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Blaine Kitchenware

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Blaine Kitchenware
Blaine Kitchenware, Inc.: Capital
Structure
Course in Strategic Finance
University of Vienna, 2015
Mila Dineva, 1153546

Blaine Kitchenware, Inc.
•
•
•
•
•

founded in 1927, small appliances for kitchens
Public company, mainly controlled by the family
10% of the $ 2.3 bill. market
1994 – IPO
In the 90’s – moved its production abroad

Financial figures
•
•
•
•

Over-liquid and under-leveraged, no debt
2% sales growth 2003-2006
11% p.a. annual returns for shareholders 2004-2006
$53.6 mil. Net income, $342 mil. Revenues 2006

• Strengths: Liquidity, Debt-free, EBITDA

? Stock Repurchase Decision ?

Optimal Capital Structure
• Debt vs Cash
• Mm Th

Financial analysis

2006

2007 No Debt

Work 6

Revenue

342.251

352.519

352.519

COGS

249.794

252.051

252.051

Gross Profit

92.457

100.468

100.468

Other costs

28.512

30.211

30.211

Operating
Income
Depreciation

63.945

70.257

70.257

9.914

9.412

9.412

EBITDA

73.859

79.669

79.669

EBIT

63.945

70.257

70.257

Other Income

13.506

13.506

13.506

0

0

8.849

EBT

77.451

83.763

74.914

Taxes

23.821

33.505

29.966

Net Income

53.630

50.258

44.948

Interests

Financial analysis
Shares
Equity
EPS

44.052
488.363
1,02

Debt
Interest rate

146.509

Share Price

18

6%

Share Buy Value

180000

Debt-Share

-33.491

Cash

197.375

Net Debt

 15.000 shares

-50866

Market Cap

792.936

Enterprise Value

742.070

 30% equity

Stock Price Estimation
Stock Price
Estimation

H&H Design AutoTech App

XQL

Bunkerhill

EasyLiving

Market Cap

776427

13978375

5290145

3962780

418749

Net income

53698

1416012

412307

335073

13173

PER

14,459

9,871

12,830

11,826

Aver. PER

16,155

Estimated
Stock Price

16,478

31,788
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