MCRS Capital Returns, Deployment, And Accumulation
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Capital Returns, Deployment, and Accumulation
MCRS
Capital Returns 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
NWC 29.7 39.5 18.1 17.9 12.4 (16.7) (75.6) (83.1) (81.8) (66.6)
Net PPE 19.6 21.3 23.8 28.0 29.2 30.5 27.3 28.1 35.4 44.1
Invested Operating Capital 49.2 60.8 41.9 45.8 41.5 13.8 (48.3) (55.0) (46.4) (22.5)
Debt 2.8 2.8 2.6 3.2 1.7 1.4 1.9 0.3 0.2 1.9
Equity 263.0 345.2 417.1 551.1 673.0 723.4 783.4 1,016.7 1,092.6 1,115.1
Invested Financial Capital 265.8 348.0 419.8 554.4 674.7 724.8 785.2 1,017.0 1,092.8 1,117.0
EBIT 56.8 78.9 92.9 111.3 139.3 147.6 168.0 214.0 236.2 230.6
Tax Adjustment (19.9) (27.6) (32.5) (39.0) (48.8) (51.7) (58.8) (74.9) (82.7) (80.7)
NOPAT 36.9 51.3 60.4 72.3 90.5 95.9 109.2 139.1 153.5 149.9
NOPAT Margin 7.6% 8.6% 8.9% 9.2% 9.5% 10.5% 11.9% 13.8% 13.9% 11.8%
NWC as % Sales 6.1% 6.6% 2.7% 2.3% 1.3% (1.8)% (8.3)% (8.2)% (7.4)% (5.3)%
PPE Turns 24.9x 28.0x 28.5x 28.1x 32.7x 29.9x 33.4x 35.8x 31.3x 28.7x
ROIC (Operating) 75.1% 84.4% 144.0% 157.9% 218.0% 693.1% (226.2)% (253.0)% (331.0)% (667.1)%
ROIC (Financial) 13.9% 14.7% 14.4% 13.1% 13.4% 13.2% 13.9% 13.7% 14.0% 13.4%
Net Income Margin 6.8% 9.0% 9.4% 10.2% 10.6% 10.9% 12.5% 14.3% 15.1% 13.5%
Asset Turns 1.2x 1.1x 1.0x 0.9x 1.0x 0.9x 0.8x 0.7x 0.7x 0.8x
ROA 7.9% 9.8% 9.8% 9.4% 10.1% 9.7% 10.0% 10.1% 10.7% 10.8%
Asset Leverage 1.6x 1.6x 1.6x 1.5x 1.5x 1.4x 1.5x 1.4x 1.4x 1.4x
ROE 12.7% 15.5% 15.2% 14.5% 15.0% 13.7% 14.6% 14.2% 15.3% 15.4%
Debt/EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Debt/Capital 1.0% 0.8% 0.6% 0.6% 0.3% 0.2% 0.2% 0.0% 0.0% 0.2%
Capital Deployment 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Cash Sources Net Total % Total % EBITDA
EBITDA Generated 66.7 96.4 110.3 132.4 163.8 172.9 195.0 237.7 259.5 258.3 1,693.1 93% 100%
Working Capital Runoff 9.1 - 21.3 0.2 5.5 29.0 58.9 7.5 - - 105.3 6% 6%
Sale of Assets 0.1 - 0.1 0.4 0.2 0.2 0.1 - - - - 0% 0%
Debt Raised - 0.0 - 0.6 - - 0.5 - - 1.8 - 0% 0%
Equity Raised - 6.4 - 17.1 - - - - - - - 0% 0%
Other 14.8 15.1 - 18.2 - - - 72.5 - 58.6 28.8 2% 2%
Cash from Balance Sheet - - - - - - - - 198.2 - - 0% 0%
Total Sources 90.7 117.9 131.8 168.9 169.6 202.1 254.5 317.7 457.8 318.7 1,827.2 100% 108%
Cash Uses
EBITDA Burn - - - - - - - - - - - 0% 0%
Cash Interest 1.4 2.3 0.2 0.1 0.1 0.1 0.1 0.3 0.3 0.1 5.0 0% 0%
Cash Taxes 23.2 14.9 (1.0) 24.6 28.8 51.3 44.3 46.3 61.6 60.5 354.6 19% 21%
Working Capital Investment - 9.8 - - - - - - 1.3 15.2 - 0% 0%
Capex 8.8 10.2 10.7 11.3 12.9 13.4 9.0 10.7 17.5 23.3 126.7 7% 7%
Acquisition - 18.5 14.1 40.5 16.1 37.2 30.7 18.6 258.9 0.0 434.7 24% 26%
Debt Paydown 8.1 - 0.2 - 1.5 0.3 - 1.6 0.1 - 8.9 0% 1%
Share Repurchase 3.4 - 21.7 - 46.4 19.4 24.3 5.3 44.3 167.5 308.9 17% 18%
Dividend - - - - - - - - - - - 0% 0%
Other - - 2.1 - 11.3 23.5 39.7 - 73.8 - - 0% 0%
Cash to Balance Sheet 45.8 62.1 83.7 92.4 52.3 57.0 106.4 235.0 - 52.0 588.4 32% 35%
Total Uses 90.7 117.9 131.8 168.9 169.6 202.1 254.5 317.7 457.8 318.7 1,827.2 100% 108%
Deployable FCF
Capital Accumulation 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 77%
Beginning BVPS $ 2.99 $ 3.46 $ 4.44 $ 5.15 $ 6.77 $ 8.37 $ 9.01 $ 9.66 $ 12.66 $ 13.89
EPS 0.43 0.68 0.78 0.97 1.21 1.21 1.41 1.74 2.03 2.12
DPS - - - - - - - - - -
(Repurchases)/Issue Per Share (0.05) 0.08 (0.27) 0.21 (0.57) (0.24) (0.30) (0.07) (0.56) (2.18)
Other 0.08 0.22 0.20 0.44 0.97 (0.33) (0.46) 1.32 (0.24) 1.10
Ending BVPS $ 3.46 $ 4.44 $ 5.15 $ 6.77 $ 8.37 $ 9.01 $ 9.66 $ 12.66 $ 13.89 $ 14.92
% y/y 15.7% 28.4% 15.9% 31.5% 23.7% 7.6% 7.2% 31.0% 9.8% 7.4%
BVPS Accumulation ex Dist $ 3.50 $ 4.34 $ 5.67 $ 6.96 $ 9.87 $ 11.05 $ 12.38 $ 15.69 $ 18.12 $ 23.42
% y/y 17.3% 23.8% 30.8% 22.6% 41.8% 12.0% 12.1% 26.7% 15.5% 29.3%
Shares Out 76.1 77.7 81.0 81.4 80.4 80.3 81.1 80.3 78.7 74.7