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Drug Stores

Drug Stores

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Drug Stores

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Presentation Transcript

  1. Drug Stores Trevor Yerrick Section 2

  2. Agenda • Quick Background • Drug Stores Industry • Walgreen Co. • Recap – Valuation Models • Modules 5-8 • Additional Information • Balance Sheet • Income Statement

  3. Quick Background • Drug Store Industry • Traditional vs. In-store • Pharmacy Benefit Managers (PBMs) • “Nation’s largest drugstore chain” • 8,582 locations, including 8,116 drug stores • 2013: $72.2 B in sales, $45.5 B in prescription sales • Recent trend of expansion through acquisitions • Alliance Boots (45%) acquisition in 2012, option to purchase remaining 55% in 2015

  4. Recap – All 3 Models DCF REI AGR

  5. Alliance Boots Investment/Acquisition

  6. Alliance Boots Investment/Acquisition (FN5)

  7. Additional Info – Equity Method Investments

  8. Additional Info – Equity Method Investments (FN5)

  9. Additional Information - Goodwill

  10. Additional Information – Goodwill (FN7)

  11. Additional Info – Property and Equipment

  12. Additional Info – Property and Equipment (FN1)

  13. Additional Info – Deferred Income Taxes

  14. Additional Info – Deferred Income Taxes (FN8)

  15. Additional Info – Deferred Income Taxes

  16. Additional Info – Debt

  17. Additional Info – Debt (FN9)

  18. Additional Info – Debt

  19. Additional Info – Debt

  20. Additional Info – Other Assets and Other Liabilities

  21. Additional Info – Other Assets and Other Liabilities

  22. Additional Info – Income Statement

  23. Additional Info – Income Statement

  24. Additional Info – Income Tax Rate (FN8)

  25. Questions?