Spreadsheet: 132b676b-2c3d-4efe-a7c7-637b8ed84122
Sheet: Sheet1

Buffett Valuation Worksheet (Third Quarter 2009, Computerized Investing, www.computerizedinvesting.com) | Unnamed: 1 | Unnamed: 2 | Unnamed: 3 | Unnamed: 4 | Unnamed: 5 | Unnamed: 6 | Unnamed: 7 | Unnamed: 8 | Unnamed: 9
Enter values into shaded cells
 | Date of Analysis: | 2009-05-15 00:00:00
 | Current Stock Data |  |  |  | Five Year Averages
 | Company: | VCA Antech |  |  |  | Return on Equity: | 0.2229124080494542
 | Ticker: | WOOF |  |  |  | [NAME]: | 0
 | Price: | 24.04 |  |  |  | P/E Ratio-High: | 31.46744387405383
 | EPS: | 1.56 |  |  |  | P/E Ratio-Low: | 18.47681007151958
 | DPS: | 0 |  |  |  | P/E Ratio: | 24.9721269727867
 | BVPS: | 8.81 |  |  |  | Sustainable Growth | 0.2229124080494542
 | P/E: | 15.41025641025641 |  |  |  | (ROE * (1 - Payout Ratio))
 | Earnings Yield: | 0.064891846921797
 | Dividend [NAME]: | 0
 | P/BV: | 2.72871736662883
 | Gv't Bond Yield: | 0.0415
Historical Company Data
 |  |  |  | Price |  | P/E Ratio |  |  | Payout
Year | EPS | DPS | BVPS | High | Low | High | Low | ROE | Ratio
Year 6 | 0.53 | 0 | 2.01 | 16.33 | 6.87 | 30.81132075471698 | 12.9622641509434 | 0.263681592039801 | 0
Year 5 | 0.76 | 0 | 2.85 | 23.5 | 13.53 | 30.92105263157895 | 17.80263157894737 | 0.2666666666666667 | 0
Year 4 | 0.81 | 0 | 3.75 | 28.67 | 17.42 | 35.39506172839506 | 21.50617283950617 | 0.216 | 0
Year 3 | 1.24 | 0 | 5.17 | 36.57 | 26.74 | 29.49193548387097 | 21.56451612903226 | 0.2398452611218569 | 0
Year 2 | 1.41 | 0 | 6.78 | 46.23 | 31.54 | 32.78723404255319 | 22.36879432624114 | 0.2079646017699115 | 0
Year 1 | 1.55 | 0 | 8.42 | 44.55 | 14.17 | 28.74193548387096 | 9.141935483870967 | 0.1840855106888361 | 0
 | EPS | DPS | BVPS | High Price | Low Price
Annually Compounded Rates of Growth (5 year) |  |  |  |  |  | [(Year 1 / Year 6) ^ (1/5)] - 1
 | 0.2393990693690409 |  | 0.3317515374019582 | 0.2222845008280023 | 0.1557998203795927
Annually Compounded Rates of Growth (3 year) |  |  |  |  |  | [(Year 1 / Year 4) ^ (1/3)] - 1
 | 0.2415062010383968 |  | 0.3094641347593559 | 0.158261635867937 | -0.06651523762039024
Projected Company Data Using Historical Earnings Growth Rate
Year | EPS | DPS
Current | 1.56 | 0 |  | 13.34247063011747 | Earnings after 10 years
Year 1 | 1.933462548215704 | 0 |  | 0 | Sum of dividends paid over 10 years
Year 2 | 2.396331682918437 | 0
Year 3 | 2.970011257708659 | 0 |  | 333.1898707059709 | Projected price (Average P/E * EPS)
Year 4 | 3.681029188819686 | 0 |  | 333.1898707059709 | Total gain (Projected Price + Dividends)
Year 5 | 4.562264150943395 | 0
Year 6 | 5.654465942894981 | 0 |  | 0.3006957843400466 | Projected annual return using historical EPS growth rate
Year 7 | 7.008139827402975 | 0 |  |  | [(Total Gain / Current Price) ^ (1/10)] - 1
Year 8 | 8.685881980091358 | 0
Year 9 | 10.76527404277455 | 0
Year 10 | 13.34247063011747 | 0
Projected Company Data Using Sustainable Growth Rate
Year | BVPS | EPS | DPS
Current | 8.81 | 1.963858314915692 | 0 | 14.69141635787989 | Earnings after 10 years (BVPS * ROE)
Year 1 | 10.77385831491569 | 2.401626700961492 | 0 | 0 | Sum of dividends paid over 10 years
Year 2 | 13.17548501587718 | 2.936979092108685 | 0
Year 3 | 16.11246410798587 | 3.591668173921531 | 0 | 366.8759146990522 | Projected price (Average P/E * EPS)
Year 4 | 19.7041322819074 | 4.392295575484965 | 0 | 366.8759146990522 | Total gain (Projected Price + Dividends)
Year 5 | 24.09642785739236 | 5.371392759081282 | 0
Year 6 | 29.46782061647365 | 6.568742853587493 | 0 | 0.3132834575199339 | Projected annual return using sustainable growth rate
Year 7 | 36.03656347006114 | 8.032997140938324 | 0 |  | [(Total Gain / Current Price) ^ (1/10)] - 1
Year 8 | 44.06956061099946 | 9.823651877479266 | 0
Year 9 | 53.89321248847872 | 12.01346577332771 | 0
Year 10 | 65.90667826180643 | 14.69141635787989 | 0