Herbalife Ltd. (HLF) $59.55

Herbalife Ltd. (HLF) $59.55U.S. Dollar | Bmrk/Ind: FactSet Country / Distribution Services SEC As of: 22 Jul '14

Sector Industry Mkt Cap (M) EV (M) Sales (M)

Distribution Services Food Distributors $5,847 $6,434 $4,964

Herbalife Ltd. is a global nutrition company. It offers a range of sciencebased weight management products, nutritional supplements and personal care products intended to support a healthy lifestyle. The company's product development is focused on four principal categories: weight management; targeted nutrition, including everyday wellness and healthy aging; energy, sports and fitness and outer nutrition that capitalize on the mega trends of obesity and antiaging. Herbalife was founded by Mark Reynolds Hughes in 1980 and is headquartered in George Town, Cayman Islands.

$59.60

YTD 24.3%

3M 4.0%

1Y 6.8%

Beta 2.51

FY1 PE 8.6x

Profile

Trading Information

Current Price $59.60

52 Wk Range $49.35 83.51

Avg Daily Vol (3m) 1.59 (M)

Short Int (% of

Float)28.2%

Key Statistics

Mkt Value (M) $5,847

Ent Value (M) $6,434

Shares Out (000) 98,107

Dividend (Ann) $0.00

Div Yld 0.0%

Estimates

EPS (FY0) $5.37

EPS (FY1) $6.29

EPS (FY2) $7.24

Coverage 4 Analysts

Target Price $85.50

LT Growth Rate 19.0%

Avg Rating Buy (1.20)

Valuation 5Y Trend Current vs. Ind vs. Bmrk

P/E (LTM) 13.1 0.6 0.7

P/E (NTM) 8.7 0.5 0.5

P/Sales 1.2 3.5 0.8

P/Bk 143.4 40.4 103.4

P/CF 7.3 0.5 0.7

EV/EBITDA 8.3 0.7 0.8

EV/Sales 1.3 3.2 0.5

Profitability (%) 10Y Trend LTM Ind Bmrk

Gross Margin 78.9 9.8 30.4

EBITDA Margin 15.6 3.4 17.2

EBIT Margin 13.9 2.8 12.0

Net Margin 9.7 1.6 8.2

ROE 251.0 16.1 13.5

Growth (%) 10Y Trend LTM Ind Bmrk

Sales 17.3 7.6 3.3

EBITDA 1.8 5.2 4.3

EBIT 0.8 3.5 5.8

EPS (Dil) 6.1 5.2 5.2

Key Items

Price & Volume

22 JUL '14 9:20 A.M. (ET)

Herbalife releases research and analysis regarding Herbalife’s U.S. business operations

22 JUL '14 7:57 A.M. (ET)

Clarification: Herbalife Pershing Square presentation of investigation into Herbalife Nutrition Clubs

21 JUL '14 8:44 P.M. (ET)

Pershing Square presentation of investigation into Herbalife Nutrition Clubs to begin at 09:15 ET

21 JUL '14 12:58 P.M. (ET)

Herbalife traded lower following cautious comments from Pershing Squares' Ackman in CNBC interview

16 JUL '14 10:20 A.M. (ET)

Pershing Square to release evidence of Herbalife perpetuating fraud NY Post

24 JUN '14 12:43 P.M. (ET)

Business dean of College of New Jersey urges SEC to increase scrutiny of Herbalife NY Post

03 JUN '14 8:42 A.M. (ET)

Pershing Square responds to recent ruling in FTC V. BurnLounge, Inc.

StreetAccount News

©2014 FactSet Research Systems, Inc. 1 of 9


Earnings FY 13 FY 14E FY 15E Q1 14 Q2 14E Q3 14E Q4 14E

EPS GAAP 4.91 5.45 7.06 0.74 1.55 1.61 1.63

Growth (%) 21.2 11.1 29.4 32.7 15.7 21.6 41.3

EPS Non GAAP 5.37 6.29 7.24 1.50 1.57 1.62 1.63

Growth (%) 32.6 17.1 15.1 18.1 11.0 14.5 27.7

Income Statement (M) FY 13 FY 14E FY 15E Q1 14 Q2 14E Q3 14E Q4 14E

Sales 4,825 5,378 5,879 1,263 1,359 1,343 1,383

Growth (%) 18.5 11.5 9.3 12.4 11.5 10.7 9.0

EBITDA 876 955 1,053 205 249 247 246

Growth (%) 19.1 8.9 10.3 4.4 10.4 11.7 16.2

Operating Income 761 792 933 128 222 224 223

Growth (%) 15.1 4.0 17.8 34.1 9.0 16.8 22.8

Net Income 528 517 615 75 149 147 146

Growth (%) 10.5 1.9 18.8 37.2 3.8 3.5 18.1

Per Share FY 13 FY 14E FY 15E Q1 14 Q2 14E Q3 14E Q4 14E

Dividends per Share 1.20 0.30 0.00

Cash Flow per Share

Free Cash Flow per Share

Book Value per Share 5.14

Key Estimates

Management

Michael O. Johnson, 59

Chairman & Chief Executive Officer

Desmond J. Walsh, 57

President

Richard P. Goudis, 52

Chief Operating Officer

John G. DeSimone, 47

Chief Financial Officer

Steve Yair Henig, 70

Chief Scientific Officer

Patrick R. Dailey

Chief Administrative Officer

Board

Michael O. Johnson, 59

Chairman & Chief Executive Officer

Leroy T. Barnes, 62

Independent Director

Richard P. Bermingham, 74

Lead Independent Director

Jeffrey T. Dunn, 56


Richard H. Carmona, 64


María Otero


South Church Street, Ugland House James Paul Berklas Fiscal Year December

George Town, Investor Relations Contact Exchange NYSE

KY11106 herbalife.com ISIN KYG4412G1010

Cayman Islands Employees (2013) 7,000 CUSIP G4412G101

SEDOL B0539H3

Corporate Information

FLOAT 90.4%

Shares Out 98,107,000

Short Interest 25,015,412

INSIDER 9.6%

Inst. Ownership 108.0%

North American 57.7%

NonNorth American 7.8%

Inst Ownership as % of Float 119.4%

Top 10 Inst. Holders 61.6%

NET POSITION CHANGE 4,114,011

Total (414) 105,952,776

New (76) 5,163,055

Increase (128) 18,481,804

Decrease (159) 9,652,267

Soldout (77) 9,878,580

Ownership Summary

Institutions Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD)

Icahn Associates Corp. 17,000 17.3 2.8 34 918,339,968

Fidelity Management & Research Co. 11,356 11.6 0.1 452 613,433,792

Capital Research & Management Co. (Wo... 7,498 7.6 0.1 553 405,042,944

Soros Fund Management LLC 4,901 5.0 2.4 1,696 264,770,224

Perry Corp. (New York) 4,800 4.9 10.5 1,800 259,296,000

The Vanguard Group, Inc. 4,796 4.9 0.0 88 259,092,128

East Side Capital Corp. 3,184 3.2 5.1 165 172,005,088

BlackRock Fund Advisors 3,004 3.1 0.0 323 162,291,472

AJO LP 1,940 2.0 0.4 620 104,779,896

Jennison Associates LLC 1,929 2.0 0.1 902 104,196,696

Morgan Stanley & Co. LLC 1,909 1.9 0.2 1,845 103,107,704

Credit Suisse Securities (USA) LLC (B... 1,859 1.9 0.1 1,684 100,426,368

Insiders Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD)

STIRITZ WILLIAM P 7,485 7.6 91.6 1,021 404,329,120

JOHNSON MICHAEL O 1,091 1.1 100.0 7 58,951,000

TARTOL JOHN M 238 0.2 100.0 50 12,833,693

LEVY ROBERT MUSSER 169 0.2 100.0 0 9,155,364

GOUDIS RICHARD P 150 0.2 100.0 0 8,121,799

Top Holders Institutions and Insiders



There is no data available for this identifier.

Segments Snapshot

LOW MEAN HIGH

73.00 35.14% 85.50 58.27% 94.00 74.01%

Targets & Ratings

EPS Q2 '13 Q2 '14E Growth (YoY%)

1.41 1.57 11.0%

Sales (M) Q2 '13 Q2 '14E Growth (YoY%)

1,219 1,359 11.5%

Estimate Growth Quarterly

Period After Event Mean Surp Amt Surp (%)

Q2 '14 E 1.57

Q1 '14 1.50 1.30 0.20 15.4

Q4 '13 1.28 1.25 0.03 2.4

Q3 '13 1.41 1.14 0.27 23.5

Q2 '13 1.41 1.18 0.23 19.2

Q1 '13 1.27 1.07 0.20 19.2

Q4 '12 1.05 1.03 0.02 1.9

Q3 '12 1.04 1.01 0.03 3.1

Q2 '12 1.10 0.96 0.14 14.3

Period After Event Mean Surp Amt Surp (%)

Q2 '14 E 1,359

Q1 '14 1,263 1,236 26 2.1

Q4 '13 1,269 1,253 16 1.3

Q3 '13 1,214 1,195 19 1.6

Q2 '13 1,219 1,160 59 5.1

Q1 '13 1,124 1,114 10 0.9

Q4 '12 1,059 1,051 8 0.8

Q3 '12 1,017 997 20 2.0

Q2 '12 1,032 974 58 5.9

Surprise History Quarterly



Sales (M)

FY Ending Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14E Dec '15E

Q1 (Mar) 508 604 522 619 795 964 1,124 1,263

Q2 (Jun) 530 640 572 689 880 1,032 1,219 1,359

Q3 (Sep) 530 602 600 688 895 1,017 1,214 1,343

Q4 (Dec) 578 513 631 738 885 1,059 1,269 1,383

Fiscal Year 2,146 2,359 2,325 2,734 3,455 4,072 4,825 5,378 5,879

EV/Sales (x) 1.4 0.7 1.1 1.5 1.8 0.9 1.7 1.1 1.0

CY Ending Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14E Dec '15E

Cal. Year 2,146 2,359 2,325 2,734 3,455 4,072 4,825 5,378 5,879

EV/Sales (x) 1.4 0.7 1.1 1.5 1.8 0.9 1.7 1.1 1.0

Growth (YoY%)


Q1 (Mar) 11.5 19.0 13.7 18.6 28.5 21.3 16.5 12.4

Q2 (Jun) 13.8 20.7 10.6 20.5 27.7 17.3 18.1 11.5

Q3 (Sep) 11.2 13.7 0.3 14.7 30.0 13.6 19.3 10.7

Q4 (Dec) 18.6 11.3 23.0 17.0 19.8 19.8 19.8 9.0

Fiscal Year 13.8 9.9 1.5 17.6 26.3 17.9 18.5 11.5 9.3


Cal. Year 13.8 9.9 1.5 17.6 26.3 17.9 18.5 11.5 9.3

Estimate Table Sales Consensus Trend Annual (M)

Consensus Guidance # of Brokers

1,359 1,341 1,366 4

Broker Analyst Research Estimate Previous Chg (%)

Restricted 1 Restricted 29 Apr '14 1,375 1,375 0.00

Wedbush Securities Rommel Dionisio 16 Jul '14 1,365 1,365 0.00

SunTrust Robinson H... Michael A. Swartz 29 Apr '14 1,352 1,352 0.00

Canaccord Genuity Scott Van Winkle 29 Apr '14 1,345 1,345 0.00

Sales Broker Detail Q2 '14E (M)

Consensus Guidance 1M Revision 1W Revision

1,359 1,341 1,366 0.0% 0.0%

Sales Broker Revisions Q2 '14E (M)



EPS


Q1 (Mar) 0.31 0.47 0.34 0.49 0.71 0.88 1.27 1.50

Q2 (Jun) 0.32 0.51 0.39 0.66 0.88 1.10 1.41 1.57

Q3 (Sep) 0.34 0.44 0.43 1.17 0.87 1.04 1.41 1.62

Q4 (Dec) 0.40 0.34 0.49 1.31 0.86 1.05 1.28 1.63

Fiscal Year 1.36 1.76 1.64 4.77 3.31 4.05 5.37 6.29 7.24

P/E (x) 14.9 6.1 12.4 7.2 15.6 8.1 14.7 8.6 7.5


Cal. Year 1.36 1.76 1.64 4.77 3.31 4.05 5.37 6.29 7.24

P/E (x) 14.9 6.1 12.4 7.2 15.6 8.1 14.7 8.6 7.5

Growth (YoY%)


Q1 (Mar) 27.1 52.5 26.9 44.1 45.9 23.1 44.3 18.1

Q2 (Jun) 30.6 60.9 24.3 69.2 33.3 25.0 28.2 11.0

Q3 (Sep) 31.4 32.8 4.5 175.3 25.6 19.5 35.6 14.5

Q4 (Dec) 33.9 12.7 42.0 167.3 34.4 22.1 21.9 27.7

Fiscal Year 31.6 30.3 7.1 190.9 30.6 22.4 32.6 17.1 15.1


Cal. Year 31.6 30.3 7.1 190.9 30.6 22.4 32.6 17.1 15.1

Estimate Table EPS Consensus Trend Annual

Consensus Guidance # of Brokers

1.57 1.51 1.55 4

Broker Analyst Research Estimate Previous Chg (%)

Restricted 1 Restricted 29 Apr '14 1.59 1.59 0.00

Wedbush Securities Rommel Dionisio 16 Jul '14 1.57 1.57 0.00

Canaccord Genuity Scott Van Winkle 29 Apr '14 1.55 1.55 0.00

SunTrust Robinson H... Michael A. Swartz 29 Apr '14 1.55 1.55 0.00

EPS Broker Detail Q2 '14E

Consensus Guidance 1M Revision 1W Revision

1.57 1.51 1.55 0.0% 0.0%

EPS Broker Revisions Q2 '14E



Valuation 5Y Trend Current 5Y High 5Y Low 5Y Avg vs. Ind vs. Bmrk

P/E 13.1 24.6 6.2 15.0 0.6 0.7

P/E NTM 8.7 19.3 5.3 12.3 0.5 0.5

P/Sales 1.2 2.6 0.7 1.5 3.5 0.8

P/Sales NTM 1.0 2.2 0.6 1.3 3.3 0.7

P/Bk 143.4 160.7 5.7 15.3 40.8 103.6

P/Bk NTM 20.3 3.2 8.1

P/CF 7.3 19.6 5.3 11.3 0.5 0.7

P/CF NTM 16.2 4.8 10.4

EV/EBITDA 8.3 15.1 3.9 8.7 0.7 0.8

EV/EBITDA NTM 6.5 11.8 3.5 7.3 0.7 0.7

EV/Sales 1.3 2.5 0.7 1.5 3.2 0.5

EV/Sales NTM 1.1 2.1 0.6 1.3 3.2 0.5

Valuation Summary

Herbalife Ltd.

(HLF)

GNC Holdings,

Inc. Class A

(GNC)

Avon Products,

Inc. (AVP)

ForeverGreen

Worldwide

Corpora...

(FVRG)

LifeQuest

World

Corporation...

(LQWC)

Mannatech,

Incorporated

(MTEX)

P/E LTM 13.1 12.5 34.7 11.5

P/E NTM 8.7 10.4 15.4

PEG NTM 0.5 0.8 3.0

P/Sales 1.2 1.2 0.6 0.8 0.2

P/Bk 143.4 4.3 6.6 1.3

P/CF 7.3 12.1 11.1 5.2

EV/EBITDA 8.3 8.2 12.2 1.5

EV/Sales 1.3 1.6 0.8 0.9 0.1

Div Yld 0.0 1.9 1.7 0.0 0.0 0.0

Valuation Peer Analysis

Price to Earnings Price to Earnings NTM



Profitability (%) 10Y Trend Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13

Gross Margin 80.6 76.1 77.0 78.2 78.3 78.4

Operating Margin 14.6 13.8 14.5 16.6 16.4 16.1

Pretax Margin 13.5 12.5 13.9 16.2 16.0 14.9

Net Margin 9.4 8.7 10.6 11.9 11.7 10.9

ROA 20.2 17.9 24.4 30.8 30.3 25.3

ROE 104.3 67.7 68.6 78.8 97.3 108.5

ROTC 38.8 33.8 45.6 57.7 57.1 44.1

ROIC 39.5 34.6 46.1 57.9 59.1 46.8

Efficiency 10Y Trend Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13

Revenue/Employee (000) 589.8 567.0 607.6 677.4 656.8 689.3

Net Income/Employee (000) 55 50 65 81 77 75

Receivables Turnover (x) 36.7 31.6 33.6 39.4 39.6 44.6

Days of Sales Outstanding 10.0 11.5 10.9 9.3 9.2 8.2

Inventory Turnover (x) 3.5 4.0 3.8 3.5 3.0 3.0

Days of Inventory on Hand 104.7 92.0 95.3 104.4 121.3 121.1

Payables Turnover (x) 12.1 14.5 16.4 16.2 14.7 13.3

Days of Payables Outstanding 30.1 25.2 22.2 22.5 24.8 27.4

Total Asset Turnover (x) 2.1 2.0 2.2 2.4 2.4 2.0

Working Capital Turnover (x) 28.5 27.8 21.9 15.7 16.5 6.7

Profitability Ratios Annual

Herbalife Ltd.

(HLF)

GNC Holdings,

Inc. Class A

(GNC)

Avon Products,

Inc. (AVP)

ForeverGreen

Worldwide

Corpora...

(FVRG)

LifeQuest

World

Corporation...

(LQWC)

Mannatech,

Incorporated

(MTEX)

Gross Margin (%) 78.9 25.2 61.9 75.0 57.5

Operating Margin (%) 13.9 17.8 4.5 16.9 141.6 3.2

Net Margin (%) 9.7 9.9 1.6 2.0 158.4 1.5

ROA (%) 19.5 9.9 2.3 14.3 34.6 5.4

ROE (%) 251.0 32.5 15.2 86.0 12.6

Revenue/Employee (000) 709.2 166.2 263.8 371.0 256.5 603.8

Receivables Turnover (x) 43.0 18.3 12.2 30.5 42.9 282.6

Inventory Turnover (x) 3.2 3.7 3.4 0.7 5.5

Payables Turnover (x) 12.5 13.7 3.9 0.6 16.1

Profitability Peer Analysis LTM

Liquidity Analysis 10Y Trend Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13

Current Ratio 1.21 1.19 1.27 1.40 1.34 1.78

Quick Ratio 0.87 0.85 0.88 0.95 0.87 1.40

Cash Ratio 0.38 0.35 0.40 0.47 0.47 1.06

Credit Analysis 10Y Trend Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13

Interest Coverage (EBITDA) 19.6 44.5 76.6 120.2 44.4 35.1

Interest Coverage (EBIT) 17.1 37.2 65.3 106.8 40.0 31.6

Fixed Chg Coverage 17.1 37.2 65.3 106.8 40.0 31.6

CFO/Int Exp 13.6 33.1 62.7 95.0 33.9 31.5

Total Debt/EBITDA 0.9 0.7 0.4 0.3 0.7 1.1

Net Debt/EBITDA 0.5 0.3 0.0 0.1 0.2 0.0

Net Debt/(EBITDACapEx) 0.7 0.3 0.0 0.1 0.2 0.1

LT Debt/EBITDA 0.9 0.6 0.4 0.3 0.6 1.0

Total Debt/Total Equity 145.5 69.7 36.6 36.3 115.9 168.9

Total Debt/Total Capital 59.3 41.1 26.8 26.7 53.7 62.8

Total Debt/Total Assets 31.4 21.8 14.5 14.1 28.6 37.6

Net Debt/FFO 0.7 0.4 0.0 0.1 0.3 0.1

LT Debt/FFO 1.2 0.9 0.5 0.4 0.8 1.3

FCF/Total Debt 0.5 0.9 1.8 2.1 0.9 0.7

CFO/Total Debt 0.8 1.1 2.1 2.5 1.2 0.8

Credit Ratios Annual

Herbalife Ltd.

(HLF)

GNC Holdings,

Inc. Class A

(GNC)

Avon Products,

Inc. (AVP)

ForeverGreen

Worldwide

Corpora...

(FVRG)

LifeQuest

World

Corporation...

(LQWC)

Mannatech,

Incorporated

(MTEX)

Interest Coverage (EBIT) 19.0 9.8 3.6 10.0 8.4

Fixed Chg Coverage 19.0 9.8 3.6 10.0 8.4

CFO/Int Exp 22.7 5.6 4.6 0.0 1.9

Total Debt/EBITDA 2.4 2.6 4.2 0.2

Net Debt/EBITDA 0.8 2.2 2.9 0.1 1.3 2.7

LT Debt/EBITDA 2.3 2.6 3.9 0.5 0.0 0.0

Total Debt/Total Equity 4,389.6 185.7 295.6 81.0 6.5

Total Debt/Total Capital 97.8 65.0 74.7 334.2 44.8 6.1

Total Debt/Total Assets 64.7 49.9 44.5 37.1 31.9 2.7

Credit Peer Analysis LTM



Dec '06 Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 LTM

Asset Turnover 2.03 2.06 2.16 2.05 2.30 2.58 2.59 2.31 2.01

x Operating Margin 14.3 15.3 14.6 13.8 14.5 16.6 16.4 16.1 13.9

x Interest Burden 0.81 0.92 0.93 0.91 0.96 0.98 0.97 0.92 0.96

x Tax Burden 0.66 0.63 0.69 0.70 0.76 0.74 0.73 0.74 0.73

= ROA 15.4 18.4 20.2 17.9 24.4 30.8 30.3 25.3 19.5

x Equity Leverage 3.55 3.89 5.16 3.77 2.81 2.56 3.21 4.30 12.84

= ROE 54.8 71.4 104.3 67.7 68.6 78.8 97.3 108.5 251.0

x Earnings Retention 100.0 77.2 76.2 75.2 80.7 78.0 70.4 75.6 73.6

= Reinvestment Rate 54.8 55.9 80.4 51.5 55.9 62.5 69.7 83.2 187.4

DuPont Analysis Annual

Herbalife Ltd.

(HLF)

GNC Holdings,

Inc. Class A

(GNC)

Avon Products,

Inc. (AVP)

ForeverGreen

Worldwide

Corpora...

(FVRG)

LifeQuest

World

Corporation...

(LQWC)

Mannatech,

Incorporated

(MTEX)

Asset Turnover 2.0 1.0 1.4 7.2 0.2 3.5

x Operating Margin 13.9 17.8 4.5 16.9 141.6 3.2

x Interest Burden 1.0 0.9 0.0 0.1 1.1 0.5

x Tax Burden 0.7 0.6 20.7 1.0 1.0 1.0

= ROA 19.5 9.9 2.3 14.3 34.6 5.4

x Equity Leverage 12.8 3.3 6.5 1.2 2.5 2.4

= ROE 251.0 32.5 15.2 86.0 12.6

x Earnings Retention 73.6 77.7 100.0 100.0

= Reinvestment Rate 187.4 25.4 25.7 86.0 12.6

DuPont Peer Analysis LTM

Dec '10 Dec '11 Dec '12 Dec '13 LTM 10Y Trend 5Y CAGR 10Y CAGR

Sales/Revenues 2,734 3,455 4,072 4,825 4,964 15.4% 15.3%

COGS incl. D&A 629 752 884 1,040 1,050 17.8% 16.0%

Gross Inc 2,105 2,703 3,189 3,785 3,915 14.8% 15.1%

SG&A 1,709 2,130 2,520 3,008 3,224 14.1% 22.6%

Other Oper Expense 0 0 0 0 0

EBIT(Operating Income) 396 573 669 777 691 17.6% 21.9%

Nonop Inc (Exp) Net 5 4 6 37 4

Interest Expense 6 5 17 25 36 4.1% 5.1%

Unusual Exp (Inc) Net 5 4 7 1 5

Pretax Income 380 560 651 717 663 17.6% 27.0%

Income Taxes 90 147 174 189 179 14.1% 20.7%

Minority Interest 0 0 0 0 0

Net Income 291 413 477 528 483 19.0% 30.5%

EPS (recurring) 2.359 3.327 4.092 4.902 4.762 23.3% 30.4%

EPS (diluted) 2.335 3.300 4.050 4.910 4.550 23.9% 30.4%

EBITDA 464 645 743 862 776 17.0% 18.1%

Income Statement Annual (M) Income Statement Growth Annual IndHLF



Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 10Y Trend 5Y CAGR 10Y CAGR

Curr Assets 514 596 769 964 1,643 27.7% 19.5%

Cash & ST Inv 151 191 259 334 973 45.2% 20.1%

Accounts Receivable 77 86 90 116 100 7.5% 12.1%

Inventories 146 182 248 339 351 21.2% 19.4%

Other Current Assets 140 137 173 175 219 11.0% 22.0%

Curr Liabilities 430 471 549 717 922 18.1% 12.8%

STD & Curr Port LT Debt 12 3 2 56 81 40.0% 1.2%

Accounts Payable 37 44 57 75 83 15.0% 13.9%

Income Tax Payable 40 15 31 16 44 3.3% 8.5%

Other Current Liabilities 340 409 459 570 714 18.3% 16.0%

Total Debt 250 178 204 488 931 21.5% 11.1%

Total Assets 1,146 1,232 1,446 1,704 2,474 17.1% 10.6%

Total Liabilities 787 745 886 1,283 1,922 16.9% 11.2%

Shrhldrs Equity 359 487 560 421 551 17.9% 8.8%

BVPS 2.984 4.136 4.838 3.936 5.454 22.6%

Balance Sheet Annual (M)

Cash and Liabilities Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13

Cash and Short Term Investments 150.8 150.8 190.6 258.8 333.5 973.0

Share Repurchase 138.9 74.6 160.0 321.6 556.7 306.4

Dividends 50.7 48.7 53.7 85.5 135.1 123.1

Debt Servicing 187.6 321.7 505.5 894.2 1,163.3 344.0

Net Change in Reporting Period Cash (FX adjusted) 36.6 0.0 39.7 68.2 74.8 639.4

Cash Flow Increases/Decreases 222.7 225.6 333.7 450.1 489.2 662.2

Cash Received (Paid) from Debt Activity 69.7 109.7 78.5 14.3 262.8 419.1

Dividends Paid 50.7 48.7 53.7 85.5 135.1 123.1

Cash Received (Paid) from Change in Equity 119.4 66.8 144.7 299.4 545.4 305.5

Use of Cash Annual (M)

Dec '10 Dec '11 Dec '12 Dec '13 LTM 10Y Trend 5Y CAGR 10Y CAGR

Net Income 290.5 412.6 477.2 527.5 483.3 19.0% 30.5%

Deprec & Amort 68.6 71.9 74.4 84.7 85.1 11.7% 4.3%

Other Funds 17.6 10.2 2.7 52.8 156.3 20.4% 13.0%

Changes in Wk Cap 28.3 27.7 22.6 132.7 124.7

Operating Cash Flow 380.4 509.3 567.8 772.9 825.9 23.1% 23.4%

Cap Ex 68.1 90.4 121.5 147.0 180.6

Other Investing, Total 1.0 1.7 3.5 3.9

Investing Cash Flow 69.1 92.1 125.0 150.8 187.7

Free Cash Flow 312.3 418.9 446.3 625.9 645.3 27.7% 22.7%

FCF/Share 2.508 3.356 3.786 5.825 6.403 33.0% 22.6%

FCF Yield (%) 7.3 6.5 11.5 7.4 10.6%

% of Net Income 107.5 101.5 93.5 118.7 133.5 7.3% 6.0%

Cash Divs Pd 53.7 85.5 135.1 123.1 122.6

Change in Capital Stock 144.7 299.4 545.4 305.5 836.5

Iss/Red Debt 72.5 19.6 279.5 443.7 1,058.4

Financing Cash Flow 254.5 337.8 371.2 30.7 2.1

Net Change in Cash 39.7 68.2 74.8 639.4 539.4 22.1%

Cash Flow Statement Annual (M)

Industry Metrics data is only available for certain companies in the following industries: Airlines, Hotel and Gaming, Metals & Mining, Oil & Gas,

Pharmaceuticals, and Retail.

Industry Metrics


Herbalife Ltd. (HLF) $59.55

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