Business Valuation and Analysis: A Study on Blackmores Limited

This report analyzes the financial performance of Blackmores Limited using ratio analysis, cash flow analysis, and expense analysis. It also evaluates the company's liquidity, solvency, and cash flow management.

Running Head: Business Valuation and analysis
1
Project Report: Business Valuation and analysis

Business Valuation and analysis 2
Contents
Introduction.......................................................................................................................3
Company analysis.............................................................................................................3
Financial analysis..............................................................................................................3
Ratio analysis................................................................................................................3
Major expenses which impact the profit margin..........................................................8
Ratio trend..................................................................................................................10
Cash flow analysis..........................................................................................................10
Liquidity analysis........................................................................................................10
Cash flow analysis......................................................................................................11
Solvency analysis........................................................................................................12
Cash flow management and financial risk..................................................................12
Conclusion......................................................................................................................13
References.......................................................................................................................14
Appendix.........................................................................................................................16
Reformatted income statement...................................................................................16
Reformatted Balance sheet.........................................................................................17
Ratios..........................................................................................................................20

Business Valuation and analysis 3
Introduction:
Business valuation is a set of processed and methods which is used by the financial managers,
financial analyst, investors and other stakeholders of the business to identify the economic value and
actual worth of the equity in the business (Vogel, 2014). Business valuation and analysis could be
done through various tools such as economic value added, cash flow analysis, ratio analysis, trend in
the financial performance etc. This report has been prepared to identify the business value of
Blackmores limited. To identify the performance of the business, the ratio analysis study has been
done and the various expenses which affect the performance of the business has been studied along
with the performance of the cash flow analysis of the business to identify the overall position of the
business in the industry.
Company analysis:
Balckmores limited is an Australian company which develop markets and sells the natural
products related to the health of human and animals. The main market are of the company is Asia,
Australia and New Zealand. Mainly, the company offers the herbal, mineral and vitamin nutrition
product and supplements to its customers. Company also offers various other products for the cold,
flu, joint pains, bones, muscles, brain health etc. the company also offers the product for the
betterment of its customers (Bloomberg, 2018).
Financial analysis:
Financial analysis is a process which collects the financial statement of a business and
conducts various valuation models on the company to identify the financial status and performance of
the business (Moyer, McGuigan, Rao and Kretlow, 2011). In the report, the financial ratio analysis
method has been applied on Blackmores financial statement to identify the changes and the
performance of the company.
Ratio analysis:
Ratio analysis method is one of the most used and easier method of financial analysis
technique. This method collects and records the main data of the company in order to reach over the
conclusion about the financial status of the business. The ratio analysis study of the company is as
follows:
Return on equity (ROE):
Return on equity is major ratio analysis method which is used to identify the profit generation
capabilities of the business against the total owner’s equity of the business which is maintained by the
business to run the operations (Brigham and Daves, 2012). The return on equity position of the

Business Valuation and analysis 4
company expresses that the ROE level of the business was 25.14% in 2014 which has became 63.81%
in 2016 and again reduced to 37.20% in 2018. The current position of the business express that the
ROE level of the company is enough competitive and company should manage the same level. The
performance in the year of 2016 was extra ordinary which has taken place due to sudden demand of
the products of the company.
Figure 1: Return on equity
(Annual report, 2018)
Return on net operating assets (RNOA):
Return on net operating assets (RNOA) is calculated by the financial analyst and other
stakeholders of a business to identify the profit generation capabilities of the business against the net
assets of the business which is maintained by the business to run the operations (Brigham and
Houston, 2012). The return on net operating assets position of the company expresses that the RNOA
level of the business was 16.02% in 2014 which has became 49.35% in 2016 and again reduced to
27.08% in 2018. The current position of the business expresses that the RNOA level of the company
is still better and the level is enough competitive in the industry to manage the profitability level of
the business.

Business Valuation and analysis 5
Figure 2: Return on net operating assets
(Annual report, 2017)
Profit margin (PM):
Profit margin is one of the common ratio analysis methods which are used to identify the
profit generation capabilities of the business against the total turnover of the business (Baker and
English, 2011). The profit margin position of the company expresses that the PM level of the business
was 10.02% in 2014 which has became 16.89% in 2016 and again reduced to 11.96% in 2018. The
current position of the business expresses that the profit margin level of the company is average.
Company should make few changes into its strategies to improve the position of the business.
Figure 3: Profit margin
(Annual report, 2015)

Business Valuation and analysis 6
The profit margin position of the company further has been studied and it has been found that
the better the profit margin of the business would be, the better the business would be able to
manage the market performance:
PM:7.00%
PM ratio share price Δ share price change
Optimistic 10% 7.70% 192.90 15.50%
5% 7.35% 179.96 7.75%
0 7.00% 167.01 0.00%
Pessimistic -5% 6.65% 154.07 -7.75%
-10% 6.30% 141.12 -15.50%
(Ahrendsen & Katchova, 2012)
Asset turnover ratio (ATO):
Asset turnover ratio is calculated by the business to identify the total turnover of the business
against the available resources of the business. The reformatted sales and net operating assets of the
business have been calculated to identify the ATO level of the business (Madura, 2011). The asset
turnover position of the company expresses that the various changes have occurred into the asset
turnover of the business because of the fluctuations in the assets level. The current level of the
business is quite competitive.
Figure 4: Asset turnover ratio
((Morningstar, 2018)

Business Valuation and analysis 7
The asset turnover position of the company further has been studied and it has been
found that the better the ATO of the business would be, the better the business would be able
to manage the market performance:
ATO
2018-19 2020-2022
1.77 2.12 share price Δ share price change
Optimistic 10% 1.95 2.33 176.91 5.93%
5% 1.86 2.23 172.43 3.24%
0 2.12 167.01 0.00%
Pessimistic -5% 1.68 2.01 161 -3.60%
-
10% 1.59 1.91 154.93 -7.23%
Financial leverage (FLEV):
Financial leverage expresses the relation among the various available resources of the
business along with the owner’s equity of the business. The financial leverage position of the
company expresses that the debt level of the company is quite higher and due to which the financial
leverage position of the company has been lowered against the past years. It briefs better position of
the company in terms of managing the capital structure level.
Figure 5: Financial Leverage
(Annual report, 2015)
Net borrowing cost (NBC):

Business Valuation and analysis 8
Net borrowing cost defines the total cost of the business against the borrowing of funds of the
business. It expresses that how much of the expense could be managed through the borrowings of the
company (Ahrendsen and Katchova, 2012). On the basis of the net borrowing cost evaluation of the
company, it has been found that currently around 29.05% expenses are managed from the borrowings
of the business. Earlier, the level was higher.
Figure 6: Net borrowing cost
(Annual report, 2018)
The overall ratio analysis of Balckmores limited brief better performance and financial
position of the business. Various fluctuations have occurred into the financial performance of the
business due to which the stability has been hampered but the financial strategies and policies have
helped the business to become more competitive in the market.
Major expenses which impact the profit margin:
The study further has been conducted on those expenses of the company due to which, the
profitability position of the business have been hampered a lot:
Raw materials and consumable used:
The raw material and consumable goods are the main expenses of the business as it includes
all the purchases of the business (Brigham and Ehrhardt, 2013). In the year of 2018, the raw material
expenses of the business are 38.61% of total revenue which has been reduced from last year.
However, it affected a lot on the overall profitability position of the business.

Business Valuation and analysis 9
Figure 7: Raw materials and consumable used
(Annual report, 2017)
Employee benefits expenses:
Further, the employee benefit expenses of Blackmore have been studied as this is the second
largest expenses of the business. The employee benefit expenses have been reduced from 24.41% to
22.79% in 2018. Though, the impact of employee benefit expenses of the company is still higher and
due to which the profit position of the company has been lower.
Figure 8: Employee benefits expenses
(Annual report, 2018)
Selling and marketing expenses:

Business Valuation and analysis 10
Lastly, the Selling and marketing expenses of Blackmore have been studied as this is the third
largest expenses of the business. The Selling and marketing expenses have been reduced from 10.03%
to 9.84% in 2018. Though, the impact is still higher and due to which the profit position of the
company has been lowered.
Figure 9: Selling and marketing expenses
(Annual report, 2015)
The company has controlled on the overall expenses a lot and still few changes would improve
the profitability level lot.
Ratio trend:
The trend in the ratio performance of the company has been studied further and it has been
found that various fluctuations have occurred into the financial performance of the business due to
which the stability has been hampered but the financial strategies and policies have helped the
business to become more competitive in the market. The return on equity, return on net operating
assets and the profit margin ratio express about better profitability level of the business and the
forecasting also brief better position of the company. Further, the other ratios of the company are also
briefing competitive level of the business.
Cash flow analysis:
The cash flow of the company has been evaluated further to recognize the cash flow
management level of the business and the overall performance of the cash in the business.
Liquidity analysis:

Business Valuation and analysis 11
Liquidity ratios brief the management of short term debt against the short term assets of the
business. Short term assets of the business must be higher to manage the liquidity level of the business
(Higgins, 2012). The below graph explains few changes into liquidity position of the company in last
4 years. Through the evaluation, it has been found that the liquidity risk and the cost of the business is
average in current scenario. Company should maintain the same level so that the risk can’t affect the
performance and cost of the company could also be minimal.
Figure 10: Liquidity Analysis
(Annual report, 2016)
Cash flow analysis:
Cash flow ratios of the company have been studied further to evaluate the management of the
cash in the company. The below graph explains that the operating cash flows of the company has been
lowered against the total liabilities of the business because of changes into the credit policies of the
business.

Business Valuation and analysis 12
Figure 11: Cash flow ratios
(Annual report, 2017)
Solvency analysis:
Solvency ratios brief the management of long term debt against the total assets and the
owner’s equity of the business (Gibson, 2011). The liabilities, assets and equity level of the business
must be managed in better way to improve the performance of the business and reduce the risk and
cost level. The below graph explains better capital structure and solvency position of the business.
Figure 12: Solvency Analysis
(Annual report, 2018)
Cash flow management and financial risk:

Business Valuation and analysis 13
On the basis of the various ratios and financial position of the business, it has been found that
the Blackmores limited has changed into its strategies and policies a lot in last few years to improve
the performance of the business. Due to which, the profitability, liquidity and solvency position of the
company has been improved and associated risk of the company has been lowered. But the changes
into credit strategy have affected the cash position of the company which must be focused by the
company.
Conclusion:
To conclude, the business valuation and analysis is important way to identify the risk, cost,
and return and investment level of a business. Through conducting the report on Blackmores limited,
it has been found that the performance of the company has been fluctuated a lot in last 5 years.
Though, the current risk level of the company is lowered and thus the investment position of the
company is quite strong.

Business Valuation and analysis 14
References:
Annual Report. 2018. Balckmores limited. [online]. Available at:
file:///C:/Users/lenovo/Downloads/Blackmores%20Annual%20Report%202018_web%20final.pdf
[accessed 17/9/18].
Annual Report. 2017. Balckmores limited. [online]. Available at:
http://www.annualreports.com/HostedData/AnnualReports/PDF/ASX_BKL_2017.pdf [accessed
17/9/18].
Morningstar. 2018. Balckmores limited. [online]. Available at:
https://www.morningstar.com/stocks/XASX/BKL/quote.html [accessed 17/9/18].
Annual Report. 2016. Balckmores limited. [online]. Available at: http://blackmores2016.annual-
report.com.au/system/files_force/downloads/blk_annual_report_2016.pdf [accessed 17/9/18].
Annual Report. 2015. Balckmores limited. [online]. Available at:
http://www.annualreports.com/HostedData/AnnualReportArchive/B/ASX_BKL_2015.pdf [accessed
17/9/18].
Bloomberg .. 2018. Balckmores limited. [online]. Available at:
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=878534 [accessed
17/9/18].
Ahrendsen, B. L., & Katchova, A. L. (2012). Financial ratio analysis using ARMS data. Agricultural
Finance Review, 72(2), 262-272.
Baker, H. K., & English, P. (2011). Capital budgeting valuation: Financial analysis for today's
investment projects(Vol. 13). John Wiley & Sons.
Brigham, E. F., & Ehrhardt, M. C. (2013). Financial management: Theory & practice. Cengage
Learning.
Brigham, E. F., & Houston, J. F. (2012). Fundamentals of financial management. Cengage Learning.
Brigham, E., & Daves, P. (2012). Intermediate financial management. Nelson Education.
Gibson, C. H. (2011). Financial reporting and analysis. South-Western Cengage Learning.
Higgins, R. C. (2012). Analysis for financial management. McGraw-Hill/Irwin.
Madura, J. (2011). International financial management. Cengage Learning.
Moyer, R. C., McGuigan, J., Rao, R., & Kretlow, W. (2011). Contemporary financial management.
Nelson Education.

Business Valuation and analysis 15
Vogel, H. L. (2014). Entertainment industry economics: A guide for financial analysis. Cambridge
University Press.

Business Valuation and analysis 16
Appendix:
Reformatted income statement:
2018 2017 2016 2015 2014
$'000 $'000 $'000 $'000 $'000
Revenue
Sales
601,136 692,790 717,211 471,615 346,760
Promotional and other rebates
-
-
143,547
-
118,771
-
83,285
-
59,302
Other income
718 545 1,086 908 7
Total Operating Revenue
601,854 549,788 599,526 389,238 287,465
Expenses
Raw materials and consumable used
232,374 236,184 214,263 147,750 112,501
Employee benefits expenses
137,135 120,209 134,933 94,353 70,156
Selling and marketing expenses
59,229 51,141 49,177 34,779 28,840
Depreciation and amortisation
expenses 8,940 8,411 7,045 6,391 6,266
Operating lease rental expenses
9,306 7,942 4,496 3,519 3,163
Professional and consulting expenses
11,647 8,923 9,168 7,372 4,442
Reparis and maintenance expenses
7,014 5,172 4,683 3,275 2,869
Freight expenses
13,546 9,809 10,906 6,615 5,905
Bank charges
1,141 1,300 2,099 1,355 845
Research and development expenses
2,035 3,592 10,200 8,972 9,162
Other expenses
17,875 10,874 7,335 2,593 3,527
Total Operating Expenses
500,242 463,557 454,305 316,974 247,676
Net operating profit from ordinary
activities 101,612 86,231 145,221 72,264 39,789
Unusal item
Net operating profit before tax
(NOPBT) 101,612 86,231 145,221 72,264 39,789
Tax on operating profit (@ 30% tax

Business Valuation and analysis 17
rate) 30,484 25,869 43,566 21,679 11,937
Tax adjustments from operations -
846
-
468
-
275 1,529
-
618
(Over)/Under Provision of income tax
in previous year
-
124 643 97
-
337
Taxation on profit after adjustments
29,638 25,277 43,934 23,305 10,982
Net operating profit after tax
(NOPAT) 71,974 60,954 101,287 48,959 28,807
Borrowing cost
Interest revenue
416 384 462 415 309
Interest expenses -
4,346
-
4,564
-
2,272
-
3,847
-
5,135
Net Financial Expense
3,930 4,180 1,810 3,432 4,826
Tax Shelter -
1,179.0
-
1,254.0
-
543.0
-
1,029.6
-
1,447.8
Interest Expense after tax
2,751.0 2,926.0 1,267.0 2,402.4 3,378.2
Net profit after tax (NPAT)/ Net
income 69,223 58,028 100,020 46,556 25,429
Other comprehensive income (OCI) 3228 -1961 -301 3758 -1216
Total comprehensive income
72,451 56,067 99,719 50,314 24,213
Reformatted Balance sheet:
2018 2017 2016 2015 2014
$'000 $'000 $'000 $'000 $'000
Operating Assets and Liabilities
Current Assets
Cash and cash equivalents
36,468 34,251 37,653 36,931 18,599
Receivables 1
50,788 132,146 134,636 107,076 70,567
Inventories 1
03,965 84,794 116,486 38,665 38,742
Tax receivable
Other Assets
11,286 7,471 5,849 5,172 3,468
Total current assets

Business Valuation and analysis 18
258,662 258,662 294,624 187,844 131,376
Current Liabilities
Trade and other payables 1
57,868 124,365 160,478 94,908 49,153
Current tax liabilties
4,246 1,811 24,204 12,862 2,793
Tax payable
Provisions
8,065 11,549 7,588 6,284 5,471
Other liabilities
4,288 4,831 9 944 623
Total current liabilities
142,556 142,556 192,279 114,998 58,040
Net Current Assets
116,106 116,106 102,345 72,846 73,336
- 0.13 0.40
-
0.01
-
0.07
Non Current assets
Property, plant and equipment
76,261 74,207 67,626 60,735 63,613
Other intangible assets
36,751 32,293 32,736 18,530 18,363
Goodwill
29,461 29,461 29,371 16,863 16,863
Deferred tax assets
12,590 9,960 12,257 6,713 3,815
Other assets
1,520 1,320 628 562 404
Amount advanced to related parties
3,600 4,111 3,960
Total non-current assets
160,183 151,352 146,578 103,403 103,058
Non Current Liabilities
Other liabilities
1,239 235 3,655 562 422
Deferred tax liabilities
483 10,224 10,255 202
Total Non Current Liabilities
1,722 10,459 13,910 764 422
Net Non-Current Asset
158,461 140,893 132,668 102,639 102,636

Business Valuation and analysis 19
Net Operating Asset
274,567 256,999 235,013 175,485 175,972
7% 9% 34% 0% -4%
Financing Activities
Investment Property- Non current Asset -
2,160
-
2,160
-
2,160
-
2,160
-
2,160
Provisions of Non Current Employee
Benefits - Non Current Liabilities 9,341 1,372 1,134 730 906
Int bearing liabilities- Non current
liabilities 78,968
7
8,968
5
5,446
4
4,000
7
3,000
Net Financing Obligations
86,149 78,180 54,420 42,570 71,746
7,969 23,760
Equity
Issued capital
37,753 37,753 37,753 37,753 34,502
Reserves
5,926 4,085 5,252 8,063 3,227
Retained Earnings 1
49,196 135,703 135,258 87,099 66,497
Minority interests
455 1,278 2,330
193,330 178,819 180,593 132,915 104,226
Opening CSE 1
93,330 180,593 132,915 104,226 98,051
Comprehensive income (OCI + Net
income) 72,451 56,067 99,719 50,314 24,213
Dividend declared
49,957 58,568 57,704 25,954 21,593
Issue of shares under Dividend
Reinvestment Plan
-
3,251
-
3,506
Share based payment
12,895
-
727
-
3,362
-
1,078
-
49
Share issue to holders of non-controlling
interest
-
2,301
Net dividend

Business Valuation and analysis 20
62,852 57,841 52,041 21,625 18,038
Changes in ownership interests in
subsidiaries - - - - -
Restatement in equity
Calculated Closing CSE
202,929 178,819 180,593 132,915 104,226
Double Check Closing CSE
9,599
-
0
-
0 0 0
Difference
FCF=NOPAT-changes in NOA+ OCI
57,634 37,007 41,458 53,204 35,232
FCF=NFEat-changes in NFO+d-changes in
OI 57,634 37,007 41,458 53,203 35,232
Double check
0
-
0
-
0 0 0
Ratios:
2018 2017 2016 2015 2014
Return on equity (ROE)
NPAT/Equity 37.2
0%
32.29
%
63.81
%
39.26
%
25.14
%
Return on Operating assets
NOPAT / avg. NOA (RNOA) 27.0
8%
24.78
%
49.35
%
27.86
%
16.02
%
Profit Margin (PM) 11.9
6%
11.09
%
16.89
%
12.58
%
10.02
%
Asset Turnover (ATO) 2.26 2.23 2.92 2.21 1.60
RNOA (PM * ATO) 27.0
8%
24.78
%
49.35
%
27.86
%
16.02
%
Spread (RNOA-NBC)
RNOA 27.0
8%
24.78
%
49.35
%
27.86
%
16.02
%
NBC 3.35
%
4.41
%
2.61
%
4.20
%
4.30
%
Spread 23.7
3%
20.36
%
46.74
%
23.66
%
11.73
%
Financial Leverage (FLEV)
Avg.NFO / Avg.Equity 44.1
6%
36.89
%
30.94
%
48.21
%
77.77
%
Cost of Capital 10.4 7.51 14.46 11.40 9.12

Business Valuation and analysis 21
8% % % % %
Return on equity (ROE)
RNOA + [ FLEV*SPREAD] 37.5
6%
32.29
%
63.81
%
39.26
%
25.14
%
Return on Net Operating Assets (RNOA)
Sales / Net Operating Assets
(NOA)
2.26 2.23 2.92 2.21 1.60
Expenses / Net Operating Assets
(NOA)
1.88 1.88 2.21 1.80 1.38
Tax / Net Operating Assets
(NOA)
0.11 0.10 0.21 0.13 0.06
NOPAT / NOA 27.0
8%
24.78
%
49.35
%
27.86
%
16.02
%
Profit Margin (PM)
Net Operating Profit After Tax
(NOPAT) / Sales
11.9
6%
11.09
%
16.89
%
12.58
%
10.02
%
Assets Turnover Ratio (ATO)
Sales/Net Operating Assets
(NOA)
2.26 2.23 2.92 2.21 1.60
PM*ATO 27.0
8%
24.78
%
49.35
%
27.86
%
16.02
%
Expenses / Total Revenues
Raw materials and consumable
used
38.6
1%
42.96
%
35.74
%
37.96
%
39.14
%
Employee beneftis expenses 22.7
9%
21.86
%
22.51
%
24.24
%
24.41
%
Selling and marketing expenses 9.84
%
9.30
%
8.20
%
8.94
%
10.03
%
Depreciation and amortisation
expenses
1.49
%
1.53
%
1.18
%
1.64
%
2.18
%
Operating lease rental expenses 1.55
%
1.44
%
0.75
%
0.90
%
1.10
%
Professional and consulting
expenses
1.94
%
1.62
%
1.53
%
1.89
%
1.55
%
Reparis and maintenance
expenses
1.17
%
0.94
%
0.78
%
0.84
%
1.00
%
Freight expenses 2.25
%
1.78
%
1.82
%
1.70
%
2.05
%

Business Valuation and analysis 22
Bank charges 0.19
%
0.24
%
0.35
%
0.35
%
0.29
%
Research and development
expenses
0.34
%
0.65
%
1.70
%
2.31
%
3.19
%
Other expenses 2.97
%
1.98
%
1.22
%
0.67
%
1.23
%
83.1
2%
84.32
%
75.78
%
81.43
%
86.16
%
Expenses Growth (Annual) 7.91
%
2.04
%
43.33
%
27.98
%
3.48
%
Net Working Capital/ Sales 19.2
9%
21.12
%
17.07
%
18.72
%
25.51
%
Net
borrowing
cost
(Total expenses / Borrowings) 29.0
5%
4.43
%
3.27
%
41.49
%
58.69
%
Revenue / Geographic Segments
ANZ 38.4
5%
53.69
%
67.20
%
70.42
%
67.18
%
China and other Asian Countries 20.6
8%
31.25
%
22.12
%
17.80
%
19.22
%
BioCeuticals 15.6
7%
14.77
%
10.08
%
11.77
%
13.60
%
Bemore partnerships 11.8
9%
0.29
%
0.60
%
0.00
%
0.00
%
86.6
9%
100.0
0%
100.0
0%
100.0
0%
100.0
0%
Revenue Growth (Annual) 9.47
%
-
8.30
%
54.03
%
35.40
%
3.39
%
Asset Turnover
Sales / Net Operating Assets
(NOA)
2.26 2.23 2.92 2.21 1.60
Net Operating Assets (NOA) /
Sales
0.44 0.45 0.34 0.45 0.63
Net Current Operating Assets /
Sales
0.19 0.20 0.15 0.19 0.26
Current Operating Assets / Sales 0.43 0.50 0.40 0.41 0.44
Current Operating Liabilities /
Sales
0.24 0.30 0.26 0.22 0.18

Business Valuation and analysis 23
Property Plant and Equip / Sales 0.13 0.13 0.11 0.16 0.22
Other Non Current Net Operating
Assets / Sales
0.12 0.12 0.09 0.10 0.14
Other Non Current Operating
Assets / Sales
0.13 0.14 0.10 0.11 0.14
Other Non Current Operating
Liabilities / Sales
0.01
0
0.022 0.012 0.002 0.002
Net Operating Assets (NOA) /
Sales
0.44 0.45 0.34 0.45 0.63
1/(NOA / Sales) = Sales / NOA 2.26 2.23 2.92 2.21 1.60
Short Term Liquidity
Current Ratio 1.73 1.81 1.53 1.63 2.26
Quick Ratio 1.14 1.22 0.93 1.30 1.60
Cash Ratio 0.21 0.24 0.20 0.32 0.32
Operating Cash Flow Ratio 0.33 0.32 0.44 0.62 0.65
Debt and Long Term Solvency 2018 2017 2016 2015 2014
Liabilities / Equity 1.40 1.30 1.46 1.21 1.27
Debt / Equity 0.45 0.44 0.30 0.32 0.69
Interest Coverage - Earnings -
25.8
6
20.63 80.23 21.06 8.24
Interest Cover - Cash Flow 16.0
0
16.16 28.12 23.34 9.64
Debt / CFOPS 1.48 1.71 0.65 0.60 1.91