Financial Projections

• Revenue - % growth rate
• Cost of Goods Sold (COGS) - % of revenue
• Variable Selling, General & Administrative (SG&A) - % of revenue
• Fixed Selling, General & Administrative (SG&A) - % growth rate
• Depreciation - % of Property, Plant & Equipment (PP&E) beginning balance
• Taxes - Tax rate applied to pre-tax income (35% for U.S. companies + any state taxes)
• Dividends - % of net income
• Capital Expenditures (Capex) - % of revenue
• Property, Plant & Equipment - Increase by capex, decrease by depreciation and by retirements / write-offs
• Accounts Receivable - % of revenue or receivable days
• Inventory - % of revenue or inventory days
• Accounts Payable - % of clean COGS (COGS excluding any Depreciation) or payable days
• Other Assets or Liabilities - Flat-line, or grow at inflation, unless you have specific information to do otherwise