Date of valuation

Company name

Jul-13
Important:
Facebook
There should be a check against
Numbers from your base year below ( in consis
This year
Last year
United States of America
Advertising
Advertising
$
6,118.00 $5,089.00
$
1,835.00 $ 538.00
$
56.00 $
51.00
$
12,349.00
###
$
2,356.00 $2,356.00
Yes
If you want to capitalize R&D, y
Yes
If you have operating leases, ple
$
10,252.00 $9,626.00
$
###
$
###
2407.00
$
37.53
38.90%
40.00%

Country of incorporation
Industry (US)
Industry (Global)
Revenues
Operating income or EBIT
Interest expense
Book value of equity
Book value of debt
Do you have R&D expenses to capitalize?
Do you have operating lease commitments?
Cash and cross holdings
Non-operating assets
Minority interests
Number of shares outstanding =
Current stock price =
Effective tax rate =
Marginal tax rate =
The value drivers below:
Compounded annual revenue growth rate over next 5 ye
Target pre-tax operating margin (EBIT as % of sales in y
Sales to capital ratio (for computing reinvestment) =
Market numbers
Riskfree rate
Initial cost of capital =
Other inputs
Do you have employee options outstanding?
Number of options outstanding =
Average strike price =
Average maturity =
Standard deviation on stock price =

30.00%
35.00%
1.40
2.50%
8.07%
Yes
122.80
$0.85
3.79
40.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption =
Yes
Mature companies generally see
If yes, enter the cost of capital after year 10 =
8%
Though some sectors, even in st
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming
Do you want to override this assumption =
Yes
Mature companies find it difficul
If yes, enter the return on capital you expect after year
12%
But there are significant excepti
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption =
No
Many young, growth companies
If yes, enter the probability of failure =
20%
Tough to estimate but a key inpu
What do you want to tie your proceeds in failure to?
V
B: Book value of capital, V= Esti
Enter the distress proceeds as percentage of book or fai
50%
This can be zero, if the assets w
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you overr
Do you want to override this assumption =
No
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you h

Do you want to override this assumption =

If yes, enter the NOL that you are carrying over into yea

No
$250.00

Check the financial statements.

An NOL will shield your income f

mportant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
There should be a check against the iteration box. If there is not, you will get circular reasoning errors.
r base year below ( in consistent units)

Don't adjust operating income for leases or R&D, if you plan to use the spreadsheet option to do so. (see below

If you want to capitalize R&D, you have to input the numbers into the R&D worksheet.
f you have operating leases, please enter your lease commitments in the lease worksheet below and I will convert to debt

Computed numbers: Here is what your company's numbers look like, relative to industr
If you are not working in US dollars, you should add the inflation differential to the industry averag
Company Industry (US data
Revenue growth in the most recent year =
20.22%
4.60%
Pre-tax operating margin in the most recent year
44.31%
11.44%
Sales to capital ratio in most recent year =
1.37 1.3945714376
Return on invested capital in most recent year=
25.00%
11.59%
Standard deviation in stock prices =
83.02%
Cost of capital =
7.90%

o that of typical mature companies (riskfree rate + 4.5%)

Mature companies generally see their risk levels approach the average
Though some sectors, even in stable growth, may have higher risk.
tal after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Mature companies find it difficult to generate returns that exceed the cost of capital
But there are significant exceptions among companies with long-lasting competitive advantages.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because th
Tough to estimate but a key input.
B: Book value of capital, V= Estimated fair value for the company
This can be zero, if the assets will be worth nothing if the firm fails.
your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

ming into the valuation. If you have a money losing company, you may want to override tis.

Check the financial statements.

An NOL will shield your income from taxes, even after you start making money.

Calculation options

heet option to do so. (see below)

below and I will convert to debt

look like, relative to industry.

fferential to the industry averages.
Industry (Global data)
5.04%
9.24%
3.87
29.68%

fade over time.

essed companies fail, because they have trouble making debt payments.

ve tax rate.

Baseyear
Revenuegrowthrate
Revenues
EBIT(Operating)margin
EBIT(Operatingincome)
Taxrate
EBIT(1t)
Reinvestment
FCFF
NOL

$6,118.00
44.31%
$2,710.77
38.90%
$1,656.31

Costofcapital
Cumulateddiscountfactor
PV(FCFF)

1
30.00%
$7,953.40
43.38%
$3,449.97
38.90%
$2,107.96
$1,311.00
$796.96
$

2
30.00%
$10,339.42
42.45%
$4,388.72
38.90%
$2,681.55
$1,704.30
$977.25
$

3
30.00%
$13,441.25
41.52%
$5,580.23
38.90%
$3,409.57
$2,215.59
$1,193.98
$

8.07%
8.07%
8.07%
0.9253
0.8562
0.7923
$737.45 $836.75 $945.98

Terminalcashflow
$7,205.62
Terminalcostofcapital
8.00%
Terminalvalue
$131,011.33
PV(Terminalvalue)
$60,408.61
PV(CFovernext10years $18,666.71
SumofPV
$79,075.32
Probabilityoffailure=
0.00%
Proceedsiffirmfails=
$39,537.66
Valueofoperatingassets= $79,075.32
Debt
$2,625.93
Minorityinterests
$
+Cash
$10,252.00
+Nonoperatingassets
$
Valueofequity
$86,701.39
Valueofoptions
$4,508.90
Valueofequityincommon$82,192.49
Numberofshares
2,407.00
Estimatedvalue/share
$34.15
Price
$37.53
Priceas%ofvalue
109.91%
Impliedvariables
Salestocapitalratio
Investedcapital
ROIC

1.40
1.40
1.40
$6,963 $8,274 $9,978 $12,194
23.79%
25.48%
26.87%
27.96%

4
30.00%
$17,473.62
40.58%
$7,091.65
38.90%
$4,333.06
$2,880.27
$1,452.79
$

5
30.00%
$22,715.71
39.65%
$9,007.70
38.90%
$5,503.79
$3,744.35
$1,759.44
$

6
24.50%
$28,281.05
38.72%
$10,951.34
39.12%
$6,667.26
$3,975.25
$2,692.01
$

7
19.00%
$33,654.45
37.79%
$12,718.84
39.34%
$7,715.32
$3,838.14
$3,877.18
$

8
13.50%
$38,197.81
36.86%
$14,080.33
39.56%
$8,510.20
$3,245.25
$5,264.95
$

9
8.00%
$41,253.63
35.93%
$14,822.76
39.78%
$8,926.30
$2,182.73
$6,743.56
$

8.07%
8.07%
8.06%
8.04%
8.03%
8.01%
0.7331
0.6784
0.6278
0.5811
0.5379
0.4980
$1,065.08 $1,193.57 $1,690.05 $2,252.92 $2,831.97 $3,358.17

1.40
1.40
1.40
1.40
1.40
1.40
$15,074 $18,818 $22,794 $26,632 $29,877 $32,060
28.75%
29.25%
29.25%
28.97%
28.48%
27.84%

Compare this ret

a. the industry a
b. the return on
If it is too high (l

10
2.50%
$42,284.97
35.00%
$14,799.74
40.00%
$8,879.84
$736.67
$8,143.17
$
8.00%
0.4611
$3,754.77

Terminalyear
Check these revenues against
2.50%
a. Overall market size
$43,342.09 b. Largest companies in this market
35.00%
$15,169.73 $ 12,458.96 This is is how much your operating
income grew over the ten-year period.
40.00%
$9,101.84
$1,896.22 $ 27,729.77 This is how much capital you
invested over the ten year
$7,205.62
period.
$
8.00%

Afteryear10
1.40
$32,796
27.08%

12.00%

Compare this return on capital in year 10 against

a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise) your sales to capital ratio

ValuingOptionsorWarrants
Enterthecurrentstockprice=
$37.53
Enterthestrikepriceontheoption=
$0.85
Entertheexpirationoftheoption=
3.79
Enterthestandarddeviationinstockprices=
40.00% (volatility)
Entertheannualizeddividendyieldonstock=
0.00%
Enterthetreasurybondrate=
2.50%
Enterthenumberofwarrants(options)outstand
122.80
Enterthenumberofsharesoutstanding=
2,407.00
Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
37.53 #Warrantsissued=
StockPrice=
0.85 #Sharesoutstanding=
StrikePrice=
37.490555026 T.Bondrate=
AdjustedS=
0.85 Variance=
AdjustedK=
3.79 Annualizeddividendyield=
Expiration(inyears)=
Div.Adj.interestrate=
d1=
N(d1)=

5.3736576161
0.9999999614

d2=
N(d2)=

4.5949407228
0.9999978356

Valueperoption=
$36.72
Valueofalloptionsoutstanding=

$4,508.90

122.8
2,407
2.50%
0.1600
0.00%
2.50%

VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1t) (after-tax operating income) over 10 years
Marginal ROIC over 10 years
ROIC at end of valuation
Average WACC over the 10 years (compounded)
Your calculated value as a percent of current price
Inputs
Revenuegrowthrate(inputcellB3)
LastperiodEBITas%ofrevenue(InputcellB14)
SalestoCapitalRatioorreinvestment(InputcellB15)
Returnoncapitalinperpetuity(B30&B31)

$
$
$
$

6,962.93
32,796.48
25,833.55
12,088.97
46.80%
27.08%
8.05%
90.99%

Ifcalculatedvalueisnegativeorlookstoolow
Increaserevenuegrowthrate
Increasethetargetpretaxoperatingmargin
Decreasethesales/capitalratio
Increaserelativetoyourcostofcapital

Ifcalculatedvaluelookstoohigh
Decreaserevenuegrowthrate
Decreasethetargetpretaxoperatingmargin
Increasethesales/capitalratio
Ifhigherthanyourcostofcapital,lowertowardsyourcostofcapital

R&DConverter

ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses
3
!Ifindoubt,usethelookuptablebelo
Enterthecurrentyear'sR&Dexpense=
$1,178.00 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year
1
2
3
0
0
0
0
0
0
0
Output
Year
Current
1
2
3
0
0
0
0
0
0
0

R&DExpenses
1399.00
!Year1istheyearpriortothecurrentyear
388.00
!Year2isthetwoyearspriortothecurrentyear
144.00

R&DExpense
1178.00
1399.00
388.00
144.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortizedportion
1.00
1178.00
0.67
932.67
0.33
129.33
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Amortizationthisyear

0.00

ValueofResearchAsset=

0.00

$466.33
$129.33
$48.00
$
$
$
$
$
$

$2,240.00 $643.67

Amortizationofassetforcurrentyear=

$643.67

AdjustmenttoOperatingIncome=

$534.33 !Apositivenumberindicatesanincreaseinoperatingincome(addto
$214

Tax Effect of R&D Expensing

ateadjustmentstooperatingincome,net

findoubt,usethelookuptablebelow
hemaximumallowedistenyears
nedbytheamortizationperiod

ncreaseinoperatingincome(addtoreportedEBIT)

OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.

Inputs
Operatingleaseexpenseincurrentyear=
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year
Commitment !Year1isnextyear,.
1
$56.00
2
$47.00
3
$39.00
4
$35.00
5
$31.00
6andbeyond
$93.00

$380.00

Output
PretaxCostofDebt=

2.90%

Numberofyearsembeddedinyr6estimate=

!Ifyoudonothaveacostofdebt,usethesyntheticratingestimator

!Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6

ConvertingOperatingLeasesintodebt
Year
Commitment PresentValue
1 $56.00 $54.42
2 $47.00 $44.39
3 $39.00 $35.79
4 $35.00 $31.22
5 $31.00 $26.87
6andbeyond $46.50 $77.24 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases=
$269.93
RestatedFinancials
DepreciationonOperatingLeaseAsset=
AdjustmenttoOperatingEarnings=
AdjustmenttoTotalDebtoutstanding=
AdjustmenttoDepreciation=

$38.56 !Iusestraightlinedepreciation
$341.44 !Addthisamounttopretaxoperatin
$269.93 !Addthisamounttodebt
$38.56

nverter
Pleaseenterthem.

cratingestimator

verthefirstfiveyears
expensesinyr6

nuityfortenyears

usestraightlinedepreciation
Addthisamounttopretaxoperatingincome
Addthisamounttodebt

EstimationofCurrentCostofCapital
Inputs
Equity
NumberofSharesoutstanding=
CurrentMarketPricepershare=

2407.00
$37.53

Approachforestimatingbeta
Ifdirectinput,enterleveredbeta(orregressionbeta)
Unleveredbeta=
RiskfreeRate=
WhatapproachdoyouwanttousetoinputERP?
DirectinputforERP(ifyouchoose"willinput"
EquityRiskPremiumusedincostofequity=

SingleBusiness(Global)
1.20
0.89
2.50%
Operatingregions
5.75%
6.35%

Debt
BookValueofStraightDebt=
InterestExpenseonDebt=
AverageMaturity=
Approachforestimatingpretaxcostofdebt
Ifdirectinput,inputthepretaxcostofdebt
Ifactualrating,inputtherating
Ifsynetheticrating,inputthetypeofcompany
PretaxCostofDebt=
TaxRate=
BookValueofConvertibleDebt=
InterestExpenseonConvertible=
MaturityofConvertibleBond=
MarketValueofConvertible=
Debtvalueofoperatingleases=

$2,356.00
$56.00
3
Syntheticrating
3.500%
Baa2/BBB
1
2.90%
40%
0
0
0
0
$269.93

PreferredStock
NumberofPreferredShares=
CurrentMarketPriceperShare=
AnnualDividendperShare=

0
70
5

Output
EstimatingMarketValueofStraightDebt=
EstimatedValueofStraightDebtinConvertible=
ValueofDebtinOperatingleases=
EstimatedValueofEquityinConvertible=
LeveredBetaforequity=

$2,321.07
$
$269.93
$
0.91

MarketValue
WeightinCostofCapital
CostofComponent

Equity
Debt
PreferredStock
$90,334.71 $2,591.00 $
97.21%
2.79%
0.00%
8.25%
1.74%
7.14%

OperatingRegionsERPcalculator
Country

Revenues

ERP

Argentina
Bolivia
Cameroon
China
CostaRica
Vietnam

19
4
130
23
5
7

Total

188

Weight
14.75%
10.40%
13.25%
5.90%
8.30%
13.25%
0.00%
0.00%
0.00%
0.00%
0.00%

OperatingRegionsERPcalculator
Region
Revenues
Africa
Asia
Australia&NewZealand
Caribbean
CentralandSouthAmerica
EasternEurope&Russia
MiddleEast
NorthAmerica
WesternEurope
Total

ERP
0
56
100

631
374
168

10.11%
2.13%
69.15%
12.23%
2.66%
3.72%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
Weight

10.04%
6.51%
5.00%
12.65%
8.62%
7.96%
6.14%
5.00%
6.29%

1329

0.00%
4.21%
0.00%
7.52%
0.00%
0.00%
47.48%
28.14%
12.64%
100.00%

MultiBusiness(USIndustryAverages)
Business
Advertising
Internet

Company

Revenues
EV/Sales
$84.00
1.6748
$16.00
5.5678
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
$

100.00

EstimatedValu
$140.69
$89.09
$
$
$
$
$
$
$
$
$
$
$229.77

Capital
$92,925.71
100.00%
8.07%

MultiBusiness(GlobalIndustryAverages)
Business
Revenues
EV/Sales
Advertising
$84.00
1.5982
Internetsoftwareandservi $16.00
6.7594
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
Company

100.00

EstimatedValu
$134.25
$108.15
$
$
$
$
$
$
$
$
$
$
$242.40

WeightedERP
1.49%
0.22%
9.16%
0.72%
0.22%
0.49%
0.00%
0.00%
0.00%
0.00%
0.00%
12.31%
WeightedERP
0.0000%
0.2741%
0.0000%
0.9516%
0.0000%
0.0000%
2.9171%
1.4071%
0.7956%
6.3455%

UnleveredBeta
1.1259
1.0235
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0862

UnleveredBeta
0.8911
1.1045
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.9863

Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.
Enterthetypeoffirm=
1
EntercurrentEarningsbeforeinterestandtaxes(EBIT)=
Entercurrentinterestexpenses=
Enterlongtermriskfreerate=
Output
34.10
Interestcoverageratio=
EstimatedBondRating=
Aaa/AAA
0.40%
EstimatedCompanyDefaultSpread=
0.00%
EstimatedCountyDefaultSpread(ifany)=
2.90%
EstimatedCostofDebt=

$2,176.44 (Addbackonlylongterminterestexpens
$63.83 (Useonlylongterminterestexpenseforf
2.50%

Note: If you get REF! All over the place, set the
to No, and then reset it to Yes. It should work.

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms
Ifinterestcoverageratiois
>
to
Ratingis
Spreadis
100000
0.199999
12.00%
D2/D
0.2
0.649999
10.50%
Caa/CCC
0.65
0.799999
9.50%
Ca2/CC
0.8
1.249999
8.75%
C2/C
1.25
1.499999
7.25%
B3/B1.5
1.749999
6.50%
B2/B
1.75
1.999999
5.50%
B1/B+
2
2.2499999
4.00%
Ba2/BB
2.25
2.49999
3.00%
Ba1/BB+
2.5
2.999999
2.00%
Baa2/BBB
3
4.249999
1.30%
A3/A4.25
5.499999
1.00%
A2/A
5.5
6.499999
0.85%
A1/A+
6.5
8.499999
0.70%
Aa2/AA
8.50
100000
0.40%
Aaa/AAA
Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan
to
100000
0.499999
0.5
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.999999
2
2.499999
2.5
2.999999
3
3.499999
3.5
3.9999999
4
4.499999
4.5
5.999999

Ratingis
D2/D
Caa/CCC
Ca2/CC
C2/C
B3/BB2/B
B1/B+
Ba2/BB
Ba1/BB+
Baa2/BBB
A3/A-

Spreadis
12.00%
10.50%
9.50%
8.75%
7.25%
6.50%
5.50%
4.00%
3.00%
2.00%
1.30%

Ratingis
A1/A+
A2/A
A3/AAa2/AA
Aaa/AAA
B1/B+
B2/B
B3/BBa1/BB+
Ba2/BB

6
7.5
9.5
12.5

7.499999
9.499999
12.499999
100000

A2/A
A1/A+
Aa2/AA
Aaa/AAA

1.00%
0.85%
0.70%
0.40%

Baa2/BBB
Caa/CCC
Ca2/CC
C2/C
D2/D

hisspreadsheet.

ionoptionsinexcel)ischecked.

Addbackonlylongterminterestexpenseforfinancialfirms)
Useonlylongterminterestexpenseforfinancialfirms)

t REF! All over the place, set the operating lease commitment question in cell F5
n reset it to Yes. It should work.

Spreadis
0.85%
1.00%
1.30%
0.70%
0.40%
5.50%
6.50%
7.25%
3.00%
4.00%

2.00%
8.75%
9.50%
10.50%
12.00%

Industry Name
Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax
Advertising
31
4.60%
Aerospace/Defense
66
12.33%
Air Transport
35
6.51%
Apparel
46
7.48%
Auto Parts
54
0.90%
Automotive
11
9.66%
Bank
375
0.00%
Bank (Midwest)
86
0.00%
Beverage
36
3.24%
Biotechnology
232
23.92%
Building Materials
42
4.86%
Cable TV
18
8.74%
Chemical (Basic)
18
-6.24%
Chemical (Diversified)
32
9.02%
Chemical (Specialty)
73
11.69%
Coal
19
5.79%
Computer Software
181
10.34%
Computers/Peripherals
68
-0.77%
Diversified Co.
123
11.32%
Drug
199
23.48%
E-Commerce
66
13.83%
Educational Services
33
3.59%
Electric Util. (Central)
20
-2.25%
Electric Utility (East)
17
-9.80%
Electric Utility (West)
15
-5.02%
Electrical Equipment
60
-2.61%
Electronics
99
5.20%
Engineering & Const
30
13.10%
Entertainment
67
9.04%
Entertainment Tech
36
5.45%
Environmental
61
16.24%
Financial Svcs. (Div.)
225
19.02%
Food Processing
104
6.58%
Foreign Electronics
10
-9.48%
Funeral Services
6
6.73%
Furn/Home Furnishings
28
2.97%
Healthcare Information
19
7.12%
Heavy Truck & Equip
21
3.93%
Homebuilding
25
14.61%
Hotel/Gaming
53
15.36%
Household Products
26
7.33%
Human Resources
25
7.68%
Industrial Services
122
6.30%
Information Services
29
10.26%
Insurance (Life)
31
0.00%
Insurance (Prop/Cas.)
66
4.96%
Internet
145
18.48%
Investment Co.
16
32.20%
IT Services
55
3.33%
Machinery
82
3.47%
Maritime
51
-7.04%
Med Supp Invasive
74
1.14%
Med Supp Non-Invasiv
127
11.25%

Operating Margin
11.44%
9.99%
8.04%
10.70%
6.88%
6.55%
NA
NA
20.46%
22.27%
0.55%
19.14%
14.15%
15.73%
11.66%
10.20%
26.93%
15.88%
13.18%
25.65%
12.17%
12.70%
18.58%
20.00%
16.88%
6.74%
5.97%
5.19%
21.64%
14.84%
14.23%
48.76%
9.23%
4.56%
14.72%
6.84%
13.68%
10.87%
-17.62%
15.20%
16.93%
3.15%
10.23%
19.64%
NA
NA
14.24%
32.79%
13.66%
12.51%
10.84%
23.03%
7.77%

Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking

106
25
71
30
26
12
18
11
80
26
29
28
168
16
62
92
74
76
20
21
131
13
53
12
67
69
41
19
10
36
32
30
136
10
12
32
91
61
24
170
11
15
31
9
53

8.35%
0.74%
2.64%
-4.25%
-7.97%
2.29%
0.49%
-2.80%
14.20%
2.70%
5.05%
20.39%
7.01%
13.34%
-1.75%
-2.13%
14.61%
-3.49%
14.68%
-3.12%
-5.51%
12.09%
10.80%
0.00%
1.40%
10.42%
7.33%
11.71%
8.37%
8.73%
10.91%
-4.90%
-4.41%
2.12%
5.03%
1.11%
1.39%
6.10%
0.01%
0.00%
20.51%
4.78%
1.26%
4.44%
11.83%

10.56%
13.69%
24.25%
18.59%
11.95%
13.30%
6.97%
12.54%
16.01%
9.62%
8.71%
10.63%
24.23%
4.76%
8.65%
7.75%
31.98%
16.03%
33.10%
8.10%
80.18%
29.50%
12.22%
NA
16.31%
8.70%
10.85%
6.83%
9.34%
5.53%
3.78%
32.05%
18.28%
10.34%
11.18%
2.99%
-0.15%
19.86%
15.94%
NA
23.01%
10.51%
7.85%
27.63%
7.57%

After-tax ROC
11.59%
18.08%
16.80%
14.62%
14.06%
6.10%
NA
NA
13.87%
16.57%
-0.38%
11.44%
15.30%
15.21%
14.17%
7.65%
25.52%
29.07%
8.83%
16.78%
9.11%
25.71%
6.29%
5.45%
6.45%
4.41%
12.06%
13.83%
11.79%
14.97%
7.15%
11.19%
12.40%
6.75%
8.41%
10.10%
10.00%
15.04%
-17.93%
10.23%
14.72%
11.69%
7.45%
12.07%
NA
NA
25.22%
93.10%
28.42%
11.76%
3.33%
16.28%
19.25%

Average effective tax rate

16.81%
23.03%
26.03%
18.85%
17.88%
17.79%
17.91%
21.88%
17.04%
2.63%
11.27%
20.75%
21.56%
21.15%
15.52%
9.47%
13.43%
7.63%
20.27%
5.89%
10.24%
21.44%
28.85%
31.06%
28.24%
16.78%
11.65%
19.88%
14.87%
11.45%
10.82%
16.74%
21.85%
31.10%
27.80%
19.54%
18.01%
20.13%
7.09%
14.48%
23.88%
25.63%
20.04%
17.00%
20.49%
12.62%
11.27%
21.82%
18.61%
24.47%
5.99%
15.02%
11.14%

Unlevered Beta
1.13
0.87
0.92
1.17
1.50
1.14
0.62
0.86
0.71
1.27
1.28
0.71
1.20
1.24
1.03
0.89
0.90
1.29
0.88
0.99
0.82
0.85
0.35
0.26
0.37
1.34
1.10
1.15
1.18
1.33
0.34
0.95
0.76
1.15
0.81
1.33
1.08
1.46
1.40
1.14
0.86
1.50
0.68
1.02
1.66
0.81
1.02
1.47
0.94
1.09
0.71
0.92
0.87

Equity (Levered) Beta Cost of equity

1.30
9.54%
0.92
7.62%
1.07
8.37%
1.20
9.06%
1.66
11.35%
1.70
11.52%
0.88
7.45%
0.95
7.80%
0.81
7.08%
1.24
9.22%
1.69
11.50%
0.96
7.83%
1.32
9.63%
1.32
9.62%
1.13
8.71%
1.44
10.26%
0.85
7.28%
1.28
9.45%
1.15
8.79%
1.04
8.25%
0.82
7.13%
0.78
6.93%
0.55
5.77%
0.39
4.99%
0.54
5.76%
1.35
9.77%
1.14
8.74%
1.10
8.56%
1.33
9.71%
1.06
8.35%
0.45
5.31%
1.19
8.98%
0.85
7.29%
1.11
8.57%
1.01
8.11%
1.39
10.01%
1.07
8.37%
1.79
12.01%
1.79
11.98%
1.49
10.47%
0.94
7.75%
1.47
10.40%
0.93
7.68%
1.14
8.73%
1.62
11.14%
0.81
7.09%
0.95
7.77%
1.19
9.01%
0.90
7.56%
1.19
8.99%
1.48
10.46%
0.97
7.87%
0.88
7.45%

13.73%
13.72%
13.22%
5.47%
6.31%
12.66%
10.97%
6.46%
9.70%
11.37%
8.49%
12.64%
11.54%
8.27%
7.70%
3.17%
8.98%
13.41%
13.90%
8.55%
12.59%
12.36%
9.17%
NA
19.44%
14.89%
35.44%
9.54%
16.18%
13.70%
11.65%
5.43%
18.03%
9.54%
26.04%
2.14%
-6.38%
12.19%
9.15%
NA
33.57%
17.09%
12.48%
6.15%
4.09%

18.76%
16.65%
11.84%
19.04%
25.74%
29.11%
22.90%
17.33%
19.53%
23.58%
12.27%
30.70%
13.09%
23.64%
5.50%
8.99%
10.50%
13.41%
20.12%
23.36%
0.50%
30.96%
20.89%
6.53%
22.49%
23.83%
26.53%
32.89%
24.71%
23.46%
29.85%
24.32%
11.02%
20.20%
23.43%
26.96%
17.41%
17.82%
19.76%
16.03%
33.51%
29.96%
27.33%
34.28%
11.06%

0.73
1.31
1.22
1.04
0.40
1.90
0.94
0.67
1.29
0.87
0.93
1.01
1.23
0.90
0.41
0.73
0.73
1.08
1.58
0.92
0.98
1.24
1.15
0.90
0.94
1.60
1.33
1.04
1.10
1.05
0.68
0.80
1.44
1.88
1.39
1.22
1.27
0.90
0.47
0.79
0.81
0.97
1.19
0.31
0.93

0.91
1.41
1.39
1.29
0.56
2.01
1.14
1.01
1.47
1.09
1.17
1.07
1.48
1.00
0.56
1.50
0.83
1.12
1.67
1.13
1.35
1.40
1.37
0.81
1.00
1.68
1.27
1.27
1.17
1.18
0.78
1.18
1.38
1.73
1.32
1.66
1.05
1.05
0.77
0.69
0.88
1.03
1.40
0.45
1.18

7.60%
10.07%
9.98%
9.51%
5.83%
13.08%
8.72%
8.11%
10.37%
8.48%
8.91%
8.38%
10.42%
8.05%
5.85%
10.53%
7.19%
8.65%
11.40%
8.70%
9.77%
10.03%
9.87%
7.08%
8.04%
11.44%
9.41%
9.40%
8.90%
8.95%
6.95%
8.95%
9.93%
11.71%
9.62%
11.36%
8.27%
8.30%
6.87%
6.51%
7.45%
8.18%
10.05%
5.27%
8.96%

Std deviation in stock prices Pre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales
83.02%
5.54%
26.35%
7.90%
1.39
1.67
44.75%
4.04%
16.46%
6.77%
2.67
1.31
63.96%
4.54%
30.31%
6.66%
2.72
1.01
67.00%
5.04%
8.57%
8.54%
1.92
2.08
51.50%
4.54%
18.11%
9.78%
2.53
0.93
49.51%
4.04%
46.62%
7.28%
1.32
0.98
43.18%
4.04%
45.74%
5.15%
NA
NA
32.12%
4.04%
24.39%
6.49%
NA
NA
47.98%
4.04%
18.12%
6.24%
0.86
3.59
83.67%
5.54%
11.16%
8.56%
0.93
8.17
76.77%
5.04%
30.25%
8.94%
1.07
1.64
37.32%
4.04%
35.25%
5.92%
0.86
2.62
38.16%
4.04%
18.89%
8.27%
1.42
1.59
44.72%
4.04%
14.84%
8.56%
1.38
2.07
60.60%
4.54%
16.36%
7.73%
1.70
1.71
46.07%
4.04%
43.67%
6.84%
0.87
1.40
67.14%
5.04%
7.05%
6.98%
1.26
4.09
77.26%
5.04%
7.89%
8.95%
2.45
1.67
57.21%
4.54%
37.79%
6.50%
0.86
2.18
84.78%
5.54%
11.62%
7.67%
0.82
4.06
72.45%
5.04%
7.30%
6.83%
1.00
6.01
81.04%
5.54%
12.53%
6.47%
3.30
1.02
14.80%
3.54%
44.44%
4.15%
0.49
2.61
13.08%
3.54%
44.17%
3.73%
0.40
3.09
14.11%
3.54%
41.24%
4.26%
0.51
2.46
67.15%
5.04%
10.49%
9.06%
1.46
1.91
75.34%
5.04%
15.50%
7.85%
2.68
0.83
56.11%
4.54%
10.59%
7.95%
3.76
0.61
61.01%
4.54%
16.95%
8.52%
0.79
3.31
49.47%
4.04%
6.01%
8.00%
1.27
1.96
77.98%
5.04%
28.42%
4.66%
0.76
2.36
54.62%
4.54%
35.09%
6.79%
0.32
5.48
51.38%
4.54%
17.03%
6.52%
1.78
1.40
29.83%
4.04%
24.76%
7.05%
2.23
0.54
25.91%
4.04%
28.09%
6.51%
0.85
2.24
45.61%
4.04%
12.04%
9.10%
1.94
1.34
54.31%
4.54%
7.71%
7.93%
1.11
4.74
39.16%
4.04%
29.49%
9.18%
1.95
1.14
41.47%
4.04%
35.22%
8.61%
0.94
1.84
58.46%
4.54%
30.65%
8.10%
0.81
3.10
40.37%
4.04%
13.70%
7.02%
1.19
2.65
50.44%
4.54%
8.33%
9.76%
6.09
0.52
58.23%
4.54%
37.91%
5.80%
1.04
1.56
55.92%
4.54%
16.06%
7.76%
0.83
4.05
29.38%
4.04%
26.98%
8.79%
NA
NA
27.38%
4.04%
17.91%
6.25%
NA
NA
90.80%
6.04%
2.34%
7.67%
2.29
5.57
66.00%
5.04%
5.35%
8.69%
3.59
3.05
51.20%
4.54%
5.29%
7.31%
2.79
2.13
47.09%
4.04%
16.62%
7.90%
1.32
1.92
75.61%
5.04%
57.16%
6.21%
0.36
2.99
55.16%
4.54%
12.93%
7.20%
0.92
3.13
62.14%
4.54%
9.09%
7.02%
3.35
1.11

72.79%
57.52%
82.87%
43.11%
29.29%
42.63%
56.56%
37.38%
53.47%
44.69%
43.52%
47.09%
72.91%
55.91%
22.33%
88.17%
66.24%
57.51%
33.66%
54.21%
29.77%
32.21%
46.18%
20.86%
53.50%
52.44%
56.84%
36.44%
28.59%
40.98%
30.14%
43.92%
49.52%
36.83%
49.98%
39.65%
61.81%
62.49%
41.97%
34.84%
30.12%
38.40%
42.67%
14.75%
62.14%

5.04%
4.54%
5.54%
4.04%
4.04%
4.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
5.04%
4.54%
3.54%
5.54%
5.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
3.54%
4.54%
4.54%
4.54%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.54%
4.54%
4.04%
4.04%
4.04%
4.04%
4.04%
3.54%
4.54%

31.09%
15.91%
19.45%
26.18%
37.22%
16.94%
31.65%
39.32%
20.69%
28.58%
27.43%
17.47%
21.52%
15.78%
29.46%
57.27%
25.52%
13.23%
21.60%
26.84%
30.52%
17.33%
23.96%
13.79%
11.67%
11.18%
4.77%
28.17%
9.81%
18.54%
23.34%
63.94%
9.85%
11.65%
3.79%
38.89%
11.02%
25.17%
47.08%
8.01%
16.33%
15.71%
23.56%
40.25%
28.78%

6.18%
8.90%
8.68%
7.66%
4.56%
11.27%
6.82%
5.88%
8.79%
6.75%
7.13%
7.34%
8.83%
7.21%
4.75%
6.40%
6.13%
7.86%
9.46%
7.09%
7.53%
8.71%
8.08%
6.39%
7.42%
10.46%
9.09%
7.43%
8.27%
7.74%
5.90%
4.78%
9.19%
10.63%
9.34%
7.88%
7.66%
6.90%
4.77%
6.18%
6.63%
7.27%
8.26%
4.01%
7.17%

2.00
1.44
0.79
0.40
0.74
1.31
2.20
0.66
0.80
1.62
1.39
2.04
0.75
2.73
0.92
0.61
0.39
1.00
0.48
1.53
0.17
0.64
0.95
NA
1.72
2.55
5.21
2.17
2.71
3.68
4.53
0.27
1.20
1.19
3.14
1.15
2.05
0.92
0.79
NA
2.13
2.57
2.36
0.33
0.70

0.92
1.71
2.17
4.09
2.12
2.13
0.66
2.49
2.16
1.29
1.32
0.67
1.94
0.76
2.12
1.72
2.03
2.66
3.21
1.44
7.13
3.98
2.03
NA
2.71
1.87
1.27
1.08
1.51
0.65
0.54
4.35
2.78
2.07
2.06
0.84
1.59
2.00
1.86
NA
2.41
1.73
1.06
4.34
3.28

EV/EBITDA EV/EBIT Price/Book Trailing PE

10.91
14.64
3.24
49.37
10.54
13.08
4.58
24.32
7.89
12.56
5.00
16.16
15.70
19.42
4.60
21.97
9.56
13.48
2.90
23.26
8.76
15.02
1.59
12.65
5.40
5.40
1.21
18.14
5.43
5.43
1.59
18.57
14.36
17.56
4.79
28.96
28.37
36.70
6.46
63.71
26.98
298.53
2.42
755.50
8.03
13.68
5.24
25.95
8.37
11.25
2.76
14.55
10.11
13.16
3.47
22.16
10.92
14.68
3.91
30.18
6.97
13.73
1.43
36.36
12.98
15.20
4.28
65.03
8.69
10.53
4.06
51.52
12.68
16.55
2.91
28.68
11.84
15.82
3.85
49.11
30.97
49.33
6.33
150.17
5.95
8.02
2.93
24.10
8.51
14.04
1.62
16.69
9.56
15.46
1.54
16.67
8.32
14.60
1.54
16.85
18.40
28.29
2.89
23.36
9.61
13.95
2.41
25.26
9.17
11.81
2.26
22.41
12.88
15.27
3.50
25.36
10.01
13.18
1.92
20.10
10.35
16.55
2.56
28.06
10.58
11.24
2.36
26.69
12.04
15.15
3.27
31.35
5.39
11.74
1.21
34.22
11.69
15.25
2.87
22.40
14.07
19.64
2.95
22.35
21.11
34.62
5.37
1058.24
8.23
10.51
3.58
19.88
NA
NA
2.25
25.56
13.81
20.37
5.45
37.99
13.13
15.63
4.38
21.02
13.14
16.57
3.20
26.37
11.24
15.25
2.35
37.63
14.48
20.62
5.10
214.35
1.51
1.51
1.03
14.72
299.00
301.42
1.36
17.61
27.77
39.09
6.83
149.75
8.17
9.31
3.92
22.44
12.62
15.60
5.20
36.04
11.60
15.31
3.24
27.41
12.20
27.61
1.20
33.50
10.99
13.61
3.32
31.42
11.73
14.28
3.92
42.85

7.18
9.92
6.71
8.25
11.43
11.17
6.33
13.84
8.89
9.05
8.97
4.62
5.04
11.70
16.96
9.78
4.55
12.13
8.95
10.62
7.71
10.43
11.30
37.10
12.96
15.81
9.12
12.73
12.95
8.65
9.51
12.02
9.35
11.55
15.75
10.62
42.19
5.68
5.42
5.52
9.71
12.81
7.72
10.65
16.11

8.72
12.49
8.96
22.00
17.75
15.98
9.43
19.83
13.50
13.43
15.10
6.34
8.00
15.88
24.45
22.23
6.34
16.62
9.70
17.80
8.89
13.48
16.58
37.10
16.61
21.50
11.69
15.83
16.19
11.83
14.31
13.58
15.19
19.97
18.40
27.92
NA
10.05
11.68
5.52
10.48
16.48
13.47
15.69
43.41

2.55
2.88
1.93
2.00
2.30
3.48
1.67
2.71
1.99
3.35
2.46
1.44
1.62
2.48
3.18
1.11
0.77
2.96
1.62
3.52
1.26
3.60
2.53
0.92
7.29
6.80
5.72
4.47
5.64
3.24
3.78
1.35
3.12
2.28
5.11
0.94
2.40
2.25
2.38
1.32
14.45
7.13
4.02
1.97
3.95

28.01
19.53
94.26
51.23
17.95
26.37
20.21
26.58
31.86
21.90
22.48
17.57
51.32
15.14
40.98
206.85
18.03
32.15
23.33
18.78
19.03
21.75
26.53
10.51
35.82
24.22
23.20
20.02
31.29
23.95
29.78
28.12
41.18
41.76
21.06
24.37
33.44
108.85
20.70
55.55
16.95
29.82
21.22
21.52
74.73

Industry Name
Number of firms Unlevered beta corrected for cas Market
Advertising
243
0.89
Aerospace/Defense
207
0.91
Air Transport
157
0.60
Apparel
1170
0.82
Auto & Truck
129
0.85
Auto Parts
609
1.11
Bank
580
0.40
Banks (Regional)
947
0.50
Beverage
107
0.89
Beverage (Alcoholic)
209
0.71
Biotechnology
707
1.03
Broadcasting
134
1.08
Brokerage & Investment Banking
521
0.35
Building Materials
414
0.81
Business & Consumer Services
714
0.77
Cable TV
63
0.72
Chemical (Basic)
735
0.92
Chemical (Diversified)
84
1.02
Chemical (Specialty)
681
0.88
Coal & Related Energy
322
0.90
Computer Services
939
0.87
Computer Software
1059
1.02
Computers/Peripherals
316
1.11
Construction
477
0.68
Diversified
341
0.59
Educational Services
161
0.79
Electrical Equipment
863
0.98
Electronics
1167
1.07
Electronics (Consumer & Office)
185
1.04
Engineering
1167
0.86
Entertainment
352
0.87
Environmental & Waste Services
312
0.86
Farming/Agriculture
341
0.66
Financial Svcs.
548
0.21
Financial Svcs. (Non-bank & Insuranc
133
0.28
Food Processing
1201
0.66
Food Wholesalers
115
0.59
Furn/Home Furnishings
319
0.87
Healthcare Equipment
448
0.81
Healthcare Facilities
170
0.49
Healthcare Products
159
0.81
Healthcare Services
322
0.70
Heathcare Information and Technolog
278
1.02
Heavy Construction
335
0.95
Homebuilding
164
1.04
Hotel/Gaming
648
0.74
Household Products
458
0.76
Information Services
177
0.79
Insurance (General)
235
0.66
Insurance (Life)
121
1.05
Insurance (Prop/Cas.)
219
0.63
Internet software and services
706
1.10
Investment Co.
433
0.58

D/E Ratio
29.21%
20.64%
112.37%
20.20%
79.90%
28.99%
292.47%
108.37%
22.46%
23.02%
8.69%
34.41%
319.89%
36.58%
24.95%
50.82%
14.60%
38.57%
22.78%
57.62%
18.06%
8.12%
13.70%
52.37%
71.91%
27.72%
25.40%
25.77%
42.70%
85.93%
27.07%
37.33%
45.02%
512.70%
297.89%
26.33%
79.91%
23.46%
16.06%
75.84%
15.03%
30.65%
15.72%
58.48%
55.58%
34.47%
14.12%
11.07%
41.00%
51.73%
32.80%
3.96%
85.62%

Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate
Real Estate (Development)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Tranportation
Trucking
Utility (General)
Utility (Water)
Grand Total

1270
1691
161
53
1172
199
593
398
303
820
743
1181
390
49
54
422
647
481
286
37
304
148
50
848
229
174
118
543
93
559
263
356
92
714
116
525
317
281
53
228
191
55
97
40943

1.01
1.03
0.62
1.04
0.74
0.73
0.92
0.64
0.62
0.83
0.49
1.15
0.77
0.13
0.58
0.70
0.31
0.55
0.86
0.89
0.64
0.64
0.74
0.57
0.73
0.53
1.22
0.80
0.93
1.34
1.23
0.64
0.90
0.78
0.75
1.13
0.57
0.02
0.61
0.71
0.56
0.43
0.61
0.64

21.45%
38.74%
38.62%
30.51%
87.13%
56.54%
37.39%
46.63%
78.76%
12.89%
101.76%
31.00%
33.16%
551.46%
47.73%
77.67%
352.08%
78.73%
27.88%
34.27%
30.25%
58.65%
29.98%
89.94%
45.48%
55.81%
6.14%
29.07%
40.19%
13.62%
18.75%
94.62%
11.17%
88.91%
40.71%
15.03%
66.59%
3737.43%
17.47%
47.23%
72.28%
95.19%
52.46%
98.96%

Market Debt to CapitalEffective

22.60%
17.11%
52.91%
16.80%
44.41%
22.47%
74.52%
52.01%
18.34%
18.71%
8.00%
25.60%
76.18%
26.79%
19.97%
33.70%
12.74%
27.83%
18.55%
36.56%
15.30%
7.51%
12.05%
34.37%
41.83%
21.70%
20.26%
20.49%
29.92%
46.22%
21.30%
27.18%
31.04%
83.68%
74.87%
20.84%
44.42%
19.00%
13.83%
43.13%
13.06%
23.46%
13.58%
36.90%
35.72%
25.63%
12.37%
9.97%
29.08%
34.09%
24.70%
3.81%
46.13%

tax rate Dividend Payout Net Margin Pre-tax Operating Margi ROE
17.09%
45.34%
4.06%
9.24%
9.99%
13.25%
35.52%
5.55%
9.50% 17.77%
15.59%
38.95%
2.33%
5.93%
7.99%
14.75%
39.23%
6.63%
14.05% 12.94%
13.90%
27.00%
4.52%
5.86% 13.13%
18.98%
18.30%
4.23%
6.73% 12.75%
18.14%
55.19%
27.02%
1.29% 11.61%
19.85%
22.18%
22.31%
0.52%
8.16%
10.40%
48.83%
10.13%
14.54% 22.39%
18.10%
31.09%
17.36%
20.22% 23.05%
2.91%
48.09%
6.81%
15.51%
6.60%
17.82%
33.53%
14.14%
18.16% 21.25%
11.69%
26.21%
9.22%
1.79%
7.73%
18.24%
43.43%
3.00%
7.11%
6.42%
17.75%
49.04%
3.99%
8.69% 12.35%
15.62%
29.69%
7.69%
18.88% 21.29%
15.40%
54.60%
4.17%
8.94%
8.80%
22.63%
47.41%
4.76%
7.53% 12.91%
17.61%
38.20%
7.99%
11.62% 14.62%
6.27% NA
-0.97%
6.13% -2.01%
17.30%
26.59%
5.02%
7.98% 19.46%
11.78%
28.01%
16.92%
23.07% 18.21%
11.98%
30.46%
7.48%
10.59% 20.02%
14.84%
53.84%
5.41%
11.54%
7.79%
14.26%
34.41%
5.98%
9.18% 11.78%
14.13%
51.20%
2.61%
9.19%
4.28%
13.53%
61.98%
3.19%
7.14%
6.89%
13.29%
30.48%
3.54%
5.67%
7.43%
13.96%
48.63%
1.77%
3.78%
4.92%
16.25%
74.17%
1.92%
4.84%
7.57%
9.04%
20.35%
11.53%
17.28% 15.37%
11.45%
61.28%
3.46%
9.72%
7.40%
13.19%
48.66%
2.32%
4.13%
5.95%
17.33%
33.81%
11.77%
7.92%
6.26%
12.60%
15.41%
16.67%
5.14%
7.99%
16.40%
69.45%
4.88%
8.36% 12.12%
17.20%
44.01%
1.34%
2.95% 12.77%
16.03%
33.16%
4.27%
7.08% 13.00%
8.83%
36.54%
9.12%
18.70% 11.74%
16.65%
71.59%
3.53%
10.59% 15.02%
12.66%
30.87%
7.85%
12.86% 11.37%
17.26%
22.43%
2.38%
4.99% 11.96%
7.88%
30.60%
6.35%
12.33%
8.46%
17.11%
53.79%
3.13%
6.60%
8.67%
16.65%
16.67%
5.63%
5.52% 10.57%
12.36%
58.09%
5.82%
12.65%
8.37%
14.13%
75.58%
9.09%
14.84% 18.15%
17.57%
25.60%
15.11%
24.03% 22.69%
13.95%
45.22%
3.83%
8.75%
7.18%
18.80%
34.92%
4.69%
8.72%
9.37%
15.06%
24.53%
7.02%
11.08% 12.24%
8.65%
6.85%
14.93%
19.41% 13.84%
6.96%
34.66%
18.51%
13.91% 10.15%

17.66%
27.92%
27.86%
23.38%
46.56%
36.12%
27.21%
31.80%
44.06%
11.41%
50.44%
23.66%
24.90%
84.65%
32.31%
43.72%
77.88%
44.05%
21.80%
25.52%
23.23%
36.97%
23.07%
47.35%
31.26%
35.82%
5.78%
22.52%
28.67%
11.99%
15.79%
48.62%
10.05%
47.06%
28.93%
13.07%
39.97%
97.39%
14.87%
32.08%
41.96%
48.77%
34.41%
49.74%

17.45%
36.51%
3.58%
316.32%
17.66%
45.05%
24.53%
30.85%
6.93%
45.72%
9.63%
108.55%
13.98%
33.27%
17.72%
44.40%
12.53%
114.34%
13.54%
50.49%
14.72%
64.23%
2.16% NA
15.19%
187.87%
2.32%
84.29%
25.54%
26.19%
13.99%
26.13%
17.32%
34.06%
12.90%
25.16%
17.48%
40.63%
10.81%
32.45%
21.05%
50.33%
18.79%
22.32%
26.05%
36.81%
19.04%
34.70%
23.63%
35.52%
26.17%
46.19%
13.55%
8.66%
20.75%
34.63%
20.06%
20.20%
9.04%
29.08%
9.61%
170.91%
12.58%
110.06%
20.41%
30.99%
12.97% NA
15.35%
41.95%
9.56%
75.82%
12.92%
100.99%
18.73%
1.49%
20.52%
63.20%
20.49%
46.54%
23.30%
27.32%
25.18%
102.76%
15.09%
46.04%
13.40%
37.49%

5.80%
1.41%
3.39%
7.34%
10.79%
4.24%
2.37%
3.62%
1.39%
14.89%
5.28%
-20.01%
1.66%
72.66%
11.61%
15.48%
19.06%
25.07%
6.72%
7.16%
5.48%
2.43%
4.51%
2.57%
2.86%
2.17%
3.13%
3.98%
5.72%
10.24%
1.34%
2.22%
7.50%
-0.21%
13.08%
3.76%
5.24%
150.80%
17.97%
5.12%
2.89%
3.38%
20.10%
5.74%

9.05% 10.97%
13.41%
1.65%
8.05%
9.81%
10.15% 15.23%
-5.04%
8.23%
8.21% 11.22%
4.48% 11.41%
8.01%
9.57%
5.75%
2.59%
21.35% 16.90%
11.62%
7.65%
9.83% -11.36%
8.19%
2.87%
1.25% 12.51%
19.80% 12.90%
13.73%
8.56%
22.85% 14.43%
29.44%
9.81%
11.23% 11.56%
11.06% 10.68%
12.50% 17.79%
4.75% 16.48%
7.93% 15.90%
3.84% 10.06%
5.12% 13.49%
4.38% 14.30%
4.77% 14.86%
8.29% 14.99%
10.00% 17.79%
13.92% 14.76%
4.92%
1.32%
7.90%
3.14%
10.69% 18.98%
3.56% -0.48%
16.56% 18.12%
9.74%
5.87%
15.09%
8.85%
1.37% -92.45%
28.82% 53.36%
8.62% 15.64%
8.12%
9.12%
10.82%
7.01%
28.18% 14.98%
8.63%
10.49%

ROIC
Sales/Capital EV/Sales Revenue Growth rate: Last 5 year Expected Earnings growth: Next 5 years
29.68%
3.87
1.60
5.04%
16.29%
38.24%
4.64
1.40
4.86%
13.36%
6.49%
1.30
1.11
7.67%
19.39%
18.76%
1.57
1.78
6.38%
20.51%
7.83%
1.55
0.92
6.71%
22.72%
14.35%
2.63
0.78
6.04%
18.26%
0.11%
0.10
9.84
8.98%
12.38%
0.10%
0.24
4.12
6.44%
8.34%
22.04%
1.69
2.42
6.04%
12.59%
15.32%
0.93
3.55
6.88%
10.94%
12.88%
0.86
9.58
11.03%
32.55%
17.39%
1.17
2.78
4.12%
11.19%
0.28%
0.18
5.98
4.59%
17.90%
10.13%
1.74
1.15
5.37%
17.79%
21.52%
3.01
1.39
7.52%
16.51%
19.08%
1.20
3.17
10.40%
11.06%
11.00%
1.45
2.68
6.09%
22.47%
9.92%
1.70
1.16
2.78%
22.26%
15.00%
1.57
1.62
8.57%
16.90%
8.98%
1.56
0.99
15.68%
-0.79%
27.79%
4.21
1.03
6.29%
13.73%
38.49%
1.89
4.05
7.96%
21.44%
29.25%
3.14
1.20
-0.84%
16.87%
9.78%
0.99
1.72
6.24%
21.19%
7.86%
1.00
1.57
7.97%
15.32%
12.71%
1.61
1.60
8.79%
19.76%
12.91%
2.09
1.29
4.67%
21.87%
9.83%
2.00
0.97
2.29%
19.03%
8.06%
2.48
0.59
2.59%
21.94%
9.89%
2.44
0.62
6.18%
18.17%
23.13%
1.47
2.81
2.02%
25.22%
15.96%
1.86
1.74
8.64%
14.17%
6.55%
1.82
0.78
8.82%
19.48%
0.40%
0.06
13.99
9.27%
17.22%
0.64%
0.14
7.55
19.67%
14.34%
14.58%
2.09
1.39
7.16%
18.55%
14.29%
5.84
0.37
2.07%
14.61%
17.16%
2.88
0.91
3.04%
25.90%
25.53%
1.50
2.86
7.64%
17.56%
11.50%
1.30
1.77
12.96%
24.78%
16.25%
1.45
3.02
16.82%
17.06%
30.18%
7.31
0.58
12.41%
15.91%
17.89%
1.57
3.25
8.13%
18.02%
8.46%
1.55
1.16
3.60%
15.03%
5.48%
1.19
1.22
3.48%
7.33%
10.93%
0.99
2.60
9.11%
22.06%
27.19%
2.13
2.47
8.81%
17.01%
46.09%
2.33
4.18
6.21%
15.05%
12.88%
1.71
0.81
9.69%
13.58%
12.09%
1.71
0.95
12.08%
13.40%
13.02%
1.38
1.00
7.94%
15.06%
23.77%
1.34
6.76
9.58%
25.78%
4.46%
0.34
4.97
-2.32%
11.70%

13.46%
11.73%
14.30%
12.66%
-1.47%
8.65%
13.66%
11.57%
5.19%
21.64%
6.65%
5.17%
11.77%
0.03%
7.92%
3.68%
9.44%
5.31%
11.71%
13.03%
16.11%
11.44%
11.86%
6.19%
10.77%
11.05%
27.88%
15.98%
14.48%
18.11%
4.57%
4.98%
20.37%
4.27%
13.56%
17.10%
13.89%
0.02%
55.99%
11.79%
9.39%
8.66%
8.97%
5.11%

1.80
0.91
2.16
1.65
0.31
1.17
3.55
1.76
1.03
1.17
0.67
0.54
1.70
0.03
0.54
0.31
0.50
0.21
1.26
1.32
1.63
2.97
2.02
1.99
2.76
3.42
6.75
2.43
1.81
1.43
1.03
0.72
2.39
1.38
0.97
1.94
1.06
0.02
2.44
1.72
1.51
1.07
0.37
0.77

1.50
1.88
1.06
0.80
4.50
1.96
0.58
1.15
1.18
3.59
1.86
2.21
1.57
32.55
2.76
3.59
6.77
6.19
1.84
0.83
2.05
0.75
1.25
0.67
0.75
0.61
3.19
1.17
0.94
1.81
2.41
1.65
1.71
0.80
2.29
1.75
1.84
60.82
3.52
1.36
1.08
1.27
4.43
1.76

2.08%
9.15%
0.82%
6.66%
12.46%
11.09%
9.00%
6.04%
2.19%
12.16%
12.80%
29.33%
0.47%
20.47%
4.64%
3.78%
13.65%
11.14%
2.77%
13.21%
5.91%
9.04%
4.20%
5.91%
8.91%
6.59%
9.44%
4.59%
6.75%
2.98%
-0.13%
3.58%
8.24%
1.63%
8.86%
4.09%
7.03%
9.30%
9.63%
11.70%
1.87%
4.05%
9.67%
8.94%

18.51%
11.14%
13.47%
35.36%
19.72%
15.43%
20.49%
15.75%
17.78%
21.07%
9.97%
-1.21%
8.91%
5.47%
11.23%
17.10%
25.13%
12.35%
18.68%
8.41%
15.64%
19.76%
22.18%
14.68%
13.60%
14.50%
29.50%
14.41%
16.88%
20.75%
20.03%
16.52%
13.36%
20.35%
13.91%
16.31%
9.14%
10.42%
10.78%
11.57%
14.48%
4.99%
16.97%
16.07%

: Next 5 years

Country
Marginaltaxrate
AbuDhabi
19.22%
Albania
10.00%
Andorra
21.21%
Angola
35.00%
Anguilla
28.10%
Argentina
35.00%
Armenia
20.00%
Aruba
28.00%
Australia
30.00%
Austria
25.00%
Azerbaijan
16.38%
Bahamas
0.00%
Bahrain
0.00%
Bangladesh
27.50%
Barbados
25.00%
Belarus
18.00%
Belgium
33.99%
Belize
26.88%
Benin
28.10%
Bermuda
0.00%
Bolivia
25.00%
BosniaandHerzegovi
10.00%
Botswana
22.00%
Brazil
34.00%
BritishVirginIslands
14.92%
Bulgaria
10.00%
BurkinaFaso
28.10%
Cambodia
20.00%
Cameroon
28.10%
Canada
26.00%
CapeVerde
28.10%
CaymanIslands
0.00%
ChannelIslands
0.00%
Chile
20.00%
China
25.00%
Colombia
25.00%
CookIslands
0.00%
CostaRica
30.00%
Croatia
20.00%
Cuba
14.92%
Curacao
27.50%
Cyprus
12.50%
CzechRepublic
19.00%

DemocraticRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
FalklandIslands
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Greenland
Guatemala
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
IvoryCoast
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macau
Macedonia

28.10%
25.00%
29.00%
22.00%
25.00%
30.00%
21.00%
26.88%
20.00%
24.50%
33.33%
28.10%
15.00%
29.55%
21.21%
26.00%
21.21%
31.00%
35.00%
16.50%
19.00%
20.00%
33.99%
25.00%
12.50%
0.00%
25.00%
31.40%
28.10%
25.00%
38.01%
14.00%
20.00%
30.00%
15.00%
16.38%
23.63%
15.00%
19.22%
12.50%
15.00%
29.22%
12.00%
10.00%

Malawi
Malaysia
Malta
MarshallIslands
Mauritius
Mexico
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NetherlandsAntilles
NewZealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
PalestinianAuthority
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKaminah
RepublicoftheCong
Reunion
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
SierraLeone
Singapore
Slovakia

30.00%
25.00%
35.00%
0.00%
15.00%
30.00%
16.38%
21.21%
23.63%
9.00%
14.92%
28.10%
32.00%
33.00%
25.00%
14.92%
28.00%
26.88%
28.10%
30.00%
28.00%
12.00%
35.00%
19.22%
25.00%
30.00%
10.00%
30.00%
30.00%
19.00%
25.00%
10.00%
19.22%
28.10%
28.10%
16.00%
20.00%
28.10%
20.00%
28.10%
15.00%
28.10%
17.00%
23.00%

Slovenia
SouthAfrica
SouthKorea
Spain
SriLanka
St.Maarten
St.Vincent&theGre
Sudan
Suriname
Sweden
Switzerland
Taiwan
Tanzania
Thailand
Togo
Trinidad&Tobago
Tunisia
Turkey
Turks&CaicosIsland
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStates
Uruguay
Venezuela
Vietnam
Zambia
Zimbabwe
Region

Tax Rate

Africa
Asia
Australia & New Zealan
Caribbean
Central and South Amer
Eastern Europe & Russi
Middle East
North America
Western Europe

Global

17.00%
28.00%
24.20%
30.00%
28.00%
14.92%
14.92%
35.00%
26.88%
22.00%
18.01%
17.00%
30.00%
20.00%
28.10%
25.00%
30.00%
20.00%
28.10%
30.00%
19.00%
55.00%
23.00%
40.00%
25.00%
34.00%
25.00%
35.00%
25.75%
28.10%
23.63%
26.00%
14.92%
26.88%
16.38%
19.22%
33.00%
21.21%

22.04%

Country
LongTermRatingAdj.DefaultSpread
AbuDhabi
Aa2
0.50%
Albania
B1
4.50%
Andorra
A3
1.20%
Angola
Ba3
3.60%
Argentina
B3
6.50%
Armenia
Ba2
3.00%
Aruba
Baa1
1.60%
Australia
Aaa
0.00%
Austria
Aaa
0.00%
Azerbaijan
Baa3
2.20%
Bahamas
Baa1
1.60%
Bahrain
Baa2
1.90%
Bangladesh
Ba3
3.60%
Barbados
Ba1
2.50%
Belarus
B3
6.50%
Belgium
Aa3
0.60%
Belize
Caa2
9.00%
Benin
B2
5.50%
Bermuda
Aa3
0.60%
Bolivia
Ba3
3.60%
BosniaandHerzegovina
B3
6.50%
Botswana
A2
0.85%
Brazil
Baa2
1.90%
Bulgaria
Baa2
1.90%
BurkinaFaso
B2
5.50%
Cambodia
B2
5.50%
Cameroon
B2
5.50%
Canada
Aaa
0.00%
CapeVerde
B2
5.50%
CaymanIslands
Aa3
0.60%
Chile
Aa3
0.60%
China
Aa3
0.60%
Colombia
Baa3
2.20%
CookIslands
B1
4.50%
CostaRica
Baa3
2.20%
Croatia
Ba1
2.50%
Cuba
Caa1
7.50%
Curacao
B1
4.50%
Cyprus
Caa3
10.00%
CzechRepublic
A1
0.70%

DemocraticRepublicof
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia

B3
Aaa
B1
Caa1
Caa1
Ba3
A1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B1
Caa3
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aa1
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
Aaa
Baa1
Aaa
Aa3
Ba3
A3

6.50%
0.00%
4.50%
7.50%
7.50%
3.60%
0.70%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
4.50%
10.00%
2.50%
5.50%
0.40%
2.50%
2.20%
2.20%
2.20%
2.50%
0.40%
0.70%
1.90%
10.00%
0.60%
4.50%
1.90%
4.50%
0.60%
0.50%
1.90%
4.50%
0.00%
1.60%
0.00%
0.60%
3.60%
1.20%

Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKaminah
RepublicoftheCongo
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Singapore
Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrena

A3
Baa1
Baa1
B3
B1
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba3
Baa2
Baa3
A2
Ba3
Aa2
A2
Ba3
Baa3
Baa1
B2
Aa3
B1
B1
Aaa
A2
Ba1
Baa1
Baa3
B1
Baa1
B2

1.20%
1.60%
1.60%
6.50%
4.50%
3.60%
2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
6.50%
3.60%
0.00%
0.70%
7.50%
1.90%
4.50%
3.60%
1.90%
2.20%
0.85%
3.60%
0.50%
0.85%
3.60%
2.20%
1.60%
5.50%
0.60%
4.50%
4.50%
0.00%
0.85%
2.50%
1.60%
2.20%
4.50%
1.60%
5.50%

Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmeric
Uruguay
Venezuela
Vietnam
Zambia

Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
B1
Caa1
Aa2
Aa1
Aaa
Baa3
Caa1
B2
B1

3.60%
0.00%
0.00%
0.60%
1.60%
1.60%
3.60%
2.20%
4.50%
7.50%
0.50%
0.40%
0.00%
2.20%
7.50%
5.50%
4.50%

Region
Weighted AverageWeighted Average: TRP
Africa
3.36%
Asia
1.00%
Australia & New Zealand
0.00%
Caribbean
5.10%
Central and South Americ
2.42%
Eastern Europe & Russia
1.98%
Middle East
0.76%
North America
0.00%
Western Europe
0.86%

10.04%
6.51%
5.00%
12.65%
8.62%
7.96%
6.14%
5.00%
6.29%

TotalRiskPremium

CountryRiskPremium Region
5.75%
0.75%
Middle East
11.75%
6.75%
Eastern Europe & Russia
6.80%
1.80%
Western Europe
10.40%
5.40%
Africa
14.75%
9.75%
Central and South America
9.50%
4.50%
Eastern Europe & Russia
7.40%
2.40%
Caribbean
5.00%
0.00%
Australia & New Zealand
5.00%
0.00%
Western Europe
8.30%
3.30%
Eastern Europe & Russia
7.40%
2.40%
Caribbean
7.85%
2.85%
Middle East
10.40%
5.40%
Asia
8.75%
3.75%
Caribbean
14.75%
9.75%
Eastern Europe & Russia
5.90%
0.90%
Western Europe
18.50%
13.50%
Central and South America
13.25%
8.25%
Africa
5.90%
0.90%
Caribbean
10.40%
5.40%
Central and South America
14.75%
9.75%
Eastern Europe & Russia
6.28%
1.28%
Africa
7.85%
2.85%
Central and South America
7.85%
2.85%
Eastern Europe & Russia
13.25%
8.25%
Africa
13.25%
8.25%
Asia
13.25%
8.25%
Africa
5.00%
0.00%
North America
13.25%
8.25%
Africa
5.90%
0.90%
Caribbean
5.90%
0.90%
Central and South America
5.90%
0.90%
Asia
8.30%
3.30%
Central and South America
11.75%
6.75%
Australia & New Zealand
8.30%
3.30%
Central and South America
8.75%
3.75%
Eastern Europe & Russia
16.25%
11.25%
Caribbean
11.75%
6.75%
Caribbean
20.00%
15.00%
Western Europe
6.05%
1.05%
Eastern Europe & Russia

14.75%
5.00%
11.75%
16.25%
16.25%
10.40%
6.05%
11.75%
5.00%
5.60%
10.40%
10.40%
5.00%
11.75%
20.00%
8.75%
13.25%
5.60%
8.75%
8.30%
8.30%
8.30%
8.75%
5.60%
6.05%
7.85%
20.00%
5.90%
11.75%
7.85%
11.75%
5.90%
5.75%
7.85%
11.75%
5.00%
7.40%
5.00%
5.90%
10.40%
6.80%

9.75%
0.00%
6.75%
11.25%
11.25%
5.40%
1.05%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
6.75%
15.00%
3.75%
8.25%
0.60%
3.75%
3.30%
3.30%
3.30%
3.75%
0.60%
1.05%
2.85%
15.00%
0.90%
6.75%
2.85%
6.75%
0.90%
0.75%
2.85%
6.75%
0.00%
2.40%
0.00%
0.90%
5.40%
1.80%

Africa
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia

6.80%
7.40%
7.40%
14.75%
11.75%
10.40%
8.30%
8.75%
11.75%
8.30%
5.00%
5.00%
14.75%
10.40%
5.00%
6.05%
16.25%
7.85%
11.75%
10.40%
7.85%
8.30%
6.28%
10.40%
5.75%
6.28%
10.40%
8.30%
7.40%
13.25%
5.90%
11.75%
11.75%
5.00%
6.28%
8.75%
7.40%
8.30%
11.75%
7.40%
13.25%

1.80%
2.40%
2.40%
9.75%
6.75%
5.40%
3.30%
3.75%
6.75%
3.30%
0.00%
0.00%
9.75%
5.40%
0.00%
1.05%
11.25%
2.85%
6.75%
5.40%
2.85%
3.30%
1.28%
5.40%
0.75%
1.28%
5.40%
3.30%
2.40%
8.25%
0.90%
6.75%
6.75%
0.00%
1.28%
3.75%
2.40%
3.30%
6.75%
2.40%
8.25%

Western Europe
Asia
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Africa
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Western Europe
Asia
Caribbean
Caribbean

10.40%
5.00%
5.00%
5.90%
7.40%
7.40%
10.40%
8.30%
11.75%
16.25%
5.75%
5.60%
5.00%
8.30%
16.25%
13.25%
11.75%
Weighted Average: CRP
5.04%
1.51%
0.00%
7.65%
3.62%
2.96%
1.14%
0.00%
1.29%

5.40%
0.00%
0.00%
0.90%
2.40%
2.40%
5.40%
3.30%
6.75%
11.25%
0.75%
0.60%
0.00%
3.30%
11.25%
8.25%
6.75%

Central and South America

Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

Revenues
R&D expense
Operating income or EBIT
Interest expenses
Book value of equity
Book value of debt
Do you have operating lease commitments?
Cash and cross holdings
Non-operating assets
Minority interests
Number of shares outstanding =
Current stock price =
Effective tax rate =
Marginal tax rate =
Lease commitments
Year 1
Year 2
Year 3
Year 4
Year 5
Beyond year 5

Last 10K First X months: Last year

$5,089.00
$2,242.00
$1,399.00
$858.00
$538.00
-$362.00
$51.00
$24.00
$11,755.00
$2,356.00
$9,626.00
$0.00
$0.00

41.00%

$142.00
$128.00
$117.00
$110.00
$102.00
$252.00

22.31%

First X months: Current year

Trailing 12 month
$3,271.00
$6,118.00
$637.00
$1,178.00
$935.00
$1,835.00
$29.00
$56.00
$12,349.00
$2,167.00
$10,252.00
$0.00
$0.00

38.90%

NA
NA
NA
NA
NA
NA

Yes/No Book or Market Value ERP choices

Yes
B
Will input
No
V
Country of incorporatio
Operating countries
Operating regions

Cost of debt Synthetic rati Beta

Direct input
1 Direct input
Synthetic rati
2 Single Business(US)
Actual rating
Single Business(Global)
Multibusiness(US)
Multibusiness(Global)

ngle Business(US)
ngle Business(Global)
ultibusiness(US)
ultibusiness(Global)