SKX

A B C D E F G H

2 Figures in Millions except per share values

3 Skechers USA Inc. (SKX) 2006 2007 2008 2009 2010 2011 TTM
4 Revenue $ 1,205.4 $ 1,394.2 $ 1,440.7 $ 1,438.1 $ 2,011.4 $ 1,613.6 $ 1,455.6
5 EBT $ 112.6 $ 118.3 $ 60.7 $ 71.1 $ 196.6 $ (131.0) $ (91.7)
6 EBIT $ 121.9 $ 123.1 $ 65.3 $ 74.2 $ 199.6 $ (123.2) $ (79.6)
7 Interest Expense $ 9.2 $ 4.8 $ 4.6 $ 3.0 $ 3.0 $ 7.9 $ 12.1
8 Income Tax $ 41.7 $ 42.6 $ 7.3 $ 20.2 $ 60.2 $ (63.5) $ (40.5)
9 Net Income $ 71.0 $ 75.7 $ 55.4 $ 54.7 $ 136.1 $ (67.5) $ (52.1)
10 Total Assets $ 737.1 $ 828.0 $ 876.3 $ 995.6 $ 1,304.8 $ 1,281.9 $ 1,316.1
11 Shareholders Equity $ 449.1 $ 626.7 $ 668.7 $ 745.9 $ 908.2 $ 852.6 $ 872.8
12
13 Three-Step DuPont Model:
14 Net Profit Margin (Net Income Sales) 5.9% 5.4% 3.8% 3.8% 6.8% -4.2% -3.6%
15 Asset Turnover (Sales Total Assets) 1.64 1.68 1.64 1.44 1.54 1.26 1.11
16 Equity Multiplier (Total Assets Shareholders Equity) 1.64 1.32 1.31 1.33 1.44 1.50 1.51
17 Return on Equity 15.8% 12.1% 8.3% 7.3% 15.0% -7.9% -6.0%
18
19 Five-Step DuPont Model:
20 Tax Burden (Net Income EBT) 0.63 0.64 0.91 0.77 0.69 0.51 0.57
21 Interest Burden (EBT EBIT) 0.92 0.96 0.93 0.96 0.98 1.06 1.15
22 Operating Income Margin (EBIT Sales) 10.1% 8.8% 4.5% 5.2% 9.9% -7.6% -5.5%
23 Asset Turnover (Sales Total Assets) 1.64 1.68 1.64 1.44 1.54 1.26 1.11
24 Equity Multiplier (Total Assets Shareholders Equity) 1.64 1.32 1.31 1.33 1.44 1.50 1.51
25 Return on Equity 15.8% 12.1% 8.3% 7.3% 15.0% -7.9% -6.0%
26
27 8.0% 1.80
15.0% 1.80
28
29 1.60
6.0% 1.60
30 1.40 10.0% 1.40
31 4.0%
1.20 1.20
32
33 2.0% 5.0%
1.00 1.00
34
0.0% 0.80 0.80
35 0.0%
36 2006 2007 2008 2009 2010 2011 TTM
0.60 2006 2007 2008 2009 2010 2011 TTM0.60
37 -2.0%
0.40 -5.0% 0.40
38
-4.0%
39 0.20 0.20
40
-6.0% Net Profit Margin (Net Income Sales) 0.00 -10.0% 0.00
41 Operating Income Margin (EBIT Sales)
Asset Turnover (Sales Total Assets)
42 Equity Multiplier (Total Assets Tax Burden (Net Income EBT)
43 Shareholders Equity) Interest Burden (EBT EBIT)
44 Asset Turnover (Sales Total Assets)
45 Equity Multiplier (Total Assets
46 Source: Old School Value Stock Valuation Spreadsheets Shareholders Equity)

file:///var/www/apps/conversion/tmp/scratch_6/349382167.xls
 SHOO

A B C D E F G H

2 Figures in Millions except per share values

3 Steve Madden (SHOO) 2006 2007 2008 2009 2010 2011 TTM
4 Revenue $ 475.2 $ 431.1 $ 457.0 $ 503.6 $ 635.4 $ 987.3 $ 1,195.4
5 EBT $ 80.9 $ 56.1 $ 46.3 $ 80.8 $ 125.9 $ 158.8 $ 172.2
6 EBIT $ 81.0 $ 56.2 $ 46.5 $ 80.9 $ 125.9 $ 158.8 $ 172.3
7 Interest Expense $ 0.1 $ 0.1 $ 0.2 $ 0.1 $ 0.0 $ 0.1 $ 0.1
8 Income Tax $ 34.7 $ 20.4 $ 18.3 $ 30.7 $ 50.1 $ 61.6 $ 61.8
9 Net Income $ 46.3 $ 35.7 $ 28.0 $ 50.1 $ 75.7 $ 97.3 $ 110.4
10 Total Assets $ 251.4 $ 266.5 $ 284.7 $ 326.9 $ 447.7 $ 639.8 $ 795.3
11 Shareholders Equity $ 211.9 $ 215.3 $ 206.2 $ 267.8 $ 357.3 $ 474.9 $ 586.5
12
13 Three-Step DuPont Model:
14 Net Profit Margin (Net Income Sales) 9.7% 8.3% 6.1% 10.0% 11.9% 9.9% 9.2%
15 Asset Turnover (Sales Total Assets) 1.89 1.62 1.61 1.54 1.42 1.54 1.50
16 Equity Multiplier (Total Assets Shareholders Equity) 1.19 1.24 1.38 1.22 1.25 1.35 1.36
17 Return on Equity 21.8% 16.6% 13.6% 18.7% 21.2% 20.5% 18.8%
18
19 Five-Step DuPont Model:
20 Tax Burden (Net Income EBT) 0.57 0.64 0.60 0.62 0.60 0.61 0.64
21 Interest Burden (EBT EBIT) 1.00 1.00 1.00 1.00 1.00 1.00 1.00
22 Operating Income Margin (EBIT Sales) 17.1% 13.0% 10.2% 16.1% 19.8% 16.1% 14.4%
23 Asset Turnover (Sales Total Assets) 1.89 1.62 1.61 1.54 1.42 1.54 1.50
24 Equity Multiplier (Total Assets Shareholders Equity) 1.19 1.24 1.38 1.22 1.25 1.35 1.36
25 Return on Equity 21.8% 16.6% 13.6% 18.7% 21.2% 20.5% 18.8%
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46 Source: Old School Value Stock Valuation Spreadsheets

file:///var/www/apps/conversion/tmp/scratch_6/349382167.xls