February 2003
Intermediate to advanced
256 pages
6h 56m
English
Content preview from Expectations Investing
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Sales growth rate 20.0%
Operating profit margin 9.0%
Cash tax rate 35.0%
Incremental fixed-capital rate 11.0%
Incremental working-capital rate −5.0%
The sales growth rate, operating profit margin, and cash tax rate
determine net operating profit after tax (NOPAT). Incremental fixed-
capital and working-capital rates tell us that for every incremental dol-
lar of sales, Gateway will invest $0.11 in fixed capital (capital expendi-
tures less depreciation) and will generate $0.05 by reducing its working
capital. Note that this is our best estimate of the market’s view of Gate-
way’s expected operating value driver performance.
Cost of Capital
At the time of the analysis, ...
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