Google Company Analysis
Prepared by Matt Decuir
Exhibit 12 – Projected Ratio Analysis(Note Hidden Years)
| Projections | |||||
| Daily Activity Ratios | 2007 | 2008 | 2009 | 2016 | 2026 |
| Sales Per Day (SPD) | 45.29 | 70.48 | 109.02 | 425.72 | 694.24 |
| Cost of Sales Per Day (COSPD) | 18.24 | 28.30 | 43.68 | 170.10 | 277.29 |
| Cash Expense Per Day (CEPD) | 11.74 | 18.33 | 28.40 | 111.23 | 181.45 |
| Income Tax per day (ITPD) | 5.80 | 8.79 | 13.37 | 50.98 | 82.87 |
| Activity Ratios | |||||
| Days of cash on hand | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 |
| Days of accounts recievable | 45.50 | 45.50 | 45.50 | 45.50 | 45.50 |
| Days of inventory on hand | - | - | - | - | - |
| Days of prepaid expenses | 61.00 | 61.00 | 61.00 | 61.00 | 61.00 |
| Days of accounts payable | 18.24 | 18.24 | 18.24 | 18.24 | 18.24 |
| Days of accrued expenses | 127.42 | 127.42 | 127.42 | 127.42 | 127.42 |
| Days of accrued taxes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Days of other CA expenses | 13.56 | 13.56 | 13.56 | 13.56 | 13.56 |
| Fixed asset turnover ratio | 4.43 | 4.43 | 4.43 | 4.43 | 4.43 |
| Total Asset turnover ratio | 0.74 | 0.94 | 1.14 | 0.75 | 0.39 |
| Equity turnover ratio | 0.82 | 1.07 | 1.33 | 0.82 | 0.41 |
| Liquidity Ratios | |||||
| Current Ratio | 7.78 | 5.95 | 4.77 | 9.06 | 19.39 |
| Quick Ratio | 7.78 | 5.95 | 4.77 | 9.06 | 19.39 |
| Cash Ratio | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
| Leverage Ratios | |||||
| Funded Debt Ratio | - | - | - | - | - |
| Total Debt Ratio | 0.10 | 0.12 | 0.14 | 0.09 | 0.05 |
| Equity Multiplier | 1.11 | 1.13 | 1.16 | 1.10 | 1.05 |
| Times Interest Earned (TIE) | - | - | - | - | - |
| Profit Ratios | |||||
| Gross profit margin | 59.7% | 59.9% | 59.9% | 60.0% | 60.1% |
| Operating profit margin | 33.8% | 33.9% | 33.9% | 33.9% | 33.9% |
| Net profit margin | 23.8% | 23.2% | 22.8% | 22.2% | 22.2% |
| Earnings Power of Assets | 25.1% | 31.9% | 38.6% | 25.3% | 13.1% |
| Return on assets | 17.7% | 21.8% | 25.9% | 16.6% | 8.6% |
| Return on equity | 19.5% | 24.8% | 30.2% | 18.3% | 9.0% |