Company's current status

What was the total grossed by the company in the most recent twelve months?
What revenues did your company generate in the most recent twelve months?
What operating profits (losses) did your company report in that twelve-month period?
Overall Market
What is the potential market for Uber?
Based on your potential market choice above, this is the potential market
What effect will Uber have on the size (growth) of the potential market?
Expected annual growth rate (next 10 years) based on your growth rate choice
Company's share of that market
How strong will Uber's network effect be in the potential market?
Expected market share (based upon your network choice)
When do you expect the company to get to this market share?
How strong and sustainable are Uber's competitive advantages
What portion of the gross billings will accrue to the company as revenues?

How much incremental revenue do you expect for every dollar of incremental investment?
If direct input of incremental investment, enter the number here
Profitability
What employment relationship do you see Uber having with its drivers?
What is the expected operating margin (in steady state)?
How quickly will operating margins improve in the next year?
Year in which target margin reached
What is the effective tax rate on your income?
Risk
What cost of capital would you assign to this company, ignoring surivival risk?
If direct input, what is the cost of capital you would like to use initially (first 5 years)?
What cost of capital would you assign to established players in this business?
If direct input, what is the cost of capital you would like to use in steady state (after year 10)?
What is the probability that the company will fail sometime in the next 10 years?
What return on capital do you see the company generating in steady state?
General inputs
What is the risk free rate?
What is the statutory tax rate for the country in which the company in incorporated?
Do you want me to use this as the effective tax rate in steady state?
Loose End Inputs
Cash Balance for the company
Crossholding in Didi (20%)
Crossholding in Grab (23.2%)
Crossholding in Yandex (38%)
NOL carried forward
IPO Proceeds retained by firm
Debt Outstanding
Proceeds put back into business
Number of shares outstanding =
Your narrative for Uber
Uber's potential market is
Uber's effects on growth in the potential market will be
Within this market, Uber will have
Uber's competitive advantages in that market will be
A Uber's driver will be treated as

Uber' reinvestment for growth will be

Uber's operating risk will result in a cost of capital that puts it in
Uber's chance of failure (not making it) is
And your resulting valuation of Uber is
Value of the operating assets =
Imputed multiple of current revenues =
 $49,799.00
$10,025.00
-$2,445.00

A4. Global Logistics

$400,000.00
B4. Double market size
10.39%

C6: Direct input

30.00%
10
D5: Direct input
20.13%
G3. Small investment in autonomous cars, small
acquisitions (4.00)
4.00

E3: Full employee

15.00%
F2. Moderate convergence
7
25.00%

75th percentile of US companies (9.97%)

Median of US companies (8.24%)

5%
75th percentile (ROIC=20%)

2.50%
25.00%
Yes

$6,406.00
$8,000.00
$500.00
$200.00
 $1,147.00
$9,000.00
$6,869.00
$9,000.00
976.9

A4. Global Logistics

B4. Double market size
C6: Direct input
D5: Direct input
E3: Full employee
G3. Small investment in autonomous cars, small
acquisitions (4.00)
75th percentile of US companies (9.97%)
10%

$44,420.89
4.43
Potential Market
A1. US Transportation Services
A2. Global Transportation Service
A3. US Logistics
A4. Global Logistics
A5: Direct input
Growth Effect
B1. None
B2. Increase market by 25%
B3. Increase market size by 50%
B4. Double market size
B5. Direct input
Network Effects
C1. No network effects
C2. Weak local network effects

C3. Strong local network effects

C4. Weak market network effects
C5. Strong market network effects
C6: Direct input
Competitive Advantages
D1. None
D2. Weak
D3. Semi-strong
D4. Strong & Sustainable
D5: Direct input
Expense Profile
E1: Independent contractor
E2: Partial employee
E3: Full employee
E4: Direct input
Margin Improvement
F1. Fast convergence
F2. Moderate convergence
F3. Slow convergence
F4. Direct Input
Reinvestment
G1. Minimal capital needs, no acquisitions (10.00)
G2. Minimal capital needs, small acquisitions (5.00)
G3. Small investment in autonomous cars, small acquisitions (4.00)
G4. Big investment in utonomous Cars, Large acquisitions (2.50)
G5. Tech company median (2.00)
G6. Capital intensive company median (1.50)
G7. Direct input
Market size (in millions) Description
$120,000 Taxi cabs, limos & car services(US)
$200,000 Taxi cabs, limos & car services(Global)
$250,000 + Moving + Local Delivery (US)
$400,000 + Moving + Local Delivery (Global)
$200,000 Enter your number
Annual growth rate (next 10 years)
2.50% No change in market size
5.32% Increase market size by 25% over 10 years
7.26% Increase market size by 50% over 10 years
10.39% Double market size over 10 years

Market share of potential market

5% Open competition in every market
10% Multiple winners in each market

15% One winner in each local market

25% Multiple winners in overall market
40% Two or three winners in overall market
30%
Slice of Gross Receipts
5% Unrestricted entry + No pricing power
10% Unrestricted entry+ Some Pricing Power
15% Unrestricted entry + Pricing Power
20% Restricted entry + Pricing Power
20.13%
Operating Margin
40% Drivers stay as independent contractors
25% Drivers become employees in some states
15% Drivers are employees
20% Enter the operating margin
Year target margin reached
3 Target margin reached in year 4
7 Target margin reached in year 7
10 Target margin reached in year 10
Enter the year
Sales to Capital Ratio
10.00 No car ownership, miminal infrastructure
5.00 Acquisitions of small companies
4.00 Autonomous cars are small part of service
2.50 Changed investment model
2.00 Tech company median
1.50 Capital intensive business median
2.25 Enter your number
 Base 1 2 3
Overall market $400,000.00 $441,560.00 $487,438.08 $538,082.90
Share of market (gross) 12.45% 14.205% 15.960% 17.715%
Revenues as percent of gross 20.13% 20.13% 20.13% 20.13%
Annual Revenue $10,025.00 $12,626.64 $15,660.68 $19,188.89
Operating margin -24.39% -18.76% -13.14% -7.51%
Operating Income -$2,445.00 -$2,369.01 -$2,057.03 -$1,440.70
Effective tax rate 25.00% 25.00% 25.00% 25.00%
- Taxes -$611.25 $0.00 $0.00 $0.00
After-tax operating income -$1,833.75 -$2,369.01 -$2,057.03 -$1,440.70
Sales/Capital Ratio 4.00 4.00 4.00
- Reinvestment $650.41 $758.51 $882.05
Free Cash Flow to the Firm -$3,019.42 -$2,815.54 -$2,322.76
Terminal value
Present value of FCFF -$2,745.68 -$2,328.17 -$1,746.55
Present value of terminal value
Cost of capital 9.97% 9.97% 9.97% 9.97%
Cumulated cost of capital = 1.0997 1.2093 1.3299
Imputed Return on capital

PV of cash flows during next 10 years = $500.67

PV of terminal value = $46,258.15
Value of operating assets $46,758.83
Probability of failure 5%
Adjusted value of operating assets $44,420.89
+ Cash on hand $6,406.00
+ Crossholdings $8,700.00
+ IPO Proceeds left in business $9,000.00
Value of all assets $68,526.89
- Debt $6,869.00
Value of Equity $61,657.89
Number of shares outstanding 1143.87
Value per share $53.90

NOL at start of year $ 1,147.00 $ 3,516.01 $ 5,573.05

 4 5 6 7 8 9
$593,989.71 $655,705.25 $723,833.02 $799,039.27 $882,059.45 $973,705.43
19.470% 21.225% 22.980% 24.735% 26.490% 28.245%
20.13% 20.13% 20.13% 20.13% 20.13% 20.13%
$23,281.20 $28,016.74 $33,485.00 $39,787.12 $47,037.34 $55,364.65
-1.88% 3.75% 9.37% 15.00% 15.00% 15.00%
-$437.92 $1,049.50 $3,138.55 $5,968.07 $7,055.60 $8,304.70
25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
$0.00 $0.00 $0.00 $676.11 $1,763.90 $2,076.17
-$437.92 $1,049.50 $3,138.55 $5,291.96 $5,291.70 $6,228.52
4.00 4.00 4.00 4.00 4.00 4.00
$1,023.08 $1,183.89 $1,367.07 $1,575.53 $1,812.56 $2,081.83
-$1,461.00 -$134.38 $1,771.48 $3,716.43 $3,479.15 $4,146.70

-$998.97 -$83.55 $1,004.75 $1,928.93 $1,657.71 $1,819.55

9.97% 9.97% 9.62% 9.28% 8.93% 8.59%

1.4625 1.6083 1.7631 1.9267 2.0988 2.2790

$ 7,013.75 $ 7,451.67 $ 6,402.17 $ 3,263.62 $ - $ -

 10 Terminal year
$1,074,873.42 $1,101,745.26
30.000% 30.00%
20.13% 20.13%
$64,914.59 $66,537.46
15.00% 15.00%
$9,737.19 $9,980.62
25.00% 25.00%
$2,434.30 $2,495.15
$7,302.89 $7,485.46
4.00
$2,387.49 $935.68
$4,915.41 $6,549.78
$114,107.68
$1,992.66
$46,258.15
8.24%
2.4668
20.00%

$ -
 In April 2019
Prefferred to Common 903.6
+ Shares from option exercise on 12/19 42.9
+ Shares from Careem Purchase 30.4
+ RSUs not counted 0
Total Shares 976.9
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax
Industry Name firms years (Unadjusted) After-tax ROC rate
Advertising 48 23.49% 11.62% 64.62% 34.30%
Aerospace/Defense 85 1.63% 11.94% 39.77% 24.94%
Air Transport 18 6.65% 10.71% 13.64% 16.16%
Apparel 50 20.06% 10.09% 14.25% 34.53%
Auto & Truck 14 16.51% 4.21% 3.63% 53.34%
Auto Parts 52 9.57% 8.88% 20.63% 25.52%
Bank (Money Center) 10 4.94% 0.00% -0.01% 39.83%
Banks (Regional) 633 9.77% 0.00% -0.01% 22.30%
Beverage (Alcoholic) 31 7.83% 22.39% 18.21% 6.63%
Beverage (Soft) 37 17.97% 20.76% 26.12% 51.11%
Broadcasting 24 8.33% 20.42% 24.90% 12.24%
Brokerage & Investment 38 10.33% 0.41% 0.05% 38.78%
Building Materials 42 9.46% 9.37% 20.16% 31.34%
Business & Consumer Serv 168 8.25% 10.56% 24.97% 17.97%
Cable TV 14 17.76% 18.41% 14.06% 3.55%
Chemical (Basic) 39 8.44% 12.73% 19.17% 18.68%
Chemical (Diversified) 6 -1.16% 13.59% 16.62% 4.00%
Chemical (Specialty) 89 6.17% 13.65% 17.23% 26.47%
Coal & Related Energy 23 -7.96% 7.99% 13.59% 5.32%
Computer Services 119 27.22% 8.35% 26.66% 38.85%
Computers/Peripherals 57 2.07% 16.34% 22.26% 20.81%
Construction Supplies 48 6.27% 11.79% 16.87% 35.46%
Diversified 23 5.24% 12.93% 10.93% 13.17%
Drugs (Biotechnology) 481 33.89% 19.31% 9.50% 49.72%
Drugs (Pharmaceutical) 237 70.67% 23.30% 16.79% 53.29%
Education 35 -0.48% 9.21% 13.16% 18.68%
Electrical Equipment 116 -0.10% 13.25% 26.85% 24.30%
Electronics (Consumer & O 19 6.39% -2.23% -3.51% 36.86%
Electronics (General) 160 7.79% 9.52% 14.44% 67.64%
Engineering/Construction 52 11.39% 4.06% 21.26% 28.88%
Entertainment 120 9.11% 17.96% 26.85% 12.13%
Environmental & Waste Se 91 9.50% 11.82% 21.22% 3.13%
Farming/Agriculture 33 2.76% 5.19% 8.77% 28.29%
Financial Svcs. (Non-bank 259 10.73% 8.70% 0.25% 47.30%
Food Processing 83 6.54% 13.22% 20.19% 9.23%
Food Wholesalers 18 11.49% 3.12% 23.33% 16.55%
Furn/Home Furnishings 30 10.60% 8.31% 14.66% 27.47%
Green & Renewable Ener 21 3.44% 16.15% 2.42% 0.00%
Healthcare Products 248 13.97% 15.30% 16.56% 38.59%
Healthcare Support Servi 111 12.49% 4.53% 43.96% 18.01%
Heathcare Information an 119 14.63% 13.11% 14.78% 29.07%
Homebuilding 31 23.69% 10.51% 11.55% 30.60%
Hospitals/Healthcare Facil 34 4.00% 10.13% 14.13% 28.87%
Hotel/Gaming 70 8.33% 20.42% 14.23% 12.89%
Household Products 141 7.40% 17.56% 26.99% 29.59%
Information Services 71 12.09% 26.86% 38.95% 23.04%
Insurance (General) 20 7.09% 11.00% 6.95% 94.79%
Insurance (Life) 23 0.60% 10.93% 8.45% 1.57%
Insurance (Prop/Cas.) 50 7.57% 12.29% 11.99% 15.58%
Investments & Asset Ma 172 5.19% 19.25% 8.22% 17.93%
Machinery 127 4.01% 13.85% 25.82% 29.93%
Metals & Mining 94 31.61% 23.70% 26.71% 45.47%
Office Equipment & Servi 24 3.03% 7.39% 18.43% 20.10%
Oil/Gas (Integrated) 5 -6.89% 8.45% 7.99% 12.64%
Oil/Gas (Production and E 301 -1.88% 13.74% 7.19% 16.58%
Oil/Gas Distribution 20 17.17% 16.61% 7.24% 36.17%
Oilfield Svcs/Equip. 134 4.99% 4.74% 13.71% 12.01%
Packaging & Container 27 3.09% 10.55% 17.68% 23.09%
Paper/Forest Products 20 6.93% 7.64% 15.40% 21.68%
Power 51 4.99% 18.88% 6.91% 15.51%
Precious Metals 91 -9.33% 10.29% 4.65% 114.81%
Publishing & Newspapers 33 -0.99% 7.29% 14.98% 46.48%
R.E.I.T. 238 14.61% 25.73% 3.17% 2.17%
Real Estate (Development 18 9.84% 9.07% 0.88% 0.00%
Real Estate (General/Diver 11 14.62% 34.01% 11.99% 15.51%
Real Estate (Operations & 59 7.70% 7.13% 11.08% 33.50%
Recreation 72 4.93% 8.80% 12.73% 36.80%
Reinsurance 2 6.61% 11.85% 11.03% 10.63%
Restaurant/Dining 78 6.75% 15.78% 18.90% 26.33%
Retail (Automotive) 24 10.28% 5.69% 11.37% 17.13%
Retail (Building Supply) 17 4.68% 11.14% 26.26% 26.73%
Retail (Distributors) 88 6.75% 8.01% 15.56% 17.65%
Retail (General) 19 1.79% 4.36% 14.89% 21.66%
Retail (Grocery and Food) 12 5.75% 2.14% 8.77% 0.69%
Retail (Online) 79 8.62% 6.54% 11.57% 18.43%
Retail (Special Lines) 91 3.18% 6.35% 14.12% 25.22%
Rubber& Tires 4 -8.35% 7.43% 8.28% 55.78%
Semiconductor 72 10.50% 29.61% 22.70% 30.05%
Semiconductor Equip 41 10.31% 23.99% 26.86% 29.97%
Shipbuilding & Marine 9 9.08% 7.53% 7.40% 0.00%
Shoe 10 3.07% 11.73% 21.54% 49.58%
Software (Entertainment) 92 23.51% 27.62% 19.76% 33.19%
Software (Internet) 44 32.87% 11.22% 15.59% 16.52%
Software (System & Applic 355 16.90% 21.28% 16.47% 47.58%
Steel 37 3.30% 8.85% 22.43% 9.26%
Telecom (Wireless) 21 4.06% 10.19% 6.66% 0.54%
Telecom. Equipment 98 14.43% 17.41% 13.65% 84.28%
Telecom. Services 67 5.80% 18.54% 17.46% 0.38%
Tobacco 17 34.54% 39.97% 64.53% 19.78%
Transportation 19 20.83% 8.43% 23.38% 12.93%
Transportation (Railroads 10 3.01% 36.64% 19.93% 0.00%
Trucking 28 6.64% 7.31% 10.53% 3.57%
Utility (General) 18 2.40% 17.23% 6.73% 15.04%
Utility (Water) 19 6.41% 30.82% 8.44% 31.49%
Total Market 7209 11.21% 11.31% 7.40% 27.38%
Total Market (without fina 6004 11.66% 11.85% 14.10% 25.32%
 Std
Unlevered Cost of deviation in Pre-tax cost Market
Beta Equity (Levered) Beta equity stock prices of debt Debt/Capital
0.87 1.22 9.93% 66.44% 5.43% 41.54%
1.09 1.24 10.07% 40.77% 4.56% 20.25%
0.63 1.02 8.77% 34.19% 4.18% 47.32%
0.76 0.93 8.23% 48.89% 4.56% 25.93%
0.34 0.79 7.41% 38.24% 4.18% 66.15%
0.97 1.17 9.63% 44.28% 4.56% 28.55%
0.43 0.71 6.93% 18.29% 3.58% 67.09%
0.40 0.57 6.07% 20.60% 3.58% 43.35%
1.05 1.30 10.42% 33.49% 4.18% 25.47%
1.04 1.18 9.70% 50.32% 4.56% 19.05%
0.51 1.02 8.76% 37.29% 4.18% 59.11%
0.46 1.21 9.87% 32.08% 4.18% 74.79%
0.91 1.10 9.21% 33.40% 4.18% 24.81%
1.00 1.22 9.94% 44.86% 4.56% 26.30%
0.76 1.13 9.43% 26.32% 4.18% 41.42%
1.12 1.55 11.92% 54.33% 4.56% 39.93%
1.49 1.82 13.51% 32.60% 4.18% 26.90%
0.99 1.17 9.65% 42.33% 4.56% 24.60%
0.97 1.17 9.64% 53.58% 4.56% 40.26%
1.05 1.27 10.25% 41.69% 4.56% 28.15%
1.50 1.68 12.69% 49.87% 4.56% 20.08%
1.15 1.45 11.34% 32.24% 4.18% 31.45%
1.14 1.36 10.78% 39.46% 4.18% 26.18%
1.43 1.51 11.69% 68.96% 5.43% 15.91%
1.38 1.47 11.41% 72.45% 5.43% 12.56%
1.11 1.28 10.29% 37.66% 4.18% 23.51%
1.18 1.32 10.56% 57.29% 4.56% 18.13%
1.22 1.19 9.78% 62.71% 4.56% 8.90%
0.96 1.02 8.74% 46.69% 4.56% 16.23%
0.81 1.01 8.68% 40.14% 4.56% 32.83%
1.21 1.33 10.61% 54.34% 4.56% 16.57%
0.96 1.19 9.78% 46.15% 4.56% 25.17%
0.50 0.72 6.95% 29.07% 4.18% 39.85%
0.08 0.70 6.87% 27.33% 4.18% 91.92%
0.61 0.81 7.51% 27.46% 4.18% 31.88%
1.23 1.62 12.36% 40.99% 4.56% 30.97%
0.67 0.88 7.95% 43.51% 4.56% 33.63%
0.80 1.62 12.34% 69.48% 5.43% 59.42%
1.04 1.12 9.37% 56.32% 4.56% 12.94%
1.03 1.15 9.56% 48.13% 4.56% 26.59%
1.18 1.29 10.36% 53.01% 4.56% 14.70%
0.72 0.98 8.53% 34.08% 4.18% 38.36%
0.55 1.12 9.34% 49.69% 4.56% 58.29%
0.71 1.01 8.68% 35.01% 4.18% 38.99%
1.00 1.13 9.42% 54.64% 4.56% 17.44%
1.05 1.12 9.36% 37.11% 4.18% 13.09%
0.67 0.87 7.88% 24.63% 3.58% 32.37%
0.70 1.11 9.29% 27.64% 4.18% 51.16%
0.65 0.74 7.09% 23.90% 3.58% 20.29%
0.87 1.10 9.26% 35.43% 4.18% 40.24%
1.01 1.17 9.66% 34.36% 4.18% 21.22%
1.11 1.32 10.56% 75.46% 8.43% 29.47%
1.33 1.81 13.49% 39.46% 4.18% 38.03%
1.06 1.16 9.58% 17.62% 3.58% 14.71%
1.07 1.45 11.34% 57.36% 4.56% 35.56%
0.62 1.07 9.06% 36.03% 4.18% 50.32%
1.07 1.33 10.59% 49.29% 4.56% 31.87%
0.74 1.07 9.09% 27.47% 4.18% 39.91%
1.17 1.40 11.00% 42.72% 4.56% 32.60%
0.35 0.54 5.92% 20.53% 3.58% 44.26%
1.15 1.19 9.78% 74.54% 5.43% 17.52%
0.90 1.26 10.16% 39.32% 4.18% 41.22%
0.41 0.68 6.72% 21.22% 3.58% 47.56%
0.87 1.19 9.80% 40.78% 4.56% 40.99%
1.33 1.36 10.81% 21.50% 3.58% 33.26%
0.95 1.35 10.70% 42.49% 4.56% 39.52%
0.81 0.98 8.51% 42.73% 4.56% 26.64%
0.88 0.97 8.46% 16.27% 3.58% 23.00%
0.65 0.80 7.44% 38.18% 4.18% 26.21%
0.76 1.15 9.56% 33.22% 4.18% 41.83%
0.97 1.12 9.34% 46.94% 4.56% 18.59%
0.99 1.44 11.26% 44.59% 4.56% 39.63%
0.75 0.91 8.12% 39.63% 4.18% 25.42%
0.28 0.45 5.37% 33.06% 4.18% 45.48%
1.34 1.42 11.12% 54.22% 4.56% 10.71%
0.80 1.07 9.06% 49.17% 4.56% 34.05%
0.24 0.42 5.17% 29.03% 4.18% 54.47%
1.26 1.34 10.64% 42.66% 4.56% 12.39%
1.39 1.39 10.96% 48.66% 4.56% 14.22%
0.78 1.08 9.10% 55.89% 4.56% 36.19%
0.74 0.75 7.18% 38.65% 4.18% 6.92%
1.27 1.26 10.18% 65.58% 5.43% 2.14%
1.31 1.46 11.37% 51.90% 4.56% 17.80%
1.16 1.23 10.00% 50.68% 4.56% 11.40%
1.29 1.62 12.33% 44.32% 4.56% 33.44%
0.71 1.26 10.21% 44.49% 4.56% 53.66%
1.02 1.09 9.18% 45.72% 4.56% 15.29%
0.74 1.22 9.94% 54.23% 4.56% 47.15%
1.13 1.29 10.37% 48.08% 4.56% 20.15%
0.90 1.14 9.49% 33.82% 4.18% 29.81%
2.08 2.47 17.39% 20.12% 3.58% 21.22%
0.71 1.22 9.94% 41.51% 4.56% 50.76%
0.17 0.27 4.27% 15.34% 3.58% 41.64%
0.32 0.42 5.21% 22.94% 3.58% 30.07%
0.80 1.12 9.38% 42.67% 4.56% 39.99%
1.00 1.21 9.87% 46.24% 4.56% 25.66%
Cost of Sales/
capital Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE
7.49% 5.78 1.57 7.86 12.66 5.54 10.81
8.72% 3.72 1.84 12.06 15.30 5.75 33.83
6.10% 1.40 1.25 6.18 12.07 2.46 7.99
6.98% 1.62 1.66 10.08 16.04 3.09 55.05
4.58% 0.90 1.18 10.57 27.65 1.63 17.75
7.86% 2.50 0.67 5.20 7.41 1.91 18.92
4.08% 0.14 5.48 NA NA 1.02 12.69
4.60% 0.27 5.24 NA NA 1.17 25.30
8.57% 0.83 3.87 13.58 17.23 2.48 20.16
8.50% 1.30 4.55 18.26 21.72 7.38 35.13
5.44% 1.23 2.56 8.84 12.29 3.53 17.66
4.83% 0.19 5.56 NA NA 1.14 28.79
7.70% 2.49 1.26 9.59 13.04 2.94 21.87
8.22% 2.47 1.93 11.05 17.33 3.91 20.60
6.82% 0.79 2.96 8.39 15.66 1.86 10.69
8.52% 1.61 1.10 5.62 8.54 1.80 13.47
10.72% 1.19 1.65 8.03 12.12 1.28 18.59
8.12% 1.37 2.37 11.35 16.93 3.22 24.65
7.14% 1.61 0.74 3.37 7.85 1.38 10.44
8.32% 3.39 1.01 7.99 11.68 3.07 19.29
10.83% 1.41 2.08 9.39 12.65 5.27 50.94
8.76% 1.61 1.47 9.07 12.31 2.95 14.37
8.78% 0.91 2.24 12.28 17.26 1.71 18.64
10.48% 0.42 6.46 11.99 26.12 6.24 68.57
10.49% 0.70 4.79 13.46 20.00 4.85 106.46
8.61% 1.47 2.16 11.59 22.80 2.41 48.47
9.27% 2.03 2.10 10.86 14.90 3.81 20.89
9.21% 1.81 1.34 22.43 NA 5.31 56.33
7.87% 1.59 1.64 10.46 16.63 2.66 46.32
6.96% 5.31 0.58 8.22 13.18 1.42 19.49
9.42% 1.53 3.45 14.18 19.28 3.91 64.02
8.18% 1.78 2.61 11.67 20.97 3.50 30.92
5.43% 1.77 0.93 11.35 17.35 2.07 41.10
3.44% 0.04 28.99 NA NA 1.86 50.79
 6.12% 1.59 2.01 11.69 14.98 1.97 21.98
9.59% 7.68 0.53 11.27 16.48 4.29 18.84
6.43% 2.03 0.98 7.51 11.18 1.98 36.53
7.43% 0.19 8.90 15.57 68.28 1.09 16.64
8.60% 1.08 5.00 19.33 31.50 4.36 87.60
7.92% 10.79 0.63 10.70 14.11 3.15 38.68
9.34% 1.13 4.58 19.33 33.18 4.14 195.14
6.46% 1.44 0.99 8.71 9.26 1.23 10.45
5.89% 1.53 1.45 8.63 14.62 6.10 17.87
6.52% 0.79 3.26 10.60 16.41 2.87 17.27
8.37% 1.64 3.04 13.38 17.14 5.59 40.46
8.55% 1.58 6.36 18.78 23.40 7.45 34.03
6.20% 0.73 1.63 9.15 14.65 1.16 18.82
6.14% 0.80 1.34 10.58 11.85 0.82 10.78
6.20% 1.15 1.34 9.26 10.82 1.56 18.25
6.79% 0.47 3.80 16.80 19.21 1.36 29.80
8.27% 2.10 2.00 10.79 14.11 3.31 25.33
9.31% 1.16 1.41 4.09 5.54 1.73 43.79
9.55% 2.70 0.87 7.43 11.07 2.37 17.40
8.57% 1.03 1.38 7.70 16.14 1.46 12.96
8.52% 0.52 2.72 5.73 18.77 1.30 22.08
6.08% 0.47 3.43 12.30 20.39 1.36 55.40
8.31% 2.90 0.64 7.19 12.90 1.17 21.75
6.71% 1.89 1.34 8.03 12.51 2.62 17.57
8.53% 2.18 0.59 4.76 7.58 1.21 33.35
4.49% 0.43 3.52 10.37 18.95 1.68 23.03
8.78% 0.45 3.13 8.15 29.54 1.40 263.95
7.26% 2.34 0.90 6.84 12.31 1.25 37.88
4.80% 0.14 10.64 19.20 42.23 1.88 36.58
7.19% 0.18 7.15 33.80 140.56 1.30 13.73
8.11% 0.38 4.38 6.97 10.70 0.82 21.51
7.82% 1.68 1.44 10.74 19.01 2.05 18.37
7.16% 1.55 1.90 12.32 21.27 3.86 21.26
7.13% 1.04 1.04 8.11 8.86 1.04 7.52
6.31% 1.45 3.50 13.79 24.41 NA 30.27
6.87% 2.39 0.94 11.21 17.84 5.12 11.74
8.24% 3.01 1.64 10.97 14.98 19.28 27.48
8.15% 2.03 1.16 10.84 13.80 2.40 18.93
6.85% 4.05 0.70 9.31 16.77 3.73 18.48
4.35% 4.70 0.39 7.50 20.16 2.69 12.67
10.30% 1.99 3.32 23.40 53.91 6.11 38.96
 7.14% 2.53 0.95 7.34 14.60 3.88 15.49
4.06% 1.37 0.72 5.02 8.86 1.04 28.85
9.75% 0.82 3.71 8.92 12.45 3.72 77.82
9.88% 1.25 1.94 6.74 8.04 3.52 17.63
7.05% 0.87 1.70 9.20 18.43 1.17 7.79
6.90% 2.29 2.76 17.49 23.91 9.30 30.10
10.04% 0.69 5.90 16.22 21.43 4.30 48.65
9.95% 1.20 6.69 18.98 42.57 14.04 70.27
9.25% 0.75 6.99 20.21 29.57 8.03 109.84
9.35% 2.61 0.64 5.15 7.13 1.39 6.67
6.57% 0.66 2.12 5.82 20.31 1.44 11.58
8.30% 0.79 3.37 14.07 18.97 4.07 51.47
6.87% 0.99 2.58 7.11 14.00 1.75 21.22
8.97% 1.73 4.32 10.08 10.78 28.74 17.11
7.59% 2.94 1.16 8.29 13.78 4.66 17.67
14.27% 0.55 5.17 10.71 14.14 3.56 35.65
6.63% 1.30 1.30 8.19 15.79 2.01 8.56
3.61% 0.46 3.69 12.40 21.49 1.96 17.90
4.45% 0.30 7.35 15.85 23.71 3.05 76.63
7.00% 0.71 2.71 14.77 23.48 2.66 35.33
8.22% 1.25 2.20 11.31 18.16 3.18 36.26
Non-cash Net Cap Ex Equity
WC as % of Cap Ex as % as % of Reinvestme Dividend Reinvestme
Revenues of Revenues Revenues nt Rate ROE Payout Ratio nt Rate
0.72% 1.92% 1.12% 15.18% 22.55% 99.12% 99.12%
33.74% 2.66% 5.65% 77.74% 32.01% 38.06% 38.06%
1.96% 11.08% 5.78% 62.77% 27.62% 14.68% 14.68%
25.65% 2.63% 1.70% 70.23% 11.32% 59.70% 59.70%
-6.65% 10.94% 4.52% 110.14% 7.32% 80.58% 80.58%
11.25% 4.39% 3.67% 68.44% 20.40% 16.70% 16.70%
NA 0.99% 1.07% NA 8.42% 34.08% 34.08%
NA 3.99% 3.94% NA 11.48% 27.21% 27.21%
14.88% 7.36% 4.58% 26.09% 25.34% 19.56% 19.56%
-2.56% 4.32% 4.46% 41.71% 24.29% 117.74% 117.74%
21.97% 2.48% 15.33% 92.85% 82.32% 14.15% 14.15%
NA 6.54% 5.90% 12558.91% 11.46% 23.42% 23.42%
15.06% 3.16% 7.64% 123.59% 19.57% 18.22% 18.22%
14.13% 3.10% 2.63% 45.10% 20.11% 26.08% 26.08%
-0.25% 12.88% -2.37% -9.84% 36.40% 10.32% 10.32%
20.40% 5.58% 3.54% 52.78% 29.23% 17.89% 17.89%
22.70% 4.96% 3.31% 4.44% 5.02% 83.11% 83.11%
18.22% 5.42% 5.23% 62.54% 16.73% 33.33% 33.33%
3.83% 5.15% -4.50% -88.11% 21.78% 11.93% 11.93%
12.18% 1.90% 0.03% 3.34% 16.46% 63.37% 63.37%
-8.73% 3.96% 0.64% -0.60% 33.65% 25.77% 25.77%
16.00% 5.37% 4.35% 89.37% 22.72% 30.17% 30.17%
5.98% 5.10% 1.67% 15.13% 9.23% 24.57% 24.57%
13.44% 4.32% 17.93% 306.39% -1.57% 0.13% 0.13%
22.15% 4.59% 0.00% -3.53% 12.55% 98.10% 98.10%
11.63% 4.89% 1.17% 45.46% 11.16% 4.24% 4.24%
19.15% 4.36% 9.26% 102.97% 18.97% 66.70% 66.70%
14.06% 2.34% -0.84% NA -33.49% 0.00% 0.00%
20.36% 5.72% 9.43% 189.46% 4.16% 58.80% 58.80%
17.23% 1.60% 3.56% 157.90% 9.33% 16.69% 16.69%
9.70% 4.45% 1.98% 26.03% 21.71% 20.01% 20.01%
10.29% 7.71% 3.68% 34.64% 17.95% 36.08% 36.08%
12.15% 3.13% 4.98% 208.08% 13.31% 35.72% 35.72%
NA 8.22% 9.31% 105.39% 0.12% 19.75% 19.75%
 6.63% 3.63% 13.22% 108.57% 19.49% 34.87% 34.87%
7.31% 1.15% 1.99% 77.10% 27.62% 30.38% 30.38%
14.77% 4.27% 4.32% 74.81% 6.33% 55.10% 55.10%
6.42% 24.05% 51.62% 432.94% 5.63% 149.32% 149.32%
22.60% 5.32% 16.31% 167.67% 6.15% 50.68% 50.68%
-5.20% 0.82% 1.88% 53.24% 16.73% 24.81% 24.81%
22.46% 3.96% 6.15% 83.38% 10.95% 7.56% 7.56%
73.90% 0.66% 2.74% 79.36% 17.04% 8.34% 8.34%
11.87% 5.75% 2.75% 88.62% 13.84% 58.95% 58.95%
6.87% 10.92% 9.12% 51.59% 31.85% 30.94% 30.94%
11.72% 4.12% 1.88% 9.78% 13.42% 102.34% 102.34%
4.27% 3.38% 2.55% 18.22% 30.29% 22.46% 22.46%
-26.41% 1.47% 2.94% 14.43% -1.49% 0.28% 0.28%
17.10% 0.17% 0.29% 7.12% 11.93% 20.75% 20.75%
-45.81% 0.67% 0.30% 9.62% 14.03% 24.62% 24.62%
NA 2.60% 5.09% 34.11% 16.18% 33.61% 33.61%
22.23% 2.93% 7.64% 90.27% 17.24% 31.11% 31.11%
13.83% 7.59% 0.26% 9.27% 16.62% 31.42% 31.42%
9.11% 2.63% 6.56% 113.15% 17.35% 48.50% 48.50%
3.66% 8.25% -0.80% -4.44% 11.82% 58.96% 58.96%
-3.22% 46.14% 20.29% 185.69% 8.98% 23.25% 23.25%
4.20% 23.86% 13.79% 114.10% 6.75% 157.94% 157.94%
8.46% 3.75% 1.62% 51.03% 10.19% 46.59% 46.59%
10.69% 5.75% 6.62% 78.91% 27.34% 28.16% 28.16%
12.77% 4.48% 0.62% 20.25% 8.45% 41.71% 41.71%
4.94% 30.78% 18.82% 119.37% 9.27% 66.78% 66.78%
15.00% 20.60% 0.48% 121.63% -2.95% 0.07% 0.07%
14.22% 3.10% 8.84% 171.50% -2.30% 0.92% 0.92%
61.60% 3.41% -4.80% -20.16% 9.49% 130.47% 130.47%
23.16% 26.99% 16.22% 305.83% 5.36% 0.00% 0.00%
215.51% 0.97% -5.56% 89.78% 18.28% 5.81% 5.81%
11.92% 1.47% -0.49% -5.90% 15.87% 15.79% 15.79%
18.90% 4.72% 6.29% 88.73% 9.03% 92.55% 92.55%
-0.61% 0.35% 0.21% 20.97% 16.74% 4.93% 4.93%
0.81% 6.81% 5.55% 52.45% 0.13% 44.53% 44.53%
12.94% 1.92% 1.57% 35.37% 41.49% 3.68% 3.68%
6.89% 2.31% 0.45% 6.39% 95.94% 40.64% 40.64%
17.75% 6.71% 11.93% 198.10% 22.71% 21.79% 21.79%
2.07% 2.34% 1.71% 46.74% 14.10% 59.13% 59.13%
0.07% 2.69% 0.86% 48.29% 41.64% 12.24% 12.24%
-1.18% 5.54% 1.13% 36.31% 29.66% 0.66% 0.66%
 7.89% 2.24% 1.73% 41.09% 24.37% 34.20% 34.20%
16.35% 5.56% 0.62% -4.00% 8.23% 31.07% 31.07%
16.87% 14.04% 15.43% 73.74% 23.01% 34.31% 34.31%
24.91% 4.41% 3.60% 50.05% 26.22% 21.16% 21.16%
18.46% 15.25% 16.46% 201.99% 10.30% 6.73% 6.73%
19.46% 0.42% -1.57% -22.12% 16.54% 49.12% 49.12%
6.33% 17.48% 13.88% 85.63% 15.31% 0.00% 0.00%
10.31% 4.79% 25.68% 284.29% 5.52% 0.00% 0.00%
11.27% 6.58% 9.77% 103.56% 13.47% 58.53% 58.53%
20.93% 3.55% 2.26% 64.79% 27.10% 15.53% 15.53%
1.58% 21.49% 2.12% 40.96% 27.69% 0.78% 0.78%
17.41% 3.37% 10.47% 106.98% 2.24% 302.59% 302.59%
1.80% 13.77% 12.71% 79.43% 36.99% 38.89% 38.89%
15.52% 3.44% 3.70% 17.03% -2.52% 69.47% 69.47%
7.99% 7.08% 3.68% 62.77% 45.36% 29.32% 29.32%
2.90% 15.26% 5.05% 16.47% 51.74% 15.08% 15.08%
6.69% 19.78% 14.73% 198.30% 29.77% 7.08% 7.08%
5.72% 27.49% 15.21% 106.69% 12.17% 63.65% 63.65%
7.81% 45.80% 41.85% 198.73% 15.57% 65.23% 38.97%
-24.07% 6.15% 4.64% 60.50% 15.57% 38.97% 38.97%
8.62% 6.52% 4.79% 58.77% 16.88% 41.33% 41.33%
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax
Industry Name firms years (Unadjusted) After-tax ROC rate
Advertising 303 10.24% 9.52% 25.41% 24.62%
Aerospace/Defense 234 7.37% 9.91% 23.15% 24.60%
Air Transport 162 8.01% 9.47% 8.48% 19.89%
Apparel 1148 4.01% 11.37% 15.21% 24.53%
Auto & Truck 133 9.28% 5.92% 5.79% 21.26%
Auto Parts 681 7.00% 6.65% 10.25% 25.06%
Bank (Money Center) 617 12.67% 0.01% 0.02% 24.28%
Banks (Regional) 872 8.66% -0.04% 0.00% 23.05%
Beverage (Alcoholic) 220 5.97% 21.33% 12.66% 20.69%
Beverage (Soft) 97 4.93% 16.39% 20.77% 44.56%
Broadcasting 135 4.73% 16.03% 16.80% 22.40%
Brokerage & Investment 553 19.48% 0.55% 0.10% 32.21%
Building Materials 416 6.23% 8.76% 12.34% 24.72%
Business & Consumer Serv 850 9.54% 8.56% 20.22% 20.74%
Cable TV 60 7.54% 16.84% 11.13% 5.78%
Chemical (Basic) 785 7.55% 11.14% 12.21% 16.50%
Chemical (Diversified) 71 4.08% 11.46% 11.48% 16.22%
Chemical (Specialty) 811 6.41% 12.20% 13.14% 22.23%
Coal & Related Energy 232 6.00% 18.19% 15.72% 24.42%
Computer Services 998 8.32% 7.30% 21.33% 29.89%
Computers/Peripherals 340 4.05% 12.19% 17.55% 24.01%
Construction Supplies 746 5.84% 9.52% 9.64% 25.27%
Diversified 336 8.72% 11.50% 9.24% 18.11%
Drugs (Biotechnology) 975 23.79% 17.23% 8.57% 42.45%
Drugs (Pharmaceutical) 1175 16.79% 18.57% 12.13% 30.47%
Education 189 6.56% 10.74% 10.96% 16.58%
Electrical Equipment 907 7.23% 8.21% 12.77% 20.73%
Electronics (Consumer & O 150 0.50% 5.23% 11.14% 23.84%
Electronics (General) 1318 5.99% 6.95% 11.20% 25.77%
Engineering/Construction 1183 5.49% 5.28% 9.60% 25.58%
Entertainment 634 12.25% 14.49% 17.27% 16.09%
Environmental & Waste Se 321 10.49% 11.16% 15.04% 13.16%
Farming/Agriculture 407 8.60% 5.62% 6.91% 25.63%
Financial Svcs. (Non-bank 1048 14.37% 7.97% 0.44% 36.26%
Food Processing 1234 7.72% 8.54% 12.51% 19.61%
Food Wholesalers 156 8.76% 2.68% 12.54% 21.14%
Furn/Home Furnishings 317 7.83% 7.93% 18.68% 18.73%
Green & Renewable Ener 189 18.75% 36.90% 7.67% 17.53%
Healthcare Products 707 12.44% 15.08% 14.99% 34.01%
Healthcare Support Servi 362 13.52% 4.66% 30.41% 19.26%
Heathcare Information an 357 17.78% 12.63% 12.67% 26.00%
Homebuilding 164 10.31% 10.64% 10.83% 27.10%
Hospitals/Healthcare Facil 203 7.84% 10.36% 9.24% 25.42%
Hotel/Gaming 646 14.19% 14.80% 10.27% 14.59%
Household Products 544 8.82% 15.64% 22.79% 24.22%
Information Services 214 16.40% 24.67% 34.51% 23.11%
Insurance (General) 216 8.21% 9.34% 12.17% 34.83%
Insurance (Life) 130 7.12% 9.52% 12.39% 18.36%
Insurance (Prop/Cas.) 220 6.65% 9.36% 10.65% 18.95%
Investments & Asset Ma 1018 13.28% 18.28% 5.99% 17.23%
Machinery 1314 6.01% 9.97% 13.71% 25.07%
Metals & Mining 1549 10.93% 13.51% 14.16% 33.93%
Office Equipment & Servi 156 2.62% 7.03% 13.64% 27.22%
Oil/Gas (Integrated) 49 -0.45% 8.96% 8.42% 30.12%
Oil/Gas (Production and E 852 1.98% 17.19% 7.34% 27.87%
Oil/Gas Distribution 143 11.02% 12.67% 6.77% 24.27%
Oilfield Svcs/Equip. 517 -0.91% 5.67% 12.23% 23.64%
Packaging & Container 402 7.68% 9.16% 12.51% 21.48%
Paper/Forest Products 292 7.35% 11.75% 10.45% 22.48%
Power 529 8.34% 11.60% 5.83% 19.41%
Precious Metals 871 4.65% 10.39% 6.46% 31.41%
Publishing & Newspapers 353 0.68% 6.84% 9.00% 21.79%
R.E.I.T. 727 12.68% 34.22% 3.69% 2.96%
Real Estate (Development 811 12.63% 21.00% 9.52% 32.98%
Real Estate (General/Diver 399 11.24% 19.50% 5.42% 19.85%
Real Estate (Operations & 645 8.89% 26.01% 4.64% 18.40%
Recreation 325 3.55% 10.72% 9.24% 29.54%
Reinsurance 36 6.00% 7.32% 9.24% 18.50%
Restaurant/Dining 373 6.41% 11.38% 14.58% 24.66%
Retail (Automotive) 173 9.21% 4.57% 9.85% 21.28%
Retail (Building Supply) 90 5.21% 9.74% 17.92% 27.02%
Retail (Distributors) 983 8.97% 4.25% 6.85% 22.12%
Retail (General) 215 3.40% 4.50% 8.65% 26.01%
Retail (Grocery and Food) 165 5.67% 3.55% 8.86% 20.12%
Retail (Online) 291 12.23% 5.34% 9.27% 18.24%
Retail (Special Lines) 466 3.04% 5.92% 12.84% 25.59%
Rubber& Tires 93 0.37% 9.32% 9.32% 27.08%
Semiconductor 530 6.44% 24.31% 19.20% 24.05%
Semiconductor Equip 284 12.47% 20.47% 21.65% 23.77%
Shipbuilding & Marine 341 3.00% 6.88% 4.09% 18.59%
Shoe 82 0.54% 9.36% 14.30% 39.22%
Software (Entertainment) 262 15.07% 26.41% 19.53% 29.49%
Software (Internet) 131 28.69% 6.39% 11.91% 16.54%
Software (System & Applic 1272 13.20% 18.95% 16.17% 41.62%
Steel 701 2.89% 9.31% 8.34% 18.12%
Telecom (Wireless) 107 2.24% 13.71% 9.30% 22.22%
Telecom. Equipment 493 8.84% 9.27% 8.28% 67.18%
Telecom. Services 317 9.35% 15.07% 12.71% 16.88%
Tobacco 52 7.25% 31.80% 40.62% 10.56%
Transportation 261 12.19% 7.75% 13.67% 18.19%
Transportation (Railroads 51 5.33% 22.92% 9.71% 12.34%
Trucking 205 6.14% 6.54% 7.73% 18.54%
Utility (General) 54 2.31% 10.38% 7.30% 16.36%
Utility (Water) 102 13.42% 27.30% 7.63% 22.49%
Total Market 43848 8.65% 9.63% 6.39% 24.15%
Total Market (without fina 39174 8.18% 10.16% 10.48% 23.73%
 Std
Unlevered Cost of deviation in Pre-tax cost Market
Beta Equity (Levered) Beta equity stock prices of debt Debt/Capital
0.91 1.10 10.88% 48.59% 5.75% 32.12%
1.06 1.17 11.38% 40.22% 5.75% 20.18%
0.59 0.94 9.65% 31.42% 5.37% 48.43%
0.75 0.83 8.83% 37.15% 5.37% 19.66%
0.80 1.31 12.36% 31.55% 5.37% 53.62%
1.09 1.20 11.58% 35.52% 5.37% 26.49%
0.38 0.78 8.45% 23.46% 4.77% 71.85%
0.47 0.63 7.33% 22.18% 4.77% 63.68%
0.80 0.92 9.54% 30.04% 5.37% 22.13%
0.68 0.76 8.32% 34.12% 5.37% 19.22%
0.61 0.90 9.36% 35.76% 5.37% 43.11%
0.42 1.10 10.81% 38.09% 5.37% 73.43%
0.81 0.96 9.83% 34.06% 5.37% 26.64%
0.92 1.07 10.60% 43.11% 5.75% 23.54%
0.72 1.06 10.54% 32.63% 5.37% 41.40%
0.95 1.08 10.71% 34.90% 5.37% 26.11%
0.96 1.18 11.47% 33.20% 5.37% 29.73%
1.04 1.17 11.36% 38.95% 5.37% 21.86%
1.23 1.41 13.17% 59.57% 5.75% 35.33%
1.01 1.12 10.95% 41.94% 5.75% 19.90%
1.35 1.45 13.47% 39.55% 5.37% 20.91%
0.92 1.14 11.12% 35.44% 5.37% 34.94%
0.66 0.92 9.50% 27.21% 5.37% 41.73%
1.38 1.44 13.38% 61.80% 5.75% 14.28%
1.19 1.29 12.24% 46.12% 5.75% 15.85%
1.06 1.16 11.27% 42.04% 5.75% 22.28%
1.11 1.27 12.13% 40.81% 5.75% 26.01%
1.30 1.40 13.08% 42.12% 5.75% 30.59%
1.36 1.37 12.83% 41.25% 5.75% 18.19%
0.88 1.16 11.28% 38.76% 5.37% 47.32%
1.24 1.31 12.41% 50.22% 5.75% 15.78%
0.98 1.18 11.46% 46.63% 5.75% 26.61%
0.59 0.83 8.82% 35.15% 5.37% 39.49%
0.13 0.80 8.64% 33.87% 5.37% 88.12%
0.66 0.78 8.43% 33.43% 5.37% 23.44%
0.60 0.87 9.13% 34.50% 5.37% 43.18%
0.97 1.00 10.08% 33.85% 5.37% 21.77%
0.65 1.04 10.37% 38.75% 5.37% 47.38%
1.13 1.20 11.61% 48.90% 5.75% 12.70%
0.95 1.07 10.65% 40.03% 5.75% 27.35%
1.23 1.32 12.45% 51.39% 5.75% 12.85%
0.74 0.93 9.57% 35.35% 5.37% 36.40%
0.56 0.85 9.01% 33.72% 5.37% 43.80%
0.72 0.92 9.52% 36.09% 5.37% 34.56%
0.94 1.02 10.24% 41.40% 5.75% 13.67%
1.12 1.19 11.52% 40.53% 5.75% 12.92%
0.58 0.64 7.44% 25.41% 5.37% 34.12%
0.94 0.97 9.86% 26.60% 5.37% 46.72%
0.52 0.58 6.95% 26.42% 5.37% 22.97%
0.57 0.91 9.46% 38.53% 5.37% 53.64%
1.12 1.20 11.59% 37.25% 5.37% 19.54%
1.24 1.48 13.64% 74.37% 6.62% 30.02%
0.86 1.02 10.23% 37.12% 5.37% 29.73%
1.11 1.32 12.50% 28.92% 5.37% 28.76%
1.16 1.56 14.24% 62.06% 5.75% 36.12%
0.75 1.22 11.76% 33.32% 5.37% 48.12%
1.07 1.37 12.88% 46.34% 5.75% 34.84%
0.61 0.82 8.78% 34.38% 5.37% 35.56%
0.77 1.04 10.41% 36.96% 5.37% 38.10%
0.49 0.81 8.72% 27.28% 5.37% 50.25%
1.15 1.28 12.16% 79.09% 9.62% 21.07%
0.90 0.98 9.96% 39.51% 5.37% 25.15%
0.34 0.55 6.73% 19.07% 4.77% 46.08%
0.66 1.16 11.27% 34.89% 5.37% 61.70%
0.68 1.02 10.23% 32.87% 5.37% 47.08%
0.54 0.81 8.66% 32.26% 5.37% 44.70%
0.83 0.91 9.43% 37.61% 5.37% 23.12%
0.90 0.95 9.70% 25.43% 5.37% 20.27%
0.64 0.79 8.58% 34.98% 5.37% 27.81%
0.64 0.95 9.75% 32.97% 5.37% 43.55%
0.76 0.89 9.29% 34.54% 5.37% 20.84%
0.62 0.95 9.73% 38.03% 5.37% 48.09%
0.77 1.01 10.14% 30.16% 5.37% 34.00%
0.51 0.68 7.73% 29.36% 5.37% 36.79%
1.24 1.28 12.20% 51.42% 5.75% 11.24%
0.80 0.96 9.82% 39.12% 5.37% 28.50%
0.70 0.87 9.15% 26.70% 5.37% 32.26%
1.59 1.64 14.85% 40.20% 5.75% 13.17%
1.73 1.72 15.48% 42.69% 5.75% 13.67%
0.67 1.08 10.68% 36.94% 5.37% 51.50%
0.94 0.97 9.89% 36.06% 5.37% 10.78%
1.25 1.24 11.86% 59.17% 5.75% 3.92%
1.06 1.15 11.18% 46.61% 5.75% 15.67%
1.18 1.23 11.79% 51.09% 5.75% 10.67%
0.89 1.21 11.67% 40.37% 5.75% 40.48%
0.69 0.99 10.03% 33.31% 5.37% 40.72%
1.28 1.33 12.55% 43.24% 5.75% 14.90%
0.66 0.99 10.00% 37.40% 5.37% 42.09%
0.77 0.92 9.48% 31.78% 5.37% 22.98%
0.80 1.06 10.51% 32.52% 5.37% 37.40%
0.91 1.16 11.27% 20.71% 4.77% 29.27%
0.57 0.92 9.52% 32.84% 5.37% 49.26%
0.38 0.61 7.20% 20.94% 4.77% 47.09%
0.65 0.93 9.60% 30.63% 5.37% 41.24%
0.79 1.10 10.81% 40.11% 5.75% 44.57%
0.92 1.13 11.06% 41.21% 5.75% 30.45%
Cost of Sales/
capital Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE
8.76% 3.05 1.40 8.64 13.87 1.86 42.51
9.95% 2.65 1.62 11.97 16.14 4.53 47.83
6.92% 1.07 1.38 6.54 14.73 1.76 16.12
7.88% 1.51 1.86 10.31 15.47 2.69 29.68
7.88% 1.15 0.84 8.10 13.95 1.00 27.63
9.58% 1.79 0.67 5.94 9.81 1.23 30.07
4.94% 0.13 7.42 NA NA 0.95 15.78
4.93% 0.26 3.98 NA NA 0.84 21.75
8.31% 0.71 3.60 12.39 15.78 2.95 33.81
7.49% 1.41 3.39 16.12 20.41 5.19 31.82
7.05% 1.22 1.89 8.28 11.52 1.76 37.19
5.81% 0.16 6.76 NA NA 1.08 37.82
8.28% 1.68 1.14 8.58 12.52 1.65 34.39
9.12% 2.88 1.51 11.07 16.66 3.27 55.47
7.83% 0.74 3.05 8.46 17.55 2.09 64.91
8.96% 1.31 1.23 7.47 10.57 1.43 28.50
9.25% 1.20 1.25 7.01 10.82 1.23 33.52
9.76% 1.27 1.89 10.15 15.10 2.33 40.88
10.03% 0.94 1.22 4.51 6.56 1.02 16.04
9.63% 3.09 1.05 8.91 12.48 2.87 86.59
11.49% 1.59 1.22 6.72 9.65 2.32 30.29
8.63% 1.19 1.27 8.36 12.67 1.41 32.78
7.21% 0.95 1.46 8.82 12.40 1.01 23.26
12.08% 0.43 6.69 13.44 30.64 5.16 178.31
10.98% 0.72 3.66 12.93 19.13 3.06 41.34
9.71% 1.24 2.25 11.52 20.46 2.13 68.60
10.09% 1.43 1.44 8.65 13.32 1.85 71.35
10.39% 2.07 0.58 6.19 10.37 1.33 57.29
11.27% 1.78 1.02 8.73 14.15 1.69 37.43
7.84% 2.17 0.61 7.83 11.10 1.12 392.05
11.13% 1.32 3.13 13.85 20.88 3.06 114.61
9.55% 1.48 2.17 11.23 18.33 2.56 723.78
6.92% 1.35 1.05 11.39 18.09 1.57 195.66
4.56% 0.07 15.63 139.32 185.81 1.20 42.73
 7.39% 1.74 1.52 11.92 17.38 2.30 46.75
6.92% 5.41 0.42 9.32 14.64 1.61 39.93
8.76% 2.73 0.98 8.29 11.35 2.05 28.41
7.36% 0.24 6.31 10.36 17.25 1.49 47.45
10.68% 1.03 4.24 17.73 26.99 3.83 55.91
8.91% 7.79 0.65 10.33 13.96 2.62 38.73
11.40% 1.12 4.67 19.85 33.91 4.28 110.55
7.54% 1.38 0.95 7.39 9.18 1.21 18.68
6.82% 1.17 1.94 10.92 20.54 3.09 51.10
7.61% 0.84 2.48 10.24 17.28 1.91 63.46
9.43% 1.67 2.98 14.76 18.77 5.08 92.41
10.58% 1.61 5.84 18.34 23.17 6.91 77.69
6.27% 1.53 0.86 7.52 9.02 1.12 18.63
7.13% 1.49 0.78 7.40 7.99 0.97 27.47
6.28% 1.38 0.99 9.00 10.42 1.24 36.57
6.53% 0.36 4.16 18.25 21.20 1.11 52.81
10.11% 1.64 1.37 9.69 13.27 2.05 31.16
11.03% 1.09 1.28 6.03 9.14 1.36 37.46
8.38% 2.00 0.98 7.37 11.69 1.87 31.43
10.06% 1.24 0.84 4.91 9.54 1.01 16.87
10.65% 0.44 2.71 5.55 15.02 1.10 26.85
8.03% 0.61 2.43 11.72 19.15 1.30 27.19
9.88% 2.36 0.66 7.01 11.23 1.30 39.10
7.08% 1.62 1.28 8.09 13.08 2.06 23.85
7.97% 1.05 1.19 6.70 9.98 1.25 31.14
6.35% 0.62 2.02 9.16 17.53 1.21 22.51
11.11% 0.64 2.32 7.53 20.75 1.48 49.30
8.46% 1.55 1.14 9.02 16.02 1.35 61.83
5.27% 0.12 11.33 19.96 31.51 1.38 27.32
6.79% 0.56 2.11 9.25 9.79 0.79 48.59
7.30% 0.30 3.23 11.79 14.61 0.75 63.60
6.58% 0.21 5.51 16.87 20.35 0.86 67.03
8.18% 1.04 2.11 11.61 19.23 2.35 35.88
8.55% 1.47 0.78 10.04 10.59 1.05 19.43
7.31% 1.68 2.35 12.35 21.92 8.86 58.29
7.25% 2.79 0.68 9.84 15.53 2.37 23.18
8.19% 2.43 1.44 10.32 15.13 6.69 37.81
6.98% 1.89 0.67 10.03 14.96 1.12 36.99
8.05% 2.70 0.76 8.99 18.09 2.30 33.48
6.36% 3.31 0.61 8.17 17.98 1.89 31.16
11.31% 2.05 2.95 22.35 55.75 5.15 71.20
 8.16% 2.48 0.94 7.94 14.52 2.79 29.87
7.49% 1.21 0.99 6.13 10.28 1.26 20.87
13.46% 0.85 2.86 7.64 11.60 2.71 45.81
13.95% 1.17 1.96 7.71 9.46 2.69 22.22
7.24% 0.66 1.73 9.44 24.12 0.95 22.18
9.25% 1.86 2.03 14.50 21.05 4.51 159.10
11.56% 0.76 6.06 17.05 22.81 4.64 54.64
10.10% 1.74 3.73 17.73 37.74 7.22 44.45
10.99% 0.87 5.98 19.89 28.68 6.35 121.93
8.68% 1.03 0.74 5.05 7.67 0.87 33.43
7.58% 0.72 2.12 6.19 14.28 1.49 31.43
11.32% 0.97 2.19 14.34 21.93 3.03 49.01
7.48% 0.95 2.10 6.19 13.37 1.58 30.91
8.23% 1.52 3.83 10.58 11.97 3.45 24.92
8.08% 2.08 1.10 8.29 13.43 1.65 56.97
9.01% 0.52 3.46 10.20 14.82 2.25 40.15
6.81% 1.30 1.15 8.21 15.65 1.57 20.26
5.48% 0.85 1.73 9.43 16.57 1.47 19.55
7.29% 0.33 4.52 11.43 16.47 1.61 48.07
7.90% 0.76 1.99 12.05 19.13 1.64 61.10
9.00% 1.17 1.59 9.33 15.06 1.89 64.21
Non-cash Net Cap Ex Equity
WC as % of Cap Ex as % as % of Reinvestme Dividend Reinvestme
Revenues of Revenues Revenues nt Rate ROE Payout Ratio nt Rate
-3.63% 2.15% 1.93% 34.23% 12.70% 52.74% 52.74%
30.71% 3.17% 4.27% 76.28% 25.16% 37.82% 37.82%
-0.97% 11.63% 5.50% 74.88% 15.32% 36.42% 36.42%
21.58% 3.87% 3.69% 64.70% 12.78% 49.56% 49.56%
4.35% 6.73% 3.33% 79.99% 12.83% 32.98% 32.98%
11.61% 5.96% 5.15% 123.12% 10.78% 33.67% 33.67%
NA 4.26% 4.57% 3314.37% 10.11% 36.20% 36.20%
NA 6.44% 6.44% NA 13.19% 20.36% 20.36%
9.54% 4.55% 2.21% 13.36% 16.03% 54.26% 54.26%
-0.07% 4.26% 3.14% 33.13% 18.70% 92.00% 92.00%
15.76% 4.03% 7.33% 64.73% 15.14% 44.47% 44.47%
NA 5.22% 6.28% 8908.58% 8.20% 53.48% 53.48%
17.18% 4.28% 4.65% 88.29% 11.16% 35.02% 35.02%
11.54% 2.71% 2.58% 53.51% 16.54% 46.60% 46.60%
-0.60% 14.04% -1.71% -5.65% 34.18% 10.23% 10.23%
13.16% 6.95% 4.95% 82.25% 15.35% 39.83% 39.83%
22.60% -7.68% -8.32% -78.25% 9.63% 49.41% 49.41%
17.96% 6.55% 4.08% 66.27% 13.88% 43.13% 43.13%
-3.26% 7.28% 3.44% 31.98% 14.97% 50.78% 50.78%
13.87% 1.76% 1.09% 35.34% 15.69% 44.79% 44.79%
4.09% 5.35% 3.50% 50.02% 22.16% 26.48% 26.48%
13.63% 4.61% 2.86% 70.84% 10.18% 47.21% 47.21%
-12.35% 4.83% 3.18% 46.04% 11.00% 22.30% 22.30%
18.42% 5.16% 14.61% 240.76% 0.98% 612.75% 612.75%
18.94% 4.67% 7.33% 57.31% 12.47% 68.44% 68.44%
6.00% 6.55% 5.56% 78.82% 10.34% 32.88% 32.88%
24.21% 4.57% 4.67% 97.63% 10.53% 50.26% 50.26%
3.04% 5.06% 4.27% 133.65% 13.87% 23.75% 23.75%
17.80% 6.25% 5.72% 159.81% 9.78% 37.59% 37.59%
13.73% 3.20% 2.61% 128.75% 10.06% 55.08% 55.08%
10.00% 4.25% 5.53% 66.27% 12.97% 29.31% 29.31%
11.11% 8.99% 6.78% 102.09% 13.34% 43.22% 43.22%
15.55% 4.55% 4.21% 152.25% 8.65% 43.01% 43.01%
NA 7.11% 7.91% 133.20% 15.40% 29.37% 29.37%
 10.55% 4.53% 5.39% 87.72% 12.51% 48.90% 48.90%
5.25% 1.49% 1.48% 60.89% 12.03% 43.93% 43.93%
9.06% 3.65% 2.98% 62.89% 16.31% 34.52% 34.52%
-1.84% 31.29% 14.43% 68.51% 10.20% 81.84% 81.84%
23.62% 5.16% 10.41% 112.56% 8.10% 46.58% 46.58%
-1.49% 1.10% 1.87% 57.07% 15.39% 27.51% 27.51%
19.57% 5.08% 9.54% 121.66% 10.36% 13.36% 13.36%
60.64% 1.20% 2.24% 77.46% 15.47% 22.61% 22.61%
7.97% 6.80% 4.31% 100.29% 7.41% 63.78% 63.78%
-1.77% 8.78% 6.65% 57.35% 15.63% 39.82% 39.82%
8.87% 3.99% 3.89% 35.48% 20.01% 59.55% 59.55%
4.00% 3.45% 2.78% 25.44% 28.42% 24.70% 24.70%
-4.36% 0.77% 0.81% 10.25% 7.36% 57.12% 57.12%
-92.08% 0.78% 0.46% 16.70% 11.05% 30.21% 30.21%
-35.69% 0.55% -0.04% 9.84% 10.23% 34.26% 34.26%
NA 2.14% 7.91% 63.49% 12.79% 42.71% 42.71%
24.63% 4.05% 4.28% 92.40% 14.34% 34.39% 34.39%
12.36% 7.56% 3.08% 58.72% 11.44% 57.23% 57.23%
13.07% 3.70% 4.60% 82.89% 10.69% 46.93% 46.93%
2.59% 8.36% 1.68% 36.79% 10.71% 46.81% 46.81%
0.26% 38.50% 16.39% 138.17% 4.44% 63.66% 63.66%
1.75% 16.26% 9.65% 101.73% 7.26% 108.29% 108.29%
6.58% 3.03% 1.21% 61.46% 10.28% 44.73% 44.73%
14.04% 6.27% 5.30% 82.64% 16.18% 35.66% 35.66%
18.47% 7.22% 4.23% 68.55% 11.42% 38.81% 38.81%
-0.09% 16.09% 8.69% 103.48% 7.66% 74.42% 74.42%
13.35% 20.37% 9.72% 173.24% 0.84% 301.88% 301.88%
12.94% 3.38% 4.90% 101.10% 6.74% 53.27% 53.27%
49.29% 6.38% 8.73% 30.42% 9.58% 90.39% 90.39%
166.48% 4.14% 9.22% 173.53% 15.10% 48.57% 48.57%
76.66% 8.69% 8.55% 81.47% 10.15% 26.71% 26.71%
23.35% 4.69% 31.21% 170.46% 12.25% 25.72% 25.72%
20.32% 6.52% 6.74% 122.73% 9.08% 52.55% 52.55%
-39.68% 0.11% 0.38% 19.42% 7.64% 49.02% 49.02%
-0.95% 5.29% 3.80% 46.40% 38.44% 46.75% 46.75%
11.61% 2.24% 2.26% 86.36% 20.50% 32.79% 32.79%
7.25% 2.48% 0.62% 12.26% 36.44% 41.24% 41.24%
14.82% 3.26% 3.65% 159.53% 12.48% 33.85% 33.85%
-0.45% 2.84% 1.72% 56.07% 9.15% 64.18% 64.18%
-3.49% 3.00% 1.87% 49.95% 13.01% 39.66% 39.66%
-0.30% 4.79% 1.35% 63.11% 13.13% 5.30% 5.30%
 6.90% 2.06% 1.22% 42.28% 15.39% 44.58% 44.58%
21.26% 5.42% 3.75% 58.07% 11.15% 37.10% 37.10%
17.46% 15.95% 13.26% 83.68% 20.77% 33.44% 33.44%
24.38% 7.07% 5.44% 69.78% 21.48% 27.20% 27.20%
5.58% 10.82% 9.95% 180.86% 6.74% 53.39% 53.39%
20.22% 1.63% -0.71% 2.37% 12.30% 54.19% 54.19%
2.58% 14.41% 9.12% 54.21% 17.20% 4.02% 4.02%
5.33% 5.80% 12.93% 284.55% 5.95% 41.26% 41.26%
13.70% 5.70% 8.28% 89.00% 13.07% 51.43% 51.43%
14.76% 4.25% 1.94% 55.21% 8.64% 36.07% 36.07%
0.15% 11.87% -1.03% 5.49% 11.21% 55.70% 55.70%
20.61% 3.83% 5.31% 116.47% 0.23% 0.48% 0.48%
2.05% 12.41% 0.74% 14.09% 17.33% 57.40% 57.40%
16.62% 3.70% 17.87% 68.98% -0.09% 31.22% 31.22%
4.08% 5.17% 1.61% 40.62% 16.79% 45.04% 45.04%
10.60% 15.62% 10.02% 53.27% 22.82% 19.37% 19.37%
8.00% 9.62% 6.94% 128.05% 14.51% 19.54% 19.54%
2.05% 12.74% 6.53% 74.90% 11.33% 73.79% 73.79%
4.25% 23.48% 14.98% 113.06% 12.09% 66.41% 41.95%
-115.16% 5.76% 3.94% 73.23% 12.09% 41.95% 41.95%
10.93% 6.15% 4.02% 69.45% 12.66% 44.31% 44.31%
Yes or No Cost of capital
Yes Lowest decile of US companies (5.60%)
No 25th percentile of US companies (7.19%)
Median of US companies (8.24%)
75th percentile of US companies (9.97%)
Ninth decile of US companies (12.03%)
Direct input
Return on capital (in stable growth) Reinvestment
Match the best (ROIC=40%) G1. Minimal capital needs, no acquisitions (10.00)
90th percentile (ROIC=25%) G2. Minimal capital needs, small acquisitions (5.00)
75th percentile (ROIC=20%) G3. Some capital investments, small acquisitions (4.00)
50th percentile (ROIC=12.5%) G4. Autonomous Cars, Large acquisitions (2.50)
25th percentile (ROIC = Cost of capital) G5. Tech company median (2.00)
10th percentile (ROIC =5.00%) G6. Capital intensive company median (1.50)
G7. Direct input
tions (5.00)
uisitions (4.00)
 Total Market Growth Effect Network Effect
A4. Mobility Services B4. Double market size C5. Strong global network effects
A3. Logistics B4. Double market size C5. Strong global network effects
A4. Mobility Services B3. Increase market by 50% C3. Strong local network effects
A2. All car service B4. Double market size C5. Strong global network effects
A1. Urban car service B4. Double market size C5. Strong global network effects
A3. Logistics B3. Increase market by 50% C3. Strong local network effects
A1. Urban car service B3. Increase market by 50% C3. Strong local network effects
A2. All car service B3. Increase market by 50% C3. Strong local network effects
A4. Mobility Services B1. None C1. No network effects
A3. Logistics B1. None C1. No network effects
A2. All car service B1. None C1. No network effects
A1. Urban car service B1. None C1. No network effects
 Competitive Advantages Value of Uber
D4. Strong & Sustainable $90,457
D4. Strong & Sustainable $65,158
D3. Semi-strong $52,346
D4. Strong & Sustainable $47,764
D4. Strong & Sustainable $31,952
D3. Semi-strong $14,321
D3. Semi-strong $7,127
D3. Semi-strong $4,764
D1. None $1,888
D1. None $1,417
D1. None $1,094
D1. None $799
 Uber
Uber: Personal Mobility Player?
Uber is primarily a ride sharing company, with ambtions of being a global logistics player. Its revenue growth has be
starting to slow, but it remains a big money loser, as it searches for a business model that delivers more stickiness.
combination of economies of scale and a more capital intensive business model to create a pathway to profitability
less risky company, though its losses leave it exposed to a 5% chance of failure.

The Assumptions
Base year Years 1-5 Years 6-10
Total Market $400,000 Grow 10.39% a year
Gross Market Share 12.45% 6.71%>30%

Revenue Share 20.13% Unchanged

Operating Margin -24.39% -24.39% ->20%
Reinvestment NA Sales to capital ratio of 4.00
Cost of capital NA 9.97% 9,97%->8.24%
Risk of failure 5% chance of failure, if pricing meltdown leads to capital being cut off
The Cash Flows
Total Market Market Share Revenues
1 $ 441,560 14.20% $ 12,627
2 $ 487,438 15.96% $ 15,661
3 $ 538,083 17.71% $ 19,189
4 $ 593,990 19.47% $ 23,281
5 $ 655,705 21.22% $ 28,017
6 $ 723,833 22.98% $ 33,485
7 $ 799,039 24.73% $ 39,787
8 $ 882,059 26.49% $ 47,037
9 $ 973,705 28.24% $ 55,365
10 $ 1,074,873 30.00% $ 64,915
Terminal year $ 1,101,745 30.00% $ 66,537
The Value
Terminal value $ 114,108
PV(Terminal value) $ 46,258
PV (CF over next 10 years) $ 501
Value of operating assets = $ 46,759
Probability of failure 5%
Value in case of failure $ -
Adjusted Value for operating assets $ 44,421
+ Cash on hand $ 6,406
+ Cross holdings $ 8,700
+ IPO Proceeds $ 9,000
- Debt $ 6,869
Value of equity $ 61,658
Value per share $ 53.90
 Uber
nal Mobility Player?
al logistics player. Its revenue growth has been astonishing, though it is
siness model that delivers more stickiness. In this story, Uber uses a
s model to create a pathway to profitability. Along the way, it will become a
failure.

Assumptions
After year 10 Story link
Grows 2.75% a year Global logistics
30% Global Network benefits
Market dominance keeps billing
20.13% share high.
15.00% Full employee & more regulations
Reinvestment rate = 7.5% Low capital investment model
8.24% At 75th percentile of US firms
own leads to capital being cut off Cash on hand + Capital access
Cash Flows
EBIT (1-t) Reinvestment FCFF
$ (2,369) $ 650 $ (3,019)
$ (2,057) $ 759 $ (2,816)
$ (1,441) $ 882 $ (2,323)
$ (438) $ 1,023 $ (1,461)
$ 1,050 $ 1,184 $ (134)
$ 3,139 $ 1,367 $ 1,771
$ 5,292 $ 1,576 $ 3,716
$ 5,292 $ 1,813 $ 3,479
$ 6,229 $ 2,082 $ 4,147
$ 7,303 $ 2,387 $ 4,915
$ 7,485 $ 936 $ 6,550
he Value