Date of valuation Mar-18 Important: Before you run this spreadsheet, go into p

Company name Spotify There should be a check against the iteration box. If th
Numbers from your base year below ( in consistent units)
This year Last year
Country of incorporation Sweden
Industry (US) Entertainment
Industry (Global) Entertainment Last 10K Years since last 10K
Revenues € 4,090.00 € 2,952.00 1
Operating income or EBIT (€ 378.00) (€ 349.00) 1
Interest expense € 0.00 € 336.00
Book value of equity € 1,182.00 € 238.00
Book value of debt € 0.00 € 944.00
Do you have R&D expenses to capitalize? Yes If you want to capitalize R&D, you have to input the
Do you have operating lease commitments? No If you have operating leases, please enter your lease c
Cash and Marketable Securities € 1,509.00 € 1,585.00
Cross holdings and other non-operating assets € 910.00 € -
Minority interests € - € -
Number of shares outstanding = 177.17
Current stock price = € 107.33
Effective tax rate = 25.00%
Marginal tax rate = 25.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 ye 25.00% Growth Lever
Target pre-tax operating margin (EBIT as % of sales in 12.97% Profitability Lever
Year of convergence 10.00 Speed of convergence level
Sales to capital ratio (for computing reinvestment) = 4.00 Efficency of Growth Lever
Market numbers
Riskfree rate 2.85%
Initial cost of capital = 9.24%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 20.82
Average strike price = € 42.56
Average maturity = 3.30
Standard deviation on stock price = 30.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)
Do you want to override this assumption = No Mature companies generally see their risk levels appr
If yes, enter the cost of capital after year 10 = 8% Though some sectors, even in stable growth, may have
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive
Do you want to override this assumption = Yes Mature companies find it difficult to generate returns
If yes, enter the return on capital you expect after year 1 12% But there are significant exceptions among companies
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = Yes Many young, growth companies fail, especially if they
If yes, enter the probability of failure = 20% Tough to estimate but a key input.
What do you want to tie your proceeds in failure to? V B: Book value of capital, V= Estimated fair value for
Enter the distress proceeds as percentage of book or fair 50% This can be zero, if the assets will be worth nothing if
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will l
Do you want to override this assumption = No
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money losing compa
Do you want to override this assumption = Yes Check the financial statements.
If yes, enter the NOL that you are carrying over into yea € 1,351.00 An NOL will shield your income from taxes, even afte
I will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation consistency and prevents "im
Do you want to override this assumption = No
If yes, enter the growth rate in perpetuity 1.00% This can be negative, if you feel the company will dec
I have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming due and that cash is a neutral ass
Do you want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistru $0.00 Cash that is trapped in foreign markets (and subject to addi
& Average tax rate of the foreign markets where the cash is t 15% Additional tax rate due on trapped cash or discount being a
 run this spreadsheet, go into preferences in Excel and check under Calculation options
k against the iteration box. If there is not, you will get circular reasoning errors.
w ( in consistent units)

s since last 10K

ze R&D, you have to input the numbers into the R&D worksheet.
ases, please enter your lease commitments in the lease worksheet below and I will convert to debt

Computed numbers: Here is what your company's numbers look like, relative to industry.
If you are not working in US dollars, you should add the inflation differential to the industry averages.
Company Industry (US datIndustry (Global data)
Revenue growth in the most recent year = 38.55% 3.33% 7.56%
Pre-tax operating margin in the most recent year -3.75% 20.72% 16.53%
Sales to capital ratio in most recent year = -12.51 1.59 1.40
Return on invested capital in most recent year= -88.99% 31.11% 20.75%
Standard deviation in stock prices = 54.94% 44.77%
Cost of capital = 6.93% 8.34%

Valuation Output Feedback (for you to use to fine tune your inputs, if you want)
Revenues in year 10, based on your revenue growth = $ 22,157
Pre-tax Operating Income in year 10, based on your operating m $ 2,874
Return on invested capital in year 10, based on your sales/capital 46.20%
Check the Diagnostics worksheet for more details.

panies (riskfree rate + 4.5%)

rally see their risk levels approach the average
ven in stable growth, may have higher risk.
ing that whatever competitive advantages you have today will fade over time.
it difficult to generate returns that exceed the cost of capital
t exceptions among companies with long-lasting competitive advantages.

mpanies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt payments.

l, V= Estimated fair value for the company

assets will be worth nothing if the firm fails.
erride this assumption, I will leave the tax rate at your effective tax rate.
ou have a money losing company, you may want to override tis.

r income from taxes, even after you start making money.

n consistency and prevents "impossible" growth rates.

you feel the company will decline (and disappear) after growth is done. If you let it exceed the risk free rate, you are on your own in uncharted territory.
due and that cash is a neutral asset.

eign markets (and subject to additoinal tax) or cash that is being discounted by the market (because of management mistrust)
trapped cash or discount being applied to cash balance because of mistrust.
debt payments.
own in uncharted territory.
 Base year 1 2 3 4
Revenue growth rate 25.00% 25.00% 25.00% 25.00%
Revenues € 4,090.00 € 5,112.50 € 6,390.63 € 7,988.28 € 9,985.35
EBIT (Operating) margin -3.75% -2.08% -0.41% 1.26% 2.94%
EBIT (Operating income) € (153.50) € (106.38) € (26.11) € 100.95 € 293.17
Tax rate € 0.25 € 0.25 € 0.25 € 0.25 € 0.25
EBIT(1-t) € (153.50) € (106.38) € (26.11) € 100.95 € 293.17
- Reinvestment € 255.63 € 319.53 € 399.41 € 499.27
FCFF € (362.01) € (345.64) € (298.46) € (206.10)
NOL € 1,351.00 € 1,457.38 € 1,483.49 € 1,382.54 € 1,089.37

Cost of capital 9.24% 9.24% 9.24% 9.24%

Cumulated discount factor 0.9154 0.8380 0.7672 0.7023
PV(FCFF) € (331.39) € (289.65) € (228.97) € (144.74)

Terminal cash flow € 1,643.39

Terminal cost of capital 7.35%
Terminal value ###
PV(Terminal value) ###
PV (CF over next 10 years € 1,289.39
Sum of PV ###
Probability of failure = 20.00%
Proceeds if firm fails = $8,596.02
Value of operating assets ###
- Debt € -
- Minority interests € -
+ Cash € 1,509.00
+ Non-operating assets € 910.00
Value of equity ###
- Value of options € 1,344.28
Value of equity in common ###
Number of shares 177.17
In Euros In US $
Estimated value /share € 93.40 $ 115.31
Most Recent Pricing € 107.33 $ 132.50
Price as % of value 114.91%

Implied variables
Sales to capital ratio 4.00 4.00 4.00 4.00
Invested capital $ 173 $ 428 $ 748 $ 1,147 $ 1,646
ROIC -88.99% -24.85% -3.49% 8.80% 17.81%
 5 6 7 8 9 10 Terminal year
25.00% 20.57% 16.14% 11.71% 7.28% 2.85% 2.85%
### ### ### ### ### ### ###
4.61% 6.28% 7.95% 9.63% 11.30% 12.97% 12.97%
€ 575.19 € 945.16 € 1,389.99 € 1,879.27 € 2,366.35 € 2,794.05 € 2,873.68
€ 0.25 € 0.25 € 0.25 € 0.25 € 0.25 € 0.25 € 0.25
€ 575.19 € 837.42 € 1,042.49 € 1,409.45 € 1,774.76 € 2,095.54 € 2,155.26
€ 624.08 € 641.87 € 607.23 € 511.67 € 355.35 € 149.24 € 511.87
€ (48.90) € 195.55 € 435.26 € 897.78 € 1,419.41 € 1,946.30 € 1,643.39
€ 514.18 € - € - € - € - € - € -

9.24% 8.86% 8.48% 8.10% 7.73% 7.35% 7.35%

0.6429 0.5906 0.5444 0.5036 0.4675 0.4355
€ (31.44) € 115.49 € 236.95 € 452.11 € 663.52 € 847.52

After year 10
4.00 4.00 4.00 4.00 4.00 4.00
$ 2,270 $ 2,912 $ 3,520 $ 4,031 $ 4,387 $ 4,536
25.33% 28.75% 29.62% 34.96% 40.46% 46.20% 12.00%
Compare this return on capital in year 10 against
a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise
erminal year Check these revenues against
a. Overall market size
b. Largest companies in this market

$ 3,027.18 This is is how much your operating income

grew over the ten-year period.

$ 4,875.17 This is how much capital you

invested over the ten year period.

fter year 10
 return on capital in year 10 against
y average(column E of worksheet)
on capital after year 10
h (low), you may want to lower (raise) your sales to capital ratio
 Revenue Pre-Tax Pre-Tax After-Tax
Year Revenues Growth Operating Operating NOL Taxes Operating
Rate Margin Income Income
Traling 12 m $ 4,090.00 -3.75% $ (153.50) $ 1,351.00 $ - $ (153.50)
1 $ 5,112.50 25.00% -2.08% $ (106.38) $ 1,457.38 $ - $ (106.38)
2 $ 6,390.63 25.00% -0.41% $ (26.11) $ 1,483.49 $ - $ (26.11)
3 $ 7,988.28 25.00% 1.26% $ 100.95 $ 1,382.54 $ - $ 100.95
4 $ 9,985.35 25.00% 2.94% $ 293.17 $ 1,089.37 $ - $ 293.17
5 $12,481.69 25.00% 4.61% $ 575.19 $ 514.18 $ - $ 575.19
6 $15,049.17 20.57% 6.28% $ 945.16 $ - $ 107.74 $ 837.42
7 $17,478.11 16.14% 7.95% $ 1,389.99 $ - $ 347.50 $ 1,042.49
8 $19,524.80 11.71% 9.63% $ 1,879.27 $ - $ 469.82 $ 1,409.45
9 $20,946.20 7.28% 11.30% $ 2,366.35 $ - $ 591.59 $ 1,774.76
10 $21,543.17 2.85% 12.97% $ 2,794.05 $ - $ 698.51 $ 2,095.54

After-Tax Change in Sales to Reinvestm Capital Implied

Year Operating FCFF
Income Revenues Capital ent Invested ROC

Traling 12 m $ (153.50) $ 172.50 -88.99%

1 $ (106.38) $ 1,022.50 4.00 $ 255.63 $ (362.01) $ 428.13 -24.85%
2 $ (26.11) $ 1,278.13 4.00 $ 319.53 $ (345.64) $ 747.66 -3.49%
3 $ 100.95 $ 1,597.66 4.00 $ 399.41 $ (298.46) $ 1,147.07 8.80%
4 $ 293.17 $ 1,997.07 4.00 $ 499.27 $ (206.10) $ 1,646.34 17.81%
5 $ 575.19 $ 2,496.34 4.00 $ 624.08 $ (48.90) $ 2,270.42 25.33%
6 $ 837.42 $ 2,567.48 4.00 $ 641.87 $ 195.55 $ 2,912.29 28.75%
7 $ 1,042.49 $ 2,428.94 4.00 $ 607.23 $ 435.26 $ 3,519.53 29.62%
8 $ 1,409.45 $ 2,046.69 4.00 $ 511.67 $ 897.78 $ 4,031.20 34.96%
9 $ 1,774.76 $ 1,421.41 4.00 $ 355.35 $ 1,419.41 $ 4,386.55 40.46%
10 $ 2,095.54 $ 596.97 4.00 $ 149.24 $ 1,946.30 $ 4,535.79 46.20%

Cost of Pre-Tax After-Tax Cost of

Year Beta Equity Cost of Tax Savings Cost of Debt Ratio Capital
Debt Debt
1 9.24%
2 9.24%
3 9.24%
4 9.24%
5 9.24%
6 8.86%
7 8.48%
8 8.10%
9 7.73%
10 7.35%

Cumulated
Year Cost of Cost of FCFF Terminal Present
Capital Value Value
Capital
1 9.24% 1.0924 $ (362.01) $ (331.39)
2 9.24% 1.1933 $ (345.64) $ (289.65)
3 9.24% 1.3035 $ (298.46) $ (228.97)
4 9.24% 1.4239 $ (206.10) $ (144.74)
5 9.24% 1.5555 $ (48.90) $ (31.44)
6 8.86% 1.6933 $ 195.55 $ 115.49
 7 8.48% 1.8369 $ 435.26 $ 236.95
8 8.10% 1.9858 $ 897.78 $ 452.11
9 7.73% 2.1392 $ 1,419.41 $ 663.52
10 7.35% 2.2965 $ 1,946.30 $36,519.70 $16,750.18
Value of operating assets = $17,192.05
 Spotify
The Story
Spotify is the world's largest conduit for streaming music, which has become the dominant form of downloads in th
Spotify will continue to add users, though at a slower rate, as it faces strong competition in the US from Apple Mus
issues, and shift increasingly to a subscriber based business, away from advertising. As the user base grows, the ope
currently negative, will improve as content costs continue to shrink and economies of scale bring other costs under
losing company facing deep-pocketed competition, there is a 20% chance that the company will be forced to sell its
value sometime in the next 10 years.

The Assumptions
Base year Years 1-5 Years 6-10 After year 10

Revenues (a) $ 4,090 25.00% 2.85% 2.85%

Operating margin ( -3.75% -3.75% 12.97% 12.97%

Tax rate 25.00% 25.00% 25.00% 25.00%

Reinvestment (c ) Sales to capital r4.00 RIR = 23.75%

Return on capital -88.99% Marginal ROIC =67.55% 12.00%
Cost of capital (d) 9.24% 7.35% 7.35%
The Cash Flows
Revenues Operating MargiEBIT EBIT (1-t) Reinvestment
1 ### -2.08% € (106.38) € (106.38) € 255.63
2 ### -0.41% € (26.11) € (26.11) € 319.53
3 ### 1.26% € 100.95 € 100.95 € 399.41
4 ### 2.94% € 293.17 € 293.17 € 499.27
5 ### 4.61% € 575.19 € 575.19 € 624.08
6 ### 6.28% € 945.16 € 837.42 € 641.87
7 ### 7.95% € 1,389.99 € 1,042.49 € 607.23
8 ### 9.63% € 1,879.27 € 1,409.45 € 511.67
9 ### 11.30% € 2,366.35 € 1,774.76 € 355.35
10 ### 12.97% € 2,794.05 € 2,095.54 € 149.24
Terminal year ### 12.97% € 2,873.68 € 2,155.26 € 511.87
The Value
Terminal value € 36,519.70
PV(Terminal value) € 15,902.66
PV (CF over next 10 years) € 1,289.39
Value of operating assets = € 17,192.05
Adjustment for distress € 1,719.20 Probability of failure =
- Debt & Mnority Interests € -
+ Cash & Other Non-operating assets € 2,419.00
Value of equity € 17,891.84
- Value of equity options € 1,344.28
Number of shares 177.17
Value per share € 93.40 Most Recent VC Pricing =
 nant form of downloads in the music business.
on in the US from Apple Music and scaling up
the user base grows, the operating margins, Tell your story about the company. Keep it
scale bring other costs under control. As a money- focuses on the company's businesses and tie it
mpany will be forced to sell itself at half its fair into the three key levers of value: cash flows,
growth and risk

Link to story
User growth continues, albeit at slower
pace, with shift towards subscription-
based model.
Content costs will continue to drop, as
Spotify negotiates better deals with
music labels. Economies of scale will
lower G&A and R&D costs.
Used a global average tax rate. Used Tie each assumption to the part of your story
NOL of 1.35 billion Euros to defer that relates to it.
paying taxes until year 6.
Low capital intensity business with
technology and platform investments
taking the form of R&D.

FCFF
€ (362.01)
€ (345.64) These are the numbers that come from your
€ (298.46) assumptions. The revenues over time reflect
€ (206.10) your revenue growth, the operating margins
€ (48.90) evolve towards your target margin and your
tax rate will change, if you have set it to. The
€ 195.55 reinvestment is estimated using the sales to
€ 435.26 capital ratio for the first 10 years and based
€ 897.78 on a reinvestment rate in stable growth (g/
€ 1,419.41 ROC).
€ 1,946.30
€ 1,643.39

This is the output from your valuation. It

reflects your cash flows being discounted
back at the cost of capital to get to your
operating asset value, which then gets
adjusted for the likelihood that your firm will
not make it. We add cash and non-operating
assets, subtract out debt and minority
 This is the output from your valuation. It
reflects your cash flows being discounted
20.00% back at the cost of capital to get to your
operating asset value, which then gets
adjusted for the likelihood that your firm will
not make it. We add cash and non-operating
assets, subtract out debt and minority
interests to get to value of equity.

€ 107.33
Valuing Options or Warrants
Enter the current stock price = $ 107.33
Enter the strike price on the option = $ 42.56
Enter the expiration of the option = 3.30
Enter the standard deviation in stock 30.00% (volatility)
Enter the annualized dividend yield 0.00%
Enter the treasury bond rate = 2.85%
Enter the number of warrants (option 20.82
Enter the number of shares outstandi 177.17

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 107.325 # Warrants issued= 20.815
Strike Price= 42.556591 # Shares outstanding= 177
Adjusted S = 102.83124 T.Bond rate= 2.85%
Adjusted K = 42.556591 Variance= 0.0900
Expiration (in years) = 3.3 Annualized dividend yie 0.00%
Div. Adj. interest rate= 2.85%

d1 = 2.0639482
N (d1) = 0.9804887

d2 = 1.5189711
N (d2) = 0.9356151

Value per option = $ 64.58

Value of all options outstanding = $1,344.28
 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 expense 2 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $ 396.00 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
-1 207.00 ! Year -1 is the year prior to the current year
-2 136.00 ! Year -2 is the two years prior to the current year
0
0
0
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 396.00 1.00 396.00
-1 207.00 0.50 103.50 $ 103.50
-2 136.00 0.00 0.00 $ 68.00
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
Value of Research Asset = $499.50 $ 171.50

Amortization of asset for current yea $171.50

Adjustment to Operating Income = $224.50 ! A positive number indicates an increase in operating income (add to reported EBIT)
Tax Effect of R&D Expensing $56
tments to operating income, net

he amortization period

me (add to reported EBIT)

VALUATION DIAGNOSTICS
Invested capital at start of valuation $ 172.50
Invested capital at end of valuation $ 4,535.79
Change in invested capital over 10 years $ 4,363.29
Change in EBIT*(1–t) (after-tax operating income) over 10 yea $ 2,947.55
Marginal ROIC over 10 years 67.55%
ROIC at end of valuation 46.20%
Average WACC over the 10 years (compounded) 8.67%
Your calculated value as a percent of current price 87.03%

Inputs If calculated value is negative or looks too low

Revenue growth rate (input cell B3) Increase revenue growth rate
Last period EBIT as % of revenue (Input cell B14) Increase the target pre-tax operating margin
Sales to Capital Ratio or reinvestment (Input cell B15) Decrease the sales/capital ratio
Return on capital in perpetuity (B30 & B31) Increase relative to your cost of capital
 If calculated value looks too high
Decrease revenue growth rate
Decrease the target pre-tax operating margin
Increase the sales/capital ratio
If higher than your cost of capital, lower towards your cost of capital T
 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year = $ 21.82
Operating Lease Commitments (From footnote to financials)
Year Commitment! Year 1 is next year, ….
1 20.7
2 21.9
3 22.2
4 21.8
5 22.0
6 and beyond 123.4

Output
Pre-tax Cost of Debt = 3.39% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 e 6 ! 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 Commitment Present Value
1 $ 20.69 $ 20.01
2 $ 21.87 $ 20.46
3 $ 22.17 $ 20.06
4 $ 21.77 $ 19.05
5 $ 21.97 $ 18.59
6 and beyon $ 20.57 $ 93.10 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 191.28

Restated Financials
Depreciation on Operating Lease Asset = $ 17.39 ! I use straight line depreciation
Adjustment to Operating Earnings = $4.43 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $ 191.28 ! Add this amount to debt
Adjustment to Depreciation = $17.39
Estimation of Current Cost of Capital
Inputs
Equity
Number of Shares outstanding = 177.17
Current Market Price per share = $ 107.33

Approach for estimating beta Multibusiness(Global)

If direct input, enter levered beta (or regressi 1.20
Unlevered beta = 1.02
Riskfree Rate = 2.85%
What approach do you want to use to input Operating regions
Direct input for ERP (if you choose "will inp 5.00%
Equity Risk Premium used in cost of equity = 6.29%

Debt
Book Value of Straight Debt = $ -
Interest Expense on Debt = $ -
Average Maturity = 3
Approach for estimating pre-tax cost of debt Synthetic rating
If direct input, input the pre-tax cost of debt 3.500%
If actual rating, input the rating Aa2/AA
If synethetic rating, input the type of compan 1
Pre-tax Cost of Debt = 3.39%
Tax Rate = 25%

Book Value of Convertible Debt = 0

Interest Expense on Convertible = 0
Maturity of Convertible Bond = 0
Market Value of Convertible = 0

Debt value of operating leases = $ -

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 = $ -
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.02
 Equity Debt Preferred Stock Capital
Market Value $ 19,014.56 $ - $ - ###
Weight in Cost of Capital 100.00% 0.00% 0.00% 100.00%

Cost of Component 9.24% 2.54% 7.14% 9.24%

Operating Countries ERP calculator
Country Revenues ERP Weight Weighted ERP
United States of Amer 48421 5.08% 100.00% 5.08%
0.00% 0.00% 0.00% The last two rows in each of country/regi
0.00% 0.00% 0.00% tables is set aside for your input to pro
flexibility to enter some numbers direct
0.00% 0.00% 0.00% assume that you have a company that bre
0.00% 0.00% 0.00% down into three countries and then puts t
0.00% 0.00% 0.00% of the World". You can enter the "Rest of
of these two rows and enter an equity risk
0.00% 0.00% 0.00% rest of the world. The easiest way to do th
0.00% 0.00% 0.00% country equity risk premium worksheet
0.00% 0.00% 0.00% GDP for the three countries that you hav
and compute the global weighted avera
0.00% 0.00% 0.00% remaining countries. With the regional w
0.00% 0.00% 0.00% use the last two rows to enter the data fo
country (usually the domestic country) tha
0.00% 0.00%
out though the rest of the revenues are b
0.00% 0.00% region. You can look up the ERP for th
Total 48421 100.00% 5.08% country ERP worksheet.
Operating Regions ERP calculator
Region Revenues ERP Weight Weighted ERP
Africa & Mid East 0 8.11% 0.00% 0.0000%
Australia, NZ & Canada 5.08% 0.00% 0.0000%
Latin America & Cari 33 8.75% 20.63% 1.8048%
Japan 0 5.89% 0.00% 0.0000%
US 0 5.08% 0.00% 0.0000%
Europe 58 6.01% 36.25% 2.1771%
Emerging Markets 7.14% 0.00% 0.0000%
Small Asia (No India, China & Japan) 6.93% 0.00% 0.0000%
North America 52 5.08% 32.50% 1.6510%
Rest of the World 17 6.21% 10.63% 0.6598%
0.00% 0.0000%
Total 160 100.00% 6.2927%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta
Advertising $ 84.00 1.6639 $ 139.77 0.7843
Computer Services $ 16.00 1.3378 $ 21.40 0.9440
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 $ 161.17 0.8055

Multi Business (Global Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta
Entertainment $ 3,674.00 2.8999 ### 1.0179
Advertising $ 416.00 1.5683 $ 652.40 0.9692
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 $ 4,090.00 ### 1.0150
two rows in each of country/region risk premium
is set aside for your input to provide you with
ty to enter some numbers directly. For instance,
hat you have a company that breaks its revenues
o three countries and then puts the rest into "Rest
rld". You can enter the "Rest of the World" in one
wo rows and enter an equity risk premium for the
world. The easiest way to do that is to go into the
equity risk premium worksheet and change the
the three countries that you have data for to zero
mpute the global weighted average ERP for the
g countries. With the regional worksheet, you can
last two rows to enter the data for an individual
sually the domestic country) that might be broken
ugh the rest of the revenues are broken down by
You can look up the ERP 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) = $ (378.00) (Add back only long term interest expense for financial firms)
Enter current interest expenses = $0.00 (Use only long term interest expense for financial firms)
Enter long term risk free rate = 2.85%
Output
Interest coverage ratio = ###
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the operating lease commitment q
Estimated Company Default Spread 0.54% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if 0.00%
Estimated Cost of Debt = 3.39%

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 18.60%
0.2 0.649999 Caa/CCC 13.95%
0.65 0.799999 Ca2/CC 10.63%
0.8 1.249999 C2/C 8.64%
1.25 1.499999 B3/B- 4.37%
1.5 1.749999 B2/B 3.57%
1.75 1.999999 B1/B+ 2.98%
2 2.2499999 Ba2/BB 2.38%
2.25 2.49999 Ba1/BB+ 1.98%
2.5 2.999999 Baa2/BBB 1.27%
3 4.249999 A3/A- 1.13%
4.25 5.499999 A2/A 0.99%
5.5 6.499999 A1/A+ 0.90%
6.5 8.499999 Aa2/AA 0.72%
8.50 100000 Aaa/AAA 0.54%

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 18.60% Rating is Spread is
0.5 0.799999 Caa/CCC 13.95% A1/A+ 1.00%
0.8 1.249999 Ca2/CC 10.63% A2/A 1.10%
1.25 1.499999 C2/C 8.64% A3/A- 1.25%
1.5 1.999999 B3/B- 4.37% Aa2/AA 0.80%
2 2.499999 B2/B 3.57% Aaa/AAA 0.60%
2.5 2.999999 B1/B+ 2.98% B1/B+ 3.75%
 3 3.499999 Ba2/BB 2.38% B2/B 4.50%
3.5 3.9999999 Ba1/BB+ 1.98% B3/B- 5.50%
4 4.499999 Baa2/BBB 1.27% Ba1/BB+ 2.50%
4.5 5.999999 A3/A- 1.13% Ba2/BB 3.00%
6 7.499999 A2/A 0.99% Baa2/BBB 1.60%
7.5 9.499999 A1/A+ 0.90% C2/C 10.50%
9.5 12.499999 Aa2/AA 0.72% Ca2/CC 8.00%
12.5 100000 Aaa/AAA 0.54% Caa/CCC 6.50%
D2/D 14.00%
preadsheet.
ions in excel) is checked.

expense for financial firms)

se for financial firms)

e operating lease commitment question in cell F5

 Pre-tax
Annual Operating
Average Margin
Revenue (Lease & Average Equity
Number of growth - R&D After-tax effective tax Unlevered (Levered)
Industry Name firms Last 5 years adjusted) ROC rate Beta Beta
Advertising 40 11.77% 12.41% 77.57% 30.39% 0.78 1.15
Aerospace/Defense 87 3.35% 11.63% 37.05% 29.15% 0.99 1.08
Air Transport 17 6.20% 12.84% 13.50% 37.15% 0.67 1.01
Apparel 51 20.67% 10.98% 14.18% 18.58% 0.85 1.02
Auto & Truck 18 22.61% 4.21% 3.97% 27.72% 0.59 1.20
Auto Parts 62 7.64% 9.55% 23.79% 20.11% 0.92 1.04
Bank (Money Center) 11 5.22% -0.07% -0.01% 28.35% 0.32 0.64
Banks (Regional) 612 8.96% -0.16% -0.03% 29.31% 0.39 0.50
Beverage (Alcoholic) 28 11.33% 23.41% 24.32% 30.02% 1.12 1.33
Beverage (Soft) 35 9.48% 19.33% 24.92% 26.19% 0.63 0.70
Broadcasting 27 8.12% 23.45% 21.38% 28.58% 0.65 1.12
Brokerage & Investment Banking 42 7.82% 0.11% 0.02% 28.54% 0.54 1.24
Building Materials 39 12.73% 10.33% 18.27% 30.03% 0.99 1.11
Business & Consumer Services 169 5.15% 10.53% 26.37% 30.96% 1.01 1.17
Cable TV 14 11.79% 18.25% 12.72% 33.56% 0.67 0.92
Chemical (Basic) 38 1.63% 10.94% 14.43% 23.56% 0.96 1.20
Chemical (Diversified) 7 -2.54% 12.24% 16.59% 22.26% 1.79 2.03
Chemical (Specialty) 99 1.47% 13.56% 16.74% 22.87% 0.95 1.11
Coal & Related Energy 30 -4.09% 8.71% 8.53% 4.83% 1.04 1.25
Computer Services 111 15.31% 8.35% 27.96% 14.35% 0.94 1.10
Computers/Peripherals 58 -2.67% 20.01% 23.86% 24.01% 0.93 1.01
Construction Supplies 49 6.95% 9.62% 10.59% 30.82% 0.95 1.12
Diversified 24 2.87% 13.01% 10.98% 24.05% 1.01 1.19
Drugs (Biotechnology) 459 32.28% 26.17% 11.60% 20.66% 1.36 1.44
Drugs (Pharmaceutical) 185 28.08% 25.21% 17.68% 19.40% 1.13 1.21
Education 34 -2.42% 8.26% 11.47% 26.75% 0.96 1.15
Electrical Equipment 118 -2.14% 12.00% 21.88% 27.80% 1.02 1.08
Electronics (Consumer & Office) 24 -0.49% -4.17% -5.54% 32.28% 1.08 1.09
Electronics (General) 167 6.84% 9.81% 13.55% 25.99% 0.91 0.94
Engineering/Construction 49 9.64% 4.28% 18.43% 30.56% 1.13 1.27
Entertainment 90 3.33% 20.72% 31.11% 29.21% 0.96 1.15
Environmental & Waste Services 87 15.92% 12.54% 21.28% 35.71% 0.70 0.88
Farming/Agriculture 34 13.08% 4.50% 7.14% 27.69% 0.56 0.74
Financial Svcs. (Non-bank & Insura 264 10.35% 7.39% 0.21% 33.11% 0.07 0.61
Food Processing 87 4.12% 14.21% 19.71% 28.58% 0.56 0.68
Food Wholesalers 15 8.87% 2.98% 19.96% 33.72% 1.41 1.79
Furn/Home Furnishings 31 9.95% 9.48% 17.56% 23.32% 0.67 0.79
Green & Renewable Energy 22 -4.74% 11.73% 1.94% 18.07% 0.72 1.20
Healthcare Products 251 10.54% 15.98% 16.30% 15.84% 0.89 0.94
Healthcare Support Services 115 16.55% 4.67% 50.54% 31.92% 0.82 0.90
Heathcare Information and Technol 112 6.68% 14.34% 15.73% 17.55% 0.88 0.98
Homebuilding 32 22.91% 10.11% 9.31% 33.62% 0.89 1.11
Hospitals/Healthcare Facilities 35 8.19% 8.81% 11.84% 31.06% 0.51 1.18
Hotel/Gaming 70 7.86% 19.59% 11.33% 20.30% 0.74 0.94
Household Products 131 7.34% 18.30% 29.52% 25.47% 0.88 1.00
Information Services 61 6.94% 25.40% 33.51% 32.56% 0.82 0.88
Insurance (General) 21 4.97% 5.11% 2.82% 21.02% 0.63 0.78
Insurance (Life) 25 1.30% 8.21% 4.40% 26.45% 0.81 1.01
Insurance (Prop/Cas.) 50 6.82% 9.30% 8.32% 28.29% 0.73 0.84
Investments & Asset Management 165 7.86% 19.98% 9.89% 24.21% 0.87 0.99
Machinery 126 1.84% 13.68% 25.89% 26.16% 1.04 1.15
Metals & Mining 102 14.72% 17.93% 14.34% 42.30% 0.96 1.10
Office Equipment & Services 24 4.26% 8.60% 17.72% 34.66% 1.10 1.37
Oil/Gas (Integrated) 5 -12.33% 2.93% 2.15% 18.22% 1.25 1.37
Oil/Gas (Production and Exploration 311 -1.72% 0.23% 0.09% 5.16% 1.00 1.26
Oil/Gas Distribution 16 13.89% 17.80% 6.13% 25.78% 0.72 1.21
Oilfield Svcs/Equip. 130 -4.93% 3.20% 6.42% 29.40% 1.06 1.23
Packaging & Container 25 1.67% 10.00% 14.58% 27.46% 0.55 0.74
Paper/Forest Products 21 7.23% 5.44% 8.48% 22.86% 0.98 1.20
Power 61 7.78% 17.92% 6.43% 17.17% 0.32 0.50
Precious Metals 111 -5.54% 17.39% 7.53% 35.62% 0.95 0.96
Publishing & Newspapers 41 -1.65% 7.43% 13.48% 30.89% 0.83 1.02
R.E.I.T. 244 15.02% 22.31% 3.08% 2.23% 0.42 0.66
Real Estate (Development) 20 13.90% 11.59% 2.27% 35.93% 0.61 0.75
Real Estate (General/Diversified) 10 30.99% 14.64% 4.32% 26.41% 0.73 0.75
Real Estate (Operations & Services) 60 0.19% 7.58% 11.05% 28.26% 0.80 1.02
Recreation 70 0.86% 11.09% 14.59% 47.66% 0.73 0.85
Reinsurance 3 -2.87% 7.31% 5.97% 28.52% 0.47 0.52
Restaurant/Dining 81 14.11% 14.55% 17.01% 31.12% 0.70 0.85
Retail (Automotive) 25 9.94% 5.39% 10.38% 34.17% 0.65 1.01
Retail (Building Supply) 8 5.41% 11.63% 30.30% 36.29% 0.76 0.86
Retail (Distributors) 92 6.46% 7.97% 13.18% 34.22% 0.87 1.15
Retail (General) 18 2.08% 4.21% 11.90% 32.78% 0.87 1.05
Retail (Grocery and Food) 14 5.39% 2.33% 8.75% 33.75% 0.44 0.71
Retail (Online) 61 10.16% 4.14% 13.40% 23.31% 1.12 1.18
Retail (Special Lines) 106 4.90% 5.82% 11.69% 32.95% 0.82 1.11
Rubber& Tires 4 -6.47% 10.33% 13.96% 7.88% 0.64 0.95
Semiconductor 72 8.72% 26.07% 16.13% 18.90% 1.16 1.17
Semiconductor Equip 45 5.40% 23.66% 29.06% 11.67% 0.99 0.98
Shipbuilding & Marine 9 -4.44% 7.40% 4.88% 36.46% 1.01 1.34
Shoe 11 6.64% 11.37% 20.40% 13.90% 0.86 0.88
Software (Entertainment) 13 2.96% 22.05% 27.79% 13.93% 0.91 0.89
Software (Internet) 305 19.72% 26.04% 16.63% 15.82% 1.20 1.20
Software (System & Application) 255 12.71% 21.09% 14.82% 14.40% 1.02 1.09
Steel 37 -4.38% 7.29% 15.67% 26.18% 1.53 1.82
Telecom (Wireless) 18 0.81% 8.78% 5.43% 47.78% 0.71 1.30
Telecom. Equipment 104 4.36% 18.51% 13.59% 21.57% 0.96 1.03
Telecom. Services 66 6.32% 17.58% 15.97% 33.20% 0.72 1.08
Tobacco 24 85.32% 40.62% 95.59% 31.47% 1.15 1.26
Transportation 18 19.12% 7.72% 17.61% 33.29% 0.80 0.95
Transportation (Railroads) 8 4.26% 34.33% 13.55% 37.53% 0.87 1.01
Trucking 30 3.48% 7.66% 7.07% 35.96% 0.81 1.20
Utility (General) 18 2.46% 19.39% 6.21% 31.12% 0.20 0.29
Utility (Water) 23 3.77% 28.27% 8.86% 32.86% 0.27 0.34
 Std
Cost of deviation in Pre-tax cost Market Cost of Sales/Capita EV/EBITD
equity stock prices of debt Debt/Capital capital l EV/Sales A EV/EBIT Price/Book
8.27% 80.95% 6.91% 42.49% 6.99% 6.68 1.66 8.35 13.15 9.16
7.91% 49.06% 3.91% 15.58% 7.14% 3.61 2.09 13.96 17.67 6.43
7.54% 40.20% 3.91% 41.52% 5.64% 1.39 1.56 6.56 12.14 3.06
7.58% 59.71% 3.91% 25.48% 6.40% 1.44 1.99 10.97 17.90 3.58
8.49% 38.59% 3.61% 59.69% 5.06% 1.02 1.22 10.62 30.82 2.05
7.68% 56.74% 3.91% 22.06% 6.64% 2.69 0.98 7.59 10.69 2.92
5.65% 33.37% 3.61% 61.13% 3.87% 0.14 8.45 NA NA 1.24
4.96% 32.08% 3.61% 36.98% 4.14% 0.26 6.27 NA NA 1.50
9.15% 50.14% 3.91% 20.73% 7.87% 1.16 5.05 17.26 21.55 4.01
5.99% 45.33% 3.91% 18.74% 5.42% 1.38 4.20 17.92 21.73 9.95
8.10% 52.30% 3.91% 52.87% 5.39% 1.10 2.83 9.19 12.08 7.34
8.70% 42.48% 3.91% 68.74% 4.76% 0.19 6.75 NA NA 1.56
8.04% 41.01% 3.91% 17.67% 7.15% 2.31 1.78 12.80 17.22 4.77
8.35% 49.45% 3.91% 21.53% 7.19% 2.82 1.94 12.40 18.29 4.95
7.09% 36.33% 3.61% 34.66% 5.58% 0.90 3.44 9.68 18.26 2.80
8.49% 59.39% 3.91% 29.22% 6.88% 1.46 1.76 9.67 16.06 3.47
12.74% 68.62% 4.66% 21.37% 10.78% 1.53 2.90 15.83 24.09 1.74
8.07% 59.69% 3.91% 22.48% 6.93% 1.37 2.79 13.89 20.60 4.15
8.75% 90.61% 8.16% 31.23% 7.96% 1.03 1.01 3.93 9.24 2.03
8.00% 48.53% 3.91% 23.57% 6.82% 3.69 1.34 11.10 16.09 4.04
7.54% 61.38% 3.91% 15.38% 6.84% 1.25 3.03 12.01 15.23 5.42
8.10% 45.67% 3.91% 24.51% 6.85% 1.33 2.14 14.51 22.18 4.21
8.48% 26.82% 3.61% 24.52% 7.07% 0.96 2.62 14.69 20.26 2.04
9.72% 94.78% 8.16% 13.67% 9.24% 0.45 7.70 13.05 24.22 6.20
8.55% 85.70% 6.91% 12.76% 8.13% 0.72 5.08 14.45 20.73 4.85
8.27% 53.59% 3.91% 27.97% 6.79% 1.51 1.87 10.05 21.58 2.33
7.92% 66.17% 4.66% 13.68% 7.32% 1.92 2.48 13.98 19.89 4.31
7.96% 70.22% 4.66% 6.49% 7.67% 1.39 2.52 17.17 NA 7.91
7.17% 60.25% 3.91% 13.02% 6.63% 1.50 2.12 13.16 21.93 3.04
8.86% 53.02% 3.91% 22.91% 7.51% 4.97 0.69 9.92 16.11 2.08
8.26% 54.94% 3.91% 25.23% 6.93% 1.59 2.87 10.58 13.81 3.05
6.87% 65.74% 4.66% 25.85% 6.01% 1.78 2.63 11.83 20.80 4.10
6.19% 42.57% 3.91% 35.71% 5.04% 1.72 1.02 13.82 22.60 2.42
5.49% 36.63% 3.61% 91.17% 2.99% 0.03 31.18 NA NA 2.20
5.84% 41.18% 3.91% 23.56% 5.17% 1.63 2.42 13.38 16.92 2.88
11.48% 55.42% 3.91% 27.25% 9.16% 7.61 0.53 11.63 17.76 5.00
6.42% 51.26% 3.91% 21.79% 5.67% 2.12 1.41 10.38 14.89 2.98
8.51% 60.29% 3.91% 49.55% 5.77% 0.17 8.40 15.13 69.09 1.21
7.19% 66.92% 4.66% 14.59% 6.66% 1.07 4.79 18.97 30.35 4.04
6.97% 57.44% 3.91% 19.89% 6.17% 12.54 0.62 10.72 13.27 3.19
7.38% 58.64% 3.91% 16.17% 6.67% 1.16 4.95 20.51 35.15 4.05
8.04% 44.70% 3.91% 28.39% 6.60% 1.21 1.49 13.78 14.72 2.07
8.40% 60.63% 3.91% 63.84% 4.93% 1.50 1.32 8.24 14.97 3.82
7.18% 45.51% 3.91% 28.52% 5.98% 0.67 4.15 13.37 21.10 4.51
7.47% 56.30% 3.91% 17.37% 6.69% 1.74 3.30 14.19 18.04 5.09
6.89% 41.35% 3.91% 13.58% 6.36% 1.57 6.03 18.74 23.46 7.63
6.39% 37.21% 3.61% 27.80% 5.38% 0.65 1.84 16.44 35.88 1.19
7.53% 37.34% 3.61% 36.33% 5.79% 0.63 1.45 8.37 11.37 1.04
 6.67% 34.65% 3.61% 20.90% 5.85% 1.10 1.52 11.91 15.36 1.70
7.43% 41.00% 3.91% 29.62% 6.11% 0.54 4.96 21.42 24.31 2.12
8.25% 43.17% 3.91% 16.49% 7.38% 2.20 2.65 14.85 19.49 4.49
8.01% 82.33% 6.91% 23.39% 7.37% 0.81 2.54 8.81 13.94 2.93
9.39% 49.66% 3.91% 34.06% 7.20% 2.52 1.02 8.37 11.93 3.12
9.38% 20.21% 3.11% 13.26% 8.45% 0.83 2.07 12.95 70.36 1.81
8.80% 78.88% 6.91% 29.53% 7.76% 0.38 4.33 10.56 NA 1.93
8.54% 62.79% 3.91% 48.30% 5.85% 0.36 4.52 14.58 25.30 1.63
8.64% 73.29% 4.66% 23.65% 7.44% 2.12 1.02 12.15 30.03 1.64
6.16% 27.67% 3.61% 33.43% 5.02% 1.88 1.65 10.30 16.46 3.88
8.50% 56.81% 3.91% 28.58% 6.92% 1.82 0.97 8.90 17.71 1.89
4.97% 31.23% 3.61% 43.30% 4.01% 0.45 3.51 10.55 19.56 1.88
7.30% 91.35% 8.16% 15.15% 7.14% 0.44 3.24 8.38 18.14 1.49
7.59% 54.14% 3.91% 30.79% 6.17% 2.06 1.04 8.02 13.85 1.76
5.76% 32.14% 3.61% 43.98% 4.43% 0.14 11.48 20.79 46.80 2.05
6.22% 44.27% 3.91% 31.18% 5.21% 0.21 7.42 28.92 63.22 1.60
6.20% 41.07% 3.91% 19.10% 5.58% 0.34 6.20 11.96 29.07 1.25
7.60% 54.01% 3.91% 31.84% 6.13% 1.60 1.99 14.08 24.61 3.06
6.73% 50.85% 3.91% 22.83% 5.87% 1.46 2.02 11.68 18.39 4.12
5.06% 18.99% 3.11% 21.71% 4.47% 0.92 1.23 14.25 16.72 1.13
6.73% 48.41% 3.91% 24.36% 5.81% 1.38 3.54 13.84 24.32 77.39
7.55% 42.62% 3.91% 43.17% 5.57% 2.38 0.95 11.00 17.54 5.22
6.76% 53.44% 3.91% 15.15% 6.19% 3.08 2.05 13.52 17.66 32.98
8.25% 49.24% 3.91% 31.31% 6.59% 1.93 1.36 13.48 17.06 3.47
7.74% 49.94% 3.91% 23.75% 6.61% 3.67 0.74 9.47 17.42 4.00
6.00% 45.73% 3.91% 45.56% 4.62% 4.75 0.41 7.16 17.37 3.30
8.41% 60.64% 3.91% 10.24% 7.86% 3.47 3.58 32.47 93.53 9.37
8.05% 59.68% 3.91% 34.64% 6.29% 2.57 0.94 7.91 16.16 3.43
7.25% 56.24% 3.91% 43.82% 5.38% 1.47 0.92 5.60 8.87 1.55
8.37% 52.68% 3.91% 11.58% 7.74% 0.67 4.35 11.82 17.05 3.94
7.40% 61.04% 3.91% 10.34% 6.94% 1.34 3.23 11.66 14.30 4.50
9.22% 94.40% 8.16% 31.95% 8.26% 0.72 2.29 10.70 26.31 1.47
6.89% 44.39% 3.91% 8.80% 6.54% 2.16 2.68 16.79 23.50 6.85
6.94% 49.61% 3.91% 6.06% 6.70% 1.29 6.39 21.97 30.10 5.53
8.52% 65.60% 4.66% 3.21% 8.36% 0.65 8.04 22.89 31.93 4.97
7.93% 53.27% 3.91% 12.39% 7.32% 0.73 7.27 22.62 35.02 6.60
11.64% 70.40% 4.66% 26.59% 9.49% 2.31 0.96 8.44 12.93 2.26
9.02% 54.46% 3.91% 54.54% 5.72% 0.67 2.15 6.24 24.56 1.79
7.67% 57.87% 3.91% 17.17% 6.86% 0.80 3.48 13.58 18.12 3.22
7.91% 52.57% 3.91% 44.30% 5.72% 0.99 2.57 7.32 14.58 2.82
8.82% 45.16% 3.91% 14.63% 7.97% 2.48 6.63 15.31 16.29 78.25
7.23% 46.36% 3.91% 23.09% 6.25% 2.92 1.54 11.22 20.01 7.26
7.52% 29.77% 3.61% 18.48% 6.64% 0.52 5.40 11.56 15.72 4.19
8.50% 54.25% 3.91% 41.11% 6.23% 1.16 1.79 11.46 23.31 3.33
3.90% 20.67% 3.11% 40.21% 3.28% 0.46 3.73 11.81 19.23 2.15
4.15% 34.50% 3.61% 27.61% 3.76% 0.37 6.48 15.21 22.56 3.33
 Non-cash Net Cap Ex Equity
WC as % of Cap Ex as % as % of Reinvestme Dividend Reinvestment
Trailing PE Revenues of Revenues Revenues nt Rate ROE Payout Ratio Rate
57.18 -1.65% 2.32% -0.26% 21.52% -0.88% 52.85% 52.85%
29.34 27.71% 2.71% 2.08% 40.17% 29.03% 39.52% 39.52%
14.10 1.19% 12.56% 8.57% 101.67% 24.78% 15.27% 15.27%
34.88 25.76% 2.70% 5.94% 61.79% 7.62% 77.53% 77.53%
17.29 -2.06% 11.69% 4.64% 147.33% 8.64% 69.49% 69.49%
20.03 11.20% 4.54% 7.39% 103.79% 24.14% 13.85% 13.85%
15.76 NA 0.91% 1.15% NA 9.93% 24.57% 24.57%
23.15 NA 4.44% 4.76% NA 9.03% 30.91% 30.91%
49.29 16.51% 8.27% 67.32% 398.43% 25.16% 20.37% 20.37%
39.44 -3.45% 4.60% 5.11% 41.27% 28.39% 84.90% 84.90%
27.84 22.96% 2.68% 5.49% 43.57% 18.11% 40.58% 40.58%
47.56 NA 4.08% 6.26% 45397.06% 11.41% 20.63% 20.63%
26.55 15.60% 2.90% 3.06% 54.49% 23.81% 15.29% 15.29%
51.60 16.32% 2.49% 3.48% 64.09% 18.32% 26.33% 26.33%
111.31 -1.12% 12.31% -2.40% -21.33% 11.05% 33.21% 33.21%
38.30 20.27% 5.49% 3.13% 47.82% 18.60% 27.29% 27.29%
30.22 34.35% 6.00% -1.21% -1.45% 14.20% 58.06% 58.06%
165.88 21.49% 5.04% 10.44% 105.84% 17.00% 39.79% 39.79%
1276.02 4.34% 3.26% -6.46% -49.88% -646.39% 15.73% 15.73%
40.33 12.65% 1.97% 1.44% 23.00% 28.66% 38.55% 38.55%
108.61 -2.62% 4.69% 1.99% 3.04% 28.55% 28.94% 28.94%
42.00 15.83% 5.57% 3.54% 67.82% 13.23% 57.63% 57.63%
25.96 14.41% 4.84% 3.88% 41.67% 9.59% 35.25% 35.25%
69.61 14.85% 3.94% 0.99% 9.83% 13.45% 60.26% 60.26%
366.69 22.58% 4.34% 16.27% 81.49% 14.39% 83.54% 83.54%
32.35 10.56% 4.40% 3.28% 62.84% 2.60% 29.69% 29.69%
23.65 19.90% 4.43% 8.58% 102.31% 13.54% 57.59% 57.59%
79.94 19.76% 3.14% -0.13% NA -29.60% 0.18% 0.18%
182.30 18.58% 4.70% 7.72% 122.02% 11.30% 20.22% 20.22%
33.84 15.07% 1.62% 1.31% 61.05% 7.71% 16.89% 16.89%
70.07 10.59% 4.34% 4.27% 85.18% 18.99% 29.81% 29.81%
132.15 10.13% 7.08% 2.34% 28.49% 9.47% 71.15% 71.15%
23.28 10.29% 3.32% 2.38% 106.96% 12.10% 40.75% 40.75%
31.99 NA 7.12% 11.69% 216.31% -0.29% 15.29% 15.29%
100.85 7.32% 3.68% 7.00% 68.65% 11.54% 58.83% 58.83%
25.88 6.42% 1.10% 0.43% 35.21% 16.64% 46.22% 46.22%
90.86 12.87% 4.22% 3.64% 59.90% 17.62% 23.27% 23.27%
192.49 9.67% 18.67% 13.07% 160.79% 0.66% 735.69% 735.69%
91.80 22.93% 4.75% 16.31% 130.59% 9.51% 36.91% 36.91%
41.19 -6.15% 0.70% 1.45% 55.97% 17.40% 18.64% 18.64%
69.03 23.13% 4.23% 12.09% 121.67% 10.80% 9.32% 9.32%
24.37 78.80% 0.53% 1.35% 70.68% 12.49% 8.36% 8.36%
19.77 12.33% 5.10% 2.56% 110.41% 8.21% 24.14% 24.14%
54.56 -1.45% 8.51% 1.43% 9.41% 12.94% 63.06% 63.06%
48.59 10.46% 4.42% 3.74% 28.08% 29.25% 49.62% 49.62%
34.31 -5.15% 3.27% 1.11% 13.57% 20.91% 27.26% 27.26%
22.16 -16.80% 1.46% -1.11% 19.28% 1.97% 101.15% 101.15%
18.17 5.65% 0.18% -0.28% 16.47% 4.17% 65.77% 65.77%
 49.69 -36.67% 0.86% 0.57% 16.37% 7.29% 42.65% 42.65%
158.41 NA 3.11% 3.57% 36.90% 13.75% 36.33% 36.33%
32.74 22.98% 2.67% 10.38% 112.48% 19.08% 30.10% 30.10%
52.11 15.30% 8.11% -0.11% 25.88% 10.78% 18.57% 18.57%
35.38 8.21% 2.89% 3.10% 40.66% 8.70% 82.36% 82.36%
55.94 4.21% 9.81% -2.78% -92.81% 5.90% 116.21% 116.21%
126.15 -1.75% 53.97% 22.03% NA -4.87% 0.83% 0.83%
43.87 4.24% 23.56% 12.98% 98.65% 1.97% 310.27% 310.27%
131.00 9.77% 3.54% 1.15% 72.53% 1.97% 242.27% 242.27%
26.44 10.41% 5.07% 6.49% 89.33% 20.54% 39.59% 39.59%
75.09 13.99% 4.33% 1.50% 42.85% 6.15% 46.74% 46.74%
25.95 7.32% 26.96% 18.48% 136.71% 15.55% 45.74% 45.74%
36.16 13.56% 18.22% 1.08% 22.25% 1.89% 63.78% 63.78%
69.17 11.34% 2.60% 0.63% 10.54% -2.51% 0.63% 0.63%
42.50 46.35% 3.23% -8.39% -35.98% 9.54% 104.87% 104.87%
38.11 65.06% 3.55% -5.11% 6.99% 4.62% 0.00% 0.00%
28.47 197.48% 1.95% -11.85% -216.50% 4.17% 27.91% 27.91%
75.20 15.00% 1.51% -1.28% 3.60% 15.06% 9.90% 9.90%
21.94 19.93% 4.85% 3.90% 50.39% 5.26% 200.83% 200.83%
486.86 3.87% 0.45% 0.38% 79.88% 6.05% 11.40% 11.40%
49.46 0.97% 6.00% 2.28% 24.70% 95.67% 51.12% 51.12%
16.09 12.99% 2.06% 2.15% 82.04% 34.26% 4.59% 4.59%
34.85 5.99% 1.80% 0.36% 3.46% 91.26% 43.64% 43.64%
111.56 17.16% 4.34% 5.25% 111.03% 16.05% 30.21% 30.21%
21.02 2.24% 2.27% 0.04% -22.92% 16.10% 49.53% 49.53%
40.72 0.66% 2.62% 0.73% 46.14% 24.43% 21.02% 21.02%
64.87 -0.43% 4.92% 4.85% 158.75% 18.72% 6.46% 6.46%
34.98 7.00% 2.08% 0.38% -3.60% 16.59% 40.02% 40.02%
77.73 15.99% 6.46% 1.72% 40.14% 21.44% 10.32% 10.32%
43.80 17.81% 11.43% 23.55% 131.18% 19.87% 37.48% 37.48%
23.71 23.10% 3.76% 4.57% 41.95% 33.63% 14.93% 14.93%
24.79 22.21% 15.57% 15.95% 383.61% -1.88% 0.10% 0.10%
35.88 20.19% 0.52% -1.51% -15.62% 25.32% 28.49% 28.49%
42.65 20.73% 2.23% -0.67% 8.57% 16.33% 9.57% 9.57%
76.03 9.86% 10.47% 8.92% 56.72% 18.52% 0.27% 0.27%
362.14 12.76% 5.88% 16.89% 109.14% 17.08% 50.28% 50.28%
32.30 21.05% 2.86% 1.74% 63.72% 12.23% 34.26% 34.26%
118.33 3.08% 13.86% -5.15% 50.02% 1.87% 11.07% 11.07%
56.53 17.50% 3.48% 5.67% 44.11% 15.31% 43.90% 43.90%
45.55 -2.89% 14.54% 2.44% 38.62% 16.34% 84.41% 84.41%
26.31 18.05% 3.29% -6.42% -17.29% -282.12% 50.44% 50.44%
31.81 8.46% 6.67% 3.46% 92.44% 28.97% 47.34% 47.34%
26.10 2.83% 17.45% 9.15% 42.80% 17.41% 38.15% 38.15%
41.46 7.64% 17.35% 11.17% 231.02% 7.87% 27.46% 27.46%
24.00 5.09% 29.38% 19.76% 149.07% 9.95% 76.33% 76.33%
137.58 9.89% 34.65% 26.07% 157.21% 13.63% 58.23% 42.94%
 Annual
Average
Revenue Pre-tax Operating Average Equity
Number of growth - Margin (Lease & After-tax effective tax Unlevered (Levered)
Industry Name firms Last 5 years R&D adjusted) ROC rate Beta Beta
Advertising 258 6.81% 10.55% 35.91% 26.62% 0.97 1.15
Aerospace/Defense 229 7.93% 8.75% 20.44% 27.41% 1.05 1.14
Air Transport 155 6.85% 9.91% 8.87% 26.08% 0.64 0.93
Apparel 1160 2.69% 11.08% 14.03% 25.85% 0.83 0.90
Auto & Truck 133 5.82% 6.29% 6.51% 25.48% 1.03 1.50
Auto Parts 687 6.03% 7.85% 12.29% 23.52% 1.20 1.26
Bank (Money Center) 615 8.66% 0.10% 0.01% 22.49% 0.50 1.00
Banks (Regional) 853 7.86% -0.08% -0.01% 26.44% 0.45 0.62
Beverage (Alcoholic) 222 3.13% 20.92% 14.19% 26.75% 0.67 0.76
Beverage (Soft) 101 4.61% 15.39% 20.38% 27.05% 0.57 0.64
Broadcasting 139 6.50% 17.03% 15.45% 27.31% 0.80 1.07
Brokerage & Investment Ba 555 13.29% 0.30% 0.04% 25.32% 0.50 1.07
Building Materials 432 5.90% 9.32% 12.58% 26.03% 0.84 0.95
Business & Consumer Serv 834 8.91% 8.88% 22.15% 27.71% 0.88 0.99
Cable TV 65 7.90% 16.33% 12.06% 28.00% 0.83 1.15
Chemical (Basic) 787 6.28% 10.69% 11.07% 18.67% 1.04 1.14
Chemical (Diversified) 75 4.12% 11.20% 11.91% 22.74% 1.31 1.50
Chemical (Specialty) 770 5.81% 11.33% 12.16% 22.58% 1.06 1.17
Coal & Related Energy 254 -1.17% 17.23% 14.16% 21.80% 1.11 1.25
Computer Services 931 8.19% 7.57% 20.74% 20.77% 1.01 1.08
Computers/Peripherals 331 1.99% 12.45% 16.61% 23.97% 1.21 1.27
Construction Supplies 763 5.47% 8.77% 8.55% 23.78% 1.06 1.26
Diversified 349 5.57% 13.07% 10.80% 21.53% 0.76 1.00
Drugs (Biotechnology) 952 22.89% 23.09% 10.26% 20.06% 1.31 1.38
Drugs (Pharmaceutical) 1036 12.53% 19.80% 12.78% 20.38% 1.06 1.14
Education 185 3.85% 11.07% 11.48% 17.13% 0.85 0.93
Electrical Equipment 909 5.43% 9.21% 12.45% 22.23% 1.13 1.22
Electronics (Consumer & Of 152 -1.74% 5.11% 10.34% 33.97% 1.20 1.26
Electronics (General) 1298 6.12% 8.26% 11.37% 21.71% 1.28 1.27
Engineering/Construction 1185 5.10% 4.96% 9.50% 24.78% 0.97 1.18
Entertainment 374 7.56% 16.53% 20.75% 28.40% 1.02 1.19
Environmental & Waste Ser 320 14.82% 11.71% 15.97% 26.27% 1.03 1.20
Farming/Agriculture 412 9.87% 5.66% 6.93% 23.59% 0.69 0.89
Financial Svcs. (Non-bank 1030 15.42% 7.53% 0.40% 23.83% 0.15 0.82
Food Processing 1270 7.05% 9.08% 13.99% 25.26% 0.72 0.81
Food Wholesalers 148 14.29% 2.71% 12.40% 28.42% 0.62 0.84
Furn/Home Furnishings 316 6.94% 8.20% 19.26% 18.03% 0.93 0.96
Green & Renewable Energ 181 9.29% 35.86% 7.46% 17.45% 0.76 1.15
Healthcare Products 696 11.56% 15.38% 15.29% 17.18% 1.00 1.07
Healthcare Support Service 355 15.55% 4.85% 35.18% 30.69% 0.87 0.96
Heathcare Information and 339 10.74% 13.44% 15.18% 19.10% 0.98 1.05
Homebuilding 171 8.77% 9.51% 9.54% 28.28% 0.93 1.10
Hospitals/Healthcare Facilit 198 8.47% 8.25% 8.38% 25.25% 0.58 0.90
Hotel/Gaming 658 14.18% 13.64% 9.15% 17.33% 0.83 0.98
Household Products 531 8.99% 15.74% 28.53% 27.03% 0.91 0.98
Information Services 193 12.53% 24.08% 31.48% 31.36% 1.23 1.32
Insurance (General) 220 8.92% 7.92% 9.96% 24.71% 0.72 0.78
Insurance (Life) 128 6.91% 8.29% 10.97% 24.02% 1.00 1.00
Insurance (Prop/Cas.) 225 6.98% 8.20% 9.24% 23.23% 0.64 0.70
Investments & Asset Mana 1065 12.69% 19.27% 7.05% 20.63% 0.66 0.88
Machinery 1309 3.84% 9.95% 13.03% 25.61% 1.13 1.17
Metals & Mining 1594 2.50% 12.46% 11.86% 32.62% 1.33 1.55
Office Equipment & Service 157 2.57% 8.55% 13.85% 29.60% 0.85 0.95
Oil/Gas (Integrated) 48 -2.83% 5.68% 4.63% 28.71% 1.22 1.46
Oil/Gas (Production and Exp 928 -0.11% 8.10% 2.87% 18.12% 1.33 1.67
Oil/Gas Distribution 143 10.21% 12.91% 6.41% 24.37% 1.08 1.68
Oilfield Svcs/Equip. 524 -3.46% 5.29% 9.15% 26.13% 1.17 1.42
Packaging & Container 390 5.76% 9.05% 12.04% 25.27% 0.62 0.79
Paper/Forest Products 295 3.33% 8.85% 7.74% 22.12% 0.80 1.04
Power 563 6.13% 12.10% 6.35% 20.26% 0.58 0.93
Precious Metals 961 5.79% 12.24% 7.83% 27.55% 1.22 1.33
Publishing & Newspapers 371 -0.30% 7.17% 10.05% 24.12% 0.90 0.98
R.E.I.T. 714 11.69% 31.76% 3.70% 3.06% 0.45 0.68
Real Estate (Development) 784 14.22% 18.06% 7.95% 33.68% 0.76 1.15
Real Estate (General/Divers 415 13.58% 20.97% 5.43% 20.17% 0.78 1.09
Real Estate (Operations & S 628 8.78% 27.86% 5.43% 19.98% 0.64 0.90
Recreation 321 2.94% 10.79% 10.08% 30.48% 0.82 0.88
Reinsurance 38 8.60% 5.42% 6.53% 18.67% 1.16 1.18
Restaurant/Dining 364 7.33% 11.02% 14.49% 28.54% 0.70 0.85
Retail (Automotive) 169 5.44% 4.40% 10.22% 29.98% 0.68 0.96
Retail (Building Supply) 53 4.13% 9.76% 19.72% 34.84% 0.66 0.75
Retail (Distributors) 976 7.75% 4.19% 6.26% 24.91% 0.64 0.90
Retail (General) 217 3.69% 4.12% 8.34% 31.21% 0.92 1.18
Retail (Grocery and Food) 168 10.68% 3.44% 8.89% 26.64% 0.68 0.89
Retail (Online) 200 13.29% 4.47% 12.75% 25.43% 1.18 1.24
Retail (Special Lines) 503 3.37% 6.22% 11.95% 30.12% 0.82 0.98
Rubber& Tires 94 -0.93% 10.01% 11.12% 26.21% 0.82 0.97
Semiconductor 542 6.04% 20.78% 14.71% 16.44% 1.46 1.49
Semiconductor Equip 284 7.92% 19.31% 20.23% 15.50% 1.29 1.28
Shipbuilding & Marine 342 2.04% 6.93% 4.52% 17.98% 0.97 1.35
Shoe 85 1.32% 9.61% 14.67% 16.36% 1.08 1.11
Software (Entertainment) 128 10.00% 20.42% 19.26% 20.48% 1.36 1.27
Software (Internet) 880 13.85% 23.53% 17.41% 17.98% 1.25 1.24
Software (System & Applica 1075 13.88% 19.28% 15.45% 16.90% 1.11 1.16
Steel 735 -1.33% 8.11% 8.89% 21.77% 1.00 1.31
Telecom (Wireless) 106 1.63% 13.52% 8.41% 32.95% 0.87 1.20
Telecom. Equipment 505 4.99% 10.19% 9.49% 20.67% 1.22 1.27
Telecom. Services 289 8.09% 15.22% 12.69% 29.19% 0.70 1.00
Tobacco 62 22.61% 31.19% 41.08% 29.12% 0.63 0.68
Transportation 235 10.28% 8.72% 12.58% 26.09% 1.00 1.21
Transportation (Railroads) 51 4.89% 23.33% 9.57% 30.32% 0.77 0.97
Trucking 199 6.04% 6.76% 7.69% 29.38% 0.62 0.90
Utility (General) 55 1.26% 9.74% 6.35% 29.35% 0.50 0.79
Utility (Water) 103 10.28% 26.65% 8.26% 23.13% 0.81 1.09
 Std Market
Cost of deviation in Pre-tax cost Debt/Capita Cost of Sales/Capita
equity stock prices of debt l capital l EV/Sales EV/EBITDA EV/EBIT Price/Book
9.55% 45.74% 4.91% 27.89% 7.92% 4.16 1.57 9.48 14.69 2.49
9.49% 42.29% 4.91% 17.24% 8.49% 2.66 1.81 14.51 20.22 5.01
8.15% 32.69% 4.61% 42.27% 6.17% 1.08 1.69 7.56 16.95 2.43
7.99% 37.06% 4.61% 17.94% 7.18% 1.51 2.04 12.02 18.10 2.99
11.70% 30.81% 4.61% 45.84% 7.93% 1.20 0.98 9.37 16.16 1.39
10.24% 34.65% 4.61% 17.79% 9.03% 1.90 1.00 8.29 13.06 1.94
8.64% 24.50% 4.11% 69.73% 4.78% 0.12 8.51 NA NA 1.08
6.24% 30.94% 4.61% 56.32% 4.68% 0.24 5.75 NA NA 1.12
7.11% 29.65% 4.61% 18.63% 6.43% 0.84 4.40 16.53 20.91 3.70
6.38% 32.79% 4.61% 19.03% 5.83% 1.53 3.19 16.08 20.70 6.23
9.02% 37.89% 4.61% 36.18% 7.02% 1.11 2.36 10.04 13.82 2.64
9.05% 37.22% 4.61% 66.32% 5.35% 0.17 7.63 NA NA 1.49
8.30% 34.17% 4.61% 20.52% 7.31% 1.67 1.50 10.93 15.98 2.35
8.56% 40.50% 4.91% 19.66% 7.60% 3.07 1.76 12.98 18.87 4.32
9.54% 35.17% 4.61% 36.39% 7.33% 0.84 3.71 10.73 22.18 3.22
9.45% 34.36% 4.61% 20.42% 8.23% 1.25 1.54 9.53 14.14 1.93
11.73% 33.75% 4.61% 23.02% 9.83% 1.31 1.79 10.22 16.03 1.77
9.69% 39.16% 4.61% 18.47% 8.55% 1.28 2.18 12.88 19.09 2.96
10.14% 58.19% 4.91% 28.00% 8.34% 0.90 1.70 6.43 9.47 1.46
9.13% 39.26% 4.61% 15.80% 8.24% 3.31 1.29 12.15 16.80 3.45
10.29% 38.00% 4.61% 15.64% 9.22% 1.52 1.66 9.45 13.30 2.89
10.19% 34.65% 4.61% 29.20% 8.23% 1.17 1.68 11.85 18.87 1.93
8.63% 27.08% 4.61% 37.27% 6.71% 0.98 1.69 9.52 12.74 1.24
10.99% 73.16% 5.66% 12.71% 10.14% 0.45 7.93 14.77 29.36 5.53
9.49% 43.00% 4.91% 14.13% 8.67% 0.73 3.94 13.96 20.41 3.44
8.17% 41.89% 4.91% 19.50% 7.30% 1.23 2.35 11.76 20.59 2.49
9.98% 39.87% 4.61% 19.28% 8.72% 1.56 1.84 12.19 19.58 2.63
10.24% 43.23% 4.91% 23.58% 8.70% 2.27 0.76 8.63 15.33 1.92
10.28% 39.53% 4.61% 12.70% 9.41% 1.59 1.53 11.75 18.62 2.43
9.74% 36.79% 4.61% 39.31% 7.28% 2.32 0.72 9.57 14.17 1.52
9.80% 44.77% 4.91% 23.92% 8.34% 1.40 2.90 11.70 17.08 2.82
9.88% 46.29% 4.91% 22.33% 8.50% 1.56 2.59 13.38 21.82 3.29
7.95% 34.48% 4.61% 33.38% 6.45% 1.41 1.20 13.07 20.68 1.93
7.50% 35.98% 4.61% 86.43% 4.02% 0.06 16.26 148.89 NA 1.46
7.44% 33.81% 4.61% 19.90% 6.65% 1.85 1.69 13.01 18.41 2.77
7.59% 33.44% 4.61% 37.29% 6.06% 5.61 0.46 10.43 16.92 1.94
8.38% 33.40% 4.61% 17.68% 7.51% 2.81 1.41 11.95 17.28 2.84
9.56% 38.08% 4.61% 43.57% 6.91% 0.23 7.37 11.71 20.35 1.65
9.02% 49.92% 4.91% 13.88% 8.28% 1.08 4.10 17.21 26.71 3.67
8.37% 42.39% 4.91% 20.93% 7.39% 8.77 0.69 10.97 14.08 2.90
8.92% 50.38% 4.91% 13.25% 8.23% 1.22 5.05 21.65 37.42 4.43
9.24% 38.66% 4.61% 28.21% 7.61% 1.28 1.34 10.29 13.49 1.86
8.01% 37.72% 4.61% 44.69% 5.98% 1.21 1.91 11.25 22.98 3.11
8.51% 35.26% 4.61% 26.20% 7.19% 0.78 3.14 13.23 22.75 2.68
8.49% 39.93% 4.61% 12.99% 7.84% 2.13 3.07 16.24 19.50 5.41
10.57% 40.66% 4.91% 13.35% 9.65% 1.58 5.64 18.34 23.20 7.14
7.26% 27.38% 4.61% 29.22% 6.15% 1.49 0.97 9.91 11.96 1.26
8.59% 27.75% 4.61% 41.09% 6.49% 1.58 0.95 9.43 10.49 1.26
6.73% 30.65% 4.61% 20.99% 6.04% 1.36 1.13 11.11 13.26 1.39
7.88% 38.37% 4.61% 41.75% 6.04% 0.40 5.01 21.35 23.86 1.61
9.66% 35.44% 4.61% 14.03% 8.80% 1.60 2.02 14.23 20.07 3.01
12.03% 73.25% 5.66% 25.60% 10.04% 1.00 1.82 8.62 14.09 1.89
8.33% 38.17% 4.61% 24.15% 7.15% 1.98 1.25 9.12 14.49 2.57
11.49% 27.87% 4.61% 27.42% 9.29% 1.05 1.16 7.16 20.31 1.17
12.74% 70.83% 5.66% 30.38% 10.17% 0.37 3.87 8.47 46.41 1.52
12.83% 39.86% 4.61% 44.41% 8.68% 0.57 2.97 13.45 22.53 1.56
11.20% 47.42% 4.91% 28.00% 9.10% 1.93 0.95 9.52 17.16 1.74
7.29% 32.26% 4.61% 30.49% 6.12% 1.64 1.53 10.25 16.75 2.75
8.84% 36.01% 4.61% 32.91% 7.08% 1.03 1.42 9.25 15.86 1.61
8.17% 28.37% 4.61% 47.37% 5.94% 0.65 2.14 9.37 17.65 1.35
10.67% 86.96% 7.91% 18.40% 9.81% 0.66 2.70 8.52 20.47 1.70
8.46% 39.44% 4.61% 22.13% 7.36% 1.65 1.29 9.94 17.35 1.71
6.60% 23.72% 4.11% 42.19% 5.12% 0.12 12.20 21.41 34.32 1.58
9.52% 32.51% 4.61% 52.18% 6.37% 0.54 2.68 13.20 14.21 1.16
9.18% 32.66% 4.61% 42.70% 6.74% 0.30 3.49 13.08 16.18 0.88
7.99% 32.83% 4.61% 38.44% 6.26% 0.23 6.39 18.23 21.51 1.17
7.85% 36.76% 4.61% 19.87% 6.98% 1.11 2.28 12.91 20.71 2.72
9.75% 28.19% 4.61% 18.47% 8.59% 1.40 0.79 12.06 13.63 1.02
7.68% 34.47% 4.61% 25.64% 6.61% 1.64 2.45 12.69 22.12 7.56
8.36% 33.45% 4.61% 39.40% 6.44% 2.90 0.76 10.40 16.42 2.89
7.07% 30.98% 4.61% 17.44% 6.44% 2.61 1.73 12.64 17.75 9.55
7.99% 37.40% 4.61% 42.43% 6.07% 1.82 0.80 12.16 18.60 1.50
9.71% 30.61% 4.61% 31.22% 7.76% 2.62 0.82 9.72 19.70 2.54
7.94% 28.97% 4.61% 35.48% 6.36% 3.39 0.64 8.40 18.49 2.07
10.07% 49.96% 4.91% 10.87% 9.38% 3.27 3.16 29.72 74.59 7.84
8.50% 39.40% 4.61% 26.47% 7.17% 2.44 1.05 9.01 16.79 3.19
8.40% 29.26% 4.61% 25.29% 7.16% 1.35 1.25 7.77 12.48 1.83
11.67% 37.94% 4.61% 13.53% 10.56% 0.79 3.87 11.18 18.46 3.08
10.37% 43.88% 4.91% 9.50% 9.73% 1.19 3.20 13.32 17.10 3.92
10.80% 35.85% 4.61% 41.48% 7.76% 0.75 1.82 10.85 25.69 1.34
9.28% 37.93% 4.61% 11.17% 8.63% 1.87 2.04 14.67 21.17 4.05
10.26% 51.49% 4.91% 4.18% 9.99% 1.05 5.28 21.11 26.25 4.33
10.13% 57.29% 4.91% 3.73% 9.89% 0.80 7.82 24.24 33.95 5.58
9.59% 48.59% 4.91% 10.60% 8.97% 0.88 6.36 22.54 33.50 5.90
10.53% 43.09% 4.91% 35.61% 8.10% 1.28 1.02 7.42 12.23 1.29
9.82% 30.88% 4.61% 36.76% 7.49% 0.74 2.27 6.62 16.84 1.74
10.26% 43.65% 4.91% 15.11% 9.27% 1.03 2.37 15.25 23.80 2.88
8.59% 35.53% 4.61% 39.56% 6.57% 0.96 2.15 6.55 14.08 1.96
6.63% 27.96% 4.61% 12.91% 6.22% 1.55 5.62 15.79 17.98 11.35
9.90% 32.14% 4.61% 28.64% 8.06% 1.79 1.52 10.63 17.02 2.38
8.45% 24.03% 4.11% 27.72% 6.97% 0.53 3.71 10.81 15.89 2.61
8.00% 31.75% 4.61% 41.29% 6.13% 1.45 1.35 10.09 19.83 2.09
7.30% 23.14% 4.11% 46.45% 5.35% 0.89 1.78 9.81 18.30 1.68
9.19% 31.87% 4.61% 36.32% 7.11% 0.37 4.98 12.70 18.56 1.94
 Non-cash Cap Ex as Net Cap Ex Dividend Equity
WC as % of % of as % of Reinvestmen Payout Reinvestmen
Trailing PE Revenues Revenues Revenues t Rate ROE Ratio t Rate
57.78 -3.56% 1.98% 1.71% 34.98% 12.62% 54.54% 54.54%
44.55 25.73% 3.33% 1.73% 60.03% 21.95% 42.28% 42.28%
37.31 -2.68% 12.26% 6.63% 92.54% 17.25% 32.47% 32.47%
66.70 22.98% 3.97% 2.54% 39.70% 11.55% 50.25% 50.25%
133.26 1.74% 7.00% 3.97% 99.95% 12.55% 33.93% 33.93%
33.37 11.24% 5.76% 5.02% 104.60% 13.70% 24.86% 24.86%
19.88 NA 4.13% 2.68% 3453.14% 10.26% 35.79% 35.79%
22.78 NA 4.21% 4.71% NA 8.46% 31.29% 31.29%
45.66 9.24% 4.20% 5.15% 26.08% 17.14% 62.59% 62.59%
176.05 -1.01% 4.55% 3.55% 37.39% 21.87% 76.57% 76.57%
95.78 16.04% 3.88% 3.08% 34.62% 10.16% 51.01% 51.01%
45.72 NA 3.77% 3.24% ### 9.97% 46.20% 46.20%
30.41 17.63% 4.03% 3.31% 62.98% 11.46% 31.64% 31.64%
59.60 9.96% 2.40% 2.15% 48.59% 16.66% 49.38% 49.38%
53.35 -1.34% 12.94% -2.57% -19.46% 10.26% 35.73% 35.73%
38.08 14.16% 5.79% 3.74% 66.02% 14.36% 39.95% 39.95%
22.34 22.06% 7.16% 4.00% 58.60% 14.10% 41.52% 41.52%
49.75 15.66% 5.93% 5.82% 79.81% 13.56% 41.85% 41.85%
122.67 1.28% 7.51% 2.45% 11.80% 14.93% 72.36% 72.36%
49.11 14.32% 1.82% 1.93% 47.56% 18.96% 36.41% 36.41%
61.58 5.48% 6.73% 6.71% 84.66% 18.86% 28.12% 28.12%
45.86 13.32% 4.60% 3.51% 75.84% 10.17% 46.28% 46.28%
27.21 -13.70% 4.91% 4.12% 46.97% 9.84% 30.94% 30.94%
298.16 19.16% 4.84% 4.23% 42.18% 8.93% 67.92% 67.92%
910.91 17.63% 4.38% 5.75% 44.45% 11.86% 67.27% 67.27%
81.65 7.66% 5.63% 4.61% 67.94% 8.90% 41.14% 41.14%
59.80 21.44% 4.31% 4.33% 80.83% 11.09% 44.91% 44.91%
116.99 1.84% 4.60% 2.89% 110.70% 6.94% 38.91% 38.91%
67.40 17.03% 5.99% 5.55% 123.07% 11.51% 35.44% 35.44%
42.85 10.90% 3.00% 2.06% 50.45% 9.98% 50.54% 50.54%
121.66 9.82% 4.51% 5.37% 101.55% 13.55% 33.70% 33.70%
101.61 11.54% 8.55% 5.82% 100.36% 11.45% 46.54% 46.54%
51.72 14.96% 4.47% 2.63% 86.77% 10.33% 37.54% 37.54%
125.59 NA 7.27% 10.18% 205.94% 20.81% 22.78% 22.78%
45.32 10.52% 4.33% 4.74% 73.07% 12.15% 51.95% 51.95%
62.93 4.74% 1.47% 0.83% 27.98% 10.54% 47.43% 47.43%
58.12 8.05% 3.38% 6.04% 86.20% 20.83% 40.51% 40.51%
90.27 -6.58% 30.27% 10.86% 46.27% 10.12% 90.62% 90.62%
63.82 24.78% 4.69% 9.33% 85.66% 10.69% 39.86% 39.86%
84.72 -1.85% 0.98% 1.97% 67.73% 14.76% 25.67% 25.67%
124.88 19.61% 5.15% 10.68% 121.75% 10.07% 16.98% 16.98%
17.63 61.98% 0.94% 1.32% 51.93% 12.45% 23.04% 23.04%
45.75 7.80% 6.18% 4.42% 127.88% 10.18% 46.45% 46.45%
152.97 -2.45% 8.90% 3.25% 28.25% 9.52% 55.86% 55.86%
62.00 7.02% 3.94% 8.54% 77.35% 25.25% 48.71% 48.71%
 43.91 -2.74% 3.21% 1.38% 14.38% 20.97% 28.05% 28.05%
24.70 -4.65% 0.84% 0.62% 23.11% 7.75% 50.57% 50.57%
53.34 -96.53% 0.64% 0.45% 12.87% 7.82% 41.09% 41.09%
27.51 -36.20% 0.59% 0.54% 29.53% 8.33% 40.36% 40.36%
158.42 NA 2.19% 6.84% 52.73% 12.24% 37.73% 37.73%
43.76 24.75% 3.66% 4.54% 84.25% 12.22% 38.94% 38.94%
57.42 9.13% 7.06% 2.18% 47.68% 9.93% 44.12% 44.12%
49.87 12.31% 3.65% 2.89% 46.90% 8.11% 55.90% 55.90%
42.68 2.55% 9.28% 0.92% 32.44% 6.22% 67.45% 67.45%
84.76 1.10% 42.30% 15.61% 327.98% -0.68% 0.56% 0.56%
29.93 2.29% 16.42% 9.49% 105.35% 6.98% 112.12% 112.12%
51.71 6.46% 3.54% 1.19% 64.33% 7.01% 74.53% 74.53%
27.28 13.15% 5.78% 6.50% 106.97% 14.59% 41.63% 41.63%
297.11 18.04% 7.06% 3.96% 62.12% 9.32% 41.97% 41.97%
31.32 1.22% 15.60% 8.74% 100.71% 10.57% 54.59% 54.59%
39.30 13.06% 18.96% 9.69% 129.59% 4.29% 71.47% 71.47%
79.45 11.07% 3.02% 2.01% 38.10% 0.86% 471.40% 471.40%
112.52 38.69% 6.46% 2.10% 11.28% 10.09% 74.78% 74.78%
203.77 156.92% 2.83% 7.85% 78.15% 11.89% 53.77% 53.77%
49.93 71.22% 8.25% 10.49% 47.53% 9.01% 30.28% 30.28%
56.33 19.73% 5.35% 9.22% 50.88% 14.88% 24.21% 24.21%
40.13 18.27% 7.32% 5.32% 76.20% 8.55% 56.02% 56.02%
63.33 -38.56% 0.12% 0.15% 18.51% 5.55% 64.82% 64.82%
55.74 -1.09% 4.94% 3.20% 42.98% 30.87% 55.70% 55.70%
36.48 10.75% 2.27% 2.10% 103.15% 19.26% 28.63% 28.63%
28.04 6.40% 2.04% 0.44% 10.92% 36.18% 42.83% 42.83%
66.26 15.21% 2.73% 2.32% 110.13% 10.19% 37.65% 37.65%
35.16 0.40% 2.98% 0.88% 28.68% 11.64% 49.68% 49.68%
36.18 -3.07% 2.93% 1.33% 37.44% 11.98% 42.65% 42.65%
65.25 0.95% 4.34% 4.14% 155.78% 14.10% 11.51% 11.51%
41.91 6.81% 2.02% 0.62% 12.46% 14.61% 41.21% 41.21%
29.84 20.61% 4.91% 2.10% 48.27% 12.08% 35.78% 35.78%
54.91 19.79% 15.32% 14.81% 108.91% 17.42% 38.46% 38.46%
39.93 25.99% 5.52% 7.72% 68.06% 23.58% 21.49% 21.49%
36.16 5.26% 10.39% 7.26% 135.26% 1.19% 468.40% 468.40%
36.45 19.63% 1.73% -0.37% 3.40% 17.70% 35.85% 35.85%
55.14 13.40% 2.83% 2.46% 31.44% 13.82% 23.43% 23.43%
95.11 5.10% 8.01% 6.08% 45.26% 18.57% 5.47% 5.47%
97.07 13.96% 5.14% 14.18% 104.77% 15.07% 47.52% 47.52%
39.94 14.27% 4.71% 2.21% 71.77% 9.62% 34.89% 34.89%
37.85 -1.51% 12.13% -2.56% -9.93% 9.07% 61.86% 61.86%
69.66 18.91% 3.52% 4.15% 74.42% 7.70% 70.41% 70.41%
118.80 -2.77% 13.16% -1.54% -3.33% 12.51% 78.88% 78.88%
23.68 21.02% 3.73% -1.78% -9.52% 88.58% 59.88% 59.88%
80.25 3.22% 4.84% 0.94% 30.84% 15.70% 46.69% 46.69%
26.54 11.77% 15.73% 11.64% 74.76% 13.93% 29.85% 29.85%
34.27 7.93% 8.61% 5.75% 131.19% 9.56% 32.24% 32.24%
29.70 -1.51% 12.67% 6.34% 91.44% 7.44% 115.07% 115.07%
42.02 4.90% 20.70% 12.04% 95.65% 11.23% 54.93% 44.26%
Country Moody's ratingAdj. Default Spre Equity Risk PremiuCountry Risk Premium
Abu Dhabi Aa2 0.51% 5.65% 0.57%
Albania B1 4.62% 10.27% 5.19%
Algeria NA 6.67% 12.58% 7.50%
Andorra (Principality of) Baa2 1.95% 7.27% 2.19%
Angola B2 5.64% 11.42% 6.34%
Anguilla NA 5.61% 11.39% 6.31%
Antigua & Barbuda NA 5.61% 11.39% 6.31%
Argentina B2 5.64% 11.42% 6.34%
Armenia B1 4.62% 10.27% 5.19%
Aruba Baa1 1.64% 6.92% 1.84%
Australia Aaa 0.00% 5.08% 0.00%
Austria Aa1 0.41% 5.54% 0.46%
Azerbaijan Ba2 3.08% 8.54% 3.46%
Bahamas Baa3 2.26% 7.62% 2.54%
Bahrain B1 4.62% 10.27% 5.19%
Bangladesh Ba3 3.69% 9.23% 4.15%
Barbados Caa3 10.25% 16.60% 11.52%
Belarus Caa1 7.69% 13.72% 8.64%
Belgium Aa3 0.62% 5.78% 0.70%
Belize B3 6.67% 12.58% 7.50%
Benin NA 4.86% 10.47% 5.46%
Bermuda A2 0.87% 6.06% 0.98%
Bolivia Ba3 3.69% 9.23% 4.15%
Bosnia and Herzegovina B3 6.67% 12.58% 7.50%
Botswana A2 0.87% 6.06% 0.98%
Brazil Ba2 3.08% 8.54% 3.46%
British Virgin Islands NA 5.61% 11.39% 6.31%
Brunei NA 0.87% 6.06% 0.98%
Bulgaria Baa2 1.95% 7.27% 2.19%
Burkina Faso B2 5.64% 11.42% 6.34%
Cambodia B2 5.64% 11.42% 6.34%
Cameroon B2 5.64% 11.42% 6.34%
Canada Aaa 0.00% 5.08% 0.00%
Cape Verde B2 5.64% 11.42% 6.34%
Cayman Islands Aa3 0.62% 5.78% 0.70%
Channel Islands NA 0.82% 6.01% 0.93%
Chile Aa3 0.62% 5.78% 0.70%
China A1 0.72% 5.89% 0.81%
Colombia Baa2 1.95% 7.27% 2.19%
Congo (Democratic Republ B3 6.67% 12.58% 7.50%
Congo (Republic of) Caa2 9.23% 15.46% 10.38%
Cook Islands B1 4.62% 10.27% 5.19%
Costa Rica Ba2 3.08% 8.54% 3.46%
Croatia Ba2 3.08% 8.54% 3.46%
Cuba Caa2 9.23% 15.46% 10.38%
Curaçao A3 1.23% 6.46% 1.38%
Cyprus Ba3 3.69% 9.23% 4.15%
Czech Republic A1 0.72% 5.89% 0.81%
Denmark Aaa 0.00% 5.08% 0.00%
Dominican Republic Ba3 3.69% 9.23% 4.15%
Ecuador B3 6.67% 12.58% 7.50%
Egypt B3 6.67% 12.58% 7.50%
El Salvador Caa1 7.69% 13.72% 8.64%
Estonia A1 0.72% 5.89% 0.81%
Ethiopia B1 4.62% 10.27% 5.19%
Falkland Islands NA 3.16% 8.63% 3.55%
Fiji Ba3 3.69% 9.23% 4.15%
Finland Aa1 0.41% 5.54% 0.46%
France Aa2 0.51% 5.65% 0.57%
Gabon B3 6.67% 12.58% 7.50%
Gambia NA 9.23% 15.46% 10.38%
Georgia Ba2 3.08% 8.54% 3.46%
Germany Aaa 0.00% 5.08% 0.00%
Ghana B3 6.67% 12.58% 7.50%
Gibraltar NA 0.82% 6.01% 0.93%
Greece Caa2 9.23% 15.46% 10.38%
Greenland NA 0.82% 6.01% 0.93%
Guatemala Ba1 2.56% 7.96% 2.88%
Guernsey (States of) Aa3 0.62% 5.78% 0.70%
Guinea NA 9.23% 15.46% 10.38%
Guinea-Bissau NA 6.67% 12.58% 7.50%
Guyana NA 3.69% 9.23% 4.15%
Haiti NA 7.69% 13.73% 8.65%
Honduras B1 4.62% 10.27% 5.19%
Hong Kong Aa2 0.51% 5.65% 0.57%
Hungary Baa3 2.26% 7.62% 2.54%
Iceland A3 1.23% 6.46% 1.38%
India Baa2 1.95% 7.27% 2.19%
Indonesia Baa3 2.26% 7.62% 2.54%
Iran NA 1.95% 7.27% 2.19%
Iraq Caa1 7.69% 13.72% 8.64%
Ireland A2 0.87% 6.06% 0.98%
Isle of Man Aa2 0.51% 5.65% 0.57%
Israel A1 0.72% 5.89% 0.81%
Italy Baa2 1.95% 7.27% 2.19%
Ivory Coast Ba3 3.69% 9.23% 4.15%
Jamaica B3 6.67% 12.58% 7.50%
Japan A1 0.72% 5.89% 0.81%
Jersey (States of) Aa3 0.62% 5.78% 0.70%
Jordan B1 4.62% 10.27% 5.19%
Kazakhstan Baa3 2.26% 7.62% 2.54%
Kenya B1 4.62% 10.27% 5.19%
Korea Aa2 0.51% 5.65% 0.57%
Korea, D.P.R. NA 10.25% 16.60% 11.52%
Kuwait Aa2 0.51% 5.65% 0.57%
Kyrgyzstan B2 5.64% 11.42% 6.34%
Laos NA 1.06% 6.27% 1.19%
Latvia A3 1.23% 6.46% 1.38%
Lebanon B3 6.67% 12.58% 7.50%
Liberia NA 12.30% 18.91% 13.83%
Libya NA 7.69% 13.73% 8.65%
Liechtenstein Aaa 0.00% 5.08% 0.00%
Lithuania A3 1.23% 6.46% 1.38%
Luxembourg Aaa 0.00% 5.08% 0.00%
Macau Aa3 0.62% 5.78% 0.70%
Macedonia Ba3 3.69% 9.23% 4.15%
Madagascar NA 5.64% 11.42% 6.34%
Malawi NA 7.69% 13.73% 8.65%
Malaysia A3 1.23% 6.46% 1.38%
Mali NA 7.69% 13.73% 8.65%
Malta A3 1.23% 6.46% 1.38%
Mauritius Baa1 1.64% 6.92% 1.84%
Mexico A3 1.23% 6.46% 1.38%
Moldova B3 6.67% 12.58% 7.50%
Mongolia Caa1 7.69% 13.72% 8.64%
Montenegro B1 4.62% 10.27% 5.19%
Montserrat Baa3 2.26% 7.62% 2.54%
Morocco Ba1 2.56% 7.96% 2.88%
Mozambique Caa3 10.25% 16.60% 11.52%
Myanmar NA 6.67% 12.58% 7.50%
Namibia Ba1 2.56% 7.96% 2.88%
Netherlands Aaa 0.00% 5.08% 0.00%
Netherlands Antilles NA 5.61% 11.39% 6.31%
New Zealand Aaa 0.00% 5.08% 0.00%
Nicaragua B2 5.64% 11.42% 6.34%
Niger NA 12.30% 18.91% 13.83%
Nigeria B2 5.64% 11.42% 6.34%
Norway Aaa 0.00% 5.08% 0.00%
Oman Baa2 1.95% 7.27% 2.19%
Pakistan B3 6.67% 12.58% 7.50%
Palestinian Authority NA 1.43% 6.69% 1.61%
Panama Baa2 1.95% 7.27% 2.19%
Papua New Guinea B2 5.64% 11.42% 6.34%
Paraguay Ba1 2.56% 7.96% 2.88%
Peru A3 1.23% 6.46% 1.38%
Philippines Baa2 1.95% 7.27% 2.19%
Poland A2 0.87% 6.06% 0.98%
Portugal Ba1 2.56% 7.96% 2.88%
Qatar Aa3 0.62% 5.78% 0.70%
Ras Al Khaimah (Emirate o A2 0.87% 6.06% 0.98%
Reunion NA 4.86% 10.47% 5.46%
Romania Baa3 2.26% 7.62% 2.54%
Russia Ba1 2.56% 7.96% 2.88%
Rwanda B2 5.64% 11.42% 6.34%
Saint Lucia NA 5.61% 11.39% 6.31%
Saudi Arabia A1 0.72% 5.89% 0.81%
Senegal Ba3 3.69% 9.23% 4.15%
Serbia Ba3 3.69% 9.23% 4.15%
Sharjah A3 1.23% 6.46% 1.38%
Sierra Leone NA 12.30% 18.91% 13.83%
Singapore Aaa 0.00% 5.08% 0.00%
Slovakia A2 0.87% 6.06% 0.98%
Slovenia Baa1 1.64% 6.92% 1.84%
Solomon Islands NA 1.06% 6.27% 1.19%
Somalia NA 12.30% 18.91% 13.83%
South Africa Baa3 2.26% 7.62% 2.54%
Spain Baa2 1.95% 7.27% 2.19%
Sri Lanka B1 4.62% 10.27% 5.19%
St. Maarten Baa2 1.95% 7.27% 2.19%
St. Vincent & the Grenadi B3 6.67% 12.58% 7.50%
Sudan NA 18.00% 25.32% 20.24%
Suriname B1 4.62% 10.27% 5.19%
Swaziland B2 0.00% 5.08% 0.00%
Sweden Aaa 0.00% 5.08% 0.00%
Switzerland Aaa 0.00% 5.08% 0.00%
Syria NA 18.00% 25.32% 20.24%
Taiwan Aa3 0.62% 5.78% 0.70%
Tajikistan B3 2.56% 7.96% 2.88%
Tanzania NA 6.67% 12.58% 7.50%
Thailand Baa1 1.64% 6.92% 1.84%
Togo NA 7.69% 13.73% 8.65%
Trinidad & Tobago Ba1 2.56% 7.96% 2.88%
Tunisia B1 4.62% 10.27% 5.19%
Turkey Ba1 2.56% 7.96% 2.88%
Turks & Caicos Islands Baa1 1.64% 6.92% 1.84%
Uganda B2 5.64% 11.42% 6.34%
Ukraine Caa2 9.23% 15.46% 10.38%
United Arab Emirates Aa2 0.51% 5.65% 0.57%
United Kingdom Aa2 0.51% 5.65% 0.57%
United States Aaa 0.00% 5.08% 0.00%
Uruguay Baa2 1.95% 7.27% 2.19%
Venezuela Caa3 10.25% 16.60% 11.52%
Vietnam B1 4.62% 10.27% 5.19%
Yemen, Republic NA 18.00% 25.32% 20.24%
Zambia B3 6.67% 12.58% 7.50%
Zimbabwe NA 9.23% 15.46% 10.38%

ERP Default Spread Tax rate

Africa & Mid East 8.11% 2.69% 23.26%
Australia, NZ & Canada 5.08% 0.00% 28.03%
Latin America & Caribbean 8.75% 2.00% 27.15%
Japan 5.89% 0.72% 35.64%
US 5.08% 0.00% 40.00%
Europe 6.01% 0.82% 30.00%
Emerging Markets 7.14% 0.93% 25.00%
Small Asia (No India, China & Ja 6.93% 0.78% 20.00%
North America 5.08% 0.00% 26.50%

Global 6.21% 1.00% 30.00%

Corporate Tax Rate
Region
0.00% Middle East
15.00% Eastern Europe & Russia
26.00% Africa
0.00% Western Europe
30.00% Africa
24.02% Caribbean
24.02% Caribbean
35.00% Central and South America
20.00% Eastern Europe & Russia
0.00% Caribbean
30.00% Australia & New Zealand
25.00% Western Europe
20.00% Eastern Europe & Russia
0.00% Caribbean
0.00% Middle East
25.00% Asia
25.00% Caribbean
18.00% Eastern Europe & Russia
33.99% Western Europe
28.21% Central and South America
27.61% Africa
0.00% Caribbean
25.00% Central and South America
10.00% Eastern Europe & Russia
22.00% Africa
34.00% Central and South America
24.02% Caribbean
18.50% Middle East
10.00% Eastern Europe & Russia
27.50% Africa
20.00% Asia
33.00% Africa
26.50% North America
28.21% Africa
0.00% Caribbean
25.51% Western Europe
25.50% Central and South America
25.00% Asia
34.00% Central and South America
35.00% Africa
28.21% Africa
0.00% Australia & New Zealand
30.00% Central and South America
20.00% Eastern Europe & Russia
27.98% Caribbean
22.00% Caribbean
12.50% Western Europe
19.00% Eastern Europe & Russia
22.00% Western Europe
27.00% Caribbean
22.00% Central and South America
22.50% Africa
30.00% Central and South America
20.00% Eastern Europe & Russia
30.00% Africa
31.73% Central and South America
20.00% Asia
20.00% Western Europe
33.33% Western Europe
30.00% Africa
31.00% Africa
15.00% Eastern Europe & Russia
29.79% Western Europe
25.00% Africa
25.51% Western Europe
29.00% Western Europe
25.51% Western Europe
25.00% Central and South America
0.00% Western Europe
28.21% Africa
28.21% Africa
27.98% Central and South America
27.98% Caribbean
25.00% Central and South America
16.50% Asia
9.00% Eastern Europe & Russia
20.00% Western Europe
30.00% Asia
25.00% Asia
21.28% Asia
15.00% Middle East
12.50% Western Europe
0.00% Western Europe
24.00% Middle East
24.00% Western Europe
25.00% Africa
25.00% Caribbean
30.86% Asia
20.00% Western Europe
20.00% Middle East
20.00% Eastern Europe & Russia
30.00% Africa
22.00% Asia
21.28% Asia
15.00% Middle East
15.00% Eastern Europe & Russia
25.93% Asia
15.00% Eastern Europe & Russia
15.00% Middle East
28.21% Africa
20.00% Africa
12.50% Western Europe
15.00% Eastern Europe & Russia
27.08% Western Europe
12.00% Asia
10.00% Eastern Europe & Russia
20.00% Africa
30.00% Africa
24.00% Asia
28.21% Africa
35.00% Western Europe
15.00% Asia
30.00% Central and South America
12.00% Eastern Europe & Russia
25.00% Asia
9.00% Eastern Europe & Russia
27.98% Caribbean
31.00% Africa
32.00% Africa
25.00% Asia
32.00% Africa
25.00% Western Europe
24.02% Caribbean
28.00% Australia & New Zealand
30.00% Central and South America
28.21% Africa
30.00% Africa
24.00% Western Europe
15.00% Middle East
31.00% Asia
20.56% Middle East
25.00% Central and South America
30.00% Asia
10.00% Central and South America
29.50% Central and South America
30.00% Asia
19.00% Eastern Europe & Russia
21.00% Western Europe
10.00% Middle East
0.00% Middle East
27.61% Africa
16.00% Eastern Europe & Russia
20.00% Eastern Europe & Russia
30.00% Africa
24.02% Caribbean
20.00% Middle East
30.00% Africa
15.00% Eastern Europe & Russia
0.00% Middle East
30.00% Africa
17.00% Asia
21.00% Eastern Europe & Russia
19.00% Eastern Europe & Russia
25.93% Asia
20.00% Africa
28.00% Africa
25.00% Western Europe
28.00% Asia
34.50% Caribbean
27.98% Caribbean
35.00% Africa
36.00% Central and South America
27.50% Africa
22.00% Western Europe
17.77% Western Europe
28.00% Middle East
17.00% Asia
0.00% Eastern Europe & Russia
30.00% Africa
20.00% Asia
28.67% Africa
25.00% Caribbean
25.00% Africa
20.00% Western Europe
0.00% Caribbean
30.00% Africa
18.00% Eastern Europe & Russia
55.00% Middle East
20.00% Western Europe
24.00% North America
25.00% Central and South America
34.00% Central and South America
20.00% Asia
20.00% Africa
35.00% Africa
25.00% Africa
 Last 10K First X months: Last yearFirst X months: Current yearTrailing 12 month
Revenues $215,639.00 $75,872.00 $78,351.00 $218,118.00
R&D expense $10,045.00 $2,404.00 $2,871.00 $10,512.00
Operating income or EBIT $60,024.00 $24,171.00 $23,359.00 $59,212.00
Interest expenses $1,456.00 $276.00 $525.00 $1,705.00
Book value of equity $128,249.00 $132,390.00
Book value of debt $87,032.00 $87,549.00
Do you have operating lease commitments?
Cash and cross holdings $237,585.00 $245,090.00
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 25.88% 26.18% 26.01%
Marginal tax rate =
Lease commitments
Year 1 $929.00 NA
Year 2 $919.00 NA
Year 3 $915.00 NA
Year 4 $889.00 Copy into operating NA
Year 5 $836.00 lease worksheet NA
Beyond year 5 $3,139.00 NA

Current year's lease expense $ 939.00

$75,872.00
$2,404.00
$24,171.00
$276.00
ailing 12 month
 Spotify: Streaming Growth
100 € 4,500

€ 4,090.00
90 € 4,000

80
€ 3,500

70
€ 2,952.00 € 3,000
Number of Subscribers (in millions)

Revenues (millions of Euros)

60
€ 2,500

50

€ 1,940.00 € 2,000
40

€ 1,500
30

€ 1,000
20

10 € 500

0 €-
2015 2016 2017

Premium Subscribers Free Subscribers Total Revenues

 Spotify: Deconstructing Revenues
€ 4,500 € 8.00

€ 7.06
€ 4,000
€ 7.00

€ 3,500 € 6.00
€ 6.00

Monthly Revenues/ Prime Subscriber (in Euros)

€ 3,000 € 5.24

€ 5.00
Revenues (in millions of Euros)

€ 2,500

€ 4.00

€ 2,000

€ 3.00
€ 1,500

€ 2.00
€ 1,000

€ 1.00
€ 500

€- €-
2015 2016 2017
 € 4,500 Spotify: Content Costs 90%

€ 4,000
88%

€ 3,500
86%
Revenues and Costs (in millions of Euros)

€ 3,000

Content Cost as % of Revenues

84%

€ 2,500

82%

€ 2,000

80%
€ 1,500

78%
€ 1,000

76%
€ 500

€- 74%
2015 2016 2017
 2015 2016 2017 2027 (% targets)
Subscription € 1,744.00 € 2,657.00 € 3,674.00
Ad € 196.00 € 295.00 € 416.00
Total Revenue € 1,940.00 € 2,952.00 € 4,090.00 € 22,157.15
Subscription/ Total 89.90% 90.01% 89.83%
Cost of Revenue € 1,714.00 € 2,551.00 € 3,241.00 € 15,510.00
Streaming Cost as % of Re 88.35% 86.42% 79.24% 70.00%
R&D 136 207 396 € 1,329.43
Sales & Marketing 219 368 567 € 1,107.86
G&A 106 175 274 € 1,336.18
R&D as % of Sales 7.01% 7.01% 9.68% 6.00%
Marketing Cost as % of Sal 11.29% 12.47% 13.86% 5.00%
G&A Cost as % of Sales 5.46% 5.93% 6.70% 6.03%
Operating Income -235 -349 -388 € 2,873.68
Operating Margin -12.11% -11.82% -9.49% 12.97%

2015 2016 2017 2027 (% targets)

Premium Subscribers 28 48 71
Free Subscribers 63 75 88
Total Subscribers 91 123 159
Percent of Premiium 30.77% 39.02% 44.65%
Premium Revenues € 1,744 € 2,657 € 3,674
Ad Revenues € 196 € 295 € 416
Total Revenues € 1,940.00 € 2,952.00 € 4,090.00
Premium ARPU € 7.06 € 6.00 € 5.24

Year 2015 2016 2017

Revenues € 1,940.00 € 2,952.00 € 4,090.00
Content Cost € 1,714.00 € 2,551.00 € 3,241.00
R&D € 136.00 € 207.00 € 396.00
Sales & Marketing € 219.00 € 368.00 € 567.00
G&A € 106.00 € 175.00 € 274.00
Operating Income (loss) € (235.00) € (349.00) € (388.00)
R&D as % of Sales 7.01% 7.01% 9.68%
Marketing Cost as % of Sal 11.29% 12.47% 13.86%
G&A Cost as % of Sales 5.46% 5.93% 6.70%
Operating Margin -12.11% -11.82% -9.49%
Yes/No Book or Market ValuERP choices Cost of debt Synthetic ratiBeta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatioSynthetic rati 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)