LVMH

FCFF VALUATION MODEL
Before you startThe spreadsheet has circular reasoning. This is not a problem. Go into calculation options (in excel) and check
the iteration box.
What the modelThis model is designed to value firms with operating income that is either positive or can be normalized to be
positive. It allows for up to 15 years of high growth, and can be used either as a 2-stage or a 3-stage model.
Inputs The inputs are in the following pages:
1. The bulk of the inputs are in the master inputs page. Here, you can input the numbers from the current
financial statements, and review and change the inputs for the valuation.
2. If you want to normalized operating income, use the earnings normalizer worksheet.
3. If you have R&D or operating leases, you will need to input the required numbers in those worksheets.
Important: Be consistent about the units you use. If you use millions, use millions for all of your inputs.
Options The spreadsheet can be used to value a company, with fixed inputs for a high growth phase and different inputs
for a stable growth phase (2-stage model) or it can be adjusted to allow for a transition phase (3-stage model).
To switch from one to the other, enter yes in the master input page to the question of whether you want the
inputs adjusted during the second half of the high growth phase.
You can even make it a stable growth model, by setting the length of the high growth period to zero.
Other worksheetThere are two other worksheets that you might find useful at the end of this spreadsheet
1. Bottom-up beta estimator: will estimate your levered beta, given an unlevered beta (which you will have to
input.
2. Industry averages: Here, you can look up industry averages for variables such as beta, return on capital,
reinvestment rates and working capital.
Output The output is contained in the valuation model worksheet.
excel) and check
ormalized to be
d different inputs
3-stage model).
you will have to

An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required only if you choose the appr
If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.xls spreadsheet.
Master Input Sheet
Enter the name of the company that you are valuing LVMH
Date of valuation 5-Sep-20
Do you want to capitalize R&D expenses? Yes If yes, please input your numbers into R&D conve
Do you want to convert operating leases to debt? No If yes, please input your numbers into operating le
Do you want to normalize operating income? No If yes, please input your numbers into Earnings No
Country of incorporation France
Inputs
From Current Financials
Current EBIT = $11,273.00 ! If negative, go back and choose to normalize earnings.
Current Interest Expense = $559.00
Current Capital Spending $603.39 Difference?
Current Depreciation & Amort'n = $356.20
Effective tax rate (for use on operating income) 31.65% Difference?
Marginal tax rate (for use on cost of debt) 34.00% Previous year-end
Current Revenues = $53,670.00 $46,826.00
Current Non-cash Working Capital = $483.70
Chg. Working Capital = ($62.00)Previous year-end
Book Value of Debt = $2,609.00 $2,207.20
Book Value of Equity = $38,365.00 $33,957.00
Cash & Marketable Securities = $5,673.00 $4,610.00 ? 13

Value of Non-operating Assets = $609.80 $566.60
Minority interests $1,779.00 $1,664.00
Market Data for your firm

Is your stock currently traded? Yes
If yes, enter the following:
Current Stock Price = $400.00
Number of shares outstanding = 503.63
Market Value of Debt = $2,609.00
If no, enter the following
Would you like to use the book value debt ratio? No
If no, enter the debt ratio to use in valuation 35%
General Market Data

Long Term Riskfree rate= 3.00%
Equity Risk Premium = 7.85% You can use the cost of capital spreadsheet to compute this num
Ratings
Do you want to estimate the firm's synthetic rating = Yes ! If yes, use the rating estimator worksheet that is attached
If yes, choose the type of firm 2
If not, what is the current rating of the firm? BBB
Enter the cost of debt associated with the rating = 5.75%
Options
Do you have equity options (management options, warrants) o Yes Share subscription options outstanding = 0?
If yes, enter the number of options 51.00
Average strike price $40.35
Average maturity 8.3
Standard Deviation in stock price 25%
Do you want to use the stock price to value the option or yourCurrent Price
Valuation Inputs
High Growth Period The questions below, especially the yes or no ones, can be confusing. Please r
Length of high growth period = 10
Beta to use for high growth period for your firm= 1.14 You can use the cost of capital spreadsheet to compute this num
Do you want to keep the debt ratio computed from your inputs Yes
If yes, the debt ratio that will be used to compute the cost of ca 1.28%
If no, enter the debt ratio that you would like to use in the hi 7.00%
Do you want to keep the existing ratio of working capital to r Yes
If yes, the working capital as a percent of revenues will be 0.90%
If no, enter the ratio of working capital to revenues to use in a 12%
Do you want to compute your growth rate from fundamentals? Yes
If no, enter the expected growth rate in operating income for 15%
If yes, the inputs to the fundamental growth calculation (based upon your inputs) are
Return on Capital = 22.00%
Reinvestment Rate = 8.35%
Do you want to change these inputs? No
Return on Capital = 33.00%
Reinvestment Rate = 8.35%
Do you want me to gradually adjust your high growth inputs in Yes
Stable Growth Period

Growth rate during stable growth period = 3.00%
Beta to use in stable growth period = 1.00
Equity Risk Premium in stable growth = 7.50%
Debt Ratio to use in stable growth period = 30.00%
Pre-tax cost of debt in stable growth period = 9.00%
Tax Rate to use in stable growth period = 34.00%
To compute the reinvestment rate in stable growth, you have two options
Do you want to compute reinvestment needs in stable growth Yes
If yes, enter the return on capital that the firm will have in sta 25.00%
If no, enter capital expenditure as % of depreciation in stable 120% (in percent)
e required only if you choose the appropriate option, though.
the highgrowth.xls spreadsheet.
e input your numbers into R&D converter worksheet

e input your numbers into operating lease worksheet
e input your numbers into Earnings Normalizer worksheet
choose to normalize earnings.
pital spreadsheet to compute this number
mator worksheet that is attached
s outstanding = 0?
or no ones, can be confusing. Please read the comments on the input cells.
pital spreadsheet to compute this number

Two-Stage FCFF Discount Model
Input Summary
Normalized EBIT (before adj $11,273.00
Adjusted EBIT = $11,634.80
Adjusted Interest Expense = $559.00
Adjusted Capital Spending $2,374.39
Adjusted Depreciation & Am $1,765.40
Tax Rate on Income = 34.00%
Current Revenues = $53,670.00
Current Non-cash Working Ca $483.70
Chg. Working Capital = $61.68
Adjusted Book Value of Debt $2,207.20
Adjusted Book Value of Equi$38,426.20
Input Diagnostics
Length of High Growth Perio 10 Forever
Growth Rate = 1.84% 3.00%
Debt Ratio used in Cost of Ca 1.28% 30.00%
Beta used for stock = 1.14 1.00
Riskfree rate = 3.00% 3.00%
Risk Premium = 7.85% 7.50%
Cost of Debt = 4.67% 9.00% This is a high cost of debt for stable growth. Consider moving this down.
Effective Tax rate (for cash f 31.65% 34.00%
Marginal tax rate (for cost o 34.00% 34.00% If this is a US company, this tax rate is below the marginal tax rate. Move towards a marginal tax rate
Return on Capital = 22.00% 25.00% Your return on capital exceeds your cost of capital by more than 5%. That is unusually high. Does your company hav
Reinvestment Rate = 8.35% 12.00% Imputed Return on capital 25.00%
Page 7
Output from the program
Cost of Equity = 11.95%
Equity/(Debt+Equity ) = 98.72%
After-tax Cost of debt = 3.09%
Debt/(Debt +Equity) = 1.28%
Cost of Capital = 11.84%
Intermediate Output
Expected Growth Rate 1.84%
Working Capital as percent 0.90% (in percent)
The FCFF for the high growth phase are shown below (upto 10 years)
Current 1 2 3 4 5 6 7 8 9 10
Expected Growth Rate 1.84% 1.84% 1.84% 1.84% 1.84% 2.07% 2.30% 2.53% 2.77% 3.00%
Cumulated Growth 101.84% 103.71% 105.61% 107.55% 109.53% 111.79% 114.37% 117.26% 120.51% 124.12%
Reinvestment Rate 8.35% 8.35% 8.35% 8.35% 8.35% 9.08% 9.81% 10.54% 11.27% 12.00%
EBIT $11,758 $11,974 $12,194 $12,418 $12,646 $12,878 $13,144 $13,447 $13,788 $14,169 $14,594
Tax rate (for ca 31.65% 31.89% 32.12% 32.36% 32.59% 32.83% 33.06% 33.30% 33.53% 33.77% 34.00%
EBIT * (1 - tax r $8,036 $8,155 $8,277 $8,399 $8,524 $8,650 $8,799 $8,970 $9,165 $9,385 $9,632
- (CapEx-Depre $609 $672 $682 $692 $702 $712 $788 $867 $952 $1,042 $1,138
-Chg. Working $62 $9 $9 $9 $9 $10 $11 $12 $14 $16 $17
Free Cashflow t $7,365 $7,475 $7,586 $7,698 $7,813 $7,928 $8,000 $8,090 $8,199 $8,327 $8,476
Cost of Capital 11.84% 11.84% 11.84% 11.84% 11.84% 11.29% 10.75% 10.21% 9.67% 9.13%
Cumulated Cost of Capital 1.1184 1.2507 1.3988 1.5643 1.7495 1.9471 2.1564 2.3767 2.6066 2.8446
Present Value $6,684 $6,065 $5,504 $4,994 $4,532 $4,109 $3,751 $3,450 $3,195 $2,980
Page 8
Growth Rate in Stable Phase 3.00%
Reinvestment Rate in Stable 12.00%
FCFF in Stable Phase = $8,730.66
Cost of Equity in Stable Phas 10.50%
Equity/ (Equity + Debt) = 70.00%
AT Cost of Debt in Stable Ph 5.94%
Debt/ (Equity + Debt) = 30.00%
Cost of Capital in Stable Pha 9.13%
Value at the end of growth ###
Valuation
Present Value of FCFF in high growth phase = $45,263.43
Present Value of Terminal Value of Firm = $50,052.08
Value of operating assets of the firm = $95,315.51
Value of Cash, Marketable Securities & Non-operating$6,282.80
Value of Firm = ###
Market Value of outstanding debt = $2,609.00
Minority Interests $1,779.00
Market Value of Equity = $97,210.31
Value of Equity in Options = $12,297.64
Value of Equity in Common Stock = $84,912.67
Value of equity per share = $168.60
Stock price = $400.00
% Under or Over valued = 137.25%
Page 9
Revisit input cell
B54
B74
B77
B75
B78
B79
B82
B81-83
Page 10
Terminal Year
34.00%
$9,921.21
$1,173.14
$17.41
$8,730.66
Page 11
Normalizing Earnings
Approach used to normalize earnings = 3
If historical average,
Average Earnings before interest and ta 3500 AVG EBIT
If historical average ROC,

Historical average pre-tax return on capi 22% AVERAGE ROIC
If sector margin
Pre-tax Operating Margin for Sector = 14.72% ! Look at industry average
OP. MG
Normalized Earnings before interest and $7,898.45
Worksheet for normalization (Last 5 years of data)

-5 -4 -3 -2 -1 Total
Revenues 2032 2376 2779 3155 3248 13590
EBIT 186 454 529 448 383 2000
Operating Ma 9.15% 19.11% 19.04% 14.20% 11.79% 14.72%
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 $123
Look Up Table for Amortization Periods

Industry NamAmortization Period
Advertising 2
Aerospace/De 10 Non-technological Service2 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/Alternat 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. Housi 5
Maritime 10
Medical Serv 3
Medical Supp 5
Metal Fabrica 10
Metals & Min 5
Natural Gas (D 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 (Specia 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
Operating Lease Converter
Inputs
Operating lease expense in current year = $504.00
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $ 453.00
2 $ 371.00
3 $ 265.00
4 $ 180.00
5 $ 122.00
6 and beyond $ 259.00
Output
Pre-tax Cost of Debt = 4.67% ! If you do not have a cost of debt, use the ratings estimator
From the current financial statements, enter the following

Reported Operating Income (EBIT) = $11,273.00 ! This is the EBIT reported in the current income statement
Reported Debt = $2,609.00 ! This is the interest-bearing debt reported on the balance sheet
Number of years embedded in yr 6 estim 1 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year CommitmentPresent Value
1 $ 453.00 $432.77
2 $ 371.00 $338.60
3 $ 265.00 $231.06
4 $ 180.00 $149.93
5 $ 122.00 $97.08
6 and beyond $ 259.00 $196.90 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 1,446.35
Restated Financials
Depreciation on Operating Lease Asset = $241.06 ! I use straight line depreciation
Adjustment to Operating Earnings = $262.94 ! Operating lease expense - Depreciation
Adjustment to Total Debt outstanding = $ 1,446.35
- Depreciation
Company Name: LVMH
The Story
High growth Stable growth Story to Numbers

High growth period 10 Forever
Growth rate 1.84% 3.00%
Return on capital 22.00% 25.00%
Cost of capital 11.84% 9.13%
ROC - Cost of capital 10.17% 15.87%
Reinvestment Rate 8.35% 12.00%
New Investment growth 1.84% 3.0%
Effiiciency growth 0.00% 0.00%
Valuation Output $ Value

PV of cash flows in high growth = $45,263.43 Value of assets in place = ###
Terminal Value = $142,378.71 Value created/destroyed by growth = ($33,438.45)
PV of Terminal Value = $50,052.08
Value of the operating assets = $95,315.51
+ Cash & Cross holdings $6,282.80
- Debt & Minority Interests (if any) $4,388.00
Value of equity = $97,210.31
- Value of employee options $12,297.64
Value of equity in common stock = $84,912.67
Value of equity per share = $168.60
Stock Price per share = $400.00
% Under or Over Valued = 137.25%
% Value
135.08%
-35.08%
Valuing Options or Warrants
Enter the current stock price = $400.00
Enter the strike price on the option = $40.35
Enter the expiration of the option = 8.3
Enter the standard deviation in stock pri 25.00% (volatility)
Enter the annualized dividend yield on s 0.00%
Enter the treasury bond rate = 3.00%
Enter the number of warrants (options) 51.00
Enter the number of shares outstanding 503.63
Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 400 # Warrants issued= 50.998
Strike Price= 40.35 # Shares outstanding= 504
Adjusted S = 396.81515 T.Bond rate= 3.00%
Adjusted K = 40.35 Variance= 0.0625
Expiration (in years) = 8.3 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 3.00%
d1 = 3.87959911
N (d1) = 0.99994769
d2 = 3.1593561
N (d2) = 0.99920941
Value per option = $365.36

Value of all options outstanding = $18,632.79
You can use this spreadsheet to compute your cost of capital. You can either use the built-in data to compute key inputs (beta, equity risk premium, default
built in ERP data, you can update the ERP numbers to reflect a more current mature market premuum (since the spreadsheet uses the start of the year num
Equity
Number of Shares outstanding = 503.63 The last two rows in each of
country/regiion risk premium tables is
Current Market Price per share = $400.00 set aside for your input to provide you
with flexibility to enter some numbers
directly. For instance, assume that you
Unlevered beta = 0.92
have a company that breaks its
Riskfree Rate = 3.00% revenues down into three countries and
Equity Risk Premium = 7.69% then puts the rest into "Rest of the
World". You can enter the "Rest of the
World" in one of these two rows and
Debt enter an equity risk premium for the
Book Value of Straight Debt = $2,609.00 rest of the world. The easiest way to do
that is to go into the country equity risk
Interest Expense on Debt = $559.00 premium worksheet and change the
Average Maturity = 5 GDP for the three countries that you
Pre-tax Cost of Debt = 3.65% have data for to zero and compute the
global weighted average ERP for the
Tax Rate = 34% remaining countries. With the regional
worksheet, you can use the last two
Book Value of Convertible Debt = 0 rows to enter the data for an individual
country (usually the domestic country)
Interest Expense on Convertible = 0 that might be broken out though the
Maturity of Convertible Bond = 0 rest of the revenues are broken down
Market Value of Convertible = 0 by region. You can look up the ERP
for the country in the country ERP
worksheet.
Debt value of operating leases = $ -
OJO ERP COVID
Preferred Stock
Number of Preferred Shares = 0
Current Market Price per Share= 70
Annual Dividend per Share = 5
Output
Estimating Market Value of Straight Debt = $4,694.09
Estimated Value of Straight Debt in Convertible = $0.00
Value of Debt in Operating leases = $0.00
Estimated Value of Equity in Convertible = $0.00
Levered Beta for equity = 0.93
Equity Debt Preferred Stock Capital

Market Value ### $4,694.09 $0.00 ###
Weight in Cost of Capital 97.72% 2.28% 0.00% 100.00%
Cost of Component 10.15% 2.41% 7.14% 9.98%
mpute key inputs (beta, equity risk premium, default spread) or enter them directly. If you choose to use the
(since the spreadsheet uses the start of the year numbers).
Operating Countries ERP calculator

Country Revenues ERP Weight Weighted ERP
France 4725 6.49% 8.80% 0.57%
Europe 10203 10.44% 19.01% 1.98%
United States 12613 6.00% 23.50% 1.41% The last two rows in each of country/regio
set aside for your input to provide you w
Japan 3878 6.69% 7.23% 0.48% some numbers directly. For instance, a
Asia 16189 7.57% 30.16% 2.28% company that breaks its revenues down
Other countries 6062 8.46% 11.29% 0.96% then puts the rest into "Rest of the Wor
"Rest of the World" in one of these two r
0.00% 0.00% 0.00% risk premium for the rest of the world. Th
0.00% 0.00% 0.00% is to go into the country equity risk pre
0.00% 0.00% 0.00% change the GDP for the three countries t
zero and compute the global weighted
0.00% 0.00% 0.00% remaining countries. With the regional wo
0.00% 0.00% 0.00% last two rows to enter the data for an ind
the domestic country) that might be brok
0.00% 0.00%
the revenues are broken down by region
0.00% 0.00% ERP for the country in the country
Total 53670 100.00% 7.69%
Operating Regions ERP calculator
Region Revenues ERP Weight Weighted ERP
Africa 0 10.69% 0.00% 0.0000%
Asia 7440 7.01% 7.34% 0.5151%
Australia & New Zealand 6.00% 0.00% 0.0000%
Caribbean 0 11.42% 0.00% 0.0000%
Central and South A 0 9.28% 0.00% 0.0000%
Eastern Europe & Russia 8.14% 0.00% 0.0000%
Middle East 0 7.57% 0.00% 0.0000%
North America 93864 6.00% 92.66% 5.5593%
Western Europe 6.81% 0.00% 0.0000%
0.00% 0.0000%
0.00% 0.0000%
Total 101304 100.00% 6.0744%
Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated VaUnlevered Beta
Luxury goods $ 84.00 4.5817 $ 384.87 0.8602
Services $ 16.00 3.9986 $ 63.98 1.2535
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 $ 100.00 $ 448.84 0.9162
Multi Business (Global Industry Averages)

Business Revenues EV/Sales Estimated VaUnlevered Beta
Computers/Periphera $ 35,538.00 1.8378 $65,311.36 1.3493
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
0.0000 $ - 0.0000
Company $ 35,538.00 $65,311.36 1.3493
rows in each of country/region risk premium tables is
or your input to provide you with flexibility to enter
mbers directly. For instance, assume that you have a
hat breaks its revenues down into three countries and
the rest into "Rest of the World". You can enter the
World" in one of these two rows and enter an equity
m for the rest of the world. The easiest way to do that
nto the country equity risk premium worksheet and
GDP for the three countries that you have data for to
compute the global weighted average ERP for the
ountries. With the regional worksheet, you can use the
ws to enter the data for an individual country (usually
c country) that might be broken out though the rest of
es are broken down by region. You can look up the
for the country in the country ERP worksheet.
Inputs for synthetic rating estimation
Please read the special cases worksheet (see below) before you use this spreadsheet.
Before you use this spreadsheet, make sure that the iteration box (under calculation options in excel) is checked.
Enter the type of firm = 1
Enter current Earnings before interest and taxes (EBIT) = $11,273.00 (Add back only long term interest expense for financial firm
Enter current interest expenses = $559.00 (Use only long term interest expense for financial firms)
Enter long term risk free rate = 3.00%
Output
Interest coverage ratio = 20.17
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the operating lease commitm
Estimated Company Default Spread = 1.26% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any 0.41%
Estimated Cost of Debt = 4.67%
If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
If interest coverage ratio is
> ≤ to Rating is Spread is
-100000 0.199999 D2/D 28.34%
0.2 0.649999 Caa/CCC 21.26%
0.65 0.799999 Ca2/CC 16.20%
0.8 1.249999 C2/C 15.37%
1.25 1.499999 B3/B- 9.65%
1.5 1.749999 B2/B 7.90%
1.75 1.999999 B1/B+ 6.58%
2 2.2499999 Ba2/BB 4.50%
2.25 2.49999 Ba1/BB+ 3.75%
2.5 2.999999 Baa2/BBB 3.13%
3 4.249999 A3/A- 2.44%
4.25 5.499999 A2/A 2.16%
5.5 6.499999 A1/A+ 1.96%
6.5 8.499999 Aa2/AA 1.57%
8.50 100000 Aaa/AAA 1.26%
For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 28.34% Rating is Spread is
0.5 0.799999 Caa/CCC 21.26% A1/A+ 1.96%
0.8 1.249999 Ca2/CC 16.20% A2/A 2.16%
1.25 1.499999 C2/C 15.37% A3/A- 2.44%
1.5 1.999999 B3/B- 9.65% Aa2/AA 1.57%
2 2.499999 B2/B 7.90% Aaa/AAA 1.26%
2.5 2.999999 B1/B+ 6.58% B1/B+ 6.58%
3 3.499999 Ba2/BB 4.50% B2/B 7.90%
3.5 3.9999999 Ba1/BB+ 3.75% B3/B- 9.65%
4 4.499999 Baa2/BBB 3.13% Ba1/BB+ 3.75%
4.5 5.999999 A3/A- 2.44% Ba2/BB 4.50%
6 7.499999 A2/A 2.16% Baa2/BBB 3.13%
7.5 9.499999 A1/A+ 1.96% C2/C 15.37%
9.5 12.499999 Aa2/AA 1.57% Ca2/CC 16.20%
12.5 100000 Aaa/AAA 1.26% Caa/CCC 21.26%
D2/D 28.34%
preadsheet.
ptions in excel) is checked.
interest expense for financial firms)

st expense for financial firms)
e, set the operating lease commitment question in cell F5

Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin After-tax effective Unlevered
Industry Name firms years (Unadjusted) 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 (Alcoholic 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 & Invest 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 (Diversifie 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 -11.69% 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 Suppli 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 (Consum 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/Constru 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. (No 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 Furnishi 35 9.71% 7.09% 13.36% 22.03% 0.82 1.08
Green & Renewable 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/Cas 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 & Contai 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 & Newsp 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 (General 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 and 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 & Mari 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 (Entertain 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 Market
Cost of deviation in Pre-tax cost Debt/Capit Cost of Sales/Capit EV/EBITD
equity stock prices 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
Margin
Non-cash Cap Ex as Net Cap Ex Equity (Lease &
WC as % of % of as % of Reinvestme Dividend Reinvestment R&D
Trailing 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% -209.89% 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%
Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin After-tax effective Unlevered
Industry Name firms years (Unadjusted) ROC tax rate Beta Equity (Levered) Beta
Advertising 312 9.09% 8.73% 20.10% 26.81% 0.96 1.18
Aerospace/Defense 238 8.04% 9.60% 21.65% 20.49% 1.05 1.18
Air Transport 159 7.14% 8.46% 6.64% 22.12% 0.65 1.10
Apparel 1161 0.90% 11.54% 15.09% 25.12% 0.70 0.80
Auto & Truck 134 4.97% 4.79% 4.60% 22.32% 0.85 1.37
Auto Parts 682 5.28% 5.34% 7.46% 26.03% 1.11 1.26
Bank (Money Cente 595 16.39% 0.12% 0.02% 19.57% 0.40 0.81
Banks (Regional) 862 8.37% -0.02% -0.02% 18.28% 0.46 0.63
Beverage (Alcoholic 216 9.26% 21.60% 13.24% 24.57% 0.80 0.90
Beverage (Soft) 94 9.90% 16.03% 20.21% 12.98% 0.71 0.79
Broadcasting 138 3.52% 17.16% 16.26% 13.01% 0.69 0.97
Brokerage & Invest 559 11.28% 0.98% 0.15% 21.26% 0.44 1.00
Building Materials 426 4.94% 8.01% 10.73% 26.59% 0.83 0.96
Business & Consum 868 10.37% 8.57% 18.81% 25.27% 0.88 1.00
Cable TV 61 1.56% 16.69% 10.83% 23.73% 0.79 1.17
Chemical (Basic) 793 6.47% 7.92% 7.84% 20.56% 0.90 1.06
Chemical (Diversifie 73 2.71% 8.42% 7.55% 24.30% 0.95 1.22
Chemical (Specialty 829 7.55% 10.68% 10.76% 22.76% 0.98 1.12
Coal & Related Ene 224 8.88% 16.64% 14.76% 23.40% 1.27 1.45
Computer Services 969 8.67% 7.04% 19.83% 25.28% 0.98 1.08
Computers/Peripher 332 3.27% 9.99% 13.58% 19.69% 1.35 1.41
Construction Suppli 747 5.04% 10.39% 11.46% 22.70% 0.96 1.15
Diversified 319 7.49% 11.31% 8.73% 17.77% 0.69 0.93
Drugs (Biotechnolo 1024 23.00% 8.97% 7.18% 15.18% 1.40 1.43
Drugs (Pharmaceuti 1263 13.44% 18.09% 11.95% 15.70% 1.20 1.30
Education 211 6.38% 11.43% 11.17% 19.03% 1.02 1.14
Electrical Equipmen 902 7.89% 7.07% 11.58% 20.17% 1.15 1.28
Electronics (Consum 142 1.42% 4.82% 9.41% 11.20% 1.30 1.45
Electronics (Genera 1345 6.12% 6.05% 8.61% 21.00% 1.38 1.40
Engineering/Constru 1208 4.68% 5.29% 9.51% 25.04% 0.81 1.10
Entertainment 660 13.37% 11.77% 12.78% 22.57% 1.17 1.26
Environmental & Wa 325 11.70% 10.43% 12.53% 22.23% 1.01 1.22
Farming/Agriculture 406 8.36% 4.70% 5.38% 19.91% 0.60 0.82
Financial Svcs. (No 1059 13.24% 6.77% 0.39% 18.19% 0.15 0.79
Food Processing 1262 6.40% 8.53% 11.94% 21.38% 0.65 0.75
Food Wholesalers 151 15.60% 2.42% 10.67% 26.08% 0.52 0.76
Furn/Home Furnishi 328 6.49% 7.43% 15.56% 18.58% 1.01 1.03
Green & Renewable 213 23.74% 35.65% 7.11% 16.70% 0.59 0.89
Healthcare Product 739 11.38% 14.87% 14.02% 15.28% 1.13 1.20
Healthcare Support 402 18.36% 4.50% 27.23% 23.63% 0.82 1.01
Heathcare Informat 389 17.16% 12.30% 13.08% 15.76% 1.23 1.30
Homebuilding 167 11.34% 10.69% 10.54% 23.87% 0.75 0.89
Hospitals/Healthcare 206 7.81% 10.34% 9.52% 21.68% 0.50 0.78
Hotel/Gaming 639 13.22% 14.33% 8.80% 18.61% 0.68 0.90
Household Product 536 7.90% 16.39% 22.84% 24.38% 0.96 1.03
Information Service 215 14.94% 25.33% 36.83% 19.48% 1.05 1.10
Insurance (General) 216 6.47% 9.53% 13.44% 24.16% 0.54 0.61
Insurance (Life) 137 10.36% 9.21% 11.58% 16.66% 0.98 0.99
Insurance (Prop/Cas 223 5.89% 8.72% 9.63% 18.05% 0.50 0.56
Investments & Ass 1066 10.67% 18.77% 5.27% 16.80% 0.55 0.81
Machinery 1332 5.51% 9.02% 12.22% 23.77% 1.16 1.25
Metals & Mining 1529 11.40% 8.97% 10.10% 31.33% 1.09 1.33
Office Equipment & 146 3.13% 7.24% 13.16% 26.84% 0.94 1.04
Oil/Gas (Integrated) 49 0.75% 13.11% 13.70% 39.57% 1.14 1.30
Oil/Gas (Production 773 -0.96% 21.98% 9.10% 27.00% 1.14 1.55
Oil/Gas Distribution 160 16.27% 13.76% 7.24% 17.47% 0.83 1.28
Oilfield Svcs/Equip. 508 -0.90% 4.01% 8.22% 25.93% 1.06 1.41
Packaging & Contai 400 5.89% 8.95% 11.67% 22.96% 0.61 0.82
Paper/Forest Produ 279 6.52% 7.67% 6.51% 21.91% 0.74 1.03
Power 538 6.97% 12.62% 6.17% 19.47% 0.51 0.82
Precious Metals 844 18.56% 9.71% 6.81% 34.32% 1.00 1.08
Publishing & Newsp 352 0.96% 5.95% 7.24% 24.20% 0.85 0.96
R.E.I.T. 753 11.28% 35.99% 3.48% 3.37% 0.35 0.53
Real Estate (Devel 842 12.10% 20.38% 9.11% 35.45% 0.64 1.08
Real Estate (General 383 8.63% 19.83% 4.89% 22.67% 0.64 1.01
Real Estate (Operat 691 7.88% 23.00% 4.12% 20.50% 0.49 0.72
Recreation 315 3.88% 11.04% 10.09% 25.32% 0.84 0.92
Reinsurance 34 4.68% 5.90% 7.63% 17.68% 0.92 0.95
Restaurant/Dining 376 6.70% 10.98% 15.30% 22.43% 0.67 0.85
Retail (Automotive) 184 8.16% 4.29% 7.87% 25.02% 0.66 0.98
Retail (Building Sup 93 4.14% 9.78% 19.06% 25.70% 0.90 1.08
Retail (Distributors) 982 11.52% 4.10% 6.79% 23.33% 0.60 0.92
Retail (General) 210 1.56% 4.29% 8.37% 28.00% 0.86 1.12
Retail (Grocery and 170 3.25% 3.69% 7.76% 26.88% 0.49 0.73
Retail (Online) 297 14.43% 5.06% 6.69% 13.55% 1.23 1.28
Retail (Special Line 479 2.97% 5.63% 11.99% 25.09% 0.75 0.96
Rubber& Tires 89 0.64% 8.57% 8.60% 25.61% 0.72 0.94
Semiconductor 542 4.34% 18.19% 12.61% 14.52% 1.53 1.57
Semiconductor Equ 291 6.26% 16.34% 15.10% 16.16% 1.82 1.84
Shipbuilding & Mari 345 3.93% 8.09% 4.44% 18.47% 0.71 1.13
Shoe 78 -0.37% 9.74% 16.66% 17.94% 0.90 0.95
Software (Entertain 280 16.81% 22.15% 16.32% 18.87% 1.18 1.18
Software (Internet) 131 29.01% 5.13% 8.35% 15.69% 1.22 1.29
Software (System & 1375 15.16% 19.63% 18.19% 14.00% 1.25 1.28
Steel 695 6.41% 7.43% 6.44% 19.89% 0.82 1.13
Telecom (Wireless) 103 2.92% 13.78% 8.46% 28.10% 0.61 0.90
Telecom. Equipmen 474 5.53% 10.75% 11.14% 23.91% 1.27 1.32
Telecom. Services 317 9.88% 15.02% 10.62% 23.36% 0.59 0.89
Tobacco 54 2.58% 31.97% 19.32% 27.13% 0.87 1.04
Transportation 265 11.46% 6.91% 10.19% 23.20% 0.79 1.09
Transportation (Rai 52 7.04% 23.18% 9.48% 24.88% 0.83 1.04
Trucking 208 6.09% 1.89% 4.26% 26.86% 0.65 0.94
Utility (General) 52 1.72% 9.48% 5.87% 18.51% 0.41 0.65
Utility (Water) 99 11.74% 28.03% 7.67% 23.31% 0.69 0.95
Total Market 44394 8.38% 9.28% 6.15% 22.44% 0.79 1.08
Total Market (withou 39677 8.04% 9.78% 9.78% 23.58% 0.92 1.11
Std deviation
in stock Pre-tax cost Market Cost of
Cost of equity prices of debt Debt/Capital capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT
9.24% 46.39% 4.50% 33.05% 7.29% 2.64 1.71 11.10 18.32
9.24% 37.02% 4.10% 19.76% 8.02% 2.49 2.00 14.69 20.69
8.69% 30.61% 4.10% 51.58% 5.78% 1.01 1.64 8.16 20.91
6.88% 36.30% 4.10% 21.66% 6.05% 1.48 2.30 12.58 19.05
10.41% 33.62% 4.10% 53.44% 6.48% 1.06 0.90 9.81 18.37
9.71% 34.67% 4.10% 28.11% 7.84% 1.62 0.75 7.08 13.61
6.91% 22.54% 3.55% 71.14% 3.87% 0.14 7.62 NA NA
5.83% 19.98% 3.55% 60.95% 3.89% 0.21 4.90 NA NA
7.49% 29.17% 4.10% 18.38% 6.67% 0.74 4.27 15.54 19.68
6.82% 34.38% 4.10% 17.03% 6.18% 1.40 3.64 17.58 22.49
7.91% 33.69% 4.10% 40.21% 5.96% 1.14 2.03 8.46 11.71
8.10% 36.29% 4.10% 68.56% 4.64% 0.18 7.15 NA NA
7.88% 31.42% 4.10% 24.38% 6.70% 1.60 1.40 10.75 16.90
8.10% 41.49% 4.50% 20.83% 7.11% 2.54 1.93 9.73 21.45
9.16% 30.69% 4.10% 41.62% 6.62% 0.76 3.38 9.66 19.37
8.50% 32.19% 4.10% 27.91% 6.98% 1.17 1.31 9.60 16.08
9.44% 29.94% 4.10% 32.77% 7.35% 1.08 1.21 8.19 14.19
8.82% 36.68% 4.10% 21.07% 7.61% 1.17 2.03 11.48 18.61
10.89% 55.46% 4.50% 34.39% 8.30% 0.98 1.14 4.53 6.66
8.59% 39.39% 4.10% 19.37% 7.52% 3.28 1.23 11.79 16.76
10.65% 37.67% 4.10% 14.64% 9.54% 1.51 1.84 11.76 18.14
9.02% 35.08% 4.10% 31.46% 7.14% 1.28 1.35 8.55 12.50
7.67% 26.62% 4.10% 40.43% 5.80% 0.90 1.59 9.69 13.78
10.74% 62.07% 4.50% 10.95% 9.93% 0.44 7.93 16.03 64.01
9.93% 52.03% 4.50% 15.45% 8.92% 0.71 4.13 14.50 22.15
8.94% 39.39% 4.10% 21.45% 7.68% 1.14 3.18 15.17 27.66
9.83% 38.22% 4.10% 22.42% 8.31% 1.32 1.70 10.36 16.59
10.89% 40.86% 4.50% 27.96% 8.78% 1.84 0.78 7.94 14.72
10.57% 39.67% 4.10% 15.06% 9.43% 1.55 1.46 13.09 23.10
8.72% 36.53% 4.10% 47.60% 6.02% 2.07 0.64 8.22 11.62
9.70% 48.01% 4.50% 16.33% 8.67% 1.23 3.90 19.03 32.63
9.44% 43.82% 4.50% 27.01% 7.79% 1.35 2.48 13.46 22.78
6.97% 38.16% 4.10% 36.97% 5.52% 1.28 1.20 13.81 23.86
6.80% 34.53% 4.10% 86.28% 3.56% 0.07 15.97 152.52 NA
6.55% 32.02% 4.10% 21.54% 5.80% 1.66 1.73 13.72 20.08
6.59% 34.20% 4.10% 42.73% 5.08% 5.21 0.48 11.43 19.27
8.26% 34.40% 4.10% 19.35% 7.25% 2.41 1.19 10.93 15.28
7.40% 38.03% 4.10% 43.52% 5.51% 0.23 6.76 11.57 19.23
9.31% 48.36% 4.50% 11.06% 8.65% 0.97 5.17 21.35 33.23
8.16% 39.82% 4.10% 29.35% 6.66% 7.27 0.72 11.55 16.13
9.93% 53.76% 4.50% 10.76% 9.22% 1.10 5.71 24.81 42.35
7.39% 32.29% 4.10% 30.14% 6.08% 1.35 1.15 9.29 11.47
6.74% 31.47% 4.10% 44.48% 5.10% 1.22 2.22 12.00 22.92
7.46% 34.67% 4.10% 34.66% 5.93% 0.77 3.03 12.39 22.43
8.29% 40.58% 4.50% 12.57% 7.67% 1.60 3.40 16.10 20.52
8.73% 41.26% 4.50% 10.81% 8.15% 1.65 8.12 25.30 31.21
5.71% 26.83% 4.10% 29.76% 4.92% 1.66 1.08 9.05 11.05
8.05% 25.89% 4.10% 44.93% 5.80% 1.49 0.89 8.85 9.52
5.35% 24.73% 3.55% 22.83% 4.73% 1.33 1.11 10.56 12.53
6.94% 37.11% 4.10% 47.77% 5.08% 0.31 4.88 20.14 24.68
9.66% 35.09% 4.10% 18.06% 8.46% 1.50 1.76 12.21 17.97
10.17% 71.29% 5.25% 31.24% 8.21% 1.16 1.26 7.57 13.20
8.38% 36.39% 4.10% 25.25% 7.03% 2.09 1.06 9.29 14.13
9.93% 28.82% 4.10% 20.73% 8.50% 1.38 1.42 6.77 11.01
11.51% 63.69% 4.50% 36.21% 8.55% 0.43 2.77 5.14 12.26
9.86% 33.56% 4.10% 44.48% 6.83% 0.59 2.86 12.80 20.58
10.62% 44.97% 4.50% 35.83% 8.02% 2.24 0.74 9.45 17.83
6.97% 35.41% 4.10% 35.42% 5.58% 1.55 1.43 9.33 15.58
8.27% 35.35% 4.10% 39.73% 6.19% 0.98 1.30 9.42 16.73
7.02% 26.60% 4.10% 48.63% 5.09% 0.60 2.25 9.68 17.84
8.57% 81.37% 7.75% 16.00% 8.12% 0.72 3.14 11.00 29.81
7.83% 37.95% 4.10% 28.48% 6.47% 1.46 1.22 10.07 19.77
5.21% 18.54% 3.55% 43.48% 4.09% 0.11 13.78 23.06 36.57
8.56% 33.04% 4.10% 60.02% 5.25% 0.55 2.10 9.45 10.11
8.17% 29.90% 4.10% 49.49% 5.64% 0.29 3.43 12.79 16.87
6.34% 31.57% 4.10% 41.96% 4.96% 0.21 5.64 17.02 23.00
7.63% 37.72% 4.10% 21.96% 6.63% 1.07 2.51 13.36 21.68
7.79% 23.61% 3.55% 19.11% 6.80% 1.49 0.88 13.22 14.84
7.16% 34.40% 4.10% 29.34% 5.95% 1.83 2.78 14.99 27.46
7.96% 34.45% 4.10% 42.19% 5.88% 2.51 0.86 12.09 21.27
8.61% 36.34% 4.10% 23.07% 7.33% 2.49 1.79 12.88 18.87
7.61% 36.07% 4.10% 47.80% 5.43% 1.94 0.72 10.90 16.71
8.84% 29.10% 4.10% 33.47% 6.90% 2.76 0.91 11.22 23.19
6.42% 29.31% 4.10% 43.75% 4.94% 3.03 0.74 9.47 22.48
9.84% 51.87% 4.50% 10.63% 9.15% 1.59 3.58 23.73 63.81
7.83% 37.51% 4.10% 32.53% 6.28% 2.46 1.19 10.30 19.70
7.71% 28.62% 4.10% 35.42% 6.06% 1.17 1.04 6.63 11.80
11.62% 38.89% 4.10% 10.84% 10.69% 0.74 4.39 13.11 23.71
13.29% 41.00% 4.50% 9.32% 12.36% 1.03 3.91 17.31 23.37
8.90% 33.90% 4.10% 50.26% 5.96% 0.63 1.91 9.58 23.09
7.82% 34.37% 4.10% 11.59% 7.26% 2.01 2.67 18.84 26.78
9.19% 55.26% 4.50% 4.77% 8.91% 0.76 6.86 21.16 30.98
9.92% 46.67% 4.50% 13.00% 9.06% 1.46 5.04 19.63 53.90
9.85% 50.45% 4.50% 8.52% 9.30% 0.93 7.71 24.35 35.57
8.88% 37.09% 4.10% 41.41% 6.46% 0.99 0.76 5.92 9.88
7.49% 33.97% 4.10% 43.20% 5.57% 0.68 2.32 6.81 15.96
10.07% 42.66% 4.50% 14.83% 9.07% 1.11 2.37 14.18 20.88
7.41% 39.02% 4.10% 43.30% 5.52% 0.81 2.35 7.06 15.54
8.33% 29.53% 4.10% 24.47% 7.04% 0.73 4.03 11.10 12.54
8.64% 32.74% 4.10% 38.95% 6.46% 1.78 1.30 10.47 18.46
8.37% 19.15% 3.55% 28.23% 6.75% 0.52 3.71 10.91 15.82
7.74% 32.56% 4.10% 42.74% 5.73% 1.20 1.47 8.84 46.04
5.96% 20.13% 3.55% 46.04% 4.43% 0.76 2.28 12.58 24.10
7.78% 26.75% 4.10% 38.06% 5.98% 0.34 4.98 12.47 17.83
8.58% 39.22% 4.10% 41.49% 6.28% 0.75 2.28 14.08 23.08
8.79% 40.31% 4.50% 28.49% 7.24% 1.13 1.89 11.19 18.66
Non-cash WC Net Cap Ex Equity
as % of Cap Ex as % as % of Reinvestment Dividend Reinvestment
Price/Book Trailing PE Revenues of Revenues Revenues Rate ROE Payout Ratio Rate
2.20 66.32 -2.43% 2.06% 3.09% 54.25% 7.33% 78.46% 78.46%
5.19 43.89 33.34% 3.28% 4.81% 104.79% 22.03% 45.34% 45.34%
2.00 21.68 -2.92% 11.22% 4.40% 71.87% 11.74% 43.62% 43.62%
3.01 31.98 22.85% 4.32% 2.82% 57.36% 11.86% 53.16% 53.16%
1.03 35.28 4.63% 7.00% 4.13% 132.03% 8.55% 45.20% 45.20%
1.29 36.52 11.54% 6.18% 5.17% 143.18% 6.96% 48.31% 48.31%
0.94 14.38 NA 3.62% 3.36% 3240.04% 10.94% 35.45% 35.45%
0.72 14.93 NA 3.32% 1.78% NA 10.91% 25.78% 25.78%
3.64 32.86 8.70% 4.92% 1.41% 13.52% 15.40% 45.16% 45.16%
5.78 72.48 -4.42% 4.71% 5.57% 40.87% 26.79% 58.58% 58.58%
1.56 46.47 16.96% 3.81% 14.73% 112.23% 31.76% 42.25% 42.25%
1.41 60.36 NA 5.33% 4.83% -1876.79% 9.00% 49.32% 49.32%
2.15 29.19 17.22% 4.24% 3.17% 66.98% 10.16% 38.45% 38.45%
4.22 44.56 9.46% 2.86% 2.04% 43.25% 14.18% 51.63% 51.63%
2.42 39.47 1.12% 12.73% 10.91% 87.16% 19.12% 16.58% 16.58%
1.49 36.38 12.24% 9.06% 6.71% 117.42% 8.13% 71.03% 71.03%
1.30 19.54 18.89% 7.76% 6.04% 109.20% 12.52% 40.97% 40.97%
2.28 30.04 17.68% 6.96% 5.93% 92.37% 10.95% 47.58% 47.58%
0.94 17.12 -2.21% 7.83% 4.01% 33.17% 13.06% 56.77% 56.77%
3.37 37.80 13.78% 1.68% 5.06% 104.29% 16.39% 38.37% 38.37%
3.81 43.67 2.71% 3.99% 2.04% 27.84% 18.18% 34.05% 34.05%
1.62 36.03 11.29% 4.89% 2.45% 56.12% 12.03% 49.33% 49.33%
1.08 27.05 -13.69% 5.11% 3.42% 52.44% 8.24% 30.71% 30.71%
6.75 156.28 18.43% 5.49% 9.75% 248.23% -2.07% 0.23% 0.23%
3.66 66.88 17.69% 4.98% 6.22% 46.97% 11.03% 74.47% 74.47%
2.77 57.39 3.08% 6.83% 8.50% 122.20% 11.76% 34.15% 34.15%
2.28 53.31 23.79% 4.74% 3.66% 82.74% 6.70% 67.13% 67.13%
1.63 56.47 2.41% 4.40% 3.69% 121.72% 13.13% 23.70% 23.70%
2.37 54.11 17.29% 6.45% 5.03% 138.97% 7.90% 48.79% 48.79%
1.11 52.56 15.41% 3.37% 3.52% 156.88% 9.57% 52.94% 52.94%
3.25 52.25 5.11% 4.60% 5.19% 72.29% 9.11% 37.59% 37.59%
2.95 139.86 11.58% 9.57% 7.43% 126.75% 7.72% 69.24% 69.24%
1.83 79.75 15.69% 4.94% 3.41% 112.79% 6.75% 54.44% 54.44%
1.35 69.45 NA 6.89% 6.96% 195.11% 20.62% 21.15% 21.15%
2.75 41.68 10.50% 4.61% 3.77% 62.30% 7.94% 74.53% 74.53%
2.07 51.75 4.84% 1.50% 1.72% 98.46% 9.13% 54.52% 54.52%
2.72 28.37 4.77% 3.48% 2.63% 54.42% 14.26% 49.21% 49.21%
1.72 105.77 4.85% 28.77% 13.76% 69.90% 10.43% 77.84% 77.84%
4.56 52.19 24.36% 5.36% 6.43% 73.06% 9.69% 38.01% 38.01%
2.55 36.18 -1.25% 1.00% 4.64% 157.31% 12.27% 39.05% 39.05%
5.53 770.42 20.89% 5.62% 6.40% 85.22% 10.18% 15.27% 15.27%
1.58 16.18 59.54% 1.21% 1.26% 62.00% 14.77% 21.82% 21.82%
3.42 39.72 7.56% 6.92% 5.70% 95.93% 12.87% 39.65% 39.65%
2.38 53.15 0.13% 8.60% 5.46% 57.35% 11.44% 52.95% 52.95%
5.96 73.77 6.71% 3.82% 3.47% 30.26% 16.30% 74.39% 74.39%
6.28 39.07 6.87% 3.26% 14.11% 78.66% 27.33% 26.40% 26.40%
1.33 28.44 -1.06% 0.73% 2.24% 35.87% 9.62% 49.79% 49.79%
1.03 24.90 -100.44% 0.69% 0.46% 6.29% 11.23% 29.03% 29.03%
1.30 42.81 -37.72% 0.86% 0.14% 11.64% 9.59% 36.64% 36.64%
1.36 119.48 NA 2.60% 14.36% 119.90% 10.25% 48.83% 48.83%
2.54 37.30 25.26% 4.32% 5.10% 96.45% 10.33% 44.50% 44.50%
1.44 155.38 9.46% 7.89% 4.57% 76.84% 7.56% 76.72% 76.72%
2.03 28.86 13.64% 2.61% 0.94% 34.87% 9.19% 47.20% 47.20%
1.74 23.56 2.75% 9.03% 3.44% 39.93% 14.15% 63.51% 63.51%
1.11 21.49 3.02% 35.12% 11.11% 66.13% 6.22% 56.67% 56.67%
1.57 25.89 3.30% 17.10% 10.59% 92.24% 7.20% 124.74% 124.74%
1.43 32.97 5.74% 4.24% 2.27% 70.00% 0.01% 0.64% 0.64%
2.24 31.04 13.83% 5.95% 8.50% 124.23% 9.92% 52.44% 52.44%
1.27 31.86 18.79% 6.88% 6.82% 123.22% 5.43% 72.55% 72.55%
1.33 29.29 1.46% 15.90% 8.24% 91.18% 7.86% 68.97% 68.97%
2.04 75.41 12.30% 17.41% 7.51% 168.90% 3.56% 100.12% 100.12%
1.44 88.49 12.51% 3.54% 1.85% 37.61% 2.79% 126.54% 126.54%
1.67 65.48 66.89% 6.30% 1.65% 5.61% 6.11% 118.69% 118.69%
0.86 48.49 161.31% 2.91% 4.88% 133.77% 12.83% 57.02% 57.02%
0.73 39.26 84.32% 8.67% 10.27% 130.72% 7.66% 40.86% 40.86%
1.01 429.93 21.02% 4.66% 4.57% 36.89% 8.11% 30.21% 30.21%
2.97 40.73 22.90% 6.19% 3.92% 95.36% 7.68% 66.20% 66.20%
1.11 19.61 -45.51% 0.44% 0.69% 27.82% 6.12% 59.03% 59.03%
13.25 75.37 -1.51% 4.86% 2.30% 32.87% 42.10% 52.85% 52.85%
3.09 42.52 11.14% 2.51% 1.81% 77.04% 14.86% 34.17% 34.17%
9.46 65.77 8.01% 2.42% 0.65% 26.62% 32.90% 54.40% 54.40%
1.28 114.37 13.94% 3.00% 2.60% 46.96% 10.44% 40.47% 40.47%
2.85 36.01 -0.43% 2.87% 0.74% 32.89% 11.47% 50.20% 50.20%
2.07 243.19 -3.82% 2.86% 0.76% 29.66% 10.18% 56.80% 56.80%
7.51 82.74 -0.50% 4.67% 0.51% 66.25% 16.75% 8.96% 8.96%
3.35 28.58 7.49% 2.20% 0.33% 24.33% 14.11% 41.43% 41.43%
1.23 44.02 21.23% 5.81% 3.38% 64.29% 9.75% 41.36% 41.36%
3.86 80.32 17.01% 17.07% 13.99% 90.75% 14.55% 48.63% 48.63%
4.64 52.13 29.05% 6.88% 8.23% 62.67% 17.32% 39.60% 39.60%
1.06 25.97 1.34% 9.41% 4.42% 67.54% 5.18% 76.32% 76.32%
5.99 27.97 20.00% 1.69% -0.28% 4.68% 20.80% 36.84% 36.84%
5.33 90.61 3.10% 13.49% 8.93% 57.94% 18.70% 3.62% 3.62%
8.03 62.07 3.57% 7.68% 8.21% 245.65% 0.43% 580.31% 580.31%
8.13 99.44 13.72% 5.62% 8.27% 59.05% 21.17% 32.64% 32.64%
0.90 47.73 13.91% 4.93% 2.70% 62.21% 5.21% 60.95% 60.95%
1.56 30.64 -5.19% 12.56% 0.63% 22.93% 6.28% 89.99% 89.99%
3.64 119.54 21.13% 3.71% 4.32% 69.87% 7.69% 81.77% 81.77%
1.74 92.74 1.51% 12.95% -3.32% -30.53% 7.76% 100.79% 100.79%
3.50 18.33 19.32% 3.54% 2.33% 19.70% 20.84% 94.66% 94.66%
1.86 85.83 3.10% 5.22% 4.10% 98.00% 12.40% 60.77% 60.77%
2.48 24.18 10.02% 17.07% 11.88% 71.83% 15.30% 28.57% 28.57%
2.00 21.05 8.03% 10.60% 8.38% 1460.24% -3.89% 0.34% 0.34%
1.72 419.59 -1.89% 13.08% 9.13% 117.66% 12.24% 58.93% 58.93%
1.86 30.35 2.51% 25.79% 17.60% 117.76% 10.69% 62.39% 48.53%
1.90 65.24 -117.43% 5.87% 3.97% 69.13% 10.69% 48.53% 48.53%
2.26 66.07 10.92% 6.32% 4.10% 69.36% 10.41% 54.72% 54.72%
Pre-tax
Operating
Margin
(Lease &
R&D
adjusted)
9.09%
9.80%
7.81%
11.90%
5.01%
5.53%
0.16%
-0.12%
21.63%
16.17%
17.15%
0.99%
8.25%
8.94%
16.72%
8.00%
8.60%
10.89%
16.71%
7.30%
10.25%
10.54%
11.39%
16.48%
18.57%
11.32%
9.99%
5.64%
6.37%
5.54%
11.41%
10.68%
4.79%
6.65%
8.57%
2.48%
7.71%
34.86%
15.65%
4.41%
12.88%
9.99%
9.35%
13.36%
16.53%
25.59%
9.54%
9.25%
8.73%
18.26%
9.81%
9.08%
7.54%
12.92%
22.31%
13.69%
4.09%
9.14%
7.72%
12.44%
9.88%
5.84%
33.11%
20.33%
19.87%
23.22%
11.03%
5.89%
10.07%
3.88%
9.49%
4.22%
3.91%
3.29%
4.78%
5.99%
8.84%
18.90%
17.02%
8.15%
9.93%
23.84%
6.15%
21.24%
7.54%
14.36%
11.02%
15.10%
32.11%
7.05%
23.46%
4.10%
9.45%
27.80%
9.42%
9.94%
Mature Market ERP + 6.00%
Country Moody's ratingAdj. Default SprEquity Risk Premium

Country Risk Premium
Abu Dhabi Aa2 0.41% 6.49% 0.49%
Albania B1 3.76% 10.44% 4.44%
Algeria NA 5.44% 12.42% 6.42%
Andorra (Principality of) Baa2 1.59% 7.88% 1.88%
Angola B3 5.44% 12.42% 6.42%
Anguilla NA 4.60% 11.42% 5.42%
Antigua & Barbuda NA 4.60% 11.42% 5.42%
Argentina Caa2 7.53% 14.88% 8.88%
Armenia Ba3 3.01% 9.55% 3.55%
Aruba Baa1 1.34% 7.57% 1.57%
Australia Aaa 0.00% 6.00% 0.00%
Austria Aa1 0.33% 6.39% 0.39%
Azerbaijan Ba2 2.51% 8.96% 2.96%
Bahamas Baa3 1.84% 8.17% 2.17%
Bahrain B2 4.60% 11.43% 5.43%
Bangladesh Ba3 3.01% 9.55% 3.55%
Barbados Caa1 6.27% 13.39% 7.39%
Belarus B3 5.44% 12.42% 6.42%
Belgium Aa3 0.51% 6.60% 0.60%
Belize B3 5.44% 12.42% 6.42%
Benin B2 4.60% 11.43% 5.43%
Bermuda A2 0.71% 6.84% 0.84%
Bolivia Ba3 3.01% 9.55% 3.55%
Bosnia and Herzegovina B3 5.44% 12.42% 6.42%
Botswana A2 0.71% 6.84% 0.84%
Brazil Ba2 2.51% 8.96% 2.96%
British Virgin Islands NA 4.60% 11.42% 5.42%
Brunei NA 0.33% 6.39% 0.39%
Bulgaria Baa2 1.59% 7.88% 1.88%
Burkina Faso B2 4.60% 11.43% 5.43%
Cambodia B2 4.60% 11.43% 5.43%
Cameroon B2 4.60% 11.43% 5.43%
Canada Aaa 0.00% 6.00% 0.00%
Cape Verde B2 4.60% 11.43% 5.43%
Cayman Islands Aa3 0.51% 6.60% 0.60%
Channel Islands NA 0.69% 6.81% 0.81%
Chile A1 0.59% 6.69% 0.69%
China A1 0.59% 6.69% 0.69%
Colombia Baa2 1.59% 7.88% 1.88%
Congo (Democratic Repu Caa1 6.27% 13.39% 7.39%
Congo (Republic of) Caa2 7.53% 14.88% 8.88%
Cook Islands B1 3.76% 10.44% 4.44%
Costa Rica B1 3.76% 10.44% 4.44%
Croatia Ba2 2.51% 8.96% 2.96%
Cuba Caa2 7.53% 14.88% 8.88%
Curaçao Baa1 1.34% 7.57% 1.57%
Cyprus Ba2 2.51% 8.96% 2.96%
Czech Republic Aa3 0.51% 6.60% 0.60%
Denmark Aaa 0.00% 6.00% 0.00%
Dominican Republic Ba3 3.01% 9.55% 3.55%
Ecuador B3 5.44% 12.42% 6.42%
Egypt B2 4.60% 11.43% 5.43%
El Salvador B3 7.53% 14.88% 8.88%
Estonia A1 0.59% 6.69% 0.69%
Ethiopia B1 3.76% 10.44% 4.44%
Falkland Islands NA 2.74% 9.23% 3.23%
Fiji Ba3 3.01% 9.55% 3.55%
Finland Aa1 0.33% 6.39% 0.39%
France Aa2 0.41% 6.49% 0.49%
Gabon Caa1 6.27% 13.39% 7.39%
Gambia NA 5.44% 12.42% 6.42%
Georgia Ba2 2.51% 8.96% 2.96%
Germany Aaa 0.00% 6.00% 0.00%
Ghana B3 5.44% 12.42% 6.42%
Gibraltar NA 0.69% 6.81% 0.81%
Greece B1 3.76% 10.44% 4.44%
Greenland NA 0.69% 6.81% 0.81%
Guatemala Ba1 2.09% 8.46% 2.46%
Guernsey Baa1 1.34% 7.57% 1.57%
Guinea NA 8.36% 15.86% 9.86%
Guinea-Bissau NA 5.44% 12.42% 6.42%
Guyana NA 5.44% 12.42% 6.42%
Haiti NA 7.53% 14.88% 8.88%
Honduras B1 3.76% 10.44% 4.44%
Hong Kong Aa2 0.41% 6.49% 0.49%
Hungary Baa3 1.84% 8.17% 2.17%
Iceland A2 0.71% 6.84% 0.84%
India Baa2 1.59% 7.88% 1.88%
Indonesia Baa2 1.59% 7.88% 1.88%
Iran NA 5.44% 12.42% 6.42%
Iraq Caa1 6.27% 13.39% 7.39%
Ireland A2 0.71% 6.84% 0.84%
Isle of Man Aa2 0.41% 6.49% 0.49%
Israel A1 0.59% 6.69% 0.69%
Italy Baa3 1.84% 8.17% 2.17%
Ivory Coast Ba3 3.01% 9.55% 3.55%
Jamaica B2 4.60% 11.43% 5.43%
Japan A1 0.59% 6.69% 0.69%
Jersey A1 0.59% 6.69% 0.69%
Jordan B1 3.76% 10.44% 4.44%
Kazakhstan Baa3 1.84% 8.17% 2.17%
Kenya B2 4.60% 11.43% 5.43%
Korea, D.P.R. NA 10.03% 17.83% 11.83%
Kuwait Aa2 0.41% 6.49% 0.49%
Kyrgyzstan B2 4.60% 11.43% 5.43%
Laos B2 4.60% 11.43% 5.43%
Latvia A3 1.00% 7.18% 1.18%
Lebanon Caa2 7.53% 14.88% 8.88%
Liberia NA 14.00% 22.51% 16.51%
Libya NA 2.51% 8.96% 2.96%
Liechtenstein Aaa 0.00% 6.00% 0.00%
Lithuania A3 1.00% 7.18% 1.18%
Luxembourg Aaa 0.00% 6.00% 0.00%
Macao Aa3 0.51% 6.60% 0.60%
Macedonia Ba3 3.01% 9.55% 3.55%
Madagascar NA 4.60% 11.43% 5.43%
Malawi NA 5.44% 12.42% 6.42%
Malaysia A3 1.00% 7.18% 1.18%
Mali B3 5.44% 12.42% 6.42%
Malta A2 0.71% 6.84% 0.84%
Mauritius Baa1 1.34% 7.57% 1.57%
Mexico A3 1.00% 7.18% 1.18%
Moldova B3 5.44% 12.42% 6.42%
Mongolia B3 5.44% 12.42% 6.42%
Montenegro B1 3.76% 10.44% 4.44%
Montserrat Baa3 1.84% 8.17% 2.17%
Morocco Ba1 2.09% 8.46% 2.46%
Mozambique Caa2 7.53% 14.88% 8.88%
Myanmar NA 5.44% 12.42% 6.42%
Namibia Ba2 2.51% 8.96% 2.96%
Netherlands Aaa 0.00% 6.00% 0.00%
Netherlands Antilles NA 4.60% 11.42% 5.42%
New Zealand Aaa 0.00% 6.00% 0.00%
Nicaragua B2 4.60% 11.43% 5.43%
Niger B3 5.44% 12.42% 6.42%
Nigeria B2 4.60% 11.43% 5.43%
Norway Aaa 0.00% 6.00% 0.00%
Oman Ba1 2.09% 8.46% 2.46%
Pakistan B3 5.44% 12.42% 6.42%
Palestinian Authority NA 1.34% 7.57% 1.57%
Panama Baa1 1.34% 7.57% 1.57%
Papua New Guinea B2 4.60% 11.43% 5.43%
Paraguay Ba1 2.09% 8.46% 2.46%
Peru A3 1.00% 7.18% 1.18%
Philippines Baa2 1.59% 7.88% 1.88%
Poland A2 0.71% 6.84% 0.84%
Portugal Baa3 1.84% 8.17% 2.17%
Qatar Aa3 0.51% 6.60% 0.60%
Ras Al Khaimah (Emirate Caa1 6.27% 13.39% 7.39%
Reunion NA 0.86% 7.01% 1.01%
Romania Baa3 1.84% 8.17% 2.17%
Russia Baa3 1.84% 8.17% 2.17%
Rwanda B2 4.60% 11.43% 5.43%
Saint Lucia NA 4.60% 11.42% 5.42%
Saudi Arabia A1 0.59% 6.69% 0.69%
Senegal Ba3 3.01% 9.55% 3.55%
Serbia Ba3 3.01% 9.55% 3.55%
Sharjah A3 1.00% 7.18% 1.18%
Sierra Leone NA 8.36% 15.86% 9.86%
Singapore Aaa 0.00% 6.00% 0.00%
Slovakia A2 0.71% 6.84% 0.84%
Slovenia Baa1 1.34% 7.57% 1.57%
Solomon Islands B3 5.44% 12.42% 6.42%
Somalia NA 10.03% 17.83% 11.83%
South Africa Baa3 1.84% 8.17% 2.17%
South Korea Aa2 0.41% 6.49% 0.49%
Spain Baa1 1.34% 7.57% 1.57%
Sri Lanka B2 4.60% 11.43% 5.43%
St. Maarten Baa3 1.84% 8.17% 2.17%
St. Vincent & the Grena B3 5.44% 12.42% 6.42%
Sudan NA 14.00% 22.51% 16.51%
Suriname B2 4.60% 11.43% 5.43%
Swaziland B2 4.60% 11.43% 5.43%
Sweden Aaa 0.00% 6.00% 0.00%
Switzerland Aaa 0.00% 6.00% 0.00%
Syria NA 10.03% 17.83% 11.83%
Taiwan Aa3 0.51% 6.60% 0.60%
Tajikistan B3 5.44% 12.42% 6.42%
Tanzania B1 3.76% 10.44% 4.44%
Thailand Baa1 1.34% 7.57% 1.57%
Togo B3 5.44% 12.42% 6.42%
Trinidad and Tobago Ba1 2.09% 8.46% 2.46%
Tunisia B2 4.60% 11.43% 5.43%
Turkey B1 3.76% 10.44% 4.44%
Turks and Caicos Island Baa1 1.34% 7.57% 1.57%
Uganda B2 4.60% 11.43% 5.43%
Ukraine Caa1 6.27% 13.39% 7.39%
United Arab Emirates Aa2 0.41% 6.49% 0.49%
United Kingdom Aa2 0.41% 6.49% 0.49%
United States Aaa 0.00% 6.00% 0.00%
Uruguay B1 3.76% 10.44% 4.44%
Venezuela C 15.00% 23.69% 17.69%
Vietnam Ba3 3.01% 9.55% 3.55%
Yemen NA 10.03% 17.83% 11.83%
Zambia Caa2 7.53% 14.88% 8.88%
Zimbabwe NA 10.03% 17.83% 11.83%
ERP Default Spread Tax rate CRP

Africa 10.69% 3.97% 28.49% 4.69%
Asia 7.01% 0.86% 26.12% 1.01%
Australia & New Zealand 6.00% 0.00% 29.75% 0.00%
Caribbean 11.42% 4.60% 23.88% 5.42%
Central and South America 9.28% 2.78% 30.96% 3.28%
Eastern Europe & Russia 8.14% 1.81% 18.36% 2.14%
Middle East 7.57% 1.34% 27.37% 1.57%
North America 6.00% 0.00% 25.12% 0.00%
Western Europe 6.81% 0.69% 25.04% 0.81%
Global 6.98% 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%
Last 10K
First X months:
FirstLast
X months:
year Current
Trailing
year
12 month
Revenues $5,089.00 $2,242.00 $3,271.00 $6,118.00
R&D expense $1,399.00 $858.00 $637.00 $1,178.00
Operating income or EBIT $538.00 -$362.00 $935.00 $1,835.00
Interest expenses $51.00 $24.00 $29.00 $56.00
Book value of equity $11,755.00 $12,349.00
Book value of debt $2,356.00 $2,167.00
Do you have operating lease commitments?
Cash and cross holdings $9,626.00 $10,252.00
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 41.00% 22.31% 38.90%
Marginal tax rate =
Lease commitments
Year 1 $142.00 NA
Year 2 $128.00 NA
Year 3 $117.00 NA
Year 4 $110.00 NA
Year 5 $102.00 NA
Beyond year 5 $252.00 NA
Yes/No Yes/NoBook or Market VERP choices Cost of debt
Yes Current PriceOperating Country Yes B Will input Direct input
No Estimated VaOperating Regions No V Country of incorporSynthetic rat
Operating countriesActual rating
Operating regions
Synthetic ratiBeta Rating is
1 Direct input Aaa/AAA
2 Single Business(U Aa2/AA
Actual rating Single Business(GlA1/A+
Multibusiness(US)A2/A
Multibusiness(GlobA3/A-
Baa2/BBB
Ba1/BB+
Ba2/BB
B1/B+
B2/B
B3/B-
C2/C
Ca2/CC
Caa/CCC
D2/D
Country GDP (in billions) in 2018 Moody's rating Adj. Default Spread
Angola 105.75 B3 7.63%
Benin 10.35 B2 6.46%
Botswana 18.62 A2 1.00%
Burkina Faso 14.12 B2 6.46%
Cameroon 38.68 B2 6.46%
Cape Verde 1.90 B2 6.46%
Congo (Democratic Republ 47.23 Caa1 8.80%
Congo (Republic of) 11.26 Caa2 10.57%
Côte d'Ivoire 43.01 Ba3 4.22%
Egypt 250.89 B2 6.46%
Ethiopia 84.36 B2 6.46%
Gabon 16.85 Caa1 8.80%
Ghana 65.56 B3 7.63%
Kenya 87.91 B2 6.46%
Mali 17.16 B3 7.63%
Morocco 117.92 Ba1 2.93%
Mozambique 14.72 Caa2 10.57%
Namibia 14.52 Ba2 3.53%
Niger 9.29 B3 7.63%
Nigeria 397.27 B2 6.46%
Rwanda 9.51 B2 6.46%
Senegal 24.13 Ba3 4.22%
South Africa 368.29 Ba1 2.93%
Swaziland 4.71 B2 6.46%
Tanzania 58.00 B1 5.28%
Togo 5.36 B3 7.63%
Tunisia 39.87 B2 6.46%
Uganda 27.46 B2 6.46%
Zambia 26.72 Ca 14.08%
Africa 1931.42 5.74%
Bangladesh 274.02 Ba3 4.22%
Cambodia 24.54 B2 6.46%
China 13608.15 A1 0.83%
Fiji 5.54 Ba3 4.22%
Hong Kong 362.68 Aa3 0.71%
India 2718.73 Baa3 2.58%
Indonesia 1042.17 Baa2 2.23%
Japan 4971.32 A1 0.83%
Korea 1619.42 Aa2 0.58%
Laos 17.95 B3 1.41%
Macao 55.08 Aa3 0.71%
Malaysia 358.58 A3 1.41%
Maldives 5.33 B3 7.63%
Mauritius 14.22 Baa1 1.87%
Mongolia 13.07 B3 7.63%
Pakistan 314.59 B3 7.63%
Papua New Guinea 23.50 B2 6.46%
Philippines 330.91 Baa2 2.23%
Singapore 364.16 Aaa 0.00%
Solomon Islands 1.40 B3 7.63%
Sri Lanka 88.90 B2 6.46%
Taiwan 646.00 Aa3 0.71%
Thailand 504.99 Baa1 1.87%
Vietnam 245.21 Ba3 4.22%
Asia 27610.4766658108 1.24%
Australia 1433.90 Aaa 0.00%
Cook Islands 1.20 B1 5.28%
New Zealand 204.92 Aaa 0.00%
Australia & New Zealand 1640.02826636947 0.00%
Aruba 2.70 Baa1 1.87%
Bahamas 12.42 Ba2 3.53%
Barbados 5.15 Caa1 8.80%
Bermuda 5.57 A2 1.00%
Cayman Islands 5.14 Aa3 0.71%
Cuba 100.02 Caa2 10.57%
Curacao 3.13 Baa2 2.23%
Dominican Republic 85.56 Ba3 4.22%
Jamaica 15.71 B2 6.46%
Montserrat 1.50 Baa3 2.58%
St. Maarten 1.50 Baa3 2.58%
St. Vincent & the Grenadi 0.92 B3 7.63%
Trinidad and Tobago 23.81 Ba1 2.93%
Turks and Caicos Islands 1.02 Baa1 1.87%
Caribbean 264.156268571415 6.50%
Argentina 519.87 Ca 14.08%
Belize 1.87 Caa1 8.80%
Bolivia 40.29 B1 5.28%
Brazil 1868.63 Ba2 3.53%
Chile 298.23 A1 0.83%
Colombia 331.05 Baa2 2.23%
Costa Rica 60.13 B2 6.46%
Ecuador 108.40 Caa3 11.73%
El Salvador 26.06 B3 7.63%
Guatemala 78.46 Ba1 2.93%
Honduras 23.97 B1 5.28%
Mexico 1220.70 Baa1 1.87%
Nicaragua 13.12 B3 7.63%
Panama 65.06 Baa1 1.87%
Paraguay 40.50 Ba1 2.93%
Peru 222.04 A3 1.41%
Suriname 3.59 B3 7.63%
Uruguay 59.60 Baa2 2.23%
Venezuela 100.00 C 17.50%
Central and South Ameri 5081.55212304536 4.37%
Albania 15.10 B1 5.28%
Armenia 12.43 Ba3 4.22%
Azerbaijan 46.94 Ba2 3.53%
Belarus 59.66 B3 7.63%
Bosnia and Herzegovina 20.16 B3 7.63%
Bulgaria 65.13 Baa2 2.23%
Croatia 60.97 Ba2 3.53%
Czech Republic 245.23 Aa3 0.71%
Estonia 30.73 A1 0.83%
Georgia 17.60 Ba2 3.53%
Hungary 157.88 Baa3 2.58%
Kazakhstan 179.34 Baa3 2.58%
Kyrgyzstan 8.09 B2 6.46%
Latvia 34.41 A3 1.41%
Lithuania 53.43 A3 1.41%
Macedonia 12.67 Ba3 4.22%
Moldova 11.44 B3 7.63%
Montenegro 5.50 B1 5.28%
Poland 585.66 A2 1.00%
Romania 239.55 Baa3 2.58%
Russia 1657.55 Baa3 2.58%
Serbia 50.60 Ba3 4.22%
Slovakia 105.90 A2 1.00%
Slovenia 54.01 Baa1 1.87%
Tajikistan 7.52 B3 7.63%
Ukraine 130.83 B3 7.63%
Uzbekistan 50.50 B1 5.28%
Eastern Europe & Russia 3918.87 2.54%
Abu Dhabi 253.00 Aa2 0.58%
Bahrain 37.75 B2 6.46%
Iraq 224.23 Caa1 8.80%
Israel 370.59 A1 0.83%
Jordan 42.23 B1 5.28%
Kuwait 140.65 Aa2 0.58%
Lebanon 56.64 Ca 14.08%
Oman 79.28 Ba3 4.22%
Qatar 191.36 Aa3 0.71%
Ras Al Khaimah (Emirate 5.20 A2 1.00%
Saudi Arabia 786.52 A1 0.83%
Sharjah 5.00 Baa2 2.23%
United Arab Emirates 414.18 Aa2 0.58%
Middle East 2606.61758510203 1.98%
Canada 1713.34 Aaa 0.00%
United States 20544.34 Aaa 0.00%
North America 22257.6851618135 0.00%
Andorra (Principality of) 3.24 Baa2 2.23%
Austria 455.29 Aa1 0.47%
Belgium 542.76 Aa3 0.71%
Cyprus 24.96 Ba2 3.53%
Denmark 355.68 Aaa 0.00%
Finland 276.74 Aa1 0.47%
France 2777.54 Aa2 0.58%
Germany 3947.62 Aaa 0.00%
Greece 218.03 B1 5.28%
Guernsey (States of) 0.50 Aa3 0.71%
Iceland 25.88 A2 1.00%
Ireland 382.49 A2 1.00%
Isle of Man 6.77 Aa2 0.58%
Italy 2083.86 Baa3 2.58%
Jersey (States of) 1.00 Aa3 0.71%
Liechtenstein 6.21 Aaa 0.00%
Luxembourg 70.89 Aaa 0.00%
Malta 14.55 A2 1.00%
Netherlands 913.66 Aaa 0.00%
Norway 434.17 Aaa 0.00%
Portugal 240.67 Baa3 2.58%
Spain 1419.04 Baa1 1.87%
Sweden 556.09 Aaa 0.00%
Switzerland 705.14 Aaa 0.00%
Turkey 771.35 B1 5.28%
United Kingdom 2855.30 Aa2 0.58%
Western Europe 19089.42074047 0.96%
Region Weighted Average: TRP Weighted Average: CRP

Weighted Average: Default Spreads
Africa 12.42% 7.19% 5.74%
Asia 6.78% 1.55% 1.24%
Australia & New Zealand 5.23% 0.00% 0.00%
Caribbean 13.37% 8.14% 6.50%
Central and South America 10.70% 5.47% 4.37%
Eastern Europe & Russia 8.42% 3.19% 2.54%
Middle East 7.70% 2.47% 1.98%
North America 5.23% 0.00% 0.00%
Western Europe 6.44% 1.21% 0.96%
Global 6.76% 1.53% 1.22%
For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 9.26% 3.22% 27.74%
Australia, NZ & Canada 5.23% 0.00% 28.09%
Latin America & Caribbean 10.83% 3.39% 27.15%
Japan 6.26% 0.83% 30.62%
US 5.23% 0.00% 25.00%
Europe 6.44% 0.96% 22.62%
Emerging Markets 7.99% 1.49% 26.16%
Small Asia (No India, China & 7.59% 1.23% 20.00%
India 8.46% 2.58% 30.00%
China 6.26% 0.83% 25.00%
Global 6.76% 1.22% 25.70%
Equity Risk PremiumCountry Risk Premium Corporate Tax Rate
14.79% 9.56% 30.00%
13.32% 8.09% 30.00%
6.48% 1.25% 22.00%
13.32% 8.09% 28.00%
13.32% 8.09% 33.00%
13.32% 8.09% 0.00%
16.25% 11.02% 35.00%
18.46% 13.23% 32.36%
10.52% 5.29% 25.00%
13.32% 8.09% 22.50%
13.32% 8.09% 30.00%
16.25% 11.02% 30.00%
14.79% 9.56% 25.00%
13.32% 8.09% 30.00%
14.79% 9.56% 28.24%
8.90% 3.67% 31.00%
18.46% 13.23% 32.00%
9.64% 4.41% 32.00%
14.79% 9.56% 32.36%
13.32% 8.09% 30.00%
13.32% 8.09% 30.00%
10.52% 5.29% 30.00%
8.90% 3.67% 28.00%
13.32% 8.09% 27.50%
11.84% 6.61% 30.00%
14.79% 9.56% 32.36%
13.32% 8.09% 25.00%
13.32% 8.09% 30.00%
22.86% 17.63% 35.00%
12.42% 7.19% 28.49%
10.52% 5.29% 25.00%
13.32% 8.09% 20.00%
6.26% 1.03% 25.00%
10.52% 5.29% 20.00%
6.12% 0.89% 16.50%
8.46% 3.23% 30.00%
8.03% 2.80% 25.00%
6.26% 1.03% 30.62%
5.96% 0.73% 25.00%
6.99% 1.76% 30.19%
6.12% 0.89% 12.00%
6.99% 1.76% 24.00%
14.79% 9.56% 30.19%
7.58% 2.35% 15.00%
14.79% 9.56% 25.00%
14.79% 9.56% 30.00%
13.32% 8.09% 30.00%
8.03% 2.80% 30.00%
5.23% 0.00% 17.00%
14.79% 9.56% 30.00%
13.32% 8.09% 28.00%
6.12% 0.89% 20.00%
7.58% 2.35% 20.00%
10.52% 5.29% 20.00%
6.78% 1.55% 26.12%
5.23% 0.00% 30.00%
11.84% 6.61% 28.43%
5.23% 0.00% 28.00%
5.23% 0.00% 29.75%
7.58% 2.35% 25.00%
9.64% 4.41% 0.00%
16.25% 11.02% 5.50%
6.48% 1.25% 0.00%
6.12% 0.89% 0.00%
18.46% 13.23% 27.24%
8.03% 2.80% 22.00%
10.52% 5.29% 27.00%
13.32% 8.09% 25.00%
8.46% 3.23% 27.24%
8.46% 3.23% 35.00%
14.79% 9.56% 30.00%
8.90% 3.67% 25.00%
7.58% 2.35% 0.00%
13.37% 8.14% 23.88%
22.86% 17.63% 30.00%
16.25% 11.02% 32.36%
11.84% 6.61% 25.00%
9.64% 4.41% 34.00%
6.26% 1.03% 27.00%
8.03% 2.80% 33.00%
13.32% 8.09% 30.00%
19.92% 14.69% 25.00%
14.79% 9.56% 30.00%
8.90% 3.67% 25.00%
11.84% 6.61% 25.00%
7.58% 2.35% 30.00%
14.79% 9.56% 30.00%
7.58% 2.35% 25.00%
8.90% 3.67% 10.00%
6.99% 1.76% 29.50%
14.79% 9.56% 36.00%
8.03% 2.80% 25.00%
27.14% 21.91% 34.00%
10.70% 5.47% 31.02%
11.84% 6.61% 15.00%
10.52% 5.29% 20.00%
9.64% 4.41% 20.00%
14.79% 9.56% 18.00%
14.79% 9.56% 10.00%
8.03% 2.80% 10.00%
9.64% 4.41% 18.00%
6.12% 0.89% 19.00%
6.26% 1.03% 20.00%
9.64% 4.41% 15.00%
8.46% 3.23% 9.00%
8.46% 3.23% 20.00%
13.32% 8.09% 10.00%
6.99% 1.76% 20.00%
6.99% 1.76% 15.00%
10.52% 5.29% 10.00%
14.79% 9.56% 12.00%
11.84% 6.61% 9.00%
6.48% 1.25% 19.00%
8.46% 3.23% 16.00%
8.46% 3.23% 20.00%
10.52% 5.29% 15.00%
6.48% 1.25% 21.00%
7.58% 2.35% 19.00%
14.79% 9.56% 30.19%
14.79% 9.56% 18.00%
11.84% 6.61% 7.50%
8.42% 3.19% 18.36%
5.96% 0.73% 55.00%
13.32% 8.09% 0.00%
16.25% 11.02% 15.00%
6.26% 1.03% 23.00%
11.84% 6.61% 20.00%
5.96% 0.73% 15.00%
22.86% 17.63% 17.00%
10.52% 5.29% 15.00%
6.12% 0.89% 10.00%
6.48% 1.25% 0.00%
6.26% 1.03% 20.00%
8.03% 2.80% 0.00%
5.96% 0.73% 55.00%
7.70% 2.47% 27.37%
5.23% 0.00% 26.50%
5.23% 0.00% 25.00%
5.23% 0.00% 25.12%
8.03% 2.80% 10.00%
5.81% 0.58% 25.00%
6.12% 0.89% 29.00%
9.64% 4.41% 12.50%
5.23% 0.00% 22.00%
5.81% 0.58% 20.00%
5.96% 0.73% 31.00%
5.23% 0.00% 30.00%
11.84% 6.61% 28.00%
6.12% 0.89% 0.00%
6.48% 1.25% 20.00%
6.48% 1.25% 12.50%
5.96% 0.73% 0.00%
8.46% 3.23% 24.00%
6.12% 0.89% 0.00%
5.23% 0.00% 12.50%
5.23% 0.00% 26.01%
6.48% 1.25% 35.00%
5.23% 0.00% 25.00%
5.23% 0.00% 22.00%
8.46% 3.23% 21.00%
7.58% 2.35% 25.00%
5.23% 0.00% 21.40%
5.23% 0.00% 18.00%
11.84% 6.61% 22.00%
5.96% 0.73% 19.00%
6.44% 1.21% 25.04%
Tax Rate Total GDP Weight

28.49% 1931.42234928991 2.29%
26.12% 27610.4766658108 32.71%
29.75% 1640.02826636947 1.94%
23.88% 264.156268571415 0.31%
31.02% 5081.55212304536 6.02%
18.36% 3918.86981308963 4.64%
27.37% 2606.61758510203 3.09%
25.12% 22257.6851618135 26.37%
25.04% 19089.42074047 22.62%
25.70% 84400.2289735622
Region GDP Weight Weight*Default Spread
Africa 5.48% 0.42%
Africa 0.54% 0.03%
Africa 0.96% 0.01%
Africa 0.73% 0.05%
Africa 2.00% 0.13%
Africa 0.10% 0.01%
Africa 2.45% 0.22%
Africa 0.58% 0.06%
Africa 2.23% 0.09%
Africa 12.99% 0.84%
Africa 4.37% 0.28%
Africa 0.87% 0.08%
Africa 3.39% 0.26%
Africa 4.55% 0.29%
Africa 0.89% 0.07%
Africa 6.11% 0.18%
Africa 0.76% 0.08%
Africa 0.75% 0.03%
Africa 0.48% 0.04%
Africa 20.57% 1.33%
Africa 0.49% 0.03%
Africa 1.25% 0.05%
Africa 19.07% 0.56%
Africa 0.24% 0.02%
Africa 3.00% 0.16%
Africa 0.28% 0.02%
Africa 2.06% 0.13%
Africa 1.42% 0.09%
Africa 1.38% 0.19%
100.00%
Asia 0.99% 0.04%
Asia 0.09% 0.01%
Asia 49.29% 0.41%
Asia 0.02% 0.00%
Asia 1.31% 0.01%
Asia 9.85% 0.25%
Asia 3.77% 0.08%
Asia 18.01% 0.15%
Asia 5.87% 0.03%
Asia 0.07% 0.00%
Asia 0.20% 0.00%
Asia 1.30% 0.02%
Asia 0.02% 0.00%
Asia 0.05% 0.00%
Asia 0.05% 0.00%
Asia 1.14% 0.09%
Asia 0.09% 0.01%
Asia 1.20% 0.03%
Asia 1.32% 0.00%
Asia 0.01% 0.00%
Asia 0.32% 0.02%
Asia 2.34% 0.02%
Asia 1.83% 0.03%
Asia 0.89% 0.04%
100.00%
Australia & New Zealand 87.43% 0.00%
100.00%
Caribbean 1.02% 0.02%
100.00%
Central and South America 10.23% 1.44%
100.00%
Eastern Europe & Russia 0.39% 0.02%
100.00%
Middle East 9.71% 0.06%
100.00%
North America 7.70% 0.00%
North America 92.30% 0.00%
Western Europe 0.02% 0.00%

100.00%
Weight *ERP Weight*CRP Weight*Default Spread

0.28% 0.16% 0.13%
2.22% 0.51% 0.41%
0.10% 0.00% 0.00%
0.04% 0.03% 0.02%
0.64% 0.33% 0.26%
0.39% 0.15% 0.12%
0.24% 0.08% 0.06%
1.38% 0.00% 0.00%
1.46% 0.27% 0.22%
Weight*ERP Weight*CRP Weight * Tax Rate
0.81% 0.52% 1.64%
0.07% 0.04% 0.16%
0.06% 0.01% 0.21%
0.10% 0.06% 0.20%
0.27% 0.16% 0.66%
0.01% 0.01% 0.00%
0.40% 0.27% 0.86%
0.11% 0.08% 0.19%
0.23% 0.12% 0.56%
1.73% 1.05% 2.92%
0.58% 0.35% 1.31%
0.14% 0.10% 0.26%
0.50% 0.32% 0.85%
0.61% 0.37% 1.37%
0.13% 0.08% 0.25%
0.54% 0.22% 1.89%
0.14% 0.10% 0.24%
0.07% 0.03% 0.24%
0.07% 0.05% 0.16%
2.74% 1.66% 6.17%
0.07% 0.04% 0.15%
0.13% 0.07% 0.37%
1.70% 0.70% 5.34%
0.03% 0.02% 0.07%
0.36% 0.20% 0.90%
0.04% 0.03% 0.09%
0.27% 0.17% 0.52%
0.19% 0.11% 0.43%
0.32% 0.24% 0.48%
0.10% 0.05% 0.25%

0.01% 0.01% 0.02%
3.09% 0.51% 12.32%
0.00% 0.00% 0.00%
0.08% 0.01% 0.22%
0.83% 0.32% 2.95%
0.30% 0.11% 0.94%
1.13% 0.19% 5.51%
0.35% 0.04% 1.47%
0.00% 0.00% 0.02%
0.01% 0.00% 0.02%
0.09% 0.02% 0.31%
0.00% 0.00% 0.01%
0.00% 0.00% 0.01%
0.01% 0.00% 0.01%
0.17% 0.11% 0.34%
0.01% 0.01% 0.03%
0.10% 0.03% 0.36%
0.07% 0.00% 0.22%
0.00% 0.00% 0.00%
0.04% 0.03% 0.09%
0.14% 0.02% 0.47%
0.14% 0.04% 0.37%
0.09% 0.05% 0.18%
4.57% 0.00% 26.23%

0.01% 0.00% 0.02%
0.65% 0.00% 3.50%
0.08% 0.02% 0.26%

0.45% 0.21% 0.00%
0.32% 0.21% 0.11%
0.14% 0.03% 0.00%
0.12% 0.02% 0.00%
6.99% 5.01% 10.31%
0.10% 0.03% 0.26%
3.41% 1.71% 8.74%
0.79% 0.48% 1.49%
0.05% 0.02% 0.15%
0.05% 0.02% 0.20%
0.05% 0.03% 0.10%
0.80% 0.33% 2.25%
0.03% 0.01% 0.00%
8.14%
2.34% 1.80% 3.07%
0.01% 0.00% 0.01%
0.09% 0.05% 0.20%
3.55% 1.62% 12.50%
0.37% 0.06% 1.58%
0.52% 0.18% 2.15%
0.16% 0.10% 0.35%
0.42% 0.31% 0.53%
0.08% 0.05% 0.15%
0.14% 0.06% 0.39%
0.06% 0.03% 0.12%
1.82% 0.56% 7.21%
0.04% 0.02% 0.08%
0.10% 0.03% 0.32%
0.07% 0.03% 0.08%
0.31% 0.08% 1.29%
0.01% 0.01% 0.03%
0.09% 0.03% 0.29%
0.53% 0.43% 0.67%
0.05% 0.03% 0.06%

0.03% 0.02% 0.06%
0.12% 0.05% 0.24%
0.23% 0.15% 0.27%
0.08% 0.05% 0.05%
0.13% 0.05% 0.17%
0.15% 0.07% 0.28%
0.38% 0.06% 1.19%
0.05% 0.01% 0.16%
0.04% 0.02% 0.07%
0.34% 0.13% 0.36%
0.39% 0.15% 0.92%
0.03% 0.02% 0.02%
0.06% 0.02% 0.18%
0.10% 0.02% 0.20%
0.03% 0.02% 0.03%
0.04% 0.03% 0.04%
0.02% 0.01% 0.01%
0.97% 0.19% 2.84%
0.52% 0.20% 0.98%
3.58% 1.37% 8.46%
0.14% 0.07% 0.19%
0.18% 0.03% 0.57%
0.10% 0.03% 0.26%
0.03% 0.02% 0.06%
0.49% 0.32% 0.60%
0.15% 0.09% 0.10%
0.58% 0.07% 5.34%

0.19% 0.12% 0.00%
1.40% 0.95% 1.29%
0.89% 0.15% 3.27%
0.19% 0.11% 0.32%
0.32% 0.04% 0.81%
0.50% 0.38% 0.37%
0.32% 0.16% 0.46%
0.45% 0.07% 0.73%
0.01% 0.00% 0.00%
1.89% 0.31% 6.03%
0.02% 0.01% 0.00%
0.95% 0.12% 8.74%
0.40% 0.00% 2.04%

4.83% 0.00% 23.08%
0.00% 0.00% 0.00%

0.14% 0.01% 0.60%
0.17% 0.03% 0.82%
0.01% 0.01% 0.02%
0.10% 0.00% 0.41%
0.08% 0.01% 0.29%
0.87% 0.11% 4.51%
1.08% 0.00% 6.20%
0.14% 0.08% 0.32%
0.00% 0.00% 0.00%
0.01% 0.00% 0.03%
0.13% 0.02% 0.25%
0.00% 0.00% 0.00%
0.92% 0.35% 2.62%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.02% 0.00% 0.10%
0.00% 0.00% 0.03%
0.25% 0.00% 1.20%
0.12% 0.00% 0.50%
0.11% 0.04% 0.26%
0.56% 0.17% 1.86%
0.15% 0.00% 0.62%
0.19% 0.00% 0.66%
0.48% 0.27% 0.89%
0.89% 0.11% 2.84%
Weight* Tax Rate

0.65%
8.54%
0.58%
0.07%
1.87%
0.85%
0.85%
6.62%
5.66%

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FCFF VALUATION MODEL

you will have to

Cash & Marketable Securities = $5,673.00 $4,610.00 ? 13

Market Data for your firm

General Market Data

Do you want me to gradually adjust your high growth inputs in Yes

Stable Growth Period

e input your numbers into R&D converter worksheet

choose to normalize earnings.

pital spreadsheet to compute this number

mator worksheet that is attached

pital spreadsheet to compute this number

Normalized EBIT (before adj $11,273.00

Adjusted EBIT = $11,634.80

Adjusted Interest Expense = $559.00

Adjusted Capital Spending $2,374.39

Adjusted Depreciation & Am $1,765.40

Tax Rate on Income = 34.00%

Current Revenues = $53,670.00

Current Non-cash Working Ca $483.70

Chg. Working Capital = $61.68

Adjusted Book Value of Debt $2,207.20

Adjusted Book Value of Equi$38,426.20

Length of High Growth Perio 10 Forever

Growth Rate = 1.84% 3.00%

Debt Ratio used in Cost of Ca 1.28% 30.00%

Beta used for stock = 1.14 1.00

Riskfree rate = 3.00% 3.00%

Risk Premium = 7.85% 7.50%

Effective Tax rate (for cash f 31.65% 34.00%

Reinvestment Rate = 8.35% 12.00% Imputed Return on capital 25.00%

Output from the program

Cost of Equity = 11.95%

After-tax Cost of debt = 3.09%

Debt/(Debt +Equity) = 1.28%

Cost of Capital = 11.84%

Expected Growth Rate 1.84%

Working Capital as percent 0.90% (in percent)

-Chg. Working $62 $9 $9 $9 $9 $10 $11 $12 $14 $16 $17

Growth Rate in Stable Phase 3.00%

Reinvestment Rate in Stable 12.00%

FCFF in Stable Phase = $8,730.66

Cost of Equity in Stable Phas 10.50%

Equity/ (Equity + Debt) = 70.00%

AT Cost of Debt in Stable Ph 5.94%

Debt/ (Equity + Debt) = 30.00%

Cost of Capital in Stable Pha 9.13%

Value at the end of growth ###

Present Value of FCFF in high growth phase = $45,263.43

Present Value of Terminal Value of Firm = $50,052.08

Value of operating assets of the firm = $95,315.51

Value of Cash, Marketable Securities & Non-operating$6,282.80

Value of Firm = ###

Market Value of outstanding debt = $2,609.00

Minority Interests $1,779.00

Market Value of Equity = $97,210.31

Value of Equity in Options = $12,297.64

Value of Equity in Common Stock = $84,912.67

Value of equity per share = $168.60

Stock price = $400.00

Weight ERP WeightCRP Weight*Default Spread