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Schweitzer-Mauduit International,
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Buyers Willingness to Switch……
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Net Sales/Accounts Receivable……
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Enterprise/EBITDA………………
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Competitive ForceRivalry Among Exis
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they spend money devoted to R & D.
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The next part of our financial anal
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Company OverviewSchweitzer-Mauduit
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table also shows that SWM’s sales
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Competitive ForceDegree of Competit
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The size of the firms in the indust
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Total Assets 3500 3000 2500 2000 1
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Excess CapacityExcess capacity aris
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scale in the industry is vital to a
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1400 1200 1000 800 600 400 200 0 Pr
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RelationshipsThe relationships of t
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its product (indirectly), the threa
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it is easy for them to dictate the
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As far as the purpose of tobacco pa
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Volume per BuyersThe volume a buyer
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(SWM 10-K). Considering the overall
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Cost LeadershipCost leadership mean
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likely for the customer to return a
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of pride in being the “the world
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educing product costs. The governme
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It is evident when reading the tabl
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The second of the two accounting po
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SWM for the most part does a suffic
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Schweitzer-Mauduit and its competit
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their economic activity. If firms h
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contracts and, to a lesser extent,
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The ability to do this gives firms
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their sales in U.S. dollars to mini
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Schweitzer Mauduit 2004 2005 2006 2
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ConclusionThe accounting strategy a
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Schweitzer-Mauduit2004 2007 2006 20
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than capitalized. The only reason t
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5 Δ Sales/Cash from Sales 4 3 2
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Δ Net Sales/Accounts Receivable
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Δ Net Sales/Inventory 30 25 20 1
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0.3 CFFO/OI 0.25 0.2 0.15 0.1 0.05
- Page 85 and 86: 12 CFFO/NOA 10 8 6 4 2 SWM AOI UVV
- Page 87 and 88: 200 Δ Asset Turnover 150 100 50
- Page 89 and 90: 4 Δ Total Accurals/ Sales 2 0 -
- Page 91 and 92: ConclusionThe ratios examined above
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- Page 96 and 97: Restated Income Statement For ye
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- Page 100 and 101: New taxes on Net IncomeIn millions
- Page 102 and 103: Amortized Goodwill
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- Page 108 and 109: 2004 2005 2006 2007 2008SWM 25.9881
- Page 110 and 111: comparison. A small ratio shows inv
- Page 112 and 113: 6 Inventory Turnover 5 4 3 2 1 SWM
- Page 114 and 115: 2004 2005 2006 2007 2008SWM 79.5248
- Page 116 and 117: Profitability Ratio AnalysisProfita
- Page 118 and 119: Operating Expense RatioThe operatin
- Page 120 and 121: 15 Operating Pro`it Margin 10 5 0
- Page 122 and 123: Net Profit Margin 2004 2005 2006 20
- Page 124 and 125: Return on AssetsThe return on asset
- Page 126 and 127: 40 Return on Equity 20 0 -20 -40
- Page 128 and 129: Internal Growth Rate 2004 2005 2006
- Page 130 and 131: industry average as much as it did
- Page 132 and 133: Debt/Equity RatioThe debt-to-equity
- Page 134 and 135: Schweitzer-Mauduit is at a low 1.61
- Page 138 and 139: it looks to keep declining, meaning
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- Page 143 and 144: Balance Sheet143
- Page 145 and 146: liabilities, we take the already fo
- Page 147 and 148: Statement of Cash FlowsThe statemen
- Page 149 and 150: Estimating Cost of CapitalCost of E
- Page 151 and 152: Size-Adjusted Cost of EquityThe CAP
- Page 153 and 154: The table below shows the liability
- Page 155 and 156: The cost of capital is the interest
- Page 157 and 158: declared overvalued. Prices falling
- Page 159 and 160: P/E ForecastedCompany PPS EPS P/E F
- Page 161 and 162: Dividends/Price RatioCompany PPS DP
- Page 163 and 164: Price/EBITDACompany Market Cap EBIT
- Page 165 and 166: Price/Free Cash FlowCompany Market
- Page 167 and 168: November 2, 2009 we had to calculat
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- Page 171 and 172: Now that we have calculated the tot
- Page 173 and 174: subtracting the normal earnings for
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- Page 177 and 178: Cost of EquityReturn on Equity-0.14
- Page 179 and 180: Growth RateReturn on Equity-0.14 -0
- Page 181 and 182: Return on Equity RestatedGrowth Rat
- Page 183 and 184: Once the industry analysis had been
- Page 185 and 186: AppendicesSales Manipulation Diagno
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CFFO/ OI Change 2004 2005 2006
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UVV 2.170832 2.687889 2.78523 2
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Capital Structure RatiosDebt to Equ
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3MonthRatesSUMMARY OUTPUT Regressio
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Coefficients Intercept 0.035115 X
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Total 71 0.987349 Intercept X Vari
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Total 35 0.775347 Intercept X Vari
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Total 59 1 2 0.939751 Coefficients
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Total 23 3 5 0.624714 Coefficients
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Residual Total 46 47 0.624852 0.848
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Residual Total 70 71 1 1 6 0.7615
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Residual Total 34 35 0.519917 0.775
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Price Earnings Growth(P.E.G.)Compan
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Discounted Free Cash Flowt 0 1 2 3
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Price(11/1/1988)Initial Costof Equi
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Figures in Millions (Except per S
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Growth Rate RestatedReturn on Equit
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Return on EquityGrowth RateKe -30%
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Schweitzer-‐Mauduit Restated
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Heakal, Reem. "What Are Economies o