunn, 56 Growth (%) 18.5 11.5 9.3 12.4 11.5 10.7 9.0 Chief Financial Officer Independent Director EBITDA 876 955 1,053 205 249 247 246 Steve Yair Henig, 70 Richard H. Carmona, 64 Growth (%) 19.1 8.9 10.3 ­4.4 10.4 11.7 16.2 Chief Scientific Officer Independent Director Patrick R. Dailey María Otero Operating Income 761 792 933 128 222 224 223 Chief Administrative Officer Independent Director Growth (%) 15.1 4.0 17.8 ­34.1 9.0 16.8 22.8 Net Income 528 517 615 75 149 147 146 Growth (%) 10.5 ­1.9 18.8 ­37.2 3.8 3.5 18.1 South Church Street, Ugland House James Paul Berklas Fiscal Year December Per Share FY 13 FY 14E FY 15E Q1 14 Q2 14E Q3 14E Q4 14E George Town, Investor Relations Contact Exchange NYSE Dividends per Share 1.20 0.30 0.00 ­ ­ ­ ­ KY1­1106 herbalife.com ISIN KYG4412G1010 Cash Flow per Share ­ ­ ­ ­ ­ ­ ­ Cayman Islands Employees (2013) 7,000 CUSIP G4412G101 Free Cash Flow per Share ­ ­ ­ ­ ­ ­ ­ SEDOL B0539H3 Book Value per Share 5.14 ­ ­ ­ ­ ­ ­ Ownership Summary Top Holders ­ Institutions and Insiders FLOAT 90.4% Institutions Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD) Shares Out 98,107,000 Icahn Associates Corp. 17,000 17.3 2.8 34 918,339,968 Short Interest 25,015,412 Fidelity Management & Research Co. 11,356 11.6 0.1 ­452 613,433,792 Capital Research & Management Co. (Wo... 7,498 7.6 0.1 553 405,042,944 Soros Fund Management LLC 4,901 5.0 2.4 1,696 264,770,224 Perry Corp. (New York) 4,800 4.9 10.5 1,800 259,296,000 INSIDER 9.6% Inst. Ownership 108.0% The Vanguard Group, Inc. 4,796 4.9 0.0 88 259,092,128 North American 57.7% East Side Capital Corp. 3,184 3.2 5.1 165 172,005,088 Non­North American 7.8% BlackRock Fund Advisors 3,004 3.1 0.0 323 162,291,472 Inst Ownership as % of Float 119.4% AJO LP 1,940 2.0 0.4 620 104,779,896 Top 10 Inst. Holders 61.6% Jennison Associates LLC 1,929 2.0 0.1 902 104,196,696 Morgan Stanley & Co. LLC 1,909 1.9 0.2 1,845 103,107,704 Credit Suisse Securities (USA) LLC (B... 1,859 1.9 0.1 1,684 100,426,368 Insiders Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD) NET POSITION CHANGE 4,114,011 STIRITZ WILLIAM P 7,485 7.6 91.6 1,021 404,329,120 Total (414) 105,952,776 JOHNSON MICHAEL O 1,091 1.1 100.0 ­7 58,951,000 New (76) 5,163,055 Increase (128) 18,481,804 TARTOL JOHN M 238 0.2 100.0 ­50 12,833,693 Decrease (159) ­9,652,267 LEVY ROBERT MUSSER 169 0.2 100.0 0 9,155,364 Soldout (77) ­9,878,580 GOUDIS RICHARD P 150 0.2 100.0 0 8,121,799 ©2014 FactSet Research Systems, Inc. 2 of 9 Herbalife Ltd. (HLF) $59.55 U.S. Dollar | Bmrk/Ind: FactSet ­ Country / Distribution Services ­SEC As of: 22 Jul '14 Segments Snapshot Targets & Ratings There is no data available for this identifier. LOW MEAN HIGH 73.00 35.14% 85.50 58.27% 94.00 74.01% Estimate Growth ­ Quarterly Surprise History ­ Quarterly EPS Q2 '13 Q2 '14E Growth (YoY%) 1.41 1.57 11.0% Period After Event Mean Surp Amt Surp (%) Period After Event Mean Surp Amt Surp (%) Sales (M) Q2 '13 Q2 '14E Growth (YoY%) Q2 '14 E 1.57 Q2 '14 E 1,359 1,219 1,359 11.5% Q1 '14 1.50 1.30 0.20 15.4 Q1 '14 1,263 1,236 26 2.1 Q4 '13 1.28 1.25 0.03 2.4 Q4 '13 1,269 1,253 16 1.3 Q3 '13 1.41 1.14 0.27 23.5 Q3 '13 1,214 1,195 19 1.6 Q2 '13 1.41 1.18 0.23 19.2 Q2 '13 1,219 1,160 59 5.1 Q1 '13 1.27 1.07 0.20 19.2 Q1 '13 1,124 1,114 10 0.9 Q4 '12 1.05 1.03 0.02 1.9 Q4 '12 1,059 1,051 8 0.8 Q3 '12 1.04 1.01 0.03 3.1 Q3 '12 1,017 997 20 2.0 Q2 '12 1.10 0.96 0.14 14.3 Q2 '12 1,032 974 58 5.9 ©2014 FactSet Research Systems, Inc. 3 of 9 Herbalife Ltd. (HLF) $59.55 U.S. Dollar | Bmrk/Ind: FactSet ­ Country / Distribution Services ­SEC As of: 22 Jul '14 Estimate Table Sales ­ Consensus Trend ­ Annual (M) Sales (M) FY Ending Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14E Dec '15E Q1 (Mar) 508 604 522 619 795 964 1,124 1,263 ­ Q2 (Jun) 530 640 572 689 880 1,032 1,219 1,359 ­ Q3 (Sep) 530 602 600 688 895 1,017 1,214 1,343 ­ Q4 (Dec) 578 513 631 738 885 1,059 1,269 1,383 ­ Fiscal Year 2,146 2,359 2,325 2,734 3,455 4,072 4,825 5,378 5,879 EV/Sales (x) 1.4 0.7 1.1 1.5 1.8 0.9 1.7 1.1 1.0 CY Ending Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14E Dec '15E Cal.
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