SWM - Mark Moore

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Work Cited “Form 10k.” Schweitzer Mauduit. 06 March 2009. 31 December 2009.“Snus Use In Figures.” www.swedishmatch.com. Swedish Match. 9 May 2008.Rodu, B., & Cole, P. “Point / Counterpoint: Would a Switch from Cigarettes toSmokeless Tobacco Benefit Public Health?”. 1 October 1995.“Smoking and Tobacco Use”. www.cdc.gov. Center for Disease Control and Prevention.29 May 2009.Hall, John R. “The Coalition for Fire Safe Cigarettes”. Coalition for Fire Safe Cigarettes.November 2008.http://firesafecigarettes.org/itemDetail.asp?categoryID=86&itemID=1188&URL=About %20fire-safe%20cigarettes/Fast%20facts“Global Cigarette <strong>Mark</strong>et Share”. The Tobacco Atlas. 2007.http://www.tobaccoatlas.org/companies.htmlPalepu, Krishna G., and Paul M. Healy. Business Analysis and Valuation Using FinancialStatements. Thomas South-Western. 2008.224
Heakal, Reem. "What Are Economies of Scale?" Investopedia 06 Sep 2009http://investopedia.com/articles/03/012703.asp“Form 10k.” Schweitzer Mauduit. 06 March 2009. 31 December 2009.“Snus Use In Figures.” www.swedishmatch.com. Swedish Match. 9 May 2008.Rodu, B., & Cole, P. “Point / Counterpoint: Would a Switch from Cigarettes toSmokeless Tobacco Benefit Public Health?”. 1 October 1995.“Smoking and Tobacco Use”. www.cdc.gov. Center for Disease Control and Prevention.29 May 2009.Hall, John R. “The Coalition for Fire Safe Cigarettes”. Coalition for Fire Safe Cigarettes.November 2008.http://firesafecigarettes.org/itemDetail.asp?categoryID=86&itemID=1188&URL=About %20fire-safe%20cigarettes/Fast%20facts“Global Cigarette <strong>Mark</strong>et Share”. The Tobacco Atlas. 2007.http://www.tobaccoatlas.org/companies.htmlPalepu, Krishna G., and Paul M. Healy. Business Analysis and Valuation Using FinancialStatements. Thomas South-Western. 2008.Heakal, Reem. "What Are Economies of Scale?" Investopedia 06 Sep 2009http://investopedia.com/articles/03/012703.asp225
Page 1 and 2:
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
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Balance Sheet143
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liabilities, we take the already fo
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Statement of Cash FlowsThe statemen
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Estimating Cost of CapitalCost of E
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Size-Adjusted Cost of EquityThe CAP
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The table below shows the liability
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The cost of capital is the interest
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declared overvalued. Prices falling
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P/E ForecastedCompany PPS EPS P/E F
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Dividends/Price RatioCompany PPS DP
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Price/EBITDACompany Market Cap EBIT
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Price/Free Cash FlowCompany Market
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November 2, 2009 we had to calculat
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Schweitzer-‐Mauduit's Free Ca
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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 and 192: Capital Structure RatiosDebt to Equ
Page 193 and 194: 3MonthRatesSUMMARY OUTPUT Regressio
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: Schweitzer-‐Mauduit Restated
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SWM - Mark Moore

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