BLUESTEM GROUP INC Financial Ratios — BGRP Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2011	12/31/2012	01/31/2013	12/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018

Return on Common Equity (%)	- -	6.12	- -	- -	26.21	21.27	2.14	-88.61	-205.24
Return on Assets (%)	- -	2.13	1.94	11.9	14.72	11.17	0.96	-27.32	-22.51
Return on Capital (%)	- -	- -	4.63	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	- -	44.21	- -	100	46.31	46.2	46.19	47.09
EBITDA Margin (%)	- -	- -	8.49	- -	68.6	6.1	5.6	-13.91	-7.18
Operating Margin (%)	- -	- -	7.09	- -	68.3	4.73	1.77	-2	-0.35
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	0.65	- -	- -
Pretax Margin (%)	- -	51.15	8.2	77.88	68.3	0.04	-1.57	-21.32	-13.19
Profit Margin (%)	- -	55.55	5.16	72.1	64.45	22.77	0.82	-18.46	-11.33
Net Income to Common Margin (%)	- -	55.55	5.16	72.1	64.45	22.75	0.81	-18.5	-11.33
Effective Tax Rate (%)	- -	- -	37.01	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	2,356.39	- -	1,231.51	1,163.92	-0.13	-0.81	0.21	-37.42
Sustainable Growth Rate (%)	- -	-138.09	- -	- -	-278.82	21.3	2.16	-88.42	-282.05

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2011	12/31/2012	01/31/2013	12/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018

Total Debt	1,460	222	2	130	107	372	562	516	447
ST Debt	- -	- -	- -	- -	- -	18	48	48	26
LT Debt	1,460	222	2	130	107	354	514	469	420
Total Debt/EBITDA	- -	- -	0.03	- -	1.03	12.75	5.75	-1.77	-3.29
Net Debt/EBITDA	- -	- -	7.46	- -	-0.33	3.87	3.82	-1.02	-2.36
Total Debt/EBIT	- -	- -	0.03	- -	1.03	51.03	34.01	-1.31	-2.25
Net Debt/EBIT	- -	- -	9.53	- -	-0.34	15.51	22.6	-0.76	-1.62
EBITDA to Interest Expense	- -	- -	- -	- -	- -	4.71	2.49	-6.04	-3
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	4.6	1.57	-6.94	-3.45
EBIT to Interest Expense	- -	- -	- -	- -	- -	3.66	0.79	-0.87	-0.15
Interest Expense	- -	- -	- -	- -	- -	6	39	48	45
Common Equity/Total Assets	30.93	46.2	-5.88	54.84	57.53	49.92	40.31	17.68	0.01
Long-Term Debt/Equity (%)	51.45	16	- -	32.03	26.42	54.11	76.32	219.4	8,241.12
Long-Term Debt/Capital (%)	33.97	13.79	-3.3	24.26	20.9	34.5	41.6	64.22	93.02
Long-Term Debt/Total Assets (%)	16.98	7.73	0.19	19.15	16.52	27.22	30.99	39.71	58.09
Total Debt/Equity (%)	51.45	16	-3.2	32.03	26.42	56.83	83.45	241.62	8,759.43
Total Debt/Capital (%)	33.97	13.79	-3.3	24.26	20.9	36.24	45.49	70.73	98.87
Total Debt/Total Assets (%)	16.98	7.73	0.19	19.15	16.52	28.58	33.89	43.74	61.75
Net Debt to Equity	-44.85	-90.54	-876.63	0.96	-8.58	17.27	55.46	139.81	6,299.71
Net Debt/Capital (%)	-81.32	-956.55	-899.16	0.95	-10.12	14.64	35.59	57.78	97.82
EBITDA	- -	- -	59	- -	104	29	98	-292	-136
EBITDA-CapEx	- -	- -	46	- -	84	28	62	-336	-156
Operating Income (Loss)	- -	- -	50	- -	104	23	31	-42	-7

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2011	12/31/2012	01/31/2013	12/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018

Cash Ratio	- -	- -	- -	- -	8.14	1.32	0.52	0.5	0.48
Current Ratio	- -	- -	1.24	- -	13.37	2.38	1.73	1.41	1.6
Quick Ratio	- -	- -	1.07	- -	8.36	1.7	0.74	0.67	0.57
CFO/Avg Current Liab	- -	- -	- -	- -	- -	0.87	0.35	0.37	0.43
Common Equity/Total Assets	30.93	46.2	-5.88	54.84	57.53	49.92	40.31	17.68	0.01
Long-Term Debt/Equity (%)	51.45	16	- -	32.03	26.42	54.11	76.32	219.4	8,241.12
Long-Term Debt/Capital (%)	33.97	13.79	-3.3	24.26	20.9	34.5	41.6	64.22	93.02
Long-Term Debt/Total Assets (%)	16.98	7.73	0.19	19.15	16.52	27.22	30.99	39.71	58.09
Total Debt/Equity (%)	51.45	16	-3.2	32.03	26.42	56.83	83.45	241.62	8,759.43
Total Debt/Capital (%)	33.97	13.79	-3.3	24.26	20.9	36.24	45.49	70.73	98.87
Total Debt/Total Assets (%)	16.98	7.73	0.19	19.15	16.52	28.58	33.89	43.74	61.75
CFO/Total Liabilities	- -	415.26	-2.73	293.1	166.02	14.34	9.67	15.02	20.29
CFO/CapEx	- -	- -	-1.79	- -	20.35	134.79	2.65	3.35	7.12
Altman's Z-Score	- -	- -	1.95	- -	2.73	2.33	3.36	2.78	3.21

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2011	12/31/2012	01/31/2013	12/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018

Accounts Receivable Turnover	- -	- -	- -	- -	- -	16.66	35.88	44.46	64.05
Days Sales Outstanding	- -	- -	- -	- -	- -	21.91	10.17	8.21	5.7
Inventory Turnover	- -	- -	- -	- -	- -	4.65	4.39	3.79	3.93
Days Inventory Outstanding	- -	- -	- -	- -	- -	78.44	83.14	96.31	92.83
Accounts Payable Turnover	- -	- -	- -	- -	- -	8.95	8.71	5.44	4.98
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	40.77	41.89	67.13	73.32
Cash Conversion Cycle	- -	- -	- -	- -	- -	59.59	51.42	37.39	25.21
Inventory to Cash Days	- -	- -	- -	- -	- -	-56.52	-72.97	-88.1	-87.13
Inventories	- -	- -	66	- -	- -	110	317	280	229
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	96	264	230	195
Other Inventory	- -	- -	66	- -	- -	14	53	50	35

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2011	12/31/2012	01/31/2013	12/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018

Market Capitalization	1,664	1,213	1,213	401	446	606	410	179	107
- Cash & Cash Equivalents	2,733	1,479	- -	127	169	254	186	213	123
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	5	5	5	5
+ Minority/Non Controlling Interest	179	62	- -	34	33	- -	- -	- -	- -
+ Total Debt	1,460	222	2	130	107	372	562	516	447
Enterprise Value	570	13	1,214	433	417	728	791	487	435
Total Capital	4,299	1,610	-49	538	513	1,027	1,235	730	452
Total Debt/Capital (%)	33.97	13.79	-3.3	24.26	20.9	36.24	45.49	70.73	98.87
Total Debt / EV	2.56	16.63	- -	0.3	0.26	0.51	0.71	1.06	1.03
EV/Sales	- -	0.06	1.73	3.41	2.74	1.52	0.45	0.23	0.23
EV/EBITDA	- -	- -	20.43	- -	4	24.96	8.1	- -	- -
EV/EBIT	- -	- -	26.1	- -	4.02	99.88	47.85	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	1,664	1,207	1,207	399	444	485	409	179	106
Diluted Enterprise Value	570	7	1,208	432	415	608	789	488	434
EV per Share	5.69	0.13	12.11	4.33	4.16	5.34	5.79	3.68	3.27
TTM Sales	- -	220	700	127	152	478	1,743	2,101	1,892
TTM EBITDA	- -	- -	59	- -	104	29	98	-292	-136
TTM Operating Income	- -	- -	50	- -	104	23	31	-42	-7
TTM Cash Flow to Firm	- -	- -	-25	- -	- -	- -	- -	- -	- -
TTM Free Cash Flow to Firm	- -	- -	-39	- -	- -	- -	- -	- -	- -

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2011	12/31/2012	01/31/2013	12/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018

Price/Free Cash Flow	- -	0.2	-31.14	0.5	1.16	5.27	6.9	1.76	0.84
EV/EBIT	- -	- -	26.1	- -	4.02	99.88	47.85	- -	- -
Enterprise Value	570	13	1,214	433	417	728	791	487	435
Low Price	13	12	11.91	4	4	3	2.5	0.01	0.34
EV/Sales	- -	0.06	1.73	3.41	2.74	1.52	0.45	0.23	0.23
EV/EBITDA	- -	- -	20.43	- -	4	24.96	8.1	- -	- -
Price/Earnings	- -	9.88	33.34	4.35	4.53	4.42	28.98	- -	- -
Price/Earnings Average	- -	17.88	58.76	9.26	7.9	4.75	46.9	- -	- -
Price/Earnings High	- -	21.64	73.02	14.28	13.38	5.72	65.2	- -	- -
Price/Earnings Low	- -	9.8	32.82	4.35	4.07	2.98	24.15	- -	- -
Price/Book Value	0.63	0.91	-23.97	1.07	1.19	0.93	0.61	0.86	1,065.49
Price/Book Value Average	0.6	1.65	-42.25	2.28	2.08	1	0.99	1.07	930.15
Price/Book Value High	0.64	2	-52.5	3.52	3.52	1.21	1.38	1.93	1,798.02
Price/Book Value Low	0.49	0.91	-23.6	1.07	1.07	0.63	0.51	0.01	452.97
Price/Tangible Book Value	0.63	0.91	-23.97	1.07	1.19	8.63	-2.56	-0.88	-0.53
Price/Tangible Book Value Average	0.6	1.65	-42.25	2.28	2.08	9.29	-4.15	-1.1	-0.47
Price/Tangible Book Value High	0.64	2	-52.5	3.52	3.52	11.18	-5.77	-1.99	-0.9
Price/Tangible Book Value Low	0.49	0.91	-23.6	1.07	1.07	5.83	-2.14	-0.01	-0.23
Price/Sales	- -	5.49	1.72	3.14	2.92	1	0.23	0.09	0.06
Price/Sales Average	- -	9.93	3.03	6.68	5.09	1.08	0.38	0.11	0.05
Price/Sales High	- -	12.02	3.77	10.3	8.62	1.3	0.53	0.19	0.09
Price/Sales Low	- -	5.44	1.69	3.14	2.63	0.68	0.2	- -	0.02
Price/Cash Flow	- -	0.2	-48.49	0.5	1.1	5.18	4.29	1.23	0.73
Price/Cash Flow Average	- -	0.35	-85.47	1.06	1.92	5.58	6.95	1.54	0.63
Price/Cash Flow High	- -	0.43	-106.21	1.63	3.24	6.71	9.66	2.79	1.22
Price/Cash Flow Low	- -	0.19	-47.73	0.5	0.99	3.5	3.58	0.01	0.31
Price/Free Cash Flow Average	- -	0.35	-54.88	1.06	2.02	5.67	11.16	2.19	0.74
Price/Free Cash Flow High	- -	0.43	-68.19	1.63	3.41	6.83	15.52	3.98	1.42
Price/Free Cash Flow Low	- -	0.19	-30.65	0.5	1.04	3.56	5.75	0.01	0.36
EV/Sales Average	- -	4.53	3.06	6.96	4.92	1.62	0.6	0.25	0.22
EV/Sales High	- -	6.64	3.8	10.6	8.47	1.9	0.75	0.34	0.27
EV/Sales Low	- -	0.02	1.71	3.41	2.45	1.11	0.41	0.15	0.2
EV/EBITDA Average	- -	- -	35.98	- -	7.18	26.53	10.69	- -	- -
EV/EBITDA High	- -	- -	44.71	- -	12.34	31.08	13.34	- -	- -
EV/EBITDA Low	- -	- -	20.1	- -	3.57	18.23	7.4	- -	- -
EV/EBIT Average	- -	- -	45.98	- -	7.21	106.19	63.18	- -	- -
EV/EBIT High	- -	- -	57.13	- -	12.4	124.39	78.85	- -	- -
EV/EBIT Low	- -	- -	25.69	- -	3.58	72.94	43.72	- -	- -
Last Price	16.6	12.1	12.1	4	4.45	4.44	3	1.35	0.8
High Price	17	26.5	26.5	13.13	13.13	5.75	6.75	3.05	1.35
Enterprise Value Average	512	995	2,139	886	748	774	1,044	531	421
Enterprise Value High	610	1,457	2,658	1,348	1,286	907	1,303	712	508
Enterprise Value Low	209	3	1,195	433	372	532	722	310	374

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2011	12/31/2012	01/31/2013	12/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018

Shares Outstanding	100	100	100	100	100	136	137	132	133
Diluted Weighted Avg Shares	100	100	100	100	100	109	136	133	132
Basic Weighted Avg Shares	100	100	100	100	100	108	136	133	132
Revenue per Share	- -	2.2	7.03	1.28	1.52	4.42	12.8	15.81	14.31
EBITDA per Share	- -	- -	0.6	- -	1.04	0.27	0.72	-2.2	-1.03
Operating Income per Share	- -	- -	0.5	- -	1.04	0.21	0.23	-0.32	-0.05
Basic EPS, GAAP	- -	1.22	0.36	0.92	0.98	1.01	0.1	-2.92	-1.62
Basic EPS from Cont Ops	- -	1.14	0.36	1	1.05	0.65	0.1	-2.92	-1.62
Diluted EPS, GAAP	- -	1.22	0.36	0.92	0.98	1	0.1	-2.92	-1.62
Diluted EPS from Cont Ops	- -	1.14	0.36	1	1.05	0.64	0.1	-2.92	-1.62
Dividend per Share	- -	14.6	- -	10.55	10.55	- -	- -	- -	0.61
Cash Flow per Share	- -	61.82	-0.25	8.05	4.05	0.86	0.7	1.09	1.1
Free Cash Flow per Basic Share	- -	61.82	-0.39	8.05	3.85	0.85	0.43	0.77	0.95
Cash & Equivalents per Share	27.27	14.8	- -	1.31	1.69	1.86	1.36	1.61	0.93
Book Value per Share	26.53	13.23	-0.5	3.73	3.73	4.76	4.89	1.58	- -
Tangible Book Value per Share	26.53	13.23	-0.5	3.73	3.73	0.51	-1.17	-1.53	-1.5