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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
- Page 17 and 18: Company OverviewSchweitzer-Mauduit
- Page 19 and 20: table also shows that SWM’s sales
- Page 21 and 22: Competitive ForceDegree of Competit
- Page 23 and 24: The size of the firms in the indust
- Page 25 and 26: Total Assets 3500 3000 2500 2000 1
- Page 27 and 28: Excess CapacityExcess capacity aris
- Page 29 and 30: scale in the industry is vital to a
- Page 31 and 32: 1400 1200 1000 800 600 400 200 0 Pr
- Page 33 and 34: RelationshipsThe relationships of t
- Page 35 and 36: its product (indirectly), the threa
- Page 37 and 38: it is easy for them to dictate the
- Page 39 and 40: As far as the purpose of tobacco pa
- Page 41 and 42: Volume per BuyersThe volume a buyer
- Page 43 and 44: (SWM 10-K). Considering the overall
- Page 45 and 46: Cost LeadershipCost leadership mean
- Page 47 and 48: likely for the customer to return a
- Page 49 and 50: of pride in being the “the world
- Page 51 and 52: educing product costs. The governme
- Page 53 and 54: It is evident when reading the tabl
- Page 55 and 56: The second of the two accounting po
- Page 57 and 58: SWM for the most part does a suffic
- Page 59 and 60: Schweitzer-Mauduit and its competit
- Page 61 and 62: their economic activity. If firms h
- Page 63 and 64: contracts and, to a lesser extent,
- Page 65 and 66: The ability to do this gives firms
- Page 67: their sales in U.S. dollars to mini
- Page 71 and 72: ConclusionThe accounting strategy a
- Page 73 and 74: Schweitzer-Mauduit2004 2007 2006 20
- Page 75 and 76: than capitalized. The only reason t
- Page 77 and 78: 5 Δ Sales/Cash from Sales 4 3 2
- Page 79 and 80: Δ Net Sales/Accounts Receivable
- Page 81 and 82: Δ Net Sales/Inventory 30 25 20 1
- Page 83 and 84: 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
- Page 93: of a firm’s financials. The firm
- Page 96 and 97: Restated Income Statement For ye
- Page 98 and 99: Research and Development Schweitz
- Page 100 and 101: New taxes on Net IncomeIn millions
- Page 102 and 103: Amortized Goodwill
- Page 104 and 105: obligations in the past five years,
- Page 106 and 107: 1.200 Quick Asset Ratio 1.000 0.8
- 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
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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
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subtracting the normal earnings for
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Long-Run Residual Income Valuation
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Cost of EquityReturn on Equity-0.14
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Growth RateReturn on Equity-0.14 -0
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Return on Equity RestatedGrowth Rat
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Once the industry analysis had been
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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