Ingles Markets Financials

$1 B

Revenue Q1, 2018

$694.4 M

Mkt cap, 23-Feb-2018
Gross profit (Q1, 2018)244.7 M
Gross profit margin (Q1, 2018), %24.1%
Net income (Q1, 2018)45.1 M
EBIT (Q1, 2018)35.9 M
Cash, 30-Dec-201713.8 M
EV1.6 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

3.7 b3.8 b3.8 b3.8 b4 b

Revenue growth, %

3%(1%)0%

Cost of goods sold

2.9 b3 b2.9 b2.9 b3 b

Gross profit

827.8 m845.2 m893.3 m924.4 m963.6 m

Gross profit Margin, %

22%22%24%24%24%

General and administrative expense

706.5 m722.6 m

Operating expense total

706.5 m722.6 m

Depreciation and amortization

110.9 m

EBIT

125.6 m123.3 m139.2 m128.6 m127.9 m

EBIT margin, %

3%3%4%3%3%

Interest expense

59.1 m46.6 m47 m46.3 m47.5 m

Pre tax profit

26.2 m79.8 m94.5 m84.6 m84.3 m

Income tax expense

5.4 m28.4 m35.1 m30.4 m30.4 m

Net Income

20.8 m51.4 m59.4 m54.2 m53.9 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Revenue

945.1 m947.8 m978.3 m964.5 m915.3 m946 m951.1 m924.3 m957.2 m982.8 m946.2 m984.4 m1 b

Cost of goods sold

741.6 m741.6 m763.1 m740.1 m696.6 m723.8 m725.5 m695.6 m724.3 m745.7 m718.1 m747.3 m769.1 m

Gross profit

203.5 m206.1 m215.2 m224.4 m218.7 m222.2 m225.6 m228.7 m232.9 m237.1 m228.1 m237.1 m244.7 m

Gross profit Margin, %

22%22%22%23%24%23%24%25%24%24%24%24%24%

EBIT

26.2 m27.8 m33.4 m37.5 m33.6 m31.1 m31.6 m33.1 m31.9 m32.2 m25.1 m29.7 m35.9 m

EBIT margin, %

3%3%3%4%4%3%3%4%3%3%3%3%4%

Interest expense

11.8 m11.7 m11.6 m12 m11.6 m10.6 m12 m11.2 m11.2 m11.3 m11.7 m11.7 m11.5 m

Pre tax profit

15.3 m16.8 m22.5 m26.1 m22.6 m21.1 m20.3 m22.4 m21.2 m21.5 m14.1 m19 m25.4 m

Income tax expense

5.7 m6.4 m8.6 m11 m8.3 m7.3 m7.3 m8.1 m8.5 m7.7 m5 m7.4 m(19.8 m)

Net Income

9.5 m10.5 m13.8 m15 m14.3 m13.8 m13 m14.4 m12.7 m13.8 m9.2 m11.5 m45.1 m

Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

59.5 m57.9 m12.4 m4.7 m16.8 m8.6 m7.5 m5.7 m23.9 m

Accounts Receivable

Inventories

329.7 m329.5 m338.6 m343.9 m349.3 m

Current Assets

434.5 m413.9 m432.3 m418.5 m445.8 m

PP&E

1.2 b1.2 b1.2 b

Total Assets

1.7 b1.7 b1.7 b1.7 b1.7 b

Accounts Payable

4.1 m150.9 m

Short-term debt

19 m12.5 m12.7 m10 m12.2 m

Current Liabilities

251.3 m250.7 m253.2 m241.6 m245.6 m

Long-term debt

893.5 m924.8 m882.7 m866.5 m865.7 m

Total Debt

912.5 m937.3 m895.3 m876.5 m877.9 m

Total Liabilities

1.2 b1.2 b

Common Stock

698.3 k

Retained Earnings

332.3 m369.3 m415.7 m456.9 m497.7 m

Total Equity

410.6 m429 m470.2 m511.1 m

Debt to Equity Ratio

2.2 x2.1 x1.9 x1.7 x

Debt to Assets Ratio

0.5 x0.6 x0.5 x0.5 x0.5 x

Financial Leverage

4.1 x3.9 x3.6 x3.4 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

4.6 m7.4 m4 m6.3 m8.7 m8.6 m8.5 m9.1 m5.4 m15.2 m6.1 m8 m13.8 m

Inventories

335 m333.4 m337.1 m338.3 m337.1 m334.9 m341.3 m340.9 m341.8 m352.6 m348.1 m348.3 m361.6 m

Current Assets

423 m430.8 m421.6 m432.9 m425.4 m429.8 m441.6 m429.9 m429.9 m456.5 m430.4 m431.4 m455.6 m

Total Assets

1.7 b1.7 b1.7 b1.7 b1.7 b1.7 b1.7 b1.7 b1.7 b1.7 b1.7 b1.7 b1.8 b

Accounts Payable

176 m

Short-term debt

19.2 m13.8 m13.8 m13.9 m13.9 m14 m11.2 m11 m10.7 m10.2 m10.1 m37.1 m12.7 m

Current Liabilities

218.3 m227.6 m225.5 m220.1 m232 m237.4 m231.9 m231.1 m235.2 m244.5 m240.2 m265.3 m252 m

Long-term debt

905.8 m897.3 m895.5 m956.5 m914.6 m904.2 m913.5 m896.7 m887.6 m890.1 m866.4 m833.6 m877.9 m

Total Debt

925.1 m911.1 m909.3 m970.4 m928.5 m918.2 m924.8 m907.7 m898.2 m900.2 m876.5 m870.7 m890.5 m

Total Liabilities

1.2 b1.2 b1.2 b1.3 b1.3 b1.2 b1.2 b1.2 b1.2 b1.2 b1.2 b1.2 b1.2 b

Common Stock

697.1 k697.4 k698.3 k

Retained Earnings

338.2 m345.1 m355.3 m381.1 m392.1 m402.7 m425.4 m436.5 m445.9 m467.4 m473.3 m481.6 m539.6 m

Total Equity

416 m438.7 m449.8 m459.2 m480.8 m486.7 m494.9 m552.9 m

Financial Leverage

4 x3.8 x3.7 x3.7 x3.6 x3.5 x3.4 x3.2 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

20.8 m51.4 m59.4 m54.2 m53.9 m

Depreciation and Amortization

94.9 m97.7 m102.9 m106.6 m110.9 m

Accounts Receivable

(4.6 m)

Inventories

(76.3 k)167.7 k(9.1 m)(5.2 m)(5.5 m)

Accounts Payable

(12.1 m)12.9 m9.5 m(12.6 m)4.6 m

Cash From Operating Activities

145.2 m154.3 m153.5 m159 m156.3 m

Cash From Investing Activities

(93.6 m)(107.9 m)(99.7 m)(136.9 m)(125.4 m)

Dividends Paid

(14.5 m)(13 m)

Cash From Financing Activities

(39.4 m)(54.7 m)(54.9 m)(24 m)(12.7 m)

Free Cash Flow

246.7 m262.7 m257.5 m21.4 m28.6 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Net Income

9.5 m10.5 m13.8 m15 m14.3 m13.8 m13 m14.4 m12.7 m13.8 m9.2 m45.1 m

Depreciation and Amortization

28 m

Accounts Receivable

(5.2 m)

Inventories

337.1 m338.3 m337.1 m334.9 m341.3 m340.9 m341.8 m352.6 m348.1 m(12.3 m)

Accounts Payable

9.9 m

Cash From Operating Activities

37.4 m

Cash From Investing Activities

(56.7 m)

Dividends Paid

(3.3 m)

Cash From Financing Activities

9.2 m

Free Cash Flow

(19.4 m)

Ratios

USDY, 2017

EV/EBIT

43.8 x

EV/CFO

42 x

EV/FCF

-81 x

Revenue/Employee

106.7 k

Financial Leverage

3.2 x
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Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017

Fuel Centers

83 84 85 85 88 88 89 93 93 95 96 97

Locations

49 46 49

Pharmacy Stores

96 97 97 97 97 97 98 99 99 101 101 103

Retail Supermarkets

202 202 202 201 201 201 202 201 201 202 201 199

Warehouses (sq. feet)

1.65 m1.65 m1.65 m
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