The Exhibit Supplement provided in this note and in the teaching note spreadsheet extends the Exhibit 7 forecast for eight years. As a starting valuation, what do you believe the implied value of Whole Foods' shares to be, based on this base-case forecast? For your discount rate, please use a market risk premium of 5.0%.

X AutoSave . Off) exhibit 7 - Excel Sign in Comments File Home Insert Draw Page Layout Formulas Data Review View Add-ins Help Acrobat Tell me what you want to do Share J8 X V B C D E F G H J K L M N P Q R S T U V W A 1 Exhibit 7 WHOLE FOODS MARKET 3 Deutsche Bank Model (millions of USD, except per share figures) Actual Actual Actual Forecast Forecast At Fiscal Year End 2011 2012 2013 2014 2015 Store Growth 4.0% 7.7% 8.1% 10.5% 12.6% Sales Growth 12.2% 15.7% 10.4% 11.1% 14.0% EBITDA Margin 8.5% 9.0% 9.5% 9.4% 9.8% 10 Tax Rate 38.1% 38.4% 38.8% 39.0% 39.0% 12 Current Asset Turnover 7.0 5.6 6.5 7.0 7.1 13 Current Liabilities Turnover 10.5 10.9 10.7 10.5 10.5 14 Net PP&E / Store 6.4 6.5 6.7 6.7 6.7 15 Annual Dep. & Amort. / Store 1.00 0.93 0.94 0.94 0.94 16 17 Stores 311 335 362 400 450 18 Sales 10.108 11.699 12.917 14,351 16,360 19 EBITDA 859 1.055 1.222 1.352 1.600 20 Dep. & Amort. 311 311 339 376 423 21 EBIT 548 744 883 976 1,176 22 Taxes 209 286 343 381 459 23 Net Income 339 458 540 596 717 24 Shares Outstanding 350 364 372 372 372 25 Earnings per Share 0.97 1.26 1.45 1.60 1.93 26 27 Current Assets 1,453 2,103 1.980 2,050 2.304 28 Current Liabilities 880 977 1.089 1.238 1.406 29 Net Working Capital 573 1,126 892 812 898 30 Net PP&E 1,997 2,193 2,428 2,680 3,018 31 32 Return on Capital 13.2% 13.8% 16.3% 17.1% 18.3% Sheet1 + 81% ENG 7:30 PM Type here to search 9 Desktop US 9/13/2019