FCFE Discount Model

Assumptions 1. The firm is expected to grow at a higher growth rate in the first period.
2. The growth rate will drop at the end of the first period to the stable growth rate.
3. The dividend payout ratio is consistent with the expected growth rate.
Inputs needed 1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Dividend payout ratio during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Expected payout ratio during the stable growth period.
6. Current Earnings per share
7. Inputs for the Cost of Equity
How the model wo The expected dividends are estimated for the high growth period, using the payout
ratio for the high growth period and the expected growth rate in earnings per share.
The expected growth rate is estimated either using fundamentals:
Expected growth = Retention Ratio * Return on Equity
Alternatively, you can input the expected growth rate.
At the end of the high growth phase, the expected terminal price is estimated using
dividends per share one year after the high growth period, using the growth rate
in stable growth, the payout ratio in stable growth and the cost of equity in stable
growth.
The dividends per share and the terminal price are discounted back to the present at
the cost of equity changes.
If your cost of equity in stable growth is different from your cost of equity in high
growth, the cost of equity in the second half of the stable growth period will be
adjusted gradually from the high growth cost of equity to a stable growth cost of
equity.
Options Available You can make this model into a three stage model by answering yes to the question
of whether you want me to adjust the inputs in the second half of the high growth
period. If you do, I will adjust the growth rate, the payout ratio and the cost of
equity from high-growth levels to stable growth levels gradually.
You can also make this a stable growth model by setting the high
growth period to zero.
Inputs from current financials
Net Income = $4,096.00 (in currency)
Interest income from cash and marketable securities (af $132.00 Last year
Do you want to capitalize R&D expenses? Yes
Book Value of Equity = $12,072.00 $10,237.00 (in currency)
Cash and Marketable Securities $2,475.00 $1,918.00
Market Value of Equity = ###
Number of shares outstanding = 62224.00
Current Capital Expenditures = $11,986.00
Current Depreciation = $9,767.00
Change in non-cash Working capital in most recent ye $214.00
Net Debt Issued (Paid) during the year = ($1,951.00)
Do you want to normalize the net income/earnings per No
Do you want to normalize your reinvestment needs? No
If yes, these will be your normalized values
Normalized Net Income = $2,655.84
Normalized Net Capital Expenditures = $4,242.61
Normalized Working Capital Change = $336.31
Normalized Net Debt issued = $1,864.62

Inputs for Discount Rate

Beta of the stock = 0.8
Riskfree rate= 2.00% (in percent)
Equity Risk Premium 6.00% (in percent)

Inputs for High Growth Period

Length of high growth period 5

Do you want to calculate the growth rate from fundam Yes (Yes or No)
If no, enter the expected growth rate in earnings in high growth period=
If yes, the following will be the inputs to the fundamental growth formulation:
Adjusted Net Income = $4,325.80
Non-cash ROE = 52.00% (in percent)
Equity Reinvestment Rate = 110.60% (in percent)
Do you want to change any of these inputs for the hig No
If yes, specify the values for these inputs (Please enter all variables)
Non-cash ROE = 15.00% (in percent)
Equity Reinvestment Rate = 110.60% (in percent)
Do you want to change any of these inputs for the stab Yes
If yes, specify the values for these inputs
ROE = 15.00% (in percent)

Do you want me to gradually adjust your inputs during No

Inputs for Stable Growth Period

Enter growth rate in stable growth period? 2.00% (in percent)

Stable equity reinvestment ratio from fundamentals is 13.33% (in percent)

Do you want to change this equity reinvestment rate? No (Yes or No)
If yes, enter the stable period equity reinvestment rate = (in percent)

Will the beta to change in the stable period? Yes (Yes or No)
If yes, enter the beta for stable period = 0.80
 Normalized Earnings Calculation
Choose the approach to normalized earning 2
Approach 1: Average Net Income over last 5 years
-5 -4 -3 -2 Current
Net Income $15,320.00 $11,460.00 $21,510.00 $25,330.00

Approach 2: Normalized return on equity

Normalized ROE = 22%
ation

Average
$18,405.00
Normalizing Net Cap Ex
Choose the approach to normali 1
Approach 1: Average Net Cap Ex over last 5 years
-5 -4 -3 -2 Current Average
Net Cap Ex $2,141.00 $3,127.00 $3,812.00 $2,219.00 $2,824.75
EBIT $21,510.00 $14,970.00 $23,183.00 $35,872.00 $23,883.75
11.83%
Approach 2: Industry average
Industry average net cap ex/ EB 22%

Normalizing Non-cash Working Capital

Choose the approach to normali 1
Approach 1: Average Net Income over last 5 years
Total non-cash working capital 1748
Revenues in current year = 263989
Revenues last year = 213199

Approach 2: Industry average

Industry average non-cash WC/ 22%

Normalizing Net Debt Issued

Choose the approach to normali 1
Approaches 1 or 2: Current Book or Market Debt Ratio
Book value of debt in current ye 8293

Approach 2: Industry average

Industry average debt to capital 15%
 R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.

Inputs
Over how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $1,771.00 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year R& D Expenses
-1 1678.00 ! Year -1 is the year prior to the current year
-2 1529.00 ! Year -2 is the two years prior to the current year
-3 1367.00
-4 1267.00
-5 1205.00
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 1771.00 1.00 1771.00
-1 1678.00 0.80 1342.40 $335.60
-2 1529.00 0.60 917.40 $305.80
-3 1367.00 0.40 546.80 $273.40
-4 1267.00 0.20 253.40 $253.40
-5 1205.00 0.00 0.00 $241.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
Value of Research Asset = $4,831.00 $1,409.20

Amortization of asset for current year = $1,409.20

Adjustment to Operating Income = $361.80 ! A positive number indicates an increase in operating income (add to reported EBIT
Tax Effect of R&D Expensing $137

Look Up Table for Amortization Periods

Industry NamAmortization Period
Advertising 2
Aerospace/De 10 Non-technological Service 2 years
Air Transport 10 Retail, Tech Service 3 years
Aluminum 5 Light Manufacturing 5 years
Apparel 3 Heavy Manufacturing 10 years
Auto & Truc 10 Research, with Patenting 10 years
Auto Parts ( 5 Long Gestation Period 10 years
Auto Parts ( 5
Bank 2
Bank (Canadi 2
Bank (Foreig 2
Bank (Midwes 2
Beverage (Al 3
Beverage (Sof 3
Building Mate 5
Cable TV 10
Canadian Ene 10
Cement & Ag 10
Chemical (Ba 10
Chemical (Div 10
Chemical (Spe 10
Coal/Alterna 5
Computer & P 5
Computer Sof 3
Copper 5
Diversified C 5
Drug 10
Drugstore 3
Educational S 3
Electric Util. 10
Electric Utili 10
Electric Utili 10
Electrical Eq 10
Electronics 5
Entertainmen 3
Environmenta 5
Financial Ser 2
Food Process 3
Food Wholesa 3
Foreign Elect 5
Foreign Tele 10
Furn./Home F 3
Gold/Silver 5
Grocery 2
Healthcare In 3
Home Applia 5
Homebuildin 5
Hotel/Gamin 3
Household Pr 3
Industrial Ser 3
Insurance (Di 3
Insurance (Li 3
Insurance (Pr 3
Internet 3
Investment C 3
Investment Co 3
Investment C 3
Machinery 10
Manuf. Hous 5
Maritime 10
Medical Serv 3
Medical Supp 5
Metal Fabrica 10
Metals & Min 5
Natural Gas ( 10
Natural Gas ( 10
Newspaper 3
Office Equip 5
Oilfield Serv 5
Packaging & 5
Paper & Fores 10
Petroleum (In 5
Petroleum (P 5
Precision Ins 5
Publishing 3
R.E.I.T. 3
Railroad 5
Recreation 5
Restaurant 2
Retail (Speci 2
Retail Buildi 2
Retail Store 2
Securities Br 2
Semiconducto 5
Semiconducto 5
Shoe 3
Steel (Genera 5
Steel (Integra 5
Telecom. Equ 10
Telecom. Ser 5
Textile 5
Thrift 2
Tire & Rubbe 5
Tobacco 5
Toiletries/Co 3
Trucking/Tra 5
Utility (Forei 10
Water Utility 10
ments to operating income, net

amortization period

income (add to reported EBIT)

 Two-Stage Dividend Discount Model

Output from the program

Cost of Equity = 6.80%
Net Income = $4,096

Net Income without interest income $3,964

Growth rate in Net Income = 57.51%
Equity Reinvestment Rate for high 110.60%

The dividends for the high growth phase are shown below (upto 10 years)
1 2 3 4 5

Expected Growth Ra 57.51% 57.51% 57.51% 57.51% 57.51%

Net Income $6,243.64 $9,834.26 $15,489.80 $24,397.76 $38,428.54
Equity Reinvestment 110.60% 110.60% 110.60% 110.60% 110.60%

FCFE ($661.54) ($1,041.98) ($1,641.20) ($2,585.03) ($4,071.64)

Cost of Equity 6.80% 6.80% 6.80% 6.80% 6.80%

Cumulative Cost of 106.80% 114.06% 121.82% 130.10% 138.95%

Present Value ($619.42) ($913.51) ($1,347.25) ($1,986.92) ($2,930.31)

Growth Rate in Stable Phase = 2.00%

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 Two-Stage Dividend Discount Model

Equity Reinvestment rate inn st 13.33%

Cost of Equity in Stable Phase = 6.80%
Price at the end of growth phase $707,725.70

Present Value of FCFEs in high growth phase = ($7,797.41)

Present Value of Terminal Equity Value = $509,341.08
Value of equity in operating assets = $501,543.67

Value of Cash and Marketable Securities = $2,475.00

Value of equity in firm = $504,018.67

Value per share = $8.10

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Two-Stage Dividend Discount Model

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Two-Stage Dividend Discount Model

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If you are a multi-business company, you can input the following
Business Revenues EV/Sales Estimated Va Unlevered Beta
Healthcare Products $11,254.41 5.9423 $66,877.48 0.9818
Electronics $ 3,791.59 2.5605 $ 9,708.32 1.3071
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
Company $ 15,046.00 $76,585.80 1.0231
If you are a multinational company and have a breakdown by country, you can use this table (for up to 10 countr
Country Revenues ERP Weight Weighted ERP
Albania 800 10.13% 80.00% 8.10%
Austria 200 6.08% 20.00% 1.22%
0.00% 0.00% 0.00%
The last two rows in each of coun
0.00% 0.00% 0.00% set aside for your input to provide
0.00% 0.00% 0.00% numbers directly. For instance, a
0.00% 0.00% 0.00% that breaks its revenues down into
0.00% 0.00% 0.00% rest into "Rest of the World". You
in one of these two rows and ente
0.00% 0.00% 0.00% rest of the world. The easiest w
0.00% 0.00% 0.00% country equity risk premium work
0.00% 0.00% 0.00% three countries that you have da
0.00% 0.00% global weighted average ERP for
regional worksheet, you can use t
0.00% 0.00% for an individual country (usually
Total 1000 100.00% 9.32% be broken out though the rest of t
If you are a multinational company and have a breakdown only by region, you can use region. You can look up the ER
ERP wo
Region Revenues ERP Weight Weighted ERP
Africa 0 10.38% 0.00% 0.0000%
Asia 0 6.70% 0.00% 0.0000%
Australia & New Zealand 5.69% 0.00% 0.0000%
Caribbean 10 11.11% 11.11% 1.2345%
Central and South America 8.97% 0.00% 0.0000%
Eastern Europe & Russia 7.83% 0.00% 0.0000%
Middle East 30 7.26% 33.33% 2.4217%
North America 35 5.69% 38.89% 2.2128%
Western Europe 15 6.50% 16.67% 1.0835%
0.00% 0.0000%
0.00% 0.0000%
Total 90 100.00% 6.9524%
his table (for up to 10 countries)

The last two rows in each of country/regiion risk premium tables is

set aside for your input to provide you with flexibility to enter some
numbers directly. For instance, assume that you have a company
that breaks its revenues down into three countries and then puts the
rest into "Rest of the World". You can enter the "Rest of the World"
in one of these two rows and enter an equity risk premium for the
rest of the world. The easiest way to do that is to go into the
country equity risk premium worksheet and change the GDP for the
three countries that you have data for to zero and compute the
global weighted average ERP for the remaining countries. With the
regional worksheet, you can use the last two rows to enter the data
for an individual country (usually the domestic country) that might
be broken out though the rest of the revenues are broken down by
region. You can look up the ERP for the country in the country
ERP worksheet.
 Annual
Average Pre-tax
Revenue Operating
growth - Margin Average
Number of Last 5 (Unadjusted After-tax effective Unlevered
Industry Name firms years ) ROC tax rate Beta Equity (Levered) Beta
Advertising 47 18.98% 12.07% 63.51% 24.14% 0.93 1.44
Aerospace/Defense 77 3.53% 11.37% 33.93% 19.06% 1.08 1.23
Air Transport 18 4.84% 11.60% 13.69% 23.04% 0.84 1.44
Apparel 51 -2.56% 10.58% 16.34% 15.61% 0.83 1.06
Auto & Truck 13 14.31% 3.41% 2.89% 5.54% 0.53 1.10
Auto Parts 46 4.98% 7.24% 17.00% 18.52% 0.95 1.21
Bank (Money Cente 7 2.11% 0.00% -0.03% 17.74% 0.56 1.00
Banks (Regional) 611 10.13% 0.00% -0.06% 20.33% 0.43 0.57
Beverage (Alcoholi 21 10.77% 22.11% 14.95% 18.39% 0.92 1.13
Beverage (Soft) 34 30.75% 20.40% 26.21% 9.76% 1.09 1.22
Broadcasting 27 9.54% 21.99% 21.47% 7.24% 0.73 1.21
Brokerage & Inves 39 6.66% 0.55% 0.04% 19.96% 0.57 1.46
Building Materials 42 12.31% 9.01% 18.65% 24.83% 1.02 1.23
Business & Consum 165 9.57% 10.19% 21.94% 20.24% 0.89 1.07
Cable TV 14 3.78% 17.95% 12.15% 21.22% 0.78 1.11
Chemical (Basic) 43 6.78% 8.30% 11.68% 25.88% 0.99 1.37
Chemical (Diversifi 6 -4.80% 10.75% 11.78% 23.10% 1.21 1.85
Chemical (Specialty 94 6.78% 12.57% 12.93% 25.43% 0.96 1.14
Coal & Related Ene 22 ### 6.63% 12.70% 2.65% 1.05 1.40
Computer Services 106 15.83% 7.65% 24.89% 24.76% 0.95 1.20
Computers/Peripher 48 -1.92% 15.51% 22.64% 15.80% 1.64 1.75
Construction Suppl 44 4.33% 11.93% 15.98% 22.15% 1.10 1.36
Diversified 23 15.16% 13.72% 11.55% 17.90% 1.25 1.40
Drugs (Biotechnolo 503 31.89% 11.25% 8.64% 14.88% 1.39 1.43
Drugs (Pharmaceuti 267 31.72% 24.85% 18.29% 13.19% 1.29 1.36
Education 35 2.76% 8.75% 10.85% 28.48% 1.36 1.61
Electrical Equipmen 113 9.12% 13.61% 25.60% 18.09% 1.31 1.44
Electronics (Consu 20 5.86% -1.27% -2.12% 62.78% 1.25 1.28
Electronics (Genera 153 7.86% 8.87% 13.97% 18.68% 1.07 1.15
Engineering/Constr 54 8.43% 3.89% 14.55% 24.51% 1.33 1.60
Entertainment 107 8.05% 13.52% 18.57% 20.41% 1.20 1.33
Environmental & Wa 82 21.03% 12.10% 20.00% 20.97% 1.05 1.27
Farming/Agriculture 31 0.02% 4.02% 6.27% 21.18% 0.63 0.89
Financial Svcs. (N 232 10.87% 7.51% 0.23% 19.83% 0.10 0.73
Food Processing 88 4.24% 12.00% 15.55% 14.82% 0.70 0.88
Food Wholesalers 17 22.86% 2.72% 16.82% 19.17% 0.66 0.87
Furn/Home Furnish 35 9.71% 7.09% 13.36% 22.03% 0.82 1.08
Green & Renewabl 22 19.48% 11.82% 1.39% 32.66% 0.59 1.07
Healthcare Product 242 13.40% 15.00% 15.87% 12.50% 0.98 1.04
Healthcare Support 128 18.44% 4.37% 37.91% 23.60% 0.95 1.17
Heathcare Informat 129 18.17% 12.58% 14.40% 13.30% 1.15 1.24
Homebuilding 32 33.64% 10.15% 11.25% 23.56% 0.66 0.83
Hospitals/Healthcare 36 5.20% 10.76% 15.31% 21.48% 0.63 1.22
Hotel/Gaming 65 8.35% 19.22% 11.64% 17.42% 0.91 1.26
Household Product 127 17.42% 17.43% 28.18% 26.92% 0.94 1.03
Information Service 69 13.12% 28.28% 41.52% 18.86% 1.03 1.09
Insurance (General 19 7.80% 12.18% 9.61% 21.42% 0.59 0.74
Insurance (Life) 24 1.50% 13.29% 8.20% 19.82% 0.73 1.08
Insurance (Prop/Ca 51 7.05% 10.67% 10.48% 19.78% 0.59 0.68
Investments & Ass 192 0.90% 17.46% 7.31% 17.26% 0.86 1.03
Machinery 120 3.50% 13.84% 24.49% 22.33% 1.10 1.25
Metals & Mining 92 14.84% 11.28% 11.26% 53.29% 1.09 1.31
Office Equipment & 22 3.74% 8.85% 17.48% 22.94% 1.24 1.65
Oil/Gas (Integrated 4 -6.48% 7.33% 5.36% 30.25% 1.12 1.30
Oil/Gas (Production 269 -3.73% 19.87% 9.03% 19.37% 1.08 1.48
Oil/Gas Distribution 24 14.94% 20.90% 7.99% 22.34% 0.62 1.02
Oilfield Svcs/Equip. 136 1.49% 4.16% 11.59% 20.96% 1.22 1.58
Packaging & Conta 24 5.52% 10.14% 16.83% 21.71% 0.68 0.99
Paper/Forest Produ 15 18.88% 5.40% 9.37% 19.62% 1.25 1.54
Power 52 3.50% 18.32% 6.48% 17.05% 0.38 0.58
Precious Metals 83 14.08% 14.51% 8.07% 27.18% 1.33 1.44
Publishing & News 31 0.13% 5.43% 10.47% 25.95% 0.76 1.07
R.E.I.T. 234 10.67% 27.15% 2.92% 2.18% 0.43 0.68
Real Estate (Devel 20 -2.50% 10.28% 2.08% 22.53% 0.89 1.24
Real Estate (Genera 12 2.41% 29.91% 7.41% 16.33% 1.50 1.63
Real Estate (Operat 57 3.48% 5.75% 11.47% 22.27% 0.68 0.93
Recreation 63 5.47% 9.58% 14.08% 23.58% 0.75 0.90
Reinsurance 2 6.64% 6.61% 5.90% 21.03% 0.77 0.82
Restaurant/Dining 77 7.92% 15.69% 19.08% 20.49% 0.75 0.97
Retail (Automotive) 26 4.70% 5.63% 9.48% 23.49% 0.87 1.33
Retail (Building Sup 17 6.34% 11.20% 28.83% 25.15% 1.15 1.36
Retail (Distributors) 80 7.23% 8.35% 13.57% 23.22% 0.89 1.28
Retail (General) 18 1.51% 4.18% 13.82% 24.94% 0.95 1.14
Retail (Grocery an 13 5.57% 2.29% 7.13% 24.14% 0.35 0.59
Retail (Online) 70 18.27% 6.71% 9.99% 14.32% 1.16 1.23
Retail (Special Line 89 7.65% 5.76% 12.04% 22.33% 0.69 1.03
Rubber& Tires 4 -6.17% 5.51% 6.12% 41.97% 0.45 0.98
Semiconductor 72 8.35% 24.62% 17.00% 14.08% 1.24 1.29
Semiconductor Equ 39 5.31% 19.22% 22.14% 13.52% 1.25 1.28
Shipbuilding & Mar 10 9.78% 7.41% 6.02% 22.82% 1.57 2.17
Shoe 11 3.12% 12.47% 30.57% 15.30% 0.83 0.87
Software (Entertai 86 13.53% 22.64% 17.01% 18.77% 1.29 1.29
Software (Internet) 30 30.92% 9.15% 11.12% 15.35% 1.50 1.67
Software (System & 363 15.04% 22.25% 20.03% 11.24% 1.15 1.20
Steel 32 2.29% 7.75% 16.31% 18.28% 1.29 1.62
Telecom (Wireless) 18 3.48% 10.39% 5.65% 25.25% 0.60 1.14
Telecom. Equipmen 91 4.86% 19.28% 20.70% 21.98% 0.84 0.89
Telecom. Services 67 10.08% 18.29% 13.05% 18.21% 0.67 1.05
Tobacco 17 3.84% 39.34% 54.11% 29.89% 1.43 1.68
Transportation 18 14.35% 5.04% 10.45% 21.53% 0.96 1.31
Transportation (Rai 8 0.08% 38.69% 15.44% 23.38% 1.89 2.24
Trucking 33 12.98% -4.62% 0.33% 26.64% 1.04 1.37
Utility (General) 16 2.27% 17.45% 6.63% 14.43% 0.19 0.28
Utility (Water) 17 7.54% 30.26% 7.87% 22.26% 0.57 0.68
Total Market 7053 10.15% 10.70% 7.31% 18.57% 0.83 1.13
Total Market (withou 5878 10.53% 11.15% 12.96% 18.43% 1.01 1.21
 Std
deviation Market
Cost of in stock Pre-tax Debt/Capit Cost of Sales/Capit EV/EBITD
equity prices cost of debt al capital al EV/Sales A EV/EBIT Price/Book
9.41% 62.38% 3.67% 45.97% 6.35% 5.43 1.94 9.20 15.12 5.98
8.32% 38.74% 3.27% 19.54% 7.18% 3.15 2.27 14.94 19.77 6.09
9.38% 31.74% 3.27% 50.84% 5.86% 1.50 1.34 6.54 12.00 2.34
7.41% 51.10% 3.67% 29.46% 6.04% 1.72 1.89 10.93 17.56 3.73
7.61% 35.02% 3.27% 62.25% 4.40% 0.87 1.26 14.39 36.55 1.82
8.22% 50.43% 3.67% 33.72% 6.37% 2.46 0.75 6.38 10.18 1.95
7.12% 17.74% 2.72% 64.00% 3.87% 0.20 7.28 NA NA 1.27
4.87% 18.26% 2.72% 38.62% 3.78% 0.26 5.95 NA NA 1.37
7.78% 42.46% 3.67% 23.83% 6.58% 0.72 4.62 16.32 20.87 2.99
8.26% 57.08% 3.67% 16.13% 7.37% 1.33 4.88 19.92 23.73 8.05
8.23% 32.65% 3.27% 49.61% 5.36% 1.13 2.72 9.06 12.44 2.08
9.52% 27.36% 3.27% 72.85% 4.37% 0.20 6.17 NA NA 1.27
8.32% 30.78% 3.27% 24.28% 6.90% 2.42 1.60 12.28 17.36 3.99
7.46% 43.80% 3.67% 23.26% 6.37% 2.28 2.39 14.00 22.57 5.00
7.72% 25.03% 3.27% 37.57% 5.74% 0.79 3.44 10.12 18.55 2.61
9.03% 51.96% 3.67% 37.92% 6.65% 1.50 1.30 8.24 15.40 2.12
11.55% 35.92% 3.27% 44.03% 7.55% 1.24 1.35 7.94 12.53 1.89
7.82% 48.36% 3.67% 22.19% 6.70% 1.13 2.09 10.56 16.38 2.61
9.18% 54.71% 3.67% 44.35% 6.33% 1.86 0.62 2.25 6.33 0.86
8.18% 45.52% 3.67% 30.87% 6.50% 3.37 1.28 10.36 15.92 3.81
11.01% 50.41% 3.67% 13.41% 9.90% 1.52 3.23 15.13 20.80 11.03
9.01% 29.91% 3.27% 28.64% 7.13% 1.57 1.68 10.50 13.98 3.41
9.21% 38.16% 3.27% 23.76% 7.60% 0.91 2.45 12.92 17.84 1.93
9.37% 67.45% 4.42% 12.73% 8.60% 0.43 7.33 13.29 45.77 7.08
9.00% 77.14% 6.92% 12.99% 8.51% 0.76 5.44 14.57 21.08 6.33
10.27% 37.64% 3.27% 25.19% 8.30% 1.31 2.59 14.46 29.27 2.51
9.43% 53.67% 3.67% 17.35% 8.27% 1.90 2.56 12.82 17.79 4.85
8.55% 62.17% 3.67% 17.13% 7.56% 1.87 0.91 15.65 NA 2.76
7.90% 42.78% 3.67% 15.42% 7.11% 1.63 1.99 13.07 21.69 3.27
10.23% 33.19% 3.27% 28.20% 8.03% 3.92 0.70 9.75 16.43 1.87
8.85% 55.57% 3.67% 16.71% 7.83% 1.41 4.72 21.85 34.91 3.70
8.52% 44.34% 3.67% 24.06% 7.13% 1.69 3.08 13.93 24.91 4.29
6.57% 46.88% 3.67% 38.42% 5.10% 1.59 1.08 13.92 23.76 2.55
5.73% 25.70% 3.27% 89.82% 2.79% 0.04 30.15 NA NA 2.22
6.47% 31.53% 3.27% 27.21% 5.38% 1.36 2.30 14.26 18.84 2.58
6.43% 31.58% 3.27% 30.53% 5.22% 6.78 0.60 13.95 22.22 5.93
7.52% 43.38% 3.67% 32.59% 5.97% 1.96 1.11 9.27 14.80 2.21
7.50% 53.76% 3.67% 52.97% 4.98% 0.16 9.94 17.15 123.23 1.68
7.34% 53.09% 3.67% 11.70% 6.81% 1.03 5.94 22.67 37.55 5.13
8.01% 49.95% 3.67% 28.52% 6.51% 9.69 0.69 11.74 16.05 2.86
 8.39% 53.86% 3.67% 12.79% 7.67% 1.14 5.41 23.49 40.46 5.28
6.22% 36.55% 3.27% 30.65% 5.07% 1.33 1.21 10.95 11.89 1.63
8.27% 42.63% 3.67% 56.56% 5.15% 1.59 1.63 9.37 15.60 6.32
8.48% 34.10% 3.27% 36.07% 6.31% 0.72 3.78 12.74 20.31 3.85
7.28% 50.91% 3.67% 14.66% 6.61% 1.71 3.74 16.57 21.32 8.20
7.60% 37.80% 3.27% 10.62% 7.06% 1.59 9.17 26.35 32.25 6.58
5.78% 31.00% 3.27% 29.29% 4.81% 0.93 1.95 10.27 15.89 1.48
7.52% 25.13% 3.27% 49.37% 5.02% 0.72 1.36 9.53 10.23 0.71
5.45% 21.71% 2.72% 20.86% 4.74% 1.14 1.49 11.40 13.80 1.53
7.26% 27.88% 3.27% 35.24% 5.57% 0.46 4.58 21.98 25.79 1.68
8.40% 35.39% 3.27% 19.26% 7.26% 1.98 2.58 13.88 18.35 4.09
8.73% 73.25% 4.42% 27.65% 7.24% 1.01 2.04 9.58 17.43 1.86
10.48% 31.28% 3.27% 35.43% 7.63% 2.25 1.20 8.77 13.29 2.96
8.68% 28.62% 3.27% 21.15% 7.37% 0.96 1.61 9.17 21.74 1.41
9.61% 59.37% 3.67% 36.06% 7.14% 0.46 2.71 4.89 13.29 1.19
7.20% 32.66% 3.27% 47.28% 4.96% 0.40 4.44 12.87 20.68 1.58
10.13% 53.50% 3.67% 32.73% 7.72% 2.79 0.74 8.58 16.78 1.47
7.07% 33.14% 3.27% 39.74% 5.24% 1.85 1.59 9.51 15.32 3.10
9.91% 37.37% 3.27% 28.29% 7.80% 1.91 0.77 7.53 14.03 1.59
4.91% 18.49% 2.72% 42.03% 3.71% 0.41 4.11 12.03 22.73 2.01
9.38% 82.64% 6.92% 15.52% 8.73% 0.57 5.05 13.65 34.17 1.74
7.47% 38.18% 3.27% 40.32% 5.45% 2.14 1.07 9.18 19.77 1.59
5.48% 19.86% 2.72% 45.76% 3.90% 0.13 13.48 22.64 51.01 2.26
8.35% 47.22% 3.67% 41.18% 6.04% 0.28 5.37 26.11 68.34 1.58
10.41% 21.35% 2.72% 31.24% 7.80% 0.27 6.57 7.68 13.48 0.88
6.77% 39.15% 3.27% 37.03% 5.17% 2.11 1.39 12.60 22.98 2.58
6.61% 47.53% 3.67% 25.20% 5.64% 1.63 2.35 13.31 23.24 6.04
6.18% 14.87% 2.72% 22.49% 5.25% 1.09 1.12 14.91 17.19 1.06
6.98% 38.76% 3.27% 29.41% 5.65% 1.53 4.26 16.88 31.84 NA
8.85% 37.37% 3.27% 42.15% 6.15% 2.26 1.19 13.90 23.64 6.45
8.99% 47.29% 3.67% 20.45% 7.71% 3.10 2.03 13.60 18.57 43.05
8.57% 42.83% 3.67% 37.83% 6.37% 1.79 1.40 12.66 16.14 2.96
7.87% 40.40% 3.67% 24.30% 6.62% 4.20 0.88 12.21 22.57 4.84
4.98% 37.18% 3.27% 49.15% 3.74% 4.26 0.49 8.93 25.37 2.69
8.32% 55.97% 3.67% 11.40% 7.68% 1.65 3.42 22.82 53.48 13.50
7.28% 44.95% 3.67% 41.37% 5.41% 2.45 1.19 9.72 21.29 4.57
7.03% 57.59% 3.67% 64.03% 4.29% 1.29 0.74 5.93 12.44 0.80
8.61% 43.69% 3.67% 10.55% 7.99% 0.71 5.38 13.71 21.66 5.01
8.57% 41.06% 3.67% 10.85% 7.94% 1.23 4.00 15.71 20.43 5.85
13.22% 34.05% 3.27% 35.78% 9.37% 0.76 1.98 11.32 23.31 1.34
6.43% 37.56% 3.27% 8.09% 6.11% 2.91 3.55 22.08 29.03 12.21
8.62% 61.37% 3.67% 3.66% 8.40% 0.71 6.76 20.60 30.27 5.12
10.62% 44.78% 3.67% 16.95% 9.29% 1.02 7.64 20.23 58.76 9.39
8.14% 49.50% 3.67% 8.82% 7.67% 0.85 8.77 24.00 35.62 9.92
10.34% 39.39% 3.27% 31.96% 7.82% 2.29 0.70 6.24 8.90 1.44
7.86% 41.85% 3.67% 56.75% 4.96% 0.59 2.43 6.64 23.87 1.54
 6.57% 46.30% 3.67% 14.69% 6.01% 1.06 3.50 13.42 17.72 5.00
7.37% 54.47% 3.67% 44.19% 5.33% 0.76 2.85 7.93 15.74 2.13
10.66% 38.49% 3.27% 22.21% 8.83% 1.55 5.19 12.30 13.16 89.12
8.71% 27.99% 3.27% 35.16% 6.51% 2.45 1.35 12.39 27.53 4.93
13.57% 18.25% 2.72% 20.78% 11.17% 0.46 6.32 12.56 16.55 4.91
9.06% 41.85% 3.67% 36.66% 6.74% 1.14 1.93 9.08 NA 2.81
3.40% 13.11% 2.72% 40.10% 2.85% 0.44 4.26 14.13 24.65 2.11
5.48% 17.88% 2.72% 26.34% 4.57% 0.29 8.83 19.02 29.10 3.34
7.79% 42.36% 3.67% 36.71% 5.94% 0.73 3.16 17.54 28.99 3.21
8.21% 46.41% 3.67% 24.01% 6.90% 1.22 2.62 13.75 22.97 3.89
 Pre-tax
Operating
Non-cash Margin
WC as % Cap Ex as Net Cap Ex Equity (Lease &
Trailing of % of as % of Reinvestme Dividend Reinvestment R&D
PE Revenues Revenues Revenues nt Rate ROE Payout Ratio Rate adjusted)
23.77 0.05% 2.21% 6.90% 65.38% 26.08% 101.33% 101.33% 12.20%
44.26 37.47% 2.79% 5.83% 104.37% 31.42% 44.14% 44.14% 11.75%
10.55 1.16% 10.77% 5.43% 61.33% 28.20% 15.08% 15.08% 11.16%
54.57 23.73% 2.52% 1.79% 30.49% 16.72% 43.05% 43.05% 10.71%
16.76 -5.54% 9.45% 5.09% 118.37% 12.43% 51.58% 51.58% 3.51%
17.58 12.62% 4.31% 6.19% 103.00% 12.56% 26.31% 26.31% 7.44%
10.23 NA 1.50% 1.50% NA 12.80% 27.40% 27.40% -0.16%
15.41 NA 3.51% 0.62% NA 12.05% 29.77% 29.77% -0.29%
38.69 16.61% 7.25% 5.49% 41.61% 6.88% 67.00% 67.00% 22.11%
39.87 -7.69% 4.70% 8.76% 48.51% 40.25% 57.44% 57.44% 20.53%
8.56 21.62% 2.76% 29.53% 166.27% 93.39% 38.15% 38.15% 21.83%
18.05 NA 7.80% 7.44% ### 14.06% 22.21% 22.21% 0.23%
25.42 15.91% 2.81% 1.83% 30.10% 14.05% 26.75% 26.75% 9.22%
47.54 14.66% 3.48% 1.14% 21.65% 10.24% 73.82% 73.82% 10.50%
80.57 1.49% 11.19% 16.58% 124.40% 11.76% 23.15% 23.15% 17.93%
16.11 16.09% 5.52% 5.92% 75.72% 9.16% 90.86% 90.86% 8.33%
10.48 20.00% 5.66% 0.47% 6.58% 10.07% 62.72% 62.72% 10.81%
25.34 16.33% 5.13% 4.70% 61.10% 5.68% 63.99% 63.99% 12.89%
10.30 5.94% 7.93% -0.85% 12.65% 11.59% 16.81% 16.81% 6.90%
29.13 12.77% 1.46% 10.91% 179.86% 17.29% 52.14% 52.14% 8.11%
28.92 -8.13% 3.51% 0.67% 9.31% 39.99% 26.84% 26.84% 15.86%
39.58 15.08% 5.17% 4.40% 65.09% 24.78% 28.55% 28.55% 12.09%
22.78 5.55% 5.70% 2.80% 28.60% 7.86% 18.22% 18.22% 13.65%
77.56 13.14% 4.04% 9.59% 164.06% -0.94% 0.10% 0.10% 20.24%
58.18 20.67% 5.16% 9.47% 43.56% 21.51% 61.39% 61.39% 24.34%
22.20 12.31% 5.20% 5.80% 121.32% 12.90% 4.56% 4.56% 8.84%
29.85 19.73% 4.44% 5.54% 53.75% 20.08% 36.80% 36.80% 14.03%
64.24 17.30% 1.72% 0.20% NA -10.11% 0.00% 0.00% -1.20%
125.82 21.14% 5.37% 6.67% 106.02% 11.29% 24.67% 24.67% 9.18%
18.71 17.74% 1.78% 2.80% 118.65% 3.43% 36.86% 36.86% 4.10%
47.68 2.49% 5.28% 8.19% 83.21% 17.66% 22.14% 22.14% 13.46%
735.05 9.95% 8.39% 5.70% 53.80% 10.68% 53.46% 53.46% 12.32%
73.19 11.51% 3.55% 2.89% 133.06% 9.14% 56.24% 56.24% 4.20%
83.00 NA 8.24% 8.37% 202.92% 0.07% 15.96% 15.96% 7.40%
42.25 6.53% 3.61% 2.77% 27.87% 1.90% 303.82% 303.82% 12.18%
47.98 7.24% 1.18% 2.43% 113.88% 15.51% 50.64% 50.64% 2.69%
14.79 13.27% 3.26% 4.85% 86.54% 16.97% 24.22% 24.22% 7.41%
26.23 3.09% 38.26% 41.15% 813.50% -5.80% 0.12% 0.12% 8.59%
84.43 24.30% 5.12% 6.22% 70.87% 9.78% 30.27% 30.27% 15.99%
51.64 -5.18% 0.76% 5.15% 167.87% 13.16% 38.37% 38.37% 4.26%
 99.81 22.14% 3.99% 4.53% 59.11% 11.17% 8.54% 8.54% 13.07%
16.26 73.08% 0.82% 1.29% 56.10% 15.26% 7.26% 7.26% 10.18%
38.94 12.27% 6.36% 3.54% 55.29% 62.13% 23.62% 23.62% 10.40%
134.20 7.85% 9.57% 4.94% 39.81% 16.23% 54.30% 54.30% 18.59%
33.23 8.78% 4.11% 5.17% 33.27% 10.59% 152.58% 152.58% 17.49%
46.23 7.18% 3.19% 17.10% 80.52% 30.52% 24.91% 24.91% 28.55%
67.57 -9.67% 0.75% 3.83% 49.36% 7.42% 42.05% 42.05% 12.29%
21.05 7.03% 0.16% 0.23% 9.74% 10.44% 26.07% 26.07% 13.29%
29.60 -51.85% 1.20% 0.63% 13.60% 10.58% 35.82% 35.82% 10.73%
79.94 NA 3.47% 8.28% 60.78% 13.31% 49.33% 49.33% 17.17%
36.10 23.40% 2.90% 8.78% 89.46% 20.03% 28.00% 28.00% 14.10%
727.10 16.22% 10.65% 2.81% 38.41% 3.27% 202.98% 202.98% 11.36%
34.53 9.55% 3.27% 1.19% 21.58% 18.22% 38.57% 38.57% 9.16%
22.67 4.32% 10.48% 7.12% 137.09% 7.85% 89.07% 89.07% 7.40%
8.66 1.98% 45.56% 14.26% 79.17% 6.36% 27.36% 27.36% 20.22%
69.41 3.75% 30.02% 20.67% 125.60% 3.91% 303.21% 303.21% 20.90%
25.44 7.98% 4.00% 1.58% 43.60% -8.40% 0.32% 0.32% 4.37%
20.61 10.27% 5.30% 11.98% 148.07% 15.96% 44.97% 44.97% 10.35%
24.92 14.02% 4.70% 1.77% 39.26% 2.05% 179.43% 179.43% 5.48%
23.74 5.43% 34.13% 21.31% 139.95% 5.71% 97.59% 97.59% 18.10%
76.84 13.97% 15.15% -5.91% -17.95% 12.90% 20.77% 20.77% 14.45%
28.05 13.48% 3.22% 0.19% -5.13% -3.79% 0.80% 0.80% 5.33%
48.00 89.25% 3.69% -9.79% -43.64% 5.49% 192.44% 192.44% 23.47%
48.49 4.32% 3.35% -5.01% ### 3.37% 0.05% 0.05% 7.59%
110.21 345.67% 3.20% -5.90% 133.57% 5.71% 22.05% 22.05% 29.46%
32.46 11.58% 1.28% 0.64% 55.47% 11.92% 19.23% 19.23% 5.77%
30.51 18.67% 5.07% 4.01% 73.92% 4.27% 264.95% 264.95% 9.40%
57.40 -4.08% 0.24% -0.07% 12.28% 5.00% 18.26% 18.26% 6.54%
38.00 0.39% 6.31% 2.22% 26.50% NA 53.91% 53.91% 13.34%
16.62 12.75% 2.14% 1.70% 49.33% 34.60% 4.42% 4.42% 4.88%
238.80 7.74% 2.42% 0.74% 25.76% 94.81% 53.71% 53.71% 10.93%
897.32 17.09% 7.33% 9.24% 137.59% 16.47% 28.91% 28.91% 8.63%
18.64 2.00% 2.45% 0.49% 17.01% 18.14% 44.44% 44.44% 3.89%
395.14 -0.12% 2.79% 0.65% 42.71% 18.11% 34.19% 34.19% 1.92%
243.82 -0.99% 5.26% -0.21% 21.88% 22.41% 3.60% 3.60% 6.24%
23.79 8.00% 2.39% 0.55% 27.21% 19.92% 40.09% 40.09% 5.58%
21.55 19.27% 5.44% 0.30% 77.35% 3.70% 76.43% 76.43% 5.97%
97.09 16.94% 14.12% 15.70% 70.96% 20.29% 43.91% 43.91% 25.37%
39.73 29.00% 4.34% 11.99% 69.04% 27.65% 29.20% 29.20% 19.91%
25.13 16.76% 12.98% 10.47% 173.74% 2.69% 32.11% 32.11% 8.36%
23.09 20.76% 0.65% -0.84% -4.00% 40.16% 26.78% 26.78% 12.23%
33.98 6.69% 16.71% 12.73% 85.61% 18.49% 0.00% 0.00% 24.57%
66.75 9.70% 7.81% 9.53% 156.71% 6.14% 2.58% 2.58% 10.99%
110.90 13.08% 6.52% 7.18% 44.38% 27.91% 30.55% 30.55% 24.06%
14.34 19.61% 5.03% 3.32% 36.27% 18.41% 19.66% 19.66% 7.85%
25.66 1.85% 22.94% 3.38% 123.92% 1.15% 13.80% 13.80% 10.16%
 57.04 18.13% 3.17% 9.55% 62.55% 17.58% 53.31% 53.31% 20.32%
742.09 2.25% 12.30% -2.79% -24.94% 5.67% 170.56% 170.56% 18.02%
24.30 16.28% 2.55% 2.65% 19.18% -0.05% 143.69% 143.69% 39.35%
58.53 7.39% 7.06% 3.59% 122.56% 21.61% 59.98% 59.98% 4.90%
20.48 2.61% 16.30% 5.94% 19.13% 23.44% 33.86% 33.86% 38.21%
18.36 5.50% 19.44% 17.41% NA -32.07% 0.14% 0.14% -0.38%
23.72 4.18% 27.57% 26.67% 185.51% 11.07% 75.43% 75.43% 17.28%
48.13 7.23% 44.82% 32.21% 133.05% 13.63% 66.60% 45.97% 30.10%
70.85 -23.20% 6.15% 5.18% 65.65% 13.63% 45.97% 45.97% 10.81%
76.83 8.91% 6.48% 5.39% 66.82% 13.30% 52.42% 52.42% 11.29%
Mature Market ERP + 5.69%

Country Moody's ratingAdj. Default SpEquity Risk Premium

Country Risk Premium
Abu Dhabi Aa2 0.41% 6.18% 0.49%
Albania B1 3.76% 10.13% 4.44%
Algeria NA 5.44% 12.11% 6.42%
Andorra (Principality of Baa2 1.59% 7.57% 1.88%
Angola B3 5.44% 12.11% 6.42%
Anguilla NA 4.60% 11.11% 5.42%
Antigua & Barbuda NA 4.60% 11.11% 5.42%
Argentina Caa2 7.53% 14.57% 8.88%
Armenia Ba3 3.01% 9.24% 3.55%
Aruba Baa1 1.34% 7.26% 1.57%
Australia Aaa 0.00% 5.69% 0.00%
Austria Aa1 0.33% 6.08% 0.39%
Azerbaijan Ba2 2.51% 8.65% 2.96%
Bahamas Baa3 1.84% 7.86% 2.17%
Bahrain B2 4.60% 11.12% 5.43%
Bangladesh Ba3 3.01% 9.24% 3.55%
Barbados Caa1 6.27% 13.08% 7.39%
Belarus B3 5.44% 12.11% 6.42%
Belgium Aa3 0.51% 6.29% 0.60%
Belize B3 5.44% 12.11% 6.42%
Benin B2 4.60% 11.12% 5.43%
Bermuda A2 0.71% 6.53% 0.84%
Bolivia Ba3 3.01% 9.24% 3.55%
Bosnia and Herzegovina B3 5.44% 12.11% 6.42%
Botswana A2 0.71% 6.53% 0.84%
Brazil Ba2 2.51% 8.65% 2.96%
British Virgin Islands NA 4.60% 11.11% 5.42%
Brunei NA 0.33% 6.08% 0.39%
Bulgaria Baa2 1.59% 7.57% 1.88%
Burkina Faso B2 4.60% 11.12% 5.43%
Cambodia B2 4.60% 11.12% 5.43%
Cameroon B2 4.60% 11.12% 5.43%
Canada Aaa 0.00% 5.69% 0.00%
Cape Verde B2 4.60% 11.12% 5.43%
Cayman Islands Aa3 0.51% 6.29% 0.60%
Channel Islands NA 0.69% 6.50% 0.81%
Chile A1 0.59% 6.38% 0.69%
China A1 0.59% 6.38% 0.69%
Colombia Baa2 1.59% 7.57% 1.88%
Congo (Democratic Repu Caa1 6.27% 13.08% 7.39%
Congo (Republic of) Caa2 7.53% 14.57% 8.88%
Cook Islands B1 3.76% 10.13% 4.44%
Costa Rica B1 3.76% 10.13% 4.44%
Croatia Ba2 2.51% 8.65% 2.96%
Cuba Caa2 7.53% 14.57% 8.88%
Curaçao Baa1 1.34% 7.26% 1.57%
Cyprus Ba2 2.51% 8.65% 2.96%
Czech Republic Aa3 0.51% 6.29% 0.60%
Denmark Aaa 0.00% 5.69% 0.00%
Dominican Republic Ba3 3.01% 9.24% 3.55%
Ecuador B3 5.44% 12.11% 6.42%
Egypt B2 4.60% 11.12% 5.43%
El Salvador B3 7.53% 14.57% 8.88%
Estonia A1 0.59% 6.38% 0.69%
Ethiopia B1 3.76% 10.13% 4.44%
Falkland Islands NA 2.74% 8.92% 3.23%
Fiji Ba3 3.01% 9.24% 3.55%
Finland Aa1 0.33% 6.08% 0.39%
France Aa2 0.41% 6.18% 0.49%
Gabon Caa1 6.27% 13.08% 7.39%
Gambia NA 5.44% 12.11% 6.42%
Georgia Ba2 2.51% 8.65% 2.96%
Germany Aaa 0.00% 5.69% 0.00%
Ghana B3 5.44% 12.11% 6.42%
Gibraltar NA 0.69% 6.50% 0.81%
Greece B1 3.76% 10.13% 4.44%
Greenland NA 0.69% 6.50% 0.81%
Guatemala Ba1 2.09% 8.15% 2.46%
Guernsey Baa1 1.34% 7.26% 1.57%
Guinea NA 8.36% 15.55% 9.86%
Guinea-Bissau NA 5.44% 12.11% 6.42%
Guyana NA 5.44% 12.11% 6.42%
Haiti NA 7.53% 14.57% 8.88%
Honduras B1 3.76% 10.13% 4.44%
Hong Kong Aa2 0.41% 6.18% 0.49%
Hungary Baa3 1.84% 7.86% 2.17%
Iceland A2 0.71% 6.53% 0.84%
India Baa2 1.59% 7.57% 1.88%
Indonesia Baa2 1.59% 7.57% 1.88%
Iran NA 5.44% 12.11% 6.42%
Iraq Caa1 6.27% 13.08% 7.39%
Ireland A2 0.71% 6.53% 0.84%
Isle of Man Aa2 0.41% 6.18% 0.49%
Israel A1 0.59% 6.38% 0.69%
Italy Baa3 1.84% 7.86% 2.17%
Ivory Coast Ba3 3.01% 9.24% 3.55%
Jamaica B2 4.60% 11.12% 5.43%
Japan A1 0.59% 6.38% 0.69%
Jersey A1 0.59% 6.38% 0.69%
Jordan B1 3.76% 10.13% 4.44%
Kazakhstan Baa3 1.84% 7.86% 2.17%
Kenya B2 4.60% 11.12% 5.43%
Korea, D.P.R. NA 10.03% 17.52% 11.83%
Kuwait Aa2 0.41% 6.18% 0.49%
Kyrgyzstan B2 4.60% 11.12% 5.43%
Laos B2 4.60% 11.12% 5.43%
Latvia A3 1.00% 6.87% 1.18%
Lebanon Caa2 7.53% 14.57% 8.88%
Liberia NA 14.00% 22.20% 16.51%
Libya NA 2.51% 8.65% 2.96%
Liechtenstein Aaa 0.00% 5.69% 0.00%
Lithuania A3 1.00% 6.87% 1.18%
Luxembourg Aaa 0.00% 5.69% 0.00%
Macao Aa3 0.51% 6.29% 0.60%
Macedonia Ba3 3.01% 9.24% 3.55%
Madagascar NA 4.60% 11.12% 5.43%
Malawi NA 5.44% 12.11% 6.42%
Malaysia A3 1.00% 6.87% 1.18%
Mali B3 5.44% 12.11% 6.42%
Malta A2 0.71% 6.53% 0.84%
Mauritius Baa1 1.34% 7.26% 1.57%
Mexico A3 1.00% 6.87% 1.18%
Moldova B3 5.44% 12.11% 6.42%
Mongolia B3 5.44% 12.11% 6.42%
Montenegro B1 3.76% 10.13% 4.44%
Montserrat Baa3 1.84% 7.86% 2.17%
Morocco Ba1 2.09% 8.15% 2.46%
Mozambique Caa2 7.53% 14.57% 8.88%
Myanmar NA 5.44% 12.11% 6.42%
Namibia Ba2 2.51% 8.65% 2.96%
Netherlands Aaa 0.00% 5.69% 0.00%
Netherlands Antilles NA 4.60% 11.11% 5.42%
New Zealand Aaa 0.00% 5.69% 0.00%
Nicaragua B2 4.60% 11.12% 5.43%
Niger B3 5.44% 12.11% 6.42%
Nigeria B2 4.60% 11.12% 5.43%
Norway Aaa 0.00% 5.69% 0.00%
Oman Ba1 2.09% 8.15% 2.46%
Pakistan B3 5.44% 12.11% 6.42%
Palestinian Authority NA 1.34% 7.26% 1.57%
Panama Baa1 1.34% 7.26% 1.57%
Papua New Guinea B2 4.60% 11.12% 5.43%
Paraguay Ba1 2.09% 8.15% 2.46%
Peru A3 1.00% 6.87% 1.18%
Philippines Baa2 1.59% 7.57% 1.88%
Poland A2 0.71% 6.53% 0.84%
Portugal Baa3 1.84% 7.86% 2.17%
Qatar Aa3 0.51% 6.29% 0.60%
Ras Al Khaimah (Emirat Caa1 6.27% 13.08% 7.39%
Reunion NA 0.86% 6.70% 1.01%
Romania Baa3 1.84% 7.86% 2.17%
Russia Baa3 1.84% 7.86% 2.17%
Rwanda B2 4.60% 11.12% 5.43%
Saint Lucia NA 4.60% 11.11% 5.42%
Saudi Arabia A1 0.59% 6.38% 0.69%
Senegal Ba3 3.01% 9.24% 3.55%
Serbia Ba3 3.01% 9.24% 3.55%
Sharjah A3 1.00% 6.87% 1.18%
Sierra Leone NA 8.36% 15.55% 9.86%
Singapore Aaa 0.00% 5.69% 0.00%
Slovakia A2 0.71% 6.53% 0.84%
Slovenia Baa1 1.34% 7.26% 1.57%
Solomon Islands B3 5.44% 12.11% 6.42%
Somalia NA 10.03% 17.52% 11.83%
South Africa Baa3 1.84% 7.86% 2.17%
South Korea Aa2 0.41% 6.18% 0.49%
Spain Baa1 1.34% 7.26% 1.57%
Sri Lanka B2 4.60% 11.12% 5.43%
St. Maarten Baa3 1.84% 7.86% 2.17%
St. Vincent & the Grena B3 5.44% 12.11% 6.42%
Sudan NA 14.00% 22.20% 16.51%
Suriname B2 4.60% 11.12% 5.43%
Swaziland B2 4.60% 11.12% 5.43%
Sweden Aaa 0.00% 5.69% 0.00%
Switzerland Aaa 0.00% 5.69% 0.00%
Syria NA 10.03% 17.52% 11.83%
Taiwan Aa3 0.51% 6.29% 0.60%
Tajikistan B3 5.44% 12.11% 6.42%
Tanzania B1 3.76% 10.13% 4.44%
Thailand Baa1 1.34% 7.26% 1.57%
Togo B3 5.44% 12.11% 6.42%
Trinidad and Tobago Ba1 2.09% 8.15% 2.46%
Tunisia B2 4.60% 11.12% 5.43%
Turkey B1 3.76% 10.13% 4.44%
Turks and Caicos Island Baa1 1.34% 7.26% 1.57%
Uganda B2 4.60% 11.12% 5.43%
Ukraine Caa1 6.27% 13.08% 7.39%
United Arab Emirates Aa2 0.41% 6.18% 0.49%
United Kingdom Aa2 0.41% 6.18% 0.49%
United States Aaa 0.00% 5.69% 0.00%
Uruguay B1 3.76% 10.13% 4.44%
Venezuela C 15.00% 23.38% 17.69%
Vietnam Ba3 3.01% 9.24% 3.55%
Yemen NA 10.03% 17.52% 11.83%
Zambia Caa2 7.53% 14.57% 8.88%
Zimbabwe NA 10.03% 17.52% 11.83%

ERP Default Spread Tax rate CRP

Africa 10.38% 3.97% 28.49% 4.69%
Asia 6.70% 0.86% 26.12% 1.01%
Australia & New Zealand 5.69% 0.00% 29.75% 0.00%
Caribbean 11.11% 4.60% 23.88% 5.42%
Central and South America 8.97% 2.78% 30.96% 3.28%
Eastern Europe & Russia 7.83% 1.81% 18.36% 2.14%
Middle East 7.26% 1.34% 27.37% 1.57%
North America 5.69% 0.00% 25.12% 0.00%
Western Europe 6.50% 0.69% 25.04% 0.81%
Global 6.67% 0.83% 25.70% 0.98%
Corporate Tax Rate
55.00%
15.00%
26.00%
10.00%
30.00%
23.88%
23.88%
30.00%
20.00%
25.00%
30.00%
25.00%
20.00%
0.00%
0.00%
25.00%
5.50%
18.00%
29.00%
32.36%
30.00%
0.00%
25.00%
10.00%
22.00%
34.00%
23.88%
18.50%
10.00%
28.00%
20.00%
33.00%
26.50%
0.00%
0.00%
25.04%
27.00%
25.00%
33.00%
35.00%
32.36%
28.43%
30.00%
18.00%
27.24%
22.00%
12.50%
19.00%
22.00%
27.00%
25.00%
22.50%
30.00%
20.00%
30.00%
31.02%
20.00%
20.00%
31.00%
30.00%
31.00%
15.00%
30.00%
25.00%
25.04%
28.00%
25.04%
25.00%
0.00%
29.15%
29.15%
18.64%
18.64%
25.00%
16.50%
9.00%
20.00%
30.00%
25.00%
20.23%
15.00%
12.50%
0.00%
23.00%
24.00%
25.00%
25.00%
30.62%
0.00%
20.00%
20.00%
30.00%
23.10%
15.00%
10.00%
20.00%
20.00%
17.00%
29.15%
20.00%
12.50%
15.00%
26.01%
12.00%
10.00%
20.00%
30.00%
24.00%
28.24%
35.00%
15.00%
30.00%
12.00%
25.00%
9.00%
27.24%
31.00%
32.00%
25.00%
32.00%
25.00%
23.88%
28.00%
30.00%
32.36%
30.00%
22.00%
15.00%
30.00%
27.37%
25.00%
30.00%
10.00%
29.50%
30.00%
19.00%
21.00%
10.00%
0.00%
26.12%
16.00%
20.00%
30.00%
23.88%
20.00%
30.00%
15.00%
0.00%
30.00%
17.00%
21.00%
19.00%
30.00%
29.15%
28.00%
25.00%
25.00%
28.00%
35.00%
30.00%
35.00%
36.00%
27.50%
21.40%
18.00%
28.00%
20.00%
30.19%
30.00%
20.00%
32.36%
25.00%
25.00%
22.00%
0.00%
30.00%
18.00%
55.00%
19.00%
25.00%
25.00%
34.00%
20.00%
20.00%
35.00%
25.00%