Gildan Model Bear
Gildan Model Bear
Gildan Model Bear
USD Thousands
Drivers
Activewear and underwear % Growth 16.7% 8.9%
Socks and hosiery % Growth -2% 5%
2015A FY 2016 2017P 2018P 2019P 2020P 2021P
20.1% -11.3% 5% 5% 4% 4% 4%
46% -17% -5% 3% 3% 3% 3%
GIL Income Statement
USD Thousands
2012A 2013A
Operating Expenses
Sales, General & Administrative 226,035 282,563
Restructuring and acquisition-related costs 14,962 8,788
Total Operating Cost 240,997 291,351
Operating Profit 155,128 342,686
Operating Margin 8% 16%
Drivers
COGS % of Revenue 80% 71%
SG&A % of Revenue 11.6% 12.9%
Restructuring costs % of Revenue 0.8% 0.4%
Tax Rate -3% 3%
Interest Rate
2014A 2015A 2016A 2017P 2018P 2019P 2020P
3,063,717
2,144,602
919,115
30%
398,283
9,191
407,474
511,641
17%
19,686
-
491,955
14,759
477,196
16%
10,000
(5,239)
4,761
481,957
235,355
236,048
2.05
2.04
0.31
70%
13.0%
0.3%
3%
3.2%
GIL Balance Sheet
USD Thousands
2012A
Current Assets
Cash 70,410
Trade accounts receivable 257,595
Income taxes receivable 353
Inventories 553,068
Prepaid expenses, deposits and other current assets 23,145
Assets held for sale 8,029
Total Current Assets 912,600
Current Liabilities
Long-term Liabilities
Equity
Share Capital 101,113
Contributed surplus 25,579
Retained earnings ###
Accumulated other comprehensive income (7,075)
Total Equity ###
CHECK -
Drivers
Days Recievable - Trade 48.26
Days Payable 48.04
Days Inventory 130
D&A
Investment in PP&E
Depreciation as a % of net PP&E
2013A 2014A 2015A 2016A 2017P 2018P 2019P
- - - - - - -
### 1,609,441
300,932 302,175
- -
967,862 998,856
65,310 67,402
- -
### 2,977,873
### 2,589,810
### ###
### 1,286,324
354,221 354,221
202,108 202,108
- -
1,500 1,500
14,907 14,907
### 1,859,060
### ###
252,132 251,812
1,866 1,866
253,998 253,678
600,000 600,000
- -
- -
- -
34,569 34,569
634,569 634,569
888,567 888,247
152,313 152,313
23,198 23,198
### 3,708,758
59,655 64,416
### 3,948,685
### ###
- -
37 36
31 30
170 170
2.2% 2.2%
124,855 127,369
150,000 140,000
10.0% 10.0%
GIL Cash Flow Statement
USD Thousands
- - - -
- - - -
- - - -
(74,382) (74,382) (74,382) (74,382)
- - - -
- - - -
- - - -
- - - -
(74,382) (74,382) (74,382) (74,382)
- - - -
EPS
1.50 1.75 2.00
CSTE Discounted Cash Flow
USD Thousands
574,679
(140,000)
19,095
453,774
357,442
Regression Statistics
Multiple R 0.473163857
R Square 0.223884035
Adjusted R Sq0.223266108
Standard Erro0.012157248
Observations 1258
ANOVA
df SS MS F Significance F
Regression 1 0.05354966 0.05354966 362.3148613 3.54874E-71
Residual 1256 0.185635149 0.000147799
Total 1257 0.239184809