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Isabella Ying Zhou Section 02

Isabella Ying Zhou Section 02. United Stationers Agenda. General facts Expanded balance sheet and income statement Off-balance sheet adjustments Reconciliation WACC Forecast Valuation. United Stationers General Facts.

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Isabella Ying Zhou Section 02

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  1. Isabella Ying Zhou Section 02

  2. United Stationers Agenda • General facts • Expanded balance sheet and income statement • Off-balance sheet adjustments • Reconciliation • WACC • Forecast • Valuation

  3. United Stationers General Facts • United Stationers is the largest wholesale distributor of business products in North America • Headquarter in Deerfield, IL • Founded in 1922 • CEO: Paul Cody Phipps

  4. United Stationers Expanded Balance Sheet

  5. United Stationers Expanded Income Statement

  6. United Stationers Off-Balance Sheet Adjustments Inventory

  7. United Stationers Off-Balance Sheet Adjustments • Operating lease • Determine the discount rate: • No capital lease • No credit rating • Pre-tax cost of debt = 2.5%

  8. United Stationers Off-Balance Sheet Adjustments Share-based Compensation

  9. United Stationers Reconciliation

  10. United Stationers Reconciliation

  11. United Stationers Reconciliation

  12. United Stationers Reconciliation

  13. United Stationers Reconciliation

  14. United Stationers Reconciliation

  15. United Stationers WACC

  16. United Stationers Forecast Segment information from MD&A

  17. United Stationers Forecast

  18. United Stationers Valuation

  19. United Stationers Valuation

  20. United Stationers Valuation

  21. United Stationers Recommendations Sell

  22. Questions?

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