Stock Valuation Spreadsheet Radioshack Rsh

Radioshack Corpor (RSH)

July 19, 2012 Figures in Millions except per share values

Company Overview

Low Risk 5

RadioShack Corporation (RadioShack), incorporated in 1967, is engaged in the retail sale of consumer electronics goods and services through its RadioShack store chain. The Company has two segments: U.S. RadioShack company-operated stores and others. During the year ended December 31, 2011, the Company discontinued its kiosks segment.

4 3

Strong Moat

High Growth

2 1

U.S. RadioShack company-operated stores

0

As of December 31, 2011, the Company operated 4,476 U.S. company-operated stores under the RadioShack brand located throughout the United States, as well as in Puerto Rico and the U.S. Virgin Islands. RadioShack’s product lines are into three platforms. Its mobility platform includes postpaid and prepaid wireless handsets, commissions and residual income, prepaid wireless airtime, tablet devices, and ereaders. Its signature platform includes home entertainment, wireless, computer and

Good Financials

Under Valued

Well Managed

Valuation Current Price NCAV Total Net Reprod. Cost Earnings Power Value (EPV) Discounted Cash Flow (DCF) Ben Graham Formula

$ $ $ $ $ $

3.79 3.88 25.08 (5.69) 6.97 2.78

$ $ $

376.83 16.25 3.67 3.3%

Key Statistics Mkt Cap ($M) 52 Wk High 52 Wk Low % off 52Wk Low

Margin of Safety

30 25 20

Valuation Ratios P/E(TTM) P/S(TTM) EV/EBITDA(TTM) P/Tang BV(MRQ) FCF/EV (TTM)

Cash Flows

P/FCF(TTM)

Owner Earnings FCF

Earnings Yld (TTM)

5 yr FCF Growth 10 yr FCF Growth

15.4% 0.0%

14.7 0.1 2.3 0.6 1.8% 3.4 0.0%

Piotroski (TTM) Altman (MRQ)

6 2.4

Beneish (TTM)

-3.1

Effectiveness CROIC Avg FCF/S Avg ROA Avg ROE Avg

37.0% 7.3% 8.4%

15 10 5 0 11/7/2005

11/7/2007

11/7/2009

Historical Price

Intrinsic Value

Balance Sheet

Margins & Profitability

Cash and Equiv Short-Term Investments

$ $

566.40 -

Gross Gross Margin Operating Operating Margin Net Profit Net Margin

Accts Rec Inventory Total Current Assets Net PP&E Intangibles Total Assets

$ 236.60 $ 730.20 $ 1,664.50 $ 260.50 $ $ 2,018.00

Financial Strength (MRQ)

Total Current Liabilities

$

Quick Ratio(MRQ) Current Ratio(MRQ) LTD/Eq(MRQ) Tot D/Eq(MRQ)

Long-Term Debt Total Liabilities

$ 674.90 $ 1,278.30

23.5%

Efficiency Rec Turnover(TTM) Inv Turnover(TTM) Asset Turnover(TTM)

5 Yr Price vs Intrinsic Value

35

18.0 3.6 2.3

1.8 3.2 91.2 91.2

516.90

11/7/2011 Buy Price

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Radioshack Corpor (RSH)

Help Figures in Millions except per share values

7/19/2012 2002

Income Statement

2003

9

Revenue

$

4,577.2

$

$

2,338.9 51.1% 2,238.3 48.9%

$

% change from prev year

Cost of Revenues COGS (%) Gross Profit Gross Income (%)

$

2004

8

$

4,649.3 1.6% 2,333.6 50.2% 2,315.7 49.8%

2005

7 $ $ $

4,841.2 4.1% 2,406.7 49.7% 2,434.5 50.3%

2006

6 $ $ $

5,081.7 5.0% 2,706.3 53.3% 2,375.4 46.7%

2007

5 $ $ $

4,777.5 -6.0% 2,544.4 53.3% 2,233.1 46.7%

2008

4 $ $ $

4,251.7 -11.0% 2,225.9 52.4% 2,025.8 47.6%

2009

3 $ $ $

4,224.5 -0.6% 2,301.8 54.5% 1,922.7 45.5%

2010

2 $ $ $

4,276.0 1.2% 2,313.5 54.1% 1,962.5 45.9%

2011

1 $ $ $

4,472.7 4.6% 2,462.1 55.0% 2,010.6 45.0%

Q1

0 $ $ $

4,378.0 -2.1% 2,567.2 58.6% 1,810.8 41.4%

Q2

3 $

1,063.3

$

$

587.3 55.2% 476.0 44.8%

$

$

Q3

3

$

941.9 -11.4% 509.8 54.1% 432.1 45.9%

Q4

2 $ $ $

1,031.8 9.5% 589.9 57.2% 441.9 42.8%

$ $ $

1000000 TTM Next Year Est

Q1

1 1,386.9 34.4% 904.5 65.2% 482.4 34.8%

0 $ $ $

1,008.3 -27.3% 613.8 60.9% 394.5 39.1%

$ $ $

4,368.9 -0.2% 2,618.0 59.9% 1,750.9 40.1%

Operating Expenses Selling, General & Admin. Expenses SG&A (%) Research & Development R&D (%) EBITDA EBITDA (%) Other Special Charges Depreciation & Amortization D&A (%)

$ $ $ $ $

Operating Income Operating Income (%)

1,728.6 37.8% 0.0% 0.0% 10.4 94.7 2.1%

$ $ $ $ $

1,740.0 37.4% 0.0% 0.0% 92.0 2.0%

$ $ $ $ $

1,774.8 36.7% 0.0% 0.0% 101.4 2.1%

$ $ $ $ $

1,901.7 37.4% 0.0% 0.0% 123.8 2.4%

$ $ $ $ $

1,903.7 39.8% 0.0% 0.0% (44.3) 128.2 2.7%

$ $ $ $ $

1,538.5 36.2% 0.0% 0.0% (2.7) 112.7 2.7%

$ $ $ $ $

1,509.8 35.7% 0.0% 0.0% (2.8) 99.3 2.4%

$ $ $ $ $

1,507.9 35.3% 0.0% 0.0% (1.5) 106.7 2.5%

$ $ $ $ $

1,554.7 34.8% 0.0% 0.0% (4.0) 99.2 2.2%

$ $ $ $ $

1,577.4 36.0% 0.0% 0.0% (3.1) 99.4 2.3%

$ $ $ $ $

386.0 36.3% 0.0% 0.0% (0.4) 24.1 2.3%

$ $ $ $ $

364.3 38.7% 0.0% 0.0% (0.6) 24.4 2.6%

$ $ $ $ $

411.4 39.9% 0.0% 0.0% (0.7) 25.4 2.5%

$ $ $ $ $

431.1 31.1% 0.0% 0.0% (1.4) 25.5 1.8%

$ $ $ $ $

373.3 37.0% 0.0% 0.0% (0.5) 25.2 2.5%

$ $ $ $ $

1,580.1 36.2% 0.0% 0.0% (3.2) 100.5 2.3%

$

425.4 9.3%

$

483.7 10.4%

$

558.3 11.5%

$

349.9 6.9%

$

156.9 3.3%

$

381.9 9.0%

$

322.0 7.6%

$

369.4 8.6%

$

375.4 8.4%

$

155.1 3.5%

$

71.1 6.7%

$

48.9 5.2%

$

10.6 1.0%

$

30.5 2.2%

$

1.8 0.2%

$

91.8 2.1%

Interest Expense Interest Income Other Income Total Other Income

$ $ $ $

43.4 9.0 33.9 42.9

$ $ $ $

35.7 12.8 12.0 24.8

$ $ $ $

29.6 11.4 2.0 13.4

$ $ $ $

44.5 5.9 10.2 16.1

$ $ $ $

44.3 7.4 (8.6) (1.2)

$ $ $ $

38.8 22.6 0.9 23.5

$ $ $ $

29.9 14.6 (2.4) 12.2

$ $ $ $

44.1 4.8 (1.6) 3.2

$ $ $ $

41.9 2.6 2.6

$ $ $ $

46.8 3.1 (4.1) (1.0)

$ $ $ $

9.7 0.3 (4.1) (3.8)

$ $ $ $

10.9 0.5 0.5

$ $ $ $

12.6 1.4 1.4

$ $ $ $

13.6 0.9 0.9

$ $ $ $

13.1 0.5 0.5

$ $ $ $

50.2 3.3 3.3

Income Before Taxes Income Taxes/(Credit) Tax Rate % Earnings After Taxes Minority Interest Expense

$ $

424.9 161.5 38.0% 263.4 -

$ $

38.5 15.0 39.0% 23.5 -

$ $

$ $

$ $

(10.8) (2.8) 25.9% (8.0) -

$ $

$ $

17.8 5.9 33.1% 11.9 -

$ $

$ $

57.6 22.5 39.1% 35.1 -

$ $

$ $

107.3 40.2 37.5% 67.1 -

$ $

$ $

336.1 130.0 38.7% 206.1 -

$ $

$ $

328.5 123.5 37.6% 205.0 -

$ $

$ $

304.3 111.9 36.8% 192.4 -

$ $

$ $

366.6 129.8 35.4% 236.8 -

$ $

$ $

111.4 38.0 34.1% 73.4 -

$ $

$ $

321.5 51.6 16.0% 269.9 -

$ $

$ $

542.1 204.9 37.8% 337.2 -

$ $

$ $

472.8 174.3 36.9% 298.5 -

$ $

$ $

44.9 17.2 38.3% 27.7 -

Net Income From Continuing Operations Net Income From Discontinued Operations

$ $

263.4 -

$ $

298.5 -

$ $

337.2 -

$ $

269.9 -

$ $

73.4 -

$ $

236.8 -

$ $

192.4 -

$ $

205.0 -

$ $

206.1 -

$ 67.1 $ 5,100,000.0

$ $

35.1 -

$ 23.5 $ 1,400,000.0

$ $

0.3 -

$ $

11.9 -

$ $

(8.0) -

Net Income From Total Operations Net Income (%)

$

263.4 5.8%

$

298.5 6.4%

$

337.2 7.0%

$

267.0 5.3%

$

73.4 1.5%

$

236.8 5.6%

$

192.4 4.6%

$

205.0 4.8%

$

206.1 4.6%

$

72.2 1.6%

$

35.1 3.3%

$

24.9 2.6%

$

0.3 0.0%

$

11.9 0.9%

$

(8.0) -0.8%

$

29.1 0.7%

$ $

1.50 1.45 173.0 179.3

$ $

1.78 1.77 167.7 168.9

$ $

2.09 2.08 161.0 162.5

$ $

1.80 1.79 148.1 148.8

$ $

0.54 0.54 136.2 136.2

$ $

1.76 1.74 134.6 135.9

$ $

1.49 1.49 129.0 129.1

$ $

1.63 1.63 125.4 126.1

$ $

1.71 1.68 120.5 122.7

$ $

0.70 0.70 102.5 103.3

$ $

0.33 0.33 106.2 107.4

$ $

0.24 0.24 103.7 104.6

$ $

100.2 100.7

$ $

0.12 0.12 102.5 103.3

$ $

(0.08) (0.08) 99.8 99.8

$ $

0.28 0.28 99.4 99.8

$ $ $

446.5 206.1

$ $ $

634.7 182.4

$ $ $

437.9 241.0

$ $ $

224.0 309.4

$ $ $

472.0 247.9

$ $ $

509.7 256.0

$ $ $

814.8 241.9

$ $ $

908.2 322.5

$ $ $

569.4 377.5

$ $ $

591.7 360.6

$ $ $

326.2 249.3

$ $ $

552.2 278.4

$ $ $

667.7 250.3

$ $ $

591.7 360.6

$ $ $

566.4 236.6

Other Income and Expense

$ $

$ $

(0.6) (0.9) 150.0% 0.3 -

$ $

$ 27.7 $ 1,400,000.0

Shares and EPS Total Basic EPS Fully Diluted EPS Basic Shares Outstanding Diluted Shares Outstanding User Defined Shares Outstanding

Balance Sheet

MRQ

Assets Cash and Equiv Short-Term Investments Net Receivables

-11.5%

% change from prev year

32.1%

28.4%

-19.9%

3.3%

-5.5%

33.3%

17.1%

-4.5%

-34.0%

-22.8%

-10.1%

44.1%

$ $ $

-34.4%

566.4 236.6 -34.4%

Inventories, raw materials

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Inventories, work in progress

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Inventories, purchased components

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

Inventories, finished goods

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

Inventories, other Inventories

$ $

971.2 971.2

$ $ $ $ $

766.5 766.5 -21.1% 83.0

$ $ $

1,003.7 1,003.7 30.9% 92.5

$ $ $

964.9 964.9 -3.9% 129.0

$ $ $

752.1 752.1 -22.1% 93.5 34.1

Prepaid Expenses Current Deferred Income Taxes Other Current Assets

$ $ $

83.1

Total Current Assets Land and Improvements Building and Improvements Machinery, Furniture & Equipment Construction in Progress Other Fixed Assets Total Fixed Assets Net Fixed Assets Intangible Assets Goodwill Non Current Deferred Income Taxes Other Long-Term Assets Total Long-Term Assets

$ $ $ $ $ $ $ $ $ $ $ $ $

1,706.9 35.0 435.5 586.9 1,057.4 421.6 99.4 521.0

$ $ $ $ $ $ $ $ $ $ $ $ $

1,666.6 35.0 514.9 631.8 1,181.7 513.1 64.2 577.3

$ $ $ $ $ $ $ $ $ $ $ $ $

1,775.1 35.1 645.2 704.1 1,384.4 652.0 89.6 741.6

$ $ $ $ $ $ $ $ $ $ $ $ $

1,627.3 18.1 474.0 748.8 1,240.9 476.2 101.6 577.8

$ $ $ $ $ $ $ $ $ $ $ $ $

Total Assets

$

2,227.9

$

2,243.9

$

2,516.7

$

2,205.1

Accounts payable Short-Term Debt Taxes Payable Accrued Expenses Accrued Liabilities Deferred Revenues Current Deferred Income Taxes Other Current Liabilities

$ $ $ $ $ $ $ $

312.6 36.0 318.7 160.9

$ $ $ $ $ $ $ $

300.2 77.4 343.0 137.5

$ $ $ $ $ $ $ $

442.2 55.6 342.1 117.5

$ $ $ $ $ $ $ $

Total Current Liabilities Long-Term Debt Other Liabilities Deferred Income Taxes Other Long-Term Liabilities Total Long-Term Liabilities

$ $ $ $ $ $

828.2 591.3 80.3 80.3 671.6

$ $ $ $ $ $

858.1 541.3 75.2 75.2 616.5

$ $ $ $ $ $

957.4 506.9 130.3 130.3 637.2

Total Liabilities Retained Earnings Preferred Equity

$ $ $

1,499.8 2,002.5 -

$ $ $

1,474.6 1,210.6 -

$ $ $

Total Equity Total Liabilities & Equity

$

728.1

$

2,227.9

$

769.3

$

2,243.9

% change from prev year

$ $

$ $

$ $

$ $ $ $ $

705.4 705.4 -6.2% 75.4 20.3

1,599.6 10.6 424.5 751.7 1,186.8 386.3 5.0 2.5 36.3 40.3 470.4

$ $ $ $ $ $ $ $ $ $ $ $ $

$

2,070.0

490.9 40.9 379.5 75.0

$ $ $ $ $ $ $ $

$ $ $ $ $ $

986.3 494.9 135.1 135.1 630.0

1,594.6 1,508.1 -

$ $ $

$

922.1

$

2,516.7

$ $ $ $ $

636.3 636.3 -9.8% 63.9 35.1

1,566.8 10.6 422.7 682.4 1,115.7 317.1 2.2 2.9 59.7 40.9 422.8

$ $ $ $ $ $ $ $ $ $ $ $ $

$

1,989.6

254.5 194.9 319.6 22.5 192.7

$ $ $ $ $ $ $ $

$ $ $ $ $ $

984.2 345.8 86.2 86.2 432.0

1,616.3 1,741.4 -

$ $ $

$

588.8

$

2,205.1

$ $ $ $ $

670.6 670.6 5.4% 114.4

1,792.0 2.7 413.6 679.6 1,095.9 306.4 36.7 94.6 53.8 491.5

$ $ $ $ $ $ $ $ $ $ $ $ $

$

2,283.5

257.6 61.2 310.1 119.1

$ $ $ $ $ $ $ $

$ $ $ $ $ $

748.0 348.2 123.7 123.7 471.9

1,416.2 1,780.9 -

$ $ $

$

653.8

$

2,070.0

$ $ $ $ $

723.7 723.7 7.9% 108.1

2,015.7 2.4 416.1 663.2 1,081.7 282.3 38.9 92.4 413.6

$ $ $ $ $ $ $ $ $ $ $ $ $

$

2,429.3

206.4 39.3 367.3 24.2

$ $ $ $ $ $ $ $

$ $ $ $ $ $

637.2 732.5 50.4 46.1 50.4 829.0

1,219.9 1,992.1 -

$ $ $

$

769.7

$

1,989.6

$ $ $ $ $

744.4 744.4 2.9% 116.1

1,778.7 2.4 418.5 673.5 1,094.4 274.3 41.2 81.2 396.7

$ $ $ $ $ $ $ $ $ $ $ $ $

$

2,175.4

223.0 41.6 359.0 30.9

$ $ $ $ $ $ $ $

$ $ $ $ $ $

654.5 627.8 98.7 98.7 726.5

1,466.2 2,153.2 -

$ $ $

$

817.3

$

2,283.5

$ $ $ $ $

737.9 737.9 2.0% 102.4

1,812.8 2.5 423.3 663.0 1,088.8 270.2 37.0 55.1 362.3

$ $ $ $ $ $ $ $ $ $ $ $ $

$

2,175.1

272.4 308.0 318.0 9.7

$ $ $ $ $ $ $ $

$ $ $ $ $ $

908.1 331.8 93.0 93.0 424.8

1,381.0 2,323.9 -

$ $ $

$

1,048.3

$

2,429.3

$ $ $ $ $

727.2 727.2 -2.3% 104.4

1,415.8 267.4 267.4 267.4 42.7 81.5 391.6

$ $ $ $ $ $ $ $ $ $ $ $ $

$

1,807.4

348.2 315.4 -

$ $ $ $ $ $ $ $

$ $ $ $ $ $

663.6 670.6 87.6 87.6 758.2

1,332.9 1,502.5 -

$ $ $

$

842.5

$

2,175.4

$ $ $ $ $

790.6 790.6 8.7% 106.3

1,662.2 274.5 274.5 274.5 43.3 84.3 402.1

$ $ $ $ $ $ $ $ $ $ $ $ $

$

2,064.3

221.9 261.0 17.9

$ $ $ $ $ $ $ $

$ $ $ $ $ $

500.8 335.7 89.0 89.0 424.7

1,421.8 1,525.1 -

$ $ $

$

753.3

$

2,175.1

$ $ $ $ $

744.4 744.4 -5.8% 116.1

1,814.9 273.4 273.4 273.4 37.4 82.3 393.1

$ $ $ $ $ $ $ $ $ $ $ $ $

$

2,208.0

225.4 265.4 9.4

$ $ $ $ $ $ $ $

$ $ $ $ $ $

500.2 662.2 93.9 93.9 756.1

925.5 1,537.6 -

$ $ $

$

881.9

$

1,807.4

$ $

$ $

-

$ $ $

730.2 730.2 -1.9% 131.3

$ $ $

730.2 730.2 -1.9% 131.3

1,812.8 2.5 423.3 663.0 1,088.8 270.2 37.0 55.1 362.3

$ $ $ $ $ $ $ $ $ $ $ $ $

1,664.5 260.5 260.5 260.5 40.3 52.7 353.5

$ $ $ $ $ $ $ $ $ $ $ $ $

1,664.5 260.5 260.5 260.5 40.3 52.7 353.5

$

2,175.1

$

2,018.0

$

2,018.0

344.6 290.8 8.7

$ $ $ $ $ $ $ $

348.2 315.4 -

$ $ $ $ $ $ $ $

252.6 264.3 -

$ $ $ $ $ $ $ $

252.6 264.3 -

$ $ $ $ $ $

644.1 666.4 98.0 98.0 764.4

$ $ $ $ $ $

663.6 670.6 87.6 87.6 758.2

$ $ $ $ $ $

516.9 674.9 86.5 86.5 761.4

$ $ $ $ $ $

516.9 674.9 86.5 86.5 761.4

1,256.3 1,562.5 -

$ $ $

1,408.5 1,562.8 -

$ $ $

1,421.8 1,525.1 -

$ $ $

1,278.3 1,504.7 -

$ $ $

1,278.3 1,504.7 -

$

808.0

$

799.5

$

753.3

$

739.7

$

739.7

$

2,064.3

$

2,208.0

$

2,175.1

$

2,018.0

$

2,018.0

Liabilities & Stockholders' Equity

Cash Flows Statement

TTM

Cash Flows From Operating Activities Net Income Depreciation & Amortization Deferred Income Taxes Operating Gains Extraordinary Gains (Incr) Decr. in Receivables (Incr) Decr. in Inventories (Incr) Decr. in Prepaid Expenses (Incr) Decr. in Other Current Assets Decr. (Incr) in payables Decr. (Incr) in Other Current Liabilities Decr. (Incr) in Other Working Capital Other Non Cash Items

$ $ $ $ $ $ $ $ $ $ $ $ $

263.4 94.7 30.6 12.8 68.2 (21.4) 1.9 71.4 -

$ $ $ $ $ $ $ $ $ $ $ $ $

298.5 92.0 51.7 0.4 17.2 202.3 (5.2) (5.0) -

$ $ $ $ $ $ $ $ $ $ $ $ $

337.2 101.4 50.2 (0.3) (53.0) (234.2) (7.5) 158.7 -

$ $ $ $ $ $ $ $ $ $ $ $ $

267.0 123.8 (76.9) 4.8 (68.2) 38.8 28.5 45.1 -

$ $ $ $ $ $ $ $ $ $ $ $ $

73.4 128.2 (27.6) 61.8 212.8 2.5 (193.0) 56.7

$ $ $ $ $ $ $ $ $ $ $ $ $

236.8 112.7 16.5 (0.7) 46.8 5.3 (31.3) (7.1)

$ $ $ $ $ $ $ $ $ $ $ $ $

192.4 99.3 13.6 15.2 93.6 (8.7) (165.0) 34.2

$ $ $ $ $ $ $ $ $ $ $ $ $

205.0 92.9 7.6 (79.6) (34.7) (2.8) 29.2 14.4

$ $ $ $ $ $ $ $ $ $ $ $ $

206.1 84.2 12.0 (39.9) (60.4) (3.6) (85.0) 26.6

$ $ $ $ $ $ $ $ $ $ $ $ $

72.2 83.1 35.2 15.6 (24.1) (11.4) 18.6 12.4

$ $ $ $ $ $ $ $ $ $ $ $ $

35.1 20.2 132.0 (3.9) 7.4 (136.7) 2.8

$ $ $ $ $ $ $ $ $ $ $ $ $

60.0 40.6 99.5 (2.1) 6.3 (120.3) 9.6

$ $ $ $ $ $ $ $ $ $ $ $ $

60.3 61.7 126.9 (69.4) 5.7 52.5 13.1

$ $ $ $ $ $ $ $ $ $ $ $ $

72.2 83.1 35.2 15.6 (24.1) (11.4) 18.6 12.4

$ $ $ $ $ $ $ $ $ $ $ $ $

(8.0) 20.9 124.8 16.8 13.4 (75.5) (52.8) 4.6

$ $ $ $ $ $ $ $ $ $ $ $ $

29.1 83.8 35.2 8.4 (3.4) (5.4) 79.8 (52.8) 14.2

Net Cash From Operating Activities

$

521.6

$

651.9

$

352.5

$

362.9

$

314.8

$

379.0

$

274.6

$

245.8

$

155.0

$

217.9

$

60.8

$

101.5

$

263.0

$

217.9

$

48.5

$

205.6

$ $ $ $ $ $ $ $ $

(106.8) 8.6 (0.8) (99.0)

$ $ $ $ $ $ $ $ $

(189.6) 6.7 (6.0) (188.9)

$ $ $ $ $ $ $ $ $

(229.4) (59.1) 2.5 (4.2) (290.2)

$ $ $ $ $ $ $ $ $

(170.7) 226.0 (16.0) 39.3

$ $ $ $ $ $ $ $ $

(91.0) 11.1 0.6 (79.3)

$ $ $ $ $ $ $ $ $

(45.3) 1.5 (42.0)

$ $ $ $ $ $ $ $ $

(85.6) (42.0) 0.9 2.4 (124.3)

$ $ $ $ $ $ $ $ $

(81.0) (0.2) 0.4 (80.8)

$ $ $ $ $ $ $ $ $

(80.1) 0.1 (80.0)

$ $ $ $ $ $ $ $ $

(82.1) 2.0 (80.1)

$ $ $ $ $ $ $ $ $

(14.5) (14.5)

$ $ $ $ $ $ $ $ $

(41.5) (41.5)

$ $ $ $ $ $ $ $ $

(62.9) 0.1 (62.8)

$ $ $ $ $ $ $ $ $

(82.1) 2.0 (80.1)

$ $ $ $ $ $ $ $ $

(11.2) (28.0) (39.2)

$ $ $ $ $ $ $ $ $

(78.8) (26.0) (104.8)

$ $ $ $ $ $ $ $ $ $ $

49.6 (329.9) (280.3) (89.7) (89.7) (39.8) (377.5) 401.4 446.5 45.1

$ $ $ $ $ $ $ $ $ $ $

51.5 (286.2) (234.7) 20.7 (20.0) 0.7 (40.8) (274.8) 446.5 634.7 188.2

$ $ $ $ $ $ $ $ $ $ $

85.8 (251.1) (165.3) (54.1) (54.1) (39.7) (259.1) 634.7 437.9 (196.8)

$ $ $ $ $ $ $ $ $ $ $

47.5 47.5 (629.9) (629.9) (33.7) (616.1) 437.9 224.0 (213.9)

$ $ $ $ $ $ $ $ $ $ $

12.2 12.2 42.2 (8.0) 34.2 (33.9) 12.5 224.0 472.0 248.0

$ $ $ $ $ $ $ $ $ $ $

81.3 (208.5) (127.2) 10.7 (150.0) (139.3) (32.8) (299.3) 472.0 509.7 37.7

$ $ $ $ $ $ $ $ $ $ $

39.9 (111.3) (71.4) 375.0 (31.2) 343.8 (31.3) 154.8 509.7 814.8 305.1

$ $ $ $ $ $ $ $ $ $ $

0.7 0.7 2.2 (43.2) (41.0) (31.3) (71.6) 814.8 908.2 93.4

$ $ $ $ $ $ $ $ $ $ $

4.0 (398.8) (394.8) (26.5) (413.8) 908.2 569.4 (338.8)

$ $ $ $ $ $ $ $ $ $ $

6.0 (113.3) (107.3) 322.5 (306.8) 15.7 (49.6) (115.5) 569.4 591.7 22.3

$ $ $ $ $ $ $ $ $ $ $

0.6 0.6 (306.8) (306.8) (289.5) 569.4 326.2 (243.2)

$ $ $ $ $ $ $ $ $ $ $

2.1 (101.4) (99.3) 322.5 (306.8) 15.7 (77.2) 569.4 552.2 (17.2)

$ $ $ $ $ $ $ $ $ $ $

2.6 2.6 322.5 (306.8) 15.7 (101.9) 569.4 667.7 98.3

$ $ $ $ $ $ $ $ $ $ $

6.0 (113.3) (107.3) 322.5 (306.8) 15.7 (49.6) (115.5) 569.4 591.7 22.3

$ $ $ $ $ $ $ $ $ $ $

(12.4) (34.6) 591.7 566.4 (25.3)

$ $ $ $ $ $ $ $ $ $ $

5.4 (113.3) (107.9) 322.5 322.5 (62.0) 139.4 591.7 831.9 240.2

$ $ $ $

521.6 106.8 414.8 120.8

$ $ $ $

651.9 189.6 462.3 (8.4)

$ $ $ $

352.5 229.4 123.1 345.2

$ $ $ $

362.9 170.7 192.2 175.9

$ $ $ $

314.8 91.0 223.8 127.5

$ $ $ $

379.0 45.3 333.7 279.7

$ $ $ $

274.6 85.6 189.0 308.0

$ $ $ $

245.8 81.0 164.8 320.7

$ $ $ $

155.0 80.1 74.9 429.7

$ $ $ $

217.9 82.1 135.8 90.0

$ $ $ $

60.8 14.5 46.3 45.2

$ $ $ $

101.5 41.5 60.0 85.9

$ $ $ $

263.0 62.9 200.1 (42.8)

$ $ $ $

217.9 82.1 135.8 88.3

$ $ $ $

48.5 11.2 37.3 (19.9)

$ $ $ $

205.6 78.8 126.8 24.9

Cash Flows From Investing Activities Sale of Long-term Investments Sale of Short-term Investments Capital Expenditures Acquisitions Sale of Assets Purchase of Long-term Investments Purchase of Short-term Investments Other Investing Changes, Net Net Cash From Investing Activities

Cash Flows From Financing Activities Issuance of Capital Stock Repurchase of Capital Stock Net Issuance of Stock Issuance of Debt Repayment of Debt Net Issuance of Debt Dividends Paid Cash from Financing Cash at Beginning of the Period Cash at End of the Period Change in Cash

Free Cash Flow Cash from Operations Cap Ex Free Cash Flow Owner Earnings FCF User Defined

Radioshack Corpor (RSH)

Enter Ticker

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Help

Color Coding

7/19/2012 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM

Financial Statistics & Ratios Profitability Ratios P/E

10.63

14.38

13.22

9.97

26.65

8.43

7.15

10.82

10.08

13.17

13.54

P/E (cash adjusted)

8.92

12.26

11.92

9.13

20.23

6.27

2.91

6.40

7.32

4.99

-6.73

P/S

0.60

0.92

0.92

0.52

0.41

0.47

0.33

0.52

0.46

0.22

0.09

P/BV

3.80

5.59

4.84

4.51

3.00

2.59

1.68

2.12

2.47

1.26

0.51

P/Tang BV

3.80

5.59

4.84

4.51

3.02

2.60

1.68

2.12

2.47

1.26

0.51

P/CF

6.36

7.94

7.25

4.12

5.02

4.76

3.62

5.53

5.30

3.64

1.74

22.89

-511.93

12.94

15.10

15.37

7.12

4.46

6.93

4.84

10.58

15.19

ROE

36.2%

38.8%

36.6%

45.3%

11.2%

30.8%

23.5%

19.6%

24.5%

9.6%

3.9%

ROA

11.8%

13.3%

13.4%

12.1%

3.5%

11.9%

8.4%

8.4%

9.5%

3.3%

1.4%

ROIC

18.8%

22.0%

22.3%

24.1%

9.5%

19.9%

12.4%

13.0%

18.2%

6.4%

3.8%

8.6%

-0.6%

22.1%

14.4%

11.7%

22.5%

18.7%

18.1%

33.9%

6.0%

1.7%

100.5%

103.2%

96.7%

107.7%

107.9%

101.8%

84.2%

80.8%

92.4%

83.3%

86.8%

26.3%

17.9%

20.6%

22.2%

33.4%

38.6%

59.4%

47.2%

40.5%

79.1%

195.6%

Quick Ratio

0.89

1.05

0.81

0.67

0.86

1.15

1.81

2.06

1.16

1.61

1.81

Current Ratio

2.06

1.94

1.85

1.65

1.63

2.09

2.81

3.08

1.96

2.73

3.22

Total Debt/Equity Ratio

2.06

1.92

1.73

2.75

2.17

1.58

1.79

1.32

1.58

1.89

1.73

Long Term Debt/Equity Ratio Short Term Debt/Equity Ratio

0.81

0.70

0.55

0.84

0.53

0.45

0.90

0.60

0.39

0.89

0.91

0.05

0.10

0.06

0.07

0.30

0.08

0.05

0.04

0.37

0.00

0.00

P/FCF

CROIC GPA (Gross Profitability to Assets) Book to Market

Solvency

Efficiency Ratios Asset Turnover Cash % of Revenue Receivables % of Revenue

2.05

2.07

1.92

2.30

2.31

2.14

1.85

1.76

2.06

2.01

2.16

9.8%

13.7%

9.0%

4.4%

9.9%

12.0%

19.3%

21.2%

12.7%

13.5%

13.0%

4.5%

3.9%

5.0%

6.1%

5.2%

6.0%

5.7%

7.5%

8.4%

8.2%

5.4%

37.8%

37.4%

36.7%

37.4%

39.8%

36.2%

35.7%

35.3%

34.8%

36.0%

36.2%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Receivables Turnover

1.28

1.54

1.59

0.97

0.26

0.94

0.77

0.73

0.59

0.20

0.12

Days Sales Outstanding

16.4

14.3

18.2

22.2

18.9

22.0

20.9

27.5

30.8

30.1

19.8

Days Payable Outstanding

48.78

46.95

67.06

66.21

36.51

42.24

32.73

35.18

40.38

49.51

35.22

SG&A % of Revenue R&D % of Revenue

Liquidity Ratios

Inventory Turnover Average Age of Inventory (Days) Intangibles % of Book Value

2.41

2.69

2.72

2.75

2.96

3.05

3.43

3.54

3.53

3.50

3.59

151.56

135.90

134.23

132.75

123.15

119.50

106.38

103.09

103.35

104.37

101.80

0.0%

0.0%

0.0%

0.0%

0.8%

0.3%

0.0%

0.0%

0.0%

0.0%

0.0%

21.2%

16.5%

20.7%

19.0%

15.7%

16.6%

15.1%

15.7%

16.2%

17.0%

16.7%

LT-Debt as % of Invested Capital

42.2%

39.1%

32.5%

40.6%

31.8%

28.0%

44.5%

35.4%

26.2%

44.4%

45.0%

ST-Debt as % of Invested Capital

2.6%

5.6%

3.6%

3.4%

17.9%

4.9%

2.4%

2.3%

24.3%

0.0%

0.0%

39.4%

36.7%

31.8%

30.6%

24.4%

28.5%

50.0%

45.5%

24.9%

47.2%

52.8%

Inventory % of Revenue

Capital Structure Ratios

LT-Debt as % of Total Debt ST-Debt as % of Total Debt

2.4%

5.2%

3.5%

2.5%

13.8%

5.0%

2.7%

3.0%

23.1%

0.0%

0.0%

Total Debt % of Total Assets

67.3%

65.7%

63.4%

73.3%

68.4%

61.3%

64.2%

56.8%

61.3%

65.4%

63.3%

Working Capital % of Price

31.8%

18.8%

18.3%

24.1%

31.4%

41.1%

84.0%

61.2%

41.9%

120.7%

303.4%

Radioshack Corpor (RSH) 7/19/2012 Help

Enter Ticker

Fiscal Year Cash Flow Data

Shares Out. 99.43

CLEAR

Trend

2002

Growth

Discount %

-5.0%

15.0%

Terminal %

Select FCF

3%

Owner Earnings

50%

Select input with each list or enter your own value

Refresh

Cash from Operations Capex Cash Flow Owner Earnings FCF

M.O.S

99.43

Adjust 2011 FCF $25.0

-5.0%

Current Price

Fair Value

Buy Under

Actual M.O.S

52 Wk High

52 Wk Low

$3.79

$6.97

$3.49

46%

$0.00

$0.00

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM

$521.6 ($106.8) $434.4 $120.8 YOY% Change

$651.9 ($189.6) $541.3 ($8.4) -107.0%

$352.5 ($229.4) $616.1 $345.2 -4209.5%

$362.9 ($170.7) $644.9 $175.9 -49.0%

$314.8 ($91.0) $390.7 $127.5 -27.5%

$379.0 ($45.3) $418.6 $279.7 119.4%

$274.6 ($85.6) $379.7 $308.0 10.1%

$245.8 ($81.0) $401.8 $320.7 4.1%

$155.0 ($80.1) $392.0 $429.7 34.0%

$217.9 ($82.1) $261.4 -94.2%

$205.6 ($78.8) $218.0 $24.9 -0.4%

48.9% 9.3% 5.8%

49.8% 10.4% 6.4%

50.3% 11.5% 7.0%

46.7% 6.9% 5.3%

46.7% 3.3% 1.5%

47.6% 9.0% 5.6%

45.5% 7.6% 4.6%

45.9% 8.6% 4.8%

45.0% 8.4% 4.6%

41.4% 3.5% 1.6%

40.1% 2.1% 0.7%

$1.45 38.0%

$1.77 36.9%

$2.08 37.8%

$1.79 16.0%

$0.54 34.1%

$1.74 35.4%

$1.49 36.8%

$1.63 37.6%

$1.68 38.7%

$0.70 37.5%

$0.28 38.3%

12.7% 2.6% 2.4 11.8% 36.2%

-1.1% -0.2% 2.7 13.3% 38.8%

30.8% 7.1% 2.7 13.4% 36.6%

17.7% 3.5% 2.7 12.1% 45.3%

20.8% 2.7% 3.0 3.5% 11.2%

38.2% 6.6% 3.1 11.9% 30.8%

37.0% 7.3% 3.4 8.4% 23.5%

37.0% 7.5% 3.5 8.4% 19.6%

61.6% 9.6% 3.5 9.5% 24.5%

9.8% 2.1% 3.5 3.3% 9.6%

2.7% 0.6% 3.6 1.4% 3.9%

206.0% 44.8% 8.1% 335.6% 20.4%

191.7% 41.3% -0.6% -10.9% -1.6%

172.9% 35.5% 21.6% 620.9% 68.1%

274.5% 45.7% 10.9% 430.1% 35.5%

216.6% 34.6% 9.0% 65.4% 36.9%

158.5% 31.1% 22.9% 457.0% 80.3%

179.4% 47.3% 21.0% 783.7% 42.0%

131.7% 37.5% 23.2% 770.9% 51.1%

158.2% 28.3% 32.2% 139.5% 129.5%

188.7% 47.1% 6.3%

172.8% 47.7% 1.9%

13.4%

3.7%

2007-2011 -0.5% -24.7% 37.0% 7.3% 8.4% 23.5% 45.5% 8.4% 4.6% 0.7% -20.4% -12.9%

2006-2009 17.3% 36.0% 37.0% 6.9% 8.4% 21.5% 46.3% 8.1% 4.7% -3.6% 44.5% -7.9%

2007-2010 3.2% 15.4% 37.6% 7.4% 9.0% 24.0% 45.7% 8.5% 4.7% 1.7% -1.2% -25.8%

2008-2011 -2.7% -33.6% 37.0% 7.4% 8.4% 21.5% 45.2% 8.0% 4.6% 1.2% -22.3% -7.4%

2006-2008 12.2% 55.4% 37.0% 6.6% 8.4% 23.5% 46.7% 7.6% 4.6% -6.0% 66.1% -6.6%

2007-2009 16.9% 7.1% 37.0% 7.3% 8.4% 23.5% 45.9% 8.6% 4.8% 0.3% -3.2% -19.5%

2008-2010 1.5% 18.1% 37.0% 7.5% 8.4% 23.5% 45.5% 8.4% 4.6% 2.9% 6.2% -24.9%

2009-2011 -15.2% -47.0% 37.0% 7.5% 8.4% 19.6% 45.0% 8.4% 4.6% 1.2% -34.5% -5.8%

Median 3.2% 15.4% 37.0% 7.3% 8.4% 23.5% 45.7% 8.4% 4.6% 0.7% -1.2% -12.9%

2003-2010 1.3% 0.0% 33.9% 6.9% 10.7% 27.6% 46.7% 8.5% 5.0% -0.6% -0.7% -18.6%

2004-2011 -2.8% -17.5% 33.9% 6.9% 9.0% 24.0% 46.3% 8.0% 4.7% -1.4% -14.4% -6.6%

2002-2007 1.1% 18.3% 19.2% 3.1% 12.0% 36.4% 48.3% 9.1% 5.7% -1.5% 3.7% -6.2%

2003-2008 1.2% 0.0% 25.8% 5.0% 12.0% 33.7% 47.2% 8.3% 5.4% -1.9% -3.4% -15.9%

2004-2009 2.6% -1.5% 33.9% 6.9% 10.2% 27.2% 46.7% 8.1% 5.0% -2.5% -4.8% -7.0%

2005-2010 7.4% 19.6% 37.0% 6.9% 9.0% 24.0% 46.3% 8.0% 4.7% -2.5% -1.3% -15.6%

2006-2011 3.0% -6.7% 37.0% 6.9% 8.4% 21.5% 45.7% 8.0% 4.6% -1.7% 5.3% -7.1%

2002-2011 0.4% -3.2% 37.0% 5.0% 10.6% 27.6% 46.7% 8.5% 5.0% -0.5% -7.8% -9.2%

Median 1.3% 0.0% 33.9% 6.9% 10.6% 27.6% 46.7% 8.3% 5.0% -1.5% -1.3% -9.2%

$25.0

Margins Gross Margin Operating Margin Net Margin

EPS & Tax Diluted EPS Tax Rate

Efficiency & Profitability CROIC FCF/Sales Inventory Turnover Return On Assets (ROA) Retun On Equity (ROE)

Debt Related Debt to Equity Capitalization Ratio FCF to Total Debt FCF to Short Term Debt FCF to Long Term Debt

5 Year Multi-Year Performance Tang Shareholder Equity Owner Earnings FCF CROIC FCF/Sales ROA ROE Gross Margin Operating Margin Net Margin Revenue Growth Earnings Growth Cash from Ops Growth

2006-2010 6.7% 35.5% 37.0% 7.3% 8.4% 23.5% 45.9% 8.4% 4.6% -1.6% 32.8% -16.2%

10 Year Multi-Year Performance Tang Shareholder Equity Owner Earnings FCF CROIC FCF/Sales ROA ROE Gross Margin Operating Margin Net Margin Revenue Growth Earnings Growth Cash from Ops Growth

2002-2009 5.3% 15.0% 25.8% 5.0% 11.9% 33.5% 47.2% 8.8% 5.4% -1.0% 1.7% -10.2%

Projection of future Free Cash Flow 2012 Yearly Growth Input Field -5% Terminal Growth 3%

$

$23.75 2022 17.03

$

2013

2014

2015

2016

2017

2018

2019

2020

2021

$22.56 2023 17.54 $ -5.0%

$21.43 2024 18.07 $ -5.0%

$20.79 2025 18.61 $ -3.0%

$19.86 2026 19.17 $ -4.5%

$18.97 2027 19.74 $ -4.5%

$18.11 2028 20.34 $ -4.5%

$17.96 2029 20.95 $ -0.8%

$17.23 2030 21.57 $ -4.0%

$16.53 2031 22.22 -4.1%

Calculation Total Cash

$ MAX(0,Current Liabilities-Current Assets) $ Excess Cash $ Adding some Intangibles $ Present Value $ Shares Outstanding Per Share Value $ Desired Margin of Safety Purchase Price $ Current Price $ Margin of Safety

Sensitivity Matrix: Growth vs Discount Rate 566.40 566.40 693.26 99.43 6.97 50% 3.49 3.79 46%

Discount Rates -9% $ -7% $

Growth Rates

0% 10% 10%

$ -3% $ -1% $

14% 6.81 $ 6.92 $

7.12 7.27 7.43

7.04 7.18 7.33

$ $ $

$ $ $

15% 6.76 6.86

$ $

16% 6.71 $ 6.80 $

17% 6.66 6.75

6.97

$ $ $

6.91 7.03 7.16

6.85 6.96 7.08

7.10 7.24

$ $ $

Sensitivity Matrix: Margin of Safety % Discount Rates

Variable Fields Intangibles% add to DCF Decay Rate (Yr4E-Yr7E) Extra Decay (Yr8E-Yr10E)

-5%

13% 6.87 $ 6.99 $

Growth Rates

13%

14%

15%

16%

17%

-9%

44.8%

44.4%

43.9%

43.5%

43.1%

-7%

45.8%

45.2%

44.7%

44.3%

43.9%

-5%

46.8% 47.9% 49.0%

46.2% 47.2% 48.3%

45.6%

45.1% 46.1% 47.0%

44.7% 45.5% 46.5%

-3% -1%

46.6% 47.6%

Radioshack Corpor (RSH)

Shares Out.

M.O.S

99.43

66%

99.43

Projection

EPS

Corp Bond

-1.3%

Analyst Estimate

$0.38

3.43

-1.3%

Help

7/19/2012

Growth

Enter Ticker Refresh

CLEAR

Current Price

Intrinsic $

Buy Under

$3.79

$2.78

$0.94

$0.38

Actual M.O.S 52 Wk High 52 Wk Low

0%

$0.00

$0.00

5 Yr EPS Growth

2006-2010 32.8%

2007-2011 -20.4%

2006-2009 44.5%

2007-2010 -1.2%

2008-2011 -22.3%

2006-2008 66.1%

2007-2009 -3.2%

2008-2010 2009-2011 6.2% -34.5%

10 Yr EPS Growth

2002-2009 1.7%

2003-2010 -0.7%

2004-2011 -14.4%

2002-2007 3.7%

2003-2008 -3.4%

2004-2009 -4.8%

2005-2010 -1.3%

2006-2011 5.3%

2002 1.45 2012E Forecast Method $ 1.18 Linear Regression Method $ 1.55 Analyst Estimate $ 0.29 Diltued EPS

$

2003 1.77 2013E $ 1.16 $ 1.53 $ 0.38 $

2004 $

2.08

$1.77

$

$2.08

2005 1.79

$

$1.79

2006 0.54

$1.74

2007 $

1.74

$1.63

$1.49

$1.45

$

2008 1.49

2009 1.63

$

$1.68

Graham Value Calculation $

$ $

0.38 -1.30% 3.43 2.78 66% 0.94 $3.79 0%

Graham's Sensitivity Matrix Growth Sensitivity Increment EPS Sensivity Increments

10% 10%

$0.70

$0.54

2002

2006

$0.38 $0.38

2003

2004

2005

2007

2008

-1.0% -1.2%

$ $ $

0.30 2.32 2.27

$ $ $

0.34 2.61 2.56

$ $

$ $ $

2.22 2.17 2.06

$ $ $

2.50 2.44 2.32

$ $

2009

2010

2011

2012

2013

EPS

Growth

Normal Earnings Growth Rate Corp Bond Rate Per Share Value MOS Purchase Price Current Price Actual Discount

-1.3% -1.4% -1.7%

$ $

0.38 2.91 2.84

2.78 2.72 2.58

$ $ $

0.42 3.20 3.13

$ $ $

0.46 3.49 3.41

$ $ $

3.06 2.99 2.83

$ $ $

3.33 3.26 3.09

Median -1.2%

Median -1.3%

$

2010 1.68

$

2011 0.70

$

TTM 0.28

Radioshack Corpor (RSH)

Shares Out. 99.43

99.43

Source

Normalized Income

Discount Rate

R&D Years

SG&A %

9%

3

25%

$25.00

Statements

7/19/2012

$25.00

Figures in Millions except per share values

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CLEAR

Current Price

EPV

Net Reproduction Value

EPV MOS

NCAV

52 Wk High

52 Wk Low

$3.79

($5.69)

$25.08

0.0%

$2.56

$0.00

$0.00

Asset Valuation Section

EPV Valuation Section

Data: Asset Valuation

Values for Normalized Income

Shares Outstanding Balance Sheet Assets Adjusted Assets Total Liabilities Total Equity Average SGA %

$ $ $ $

99.4 2,018.0 2,018.0 1,278.3 739.7 35.6%

Marketing/Brand Value

$

1,558.4

R&D Value Cash Needed for Business Interest Bearing Debt Non Interest Bearing Debt Excess Cash

$ $ $ $ $

43.7 674.9 603.4 478.8

TTM Owner Earnings FCF Avg Normalized Income Med Normalized Income Avg Adj. Income 5 yrs TTM Adjusted Income

Quarterly numbers based on:

Adjustments: Assets

740 255 3,576 2,298 2,494

$ $ $ $ $

9.0% 25.0 62.2 674.9 43.7 566.4

$

(152.2) 99.43

Cost of Capital Rates 5% 7%

$ $

EPV Per Share + Cash - Debt Per Share (743.8) $ (7.48) $ (896.0) $ (9.01) (531.3) $ (5.34) $ (683.5) $ (6.87)

9%

$

(413.2) $

(4.16) $

(565.4) $

(5.69)

11% 13%

$ $

(338.1) $ (286.1) $

(3.40) $ (2.88) $

(490.3) $ (438.3) $

(4.93) (4.41)

Q1

Cash & Equivalents Marketable Securities Accounts Receivable - Gross Other Receivable Receivables

$ $ $ $

Inventories: Raw Materials

$

Other Long Term Assets, Total Total Assets

$ $ $ $ $

Calculation: EPV

7.44 2.56 35.97 23.11 25.08

Book Value Fixed BV $ 566.4

Inventories: Work in Progress Inventories: Purchased Components Inventories: Finished Goods Inventories: Other Inventories -- Total Prepaid Expenses Current Defered Income Taxes Other Current Assets Total Current Assets Goodwill, Net Intangibles, Net Intangibles Property/Plant/Equipment - Net

Cash - Debt Shares

Total Per Share $ 699 $ 7.03 $ $ $ $ $

24.9 437.7 457.0 463.7 211.7

Data: EPV Cost of Capital Normalized Adjusted Income Average Maintenance Capex Interest Bearing Debt 1% of sales Cash & Equiv

Calculation: Asset Valuation Tangible BV Adjusted BV NCAV Reprod. Cost of Assets Reprod. Cost of Assets BV Total Net Reprod. Cost

$ $ $ $ $

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

236.6 236.6

Multiplier

Reproduction Asset Value $ 566.4 $ $ $ $

236.6 236.6

730.2 730.2 131.3 1,664.5 40.3 40.3 260.5 52.7 2,018.0

$ $ $ $ $ $ $ $ $ $ $

730.2 131.3 1,664.5 40.3 40.3 260.5 52.7 2,018.0

Adjustments: Liabilities & Equity Accounts Payable Accrued Expenses Accrued Liabilities Notes Payable/Short Term Debt Current Port. of LT Debt/Capital Leases Other Current Liabilities Total Current Liabilities Long-Term Debt Capital Lease Obligations Deferred Income Taxes Total Other Liabilities Total Liabilities Common Stock Equity Retained Earnings Total Capitalization Total Equity Total Liabilities & Equity

Book Value $ 252.6 $ $ 264.3 $ $ $ $ $ $ $ $ $ $ $ $ $ $

516.9 674.9 86.5 1,278.3 739.7 1,504.7 1,414.6 739.7 2,018.0

Fixed BV

Multiplier

Reproduction Liability Value $ 252.6 $ $ 264.3 $

-

$ $

-

$

516.9

$ $ $ $

674.9 86.5

$

1,278.3

$ $ $

739.7 1,504.7 1,414.6

$ $

739.7 2,018.0

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Current Price

NNWC

NNWC %

NCAV

NCAV %

Data

$3.79

-$1.70

0.0%

$3.88

2.4%

Statements

BV

CLEAR

BV Multiplier 100%

Net Net Value $ 566.40

Help

Figures in Millions except per share values Cash & Equivalents Marketable Securities Accounts Receivable Other Receivable Receivables Inventories: Raw Materials Inventories: Work in Progress Inventories: Purchased Components Inventories: Finished Goods Inventories: Other Inventories -- Total Current Assets - Total Total Liabilities Shares Outstanding

$ $ $ $ $ $ $ $ $ $ $ $ $

566.40 236.60 236.60 730.20 730.20 1,664.50 1,278.30 99.43

Total Current Assets Market Cap & Share Price Net Net Working Capital Discount to NNWC Net Current Asset Value Discount to NCAV

75% $

177.45

$ $ $

365.10 1,664.50 1,278.30 99.43

$ $ $

Total ($m) 1,664.50 $ 376.83 $ (169.35) $

$

386.20

Per Share 16.74 3.79 (1.70) 0% 3.88 2%

50%

$

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Piotroski Score 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM

Piotroski F Scores

6

8

7

5

6

7

5

8

6

5

6

Piotroski 1: Net Income Piotroski 2: Operating Cash Flow Piotroski 3: Return on Assets Piotroski 4: Quality of Earnings Piotroski 5: LT Debt vs Assets Piotroski 6: Current Ratio Piotroski 7: Shares Outstanding Piotroski 8: Gross Margin Piotroski 9: Asset Turnover

1 1 1 1 1 1 0 0 0

1 1 1 1 1 0 1 1 1

1 1 1 1 1 0 1 1 0

1 1 0 1 0 0 1 0 1

1 1 0 1 1 0 1 0 1

1 1 1 1 0 1 1 1 0

1 1 0 1 0 1 1 0 0

1 1 1 1 1 1 1 1 0

1 1 1 0 1 0 1 0 1

1 1 0 1 0 1 1 0 0

1 1 0 1 0 1 1 0 1

Altman Z Score Annual Working Capital Total Assets Total Liabilities Retained Earnings EBITDA Market Value of Equity Net Sales

$ $ $ $ $ $ $

2002 878.7 2,227.9 1,499.8 2,002.5 468.3 2,647.6 4,577.2

$ $ $ $ $ $ $

2003 808.5 2,243.9 1,474.6 1,210.6 508.5 4,139.8 4,649.3

Normal Altman Z Score Revised Altman Z Score

5.54 8.78

5.69 8.59

X1 X2 X3 X4 X5

0.53 0.70 0.07 0.27 2.01

0.57 0.75 0.00 0.29 0.50

$ $ $ $ $ $ $

2004 817.7 2,516.7 1,594.6 1,508.1 571.7 4,348.9 4,841.2

$ $ $ $ $ $ $

5.54 8.48

2005 641.0 2,205.1 1,616.3 1,741.4 366.0 2,409.8 5,081.7

$ $ $ $ $ $ $

5.20 7.16

2006 615.4 2,070.0 1,416.2 1,780.9 155.7 1,954.2 4,777.5

$ $ $ $ $ $ $

MRQ Edit

MRQ 2007 818.8 1,989.6 1,219.9 1,992.1 405.4 1,921.9 4,251.7

4.94 6.71

$ $ $ $ $ $ $

5.65 8.99

2008 1,154.8 2,283.5 1,466.2 2,153.2 334.2 1,332.3 4,224.5

$ $ $ $ $ $ $

4.80 8.33

2009 1,361.2 2,429.3 1,381.0 2,323.9 372.6 2,207.3 4,276.0

$ $ $ $ $ $ $

5.24 9.50

2010 870.6 2,175.4 1,332.9 1,502.5 378.0 1,792.3 4,472.7

2011 1,149.2 2,175.1 1,421.8 1,525.1 154.1 376.8 4,378.0

$ $ $ $ $ $ $

4.88 7.46

Altman Z Score

$ $ $ $ $ $ $

4.02 6.51

Q1 1,147.6 2,018.0 1,278.3 1,504.7 2.3 376.8 1,008.3 2.41 6.48

Revised Altman Z Score

Annual

MRQ

Annual

MRQ

4.02

2.41

6.51

6.48

The Beneish Model - M Score Variables M Score - 5 Variable M Score - 8 Variable DSRI GMI AQI SGI DEPI SGAI TATA LVGI

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM

-

-3.22 -3.44

-2.52 -2.09

-2.49 -2.36

-3.17 -3.28

-2.71 -2.59

-2.60 -2.48

-2.86 -2.35

-2.74 -2.21

-3.02 -2.93

-3.12 -3.15

0.87 0.98 0.64 1.02 1.21 0.99 -0.16 0.98

1.27 0.99 1.24 1.04 1.13 0.98 -0.01 0.93

1.22 1.08 1.29 1.05 0.65 1.02 -0.04 1.15

0.85 1.00 0.88 0.94 0.83 1.06 -0.12 0.96

1.16 0.98 1.31 0.89 0.95 0.91 -0.07 0.86

0.95 1.05 1.53 0.99 1.07 0.99 -0.04 1.09

1.32 0.99 0.67 1.01 0.99 0.99 -0.02 0.88

1.12 1.02 1.04 1.05 1.05 0.99 0.02 1.08

0.98 1.09 0.75 0.98 1.00 1.04 -0.07 1.08

0.66 1.03 1.09 1.00 0.97 1.00 -0.09 0.96

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

TTM/MRQ

-7.1%

-18.7% -19.8% -7.3%

32.6% 30.5% 10.9%

-15.0% -13.9% -6.1%

-21.9% -20.0% -7.8%

-7.6% -14.4% -5.0%

14.5% 5.8% 1.8%

4.4% 5.1% 1.6%

12.0% 15.2% 6.0%

-9.2% -7.5% -3.0%

1.9% -8.5% -3.6%

Quality Check with Accrual Analysis Balance Sheet Accrual Ratio Cash Flow Accrual Ratio Sloan Accrual Ratio Earnings Stock Price

$ $

1.45 15.4

$ $

1.77 25.5

$ $

2.08 27.5

$ $

1.79 17.9

Total Assets Cash & Equivalent Total Liabilities Short Term Debt Long Term Debt Net Operating Assets (NOA)

$ 2,227.9 $ 446.5 $ 1,499.8 $ 36.0 $ 591.3 $ 908.9

$ $ $ $ $ $

2,243.9 634.7 1,474.6 77.4 541.3 753.3

$ $ $ $ $ $

2,516.7 437.9 1,594.6 55.6 506.9 1,046.7

$ $ $ $ $ $

2,205.1 224.0 1,616.3 40.9 494.9 900.6

Net Income CFO CFI

$ $ $

337.2 $ 352.5 $ (290.2) $

267.0 362.9 39.3

Balance Sheet Aggregate Accrual $ Cash Flow Aggregate Accrual $

263.4 $ 521.6 $ (99.0) $ -

$ $

298.5 $ 651.9 $ (188.9) $ (155.6) $ (164.5) $

293.4 274.9

$ $

$ $

0.54 14.4

$ $

1.74 14.7

$ 2,070.0 $ 472.0 $ 1,416.2 $ 194.9 $ 345.8 $ 722.5

$ $ $ $ $ $

1,989.6 509.7 1,219.9 61.2 348.2 669.4

$ $

1.49 10.7

$ $

1.63 17.6

$ 2,283.5 $ 814.8 $ 1,466.2 $ 39.3 $ 732.5 $ 774.3

$ $ $ $ $ $

2,429.3 908.2 1,381.0 41.6 627.8 809.5

$ $ $

73.4 $ 314.8 $ (79.3) $

236.8 $ 379.0 $ (42.0) $

(146.1) $ (135.2) $

(178.1) $ (162.1) $

(53.1) $ (100.2) $

192.4 $ 274.6 $ (124.3) $ 104.9 42.1

$ $

$ $

$ 2,175.4 $ 569.4 $ 1,332.9 $ 308.0 $ 331.8 $ 912.9

205.0 $ 245.8 $ (80.8) $ 35.2 40.0

1.68 16.9

$ $

$ $

0.70 9.2

$ 2,175.1 $ 591.7 $ 1,421.8 $ $ 670.6 $ 832.2

$ $

0.28 3.8

$ 2,018.0 $ 566.4 $ 1,278.3 $ $ 674.9 $ 848.2

206.1 $ 155.0 $ (80.0) $

72.2 $ 217.9 $ (80.1) $

29.1 205.6 (104.8)

103.4 131.1

(80.7) $ (65.6) $

16.0 (71.7)

$ $

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EV/EBITDA(TTM)

RSH

Sorted Data Stock Price Mkt Cap ($M) EV 52 Wk High 52 Wk Low % off 52Wk Low

CLEAR

$ $ $ $ $

CONN 16.15 815.81 19.83 4.97 224.9%

$ $ $ $ $

BBY

CONN

RSH

BBY

3.79 $ 376.83 $ 485.33 $ 16.25 $ 3.67 $ 3.3%

18.85 7,050.00 29.79 17.53 7.5%

$ $ $ $ $

0.00 0.00 0.00 0.00 0.00 0.0%

$ $ $ $ $

0.00 0.00 0.00 0.00 0.00 0.0%

$ $ $ $ $

0.00 0.00 0.00 0.00 0.00 0.0%

Multiples P/E(TTM) P/S(TTM) P/Tang BV(MRQ) P/CF P/FCF(TTM) EV/EBITDA(TTM)

175.7 0.7 1.4 36.3 12.4 20.6

14.7 0.1 0.6 3.5 3.4 2.3

0.0 0.1 3.2 4.9 3.8 2.1

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0

0.0% 0.0% 0.0% 0.0%

12.8% 2.0% 14.9% 223.8%

3.6% 1.7% 11.5% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

4.6% 0.7% 0.8% 153.5% 177.1% 0.0%

-0.9% 0.1% -1.7% -127.4% -82.3% 3.8%

6.1% 0.1% 7.1% 36.2% -189.8% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

1.8 2.1 52.8 80.9

1.8 3.2 91.2 91.2

0.5 1.2 45.7 55.2

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0

30.1% 28.3% 3.2% 5.8% 0.4% 1.8%

40.1% 45.0% 2.1% 7.4% 0.6% 4.2%

24.8% 24.6% 2.1% 4.2% 0.7% 2.5%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.4% 2.4% 0.9% 4.7%

1.5% 8.0% 3.4% 20.8%

1.9% 7.3% -20.7% 15.5%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

2.1 6.0 1.0

18.0 3.6 2.3

28.6 6.2 3.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

Dividends Div Yld Div Yld - 5yr avg Div 5yr Grth Payout Ratio(TTM)

Growth Rates Sales(MRQ) v 1yr ago Sales(TTM) v 1yr ago Sales 5yr Grth EPS(MRQ) v 1yr ago EPS(TTM) v 1yr ago EPS 5yr Grth

Balance Sheet Quick Ratio(MRQ) Current Ratio(MRQ) LTD/Eq(MRQ) Tot D/Eq(MRQ)

Margins Gross %(TTM) Gross % 5yr Op %(TTM) Op % 5yr avg Net %(TTM) Net % 5yr avg

Returns ROA(TTM) ROA 5yr avg ROE(TTM) ROE 5yr avg

Efficiency Rec Turnover(TTM) Inv Turnover(TTM) Asset Turnover(TTM)

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Figures in Millions except per share values

Free Cash Flow

2002 $414.8 % Change

2003 $462.3 11.5%

Owner Earnings

2004 $123.1 -73.4%

2005 $192.2 56.1%

2006 $223.8 16.4%

2007 $333.7 49.1%

2008 $189.0 -43.4%

2009 $164.8 -12.8%

2010 $74.9 -54.6%

2011 $135.8 81.3%

TTM $126.8 -6.6%

Stock Price

2002 $15.4 % Change

2003 $25.5 65.1%

2004 $27.5 8.0%

2005 $17.9 -35.1%

2006 $14.4 -19.4%

2007 $14.7 1.9%

2008 $10.7 -27.4%

2009 $17.6 65.5%

2010 $16.9 -3.9%

2011 $9.2 -45.6%

TTM $3.8 -58.9%

2004 7.1% 4046.6%

2005 3.5% -51.5%

2006 2.7% -22.9%

2007 6.6% 146.5%

2008 7.3% 10.8%

2009 7.5% 2.9%

2010 9.6% 28.1%

2011 2.1% -78.6%

TTM 0.6% -72.3%

2004 30.8% 2852.5%

2005 17.7% -42.6%

2006 20.8% 17.5%

2007 38.2% 84.0%

2008 37.0% -3.1%

2009 37.0% -0.1%

2010 61.6% 66.4%

2011 9.8% -84.1%

TTM 2.7% -72.8%

2003 49.8% 1.9%

2004 0.0% #DIV/0!

2005 0.0% #DIV/0!

2006 0.0% #DIV/0!

2007 0.0% #DIV/0!

2008 0.0% #DIV/0!

2009 0.0% #DIV/0!

2010 0.0% #DIV/0!

2011 0.0% #DIV/0!

TTM 0.0% #DIV/0!

2003 8.0 33.3%

2004 50.3% 1.0%

2005 46.7% -7.0%

2006 46.7% 0.0%

2007 47.6% 1.9%

2008 45.5% -4.5%

2009 45.9% 0.8%

2010 45.0% -2.1%

2011 41.4% -8.0%

TTM 40.1% -3.1%

2004 7.0 -12.5%

2005 5.0 -28.6%

2006 6.0 20.0%

2007 7.0 16.7%

2008 5.0 -28.6%

2009 8.0 60.0%

2010 6.0 -25.0%

2011 5.0 -16.7%

TTM 6.0 20.0%

2004 -2.1 39.3%

2005 -2.4 -13.1%

2006 -3.3 -38.8%

2007 -2.6 20.9%

2008 -2.5 4.4%

2009 -2.4 5.1%

2010 -2.2 6.2%

2011 -2.9 -32.7%

TTM -3.1 -7.4%

2011 $90.0 -79.1%

TTM $24.9 -72.3%

2002 $1.45 % Change

2004 $2.08 17.5%

2005 $1.79 -13.9%

2006 $0.54 -69.8%

2007 $1.74 222.2%

2008 $1.49 -14.4%

2009 $1.63 9.4%

2010 $1.68 3.1%

2011 $0.70 -58.3%

TTM $0.24 -65.7%

2003 9.3 39.6%

2004 36.3 290.1%

2005 13.8 -61.9%

2006 8.8 -36.6%

2007 6.0 -31.8%

2008 7.3 21.8%

2009 13.5 85.4%

2010 27.8 105.7%

2011 7.0 -74.7%

TTM 3.0 -57.5%

2003 10.8% -28.3%

2004 2.8% -74.4%

2005 7.2% 162.6%

2006 11.4% 57.8%

2007 16.7% 46.7%

2008 13.7% -17.9%

2009 7.4% -46.1%

2010 3.6% -51.4%

2011 14.3% 295.7%

TTM 33.5% 135.1%

2003 $1.77 22.1%

2002 6.7 % Change

2002 15.0% % Change

2002 36.0% % Change

2003 38.5% 6.8%

2004 38.9% 1.1%

2005 32.8% -15.8%

2006 15.5% -52.6%

2007 35.7% 129.6%

2008 22.9% -35.9%

2009 22.7% -0.9%

2010 33.0% 45.6%

2011 10.9% -67.1%

TTM 6.8% -37.8%

2002 5.8% % Change

2003 6.4% 11.6%

2004 7.0% 8.5%

2005 5.3% -24.6%

2006 1.5% -70.8%

2007 5.6% 262.5%

2008 4.6% -18.2%

2009 4.8% 5.3%

2010 4.6% -3.9%

2011 1.6% -64.2%

TTM 0.7% -59.6%

2002 5.5 % Change

2003 5.7 2.8%

2004 5.5 -2.7%

2005 5.2 -6.1%

2006 4.9 -4.9%

2007 5.6 14.3%

2008 4.8 -15.0%

2009 5.2 9.0%

2010 4.9 -6.8%

2011 4.0 -17.7%

TTM 2.4 -40.1%

2002 38.0% % Change

2003 36.9% -3.0%

2004 37.8% 2.5%

2005 16.0% -57.5%

2006 34.1% 112.5%

2007 35.4% 3.8%

2008 36.8% 3.9%

2009 37.6% 2.2%

2010 38.7% 2.9%

2011 37.5% -3.1%

TTM 38.3% 2.2%

2004 21.6% 3900.3%

2005 10.9% -49.7%

2006 9.0% -17.3%

2007 22.9% 154.7%

2008 21.0% -8.4%

2009 23.2% 10.5%

2010 32.2% 38.8%

2011 6.3% -80.4%

TTM 1.9% -69.2%

2005 35.5% -47.8%

2006 36.9% 3.7%

2007 80.3% 117.9%

2008 42.0% -47.7%

2009 51.1% 21.5%

2010 129.5% 153.5%

2011 13.4% -89.6%

TTM 3.7% -72.5%

FCF to Total Debt

2004 172.9% -9.8%

2005 274.5% 58.7%

2006 216.6% -21.1%

2007 158.5% -26.8%

2008 179.4% 13.2%

2009 131.7% -26.6%

2010 158.2% 20.1%

2011 188.7% 19.3%

TTM 172.8% -8.4%

FCF to Short Term Debt

2002 2003 335.6% -10.9% % Change -103.2%

2010 $429.7 34.0%

Tax Rate

Debt to Equity

2002 2003 206.0% 191.7% % Change -6.9%

2009 $320.7 4.1%

Original Altman Z Score

Beneish M Score - 8 Variable Version

2002 2003 -3.4 % Change #DIV/0!

2008 $308.0 10.1%

Net Profit Margin

Piotroski F score

2002 6.0 % Change

2007 $279.7 119.4%

Magic Formula Investing -- Return on Capital

Gross Margin

2002 48.9% % Change

2006 $127.5 -27.5%

FCF Yield

Magic Formula Investing -- Earnings Yield

2002 2003 0.0% 0.0% % Change #DIV/0!

2005 $175.9 -49.0%

Price / FCF

Cash Return on Invested Capital (CROIC)

2002 2003 12.7% -1.1% % Change -108.8%

2004 $345.2 4209.5%

Diluted EPS

FCF / Sales

2002 2003 2.6% -0.2% % Change -106.8%

2002 2003 $120.8 -$8.4 % Change -107.0%

2004 620.9% 5820.8%

2002 2003 8.1% -0.6% % Change -107.1%

FCF to Long Term Debt

2005 430.1% -30.7%

2006 65.4% -84.8%

2007 457.0% 598.6%

2008 783.7% 71.5%

2009 770.9% -1.6%

2010 139.5% -81.9%

2011

TTM

#VALUE! #VALUE!

2002 2003 20.4% -1.6% % Change -107.6%

2004 68.1% 4488.4%