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Gap Inc.

Gap Inc. The Valuation Project -Mod 9 : Equity Valuationl Sherry Xu ( netID : jxu6). Table of Contents. 1. Company profile 2. Equity Valuation 2.1 Deriving equity value from enterprise value by subtracting debt 2.2 Sensitivity analysis of equity valuation

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Gap Inc.

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  1. GapInc. TheValuationProject-Mod9:Equity Valuationl SherryXu(netID:jxu6)

  2. Table of Contents • 1. Company profile • 2. Equity Valuation • 2.1 Deriving equity value from enterprise value by subtracting debt • 2.2 Sensitivity analysis of equity valuation • 2.3 Using analysts' forecasts to estimate value of equity • Dividend Discount Model • Residual Earnings Model

  3. 1. Companyprofile Industry:Apparelstores Global retailer offering apparel, accessories, and personal care products for men, women, children, and babies Comparablecompanies:Abercrombie(ANF),AmericanEagle(AEO),Aeropostle(ARO) Foundedin1969inSanFrancisco;incorporatedinDelaware Brands:Gap, Old Navy, Banana Republic, Piperlime, Athleta, and Intermix #ofcompany-operatedstores: 3,095; # of franchise stores: 312 (As of FY2012 balance sheet date)

  4. 2.1 Deriving equity value from enterprise value

  5. 2.2SensitivityAnalysis MarketCap:18,594

  6. 2.3 UsingAnalysts’ForecaststoEstimateValueofEquity-Dividend Discount Model Dividend Discount Model

  7. 2.3 UsingAnalysts’ForecaststoEstimateValueofEquity-Dividend Discount Model • rEq=12.66%

  8. 2.3 UsingAnalysts’ForecaststoEstimateValueofEquity-Dividend Discount Model • rEq=12.66%

  9. 2.3 UsingAnalysts’ForecaststoEstimateValueofEquity-Dividend Discount Model • rEq=12.66%

  10. 2.3 UsingAnalysts’ForecaststoEstimateValueofEquity-Residual Earnings Model • rEq=12.66% ResidualEarningsModel

  11. 2.3 UsingAnalysts’ForecaststoEstimateValueofEquity-Residual Earnings Model • rEq=12.66%

  12. 2.3 UsingAnalysts’ForecaststoEstimateValueofEquity-ResidualEarnings Model • rEq=12.66%

  13. Questions?

  14. Thank you! Sherry Xu (netID: jxu6)

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