Hey Guys,

For a study rapport we have to make a full fledged valuation of Ralph Lauren using the standard DCF approach. In the course we work with invested capital, noplat and work that out to FCFF.

I've set up a small spreadsheet with the financial statements of the past 5 years and the calculations for invested capital, NOPLAT and free cash flow..

Now obviously the change in cash calculated should match the change in cash on the balance sheet, yet I get differences between 28% and 81% for 2009 and 2010 with the actual balance sheet change in cash.

I was wondering if perhaps some modeling experts/experienced analysts could shine their light on the situation and offer some advice on how to get the numbers to match up.

Thanks for any help in advance

Office spreadsheet icon Ralph Lauren - Spreadsheet V1.xls61.5 KB

Comments (3)


Are you pulling the 2009 and 2010 numbers right from the company filings or are you starting with an earlier year and trying to model 2009, 2010, 2011, etc?

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All of the analysis is based on actual company filings (10K's 2008-2012), we are trying to look for historical invested capital, noplat and free cash flows for the period. I hope that clears it up for you.


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