SWM - Mark Moore

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Schweitzer Mauduit Balance SheetFor years ended December 31(Dollars in millions)Liabilities and Stockholders' Equity Interest Rate Weight WACDCurrent LiabilitiesCurrent Debt 34.9 5.40% 0.0773 0.00418Accounts Payable and Accrued Expenses 156.2 0.18% 0.3461 0.00062Current deferred revenue 6 1.99% 0.0133 0.00026Total Current Liabilities 197.1Long-term Debt 144.9 5.40% 0.3211 0.01734Pension and Post retirement Benefits 67.3 6.50% 0.1491 0.00969Deferred income tax liabilities 11 3.40% 0.0244 0.00083Deferred Revenue 12.3 1.99% 0.0273 0.00054Other Liabilities 18.7 5.40% 0.0414 0.00224Total Liabilities 451.3 Kd 0.0357Weighted Average Cost of CapitalBVL/MVF Kd Tax Rate MVE/MVF Ke WACCWACCbt 61.93% 3.57% 38.06% 12.32% 6.90%WACCat 61.93% 3.57% 35% 38.06% 12.32% 6.13%WACCbt(upper) 61.93% 3.57% 38.06% 19.28% 9.55%WACCbt (lower) 61.93% 3.57% 38.06% 5.44% 4.28%Restated Weighted Average Cost of CapitalBVL/MVF Kd Tax Rate MVE/MVF Ke WACCWACCbt 61.93% 3.57% 38.06% 12.32% 6.90%WACCat 61.93% 3.57% 35% 38.06% 12.32% 6.13%WACCbt (upper) 61.93% 3.57% 38.06% 19.28% 9.55%WACCbt (lower) 61.93% 3.57% 38.06% 5.44% 4.28%192
3MonthRatesSUMMARY OUTPUT Regression Statistics Multiple R 0.462631 R Square 0.214028 Adjusted R Square 0.202799 Standard Error 0.105291 Observations 72 ANOVA Regression Residual Total do SS MS F 0.2113 0.21131 2 2 0.7760 0.011070 29 86 0.987371 49 Significance F 19.06165 4.28E-‐05 Coefficients Intercept 0.01996 X Variable 1 1.250513 Standard Error t Stat P-‐value 0.01241 0.286423 1.608464 4.365965 Lower 95% 0.112235 -‐0.00479 4.28E-‐05 0.67926 Upper 95% 0.04471 1.821766 Lower 95.0% -‐0.004789757 0.679260425 Upper 95.0% 0.044710451 1.82176609 SUMMARY OUTPUT Regression Statistics Multiple R 0.454332 R Square 0.206418 Adjusted R Square 0.192735 193
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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
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12 CFFO/NOA 10 8 6 4 2 SWM AOI UVV
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200 Δ Asset Turnover 150 100 50
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4 Δ Total Accurals/ Sales 2 0 -
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ConclusionThe ratios examined above
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of a firm’s financials. The firm
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Restated Income Statement For ye
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Research and Development Schweitz
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New taxes on Net IncomeIn millions
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Amortized Goodwill
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obligations in the past five years,
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1.200 Quick Asset Ratio 1.000 0.8
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2004 2005 2006 2007 2008SWM 25.9881
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comparison. A small ratio shows inv
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6 Inventory Turnover 5 4 3 2 1 SWM
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2004 2005 2006 2007 2008SWM 79.5248
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Profitability Ratio AnalysisProfita
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Operating Expense RatioThe operatin
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15 Operating Pro`it Margin 10 5 0
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Net Profit Margin 2004 2005 2006 20
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Return on AssetsThe return on asset
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40 Return on Equity 20 0 -20 -40
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Internal Growth Rate 2004 2005 2006
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industry average as much as it did
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Debt/Equity RatioThe debt-to-equity
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Schweitzer-Mauduit is at a low 1.61
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Mauduit has stayed pretty stable th
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it looks to keep declining, meaning
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Gross profit is the next step in fo
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
Page 169 and 170: Schweitzer-‐Mauduit's Free Ca
Page 171 and 172: Now that we have calculated the tot
Page 173 and 174: subtracting the normal earnings for
Page 175 and 176: Long-Run Residual Income Valuation
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
Page 187 and 188: CFFO/ OI Change 2004 2005 2006
Page 189 and 190: UVV 2.170832 2.687889 2.78523 2
Page 191: Capital Structure RatiosDebt to Equ
Page 195 and 196: Coefficients Intercept 0.035115 X
Page 197 and 198: Total 71 0.987349 Intercept X Vari
Page 199 and 200: Total 35 0.775347 Intercept X Vari
Page 201 and 202: Total 59 1 2 0.939751 Coefficients
Page 203 and 204: Total 23 3 5 0.624714 Coefficients
Page 205 and 206: Residual Total 46 47 0.624852 0.848
Page 207 and 208: Residual Total 70 71 1 1 6 0.7615
Page 209 and 210: Residual Total 34 35 0.519917 0.775
Page 211 and 212: Price Earnings Growth(P.E.G.)Compan
Page 213 and 214: Discounted Free Cash Flowt 0 1 2 3
Page 215 and 216: Price(11/1/1988)Initial Costof Equi
Page 217 and 218: Figures in Millions (Except per S
Page 219 and 220: Growth Rate RestatedReturn on Equit
Page 221 and 222: Return on EquityGrowth RateKe -30%
Page 223 and 224: Schweitzer-‐Mauduit Restated
Page 225: Heakal, Reem. "What Are Economies o
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SWM - Mark Moore

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