Geox S.p.A. (GXSBF)
BALANCE SHEET
(source: company's financial statements)
All numbers in thousands of EUR
PERIOD ENDING 1st Q 2008 31-Dec-2007 31-Dec-2006 31-Dec-2005 31-Dec-2004 31-Dec-2003 31-Dec-2002 31-Dec-2001
ASSETS
Intangible assets 59.680 47.322 38.057 33.908 28.700 27.965 0 0
Property, plant and equipment 46.776 43.191 32.070 29.029 22.612 24.489 0 0
Deferred tax assets 16.973 13.914 12.466 8.739 7.371 0 0 0
Non-current financial assets 2.322 1.975 856 0 0 0 0 0
Other non-current assets 13.353 7.426 5.006 6.833 6.667 1.770 0 0
Total non-current assets 139.104 113.828 88.455 78.509 65.350 54.224 0 0
Inventories 134.432 187.059 130.997 107.756 80.184 61.168 0 0
Accounts receivable 273.529 107.997 84.159 74.553 57.511 69.646 0 0
Other non-financial current assets 20.629 19.492 20.108 10.828 9.598 6.960 0 0
Current financial assets 1.116 637 112 2.552 15.682 623 0 0
Cash and cash equivalents 88.136 119.618 84.926 61.513 50.570 13.507 0 0
Total current assets 517.842 434.803 320.302 257.202 213.545 151.904 0 0
Total assets 656.946 548.631 408.757 335.711 278.895 206.128 0 0
LIABILITIES
Employee severance indemnities 2.808 2.834 3.349 2.686 1.615 1.977 0 0
Provisions for liabilities and charges 2.666 2.457 2.294 1.313 7.315 2.350 0 0
Long-term loans 464 1.185 1.829 2.475 15.529 0 0 0
Other long-term payables 1.589 1.887 1.219 1.144 1.500 0 0 0
Total long-term liabilities 7.527 8.363 8.691 7.618 25.959 4.327 0 0
Accounts payable 97.940 127.559 96.860 84.665 64.353 132.125 0 0
Other non-financial current liabilities 17.046 16.240 14.669 11.249 6.681 0 0 0
Taxes payable 66.566 25.214 6.002 15.190 9.669 0 0 0
Current financial liabilities 8.233 9.278 2.638 932 0 828 0 0
Bank borrow. a. curr. port. of long-term loans 25.196 4.973 3.256 12.257 26.355 0 0 0
Total current liabilities 214.981 183.264 123.425 124.293 107.058 132.953 0 0
Total liabilities 222.508 191.627 132.116 131.911 133.017 137.280 0 0
STOCKHOLDER'S EQUITY
Share capital 25.907 25.884 25.884 25.884 25.850 200 0 0
Reserves 329.385 208.142 153.495 102.663 67.277 1.232 0 0
Net income 79.146 122.978 97.262 75.253 52.751 30.699 0 0
Other Stockholder Equity 0 0 0 0 0 36.717 0 0
Total equity 434.438 357.004 276.641 203.800 145.878 68.848 0 0
Total stockholder equity 434.438 357.004 276.641 203.800 145.878 68.848 38.500 18.700
Net tangible assets 374.758 309.682 238.584 169.892 117.178 40.883 38.500 18.700
VALUATION
All numbers in EUR average
Number of shares outstanding, fully diluted 259.057.474 258.844.000 258.844.000 258.514.333 258.500.000 258.500.000 258.500.000 258.500.000
Book value per share 1,45 1,20 0,92 0,66 0,45 0,16 0,15 0,07
Price of common, end of period 9,81 13,78 11,70 9,33 5,80 no data no data no data
Price/book-ratio 6,78 11,52 12,69 14,20 12,80 N/A N/A N/A
Current ratio 2,41 2,37 2,60 2,07 1,99 1,14 N/A N/A 2,03
Debt/equity-ratio 0,51 0,54 0,48 0,65 0,91 1,99 N/A N/A 0,91
Working capital/debt 1,36 1,31 1,49 1,01 0,80 0,14 N/A N/A 0,95
Net income 122.978.000 97.262.000 75.253.000 52.751.000 30.699.000 19.400.000 7.500.000
Earnings per share 0,48 0,38 0,29 0,20 0,12 0,08 0,03 0,29
Price/earnings-ratio 29,00 31,14 32,05 28,42 N/A N/A N/A
Earnings power value 1.117.981.818 884.200.000 684.118.182 479.554.545 279.081.818 176.363.636 68.181.818
(at an annual return rate of 11%)
EPV per share 4,32 3,42 2,65 1,86 1,08 0,68 0,26
Annual EPS increase 26,44% 29,08% 42,65% 71,83% 58,24% 158,67% N/A 42,50%
Return on equity 34,45% 35,16% 36,92% 36,16% 44,59% 50,39% 40,11% 37,46%
Return on assets 22,42% 23,79% 22,42% 18,91% 14,89% N/A N/A 20,49%
Data prior to the IPO on December 1, 2004,
# of shares prior to 2004 as stated by company.
Data from 2003 taken as starting point.
Quarterly data
(N/A=not applicable)
Fair price determined by a DCF calculation, at 1% perpetual at 3% perpetual at 5% perpetual at 7% perpetual at 9% perpetual
using last year's earnings, a conservative EPS growth rate EPS growth rate EPS growth rate EPS growth rate EPS growth rate
annual EPS growth of 7% over the next 3 years,
and a benchmark return of 11% (e. g. an index): 5,68 6,87 8,86 12,84 24,77
After deduction of a 50% Margin-of-Safety: 2,84 3,44 4,43 6,42 12,39
Resulting Margin-of-Safety: -72,71% -42,79% -10,72% 23,60% 60,40%
Net-net value (yes, the famous one): 1,14
Resulting Margin-of-Safety: -760,50%