FCFF VALUATION MODEL

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

n excel) and check

normalized to be
3-stage model.

e worksheets.

and different inputs

e (3-stage model).
r you want the

h you will have to

urn on capital,

An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required only if you cho
If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.xls spread

Master Input Sheet

Do you want to capitalize R&D expenses?
Do you want to convert operating leases to debt?
Do you want to normalize operating income?

No
No
No

! Yes or No
! Yes or No

Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer

Inputs
From Current Financials
Current EBIT =
Current Interest Expense =
Current Capital Spending
Current Depreciation & Amort'n =
Tax rate (for computing after-tax operating income) =
Marginal tax rate =
Current Revenues =
Current Non-cash Working Capital =
Chg. Working Capital =
Book Value of Debt =
Book Value of Equity =

R$ 1,751.00 ! If negative, go back and choose to normalize earnings

R$ 11.40
R$ 911.00
R$ 392.00
27.50%
27.50%
Previous year-end
R$ 15,533.00 R$ 12,554.00
-R$ 5,813.00
R$ 135.00 Previous year-end
R$ 188.00
R$ 187.00
R$ 5,492.00
R$ 4,479.00

Cash & Marketable Securities =

R$ 3,612.00

R$ 1,276.00

Value of Non-operating Assets =

Minority Interests (this is a liability) =

R$ 3,937.07
$0.00

R$ 1,991.00

Price to Book Ratio of sector with minority holdings =

Market Data for your firm
Is your stock currently traded?
If yes, enter the following:
Current Stock Price =
Number of shares outstanding =
Market Value of Debt =
If no, enter the following
Would you like to use the book value debt ratio?
If no, enter the debt ratio to use in valuation
General Market Data
Long Term Treasury bond rate=
Mature Market Equity Premium =
Country Equity Risk Premium =
Exchange Rate for fiscal year items (BR/$) =
Exchange Rate for currrent price conversions =
Ratings
Do you want to estimate the firm's synthetic rating =
If yes, choose the type of firm
If not, what is the current rating of the firm?
Enter the cost of debt associated with the rating =

2.10
Yes

Average maturity of debt =

R$ 365.00
76.00
R$ 185.58

###

No
35%

5.00%
4.00%
1.20%
R$ 1.00
R$ 1.00
No
2
AAA
6.55%

Options
Do you have equity options (management options, warrants) outstanding? No
If yes, enter the number of options
2.23
Average strike price
R$ 13.85
Average maturity
1.5

R$ 1.00

! If yes, use the rating estimator worksheet that is attach

Standard Deviation in stock price

30%
Do you want to use the stock price to value the option or your estimated value?
P
Valuation Inputs
High Growth Period
Length of high growth period =
5
Beta to use for high growth period for your firm=
1.5
Lambda to use for your firm (for both high growth and stable growth) = 0.25
Do you want to keep the debt ratio computed from your inputs?
Yes
If yes, the debt ratio that will be used to compute the cost of capital is
0.66%
If no, enter the debt ratio that you would like to use in the high growth period
7.00%
Do you want to keep the existing ratio of working capital to revenue?
Yes
If yes, the working capital as a percent of revenues will be
-37.42%
If no, enter the ratio of working capital to revenues to use in analysis
12%
Do you want to compute your growth rate from fundamentals?
Yes
If no, enter the expected growth rate in operating income for high growth period
15%
If yes, the inputs to the fundamental growth calculation (based upon your inputs) are
Return on Capital =
37.45%
Reinvestment Rate =
51.52%
Do you want to change these inputs?
Yes
Return on Capital =
30.00%
Reinvestment Rate =
50.00%
Do you want me to gradually adjust your high growth inputs in the second half?
No
Stable Growth Period
Growth rate during stable growth period =
5.00%
Beta to use in stable growth period =
1.20
Country Risk premium for equity in stable growth period =
0.80%
Debt Ratio to use in stable growth period =
10.00%
Pre-tax cost of debt in stable growth period =
5.75%
Tax Rate to use in stable growth period =
27.50%
To compute the reinvestment rate in stable growth, you have two options
Do you want to compute reinvestment needs in stable growth based on fundamentals?
Yes
If yes, enter the return on capital that the firm will have in stable growth 9.42%
If no, enter capital expenditure as % of depreciation in stable growth
120%
(in percent)

e inputs are required only if you choose the appropriate option, though.
e, or use the highgrowth.xls spreadsheet.

Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer

back and choose to normalize earnings.

Average maturity of debt =

0.14508
0.13074
3

rating estimator worksheet that is attached

2003
EBIT (1-t)
BV of debt
BV of equity
Cash holdings
Invested Capital
ROIC
Cap ex
Depreciation
Chg in WC
Reinvestment
Reinvestment Rate

2004
-R$ 98
R$ 3,016
R$ 3,768
R$ 3,659
R$ 3,125
-3.14%

2005
R$ 91
R$ 3,554
R$ 4,480
R$ 3,588
R$ 4,446
2.05%

2006
R$ 879
R$ 3,637
R$ 4,863
R$ 4,479
R$ 4,021
21.86%

2007
R$ 1,269
R$ 187
R$ 4,479
R$ 1,276
R$ 3,390
37.45%

Aggregate
R$ 2,141
R$ 10,394
R$ 17,590
R$ 13,002
R$ 14,982
14.29%

R$ 374
R$ 358
-R$ 1,440
R$ 3,125
-3188.78%

R$ 1,544
R$ 284
R$ 61
R$ 1,321
1451.65%

-R$ 11
R$ 330
-R$ 84
-R$ 425
-48.35%

-R$ 595
R$ 361
R$ 325
-R$ 631
-49.71%

R$ 1,312
R$ 1,333
-R$ 1,138
R$ 3,390
158.30%

R$ 535.37

15.79%

Cross holding
% of holdingTotal Market CapValue of holdingBook ValueP/Book (Sector)Estimated Market value
Hyundai Merchant Marine17.60%
4806.00
845.86
Hyundai Motors
3.46%
17540.00
606.88
Hyundai Elevator
2.16%
688.00
14.86
Hyundai Corp
0.36%
602.00
2.17
Others
?
?
84.20
Hyundai Oil Bank
19.87%
Hyundai Samho
94.92%
Hyundai Finance
67.49%
Value of Cross holdings

1825.77
2026.23
143.75

362.78
1923.30
97.02
3937.07

329.80
1068.50
88.20

1.10
1.80
1.10

Estimated Market value

Business
Revenues
Shipbuilding
8341
Offshore & Engineering 2563
Industrial plant
1200
Engine and Machinery
2252
Electro Electric System 1753
Construction Equipment 1823

EV/Sales
3.23
1.97
1.55
1.36
1.8
1.21

Value
26941
5049
1860
3063
3155
2206
42274

Value WeightUnlevered beta

63.73%
1.60
11.94%
1.44
4.40%
1.29
7.24%
1.21
7.46%
1.19
5.22%
1.29
100.00%
1.49

Normalizing Earnings
Approach used to normalize earnings =

If historical average,
Average Earnings before interest and taxes =

970

If historical average ROC,

Historical average pre-tax return on capital =

22%

If sector margin
Pre-tax Operating Margin for Sector =

10.96%

Normalized Earnings before interest and taxes =

$970.00

Worksheet for normalization (Last 5 years of data)

-5
-4
Revenues
6571
10231
EBIT
1243
1740
Operating Margin
18.92%
17.01%
Net Cap ex
Non-cash WC
Inventory
Accounts Rec
Other Current assets
Accounts Payable
Other Current Liabilities

Normalized reinvestment =

-3
9133
794
8.69%

-2
8342
546
6.55%
151.76
-222.74

282
26.07

-112
305.82

-27
915.03

367.38
74.48
34.23
190.06
259.96

682.72
149.74
57.17
248.98
334.83

1281.06
537.37
174.73
358.23
719.9

Net Cap ex as % of EBIT (1-t) 13.96%

Non-cash WC as % of Revenue 5.71%
$347.28

! Look at industry average

1121.56
314.02
291.92
521.17
1429.07

-1
9983
527
5.28%

Total
44260
4850
10.96%

196.02
1502.9

490.78
2527.08

2371.09
1386.19
474.46
615.72
2113.12

R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize R&D expenses
5
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$1,594.00 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
-1
-2
-3
-4
-5
0
0
0
0
0
Output
Year
Current
-1
-2
-3
-4
-5
0
0
0
0
0

R& D Expenses
1026.00
! Year -1 is the year prior to the current year
698.00
! Year -2 is the two years prior to the current year
399.00
211.00
89.00

R&D Expense
1594.00
1026.00
698.00
399.00
211.00
89.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
1594.00
0.80
820.80
0.60
418.80
0.40
159.60
0.20
42.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Value of Research Asset =

Amortization of asset for current year =

0.00

$3,035.40
$484.60

Amortization this year

$205.20
$139.60
$79.80
$42.20
$17.80
$0.00
$0.00
$0.00
$0.00
$0.00

$484.60

Adjustment to Operating Income =

Tax Effect of R&D Expensing

$1,109.40 ! A positive number indicates an increase in operating income (add to reported EBIT)
$305

Look Up Table for Amortization Periods

Industry Name Amortization Period

Advertising
2
Aerospace/Defense
10
Air Transport
10
Aluminum
5
Apparel
3
Auto & Truck
10
Auto Parts (OEM)
5
Auto Parts (Replacement) 5
Bank
2
Bank (Canadian)
2
Bank (Foreign)
2
Bank (Midwest)
2
Beverage (Alcoholic)
3
Beverage (Soft Drink)
3
Building Materials
5
Cable TV
10
Canadian Energy
10
Cement & Aggregates
10
Chemical (Basic)
10
Chemical (Diversified)
10
Chemical (Specialty)
10
Coal/Alternate Energy
5
Computer & Peripherals
5
Computer Software & Svcs 3
Copper
5
Diversified Co.
5
Drug
10
Drugstore
3
Educational Services
3
Electric Util. (Central)
10
Electric Utility (East)
10
Electric Utility (West)
10

Non-technological Service
Retail, Tech Service
Light Manufacturing
Heavy Manufacturing
Research, with Patenting
Long Gestation Period

2 years
3 years
5 years
10 years
10 years
10 years

Electrical Equipment
10
Electronics
5
Entertainment
3
Environmental
5
Financial Services
2
Food Processing
3
Food Wholesalers
3
Foreign Electron/Entertn 5
Foreign Telecom.
10
Furn./Home Furnishings
3
Gold/Silver Mining
5
Grocery
2
Healthcare Info Systems
3
Home Appliance
5
Homebuilding
5
Hotel/Gaming
3
Household Products
3
Industrial Services
3
Insurance (Diversified)
3
Insurance (Life)
3
Insurance (Prop/Casualty) 3
Internet
3
Investment Co. (Domestic) 3
Investment Co. (Foreign) 3
Investment Co. (Income) 3
Machinery
10
Manuf. Housing/Rec Veh 5
Maritime
10
Medical Services
3
Medical Supplies
5
Metal Fabricating
10
Metals & Mining (Div.)
5
Natural Gas (Distrib.)
10
Natural Gas (Diversified) 10
Newspaper
3
Office Equip & Supplies
5
Oilfield Services/Equip.
5
Packaging & Container
5
Paper & Forest Products 10

Petroleum (Integrated)
Petroleum (Producing)
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Cap Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking/Transp. Leasing
Utility (Foreign)
Water Utility

5
5
5
3
3
5
5
2
2
2
2
2
5
5
3
5
5
10
5
5
2
5
5
3
5
10
10

Operating Lease Converter

Inputs
Operating lease expense in current year =
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$156.00
2
$143.00
3
$122.00
4
$109.00
5
$97.00
6 and beyond
$448.00

$121.00

Output
Pre-tax Cost of Debt =

6.55%

! If you do not have a cost of debt, use the ratings estimator

From the current financial statements, enter the following

Reported Operating Income (EBIT) =
$1,751.00 ! This is the EBIT reported in the current income statement
Reported Debt =
$185.58 ! This is the interest-bearing debt reported on the balance sheet
Number of years embedded in yr 6 estimate =

! 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
$156.00
$146.41
2
$143.00
$125.96
3
$122.00
$100.86
4
$109.00
$84.57
5
$97.00
$70.63
6 and beyond
$149.33
$287.73 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$816.16
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =

$102.02 ! I use straight line depreciation

$53.46 ! PV of operating leases * Pre-tax cost of debt
$816.16

EBIT (1 -t) =
$2,681.04
Expected growth rate in perpetuity =
5.00%
Cost of capital =
9.42%
Return on capital =
9.42%
Reinvestment Rate =
Terminal Value =

53.10%
$28,470.55

Growth RateReinvestment Rate

0%
0.00%
1%
10.62%
2%
21.24%
3%
31.86%
4%
42.48%
5%
53.10%

FCFF Terminal value

2,681
28,471
2,396
28,471
2,112
28,471
1,827
28,471
1,542
28,471
1,258
28,471

Two-Stage FCFF Discount Model

Won

Input Summary
Won

Normalized EBIT (before adjustments) R$ 1,751.00

$1,751.00

Adjusted EBIT =

R$ 1,751.00

$1,751.00

Adjusted Interest Expense =

R$ 11.40

$11.40

Adjusted Capital Spending

R$ 911.00

$911.00

Adjusted Depreciation & Amort'n =

R$ 392.00

$392.00

Tax Rate on Income =

27.50%

27.50%

Marginal tax rate =

27.50%

27.50%

Current Revenues =

R$ 15,533.00

$15,533.00

Current Non-cash Working Capital =

-R$ 5,813.00

($5,813.00)

Chg. Working Capital =

R$ 135.00

$135.00

Adjusted Book Value of Debt =

R$ 187.00

$187.00

Adjusted Book Value of Equity =

R$ 4,479.00

$4,479.00

Invested Capital

R$ 3,390.00

$3,390.00

Forever

15.00%

5.00%

Debt Ratio used in Cost of Capital Calculation=

0.66%

10.00%

Length of High Growth Period =

Growth Rate =

Beta used for stock =

1.50

1.20

Lambda used for stock =

0.25

0.25

Riskfree rate =

5.00%

5.00%

Mature Market Equity Premium =

4.00%

4.00%

Country Risk Premium =

1.20%

0.80%

Cost of Debt =

6.55%

5.75%

Tax Rate for computing income=

27.50%

27.50%

Marginal tax rate =

27.50%

27.50%

Return on Capital =

30.00%

9.42%

Reinvestment Rate =

50.00%

53.10%

Page

Two-Stage FCFF Discount Model

Output from the program

Cost of Equity =

11.30%

Equity/(Debt+Equity ) =

99.34%

After-tax Cost of debt =

4.75%

Debt/(Debt +Equity) =

0.66%

Cost of Capital =

11.26%

Intermediate Output
Expected Growth Rate

15.00%

Working Capital as percent of revenues = -37.42%

(in percent)

The FCFF for the high growth phase are shown below (upto 10 years)
Current

Expected Growth Rate

15.00%

15.00%

15.00%

15.00%

15.00%

Cumulated Growth

115.00%

132.25%

152.09%

174.90%

201.14%

Reinvestment Rate

50.00%

50.00%

50.00%

50.00%

50.00%

$1,460

$1,679

$1,931

$2,220

$2,553

- (CapEx-Depreciation) $519

$1,602

$1,842

$2,119

$2,436

$2,802

-Chg. Working Capital $135

($872)

($1,003)

($1,153)

($1,326)

($1,525)

Free Cashflow to Firm

$730

$839

$965

$1,110

$1,277

Cost of Capital

11.26%

11.26%

11.26%

11.26%

11.26%

Cumulated Cost of Capital

1.1126

1.2378

1.3771

1.5321

1.7046

$656

$678

$701

$725

$749

EBIT * (1 - tax rate)

$1,269

$615

Present Value

Growth Rate in Stable Phase =

5.00%

Reinvestment Rate in Stable Phase =

53.10%

FCFF in Stable Phase =

$1,257.51

Cost of Equity in Stable Phase =

10.00%

Equity/ (Equity + Debt) =

90.00%

AT Cost of Debt in Stable Phase =

4.17%

Debt/ (Equity + Debt) =

10.00%

Page

Two-Stage FCFF Discount Model

Cost of Capital in Stable Phase =

Value at the end of growth phase =

9.42%
$28,470.55

Valuation
Present Value of FCFF in high growth phase =

$3,508.79

Present Value of Terminal Value of Firm =

$16,702.04

Value of operating assets of the firm =

$20,210.83

Value of Cash, Marketable Securities & Non-operating assets =

$7,549.07

Value of Firm =

$27,759.90

Market Value of outstanding debt =

$185.58

Minority Interest in consolidated holdings =

$0.00

Market Value of Equity =

$27,574.32

Value of Equity in Options =

$0.00

Value of Equity in Common Stock =

$27,574.32

Market Value of Equity/share =

$362.82

Market Value of Equity/share in BR =

Year
EBIT (1-t)
- Reinvestment
FCFF

1
1,460
730
730

R$ 362.82
2
1,679
839
839

3
1,931
965
965

4
2,220
1,110
1,110

5
2,553
1,277
1,277

Page

Two-Stage FCFF Discount Model

Page

Two-Stage FCFF Discount Model

Terminal Year

$2,681.04
$2,008.13
($584.60)
$1,257.51

Page

Two-Stage FCFF Discount Model

Page

Valuing Options or Warrants

Enter the current stock price =
Enter the strike price on the option =
Enter the expiration of the option =
Enter the standard deviation in stock prices =
Enter the annualized dividend yield on stock =
Enter the treasury bond rate =
Enter the number of warrants (options) outstanding =
Enter the number of shares outstanding =

$365.00
$13.85
1.5
30.00% (volatility)
0.00%
5.00%
2.23
76.00

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=
365 # Warrants issued=
Strike Price=
13.85 # Shares outstanding=
Adjusted S =
#VALUE! T.Bond rate=
Adjusted K =
13.85 Variance=
Expiration (in years) =
1.5 Annualized dividend yield=
Div. Adj. interest rate=
d1 =
N (d1) =

#VALUE!
#VALUE!

d2 =
N (d2) =

#VALUE!
#VALUE!

Value per option =

#VALUE!
Value of all options outstanding =

#VALUE!

2.23
76
5.00%
0.0900
0.00%
5.00%

Bottom-up Beta Calculator

Unlevered beta for sector =
Output
Firm's Current market value D/E ratio =
Firm's Current tax rate =
Bottom-up beta for firm =

1.49 ! Look up industry averages

0.67% ! Reverted back to conventional debt to equity ratio

27.50%
1.50

1.6363636364

Inputs for synthetic rating estimation

Enter the type of firm =

2 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)
Enter current Earnings before interest and taxes (EBIT) =
$1,751.00 (Add back only long term interest expense for f
Enter current interest expenses =
$11.40 (Use only long term interest expense for financi
Enter current long term government bond rate =
5.00%
Output
Interest coverage ratio =
153.60
Estimated Bond Rating =
AAA
Estimated Default Spread =
0.75%
Estimated Cost of Debt =
5.75%
For large manufacturing firms
If interest coverage ratio is
>
to
Rating is
-100000
0.199999
D
0.2
0.649999
C
0.65
0.799999
CC
0.8
1.249999
CCC
1.25
1.499999
B1.5
1.749999
B
1.75
1.999999
B+
2
2.499999
BB
2.5
2.999999
BBB
3
4.249999
A4.25
5.499999
A
5.5
6.499999
A+
6.5
8.499999
AA
8.50
100000
AAA

Spread is
14.00%
12.70%
11.50%
10.00%
8.00%
6.50%
4.75%
3.50%
2.25%
2.00%
1.80%
1.50%
1.00%
0.75%

For smaller and riskier firms

If interest coverage ratio is
greater than
to
-100000
0.499999
0.5
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.999999
2
2.499999
2.5
2.999999
3
3.499999
3.5
4.499999
4.5
5.999999
6
7.499999
7.5
9.499999
9.5
12.499999
12.5
100000

Spread is
14.00%
12.70%
11.50%
10.00%
8.00%
6.50%
4.75%
3.50%
2.25%
2.00%
1.80%
1.50%
1.00%
0.75%

Rating is
D
C
CC
CCC
BB
B+
BB
BBB
AA
A+
AA
AAA

For financial service firms

If long term interest coverage ratio is
greater than
to
Rating is
-100000
0.049999
D
0.05
0.099999
C
0.1
0.199999
CC
0.2
0.299999
CCC
0.3
0.399999
B0.4
0.499999
B
0.5
0.599999
B+
0.6
0.799999
BB
0.8
0.999999
BBB
1
1.49999
A1.5
1.99999
A
2
2.49999
A+
2.5
2.99999
AA
3
100000
AAA

, 3 if financial service firm)

long term interest expense for financial firms)
erm interest expense for financial firms)

SpreadOperating
is
Income Decline
14.00%
-50.00%
12.70%
-40.00%
11.50%
-40.00%
10.00%
-40.00%
8.00%
-25.00%
6.50%
-20.00%
4.75%
-20.00%
3.50%
-20.00%
2.25%
-20.00%
2.00%
-17.50%
1.80%
-15.00%
1.50%
-10.00%
1.00%
-5.00%
0.75%
0.00%

Industry
Number of firmsLevered Beta Unlevered Beta
Market D/E
Advertising
30
1.28
1.13
27.53%
Aerospace/Defense
77
0.80
0.61
47.44%
Air Transport
43
1.55
1.19
57.28%
Apparel
60
0.94
0.90
15.22%
Auto & Truck
24
1.25
0.56
190.17%
Auto Parts
67
1.04
0.82
54.91%
Bank
507
0.64
0.47
81.49%
Bank (Canadian)
7
0.87
0.82
16.72%
Bank (Foreign)
5
1.31
0.74
161.41%
Bank (Midwest)
43
0.75
0.61
63.77%
Beverage (Alcoholic)
25
0.55
0.49
21.85%
Beverage (Soft Drink)
19
0.59
0.54
14.93%
Biotechnology
95
1.61
1.69
3.93%
Building Materials
52
0.85
0.74
47.21%
Cable TV
25
1.77
1.09
75.40%
Canadian Energy
11
0.71
0.59
32.54%
Cement & Aggregates
14
0.76
0.65
30.25%
Chemical (Basic)
21
0.87
0.71
35.14%
Chemical (Diversified)
35
0.80
0.69
26.01%
Chemical (Specialty)
97
0.81
0.64
37.55%
Coal
8
1.12
0.77
48.91%
Computer Software/Svcs
426
2.15
2.39
3.36%
Computers/Peripherals
163
2.22
2.37
7.99%
Diversified Co.
111
0.79
0.62
53.87%
Drug
279
1.74
1.76
7.33%
E-Commerce
42
3.31
4.47
7.13%
Educational Services
34
1.36
1.43
1.27%
Electric Util. (Central)
27
0.74
0.38
138.52%
Electric Utility (East)
29
0.69
0.40
104.47%
Electric Utility (West)
15
0.74
0.39
145.18%
Electrical Equipment
92
1.59
1.53
7.28%
Electronics
190
1.69
1.66
23.33%
Entertainment
91
1.47
1.29
26.38%
Entertainment Tech
33
2.30
2.50
9.75%
Environmental
87
0.77
0.58
68.16%
Financial Svcs. (Div.)
244
0.92
0.51
117.52%
Food Processing
112
0.66
0.54
37.24%
Food Wholesalers
23
0.71
0.61
29.62%
Foreign Electronics
13
1.13
1.13
36.27%
Foreign Telecom.
19
1.72
1.51
38.99%
Furn/Home Furnishings
36
0.94
0.89
16.01%
Grocery
27
0.70
0.46
81.04%
Healthcare Information
34
1.30
1.38
15.34%
Home Appliance
17
0.93
0.80
36.57%
Homebuilding
45
0.83
0.59
66.91%
Hotel/Gaming
80
0.88
0.55
77.81%
Household Products
33
0.77
0.71
15.24%
Human Resources
29
1.12
1.13
12.63%
Industrial Services
201
0.92
0.80
31.46%

Market Debt/Capital
ROE
ROC
21.59%
7.70%
9.65%
32.18%
12.16% 11.42%
36.42%
-6.39%
10.74%
13.21%
15.90% 15.45%
65.54%
12.72% 10.66%
35.45%
13.55% 16.36%
44.90%
12.62%
NA
14.32%
11.83%
NA
61.75%
16.09%
NA
38.94%
16.70%
NA
17.93%
30.29% 20.01%
12.99%
26.70% 19.28%
3.78%
0.88%
5.51%
32.07%
-2.18%
16.30%
42.99%
-5.41%
6.26%
24.55%
15.57% 18.65%
23.22%
10.66% 13.84%
26.00%
11.04% 12.75%
20.64%
15.10% 18.48%
27.30%
12.09% 14.28%
32.85%
4.96%
12.83%
3.25%
13.57% 16.63%
7.39%
9.45%
12.01%
35.01%
12.19%
9.87%
6.83%
21.02% 18.91%
6.65%
-41.05%
0.35%
1.26%
3.96%
17.27%
58.07%
9.52%
9.76%
51.09%
13.04% 10.63%
59.21%
4.04%
8.71%
6.79%
18.50% 15.35%
18.91%
-0.25%
6.07%
20.88%
0.93%
6.90%
8.88%
2.16%
12.53%
40.53%
13.16% 13.46%
54.03%
16.09%
1.58%
27.14%
19.36% 15.75%
22.85%
16.93% 16.03%
26.61%
3.10%
10.23%
28.05%
-4.77%
7.39%
13.80%
11.30% 15.30%
44.76%
12.58% 15.40%
13.30%
0.76%
8.76%
26.78%
25.01% 21.79%
40.09%
18.59% 10.74%
43.76%
8.13%
9.93%
13.23%
38.06% 23.35%
11.22%
4.52%
11.28%
23.93%
9.04%
14.55%

Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Div.)
Newspaper
Office Equip/Supplies
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility

30
45
64
314
22
16
148
19
23
214
244
43
58
32
39
20
32
89
35
42
34
136
14
20
48
111
43
149
16
83
88
200
8
52
27
113
14
25
29
15
130
157
19
254
13
12
25
38
6
17

1.17
0.88
0.83
2.73
0.66
1.20
0.80
1.02
0.81
0.85
1.05
0.85
1.05
0.61
0.86
0.90
1.10
1.01
0.84
0.84
0.83
0.76
0.93
2.37
0.41
1.71
0.96
0.68
0.83
1.07
0.78
1.02
0.94
0.95
1.32
3.05
2.92
0.94
0.77
0.92
2.88
1.80
0.80
0.61
1.16
0.69
0.80
0.88
0.94
0.56

1.09
0.91
0.86
3.07
0.42
1.19
0.61
0.95
0.51
0.82
1.03
0.81
0.83
0.38
0.50
0.82
0.89
0.91
0.57
0.61
0.74
0.61
0.88
0.78
0.40
1.76
0.82
0.42
0.57
0.98
0.69
1.01
0.94
0.83
0.78
3.23
3.16
0.95
0.59
0.64
3.19
1.13
0.46
0.58
0.74
0.59
0.75
0.68
0.57
0.37

12.94%
18.91%
13.28%
7.47%
72.28%
3.90%
49.76%
21.90%
124.70%
26.35%
7.37%
18.25%
34.37%
90.01%
102.65%
19.17%
47.89%
19.38%
86.10%
80.43%
20.63%
34.00%
11.51%
254.87%
10.94%
11.35%
26.87%
69.72%
70.49%
21.08%
22.72%
15.35%
4.81%
23.63%
192.56%
6.97%
9.02%
10.96%
48.73%
76.15%
12.83%
77.63%
106.88%
25.79%
92.86%
31.66%
15.25%
50.25%
102.27%
73.55%

11.46%
15.91%
11.72%
6.95%
41.95%
3.76%
33.23%
17.97%
55.50%
20.85%
6.86%
15.44%
25.58%
47.37%
50.65%
16.08%
32.38%
16.23%
46.27%
44.58%
17.10%
25.38%
10.32%
71.82%
9.86%
10.20%
21.18%
41.08%
41.35%
17.41%
18.51%
13.30%
4.59%
19.12%
65.82%
6.52%
8.28%
9.88%
32.76%
43.23%
11.37%
43.70%
51.66%
20.50%
48.15%
24.05%
13.23%
33.44%
50.56%
42.38%

13.95%
7.61%
7.93%
-30.23%
9.19%
2.06%
7.52%
5.39%
3.44%
11.21%
21.59%
8.39%
6.17%
12.94%
1.21%
6.15%
18.44%
9.77%
4.27%
4.77%
11.57%
11.95%
16.28%
6.05%
4.96%
1.36%
9.20%
10.74%
9.88%
12.65%
16.34%
11.82%
17.87%
13.83%
12.09%
3.24%
-2.48%
14.39%
6.11%
5.20%
-36.16%
5.96%
-1.36%
15.62%
8.17%
39.37%
44.12%
9.60%
14.44%
8.33%

16.82%
NA
0.00%
0.52%
7.79%
1.01%
10.02%
7.62%
7.71%
16.84%
19.78%
12.35%
10.61%
11.55%
9.37%
10.67%
14.41%
14.00%
12.66%
9.51%
16.57%
16.69%
17.12%
5.55%
9.46%
7.86%
19.07%
4.00%
10.58%
11.81%
18.33%
15.90%
20.30%
13.73%
9.77%
10.99%
3.72%
16.38%
10.77%
11.43%
-4.40%
14.81%
9.99%
NA
15.14%
32.12%
24.24%
17.25%
16.33%
11.24%

Wireless Networking
Market

70
7323

2.66
1.15

1.89
0.98

65.25%
42.70%

39.49%
29.92%

-49.67%
9.71%

1.85%
9.29%

Effective Tax Rate

15.53%
17.78%
21.71%
22.89%
19.75%
31.57%
27.94%
20.84%
18.18%
31.89%
38.18%
20.14%
5.18%
39.26%
8.71%
36.69%
24.56%
16.86%
27.29%
22.04%
2.95%
14.43%
45.12%
19.47%
11.04%
42.26%
17.66%
24.61%
27.32%
27.10%
13.95%
15.01%
31.57%
26.19%
47.46%
22.13%
27.19%
23.47%
44.30%
36.83%
29.49%
29.30%
13.35%
24.15%
24.55%
15.17%
27.40%
23.36%
24.06%

Pre-tax Operating Margin After-tax Operating

Net Margin
Margin
15.24%
10.67%
3.54%
10.68%
7.48%
3.57%
9.44%
6.60%
1.04%
12.53%
8.77%
5.77%
13.69%
9.58%
1.66%
8.62%
6.03%
2.35%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
22.78%
15.95%
3.71%
21.69%
15.18%
9.38%
21.15%
14.80%
18.43%
9.88%
6.91%
2.97%
26.68%
18.68%
1.22%
33.73%
23.61%
9.92%
19.15%
13.40%
6.08%
13.08%
9.16%
0.59%
19.02%
13.31%
4.79%
13.63%
9.54%
4.15%
13.27%
9.29%
0.82%
22.14%
15.49%
11.47%
9.73%
6.81%
5.25%
9.43%
6.60%
2.25%
26.05%
18.23%
13.29%
0.63%
0.44%
4.27%
14.98%
10.49%
4.54%
21.12%
14.78%
5.28%
27.22%
19.05%
7.09%
19.20%
13.44%
3.70%
20.37%
14.26%
12.92%
5.48%
3.84%
1.88%
22.20%
15.54%
4.31%
13.71%
9.60%
6.14%
24.27%
16.99%
6.09%
23.35%
16.34%
37.86%
15.06%
10.54%
4.04%
5.68%
3.98%
1.65%
8.63%
6.04%
0.58%
23.01%
16.10%
6.16%
11.21%
7.85%
3.48%
6.78%
4.75%
1.72%
13.83%
9.68%
6.20%
11.06%
7.74%
4.00%
13.85%
9.70%
6.93%
23.10%
16.17%
5.50%
20.56%
14.39%
5.29%
3.94%
2.76%
2.20%
10.42%
7.29%
2.86%

Cap Ex/ Depreciation

76.15%
93.26%
113.22%
101.78%
75.25%
107.73%
NA
NA
NA
NA
104.56%
117.68%
158.83%
99.49%
124.86%
207.41%
98.99%
81.91%
102.18%
91.32%
83.42%
64.90%
102.23%
106.67%
150.78%
26.19%
122.72%
146.82%
171.73%
193.37%
47.18%
63.71%
55.42%
36.28%
108.18%
118.60%
85.51%
230.01%
83.11%
39.74%
75.60%
157.37%
68.52%
105.28%
164.27%
96.65%
92.80%
72.28%
100.33%

23.99%
21.72%
14.47%
3.49%
1.93%
0.26%
20.38%
17.37%
46.80%
18.55%
14.28%
40.94%
8.66%
29.05%
22.46%
27.50%
26.58%
18.30%
37.91%
47.09%
24.07%
16.89%
31.25%
11.78%
7.11%
20.39%
19.86%
2.12%
30.79%
23.10%
26.35%
25.03%
37.07%
24.55%
17.66%
20.27%
5.83%
26.97%
19.90%
25.44%
7.75%
11.07%
22.26%
20.47%
16.73%
29.00%
23.66%
29.07%
16.74%
29.15%

27.36%
NA
13.65%
0.86%
15.34%
31.25%
10.72%
3.24%
17.62%
12.00%
14.47%
12.23%
17.66%
21.38%
27.33%
21.77%
11.37%
20.08%
14.25%
12.85%
12.88%
47.42%
5.24%
16.25%
28.84%
9.53%
14.02%
45.71%
28.39%
18.67%
18.66%
9.03%
11.37%
7.01%
53.97%
21.47%
8.67%
10.48%
9.34%
11.38%
-5.01%
33.98%
9.35%
NA
8.23%
22.33%
16.96%
12.57%
27.40%
42.88%

19.15%
NA
9.56%
0.60%
10.74%
21.87%
7.51%
2.27%
12.34%
8.40%
10.13%
8.56%
12.36%
14.97%
19.13%
15.24%
7.96%
14.06%
9.98%
9.00%
9.01%
33.19%
3.66%
11.38%
20.19%
6.67%
9.81%
31.99%
19.87%
13.07%
13.06%
6.32%
7.96%
4.91%
37.78%
15.03%
6.07%
7.34%
6.53%
7.96%
-3.51%
23.79%
6.55%
NA
5.76%
15.63%
11.88%
8.80%
19.18%
30.01%

5.24%
NA
34236.08%
4.32%
3.19%
43.43%
2.67%
1.57%
3.94%
3.74%
7.92%
4.60%
3.98%
5.91%
6.63%
7.20%
3.88%
1.94%
2.69%
1.20%
3.98%
12.84%
1.61%
1.71%
5.13%
4.04%
4.04%
74.70%
6.96%
9.55%
6.21%
3.17%
6.28%
1.19%
7.01%
6.14%
2.18%
2.09%
1.71%
1.32%
1.12%
7.08%
1.03%
NA
1.02%
7.79%
7.51%
2.36%
1.79%
10.26%

53.61%
NA
55527.78%
36.03%
20.24%
130.77%
94.51%
79.82%
194.11%
122.09%
110.88%
95.02%
113.91%
190.68%
194.78%
55.64%
58.39%
118.80%
75.31%
73.39%
132.46%
178.08%
205.45%
368.87%
74.27%
68.43%
51.70%
305.10%
147.69%
191.92%
196.45%
104.90%
324.15%
187.07%
130.36%
73.58%
71.16%
104.83%
94.73%
79.93%
49.48%
108.91%
45.92%
NA
72.91%
144.28%
91.38%
252.92%
133.10%
186.78%

4.60%
33.04%

3.57%
15.50%

2.50%
10.85%

1.34%
5.62%

119.39%
104.78%

Non-cash WC/ Revenues

Payout Ratio ReinvestmentSales/Capital
Rate
EV/Sales
-10.68%
20.44%
NA
0.90
1.99
2.47%
29.95%
NA
1.53
1.02
-10.10%
NA
12.84%
1.63
1.06
17.98%
44.41%
0.53%
1.76
1.35
42.49%
29.61%
NA
1.11
0.95
5.77%
25.93%
4.38%
2.71
0.52
NA
54.19%
NA
NA
NA
NA
54.21%
NA
NA
NA
NA
62.98%
NA
NA
NA
NA
41.54%
NA
NA
NA
5.39%
33.20%
1.47%
1.25
2.54
-0.11%
38.45%
5.42%
1.27
2.80
4.69%
0.00%
30.46%
0.37
10.06
8.62%
NA
NA
2.36
0.69
-17.21%
NA
26.39%
0.34
4.23
0.25%
24.51%
65.37%
0.79
2.30
13.52%
28.86%
NA
1.03
1.33
13.49%
113.95%
NA
1.39
1.46
17.17%
47.79%
1.07%
1.39
1.53
11.86%
37.82%
NA
1.50
1.21
5.24%
86.18%
NA
1.38
1.07
-3.08%
10.94%
NA
1.07
3.46
1.00%
16.92%
1.26%
1.76
1.62
4.22%
23.23%
2.78%
1.49
0.94
7.72%
54.02%
12.57%
1.04
4.10
-18.84%
NA
NA
0.79
2.12
-10.42%
1.77%
10.97%
1.65
4.61
4.35%
69.64%
25.75%
0.66
1.69
3.74%
56.88%
35.52%
0.56
2.17
-6.21%
99.63%
70.80%
0.65
1.63
-3.63%
53.55%
NA
1.08
3.09
15.90%
NA
NA
1.58
0.90
-1.09%
60.72%
NA
0.44
3.10
-2.80%
1.00%
NA
1.31
2.00
-0.66%
4.30%
4.27%
0.79
1.97
37.56%
29.00%
4.07%
0.10
13.98
5.53%
52.14%
NA
1.49
1.32
0.70%
12.71%
46.28%
4.03
0.53
10.54%
47.99%
NA
1.69
0.69
-1.59%
NA
NA
0.46
2.44
13.68%
23.54%
NA
1.95
0.94
0.95%
14.87%
28.37%
3.24
0.37
-0.11%
78.15%
NA
0.91
2.10
9.46%
22.14%
2.20%
2.81
0.65
44.64%
12.91%
10.04%
1.11
1.22
-4.19%
25.64%
NA
0.61
2.25
3.14%
42.09%
NA
1.62
2.45
5.96%
17.55%
NA
4.09
0.48
7.45%
26.32%
NA
2.00
0.87

-3.67%
NA
-147.78%
-37.05%
13.17%
-14.32%
21.08%
7.09%
0.52%
-0.37%
10.24%
13.39%
11.55%
4.31%
9.22%
-0.81%
12.73%
10.08%
7.94%
9.23%
0.89%
-0.91%
5.72%
4.56%
5.35%
12.78%
-1.17%
51.15%
-4.48%
0.46%
-5.95%
7.37%
4.13%
10.10%
169.07%
8.38%
23.57%
20.10%
17.42%
14.93%
3.49%
-2.88%
19.54%
NA
8.89%
0.41%
7.62%
4.56%
22.85%
4.93%

22.95%
23.34%
32.64%
NA
115.57%
13.92%
51.69%
31.37%
61.02%
5.13%
28.87%
36.72%
80.36%
59.10%
362.61%
46.32%
15.54%
103.68%
41.27%
110.40%
52.57%
24.20%
10.67%
46.13%
57.73%
200.71%
84.97%
37.16%
21.48%
19.11%
10.39%
11.38%
12.19%
20.46%
23.63%
38.84%
NA
17.77%
39.63%
29.14%
NA
74.72%
NA
33.74%
40.53%
55.43%
45.12%
11.15%
45.93%
45.09%

NA
NA
33043.21%
NA
NA
4.29%
NA
NA
69.61%
6.53%
2.88%
NA
9.39%
41.23%
59.54%
NA
NA
10.79%
NA
NA
18.71%
44.32%
31.13%
138.10%
NA
NA
NA
48.54%
NA
38.09%
37.90%
2.33%
49.97%
35.08%
2.15%
NA
NA
1.37%
NA
NA
NA
6.90%
NA
NA
NA
4.53%
NA
113.25%
19.55%
31.60%

0.88
NA
0.00
0.87
0.73
0.05
1.34
3.36
0.62
2.00
1.95
1.44
0.86
0.77
0.49
0.70
1.81
1.00
1.27
1.06
1.84
0.50
4.67
0.49
0.47
1.18
1.94
0.12
0.53
0.90
1.40
2.52
2.55
2.80
0.26
0.73
0.61
2.23
1.65
1.44
1.25
0.62
1.53
NA
2.63
2.05
2.04
1.96
0.85
0.37

3.79
NA
5304.71
4.29
1.78
15.22
1.18
0.56
1.53
0.82
2.09
1.28
1.90
1.73
2.54
3.27
0.99
2.27
1.10
1.20
0.88
3.55
0.65
1.92
5.17
1.92
1.21
7.85
2.20
2.33
1.59
0.83
1.36
0.89
3.14
3.73
4.19
1.01
0.71
0.72
1.71
1.82
0.58
NA
0.43
1.05
2.33
0.78
1.27
3.68

1.58%
9.64%

NA
46.27%

96.87%
2.72%

0.74
0.86

1.97
1.90